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JUN 29 1936
The.
Dmmenria
DANA COMPANY, NEW
COPYRIGHTED IN 1938 8Y WILLIAM B.
YORK.
VOL. 142, ,SSUedWMrM3pe?YearaC0Py
ENTERED AS SECOND-CLASS
MATTER JUNE 23, 1879, AT THE POST OFFICER NEW YORK,
NEW YORK, JUNE 27, 1936.
<Sm^r'.sTruMsCbN"Y'c't'y
TRUST
BROOKLYN
NATIONAL
Kidder, Peabody & Co.
1866
George V. McLaughlin
NEW
President
BOSTON
YORK
PHILADELPHIA
OF
fember Federal Deposit
OF
CITY
THE
The
YORK
is
tra-
bankers' bank.
a
it
years
many
served
BANK
NEW
chase
ditionally
For
BROOKLYN
NEW YORK
NO. 3705
CHASE
THE
COMPANY
Chartered
NEW YORK, UNDER THE ACT OF MARCH 3, 3 J79.
has
large number
a
'
Insurance Corporation
of banks and bankers
as
New York
WfellsEinjpBank
and
®
correspondent
and
COMMERCIAL BANKERS SINCE 1852
depository.
reserve
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Deposit Insurance Corporation
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AND
UnionlrustCo.
SAN
INSURANCE
FRANCISCO
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Corporation
Government
OVER $200, [ill
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Representatives in other leading Cities
throughout the United States
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and
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„
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•
AM?
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'
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■
'■*
•
'
./
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•
£28,710,000
ST.
Aggregate Assets
LOUIS
A. C.
80th
Sept., 1985. £115,559,000
DAVIDSON, General Manager
747 BRANCHES AND
AGENCIES In the
Australian States, New
Zealand, Fiji, Papua,
Mandated Territory of New
Guinea, and London.
The Bank transacts
every description of Aus¬
tralasian
Banking Business.
Wool
and
other
Produce Credits arranged.
St. Louis Securities
Head Office:
London Office:
George Street,
29 Threadneedle
SYDNEY
St/k
l
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Subscribed Capital
£4,000,000
Paid Up Capital...
Reserve Fund
£2,000,000
£2,200,000
The Bank conducts
every description of banking
and exchange business
Trusteeships and Executorships also
undertaken
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Street, E.C.2
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Head Office: 26,
Bishopsgate, London, E. C
Branches in India,
Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Incorporated in the Colony of
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The
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by Ordinance No. 6 of 1929
of the Colony.
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Exchange
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of EGYPT
Head Office
...
Paid-up Capital (Hongkong
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Sterling
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(Hongkong Cur¬
rency)
Reserve
(Hong¬
H$20,000,000
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...
H$l0,000,000
Liability of Proprietors
kong Currency)..
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£3,000,000
3,000,000
.
....
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and
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and 7,
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Branches in all the
principal Towns
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«
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interest
nancing
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Sir James Grose. General
Subscribed Capital...
Wellington
Manager
£6,000,000
r
Reserve Fund
MICHIGAN MUNICIPALS
and
The
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Currency Reserve..
£500,000
Batik
conducts every description
business connected with New Zealand.
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of banking
Corresondents throughout the World
London Manager, A. O.
Norwood
DETROIT
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Incorporated
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1727
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Over
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or
excessive relief
demands, if
you will use the amounts
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hurt
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banking publications
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should
be
improving
financial
City.
position of your
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tax
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on
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for
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rates.
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while
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obtainable at very
are
low
.
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Corp. Wire
for
ects
'
9
'
Associated Bank. Williams Deacon's Bank.
Ltd.
Financial Chronicle,
25 Spruce Street,
New York City.
I
JUNE 27,
Vol.142
No. 3705
1936
CONTENTS
V
Editorials
page
4227
Financial Situation
The Confused State of American Parties
4242
Remaking the Concert of Europe
*
4243
Comment and Review
Text of Commodity
Week
the
on
Exchange Act
European Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
4245
4234
i
4235
.4239 & 4279
Course of the Bond Market
4248
Indications of Business Activity
4248
Week
on
the New York Stock Exchange
4233
Week
on
the New York Curb
4279
Exchange
News
Current Events and Discussions..
4259
Bank and
4277
General
Trust
Company Items
Corporation and Investment News
Dry Goods Trade
State and
Municipal Department
4326
4373
4374
Stocks and Bonds
Foreign Stock Exchange Quotations
4325
Dividends Declared
4281
—4325
Auction Sales..
4293
New York Stock Exchange—Stock
Quotations..
New York Stock Exchange—Bond
Quotations..4292 & 4302
New York Curb Exchange—Stock
Quotations
New York Curb Exchange—Bond
Quotations
Other Exchanges—Stock
and Bond Quotations—
Canadian Markets—Stock and Bond Quotations
—4308
4311
4314
4318
Over-the-Counter Securities—Stock & Bond Quotations.4321
Reports
Foreign Bank Statements
4238
Course of Bank
4279
Clearings
Federal Reserve Bank Statements
General
Corporation and Investment News
..4289
4326
Commodities
The Commercial Markets and
the Crops
4363
Cotton
4365
Breadstuff s
4370
Published Every Saturday Morning by the William B.
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Manager.
Other offices:
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State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright, 1936, by William B Dana Company.
Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
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Transient display dvertising matter, 45 cents
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Contract and card rates on request.
Herbert D. Seibert, Chairman of the Board and Editor: William Dana
The Financial Situation
with which he finds his team surrounded at
stances
IN cision of contrast to the forthrightness of 1932,
SHARP the Democratic platform and pre¬
1933
practice
the
adopted
not to draw such a
At least it appears impossible
conclusion from the terms of the
Nearly all of it is devoted to
platform adopted.
and
demanding
of
given moment.
any
his inauguration in March,
President Roosevelt upon
obtaining from Congress enactments couched in the
condemnation of the Republican regimes that pre¬
general and. sweeping terms, and leaving the
determination of what was actually to be done very
what'has been done during the past three
trative
banking legislation of that
Constitutional Fundamentals
period, extended through
enactments,
the National Industrial Re¬
The
other
measures.
the
effect,
witness
as
similar
provisions of the Soil
but
are
Out of it all there
ficiency Appropriations
the
Act,
by
passed
others
and
(luring
Congress
considerable
the
of action
from
say
mind concerning
of
transported
our
visions of the
Washington to Phila¬
for
for
Democratic National Con¬
the
Senator Norris,
vention.
that there is
sense
the face of
in
House
a
talk with the
said to
the
President,
convention
tribunal in the
a
am
not
plaining about it,
don't
of
Senator
he
expressly
or
for
of
advance
for other steps to limit
the
of
tions
were
own
and not
whom,
he
talking,
had
been
just
obviously
were
any
which
of
visions
adopted
on
the
the
platform
Thursday
ing in Philadelphia.
convention
the
use
burden of
or
demerits
as
it should,
of
in
shall
malefactors
as
long
as
believed
curity for all
shall
to
govern¬
upon
"On
of
great
and
foundation
of
Security Act
we
the
any
the Social
are
the provisions
of
people."
exploit the
proof.
likely to catch
these:
defraud
who
determined to erect
structure
phrases
find only
continue
the powers
wealth
importance to
couched
we
assurances as
ment to end the activities
of
would then turn,
merits
question
"We
proposed
change, such proposal naturally bearing the
to
platform resolutions
were
the
The
seemed
attach little
issue"
even¬
platform for light on
such
these principles can be
reached, the atmosphere would be greatly
clarified, and the so-called "constitutional
pro¬
if returned
Upon search of
this
If agreement upon
dictated
just what the
the
party
ballot boxes.
those of the Administration
is
to office.
to
those of the President with
course
next four years
Constitution; and
to the Constitution, even one designed
repeal the Constitution itself, but any
suggested change should be explicit, straight¬
forward and unequivocal, and its defense
should be similarly forthright as it takes its
prescribed course through Congress and the
necessarily
thoughtful
the
party would do during the
individual, any group or any politi¬
is quite within its rights in pro¬
posing and defending any amendment what¬
(4)
cal
Do?
would like to know
the
"packing"
and
the
Would
What
voter
ever
his
all intelligent
What
to destroy the effectiveness of a system
designed to provide independent interpreta¬
which
stated
as
Administration
and file,
committed in
office.
understand.
or
The views
Norris,
a
members
to certain courses,
Roosevelt is
platform."
demand
grow
with
court
much what any
care
platform is.
the
I
present
to
informed citizens must well
evasive
no
complain of, and
Such, however, is not the
situation out of which may
a
easily
com¬
but
be
the rank
minds of
and thus create
necessity; I
will
there
them, there would be
as if they had not been rendered,
(3) there must be no demagogic criticism
designed to weaken, or likely to have the
effect of weakening, the
position of this
"I think the
national
that
claimed
now
much
representatives of
press:
sense
accomplish,
would
case
legislative action which pretends to observe
these decisions but which actually proceeds
Thursday after
on
the
or
for
ground
Administration
open
departing from the White
accomplished /
to the return of the
defiance in
decisions handed down, but also
no
these
poli¬
probably small opposition
ought to regard themselves as hav¬
ing taken an oath to uphold it as interpreted
by this tribunal, and uphold it not only in
the
at
use
only
good
little to
stitution
delphia
if
half what is
the Con¬
uphold
swear to
Suffice it to
believing that in the future
they
Constitution,
(2) those who
had
offered
at
questions
that
cies
Constitution and its place
our
these
point.
enactments and these
a
be able to agree that:
(1) if we are to continue to have a govern¬
mental system based upon a written Con¬
stitution, we must continue to have a tri¬
bunal composed of sincere, able, well-trained
men, non-politically chosen, whose word
is
final as to the meaning of the various pro¬
general plan
was
up
by entering at length
upon
We all ought to
Roosevelt the Platform
same
grown
be
would
purpose
this
scheme of government. Yet the funda¬
mentals of this matter are simple and clear.
in
recent session.
The
confusion
subject of
have
to
seems
these
in
served
political leaders during the past few weeks.
Conservation Act, the De¬
contin¬
of
good
hundreds of
that have been made by
comments
discussion
columns and elsewhere. No
few of literally
a
subjects
uous
replied Senator Borah.
These
have of course
been
a recent decision of that high
"Oh, blind and impartial justice,
what blunders are committed in thy name!"
shouted Senator Robinson aroused by the
same decision.
"No institution of our country
should be above discussion and criticism,"
policy is still in full
force and
the
tribunal.
Adjustment Act and
various
for
hearing of
upon
Agricul¬
the
Act,
covery
tural
God
adminis¬
policies of the past
few years
Supreme
Court,"
ex-President Hoover is said to have exclaimed
"Thank
four
or
and
enactments
begun with the emergency
later monetary
boasting about
to
The merits and demerits of various legislative
years.
largely to the discretion of the President. The process,
Roosevelt and
President
ceded
most
our
people, making
sure
of economic
a
se¬
that this benefit
keep step with the ever-increasing capacity of
votes, and as long as they left the President free to
America to
develop and to divulge his intentions,
its citizens."
as
the
exigencies of the campaign
Those
seem
to
in
control
consider
still appears to
a
sort
of
of
the-
seem
to dictate.
Party still
President, and the President
game,
defense and attack to
not to do so,
Democratic
view himself,
football
the
or
be
as
the quarter-back in
leaving the
program
of
governed by the circum-
provide
"We will act to
honest
price he
"We
sales
and
high standard of living for all
a
secure
a
to the
decreased
consumer
fair value,
spread between the
pays
and the price the producer receives."
will
continue
to
promote
electrification and for cheap power
yardstick method."
plans
by
for rural
means
of the
Volume
Financial
142
"We believe every encouragement should be
to the
building of
and that the
housing
Chronicle
panied strangely enough by demands that foreign
given
nations be
homes by private enterprise,
new
Government should
a
domestic allotment
such
farmers."
agricultural laws, quick to recognize and meet
New
"We pledge the full cooperation of the Government
refinancing of farm indebtedness at the lowest
possible rates of interest and
"We
favor
enable
with
assistance
farmers
to
demand, at
"We
the
a
long term of years."
with
Federal-
adjust and
authority to
balance
production
pledge vigorously and fearlessly to enforce
criminal
and- civil
provisions
of
the
existing
anti-trust laws, and to the extent that their effective¬
has been weakened
ness
by
corporate devices
new
or
judicial construction,
we propose by law to restore,
efficacy in stamping out monopolistic practices
their
"We have sought and will continue to seek to meet
problems through legislation within the Con¬
within
the
effectively solved by
Constitution,
shall seek
we
such
clarifying amendment as will assure to the
Legislatures of the several States and the Congress
United
diction, the
States, each within its
to enact those
power
State and Federal
proper
laws
necessary
juris¬
which
the
in order adequately to
regulate commerce, protect public health and safety
and safeguard economic
security."
"We
shall subject to the Civil Service Law all
continuing positions which, because of the emergency,
have been exempt from its
operation."
There are a few other similar "assurances" likewise
couched in equally vague language.
dently have here
and
a
We quite evi¬
as
in the past to do about what the
political exigencies of the day
would
be
difficult to
conclusions
from
draw
of
any
afford somewhat
at this
more
seem to suggest.
other
these
or
"pledges."
vague
light
upon
his plans, but
convention
not
only defended but proclaimed the
acts.
were
a
use
the words of
number
convention and
of
for encouragement.
letter to the
Barkley,
are not
without
the whole, afford ground
There is the now well-publicized
group headed
by
decrying President Roosevelt
as
gestion of
the
by implication at least all of its
arriving
as
change. From this document
a
to traditional democratic
principles and perhaps to sound
itself.
sense
as
We have
most
of
reference,
to the ultra-protectionist notions, accom¬
a
sug¬
quote
we
Democratic
Party of Virginia, in conven¬
assembled, reasserts its devotion to the sound
consistently professed from the foundation of the
At
time within the history
no
Nation has adherence to those sound
imperative than today.
more
"The
son
of the
principles been
,
political faith expounded by Thomas Jeffer¬
and
applied by all great Democratic executives
who have
after him is essential to
come
an
orderly
system of government and to the liberties of the
people; hence, a maintenance of this spirit and
practical exercise of the
powers
a
which have usually
given direction and effect to clean and invigorating
administrations under Democratic
authority is not
only desirable but necessary."
About
as
entire
the
tarian
from
an
which
contained in
are
"the
commends
persistent efforts to
rescue
the
measure
largest
which
promises support for
measure
he
country
of success in every
hereafter project,"
may
any
future
does not commend itself to those
Roosevelt and
tion
which
century, and
he
tion leaders
has
held
assembled, although
as
of
for
or
by the party of Presi¬
Vice-President Garner.
platform committee
half
of his
of his that
measure
wonder that the Senator refused
the
ear¬
unprecedented depression" and proceeds to
but which nowhere endorses any
program
dent
humani¬
of President Roosevelt in his
"wish for him the
sound
sentences
many more
credo,
purposes
and
Small
to take his
the
the
party
better
place
conven¬
part of
a
little wonder that Administra¬
desired to have his
name
affixed to
a
platform dictated from the White House.
Toward Sound Government
The
most
of course,
adopt¬
was
dissenting vote and without
a
a
Republic.
with
New Deal
few days
principles of representative government which it has
doctrines
of the
a
significantly differe^F
following significant opening sentences:
tion
the
alien
in public life,
any man
the party had endorsed the
course
platform, penned by Senator Glass,
ex-
as
hardly be
aged Senator had received
Fuller information
A
destroyer, not the defender, of the Democratic faith,
a letter
unfortunately marred by the inclusion of
fully
can
on
delegates from
Goveror Smith
Senator
developments both at the
preceding it which
significance, and which,
those
the
rarely accorded
however, reveals the facts
on
Deal, to
book, known and
open
it does favor the renomination
Notwithstanding the fact that the Philadelphia
there
an
.
Minority Statesmen
New
is
What Sena¬
thought of the freakish
Early accounts of that meeting
that
Administration and
It
definite
more
writing the public remains distinctly in the
dark.
responsible
Philadelphia convention
but that in due
nest
Possibly the President in "accepting" the nomination
may
Glass and
any way
but the full significance of his atti¬
Party.
ovation
an
New Deal Party, unrepentant
unwilling to promise anything other than that
it will continue
programs
Democratic
Legislatures, within their respective-
spheres, shall find
Senators
as
to be in
or
is the refusal of
appraised without reference to what had previously
happened at the Virginia State convention of the
"The
"If these problems cannot be
of the
Deal
tude at the
stitution."
legislation
men
press
political steam-rollers.
read of all men,
ed'without
and the concentration of economic
power."
these
party
had indicated
fair profit to the farmers."
a
stalwart
tor Glass has from the first
new
problems and conditions."
in the
,
with the aid of
fair-minded administration of
a
face
the
for, the acts of hand-picked committees operating
.
"We will continue
owe us—a
across
mountain range across
a
perhaps in the
Byrd to take part in,
with payments to
program
lying
plain.
Less noticed
•
"We will continue to improve the soil conservation
and
what they
us
inconsistency
of the communication like
for those forced through economic necessities to live
in unhealthy and slum conditions."
obliged to pay
fundamental
steadily extend its
toward the goal of adequate housing
program
4229
who
those
concerned with national welfare than
party politics is found in the fact that for the
party
in
point of chief interest in all this for
are more
part the real
either
attending it,
stand that
statesmen
boycotted
were
the
of
the
convention,
letting the world
they would have
Democratic
no
see
or
else,
and under¬
part in the average
Financial
4230
New Deal type
not to say
be
of
It seems quite possible,
program.
probable, that should President Eoosevelt
reelected, he will by 1940 find his theories so dis¬
that the sensible elements in the Demo¬
June 27, 1936
Chronicle
certain
where abuses are alleged to
cases
It dwells at
lic.
length
upon
small investor whose holdings have been un¬
average
cratic
fortunately or unwisely chosen.
is
longer in office or not, or else that before that date
little
he will be
that is not contained
so
clearly the head of a new organization,
Democratic and
be
Republican parties, that those in his
party who even now refuse to follow him may
own
the
Republican Party to take over the reigns of
It is unfortunate that it could not
have
happened this year, but evidently the way is
being paved for it.
Legislation Demanded
proposed legislation are to be submitted
Drafts of
later, but the Commission leaves
what in
a
clude,"
little doubt as to
"We con¬
general way they will contain.
the Commission, "that it is necessary
says
public interest and for the protection of in¬
(1) that the trustees under these indentures
vestors
Reports
which, how¬
well known.
ever, are
in the
More SEC
in any good hand-book or text¬
dealing with this same general subject—except
perhaps certain abuses of recent years,
ready to join forces with intelligent and con¬
elements affiliated with what is left of
able to find
nothing in the form of factual material
or
book
structive
government.
Although its tone
sharp and at times harsh, we are
influence
composed of radical elements drawn from both the
pub¬
the helplessness of the
credited
Party will be in control to form a strong
for constructive national action whether
have ex¬
the eyes of the
isted and flourishes them before
be
THE Securities ten days has made two moredur¬
ing the past and Exchange Commission
ex¬
tended
18, is Part VI of a "Report on the Study
June
on
The first, delivered
"reports" to Congress.
Investigation of the Work, Activities, Person¬
and
nel, and Functions of Protective and Reorganization
Committees" and concerns itself entirely with trus¬
tees under
ered
on
The second, deliv¬
corporate indentures.
June
20, is the long-awaited "Report on the
Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Dealer and
Both
are
New
saturated with the
Deal
Broker."
notion of
ever-increasing governmental interference with and
control of business
disqualified from acting or serving if they have
or
acquire conflicts of interest incompatible or in¬
consistent with their
fiduciary obligations; and (2)
they be transformed into active trustees with
that
obligation to exercise that degree of care and
the
diligence which the law attaches to such
high fidu¬
"Standards should be sufficiently
prescribe the requirements for the fiscal
ciary position."
broad
as
to
paying agent under these indentures," to the end
or
that funds
on
deposit be safely conserved. Or again,
corporate field
"there would be carried over into the
the standards of
fiduciary relationships which have
long obtained in personal trusts and
with which
professional trustees have had a long and rich
these
One of them, that
experience." As to the method of control, proposed
corporate in¬
dentures, definitely and emphatically recommends
legislation would "forbid the use of the mails or any
means or instruments of transportation or^ commu¬
sweeping Federal legislation, while the other would
nication in interstate commerce for the sale
have
relationships.
Congress defer further enactments touching
the so-called
segregation question, partly because the
Commission finds itself
to
under
with trustees
having to do
already clothed with power
give effect to all the changes which it, for the
moment, believes desirable, and partly, it would ap¬
issued
curities
scribed
or
precisely what it thinks ought to be done in
complex
be
so
situation where drastic change would
a
A Realistic View
Let
At
us now
the
very
that
examine all of this with realistic eyes.
outset, of course, it must be plainly
no word of defense can be said for
certain fraudulent acts which have been
Trustees^Under Corporate Indentures
document
The
dentures is
a
trustees
on
remarkable
under
light in recent years.
corporate in¬
The Commission is
one.
in
used
connection, has
different from that
other
of it.
uses
a
of
the
proceeds at tedious length to
the trustee
that
corporate trustee.
It complains that
customarily does not exercise the powers
it has
but is not
required to exercise under
the terms of the indenture.
It likewise
the trustee does not have powers
the
to
screams
an
objects that
which, according
Commission, it ought to have.
It fairly
the fact that the corporate trustee
is not
active auditor of the books of the company
whose issues it is
trustee,
or a
for
monitor scrutinizing
its acts to be certain that the terms of the indenture
are
observed in all of their details.
It has much to say
to which the
about the conflicts of interest
trustee may
be, and often is, subject
when issues have defaulted.
cor¬
ably, place heavy burdens upon lender and trustee
"prove" the "routine nature" of most of the func¬
tions
included in
as
attaching to the term in most
It
to the defense of some of the clauses
connotation quite
word "trustee,"
knowledge—that the
this
brought to
Nor are we willing to come
Without
question some of the involvements of these con¬
tracts not infrequently, perhaps at times unavoid¬
aghast to discover what has long been a matter of
common
the pre¬
only to those issued in the future.
asserted
fraught with hazard.
se¬
apply to already existing securi¬
whether this would
ties
of
unless these in¬
standards," although it is not entirely clear
difficult, if not quite impossible, to state at this
time
indentures,
dentures and the trustees thereunder meet
because the Commission finds it exceedingly
pear,
so
under
It takes the records in
porate indentures on occasion even today.
alike
by
ties.
It may
reason
of their technicalities and complexi¬
well be that the investor is unwise in
placing his funds in obligations issued under some
of these indentures
is not in
or
less
the
a
regardless of certain of the technicalities of
presumably protecting
It may or may
his invest¬
not be true that the investor
would be wise to demand an
of
judgment the issuer
position to be trusted with the funds more
"security"
ment.
if in his
entirely different type
trusteeship under the usual corporate indenture.
AIL these
side the
things, however, seem to us largely be¬
point
as
far
the issues now raised are
as
concerned, and particularly in consideration of the
remedies
now
proposed.
of the Securities and
parently conceived
These recommendations
Exchange Commission are ap¬
as a
further development of the
general philosophy and spirit of the Securities Act
Volume
of 1933.
as
Financial
142
But that Act
indeed the law
tion
of
securities that may
requires,
and
that
issuer
whatever
shall
and
those
facts
What it
that it requires, is
acting in any capacity
of the issuers
prospective purchaser with the
surrounding the issue offered, and
That law carries,
truthfully and fully.
so
fully enforces, pro¬
now
requiring that the full text of the indenture
be filed in
Washington and there be made
document
open
to
Copies of it
party.
inspection
been true in the
why
reason
now
have
not the slightest
indenture under which
subject to the jurisdiction of the Federal Gov¬
ernment
at
moder¬
a
should not know just what is
contained in each and every
issues
public
Whatever may
past, there is
anyone
a
interested
any
invariably includes a full
of the document.
summary
by
available to all at
are
The prospectus
fee.
ate
any
upon
be offered under it.
and the Commission itself
visions
judgment
to pass
presumably all
provide the
shall do
and
sponsors,
sellers of the securities
as
essential
Its
law.
itself, specifically disclaim any inten¬
undertaking
the
conceived and drafted
was
"truth-in-securities"
a
offered.
are
investor
The
is,
of
course,
liberty to decline to buy securities issued under
indenture any
an
sonable
or
of whose terms he thinks
inadequate in
any
unrea¬
Chronicle
Commission
number
a
would be
effects.
is
would
something vastly different
require is
now
Exchange Commission
from
or any
Nation.
other Act
Its
upon
proposal,
that
the
to
or
to offer
enter, into contracts whose terms (fully available
to both
buyer and seller) do not meet standards of
ethics and fairness set
by the Federal Government
perhaps determined, in part at least, by officials
or
of the Federal Government.
and
Expressed in this
way,
only when viewed in this way, the proposal
stands forth upon
its
own,
and is at
anxiety.
It
at least until after the election.
reported,
well
its
as
mous
as
technical
to
not in
their
own
long
as
It may
right and of their
demand standards of the kind
In
other
to
seems
respects also
to be
us
that
initiative
own
proposed.
the
a
proposal
made
now
say
host of practical prob¬
Assume for the moment that
a
law such
as
proposed would be both constitutional and in
theory desirable.
under
its
terms
Obviously, the corporate trustee
could
not for
a
moment
consider
undertaking the duties and assuming the risks that
would be involved under the
fees of the
charged.
risks
same
order
of
new
arrangements for
magnitude
as
those
now
It is equally clear, we believe, that such
ought not to be assumed by institutions hav¬
ing the funds of the general public in its custody.
Who, then, could really qualify
as
corporate trus¬
tee, and at what cost to the investor or the issuer
both?
or
factor
The Segregation Question
The other
the
deal of time
voted
fore
report, that which
so-called
to
the
segregation
gnawing old files.
itself with
spends
Many
a
good
pages are de¬
It would,
generally.
readily to
able future.
ing
that nothing of
are
of bring¬
a way
the
New
York
wise to proceed
are
parties
Other
develop.
may
as
directly
con¬
also doubtless know how to prepare
their
to
legitimate interests.
Federal Reserve Bank Statement
ALMOST
/
V
abruptly
as
as
they dropped last week,
increased in
reserves
excess
the the
current
condition statement of the 12 Federal Reserve
combined.
War
World
on a
huge scale,
fell
$492,385,000 in
the
continuing ordinary expenditures.
the credit
since bonus
summary,
ac¬
and the increase
payments started now is $236,000,000.
additional
This
the
Wednesday night because of such require¬
and
ments
place
Treasury balance with the Fed¬
institutions
Reserve
eral
took
veterans
and the tremendous
week to
banks,
Cashing of bonus checks and bonds by
hand-to-hand
of
use
currency
naturally retarded the increase of member bank bal¬
ances
and
therefore
a
rate that
week
the
deposits at
Excess reserves over
accordingly,
The
on
occasioned
drop
$400,-
advanced
officially estimated
were
But
reserves.
excess
by the report.
$2,440,000,000.
June 15
of
into member bank
$414,287,000 to the total in the
requirements,
000,000 and
a
added
covered
legal
at
back
June 24
by
the
Treasury financing was $910,000,000, and
good part of the decline already has been made
These
up.
variations,
of
course,
are
reflections
merely of special circumstances, and they are inter¬
esting chiefly because they show clearly the extent
to which
ury
banking statistics
are
affected by Treas¬
financial operations and practices.
Also
wor¬
thy of note, however, is the sharp further advance
the monetary
in
gold stocks of the country.
The
weekly increase now noted is $57,000,000, making
aggregate $10,600,000,000.
Treasury has
against which
certificates
no
In the last two weeks
acquired just $100,000,000 gold
were
lodged with the
Federal Reserve banks.
Gold
certificate
reported
as
public during the past few
$7,938,539,000
on
The
a
apparently doing to be prepared for what¬
cerned will
defend
have
think
We
Exchange authorities
were
the less, probably
none
assume
Such assumptions
disappointments.
general discussion of questions often be¬
years.
as
unani¬
no means
practical sort will be undertaken within the predict¬
the
concerns
problem,
staff, is by
just how to proceed, the obvious diffi¬
be unwise too
the
/
long been
culty and complexities of the task being a deterrent
funds trickled
extraordinarily drastic, not to
revolutionary, and to raise
lems.
investors do
as
It has
that the Commission itself,
moreover,
cording to
.
likely to be
for
Currency in circulation increased $125,000,000,
easily be imagined how ineffective such governmen¬
is
to be more or less taken
seems
granted, however, that no such effort will be made,
recognized
yet proposed by the New Deal planners.
control
and with vigor upon the program it
once
out for itself, there would be cause indeed for
maps
departures
once
for what it is—one of the most radical
tal
good
were
Commission intended to
to believe that the
proceed at
If there
markets.
over-the-counter
reason
when reduced to its final
corporations be forbidden to enter,
This perhaps
the crusade it envisages.
upon
the statute book of the
terms, is nothing more nor less than a suggestion
giving effect to programs of
suggested and not particularly eager to set
anything contained in the Securities Act of
1933,
adopt and enforce, some of which
to
exceedingly far-reaching in their ultimate
particularly true of the conclusions concerning
ever
and
in
Here, however, it appears to be impressed
the sort
out
to belief
policies which it finds itself already
with the difficulties of
they
What the SEC Suggests
Securities
What the
finally gives expression
of
empowered
Stock
particular.
4231
holdings of the 12
$7,958,042,000
on
institutions
June 24 against
June 17; but cash in vaults fell
June 27, 1936
Chronicle
Financial
4232
Foreign Trade in May
slightly, and total reserves thus were up to $8,243,-
Much of the gain in
250,000 from $8,227,326,000.
circulation
THE balance favorable for the first month since
of trade of the United States in
May
was
accounted for by Federal Reserve
was
'
$3,980,018,000 from $3,872,984,000.
Total deposits with the banks fell to
$6,488,961,000 on June 24 from $6,597,086,000 on
June 17, chiefly because of the additional currency
notes, which increased to
Member bank reserve balances,
in circulation.
as
already indicated, increased to $5,307,954,000 from
$4,893,667,000, while Treasury deposits on general
fell
account
from $1,421,457,000.
$929,072,000
to
January this year.
As in other months this year, as well
of 1935, the dollar value
April.
was
in the last six months
as
$60,378,000, and non-member bank deposits fell to
ceeded the figures
Liabilities
were
greatly changed, since the drop in deposits was
matched
by the gain in circulation, but as total
were
reserves
creased
somewhat, the reserve ratio in¬
up
Discounts by the
78.7% from 78.6%.
to
System declined $350,000 to $6,189,000, while indus¬
trial
$122,000 to $29,936,000.
fell
advances
holdings increased just $1,000
market bankers' bill
to
Open
$3,077,000, and the holdings of United States Gov¬
dropped $19,000 to $2,430,234,000.
ernment securities
corporate entities were largely of a favorable
Consolidated Oil Corp.
nature.
inaugurated
dividend policy by
stock
common
of
by
a new
the declaration
dividend, expressly designated as a quarterly
a
payment, of 15c. a share, payable Aug. 15; previous
disbursements
25c.
Oct.
on
on
the
common
April 7 last and
on
on
stock
follows:
were as
Oct. 10, 1935; 14c. paid
31, 1934, and 28c. a share paid on April 17,
of
previous. In addition, exports in May were
largest of the year to date, although ordinarily
the
May exports are slightly
below April.
Imports fol¬
6% lower
lowing the usual seasonal trend were some
than
April.
$201,042,000 and im¬
resulting in a favorable balance
of $9,932,000.
In April the figures were practically
reversed, the imports in that month amounting to
$202,789,000 and the exports $192,629,000, leaving
Exports in May aggregated
ports $191,110,000,
adverse balance of trade
of $10,160,000.
1935, both exports and imports were
AGAIN the current week dividend declarations
/a
of the corresponding month
the year
an
Corporate Dividend Declarations
exports of merchandise ex¬
imports and
both
of
$195,677,000 from $221,584,000.
five
of imports, the May
export excess being not quite sufficient to offset the
previously accumulated excess of imports. In 1935,
May was one of the only two months in that year
which showed an adverse trade balance; the pther
Foreign bank deposits dropped to $56,258,000 from
not
The balance for the first
months, however, is on the side
In May,
considerably
amounting to $165,459,000 and the
latter,
$170,533,000, which left ~ a balance of
$5,074,000 on the side of imports. For the year to
date exports total $969,545,000 and imports $972,837,000, leaving a relatively negligible balance of
$3,292,000 on the import side.
The items of export contributing chiefly to the
lower, the former
increase in
the total were distributed among non-
minerals, metals and
metallic
manpfactures, and
Aug. 31, which compares with 75c. a share in the
Most of these items have
contributed largely to the export increases of previ¬
ous
months.
It is particularly noteworthy that
two
automobile exports continue
1934.
Westinghouse Elec. & Mfg. Co. declared a
dividend of $1 a share on the common
stock, payable
The United States Smelt¬
preceding quarters.
ing, Refining & Mining Co. declared a dividend of
$2
the
on
common
April 15 last
$2
July 15, 1935,
declared
tal
a
stock, payable
on
July 15;
on
dividend of $1 was paid, and on
a
disbursed.
was
Lehman Corp.
special dividend of $1 a share on the capi¬
stock, payable July 10, in addition to the regular
quarterly of 75c. a share previously declared pay¬
able
Standard Oil Co. of Ohio resumed com¬
July 7.
dividends with the declaration of 25c.
mon
share,
a
payable July 15, which will be the first distribution
to be made since Jan.
America resumed
of
a
3, 1933.
common
Container Corp. of
dividends with declaration
quarterly dividend of 25c., payable Aug. 15; last
previous dividends
1931,
were
30c. quarterly, paid Jan. 1,
the class A common, and 15c. quarterly
on
paid April 1, 1929,
standing;
on
the class B common then out¬
the class A
common
was
recently
ex¬
changed share-for-share for present common stock.
Barnsdall
20c.
a
Corp. declared a quarterly dividend of
share
the common,
on
previous quarters the
plus 5c. extra.
payable Aug. 1; in
company
paid 15c. regular,
The Link Belt Co. declared
dividend of 15c.
a
share in addition to the
quarterly dividend of 30c. a share
stock, both payable Sept. 1.
declared
extra
an
dition to the
the
on
on
the
extra
regular
common
New Jersey Zinc Co.
dividend of 50c.
a
share
in
regular quarterly dividend of 50c.
ad¬
on
capital stock; the extra dividend will be paid
July 10 and the regular Aug. 10.
nature
a
an
was
Of
an
adverse
the action of Gold Dust Corp. declaring
dividend of only 15c. a
comparison with 30c.
a
share, payable Aug. 1, in
share quarterly previously.
machinery and vehicles.
of
because
the
earlier
higher than a year ago
of the 1936
introduction
models.
Among the agricultural products
resulting in the
general increase were lard, apples, canned fruits,
unmanufactured
cotton
and
unmanufactured
tobacco.
The increase in
imports in May over a year ago
crude
and wood
and paper products.
This is much the same list of
products responsible for the increase in imports in
previous months.
Among the products of which
chiefly due to larger imports of furs,
was
rtibber, textile fibers and manufactures,
smaller amounts were
haps
the
most
imported, tallow showed per¬
striking
decline, total imports
of the amount im¬
amounting to only a fraction
ported last May.
Imports of this product and a few
others, however, were exceptionally large
few
exports in May of 372,787 bales, valued at
Cotton
$22,904,833,
year
in the past
post-drought years.
366,493,
were
when
ago,
were
amounted to
Gold
considerably larger than May a
only 317,887
shipped.
bales,
worth $19,-
In April, 1936, shipments
365,242 bales, valued at $22,763,704.
exports in May were the smallest of any
month in
recent years,
amounting to only $5,000;
exports of the metal in April were only
in March totaled
$51,000, but
$2,315,000, and in February, $23,-
637,000; in May last year $49,000 of gold was ex¬
ported.
On the other hand, gold shipments to this
country in May
of the year
and
of $169,957,000 were the highest
and compare with $28,106,000 in April
$140,065,000 in May, 1935.
Silver exports con-
j
Volume
Financial
142
the
which
compares with $535,000 in April and $2,885,000 in
May last year. Imports of $4,989,000 were slightly
higher than April, when $4,490,000 was imported,
tinued
but
small, amounting to only $203,000,
under
when
May last year,
$13,501,000 was
PRICE movements on the New York stock market
irregular this week, with the upward and
were
offset
Net movements in
very large, but most of
by the losses of the next.
these circumstances
were
not
managed to show a mod¬
the so-called market leaders
est
The market moved in
fashion, and the gains of one day were largely
see-saw
others, however,
slightly lower for the week.
Trading
There
improvement.
which drifted
volume
were
just under 1,000,000 shares in the early
New York Stock Exchange, but it
was
sessions
on
the
substantially above that figure in the mid¬
moved
took
Other
United States
Polish issues.
place in the
securities
Government
drifted
slowly
but steadily
inconsequential in high
grade* corporate bonds.
New issues appeared in
good volume and they were absorbed readily by in¬
vestors.
Speculative corporation bonds declined, in
keeping with the stock market trend. An irregu¬
larly higher trend developed in commodity markets,
but
lower,
The New York Stock Market
swings fairly wide.
week
foreign dollar issues held rather well.
shipped to the United States.
downward
4233
Chronicle
with
the
were
of
movement
some *
aid
to
the securities
Foreign exchanges reflected a relaxation
markets.
of the
changes
of
flow
capital from Europe to the United
moved definitely above the
French francs
States.
gold export level for the first time in weeks, and cess¬
ation of the retransfer of funds to London caused a
decline in sterling.
modest
the
On
touched
touched
York
New
new
new
Stock
stocks
81
Exchange
high levels for the year, while 47 stocks
low levels.
On the New York Curb
Exchange 41 stocks touched new high levels and 36
new low levels.
Call loans on the
Some
concern was caused by disclosures of the evil effects
of the new corporate tax legislation, and the market
also was nervous over the platform formulated by the
stocks touched
Democratic party at
Philadelphia.
the
mained
the other hand, and buying of
week
periods, only to drop again yesterday.
favorable,
equities
stimulated to
was
Less attention
ports.
as
on
it is
Trade news re¬
degree by the good re¬
a
paid the foreign situation,
was
clear that immediate devaluation
now
of the
contemplated by the Leon Blum
French franc is not
were
scored in stocks during a dull
Saturday.
The market was thin and
Small advances
last
modest
material gains. The
on Monday, with
greater vigor.
Adjournment of Congress gave the
market good reason for satisfaction, and stocks were
in demand despite the drastic effects of the new tax
legislation.
Some of the motor issues soared, while
large gains appeared also in most of the leading issues
of other groups.
A mild wave of profit-taking de¬
veloped on Tuesday, and the previous gains were
inquiry sufficed for
upward movement
modified
was
resumed
Developments at the
by this liquidation.
Philadelphia convention
were
not especially encour¬
Oil
aging, and losses in stocks were fairly general.
issues
managed to
move
higher against the general
trend, due to favorable statistics
The
turned about
market
vanced
easily
Motor issues
gains also
larger and more persistent inquiry.
on
in best demand,
were
while good price
recorded in steel and oil groups.
were
Railroad and
changed.
of the industry.'
Wednesday and ad¬
on
utility stocks
were
quiet and not much
predictions of official
Pessimistic
moves
against the large business enterprises of the country
market
the
turned
shares
were
clined,
although
prised the single
shares
downward
on
Thursday.
Steel
quite weak, and other groups also de¬
more
group
modestly.
Oil issues
exception to the rule,
again moved forward
on
as
active buying.
uncertain.
showed
closure
half-day session
shares;
Tuesday 972,240 shares; on Wednesday
In
a
The great bulk of issues
sharp and drastic de¬
yesterday that the country plans to discon¬
on
its external loans and will pay
only in blocked zlote after sums already transferred
exhausted.
Recessions of 20 to 25 points for
are
1,237,240
Thursday 1,340,910 shares, and on Friday
on
On the New York Curb Exchange
108,005 shares; on Mon¬
889,760 shares.
the sales last Saturday were
255,720 shares; on
Tuesday
243,700 shares;
274,360
Wednesday 207,620 shares; on Thursday
on
shares, and
Friday 201,495 shares.
volume and irregularly higher
on
Moderate' trading
prices characterized the early sessions
this week.
on
Stocks displayed an
of the market
aggressive tendency
Wednesday only to turn reactionary on Thursday
when
On
arrested
liquidation in substantial form set in.
Friday the decline in security values was
to some extent
and prices closed the
week irregularly
General Electric
closed yesterday at 38% against 38% on Friday of
last week; Consolidated Edison Co. of N. Y. at 35%
against 36 %; Columbia Gas & Electric at 19%
against 19%; Public Service of N. J. at 44% against
45%; J. I. Case Threshing Machine at 178% against
179; International Harvester at 88% against 87%;
Sears, Roebuck & Co. at 74% against 73%; Mont¬
gomery Ward & Co. at 44% against 44%; Woolworth
at 53% against 54, and American Tel. & Tel. at
165% against 166%.
Western Union Tel. closed
yesterday at 86 against 84% on Friday of-last week;
changed
Allied
over
that of
Chemical
&
a
week
Dye
at
ago.
201% against
198
on
122%
against 123; E. I. du Pont de Nemours at 148 against
148%; National Cash Register at 23% against 23%;
Friday of last week; Columbian 'Carbon at
48%; National
Dairy Products at 26% against 24%; National Bis¬
place in Polish issues, owing to the dis¬
tinue dollar service
Saturday last were 317,180
on
Monday they were 984,720 shares; on
on
shares;
at
these
only modest changes in either direction.
took
York Stock Exchange the; sales
International Nickel at 49% against
Some of the market leaders improved a
In the listed bond market a
cline
New
On the
com¬
.^relatively quiet session yesterday, movements were
little while others declined.
remained unchanged at
i%. %
day
regime in Paris.
session
New York Stock Exchange
cuit at
35% against 36%; Texas Gulf Sulphur at 35%
against 36%; Continental Can at 77% against 78%;
Eastman Kodak at 170 against 168; Standard Brands
at
15% against 15%; Westinghouse Elec. & Mfe. at
117% against 115; Lorillard at 22% against 22%;
United States Industrial Alcohol at 34% against
36%; Canada Dry at 13% against 14%; Schenley
Distillers
tillers at
The
at
39% against 43%, and National Dis¬
26% against 27%.
steel
stocks
registered
declines
United States Steel closed yesterday at
this
week.
60% against
62%
European Stock Markets
Friday of last week; Inland Steel at 9634
on
52%,
Republic Steel at 19 against 19%, and Youngstown
against 96%; Bethlehem Steel at 51% against
63% against 64%.
Sheet & Tube at
29
r^RlCE trends in European stock markets were
somewhat uncertain this wTeek, despite the
In the motor
induced
Friday of last week; General Motors at 66%
on
French
against 64%; Chrysler at 108 against 98%, and Hupp
Motors at
In the rubber group,
2% against 234-
against 24%
32% against 3234
3634 against 36%; Union Pacific at 128%
Central at
Southern
Pacific at
28J^^against 30%.
Among the oil stocks,
5934
Friday of last week; Shell Union Oil at 16%
on
against 16%, and Atlantic Refining at 28% against
28%.
In the
Anaconda Copper closed
copper group,
a
now
of its own,
course
adopted by the French
inevitably to devaluation at
The Berlin Boerse long has pur-
future date.
sued
yesterday at 60 against
the assur-
over
desired by the socialist regime in
was restrained, however,
or
some
Railway at 16 against 15%, and Northern
Standard Oil of N. J. closed
relief felt
further devaluation of the franc is
n0
Government must lead
against 130; Southern Pacific at 34% against 33%;
These
the Paris Bourse.
on
of credit inflation
course
Topeka & Santa Fe at 7734 against 77; New York
market
believed in most financial circles that the
^
ag
Friday of last week; Atchison
on
Auriol,
British
The enthusiasm
France.
Pennsylvania RR. closed yesterday
trend.
mixed
at
place
contemplated
The railroad shares displayed a
19% against 19%.
took
Diat
ances
Vincent
The
Minister.
higher in most sessions/ while a sustained
advance
Friday of last week; United States
on
of
statements
movements reflected the
2934 against 29, and B. F. Goodrich at
Rubber at
the
by
Finance
m0ved
Goodyear Tire & Rubber closed yesterday at 24%
the French franc
cheerful attitude regarding
more
Auburn Auto closed yesterday at 2934 against
group,
*une 21> 1936
Financial Chronicle
4234
and movements on that
exchange were decidedly toward lower levels this
week.
&
Indicative
French
Government
rate
was
of
intentions
the
of
the
new
reduction in the bank
a
Tuesday to 5% from 6%, while on Thursday
on
another reduction
was
announced to 4%.
All the
gcdd bjoc currencies improved on the declaration at
yesterday at 34% against 33% on Friday of last
paris
that
week; Kennecott Copper at 39 against 38%; American
Bank
of
Smelting & Refining at 80% against 78%, and Phelps
Wdlnesday to reduce its discount rate to 4% from
Dodge at 34% against 34.
4%%.
Trade and industrial reports
rate
of
continue to reflect
a
activity that somewhat exceeds seasonal ex-
pectations.
ending today
was
& Steel Institute at
last week and
week
for the
production
ingot
Steel
estimated by the American Iron
70.2% of capacity, against 70.0%
Produc-
37.7% at this time last year.
tion of electric energy
for the week ended June 20 was
reported by the Edison Electric Institute at 2,005,243,000 kilowatt hours,
attained.
In
the
the highest figure ever
or
preceding week production was
1,989,798,000 kilowatt hours, while in the correspond-
the figure was 1,774,654,000
ing week of last
v
year
kilowatt hours.
Carloadings of revenue freight for
the week to June 20 totaled
690,716
cars,
tion of American Railroads reports.
3,904
cars over
cars over
As
the
the Associa-
This is
a
gain of
the preceding week, and of 123,667
same
week of 1935.
indicating the
course
mar-
kets, the July option for wheat in Chicago closed
yesterday at 93%c.
against 91%c. the close
as
Friday of last week.
July
corn
at Chicago closed
yesterday at 66%c. against 65c. the close
of last week.
at
on
on
Friday
July oats at Chicago closed yesterday
29%c. against 27%c. the close
Friday of last
on
week.
The spot
price for cotton here in New York closed
Friday of last
yesterday
was
as
against 12.23c. the close
week.
16.00c.
Friday of last week.
day at 9%c. the
The
as
spot
same
for rubber
price
against 15.81c. the close
Domestic
as
on
copper
on
on
closed yester-
Friday of previous
weeks.
pence
ounce
on
price of bar silver yesterday
per ounce
as
against 19 7-16
pence
was
per
Friday of last week, and spot silver in New
York closed
yesterday at 44%c., the close
on
Friday
of last week.
on
London
foreign exchanges, cable trans-
closed
against $5.02% the close
cable transfers
as
on
Swiss
and
guilders halted the movement of
in itself
cumstance
abie.
was
regarded
highly favor-
as
European trade and industrial reports, mean-
while, fail to disclose any material change.
German conditions
and
beginning to
regime
was
are
British
hopeful, while France
from the devastating effects
recover
0f the strikes that
developed soon after the Blum
announced.
confidence
The London Stock Exchange reflected
and cheerfulness in the initial trading session of the
British funds
week.
early rise in
dustrial
money
stocks
were
bought
improved
against Italy
soon
will
and Aus-
gold mining stocks was reported, while in-
ternational issues
stimulated by week-end re-
were
ports of a good tone at New York.
ish
an
of the official
because
Good buying of African
be abandoned.
were
fears of
as
rates diminished, and most in-
indications that sanctions
repatriated to
funds
declined
a
French funds
degree on Tuesday, and Brit-
slightly in
consequence.
But
other sections of the London market again, reflected
The industrial group did
strength in that session.
well, while South African gold shares soared.
An-
reports from New York, and most European securities '»also
improved
session
Wednesday
on
yesterday
on
$5.01%
as
Friday of last week, and
Paris closed
against 6.58%c. the close
at
yesterday at 6.62%c.
on
Friday of last week,
on
on
the London
was
of
the
London
market.
The
active and cheerful, with
British funds in quiet demand.
proposals
The rearmament
Government
stimulated
British iron, steel, aviation and motor stocks, and
good features also appeared in the industrial
section.
The international issues
were
somewhat
uncertain, owing to reports of liquidation at New
York.
taking
sorbed
In the matter of the
fers
possible
gold from Europe to the United States, and that ex¬
other
London the
19%
it
French
improvement in
The
and the
resisted,
found
glo-Ameriean trading favorites were firm on good
yesterday at 12.43c.
In
be
will
Netherlands
francs and Dutch
tralian
of the commodity
devaluation
The
The London market
was
dominated by profit-
Thursday, but the liquidation
on
readily and net changes
were
small.
was
ab-
British
funds remained in good demand, while industrial
stocks displayed
some
irregularity.
Gold mining
stocks sold lower, and most international issues also
receded.
funds
In
were
a
quiet
session,
yesterday,
British0
well maintained, but profit-taking ap-
Volume
Financial
142
peared in the industrial section, where the tone was
The Paris Bourse
of
trend
reversed,
Monday, its down¬
on
Impressed by the
previous weeks.
Minister
appeal for confidence made by Finance
Vincent Auriol
devaluation
by his assurances that franc
and
not
is
Blum
the
by
contemplated
regime, investors eagerly bought rentes and other
securities.
Rentes were marked sharply
French
higher in the session, and almost all French
also
strike
day, but mostly toward lower levels, as the
seemed
situation
5% from 6% failed to im¬
the Bourse, and small losses were recorded in
press
rentes and French
in
Rentes
International securities
equities.
After
quiet demand.
uncertain opening
Paris.
improved moderately, while French bank,
industrial
and
advanced
shares
utility
also
at
marked
were
The session
with net movements small.
was
Rentes tended to advance on this
development, and small gains also were recorded in
almost alL French
Good inquiry also was
equities.
reported for international securities.
advanced at
Rentes again
Paris, yesterday, and French equities
Berlin
Boerse
dull
was
and
depressed
on
Monday, owing to official announcement of a new
This issue
government loan of 700,000,000 marks.
was
rumored but denied last
peared
week, and when it
ap¬
the market it had an unfortunate effect
on
Fixed-interest
securities.
other
on
marked lower
equities also
were
whole, and almost all German
a
as
issues
in
declined
the quiet
trading.
No
change was noted Tuesday, as prices continued soft
in that session.
Heavy industrial stocks, chemical
shares, shipping and other issues all lost ground,
but
The
fixed-income
liquidation
securities
did
was
not
vary
greatly.
attributed in part to the ap¬
was
proaching month-end settlement.
noted
categories and
A better tone
was
Wednesday, although some liquidation again
noted in stocks of
to subscribe to
the
companies that
new
Reich loan.
are
exchange of
1942.
The Japanese rejection of the British invitation
merely confirms the attitude taken by Japanese
representatives at London, but it remains somewhat
perturbing. According to an Associated Press re¬
port from Tokio, Japanese naval authorities desire
The treaty also provides for an
carry.
to
retain freedom
this
years
expected
Stocks of the
was
reported
on
Thursday,
quotations generally were maintained.
speculative
prominent
vehicles
moved
A few
slightly
higher, while other stocks and bonds merely held
to
former
figures.
The tone was firm at Berlin,
yesterday, and fair-sized gains were registered.
ernment at Rome withdrew from
cils
Japanese Naval Policy
European diplomatic scene
a
assume
on
a
announced in Tokio last Wednesday, to
March 25 by representatives of the Brit¬
ish, American and French governments.
that the British Government extended
doubtless will
different aspect.
Embargoes
Sanctions and
THE League ofand the League met at Geneva
Nations Council Assembly will
yesterday,
gather there on Tuesday next, with
of
removing the sanctions against
the general aim
Italy which were
which already have been
voted last November and
There
Anglo-French domi¬
nation of the League will suffice for quiet burial of
the dead sanctions, but it seems equally clear that
the Italian conquest of Ethiopia will not be recog¬
nized.
It is not yet certain whether Italy will be
and France.
by Great Britain
abandoned
signs this week that the
pacified by this procedure and return to the Geneva
In view of the vanished prestige of the League,
fold.
however, this will make
The usual
ress
little practical difference.
private diplomatic bargaining is in prog¬
adjustment of difficulties, with recent re-,
for
ports from London and Rome predicting a general
settlement of outstanding Anglo-Italian problems.
It
Sunday that a
disclosed in both capitals last
was
naval agreement will be
satisfactory military and
sought in negotiations that may easily go on for
come.
Italian authorities appear already
months to
to
have
formulated the outlines of such an agree¬
ment, which might provide
for British naval supre¬
air supremacy
in the Mediterranean and Italin
same area.
Invoking the authority conferred on
American
velt issued two
proclamations last Saturday declar¬
longer exists between
ing that a state of war no
Italy
Ethiopia, and terminating the special
and
measures
him by the
neutrality legislation, President Roose¬
of last October designed to
prevent any
in the situation.
Although
proclamations followed by only a few days the
announcement that Great Britain would abandon
adhere to the terms of the London naval agreement
signed
The gov¬
international coun¬
these
THOROUGHLY inrefusal of with Japanese naval
keeping the recent Gov¬
is
tendencies
Italy soon will
sanctions, but when these are re¬
of
because
moved the
American entanglement
ernment,
Contrasting with the Japa¬
join in observance of the London treaty.
in the
stagnant, with changes inconse¬
Little activity
necessitate a review of the naval
may
attitude is the likelihood that
nese
other issues
but
from the practically mean¬
problem in the Pacific.
heavy industrial concerns improved moderately, but
quential.
even
ingless qualitative restrictions so. that the country
can build a fleet suited to its own needs.
In coming
macy
were
in various
the calibres of guns they may
on
building information during the six years to
were
improved, but international issues receded.
The
quantitative restrictions and provides
only on the sizes of vessels
Thurs¬
on
stimulated by the further lowering of the
bank rate to 4%.
also
no
International issues fluctuated both ways,
higher.
day
an
again
prices
Wednesday,
on
Reduc¬
threatening at the time.
tion of the bank rate to
were
suf¬
Movements were small on Tues¬
degree.
a
equities
The international list
demand.
in
were
fered to
it contains
restrictions
irregular.
ward
4235
Chronicle
an
It
appears
invitation
sanctions, it was insisted in
United States acted
Washington that the
independently of all other na¬
tions, both in applying and
in terminating the em¬
of arms, ammunition and imple¬
either belligerent.
In addition to
bargo on shipments
ments of war to
terminating that embargo, Mr. Roosevelt
also re¬
voked the
proclamation warning Americans against
eign Office declined because the Japanese demand
traveling
on
for the
issued by the
to
Japan to join in the accord, but the Tokio For¬
right to
a
parity status with Great Britain
and the United States remains unsatisfied.
accurately,
don
a
All too
Cabinet statement described the Lon¬
agreement
as
"practically meaningless," since
mercial
belligerent
longer applicable,
is the
vessels.
The statement
President last year in respect to com¬
transactions with the belligerents also is no
first
he said.
The United States thus
major nation formally to discontinue
\
special measures occasioned by the Italo-Ethi-
the
opian war, as it was the first nation actually to
apply such measures.
The
League gath-
to be taken at the several
course
Foreign
erings was outlined quite clearly this week.
informed the British
Commons, last Monday, that dropping of
Eden
Anthony
Secretary
House of
does
sanctions
not
that Great Britain will
mean
recognize the Italian annexation of Ethiopia. He
intimated that the situation is far from stable, since
Italian forces are in actual
possession of less than
Ethiopia, with hostile tribes holding the rest
half of
The British intentions apparently
of the country.
accord with the views of many
The
other States.
Argentine Government made it plain last Saturday
principle of non-recognition must be ap-
the
that
plied to the Italian conquest, while other important
nations
to hold the
known
are
view.
same
Prime
dress last
precipitated warfare.
settlement,
attention
more
was
paid
in
The House of ComMinister Stanley
questions of the day.
informed
was
Prime
by
Baldwin, Tuesday, that the British Cabinet enter"every hope" of negotiations for solution of
European problems by representatives of
western
Great
Britain and France, may
The French
added.
M.
Great
Baldwin
Mr.
declaration of foreign policy,
Tuesday by Foreign Minister Yvon Belbos, is
believed to have
the
as
be achieved in such nego-
commitments,
great
involve
Europe, as well
But the task ill be difficult and
tiations, he said.
made
The security
Britain, France and Germany.
of the countries of central
may
paved the
for
way
the western
discussions of
advance in
an
European nations,
reiterated the general French thesis of
Delbos
security, and he made some specific recommendafor
tions
he
regional pacts of mutual assistance, but
less
was
intransigeant than
French
The
sors.
some
of his predeces-
attitude toward
Germany will
depend, he said, on the German reply to the British
inquiry
to the precise significance of Chancellor
as
fervid
Hitler's
utterances
in
of
favor
European understanding and peace.
a
western
In all Euro-
chancellories, the German answer to London
pean
gests that the passage of only a few months' time
already has dulled the reaction in favor of legal
methods occasioned by the German departure. It
seems
quite possible that the Istanbul regime will
get little but thanks for its pains and for
the excel-
lent precedent it sought to establish,
Great Britain, France, Russia and Japan were
message
/
Halo-Ethiopian problem well on the way
Europe this week to the other outstanding inter-
tains
event of a hostile attack. Endless praise was heaped
on the Turks for adopting a strictly legal procedure, but the course of the current conference sug-
Mediterranean countries also sent delegates. The
Italian Government refused to attend, but sent a
because their continuance
With the
mons
leading
to the Black Sea and for termination of the convention whereby Great Britain, France, Italy and
Japan undertook to defend the Dardanelles in the
declared frankly that sanctions were
might easily
servatives,
national
for permission to fortify the straits
neva
the principal nations represented at Montreux as
the conference began, while some of the smaller
abandoned
toward
With considerable diplomatic skill and insight the
Turkish Government decided to take advantage of
the situation created by the German measures.
They applied in an entirely proper manner at Ge-
Saturday before a group of British Con-
Stanley Baldwin, in the course of an ad-
Minister
have
June 27, 1936
Financial Chronicle
4236
Powers could maintain in that body of water. With
due deference to League of Nations provisions, it
was suggested that the straits might be closed even
to commerce during war-time, if the League so decided. This draft convention immediately was accepted as a basis for discussion, and the delegates
of other nations proceeded to contrast the Turkish
aim of peaceful revision of treaties with the course
adopted by other countries. When the gathering
got down to the business of considering the Turkish
application, Tuesday, the tone of the meeting
changed entirely. The British delegate expressed
objections on various counts. Russian views were
at variance with those of Turkey in important particulars, and the French- representative declared
that the straits convention should be coordinated
with the French plan for regional security pacts,
Japan likewise found some of the Turkish proposals
objectionable, while Rumania, Yugoslavia and
Greece were inclined to back the larger Powers.
The chief delegates left Montreux on Thursday to
attend the League Council meeting, and the discussion
now'ls awaited with the keenest interest.
making "complete reservations" regarding
decision reached. The Turkish delegation presented a draft convention which, in effect, would
restore entirely the control of that country over
the international passage. Low limits were proposed for the warship tonnage that non-Black Sea
any
on
the Dardanelles will be resumed next week.
French Aims
Dardanelles Conference
ONE of the most significant diplomatic confer- p\ISCLOSURE ofsocialist Blum Government in
the immediate plans and poliof recent
opened at Montreux,
L' cies of the
ences
years
Switzerland, last Monday, when representatives of
France has been virtually completed by two im-
eight countries gathered to debate the Turkish de-
portant declarations on finances and on foreign
relations. Because of the exigencies of the strike
mand
for
the
right to refortify the Dardanelles,
itself, but it
situation, Premier Leon Blum and his associates
far-reaching implications of a general na-
found it necessary to turn their attention first to
The issue involved is
also has
ture.
When
lated
the
March
German
Versailles
authorities
one
in
Government calmly vio-
and
Locarno
treaties
last
War have
decided
to
take the
contrary
the labor problem, which resulted in the passage of
for the 40-hour week, paid vacations and
measures
collective labor agreements. Wage increases were
arranged in negotiations, and the whole trend of
seeking revision of existing treaties by
of
recent years toward deflation thus was changed
The countries defeated in the World
almost overnight into a modified "New Deal" pro-
negotiation.
claimed, with some justice, that the Ver-
sailles treaty
ing
delicate
by military occupation of the Rhineland, the
Turkish
course
the
a
status
provisions for alterations of the exist-
through negotiation
are
dead letters,
i
gram
tion.
likely to be based in good part on credit inflaThe finance program outlined late on June 19
before the Chamber of Deputies by Finance Minister
-
Volume
Financial
142
Vincent Auriol
of the
French Government's
of
to emphasize that aspect
appears
matter, for it called for
France
increase of the
an
borrowing
service
The
of
the
de¬
placed at the
"general interests of the country."
foreign policy of the Blum regime, announced
before
Chamber
the
attainment of
last
the
calls for
Tuesday,
set
security by the conclusion of regional
4237
forth in such
trolled
at the Bank
power
by 10,000,000,000 francs, and also
clared that the central bank should be
Chronicle
manner
a
be
to
as
readily
con¬
by public opinion."
Foreign Minister Yvon Delbos made the declara¬
tion
of
on
foreign affairs, Tuesday, before the Chamber
Deputies, and the strength of the Left Front
regime
promptly reflected in
was
of 392 to 198
the
favorable vote
a
the declaration.
on
Some
changes in
system of "collective security" plainly are neces¬
in the light of recent experience, M. Delbos
sary
pacts within the framework of the League of Na¬
said, and he indicated that these might take the
tions, and for full maintenance of French military
form of
strength in the meantime.
decisions
improved decidedly,
have gone
now
The strike situation has
almost all workers in Paris
as
back to their tasks.
Some disorders
reported in Provincial centers, and at Mar¬
were
seilles
number
a
of
by workers,
over
these
merchant
vessels
who raised
taken
were
the red
flag.
But
sporadic troubles probably will be alleviated
readily, since the Blum Cabinet is
decidedly
so
sym¬
pathetic to labor.
The financial
was
by M. Vincent Auriol
that the Blum Government has
attacked
intention of de¬
no
and would not attempt
any
the nationalization of the banks.
He
currency,
capital levy
or
bitterly those of his critics who maintain
that
bankruptcy is the inevitable end of the policy
now
inaugurated, and promised to defend the franc
and the
credit of the country.
Budget deficits of
9,000,000,000 to 10,000,000,000 francs for each of the
last
two
disclosed by M. Auriol, who
years were
added that the 1936 deficit
as
"That is where
large.
probably will be almost
stand," he said.
we
sacrifices of deflation have been for
Finance
Minister
estimated
late years,
will be
means
"The
nothing."
that
The
60,000,000,000
francs have been hoarded within the
abroad in
of
the
elaborate
an
League of Nations Council.
of
reform
the
held to be unnecessary.
assistance
But
League Covenant
was
Kegional pacts of mutual
proposed in order to augment the
were
security that France desires above all things, and
it
suggested specifically that such agreements
was
might be made to
bian
and
area
western Europe, the Danu-
cover
Mediterranean
the
countries.
The
cooperation of the great democracies of the world
declaration
satisfactory chiefly because he made it clear
valuing the
modifying the unanimity rule in important
country
sent
or
and he indicated that
every
employed to bring such funds out of
hiding and back to the country
so
that they
can
was
held necessary,
made with
tries.
bos
The French
able.
were
coun¬
policy toward Germany, M. Del¬
indicated, would be
German
ence
and expressions of amity
regard to most of the important
of
one
until the
reserve
reply to the British questionnaire is avail¬
The German
in
the
Chancellor, with his long experi¬
doubtless
trenches,
is sincere in his
pacific statements, the French Minister admitted,
but he added that the time has
to make
good
come
his declarations.
on
Italy, confidence
expressed that the impending
was
removal of sanctions would
bring the Rome Govern¬
ment back into international
be
will
armament
for Herr Hitler
With regard to
the
councils.
constant
aim
World dis¬
of
the
Blum
regime, M. Delbos promised, but in the meanwhile
French
rhythm
of
be
will
armaments
this connection
fully maintained.
cryptic reference
a
German
was
rearmament,
which accelerates every
In
made to "the
the
cadence
of
day."
contribute to economic recovery.
Far East
The country was
reform
of
promised
early and drastic
an
public accountancy and the fullest in¬
formation
the financial
on
situation.
Tax
reform
also
was
and
conflicting levies would be consolidated and
promised, in the
simplified.
A
inaugurated
of public works would be
program
financed
and
bonds" redeemable
Auriol declared.
by
face
at
calls for
an
Tuesday,
all
at
of
"baby
times, M.
He introduced five bills in order
out these endeavors.
short-term
issuance
value
to carry
increase of
borrowing
31,000,000,000
that the numberless
sense
One of the
measures
10,000,000,000 francs in the
raising the limit to
power,
francs.
Another,
passed
fully
by
the government to "modify and
empowers
MARKED uncertainty prevails everywhere re¬
garding the military and diplomatic situa¬
tion in the Far East.
favorable
There are,
however, certain
aspects which currently are receiving lit¬
tle notice.
Since the Japanese
turned
their
months
attention
ago,
military authorities
northern
to
China
some
Outer Mongolia, the
rather than to
tension between the Tokio and Moscow governments
has
diminished
major clash
The
measures
China,
on
appreciably, and the chances of
lessened to
are
that
Japan
the other hand,
and there is
a
may
are
take in
northern
quite unpredictable,
denying that they
no
a
corresponding degree.
may
have
grave
complete the laws, statutes and government of the
international
Bank of
its management
forces in
Other
capital of China are being augmented continually,
in
France, in order to
interests
the
provided
the
of
the
means
French citizens of
and to check the
assure
Nation."
enforce
to
measures
declarations
by
gold and securities held abroad,
propagation of false
rumors.
Im¬
Peiping and the
and the further
text for
northern
and
southern
France
toward the north
6%.
passed, Tuesday, by the Senate, the dis¬
was
In
day, it
an
was
lowered
to
4% from
aim of
official statement, issued
on
the
The
of
the Bank
was
indicated that the reform of the Bank
of France will aim at "the
of
its
functions
as
the
national economic life."
State
and
same
the
Bank
more
source
be
clear, it
was
masses
The
of troops
reuniting China and opposing the invaders.
Nanking Nationalist Government, always in¬
clined
to
temporize
so
far
as
The
made
is the pre¬
weeks ago, with the ostensible
and
added, and when this has been done they "must be
some
viewed such troop movements
The relations between the
must
now
Chinese governments.
Canton sent large
efficient fulfilment
inspiration of
surrounding the old
Japanese invasion
mediately after the law relating to the Bank of
rate
area
military
resumption of the old hostility between the
authorities at
count
Japanese
consequences.
Japan is concerned,
with
a
jaundiced
eye.
possibility of hostilities between Canton and
Nanking thus
surmized
that
was
the
introduced, and it
may
Japanese authorities
displeased by the developments.
„
well be
were
not
That Japan in-
4238
Financial
tends to
concentrate, for the time being,
of further sections of old China is
by
over,
for the
authorities in
more¬
providing economic aid
Nanking Government.
Discount Rates of
Bank of France Statement
conquest
on
evidenced,
recent refusal at Tokio to cooperate with
a
British
the
June 27, 1936
Chronicle
THE weekly statementholdings, this19 again shows
dated June time of 609,in gold
decrease
a
520,765 francs, making the total loss of the Bank's
gold reserve for the
June 19,
Foreign Central Banks
weeks from March 20 to
13
Gold
11,747,811,035 francs.
THE Bank discount on from 6% toJune and re¬
Tuesday, 5% 23,
its of France
duced
rate
on
Thursday, June 25, cut the rate to 4%.
rate had been in effect since
time it
erlands
from
centers
June
24,
June
cut its
discount
3, 1936, at which time it
3)4%*
Present
with70,770,-
rates
the
at
was
leading
OF FOREIGN
CENTRAL
The
against 74.72% last
Date
Rate in
vious
Established
Rate
Pre¬
Effect
Dale
vious
>une 26
Country
at 58.47%,
contraction of
a
309,000,000 francs, bringing the total down to 84,804,305,175 francs.
Circulation
80,702,561,545 francs and the
654,695 francs.
A decrease also
of
abroad
stood at
a year ago
before 79,969,-
year
balances
Established
advances
appears
in credit
francs, in
298,000,000
French
in
and
against securities
creditor
of
accounts
current
francs,
of 33,000,000 francs
226,000,000
Rate
francs.
1935
now
and 79.34% the previous
year
Notes in circulation show
year.
in
Pre¬
Effect
,'une 26
ratio is
reserve
commercial bills discounted of 13,117,000,000
BANKS
J
Rate in
and 79,200,553,976 francs
a year ago
shown in the table which follows:
are
DISCOUNT RATES
Country
as
May 6, 1936, at which
The Bank of The Neth¬
4J^% to 4%.*,. The 4Yi% rate had been
in effect since
raised
5%.
Wednesday,
on
from
rate
raised from
was
The 6%
121,655 francs
two years ago.
aggregates
now
53,952,610,373 francs, in comparison
Argentina..
3X
Mar.
Holland
4
Austria
3J^
July
10 1935
4~
Hungary
4
Aug
Batavla
4
July
1 1935
4H
India
3
Belgium...
2
May
15 1935
2M
Ireland....
3
June 30 1932
3H
Bulgaria
6
Aug.
15 1935
7
Italy
4H
May
18 1936
Apr.
furnish
we
a
comparison of the various
5
3.29
Below
1
June 24 1936
4Yn
28 1935
4M
Nov. 29 1935
,
3H
items for three years:
BANK OF FRANCE'S
COMPARATIVE
STATEMENT
'
2H
4
24 1935
4X
Java
July
18 1933
5
Jugoslavia
3
Jan.
1 1936
3H
5
Oct.
1935
.
Feb.
1
1935
3K
6
Jan.
2 1934
Morocco
6X
May 28 1935
4H
Japan
mm
Czechoslo¬
vakia
June
6 1936
2 1935
3.65
4H
5
Lithuania..
Chile
Colombia.
Jan.
4
Canada
Mar. 11
.
...
Changes
3X
7
Francs
21
1935
6
Norway
3X
May 23 1933
4
3 V,
Aug. 21
1935
2X
Poland
5
Oct.
25 1933
June 30 1932
2Vx
Portugal
6
Dec.
13 1934
Estonia
5
8ept. 25 1934
6^
Rumania
4H
Dec,
7 1934
6
Finland
4
Dec.
4 1934
4H
+>uth Africa
ZH
May
15 1933
4
July
10 1935
Gold holdings
6
2
5H
Danzig
Denmark
England-
-.
..
1936
5
4
Sept
30 1932
5
7
France
Oct
June 25
13 1933
4
Germany
.
.
Greece
-
.
.
.
.
^pain
5
Sweden
2H
•
Dec.
1
1933
Note circulation
2
Credit .current accts.
Proport'n of gold on
hand to sight Hab.
a
as
on
against %%
call in
open
to
Friday of last week.
on
London
on
Friday
market rate
53dz% and
on
was
was
reduced
)4%*
on
At Paris the
June 24 from 6)4%
on
June 25 to 43^%.
the rate remains at
Money
In Switzerland
2)4%*
Bank of
1
bringing the total
before
s
THE statement of the Bank forofthe week ended
£4,473,973 in
June
bu
shows
increase
an
lion, the largest weekly gain this
total
to
compares
in
24
gold
another
high of
new
with £193,322,457
was
a
The gain
year ago.
to some extent offset by an expansion of
£2,769,000 in note circulation and
only £1,705,000.
while other
raising the
year,
£217 275,747 which
Public deposits
reserves
rose
£6,096,000,
rose
deposits decreased £160,334.
The latter
ists of bankers' accounts which fell off
£174,338
£14,004.
The
reserve
proportion remained unchanged at 28.60%,
the same as the preceding week; a year ago the
proportion was 35.89%.
Leans on government
securities rose £1,325,000 and those on other securities
£2,952,964. Of the latter amount £2,830,519 was an
addition to discounts and advances and £122,445, to
securities.
The discount rate was not "changed from
2%.
Below we show a comparison of the different
con:
and
other accounts
The Bank's
reserve
a
year
ratio
years ago.
Reserve in foreign
decreases, namely 55,000 marks, 178,776,000
3,717,000 marks, respectively.
loss of 129,500,000
a
the total down to
Notes in
marks, bringing
3,947,007,000 marks.
Circulation
aggregated 3,502,279,000 marks and the
year
previous
3,397,778,000
year
in
investments
of
marks.
160,000
An
marks
increase
and
in
daily maturing obligations of 61,308,000 marks.
Below
furnish
we
a
comparison of the different items
for three years:
REICHSBANK'S COMPARATIVE STATEMENT
which increased
items for several years:
BANK OF ENGLAND'S COMPARATIVE
Changes
Assets
24,
1936
June
26,
June
27,
1934
1935
Reichsmarks
Gold and bullion......
Of which depos. abroad
+ 834,000
Silver and other coin...
other Ger.bks.
on
June
28,
1933
Reichsmarks
71,096,000
23,572,000
5,365,000
84,741,000
38,755,000
530,316,000
a526,402,000
35,276,000
660,908,000
Reichsmarks
72,487,000
22,109,000
24,127,000
4,001,000
—55,000
4,005 000
—178,776,000 4,009,215,000 3,396,764,000 2,982,352,000
229,513,000
al71,943,000
284,124,000
13,872,000
1,532,000
14,916,000
Reserve In foreign curr.
Bills of exch. & checks__
Notes
23, 1936 June 23, 1935 June 23, 1934
Reichsmarks
No change
Advances
-3,717,000
+ 160,000
Investments..
Other assets..
666,066,000
80,701,000
669,394,000
565,479,000
Liabilities—
Notes in circulation
-129,500,000 3,947,007,000 3,502,279,000 3,397,778,000
+ 61,308,000
754,302,000
759,010,000
512,094,000
213,376,000
al84,997,000
140,789,000
Other daily matur. oblig
Other liabilities
STATEMENT
June
for Week
Propor. of gold & for'n
curr.
June
and 2.3% two
circulation show
other
Gold
bills of exchange and checks and advances
marks and
appears
so
of 834,000 marks,
to 71,096,000 marks.
unchanged at 1.90%, compared with 2.53%
year ago
last
up
72,487,000 marks.
currency,
record
quarter of June shows
aggregated 84,741,000 marks and the
year ago
remains
79.34%
Germany Statement
increase in gold and bullion
an
74.72%
58.47%
b Includes bills discounted abroad.
HTHE statement for the third
a
England Statement
—0.32%
Includes bills purchased In France,
Bank of
Friday of last week and %% for three months' bills,
as
1934
Francs
7,505,466,769 7,113,886,553 4,300,880,900
No change
1,280,958,674
1,174,386,636 1,112.364,671
—33,000,000 3,494,094,492 3,269,397,942 3,067,569,101
—309,000,000 84,804,305,175 80,702,561,545 79,969,654,695
—226,000,000 7,468,017,686 14,012,^02,101 19,848,834,342
Adv. against secure.
IN bills
LONDON open market discount rates for short
Friday
M%>
against %%
were
1935 June 22,
Francs
bills discounted.. —13117000,000
bBills bought abr'd.
Foreign Money Rates
on
1936 June 21,
aFrench commercial
3
2 1935
19,
Francs
—609,520,765 53,952,610,373 70,770.121,655 79,200,553,976
4,029,597
—298,000,000
177,145,510
18,559,559
Credit bals. abroad.
5H
May
Switzerland
June
for Week
June
29,
1932
*
to note circula'n
Validity of notes
on
No change
1.90%
2.53%
other banks expired March 31, 1936.
a
2.3%
Figures of June 6;
latest available.
£
New York Money
Circulation
434,789,000 396,859,702 381,689,890 375,124, 634 363,083,121
Public deposits
20,046,000
16,163,416
17,630,254
14,061, 645
17,982,394
Other deposits
128,195,705 141,115,909 132,826,197 147,285, 248 121,301,611
Bankers' accounts.
90,822,163 102,360,761
96,309.104 105,120, 626 86,565,354
Other accounts...
37,373,542 38,755,148 36,517,093 42,164, 622 34,736,257
Govt, securities
99,603,310 96,186,044 81,006,071
75,373, 033 67,169,656
Other securities
24,095,564
22,590,881
16,983,605 28,509, 132 41,241,181
Disct. & advances.
7,640,843
10,165,226
6,079,604
16,642, 593 14,889,401
Securities..
16,454,721
12,425,655 10,904,001
11,866 539 26,351,780
Reserve notes & coin
42,486,000 56,462,755 70,454,023 75,459 487 48,870,458
Coin and bullion
217,275,747 193,322,457 192,143,913 190,584 ,121 136,953,579
Proportion of reserve
28,60%
35.89%
to liabilities
Bank rate
2%
2%
46.82%
2%
46.76%
2%
35.08%
2%
Market
THE money market withNew Yorkfor accommoda¬
was a listless
week, in
demand
affair this
tion small and rates unchanged
Excess
resreves
and checks
the
were
increased
cashed
in all departments.
sharply
as
bonus bonds
by World War veterans, and
plethora of loanable funds thus increased.
Call
Volume
loans
for
the New York Stock
on
for all
Financial
142
Exchange held to 1%
transactions, while time loans were available
all maturities up
No
changes occurred in bankers' bill and commercial
The Treasury sold last Monday two
rates.
paper
to six months at 1%%.
One series of
series of discount bills.
$50,000,000,
4239
Chronicle
inactive
than
at
condition is
This
present.
due
largely to the subsidence of European transfers of
funds
announcement
French Finance
ment's
for sterling which
resultant demand
and the
followed the
Friday last by the
on
Minister, M. Auriol, of the Govern¬
plans for meeting the economic and financial
days, went at 0.183%, and another of
difficulties in France.
Selling of the franc by French
$50,000,000, due in 273 days, went at 0.240%, both
nationals diminished
abruptly following the Govern¬
due
in
174
computed
It was
Washington yesterday that only $50,-
on an
indicated in
annual bank discount basis.
ment's threat to confiscate
000,000 of these bills now will be sold weekly for
for
refunding of maturing series.
ures
sterling in Paris largely ceased, while other meas¬
taken
francs.
Government to strengthen the
by the
franc induced
New York Money Rates
foreign holdings of French
exporters of capital, with the result that the demand
In
heavy liquidation of short interests in
the franc rate firmed up
consequence,
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
Stock
in terms of
sterling and the dollar although the actual
volume of
foreign exchange trading in all currencies
ruling quotation all through the week for both new
fell to
been
change this week,
no
for time
market
The
renewals.
and
loans
shows
transactions having
no
Rates continue nominal at 1%%
reported.
The market for prime
for all maturities.
commercial
has been fairly steady this week.
paper
been in
money
Paper has
good supply and the demand has shown a
Rates
healthy increase.
%% for extra choice
are
running from four to six months and 1% for
names
known.
less
names
London
months, the franc
The
came
more
London
been
demand has fallen off quite. sharply.
Quotations of the Amreican
unchanged.
are
Acceptance Council for bills up to and including 90
days
are
3-16% bid and %% asked for four months,
%% bid and 3-16% asked; for five and six months,
The bill-buying rate
%% bid and 5-16% asked.
of the New York Reserve Bank is
%% for bills
from
banks'
run¬
nominal in so far as the dealers
they continue to fix their own rates.
as
The nominal rates for open
as
increased
Open market rates
$3,076,000 to $3,077,000.
concerned,
Federal
The
of acceptances
holdings
for acceptances are
are
180-day bills.
1% for 121- to
Reserve
the
Prime eligible
of the
tone
sterling this
bills
Asked
Bid
—120 DaysBid
Asked
Bid
Bid
Asked
Bid
Asked
»,«
Prime eligible bills
Asked
X
si«
H
»i«
X
FOR DELIVERY WITHIN
THIRTY DAYS
Eligible non-member banks
The
range
for
been between $5.00% and
has
transfers
and
$5.04%
week
a
The following
rate
on
and the
been
has
$5.02%, compared with
between
and
ago.
Paris, the London
mean
London check
market gold price
open
price paid for gold by the United States:
MEAN LONDON CHECK HATE ON
Monday,
The range
$5.01
of between $5.01%
a range
tables give the
Saturday, June 20
June £2
Tuesday, June 23
_
OPEN
June 23
PARIS
76.097
.76.130
75.90
Wednesday, June 24
76.143
76.030
.76.030
June 25
June 26
Thursday,
Friday,
MARKET GOLD
PRICE
Wednesday, June 24
138s. 7Md.
Thursday,
June 25
138s. 7d.
Friday,
138s. 9d.
138s. 9d.
138s. 9d.
June 22
June 26
138s. 8d.
PRICE PAID FOR GOLD BY THE UNITED
STATES (FEDERAL
RESERVE BANK)
Saturday, June
Wednesday, June 24_.
$35.00
35.00
35.00
20_
June 22
Tuesday, June 23
Monday,
$35.00
Thursday,
June 25
35.00
Friday,
June 26
35.00
Despite the reduction in demand for sterling as
X% bid
X% bid
Eligible member banks
markets and to improve
$5.01% and $5.04% last week.
cable
for
«i«
—30 Days
60 Days
90 Days
France
$5.02% for bankers' sight, compared with a range of
between
Saturday, June 20
X
X
H
of
Bank
the
foreign exchanges.
week
Tuesday,
150 Days
Asked
in
Tuesday, and again on Thurs¬
on
Wednesday to 4%, also helped to impart
on
are
DELIVERY
180 Days
reduction
6% to 5%
Monday,
Bid
improvement in the international
an
The
LONDON
market acceptances
follows:
SPOT
by what seemed to finan¬
confidence to the security
ning from 1 to 90 days, %% for 91- to 120-day bills,
and
of confidence in
This tone
buoyant.
cial interests
rate
Rates
security market accordingly be¬
also furthered
was
situation.
be expected to be relatively
may
London
safe.
day to 4%, and a reduction in the Netherlands bank
THE market forweek. Few bills have been avail¬
prime bankers' acceptances has
dull this
and the
the
took
markets
Continental
the
and
position that for the present, and perhaps for some
rate from
Bankers'Acceptances
able
minimum.
a
compared with the long period from early in March
Discount Rates of the Federal Reserve Banks
THERE have beenofno changes this week banks.
the Federal Reserve in the
rediscount rates
The following
the
for
is the schedule of rates now in effect
classes of paper at the different
various
Reserve banks:
the
to
has diminished somewhat
by
increasing to 10% the tax
non-resident
Rate in
Date
Previous
Established
June
26
United States.
comes
Boston
2
Feb.
8 1934
2X
New York
IX
Feb.
2 1934
2
2
Jan.
17 1935
Philadelphia..
IX
Cleveland
2X
2
May 11 1935
'
Richmond
2
May
Atlanta
2
Jan.
14 1935
Chicago
2
Jan.
19 1935
St. Louis
2
Jan.
3 1935
2X
2X
2X
2X
Minneapolis
2
May 14 1935
2 X
2
May
10 1935
2X
2X
2X
Kansas City.
9 1935
2
Dallas
San Francisco
a..
Course of
May
8 1935
2
Feb.
16 1934
Sterling Exchange
STERLINGrates have continues firm, although on
exchange eased off from last week.
average
exchange market has seldom been more
As the
from
on
income received
sources
new
within
the
tax law, however, be¬
better understood, the probabilities are that
foreign investments in the New York market will
increase.
'
Meanwhile, sterling is firm in terms of
the dollar both on commercial account as a
normal
seasonal trend and because the tourist season is now
in
full swing.
This
year,
as
last, it is generally
expected that Great Britain will receive the larger
proportion of American tourist traffic.
It must also
The foreign
aliens
Rate
Effect on
Federal Reserve Bank
owing to at least temporary
uncertainty concerning the measures recently adopted
here
DISCOUNT RATES OF FEDERAL RESERVE BANKS
present, foreign funds still seek in London
safety and profit, so that sterling rules above $5.00.
Demand for the dollar on the part of foreign investors
speech
restrict
on
be conceded that since M. Auriol's
Friday and the measures taken in Paris to
the
movement
of
capital
from
France,
4240
Financial
Chronicle
coupled with threats of penalties for the'concealment
@$5.02.
of funds
market.
held
abroad,
repatriationfof French
some
capital has taken place from London
the part of
on
some
of the smaller and
same
type of small investor has also refrained to
considerable
from
extent
timid
more
given
a
purchasing gold coin and
British notes in the London market.
ments have
<t,The
owners.
These
move¬
tone of firmness to the franc with
a
ers'
June 27, 1936
On Monday the pound eased off in
The range was
sight and
On Tuesday
$5.01@$5.01% for cable transfers.
the market
Bankers' sight
up.
transfers
sterling
$5.01%@$5.02% and cable
On
Wednesday
steady in limited trading.
$5.02 1-16@$5.02%
was
quiet but sterling firmed
was
was
$5.01%@$5.02%.
were
was
dull
a
$5.00%@$5.01% for bank¬
The
bankers'
for
range
sight
reference to the pound and account to some degree
for the fractionally lower average of
sterling
range
and
day exchange continued steady in dull trading.
tions this week.
quota¬
don is that the
The general
view of financial Lon¬
improvement in the franc quotation
following M. AurioFs statements
bear
merely due to
was
covering in fear that the exchange restrictions
might be imposed during the^ week-end and does not
reflect any
London
gain in confidence.
opinion
sterling will continue for
feel
that
M.
obsession
AurioFs
of
the
troubles of France
$5.01%@$5.02%
time.
some
views
British bankers
governed
are
by the
Popular Front that the currency
are due to
speculation.
From the
British
are
expected to have to impose further
strictions in the
tinued
Friday
flight from the franc.
It is believed that they
will suffer still greater involvement in their finances.
London expects a further influx of
demand
for
British
banknotes,
bank's continued increase in
ration for the
need to
tion at such time
foreign capital and
as
meet
prepa¬
redemption of circula¬
confidence may be restored in
as
Europe.
This
week
the
Bank
and
England
purchased
an
additional £3,317,689 in gold bars, bringing its total
purchases of gold since the first of the
023,931.
The Bank's gold holdings
are
to £16,-
year
at
easier.
gold
for
All bill maturities
offer in the London
on
unknown
destination.
available
was
Tuesday,
£263,000;
£185,000;
On
ended
June
24,
market
on
All the
was
Monday, £205,000;
£559,000;
Friday, £213,000.
was
as
bills
ernment is
90-day
on
At
Federal
GOLD MOVEMENT AT NEW YORK, JUNE 18-JUNE
24, INCLUSIVE
Cotton and grain
Foreign Exchange
review of sterling.
to all
now
practical
The French Gov¬
The first
step taken by the new Finance Minister,
Bank of France
6% rate
was
Tuesday from 6% to 5%.
on
put into effect
excessive
drain
on
May 6
on
Bank's
the
The market
rate
was
taken
gold which fol¬
4%
on
Thursday.
Spot francs have been firmer throughout the week,
owing to covering by short interests, the return of
some
French funds from abroad, and the difficulties
placed in the
way
of speculation in the franc and
transfers of funds abroad.
francs continues rather
The discount
ago.
The discount
on
spread shown
economic
the
be
was
received at San Francisco from China.
The
above
Wednesday.
received
figures
On
position of France.
Tuesday the Government introduced bills in
Chamber of
of
France
Deputies calling for reform of the
and
providing
the
State.
the
Government
franc
will
be
from
are
India; there
for
the
week
$622,400
were
no
ended
of gold
on
was
exports of the
metal, but gold held earmarked for foreign account
decreased $350,000.
On Friday $1,645,000 cf gold
was
received from India.
the
metal
or
There
were
no
exports of
change in gold held earmarked for
foreign account.
damage the credit
spokesmen still insist
on
during the week
was
quoted
discount of 5-16% to a discount of 5-32%.
Referring to day-to-day rates, sterling/exchange
a
Saturday last
sight
was
was
firm in dull trading.
Bankers'
$5.01%@$5.01%; cable transfers $5.01%
to
control
of
a
present gold
radical nature will
foreign exchange.
Neverthe¬
less, international bankers here and abroad
on
seem
to
90-day francs lends
support to their view, that the Government will have
to take
steps toward practical if not legal devalua¬
tion of the unit.
The
bill introduced in the
authorizing
a
Chamber of
Deputies
modification of the laws and statutes
of the
Bank
among
other things, to guarantee the conduct of the
Bank
Canadian exchange
at
taken
no measures
penalties in
severe
maintained at
think, and the wide discount
Thursday
few weeks
opinion is still bearish in respect of the financial and
parity and that
approximately $267,000 of gold
a
90-day francs remains suffi¬
$55,503,000 total
$1,942,000
future
ciently large to indicate that the general market
that
Net Change in Gold Held Earmarked for
Foreign Account
on
wide, however, though it has
receded from the excessive
of
349,00.0 from England
The
result of
by surprise when the Bank
further lowered to
was
order to suppress any attempts to
1,436,000 from India
as a
lowed the election of the "Popular Front."
4,668,000 from Holland
None
entirely in.
purposes
M. Auriol, was to reduce the rediscount rate of the
Bank
Increase:
at
closed at $5.01%.
Exports
$45,989,000 from France
Note—We have been notified that
bills
control of the Bank of France.
On
3,061,000 from Mexico
sight bills finished at
$5.00%,
at
THE importance of the French franc inpointed out
foreign exchange market has been the present
follows:
Imports
$5.01%@
Closing quotations
7-day grain bills at $5.01%.
on
gold movement for the
reported by the
as
Reserve Bank of New York
taken
Saturday last there
Wednesday,
Port of New York the
week
quoted %%.
open
on
on
Thursday, £293,000, and
the
are
fractionally
are
Commercial
60-day
above in the
high of £217,275,747.
Money rates in Lombard Street
$5.01%@
and
sight
Continental and Other
record
new
bankers'
Friday
was
range
$5.01% for demand and $5.01% for
were
for payment
the
of
On
transfers.
the
$5.00%, documents for payment (60 days) at $5.00%,
reflected in the
gold holdings in
for
transfers.
$5.01%,
The
re¬
future in order to prevent con¬
near
cable
$5.01 15-16 for cable transfers.
viewpoint, the franc is overvalued, and the
French
for
steady,
was
$5.01 13-16
cable
On Thurs¬
$5.01%@$5.02% for bankers' sight and
was
sterling
on
to expect that firmness in
seems
$5.02 3-16@$5.02% for cable transfers.
in
the
of France
economic
states
that
interests
further expresses the intention of
the
of the
purpose
nation.
introducing
governing board representatives of
commerce,
on
is,
It
the
indus¬
try and agriculture of lower and higher r^jiks, be¬
sides officials and various experts.
The Government
bill in its preamble said: "We wish above all for the
Financial
Volume 142
Bank to fulfill in the utmost its
and
great role "of
aiding
The
is
"first aid inflation"
Government's
EXCHANGE on the countries neutral during the
extremely dull.
On Wednesday the
war
animating economic life."
pressive extension of its hitherto restricted
im¬
an
right of
The State is
entitled to borrow directly from the Bank 10,000,000 000 francs against Treasury bills, without in¬
terest.
Approximately 14,000,000,000 francs of the
Treasury's which have already been discounted with
the Bank become a fixed loan as they mature, also
rediscounting at the Bank of France.
4241
Chronicle
is
Netherlands Bank reduced its rate of rediscount
from
The higher rate had been in effect
4%% to 4%.
when it was increased from 3%%.
able to main¬
only since June 3
The Bank of The Nether'ands had been
2%% rate from Feb. 4 until May 30, when it
tain
a
was
obliged to put
the
4%% rate
on
3%% rate in force, followed by
a
June 4.
that another reduction will be
time, as imme¬
The market expects
opinion in Paris com¬
made in the Dutch rate within a short
prehends the entire probability that the Treasury
in¬
rise above 30,000,000,-
diately following the reduction in the official rate
debtedness to the Bank may
Amsterdam dropped to
3%@3%%.
Money is abundant in Amsterdam and
the guilder has been ruling during the past few weeks
at levels sufficiently high to arrest the outward move¬
ment of gold which had persisted throughout May.
The guilder has been at the upper gold point with
respect to the French franc and it is believed that
Amsterdam has drawn gold from Paris in the past
without
interest.
Informed
000 francs.
The
Treasury intends to put out a large issue—
probably of 20,000,000,000 francs—in the form of
denominations, which will be offered
bonds of small
directly to the public instead of only to the banks,
as has hitherto been the custom in France.
These
bonds
and
also discountable at the Bank of France
are
The only
convertible into cash at any time.
are
return which the Bank will receive for
Treasury bills will be
The text of another Government bill
attacks
suppress
imprisonment
up
gations of
to two years and fines up to 10,000
who spreads false reports or alle¬
nature either directly or
a
designed to
national credit threatens
the
on
francs for anyone
shake
indirectly to
public confidence in (1) solidarity of the French
money,
The Swiss franc has been under pressure
(2) the value of Government bonds of all
direct
in
indirect
or
a
interest; (4) the security of deposits
private establishments should this affect the public
funds
fines
withdrawal
or
from the
from
or
of
banks, sale
savings
public funds,
deterring the public
purchase of such obligations, whether or
not the efforts
The
funds
of
other
are
on
gold to the United States dollar:
who commit any of these
France
New Dollar
Parity
This Week
(franc)
13.90
8.91
7.86K to
7.87
__19.30
32.67
32.54
to 32.68
__40.20
(franc)
Holland (guilder)
68.06
67.67
to 68.05
68.03, against 67.65 on Friday of last
transfers
at
68.05,
sight bills at
closed
at
68.02,
sight bills
on
on
Paris closed
on
32.44
against 22.41 and 22.42.
and at
and
32.68 for cable
32.45.
Copenhagen
transfers at 22.40,
Checks
on
Sweden closed
transfers at 25.89, against 25.89
Friday of last week.
•
In
on
on
25.90; while checks on Norway finished at 25.21
and cable transfers at 25.22,
against 25.23 and 25.24.
Spanish pesetas closed at 13.72 for bankers' sight
bills and at 13.73 for cable transfers, against 13.63%
13.64%.
♦—
Friday
the French center finished
75.88, against 76.21
New York
Swiss francs
against 67.63.
32.67 for checks
against
week; cable
against 67.66; and commercial
checks finished at 22.39 and cable
and
The London check rate
at
be
Amsterdam finished on Friday
Bankers' sight on
at
and
6.62^
16.87to 16.93
16.95
5.26
Italy (lira)
Switzerland
6.58% to
6.63'
3.92
Belgium (belga)
will
regulations
the
violate
Range
Parity
Swiss
offenses
penalties and foreigners in
the
to
who
at 25.88 and eable
Old Dollar
or
deported.
transfers,
successful.
following table shows the relation of the lead¬
ing currencies still
liable
Switzerland
and
punishment
provided for anybody inciting the public to
are
rentes
Similar
above.
mentioned
a
also
are
gold
on
fine not to exceed 100,000 Swiss francs.
(or)
nationals abroad
(2) have
of gold,
foreign exchanges, and
acquisition of forward foreign exchange unless the
operation is backed by commercial transactions.
The penalty for infraction of any of these new regu¬
lations or for any act which is calculated to prejudice
the national currency or credit is imprisonment and
granting advances
and also those of
tutions in which the bodies mentioned in
by the Swiss Govern¬
forbidding forward purchases or sales
ment
kinds, including departmental and communal bonds,
public organizations; (3) all insti¬
for several
Monday dispatches from Berne stated
On
weeks.
that decrees have been issued
1,000.
per
the
in
rate
few days.
its discounts of
commission of two francs
a
discount
private
EXCHANGEinclined to firmness in line with the
on the South American countries is
but
dull
Friday of last
general trend of sterling, which at all times has an
week; cable transfers at 6.62%, against 6.58% and
important bearing on the South American curren¬
commercial
cies.
Friday at 6.62%, against 6.57%
sight
bills at
6.59%,
on
against
6.55%.
In
a
general
way
the foreign exchange position
republics is showing steady
Antwerp belgas closed at 16.89 for bankers' sight bills
of most of the southern
and at 16.89% for cable
improvement, owing to the continued upswing in
16.92.
for bankers'
in
transfers, against 16.91 and
40.33
their export
sight bills and 40.34 for cable transfers,
Argentine
Final
quotations for Berlin marks
comparison with 40.27 and 40.28.
were
Italian lire
trade.
paper
pesos
closed
on
Friday, official
quotations, at 33.44 for bankers' sight bills, against
on Friday of last week; cable transfers at 33%,
closed at 7.86 for bankers' sight bills and at 7.87 for
33.51
cable
against 33%.
transfers, against 7.85% and 7.86%.
Austrian
schillings closed at 18.80, against 18.80; exchange
Czechoslovakia at 4.15, against
at
0.75, against 0.74;
18.83, and
on
4.13%;
°n
Poland at 18.87, against
Finland at 2.22, against 2.22.
on
on
Bucharest
Greek
was
bills and 8.45 for cable
transfers, against 8% and 8.44.
The unofficial or free market close was 5.70,
against
Chilean exchange is nominally quoted at 5.19,
5.75.
0.94 for cable
against 5.19.
Brazilian
milreis, official quotations, are 8% for bankers' sight
exchange closed at 0.93% for bankers' sight bills and
transfers, against 0.92% and 0.93%.
The unofficial or free market close
27.25@27.60, against 27.80@27.85.
Peru is nominal at 25.00, against 25.00.
Financial
4242
major principle, as distinct from those over
The
EXCHANGE on the Farsterling. countries is firm
Eastern The Shanghai
sympathy with
in
Sir Frederick Leith-
exceptionally steady.
dollar is
reported to have said a few days ago, sum¬
Ross is
the bold
monetary reforms undertaken by China last Novem¬
ber have been justified by results.
He asserts, how¬
ever, that much remains to be done, including unifi¬
ming
impressions of a nine-months' visit,
up
of the
cation
bank
issue, organization of a reserve
note
of the
reform
and
budget.
He stressed the
China, especially for
need for the flow of credit to
and he anticipates a gradual
railroad development,
but
steady improvement in the Chinese import trade.
He
points out that from an economic point of view
there
is
future
for confidence, but that the
reason
every
depends largely upon political factors, par¬
ticularly the maintenance of internal order, peace
between north and south China,
and better relations
Closing quotations for yen checks yesterday were
Hong¬
kong closed at 32.42@32J^, against 32.40@323^;
Shanghai at 303^@30 5-16, against 303^@30 5-16;
Manila at 49.95, against 49.95; Singapore at 59.00,
against 59.05; Bombay at 37.90, against 37.95, and
Calcutta at 37.90,
on
fundamental party
which there has never been much
difference, to which the Republicans
of tariff
that
still adhere is
From the beginning the
protection.
and as time went
Republican rule climbed
party put protection to the fore,
the tariff duties under
on
higher and higher, tempered only by
modifications
with
adjustments which, while they did away
and
extravagances, left the general
some
policy of high
protection intact. The party still clings to high pro¬
tection for industrial products, and is prepared to
system to agricultural products to
extend the
the
virtually barring foreign competition in
extent of
Elsewhere the party has
that field.
timorous
has made
or
a
considerable parts of the
Democrats,
the
on
either become
bid for votes by accepting
The
historically the
New Deal program.
hand,
other
staunch defenders of State
construction
rights and a strict rather
of the
Constitution,
than
between China and Japan.
29.39, against 29.45
June 27, 1936
Chronicle
Friday of last week.
against 37.95.
liberal
pear
virtually to have thrown State rights over¬
board, and while still professing high regard for
Supreme
ultimately take, or can be made to take,
Court will
Banks
policies
put great strain upon the Constitu¬
tion, and they are clearly hopeful that the
their
Gold Bullion in European
support of legislative and Executive
to the
the
Supreme Court are committed
Constitution and the
which at least
ap¬
point of view.
To
considerable
a
both
extent
parties, in their
present course as well as in their course
during the
THE following table indicates the amounts of gold
(converted into pounds sterling at par
past few years, may be said to have played true to
of
form.
bullion
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to
by special cable yesterday (Friday); comparisons
us
shown for the
are
corresponding dates in the previous
ests
the
at
1936
1935
1934
1933
1932
£
£
£
£
£
England
217.275.747
France
431.620.883
2,373.100
Germany b_
Spain
88,092,000
a42,575,000
49,069,000
Italy
Neth'lands.
Nat. Belg'm
105,656,000
49,303,000
23,983,000
6,553,000
Swltz'land.
Sweden
Denmark
_
_
6,604,000
Norway
193,322,457
566,160,983
192,143,913
633,604.432
3,135,650
90,870,000
1,964,600
90,525,000
72,108,000
68,928,000
76,500,000
61,209,000
15,205,000
7,397,000
6,577,000
63,043,000
51,654,000
103,068,000
44,541,000
19,670,000
7,394,000
6,602,000
190,584,121
649,955,652
8,553,000
90,379,000
72,073,000
67,576,000
76,343,000
66,703,000
12,023,000
7,397,000
6,569,000
brands the
136,953,579
656,797,065
37,156,700
90,212,000
60,960,000
81,466,000
72,906,000
87,919.000
11,444,000
8,031,000
6,561,000
Total week. 1,023,104,730 1,149,371,090 1,226,161,945 1,248,156,673 1,250,406,344
Prev. week. 1,022,693,323 1,146,822,937 1,226,720,215 1,252,582,295 1,242,875,341
a
Amount
held
1935; latest figure available,
b Gold holdings of the
exclusive of gold held abroad, the amount of which thepresent
Oct.
Bank of Germany are
year is
20,
£1,178,600.
terests"
is
commonplace
a
party names
are
political history that
of
likely to survive notwithstanding
is, in the large sense, true. The Republicans
American industry, the
national
trade, sound money, the maintenance of
industry, business and investments, respect for the
Constitution,
and the achievement of needed
the
only party which today stands for an en¬
lightened national conservatism in politics against
the extreme radicalism which would transform the
American
the Constitution
jority of the people
ferson
or
recognize
that
as
Jackson, if they could return to earth, to
as
name
its
Democratic the party that still bears
and claims both
founders
and
Jefferson
leaders,
and Jackson
and the Republican
neither
into
government
of
system
represent and the programs in which the principles
It would be difficult for either Jef¬
ever
nor
something
the great ma¬
intended it should be. They
have, it is true, done much to enlarge the scope of
Federal
authority at the
States, but
ways
as
never
of that of the
expense
to any such extent or in any such
have been witnessed under the Roosevelt
Administration.
They
are
hoping
now,
in spite of
party is still with us notwithstanding that the early
the concessions to New Deal radicalism which
issues of
have
have
slavery, national union and reconstruction
long since disappeared.
The most superficial
re¬
through the enforcement of sound laws. They
which
embodied.
country—for protection
encouragement of inter¬
competition, the right to reasonable profits from
changes in the party principles which the names
are
The familiar gibe which
community.
party as the representative of "the in¬
and social sentiment of the
to
are
It
The
always spoken for the conservative business
have
forms
The Confused State of American Parties
inter¬
leadership.
main, those generally held by well-defined
the
classes in the
Banks of—
of personal
expense
principles which they have represented have been,
in
four years:
Republicans, in contrast to the Demo¬
The
crats, have always magnified principles and
they
made, to hold their conservative followers in
line, win
over
conservative Democrats and indepen¬
examination, however, of the speeches and proceed¬
dents whom the New Deal has
ings at the Cleveland and Philadelphia conventions
the drift to economic and social radicalism and the
raises
politics of
some
tion of the
interesting questions regarding the rela¬
present Republican and Democratic par¬
ties to their historical
and
appeals
are
past.
to be taken
If official declarations
as a
criterion, both
ties have drifted far from their historical
and entered upon courses
moorings
which their earlier leaders
would have viewed with grave
alarm.
par¬
misgivings and
■.
even
..
The
an
authoritarian
Democrats,
eminently
Wherever
on
dependent
Democrats
larations of faith
are
alienated, and check
State.
the contrary, have been pre¬
upon
personal
assemble
issued, the
Jackson, Cleveland and Wilson
be
or
names
are
acclaimed, their views recited
statements
of Democratic
leadership.
Democratic dec¬
of Jefferson,
pretty certain to
as
authoritative
doctrine, and their char-
Volume
Financial
142
It is to its leaders
cratic solidarity. For the Republican who fears the
party has always looked for the formulation
acters and achievements extolled.
that the
of its
The
radical compromises of the party platform, there is
no place to go save the Democratic camp, and most
such Republicans will probably conclude that it is
which the
better to swallow what they do not like than to
welfare
help the coming of what they dislike far more. A
Democratic bolt, on the other hand, must contend
with the power of the elaborate and well-oiled party
machine and the Administration's steamroller. The
reaction at Philadelphia to the demands and threat
of former Governor Smith, of New York, and his
opinions, and for the direction which should
translate
opinions into votes in an election.
devotion
welfare
the
to
of
the
masses
party has-professed has been devotion to a
interpreted. When, accordingly,
which leaders have
in the
long drawn out convention at
Philadelphia,
proceedings, and the
Mr. Roosevelt dominated the
only real issue was clearly seen to be the endorsenomination for
ment of his Administration and his
a
term, there was nothing in the least un-
second
associates shows a clear disposition to resent all
personality and ideas of its
personal criticism that cannot be met by Administration pressure or party compromise, and to allow
the recalcitrants to "take a walk." There is almost
always some regional or factional dissatisfaction
In the
usual about it.
Democratic
the
leaders
moved
it is at
had
and
hasi always lived,
party
being, and without leadership
its
sea.
Yet the result in both cases, as
it appears in con-
moment, has been party confusion
the
ditions at
public uncertainty and apprehension. Re-
and much
publican compromises and concessions have raised
question whether the conservative appeal may
the
seriously handicapped by its radical
not have been
accompaniments, and whether the race can be won
by
a
tries to carry water on both
which
party
If the
shoulders.
Republican party is a party of
principles, to which of its present disparate prin-
ciples, it is being asked, may it be expected to give
the most
If Mr. Roosevelt, after control-
weight?
ling the Democratic convention as effectively as he
controlled
has
4243
Chronicle
Congresses, is elected for an-
two
other
term, we shall unquestionably have both a
continuation and an intensification of the New
with the work of a convention, but it is not often
continued once the campaign is well under way. The
only revolt that might prove serious would be one
directed at either the radicalism or the compromises
of the platform or Mr. Roosevelt's insistence upon
complete party control, and dissent on either or all
of those grounds must be weighed against the possibility that any considerable revolt would give the
Republicans the election.
It is clear that both parties are undergoing fundamental changes which history may record as revolutionary. The Republicans are yielding their historical positions to the demands of "socialization,"
while the Democrats are becoming a personal following of the most radical leader who has ever sat in
the White House.
The rational enlargement of gov-
American experience with
ernment activities, under the increasing complexities of national life, which many Republicans accept as inevitable, and to which the Republican
party itself has made important contributions, is
being overborne and submerged by demands for
wholesale changes which, if they are not checked,
can have no other result than the suppression of
most of the constitutional prerogatives of the States
and the obliteration of most private rights. There
is place in our political system for a national party
that is conservative and one that is liberal or even,
in the European sense, radical, for people are not
all of the same mind and all shades of intelligent
to show that a third party move-
and patriotic opinion are entitled to be heard. The
ment, whatever its occasion or the make-up of its
danger of the moment is that, in the onrush of alien
political and economic theories backed by Administration control of the national purse, party lines
will cease to have meaning and democratic rule will
policies, with the natural forces of economic
Deal
years
struggle for
compelled to
recovery
against the obstacles which government places
in their
path. Can we be certain that the conserva-
tive Democrats who chn no
which
to
another four
longer follow the party
allegiance will find a
they have given
fellowship with evasive and compromising Republicans
■"
satisfactory?
any more
Confronted with
only
an
what, to
v
many
voters, will seem
unhappy choice of evils, it is natural to
ask what effect upon
.the outcome in November is
likely to be exerted by a third party or a Republican
or
third
Democratic bolt.
parties'
seems
support, is likely to be a divisive rather than a conThe Liberal
structive influence.
ment
of 1872
barren
was
of
Republican
move-
practical results, al-
though the party at the time was greatly in need of
reform.
The
the Democratic
with the taint of economic
Ever since the withdrawal of Germany from mem-
organized movement it failed,
bership in the League of Nations, the concert of the
great Powers which emerged victorious from the
years
heresies, but
an
the
Remaking the Concert of Europe
party and left both Democrats and
Republicans for
while
be supplanted by dictatorship.
Populist movement badly disrupted
as
Progressive movement, by splitting the
As
acquiesce, or ap-
Republican strength and attracting some indepen-
World War has been gradually falling apart.
dents, gave the election of 1912 to the Democrats,
long as Germany continued to
The Lemke movement which has budded in the
peared to acquiesce, in the settlement forced upon
few
past
weeks, with its uncertain outlook for support
it by the Treaty of Versailles, the concert held to-
Father
gether and was capable of effective action. It domi-
Coughlin, seems to represent only a parti-colored
nated the proceedings of the League, directed the
from
the
followers
of
Dr.
Townsend
and
aggregation of extremists for whom even the Roose-
formation of the Locarno pacts, and made a pro-
velt radicalism is not radical
longed effort, although little more than a formal
enough.
It
may, per-
to convince itself and the rest of the world that
haps, if it survives, draw away some Democratic
one,
voters, but it certainly offers nothing that even the
the limitation. and reduction of armaments were
most
-
radical
There is
the
no
Republicans
sign
as
Republican ranks;
cans
stand
to
desire.
really intended. The chief thing that it failed to do,
either through or without the cooperation of the
the contrary, the Republi-
League, was to obtain a continuance of reparation
weakening of Demo-
payments by Germany, but its failure at that point,
on
profit by
can
yet of any serious division in
any
Financial
4244
while of distinct
of
importance from the German point
view, did not disrupt the general understandings
and
recognition of common interests which made
the concert
political reality.
a
the withdrawal of
With
Chronicle
June 27, 1936
the same time dangerous because an Italy which is
still under censure will remain hostile to the League,
if, indeed, it does not terminate its membership in
that body. Obviously, there can be no concert with-
1
Germany, however, the
out Italy, and if Italy is able to maintain the inde-
concert, already mortally weakened in its extra-
pendent position which it has assumed, the Powers
European influence and prestige by the withdrawal
will have to come to its terms if the concert is to be
of
re-established.
Japan from the League, fell, rapidly to pieces,
as a
German
restricted
However
result of the war,
sovereignly might be
the Reich was still one of the
great Powers, and its admission to the League was
tardy recognition of its right to be heard, on
a
to the same footing as that of
something akin
Great
Britain, France and Italy, in international
affairs.
Once
of the League
out
the concert
was
broken, and the repudiation of the armament provisions of the Versailles treaty,
followed
more re-
cently by the military occupation of the Rhineland,
widened
the
The
breach.
final
blow
when
came
(
'
■
The case of Germany presents difficulties of an¬
other kind, although in principle the cases of Germany
and Italy are not wholly dissimilar. If Great
Britain and France are to accept, as apparently they
Germany's rearmament and military occupa-
are,
tion of the Rhineland notwithstanding that both
those acts are in contravention of the Treaty of Ver-
sailles, they virtually invite other Powers upon
peace treaties to
which restrictions were laid by the
emancipate themselves from such restrictions whenever they feel strong enough to do so, and thereby
to a revival of controversies, jealousies
Italy, openly defying the League with its censure
open
and
and ambitions which involve most of the countries
sanctions, went
on
with the Ethiopian
war, con-
quered and annexed the country, and inaugurated
administration for Ethiopia as an
an
Italian im-
Of the four Powers
perial possession.
concerted decisions and
on
whose
the
way
of Central and Eastern Europe. The League is also
vitally concerned in the matter because
primary
of the League
purposes
of the
one
to maintain
was
generally be-
thestatus quo which the peace treaties established;
lieved, the peace of Europe depended, one had left
and while the Covenant clearly provides for a recon-
the
sideration from time to time of treaties which
acts, it
was
League and resumed full exercise of its sovereign
and
rights,
had successfully challenged
one
the
no
protests and threats of the other two as well as of
such reconsideration
the
League.
League which those two
presently appeared, Great Britain and
When,
as
France
were
to act
for
or
with
disagreement
common
thinking that
had
a
any
kind
disappeared.
At both of these crucial points,
ers,
manoeuvres
in
as
well as at oth-
the League itself stands squarely in the
re-establishment of
a
way
concert.* Historically, it
of
was
doubtless designed to replace the old concert of the
great Powers which the World War dissolved, but
great Powers will be reconstituted.
It is
States will consent to
place in international councils no more
a
is concerned.
'other, it is generally expected, a con-
or
inconceivable that 4he large
occupy
not
to be read in the light of this situation,
are
cert of the
on
understanding, the
concert of
daily reports of diplomatic
Somehow
will
by Italy, it is ignored by Great Britain and France
existed
Europe
League
the
when Germany's violation of the Versailles treaty
together
The
of
amount to much if, having been successfully defied
most
reason
still
found in radical
shall be undertaken by the
authority
The
regard to which they might be expected
matters in
last
Powers controlled.
are
longer applicable, it clearly contemplates that
important than that of small States.
size, population, wealth, trade and
Their
war
very
resources
it is too [cumbersome and formal
body
a
functional successfully in such
thing of tiie old concert shortly
ever to
role, and
a
have
some-
reappeared in the
dominating roles which Great Britain, France and
Italy assumed after the
peace.
It is natural, in
class by themselves. It is
view of the demoralization which Italy has wrought
equally inconceivable that, realizing their superior
in the disciplinary machinery of the League, that
place them naturally in
position and
to be
power,
a
they shall not feel that much is
gained by agreement and common action. The
difficulty is to find
concert
can
a common
be rebuilt with
ground upon which
a
a
reasonable prospect
the question of reforming the League should
brought forward.
As yet,
now
tions have been offered regarding either the form
which reorganization should take
or
the purposes
that it will survive and be useful to its members and
which
to
plish, and the various demands for reform that
Europe
whole. It is to the discovery of that
that the
ground
common
and
as a
diplomatists
being directed.
are now
The difficulties in
activities of statesmen
the way are
many.
importance, undoubtedly, is the situation created
by Italy's conquest of Ethiopia.
Great Britain's
so
favorable
as
such
reorganization should
The reaction to
appearance
of
Great Britain and France
cover
which the League will have at best only
because
thrown
the
disturbing
suggestion
in Ethiopia must not be recognized,
that while sanctions would be
dropped
would
not
be
recognized
because
League does not
approve
brought about.
The suggestion is ridiculous
matter
that
they have failed, the accomplished fact of
conquest
of
of the
way
in which it
the
was
as a
practical international politics, and at
as
a
a
formal
reconciled and Germany
probable that substantial
once more a
the question of
success
which
laying down
to make it
meeting of the Council and Assembly of the
means
seriously,
screen
part. Even if the League is reconstituted, with Italy
League. Into this approach to agreement, however,
Italy's
smoke
are
proposal to drop sanctions has been
the
That
very
accom-
for negotiations with Italy and Germany in
great Powers will still have
been
a
are
backing for the proposal will be forthcoming at
has
aim to
being launched need not be taken
They have the
First in
be
tangible sugges-
no very
There
are
a
a
member, the
leading voice and
concert will still be open.
other difficulties to be
overcome.
For
all the lip service that is being rendered to peace,
the atmosphere of Europe is surcharged with preparations for
war. It is war, for example, that inspires
the great effort which Britain is making to increase
its land, sea and air armaments. War is what is
being thought of in the reported negotiations between Great Britain and Italy for
a
kind of modus
vivendi in the Mediterranean, with Great Britain
Volume
in control of the
for
frdm
of
League die-hards, to a feeling of relief that a bad
business is about to be ended. The Blum Govern-
Italy in control of the air,
and
sea
withdrawal
the
Italian forces
of the
some
ment appears to be making headway against the
violent labor disturbances which spread over
France, a financial breathing spell has been obtained with the aid of the Bank of France, and the
recent declaration of foreign policy, in spite of
Libya in return for concessions or agreements
somewhere
else, and for the establishment of a great
naval station at
Cape Town to protect the long sea
War is the only
route to India and the Far East.
issue
the
before
is, considering whether
mitted to
which
Switzerland
in
conference
not Turkey shall be per-
or
some vagueness
Britain for
categorical explanation of Germany's
the States on its eastern border,
a
attitude toward
the
and
resist
repeated threats of the Little Entente to
by force
German expansion eastward or
any
attempt to restore the monarchy of the Haps-
any
To talk of peace while ostenta-
burgs in Austria.
tiously sharpening and polishing the sword is not
to
quiet alarms
these
All
the task of diplomacy.
or ease
which a
outstanding difficulties
are
European concert must in some way overcome,
new
factors, meantime, are worth noting,
Some favorable
change of
The outburst of irritation with which the
front
'
greeted has given way, save among the
was
be had, and the strongest advocates of continuing
sanctions are likely to pause before pressing their
demands to the point of disrupting the League. The
daily reports of plans, concessions and tentative
agreements which come from London, Paris and
Geneva carry as yet only the appearance of trial
balloons, but the fact that the great Powers seem
really concerned about getting together seems to
point to some eventual agreement, and any agreement, if the main motive is not preparation for an-
other war, will be better than the present aimless
backing and filling.
by the British Cabinet on the question of eanc-
tions
and triteness, has a conciliatory
tone, especially with regard to Germany. The economic and financial condition of Italy is not so
strong as to warrant the continuance of a wholly
independent course if reasonable concessions can
fortify the Dardanelles, as it is in the new
policy of Soviet Russia, the request of Great
naval
4245
Chronicle
Financial
142
Major\Commodity Markets Similar to That Exercised
"except" at the end of the first paragraph;
(a) ; and
(c) striking out the parentheses and letter "b" and the word "Where5'
at the beginning of paragraph (b) and inserting in lieu thereof the words
"except, in any of the foregoing cases, where".
Sec. 6.
The Grain Futures Act is amended by adding after section 4
issue of June 20, page
our
(b) striking out all of paragraph
(U. S. C., 1934 ed., title 7, sec. 6)
commodity under contracts
subject to the
rules of contract markets causing sudden or unreasonable fluctuations or
unwarranted changes in the price of such commodity, is an undue and un¬
necessary burden on interstate commerce in such commodity.
For the pur¬
pose
of diminishing, eliminating, or preventing such burden, the com¬
[Public—No. 675—74th Congress]
AN
the
burdens
to.limit
prevent and remove obstructions
and
other commodities
commodity futures exchanges,
selling, to curb manipulation, and for other
short
grains and
in
commerce
therein
transactions
abolish
or
ACT
Act to
interstate
upon
regulating
by
Futures
Grain
The Grain
2.
inclusive)
thereof
lieu
in
Sec.
lieu
the
out
thereof
the
third
sentence
barley,
cotton,
rice,
corn,
butter,
eggs
(U.
Act
oats,
of
S.
C.,
(a)
paragraph
1934
rye,
and
inserting
(a) the following sentences:
"The
words
'cooperative association of producers' shall mean any cooperative
association, corporate or otherwise, not less than 75 per centum in good
faith owned or controlled, directly or indirectly, by producers of agricul¬
tural
products and otherwise complying with an Act of Congress of
February 18, 1922 (U. S. 0., 1934 ed., title 7, sees. 291 and 292), as now
or
hereafter
amended, including any organization acting for a group of
such associations andi owned or controlled by such associations, provided
business
done
shall
thereof,
agency
business
Act of
in
for
not
determining
the
shall
corporations, and trusts owning
membership representation
privileges
ing
and
trusts
engaged
in
soliciting
contract
market
and
holding membership in,
that,
»
for any
in
or
or
any
partnerships,
or
admitted to
partnerships,
accepting
corporations,
and
orders for the purchase or
subject to the rules of any
or
on
connection
with
such
solicitation
or
(or extends
in lieu thereof) to margin, guarantee, or secure any trades or con¬
that result or may result therefrom.
The words 'floor broker' shall
tracts
mean
place
any
person
sale
of any
or
surrounding
any
'pit',
'ring*, 'post',
or
other
of
any
engage
in executing for others any order for the purchase
commodity
for
future delivery
on
or
subject to the rules
contract market, and who for such services receives or accepts any
commission
mean
of
in
provided by a contract market for the meeting of persons similarly
engaged, shall
or
who,
the
or
other
Commodity
compensation.
Exchange
The
words
Commission,
'the
consisting
commission'
of
the
title 7, sec.
6) is amended by—
shall
Secretary
Agriculture, the Secretary of Commerce, and the Attorney General."
4.
Section 4 of the Grain Futures Act
(U. S. 0., 1934
Sec.
amount of such commodity during any one
business day in excess of
commission in such
trading limit fixed for one business day by the
order for or with respect to such commodity; or
"(B) directly
or
indirectly to
contracts
of
sale
under
of
such
buy or sell,
commodity
or
for
agree to buy or sell,
future delivery on or
the rules of any contract market, any amount of such com¬
modity that shall result in giving such person a net long or net short
subject
to
position at
of
excess
short
one time in or with respect to any such commodity in
trading limit fixed by the commission for net long or net
any
any
in such order for or with respect to such commodity.
position
"(3) No order
to transactions
the
purposes
sales
of
any
issued under paragraph (1) of this section shall apply
are shown to be bona fide hedging transactions.
For
which
of this paragraph, bona fide hedging transactions shall mean
commodity for future delivery on or subject to the rules of
board of trade to the extent that such sales are offset in quantity by
ownership or purchase of the same cash commodity or, conversely,
purchases of any commodity for future delivery on or
of any
of
the
"(A) the
good
amount
of
commodity such person is raising, or in
to raise, within the next twelve months,
or its Territories) which such person owns
such
intends or expects
(in the United States
faith
land
on
subject to the rules
board of trade to the extent that such purchases are offset by sales
same
cash commodity.
There shall be included in the amount of
commodity which may be hedged by any person—
any
acceptance of orders, accepts any money, securities, or property
credit
.
indirectly to buy or sell, or agree to buy or sell,
Buch commodity for future delivery on or subject
of the contract market or markets to which the order applies,
any
the
'futures
person—
the rules
any
shall
in
other transactions.
"(A) directly or
commission merchant'
in
for
under contracts of sale of
any
associations,
or
or
commission shall, in such order, fix a reasonable time (not
to
exceed ten days)
after the order's promulgation; after which, and
until such order is suspended, modified; or revoked, it shall be unlawful
trad¬
for future delivery
on
fixed
contract market or given members'
words
individuals,
sale of any commodity
America,
associations,
individuals,
or
a
on,
The
thereon.
include
of
States
The words 'member of a contract
1922.
include
and
mean
United
be considered either member or nonmember
compliance of any such association with said
Congress of February 18,
market'
mean
the
with
or
delivery
selling operations, or different limits
buying and
to
(Irish potatoes)."; and
(b) adding at the end of paragraph
that
future
fixing
ed.,
sorphums, mill feeds,
flaxseed, grain
and Solanum tuberosum
for
for the purposes of
exempting transac¬
'straddles' or from
trading limits applying to such transactions different from trading
for
"The word 'commodity' shall mean wheat,
following:
commodity
subparagraphs (A) and (B) of this section, or from
tions commonly known to the trade as
'spreads' or
2, 3 and 4) is amended by—
(a) striking
in
such
of
any
"(2) The
Futures
Grain
the
of
2
the rules of
to
limits
S. C., 1934 ed., title 7, sees.
(U.
commodity".
"any cash
Section
3..
title 7, sees.
Futures Act
amended by striking out the word "grain"
is
sale
contract market which may be done by any
person
as the commission finds
is necessary to diminish, eliminate, or
prevent such burden.
Nothing in this section shall be construed to prohibit
the commission from
fixing different trading limits for different com¬
modities, markets, futures, or delivery months, or different trading limits
subject
by the "Senate and Home of
1 to
wherever it
appears in
such Act and inserting in lieu thereof "commodity", "any
commodity", or "commodities", as the case may require, and by striking
out the phrase "cash grain" wherever such phrase appears and inserting
Sbc.
17,
of
contracts
under
Representatives of the United
States of America in Congress assembled, That section 1 of the Grain
Futures Act (U. S. C., 1934 ed., title 7, sec. 1) is amended to read as
follows: "That this Act may be cited as the 'Commodity Exchange Act.'"
it enacted
future delivery made on or
commodity for
mission shall, from time to time, after due notice and opportunity for
hearing, by order, proclaim and fix such limits on the amount of trading
on
purposes.
Be
of such
sale
of
[H. R. 6772]
amend
the following new sections:
(1) Excessive speculation in any
4a.
"Sec.
To
by SEC over Securities
(a) striking out the word
4103, President
Roosevelt oh June 15 signed the new Commodity Exchange
Act, designed to extend to major commodity markets regu¬
latory restraints similar to those imposed on trading in
securities under the Securities Exchange Act of 1934.
The
text of the measure, as enacted into law, follows:
As indicated in
for Trading in
Exchange Act—Measure Provides Regulation
Text of Commodity
leases;
or
"(B)
would
an
be
a
amount of such commodity the sale of which for future delivery
reasonable hedge against the products or byproducts of such
or the purchase of which
reasonable hedge against the sale of any
commodity owned or purchased by such person,
for
delivery would be
future
a
product or byproduct of such commodity by such person.
This section shall apply to a person that is registered as a futures
merchant or as floor broker under authority of this Act
"(4)
commission
ed.,
only to
behalf
of
the extent that transactions made by such person
or
for the account
or
benefit of such
person.
are made on
This section shall
apply
jiot
and
or on behalf of, or at the direction
States, or a duly authorized agency thereof.
It shall be unlawful for any member of a contract market,
transactions made by,
to
4b.
"Sec.
for
deem necessary
concerning the business in which the applicant is or will be engaged,
including, in the case of applications of futures commission merchants,
the names and addresses of the managers of all branch offices and of all
correspondents and agents engaged in soliciting or accepting on behalf of
such applicant any orders for the purchase or sale of any commodity for
future delivery on or subect to the rules of any board of trade, and includ¬
ing also the names of its officers and partners, if a partnership, and of
its officers,
directors, and stockholders, as the Secretary of Agriculture
may
direct, if a corporation.
Such person, when registered hereunder,
shall likewise continue to report and furnish to the Secretary of Agri¬
with
of
sale
of
of
sale
employee of any member, in or in
the making of (1) any contract
correspondent, agent, or
any order to make,
any
connection
or
commodity in interstate commerce, or (2) any contract of
commodity for future delivery made, or to be made, on or
any
any
subject to the rules of any contract market for or on behalf of any person
if such contract for future delivery is or may be used for (a) hedging any
byproducts thereof,
interstate
in
or
commerce
thereof—
fulfillment
(b) determining the price basis of any transaction
in such commodity, or (c) delivering any such
shipped,
sold,
commodity
such commodity or the products or
interstate commerce in
in
transaction
interstate
in
received
or
position
of
act
or
such person,
order of
the
"Sec.
enter
interstate
thereof,
is
interstate
to offer to enter into,
person
any
shipped,
(1)
for
price
the
delivering any such com¬
(3)
or
transaction in
such
basis of any
"(A)
known
to
trade',
or
trade
the
is
"(B) if
trade',
'cross
sale',
'wash
a
as,
character of,
the
is of
is,
"(C)
trade
the
a
as,
used
to
is commonly
'offer', 'put',
or
'bid',
cause
or
of
trade
not
with
ance
have
shall
rules
law
State
this
in
Nothing
if made in accord¬
of transfer trades or office trades
board
cash commodities,
section
4b
section
or
applicable to
by
disapproved
transaction
any
such
Agriculture.
to such transactions and
applying
rules
been
the
of
Secretary
shall be construed to impair any
enumerated or described in such
sections.
It shall be unlawful for any person to engage as futures
4d.
"Sec.
commission
merchant
purchase
or
sale of
any
commodity for future delivery,
contracts
of
sale
any
commodity for future
rules
the
"(1)
such
tary of
of any
for
the
involving any
or subject to
or
delivery, on
such futures commossion merchant and such regis¬
suspended nor revoked; and
and
shall, whether a member or nonmember of a contract
with all money, securities, and property received
deal
margin,
to
person
guarantee,
or
the trades
secure
contracts
or
customer of such person, or accruing to such customer as the result
such
Such money,
securities, and property shall be separately accounted for and shall not be
commingled with the funds of such commission merchant or be used to
margin or guarantee the trades or contracts, or to secure or extend the
credit, of any customer or person other than the one for whom the same
are
held: Provided, however, That such money, securities,
and property
trades
the
of
with
be
belonging to such customer.
as
trust
or
contract
deposited in
company
market,
commission
futures
commingled and
bank
any
such
such
of
customers
venience,
of
contracts,
or
and
the
with the
or
thereof
of business shall be necessary to margin,
course
account
same
for
may,
or
in
as
con¬
accounts
organization
the normal
clearing house
share
such
that
merchant
guarantee, secure, transfer,
resulting
contract
market or with any member of such contract market, may be withdrawn
and
applied to such purposes, including the payment of commissions,
adjust,
settle
or
market
brokerage,
in
the
interest,
may
be
the
taxes,
connection with
money
contracts
with
positions,
such
trades
or
and
in
such
of
lawfully
charges,
United
the
accruing
further, That such
States,
in
of the Revised
Secretary
of
warehouse
modities
investments
lations
may
the
and
and
Statutes,
Agriculture,
receipts
to
to
such
in
the
on
loan
current
value
the
as
such
of
such
rules and
such
Secretary
receipts,
regu¬
of
any
orders for the purchase
or
involving
delivery,
on
or
person
shall
culture
as
been
"Sec.
merchant
the
floor
suspended
or
any
subject
(1)
as
rules
nor
such
floor broker in
any
any
commodity for
contract
with
registration
the
Secretary of
shall
not
future
unless
market
such
Agri¬
have expired
if
Secretary of Agriculture,
by
the
for
orders,
than
such transaction in interstate
any
or
commerce
such
wise
or
basis of
the price
commodity sold, shipped, or received in inter¬
contracts,
dealings
or
through
or
thereof,
fulfillment
executed
are
desiring to register
which
shall
be
as
futures
registered
upon
the
handling of
been
executed
"Sec.
to
person
such order oricontract that the same is to be or has
any
by
or
on,
through any member of,
or
be unlawful for any person
It shall
4i.
such
represent
to
or
rules
of
shall
person
in
directly
and
coming
including
show
and
open
United
States
long
a
short position
or
commodity,
such
time to time
from
of
(2)
and
(1)
equal to or in
by the Secretary
of
addresses
all
which
hereof,
details concerning
complete
names
the
person
shall also keep books and records of transac¬
provisions
therein, and shall be
of
the
the
obtain
or
future of
any
shall be fixed
person
within
shall
records
in
as
Such
Agriculture.
unless such
market
indirectly have
or
or
of such amount
tions
commodity for future
any
contract
any
commodity
any
excess
•of
sale of
purchase
the
all
such
having
persons
books
transactions,
interest
any
at all times to inspection by any representative
of
Department
Agriculture
the
or
United;
States
Department of Justice."
Sec.
title
Section
6.
7,
7)
sec.
of
5
in
board
such
contracts
lieu
located
so
trade
following:
shall
be
(U.
S.
0.,
pdint
and
approved by the Secretary of Agriculture.";
(b) striking out the word
"or"
as
delivery
points
or
after
Provided,
"purpose:
designated
the
for
provides
delivery
a
Act
1934
"purpose." at the end of paragraph
the
thereof
not
of
at
Futures
ed.,
amended by—
is
(a) striking out the word
inserting
board of trade
Grain
the
a
of
any
'contract market' if
commodities
terms
upon
and
(a)
That
such
on
and
conditions
in
paragraph
and
the
word
"prices"
(d) and inserting in lieu thereof the word "and".
Sec.
7.
The
Grain
Futures
(U. S. C., 1934 ed., title 7,
laws,
5a.
rules,
governing
posed
Each
furnish
board
changes
thereof
7)
market
is
amended
new
sections:
shall—
Agriculture copies
of
resolutions made
committee,
any
by adding after section 5
the following
Secretary
the
or
Act
sec.
regulations, and
"(2) allow
United
contract
or
and
issued by it
all
of
of
all
or
by
changes and
by¬
the
pro¬
therein;
inspection at all times
States
of Justice of the
by any authorized representative of
Department of Agriculture
books, records,
or
United
States
Department
and all minutes
and journals of proceed¬
ings of such contract market, its governing board and all committees, and
of
all
subsidiaries
records,
minutes,
of three years
of
and
and
affiliates
journals
of 'such
so
contract
of proceedings
from the date thereof, or for
Agriculture shall
a
market,
shall
application
subject
such
to the
records,
rules
and
of
be kept
which
for
a
books,
period
longer period if the Secretary
direct;
commodity is deliverable
form
contract market.
any
to make any contract for
delivery on or subject
shall report or
cause to be reported
to the properly designated officer in accordance with
the rules and regulations of the Secretary of Agriculture
(1) whenever
such person shall directly or indirectly make such contracts with respect
to any commodity, or any future of such commodity, during any one day
in an amount equal to or in excess of such amount as shall be fixed from
time to time by the
Secretary of Agriculture; and (2) whenever such
the
commission
application shall be made in
consummated other¬
or
member of a contract market; or
a
be a member of a contract
market, or the representative or agent of such member, or to be a futures
commission merchant registered
under this Act, or the agent of such
registered futures commission merchant, in soliciting or handling any
order or contract for the purchase or sale of any commodity in interstate
commerce or for future delivery, or falsely to represent in
connection with
falsely
"(2)
"(3) require the operators of warehouses in which
revoked.
person
floor broker hereunder
sale of
of
as
byproducts thereof,
or
(C) delivering any such
state
Agriculture
sale of any commodity for future
under this Act,
broker and
Any
or
contracts of
to the
have registered,
such
4f.
for any person to act
transaction in interstate commerce in such commodity
any
products
(B) determining
of
security
accordance with
conditions
shall be unlawful
delivery,
to
or
the
the
or
"(1) promptly
loaned
sale of
commodity for future delivery, or for conducting any dealings in com¬
modities for future delivery, that are or may be used for
negotiable
securing title to readily marketable com¬
be
for future delivery, or
sale of any commodity
or
offering to make any contracts for the purchase or
any
the
It
purchase
or
"Sec.
loans to be made
subject
4e.
executing
nor
of
extent
the
for
making
amended, and, subject to approval by the
as
may
conveying
in
prescribe.
"Sec.
for
general
obliga¬
tions fully guaranteed as to principal and interest by the United States,
and in 'investment securities' as defined in and under authority of section
obligations of any State or of any political subdivision thereof,
5136
orders
or
such
of
Provided
trades:
obligations
customers,
organization
other
and
storage,
contracts
invested
of
clearing-house
person—
any
"(1) to conduct any office or place of business anywhere in the United
or
its territories for the purpose of soliciting or accepting any
to
have expired nor been
person
treat
such
orders
accepting
or
shall have registered, under this Act, with the Secre¬
person
not
JMfZ) such
market,
orders
soliciting
contract market unless—
Agriculture as
tration shall
by
of
of any
in
for
unlawful
be
shall
It
Secretary
the
States
price to be reported,
any
or
future delivery on any
or shall fail or refuse
for
elsewhere,
States or
Act.
of this
6
4h.
"Sec.
commerce,
or
recorded which is not a true and bone fide price.
"Nothing in this section shall be construed to prevent the exchange of
futures in connection with cash commodity transactions or of futures for
registered,
section
of
by
required
manner
(A) hedging
is
transaction
such
if
or
of,
is, is of the character
'privilege', 'indemnity',
transaction
'advance guaranty', or 'decline guaranty',
'call',
is commonly
'accommodation
or
United
the
in
pertaining to such transactions in the form
of Agriculture, or shall fail or
refuse to keep such books and records open to inspection by any representative of the United States Department of Agriculture or the United
States
Department of Justice, the registraion of such person may be
suspended or revoked afer notice and hearing in accordance with the
procedure and subject to the judicial review provided in paragraph (b)
and
'
trade
of
in commodities
thereof,
the customers
of
keep the books and records
to
fictitious sale;
a
such
to
known
transaction
such
if
tions
shall fail or refuse to make any report
or
board
byproducts
or
thereof—
ment
under,
rules or regulations of the Secretary
the
of
any
of
transaction in
any
products
the
interstate commerce for the fulfill¬
received in
or
hedging
or
such commodity,
in
commerce
used
commodity
such
in
determining
(2)
sold,
modity
be
may
or
commerce
or
such exchange.
on
confirm the execution of, any transaction involving any com¬
or
which
modity,
unlawful for
be
shall
It
4c.
into,
orders executed
other
as
manner
same
or
any
of Agriculture there¬
required by the Secretary
Agriculture regarding the transactions of such person, or the transac¬
or
in any
or
If
4g.
merchant
become the seller in respect to
or
other section of this Act shall be
construed to prevent a futures commission merchant or floor broker who
shall have in hand, simultaneously, buying and selling orders at the market
for different principals for a like quantity of cotton
for future delivery
in the same month, from executing such buying and selling orders at the
market price: Provided, That any such execution shall take place on the
floor of the exchange where such orders are
to be executed at public
outcry across the ring and shall be duly reported, recorded, and cleared
section
in this
"Nothing
of
"Sec.
buying order of such person.
any
such
Secretary of Agriculture) of
certificate as such futures commission merchant.
person registered hereunder as futures commission
floor broker shall violate any of the provisions of this Act,
registration
person's
and knowingly and
to become the buyer in respect
prior consent of such person
selling
any
person
original or duplicate copy (issued by the
by offset against the
to bucket such order, or to fill such order
orders
of any other person, or willfully
the
without
0
such
sale
or
"(D)
order
in
shall
execution of any such order or contract, or in regard to any
performed with respect to such order or contract for such
or
this
4g of
"(2) Any
agency
person ;
to
in
Act.
registered as futures commission merchant hereunder
post in a conspicuous place in each of the offices maintained by
person
in the United States in which orders for the purchase or
of any commodity for future delivery are solicited or accepted, the
tion
deceive or attempt to deceive such person by any
regard to any such order or contract or the dis¬
to
whatsoever
other information per¬
and such
information
above-mentioned
^
require. All
the year for
which issued, and shall be renewed upon application therefor unless the
registration has been suspended (and the period of such suspension has
not
expired) or revoked after notice and hearing as prescribed in sec¬
false record thereof;
any
willfully
"(C)
means
Secretary of Agriculture may
the
as
business as the Secretary of Agriculture may
registrations shall expire on the 31st day of December of
cheat or defraud such person;
"(B) willfully to make or cause to be made to such person any false
report or statement thereof, or willfully to enter or cause to be entered for
such person
facts
taining to his
.
cheat or defraud or attempt to
"(A) to
and
the
culture
for the
commerce
such
Agriculture, giving
prescribed by the Secretary of
be
to
manner
information
of, the United
or
June 27, 1936
Chronicle
Financial
4246
on
such
permit
any
contract for
contract
such
market,
warehouse
future
to
or
out of which
delivery made
make such
visitation
as
the
reports,
any
on
or
keep
Secretary
of
142
Volume
.
and records shall be required to
the date thereof, or for a longer
so direct, and such books,
times to inspection by any
the United States Department of Agriculture or United
recognized
thereof, if such association or corporation
comply with such terms and conditions as are or
may be imposed lawfully upon other members of such board, and as are
or
may be imposed lawfully upon a
cooperative association of producers
engaged in cash commodity business, unless such board of trade is author¬
ized by the commission to exclude such association or corporation from
membership and privileges after hearing held upon at least three days'
notice subsequent to the filing of complaint by the board of trade: Pro¬
vided, however, That if any such association or corporation shall fail to
meet its obligations with any established! clearing house or clearing agency
of any contract market, such association or corporation 6hall be ipso facto
debarred from further trading on such contract market, except such trad¬
by order of the Secretary
"(4) when so directed
of Agriculture,
provide
commodity for
which contracts
of sale of such
month may be
satisfied by the delivery of the actual cash commodity.
Whenever, after
due notice and opportunity for hearing, the Secretary of Agriculture finds
that provision for such a period of delivery for any one or more com¬
modities or markets
would prevent or tend to prevent 'squeezes' and
market congestion endangering price stability, he shall, by order, require
trading in contracts of sale of any
delivery month has ceased, during
commodity for future delivery in such
period,
a
after
delivery. in
a
ing
period of delivery (which shall
business days) applicable to such
contract to accept delivery, written notice of the
date of delivery at least one business day prior to such date of delivery.
Whenever, after due notice and opportunity for hearing, the Secretary of
Agriculture finds that the giving of longer notice of delivery is necessary
to prevent or diminish unfair practices in trading in any one or more com¬
modities or markets, he shall by order require such longer notice of delivery
the
under
been
States Warehouse
accepted in satis¬
the rules of such
and notwithstanding that the
of
any
State or
and quantity of commodity specified in such contract and
which the commodity is stored meets such reasonable
quality,
kind,
discrimination
licensed as a warehouseman
enjoys other or different privileges than
law: Provided, however, That such receipts shall be for the
State
under
the warehouse in
that
requirements as
houses
be imposed by such contract market on other ware¬
accessibility, and suitability for warehousing and
may
location,
to
as
delivery
purposes.
The failure
5b.
"Sec.
or
refusal of any board of trade to
comply with
Act, or any of the rules and regulations of
the
Secretary of Agriculture thereunder, shall be cause for suspending
for a period not to exceed six months or revoking the designation of such
board of trade as a
'contract market' in accordance with the procedure
and subject to the judicial review provided in paragraph (a) of section 6
of the provisions of this
any
Act."
this
of
ed., title 7,
pursuant to its requirements, or has manipulated or is
attempting to manipulate the market price of any commodity, in inter¬
state commerce, or for future delivery on or subject to the rules of any
upon such person a complaint stating his
which complaint shall be attached or con¬
tained therein a notice of hearing, specifying a day and place not less
than three days after the service thereof, requiring such person to show
cause why an
order should: not be made directing that all contract markets
until
further
notice of the Secretary of Agriculture refuse all trading
of
charges
he
trade,
serve
may
respect,
that
in
to
(b) striking
the"
of
"Secretary
the words
out
"said commission" after the words "before
(b) and inserting in lieu thereof
sentence of paragraph
in the second
Agriculture"
numerals "of section 12" after the word
(e) striking out the words and
"penalties," in the third sentence of paragraph
(f) inserting,
after the word "amended"
(b) ;
the
in
third
of
sentence
following: "and supplemented (U. S. C., 1934 ed.,
title 49, sees. 12, 46, 47, and 48)";
(g) striking out the word "or" after the word "commission," in the
third sentence of paragraph (b)
and inserting in lieu thereof the word
(b)
paragraph
the
(h) striking out the fourth sentence of paragraph (b) and inserting in
lieu
thereof
the
following: "Upon evidence received, tire Secretary of
contract markets to refuse such person all
period as may be specified in the order,
if such person is registered as futures commission merchant or as
broker
hereunder, may suspend, for a period not to exceed six
Agriculture
may
require
all
trading privileges thereon for such
and,
floor
of such person." ;
word "commission" wherever it appears in the
sixth, seventh, and eighth sentences of paragraph (b) and inserting in lieu
months,
or
thereof
the
the
out
"Secretary
words
(j) striking out
after the
word
lieu thereof
in
(k) striking
the words
of
Agriculture"
"its
S.
C.,
chairman
the word "him'';
word
the
out
1934
ed., title 7,
or
and inserting
sees.
end
is amended by
8,
9,
10, and
of paragraph
(b)
and
'contract
on,
to
not
such
board
(1) No
market'
shall
board of trade,
commodity
business
of
exclude
any
having
trade
from
and
Act;
to communicate to the proper
and
committee
or
officer of any contract
publish, notwithstanding the provisions of section 8 of this
to
transaction or market operation, includ¬
ing the names of parties thereto, which in the judgment of the Secretary *
of Agriculture disrupts or
tends to disrupt any market or is otherwise
harmful or against the best interests of producers and consumers."
Sec.
11.
Section 9 of the Grain Futures Act (U. S. O., 1934 ed.,
concerning
Act, the full facts
title
7,
is amended by:
13)
sec.
any
(a) striking out the word "section" and the numeral "4" and inserting
section
"section 4, section 4a, section 4b, section 4c,
the following:
thereof
4e, section
4d, section
4h,
or
section
4i"
;
inserting after the comma following the word "Act" the following:
who shall manipulate or
attempt to manipulate the price of any
(b)
"or
interstate commerce,
in
commodity
to the rules of any
board of trade,
or
for
future
who shall
or
commodity,";
(c) striking out the words "said section"
delivery
corner or
subject
or
on
attempt to corner
such
any
td) inserting
after
the
"deliver"
word
"mentioned
after the words
and inserting in lieu thereof the words "section
in"
Sec.
tion
If any
12.
of the Grain
the
4 of this Act"; and
words
"or
cause
Futures
adding after
15)
section
the following
6
new
of
be
which has been designated as a
membership in, and all privileges
or corporation engaged in cash
financial responsibility which is
of this Act which is amendatory of
provision
be
to
any
sec¬
Futures Act, or the application thereof to any person
is held
invalid,
the
Act which is amended by
provisions
of
the
section
of
or
the Grain
such provision of this Act shall apply to
No proceeding shall be abated by reason
any amendment to the Grain Futures Act made by this Act but shall
disposed of pursuant to this Act.
person
13.
or
circumstances.
All
provisions
futures
commission
charges
therefor,
*
So
in
of
merchants
this
and
the promulgation
association
adequate
renewal, or copy;
promulgate such rules and regulations as, in the
Secretary of Agriculture, are reasonably necessary to
of the provisions or to accomplish any of the purposes
any
"(6)
certificates,
and
registration
of
copies
the
effectuate
this
for
and
make and
of
of
thereof
$10 for each such registration,
exceed
judgment
Sec.
6a.
from
renewals
and
trations
such
sections:
"Sec.
market
Secretary of Agriculture
6 of this Act and the
period of denial specified in such order shall not have expired; and
"(4) to fix and establish from time to time fees and charges for regis¬
to any member thereof"
paragraph (b)
and
at the
amended".
for future delivery on or subject to the rules of any
any person if such person has been denied trading
commodity
any
contract
of any futures commission
accept any order for the purchase or sale
revoke the registration
knowingly
privileges on any contract market by order of the
under the provisions of paragraph
(b) of section
circumstances
"Code"
or
shall
who
delivered".
;
"to" in the seventh sentence of
inserting the following: "Code, as
Sec. 9.
The Grain Futures Act
(U.
of
the registration
revoke,
(i) striking
suspend
"(3) to
merchant
in lieu
"and";
if such person has violated any
rules or regulations promulgated
of Agriculture hereunder for which the registration of
such person has been suspended (and the period of such suspension shall
not have expired) or has been revoked; and
Secretary
by the
market
;
person
provisions of this Act or any of the
"(5) to
out the word
register any
"(2) to refuse to
of the
Agriculture";
"who" in the second sentence of paragraph
(b) and inserting in lieu thereof "which referee";
(d) striking out the words "as chairman of the said commission" in
the second sentence of paragraph (b) after the words "to the Secretary of
(c) striking
accordance with rules and regulations and in
prescribed by the Secretary of' Agriculture; and
in
to be
manner
brokers upon
form and
register futures commission merchants, and floor
to
application
to
such person, and to show cause why the registration of
such
person,
if registered as futures commission merchant or as floor
broker hereunder, should not be suspended or revoked.'';
privileges
"(1)
out
regulations made
board
1934 ed., title 7, sec. 12) the following new section:
8a.
The Secretary of Agriculture is authorized—
"Sec.
the first sentence of paragraph (b) and inserting in
lieu thereof the following:
"If the Secretary of Agriculture has reason
to believe that any person
(other than a contract market) is violating or
has violated any of the provisions of this Act, or any of the rules and
(a) striking
amended by adding after section 8
The Grain Futurese Act is
10.
(U. S. C.,
15) is amended by—
10, and
8, 9,
sees.
compensation is returned
(whether members or
patrons
Sec.
Futures Act (U. S. C., 1934
Section 6 of the Grain
8.
Sec.
provided no part of any such
nonmembers) of such cooperative associa¬
tion, or of. its regional or local member-associations, otherwise than as a
dividend on capital stock or as a patronage dividend out of the net earn¬
ings or surplus of such federated cooperative association.
"Sec. 6b.
If any board of trade, or any director, officer, agent, or em¬
ployee of any board of trade is violating or has violated any of the pro¬
visions of this Act or any of the rules or regulations of the Secretary of
Agriculture thereunder, or any order issued by the commission pursuant
to any provision of this Act,
the commission, in lieu of revoking the
designation of such board of trade as a 'contract market' may, upon notice
and hearing and subject to appeal as in other cases provided for in para¬
graph (a) of section 6 of this Act, make and enter an order directing
that such board of trade, director, officer, agent, or employee shall cease
and desist from such violation or violations, and if such board of trade,
director, officer, agent, or employee, thereafter and after the lapse of the
period allowed for appeal of such order or after the affirmance of such
order, shall fail or refuse to obey or comply with such order, such board
of trade, director, officer, agent, or employee shall be guilty of a mis¬
demeanor and, upon conviction thereof, shall be fined not less than $500
nor
more
than $10,000 or imprisoned for not less than six months nor
more
than one year, or both.
Each day during which such failure or
refusal to obey such order continues shall be deemed a separate offense."
to
and
officially promulgated;
association
by any federated cooperative
regional member-associations for services rendered or to be rendered
with any organization work, educational activity, or procure¬
in connection
issuing such receipts is not also
laws
the
under
without
market,
be
or
commodity-unit basis, or otherwise,
to its
that receipts issued under the United
Act (U. S. C., 1934 ed., title 7, sees. 241-273) shall be
faction of any futures ocntract, made on or subject to
warehouseman
forbid
ment of patronage,
have
order shall not be stayed
of any board of trade designated as a contract market
construed to forbid the payment of compensation on a
rule
"(2) No
shall
not more
"(7) require
contract
of this Act, but such
review.
that all contracts of sale of any commodity for future
delivery on such contract market shall provide for the delivery thereunder
of commodities of grades conforming to United States standards, if such
shall
of
tion 6
"(6) require
standards
trade,
board
contracts;
existing
or of such
(a) of sec¬
by the court pending
petition either of such assocation or corporation,
under the procedure provided in paragraph
written
on
than ten business days) applicable to such
commodities and markets as he finds will prevent or diminish such unfair
practices: Provided, however, That such order shall not apply to then
be
shall
(which
board of trade imme¬
it may permit such
or
corporation from membership and privi¬
leges.
Any order of said commission entered hereunder shall be reviewable
by the circuit court of appeals for the circuit in which such association
or corporation, or such board of
trade, has its principal place of business,
such commodity for future
of sale of
membership and privileges, with or
retain
and
imposing conditions,
prescribe that such association or
may
diately to bar such association or
delivery of any commodity on any
delivery to furnish the party
party making
the
require
"(5)
contract
have
shall
corporation
commission
Such
cases.
without
discharge existing
market applicable
accordance
in
such
in
contracts;
obligated
agency
any
be necessary to close open tradeea and to
with the rules of such contract
may
as
contracts
be not less than three nor more than
ten
commodities and markets as he finds
will
prevent or tend to prevent such 'squeezes' and market congestion:
Provided, however, That such order shall not apply to then existing
such
by
or
complies and agrees to
representative of
States Department of Justice;
future
a
as
Government
if the Secretary of Agriculture shall
records, and warehouses shall be open at all
for
the cooperative laws of any State, or which has been
cooperative association of producers by the United States
under
organized
Agriculture may prescribe.
Such books
be kept for a period of three years from
period
4247
Chronicle
Financial
original.
Act
floor
authorizing
brokers,
of rules,
the
the
registration
fixing
regulations,
and
of
fees
and
orders,
and
of
Financial
4248
the
and
purpose
shall
take
effect
the enactment of this Act.
days after
ninety
rather
been
grades moved in a very narrow range,
steady, and lower
tending toward weakness.
The Course of the Bond Market
Bonds have fluctuated within
with
emphasis
slight
some
a
narrow
the
on
upward
trend
among
highest grades, and a softening tendency for lower grades,
particularly
of
more
States
United
rails.
declining trend than
a
Governments
displayed
in several weeks, but net
of
movements
Price
this week,
range
milling about
most issues
dull,
Prime investment issues have been quite
rather aimlessly.
15, 1936.
Approved, June
has
The listed
for the most part was for refunding.
market
holding of hearings precedent to the promulgation of rules, regulations,,
orders shall be effective immediately.
All other provisions of this
Act
June 27, 1936
Chronicle
industrial
have
bonds
balanced
declines
and
advances
most
pronounced group action has occurred in
at lower levels.
most of which closed
mixed,
been
about evenly.
with
The
the steels,
Republic Steel 4%s,
1950, at 109% were off 1%, and Youngstown Sheet & Tube
3%s, 1951, dropped 1% to 108%.
The eight-point rally of
after all, only fractional.
Gould
Coupler 6s, 1940, to 84 has directed some attention
High-grade and medium-grade railroad bonds have been
to the
equipments.
losses
have been,
Baltimore & Ohio 1st 4s, 1948, closed at
generally lower.
106, down iys for the week; Pennsylvania 4%s, 1960, ended
the
week
102
were
closed
at
122,
off 1%
Central
York
ref.
New utility bonds in the
unchanged
Niagara
Power
the most important
Falls Power 3y2s, 1966;
& Light 4s,
Oil 4s,
$35,700,000 Wis¬
1966, and serial debentures $15,-
Massachusetts
Companies S%% notes, 1946.
MOODY'S BOND
The
issues
Dock
established
was
The
been
a
120 Domestic Corporate*
recovered
fairly
has been
steady,
South American
by Ratings
of
suspension
few
a
in
points
of
transfers.
line
with
French
some
Aaa
Baa
RR
108.75
95.63
106.25
108.94
A
Aa
122.46
119.48
P.
U
of
averages
given in the following tables:
on
YIELD
AVERAGESt
Individual Closing Price*)
AU
120 Domestic Corporate
120 Domestic
1936
120
by Ratings
Corporate by Groups
Domes
Corporate* by Groups
**
bonds
measure
Moody's computed bond prices and bond yield
are
tic
Averages
with
group.
strength in the franc.
120 Domestic
Domes¬
year,
52.
Daily
120
Govt,
Corp.*
at
sharp break in prices of Polish bonds, following the
announcement
(Based
Bonds
110.79
week
MOODY'S BOND
1936
June 26— 109.88
steady,
New York
outstanding price movement in the European group has
The
PRICESt
Dailg
S
last
evidence in the
in
(Based on Average Ytelds)
U
been
to close at 105%.
bond market
foreign
strength
some
The metals* have been
companies have
spurted 4 points from the low of the
5s, 1938,
which
rubber
of
6s, 1945, adding %
Goodrich
000,000 Potomac Electric Power 4%s, 1966, and $11,000,000
Western
1% to 115%, whereas Skelly
1951, moved down % to 97.
The
dull.
87;
at
The issues offered were $32,-
development of the period.
consin
Chicago
total amount of $94,193,000 were
the week, constituting
during
493,000
closed
2013,
4%s,
closings.
% point to 35; New
1959, declined
Railway dev. & gen. 4s, 1956, fell % point to 67.
Southern
offered
week's
last
below
1st 4s,
at
On smaller volume, lower grades
points.
fractionally
Great Western
Great Northern 4%s, 1977,
%;
down
The oils have been irregular, Pure Oil
4%s, 1950, w. w., advancing
Indus.
Averages
117.84
June 26—
tt
30
For-
A
Aa
Aaa
tic
3.69
3.55
4.13
RR
Baa
4.24
5.03
4.38
P
U
Indus
4.23
3.77
eigns
5.77
25- 109.83
110.98
122.67
119.69
109.12
95.48
106.25
108.94
118.04
25-
4.12
3.54
3.68
4.22
5.04
4.38
4.23
3.76
24- 108.89
110.98
122.46
119.48
108.94
95.78
106.42
108.94
117.84
24—
4.12
3.55
3.69
4.23
5.02
4.37
4.23
3.77
t
23- 109.97
110.98
122.46
119.48
108.94
95.78
106.42
108.94
117.84
23-.
4.12
3.55
3.69
4.23
5.02
4.37
4.23
3.77
22— 109.97
110.98
122.46
119.27
108.94
95.93
106.60
108.94
117.63
22..
4.12
3.55
3.70
4.23
5.01
4.36
4.23
3.78
t
t
110.98
20-
4.12
3.55
122.46
119.27
108.94
95.93
106.60
108.94
117.63
3.70
4.23
5.01
4.36
4.23
3.78
19—
109.93
110.79
122.46
119.27
108.94
95.63
106.60
108.75
117.63
19..
4.13
3.55
3.70
4.23
5.03
4.36
4.24
3.78
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
4.23
5.01
4.36
4.23
t
3.78
20- 109.96
17— 110.00
110.79
122.24
119.27
108.75
106.42
108.75
117.63
17—
4.13
3.56
3.70
4.24
5.01
4.37
4.24
3.78
16-
110.06
110.79
122.46
119.27
108.75
95.78
106.25
108.75
117.84
16..
4.13
3.55
3.70
4.24
5.02
4.38
4.24
3.77
15..
110.06
110.79
122.24
119.27
108.75
95.78
106.25
108.57
118.04
15-
4.13
3.56
3.70
4.24
5.02
4.38
4.25
3.76
13- 110.03
12- 110.01
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
X
5.85
3.77
11
—
10-
95.93
110.98-
122.67
119.07
108.94
95.93
106.42
109.75
118.04
12..
4.12
4.23
5.01
4.37
4.24
3.76
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
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
i
3.76
110.03
;
3.76
3.71
3.54
9- 110.05
110.61
122.46
118.86
95.63
106.07
108.57
117.84
9-
4.14
3.55
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
95.18
105.89
108.57
117.84
6—
4.14
3.56
3.72
4.23
5.06
4.40
4.25
3.77
5-
109.99
4..
5.95
108.75
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
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
3.78
3- 110.06
110.61
122.24
118.86
108.94
95.33
106.07
108.57
117.63
3—
4.14
3.56
3.72
4.23
5.05
4.39
4.25
3.78
2-
110.02
110.61
122.46
118.86
108.75
95.33
105.89
108.57
117.63
2-
4.14
3.55
3.72
4.24
5.05
4.40
4.25
3.78
1— 110.04
110.61
122.46
118.86
108.94
95.18
105.89
108.57
117.84
1
4.14
3.55
3.72
4.23
5.06
4.40
4.25
3.77
Weekly—
—
3.77
6.06
Weekly—
105.89
108.57
117.63
May 29—
4.14
3.56
3.72
4.23
5.06
4.40
4.25
3.78
5.91
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
95.18
105.72
108.57
117.22
15-
4.15
3.58
3.74
4.23
5.06
4.41
4.25
3.80
5.89
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
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
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
6.86
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
May 29_. 110.01
110.61
122.24
118.86
108.94
95.18
22.. 110.20
110.23
122.03
118.66
108.75
15- 109.98
110.42
121.81
118.45
108.94
8- 109.70
109.86
121.60
118.04
1-
109.69
109.31
121.38
Apr. 24.. 109.80
109.68
17- 109.96
—
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„
109.64
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
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
20-
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
5.80
13-
109.11
110.05
120.75
117.63
108.75
95.63
106.07
108.03
110.22
13..
4.17
3 63
3 78
4.24
5.03
4.39
4.28
3.85
5.94
109.46
110.98
121.17
118 04
109.49
97.62
108.57
108.39
116 22
6-
4 12
3.81
3 76
4.20
4.90
4 25
4 26
3.85
5.87
6.00
Mar.27__
6
—
109.66
5.85
108.98
110 61
120.54
117.84
108.94
97.16
108.39
115.81
4.14
3.64
3 77
4.23
4 93
4.30
4 26
3.87
21-. 108.95
15.. 108 52
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
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
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
1—
Feb. 29..
8..
1—
108 22
107.67
107 96
109.68
120.75
116.82
108 03
95.78
105.54
108.57
108.03
109.68
120.75
116.82
108.03
95.63
105.37
108.57
115.41
107.89
109.68
120.54
116.62
108 21
95 78
105.37
108.57
29..
4.19
3 63
3.82
4.28
5.02
4.42
4.25
3 89
6 15
31..
4
19
3.63
3.82
4.28
5.03
4.43
4.25
3.89
0.13
24..
4
19
3.64
3 83
4.27
5 02
4 43
4.25
3.89
6
115.41
—
24„
Jm.
Feb
115 41
31
Jan.
11
17..
108.34
109.31
120.11
116.62
107.85
95 18
104.68
108.39
115.02
17-
4.21
3 66
3 83
4.29
5.00
4 47
4 26
3.91
0 17
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
3.90
6 26
3..
6 23
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
High 1936 110.28
110.98
122.67
119.69
109.49
98.09
108.57
108.94
118.04
Low
1936
4.12
3.54
3.68
4.20
4.87
4.25
4 23
3.76
6.80
Low
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 00
6 78
1936
Low
1
1935 105.66
Yr
99.20
116.82
108.57
98.73
77.88
90 69
14
106 78
High 1935
103.48
119.27
110.05
103.32
85.74
97.94
105.03
107.67
June26'35
99.36
115.02
108.39
97.16
81.78
99.68
92.82
106.25
94
1
Aoo
June26'35 108.90
2 Yrs.Ago
4 Nil
3 82'
4
26
4 83
0 40
6 37
6.13
4 35
0 97
4.54
3 70
4.17
4.55
5.74
4.88
4.45
4.30
5.84
4.79
3.91
4.26
4.93
6.06
4.77
5.22
4.38
7.45
Yr. Ago
2 Yrs.Ago
June26'34 105.85
*
1935
June26'34
These prices are 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 average
level or the average movement of actual price quotations.
They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
For Moody's Index of bond prica. 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.
t^Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds,
X Dailv averages discontinued, except Friday
of each
week
Indications of Business
THE
STATE
OF
TRADE—COMMERCIAL
.
Business activity
EPITOME
Friday Night, June 26, 1936.
continued at an excellent pace, holding
year's peak for the fifth consecutive week. The
steel industry is also forging ahead, showing a gain for the
fourth consecutive week, and at a time when seasonal de¬
clines are in order.
Furthermore, there are indications that
at near the
steel activity will extend well into the
summer, unless serious labor troubles develop.
The demand"
for steel continues heavy and well diversified.
The farm
tractor industry is operating at full capacity, thus justify¬
this
high
rate of
ing the
large
Activity
steel
purchases by
bile production is brisk,
ticipated
good
sales
soldiers' bonus.
as
that industry.
Automo¬
this being based largely on the an¬
a
result
of
the
payment
The railroads are buying heavily
of the
of steel,
with freight car purchasing just now better than the buying
of steel rails.
Tin plate production is operating at full
capacity.
last
week
week
Electric
was
of last
13%
year.
output reached a new high.
Output
larger than during the corresponding
This sustained high output of power is
expected to spur public utilities into action soon and result
in
purchases
of
generating
and
transmission
equipment
Volume
Financial
142
will
to
of
accelerated
be
probably
The rate of buying
which have been long delayed.
According
after the national elections.
prevailing opinion in automobile circles, the production
new cars and
trucks in United States and Canada will
total at least 375,000 units
This would compare
for July.
approximately 440,000 cars and trucks assembled in
June and 345,000 in July, 1935.
Retail car sales are running
with
well
of
ahead
a
Indications are that farm cash
year ago.
4249
Chronicle
substantial ad¬
Car loadings
totaled 690,716 cars, an increase of 3,904 cars over the
previous week and an increase of 123,667 cars over the
corresponding week of 1935.
Retail sales reflect bonus
spending, and show a further rise of 12 to 16% over the
corresponding period of 1935, this applying to the country
vances
preceding week and 257,500 cars in the seven days
the
June
(Number of Cars)
in
a
Loaded
With
whole.
of North
Atchison Topeka & Santa Fe
Chesapeake & Ohio Ry
22,515
...
Chicago Burl & Quincy RR
15,012
Chicago Milw St Paul & Pac Ry.
Chicago & North Western Ry
20,716
20,289
2,332
Gulf Coast Lines
2,310
International Great Northern RR
Missouri Pacific RR
4,545
14,892
New York Central Lines
40,038
Missouri-Kansas-Texas
RR
5,044
N Y Chicago & St Louis Ry
Norfolk & Western Ry
19,517
Pennsylvania RR
61,773
6,063
6,565
Pere Marquette Ry
Pittsburgh & Lake Erie
27,293
Southern Pacific Lines
i...
Total
Excludes
x
16,806
8,988
10,133
7,072
7,342
9,642
1,293
1,713
3,000
8,305
36,497
9,084
4,275
43,133
4,951
5,345
x7,223
15,441
1,965
1,935
3,862
11,608
32,266
4,165
15,453
54,976
3,180
4,488
22,099
10,589
7,350
7,473
9,499
1,307
1,782
42,674
Southern Pacific
5,904
7,230
9,129
1,148
1,669
2,248
7,183
32,146
8,115
4,022
3,030
8,302
36,334
8,804
4,252
37,825
4,447
4,131
4,934
5,653
X7.301
x5,970
180,927 158,461
320,218 317,137 257,500 180,047
interchanged between
cars
4,487
13,819
4,837
4,866
16,173
17,977
23,543
17,315
12,012
15,215
20,743
31,082
22,380
14,368
19,853
20,012
2,368
2,178
4,642
14,303
39,693
5,006
19,496
61,067
6,252
6,632
27,062
1935
1936
1936
Co.-Pacific Lines and
Texas & New Orleans RR. Co.
TOTAL LOADINGS AND
CONNECTIONS
RECEIPTS FROM
(Number of Cars)
Weeks Ended—
City area cloudy conditions prevailed, with cool tem¬
York
generally.
Today it was
temperatures ranging from 63
peratures
fair and
to 83
Moody's Daily Commodity Index Rises Moderately
The average price of basic
this week.
Moody's Daily
Prices
168.7
was
commodities gained moderately
Index of Staple Commodity
Friday, as compared with 167.2
this
June
here,
warm
degrees.
The
forecast was for showers and cooler tonight and Saturday.
Overnight at Boston it was 62 to 80 degrees; Baltimore,
64. to 82; Pittsburgh, 64 to 82; Portland, Me., 62 to 74;
Chicago, 70 to 84; Cincinnati, 72 to 90; Cleveland, 70 to 82;
Detroit, 70 to 88; Charleston, 66 to 82; Milwaukee, 68 to 80;
Savannah, 66 to 86; Dallas, 70 to 92; Kansas City, 76 to 98;
Springfield, Mo., 66 to 88; Oklahoma City, 64 to 92; Salt
Lake City, 60 to 94; Seattle, 56 to 76; Montreal, 50 to 78,
and Winnipeg, 58 to 80.
with
principal advances occurred in the prices of cotton
hogs, and the chief decline in hides.
There were also
increases in the prices of silk, cocoa, rubber, wheat, corn
and steel, and declines for coffee and wool.
The prices of
copper, lead, silver and sugar remained unchanged.
The movement of the Index during the week, with com¬
parisons, is a follows:
June 19
June 20
Mon.,
June 22
Tues.,
June 23
Wed.,
June 24
Thurs., June 25_Fri.,
June 26-.
2 Weeks ago, June 12
Month ago, May 26
—167.2
Fri.,
Sat.,
—
Year ago, June
26
1935 High—Oct. 7 and 9
168.6
168.2
168.4
_,_168.8
--168.7
.
—
164.1
163.8
.156.3
175.3
Low—Mar. 18
148.4
1936 High—Apr. 18 and 23
Low —May 12
172.1
...162.7
—
Index of Wholesale Commodity
Prices Advanced During Week Ended June 23
"Annalist"
Weekly
general advance in commodity prices, largely under the
stimulus of drought reports from the Northwest and South¬
east, sent the "Annalist" Weekly Index of Wholesale Com¬
modity Prices 1.8 points higher to 122.6 on June 23 from
120.8
In noting this, an announcement
(revised^ June 16.
by the "Annalist" also said:
Rubber, tin, hay and cocoa also
generally.
Zinc,
rose.
apples, lambs and pork were the only commodities to register losses.
THE
WEEKLY
"ANNALIST"
INDEX
WHOLESALE
OF
COMMODITY
PRICES
(Unadiusted
for
Seasonal
Variation.
Ulinois Central System
29,459
13,436
29,998
12,848
20,513
24,151
10,964
67,882
66,880
55,628
Total
23, 1936
June 16,
1936
June 25,
1935
in reviewing the
The Association of American Railroads,
week ended June
Loading of
This
cars.
revenue
week
13, reported as follows:
34,701
of
1934.
in
Miscellaneous
week.
preceding week, but
week
corresponding
the
above
cars
1934.
in
Loading
of
an
37,554
and
1935
in
285,148 cars, a decrease of 4,383
increase of 48,779 cars above the
totaled
freight loading
the
below
corresponding
decrease of
for the week of June 13 was a
9,033 cars, or 1.3% below the preceding
cars,
or
5.3% above the corre¬
11.0% above the corresponding
cars,
1935 and 67,931 cars, or
Loading of revenue freight
cars
totaled 686,812
freight for the week ended June 13
increase
an
was
sponding week in
of
carload lot freight totaled 161,424
the preceding week, but an increase
above the corresponding week in 1935.
It was, however, a
4,859
cars
29
decrease of
Coal
than
less
merchandise
3,641 cars below
decrease of
a
below the same week in 1934.
cars
105,332 cars, an increase of
loading amounted to
2,783 cars above
preceding week, but a decrease of 51,818 cars below the corresponding
week in 1935.
It was, however, an increase of 7,985 cars above the same
the
week
1934.
in
grain" products loading totaled 32,108 cars, an
Grain and
increase of 418
above the corresponding week
1935, but a decrease of 1,698 cars below the same week in 1934.
In the
Western
districts alone, grain and grain products loading for the week
ended June 13
totaled 20,203 cars, an increase of 148 cars above the
the preceding week and 6,260 cars
above
cars
in
in 1935.
preceding week this year and 4,310 cars above the same week
Live stock loading amounted to 10,727 cars, a decrease of
the
below
preceding
week
in
1935;
week
in
1934.
the
it
week
Forest
below
in
but
7,705
totaled
this
increase
an
but
year,
cars,
decrease of 1,083
a
of
increase
an
203
cars
cars
below
above the
1935.,
loading totaled
products
the
Ore
the
week
preceding
same
was,
In
1,075 cars
of 383 cars above the same
however, a decrease of 2,085 cars below the same
Western districts alone, loading of live stock for
week,
ended June 13
week
the
preceding week,
1935 and
amounted
loading
but
an
33,642
to
cars,
increase of
8,524 cars above the
same
49,954'cars,
a
a decrease of 1,120 cars
7,160 cars above the same
week in 1934.
decrease
of
2,183 cars below
preceding week, but an increase of 16,953 cars above the corresponding
week in 1935 and 16,030 cars above the corresponding week in 1934.
the
Coke
loading amounted
above the
June
!.
St. Louis-San Francisco Ry
All
same
to 8,477 cars, an increase of 168 cars above the
2,125 cars above the same week in 1935, and 1,650 cars
preceding week,
1913=100)
1935
24,034
week in
Outstanding in the rise were the grains and flour, steers and hogs, butter
and the textiles
June 22,
13, 1936
24,987
The
and
June
20, 1936
Chicago Reck Island & Pacific Ry.
week
last week.
A
21,136
30,178
Ry.
Baltimore & Ohio RR
22 June 20 June 13 June 22
1935
1936
1936
In the New
Dakota's wheat crop was imperiled.
Received from Connections
Weeks Ended—
Own Lines
June 20 June 13 June
75%
Private reports were to the effect that
areas.
some
the continued absence of general
on
Weeks Ended—
quotations of these commodities.
rains
there is now widespread need for moisture in most agricul¬
tural sections of the country.
The deficiency in moisture
for the present growing season is especially marked in the
northern Great Plains.
Intense heat has had a devastating
effect in many areas of the West, in some parts the record
showing the second hottest dry spell for the month of June
on record.
In North Dakota—where officials reckoned half
the State's 87,000 farm families were in need of assistance—
readings of 107 degrees were recorded at Bismarck, 105 at
Jamestown, and 101 at Fargo.
Napoleon and Dickinson re¬
ported unofficial highs of 110 and 109, respectively.
It was
stated that cattle were being shipped out by the trainload
as
RECEIVED FROM CONNECTIONS
FREIGHT LOADED AND
REVENUE
ended
A comparative table follows:
22, 1935.
sharply in recent weeks, following
in
ended
1936, loaded a total of 320,218 cars of revenue
freight on their own lines, compared with 317,137 cars in
20,
exceed 1935 totals despite the current
Speculation in grains, cotton and cocoa has in¬
drought.
report for the week
The first 17 major railroads to
June
incomes this year will
creased
when compari¬
when compared with 1935 and a rise of 12.8%
son is made with the sanie week of 1934.
week in 1934.
districts reported increases
in the number of cars loaded with revenue
121.3
126.4
freight, compared with the corresponding week in 1935, except the Eastern
and Pocahontas.
All districts reported increases compared with the corre¬
♦107.2
X106.1
106.6
sponding week
Fuels
170.8
170.8
162.6
Metals
110.4
110.4
110.1
111.8
111.8
111.5
97.1
97.1
98.5
Farm
122.6
Food products
Textile products
Building materials.
Chemicals
_
.
.
-
,
113.4
86.2
All commodities on old doll, basis
121.7
x72.0
71.8
Loading
years
in
of
1934.
revenue
freight
in
Car
Week
Loadings
a
21.8%
Above
Same
Year Ago
Loadings of revenue freight for the week ended June 20,
1936, totaled 690,716 cars. This is an increase of 3,904 cars
or 0.6%, from the preceding week, a gain of 123,667 cars,
or 21.8%, over the total for the like week of 1935, and an
increase cf 67,394 cars, or 10.8%, over the total loadings for
the
corresponding week of 1934. For the week ended June 13
loadings were 5.3% above those for the like week of 1935,
and 11% over those for the corresponding week of 1934.
Loadings for the week ended June 6 showed a gain of 10.5%
previous
two
5 weeks in Mav
6
Week of June 13
-
Iii the
fallowing table
we
2,408,319
2,302,101
652,111
618,881
15,186,515
4 weeks In April
Total
1934
2,183,081
2,169,146
2,927,453
2,418,985
2,544,843
3,351,801
695,845
686,812
5 weeks in February
Week of June
Freight
the
1935
1936
4 weeks In March
Preliminary,
x Revised,
z Based on exchange quotations for France, Switzer¬
land and Holland; Belgium included prior to March, 1935.
with
compared
2,353,111
3,135,118
4 weeks In January
*
Revenue
1936
follow:
83.1
X120.8
72.8
All commodities
86.1
122.6
Miscellaneous.
z
111.7
115.4
products
13,976,817
14,167,298
2,887,975
629,712
2,920,192
2,461,895
2,340,460
3,026,021
616,768
undertake to show also the load¬
separate roads and systems for the week ended
June 13, 1936.
During this period a total of 90 roads showed
ings for
increases
when
compared
with
the
same
week
The most important of these roads which showed
were
the
New
York
Central
Lines,
the
last
year.
increases
Baltimore &
Ohio
RR., the Southern System, the Atchison Topeka & Santa Fe
System, and the Illinois Central
System:
Financial
4250
Chronicle
June 27, 1936
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JUNE 13
Total Revenue
from Connections
1934
1935
1936
1936
Eastern District—
450
598
541
1,123
1,276
7,589
1,476
1,894
7,427
1,459
1,385
7,143
1,212
281
262
9,372
3,970
10,151
1,892
11
18
65
74
2,000
6,571
6,294
2,008
7,321
6,515
..«*
Boston A Maine..
Chicago Indianapolis A Louis v.
Central Indiana
Central Vermont..
1,129
.....
1,015
940
5,434
9,352
—
.
Delaware A Hudson
Delaware Lackawanna A West.
6,097
10,885
5,039
8,797
1,184
361
242
207
130
130
2,326
2,297
2,208
381
301
267
12,881
4,938
13,055
4,608
12,858
4,063
1,142
2,516
14,508
7,058
1,782
1,098
7,464
1,850
1,061
3,118
14,266
6,523
2,012
1,521
7,226
2,272
221
184
28
51
36,334
11,242
1,944
8,804
5,694
4,934
39,203
11,709
2,007
8,543
Detroit A Mackinac
Detroit Toledo A Ironton
Detroit A Toledo Shore LineErie--..
Grand Trunk Western
188
183
156
1,832
2,240
8,606
2,836
5,792
37,955
9,875
2,084
4,335
5,174
5,357
1,222
7,294
2,699
3,337
1,549
37,687
10,085
1,597
4,736
6,200
5,354
267
776
212
59
28
304
426
279
229
483
1,285
1,574
1,128
1,738
640
Lehigh A Hudson River..
Lehigh A New England
Lehigh Valley...
548
749
998
1,117
1,116
7,829
3,206
...
8,332
2,715
........
Maine Central.....
Monongahela
3,525
2,271
39,693
10,592
....
Montour.
b New York Central Lines
N. Y. N. H. A Hartford.—..
New York Ontario A Western..
N. Y. Chicago A St. Louis
2,543
1,802
5,006
6,591
6,252
Pittsburgh A Lake Erie.;
Pere Marquette..............
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
Rutland
5,460
4,274
Wabash.
Wheeling A Lake Erie—
4,785
3,909
5,114
3,962
6,271
4,819
8,121
3,618
148,638
149,269
137,656
149,188
154,102
596
454
428
725
30,811
4,133
29,967
4,405
16,806
2,287
208
297
207
5
896
1,432
922
17
18
Group B (Concluded)—
Georgia
Georgia A Florida
890
—......
_.
888
733
1936
1936
1,467
1,580
502
362
...
430
282
363
1,586
18,557
19,399
1,381
951
769
17,154
16,647
10,427
4,590
10,055
3,724
Macon Dublin & Savannah...
133
169
122
303
378
183
158
133
318
271
1,791
2,666
1,619
2,446
1,680
2,630
1,610
2,256
1,274
2,012
Mississippi Central
Mobile & Ohio
Nashville Chattanooga A St L.
Tennessee Central
415
285
580
558
51,405
46,221
27,785
25,817
94,300
Grand total Southern District
Northwestern
324
54,712
Total.
90,828
83,530
56,893
54,412
863
843
16,435
2,017
17,105
3,179
9,299
1,539
5,936
17,776
2,237
9,449
2,830
7,473
3,490
1,797
9,028
2,501
6,950
2,538
District-
Belt Ry. of Chicago
Chicago
Chicago
Chicago
Chicago
1934
1,591
20,233
20,079
Gulf Mobile A Northern
Illinois Central System..
Louisville A Nashville
from Connections
1935
1,110
20,012
....
A North Western.
Great Western....
Milw. St. P. A Pacific.
St. P. Minn. A Omaha
2,420
19,853
4,123
13,434
1,461
7,281
Duluth Missabe A Northern...
Duluth South Shore A Atlantic.
Elgin Joliet A Eastern
Ft. Dodge Des Moines A South*
Great Northern......
Green Bay A Western......
Lake Superior A Ishpeming.
Minneapolis A St. Louis
2,396
16,821
3,107
9,372
109
203
711
521
296
5,776
4,942
4,508
459
359
278
161
158
17,792
14,889
14,581
3,084
2,521
660
546
632
562
443
2,370
2,088
6,164
9,332
1,209
1,674
5,005
6,369
1,858
1,547
318
205
280
257
137
1,142
1,497
1,550
1,136
841
110,019
88,126
90,932
44,270
38,017
20,743
19,165
3,010
2,646
21,177
2,510
4,837
2,263
4,588
2,144
311
252
191
63
31
14,368
1,344
12,206
2,719
13,586
1,525
10,673
2,770
13,543
1,113
12,048
2,222
7,350
6,194
930
669
791
715
1,843
2,137
1,618
8,336
2,268
1,253
2,513
7,392
2,029
80?
330
532
123
10
1,125
1,830
1,604
1,076
1,824
1,398
1,945
862
676
1,332
1,120
84
62
845
893
688
329
256
177
85
181
107
37
18,445
4,738
3,730
1,015
7,359
Minn. St. Paul A 8. S. M
Northern Pacific
...
Spokane International
Spokane Portland A Seattle
...
5,332
8,172
104
68
1,836
2,530
3,455
1,361
2,137
2,624
618
31,082
6,129
Total..
Freight Loaded
1936
16
Ann Arbor...
Bangor A Aroostook
Railroads
1935
"
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroad
Total
....
Allegheny DistrictAkron Canton A Youngstown..
Baltimore A Ohio
......
Bessemer A Lake Erie....
Buffalo Creek A Gauley
Cambria A Indiana...........
Central RR; of New Jersey
14,912
1,568
8
>
6,001
7,077
5,168
10,075
11,472
Cornwall
659
610
605
48
75
Cumberland A Pennsylvania...
Llgonier Valley...
Long Island..
Penn-Reading Seashore Lines..
Pennsylvania System.....
Reading Co....
Union (Pittsburgh)
West Virginia Northern
Western Maryland
274
415
227
77
210
59
27
32
762
802
780
1,011
941
61,067
13,060
63,259
14,359
7,310
1,023
57,423
11,690
9,444
2,524
1,114
42,674
15,065
2,299
1,243
45,148
17,159
3,382
13,012
4,741
39
124
75
1
0
3,813
3,184
6,736
6,804
137,819
125,607
136,047
104,776
101,878
District-
Chesapeake A Ohio...
22,380
19,496
20,828
25,685
22,132
903
...
793
...
3,457
4,164
52,774
42,203
——
Total
10,589
4,252
1,078
17,223
1,158
2,994
46.236
Norfolk A Westerq* Norfolk A Portsmouth Belt Line
Virginian.
38
2,946
Total
Pocahontas
33
10,688
4,472
1,276
793
Bingham & Garfield
Chicago
Chicago
Chicago
Chicago
....
Burlington & Qulncy..
& Illinois Midland
Rock Island A Pacific.
A Eastern Illinois.....
Colorado A Southern..........
Denver A Rio Grande Western.
Denver A Salt Lake
Fort Worth A Denver City
Illinois Terminal...
...
Nevada Northern.......
North Western Pacific.
Peoria A Pekln Union.........
.
Southern Pacific (Pacific)
20,616
St. Joseph A Grand Island
Included
Toledo Peoria A Western
367
Union Pacific System.........
10,874
442
a
17,182
In U. P.
743
2,332
12
System.
302
327
10,026
10,150
1,186
7,332
224
393
181
2
7
1,369
1,433
1,558
1,625
1,372
96,712
87,733
90,133
47,420
41,768
4,218
Utah.......
Western Pacific
...
Total
863
16.712
Central Western District—
Atch. Top. & Santa Fe System.
Alton.
17,299
Southwestern DistrictAlton A Southern
187
166
166
4,447
Southern District—
Burlington-Rock Island...
125
112
127
245
Group A—
Fort Smith A Western........
Gulf Coast Lines
127
137
128
224
222
2,368
2,178
1,822
1,982
2,212
2,666
1,307
1,782
1,133
1,622
Atlantic Coast Line
3,633
1,524
8,706
920
9,345
1,096
1,060
3,669
1,478
Charleston A Western Carolina.
405
350
314
865
916
International-Great Northern..
Kansas Oklahoma A Gulf.....
Durham A Southern....
Gainesville Midland
152
135
126
271
268
Kansas City Southern
50
36
40
97
67
1,949
8,750
Cllnchfleld—
...
Norfolk Southern....
1,088
1,150
2,541
,2,540
399
357
315
868
812
344
347
382
7,261
19,199
6,797
18,279
17,177
3,736
3,266
13,034
4,268
2,908
12,347
159
140
130
674
764
39,588
39,423
37,309
29,108
28,595
Piedmont A Northern
Richmond Fred. A Potomac.
..
Seaboard Air Line
Southern System......
Winston-Salem Southbound
Total
6,519
274
134
106
137
734
848
2,206
1,538
Louisiana A Arkansas........
Louisiana Arkansas A Texas.*.
1,702
1,248
1,835
1,070
1,981
1,378
993
836
274
311
273
451
246
372
372
1,057
902
444
473
484
168
202
375
Litchfield A Madison.........
Midland Valley
.....
108
103
91
251
179
4; 642
14,303
4,074
13,236
4,674
13,294
3,030
8,302
2,441
7,507
Missouri A Arkansas
Missouri-Kansas-Texas Lines..
Missouri Pacific....
Natchez A Southern
49
53
46
10
15
116
75
136
89
111
7,556
2,453
6,446
4,309
Quanah Acme A Paciflo..
St. Louis-San Francisco
St. Louis Southwestern
7,785
5,446
4,070
1,466
4,006
2,487
2,563
4,375
19,756
3,741
1,975
2,196
3,668
16,946
107
215
Atlanta Birmingham A Coast..
Atl. A W. P.—W. RR. of Ala-
193
135
127
139
577
Group B—
Alabama Tennessee A Northern
727
626
561
485
Terminal RR. Ass'n of St.Louis
Wichita Falls A Southern......
2.860
6,955
2,143
5,119
4,133
2,800
266
236
189
94
Weatherford M. W. a N. W...
52
20
35
56
51
53,088
47,334
48,870
58,413
50,878
705
680
536
1,075
920
4,038
3,586
3,256
2,403
2,559
Columbus A Greenville—
377
257
195
256
421
422
426
485
441
2,111
263
Florida East Coast
Texas a New Orleans
Texas A Pacific....
Central of Georgia.
......
Total:
Note—Figures for 1934 revised. * Previous figures, a Not available, b Includes figures for the Boston A Albany RR.
Central RR.
.
Number of
'■
:<4
on Order June 1 Highest in
Six Years
Freight Cars
•
I
Class
railroads
of
States
United
the
had
new
more
June 1 last than they have had
on this date since 1930, the Association of American Rail¬
roads announced on June 25.
New freight cars on order
freight
cars
June
on
June
1
order
on
totaled
1, 1935;
on
25,748,
20,011
cars
compared
with
electric
new
tives and
107
and
freight
order
Diesel
cars
locomotives
30,
in
on
a
this
year
order
from
service
1
1935
five
locomotives
electric
and
Diesel
months of this year
were
installed
locomotives
in
in
the
steam and six electrics and Diesel
nine
service
ago,
June
Jan.
8,948,
the first
In
Diesel
cars
1
18,467
10
steam
and
to
May
same
locomo¬
1934.
31
corresponding
this year
period of
electric and
20 steam
corresponding period
in the
on
steam and
40
1,
against
riFoods.
point (80.9) of Jan. 4 and 0.8% above the
(78.1) of May 16," Mr. Lubin said, continuing:
textile
products, chemicals and. drugs and miscellaneous com¬
modities advanced slightly during the week.
fuel and
Hides and leather products,
lighting materials, metals and metal products, and building ma¬
terials declined-.
Farm products and housefurnishing
goods remained un¬
changed at the previous week's level.
on
totaled 58, and
steam and eight
as
cars
below the high
low point
Raw material prices continued their recent upward tendency, advancing
0.1% to
a
point 2% above the corresponding week of last month.
finished products
group
also advanced 0.1%
of
and
1935
period of 1934.
55
and
the finished products group
same
as
in the
The
during the week, and the
semi-manufactured articles group remained unchanged.
year
compared with
order
on
locomotives
placed
June
on
compared with 1,294 in the
and 2,327 cars in the same period of 1934.
aggregated
one
Diesel
and:
on
37 electrics and Diesel
electric
New
locomotives
steam
1,479
June 1, 1934, and 30,680 on
on
1, 1930.
On May 1 last there were
order in shops throughout the country.
June
New
theC. C. C. A St. Louis RR., and the Michigan
.
The indexes for
and the semi-manufactured group are now the
corresponding week of last month.
The large group of "all commodities other than farm products"
(non-
agricultural commodities) rose 0.1% and is 0.3% above the May 23 level.
The index for the group of "all commodities other than farm products
processed
to
foods,"
representing
industrial
commodities,
declined
and
0.1%
equal the May 23 level.
The following is also from an announcement issued by the
United States Department of Labor:
Wholesale food prices advanced 0.4% during the week, due to increases
>
of
2% in meats, 0.9% in dairy products and 0.8% in the subgroup which
includes cocoa beans, coffee, lard, edible tallow and cottonseed oil.
Wholesale Commodity Prices Unchanged During Week
Ended June 20, According to United States Depart¬
ment of
commodity prices remained unchanged at
78.7% of
the 1926 average during the week ended June 20, according
to an announcement made June 25 by Commissioner Lubin.
"The
all-commodity index for the current week is 2.7%
for bread in the
Chicago market, dropped 1.7%.
Additional individual
food items for which higher prices were reported were butter, cheese,
Labor
The Bureau of Labor Statistics index number of whole¬
sale
Fruits
^Nsand vegetables declined 2.5% and cereal products, because of lower prices
lamb, mutton, cured and fresh pork, and veal.
flour,
The current food index—
79.7—is2.8% above the corresponding week of last month.
It is, however,
3.4% below the corresponding week of last year.
The chemicals and drugs group
advanced 0.4%, due to higher prices for
fats and oils and mixed fertilizers.
and fertilizer materials remained
Prices of drugs and
unchanged.
pharmaceuticals^
Volume
Cattle
Financial
142
feed
prices
advanced
9.6%
during the
Crude rubber,
week.
A minor increase
week
as a
registered by the textile products group during the
was
osnaburg, print
result of sharp increases in the prices of raw silk,
cloth, sheeting and cotton
Knit goods
declined 0.3%.
group
lower prices for Oklahoma fuel oil and gasoline and electricity were re¬
Coal and Pennsylvania gasoline, on the other
sponsible for the decline.
hand,
higher.
were
The
Coke prices remained unchanged.
i
index
The
metals
the
and
metal
register a frac¬
products group declined 0.2%,
due to ciontinued weakness in prices for pig tin and quicksilver.
prices of agricultural
implements/ iron
and steel,
of
motor
Average
vehicles, and
64.9.
was
They
20.8% below costs for June 15, 1929,
are
and
cereals
bakery products showed
price-reporting period.
The price of flour
decrease of
a
Bread
prices
Lower flour prices were reported in 17 cities.
1.1%.
also
change during the
continued downward,
no
continued
to
Both
decline.
white
wheat
whole
and
bread decreased 0.1% and for rye bread there was no change.
relative
price changes
of macaroni
Prices of calfskins and union backs leather were higher,
for
cost
current
Declining prices for shoes, goat skins, chrome calf, and bends leather
caused the index for the hides and leather products group to
tional decrease.
the index
when every food group showed higher costs than at present.
with
steady.
were
The index for the fuel and lighting materials
.
when
Wholesale prices of overalls, silk yarns,
yarns.
woolen yarns, burlap, znanlla hemp and raw jute were lower.
prioes
only the fruits and vegetables and the dairy products groups are higher
Food costs are 26.5% above the level of June 15, 1933,
than at that time.
automobile tires and tubes and paper and pulp remained firm,
v
4251
Chronicle
•Meat
and
costs
in the group
1.7% for
movement indicated at the last
in large part due to a further
4.1% in the cost of the lamb items and to increases of 3.4%
rose
price-Teporting period.
increase of
the
for
pork
items
advance
0.3%
and
the
reversing
This
costs two weeks ago.
in the
meal.
corn
1.4%,
The greatest
1.8% in the price
increases of
were
was
beef,
for
Higher prices
of which showed decreased
both
reported for 15 of the 21 items
were
The greatest relative price changes were:
group.
plumbing and heating fixtures were steady.
Loin roast——.
Building material prices also receded 0.2% during the week, because
and turpentine were
remained
higher.
Leg of Iamb
Brick and tile, cement, and structural steel
Breast of lamb
Lamb chuck
unchanged.
The index for the farm
products group remained at the level of the pre¬
An increase of 3.4% in grains was offset by decreases of
ceding week.
The cost of
showed
1.5% in livestock and poultry and 0.1% in the subgroup of other farm
Price
products, including apples, lemons and potatoes.
the
cities
Higher prices were reported for all grains, light hogs, live poultry, cotton,
alfalfa hay, hops, peanuts, seeds and wool.
eggs,
ported for cattle, heavy hogs and wethers.
Lower prices were re¬
dairy products increased comparatively little, 0.3%.
and
butter
for
>
change in the price of fresh milk.
no
remained at 82.9% of the 1926 average.
Com¬
,
Corresponding Period in
2 Wks.
Current
Commodity Group
4 Wks.
June 2
Ago
Ago
1935
1933
1929
(*)
May 19
May 5
June 4
June 15
June 15
for the year 1926 as 100.
index numbers for tlje main groups of com¬
weeks and for June 22, 1935, June 23, 1934, and
24, 1933.
AH foods
82.1
79.9
80.1
81.9
64.9
103.7.
Cereals and bakery prod's.
90.7
90.7
91.0
92.4
71.8
97.7
Meats
The following table shows
modities for the past five
June
'
1936
Wholesale prices of both
The index of the Bureau of Labor Statistics includes 784 price series,
the average
an
was
goods
furnishings were steady.
on
Butter
increase of 1.0%.
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
weighted according to their relative importance in the country's markets,
and is based
group, an
city to city with increases in 29
3-Year Average 1923-25—100
For the fourth consecutive week the index for the housefurnishing
and
varied from
decreases in 14,
and with price changes ranging from
5.7% in Denver to a decrease of 8.6% in Dallas.
There
of
pared with the corresponding week of last year, it is 0.8% lower.
group
+2.2%
—1.5%
Roasting chickens...—1.1%
Salt pork
This week's farm products
index—77.4—is 3.2% above the corresponding week of last month.
furniture
Veal cutlets
only important price change in the
movements
increase
Rib chops..........+2.9%
+8.9%
+7.6%
+5.2%
..+4.7%
+3.6%
Pork chops..
Sand, gravel, linseed oil
of lower prices for lumber and chinawood oil.
94.4
93.2
June
June
June
30,
May
23.
22,
65.9
123.3
76.1
74.5
64.7
101.4
59.6
59.0
65.9
43.5
85.7
Fruits and vegetables
Fresh
78.3
70.1
68.9
67.7
67.5
98.2
79 !3
69.9
68.6
66.4
68.9
/ 78.3
78.2
78.3
84.4
66.7
98.1
58.2
57.8
57.7
63.0
52.5
102.5
67.3
67.6
67.7
70.8
67.3
110.5
24,
1936
1936
1935
23,
1934
June
June
May
20,
13,
1936
6.
1936
1936
99.9
75.2
60.6
Dairy
June
Commodity Croups
94.3
75.5
Eggs.
(1926=100.0)
products
Canned
1933
Dried
Beverages and chocolate.78.7
78.7
78.4
78.4
78.2
79.3
75.0
65.1
77.4
77.4
76.5
75.9
75.0
78.0
65.8
79.4
78.7
78.4
77.5
82.5
71.3
61.4
Fats and oils.
73.4
Sugar and sweets
N
Farm
products.
Foods
—
97.8
53.2
79.7
All commodities
.
Hides & leather products.
94.4
94.6
94.6
94.3
94.3
89.3
88.1
83.5
Textile
products
69.4
69.3
69.1
69.2
69.2
69.7
72.5
61.5
Fuel & lighting materials.
76.4
76.6
76.7
76.8
76.8
74.7
73.4
63.6
Metals & metal products.
85.5
85.7
85.7
85.7
85.7
85.9
87.1
78.9
Building materials.
85.6
85.8
*
74.2
74.8
81.5
49.9
93.4
64.3
-
64.1
63.8
64.9
61.0
72.3
Preliminary.
Egg costs
prices
1.7% higher, following their usual seasonal trend,
a marked shortage in the market supply.
were
has been
The
augmented by
cosji, of fruits and vegetables increased .11.8%.
85.7
85.7
85.6
85.1
87.6
74.2
Chemicals and drugs
77.6
77.3
77.3
77.4
77.3
80.0
75.5
73.6
Housefurnishing goods...
82.9
82.9
82.9
82.9
82.8
81.7
83.2
72.8
increase
Miscellaneous.
69.6
69.3
69.0
69.1
69.1
68.4
70.5
61.1
reporting
cities,
Raw
77.0
76.9
76.3
76.0
75.5
*
*
reporting
period since May,
Twenty-two of the
♦
materials..
Semi-manufac. articles...
74.1
74.1
74.0
74.1
74.1
*
*
*
Finished
80.5
80.4
80.4
80.5
80.5
*
♦
♦
products
items
than farm products
All commod. other than
79.0
78.9
78.8
79.0
78.8
79.5
77.0
67.8
farm.products & foods.
78.7
78.8
78.7
78.8
78.7
77.9
78.7
69.4
in
of
this
and
the
Potatoes led the advance, with an
in price.
rose
Higher
prices
potato
average
price
a
recorded
for
that
of
above
was
all
of
the
price-
any
The usual seasonal advance in potato
1930.
augmented by
were
marked shortage in the market
Bupply.
notably higher for all of the fresh products except onions,
declined
1.4%, and spinach, which decreased 3.6%, and celery
were
which
The canned
and bananas.
The cost of
Not computed.
group
27.3%.
has been
prices
Prices
All commodities other
*
29
1.0%.
dropped
products increased 0.1%; the dried, 0.7%.
The price of coffee
beverages and chocolate declined 0.5%.
Other
price changes in the group
were
relatively unim¬
portant.
Life
Insurance
Above Year
sales
May
States
were
Sales
United
in
During
States
May
Ago—Canadian Sales Increased 6%
which
of ordinary life insurance in the United
1% ahead on those for the same month last
Sales
more
figures are based on reports received from companies having
than 90% of the ordinary insurance in force.
1936, total sales were 89% of those
Sales during the year ending May 31, 1936,
the first five njonths of
Taking
for the
same
months in
1935.
94% of those for the year ending May 31,
1935.
improvement
The
following
of
summary
of sales of life insurance
issued by the Bureau:
in
paid-for ordinary life insurance, exclusive of group insurance,
of Canada during May were 6% ahead of sales for the
Dominion
month
duction
a
year
increased
The Province of British Columbia, where pro¬
over
last May, experienced the largest increase.
ago.
29%
loss of 4%
18%. The
sales
4% greater
than
of the last
12 months with the preceding 12 months, it is found that the ratio is 100%.
Quebec, where a
Newfoundland experienced a loss of
volume in Canada for the first five months of the year was
for the same period of 1935.
Comparing the experience
were
shown.
advance
The
which
in
In
areas.
than
of
2.8%
the
all of
in
costs
costs
51
in
higher, increasing 0.4%.
and molasses increased
the composite index
cities
5.0%
rose
included
or
these cities
each of
20.0%.
0.6%,
up
was
more,
all
of
The greatest increase, 6.6%,
where thp price of potatoes rose from 2.8c.
There
them in
the cost of fruits
was
and
The
Corn syrup
the result of higher
was
in the index.
0.4%.
six cities
were
Central
or
vegetables
Western
rose more
reported from Kansas City,
to 5.1c. per pound.
in
Canada during May was also
Sales
The cost of sugar and sweets was slightly
.
sales in the Middle Atlantic section, comprising
New York, New Jersey and Pennsylvania, where the proportion of business
written is larger than that of any other section, is the principal reason
for the favorable report for the country as a whole.
The
was
in 1935.
sugar
force
Gains
1.7%, was for oleomargarine.
The price of
1.6%, and is 16.7% lower than for the corresponding period
Lard compound was lower by 1.3%.
0.5%.
The Bureau's
same
1935.
1.1%, continued the gradual decline
No item in the group advanced in
fell off
declined
improvement over the same month of the previous year, an
by the Bureau, June 19, said, adding:
the
decrease of
a
September,
in
1935, that sales have shown an
announcement
in
lard
with
The greatest decline,
price of
first month since November,
were
began
price.
according to the monthly survey by the Life Insurance
Research Bureau, of Hartford, Conn.
This is the
year,
in
and oils,
Fats
recorded in every Province except
The colony of
Increase in Wholesale
June
Ended
20
Association
Commodity Prices During Week
Reported by^ National Fertilizer
According to the weekly wholesale commodity price index
compiled by the National Fertilizer Association, the aver¬
age of commodity prices advanced in the week ended June 20
to
76.9% from 76.1% in the preceding week, or to the
highest level reached since the second week in April.
A
month ago the index stood at 75.4%, and a year ago at
75.9%, based on the 1926-28 average as 100%.
In its
announcement, issued June 22, the Association also had the
following to say:
Sharp increases
in the
prices of farm products and foods
responsible for the increase in the index.
were largely
Rising grain prices, caused by
wool and
reports of drought, combined with higher quotations for cotton,
2.8% in Retail Costs of Food During Two
Weeks| Ended June 2 Reported by United States
Department of Labor
Increase of
j^,
>j
Retail
food costs
advanced 2.8% during the two weeks
livestock, caused
latest
week.
a
This
2.6% rise in the index of farm pfoduct prices in the
index was still 7.5% below the high point of
With 17 commodities included in the group rising In
price and only four declining, the food price index rose to the highest
point reached since last February.
A rise in the textile price index was
the year,
group
however.
Commissioner Lubin of the Bureau of Labor
Statistics of the United States Department of Labor an¬
nounced June 17.
"This increase, which is due primarily
to a sharp rise in the cost of fruits and vegetables, brings
the food cost index to the highest point of the current
Reserving
year," Mr. Lubin said.
"Higher prices were reported for
49 of the 84 foods included in the index.
Prices of 30
rubber tires resulted in
ended June 2,
foods were lower and five
added:
Mr. Lubin
.
index for June 2 stood at 82.1% of the 1923-25 average.
0.2% higher than for the corresponding period of last year, although
The composite
It is
showed no change."
about by higher prices for cotton, cotton goods, wool and silk;
items in the group to decline last week,were burlap and hemp.
the downward trend, which had lasted for several weeks, the
price of steel scrap showed a slight increase last week; this was merely
brought
the only
sufficient,
metal
however,
index
to
remained
offset
a
decline
unchanged.
a
in
Higher
tin,
with the
prices
for
result
cattle
that
feed
the
and
sharp rise In the index representing miscellaneous
commodities.
Forty-nine price series included in the index advanced during the week
and only 11
declined; in the preceding week there were 32 advances
and 19 declines; in the second preceding week there were 28 advances
and
19
declines.
Financial
4252
WEEKLY WHOLESALE, COMMODITY PRICE INDEX
*
Latest
Month
Year
Week
Week
Ago
June 20
June 13
May 23
Ago
June 22
1936
1936
1936
1935
79.8
78.9
76-3
Per Cent
,
Group
Bach Croup
Bears to the
•
Total Index
Foods..
28.6
Cottonseed oil.
Farm
77.8
69.2
67.6
66.4
67.4
86.9
86.0
83.1
96.0
73.1
Fats and oils
22.3
PreceWg
.
71.6
69.8
70.1
66.9
65.8
64.6
66.2
70.3
66.8
67.7
73.0
72.7
71.0
71.1
products
Cotton
Grains.....
—
Livestock.
June 27, 1936
Increase During May Over Year Ago Noted in Bank of
America's (California) Index of Western Business
1926-1928—100
Complied by the National Fertilizer Association.
Chronicle
The index of western business for May of the Bank of
America, head office San Francisco, stood at 72.2, a gain
of 13.7% over May of 1935, according to the June issue of
the bank's "Business Review."
The May 1936 index was
32% above the depression'low of March 1933, the bank said.
The figure declined 1.1 points from April 1936, which
compares with a decline of 2.6 points from April to May of
1935.
The bank further reported:
Fuels
Miscellaneous commodities
74.0
California's
manufacturing industries gained
.
79.6
77.4
72.0
69.1
15% in payrolls during May of this year over the corresponding month of
67.0
66.4
67.5
1935,
of
Textiles...
6.7
Metals
82.5
82.6
82.9
82.7
5.8
Building materials
Chemicals and drugs
80.7
80.7
80.1
78.1
while
94.4
94.4
65.1
65.2
65.6
64.8
71.1
70.7
70.7
77.3
.3
Farm machinery
92.6
92.6
92.6
92.0
the
76.9
76.1
75.4
75.9
months of the year
All groups combined
for the first five months of this year gained 21.8%.
Building and construction in California continued the upward trend of
year
with
a
78% gain in May
over
1935.
May,
For the first five
over
the like period last
building has increased 52.6%
and 208% over the first five months of 1934.
year
...
Indicating California's betterment in purchasing
Weekly Electric Production Reaches New All-Time High
Edison Electric
The
Institute, in its weekly statement,
the State in May increased 5.8% over May,
of electricity by the electric
industry of the United States for the week
ended June 20, 1935, totaled 2,005,243,000 kilowatt hours.
This is the second time that weekly electric output crossed
power
the two billion kilowatt hours mark since these figures have
been compiled, and is also the highest total ever reached.
Total output for the latest week indicated a gain of 13.0%
over the corresponding week of 1935, when output totaled
1,774,654,000 kilowatt hours.
Electric output during the week ended June 13 totaled
1,989,798,000 kilowatt hours.
This was a gain of 14.2%
over the 1,742,506,000 kilowatt hours produced during the
week
ended
June 15,
1935.
The Institute's statement
OVER PREVIOUS YEAR
ended
r—♦
Far West Business During May Largest for Month in
Six Years, According to Wells Fargo Bank & Union
Trust Co.,
San Francisco
May business in the Far West reached the highest level
for that month since 1930, according to the current business
outlook of The Wells Fargo Bank & Union Trust Co., San
The bank's index of western business, in which
equals the 1923-25 average, stood at 85.9 for the month
compared with 70.1 a year ago.
It was also stated:
Francisco.
100
Reflecting the increase in general business activity, newspaper advertis¬
ing in four major California cities in May was 11 % ahead of May last year.
Automobile sales
are at
the highest levels since
and 13,997 commercial cars sold
1929, with 103,532 passenger
during the 1936 January-May period
compared with 81,636 and 10,784 represtively
PERCENTAGE INCREASE
retail sales of
May 31. 1935.
cars
follows:
power,
1935, and the record of the
first five months of this year was 10.2% ahead of the five months
disclosed that the production
light and
increase
The State's bank debits in May increased 10.9% over May of 1935, and
94.4
Fertilizer materials
Fertilizers
....
an
8.5%,
.3
94.4
weekly earnings of employees showed
average
.3
100.0
in employment and
79.5
72.8
—
.
7.7
1.3
6%
79.5
74.2
67.7
16.4
10.3
a year ago.
Building permits
for 50 California cities during May showed a 70% increase over the same
month last year.
Week Ended
Week Ended
Major Geographic
June
Regions
20,
Week Ended
1936 June 13, 1936
Week Ended
June 6, 1936
May 30,
♦
1936
Betterment
15.4
Central
Rocky
11.1
8.1
Canadian
13.4
17.9
20.3
16.3
14.0
14.9
15.5
20.4
17.5
18.9
22.8
7.5
6.7
14.2
21.7
4.6
13.0
12.8
Coast.
•
While
various
political
11.9
18.0
Week of—
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
6...
1,954,830
1,922,108
1,945,018
1.989.798
2,005.243
June 13...
June 20...
June 27
DATA
RECENT
FOR
1935
1936
of
7,762,513
7,048,495
7,500,566
7,382,224
7,544,845
7,404,174
7,796,665
8,664,110
8,025,886
-
Feb
8,375,493
_
April...
May
8,336,990
June
July
AugustSept
...
+12.7
+ 12.1
+ 12.5
+ 15.5
+ 13.6
+ 14.5
+ 15.4
+15.3
+ 18.0
+ 12.8
+ 14.2
+13.0
1933
1932
1931
1930
1929
1,617
1,399
1,410
1,431
1,428
1,436
1,468
1,483
1,494
1,461
1,542
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
1,708
1,715
1,733
1,725
1,698
1,689
1,717
1,723
1,660
1,657
1,707
1,698
1,704
1,663
1.697
1,709
1,700
1,688
1.698
1.704
1.705
1,615
1,690
1.699
1,703
1,723
1.642
1,673
1,669
1,633
1.643
1,650
1,655
1,576
1,655
1,665
1,675
1,688
MONTHS
Ch'ge
+ 11.6
+ 13.9
+11.7
+ 12.9
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
Oct....
Nov
fore
Kilowaa-Hours
1,578
1,698
1,656
1,607
(THOUSANDS
OF
KWH.)
...
Deo.
93,420,266
1934
1933
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
1932
6,480,897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331.380
6,971,644
7,288,025
85,564,124 80,009,501 77,442,112 86,063,969
mately 92% of the electrio light and power industry and the weekly figures are
based on about 70%.
National Industrial Conference Board Reports Business
Activity Higher During May
Industrial
activity advanced for the third consecutive
during May, according to the regular monthly survey
of the National .Industrial Conference Board.
Under date
of June 25 the Board also said:
Substantial increases
electric
power
declines
in
were
industries.
the
reported by the residential building, steel, and
These
automobile,
were
only partially counterbalanced by
non-residential construction,
and
coal
in¬
dustries.
machine tool orders declined by about the usual seasonal
amount, but remained 62.2% higher than during the same month last year.
Indexes of trade and distribution reflect
were
a
continued advance.
Depart¬
sales, adjusted for the number of shopping days in the month,
3.5% higher than in April, and 15.7% higher than
retail sales, seaonally adjusted, rose to
a new
a year ago.
Rural
high point for the recovery
period.
.Carloadings of miscellaneous freight advanced to
than
a
are
are
finding employment and governments in all
giving closer attention to their budgets than hereto¬
view to striking a balance between income and expenditure.
Freight is moving
on
the railways in larger volume, the trend of common
in the future of Canadian mines, the golds
It is unlikely that business
enactments comprising the
pending
a
showing increasing interest
especially.
wili be affected in
any
appreciable degree by
so-called reform program of the late government
reference of these to the Judicial Committee of the Privy Council,
which it is understood will now be made.
The bank reports
it has been
Federal
that the business community, now that
apprised of the taxation and tariff policies of the
Government for the present fiscal year, has been
making the
necessary
adjustments of its arrangements, and
both wholesale and retail merchants report an encouraging
start with summer business.
There is the prospect of an
which
Country's Foreign Trade in May—Imports and Exports
The Bureau of Statistics of the Department
of Commerce
Washington on June 23 issued its statement on the for¬
eign trade of the United States for May and the 11 months
at
ended with
May, with comparison by months back to 1931.
The report is
follows:
as
May marked the fifth consecutive month of this
of United
States
year
in which the value
foreign trade has exceeded that of the corresponding month
last year.
4%
Exports, which usually show a slight seasonal decline, were
larger in value than in April, while imports declined 6% from the
April
value,
or approximately the usual
seasonal amount.
For the first
January merchandise exports exceeded imports.
Compared with May of last year, exports were 22% and imports 12%
larger in value.
For the first five months of the year, compared with the
time
since
corresponding period of 1935, exports have gained 14% and imports 16%.
Exports, including reexports, amounted to $201,042,000 compared with
$192,629,000 in April and with $165,459,000 in May, 1935.
The
increase
distributed
in
among
exports
compared
as
non-metallic
machinery and vehicles.
$12,223,000 in value to
minerals,
Exports of
with
May, 1935, were chiefly
and manufactures, and
metals
refined
mineral oils increased from
$17,249,000; iron and steel semi-manufactures
$7,573,000; copper, $2,791,000 to $3,824,000; elec¬
machinery and apparatus from $6,832,000 to $8,472,000, and
industrial machinery from $9,931,000 to $12,272,000.
Despite the earlier introduction of 1936 models, exports of automobiles
continued to exceed those of the corresponding period of last year.
Exports
from
$4,901,000 to
trical
.
The volume of
ment store
and
1931
Note—The monthly figures shown above are based on reports covering approxi¬
month
with
stock prices has been upward and investors are
of
Total
internal
even larger influx of summer tourists than a year ago,
will stimulate business in various directions.
P. C.
Month
March
in Millions of
1934
1,700,334
1,725,352
1,701,945
1,673,295
1,698,178
1,701,702
1,700,022
1,696,051
1,628,520
1,724,491
1,742,506
1,774,654
1,772,138
1,961,694
..
Jan
Weekly Data for Previous Years
1935
1,916,486
1,933,610
1,914,710
1.932.797
1,928,803
1,947,771
4...
11...
18__.
25...
2...
9
16
23...
30.
June
administrative fields
Ch'ge
1936
both
conditions,
Domestic and foreign trade slowly expands; the wheat situation is more
encouraging; more people
P. C.
Reported by Bank
external, continue to give uncertainty to the outlook, indica¬
tions of betterment in business throughout Canada are
multiplying, says the Bank of Montreal in its "Business
Summary" of June 24.
The Bank continued:
DATA FOR RECENT WEEKS
(In Thousands of
KilowattrHows)
Business
of Montreal
18.3
17.0
22.7
Total United States.
of
18.7
17.1
States
Mountain
Pacific
12.7
16.9
Industrial
Central
West
Southern
14.5
9.3
New England
Middle Atlantic
a
point 23.2% greater
a
new
low level for 1936 in the
middle of May, and have recovered only slightly since that time.
commodity prices, however, were about the
motor
trucks and buses
same as a year ago.
Retail
increased from 6,235,
10,805, valued at $5,386,000, and
valued at $3,308,000, to
and chassis from 18,503,
$7,990,000, to 17,670, valued at $9,677,000.
Although exports of meat products showed some resistance to recent
downward
tendencies^ they were smaller in value than in May, 1935, while
exports of lard were slightly larger.
Exports of apples continued to exceed
those
of
a
year
unmanufactured
during May, 1935.
Commodity prices at wholesale fell to
of
passenger
cars
valued at
366,000, to
tobacco
in value.
ago,
cotton
as
197,292,000
exports
were
did also
increased
pounds,
slightly
of canned fruits.
Exports of
161,387,000 pounds, valued at $19,valued at $22,905,000.
Unmanufactured
exports
from
larger
in
quantity,
but
slightly
smaller
Volume
General
goods
142
Financial
imports
(goods entered
for
storage in bonded
Chronicle
plus
warehouses,
GOLD
channels upon arrival in the United States)
$191,110,000 compared with $202,789,000 in April and with
$170,533,000 in May, 1935.
Imports for, consumption (goods entering
consumption channels immediately upon arrival, plus withdrawals from
bonded warehouses) amounted to
$188,421,000 compared with $199,787,000
in April and with
$166,756,000 in May, 1935.
The
increase in
chiefly
fibers
furs
and
rubber from
valued at
MONTHS—EXPORTS,
IMPORTS,
AND
NET
BALANCE
to
due
textile
of
4253
SILVERIBY
entering consumption
amounted
was
AND
imports for consumption,
to
and
increase
an
in
manufactures,
manufactures
the
and
increased
imports
wood
and
of
year
a
crude
furs,
products.
paper
1936
ago,
rubber,
Exports
Imports
Imports
from
smaller
amounts
in
1935
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Decrease(—)
5
49
140,065
26,346
258,841
1,060
574,851
*
169,952
140,016
232,495
573,791
203
2,885
4,989
13,501
1,368
93,613
10,515
80,782
4,785
10,616
92.245
+25,286
—316,010
70,267
Silver—
*'
Exports
Imports
,
imported in
1936
1,000
169,957
...
Excess of exports
Excess of imports
raw
be
1935
1,000
Gold—
wool and mohair from $2,010,000 to $3,401,000,
and newsprint from $7,930,000 to
$9,333,000.
/
'
Among products to
I
(+)
1,000
$4,830,000 -to $8,409,000; crude
68,780,000 pounds, valued at $7,552,000, to 82,992,000 pounds,
$11,951,000;
Increase
Dollars
compared with
as
"
■
5 Months Ended May
May
Exports and Imports
—9,146
+ 12,831
compared
May
with
May of last year were dairy products, corn, fodders and feeds, vege¬
tables and preparations,
coffee, raw silk and fertilizers.
One of the most
striking declines in imports occurred in the case of tallow, which declined
from 33,206,000
pounds, valued at $1,776,000, to 781,000 pounds, valued
at $34,000.
>
I,
Excess of exports.
..
_
Excess of imports
Gold
Month
or
Stiver
Period
,
Exports
of
$9,932,000.
1936
merchandise
exceeded
For the first five
general
months
exports by $3,292,000, compared with
of
16,155,000
Exports
and
in
of
the
gold
$49,000 in
of
imports
the year,
May,
to
1935.
merchandise
$5,000,
with
$51,000
TRADE
BY
MONTHS—EXPORTS,
in
May
1,000
1936
1,000
1,000
Dollars
9,932
969,545
972,837
5~074
3" 292
Dollars
Dollars
Dollars
Dollars
Dollars
4,715
14
253
1,551
51
141
734
209
540
44
21,521
28,123
237
62
37
16,741
535
6
49
1,780
203
166
6,586
1,248
1,661
3,128
1,593
2,885
1,717
1,547
2,009
859
46
51
or
Period
1936
1934
1933
76
242
310
2,957
170
140
10,815
26,346
27,080
Imports—
January
February...
45,981
7,002
7,795
28,106
169.957
March
April
May
June
1931
September
October
Exports
1,000
1,000
1,000
1,000
1,000
Dollars
Including Reexports
January
1,000
November
Dollars
Dollars
Dollars
Dollars
Dollars
December
198,654
176,223
172,220
120,589
February
150,022
163,007
162,752
190.938
164,151
201,042
165,459
170,244
179,427
160,197
170,519
10,515
2,572
7,015
3,321
2,281
464
590
5,321
21,562
16,551
19,342
18,801
19,041
2,457
8,038
19,085
3,593
1,763
17,536
16,351
8,115
20,842
11,002
2,128
1,823
1,955
4,435
1,520
5,275
4,490
13.501
4,989
10,444
30,230
855
1,693
5,431
45,689
48,898
60,065
47,603
15,472
2,458
21,926
20,831
30,820
11,602
5,386
3,494
14,425
4,106
4,083
15,011
8,711
4,977
5 mos.end. May 258,841 574,851 782,097 182,378
93,613 80,782 13,933
11 mos.end. May 1194431 909,134 791,780 397,843 356,918 164,143
47.580
12 mos. end. Dec
1740979 1186671 193,197
354,531 102,725
224,346
185,026
101,515
108,015
153,972
195,190
192,629
58,483
343
11,105
249,598
182,030
March
149,755
1,947 128,479
122,817 452,622 30,397
13,543 237,380
14,948
148,670 54,785
6,769
140,065 35,362
1,785
230,538 70,291
1,136
16,287
52,460
1,497
46,085 51,781
1,085
156,805
1,545
3,585
315,424 13,010
1,696
210.810 121,199
2,174
190,180
92,249
1,687
235
1,789
1,741
1,424
1,162
1,698
1,014
260
1,368
7,938
193
1,638
2,404
1,472
1,060
6,626 89,323
40,607 279,575 131,013
1,960
52,759 366,652
269
1,425
769
....
-11 mos.end. May
12 mos. end. Dec
1.000
665
512
December
+115,678
+ 135,125
1932
81,473
58,282
34,046
14,556
22,255
2,173
86
August
1935
114
102
July.
Month
59
22,925
4,380
85,375
.<•
October
16,155
"
Dollars
363
November
RE-
Dollars
853,867
837,712
Dollars
338
23,637
2,315
5 mos.end. May
Dollars
Excess of Imports
1,000
August
(+)
Decrease(—)
1,000
Dollars
165,459
170,533
Excess of exports
1,000
September
1935.
1935
Dollars
191,110
1,000
July
OF TRADE
201,042
Exports
Imports
1,000
June
5 Months Ended May
1935
1,000
April
May
Increase
1936
1933
1,000
March
April
INCLUDING
EXPORT8, GENERAL IMPORTS, AND BALANCE
Exports and Imports
1934
1,000
Dollars
Exports
Imports of
$4,490,000 in April'and $13,601,000 in May,
MERCHANDISE
1935
January
February
$4,989,000,
with
1936
1,000
gold amounted to $169,957,000,
compared with $28,106,000 in April and with $140,065,000 in
May, 1935.
Silver exports amounted to
$203,000, compared with $535,000 in April
and
$2,885,000 in. May, 1935.
Silver imports amounted to
compared
1933
by
1935.
compared
1934
imports have exceeded
net balance of merchandise exports
a
corresponding period of
amounted
of
1935
April
May
June
...
July
August
September
173,230
172,126
October
198,803
221,296
».
November.
269,838
December
223,469
5
mos.
11
mos.
end. May
end. May
12 mos. end. Dec
154,876
235,899
105,217
135,095
215.077
114,203
131,899
119,790
114,148
144,109
106,830
108,599
132,037
187,077
180,772
161,672
171,984
191,313
206,413
160,119
193.069
194,712
170,654
184,256
192,638
131,473
153,090
138,834
131,614
Farm
164,808
180,228
204,905
definite
193,540
184,070
187,482
October
166,832
152,491
177.356
170,500
170,533
156,754
176,631
169,030
161,647
189.357
November
169,385
131,658
129,635
150,919
150,867
128,541
104,468
December
186,968
132,258
133,518
97,087
192,771
;
198,686
April
May..
202,789
191,110
June
July
August
September
5
mos.
end. May
11
mos.
end.
May
12
mos.
end.
Deo
135,706
132,753
158,105
146,523
154,647
136,109
127,229
96,006
135,520
83,748
94,860
88,412
130,999
131,189
126,522
112,276
106,869
122,197
110,280
pared with
142,980
154,918
146,643
119,513
79,421
91,102
98,411
105,499
972,837
837,712
727,734
469,895
636,506
933,696
2,025,855 1,628,924 1,585,201 1,045,883 1,619,990 2,258,620
2,047,485 1,655,055 1,449,559 1,322,774
2,090,635
MERCHANDISE TRADE BY MONTHS—EXPORTS OF UNITED
MERCHANDISE AND
IMPORTS FOR
Exports and Imports
1936
1935
1936
1935
Increase{•f)
Decrease(—)
1,000
Month
Period
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
197,290
188,421
159,791
166,756
958,469
835,841
829,039
to
hired
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
considerably
From
000,000
February
179,387
192,482
189,407
197,290
June
160.511
159,791
167,278
July
August
September...
167,865
169,683
...
196,040
218,184
October
November
267,258
220,931
December
mos.
11
mos.
12
mos.
end. May
954,347
835,841
end. May... 2,194,308 1,917,813
end. Dec
2,243,081
169,577
159,617
187,418
176,490
157,161
167,902
159,128
169,851
188,860
203,536
192,156
168,442
118,559
146,906
1931
March
186,393
189,587
194,280
...
April
May.
199,787
...
188,421
June
July
168,482
152,246
175,485
166,070
166,756
155,313
173,096
180,381
168,683
August
September
128,976
125,047
117,262
149,893
in
190,339
mos.
mos.
end. Dec
183,284
129,804
130,584
177,483
205,690
123,176
152,714
93,375
102,933
105,295
95,898
149,516
127,170
12
134,311
182,867
176,443
170,747
174,559
168,735
174,740
171,589
152,802
126,193
112,611
112,509
79,934
104,662
958,469
829,039
696,133
466,023
630,486
925,767
2,013,023 1,633,842 1,539,192 1,048,121 1,622,427 2,232,270
average
board
April
averaged
year
a
ago.
Wages
season.
summer
of $35 the country
over
in 1929
indicates that
1935,
year
with
as
about
was
paid
result
a
the
of
2,038,905 1,636,003 1,433,013 1,325,093 2,088,455
;'
to
that the payroll will be
prospect
a
'
$400,000,000
the payroll
higher
wages
and
the
for
farm
set
hands averaged
in,
the total
about $900,-
dropped, affecting
payroll
were
in
of hired
hands
on farms
dropped from 2,555,000
1,770,000 in 1935, but is somewhat larger now.
There were 89
100
100
farms
made
farms
of
reports
a
year
100 hired hands per
a
large
this
ago,
number
spring
79
of
in 1933,
farmers
who
and
and
representing
73 hired
reported
106
in
1929.
There
100 farms in July a year ago compared with 101
July, 1933, and 139 in July,
1929.
Farmers—forced to economize during the depression as a result of lowered
180,801
129,538
137,975
149,470
11
to
136,402
128,975
157,490
190,842
181,291
189,808
189,806
end. May
end. May
1929
151,035
104,276
106,270
179,760
this
number
to
132,268
141,673
162,828
an
with
in
number of
151,048
129,315
October
$19.11
v
estimated
advanced
128,553
109,478
December
month
per
with
When the depression
year.
that
103,265
111,845
117,517
92,718
84,164
91,893
88,107
109,141
123,931
141,018
in
1929
199,225
182,797
177,025
161,494
177,382
301,390
151.403
November
mos.
a
to
substitution
99,423
106,293
147,599
149,288
125,269
5
larger
1924
245,727
220,660
231,081
210,061
850,262
539,385
710,178 1,106,754
1,840,582 1,295,880 1,798,609 2,848,760
2,100,135 1,647.220 1,576,151 2,377,982
153,396
141,247
147,467
135,067
124,010
paid
wages
compared
reached.
The
income—reduced
available
from
when
farm
the
of
to
other
urban
family
the
laid
off
labor
for
hired
depression
city.
*
members
The
of
caused
Bureau
farm
hands.
reversal
a
does
families
labor,
not
for
There
with
of
the
maintain
a
their labor.
considerable
was
more
family
normal
record
But it
labor
migration
of
moneys
recognizes
persons in the farm home during the depression was
instances by members formerly engaged in industrial and
who, no longer employed, returned to farms
employment
operated by their parents
Increases
and
wages
increased in many
in
or
other relatives and received employment there.
Industrial
Employment and Payrolls in
April Reported by Illinois
Department of Labor
Illinois During May over
Imports for
Consumption
January
February
com¬
$537,000,000; for 1932, $380,000,000, and in 1933 the low point of $352,000,000
was
Dollars
173,560
160,312
181,667
this spring
reported June 22 by the Bureau
larger number of workers employed.
per
Dollars
195,781
farm
over,
farms
on
who
U. S. Merchandise
1932
employment of hired labor
of wages paid
advance with the coming of the
estimate
per
1934
April
May
labor
hands
1,000
by
The average for 1935 was about $19.
preliminary
State,
1935
March
$15 in 1933.
A
every
1,000
1933
farm
was
month with board fell from
hired
1,000
January
an
+118,506
Exports
5
per
spring
country
usually
+ 129,430
1936
or
the
hands
954,547
in
a year ago
the
During
$20.89
There is
1,000
Dollars
Exports (U. S. mdse.)..
Imports for consumption
increase
both the number employed and the rate of wages paid.
In 1930 the
of hired labor on farms was estimated at
$809,000,000; for 1931,
5 Months Ended May
May
Higher
partment of Agriculture, which went on to say:
STATES
CONSUMPTION
Reported
Wages
of Agricultural Economics, United States Department of
Agriculture.
The Bureau anticipates
a
continuance of
higher levels of employment and wages through the sum¬
mer, it was stated in an announcement issued by the De¬
183,148
174,946
210,202
185,706
179,694
173,455
174,460
166,679
170,384
168,708
149,480
153,773
and
and auincrease in the rate
General Imports—
January
February
Employment
60,225
Bureau of Agricultural Economics
969,545
853,867
865,534
549,539
725,864 1,128,890
2,228;308 1,950,615 1,871,198 1,320,543 1,834,187 2,896,353
2,282.874 2,132,800 1,674,994 1,611,016 2,424,289
March
20,002
203,970
In reviewing the industrial situation in Illinois
during
May, Peter T. Swanish, Chief of the Division of Statistics
and Research of the Illinois Department of Labor, said that
the statistical summary of data contained in reports of 4,574
manufacturing and non-manufacturing enterprises shows
''increases of 1.1% in employment and 1.7% in total wage
payments." Mr. Swanish stated:
For the
13-year period, 1923-1935, inclusive, the records of the Division
of Statistics and Research show that the average April-May changes were
a
decrease of 0.2 of 1%
payrolls.
in employment and an increase of 0.3 of 1% in
The current April-May increases of 1.1% and 1.7% in employ¬
ment and payrolls,
respectively, exhibit
a
contra, and greater than seasonal
Financial
4254
It will be recalled that the March-April changes were contra-seasonal.
therefore, the changes represent further
gain.
For the second consecutive month,
incremental
and total wage
both employment
in
growth
payments
in
Illinois industries.
the review issued by Mr. Swanish
The following is from
June 18:
on
1936, indexes show increases of
Compared with May, 1935, the May,
6.1% in employment and 14.2% in total wages
The index of employment
June 27, 193€
Chronicle
Monthly statistics on
automobile financing for January to Aprii,
cle" of March 21, 1936, page
paid.
Retail Financing
Year
Wages Paid, According to Sex
Changes in Employment and
during May as compared with
respectively,
employment,
April.
establishments, the number of male
total
wages
and female workers increased 1.1% and
paid female workers increased 4.0%
April..
while
during the April-May
1.7% in the number of male, but a
decrease of 1.9% in the number of female workers employed during the
April-May period. Total wage payments to male workers increased 1.0%,
but total wages paid female workers declined 1.2% during the same period.
For male and
establishments,
female workers combined, in all reporting
increased 1.6%. Total hours worked by male and
female workers during May increased 1.8% and 3.4%, respectively.
In the manufacturing group of industries, 1,913 enterprises reported
man-hours for male and female workers combined, and in these establish*
ments the total hours worked were 2.4% greater in May than in April.
Hours worked in 1,861 manufacturing establishments, reporting manhours for male and female workers, separately, increased 1.8% for male
workers.
non-manufacturing group 1,387 enterprises reported a decrease of
workers, and 4.5% for female
In the
in total man-hours
0-3 of 1%
$93,315,211
103,170
91.671,545
150,820,930
180,926,890
172,388
209,307
$58,199,684
67,038,172
97,778,634
119,894,021
$593,208,837 1,299,736
$516,734,576
583,818
$332,910,511
98,953
and
worked by male
a
Slight Decline from Previous
regional associations cov¬
Association from
hardwood and softwood
during the week ended
Reported new business
13 was 10% below production;
Shipments were
below output.
Production in the week ended June 13
shown by reporting softwood mills 63% above the cor¬
responding week of last year, when production in the
largely suspended by strikes; shipments were
above last year's week;
new business, 53%
above.
was
ended
Mills,
567
Total (4 months)
Summary
shipments,
feet;
reported
as
feet,
or
8%
for the same week were
below
production.
Production
was
feet.
.
...
feet
$159,362,909
$88,648,793
99,880
95,848
167,024
202,995
$56,283,637
565,747
$322,470,877
$118,872,106
228,094
218,520
356,432
April
189,480,701 d423,220
87.169,493
143,515,240
172,981,891
$576,330,713 1,226,266
$492,315,417
Total (4 months).
55.232.441
94,664,245
116,296,554
1935—
$93,830,358
February
106.054,455
149,583
176,585
$56,151,891
66.418,983
66,193
79,608
$35,930,838
42.779,415
March
145,674.233
254,539
April
159,930,306
302,860
95,184,296
113,026,005
115,913
135,811
73,058,338
$505,389,352
883,567
$330,781,175
397,525
$213,496,317
$35,879,064
01,513,896
102,775,967
121,060,526
101,700
$34,437,380
45.377,552
34,426
124,349
183,724
69,202,632
84,300
231,735
87,998,227
107,925
$19,189,736
29,290,038
46,427,926
59,772,079
$321,229,453
641,508
$237,015,791
279,423
$154,679,779
Total (4months).
61,721,726
1934—
March
April
.
52,772
Retail Financing
Year
Unclassified
Used Cars
and
Month
Number
Volume
Number
Volume
of Cars
in Dollars
of Cars
in Dollars
Summary for 456 Identic al Organizat
1936—
tons
a
»
137,780
January
1,494
$34,617,964
$497,563
605,267
February
131.666
34.128,106
1,487
March
203,523
234,766
52,235,748
60,052,639
2,319
806,548
2,883
980,230
707,735
$181,034,457
8,183
$2,789,608
January..
87,177
$20,650,382
3,453
$1,260,431
February.
101.294
24.107,645
3,702
March
144,843
174,775
34,267,163
41,002,364
5,153
1,355,033
1,855,782
6,602
2,038,731
508,089
$120,027,554
17,910
$6,509,977
71,607
April..
Total (4 months)
1935—
April
Total (4 months)
1934—
April
Total (4 months)
$15,864,436
2,699
16.510,453
2.747
129,281
March
75,283
104,369
January..
23,274,757
28,859,676
3,947
4,268
$827,212
889,816
1,406,993
1,531,685
380,540
$84,509,322
13,661
$4,655,706
Summary for 282 Identi col Organiza tions
c
126,720
$31,867,593
1,494
$497,563
February
121,185
March
187,089
217,342
31,431,785
48,044,447
806,548
55,705,107
1,487
2,319
2,883
652,336
$167,048,932
8,183
$2,789,608
$1,260,431
January
April
Total (4 months)
505,267
980,230
1935—
January..
79,937
93,275
$18,954,622
3,453
22.284.535
3,702
1,355.033
133,473
161,447
31,606,788
37,928,936
5,153
5,602
2,038,731
468,132
$110,774,881
17,910
$6,509,977
January..
64,575
$14,420,432
15.197,698
2,699
68,830
95,477
119,542
21,367,713
26,694,463
3,947
4,268
1,531,685
348,424
$77,680,306
13,661
$4,655,706
February.
March
April
Total (4 months)
449
229,805,000
respectively,
received, 207,434,000
identical softwood mills
and
135,510,000
127,858,000
feet,
and
orders
1,855,782
1934—
March
Identical Mill Reports
week's production of
and
288,014
154,147,411
2,747
$827,212
889,816
1,406,993
was
feet, and a year ago it was 140,913,000 feet; shipments were,
211,578,000
$248,527,937
113.830.495
April
Last
682,215
Identical Org anizafions
February.
Shipments
10,180,000
$326,693,526
1936—
217,955,000
feet, or 8% below production.
Production was 236,906,000 feet.
Reports from 90 hardwood mills give new business as 8,785,000 feet,
or
21% below production.
Shipments as reported for the same week
11,101,000
$19,841,711
30,223,621
47,838,975
61,458,602
March
feet;
240,104,000
regions
were
244,537
86,880
110,988
1936—
combined;
;
mills.
35,691
54,455
72,520,725
91,849,963
February
February.
reported orders below production during the week ended
June 13 ; all but California redwood reported shipments below production.
All softwood! regions but Southern pine and Northern pine reported orders
above corresponding week of last year.
All but Northern pine and Northern
hemlock
reported shipments above last year's week; all but Northern
hemlock reported output above that of last year.
Lumber orders reported for the week ended June 13, 1936, by 486 soft¬
wood mills totaled 213,268,000 feet, or 10% below the production of the
All
.
for 282
January
Revised figures for the preceding week were:
production, 258,165,000
226,654,000 feet.
*
orders,
The
557 mills produced 248,007,000 feet
shipped 228,135,000 feet; booked
June 13,
softwoods
222,053,000 feet.
of
47,623,890
122,967,488
April..
West
65%
report further showed:
and
hardwoods
$36,533,359
195,196
March.
8%
Reported new business of the previous week,
ended June 6, was 12% below production; shipments were
During the week
109,997
132,485
104,597,190
February
,
January
below output.
orders
$36,577,358
62,551,490
$517,008,914
Total (4 months).
Total (4 months)
ering the operations of important
Association's
$221,181,831
320,855
Orders
13,1936,
stood at 70% of the 1929 weekly average of production
and 66% of 1929 shipments, compared with 71% and 68%,
respectively, the previous week.
Reported production dur*
ing the week ended June 13 of 2% fewer mills was 4%
below revised production figures
of the preceding week;
shipments and orders were 5% and 2%, respectively, below
that week, according to reports to the National Lumber
June
411,615
163,235,442
during the week ended June
The lumber industry
mills.
$347,719,362
April
February
Week—Production Continues to Exceed
Manufacturers
937,614
100,076,895
January..
+
Lumber Movement Shows
63,953,950
75,622,340
69,873,418
270,099
January..
and female workers, respectively.
actual hours worked in May by
1.5% less than in April.
or
118,663,435
187,566
149,057,165
man-hours
406,487 wage earners in the 3,300
industrial enterprises reporting man-hours showed no change from the
average of 40.3 in April.
In the manufacturing plants the average hours
were 40.2 in May as compared with 40.0 in April. In the non-manufacturing
enterprises, the average number of hours worked per week during May was
^ Average
44,410.740
108 660,597
March.
worked by male and female workers com¬
1,264 concerns showed an
decrease of 1.0% in the total number of
37,194,801
68,464
82,570
120,103
140,478
59,105,614
169,094
February
Within this classification of industries,
bined.
increase of 1.5%
feet
242,444
$96,059,710
January
1934—
the total number of hours
same
months).
Total (4
May in Comparison with April
Changes in Man-Hours During
was
in Dollars
1935—
1,718
non-manufacturing industries taken as a group, representing
reporting enterprises, showed increases of
7%
of Cars
232,106
117,133,986
378,230
158,555,634
194,323,329 b446,956
March
period.
The
Volume
in Dollars
$123,195,888
February,«
Total wage payments to males increased 2.1%
2.7%, respectively.
Number
1936—
January
classification of industries, 2,128 reporting
the manufacturing
Within
Volume
identical Orga nizations
Summary for 456
males increased 1.8% while total wages paid to
Number
of Cars
industrial enterprises, which designated the sex of
1.2% and 1.0% in male and
Total wage payments to
New Cars
Total
Volume
in Dollars
working forces, showed Increases of
female
of
Wholesale
Financing
Month
female workers increased 1.9%.
40.5,
1897.
for all reporting industries rose from 74.0 in
and
Reports from 3,846
are
AUTOMOBILE FINANCING
57.1 to 65.2, respectively.
their
1934,
of 1935 and
1936, while the index of payrolls advanced from
May, 1935, to 78.5 in May,
1936,
presented in two tables
below; as is indicated, the first part of each table is based on data reported
by 456 identical organizations, and the second part by 282 identical organ¬
izations.
These statistics were released the current week by Director
William L. Austin, Bureau of the Census, Department of Commerce.
Figures for months prior to those shown below were reported in the "Chroni¬
and for the same months
feet.
a
Of these organizations, 37 have discontinued automobile financing,
b Of this
were new cars, 52.5%
were used cars, and 0.7% unclassified,
organizations, 24 have discontinued automobile financing,
d Of this
number, 48.0% were new cars, 51.3% used cars, and 0.7% unclassified.
number,
c
46.8%
Of the 282
Automobile Financing for April, 1936
The
dollar
volume
of
retail financing
for
April,
1936,
Automobile Sales in May
amounted to $180,926,890, an increase of 20.0% when com¬
pared with March, 1936; an increase of 52.5% compared
with April, 1935, and 97.0% compared with April, 1934.
The $194,323,329 shown for wholesale financing for April,
1936, is an increase of 22.6% as against March, 1936;
an increase of 19.0% compared with April, 1935, and an in¬
crease of 58.0% compared with April, 1934.
The Bureau of the Census has issued the figures in the
table below of factory sales of automobiles manufactured in
the United States (including foreign assemblies from parts
made in the United States and reported as complete units
or
vehicles) for May, 1936.
Canadian production figures
supplied by the Dominion Bureau of Statistics.
have been
Financial
Volume 142
NUMBER OF VEHICLES
(INCLUDING CHASSIS)
4255
Chronicle
Canada
(Factory sales)
(Production)
,
Since
June
northern
Year and Month
Passen¬
(.All
Passenoer
Trucks,
(All
Vehicles)
Cars
Ac.
Vehicles)
oer
Trucks
western
ment
Cars
1
the
Tennessee to
northern
in the western part
Pastures
are
still
364,004
298,274
65,730
287,606
224,816
62,790
13,302
13,268
March.
420,971
343,523
77,448
502,775
460,565
417,133
385,507
2,035,921
289,728
332,231
425,913
«...
April
May
Total (5 months)
2,041
2,415
17,974
11,261
10,853
14,488
24.951
20.247
20,006
16,389
3,617
1,669,253
366,668
89,501
73,238
16,263
227,554
273,576
62,174
58,655
359,410
66,503
10,607
18,114
21,975
3,672
drought, but
about
outstanding drought
Petroleum
as
'
•
another
area
There has
»
.
sharply in the
extending from
been
some
improve¬
low
as
they
at this
were
season
in the
other
1933 and 1911.
years,
Products—Elk
Its
and
2,338
452,936
361,107
387.158
65,778
24,123
305,547
55,560
20,702
1,861,915
1,553,245
308,670
95,521
78,051
17,470
155,666
231,256
338.434
112,754
186,774
6,904
8,571
14,180
4,946
7,101
12,272
1,958
1,470
1,908
one
279,274
42,912
43,482
59,160
352,975
288.355
64,620
18,363
15,451
2,912
Hills
Crude
Prices
West Coast crude prices.
March
April
May
4,229
3,796
3,435
1934—
January
February
March
April
May
330,455
273,764
56,691
20,161
16,504
3,657
1,407,786
Total (5 months)
-
of the Lake Region and in the West.
8,269
13,885
18,179
20,688
17,030
February.......
Total (5 months)....
'
Advanced—High Crude Output Cited as Danger
to Market—Daily Average Crude Production Shows
Only Small Dip in Week
1935—
January...
are
York.
New
•
declined
4,704
75,058
has
pastures
3.486
85,642
of
materially better than in 1934, the year of the great
1936—
January
February
in the drought areas.
condition
part of the Great Plains area and in
Total
Total
these areas has not offset
So far, however, improvement in
during June.
the decline in crop prospects
United States
1,140,921
266,865
68,179
56,274
11,905
Summary of Crop Situation in Canadian Provinces—
Dominion
Bureau
of Statistics
Reports Wheat
Affected by Dry Spells
The Dominion Bureau of Statistics, at Ottawa, issued on
a series of 15 weekly telegraphic reports
Further
improvement in
the California
oil picture
veloped during the week when the Standard Oil Co.
de¬
of
California posted substantial increases in crude postings in
the Elk Hills section,
$1.04
a
increasing the
barrel to 70 cents to $1.38
of the
areas
range
a
from 65 cents to
Elk Hill was
barrel.
omitted from the recent general advance in
The advances in Elk Hills
lifting the field to parity with
general increase was effective
leaves only a few fields, where production is still out of line
with demand, under
the State-wide crude price level.
Alamitos
Heights, Dominguez, Lakeview and Midway
Sunset are the only fields operating under the low prices.
At the time of the general advance a few months back,
several fields were omitted from the marked-up schedule
the other sections where the
June 23 the fifth of
due to the fact that
covering
demand and operators were not making any concerted effort
to correct the situation.
Standard Oil Co. of California,
conditions in the three Prairie Provinces of
Bureau said that 50 correspondents dis¬
tributed over the agriculture area supply the information on
which the reports are based.
The following summary is
from the report issued June 23:
crop
Canada.
The
Summary
Early-sown fields
southern prairie
short stems
and
As
Light
southeastern
usual, there is
crops
and
generally in
the
blade
shot
the
across
of the drier regions, wheat is heading out with
some
heads.
prospects.
crop
extreme
almost
are
and, in
expected
are
of
most
in
western
central and north-eastern Alberta.
wide regional variation in
a
Southwestern
Saskatchewan,
Manitoba,
and in east-
Over the remaining area, growth has
been fairly normal, but the effects of two dry spells cannot be minimized.
Late-sown crops are generally described as uneven and patchy, suffering
from
most
lack
Grasshoppers
western
and
of rain
sure
at
crucial
periods of germination
and stooling.
under good control almost everywhere, excepting south¬
Manitoba, but cutworm damage is continuing in southern Alberta
south-western
in particular.
Saskatchewan,
Pathologists report
no
serious plant diseases in evidence in surveys made to date.
Heavy rains covered the persistent drought
in west-central
area
north-western Saskatchewan and in east-central Alberta and
in encouraging new growth.
Alberta
also
of
received
Manitoba
Southern
areas
of Manitoba and
good rains, lessening toward the
and
peratures varied within
received
Alberta
a
effective
Most of southern Saskatchewan also received
good rains, lessening toward the west.
areas
were
and
few
practically
Southern
west..
no
rainfall.
Tem¬
degrees of normal, being higher in Alberta
and western Saskatchewan.
Crop
Report
Prairie
of
Bank
of
Provinces
Montreal—Conditions
Dominion
of
"Following general rains,
in
Improving
in the Prairie Provinces
doing well and pastures are
improving," according to the current crop report of the
Bank of Montreal, issued June 25.
"Moisture reserves are
low, however, in some districts of the extreme southern
of
Canada
western
Wheat
Saskatchewan and small
is
supply of moisture but
the
British
warm
doing well and have overcome the set¬
crops generally are
adverse conditions in the early
to
Fall wheat is headed out,
In
in Eastern Alberta.
The bank adds:
Quebec,
back due
areas
stooling well in districts where moisture is ad¬
equate."
In
crops
are
Manitoba and Saskatchewan and also in North¬
of
areas
the whole
on
Maritime
Spring.
In Ontario, where
continued cool weather has helped to retain the
warm
rains are now required in most sections.
Provinces,
conditions
generally
favorable.
are
In
Columbia, cool weather and heavy rains have been general but
weather
now
prevails and growing conditions are satisfactory.
Crop Prospects Lowered During First Half of June—
Crop Reporting Board Reports Pastures Affected
by Dry Weather
Prospects for spring grains and hay crops declined during
first half of June, according to a statement issued
June 19 by the Crop Reporting Board, which said that pas¬
the
tures have also been
It
was
Crops
in
adversely affected by the dry weather.
also stated:
are
in
critical condition
Montana.
eastern
In
in western North and South Dakota and
northeastern
Wyoming
crops
have had only partial
from
central
relief.
Part
of
the
Kentucky and
ficient
rain
setting
of
southeastern
germinate
tobacco
cowpeas,
seriously
dry.
rather
rapidly
and
seriously dry
planted
the
and
soybeans
most of the
stretching
area,
Virginia, which was
to
in
whole
land
of
this
Ohio
the
area
Valley
for
in
as
late
area,
and
hay
crops
into
area,
and
dry
to
permit
the
such
crops,
however,
are
as
still
have been declining
conditions
prevail
in
stretching from central New York and southeastern
to central
Georgia and the Rio Grande River.
Corn, although threatened in some areas, does not
seriously
and
cotton,
of
Parts
Prospects for the oat
Nebraska southward
and
corn
preparation
peanuts.
Georgia
June 1, has had suf¬
on
appear
to have suffered
yet, and prospects for most field crops have probably improved
the far Northwest,
during May), and in
in much of the Southwest
parts of other States
northern Iowa, Minnesota
(where rainfall
(chiefly
Wisconsin,
was
heavy
Michigan,
and Nebraska), where rainfall has been adequate
which led in the
production there
was
far above market
toward higher prices, announced at
prices would not be lifted until produc¬
tion had been brought more in line with market demand.
An allowable of 526,175 barrels of crude oil daily for July
for Oklahoma was recommended by operators to the Corpora¬
tion Commission at a State-wide proration hearing held in
Oklahoma City on June 25.
The suggested allowable is
only 1,300 barrels above the current total and is 43,675
barrels under the 569,800-barrel level recommended by the
move
the time that crude
United
States
Bureau
of Mines.
Oklahoma oil
men
feel
high to keep production
in line with market demands, and held that since Texas had
taken action to pare its production Oklahoma should co¬
operate.
The entire increase will be allotted to new wildcat
wells.
Other pools were asked to hold their production
unchanged.
The danger of continued high crude production was cited
in an article in the "Lamp," official publication of the
Standard Oil Co. of New Jersey.
"There is such a volume
of crude oil production in the United States," it was pointed
out, "and such a tremendous demand for the various prod¬
ucts as to make it impossible for a shortage or over-supply to be
translated immediately into a corrective rise or fall in prices."
Due to the sharply higher production of crude oil and the
manufacture of too much gasoline, there have been "super¬
ficial" indications of late that lower prices may be expected
unless the industry lets down its runs. Pointing out that
"the weak spot is the accumulation of gasoline," the "Lamp"
continued, "the industry entered the current year with
stocks considerably higher than necessary.
Then, instead
of utilizing this surplus accumulation and reducing refinery
runs, the trend has been in the opposite direction.
So even
with a most satisfactory gain in consumption, the industry
as a whole has gone on turning out motor fuel at such a
rate as to prevent the seasonal draft on stocks which is
needed to restore stability.
that the Government estimate is too
"For the first four months of 1936 there was an increase
in gasoline demand amounting to 8.19%.
Had the refiners
been content to continue operations on the 1935 basis this
gain in consumption would have eaten into the huge stocks
already waiting in tanks.
But against the 8.19% gain in
sales, refinery runs have increased 12.21%.
The result is
that in the first four months of 1936, current demand was
satisfied and 9,400,000 barrels of crude and productions,
of which 8,700,000 barrels were products, went into storage."
After pointing out the danger of winding up the year
with stocks far above normal and the corresponding pressure
upon
refined and crude prices, the magazine said in conclusion
"in the oil business, as in other manufacturing, the average
producer falls into the same error with each period of ex¬
pansion.
Looking ahead at prospective gains in consump¬
tion, he and his associates in a particular area set out to
increase their production not only sufficiently to take care
of their own proper share of the new business, but to provide
for all of the increased consumption in the rest of the country
as well.
The result is an overall increase in supply far ahead
of any possible gain in demand."
A slight drop in daily average crude oil production for the
week ended June 20 carried the total
from the record
a
little bit further away
3,000,000-barrel level set in the latter part
of May, near which output has been hovering ever since.
The American Petroleum Institute reported that crude
production for the period of 2,963,400 barrels was 8,000
barrels under the previous week.
The total compared with
estimated June demand of 2,838,300 barrels set by the
United States Bureau of Mines, and actual production in
the like 1935 period of 2,728,300 barrels.
Financial
4256
Chronicle
June 27, 1936
Gasoline, Service Station, Tax Included
A
sharp increase in Texas offset reductions in Oklahoma,
Texas production rose 17,850
barrels to 1,163,550, against a recommended total of 1,125,California and other States.
The decline at Oklahoma carried the total off
700 barrels.
20,900 barrels to 546,350 barrels, against a recommended
level of 552,500 barrels.
Louisiana showed only a nominal
increase, rising 1,650 barrels to 221,100 barrels, against the
Bureau of
June 23—Standard
a
Oil Co.
crude oil prices at Elk
of California lifted
of 65 cents to $1.04 to
range
a range
of 70 cents to $1.38
Prices of Typical Crudes per Barrel at
(All gravities where A. P. I. degrees
Bradford, Pa
$2.45
a
barrel.
Wells
are not
shown)
Lima (Ohio Oil Co.)
1.25
Eldorado, Ark., 40
Rusk, Texas, 40 and
Corning, Pa
1.42
Darst Creek
Illinois
1.23
Central Field, Mich
Western Kentucky
1.23
$1.10
1.15
over
.97
1.42
Mld-Cont't., Okla., 40 and above— 1.18
Sunburst, Mont
Huntington, Calif., 30 and
Winkler, Texas
Kettlemen Hills, 39 and over..
.85
Smackover. Ark„ 24 and
REFINED
_
$. 184
_
New Orleans
.23
.16
Philadelphia
Pittsburgh
175
.195
.20
San Francisco
.16
.19
St. Louis
.192
.168
Cleveland
Newark..———-
Camden
.168
Detroit
.123
Jacksonville
.165
Houston
.175
Los Angeles..
.15
zBrooklyn—
-
-—-
Boston
Buffalo
—
Chicago
zNot Including 2%
.215
Denver
—-
177
city sales tax.
Mines
figure of 175,700 barrels.
The net dip
for the areas east of the Rocky Mountains was 6,600 barrels.
California dipped 1,400 barrels, making a total drop of
8,000 barrels.
Price changes follow:
Hills from
Minneapolis
$.175
.175
Cincinnati
$.192
zNew'York
over...
.75-.80
PRODUCTS—PRICE
—
1.43
.
Petrolia, Canada
WAR
1.15
.95
over
1.10
REVIVED
IN
NEW
YORK
Daily Average Crude Oil Production Off 8,000 Barrels
STOCKS
SHOW
June
OPERATIONS
LOWERED
GAS AT
DROP
oil-producing
1.3%—GAS
YEAR—REFINERY
RISES
1935, totaled 2,728,300 barrels.
reported by the institute, follow:
Further details, as
Imports of petroleum for domestic use and
States
United
ports
daily
126,857
of
average
receipts in bond at principal
20 totaled 888,000 barrels,
compared with a daily average of
13 and 171,143 barrels daily for
barrels,
weeks
four
ended
June
20.
IN
Receipts of California oil at Atlantic and Gulf ports for the week ended
June 20 totaled 240,000 barrels,
The local market is again
suffering from a bitter gasoline
price war, the "6 for $1" and "7 for $1" signs reappearing
throughout the metropolitan New York area over last week¬
end.
The war was reported ended just a week or so
ago,
but apparently competitive conditions have not been cor¬
rected as yet.
The price-war is expected to be short-lived,
but its revival has brought a wave of
slightly bearish feeling
in its wake.
Bulk gasoline is firm to strong.
The recent advance in the New England marketing area
also failed to hold, reductions of 1 cent a gallon in retail
gasoline prices being posted by Socony-Vacuum Oil Co. in
Boston and several surrounding towns on June 20.
Boston
has long been a sore spot, but recent advances were
thought
to have brought about a
relatively stable market there.
Majors, however, seem to have run into further price com¬
petition and have met it with price slashes.
with
daily
a
barrels
average
States
indicate
Mines
that all
basis,
in
and
unfinished
Gasoline stocks recorded the sharpest drop for any week
thus far this year in the week ended June 20, according to
the American
A decline
of
89.7%
owning
the
of
daily during the week, and
2,950,000 barrels of crude oil
at refineries, bulk terminals, in transit
storage
by
production
gasoline
companies
-
95.9%
owning
of
the
charging capacity of all cracking units indicates that the indus¬
potential
a
69,214,000 barrels of finished
gasoline and 104,728,000 barrels of gas and fuel oil.
whole,
on a
barrels daily during
Bureau of Mines basis, produced an average of 660,000
the week.
DAILY
AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Actual Production
of M
Dept. of
Average
Week Ended
B.
Standard Oil Co. of Indiana moved toward the restoration
of "normal" retail gasoline prices at Detroit,
posting a
general increase of 3^-cent a gallon in the city and the sur¬
rounding territory on June 24.
Service station and tank
wagon postings were affected by the new price schedule.
Despite the advance, third-grade gasoline is still 3 cents
a
gallon under "normal" and the two upper grades are
2Yi cents under "normal."
companies
pipe lines as of the end of the week,
Cracked
as
and 25,893
13
estimated daily potential refining capacity of the United
that the industry as a whole ran to stills, on a Bureau
companies had in
and
try
for the week ended June
refining
from
received
Reports
of
daily average of 34,286 barrels, compared
a
of 31,143
daily for the four weeks ended June 20.
3,889,000-barrel
.
Petroleum Institute report.
June
the week ended
for
243,286 barrels for the week ended June
1936—FIRST QUARTER FUEL OIL USE SETS RECORD
^
Daily average
June 22,
ended
week
the
the
TAX YIELD
June.
States during
production for the four weeks ended June 20, 1936, is esti¬
mated at 2,953,550 barrels.
The daily average output for
DETROIT—GASOLINE
FOR
This was a decline of
20, 1936, was 2,963,400 barrels.
various
a
RETAIL
RECORD
the
that
8,000 barrels from the output of the previous week.
The
current week's figure was, however, above the 2,838,300
barrels calculated by the United States Department of the
Interior to be the total of the restrictions imposed by the
CITY—BOSTON PRICES LOWERED ONE CENT—STANDARD
OF INDIANA LIFTS
estimates
Institute
Petroleum
American
The
daily average gross crude oil production for the week ended
4 Weeks
Week
Ended
Int. Cal-.
June
Ended
June 20,
culations
June 20,
{June)
1936
1936
1936
1935
546,350
567,250
152,300
548,150
148,000
517,000
149,200
Panhandle Texas
64,900
56,450
61,050
North Texas
59,000
68,650
West Central Texas
25,500
25,350
179,100
58,800
25,400
552,500
153,100
Oklahoma.
Kansas
13,
East Central Texas
179,300
55,000
East Texas
439,150
437,750
86,100
West Texas
148,350
63,400
59,150
25,500
153,950
178,550
53,000
22,
49,700
463.400
85,450
63,300
437,300
84,450
254,600
249,950
250,800
183,500
1,163,550
1,145,700
1,149,650
1,058,200
75,450
78,550
145,650
75,150
144,300
146,500
22,800
115,850
175,700
221,100
219,450
225,050
138,650
31,800
103,200
37,000
37,800
29,550
29,750
109,000
32,500
37,500
29,750
110,700
103,700
16,850
17,100
4,500
73,000
4,550
73,450
53,050
2,147,300
Southwest Texas
Coastal Texas
1,454,000 carried stocks of finished and unfinished gasoline
69,214,000 barrels, or approximately 4,660,000 barrels
June
Total Texas.
1,125,700
59,600
to
under the April 4 peak.
Stocks of finished gasoline dipped
1,426,000 barrels to 62,397,000 barrels.
Refinery stocks
were
off 1,007,000 barrels, and bulk terminal holdings
419,000 barrels.
Stocks of unfinished gasoline dipped 28,000
barrels to 6,817,000 barrels.
Refinery operations dipped 1.3% to 79% of capacity,
against the record level of 80.8% set a few weeks ago. Daily
North Louisiana
Coastal Louisiana.
Total Louisiana.
Arkansas
Eastern
Michigan
Wyoming
110,550
30,400
36,100
30,850
43,450
39,650
32,000
36,650
10,350
4,060
average runs of crude oil to stills
Colorado
13,000
4,700
New Mexico.
68,300
16,800
4,600
73,000
2,302,800
2,381,200
2,387,800
2,375,050
against fall and winter demands.
California
535,500
582,200
583,600
578,500
581,000
2,838,300
2,963,400
2,971,400
2,953,550
2,728,300
dipped 2,950,000 barrels,
off 25,000 barrels. Stocks of gas and fuel oil rose 729,000
barrels to 104,728,000 barrels as refiners built up stocks
With 1935 gasoline consumption by motor vehicles show¬
ing an increase of 6.4% over the previous year, State taxes
yielded
a return of $619,000,000, statistics released by the
Bureau of Public Roads of the Department of Agriculture
disclosed.
^
All of the 48 States reported
New Mexico
being the leader with
1934.
than
10%
More
over
an
increase in
Montana---.
Total east of California-
Total United States
Note—The figures Indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
use,
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED JUNE 13, 1936
gain of 13.4% over
10 States showed gains of more than
the previous
a
(Figures in Thousands of Barrels of 42 Gallons Each)
Daily Refining
Capacity
year.
First quarter consumption of distillate fuel oils set a new
record high of 32,057,000 barrels, an increase of 21% over
the like
period last
figures made public by the Bureau
expected to show
an increase of
16% over last year.
Representative price changes follow:
politan New York
June 20—Retail
as
the price war was revived.
gasoline
prices
were
% cent
a
Oil
Co.
of
Indiana
cent
Boston
and
advanced retail
gasoline prices
L
(Bayonne)
$.04%
North
'
612 100.0
Oper¬
At Re-
age
ated
fineries
509
83.2
Appalachian
154
146
94.8
106
72.6
Ind.,111., Ky.
Okla., Kans.,
462
444
96.1
430
96.8
dkc.
Mo
384
84.8
293
76.3
Inland Texas
330
160
48.5
111
69.4
Fuel
658
96.8
576
87.5
5,711
169
163
96.4
129
79.1
707
36
Distil.
OH
930
1,052
2,730
4,140
1,143
680
No. La.-Ark
Nap'tha
11,290
6,378
453
Terms,
6,915
1,278
612
and
283
473
777
4,074
602
3,309
2,249
9,631
128
,
197
244
2,052
1,781
7,416
469
251
2,144
413
Texas_$.03%-.03% I New Orleans.$.03%-.04
.04%-.05
I Tulsa
.04%-.04%
213
72
115
97
60
61.9
48
80.0
765
852
789
92.6
519
65.8
1,345
9,410
97
California...
Los Angeles..
50.0
Rocky Mtn.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
1
P. C.
Total
Gas
in
P.
La. Gulf
at
gallon in Detroit and the surrounding territory.
New York
East Coast..
Unfin'd
C.
Daily
Aver¬
tial
Rate
.
1
Stocks
of
Reporting
Texas Gulf..
lowered
several surrounding markets by Socony-Vacuum.
June 24—Standard
of Finished and
Unfinished Gasoline
to Stills
Finished
Poten¬
Demand for 1936 is
June 20—"6 for $1" and "7 for $1" gasoline signs reappeared in metro¬
Stocks
Crude Runs
District
year,
of Mines disclosed.
,
2",465
1,239
71,781
3,488
89.7
2,757
79.0
72
80
90.0
401
Reported.
Estd.unrepd.
193
37,240
3,033
20,699
1,425
6,543 101,787
274
2,941
3,889
3,869
2,950
40,273
2,975
41,280
22,124
22,543
6,817 104,728
6,845 103,999
z32,499 z20,642
z6,366 Z103674
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)
Bunker C
California 27 plus D
$1.05
Diesel 28-30 D
$1.15-1.25
I New Orleans C
Phila., Bunker C
$
.90
1.05
1.65
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)
27 plus
$.04-.04%
1
I
Chicago,
I
$.07%
New York—
Chicago
$.06
Socony-Vacuum
.07%
Colonial
New
Tide Water Oil Co..
.07%
.07%
.07%
Texas
Los Ang., ex.
Gulf ports
.06
Tulsa
.06
Richfield Oil (Calif.)
Warner-Quinlan Co.
1
Beacon-_$.07J
.075
Gulf.
07)
Republic Oil
.07)
-
Shell East
.07
June 13' 36
3,889
3,869
June 1935.
x
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Standard Oil N. J
June 20 '36
U.S. B. of M.
—$.02%-.02%
1 Tulsa
32-36 G0-$.02%-.02%
xEst.tot.U.S
Orleans-
.06
-.06%
-.06%
,05%-.04%
-.06%
-.06%
2,724
Bureau of Mines basis currently estimated,
z
As of June 30, 1935.
Production of Hard and Soft Coal Higher in Past Week
The weekly coal report
Mines showed that
of the United States Bureau of
production of both soft and hard coal
Volume
Financial
142
increased slightly in the week ended June 13. The total pro¬
duction of soft coal is estimated at 6,784,000 net tons as
against 6,545,000 tons in the preceding week—a gain of
239,000 tons, or 3.7%. In the second week of June, 1935,
when many industries were purchasing for storage, produc¬
tion rose to a total of 9,256,000 tons.
Anthracite production during the week ended June 13 is
estimated at 838,000 net tons, an increase of 41,000 tons,
or
5.1%.
Production in the corresponding week of 1935
amounted to 1,450,000 tons.
During the calendar year to June 13, 1936, a total of
184,291,000 tons of bituminous coal and 24,942,000 net tons
of Pennsylvania anthracite were produced.
This compares
with 176,349,000 tons of soft coal and 25,920,000 tons of
hard coal produced in the same period of 1935. The Bureau's
4257
Chronicle
automobile industry.
at about the
Consumption of copper in this country is holding
level
same
in May—60,000 tons.
as
*
Magma Copper announced that it will shut down its mine and smelter in!
July for
repairs, just
summer
as
Production at this
in previous years.
property has been averaging around 1,500 tons a month.
'
"
'
Lead Continues Quiet
•
statement follows:
Sales of lead during the last week were in small volume, the
a
month now, and producers
STATES PRODUCTION OF COAL AND BEEHIVE
COKE
buying much longer.
The trade estimates that, with shipments to consumers on a
a
basis of 36,000
August books
month, requirements for July are only 25% covered.
open next week.
Estimated domestic shipments for June are
tons, compared with 33,125 tons, actual, in May.
close to 40,000
Buying last week was
chiefly in small lots for prompt delivery.
Quotations held at 4.60c., New York, the contract settling basis of the
American Smelting & Refining Co., and at 4.45c., St.
brands in the East
own
ESTIMATED UNITED
believe consumers' stocks are at such a low
level that they cannot continue the hand-to-mouth
tons
quantity sold
Light buying has prevailed for more than
amounting to around 2,100 tons.
were
reported at
a
Sales of its
Louis.
premium by the St. Joseph Lead
Co.
(IN NET TONS)
Zinc Reduced to 4.85c.
Sales of prime Western zinc took place at the very outset of
Week Ended
June 13,
1936
June 6,
Calendar Year to Date
June
1936 d
c
general until Friday, June
15,
1935
1935
1936
1929
e
the lower
e
level, with
shipment.
Bltum. coal;
a
Tot. for per'd
Dally
aver..
6,784,000 6,545,000 9,256,000 184,291,000 176,349,000 237.049,000
1,688,000
1,131,000 1,091,000 1,543.000
1,321,000
1,264,000
Dally
aver..
25,920,000
187,100
32,854,000
237,200
438,100
3,085
3,029,900
21,337
made into coke, local sales and colliery fuel,
b Includes
797,000 1,450,000
132,800
241,700
838,000
139,700
24,942,000
180,100
Beehive coke:
Tot. for per'd
Dally aver.
a
18,700
3,600
_
Includes lignite, coal
17,800
3,117
21,600
2,967
616,000
4,338
Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal shipped
by truck from authorized operations,
c Subject to revision,
d Revised,
e Ad-
Justed to make comparable the number of working days In the three years.
ESTIMATED
WEEKLY
PRODUCTION
OF
COAL,
creased
steady.
on
under present conditions.
Shipments
than 5,000 tons.
total
World production of zinc during the first five months
of 1936 amounted to
period
Produc¬
totaled
654,296 short tons, which compares with 600,471 tons in the same
last year, according to the American Bureau of
tion of zinc in the United States during the
Price
Metal Statistics.
first five months of 1936
.
Higher
During the week tin strengthened and
movement of 41.125c. per
rose
in price from the low of the
pound to 42.750c., with good consumer buying in
Short covering by speculators
the domestic market at intermediate levels.
in
Week Ended
Europe
was a
factor in the price rise.
The meeting of the
International
Tin Committee
June
June 6
May 30
June 8
June 9
June 8
A toe.
1936p
1936p
1935r
1934
1929
1923d
today is expected to determine production quotas for the
third quarter.
It is hoped Siam will decide to conform to a
tonnage basis, thereby eliminating the uncertainty which has
British and Dutch interests are said to
world tin market.
2
2
2
2
196
209
210
189
s
8
329
tion of Bolivia's retroactive privilege to make up her
387
Arkansas and Oklahoma
19
16
Colorado
64
78
1
1
Illinois
606
553
988
510
834
1,243
Indiana
416
Georgia and North Carolina
more
amounted to 4,600 tons, a good
London prices were higher.
Tin
are based on railroad carloadlngs and river shipments and
subject to revision on receipt of monthly tonnage reports from district and State
or of final annual returns from the operators.)
Alabama
In¬
had a de¬
At the close the tone appeared
the situation here.
Sales for the week amounted to
to consumers in the week ended June 20
(The current estimates
Alaska
July-September
producers were perpared to drop the
competition among domestic producers, however, also
(IN
sources
Stale
some
price sharply in the event that London prices continued to decline.
THOUSANDS OF NET TONS)
are
Since that date the market continued at
19.
fair amount of business booked for
208,785 tons, against 175,239 tons in the same time last year.
STATES
BY
a
Early in the week
pressing influence
Penn. anthr. b
Tot. for per'd
the week at
4.85c., St. Louis, but the reduction of 5 points in the price did not become
27
11
89
70
57
104
41
*
*
175
of 10,000 tons.
ore
cancella¬
a
production deficiency
i,
.
Germany imported 1,075 metric tons of tin concentrate in
months of 1936, against 381 tons in the same
s
s
reasonable
clouded the
desire
period last year.
the first four
Most of the
originated in Bolivia.
210
214
372
176
309
Iowa
42
40
73
47
56
Kansas and Missouri
70
71
108
82
93
128
June 19,
670
526
862
661
June 24, 42.150c.
88
Western
Maryland
711
97
89
174
100
195
23
37
25
46
Michigan
1
2
10
4
14
Montana
41
34
51
26
45
38
23
23
27
18
43
51
21
North and South Dakota
322
417
2,791
3,613
66
93
71
98
113
13
12
13
14
21
21
28
23
37
28
58
89
171
198
232
182
220
240
24
18
23
15
43
44
1,535
1,618
1,716
1,372
1,920
1,380
465
445
676
525
671
856
71
87
60
84
104
Washington
West Virginia—Southern a
Northern b
76
Wyoming
Other Western States c.........
Total bituminous coal
*
*
6,545
*
1
s2
85
10,866
12,822
8,679
1,387
6,091
797
6,678
1,163
1,053
9,324
1,021
7,342
Pennsylvania anthracite
f Grand total
was
quoted nominally
7,841
10,066
7,144
10,345
1,956
Includes operations on the N. & W.; C & O.; Virginian; K. & M.; B. C. & G.t
on the B. & O. In Kanawha, Mason and Clay counties,
b Rest of State, In¬
cluding the Panhandle District and Grant, Mineral and Tucker counties,
c
Includes
Arizona, California, Idaho, Nevada and Oregon,
d Average weekly rate for the
month,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina and South
Dakota included In "Other Western States."
♦Less than 1,000 tons.
Zinc
Western
follows* June 18, 40.500c.;
Activity of Foundries in Philadelphia Federal Reserve
District Unusually High During May According to
University of Pennsylvania
located in the Philadelphia Federal Reserve
operated at an unusually high level during May
according to reports received by the Industrial Research
Department of the University of Pennsylvania. Nearly all
of the iron foundries which cooperated in the study, the
Research Department said, had such a marked increase in
their activity that the total volume of gray iron castings
produced exceeded that of any month since November 1930.
Although steel foundries had a decline of nearly 10% from
the peak in April, their output in May exceeded that of any
other month since October 1930.
The Research Department
Foundries
District
also announced:
Shipments if iron castings also increased but the deliveries of steel
steel foundries is the substantial increase in the
iron
Lowered
Five
castings
and
The most significant contrast between the iron
declined slightly.
unfilled orders for gray
castings and the even greater decrease in the backlog for steel
No.
Prime
as
888
1,735
77
Virginia
a
814
546
2,378
Utah.
and
812
10
322
1,817
Texas
Y
13
310
Tennessee
r
21
12
1,760
Ohio
99%,
40.875c.; June 20, 41.125c.; June 22, 41.250c.; June 23, 42.000c.;
47
Mew Mexico
Pennsylvania bituminous
Chinese tin,
183
23
Kentucky—Eastern
697
Points—Copper
Per Cent
of
castings.
Per Cent
May
Change
Change
Report¬
1936
ing
Short Tons
from
April 1936
from
May 1935
Capacity
29
Production of gray iron castings..
29
11,792
3,342
2,877
28
3,288
Firms
Active Abroad
"Metal and Mineral Markets" in its issue of Jan. 25 stated
that with business
activity holding at
producers of non-ferrous metals were
encouraging rate,
optimistic last
week over the immediate outlook.
Zinc was very4 weak
at the beginning of the period, but the situation improved
on some good buying and the decline in price to 4.85c., St.
Louis, was regarded in several quarters as an unexpected
concession to consumers.
Lead statistics for May were
unfavorable, but this had no influence on the price structure.
The feature in copper was a revival in buying by European
consumers.
After making a new low for the movement,
tin prices firmed up on covering by shorts and fair buying
for consumer account.
Demand for steel, in anticipation of
higher prices for the third quarter, raised the operating rate
for the current week to 70.2% of capacity, against 70% a
week ago.
Electric power consumption for the week ended
June 20 established a new all-time high.
The publication
further stated:
an
more
Gray Iron Foundries—
Jobbing
as
well as renewed confidence in
17
512
25
Unfilled orders
0.0
+38.7
+35.8
+60.3
+30.8
+0.9
—14.2
24
1,570
1,278
—5.6
Scrap
+2.7
—4.2
Coke
24
438
—2.2
—8.6
8,630
4,195
0.0
0.0
—9.9
+105.2
3,936
—7.1
259
—38.3
5.451
—14.8
+ 11.1
+118.4
+6.6
+ 115.8
+94.7
+23.5
—13.9
—20.4
—19.9
—15.2
Raw stock—Pig iron
Steel Foundries—
Capacity
Production
Jobbing
For further manufacture.
—2.8
Shipments
Unfilled orders
Raw stock—Pig iron
t4,060
Scrap
_226~
Coke.
Second Quarter Buying with
Schedules Assured for Several Weeks
Check
Copper Firmer Abroad
|F The ending of sanctions against Italy,
465
For further manufacture
Shipments
Mills
I
0.0
+21.6
+25.2
+3.3
+ 16.0
+9.3
The June 25
Rolling
i&sue of "Iron Age" stated that while steel
advance for the week, "M. & M. M." export quotation for June 24 aver¬
production is maintained at 71% of capacity and the cur¬
rent situation is highly satisfactory, the long-term outlook
is far from encouraging.
Higher ingot output at Chicago
aging 8.875c., f.o.b. refinery, against 8.800c. a week ago.
and Cleveland has more than offset
the Continental political
in copper in the foreign
Europe
was
situation, brought out
division of the market.
a
good volume of business
Prices scored
a
small net
The buying in
well distributed among the important consuming countries.
Japan also bought copper on a larger scale than recently.
Domestic trade in copper
continued at about the same rate
ceding week, sales totaling 4,340 tons.
12,783
are
tons.
The
price
was
as
in the pre¬
Sales so far this month now total
unchanged at
9Hc.,
Valley.
Brass mills
doing well at present, notwithstanding a slackening in activity in the
and Birmingham, but
declines at Pittsburgh
the peak of forward buying at second-
quarter prices has passed and the summer outlook is
by ominous uncertainties.
The
Lewis
labor
situation
Committee
for
clouded
The "Age" further stated:
probably heads the list of disturbing factors.
The
Organization, backed by ample funds, )iae
Industrial
Financial
4258
begun its aggressive unionization
closed
ber
of
well
a
consideration
While
such
action
is
anticipated
major
steel
been
the
prices
profit
narrow
would have been
producers
cedure
the higher
that
but
increases,
wage
become
in employee ranks may force premature action.
admitted
generally
now
advances.
to wage
be postponed until higher prices actually
may
effective, increasing unrest
is
given
margins
turned into
losses
well
by
obtained
had
the
to
Even
steel
for
has
sheet
the
is
growing hostility of the Federal Government.
Commission's
Trade
report
political
bidding
collusive
by
indicate quite clearly that the steel industry
purposes
already been singled out
alleged
on
hasty acceptance by the Administration
piling makers and its
obvious
the whipping boy of the political compaign.
as
Proposed settlement of the FTC's case against the tin plate makers with
decree will
consent
Of
steel
11993235487658420
even
While
the
has
week
current
because
is
during June has
tonnage booked
business
brought
the fact
been
that
fully
half
the
this
kind;
of
industrial
vanced
many
credit
side
points
its
approached
It remains
whether
seen
the
Age"
the
of capital
the
of
the
topped
not
or
well-sustained
index
78%
to
peak and
January
to be
ledger is
week
last
effects of this influence
Sustained
the
The "Iron
activity.
two
of
goods
1925-27
high
activity
questionably affected
by
higher
prices.
Southern
Pacific,
Northern
1,000
activity
of
ad¬
It
the
thus
spring.
anticipatory buying will nullify the
and' increased
Freight
railroad
the Wheeling
inquiries
new
structural
orders
car
steel
&
purchases
anticipation
of
The former
derives
include
Lake
Erie,
is
from
support
2,820
and
un¬
the
for
700 for the
declined
from
25,410
tons
and
prices
all
the
of
inquiries
will
not
result
The scrap market has
a
an
taken
on
new
life because of continued heavy spot
However, it is generally conceded that healthy improvement
expected before fall, and the "Iron Age" composite is unchanged
cannot be
$12.75
a
gross
The pig iron
ton.
also holding at $18.84
composite is
ton, while the lack of steel buying at third-quarter levels prevents
the finished steel composite from the 2.097c. a pound level.
gross
advance in
THE
"IRON
AGE"
June
COMPOSITE
Based
Lb.
a
sufficient
make
to
set June
is
good
25
for
well
into
steel bars, beams, tank plates,
rails, black pipe, sheets and hot
on
2.097c.
wire,
rolled strips.
One year ago.
2.124c.
These products represent
85% of the United States output.
High
automobile
The
the July
steel,
1
price
increase
practically
and
One leading
$2
of
fully
ton
a
the deadline.
as
material
industry
bonus
veterans'
the
new
which
in
7
2.084c.
Mar. 10
Oct.
1
2.124c.
Jan.
Apr. 24
2.008c.
showed
expected to
producers
some
cars,
caution
price
no
been
have
increases
be at least 15% ahead of the same
slight
a
result
in
gain
the
in
considering
were
interrupted
against
high rate
a
operations
deliveries
sale of
building
during
200,000
With
250,000
to
stocks
up
the
over
as
pre¬
a
Automotive
changeovers.
experts inclined to the belief that the summer dip for getting the stage set
1937 models might fall
than
the
in
in August than in July.
more
for the week total 28,370 tons,
awards
Shape
week.
previous
Pending
awards,
about
too,
10,000 tons
more
including
heavy,
are
40,000 tons for locks and dams in the upper Mississippi and Illinois Rivers,
and
10,000
for
tons
bridge at Port Arthur, Texas.
a
shipped to Pearl Harbor,
Railroad
equipment
freight
4,000
cars
quiet,
comparatively
are
active inquiry.
on
a
steel floating dock
a
Hawaii.
markets
are
of
Requirements
large plate tonnage are in prospect for construction of
but
than
more
One road is about to take bids
20,000 tons of rails.
on
Shipments
of
Pig
the
3
to
and
8,145,000 in the
are
well
heavy
as
during
in
scrap,
as
far
so
this
11,000,000
the
about 37%
are
will be transported
period last
same
maintained,
year
tons
with
bookings
corresponding
year.
this
far
so
prior to
period
is
tone
in
of
scrap
steady
a
and demand
for
export
steelworks
held
prices
unchanged
$12.47
at
last
shown
has
result of the placing of large orders by Japanese
a
as
index
interests.
week,
the
decline which began in mid-April.
operations were up 2 points to 67%
; Wheeling,
71; Chicago, 2 to 71; eastern Pennsylvania, 1 to 45%; Youngstown,
78; New England, 5 to 83.
Birmingham was down 14% to 54%,
to
2
ore
quarter.
increase
halt
iron
indications that
reflected
times
firmer
A
with
shipments
iron
three
second
an
Lake Superior
of
1935,
July 1, compared to
to
up
month
Cincinnati,
4
finished
The
Jan.
2.130c.
and the iron
76.
to
steel
Other
index
and steel
districts
compiled by
index
remained
unchanged.
were
"Steel"
at
unchanged at $52.20,
was
$32.77.
8
Jan.
2
2.015c.
Oct.
3
1.867c.
Apr.
18
1.977c.
Oct.
4
1.926c.
Feb.
2
2.037c.
Jan.
13
1.945c.
Dec.
29
2.273c.
Jan.
7
2.018c.
Dec.
2.3170.
Apr.
2
2.273c.
Oct.
29
June 25.
This compares with 70%% in the
previous week and 69%% two weeks ago.
The "Journal''
.2.286c.
Dec.
11
2.217c.
July
17
further added:
2.402c.
1930
Jan.
4
2.212c.
Nov.
9
One month ago
on average of basic iron at Valley
furnace and foundry irons at Chicago,
18.84
Philadelphia,
17.84[
...
One year ago
Birmingham.
Buffalo,
High
$18.84
and
Valley
Low
7
Nov.
5
17.90
May
1
16.90
Dec.
5
13.56
Jan.
U.
for
S.
Steel
two
The
is
estimated
weeks
at
66%, against
Leading
ago.
following table gives
$18.84
1
Jan.
17.83
Industry
3
1936
Jan.
5
13.56
Dec.
6
14.79
Dec.
15
71%
1935
6
1934
Jan.
7
66
38
—
—1
35
57
_
—3
48
16
1933
50
+ 2%
May 14
18.21
Dec.
17
1932
17.04
July
24
1931
35
19.71
Jan.
4
—2%
17.54
Nov.
15.90
Dec.
1
1930
No.
High
$14.75
Feb.
25
$12.67
June
-
Dec.
10
10.33
Apr.
23
1934
13.00
Mar. 13
12.25
-
1932
8.50
_
1931
Aug.
Jan.
11.33
9.50
Sept. 25
8
6.75
Jan.
3
12
6.43
July
5
-
8.50
Dec.
29
15.00
Feb.
18
11.25
Dec.
9
17.58
1930
Jan.
29
14.08
Dec.
3
6
16.50
Dec.
31
13.08
July
1927
15.25
Jan.
11
13.08
American
Iron
and
Steel
Institute
on
June
22
an¬
nounced that telegraphic reports which it had received indi¬
cated that the operating rate of steel companies having 98%
of the steel capacity of the industry will be 70.2%
of
capacity for the week
70.0% one week
ago,
beginning
67.9%
This represents
estimate
an
June 22,
1935—
increase of 0.2 point, or 0.3%,
for the week
3
June
10
June 17
June 24
1
8
July
15
July
22
29
5
Aug. 12
Aug.
Aug. 19
Aug. 26
1935—
39.5%
39.0%
38.3%
37.7%
32.8%
35.3%
39.9%
42.2%
Sept. 16
Sept. 23.;
of June
Dec.
30..
50.8% Jan.
6
Oct.
7
Jan.
13
Oct.
14
49.7%
50.4%
51.8%
51.9%
50.9%
52.6%
53.7%
55.4%
56.4%
55.7%
54.6%
Jan.
20
Jan.
27
21
Oct.
28
Nov.
5
44.0% Nov. 11
46.0% Nov. 18
48.1% Nov. 25
2
48.8% Dec.
Dec.
9
Dec.
16
Feb.
3
Feb.
10
Feb.
17
Feb.
24
Mar.
2
Mar.
9
Mar. 16
Sept.
2
47.9%
45.8%
Sept.
9
49.7% Dec. 23—i.49.5% Mar. 30
Mar. 23
Weekly indi¬
3,1935, follow:
1936—
+2
58
+3
35
—2
—4
71
—1
—1
62
—3
92
—2
69%
—1
74
Preliminary
68
World Silver Output
13,532,000 Ounces
Placed
at
The following computation of world production of new
silver, in fine ounces, has been released by the American
•
Bureau of Metal Statistics.
The accounting for some of the
countries, expecially for the latest month, is preliminary:
6
13
5,046,000
1,499,000
Canada
May 11
May
18
May 25
June
1
June
8
67.9%
70.1%
69.1%
69.4%
-67.9%
--68.2%
June 15
69.5%
70.0%
June
70.2%
22
March 1936
Feb. 1936
5,329,000
5,046,000
1,414,000
b700,000
1,845,000
6,840,000
1,567,000
1,150,000
1,350,000
633,000
340,000
b720,000
Burma, refined
490,000
490,000
Other Asia
255,000
90,000
325,000
35,000
250,000
7,159,000
1,562,000
1,150,000
1,325,000
618,000
330,000
697,000
490,000
260,000
92,000
325,000
35,000
320,000
37,000
13,532,000
20,966,000
20,504,000
Mexico
Peru..
1,650,000
1,150,000
1,350,000
602,000
Other America.
Europe
Australia, refined
Other Australia and New Zealand
340,000
Japan
South Africa
Belgian Congo
c
±
„
64.5%
70.4%
71.2%
Apr.
49.2%
49.4%
49.9%
49.4%
50.0%
52.0%
51.7%
52.9%
53.5%
55.8%
60.0%
53.7%
62.0%
April 1936
United States
Other Africa
Apr. 20
Apr. 27
May
4
-46.7% Apr.
1936—
Sept. 30
Oct.
15.
1935—
-.48.3%
48.9%
compared with
month ago, and 37.7% one
one
cated rates of steel operations since June
June
—5
76
%
Nov. 22
from the
—1%
64
%
2
Jan.
1928.
year ago.
+1
75%
40
—1
—
99
71
9
13.42
The
Independents
+1
35
—1
72%
April
Low
1936
1929
75%%,
ago.
10.71
1935
1933
40
—2
95
1927
1
heavy melting steel,
quotations at Pittsburgh, Philadelphia
and Chicago.
13.08
One year ago
on
66
1928
Based
$12.75
with
73% two weeks
Not available
1929
One week ago
One month ago
credited
are
17. S. Steel
+ 1
Nov. 27
Steel Scrap
Gross Ton
65% in the week before and
independents
7
May 14
27
Jan.
18.21
a
is
comparison of the percentage of production
a
18.71
1936, $12.75
22
June
with
18.59
June 23,
ended
week
the nearest corresponding week of previous years,
together with the
approximate changes, in points, from the week immediately preceding:
14.81
1927
the
compared with 74%% in the preceding week and
15.90
■_
1931..
production
of
Jan.
16.90
1933
Jan.
18.84
ingot
Journal"
64%%
(Based
$18.84]
Steel
placed at 71%% of capacity, according to the "Wall Street
1
Pig Iron
June 23, 1936, $18.84 a Gross Ton
One week ago...
July
t
are
some
previous week, 100,733 units being assembled compared to 100,415.
Low
2.130c.
1932.
July
this year,
September.
Pittsburgh
2.097c.
July
semi-finished
A few expected operations to be maintained at
period in 1935.
PRICES
One month ago
:...2.199c.
increased
rate
six weeks behind in deliveries,
six months of this year would
the first
"Steel's"
One week ago.
1936...
operating
steelworks
Operations in tin plate were at a full 100% of capacity for the 6ixth
week, and some observers held the opinion that production for
Finished Steel
23, 1936, 2.097c.
up
consecutive
first
j
order
in
have
Demand
in
orders.
at
difficulty obtaining
Others
to
new
higher
right
orders
effective, announced it would accept no more orders in sheets after June 20.
to be
involve 1,200 units.
lettings have
at
tonnage
more
accept
noting strong pressure for shipments, especially sheets.
are
ahead
demand.
the national
demand
strong
interest,
remain
projects have increased from 18,450 to 30,500 tons.
Practically all of the new work coming out for bids represents coverage in
16,140 tons, but
will
1.
having
all
for
bonus payments and latter
for
Pacific, while
Fabricated
oh general
average.
mark
outstanding factors in the present steel situation.'
third-quarter
level
during late July and August.
automotive
they
points to 70%% last week, equaling the highest mark of
was reached in the week
of April 18.
2%
the
of
by price advances.
prompted
sharp curtailment in
a
take
unwilling to
are
indicate
scheduled.
companies are closing their books against further
forward purchases, it cannot be denied that a large proportion of produc¬
tion during June has been borrowed from July and August.
On
others
which
a
only add fuel to the fire.
practical significance
more
July
producers
some
while
prices,
Leading producers are four to
serious
more
Federal
The
backlogs promising to keep steelmakers busy at a high rate
July,
Under
reversed.
pro¬
into
current
recently
announced
steel
"Steel" of Cleveland, in its summary of the iron and
With rising
being
unquestionably
June 27, 1936
markets, on June 22 stated:
by higher third-quarter prices.
as
Serious
It
steel plant haB been
One major
drive.
strike for a full month.
Heavy consumer buying from a num¬
sources
is admittedly prompted by
the fear of labor trouble, as
by
Chronicle
Total.
a
Not yet reported,
b Conjectural,
c
86,000
Estimated on basis of 1935 output.
1,200 Credit Unions Granted Federal Charters in Two
Years—Membership Estimated at 205,000
C.
R.
Orchard, Director of the Credit Union Section of
the Farm Credit Administration, said on June 22 that when,
on June 26, the credit unions under
Federal charter enter
their
third
year
of
operation^there would
be 1,200 such
Volume
Financial
142
100
stated:
Based
on
that on the
estimates, made up to June 10, we believe
careful
the
chartering of credit unions, the share balance of all these thrift
and loan cooperatives will be close to $4,500,000 and the loans to members
outstanding a million dollars less than that sum.
From the time the
first union was chartered by the FCA to the latest computation,
81,918
second
of the Act of Congress authorizing
anniversary of the passage
Federal
loans
Mr. Orchard
He
organizations with an estimated membership of 205,000.
the amount of $5,258,000.
have been made to
The
credit
volume of Federal Reserve bank
outstanding during the week ended June 24, as reported by
the Federal Reserve banks, was $2,478,000,000, a decrease
$7,000,000 compared with the preceding week and an
increase of $1,000,000 compared with the corresponding
week in 1935.
After noting these facts, the Board of Gov¬
ernors of the Federal Reserve System proceeds as follows:
June 24 .total
for
$8,000,000
of
decrease
bank credit amounted to $2,472,000,000,
Reserve
the
This
week.
a
$451,000,000 in Treasury cash and deposits with
munity
holdings of discounted and
Relatively small changes were reported in
purchased bills, industrial advances and United States
securities.
June 24, 1936, were as follows:
The statement in full for the week
parison with the preceding week and with the
date last year,
com¬
corresponding
will be found on pages 4290 and 4291.
Increase
(+)
or Decrease
(—)
Since
June 24,1936
$
June 17, 1936
Bills discounted
6,000,000
—1,000,000
Bills bought
3,000,000
&
Monetary gold stock
be compiled.
cannot
In the following
will be found the comments of the Board
System respecting the
of Governors of the Federal Reserve
of
returns
the
close of business June 17:
The
in
of
of
in
weekly
of
statement
condition
+ 279,000,000
to
loans
estate
"other
of Member Banks in
loans on
Holdings of
and
commercial paper bought increased
$1,000,000; real
increased $2,000,000; loans to banks declined $1,000,000, and
others
(except
declined
loans"
$4,000,000.
increased
banks)
$15,000,000.
Holdings of United States Government
direct obligations increased in all
amounting to $474,000,000.
Holdings
of obligations fully guaranteed by the United States Government declined
$1,000,000.
Holdings of "other securities" increased $57,000,000 in the
New York district and $62,000,000 at all reporting member banks.
Demand deposits-adjusted declined $172,000,000 in the New York dis¬
trict and $246,000,000 at all
reporting member banks.
Time deposits
declined $12,000,000.
Government deposits increased in all but one of
the districts, the aggregate increase being $110,000,000.
Deposit balances
of
aggregate
the
increase
banks
declined
domestic
other
$169,000,000
in
New York
the
district,
districts.
of the principal assets and liabilities of the
A summary
ended June 17, 1936, follows :
Increase
June 17,1936
—56,000,000
Governors of the
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.
for
securities
on
to
REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF WEEKLY
IN CENTRAL RESERVE
Other loans
U. 8. govt, direct
fully
Obligations
United
Chicago
obligations
guaranteed
June 17
1936
1936
1935
1936
1936
1935
$
$
$
$
S
8,998
9,075
7,775
955
75
1,008
76
844
—25,000,000
—1,000,000
—7,000,000
—15,000,000
9,449,000,000
+474,000,000
+282,000,000
+1,500,000,000
1,302,000,000
+ 1,000,000
+335,000,000
+352,000,000
—1,000,000
3,370,000,000
Other securities
+62,000,000
Reserve with Fed. Reserve banks.
3,937,000,000
—807,000,000
Cash in vault..
389,000,000
2,201,000,000
—158,000,000
—106,000,000
+73,000,000
+198,000,000
14,431,000,000
5,021,000,000
852,000,000
—246,000,000
—12,000,000
+ 110,000,000
+1,556,000,000
+132,000,000
+127,000,000
5,348,000,000
—285,000,000
+20,000,000
+ 12,000,000
+612,000,000
+210,000,000
+12,000,000
+3,000,000
Liabilities—
deposits
Domestic banks
480,000,000
12,000,000
Foreign banks
1,929
1,935
1,589
60
55
57
i
26
others
City of Buenos Aires to Pay July 1 Coupons on
765
767
733
143
143
163
139
130
153
14
14
20
Loans on real estate
133
133
72
126
62
15
6
15
31
6
7
Other loans
1,196
1,206
1,163
289
288
243
current funds at the
U. S. Govt, direct obligations..
4,007
3,954
3,324
1,014
1,021
777
at the New
559
1,138
564
1,165
316
994
93
300
94
297
80
256
Australian
1,906
1,791
1,885
677
641
703
16
External
6k£% Bonds of 1924, Series 2-B, in Current Funds
Kidder, Peabody & Co., as fiscal agent for the City of
Buenos Aires, Argentina, external 313^-year 6^% sinking
fund bonds of 1924, series 2-B, announces that the July 1
Accepts, and com'l paper bought
Loans to banks
—15,000,000
+ 1,000,000
by
States government
Borrowings
Loans to brokers and dealers:
(except banks)
+4,000,000
+2,000,000
Inter-bank deposits:
June 26 June 24 June 17 June 26
June 24
$
+12,000,000
3,568,000,000
United States govt, deposits
New York City
+213,000,000
+71,000,000
—42,000,000
1,150,000,000
106,000,000
-
Demand deposits—adjusted
CITIES
(In Millions of Dollars)
—
$
2,100,000,000
319,000,000
Loans to banks
Time
Outside New York City
(—)
June 19, 1935
others
Balances with domestic banks
In New York City
or Decrease
Since
+496,000,000 +2,707,000,000
1,051,000,000
244,000,000
In New York City
Accpts. and com'l paper bought..
Loans on real estate
Federal Reserve
Loans and investments—total..
(+)
10, 1936
$
investments—total..-.22,659,000,000
(except banks)
New York City and
Below is the statement of the Board of
Assets—
June
$
Assets—
Loans and
Chicago—Brokers* Loans
to
$12,000,000, and
York increased
New
outside
brokers
to
securities
Outside New York City
securities
101
deposit balances standing to the credit of domestic banks.
Loans to brokers and dealers in New York City declined $42,000,000 ;
Loans
on
in
Loans to brokers and dealers:
—30,000,000
513,000,000
eral Reserve accounts
Loans
banks
June 17 shows an
on
+ 586,000,000
Non-member deposits and other Fed¬
also
member
reporting
increase for the week of $474,000,000
holdings of United States Government direct obligations, a decrease
$807,000,000 in reserve balances with Federal Reserve banks, a decrease
$246,000,000 in demand deposits-adjusted, an increase of $110,000,000
United States Government deposits, and a decline of $285,000,000 in
leading cities
+675,000,000
3,577,600,000 —151,000,000
banks
and
ended with the
System for the week
Reserve
and the year
5,308,000,000 + 414,000,000
Fed¬
Member bank reserve balances
banks
of reporting member banks of
entire body
the
Federal
+57,000,000 +1,491,000,000
+10,000,000
—8,000,000
6,173,000,000 +125,000,000
Treasury cash and deposits with
Returns
held until the
reporting member banks, together with changes for the week
—8,000,000
2,472,000,000
10600,000,000
currency.-2,500,000,000
Money in circulation.
Reserve
+2,000,000
—8,000,000
2,000,000
Total Reserve bank credit
eral
covering the same week, instead of being
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
$31,000,000 in the Chicago district, and $85,000,000 in the other
30,000,000
124,000,000 commltm'ts—June 24)
Other Reserve bank credit
Treasury & National bank
S
—1,000,000
—2,000,000
State banking depart¬
including
(not
advances
$
2,430,000,000
U. S. Government securities
Industrial
June 26,1935
under
kept pace with those chartered by the FCA, he
said.
State and Federally chartered credit unions in the
United States now number over 5,000.
districts,
ended June 24, in
organized
neighbors
acceptances
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
the country organized completely. The num¬
cooperative bodies of employees and com¬
see
ments has
loans
ments.
pointed out that, at the current rate of about
unions being chartered monthly, the third
similar
of
ber
corresponds with
decrease
Federal Re¬
serve banks and $30,000,000 in non-member deposits and other Federal
Reserve accounts, and increases of $57,000,000 in monetary gold stock and
$10,000,000 in Treasury and national bank currency, offset in part by
increases of $414,000,000 in member bank reserve balances and $125,000,000
in money in circulation.
Member bank reserve balances on June 24 were
estimated to be approximately $2,440,000,000 in excess of legal require¬
decreases of
should
year
of
On
credit
new
and
Reserve Banks
with the Federal
Week
The daily average
4259
Chronicle
this issue will be paid on and after that date in
coupons on
dollar face amount,
upon
presentation
York office of the firm.
Obligations fully guaranteed by
United
States government...
Other securities
—..
Reserve with F. R. Bank
55
Cash in vault
Balances withjdomestic banks-.
Other assets—net
52
46
37
35
36
76
476
78
103
206
201
227
495
512
73
69
76
6,251
547
192
6,221
542
196
5,528
547
361
1,473
491
101
1,461
488
102
1,363
470
deposits—adjusted
Time deposits
United States govt,
deposits...
Inter-bank deposits:
Domestic banks
2,263
423
2,242
448
1,914
237
587
5
565
503
Foreign banks
4
3
367
10
365
1,467
15
263
35
31
43
1,456
230
230
227
Borrowings
Other liabilities
Capital account.
1,468
22
1936
Production of gold in Australia in the first quarter of the
registered a substantial increase as compared
corresponding period of 1935, a report to the
United States
Commerce Department from its Sydney
office shows. The output for the 1936 quarter amounted to
244,966 fine ounces against 153,580 ounces in the first three
months of 1935. The value of production in the 1936 quarter
was approximately $9,000,000.
The following is also from an
announcement issued June 22 by the Department of Com¬
current
with
Liabilities—
Demand
of Gold During First Quarter
Reported Above Year Ago
Production
of
year
the
merce:
In connection with the
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
last year because of
Production of
As
explained above, the statements of the New York and
above figures, the report points out that gold
production in Western Australia was curtailed in February and March of
Commonwealth,
industrial disturbances.
gold in Western Australia, the chief producing area in the
in
the
first four
months of
1936
Chicago member banks are given out on Thursday, simul¬
compared with 145,844 ounces in the
taneously with the figures for the Reserve banks themselves
207,557 ounces in 1934, according to official statistics.
was
246,219 ounces
corresponding period of 1935 and
Financial
4260
It is believed in local mining circles, the report states, that 1936 may be
the
successful
most
when
than
more
gold mining in Western Australia since 1910
year for
($24,000,000)
£6,000,000
New mines have been
worth of gold
was
produced.
equipped for production, others have increased their
capacity, and mines which commenced production in 1935 should be regular
producers this
Chronicle
fiduciary relationship inherent In the brokerage function; and
(2) That the survey made by the Commission manifests the prevalence upon
the exchange of a type of dealer activity which exerts an undue influence on prices,
incites
National Securities Exchanges
Lower During May, According to SEC
Volume
on
made by the Securities and Exchange
Commission that the dollar value of sales on all registered
was
securities
exchanges in May amounted to $1,432,039,743, a
decrease of 34.6% from the value of sales in April and a
decrease of 7.6% from the value of sales in May, 1935.
Stock sales (including rights) had a value of $1,223,443,853,
a decrease of
36.8% from April. Bond sales were valued at
$208,595,890, a decrease of 17.2%. The Commission added:
Total sales of stock in May (including rights) were 46,756,223 shares or
below April's figure.
$249,620,350,
The two leading New York Exchanges
r
of sales
all registered exchanges;
on
sales.
complete
segregation
all exempt exchanges in May was $999.322,,
June 20,
on
that it
announced
governing
in
trading
functions of dealers and brokers
planned to
whereby the
soon
securities
the floors of organized
exchanges would be segregated.
The plan would permit
exchange houses and members to carry on both functions
from off the floor of the
their
account
own
specialists
their
from
account
own
on
exchanges When transactions for
in
are
the
It
effect.
segregation
would
order
also
exempt
trading for
where
the floor is limited
on
special problem at present, and added
that it contemplates no further restrictions on their activi¬
ties at this time.
different
on
no
The
The
SEC
announced
that
it
would
not
attempt, until other measures to prevent abuses were initi¬
ated, to impose segregation of the broker-dealer function
markets.
the brokers
on
It
and dealers in over-the-counter
declared, however, that it will intensify the
prohibitions against deceptive and fraudu¬
enforcement of
lent trade practices and will insist
upon clear disclosure to
customers of the capacity in which broker-dealers
The Commission
effect
amounts
the changes
The New York
necessary at this
was
which
time to place in
it
Stock Exchange may actively
SEC
program, it was indicated in a letter
June 24 to all members of the
Exchange by
Charles It. Gay.
on
the
restricting
large exchangee.
Mr. Gay said that it
and he added that
the
was
the
oppose
addressed
on
its President,
"impossible to
opinion "may be divided
to the condi¬
as
Mr. Gay's letter is given below:
Members of the Exchange:
ity
preparing this report the
Advisability
Dealer and Broker."
Because
of
its
of
of
the
Complete
This report has
length and the
Segregation
of
fact
the
the
or
the
conclusions
on
the
Exchange
a
the Feasibil¬
Functions
been in preparation for many months.
of the subjects discussed, it is
reached
by the Commission.
the findings
upon
The seriousness
subject matter of the report and its implications are
fully appreciated.
is, I believe, no difference of opinion between the New York
^
Exchange and the Securities and Exchange Commission
of doing
everything possible to protect the public.
as
necessity
may
In
be divided
may
my
conditions
obtain
Special
In
their
advice
be
will
order
Committee
will
under
to
and
to
advised
be necessary to
ascertain
comment,
study the
of
the
the
the
which
the
the
Exchange
adequate, free and liquid market.
an
opinion,^ many months of careful study
report.
You
the
to
best function in order to provide
with the Commission
this
as
to
Opinion,
^
however,
and frequent conferences
solve the problems
feelings
Law
questions
of
the
Committee
and
to
presented by
members
has
consult
and
appointed
with
to
a
members.
meeting dates of this committee.
GAY,
The following announcement
summarizing the report
on June 20:
public and
and Exchange Commission
today submitted to Congress
the Feasibility and
Advisability of the Complete Segregation
of the Functions of Dealer and
Broker," pursuant to a direction by Con¬
gress in Section 11(c) of the Securities
Exchange Act of 1934.
necessary
on
for
the
that
time
administrative program
additional
being,
legislation
the
under its
on
Commission
this
subject
proposes
a
will
not
be
comprehensive
present powers.
From the survey made in the
report,
the
on
of
in
trading
who
for their own account on the
floor
be fully margined.
acts
which he specializes,
Trading in Stocks
by members
stocks
exchange should
an
No member
the service rendered to the investing
character of
Floor
All
broker, except
as
specialist
a
to the stocks in
as
should be permitted to indulge in floor trading.
Floor Brokers
Any member who,
in
brokerage business
floor
either
his
for
own
this
should
his
or
of segregation, elects to conduct a
prohibited from trading on the floor
process
be
partners'
accounts.
The Odd-Lot Dealer
The transactions of the odd-lot dealer who is not also a specialist
special problems
no
round-lots
tions
the
for
odd-lot
of
long
so
dealers
offsetting
of
purpose
they consist of
as
should tend
to
odd-lot
sale of
the
transac¬
characteristics
of floor
orders.
the
assume
present
the purchase and
If
trading appropriate measures to check this tendency can be devised.
The Odd-Lot Broker
The
of
activities
consideration
this
in
two general conclusions
broker
odd-lot
the
The
The
trading
of
present
immediate
problem for
no
respect.
'%
the
Specialist
specialist
his
for
limited
should be
account
own
exclusively to the securities for which he has registered himself as special¬
ist.
this
Even
tion.
of justifica¬
should meet affirmative proof
type of trading
Furthermore, there should be definite restrictions upon the manner
in which he shall be
several methods of
permitted to trade with his book.
The report suggests
accomplishing this last objective.
Trading in Stocks Off the Floor
All
trading for
should be
a
limited
their
account by
own
fully margined at all times,
member
could
at
assume
by
commission
trading by partners
exchange
off
members
the
floor
that the maximum position that
session would
be
well
as
resources.
carrying
firms
margin
accounts,
as
should not be carried on except
firms,
of such
so
time during a trading
any
by his available liquid
Trading
on
a
strictly cash basis.
Trading by
the
brokers off
commission
floor to the
be prohibited.
cretionary accounts should
^
detriment of dis¬
-
The Inactive Member
The
in
inactive
member
presents
problem
special
no
the
to
Commission
this connection.
Statistical Data
The
and
trading
the
the
total
that
to
proposal
the
publication
odically.
of
Commission
1934
Trading
and
be
turnover
collection of
given
to
the relative volume of
exchanges.
on
this
current
its
The
information
figures
this
on
V;;
....
V'
Present Powers
The
Members'
on
contains numerous statistics showing
report
that
v :
Commission
be
continued
subject
peri¬
V/-:'
.
of the Commission to Accomplish these Ends
discusses
its powers
available
methods
under the Securities Exchange Act
for
effectuating
these
proposals
as
follows:
The examination of powers under the Securities Exchange Act heretofore made
reveals that most, if not all, of the proposals that have been outlined can be effecttuated without new legislation.
Floor trading can, by action of the Commission,
be regulated or prevented.
Other suggestions may, perhaps, be effected by vol¬
themselves.
Furthermore, the Commission has
(b) of the Securities Exchange Act to bring about, after
appropriate notice and opportunity for hearing, changes in the rules of the exchanges
with reference to a broad category of matters.
Since the Commission must recognize the limited character of all experience In
this field, these powers suggest the method for the development of this program.
untary
action
power under
of the
Section
exchanges
19
Its incidences will have to vary with different exchanges and consequently
fication, if not Individual treatment, will become
necessary.
classi¬
Furthermore, the
specific proposals, because of the intrinsic complexities of the situations dealt with,
must
undergo a process of refinement and adjustment.
Again, from the stand¬
point of developing a practical program of administration, consideration will have
be given to the degree of flexibility that particular regulations may demand,
Small Exchanges
In
Securities
Recommending
the odd-lot
the value and prices in the market.
upon
was
issued by the SEC
"Report
combination of
analyzed the
Commission
namely, whether the appropriate degree is likely best to be achieved by a rule of
the Commission or a rule of the exchange.
President.
The
account
to
CHARLES R.
its
the
in
/■
of
There
Stock
y
functions in the floor trader, the floor broker,
this combination
of
importance
impossible to make adequate comment at this time either
of
'•
dealer, the odd-lot broker, the specialist, the bond broker and dealer, the
broker and the inactive member, to determine the influence of
makes
as
"Report
and
trading
this
of
basis.
what will be, in effect, a fully margined
member
available, I shall send to each member
of the Securities and Exchange Commission's
copy
to attain the objective
proposes
influence
commission
Exchange may best function in order
adequate, free and liquid market." The text
the
soon
speculative
undue
By placing the trading of all members and their partners for their own
(2)
on
tions under which the
As
exchange members for their own
The Commission
(1) By limiting through segregation on the floor the conditions under which a
dealer functions, and
Commission,"
To
immediate concern."
demand
this trading of
following ways::
make adequate comment at this time either
upon the find¬
ing's of fact or the conclusions reached by the
to provide an
to
approximately 24% of the total volume of all trading
to
acting.
are
proposed, and that it already
had sufficient authority under the
provisions of Sections
19(B) and 11(A) of the Securities Exchange Act of 1934.
of
an
report finds that
account
continued that it did not believe that
legislation
any new
of
prevailed
but remarked that administration
exchanges,
form
Indeed,
study.
It said that different conditions
conditions.
in any
further
administrative mechanism which the
Thus the present need is for the develop¬
administrative program directed toward those
this problem which
of
aspects
of the program could be made flexible enough to meet
vary¬
ing
initiation
and
ment
exclusively to the
securities for which they were registered as specialists.
The SEC also pointed out that transactions of odd-lot
dealers constituted
of
has already created.
Congress
The Securities and Exchange Commission, in a report to
rules
benefit
the
potentialities for flexible control and evolu¬
tionary development afforded by the
In
Segregation of Broker-Dealer Activities—
Reports to Congress on Plan to Lessen Speculation
and Regulate Floor Trading—No New Legislation
Considered Necessary—New York Stock Exchange
May Oppose Program
Congress
the functions of dealer and broker.
The report
legislative action is not so presently apparent as
without
necessary
the broker-dealer
Plans
revise
pf
fail to utilize the
would be to
+■
<
is not
enact legislation requiring the
this time to
at
incorporate now into statutory law the requirement of complete segregation
decrease of 39.0 % from April
SEC
it
make
Congress
"the need for
states that
to
for the future.
member may exercise both the broker and
v,'"':,
on
the
for
95.3% of stock sales and 99.9% of bond
.
The dollar value of sales
a
accounted for 96.0% of the value
with the
and interferes
markets
disorderly
to
report states that the Commission is of the opinion that it
advisable
of
Total principal amount of bonds sold was
decrease of 17.2%.
a
leads
These conclusions furnish the basis for fashioning a program
Announcement
40.0%
speculation,
public
effective fulfilment of the brokerage function.
year.
The
Trading
June 27, 1936
That the combination of the broker and dealer functions in the same indf
vidual or firm Involves a conflict of interest which is provocative of abuse of the
(1)
presenting these proposals,
ferent
conditions
administration
reached:
prevail
the
on
Commission has recognized that dif¬
the
different
proposals
can
exchanges,
but
that
indicates
be made sufficiently
flexible to
the
meet
these conditions.
The
"In
any
the
degree
Over-the-Counter Markets
light of available evidence
of
over-the-counter
are
of
accuracy
markets.
the
it
consequences
The
is
not
possible
of complete
Commission
to forecast with
segregation
consequently
does
justified in recommending at this time the inauguration of such
In the
not
a
feel
program
Volume
'
-
-
whose
effects
be too
Here,
largely conjectural.
and
his
abuse of the
from criticism.
between the broker-
future
envisaged by the
results
is
Commission
fraudulent
and
disclosure to
out
trade
it be established that
of
broker
insistence upon clear
broker-dealers are acting.
abuses arise from the combination
the over-the-counter markets, that
with
practices,
too many
functions
dealer
and
being practical and fruitful in its
enforcement of prohibitions against
as
and
an
in
combination
of the dual functions, these markets require constant policing expensive and
irritating in nature, the course of wisdom might well be to segregate the
the abuses
and that, because of the
too costly to the Nation,
are
two functions."
The
is divided
report
of the
broker
same
with
deals with the exercise
deals with the
Part I
into four parts.
dealer functions
and
Part II
exchanges.
on
problem in relation to the over-the-counter markets.
Part HI deals
the economic implications of segregation and some of the shifts in
and Part IV contains
activity that would be likely to follow,
membership
variety
require
members
"(2) Such
members
marized
follows:
as
bination
among
dealers.
The
of Functions of Broker and Dealer
broker and
of
dealer
frequently found in com¬
most
are
floor brokers,
commission brokers,
brokers and
bond
and
both
frequently
who
functions
by
exercised
are
with
associated
not
are
ists, deal
dealers,
their
as
dealer
of
transactions
assumed
is
exchanges
Trading
all
if
discussing the probable effects of segregation upon
Over-the-Counter Markets
II
Part
function
arise
result
a
of
the
of
Floor trading tended to stabilize the market for about one-third of the
the
exchanges
period
Liquidity in the Exchange Markets
the market
in
essential
an
between
prices fall; but if they fall below
be
involved
the sale of
in
non-liquid rather than
which
accentuates
is
report
inflow
ment
lative
and
activity
Generally speaking, lack of
and outflow operates to
and
inflow
induce its holder to treat it as
may
Consequently, speculative activity,
bearing
its
an
present,
such
upon
appropriate
phenomenon.
a
balance between invest¬
disturbance of that balance
a
that accentuates price trends
already
equilibrium
has
price trends,
outflow,
tends to
specu¬
occurs,
the lack of
increase
though convertibility into
and,
cash
may
be
maintained, that accentuation brings about the type of artificial instability
making for price declines and rises totally out of line with basic economic
conditions,
"It
a
is
been
thought
increased
in
economy
think
this
liquidity to
act
casual
fundamental
a
in
of liquidity.
element
this
a
and
screen
superficial
is
beyond the
intensely
respect,
as
and
What
futile.
of
prevalence
whose
as
fetish—
a
unquestionably
has
country
by the attempts of professional speculators to justify their
To
profession.
But
destructive
and
important, therefore, not to regard existing liquidity
of
mode
needed
are
Implications
discussion
devoted to a
of the economic im¬
It discusses the probable consequences of segre¬
over-the-counter.
liquidity and
of
the
examines
and
and
relationship
It includes a discussion of thecontinuity in the security market
these
of
qualities
to
problem
the
of
Washington dispatch of June 20, appearing in the New
A
York "Times" of June 21, had the following to
E.
James
said
he
way
this
of the
summer,
program
a
say:
discussing the report,,
Commission,
hoped steps toward making the
before engaging
reality would be under
He said he would take a rest
certainly by September.
in negotiations with the exchanges, but expected to return*
did not know what the reaction of the exchanges would
He said he
soon.
be
Chairman
Landis,
to
the
Asked
and
proposals,
he believed
if
would
diminution
a
that this would
trading for own account which
major
factor
harmful
the
that segregation
in
result
This, he
occur
the
in accentuating price
rather
than
the
apparently
fully with the details of
exchange
program
on
of
heads
had
not
been
contemplated.
the floor of the broker-dealer
transactions,
only in
so
far
Mr.
as
Landis
ex¬
it would curk
Commission had satisfied itself was a
trends because of speculative trading
helpful to the investor.
emphasized,
was
the target aimed at by the Commission in ita
proposals.
certain point, the sacrifice which would
a
liquid wealth.
as
liquidity, and
of liquidity
maintenance
When the outflow exceeds the inflow,
security
a
if liquidity involves
Furthermore,
the
to
investment
bring about changes in price trends.
which
segregation.
pressed the belief
because it promotes
desirable
is
is
established economic truths.
means
no
such
as
for the
combination.
such
importance
function
activity
examines the arguments
functions and outlines the abuses
Economic
III
of the dual broker-dealer
occurrence
markets,
this combination of
of
as
analyzes the
report
over-the-counter
the
in
necessity
the
of
acquainted
under observation.
by
Smaller Exchanges
the smaller ex¬
"Whatever impact the pro¬
posal of segregation would have upon members of exchanges would be
intensified as regards the smaller exchanges.''
The foregoing findings are devoloped in detail in Part I of the report.
In
on
In active securities.
balance
performed, as it
members of
part of
the
on
to be abolished."
were
economic
activity
activities
dealer
gation and the probable shifts that would ensue as a result of segregation
makes the following findings with respect to floor trading:
speculative
The odd-lot dealer thus
orders that they receive.
valuable function and one that could not be
a
conducted,
now
substantially offsetting
exchange are
the
on
requirements of their odd-lot orders, the
they represent is but the reflection of the net balance
that
element
performs
special¬
Consequently,
In so far
the
to meet
buy and sell odd-lot
Part
Members who trade for their own account while on the floor enjoy certain
competitive advantages over the general public, in that (a) the cost of effecting
purchases and sales is materially lower for them than for non-members; (b) they
can trade extensively with less capital than non-members; and (c) their presence
on the floor enables them to make and revise their market appraisals more promptly
than non-members upon the first manifestation of any trend or shift in trend.
(2) Floor trading is predominantly of the in-and-out variety.
(3) Members on the floor, during the period studied, traded with the daily price
trend more frequently than against it, and thus tended more frequently to accentuate
the trend of market prices.
It is not clear, however, to what extent members on
the floor initiated price trends and to what extent they merely followed such trends.
(4) Trading by members for their own account, may fairly be said to contribute
In some measure to the continuity of the market and to the consequent liquidity
of securities.
The utility of floor trading in this regard was materially Impaired
during the period under observation by the fact that it was principally centered
"That
than do
those odd-lot dealers who are also
for
exclusively
(1)
are
their trading
for
combination of functions in their own person.
no
odd-lot
positions,
from
apart
plications of segregation.
that
capital
more
principals and conduct no brokerage business.
as
they involve
traders
floor
transactions
effect
firms
Floor
(5)
markedly of the in-and-
Odd-Lot Dealer and Broker
"Odd-lot
themselves."
The report
'
•
period studied, neither prepon¬
derantly with nor preponderantly against the daily trend.
"(4) The trading of such members contributes in some measure to the
continuity of the market and the consequent liquidity of securities.
Its
utility in this regard was materially impaired during the period under
observation by the fact that it was principally centered in active securities."
of specialists.
characteristic
of functions is also
combination
who only
occasionally execute brokerage orders and by odd-lot brokers who only
occasionally trade for their own account.
Odd-lot dealers rarely, if ever,
exercise the brokerage function.
Inactive members who are connected with
investment banking firms may act in both capacities, but inactive members
Less
*
Floor
changes of the country, the report states that
Combination
The
"The functions
'
'
during the
traded
members
The
the report may be sum¬
the Commission's findings set forth in
of
Some
.
floor.
the
on
"(3) Such
conclusions and recommendations.
the
'
'
.
floor trading.
a6
of the capacity in which
customers
Should
the
in regard to the over-the-counter mar¬
program
elaboration
continued
a
deceptive
provocative of
opportunities
attending
fiduciary relationship.
"The immediate
kets
the
and
customer
■
"(1) Trading by members off the floor is not so
.
combination of the broker¬
there is present the conflict of interest
again,
dealer
*k
-
Trading by Members off the
and dealer functions in these markets is regarded as free
age
'<
'
•
«
traded
in securities
investors
upon
from this that the existing
follow
"It does not
markets and
these
upon
would
them
in
4261
Financial Chronicle
142
allow
not
present
the
thought,
to stop
thinking
with
judgments
characteristics
insistence
must be
regard
a
our
increased
upon
continuing duty.
these
to
of
broad
in
must
be
limited
qualities
is
discerning
base and
ip
Registration of 83 New Issues Under Securities Act
Totaling $319,318,6§4 Effective During May—Ten
Reorganization and Exchange Issues also Effective
During Month
Analysis of statements registered under the Securities Act
May, 1936, securities with estimated
gross proceeds of $319,318,654 became fully effective, it was
announced by the Securities and Exchange Commission on
June 24.
This compares with $751,012,738 (an amount
enlarged by the effectiveness of securities filed late in March
of 1933 indicates that in
of Sept. 30, 1935 financial statements) for
The Commis¬
April
of this year and May of 1935 are securities which have been
registered but are not intended to be presently offered for
sale, as follows:
to
permit the
use
April, 1936 and $140,208,002 for May, 1935.
sion said that included in the amounts for May and
character.
"Such
conclusions
overemphasis
dangers
to
upon
economic
our
activity contributes
results
which
such results
one
as
liquidity
stock markets
our
that
system;
to liquidity but
militate
against
most likely to
are
draw
can
in
an
a
certain
is
to
these:
fraught
amount
excessive amount
with
of
That
speculative
may
May, 1936
precipitate
liquidity as well as stability; and that
be brought about by the type of speculative
Reserved
The
(1)
to the specialist,
The specialist enjoys competitive advantages over the general public similar
In addition, by virtue of the great volume
which he participates and by virtue of his exclusive
conversion
of
$12,074,881
7,534,300
41,250
$49,912,336
$7,370,644
1,293,750
$57,597,087
4
with
Issues
convertible features
Reserved for other subsequent Issuance
Total
2,218,751
5,466,000
access
to
the
While there were only a few fixed-interest bearing securities included in
the
59 registration
statements
covering 83 issues that became effective
during the month, the number of common and preferred stock issues regis¬
information contained in his "book," he enjoys the advantage of special knowledge
of the market for the securities which he handles.
tered increased, representing the continuance of an unbroken
The specialist has exceptional opportunities to engage in manipulative activity,
by reason of his exclusive information concerning the existence of bids below and
offerings above the market.
Since the enactment of the Securities Exchange Act
of 1934, however, the Commission has found little evidence of such manipulative
activity by specialists.
gate
(2)
(3)
more
Specialists, during the period under review, traded against the daily trend
often than with it, and thus,
on the whole,
did not tend to accentuate price
trends but contributed to the continuity and orderliness of the market.
However,
they traded with their books, rather than
with others, they tended to augment the spread between bid and asked prices and
thus to diminish the continuity of the market.
It should be observed that,
the
period
as
studied,
specialists traded, in moderately
inactive stocks in relatively greater proportion than in active stocks.
(4)
During
insofar
active
and
(5)
In the capacity of broker, the specialist renders a useful service In the
cution of limited and stop-loss orders.
exe¬
(0)
Although it is argued that the brokerage activity of the specialist renders
tention.
The specialist has an important incentive to maintain a stable and orderly
market.
^
—
in the relative volume of stock
In all, in
upward trend
financing since January.
May there were registered 46 common stock issues for an aggre¬
of $88,913,000
$31,505,000
(27.8% of the total); 15 preferred stock issues for
(9.9%); 13 issues of certificates of participations, beneficial
interest, &c., for $13,713,000 (4.3%); 5 seemed bond issues, for $79,118,000
(24.8%); 3 debenture issues for $105,565,000 (33.0%), and 1 issue of shortterm notes for
$503,000
(0.2%).
In April the percentage of common
in March,
and
stock
was
22.5 and of preferred, 7.2;
14 and 4.9; in February, 12.8 and 14.8, and in January, 9.9,
l.i.
Examination
him peculiarly liable to loss through errors, for which he must find compensation in
trading, the evidence is too inconclusive to Justify giving any weight to this con¬
(7)
$8,664,394
The following is from the announcement issued June 24
by the SEC:
Specialist
the report finds that:
to those of other members on the floor.
of trading in
May, 1935
$19,650,431
for
Reserved for exercise of options
activity which accentuates price trends."
With respect
April, 1936
grave
of
the
registration statements showed that
stock issues
by seasoned companies contributed largely to the increase, indicating, to a
certain extent, a revival of public interest on offerings of equity securities.
Only 32.6% of the net cash proceeds from the sale of all the May effec¬
tive issues is to be used to repay indebtedness.
centage for any month since February, 1935
This is the smallest per¬
(before the beginning of the
large scale refunding movement) allocated for the repayment of
debt."
Financial
4262
proportion, comprising 36.2% of the proceeds from the May
preferred stock issues;
The largest
issues is to be used for the retirement of outstanding
preferred stock.
involving the retirement, at 110, of $76,493,500 subsidiary
In addition,
18.7% is to be used for purchase of securities by investment
$217,243.
principal loss in acceptance volume since mid-winter, has been
Since Nov. 30, 1935, New York City banks warehouse
noticeably large.
assets, and 0.6% for various other purposes.
acceptances have
proceeds
expected to be incurred; 3.4% for commission and dis¬
small percentage in view of the comparatively large pro¬
portion of stock issues proposed for sale—and 0.7% for other costs in con¬
nection with the flotation of the issues,
More than
registrants
flotations
represent
almost 9% represents
Manufacturing
registrations,
companies
of registration.
expenses
already established enterprises; and
by
of the total gross amount
with 40.2%
chief registrants during the month.
the
TOTAL
3%
(New Jersey), $85,-
Standard Oil Co.
due 1961; Brooklyn Edison Co., Inc.,
debentures,
DOLLAR ACCEPTANCES OUTSTANDING
BY FEDERAL RESERVE DISTRICTS
BANKERS'
OF
May 30, 1936
$32,807,279
254,648,941
11,206,276
2,482,131
(Boston)
(New York)
(Philadelphia)
(Cleveland)
3.
4.
5.
527,084
466,452
466,641
2,134,535
18,060,893
430,595
1,180,780
17,494,432
471,557
1,008,001
1,294.903
466,928
"""74*9*666
663*259
"*2*,*214*592
19,406,408
20,978,289
19,956,309
$330,531,460
7.
$343,694,299
$374,755,247
(Chicago)
Light & Coke Co., $22,000,000 first and refunding mortgage 4% bonds,
8.
(St. Louis)
due
9.
(Minneapolis)
10.
(Kansas City)
11.
(Dallas).
12.
(San Francisco)
1961; and American General Corp., $22,000,000 20-year 4% deben¬
tures, with warrants, due 1956.
Fixed-interest bearing securities totaled 58.0% of the gross registrations
$29,134,778
287,065,608
12,533,834
2,314,883
1,446,277
(Richmond)
(Atlanta)
6.
May 31, 1935
April 30, 1936
$33,209,677
244,380,381
10,626,242
1,544,054
Federal Reserve District
1.
$55,000,000 consolidating mortgage 3H% bonds, due 1966; Peoples Gas &
17,203,135
-
406,246
—
during May, 1936, against 65.6% in April, 1936, and 78.7% in May, 1935.
The
absence
of large
refunding issues is reflected in
24.8%; the
Standard
Oil issue) raised the share of this type of security to
the
total
27.8%,
incidence of three
Preferred
registrations.
and
certificates
participation,
of
(including the
debenture issues
stocks
9.9%;
were
beneficial
Grand total
drop in secured
a
bonds to
Decrease for year $44,223,787.
$13,162,839.
Decrease for month,
33.0% of
CLASSIFIED ACCORDING TO NATURE OF CREDIT
stock,
common
&c.,
interest,
4.3%
OF NEW
SECURITIES
INCLUDED
IN
April 30. 1936
Imports
$110,230,217
Exports
REGISTRATION
59
STATEMENTS FULLY EFFECTIVE DURING
81,394,275
1,298,584
$110,671,914
85,622,060
8,899,037
48,467,035
1,515,827
MAY,
1936
$106,604,524
99,632,190
7,833,939
68,162,015
1,644,944
82,269,687
88,518,426
90,877,635
9,025,878
Domestic shipments
Per Cent of
No. of
Issues
Amount
1936
1936
46
Common stock
15
of
36,616,412
2,745,096
9,925,950
13,713,190
79,118,268
105,565,295
503,467
tion, beneficial interest,
warrants, &c
19.7
7.2
Debentures
3
Short-term notes
1
83
Total
1.5
The SEC said
on
4.3
4.7
TYPES
OF
50.5
,15.1
20.7
S3
100.0
100.0
June 24 that in addition to the
FOR
BECAME
INCLUDED
IN
EFFECTIVE
securi¬
new
ISSUES
EXCHANGE*
DURING
Type of Security
MAY,
Amount
1
1
1
1
$32*1*400
Gold
$44,116
$2,301,200
$7,464,973
6(7 967
2,0*0*0", 000
of
participation,
interest, &c
*2
1,507~ 500
944*092
"I
15*660
15T660
Certificates of deposit
2
Voting trust certificates
2
539,200
175,160
179,734
1,507,160
2
Debentures
23,654*489
*
■
200",000
$2,788,065 $26,216,656 $14,890,503
Refers to securities to be issued in exchange for existing securities.
**
Represents actual market value
or
one-third of face value where market was
not^available.
Outstanding Bankers' Acceptances Reported at $330,531,460 May 30—Decrease of $13,162,839 as Com¬
pared with April 30
of
$13,162,389 in the volume of bankers'
acceptances was reported on June 24 by the American Ac¬
ceptance Council making its final report based on its monthly
survey, it was announced by Robert H. Bean, Executive
Secretary of the Council.
The total of all types of bankers'
acceptances on May 31 was reported as $330,531,460 com¬
pared with $343,694,299 at the end of April and with $374,755,247 at the end of May, 1935.
The American Acceptance Council will, as noted in our
issue of May 16, page 3277, dissolve on July 1.
However,
the statistical data
on
the volume of bankers'
acceptances
will be continued and will hereafter be
reported in "Bank¬
ing," published by the American Acceptance Council.
In making available the report for May 30, Mr. Bean on
June 24 said:
With
the
exception
domestic
shipment
Acceptances -created
amount
for
the
purpose
which
of financing exports
$4,227,785, domestic warehouse credits
were
on
off
advanced
declined
in
$2,154,216 and
goods stored in or
shipped between foreign countries declined $6,248,739.
Federal
Reserves
$2,000,000,000 in
New
Tells
Excess
Reduce
to
York
State
by with¬
at Lake
Mr. Colt, who recommended inter¬
through a return to a modi¬
George, N. Y.
fied
also urged New York bankers to con¬
standard,
gold
the
compared banking problems in this
those which existed in England a
He
ago.
years
with
today
initiated
of banking problems which was
study
century ago.
abnormally large amount of excess
reserves
in the
Mr. Colt said, exerts
a continuous pressure upon banks to make investments of a
type which may ultimately prove unfortunate.
His address was summarized, in part, as follows, by the
commercial banking system at present,
Association:
Mr.
is a
expressed the opinion that changing reserve requirements
Colt
would inevitably result in
great shock to our delicate credit mechanism."
Explaining his proposal,
Mr.
Colt suggested that future imports of
gold of the type mentioned
above should likewise be kept out of the banking system and) segregated
powerful
"too
this
suggested
of
stabilization.
making strides in nearly
without
come
further
tinued:
a
economic
releaser from
many
"would
investment
to the
accomplished
that
ever,
ready
to
toward
must
"by
and
"every
make
sections
by
the
of
the
will
the fears
remove
He
exchanges."
con¬
of the greatest constructive
one
undertaken
be
encourage
the
with
today,"
the world
world
since
substantial amounts
international com¬
development of
that
opinion
the
lessons
necessary
preservation
end."
He
urged
that
of
seriously
country
tjhe
and
willing to direct
that
which
fluctuating
greatest
our
experience."
entering
said:
own
economic,
"Certainly
He pointed out, how¬
agreement
and
must
if
of the
effective working
our
•
Bills used to fi¬
be
modified gold
a
sacrifices,
an
contributions
would
stability
return to the gold standard, perhaps
a
accord
the
be
toward
fSnds
expressed
to
and
advantage of all."
Colt
standard
part of the world, full recovery cannot
probably be
could
it
Mr.
would
that
measures
He said:
of stabilization
manipulations
currency
of
merce
every
definitive act
"Stabilization
countries of the world should
"While economic recovery
principal
the
that
work towards monetary
is
and
use
fund.
Colt
ordinary
for
new
stand,
required,
standard.
We
monetary and fiscal policies
one
prerequisite
is
a
balanced
budget."
Mr.
Colt
Association,
the
through
research
its
project
Commission
which
the
Study
for
New
York
of the
State
Banking
Structure, has been conducting since 1934 be continued.
This project
described
credits,
slightly, all classifications were off at the month end.
foreign type of bankers' acceptances, those based
5-16
national monetary stabilization
Bankers
of
5-16
'
$2,000,000,000 in gold from the Federal Reserve
banks and placing it, as well as future gold receipts from
abroad, in a stabilization fund, S. Sloan Colt, President of
the Bankers Trust Co. of New York and retiring President
of the New York State Bankers Association, said on June 20
in his address before the annual meeting of the Association
in
decrease
%
from
Mr.
A
3-16
X
X
180
Commercial banks should reduce excess reserves
weapon
10
150
drawing
5,225,530
k
Total
120
X
Reserves, S. Sloan Colt
Bankers Association
country
May, 1935
97,963
f
1
1
Commercial Banks Should Withdraw
The
2
Preferred stock
Short-term notes
t
1
1
tinue
1936
April, 1936 May, 1936
Common stock
Secured bonds
X
H
3-16
«111t
>#1
Par
No.of
Issues
Selling Rate
Rate
100.0
REGISTRATION
SEVEN
REORGANIZATION AND
FULLY
Dealers'
Dealers'
Buying
Days—
Rate
3-16
3-16
sn
0.2
Approximate Market Value**
beneficial
1936
Dealers'
Rate Selling
Buying
Days—
two
Certificate
BANKERS' ACCEPTANCES
58.0
33.0
$319,318,654
SECURITIES
STATEMENTS
WHICH
JUNE 23,
0.1
24.8
ties, seven statements covering ten issues were effectively
registered during May in connection with contemplated
exchanges of registrants' securities for their own or prede¬
cessors' securities, and in connection with the issuance of
voting trust certificates and certificates of deposit.
These
registered statements cover securities having an approximate
market value of $2,788,065.
Also declared effective during
the month, the Commission said, was a statement covering
a guarantee of principal and interest on a $1,000,000 bond
issue having an approximate market value of $780,000.
In
making available the following tabulation, the Commission
pointed out that the guarantee is not included:
THE
CURRENT MARKET RATES ON PRIME
Dealers'
5
_
between foreign countries
participa¬
Secured bonds
<■
22.5
9.9
stored in or shipped
Based on goods
1935
27.8
$88,913,034
31,505,400
13
Preferred stock
Dollar exchange
April, May,
May,
46,312,819
Domestic warehouse credits
Total
Gross
Units
No.of
Type of Security
Certificates
May 31, 1935
May 30, 1936
of the total.
TYPES
FOR
COUNTRY
ENTIRE
2.
during the month were:
24
The report for May 30 was issued as follows on June
by Mr. Bean:
of
Among the large issues for which registration statements became fully
000,000 25-year
bills and
30 all accepting banks held $155,168,176 of their own
On May
$141,695,950 of other banks bills, a total of $296,864,126.
Investment
second in importance at 30.0% and the utility companies,
at 24.7% were third.
effective
to the
initial public offerings of newly organized companies.
companies,
were
were
including
of the securities to be offered for the account of the
91 %
the
Bills have been scarce and the buying confined principally
large accepting institutions.
past month.
are
count—a rather
dropped $44,151,769.
been no changes in the discount market situation for
have
There
According to the registrants, approximately $262,106,000 of securities
gross
currently reported decrease was in the business of
the reduction in warehouse credits, which has
Very nearly all of the
New York City banks where
made up the
companies; 10.9% for working capital; 1.0% for plant, equipment and other
(82.1 % of gross registrations) are to be offered for cash for their own account.
In connection with the sale of these securities, expenses of 4.1% of their
$441,697 while dollar exchange acceptances were
imports went off
nance
less in amount by
is due, for the most part, to the Standard Oil financing,
this high percentage
June 27, 1936
Chronicle
banking
as
About 6,200
"a
pioneer
attempt
at
self-analysis
a
was
group."
copies of the report of this Commission have been distributed
throughout the United States and foreign
of New York State have
of the
by
been holding
countries.
Bankers in
all parts
discussion meetings where the report
Study Commission has been reviewed.
Volume
"As
result
a
Financial
14Z
of
organizing
bankers
tions,
the
than
other States have taken steps
for their
projects
another
we
their
of
disasters
accomplished
the
in
have every
can-
in
past,
a
"intelligent
effort
construction
and
"As the
territories."
own
inventories
take
compared,
are
"State
toward
Colt,
Mr.
continued
study,"
to hope
reason
against
effective way
laws and regulations to
far more
Mr.
Brown
that
up
has
following
a
Little important banking legislation was enacted
1936 session of Congress, according to tbe report
Committee
Association, wbicb was delivered at tbe annual con¬
Bankers
vention at Lake George, N.
listed
tbe
as
be
Y.,
Federal Deposit
of the
law wbicb
Corporation
Insurance
towards
Corporation, and the extension of tbe power of the Federal
Tbe
complete report of tbe committee, of which George Y. Mc¬
Laughlin, President of tbe Brooklyn Trust Co., Brooklyn,
Housing Administration to insure modernization loans.
N. Y., is Chairman, follows:
session
of
legislation
banking
with
comparison
in
up
other
way
sessions
of
of important
recent years.
writing were the following:
to this
the assets of banks in
Itself was extended from July 1, 1936,
Preferred stock and capital notes and debentures
of banks held by the RFC
exempted from all taxation.
3.
modernization loans was extended for a year
of insurance and the pur¬
The power of the FHA to insure
to April 1, 1937, with certain restrictions upon the amount
of insurable loans.
poses
In
the
opinion
in
structive
In
War
Efficient
and
Dr.
veterans
collateral
as
for
fact
the
so-called
the
under
used
well
as
ties.
farm
Act
Bonus
the
that
are
bonds
were
con¬
the atten¬
issued
World
to
non-assignable, and hence
loans.
Omnibus bill
Currency for technical amendments to the national banking laws.
bill
the
Congress does not
the
Among
affect the
1.
still
is
in
and
committee,
At this
session
this
at
passage
(H.
of
likely.
appear
of
provisions
operations of National
bill which
the following:
Goldsborough
the
banks
are
The terms "surplus," "undivided profits" and "net
would
directly
addition to profits" would
months
unless the debt is adequately secured by collateral or In process of
or more,
collection.
This represents a
exceed the
of surplus
excess
and undivided profits over capital.
through tiansfer of at
surplus .equals capital,
6. The requirement that National banks build up surplus
least 10% of "net additions to profits" semi-annually until
would be made independent of dividend declarations.
The committee approves
ment
is
Attention
members
of
part:
do.
"common
exempt
is
called to the fact that the
levied
There is
trust
the
and
Federal tax bill
does not yet
Bankers
Should
banks
by
operated
from
taxation
have
Manville
State
Find
to
Be
future,
over-opti¬
not
Since the
must rise.
price level
rapid
very
than
people
more
any
agricultural statisticians are giving particular study
cycle in cities.
Reliable statistics seem to indicate a
increase
railroads
and
during
activity
building
in
in turn,
This,
years.
employ
trades
building
the
since
building
furnishes one
the
of the most
two
next
three
or
important freight loads
increased prosperity and employment
things happen, then agriculture has no
worry about its ability to sell farm products at fair prices.
So agriculture in New York faces the future recognizing the gravity
of its major problems but with a quiet confidence and a growing optimism
that farming will continue to be a satisfactory business and mode of life
those
ought
If
carriers.
the
among
to
have training,
who
bring
these
experience and an aptitude for the work.
20.
evolve
a
less
money
He
Better
Convenient
as
Unable to
Plan
Financing
for
as
Purchasing
Auto¬
at
financial
Lake
George, N.
Y.,
institutions to conduct
Otherwise, Mr. Brown said, other
20 issued
an
to
a
satisfy
Governor
on
the need.
have the
industry that may
new
that will be
artificial
the
of
sources
The Association
courage
a
serve
and; the vision to work out
there
exists the possibility of
to bring about
sound and
a
Abandon
Economic
Nation¬
of
government
yet
of the
Insistence
University of Pennsylvania, told the annual conven¬
tion of the New York State Bankers Association on June 22
Lake
conceived,"
by
leading institutions
income and
owner's
the
Brown, would
size
on
and
a
safer
value
of
Mr.
relationship between
the
property he wants
ing and underbuilding fluctuates
the
to
ending of
"ahead of
us
more
in cycles of about 21
years;
1926
repre¬
cycle and the beginning of another and, Mr. Brown
lies 10 years of prosperity."
one
expressed conviction that future
ownership
which,
he
Prosperity," Dr. James said that it is useless to
restoration of the gold standard unless the
is willing
States
United
to abandon nationalistic economic
policies and participate wholeheartedly in a world economic
organization.
If present tendencies continue,
he said,
American commercial banking will need to be completely
reorganized, probably along the lines of the banking systems
of Germany or
In
Sweden.
restoration to
discussing possible
James said:
Dr.
In
theory,
we
the
gold
standard,
.
find
can
considerable
business
prosperity
and
economic
liberty if we are willing to accept the hard philosophy to which a restora¬
tion
it
the
of
gold
standard
is
appropriate,
just
by the apparently smoother road of a
easily
as
as
we
attain
can
who
efficient housing for the country.
construction industry, characterized by violent swings of overbuild¬
mean
Discussing "Monetary Policy and
George, N. Y.
the
of
talk
our
stability of the country rests upon
said, can be provided only bv the
not
has
still
I
creeds,
yet been
have
a
converted
preference
to
paper
all
for
the
of
the
currency
articles in
nineteenth
more
modern
solution
century
of
problem and the restoration of a gold standard.
Can
we,
however,
achieve this
in
the
light
of
all
the
economic
and
the problem?
Obviously, a restoration of the
gold
standard demands balanced budgets—yet budgetary deficits are
found in almost every country of the world.
Deficits are not peculiar
to the United States, and they will not be eliminated by political slogans
political
build, said Mr.
regimenta¬
policies of tbe New Deal, Dr. F. Cyril James, Professor
a
perma¬
greater service to the people of this country
stimulants
President, would be unable
Landon, if elected
a
said.
home
First
managed in such
a
way that interest
rates are held at a point low enough to encourage
monetary expansion and business activity.
As an old-fashioned liberal,,
extract:
financial leaders
recovery
sents the
Budget if Elected President—
of Finance of tbe Wharton School of Finance and Commerce
re¬
of his speech, of which the
summary
pattern for this major financial problem,
all
Must
Country
Business
plans for financing home construction and
develop
following is
virtually
Balance
Tells New York State Bankers Association Meeting
satisfactory program providing better built homes
cost.
our
Association
urged
new
will
June
C. James Contends Governor Landon Would Be
Dr. F.
to balance the Federal budget or to eliminate tbe
Corp., told the annual meeting of the New York
search into
He
the
emerging from the depression.
industries,
city
the
to
at
Bankers
June
sound
about
are
general
that the
confidence
and
workmen,
and the various regulations
construction in the United
States during the next decade will only be solved when
home owners are provided with a system enabling them to
purchase shelter as conveniently as they buy vacuum clean¬
ers
or automobiles,
Lewis II. Brown, President of Johns-
said,
optimistic
are
confident that they
prosperity of farmers in the Northeast depends upon the prosperity of city
as
mobiles
The
can
one
feel that sufficient experience has been had
The problem of financing home
home
own
farmers
than
farmers
among
plow in the spring and watch
fields it is hard to remain pessimistic.
When
slow but consistent improvement in the prices of farm products.
see a
They
income of
Home Construction—Lewis H. Brown Says System
Brown
and the laws of nature work to
depressions prevent the
of optimism
degree
greater
a
one's
on
now
groups.
alism
committee
Urges
than
grow
so
do other
as
This results in the preservation of a saner
crops.
groups.
but, rather,
They
tion
nent
perhaps
much
as
depression farmers have food to eat and work
whether or not man-made
crops
most other
crops
depression
major
a
with tangible things,
They deal
outlook
section in the Senate bill which would
a
funds"
new
undistributed net
upon
operating under the Banking Act of 1935,
"If
from
profitable sale of those
for
promulgated thereunder, to warrant suggestions of amendments.
on
suffer
produce bountiful
corporations.
at
Dr. Ladd
these changes, but does not believe their enact¬
the surtaxes
from
corporations generally.
in
efficient production of the milk,
more
urgently required at present.
exempts banks
The
Dr. Ladd said, would result in higher
sanitary protection for
State's farmers,
the
But throughout the worst of a
for
slight liberalization of the present definition.
Directors of National banks would be authorized to declare dividends In their
3.
discretion out of undivided profits, Instead of only semi-annually as at present.
4. Cash dividend declarations would be foribdden whenever total "bad debts"
program,
spoke before tbe annual convention of tbe New York State
Association at Lake George, N. Y.
He said, in
other
be given statutory definitions according to their usual meanings.
2. The term "bad debt" is defined as a debt upon which interest is in arrears six
roads,
Bankers
among
Goldsborough
so-called
a
for
products, and
And
writing,
Ladd, Dean of
fruits and vegetables necessary to the cities.
mistic,
the
Policy
improvement of school, library and health facili¬
as
Such
R.
be
to
Agricultural
State
the New York State College
urged State authorities to. adopt
a sound agricultural policy aiming at the highest
possible
development of the State's farm plant.
He recommended
12447), which embodies certain recommendations of the Comptroller of the
seems
York
New
City Dwellers
Carl E.
Farmers
enactments
Among the bills pending before Congress which affect banking, the most
important
costs which
reducing the
financing
lower
of Agriculture, on June 20
to
members to
Association
cannot be
foregoing
the
to several inquiries, the committee wishes to call
response
of
pocketbook;
owner's
to be spent on maintaining the home and
sums
be
may
by Dr. Carl E. Ladd—Telia Bankers
Association Program Is Needed to Aid Both Farmers
,Vt
the/ committee,
of
purpose.
tion
home
which
mortgage
long-term
Advocated
eggs,
July 1, 1938.
2.
single
quarterly basis; automatic restriction on Hie
sale of a home too
or
helping prevent high-pressure
homes,
the
standards
1. The power of the FDIC to make loans to, or purchase
order to facilitate mergers or prevent loss to
were
a
monthly
a
extension of electrification and construction of rural
the
little in
Congress produced
Among the enactments
to
know in
of
larger
More
exempted from all taxation preferred stock and
1936
as
to
principal of the loan.
capital notes of banks held by tbe Reconstruction Finance
The
home
a
ownership;
on
for
enable
purchase
automobile;
home
cost
or
large
to
an
amortized
size
prevent loss, tbe
banks to facilitate mergers or
to
Tbe committee
June 22.
on
principles:
able
or
tbe "constructive" laws that wbicb extended
among
power
lend
to
State
of tbe New York
Federal Legislation
on
by tbe
of tbe
"T believe
and
ownership,
conveniently as he buys a vacuum
advance all the obligations be? ia
expected to meet initially and in the future; the down payment to be
kept as small as is consistent to assure honest attempt of the buyer
To
Important Banking Legislation at Recent Session
of Congress—Legislative Committee of New York
State Bankers Association Reports to Convention
suffering."
drastically- wrong
was
home
of
and
cleaner
Little
American system of private enterprise."
in the era prior to 1929; "the disastrous
The depression showed, he said,
our
still
with the non-amortizing mortgage
that the home owner desires
right to expect, eventually, a home financing service embodying
something
system
groups
building
are
we
financial
estate
all of the factors in the
working closely together
of
cooperation
earnest
real
reviewed
of which
results
the
piling
by
merely
banking from without."
and
the
through Hie mechanism of
situa¬
own
banking structure will be fortified from within
the
of
be
can
control
results
country's
repetition
a
York
than 20
more
after
State
one
and
the
that
in
research
similar
of
New
our
Bankers Associations
4263
Chronicle
circumstances of
if
we
country
is
even
which
else,
until
dominated
the nineteenth
outgrowth
relief
shout
of
relief
expenditure).
we
must
we
by
are
hoarse.
Fiscal policy
unemployment—a
century
was
chronic
not familiar—and
in
practically
deficits
and armaments (which are themselves
In order to balance our budgets, here
find work for the unemployed,
and
to
every
with
unemployment
find
are
a
or
a
direct
species of
anywhere
work
for
the
Financial
4264
shall probably need to make considerable changes in our
and our business practices.
What these changes will be
prepared to say at this point, because to dogmatize about so
unemployed
economic
I
not
am
few minutes would be little short of madness, but
that the concentration of thought in the next few years will
problem in a
large a
obvious
is
it
we
system
than
the technical problems of
upon
attention of
distribution of income,
production that absorbed the
the distribution of goods and the
to be upon
have
rather
grandfathers.
our
segment of economic policy in general,
only be appraised by reference to the
economic philosophy that a
nation holds.
As long as we are content
to try and
solve all our problems of unemployment and depression by
monetary means, we cannot escape from the kind of monetary policy
that we have.
But if we are willing to face issues squarely, bringing into
Monetary policy then is but one
and the "soundness" of money can
And
either
although
bound
almost
expedient
enable
would
us
to
Moreover, if we do not face issues and make our choice
the other.
to
are
we
policy
monetary
economic
individual
case
alternative
choose.
prosperity, the natture of that prosperity and the degree
liberty remaining would differ greatly from one
business
attain
of
elements of the problem, we still have the power to
of the
focus all
to
fall
to
into
that
inflation
an
seems
people—an inflation that will only
wearisome than it is now I
many
of choice more
temporarily
make the burden
$3.35 for each $100 of capital account, as compared with a
deficit of $5.43 in 1934, according to a report issued June
by the Federal Deposit Insurance
18
1.
amendments
Regulation U,
to
pertaining to loans by banks for the purpose of carrying
registered on a national securities exchange, was made
yesterday (June 26) by the Board of Governors of the
Federal Reserve System.
The amendments, involving four
actual changes, will become effective on July 1.
The
changes are as follows:
written
total capital account.
.
declared dividends amounting to $209,000,000,
1934.
This was an increase from $3.00
to $3.37 for each $100 of total capital account, and from $5.65 to $6.24
for each $100 of capital stock, notes and debentures.
3. Cash dividends declared during 1935 approximately equalled net
profits of the banks as a whole.
Earnings, recoveries,write-offs and divi¬
dend payments, therefore, had no net effect upon the total capitalization
2.
as
During 1935 the banks
compared with $188,000,000 in
banks.
Total
declared
earnings
$1,485,000,000.
in 1934
$25,000,000, from $1,067,Net earnings declined from $448,000,-
$30,000,000 from $1,515,000,000
Total expenses declined
000,000 to $1,042,000,000 in
1935.
000 to $443,000,000.
5.
three
adding recoveries and deducting assets
$207,000,000 compared with a deficit of $339,000,000 in
a change from a deficit of $5.43 to a profit of $3.35 for
This was
1934.
each $100 of
Loans by Banks
of
The basks' profits, after
off, amounted to
to
Announcement
follows:
its survey as
4.
Regulation U Governing Margin Requirements on
Such
Corporation.
represented 93% of the total
number in the United States and held 97 % of the aggregate
deposits. Total profits in 1935 were listed as $207,000,000,
contrasted with a deficit of $339,000,000 in 1934.
The
FDIC summarized some of the significant facts revealed by
banks at the end of last year
of the
Board of Governors of Federal Reserve System Amends
June 27, 1936
Chronicle
from
total assets, total earnings declined
declined from $2.46 to $2.16, and net
declined from $1.03 to $0.92.
Measured in terms of each $100 of
$3.49 to $3.08, total expenses
earnings
stocks
A broker who is carrying the restricted
1.
"special" account of
a cor¬
correspondent make substitutioES,
account's deficiency.
2.
All loans made by banks to finance registered odd-lot dealers, or to
finance arbitrage transactions in securities, will be specifically exempt
withdrawals, of collateral which do not increase the
requirements of Regulation U.
from the
Banks will not be allowed to accept the transfer
3.
accounts from
of under-margined
brokers, or any other lenders, except other banks, without
of the transfer.
bank had
May 1 for the purchasing or carrying of stock, the terms of
Regulation U will not apply to the loan after the transfer.
Similarly such
requiring that the loans be margined up at the time
If
4.
bank accepts the transfer of a loan, which another
a
made prior to
loans which
a
bank made prior to May
1
be transferred from one
may
borrower to another without bringing the loan under
the requirements of
Tenders
$100,058,000
were
accepted, the Secretary stated.
Eastern Standard Time, June 22. Secretary Morgenthau's announcement of June 22 contained the following
details of the bids to the offering:
2 p. m.,
174-Day Treasury Bills, Maturing Dec.
Receivership Loans—Comptroller of Currency Says
Inquirers'May Investigate Assets
Many banks are actively interesting themselves in re¬
ceivership loans made by the Reconstruction Finance
Corporation and are investigating the assets of borrowing
receiverships, J. F. T. O'Connor, Comptroller of the Cur¬
told the Virginia Bankers Association June 20 at a
meeting at Norfolk, Va.
Twelve such loans aggregating
$7,500,000, he said, are under consideration by banks and
should be closed by the end of June, while other banks are
considering the plan under which the loans are offered.
He
advised interested banks to apply for information to the
Comptroller's office, where opportunities will be given to
examine assets of one or more borrowing receiverships.
rency,
the
to
$50,000,000 each.
One series was 174-day bills, maturing
Dec. 15, 1936, and the other 273-day bills, maturing March
24, 1937. The tenders to the offering were received at the
Federal Reserve banks and the branches thereof, up to
Regulation U appeared in the "Chronicle" of
O'Connor Urges Bankers to Investigate RFC
received
the offering of which was referred to in our
issue of June 20, page 4100, were issued in two series of
For
F. T.
were
The bills,
.March 28,1936, pages 2059-2060.
J.
$281,318,000
totaling
offering of $100,000,000, or thereabouts, of Treasury bills,
dated June 24, 1936, Henry Morgenthau Jr., Secretary of
the Treasury, announced June 22.
Of this amount, bids of
Regulation U, which took effect May 1.
The text of
of $100,-
000,000 of Two Series of Treasury Bills Dated
June 24—$50,050,000 Accepted for 174-Day Bills
at
Rate of 0.183% and $50,008,000 for 273-Day
Bills at Rate of 0.240%
respondent broker will be able to let the
or
$281,318,000 Received to Offering
Tenders of
this
series, which was
15, 1936
for $50,000,000, or thereabouts, the
total
which $50,060,000 was accepted.
The accepted bids ranged in price from 99.935, equivalent to a rate of about
0.134% per annUm, to 99.908, equivalent to a rate of about 0.190% per
annum, on a bank discount basis.
Only part of the amount bid for at the
latter price was accepted. The average price of Treasury bills of this series
to be issued is 99.912 and the average rate is about 0.183% per annum on a
amount
applied for was $135,202,000, of
bank discount basis.
273-Day Treasury BiLs. Maturing
March 24, 1937
'
$50,000,000, or thereabouts, the total
amount applied for was $146,116,000, of which $50,008,000 was accepted.
Except for one bid of $225,000 the accepted bids ranged in price from
For
this
series, which was for
to 99.811, equiva¬
Only
part of the amoqnt bid for at the latter price was accepted. The average
price of Treasury bills of this series to be issued is 99.818 and the average
rate is about 0.240% per annum on a bank discount basis.
99.£30, equivalent to a rate of about 0.224% per annum,
lent to
a rate
of about 0.249%
per annum, on a
bank discount basis.
Mr. O'Connor said, in part:
In
an
address before the American Bankers Association in Washington,
1934, President Roosevelt said:
D. C., in October,
bankers that these agencies must
continue until such time as the banks and other private credit agencies
are themselves able and ready to take over these lending functions; and
when that time comes, I shall be only too glad to curtail the activities of
these public agencies in proportion to the taking up of the slack by privately
Treasury Resumes $50,000,000 Weekly Bill Offerings—
Ends Borrowings of $50,000,000 Additional Weekly
I find almost general agreement among
owned agencies.
RFC, which has loaned $370,668,900
One of these lending agencies is the
to receivers of insolvent National banks to aid in the payment of
to
be absorbed
by active banks.
located in the
When this loan
taken over by the
2H %
against
as
a
was
which can
The majority of these borrowing trusts are
States bordering on the
Great Lakes.
receivership loans made by the RFC was to the
Detroit.
dividends
A great part of these loans have been paid back, but there
depositors.
still remain 170 such loans with unpaid balances of $35,000,000,
reduced to
One of the largest
First National Bank of
balance of $35,800,000, it was
a
Manufacturers National Bank of Detroit at a rate of
This reduction in the rate
$1,600 a day,
rate of 4% paid to the RFC.
of interest saved the depositors of the First National Bank
or
approximately $600,000
a
year.
.
.
.
Fifty-nine .insured banks with deposits of about $14,492,000
within the 29-month period between Jan.
includes
one
reopened
bank with deposits of $85,000
as an
insured bank.
suspended
1, 1934 and May 31, 1936.
which was recapitalized
This
and
Two banks have suspended since May 25,
1936.
The estimated insured deposits in 56 of these
Federal
closed banks in which the
Deposit Insurance Corporation had started making payments to
depositors by May 31, 1936, were $9,171,000 as of time of closing.
sum
represents 67.3%
of the total deposits.
deposits represent 9.7%
of the total deposits,
This
for Bonus Needs
After offering $100,000,000 of Treasury bills weekly
the eight past weeks, the Treasury this week offered bills
for
for
$50,000,000, the level at which offerings had been made
weekly prior to May 4, when, for the indicated purpose of
accumulating additional funds to meet requirements of the
Adjusted Compensation Payment Act of 1936, permitting
and
to
a
increased to $100,000,000. Maturities
been, as well as currently
are, at the rate of $50,000,000 a week. Through the offerings
over
the eight-week period of $50,000,000 in excess of
maturities, the Treasury increased its cash reserves by ap¬
proximately $400,000,000.
The offering of Treasury bills
announced by Secretary of the Treasury Morgenthau on
June 25 is referred to elsewhere in this issue of the "Chronicle."
Checks deposited with Federal Reserve banks throughout
the country up to June 25, which were issued on account of
soldier
bonus
payments, were
reported to aggregate
offerings of bills
of bills for
were
some
time past have
$585,000,000.
while deposits subject to
of 16.9%.
number
depositors, while depositors partially protected number 288, or five-
New Offering of
$50,000,000,
or
Thereabouts, of 273-day
1936
Treasury Bills—To Be Dated July 1
Depositors fully protected number 61,942, or 99.5% of the total
Henry Morgenthau, Jr., Secretary of the, Treasury, on
a new offering of $50,000,000, or
June 25 invited tenders to
tenths of 1%.
in 1935,
1934—Survey
FDIC Member Banks Made $207,000,000 Profit
Against Deficit of $339,000,000
Covers Earnings and Dividends
Commercial
maintain
The secured and preferred
offset represent 6.1%, leaving uninsured and unsecured deposits
of
bonus bonds on and after June 15,
comfortable cash balance, the weekly
veterans to cash their
banks
which
are
in
members
to 2 p. m.,
of
the
Federal
Deposit Insurance Corporation in 1935 earned a profit of
thereabouts, of 273-day Treasury bills, dated July 1 1936
and maturing March 31 1937.
The tenders will be received
at the Federal Reserve banks, or the branches thereof, up
will
not
ington.
Eastern Standard Time, Monday, June 29, but
at the Treasury Department, Wash¬
be received
Volume
4265
Financial Chronicle
142
'
i
.
During the past two months the Treasury has been offer¬
ing the bills weekly in two series, each in amount of $50,000,000.
The change of policy this week in offering only $50,000,000 is discussed elsewhere in our issue of to-day.
discount
The securities offered this week will be sold on a
highest bidders, and on the maturity date the
face amount will be payable without interest.
They will
be issued in bearer form only in amounts or denominations
of $1,000, $10,000, $100,000, $500,000, and $1,000,000
(maturity value).
There is a maturity of bills on July 1 in
amount of $50,003,000.
In his announcement of June 25
Secretary Morgenthau said:
basis to the
No
tender for
amount
an
tender must be in multiples of $1,000.
RECEIPTS OF SILVER BY THE
accompanied by
are
bank
trust
or
deposit from
responsible and recognized dealers
an express
June 29 1936,
all tenders received at the Federal Reserve banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning.
The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final.
Those sub¬
mitting tenders will be advised of the acceptance or rejection thereof.
Pay¬
ment at the
Federal
price offered for
banks in
Reserve
July 1 1936.
Treasury bills allotted must be
cash
other immediately
or
made at the
available funds on
shall be allowed
of any tax
Silver Transferred to United States Under
tion Order
SILVER TRANSFERRED TO
110,386.00
1,677.00
2,536.00
260.63
San Francisco
Denver
of its
New Orleans
this notice
the conditions of their
Total receipts
made
1936
ing Firm
Federal agents on June 22 entered the vault of the Standard
Safe Deposit Company in New York City and seized $1,250,-
had been deposited by the
Korporation, Aktien Gesellschaft, a Swiss
banking firm of German ownership.
This was said to be the
largest Government seizure yet made under the terms of
the Gold Reserve Act of 1934.
The company had made no
secret of its possession of the gold, and had sought permission
to take it abroad.
The company had also contended in the
courts that the law in question was unconstitutional, and
could not be applied to a foreign corporation.
The New
York "Herald Tribune" of June 23 added the following
000 in
"V,904*27
Total for week ended June 19, 1936 $55,891,181.61
$351,261.85
$2,975,138.41
San Francisco
Denver.
_
New Orleans
Seattle
451.35
364,889.59
regarding the seizure:
"
February, 1933, before
the passage of the Reserve Act. ' Ladenburg, Thalman & Co., 25 Broad
Street, received the money as custodians for the Swiss firm on March 2,
1933, and when the Federal Reserve Bank sought to collect the money,
the Ubersee concern obtained a temporary injunction halting the transfer
The
$135,448 of Hoarded Gold Received During Week Ended
June 17—$7,658 Coin and $127,790 Certificates
Treasury Department
the week ended June 17 the
Federal Reserve banks and the Treasurer's office received
an
$20 gold pieces which
Ubersee Finanz
$1,097.95
194,200.00
1,855,502.38
558,997.14
55,335,200.00
483,897.89
60,392.38
New York-.-...
4101, reference was
previous week
transferred during the
New York Vault—Metal is
New Domestic
$177,582.66
63,500.00
47,965.04
18,119.10
31,860.30
12,234.75
114,859.63
Agents Seize $1,250,000 in Gold Held in
Property of Swiss Bank¬
Government
ASSAY OFFICES
Secondary
silver
—
112,966,184.56
through June 19, 1936
the
.
_
ended June 12.
June 19:
$3,787.07
to
...
...
...
.....
Total for week ended June 19,
announced on June 22 that $59,217,581.87
received during the week ended June 19 by the
various mints and assay offices.
It is reported that of this
amount $55,891,181.61
represented imports, $351,261.85
secondary and $2,975,138.41 new domestic gold.
According
to the Treasury the gold was received as follows by the
various mints and assay offices during the week ended
In
Fine Ounces
New York
was
Imports
1934)
Week Ended June 19, 1936—
Philadelphia
The Treasury
on
UNITED STATES
(Under Executive Proclamation of Aug. 9,
In the "Chronicle" of June 20, page
Philadelphia
Amounted
j j j*|
j |
May 25 by the Treasury follows:
Seattle
RECEIPTS OF GOLD BY THE MINTS AND
•
Transfer of silver to the United States under the Execu¬
nationalizing the metal, was in
114,859.63 fine ounces during the week ended
June 19, it was made known in a tabulation issued by the
Treasury Department on June 22.
Total receipts since the
order of Aug. 9 (given in these columns of-Aug. 11, 1934,
page 858) was issued amount to 112,966,184.56 fine counces,
The Treasury announced.
The tabulation made available
:
gold
j
#
Gold Receipts by Mints and Assay Offices During Week
Ended June 19—Imports Totaled $55,891,182
of
\
tive Order of Aug. 9, 1934,
Circular No. 418, as amended, and
prescribe the terms of the Treasury bills and govern
issue.
,
ended
4101.
amount of
possessions.
Treasury Department
998,545.34
87,996,317.01
Nationaliza¬
During Week Ended June 19
114,859.63 Fine Ounces
to
the purposes of
hereafter imposed by the United States or any
now or
noted in these columns June 20, page
were
to principal and
deduction, or otherwise recognized, for
as a
-
1936
receipts of newly-mined silver during the week
The
June 12
on
as
_
Total for week ended June 19, 1936
interest, and any
gain from the sale or other disposition thereof wili also be exempt, from all
taxation, except estate and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
be exempt,
179,015.01
10,190.49
-
-
Total receipts through June 19,
-
The Treasury bills will
OFFICES
Amended
Fine Ounces
809,339.84
San Francisco
Denver
company.
Immediately after the closing hour for receipt of tenders on
MINTS AND ASSAY
1936—
Philadelphia
incorporated
guaranty of payment by an
J «
(Under Executive Proclamation of Dec. 21, 1933) as
Week Ended June 19,
99.125.
incorporated banks
in invest¬
ment securities.
Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
Tenders will be accepted without cash
> i-
annually), was turned over to the various mints
during the week ended June 19.
A statement issued by the
Treasury on June 22 indicated that the total receipts from
the time of the issuance of the proclamation and up to
June 19 were 87,996,317.01 fine ounces.
Reference to the
President's proclamation was made in our issue of Dec. 31,
1933, page 4441.
Below is the statement issued June 22
by the Treasury Department:
Fractions must not be used.
and trust companies and from
•
mined silver
expressed^
The price offered must be
100, with not more than three decimal places, e.g.,
the basis of
on
Each
considered.
less than $1,000 will be
*
k
announcement issued by the
gold coins were acquired by the Swiss firm in
of the money to the
Government.
June 22 it is noted that during
Supreme Court Aloof
The
$135,447.50 of gold coin and certificates.
Since the issuance
of the order on Dec. 28, 1933, requiring all gold to be re¬
turned to the Treasury, and up to June 17, total receipts
have amounted to $143,015,330.91.
Of the amount re¬
AND
steps he now
Income
Circuit Court of Appeals.
increased to an estimated $2,000,000.
did not know what
could take to regain the gold.
Tax Collections from June 1 to 20 Rise
1935—Total $298,505,823, Compared
Above
1933)
Gold Coin
the
Counsel to the Swiss corporation said last night he
OFFICE
(Under Secretary's Order of Dec. 28,
by
'
RESERVE BANKS
THE TREASURER'S
that
dissolved the injunction and was upheld in
abroad, where its value would be
week ended June 17, the Treasury's state¬
ment shows, $7,657.50 was gold coin and $127,790 gold
certificates.
The following is the Treasury's statement:
RECEIVED BY FEDERAL
Court
The United States Supreme
Court declined to review the findings of the lower tribunal.
The Secretary of the Treasury refused a permit for the gold to be taken
action
ceived during the
GOLD
District
23%
with
$242,688,776 in Same Period Last Year
Gold Certificates
announced on June 24
1 to 20 totaled $298,505,823, compared with $242,688,776 during the same 1935
period, or an increase of approximately 23%.
Figures were
based on telegraph reports from Internal Revenue Col¬
lectors.
Actual deposits at the Treasury were $288,995,939,
compared with $238,449,317 a year ago. For the period
from July 1, 1935 to June 20, 1936 deposits of income taxes
at the Treasury were $1,405,361,021, as compared with
$1,083,860,527 for the same period in the 1935 fiscal year.
Other data announced on June 23 were given as follows in a
Washington dispatch of that date to the New York "Times:"
The Bureau of Internal Revenue
that income tax collections from June
Received by Federal Reserve banks:
Week ended June 17
$7,667.50
31.593,667.41
Total to June 17
Received by Treasurer's
$125,690.00
108,553,240.00
$31,601,324.91
Received previously
$108,678,930.00
office:
Week ended Jun 17
$2,100.00
"
-
268,256*00
Total to June 17
Note—Gold bars deposited with the New
2,464,720.00
$268,256.00
Received previously
$2,466,820.00
York Assay Office in the amount of
$200,572.69 previously reported.
^ .Previous reference to the receipts of hoarded
made in our issue of June 20, page 4101.
gold was
The Second New
June 1 to
is
amounting to 998,545.34 fine ounces, purchased by
the Treasury in accordance with the President's proclama¬
tion of Dec. 21, 1933 (which authorized the Treasury De¬
within about $29,000,000
of the $1,434,112,000 estimate made in the
anticipated that final figures for the month would
show an increase over the same period last year.
The Government's total receipts from June 1 to 20 were $4,029,414,626,
r Silver
The Third
341 Ninth Avenue, ranked second in the
country, with collections of $27,316,187, compared to $24,327,446 last year.
The national collection of income taxes for the fiscal year through June 20
of
partment to absorb at least
for any one district, with $44,675,190 from
20 of this year, compared to $39,340,726 last year.
District, with headquarters at
Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 998,545.34
Fine Ounces During Week Ended June 19
Receipts
York District, with headquarters at the custom house,
showed the largest collection
budget message. * It was
compared to $3,743,587,243 last year and as against the
24,421,410 fine ounces of newly-
\
President's estimate
l
Financial
4266
of
The Presidential estimate included
$4,410,793,943 for the entire year.
$529,042,000 for the processing taxes on farm products, which were in¬
$3,404,660,067
20 was $4,641,643,649, compared to
the same date a year ago.
on
Total expenditures were
The large increase
The
bonus.
in expenditures was due to payment of the soldiers'
Adjusted
Service Certificate fund for the first 20 days of
$1,647,750,650 and for the fiscal year $1,747,750,650.
The Internal Revenue Bureau's figures on income tax collections for
June
was
the various districts in New York and
June 1-20, '35
$4,844,849.67
Deposited
June 1-20, *36
$6,469,074.92
1,422,145.02
9,638,588.49
3,806,035.00
39,340,726.30
5th New Jersey
1st New York
New York
New York
-
1,114,773.03
4,686,800.65
21st New York....
28th New York
President Roosevelt Praises "Good
Tells
44,675,190.46
27,316,187.11
4,659,757.76
1,157,335.62
4,912,568.13
24,327,446.07
3,566,278.76
-
14th New York
Neighbor" Policy—
Can
Communites
Delegates
Kiwanis
Share
Social Aid with Government j
were
gates as "fellow-members.r? f He complimented the organi¬
zation for the work it has done in assisting crippled children.
Once again Mr. Roosevelt referred to the "good neighbor"
doctrine, which he said had been established in relations with
the Nations of North Central and South America, and he
expressed the hope that it may be extended to all communi¬
ties within this country.
An account o the President's
address is given below, as contained in a Washington dis¬
patch of June 24 to the New York "Times:"
communi¬
ties," he said, "and I tnink we all recognize that there are many problems
in our modern Ijfe wbei e it is in every way fine for the country that the
primary and preliminary responsibility should rest upon civilian organiza¬
tions and not wholly on poor old government.
That is as it should be."
Urging that these problems, which he did not define, he handled in so
far as possible by the method of "round-table discussions," Mr. Roosevelt
"I know of the
be
down-stream waters originate largely in
remembered that
keep water out of our streams to control its action
retard the journey of the raindrop to
in the stream and generally to
once
up¬
The objects of upstream engineering are through forestry
areas.
and land management to
the
in
destructive floods and of property located therein, it
to
Thus the crests of downstream floods are lowered.
sea.
ROOSEVELT
FRANKLIN D.
Roosevelt Orders Department of Justice to
President
Act Under Anti-Trust Laws
practical results of this work in a great many
Charges of Collusive
on
of FTC
Action Over Steel Bids—Transmits Report
mission Also
Federal
The
with Prices for PWA Piling-—Com¬
Connection
in
Charges Monopoly in Tin Plate Pact
announced
Commission
Trade
Justice "for
appropriate action"
June 21
on
Department of
that President Roosevelt had referred to the
Commission report that
a
collusive bidding had occurred on steel sheet piling for cer¬
construction
tain
projects
financed
by
"a reasonable ground to believe that the anti-trust laws
was
and it recommended that the matter
violated,"
been
have
The Commission also
referred to the Attorney General.
be
Works
Public
the
report said that there
The Commission's
Administration.
urged to lighten the burden on "poor old
Government" by co-operating in handling social problems, in
an
informal address by President Roosevelt on June 24
before delegates to the annual convention of Kiwanis Inter¬
national, meeting in Washington.
The President spoke
from the balcony of the White House, and greeted the dele¬
Communities
must
4,691,172.00
New Jersey..
*
2d
subject
1,538,853.14
10,647,627.76
Deposited
State—
3d
areas
these are for the safeguarding of those who live
as
contiguous States were as follows:
Connecticut
1st
necessary
stream
$8,671,058,276, compared to $7,148,247,310.
major
great reservoirs and channel improvements on
streams.
But
deficit on June
Treasury's
June 27, 1936
large dams,
levee,
Supreme Court.
validated by the
The
Chronicle
recommended
President
the
that
Congress the
to
suggest
advisability of enacting legislation aimed at delivered-price
systems that frustrate price competition, and that all gov¬
purchasing officials be requested to collect and
regarding cases of identical bidding on
ernment
evidence
furnish
various commodities.
(
President Roosevelt's letter read
follows
as
:
June 15, 1936.
My dear Mr. Attorney General:
President by
the
to
bidding
sending you herewith the report
am
steel sheet piling.
on
will
You
existence
I
the Federal Trade Commission in relation to collusive
the
that
note
of
collusion.
Trade
Federal
accordance
In
Commission
with
their
definitely
finds the
recommendation,
I
am
referring the whole matter to you for appropriate action.
further recommendations
the
Please also note
the Commission:
of
(а) That the President request all purchasing officials of the Federal Government
to collect and furnish evidence regarding instances where there has been collusive
or identical bidding.
(б) That the President give consideration to recommending legislation to the Con¬
unfair practices unlawful.
gress to make existing
went on:
"An
I
so
am very
proud of what the Kiwanians and other
that we are able to spread through
have done,
membership but all our friends and neighbors, what might
better education among the masses of the people and a better
among our own
be called
a
understanding of the problems and the old idea
of my jobs when
in Washington is to sit around the
'talk it over,' I have a great many
table and
localities and communities.
a
tremendous importance and
great country such as ours.
We seem to
of
North, Central and South America, and I hope we will extend the doctrine
of good neighbor to all the communities within our own borders."
The President said in closing that he helped at some future date to attend
a Kiwanis convention as an ordinary delegate, "when I get through with
"You
probably have
have established it fairly
my
'good neighbor."
heard the term
recommendations
of
job here."
Commission
The
August
and
Upper Water¬
and Soil Conservationists
terminal
ocean
investigation
sheet
1936.
My dear Secretary Wallace.
Upstream engineering will have
a
major part in efforts to save the land
and control floods, and for that reason it offers a
for the
engineering profession.
I
am
broad field of opportunity
therefore in hearty accord with your
suggestion that there be held an open conference on the subject in the early
Pall.
The
date
might well be in proximity to that of the Third World
Power Conference in September, in the hope that some of the
foreign engineers attending the latter
to the
are
indications that
a
substantial body of technical information
the control of little waters is now available in the scattered records of
American experience—Federal,
is
distinguished
be interested also in contributing
proposed conference.
There
on
may
to
bring these
knowledge
so
State and professional.
data together into
a
may
have
a more
definite
C.
primarily
to
identical
bidding
specific
three
on
projects,
the
during
Triborough
Morehead
City,
N.
C.,
financed
all
by
Federal
The Commission's
conducted at the direction of the President.
was
piling is
Steel
Corp.,
and
of
then
The
a
the
hands
of
four
the
concerns,
steel
United
identical
code
related
with
included
All
four
delivered
regard
to
that
prices
the
bidders
the
on
these companies
because
they
three
admitted
acting
were
basing point
confirms
delivered
prices
for the
the
the
identical
mill
base
charges
charges
of
delivered
by
breaking
system
^
report
delivered
"extras,"
Co.
practices.
identical
on
Steel
Commission reported
resolution of the industry continuing in effect the provisions
accounting
freight
investigation that the production of
in
were
Inland
Commission's
the
its
the
quoted
and
in
concentrated
the Jones & Laughlin Steel
former
ments
for
found
Corp., the Bethlehem Steel Corp.,
they
its
•prices
into
admissions
their
character
price
from
for
the
at
that
constituent
of
the
made
each
element.
governing
point
"accessories,"
to
elements
the
ele¬
point,
basing
destination,
and
and
These
the
the
discounts
charges
for
early
payment.
The methods of calculating each element were found to have
been expressly authorized either by the code or
by resolutions and interpre¬
tations of the American Iron and Steel Institute.
These methods were
either continued
passed
_
out
of
in
force
or
established
anew,
after the code,
The report demonstrates that the basing point system
piling is
in
the
area
the
essence
a
single
basing point
system
such, had
the
of
in
one
steel
sheet
areas,
on
large
over
with
country,
and
sell
into
area
governed by another basing point,
other
basing point,
even
they must abide by the price
though it is higher than their own.
This
requirement applies to Pittsburgh, when selling
territories governed by Chicago and Buffalo.
.
as
existence.
Pittsbuigh governing most of the Eastern section
Chicago governing most of the West.
When mills
The Federal Trade Commission
piling in the higher price
on
June 24 ordered 15
tin plate manufacturing
companies to refrain from entering
into agreements not to sell or
quote prices on "stock plate"
jobbers and manufacturers of tin cans and other con¬
tainers.
The Commission
charged that agreements
to
sup¬
pressed competition
the American
Can
and
and
tended
to
create
Continental Can
a
This order of the Commission
in
a
Washington
dispatch
was
of June
monopoly for
Companies by de¬
priving small manufacturers of their normal
ply of tin plate.
The urgent problem
coordinated body of engineering
that public officials and engineers
1935,
at
Commission
States
of
June 16,
ROOSEVELT.
Piling Production Concentrated
The
down
conference:
D.
General,
appropriation through the Public Works Administration.
September
16
June
on
a
Bridge at New York City, the Deep Sea Harbor project at Miami, Fla., and
The
approved a conference
which will represent the first effort by the sponsors of soil
conservation and the engineering profession to unite in an
effort to solve the problem of the upper watershed control,
which is vital in the regulation of floods and erosion.
The
conference, which will be international in character, will be
held in Washington in September.
The President on June 19
appointed the following special committee to represent the
United States; H. H. Bennett, head of the Soil Conservation
Service; P. A. Silcox, head of the Forest Service and Morris L.
Cooke, Administrator of the Rural Electrification Adminis¬
tration.
Secretary of Agriculture Wallace made public the
following letter from the President regarding plans for the
President Roosevelt
to
prepare
Congress at its next session?
relates
report
September,
pursuant to
on
letters
necessary
and also to
once,
The Commission's announcement of June 21 said, in part:
projects named.
President Roosevelt Calls Conference
the
me
at
me
Department of Justice, Washington, D.
that
Will Meet at Washington in
by
the
to
for
prepare
out
FRANKLIN
well in oulr relations with all the governments
shed Control—Engineers
to
The Honorable The Attorney
an
"In other words the force of example is of
enough
agents to be sent
Very sincerely yours,
phase of our national life, and you know one
every
effect in
draft
things that I talk over that touch prac¬
of the things
that we have sought to accomplish in these very recent years is the under¬
standing that the country is one big country; that the handling of the
problems of one locality affects the handling of the problems in the other
tically
be good
you
purchasing
of sitting around the table
and talking things over.
"One
Will
organizations
the community, not only
source
summarized
24
to
the
as
of sup¬
follows
New
York
"Times":
picture of upstream engineering as an important field of public and pro¬
fessional activity.
The
Commission's
wealth of experience and data as to down-stream engineering
selling
"stock
and works required for navigation, power development and flood control—
sizes,"
resulting
There is
a
order
plate,"
from
has
known
the
as
to
do
with
"seconds,"
manufacture
of
the
respondents'
"over-runs"
first-grade
methods
of
"warming-up
tine plate called
or
Volume
Financial
t4Z
Small manufacturers of tin cans and other
"production plate."
the
Commission
depended
eaid,
containers,
their necessary
for
plate"
"stock
upon
respondents
eaid that they were operating under the former National Recovery Act code
for the iron and steel industry, that such Act required them to file tinanswering the complaint filed, the Commission said, the
In
"When,
him
filed prices, whether
constituted a violation of the code.
otherwise,
or
Misbranding Is Charged
And
President's
his
proclamation
sold
plate
tin
classified
unfair
practices
should
constitute
and
not
the
authorize
agreements as
the
into
enter
to
order.
the
in
respondents
of 'stock plate,'
prohibiting sale of 'stock plate,'
provision
no
States
aforesaid
Roosevelt, President of the United States
have hereunto
I
set
of Oct. 5, 1935.
hand and caused the seal
my
affixed.
to be
America
of
of Washington this twentieth day of June in the year
at the city
Lord, nineteen hundred and thirty-six, and of the independence
the United States of America the one hundred and sixtieth.
of
our
FRANKLIN D.
June 20
of
dispatch
Washington
ROOSEVELT.
the New York
to
on these proclamations, said:
just two days after Anthony Eden, British
"Times," commenting
The action
would push
Nations
taken
was
had
Secretary,
for
a
in
meets
Foreign
Commons that Great Britain
repeal of sanctions when the Assembly of the League of
announced
House of
the
in
June
Geneva,
termination of the National
that since
further
found
Commission
my
1935, have ceased to exist;
whereof,
United
A
that the facts recited by the respondents do not
contained
the
caused me to issue
which
conditions
do hereby revoke the aforesaid proclamation
witness
Done
of
industry.
their agreements and actions in the sale
the code
"The
the
within
taken
are
and that
prohibited
be
for
"Findings
justification
did
plate';
manufacturers
to
action
and
been
that the respondents considered such
or purchasers of tin
plate, and that
of the National Recovery Act
plate' which properly should have
the
Now, therefore, I, Franklin D.
In
ceased to exist,
have
-
of America,
of
evasion
'stock
as
'production
as
corrective
alleged
in
acting
and
whereas,
proclamation of Oct. 5,
respondents," the Commission added, "related also that many manu¬
"The
facturers,
code,
the
apply";
plate prices and that the sale of tin plate at less then
directly by overgrading
have caused
he shall revoke his
the provisions of this section shall thereupon cease to
the conditions which
judgment,
in
issue
to
proclamation
supplies.
4267
Chronicle
30.
'
Recovery
not
to
prices
quote
on
manufacturers."
All of
order
and
consented that the
might, without further procedure, make and enter its findings
and conclusions thereon, and issue and serve upon them an
her
to
in
alleged
facts
to
and
companies, the Commission said, admitted the ma¬
the respondent
facts
Commission
as
of Facts Alleged
all
of
Sheet and
Steel, San
American
Arms
Removing
Proclamations
Issues
Embargo in Italo-Ethiopian War and Revok¬
ing Warning Not to Travel
—United
Is
States
Ships of Belligerents
Recognize End
on
First Power to
of
one
which
the
removed
ammunition
June 20 signed two proclamations,
on
embargo
of
Italy and
his warning
shipment
the
on
of
implements
and
to
war
which withdrew
Ethiopia, and the other
of
to American
to travel on the vessels of
citizens not
belligerent.
This
either
constituted the first step by
action
any
major^iation to recognize Italy's conquest of Ethiopia.
The
President, in a statement accompanying the two proclama¬
tions, said that a state of war no longer existed between
"the belligerents."
He added that he was passing on ques¬
tions of fact, and that the conditions which led to the
issuance of the original proclamations had ceased to exist.
President
on
Roosevelt's
read
ending
proclamation
ammunition
of arms,
exports
and
the
embargo
implements of war
follows:
as
as
to
Section
by
of
1
proclamation
my
the
Feb.
of
issued
1936,
29,
traders
proclaimed
I
And
and
pursuant
whereas, all
citizens
residing
persons
United
from
States
and
applicable
and
to
to
being within
possessions
that
by
of
his
first
or
same
continued
to
exist
of its possessions
any
the territory
jurisdiction of
or
thereby admonished to
were
abstain
Ethiopia,
arms,
ammunition
posses¬
to the Kingdom of Italy, or to any Italian possession,-
or
neutral
any
of
place in the United States or its
any
port
transshipment to,
for
the
Kingdom
Section
for
or
approved Aug.
resolution
of
"When
caused
the
joint
aforesaid
of
as
1935,
the
extended
judgment
his
issue
to
the use of, Ethiopia
resolution
amended by
and
whereas,
the
the
of
hereof
have ceased to
which
conditions
proclamation of Feb. 29,
shall
thereupon
caused
me
1936, have ceased to
of
in
this
in
conformity
existed.
the
In
Nov.
whereof
of the United
Done at
of
have
hereunto
as
joint
which
war
Act, which prohibits loans to nations
debts in full, Italy will still be unable to get
Secretary
of
State
he had issued under the Neutrality Act
the President's original decision that a state of war
he also revoked his statements of Oct. 10, Oct. 30
with
effect,
the
with
dealing
1935,
15,
today,
action
Roosevelt's
orders which
detailed
manner
of carrying
out
particular, he withdrew his orders under Section 8 of the "Laws and
Traffic in
national
Munitions
Arms,
War."
of
declared
orders
These
for
destined
ments
Italy
that
the
for
destined
export licenses would be issued
no
for ship**
Ethiopia and enabled the Secretary to require
or
products
these
of
not
by the Secretary of State Governing the Inter¬
Ammunition and Implements of War and Other
Administered
Regulations
"present
to
evidence"
convincing
that they
belligerents.
Roosevelt,
in
a
statement
accompanying
the
proclamations, said:
two
was
I
enacted
performed
state of
a
and
implements
of
war
aDd admonishing
belligerent vessels.
on
doing
tained that,
tions
have
upon
me,
existed between Italy and
the duty
countries
traveling
war
imposed on me by legislation theretofore
issuing proclamations making effective an embargo on arms,
by
ligerent
In
ascertained that
it
so
I
was
the United States to the bel¬
American citizens to abstain from
from
passing upon a question of fact.
Having
now
ascer¬
in fact, the conditions which led to the issue of the proclama¬
ceased
to
exist,
I have,
in
conformity with the duty imposed
issued proclamations revoking my earlier proclamations.
There¬
respect to commercial transactions
longer applicable.
fore, the
statements
which I issued in
with the
belligerents
are
no
hundred
set
hand
and
my
aforesaid
caused
Roosevelt
Following
seal
year
and
The
new
$800,000,000 revenue bill became a law this week
Roosevelt affixed his signature to it on
President
when
June 22 at 9 p.
affixed.
thirty-six,
and
of the
1564-65.
Signs $800,000,000 Revenue Bill
Congressional Approval of Conference
Report—Measure Imposes Heavy Levies on Undis¬
tributed Corporate Surpluses
President
exist.
my
the original embargoes was
in the "Chronicle" of March 7, pages
to apply."
issue
to
Our most recent reference to
have
exist, he shall revoke
cease
this twentieth day of June in the
city of Washington
nineteen
extended under his second set of
was
follows:
the
States of America to be
the
Lord
our
I
and
embargo.
In
America, do hereby revoke the aforesaid proclamation of Feb. 29, 1936.1
witness
their
President
with
Coincident
and
automatic under the issue
belligerents was
the
to
country.
Hull revoked various
Roosevelt, President of the United States
Now, therefore, }, Franklin D.
In
fact been
in
President
proclamations
which have not paid
Congress
the aforesaid
conditions
the
President
proclamation
the provisions
and
President's
Q
the
1
Congress of Feb. 29, 1936, provides in part
in
him
same
And
31,
that
effect
Under the Johnson
proclamations.
loans
of Italy.
whereas,
has
1935,
5,
loans
of
two
ammunition
proclamation to the export
from
war
And
or
of
unhappily
war
of the United States
or
its
or
implements of
or
on
violation of the provisions of the joint resolution, made effective
every
sions
of
state
a
the
to
Ethiopia and the Kingdom of Italy.
all
the
that
the
belligerents.
When
1935,
the
in force against Italy and
Roosevelt withdrew his original
proclamation Feb. 29 of this year, after Congress extended the Neutrality
Act, and issued another one.
He took similar action with regard to the
warning to United States citizens not to travel on ships belonging to the
Oct.
since
Ethiopia
between
to
Rome,
from
had any effect on
Italy,
in
embargo
arms
an
Ethiopia
date,
approved
Congress
dispatches
news
already
were
action.
extending and amending the joint resolution of Congress approved Aug. 31,
joint resolution of
that
denied
Officials
British
President
PROCLAMATION
A
Whereas,
Scotland today.
OF AMERICA—
UNITED STATES
THE
determined to
before Prime Minister Stanley
Mr. Baldwin declared that uncertainty
President Roosevelt had
that
whether the United States would continue to sell oil to Italy was in
exporters
PRESIDENT OF
war
part responsible for the failure of sanctions.
were
BY THE
however,
out,
throughout.
definitely
Baldwin's speech in
Prohibition
President Roosevelt
pointed
was
sign the proclamations ending the embargo
of Hostilities
arms,
nations
learned
was
While
Roosevelt
President
it
proclamation declaring that a state of
other
It
companies are:
respondent
not
desist"
and
cease
"and
complaint,
amended
its
Tin Plate, Beth¬
lehem
Steel, Canton Tin Plate, Columbia
Francisco; John
Follansbee, George T. Ladd and Isaac M. Scott, trustees in bankruptcy for
Follansbee
Brothers
Company, Pittsburgh; Granite City Steel, Granite
City, 111.; Inland Steel, Jonee & Laughlin, McKeesport Tin Plate, Republic
Steel, N. & G. Taylor, Cumberland, Md.; Washington Tin Plate, Washing¬
ton, Pa., Weirton Steel, Wheeling Steel and Youngstown Sheet and Tube.
The
that the President's
existed between Italy
Ethiopia was issued before the League recognized the existence of war
applied sanctions.
It was asserted that while Great Britain had made
position clear with regard to the ending of sanctions, the League has
yet acted and, further, that the United States has acted independently
circles
official
In
original
Admission
terial
Independent Action Stressed
have continued to observe the agreement
'stock plate' or offer it for sale to jobbers and
respondents
the
Act
independence of
tain
the
The time element has a bearing on cer¬
m.
provisions of the Act.
The signing of the measure by
President followed congressional approval of the confer¬
'
the United
States
of
America
the
hundred
one
and sixtieth.
FRANKLIN
The text of the President's
by
American
citizens
D.
ence
ROOSEVELT.
proclamation regarding travel
and Ethiopian vessels
Italian
on
A
Whereas,
tion
of
6
of
by
the
that
my
proclamation
of
Oct.
1935, issued
5,
joint resolution of Congress approved Aug.
war
from
contrary to the
States
unhappily
existed
whereas,
who
all
between
citizens of the United
traveling
on
provisions
notice
might
travel
any
Ethiopia
to
Sec¬
31, 1935, I
pro¬
pursuant
and
the
Kingdom
on
And
as
whereas,
Section
follows:
6
such
of
thereby admonished
were
joint resolution
thereby given
do
States
vessel of either of the belligerent nations
of the said
was
the said joint resolution, would
part
of the original
June
agreement
issue of June 20, page 4106. The
our
incorporated most of the features
House measure backed by President Roose¬
vessel,
a
so
the
that
at his
;
citizen
any
contrary to
own
aforesaid
of the
the
United
provisions
of
resolution
a
surpluses, was approved by the House late
vote of 221 to 98, and by the Senate on June 20,
follows:
as
2,
The House vote on the report was cast
213, Republi¬
For the report 221—Democrats
Progressives
3,
Farmer-Laborites 3; against the
Republicans 76.
Similarly, the
report, 98—Democrats 22,
Senate
voted
as
follows:
For
the conference report, 42—
Democrats 35,
Republicans 4, Progressive 1, Farmer-Labor¬
ites 2; against
the report, 29—Democrats 18, Republicans 11.
Regarded as one of the major Administration proposals,
risk.
joint
19, by
by a vote of 42 to 29.
cans
whereas,
abstain
And
in
conference report, which
uted corporate
PROCLAMATION
Italy;
And
to
which the conferees reached an
velt, including the imposition of heavy taxes on undistrib¬
follows:
claimed
report on
last week, as noted
provides
in
the
legislation faced bitter opposition in Congress, particu¬
larly
in the Senate, where
opponents of the original plan
Financial
4268
sought to substitute higher levies on individual incomes for
heavy impost on undivided corporate profits.
As the
session drew to a close, however, White House pressure was
sufficient to insure enactment of the program in much the
the
suggested by the President.
form as originally
same
reporting the signing of the measure by the President,
the Washington correspondent of the New York "Journal
of Commerce," in advices of June 23, said:
The Treasury Department staff began work on regulations that must
be promulgated under various provisions of the bill as soon as it was
In
that the
made certain
would be enacted into law.
This is a very
limitations and the
possibility that jokers have found their way into the law.
measure
^
difficult undertaking,
not
always
vague
The most
.
to
complicated sections of the legislation, deal with the proposal
"windfall" tax from those processors who benefited from
the
collect
decision
the
for recognition must be given to
of
the
States
United
invalidating
Supreme Court
processing
funds that had been
awaiting the outcome of the Agricultural Adjustment Ad¬
ministration litigation or by having been delinquent in their tax payments.
Representatives in Washington of the processors are awaiting the next
move
of the government before deciding on the action to be taken by
them either in the payment of the "windfall" tax or in seeking an injunc¬
tion against collection of the levy on the ground that it is no more con¬
stitutional than was the original processing tax.
In discussions here today, following signing of the tax bill, it was fore¬
cast that the government would! collect little, if any, of the $82,000,000
taxes,
held
of
having returned
either through
in
to them tax
escrow
dividends
the invalidity of
the tax, but also upon the opinion of some few that Section 506 is capable
of an interpretation that would relieve affected processors of liability under
the
law.
new
Revenue to compromise the
tax liability of
expressed
are
A
constitutionality, of this feature of the
United
issued
a
which
it
States
opposing
said
the
that
Commerce
of
"embodies
measure
June
on
the compromise
19
bill
in
tax
The
compromise
would
retard
All
of
of the Chamber of Commerce
Through
It
revenue
major
to
would
theory
and discourage
objections
the House
penalizing
measure
prudent
discriminate
issued
was
would
tax.
Senate
the
the
business
addition
would
be
advanced
it
would!
undermine
by
increasing
of
of
finan¬
are
well established and possess ample
are
tax
a
upon
substantial
no
distributed
appropriations
and
high
as
moderation
harassments
seek
genuinely
as
double the present
the tax
of
unless
a
business
of
accompanied
initiative,
are
other hand;,
expenditures will be
In
the
endeavor
particular
believe
measure
that
to
reemployment and general recovery this
would provide a substantial obstacle.
Business interests
session of
should be taken to prepare, fqr consideration
Congress,
comprehensive plan of carefully devised
expenditures and revenues, looking toward progressive improvement of the
fiscal condition of the government.
following
tax
new
bill
before Congress penalizes
corporations and benefits the strong corporations in
all
current
and
earnings in dividends.
destroy competition.
If
passed,
weak
all
a
Byrd:
and! growing
position to distribute
it will entrench monopolies
The big will stay big and the little will remain
little.
No
provision is made for
earnings
a
are
new
plant.
applied
corporations paying debts
A corporation
debt
to
payments
must
and
pay
if
out of
a
earnings
The
only cushion
contracts not
rations
unable
is that
to pay
to
a
dividends
declare
few
are
all their
corporations
protected.
who
already have legal
Both big and little corpo¬
behalf
the
of
O.
Senate
understand
this
bill,"
the Administration measure be
appointed to study the tax problem.
He
and
large corporations would pay smaller
financed
Daniel
Senator
taxes.
that
Hastings
Republicans, but
joined
Delaware
of
it
the
Byrd attack
that the
foregone conclusion
a
was
Request for new money for storing up funds against the bonus
payment to the World War veterans and for the new farm program was
to be
met.
The
approved tax bill stands
tration
to
the
of
bill
raised
which
The
existing taxes.
of such character
conferees
Mr.
of
ance
emerged
tions,
as
form,
conference.
in
enacted
and
appointment
a
Senate conferees,
the
of
make the group
to
as
however,
was
divided in opinion, and the House
the victorious persuaders toward congressional accept¬
Roosevelt's
final
its
mark of the ability of the Adminis¬
a
The House followed the
bill with high undistributed
Senate balked at changing the tax system, and passed
the major portion of the new money by increasing
President
The
income taxes.
a
as
its views adopted
get
suggestion
theories.
tax
the tax bill
ranging between
15%;
and
8
...
enacts normal income
taxes
undistributed
an
on
corpora¬
income
corporate
ranging between 7 and 27%, depending on the amount of income with¬
from
stockholders,
and subjects,
hands of stockholders to the normal
Provision
earnings
is
made
to
companies
for
lighten
of
for the first time,
dividends in the
personal income tax of 4%.
taxes.
the
corporation,
the levies
pay
90
to
"cushions" in the bill to protect
accumulate
funds
expansion,
for
exempted from the new type of levy
Section 102 of present law,
surpluses, is strengthened.
In¬
tax increased through a lowering from
are
their
on
earnings.
unreasonable
of
dividends have
accordance
on
under
income
no
their
85% of the present tax exemption.
placed
undistributed
on
funds retained,
to
are
anxious
companies
flat 15%
a
prohibiting accumulation
tercorporate
levy
the
of
under, and
running up to 27%.
Banks and insurance
will
blow
and
exempted from the undistributed
are
Generally, however, there
struggling
and
the
$50,000
contract, to meet obligations
with
the
President's
«
request,
an
80%
windfall
tax
is
withheld and impounded AAA taxes in the hands of the proces¬
Excise
taxes
placed
are
on
a
variety of imported
oils.
Regarding the action of the House in adopting the con¬
ference report on June 19, Washington advices that day to
the New York 'Times" of June 20 had the following to say:
House members, wearied by late sessions every
night this week, accepted
the tax compromise in a hilarious mood.
In their quest for haste, leaders
rushed the conference report to the floor before it had been printed and
distributed.
cated
Members
revenue
system
the
accordingly called
were
principle
upon
to vote
on
the compli¬
involving for the first time in the country's fiscal
measure,
without any clear
of
taxing
undistributed
earnings
of
corporations,
knowledge of its actual provisions.
Representative Sam B. Hill of Washington, recently appointed
of
the
Board
Chairman
of
Tax
Doughton
they could in
Appeals;
the
of
Representative
Ways
the limited
and
time
Vinson
Means
at their
of
Committee
disposal,' the
a
member
Kentucky,
explained,
rate
and
as
schedules
finally forked out by the conferees.
The questions asked of them by many
members displayed lack of comprehension of the
workings of the bill..
Representative Treadway of Massachusetts and Representative Crowther
of
New
ferees.
York
attacked
the
compromise
on
behalf of the Republican
Representative Pettengill of Indiana
call attention to the
was
the
only
con¬
Democrat who
Nd Distribution
of Dividends
Increased Tax
Net Income—
15%
21%
26%
61%
'
other words, a
proposed
law
a
Increased Tax
Compared
to Present Law
$1,000...
3,000
5,000
10,000....
1
Roosevelt
Signs
Resolution—Legislation
P"
O'Mahoney-Jones Sugar
Extends Present Quotas
,
for Two Years
On June 20 President Roosevelt
signed the O'Mahoneyin part through
Congressional
Jones sugar resolution, revising and extending
1937 the Jones-Costigan Sugar Control Act.
following:
as
President
earnings in dividends will be severely
penalized.
In
well
that
warned
the
of
he pleaded
as
commission
or
high super-tax if
are
Used for
earnings
development.
the
cried,
a
spoke against it.
constructing
I
and
a
are the comments of Senator
now
majority pledged
against the overwhelming
members
eight
not
Byrd
best
The
The
"Probably
than one-third greater than
stimulate
immediate steps
of the next
chance
a
recovery.
more
unjust system
an
aid toward monopoly, their coalition with the Republi¬
an
stand!
not
Senator
sors.
constantly mounting expenditures and taxes stifle confidence and
the expansion of business operations which create new jobs.
retard
did
In
year.
The
taxation and
com¬
apparently has not been recognized that government revenues in the
year now closing are at a peace-time peak.
They will exceed those of
last year and will be double those of the low record of the depression.
the
Senate conservative Democrats, headed by Senator Harry
to the Administration.
jlncome the measure
It
On
report, June 20,
Washington dispatch, that day,
a
000,000 compromise tax bill on the ground that it was
from
reconstruction, burdensome tax increases,
disheartening to all who
last
follows in
as
Byrd, Democrat of Virginia, presented a strong opposition to the $800,-
of
in
proposal.
confidence.
enterprises and ■ those which
new
House
pany disbursed much
of its earnings in dividends, even though in the
judgment of its management such action be unwarranted by the condition
and prospects of the business.
this period
the conference
on
Few "CushionsProvided
forcefully
so
apply directly to the pending
compel payment to the government of
There
In
F.
held
and
We are convinced it
funds.
Through
are
,
.
action
reemployment.
management
against
by
of taxation.
which
cially weak in favor of those which
surplus
proposed
measure
destructive
a
recovery
the
opposition
outlined
was
tax
conferees embodies
companies.
Senate
Final
In
follows:
as
earnings
destroys the weak and fortifies for all future to come the strong and
prosperous
House Conference Committee.
statement
the
of
appropriation bills passed, but I shall never vote for a system of taxation
that
destructive
a
Opposition to the bill was also
voiced in three other statements, also issued on June 19;
one was by a Senate minority committee composed of Demo¬
cratic Senators Walter F. George of Georgia, and David I.
Walsh of Massachusetts, another by Senator Harry Flood
Byrd, also a Democrat, of Virginia, and a third by a group
The
50%
if
President's
discourage reemployment."
the
$20,302
pays
37%
40%
monopolistic corporations already have large liquid surpluses.
Such corporations will pay their earnings out in dividends as most of them
are now
doing and only pay the normal tax, while a competing company
without
existing surpluses and unable to distribute earnings must pay
under the proposed bill a super-tax to the extent of the earnings retained.
This super-tax in many instances will increase the tax of the weaker
company 118% as compared: to the stronger companies, yet the weak com¬
pany may be in direct competition on the markets.
I realize the need of raising additional revenue by reason of the huge
on
law.
new
Chamber
statement
but
thinking of testing
theory of taxation," and that it "would retard recovery and
of
corporation
$100,000
Present L aw
Net Income—
The strong
defeated
to the correctness of this viewpoint,
as
it shows that the processors and their representatives are
Tlie
an
distributed, which is an increase of 40% above the present taxes.
may
allegedly illegally collected under the invalidated AAA.
Grave doubts
$31,502,
pay
$50,000 corporation
100,000 corporation
5%
19%
$10,000 corporation
20,000 corporation...
•.
it
processor
a
be possible to offset "windfall" tax demands against his claim for a refund
of taxes
will
purposes
Increase Over
Increase Law
Present Over
rNet Income—
cans
These latter believe that under the authority vested in the Commissioner
of Internal
other
or
corporations will still be severely penalized as follows:
50% Distribution
Although the
based largely upon the belief of
was
debts
of
reason
A
Escape in Law Seen
prediction
by
of $17,062, or 117%.
j
j'
$1,000,000 corporation now pays $149,440.
If unable tOi distribute
its earnings in dividends such corporation must pay $323,327.
With a 50% distribution and a 50% retention of earnings the weaker
increase
to the New York "Herald Tribune" of June 21:
anticipated recoveries.
This
June 27, 1936
Chronicle
as
Net In come—
Compared
to Present Law
$20,000.
50,000
100,000..
98%
117%
117%
$100,000 corporation pays
now
$100,000 corporation not
able
$14,440, while under
to
distribute current
approval of the measure was referred to in our issue of June 20,
page 4105.
As indicated therein, the bill is described by its
authors and
by the Agricultural Adjustment Administration
"stop-gap" legislation to protect quota provisions of the
Jones-Costigan Act until Congress can consider'revision of
the entire sugar law at its next session.
The following
Washington advices, June 20, are from the Philadelphia
as
"Record" of June 21:
Volume
Financial
;
142
"There
f> The quota features of the Jones-Costigan act of 1934, which was an
amendment to the agricultural adjustment act, remained in effect after the
"It is
-
The resolution extends the quota plan by which the production of domestic
but eliminates
^
of
business which,
a
is not tolerated in
"These
and offshore sugar is balanced with domestic consumption,
existing references to benefit payments and the power of the Secretary
United
the
States
controversies," the report said.
any other country.
are transported from State to
State by their em¬
mercenaries
ployers, who supply captains and lieutenants, feed and finance their men,
frequently results in death
Hawaii.
1936 and 1937, but the Secretary is em¬
extended through
are
.,
.,
powered to promulgate changes to maintain the
'
balance.
The text of the bill read
Islands, Cuba and other foreign
Rico, the Philippine and Virgin
countries
-
domestic beet and cane producers and for
The present quotas for
Puerto
■
production-consumption
;
•
Store
.
Bill
Law—
Becomes
Signed by President Roosevelt Designed
Prevent Price Discrimination on Large Quantity
Measure
to
transport Or
cause
providing that the Federal Trade Commission shall
amount of price-cutting for large-quantity pur¬
discrimina¬
quantities
purchasers of similar qualities and
between
tion
is intended to eliminate
The measure
chases.
Sponsors of the measure in Congress asserted
that it would protect "independent" merchants from chain
store competition and would prohibit false brokerage or
advertising allowances.
Completion of congressional action
on the
bill was described in the "Chronicle" of June 20,
of
goods.
It was introduced last year and was backed by
Association. A Wash¬
4104.
page
the United States Wholesale Grocers
-
of June 21 to the New York "Journal of
Commerce" summarized its provisions as follows:
ington dispatch
In
to
brief,
injure
mission
fixed
to
as
differentials
price
purchased
quantities
on
in
limits.
those
payments
Brokerage
limits
further
authorize the Federal Trade Com¬
to various commodities, and when so
and
competition,
quantity
all price discrimination tending
prohibit
law-would
new
destroy
fix
prohibit
of
excess
the
or
to
declared
are
offered
illegal unless
for
a
service
performed for the payee.
In this manner the Act
plans to break down the system of "dummy brokerage," said by sponsors
of the measure to constitute one of the chief advantages enjoyed by chains
rendered
actually
or
competitors.
independent
over
affords
protection for "purely legitimate business movements" against loss through
market
changes, perishable goods, &c.
Price reductions are allowed in
The
Act
permits merchants to
6uch
where
cases
offered
are
food and
all
to
is
necessary
own
and
customers,
customers.
bill
the
The
Ship Subsidy Bill Approved by Congress and Sent to
White
House—Measure is
Designed to Replace
Ocean Mail Contracts, Expiring June 30, 1937
Final Congressional approval was given on June 20 to
legislation designed to expand the American merchant marine
through direct subsidies.
The House on that date agreed
to a compromise report on the Copeland-Guffey-Gibson Ship
Subsidy Bill by a vote of 225 to 21, after the Senate had
accepted a minor amendment.
The Senate immediately
thereafter passed the $900,000,000 Treasury-Post Office
Appropriation Bill carrying $26,500,000 for the payment of
ocean mail contracts in the fiscal year ending June 30, 1937.
The action on this measure is noted elsewhere in this issue
of the "Chronicle."
The new ship subsidy bill provides
that all ocean mail contracts must be canceled by June 30,
1937, and replaced with construction subsidies.
It permits
shipping interests, however, to avail themselves of the new
provisions at any time within 90 days after the measure is
approved by President Roosevelt, and thus is intended to
provide for an orderly transfer of the old ocean mail sub¬
ventions under the Merchant Marine Act of 1928.
Previous Congressional action on the measure
scribed in the "Chronicle" of June 20, page 4105.
following
specifying that
violations,
from
is
<rWall
the
Journal"
Street
and
provisions of the
according to
measure,
analysis
an
by the
These
proportionately equal terms to all customers.
merchandising services except for services actually rendered.
No payments or allowances for brokerage except for services performed.
No discrimination between customers except differentials that can be Justified by
No payments for
eliminating competition.
intended
are
to
prevent
buying
being used
power
and
the
before
defendant
is
to
be put under
to
chains
permit
in the instance
this
up
defense
exists
and
the
same
all
in
lines
organizations
the food
of
now
trade affected
by
realizing that their dealings
controls and restrictions
as
is
anticipated that the FTC—the enforcement
legislation—will require from
plan,
select
mately
a
personnel
those imposed
and
one
start
to three months to develop
its
enforcement machine
an
a
authorized me to say that he wants
from ocean mail contracts and get
basis for providing employment for
labor in every State in the
Union."
In
-
^
subsidy bill in the form
to release the appropriation bill from his
virtually forcing the House to accept the ship
passed by the Senate so as
was
whatever as to the method of
by the ship companies.
expenditure of the
passed
The ship subsidy bill, as
limits the bonuses, limits the
securities and safeguards labor.
It requires that the new marine authority
created shall promulgate rules and regulations regarding the registration
of every lobbyist who comes to Washington or lives in Washington and seeks
by the Senate, limits profits,limits salaries,
to influence
legislation or Government contracts.
"It is my belief if
Government
would
several years ago the
dollars better off.
I am
the provision had been in effect
have
limited profits and the
been several million
had been in the Jones-White Act, which
gratuities paid the taxpayers of the
United States
would have saved millions."
Roosevelt
Makes
it
Following
Felony
a
Commerce
Persons
Ulti¬
Ocean
President Roosevelt
June 24 signed the $900,000,000
Treasury-Post Office Appropriation Bill, providing funds for
the departments for the fiscal year ending June 30, 1937, and
at the same time making it possible for American vessels
Signed by President
Approval—Measure
Transport in Inter-State
operating under ocean mail contracts to continue serv'ce
during that period.
The measure appropriates $26,500,000
for ocean mail contracts, and this provision was the subject
of a Senate filibuster just before Congress adjourned that
resulted in enactment of the Copeland-Guffey-Gibson-Bland
House
to
who
Interfere
with
Peaceful
President Roosevelt on June 25 signed a bill designed to
curb the activities of strikebreaker agencies.
The measure
which would make it a felony to transport in interstate
to be used to obstruct or interfere with
peaceful picketing during labor controversies,
was approved by the House on June 19 by a vote of 165 to 2,
under suspesion of the rule.
An identical measure passed
the Senate on Aug. 22, 1935, and hence it was unnecessary to
send the bill to conference.
A Washington dispatch of
June 19 to the New York "Times" quoted the text of the
bill and the report on the measure sent to the House as
persons
the right of
follows:
Ship Subsidy Bill, which now awaits President Roosevelt's
signature.
Congressional action on the ship subsidy measure
is described elsewhere in our issue of to-day.
A
Washington dispatch of June 24 to the New York
legislation as follows:
submitted by Representative Miller of Arkansas, charged
who furnish strikebreakers supply types
chief desire is to cause strife and bloodshed.
of
men
whose
"Jour¬
nal of Commerce" outlined this
Jurisdiction
Office
over
the mail pay funds will be
Department to the
transferred from the Post
United States Maritime Commission 30 days
after appointment of the new agency
for administration of merchant marine
affairs.
Title IV of the ship subsidy legislation
provides for adjustment and can¬
later than June 30, 1937,
cellation of all present ocean mail contracts not
within
Prospective or speculative
profits would not be allowed in settlement and the Government, through
the Attorney-General, is given the right to appeal within sixty days from
any judgments handed down by the Court of Claims.
with the requirement
90 days
on
to
up
Picketing
"racketeers"
Treasury-Post Office Appro¬
Bill—Measure
Carries $26,500,000 for
Mail Subsidies During 1937 Fiscal Year
priation
organized
working.
♦
The report,
Schuyler O. Bland, Democrat, of Virginia,
Committee, said:
"Secretary of Commerce Roper has
down to
specified in the
Bill to Curb Strikebreaker Agencies
that
suspension of the rules which
on
responsibility of enforcement.
commerce
a
President Roosevelt Signs
agency
division of the Commission is expected to be set
separate
handle the
night,
required a
consideration of the bill in the House last
big buyers.
Enforcement Machine Necessary
It
of the
defeated under
absolutely sure if this provision
confusion
Considerable
are
specifically allowed to set
FTC.
the measure, the majority of
the
provisions and the amendment to
basing point
in good faith to meet competition, although
the
latter
course
was
$26,500,000
unfair advantage of anyone.
discrimination
of
it
"There is no regulation
Among the highly controversial points eliminated were the classification
customers
vessels.
filibuster, Senator Black said:
Burden of proving that differentials are justified Is placed on the defendant.
Punishment may be a fine of $5,000 or Imprisonment for a year.
provisions
Government at 3H% interest
this bill in order that we may get awat
it
Buyers will be equally guilty with sellers.
Federal Trade Commission may fix limits for quantity discounts.
These
would
50% of the cost, permit operators to borrow
remaining cost from the
two-thirds vote. Representative
costs of manufacture, sale and delivery.
No loss-leader sales for the purpose of destroying or
President Roosevelt as "a
form approved by Congress
right direction," in the
give them financial assistance in the operation of
In the
No discounts which cannot be Justified by savings which can be proved.
or
de¬
pro¬
Chairman of the House Merchant Marine
Institute of Food Distribution, Inc., are as follows:
lfferences in volume
Its
Would Provide Jobs
of
must be available on
.
the
subsidize ship construction up to
where
broad
The
of
subsidy bill, which was advocated by
step in
one-half of the
stiff penalties for
imposes
was
visions, and final passage, were noted as follows in a Wash¬
ington dispatch of June 20 to the New York "Herald Tribune".
The
20 :fl
American
the
or
buyer shall be held as liable as the seller for any or all misdemeanors.
June
*
conditions
bargaining,
and shall be punishable by a fine not
by imprisonment not exceeding two years, or both, in
the right of organization for the purpose of collective
deemed guilty of a felony
shall be
competitor's tactics.
to meet a
forms of allowances are barred unless they
This provision is seen as a body blow for
all
and
select their
drug chains.
Finally,
the
action
discounts
Special
.
or
interfere, in any
labor controversy affecting wages, hours, or
signed the Robinson-Pat¬
on * the
rule
labor,
any
shall knowingly
in
with intent to employ such
manner, with the right of peaceful
any person
bill, designed to prevent price discrimina¬
chain store
tion and
picketing during
of
commerce,
the discretion of the court.'
President Roosevelt on June 20
man
of Representatives of the United
be transported, or aid or abet in transporting,
to
foreign
or
exceeding $5,000
Purchases
follows:
"Be it enacted by the Senate and House
person to obstruct or
Chain
Robinson-Patman
as
injury to innocent people."
States of America in Congress assembled: That whoever
interstate
i
or
Their
bloodshed and
brass knuckles and firearms.
entry on the scene of any labor distrubance usually means
Quotas Extended
whose
organizations
according to the information given the Committee,
and furnish them weapons of clubs,
Agriculture to enter into contracts with producers.
and
individuals
in almost any numbers to take part in labor
visions of the A. A. A.
f
in
are
business is furnishing for large fees strong-arm men and thugs
regular
other pro¬
Supreme Court last January 4 invalidated benefit payments and
4269
Chronicle
that contractors apply for such adjustment
after the effective date of the act.
Financial
4270
The existing contracts may
be settled by negotiation under the principles
and if the holder is not satisfied he may sue in the
of just compensation
Court of Claims.
Suits
maintained unless brought before Jan.
be
No such suit shall
on
1,
1939.
holder on adjustment of his contract it shall
any amount owing the Government on existing
If any sum is due to contract
be applied as a credit upon
agreements or unpaid ship sales mortgage notes.
construction loan
Office approproation bill for mail
Treasury-Post
Funds carried in the
be applied to the new operating differential subsidy contracts
As approved the appropriation bill
authorized under the new shipping Act.
of the $26,500,000, the sum of $22,000,000 is
carried the stipulation that
for subsidy payments
of mails on the
and $4,500,000 for Post Office expense for carriage
poundage rate basis.,
,
,
Seventy-fourth Congress Adjourns — Appropriations
During Two Sessions Exceed $20,000,000,000—Next
Congress Meets Jan. 5, 1937—Guffey Coal Bill,
Wagner Housing Proposal and Copeland Pure Food
and Drug Bill Failed of Enactment in Final Hours
The Seventy-fourth Congress adjourned sine die at mid¬
night June 20, in accordance with a previously adopted
resolution, and members immediately began the departure
June 27, 1936
Washington, most of them planning to embark on
The next Congress will meet Jan. 5,
political campaigns.
Under the Norris Amendment to the Constitution,
1937.
Limitation
contracts may
Chronicle
from
Congress is scheduled to meet on Jan. 3, but since that date
on Sunday next year both House and Senate agreed
to
a postponement of two days.
The Seventy-fourth Congress created a record of the
falls
greatest spending in peace or war time, with total appro¬
priations for the two sessions of $19,296,187,373.
When
''reappropriations'' during the past two years are added, the
total exceed $20,000,000,000.
Just before Congress ad¬
journed three important bills failed of enactment.
They
were the Guffey Coal Stabilization Bill, the Wagner housing
proposal and the Copeland Pure Food and Drugs Bill.
It
was reported that these measures will be
among the first
introduced next January.
Senator Carter Glass of Virginia introduced in the "Con¬
gressional Record" the following detailed statement of the
appropriations made during the Seventy-fourth Congress,
showing a comparison of appropriations during the second
session with those made during the first, and a comparison of
the second session appropriations with budget estimates:
.
SECOND SESSION, WITH SAME MADE DURING THE
APPROPRIATIONS OF SEVENTY-FOURTH CONGRESS, SECOND
COMPARISON OF APPROPRIATIONS MADE DURING THE SEVENTY-FOURTH CONGRESS.
FIRST
CONGRESS,
SEVENTY-FOURTH
SESSION,
AND
COMPARISONS
OF
SESSION, WITH ESTIMATES
Increase
Budget estimate.
Appropriations,
Appropriaiions,
74th Cong., 1st Sess. 7Uh Cong., 2d Sess. 74th Cong., 2d Sess.
Title
(+) or
Decrease (—)
Appropriations,
74th, 2d, Compared
with
Increase
74th, 2d, Compared
Appropriations
with Estimates,
7Ath, 2d
7Ath, Is*
125,157,983.14
40,547,115.00
Agriculture and Farm Credit Administration
District of Columbia
Independent Offices
777.501,956.00
-
61,220,928.00
20,746,760.00
458,684,379.00
Interior
Legislative..
-
-
-
Navy.....
$
173,565,606.00
43,523,910.00
2,889,751,905.00
114,579,357.05
194,389,004.00
41,765,000.00
3,604,345,766.00
130,433,341.75
24,179,771.00
+48,407,622.86
+ 2,976,795.00
+ 2,112,249,949.00
549,591,299.00
+ 67,862,153.00
—20,823,398.00
+ 1,758,910.00
—714,593,861.00
—15,853,984.70
—865,343.00
—23,044,767.00
122,741,577.00
+ 17,890,300.00
—6,289,382.00
18,104,550.00
41,223,925.00
35,257,220.00
21,866,500.00
18,128,652.00
43,795,250.00
35,354,175.00
25,463,500.00
+4,090,655.00
—24,102.00
—2,571,325.00
903,635,678.00
992,524,892.00
175,786,109.00
727,849,569.00
211,940,303.00
780,584,589.00
-
--
-
Treasury and Post Office
-
Treasury
+2,567,668.00
116,452,195.00
**
Labor
+ 53,358.429.05
14,013,895.00
34,556,500.00
34,631,500.00
15,360,000.00
State
Commerce
23,314,428.00
526,546,532.00
98,561,895.00
State, Justice, Commerce and Labor
Justice
$
$
$
$
Regular Acts—
(+) or
(—)
Decrease
Appropriations,
—
Post Office
+ 6,667,425.00
+ 625,720.00
—96,955.00
+ 6,506,500.00
—3,597,000.00
1,001,567,449.00
+ 88,889,214.00
—9,042,557.00
217,658,300.00
783,909,149.00
+ 36,154,194.00
—5,717,997.00
+ 52,735,020.00
—3,324,560.00
401,998,170.00
572,446,844.00
572,699,305.00
+ 170,448,674.00
—252,461.00
341,348,204.00
60,649,966.00
383,104,859.00
375,025,510.00
+ 8,079,349.00
189,341,985.00
197,673,795.00
+ 41,756,655.00
+ 128,692,019.00
—8,331,810.00
2,888,054,864.14
5,452,705,669.05
6,241,712,512.75
+ 2,564,650,804.91
—789,006,843.70
—37,350,859.16
War Department
Military
Non-military
Total, regular acts
*•
Deficiency Acts—
Emergency Relief Appropriation, 1935
368 "234,5*14_. 10
2,375,397,537.96
2,412,748,397.12
—4,000,000.000.00
—112,633,830.42
—272,901,516.60
+ 368,234,514.10
+2,375,397,537.96
4,385.355,347.02
106,065,172.15
2,743,632,052.06
2,785,399,504.72
—1,641,903,294.96
a3,000,000.00
1,229,000.00
—103,065,172.15
7,379,655,383.31
2,200,101,127.00
8,199,327,721.11
bl,517,093,142.00
9,028,341,017.47
1,517,093,142.00
+ 819,682,337.80
—683,007,985.00
—829,003,296.36
9,579,756,510.31
9,716,430,863.11
10,545,434,159.42
+ 136.674,352.80
—829,003,296.36
4,000,000,000.00
First Deficiency, 1935
Second Deficiency, 1935
112,633,830.42
272,901,516.60
Supplemental Appropriation, 1936
First Deficiency Appropriation, 1936
Total, Deficiency and Emergency Relief Acts
Miscellaneous acts
-
Total, regular annual Deficiency and Emergency Relief Acts-Permanent and indefinites
Grand total
r
-
-
Approximated.
a
A
of June 21 to the New York
on the adjournment as follows:
dispatch
Washington
Many Democratic members left or prepared to leave for Philadelphia to
participate in their party's National convention, although some, notably
Senator Royal S. Copeland, of New
as
demonstration of their
a
indorsement of the
The Republican,
and platform
their
active
York deliberately avoided that destina¬
opposition" to the convention's inevitable
Deal and renomination of President
New
their convention already out of the
Roosevelt.
with its ticket
way,
determined, turned chiefly to their constituencies, to begin
Alben
Crystallized
are
finally attained early this morning, all aware that the Session
was
had
crystallized
of the
many
issues
which
heatedly during the forthcoming political campaign.
tions totaling nearly
$800,000,000
of
taxing
will
be
debated
With its appropria¬
$20,000,000,000 in the two sessions and with the new
revenue
bill enacted in
corporation
earnings
Congress also produced
a
mass
at
a
form which revolutionizes the method
President
Roosevelt's
insistence,
the
—41,767,452.66
+ 1,771,000.00
Barkley,
who is to make the keynote address
of Kentucky,
Wagner, of New York, who is expected to be the drafter-in-chief of the
party's
new
Behind
platform.
them,
fourth Congress
Roosevelt
awaiting their defense, lay the record of the
in
so
far
as
Administration.
punctuated
by
Seventy-
it reflects the policies and tendencies of the
Many items of this record, which has been
Court decisions finding law after law unconsti-
Supreme
campaigners
having acceded to the tax bill compromise in the afternoon,
and, from
a
radically different viewpoint, of the
expected to rally around the Lemke-Coughlin bid for protest votes
by various elements that
are
dissatisfied with both the Republican and
Democratic parties.
.
In addition to the tax
corporations
on
the
bill, with its experiment in basing the taxing of
amount
of earnings they withhold for their surplus
dividend payments,
from
accounts
of the
which
was
the last major enactment
concluding session, the Congress left on the record a series of major
enactments which included*
of "reform" legislation which will provide
subject matter for unlimited controversy during the coming months.
The Senate,
W.
publican
Members of all these conflicting groups left the Capitol, after adjourn¬
ended
~416,593.50
Tuesday night- Joseph T. Robinson, of Arkansas, who is to be permanent
Chairman and chief defender of the New Deal Wednesday, and Robert F.
groups
ment
—4
tional, will be major targets for the attacks, from one standpoint, of Re¬
campaigning.
Issues
thus
~
b Revised figure.
"Herald Tribune" commented
tion
372"651,107*.60
A
soil conservation Act intended to replace the
new
invalidated AAA.
Prepayment of the World War veterans' bonus certificates over Presi¬
choked off the successful filibuster against the Guffey-Vinson Coal Control
dent's
Bill, made necessary, like the tax bill, by Supreme Court refusal to validate
around
$2,000,000,000.
principles embodied in many New Deal
sine
die
night.
a
few
»
before
12
measures,
o'clock
so
its members could
speech-making and wrangling until 12.39
a.
m.
(1.39 New
Unless
an
extra
session
is
called
which
no
seems
more
Congress, to be elected next November,
The
Seventy-fifth
will not meet until Jan. 5, since
3, the date set for the annual convening of Congress in the Norris
a
closing hours of Congress, after signing
He also
day night at
gave some
a
large number last
thought to the speech he is to make next Satur¬
Franklin Field,
in Philadelphia,
accepting the
Democratic
to
take
among
Major Roles
outlay
control program entangled
in the power con¬
including the Utility Holding
Company Act, the
Tennessee Valley
flood
Power legislation
farm
electrification
were
Senators
program,
and
the
Authority experiment.
Social
security legislation,
measure to
here to wage and labor
the Wagner
Labor Disputes Act,
and the
compel holders of Government contracts to ad-'"
standards sought originally through the National
Recovery Act.
Revision of the Banking Act to
The
new
one
increase Federal Reserve Board powers.
plan for aiding the merchant marine through direct subsidies
ocean
mail contracts, whipped to passage in the closing hours to
of the concluding
filibusters.
Left to die in the closing hours,
the Democratic members liberated by the adjourn¬
major roles in the Philadelphia convention
$500,000,000
$410,000,000
end
Three Play
Outstanding
possible immediate
Legislation for control of security and commodity exchanges.
A
instead of
nomination to succeed himself in office.
ment
a
Appropriation of $1,425,000,000 for continuing the bitterly controverted
Walsh-Healey
Sunday.
President Roosevelt resumed work today on more than 100 bills sent to
night.
involving
WPA work-relief program.
extremely unlikely, the
sessions.
"Lame Duck" Amendment to the Constitution, fails on
his desk in the
veto,
troversy.
Daylight Time).
Seventy-fourth Congress will have
Jan.
and managed to adjourn
(Eastern Standard Time) last
The House, however, turned back its ciock
continue their
York
minutes
Roosevelt's
matter for
bitter campaign
their fate also holding potential subject
controversies, were the $460,000,000 Wagner
Low-Cost Housing Bill and the
oftr-revised Food and Drug Bill.
Over
FitlctllClcll
142
Volume
special Washington advices of June
it was stated:
In
Sessions of
Bills Introduced in Both
Seventy-Fourth Congress
17,800
20, to the New
check at noon today after it was fairly
would be put in the hoppers. In addition, there were
Congress, according to a
certain that
others
no
varying characters.
several hundred resolutions of
In
introduced in the Seventy-
17,812 private and public bills were
A total of
Senate
the
3,473 of them in the first
joint resolutions, 324 Senate resolutions and 41
bills were introduced,
4,792
session; also 293 Senate
the
noted
It
the service departments by
on
pressure
the munitions and
for help in foreign sales and for
other disarmament measures."
Specifically, the majority advocated government manufacture of powder,
projectiles, rifles, pistols, machine guns, armor plate, gun forgings and
for orders and
shipbuilding companies
help in opposition to embargoes and
York "Times" of June 21,
fourth
4271
Chronicle
vessels.
naval
The
government plants are erected to provide
political pressure to
minority felt that "if large
these
needs,
these
plants
full
at
will
result
the
and
be inevitable local,
capacity production
will
there
commodities,
maintain
regardless of defense
rather than dis¬
armament
be
to
to
Postmasterships Under
Charge It Is Attempt to
Incumbents Jobs for Life
encourage
armament."
concurrent resolutions.
Of the 13,020 bills
There
first session.
offered in the House 9,270 were introduced during the
were 642 House joint resolutions, 557 simple House
Insure Democratic
696 public bills,
and 629 private bills have become law.
number of bills offered, only
In contrast to the large
resolutions
three private
Place
Civil Service—Opponents
concurrent resolutions.
resolutions and 62 House
Bill
Defeats
House
By a vote of 205 to 112, the House on
Many Important Measures
Passed by Second Session of
June 19 defeated
place first, second and third class
postmasterships under the Civil Service. Opponents of the
the
bill
Ramspeck
to
charged that it was a disguised attempt to "freeze"
office for life.
This was the
measure
of Passage
A summary of the legislation action taken by the Second
Session of the Seventy-Fourth Congress was contained as
follows in a Washington dispatch, of June 20, special to the
Democratic incumbents into
New York "Times" of June 21:
all
passed the $1,730,000,000 Bonus Bills, made available $1,425,000,000 for relief, voted nearly
$1,100,000,000 to the army and navy, started the new soil conservation
service on its way with an appropriation of $440,000,000, set aside $296000,000 to liquidate contracts invalidated when the Supreme Court ruled
the Agricultural Adjustment Act unconstitutional, voted $308,000,000 for
the Civilian Conservation Corps and $459,000,000 to finance the new social
security program, all of these appropriations being for the fiscal year 1937.
Of the many major acts passed by this session, those which attracted
probably the most attention were the Bonus and Tax Bills.
Both were
extremely controversial, the President waging a losing battle in his effort
to postpone payment of the adjusted compensation certificates until some
future date when the Treasury would be in a better position to stand the
drain.
In the first session, the Senate sustained the President's veto.
In
the second session, it joined with the House in overwhelmingly rejecting it.
On the other hand the $800,000,000 Tax Bill, though greatly modified, was
emergency
Seventy-Fourth Congress—Bills Failing
beginning Jan. 3 last, Congress
In the second session,
appropriation bills passed at this
routine
eleven
The
government
poetcivil
service plank, was introduced in the House by Representative Clarence J.
McLeod, Republican of Michigan.
The measure would place all government
employees except Cabinet officers and one assistant to each, Cabinet officer
The
in
Ship
of major importance
sincerity of what he called the "one panny,
civil service bills, invited the Democrats to
support his bill and take the merit system out of politics once and for all.
Passage of the bill, he said, would eliminate the civil service from the
two
country but which is exclusive of the
River; the
Mississippi
act
creating the
Neutrality Act and the extension of authority to
construction
of
the President to start
$50,000,000 each, contigent
cost
battleships to
two
Soil Conservation
of Agriculture; extension of
permanent unit of the Department
as a
similar action being taken by one or more
Proposed Senate Compromise on CopeFood and Drug Bill—Plan to Divide
Control of Advertising Is Defeated Just Before
Congress Adjourns
of the other first-class naval
pigeonholed in committee the
bills which were defeated or else
Of the
important included the Frazier-Lemke
Farm Credit Bill, defeated in
House; the Pettengill bill to repeal the
long-and-short-haul clause in
held in the
the Interstate Commerce Act,
Committee
Lobby Bill which
action; the
Anti-
defeated when the House failed to approve a con¬
House refused to vote,
"VVagner Slum Clearance Bill, upon which the
"take-the-profit-out-of-war" bills
Committee.
number of widely publicized investigations,
and the various
While this session witnessed a
investigations were much fewer than in previous
in point of numbers the
The important ones were
the inquiry on lobbies by the special
chairman; the investigation of
Senate committee of which Senator Black is
and the inquiry into the
Townsend old-age pension movement by a special House committee.
The first two were carryovers from the first session.
the munitions industry
by the Nye committee,
investigated many
and wound up
with an inquiry into the war-time financing operations of J. P. Morgan &
Co., and of other banking organizations which were active in financing
Allied purchases in the United States during the first two years of the
The
Nye
committee
in the
course
of its hearings
angles of the munitions industry abroad as well as at home
approved earlier that day by the Senate.
The House vote
190 to 70.
The measure had been passed by the House
on
June 19 with less than an hour's debate by a vote of
151 to 27.
A similar bill was passed May 28, 1935, by the
was
Senate, but the compromise, drafted
of
Nationaliza¬
Shipbuilding and Manufacture of
"Rigid Control"
Naval
Certain Arms—Minority Urges
A majority of the Senate
issued
a
Munitions Committee on June 19
report recommending the
nationalization of naval
shipbuilding and manufacture of certain arms used by the
Senator Nye, Chairman of the committee,
said that a minority group believed that "rigid and con¬
clusive munitions Control" would be more effective than
Army and Navy.
defense and economy.
The majority, however, referred to evidence before the com¬
mittee during its two years of hearings, and said that
regulation of arms manufacture "is easily evaded."
Other
portions of the report were summarized as follows in Asso¬
ciated Press Washington advices of June 19:
nationalization
The
majority
control
over
in
promoting peace,
made its
the
foreign
recommendation, the report said, "because any
affairs of companies, which is essential to the
estoppel of present practices, will, in effect, amount to control of manage¬
ment,
and
cannot be
effected
successfully under the private ownership of
The
does
munitions
form
of
so
also
because of its findings that
companies
high
insisted
throughout
on
during the World War the
their pound of flesh in the
through the mails and otherwise, and placed drastic safeguards about the
distribution and advertising of cosmetics.
The Senate bill gave authority
the
to
profits for their production and did not let their patriotism
House
of their
successfully."
'duty
as
were
against
consumers
false. and
publishers
for
responsibility
the
measure,
by
opposed
causing
were
false
who sponsors the
Changes from Existing Law
principal
the
which
in
respects
new
bill
differs
from
existing
were:
advertising of food, drugs, devices and cosmetics is
brought under
regulation.
and misbranding of cosmetics is prohibited.
The adulteration
control.
illness or for remedying underweight or
affecting bodily structure or function are
Therapeutic devices are brought under
Drugs intended for diagnosing
overweight
otherwise
for
or
regulation.
subjected to
in the production of foods,
is required
sanitation
Reasonable
drugs and
cosmetics.
that
Foods
are
dangerous because
added poisons
than
substances
ous
or
necessary
are
of naturally contained poisons rather
brought under regulation.
The addition of poison¬
is prohibited except where such addition is
foods
to
and in such cases tolerances are provided
safeguard the public health.
cannot be avoided;
limiting the amount to the extent necessary to
Licenses Provided
Resort to
Where the
provisions of the measure are not effective to control
other
danger to health arising
A
from bacterial contamination of food, temporary
the difficulty is corrected.
restrictions can be imposed until
license
dispatch
Washington
"Journal of Commerce"
June 21
of
to
the
New
York
recorded the rejection of the com¬
promise proposal as follows:
and
led
plea
of
by Representative
Chairman
Commerce
Mr.
land
plants
way
the
from
which
bill
Senate
advertisement.
the
the
the
of
advertising being placed upon the manufacturer or agent
these
in
protect
to
advertising.
Features
stricken
Agriculture
of
Secretary
fraudulent
trustees'. to the stockholders."
The group stated
"that the War and Navy Departments can produce
from their own ranks or employ sufficiently able technicians to operate
stand
passed today and that previously
the bill
difference in
principal
The bill went down in crushing
these companies.
"It
was
approved' by the Senate was that the House measure places upon the Federal
Trade Commission authority to prevent dissemination of false advertising
False
tion
20,
"Times":
law
Senate Munitions Committee Recommends
by Senator Copeland
rejected by House conferees, who termed
it an entirely new piece of legislation.
The compromise
proposal would have divided control of food and drug adver¬
tising between the Federal Trade Commission and the Food
and Drug Administration.
Passage of the bill by the House was described as fol¬
lows in a Washington dispatch of June 19 to the New York
June
The
Wor.d War.
bill failed of enact¬
just before Congress adjourned, when on June 20 the
House declined to accept a compromise which had been
ment
proposed by the Senate Munitions
were
sessions.
without
Commerce
Interstate
on
was
ference report on the bill; the
which
which passed the House but was
Pure
Copeland Pure Food and Drug
The
i
on
Senate
campaign.
forthcoming
enacted at this session included
direct subsidies for ocean mail
advantages allowed the chains
price
against
the
on
more
Democratic
land
powers.
the
LcLeon, challenging the
penny"
which is intended to protect
control works in various parts of the
upon
Republican
classified list.
the
Mr.
session totaled,
independent
and other large
competitors; the bills repealing the tobacco, cotton and potato control acts;
the omnibus Flood Control Bill, which authorizes $315,000,000 for flood-
the
rival
A
Committee on Appropriations, $8,196,-
Subsidy Bill, which substitutes
merchants
the
which was called up today, related solely to
bill, modeled after Governor Landon's
Ramspeck bill,
masters.
House Rejects
contracts; the Chain Store Bill,
Service
agencies
follows:
Important Bills Passed
Other legislation
work
days of the session.
Senators
and O'Mahoney introduced a merit bill to place
final
employees except workers in New Deal
under civil service, while the Senate
recently passed the Black bill to prohibit the use of political
influence in the promotion of civil service employees.
A
Washington dispatch of June 19 to the New York "Herald
Tribune" recorded the defeat of
the Ramspeck biU as
455,668.
the
Administration
by
proposed
measure
the
during
LaFollette
passed at the insistence of the President.
according to the books of the House
service
civil
third
leaders
Rayburn
Committee,
McReynolds's
(Dem.,
that the
attack
defeat under a blistering attack launched
McReynolds
was
House
of
a
despite the earnest
Chairman of the Interstate
(Dem., Tenn.)
Texas),
accept the measure.
highly dramatic nature and wildly
The Tennesseean struck at both Senator Cope¬
and Dr. Rexford Guy Tugwell, who is credited with the drafting of
cheered
by his colleagues.
Food and Drug Administration's ideas
with respect to the bill.
4272
Financial
Chronicle
House Committee Says 5,000,000
Investors Have Been
Defrauded of $20,000,000,000 Through
"Racket¬
eering" in Defaulted Real Estate Securities
suffer.
.
.
June 27, 1936
That the rights of the plaintiffs in the present case would
.
suffer by reason of the stay
granted is apparent, since the
of the Act, whether they register under it or not,
very
existence
must of necessity affect
materially the conduct of their business during the pendency of these suits."
A
special House committee investigating real estate bond¬
Associate Justice Harold N,
holders' reorganizations on June 19 filed a
tribunal
that
Stephens, newest appointee to the appellate
opinion.
report charging
"fleeced" through "rac¬
5,000,000 investors have been
keteering" in defaulted securities.
authorities, together with
designed to avert further abuses.
its
+
given in
Other
Washington
a
in
data
the
of
dispatch
Thousands
letters
of
had been
of
Chain Committees Bit
Philadelphia,
Detroit,
Louis,
St.
San
Fran¬
cisco, Los Angeles, Milwaukee and the State of New Jersey.
"The
committee
mortgage bankers
these
approximately
ments
by so-called
the
continued,
report
are now
5,000,000
wishing
upon
gamble
to
and
the
on
being defrauded of their invest¬
are
committees,' and the
unjust and
their victimized
"These deserving citizens invested in so-called
not
investment
the chief factors in this racket by which
people
protective
reorganizations which they foist
securities,
The
inequitable
with
their
"Efforts
said:
every
life
savings.
at
and
dishonest
of
exposure
Exchange
your
the staff
and threats,
Chairman
of
staff
and
workers.
Threats
Efforts
have been
The
an
offers of
brought
was
The
committee
charged
Methods
that
the
Held
enacted last
were
real
on
and
estate
Further "vicious and inconscionable practices"
committee
the
alleged,
bankers
defaulted
so-called
of
houses
"protective
gained
issue
control
of
through
reorganization
legislation
proposed
the
investigation
committee
the Comptroller of the Currency to aid in supervising
activities.
The committee said it doubted if the
passed before
continue its
this
of
session
investigation until
a
permanent pension
First annuity payments
make
to
their
first
It called for total
both railroads and employees.
quarterly payment
The
of $15,000,000 on
In hearings leading up to today's decision, Jacob Aronson, member of a
of railroad
lawyers,
contended the two laws
disguised substitute for the invalid 1934 law."
the
tax act violated the
He
:
were
"a thinly
lso argued that the
Fifth Amendment of the Constitution by singling out
"a particular group of employers to bear an arbitrary and crushing burden.
by
ganization
'be
were
committee
which
of
up a
old.
years
June 30.
have been engaged in, the
committees"
65
scheduled to be made July 1.
securities.
Corrective
empower
or
by
were
carriers
improper methods used by bankers and investment houses in selling
the public securities based on inflated values and fictitious incomes."
to
<
Up
designed to set
was
contributions of $120,000,000 from
the
to
**
after the supreme Court
The revenue act authorized taxes for one year only.
industrial
"primarily due
were
year
Permanent System Set
under it
the onset of the depression
becoming effective
class carriers and 289
131 first
1934 retirement law, which included both tax and pension
1935 retirement act
The
Improper
defaults
by
equal levy on company pay rolls.
system for railway workers over
securities that began with
railroads and other
provisions.,
bribe
directly and indirectly."
Bank
one
from
They attacked both the retirement act and its com¬
Both of these statutes
members
favor,
legislation
the
/y.;',-fr
injunction suit
invalidated the
been made
influence
to
made by
suit filed by class
a
prevent
panion revenue measure, which sought to lay a 3H % tax on rail wages and
committee
have
to
lesser enterprises.
been hampered at
practices have
by this racket.
committee
your
Commission.
made in
was
enterprises
This
\
v
Securities
turn from those profiting
against
of
the
ruling
July 1.
Disclosures of the committee's investigation were similar to those reported
by
enacted
on
railway
investors.
gold bonds and real estate
speculate
or
They must be protected."
recently
was
;
"many
responsible for unloading dishonest securities
public, and it is they who
1935, which
to take the place of the Railroad Retirement Act
.
finds,"
are
Court in 1934
unconstitutional by the United States Supreme
May 6, 1935, was held invalid yesterday (June 26)
by Justice Jennings Bailey of the District of Columbia
Supreme Court.
Justice Bailey, in his decision, ruled that
the retirement law and its companion tax measure, the
Railroad Pension Tax Bill, were "inseparable parts" of a
single scheme, unconstitutional under prior rulings of the
Court, it was stated in Associated Press advices from Wash¬
ington, yesterday. The texts of the retirement law of 1935
and its companion measure was given in our issue of Sept.
21, 1935, pages 1837-1839.
:
The following regarding Justice Bailey's decision is also
from the Washington, Associated Press, advices of yesterday,
which appeared in the New York "Sun" of last night:
condemning the practice of so-called "chain" protective com¬
mittees, covered bondholders' protective committee activities in New York,
Washington, Boston,
year ago
Court
The report,
Chicago,
Railroad
Unconstitutional—Cites
declared
follow, as
19 to the New
complaint, including a petition bearing 600,000
it said.
received,
1935
The Railroad Retirement Act of
a
York "Herald Tribune":
namese,
Rules
United States Supreme
of
Retirement Act Case
report
June
Court
Decision of
survey had shown many evidences of fraud,
"apparent income tax evasion, warranting the
scrutiny of the Department of Justice and the Bureau of
Revenue."
Supreme
Act
The committee said that
as
Internal
Columbia
Retirement
legislative program
a
of
District
two-year
well
as
only Democratic member, dissented from the majority
The committee, of Which
Representative Sabath was 'Chairman, recommended action
by the Department of Justice, the Treasury Department and
Post Office
and its
Congress
adjourns,
law could
would
such
next
Charles M. Hay and Walter Pollak, special assistants to the Attorney-
could
but that it hoped
be passed
The Government Side
reor¬
bill
General, contended the retirement plan would relieve unemployment and
to
improve railway efficiency by removing older
year.
men
from the service.
Ml
Prior to today's decision, many lawyers had expressed the belief that in
declaring the
Utilities Win
Victory in District of Columbia Appeals
Upholds Right of Holding Units
Bring Action Against 1935 Law
to
The decision of the United States
the "Chronicle" of
Supreme
Court which restrained further proceedings in
by seven utility companies seeking injunctions and
attacking the constitutionality of the Public Utility Holding
Company Act of 1935. The ruling by the higher court means
that suits brought by the North American Co. and the
ing
State
pass upon
New
that
York
with
"Times":
name
of
seven
of the
tions of law raised in other suits and demanded their
an
"The
was
discretionary
based
powers
on
the
ruling that the lower
in granting the stay.
Wage
was
Original
Decision
on
June 23 filed
a
petition with
Law
was
unconstitutional.
The
declared unconstitutional in accordance
decision in the
Adkins
indefinite stay of further proceedings in the suits,
Primarily, however, the opinion
Says
case
of Adkins against Joseph
Hospital,
a
question there decided."
The petition added
that the Court decision held that New York State had not
asked to be heard on the question of whether or not the
"day in court."
case
would
be
petition continued,
the stay should not have been granted before the
government had filed its
answers in the suits.
court had exceeded its
the law
a
constitutional
Associate Justice Josiah A. Van Orsdel, who wrote the
majority opinion
for the Appellate Court, pointed out that, even if the lower court had
authority to grant
and
said "no application has been made for reconsideration of the
utilities, con¬
did not include all of the ques¬
case
Act,
District of Columbia minimum wage law had been
invaludated 13 years ago.
In New York decision, the Court
staying the injunction
proceedings originally brought in the
of
Purpose
Minimum
in which
The North American and American Water Works
companies in appealing
from the decision of the District Supreme Court
tended that the Electric Bond & Share
was referred^to in
3109-3116.
Attorney General, said in a brief that the Court majority
"misread the purport" of the petition Which was originally
submitted by State attorneys.
The petition pointed out
immediately
the
pages
decision of the Supreme Court was referred to in our issue
of June 6, pages 3745 and 3778.
John j. Bennett Jr., State
the
Washington dispatch of June 22 to
Ml
Supreme Court for New Hear¬
Wage Law—Seeks Ruling
The State of New York
revealed whether the Government will appeal the decision
by
the District Court of Appeals, which^was outlined as follows
a
tf-
Supreme Court in holding
the United States Supreme Court asking a rehearing of the
recent decision in which the Court held that the New York
Government's case against the Electric
Bond & Share Co. brought in the Federal Court of the
Southern District of New York.
It was not
in
"Merits"
on
by the
considered likely,
in
Supreme
IfcC*'
State Minimum
on
"Misread"
American Water Works & Electric Co. will
go to trial unless
the Government decides to ask a further review
issue
May 11, 1935,
New York Petition Asks
suits filed
the
■
the 1934 Retirement Act unconstitutional
The United States Court of Appeals for the District of
Columbia on June 22 reversed a decision of the District
United States Supreme Court.
It is
however, that the Supreme Court will meanwhile
1934 railroad retirement act unconstitutional the
Court closed the door against all similar Federal enactments.
Court—Decision
overruled.
make it
These
doubtful
statements, the
whether the deter¬
minations of the Adkins
,
case are actually reaffirmed.
dispatch of June 23 to the New York
"Times" discussed the petition as follows:
A
Washington
Government
of the United States as a
litigant has no greater
rights than the humblest citizen," Justice Van Orsdel declared.
"While
we recognize the difficulty which confronts
the Department of Justice in
conducting the vast amount of litigation in which the various agencies
that the sole issue
of the government have become involved, as well
to be indulgent where possible in the
had been made in the recent New York proceeding to reconsider the con¬
as
the
duty of the courts
public interest, yet the rights of the
citizen
are not to be overlooked.
He is entitled to be heard in the courts in
defense of his rights, if he honestly believes that
they have been invaded
to his damage, even by an agency of the
government.
'
"These rights may not
because
of
any
question
be disregarded,
of
mere
to the damage of the litigant,
governmental
convenience
or
public
interest, and the discretion of the court should not be swayed by any of
these considerations
so
as
to
not stay
a
court of
equity has wide discretion in the public
jurisdiction," the Justice wrote, "yet it
its hand because of such interest if by
guished from the District of Columbia
Court in the Adkins
case
so
may
doing private rights will
wage
law defeated by the Supreme
13 years ago, and for saying that no application
stitutional question decided in the Adkins case.
"It is most respectfully submitted that the court misconstrued the basis
of the petition and thereby
review sought," the
"In
case
an
event
the
omitted properly to appraise the
scope of the
brief stated.
doubts created
should not be set at rest.
as
to the present
force of the Adkins
To that end this petition is directed."
Butler Sentences Discussed
The
interest in the exercise of its
disagreed with the action of the Supreme Court in holding
was whether the New York wage law could be distin¬
deprive the litigant ot his day in court and a
prompt and speedy trial.
"While it is true that
The petition
attorneys
wage law, written
of the Adkins
of the land."
case
argued
that
sentences
in
the
majority opinion
of
the
by Justice Butler left it doubtful whether the principles
are
"actually reaffirmed and declared still to be the law
Volume
Financial
142"
Because the Court is now in recess,
"York
until
petition
doubtless will object to
in
return
this State's move.
five in the Tipaldo case held that the wage law
Amendment of the Constitution.
Siding
The Court majority of
contravened
justices
the
Fourteenth
the
Sutherland
author of
the dissenting opinion; Justices Brandeis, Stone and Cardozo.
The last
three through Justice Stone also entered a separate opinion.
"The validity of the principles upon which the decision rests are not
challenged," the Court majority wrote in the Tipaldo case.
"This Court
minority were Chief Justice Hughes,
ground upon which the writ was asked or
confines itself to the
Here the review granted was not
He is not entitled and does not
Adkins
York
New
merits apart from
"leaves in doubt whether on the
To support their
their petition for a
valid."
contentions, Messrs. Bennett and Epstein
quoted from
under
writ of certiorari, asserting that the circumstances
which the New York law was
enacted called for
a
certificates
The lawyers argued that principles of these
constitutional issue of such importance the decision of
should not be left obscured by possible doubts on
there
Finally,
but
and
taken into
of the Exchange
coins, silver
notes; and, in part, with the public debt
of
issue
the
States
circulating media,
e.g.,
involve
powerfully.
added
a
that arise not only outside the System,
affect the domestic banking situation
conditions
are
the
outside
and
country,
yet
is, for example, the recent great movement of gold to
abroad—a movement that in the last two years has
There
from
three billion dollars to the reserves of member
over
banks and created
quite unprecedented credit situation.
These
factors,
exercise
necessarily limit and m.Jify the
others,
among
of credit control.
V. Fleming Urges Bankers to Be "Fair and
Temperate" Toward Congressional Legislation—
Speaks at Opening of Rutgers Graduate School
of Banking—Col. Leonard P. Ayres Predicts Con¬
decisions
tinued Low Interest Rates
this Court
principles essential to
legal rights and welfare of millions of citizens," the New
York lawyers
quoted excerpts from the petition for the writ of
"Ih the light of the
to
the
workings
certiorari which this court granted,
court
determined, itis
the apparently restricted basis of the Court's opinion
earnestly urged that
be enlarged to cover the truly
York
in the light of the fact that four members
have the issues thus presented
sought to
the
law,
vital issues presented."
was framed "with a zealous
brief declared,
regard for private rights and with a deep respect" for former
Supreme Court
opinions.
deliberate and full
reconsideration should be given of the issues on the merits and a decision
reached that will'leave no doubt where the way lies and where action by
"Surely, before such statute is finally struck down, a
legislation may or may not trend," the rehearing petition
concluded.
told
bank
of
President
400
Y.
the American Bankers Association,
officials on June 22 at the opening of the
Fleming,
School
Graduate
Robert
Government,
Federal
the
of
"""
greater attention than ever before
must devote
Bankers
said.
New
not negligible.
Robert
New York milk case.
The
as
the
called for reconsideration of the Adkins issue.
of this
many
do, in part, with the operations
to
United
and
time when
a
as
government's receipts and expenditures.
These operations
large sums and intimately affect the banking and credit situation.
and
stated that the Court had relied upon other pre¬
Nebbia decision in the
The rehearing brief
the
Fund
included
United States Treasury activities must be
These have
Stabilization
been
never
outside the System is
are
For another thing,
account.
has
System
reconsideration of the
case.
a
there
Reserve
small banks which
vious decisions since the Adkins case, notably the
"On
thing,
one
Federal
the United States
decision
procedural technicalities,
brief today contended that the Court's
State
the New York statute is
Adkins
broader than that sought by the petitioner.
ask to be heard on the question whether
should be overruled."
case
The
granted.
added:
the membership of
half the banks in the
country. Although it is true that the System includes most of the large
banks and that it, therefore,
includes the bulk of the banking business
of the country, still from the point of view of the communities they serve
and of relations with other banks,
the importance of the thousands of
For
the
Van Devanter, McReynolds,
with Justice Butrer were Justices
and Roberts, while in the
Mr. Szymczak
nothing can be done concerning the
October.
Meanwhile
attorneys for Joseph Tipaldo, central figure in the wage law controversy,
will file an opposing brief.
Other States with similar wage laws are expected
to support the New York move, while groups opposing such legislation
New
4273
Chronicle
Banking
of
University.
Rutgers
at
He
expressed confidence in the future of American banking,
and urged his colleagues to adopt a "fair and temperate"
attitude
in
considering legislative proposals relating to
Discussing
the
operation of the legislative
in Congress, Mr. Fleming said that bankers
should not be too severe in their judgment of members of
banking.
machinery
"Few tasks appear so easy," he continued, "yet
Congress.
in fact,
are,
difficult, as the enactment of sound and
so
satisfactory legislation."
Constitutionality of Federal
Act—Says Measure Seeks to Coerce
States by Taxing Provisions
Mr. Fleming added:
Suit in Newark Challenges
If
Social Security
Constitutionality of the Federal Social Security Act was
on June 23 in a suit filed in the Federal Court at
attacked
The action, on behalf of the receivers of the
charges that the law was "designed to
State into accepting Federal requirements for
neither
ment*
Newark Milk Co.,
necessary
the
governing their internal affairs."
It seeks to have the
taxing provisions of the measure declared unconstitutional
and to restrain enforcement of the payroll tax. A Newark
dispatch of June 23 to the New York "Times" gave other
information regarding the suit as follows:
Named
defendants
as
were
Secretary
John G. Winant, Arthur J. Altmeyer
the
Social
of
the
Treasury
Morgenthau,
and Vincent M. Miles, members of
Internal Revenue.
the case was signed by
Judge Guy L. Fake.
The bill of complaint
declared that the Act attempted to regulate the
and employee and establish a nation-wide scheme of
relation of employer
unemployment insurance.
It contended the regulation of employer-em¬
ployee relations was a matter of State control.
"so-called taxes"
taxes within the
for the
under the Act, the complaint contends, are not
meaning of the Constitution, and not an excise empowered
If the taxes are taxes at all, the bill says, they are
States according to their
general welfare.
numbers of citizens.
are
for the benefit of a
"-Hy
distinct class of people," Mr. Lane
argued, "and their effect is to take the property of employers and of certain
employees for the benefit of a class, and result in the taking of property
without due process of
law."
The suit also contended that the taxes were
discriminatory because they
applied only to employers of eight or more persons.
The bill argued that if
the law should be held valid in interstate commerce,
it could not apply in
As set up, the Act contemplated application to em¬
intrastate commerce.
ployees whether in interstate or intrastate commerce, and would be unwork¬
substantiate with
able to
facts
that
the
legislation
is
un¬
"Nor
first
I less persuaded
that
you
will
with
agree
me
in opinion that,
better deserve your patronage than the promo¬
science and literature.
Knowledge is in every country the surest
nothing which
of
basis of
The
said;
Washington
am
there is
tion
need have no fear for the future of American banking.
annual address to the Congress
of the United States,
we
his
In
to
can
public happiness."
of
School
Graduate
based
Banking,
as
it
is
on
our
35 years of
adult education through the American Institute of Banking,
should make for increasing standards of intelligence in the operation and
States to meet its require¬
ments, would permit States to legislate with respect to
complaint set forth.
interstate commerce,
The law which would have to be passed by New
Jersey would violate the State Constitution by delegating
to the Federal Government, it was
State legislative
argued further.
^
Beyond this study of the more
I believe the Graduate School
up of representatives from the
and the banks, affords us an opportunity
management of our banking institutions.
technical
of
administration,
its faculty staff made
with
Banking,
universities,
the
government,
that the people
the fact
stress
bank
of
phases
of this Nation,
their representatives in
Congress, and the bankers must work together in an understanding manner
if we are to build a still more sound and serviceable banking system.
problem can be too difficult of solution if this spirit of mutual under¬
No
standing and helpfulness prevails.
future of American banking is in large measure based
My faith in the
upon
the spirit I have observed prevails among the bankers of this country,
has been so clearly demonstrated in the Regional Conferences on
which
Banking Service and by the increasing interest
School
Graduate
Association
State
the
Banking.
of
If
the
shown in the work of the
American
make banking
can
Bankers Association and
understandable to the
clear and
people, take a fair and temperate attitude and be constructive in
approach¬
problems, I believe we can put banking on a
any other profession.
ing economic and legislative
high as
plane as
Vice President of the Cleveland Trust
Leonard P. Ayres,
The Act in its provisions for legislation by
power
with, nor would we take any too seriously, those
analyzed the proposals, simply oppose legislation,
offer constructive recommendations for amend¬
detrimental
or
President
complaint argued.
able otherwise, the
the
public,
to
direct taxes and should be apportioned among the
"The taxes
responsibility for the
think we would have
experience in
An order setting next Monday for a hearing on
The
the
do not
I
to
attempt
are
nor
had
and
legislation,
the national welfare.
Knowing the fairmindedness of the average American, I
am sure if we assume a con¬
structive
atittude
and
make banking clear and understandable to the
Kelly, District Collector of
Security Board, and William H.
having
without
and
legislators
as
and enactment of
too much patience
any
who,
Newark, N. J.
coerce
sitting
were
we
introduction
Co., Cleveland, Ohio, addressed the school
yesterday
(June
26), and predicted the continuation of low interest rates.
He said that bank interest rates will probably be main¬
tained at levels between those now prevailing and those
formerly considered normal, even if business recovery con¬
Credit Control Seen Limited by Factors Outside Range
of Federal Reserve Activities—M. S.
cusses
Szymczak Dis¬
Discounts, Open Market Operations, Direct
Action and Reserve and Margin Requirements
Although the Banking Act of 1935 adds to the means of
control exercised by the Board of Governors of the
tinues, progress is made toward budget balancing and most
of the short-term Federal debt is refunded. The only factors
that would be likely to increase
He
credit
Federal
Reserve
modified by a
System, that control is not perfect, but is
number of other factors, M.-/S. Szymczak, a
of the Oregon
June 13.
He
discussed five means by which credit control may be exer¬
cised—discounts, open market operations, direct action, re¬
member of
Bankers
the
Board,
Association
at
told the convention
Portland,
Ore.,
on
requirements and margin requirements.
The applica¬
tion of these forces, he said, cannot be mechanical or gov¬
Credit and economic relation¬
ships, Mr. Szymczak said, are extremely intricate, and "the
by
unvarying rules.
circumstances under which
the need for action arises
always to some extent different and
special."
are
continued:
The
volume
of
excess
could
reserves
be reduced
or
increased by
gold
different actions which might be taken
by the Federal Reserve authorities, or by the Treasury Department. It is
unlikely that there will soon be gold exports of such magnitude as largely
exports or imports, or by various
to
the
decrease
Administration
excess
and
reserves.
Federal
the
Moreover,
Reserve
it seems improbable that the
authorities will take, or can
would sharply reduce the excess reserve of banks,
materially higher interest rates, until the Government is well
safely take, the steps that
and result in
serve
erned
interest rates, Colonel Ayres
said, would be Federal action to reduce excess reserves or a
rise in the general price level far above that now existing.
on
the
way
short-term
With
towards balancing its budget, and
sumably
be
business improvement Federal borrowings will pre¬
progressively
redbced
finally terminated.
While those
demand deposits will be con¬
deficit financing is being done. This
and
developments are under way the volume of
tinuously
has refunded most of its
debt.
long continued
increasing
as
long
as
Financial
4274
result
must
despite
in
continued
a
business
of
rate
slow
turnover
demand
of
deposits
recovery.
Chronicle
"Please extend to
Program for Business Recovery—Urges Industrial¬
on Plan to Improve Conditions
ists to Concentrate
which the business
on
program
of the
men
Nation will be asked to concentrate during the coming year
in order to formulate national policies for economic recovery
and increased
employment
the
of
Chamber
announced
was
Commerce
of
United
the
June 21 by
on
States.
The
includes reduction of public expenditures, together
with a study of Government competition, social security,
State compacts, employment, monetary policy, tariff treat¬
ment of agricultural products, prices in distribution, mer¬
chant marine legislation, and Government reorganization.
program
It
summarized
was
follows in the Chamber's
as
ment:
•
/•'
announce-
are
in public
expenditures, whether by the Federal
During the
or
"Your dinner
identify all the forms
of private enterprise in which such competition occurs.
Social
Security—Study of the Federal Social Security Act to ascertain
if it is best calculated to promote
beneficiaries.;
State
U
.
social security and is equitable to its
.1:
Compacts—Exploration of the
possibilities
and for dealing with conditions
of
utilizing compacts
of work for employees in pro¬
duction, in order that in this regard there
among
may
be substantial uniformity
Employment—There will be
a
joint effort of the Chamber with member
dependent
persons
public work to employment in private enterprise.
Monetary Policy—As the existing
powers
of the
"There is no responsibility of American
the
Tariff Treatment of Agricultural Products—It is planned to give special
attention to the tariff treatment of agricultural products.
Prices in Distribution—Legislation has been advanced in Congress which
undertakes to deal with differences in prices for commodities
from producers to retailers.
as
they pass
Both these proposals for legislation and recent
well influence
may very
in unexpected ways which will affect
the interest of private enterprise.
and distributions
commerce
adversely both the public interest and
It is proposed to consider all proposals
and legislation of this character to give an
opportunity for the Chamber's
membership to determine which policies the Chamber
relation to the freedom
advocate in
may
which producers and distributors should have in
regard to prices for articles of
commerce.
Merchant Marine Legislation—A report to the board of directors present¬
ing recommendations
as
to Federal legislation
wilf be submitted
to refer¬
endum.
Government Reorganization—The problem of reorganization of the adminis¬
trative side of the Federal
Government has been aggravated during recent
The subject will in the coming months
years.
Therefore the Chamber will consider the
in
come
maimer
forward for discussion.
which should be followed
reorganization, and the extent in which it should be carried, in order
benefits may be outlined.
that the greatest public
Taxation and Expenditures, State and Local—Renewed efforts will be made
to have member
organizations take
has been committed.
up
in their policies to which the Chamber
Attention also will be given to the question of new
policies which should be considered and in regard to progress being made
in
the
States
in
the
direction
of
better
budgeting and reduction in
ex¬
penditures.
John
D.
M.
Hamilton Opens
Landon Campaign in
York—Republican Chairman Says He Is Con¬
fident
of
Victory—Governor Will Be Officially
New
Notified of Nomination
July 23—Chooses Cam¬
on
The New York campaign for Governor Landon
June 22 when John D. M. Hamilton, new
opened
Republican
was
on
National Chairman, addressed
a dinner of 3,500 in New York
Mr. Hamilton said that the appeal to the Democratic
National Convention by Alfred E. Smith and four others
to reject the
candidacy of President Roosevelt represented
high idealism.
Mr. Hamilton promised a vigorous cam¬
paign and asserted his confidence that it would bring victory
City.
Governor Landon and Colonel Knox and thus "hold the
last
line% of«. representative government and preserve the
future of America."
to
Governor Landon will be
officially notified of his nomina¬
tion on July 23 at Topeka, Kan., and will deliver his
speech
of acceptance from the
steps of the State house there.
It
was announced on June 19 that Charles
P. Taft, son of the
former President and Ralph W.
Robey, writer of
as
economics,
his advisers in research and in the
preparation
of speeches.
The New York "Times" of June 23 outlined Mr. Hamil¬
ton's speech of the
preceding
day in part
He
interpolated his remarks about the
Smith
as
follows:
appeal in
prepared
address, which
was broadcast over a nation-wide
hook-up, saying:
"In the words of Governor Landon, spoken to-day at Topeka, 'The line
of demarcation between fealty to
party and loyalty to country is somehting
least
five
distinguished
and
determined
distinguished service
ently have made the choice
between
to your
citizens, led
city and
party and
others will do before the general election in
them for the
your
country,
by
as
millions of
November, and tonight
high ideals that have prompted this action
on
man
a
State, appar¬
we
honor
their part."
Governor Landon Sends
Message
Governor
tribute to
Landon sent
Mr.
so great as
business
no
more
important
a
We
brave
this
at
the restora¬
entering
are
and
hour
definite
than
to
bring to this country an assurance that waste and extravagance will be
abolished and that American ideals
greetings I give
to be returned.
With my sincere
party
my
most vital contest."
Roosevelt
President
are
pledge of cooperation and service to
you the
and my people in this
is
Expected to be Nominated by
of
President
and
the
New
Features Democratic
Deal
Convention—Delegates
Hear James A. Farley and Senator Barkley De¬
nounce
President's Opponents
The DemoeraticNational Convention was expected to sus¬
pend the rules and nominate, by acclamation, President
Franklin D. Roosevelt as candidate of the Party for Presi¬
dent of the United States.
The Convention opened in Philadelphia on June 23 with
approximately 1,500 delegates and their alternates attending.
The convention is scheduled to end tonight (June 27), when
President Roosevelt will be notified of his renomination at
Franklin Field and will make his
public ceremonies on
'
All the speakers
who addressed the convention praised the
policies of the New Deal and the results achieved by President
who
Postmaster
Administration.
General
Chairman of the Democratic National
as
Farley,
Committee
opened the proceedings on June 23, appealed for Mr. Roose¬
velt's reelection by an "overwhelming, conclusive, compelling
verdict."
He urged the party workers to exert their most
intensive efforts and added that "while the political skies
seem fair for our party
confidence in the outcome
is not enough."
Mr. Farley attacked the Republican plat¬
.
.
form
meaningless
a
as
.
of words to attract at the
array
same
time Eastern conservatives and Western liberals. He
charged
Liberty League was the "undercover ally
of the Republican Party, which had fostered and financed
appeals to racial and religious prejudice."
On the evening of June 23, Senator Alben W. Barkley of
Kentucky delivered the "keynote" speech.
He made a
that the American
address
similar
at
the
Democratic
convention
four
years
Senator Barkley predicted that President Roosevelt
ago.
will be reelected for what he has done and for what he has
tried to
do, and said that the New Deal has relieved the
It is, he declared, meeting new
problems in a practical way.
He referred to adverse Su-"
preme Court decisions invalidating important Administra¬
tion legislation, and said that the Democrats will continue
to work within limits set by court decisions, while hoping
for broad constructions to meet conditions arising from the
growth of the Nation. He said that he respected the Court
as an institution, but asserted that
against "tortured" con¬
structions of the Constitution he would place the "tortured
bodies" of male, female and child workers whom the New
state of the average man.
Deal would continue to protect.
A
Philadelphia dispatch of June 23 to the New York
"Herald
Tribune"
described
Hamilton.
said:
a
message
His
to the dinner in which he
message,
Condemning the rulings of the
"the
rigors
of technicality
the
convention
proceedings,
printed in the dinner program,
Supreme Court majority
the
application
of both Federal and State governments.
of
as
based
on
antiquated economic
commerce
to
He called for
a
"new definition"
recognize the growing responsibility of the Na¬
tional Government and impotence of trade control
through "48 water-tight
economic compartments."
Stopping short of proposing formal constitutional revision, Senator Bark¬
ley went
so
far
to suggest that if "in the future"
as
ment should become
necessary to overrule
the people would face it "with calm
No
Senator
Barkley's
stitutional
Outburst
the
of
constitutional amend¬
for Amendment
suggestion of the
amendment
a
"some archaic interpretation,"
intelligence."
future
conditional
met
with
no
possibility of
significant
con¬
a
applause.
The audience approved but not uproariously when he
charged "economic
predilections" had figured in recent decisions.
less applause for his statement,
However, there was even
"We shall abide by its decisions."
Cries
of "no" came wh6n he asked "Is the Court beyond criticism?"
How little the audience
stitutional discussion
was
was
interested, comparatively speaking, in
illustrated by the tremendous
masses
would
was
one
heard
day thank God for him.
That
roar
for the
roar
of President Roosevelt when the Senator declared that the
con¬
name
underprivileged
dwarfed anything
during the discussion, just completed, of
a
constitutional
stand.
Setting uMhe Democratic Party
owner,
as
"the bonest investor" and
ish "financial wizards,"
forward
the champion of the farmer, the home
"the
workless millions,"
the keynoter
against "organized greed," self¬
"pampered interests" and power and utility com¬
a
course
binations which "rob alike the investors and consumers."
He struck out savagely at Governor Alfred M.
Landon, former President
Herbert Hoover, the Republican platform and all
Republican works, link¬
ing to them the American Liberty League, William Randolph Hearst and
"twelve long years" of pre-New Deal rule which fostered "maladies
tearing
at the
paid high
and
predilections," Senator Barkley ridiculed decisions which tied the hands
of interstate
pledged the New Deal to
for each citizens to determine for himself.'
"At
is
There
statement.
that
his
)
who has rendered
citizenship
in government integrity and honor.
in part, as follows:
paign Aides
would act
you
commendable compli¬
a
campaign with our position clearly defined in
Roosevelt's
President relating to
monetary policy expire at the end of January, 1937, attention will be given
to the subject of monetary policy.
\
legislation in the States
happy that
am
acceptance address.
competing States.
organizations to facilitate in each locality the return of
upon
f.y'7
/;■
States directly interested for control of utilization of natural
among the
resources
tonight to honor John Hamilton is
Acclamation—Praise
and describe the full extent of Government competition in each of the fields
and I
capable and courageous leader and I deeply appreciate this
our
tion of confidence
State and local govern¬
The purpose is to
to
ment
;
Government Competition—Re-examination of the changes in Government
competition with private industry.
greet¬
my earnest
expression.
it will continue its efforts in this direction.
year
dinner
united in this great work.
Public Expenditures—The Chamber has consistently opposed extravagance
ments.
your
directed through close organization,
be
must
11-point
Republicans attending
ings and sincere appreciation of this expression of party loyalty and en¬
thusiasm.
I am deeply conscious that individual activity in this campaign
.
United States Chamber of Commerce Presents 11-Point
An
June 27, 1936
American social fabric."
Those ^'twelve
long years,"
years" of Democratic rule
a
parallel phrase imitating the "three long
denounced
by Senator
Republican keynoter at Cleveland, became
a
Frederick
Steiwer, the
New Deal chant tonight.
Financial
142
Volume
Roosevelt and
Administration;
then again attacking the "four long years" under Mr. Hoover, to which
were ascribed mounting unemployment, property losses and broken morale,
Senator Barkley characterized the New Deal as the leader in an old "fight
Alternately slashing and ridiculing the opposition to Mr.
and
recording
glorifying
the
accomplishments
of
the
for freedom."
As the great crowd in the hall shouted its support,
his fire
the Senator
turned
speech which evoked
Mr. Hoover's assault on the New Deal, the
on
"Back
The text of the telegram to
of Hoover"
Cleveland," said Senator
"Back of Hoover's cry for freedom at
"stood the immemorial pawn-brokers of the
experienced
a
Barkley,
Back of
counterfeit conversion.
Liberty
flesh and
the American
League; back of him stood every interest which seeks to coin the
blood of human beings into profit."
speech
"keynote"
was
was
given on June 24 by
the following day
Robinson of Arkansas, who on
elected permanent chairman of the
This
convention.
delayed by the fact that the Committee on
Credentials was late in reporting, and Senator Robinson
therefore spoke on June 24 in his capacity as a delegate. He
election
was
devoted most of his address to
discussion of the
a
Republican
platform adopted at Cleveland, which he said was a mass of
compromises and did not represent the views of Governor
Landon, the Republican candidate.
He also defended the
administration's relief expenditures.
In referring to the
Supreme Court he said that the Tipaldo minimum-wage
decision should be "reversed," but he opposed the adoption
of a constitutional amendment curbing the Court's powers.
We quote in part from a Washington dispatch of June 24
to the New York "Times," summarizing Senator Robinson's
speech:
Certain decisions of the Supreme Court have
slowed up national recovery.
But despite them the American people are going
forward.
The adminis¬
by these decisions "until reversed," for it
tration will abide
members of the Court
are
not above the influences of
I
The Court majority has held that neither the Federal Government nor
the States can regulate wages and hours.
Yet the Republican platform
this situation by
statute.
a
United
of the
condition.
The
overwhelmingly repudiates the view
States
Court has undermined itself; the
done it.
administration has not
'
Also that platform is indefinite on
denounced in the Cleveland platform.
That build-up is the
point essential to meet dangerous world conditions.
Democratic platform on the subject.
collecting the
marked the end of them.
debts, it
but the party record is weak.
was
Against that, place the performances of
Roosevelt administration to protect small business
The
bill of rights
threatened
the
and suppress gangsters.
been
The threat to it lies in the power of
which the Republicans ask is not and has not
by the administration.
monopolies and trusts which the three recent Republican
administrations
encouraged rather than checked.
In
this
campaign the
issues, records
or
We
Democratic party does not fear comparison on
candidates.
Especially it welcomes comparison between
104
years
National Convention
the Democratic
abrogated the two-thirds rule for the nomination of Presidential and VicePresidential candidates, this to be
by six others in the opposition.
Abolition of the old two-thirds rule was approved in the
as
applying only to this year's convention.
that the majority vote system
world and gave
any
action.
case
Adoption of the change means
feet to take
sore
important precedent has been
rule has been knocked
probably die from the blow, even though it may stagger to its
a
of
established by today's
few
a
more
punches four years from now.
comeback,
In an effort to avoid
members of the rules committee
unanimously
adopted an equally important recommendation to the convention.
This allied resolution calls for
a new
system of apportionment of
cratic delegates, to be formulated by the
Democratic National Committee
It provides that "in formulating
and
presented to the next convention.
this
plan the national committee shall take into account the Democratic
strength within each state, territory and the District of
said
under which
we
We submit therefore that—if you are to
end that the ten
or
continue to act under the name
must have
the
laws that will keep
American industries and farads and not have
government which will make and enforce
You must put an end to the orgy of spending our
the honest majority of our country men
which twenty millions of Americans are on the
Otherwise, the telegram added, "patriotic voters of all parties
what standard they must rally
in order to preserve the America of the great leaders of the
will know unhesitatingly to
past."
was interpreted as an
Democrats to support Governor
This phrase
appeal to
con¬
Landon in the
renominated.
In addi¬
tion to former Governor Smith, the signers of the telegram
were Bainbridge Colby, former Secretary of State; former
servative
fall election if President Roosevelt is
under
dole, with nothing to hope
under present rulers except a continuance of
that condition of
semi-
servility.
You must preserve
distinct
must
and
have
branches of
wiio
President
dictatorship
on
government.
within his own sphere
will remain
the judiciary into an endorsement of
a
separate,
To that end you
Constitution and under it the three
the
independent
a
his efforts to turn our Republican
due
moneys
insist
must
us
into
the European model or an Asiatic absolutism.
Presidents of the
with Old World
past and keep our country free from entangling alliances
You
of juris¬
rubber stamp or try to intimidate
You must follow the advices and example of the great
upon
a
a
Chief Executive who will collect
Governments instead of encouraging
from defaulting
silence and otherwise
the
by
continuance of defaults.
swing,
given by the
people of the United States to alleviate want and distress, largely caused
by the incompetence of public servants—and if there is no other way to
do this, you must—during the continuance of such helpless millions of
Americans—save the honor of the country by preventing the dispensers
You
to
ihust,
above all, put
an
end to the campaign, now under full
buy the Presidency by the misuse of funds—generously
of these
public funds from coercing the voters, for whom the money
been appropriated, not as a bribe but as a
are
hard tasks
even
They would necessarily involve
putting aside of Franklin D. Roosevelt and the substitution of some
Democrat—of whom you will have so many on your
Is it too much to expect,
you,
has
national necessity.
succession to the
for men who are worthy of
leadership of the Democratic Party.
the
genuine
list of delegates.
with the many patriotic men and women among
to do these
yourselves fit to
that the convention will have the courage and character
You will have to do them if your are to show
things?
and Cleveland.
follow in the footsteps of Jefferson, Jackson
The
temptation to do otherwise may be great.
But if you
do not act
those men would have
as
which will property reflect the
acted, you should put
will have deserted, and adopt a name
principles of
a
regimented State, as advo¬
cated in the so-called New Deal legislation.
We hope for the best and
so
which
have
honest
Democratic principles
American groups,
within the framework of the
call upon you to stand for
that the coming contest may
differences
be between two great
of opinion,
Constitution.
If you do, you will deserve success
the outcome of the campaign, for
and honor—no matter what may
in either case American
be
institutions will
be safe.
what standard
of all parties will know
they must rally in order to
preserve
unhesitatingly to
the America of the
great leaders of the past.
We beg to
subscribe ourselves as men who will
cratic ideals and traditions, as well as to our
Faithfully
Group
National Convention, urging the delegates to repudiate Presi¬
dent Roosevelt and to nominate a "genuine Democrat."
of
and women, who still toil and save
You must do away with conditions
did their parents before them.
as
remain faithful to Demo¬
country.
yours,
ALFRED
Cohalan
public funds and the
creating of millions of additional taxeaters who are breaking the backs
E.
SMITH
BAINBRIDGE COLBY
F.
market in
world—the domestic market of the United States of America.
apportionment."
Five prominent Democrats, headed by Alfred E. Smith,
on June 21 made public an open telegram to the Democratic
foreign
In chasing the shadow of
the substance of the greatest
must not throw away
we
industrial
by the goods and products of nations that are our
farming rivals and competitors.
Columbia in making
Headed by Alfred E. Smith Urges Democratic
Convention to Repudiate President
Roosevelt—
Telegram Warns that Otherwise Many Democrats
Will Leave Party—Other Signers are Bainbridge
Colby, James A. Reed, Joseph B. Ely and Daniel
deficits
billions, which the present administration has given to us; you
a
them swamped
and
policies of govern¬
budget and put an end to the series of
our
the American markets for the
markets
of the
in the factories, industries and on the farms
country; you must put in power men under American
ment who will balance
measured in
anything
business, to the
unemployed may again join the ranks
twelve millions of
of workers employed
the
standard of
other land*
first be American rather than
take the heavy hand of government off of
you must
calculated
became the first nation of
of comfort and a
measure
a
of the Democratic Party—you must
else;
they would
with an eye single to the
and its citizens; act in the manner best
to our citizens
If you fail, then patriotic voters
Demo¬
would have done under
living wages incomparably higher than those enjoyed in any
will be recommended for the 1940 convention,
It is generally believed that the two-thirds
out and will
this
an
patriotism; look
to
aside the name of the party, which you
rules committee
although another Southern battle against it may materialize at that time.
In
partisanship
to preserve the institutions
supplanted by majority vote procedure.
of 36 to 13,
Southern states being joined
by the records
examples and do in the present grave crisis,
all of courage and character, that
as
welfare of the country
The rules committee had recommended abrogation by a vote
seven
to you,
suggest
These
In regard to the supplanting of the two-thirds rule with
majority rule in the naming of the Presidential and VicePresidential candidates, the New York "Herald Tribune"
contained the following Philadelphia dispatch:
Thomas Jefferson, Andrew
who meet in the name of the
we urge you,
country, what those great leaders
our
subordinate
Governor Landon and President Roosevelt.
For the first time in
Cleveland,
such conditions.
Powers.
the Hoover moratorium which
The Cleveland anti-monopoly plank is strong,
war
Convention of 1936:
principles, teachings and tradings of the
the
glorious in the minds of patriotic Americans
party made
confronting
"adequate" national defense, which the President has built up to a
As for
in
diction and not make the Congress into a
Many Republicans in Congress supported the very recovery measures
what is
believe
Jackson and Grover
for
of
the Court majority. The Tipaldo case verdict should be reversed under the
very due process clause invoked to justify it.
That is the way to cure the
bar
The
who
men
Democratic Party, as they were personified by
knows that
their personal philoso-
phies.
proposes to cure
As
of those men, to emulate their
Senator
the convention is given below:
To the Delegates to the National Democratic
Republican Party who shout
him stood the Republican Party's holding company,
Another
Senator James A. Reed; Joseph B. Ely, former Governor of
Massachusetts, and Daniel F. Cohalan, former New York
State Supreme Court Justice.
The telegram denounced the New Deal for its regimenta¬
tion, and urged the delegate to "follow in the footsteps of
Jefferson, Jackson and Cleveland."
Some Democrats later
attacked the signers for omitting the name of former President
Wilson.
the most applause at Cleveland.
with glee that they have
4275
Chronicle
JAMES A.
,
JOSEPH B. ELY
DANIEL F. COHALAN
REED
Democrats in Convention at
•
Philadelphia Unanimously
Approve Platforms Adhering to New Deal—Favors
Amendments to Constitution If Necessary
National Con¬
submitted to it
by a unanimous committee on resolutions headed by Senator
Wagner, and fully approved by President Franklin D.
Without
a
dissenting vote, the Democratic
vention, on June 25, adopted the Platform
Roosevelt.
In
addition
to
reviewing
and
extolling the legislation
enacted under the New Deal in all its phases the
Platform
pledges the Party to continue just treatment to war veterans
and their dependents "to continue to guard civil liberties
including freedom of speech and press, approves "the ob¬
jective of a permanently sound currency" and declares a
determination to reduce the expenses of government.
4276
Financial
Chronicle
The Platform declares that the Party
proposes to maintain
the letter and spirit of the Constitution by
continuing to
seek to meet the problems of drought, dust
storms,
floods,
problems through legislation within the
Constitution but failing to solve such problems
by Con¬
stitutional legislation "we shall seek such
clarifying amend¬
ment as will assure to the Legislatures of the several States
and the Congress of the United
States, each within its proper
jurisdiction, the power to enact those laws which the State
and
Federal
Legislatures, within their respective spheres,
adequately to regulate com¬
merce,
protect public health and safety and, safeguard
economic security."
In other items in this issue of the "Chronicle"
we
deal with
other
proceedings of the Convention,
Below we give the full text of the Democratic Platform:
We hold this truth to be self-evident—that the test of
spirit; and that
three
of Democratic leadership
years
have
it
put
back
on
the
Democratic leadership which has returned the
people themselves to the
places of authority, and has revived in them
new
put an end to the sweated labor of his wife and children; we have written
into the law of the land his right to collective
tion free from
faith and restored the hope
which they had almost lost.
all the basic values of life and the re-establishment
of the American way
Family, Home
a
modern civili¬
zation has certain inescapable
obligations to its citizens, among which are:
(1) Protection of the family and the home.
a democracy of
opportunity for all the people.
(3) Aid to those overtaken by disaster.
of
government.
We have taken the American
never be
and other natural
out
man
foundation;
we
Thr American business
have extended credit;
has been returned to the road to freedom
man
We will keep him
on that
road.
Youth
We have aided youth to stay in
school; given them constructive occupa¬
tion; opened the door to opportunity which twelve years of Republican
neglect had closed.
Our youth have been returned to the road to freedom and
Monopoly and Concentration of Economic Power
Monopolies and the concentration of economic power, the creation of
Republican rule and privilege, continue to be the master of the producer,
the exploiter of the consumer, and the
enemy of the independent operators.
This is a problem challenging the
officials in every branch of the
We pledge vigorously and
fearlessly to enforce the criminal and civil provisions of the existing Anti¬
trust Laws, and to the extent that their effectiveness has been weakened
government.
devices or judicial construction, we propose by law to
efficacy in stamping out monopolistic practices and the con¬
new corporate
centration of economic power.
Aid to Those Overtaken by Disaster
We have aided and will continue to aid those who have been visited
widespread drought
and floods
and
have
adopted
Unemployment
inescapable obligation of
Savings and Investments
to
citizens by restraining those
by requiring truth in the
sale of securities; by putting the brakes
upon the use of credit for specula¬
by
outlawing the manipulation of prices in stock and commodity
markets; by curbing the overweening power and unholy practices of utility
holding companies; by insuring fifty million bank accounts.
Old Age and Social Security
our
our
government to meet it in
stimulation of private
business,
more
and that it is
national way.
a
an
Due
than 5,000,000 people have
been re-employed, and we shall continue to maintain that the first
objective
of
a
program
of economic security is maximum employment in private
industry at; adequate
Where business fails to supply such employ¬
wages.
believe that work
ment, we
at prevailing
keeping with State and local governments
the end that the national wealth
may
the
(3) We have built foundations for the security of those who are faced with
unemployment and old age; for the orphaned, the crippled
by
nation-wide flood-
a
control policy.
We believe that unemployment is a national
problem,
our
prosperity.
We will keep them on that road.
great wealth who defraud
who would gamble with other
people's savings,
We
We have
of the red.
of cut-throat competition.
ravages
and exploit the people.
(2) We have safeguarded the thrift of
resource
have lowered interest rates; we have undertaken to free him from the
we
neglected.
ment to end the activities of the malefactors
of
power
business
saved his bank and given it a sounder
Under the
For the protection of the family and home.
(1) We have begun and shall continue the successful drive to rid our land
kidnappers and bandits.
We shall continue to use the powers of govern¬
tion;
we will guard his rights, both
and consumer, in the production and consumption of all
products.
restore their
These obligations, neglected
through twelve years of the old leadership,
once
more
been recognized by American
leadership they will
wage-earner
commodities, including coal and water
by
(2) Establishment of
,
bargaining and self-organiza-
employers;
unceasing effort of untrammeled public
\ We hold this truth to be self-evident—that government in
have
of
We will continue to protect the worker and
as
of
living has been brought about by humanizing the policies of the Federal
Government as they affect the personal,
financial, industrial and agricul¬
tural well-being of the American
people.
new
the intereference
we have provided Federal
machinery for the peaceful settlement of labor disputes.
g). We hold this truth to be self-evident—that this three-year recovery in
Protection of
promises; we have
increased the workers' pay and shortened his
hours; we have undertaken to
of Republican
surrender to the dictatorship of a
privileged few have been supplanted by
a
We have given the army of America's industrial workers
something more
the Republicans' dinner
pail full of
substantial than
and prosperity.
years
prosperity.
Labor
road to
prosperity.
We hold this truth to be self-evident—that twelve
and
We will keep him on that road.
The worker has been returned to the road to freedom and
prosperity.
will keep him on that road.
government is its ability to promote the safety and happiness of the
people.
We hold this truth to be self-evident—that twelve
years of Republican
leadership left our nation sorely striken in body, mind and
restored health and
27, 1936
?
The farmer has been returned to the road to freedom
representative
a
Jun
good beginning toward proper land use and rural rehabili¬
a
tation.
and various labor
shall find necessary, in order
have made
we
worker may be
should be provided in
wages
useful public projects,
on
to
be increased, the skill and energy of
utilized, his morale maintained and the unemployed
be assured the opportunity to earn the necessities of life.
the hazards of
and the blind.
On the foundation of the
termined to erect
sure
a
structure of economic
that this benefit shall keep step with the
America to provide a high standard of
The Constitution
Social Security Act we are de¬
security for all
our
The
people, making
ever-increasing capacity of
storms,
cannot be
decreased spread
secure to the consumer fair
between the price he
value, honest sales and
a
and the price the producer
pays
receives.
Rural
floods, minimum
yardsticks in the Ten¬
As
a
inevitably overflow
a
fijrst steps in
homes
each within its proper
jurisdiction, the
the
people
more
than
are
entitled to
decent,
adequate
In the last three years the Federal
2,000,000.homes from foreclosure,
State
and
Federal Legislatures,
enterprise,
and
that
government
should steadily
extend its housing program toward the goal of
adequate housing for those
Veterans
(8) We shall continue just treatment
adequately to regulate
a
to
our
war
veterans
and
We shall subject to the Civil Service Law all
continuing positions which,
their
Civil Liberties
We shall continue to guard the freedom of
speech, press, radio, religion
Democracy of Opportunity Agriculture
means
and
to raise
assembly which
and special
Constitution guarantees; with equal rights to all
our
privileges to
none.
doubled his net income.
farmers'
own
we
have reduced the farmers' indebtedness
we
checking the erosion of his soil.
are
are
bringing electricity and good roads
to his home.
a
new
problems and conditions.
gravity of the evils of farm tenancy, and
we
We recognize the
pledge the full cooperation of
the government in the refinancing of farm indebtedness at
the lowest pos¬
sible rates of interest and a long term of
raised the public credit to
rate
now
years.
a reserve
supply sufficient to insure fair prices to consumers;
favor judicious commodity loans on seasonal
surpluses;
assistance with Federal authority to enable farmers
to
we
production with demand, at
'
on
a
and we favor
adjust and balance
fair profit to the farmers.
We favor encouragement of sound, practical farm
cooperatives.
By the purchase and retirement of 10,000,000 acres of sub-marginal
land, and assistance to those attempting to eke out
shrinks,
we
a
deflation, restored values and enabled
as
an
existance upon it,
government
income is
In
We have
The interest
government bonds has been reduced to the lowest point in
twenty-
selling
The
over
same
government bonds which in 1932 sold under 83
country's
on
are
104.
a
permanently sound currency so stabilized
to prevent the former wide fluctuations in
value
and creditors
the
imperiled.
have fortified government finance.
position of unsurpassed security.
producers, debtors and property
owners on the one
which injured in turn
hand, and
wage-earners
the other, a currency which will permit full utilization of
resources.
We
assert
that
today
we
have
the
soundest
currency in the world.
We favor the production of all the market will
absorb, both at home and
abroad, plus
income
We approve the objective of
fair-minded administration of agricultural laws, quick
recognize and meet
has stopped
reviving national income,
with payments to farmers.
We will continue
to
national
eight years.
We will continue to improve the soil conservation
and domestic allotment
program
When
and
restoring the fertility of his land and
We
The administration
business to go ahead with confidence.
sugar.
In cooperation with the States and
through the
committees,
Government Finance
The farmer is no longer
3-cent hogs, 23^-cent beef at the farm, 5-cent
woo^, 30-cent wheat, 5-cent cotton and 3-cent
By Federal legislation
propose to
because of the emergency, have been exempt from its operation.
We have taken the farmers off the road to
ruin.
We have kept our pledge to agriculture to use all available
corn,
we
was first established and fostered under Democratic
auspices—to all non-policy-making positions in the Federal service.
farm income toward its pre-war
purchasing power.
suffering from 15-cent
Thus
efficiency
pledge the immediate extension of the merit system through the classi¬
w
of
protect public
commerce,
fied civil service—which
dependents.
For the Establishment
to enact those laws which
The Merit System in Government
we
the
power
For the protection of government itself and
promotion of its
given to the building of new
forced through economic necessities to live in
unhealthy and slum conditions.
.
Transac¬
boundaries call for
within their respective spheres, shall
health and safety and safeguard economic
security.
maintain the letter and spirit of the Constitution.
our history to provide decent housing for people
every encouragement should be
by private
State
Constitution, we shall seek such clarifying amendment as will assure to the
Legislatures of the several States and the Congress of the United States,
of meager incomes.
(7) We believe
national
labor and
sought and will continue to seek to meet these problems through
find necessary, in order
price which they can afford.
has taken, the
child
If these problems cannot be effectively solved
by legislation within the
Housing
Government, having saved
pressing
We know that drought,
hours,
legislation within the Constitution.
result electricity
has been made available to the people at a lower rate. * We will continue to
housing at
many
wages, maximum
adequately handled exclusively by 48 separate State Legislatures,
We have
power rate
promote plans for rural electrification and for cheap power by means of the
yardstick method.
our
_
meet
48 separate State administrations and 48 separate State courts.
tions and activities which
Electrification
Valley and in several other parts of the nation.
(6) We maintained that
to
both State and Federal treatment.
(5) This administration has fostered
nessee
proposes
working conditions in industry, monopolistic and unfair business practices
Consumer
(4) We will act to
platform
problems solely by action of the separate States.
dust
living for all its citizens.
Republican
We
are
determined to reduce the expenses of government.
aided therein by the recession in
unemployment.
relief decline
Federal
and
We
are
being
As the requirements of
national income
expenditures
can
advances, an increasing percentage of
and will be met from current revenues, secured
from taxes levied in accordance with
ability to pay.
Our retrenchment,
tax and recovery programs thus reflect our firm determination to
achieve
a
balanced budget and the reduction of the national debt at the earliest
possible moment.
Volume
142
Foreign Policy
government will continue to.,
extend the policy of the good neighbor.
We reaffirm our opposition to war
as an instrument
of national policy, and declare that disputes between
nations should be settled by peaceful means.
We shall continue tb observe
In
relationship with other nations, this
our
prepared resolutely to resist
aggression against ourselves; to work for peace and to take the profits our of
war; to guard against being drawn, by political commitments, international
banking or private trading, into any war which may develop anywhere.
We shall continue to foster the increase in our foreign trade which has
been achieved by this administration; to seek by mutual agreement the
lowering of those tariff barriers, quotas and embargoes which have been
raised against our exports of agricultural and industrial products; but con¬
tinue as in the past to give adequate protection to our farmers and manu¬
facturers against unfair competition or the dumping on our shores of com¬
a
neutrality in the disputes of others; to be
true
modities and
subsidized by foreign
goods produced abroad by cheap labor or
governments.
•
The Issue
The American people are
The issue In this election is plain.
to choose between
Republican administration that has
a
regiment them in the service of privileged groups and a
tration dedicated to the establishment of equal
all
called upon
and would again
Democratic adminis¬
economic opportunity for
operative movement in Sweden and other countries induced
the President to study plans for official encouragement of a
of obtaining a
produced wealth and as a factor in
stabilization.
A Washington dispatch of June 23
similar movement in this country as a means
distribution of
wider
economic
to the New York "Times"
His program is considered
added:
in official circles here as the
with natural resources and with
We are sufficiently
endowed
productive capacity to provide for
all a
Americanism.
principles, we are deter¬
despotism of communism and the menace of
quality of life that meets the standards of real
Dedicated to
a
government of liberal American
mined to oppose equally the
,
third-party movement, since the
included in the official draft of the
Named
Democratic platform.*
members of the commission,
as
which will sail about July 1
for
Assistant Works Progress
Administration Administrator to do this job on a per diem basis; Leland
Olds, Secretary of the New York State Power Authority, and Charles E.
Stuart of the New York engineering firm of Stuart, James & Cook.
The President said that this group would visit Great Britain, Sweden,
Europe,
are
Denmark,
Jacob Baker, who has resigned as
Switzerland, France and
Czechoslovakia,
Norway,
Finland,
possibly Hungary.
general objective of the investigation,
The
months, the President explained, is to study
and the relations of the different
which will take about two
the cooperative movements
governments to cooperative
agencies.
of cooperatives would be
The President said that the development
We have faith in the destiny of our nation.
President's answer
Lemke group has advocated
such a step.
It was reported, without confirmation, that a declaration in
favor of further development of the cooperative movement might be
to the Lemke
people.
our
4277
Financial Chronicle
>
in¬
housing, credit operations,
insurance, banking, electridal distribution, and the various phases of pro¬
duction and marketing. The relation of the cooperative movement to present
social systems also would be studied, he added.
particular in their relation to
vestigated in
concealed fascism.
We hold this final truth to be self-evident—that the
and the
happiness of the people of the
perpetuated
founders of
New
under
only
Democratic
interests, the security
United States of America can be
government
conceived by the
as
nation.
our
Edition
to
of "New
York Laws Affecting Business
Revised
June 13
"New York
has just been issued
by the United States Distribution Co. The new volume, of
533 pages, has been revised to June 13, 1936, and contains
the complete text of the State's General Corporation Law,
Stock Corporation Law, Business Corporations Law, Blue
Sky Laws, Anti-Trust Laws, General Associations Law and
The 17th edition of the annual publication
Laws Affecting Business Corporations"
the Uniform Stock Transfer Act.
It includes
a
comprehensive
of legislation enacted at the last session of the
Legislature, and also gives notes on latest decisions of the
State Court of Appeals, in which the exact language of
the Court is quoted.
The book is known as a valuable re¬
summary
ference work in the field of
Death of
Arthur
W.
Cutten,
Grain Market Operator
brief
biography of Mr. Cutten follows, as given in
United Press Chicago advices of June 24:
Mr. Cutten
a
$7
on
was
born in Guelph, Ont., and came to
week job.
a
Chicago in 1890 to
Seven years later he invested his savings, $600 in a
the Board of Trade.
operations secret, but In 1931, it was said, he owned more
He kept his
wheat than any man in the
in July, 1924.
price
and Mr.
rose
a
would drop.
Cutten made a profit estimated at more than
In 1925, Mr. Cutten paid an
following
year
he and a
"big ten" invaded Wall
profits totaled
more
Cutten lost
new
group
Street
individual income tax of $540,000.
The
of associates who became known as the
to trade
in
a
variety of issues.
Their
than $18,000,000, it was reported.
heavily in the 1929 crash, but continued his trading
lines.
►r The Grain Futures Commission in 1935 charged him with failure to
make proper daily reports,
for two years.
A Federal
and barred him from the nation's grain exchanges
Mr. Cutten appealed and won a reversal from the United
States Circuit Court.
The reversal was upheld later by the Supreme Court.
Grand Jury this year
indicted Mr. Cutton on charges of at¬
tempting to evade payment of $414,525 income taxes for 1929 and payments
totaling $229,944 for 1930 to 1933.
The case was not completed.
«,
Departure
of James Speyer for
TRUST
BANKS,
COMPANIES,
Arrangements were made June 25 for the transfer
York Stock Exchange membership at $115,000.
vious transaction was at $110,000, on May 14th.
Exchange membership of
of George De Gumoens sold June 22 to
for $11,750, up $250 from the previous
and 25 two more seats
A
&c.
of a New
The pre¬
the estate
S. T. Hubbard, Jr.,
sale and on June 23
sold, both at $12,000.
membership sold June 25 for
previous sale.
Chicago Board of Trade
$4,500, $200 over the last
Sale of
1
♦
1
membership was
$25 froin the previous
Chicago Mercantile Exchange
a
at $1,000,
arranged June 20
transaction.
•
up
^
.
♦
Bank
The
of
(general office Toronto,
following appointments at the
F. W. Murray to he First Agent, and
Nova
Scotia
Canada) has announced the
agency:
B. R. Calder to
:'
■
be Second Agent
•
-
and Henry S. Saunders, hereto¬
fore Assistant Cashiers of The Public National Bank & Trust
Co., of New York City, have been appointed Assistant ViceCharles Kenneth Hobson
Presidents of the institution.
Clifford W. Higley Jr. was
Hill National
late
$1,600,000.
along
ABOUT
_
♦
Mr. Cutten pursued
policy of bull buying, despite a general belief that the price
Mr.
ITEMS
world ever had owned.
One of his first coups was in corn,
The
F. Bates.
to succeed George
urer,
New York
prices.
take
City, was elected Vice-President of the Association, suc¬
ceeding Mr. Ball, and Otis A. Thompson, cashier of the
National Bank & Trust Co., of Norwich, was chosen Treas¬
A New York Cotton
trader, died at his home in Chi¬
cago of a heart attack on June 24.
He was 66 years old and
had been in poor health since last November, since he was
stricken with pneumonia.
The United States Supreme Court in May granted Mr.
Cutten permission to continue trading on grain exchanges,
after the Grain Futures Administration had sought to bar
him from commodity exchanges for two years.
The Ad¬
ministration charged him with failure to report holdings of
116,000,000 bushels of wheat futures, worth about $50,000,000, in 1930 and 1931 for the purpose of manipulating
seat
New York State Bankers
legal literature.
Arthur W. Cutten, grain
A
Raymond N. Ball, President of the Lincoln-Alliance Bank
Co., Rochester, N. Y., was elected President of the
Association at the closing session
of the Association's convention at Lake George, N. Y.,
June 22.
Mr. Ball succeeds S. Sloan Colt, President of the
Bankers Trust Co., New York City.
Frank K. Houston,
President of the Chemical Bank & Trust Co., New York
Trust
Corporations" Issued—Reference Work is
\
OfficersElected by New York State Bankers Association
—R. N. Bali Succeeds S. Sloan Colt as President
Two-Month Stay in
Europe
elected President of the Sandy
N. Y., to succeed the
Bank of Hudson Falls,
Harry L. Broughton, at a
meeting of the directors on
23, according to a dispatch from Hudson Falls on
date to the New York "Herald Tribune."
From 1924 to
June
Mr. Higley was
associated with the Irving Trust
that
1926
Co., New
York.
♦—
Stockholders of the State Street
Trust Co. of Boston,
of the institution
according to the
"Herald" of June 25 from which we also quote the
Mass., have ratified the proposed merger
with the Union Trust Co. of that city,
Boston
following:
,
additional 5900 shares of State Street Trust
Co. stock has been authorized for distribution to stockholders of the Union
Trust Co.
At the same time a further increase of 3000 shares of State
| Street Co. stock was authorized to be offered for subscription at $200 share
to their present stockholders in the ratio of one new share for every 10 now
In effecting
the merger an
held.
James
Speyer of Speyer & Co., New York, sailed on June 24
omjhe Queen Mary for bis usual two-months' trip to Europe.
Mr. Speyer expects to return early in September.
The Union
of the State
Trust office at 24
Federal Street will be continued as a branch
Street Trust Co.
made to the porposed consolidation of the
Co. and the Union Trust Co. in our issue
week, page 4117.
•
Reference was
State Street Trust
President
to
Roosevelt Appoints
Three-Man Commission
of last
♦
Study Cooperatives in Europe—Group will Visit
Nine European Countries this Summer
President Roosevelt announced on June 23 that he had
Eight
or
appointed a commission of three to make a two months'
study of cooperatives in eight or nine European countries'
this summer. The commission will then formulate plans for
developing cooperatives in the United States in the fields of
marketing, housing, credit, electrical distribution, insurance
and banking.
It was reported that the success of the co-
Trust Co., Hackensack, N. J., was
admitted to memberhsip in the Federal Reserve System on
June 25.
The institution is capitalized at $750,000 with
The
Hackensack
and has deposits of $10,382,000. The
B. Plympton, President; Charles H.
Vice-President and Secretary and Alexander Jones,
surplus of $150,000
officers are: Frank
Plenty,
Vice-President and Treasurer.
•
4278
Financial
Chronicle
June 27, 1936
According to "Money and Commerce" of June 20, W.
Warren Edwards, heretofore an Assistant Trust Officer of
amounting to $27,498, making
the
closed.
Fidelity
moted
to
a
Trust
Co.
Trust
of
The 3,900
Pittsburgh, Pa., has been pro¬
Mr. Edwards, who joined the
Officer.
institution in 1904, was made an Assistant Auditor in 1923
and an Assistant Trust Officer in 1929.
paid.
The
E.
Bennett
has
been
elected
Vice-President of the
a
First National Bank of Susquehanna, Pa., to succeed the
late Joseph F. Lannon, it is learned from
Susquehanna ad¬
vices appearing in "Money and Commerce" of June 20.
Mr.
Bennett has long been a director of the institution.
Concerning
the
affairs
of
defunct
the
following:
J.
"Depositors of the closed McKean County Trust Co. will receive the
remaining
26% due them on their accounts, as a result of the approval by the McKean
County
Common Pleas Court of the petitions filed witn it
on
Harr, State Secretary of Banking, announced.
deputy receiver, through his counsel, asked Court approval for two actions
proposed
by the Secretary:
The sale of certain assets, including the bank
building, for
$167,896.77 to the newly organized Citizens' National Bank of
Bradford, and the
pledging of certain other assets with the Reconstruction Finance
Corporation to
obtain a loan of $116,000 from that
agency.
The $272,895.77 obtained through
these two actions added to
$330,742.72 of the cash now in possession of the deputy
receiver, will provide $603,638.49, the amount required to pay the deposit
liability
in full.
Cash to meet the
remaining deposit liability will be deposited and can
be obtained from Mr. Hill at the
It is
new
bank
on
the day it opens.
learned from the
Philadelphia "Record" of June 21
remaining 26% dividend were to be
available to the 8,100 depositors of the defunct
McKean
Gounty Trust Co. on June 22, according to an announce¬
checks
ment
At
for
the
Harr, State Secretary of Banking, on
were to be distributed
by J. E. Hill,
deppty receiver of the closed bank, at the new Citizens'
National Bank of Bradford, which was to
open for business
on
The checks
J June
The
the
State
22 in the
dividend, the
former offices of
the
closed
institution.
added, would amount to $603,638,
liability when the bank closed having
paper
total
deposit
been $2,337,223. '
First
the
3,900
depositors.
of
This
$12,790
will
A special cash dividend of
100% on $50 par value of capital
stock of the West Side
Savings Bank of Newport, Ohio, was
to be distributed on June25 to stockholders of
record June 20,
it is learned from the Cincinnati
"Enquirer" of June 19,
which furthermore said in part:
On April 1 the bank paid the
regular semi-annual dividend of $3 and an
extra dividend of $2, Edward H.
Gosney, Cashier, announced.
After pay¬
ment of the special dividend the bank's
statement will show capital of
$25,000 and surplus and undivided profits of $62,000,
Gosney said.
The Reliance Bank &
291
to
ferred
The
8,000 depositors
claims
of
.
.
.
payment
stockholders'
on
payment,
The payment will amount to
to
depositors
1234% and will bring to 87}$%, the total
liability
of
$154,000.
total
onAa
Trust
Chicago, Chicago, 111.,
representing a conversion of the Howard Avenue Trust &
Savings Bank of that city, was chartered by the Comptroller
Currency
talized at
Hall
and
total
Co.
payments
$131,462
of
to
is
of
to
Preferred
32%%.
have been paid.
Funds
liquidation of assets.
is
disbursing 5%, amounting to $116,-
which
will bring the total repaid to 15%.
Pre¬
and bill6 payable of $1,355,505 have been paid.
paid from funds derived from the receiver of the
is
being
liability suit.
Preferred claims of $45,032
paid.
Funds for
the
repayment
and bils payable of
acquired in
were
$198,385 have been
the ordinary
course
of
liquidation.
Morgan Park Trust & Savings Bank is paying 20%, amounting to
$115,996 to 4,000 depoeitors, carrying the total restored to 52%%.
The
funds were acquired
through a loan from the Reconstruction Finance Cor¬
poration.
Preferred
claims
amounting
June 13.
on
The
new
organization is capi¬
$200,000, all of which is common stock.
G.
V. W. Becking are President and
Cashier,
K.
re¬
spectively.
to
$7,265
and
bills
payable
of
$99,275 have been paid.
A
It
payment of 5%
will
bring
amount
the
be disbursed
$16,581,
by the Papanek-Kovac State Bank.
distributed
1,000
among
depositors,
will
and
total
restitution to 57%.
Funds were acquired in ordinary
Preferred claims of $3,568 and bills payable of $95,000 have
liquidation.
been
to
will
paid.
o
Announcement was made on June 21 by the National
Builders Bank of Chicago, 111., that it will retire
shortly the
50%
$125,000, of its preferred stock
or
struction
Finance
owned by the Recon¬
Corporation, it is learned from
the Chi¬
"Journal of Commerce" of June 22, which went
say in part:
cago
In
connection
ferred
issue,
with
the
the
step,
National
involving retirement
Builders
Bank
will
of
50%
distribute
of
on
the
to
pre¬
50%
stock
Through these
meas¬
a
dividend
on
ures, the
bank will reduce to $125,000 the amount of its preferred and in¬
crease
of
present.
No
shares,
common
stock
common
$125,000
and
the
similar
a
preferred;
and
it
specific
announced.
was
amount.
$375,000
...
Capitalization then will
common,
$500,000
or
consist of
total,
as
at
„
date
for
consummation
payment of the stock dividend
on
of
the
preferred
shares
common
stock
was
retirement
given, the bank
done "shortly."
Reorganization of the Michigan Industrial Bank of Detroit,
Mich., closed since February 1933, was approved on June 23
by Circuit Judge Adolph F. Marschner. The closed institu¬
tion
was a unit of the former
Guardian-Detroit Group, Inc.
The Detroit "Free Press" of June
24,
authotity for the fore¬
going, supplied further details
as
follows:
Under the plan, filed by Alex J.
Groesbeck, receiver for the GuardianDetroit Group, cash payments will be made in full to
depositors who had
less, while the 51 depositors who had
or
the balance.
more
All depositors
will receive interest-
already have received
80% in cash.
The plan
with
the
worked out by Groesbeck and A. W.
was
cooperation
closed its
capital
The 20%
was
of
stockholders
and
Sempliner, attorney,
despoitors.
When
$350,000 and its total deposit liabilitiy
unpaid balance totals approximately $180,000.
was
the
bank
$939,451.
The bank has
been under the receivership of
George Paul.
Directors of the American State Bank of
Milwaukee, Wis.,
June 10 voted a semi-annual dividend of $2 a
on
share,'
payable June 30 to stockholders of record June 24.
dend of similar amount
The North Shore National Bank of
of the
course
being paid
ordinary
$64,207,
or
Approximately 2,400 depositors of the Bank of Harvey will receive $63,representing a refund of 10% and bringing the total restitution to
June 20 to
Trust
paid
7%%,
payable
70%.
$2,000
aggregating $19,400,, was to be
depositors of the defunct Shelbyville
Co., Shelbyville, Ind.> it was announced by J. H.
Haseman, special representative of the Indiana Department
of Financial Institutions, in
charge of the liquidation of the
company.
In noting this, advices from Shelbyville to the
Indianapolis "NewJ', on June 19, added:
made
the
in
$278,435
bearing debentures for
dividend
Jank
bring
bills
and!
stating these would be
A
acquired
for the repayment were acquired from
by Luther A.
June 20.
Italian
funds
liquidation.
behalf of the
bank, Luther A.
The petitions, filed by J. E.
Hill,
that
from
The
E. Hill, deputy receiver of the McKean
County Trust Co., has released
following statement:
the
$12,789 and bills payable of $131,462 have been
is
587,
McKean
County
Trust Co. of Bradford, Pa., advices from that
place, ap¬
pearing in "Money and Commerce" of June 20, contained
the
payment
"
claims
W.
depositors of the Berwyn State Bank will get a 5% dividend,
a total of 15% paid to them since the bank
Preferred claims of
A divi¬
declared last December.
was
The
Milwaukee "Sentinel" of June 11, from which the
foregoing
is learned,
continuing said:
Earnings of the bank
of the year.
its capital
on
have shown
a
steady increase during the first half
A. W. Bickler, Cashier, said.
The bank earned about 20%
during the period, he said.
The
directors also ordered $5,000 transferred to surplus and released
stockholders of double liability on their stock in accordance with federal
regulations.
—
«
The American National Bank & Trust Co. of
Chicago,
$37,500 of
111., will be required on Aug. 1 to retire 5%, or
$750,000 principal amount of preferred stock held by the
Reconstruction Finance Corp.
Laurance Armour, President
of the institution, was
quoted in the Chicago "Tribune" of
June 23 as saying that the retirement would be made from
earnings, but indicated that no definite decision has been
made yet about retiring more than the minimum. The
paper
the
mentioned continued:
While the retirement
said that the bank has
holdings.
no
Inasmuch
as
plan is spread
no
over
a
More
than
on
Aug. 1 retirement will be made out of earrnings
million
a
dollars
($534,743)
was
dis¬
seven
State
Bank, Chicago; Berwyn State Bank, Berwyn; First Italian
State Bank, Chicago; Reliance Bank & Trust
Co., Chicago;
Bank of Harvey, Morgan Park Trust &
Savings Bank, Chi¬
cago; and the
Papanek-Kovac State Bank Chicago.
Details
of the different payments made
by the institutions, as sup¬
plied by the Chicago "Tribune" of June, follow:
State
Bank,
47th
$130,582 is being
of
and
goes
Ashland
made.
the receiver
to the 11,000
Sts.,
Preferred
$649,203 have been paid.
from
on
the
tution
a
of
depositors
6%
of
liability suit.
the Depositors
payment amounting
$234,642
and
The payment is derived from
of the stockholders'
where
claims
previous day by W. W. Cottle, Cashier of the insti¬
Robert
B. Knox, safe deposit supervisor, named
Cashier; C. Roy Foucht, an Assistant Manager
of the Exeter branch, made branch
Manager, and E. J.
Mahoney, teller of the Tulare branch, advanced to Assistant
Manager.
:
Assistant
«
The Bank of America National Trust &
Savings Associa¬
(head office San Francisco) has opened a new bank in
Westwood Village (Los Angeles County) near the
campus
tion
33,400 individual depositors in
largest distribution
the Los
Angeles "Times" of June 17,
following changes in the personnel of the SecurityFirst National Bank of Los Angeles, Calif., were announced
of
half
June 19 to
learned from
period of 20 years, Armour
closed Cook County, 111. banks,
namely the Depositors'
The
is
that the
intention of waiting that long to retire the RFC
the
action by stockholders will be
required.
tributed
It
to
bills
received
the
University of California. C. N. Willits is Manager
branch and Henry Stonebraker Assistant Man¬
new
This
ager.
is
system serving
the
442d
branch
in
the
bank's
Statewide
272 California communities.
Concerning the affairs of the defunct Exchange National
Spokane, Wash., Associated Press advices from
Bank^ of
that
city
on
June 18
Bringing liquidation to
ment will
of the
the
contained
100%,
seven
A.
E.
Lally announced
pay¬
of the final 1% dividend to depositors
Six per cent interest also will be paid few
Exchange National Bank.
The
the following:
Receiver T.
begin Monday (June 22)
years
payable
funds
the
of
the bank
exchange
$8,000,000
was
was
closed.
National
closed
on
The total will approximate $400,000.
Bank with
Jan. 18, 1929.
deposits
of
about
Financial
Volume 142
Chronicle
4279
dipped to 77.
Substantial gains were recorded by Gulf Oil
Pennsylvania, 2 points to 84%; Penn Power & Light pref.,
2 points to 107; Cities Service pref. BB, 2 points to 61;
McWilliams Dredging, 1% points to 80; Pittsburgh & Lake
Erie, 1% points to 82%, and Fisk Rubber pref., 1% points
of
With
wide
in practically'
correspondents
countries,
we
all foreign
world¬
in j position to extend
are
banking facilities to exporters and importers.
to 52.
Price movements were generally toward higher levels on
Wednesday, and while the volume of business was somewhat
smaller than during the preceding session, advances were
apparent throughout the list.
Specialties continued to
dominate the trading and some sharp gains were recorded in
this group.
Outstanding among the day's advances were
Mc Williams Dredging, which moved up 6% points to 86%
due to better outlook and improved earnings, Fisk Rubber
MANUFACTURERS TRUST COMPANY
HEAD OFFICE AND FOREIGN
55
BROAD STREET,
DEPARTMENT:
NEW YORK
Member Federal Reserve System
Member New York Clearing Howe Association
Member Federal Deposit Insurance
Corporation
FOREIGN EXCHANGE
RATES
advanced to 55.
The outstanding feature of the
Pursuant to the
requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
a
We
record for the week just passed:
EXCHANGE
CERTIFIED
RATES
BY
FEDERAL
RESERVE
BANKS TO TREA8TJRY UNDER TARIFF ACT OF 1922
JUNE 20,
1936, TO JUNE 20, 1930, INCLUSIVE
Noon Buying Rate for Cable
Transfers in New York
Value in United States Money
Country and Monetary
Unit
June 20
June 22
June 23
June 24
June 25
$
5
$
J
$
June 26
trading on Thursday was
aggressive bidding for specialty stocks which carried
several of the popular shares into new high ground for 1936.
Aluminum Co. of America was conspicuous in the runup by
its sharp advance of 9% points to 129%, though it dropped
back to 126% at the close.
Public utilities were also in
demand as Cities Service pref.
BB continued to add to its
early gains and established a new high mark for the year at
66.
United Gas pref. climbed upward 3% p6ints to 112%
at its top for the day.
Oil shares attracted some buying
and several of the trading favorites gained a point or more.
Renewed selling was apparent in Sunshine Mining and the
the
stock tumbled down within
Europe—
Austria, schilling. ....
.187733*
.187900*
.187933*
Belgium, belga
Bulgaria, lev..
Cseojoslo'kia, koruna
.169165
.012950*
.169173
.169134
.012825*
.012825*
.041382
.041428
.041417
Denmark, krone
.187833*
.187866*
a fraction of its low for the year.
Considerable profit taking was in evidence as the market
.169021
.169003
.108770
closed.
.012825*
.012825*
.012825*
.041423
.041394
.041439
.187860*
S
Irregular price movements
were in evidence during most
Prices moved up and down within
a
comparatively narrow channel, and as the session closed,
the advances and declines were about evenly divided.
Specialties held the interest on the buying side and a number.
or the more active stocks in this
group registered substantial
gains.
of the session
.223875
.223722
.223883
.224216
.224123
.223954
England, pound sterl'g 5.014916
Finland, markka
.022093
.012750
5.015583
.022500
.019541
.017500
.022075
.022081
.022087
.022131
.022081
France, frano
.065947
.065990
.065981
.065994
.065997
.066110
.402900
.009318
.403015
.402707
.402530
.402364
.009312
.009325
.009331
.009321
.009328
677507
.678050
.677504
.676675
.677188
.678900
.294650*
.294900*
.294550*
.294550*
.294550*
.294750*
.078616
.078010
.078616
.078610
.078650
.078650
251983
.188100*
045440
.251820
.251975
.252366
.252308
.252076
.188125*
.188075*
.188200*
.188275*
.188375*
.045325
.045357
.045410
.045515
.045392
.007266
.007266
.007300
.007300
.136675
.007266
.136664
.007206
.136628
.136700
.136928
Sweden, krona
.258558
.258425
.258583
.258981
.136723
.258873
Switzerland, franc
Yugoslavia, dinar....
.325389
.325308
.325407
.325617
.325692
.326089
.022883
.022850
.022866
.022866
.022866
.022933
.299333
.299000
.299208
.299416
.299208
Tuesday
.299500
.299166
.299375
.299583
.299375
Wednesday
Thursday
Germany, reichamarkGreece, drachma
Holland, guilder
Hungary, pengo
Italy, lira
Norway, krone..
Poland, sloty
Portugal, escudo
Rumania, leu
Spain, peseta
..
.403092
.258666
Asia-
Hankowfruan)
dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
India, rupee...
Japan, yen
Singapore (S. S.) dol'r
.299000
.299166
.299166
.299166
.299375
.299166
.299375
.299583
.299375
.299500
.299166
.299375
.299583
.299375
.323208
.322458
.320937
.323416
.323416
.378365
.378375
.378880
.378675
.378015
.293700
.322875
.378700
,293700
.293780
.293900
.293960
DAILY TRANSACTIONS AT THE NEW YORK
Bonds (Par Value)
Stocks
iNumber
of
Shares)
Week Ended
June 26 1936
CURB EXCHANGE
Foreign
Foreign
Government
Domestic
108,005
255,720
243,700
207,620
274,360
201,495
$1,022,000
1,969,000
2,030,000
2,014,000
2,498,000
1,811,000
$40,000
89,00
106,000
97,000
67,000
76,000
$28,000
98,000
59,000
36,000
151,000
54,000
1,290,900 $11,350,000
Total
Corporate
$426,000
$1,090,000
2,156,000
2,201,000
2,147,000
2,716,000
1,941,000
.293655
.587250
.588375
Friday.
Saturday
Monday
China—
Chefoo (yuan) dol'r
on
.587812
.588375
.588687
__
Friday
Total
Sales at \
.588062
$475,000 $12,251,000
Jan. 1 to June 26
Week Ended June 26
New York Curb
Australasia—
Australia, pound.
3 998687* 3.994375* 3.995390* 4.001093* 4 .001500*4.000375*
New Zealand, pound. 4 025000*
4.021250*,4.025875* 4.031812* 4 .029062*4.027250*
Africa—
J
South Africa, pound
4.960625* 4.957708* 4.961666* 4.968333* 4.965208* 4.964791*
Exchange
1,059,680
74,374,509
24,912,895
$11,350,000
426,000
475,000
$25,683,000
285,000
$457,491,000
10,134,000
6,824,000
$605,657,000
8,811,000
6,162,000
$12,251,000
...
996718
.999000
.277250
.994187
.996796
.997291
.997330
.997500
.997304
Foreign government
.999000
.999000
.999000
.999000
.999000
Foreign corporate
.277625
.277625
.277625
.277625
.994687
.994687
.995000
.994812
.334040*
.334060*
.334400*
.334300*
$26,183,000
$474,449,000
$620,630,000
215,000
.277625
.994312*
.334000*
086300*
Newfoundland, dollar
1*290,900
Bonds
Domestic
North America-
Canada, dollar
Cuba, peso
Mexico, peso...
1935
1936
X935
1£36
Stocks—No. ol shares.
.334120*
__
Total
South America—
Argehtina,
peso
Bra* 11, mllrels
Chile, peso
.050625*
.569000*
.796250*
...
Colombia, peso
Uruguay, peso
*
.086275*
.086300*
.086387*
.086350*
.086300*
.050625*
.050625*
.050625*
.050625*
.050625*
.569000*
.669000*
.569000*
.569000*
.569000*
.796875*
.796875*
.796875*
.796875*
.796875*
Nominal rates; firm rates not available.
Correction—Due to
typographical error in this list- in last week's (June 20)
issue, the quotations for the pound sterling of June 15 and 16 appeared Incorrectly;
the correot quotations on those dates are:
June 15, 5.027932; June 16, 5.037666.
a
THE
CURB
EXCHANGE
Trading on the New York Curb Exchange has been domi¬
nated during most of the week by the activity
among the
miscellaneous specialties.
Scattered profit taking has been
in evidence from time to time but it was
generally absorbed
and made little impression on the movements of the list.
Public utilities attracted some buying, particularly- the Cities
Service group where a number of important gains were
registered.
The volume of business gradually simmered
down as the week progressed.
Curb stocks were quiet but firm during the early part of
the short session on Saturday.
As the day advanced trading
became more active, and while the majority of the gains
were small, there were a number of stocks that showed
fairly
sharp price advances as the market closed.
Considerable
COURSE
OF BANK CLEARINGS
Bank clearings this week will again show an increase com¬
pared with
a year ago.
Preliminary figures compiled by
us,
based upon telegraphic advices from the chief cities of the
country indicate that for the week ended today (Saturday,
June 27), bank exchanges for all cities of the united States
from which it is possible to obtain weekly returns will be
1.3 % above those for the corresponding week last year.
Our
preliminary total stands at $5,554,911,436, against $5,486^130,573 for the same week in 1935.
At this center there is
a gain for the week ended Friday of 3.3%.
Our compara¬
tive summary for the week follows:
Per
Clearings—Returns by Telegraph
A
1936
New York...........
Chicago,.
Philadelphia.
- -
....
Boston
....
Kansas City.—.
St. T-ouia..
-
San Francisco. .......
Pittsburgh.
Detroit-
_
....
-
Cleveland....
Baltimore..
...
....
buying was apparent in Wayne Pump, which climbed into
new high ground for the year at
35% due to the improved
earnings report.
Following its advance of % points on
Friday, General Tire added 4% points to its gain and closed
at 79%.
Industrial specialties were particularly active as the
market moved briskly upward on Monday.
Wayne Pump
which reached a new top at 35% on Saturday extended its
gain by nearly a point and closed at 36%.
Babcock &
Wilcox was also a feature as it soared 3% points to 85 and
General Tire added 2% points to its previous gain and closed
at 81 %.•
Public utilities also attracted considerable specula¬
New Orleans
tive
1935
$2,629,480,732
238,551,340
Week Ending June 27
$2,546,618,948
192,942,158
282,000,000
162,000,000
69,738,617
61,600,000
94,213,000
84,051,677
80,749,972
273,000,000
190,007,000
73,849,664
09,990,000
104,886,000
102,796,366
91,348,315
64,227,257 1
55,848.556
31,240,000
52,056,549
43,417,788
22,498,000
Cent
+ 3.3
+23.6
—3.2
+ 17.3
+ 5.9
+ 13.5
+ 11.3
+22.3
+ 13.1
+23.4
+28.6
+38.9
of the week in all cases
attention.
a
Wide gains were established by a number of the specialties
Tuesday and while there was some good buying among
the public Utilities, the gains in this group were somewhat
restricted by scattered profit taking.
Wayne Pump, which
broke into new high ground on Monday, reacted a point
and closed at 34%.
General Tire was also less active and
on
$3,925,141,230
720,618,300
Total all cities, live days—
All cities, one day
Total all cities for week
—
$3,691,886,709
$4,045,759,530
909,151,906
$4,257,458,204
1,228,672,369
—26.0
$5,554,911,436
Twelve cities, live days
Other cities, five days
$5,486,130,573
+ 1.3
565,571,495
+ 6.3®
+27.4
+ 9.1
Complete and exact details for the we^k covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
until
In the elaborate
has to be estimated.
detailed statement, however, which
we
present further below, we are able to give final and complete
results for the week previous—the week ended June 13.
For that week there was an increase of 20.7 %, the aggregate
of clearings for the whole country having amounted to
$7,200,642,184, against $5,965,1267,493 in the
same
week
Financial Chronicle
4280
Outside.of this city there was
1935.
in
an
increase of
Week Ended June 20
18.9%, the bank clearings at this center having recorded
of 21.8%.
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 show an improvement of
21.3%, in the Boston Reserve District of 21.2%, and in
a
Clearings at—
Inc.
gam
Philadelphia Reserve District of 3.6%.
the
Seyenth Feder
Mich.—AnnArbor
Inc.or
Federal Reserve Diets,
$
Dec.
1935
S
Wayne
Indianapolis..
2nd New York—12
"
1934
1933
S
"
391,136,435
4th
Cleveland— 6
"
226,329,414 +21.2
3,889,003,051 +21.3
+3.6
377,594,344
230,148,287 +35.9
114,984,190 +21.0
274,245,489
4,719,037,987
Philadelphia 9
312,669,965
1st
12 cities
Boston
139,100,946
Richmond >6
10
"
6th
Atlanta
"
142,115,689
7th
Chicago —.18
"
8th
St. Louis— 4
"
495,975,182
149,539,191
Minneapolis 7
10th KansasClty 10
"
"
6th
S
9th
)M:' 430,496
252,321,888
550,823
2,487,278
1,504,965
932,107
495,975,182
393,282,372
South
Bend..
Terre Haute.
_
Wis.—Milwaukee
Iowa—Ced. Raps
Des Moines-
.
Sioux City
HI.—Bloomington
Chicago
DecaturPeoria
Rockford
12th San
+24.1
93,208,587 +20.5
"
+9.1
50,331,431 +27.9
225,189,259 +13.8
109,604,048
45,676,767
188,060,643
120,547,651
131,903,918
64,368,216
"
101,408,308
344,923,086
101,547,296
82,769,960
393,282,372 +26.1
143,881,023
5
228,692,127
256,212,717
259,764,385
174,151,701
76,604,433
75,192,644
279,046,417
89,958,779
79,027,125
95,216,742
32,863,446
153,339,679
5,965,267,493 +20.7
2,182,836,013 +18.9
4,957,838,282
1,827,021,791
Quincy
Total (4
cities).
Ninth Federal
Minn.—Duluth—
Minneapolis..
St. Paul
N. D.—Fargo.
S.
_
D.—Aberdeen.
408,692,482
350,781,060 +16.5
300,910,804
_
Helena
Tenth Federal
Neb.—FremontHastings—.
Omaha
Week Ended June 20
Kan.—Topeka...
at-
Wichita.
Inc. or
1935
1936
1934
Dec.
1933
—t
Mo.—Kan. City.
St. Joseph
Colo.—Colo.Spgs.
Reserve Dist rict-
Boston
N. H.—Manch'er
2,185,517
239,764,968
648,903
413,606
717,303
3,237,055
1,700,886
10,944,955
3,598,648
9,904,400
582,482
563,532
1,752,332
195,095,159
659,123
387,751
681,039
2,559,771
1,266,481
10,870,111
2,894,631
9,008,500
590,984
Total (12 cities)
274,245,489
Pueblo
_%
—3.0
333,454
943,235
200,000,000
—1.4
413,677
1,491,032
181,310,759
531,370
332,953
529,615
2,715,133
1,377,260
8,972,499
3,455,379
7,736,200
505,718
226,329,414
+21.2
209,371,595
Feder al Reserve D istrict—New
—46.4
+27.9
5,059,740
922,838
28,566,824
486,174
+24.2
543,319
10,798,957
710,156
27,681,561
478,030
305,196
,471,412,678
5,541,694
4,384,124
2,646,507
426,491
15,519,290
24,949,376
_
_
River-
Lowell.
New Bedford—
Springfield
Worcester
Conn—Hartford.
New Haven
R.I.—Providence
...
+24.7
+22.9
—1.6
+6.7
+5.3
+26.5
+34.3
+0.7
+ 24.3
+9.9
"
650,541
295,967
495,666
2,829,448
1,407,532
10,334,121
3,684,802
7,358,300
359,061
Total (10 cities)
N. Y.—Albany—
Binghamton—
Buffalo
Elmlra
—-
...
Jamestown.—.
New
York.—
Rochester
Syracuse
Conn.—Stamford
N.
J.—Montclair
Newark
Northern N. J.
Dallas
Ft. Worth
Galveston
Wichita Falls-
La.—Shreveport.
+ 12.4
+ 11.8
+21.8 3,130,816,491
+ 19.4
5,465,227
—3.1
2,980,389
2,896,123
+42.7
—15.8
350.000
+9.1
16,650,898
28,107,977
+7.6
cities).
Total (12 cities)
4,719,037,987 3,889,003,051
Third Federal
Reserve Dist rict—Philad elphia-
Pa.—Altoona
...
Bethlehem—.
ChesterLancaster.
—
..
Phlladelphja
......
Scranton
Wilkes-Barre.
.
York.——
N. J.—Trenton..
ToCai (9 cities).
509,361
a*350,000
328,460
Spokane
Yakima
Ore.—PortlandUtah—S. L. City
Calif.—Long Bch
Pasadena
Sacramento
San
...
Francisco.
San Jose
Santa Barbara.
Total (12 cities)
+47.1
.1,140,704
380,000,000
1,289,296
2,688,685
1,439,415
1,367,914
2,372,600
346,193
a317,978
322,634
1,009,344
365000,000
1,129,298
2,145,110
1,153,633
1,149,132
5,339,000
—55.6
391,136,435
377,594,344
+3.6
b
.
Cincinnati....
Cleveland
Columbus
Mansfield
377*073
b
+10.1
+ 1.8
+ 13.0
+4.1
+ 14.2
+25.3
+24.8
+ 19.0
302,651
'•
237,656
794,513
219,000,000
974,662
1,973,285
1,309,948
1,002,293
4,522,000
253,092
663,185
252,000,000
932,339
1,644,424
1,337,087
879,507
1,752,100
230,191,430
259,764,385
67,194,255
92,841,359
11,289,700
1,798,856
b
b
47,242,726
68,245,886
8,965,200
1,338,230
b
b
43,174,296
+36.0
+25.9
+34.4
65,952,719
8,046,600
1,164,827
b
35,939,430
48,577,147
6,498,600
904,036
139,545,795
104,356,245
+33.7
94,084,697
82,232,488
Total (5 cities).
312,669,965
230,148,287
+35.9
212,423,139
174,151,701
127,409
2,140,000
29,648,130
758,528
62,048,573
14,294,370
97,578
2,254,000
23,466,586
607,434
37,422,322
12,756,513
.
Fifth Federal
W. Va.—Hunt'on
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore
.
D. C.—Wash'ton
Total (6 cities).
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta......
Macon.
Fla.—Jacks'nville
Ala.—Birm'ham.
Mobile-
La.—NewOrleans
cities)
b
341,000
285,000
149,539,191
120,547,551
+24.1
101,547,296
89,958,779
b
b
b
Reserve Dis trict—Minne apolis-
3,174,044
72,911,145
29,654,336
2,229,760
683,044
622,445
3,084,570
3,191,177
58,443,358
25,901,208
1,696,651
553,887
484,916
2,937,390
+ 14.5
+31.4
+23.3
2,851,488
54,677,862
20,042,085
1,584,913
489,981
+28.4
+5.0
2,765,405
3.349,813
56,868,985
14,663,100
1,376,462
460,370
257,609
2,050,786
112,359,344
93,208,587
+20.5
82,769,960
79,027.125
1,636,249
20,167,776
2,121,383
2,410,258
65,128,316
2,761,198
550,606
397,600
—0.5
+24.8
358,226
Reserve Dis trict—Kans
as
City
97,742
111,745
2,630,318
31,452,630
1,828,267
3,210,446
100,387,436
2,766,364
579,718
816,357
84,009
95,079
2,119,960
29,330,961
1,853,294
2,495,399
92,171,393
2,569,175
625,844
558,804
+46.1
102,623
46,060
1,867,688
24,305,653
1,652,767
3,016,282
74,841,935
2,657,057
504,626
609,357
131,903,918
+9.1
109,604,048
95,216,742
657,372
530,614
24,452,849
5,119,385
1,176,000
tin
+24.1
+7.2
—1.4
+28,7
+8.9
+7.7
—7.4
43,356
b
323,932
2,643,000
36,961,621
1,299,379
73,990,510
23,882,504
139,100,946
127,089 + 154.9
2,300,000 + 14.9
+ 13.9
32,451,881
974,314 +33.4
58,707,092 +26.0
20,423,814
114,984,190
Reserve Dist rict—Atlant
3,463,462
17,456,166
52,900,000
1,223,339
880,928
15,167,000
19,370,531
1,306,699
142,115,689
+21.0
109,017,010
76,604,433
1,223,404 —17.1
39,642,546 +26.9
5,576,763 + 14.2
1,784,000 + 105.8
a709,493 +41.8
2,104,718 +43.2
64,368,216
50.331,431
34,577,022
10,029,000
865,662
29,813,629
14,681,618
4,029,513
3,548,387
7,161,601
30,277,342
2,194,962
1,305,600
2,152,023
8,368,000
576,160
27,494,939
12,266.413
3,502,187
2,747,554
6,739,754
127,498,116
1,954,269
1,131,944
1,632,581
256,212,717
225,189,259
145,954,000
+27.9
Franci
+14.2
+19.8
35,264,933
5,721,846
1,935,000
b
b
*45
2,096,616
1,584,598
45,675,767
32,863,446
SCO—
25,705,295
7,516,000
483,613
23,643,420
+15.3
+31.8
10,227,981
2,634,000
2,476,460
6,978,679
104,749,075
1,478,337
1,049,128
1,118,655
20,311,628
4,181,000
231,508
17,118,377
8,683,257
3,272,963
2,544,818
3,414,253
90,214,543
1,346,021
911,107
1,110,204
+ 13.8
188,060,643
153,339,679
+50.2
+8.4
+ 18.9
+ 16.1
+29.1
+6.3
+14.5
+12.3
+ 18.2
+36.8
+31.6
+46.4
+19.7
+ 1.8
+32.0
+7.9
b
77,969
24,427,832
+32.5
112,745,089
+26.0
+23.8
7,200,642,184 5,965,267,493
cities)
Outside New York
2,234,337
10,511,270
36,900,000
964,766
502,608
11,381,000
14,208,104
1,020,091
3,726,526
7,853,215
29,800,000
673,295
419,847
7,758,941
9,169,010
778,922
b
90,644
23,595,488
85,175
14,927,713
101,408,308
+20.7 4,957,838,282 5,108,711,538
2,694,490,174 2,182,836,013
+ 18.9 1,827,021,791 1,637,298,860
Week Ended June 18
Clearings
at—
Inc.
1936
1935
or
Dec.
1934
1933
Canada—
134,366,187
109,779,408
72,614,792
18,192,271
28,474,590
4,055,677
2,361,328
4,529.145
5,211,767
1,855,649
1,735,409
3,490,588
4,068,262
3,257,032
342,599
445,005
1,489,465
582,446
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
—
Fort William
New Westminster
Medicine
a—
2,931,021
b
103,291
30,244,273
+ 16.9
12,763,141
40,200,000
835,582
736,229
14,892,000
14,669,904
1,211,411
District—Da Ilas-
1,014,759
50,299,588
6,368,287
3,671,000
al,006,042
3,014,582
(110
London.
Reserve Dist rict—Richm ond-
Miss.—Jackson..
Vicksburg
b
Grand total
Toronto
b
+42.2
Youngs town..
Pa.—Pittsburgh.
Total (10
+46.5
+28.7
+21.3 3,222,846,000 3,564,854,060
Fourth Federa 1 Reserve Dis trict—Cleve land
Ohio—Canton*,-.
,
+28.4
734,225
376,000
Twelith Feder al Reserve D istrict—San
Wash.—Seattle-
Stockton
Reading
—14.4
26,322,132
12,649,419
Eleventh Fede ral Reserve
Texas—Austin...
Total (5
Second
24.7
+24.7
+44.4
+57.0
York—
4,949,702
9,231,818
975,217
1,096,281
34,100,000
30,500,000
686,501
536,776
681,547
548,784
4,606,152,010 3,782,431,480
7,394,705
6,194,868
4,137,807
4,269,253
5,063,850
3,548,234
*400,000
475,000
19,625,848
17,984,166
34,749,736
32,307,455
Portland
Mass .—Boston
I
18.8
2,826,163
.
228,692,127
646,766
Maine—Bangor..
Fall
62,300.000
17,362,357
10,011,422
11.8
143,881,023
Lincoln
First Federal
67,600,000
21,573,127
12,033,169
15.4
20.0
298,531,175
We now add our detailed statement showing last week's
figure for each city separately for the four years:
Clearings
279,046,417
55.6
+18.5
1,637,298,860
7,200,642,184
Total (7 cities).
32 cities
Canada..
344,923,086
14.6
40.9
+25.6
33,809,043
16,279,148
HI.—Jacksonville
6,108,711,538
2,594,490,174
—.110 cities
Total
i
--32.0
551,000
_
Tenn.—Memphis
Mont.—Billings
Outside N. Y. City
.
+33.3
Eighth Federa I Reserve Dis trict—St. Lo uis—
Mo.—St. Louis..
98,900,000
81,200,000 +21.8
3,564,854,060
212,423,139
109,017,010
112,745,089 +26.0
112,359,344
Fran—12
11th Dallas
209,371,595
3,222,846,000
230,191,430
'
+26.1
Springfield...
1,003,597
16,439,000
1,425,135
4,677,976
20,040,481
1,196,746
7,562,191
3,358,266
324,196
314,746,170
795,198
3,905,142
1,287,936
1,286,279
Ky.—Louisville
3rd
1,487,773
Ind.—Ft.
290,121
74,218,073
1,648,223
1,272,296
645.438
10,651,000
721,237
3,896,123
12,862,083
645,028
6,122,153
2,593,993
387,918
224,549,959
497,125
2,284,113
779,188
859,015
386,460
45.459,476
826,584
505,909
414,912
8,549,000
366,494
3,157,904
11,311,907
184,388
4,603,710
2,291,513
255,101
197,470,218
369,506
1,767,359
391,751
+38.0
85,021,498
2,096,730
1,298,459
712,464
13,091,000
915,790
4,053,194
16,913,065
997,024
6,762,486
113,373,699
2,766,786
Grand Rapids
Lansing
SUMMARY OF BANK CLEARINGS
1936
al Reserve D istrict— Chi cago
18.6
298,612
366,942
Detroit
districts:
Week End. June 20, 1936
1933
1934
%
Total (18 cities)
35.9%, in the Richmond Reserve District of 21.0%, and
in the Atlanta Reserve District of 26.0%.
The Chicago
Reserve District managed to enlarge its totals by 26.1%,
the St. Louis Reserve District by 24.1%, and the Minne¬
apolis Reserve District by 20.5%.
In the Kansas City
Reserve District the totals record a gain of 9.1%, in the
Dallas Reserve District of 27.9%, and in the San Francisco
Reserve District of 13.8%.
In the following we furnish a summary by Federal Reserve
or
Dec.
1935
1936
In the Cleve¬
land Reserve District the totals register an expansion of
;
June 27, 1936
Hat
Peterborough
Sherbrooke
Kitchener
Kingston
Chatham
Sarnia
...
Sudbury
+8.1
941,355
511,970
437,784
547,433
739,007
+27.4
100,957,611
95,519,531
45,808,162
14,099,743
4,763,172
3,958,687
1,825,720
4,019,878
4,491,288
1,596,023
1,502,906
3,113,081
3,662,147
2,756,648
304,016
386,848
1,178,913
484,838
873,751
867,070
464,522
197,084
646,749
650,403
995,326
2,758,529
278,727
674,766
505,220
388,041
524,061
657,343
408,692,482
350,781,060
+16.6
300,910,804
994,415
934,551
577,611
234,720
696,591
670,767
1,107,808
3,044,573
Windsor
Prince Albert
Moncton
124,273,008
91,659,460
53,447,127
16,182,421
23,655,933
4,014,323
2,314,877
4,060,860
5,323,078
1,585,225
1,506,149
3,013,721
3,761,717
2,913,146
297,217
519,487
1,360,355
477,587
954,498
359,146
784,788
533,660
456,810
504,067
652,302
510,803
244,630
623,606
587,294
1,008,325
2,466,173
365,138
.
766,406
+19.8
+35.9
+12.4
20.4
1.0
2.0
+11.5
—2.1
+17.1
--15.2
--15.8
+8.1
+11.8
+15.3
—14.3
+9.5
+22.0
+4.2
+43.3
+13.1
—4.1
+11.7
+ 14.2
+9.9
+23.5
—1.6
+2.4
+4.2
-4.3
—7.9
75,192,644
Total (32 cities)
a
Not included In totals,
b No clearings available.
* Estimated.
104,632,686
85,915,416
48,468,287
14,643,629
4,863,115
3,922,252
2.018.726
*
3,979,563
5,616,667
1,541,240
1,480,837
3,063,236
3,455,993
2,730,949
293.529
329,063
1.231.727
472,504
964,816
844,978
404,111
198,618
614,859
566.530
1,044,975
2,236,892
245,838
616,714
550,272
417,049
567,123
598,981
298,631,175
Volume
Financial
142
Chronicle
4281
The dividends announced this week
THE ENGLISH GOLD AND SILVER MARKETS
are:
i
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date ff
June 10 1936:
GOLD
Acadia Sugar
Refining Co., 6% pref
Winery (semi-ann.)
Supply Mfg. Co., class A
Affiliated. Fund, Inc., common.
Air Associates, $7 preferred
I
Alaska Juneau Gold
Mining (quarterly)
The Bank of England goldreserve against notes amounted to £207,281,973
the 3d Inst, as compared with £206,397,096 on the previous Wednesday.
Purchases
of
bar
gold as
by the
announced
.
..
of at the
daily fixing and was absorbed by general demand. The depreciation of
gold currencies in terms of sterling, influenced by the weakness of the franc;
caused the price of gold in the London market to show a further decline,
138s. 3Hd. was touched on the 4th inst. and this was the owest quotation
since Aug. 21, 1934. The declaration made by M. Blum over the week-end
to the effect that no devaluation was contemplated, brought a rally and
checked the outflow of gold from the Bank or France; this, however, apeved to be but temporary; there was a subsequent reaction and it is beEeared that the withdrawals of gold are now continuing.
Quotations during the week:
Equivalent Value
of £ Sterling
Per Fine Ounce
June
4
June
5
June
6
June
12s. 3.17d.
12s. 2.95d.
138s. 9d.
-
139s. 4d.
9
June 10
,T-
SL
Average
12s. 2.68d.
138s. 8J4d.
-
12s. 2.33d.
139s.
8
June
12s. 3.43d.
138s. 33^d.
138s. 634d.
,
12s. 2.99d.
12s. 2.92d.
138s. 9.25d.
*
The following were the United Kingdom imports and exports of gold
registered from mid-day on May 30 to mid-day on May 8:
Exports
Imports
British South Africa
British India
British
„
Malaya
New Zealand.
Trinidad and Tobago
Germany
Netherlands
Switzerland
Belgian Congo
Union of South Africa—
Germany
_5,650
27,950
217,745
Netherlands
Czechoslovakia-
41,541
49,791
32,450
25,069
5,805
Other countries.
450
Belgium.
France
Switzerland
Yugoslavia
18,955
Venezuela
6,200
British India
165,508
268,742
193,872
France
£273,121
United States of America.
£1,832,897
73,870
422,816
12,887
10,082
7,226
417,839
British West Africa
40,864
18,331
Other countries
£685,772
£3.483,889
The SS. Mongolia, which sailed from Bombay on May 6, carries gold to
the value of about
£499,000, part of which is consigned to London and
New York.
The Southern Rhodesian gold output for April, 1936, amounted to
68,694 fine ounces as compared with 67,350 fine ounces for March, 1936,
and 58,521 fine ounces for April, 1935.
part to
SILVER
The market has been quiet, moderate offerings on China account con¬
tinuing, but a steady demand from the Indian bazaars with some bear
covering purchases caused a slight improvement in prices, 20 1-16d. for
both deliveries being quoted on the 8th inst.
Buyers showed hesitation
here and less resistance could be offered to speculative and China selling,
quotations easing to 19
for both cash and two months' delivery.
The market has a fairly steady appearance and no wide movement from
the present level is indicated.
,
The following were the United Kingdom imports and exports of silver
registered from mid-day on May 30 to mid-day on June 8:
Exports
British India
France
Sweden
Other countries
Imports
Hongkong
£712,960
15,500
British India
British South Africa
Japan
Belgium
5,925
24,499
3,074
5,054
-
Other countries
[£95,310
6,849
1,750
2,401
£106,310
£767,012
Quotations during the week:
IN
LONDON
-Bar Silver Per Oz. Std,Cash
2 Mos.
IN
.
^
Aero
week
Bank during the
amounted to £1,215,126.
In the open market about £1,275,000 of bar gold was disposed
NEW YORK
Per Ounce .999 Fine)
July
July
July
JulyJuly
Acampo
on
.
Aug.
Aug.
July
Extra
Albemarle Paper Mfg. Co., 7% preferred
Allemannia Fire Insurance Co. (Pitts, Pa.)
American Beverage, 7% pref. (quar.)_
American Beverage Corp., 7% pref. (qu.)
6% preferred
6% preferred (semi-ann.)
American Discount Co. of Ga., 634% Pf.
(s.-a.)_
Common (quarterly)
*'
American Fork & Hoe, 6% pref.
American Lace Mfg
American Light & Traction (quar.)
45 cents
5
19 15-16d.
20d.
19 15-16d.
June 4
45 cents
6
20d.
June 5_-i.
June
8
20 1-16d.
20 l-16d.
June 6
45 cents
45 cents
June
9
19 J4d.
19 15-16d.
June 8
45 cents
Canadian-Amer. Trust Shares, 2d trust bearer.
Canadian Fire Insurance Co. (Winnipeg)
Canadian Silk Products Co., class A
19J4d.
19.948d.
19%d.
19.958d.
June 9
45 cents
Aug.
Aug.
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Sat.,
Mon.,
June 22
The
States
Wed.,
June 23
19^d.
138s,
8524
Thurs.,
Fri.,
June 24
Tues.,
June 20
Silver, per oz.. 19 ll-16d.
19 9-16d.
Gold, p. fineoz. 138s.9d.
138s.9d.
Consols, 2J4%
Holiday
8524
British 3)4 %—
W. L
Holiday
106H
British 4%—
1960-90
Holiday
11724
June 25
June 26
19 13-16d.
19Md.
138s.7Hd. 138s.7d.
85>£
8554
19£4d.
138s ,8d.
8554
106
106
10634
10634
11734
117
11724
117
price of silver per ounce (in cents) in the United
the same days has been:
on
Bar N. Y. (for¬
eign)
U.
442*
44 2*
50.01
50.01
50.01
77.57
77.57
77.57
Closed
8. Treasury
44 2*
50.01
445*
445*
50.01
50.01
U. S. Treasury
(newly mined)
NATIONAL
77.57
77.57
77.57
BANKS
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
from the office of the
CHARTER
ISSUED
Amount
June 13—The North Shore National Bank of Chicago, Chicago, 111. $200,000
Capital stock consists of $200,000, all common stock. President,
G. K. Hall.
Cashier, V. W. Becking.
Conversion of The
Howard Avenue Trust & Savings Bank, Chicago, 111,
BRANCH
AUTHORIZED
June 13—Bank of America National Trust & Savings Association,
San Francisco, Calif. Location of branch: City of Inglewood, Los
Angeles County, Calif.
Certificate No. 1246A.
DIVIDENDS
Dividends
first
we
grouped in two separate tables.
In the
bring together all the dividends announced the
are
current week.
we
show
the
have not yet
Then
we
follow with
dividends previously
been paid.
a
second table in which
announced, but which
1 June
1 June
20
20
1 July
1 July
15
15
June 30 June 25
June 30 June 25
Carnation Co
CABLE
20
1 June 20
.
June
MARKET—PER
1 June
July 16 July
1
July
1 June 24
Aug.
1 July 20
American Ship Building (quar.)
Aug.
1 July 15
Anglo-American Corp. of South Africa, pref
July 30 June 30
Apex Election Mfg. Co., preferred
July
1 June 20
Preferred (quarterly)
July
1 June 20
Arnold Constable & Co
1234c July 15 July
6
Arrow Hart & Hegeman
50c
July
1 June 25
Preferred (quarterly)
1
$154
July
1 June 25
Atlantic City Sewerage
25c
July
1 July
1
(quar.)
Atlantic Ice & Coal, 734 % preferred
h$224
July
1 June 30
i.
Atlantic Refining, 4% preferred (initial)
$1 Aug.
1 July
6
Atlantic Steel Co. (quarterly)
June 30 June 20
$1
Atlantic Sugar Refineries, 7% pfd. A (qu.)
$15* July
2 June 16
Atlas Thrift Plan
2 June 25
Corp., 7% preferred (quar.)__ 1734c July
Attleboro Gas Light Corp. (quar.)
$3
July
1 June 15
Baldwin Co
10c
July
7 June 30
Bankers Industrial Service, Inc.
15c
July
1 June 15
(semi-ann.)
Extra
15c
July
1 June 15
Basic Industries Shares (bearer)
8.8007c June 30
Battle Creek Gas Co., 6%i preferred (quar.)
July
1 June 20
Beaver Fire Insurance (Winnipeg)
July
1 June 15
(semi-ann.)_
Bell Telephone of Pennsylvania
June 30 June 30
(quar.)__
Belt RR. & Stockyards (quar.)
75c
July
1 June 20
75c
July
1 June 25
6% preferred (quarterly)
Birmingham Fire Insur. Co. of Penna
June 20 June lO
$134
Blaw-Knox Co__
10c
July 30 July 10
Bloomingdale Bros., pref. (quar.)
Aug.
1 July 20
Boston Acceptance, Inc., 7% pref. (quar.)
1734c June 30 June 25
Brandtjen & Kluge, Inc., 7% conv. pref
1 June 22
8734c July
Brewing Corp. (Canada) (quar.)_
3734c July 15 June 30
40c
Bridgeport Hydraulic Co. (quar.)
July 15 June 30
Boone County Coal Corp., 6% preferred
$3
July
2 June 22
Brown-Forman Distillers Co., $6 pref. (qu.)
1 June 20
$134 July
Brooklyn Borough Gas (quar.)
July 10 June 30
6% participating preferred (quar.)
July
1 June l7
6% participating preferred (extra)
July
1 June l7
Oct.
1 Sept.
Brooklyn Union Gas Co. (quarterly)
1
Buffalo Insurance Co. (quar.)
June 30 June 15
Buffalo National Corp
July
1 June 15
6% preferred
July
1 June 15
Builders Exchange Bldg. Co. of (Bait.)
July
9 June 24
Burdine's, Inc., $2.80 pref. (quar.)
July 13 June 30
Burkart Mfg. Co. (quar.)
July
1 June 20
$2.20 preferred (quarterly)
July
1 June 20
California*Oregon Power Co., 6% pref
July 15 June 30
7% preferred
July 15 June 30
Cameron Machine Co., 8% pref. (quar.)
June 30 June 20
Canada Bud Breweries, common
July 20 June 30
June
FINANCIAL
10
American Products, prior pref. (quar.)
American Thermos Bottle
June 3
ENGLISH
15 July
10 July
1
1 June 23
1 June 23
June 30 June 24
Preferred (quarterly)
American Maize Products (quar.)
Preferred (quarterly)
American News Corp. (bi-monthly)
19 15-16d.
The
10
.
American General Insurance Co. (Texas) (qu.)__
American Home Products Corp
American Ice Co. (J. C., N. J.) preferred
19 15-16d.
The highest rate of exchange on New York recorded during the period
from June 4 to June 10 was $5.04 and the lowest $4,982*.
1 July
1 July 10
1 June 26
15 July
3
June 30 June 20
Aug.
1 July 14a
July 25 July
6
(quar.)
4
Average
July
July
July
July
July
July
July
July
July
Altorfer Bros., preferred
June
June 10
15 June 30
1 June 25
June 30 June 20
June 30 June 20
June 29 June 27
Extra
Alliance Insurance Co. (Phila.) (semi-ann.)
All-Penn Oil & Gas Co., initial (quarterly)
American Cast Iron Pipe Co.,
1 June 15
10 June 20
15 June 30
July
June 30 June
July
July
1 June 20
1 June 25
Oct.
1
$13*
Carolina Clinchfield & Ohio Ry. Co.
(quar.)
Stamped certificates (quarterly)
Case, Lockwood & Brainerd Co. (quarterly)
Central Kansas Power Co., 7% pref. (quar.)i
6% preferred (quarterly)
Central Republic Co., common
Chain Store Product, conv. pref.
(quar.)
Champion International Co. (quarterly)
7% preferred (quarterly)
Champion Paper & Fibre Co
6% preferred (quarterly)
Chapman Valve Manufacturing Co., 7% pref..
Charlottesville Woolen Mill, (s-a.)
Preferred (semi-annual)
Chicago Rwy. Equipment, pref. (resumed)
Cincinnati Postal Term. & Realty, 654 % pref
Citizens Wholesale Supply Co., 7% pref. (quar.)
6 % preferred (quarterly)
City Baking Co., 7% preferred (quarterly)
Clark Controller Co
$1M
$13*
$234
$15*
$134
25c
Tffi
$134
h$334
$2
$2
435*c
$154
8734c
75c
$15*
25c
Cleveland CInn. Chicago & St. Louis RR.—
Common (semi-ann.)
5% preferred (quar.)
Cleveland Railway Co.
(quarterly)
Certificates of deposit (quarterly)
Cluett, Peabody & Co., Inc., com. (quar.)
Cincinnati Advertising Products (quar.)
Extra
Cleveland Union Stockyards (quar.)
(Dan) Co. (quar.)
Aug. 15 July
Oct
Sept.
June
May
June
July
June
July
June
July
July
July
June
July
June
July
Aug.
July
June
July
July
July
July
July
July
Preferred extra
Common
(initial)—>
Columbia Broadcasting A & B
(quarterly)
(quarterly)
Commercial Discount, A pref. (quar.)
B preferred (quarterly)
Concord Gas Co., 7% preferred
Connecticut General Life Co.
(quar.)
Consolidated Car Heating Co.
(quarterly)
Consolidated Chemical Industries, class B
Class A (quarterly)
Consolidated Oil Corp. (quarterly)
Consolidated Royalty Oil (quar.)
Consolidated Traction Co. of N. J. (semi-ann.)_
Container Corp. of America
Continental Gas & Electric, prior pref. (quar.)..
Corcoran Brown Lamp Co., 7% pref. (quar.)
Creamery Package Co. (quarterly)
Crystal Tissue, 8% preferred (semi-ann.)
30
30
15 June
31
15
27
15
15
22
3
29
29
25
9
July 31 July 21
July 31 July 21
1 June 25
July
1 June 25
July
1 July 21
Aug.
1 Juno 24
July
1 July 20
Aug.
1 June 25
July
1 June 24
July
June
Colonial Finance Corp. of R. I., 7% pref. (quar.)
Columbia Baking Co., pref. (quar.)
J
10
10
22
30
June 30 June 20
July
1 June 19
July
1 June 19
Collyer Insulated Wire Co. (quarterly)
Extra
15
Sept. 19
July 20 July
July 20 July
July
1 June
July 15 June
July 15 June
July 15 June
Cohn-Hall Marx Co., 6% pref. (quar.)
Columbia Mills
2 June 20
25c
50c
5% preferred (quar.)..
5% preferred (quarterly)
Cohen
June 30
_
15 June
10
1 June 24
1 June 24
15 July
1
1 June
15
1 June
15
1 June
15
Sept. 28 Sept. 14
July
July
July
Aug.
July
July
Aug.
Aug.
Aug.
July
July
Aug.
July
July
July
July
1 June 24
10 July
10 July
1
1
15 July 31
1 June 20
15 June 30
1 July
1 July
15 July
21 July
15 July
15 July
15
15
15
15
3
25
1 June 24
1 June 24
10 July
1
1 June 20
4282
Financial
Per
Name of Company
Share
Cudaby Packing Co., common
—
Cypress Abbey Co
Denver Union Stockyards (quar.)
5H% preferred (quarterly)
Des Moines Gas Co., 8% pref. (quar.)
7% preferred (quar.)
Detroit Gasket & Manufacturing Co. (quar.)__
Detroit River Tunnel Co. (semi-ann.)
Devonian Oil Co. (quarterly)
621 He
25c
$4
25c
50c
—
-
—
Dec.
1 Nov. 14
1 Aug. 15
—
7s
$1M
50c
62 He
12Hc
2Hc
12Hc
Class A preferred (quar.)
East Penn RR., 6% guaranteed (semi-ann.)
Eastern Gas & Fuel Association, 4 H% pref-
$1H
—
$1,125
6% preferred (quarterly)
Eastern Magnesia Talc Co. (quar.)
Eastern Theatres Ltd., 7% pref. (semi-ann.)
Eaton & Howard Mgt. Fund, A-l (quarterly)
Series F (quarterly)
Edison Electric Illuminating Co. of Boston..
Edmonton City
Dairy Co., 6H % pref. (qu.)
Egry Register Co., class A (quarterly)
Electric Household Utilities
Electric Products
El Paso Electric Co.
(Dela.) pref. A (qu.)
$1£l
—
$3H
—
40c
—
45c
.$2
$1 %
__
50c
25c
20c
—
88
Preferred B (quarterly)
Enamel Products
10c
Equitable Fire Insurance (S. C.) (semi-ann.)
Extra
-<
Excelsior Life Insurance Co. (Ont.) (semi-ann.)_
Fairmont Creamery Co. (Del.) (quarterly)
$2H
—
50c
$1.20
25c
$1H
76c
6 He
6Yt% preferred'(quarterly).
Famise Coi
amise
(Jorp., common
Common class A (quarterly)
FIR Publishing Corp. (quarterly)
Federal Mogul Corp
Federal Service Finance Corp. (quarterly)
7% preferred (quarterly)
Fernie Brewing Co
Fibreboard Products, preferred (quarterly) —!_
Fiberloid Corp
Preferred (quarterly)
Fireman's Fund Insurance Co. (quarterly)
Firestone Tire 8c Rubber (quarterly)
First All-Canadian Trustee Shares (1945) fund,
(quarterly)
First National Corp. of Portland, pref. A
50c
25c
50c
$1M
60c
is
30c
r7Hc
7i25c
20c
2m
Frick Co., Inc., 6% preferred
(quarterly)
Fyr-Fyter Co., class A (quarterly)
25c
50c
Gardner-Denver Co., common (quarterly)
Common (extra)
50c
Gardner Electric Light Co. (s.-a.)
$4
25c
5% preferred (semi-ann.)
$2H
Co. (s.-a.)
15c
General Machine, 7% preferred (quar.)
General Paint Corp., $2 class A
$1M
7i50c
Gilbert (A. C.) Co., preferred
Glen Alden Coal Co. (quarterly)-!
Gold Dust Corp
15c
50c
Manufacturing (quarterly)
Engineering Works (quar.)
_.
Great Lakes
10c
Extra
5c
$1M
7i37Hc
10c
68Hc
40c
—
741H
n%
15c
30c
37Hc
75c
A$1
flK
40c
—
July
$1H
rl2Hc
Extra
5c
lc
(quar.)
Home Dairy Co., Inc., class A
Honolulu Rapid Transit
20c
IIorders, Inc.
July
July
July
July
Aug.
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
July
July
July
July
Aug.
July
Aug.
Aug.
July
July
'
60c
—
—
Lee Rubber & Tire Co
Lehman Corp. (special)
Lexington Union Station Co. preferred (s.-a.)
SIM
£1H
(w) (*)
$8
SI
>c
30c
25c
SI
$2H
Lenox Water Co. (semi-annual)
—
July 28
15 July
1
15 June 30
15 June 30
2 June 17
16
19
1 Juno 19
15j
15 June 25
6
1 June 22
1 June
16
15 June 30
New BrunswicK Rignt, Heat 8c Power Co.
New Brunswick Telep. Co. (quarterly)
15
1 July
20
$1H
20c
July
$1H
Aug.
$1 Aug.
7Mc Aug.
$1.12M Aug.
July
July
July
Aug.
Aug.
July
Juiy
June
June
July
30 June 30
1
July
1 July
24
24
Aug.
July
July
July
July
July
Class A
(quarterly)
Manufacturing
July
July
Aug.
July
July
July
(s.-a.)
July
15
1 June
10
1 June
10
1 June
13
1 June
15
1 June 30
1
im:
(s.-a.)__
-
(semi-ann.)
Old Dominion Fire Insurance Co.
Onomea Sugar Co.
Otter Tail Power Co.
(Minn.), $6 pref
$5M preferred
10 June 30
10 June 30
,
1 June 25
1 June 25
July 15 June 20
July 20 June 30
July 20 June 30
June 30 June 22
June
15 June
12
1 June
10
1 June 20
1 June 20
1 June 30
15 July
15
Juiy
10
6
6M% preferred (quarterly)
Pacaage Machinery Co., 1st pref. (quar.)
Pan American Life Insurance (N. J.)
Paterson 8c Hudson River RR. (s.-a.)
Peaslee Gaulbert Corp., 7% pref. (quar.)
Penn Investment Co. (Pnila.), $4 preferred
Penna. Gas 8c Electric Co., 7% preferred
Pennsylvania Excnange Bank (N. V. City)
Pennsylvania Illuminating Corp., class A (quar.)
Peoples Telephone (quarterly)Perfect Accident Insurance (quar.)__
Perfection Stove (quarterly)
18
15
15
1
15
June 30 June 24
1 June 22
$1M
30c
$1
$1M
h$2
741H
20c
12Mc
$1M
15c
37 Mc
75c
lc
Petroleum Investment
Philadelphia Electric $5 preferred (quar.)
Piedmont Mfg. Do
.
Plainfield Union Water Co., (quar.)_
Planters Nut 8c Chocolate (quar.)
Plaza Permanent Bldg. 8c Loan Assoc. (s.-a.) —
Plough, Inc. (quarterly)
Plymouth Rubber Co., Inc., 7% pref. (quar.)_.
Pneumatic Scale Corp., 7% pref. (quar.)
10
25
25
June 30 June 20
Extra
27
25
6 June 30
July 15 July
1 July
Aug.
Pacific Southwest Realty, 5H% pref. (quar.)
10 June 26
10 June 26
15
Juiy
Preferred (quar.)
Pacific Commercial Co., Inc. (s.-a.)
Pacific Guano 8c Fertilizer (quarterly)
1
15
1 June
3 June
July
July 20 July
1 June
July
1 June
July
1 June
July
1 June
July
(Va.)
(monthly)
Orange 8c Rockland Elec. Co. 6% pref. (qu.)
5% preferred (quar.)
Paauuau Sugar Plantation Co., (monthly)
Pacific American Fisheries, Inc. (quar.)
1 June 20
1 June
June 30 June 25
15 June 30
15 June 30
20 June 30
15 June 30
9
9
15
1 June 30
July
1 June 30
July
Aug. 15 Aug.
1
July 10 July
3
July 10 July
3
8% preferred (quarterly)
Oilstocks Ltd.,
Extra
20 June 30
20 June 30
15
June 30 June 25
June 30 June 25
Ohio Water Service Co. A
4
1 July 13 .
1 July 13
1 July 20a
1 July 20a
1 July 18
20
1
1 June
July
July
July
July
July
July
(s.-a.)
Ohio Loan Co
1 June 24
june
June 30 June 27
preferred—
Ry. 8c Land Co. (monthly)
Oahu Sugar Co., Ltd. (monthly)
Ohio Leather (quar.)
7% preferred (quar.).
8% preferred (quar
15 July
10
1 June
June 30 June 22
Least Co. (quar.)
Oahu
i
20
July
July
July
July
July
July
July
7% pref. (qu.)
Noxzema Chemical Co., class A and B
2 June 22
15
June
1 June
June 30 June 30
2 June 26
July
Extra
2 June 22
15
1
15 June 30
July
July
(quarterly)
Norton (T. M.) Brewing, pref. A
Norwich Pharmacal Co. (quar.)
1 June 15
30
1 June 20
1 June 23
Juiy
6% preferred (quar.)
1 June 15
1 June 15
15
1 June 15
1 June 20
June 30 June 22
Northwestern National Insurance,
1 June 18
30
1 June 24
Aug. 10 July
July 10 July
6H% preferred (quarterly)
Nor on western
15
July
:
6% pref
Northern States Power Co. (Del.)
1 June 20
24
1 June
July
Extra
20
15
1 June 24
June 30 June 23
(quarterly)
North West Bell Telephone Co.
14 June 29
14 June 29
1 June
July
1 June
July
1 July
Aug.
1 June
July
July 15 June
1 July
Aug.
July 10 June
2 June
July
1 June
July
1 June 20
1 June 26
July
July 20 July 10
1 May 15
July
Sept. 1 Aug. 20
1 July 20
Aug.
1 July 15
Aug.
Corp. 7 % pref. (qu.)_
Judd
29
1 Juno 20
1 July 10
Aug.
July 15 June 30
Telephone Co. (quarterly)
Niagara Fire Insurance (N. Y.) (quar.)
North American Finance, 7% pref
(quar.)
North
9
June 20
9 June 29
July
July
$6 preferred (quar.)
5
June 30 June 23
June 24 June 19
1
15 May 29
15 May 29
July 24 July
1 Juiy
Aug.
New York 8c Richmond Gas Co.,
15 June 30
1 June 20
1 June 25
1 June
2
18
15
15
May 15 Apr. 30
New York
June 30 June 23
July
July
1 July
1 July
July
New Vorit Power 8c Light
15
10 June 26
June 30 June 20
1 June 20
July
15 July
1 June
July
July
Quarterly.
14 June 29
14 June 29
1 July
July
New York Merchandise Co
15
15 July
1
10
17
17
17
15 June 30
New condon Northern RR. (quar.)
15
2 June
1 July
1 July
1 July
July
Extra
1 June 25
1 July
1 June 20
June 15 May
'
6
10
July
1
1 June 22
i
England Fire Insurance Co. (quar.)
New England Power Co. 6% pref. (quar.)
New England Power Assoc. $2 preferred
6% preferred
New Hampshire Fire Insurance (quar.)
New Hampshire Power Co. 8% pref. (quar.)
New Jersey & Hudson River Ey. 8c Ferry, j..
New Jersey Zinc (quar.)
1 June 25
15 June 30
1 July
50c
New
1 July 18
1 June 20
1 June 26
15 June 30
July
Aug.
Aug.
New Britain Machine Co
1 June 20
1
15 June 30
1 June 20
15c
—
20 July 10
20 July 10
15 June 30
1 June 18
21 July
15 June 30
15 June 30
AUg.
—
15 July
6
3 June 20
15 July
Sept. 15
16
17
86
_
1 June 20
1 June 20
1 June
July
July
$2
$1H
—
1 June 30
1 June 30
July
m
1
2 June 30
1
July
July
July
July
Meyer-Blanke Co. (quar.)
7% preferred (quar.)
Michigan Public Service Co., 6% preferred
7% preferred
Middlesex Products Corp. (quar.)
Middle States Telep. Co. of Illinois 7% pref
Midwest Oil ($1 par) (semi-ann.)
$10 par (semi-ann.)
Preferred ($1 par) (semi-ann.)
Mill OreeK 8c Mine Hill Navigation RR
Mississippi Power Co. $7 pref. (quar.)
$6 preferred (quar.)
Morrison Cafeterias Consol. (initial)--7% preferred (quar.)
Missouri Power 8c Light Co. $6 pref. (quar.)
Montana Power Co., $6 preferred (quar.)
Montreal Teleg. Co. (quar.)__
Motor Finance Corp. 8% pref. (quar.)
Monarch Mills (semi-ann.)
Mutual Telephone (Hawaii) (monthly)
Nanaimo-Duncan Utilities6H% preferred
National Bearing Metals Corp
7% preferred (quarterly)
National Distillers Products (quar.)_
National Groceries 7% preferred
Nation Wide Securities Co. voting shares (qu.)._
Nevada-California Electric, preferred (quar.)
Newark Consol. Gas 5% guaranteed (s.-a.)——
15 June 20
1 June 15
1
1 July
1 July
(semi-annually)
15 June 30
June 30 June
«««■»*»
Plantation
18
10
15
1 July 15
Aug.
1 June 22
July
1 July 16
Aug.
1 July 16
Aug.
1 June 24
July
1 June 26
July
1 June 23
July
Aug. 15 July 25
Aug. 15 July 25
2 June 22
July
lc
pref. (quar.)
6% preferred (quarterly).
Kaynee Co., preferred (quarterly)
Laclede Steel (quar.)
L'Air Liquide, Am. dep. rec. ser. O bearer shs—
Lafayette Fire Insurance (N. O.), (s.-a.)
Lane Co., Inc. (quarterly)
Lane Bryant, Inc., 7% pref. (quar.)
Lane Cotton Mills (quar.)
Lee & Cady Co
1 June
Aug.
1M%
1M%
1
1 June 30
June 30 June 26
Aug.
July
Extra
lc
July
Humboldt Malt & Brewing Co., pref. A (quar.)_
20c July
50c
Illuminating Shares Co., class A
July
Industrial Credit Corp. of New England (quar.)
32c
July
Extra
6Hc July
87Hc July
7% preferred (quar.)
Intercolonial Coal Co., Ltd
July
July
8% preferred (semi-annual)
Interlake Steamship Co. (quarterly)
25c July
International Milling Co., 5% pref. (quar.)
$1H July
International Printing Ink (quarterly)
45c Aug.
K Preferred (quarterly)-'$1H Aug.
1
International Utilities Corp., $7 prior pref
Aug.
Aug.
$3H prior preferred (series 1931)
Interstate Dept. Stores, 7% pref. (quar.)
Aug.
Investors Fund, series C (quarterly)
July
Series C (extra)
30c
July
1
Iowa Electric Co., 6H % preferred B
M0 He July
7 7 preferred AM 3 He July
Iowa°Electric Light & Power Co., 7 % pref. A— h87 He July
7i81 He
6H % preferred BJuly
h75c
6% preferred C_
July
Jacobs (F. S.) Co., common (quarterly)
25 c
July
Jamestown Telep. Corp., 6% pref. (quar.)
$1H July
$5 class A preferred (s.-a.)
$2H July
Jenkins Bros, (quarterly)
12 Ac July
Founders shares (quarterly)
50c
July
7% preferred (quarterly)
$1H July
(quarterly)
Kansas Power 8c Light Co., 7%
15
1 Sept. 19
June 30 June 26
15c
50c
Howey Gold Mines
Kahuku
13
10
25 July
25 July
1
Aug.
$2
8% preferred (quar.)
6% preferred (quar.)
Massawippi Valley RR. (s.-a.)
Master Electric Co. (quar.)
McCall Corp. common (quar.)
—
McCrory Stores Corp., preferred (quar.)
McKay Machine Co. (quarterly)
McLellan Stores Co., 6% preferred (quar.)
Melville Shoe Corp. (quar.)
2d preferred (quar.)
4M% preferred (quar.)
Merchant Calculating Machine Co., 7% pref.
June 31 June 20
July 31 June 30
June 30 June 13
1 July
Oct.
40c
$1H
—
1 June 22
Aug.
1 June 22
July
July 21 July 11
Oct.
1 Sept. 15
Oct.
1 Sept. 15
2 June
20
1 Aug. 15
1 Aug. 15
June 30 June 16
MM
3 June 17
M. J. 8c M. M. Consolidated
$0.00 % July
1 June 20
5c
Mammoth Mining Co. (semi-ann.)
July
2 June 29
Manufacturers Life Insurance (Toronto) (s.-a.)_
$5 July
2 June 20
15c
Maritime Telephone 8c Telegraph (quarterly) __
July
2 June 20
17Ac July
7% preferred (quarterly)
7 be June 30 June 18
Massachusetts Lighting Co. (quar.)
1 June 20
July
June 30 June 24
1 June 22
Aug.
June 30 June
1 July
Aug.
Sept.
Sept.
15c
-
5% cumulative preferred (quar.)
Ludlow Typograph Co. $6 pref. (quar.).
Lynn Gas <sc Electric Co. (quar.)_
2 June 30
June 22
75c
87 He
30c
Preferred (quar.)
Liquid Carbonic Corp. (quar.)
Lord & Taylor Co. 2d pref. (quar.)-Louisville Gas 8c Electric Co. (Ky.)—
7% cumulative preferred (quar.)
6% cumulative preferred (quar.)
June 30 June 25
1 June 20
July
Aug.
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
Oct.
-
6
21
June 30 June 20
—
Foote-Burt Co
Franken Brewers Co. (quarterly) (initial)
— .
Extra
Aug." 15
Sept.
$3
Extra
Holly Development Co.
15 July
June 15
6
8
June 30 June 30
1 June 25
July
June 30 June 22
25c
Gross (L. N.) Co. 7% preferred (quarterly)
Group Corp., 6% preferred
Hah (C. M.) Lamp
Hartford Electric Light (quarterly)
Hartford Steam Boiler Inspection Insurance
Hat Corp. of Amer., 6H % cumul. pref
6 H % cumulative preferred (quarterly)
Hatfield-Campbell Creek Coal, 5% pref
Haverhill Gas Light Co. (quarterly)
Haverty Furniture Cos., Inc., pref. (quar.)
Hershey Chocolate Corp. (quarterly)
Convertible preferred (quarterly)
Highland Dairy, 7% pref. (quar.)
Hinde-Dauch Paper (quar.)
6% preferred A|(quar.)
Hinde 8c Qauch Paper Co. of Canada (quar.)
Hollinger Consolidated Gold Mines
20 July
July 15 July
1 July
Aug.
$1M
$1H
6H% preferred (quar.)
Liberty Fire Insurance (Ky.) (semi-ann.)
Life Insurance Co. of Virginia (quar.)
Lincoln Printing Co., preferred (quar.)
Link Belt (quar.)
Aug. 20
Payable of Record
50c
Lerner Stores Corp
1 June 15
1 June 15
50c
Dominguez Oil Fields (monthly).
Duquesne Brewing Co. (quar.)..
_
1
75c
-
Goodman
1
25c
Quarterly
Preferred (semi-ann.)
Diamond State Telephone (quarterly)
Discount Corp. of New York (quarterly)
Dixon (Joseph) Crucible Co
Dominion Fire Insurance Co. (Toronto)
Dominion Rubber Co., 7% pref. (quar.)
Dominion Securities Corp. (quar.) (initial)-,
5% preferred (quarterly)
Gas & Electric Co. of
Bergen
General Baking Co., common
Sept.
"If
87Hc
Share
Name of Company
Holders
When
Per
15 July
3
15 June 30
1 June 20
1936
27,
June
Holders
Payable of Record
July
July
July
Sept.
July
July
July
July
50c
---
Diamond Match.
When
Chronicle
"It
1
$1H
$2H
$2M
30c
17Mc
July
July
Aug.
July
July
1 June 22
1
July 20
1 June 23
1 June 18
June 30 June 25
July
July
July
July
July
2 June
15
1 June 20
1 June 20
15 June 29
15 June 30
June 26 June
18
June 30 June 20
June 30 June 20
July
Aug.
July
July
July
1 June 29
1 July
1
1 June 30
1 June
15
15
15 July
1
June 30 June
July
July
July
10
1 June 26
1 June 22
Financial
Volume 142
Share
Company
8c
Premier Shares (semi-annual)
Providence Building Co. ^semi-ann.)
Providence Gas Co., (quarterly)
$2
20c
_
$1 X
Provincial Paper Co., 7% pref.
(quar.)
Pyle-National Co., common (quarterly)
8% preferred (quarterly)
Quarterly Income Shares, Inc
Beading Co. (quarterly)
1st preferred (quarterly)
2nd preferred (quarterly)
Bex Hide, Inc. (quar.)
Bhode Island Electric Protective Co. (quar.)__.
Bickel (H. W.) & Co. (s.-a.)
Biverside Cement Co., $6 1st pref. (quar.)
Riverside dc Han Biver Cocton Mill, pref
Boot Petroleum (initial)
Boyalty Income Snares, series A (monthly)
St. Croix Paper (quarterly)
St. Joseph By., Light, Heat & Power, 5% pref—
St. Louis NaUonai SuOCKyards Co. (quar.)
St. Paul Union Stockyards Co. (quar.)
San Carlos Milling Co. (monthly)
San Diego Consol. Gas & Electric—
Preferred (quarterly)
Saratoga & Schenectady BB. (s.-a.)
Sayers & Scovill Co (quarterly)
6% preferred (quarterly) —
Schuylkill Valley Navigation & BB. (s.-a.)
Second Holding Corp., 6% preferred
Second Twin Bell Syndicate (monthly)
Securities Investment Co. of St. Louis (quar.)
Interim receipts for new 7% pred. (quar.)
Security Storage (quarterly)
Sedalia Water Co., 7% preferred (quar.)
Shaffer Stores Co., 7% preferred (quar.)
Sharp & Donme, cumul. pref. cl. A (qu.)_
Signal Oil & Gas Co., class A & B (resumed)
6-20 Jones Corp. (quarterly)
Slaotery (E. T.) Co., 7% pref. (quar.)
Smith (H.) Paper Mills, 6% pref. (quar.)
Srnytne Mfg. Co. (quar.)
25c
$2
3c
50c
50c
-
50c
25c
—
Jc
-
$1H
nso
25c
1.01C
50c
— -—
nx
$ih
25c
20c
six
13 June 11
1 June 15
2 June 15
June 30 June 19
June 30 June 19
1 July 15
Aug.
Aug. 13 July 16
Sept. 10 Aug. 20
Oct.
8 Sept. 17
July 15 June 30
1 June
July
July 25 July
1 July
Aug.
1 June
July
1 July
Aug.
July
July
July
2
Juiy
1st $5 preferred
July
July
Southern Bleachery & Print Works, 7% pref—
— —
—
Utilities, Inc
Stanly Works (quar.)
6% preferred (quar.)
(quar.)
(quar.)
43 Mc
1
June
30
1 July 17
10 June 30
1
6 July
83
Corp tsemi-aun.)
Suburban Electric Securities Co., 1st pref. (qu.)_
u
2d preferred
50c
Taylor-Colquitt Co. (quar.)
7% preferred (quar.)
Taunton Gas Mgut Co. (quarterly)
Texas Electric Service Co., $6 pref. (quar.)
SIX
$ih
Texas Pacific Coai & Oil Co
Textile Banking Co. (quar.)
25c
Thatcher Mfg. Co (quar.)
Tintic Standard Mining Co. (quar.)
Title Insurance Co. of Minn. (s.-a.).
90c
50c
7 He
$1H
Mtge. Guaranteed Co
(N. Orleans)
Toburn Gold Mines, Ltd. (quar.)
,
1
1 June 23
1 June 23
1 June 25
1 June 20
15 July
3
1 June 22
1 June 15
19
19
1
Aug. 15 Aug.
July 15 June 30
1 June 18
July
30
Juiy
6
Aug.
July
July
July
1 July 15
1 June 24
1
June
15
July
Aug.
1 June
16
June
1 June 20
1 June 20
1 July 11
June 30 June 25
Aug. 51 July 31
June 30 June 15
1 June 20
July
1 June 30
$1H
UX
20.4c
$ih
June
l
21
10
15
8
May 22
15 June 30
June 30 June 20
July
10c
July
25c
-
_
Sept. 30 Aug. 31
Sept. 30 Aug. 31
15 June 30
'
SI X
(quarterly)
United Light & By. Co., 7% pref. (monthly)... 581-3 c
54c
6.3% preferred (monthly)
50c
6% preferred (monthly)
58 l-3c
7% preferred (monthly)
54c
6.3% preferred (monthly)
50c
6% preferred (monthly)..
581-3 c
7% preferred (monthly)..
54c
6.3% preferred (monthly)
50c
6% preferred (monthly)
-
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Oct.
Oct.
1 July
1 July
15
15
1 July 15
1 Aug. 15
1 Aug. 15
1 Aug. 15
1 Sept. 15
1 Sept. 15
United Milk froducis
25c
$3 preferred (quar.)
$3 preferred extra..
United States Elec. Light & Power Shares (Md.)
Voting shares
United States & Foreign Securities, 1st pref
United States & International Securities—
75c
July
July
1 Sept. 15
1 June 23
1 June 23
25c
July
1 June 23
5c
$1H
Oct.
July
Aug.
1 June 15
1 July 24
75c
$2
87Hc
preferred
United states Smelting Befining & Mining.
7% preferred (quarterly)
Utah-Idaho Sugar, class A pref.
(quar.)
Valve Bag, 6% preferred (quar.)
Van Camp Milk Co., $4 pref. (initial)
Waiiuku Sugar Co. (monthly)
Walker & Co., $2H class A
Wellington Fund (quarterly)
Aug.
July
July
July 24
July
3
July
3
15c
1st
June
June
19
July
July
July
July
June 20
15c
June
June 20
5c
June
June 20
30c
Aug.
July
July
July
June
June 15
June 22
20c
50c
'
Wentworth Mfg. Co. (quar.)
West Coast Oil, preferred (quar.)
Western Assurance Co. (Ont.), preferred (s.-a.)
Western Exploration Co. (quarterly)
Western N. Y. Securities
Corp
Western United Gas & Elec., 6H % pref. (qu.)__
6% preferred (quar.)
Westingnouse Electric & Mfg
Preferred (quarterly
West Kootenay Power & Light Co
7% preferred (quarterly).
West New Brighton Bank (Staten Isl., N. Y.)._
West Virginia Water Service, $6 preferred.
Western Pipe & Steel, 7% pref. (s.-a.)
White Villa Grocers, Inc., 6% preferred (qu.)
Wilson & Co. (quarterly)
$6 preferred (quarterly)
Wisconsin Gas & Electric Co., 6% pref. C
Woodward & Lothrop (quarterly)
$1
$1.20
21S
SIX
—
_
"Hi
8,
—
—
July
15
June
15
15
June 24
June 30
June 15
June 15
h%\X
35c
$1H
12Hc
Aug.
July 31
July 31
July
July
June 30
June 21
July
'
-
July
July
July
Aug.
June 29
June 30
July
July
June
June 15
15
June 30
$1H
July
Sept.
Aug.
July
37 He
June
June 30
June 20
12Hc
SIX
fc$l
June
June 20
$1H
25c
15c
stock
This list does not include dividends
an¬
6
2 June 15
10 June 30
15 June 30
15 June 30
15 June 22
15 July
13
1 June 13
June 13
July
15
June
15
June 20
June 27
June 27
June 15
June
19
1
1 June 15
1 June 20
1 Sept. 20
15 June 30
25 July
>ct.
10c
-
(quarterly)
Dec. 31 Dec. 15
June 30 June 15
—
7% preferred (quarterly)
7 % preferred (quarterly)
Amalgamated Leather Cos., Inc., preferred
American Agricultural Chemical Co
75c
$2
—
Asphalt Roof, preferred (quar.)—-—-
American Bakeries Corp., 7%
American Baking Co.. 7%
Sept. 30 Sept. 15
^5<^c
-
American
Sept. 30 Sept. 15
50c
-
June 30 June 15
50c
luarterly
7% preferred
July
50c
(quarterly)
——
(quarterly)
pref. (quar.)
pref. (semi-ann.)—
SIX
$3 H
25c
(quar.)
20c
87 He
5X% preferred (Initial)--58 l-3c
7 % preferred
1X%
American Can Co., pre' (quar.)
50c
American Capital Corp., $3 preferred--—
h$3X
American Chain, 7% preferred—
$1
American Chicle (quar.)
$1H
American Cigar Co., preferred (quarterly)
33 l-3c
American Credit Indemnity Co. of N. Y
$1H
American Crystal Sugar. 6% pref. (quar.)——15c
American Cyanamid Co., common A & B (quar.)
$1
American District Teleg., New Jersey (quar.)—
Preferred (quar.)
American Dredging Co—,
25c
American Enka Corp
;
SIX
American Envelope Co., 7% pref. A (quar.)
SIX
7% preferred (quar.)
h$2
American European Securities Co. preferred—, $1H
American Express (quarterly)
$1H
American Felt Co., 6% preferred (quar.)
25c
American Fork & Hoe Co. (quarterly)
—
6% preferred (quarterly)
American Gas & Electric Co. common (quar.) —
Preferred (quar.)
American Hair & Felt Co., 1st pref. (quar.)
2nd preferred (quarterly)
American H.a.rd Rubber 8% pref. (quar.)
American Hardware Corp. (quar.)
Quarterly .1
Quarterly. L —
American Hawaiian Steamship (quarterly)
American Hide & Leather, 6% pref. (quar.)..—
American Home Products
—
$1li
American
American Mfg. Co. preferred
Preferred (quar.)
Preferred
———
(quar.)---
July
June 15
July
July
July
July
June
June
June 30 June
19
June 30 June 19
1 June 17a
July
June 30 June 15
July* 1 June 19
1 June 12
July
June 30 June 11
June 30 June 10
June 20
July
June
July
July
July
July
July
Sept.
15
June 15
June
15
June
19
June
17
Aug. 25
Dec.
1 Nov. 26
June 29 June 22
July
1 June 19
16
July
1
July r15
July 15
July
Aug.
July
July
July
July
June
Oct.
J an.
Sept. 12
July
June
r
June
5
June
12
July
8
June
15
June
15
fune
16
June
13
Dec.
12
15
June 30 June 19
July
1 June 15
July
-
10a
June 30 June 25
June 30 June 19
Dec.
Co.. 7% pref. (qqar.)
pref. (quar.)
l5
June lOa
Oct
(quar.)
American Optical
15
1 June 19
Dec. 31 Dec.
June 30 June 16
June 20
July
July
July
July
July
Investors Co. of 111., 7% pref
8% preferred (quarterly)
American Machine & Metals
1
1
1
1
June 20
June 20
June 15
June
15
1. Sept. 15
31 Dec. 15
1 June 13
5
American Paper Goods 7%
Sept
16 Sept.
7% preferred (quar.)
American Power & Light Co., $6 pref
$5 preferred
American Republics
American Rolling Mill (quar.)
6% preferred (quar.)
American Safety Razor (quar.)
Dec.
16 Dec.
5
July
1 June
8
American Screw Co.
—
.
American Snuff (quarterly)
Preferred (quarterly)
Superpower Corp., 1st pref. (quar.)—
Surety Co
Telephone & Telegraph (quar.)
—
Thermos Bottle, pref. (quar.)—
Thread, preferred (semi-ann.)
—
Tobacco Co., pref. (quar.)
American Water Works & Electric Co., Inc.,
$6 first preferred (quarterly)
Amoskeag Co., common
(semi-annual)
S2X
—
Anaconda Copper Mining Co_
25c
—
Corp., common (quarterly)
$6 H convertible preferred (quarterly)——Anglo- Iranian Oil Co. Amer. dep. rec. ord. reg—
15c
Anchor Cap
Angostura-Wuppermann (quar.)
Appalachian Electric Power Co., $7 pref
Apponaug Co. (quarterly)
Arkansas Power & Light $6 preferred
—-
$7 preferred—
(quar.)
$6 prior pref. (quar.)
Armour & Co. of Del., 7% preferred
Armour & Co. of 111.,
7% preferred-
Preferred
?lSk
xw
5c
ii g
an
hS 1H
.—
-
(quar.)
-
-—
Associated Breweries of Canada (quar.)—
Preferred (quarterly)—
—Associated Real Estate Corp...
Preferred (initial)
—
Associates Investment Co. (quar.)
Extra
7% preferred (quar.)
—
Aug.
7
July 10
July 10
June 11
June 11
5
5
July
July
July
July
July
July
July
July
Preferred (quarterly),
American
American
American
American
American
American
Preferred
18
June 30 June 15
June 15
July
Foundries, preferred
American Stores (quarterly)
American Sugar Refining, (quar.)
j
1
10
June
1
Aug. 31
July 31
July 31
July
1
July
1
July
preferred (quarterly)
American Steel
15 July
June 30 June
July
(quar.)
American Smelting & Befining
First preferred (quarterly)
Second
8
1 June
June 30 June 10
July 15 June 15
July
Asbestos Mfg. preferred (quar.)
Preferred (quar.)—
June 20
1 Jure
1 June 15
6
1 June
July
July
Arundel Corp. (quar.)
June 20
10 June 22
July
3uc
25c
July
1 June 15
15 June 30
1 June 20
June 30 June 15
July
1 June 20
87 He
25c
nounced this week, these being given in the preceding table.
SIX
Art Metal Construction
give the dividends announced in previous weeks
and not yet paid.
25c
Aug. 15
July 15
June
l July 15
2 June 20
2 ^une 20
1 June 15
Aug.
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
July
July
Aug.
Juiy
July
July
July
July
July
40c
Aug. 21 July
July 20 July
1 July
Aug.
July 15 July
3c
Preferred
we
87 He
American Brake Shoe & Foundry
1 June 20
Of*
Trust Endowment Shares, series A reg.
Union Stock Yards Co. of Omaha,
Below
15c
75c
July
12Hc
Distillery (quar.)
Tonopah Mining go. (resumed)
Towle Mfg. Co. (quar.)
Traders Bidg. Assoc., (quarterly)..
(quarterly)"
Capital
SIX
$4,1
Aluminum Manufacturing, Inc.
lJune 20
83
—
Tom Moore
7% preferred
.—
Mfg. Co. capital stock
Aluminum Industries
15 June 30
July
Stouey Brook BB
Yellow & Checker Cab Co., class A
a—
Preferred--Alabama Power Co., $7 pref. (quar.)-$6 preferred (quar.)
Aluminum Goods
July
3 June 27
July
July 20 June 20
June 30 June 17
(quarterly)
Standard
...
Agnew Surpass Shoe, pref. (quar.)
-—
Ainsworth Manufacturing Co. (special)
Air Reduction Co., Inc. (quar.)
Extra
Alabama Great Southern BR., ordinary
1
1 June
__
Aetna Casualty Insurance (quar.)
Aetna Fire Insurance
(quar.)
Aetna Life Insurance (quar.)
6
10
June 30 June
mm
Addressograph-Multigraph Corp. (quar.)__
[July
1 June 26
1 June 26
1 June 15
July
July 15 June 30
July 25 June 30
6H% preferred (quarterly)
m*
-
Preferred (quarterly)-American Box Board (resumed)
July
July
July
Standard Oil Co. (Onio) common
Standard Silver Lead Mining
Standard Screw (quarterly)
tm
Extra
Adams Express Co
Adams Royalty (quarterly)--.
American Bank Note
July
!ElXtrd«
-
6H % cumul. pref. (initial)
Acme Steel Co. (quar.),,
June 30 June 20
July 10 June 30
—
Fuel Co
United Bond & Snare (quarterly)
United Gas Improvement (quar.)
referred (quarterly)
—
Acme Glove Works, Ltd. (initial)
Aug. 15 July 20
June 27 June 21
(quar.)
State Street Investment Corp.
Stokely Bros. & Co., 7% pref.
June 30 June 20
—-
-
1 June 18
1 June 18
July
July
-
.
15 July
2 June 19
July
July
July
July
Abbott Laboratories (quar.)
Extra
Abraham & Straus, Inc
$5 preferred (quar.)
Albany & Susquehanna RR. (semi-ann.)
Allegheny & Western Ry. (semi-ann.)
Allied Laboratories (quar )
$3H convertible preferred (quar.)
Allied Products Corp., Class A common (quar.)Allied Stores, 5% pref. (quar.)
Allis-Chalmers Manufacturing Co. (quar.)
Aloe (A. S.), 7% preferred (quarterly)
Alpha Portland Cement
Aluminum Co. of America (Pa.), 6% pref
July 29 July 15
Soutnern Calif. Edison Co. (quar.)
Soutnern Fire Insurance Co. (i\l. C ) (quar )
Southern Weaving (s.-a.)
ot
1 June 20
15 July
15 June 30
Aug.
South American Gold & Platinum Co
Southeastern Investment Trust (Ky.)—
Preferred (semi-ann.)
Standard Steel Spring Co.
1 June 22
July 15 June 30
1
July 15 July
1 June 20
July
1 (June 30
July
9 June 29
July
July
Spartan Mills (semi-ann.)
Spcier Mfg. Co., preferred (quar.)
Springfield Fire & Marine Insurance—
20
10
June 25 May 29
6
July 15 July
1 June 12
July
July
Extra
Soutmand Boyaioy Co.
18
15
15
July
July
July
July
July
—
Title
15 June 30
June
July
—
Standard
July
Share
Name of Company
Payable of Record
July
July
Holders
Record
Per
Holders
When
Per
Name of
4283
Chronicle
35c
35c
35c
rl5c
r$lX
50 c
S3
37m
six
June
July
July
2
July
July 20
June 15
June
June 10
June
15
June 15
June 20
May 29
June
10
June 20
June 20
June 13
1 June 19
1 June 19
7 June 11
June 30 June 23
June
2
July
July
July
Aug.
June 30 June 15
June 15
July
July
July
July
July
June 15
June 10
June 10
June 10
June 30 June 22
June 22
July
Aug.
July 20
Oct. 20
Febl'37 Jan. 20
June 30 June 15
Nov.
July
July
July
June 15
June 22
June 22
June 30 June 20
June 30 June 20
June 30 June 20
4284
Financial
Per
Share
Name of Company
Aug.
$2
Atlantic City Fire Insurance (quarterly)
Atlanta Gas Light Co., 6% preferred
1 June 12
July
June 30 June 20
$1
$1
(quar.)
25c
Augusta & Savannah RR. Co
SIM
25c
Extra
Autoline Oil Co. (quar.)
Automatic Voting Machine (quar.)_^
Automobile Insurance (quar.)
20c
—
12Mc
25c
Avon Genesee & Mt. Morris RR.f 3M% gtd
$1.45
Axton-Fisher, class A common (quar.)
Class B common (quarterly)
80c
40c
Preferred (quarterly)
MX
Babcock & Wilcox
25c
Backstay Welt Co
25c
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
1 June 26
July
'
1
1 June
15
1 June
15
1 June 25
1 June 20
1 June
6
1 June 22
1 June
15
1 June
15
1 June
15
1 June 20
1 June 16
Bangor & Aroostook RR. Co., common
62c
20c
„
Bank of New York & Trust Co. (quar.)
Bank of the Manhattan Co. (quar.)
3M%
37 Xc
75c
75c
Barcelona Traction, Light & Power
Baxter Laundries Corp. preferred
Bayuk Cigars, 1st preferred (quar.)
Beatrice Creamery
Preferred (quarterly)
Beech
Creek
$1M
25c
SIM
RR
50c
75c
Beech-Nut Packing Co. (quar.)
Extra
50c
Belding Corticelli Ltd. (quar.)
Preferred (quar.)
Belding-Heminway (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone of Penna., 6M% pref. (quar.)....
Bethlehem Steel, 7% preferred (quarterly)
New 5% preferred (initial)—
Bickford's, Inc. (quarterly)
Preferred (quarterly)
B-G Foods, Inc., 7% preferred
Bird Machine Co. (quarterly)
Birmingham Electric Co. $7 preferred
$6 preferred
Bishop Oil Corp. (quar.)
Black & Decker preferred (quar.)
Bliss & Laughlin, Inc. (quar.)
5% preferred (quar.)
Bloch Bros. Tobacco (quar.)
Quarterly
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Bloomingdale Bros
Bohn Aluminum & Brass (quar.)
Bon Ami, class A (quar.)
Class B (quarterly)
Borg-Warner (quar.)
Preferred (quar.)
Boston & Albany RR. Co
Boston Elevated Ry. (quar.)
Boston Herald Traveler Corp. (semi-ann.)
—
—
Extra
5%
—
Boston Insurance Co. (quar.)_
Boston & Providence RR. (quar.)
$1
SIM
25c
rSl X
SIM
25c
25c
62 Xc
fcSlM
25c
SIM
2Xc
50c
1 June 20
15
1 June 22
1
May 29
1 May 29
1 July 10
July
1 June
10
July
July
July
July
1 June
10
1 June
12
1 June
19
1 June
June 29 June
19
16a
1 June 30
July
July 15 June 30
1 June 15
July
1 June 15
July
1 June 15
July
1 June 12
July
1 June 12
July
2 June 15
July
2 June 15
July
July 31 July
3
July 15 June 23
July 15 June 20
1 June
5
July
1 June
5
July
1 June 20
July
1 June 20
July
1 June 20
July
1 June 20
July
1 June 12
July
1 June 12
July
July 15 July
1
June 30 June
18
June 30 June
20'
75c
SIM
S2M
SIM
31 July 15
1 June 19
1 June
12
1 June
12
June 30 May 29
1 June 10
July
60c
15c
July
July
$4 July
$2,125 July
1 June 22
1 June 22
1 June 20
1 June
18
1
25 July
1
June 30 May 27
July 15 June 30
July
July
July
15 June
5
July
July
1 June 20
1 June 15
1 June
r20c
tnlOd
1M%
40c
SIM
SIM
SIM
20c
SIM
75c
SIM
SIM
SIM
SIM
7%
Oct.
Oct.
1
Jan.
2
Apr.
1
June
15
45c
Apr.
July
July
July
July
July
July
c$l M
June
June
16
June
June
16
15
75c
2%
75c
SIM
SIM
June
1
June 20
June 20
Jqne 20
July
Aug.
June
July
15
25c
July
June
11
25c
June
June
15
SIM
$1.40
Aug.
Corp.,
June 10
July'
June
20
$1
July
June
15
50c
July
June
10
SIM
July
July
July
June
10
June
15
June
15
June
15
75c
40c
35c
h$l
50c
12Mc
37Mc
75c
com.
(quar.)
30c
1M%
Canada Southern Ry. (semi-annual)
Canadian Canners Ltd., 6% 1st pref...,
SIM
r$lM
common
7% cumulative participating preferred (quar.)
(quarterly)
Preferred (quarterly)
Canadian Eagle Oil
Canadian Fairbanks Morse 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 Light & Power (semi-ann.)
Canadian Oil Cos., preferred (quar.)
Canadian Westinghouse Ltd. (quar.)
June 24
40c
preferred (quar.)
Canada Packers (quar.)
Canadian Celanese Ltd.,
2 June 16
July
8 June
5
July
July 15
July 15 June 30
2 June 20
July
2 June 16
July
lJuly 17
Aug.
June 15
July
July 17
Aug.
1
July
July
1
July
July
25c
cum.
Canadian Cottons Ltd.
15
Jan.
Canada Bread, A preferred
Canada Northern Power
18
June
15
June
6
July
June 20
Oct.
Sept. 20
Jan2 '37 Dec.
20
July
June
12
July
July
July
July
July
July
July
July
July
June
12
June 24
June
19
June 20
June 20
June
12
June
12
June
20
June
16
June 30 June
16
1 June
18
July
5
Aug. 15 Aug.
July
1 June 17
June 29
June 29
87 Mc
75c
July
1 June 10
July
1 June 16
July
1 June 10
July 15 June 30
July 15 June 30
Aug.
1 July 15
Aug.
1 July 15
S3
June 30 June 22
75c
87 Mc
87 Mc
75c
10c
Aug. 15 Aug.
10c
Nov. 16 Nov.
5
June
15
June
16
June
8
June
8
June
8
June 29 June
5
5
SIM
45c
75c
70c
$1
50c
July
July
July
July
July
June 29 June
5
1 June 20
1 June 20
Chicago Towel, preferred (quarterly)
Chickasha Cotton Oil (special)
Chrysler Corp
Churngold Corp. (quar.)
Cincinnati Gas & Electric, 5% pref. (quar.)
June 30 June 20
10c
Chicago Junction Rys. & Union Stockyards
6% preferred (quarterly)
July
July
June 30 June 20
S2M
SIM
SIM
50c
July
July
1 June 15
1 June 15
June 30 June
July
20
1 June 10
SIM
June 30 June
1
30c
June 30 June
3
SIM
July
1 June 15
Cincinnati Inter-Terminal RR—
1st guaranteed preferred (s.-a.)
Aug.
(semi-ann.)
July
July
1 July 20
31 July 21
1 June 18
June 30 June
July
July
July
July
July
SI
50c
July
Extra
75c
75c
50c
California Water & Telep. Co. 6% pref (qu.)
Camden & Burlington City Ry. (semi-ann.)
SI
SIM
SIM
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
Citizens Water Co. (Washington, Pa.), 7% pref.
(quar.)
SIM
15c
City Auto Stamping Co. (quarterly)
50c
City Ice & Fuel (quarterly)
City Investing Co. common
1%
Preferred (quar.)
1M%
Claude Neon Electric Products (quar.)
25c
5c
Clayton & Lambert Mfg.
Clearfield & Mahoning RR. (s.-a.)
SIM
Cleveland Electric Illuminating (quar.)...
50c
Preferred (quarterly)
SI.125
Cleveland Graphite Bronze Co
25c
25c
Special
Cleveland & Pittsburgh Ry. reg. gtd. (quar.)...
87 Mc
87 Mc
Registered guaranteed (quar.)
Climax Molybdenum (quar.)
20c
Clinton Trust (N. Y.) (quar.)
50c
Cluett, Peabody & Co., Inc., pref. (quar.)
SIM
Coca-Cola Bottling, class A (quar.)
62 Mc
Coca-Cola Co. (quar.)...
50c
Class A (semi-ann.)
Coca-Cola International (quar.)
Class A (semi-ann.)
S3
Colgate-Palmolive-Peet, preferred (quar.)
Collective Trading, Inc., A
Colonial Ice Co. $7 preferred (quar.)..
SIM
Preferred series B (quar.)
4
^
37 Mc
25c
15
20
June
July
July
July
July
20
Cincinnati Union Terminal Co.—
17
1 June 15
15
(quarterly).
SIM
S3M
Dec. 31 Dec. 24
2 June
Preferred
$1.20
1 June
June 30 June
50c
Extra
Sept. 30 Sept. 25
June 30 June 16
7% preferred (quar.)
Calaveras Cement 7 % preferred
California Ink Co., Inc. (quar.).
fcSIM
SIM
June 27 June
June 30 June
Oalamba Sugar Estate (quarterly)
60c
10c
50c
Bullock's, Inc., 7% preferred.
Bulolo Gold Dredging
Burco Inc. conv./pref. (quar.)
Burger Brewing preferred (quar.)
Burt (F. N.), Ltd. (quarterly)
SIM
Cincinnati & Suburban Bell Telephone (quar.).
Cincinnati Union Stockyards (quar.)
10c
Bullard Co. (resumed)
5c
Holders
When
Payable of Record
50c
Extra
Chicago Flexible Shaft (quar.)
June 31 June 25
r30c
Buffalo Niagara & Eastern Power, pref. (quar.)
1st preferred (quar.)
Building Products, class A & B (quar.)
SIM
hSIM
hM X
$2M
50c
Chicago Daily News (semi-ann.)
SIM
SIM
SIM
10c
„
—
Cincinnati Northern RR.
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 R1.. Pow. & Gas, 6 % pref. (qu.)
British Columbia Telep., 6% 1st pref. (quar.)__
6% preferred (quarterly)
Broad Street Investing Co. (quar.)
Broadway Dept. Stores, Inc., 7 % 1st pref
Brooklyn-Manhattan Transit
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Extra
Extra.
Nov. 15 Nov. 11
17c
Brooklyn & Queens Transit, $6 preferred
Brooklyn Trust Co. (semi-ann.)
Brooklyn Union Gas
Brunswick-Balke-Collender Co., pref. (quar.)__
Bucyrus-Erie Co. 7% preferred
Bucyrus Monighan class A (quar.)
Budd Wheel, participating preferred (quar.)
—
Aug. 14 Aug. 11
June 30 June
(quar.)
Chesebrough Mfg. Co. (quar.)
June 30 June 20
25c
-
75c
2Mc
SIM
SIM
S3M
37 Xc
Bridgeport Brass Co. (quar.)
Preferred
Preferred (semi-annual)
37 Xc
June 30
Brandywine Shares
Bralorne Mines (quarterly)
Brazilian Traction, Light & Power
Preferred (quarterly)
7% preferred (quar.)
7% preferred (quar.)
Carolina Power & Light Co., $7 preferred
$6 preferred
Carolina Telephone & Telegraph (quarterly)...
Carriers & General Corp. (quar.)
Carthage Mills, preferred A (quar.)
Preferred class B (quar.)
Case (J. I.) preferred
Preferred (quar.)
Cayuga & Susquehanna RR. (semi-ann.)
Celanese Corp. of Amer., 7% cumul. prior pref.
7% cumul. 1st preferred
Central Aguirre Association (quar.)
Central Cold Storage (quar.)
Central Hanover Bank & Trust Co. (quar.).j..
Central Illinois Light, 7% preferred
i._
6% preferred..
Central Maine Power, $6 preferred
6% preferred
7% preferred
Central Power Co. 7% preferred
6% preferred
Central Power & Light Co. (Mass.) 7% pref
6% preferred
Central Western Public Service, preferred
Centrifugal Pipe Corp. (quar.)..
Quarterly
Champion Paper & Fibre, preferred (quarterly).
Chemical Bank & Trust (quarterly)
Chesapeake Corp. (quar.)..
Chesapeake & Ohio Ry. (quar.)..
37fjc
Boston Storage Warehouse (quar.)
Boston Wharf Co. (semi-ann.)
Bower Roller Bearing (quarterly)
,
Capital Administration Co., class A (quar.)-__Cariboo Gold Quartz Mining (quar.)
Carnation Co. 7% pref. (quar.)
July
July
July
Aug.
SIM
y\
SIM
50c
16
June 30 June
1M%
SIM
20
18c
Preferred
/i37Mc
Canadian Wirebound Boxes, class A
Canfield Oil. preferred (quar.)
Cannon Mills (quarterly)
1 June
25c
Bangor Hydro-Electric
7% preferred (quar.)
6% preferred (quar.)
Bankers Trust Co. (quarterly)
Per
Share
Name of Company
1 June
15
Baldwin-Duckworth Chain Corp. (quar.)
Bancamerica-Blair Corp
Bancohio Corp. (quarterly)
$2
June 27, 1936
Holders
Payable of Record
$2
Atchison Topeka & Santa Fe, pref. (s-a.)
Atlanta Birmingham & Coast RR., pref
Atlantic & Ohio Teleg. Co.
Atlas Tack Corp
When
Chronicle
75c
40c
sin
SIM
July
July
July
July
July
July
July
July
July
Aug.
July
June 30
June 30
June 20
June
15
June 15
June 30
June
June
15
15
June 26
June
15
June
June 23
June
June 23
July
July
June
13
June
13
9d
SIM
40c
$2
SIM
SI
75c
SIM
50c
$2
50c
July
July
July
July
July
July
July
July
July.
July-
June 30
June
15
June
15
June
13
June 30
June 30
June 30
June 26
June 20
June
19
_
—
...
M
Colonial Life Insurance Co. of America
Colt's Patent Fire Arms (quar.)..
6M% preferred (quar.)
Commercial Credit (quarterly).
5M% preferred (quarterly).
Commercial Investment Trust common
15
June 30 June 20
1 June 20
July
July
July
July
July
Sept.
Dec.
1 June 20
1 June 10
1 June 25
1 June 25
1 Aug. 10
1 Nov. 10
June 30 June
July
July
13
1 June
15
1 June
20
July
1 June
15
July
July
July
July
July
July
July
1 June
12
1 June
12
July
July
1 June 20
1 June
12
1 June
12
1 June
1 June
5
18
1 June
20
1 June 26
6
20
SIM
SIM
Aug. 15 July
Aug. 15 July
Aug. 15 July
1 June
July
1 June
July
1 July
Aug.
June 30 June
10
June 30 June
1 June
July
10
25c
$1.06 M July
July
July
30c
SI
4c
75c
SI
....
$1
$1
....
75c
20c
$3
SIM
SIM
(quarterly)
Extra
Bakeries of Canada
20c
Edison. $5 pref.
(quar.)
Film Industries, preferred
Gas of Baltimore (quar.)
Preferred A (quar.)
..
Consolidated Mining & Smelting
Consumer Gas Co. (Toronto) (quarterly)
Consumers Power Co., $5 pref. (quar.)
6% preferred (quarterly)
6.6% preferred (quarterly)
7% preferred (quarterly)
6% preferred (monthly)
6.6% preferred (monthly)
Continental Assurance Co. (Chicago, 111.) (qu.).
Continental Baking Corn, preferred
Continental Diamond Fibre Co
Continental Insurance Co. (semi-ann.)
Continental Oil
Continental Steel, preferred (quarterly)
Continental Telep. Co. 7% pref. (quar.)
6M% preferred (quar.)
20
18
15
15
5a
1 June
5a
1 June
5a
1 June 24
June 30 June
1
Aug.
Aug.
July
1 July
1 July
15
14
1 June
12
June 30 June 25
Sept. 30 Sept. 25
Dec. 31i Dec.
25
1 June
15
July
July
Aug.
1 June 20
1 July
1
June 30 June
2
June 30 June
2
55c
50c
June 30 June
15
June
15
SIM
25c
90c
SIM
r 50c
S2M
I1M
$1.65
SIM
50c
SI
50c
25c
SIM
20c
...
20
2 June 15
July
1 June 26
Aug.
1 June 10
July
1 June 15
July
1 June 15
July
July 15 June 30
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
60c
Oopperweld Steel (quar.)
20c
Coronet Phosphate Co
Cott (C. B.) & Sons Co
6% preferred (quarterly)
Courier Post, preferred (quarterly)
1 June
7 June 29
1 June 26
1 June 20
SIM
SIM
SIM
590c
Connecticut Gas & Coke Securities, $3 pref
Connecticut General Life Insurance
Connecticut & Passumpsic Rivers RR
Quarterly
July
July
July
June 30 June
SIM
Conv. preference $4 M series of 1935
Conv. preference optional series of 1929
Commercial National Bank & Trust (quar.)
Commercial Solvents Corp., com. (s.-a.)
Connecticut River Banking
1 June 30
June 30 June 20
75c
5% conv. cumul. preference (quar.)
Columbia Pictures Corp., common (quar.)
Columbus Ry. Power & Light 6% pref. (qu.)._
Consolidated
Consolidated
Consolidated
Consolidated
July
July
31c
Columbia Gas & Electric Corp.—
6% cumul. preferred series A (quar.)
5% cumul. preferred (quarterly)
Commonwealth Edison (quar.)
Commonwealth Investment Co. (quar.)
Commonwealth & Southern, $6 preferred
Confederation Life Association (quar.)
Quarterly
Quarterly
1 June 20
Oct.
1 Sept. 19
Jan 1*37 Dec. 19
July
SI
$4
SI
$1
July
1
June 30 June 15
July 10 June 30
July 31 July
6
1 June 15
July
1 June 15
July
1 June 15
July
Aug. 31 Aug. 15
Nov. 30 Nov, 15
1 June 15
July
July
July
July
1 June 20
1 June 20
1 June
15
Volume
Financial
142
Per
Name of Company
Cosmos
Share
Imperial Mills (quarterly)
(quarterly)
When
Crown Cork International Corp. class A (quar.)_
Crown Willamette Paper Co., 1st preferred
June
lo
June
Preferred (quar.)
June
10a
13
June
16
July
July
-
July
July
6
6
June 20
June
Preferred (quar.)
Cuban Tobacco Co. preferred (quar.)
Curtis Publishing, 7% preferred
Sept.
^
June 30
June
Danahy-Faxon Stores (quar.)
Darby Petroleum
Davega Stores Corp. common (semi-annual)
Davenport Hosiery Mills (quar.)
;
Dayton & Michigan RR. Co., 8% pref. (quar.)_
De Beers Consol. Mining preferred
Deisel-Wemmer-Gilbert (quarterly)
June 20
July
July
_
Sept. 21
June
Dakota Central Telephone, 654% pref. (quar.)_
June 20
May 29
July
July
July
July
.
July
3
June 20
June 22
June
15
June
20
Delaware Railroad Co (semi-annually)
De Long Hook & Eye (quarterly)
Dennison Mfg. Co. debenture stock
July
July
July
July
July
Aug.
Dentist's
June
June 20
Sept.
Sept. 19
Dec.
Dec.
Preferred (semi-annually)
Supply Co. of New York (quar.)
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Detroit Edison Co. (quar.)
June
20
June 20
June
15
June 20
July
20
11
Sept.
Dec.
June 30
July
Extra
July
Dixie Vortex (initial)
Class A, initial (quar.)
Doctor Pepper Co. (quar.)
Dec.
July
July
July
July
July
July
July
July
July
Sept.
Diamond Shoe Corp. (quarterly)
654 % preferred (quarterly)
6 % preferred (semi-annual)
Diamond State Telephone, 654% pref. (quar.)_.
June 20
Jan.
(quar.)
June 30
July
Detroit Hillsdale & Southwestern RR
Detroit Hillsdale & South Western RR
Detroit Steel Products (resumed)
June 30
Quarterly
July
July
July
July
July
July
July
July
July
Aug.
Aug.
July
July
July
July
July
Aug.
July
July
July
July
July
19
June 20
Casting, $7 preferred (quar.)
7% preferred, $50 par (quarterly)
Dome Mines, Ltd. (quarterly)
Extra
Dominion Coal, preferred (quarterly)
Dominion Glass (quarterly)
niy±
Dow Chemical, preferred (quar.)...
Dow Drug Co
Preferred (quar.)
(quar.)
Driver Harris Co
Preferred (quarterly)
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)
Early & Daniel Co
Preferred (quar.)
Eastern Gas & Fuel Assoc., prior pref. (quar.)..
6% preferred (quar.)
Eastern Steamship Lines preferred (quar.)
Eastern Steel Products preferred (quar.).
Eastman Kodak (quar.).
....
Extra
Preferred (quar.)
East Tennessee Tel eg. Co. (s.-a,)
Elder Mfg. Co. (quarterly)
Class A (quarterly)
1st preferred (quarterly)
Electric Auto-Lite (quarterly)
Preferred (quarterly)
Electric Bond & Share $5 pref. (quar.)
$6 preferred (quar.)
Electric Controller Mfg. (quar.)
Electric Products Consolidated (Washington)
Electric Storage Battery Co., common (quar.)..
__
Preferred (quar.)
Electromast, Inc.
(initial)
Elizabethtown Consolidated Gas
(quar.)
Elizabethtown Water Consol. (s.-a.)
Elizabeth & Trenton RR. Co. (semi-ann.)
Equity Trust Shares in America (reg.)
7% gtd. (quar.)
First State Pawners Society
(quar.)
Fishman (M. H.) Co. pref. A & B
854c
$254
15c
$25
i
(quar.)
__
Florsheim Shoe, class A (quar.)..
Extra.
10c
25c
25c
_______
(quarterly)
1254c
1254c
June 20
June
15
June 20
June 20
June 30
20 June 30
l'June 15
2 June
15
2 June
15
2 June
15
15c
Freeport Texas, preferred (quar.)
Freiman (A. J.) Ltd., 6% preferred
(quar.)
Froedtert Grain & Malting
Partic. preferred (quar.)
Fuller Brush Co. 7% pref.
(quar.)
7% preferred (quar.)
Fulton Trust Co. of New York
(quar.)
Fundamental Investors
$154
$154
20c
30c
lz
19
25 July
15 June
10
1 June
15
15
1 June
15
June 15
June 19
June
15
June
5
June
5
June
5
June
8
June
15
20
June 20
July
,
1
June 10
June 10
June 20
June 20
5%
10c
$154
$154
$154
50c
$154
.
(qu.)_
50c
6% pref. A
;
General Telep. Corp., $3 conv. pref
75c
General Water Gas & Electric,
$3 pref. (quar.)__
Georgia Power Co., $6 preferred (quar.)
$5 preferred (quarterly)
Gibson Art Co. (quarterly)
Extra
(quarterly)
25c
Glens Falls Insurance (quar.)
Glidden Co. (quar.)
Trior preferred (quar.)
40c
50c
7% preferred (quar.)
Globe Wernecke Co., pref. (quar.)
50c
Preferred (quarterly)
Godchaux Sugars, Inc., class A (resumed)
$7 preferred
Goebel Brewing Co. (quar.)
Extra
$154
3754c
Cycle (quar.)
1 June 19
5 Sept. 26
1 June 18
1 June 18
1 June
15
Goodyear Tire & Rubber. 1st pref. (quar.)..
Goodyear Tire & Rubber Co. (Can.) (quar.)
Gorton-Pew Fisheries (quar.)..
Gotham Silk Hosiery Co., 7% cumul. pref
7% cumulative preferred (quarterly)
City Steel Co. (quar.)
Grant (W. T.) Co
Great Lakes Power Co. pref. A
Great Lakes Steamship
Great Western Electro-Chemical
Great Western Sugar (quar.)
75c
pref. (quar.)
(quar.)
^
1
Green (Daniel) Co., pref. (quar.)
Green
(H. L.) Co. Inc. (quar.)
Preferred (quar.)
Greening (B.) Wire Co., 7% preferred
Greenwich Water & Gas System 6% pref
Greig Bros. Cooperage Corp., class A (quar.)
Greyhound Corp. (imtial)
Preferred A (quar.)
Group No. 1 Oil Corp. (quar.)
Guarantee Co. of N. Amer. (quar.)
Extra
Guaranty Trust Co. of New York (quar.)
Corp
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.)
Gulf Oil
guarterly
xtra
Co.. preferred
Hamilton Cotton Co., $2 conv. preferred
Hammer mill Paper, 6% preferred (quar.)
Haloid
Nov. 30
June
Harbauer Co
Sept.14
Evans Products Co. (quar.)
July
July
July
July
July
July
June 19
June 13
Motor Truck
June
15
13
June 13
June 20
June 15
June 30 June
15
Harbison-Walker Refractories Co., pref.
Harrisburg Gas Co., 7% preferred
(quar.)
Hart-Carter, $2 convertible preferred
Hartford & Connecticut Western RR.—
2% preferred (semi-annual)
Hartford Fire Insurance (quar.)
Hawaiian Agricultural (monthly)
Hawaiian Electric (monthly)
Plantations
Sept. 30 Sept. 15
Hawaiian-Sumatra
Dec. 31 Dec. 15
1 June 10
Oct.
1 Sept. 10
1 June 15
July
Hazel-Atlas Glass Co.
July
3 June 25
1 June 20
1 June 22
1 June 22
10 June 30
June 30 June
15
Heath (D. C.) & Co.,
Hercules Motors
Heller (W. E.) & Co.
Preferred (guar.)
(quar.)
7% pref. (quar.)
30c
60c
$154
Dec.
Federated Department Stores (quarterly)
Fidelity & Guaranty Fire (semi-ann.)
Fidelity-Phenix Fire Ins. Co. of New York
Fifth Ave. Bus Securities Corp., (quar.)
h% 1
$154
Oct.
Federal
75c
35c
(quar.)
July
Nov. 30
July
July
July
July
July
$1
6254c
$154
European & North American Ry. (semi-ann.)—
Aug. 31
2
July
"15
June
15
June
15
July
15
June 24
June
June
12
12
1 June 15
June 30 June 20
June 30 June 20
June 30 June 23a
June 19
July
June 12
July
June 20
July
June 26
July
June 24
July
July 24 June 24
June 20
July
June 20
July
June 10
July
July
6
Aug.
June 17
July
June 17
July
June 17
July
15
15
20
10
10
June 30 June
1
June 30 June 20
June 15
July
July
June
15
July
July
July
July
Aug.
June
15
June 15
June 20
June 20
July)
1
June 30 June
8
June 15
July
June 18
July
June 18
July
June 18
June 20
Oct.
Sept. 20
Janl '37 Dec. 20
1 June 18
1 June 18
July
July
June 30 June
9
June 30 June
9
1 June 30
July
July
1 June 10
$1.60
20
Nov. 21
June 15
June 15
June 29 June 20
July
40c
Extra
June
Aug. 31
...
$1?C
10c
Gold & Stock Teleg. Co. (quar.)
Goldblatt Bros., Inc. (quar.)
6
6
Sept.
(quarterly)
Manufacturing
50c
15
Dec.
Quarterly
50c
July
July
Dec.
15
June
July
July
(quarterly)......
June
Guaranteed betterment (quar.)
Faultless Rubber
$154
25c
7% guaranteed (quar.)
Fedders
40c
10c
Gillette Safety Razor Co., $5 pref. (quar.)
Guaranteed betterment (quar.)
Eureka Vacuum Cleaner (quarterly)
Farmers & Traders Life Insurance (quar.)
75c
88
Granite
July
July
June 20
h$ 5 June 30 June
h$ 4.85 1-3 June 30 June
$154
July
1 June
25c
July
1 June
$154 July
1 June
15
July 15 June 26
July 15 July
3
July
July
3
June 15
July
Sept.
Aug. 21
June 30
18
15c
Sept. 20
Sept. 20
15
15
June 30
15
June
_
June
June
1 June
Grand Rapids Varnish Corp
June 24
June 20
June 15
July
July
July
July
July
July
July
July
July
Aug.
July
July
Aug.
July
July
July
50c
Preferred
4
June 30 June
June 20
June 20
June
June
4
June 30 June 20
July 15 June 30
June 15
July
July
June 22
10^>
Extra
Golden
June 20
June 20
June 15
June
8
July
July
July
July
July
July
$2
25c
Britain, Ltd
Fireproofing (quarterly)
7% cumulative preferred (quarterly)
General Mills, Inc., 6% cum. pref. (quar.)
General Motors Corp., pref. (quar.)
General Printing Ink Corp. common (quar.)
Preferred
6
6
6
Sept. 25
$154
8754c
General
Common
July
July
July
Oct.
$1 54
General Baking Co., preferred
General Electric
General Tire & Rubber Co.,
3
July
July
July
July
July
75c
Galland Mercentile Laundry (quar.)
Gannett Co., Inc., $6 conv. pref. (quar.)
20 July 10
1 June 20
1 June 15
15 Aug.
1 June
June 30
June 30
July
June 30 June 19
June 19
July
75c
Handley-Page, Ltd., Am. dep. rec. partic. pf__
Amer. dep. rec. partic. pref. (final)
Hanes (P. H.) Knitting Co., 7% pref. (quar.)...
Hanover Fire Insurance (N. Y.) (quar.)
Family Loan Society, Inc. (quarterly)
$3 54 participating preferred (quarterly)
$3 Yi 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.)
...
$154
254%
Holders
25c
General Railway Signal
Preferred (quarterly)
General Refractories Co
8
Sept.
HH
25c
Fundamental Investment, Inc
Gair (Robert) Co. (quar.)
15 Aug.
4
1 June 20
1 May 29
June
July
July
July
r75c
254c
15 June 30
15 Aug.
1
June
June
Oct.
$1,125
20c
Preferred (quar.)
General Public Service Corp., $6 pref
$5 54
preferred
General Public Utilities, Inc., $5 pref.
1 June
July
25c
Formica Insulation Co. (quar.)
Fortney Oil Co. (quarterly)
Fostoria Pressed Steel Corp. (quar.)
General Electric of Gt.
Extra
July
July
July
July
July
July
July
July
July
July
Aug.
Aug.
July
July
Oct.
Oct.
Food Machinery Corp.
(quar.)
Preferred (quar.)
Ford Motor Co. of Canada, cl.A&B
25c
25c
1 June 15
June 30 June 20
June 30 June 20
July
July
July
July
July
July
July
July
4%
6254c
$154
$154
$154
20c
June 30 June 26
June 30
Bearer
Erie & Pittsburgh RR. Co.
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)
General Alliance Corp
General American Investors, $6 pref
General American Transportation (s.-a.)
June 20
June 15
June
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.)
Empire Trust Co. (quar.)
Emporium Capwell (semi-ann.)
Endicott-Johnson (quarterly)
New 5% preferred (initial)
Equitable Office Building Corp
$1*4
12 He
43 He
Garlock Packing Co. (quarterly)
Extra
20
July
July
Ecuador Corp
fm7% preferred (quarterly)...
654% preferred (quarterly)
June
June 16
June 30 June 23
June 30 June 23
1 June 20
July
Easy Washing Machine Corp. class A & B
Class A & B (extra)
&
Economical-Cunningham Drug Stores
Class B (quar.)
Class A (semi-ann.)
Economy Grocery Stores
*
30c
Finance Co. of Amer. at Bait., com. A & B
7% preferred
Class B
When
Payable of Record
July
$10
Sons (quarterly)
June 20
June 20
Dec.
Doehler Die
Draper Corp.
(quarterly)
Special
Filene's (Wm.)
....
June
Preferred (quarterly)
Dominion Textile Co., Ltd. (quar.)
Preferred (quarterly)
Share
Extra
Extra
Devoe & Raynolds class A & B
Preferred (quar.)
Per
Name of Company
Fifth Ave. Bank
June 20
June
Crucible Steel ot America, preferred
Crum & Foster (quar.)
Extra
4285
Holders
Payable of Record
July
July
July
July
July
Cream of Wheat
Crosley Radio
Chronicle
(quar.)
July
July
1 June
l
2 June 15
June 29 June 19
Aug.
Aug.
1
1
July
July
13
13
June 30 June 19
June 30 June 16
July
July
1 June
July
July
Aug.
Aug.
July
July
July
2 June 15
12
15 June 30
June 29 June 18
1 June 20
July
2 June 15
July
1 June 16
1
1
July
July
1
June
15
15
15
1 June 20
1 June
15
1 June 20
1 June 21
June 30 June 10
July 15 June 30
July
July
July
July
July
July
July
15 June 30
1 June
6
July
July
July
July
July
1 June 17
1 June 15
1 June 20
1 June 15
June 30 June 17
2 June 10
July
1 June 17
1
June
15
1 June
15
June
9
1
'29 June 9
1 June 20
July
1 June 17
July
1 June 17
July
July 20 July
6
July 15 June 30
1 June 15
July
June
Aug. 31 Aug. 20
1 June 15
July
June 30 June 25
June 20 June 15
June 30 June 20
1 June 17
July
June 30 June 27
1 June 19
June 30 June 20
June 30 June 20
1 June 10
July
July
(quar.)
Helme (Geo. W.) Co., common (quar.)
Preferred (quar.)
Hershey Creamery Co., 7% pref. (s.-a.)
Hickok Oil, 7% preferred (quar.)
Holland Furnace $5 conv. pref. (quar.)
July
July
July
July
1 June 10
1 June 20
1 June 24
1 June 19
Financial
4286
When
Name of
—
—
-
Hutchinson Sugar Plantation (monthly)---—Hygrade-Sylvania (quar.)
Preferred (quar.)
Ideal Cement (quarterly)
—
Extra.
July
July
Aug.
Sept.
$1K-
JulyJuly
July
July
July
July
July
July
15c
15c
$1)4
62 He
37 He
75c
87 He
87&
50c
June
June
25c
121!
July
July
July
July
July
July
July
July
July
July
$1K
10c
50c
— —
—
—
II
$354
Imperial Life Assurance of Canada (quar.)
$354
Quarterly.
$354
Quarterly..
rlH%
Imperial Tobacco of Canada, ordinary
25c
Incorporated Investors (s.-a.)
—
$1
Independent Pneumatic Tool (quarterly)
$1H
Indianapolis Power & Light. 6H % pref—..—$1X
Indianapolis Water, preferred A (quar.).
42c
Industrial Rayon (quarterly)
$3
Ingersoll-Rand Co., preferred
—
....
June
$1)4
$1)4
r50c
25c
—
Idea) Financing Assoc. A (quar.)
$8 preferred (quar.)
$2 conv. preferred (quar.)Illinois Bell Telephone (quar.)
Illinois Central RR. Co., leased line
June
50c
Extra
Howes Bros. Co., 7% 1st & 2nd pref. (quar.)—
6 % preferred (quarterly)
—-;
Hudson Bay Mining & Smelting
Humble Oil & Refining (quar.)
Huron & Erie Mtge. Corp. (London. Ont.)
—
10c
30c
10c
10c
$1
.....
June
31
31
28
25
July
July
Aug.
Sept.
21
21
18
15
1 June 20
1 June 25
10 June 30
1 June 22
1 June 20
1 June 20
1 June 20
15 June 30a
15
30
30
30
30
30
June
30a
June 22
June 22
June 22
June 20
June 20
June 29 May 29
1 June
1
2 June 15
5 June 30
1 June 10
1 June 10
1 June 15
1 June 15
1 June 15
1 June 15
1 June 15
International Harvester (quar.)
International Nickel Co...
Preferred (quarterly)
July
1 June
5
July
July
July
10 June 20
,
July
July
July
July
July
July
July
July
Aug.
July
International Shoe (quar.)
International Teleg. Co. of Maine (s.-a.)
International Vitamin Corp. (initial)
Extra.—
Interstate Hosiery Mills (quar.).
Interstate 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.)
2
2
1 June 30
2'June 15
15 June 30
June 15a
June 15
June 15
June
5
June
5
Aug.
1
June 15
Sept. 15 Sept. 1
1) June 15
July
Oct.
1 Sept. 15
1 June 15
July
July 15 July
6
5 June 30
July
June 20
July
__
June
June 15
Sept.
—
Aug.
6
Dec.
Quarterly
Irving Air Chute (quar.).
Iowa Power & Light, 7% preferred (quar.)
6% preferred (quarterly)
Iowa Public Service Co.. 1st $7 pref. (quar.)
1st $614 preferred (quarterly)...
1st $6 preferred (quarterly)
2nd $7 preferred (quarterly)
Iowa Southern Utilities Co., 6% preferred
-»
614% preferred
7% preferred
;
Irving Trust Co. (quarterly)
Island Creek Coal Co., common (quar.)
Preferred (quar.).
Jamaica Public Service (quar.)
Preferred (quar.)
Jeannette Glass Co. 7% pref. (quar.)
Common (initial)...
Jefferson Electric (quarterly)
Jersey Central Power & Light, 7% pref. (quar.)_
6% preferred (quar.)
;
5% preferred (quar.)
—
—
.
-
Jewel Tea Co., Inc. (quar.)
Special---Joliet & Chicago RR. (quar.)
Johns-Manville Corp., common
7% cumulative preferred (quarterly)
Johnson Publishing, 8% preferredJulian 8c Kokenge (semi-ann.)
Kahn & Sons (initial)
Preferred (quarterly),
Kalamazoo Vegetable Parchment Co. (quar.)..
Quarterly
-£
Quarterly
Kansas City Power & Light Co., 1st pref. B
Kansas Electric Power, 7% pref. (quar.)
6% preferred (quarterly).
Kansas Gas & Electric, 7% preferred (quar.)..
"Electric,
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.)
-
...
Preferred
Nov. • 5
July
July
July
July
July
July
June 18
June 15
1
1
1
1
June 15
June 20
June 20
June 20
June 29 June
July
July
July
July
July
July
July
July
July
July
20
;
Amer. dep. rec. for
June 30 June 15
July
July
July
July
July
July
July
July
July
July
July
July
June
1 June 10
1 June 10
June 10
July
July
1
1
June 25
June 23
June 16
July
1
June 20
June 20
June 20
Sept.
Sept. 20
Dec.
Dec.
July
July
July
July
July
July
July
July
July
July
June 15
June 15
21
M
-
$154
-
.
-
-
Preferred
-
10
25
Oct. 27
June 15
June
20
15
July
10
10
June
June
July
July
July
July
July
July
July
(quar.)
15
June 25
June 24
June 20
June
20
June
5
May 29
June 25
June 15
June 12
June 12
June
15
June
15
June 15
June 15
July
June 20
July
July
June 20
June 12
June
June
June 10
June 10
June
June
Sept.
Sept. V4
24
Dec.
Dec. 23
July
July
July
July
June 19
July
7
June
5
June 19
1 July
15
June 15
June 15
June 23
July
17
June 18a
Sept. 18
17
15
15
16
4a
20
21
Jan .2'37 Dec.
Magma Copper Co_
Magnin (I.) & Co.. $6 preferred
$6 preferred (quar.)
July
July
July
July
July
(quar.)III-III
Aug.
July
July
July
July
July
July
July
Manufacturers Trust (quar.)
-
Manufacturers Finance (Balto.) 7% pref
Mapes Consolidated Mfg. Co, (quar.)
Marconi Wireless Teleg., ordinary-—-—Marine Midland Corp. (quar.)
Marlin-Rockwell Corp__
Marsh (M.) & Son (quar.)
Mathieson Alkali Works 'quarterly)
Preferred (quarterly)-Maui Agricultural Co. (quar.)
Maryland Fund, Inc
May Department Stores (quar.).——
Maytag Co.. $6 1st preferred (quarterly)
McClatchy Newspapers, 7% pref. (auar.)
7% preferred (quarterly)--
July
July
July
—
June
-
June
-
36c
el00%
50c
«
$1V4
4354c
4354c
r$lH
——
25c
25c
-
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.)
-
-
Metal Thermit Corp.,
July
July
Aug.
July
July
July
July
July
July
July
July
—
;
Metropolitan Edison Co. $7 pref. (quar.)
$6 preferred
(quar.)
$5 preferred (quar.)
$7 cum, preferred (quar.)
$6 cumulative preferred (quar.)--
$5 cumulative preferred (quar.)-——
Mexican Eagle Oil
Middlesex Water, preferred (semi-ann.)
Midco Oil Corp. (quar )
Co., 6% pref. (s.-a.)
-
--
July
July
July
July
July
July
July
July
July
July
July
June
——
7% pref. (quar.)
Nov.
June
__
Merchants & Miners Transportation (qu.).
Merck & Co. (quar.)—
Preferred (quar.)
Mer gen thaler Linotype.
Mesta Machine Co., common
July
July
Sept.
Aug.
Aug.
June
-
Extra
—
June 22
June 30
June 20
June 15
June 15
June 30
June 22
June" 12*
June 22
June 20
June 11
June 11
June 20
July 15
Aug. 15
July
15
Aug. 31
Nov. 30
June 30
June 20
June 20
June
16
June
20
June
15
June 15
June 15
June 20
June 13
June 13
June 20
June 20
June 16
June 15
June 15
Aug.
1
June 16
June 20
May
May
May
May
May
May
29
29
29
29
29
29
July
1 June" 23
Aug. 15 Aug.
1
1 June 20
July
1 June 20
July
1 June 16
July
July 31 July 15
1 June 20
July
1 June 20
July
1 June 20
July
1 June 20
July
---
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)
$154
June 20
25c
5c
h58c
June
July
July
July
July
$7 preferred (quar.)
July
6% preferred
July
6% preferred (quar.)_
July
$6 preferred
July
$6 preferred (quar.)
$154 July
Mississippi River Power, preferredJuly
$154
Missouri Edison Co
$7 preferred (quar.)
$ 1.16 2^3 July
Mitchell (J. S.) & Co., oerferred
July
(quar.)_
Mobile & Birmingham RR., pref.
July
(s.-a.)
Mock, Judson & voehringer, preferred (quar.)
July
Monarch Knitting Co. 7% pref. (quar )
July
Monongahela West Penn Public Service, pref
July
Monroe Chemical
25c July
Preferred (quarterly)
July
Montgomery Ward 8c Co., Inc—..—.
July
Class A (quarterly)
July
Montreal Light, Heat 8c Power Oonsol. (quar.).
July
Montreal Tramways Co. (quar.).
July
Moore Corp., Ltd.. common
July
7% preferred A 8c B (quarterly)
July
Moore (Wm. R.) Dry Goods (quar.)-—
July
Oct.
Quarterly
Jn.2'37
Quarterly.
Minnesota Mining & Mfg, Co. (quar.)
Extra.
Minnesota Power 8c Light $7 preferred-.
-•
'
-
_
...
_
_
—
,
—
siil
M87$
————-
———
June 30
Aug. 15 Aug.
1
Nov. 15
Nov. 1
1 July 15
...
Special
21
June 15
June 15
June 30
June 30
June 30 Jupe 15
July 15 June 30
July 15 June 29
-----
Mahoning Coal RR. (quar.)
Preferred (semi-annual)
Mahon (R C.) & Co
new preferred 'quar.).
Manischewitz (B) 8c Co., 7% pref. (quar.)
Mid vale Co
Milwaukee Electric Ry. 8c
Kerr Lake Mines.
June
-
Lykens Valley RR. & Coal (semi-ann.)
Lynchburg & Abingdon Teleg. (s.-a.)
MacAndrews & Forbes (quar.)
Preferred (quar.).
Macfadden Publications, preferred
Mack Trucks, Inc
Magin & Co. (quarterly)
June 15
June 20
June 20
June 30 June 15
Aug.
July
July
July
Aug.
July
June
July
June
July
June
July
June
July
Aug. 15 Aug.
July
1 June
Oct.
1 Sept.
Loudon Packing Co. (quarterly)
Preferred
2
July
2 June
Aug. 15 July 15
Oct.
(quarterly)
Midland Grocery
15
June 15
Kimberly-Clark Corp. (quarterly)
Preferred (quarterly)
Kings County Lighting Co., 7% pref,, series B6% preferred, series G__
5% preferred, series D
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.)
20c
__
-
June
June
————,
x w3H%
7)4% partic. pref
6% preferred (quarterly)
6)4% 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)
Lorillard (P.) (quarterly)-
Class B (extra).
McKeesport Tin Plate Co
McQuay Norris (quar.)
Mead Johnson Co. (quar.)
June
Loomis-SaylesMutual Fund (quar.)
1 Junetvl2
1 June 10
1 June 18
1 June 18
2 June 15
2 June 15
1 June 20
1 June 20
June
(quarterly)
June
1 July
Aug. 15 July 30
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
McOoll Frontenac Oil, preferred (quar.).,
McKee (A. G.) Co., class B (quarterly)
July
July
July
July
July
July
Common
14
June 13
June 25
June 19
July
Oct.
1 Oct.
1
Jan2 '37 Dec. 31
June 30 June 12
i
1 June 12
1 June 12
Keith-Albee-Orpheum, 7% preferred
Kekaha Sugar Co. (monthly)
Kelley Island Lime & Transportation (quar.)..
Kellogg Switchboard Supplies (quar.)__r
Preferred (quarterly)
Kelvinator Corp. (quar.)
Kennecott Copper Corp
Kentucky Utilities, pref. (quar.)
-----
June 15
July
Sept. 10 Aug. 25
Dec. 10 Nov. 25
Sept. 10 Aug. 25
Dec. 10 Nov. 25
July
1 July
1
—
Extra
5
15 Dec.
Nov.
—
Lunkenheimer Co., preferred (quar.)
Preferred (quar.). .
——
June 30 June
1 July
Aug.
International Ocean Tel eg. Co. (quar.)
International Power, 7% preferred
International Products Corp
International Salt Co.
-
-
—
5
Dec.
July
Aug.
July
July
July
July
Aug.
,
Extra
5
Sept. 15 Sept.
...
5
Nov. 16 Nov.
Ludlum Steel Co
10 Sept. 22
1 June 15
1 June 15
June 30 June 11
July 15 June 20
—
Aug. 15 Aug.
—
Oct.
-
Extra
(quar.)
Quarterly.
Preferred (quarterly)
Preferred (quarterly)
Leath & Co
new, preferred (quarterly)
Lehigh Portland Cement Co. common.
4% preferred (qurterly)
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.)
Loew's, Inc. (quar.)-.-—
————
$6)4 cum. preferred (quar.)
i
Lomis-Sayles Second Fund (quar.)
July
July
—
■
Klein (D. Emil)
Landis Machine Co.
Lone Star Gas
July
International Button Hole Machine (quar.)—_
Extra-..-.
International Cement (quar.)
1
Oct.
1
Jan 1*37
quarterly
London Tin Corporation—
International Business Machines Corp
20c
(quarterly)______
Holders
When
Payable of Record
July
Landers, Frary 8c Clark (quarterly).
1 June 30
Oct.
1 Sept. 30
Jan2 *37 Dec. 31
June 30 June 12
June 30 June 23
1 June 19
July
Insurance Co. of North America (s.-a.)
Quarterly
Per
Share
Name of Company
June 30 June 20
1 June 11
July
July
1 June 12a
1 June 22
1 June
8
June 30 June 19
July 15 June 30
Inland Investors
June 27, 1936
Holders
Payable of Record
Company
Hibbard, Spencer, Bartlett 8c Co. (mobthly)—_
Extra-——
Monthly
»_
—
Monthly
Holmes (D. H.) Co. (quarterly)
Home Telephone & Telegraph, 7% pref. (s.-a.) —
Honolulu Plantation (monthly)-Hoover Ball Bearing Co. (quarterly)
—
Horn & Hardart Baking (quarterly)Houdaille Hershey, class A (quar.)
—-Class B (quarterly)
Household Finance Corp., com. A & B (quar.).
Participating preference (quar.)
Houston. Natural Gas, preferred (quar.)
Howe Sound (quar.)
-
Chronicle
June
June
20
20
ll
June
11
June 11
June 11
June 11
June 11
June 15
June 20
June
16
June
1
15
June
June 15
June 15
June 13
June 13
June 12
June
19
June
30
July
4
June 10
June
10
July
1
Oct.
1
Jn.2'37
s>
Volume
Financial
142
Per
Name of
Share
Company
Morris (Philip) & Co., Ltd., Inc
Morris & Essex RR
Morris Plan Insurance Society (quar.).
Quarterly
.
.
Motors Products, new stock (quar.) ...
Mountain Producers Corp. (semi-annual)
Mountain States Telep. & Teleg. (quar.)
June 20
lune
—
Per
Holders
When
Share
Name of Company
Payable of Record
1
July 15 July
June
5
July
Aug 27
Sept
Nov 20
Dec.
June 15
July
June 19
July
Morristown Securities Corp., $5pref. (s.-a.)
Mosser (J. K.) Leather Co.
4287
Chronicle
Pacific Investors.
Preferred (quarterly)
Packard Motor Car
Packer Corp.
(qu.)
July
July
July
June 22
June
June
May 29
May 29
Mutual Chemical Co. of Amer., 6% pref. (qu.)_
June
June
6% preferred (quarterly).
6% preferred (quarterly..
Mutual System, Inc., common (quar.)
8% cumulative preferred (quar.)
Myers (F. E.) & Bros, (quarterly)
Extra
Tm
Nash (A.) Co.
—;
Nashua Gummed & Coated Paper Co.—
7% preferred (quar.)
Nassau & Suffolk Lighting Co.. 7% preferred
National Battery Co. preferred (quar.)...
National Biscuit (quarterly)
Sept.
Dec.
Sept. 17
Dec. 17
7% preferred
7% preferred
7% preferred
Penney (J. O.)
July
July
May 29
June 30
Penna. Central Light & Power, $5 pref. (quar.).
Pa. Co. for Ins. on Lives &
Granting Annuities..
June
June 15
June
June 15
June
June 22
Pennsylvania Gas & Elec. Corp. (Del.)—
7% and $7 preferred (quar.)
Pennsylvania Glass Sand $7 conv. pref. (qu.)—.
Pennsylvania Power Co., $6.60 pref. (monthly).
$6.60 preferred (monthly)
Munsingwear, Inc..
Murray Ohio Mfg. Corp. (resumed)
Murphy (G. C.), 5% preferred (quar.)
Muskegon Piston Ring (quarterly)
.
Extra
.
_
.
.
National Bond & Snare Cora....
National Breweries (quarterly)..
Preferred
(quarterly)..
National Biscuit Co. (quarterly).
Preferred (quarterly)
June
Light Co., $6 pref. (quar.)
National Standard (quar.)
a
—
Extra
National Sugar Refining Co. of N. J.
Natomas Co. (quarterly)
i
Nehi Corp. $5 H first preferred
Newberry (J. J.) (quar.)
Newberry (J. J.) Realty Co., 6)4 % pref. A (qu.)
6% preferred B (quarterly).
New England Gas & Electric, $5)4 preferred...
New England Telephone & Telegraph (quar.)—
New Haven Water Co. (semi-annual)
New Jersey Power & Light, $6 pref. (quar.)..
$5 preferred (quarterly)
Ner Jersey Water Co., 7% pref. (quar.)
Newport Electric Corp.. 6% preferred (quar.)—
..
New York & Hanseatic Corp. (quar.) _.
Harlem RR. (semi-ann.).
New York
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., 6)4% pref. (quar.)
New York Transportation Co. (quar.)..
New York Trust Co.
June 12
Aug.
Aug.
July
July/
preferred (quarterly)
June 18
June
1st preferred (quarterly)...
June 18
July
July
July
July
National Lead, new, initial (quar.)
Preferred B (quarterly)
National Power
15
3
June
3
June
July
July
June 15
June 15
June 30
June 13
June 13
June 29
July
July
July
July
July
Aug.
Aug.
July
June
1
June 15
June 15
June 10
July
July
June
...
June 30
June
June
15
15
June 20
June
29
June 20a
June 12
July
June 22
June 15
July
June
June 10
Sept.
*.ug.
July
July
July
July
July
July
July
July
■Vug.
July
July
Aug. 31
July 31
North American Rayon Corp., class A & B
Preferred (quar.)
...
Northern Central Rwy. (semi-ann.)
Northern Indiana Pub. Serv., 7% pref.
6% preferred (quar.)
5 Hi % preferred (quar.)
Northern New York Utilities, pref. (quar.)
Northern Ontario Power Co. (quarterly).
6% preferred (quarterly)
Northern Pipe Line
Northern RR Co of N. J., 4% gtd. (quar.)
4% guaranteed (quarterly)
Northern Securities Co
July
Sept
Dec
July
June 15
15
July
Sept.
$634 series I conv. preferred (quar.).
Dec.
July
July
July
Northwestern Telegraph
(semi-annually)..
Novadel-Agene Corp., common (quar.)—
(quar.)
7% 1st preferred (quar.).
2d preferred (quar.)
Ogilvie Flour Mills Co. (quar.)
1
July
10
25 June 30
25 June 30
1 June 12
1
1
Aug. 22
Nov
21
10 June 26
.....
Co., $5 preferred (quarterly).
$6 preferred (quarterly)
$6.60 preferred (quarterly)
$7 preferred (quarterly)...
....
$7.20 preferred (quarterly)
Ohio Edison
Ohio & Mississippi Telegraph Co.....
Ohio Public Service Co., 7% pref. (monthly)..
6% preferred (monthly)..
5% preferred (monthly)—
pref
Old Colony Insurance (quar.)
Old Colony Trust Assoc. (quar.).
Omnibus Corp., preferred (quarterly).
Ontario Loan & Debenture Co. (quar.).
Ontario Mfg. (quar.)
Otis Elevator (quar.)
—
Ohio Service Holding Corp.,
Preferred
Paauhau Sugar Plantation (monthly).
Pacific & Atlantic Tlegraph Co. (s.-a.)
(quar.)..
-
Pacific Finance Corp. of Calif. (Del.) (quar.)...
Preferred A (quar.)....
—
Preferred O (quar.)
——
Preferred D (quar.)
(quar^fc
Pacific Indemnity Co
j
Aug. 15
,!i
Nov. 15
2 June 15
1 June 15
1 June
16
15
lune 3(
(quarterly)
Ottawa Light, Heat & Power Co., Ltd.
Preferred (quar.)——.....—
Ottawa Traction Co., Ltd. (quar.).
Pacific Gas & Electric
June 20
2 June 20
July
July 25 June 30
July 15 June 30
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 10
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 20
July
1 June 15
July
1 June 15
July
2 June 15
July
—
Ohio Brass Co., A&B (quarterly)
Preferred (quarterly)
...
(quar.)
Extra
pref
...
Pressed Metals of America
Properties (A. P. W.), Inc., class B
Providence <& Worcester RR. (quarterly)
Prudential Investors, $6 preferred (quar.)_
Publication Corp., original pref. (quarterly)
June 30 June 15
June 30 Tune 15
...
—
Procter & Gamble Co.. 8% preferred (quar.)
June 30 June
Nunn Bush Shoe Co.
Crow Gold Mines
Pie Bakeries, Inc
1 June 22
1 June 22
15 June 30
14 June 30
14 June 30
14 June 30
June 20
July 15 June 26
July 15 June 26
2 June 15
July
2 June 15
July
2 June 15
July
6 June 30
July
1 June 15
July
1 June 15
July
1 July 15
Aug.
1 July 15
Aug
1 July 15
Aug.
July 15 June 30
1 June 15
July
20
8
15
20
17
25
10
20
15
1
1
1
,»_
6% preferred (monthly)
$5 cum. pref. (quar.)
$5 preferred (quar.)
Public Service Electric & Gas Co. 7% pref.
$5 cum. pref. (quar.)
Public Service of Northern Illinois (quar.)
...
—
7% preferred (quarterly)
....
Public Service Co. of Texas, 7% preferred.
Puget Sound Power & Light, prior pref.
Pure Oil Co., preferred, 5)4% (quar.).
6% preferred (quarterly)
8% preferred (quarterly)...
Quaker Oats (quar.)
Preferred (quar.)—
Queens Borough Gas & El. Co. 6% preferred
Radio Corp. or Amer., $3Hi cumul. conv. 1st pf.
Railway Equipment & Realty, new 1st pref. (qu.)
Randall Co. class A (quar.)
13
5c
15c
$154
75c
r20c
15c
31
75c
Oct.
l.Sept. 15
$154
$154
$154
$154
$154
July
ljJune 10
Oct.
Sept. 10
Jan2'37 Dec.
July
Oct.
lO
7 June 10
6 Sept. 10
$154
Jan 5*37 Dec.
$1)4
Aug.
July
1 June 26
1 June 10
Sept.
1 Aug. 20
1 Nov. 20
1 Juen 15
50c
Dec.
July
June 30 June
July
July
July
July
July
July
July
July
July
July
July
Oct.
July
July
July
July
July
10
12
1 June 15
1 June 18
2 June 15
1 June 15
15 June 30
15 June 30
1 June 15
15 June 12
15 June 12
1 June 15
15 June 25
1 Mar. 31
3 June 10
15 June 30
1 June
20
1 June 20
1 June 15
1 June 15
June 30 June
15
1
Sept. 30 Sept.
1
1 June
June 30 June
1
Sept. 30 Sept.
1
June 30 June
I
K
S.
Sept. 30 Sept.
June 30 June/
a/l
—
July 31 July
Aug. 31 Aug.
Sept. 30 Sept.
1
1
Sept. 30 Sept.
1
1
1
June 30 June
1
June 30 June
(qu.)
6% preferred (quarterly)
Mines"
1 June 15
1 June 10
June 30 June 16
July
1 June 20
1 June 20
July
1 June 20
July
2 May 30
July
1 June 15
July
Jan 10'87 Dec.
July
July
June 30 June
Public Service Co. of Oklahoma, 7% prior llen.
Olciss
15
lO Sept 30
July
Public Service Co. of Colorado, 7% pref. (mo.).
6 % preferred (monthly)
5% preferred (monthly).
Public Service Corp. of N. J. common (quar.)—
Quarterly
8% cum. pref. (quar.)
8% cumulative preferred (quar.).
7% cum. pref. (quar.)
7% preferred (quar.)
6% cum. pref. (monthly)
6% preferred (monthly).
6% preferred (monthly)
Rand
30
Oct.
July
Public National Bank & Trust (quar.)
6% prior lien (quarterly)
10
12a
50c
75c
........
1 June
Northland Greyhound Lines, Inc.—
North Oklahoma Gas Co., 6% pref. (quar.)
6% preferred (quar.)
Northstar Oil Co., 7% preferred
(quarterly)
(quarterly)
6% non-cum. partic. preferred
Pratt & Lambert (quar.)
Premier Gold Mining (quarterly)....
Norfolk & Western Ry. (quar.)..
(quar.)...
Preferred
Phoenix Insurance (quar.)
Phoenix Securities Corp., pref. (quar.)..
Porto Rico Power Co., preferred (quar.)
Pbwdrell & Alexander, preferred (quarterly)—
Noblitt-Sparks Industries (quar.).
75c
50c
50c
Power Corp. of Canada Ltd., 6% cum.
Noranda Mines
Adjustable preferred
Preferred
Oct
9
31
31
June 20
$1)4
$1)4
___
July
July
Il|
—
Pond Creek Pocanontas Co.
June 12
55c
June 17
June 20
July
June 15
July
1 June 20
July
1 July 20
Aug.
Sept. 1 Aug. 20
Sept, 1 Aug. 20
1 June 15
July
1 June 15
July
1 June 15
July
July 15 June 30
July 15 June 30
1 June 15
July
1 June 15
July
1 June 15
July
June 30 June 20
6ii1i
June 22
June 15
55c
55c
—
June 22
10
June 15
Nov.
North American Co., common
Preferred (quar.)
...
7% preferred (quar.)
2d preferred (quar.)
Pioneer Gold Mines of British Col. (quar.)..
Pioneer Mill Co. (monthly)..
Pittsburgh Bessemer & Lake Erie (semi-ann.)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
Quarterly
7 % preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Pittsburgh & Lake Erie RR. (semi-ann.)
Pittsburgh Plate Glass (quarterly)
Pittsburgh Youngs town & Ashtabula Ry. Co.—
7% preferred (quarterly)
7% preferred (quarterly)............,
Plymouth Fund, special
Plymouth Oil (resumed)
Ponce Electric Co., 7% preferred (quar.)
July
5
June 20
June 10
—
Pickle
June 30
June 15
luly
July
July
July
July
July
Aug.
Preferred (quarterly)
Niles-Bement-Pond Co. (resumed).
Nineteen Hundred Corp., class A (quar.)
Class A (quar.).
4
$154
$1%
121i
May 29
May 29
July
July
July
July
July
July
July
July
July
(quarterly)
16
16
5
Feb.
July
July
$1
;
5
Nov.
Pennsylvania Valley Crude Oil, class A
Pennsylvania Water & Power Co., common—Preferred (quarterly)
Peoples Collateral Corp., 8% pref. (semi-ann.)_
7% preferred (semi-annually)
$i« June 30 June
June
25c July
Peoples Drug Stores (quar.)..
June
July
Peoples Natural Gas, 5% preferred (quar.)
June
Peoria Water Works, 7% preferred (quar.)
July
June
Perfect Circle (quarterly)
50c July
Sept.
$1*4 Oct.
Peterborough RR. Co. (send-annually)
—
June
Pet Milk (quarterly)...
25c July
2 June
Pfieffer Brewing Co. (quar.)
30c July
$1)4 June 30 June
Philadelphia Baltimore & Washington
20c July 25 July
Philadelphia Co. common (quar.)
1-June
$6 cumulative preferred (quarterly)
$1)4 July
1 June
$1U July
$5 cumulative preferred (quarterly)
1 June
50c July
Phila. Electric Power, 8% cum. pref
Sept. 1 Aug.
$1)4
Philadelphia Suburban Water Co.. pref. (quar.).
$2H July 10 June
Philadelphia & Trenton (quarterly)
1 June
Phillips Packing Co., Inc., 5)4% pref. (quar.)— $1.31)4 July
50c
Phoenix Finance Corp., 8% pref. (qu.).—.
July lO June
June 10
June 15
June
July
July
July
July
July
Niagara Alkali Corp., 7% pref. (quar.)„
Niagara Share Corp., B.
Preferred (quarterly).
Niagara Wire Weaving Co. (quarterly).
17
—
_
15
Aug,
Feb.
...
June
June
(quar.)..
....
(quar.)
Co., common, (quar.)
Pennsylvania Salt Mfg. (quar.)
lune 30 June
National Dairy Products (quar.)
Preferred A & B (quar.)
National Enameling & Stamping Co.
National Fire Insurance Co. (quarterly)
National Fuel Gas Co
1
15
Aug
June 22
Nov.
(quar.)
Extra
15
June 10
June 19
Sept
—
June 15
15 Sept. 11
Aug. 31 Aug. 14
1 June 15
July
1 June 12
July
1 June 12
July
July 15 June 30
June
0a
July
July
Aug.
—
June 15
Jun* 17
June 30
15
30
June'
June
$6.60 preferred (monthly)
-----$6 preferred (quarterly).
...
Pennsylvania Power & Light, $5 pref. (quar.)—
$6 preferred (quarterly)
—
$7 preferred (quarterly)-.-
June 15
June 19a
Oct.
National Can Co., Inc., common (quar.)
National Candy Co. (quar.)
First and second preferred (quar.).
National Cash Register Co
National Casket Co., preferred (quar.).
2d
18
June 24
July
July
July
July
July
July
July
....
National Gypsum,
June 25
Parke Davis & Co
Parker Pen (quar )
;
:
Pathe Film Corp., $7 conv. pref. (quar.)
Peninsular Telegraph Co_
20
June
June
June 15
June
July
June 12
June 30
June
July
—
June
i..
15
June 20
July
July
July
—
(quar.)
Page-Hershey Tube. Ltd. (quarterly)
Panama Power & Light, 7% pref. (quar.)
Paraffine Cos. (quarterly)
June 15a
preferred—
June
June
—
_
July
July
Mount Yernon-Woodby Mills, 7%
Holders
June 15
June 30
July
July
July
Pacific Lighting, $6 preferred (quarterly)
Pacific Southern Investment, Inc., S3 pref.
Pacific Telephone & Telegraph (quar.)
When
Payable of Record
1
1 July 15
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 June 20
July
1 June 20
July
1
July
July 15 June 20
1 June 10
July
1 June 10
July
1 June 10
July
1
July 15 July
Aug. 31 Aug.
1
1 June 15
July
1 June
8a
July
1
1 June
July
1 July 25
Aug.
Aug.
July 25
(interim)
Sept"
Rapid Electrotype (quarterly)
Sept.
1
Dec.
Quarterly
Rath Packing (quarterly)
Ray-O-Vac, 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.).
..
Dec.
July
July
July
July
July
June 20
June
June
1
20
June 18
June 27
June 15
(quarterly).
Extra
Reliance Mfg. of 111. (quar.)..
Extra
Preferred (quar.)..
June
19
June
Reese Button Hole Machine
June
19
July
July
Aug.
Aug.
July
June 15
June 15
July 21
Uuly 21
l'June 20
4288
Financial
Per
Name of Company
Share
Reliable Fire Insurance (Ohio) (quarterly)
Reliable Stores, first preferred
90c
h$5X
Remington-Rand
Resumed (quarterly)
6% preferred (quarterly!
$1H
5% preferred (quarterly)
31 He
Reno Gold Minds (quarterly)
3c
Rensselaer & Saratoga RR. (semi-ann.)
$4
Republic Investors Fund, Inc
lHc
Republic Steel, 6% prior preferred (quar.)
$1H
Reynolds Metals Co., 5H% preferred (quar.)__.
SIX
Reynolds (R. J.) Tobacco Co., (quar.)—,1.—
75c
Class B (quarterly)
75c
el 00%
Reynolds Spring
Quarterly
25c
Rice Stix Dry Goods, 1st & 2nd pref. (quar.)
$1H
Rich's, Inc., 6H% preferred (quar.)
$1H
Richman Bros. Co. (quar.)
75c
Richmond Fredericksburg & Potomac RR.—
Common voting and non-voting (s.-a.)
iL
$2
Dividend obligation (semi-annual)
$2
River Raisin Paper (resumed)
10c
Riverside Silk Mills, $2 class A__
50c
Rochester & Genesee Valley RR. (s.-a.).j
$3
Rochester Telp., pref. (quar.)
5% 2d pref. (quar.)
$1H
Root Petroleum, $1.20 preferred (quar.)
30c
Roser & Pendleton, Inc. (quarterly)
15c
e\h
—
—
—
July
July
July
July
July
July
July
July
July
July
July
July
July
1 June 26
15 July 15
1 June 10
1 June 10
1 June 10
1 June
10
2 June
10
1 June
15
1 June
15
1 June
12
15
1 June
15
June 30 June
15
July
July
4 June 23
July
10 June 24
July
July
July
2 June
June
15
1 June
19
July
1 June
19
1
12
1 June 20
1 June 20
June 30 June
30c
Extra
Ruberoid Co..
common
(.quarterly)
Sabin Robbins
Paper Co., preferred (quar.)
Safety Car Heating & Lighting
Safeway Su.res, Inc. (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
...
St. Louis Bridge Co., 6% lstpf. (s.-a.)--St
3% 2nd preferred (semi-ann.)
St. Louis, Rocky Mt. & Pacific Co
$1
50c
$1H
SIX
$3
SIX
25c
Preferred
SIX
SIX
SIX
Preferred
Preferred-.
.
Salt Creek Producers Assoc., Inc. (s.-a.)
San Francisco Remedial Loan Assoc. (quar.)
Quarterly
Quarterly
...
SIX
(quarterly)
Debenture D
(quarterly)
Schenly Distillers Corp. (initial)
Preferrrd
75c
(quarterly)
SIX
Scranton Lace Co
15
July
July
July
July
July
1 June 20
July
July
1 June
1 June
15
18
1 June
18
1 June
18
1 June
June
15
15
June 30 June
15
June 30
Sept. 30
Dbc. 31
Dec.
July
July
July
July
July
July
July
July
31 Dec.
1 June
15
1 June
15
1 June
15
8 June 27
1 June 16
25c
July
July
25c
15
1 June 22
1 June 22
1 June 15
June 30 June
50c
45c
15
1 June 20
1 June 20
June 30 June
16
1 June
15
July
$1
June 30 June 20
20c
June 30 June 20
13 He
.
Preferred (quar.)
Seaboard Commercial Corp., class A (quar.)
June 30 June 20
June 30 June 15
June 30 June
New5^% preferred initial (quarterly)
Seaboard Finance Corp., $2 pref. (quar.)
Seeman Bros., Inc., common (quar.)
50c
62 y2c
Servel, Inc., 7% cum preferred (quar.)
cum. preferred
(quar.).
cum. preferred (quar
Scranton Electric Co., $6 prefj>
Selected Industries, Inc.,
$5Hdiv.jiprior stock.
Sharon Steel, $5 conv. pref. (initial)
Shawmut Assoc. (quarterly)
i
Sheaffer (W. A.) Pen Co., $8 pref. (quar.)..
Shell Union Oil, convertible preferred
Sherwin-Williams, Ltd., pref
Silver King Coalition Mines (quar.)
Singer Manufacturing Co. (quarterly)
flH
SIX
$1H
_
Extra
Skelly Oil Co., 6% preferred (quar.)
(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.)..
Preferred series C (quar.)
Southern California Gas, 6% pref. A (quar.)
6% preferred (quarterly)
Southern Canada Power Co., Ltd—
6% cumul. par tic. preferred (quarterly)
Southern Counties Gas, 6% pref. (quar.)
S. M. A. Corp.
$1.43
10c
$2
hUK
10c
$1H
$2H
$1H
1 July 15
1 June 20
Oct.
1
Sept. 19
July
July
July
1 June
10
2 June 15
1 June 16
Extra
South Porto Rico Sugar (quar.)
Preferred (quar.)
1
1 Aug.
1
1 Nov.
1
1 June 26
July
July
July
July
July
1 June 22
South West Penn Pipe Line
Spang Chalfant Co., 6% preferred
Spencer Kellogg & 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)
CIjiss 33
Staley (A.'E.')"Mfg"^"CoIIIIIIIZIIIIIIIIIZIIII
7% preferred (semi-annual)..
Standard Brands, Inc..
common
$10
1 June
10
Coosa-Thatcher,
7% pref. (quart.)..
Standard National Corp., preferred
(quar.)
Standard Oil Export Corp.. preferred
Standard Oil of Ohio preferred (quar.)
Standard Wholesale Phosphate & Acid Works.
15 June 20
15 June 20
15 June 30
15 June 30
15 June 30
New $5 preferred
Steel Co. of Canada
1 June 22
1
June 22
15 June 30
June 30 June
15
June 30 June
15
1 June
1 June
12
July
July
July
July
July
July
July
12
1 June 20
1 June
1 June
15
15
15
15
Aug.
July
1 July
15
1 June
15
$^c
June 30 June 20
12Hc
June 30 June 20
1 June
July
1 June
July
1 June
July
1 June
July
1 July
Aug.
1 July
Aug.
July 15 July
1 June
July
22
June 30 June
9
July
20
20
8
8
3
3
15
15 June 30
30c
June 30 June
16
June 30 June
18
'2 5c
(initial)
(quar.)
Stetson (J. B.) 8% cumul. preferred
Stix, Baer & Fuller Co., 7% pref. (quar.)
Storkline Furniture Corp. (initial)
Straw bridge & Clothier preferredStroock
(S.) & Co., Inc
Sunray Oil Corp., 6% preferred
Sunset McKee, Salesbook, class B
(quar.)
Sunshine Mining (quarterly)
June 30 June 20
41 2-3c June 30 June 20
43 He
1 July
Aug.
7
43 Me Aug.
1 July
7
(quarterly)
Preferred (quarterly)
:
Stein {A.) & Go., preferred
'quarterly)
Sterchi Bros. Stores, preferred
1 June 22
£5c
_
Starrett (L. S.) (quarterly)
Stearns (Frederick) (resumed)
SIX
..
75c
$2
43 He
12Hc
75c
•
•"I
_
...
—
Underwood Elliott Fisher
Preferred (quar.)
75c
10
2 June 10
10
SIX
June
15
June
15
June
15
June
15
June
15
June
15
June
June
10
5
June
15
June
June
18
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June 25
June
July
10
June 20
June 20
June
June
June
16
15
15
June
15
2 June
13
1 June
19
June 15
June
15
June
15
June
15
12
1 June
June
15
June
10
June 30
11 June 15
June 30'June
13
6 June 30
July
June
July
July
June 20
Oct.
Jan.
15
June 20
1 Sept. 19
19
4 Dec.
June 30 June
12a
June 30 June 12a
Unilever, Ltd., ordinary (final)
Unilever (N. V.) ordinary (final)
2%
Union American
50c
July
60c
July
8d.
Investing
I June 23
II June
5
SIX
Union Investment Co.
Extra.
(quarterly)
......
...—
7.6% preferred (quarterly)
Union Pacific
July
l'Jime
July
July
July
July
July
6% preferred
7% preferred
llJune 15
15
l'June 25
I June 25
II June 25
l.June
1
July
1
June
15
June 30 June 20
July
15 July
June 30 June
July
July
1
15
1 June 20
1 June
15
50c
$3
25c
June 30 June
19
15 June
4
50c
June 30 June
15
July
July
.
Preferred
(quar.)
June 27 June 20
June 27 June 20
...
(quar.)
United Biscuit Co. of Amer., pref. (quar.)
United Carbon 'quarterly)
Aug.
July
July
July
United Corp., $3 cum. pref. (quar.)
United Dyewood, preferred
Preferred (quarterly)
(quarterly)
~
—
6.36% preferred (monthly)...
6% preferred (monthly)
United Loan Industrial Bank (Brooklyn, N. Y.)
Quarterly
Extra
United New Jersey RR. & Canal (quar.)
United Securities, Ltd. (quar.)
SIX'
$1
$2H
50c
Shirt
Distributors, preferred (quarterly)
United Shoe Machinery Corp., common
Preferred
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.)
87 He
62 He
37 He
15c
SIX
$2H
$1H
50c
United States Industrial Alcohol Co
United States Pipe & Foundry Co. common (qu.)
Common (quar.)
Common (quar.)
25c
37 He
37 He
37 He
25c
(quarterly)
25c
United States Tobacco Co., common
Preferred (quar.)
United States Trust Co. (quar.)
SIX
SIX
$15
Extra
$10
25c
75c
United Verde Extension Mining Co. (quar.)
Universal Leaf Tobacco Co., Inc. (quar.)
Common (extra)
Preferred (quar.)
Universal Products
SIX
2%
Upper Michigan Power & Light Co.—
6% preferred (quar.)
6% preferred (quar.)..
6% preferred (quar.)..
Upressit Metal Cap Corp., 8% preferred-.,
$1H
$1H
SIX
25c
$2
65c
Light, $6 preferred
50c
58 l-3c
$7 preferred.
Valley RR. of New York (semi-ann.)
Van de Kamp's Holland Dutch Bakers
$2H
12Hc
Extra
'8 ft
$6H cumul. preferred (quartery)
Vapor Car Heating Co., preferred (quarterly)
^referred (quarterly)
Ventures. Ltd., Initial
Vlchek
15
Tool
15
15 June 18
15 June 30
1 June 15
June 30 May 29
June 30 May 29
July
1 June 20
July
1 June 15
July
1 June 15
July
1 June 15
Preferred (quarterly)...
Utah Copper
Utah Power &
1 June
1 June
July
July
July
-
United Gas Public Service, $6 preferred
United Light & Rys. 7% preferred (monthly)
United States Playing Card
Extra
15
ifJune 15
11
1 Sept. 11
Janl'37 Dec. 11
Preferred (quarterly)
United
1 .July
Oct.
United Fruit Co
June 30 June
SIX
12$
58$l-3c
United Gas & Electric Co. 5%
pref. (s.-a.)_._
United Gas & Elec. Corp. pref. (quar.)
United Gas Improvement Co., (quar.)
June 30 June
iSIX
$2H
SIX
—
10
40c
20c
iiE
15
12Hc
SIX
60c
2 June
1
15
15
$1«
Extra
July
July
Aug.
15
July
July
July
July
July
July
June
July
July
1 June
16
$3H
1 June
July
1 June
1 June
$2
2 June 20
July
SIX
1 June
1 June
7i$2H
20c
(quar.)
$7 cumul. preferred series A (quarterly)
Standard Cap & Seal Corp. (quar.)
Standard
SIX
SIX
$1,125
1
1
1 June
5% preferred (quarterly)
SIX
$1H
6% preferred (quarterly)
7% preferred (quarterly)
7.2% preferred (quarterly)
50c
6% preferred (monthly)
60c
7.2% preferred (monthly)
Texaon Oil & Land (quarterly)
15c
Texas Corp. (quar.)
25c
Thatcher Mfg. (quarterly)
25c
Third Twin Bell Syndicate (bi-monthly)
10c
30c
Thompson Products (resumed)
Tide Water Assoc. Oil, 6% pref. (quar.)
$1H
Tilo Roofing Co
Cum. conv. pref. A
Tip-Top Tailors, 7% preferred (quarterly)
Toledo Edison Co., 7% pref. (quar.)
50c
6% preferred (monthly)
41 2-3 c
5% preferred (monthly)
Toronto Mortgage Co. (Ontario) (quarterly)...
Torrington Co. (quar.)
Traders Finance Corp., 7% pref. B (quar.)
SIX
6% preferred A (quarterly)
SIX
Transue & Williams Steel Forging
15c
Travelers Insurance Co. (quar.)
$4
Trico Products Corp. (quarterly)
62 He
Tri-Continental, 6% cum. pref. (quar.)
$1H
Tubize-Chatillon, preferred (quar.)
Tuckett Tobacco Co. preferred (quar.)
Tunnell RR. of St. Louis (semi-ann.)
Twentieth Century-Fox Film Corp.—
Preferred
37 He
(quarterly)
Twin Bell Oil Syndicate (monthly)
$2
Twin State Gas & Electric, 7% prior preferred.
$1X
208 S. La Salle Street Bldg. Corp. (Chicago)...
50c
Extra.
:
$1H
50c
Quarterly
50c
Quarterly
Union Twist Drill Co.
July
1 June 20
15 June 20
$2
Southwestern Bell Telep., 7% preferred
(quar.).
Southwestern Gas & Electric Co., 7% pref
Southwestern Light & Power, $6 prer
June 30 May 23
June 30 June 10
rlOc
Telluride Power Co.. 7% pref. (quar.)
Tennessee Electric Power Co.—
10
1
July
July
50c
15
15
1 June
1 July 15
1 June 20
June 30 June
1X%
;
1
1 June
Union Tobacco, class A (liquidating)
Common
(liquidating)
1H%
S1H
1H%
1.65%
3%
S1H
37 He
22 He
1 June
July
July
July
July
10
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)
18
June 30 June 18
June 29 June 22
25c
15c
27 He
June 30 June
37 He
34 He
37 He
2 June 30
1 June 13
Aug.
Sept.
July
July
r5c
Telautograph Corp. (quar.)
Telephone Investment Corp
3
1 June 23
2 June 12
2 June 30
Union Electric Light & Power Co., Mo.—
July
July
July
July
July
July
July
July
July
$ih
$3
5c
25c
SIX
SIX
68 He
SIX
Bonus
July
July
19
2
1 June
1 June 15
1 June 26
July
1 June 11
July
July 20 June 30
Nov.
SI 3*
37 He
5c
5c
Union Carbide & Carbon Corp
Union Electric Light & Power Co. of Illinois—
$1
15c
25c
Jan 2 '37 Dec.
$1
$1H
20
Aug.
July
Aug.
July
Aug.
20c
/i87Hc
—
May 29a
10c
*
...
....
Jiine 30
Sy,
Savannah Electric Power, deb. A (quarterly).
DebentureB (quarterly)
Schoellkopf, Hutton & Pomeroy
Schwartz (Bernard)
Preferred (quarterly)
;
Scott Paper Co. (quarterly)
Scovill Mfg. (quarterly)
1 June 20
1 June 20
Jime 30 June 15
Sept. 30 Sept. 15
75c
50c
i
Sangamo Electric Co. (quarterly)
Preferred (quarterly)
Debenture C
20
75c
75c
I
1 June
40c
—
5c
6% pref
-—
June 30 June 20
June 30 June 20
June 30 June
75c
Sylvanite Gold Mines (quar.)..1
Tacony-Palmyra Bridge, class A & B (quar.)..
7H% preferred (quarterly)
7H% preferred
Talcott (James) 5H% preferred (quar.)
Tamblyn (G.) Ltd. (quar.).
Taylor Milling (quarterly)
Teck-Hughes Gold Mines..
18
15
25c
Ross Gear & Tool (quarterly)
25c
50c
—
1 June
June 29 June
June 29 June
15 July
July
July
July
July
July
July
12Hc
27Hc
HS\X
Extra
Swan & Finch Oil Corp.
Swift & Co. (quarterly)
Holders
When
Payable of Record
50c
Superheater Co. (quar.)
Superior Portland Cement pref. A
Supersilk Hosiery Mills, 7% preferred
Supertest Petroleum (semi-ann.)
Preferred (semi-ann.)
Sussex RR. (semi-annual)
Sutherland Paper (quar.)
Swiss Oil (quar.)
Extra.
July
July
July
July
10c
Per
Share
Name of Company
1 June 20
1 June 18
30c
Extra
June 27,
Holders
Payable of Record
July
___
■■
When
Chronicle
Co
Preferred (quar.).
Virginia Public Service Co., 7% preferred
1
SIX
six
2Hc
10c
SIX
SIX
July
1
July
1
July 10
July 15
July
1
July
6
July
6
July
July
July
July
July
July
July
July 20
June 22
June 22
June 20
June 26
June
June
15
June
16
16
June
15
June
15
June 20
June 20
June
15
June
15
June
15a
June 30
Oct.
20 Sept. 30
Dec. 21 Nov. 30
June 20
July
July
July
July
July
July
Aug.
Aug.
Aug.
July
June 20
June
15
July
3a
19
June
June
1
1
1
1
19
June
15
July
July
21
21
June 25
June 30 June 19
Aug.
July
26
Nov.
Oct.
26
Feb 1'
Jan.
26
July
June
15
June
May 29
July
July
July
July
July
July
Sept.
June
1
June
1
12
June
June
10
June
10
June
10
Sept.
1
Dec.
Dec.
1
July
June
15
June
June 22
June 30 June 22
1 June 10
July
Volume
Financial
142
<
Virginian Ry
6% preferred (quarterly)
Vulcan Detinning, preferred (quarterly)
Preferred (quar.)
Waldorf System, Inc., common
Walgreen, 6X% pref. (quar.)
Waltham Watch Co., class A (resumed)
Prior preferred
Prior preferred (quar.)
6% preferred
J
6% preferred
Ward Baking Corp., preferred
Ware River RR., guaranteed (semi-ann.)
Share
tlx
tlx
tlx
_
;
$6
75c
$3X
15c
Extra
_
—
—
—
—
m
37 Xc
SIX
SIX
25c
10c
30c
tlX
SIX
SIX
20c
50c
tlX
SIX
SIX
SI
$2
75c
West Texas Utilities, $6 preferred
Westvaco Chlorine Products, pref. (quar.)
West Virginia Pulp & Paper Co. (quar.)
SIX
Weyenberg Shoe Mfg., 7% preferred
25c
June
10
35c
June
June
15
10c
June
June 19
10c
July
July
July
July
June 10
9
1 Sept.
Oct.
July
1 June
20
July
July
July
July
July
1 June
1 June
20
Wrigley (Wm.) Jr. (monthly)
25c
15
Yale & Towne Mfg. Co. (quar.)
15c
Quarterly
Young (J. S.) & Co. (quar.)
Preferred (quar.)
Young (L. A.) Spring & Wire (quar.)
Youngstown Sheet & Tube, preferred-Zellers, Ltd., 6% preferred
July 15 Junp
June 30 June
June 30 June
June 30 June
15
50c
$15*
35c
tlX
Six
SIX
25c
75c
$ 2
..
15c
15
July
July
July
July
July
reannounced
,
1 June 20
1 June 16
17
July
1 July
3
3
1
1 June
—
15
1 June
July
July
July
July
July
12
1 June
1 June
1 June 17
June 15
1 June
12
1 June 20
1 June
22
1 June 22
1 June 13
1 June 26
1 June
15
1 June 23
NEW
OF THE
YORK
CLEARING
Payable In stock.
«
/ Payable in common stock,
g Payable in scrip,
) Payable in preferred stock.
*
common
1936
Net Demand
Average
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
Chemical Bk.&Tr. Co-
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. & Tr.
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co
—
Continental Bk. & Tr. Co
Chase National Bank—
Fifth Avenue Bank
Bankers Trhst Co
Title Guar. & Trust Co.
_
Marine Midland Tr. Co.
67,625,800 Cl,803,992,000
3,435,200
46,825,000
d861,961,000
68,456,900'
15,459,000
5,249,700
85,292,000
8,067,800
318,841,000
22,242,300
73,777,000
7,907,000
Com'l Nat. Bk. &Tr.Co.
Public N. B. & Tr. Co..
As per
10,806,000
85,817,000
12,936,000
21,941,000
3,543,000
422,000
46~,6bi"666
80,174,000
743,339,100
9.734,892,000
17, 1936 June 26,1935
$
$
and due from
2,989,080,000 3,011,866,000 2,377,085,000
1,107,000
1,479,000
1,605,000
71,146,000
72,715,000
74,096,000
Redemption fund—F. R. notes
Other cash t
Total reserves—
June
3,064,655,000 3,086,186,000 2,449,338,000
-
Bills discounted:
U.
Secured by
S.
Govt, obligations,
4,299,000
3,785,000
1,093,000
7,370,000
6,718,000
7,360,000
Industrial advances—
530,736,000
2,480,000
1,095,000
market.
2,618,000
1,681,000
3,603,000
Total bills discounted.
Bills bought In open
1,305,000
2,121,000
1,482,000
direct and (or) fully guaranteed
Other bills discounted.
•
'
'
1,797.000
i
United States Government securities:
82,132,000
466,186,000
181,065,000
Treasury bills
i Total U. S. Government securities..
82,132,000
106,394,000
466,186,000
181,065,000
464,125,000
729,383,000
729,383,000
744,318,000
741,441,000
Bonds
Treasury notes
742,145,000
756,618,000
173,799,000
official reports: National, March 4, 1936; State, March 27, 1936; trust
of
"Times" publishes regularly each week
number of banks and trust companies which
a
members of the New York
following
are
Other securities.
Foreign loans on
gold
Total bills and securities.
The New York
not
24, 1936
$
United States Treasury _x
1,809,000
000; d $31,692,000.
are
June
Assets—
42,527,000
companies, March 27, 1936.
Includes deposits in foreign branches: a $238,627,000; 6 $77,067,000; c $82,552,-
returns
date last year:
37,899,000
8,176,200
612,480,000
Total
5,646,000
33,369.000
157,211,000
459,000
3,023,000
22,425,000
1,231,000
43,071,000
12,500,000
7,000,000
5,775,000
New York Trust Co
*
143,420,000
10,929,400
437,307,000
25,431,700
40,707,000 al,434,465,000
462,030,000
51,725,400
177,277,300 61,372,004,000
475,398,000
12,788,600
757,398,000
62,597,400
247,946.000
16,109,900
91,781,400
541,658,000
522,138,000
59,017,400
54,807,000
3,812,700
20,000,000{
127,500,000
Bank
comparison with the previous week and the corresponding
in
Gold certificates on hand
6,000,000
Bank of N. Y. & Tr. Co.
York
shows the condition of the Federal Reserve
New York at the close of business June 24 1936,
The following
Deposits,
Average
and
$
National City
each share of its own stock.
on
Time
Deposits,
Members
Bank of Manhattan Co_.
B stock
Handley-Paga, distribution of one new ordinary share for every two
preferred shares held.
r Payable in Canadian funds, and in the case of non-residents of Canada
a reduction of a tax of 5% of the amount of such dividend will be made.
t Payable in special preferred stock.
u Payable in U. S. funds,
w Less depositary expenses
x Less tax.
y A deduction has been made for expenses
t Per 100 shares.
o
Bank of
Undivided
Surplus
Capital
Cigar Co. stock div. of l-40th sh. of Amer. Tobacco Co.
/American
New
Profits
*
h On account of accu¬
mulated dividends.
Condition of the Federal Reserve Bank of
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JUNE 20,
Clearing House
by mistake.
Co., $6 pref., previously reported in the April 4
as
d A regular quarterly dividend on the convertible preference stock,
optional series of 1929, of Commercial Investment Trust Corp. has been
payable in common stock at the rate of 3-104ths of 1 share of com¬
mon stock per share of convertible preference stock, optional series of 1929,
so held, or, at the option of the holder, in cash at the rate of $1.50 for each
share of convertible pre* rence stock, optional series of 1929, so held.
City
weekly statement issued by the New York
Clearing House is given in full below:
MEMBERS
1 to holders of rec. May 18.
been made:
—
The
OF
have
payable May 29 to holders of rec. Mayl2 was
declared
Weekly Return of the New York City
Clearing House
STATEMENT
17
July 28
6 % preferred
c New England Power Co. & N. E. Power Assoc. dividends announced in
this issue have been corrected.
They were previously announced incorrectly
in the June 6th, 13th and 20th issues.
15
12
June 30 June 20
1 June 26
July
July
July
July
19
June 20
Ludlow Tyopgraph
c
issue
1 June 30
Aug.
Aug.
July
July
July
July
July
The following corrections
Nat. Biscuit Co., pref. div.
15
June 30 June
June
June
Transfer books not closed for this dividend.
c
15 June 30
1 June 20
1 June 30
75c
19
22 96-1000 francs.
Investment Trust Corp., payable June
15
30 June 30
1 June
10
Sept. 10
June
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
1 June 19
1 June
10
June 20
June
Oct.
SI*
*
June
5
July
July
July
July
Aug.
15c
tlX
tix
a
30
20
July
July
July
July
July
5c
Extra
1 June 30
1 June
pref. (s.-a.)._
Woodley Petroleum Co
Wright-Hargreaves Mines, Ltd
15
June 30 June 25
July 15 June 30
tlX
10c
Wheeling Steel, preferred
Whitaker Paper, preferred (quarterly)
White Rock Mineral Springs (quarterly)
First and second preferred (quarterly)
Whitman (Wm.) & Co., 7% pref. (quar.)
Wichita Union Stockyards (semi-ann.)
Wieboldt Stores (quar.)
Preferred (quar.)
Will & Baumer Candle Co., Inc., pref. (quar.)
Williams (R. C.) & Co. (resumed)
Wiser Oil Co. (quarterly)
Wolverine Shoe & Tanning Corp.,
1 June 22
July
Aug. 31 Aug. 15
1 June 15
July
1 June 15
July
$1X
—
—
20
July
July
June
1 June
30 c
_
—
Nov.
10c
Extra
18
50c
..
50c
Wisconsin investment Co. (initial)
20
50 c
(quarterly)
Western Light & Telep. Co. preferred
Western Massachusetts Cos. (quarterly)
Western Pipe & Steel (quarterly)
Western Tablet & Stationery Corp., 7% pref__
West Jersey & Seashore RR. (semi-annually)
Westinghouse Air Brake Corp
Westland Oil Royalty Co.. class A (monthly)-_
Westmoreland, Inc. (quarterly)
Westmoreland Water Co., $6 pref. (quar.)
West New York & Penna. RR. (semi-ann.)
5% preferred (semi-annual)
Weston (Geo.) Co
Weston Electrical Instrument, A (quar.)
West Penn Electric, class A (quar.)
West Penn Power, 6% pref. (quar.)
7% preferred (quar.)
West Point Manufacturing (quarterly)
Nov.
June 20
20
1 June
tlX
tlX
Quarterly.
June 20
1 June
June 30 June
12Xc
37 Xc
50c
July
July
Aug.
Aug.
tix
tlX
Extra
Holders
Payable of Record
50c
— -
Wlnstead Hosiery Co. (quarterly)
10
50c
$1X
Western Electric Co., common
Western Grocers Ltd. (quarterly)
Preferred
17
10
1 June 20
1 June 20
July
July
July
h$33X
tlX
>42.43
Winn & Lovefct Grocery, class A (quarterly).
Preferred (quarterly)
19
1 July
20 July
20 Oct.
July
Waukesha Motors
Extra—
July
Oct.
20c
Wayne Knitting Mills Co., 6% pref. (semi-ann.)
Weeden & Co. (quarterly)
Weinberger Drug Stores, Inc. (quar.)
Welch Grape Juice Co., preferred (quar.)
Wesson Oil & Snowdrift Co., Inc..
1 June
July
Aug.
When
Per
Share
Name of Company
Payable of Record
tlX
$2.24
_
Holders
When
Per
Name of Company
4289
Chronicle
Clearing House.
the figures for the week ended June 19:
The
Gold held abroad
Due from
—
91,000
Bank
premises.—
All other assets
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, JUNE 19, 1936
NATIONAL AND STATE BANKS—AVERAGE
289,000
8,848,000
168,391,000
112,041,000
10,851,000
27,506,000
of other banks.
92,000
2,872,000
134,258,000
foreign banks
Federal Reserve notes
Uncollected items
10,851,000
26,747,000
29,740,000
4,610,000
11,882,000
3,981,674,000 4,043,260,000 3,364,518,000
Total assets.
FIGURES
Liabilities—
Other
Loans,
Disc, and
Investments
$
Manhattan—
Cash,
Including
Bank
Notes
$
Res.
Dep. Other
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
%
$
797,620,000
679,998,000
actual circulation
813,6^8,000
Deposits—Member bank reserve acc't— 2,235,578,000 2,087,820,000 2,163,456,000
679,930,000
45,012,000
499,278,000
U. S. Treasurer—General account...
21,189,000
7,969,000
21,254,000
Foreign bank
F. R. notes In
Dep.,
N. Y. and
$
Grace National
26,429,500
Sterling National
21,770,000
5,029,614
92,700
631,000
228,192
3,776,900
5,389,000
1,264,938
92,917
3,508,000
92,000
1,147,000
679,000
4,868,000
Trade Bank of N. Y.
995,000
TRUST COMPANIES—AVERAGE
FIGURES
Loans
Res. Dep.
Dep. Other
Disc, and
N. Y. and
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
Invest.
Fiduciary
—
Lawyers
United States.
$
$
$
Federation
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities———
Total liabilities
$
*4,563,200
242,570
*1,445,412
*3,105,500
*8,021,800
13,340,874
18,724,493
74,102,728
93,680,000
33,619,987
2,846,000
2,345,985
26,363,000
9,715,570
315,000 115,766,000
40,281,687
$
6,245,600
837,258
4,749,025
3,107,800
1,746,793
63,451,200
525,100
3,119,200
470,600
19,382,800
37,917,300
9,806,922
15,687,932
Kings County
Includes
ciary,
amount with
$1,121,087; Fulton, $2,889,500; Lawyers, $7,284,600.
---------
-
130,401,000
50,920,000
50,825,000
7,744,000
8,849,000
6,360,000
157,840,000
50,864,000
50,825,000
7,744,000
8,849,000
5,705,000
109,869,000
59,389,000
49,964,000
6,190,000
7,500,000
6,837,000
3,<981,674,000 4,043,260,000 3,364,518,000
of
vances
——
82.2%
82.0%
78.4%
9,813,000
10,203,000
8,155,000
t "Other cash" does not Include Federal Reserve notes or a
bank's
own Federal
Reserve bank notes.
x
These are certificates given by the United States Treasury for the gold taken
over
from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
100 cents to
Federal Reserve as follows: Empire, $3,128,400; Fidu¬
—
total reserves to deposit and
F. R. note liabilities combined
Commitments to make Industrial
Brooklyn—
Brooklyn
228,334,000
h
Ratio
59,843,600
8,848,102
11,475,206
19,807,000
29,008,500
71,226,761
Manhattan—
Empire..-
Fulton
Cash
1
174,874,000
2,912,917,000 2,963,813,000 2,444,771,000
Total deposits
Deferred availability items
Brooklyn—
People's National—
*
156,807,000
Other deposits
28,541,100
25,981,000
5,446,950
1,945,200
59.06 cents, these certificates being worth less to the extent of the
difference Itself having been appropriated as profit by the Treasury
difference, the
nder the provisions of the Gold Reserve Act of 1934.
Financial
4290
June 27, 1936
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System
The following is issued
by the Board of Governors of the Federal Reserve System on Thursday afternoon, June
25,
The first table presents the results
for the Syste u 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 rer ources 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
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
Reserve Agents and the Federal Reserve
returns
The comments of the Board of Governors of the Federal Reserve System upon the
banks.
for the latest week appear in our department of "Current Events and Discussions
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 24 1836
COMBINED RESOURCES AND
June
Qold otfs.
on
24,1936 June 17,1936 June 10,1936 June 3,
$
ASSETS
$
-
1936 May 27, 1936 May 20, 1936 May 13, 1936 May 6,
$
$
$
1936 June 26,1935
8
$
$
hand & due from U.S.Treas.x 7,958,042,000 7,938,539,000 7,939,040,000 7,840,037,000 7,824,035,000 7,759,336.000 7,729,834,000 7,703,337,000 6,126,491,000
Other cash *
...
...............
Total reserves......
12,532,000
316,329,000
12.451.000
324,928,000
8,243,250,000 8,227,326,000 8,247,873,000 8,143,993,000 8,147,548.000 8,088,197,000
Redemption fund (F. R. notes).
8,067^213,000
12,364,000
272,844,000
12,518,000
276.269,000
13,261,000
290.695,000
13,261,000
295,572,000
13,062,000
310,451,000
13,377,000
322,087,000
22,583,000
239,614,000
8,038,801,000 6,388,688,000
Bills discounted:
Secured
TJ.
by
Govt, obligations,
guaranteed..
S.
3,985,000
2,204,000
4,177,000
2,362,000
3.244,000
2,159,000
3,611,000
2,240,000
2,646,000
2,182,000
2,436,000
2,313,000
2,292,000
2,489,000
Total bills discounted
6,189,000
6,539,000
5,403,000
5,851,000
4,828,000
4,749,000
4.781,000
4,584,000
7,137,000
3,077,000
29,936,000
3,076,000
30,058,000
3,076,000
30,064 000
3,076,000
30,166,000
4,299,000
30,462,000
4,544,000
30,487,000
4,677,000
29.963,000
4,676,000
30,170,000
4,690,000
direct and (or) fully
Bills bought In open market...
Industrial advances—.......—...
U. S. Government securltles-^Bonds
Treasury notes..—....
Treasury bills
........
..............
27,518,000
316,865,000
265,691,000
265,708,000
265,693,000
315,697,000
265,699,000
315,678,000
265,686,000
265,680,000
1,494,199,000 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 1,510,483,000
602,879,000
616,717,000
615,167,000
620,337,000
618,648,000
616i?17,000
620,357,000
628,337,000
623,337,000
"
.
.
2,097.000
2,487,000
3,591,000
3,546,000
Other bills discounted
Total U. S. Government securities.. 2,430,234,000 2,430,253,000
Other securities
Foreign loans on gold.
2,430,247,000 2,430,244,000 2.430,255,000 2,430,247,000 2,430,259,000 2,430,336,000 2,430,227,000
181,000
181,000
2,469,617,000 2,470,107,000 2,468,971,000 2,469,518,000 2,470,025,000 2,470,208,000
2,469,861,000
181,000
181,000
......
.....
181,000
181,000
181,000
Total bills and securities.
Gold held abroad..
~"~237\666
Due from foreign banks
Federal Reserve notes of other banks....
Uncollected items
.......—
Bank premises.
All other assets...
181,000
....
....
——
2387666
•"""238:666
15,392,000
551,560,000
48,052,000
38,813,000
24,037,000
696,106,000
48,052,000
38,196,000
21,916,000
531,098,000
48,051,000
44,685,000
.
2,469,947,000 2,469,572,000
"""237:656
237:600
"""246:606
"""240:656
"""646:655
"""711:660
20,243,000
613,591,000
19,002,000
518,009,000
48,051,000
41,126,000
20,368,000
574,289.000
48,051,000
40,288,000
22,936,000
595,188.000
48,050.000
39,764,000
19,813,000
519,305,000
48,048,000
38,495,000
16.853,000
468,964,000
49,826,000
42,531,000
48,052,000
42,689,000
11,366,921,000 11,504,062,000 11,362,832,000 11,338.323,000 11,243,998,000 a,241,641,000 fi.243.252,000 a,135,049,000 9,437,145,000
Total assets................
LIABILITIES
3,980,018,000 3,872,984,000 3,785,980,000 3,793,959,000 3,758,973.000 3,760,729,000 3,762,028,000 3,778,880,000 3,197,898,000
F. R. notes in actual circulation
Deposits—Member banks' reserve account 5,307,954,000 4,893,667,000 5,833,391,000 5,713,315,000 5,747,228,000 5,694,009.000 5.611,072,000 5,531,998,000 5,029,492,000
80,301,000
'i
513,104,000
621,759,000
504.733,000
544,183,000
U. S. Treasurer—General account
516,404,000
577,985,000
929,072,000 1,421,457,000
Foreign banks
Other deposits
.....
Total deposits....
549,674,000
130,879,000
145,501,000
26,513,000
34,113,000
11,262,000
...
All other liabilities
Total liabilities
60,378,000
221,584,000
61,675,000
243,947,000
53,607,000
295,406,000
54,493,000
271,122,000
85,482.000
267,384,000
84,226,000
266,517,000
81,851,000
263,437,000
24,101,000
281,499,000
6,488,961,000 6,597,086,000 6,655,417,000 6,567.061,000 6,617,026,000 6,559,979.000 6,539,800,000 6,499,045,000 5,415,393.000
—
Deferred availability items.....
Capital paid in
Surplus (Section 7)..
Surplus (Section 13-B)
Reserve for contingencies
56,258,000
195,677,000
...
...
of total reserves to deposits
F. R. note liabilities combined
686,625,000
130,813,000
145,501,000
26,513,000
34,111,000
10,429,000
529,204,000
130,871,000
145,501,000
26,513,000
34,118,000
55,228,000
594,315,000
130,796,000
145,501,000
26,513,000
34,114,000
46,064,000
522,081,000
130,795,000
145,501,000
26,513,000
34,111,000
8,998,000
574,822.000
130,745,000
145,501.000
26.513,000
695,878,000
130,721.000
145,501 JOOO
26,5131000
34,109,000
9,243.000
34,114,000
8,697,000
511,668,000
130,652,000
145,501,000
26,513,000
34,110.000
8,680,000
467,642,000
146,584,000
144,893,000
20,482,000
30,778,000
13,475,000
11,366,921,000 11,504,062,000 11,362,832,000 11,338,323,000 11,243,998,000 U,241,641,000 a,243,252,000 0,135,049,000 9,437,145,000
and
Ratio
78.7%
Commitments to make industrial advances
78.6%
79.0%
78.6%
78.5%
78.4%
78.3%
78.2%
74.2%
24,452,000
24,679,000
24,798,000
24,878,000
25,095,000
25.297,000
26.014,000
25,842,000
20,579,000
■
i
Maturity Distribution of Bills and
s
$
'
$
$
$
S
$
:
'
$
Short-term Securities—
2,956,000
718,000
2,910,000
612,000
68,000
355,000
226,000
588,000
340,000
221,000
703,000
615,000
782,000
86,000
303,000
254,000
740,000
226,000
5,070,000
412,000
110,000
1,294,000
251,000
5,403,000
5.851,000
4,828.000
4,749,000
4,781.000
4,584,000
7,137,000
1,935,000
561,000
2,145,000
607,000
432,000
275,000
815,000
3,022,000
574,000
469,000
656,000
50,000
1,934,000
482,000
610,000
3,282,000
556,000
445,000
401,000
3,274,000
870,000
607,000
714,000
2,499,000
3,076,000
3,076.000
3,076,000
4,299,000
4,544,000
4,677,000
4,676,000
4,690,000
1,671,bflO
1,491,000
241,000
573,000
749,000
27.324,000
1,652,000
255,000
521,000
760,000
26,775,000
1,669,000
232,000
557,000
767,000
26.945.000
1,203,000
183,000
305,000
26,858,000
1,526,000
224,000
629,000
675,000
27,408,000
1,600,000
770,000
458,000
26,985,000
1,513,000
403,000
593,000
634,000
27,023,000
25,302,000
30,058,000
30,064,000
30,166,000
30.462,000
30,487,000
29,963,000
30,170,000
27,518,000
4,411,000
124,000
591,000
638,000
425,000
4,852,000
4,159,000
684,000
586,000
77,000
340,000
120,000
715,000
47,000
362,000
6,189,000
6,539,000
170,000
1,966,000
270,000
599,000
270,000
16,000
172,000
668,000
3,077,000
228,000
360,000
61-90 days Industrial advances
Over 90 days industrial advanoes
1,631,000
272,000
663,000
599,000
26,771,000
681,000
620,000
Total industrial advances..
29,936,000
1-15 days bills discounted..
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
...
....
1-15 days bills bought
16*30 days bills bought
31-60 days bills bought
61-90 days bills bought
In open market..in open market..in open market...
In open market
Over 90 days bills bought in open market-
;
2,038,000
Total bills bought In open market—....
1-15 days Industrial advances
16-30 days Industrial advances
31-60 days industrial advances
......
1-15 days U. S. Government securities—
16-30 days U. S. Government securities..
31-60 days U. S. Government securities..
61-90 days U. S. Government securities.Over 00 days U. S. Government securities
Total U. S, Government securities
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
4,501,000
166,000
761,000
986,000
3,044,000
v
"
315,000
506,000
2,877,000
32,000
709,000
525,000
66,160,000
48,541,000
44,307,000
20,400,000
27,106,000
33,514,000
20,080,000
24,000,000
41,541,000
51,055,000
41,541,000
33.514,000
20,400,000
67,263,000
34,975,000
71,497,000
36,241,000
20,080,000
83,637,000
98,298.000
68,489,000
107,780,000
103,586,000
57,286,000
67,882,000
115,847,000
53,559,000
52,033,000
66,661,000
54,415,000
138,728,000
144,744,000
123,242,000
133,070,000
135,762,000
114,972,000
2,193,821,000 2,181,236,000 2,175,206,000 2,190,228,000 2,137,726.000 2,135,367,000 2,134,570,000 2,134,500,000 2,177,342,000
2,430,234,000 2,430,253,000 2,430,247,000 2,430,244,000 2,430,255.000 2.430.247,000 2,430,259,000 2,430,336.000 2,430,227,000
—
~~
"""
"181*666
Total other securities
-"Tsmoo
1817666
181:666
""lVf.OOO
*""l8i:666
181:666
"""l8l",666
181,000
Over 90 days other securities
i81,000
181,000
181,000
181,000
181,000
181,000
181,000
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent- 4,243,935,000 4,132,931,000
Held by Federal Reserve Bank
263,917,000
259,947,000
....
In actual circulation
3,980,018,000 3,872,984,000
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold otfs. on hand A due from U. S. Treas. 4,260,523,000 4,125,523,000
By eligible paper.........
...
U. S. Government securities-.—.......
4,880,000
42,000,000
5,109,000
43,000,000
f
Total
•
•
Jan.
collateral..
..........
are
Reserv
Act of 1934.
3,197,898,000
4,087,023,000 4.049,523,000 4,038,523,000 4,040,140,000 4,056,140,000 4.042.903.000 3,277,639,000
4,113,000
4,485,000
5,618,000
3,272,000
3.488,000
3,428,000
3,483,000
37,000,000
49,000,000
233,000,000
55,000.000
48,000,000
57,000,000
46,000,000
t Revised figure.
certificates given by the U. S. Treasury for the gold taken over from
81,1934, these certificates being worth less
of the Qold
3,7^5,980,000 3,793,959,000 3,758,973,000 3,760,729,000 3,762,028,000 3.778,880,000
4,307,403,000 4,173.632,000 4,128,136,000 4,103.008.000 4,097.011,000 4,100,568,000 4,105,623,000 4,094,175,000 3,516,257,000
"Other cash" does not Include Federal Reserve notes,
These
4,074,896,000 4,049,745,000 4,036,457,000 4,033,793,000 4,042,174,000 4,037,156,000 3,478,268,000
288.916,000
255,786,000
280,370,000
258,276,000
277.484,000
273,064,000
280,146.000
the Reserve banks when the dollar
was
devalued from 100 cents to 69.06 cents
on
to the extent of the difference, the difference itself having been appropriated as profits by the Treasury under the provisions
4291
Chronicle
Financial
Volume 142
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
OF THE 12 FEDERAL "RESERVE BANKS AT CLOSE OF BUSINESS JUNE 24 1936
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Two Ciphers
(00) Omitted
Total
Federal Reserve Bank of—
RESOURCES
Gold certificates
on
New York
9
9
*
.
Cleveland Richmond
Phila.
9
Boston
Atlanta
Dallas
9
9
9
9
San Fran.
9
Louis Minneap. Kan. dtp
St.
Chicago
9
9
9
9
hand and due
523,213,0
7,958,042,0 518,792,0 2,989,080,0 412,763,0 580,140,0 260.991.0 216,500,0 1,654,877,0 237,806,0 174,638,0 234,341,0 154,901,0
2,177,0
429,0
1,012,0
240,0
730,0
786,0
934,0
1,769,0
408,0
180,0
2,220,0
1,479,0
12,364,0
Redemption fund—F. R. notes..
11,693,0
5,884,0
7,432,0 14,235,0
16,079,0
12,571,0
31,811,0
10,554,0
Other cash •
74,096,0 38,081,0 24,557,0
272,844,0 25,851,0
from U. 8. Treasury
•
Total reserves............... 8,243,250,0 546,863,0 3,064,655,0 451,024,0 605,427,0 277,856,0 228,823,0 1,687,096,0 251,311,0 182,310,0 249,588,0 161,214,0 537,083.0
Bills discounted:
Sec. by U. S. Govt, obligations,
54,0
33,0
57,0
87,0
61,0
1,335,0
52,0
556,0
57,0
147,0
66,0
316,0
293,0
108,0
5,162,0
1,772,0
120,0
3,661,0
761,0
2,113,0
556,0
82,132,0 24,663,0 28,877,0
466,186,0 111,972,0 138,343,0
181,065,0 40,485,0 50,805,0
15,459,0
74,059,0
27,198,0
13,272,0
63,586,0
23,351,0
34,228,0
163,975,0
122,961,0
16,251,0
78,357,0
28,592,0
2,121,0
1,482,0
556,0
6,189,0
1,146,0
3,603,0
224,0
1,095,0
2,914,0
7,360,0
45,0
21,0
384,0
25,0
8,0
10,0
3,0
8,0
95,0
17,0
1,065,0
81,0
29,936,0
Total bills discounted......
Bills bought In open market
Industrial advances
25,0
40,0
3,985,0
2,204,0
3,077,0
direct & (or) fully guaranteed
Other bills discounted
87~0
87,0
,
394,0
404,0
33,0
86,0
86,0
217,0
1,017,0
1,655,0
1,630,0
16,014,0
43,693,0
15,636,0
74,023,0
21,258,0
26,401,0
15,858,0
27,185,0
U. 8. Government securities:
Bonds
21,487,0
315,678,0
1,494,219,0
620,337,0
....
Treasury notes....
Treasury bills
99,609,0
36,581,0
Total U. 8. Govt, securities. 2,430,234,0 157,677,0
Other securities
Total bills and securities...... 2,469,617,0 161,961,0
237,0
..
Uncollected Items
Bank premises
Total
321,164,0 123,200,0
resources
...
18,0
741,441,0 183,154,0 220,147,0 120,644,0 101,144,0
323,661,0 123,876,0
15,392,0
551,560,0
48,052,0
38,813,0
95,000,0 199,331,0
75,565,0 116,844,0
181,0
77,018,0 118,215,0
181,0
Due from foreign banks
Fed. Res. notes of other banks.
All other
729,383,0 177,120,0 218,025,0 116,716,0 100,209,0
53,935,0 126,481,0
19,807,0 46,449,0
328,0
59,228,0
41,564,0
3,113,0
304,0
10,851,0
27,506,0
10,0
22,0
23,0
91,0
2,872,0
134,258,0
3,677,0
1,125,0
54,195,0
6,525,0
1,643,0
533,0
5,080,0
929,0
46,251,0
2,919,0
1,095,0
97,145,0 201,211,0
•
1,100,0
764,0
1,580,0
31,147,0
3,360,0
433,0
404,0
1,306,0
27,849,0
3,580,0
21,596,0
1,531,0
•
431,0
16,081,0
1,414,0
23,634,0
2,453,0
310,0
76.486,0
4,830,0
16,0
7,0
7,0
3,0
4,0
28,0
2,376,0
8,0
1,398,0
19,271,0
2,284,0
1,504,0
1,526,0
799,0
374,0
771,419,0
11366921,0 771,815,0 3,981,674,0 685,055,0 889,084,0 449,704,0 354,432,0 2,095,241,0 403,002,0 278,476,0 404,301,0 282,718,0
resources
LIABILITIES
F. R. notes In actual circulation.
3,980,018,0 364,498,0
85,915,0 319,741,0
907,766,0 169,843,0 120,765,0 151,122,0
813,658,0 300,434,0 385,979,0 184,658,0 175,639,0
xS>
Deposits:
989,769,0 156,049,0 100,975,0 180,426,0 131,000,0 343,837,0
68,217,0 31,775,0 26,814,0 29,313,0 27,871,0 40,866,0
3,804,0
1,599,0
1,596,0
1,323,0
1,654,0
6,395,0
1,790,0 11,619,0
301,0
3,964,0
7,926,0
2,179,0
Member bank reserve account. 5,307,954,0 256,397,0 2,235,578,0 273,310,0 357,716,0 171,647,0 111,250,0
U. 8. Treasurer—Gen'l acc't..
156,807,0
31,877,0
1,929,0
3,704,0
2,426,0
2,195,0
2,170,0
400,126,0
6,488,961,0 323,681,0 2,912,917,0 310,696,0 416,491,0 205,354,0 148,760,0 1,066,560,0 197,404,0 133,076,0 211,636,0 162,260,0
Total deposits......
Deferred
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
...
77,101,0
12,057,0
25,573,0
15,813,0
4,655,0
2,977,0
3,149,0
3.954,0
3,448,0
2,519,0
261,0
215,0
1,003,0
1,456,0
237,0
1,142,0
1,278,0
21,350,0
1,391,0
7,573,0
.1,443,0
44,819,0
1,007,0
8,849,0
3,111,0
6,360,0
583,0
530,0
130,401,0
9,902,0
50,825,0
2,874,0
7,744,0
34,113,0
11,262,0
1,413,0
379,0
50,920,0
24,041,0
3,805,0
31,755,0
3,767,0
5,616,0
754,0
54,945.0
12,650,0
14,371,0
59,700,0
9,368,0
26,513,0
Surplus (Section 7)
16,689,0
4,240,0
40,422,0
12,283,0
13,406,0
4,231,0
3,000,0
549,674.0
130,879,0
145,501,0
availability Items
Capital paid In
4,700,0
5,186,0
546,0
894,0
320,0
3,783,0
1,252,0
1,328.0
334,0
3,613,0
846,0
233,0
,
28,412,0
10,158,0
9,645,0
1,121,0
1,849,0
367,0
771,419,0
11,366,921,0 771,815.0 3,981,674,0 685,055,0 889,084,0 449,704.0 354,432,0 2,095,241,0 403,002,0 278,476,0 404,301,0 282,718,0
Total liabilities
Ratio of total
1,624,0
5,127,0
1,398,0
929,072,0
29,086,0
51,533,0
5,072,0
30,861,0
21,254,0
195,677,0
Other deposits
61,581,0
4,079,0
499,278,0
56,258,0
Foreign bank...
res. to
dep. & F. R.
78.7
79.5
82.2
73.8
75.4
71.2
70.5
85.5
68.4
71.8
68.8
65.0
74.6
24,452,0
2,789,0
9,813,0
294,0
1,462,0
2,334,0
290,0
78,0
1,826,0
93,0
406,0
538,0
4,529,0
note liabilities combined
Commitments to make Industrial
advances
*
...
"Other cash"
does
not
include Federal Reserve notes.
FEDERAL RESERVE
.)
Two Ciphers (00) Omitted
Federal Reserve Aoent at—
Total
Federal Reserve notes:
NOTE STATEMENT
■
New York
Boston
S
$
s
St.
Chicago
Dallas
9
%
San Fran
$
Louis Minneap. Kan. City
$
$
$
$
S
s
•
Atlanta
Cleveland Richmond
Phila.
$
Held by Fed'l Reserve Bank..
In actual circulation
904,588,0 309,689,0 398,801,0 193,995,0 194,167,0
18,528,0
9,337,0
9,255,0
12,822,0
90,930,0
940.685,0 178,570,0 126,049,0 164,507,0
13,385,0
5,284,0
8,727,0
32,919,0
94,238,0 359,773,0
8,323,0 40,032,0
3,980,018,0 364,498,0
F.R. Agt
4,243,935,0 378,873,0
263,917,0
14,375,0
813,658,0 300,434,0 385,979,0 184,658,0 175,639,0
907,766,0 169,843,0 120,765,0 151,122,0
85,915,0 319,741,0
4,260,523,0 396,000,0
1,146,0
920,706,0 314,000,0 400,500,0 194,000,0 164,685,0
66,0
147,0
556,0
57,0
2,357,0
30,000,0
951,000,0 172,632,0 128,000,0 160,000,0
1 33,0
80,0
57,0
5,000,0
7,000,0
95,000,0 364,000,0
33,0
348,0
4,307,403,0 397,146.0
Issued to F.R. Bk. by
923.063,0 314,556.0 400.557,0 194,147.0 194.751.0
951.000.0 179,665.0 128.057.0 165.080.0
95.348.0 364.033 .0
Collateral
held by Agent as se¬
curity for notes Issued to bks.
Gold
certificates on hand and
due from U. 8. Treasury
Eligible paper
U. 8. Government securities..
Total collateral
s
4,880,0
42,000,0
-
\Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks tnemselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions,"
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 8, 1935, covers reporting banks In 101 leading cities, as It did prior to the
so as to show additional Items.
The amount of "Loans to banks" was included heretofore
also been revised further
banking holiday In 1933, Instead of 91 cities, and has
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, &o„ minus the amount of cash items reported as on hand or in process of collection.
The method of computing the item "Net
demand deposits," furthermore, has been changed in two respects In accordance with provisions of the Banking Act of 1935:
First, it includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug. 23,1935.
The Item "Time deposits" differs In that It formerly Included a relatively small amount of time deposits of other banks,
which are now included In "Inter-bank deposits."
The item "Due to banks" shown heretofore included only demand balances of domestlo banks.
The Item "Borrowings"
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account," "Other
assets—net," and "Other liabilities."
By "Other assets—net" Is meant thq aggregate of all assets not otherwise specified, less oash items reported as on hand or In process
In "Other loans."
The Item "Demand
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 17 1936 (In Millions of Dollars)
Atlanta
St.
Chicago
9
Cleveland Richmond
9
Federal Reserve District—
Total
Boston
New York
Phila.
ASSETS
9
9
9
S
9
1,260
9,970
1,186
1,838
621
550
2,916
1,051
11
1,019
10
244
26
78
18
15
3
6
2,100
154
215
66
Loans and Investments—total
22,659
9
Louis Minneap. Kan. City
San Fran.
Dallas
9
9
9
9
616
386
63
8
2
466
2,179
4
3
18
42
169
671
okers and dealers:
Loans to
In New V ork City
Outsldj New York City
Loans on securities
banks)
to others
.
4
2
5
(except
__
Acceptances and com'l paper bought.
Loans on real estate
Loans to banks
911
149
52
204
62
31
45
319
45
137
23
6
6
6
31
9
8
24
2
22
1,150
84
248
64
185
23
23
68
42
6
17
22
368
106
3
72
2
5
1
10
7
4
1
1
-
-
-
-
-
Other loans
3,568
314
1,348
179
211
107
137
431
105
110
132
127
367
U. 8. Govt, direct obligations
438
4,204
323
872
303
212
1,545
220
167
265
193
707
Obligations fully guar, by U. 8. Govt.
9,449
1,302
18
596
103
67
40
36
146
52
14
46
27
Other securities
3,370
167
1,357
315
262
73
77
413
111
48
132
49
3,937
171
1,856
178
248
100
53
811
389
126
68
15
34
18
10
62
11
5
12
9
19
410
119
102
252
167
227
244
KG
^4
Reserve with Federal Reserve Bank..
Cash in vault
101
47
100
73
157
,
366
199
Balance with domestic banks
2,201
119
159
147
218
145
136
Other assets—net
LIABILITIES
1,358
76
566
88
111
39
40
101
24
17
25
27
14,431
954
6,705
745
979
375
294
2,160
372
259
453
335
800
5,021
295
933
267
717
194
173
846
175
119
145
120
1,037
852
21
236
72
77
48
51
147
13
3
23
41
120
323
190
177
759
219
115
347
164
251
------
Demand deposits—adjusted
Time deposits
United States Government deposits ._
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital
acoount
5,348
216
2,306
281
480
9
449
3
1
1
10
1
6
861
25
379
22
17
.28
7
36
9
4
2
5
327
3,539
232
1.599
224
335
88
86
346
83
56
90
77
323
12
—
—
-
—
-
-
------
-—-—
—
—
12
June 27, 1936
4292
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are
of such sales In computing
United
we
furnish
a
the only transactions of the day. No account Is taken
year.
Securities
Government
States
the
on
Transactions at the New York Stock Exchange,
New
Daily, Weekly and Yearly
Stock Exchange
York
Below
the range for the
daily record
the transactions in
of
Railroad
Stocks,
Home Owners' Loan,
bonds and
Federal Farm Mortgage Corporation's
Treasury certificates on the New York Stock
Exchange.
a
point.
Low.
----
Close
----
Total sales in SI.000 units.*.
■
High
Total
-
Low.
3&s, 1943-45
-
-
-
----
117.23
117.20
117.23
117.20
117.23
108
108
107.28
113.3
113.2
113
----
113.3
113
Low.
111.12
$50,436,000
111.12
111.13
1
7
112.30
112.30
112.30
112.25
100
-
-
-
112.30
Low.
3HB. 1943-47
----
----
Close
—
Total sales in SI.000 units...
-
-
-
6,454,000
39,886,000
$6,073,000
9,447,000
47,314.000
$50,436,000
$62,834,000
124,593,62
258,795,685
Railroad and industrial
$420,431,000
$145,056,000
193,683,000
170,880,000
1,454,125,000 —1,056,262,000
29
Total
■'
----
Stock and Bond Averages
20
108.12
108.14
108.12
108.11
108.12
27
$1,670,376,000
$1,770,061,000
----
111.10
----
108.14
----
$4,096,000
—
State and foreign
'
High
5,497,578
----
111.10
----
5,742,050
Bonds
Government
112.29
6
7
111.10
-
1935
1936
1935
1936
112.28
113
'
Jan. 1 to June 26
Week Ended June 26
Stocks—No. of shares.
107.25
107.26
1
113
111.13
Close
Total sales in S1.000 units...
107.26
107.26
18
4
30
111.13
&%B, 1946-56—-
$4,096,000
$727,000
1,064,000
15
107.27
2
112.31
111.12
1
107.26
107.28
108
108
22
"
10
107.31
4
6
Total sales in SI.000 units...
High
$6,454,000
Exchange
----
Low.
Close
$39,886,000
$322,000
538,000
276,000
673,000
New York Stock
117.24
—
'
'
1,728,010
559,000
Sales at
117.24
117.24
----
High
-
117.20
117.24
108
Close
Total sales in S1.000 units...
4s, 1944-54
117.24
117.25
108.1
•
1,408,000
1,062,000
1,016,000
1,177,000
5,742,050
Friday
117.26
----
'
Sales
1,237,240
1,340,910
889,760
Wednesday
Thursday
117.24
Bond
$3,250,000
6,317,000
7,607,000
6,877,000
8,010,000
7,825,000
984,720
972,240
117.27
High
4MB, 1947-52
Total
States
Bonds
$4,299,000
7,919,000
9,291,000
8,612,000
10,754,000
9,561,000
317,180
Tuesday
June 22 June 23 June 24 June 25 June 26
Daily Record of U. S. Bond Prices June 20
United
For'n Bonds
Bonds
Monday
..'■
Treasury
Shares
State,
Mis cell. Municipal A
and
Number of
Saturday
';
Quotations after decimal 'point represent one or more 32ds
of
Week Ended
June 26 1936
108.8
108.10
108.10
108.8
108.10
108.12
108.11
108.8
3
29
•
Below
are
the
daily closing
averages
of representative
108.10
1
6
High
104.11
104.13
104.12
104.11
Low.
104.9
104.9
104.8
104.7
104.5
104.7
Close
104.11
104.9
104.9
104.9
104.5
sales in SI.000 units...
33
3
142
High
105.14
105.13
105.12
105.12
105.8
105.9
Low.
105.10
105.11
105.10
105.7
105.5
Close
105.14
105.11
105.12
105.7
105.7
105.9
18
2
40
the New York Stock Exchange
105.9
Total salest n SI.000 units—
on
104.7
5
stocks and bonds listed
3s, 1951-55
Tota
3s, 1946-48
High
Low.
3Hs. 1940-43
-
---
--
-
—
High
-
----
-
-
----
—
-
-
Close
-
•;
-
-
-
-
—
----
109.1
'
-
28
■
„.
—
—
—
-
-
—
—
10
108.14
108.14
108.12
108.13
10
First
Second
10
70
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
7
32.46
57.08
106.24
111.41
86.60
106.14
102.60
47.64
32.73
57.18
106.23
111.40
86.78
^106.18
102.65
160.66
47.89
33.20
57.82
106.19
111.49
86.94
106.20
102.71
158.94
47.60
33.11
57.34
106.11
111.49
86.98
106.34
102.73
July 22.
108.28
1
47.88
158.64
July 23.
—
159.13
48.18
33.29
57.60
106.15
111.73
87.19
106.25
102.83
July 20.
157.21
47.56
32.83
56.88
106.10
111.70
86.99
106.25
102.76
July 26.
158.21
—
108.28
108.30
'
----
''
-
-
-
-
106.3
106.5"
106
105.30
106.2
106.1
106.2
106.2
106
105.30
105.31
106.1
106.3
106.5
4
1
106
105.30
6
...
106.2
106.1
105.29
105.26
106
LOW.
106
106
106.1
105.29
105.26
105.28
ICllse
106
106
106.1
105.29
105.26
105.28
Low.
Close
21
13
5
10
-
-
-
108.29
108.31
108.26
—
-
—
—
-
108.29
108.28
108.26
108.28
108.26
5
2
2
for discount at purchase.
•
108.28
10
are
108.28
108.29
quoted
108.28
'
-
United States Treasury Bills—Friday, June 26
Bates
8
*---
2
—
:
_—
15
50
106
High
;
106.2
3
High
Total sales in SI.000 units...
Total
July 25.
108.28
108.30
■
July 24.
2
128
108.30
Close
3>is, 1941
Total
108.12
106.1"
Total sales in SI.000 units...
3Hs. 1949-52
20
Utili¬
trials
•
Low.
-
20
Rail¬
108.12
108.14
10
30
Indus¬
Date
1
108.12
High
3Hs. 1946-49
Bonds
Stocks
19
9
'
compiled by Dow, Jones & Co.*
as
51
333
38
—
109.1
109
Low.
Total sales in SI.000 units
----
:
'
Total sales in S1.000 units...
SHb, 1941-43
----
----
Close
104.7
108.17
'
----
104.7
-
—-
'
—
-
Bid
Asked
Bid
Asked
'
Total sales in S1.000 units...
-
W
—
1 1936
July
107.26
107.24
107.22
107.26
107.19
107.19
Low.
107.24
107.24
107.22
107.20
107.18
107.19
July
16 1936
Close
107.24
107.24
107.22
107.20
107.19
107.19
July
22 1936
80
2
1
58
126
26
July
29 1936-1—
High
3Jis. 1944-46
Total sales in S1.000 units
102.2
102.4
102.3
102.2
101.31
102.2
Low.
102
102.2
102
101.29
101.25
101.31
Close
102.2
102.3
102.2
102
101.31
102
High
2%b, 1955-60
Aug.
43
40
20
42
374
52
103.17
103.19
103.20
103.19
103.18
103.19
Low.
103.17
103.18
103.18
103.17
103.14
103.16
Close
103.17
103.19
103.20
103.17
103.14
103.19
SI,000 units...
19
11
8
64
13
8
101.28
101.28
101.26
101.22
101.26
SI,000 units
2%s. 1945-47
Total sales in
High
—
-
SI,000 units...
High
-
-
—
—
—
—
—
1936-f—
Aug. 26 1936
Sept. 2 1936.
Sept. 9 1936
Sept. 16 1936
8ept. 23 1936
Sept. 30 1936
101.28
101.25
101.25
101.18
101.22
Oct.
101.28
101.25
101.26
101.22
101.25
Oct.
14 1936
1
Close
Total sales in
-
—
Low.
2$*s, 1948-51
—
5
Aug. 12 1936—
Aug. 19 1936
High
Total sales in
8 1936
July
7
4
71
42
Oct.
21 1936
uct.
28 1936
7 1936
101.6
101.4
101.3
101
Low.
101.1
101.3
101
100.31
100.25
100.31
Nov.
Close
£ 2^8, 1951-54
10*1.3*
101.3
101.5
101.4
100.31
101
101.1
Nov. 10 1936
Total sales in $1,000 units
Federal Farm Mortgage
102
High
58
36
162
101.1
—
.
104.9
104.7
Low.
104.9
104.7
104.7
Mar. 24 1937
0.30%
Nov. 25 1936
2 1936
Dec.
Dec
.
Dec.
9 1936
16 1936
Dec. 23 1936
Dec. 30 1936
Jan.
6 1937
Jan.
13 1937
Jan. 20 1937
Jan. 27 1937
Feb.
3
1937
Feb. 10 1937
Feb. 17 1937
Feb. 24 1937
Mar.
3 1937
Mar. 10 1937
104.5 1
104.9
4 1936
Mar. 17 1937
0.20%
0.20%
0.25%
0.25%
0.25%
0.25%
0.25%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
-
40
480
Close
3MB. 1944-64
•-
Nov. 18 1936
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%
0.20%
104.5
Total sales in $1,000 units...
10
104.5
----
-
4
W--
Quotations for United States Treasury Certificates of
1
High
102*28
102.28
102*29
102.28
102.22
102.25
Low.
102.28
102.28
102.27
102.26
102.20
102.23
Close
102.28
102.28
102.29
102.26
102.22
102.23
Total sales in $1,000 units...
2
27
7
8
25
51
103.21
103.18
103.17
103.15
103.20
103.18
103.17
103.15
103.20
103.18
103.17
103.15
24
2
2
Federal Farm Mortgage
3s, 1944-49
Federal Farm Mortgage
High
Low.
3s. 1942-47
—
—
—
-
Close
Total sales in $1,000 units...
'
—
-
-
-
-
Indebtedness, &c.—Friday, June 26
Figures after decimal point represent
a
Int.
'
10
one
or
more
32ds of
point.
---
J
M
m
High
102.10
102.9
Low.
102.10
102.9
102.10
102.9
102.5
Total sales in $1,000 units...
1
Rate
Int.
Bid
Asked
Maturity
101.3
Sept. 15 1938...
Bid
102.5
Close
Maturity
102^5"
Federal Farm Mortgage
2Hb. 1942-47
Home Owners' Loan
3s, series A, 1944-52
.
.
1
32
Dec.
15 1939—.
1H%
101.1
June
15 1941...
1H%
1H %
1M %
%
1H %
1H %
%
100.16
100.18
Feb.
1 1938...
101.15
101.17
Dec.
15 1936...
101.1
Mar. 15 1939...
High
102.18
102.20
102.18
102.18
102.15
102.15
Mar. 15 1941...
Low.
102.18
102.18
102.17
102.16
102.10
102.14
June 15 1940...
Close
102.18
102.19
102.18
102.17
102.15
102.15
Sept. 15 1936...
1
7
84
27
40
53
Total sales in $1,000 units
Dec.
15 1940...
Mar. 15 1940...
Home Owners' Loan
High
101.11
101.12
101.11
101.9
101.6
101.7
101.7
101.10
101.8
101.7
101.2
101.11
101.11
101.9
101.6
66
12
12
High
101.13
101.14
101.13
101.10
101.8
101.10
101.12
101.10
101.10
101.8
101.4
Close
101.13
101.14
101.13
101.10
101.8
$1,000 unus...
37
18
13
3
15 1937...
Apr.
101.3
101.5
15 1937...
Mar. 15 1938...
101.25
101.27
Aug.
103.4
103.6
Sept. 15 1937—-
1 1936
3%
3%
3%
3Ji%
3 M%
2Jis, series B, 1939-49— Low.
Close
Total sales in $1,000 units...
40
100 6
2^8, 1942-44
Total sales in
*
69
bonds.
104.24
102
102.2
102.13
102.15
104.18
103.30
n
above
table
includes
only
Transactions in registered bonds
No sales.
sales
were:
of
PAGES
Bid and asked prices; no sales on this day.
X Companies reported In receivership
a
Note—The
103.24
101.31
104.22
101.8
6
coupon
r
Deferred delivery
New stock.
Cash sale.
x
Ex-dlvldend.
v
Ex-rlghta.
104.4
103.22
78
FOOTNOTES FOR NEW YORK STOCK
Home Owners' Loan
Asked
101.29
101.9
Low.
15 1938...
Feb.
101
104.2
101.7
10
15 1939
June
101.9
2H%
2%%
2%%
2%%
101.3
101.11
June
101.3
101.7
100.30
Rate
f
104.20
104
j
Abbott,
Proctor
Paine
&
I
\
consolidation of
Members
1
New
York Stock
and other
1
Exchange
in
and
leading exchanges
NEW YORK
.
LIVINGSTON
CHICAGO
.
orders executed
Commission
ABBOTT, PROCTOR & PAINE
••
MONTREAL
CLEVELAND
•<
\
INDIANAPOLIS
.
Stocks, Bonds, Commodities
for institutions and individuals
& COMPANY
.
RICHMOND, VA.
NORFOLK, VA.
•
'
\
Volume
HIGH
New York Stock
142
AND
LOW
SALE
PRICES—PER
Record—Continued—Page
Sales
SHARE, NOT PER CE
for
STOCKS
NEW YORK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 20
June 22
June 23
June 24
June 25
June 26
$ per share
*48
50
$ per share
$ per share
$ per share
$ per share
Shares
*48
5012
*11212 113
*64% 65l2
1114
HI4
112
*47
50
112
H284
112
*64%
6584
11%
11%
64%
11%
50
51
52
52
50%
52%
111% 112
*111% 113
*11184 113
*62
64
*63%
65
*63% 65
11%
12
117g
12%
11%
12%
64%
11%
On Basis
20%
20%
20%
20
20%
20
20
197g
197g
20
20
26%
25%
25%
26
2684
26
26%
26
26%
2584
26%
*2%
2%
2%
2%
2%
2%
2%
6834
69%
68%
4%
69
4%
69
3%
*90
13%
69%
4
3%
95
*90
2%
2%
6884
4%
69%
*2%
69%
4%
*90
13%
4
13%
13%
4
1384
*3%
*3%
14%
4
3%
3%
3%
3%
3%
3%
24
24
2334
25
24%
24%
24%
24
24
24
23
24
24
23%
35%
35%
35%
35
3084
31
31
250
270
100J
15,800
Par
Abraham & Straus
No par
100
Preferred
Adams
105
198
198
24%
10%
80%
24%
10%
81%
46%
*22%
3%
*47
*93
*51%
43
1334
1384
14%
*3%
3%
*3%
24%
34
*30%
*
105
20l"
198% 200
24%
24%
204
"
25
23
900
Pref A with $40 warr...100
24%
3478
500
Pref A without
1,200
30
1,100
35
35
31
30
♦
105
20l"
207
2534
2434
251-.
24%
10%
10%
80
80%
79%
10%
80%
10%
79%
4684
46%
47%
4784
48%
4784
49
22%
22%
23
2234
23
*23%
24
*3
3%
50%
96
9584
52
51%
52
52%
43%
43%
44
70
70%
3%
69
69
47%
4734
163
35%
67%
3584
48%
48%
67%
*127
130
*88
90
*3234
*8%
22%
39
*127
36%
37
68%
*127
130
8834
8934
*3234
*52
*162%
36%
67%
47%
*127
90%
9034
*3284
43
44
134%
164
130
*127
91%
90%
24%
24%
24
24%
24%
24%
98%
4%
98%
98
1334
4%
*13%
4
*12%
1384
*3234
25%
*96
24%
97%
4%
1334
7%
33
7%
7%
33%
3384
1434
14%
*29
30
*16%
17
6
6
*36%
3834
39%
39%
3
3
18%
*10%
26%
30%
*16%
5%
*36
10%
40%
3%
20%
10%
26%
27%
20
35%
15
34%
14%
30%
30
30%
17
17
7%
34%
6
7%
15
40%
40
40%
3%
3%
20%
27%
75
75%
74
74
75
*25%
25%
25%
12%
28%
25%
12%
24%
12
*28%
*40%
11%
12
28%
128
128
42
40%
1134
1134
62%
53%
62%
53%
20%
20%
16334
2O84
27%
27%
6134
53
*
*101
*20%
*28%
103
21
163
27%
102
21
29
*28%
12%
41
12%
63%
77g
26
9734
7%
34%
7
33%
7%
3334
1334
30%
19%
6%
14%
*13
14
13%
3034
*30%
30%
30
18%
1834
6
6
*36
39%
40
3
18%
6
6%
37
*36
40
39%
3%
3%
12%
29%
*126
42
*40%
1178
12
77
77
77
25%
24%
11%
11%
12%
30
30
128
128
42
42
II84
1134
30%
129
30
*126
42%
12%
65
67%
65%
5584
5684
5584
58
56
66%
56%
14,100
2084
20%
20%
16284
19%
20%
26,500
163%
27%
♦
16284
"26%
*
16234
"26%
27%
6534
*
"26%
27%
102
103
103
21
21
21
21%
29
29
29
*29%
80%
109%
30
82
103
107
107
64
64
107
81%
20%
21%
149%
107
*29
8034
*148
1121;
112
21
20%
*28
82%
80%
146
149%
*106% 107
64
30%
26%
29%
64
*63%
*142%
14234 143
2834
29
30%
14234 14284
30%
109
16234 163
V'
123
*120
123
122
27%
27%
27%
27%
28
28
28
28
53
54
52%
53%
*138% 140
*138%
*95
*22%
23%
167% 169%
96%
97
97% 98
98%
143% 143% *141
10
10%
*9%
23%
*104
23%
106
*8%
6734
9
*8%
6784
67%
%
*84
*5
6
*3%
4
54
*50
*26
23%
105
27
3%
*50
9984
*26
29
834
68
68
%
99%
*27%
537g
138
148
10
*5%
*3%
3%
55
*50
27
27
*26%
34%
35%
40
%
84
4%
5%
37g
3%
3%
26
7)
54
*50
138
26%
34%
3534
34%
40%
41
41%
108
"55%
55%
*11%
1134
*104
55%
1134
108
*
108
5684
"56"
56%
12
*1134
12
For footnotes see page
*
108
*
6,400
400
"55%
56%
"54%
56%
117g
117g
11
1134
300
3,500
7,200
500
400
*50
*25
35%
41%
108
21,000
%
34%
41%
*
300
54
27
"""206
3478
41%
44,800
19
*
900
5%
37g
19
19%
19%
19
19%
19%
19%
19%
19%
19%
100% 100% *100
100
100
*100
9984 100
101% *100% 101%
101%
*9
11
10%
11
*9%
11
*9%
*9%
*9%
*9%
10%
10%
42
42%
42%
42
41% 42
41%
41%
42%
42%
42%
42%
*11834 120
*11834 120
*11834 120
*11884 120
*11884 120
*11834 120
108
108
108
10734 10734
*107% 107%
107% 107 % 107% 107% *107
4%
484
5
4%
4%
484
434
4%
484
434
47g
434
7034
72%
71
71
71
7034
7084
71%
7034
70%
71%
71%
19
100
12,800
*34
27
40
145
300
*47g
*384
54
*25
35%
40
3,100
227g
23%
107% 107%
9
8%
67% 677g
68
5%
*50
50
800
55%
2,600
6934
<»
8,800
28%
23%
165% 167
96%
96%
98%
99%
*144
37g
54
123
10
97g
5%
%
5%
4
29%
*22%
99%
*144
148
500
11
3
Deo
Deo
21
Jan
32
Deo
125"
Mar
173"
Sept
..No par
No par
preferred
10
Leather
1
conv pref...
Amer Home Products
50
1
31
Jan
3
21
June 26
Nov
Oct
Oct
Mar
37%
14
Mar
2234 Nov
4% Deo
53% June 11
125% Mar 29
63% Feb 11
55% Apr 15
26
June
40
Deo
48% Jan
41%June
13% Jan
80
Deo
4
43
Jan
70
507g Mar 28
21
Mar
72
Feb
2% Mar
57»4 Feb
47% Nov
Nov
42%
Deo
J.une 26
12
25
Apr
Apr 30
13
Jan 20
Metals..No par
Ltd—No par
Amer Power &
Light—No par
No par
No par
$6 preferred
preferred
San'y.No par
Preferred
100
American Rolling Mill
25
Amer Safety Razor
No par
American Seating Co. .No par
Amer Shipbuilding Co .No par
Amer Smelting <fc Refg.No par
Preferred
100
2d preferred 6% cum—100
American Snuff
—25
Preferred
100
Amer Steel Foundries..No par
Preferred
100
American Stores
No par
Amer Sugar Refining
100
Preferred
100
Am Sumatra Tobacco..No par
Amer Telep & Teleg
100
American Tobacco
25
Common class B__
25
Preferred
-—100
Am Type Founders Inc
10
Preferred
100
Am Water Wks & Elec.No par
1st preferred
No par
American Woolen.....No par
Preferred
100
Am Rad & Stand
Zinc Lead &
Preferred
115
Nov
95% Mar
6
66
Feb
96
June
34
3
30
Mar
34% Aug
2% Mar
10
Apr 28
Apr 30
2
Apr
3
7% Feb 20
x35% Jan
43
Feb 20
36% Feb 20
18% Apr 30
Apr
984 Mar 26
2
Mar
Feb 17
14
Mar
42
18% Apr
19%June 26
8% Mar 6
Oct
4%
Jan
14% Oct
4% Mar
3734
11%
2734
75%
33%
12%
32%
130%
36%
9%
49%
41%
25%
Feb
Nov
24
Jan 14
13% Apr 11
36% Feb 28
9
Mar
95% Feb 27
29% Jan 14
32
Mar
15
Feb 13
35% Mar 20
18% Mar
4% Apr
13% Mar
6
72
42% Mar 13
z24
13% Mar 26
67%June 25
1%
10%
8%
10%
134%
1534
133
58
Feb
June 25
27% Jan
Apr
6
Feb 19
116% Mar
27
4
Mar
5
5
33% Apr
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
66
Nov
Deo
Nov
Deo
Deo
Nov
Nov
Nov
Aug
Aug
Deo
Sept
32% Nov
159
Mar
9584 July
Deo
4% Mar
20
Nov
38% Nov
21%
Mar
Jan
108%May 28
101%
57% Mar
133% Jan
73% Jan 22
143%May 28
33% Feb 19
Jan
76
125
Feb
143
12
Mar
136% Jan
104
20% Apr 30
4
125
June 10
May 29
36
Jan 29
107% Jan
26
48% Apr 30
129
Jan
6
20% Mar 21
149% Apr 30
Mar 13
3
141% Jan 29
60% Mar
26% Jan 28
178
Feb 14
102% Feb
6
88% Mar 13
104
6
2
150
87
136
Jan
9%May 21
20 May 13
19%
9284
784
5484
Apr 28
3
Apr 28
Apr 30
Jan
44
Jan
2
Jan 20
5
6% Nov
40
121
2
Jan
par
Oct
1%
Jan 27
8
91% Mar 20
152% Mar 11
25% Jan
5684 Jan
35
No
3
5% Jan 14
May 18
8
2
May 13
15% Jan
97
9
June
9
35
47% Feb 24
7% Jan 9
May
117% Aug
June
July
25% Nov
88
Feb
113
32%
50%
Dec
43
Dec
70%
124
Dec
Deo
.
Jan
Feb
140% May
18% Jan
98% Mar
27% Nov
72% Apr
160% Nov
104% Nov
7484 Mar
107
Nov
141
Nov
129%
Jan
5
Jan 10
9
Mar
38% Deo
2284 Deo
7% Mar
48
Mar
94% Nov
1034 Sept
6884 Nov
2% Deo
4% Mar
35% Mar
% Mar
2% Mar
H'4
Deo
Deo
3
Mar
Mar
49
Aug
8
Deo
46
5%
Mar
30
Feb 15
16% Apr
37
5
10% Sept
96% Oct
3% Mar
17%
2684 Mar
111
Jan 30
15
Feb 17
7
36
Jan 13
109
12%
117
110% Jan 20
7% Jan 25
97
50
5
Dec
'
Deo
144
31
122
June
Feb
2
2
31
Apr 2
39»4 Apr 16
Apr 30
108
63
Jan
64%
Feb
73% Mar
May 11
3
4%June 10
66% Jan 2
31% Apr
7% Mar
37
Jan
Jan 10
25% Apr 9
107%June 11
11% Feb 1
7034 Feb 1
118
105%
Feb
Mar 17
26%
ll%May 25
2
Co
38% Aug
15% Oct
Apr
8%
Aug
Aug
17
Mar
Oct
10
Arnold Constable Corp
3% Mar
12
Apr
84May 19
100
Aug
84 May
/29'g
34
Apr 30
72
7
165
18
22% Mar
6% Feb
28
7
Jan
7
37% Jan 28
25»4May 22
89% Jan 21
157
Deo
2%
41% Mar
27
33%
9% Deo
3534 Nov
19% Deo
9234 Deo
3% Deo
9% Deo
9% Aug
4% Apr 30
3%May 20
Preferred
Jan
13% Feb 13
32% Mar 6
1
pref
Armstrong Cork
Jan
No par
Smelt... 1
25
jAm Writing Paper
Preferred
38
37
124
Deo
June 12
130
46
2
Deo
65
Jan
584 Jan 7
36% Apr 22
Jan
May
33%
25% Mar
8
43
2934
17% Apr 23
9% Apr 30
23% Apr 28
66
Apr 28
21
May 9
par
Feb 21
73% Feb 19
58% Apr 16
6% Apr 30
Jan 2
Apr
100
Co.No
41
3% Apr 30
934 Jan 2
89
9
8
27gJune 11
pref
non-cum
$5 prior
9
75%
12
27% June 26
99%June 17
5
May 2
14% Feb 17
16% Jan
No par
6% conv preferred
100
Amer News, N Y Corp.No par
Amer
24% Deo
168
100
New.l
6%
$5
22% Dec
3% Mar
/49
June
Jan
No par
Preferred
2d
June 17
Mar
28
1,800
Deo
10
24
"V, 600
6% Apr
Deo
15134
25
11%
184 Mar
Deo
166% Jan 14
Mining..50
Cable..No par
2,600 Anchor Cap
No par
170
$6.50 conv preferred .No par
Andes Copper Mining
20
"moo Archer Daniels Mld'ld.No par
7% preferred
100
"*"400 Armour&Co(Del)pf 7% gtdlOO
14,900 ,Armour of Illinois new
5
1,900 y $6 conv pref
No par
5484
3%
14%
14%
14%
33%
Mar
50% Apr 6
28% Mar 11
5% Jan 24
133
Anaconda Copper
108
"54%
Jan
Apr 28
May
Anaconda W &
1,700
84 Mar
2% Mar
Deo
Apr
162%May 29
30
Apr 30
57% Apr 27
par
—
68%
%
69%
*34
5%
34%
984
123
23
2384
23%
23%
24%
237g
*107% 108
108
107% 107% *106
9
9%
85g
9%
9%
9%
24%
40
99%
*144
10%
300
130
167% 170
97
97%
97%
9934
10,000
300
5334
139% 139%
*2284
2334
16978
*97
81%
146%
40
64
53%
23%
169
99
144
9%
105
33%
*22%
98
99%
144
10%
41
33%
*39
23%
98
144
*84
*5
*22%
168% 170%
97%
1,200
142
28
53
166% 167
1,500
20%
297g
64
29%
53
140
80
11,500
*140
27%
53%
52%
*139% 13934
112
IO684 107
64
122
123
26%
9,200
Jan
'4
187
149"% "Oct
European Sees..No par
Amer & For'n Power
No par
Amer Mach &
20%
x20%
1% June
Apr
2
Dee
Sept
lib"" "Jan
Amer Metal Co
20%
Feb 18
Feb 18
Feb 18
Feb 5
Feb 11
Nov
2%
74
135% June 22
Amer
1,000
55%
65%
6% lstpref..
Amer Encaustic Tiling
2,200
63%
53%
65
(Alleg Co).25
Amer Mach & Fdy
20%
Apr 20
42%May 20
50
Am Coal of N. J
3,100
31,300
Apr
Sept
13% Oct
11534 Feb 24
Corp—No par
2,400 American Locomotive..No par
1,300
Preferred
100
900
6
87%May 11
33% Mar 30
77gJune 26
6%
12
Jan
40
Amer Internat
44
1
Apr 20
75
No par
5,300
1134
278May
34
American Chicle
Amer Hide &
*43%
35% Jan 21
1934May 13
11434 Jan 14
7,900
300
4% Jan 31
3034
29%
29%
457g
39%
84
Jan 31
124
No par
2,900
54%
*106
23
77
25%
11%
30%
129%
173
Mar
186
195
28% Mar 26
11
June 17
par
100
$6 preferred
Amer Hawaiian S S Co
21
107
23
1,000
17% Jan 23
5% Jan 27
Mar 25
37% Nov
24% Deo
20% Deo
8% Feb
Mar
Sept
74
91
69
100
3,900 American Ice
2,500
26
25
2,900
1,600
Mar 25
100% Deo
100
No
7% preferred
2,700
10%
77
"5",700
Mar
4%
6%
104%
»4
Oct
7434 Nov
11% Deo
4% Mar
8434 Jan
25
Preferred
40
26
20%
20
1,700
9
70%June 24
6% Apr 1
23% Mar 12
684 Jan
100
American Can
100
11
25%
50
Preferred
b\i % conv pref
37
26%
77
A Ills-Chalmers Mfg
Amer Coloftype Co—
10
1,600 Am Comm'l Alcohol Corp..20
23,200 American Crystal Sugar
10
12%
66%
64
64%
*63%
14234 *140
14234
30
30%
3084
123% *120
123%
*138% 140
4
1034
*25
No par
100
American Car & Fdy
2,100
Preferred
1,300 American Chain
"""800
21% Jan
116
Feb 14
100
540
7%
4
19%
*106
*120
77g
21%
27%
Jan
Apr
7% preferred
50
1,800 Amerada Corp
No par
1,000 Am Agrlo Chem (Del) -No par
3,000 American Bank Note
10
39
98
21
26
*146
30
*3234
8%
11%
26%
148
107
39
June
8
103
1,100 Alpha Portland Cem.-No' par
1,000 Amalgam Leather Co
1
3,600
28
Feb 28
28
208
No par
100
June
35% Feb 14
52% Nov
Jan
51
Jan
6,200
2134
26%
29%June
Apr
110
Feb
Feb
800
91%
par
Apr 28
32
1
74% Feb 10
137« Feb 21
100% Jan 10
98
6,400
20%
80
78% 80%
14784 14734 *145
*63%
91%
27
Highest
share $ per share
per
62%June 25
118
157
164
91
2% Apr 28
12% Jan
1
Allied Chemical & Dye-No par
134
127% 127%
Mar 25
Lowest
Alleg & West Ry 6% gtd.,100
164
130
13%May 22
3% Jan 2
195
par
17,300
14%
34
2)4% prior conv pf..No
Allegheny Steel Co
No
No par
140
Mar 25
12% Jan
12% Jan
5,400 Allied Mills Co Inc
45,800 Allied Stores Corp
2,600
5% pref
660
Jan
100
warr
132
*12%
7%
100
2,100 Am Brake Shoe & Fdy .No
3%
20%
10%
78%
78%
*145% 148%
*140
69
10%
29
*40%
1134
69
"6~206
Pref A with $30 warr
49
48%
131% 133
4
3%
26
128
42%
14%
18%
25%
12%
*126
42%
4
3634
26%
76%
28%
28%
128
51%
*19%
3%
20%
10%
20
10%
5284
43%
98%
51%
*127g
35
*3%
37%
8
2134
25%
9734
98
17%
5%
6
*37
39
3684
39%
17%
5%
38%
10%
26%
*126
14%
*29
50%
98
4634
8%
*14
3%
*45
98
4734
*4634
471
217g
*12%
7%
34%
23
70%
4684
8%
4%
23
36
2134
1334
23%
69%
9
98
48%
35%
22
4
47%
70
22
98
10%
79
36%
22
*1284
7%
10%
78%
69%
39
4%
IO84
80%
48a4
36
21%
4%
24
6934
*3234
8%
39
24
3634
8%
*8%
105
201% 204%
25
69
68%
48%
49%
13184 13134
13234 134
164
16434
70
48
22%
8%
206
*3
52%
133
*
3%
97
48
2984
50%
*45
I3I84 13134
48
90
3
50%
96%
*68%
*33
*3
52%
43%
68%
48
S3
9584
52%
44%
163S4 164
48%
130
*45
44%
*68%
70%
48
4734
131% 13134
13334 135
4784
47%
130% 131%
133% 135%
163% 163%
3534
36%
67%
67%
48
3
47%
9534
47%
96
Paper Co
No par
Albany & Susque RR Co. .100
J Allegheny Corp
No par
22%
*22%
25%
10%
*45
91
23%
IO84
3%
Ala & Vicksburg RR Co..100
Alaska Juneau Gold Mln___10
A P W
2
17%June 9
22% Jan 21
*1% Jan 14
7% Jan 2
58
Apr 28
2
24%
23%
35%
30%
100% Jan
par
2434
*22%
22%
23%
24%
105
203"
par
24
25
81
61%
96%
100
9,700
6,600
3%
Mar31
42
9% Apr 30
3%
3
$ per share
No par
Express
3
3%
10%
3
"^OOO
$ per share
111% Mar 18
69
Apr 28
12,500 Air Reduction Inc new.No
6.200 Air Way El Appllance.No
3%
81
*129% 130%
133
133%
163
13%
Highest
25
Acme Steel Co
1,200 Adams Mtills
No par
4,300 Address Multlgr Corp
10
1,300 Advance Rumely
No par
94
3%
23%
*23%
31
*30%
*
13%
3
35%
*30%
70
434
94
*3%
24
*33
94
69%
4%
*
1334
2534
24%
23
*
434
*
94
Year 1935
Lowest
Affiliated Products Inc.No par
4%
94
*3%
♦101
70%
4%
2%
234
Range for Previous
of 100-sftars Lots
EXCHANGE
Preferred
20%
*2584
4293
Range Since Jan. 1
STOCK
Week
$ per share
2
Jan
Jan
84
Jan 28
Jan 28
85
62% Mar 23
15
Mar
4
109
Deo
6%
Jan
Jan
70%
Jan
110
25% July
4
Jan
Deo
52
Aug
122% July
Aug
Apr
3% Apr
55% May
125
Deo
Apr
Jan
6084
4292»
<3
Deo
9%
Mar
Dec
n
New York Stock Record—Continued—Page 3
4294
1
HIGH
AND
SALE PRICES—PER
LOW
June 27, 1936
Range for Previous
Sales
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-share Lots
the
NOT PER CENT
STOCKS
JUT
SHARE,
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 20
June 22
June 23
June 24
June 25
June 26
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
*101
106
14
14
13
13
14%
*1484
1478
14I4
13%
12%
*94i2 105
*94i2 104I2 *94% 104% *94% 104% *94% 104%
17
17
17
16
16
165s
I684
1678
17i8
16%
105
*103
*10U2 106
*104% 107% *104% 107% *105
107%
*107
113
*107
38
38
*38
77
7714
777s
10612 106l2
25
24%
16
I6I4
1438
143s
*100% 105
*17
,
1714
110
112
395g
793s
*3714
7734
*10412 10612
2458
24r8
17
*16i8
19
19
2078
*1984
2834
2812
28l2
2884
*114
115
*11312 115
62
62
6034 6O84
■
*121
124
*16
I
*
17
;
6i8
-,
5i2
303g
2984
3038
28%
*38
39
19
19
26%
44
*43
*115
*43
11712 *115
15
15
15
*90
92
90i2
'
U
;
'
.
I
i
6
63g
32
33
684
53g
314
3
3884
26l4
18i2
26i4
"
"l638
v
3%
*3
3%
3%
15
16
2934
29
297s
41
44
43%
*115
117%
117% *115
16
155s
155s
*15i2
92
*94
92
94%
16%
157s
16%
16%
17ig
17%
17%
17%
17
1
17i8
113
i!
113
113
*3514
157g
if
!
*79
11
1578
11334
*353s
163s
3578
20
1-12
84
2134
17
*18i8
357S
20
*18i8
*11U2 112
i
16&S
2218
*7914
2218
4834
16i2
112
84
227g
*48
88
'87
87
*40
;
1
4834
*8514
,
4058
40
2878
75%
634
40%
29ig
J
2858
•
7534
287S
7584
I
*6%
634
<
*15^
14
•
;■
*44
9
*15g
714
2
14
14is
53
5158
51l2
5212
52l4
44
44i8
9i8
40i4
4958
14i8
5158
9
*36
*85S
403s
49
•r
2
76
4438
;
5034
*5212
,•
48%
*37
49
49
*10212 10234 *102% 10234
':
*47
914
11%
*50i2
9i2
1034
*16
'
48U
52
*107fi
?
48
*5012
1658
1612
9
120
*11914 120i2
133g
1314
*105
110
1314
*105
27g
27«
258
IOI4
53
»'
^
-
43%
43%
43%
200
1,000
16
16
94
*92
110
117% 117%
16
*1534
94
15,400
6,200
94
150
16%
16,500
17%
16%
1684
1,900
113
30
24%
3,200
110% 110%
1,000
94
14%
8334
143s
1,200
8334
200
500
10,200
3,900
1,900
51%
52%
31,100
17
17%
17%
17%
173g
17%
17%
113
113
113
113
113
11312 113i2 113
35
35
35
35
35
35
35%
3514
16 38
15%
16i2
1658
16%
1578 16% *1534
20
20
20
20
*185s
203s
*18%
*1838
1115s 111&S
11U2 11U2 *11158 112
1115s 1115s
*78
80
80
79
79i8
78%
79%
*79%
2134
2238
2234
2234
2158
21%
223g 22%
47
47
4434
47%
48%
47%
443s
44%
85
88
89%
*85%
88%
8534
877g
*85%
39%
39%
39%
39%
*3912 40% *39% 40%
30
30
30
30%
2958
287g
2978
2934
76
74
7638
73%
75%
76%
7458
76%
7
658
*63g
6%
678
67g
67S
*6%
2
2
2
2
*15g
*1%
*1%
*1%
14
13%
1234
1314
13%
13%
13%
13%
52 &s
51
5234
5234
51%
51%
517g
51%
51
51
*50
51
52%
52%
52%
5134
44%
44%
44i2 44% *43% 45
44% 44%
834
8&s
8i2
8%
83g
8%
*8%
*83g
40
*36
*36
40%
40%
*3714
40%
*39%
4834
493s
48% 48%
487g
49%
48% 49
102%
102% *102
102i8 10212 102% 102% *102
4,900
17
9l2
10
1634
107
2%
107
100
assented......
Pref
100
Baltimore & Ohio
100
Preferred
50
Bangor & Aroostook....
100
Preferred
Barker Brothers
No par
100
6M% conv preferred
Barnsdall Oil Co
5
Bayuk Cigars Inc
No par
100
25
1st preferred
Beatrice
Creamery
Preferred...
100
40i2May
1578 Apr
21
Apr
4178 Jan
11214 Apr
1314 Jan
8214 Jan
10
14i8 Jan 6
I684 June 26
110 May 8
18
Jan
2
107
Jan
8
Bendlx
Beth Steel
new
(Del)-No par
4584 Apr 30
20
16i8 Apr 28
110
Apr 30
120
'
110
6,000
3,000
"
290
200
27,100
5,500
500
Preferred
100
......
Blumenthal & Co pref
78
100
5,900
18,900
2,000
500
700
.
938
934
87g
93g
2,800
12%
117s
12%
1134
1234
6,800
1758
1634
17%
17
183g
8,700
119% 119%
121
121
90
13%
23,500
109% 110%
500
238
2,900
Corp
Boston & Maine....
64
6
par
4
5
41
Jan 17
48% Mar 11
4i2 Jan
No par
33i2 Jan
40U Jan
...No par
9734 Feb
7%
100
13i2May
100
103s
10%
10%
2434
2434
26
25
25
26
26%
26%
5%
2638
2634
5
5
5
16
1358
1358
*13%
1434
400
16%
16%
16%
16%
16
1638
200
43g
19%
57%
4%
19%
43g
118
4%
1,600
Bldg gu pf ctfs.100
Butte Copper & Zinc
5
18%
*17&s
18%
1,800
Byers Co (A M)
57%
*5438
57%
*55
58
2738
2734
27
2734
a27%
27%
2,200
Byron Jackson Co
3178
31
31
30%
3034
1,800
California Packing
Callahan Zinc-Lead
'
4
i
1
4
418
19
19
-
*57i2
27i8
3U4
19
5912
1
*57i2
27i2
3U4
27is
3U4
%
.
17
18i2
4%
19%
59l2
2758
3U2
1
834
34
1
1
934
95g
34
14l2
143g
56
*5212
1214
1238
3484
34
1434
14%
*52%
1238
56
1258
*37l2
*1358
.
;
,,
i
t
14
14
14
5078
50
50
*96i2
!
40
*50
.
98i2
"*"714
100l2
758
*9914100%
714
714
17914 .181%
*130
7712
*
40
99
*
182
186
*130
140
775s
40
1334
*50
*._
7738
4%
1
78
78
10
934
3334
10%
3434
1358
14
9%
10%
6,300
No par
83j} Apr 30
24%
24%
400
Bulova Watch
No par
25%
600
Builard
No par
26%
2,700
1U2 Jan 10
2084 Apr 28
25
Apr 27
5
1,100
4%
10
1
1
9%
934
17,200
3438
5,800
34
3434
14
14%
14
14%
1384
14
5078
*50
5034
5078
507g
507s
2,100
50%
1258
40
140
24
24
243S
243g
24
25
25
25
24%
25
*
*7%
55
12%
1278
40
40
40
10012
*
99
*166"
7%
179% 183%
*130
*53
1278
99
*99"
'
14%
56%
140
7%
1234
*39
*.._.
2i2
8I4
14i8
2%
16i2
100
Bush Term
100
No par
No par
..1
% Jan
6
Jan
54
25
99
280
......
50
9,600
7734
77%
235s
24%
23%
24%
23
23%
3,000
3,000
2458
2434
24%
2434
23%
23%
2,000
77%
Cannon Mills
Capital Admlnls clA
10
Stamped
100
66
67
67
66
6658
66
66
65
65%
310
283g
28
28%
28%
29%
29
29%
2,100
39
39
37%
*37%
39
37
38%
600
Central RR of New Jersey .100
8
*7
8
28%
37%
*77g
28%
40
7&s
7%
778
8%
77g
104
*100
*100
104
*100
104
*100% 103
*100% 104
*100% 103
53
535s
52
53
53l2
5334
54i2
5384
54%
5478
54%
54%
934
938
95g
9%
934
9%
958
9%
9%
934
9%
9%
200
Century Ribbon Mills.No
91
90i2
*88%
90%
*102
10314 *103
103%
20
*52
70
5912
*15g
*312
*134
*634
20
*19l2
20
5812
7014
*52
58i2
20%
58%
7134
7U2
7034
60
238
4
*U2
*334
4
2
178
2
59%
1%
*3%
*134
7
1U2
29
134
7
7%
59%
1S4
7
3
3
8%
*77s
9
*8
15%
15%
483s
178
47g
*458
8I4
*15i8
4734
134
4i2
*4i2
27i2
2034
21
71
59
48%
134
434
434
2734
2034
*52
56%
1,600
'to-'*.
-*
3,100
19,200
*138
238
*13g
3%
2%
100
334
3%
400
1«4
1*4
*134
2
400
7
738
7%
7%
6,000
10
28%
*27%
28
al34
1*4
1»4
is4
1,700
3%
3%
4
3,400
234
*734
3
2,900
9
100
*8
3%
234
*734
9
10
3
9
500
Common
Checker
16%
17
6,600
52%
54
2,700
2
1%
2
1,600
JChio
5
434
47g
47g
45g
5
5
5
2,000
7%
4&s
4%
5
400
27
27
27
27
2078
20%
20%
27%
20%
27%
20%
*27
20%
2734
600
20%
1,000
Jan
2
51
Jan
2
138May 19
278 Jan
4
II4 Apr 28
4
6
Jan
2
May 12
253sMay 13
20
173g
53%
2
5
59
Chickasha
17
52%
2
*45g
Mar 13
6%
preferred
100
Chicago Yellow Cab...No par
Chicago
17%
5334
2
434
4
25
Conv
par
100
Western. 100
.100
Pneumat Tool.No par
preferred
No par
Rock Isl & Pacific.. 100
preferred
Cotton Oil
100
10
-
514 Deo
Jan
U2 Feb
~7%
40
Deo
7i2 Mar
18
Sept
9i8 Mar
2514 Deo
49i2 Aug
Apr
36% Mar
106% Mar
314 Feb
32
June
578 Mar
116
Deo
15i2 Nov
88
Nov
1484 Deo
Jan
115
14
Oct
100%
Jan
20i8 Nov
108>s June
33i2 Sept
10734
33
Nov
72
Feb
11% Mar
79
Sept
1178 Mar
15% Mar
95
May
Sept
1484 Nov
i17i2 Mar
241?
Oct
Jan
34
2284 Deo
57i2 Nov
1434
95s
16%
103%
28%
6i8
3958
Mar
27i2 Sept
Mar
June
90
17
Nov
237s Aug
Jan
114
Dec
Mar
Mar
90
Dec
July
Jan
22i2 Deo
5978 Jan
100
July
4784 July
38
Dec
21
Mar
2734 Nov
Jan
70i2 Deo
87s Dec
284 Dec
334 Mar
i2 June
14
May
36% Mar
90
Jan
43
Mar
53
Mar
33s July
4'4
8>8
6234
314
Mar
Mar
Mar
Mar
Mar
June 12
2% Mar
334 May
8I4 Mar
13U Mar
1
Apr
514 Apr
10
Mar
25i4 Feb 13
1% Mar
113s Mar
74
Jan 10
32
29
17 is Nov
553j
Oct
65
Oct
42
Dec
512
38
Dec
Dec
4634 Aug
100
Aug
7U2 Aug
6334 Aug
JU2 Deo
878 Dpo
1734
100
Dec
Dec
934 Nov
97i2
Dec
3
Nov
1438 Nov
1484 Nov
24i2 Nov
28
3%
Nov
Jan
10i2 Jan
2?i2 Jan
3i2 Nov
2058 Jan
June 11
375s Jan 13
178 Feb 10
Apr 13
2
16% Jan 2
5784 Mar 24
16
Feb 19
43% Jan 11
18i2 Feb 24
52i2 Apr 18
97i2June 10
10078 Feb 21
934 Feb 19
7884 Apr 15
32% Jan 6
Mar
2i2 Mar
7i2 Mar
8% Sept
50
Apr
85S Oct
634 Oct
333s Nov
175s Deo
30
June
Mar
7
Apr 14
221
1
7
29
17
4
61
Feb 19
102%June
IO414 Mar
Apr
6918 Apr
74i2 Feb
314 Jan 13
6% Jan 15
258 Feb 5
8% Feb
7
5612
1334
40%
Jan
Oct
Jan
Oct
14
Nov
48
Nov
88
Aug
85
Mar
95
July
7
Dec
4584 Mar
83i2 Apr
3612 Jan
19% Apr
16i8 Nov
34
19% Mar 24
lis
43s Mar
32i2 JEeb
8214 Feb
55
984 Jan 17
Dec
4212 Feb
Feb 21
67
66
30i2 Aug
% July
31% Feb 19
71% Feb 18
35% Mar 13
58
par
...100
Ind & Loulsv pref.. 100
Mail Order Co
Preferred
2478 Mar 23
65s Mar 20
107
4
U2 Apr 30
278 Apr 27
212 Apr 29
634May 1
12i2 Apr 30
4034May 4
ll2 Apr 23
3i2 Apr 24
3U Apr 28
1934 Jan 2
15%
51%
V
6
19i2May 14
2214 Jan 2
Preferred
Preferred
Mar 24
Apr 22
101
Chicago
Chicago & North
Mar 23
June 22
80i2 Feb
..No par
Milv^St P & Pac.No
9
19
142
8i4June
JChio & East 111 Ry Co
100
6%
preferred
...100
Chicago Great Western
100
JChlc
Mar
31% Feb 4
3314 Feb 13
4734 Jan 21
Cab
Chesapeake Corp.....No
Chesapeake & Ohio
1%
15%
4934
Jan
% Sept
28*4 Apr 27
Apr 28
6i2 Apr 29
97i2May 2
par
7%
preferred
100
Champ Pap & Fib Co 6% PflOO
14
5
186
Jan
253s Jan
Preferred
100
Cerro de Pasco Copper.No par
Certain-Teed Products.NO par
fChic
*8
*27%
3
20%
For footnotes see page 4292.
56%
*3%
10
9
2834
70
59&s
28%
1*4
334
*8
*20%
71%
59%
*8
3
47g
71
28%
134
35s
*27g
37g
478
*27i2
71%
5934
23s
378
134
73g
10
178
378
220
71
59%
*13s
*35g
2834
17s
320
*102% 103%
102% 103
20
20%
20% 20%
*8
178
88%
*52
2834
1%
358
384
4i2
7%
88
56%
11
278
17s
2
89%
2058
2038
103%
89
*52
29
3
15i2
1%
378
103
90
*8
4
4684
7
60
90
*2834
3
4614
*134
4i2
103
20
5958
134
90
*52
7084
*8
*15
103
5984
29
134
*378
90
June 17
7
116
35
66
*3914
7,800
4
2134May 22
19
Apr 30
54
May 1
*28
4,000
4
Jan
5434 Jan 16
6712
*7
Jan
23
14% Feb 14
20i8 Feb 14
634May 22
92i2 Jan 6
No par
2814
8I4
Jan
91
1
100
8
87
100
Caterpillar Tractor
6
4534 Jan
Carolina Clinch & Ohio Ry.100
Carriers & General Corp
Case (J I) Co
Jan
1078 Jan 20
Apr 30
1234May 8
1
Preferred A
41
*7
Mar 23
14
37
Celanese Corp of Am..No par
fCelotex Co
No par
6% preferred..
100
Central Aguirre Assoc .No par
*65
13
4014 Apr
103s Apr 30
No par
Preferred certificates
140
775g
2
2
29
2
29
15
30
30
2
Jan
100
1,300
Jan
30
Canadian Pacific
500
Apr
Calumet & Hecla Cons Cop.25
Campbell W & C Fdy.-No par
Canada Dry Ginger Ale
5
Canada Southern
3934
Jan
Jan
Apr
54%June
22
Apr
3014 Apr
No par
Preferred
4,500
3,500
77%
Debenture
25,800
73g
7%
178% 17834
*130
Burroughs Add Mach_.No par
JBush Term
...No par
«*tototo'toto
100% 100%
7734
Co
14
12%
7%
140
Budd Wheel
55
100%
179% 181
*130
137s
*53
14
63
358May
Jan
*24%
34%
14%
*53%
12%
*38%
*14%
99
*130
1
934
56
100% 100%
734
714
180
18334
7734
3138
1
10%
34%
1438
*2434
28l4
!
77i2
*3858
59%
27%
3178
777g
24%
*39
,
140
438
.
.19%
*57%
27%
3134
834
78
85S
*3312
1414
*52i2
1214
17
56% Jan 31
655s Jan 15
214 Jan 20
1st paid rights
25%
*1658
50% Mar 25
Apr 7
l578May
114
Apr
538 Mar
85
..100
5
5
104
2% Apr 15
7% preferred
Rights
10
26
12% Mar
51% Mar
121
Mar
918 Jan
No par
*25
26%
4
May 19
8i8May 19
87s Jan 2
5
preferred..
4
7
2
44i2May 11
x50
Bruns-Balke-ColIender.No par
Bucyrus-Erle Co
10
Budd (E G) Mfg
6
Jan
par
Preferred
Jan 15
3014 Feb
48
*2458
5%
*1334
Feb 28
1878 Feb 13
6478Mar 6
69
Apr 4
2534
2634
5%
6
par
par
2558
13%
17%
4%
19%
Jan
Apr 27
li2 Jan 9
1284 June 26
43U Apr 30
100
Bridgeport Brass Co
No
Briggs Manufacturing-No
Briggs & Stratton
No
Bristol-Myers Co
Brooklyn & Queens Tr.No
45
Sept
19i2 Deo
45i2 Oct
5% May
8% Apr
24i2 Feb
23% Jan
30a8 May
13s Apr
Borg-Warner
15
10
481 z Nov
115
35i2 May
284 July
28 >4
(The)
2512
2612
478
Mar
8312 Mar 4
11% Jan 30
338 Feb 14
No par
No par
Class B
2538
a1312
^16%
15
Jan 21
Bon Ami class A
Borden Co
1058
5l2
99
Mar
63i8 Mar 7
100i2 Apr 13
2534
14l2
113
4
4414 June 26
80%June 12
3938 Jan 3
25% Jan 2
26
538
*1314
Oct
3238 Apr
10684 Jan
6
25l2
5l2
Mar
Bohn Aluminum & Br
103g
*2558
13
Mar
20i2
26% Jan 29
2534
2658
3
6
1678 Apr 30
10i2
2614
5i2
Deo
19i2 Apr
5
Preferred
7,100
3
Deo
60
Boeing Airplane Co
tBotany Cons Mills class A.50
.
June
Deo
44
8
2158 Feb 11
Jan
100
Feb 28
20U Feb 19
*25
13
19
18%May 8
10934 Jan 24
*25i4
2658
6334 Apr
Bloomingdale Brothers.No par
150
,
i
June 10
120% Mar 26
48
Apr 6
i
i
Mar 11
3
9%
2%
26
lll%May 29
37
May 6
1434 Apr 28
Brown Shoe Co
2%
678 Feb 24
384 Apr 22
54i2 Feb 28
40i2May 28
24u Feb 21
3414 Feb 19
49i2 Feb 28
117i2 Feb 3
2034 Mar 19
102
April
x20
Apr 8
1834May 26
114% Jan 15
23
..100
Brooklyn Union Gas...No par
2%
126% Apr 18
3018 Feb 14
54% Mar 5
10i8 Jan 15
46% Jan 24
734 Mar 18
..No par
300
2%
Feb 18
Blaw-Knox Co
800
2%
2%
10%
73
Bigelow-Sanf Carp Inc.No par
preferred.:;.
Apr
Mar
2934 Feb
3584 Mar
June 12
1,800
1,100
700
108
7
preferred
51%
*103
115
5
Jan
48
109
19%May 28
22%June 25
35i8 Apr 1
16*4 Mar 4
89%May 5
31s4 Apr 15
243s Mar 5
5714 Apr 2
Jan 18
80%
48
9218 Deo
37% Jan
17% Deo
197# Deo
28
May
96
21% Jan 20
Oct
Nov
665s Mar
2
June
978
90
18% Nov
109
Sept
7% Mar
10634June 11
3534 Feb 21
8
48
51%
*105
2
June 19
384 Mar
Apr
70
51% Feb 10
865s Apr 13
Feb
20
5%
7%
112
83
5
Aviation
IO984 Apr
13i8 Jan
Beneficial Indus Loan..No par
Best & Co
No par
477s
125g
30
3
3
6
Feb 28
51
13
28
30
35
48
1234
9
85
51
13%
Apr
50
48
119
June 11
Beech-Nut Packing Co
20
Beldlng Hemlnway Co.No par
Belgian Nat Rys part pref
51
1278
5
8
3
Apr 30
278May 12
29i2 Apr 30
Works..No par
Preferred
212
IOI4
:
'
1
5^8June
Assented......
48
119
119% 120
127g
13%
26%June
Bklyn Manh Transit. .No par
$6 preferred series A .No par
9%
11%
167g
11%
163s
Jan 17
June 26
No par
Prior A..
Loco
2
14
51
52
Jan
100 xll2
*
*47
4834
11
Preferred
2
June 16
2,900
:
48%
48
No par
Beech Creek RR Co
38%
94
21%
16%
109
J
19
27
27%
1034
1358
39
18%
55
10
120
800
21
*51
Atlas Powder
Baldwin
1,200
54%
4814
100
Jan
3
9,000
26%
4% conv pref ser A
31
3%
*37
-.25
No par
3X
24%
100
Preferred
Atlantic Refining
June 19
90®4 Jan 2
215s Apr 24
11
Apr 22
13% Apr 24
26%June 4
112%May 22
Aviat Corp of Del (The) new. 3
38%
3%
113
—
Austin Nichols..
140
25%
16
16
17
I6I4
16%
*1718
17l2
*17i8
17i2
17%
1784
*110i2 113
*110i2 113 i *110% 113
*110% 113
*110% 113
24
2334
2334 237g
2384
2334
! 23i2
2434
24% 2478
11138 1113s
110% IIU4
11034 IIU4 *110% 1107g *110% 11078
*3714
3812 *37i2
38l2 *3714
38% *37%
38% *37
38%
94
94
94
*9314
94i2 *933s
9378
937S
9412
933S
1414
1414
14%
14%
143s
14%
141-4
1412
14U
14%
*83
83
83
*83% 85%
85%
*83%
*8314
28
2714
273S
273s
273S
2778
27%
2734
267s 2778
21
2138 2138
213g
21%
213g
21%
21%
21%
213s
54
54
5438
5438
54%
5484
54%
54%
5434
54%
54
55
5334
525s
535s
5434
53%
54%
53%
517s
59
7,000
185s
11/%
Fe_-100
2,600
26%
117
Feb 21
May 21
6%
32%
53g
18%
!
*
!
29%
18
36
....
2218 Feb 27
May 13
108
Atlas Tack Corp
..No par
Auburn Automobile—No par
26%
*43%
1834
27
to
i1
29%
10
3
Jan 20
1,000
6,000
*3
39
*38%
185g
26%
*43%
1,800
38%
*375g
3%
*375s
'
19
700
14%
*578
3
27
11,400
124
14
32%
5%
'
■'!
*121
<
39
41
28&S 2938
114% 11478
58
*57%
818 J&n
12% Apr 30
95
98
At G & W I SS Lines.-No par
6
3
Atch Topeka & Santa
Preferred-
S per share
103
1,000
5&S
3
14,700
1,100
$ per share
25
Oil
1,190
32%
39
•'
$ per share
100
100
6% 1st preferred
7% 2d preferred
Associated
22
6
3
-
30
Highest
9 per share
1
18
58s
3%
M
'
Lowest
-100
18
32%
39
to
_
"""166
40%
78%
103%
Highest
No par
Associated Dry Goods
*20%
6
3
«.
112%
Artloom Corp
Preferred
5,400
32%
3%
*.
25%
; 5%
39
26%
43i2
93
124
163g
-
1,600
23%
58
3%
*37i2
1834
117i2
15i8
57%
to
1
Par
100
Atlantic Coast Line RR—100
102
115
38%
41
77
538
6
5%
38%
44
60
*37%
32%
6%
32
39
19ig
2714
*106
124% *121
1634
3ig
3I8
39
*37
I'
58
*
1634
53S
115
114% 11434
1614
*32
3i8
3i8
*3
79
124
115
*106
39% *37% 407s
78
787S
76%
787s
105% 1055s £104% 104%
24
24% 25
24%
16
18
187g
193g
22
21%
2278
2134
29
28%
2834
29%
2958
6%
6i8
3412
53s
*37i2
124
115
*38
105i2 106%
25
2458
16%
16%
*18
21%
283g
28%
114% 114i2
59%
61%
124
2934
*32
*106
395s
~16%
2834
'
110
2,600
.
Year 1935
Lowest
Nov
2214
Feb
Mar
6% July
96(4 Mar
3858 Jan
35s Mar
23
Mar
438 Mar
36
Mar
37% Mar
1
Apr
78 June
58 Feb
15s Feb
8's Dec
11114 Nov
126% Nov
60
Nov
353s Jan
21t4 Nov
6234 Nov
29
May
6212 Aug
123s Jan
109i2 Jan
653s Dec
153s Dec
8814 Deo
21
Dec
6U4 Nov
5314 Dec
2i8 Jan
3% Deo
2U Jan
5% Dec
Mar
9
Dec
6
19i8 June
r35
Nov
278 Feb 11
14 Mar
3
Jan
578 Feb 11
478 Feb 21
84 Mar
138 June
434
Jan
12i8 Feb 21
20% Jan 2
3% July
458 Mar
12
Jan 31
3138 Jan
1
20
Mar
56
Feb
6
3
Feb
8
84 July
8
Jan 11
IBs Mar
1% July
914 July
77s Jan 10
3184 Apr 1
30% Jan 6
25
Sept
558 Jan
105s Jan
20&S Dec
5434 Dec
25s
414
Dec
4
Jan
Jan
1984 Dec
3134 Dec
Volume
New York Stock Record—Continued—Page 4
142
AND
LOW
SALE PRICES—PER
Sales
NEW YORK STOCK
the
NOT PER CENT
SHARE,
STOCKS
for
HIGH
EXCHANGE
JUI
Saturday
Tuesday
Monday
Friday
Thursday
Wednesday
June 22
June 23
June 24
June 25
$ per share
$ per share
$ per share
$ per share
834
834
*28% 3H4
98s4 IOH4
17&S
*17%
79i2 7934
67g
*6%
*32
3312
*75l2
*109
6&8
658
*3212
*7512
33i2
-
-
--
109
109
*36l2
37
37
*87
89
*86
*54
56l2
*5384
132
*126
100l2 10012
57
57
I3I4
13%
*10384 10412
46
4614
*110
111
*20l2
132
99
100
13l2
*20i2
47
110
21
21
514
5
514
26i4
26
26i4
33
31
*9312
6H4
111
96
6H4
llllg
69
*11184 112i8
108i2 109
69
7*2
*35%
*18%
1234
*22i2
8%
80i2
484
16i2
36%
27
*2518
26i2
*25i8
27
*23
24I2
*23
24%
190
122l2 12212
3434
34i8
*45
4534
1,900
2,400
27
104
105
*9312 95
6284
6218
1127g 11312
72
70t2
III84 11134
108ig 11078
16
]55g
33s
312
71
7178
*2H2
77«
34
19
107
27
*8%
*6534
*81
82
484
107
5
5
12
1178
*105I2
88s
h
*2
*1238
*8
%
214
%
214
14
13%
18i2
183s
18*4
1384
*184
14
75
75
7884
193s
7884
193s
♦3984
40i2
178
*7912 110
*79l2 110
478
478
I6I4
16i2
36i2 37i8
*1378
1®4
755g
783s
19%
40
35
104
625R
62i4
9434
7514
3i2
7H2
15%
3I2
69
64%
70
3i8
6834
8
*7i8
778
34
335s
343s
*7%
70
3,600
100
7%
4,000
300
2678
21i2
*83s
21%
20
834
600
*
470
.
20
68%
"81"
180
81
*7912 110
5
1,500
17
17
37i8
365s
2,000
42,100
1,100
6,000
-*«.*•««
m —
—
89
Aug
27»8 July
4812
Dec
87
Dec
m
'
80
Dec
20
July
100
124
Jan 15
12712 Feb 26
110
Coca-Cola Co (The)
No
par
84
Jan 31
102
No par
13%June 26
10238May 19
3912 Apr 30
107U Jan 3
6%
prel erred
100
Collins & Alkman
No par
Preferred
100
Colonial Beacon Oil
No par
{Colorado Fuel & Iron .No
8% Jan
35s Mar 16
May 2
2
2
par
78,800
imf-f -
— -
900
5
6
IO6I2 Feb 28
515s Feb 3
Jan 15
112
49
4% 1st preferred
4% 2d preferred
2H2 Jan
19% Jan
3614 Feb 20
3778 Mar 11
Columbian Carbon
100
100
16
Jan
2
36
v 10 No par
94
Jan
7
134
No par
31
Col Pict Corp v t c
6%
preferred
May 20
42i2May 26
5
$4.25conv pf ser of 'Z5No par
Solvents..No par
Preferred
•
Consol RR of Cuba pref
106
June 19
35% Mar
1584
90i2
Deo
99
June 16
31
83
Deo
2
2684 Mar
5
20
May 19
June
3
Jan
3
Jan
6
2
5
3sMay
June 18
4
Oct
84 Mar
Oct
115i2
105
235s
3
Aug
Jan
Oct
Jan
Nov
49
58i2 Sept
IH4 Nov
July
78
Jan 15
62
Mar
74
85
Mar 24
69
Nov
82
Feb
85
Mar 25
72i2 Oct
314 May
1414 May
157g Feb
80
Mar
7i8 Feb
20is Feb
385s Feb
1085sJune
13
13
17
10
Jan
7i2 Jan
22i8 Feb
3484 Nov
106i8 Nov
June 12
72i8 Feb
li2 Mar
618 Mar
1001? Dec
101% Deo
IH2 Feb .5
1»8 Jan 16
2i2 Jan
38 Aug
814 Deo
188 Nov
6i8 Feb 10
1514 Mar
106
43s Apr 18
2012
26%
1918
284
7734
683
Deo
1214
Deo
....
----
Apr 17
Mar 9
Mar 3
Feb 21
46
Feb 11
218 Apr 30
28%June 6
29 May 19
5514 Apr 30
*68% Jan 3
4
Mar 20
9,300
16i2
72
Mar
351? Apr 30
82
81
817g
815s
82%
8OI4
8214
805s
81%
1647g ♦163 ig 16478
16478 165
164i4 165
16478 16478 ♦162
45g
4l2
45g
4i2
45g
4i2
4%
412
4%
4%
36
36 I4
36ig
36i4
36U
36U
36U
36%
36%
36ig
28
26 84
283«
27%
2684
27i8
26t2
263g
27U
263g
615g
63l2
6H4
59%
62i2
595g
615g
603s
5912 623g
46
46l4
457g
46l4
475g
46i2
45%
46%
463s
45%
♦lOOU 10834 *100i4 IO884 ♦IOOI4 10834 *100i4 10834 *100% IO884
83g
8%
83s
83g
8%
814
8I4
8l2
8%
8%
33
36
34l2
35l2
35i2
34i2
35i2 37t2
36i4
36%
107
*107
108
107
108
IO684 107
10678 107l2 *106
15g
112
1%
1%
1%
*1%
1%
15g
1S4
1%
13
13
13
13
*12
*13
12
13
12
13S4
103s
IOI4
10l2
10l8
1058
105g
IOI4
IOI4
1078
10%
95
94
95
9312
94i2
94%
9314
*92%
9314
<95%
36
36
37
363g
36ig
3612
363s
36%
363g
3638
18
183g
185s
1778
175s
1784
1734
175g
175g
18i8
10312 10312 *10314 10312
103i8 103i8
10338 10312
1033s 103%
6
6
584
55g
578
584
5i2
584
5%
558
9778 July
58
119i2 Aug
Nov
1
180
Oct
7
2.50
5984
Jan
24
6
17,500
1,300
39t2
110
33>2 Jan
133s Jan 22
18
Jan
Mar
145s Nov
Jan 10
Continental Diamond Fibre..5
31%
Oct
2112 Nov
Jan
1,000
3034
Deo
Feb
12i4 Feb 27
4412 Jan 8
May
2
20
Continental Motors
50
9
82
2
3
7
Continental Insurance
Deo
40% Dec
48*2 Dec
33s Mar
15s Jan
67i4 Jan
67i2May
4,600
21
17i2 Deo
IOH4 Nov
4978 Deo
Oct
678 Jan
...No par
100
4,400
Jan
Deo
Deo
1584May 14
1038 Jan 6
2%
Feb
Jan
Deo
11
Container Corp of Amerlca.20
Continental Bak CI A ..No par
Continental Can Ino
7
65s Mar
5i2
29
22i2
4584 Nov
9,300
2,700
2,300
1,400
10,900
Preferred
Feb
Mar
12i4June 18
Class B
Mar
27
101
0.25
v t 0
t2 Mar
1034
978 NOV
71
100
5% preferred
Jan
29is Jan
578 Mar
{Consolidated Textile..No par
Consol Coal Co (Del) v t
Deo
684
Feb 17
Jan 10
378 Apr 28
11% Apr 30
100
1,100
109
56i4 Feb
IIOI4 Dec
102
5
No par
Deo
6984 Mar
8
26
26
21
17
24
27
13
30
1514 Apr 30
2714 Apr 30
No par
Preferred
50
1
2
,6534 June
72% Jan
73% Feb
| 438 Apr
No par
No par
Deo
Mar
8234May
11612 June
114i2June
245s Feb
5i2 Feb
; 8
100
preferred
9
10714
z45% Jan 22
5114 Jan 23
215jj Apr 8
19
Consol Ed Co of N Y__No par
$5
Jan
7
April
10
No par
Consol Laundries Corp
Consol Oil Corp
4
Mar
16
Prior preferred.._i
100
Prior pref ex-warrants. .100
Consol Film Indus. 4
1
Preferred
Dee
101
6478June
11658June
2% Apr 30
5914 Apr 28
712 Apr 20
32^June 5
100
Preferred
Deo
21
2
6
1414 June 26
Congoleum-Nairn Inc. .No par
Congress Cigar
No par
Connecticut Ry & Ltg
100
Consolidated Cigar
Deo
5858
2
97
No par
$6 preferred series ...No par
Conde Nast Pub Inc
No par
93
9012 Jan
8O34 Jan
Commercial
Commonw'lth & Sou
72l2 Nov
533s Apr
15is June
Jan
14
100
preferred
Aug
May
5
Jan 11
24
100
Preferred
Oct
5234 Deo
126
93s Feb 19
100
Colorado & Southern
7,600
160
June 17
6778June
2012 Jan
2434 Mar 24
6
9
*21l2
----
80
2
7
Colgate-Palmollve-Peet
May
Mar
8
55% Jan 16
100
46
May
No par
Deo
Nov
9378 Deo
247s May
6i2 Nov
275s Deo
7012 Feb
Class A
9
26
1214 May
87
11058 Jan
2678
5
Oct
6684 Sept
314 Apr
Feb 26
9
4,100
3,200
48,600
75,800
33g
5
5%
*53g
5l8
5%
18
18
1734
1712
1778
36
3512
37ig
3634
3534
107
107
107
106
106i2 IO684
♦IO684 10712 *106
5
478
514
5%
558
5U
5i8
5i2
53g
12
II84
13%
12ig
13%
12ig
1234
127g
13i2
*10512
*10514
*10512
*105U
8
8
8
8
8
8
*734
8i2
778
%
%
%
«8
i2
%
12
»8
%
2%
218
2i4
218
2'4
2i4
2%
2%
2%
14
14
14
14%
13ig
13I8
1334
1312
1384
19
19
185s
18%
18t2
18i2
1884
18%
19%
14
15
15
15
1414
1418
1414
153s
1458
2
1®4
178
178
1®4
178
1®4
17g
*134
76
76
76
76
76
763s
76i2
76i2
76i4
78
79
78
77
7678
77%
7914
7714
77l2
19
19
19
19
1878
198s
18%
*1834
19%
40
40
41
40
40
40s4
405s
4012
405g
*484
*16%
36%
12
86i2 Feb 19
73s Mar 5
461s Mar 24
97 May 18
11034 Feb 14
Apr 28
9
*22%
*79l2 110
Feb
Mar
48
8
19%
*7912 110
9
31
82
Jan
12%
8i2
312 Mar
Mar 25
35
No par
Jan
1212
68I2
II84 Jan 24
HO^June 25
1978 Feb 14
Cluett Peabody & Co
Preferred.
Jan
34
34
81
107U Jan 4
35
Apr 27
55
*185s
8%
Feb 10
90
100
Clev El Ilium Co pref ..No par
Clev Graph Bronze Co (The).l
44
13
H"
2334 Jan 21
No par
C C C & 8t Louis pref
7
110
19
*
Equipment
434 Jan
10
13
834
5
100
19
82
8512 Jan 21
1514 Jan 2
72% Jan 2
...6
No par
100
Comm'l Invest Trust.-No par
Conv preferred
No par
19
6534
8
Commercial Credit
1312
884
6534
3
Jan
21,100
13
*81
Jan
25,900
7,500
11514 11612
113
114%
1458
1414
1133g 115
113
11314
1414
3i8
170
114U 116
76%
7478
11412
74
7
25
200
$2.75 conv pref
No par
39,200 Columbia Gas & Eleo._Aro par
Preferred series A
100
1,700
95
63
63i2
113
10
104
104
9484
600
1934
19l2
1978
104
94i2
1534
33s
70t2
*7i2
3334
*185s
463s
1918
11234 11312
7212 7478
112l2 113l2
11112 113
15
35
*45
9484
62
514
123ig 124U
105
*9312
68i2
82
*105%
♦73s
*104
87g
834
68i2
107
*484
1178
*251S
1378
*81
16i2
3,900
2,270
5%
31%
*65
36i2
2,750
27
8O84
no
*75
10
31
1334
834
7,100
27
14
8i2
300
31
69
♦66
22,200
53g
2934
*25%
7038
27-
100
5U
24
24l2 24l2
*124
126
12512 126
3484 35
34l2 3534
*45
*45
46
4634
20
1984
19l2
197g
113
*24
4,300
30
53g
% per share
Cleveland & Pittsburgh....60
700
52
2714
21
27
-
52l2
525s
525s
*126
132
*12612 132
*126i2 132
99
99
98i2 100l2
9878 100l2
*57
*57
*57
57%
5714
5714
13%
13%
13U
1314
1358
133s
*103
10334 10384 *103U 10438
10334
463g
45i2
4714 47L
45i2
4734
*109i2 no
*10912 111
*109i2 110
2134
22%
22l2
2314
2212 233g
52
510
13i2
1234
800
31
♦185s
70
600
36
29i2
20
33g
......
110
*34i2
29
*7i2
3384
*185g
314
*75i2
—
-
-
Clark
31
7i2
3514
1578
-
-
700
3H2
11218 112i8
108
108i2
16
1584
33s
3%
72
7034
8
*7%
34
35ifi
1578
2112
—
52""
...
200
32%
*31
3278
*75l2
*23t2
10512 10512
*9312 96
613s
6284
111
110
*32
Highest
$ per share
25
Corp
City Ice & Fuel..
63s
63g
512
28i2
5i8
2014
69
69
4784
W
67s
Lowest
$ per share
No par
Chrysler
Preferred...
City Stores
31%
45
19%
137g
m
1714
79i2
*638
109% 201,200
1,800
17%
17k
320
79%
79i2
108
26
3H2
*2734
2812
24
24i2
12384 126l2
34l2 34i2
45
575s
103i2 10312
111
*5
106
*87
*57
10334 10334
4634
4784
*31
106
*87
*86
5384
17
7912
Highest
$ per share
Par
1,300 Childs Co
50 Chile Copper Co
30%
*28i2
Lots
Lowest
Shares
8%
110
*126
132
*26
28i2 2812
*2412 2634
*122i2 124
*34i2 35
4478
44%
19i2 20
109i2 110
36
37l2
53l2
100l2 100l2
*57
5712
137«
13%
*110
21%
55
8i2
812
*2812 30i2
1075g 110i2
*86
80
7912
share
8
9
884
85s
884
28i2 28l2
*281$ 3H4
104
109
1033g 1053g
17U
1714
1714
1714
79
79i2 79&s
7914
678
*638
*63g
678
*32i2 33
327g 333s
*75i2
*75i2
10912 10912 *109i2 llOig
37
37
*37% 3714
9
834
*28i2 3H4
10178 10478
1712
17l2
37
*126
per
*
Range for Previous
Year 1935
Range Since Jan. 1
On Basis of \QQ-share
Week
June 26
June 20
$ per share
4295
Jan 11
8714 Jan 13
2488 Mar
5
22
Dec
4i2 Mat
^8 Apr
23% Deo
,117s Deo
Va Deo
46U
6234
Jan
69
Jan
7
Jan
2878 Mar
99U Nov
20i2 Dec
4478 Deo
Deo
84 Jan
15i8 Mar
85
'
238
2934
30
2978
212
303s
3H2
31%
31
31
*31l4
2l2
30«4
32i4
59
59
59
59
*59
5934
81%
*162
4l2
23g
8H4
165
412
36
36
2714
2778
59t2
59%
*46
46i2
♦lOOU 105
83s
8i4
*3134
*107
1®4
13
33
108
1®4
13
10
10
93
93
3612
18
*103
684
3612
18tg
104
578
153s
2%
15l2
*32
23g
303g
1514
*32
1584
316
23g
30i2
2i2
3138
32
32
69i2
80i2
59l2
153s
1584
316
65
*61
70
*62
67
*62
*36i8
4778
*40
477g
*40
477g
54
*53
5312
5312
53i2
9
*884
9
*4078
53i2
884
82
80i2
8I84
7912
803s
30
30
30
30
23
2234
2314
*85s
79
2978
2234
*40i2
1634
684
*138
9I4
80t2
2978
2234
*834
80i2
2978
4U2
I684
41
*13
36
4084
41
*84
*li4
*5
*14
*114
17I8
*3114
*3514
32
4112
I6I2
14l2
50
*13
40
32
*47l2
*884
5778
1678
*225s
58%
142
*12
2214
*2014
*56l8
2314
423g
1714
22%
20»4
56l2
9%
1
178
5%
15
.......
3214
1484
514
149
*13
*84
178
5%
*1U
*5U
15
*14
*114
*31l4
1
♦84
*li4
•
-
-
*14
-
1507g
30
30
1,800
2278
21
21%
10,100
S32 184,400
62
47%
300
400
50
35
35%
41%
20%
3,800
20%
58%
7,800
5614
20%
*19%
58%
8%
1984
*12
63s
22
612
*167
168
*
*12
*638
168
16312
22
678
171
~32%
3278
_3234
*7U
8»8
363s
*714
8
36i2
3678
?558
*ll2
13l2
113
34
*13
15%
s4
*114
514
112
*%
*1%
*5
514
1
15
*14
113
113
~32%
♦
73s
36
113
*114
115
*114
"3214
*78g
355g
113
1334
1414
6%
6i8
1512
16
7212
7H2
72
7H2
68
67
67
72l2
66i2
72
For footnotes see page
66
4292,
113
*13
6
63s
170
*
20
3212
734
37%
36
*73g
*112
*13
6
63g
171
16312
33
113
""400
115
22
170i2 172
163l2
734
1578
1534
63s
*
3284
3678
141«
6is
I6I4
6
135s
33
*12
Preferred
15
20
6%
1697s 170
*
"8,106
200
60
T,§66
3,800
"32%
32%
"2" 700
73S
3634
16,600
200
70
13l2
6ig
1384
13U
1334
13
"l¥%
29,300
6%
6i4
6
6%
1512
16
7134
6is
147g
70i4
16i8
72l2
66
65ig
66
4,300
40,300
5,300
2,700
*71 ig
6534
1534
72%
67%
-.1
100
114
Feb
I)<tCo_20
133
Apr 30
100
129
Feb
:
Du P de Nemours(E
6
5 May
1
1378May 19
6% non-voting deb
8
7
100 rlllUJune 12
18
Mar 11
pf.100
6 June
6
Eastern Rolling Mills
6
156
Eastman Kodak (N J) .No p'ar
Apr 28
Jan 27
6% cum preferred
100 158
Eaton Mfg Co
2812 Jan 6
No par
684 Apr 28
Eltlngon Schild
No par
Eleo Auto-Lite (The)
3084 Apr 27
5
Preferred
100
IIOI4 Jan 23
10
Electric Boat
3
Apr 30
Elec & Mus Ind Am shares.._
584 Apr 29
Duquesne Light 1st pref
Durham Hosiery Mills
"
163%
15%
713s
66%
6
ltg Jan
No par
Duplan Silk
784
7%
3778
35%
11314 *112
33
Dunhill international
Preferred
Jan
6I2 Jan 10
BgMay 20
100
Duluth S 8 & Atlantio
Electric Power & Llght.No par
63s Jan
2
3284 Jan
2912 Jan
2
2
$7
preferred
No par
$6
preferred
No par
Deo
5i8 July
Jan
Dec
8i2 May
8O84 May
37
Deo
15
Mar
2434 Nov
89i2 Mar
I0514 June
47i2
Mar
458
6I4 Mar
12U
2
70i2 Jan 27
61
65
Jan
Deo
Dec
x95
Nov
June
75
Nov
Mar
6
16
Mar
47
Deo
984 Mar
8914 Apr
6
6
6
June
62
Feb 20
22>4 Mar
19
Jan
187a
Dec
23i2 Mar
10i2 Deo
6884 Nov
28
Sept
24i2 Deo
43i2 Jan
19i8 Jan
23% Feb 20
93s Feb 7
11
Feb
5
Deo
Feb 17
65
Mar
130
Deo
3
2
Aug
6
Jan
Oct
19
Deo
153
10
Jan
218s Jan 31
58
Apr 8
42
100
Convertible class B_.No par
""166
1%
5%
*14
1478
Dome Mines Ltd
Deo
Deo
Mar
Jan 21
40% Jan 25
29
*32
15i2
No par
Dixie-Vortex Co..
Dec
47i2 Apr
"73"
90
2
Dresser(SR)Mfg conv ANo par
3278
*13
9
%June 16
8
Jan
100
*31U
15l2
914 Mar 11
2U8 Mar
38
Douglas Aircr Co Inc..No par
500
4
3378May
600
3278
®4
Jan 10
32,200
9U
6434
1
Participating preferred...25
Distil Corp-Seagr's Ltd No par
42
884
6212
62%
No par
Diamond Match...
June 12
63%
9i8
6384
*13
65s
17034
163i2
6i8
1534
1384
6
*67
*6i4
170
16312
500
13
18U Apr 30
19»4 June 25
41i2 Jan 2
734 Apr 28
5058 Jan 6
*3H4
22
1,000
Feb
6
No par
Dominion Stores Ltd.-No par
149
*12
"""400
24U Apr 13
7
5% non-cum preferred. .100
Devoe & Raynolds A..No par
38
40i2
Feb
13%
Mar
6
Mar
100
Deo
14
9is
14
31
100
Nov
4878 Nov
Jan
26
pref .100
48
100
Jan
2
Delaware Lack & Western..50
Jan
Mar
Mar
Mar
1
Jan
Delaware & Hudson
Sept
5
19i2 Apr 28
3684 Jan 20
1478 Apr 30
43$ Jan 4
128 May 12
4
Apr 29
Det & Mackinao Ry Co...100
50
36i8May 17
4314 Jan 6
75s Apr 27
II84
23i2
43i2
74i2
3i2
4
9
44i2 Jan 14
May
75s Deo
3978 Mar
193s Deo
4
27
Corp. 10
484
50i4
3514
6
i8June 8
60 May 28
783s July
165
278 Feb
18i2 Feb
1414 Mar
7
Detroit Edison
*12
Jan 15
IOI2 Jan
Oct
60
14814 Oct
418 Mar
3578 Jan
10514
2i8
Mar
Deo
"6984 "Dec
6
Jan
Denv & Rio Gr West
13i2
,
7
41«4 Mar
Mar
115
20
10,400
22
Feb 18
41
52
Preferred..
684
*12
178
514
5
Delsel-Wemmer-Gilb
17%
*142% 145
6i8 Jan
4
..No par
Co
41%
1934
5618
*884
5ig
Deere &
*6%
21
*14
No par
Ino...No par
3978
16%
20i2
56s4
*114
preferred
Cutler-Hammer
Davega Stores Corp
65s
149
148
150%
14914 151
149%
150l2
129l2 12912 *129l2 1297g *129l2 12978
*129% 12978 *12912 12978
129% 129%
112
112
113
*11214 11312 *11214 113% 113
*112i2 11312 *112% 113%
14834 149%
8%
~1~,606
1634
22%
*34
*H4
Rights
Cushman's Sons 7% pref. .100
I6I4
*6i4
62i2
15
20
1
Class A
2,300
7,900
2OI4
Apr 30
9512 Apr 29
4
Curt iss-Wright
41
22
178
5i2
61,300
14%
No par
Preferred
40
*40
28
10»4Mar
104
1,600
6,900
41
4
99i2 Mar 13
900 Cudahy Packing
50
2,200 Curtis Pub Co (The)..-No par
793g
*40
7% May
Jan 30
105
102
79
41
Jan 27
82i2Juno 18
168i2 Apr 15
78s Mar 6
3784 June 19
28%June 24
6384 Apr 15
4778 Apr 28
6312 Jan 7
35i2May 26
1678June 4
200
3584
102
4
284 Nov
8
Jan 14
69
100
938
3584
45i4June
100
Preferred
54
*384
155s Mar 16
4358 Jan 7
par
Crucible Steel of America.. 100
Preferred
Mar 27
par
par
Crown Zellerbach v t c-No par
720
5334
*8%
484
•
35
Apr
46
H2 Jan 2
10i8 Apr 28
*2218
*334
i
38i2 Feb 11
(The)
No par
pref
100
.10
5,600 Cuban-American Sugar
*40
142
par
Jan 14
414 Apr 30
Cuba RR 6%
4778
53i2
9i2
8OI4
2978
142
162
par
Cuba Co
53i2
*8i2
79%
29%
41
1
25
100
Preferred
230
62
*32
Corn Products Refining
700
68
*4938
3514
9i8
900
*40
884
50
56
3,700
7,100
1484
%
-.6
Continental Steel Corp.No par
Corn Exch Bank Trust Co.20
Cr W'mette Pap 1st pf.No par
*62
53i2
50
700
Continental Oil of Del
3,800 Coty Inc
No
No
2,000 Cream of Wheat ctfs
11,500 Crosley Radio Corp...No
No
19,300 Crown Cork & Seal
$2.70 preferred
7,400
No
15%
S32
316
40i2
163s I684
*6l4
684
14012 140l2
*384
484
*12
1312
3278
15i2
*114
147g
41
*6i4
634
612
61*
140i2 140i2 *140i2 142
484
*384
4S4
*384
*12
1312 *12
1312
50
4984
4978
*47i8
*35
36
3514
3584
41
*3978 41
4034
22
22%
2214
2218
2O84
*20i2
2034
2O84
57
5684
56i2
56l2
87g
87S
87g
*884
59
613g
6178
63i4
684
5%
13t2
*384
30
23i8
59U
*5914
4778
♦53
532
59l2
2l2
3184
70
316
31
23g
3034
30%
2i2
30s4
3078
15%
15iS
S32
*60i4
.
*
Mar
6
345s Jan
2
37
21
Mar
H2
5i8
Jan
35i2 Aug
26i2 Jan
503s
343s
Jan
41i2 May
33
Dec
41
Nov
38i2 Deo
June 19
446a
Deo
17i2 Mar
125s
583s
Deo
32
61%June 4
U78 Jan 23
?4i8 Jan
684 May
7534 Jan 30
Jan
Nov
Mar 26
13i2 Mar
1878 Mar 26
is4 Jan 15
638 Mar
14 June
1
Deo
Jan 15
14 June
1%
Deo
3
8*4 Mar 9
I8I4 Jan 17
11512 Jan 31
153
Apr 8
133ig Apr 1
11534 Feb 14
25
Jan 13
978 Feb 11
172
June 24
166
Mar 13
37
Apr
6
914 Jan 30
445g Feb 19
114
Feb
6
2
June
1284 May
103
Mar
865s Mar
17i2
Deo
814 Deo
Aug
19
116
Nov
146i2 Nov
Feb
132
104
Feb
115
12
Nov
Aug
27i2 Deo
3®4 Mar
110i2 Jan
17214 Nov
141
164
12678
1658
Jan
Jan
314 Mar
193s June
107
Jan
8
Oct
Jan
July
305s Oct
888 NOV
3834 Oct
113% Sept
173s Feb 4
734 Feb 21
1684 June 10
378 Mar
558 Sept
14»4
Deo
883
Feb
lis Mar
73%June
3
7i2 Aug
345s Deo
9
6878June 11
Mar
2i2 Mar
3184
Deo
New York Stock Record—Continued—Page 5
4296
HIGH
AND
LOW
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
for
Saturday
Monday
Tuesday
Wednesday
Thursday
June 20
June 22
June 23
Juhe 24
June 25
per share
per
4414
44k
84
1?8
*60
62i2
*112k 114
*1412
16
76is
76k
*k
per
44
4378
*k
*H2
share
134
*43k
k
lk
*61
62
per
44k
84
lk
84
134
62
share
4334
share
*k
lk
63
*62
per
44
43k
84
134
63
80
80
85
8512
*84
6
13k
*20k
*1312
1314
13
20
2034
14k
13k
13k
20
21
*13k
14k
*13k
*70
*70
1314
13k
14
30k
31
30k
6k
2k
13k
30k
*6
*6k
12
I2I4
50k
50 k
*149
152
373g -37k
-V-
-
152
4334
*H2
2
62
400
Par
1,900
63
62
1127g 11278 *11318 11312
15
14k
1434
*14U
Elec Storage Battery ..No par
300
t Elk Horn Coal Corp.No par
900
6% part preferred
Endicott-Johnson Corp
30
1,000
80
80
81
600
84
84
85
85
1,000
85
88
88
93
93
500
7
6
6
6
600
578
$ per share
5 per share
55k Jan
lk Feb
378 Feb
62
June 19
69
7
100 zll27gjune 17
114
50
5% Pref
Engineers Public Serv—
1
$5 conv preferred
No par
$5>$ preferred
..No par
No par
$6 preferred
Equlpable Office Bldg.No par
7k Jan
Nov
48
Jan
6
85
June 26
Nov
Jan
4
93
June 26
5k Apr
7
7k Feb 21
14k Feb
15k Mar
4i2 Aug
55
55
Apr 30
Apr 29
17k Feb 21
2734 Feb 21
12k
1238
1338
20
1934
20i2
1,900
3,200
13k
13i8
13i2
400
68
3
Jan 10
~2"906
Eureka Vacuum Cleaner
5
12
Jan
10,600
2,000
Evans Products Co
5
27k June 26
—
*70
*
-
*70
14
14
*13k
14k
30
27k
28k
13i2
27k
137s
27k
638
6k
6
12k
51S4
6k
6k
6k
3
3
3
3
3
3
*234
1,080
100
12k
12
12k
12
12
560
51k
51
5134
50
51
7,000
151k 152
41
39k
9,300
Fajardo Sug Co of
1,300
152
37
37
21k
21k
152
38
2H4
*93l2
21k
152
38
40k
*20k
*93k
22
21
700
21
1134 Jan
par
438 Jan
3
2kJune
3
100
Preferred
Fairbanks Morse & Co.No par
6% conv preferred
100
Rico. 20
15
o
8k Apr 29
3484 Jan 7
122k Jan 7
31k Feb 24
18»4 Apr 30
42k
*24k
*93k
95
94
*93k
110
No par
84
*40
44
*40
45
40
40
4U2
4U2
100
Federal Mln & Smelt Co—.100
40
83
*78
88
*78
88
88
88
89
89
200
*27
*105
..
47k
*105
30k
42
34i2
114
*3134
114
28
100
3238
934
9k
3k
*314
3k
30
64
64
30
29
29k
120
*121
124
64
"29"
*122
*58
*60
62
•50k
57k
6612
62l2
63
63l2
*60
62k
37i2
37i2
38
41
41
43
5k
*39k
5k
43k
*5k
*14
*14
15i2
9k
958
102
104l2
4834
48l2
*1H2
*147
8
11
*23l2
*85
5912
*141
38k
42k
5k
14
5
10
10
102
*102
984
£*101
*25
5i8
5k
53s
14
*13i2
10
10k
103
102
*58
29
39k
-
5
5k
14
13
60k
101
49
10
120
310
60k
42
590
5
1,800
1234
1234
10
10
60
3,200
48
49
49k
48k 49
49
48k
25
253s
2534
*2434 25k
25k
25k
25k
25k
25k
1134
1134
1112
*1158
1178
ilk
ilk
1138
Ilk
ilk
ilk
14934 *147
14934 *147
14934 *147
14934 *147
14934
14934 14934
8
8
8
8k
8k
*784
8k
*7k
8k
*734
8k
11
Ilk
Ilk
11
1034
ilk
1078
ilk
Ilk
1034
10k
24
24
24
23k
24k
*23k
24i2
2334
2334
*20k
23k
*85
*85
88k
88k
89
89
88k
*85i2 8812
88k
89k
59
59
59
5912
*58
5834
*58
5834
59k
59k
146k *141
1463fi *141
146k *141
14578 *141
146k *141
146k
39
39
38k
3858
39
38k
39k 2:38k
38k
38k
42
43
42k
4258
43k
4234 43k
41k
42k
4I84 42k
2i4
2k
238
2
2k
23g
2k
2k
2k
2k
2k
2534
6M% preferred
..100
Firestone Tire & Rubber
10
Preferred series A
100
Florshelm Shoe class A. No par
3,800
*100k 103k
48k
4834
50
Food Machinery
4k
10k
101
2
MOO
1,400
28
500
*
4,500
1,800
900
10
400
2,000
1,200
900
700
No par
t Follansbee Bros
conv
Corp
pref
new. .10
100
Foster-Wheeler
No par
Preferred
No par
1
Fourth Nat Invest
w w
F'kln Simon & Co Ino 7%pfl00
Freeport Texas Co
10
Preferred
100
Fuller (G A) prior pref. No par
56 2d pref
No par
Gabriel Co (The) cl A.-No par
Gamewell Co (The)—.No par
Gen Amer Investors..-No par
Preferred
No par
110
Jan
4
z247g jan
2
100k Feb 26
Apr
49
30
25k Mar 21
4i8 Jan 6
32
June 26
l09kJune 16
24ig Apr 30
98
June 24
30kJune
64
5
Jan 20
27kMay 21
118kJune 3
4738 Jan 17
31k Apr 30
384 Jan 6
llkMay 11
8i2May 20
97
Jan
3
384 Mar
78
30k June 25
49k Feb 14
25
113k Apr
33k Feb
105kJune
48»4 June
22
11
12
23
448g Nov
19
29kJune 10
1184 Mar 2
38
1,
42k Apr 30
63
Feb
3434 Feb
14k Jan
58 preferred
No
General Bronze
5
General Cable..
No par
Class A
cum
par
....No par
preferred
100
General Cigar Ino
No par
7% preferred
100
Jan
141
2
Jan 23
75gMay 20
150
Jan
2
70k Jan
537gMay
2
95
17
2
5
Jan 21
140
32:666
General Electric
No par
34k Apr 30
16,300
General Foods
No par
Gen'l Gas & Elec A
No par
Dog
De0
Mar
7k Mar
115
Jan
5k Mar
2
Mar
4
Mar
19
Mar
46k Nov
127k Jan
20k Jan
30
Sept
k Feb
333g Feb 18
78 Jan 2
43kJune 22
*34
40
*34k
40
*34
40
*34
38
36
37
20
Conv pref series A...No par
14
Jan
3
48
Feb
6
8
Oct
*35
50
*35
50
*35
50
*35
50
35
35
*35
50
30
57 pref class A
No par
19
Jan
3
60
Feb
6
11
Mar
*36
65
*36
55
*36
58 pref class A
No par
19k Jan
3
50
Feb
6
6414
*36
64k
*5034
64i2
64k
64k
118i2 11834 *11834 119k
665s
655s
65l2
6534
6678
122
*12184 122
I2IS4 122
32
3134
3I84
3178
33k
7
7k
7k
7k
738
51i2
5112
51l2
51k 5lk
110
110
119
64k
122
*30k
634
434
*3434
*116k
2i2
*3114
110
"~2~k
*116i2
212
110
434
3412
32
32
110
434
434
35k
35i2
110
♦107
434
~~2k
434
35k
*116k
2k
32k
31
36
*116k
"
2~58
23s
*31
32
52
*37i2
3784
37k
38i2
39
39
*36
37'
37
3712
15k
8234
83k
15k
83k
37k
1484
37k
15k
81
82
12k
13
15i8
*80
1178
*91
435s
1238
1238
120
66k
121k
3434
'
53
*36
.
64
64k
64i2
119k 119k
65k
68k
12178 12178
34
33k
734
7k
119
434
35i2
*36
7k
*51k
10934 *107
434
35k
4k
34k
*116k
2k
*2k
31
*30k
64
900
*63k
200
*118k H9k
68k
66k
67k 163,500
900
12134
121k 12134
36
36
34k
5,400
8
7k
7k
7,000
53
53
400
*5214
50
109k *107
109k
4k
4k
4k
1,100
34
35k
34k
2,100
64k
120
*116k
mm
2k
32k
30
•
-
-
2k
30
"2:666
600
Preferred
-.100
General Motors Corp
55 preferred
10
No par
105
Jan 17
110
50
Gen Realty & Utilities
1
$6 preferred
..No par
General Refractories...No par
1278
377g
37
37
38
37k
38
170
1434
1334
14
16,600
Gen Steel Castings pf—No par
Gillette Safety Razor..No par
80
78
7934
76
78
13
12k
93k
43k
2,100
24,600
Conv preferred
Gimbel Brothers
93k
1,300
4334
5,000
10478 10478 *104k 105k
660
1234
13k
1234
93k
94
94
94
92k
93 k
4458
44k
44k
43k
44k
10478 105k
105
105
13
Preferred..
4i2
734
1578
121
_19k
4k
7k
1534
20
88k
88i8
25
25k
«
434
758
1578
121
"20"
20k
*
20k
19k
20k
99
25
2558
25k
91k
26k
25k
26k
91k
9k
91
93
2478
94k
26k
94k
9k
*9412
2k
lk
358
96
*94i2
2k
158
96
*9
96
3k
358
*94i2
238
15g
3l2
18k
18k
28k
27k
134
3k
18k
2734
32k
173s
42
32k
173s
39k
32k
1738
41k
28
28
32
32
32
1734
17k
42k
418s
*2784
2k
134
18
238
*9
*94k
2k
lk
334
9k
96
*9
*94k
2k
96
434
7k
7k
97
9
4k
14
14k
121
96
93
*1714
41k
"26"
7k
1334
16
121
434
93
*834
18k
2058
4k
93
*9H2
*1818
7k
14i2
♦
478
7k
93
9
lk
3k
75g
16
121
"26"
4k
91
93
238
n
478
90k
*884
*90
45g
75g
155g
*
76
100
69
....
GUdden Co (The)
7k
14k
19k
96k
24k
9234
20
Goodrich Co (B F)
Preferred
25k
15,000
9234
1,100
9
*94k
9
100
1st preferred..
16", 700
800
Grand Union Co tr ctfs
17k
17k
17k
700
29
28k
28k
2,200
Conv pref series
Granite City Steel
33
33
33 k
33k
33k
3,700
17k
17k
17k
17k
17k
1,200
39k
40k
39k
40k
39
40k
33,500
Graham-Paige Motors
353S
353s
*66
62k
*178
69
5212
2
353s
36
36
36
36
*136k 145
*50k 60
26
26k
26k
6878
*66k 69
52k
5184 627g
*136k 145
*50k 60
2578
68k
5184
134
36
145
145
50k
50k
2534
26
*66k
69
5078
2k
5134
2k
36
*136k
*5034
25k
*66k
5034
2
*2
2
*27
30
30
30
*20
30
*26
30
*26k
*15
16
16
16
*15
16
*15k
16
15k
*46
*37
*112
47 k
43
3284
34k
34k
*884
87fi
15k
*1434
2k
3534
3634
*136k 145
51
50k
2534
2584
25k
70
•70
*66k
52
5334
51k
2k
2k
2k
60~"
32
15k
*26
16
36
16k
47k
*46
48
46k 47k
*45
46 k
47
4778
47k
43
41k
43
41k 43
43
44k
45k 47
117
*112
11412 *112
117
*112
*112
117
117
32
*31l2 3284
*3112 3234
32
*32
*32
3234
3234
35
35
*34k 35
35
*34k
35
35
34k
*34k
*884
9
9
834
834
*834
8k
834
884
8k
14
1434
1434
1434
14k 14i2
14k
14k *i4k
1434
*114k 115
115
114i2 114l2 115
115
115
11434 115
*37
114
100
*96»4 100k 100
ion2 101l2 *100
100
10078
100k
look 100k
33
34
333g
34
33k
34
34k
34k
*3334 34
3434
*3334
♦1255s
*1255g
*1255s
*125k
*125k
*125k
♦153s
15k
153s
153g
158s
153s
15k
15k
15k
15k
15k
15k
...
*108
584
109
534
*108
*584
109
6
*108
584
For footnotes see page 4292
109
578
109
534
110
57g
*108
534
112
5k
mm
*109
534
5k
2I84 Jan 21
Jan
2
8k Apr 28
Jan
6
2k June 26
par
arlkJune 12
3i8 Apr 30
16
Apr 29
25
Apr 30
30k Jan 29
par
28k Jan 16
1
.No par
No par
Part paid rets
No
Grant (W T)
No
Gt Nor Iron Ore Prop. No
Great Northern pref
2
par
16
100
32k Jan 6
lk Apr 28
1.
Jan
31
Jan
7
136
Jan
6
50k Mar
9
8,900
2,100
10
900
800
3,100
Greene Cananea
Copper... 100
'""166
120
600
1,200
160
130
1,500
100
1,800
Apr 28
65
Greyhound Corp (The)
5
Guantanamo Sugar
.No par
Preferred
100
Gulf Mobile & Northern.__ 100
Preferred
_100
26k Jan
9k Jan
30k Jan
Gulf States Steel
No par
100
Hackensack Water
100
2
26
26
Mar
9k Mar
9k Mar
19
Feb 21
39
Mar
9
145i2May 20
55
Feb
Jan 23
80k Jan 27
3k Feb 7
39
Mar 19
Jan
»
6k July
1
Feb
19
Feb
4
Mar
6
3
Jan 20
104k Feb 17
4k Apr 30
Nov
Dec
Dec
Jan
4k Oct
13k nov
5
Jan
2984 Jan
35k Nov
33k Nov
38k Sept
16
Deo
35k
Deo
1984 Mar
4
36k Jan 16
Ilk Apr 6
21k Feb 4
119
Feb
8
105k Mar 18
41k Apr 1
Apr 23
16k Mar 25
126
115
9
Jan
Mar
9
5
34k May
140
May
60
Deo
95
Feb
May
3
82
28k
34
Jan
Oct
Jan
14i2 Dec
34
2
95
Jan
4
30k Jan
22
105
21
Apr
25k Nov
9
288gMar
26k
119
Apr
2
434
Marl6
Mar
June 22
63^% preferred..
14k May
18k Mar
2234 Oct
Mar
100
12
lk June
5k Mar
2k Mar
6
Jan
49k Dec
111
Jan
12
May 19
Nov
19k Aug
Aug
884 Dec
7584 Dec
Deo
48
9
51
93
85
Apr
3
Jan
Oct
Dec
39k Dec
33k Dec
Dec
6
Jan
3k
Deo
10k
6
June 10
Oct
4k Nov
41k
92
2
25
3
Deo
6k Dec
42k Nov
267ig
20
15
44
Feb
212 Apr
6k Jan 15
23k Jan
35k Apr
33k Mar
33kJune
20k Feb
Aug
Apr
1534 Mar
Apr
Mar
109
1
70
12k Mar 11
95
Apr 4
4k Feb 19
Ilk Mar 20
Mar
Hamilton Watch Co...No par
Preferred
.100
Hat Corp of America cl A
31k Apr 15
9934 Feb 17
Mar
Mar
6
120
40
55
10
100
June 25
48
30
Hanna (M A) Co 55 pf.No par
Harbison-Walk Refrac.No par
Deo
7k Mar
118
33
14
14k May
104
t6
Jan 24
288g Jan
105
25
Hayes Body Corp
Mar
7
2
2
7
...25
7% preferred class A
Hall Printing
Preferred
MOO
22
May 21
4834May 11
184 Jan 7
Preferred
mm
112
par
6
Preferred
.100
Green Bay & West RR Co. 100
Green (H L) Co Inc
1
10
Feb 10
99
Jan
Great Western Sugar..No par
2,200
116
78
10
60
Jan
lk Apr
7k Feb 28
10k Feb 17
21k Jan 6
23k Apr
4,700
114k *112
*323s
114
k
36k
Feb 10
1
w
Mar
2k Mar
18
June 23
13k Jan 21
Gr'by Con M S & P 2d stpd 100
Rights
*136k 145
60
*50k
26
*255s
l384June 25
116
77
2k
lk
17k
37g Jan
7
Apr 30
..100
3k
3234
13kJune 15
94
70k
Jan
87
2k
lk
17k
12
Jan 24
Feb
No par
No par
3k
28
109
Jan
84 Apr
104k
Goodyear Tire & Rubb. No
Gotham Silk Hose
109
1484 Mar
1684 Jan
14
Apr
44k Apr 8
60k Feb 7
18k Jan 16
6
21
80
6
Feb 21
100
lk
17k
27k
Mar
4
6
15k Aug
18
3
Aug
17k Feb
93k Jan
lk Mar
15k Mar
114k Jan 27
»,6May 22
No par
3k
4,100
10
5
10484June 20
Goebel Brewing Co
Gold Dust Corp v t c...No par
Gold & Stock Tel'ph Co.—100
lk
2k
Jan
Nov
145k Oct
4078 Nov
377g July
lk Aug
72k Oct
zl20k Dec
26k Mar
59k Nov
Nov
zl07k Jan 120
23k
1
lk
3k
17k
27k
634 Jan
18k nov
76
6 »k July
Jan
3k Jan 21
90
0k Nov
Feb
100
334
2k
June 26
Aug
10k Nov
59k
118k Mar 14
43
146
18
55k Jan 14
Preferred
96
25
30
30
25
>64 June
le'.ooo
5,300
Jan 10
Apr 28
Deo
Dec
6is4
3934 June 11
Gobel (Adolf)
96k
*
Feb
55
Oct
No par
Prior preferred
3,600
3,900
44,100
121
2
26kMay
33k Apr
32k Apr
13k June
No par
No par
Rights
*438
75s
1534
106
6k Feb
Nov
4'k
Jan
116
June 20
3k Apr 28
32k Apr 28
Gen Railway Signal...No par
Preferred
...100
30k Nov
1584
June 25
884 Mar
534 Jan
Nov
70
125
32
June 24
13k
44
May 10
36
53
38
93
122
Feb 17
37k
44k
Jan 27
118
38
15
93
5934 Mar 17
117k Jan 13
537g Jan 6
47k Mar 21
70k Jan 6
121i2May 13
71
Apr 6
General Printing Ink..No par
$6 preferred
No par
Gen Public Service
No par
37k
44k
Mar
5
18k Jan
39
1,700
39
4k Feb
Gen Outdoor Adv A ...No par
Common
No par
37k
37k
14k
92
10478 10478
mm
2k
Gen Ital Edison Elec Corp
General Mills
No par
80
15
44
10434 10478
5,300
36k Noy
13k Dec
1078 Dec
100k Sept
48k Deo
22k Nov
zl3k Oct
40
•
111
Mar
*34
2k
Dec
5k Nov
5t2 Mar
Jan
32k Mar
1134 Mar
Feb 13
69k June 20
145k June 17
41k Feb 17
30
7
1134 Jan 11
15k Feb 11
3334 Feb 10
534 Jan
Jan
Dec
8434
6
MarlO
25k Dec
1027g Dec
5878 Aug
7g May
6
1034 Apr 28
114
6k
434 Mar
5
22
5
Aug
Dec
Sept
July
.934
15
Feb 20
63k Feb 29
6k Jan 23
18k Jan 27
12k Feb 19
104i2 Apr 21
General Baking
25
30k
30k Apr
17k' Mar
112i2 June
77k Feb 87|
35k Feb
Apr 14
x 135
75
25
45k
Feb
9k Mar
60k Mar
19«4 Mar
Feb 17
Feb
8k Dec
4k Jan
3k Aug
2k Mar
20k Jan
47k Mar 5
111k Apr 21
3834 Feb 17
127
July
Feb
16k Mar
28k Mar
10
Apr
106k Mar
13k May
84i2 Apr
Feb 28
Gen Amer Trans Corp......5
General Asphalt
10
7%
Deo
21k Nov
12k Mar
5k Mar
4k Feb
First National Stores—No par
64
125
73g Jan 9
3
Apr 28
2k Jan 2
20k Jan 9
38
Apr 30
20k Jan 27
4,200
121
Dec
5k Mar
Dec
Aug
Apr
Mlene's (Wm) Sons Co-No par
*37k
39k
5k
13
10
10k
103
27k
121
115
25
Dec
May
Fidel Phen Fire Ins N Y
64
Apr 9
4H2 Mar 25
Apr 3
155
15
39k Dec
72
3,000
122
Jan
95
7,200
28
Mar
17
Apr
x85
30 k
121
4
8
Mar 26
Jan
Federal Water Serv A.-No par
Federated Dept Stores .No par
29
Nov
3k
Apr
Apr
Federal Motor Truck..No par
124
Dec
6
54
Federal Screw Works.-No par
10
40k
Apr
k Mar
40
400
1,400
May
2
Mar 25
48
2,500
3:466
15
Feb
2,300
-
10k Mar
8
Mar
334
4H%
4
Jan
Mar 19
Jan 15
Mar
914
"
Mar
97
3k
"
Jan
92
3k
80
14
101
3k
500
69
15k
40k
8k
534
18k
53k
Mar
Mar
Mar
Feb
19k Dec
13k Deo
8584 Nov
1478 Aug
Feb 15
June 25
9
6,800
3
7k
8k
684
69i2
7k Dec
697g Mar 30
9k
30k
Jan
19
55k Nov
100
Preferred
3k
334
30k
42
43 k
43k
43k 43k
43k
*24l2
*24k
*24k
110k 110k niok 111
11034 111
29
29k
29k
29k
2978
29k
*105k 105k
105k 105k *105
105k
48
48
48k
4834
4784
48k
*27
*27
*27
2878
2878
28k
634
7
6k
634
*6k
6k
33
34
32
3334 34k
32k
*105
114
*105
1093s *105
109k
26 78
27k
26k
2678
26k
26k
98
98
97
97
*94k
*94k
33
32k
32k
33k
*3234 33k
*
65
29 k
120
*99
32l4
*64
120
2634
2812
100
32k
30
*105
9
mmmm
110»2 110k
2938
30k
10514 10514
48
4834
*27
28k
7
714
*3414
35
4778
287s
714
27k
*99
65
120
28k
30
7k
34k
2814
*2978
2812
4218
*23
*27
3134
*64
2734
42
29
101
3184
3k
105k 10514
7k
28k
*100
*3k
3k
niokiff
35
110
334
3k
42
2878
*7
*34 k
9k
*314
314
334
2758
*00
"'mm^m
28k
287g
♦10484 105k
*47k
4734
*9
314
27k
27k
4212
111
9k
*9l8
314
*314
3k
;
♦110
95
45
83
9k
3k
3k
*314
27
95
*41
83
9k
95
Federal Light & Trac
Preferred
94
7
25
Fairbanks Co
12
152
16
Exchange Buffet Corp .No
51
152
11
..100
...50
Dec
8k Nov
50
12k
27k
134
Mar
13k
100
May 29
15k Apr 17
Jan
14
20
Second preferred
Erie & Pittsburgh
7g
178 Aug
Sept
66
June 26
13
Firt preferred
Feb
81
14
Erie
k Mar
k Apr
5234 Jan
12534 Jan
lk Mar
•
6
45k Jan 14
45
<
3
7
Highest
$ per share $ per share
39
Mar
6884 Nov
5
20k
*70
-
14k
3034
6k
Lowest
43k June 25
k Jan
lk Jan
..50
95
*94
*78
.
4334
84
Year 1935
Highest
20
*13k
37
22
Lowest
Shares
80
*678
152
3712
4378
Range for Previous
On Basis of 100-share Lots
13
12k
50k
13
215s
6k
3
51
*3684
2I84
*6k
3
12k
50k
152
*21
6k
3
278
85
*6
13
1458
*13is
30k
88
6k
2084
*71
*41
*85
88
*6
per share
I84
*62
Ranye Since Jan. 1
STOCK
YORK
EXCHANGE
Week
share
134
STOCKS
NEW
the
'
*k
113k 113k *11278 11378 *1127g 11378
15
15
1434
1434
*14i2 15k
*75
*75
78k
78k
78k 78k,
*80
83
81
81
82l2 831?,
6
Friday
June 27, 1936
74k
284
43k
lli2
34k
33i2
108
Dec
Dec
Nov
May
May
Deo
Dec
Nov
Dec
21k
Jan
3084
Deo
30
Jan
35
Dec
4
Mar
8
6k Apr
63
Jan
100k Sept
16
Mar
Oct
14k Nov
112
Deo
105
Nov
30k
Dec
9984
Jan
121
Dec
5k
Feb
14k
113k
6k
Dec
81
Feb
lk Mar
Dec
Oct
Volume
HIGH
Saturday
Monday
Tuesday
Wednesday
June 22
June2Z
June 24
Friday
June 25
$ per share
*llli8 113
*118
*148
160
*28
160
160
28*4
28*2
*148
160
*121
*148
29
29
29
2878
160
100
500
1,200
104
105
105*2 105*2
103*8 10378
*10178 103i8
129
129
*127*4 129
*127*4 129
*127*4 129
*127*4 129
*72*4
73
*72*4
73
*72*4
73
72*4
72*4
*72l4
7212 *72i4
72*2
*116*4 H878 *116*4 H878
*116*4 1187s *116l4 1187S *116*4 11878 *116*4 H878
36*2 3634
38
38 *2
37*4
38
36 I8
3734
3734
3714
3534
36s4
111
111*2
111
111*2
111
11034 111
*110
111*2 110*8 110*8 110
13
13
13
127g
13*4
13*8
*13
13*8
13*4
13U
13i4
I3I4
35
355s
3434 357g
3212 3412
32*4
3234
323s
323g
323s
32i2
*111*2 113
*111*2 113
111*2 111*2
*llli2 113
*11U2 114
*111*2 114
*427*8 460
445
451
*427*8 460
*451
470
*450
470
*450
470
*3978
40*4
*40*4
41
40*4
40*4
*40
4114
*40l2 4U2
40*2 *40
2334
24*4
24*8 2478
24
237g
243g
24
2434
243s
2484
24i2
*75
7534
*75
7534
75
75*4
75*2
*75*4
*75*4
7534
*75l4
75s4
*56
56*4
5534 56*8
56
56
5558
56
*55
5534
55l2
555g
102
103
129
129
8i2
50i2
3*2
10*8
1638
*9
51
2*8
22*4
1634
51
2*8
2I84
3312
*33*2
*64*2
3*4
9*8
165s
*3212
*64l2
34
33
17*8
2*8
2278
3412
65*4
65
65
65
13*2
1034
2934
*13
15
1312
13*2
1034
*9*2
29*4
*29*8
10*2
29i2
2*8
*120
22*4
*9*2
29*8
122
126
95*8
95s
*558
147«
*7*2
*534
*3558
*278
*96
963s
958
534
147g
77g
93s
*7*4
*534
*278
105g
3*8
*27*2
3*8
1034
3*4
2878
*3*8
*26
47*2
88
47*2
87*2
49
3*4
55g
3*4
55g
3*4
493s
49*8
4934
6
♦1275s 128*2 *127*2 128*2
434
278
5
5
278
2*8
3112
39
2*8
31*4
*92 *2
27
*31*2
6412
*13
*122
97*2
97
9*8
10
96*4
10*8
534
14*4
14
27g
2*8
3058
5
3
2*4
3134
95g
534
__
97g
*534
734
*584
77g
734
584
734
778
8*4
8
8*2
710
6
6
6
63g
6*4
6*2
600
37*4
38*2
387g
41*4
4038
3*4
3*4
10&8
33g
*3*8
36
3
10*2
3*8
28
37*4
3
105g
3*2
1034
10*2
33s
33g
33s
3*8
28
*26*2
*26 *2
29
30
10*4
10*8
3*4
*26*2
29*4
109*2 109*2 *109*2 110
25
25
*2434 25*8
*48*2 4834
4834
49
47*8
110
110
57*2
820
145g
15
1534
96*2
20
27
*26*4
27
*26*4
27*4
119*4 119*4 *119
78*2
78*2
78*2
27
15&8
57,600
18,100
96*2
96*2
280
*19i2
20*4
600
15*4
27
*26*4
119
Wt
119
7834
7834
'
92
90
90
*90
92
*90
2234
92
23*4
24*4
2334
24*4
23*2
23
23
23
203s
20
1934
20
19*2
20
19*2
19*2
1934
20*4
1934
24
20*2
23
20
195s
20
19*2
20
195g
205s
20*8
2034
*92*2
38*2
213s
93*2
3878
22
26*8
*92l2
38*2
93*2
393g
93
19*2
93*2
395g
3878
34*4
*2334
39*8
2O84
♦258s
2134
21*2
1934
93*2
3958
21»4
26*8
*253s
26*8
*253s
26*8
4
223g
4
4
34*2
35*2
237g
24*8
103
103*2
534
*5*4
*37g
45g
37g
35*8
34*4
34*2 35
237g
24*4
2384
24*4
103*2 104
*101*4 10334
6
*5*4
*5*4
6
24
103*2 10434
*5*4
6
96*4
*93
96*4
38*2
39i2
39
3938
21
2112
2034
253s
*37g
34*2
*93
34*2
35
23*4
24*8
103
103
70
22*4
26*2
*79
89
*79*2
89
*79*2
89
*79l2
78
*68
78
*70*2
78
*70
74
*70
74
223g
22l2
27
35
2034
2534
*34
*21
21
*9*8
*13*2
*177g
♦96
97
10
*9*8
I384
10*2
10
14
22*4
2234
22*2
22
2634
2634
*24
27
*23
26*2
*23
35
34
35*2
*3412
36
*34
3634
34
34
20
20*4
19*2
*9*4
20*4
97g
143s
187g
lOSg
*9*g
21
10*4
*9*8
10*4
14
143s
14
14*4
20*2
187g
187g
19
19*
19
19
97
97
97
97
97
97*2
10
*978
934
*2*8
2*8
10*8
103s
934
2*8
*9i2
2*8
10
*94l2
95
15
47*4
5512
145a
147g
4734
48*2
56
57*2
57
7h
28*2
7*4
28*2
*107
2*8
10*4
108
*108*2 110
*15884 163
197g
*27*2
*37*2
*35*8
45*4
*106*2
*2*8
5*4
*43*4
♦1093s
*2234
142*4
35*4
225g
*73
2284
*36
*129*4
333s
433g
113g
4234
9*8
143g
19
95
*7*4
*27*2
9*s
14
97
97g
*145g
55
22*4
19
*94
47*4
2212
14i8
21*4
*2*g
*9*2
9412
*145g
4734
2*8
*95g
22*8
7*4
7*2
2*4
10
10
197
9734
1434
48*2
6734
99
1458
57*2
7h
77g
58
75
29
29
2834 *28i2 29
*107*4 109
*10712 109
107*2 108
10834
109
109l2 108
*162
163
163
*15834 163
...
20
197U
20
20
20
,
20
20
10
2*8
10*4
995g 101
145g
143g
49
48*8
67*2 58*2
8
734
2834
108
108
29
108
108
162*2 163
1978
197g
1334
*18*4
97*2
958
2*8
97*2
10*2
2*4
*10
1088
100
100*8
1434
*143g
48
5678
8
483g
5778
8*8
29
*28*4
107*4 107*4
107
108*2
*15834 16212
*19*2
20
p
30
30
30*4
28
2834
2934T 29
28
29*4
28
29
38
37*8
37*2
36*4
37*4
37
365s
38
37*2
38
38*4
36
3534
36
36
36
36
36*4 <* 36
36*4
36*4
3658
4978
483g 49*4
46
4678
49*4
49
46s4
45*4
46*2
45l2
107*4
10678 10678
1073g 1073g 10738 107*2 107*2 *1067g 107*2 *107
2
2
2*8
*2*8
2*4
2
*2*8
2*4
2*g
2*4
23g
5*8
5*8
6*8
5*8
5*8
5
5*8
58s
5*4
58s
53s
44
*43
44
4334 44
*43
*43*4
4334
43*4
43*4
44
*110
111
111
*1093g 112l2 *1093g 11212 *110
112*2 ♦1093s 112l2
2234 2234
2234 23*8
2212 227g
225g
2278
2234
2278
23
145*2 145*2
*142*4 147
145
147
14512 *142*4 147
142*4 *143
36
39*2
36*2 39*4
35*4
36
353s
3534
3412
36
35*4
22*4 22*2 *22l8 2214
22*2 2212
22*2
22*2
22*2 2234
2234
75
76
74
75*2
7412 7478
74
74i2
747g
74*2
74
23
24
23*2
245g
2434
253s
24*8
24&S
23*4
24is
2234
36*2 36*2
*36*4
3678
*36
37
36*2
36*2
37
36*4
36*4
^
__
„
..
333s
435g
11*2
4284
*2
2*2
*11
12*2
*129*4
333g
43*8
11&8
42*2
*2
11*4
*129*4
2*2
*129*4
33 ~
130
*129*4
33*8
333g
4212
H58
4334
23g
1234
325g
34
42
4278
4212
♦10&8
X43*2
*178
12*2
43*2
II84
4234
1158
43
42*2
43*4
*105g
43*8
*2
2*2
12*2
23g
*17g
11&8
43*2
23g
12
127g
435s
115s
43*8
43
1H4
...
130
43
33*2
*105g
*11*2
No par
100
Class C
Preferred
Int Printing Ink
Corp..No par
100
Preferred
International Silver
No par
No par
100
34
*2
*11*2
12*2
Feb 19
15
6
70
Feb 18
40
100
7% preferred
4*4 Mar
13*2 Apr 17
345g Apr 7
147
Feb 14
2*8 Mar
May 12
Jan
25
June
160
35*2
5658
9
—100
..No par
..1
8
250
135
8
Feb 21
54*4 Feb 19
129i2 Mar 2
73s Feb 8
4
12378 July
1*8 Mar
88 July
SgMay
Mar 18
3*8 Feb 10
36®8 Feb
4i2 Mar
21i2 Jan
98i2 Jan
8
44
Mar 26
111
Feb 10
29*4 Feb 27
25
53i2 Feb 21
42*4 Mar
23*2 Jan 30
67
Jan 30
16
Jan
2
15
Jan
2
22\ Apr
26*2May 22
70*2 June
6*8 Mar
24*2 Oct
2
Feb 24
110
Jan
787gJune 25
49
Mar
Apr 29
123
129
Feb 21
2
126U Feb 24
90*2 Feb 21
121
Apr 6
26
Apr 2
17
Jan 27
22'4 June 24
27
80
May 13
Jan 7
91*2June
20
May 20
283g Jan
18
June
4
247g
1434 Jan
2
25*8 Mar 20
93*2June 10
411*8 Apr 14
223gJune 22
_
75*8May 27
Jan 11
118
13
Jan
39*8 June 22
19*4 Jan
Feb 28
87
28*4 Jan
7
1734June 4
18*2 Jan 7
37gMay 11
30
33*4 Feb 25
Jan
1
2
2
29*2 Apr 24
73g Jan
43
Jan
8
8
Stores—No par
100
7478 Feb 26
81*4 Apr 23
7% preferred
Co
No par
No par
8,100 Kroger Groc & Bak
20 Lacelde Gas Lt Co St Louis 100
150
5% preferred
100
No par
3,200 Lambert Co (The)
1.000 Lane Bryant
No par
5
4,000 Lee Rubber & Tire
1,700 Lehigh Portland Cement—25
280
4% conv preferred
.100
50
2,700 Lehigh Valley RR
No par
1,300 Lehigh Valley Coal
Preferred
-50
800
4,200 Lehman Corp (The).—No par
1,300 Lehn & Fink Prod Corp.—.5
No par
3,700 Lerner Stores Corp
10,200 Libbey Owens Ford Gl.No par
3,300 Libby McNeill & Libby No par
Kress (SH)&
66
22
Mar 16
June 26
1,420
1,300
2,700
6,700
Ludlum Steel
2,400
500
"6,600
120
300
MacAndrews & Forbes
130
6% preferred
Mack Trucks Ino
10
5,000
Macy (R H)
10
25g
23
Mar
Oct
Mar
1984 Mar
103*2 Apr
2
May
42
Jan
56*8 Apr
22*4 May
12
7*8 Jan 2
12*8May 13
15*2 Apr 30
94*2 Apr 30
8*2 Jan 2
2*8 Apr 30
95g Apr 29
89 May 11
2634 Feb
6
10*2 Apr
7
16*4 Mar 17
Mar 24
23
9
6
5
Feb
6
I63g Feb
6
li2 Mar
5*2 May
4
101
June 25
2
157g Apr 27
4
2
49
63*8 Mar
May 19
llig Jan
7
7
Marl6
May
43
Apr 21
10412 Feb 28
2
Apr 23
33g Jan 2
40*2 Mar 13
6
6
31*8 Jan 29
115
165
Jan 16
Feb 28
23*4 Feb
5
5078 Feb 19
44*4 Apr 6
547g Jan 8
108*4 Jan 15
358 Feb 11
83g Mar 24
45
Jan 17
1127g April
2Hg Apr 28
26*2 Jan 27
Jan
7
13
Jan
3
20
May
4
142
57*2 Jan 2
223g Apr 28
35
May 14
127*2 Jan
No par
2738 Jan
40*8
85*8
34*2
1&8
7*4
Apr
Jan
Jan
Jan
Jan
9
30
30
2
6
2
2
151
Mar
67*8 Mar
10*2 Oct
June 25
May 19
107
May
8*2 Mar
10^8 Mar
143gMar
Jan
12
5
Mar
102*2 Apr
3878May
47*4 Jan
100
Co Inc..-No par
400 Madison Sq Gar v t c_.No par
10
3,100 Magma Copper
X Manati Sugar
100
Preferred
100
"""210
2,700
Mar
1384 Mar
8
39*4 Feb 21
700
84
3
257g Jan 2
36*4 June 24
32*2June 3
3,800
3*4 Mar
10*4 Aug
Jan
116*8 Jan 15
1,300
17,700
Jan
77*2 Jan
28
9734 Mar 13
......25
2,800
Preferred
100 xl60*4June 9
200
19
Apr 29
900 Lily Tulip Cup Corp...No par
Works—No par
Link Belt Co
No par
Liquid Carbonic
No par
Loew's Inc...—-—...No par
Preferred
No par
Loft Inc
No par
Long Bell Lumber A ...No par
Loose-Wiles Biscuit—
25
5% preferred
—...100
Lorlllard (P) Co
10
7% preferred
—100
X Louisiana Oil pref
100
Louisville Gas & El A—No par
Louisville A Nashville—...100
Jan
Mar
6
19*4 Mar
213g Oct
97
Lima Locomot
1584
34
3378 Jan 31
Series B
2,900
2,400
Apr
47*4 Jan 31
19*2 Apr 29
5
Liggett & Myers
50
115*4 Mar
384 Mar
6**8 Mar
7*2 Feb
June 10
32
Tobacco--.25
Life Savers Corp
500
25*4 Jan
38*2 Mar
117*2 Mar
20*2 Apr 27
25
800
Dec
July
6658 Dec
51*8 Mar
87g May
29«4 Feb 19
58i2 Jan 18
May ~
12134 Feb
Jan
1*4 Mar
178 June
22*4 Jan
8
2
1103s Feb 10
678 Mar 3
10
100
Preferred
100
34*8 Mar
90*2June 12
Apr 3
160
5i2 Jan
June
14912 Jan
227g Mar
Apr 28
20*2 Apr 28
l02*2June 26
4&8 Apr 29
Kresge (S S) Co
Kresge Dept
26
Mar 23
82
88
5,000
1*2 May
4*4 Mar
258 July
19*4 Feb 17
l534June 25
96 *2 June 25
113
1,890 Jones & Laugh Steel pref. .100
Kan City P & L pf ser B No par
100
3,500 Kansas City Southern.
Preferred
100
2,700
1,300 Kaufmann Dept Stores $12.50
5
1,000 Kayser (J) & Co
10 Keith-Albee-Orpheum pf..l00
2,500 Kelsey Hayes Wheel conv cl A1
Class B
1
1,900
No par
18,300 Kelvlnator Corp
40 Kendall Co pt pf ser A .No par
No par
21,200 Kennecott Copper
9,900 Keystone Steel & W Co No par
100 Kimberly-Clark
No par
600 Kinney Co
No par
Preferred
No par
420
Oct
9*4 May
185*4 Apr 11
4934 Mar 24
1&8 Jan 9
20*2 Apr 30
37 May 22
107
Apr 27
23
Apr 28
47*g Jan
15
Apr 29
1
Preferred
Jewel Tea Ino
Oct
134
Mar
834 Mar
578Marll
103g Apr 30
Preferred..
2
41
5
12*8 Apr 30
Intertype Corp
Island Creek Coal
4
26
14
25
14
4
8*2June
65*8 Feb
4l*4June
5*4 Feb
1534 Mar
Apr 28
Jan 2
Jan 8
Jan 23
Apr 30
June
2*2 Feb
778 Jan 18
187g Jan 11
148*2
2»4
4i2 Jan
43*4May
125*4 Feb
334 Apr 30
2*4 Jan 6
50
Jan
46*4 Mar
1334 Apr 13
9
2*2 Jan 2
978 Apr 30
3
May 21
No par
4,200 Johns-ManvilleNo par
Preferred
100
20
30
700
23i2 May
60*2 Mar
11412 Feb 20
No par
Teleg
Mar
18*4 Feb 24
Interstate Dept Stores. No par
Inter Telep &
_
34*4
427g
11&8
34
200
89
22*2
2534
*96
187S
235s 2378
102*2 102l2
6
*5*4
70
89
35
45g
34*2
*79*2
*65
223s
253g
6
*78
*22
2078
*5*4
89
..No par
Class B__
1,000
14*4
100
!
cl A'. -No par
16*2
57*2
95
Preferred
Inter Pap & Pow
16*2
15
20
Int Nickel of Canada—No par
International Shoe
58
25
Int Mercantile Marine.No par
International Salt
143g
94
2578
438
110
No par
Int Hydro-El Sys cl A
500
20
34
No par
1001
100
500
16*2
20
*4
No par
Preferred
25*8
58
93*4
22
No par
Internat Harvester
48*2
15*8
15
20
*253g
800
17
20
4»4
1,400
9,300
45
19*4 Jan
100
preferred
48*2
79
*4
600
5
3
No par
*2434
10234 10234
102*2 10412
104i8 10484
12234 12234
124
12378 1237g
79
7934
79*4 80*4
80
79
8034
795g
7812
79
*116*2 119
*116*2 118*2 *116*2 119
*116*2 118*2 *116*2 118*2 *116*2 118*2
21
2134
2034
2034
*21*4
21*2
21*4
22
21lz
22
21*4
21*4
38
36
36
37
*37
37
38*4
3878
35l2
39*8
353s
3538
22
22*4
22*4 2212
2234 2234
223s
223g
22i2 225g
*22*4
223s
28*4 28*2
28*4 28*4
28
28*2
28*2
*28
285g
285g
283s
283s
♦253s
'
58
1478
145g
93
93
300
>,300
16*2
93
*90
2,000
2,600
55,400
*56*4
♦19*8
*26*4
92*2
400
16*2
27
*23*2
of Cent Am.. 100
Certificates
International Cement--No par
95
*89
1
Ino
X Interboro Rap Tr v t O..100
4,100
20
92*2
Ctfs
Feb
Mar
Mar
Apr
9i2 Mar
Apr
3*4 Feb 19
287g Feb 19
2
90*2May 25
6*8 Jan 6
6*8June 10
11*2 Apr 30
334 Jan 7
11,700
4734
172
6
109
47*8
47
172
6
1934 Mar
100
Insuranshares
Prior
1788 Feb
Jan
234
6*2
6*4
84
May 12
106
89
885g
88*4 897»
154
154
155
155
*154
~
153l2 154*4 ♦153
3
3
278
3*8
3
3*8
3*4
3*4
53s
5%
5*2
55g
5*2
5*2
512
5*2
5058
4934
51*2
50
503g
50
5184
50*2
129
*128*2 129*4
129
128l2 128*2 *128*2 129
47g
47g
478
478
478
47g
484
5
234
234
27g
278
278
»2S4
*234
3
2*8
2*8
2*8
2*8
2*8
2*8
*2*8
2*4
31
3034
30*2 3l3g
30*2 31*4
30*2
313s
39
39
385g 385s
*39
39*2 40
♦119*4
*119*4
78
78
783g
783g
*77*2
783a
104
104
105*2
100
10034 xlOl
*
*
*
124
125
124l2
*89
100
43
4*8 Jan 2
2558May 21
No par
..No par
Preferred
Internat Rys
577g Feb 19
Jan
li2 Mar
Jan
11
10
2,150
2,400 Intercont'l Rubber
7,200 Interlake Iron
1,300 Internat Agricul
3*2
Jan
49
June
58
100
Int Business Machlnee.No par
*119*4
79
100
Preferred
41
*3*8
1
4
Mar
75*4June 24
56*8 June 25
12*4 Jan 15
185s Apr 30
30
500
172l2 172*2
20
27
4,000
•
107g
3*8
14
578 Jan 23
RR Sec ctfs series A
900
578
1434
14*4
44*4 Feb 20
33
Feb
3078 Mar
6*2 Mar
5
4
14
4
7
21
100
3084 Dec
19*8 Dec
338
8
Feb
3*8June 10
8*2 Apr 27
13*2May 4
No par
2,200 Inland Steel
8,900 Inspiration Cons Copper...20
9
95g
534
112
544
Leased lines
......
*5*2
1434
Feb 17
June 24
6% pref series A
Indian Refining
36
19U Jan 13
22*2May
118
6®8 Mar
9
May 13
Apr 1
14isJune
108
3978June
Jan
534 Mar
Jan
July
111*2 June 25
2
455
100
Preferred
104
4478 Feb 19
June 13
Jan
8134
73*4 Apr
5
Feb
119
Apr 29
2
4884 Jan
1,100
534
Dec
5
2,300 Industrial Rayon
500 Ingersoll Rand
15*8
131
9
100
Hudson & Manhattan
60
9684
Feb
108
50
Howe Sound Co
29
96*2
122
Jan 13
63g Jan
190
*135
Apr 17
80
65*4 Jan
5434June
10
126
135
No par
Class A
1,700
64i2
13*2
28*4
*122
97*4
*93
95
20*2
33*2
10
11
29*4
129
*135
*135
9678
2*4
23*4
*13
13*2
29
295g
123
6434
10*2
10*2
lOSg
29*2
123
39
393g
*38*2
*10912 HO
*109l2 110
♦109*2 110
*25
25*8
2534
2434
2434 *25
49
49
*48*2
487g
4834
4834
17
17
*15
17
163s
17*2
58
57
547g
57
53*2 53l2
15*8
1412
1434
143s
14ig
14*4
14
1434
143g
143s
1434
143g
*19
2*8
21l2
33*2
64i2
Oct
n30
J
3534 Jan
30*8 Jan
No par
34,600 Hudson Motor Car
10
9,000 Hupp Motor Car Corp
100
14,100 Illinois Central
14*4
36*2
3*8
11
3*8
2878
*154*4 155
156
3*4
55s
23s
22*4
33*2
21*4
*173
174
175
17578 1757g *173
47*4
475g
475g
48
4712
48
88
88
887g
87*2
88*2
89*4
179
156
6
*355s
36*2
95g
5&8
9*2
534
14l2
77g
534
1412
6
10*2
96*2
17*8
90
Houston Oil of Tex v t c new 25
Household Fin partio pf
100
10*2
1634
13
13
*135
97
*9
17*2
165g
2*8
Mar
113
No par
Class B
600
10*2
17*4
2*2
2
2178
123*2 123*2
*135
*135
*175
122
5,900
*9
223g
34*4
6434
16*2
65
13*2
*9*2
*29*4
16*8
*22
15,900
3%
10*2
*9
300
338
49
No par
1,700
9*8
33g
No par
No par
Holland Furnace
7,400
Jan
71
128
Hershey Chocolate
Conv preferred
June
36*2 Deo
11
June 26
100
270
$5 conv pref
No par
5
1,400 Hollander <fc Sons (A)
9,800 Holly Sugar Corp....-No par
10
7% pref
100
200 Homestake Mining
..100
100 Houdallle-Hershey cl A No par
4934
93g
5034
33g
3*2
*3*4
3*4
9*8
17*4
2*8
22*4
34
312
85s
49*2
85s
51*4
83s
8*2
517g
10*8
*3*4
*9*8
2*8
*3*4
8*4
858
5178
8*2
5134
8&S
51l2
"3", 606
162
Jan
2
108
84
57 cum preferred
142*2
163*2 Mar 24
Jan 23
...No par
Hercules Powder
Jan 27
141
71^8 June 10
No par
Hercules Motors
70
100
100
$ per share $ per share
120
Dec
85
Jan
141
June
127
Jan
$ per share
133
Mar 6
11118 June 23
117 May 14
156*4 Jan 27
25i2 Apr 30
25
(GW)
Preferred
20
*27*2
28*2
107*2 108
2834
*28
29
Helme
25
Hazel-Atlas Glass Co
100
160
*148
Lowest
Highest
Lowest
$ per share
Par
Shares
111
11078 *108
120*2 120*2
125
*108
160
*148
Week
$ per share
$ per share
$ per share
$ per share
$ per share
*11H8 11212 111*8 HH8 *107*8 111
*120
125
*120*2 125
*l20i2 125
""
125
100-share Lots
On Basis of
STOCK
YORK
EXCHANGE
the
June 26
Thursday
June 20
NEW
for
Range for Previous
Year 1935
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
LOW
AND
4297
New York Stock Record—Continued—Page 6
142
Jan 30
21*2 Mar
63g Sept
V21
Mar
94*4 Apr
9384 Apr
151i2
15*2
Jan
13*2
17*8
24i2
31*4
Mar
Mar
Mar
Feb
Oct
102
Feb
1
Mar
1U Mar
33
Apr
4i2 June
10*8 Mar
77*2 Apr
34
9
Feb 19
42
Jan 21
130*2 Mar 16
37
Apr 6
493gMar 4
14*8 Apr 18
z4334June 26
378 Feb
17*2 Feb
7
7
37*2
Oct
Deo
55*8 Nov
Oct
Oct
Dec
415g July
10834
25g
43g
Dec
IO784 Nov 112
26*2 Nov
18*2 Mar
124
Apr *149*8 Dec
51*2May 25
233g Jan 28
35
275g Nov
43
Mar
1284 Mar
3778 Nov
113
Feb
18®8 June
30*2 Apr
5*2 Jan
185s Jan
7g Feb
4
Jan
15
Deo
New York Stock Record—Continued—Page 7
4298
HIGH
LOW
AND
SALE PRICES—PER
Monday
Saturday
Tuesday
June 20
June 22
$ per share
$ per share
9
*7%
*18
18
*3%
334
9
9%
*1%
2
*6
778
3
*234
43%
*38%
*1584
*7%
30%
334
9%
9%
7%
24
16
8%
16%
8%
30%
30%
*155
*153% 159
51
51
51%
51%
16
16
5278
49%
50%
*48%
50
*109% 110
9
*7%
40
*37
18%
I684
*18
18%
384
2
*1%
*5%
7%
*5%
24
*23
*238
*2%
*40
43%
15%
*7%
29%
15%
8%
15%
8%
30%
159
*155
50%
51%
16%
*23
2%
*41
159
9
2984
*155
5034
50%
16
16
16
9%
;
24
—
— m
-
3%
9%
1,800
3,600
*40
*155
24
41
m
— — — —
-
"4,700
600
2,200
51%
~2,800
15%
1,100
50
50
50
*48%
109% 110
109% 110
Prior preferred
...
2d preferred
Marlln-Rockwell
—
—
—
'
.
—
110
100
-.100
No par
Marshall Field & Co...No par
Martin-Parry Corp
No par
Mathleson Alkali Wks..iV0 par
..100
May Department Stores—10
Maytag Co.....
Preferred
500
>
31
13
3034
13%
93%
*91
30%
13%
13%
93%
93%
31
*30%
13%
30%
13%
13%
93
93
30%
13%
13%
No par
No par
Preferred
ex-warrs.-iVo par
*91
93%
18%
.No par
31
13%
8,000
*93
93%
18%
13%
93%
500
JMcCrory Stores Corp new__l
0% conv preferred
..100
900
*17
*17
17
17
18%
18% *17
*17
18%
*17%
43
43
43
43
43
43% 43%
42%
43%
43%
43%
43%
106
104
104
102
107% 108
106% 107% 103
*107% 108
103%
9
9
884
834
9%
8%
9%
9%
8«4
9%
8%
9%
44
44
44
44%
44%
44%
*4338
4338
43%
43%
44%
4484
13
13
13
13
12%
1284
*123s
12%
12%
12%
12%
1234
*102% 105
*102% 105
*102% 105
*102% 105
*102% 105
*102% 105
15
15
14
14
*1334
14%
14%
*1334
14%
14%
14%
13%
106
106
*105% 106
*105% 106
105% 105% *105% 105% *105% 105%
77
76
78
71%
7134
7134
73%
76%
7034
*71%
72%
7838
834
8%
8%
*8%
8%
*8%
8%
8%
8%
83S
8%
8%
55
57
56
57
57
57
56
56
56
*56
57
*54%
36
*36
*36
36
*36
*36
37%
3734
37% *36
37%
3734
50
50
50
50
50%
49% 49%
4984
49%
49%
4884 493s
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
20
21
1984
19%
19%
19%
21%
19%
20%
20%
20%
21%
V 39%
39
39
39
36
39%
39%
38%
36%
38%
38%
363g
126
124
123
125
125
123
122
127% 127%
126% 125
122%
*9834 100
*98% 100
*9834 100
*98% 100
*98% 100
McGraw-Hill Pub Co.-No par
Mclntyre Porcupine Mines..5
2,600
Mead Corp
McKeesport Tin Plate. No par
McKesson & Robblns
6
No par
$3 conv pref
30
2,600
1,000
90
McLellan Stores
1
6% conv pref
100
No par
No par
$6 pref series A..
Melville Shoe
No par
Mengel Co (The)
100
7% preferred
2,400
Merch & Min Trans Co .No par
Mesta Machine Co...
5
4,300
Miami Copper
10
15,500
3,000
260
5
Mid-Continent Petrol
10
Midland Steel Prod
45%
47%
68%
1,700
------
7,100
1,500
1
1
33%
33%
34
35%
35
1984
20
19%
19%
19%
1
*45
68%
100
100
1,500
7,700
16,900
800
1,400
1,200
2,700
36~606
45
45
*45
47%
*45%
47%
100
68
*66
68
*66%
68
50
1
1
4,000
35,200
4,300
1
1%
■
35
36
37
38%
37
38
1938
19%
19%
20%
19%
No par
1434
75
*73%
*2434
*50
*10138
183s
*48%
16%
*22
147s
11%
36%
15934
23%
24%
110
*110
—
—
18%
4978
17
110
111
13
27%
33
28%
165
*140% 142
-
19%
13
76
25%
25%
50%
50
*50
*22
10%
*37
52%
17%
22%
14%
*2534
50
50
28
*30
*30
31
11
%
66%
31
*30
26%
112
38
38%
*37
37%
*53
53%
11
108
106
106
' "*-106
112
*106
*30
35
30
30
*25
35
9%
*4084
36%
42%
3634
9%
9%
42
9%
42
42%
3784
3634
9%
42%
*8%
11
36%
37%
31%
33
32
32%
70
70
69
*3%
4
68%
*3%
11%
*%
67
65
8%
11
11
*35
54
*53
984
42
36%
32%
68%
3%
108% *106
*25
30
984
42%
10%
....
*
-
—- —
M
—
—
3%
3%
3%
3%
878
*4%
*3%
878
"3% "3%
8%
*4%
8%
434
8%
*438
8%
4%
*438
3%
3%
*3
3%
*3%
11%
11%
59
*1%
59
96
*235
95
95
105
1%
----
2884
*55%
8%
*104
29
5584
8%
105
*100%
----
29%
*50%
2%
30
*20
23
1234
47%
52%
2%
59
*1%
237% *235
*108
*108
29%
5534
-
*101
-
-
59%
95%
*1%
104
*
1%
-MM-
2984
29
29%
56
56
56
8%
104
"----
29%
*50%
*2%
30%
52%
2%
*20
26%
1234
13
13%
47%
4734
48%
Preferred
No par
7% preferred
100
4% leased line ctfs
100
Corp
...No par
Mission
Mo-Kan-Texas RR
No par
Preferred series A
100
t Missouri Pacific
Conv preferred
100
100
Mohawk Carpet Mills...
Monsanto Chem Co
*1%
238
*108%
29
*56
1%
Morris & Essex
50
'
—
—
-
—
29%
28%
57
56
56
*101
28%
*50%
2%
*20
12%
47%
'm»
'
M
-
29%
52%
2%
26%
13
48%
*100%
28%
*50%
234
*20
12%
47%
29%
52
2%
26%
13%
47%
7%
104
8%
104
28%
*56
*10034
28%
29"
*100%
28%
*51
5134
5184
*284
*20
2%
25
*2%
*20
13%
133s
13%
47
47%
47
June
28
Mar
7%
33%
90%
57g
38%
8%
85%
Mar
Nov
95
May 27
24
Jan 31
4938 Jan 24
118% Jan 3
1134 Feb 14
Feb 17
46
15% Mar 26
108
Apr 23
19
Mar 24
108
Apr
2
11
Jan
May
Dec
Apr
Mar
Dec
97% Dec
78%June 24
41
Jan
105s Mar 5
0884 Mar 17
3
Mar
3784 Apr
3
5184June 13
12% Apr 13
23
Apr 0
47% Apr 0
131% Mar 30
2084 Mar
22
Apr
2% Mar
9% Mar
8% Mar
60% Mar
Jan
Preferred
Nov
75
Apr 13
109% Mar 16
12% Mar 23
58
Jan
150
Deo
105
76%
1%
234
5%
6%
Mar 24
Feb 10
Feb
Feb 10
Feb 8
26% Apr 14
95s Feb 21
20%June 23
Jan xl 11% June
3% Mar
31
Mar
700
11,900
2,100
75s Nov
68
Nov
% Mar
84 Nov
84 Apr
2% Dec
1
Mar
1%
108s
2%
5%
Mar
4
July
4% Deo
1784 Deo
08s NOV
1
Apr
July
May
16% Deo
July
3
7»4 Feb 11
x288s Apr
1% Mar
IO84 Mar
23
103
65
4
Feb
Jan
4% Dec
Nov
40% Deo
4178
Dec
60
60
Dec
7% Mar
65%
1%
33%
15%
9% Aug
16%
3
Mar
May 29
Feb 25
Feb
May
..No par
70
May
1
84
...
No par
21
Jan
7
28
Mar 27
26% Deo
No par
100
44%May
4
51
June 18
102%May 13
103
484 Mar
21% Nov
Apr 30
10
14
No par
Nash Motors Co......No par
43
Nashv Chatt & St Louis
20%May 4
12% Apr 30
9% Apr 30
31% Apr 30
100
......1
Nat Aviation Corp....No par
Biscuit
......10
7% cum pref
100
Nat Cash Register
No par
Nat Dairy Prod
No par
7% pref class A
100
7% pref class B
100
t Nat Depart Stores..-No par
Nat Distil Prod
No par
Nat Enam & Stamping.No par
National Lead
10
National Pow & Lt
Nat Rys of Mex 1st 4% pf.100
2d preferred
......100
National Steel Corp
25
National Supply of Del
Preferred
National Tea Co
25
100
No par
Natomaa Co..........No par
Neisner Bros
No par
Newberry Co (J J)
No par
5% preferred series A... 100
t New Orl Tex & Mex... 100
Newport Industries
1
N Y Air Brake
No par
New York Central
No par
N Y Chic & St Louis Co... 100
Preferred series A...
100
New York Dock.
...100
Preferred
100
N Y & Harlem
Apr 30
Jan
2
10% Arp 24
153
Jan
9
Jan
May
30% Apr 6
17% Feb 19
155s Mar
3884 Jan
162% Jan 24
21
30
26%June 25
Apr 30
Apr 30
108% Jan 4
107% Jan 0
10
Apr 28
25% June 11
2834 Jan 2
20%June 25
Feb 11
11234 Mar
2
112
4
June
168
June
% Jan
57% Apr
19% Jan
74% Jan
8%June
10%June
15% Mar 11
33% Mar 0
37% Apr 14
313sMay 20
6
20
18
3284 Apr 29
41
Apr 15
104% Apr 7
10% Feb 4
9
Apr 30
32% Jan 8
2784 Jan 2
1784 Jan 2
30% Jan 2
3%May 28
10%May 10
50
119
Jan
0
1
Jan
2
Conv preferred
N Y Ontario & Western... 100
N Y Railways pref
Preferred stamped
No par
...
100
57
Apr 29
Jan 7
Jan 17
Apr 27
May 21
83
Mar 17
4%
2%
x2%
9%
n3% Apr 23
1% Apr 21
100
210
Adjust 4% pref
100
North American Co...No par
105
Preferred
50
North Amer Aviation.
.1
No Amer Edison pref ..No par
No German Lloyd Amer shs..
Central
........50
Northern Pacific.—.
Northwestern Telegraph
100
50
Norwalk Tire & Rub..No par
Preferred
50
Ohio Oil Co
...No par
Oliver Farm Eq new. .No par
Jan
2
May 12
23% Apr 30
52®4 Feb
0
0% Jan
98
Jan
30
Jan
11
Apr
14
Mar
4% Mar
034
Feb
22%
141%
13%
12%
Apr
Mar
Mar
Mar
108
Sept
*100
Sept
1% Mar
23% May
21
May
Jan
75
5
Feb 11
Jan
2
47%June 25
114
June 20
11% Jan 17
13% Jan 24
38% Mar 5
59% Jan 3
106
Apr 14
% July
% Mar
408s Mar
9
Mar
30
Mar
x8% Mar
7% Jan
21% June
43%
Jan
"358
July
1384 Feb
43
6
June 26
42% Apr 13
35% Feb 21
70% June 24
6% Mar 4
17% Feb 17
135
Feb 23
2% Feb
98
438 Mar
18% Mar
12% Mar
Oct
8I84 Nov
47%
19%
27%
145s
14%
36%
158%
23%
22%
Oct
Jan
Jan
Deo
Deo
Nov
Deo
Deo
Deo
113% Nov
108
Aug
4%
Jan
34% Nov
32% July
162% May
140% July
14% Aug
1% Nov
84 Nov
8384 Nov
2078 Aug
77% Aug
11% Jan
13% Deo
4IS4 Oct
61% Deo
"Ii%
Deo
1078 Deo
36% Nov
2934 Deo
Mar
19
Dec
39
Deo
2
6%
1678
Deo
0
Mar
Mar
4
112
Mar
%May
5
96
Nov
139
1%
99
Mar
4
55s Feb
6
25s
Oct
8%
14% Feb 7
7% Feb 24
58s Feb 24
6% Feb 24
155s Mar 13
73% Feb 5
97%June 19
558
Oct
16%
6%
334
2%
16%
51
Oct
69
June
Jan 31
79
May
107
25s Mar
% Mar
% May
6% Mar
84 Aug
2% Jan 14
87
Deo
June
Deo
May
Jan
Aug
Nov
Deo
Nov
Jan
Jan
92% July
102% Deo
2% Dec
June 20
158
Mar
218
Dec
108% Apr 21
99
Jan
108
June
9
Mar
28
Nov
249
30% Jan
8
59
9
June
35% Mar
2
Mar
2
105% Apr 7
12% Feb 21
57
Jan
101
86% Mar
13% Mar
357s Jan
1% July
0
Dec
15«4 Nov
97s Mar
1084 Mar 19
22%May 4
12% Apr 30
24% Jan 6
Dec
June 22
43
4% Mar
0
4% Jan 17
97% Apr 7
24% Jan 2
51 May 25
2
3
May
5
2234 Mar 6
61% Mar 11
21% Feb 19
21
t NY Investors Inc.—No par
t Norfolk Southern
1,800 Norfolk & Western
------
Deo
Oct
Deo
9% Aug
62
Sept
13% Mar
Munsingwear Inc
Murphy Co (G C)
5% preferred
Murray Corp of Amer
Myers F & E Bros
North
Oct
Deo
17% Mar
------
—
Nov
Sept
Oct
71
7% Apr 28
30
Deo
Nov
85
5984 Feb
100
—
Dec
116%
4
Jan 10
—
1484
97%
65%
8%
6084
33%
42%
684
20%
2478
24%
Jan
11558 Dec
Nov
0
Apr 24
—
Deo
Dec
15%
85
Jan
3
49,500
1084
40
44
90
700
Dec
Nov
0
97%June
00% Jan
100
900
1984
45% Sept
131
948s Nov
109
11,800
35% June
1358June 25
Feb
JNYNH&Hartford
26,800
Oct
2184 Mar
N Y Laoka & Western
—
2%
103
45%June 12
May 19
2,200
56%
I338
47%
Oct
Jan
Nov
l%May 19
3584 Jan 7
------
------
25
55
1% Feb 11
120
5784 Nov
54
14% Feb 17
230
Deo
Nov
Jan
10
29
2
1,500
11
3378 Nov
150
32%
84%
95sMay 11
% Jan 8
------
45% Deo
14% Nov
20
Jan
10
249
52
7
Dec
2384 Dec
3% Deo
Jan
Jan
60
9634
29%
2
2% Mar 27
2% Jan 2
l0%Jnue 10
5% Jan 0
14% Jan 2
2%May 5
3% Jan 3
10
Jan
6%
1215g
1,800
106
8
7%
*103% 104
7
Dec
1% Deo
33
150
4,500
11
2834
0% Jan 0
57% Jan 17
May
9%
11
7% preferred
100
N Y Steam $0 pref
No par
$7 1st pref erred... ..No par
29%
9
Feb 21
35% Mar
Mar 17
20
9%
1%
21% Jan
Jan
3
1
Class B
30
*1%
3
2334 Mar
136
Mar
100
59
245
Jan
Apr 30
June
168
1,700
1,600
2,500
1,100
1,000
30
*108
9
0
4
Sept
19% Nov
15% Jan 2
11% Apr 30
5
N Y Shlpbldg Corp part stk_.l
1%
Jan
Jhn
Motor Wheel
3,000
_i._
May 13
31%
40%
5%
*17%
Mar
684 Mar
Oct
30
% Apr
31*4 Dec
10%
245
30
29
7
2
10
31
22
20
66%
1% Feb 10
38%June 25
22% Mar
1784 Mar
10%
*13g
lli2 Apr
97% Jan
12% Jan
97% Jan
55% Jan
0%May
84 Jan 2
28% Apr 30
100
*108
85s Apr 30
3784 Jan 3
Mother Lode Coalltion.No par
Motor Products Corp..No par
3%
245
240
June 20
Mar
143
40
9634
June 10
1
2
334
106
10
395s Mar 25
102
4
8
2% Oct
384 Mar
No par
32
*
June 19
79
8%
59
9
92
10
Mont Ward & Co Inc. No par
Morrel (J) & Co.......No par
3%
96
32% Jan
12i4May
20% Jan
8%
*438
105% 106%
110%June
Feb 24
29
20
8%
11
Feb 28
Feb
13784 Jan 21
1,100
6,000
16,700
11
4%
55
1
5% Apr
8s June
100
9,900
133% 133%
1%
1%
5
3
21% Feb 28
Mar
..100
*3%
338
53% Jan
10
Preferred B
------
36%
53%
108%
99
Feb 28
Apr
13% Mar
Preferred A
69%
*
30% Feb 19
100
29
190
32
11
5
Highest
$ per share $ per share
3
Apr
12% Deo
100
11
38%
Mar
2
8
3%
~96~
97
105
10,600
12
May
Apr
"3%
11
59
*95%
2,300
11,500
------
3% Mar 19
10% Mar 18
3084 Apr 0
4% Mar 18
5084 Mar 6
19% Mar 5
2
lOOUJune 19
3%
*
8%
8%
8%
8%
103% 103% *103% 104
For footnotes see page 4292
11
10%
*
105
237% 237%
*108
838
11%
95%
104
1%
-
11%
*56
237%
8%
104
400
684 Mar 17
1084 Jan 14
Jan
x05
National Acme
5,600
Mar 17
23
103
6% pref series A
No par
Minn Mollne Pow Impl No par
National
47,200
10% Jan
57% Jan 10
23% Feb 3
50% Apr 8
110% June 15
Minn-Honeywell Regu. No par
2,800
27%
43
Feb 13
9
2,000
7,200
----
34
6 534
45
Mar
8%
*438
3%
3%
10634 *102
96
560
142
1%
43%May 4
13i2 Apr 30
49
Apr 28
88
"3%
8%
4%
3%
11%
59
11,600
3,400
46,700
1,700
6,400
36%
70
99
mm
3%
*102
17,400
------
67%
42%
373s
32%
384
3%
*3%
*1078
10%
11%
11%
11% *10%
*10%
11%
*128% 133% *129
133% *130
133% *130
133%
133% *130
1%
1%
1%
1%
1%
1%
13s
1%
13s
138
"3%
31
46%
45%
113% 114
8%
8%
47%
113%
37%
*25
30
32
66
10%
*1%
*53
10%
31
'
84
*34%
42%
37%
32%
70%
3%
67
4
45%
108% *106
9%
31
*3%
10%
66%
42%
36%
*65%
1%
112
8%
11%
36%
53%
*25
11
%
46%
8%
10%
11
142
*1
67
53
8%
26%
*165
142
1034
112
36
53
8%
2834
165
%
66%
43%
44%
112
*30
165
1%
%
31
142
11%
*1
67
43%
*108
10%
%
67
44%
112
1%
*%
66%
42
11%
*1
11%
1%
*106
11
------
60
52%
5
700
130
%
----
100
50
111% *110% 111% *110% 111% *11034 111%
110
111%
111% 111% *109
111% 110
13
13
13
12%
12%
,12% 12%
27%
2734
27%
2634
27% 27%
27%
26%
53
98
77%
26%
110
111
8%
10%
9%
25%
1,900
*102% 104% *101% 104%
18
19
18%
18%
*48
*48
49%
49%
16%
17%
1034
16%
22%
22%
*21%
2134
14%
14%
14%
14%
11
11%
10%
10%
36
35%
3584
35%
29
28%
28%
28%
28%
29%
165
*164
165
*163% 165
142
141% 141% *141
141% 141%
108
77%
*77
14%
11
11%
11%
36
3534
36%
159% 160
*159% 160
*159% 160
*159% 160
2384
23%
23%
23%
23%
23%
23%
23%
26
26
26%
26%
25%
26%
25%
25%
36
*8%
1034
1034
-
49%
16%
21%
14%
38
884
-
18%
*48
15
14%
11%
—
-
18%
19%
49%
16%
23%
14%
1434
111% *110
13
13%
*1
834
76
14%
7084
*2584
*102
18%
*48%
16%
25%
11%
110
*102
14%
*160
1%
%
66%
4178
41%
-
31
*1
66%
-
17%
23%
15%
11%
36%
160
23%
27%
1078
*107
-
19%
14%
14%
75%
25%
50%
50
49%
*30
11
*%
*25
51
•
111
11178 *110
*30
*27%
*48%
16%
*22%
23%
1478
14%
11%
11%
36%
36%
160
*155%
23%
23%
25
25%
*12%
27%
*160
*101%
18%
75
25%
*25
51
'
14%
74%
74%
2578
*49%
15
14%
0i2 Apr 28
27i2 Apr 27
153% Jan. 17
110
1st pref
Mulllns Mfg Co class A—7.50
1434
May 5
IDs Jan 22
% Jan
4434
1%
41
1% Jan
"44"
1
18»4 Jan 10
2% J&n 0
t Minneapolis & St Louis.. 100
*66
1%
36%
19%
3
Jan
Minn St Paul & SS Marie. 100
45"
69
1
1
*45
*67
7
100
"44"
"45"
7
100
45%
45%
47%
*44%
44%
4878
68%
1% Jan
100
8 %cum
Rights
"44%
44%
*4484
*67%
5
Mllw El Ry & Lt 6% pref. 100
....
71
72
*71
72
7134
7184
72%
*70%
*69%
71%
7034
73%
*106% 108% *106% 108% *10638 108% *10638 108% *106% 108% *106% 108%
10
10
9
10%
984
9%
9%
9%
10%
9%
9%
9%
71
72
71
70
69
69
*70
71
70
70
69%
69%
% •/■.*%
%
%
*%
34
*%
%
%
%
*%
*%
2
2
1%
*1%
1%
1%
1%
1%
*1%
*1%
*1%
*1%
*3%
3%
3%
3%
*3%
3%
3%
3%
*3%
*3%
3%
*3%
3
3
3%
3%
*3%
3%
3%
*3%
3%
3%
*3%
3%
18
17%
17%
17%
18%
17%
17%
17%
17%
17%
17%
17%
8%
8%
884
8%
8%
834
8%
8%
8%
*8%
8%
8%
26
2634
2634
26%
26%
26%
25%
25%
2538 2578
26%
26%
!'
2%
2%
2%
2%
23s
2%
*2%
2%
2%
2%
238
2%
5
5
5
5
5
5
*5%
5%
5%
5%
5%
*5%
*22
22
22% 22%
2284
*2238
22%
223g
21%
2234
22%
22%
93
94
92
89% 91%
89% 89%
91%
93%
93%
93% 93%
No par
100
-
....
McCall Corp
4,400
3,100
7,200
3,400
4,800
■
June
Lowest
109
Prior preferred
*3038
13%
3034
93
30%
8
32i2May 27
14% Apr 30
17i2May 4
2% Jan 3
8i2 Apr 30
100
Preferred
50%
*48%
1
(Del).5
100
Marine Midland Corp
159
15%
49%
50
--.25
Maracalbo Oil Explor
10
2%
16
*48%
Manhattan Shirt
Preferred—
51
50%
t Manhattan Ry 7% guar. 100
Mod 5% guar
.
100
1st pref called
*30
$ per share
No par
Mandel Bros
8%
15%
1538
*7% : 8%
29%
29%
30
Par
Market Street Ry
2
*23g
159
*50
110
—
T.966
200
*1%
*5%
15%
8%
50%
110
—
18%
*23
2%
4134
*50
493s
49%
50
*48%
*109% 110
'
17
3%
8%
384
9
40
9
2
8%
30%
*16
50
*48%
*109% 110
17%
18%
3%
9%
16
50%
16
*49
*37
3%
9%
*1%
44
*155
*15%
18%
2%
30
159
17%
*18
*7%
40
24
*2%
*38%
15%
8%
44
8%
*7%
*17
Range for Previous
Year 1935
Highest
$ per share
Week
Shares
7%
*23
3
*2%
*38%
1578
*7%
2934
June 26
$ per share
*37
>
*1%
*5%
Lowest
June 25
2
9
2
*23
23
23
*3%
*1%
*5%
9
Range Since Jan. 1
On Basis of 100-share Lots
NEW YORK STOCK
EXCHANGE
the
$ per share
18%
18%
3%
9%
*18%
3%
18%
STOCKS
Sales
Friday
June 24
40
18
NOT PER CENT
Thursday
$ per share
share
*7%
•
18
17%
per
*37
40
*37
18
*17
9
*7%
3978
17%
*38
June 23
$
SHARE,
Wednesday
June 27, 1936
Mar
3
3084 Feb 20
57
Mar 24
4% Mar
30
6
Jan 22
17% Jan 15
54%May 5
3% Nov
x20
Mar
9% Mar
16% Oct
55
7%
102
Dec
Deo
Nov
10% Nov
99
Aug
25% Deo
52% Deo
2% Jan
32% Jan
14% Deo
27% Deo
Volume
4299
New York Stock Record—Continued—Page 8
142
AND
SALE PRICES—PER
LOW
Range for Previous
Sales
NOT PER CENT
SHARE,
STOCKS
Range Since Jan. 1
for
HIGH
NEW YORK STOCK
On Basis of 100-share Lots
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 20
June 22
June 23
June 24
June 25
June 26
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
19%
19%
*107
110
11
19%
11
*107
2634
2634
2634
135% 135% *135%
14%
14%
14%
*76%
79% *76%
*50
53
*50%
4*
79
53
2^,6
14%
25,6
1458
15
5
13
*10%
6
38%
*51%
52
*15%
16%
*124% 127
*12%
10%
*12
*2%
*55
*67%
13%
278
59%
7184
*16
8%
65
8%
65
*9%
*20
9%
23%
3%
*4278
23%
6%
6%
*10%
2%
♦70%
84%
334
6%
*33
43
*3%
85
6%
*17
1778
32%
*3%
5%
*35
*80
85
69
5
86
69%
21
*12%
13
13
14
14%
34%
50%
*89%
*7
8%
10%
1034
1%
1«4
86
8684
*9%
*71%
40%
10%
83
41
7
*6%
*75
11%
184
134
33
♦51
*7%
8%
*37
39%
*178
884
884
*6334
*1%
66%
1*4
66%
*1%
*1384
7%
14
734
82
85
33%
*134
14%
3334
2%
14%
*21
24
14
14%
35%
35
50%
507g
5078
*89%
92%
93
*7
8
10%
11%
184
1»4
85%
9%
*7184
40S4
1%
86%
87
10
83
41%
734
*6
80
♦11
12%
1%
42%
18
2434
6%
7%
1034
2%
134
13
35%
5084
75
24
17%
778
71
71
1,400
Penlck & Ford
No par
8534
85%
85»4
5,500
Penney (J C)
3%
No par
10
69
1,400
Penn Coal & Coke Corp
6
4,200
Penn-Dixle
16
7%
734
2
*184
83%
3384
2%
13%
9,700
34%
9
*884
83
*7134
*6%
*75%
11%
1%
80
*75%
12
12
1%
178
684
80
12%
1%
8%
39%
*7%
82
*7%
*37%
181
8%
65%
184
16
734
83
*30%
I84
32%
184
8%
*64
*1%
*1334
7%
80
8%
39%
181
884
66
I84
17
7%
80%
32%
33
*1%
2
14%
14%
23
23
16%
16%
16%
6%
2%
8%
*6%
2%
7
7
7
2%
2%
*784
8%
2%
7%
3%
3
3%
3
3%
26
26%
26%
26%
26%
45
45
45
118
119
45%
45%
45
*6
*75%
12%
2
9%
*137
138
*155
137
*105
79%
5%
78
684
80
3284
*32
*47
*397g
*109
47%
18%
IO684
5%
39%
39
49%
40%
*47
*40
78%
6
32%
39%
49%
40%
14
81
*2
2%
14%
*14
1984
19
19%
19
89
89%
*89%
90
22%
22%
*22%
22%
14%
19%
*102
5%
20%
5
1984
*86
89
88%
8784
13
*11
125g
*11
29
29
*28
30
*28
102
102
1234
104
5%
20%
88
8784
12%
30
IOI84 IOI84
IOI84 102
25
24%
25% 25%
*108
109
109% *108
53
«*
27%
45%
*7%
1.700
4,700
500
53
53
*2
*102
5
1984
86%
87%
10
Pitts Ft Wayne & Chic pf.100
85s
4,000
Pittsb Screw & Bolt. .No par
140
63
66
*1%
1»4
17%
10
7%
2,700
80%
280
*1384
7%
*77
32
*1%
280
Pittsburgh & West Va
100
Pittston Co (The)
14%
100
165s
4.000
45
44%
5,000
300
6%
*11
29
IOI84 102
2,800
4,200
25%
45%
230
45
6,000
300
700
200
53
»
m
«
-
-
-
113%
47%
18% 19%
47
(The)
410
74,300
55«3,6 *55"3, 56%
108
*104% 108
78%
78%
78%
6
5%
5%
5%
31%
31%
*3184 32%
6,000
$3.50 conv 1st pref-No par
15,600
t Radlo-Kelth-Orph
No par
Raybestos Manhattan.No par
Reading
50
1,300
100
1,100
1,200
3834
3884
40
40
*46%
49%
46%
46%
200
*40
40%
40
40
200
12
12
*81
85
20
2
100
2
200
14
14
*14
15%
200
18%
89%
19%
I884
*89%
22%
19
*2284
*102
5
2%
90
22%
105
5%
19
20
85%
86%
86
86%
*11
30%
102
13
30%
106
*102
5%
53%
53%
64%
55%
5,800
8934
600
225g
300
10
105
5%
19,100
19
195g
35,200
85%
85%
*85
*1034
*28%
106
53
700
8/
13
31%
112
54
55%
55
55%
54
54%
60
60
*60
61
*59%
60%
14
*12
14
*12
14
*12
14
*12
14
*12
31
30
30
*30
31
38%
*37%
38%
29%
37%
31
*3734
*29%
*37%
_
""600
440
1,100
38%
4292
38%
*29%
*37%
30%
38
No par
Preferred B
preferred
2d preferred
1st
.....
Real Silk Hosiery.
50
50
10
100
Preferred
No par
100
Remington-Rand
1
$6 preferred
25
Prior preferred.
25
Rensselaer & Sar'ga RR Co 100
Reo Motor Car
5
Republic Steel Corp...No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper & Brass
5
Reis (Robt) &
1st
Co
preferred
10
Class A
100
Preferred
Reynolds Metals Co...No par
5H% conv pref
100
1
1,000 Reynolds Spring
5,000 Reynolds (R J) Tob class B.10
200
14
*30"
1,200
50
Preferred
60
""266
100
61
Feb 21
12
Feb
5
4012 Feb
5
181
June 25
2
2
18
7
103
6
May
Ol^May
95sMay 9
984May 12
54i2 Feb 3
8312 Jan 2
68I2 Apr 28
Jan
2
2878 Jan
6
3512 Jan
3
39
Jan
7
37
Jan
978 Jan
5
70
Jan
4484 Aug
Aug
180
10
Deo
Oct
8
Jan
912 Apr 11
9H2Apr 8
4
2612 Mar
19«4 Feb
984 Mar
33s Jan
1214 Feb
53s Jan
36
Jan 16
49
Jan
2
2% Nov
10U
114
24i2
678
Apr
,16% Dec
Apr
62
Nov
June
25
Nov
1
Mar
Mar
3% Sept
2% Aug
6i2 Mar
13
Deo
618 Mar
IBs Mar
1284
578
2%
16%
4%
Nov
Nov
Nov
Jan
Deo
14 Feb
43s June
5s May
6% May
42i%
Jan
Jan
26% Deo
53% July
121
Nov
122i2 Feb 26
4884 Jan 15
107i2May 26
12234May22
137%June 23
115
Mar
117
85% Mar
132
June 13
100
Mar
148
Deo
99
Jan
113
July
157
114
Apr
1
20% Mar
4684 Nov
628s Feb
104% Deo
73
Deo
Dec
527s
Jan
17
Deo
4878June 1
2478 Mar 20
29% Oct
57g Mar
133»4 Apr 17
11712 Mar 27
173s Jan 6
4958 Mar
11978 Deo
65
103
14U Jan 17
56i8 Mar 9
103%June18
7984June 18
914 Feb 19
38% Apr 14
483s Feb 24
June
Mar
17S4 Oct
13% Dec
50
Mar
62%
Jan
92
Dec
Feb
35% Mar
ii~4 Mar
16% Mar
2978 Mar
"~6~ "6ct
Apr
Apr
43% Nov
1634 Jan 30
3% Apr
20% Apr
88
Feb 17
33
38
Aug
Nov
3
Oct
18
Nov
1
Jan 14
8
Mar
7
June
69
Aug
88
21% Oct
98% June
2% Mar
110
99
Feb 19
95
Jan 13
3612 Feb 17
9
Mar
285s Mar
78% Oct
5% Apr
Deo
11
72
2334 Jan 15
9984 Apr 15
2484 Jan 23
114
Apr 15
8U Mar 25
2684 Feb 19
Mar
30% Dec
43% Jan
334 Jan 14
22
Deo
4
884
4
478 Jan 2
167s Apr 30
77 May 4
78i4May 4
10
Apr 20
76% Jan
1278 Aug
Mar
2
June 22
Nov
1
36
4
Nov
I84 Dec
55
20«4
Dec
Nov
25% Nov
Mar
5% Dec
20s4 Nov
97
Nov
95% Nov
16
Dec
9
36
Jan 10
13
Apr
Apr 28
22%May 25
105
Apr 27
120
Jan 23
75
Apr
115
Nov
17% Apr
32
Dec
24%June
90
34
117
Feb
5
Jan 13
27
Feb 17
50
Apr 29
55U Apr 14
585s Feb 28
Jan
2
655s Feb 10
No par
1912 Feb
3
2
35
32
3
39
Copper Mines
Feb
172
475gjune 17
41 May 5
178 Apr 28
125sMay 7
18%June 25
8512 Jan 3
22%June 3
103
Mar
7
26% June
8
38
2218 Mar
Jan 17
2
3
19
4
11
6
16
4% Jan
Apr
655s Aug
5
85i2 Mar
16i2Apr
2
58 July
6l2 Mar
6
Jan
284 July
31
118s Jan 31
1034 Jan
10
Rltter Dental Mfg
Roan Antelope
5
6
El & Pow__
Class A
Rhine Westphalia
Jan 15
384 Feb
16%June
Pure Oil
78% Nov
112 Apr 24
11% Jan 6
20 May 18
No par
8% conv preferred
100
6% preferred
100
Purity Bakeries
..No par
Radio Corp of Amer...No par
50,400
July
4II4 Apr
3678 Jan
Inc
Dec
50
2
No par
Pullman
14% Deo
Feb 21
7
Jan
Mar
84
2
par
par
Jan
x685a Deo
Dec
Jan
112
par
11&8
60
*3778
Corpwf N J...No
$5 preferred
No
6% preferred
7% preferred
8% preferred
Pub Ser El & Gas pf $5-No
11%
55%
For footnotes see page
Pub Ser
4%
Mar
10% Deo
21
100
100
100
No par
12
60
29%
37%
Gamble
5% pf (ser of Feb 1 '29). 100
13,000
107
55%
*
Procter &
3514
512
53i2
1334
40
5818 Jan
Apr 30
40i4May 12
11784 Apr 7
39
Apr 29
10312 Feb 21
11318 Apr 3
128
Apr 4
146
Apr 14
100
Preferred
Nov
38i2 Mar
15s July
3i2 July
I84 Mar
85
21
114 Jan
10
Feb
23
Apr
June 20
12
Deo
Deo
July
Nov
Nov
Mar
3
Jan
19%
28%
45%
85%
4%
Mar
5
2
2
3
Deo
Oct
3
Mar
4988 Apr
4
14
Deo
19% May
14
978 Jan 10
88
Jan
2U Apr 29
No par
88i2June 25
15i2 Feb 7
l%May
49
t Pressed Steel Car
9,100
81
3
4,000
113% *109
12%
Feb
712 Apr 30
3
1,000
*12
176
684May 21
25%
2484
247g
24% 24%
2484
107% 108
*106% 107% *106% 107%
*51%
No par
Class B
4
7i8June 8
3512 Apr 28
t Postal Tel & Cable 7% Pf 100
62
55%
Porto-Rlc-Am Tob cl A.No par
Jan
Nov
12«4 Mar
167g Mar 13
358 Jan 13
2i2 Feb
800
*60
5534
No par
Poor & Co class B
50
Oct
11
June 25
37U Jan
1,200
62
5534
*60
5
Pond Creek Pocahon..No par
125g
*2
29
Plymouth Oil Co
Jan
7%
157
107
100
No par
Jan 31
U2 Jan
30%June
2%
*156
*96
100
Preferred
2
23%
25%
6% preferred
Pittsburgh United
33%
14
3
pref... 100
.1
...100
25
Pitts Term Coal Corp
*23
16%
6%
2%
7%
Pitts Steel 7% cum
9684
81
86%
87%
13%
100
..100
Preferred
12%
2%
15%
19%
5%
20%
Flour Mills
25
Pirelli Co of Italy Am shares..
Pillsbury
12%
85
105
8
38%
157
96%
72
par
54
Mar
4
17
684May 22
100
No
Petroleum
8%
138
107
Pierce
784 Apr 29
68 May 29
38% Jan 6
100
Pierce Oil Corp pref
*37%
*17784
*137
19%
100
No par
6
7% preferred
Phillips Petroleum
Phoenix Hosiery
100
137
48
No par
Pittsburgh Coal of Pa
8
*118
4534
50
50
Preferred
-
2
12%
78%
3I84
3884
103
23,200
107% 107%
*107% 107% *107% 107%
*120% 121% 120% 121% *120% 121%
77%
5%
22%
7%
*118
156% ♦156
113% *109
47%
4784
18%
18%
107
107
96%
96l2
12%
12%
11%
11%
55n,s 55,3i6
108% *104%
108
Mar 13
9
16%
108
Feb 17
12
Phillip Morris & Co Ltd
10
Phillips Jones Corp
No par
14%
23%
16%
107%
121
137%
156%
113%
47%
18%
93
314 Jan
818 Jan
158june 22
66
Mar 13
Phila <k Read C & I
14
45%
81% Jan
t Phila Rapid Tran Co
7% preferred
34% Nov
6484 Deo
75s Mar
4
51
43% Aug
13i2
5
4512 Jan
6,200
200
83
Feb
25
Philadelphia Co 6% pref—,50
$6 preferred
No par
3,500
43%
Mar 28
19% Mar
1»4
4234
18
40% Apr 11
88%
4334
24
32% Dec
395s Apr
11634 Mar
13
72®4 Feb 27
12i8June 25
1%
42%
6
Feb 19
Oct
2i8 Feb
914 Mar
16i2 Mar
37i2June 19
Feb
1784 Mar
26% Apr 28
6412 Jan
88
3084 Nov
1714 Mar
123s June
87%
♦7134
Jan
Mar
30
2558 Jan
88%
9%
Apr 27
Mar
1083s
Mar 27
11684June 9
4912 Feb 17
712 Feb 19
Petroleum Corp. of Am.....5
Pfeiffer Brewing Co...No par
134
83
4
3
6i2 Aug
5i2 Aug
18
Feb 21
43
Feb 19
Mar
Jan 13
87%
42%
784
39
28I4 Apr 29
Jan
160
100
July
1818 June 24
16
100
May
I84 Nov
81
June 19
18
56
Phelps-Dodge Corp
43s Deo
814 Dec
15
10i2Mar 24
4814 Mar 24
..100
10%
*23
44%
100
8I4
Apr
6
2
2
No par
92%
7%
♦91
3
90
8,400
3434
preferred
Preferred
Pet Milk
84 Apr
478
21&8 Nov
84*4 Sept
38
7%
95%
52
4,800
*91
81
5134
1334
1234
92%
2%
*50
13%
12%
500
15%
1958
*10778 110
1334
13
51
81
25%
13%
12%
8%
2534
100
*50%
*2
*25
1,700
22%
51
*14
*11
72
*21
1178 Apr
Sept
214 Mar
People's G L & C (Chic)...100
Peopria & Eastern
100
Pere Marquette
100
Prior
Apr
May
2U Mar
12
10184 Sept
1414 Sept
6714 Apr
30
10%
14
3
8884
700
8078 Deo
678 Jan 28
110
7%
23
8
*87
86
35%
*80
89
400
71%
22%
36
84%
85
72
71
*21
500
484
36
51
2%
15%
88
*81%
1,900
42
41
434
5
3684
3434
81
19%
42%
*4%
Dec
NOV
8584June 24
100
Preferred
Deo
17S
20
Mar 13
Peoples Drug Stores..Noo par
90
50%
*80
88
42
*35
50
Pennsylvania
300
3558
*12%
*81%
89
18,600
Deo
7122 Oct
3i8June 23
412 Jan
No par
10
11
64i2 Mar 13
2884 J an
10%
1%
14
2%
5%
1978
32% 33%
33%
38% 38%
39%
116%
116% *113
Penn G1 Sand Corp v t c
Apr
Oct
Feb
84 July
64i2 Feb
par
10%
*21
14%
24
16%
*6%
103
400
39%
*12%
5%
18%
32%
14
20
*17
*113
*12%
105
18
28
514 Jan
47U Mar
2658June
4
28
2
20
20
2
914 Aug
1714 Jan 24
278Mar 17
73
Feb 21
10i8May
1% Jan
100
Cement...No
*7%
8%
65%
*1%
*1384
Apr
71%
8
*37%
23
85%
Preferred series A
12
June 22
3
71
3
11%
1%
88%
*7%
Nov
8584
3%
6%
Peerless Motor Car
93
*6
7
3
1
23
10
12
1
2
67
1284 Jan
40'4May
*7%
*10%
184
85%
*7184
41%
8734 Feb
June
No par
Parker Rust Proof Co...2.50
Parke Davis & Co
*91
♦9
3
85s Apr 20
17i2 Jan 13
71
*179
83%
3384
1
Aug
69
14
21
732June 12
8
284
75
83%
33%
1
Inc
Park Utah CM
6I2 Mar
7H8 Dec
97i2 Feb 13
6
*2%
*51
66%
184
10
12 June
Feb
2%
75
66%
*1%
*1384
66%
134
100
preferred
684 July
312 Mar
10®4 Jan
9
6
4
414 Apr
74i2 Apr
I8I2 J£n 3
Apr 28
i128June 26
7&8 Apr 20
2,800
6,400
*51
884
1
6
Jan
2058 Jan
67
10S4
75
37%
100
10%
*51
884
Feb 19
10%
75
*178
—
9
Feb 10
13
1034
2%
33
37%
39%
18
19
II84 Apr 30
678 Jan 2
13i4May 16
18s Jan 7
65s June
*32%
8%
Jan
4% Jan
18
12
Nov
Deo
Parmelee Transporta'n .No par
35
56
21
Pathe Film Corp
No par
Patino Mines & Enterpr No par
6
Mar
142i2 Deo
6,200
*3%
19
123
10,500
*33%
31% Deo
Jan
7%
6%
Deo
13i8 Mar
Jan
6%
3%
Deo
53s
June
7%
35
Mar
70
5%
*3%
Deo
1
984 Feb 10
3958 Apr 6
5678 Feb 4
11H2
734
6%
*33%
378
10
Feb 27
6%
36
Mar
Apr 27
7
14
5
4,600
24
24
Nov
1
312 Apr
Feb 11
17
150
6%
*12%
*102
800
33
2%
22%
8,400
42%
*32%
6%
*89
24%
300
3%
3
42%
33
*7%
8%
-
2278
3%
4234
2
4
3
11
30
16
130
Paramount Pictures Inc
Park-TUford
23%
*22
23
3
18%
12%
1178
90
Second
Nov
"1784
8
No par
First preferred
4,600
*51
33%
108
*106% 108% *106
7884
78%
79%
78%
55g
5%
5%
5%
♦32
32%
32%
32%
40
*40
40%
41%
*47
49%
*46%
49%
*3978
40%
*3978
40%
*2
2,700
9%
23
107
96
96
96%
96%
12%
12%
12%
12%
12%
12%
1134
11%
1178
12%
11%
5525J2 5525J2 552533, 552S32 552532 552532 55,316
*14%
18%
*89%
*22%
6784
9%
*32%
3
96%
*66%
984
33
43
43%
42S4
43% 44
118% 119% ♦118% 119% ♦118%
45
45%
45%
45% 45%
107
107
107% 107% *107
121%
120%
*120% 121% *120
*137
♦137
138
13784
137%
*155
*155
157
156i2 *155
*109
*110% 113
113% *109
47
4634
477g
47%
4634
18
185g
18%
1778
18%
106% 10634
106% 106%
106%
*95%
11%
69%
9%
9%
8%
67%
68
8%
128
129
Aug
3
Rights..
884
42%
6%
8% conv preferred
Paraffine Co Inc
31,900
15,100
8%
23%
3%
*69%
85%
3%
20
1,500
%28
%4
3%
2384
6%
7%
10%
2%
'
2%
33
16%
25
734
*75%
178
778
25
41%
11%
2%
3%
9%
83
80
16%
6%
16%
7%
2%
778
8%
10%
m
9%
*33%
14%
35%
—
65%
2%
2%
Mar
14
Jan
Panhandle Prod & Ref.No par
92,800
14
80
Jan
400
1,900
10%
Deo
140
Pac Western Oil Corp. _iVo par
Packard Motor Car...No par
Pan-Amer Petr & Trans...5
13%
10%
Deo
55
115i2 Mar
118
100
13%
*12
July
1758 Sept
92
100
*
_
125
100
No par
6% preferred-
%28
*387g
37%
*20%
*57% 58
72%
72%
332
%2
8%
884
33
32%
32% 33
39%
39%
39%
116%
112% 112% *113
42
42
42%
427g
5
*3%
584
*3%
37
37
37%
37%
*81
85
86
*83%
70
70
70%
*68%
21
21
*21
22%
13
127g
127g
13%
33
40
*3878
112% 112%
4278
42%
*179%
884
*24
85%
3%
18
75
*3
71
*17
33%
a7%
IO84
284
36
13
*2
6%
7%
*33%
80
3334
*134
14%
*21%
16%
*6%
2434
*69%
84%
3%
6%
2%
42%
36
37
*51
75
2%
*23
*33%
90
784
24
2%
*33
56
75
3%
2%
*11%
56
75
43
10%
*75
58%
75
22
3
43
10%
90
14
22
384
58%
%6
9%
3%
6%
1334
58%
9%
10%
2%
70%
84%
6%
11%
1334
2%
278
65%
1078
384
1378
1034
14
8%
65%
6%
51
*78
8%
84%
13%
11%
72
'32
71
13
No par
Paciflo Telep & Teleg
30
10%
*13
14
72
Pacific Mills
60
150
150
13
1278
*2%
*55%
4,100
*118% 124
150
414 Jan
30^4 Jan
475s Apr
14i4May
Pacific Ltg Corp
150
10S4
*13
13%
7
34%
*37
12%
10%
1234
10%
*149
No par
2d preferred
No par
Pacific Gas <fe Electric
25
2,400
Mar
Nov
1158 Nov
265s Deo
4
16412 Mar
Jan 20
3*2 Jan
share
2084 Deo
107
29i6June 22
1778 Mar 25
984 Feb 11
2
Jan
912 Jan
10,200
Jan
38
8
Feb
53
Jan
414 Mar
2284
114% Mar
10
1st preferred
100
*149
150
67g
*50%
*7%
150
Paciflo Coast
51%
17
19
18
18%
16%
17%
124% 124% *118% 124% *118% 124
16%
106
20'4Mar 2
95i8 Feb 19
7
Jan
Pacific Amer Fisheries Inc...5
10
39
51%
6%
*34
134
52
24%
21
*9%
*71%
40%
*6%
39
5134
534
69
86
38%
47
Apr
His
June 12
136
Apr 30
7278May 14
Jan
484 Apr
Mar 25
14
2
Jan
75
3234 Feb 24
2'ieJune 16
17%
3884
2
14
6
*5
5%
Jan
128
Glass
11
*912
10%
10%
5%
6
6
51%
678
43
13
*10%
8
24i4 Apr 27
Co...25
220
6
2
100
Rights
1,700
5%
38%
24
*20%
*12%
14%
*10%
1%
14%
*434
678
*67%
*7
14%
5
6%
18
*17%
32% 3234
40
*37%
*112% 112%
♦35
14%
5
13
No par
Owens-Illlnoia
2,100
14%
Jan
per
312 July
26i8Mar 30
11512 Feb 24
4
1738May
107
13
100
Outlet Co
61,500
15%
5%
5
\ per share
123
Preferred.
*14%
5%
$ per share
100
Prior preferred
»
«
14%
5I84
17%
24
6%
149% 14934
2%
2%
387g
43%
384
*115
52
43%
36
—
-
27,6
•
23g
5184
43%
71
-
149%
149
38
151
3
84%
*115%
-
2%6
52
2%
2%
*55%
58%
72
7178
%6
332
8%
8%
66
65%
9%
9%
*21
23%
2%
*148% 150
387g
*12
3%
*115
-
Lowest
No par
Preferred
70
53
par
No par
Otis Steel
700
78
...
38%
10%
10%
53
2%
6
12%
1234
78
53
Otis Elevator
20
29,6
*10%
6
124% 124%
*149
151
*149
78%
53
"
5,900
14%
5%
13
385s
*5178
*1578
38%
78
53
_
150
137s
13%
14%
78%
78%
*5134
25%
25%
14%
13%
Oppenheim Coll & Co ..No
*134
134
£134
500
3,300
2%
5%
6
6
53
150
2*,6
1434
5%
*10%
5%
79
*115
*148% 151%
2%
14%
26%
£25%
26%
*135% 137
14%
Omnibus Corp (The) vtoNo par
Preferred A
100
1034
1034
1034
10%
100
112
*108
112
*108
10%
Highest
Highest
$ per share
Par
4,700
18%
18
19%
18%
L12
26
26%
*50%
79%
19
10%
*»
—
*115
1*46 ~
146
11
*10%
27
26%
*135%
147«
14%
share
*107
no
11
per
I884
19%
110
no
*10%
*115
19
19%
$
Year 1936
Lowest
60
Jan
135s Jan 9
MarlO
June
3
101
12%
43%
55%
11%
5%
2178
June
Mar
Mar
37%
Deo
113% Deo
3134 Deo
58% Nov
Nov
Apr
67
Dec
Mar
Feb
20% Dec
13% Mar
33
Dec
New York Stock Record—Continued—Page 9
4300
AND
HIGH
LOW
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
for
NEW YORK STOCK
the
Monday
Tuesday
Wednesday
Thursday
Friday
June 20
June 22
June 23
June 24
June 25
June 26
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
79i2
*534
6l2
2334
*218
378
2334
*8i2
10
*19
31*2
214
378
2284
315g
*79
7912
24
218
414
*8i2
79*2
6*2
247g
80*2
6*2
*80
2458
*534
25*4
25
2*8
2*8
2*8
4*8
*2
6*2
414
10
19
19
3U2
3134
*110
11U2
111*4 IID4
*112
113
112
*1158
12l8
1158
11278
1158
43
4338
4214
43
9914
lh
*914
9914
993g
9938
61
61
*78
158
934
158
93s
60
1
15g
912
61*4
?8
2
2
315s
*438
32i4
74
7434
2314
*3i8
*6512
2314
14i4
*2
14
1414
2334
2334
24
2i4
3158
315s
*43s
4i2
7334
*3i8
*65i2
2278
74i8
*14
312
6634
434
4
10
*8*2
*18
*534
4*8
*8*2
81
80
80
*7778
6
*534
6
253fi
2*8
4*8
23*2
25
4
4
4
10
*9
10
10
2
3*2
6634
66*2
2334
233g
66*2
2378
*1418
14*4
2334
2334
3*2
'
7638
312
66*4
23*2
24
14*8
2378
7412
3
ar66*2
76*4
3*8
67
14*8
2378
1334
2438
143g
2434
23
24
stkiVo par
7% pref
100
Joseph Lead
10
2334
2
*18
*18
22®4
2234
32
32
317g
3178
31*2
111*2 111*2 *110*4 111*2 *110*4 111*2
112
112
112
112
*111*4 11212
12
*12
1238
123g
1238
12*4
42
42*2
42*2 4278 £40*4
42l2
99*2
99*2
9934
9934
9934
9934
1*2
158
1*2
1^4
1*2
15g
9*2
9*2
934
978
9*2
10*8
6134
61*4
60*2 61
60*2
60i2
1
1
78
78
*78
*78
*2
*2
2*4
2*4
*2*8
2*4
32*4
34
3258
31l2 33*2
33*8
*4%
4*2
*43a
434
4*2
*43s
7434
*3*8
*6534
2
6,400 St
600 t St Louis-San Francisco. .100
43j
1,600
*18
31*4
200 Rutland RR
10
10
3U?
12*8
100
112
150
12*8
1,200
3934
4078
*9958 100
1*2
1&8
10*2
*9*8
10,200
60
500
2,800
700
460
60*4
1
2*4
200
33*2
74
*3
75
r
21,300
200
3*2
67*2
60
2358
24I4
14i4
36,700
2,800
3,200
*94
96
95
*92l2
95
7
7*8
*5314
5538
7*8
*53*2
7*4
56
54*2
53*4
7*4
53*4
*54
7*4
54i2
*54
54l2
*3038
31
*3038
31
*3038
31
31
31
*31*2
32
*31*2
32
1678
17
1634
17
120
*119
*94
7
1634
*119
9U
938
2934
2978
434
24
478
2414
*122
12334
122
5984
*58
*55i8
96
7
167g
11934
9*4
17
167g
119
119*2
10
10*4
2938
30*4
918
2934
3038
*434
478
478
478
2412
24*2
24*2
24*2
122
6134
122
122
*57
60
*94
16&8
17
7
119*2 11934
97g
10*8
3038
29*4
478
478
24*4
2434
119*4 119*2
*57
60
*59
934
29*2
434
24i2
10
678
16*2
29*2
478
*434
60
94
"moo
7
100
20
1634
7,300
1,900
5,300
119*4 119*4
934
95g
3038
2478
*122*4 12334 *122i2 123
2258
24i2
*122
*55*8
3038
47g
13,700
3,200
2,100
2478
123
60
200
'
m
mm
—
—
—
—
~420
*73
79
*74
79
79
79
79
80
80
80
80
44
44
*43*8
45
45
45
*43*8
47
*43*8
46*8
200
2234
*4318
223g
47
22
2234
*23
235s
23
23
23
23*4
*22
23*2
1,000
52,700
1234
1278
112
♦111
4U
438
27
27
*152
1234
*111
414
27
13
112
434
13
1278
*111
112
43g
4*4
2658
27
157
2784
3334
155s
2884
*15312 157
*15312 157
28
283g
2818 285g
343s 35*4
34i2 35i8
16
16i2
157g
16*2
16i8
30
29*8
2834
2878 30*8
*734
*63i2
156
4*4
27
156
28*8
28*2
343s
34*4
1534
35*8
16*4
29
30*8
9*2
65*4
*1031? 106
634
4
267g
13
112
28
49
*38
27*8
1234
112
75s
*40
49
8
8
64
64
107
107
714
7%
*40
49
8
77g
*6414
*106
6512
107
7
*8i4
9
*8i4
9
*7358
*2958
80
*7358
80
31*2
*2958
203s
3H2
*2958
2138
20i2
213S
4978
49i2
7*4
8*4
8*4
*7358
1234
127g
13*8
13*8
*111*4 113
*111*4 113
4*8
2634
156
4*4
2734
156
28&s
35*8
16*8
29i2
8
28*4
3378
1558
28*2
*40*2
*7*2
65
65
*6412
65*2
*106
107
*40
*7*2
67g
106
4l8
27*4
156
28*4
34
4*2
27i2
156
28l2
3512
153s
28*2
30
46
*40*2
8
7*2
,
*4934
106
65
16l2
7*2
65
*105*2 107
73g
7
7*4
7
834
8*8
8*8
*778
7*8
858
69i2
*10478
*25i2
1584
*123
IOI4
638
1414
*3314
3884
278
10*4
10
80
30
*2934
1934
31l2
*30
31*2
30
30
*10*8
7
712
155g
15*8
1534
15
36
3558
36*2
*35
4238
41
42
3*8
10978 10978
3
3
4034
1038
7*8
153s
36
41*8
*3
3712
38
34
34
3438
3*8
10978 10978 1097g 10915,6
3778
37*8
37*4
3758
3334 34*4
3358 34
*21
27
*21
27
*21
59U
*2558
5958
26*4
6978
234
*109^32 HO
37i8
3714
3334
6978
*238
*9
912
59l8
5934
26*g
*25*2
70
70*2
258
70
70*8
258
914
912
50
185s
1878
19
19
193g
1914
193s
1934
11*4
11*2
7812
1158
12
*76
78*2
122
*120
*11984 122
*29
30
*29
31*2
438
438
414
*4U
11
*
*27
*8i4
21
11
1U2
1U2
28
28
28
878
21
*814
878
21*8
3134
18s
87g
21*4
7
7
7
7
7*4
*37
678
3358
3614
IO84
10i8
3978
*36
37
*36
*6038
*878
6U8
*603g
*75
90
*30i2
H2
*834
7
634
33i8
3534
1034
10i8
31*2
1*2
878
10
2538
2914
*104i2 105
*51
55
26*2
93g
29*2
*25*2
9*4
29
55
*51
I6I4
16l2
16l2
1658
16*8
6058
60s4
6OI4
61*4
61
1378
1378
1378
14
1334
*20
21
21
21
20*4
*iu2
87g
117b
1134
1134
11*2
*104
6
878
10484
6
*734
8
25i2
2584
34
34
9ig
*6883
71
9l8
414
4U
8OI4
7912
*12578 128
716
"32
4214
4U2
9
300
preferred
100
No pa
No par
Vacuum Oil Co Inc.. 15
So cony
Solvay Am Invt Tr pref...100
Preferred.
.100
1,400
17,400
22,100
3,100
15,800
Preferred
50*4
*48
1834
1218
185S
11*2
187g
1178
4,200
12,500
34,900
78
78
78*s
500
43g
11934 11934
30*4
30*4
45s
4*4
11*4
27*2
1034
2758
*77g
2078
*30*8
*1*2
31
638
26*2
9*4
29*2
55
16*2
61*2
137g
21*8
11*2
*75
938
*6
120
500
palding (A G) & Bros .No par
1st preferred
..100
Conv preferred A
No par
plegel-May-Stern Co. .No par
6M%
preferred
100
Preferred
No par
Jtand Comm Tobacco
1
J Stand Gas & El Co._.lVo
Preferred
$6
cum
$7
cum
par
...No par
prior pref
prior pref
No par
No par
21*8
30*2
6,700
1,200
134
400
97g
2,600
*7*8
7*4
160
7
Mar 26
634
634
34*2
3558
3634
1178
35*4
36*8
3538
1078
3534
10*8
43*2
3734
10
10*8
43
45
*36
37
*6078
61*2
834
11*4
978
43
37*4
*6078
*87S
*75
95g
6
61*2
9
8934
10
6
834
*75
No par
6
6
26*2
9*4
29*4
57g
*28*4
578
30
55S
*28*4
153g
534
1534
105
105
105
105*8
*51
65
*51
55
*9
534
558
30
*28*4
15*4
155g
105*8 105*8
*51
Feb 20
1134 Feb
63*4June 12
78
30
Nov
15#4 May
Oo*
2883 May
7
July
215s Dec
July
Mar
3384 Dec
884 Nov
7012 Nov
42
Feb
80
3634 Jan 25
23?s Jan 29
2412 Mar
5334 Mar
7784 Apr
10634June
313s Apr
22
44
Jan
63
Mar
13
99
Mar
12
31
Nov
Oct
7*4 Mar
36*4 May
18i8 Dec
15t2 Oct
13
22
4378 Mar
IOI84 July
105*s Nov
12i2 Sept
1225s June
130
48
Nov
84
Oct
13
Feb 24
Feb 24
10
Apr 27
5is Apr 30
1334 Mar 17
978 Feb 17
9i2 Jan 3
2434 Apr 28
2684 Apr 30
17*4 Jan 30
36i2 Jan 27
423sJune 22
2i2
li2
I84
434
Mar
6
Mar
384 Jan 17
8
Dec
8i2
8i2 Mar
3314 Feb
18
Feb 26
113i2 Jan 24
Mar
Mar
Mar
78 July
111
Jan
19i8
2878
8
2734 Mar
4078
5
23
Mar
33^
30
6
20
Oct
Jan
238May21
8*8May 8
48
May 18
91
100
118
Jan
Superheater Co (The)..No par
27
t Studebaker Corp (The)
Sun
Oil
Preferred
1
rior
OH...
1
100
Swift Internat Ltd
No par
t Symington Co
Class A
No par
....No par
3
2
2
Jan 11
934 Apr 30
145g Feb 19
2978 Apr 20
Jan
3
658 Jan 4
20U Apr 28
28i2 Apr 28
li8 Jan
578 Jan
33
3
2
Jan
6
7i2 Jan 6
958 Apr 27
&
hatcher
Pacific
28
pref
idewater Assoc Oil
62
Jan 15
.No par
No par
Preferred
89
June
100
4
8*2May 23
314 Jan 2
5
3
2
478 Jan 21
Apr 30
1434 Jan 6
26
10058 Jan
52
1378
197g
12,400
1,700
11
1934
3
Jan 20
12i8 Jan
6
Apr 27
Apr 30
1478 Jan 2
103sMay 19
7i8 Jan 3
500
1th Cen Fox Film
Preferred
Twin
No par
No par
10
Corp No par
No par
City Rap Trans..No
93
Jan
6
478 Jan 6
7i8 Apr 30
22i2June 1
313s Apr 27
par
834May 20
100
6514 Jan 22
No par
Under Elliott Fisher Co No par
3i8June 24
77i8June 26
Preferred
Ulen & Co
Preferred...
Rights
7
Feb 3
Feb 29
Mar 6
Mar 25
3,300
preferred
Apr
59
2334June
8I4 Jan
6%
8
Mar 11
Jan
1
100
125l2 Apr 23
316June 24
38i2May 21
Dec
12i2 Mar
5884 Jan
1*8 Mar
3i8 Mar
32i2 Nov
36
Mar
65s Mar
2i2 Mar
214 Apr
60i2 Mar
115i2
zll
158
5
Jan
June 26
72i2
1484
2758
I6I2
Feb 18
Feb 25
Apr 4
Jan
2
12
Feb
4
I07i8 Mar 11
7
Feb 29
1078 Feb 18
Dec
9
Sept
Deo
Apr
13i8 May
443jj
50
61
4
Mar
16i2 Mar
2834 Apr
314
8i2
14
Jan
Jan
May
Dec
Nov
Oct
Oct
10*2 Deo
Mar
29
Nov
87g Nov
2684 Nov
5
Dec
158 Mar
Apr
28
Dec
758 Mar
157g
Dec
84
2634
45s
2838
47S
714
Jan
Mar
Mar
Dec
Mar
14
Mar
15U Nov
178 Mar
Apr
69
Oct
3i2 Mar
Aug
Oct
2i2 June
18
48
131S Dec
72i2 Nov
5% Mar
35s
104i2 Nov
Mar
Mar
li8 June
5334 Mar
Jan 17
125
Dec
n16June 12
5234 Feb 19
29
May
133
May
Dec
16
2458
6
Deo
Feb
Oct
Jan
2
Mar
Jan
Dec
5
41
858 Jan 20
199
Jan 13
100
Deo
June
13
1234 Jan 31
125s
Dec
Nov
2
2
83
Mar
25
323s Mar
Mar
121
2234
33*2
li2
6U
978
884
30*4
3634
914
12i2
28*2
Sept
17
Mar 11
Nov
15
8i2Mar 23
3984 Feb 25
1784 Feb 19
Dec
77
1234 Aug
5*8 Jan
133s Mar
60
Deo
IO34 Nov
Mar
9i2 Feb 18
29i8 Feb 13
1214 Feb 14
321? Mar 6
4
3
Dec
1778 Oct
314 Mar
61*8 Jan
2i2 Mar
19i8 Feb
106i2 Mar
Deo
1878
15*s
3*j Dec
Feb 28
5
Dec
50
305s Dec
6*4 Apr
125s Mar
Nov
4
10
Jan
5
14U Mar
110
8
68
Apr
14 Apr
U4 Apr
6*4 Sept
44
100
Feb
623s
32i2 Dec
938 Jan
Dec
3584 Mar
234 Feb 11
1134 Feb 19
IOI4
39i2
3884
15U
1438
Dec
32
3578 Jan 30
No par
pref
Truax Traer Coal
Truscon Steel
6
3378 Apr 27
Co
cum
Jan
45
Jan
245s jan
$3.50
25
2
Co. 100
834June 16
hermoid
95s Feb 14
No par
Ry
Mfg
conv
40*2Mar 18
684 Mar 12
634May 14
658 Apr 27
2878 Jan 6
exas
12484May 15
r
2
23
Jan
Mar 12
Dec
2i2 Nov
Apr
116
4018 Feb
Feb
Jan
Ap*
12i2 Dec
914 Aug
11^ Aug
26*8 Dec
4758 Feb
2
Mar 27
Dec
8*4
20
20
129
1207g Jan 10
107
June 26
Jan
No par
55
12
68i2 Dec
112
15
314 June
14
*1138
87S
132
984 Mar
56
12*2
Jan
1218 Apr
6,000
20
20
10914 Feb
24",700
19*2
7d2 Nov
Apr
1058 Aug
107i2 Jan
678 Jan
4
7358June 10
17*4
6058
1334
Mar
15*4
Apr
59i2 Apr
3i8 Mar
17*8
*1158
24
4638 Nov
5
3278 Feb 20
49
7i2June 26
60
12*4
20*2 Dec
116*4 Dec
65i2 Dec
5i2 July
17*2
20*2
Mar
Dec
6158
12
Jan
13
Nov
17*8
1378
20*8
60
25i2 Dec
16*2 Jan
60*8
14
Apr
27
100
1,000
Jan
193s
20i2 Deo
1834 Jan
152
3,500
8,200
Oct
Dec
Nov
Feb
72
Stone & Webster.
100
29*4
Mar
111
1058 Mar
No par
...5
700
*25*2
6
434
6i2
July
16i2 Dec
1234 Mar
16*2 Apr 30
1458 Jan 2
918 Jan 6
Stewart-Warner
50
Preferred
7,300
5i2 Mar
63i8 Mar
88s Feb
684 Nov
29i8June 17
1234 Jan 8
53i2 Jan 28
24i2 Apr 16
2U4 Apr 8
145a Mar 4
100
8934
50
3414
Dec
3234 Jan
$3.60
934
26*2
934
30
7,300
18,000
5,800
3,300
1,000
95S
29*2
*25*2
11*2
314 Mar
40i2 Nov
2958
3878 Feb 19
20&8 Feb 21
25
3,900
38,100
36
*
353sJune 10
600
634
14
Feb
Mar
Feb 20
2
Sutherland Paper Co
10
Sweets Co of Amer (The)...50
634
173s
613s
6
7*2 Feb 29
3434 Mar
2134 Apr 27
143g Apr 19
Superior Steel...
300
*7*8
155s
Apr 27
2934 May
1
157s Apr 30
133$ Jan
2
900
7*4
934
*9
1638
No par
800
834
134
978
7*4
2834
6058
$5.50 preferred
1034
9*2
10
15*2
Jan 31
40
101*2Mar 18
534 Apr 30
28
*1*2
2934
*9
June 24
3
8,500
134
*29
26*2
2
112*2May
21
412
958
8934
958
6*2
26*2
17
Mar
Jan
2,300
1834
11934 120*4
30*2
30*2
30*2
95g
72
2812 Jan
12i2May 20
Jan
Convertible preferred.
31*2
8934
Jan
3134 Mar 30
April
75
Apr 17
95
Apr 17
I
Apr 27
19
200
*48
31
10
9
Mar
7134 Mar 19
4i8 Jan 28
21*4
*878
Dec
3
127s Dec
2534 Nov
7
21l2
3134
134
934
7*8
73g
34*4
10
Nov
17
714 Mar
65
21
*6038
70
4
132
June 20
Jan
6978 Nov
4i8 Nov
U8 May
Apr
14i2 Jan 25
3234 Apr 2
Jan 16
22
150
Mar
75s Mar
19U Feb 20
l20i8June 8
Mar
42
110
5
Jan 16
634 Jan 15
34
Preferred
87g
21*4
42*2
37*2
61*8
Jan
34
_
100
700
11
3412
3678
1158
Dec
31
Oct
2312 Jan
2
1234 Apr 27
700
27*2
87S
7
Apr
Apr 30
657g Jan
25
18,100
70
Dec
97i8May 29
83s Feb 4
53i2June 15
Jan
Jan
4
978
50*4
11*4
*1*2
958
*7*8
684
3378
May 12
26
300
9
87g
878
9*8
9*4
884
9*8
938
8,100
100
104l2 *103*2 10478 *102l2 104l2 *10234 10478
1043410434 *102
6
6
800
578
67g
*57g
578^? 57g
6*8
578
578
8
8
8
8
8
200
734
734
*734
*738
*7*4
24
24
2438
24i4 25
2378
2434
2434
24l2
2414
7,400
34
34*4
335g 34l2
3358
3384 3438
34*4
3412
34*8
3,600
9
9
9
'87g
*8*2
700
9*s
834
834
*834
9l2
70
180
697g
697g
6912 70
70*4
683S 69*2 *6838 71
4*2
4*4
43g
4i2
3*8
4*8
3*4
3*4
358
3*8
7,800
78
78
78
783s 78*2
785g
78*s
78*2
77*8
78*8
7,900
126
126
*12584 126*4
390
12584 12534
12534 12534
12578 12578
1332
*4
932
5tb
316
932
*4
516
316
516 142,300
4238
417g
417g
42i2
42*4
4234
4278
43*2
4234
43*2 12,100
For footnotes see page 4292.
7%
Smith (A O) Corp
Snider Packing Corp
3
27l2
878
2138
6
6
57g
684
31
*28i4
*28*4 31
155a
153s
1538
15*4
10438 105*8 *105
105*8
*51
1,000
3
478
27g
32
9*8June 22
58
Jan
Nov
I684 Apr
1934 Jan
4i2June
19*2 Jan
112
6934
11*4
37*2
61*8
7
25
4i8 Nov
20i8
91
3678
Jan 17
45s Feb
110*2 Jan
100
Preferred
97g
27*2
878
8*4
37
9*4
63s
Skelly Oil Co
94
484
43i8
30*4
1434
J an
243sJune 25
155s Jan
11*8 Jan
2034 Jan
Sloss-Sheff Steel & Iron... 100
*234
1134
42*4
*75
10
69*2
28
44
*29
6
438
10
*6lg
*25i2
*914
2914
15l2
3038
978
6i2
32
4*4
10*2
6U
*2458
*9U
578
438
36
9*8
No par
Petroleum
6,500
1
10
90
Simmons Co
Simms
3
78
11
*75
100
Sliver King Coalition Mines.5
10
1158
*834
Conv preferred
70*4
12*4
36*2
10
No par
Shell Union Oil
3
12
934
61*8
A.No par
Sheaffer (W A) Pen Co.No par
10
1134
78*2
1058
*834
No par
Conv preferred ser
184 Apr
Apr
58 Aug
2084 Mar
7
3384 Feb 10
19*8
1134
80
78*2 *78
*120*4 122
*120*4 120*2
9
9
6934
3
4
2434May
19*2
37
$5 conv pref
Sharpe & Dohme
Dec
4i2 Feb 7
4358 Mar 12
Apr 23
Mar 19
193g
19*2
*603s
No par
No par
No par
135jj
56*4 Nov
Dec
70
26
18*2
1834
42
(F G)
Sharon Steel Corp
113*4 June
114i2 June
1*4
73
Shattuck
Jan
14 June
234May 25
61*4May 13
.1
Jan
23i2 Nov
46
7
Second Natl Investors
27,500
370
IS4 Feb
Sears, Roebuck & Co..No par
■;
Mar
8
7638June 24
Preferred
22
55
595s Jan 21
Servel Inc
Jan
7
6
61*4
26
10*4
2
3034June
Oct
6
7
51*8 Jan
27
60
19*4
193g
*30
40
61
19
7
100
2
109
Mar 31
200
*21
19
30
*3
27
1834
187g
8*4
21*4
315g
*1*2
91s
Preferred
78 Jan
76
*21
50
28
13gMay 26
75sJune 4
53*2 Jan 6
No i
No par
315s Dec
10434 Mar
7
jl097sJune
50
*11*4
100
_
Feb 29
1,900
13,900
12,400
1,000
42,000
50
4*4
Preferred
sott
52
10184Mar
414 Feb
20i2 Feb
109781092932 109*5,6109'5,6
38
37*2 38
3758
34
3434
3412 3434
7034
30
383S Apr 30
97*2 Feb 1
Jan 20
200
70*2
*234
*93g
*48
114t2Mar 11
163s Jan 13
8
3*8
3*8
234
10*4
234
39*8
634
1434
35
263g
36
37
*3
41*4
634
143g
*33
10*4
59*2
11
4212
39*4
7
15*2
34l2
*10*8
*25*2
3638
40
1438
34i2
1038
5958
36i8
1034
934
10*8
*10*8
658
2638
3334
9
153s
1*2
9*4
5884
*26
27
3314
834
*25
317g
*21
7*4
3358
858
10
59*2
26i8
*47
78i2
585S
2638
50
*47
27
*9*4
8
100
678
1458
*3
113
2
June
30
80
35
3912
2
Jan
11
200
80
10*4
738
7
Jan
111
20,700
*74
14*2
3914
278
70
80
34
684
500
*74
*20*8
10
109
ehulte Retail Stores
Nov
Mar
100
100
5
100
Jan
3
12
35i2 Jan
Deo
14
Apr
Apr
Jan 24
10
2534 Dec
2
1
Mar 25
chenley Distillers Corp
preferred
Apr
84 June
6
No par
avage Arms Corp
3
IOI4 Mar
4
638Mar
'
Highest
E per share $ per share
82
102
Nov
Dec
1284 Feb 11
22i2 Feb 6
2
Mobile & Ohio stk tr ctfs 100
3112
2058
2078
10U
100
7,100
38,300
10,500
19,000
10i2 Feb 19
2984 Feb 28
358 Mar 4
18
15,300
3,200
80
20
19*4 20
19*4
203s
20*4
21
21
2IS4 2258
2258 23*2
21*2
48
49
48
50
49*2 49*2
49*2
4978
70
70*2 70*2 *70
7034
69*2
7038 *69*4
6984
70i2 7034
IO6I4 10634 *1047g 1073s *105*8 1073g *10534 1073g *106*8 1073s
106L
27
*25
26
25
25*2
*25*8 26*4
2412 24l2
26®4 *2514
16
16
16
1534
1534
1578
155s
1578
1578
1534
1558
126
*123
126
123*4 123*4 123*2 123*2 *123*2 125
*123*2 125
20i2
1,300
46
50
2038
*21
*8
46
80
11758 Feb 19
223sMay 20
1*2 Jan 2
23g Jan 2
334 Jan
*65*2
*14
$ per share
7434 Apr 28
538June 1
30
4*2
7
96
7%
$ per share
778 Jan
Year 1935
Lowest
Highest
100
preferred
preferred
6%
Range for Previous
No par
Preferred
5,500
*438
*53
*94
100
Paper Co
600 t Seaboard Air Line
7g
2*4
32*4
r
preferred
2,200 Safeway Stores
110*4 110*4
111
1st
20 t St Louis Southwestern... 100
2234
2178
*92*2
2312
Par
500 Ruber'dCo (The) cap
6
23*2
2
2234
75
Lowest
6
3134
743g
*3*8
81
Range Since Jan. 1
On Basis of 100-share Lots
Week
*7778
June 27, 1936
EXCHANGE
Saturday
•
16
Deo
Dec
8*4 Nov
97*8 Nov
678 May
8U Nov
2478 Dec
33l2 Dec
12&8 Nov
73
Dec
5i8 Nov
87U Deo
133
Apr
50*2
Jan
EXCHANGE
Friday
Thursday
Saturday
Monday
Tuesday
Wednesday
June 20
June 22
June 23
June 24
June 25
June 26
$ per share
$ per share
Shares
89
90&8
22
2178
131
130i2 130i2
*9678
98
132l2
98
98
2434
2334
*20
25
25l4
233s
1734
2318
173s
1734
24l8
18
*20
22
*2714
*80l2
81
*25l2
738
26i4
7i2
1238
24l2
25l4
*458
434
3412
79l2
7934
7934
16i8
16l4
1127S
16U
*112
Union Carbide & Carb .No par
25
Union Oil California-_
128i8 130
97
97
2,600
Union Pacific
25
23ig
23l2
1678
1,500
23,600
1258
80
I6I4
16i2
16
*11U8 112
*7ig
734
55g
5&8
*70i8
74
7078
71 I8
112
7i8
7i8
5i2
7U8
584
158
*212
26i2
1512
*92
71 I8
*156
160
10114 10114
13s
H4
15l2
1534
41t8
4178
27
*8412
95)j
984
29i8
29i8
29>8
74
74i4
74U
86l2
623s
8684
7234
♦70
127»2 128
127U 12714
*135is 142
*135i8 142
*165
167
*165
434
138
*30
27
27i2
155s
*1512
1534
*92
98
*43
1914
193g
53s
*35
158U
157
157
130
100
*99
101
4,200
15l2
15i2
70
42&s
*14
41i2
41
41i8
9,100
3i2
13ig
28ig
161g
2714
1534
19i8
3478
24
*14l2
»14i2
1984
*12278 126
*12478 126
*71
7
*130U 140
3
*2&8
3
7
44
478
1478
147g
33i8
3318
*1163s 117
33i2
183s
28i2
*1784
*1684
3i8
17U
1714
3
*673s
314
71
95s
934
*42
49i2
58
8*8
58
814
*19
*19
2234
*2312
24
24
*22
23
*22
*6j4
6U
714
1714
*H8
*3434
"ih
108
97
35
35
7934 7984
10384 10384
108
*H8
97
7<
8I4
8
41
1
85
97i2
85
158
*Hg
35
35
35
80l2
797g
10112 10U2
108i2 10834
35
*111
445g
512
36
113
43g
*16
17
3i8
72
958
*44
3512
"9"
20
3i2
133
133
133
24
24
*3712
3812
21
21
21
2834
*1734
I8I4
193s
203g
1914
19i2
"4*566
35s
334
3i2
35g
15,100
1,500
75
77
79
79
75
IO84
103g
107g
IOI4
1038
*447a
497g
Us
884
*4478
497g
1
8U
1
34
lis
87g
8
8ig
22i2
23
*6i2
158
3434
35
80i2
8012
10234 10234
108l2«09
9712 ? 9712
*118
9
*15l2
117
*134
*2312
*37i2
21
*n8
"Ysg
35i2
520
114
114
9l2
17i2
2U
"""366
63g
6ig
6i8
6i8
638
1,800
8684
88
86
87
43U
44
4378
44ig
117
*134
II984
140
23l2
2312
*37l2
3812
2034
2034
117
*134
117l2
140
23
23i2
38i2
*37i2
20&8
1978
78
78
80
80
*76
85
*76
85
100
100
100
*100
101
*100
101
95
22
22
2214
334
*384
678
1414
378
17i2
18
378
7
70
71
54
5414
2234
1412
14U
334
145s
95
22
2258
I884
1414
*17
*90
1412
4
4
1884
37«
193s
378
384
25
25
25
25
*24
*90
93
*90
92
90
2212
1438
*37g
*18
37g
23U
143s
7
7234
723s
53i2
7384
545g
2684
8
54
26i4
63i8
2714
2684
2684
63i8
64
64
*64
66
55
55
55
55
55
55
*122
37
17l2
126
*4414
6478
*114
6I4
6912
173s
*125
70
1838
127l2
45
4512
6538
65
66i2
2458
638
*114
243s
6I4
8OI4
7014
8218
37
45
116
243s
82is
*36
116
3612
18ig
127i2
45l2
6634
*114
25l2
6I4
For footnotes see page
8OI4
70&S
36i2
1834
12912
45&8
68
116
2412
6
4292.
25l2
6i2
*80i2
*6984
35ig
1778
128
8584
70
35l2
1858
131
45
45
6678
677g
*114
118i2
25i8
2412
6I4
6i8
7h
74
5384
26i4
6314
*53i8
80
*6978
*35l2
6% non-cum
preferred. .100
Wheeling Steel Corp...No par
Preferred
100
7414
53l2
54
18,200
26I4
26
26
700
64
63
64
230
55
*53is
55
400
82
78
79
160
Wright Aeronautical ...No par
70
*6978
70
1,600
36
*355g
36
600
4i8
77g
4
738
'I
4
75g
1834
17l2
18ig
136
13234 *129
*4414
4478
*44l2 45
6412
67i8
63i8
64ig
1734
131
118l2
118U II8I4 *115
2512
26ig
26i8
2478
6i8
Preferred
74
800
4
54
100
100
preferred
Western Pacific
74
9,500
14i2
800
72
Maryland
100
543g
22&s
14U
400
7i8
Western
100
1,800
31,700
2,100
22U
1458
334
5434
pref
preferred....
6%
--50
ctf. .No par
White Sewing Mach..-No par
Conv preferred
No par
Wilcox Oil & Gas
5
Wilson & Co Inc
No par
$6 preferred
'--100
Woolworth (F W) Co
10
Worthington P & M
100
Preferred A
100
Preferred B__
100
23U
19U
6514
8784
6912
100
334
66
69i2
*35i2
1714
90
*175»
*633s
*8284
400
4U
*55
2678
25l2
1914
*26i4
2678
240
4
7034
lOOf
6% preferred
West Penn Power
100
100
Telegraph.100
19,800
13,000 Westingh'se Air Brake-No par
50
15,900 Westinghouse El & Mfg
1st preferred
20
50
800 Weston Elec Instrum't-No par
Class A
No par
"""966 Westvaco Chlor Prod No par
60 Wheeling & L Erie Ry Co..100
*334
678
7014
543s
No par
A ..No par
100
Western Union
*1758
4
378
734
2218
*1414
Snowdrift No par
Preferred
2d
19l2
378
8
1,800
9U
100
*90
30
*2i8
75
95
180
*15l2
9
100
*90
1
97
97i2
12058 121
98
75
25ig
Preferred
400
97
No par
No par
5
No par
100
10784 10784
*99
2518
Waukesha Motor Co
Webster Eisenlohr
108U 109
75
26
pref
Warren Fdy & Pipe
Conv preferred
23g
21
No par
West Penn El class
9lg
24
38i2
No par
700
1712
140
1 Warner Quinlan
Warren Bros
320
*2i8
11934
No par
*2*166
12084 121
114l2 11412
100
5
Wells Fargo & Co
*1512
88i2
433s
No par
Warner Bros Pictures
Wesson Oil &
63g
6
6
41,100
190
White
Motor
White Rk Min Spr
Wrigley (Wm) Jr (Del)-No par
Co
25
Yellow Truck & Coach cl B.10
Preferred
100
Yale & Towne Mfg
Wire..No
1,200
No
32,100 Youngstown S & T
100
5H% preferred
No
24,200 Zenith Radio Corp
Young Spring &
.
4,800
Jan
Feb
1
Mar
i2 Mar
Jan 18
50
2714 Feb 19
37i2May 23
"
4
75
6
83s Mar 16
4834Marl9
13338May27
114i2May 15
93g Feb 8
Zonlte Products Corp
par
par
100
par
30i2 Feb
137i2June 10
Apr
130
5
-
35i2
35l2
14934
6i2 Mar
23g Jan 18
6
103s Mar
5
3
734 Mar
6
4i2 Feb
23s Jan
A—No par
B
Preferred
795g
7958
1013g 102
35
99
*2518
1,200
1734
2i8
9U
Ward Baking class
Convertible
"i'300
119i8
June 25
167
Feb 19
No par
7958
7958
10212 10212
99
26
3,900
1*8
*70
*25
*16*766
200
*li8
Jan
100
100
$3.85 conv pref
400
*80
*80
*80
37,800
22
6i2
32
100
Preferred
497g
Mar
27i2 Mar
735s Mar
86
Waldorf System
Class
73
9i8 Mar
24i2 Mar
9134 Dec
6278 Jan
126
No par
No par
3,700 Walgreen Co
70
6^% preferred
100
No par
7,700 t Walworth Co
3,400 Walk (H) Good & W Ltd No par
28ig
Jan
Apr 15
8034 Apr 9
96i2 Jan 24
75i8 Apr 9
7238 Apr 9
13284 Apr 11
14334 Jan 21
70i2June 24
100
Preferred A
Preferred B
*1734
505s Nov
3
Jan
1018 Nov
53
Mar 12
Feb
35is Mar
3i8 Mar
712 Mar
7
May 29
100
Detinning
Preferred
18U
Dec
5
14 May
100
100 zll4i2 Jan 16
5% preferred
Virginia Ry Co pref
t Wabash
283g
225g
8612
II884
*11614 117
67g
684
6l2
4284
H684 119
117
Nov
Jan
414 Jan
1578 Feb 11
9i8 Jan
30
Apr 30
II514 Apr
3478June 24
118
Jan 16
10
5i2 Jan
Oct
Jan
19U Apr
11*4 Apr
IH4 Feb
June
May
4i8 Jan
Apr 27
"2"800
Nov
87
Oct
143
Dec
4
1,100
5
63
Virginia Iron Coal & Coke. 100
Vulcan
96
165
4i2 Mar
65i4 Mar
4i2 Mar
Feb
Va El & Pow $6 pref...No par
70
Nov
Mar
May
260
200
15
July
34
270
75
Dec
5
11
91
Jan 23
preferred
preferred
6%
7%
Deo
3i2
203s
393s
Feb
72
Nov
2>8 Jan
193s Mar
2258
Mar
comlOO
73
5s June
46
Mar 24
67g
283g
634
68i2 Jan
109
125
*7H2
2
40
Oct
1434 Mar
114
No par
Chem
78
73i2 Nov
z15912 Dec
Oct
Apr 30
—5
Nov
IU4 Dec
7i2 Jan
Oct
100 ZIIOI4 Feb 17
7% 1st pref.
Vlck Chemical Inc
Va-Carolina
2
84i2 Feb 25
105
125
2212
43
423g
117
Am.No par
Raalte Co Inc
5
Mar
13
100
100
3,400
20
6l2
88is
88i8
38i2
2*300
19
2234
6
*37l2
1,200
19
6l2
6
3812
11334 11334 *1131S 1137g
*43g
512
4i2
4i2
2234
6I4
*37i2
*205s
36
25U
6i2
24i8
"512
25i8
6U
21
35i2
75
100
Preferred
Vlcks Shr & Pac Ry Co
*1812
6I4
2418
43
43
3512
125U 125U
No par
Vadsco Sales
Van
3684
2512
Utilities Pow & Light A
18i2 Nov
110
Aug
78
93s
35
115i2 Jan
131
Apr 27
16034 Feb
3i8 Jan
U4 Apr 29
32i2June 13
17i2 Apr 29
2834 Jan 16
100
2,200
20
163s Jan
Feb
29
7
978 Jan 27
8
47
Mar
51
13314
183a Jan 28
100
Preferred
7
Jan 23
85
75g Apr 30
Jan
Apr
99
6
33i2June 11
63g Apr 30
lli4May 21
Jan
Jan
9234 May
914 Mar
87i2 Mar
2i8 Jan
3l2 Apr
46
Apr
8
110i2 Feb 15
169i4 Feb 18
14U Feb 21
59
Apr 2
8
878 Jan
71
Dec
7i2
Oct
60i2
1978 Jan 23
393s Jan 2
20
Feb 17
463s Jan 21
No par
U S Tobacco
3714
113
5i2
19
50
May
96
Mar
314 July
June 23
5
Jan
80i4May
65
",6May 18
9
100
U S Steel Corp
Preferred
I8I4
36
*111
"512
19
Min
100
50
Vanadium Corp of
*75
"
No par
Rubber
1st preferred
2,100
5i8
438
20
100
No par
U S Smelting Ref &
Preferred
18l2
5l2
11312
800
U S
33
23i2
2ig
21
*75
13g
*H4
Prior preferred v t c
U S Realty & Impt
33
253g
2
2434
4384
4i2
100
25
177g
r2
300
7284
617g 101,600
5,600
12714 128
6078
*20
2
117
9,000
87
72
25l2
*1512
♦
56,700
19,900
7412
2412
23«
42 i8
113
433g
*7112
1778
141
445g
*12514 126
23g
8512
4114
19ig
36i2
35
113
9734
122
120i2 *120
*11412
*11412
97i2
9
33
1812
35
*15l2
853s
1914
13g
1U
*30
*111
23s
11512 116l2
*23
1914
13g
120
*9
2934
4,300
6i2
6l2
"T&S
4,000
45g
22i2
*22
6I4
1C0
95g
40
2534
23
25U
25i2
85i2
*84
166t2
78
8I4
*1914
*2514
8
*19
23
No par
142
912
1778
41
*
497g
«4
23
11934 120
114i4 IHI4 *114i2
*9
10
*42
120
*1534
*214
6I4
847S
70&S
934
8034
*8014
102i2 103
IO8I4 10812
97i2
120
314
69
*80
*80
17
*3
10
No par
Class A v t c
72i2
70i2
*130U 140
*13014 140
*13014 140
27g
*2i2
27g
*2i2
278
*212
7i8
684
67g
7
7
684
*684
*4
*4
478
47g
47g
47g
*414
14
13l2
14
1414
1414
1334
1434
3434
3334
34
34
3478
34i2 347g
I684
49l2
*42
84
I8I4
U S Leather v t c
*165
33
U S Industrial Alcohol-No par
200
*130
434
*U4
U S Hoffman Mach Corp-_-5
400
167
*30
91
4i2 Mar
314 Mar 24
Apr 29
160
4534 Nov
1334 Dec
20i2 Dec
884 June
2234 Mar 23
4278June 19
24i4June 4
13
Apr 30
20
100
2414 Dec
784 Nov
17i2 Oct
li2 Feb
2034 Mar
Feb 10
115
10
Nov
75s Mar 26
Feb 8
7
7
6
4
100
preferred
73g
142
47g
7%
No par
12U
129
4&8
100
No par
12U
165
434
No par
-
U S Freight
Aug
78
71^4 June 15
7
Jan
118
80
Jan
2
Jan
26i2
Oct
Jan
1278 Feb
D4 Apr
13i2 Apr
2H2 Jan
3i6May
*6&s
3
7
34l2
12,500
4,800
35
3434
300
128
167
*414
14i2
*3334
116i2 116i2 *11614 117
7i8
67g
684
684
28
285g
28i2 285g
I8I4
I8I4
*1734
*1784
7034
984
20
*2i2
3i8
70
8i8
*16
29
29i8
55g
*1247g 126
*7212 75
*130»4 140
7
*2878
*1778
113
5l2
117
678
"sf2
36i2
113
478
20
U S Distrlb Corp
Preferred
U S Gypsum
140l2 140l2 *138
129
*165
*7512
36
1434
117
7
7234
193g
1334
13
84l2
89
87
633g
3478
1647g
164
7314
61l2
443g
5l2
7
*4U
1412
7
*278
678
76
*71
78
*2l2
U S Pipe & Foundry
20U May
Dec
Nov
46
193s Jan
113
7
160
50
1
100
Preferred
2
Mar 23
t Universal Pipe & Rad
20
111
1
6
80^ June 22
6i8 Apr 30
5
Apr 30
6784May 1
575g Apr 29
Universal Pictures 1st pref-100
U S & Foreign Secur
Preferred
"
Jan
1334 Dec
3038
Mar
35i2May
143g Apr 30
109
153
1*800
98
98
66i2 Jan
Jan
26i2 July
7
73g Apr
4i2 Jan 3
32igJune 18
Dec
90i2 July
4i2 Mar
16i2 Feb 4
26UJune 24
105 June 2
9
24
23
13
17
17
82i4 June
2978 Apr
9i4 Feb
4734 Feb
1034 Apr 27
7534 Nov
llli2
Jan 11
117
2258 Jan 6
53s Apr 30
40*4 Apr 29
100
Preferred
1,600
16
96
783g
*7112
113
*111
1,700
*15l2
313g
6412
129i2
13s
50
27l2
7334
7234
478
137g
27
29
6278
33
3i2
*25g
*13
9l2
2834
934
*958
87l2
484
3634
89
85i2
*84
*7H2
*75
3578
1U
*92
98
*92
7234
*30
"512
90
U4
*14
87i2
167
11312
11312 11312 *113
6
512
*43s
512
*130U 140
3112
78&S
140i2
44
53g
53s
3578
77
129
*75
*75
3034
7758
*165
35
113
44
313s
*140
19U
35
4412
978
*H4
*111
35i2
84l2
934
64i2
12914
34
*30
8412
10
8612
5
United Stores class A..No par
No par
13i8
85l2
H4
13s
113
113
478
478
34
*1878
*345s
167
100
No par
*25g
98
6314
No par
No par
Paperboard
Preferred class A
3i2
2714
*72
6434
t United
Universal Leaf Tob
137g
76
7234
63i2
6334
United Gas Improve
Preferred
300
500
*2i2
3038
87
86I4
*70
300
300
*13i8
*84i2
9&S
85i2
978
30i8
7584
.No par
7634
33g
*92
8512
United Fruit
71
96
95
95
95
9534
96i2
9412
94l2
9434
1647g
1647g *164
16478 *163
*16234 16478 *162«4 16478 *163
1178
117g
13
115g
I2I4
1134
12»s
125g
1H2
1212
34&s
3534
365g
3558
36
37
365s 373s
36i2
36i8
*6&8
634
7
7
714
*65g
7i2
*6&8
65s
65s
12^8
12U
12U
123s
*12
1278
*12i2 127«
1234
*1214
95s
4,300
*68
13g
2
Feb
20U Oct
978 Mar
3158 Feb 7
3238 Feb 18
21*4 Apr 4
2834Mar 6
28i2 Jan 6
Jan 15
*70i2
lk
Jan
Jan
1434
82i2 Mar
79i2 Mar
June 10
100
16i2 Apr 27
24i4 Mar 18
113
Jan 18
68
Jan 21
93
74
100
lk
15
42
13
44
7
6
28i2 Feb
138i4Mar
Highest
$ per share $ per share
9278June 23
Jan 3
Apr 30
Jan 7
Jan 2
Jan 2
Apr 30
100
Preferred
5,200
715g
207g
108i2
90i8
2258
2058
Jan
United Electric Coal-- .No par
1
United Eng & Fdy
20,500
$ per share
15
79
78
Highest
$ per share
10
2,700
5
16
16ig
*11112 112
734
*7i8
7i8
584
6
*55g
9434
*84
United Drug Ino
United Dyewood Corp
.No par
5
7112
1334
15l2
15l2
98
.No par
7U2
100
li4
*14i8
4U4
United Corp
Preferred
74
*156
100
500
.No par
United-Carr Fast Corp .No par
35i8
*412
35
16i2
5l2
100
Preferred
United rCarbon
62,600
5,900
4,000
7,900
112
.7i8
5
.No par
.No par
Rights
*2i2
1384
2714
3i2
14
*13
55s
73i2
158
10H2 101l2 *100l2 101
H4
1*4
lh
lk
*14
15i2
1512
16k
41 i8
42'8
423g
4278
15i4
7834
7934
72
*156
45g
35i8
7978
4^8
347g
1,800
Air Lines Transp v t c
United Biscuit
30
105
*100
105
*100
434
3434
1638
7U2
98
12i8
25
80i8
72
15i4
12
247g
105
34l2
*11134 112
*70
*92
12l2
26
I6I4
5I2
*6912
263s
12
25U
80i8
71
263s
125g
16l2
734
2,000
Car
United Amer Bosch
"""366
45
4434
4538
4434
100
.No par
5
United Aircraft Corp.
6,300 Un
22
*20
22
*20
Union Tank
100
26l4
*458
434
35
72
3i4
1478
*100
105
*69l2
*69i2
*212
*13i4
1634
8018
*7i8
158
1712
100
Preferred
500
4534
25&s
8
534
17
253s
22
26i8
434
233s
2534
24U
2484
27i2
2778
2734
283g
277g
114l2 *113i2 114i2 *113l2 114t2
79
8OI4
8U2
8U2
81i2
8H2
2412
2434
25
25
2534
2534
7
714
7ig
'7i2
714
75g
1212
112
112
82l4
2534
734
4514
35
97
97
*113
2558
35
130i2
130
27l2
2778
44l2
*123g
*7i8
558
*156
*20
22
114
45
434
35
34
9,300
*100
105
*100
105
*412
17,300
2238
81l2
*2412
738
25l2
734
4534
1258
45
45l4
1214
2434
*100
9138
22
114
82
25i2
7&8
12l4
2414
90U
2238
"
*80
4434
9158
22
*2738
2738
114
114
90i2
2218
22
22
2738
2778
114l2
*113
92 78
22
9112
92i8
2214
2214
131
132
*13038 1311o
967g
967g
*9634 ' 9712
2534
2534
2512 25i2
231g
237g
2312 24i4
1712
1734
1712 1778
Lowest
Lowest
Par
9112
92i4
223s
9058
22
2434
$ per share
$ per share
$ per share
100-share Lots
On Basis of
"
Week
$ per share
Range for Previous
Year 1935
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
SALE PRICES—PER
LOW
AND
Sales
for
HIGH
4301
New York Stock Record—Concluded—Page 10
Volume 142
Feb 28
26i8 Apr 17
1778 Apr 17
203sJune 25
85
Jan
72t2
Jan
Sept
lli2 Dec
1714
Jan
48
Deo
124i2
7384
505s
11914
Apr
July
Nov
Nov
14084 May
165
Aug
414 Aug
2
Nov
56i2 Nov
2134 Jan
33
Nov
114
Nov
44i8
Dec
63
Dec
47s
Dec
37
Dec
120i2 Oct
112i2 Dec
784 Nov
2
June
15
Feb
33
Nov
63i2 Mar
83
May
109U
Feb
1
Apr
184 Mar
1
May
4i8 Mar
26U June
11734 Dec
314 Nov
534 Dec
43s
Dec
97s Nov
Jan
114
114
3314 Dec
120
Apr
Feb
6% Nov
34i2 Feb 21
1078 Jan
2i2 Mar
17i2 June
9i2 Sept
16U Sept
2i8 Apr 29
2
914 Apr 30
44
Apr 29
i2June 18
458 Jan 2
1578 Jan 7
21
Apr 30
473g Jan
19i2 Apr 28
6i8June
83
9
May 26
U4May 25
34i2 Apr 30
Feb 25
78
9is4 Jan
7
96
Jan
2
87
Feb 20
6
6
8i8 Apr 27
15
Apr 30
2
Apr 25
514 Jan 2
72i2May 4
3434 Jan 13
94i2 Jan 6
123i2 Jan 7
11612 Jan
11134 Jan
225sJune
8
36i4 Jan 14
1978June 26
34
Jan 14
50
Jan
4
23i2 Apr
85i2May
1838 Feb
14i8 Apr
314 Apr
16
Apr
234 Jan
30
25
3
27
28
28
7
65gJune 19
70
June 20
Feb 25
19
334 Jan 25
June 25
79
145s Feb 19
8
278 Feb 29
10U Mar 31
5778 Feb
11
Dec
Feb
3
Dec
28i2 Jan
214 Mar
47
Dec
10s8
Deo
l4io Mar
52
Dec
5
Mar
114
&8 Mar
2i2 Mar
15s
6i8
Dec
Jan
2534 April
778 Mar
17
Aug
28i2 Feb 19
205s Aug
32
Sept
30U
Dec
Jan
2
25i8
Dec
IU4 Feb
6
4
Mar
June 23
85
Apr
1
Jan
30i2
Jan
55i2 Nov
72
Jan
84 i4
Oct
34
Mar
9U4
Dec
29U
85
234 Jan 13
2
823S Feb 7
46i2 Jan
l05i2June 4
110
Apr 21
9812 Apr 23
3978 Mar
36
Mar
784 Nov
90
Feb
3
Nov
9914 Nov
92
Nov
121
Feb 21
104i2
Jan
1203s
116
Mar 23
95
Jan
114s4 Dec
10»8 Dec
1934 Dec
33s Jan
778 Jan
7
5i2 Mar
7i2 Mar
1% July
238 Feb
Feb 13
20&s Mar
48i8 Mar 3
1227fi Feb 10
325s Mar
145i2 Apr 18
90
Feb
33»4 Jan 25
39
Jan 3
10
Mar
29
Jan
12i8 Feb 21
2034 Feb 24
Feb
7
978 Feb
4
95
28i2 Jan 10
80 June 24
100
June
1
37i8 Jan 10
10914 Feb 19
28*4 Mar
4
Mar
6
17
55s Jan 13
18
Mar
1684 Mar
18
Jan
25
Mar
1414 Mar
46i2 Jan
678 Mar
125s Oct
II4 Mar
24i2 Jan 10
514 Mar 30
6
Jan
1
Mar
11
Jan 14
378 Apr
87
Jan 15
58
Apr
5
51
Dec
7714 Nov
3534 Dec
9884 Nov
126
331s
Dec
Dec
38U Dec
2512 Nov
35i2 Sept
50
Nov
32i4
102i2
19i2
24i2
434
20i8
3i8
9U
Nov
79
Nov
Nov
Dec
Jan
Dec
Dec
Dec
Nov
4434 Apr 23
563s Feb
Jan
65U June
23i8 Apr 30
56
Apr 30
35t2 Mar 23
1134 Mar
25U Nov
61
Nov
75
Mar 23
4
66
Mar 23
6258 Jan 6
66 May 15
106
Mar 11
79
Feb 10
Apr 28
45
Jan 23
25l2 Mar
20
Apr
35i2 Mar
7334 Mar
1784 Apr
3
6
138
20*8 Mar 26
May
5
31i2 May
96
Jan 21
55
18
Mar
53*8
Dec
13
Mar
4678
Deo
47
3338
8'4
83i2
4438
Jan
Jan
Jan
4is4 Jan
6
68
Apr
6
June 23
6
118UJune 25
1U8 Jan 28
578 Apr 28
26i8 June 25
105
Jan
93s
Jan
4
2&8 June
38t2 Apr
D4 May
25s June
515s Nov
68
Dec
8284 Apr
35U Nov
914
105
Deo
Nov
Dec
1434 Nov
734 Dec
Complete
Bond Brokerage Service
RICHARD
WHITNEY & CO.
Members
New
York
Stock
Members
New
York
Curb
15 BROAD STREET
Telephone BOwllng-Green
New York btocK
4302
Exchange
Exchange
NEW YORK
9-4600
A. T. S T. Teletype
TWX, N. Y. 1-1793
txcnange- Bond Record, Friday, weekly and Yearly
June 27,1936
On Jan. 1,1909 the Exchange method of quoting bonds was
changed and prices are now "and interest"—except for income and defaulted bonds
NOTICE—Cash and deferred delivery sales are disregarded in the week's
range, unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown in a footnote in the week in which they occur.
No account Is taken of such sales in computing the range for the year.
Friday
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Sale
Week Ended June 26
U.
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
S.
Price
Week's
Range or
Friday's
Bid tfc Asked
Friday
Last
Range or
N. Y. STOCK EXCHANGE
Sale
Friday's
Jan. 1
Week Ended June 26
Price
Low
4%S—Oct
3%s—Oct
16 1943-1945 A
O
O
4s
15 1944-1954 J
D
16 1947-1952 A
Dec
BONDS
Since
Government
Week's
Range
115.3
High
118.8
105.24108.11
111
113.10
109
111.19
Foreign Govt. & Mun. (Concl.)
A O
♦Sinking fund 7s of 1926
1946 M N
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
25-year gold 4MS
3s
102.20104.30
Cordoba (Prov) Argentina 7s--1942 J
102.29105.20
^June 15 1946-1948 J
D
1947 F
Treasury 3%s„.June 15 1940-1943 J D
Treasury 3%s—Mar 15 1941-1943 M S
107.19 109
108
Cuba
Treasury
Treasury
Treasury
Treasury
D
103.24106.13
External 5s of 1914
D
103.19106.15
External loan 4%8
A
108.5
O
105.12108
Sinking fund 5Ms.-.Jan 15 1953 J
♦Public wks 5Ms—June 30 1945 J
109.9
(Republic) 5s of 1904
ser
100.31103.26
101.7
102.12
102.13
1949 F
15 1942-1947 J
J
101.20104.1
1 1942-1947 MS
1 1939-1949 F
1942-1944
30
69
64%
65
23
37
68%
64%
65
23
67
1951 A O
1952 A O
1942 J
J
B__
ser
99%
107
105%
19
2
40
7
1
217
100.15102.17
A
O
J
J
f 7s series B
1945 J
J
f 7s series C
1945 J
♦External
s
♦External
s
f 7s series D
1945 J
J
♦External
s
f 7s 1st series
1957 A
O
♦External
sec s
f 7s 2d series. 1957 A
O
♦External
sec s
f 7s 3d series. 1957 A
J
O
Antwerp (City) external 5s
1958 J D
Argentine Govt Pub Wks 6s.--1960 A O
Argentine 6s of June 1925
1959 J D
External
s
f 6s of Oct 1925. .1959 A
External
s
f 6s series A
O
1957 M S
External 6s series B
1958 J
Extl
1960IM N
f 6s of May 1926
D
External
s f 6s (State Ry) —1960IM S
Extl 6s Sanitary Works.1961 F A
Extl 6s pub wks May 1927.. 1961 M N
Public Works extl. 5%s
1962 F A
Australia 30-year 5s
1955 J
J
—
External 5s of 1927
External g 4%s of 1928
-.1957 M S
19
*19%
98%
10
9%
10
9%
8%
*8%
8%
99%
100%
100%
100%
100%
100%
100%
100%
100%
19%
20%
2
6
99
10
8
10
9
2
10
10
9
9%
9
2
13
24
101
101
39
41
100%
67
100%
100%
100%
100%
100%
100%
49
46
33
29
25
99%
106%
106%
100%
107%
107%
59
94
26
101
36
24
3
23
J
96
1945 F
A
24
24%
107%
1949 M S
107
1955 J
J
108
108%
D
115%
14
7
26
10
—1956 M N
107
116%
107%
1960 M S
100
101
Bergen (Norway) ext s f 5s
♦Berlin (Germany) s f 6%s
1950 A
20%
21%
31%
20%
25%
26%
26%
D
25%
25%
S
99%
A
100%
O
♦External sinking fund 6S—1958 J D
♦Brazil (U S of) external 8s._.1941 J D
♦External s f 6%s of 1926—1957 A O
♦External s f 6%s of 1927—1957 A O
♦7s (Central Ry)
-.1952 J
Brisbane (City) s f 5s
1957 M
Sinking fund gold 5s
1958
20-year s f 6s
1950
Budapest (City of)—
♦6s July 1 1935 coupon on...1962
Buenos Aires (City) 6%s B-2..1955
F
23
32%
26%
100%
100%
J
D
*104%
J
D
*28%
J
J
97%
99
8%
7%
7%
11%
11%
10
8
—
100%
100%
1957 J
21
21%
98
100%
7%
11%
8
11%
17%
17%
10
13
13
1955 J
External 30-year s f 7s
Stabilization loan 7s
7%
10
95% 101%
97% 100%
101
101
100%
100%
100%
100%
100%
100%
100%
107%
104% 107%
98% 101%
97%
97%
97%
97%
97%
97%
97%
97%
94%
104%
6
14
19
35
57
27%
22%
40
8
22
18
10
95
100%
95
100%
105
19
21%
29%
18
95
1960 A
O
97%
97%
1
93
f 6s ser C-3
1960 A
O
98
98
3
92%
S
*80
S
68
1961 F
A
*80
1961 F
A
70%
65
4
70
30%
38%
99%
100%
99
1949 J
D
182
182%
164
177%
178
164
182
182%
31
23
D
26%
25%
33%
28
25%
25%
33%
26%
26%
25%
33%
28
102
8
29
21
34%
6
—1949
♦5%s of 1930 stamped
1965 J
♦5%s unstamped
1965
♦German Rep extl 7s stamped-1949 A
♦7s unstamped
1949
O
German Prov & Communal Bks
♦(Cons Agric Loan) 6%s
♦Greek Government
♦
7s part
f
1958 J
ser
*33%
37%
♦Sink fund secured 6s
1968 F
♦6s part paid
1968
Haiti (Republic) s f 6s ser A—1952 A
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl. 7%s '50
Helsingfors (City) ext 6%s
1960
Hungarian Cons Municipal Loan—
♦7Ms unmatured coup on—.1945
♦7s unmatured coupon on
1946
A O,
J
J
A O
87
84%
87%
S
97
82
96
79%
97
82%
5
14
72
77
1965 M N
74%
97%
82%
97%
82%
99
83%
70
64
76
1957 A O
1947 F A
23%
32
23
32
23%
External sec s f 7s ser B
1947 M S
Italian Public Utility extl 7s
1952 J
J
Japanese Govt 30-yr s f 6%s._ 1954 F A
Extl sinking fund 5%s_
♦7s with all unmat coup
♦Leipzig (Germany)
s f 7s
Lower Austria (Province of)—
♦7%s June 1 1935 coup on —1950 J D
♦Medellin (Colombia) 6%s—-1954 J D
♦Mexican Irrig assenting 4%s.l943 MN
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
1945 Q J
♦Assenting 5s large------♦Assenting 5s small
5%
J
5%
7%
A
13
17%
Norway 20-year extl 6s
1943 F
♦Ry ref extl s f 6s
Jan 1961
♦Extl sinking fund 6s..Sept 1961
♦External sinking fund 6s—.1962
♦External sinking fund 6s„_1963
O
M N
A
O
F
A
J
J
M S
M
S
M N
♦Chile Mtge Bank 6 %s
1957 J D
♦Sink fund 6%s of 1926.---.1961 J D
♦Guar s f 6s
.1961 A O
1962 M N
♦Chilean Cons Munic 7s
1960 M S
♦Chinese (Hukuang Ry) 5s—.1951 J D
♦Cologne (City) Germany 6%s_1950 M S
Colombia (Republic of)
♦6s Apr 1 1935 coup on.Oct 1961 A O
♦6s July 1 1935 coup on. Jan 1961 J
J
For footnotes see page 4307
12%
12%.
12%
11%
41
*20%
38
45
♦§Treas6sof'13 assent (large) *33 J
Sec extl sf6%s
Sec extl sf6%s
*
1958 IVI
75%
73%
77
S
17%
17%
17%
O
103%
103%
A
106%
17%
103
103%
106%
—.1944 F
A
106
17%
103%
103%
106%
106%
External sink fund 5s
1963 IVI
S
101%
101%
102
External sink fund 4%s
External sf4%s
1956 IVI S
1965 A O
102%
97
101%
97
102%
29
37%
32%
25
27%
36
♦Nuremburg (City) extl
34
27
34%
1953 IVI
6
28
37
Oriental Devel guar 6s
Extl deb 5%s
12
22
23
18
23
14
16
Oslo (City) 30-year s f 6s
1955 M N
101%
22
78%
73%
101%
13%
15%
104
104
15%
Panama (Rep) extl 5%s
♦Extl s f 5s ser A
1953 J
14
Municipal Bank extl
s
f 5s_„ 1970 J
15%
15%
♦Stamped
Pernambuco (State of)—
13%
6
13%
14
15%
♦7s Sept coupon off.
14
15%
4
12%
12%
13%
13%
3
12
13%
21
12
13%
12
14
11%
12%
41
1
41
52
25%
19%
27%
21%
23
48
19
21%
23
27
19
25%
25%
S
s
f 7s
♦8s June coupon off
97%
22%
80
74%
71%
101%
105
72%
62%
D
60%
62%
15
15
15%
11%
1963 IVI N
—--
10
8
64
10
202
2
3
7
14
26
15
27
62
108
5
22
11
23
18
8
20
,
-—-1947 IVI
1947 A
External sink fund g 8s-. —1950 J
Porto Alegre (City of)—■
♦7 %s July coupon off
Prague (Greater City) 7Ms
78%
1958 MN
S
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl s f 6s 1st ser.-I960 J
D
♦Nat Loan extl s f 6s 2d ser. 1961 A O
Poland (Rep of) gold 6s
1940 A O
Stabilization loaD
26
3
*102%
D
1952 FA
6s
3
----
J
O
1959 M S
20-year external 6s
2
5
29%
31%
14%
14%
14%
* 14%
14%
14%
14%
13%
12%
12%
12%
10
3
352
—-
New So Wales (State) extl 58-1957 F
External sf 5s
Apr 1958 A
32%
31%
28%
31%
14%
14%
14%
14%
14%
*14%
14%
12%
9
9%
8%
5%
16%
J
-
4%
7%
13
O
9%
102%
9%
4
D
10
12
15 1960 A
*99
9%
4
*8%
*6%
8%
-
16%
17%
108%
114
15 1960 J
114
-
♦§Small
J
Milan (City, Italy) extl 6%s—1952 A
Minas Geraes (State)—
2
2
114
Jugoslavia State Mtge Bank—
14
39%
32%
31
114
1954 J
105% 109
111% 115
96%
99%
94% 101%
5
-—
D
71%
47%
39%
20%
20%
*20%
*19%-_ 27
44
45%
—
6
9
1951 J
69%
65
19^
1
2
—-
1960 M N
66
38
i9^
105%
20
105%
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
84
71
99%
101%
22%
Italy (Kingdom of) extl 7s
67%
68%
71%
47%
99
21
*16%
105%
——
Irish Free State extl s f 5s
57%
59%
61%
39%
101
98
J
J
J
MN
M N
F A
58
1952 M N
8
98
J
57
10-year 2 %s
Aug 15 1945 F A
25-year 3>£ s
1961 J
J
♦Carlsbad (City) sf 8s_—
1954 J
J
♦Cent Agric Bank (Ger) 7s
1950 M S
—-
27
69
55
71
68
19
34
26%
98
O
76
16
*28%
26%
A
66
108%
113%
33%
*34%
67%
16%
34%
D
7s-.1964 MN
1964
s
paid
D
55%
2
German Govt International—
1954 J
65
15
67%
95
107%
♦4s of 1904
84
98
65%
-
83
71
69
External 7s stamped
7s unstamped
68%
A
3
8
8
11
5
101%
21%
165%
External sink fund 6 %8
1956 M S
♦Frankfort (City of) sf6%s.„ 1953 M N
French Republic 7Ms stamped. 1941 J D
7 %s unstamped
1941
66%
♦Farm Loan 6s ser A Ap»
15 1938
♦Chile (Rep)—Extl s f 7s
1942
♦External sinking fund 6s.-.I960
♦Extl sinking fund 6s—Feb 1961
65
23
95
107%
101%
J
*67%
S
♦Sink fund 7s July coup off. .1967 J
J
♦Sink fund 7 %s May coup off1968 M N
Canada (Domof) 30-yr4s
1960 A O
f 6s__July
f 6s-_Oo
65
21%
163%
J
1945 MS
A
1975
-
99%
37
69
101%
21%
165%
1948 J
1967 J
O
1984 J
101%
49
29
66
60
2
11
17
8
65
dep
1976 A
46%
O
1976 F
1977 M
J
f 6s
28%
27%
35%
30
29%
101% 104%
30%
f 6s ser C-2
5s
1940 A
Italian Cred Consortium 7s A.-1937 M
s
Extlsf4%-4%s
Refunding sf4%-4%s
Extl re-adj 4%-4%s
Extlsf4%-4%s
3% external at $ bonds
Bulgaria (Kingdom of)—
O
105% 109%
98% 102%
s
;
1940 A
♦Hungarian Land M Inst 7%s_1961
♦Sinking fund 7%s ser B
1961
♦Hungary (Kingdom of) 7Ms.-1944
External
f 6%s
5Ms of 1926
90%
97
22%
32
105% 110
101% 109%
109
118%
External
♦Buenos Aires (Prov) extl 6s—.1961 M
♦6s stamped
1961 M
♦6 %s stamped
ser
A
O
2d series sink fund 5 Ms.
101%
96%
1956 M N
Austrian (Govt) s f 7s
♦Bavaria (Free State) 6%s
Belgium 25-yr extl 6%s
External s f 6s
1st
1955 F
Apr 15 1962 A
105%
A
1963 M N
♦Antloquia (Dept) coll 7s A.-.1945
s
100%
101%
98%
Sinking fund 8s
Estonia (Republic of) 7s
Finland (Republic) ext 6s
♦Sink fund 6s Feb coupon on. 1947 F
♦Sink fund 6s Apr coupon.. .1948 A
Akershus (Dept) ext 5s
♦Guar
100
96%
51%
§*Stamped extd to Sept 1 1935— M S
Dominican Rep Cust Ad 5Ms.-1942 M S
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
s
29
100
101%
54%
100.26103.14
2%s series B_.Aug
2 %s series G
s
23
89
96%
External g 4 %s
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N
♦Farm Loan
33
81M
Deutsche Bk Am part ctf 6s—1932
Mar
♦Farm Loan
98
94%
72%
100%
A
J
D
100.25101.8
15 1944-1964 M
Jan
s
20%
101%
50%
99
*99
105%
100%
98%
Czechoslovakia (Rep of) 8s
No.
2
H
80
S
A
102.20104.20
3s
♦External
19%
97%
94%
29
1944 M
A—1949 F
S
2%s
s
19%
,
.May 15 1944-1949 M N
s
High
Jan. 1
98
J
Denmark 20-year extl 6s
External gold 5%s
„„-Mar
♦External
Since
El Salvador 8s ctfs of
100
S
Federal Farm Mortgage Corp—
3s
*19
Range
Asked
♦Dresden (City) external 7s—1945 M N
109.12
S
Treasury 2Ms.-.Sept 15 1948-1951 M S
Treasury 2%s
1951-1954 J D
3%s
19%
A
D
1952 J
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupon on—1951
3%s—.June 15 1946-1949 J
3%s—Dec 15 1949-1952 J
3%s
Aug 1 1941 F
3%s._-Apr 15 1944-1946 A
Treasury 2%s...Mar 15 1955-1960 M
Treasury 2%s—Sept 15 1945-1947 M
19%
19%
1953 M N
106.17108.20
Treasury 3s
&
Low
♦Colombia Mtge Bank 6Ms—1947
3%s—Mar 15 1946-1956 M S
3%s._.June 15 1943-1947 J D
Sept 15 1951-1955 M S
Bid
O
J
15%
16%
12%
7
6
170
86
42
38
10%
10%
37
47
44
65
75%
40%
40
/ 70%
219
19%
18
2
4
11%
1961 J
D
1966 J
J
19%
18
1952 M N
*99%
—
12%
101
93
4303
New York Bond Record—Continued—Page 2
Volume 142
5S
Friday
Week's
BONDS
Last
Range or
Range
BONDS
Sale
Friday's
Bid
&
Asked
Since
N. Y. STOCK EXCHANGE
Sale
N. Y. STOCK EXCHANGE
Jan. 1
Week Ended June 26
Price
Price
Week Ended June 26
Queensland (State) extl
25-year external 6s
s
♦6Hs Aug
18X
1
15
21
155*
13
14
195*
24 H
15 5*
N
175*
17 X
D
*16H
J?55L
*9661
14
145*
21
15
2
19
205*
*20
*175*
M N
M N
♦ UlvtftWnl
.
15H
,
J
J
22
-**1
♦External 7s Sept coupon offl956 M
♦Exter .al 6s July coupon off-1968 J
♦Secured s f 7s
1940 A
175*
28
255*
24 H
24H
33
51
150
*91H
,
103H
_
73 X
1971 J
J
1952 M S
Tokyo City 5s loan of 1912
205*
90 H
35
255*
*60
23 H
22
295*
29
235*
181
75
j 33
40
33
150
615*
166
935*
91
100
14
104 X
1005* 1045*
83
765*
825*
735*
68H
75
10
75 H
73H
1961 A O
1957 M N
♦Uruguay (Republic) extl 8S--1946 F A
755*
50
495*
50 X
17
♦External s f 6s
I960 M N
♦External s f 6s
1964 M N
Venetian Prov Mtge Bank 7S--1952 A n
Vienna (City of)—
50H
495*
49H
60 H
45
375*
50
50 H
22
37 H
74
72
74
s
f
5Hs guar
Trondbjem (City) 1st 5 Ha
♦68 Nov coupon on
*90X
102
100
1
102
102
39 H
4
615*
61
51
74
895*
100
53 H
945*
Warsaw (City) external 7s
1952 M
1958 F
35
35
53
146
35
71H
Yokohama (City) extl 6s
1961 J
80
795*
81
24
78
89
RAILROAD
AND
INDUSTRIAL
♦{{Abltlbi Pow & Paper 1st 58.1953 J D
Adams Express coll tr g 4s
1948 M S
Coll trust 4s of 1907
...1947 J D
1st cons 4s
warr
79H
D
D
1065*
1065*
70
1948
assented
*103H
Susq 1st guar 3 Ha
1946 A O
J Alleghany Corp coll tr 5s—--1944 F A
Coll <fc conv 5s
1949 i
1950 A
875*
5s
conv
stamped
Allegh & West 1st gu 4s
1998 A O
Allegh Val gen guar g 4s
1942 M S
Allied Stores Corp deb
4H8---1950 A O
Allis-Chalmer8 Mfg
conv
deb 4s 1945 M N
♦Alplne-Montan Steel 7s
1955 M
Am Beet Sugar 6s ext to Feb 1 1940 F A
Am & Foreign Pow deb 5s
2030 M S
American Ice
f deb 5s
s
1953 1
78
95H
22
485*
81
222
36
60
90
1005*
22
1105*
2
101
1015*
13
139H
261
136
*905*
1025*
1005*
1185* 143 H
905*
945*
101H
5*
1085* 1105*
99 5* 1015*
"23
101
77
77
79
115
66
70
70
70
28
66
"loin
D
104 H
97 H
1105*
97
104
5*
83 H
79
112H
1125*
113
55
Am Internat
105
105
105H
20
Am
1125*
112
1135*
99
1115* 117H
1015* 1065*
112
1345*
1075* 1105*
Amer I G Chem conv 5
Ha
1949 M N
Corp conv 5Ha—1949 J
J
Rolling Mill conv deb 4 H 8-1945 M S
Teleg coll tr 5s
35-year s f deb 5s
20-year sinking fund 5H8
1946 J
D
108 H
1085*
1095*
48
1960 J
J
1125*
1125*
1125*
68
112
1943 M N
Convertible debenture 4 Hs—1939 J
J
1135*
1135*
1135*
75
113
113
1135*
74
1125* 115
1095* H9H
Debenture 5s
1965 F
1125*
1125*
50
112
44
107 5* 117
35
Am Telep <fc
111
111
1135*
1145*
1975 M N
1095*
109H
110
t*Am Writing Paper 1st g 6s.. 1947 J
J
♦Certificates of deposit
Anaconda Cop Mln s f deb 4Hs 1950 A O
♦Anglo-Chilean Nitrate 7s
1945 M N
"105"
Am Type Founders conv deb.-1950 J
A
J
114
1145*
Amer Water Works & Electric—
Deb g 68 series A
♦Ctfs of deposit
—
{♦Aud Arbor 1st
g 4s
1995
Bridge & Ter 6s._.1964
Armour & Co (111) 1st 4Hs
1939
1st M s f 4s ser B (Del)
1955
Armstrong Cork deb 4s
1950
Atch Top & S Fe—Gen g 4s
1995
Adjustment gold 4s
1995
'Stamped 4s
1995
Conv gold 4s of 1909
1955
Ark & Mem
m»0>
33
32 H
Rocky Mtn Dlv 1st 4s
1960 J
1948 J
JL965 J
D
D
J
Trans-Con Short L 1st 4s
1958 J
1962 M S
1946 J D
1944 J
J
Conv g
4s Issue of 1910
Conv deb 4H8
Atl Knox & Nor 1st g 6s
Atl & Charl A L 1st 4 Ha A
—
1944 J
lst_30-year 5s series B
J
365*
26
37
37
7
1045*
105
126
285*
33
296
28H
32 H
705*
*102H
"164"
975*
104
975*
71H
60
.
18
104 H
58
975*
188
"no"
1055*
7
114
1155*
216
109H
"1145*
1105*
13
110
1105*
52
*107H
109
109
97
32
H
325*
1
111
87
53
81H
895*
97
975*
40
95
605*
515*
27
995*
57 H
47
1948
515*
1948
47
46
1959
70J*
70 X
26 H
705*
104
1045*
11
1045*
105
1941
A
O
106
A—1995
July 1948
D
85H
85
A
O
112J*
112
105H
109
1025*
107
111H
31
109
114
1065*
1065*
11
1125*
1125*
8
113
113
1055* 1075*
1105* 113H
1105* 1135*
118
1185*
1035* 1065*
*105H
"Ill""
—
—
m>
•»»
"113
111
106H
17
*118
*106
109H
110
11
1055* 110
100 5* 1045*
103
1075*
1075*
1035* 104
102 5* 108
64
86 H
1125*
250
92
75
48
1085* 1145*
84 H 1005*
89
96
D
96
4s—.1941
M N
103
102 H
103 H
53
Southwest Dlv 1st 3H-5s
1950
Tol & Cin Dlv 1st ref 4s A—.1959
•
—1995
J
103 H
103H
1035*
72
J
96 H
96
75
88
98
S
845*
84
975*
855*
71
725*
745*
85H
1165*
160
745*
615*
90
73
74
90
2000 M
Ref & gen 5s series D
Conv
I960
1996
1943
4Hs-_.
Ref <fe gen M 5s ser F
Bangor & Aroostook 1st 5s
Con ref 4s
4s stamped
84
845*
*114
Bell Telep of Pa 5s series B
1st & ref 5s series C
Belvldere Delaware
cons
22
745*
4
:
101H
101H 101H
j
...1936 j
1951
1125*
74
*
985* 1005*
O
*1015*
J
O
1205*
128 H
128H
*1035*
121
119
1295*
125
J
A
"245*
1948 J
19601A
3HS--1943
D
24 H
1959
a!
24
♦Debentures 6s
1955
♦Berlin Elec El & Underg 6 Ha. 1956
Beth Steel cons M 45*s ser D—1960
24
Big Sandy 1st 4s
Blng <fc Blng deb 6H8-
.1944
D
1950
S
Boston & Maine 1st 5s A C
1st M 5s series II—
A
45*s ser JJ
1961
{♦Boston & N Y Air Line 1st 4s 1955
{{♦Botany Cons Mills 6Hs—1934
♦Certificates of deposit
{♦{Bowman-Bilt Hotels 1st 78.1934
Stmp as to pay of $435 pt red
Brooklyn City RR 1st 5s
1941
Bklyn Edison Inc gen 5s A—.1949
Gen mtge 5s series E
1952
Bklyn-Manh R T sec 6s A
1968
1045*
104 X
1st 5s 8tamped
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
1st Hen & ref 6s series A
Debenture gold 5s
1st lien & ref 5s series B
Brown Shoe
*30
80
73
93 H
94
73
O
73
75
.68
895*
77
20
215*
20
315*
20
205*
26 H
185*
195*
185*
175*
185*
*15
M
99H
J
J
J
J
-
104 5*
1053,2
103^32 106
*1045*
*78 H
91
"80"
915*
2
114
1145*
28
121
120H
121
54
1285*
1285*
1285*
104H
104H
105
8
109H
110
11
108
110
106
106
1
105
1065*
1035*
1035*
109H
103
1035*
1095*
J
A
N
N
D
N
M
S
M N
A
785*
O
*1035*
77 H
215*
t
O
J
1955
A
O
"58 "
60
185*
1970
1
10
'116
655*
845*
215*
1
19 H
30 5*
21
6
185*
795*
855*
"58"
59
595*
60
92 H 1015*
5
2
105 H 107 H
1035* 105 H
15
15
113H
114
3
1115* 1185*
1085* "45*
1135* 1185*
115
1205*
1155* 1205*
1125* 1185*
A
O
A
O
1135*
1145*
118
118
1185*
26
O
iio
A
1205*
D
1155*
1155*
120H
1205*
1185*
1165*
14
F
1195*
1205*
1185*
115H
1155*
116
19
127
1275*
95H
11
J
"95
104H
1944
J
Dec 1 1954 J
1960 J
D
108
J
1045*
J
J
1938 J
D
6s ser A.-Dec 15 1952 J
D
4s
♦Cent Branch U P 1st g
4s
1950
1981
1948
Nov 1945
1945
♦Ref & gen 5Hs series B
1959
♦Ref & gen 5s series C
1959
♦Chatt Div pur money g 4s_.1951
♦Mac & Nor Dlv 1st g 5s
1946
♦Mid Ga & Atl Div pur m 5s. 1947
♦Mobile Dlv 1st g 5s
1946
Cent Hud G & E 1st & ref 3 Ha. 1965
Cent 111 Elec & Gas 1st 5s
1951
{♦Cent New Engl 1st gu 4s
1961
Central N J gen g 5s
1987
General 4s
1987
{♦Central of Ga 1st g 5s
♦Consol gold 6s
M N
J
A
163
105
20
1155*
82
107H
1085*
35
1045*
1055*
54 H
84
107H
108
110
105H
D
F
7
13
14
*50
D
J
945*
104H
1155*
66
106
"II
*26 H
65
'
175*
1105* 1165*
110H 116 5*
122 5* 1275*
96
875*
1025* 105
1135* 1165*
105H 1085*
1005* 105 5*
49 5*
545*
1065* 1085*
1085* 1105*
110
105H
*81H
14
1025* 108
90
86 H
30
73
27
365*
66
52
A
24H
O
24H
*105*
68
14
*21
*5
A
J
J
125*
20
14
12
20
245*
23
29
20
24
18
15
23
1075*
B
F
365*
145*
27
103 H
103H
104
27
24
24H
1075*
*20
M
24
20
M N
575*
575*
""985*
98
99
89
89
89
BOND BROKERS
Industrial Bonds
Vilas & Hickey
95*
27
J
A
14H
J
Carriers & Gen Corp deb 5s w w
67
4
S
1949
685*
56
14
90
485*
"l2
985*
105H
M
4s
29
80 5*
1045*
J
guar g
108 H 111
103
1045*
3
104
97 H
J
Caro Clinch & O 1st 5s
955*
1195* 122
124 H 1285*
104
1055*
105H
1045*
145*
J
deb stk per pet
1946
Canadian Pac Ry 4%
Coll trust 4Hs
115
M N
June 15 1955
4Hs
1956 F A
Guaranteed gold 45*s._Sept 1951 M S
J
Canadian Northern deb 6 H8—.1946 J
4j*s
85
l559
M N
J
Guaranteed gold
tailroad, Public Utility and
69
J
Guaranteed gold 5s
Cart & Ad 1st gu g
104 5*
J
1952
July 1969
Oct 1969
25
88
1005*
105132 1085*
104132 108
1045* 1075*
99H
105i32
104132
1045*
26 H
A
1957
Guaranteed gold 5s
Guaranteed gold 5s
cons g
7
30
98H
105«32
"185*
ex..I960
1945
Cal G & E Corp unf & ref 5s... 1937
Cal Pack conv deb 5s
1940
♦Camaguey Sugar 7s ctfs
1942
Canada Sou cons gu 5s A
1962
1st &
715*
805*
.
A
Bush Term Bldgs 5s gu tax
By-Prod Coke 1st 5 Ha A
{♦Car Cent 1st
"45
765*
O
1938
B—1981
Buff Roch & Pitts gen g 5sT
1937
Consol 4Hs—1957
{{♦Burl C R & Nor 1st & coll 5s 1934
Guar, gold
1095* 110
43
43
A
Bruns & West 1st gu g 4s
Buffalo Gen Elec 4Hs ser
Canadian Nat guar 4 Ha
33
29
1025* 1065*
*110
1950 F A
♦Certificates of deposit
{♦Bush Terminal 1st 4s
♦Consol 5s
28
F
1941 J
1950 F
1945 M
1947 M
1950 J
1957 M
f deb 35*s
s
1055*
76 X
77
1967 M S
1955 M N
1st g
24
24
24
J
325*
30
91
24
o
B215*
129H
235*
225*
20 H
24
O
♦Berlin City Elec Co deb 6HS-1951
...
805*
1135* 1165*
1035* 109H
1095* 118
75
685*
100 H 1015*
~~2
112
1951
Beech Creek ext 1st g 3Hs
86
108H
1951
Battle Creek & Stur 1st gu 3s—1989
Beech Creek 1st
gu g 4s
1936
2d guar g 5s
1005* 105
99 H 105
108 H
For footnotes see page 4307.
113
72
*105
July 1948
73
1045* 1065*
Austin & N W 1st gu g 5s
{Baldwin Loco Works 1st 5s—-1940 M N
5s assented
1940
475*
61
10
23
103
105
130
77 X
Coll trust gold 5s
CoUateral trust 4 Ha
1035* 1055*
985*
945*
105
1065*
1105* 115H
104 H 1135*
1045* 113H
106 5* 109
70 X
1045*
75
49
84 H
6
1045*
485*
325*
H
405*
33 H
Atlantic Refining deb 5s
1937
Auburn Auto conv deb 4 5*s—-1939
5s equip trust ctfs..;
99 H 105
235* 33
96
103
105H
J
Cal-Ariz 1st & ref 4 Ha A
705*
D
1905-.---.—-
1
36 H
--
Q J
M S
J D
F A
J
J
A O
Nov
M N
J D
1955 J
Conv 4s of
85H
MN
76
55
875*
100
"I§7"
73
53
69
52
S
79 H
1105*
1035* 107 H
101
69H
50
"505*
1950
5
142
89
68
O
♦os
1
3
70
88
D
♦Coll &
101
97
53
1045*
955*
93
H
109
1065*
93
49
102
97
1
72
72
72
39
405*
....
79H
*1105*
Alb &
•P
100
O
1943 J
...1943 J
3
100
98 H
'loo"
129
49H
985*
♦Albany Perfor Wrap Pap 6s—1948 A O
♦6s with
475*
49H
1952 A
ser B
88 H
865*
975*
Oct 1952
May 1 1945 M N
15-year sec 6s, series A
1949 J D
BklyD Qu Co & Sub con gtd 53.1941 M N
COMPANIES
Adriatic Elec Co. ext 7s
Ala Gt Sou 1st cons A 5s
76
♦Deb sinking fund 6J*s
71H
75
325*
255*
7
150
*33 H
103H
14
5
265*
25H
34 H
Ha
155*
815*
9
295*
23 H
215*
89
32
25 X
Styria (Province of)—
♦7s Feb coupon off
165*
3
88 X
28
*25
Silesia (Prov of) extl 7s
♦Sileslan Landowners Assn 6S--1947 F A
Soissons (City of) extl 6s
1936 M N
22 H
2
l
on—1962 M N
on—1962 M N
1958 1 D
f 6 Ha
2
16
28
♦Saxon State Mtge Inst 7s
1945 J
♦Sinking fund g 6 Ha—
1946 J
Serbs Croats & Slovenes (Kingdom) —
155*
88
23
195*
145*
18
16
88H
955* 1005*
33
10-yr coll tr 5s
27
17 H
High
Low
86
79H
L & N coll gold 4s
285*
25
No
96 H
79
Ref & gen 6s series C.
P L E & W Va Sys ref
22H
19 H
iex
High
96
78 H
122H
26 H
Jan. 1
Asked
Low
1st gold 5s
26 X
22
26
265*
J
J
545*
110
5
30
25H
26H
78 H
111
110
110
F
J
•juAociuai oh
♦External 8s July coupon off-1950
juiy
on-iyou
♦8s Nov 1 1935
coupon
♦78 Nov 1 1935 coupon
76 H
78
O
N
191
&
965*
795*
Bait & Ohio 1st g 4s
Refund & gen 5s series
.
Since
Friday's
Atl Gulf & W I SS col tr 5s
25H
175*
16
Range
Range or
Bid
Atl <fe Dan 1st g 4s
2d 4s
38
245*
49
16
15 5*
Last
!
cons 4s July 1952 M S
General unified 4 Ha A
1964 J D
112H
111
15H
.
.1967 J
♦7s August coupon off
1959
♦Saarbruecken (City) 6s
1953
Sao Paulo (City of Brazil)—
♦8s May coupon off
1952
♦Extl 6H8 May coupon off--1957
San Paulo (State
of)—
{♦8s July coupon off
1936
External
110H
25 X
109
185*
A
Rome (City) extl 6 Ha
1952 A
Rotterdam (City) extl 6s
1964 M
Roumania (Kingdom of Monopolies) —
s
109
9
^
♦7s May coupon off
♦ 7fl Tlinn AAiirxnn
♦7s June coupon off
Taiwan Elec Pow
6
110H
245*
«
s f 5
22
112
4
ts
<5 -2
Atl Coast Line 1st
28 H
1946 A O
1953 F
1U Grande do
Rio Vjriauuc uo oui (State oi)—
Sul
of)—
AOn
A
♦8s April coupon off
-OC xxyiil
1946
uuupou
♦ fta
Tuna
1 nao
♦6s June coupon off
Sydney (City)
29 H
18
1115*
.1950 M S
coupon off
1 *
18
21
u
-
Rio de Janeiro (City of)—
♦8s April coupon off
13
22
*215*
1962 A
f 7s. .1941 A O
1947 F A
j
High
Low
No
22
22
6HS-1951 m
♦Rhlne-Maln-Danube 7s A
High
Low
Foreign Govt. &Munic. (Concl.)
Tussla (Free State) extl
♦External s f 68
*
Week's
Friday\
28
1055* 1075*
26
99 H
3
43 H
58
104
77 H
97
103 H
87
93 H
New York Bond Record—Continued—Page 3
FridayI
bonds
if.
STOCK
Week's
Last
Week Ended June 26
Range or
Sale
EXCHANGE
Friday's
Price
id
&
Range
Since
Asked
Jan. 1
RAILROAD 'BONDS
*Njew York,
Y,
One Wall Street
*Dlgby 4-5200
r. 1-761
+ «
Week's
Friday I
bonds
N. Y. STOCK EXCHANGE
Last
Range
Sale
Friday's
Week Ended June 26
Price
Bid
&
or
Range
Since
Asked
Jan. 1
113
116%
108% H0%
108% 111%
50
50 %
107
108%
12%
23%
16%
21%
104% 104%
103% 111
107
108
128% 131
110
113
101%
100%
105%
105%
99%
77%
105%
74%
110
107
75
*106%
*107%
1*107%
110%
104%
108
107%
107%
110%
104%
M n
I
J
*4%
3%
*104%
J
D
*106
J
.
J
107
—
-
1
MN
102%
103%
A
O
105%
101%
93%
J
80%
*83%
D
*119
*104%
101
92%
97
.
.
.
.
.
.
_
*104%
.
.
J
J
J
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J
d
.j.—
J
110%
J
AO
110
103
81%
25
.
I-II*
i
111
)
o
J
J D
M N
S
f A
35
105%
104%
M
J
D
J
105
34
103
103%
105%
35
34%
103
81%
81%
23%
26
26%
19
29
24
*13%
*20%
J
A
J
L J
"34%
J
J
»
For footnotes see
page 4307
"105
25
J
'
I *110%
J
J
107%
83
86%
*33
M N
*100
106%
109%
*112%
*104%
*112%
*106%
*106%
103
J
98
98%
*
106%
35
107%
105
104%
35
108%
105%
104%
98
84
99
78%
84%
*104
*108%
.
.
107
*120
FA
*105%
4%
3%
.
107
107
105%
89%
106%
89%
89%
Volume
Week's
Friday
Last
BONDS
N. Y. STOCK EXCHANGE
Price
Nft,
_
1936
M
S
&
10034
9934
*94
1st & ref 4)^ s series A
General 534s series B
General 5s series C
90
"93"
93
93
"7
8834
99
J
82
82
82
2
8134
91
J
100
100
J
11334
11234
J
11434
11334
J
10834
J
10934
10334
1977
1946
J
10234
10134
J
115
J
10434
Gen mtge 4s ser H
1946
♦Green Bay & West deb ctfs A
102
11434
104
Feb
Feb
♦Debentures ctfs B
"954"
O
934
10734
1st mtge 5sseries C
Gulf & S I 1st ref & ter 5s Feb 1952 J
162"
O
1950 A
...1950 A
9434
92 34
J
J
D
Hackensack Water 1st 4s
1952 J
J
♦Harpen Mining 6s
1949 J
J
1942
1999 J
g
934
10734
11334
10334 11334
96 34 105
*10734
3134
99 34 105
70
60
*17
12234
8134
9434
7734
69
7534
10134 104 34
10734 11034
3134
3134
116
6434
77
74
4434
64 34
89
J
J
10334
10334
10334
Houston Oil sink fund 5 Ms A_. 1940 M N
Hudson Coal 1st s f 5s ser A... 1962 J D
10234
102
10334 105
10334 10534
10034 103
10234
4234
Hudson Co Gas 1st g 5s
Hud & Manhat 1st 5s
ser
1949 M N
1957 F A
A
♦Adjustment income 5s .Feb 1957 A O
Illinois Bell Telep 3 Mb ser B
Illinois Central 1st gold 4s
1st gold 334s
1970 A
1951 J
1951
1st gold 3s sterling
Refunding 4s
"79"
A
29
O ♦10334
1953 M N
"77"
Refunding 5s
1955 M N
9734
Omaha Div 1st gold 3s
J
J
g
78 34
8934
2634
3934
10534
"98"
8734
8934
*37
7934
89
8534
93
8134
9134'
6934
86
77
7934
7834
*29
9534
9734
45
10034
7534
loo
10534
2
7334
10434
90
D
8234
"
77
82
7634
107
O
87
{♦Ind & Louisville lstgu4s.--.1956 J
J
J
1965 J
1965 J
9834
7234
85
75
9034
9034
82
9134
10034 101
"97"
87
83
84
7834
27
10234
10234
*42
J
108
v
7134
9234
88
67?4
10634 10834
20
105
2134
44
103
10334
*10534
J
106
105
A
1932 A
{♦10-year
conv 7% notes
♦Certificates of deposit
1932
Interlake Iron 1st 5s B
J
deb 4s.
M
O
S
1951 M N
__
IV1 N
lnt Agrlc Corp 5s stamped 1942
.
1945 M N
1952 J
{♦Int-Grt Nor 1st 6s ser A
♦Adjustment 6s ser A..July 1952 A
♦1st 5s series B
♦1st g 5s series C
J
132
1951 F
*12154
N
A
9634
96
D
F
7234
7034
*10534
10534
10234
1952 J
A
O
J
1950
1938
D
1949 IVI
deb 5s
1937
S
IVI N
*10154
5s
J
1st & ref 4 34s series C
10934
107"
2003 A O
1941 A O
Gold 5s
O
1946 F
South Ry joint Monon 4s
Atl Knoxv & Cin Div 4s
1955 IVI N
♦Lower Austria Hydro El 6 34S.1944 F A
McKesson & Robbins deb 5348.1950 IVI N
9534
11234
{{♦Manati Sugar 1st s f 734s... 1942 A O
♦Certificates of deposit
{♦Manhat Ry (N Y) cons g 4s. 1990 AO
♦Certificates of deposit
6154
5634
36
40
D
Manila Elec RR & Lt s f 5s
1953 IVI s
Manila RR (South Lines) 4s... 1939 IVI N
9634
22
8734
9634
Marion Steam Shovel s f 6s
1947 A
Market St Ry 7s ser A...April 1940 Q
9734
Mead Corp 1st 6s with warr... 1945 IVI N
Metrop Ed 1st 434s ser D.....1968 IVI s
"10854
A
O
102%
F
A
12
S
99
9434
9934
28
9834
21
9834 10234
13434
136 34
63
11534 14134
3454
19
93 34
36
3634
1134
34
35
42
4634
73
75
9634
8434
13
934
8
3334
4734
1434
46 34
34
45
37
73
9534
8334
9634
8434
8634
8634
3534
"l77
3634
59
25
6534
7934
133
9034
9834
19
4
9534
"9034
86 34
97
23
88
90 34
12
44
11134
"8634
9034
86
9034
4534
10534
4034
3734
4
96 34
105J4
5734
136
9234
114
67
92 34
34
107
10934
105
10534
6
6
111
11334
7434
10234 10634
41
42
37 34
33
40
39
33
41
*22
3834
22
_.
stmp (par $645)__ 1943
stmp (par $925).. 1943
*31
22
(par $925)._ 1943
93.
1948 M
93
"2234
6
106
103 34
10334
157
10834
J
10434
104"
10454
10454
105
*
"l04"
*
S
J
37
3434
3234
4034
40
Lehigh Val Coal 1st &ref s
122
9434 10234
41
"77"
For footnotes see page 4307.
80
3054
2754
2634
1034
62 34
36
3154
6154
3234
*31
♦Certificates of deposit
♦General 4s
1975 IVI
S
13
1234
♦1st & ref 5s series F
1977 IVI
s
3154
3154
3134
3134
3134
3134
♦Certificates of deposit
1978 M N
3134
"13% '119
28
26 34
3334
29
3534
3154
16
2734
26 34
1949 M N
10
10
11
73
734
♦1st & ref g 5s series H
1980 A
O
32
3134
3234
56
3154
3154
3134
3154
32 34
3134
27
2734
2634
32 34
212
27
3534
13
27
3334
82
9334
♦Certificates of deposit
♦1st & ref 5s series I
1981
FA
1938
"3154
.
MN
*94
*.—
94 34
9034
91
27
145
104 34
8034
gen
5% notes
1938
25*
1454
1534
96
10554 111
10334 10554
11034
110
111
10454
10454
10454
5
10334
10754
10134
103 34
4
10754
27
10634 10834
103
17
9754 10434
66 34
97
1st guar gold 5s
1937 J
J
10754
10234
1943 J
J
1962 J
D
Montecatlnl Min & Agrlc deb 7s *37 J
1941 J
J
97
J
103
Montana Power 1st 5s A
Deb 5s series A
Montreal Tram 1st & ref 5s
97
10134
Gen & ref s f 5s series A
1955 A
60
7234
Gen & ref s f 5s series B
1955 A
59
5434
6934
Gen & ref s f 4 34s series
A
O
58
58
68
Gen & ref s f 5s series D
A
O
9834
5834
9834
98
100
93
9334I
97
10334
O
5434
95
10234
O
65
96 34
9
934
8534
J
1937 J
98
82 34
"1434
Monongahela Ry 1st M 4s ser A'60 IVI N
Mont Cent 1st gu 6s
60
-
3534
97
91
57
3534
3234
1254
3134
S
10434 10534
27
♦Certificates of deposit
♦Conv gold 534s
Mohawk & Malone 1st gu g 4s. 1991 M
3034
3334
1634
3154
3234
8
104 34
7534
273
66
10134 104
10034 104
9934 10534
9334
3254
25
98
11
60
12
21
93
52 34
78
59
1154
3
1954
13
105
7634
59
32
2034
229
1938
93
5934
4934
8734
8
1134
3034
Secured 5% gold notes
76
1054
10334
Leh Val Harbor Term gu 5s
83
4954
18
2834
10234
57
83
36
1154
3034
"6334
16
"*9
1134
32
1964
8154
91
S
10434
1954
3854
3054
*39
*92
M
10434
1974
52
2334
1854
39
5
♦Sec
10134
1st & ref s f 5s
38
77
10134
*9734
29
87
10334
1st & ref s f 5s
1st & ref s f 5s
8834
4634
4234
3
43
gold 4s
1938 M S
♦Montgomery Div 1st g 5s. .1947 F A
♦Ref & impt 434s
1977 M S
*10334
A
4134
J
10334
F
33
1978 J
104 34 112
98
.
91
8034
6
3254
3234
J
67 34
2
56
3434
J
1941 M N
65
6954
3634
J
1978 J
64 34
10534
4
1st ref 534s series B_
1st Chicago Term s f 4s
43
10234
234
25-year 534s
{♦Mobile & Ohio
10234
5
4
8034
10534
6
334
254
32
66
6934
154
254
♦Cum adjust 5s ser A
Jan 1967 A O
{♦Mo Pac 1st & ref 5s ser A
1965 F A
9
31
S
F
J
5
334
2954
70
10534
79
6
6
3
2634
7034
6934
S
70
71
554
30
69
M
95
88
4934
*67
♦Certificates of deposit
J
32
7034
30
♦Mo Pac 3d 7s ext at 4 % July.
1945
f 5s 1944
52
28
9834 10234
Lehigh & N Y 1st gu g 4s
6034
39
J
2734
1937 J
1941 J
14
3554
Prior lien 4 34s series D
10334 10834
11234 11534
95
10134 10454
10134 105
...
s
♦1st & ref 5s series G
94
80
86
165
10334
10234 10454
79
1949 IVI
82
67
20
1946
41
6734
95
*86*"
*37
334
2934
10454 10934
9834 106
6754
86
7234
10434
10034 103
12
1834
90
44
1st & ref 6s series A
99
*6634
1
1938
3834
*66
3
15
1st cons 5s gu as to int
37
6734
91
10434
M St P & SS M con g 4s int gu_1938
1st cons 5s
1938
9834
1942 F
104
10734
10454
1949 M
1962 Q
99
1942 F
9
4
134
2334
91
1934 M N
♦1st & refunding gold 4s
♦Ref & ext 50-yr 5s ser A
37
Coll tr 6s series B
11034
10734
{♦Mil Spar & N W 1st gu 4s
1947 M
{♦Milw & State Line 1st 334S..1941 J
{♦Kreuger & Toll cl A 5s ctfs.. 1959 M
Coll tr 6s series A
108
13
103J4
1939
Laclede Gas Light ref & ext 5s. 1939 A
Coll & ref 5 34s series C
1953 F
Coll & ref 534s series D
1960 F
69
22
10254
86
10634
10334 10334
119
109
102
7034
161
1
10834
8434
106 34
38
105
8434
155
9934
103
102
J
10534
10834
100
13
10734
{{♦Milw&Nor 1st ext4 34s(1880)1934
1st ext 434s
...1939
{♦Minn & St Louis 5s ctfs
92
9
10434
J
4
9934
10734
7834
101
1962 J
3
*12134
18
100
10334
40-year 4s series B
161
29
81
3634
96
Mo-K-T RR pr lien 5s ser A...1962 J
10534
106
19
9634
161
10534
9834
88
10534
*116
87
36
93
161
106
61
91
10534
1954 J
1
91
115
98
103
106
10334
94
87
100
1971
Con ext 4 34s
5034
100
91
D
102
103
106
81
10034
1940
1st mtge 5s
68
36
1990 J
100
1
103
Cons sink fund 4Mb ser C
1954
Lehigh & New Eng RR 4s A... 1965 A
3
Mo Kan & Tex 1st gold 4s
107
3
1961 J
Lehigh C & Nav s f 4 34s A.... .1954
7134
5634
32
92
"*2
1961 J
1961 J
5s
44
5834
*39
102
113
4 Mb unguarenteed
gold
22
51
J
17
113
Plain
2d
23
40
74
1951 M S
1952 M N
1979 J
99
88
11
1959 J
20
103
*101
Lake Sh & Mich So g 334s
1997 J
♦Laufaro Nitrate Co Ltd 6s.-.1954 J
10834 113
10254 10434
44
23
{♦Mo-Ill RR 1st 5s series A
89
9334
10234
Kentucky Central gold 4s
1987 J
Kentucky & Ind Term 434s... 1961 J
__
4
*36
*12
9654
7934
J
Jack Lans & Sug 334s
1st gold 334s
10834
81
88 34
11134 112
86
9634
D
5334
5
8634
109
1956 J
f 7s
95
9134
9934
11134
10834
1960
21
1977 M
s
9134
4734
45
J
Milw El Ry & Lt 1st 5s B.....1961
102
"16
O
♦Miag Mill Mach 1st
97
4834
First and ref 634s
1954 J
Kinney (G R) & Co 7 34 % notes 1936 J
1945 J
Kresge Foundation col! tr 4s
10454 10754
10154 10454
36
D
Michigan Central Detroit & Bay
City Air Line 4s
1940 J
90
134
1949 F
65
87
♦Mex Internat 1st 4s asstd
8634
8434
1990
Metrop Wat Sew & D 534s
1950
{{♦Met West Side El (Chic) 4s. 1938
8834
20
Kings County Elev 1st g 4s
Kings Co Lighting 1st 5s
10334 106
10734 11134
103.34 11054
94
J
1943
80
20
234
A I Namm & Son 1st 6s
7534
3
1937 A
1997 A
46
40
90
1959 IVI N
1st ext 4s
{♦Man G B & N W 1st 3348—1941 J
Mfrs Tr Co ctfs of partlc in
Ref & impt 434s series C
Mid of N J 1st ext 5s
9334
10634
Purchase money 6s
10334 107
10734 10934
45
24
*154
9434
13434
9334
*10534
Kings County El L & P 5s
"~4
100
*9334
9534
9334
Lake Erie & West 1st g 5s
36
40
9634
James Frank & Clear 1st 4s.
Kan & M 1st gu g 4s
Stamped.
9534
11134 113
10734 109
1
*48
10334
4034
97
8534
1946 M
122 34
84
98
4154
4134
6234
5834
4034
6034
79
Keith (B F) Corp 1st 6s
Kendall Co 534s
13334
118
"23
11234
103
90
68
Kansas Gas & Electric 4 34s... 1980
♦Karstadt (Rudolph) 1st 6s.
1943 M N
131
"9534
9454
4534
152
1st 4s
5
10
105
105
*9454
10334
102
9954 10254
"8834
112
48
110
Apr 1950
10854
10334
10934
10934
9754
98
*11334
2
8734
{♦K C Ft S & M Ry ref g 4s__ 1936
♦Certificates of deposit
103 34
104
S
2013 J
1
*54
10434
102%
1945 M S
1952 J
J
♦2d 4s
12134
9454
11134
10934
10234
*10734
8834
A
1980 M
Paducah & Mem Div 4s
St Louis Div 2d gold 3s
Mob & Montg 1st g 434s
29
85
9334
K C Pow & Lt 1st mtge
4Mb-. 1961
Kan City Sou 1st gold 3s
1950
"*5
10234
*10334
2003 A
D
107
97
81J4
1959
10534
13234
1940 J
111
96
4534
7434
104 34 106
10434 10534
101
10334
102
132
50
85
__
39
132
2003 A O
2003 A O
1st & ref 5s series B
ser
55
7434
120%
1937 M N
Unifield gold 4s
1st refund 534s series A
1st & ref 4s
"9634*
10234
12034
9434
9434
11134
*10834
10334
108
10854
10334
10334
137
131
12154 126
108
102
Louisiana & Ark 1st 5s ser A.-.1969 J
J
Louisville Gas & El (Ky) 5p...l952 M N
Louis & Jeff Bdge Co gu 5 4s
1945 M S
Louisville & Nashville 5s
7054
10334 107
115
12234
23
125
10234
..1951 F
5834
6434
40
13234
1944 A O
A
Lorillard (P) Co deb 7s
97
34
50
10534
s
1949 IVI
Guar ref gold 4s
50
*108
1946
Long Dock Co 334 s ext to
Long Island gen gold 4s
p m
A
1962 M
5s
96
92
warr
Liggett & Myers Tobacco 7s__.1944 A O
Little Miami gen 4s series A
Loews Inc s f deb 334 s
Lombard Elec 7s ser A
High
8154
3334
140
*122
5034
"5034
8034
♦Ctfs with
105
105%
9534
92 34
w
58
9334
6534
8034
Debenture 5s..
w
56
89 34
J
1952 J
J
1939 J
1955 F A
{♦Iowa Central Ry 1st & ref 4s. 1951 M S
434s.
Conv deb
♦Ctfs
57
5s
cons
8734
10334 10534
8134
7334
8634
w
2003 IVI N
Leh Val Term Ry 1st gu g 5s_..1941 A O
Lex & East 1st 50-yr 5s gu
1965 A O
General
11
"42"
1941 IVI N
1947 F A
1st coll trust 6% g notes
1st lien & ref 634s
♦Ctfs w
6234
107
*33
1944 A
Internat Hydro El deb 6s
City Term
53
9334
5234
9534
1134
Int Merc Marine s f 6s
1941 A
Internat Paper 5s ser A & B... 1947 J
Ref s f 6s series A
1955 M
Int Rys Cent Amer 1st 5s B... 1972 IVI N
Kansas
N
1
9054
4934
5434
10534
9534
1956 J
Impt 5s
108
Low
High
9054
4654
10434
9434
10434
"§4"
1956 J
&
10634
Since
90%
4734
135
♦Certificates of deposit
Ref
46 34
J
Range
Jan. 1
Asked
N
9634
♦Certificates of deposit
5 ♦10-year 6s
g
1940 J
2003 IVI
2003 IVI
Lehigh Val (Pa) cons g 4s
General cons 4J4s__
50
1961
F
{ Interboro Rap Tran 1st 5s.-.1966 J
Telep & Teleg deb
4Mb
105
99 34 10234
10234
*10234
97
&
9234
Inland Steel 354 s series D
Int
04.
9134
*104
conv
10234
84 34
64 34
10334 10534
83
*9634
O
Internat Cement
10034
100
*98~~
98
Illinois Steel deb 434s
1940 A
Ind Bloom & West 1st ext 4s.. 1940 A
Ind 111 & Iowa 1st g 4s
1950 J
Ind Union Ry gen 5s ser A
Gen & ref 5s series B
8534
6854
Bid
Low
Leh Val N Y 1st gu g 4Mb
20-year
272
*10034
D
Price
10234 102 34
10134 10334
106
8534
334s.-.1951
Week Ended June 26
Unified gold 4s.
108
*8l"
*81
Western Lines 1st g 4s.
1951
111 Cent and Chic St L & N O—
Joint 1st ref 5s series A
1963 J
1st & ref 4 34s series C
1963 J
Friday's
10534 112
84 34
80
*89
Range or
Sale
104
*9334
1951
Week's
Last
11134
10334
101
*100
"73M
St Louis Div & Term g 3s...1951
Gold 3 Mb
1951
Springfield Div 1st
7934
*7634
85
1952 J
Litchfield Div 1st gold 3s...1951
Louisv Div & Term g 3 34s.-.1953
123
*90
*80"
Purchased lines 3 34s
Collateral trust gold 4s
15-year secured 6Mb g
..1936 J
40-year 434 s
..Aug 1 1966
Cairo Bridge gold 4s
...1950
11934 123
Friday
BONDS
N. Y. STOCK EXCHANGE
10734
107
*10934
*10334
J
4834
3834
30
7834
2934
J
1951 M S
1952 A O
..1955 M N
Collateral trust gold 4s
4154
*12134
O
.....1951 J
Extended 1st gold 334s„
*10334
4134
3734
12434
5834
1937 J
A. T. & T. Tele. N. Y. 1-1598
102
94
32
1937 J
NEW YORK
St.
Telephone Whitehall 4-2900
1434
734
90
124
58
Wall
63
10634 10734
2
110
O
Members New York Stock Exchange
9634 105
10934 11934
7534
102
D. H. SlLBERBERG & Co.
107 34 116
22
9434
10134
1937 M N
5s
H & T C 1st g 5s lnt guar
Houston Belt & Term 1st 5s.
10234
107 34
*76..
10134
J
1944 A
4 Ms
♦Hoe (R) & Co 1st mtge
100
*7534
J
Stamped
Gulf States Steel deb 534s
34
21
81
11434
31
10934
127
10334
260
10334
11734 1250
531
10434
102
98
J
100332
11334
75
*50
1940 M N
Greenbrier Ry 1st gu 4s
Gulf Mob & Nor 1st 534s B
FOR BANKS AND DEALERS
95
1976
General 4 34 s series D__
General 4Mb series E.._
Gen mtge 4s ser G
:
{♦Housatonic Ry cons
10034 10334
16
1973
Great Northern gen 7s ser
BROKERS IN BONDS
High
Low
High
A
1944 F
1950 J
A-..1936
1961
1952
Gt Cons El Pow (Japan) 7s
1st & gen sf 634s
cons g
Jan. 1
Asked
10034
10054
D
1947 J
Grays Point Term 1st gu 5s
Since
Friday's
Bid
Low
Grand Trunk Ry of Can g 6s.
Range
Range or
Sale
Week Ended June 26
Hocking Val 1st
4305
New York Bond Record—Continued—Page 4
142
C..1955
1955
84
8
10
103
104 34
10054 10434
87
8334
88
8534
82 34
83
New York Bond Record—Continued—Page 5
4306
June 27, 1936
Friday
BONDS
RAILROAD
BONDS
Last
N. Y. STOCK EXCHANGE
-
Sold
Quoted
-
123 S. Broad St., Phila.
Kingsley 1080
HAnover 2-1720
i
A. T. & T.:
N. Y.
Price
Week Ended June 26
Bid
s
1939 J
2000 J
f 4 %s
97%
1955 M N
Constr M 4%s series B
93%
87%
Namm (A I) & Son—See Mfrs Tr—
Nash Chatt & St L 4s ser A
1978 F
91
A
Nash Flo & S 1st gu g 5s
Nassau Elee gu g 4s stpd
1937 F
1951 J
A
J
1942 J
D
rnrn'mmmmm
Nat Dairy Prod deb 3%s w W..1951 MN
Nat Distillers Prod deb 4 %s._.1945 M N
f 6s
Nat By of Mex pr lien 4%s
♦Jan 1914 coupon on.
♦April 1914
♦April 1914
♦Assent
1957 J
J
*2%
*2%
coupon on
coupon off
1977 A
O
& rets No 5 on. 1977
warr
♦April 1914
♦April 1914
♦Assent
& rets No 4 on. 1926
J
coupon
on.__._.1951 A
coupon
off
warr
1951 A
& rets No 4
Nat Steel 1st coll
s
on.
O
^
m
mm
-
-
-
13
444
41
•
mm
»-
-
30
86
92 %
103
104%
57%
73%
103%
101 % 104%
102
103
105
"2%
"2%
2%
5%
1
1
t
"4%
"m
2%
1
<M to\
4%
m-m m
m.
3%
mm
3%
61%
122
49
107%
61%
42
2
122
D
1945 J
1945 J
J
74%
65
65
New England Tel & Tel 6s A—1952 I
D
1
75%
J
cons
England RR guar 5s
4s
♦Consol guar
1st g 4%s series B
...1961
124%
124%
N J Junction RR guar 1st 4s... 1986 F
N J Pow & Light 1st 4%s
1960
16
8
124%
122%
122%
M N
31
8
*103%
A
•
O
106%
106%
..1983
J
85%
84%
NO & NE 1st ref&lmpt 4%s A.1952
New Orl Pub Serv 1st 5s A9...1952
o
—
85%
New Orl Great Nor 5s A
First & ref 5s series B
98
65
92%
33%
49
J
92%
92
33%
o
38%
37%
33%
37%
37%
37%
40
39%
195<
4%s series D
5%s series A
A
.195'
♦1st 6s series C—
♦1st
98%
O
♦1st 5s series B
♦1st
63
97%
97%
D
1955
A
1951
N & C Bdge gen guar
1945 J
4 %s
J
112%
1944 MN
N Y Cent RR conv 6s
95%
1998 F
Consol 4s series A
Ref & lmpt 4%s series A
Ref & lmpt 5s series C
2013
2013
93
38%
30
lz
19
40%
73
100%
105%
368
96%
87%
94%
101%
108
102
201
47
106
15
2013
Mich Cent coll gold 3%s
86%
86%
87%
115
1998
Ref & lmpt 4%s ser A
Lake Shore coll gold 3 Ha
94%
93%
92%
103%
99%
87%
95%
43
94
74
Refunding 5%s series A
1998
1937
1974
Ref 4%s series C
94
1978
N Y Chic & St L 1st g 4s
103%
100%
88
97%
Oct 1 1938
N Y Connect 1st gu 4%s A
1st guar 5s series B
1953
N Y Dock 1st gold 48
______
1953
______
96%
107%
*108%
62
1951
101
174
89%
455
98
136
107%
10
•mmmrnrn
im
63
53%
106%
101%
106%
101%
11
103%
61
56
Serial 5% notes
1938
N Y Edison 1st A ref 6%s A...1941
1st lien & ref 3%s ser D
1965
"4%
r43
f
56%
16
16
106%
102*^
80
6%
"4%
120% 122
58
45%
83%
77%
122
125%
119% 122%
100
102
105% 107%
75
"124%"
114%
N Y Lack A West 4s
ser
a£—1973
95%
N Y A Long Branch gen 4s.._.1941 M
S
A
O
M
S
M
S
♦Non-conv debenture 3%s__1954 A
O
♦Non-conv debenture 4s
1955 J
♦Non-conv debenture 4s
1956 M N
♦Conv debenture
J
10
105
105%
12
*101
103%
98
105
mmmmm
1
115
34
98
rn.
124%
95%
106%
98%
*104%
„
M N
4%s series B
1973 M N
N Y L E A W Coal A RR 5%s_1942 M N
N Y L E A W Dock A lmpt 6S.1943 J
t*N Y A N Eng (Bost Term) 4sl939
$*N Y N H A H n-c deb 4s
1947
♦Non-conv debenture 3%s__1947
114%
95%
N Y Greenwood L gu g 6s_.__.4946
N Y A Harlem gold 3%s-_Jkr.2000
*105%
*107%
*99%
26
25%
*26%
26%
*25%
25%
25%
2
mmmmm
-
—
-
-
mmmmrnmmmm
rn-Lmmrn.
26%
15
27%
—
26%
26%
6
mmmmm.
18
26%
36
42
42
110
109
119
89
100
90
95%
98
102%
100
106%
90
98
96%
86%
101% 104%
82
101
70%
89%
88
98
105% 109
106% 108%
61
52
106%
77%
75
109%
101% 102%
122% 125%
39
25
38%
37%
43%
34
42
16
t*N Y Rys Corp lnc 6s
♦
Jan 1965 Apr
In c 6s assented
45
45
114
47%
53
105%
"~4
1965
Prior lien 6s series A
.1965
Prior Hen 6s assented
}"j
105%
1965
N Y A Richm Gas 1st 6s A
107
1951 M N
N Y Steam 6s series A
1947 M N
1st mortgage 5s...
1st mortgage 5s
*108%
106%
106%
1951 M N
1956 MN
N Y Susq A W(st 1st ref 5s__._1937 J
2d gold 4^8
General gold 5s
79
J
Terminal 1st gold 5s
1943 M N
N Y Telep 1st ii gen s f 4%s.__1939 M N
N Y Trap Rock 1st 6s.
.1946 J
6s stamped
Y Westch A B 1st ser 14
«.
*.
j~
14
14%
Nord Ry ext sink sunf 634s
130%
1950 A
F
106%
101%
124%
15
35%
101
56%
49%
103%
93%
104% 107
50%
31%
50%
31%
99% 105%
99% 105%
107
108%
108% 111
106
107%
89%
83
46
72
100
102
28
110% 111%
101
104
63%
102%
63%
>
55
73
102%
39
108
108%
101
_
_
_
102%
102%
m
W
*
-
«•
♦1st M
s
f g 3s loan ctfs
955'F
J
S
942 M
Penn Co gu 3%s coll tr A
Guar 3%s coll trust ser B___
Guar 3%s trust ctfs C
mmmmm
S
941 F
A
942 J
m
_
m
mm
m
m.
963 F
Penn-Dixle Cement 1st 6s A...
Penn Glass Sand 1st M 4%s___
Pa Ohio A Det 1st A ref 4
%s A.
4%s series B
Pennsylvania P A L 1st 4%s._
Pennsylvania RR cons g 4s....
981
981 J
97
—
151%
8
37%
68
„
_
51
mmm
1
73%
mm
103%
~mm
—
—mm**.
67
97
6
105%
*108%
107
107%
112
112
112
4*-
114%
114%
89
1
3
970 A
O
100%
100%
102%
Consol sinking fund 4
%s
General 4 %s series A
960 F
965 J
A
122
122%
Iz
113
39
-
*114
948 M N
mmrnrn
131
General 5s series B
968 J
D
112%
118%
Debenture g 4%s
970 A
981 A
O
103%
O
109
121%
112%
118%
103%
108%
109%
70
984 J
943 A
J
109
109
109%
35
O
120
120
1
947 M
S
111%
112
13
O
87%
11%
*110%
87%
11%
104%
l04%
General 4%s series D.......
Peoria A Eastern 1st
♦Income 4s
4s
cons
_
_
April
Peoria A Pekin Un 1st
5%s
Pere Marquette 1st ser A 5s...
1st 4s series B
940 A
D
Apr
990
974 ,F
956 J
A
D
J
4%s__
ref 6s..
973 J
949 M
•»
»
m m
F
A
-
*
m
mm m
m
•
105%
107%
104%
41
S
20%
Phllllpplne Ry 1st s f 4s
Plllsbury Flour Mills 20-yr 6s..
937 J
J
31%
943 A
O
Pirelli Co (Italy) conv 7s._.._
952 M N
Conv deb 6s
33
119%
116
104
2
2
35
97
96%
99
_
122%
J
971
Reading C A I
73%
102%
104%
102% 106%
101% 105%
90%
99
56
103% 107%
108% 108%
106
107%
112%
110%
111%
111%
100%
118%
102%
122%
109
114
114%
114
115% 120%
99% 104%
105% 111%
105% 111%
115% 120
106% 112%
76
92
9
17
108% 111%
98% 105
89
97%
99%
112%
137
89
100
112
99
_
A
D
967 J
967 M N
1st A ref 4s
Phlla A
96%
J
956 J
980 M S
943 M N
977 J
981 J
General g 4%s series C
104%
J
974 F
60
105%
*104%
Consol gold 4s
4s sterl stpd dollar May 1.
Gen mtge 3%s ser C
Gen mtge 4%s ser E
Peop Gas L A C 1st cons 6s
Refunding gold 6s
42
32%
72
49%
119% 122%
104% 106
104%
107
948 M N
65
61%
69%
101
106%
95%
w
«.
—
7
111
113
122%
112%
1
120
124
117
117%
25
113
114
114%
21
105%
106%
104%
40%
20%
30%
107%
105%
97
11
107%
105
34
38
41%
21%
61
32%
62
108
4
85
Pitts C C A St L
4%s A...... 940
85
3
112
112
II
.....
Series J
cons guar
mm
m
m
—
945 M N
949 F A
D
953 J
957 M N
Series E 3%s guar gold
Series F 4s guar gold
Series G 4s guar
Series H cons guar 4s
Series I cons 4 %s
mm
112
4
112%
1
960 F
4%s
General M 6s series A......
Gen mtge 5s ser B
A
963 V A
964 M N
970 J D
975 A O
Gen 4%s series C
Pitts Va A Char 1st 4s
guar
958 J
119%
115%
110
115%
103% 106
105
109
103% 108%
37%
20
25%
106%
70
55
32%
34
109
85
4%s
ser A..
1st M 4 %s series B
1st M 4%s series C
Pitts Y A Ash 1st 4s
1st gen 5s series B
ser
D
958 A
A....
1st gen 5s series C
1st 4%s series D
O
948 J
88
953 F
A
960 M
J
S
70%
■
J
J
J
63%
39
116
122
106%
15
106%
50
*103%
104%
106%
103%
102%
103%
106%
105%
107%
106
107
4%s without warrants
Purity Bakeries
s
f deb 5s
J
933 J
957 M N
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com
stk(65% pd)
{♦Debenture gold 6s
Reading Co Jersey Cent coll 4s.
Gen A ref 4%s series A
Gen A ref 4%s series B
-
_
-
115% 121%
118
118%
5
115% 121%
116
121%
6
107
11
73
92%
75
91%
74
91%
109
-
89
~
110
-
89%
89
89
87%
102%
102%
14
123"
J
O
997 J
J
91
•
997
-a
a
30%
90%
119% 119%
"26
rnmmmmm
72
110
106%
106%
*10
,
10
75%
31%
155
11
91%
13
15
mm
mk
mm
mm
*80%
77% 102%
79% 100%
66%
80%
104% 108
64%
82
28
41%
80
94
10%
21%
92%
79
1021932 102%
14
102>932l09%
94
114%
116%
362
110% 131%
104%
115%
104%
2
95%
10
102% 105%
91% 103
94
*100%
D
951 A
30%
D
941 J
*101%
70%
75%
J
21%
51
»
----
120%
IoI%
A
953 F
Port Gen Elec 1st 4
%s ser C__
1st 5s 1935 extended to 1950.
948 J
22%
12%
1
119%
*119%
A
950 J
12%
6
1
„
121%
112
108% 108%
120%
121
111
109
D
950 J
155
111
mmmmrn
D
Port Arthur Can A Dk 6s A...
1st mtge 6s series B
_
113%
D
962 F
974 J
977 J
....
114
110%
106% 106%
*87
O
960 A
111
110
*109
89%
111% 112%
111
108%
J
977 J
943 M N
♦Pitts A W Va 1st
112%
*112%
*110%
*105%
*110%
*112%
*110%
*120%
*120%
*120%
O
96% 103%
101%
61%
97%
112
*105
-
J
971 A
30
83
29
O
Pub Serv El A G 1st A ref 4s_.
Pure Oil Co s f 4%s w w
105% 108
120
101
104
103%
S
46
59%
90%
943 M N
A
109
18
45%
43%
*103%
941 M S
D
O
102
10
118
*106%
A
956 M
62
105
m
960 J
977 A
93
102% 104%
102% 103%
10
D
m
952 M N
.....
8
102% 104%
106% 109%
99% 101%
45%
*
D
944 J
Guar 3%s trust ctfs D
ser E trust ctfs
-
937 M S
^♦Providence Term 1st 4s...._
24
98% 103%
44%
59%
88%
112%
36%
117
22%
130%
15%
81
45%
43%
90
968 M
2
102%
103%
*108
A
955 J
Paramount Pictures deb 6s
Paris-Orleans RR ext 5%s
32
100%
102%
43%
♦Certificates of deposit
Paramount Broadway Corp—
13
10
4
101
100%
100%
•102%
8f♦Pan-Am Pet Co(Cal)conv 6s *40
63
121
150
J
14
105%
_
J
106%
105%
Forfootnotiesee page 4307.
102%
101
♦2d extended gold 6s
1938
Pacific Tel A Tel 1st 5s
..1937
Ref mtge 3%s series B
1966
Paducah A 111 1st s f g 4%s.__1955
953 J
35
104%
105%
100
102%
108
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El gen A ref 6s A. 1942
1st A ref 4s series G
1964
Pac RR of Mo 1st ext g 4s
1938
942 J
62%
104
110
S
^Postal Teleg A Cable coll 5s.
}*♦ Pressed Steel Car conv g 5s.
^♦Providence Sec guar deb 4s
103
113%
102%
S
Porto RIcan Am Tob conv 6s.
106%
109
102%
Oslo Gas A El Wks extl 5s
1963 M
Otis Steel 1st mtge 6s ser A...1941 Ml
96
120%
104
105
93
120%
Aug 15 1963
55
80
106%
Nov 15 1969
107
80
105%
Deb 5%s serifs B
Deb 5s series C
106%
4
13
1957
106%
O
1941
A
J
O
1961
ser
1961 J
942 M N
North Amer Co deb 5s
No Am Edison d eb 5s
Ore-Wash RR A Nav 4s
123%
108%
A
N A W Ry 1st cons g 4s
Pocah C A C Joint 4s
1996
119
942 A
62%
♦Certificates of deposit
|t*Norfolk A 3outh lstg 5s...1941
5
Series B 4%s guar...
107%
81
82
101%
121%
121%
Series C 4%s guar.........
Series D 4s guar
54
mm
110%
82
106%
37%
106
3
14
Nlag Lock A O Pow 1st 5s A...1955 A
Niagara Share (Mo) deb 5%s._1950 M
5t*Norfolk South 1st A ref 5s..1961
*101%
110%
118
J
41
82%
111% 115
37%
45
57
*
D
1
114
111% 114%
1946 J
51%
26%
40%
103
103%
4
4
35%
15%
28%
113%
102
4
28%
4
79
82
1946
%s_'46
110%
mrnmmZmm
25
37
14
81
57
A
3
106%
*65
1937 F
1940 F
107
108%
106%
105%
100%
25%
26%
38%
107
114
113%
*112%
111
121
General 4%s series D
Phlla Co sec 5s series A.
Phlla Elec Co 1st A ref
89
N Y Queens El Lt A Pow 3%s.l965 MN
„
112% 113%
3
mm. mm
mm
112%
108
53
-
—
5
113
103
-
120%
120%
102%
105%
49
10
•
—
-
112
100%
104%
105%
100%
30%
-
••
—
112%
103
93%
.
113
*
„
«.
120%
120%
1st g 4%8 series C
Phlla Bait A Wash 1st
g 4s
General 6s series B
92%
-
112%
-
J
113% 116%
92% 100%
102
104%
94% 100%
26%
25%
104% 106
D
28-year 4s
92%
^mrnrnrnm
Il3"
39%
109% 109%
66
1946 J
43
♦1st A ref 4%s ser of 1927—.1967 J
D
♦Harlem R A Pt Clies 1st 4s_1954 M N
87%
112%
99% 103
25%
1946 J
32%
74 %
90
..
4s
com g
Guar 4s
80%
107
109
Ore Short Line 1st cons g 5s
Guar stpd cons 5s
41
74%
106
107%
J
O
A
Ohio River RR gen g 5s
1937 A O
Ontario Power N F 1st 5s
1943 F A
Ontario Transmission 1st 5s...1945 M N
30
30
_
1947 F
93
25
O
1st A ref 7s series B
108
13
31%
105%
98%
18
O
Ohio Indiana A West 6s. .Apr 11938 Q
Ohio Public Service 7%s A
1946 A
103%
104%
104%
107%
63
104%
89
16%
29%
A
*30
104 %
80%
24%
32%
33%
17
t*N Y Providence A Boston 4s. 1942
1965 MN
1943 M S
66
1957 M N
N Y A Putnam 1st con gu 4s... 1993 A
Ohio Edison 1st mtge 4s
17
33
*121%
73%
*101%
22
42%
37%
*103%
87%
106%
106%
1948 J
68
102%
30
J
Og A L Cham 1st gu g 4s
Ohio Connecting Ry 1st 4s
6
■'m
rnmmmmm
J
37
43
J
S
36
D
mmmmrnm
O
36
1955 J
1964 M N
944 A
O
June 1992 M S
Ref mtge 5s
953 J
1
General 4s.
ser B
949 M
99
N Y O A W ref g 4s._
4%s
t*Park-Lexington 6 %s ctfs
27
♦Debenture 4s
O
Ref mtge
99% 109
108
Parmelee Trans deb 6s
Pat A Passaic G A E cons 6s
♦Paulista Ry 1st ref s f 7s
30
1940 A
14
..1961 A
104%
104%
106%
108%
104%
106
105%
108%
*105%
102%
101%
74
29
♦Collateral trust 6s.__
104"
88%
27
J
"l04%
O
98%
1
rnmrnmrnrn
J
1948 J
3%s
O
1941 A
88%
29%
1956 J
♦Conv debenture 6s
O
1941 A
52
N Y A Erie—See Erie RR.
N Y Gas El Lt H A Pow g 5s...1948
Purchase money gold 4s
1949
1938 A
1st A ref 6s ser B
104% 112%
74% 85%
93
103%
"6%
2%
6%
103% 107%
61%
77%
109
113
93
100%
8
38
86%
_
3
61
37%
*110%
.111%
95%
87
N Y Cent & Hud River M 3 %s.l997
Debenture 4s
1942
3-year 6s.
44
62
195*
n-c
-
28
97
______
lnc 5s..l93.r
New Orleans Term 1st gu 4s... 1953
tf*N O Tex & Mex
107
98%
J
17
Norweg Hydro-El Nit 6%s_..1957 MN
4
mm
6s—.1948 J
Newark Consol Gas
♦New
108
Northwestern Teleg 4%s ext..1944 J
4%
106%
1954 M N
{♦Naugatuck RR 1st g 4s
107%
92 %
1
3%
3
3%
107%
D
107%
98 %
rnmmmm
*2%
*2%
......
1951
1965 J
f 4s
109%
2047
Oregon RR A Nav
.
*4
J
O
112
100
2047
lmpt 5s series C
84
109% 116%
108 % 110%
Nat BR of Mex prior lien 4%s—
■J ♦Assent
107
5
55
Ref A lmpt 5s series D
Nor Ry of Calif guar g 5s
90
-
104%
103%
*2%
*2%
*3%
mmrnrnmrnrn
173
108
94%
mrn'mm
3
3%
O
warr
High
*3
J
103%
112
107
90
44
-
65%
103%
J
103
111%
111%
107%
10514
91
'mm'm
65
1957 J
...1977 A
73
103%
80
80%
104
109%
104
1957 J
No 4 on. 1957
warr & rets
-
Low
1967
♦July 1914 coupon on
♦July 1914 coupon off
♦Assent
Since
22
98
*103%
103%
65
2047
109%
J
1
88
■W-
90%
*104%
104%
s
75
2047
1997 Q
60
94
97%
87%
65%
Nat Acme 1st
^mmrnrnrnrn
90
Ref A
Jan. 1
NO.
104%
93%
*116%
109%
Mutual Fuel Gas 1st gu g 5s... 1947 MN
Mut Un Tel gtd 6s ext at 5%-.1941 MN
79
80%
121%
112% 115
65% 72%
2047
Nor States Pow 5s ser A
Range
§•8
Hiah
104%
J
D
1956 M N
Morris & Essex 1st gu 3%s
Constr M 6s series A
110%
High
120
Ref A lmpt 4%s series A
Reg A lmpt 6s series B.
£2
Asked
A
Low
Morris & Co 1st
*63%
109%
....
tjOW
to sale Oct 1933 A
♦Apr 1934 coupons
Week's
Range or
Friday's
Sale
68"
as
Since
Jan. 1
North Pacific prior Hen 4s
Gen lien ry A Id g 3s Jan
Last
STOCK EXCHANGE
*63%
♦Stmpd
NY 1-735
Friday
BONDS
mmm-mmm
__
*113%
^♦North Ohio 1st guar g 6s—1945
♦Ex Apr'33-Oct'33-Apr,34 cpns
Members New York Stock Exchange
•
No.
Hiah
*121
1974
Range
5*3
Rasa
Asked
A
Gen A ref 4%s series A—...1974
1
St., New York
Bid
Low
North Cent gen A ref 5s A
LOBDELL & CO.
48 Wall
Price
•5 ft,
£2
Range or
Friday's
Sale
Week Ended June 26
Bought
Week's
158
158
64
99%
107
67%
6
99%
99%
12
96% 100%
107
107%
5
107
107%
27
106% 108%
105% 108
63
82%
Volume
4307
Record—Concluded—Page 6
New York Bond
142
Week's
Friday
Friday
Week's
Last
Ranoe or
Range
Sale
Friday's
Since
BONDS
EXCHANGE
N. Y. STOCK
Price
Week Ended June 26
A
Asked
Bonds Sold
High
Bid
No.
Low
Jan. 1
120""
1st 6s dollar series
1953 J
Tol A Ohio Cent ref A Imp 3%8 1960 J
Tol St L A W 1st 4s
.1950 A
109%
"109k
U2H
97 K
97%
71
18
96% 100%
106
109%
23
102% 105
107%
J
103
103K
J
30
1946
J
1963
f 7s
s
J
J
4%a.l956
Revere Cop & Br 1st mtge
♦Rhelnelbe Union
♦Rhino-Ruhr Water series 6s
♦Rhelne-Westphalla El Pr 7s__1950
1952
1953
♦Direct mtge 6s
1944
♦Certificates of deposit
108
M N
IVI N
A
F
3
24K
24%
2
24
4
23
23
33%
33%
24%
24 %
23%
39
40
20
36
37 %
39
47
36
47%
1952
J
J
1955 F
A
♦Rio Grande June 1st gu 5s
1939
M
^
IVI
S
A
O
J
J
J
J
J
43
S
J
♦Ruhr Chemical s f 6s
1948
Rut-Canadan 1st gu g 4s
1949
Rutland RR 1st
4%s
St Joe A Grand Island 1st 4a
1941
1947
St Jos Ry Lt Ht & Pr 1 st 5s
1937
J
1996
A
1996
35
81%
90
52 X
94 K
76 K
90
37 K
54
80
O
M
81%
44%
108K
20
21
32 K
29%
35 %
37
33%
110
103%
103 X
*85
O
IVI N
{♦St L-San Fran
pr
lien 4a A
23%
M
1937
1937
g 4a. .1968
con
75
86
103
15%
26
19
15
14 K
23%
24
111
17 X
27 K
35
15
24K
22 K
20K
{♦St Paul E Gr Trk 1st 4%a—1947
20
21
19K
18
18%
17K
18%
75
89 K
89K
90 X
24
63K
J
♦1st terminal A unifying 6a_.1952
J
♦Gen A ref g 5s ser A
1990
St Paul A Duluth 1st
35
4
22 X
19%
B
1978
♦Ctfs of deposit stamped
M N
{♦St L S W 1st 4s bond ctfs
1989
J
J
♦2s g 4s lnc bond ctfs
Novl989
St Paul City Cable cons 5s
Guaranteed 5s
11
85 X
21
♦Certificates of deposit
♦Con M 4%s series A
63K
63K
1
53
53
36 K
37
55%
70
ioi x
5
D
*17
A
17 %
17K
J
103K
103K
D
102K
103
1937
J
J
106
106
J
J
119%
120
1940
1972
St Paul Un Dep 6s guar
8 A A Ar Pass 1st gu g 4a
San Antonio Pub Serv 1st 6s
1952
111
108
111%
108% 112
S
*113%
115K
J
35
35.
31
62 X
1946
31%
26
66
f 6%s series B
1946
A
28
1989
J {♦Seaboard Air Line 1st g 4s..l950
♦Certificates of deposit
{♦Gold 4s stamped
1950
♦Certlfs of deposit stamped
♦Adjustment 5s
Oct 1949
MN
119%
13K
13%
13
20 X
15K
12 K
O
13K
13K
11%
13K
12 K
13K
A
3%
4
3%
6
6%
5K
5%
8%
5%
8
9
4%
7K
7
7%
6%
iiK
13 K
3
24 K
M
S
13K
13K
14K
A
O
3%
3%
4K
F
A
♦3%
4K
107 %
108 X
IVI
1935
1951
S
96 %
96 to
82
*83 X
F
A
1981
1950
1955
1956
1994
1956
1956
1956
stamped
Southern Ry 1st cons g 5s
Devel A gen 6s
Devel A gen 6Kb
Mem Dlv 1st g 5s
1996
St Louis Dlv 1st g 4s
East Tenn reor Hen g 5s
Mobile A Ohio coll tr 4s
1938
1964
{♦Spokane Internat 1st g 6a
Staley (A E) Mfg 1st M 4s
Staten Island Ry 1st 4%s
1947
Chem deb 6s B...1944
Tenn Elec Pow 1st 6s ser A
1947
Term Assn of St L 1st g 4Ks._ .1939
1st cons gold 5s
4s
Texarkana A Ft S gu 5 Kb A
Tex A N O con gold 5s
69%
88%
9
5s. 1941
A
O
88
87
1955
F
A
*108%
1957
gu
Va Iron Coal A Coke 1st
g
Va A Southwest 1st
gu gs
5a.-.1949
2003
J
J
J
4Kb—1934
coupon off
J
-
14
D
J
*3
-
3
15
2K
6K
15
25
n"
26k
1958 A- O
88 K
S
104 X
104
108%
64%
104%
90%
104%
102
101%
92%
J
{Wabash RR 1st gold 5s
1939
IVI N
1939 F
J
*77
——-
-
1
9
*76%
103% 104K
65
98 K 104 X
7
1
75%
98%
J
O
S
98%
S
29%
30%
30%
28%
*
60
♦Certificates of deposit
♦Ref A gen 5s series D
1980 A
26
29%
O
29%
*
—
♦Certificates of deposit
-
104k
10
29%
26
1978
29
O
A
104
27%
104%
36 K
25
'
31
27
15
38
26 K
----
98%
26 X
7
.
77
89
10
28
--
82 %
72
30
*
A
1976 F
96 X
84 X
67 X
67 X
100X 102X
----
79%
*65
J
A
IVI
92 X
81
138
102%
102%
100% 109 K
61K
70
104
105K
....
79
J
{♦Wabash Ry ref A gen 5Ks A. 1975 IVI
♦Certificates of deposit
♦Ref A gen 5s series B
88%
92 K
A
1954 J
1941 J
1939
.1941
1941
104%
------
IVI
Omaha Div 1st g 3 Kb
Toledo A Chic Div g 4s
33
102%
92%
*
8
J
1966
♦2d gold 5s
1st lien g term 4a
Det A Chic Ext 1st 5s
Des Moines Dlv 1st g 4a
108
108
IVI
108
107 K 107 K
-
14%
X
95 X
100 K
-----
2%
------
1955 MN
5s
85 X
*108%
32 K
26
35 K
4
24 K
32 X
1
26
30 K
25
31
----
20
103% 108%
IVI
20
105%
114K 125
105%
D
93 %
93
93 X
43
S
97 K
97
97 K
183
87 K
S
90
90 X
177
76 K
90 X
128
77
192
76 X
91%
89K
90 %
90
O
112K
J
J
112%
113
*105K
106 K
105"
105k
97
98 X
93
106 X 118
105K
105 K 100 X
J '102 %
A
O
67
102 X
103 K
68
218
"50
53
83
84 X
95
68 K
85
O
86 K
85 X
88
47
71K
J
J
98
98 X
5
85
88 K
98 K
J
85
86 %
25
78
89 X
*102 K
M S
"nk
73k
15
D
107 K
107 K
107 X
17
18K
18K
18K
3
105 X
26
1944
1953
1950
1944
1943
2000
105
*100K
*14%
98
'ioek
A
O
J
J
IVI
3
104 X
J
D
98 X
97
106
96
106K
96 X
157
"22
7
123K
2
104
104 K
26
99
*110%
118 K
118K
108K
109
48
111K
105
104 K
105
102*32
102 K
102 X
28 X
46 X
62%.
65
26
41K
69
62
65
26
41X
A
69
101
101
6
108%
108%
1
—
Q M
F
-
-
81
-
101
A
------
A
------
*110%
83
77
----
94 K 101
105 X
109 K
-----
108 X
a
109 X
J
f 5s
J
110%
110%
112
6
110K 112
J
Wash Water Power
D
124%
124%
124%
1
121K 124X
IVI
123
J
122%
123
108
S
1961 J
1st mtge 4s ser H
108
108
11
119
123
1
108
110
O
J
106 K
176
106
107%
73
102%
A
J
100%
102%
109%
99%
100 K
J
J
A
O
ser
IVI
A
J
34%
34
34
96 X
101X
109
106
F
J
J
.1
M
103
108 K
100%
100%
106%
18
106
125
100 K 103 X
103% 106 K
107
108%
73
-
-
25
9
90%
91
43
85
86%
------
86%
8
81
22 K
A
—
—
112
112
1
90
92
107 K 112%
99
101X
84
100%
101%
*98%
100%
19%
19%
6
19K
19
20%
34
55
55
57
100%
33 X
107 X
104
*107
—
109
104
24%
__
90%
S
F
42 X
107
18
-
M S
Wheeling A L E Ry 4a ser D__.
RR 1st conaol 4s_.
32 K
105
107%
—'
J
1
50
25
106
S
.2381 J
35
105%
107
107%
A
IVI
102 K 104 X
110
106
44
32 X
2
100 x
-
D
1951 J
25-year gold 5s
2
77
35
105
IVI N
West Shore 1st 4s guar
109%
34 K
S
J
{♦Western Pac 1st 5a
------
J
♦Ctf dep Chase Nat Bank...
19%
J
MN
♦Ctfs for col A ref conv 7s A .11
J
D
J
D
107
101X
90
J
101
101
J
J
110
110
J
J
34
{♦Certificates of deposit.
28K
81K 117
100% 100%
58
65
126
*104%
"21
105
67
106 X 107 X
99 X 102
110
1
18%
17%
9%
18%
IVI N
104% 106
57
31%
45
19
14
15 X
26 X
17%
15
15X
25X
10%
27
9
10
97 X 102 X
76 K
57 K
14%
1
101%
------
31
19 K
18 K
6
107
J
Will A S F 1st gold 5a
104 K 108
19K
123%
98K
54
10
10
9
*
J
18"
102
32%
*
F
68K
O
105
98 X
31
92 K 104
374
A
71
92 X
86
M N
A
J
84
71
62 X
99k ioek
66 K
82 X
"85"
70
6
157
63
8
♦Deposit receipts.
Registered
J
J
10
95
32
S
8
IVI
92 X
90 X
IVI N
A
M
102 K 106 K
94
80 K
M N
75%
83
92%
O
IVI
106 X 108 K
5
89%
89K
74%
82%
94
74 X
O
A
98 K
105 K
1943
Tenn Cop A
deb 5s
90 X
103 X 106 X
100 X 102 K
107 X
1956
1940
Tenn Coal Iron A RR gen 5s__1951
Texas Corp conv
100 K
107 X
{{♦Stevens Hotels 6s series A.. 1946
♦Studebaker Corp conv deb 6s. 1945
Sunbury A Lewlston 1st 4s
1936
Swift A Co 1st M 3%s
1950
Tenn Cent 1st 6s A or B
73 X
60
69 X
1942
cons
64
61
A
♦Vertlentes Sugar 7s ctfs
Virginia El A Pow 4s ser A
1st
78
1959 F
f 4s series B
♦{July
80
90
*123""
..1951
M S
1938
S'west Bell Tel 3%s ser B
Gen refund s f g
58
67
J
Devel A gen 4s series A
102%
103%
73%
69%
1107,6 112 K
J
M N
4a
25
104 K
52 X
J
So Pac of Cal 1st con gu g 5a...1937
J
So Pac Coast 1st gu g 4s
..1937
So Pac RR 1st ref guar
97 X
104%
<
95
O
So Pac coll 48 (Cent Pac coll).. 1949
IVI
1st 4Kb (Oregon Lines) A... 1977
1969
91
67
"l04 %
A
1947
1968
2
78%
96 X
o
1936
Gold 4 Kb
San Fran Term 1st 4a
52
72
88 K
59 X
1107,6
1107,6
1107,6
67
1963
Gold 4Kb
Gold 4Kb
81K
90
*52 %
f 5s.. 1941
Southern Colo Power 6s A
101%
68
7K
42 K
81%
J
S
1950
s
2
D
1951
50-year 5s
33 K
42 K
100%
72 X
A
105 K 109
97 X
94 K
6
253
M
1941
cons guar
29 K
103 X
6K
97
J
1949
South Bell Tel A Tel 1st
4
A
F
IVI N
1952 J
Socony-Vacuum Oil 3%s
S
M
Shinyetsu El Pow 1st 6 %s
Skelly Oil deb 4s
33
27
38%
O
9K
13K
1951
Sierra A San Fran Power 5s
27%
2
38%
_
D
10 K
Shell Union Oil deb 3%s
Slleslan-Am Corp coll tr 7s
4
30
30%
1
8K
O
1951
28
30
*27%
F
1944
1947
21
O
1935
28
35%
110
103K 107 K
27
33 K
21
7%
♦{Siemens A Halske s f 7s
♦Debenture s f 6 %s
s
♦{Vera Cruz A P 1st
19%
O
A
{♦Atl ABlrm 1st g 4s
1933
{♦Seaboard All Fla 6s A ctfs... 1935
Sou A Nor Ala cons gu g 5s
114K 120K
119%
A
1945
deb 4Kb
60
143
95% 101 K
97 K 103 X
1944 A
4s series A
112 %
108
101K
♦Ref A gen 4 Ka series C
F
♦Certificates of deposit
conv
28
A
1959
♦Series B certificates
Cons
cons g
103 X
25
107
J
Vandalla
98
106
28
109%
111
2
71
D
conv
94
....
31%
110
D
J
Vanadium Corp of Am
106 X
108
D
J
Utll Power A Light 5
Ks
Debenture 5s
4
106K
A—.1947
Utah Lt A Trac 1st A re f5s
Utah Power A Light 1st 6s
101X 104K
108
J
1
-----
118
109
34
102
101
101X
8
102 X 108 K
7
112
122
119
1
102%
107%
j
66
SIX
111% 115
107 K 111%
107%
♦Certificates of deposit
♦13%
A
♦Certificates of deposit
♦1st A'cons 6s series A
28
119%
...
{♦Refunding 4s
30 X
28
O
28
Stamped
1st 4s
99 K
M
Scioto V A N E 1st gu 4s
Gen
89
99K
J
Stamped
Sharon Steel
104K 107 K
117K 124 X
39
111%
IVI N
27
103 K 107 K
102 K 104 X
26
Schulco Co guar 6%s
s
110%
111
Santa Fe Pres A Phen 1st 5s... 1942
Guar
99
99K
1943
18
100
109%
102%
102%
102 X
Virginian Ry 3%s series A
31
17
103%
J
105
17H
26%
F
tPaclflc ext gu 4s (large)
59
105
*105
J
70H
28 K
41H
100% 102 K
101K 102 K
2
J
91
39 X
56
39
101%
J
14%
13K
76 K
50
101X
J
{♦St Paul & K C Sh L gu 4 %s. .1941
J
1943
Mont ext 1st gold 4a
124
101%
J
St Paul Minn A Man 5s
51K
41K
114%
31
♦Sink fund deb 6Ks ser
18%
21K
22 %
j""j
..1950
♦Prior Hen 5s series B
J
111K 123
102%
__
{♦Universal Pipe A Rad deb 6s. 1936
20 %
J
♦Certificates of deposit
78
12
*112%
f 6Kb series C......1951
21
17%
----
129
a
s
98 K
105 K 107K
104% 106 X
1
118%
ivi
♦Sec,
89%
1
18
106%
106%
109
114
109 K
J
US Rubber 1st A ref 5sser A..1947
♦Un Steel Works Corp 0K8 A. .1951 J
40
J
1965
J
1950
81
71
81
87
67K
51
90
113%
J
j
99 K
94 K
79
121%
O
1944
{{♦United Rys St L 1st g 4s
1934
U» S» Pipe A Fdy conv deb 3 Ksl946
84 K
90
21
130
90 K
117%
United Biscuit of Am deb 5s... 1950 A
IVI
United Drug Co. (Del.) 5s
1953
U N J RR A Can gen 4s
115
5
121
....June 2008 IVI 8
1968 J D
1st Hen A ref 5a
Gold 4s
101X 105K
120 K 122
4
99%
94%
*18
8
Union Pac RR 1st A id gr 4s.—1947 J
1st lien A ref 4s
June 2008 IVI
Gold 4Ks
1967 J
3
95
106%
—
118
1947 IVI N
deb
-
—
A
1
85%
J
J
{♦St L Peor A N W 1st gu 5a...1948
79
92
78
83
77 K
79
*75
St L Rocky Mt A P 5a stpd
85
90
*75
J
43
42 K
27%
107% 110
103
105K
37K
110
35
27
♦23 %
"29 %
21%
13
21%
8t Louis Iron Mt & Southern—
1933
107 K 109
108%
conv
—
O
{♦{Union Elev Ry (Chic) 5s—.1945 A
Union OH of Calif 6s series A—1942 F
12-year 4s
112% 112%
*115%
M N
♦JRlv & G Dlv 1st g 4s
♦Certificates of deposit
103 X 107 X
104%
42 %
J
J
{♦Rio Grande West 1st gold 4s. 1939
A
♦1st con & coll trust 4s A
1949
1977
1962
{{♦R I Ark & Louis 1st 4Ks_ —1934
*79~"
—
86%
107 K
90X 101X
2
125
95
105 K
105K
99 K
9
-----
*84 K
s f 7s
1945 IVI S
Union Elec Lt A Pr (Mo) 5s... 1957 A O
J
Un E L A P (111) lstgfiKs A...1954 J
77%
56
105%
93
Uljlgawa Elec Power
51
♦
D
J
Roch G & E 4 %s series D
Gen mtge 5s series E
*103%
4
27
100%
99%
99K
♦Tyrol Hydro-Elec Pow 7K8..1955 IVI N
♦Guar sec s f 7s
1952 F A
49
38
*120 K
118
'
-
118
J
Tri-Cont Corp 5s conv deb A.. 1953 J
Truax-Traer Coal conv 0Ks
1943 M N
33%
39
'24 %
-
100% 103%
----
105K
-----
Hioh
jOW
5
107
*109
ser C
1942 M S
Toronto Ham A Buff 1st g 4s..1946 J D
Trenton G A El 1st g 5s
1949 IVI S
34
M N
♦Rlma Steel 1st s f 7s
St Lawr & Adr 1st g 5a
2d gold 6s
22 X
IVI N
O
99 K
99X
No.
78%
106%
O
Since
Jan. 1
103
78
78 K
D
D
Range
g3
Asked
Hial)
102 %
Tol W V A Ohio 4s
34
28%
27%
21%
*23%
Rlchm Term Ry 1st gu 5s.
con
24
24%
2
30
'22 %
24K
J
♦Cons mtge 6s of 1928
A
♦Cons M 6s of 1930 with warr '65
{{♦Richfield Oil of Calif 6s
"195
97 K
108
1937
103
J
107%
Ave RR 1st g 5s
Tokyo Elec Light Co Ltd—
S
&
Low
J
Third
M
Bid
Price
110
108.
2
Range or
Friday's
Sale
St
107
8
Republic Steel Corp 4 %s ser A. 1950
F A
Gen mtge 4%s series B
1961
M N
Purch money 1st M conv 5 %s *64
EXCHANGE
High
Low
43
109
108
STOCK
Week Ended June 26
M
Remington Rand deb 4%a w w.1950
M N
Rensselaer & Saratoga 6s gu
1941
Last
BONDS
N. Y.
.1
A
O
F
A
108%
IVI N
107 X
J
J
Youngstown Sheet A Tube 5a..
99%
30
-
-
-
15X
14 X
21
21
-
105'32
16
108%
106*32
111%
991
99%
99%
496
1042*32 1042*32
106*16
106732
110K
107
15
104 X
104
106&
107
108% 1UX
99 X
98 X
74 K 100 X
120
123
K
102K 105
94
e
102
U0K 111%
116
118%
105 K 1UK
87 K 105
102 X 105
99 K 104 K
117K 126 K
Cash Sales transacted during the
current week and not included In
the yearly
range.
No sales.
current week,
a Deferred delivery sale only
current week,
n Under-the-rule sale only transaction during
{ Negotiability Impaired by maturity,
t Accrued Interest payable
exchange rate of $4 8665
r
Cash sale only transaction during
transaction during
current
at
week.
124K
125
Gen A ref 5s series B
..1977
103K
103 K
104%
43
98
105 K
{ Companies reported as being in
Gen A ref 5s series C
1979
..1980
104
104
10534
50
97
105K
Section 77 of the Bankruptcy Act, or
104
104
104 X
35
97
105 X
108 K
108 X
2
68%
69K
24
57 X
71%
35%
36 K
59
22 K
43
Texas A Pac 1st gold 5s
Gen A ref 6s aeries D
Tex Pao.Mo PacTer5%a
Third Ave Ry 1st ref 4s
A...1964
1960
♦Adj lnc 5s tax-ex N Y..Jan 1960
"68 X
35K
105 K 109 X
*
Friday's bid and asked price.
bankruptcy, receivership, or reorganized
securities assumed by such companies.
under
week.
♦ Bonds
during the current week and not
included
No sales transacted during current
selling flat.
z
Deferred Delivery Sales transacted
in the yearly range
x
No sales.
x.
4308
New
YorkfCurb Exchange—Weekly and Yearly Record
June 27, 1936
NOTICE—Cash and deferred delivery sales are'disregarded In the week's
range, unless they are the only transactions of the'week, and when selling outside of the
regular weekly range are shown In a footnote in the week In which they occur.
No account Is taken of such sales in computing the range for the
year.
In the
following extensive list
furnish
complete record of the transactions on the New York Curb Exchange for
Saturday last (June 20,1936) and ending the present Friday (June 26,1936). It is compiled entirely
from the daily reports of the Curb Exchange
itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
the week
beginning
Last
Sale
Par
t c com..
v
Price
20
Adams Millis
7% 1st pf 100
Supply Mfg cl A
*
Aero
Class B
*
Agfa Ansco Corp com
AInsworth Mfg Corp
Air Investors com
103 54
*
com_.IHI*
American Book Co
American Capital—
68
114
19%
15%
Mar
Feb
Mar
100
27
35
,3ffi
4954
7454
6954
200
100
300
125
120
Apr
% June
'
37%
67%
11556
115
3
Feb
76
June
115
Apr
Apr
Feb
87
Jan
152
115%
650
109
Jan
Feb
100
12
450
62
500
45
94
200
87
3
300
3%
9%
2%
4%
154
100
154
34
34
34
200
90
90
90
50
*16
Jan
Jan
46
25
J
io
5M
"33 m
n"j oo"ml_*
Amer Fork <fc Hoe
Co com*
Amer Foreign Pow
warr.
Amer Gas & Elec
com
$2 preferred
$2.50 preferred
Amer Hard Rubber
*
»
Preferred
American General
Corp
5%
33%
Jan
75
Mar
Jan
101
Mar
Mar
June
Jan
Jan
27
Jan
86 %
Jan
9
2
36%
9154
46
6%
"35%
50
2,400
9,300
"»
Amer Mfg Co
Feb
Feb
4
20
100
19
Jan
24%
300
3% May
33%
Apr
43%
354
3X
2054
3%
3754
37%
40%
7,500
111
110
Feb
Jan
IIIIIi
41
41
25
Jan
com. 50
37
40%
29
Apr
46
19%
Jan
27%
17%
Jan
25
500
25%
Feb
275
14
30%
24%
1%
39%
2%
"22% "23"" "3l500
27
iqo
"24"
1
154
*
23
1
27%
28
24
1%
1,000
SeVvTce"*
24
*
com*
2%
*
*
"41%
654
25%
"l
"1%
Arcturus Radio
Tube
Arkansas Nat Gas
com.
II*
Common class A
*
Preferred..
evs
6%
Jo
9
$7"prefI_»
85
Class A
IIIIIIII -,
preferred
IIIIIII*
Option warrants
1H
1%
954
I.
Co" *
43
Fisheries..*
Atlantic Coast Line
Co..50
Atlas Corp
common
*
$3 preference A
»
Warrants
100
600
80
1,300
2,600
16,200
7,800
60
1%
4%
13
Jan
Jan
7% June
Mar
104%
%
3%
3%
7%
83
Feb
Jan
7%
7%
9%
Jan
Jan
June
Cent Hud G & E
Cent Maine Pow
Cent PAL
100
Mar
Mar
Mar
96
Jan
3
2
5,200
1
Jan
10
1,700
5H
Jan
'32
Jan
% June
si6 May
26%
Jan
1%
Jan
700
20
1,000
50
92
Apr
8% June
28
June
88
225
70
Jan
600
%
6654
2%
Apr
warr
Baumann
300
2%
151
"160
25
142
121
2%
3%
14%
%
%
%
Feb
Feb
Feb
Feb
Feb
46% June
3%
Feb
93% June
16%
Jan
3854
Feb
16%
Feb
65
4%
11
Jan
Feb
Jan
1% June
11
Mar
12%
Jan
65 %
Jan
Jan
Apr
103
254
70
4%
Mar
14%
38%
20%
20%
3%
45%
16%
5%
300
25
900
13,900
800
3%
300
200
100
100
13
13
13
15%
20%
12%
15%
21%
13%
16%
1%
3%
1%
3%
700
"9%
"566
Brit Amer OH
coup
26%
""
24%
26%
26
25
26
4313
1154
46
"10%
10 54
46
1054
1154
'""IO
3,700
50
2,800
98
Feb
Feb
75
Apr
90
Apr
1254
Apr
46
Jan
1654
Mar
9954 May
10754
Feb
1054 May
11654
Jan
116
Jan
754
40
954
108%
10854 110
325
1654
Feb
16%
65
.254
2%
9354
20
1654
1654
1,400
64
54
2,4
2
65
275
254
254
5,300
5,700
92
Jan
102
1454
Apr
1754
Jan
Apr
74
Feb
21
Feb
Jan
6554 June
354
Feb
354
Feb
3154
Jan
Jan
64
Feb
44
Feb
42%
154
154
1854
3154
Apr
Jan
21
42
29
29
2954
48
48
4954
fop
Cities Service oom
Preferred
Preferred B
Preferred
•
......
*
.IIII
*
BB_.II
Cities Serv PAL
$7
$6 preferred..
%
Stamping
*
Club
.
123
May
Colon Oil
Corp
com
*
5% prererred__100
1,000
43
9,900
11
1,400
43 54
44
700
1054
1054
500
254
107
Secur $3 pref
250
1,300
2,000
4,700
100
1 %
3
Jan
Mar
Feb
Feb
Mar
Feb
Apr
454
Feb
Jan
854
Feb
Jan
2,300
16 %
Jan
100
2056
Jan
26
5,000
%
Jan
45
Jan
112
54
154 June
2854
25
154
200
154
Jan
54
8,300
54
1154
May
13j54
600
14
13
Jan
Apr
Jan
com
Copper Range Co
I*
I*
II""*
"~5
Mar
5754 May
654
Mar
20
90
Jan
2
May
354
Jan
9954 10154
75
88
Jan
10154
June
54
100
"14% "l5%
1I666
54
"l5~"
116
500
92
254
"9954
Jan
May
654
Apr
9254 May
254
90
"loo
Jan
2354
54% June
354
Apr
Mar
49
Jan
113
150
1,100
354
154
Feb
5654
6
154 May
32
Jan
54%
554
Jan
Feb
16
4654
100
'
Mar
Jan
54
Apr
84
Cooper Bessemer
$3 preferred A
554
Mar
97
41%
43%
1,400
%
May
654
954
Jan
105
2
Mar
Feb
10
Apr
Jan
19
Mar
Jan
34
4954
Mar
654
654
200
454
454
1,400
7154
154
554
7154
254
Jan
7754
Feb
3,900
154
Jan
454
Feb
1054
1054
100
654
Jan
30
3154
10,600
Jan
9
Apr
454 June
8
Mar
654
Corroon A Reynolds—
97
6354
9%
29%
2754
354
104" "1I20O
1,600
Cord
Jan
Apr
Feb
9054
Jan
Mar
Mar
114
8954
Feb
2954
1554
2054
7%
26%
Jan
May
1554 June
354 June
Apr
13%
93
1,900
2%
Jan
Jan
1,275
6,800
Royalty O11...I.10
G A E 7%
prior pf 100
Mar
4
73
2854
154
554
Jan
Apr
Mar
Jan
454
8% preferred
354
854
12
May
1654
Smelts
5
Stores...__5
Jan
Feb
Feb
42
354
com*
6
May
Apr
1554
Continental Oil of \lex...l
Continental Securities...*
9%
754
154
354
Feb
18
1654
1554
27
12% Apr
20% May
Feb
954 June
354
Feb
154 May
24,600
2,700
254
48
»
Jan
Mar
Apr
154
5254
1
1354
154
654
1954
May
41
Mlnesl.""5
ConsolGEL P Bait
5% preferred A
6354 June
Jan
36
90
Feb
10954
107
Compo Shoe
Machinery
1
Connecticut Gas A Coke^-
Cont
50
154
4554
*
Feb
May
%
Jan
3% May
"""400
June
654
Jan
7
*
30
Jan
154
66
May
%
>54
Community P A L $6 pref
Community Water Serv
Apr
Feb
June
Commonwealths ~D~lst"rib"I
20
Mar
June
65
13,400
Consol
4%
63
Jan
,316
Warrants
Feb
2554
9%
June
42 54
1754
47
Feb
May
6354
154
754
Jan
3%
40
1454
54
354
39
53
Jan
41 %
56
10254
Consol Mln A
Consol Retail
3
May
2,600
16
354
Jan
43% June
15%
Apr
5% June
82,600
Apr
Mar
154
20,400
654
62
104""
Jan
Mar
59
550
Commonwealth Edison" 100
Commonwealth A Southern
13%
35%
Jan
3454
Jan
Jan
65
Columbia Oil A Gas
new. 1
Columbia Pictures.
*
454
14V*
1954
Jan
Jan
%
.
Colt's Patent Fire
Armsl25
Columbia Gas A Elec—
Consol Copper
Jan
554
66
Mar
June
24
5754
""i?4
47
3454
250
1054
Jan
12454
175
63
"63"
Feb
Feb
300
Rosenberger.. ""*
Consolidated Aircraft
June
454
5754
Jan
654
22
600
1
54 54
*
Alum Utensil
Co...*
Cockshutt Plow Co com
*
,516
554
IncIIl
Cleveland Tractor com"""*
Cllnchfieid Coal
Corp.IIoo
Conv
6
*
"pref" ♦
com
Cohn A
,S.6
454
62%
Jan
3054
May
Childs Co pref
Chief Consol
Mining Co..l
Jan
55
68
9354
May
Jan
J^n
151
Jan
June
31
May
Feb
June
Mar
Apr
June
Corp
Common
5
$6 preferred A.II""""
Cosden Oil com
II..*
Preferred
100
200
100
Courtauld's Ltd
Am dep rets ord
reg..£l
Cramp Shp A Engine ..100
Crane Co
com
Preferred
25
1.100
Creole Petroleum
Crocker Wheeler Elec....
Croft Brewing Co
Crowley Milner A
Crown
For footnotes see
page
~88
2654 June
38
Feb
29
*
Mar
Feb
Jan
105
Mar
97
IIII*
5
454
254 May
1854
Jan
50
Feb
Jan
34
preferred..IllII100
"§8"
300
50
3%
J5o
Brillo Mfg Co
com.....
Class A
400
Feb
47
11 %
B..IIH__*
354
2454
21
Jan
Mar
86
2454
Como Mines
Machine..II"*
3,200
116
Feb
1%
May
"*
3
47
City Auto
93%
9%
3%
254
22
116
Claude Neon
Lights
Cleve Elec Ilium
Jan
Jan
1554 June
254
Jan
47
Feb
43
3%
100
116
12%
40
5
Feb
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach
*
Jan
1
100
ware
10 H
45
7% pref
1,200
43%
83%
"
1154
254
16 54
"254
~~*
Cent A South West
Utll.l
Cent States Elec
com
1
Apr
46 %
5%
Feb
Apr
_*
c_.II*
7% pfioo
12%
43
comlll*
1254
June
1 %
15
v t
Jan
1% May
8%
Apr
May
Registered
Celluloid Corp com
$7 div preferred
1st preferred
9%
8
7% 1st preferred
100
Botany Consol Mills com
Bourjols Inc
Borne-Scymser C0..IIH25
June
5%
America
7% 1st partio pref...100
7% prior preferred..100
100
600
Preferred
June
June
4
1,900
Brill Corp class
Class A
Jan
110
10,200
45%
16%
754
100
3,200
1554
.
Jan
1,200
28
25%
Feb
Jan
1%
9%
45
700
1%
1 554
16 54
12
*
754
5%
154
x4% May
9
"*
754
554
400
8%
com.IIIl
June
200
Products...__6
Blumenthal (S) A Co
Mar
16
454
1754
85%
10%
3
32
454
2,600
17
Jan
1754
Feb
Feb
Jan
Mar
Centrifugal Pipe
*
Charis Corporation
I" " " 10
Chesebrough Mfg..
"25
29
4%
2%
Automatio-Voting MachI*
Bower Roller
Bearing.
Brazilian Tr Lt A Pow
Feb
Jan
'is
Jan
7% May
pref..
Feb
Feb
154
May
1,100
conv
7%
~i%
Io
1
3
Apr
14%
17
9
Bohack (H C) Co
Mar
*
54
2454
100
2% May
3
5
2054
6%
25%
108% 110
1%
1%
6%
6%
6%
6%
8%
9
19%
1
1954
May
20%
554
300
'""306
100
June
14%
38%
20%
May
Jan
May
154
Conv pref op ser
'29
3,600
pref._IIH_
*16
154
Jan
3
Corp
1%
99%
63%
2%
8%
1%
9%
Black & Decker
Mfg Co""*
Bliss (E W) & Co
com
*
Blue Ridge
Mar
Jan
Jan
pref..Ill
oom...Ill
254
82
4
Bell Tel of Pa
654% pf.ioo
Benson A
Hedges com
Jan
100
32
151
Mar
%
20
300
2%
1054
300
50
% May
(L)ACo7% pfdlOO
Bellanca Aircraft
com.. 1
Be" Tel of Canada
lioo
Jan
1
125
11
I_*
9
350
61
45
Mar
1
0
•
Corporation
Feb
254
7%
*554 "5%
1
" '*
com
Apr
Jan
*
Class B
Carnation Co
40
54
2654
600
Looomotlve
25c
354
1,400
4,000
254
2254
8,800
10
Mar
Jan
50
44
12%
Class A
common
Babcock A Wilcox
Co
June
85
34
Jan
2654
53
Mines.IIIHi
63
Jan
42
12%
Axton-Flsher Tobacco—
Jan
5154
154
3354
100
52
*
48
100
100
12%
3
100
550
254
854
Am dep rets A ord
shs.£l
Am dep rets B ord shs
£1
A
Jan
Mar
10754 June
2%
Cables & Wireless Ltd—
Syndicate..
50
Mar
63
Warrants
Burma Corp Am dep rets
Butler Brothers
10
Cable Elec Prod vtc
.*
Convertible class
Mar
2554
Jan
Conv preferred
52%
Atlas Plywood
Corp
Austin Sliver
*
Canadian Indus Alcohol A*
B
non-voting
»
Canadian Marconi
II
Capital City Products
*
Jan
Mar
1054
1654
Apr
7% preferred
2,200
8%
Jan
3954
2354
103
6% pref without
4%
1%
28
150
Jan
93%
28
150
1,100
Feb
*
.
25
Feb
3„
Prof. 100
4154
10754
31
June
4%
Amer.*
com.
Apr
Jan
Apr
42 %
1%
1%
9%
Jan
2754
6%
2
1% May
21%
Apr
40
85
28
300
400
91
4%
1%
6%
24%
Mar
Apr
Jan
Mar
14,400
.„___.*
Associates Investment
Associated Rayon
Jan
Mar
1554
3454
2%
11%
Associated Elec
Industries
Amer deposit
rets..
£l
Assoc Gas A Elec—
i
Jan
Jan
Jan
Jan
2954
24%
10%
Art Metal
Works com...5
Common...
18
91
Angostura Wupperman.
Apex Elec Mfg Co
com
*
Appalachian EI Pow pref"*
*
2%
*16
13,600
28%
Mar
354
Jan
754 May
80%
34
Catalln Corp of Amer
Celanese Corp of
Feb
Mar
79
2%
Castle (A M) A Co
12
Feb
3054
62%
79%
Feb
39%
43%
2256
$3 convertible pref
40%
2454
Feb
114
1,250
29
107
1054
Jan
3254
9
Carrier
Jan
Jan
Jan
500
1,100
Feb
7%
300
31
2854
88
30 %
38
Preferred
Convertible
5
550
28
254 May
Feb
50
Amer Thread Co
"pref "IT 5
Anchor Post Fence
Blckfords Inc
$2.50 conv
7
High
2554 June
28
Carolina P A L $7 pref 11*
$6 preferred
»
1,800
Chemical
Atlantic 9?® Ught
Coast
108
Jan
Feb
33%
25
of
Feb
125% May
11154
9%
Superpower Corp
common
40%
118
Low
*
$5 1st preferred
*
Bulova Watch $3% pref..*
Bunker Hill & Sullivan. .10
Burco Inc com..
.....*
Carlb
Jan
3%
954
30
*
Carman A Co—
Feb
100
100
2,000
9%
100
Class A preferred
*
Brown Forman Distillery. 1
Jan
Mar
4J
6% pref
Brown Fence A Wire B
Feb
36%
8%
1st preferred
Laundries
9
29%
26%
Canadian Car A Fdy Ltd—
Preferred
25
33%
com
L
48%
Brown Co
Jan
Mar
Range Since Jan. 1 1936
Shares
Am dep rets ord reg-.lOs
British Col Pow cl A
*
Feb
i
Amer Maracalbo
Co.!
Amer Meter Co..
Amer Pneumatic
Amer Potash A
44% Mar
5% May
31%
Jan
29%
Jan
,
29%
25%
Amer dep rets pref shs £1
Calamba Sugar Estate..20
Jan
116
6% preferred..::::::25
7%
4%
77%
115
Laundry Mach___20
Bridgeport
Apr
May
1354 Mar
18
I6c
Amer L A Tr com
$3 opt
Feb
Mar
Lt-^~"
preferred...100
Amer Equities Co
com.__l
Baldwin
Feb
121%
15
18
10%
conv
Automatic
Apr
June
300
dep rets ord bearer £l
Buckeye Pipe Line
50
Buff Nlag & East Pr
pref 25
Jan
1
4%
25 %
Am
Am dep rets ord reg__£l
British Celanese Ltd—
Feb
Apr
17
Jan
Pried
for
Week
British Amer Tobacco—
Feb
Jan
4,150
22
of Prices
Low
High
Bruck Silk Mills Ltd
June
13354
70
1 54
2394
2%
21
58
54
82%
19
91
62
Mar
June
58
18
94
1%
114
%
Feb
49 %
10
2%
22
Jan
Feb
120
2054
2%
120
4%
'
Amer Dist Tel
c
44%
1,100
114
*
Amer Cynamld class
"aiiio
Class B n-v_
t
10% June
May
2% June
62 %
300
2%
15
"12"
Mar
June
Mar
""200
130
24
Jan
27
%
10c
Class A.
Class B
V
Jan
2%
Week's Range
Sale
Par
4%
*
Am Cities Pow
A
Assoc
113%
lOc
Common class B
$5
June
100
com
$3 preferred
$5.50 prior pref
Am
46%
*
6% preferred
IIII100
American Beverage com.l
,
May
99
_*
6% preference.....1100
Aluminum Goods
Mfg..*
Aluminum Ind com
*
Amer
40
1,200
Last
High
Apr
._*
Aluminum Co common
7%
51
73
Alliance Investment com I*
Allied Products cl A
oom 25
Class A
Low
170
4%
10%
49
49
1
pref
Aluminum Ltd
354
1054
Sales
STOCKS
(Continued)
25
103 x 104
27
Allegheny Steel 7% pref 100
conv
Friday \
Range Since Jan. 1 1936
Shares
41
254
*
com
High
49
Ala
$3
Low
for
Week
15
"~3%
1
Warrants
Alabama Gt Southern.. .50
Power $7 pref
*
J6 preferred
*
Range
of Prices
41
10
Conv preferred
Allen Industries
Week's
„.*
Alles A Fisher Inc com
Allied Internatl Invest
a
Sales
Friday
STOCKS
Acme Wire
we
on
June
1154 May
54
3154
130
130
130
200
24
June
Apr
8
17
15
130
2754
11
5,500
12054
1954
Jan
3454
1,500
9
Apr
16
54
54
*16
6,300
6
"'2%
254
"¥,900
154
Jan
May
Jan
Jan
Feb
June
954
54
Feb
254
2554
Jan
Feb
3154
2754
954
Co...I
Cent Petroleum..!
454
65
154
7
254
Mar
Feb
Feb
Feb
Mar
Jan
Volume
rnr
(Continued)
of Prices
Low
High
Price
Par
Shares
11ft
15ft
4ft
15 ft
2,300
4ft
4ft
1,400
25
Crown Drug Co com
23 ft
23ft
24 ft
5
200
400
4ft
ec 00
300
37 ft
Preferred
15 ft
6ft % preferred
38 ft
38 ft
»
Cuneo Press com
5
5
Cuban Tobacco com vtc..*
100
------
-
-
-
------
-
1
lft
9ft
100
Jan
June
Jan
Ja°
Feb
Mar
106
ft
10,700
9ft
*
Darby Petroleum com
-
-----
1
Cusi Mexican Mining..60c
4 ft
23
Mar
Mar
*9
June
6ft
Feb
25
Feb
lift
Feb
42ft
Mar
13
100
12
12
300
10ft June
10ft
14ft
26
Jan
Apr
June
9ft
6
Mar
8ft
lft
Jan
14 ft
1,700
Mar
Apr
400
50
26 ft
Mar
June
June
16ft
18
1,000
16 ft
20
20
20 ft
1,700
20
1
9
9ft
300
18
Detroit Gasket & Mfg coml
6% pref ww
Detroit Paper Prod
9ft
Diamond Shoe Corp com.*
DJctograph
3ft
48
*
.
3
3ft
Derby Oil A Ref Corp eom*
Preferred
-----
11
11
Distilled Liquors Corp...5
—
22 ft
24
2
Products
-
-
—
------
-
24 ft
11
3,400
300
8ft
15
Jan
Mar
May
6ft
11
Mar
Jan
4ft
June
50
Amer deposit rets
£1
Doehler Die Casting
*
------
Dominion Steel A Coal B 25
---
-----
34 ft
4,600
4ft
32 ft
33
100
4ft
------
------
--
23ft Mar
27ft May
4ft June
Douglas (W L) Shoe Co—.
100
Dow Chemical
*
Draper Corp
-
-----
-
112ft
*
..10
Driver Harris Co
7%
„
300
112ft 114
26
----- -
200
26
3
Dubllier Condenser Corp.l
Duke Power Co
10
Durham Hosiery class B..»
Duval Texas Sulphur
*
10
Eagle Picher Lead
Jan
Apr
June
12 ft
3ft
Jan
------
-----
900
June
35ft
Mar
7ft
Feb
25
Jan
6ft
*
...
% prior preferred. 100
6% preferred
100
Eastern Malleable Iron-.25
Eastern States Corp..
$0 preferred series B...*
$7 preferred series A
*
275
400
-----
Edison Bros Stores com..*
Elsler Electric Corp
1
Elec Bond A Share com..6
*
Electrographlc Corp com.l
Elgin Nat Watch Co.—15
100
100
100
100
Empire Power Part 8tk__*
Equip..6
10c
preferred
Falstaff Brewing
Metallurgical.—*
*
Ferro Enamel Corp com..*
Flat Amer dep rets
100
Flsk Rubber Corp.—....1
100
*
com
Florida P A L $7 pref.—.*
100
4
1,400
Hygrade Sylvanla Corp..*
Illinois P 4 L $8 pref
*
250
44
59
5,700
Mar
0% preferred
100
Illuminating Shares cl A—*
48
45
49 ft
Mar
Imperial
lift
Jan
Jan
85
Jan
83
Mar
Chem
3
950
Registered
Jan
21ft
21
5,300
200
15ft June
23 ft
Mar
36
Jan
47ft
June
2ft
15ft
Apr
4ft
Mar
7% preferred
100
Ind'polis P 4 L6ft% pflOO
Feb
25 ft
Mar
Apr
Jan
Ma
87
Mar
9ft
6ft
Apr
12
Mar
18 ft
2
Jan
3ft
5,100
73,900
76 ft
21ft
76 ft
82 ft
85
3
3ft
20 ft
20 ft
10ft
10ft
400
64 ft
2,000
74 ft
1,600
7ft
7ft
1,200
54ft
57 ft
1,050
7ft
56
Apr
Jan
June
9ft
61
Jan
June
£1
Britain and Ireland
Indiana Pipe Line
Indiana Service 0%
100
10
------
Jan
Jan
*
3ft
3ft
200
3ft
3ft
V tc common
1
lft
100
13ft
*70 ft
*70 ft
2
14ft
74 ft
200
7% preferred
lft
12ft
Class B
Industrial Finance—
Insurance Co of N Amer. 10
Feb
Internat Holding 4
88
98
Jan
Internat Hydro-Eleo—
Jan
29ft
Feb
95 ft
75
Pref
$3.50 series..
9
May
69
Apr
Apr
Jan
18ft
Apr
IntI Metal Indus A
*
30 ft
Jan
87
Feb
Internat Mining Corp
1
49 ft
100
42
Jan
51ft
I
1,150
43
Jan
62
Feb
—
-
—
—
—
------
^
Warrants
International Petroleum.
61ft
59 ft
61ft
150
61ft
58
63 ft
2,600
64
60
66
550
------
25
25 ft
300
18 ft
19 ft
1,600
2ft
2ft
4,700
61
44
Jan
Jan
61ft June
05 ft
Feb
International Products
43 ft
Jan
67 ft
2ft
ft
2,500
ft
ft
ft
300
21
Jan
25ft Juno
15
Jan
Internat'l
4,200
83 ft
36 ft
May
3ft
May
Apr
Feb
Class B
44
Feb
$7 prio preferred
lft
Jau
Jan
ft
lft
Feb
Fe
ft
New warrants
International
1
Vitamin
6ft
21
Feb
Interestste Flos Mills
Apr
23 ft
June
10ft
7ft
7
7ft
200
13ft
500
Jan
Jan
7ft
13ft
4ft
13 ft
Jan
Jan
Feb
Interstate Power $7 pref.*
6ft
16ft
Feb
14
14 ft
200
12
17
Jan
Irving Air Chute
I
400
23ft June
31 ft
Jan
Italian Superpower A
♦
28ft
40 ft
21
June
lft
Feb
------
26 ft z28
35ft
35 ft
35ft
1,200
ft
ft
75 ft
ft
May
300
19
76
280
77
ft
75
Jan
May
Jan
May
89
Mar
Feb
------
5ft
114
10
114
5 ft
5ft
3,500
4ft
100
..100
100
5ft% preferred
0% preferred.
7% preferred
Jan
Jonas 4 Naumburg
9
Feb
Jones 4 Laughlln Steel. 100
46
70
eb
6,200
33
June
45
Apr
Common vtc
200
40
ft May
60
Feb
V t o preferred A
20
20 ft
3,600
24
24
25
3
3
100
7ft May
20
340
20
ft
5,700
ft
24
20 ft
ft
20ft
June
*23ft June
Feb
Ken-Rad Tube & Lamp
Feb
32
Feb
85
91ft
100
23 ft
500
15
86 ft
85
725
Kirby Petroleum
16
Jan
19
Mar
500
2ft
800
2ft
Jan
20ft
June
Jan
18 ft
Jan
2ft
Jan
4ft
Feb
Klein
------
19ft
20 ft
300
18 ft
76
Jan
80
May
3ft
200
34 ft
34ft
34ft
50
"is
"is
700
5ft
6ft
900
cBftfinon
1
Koppers Gas 4 Coke Co—
6% preferred
100
Kress (S. H.) 4 Co pref. 100
Kreuger Brewing
1
------
16
16
100
12 ft
1
------
lft
800
42 ft
300
532
42
Apr
Jan
78
81
125
71
75 ft
10
67
Jan
lft
lft
100
1
Jan
1,100
49ft May
2ft
49
16ft
16ft
16ft
49 ft
49 ft
50
75
81ft
3,350
97
97 ft
30
75
300
lft
lft
200
18ft
Mar
62 ft
93
Mar
102
85
A pi
Apr
90ft
Apr
Apr
73
8ft
500
32 ft
32 ft
50
*
3I6
316
300
19ft
19 ft
50
Feb
45
13ft
2ft
Apr
Jan
24
Jan
8
32 ft
2,900
2ft
Jan
18ft
3ft
39 ft
18 ft
4ft
5ft
3,100
*
—...*
3ft
3ft
400
Gray Telep Pay Station..*
102 ft
"23
Lehigh Coal 4 Nav—...*
Leonard Oil Develon...25
Jan
Feb
Feb
Class B
Lockheed Air Corp
Mar
Apr
Feb
Lone Star Gas Corp
17
16ft
-
------
18
18
300
17
Jan
Jan
4ft
Feb
Feb
7% preferred
-
-
-
-
19ft
------
600
May
Jan
17ft June
21ft
16
32ft
600
90 ft
10 ft
Apr
May
MOO
101
6ft
7ft
4,400
7
Jan
Apr
Jan
14
51
5ft
70
12 ft
7ft
7ft
"is
200
15
8ft
"l6
2,400
2,200
110
lift
4
100
12
900
4
110
100
*
Jan
Jan
June
Mar
Jan
10,000
May
June
6ft
ft
JaD
JaD
107ft
7ft
Feb
3
Mar
7ft
6ft
"16ft
10ft
4ft
4ft
1,500
3ft
85 ft
85ft
86 ft
130
72 ft
74ft
76ft
175
64
6ft
6ft
300
12
lift
12ft
7,200
2ft
2ft
100
41
40ft
42 ft
1,000
4ft
4ft
200
7ft
332
*~6ft
316
11
5,100
3,600
Jan
18ft
Jan
17ft
Apr
6ft May
'i6 May
Oft
Jan
*
100
Loudon Packing ..—-.*
Louisiana Land 4 Explor.1
Louisiana L P 4 L Co—
$6 preferred
*
Lucky Tiger Comb G M. 10
Lynch Corp common..—6
Mangel Stores Corp.....*
fift^ oref w w
100
Jan
14ft
1
...100
Jan
2ft
14ft
Common
25 ft
16 ft
10
102ft
"22ft ~23ft
Long Island Ltg—
ft
19 ft June
Jan
7is May
74ft
»
Rights
Jan
Jan
Loblaw Groceterias cl A..*
Feb
2ft
Mar
2", 500
Lion Oil Development...*
Lit Brothers com
Jan
10ft June
lft
JaD
3ft
4ft
58ft
LeraerStores 6ft % pref 100
Feb
Mar
Jan
200
4ft
"58 ft "57ft
Preferred class B
For footnotes see page 4313.
4ft
*
Jan
Jan
ft
lft
18 ft
8
.1
Feb
Gorham Mfg Co—
Grand Rapids Varnish...*
Realty com
Preferred
Lefcourt
Jan
JaD
4ft June
.*
2ft
316
Goldfleld Consol Mines. 10
Vtc agreement extended
Class A
30
74
4ft
Langendorf United Bak-
Jan
45
14 ft
Lane
Jan
Jan
5
Mach.-l
Bryant 7% pref..100
Feb
12ft
68ft June
10
Lake Shore Mines Ltd...1
Lakey Foundry 4
47
68ft
13ft
2ft
May
Lackawanna RR of NJ
Jan
81ft
2ft
79 ft
14
Feb
Feb
June
75 ft
2
Godchaux Sugars class A.*
"is
May
75 ft
.....*
*
40
800
ft
*
Globe Underwriters
ft
------
------
6% preferred A
100
Georgia Power $0 pref __*
$5 preferred
*
Glen Alden Coal
Jan
18
1
lft
111 ft
10
Rubber....
Jan
70
510
(Emil)
Klelnert
70ft
May
Apr
92ft
3ft
Kingston
Jan
18ft
18
ft
102 ft
91ft
100
A*
.100
Products.....
...1
Kirkland Lake G M Ltd.l
Feb
30
4ft
Jan
4,400
3ft
Kingsbury Breweries
1
Kings County Lighting—
Jan
2ft June
Jan
May
200
21ft
7% pref. 100
30
3
May
ft May
25
lft
..*
Oft
28ft
Jan
Feb
ft
Kansas City Pub Service—
1,175
36 ft
3,700
23ft
22ft
Jan
June
27 ft
5ft
2 60
117
Apr
May
49 ft
8ft
316
6
600
Warrants
Jersey Central Pow 4 Lt—
60
7ft
1,000
Jan
June
ft
34 ft
35
"is
88
"500
~23~~
10
Iron Cap Copper com
47 ft
51
58
------
•
Investors Royalty
Apr
112
S16
6ft
30
Iron Fireman Mfg v t 0.10
------
6ft
29ft
ft
Jan
14ft
5
1,900
50
88
ft
1,900
------
June
JaD
lft
88
*
1,800
------
Jan
1
.1
Jan
*t6
ft
Jan
04
•
Jan
21ft
3 ft
Class A
2
7ft
17
16ft
ft
Com
36ft
5ft
11
Utility—
6ft
Warrants
.
3ft
35ft
»
7
*
com
1,300
Apr
Feb
Apr
June
100
6% preferred...
39
19
75
900
.
Internet! Safety Rasor B_ *
Feb
Apr
6ft
lift
Registered
47
7
lift
3ft
6
6ft
lift
"36 ft
15
325
— —
600
3ft
60
36
—
lft
8ft
Jar
125
29
8ft
Jan
1,400
Inv—*
35
— —
Jan
Feb
June
92 ft
Knott Corp
General Tire A Rubber. .25
Mar
5ft
25
Mar
5
54 ft
61
2ft
*
Jan
Apr
100
49
------
15
$3 convertible pref
Jan
20 ft
3ft
10
._»
General Telephone com_20
Jan
20
94ft
9ft
500
Gen Electric Co Ltd—
Gen Outdoor Adv 6% pflOO
Jan
Feb
3ft
A
class
8ft
600
94 ft
95 ft
18ft
Gen Pub Serv $0 pref
»
Gen Rayon Co A stock..*
38ft
94ft
Non-voting
Jan
7ft
6ft
Fort Worth Stk Yds Co..*
*
Jan
14
pref 100
May
May
7
6ft
------
Froedtert Grain A Malt—
$0 conv pref class B
36 ft
10
5% preferred D
1
Jan
May
Jan
Indian Ter Ilium Oil—
79
6
2ft
32
37
Imperial Tobacco of Great
100
ft May
10ft June
13ft June
13ft
Imperial Tob of Canada.5
Jan
20ft
20ft
21ft
—*
Feb
3ft
400
20ft
com
Jan
June
9 ft
£1
Amer deooslt rets
Imperial Oil (Can) coup..*
15ft
.___.*
$6 conv pref B
Apr
52ft
Industries
42 ft
Ford Motor of France—
Tnn clASS A
7ft
37
47 ft
Ford Motor of Can cl A—•
$3 preferred
7ft
ft
Hygrade Food Prod
15ft
7ft
flnrhftm
300
45 ft
Am dep rets ord reg..£l
Am dep rets ord reg__£1
Gen Fireprooflng com.—*
Gen Gas A Elec—
May
Jan
ft
Kansas Q 4 E
100
14ft
29ft
105
ft
35ft
Ford Motor Co Ltd—
nifuw R
70
3ft
First National Stores—
Gilbert (A C)
Preferred
50
225
1
Common
------
l
Fire Association (Phila).lC
Gen Investment
19ft
33 ft
Humble Oil 4 Ref
14
..
Fidelio Brewery
Conv preferred
General Alloys Co
19ft
32 ft
107ft 108ft
57
43 ft
16ft
Fedders Mfg Co com
Mar
7,000
Jan
------
__1
Feb
13 ft
62ft
Jan
ft
Fanny Farmer Candy....1
American dep rets
'moo
59ft
*
Jan
June
0ft June
Mar
9ft
Warrants.
1
Class B.
42
62 ft
Jan
.3
Fairchlld Aviation
preferred
200
22ft
0ft
100
Ex-oell-O Air A Tool
$0
Apr
4,200
24 ft
Evans Wallower Lead...*
Flintkote Co
Jan
200
25
23
60
.
7% 1st pre'cXiCd
Jan
10 ft
lift
lft
23
200
European Electric Corp—
Option warrants..
Faneteel
3ft
600
2,700
23 ft
200
Empire District El 6%_100
Empire Gas A Fuel Co—
7%
15ft
Apr
International Cigar Mach *
1
$0 conv pref ww
*
Elec Shovel Coal $4 pref..*
Equity Corp com
Pipe Line
15ft
Apr
1
4,500
lft
Jan
68
200
108 ft
2,400
7ft
Option warrants
Electric Shareholding—
Common
Jan
21ft
15 ft
*
13 ft
1
1
Jan
6ft
..100
preferred
33 ft
10 ft
Class A
Horn 4 Hardart
33
83 ft
Eleo P A L 2d pref A
13
12ft
lft
44
12
*
6
Holophane Co com
*
Holt (Henry) 4 Co cl A..*
Hormel (Geo A) 4 Co
*
12 ft
•
com
Hires (C E) Co cl A
Holllnger Consol G M
32 ft
33
------
*
preferred
10
lft
43 ft
*
Helena Rubensteln
June
24
Jan
50
69
lft
4ft
12ft
4ft
lft
13
------
$6
Eureka
------
Jan
Apr
7ft
lft
12 ft
43
$5 preferred
Emsco Derrick A
-----
300
36 ft
48 ft
Jan
4
69 ft
41ft
6ft
69
69
25
lft May
------
Economy Grocery Stores. •
6% preferred
6ft% preferred
7% preferred
8% preferred
800
•
_
Easy Washing Mach "B".*
Elec Power Assoc
6ft
61
6ft
6
15ft
72
ft
72
76
Hydro Electrlo Securities. *
Jan
71
60
Harvard Brewing Co——1
Hazeltine Corp
*
Jan
7ft
59 ft
4 ft
7,100
86
Page Ltd—
Am dep rets pref
8 sb
Hartford Electric Llgbt.25
Hart man Tobacco Co
—*
Feb
East Gas A Fuel Assoc—
Common
100
June
81
*
Mar
Jan
900
ft
80 ft
82
*
6
Jan
8ft
ft
—1
80
lft
10ft
100
110
10 ft
9ft
lft
Jan
Jan
Jan
8ft
June
lft
6ft
lft
7% pref stamped
100
7% pref unstamped. .100
39
Mar
9ft
400
Huylers of Delaware Ino—
1
------
6ft
Mar
Jan
7
500
Apr
6ft
Jan
124ft
73 ft
00
-----
Feb
6ft
Hall Lamp Co..
7%
Mar
♦
__25c
Feb
ft
124
Hud Bay Mln 4 Smelt-—*
100
74
73ft
Apr
Jan
26
110ft
100
24 ft
Heyden Chemical
25
250
200
$5.50 preferred
10 ft
19
Apr
High
27ft
Hecla Mining Co
June
25
106
100
preferred
22
*94 ft
65 ft
com
June
21ft June
18 ft
Distillers Co Ltd—
7% preferred
Greenfield Tap 4 Die
Handley
Mar
Low
27ft
Apr
Mar
19ft
900
126ft 126ft
Gulf States Utll $6 pref..*
70
10
Shares
27ft
Gulf Oil Corp of Penna--25
Feb
20
Range Since Jan. 1 1930
for
Week
High
25
Guardian Investors
60
67
67
Low
114ft 115ft
stock..
com
7% 1st preferred—_ .100
Apr
16ft May
£1
7% pref. 100
Detroit Gray Iron Fdy
Non-vot
Gt Northern Paper
Grocery Sts Prod
De Havill Aircraft Ltd—
Am Dep Rec ord Reg
Price
Great Atl A Pac Tea—
Apr
lft
12
22 ft
Dayton Rubber Mfg com.*
Class A
36
of Prices
Apr
109
lift
12
Week's Range
Sale
Par
15ft
13
Davenport Hosiery Mills. 6
Last
High
Low
25c
Crown Cork Internatl A._*
Sales
STOCKS
(Continued9
1 1930
Range Since Jan.
for
Week
Week's Range
Last
Sale
Friday
Sales
Friday
STOCKS
Dennleon Mfg
4309
New York Curb Exchange—Continued—Page 2
142
Oft
Oft
94
Apr
Jan
Jan
Apr
Jan
May
2ft June
34ft
Jan
4
42 ft
Apr
Apr
j
New York Curb
4310
Friday
STOCKS
Last
(Continued)
Sale
Price
Mapes Conaol Mfg
Week's Range
of Prices
Low
High
25
*
Exchange—Continued—Page 3
Sales
for
Friday
Range Since Jan. 1 1936
Par
24 X
JaD
27X
Feb
Jan
Mar
•
91
Massey-Harrls common..*
5X
3%
90X
2Vs
5H
6X
200
3%
100
900
93X
2X
3%
1
9X
9x
iox
77
87
102
*
102
700
2,400
5x
100
5)4
700
Memphis P & L 7% pref—*
..100
Participating preferred, »
Merritt Chapman & Scott*
0X% A preferred... 100
Metrop Edison $0 pref—.*
Jan
100 X
Mar
4
Feb
Pacific Ltg $6 pref.......*
4X May
7X
Jan
Apr
Pacific P & L 7% pref—100
Pacific Pub Serv
..*
IX
June
64
Feb
49
Preferred
...10
States Petrol—
8X
59
79 H
Jan
13
Jan
89
9 9X
32
Feb
99
99 x
7
6x
29
8
8
57
29
X
105 X
May
Apr
57
1,400
100
3x
IX
3x
ix
ix
0
6x
200
600
300
Class B
v t o
*
1
1
Pan Amer Airways
Pender D Grocery A
Class B...
Jan
Jan
62
Apr
102
IX
IX
Jan
4X
Mar
Jan
4)4
Mar
Jan
IX
Feb
Pa Gas & Eleo class A
Jan
6X
Jan
Pa Pr & Lt $7 pref
6
Jan
$0 preferred
Penn Salt Mfg Co
2X
Feb
3)4
5X
3
Jan
Jan
10 X
19
*
Mid vale Co
41
*
;
Mining Corp of Can.
*
IK
Minnesota Mining & Mfg *
Minn Pow A Lt 7% pf 100
Miss River Pow 6% pfd 100
31
114
June
Jan
Mar
Monroe Loan Society cl A *
Montana-Dakota Utll.. 10
3)4
153X
"37 a
lli"
225
Hi"
......
Mtge Bank of Col Am shs_*
Mountain Producers
10
2X
Nat Bond A Share Corp..*
National Candy Co com..*
'"""95
142
Jan
100
30
May
34
Feb
37X
38)4
125
35
Feb
40
Apr
39
45
33 X
12 x
1,300
5
Jan
20
6H
142
31X
12)4
38)4
5X
2)4
138
Apr
2,600
6
2X
5,800
■l9K
52
1,500
2
1,000
3^600
...1
1K
1X
200
3H
3X
,100
284
85
""~4X ■"T
1
400
""4)4
T660
X
1,000
X
Conv part preferred
♦
National Steel Car Ltd...*
National Sugar Refining..*
Nat Tea Co 5 4$% pf
10
Transit
12.50
26
26
26)4
1,500
"lOX
"IOK "10)4
Nat Union Radio Corp
1
7"1516
Nebel (Oscar) Co com
*
K
Neptune Meter class A...*
r'si6
X
""300
7% preferred
New Bradford Oil
14
9X
13)4
1'4 X
600
9)4
9)4
100
N Y Auction Co
30
Apr
9
9)4 June
X
X
Jan
Mar
4X
110X
12 X
Jan
9
"84"
82
2)4
2,350
2,500
84
87
1,300
X
74 X
23 X
36
26 %
110
29%
550
111)4
20
26 X
105
*
102
102
20
Founders shares....... l
N Y Steam Corp com....*
7
200
$6 preferred
N Y Wat Serv 6% pfdll100
Niagara Hud Pow—
Common
7)4
19
119)4
5)4
19
117)4 119K
5
5)4
55
10X
10%
14
..15
55
87 X
June
4X
Apr
Jan
10
June
Feb
Feb
June
128
92 X
ex
96X
common
T4
55
Jan
104
May
675
6X
14 X
116X
1,100
4X
Jan
63X June
19,600
7,c
1,800
7X
Apr
•it May
11
Niles Bement Pond
12)4
4,300
37
Nipissing Mines
11
*
..6
38)4
2)4
400
Noma Electric
2)4
1
1
5)4
5)4
Common
1
4)4
$6 preferred
*
47)4
4%
48)4
3,e
6
May
1,400
1,100
7X
28 X
2X
8X
Apr
Jan
9,300
8X
Feb
6,450
36X
Apr
35
Feb
Nor Amer Lt A Pr—
Pleasant Valley Wine Co.l
Potrero Sugar com
5
Powdrell A Alexander....*
Jan
Jan
11X
20X
122
6X
75X
Premier Gold Mining....1
Prentice-Hall, Ino
North American Match..*
No Amer Utility Securities*
"4 x
Nor Cent Texas Oil Co...5
5X
316
X
European Oil
Nor Pennsy RR
Nor Ind Pub Ser
com
6
25
400
1,100
1,000
50
6% pfdlOO
7% preferred
..100
Northern N Y Utilities
7% 1st preferred
Northern Pipe Line
Nor Sts Pow
com
100
106
10
5)4
class A100
Engineering
*
Novadel Agene Corp.....*
Ohio Brass Co cl B com
*
28)4
29)4
24
25
38
38
39 X
29
200
6% 1st preferred
0%
7%
10)4
26)4
For footnotes see page 4313
15
Apr
10X
1,300
9X
June
5X
6X
3,300
4X
Jan
38X
13X
500
Jan
"13"
12
X
90
100
90
....
6,100
36
7X
40
Mar
9X
Jan
13X
Apr
Feb
Jan
""I60
3)4
3X
100
8X
8X
10,000
8)4
1,200
85
June
90
June
50
.....
Jan
50
Jan
18 X
Feb
3X
12X
7X
Jan
2X
Apr
8X June
Mar
Jan
8X
8X
9X
9X
7X
10 X
81
82 X
81
121
300
420
122
600
"ix
IX
IX
100
4X
4X
4X
1,400
3X
36 X
2,000
35
33
"30X "31X
2X
2X
2X
'"266
7,100
1
27
27X
200
X
83
0X
Jan
23 X
Jan
36 X
June
11X
Jan
18x
Feb
30 X
May
IX
37
Jan
May
2X
40
1,900
8X
Apr
•n
Jan
3,6 May
X June
98 X
Jan
Mar
May
30 X
19X
Feb
Feb
IX
9X
Feb
11
June
Apr
9X
Apr
Jan
Jan
Apr
9X
June
140
3X
1,600
1,100
X
Feb
June
37 X
X
Feb
14X
Apr
7X
Jan
66 X May
98X
Jan
Jan
39
Jan
36X
10
11X
Feb
102 34
May
Apr
Mar
Jan
105
May
103 X
Mar
105
Apr
37X
14 X
Jan
63
Feb
Jan
27X
Feb
48
Apr
60 X
48
Apr
00
Feb
Apr
Apr
100
47 X
41X
47 M
630
21
22
130
58
50
,
58
100
115
Apr
117J4
Feb
92
3X
3
325
Jan
98
3X
Jan
98)4 June
110
Feb
6X
1)4 June
Feb
Puget Sound P A L—
»
$0 preferred
Pyle-National Co
75 X
74X
°76X
1,000
•
$5 preferred
29 X
29X
29X
500
100
5X
122
146X
123
146 X
147
180
122
45
141
76)4 June
34 x
Jan
Jan
22
Jan
Jan
50H
14
...5
Pyrene Manufacturing.. 10
Quaker Oats com
._...*
15 X
9
Mar
Jan
"l9X
137 X
Jan
16X
25
14 X
Jan
19X
19X
50
17
Jan
X
300
Apr
Jan
149
May
16X
*
Apr
18X
'
Feb
21X
Feb
X
Jan
2X
Jan
X
Jan
X
Feb
Raymond Concrete Pile—
Jan
X
X
13X
14 X
28
Common.
*
$3 convertible preferred*
28
150
25
Raytheon Mfg
v t C—50c
6X
6X
7X
900
Red Bank Oil
Co
»
9X
9X
10X
Jan
Reed Roller Bit Co
Reeves (Daniel) com _...»
22X
Jan
Relter-Foster Oil......__*
Jan
May
Reliable Stores com......*
Reybarn Co Inc....
10
June
Feb
Feb
Feb
Mar
Jan
Mar
3X
Jan
3X
Jan
X May
98 X
Jan
Apr
79
Apr
87X
Feb
Jan
108 X
Mar
9X
Feb
Jan
22
22 X
June
3,500
3
Jan
15X
Mar
700
21
June
26X
0X
Jan
8X
Apr
Mar
Jan
IX
Mar
Jan
20X
600
5X
2,300
4X
Jan
7
2X
2X
4,000
IX
Jan
3)4
*
Richfield Oil pref
Richmond Rad com
16X
1
Reynolds Investing
Rice Stix Dry Goods
8
8
200
IX
IX
400
25
IX
Rochester Gas A Elec Corp
6% preferred ser D—100
Roosevelt Field, Inc
6
.1
105
50
105
3
15X
14 X
3X
15X
1,200
14,100
Royallte Oil
11
Jan
IX
Apr
2X
Jan
June
6X
Mar
104 X
Apr
105 X
May
2
Jan
4X
Feb
Jan
Apr
Apr
Mar
25
31
31
69 X
67
69 X
1,500
17 X
17X
17X
200
5X
5X
6X
10,30.0
*
Ryan Consol Petrol
»
Safety Car Heat A LIghtlOO
3X
3X
100
4X
14 X
Jan
19 X
23
*i«
$1.20 conv pref.......20
Rossla International
•
Royai Typewriter
*
Russeks Fifth Ave
*
Rustless Iron A Steel.....*
6X May
Feb
Apr
Mar
3X
1
Root Petroleum Co
Feb
7X
5X
15X
5X
Apr
Jan
15X
Jan
IX
26)4 June
39X
38 X
Jan
70
Apr
Mar
19
Mar
8
3X
IX
Jan
Jan
Feb
6X June
4X
Apr
88 X
125
X
X
X
2,500
'i«
Jan
7u
3X
5,500
3X
Jan
5X
100
3X
63 X
4X
64 X
73 X
Jan
Salt Creek Producers
10
*
Savoy Oil
Schlff Co com
._.._*
7X
7X
10
Feb
86
St
Anthony Gold Mines.. 1
St Regis Paper com
5
7% preferred..
Schulte Real Estate com. *
Scoville Manufacturing.25
38
26 X
Apr
Feb
Jan
7X
55
May
700
7
Jan
500
67
30
X
32
X
26
200
Seeman Bros Inc
June
Apr
32
32
250
4
300
92
716
30
42
Jan
6)
May
IX
29X
Securities Corp General. _*
35
70
490
Scranton Spring Brook
Water Co. $6 pref
48
34)
Feb
Feb
Jan
Apr
Feb
Jan
IX
Feb
Apr
41X
Feb
26 X
50
101X
Jan
108
109
300
104 X
Jan
109 X
Feb
Seiberling Rubber
270
110
Feb
112X
Jau
Selby Shoe Co
Jan
107
Jan
16)4
Feb
10 X June
26)4 June
12 M
28)4
June
Selected Industries Inc—
Common
:
$5.50 prior stock
25
June
Allotment certificates.
Segal Lock A Hardware. .*
com
3X
3
*32 X
2X
2X
32 X
3X
3X
*
3X
2,500
2X
300
33
3X
Jan
55
41X
75
June
19 X
30
234
'"loo
_
Mar
Feb
Feb
5X
25
•ic
12X
Jan
360
Mar
Feb
preferred
15X
1,500
36
116)4
114
85X
11X
June
Jan
18
Apr
900
27)4
Apr
Apr
111
2,500
700
12
100
108
10 X
26 X
Jan
400
preferred
4X June
21X
Jan
..5
Oklahoma Nat Gas com. 15
$3 preferred
50
Mar
70 X
41
Apr
38 X
$6 preferred
*
Public Serv Nor 111 com..*
Common
60
106
HI H 112X
93 X
100
7% 1st preferred
100
Pub Serv of Indlana$7 pref*
101X
13X
112)4
Jan
May
Pub Serv of Colo—
Jan
6X
Feb
49 X
Feb
55 X May
6X
Jan
8X
Jan
71#
jan
98 X
Jan
103
87
55
*
108)4
Ohio Power 6% pref... 100
Ohio Pub Serv 7% 1st pflOO
50
14 X
Prop per McCallum Hos'y *
Prosperity Co class B
*
Jan
May
28)4
108"
com
5)4
24)4
Ohio Edison $6 pref....100
Ohio Oil 6% pref
100
Ollstocks Ltd
106
100
9)4
5X
Pressed Metals of Amer..*
Producers Royalty
1
Jan
77 X
4)4
IX May
33 X
Rainbow Luminous Prod—
Class B
*
71
1
53)4
114)4
1,000
*
Ry A Light Secur com.
•
Ry A Utll Invest cl A....1
Feb
11X
Feb
X May
2X
Feb
13X
44 X
3X
7X
Apr
112 X
Power Corp ot Can com..*
Pratt A Lambert Co
*
....
4)4
41)4
53)4
3)4
5)4
Northwest
•
Mar
June
Jan
11)4
92 X
68 X
*
6% preferred
38
Apr
Jan
X
13X
100
Quebec Power Co
June
96X
100
25
31X
100
Meter
Feb
111X
300
5
*
Feb
52
Jan
Niagara Share—
Class B
pref ser A....10
Mar
Jan
50
Class A opt warr
Class B opt warrants..
Nor
Jan
22 X
Mar
Pltney-Bowes Postage
Feb
23
Apr
Jan
Jan
69x June
IX May
Pines Wlnterfront Co
6
Pioneer Gold Mines Ltd..1
Feb
Shipbuilding Corp—
N Y Telep 0X% pref..l00
NY Transit
5
conv
0% prior Hen pref...100
7% prior lien pref
100
Pub Utll Secur $7 pref....*
19
4X
Feb
June
Pub Service of Okla—
8X May
16
Jan
5X
Mar
Jan
Jan
Jan
Mar
8X
Jan
Mar
Feb
Apr
Apr
Mar
IX
6X
3X
115
Jan
69
2
113
112
May
44
1
7% preferred
Feb
Jan
May
2X
*
N Y A Honduras RosarlolO
N Y Pr A Lt 7% pref...100
N Y
Jan
15X
Jan
5X
3X
44
—.*
Piedmont A Nor Ry
Pierce Governor com
Jan
2X
*
com
N Y Merchandise
Jan
Feb
123
*
Newmont Mining Corp. 10
New Process com
*
com
Pie Bakeries Inc com
Mar
23
Mar
130
Jan
Jan
Mar
20
Jan
May
17X
6
Feb
Mar
124X 124X
50
87
Feb
June
17
2.50
74 X
Feb
Jan
4
111X
Apr
107X June
Providence Gas
Feb
37
Jan
Prudential Investors .....*
$6 preferred.
*
8X
8X
X
2X
May
Feb
Jan
Jan
3X June
X
Jan
•it
Jan
12 X May
Feb
103
Feb
June
60
1O0X
Apr
74
5
2%
Feb
Feb
150
6
2X
80
89
Apr
35
210
IX
2X
11
80)4
Jan
Apr
Feb
4X
28X
107
Jan
11IX
..100
New Haven Clock Co
May
23
57
Mar
25
110X
X June
IX
Jan
100
.100
New England T A T Co 100
New Jersey Zinc
25
New Mex A Ariz Land
1
June
May
Jan
May
Apr
Apr
110
2
300
Nestle-Le Mur Co ol A__ _*
Nev Calif Elec com
IX
8X
Nebraska Power 7% pf.100
Nehi Corp com..
..__*
Neisner Bros 7% pref..100
Nelson (Herman) Corp...5
17 X May
45X June
Jan
2X
49X Mar
14X May
6X
7X
3X
Jan
108
5X
MOO
Nat Service common
Jan
60
284
Mar
June
Apr
1)4
Feb
IX
Jan
42 X May
1)4
1.X
Mar
200
18)4
Feb
15X
5)4
45)4
Feb
Feb
47
2
*
8X
35X
Feb
June
110
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie. 50
Pittsburgh Plate Glass..25
150
66)4
Phoenix Securities-
Apr
Apr
Jan
89
Jan
106X
4X June
11)4
13
June
Apr
45 X
150
Pitts Bessemer ALE RR50
35
200
June
Mar
June
*
10X May
200
52
National Refining com..25
Nat Rubber Mach
*
23 X
38 X
150
200
1
*
Jan
June
154X
24
Apr
June
June
*
Phillips Packing Co
May
June
31
5
.._*
x5
20
37 X
National Gypsum cl A
National Investors com
com
June
8X June
4X
Apr
69X
Phlla Elec Co $5 pref
*
Phlla El Pow 8% pref...25
200
28
20,000
•
...
*
3x
149
68%
Philadelphia Co
Feb
3)4
4X
62 X
13X
7X
61)4
110
4X
92
3,300
19
National
100
—.1
92X
$3
107 X
85
32X June
17X
68X
Jan
*
Nat Mfg A Stores com
National P A L $6 pref
Jan
500
*
70
National Fuel Gas
Nat Leather
109
12,800
120
4X
*
41X
Jan
7)4 May
45
Nachman Sprlnfllled Corp*
Nat Auto Fibre A v t c.._*
$5.50 preferred
Warrants
Jan
6
55
Perfect Circle Co
325
142
33
Jan
May
5X May
32
47
Pa Water & Power Co
58X
8
100
Jan
104 X
Jan
May
29 X May
24
»
Common..
5%
Mountain Sts Tel A Tel 100
National Baking Co com.l
Natl Bellas Hess com
1
Jan
5X
Pepperell Mfg Co.....100
Feb
4%
5X
Feb
93
4X
32 X
50
May
85
Feb
Jan
25
Jan
200
29X
26X
"""760
Apr
Jan
'"500
3,800
"56X ~57X
28X
15 X
.....
S3
""150
52
81
.....
Apr
33 X
13
250
152X 154)4
3X
20
.
300
7X
3K
2,500
.*
Pennroad Corp vto
..1
Penn Cent P & L $5 pref. *
89
"38)4
*
1
~"l6
22
Feb
June
"""206
32 X
*
Penn Mex Fuel Co
Jan
IX
33 X Mar
Jan
91X
114X June
29 X
Apr
Mar
5X
2.50
Preferred..
25
Distillery. 1
com
May
Mar
17 X
4
Feb
31
*
100
IX
3X
Jan
9
400
Peninsular Telep com....*
16X June
Montreal Lt Ht A Pow...*
Moody's Invest Service..*
com
Jan
Jan
20
Apr
Apr
55 X
7X
Preferred A
32
100
Jan
June
IX
11
1
Plymouth
86
1
Montgomery Ward A
IK
41
1
High
June
50
_
Parker Rust-Proof
24 34
*
Molybdenum Corp
50
91X
Mock Judson Voehringer.*
Mob A Hud Pow 1st pref.*
2d preferred
43
32X
28 X
28X
107 X 107 X
Low
6X
500
500
Pennsylvania Sugar Co.-20
27
40
35
Pantepec Oil of Venez
Penn Traffic Co
Midland Steel Prod
5X
4X
6X
.10
8X
31X
10X
100
»
15
Range Since Jan. 1 1936
4,200
Page-Hersey Tubes Ltd..*
Apr
Midland oil Corp—
2 conv pref
IX
14X
5X
4X
31X
7X
IX
for
Week
Shares
77
*
Patchogue
500
6
3X
High
*
Pacific Tin spec stk
99X June
Apr
May
150
8x
57
4X
32
25
Parker Pen Co
5X
3x
Mueller Brass Co
5X% 1st pref
Paramount Motor.
1,600
3
(Tom)
1
Mar
Apr
Feb
...»
Corp Ltd
5X
Mar
89 X
t c
Moore
..*
8X
50
v
Moore
Overseas Securities
82 X
20 X
Class A
"
14X
Jan
5)4
Apr
Jan
*
Michigan Gas & Oil....__*
Michigan Sugar Co
.__*
Middle
Pacific Eastern Corp
Pacific G A E 6% 1st pf.25
100
32
1
Mexico-Ohio Oil
Jan
Apr
Jan
Jan
8X
5)4
76
*
Merchants & Mfg cl A
Apr
..*
100 X
Memphis Nat Gas com__5
7% preferred
5
3X
62 X
of Prices
7
pref
conv
$1.30 1st preferred
*
com
22 x
42
McWilliams Dredging..
Mercantile Stores
June
50
*
Mead Johnson & Co
9)4
200
1,200
Mayflower Associates..
May Hosiery Mills—
$4 pref w w
McCord Rad A Mfg B
May
Class A
Week's Range
Low
1
12
1
Masonlte Corp common—*
Mass Utll Assoc v t c
1
Oldetyme Distillers
Price
Outboard Motors B com..*
American dep receipts. £1
Margay Oil Corp
*
Maryland Casualty
Sale
High
7X
200
Last
(Continued)
Low
Marconi Internat Marine—
Marlon Steam Shovel
STOCKS
Week
Shares
25X
June 27, 1936
Sales
Jan
Apr
46 X
Jan
IX
Jan
4X
Mar
2
Jan
4X
Feb
2X
150
30X
Jan
2,100
2X
Jan
5)4
40
4X
Mar
Feb
Mar
Feb
90
91
300
81
Jan
92
June
90
91
400
78
Jan
95
Mar
I
Volume
Sales
Friday
of Prices
High
Sale
Par
Low
Price
1 1936
Range Since Jan.
for
Week's Range
Last
STOCKS
(Continues)
Week
Amer
dep reo
Sentry Safety Control
19
Bhawlnlgan Wat A Pow__»
Shenandoah Corp com
$3 conv pre!
19X
2X
2X
1
__25
com.
7X
6X
7*
6
11
10X
11
*
Shattuck Denn Mining
cum
Jan
Apr
JaD
5,300
4*
Feb
.1
Set on Leather com
5%
1,100
2*
*
7*
41
49 X
49*
130* 138
113* 113*
16*
16*
49*
138
.25
,
113*
preferred...100
16*
Sherwln-Williams of Can.*
200
200
300
1,200
200
19
June
1*
Apr
Jan
May
47*
117
110*
Mar
50
16
June
10
331
Apr
341
341
100
341
Singer Mfg Co Ltd—
1*
Mar
Feb
15
Apr
4*
55
23*
24*
200
2*
com...*
Sonotone Corp
Apr
Jan
20*
2*
1,800
865
Jan
19
34*
3*
Mar
1*
Jan
300
26*
1,200
25*
Jan
3*
3*
100
2*
May
May
~4*
""200
1*
7*
38
200
28*
26 *
Southern Colo Pow cl A_25
■^3*
Southern N E Telep
30
Mar
1*
7*
South Penn Oil
25
37*
So'weet Pa Pipe Line
60
41*
Apr
28* May
27
Apr
Jar
5*
200
200
*
Square D class A
pref
Stahl-Meyer Inc com
*
Standard Brewing Co
9*
31*
*
9*
32*
400
•
39*
40*
150
250
40*
Stand Investing $5.50 pf_*
Standard Oil (Ky)
10
17*
41
17*
18*
1,600
25
"27* "29
"28
Standard OH (Ohio) com 25
UOO
105* 105*
100
3*
3*
1
*
37
Preferred
Standard SUver Lead
16
1,200
1,000
4
4
100
39
7ifi
25
*
United Verde Exten
6*
82*
Jan
Mar
Jan
11*
40*
Jan
60
Mar
May
Feb
*
Jan
*
Feb
* Feb
9* June
10* June
37
20
11
12
6*
1
._*
18
Stroock (8) A Co....
Stuts Motor Car
*
29*
*
2*
5
-
Utah Radio Prod
Jan
Utlca Gas A Elec 7% pf
Feb
Utility Equities Corp....*
2*
41*
Feb
l
4*
Sunshine Mining Co...10c
Swan Finch Oil Corp
16
13 *
Swiss Am Elec pref
Swiss Oil Corp
6*
18*
Apr
Apr
Feb
85*
17*
11*
21*
97
3*
49*
23*
Jan
Jan
Feb
Venezuelan Petrol
Jan
Taylor Distilling Co
4*
Teck-Hughes Mines
36*
Apr
105* June
Jan
4*
Feb
Feb
Waltt A Bond class A
Apr
Apr
Jan
41
Mar
63
Feb
Walker Mining Co
18*
Apr
Wayne Pump common...!
Western Air Express
1
Jan
4*
*
Jan
1,600
4*
Jan
6*
16*
June
25*
Jan
1
Jan
1,350
18
Feb
3,700
Jan
1*
Feb
16*
Jan
6*
Jan
2*
13* June
6* Mar
18,300
""300
30
2,600
'5
100
800
3
4*
3*
27
5*
3,500
5*
28*
4,200
5*
8,600
2,800
Tenn Products Corp com
X
Texas Gulf Producing....*
Texas P A L 7% pref.. 100
4*
24*
6*
6*
*
Thermold 7% pref
100
Tlshman Realty A Const
Tobacco Allied Stocks..._
54
54
Am dep rets ord reg_.£l
Am dep rets def reg..£l
40 X
40*
40
300
*
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
500
2*
19*
5*
82*
103
Conv
Woodley
Common
3*
3*
4*
900
3*
1
3*
3*
1,300
Triplex Safety Glass Co—
Am dep rets for ord reg.
1*
7*
109
Amer
29
29
500
10
600
*
13*
*
80c dlv pref
Twin Coach Co
13*
12*
7
25
Unexcelled Mfg Co
Union American Inv'g.
Union Gas of Canada
7
2*
10
12
»
1,000
29
9*
13*
9*
Tung-Sol Lamp Works...1
7*
1961
1956
1968
lBt A ref 4*8
1967
21*
5*
Feb
Jan
Aluminum Co s f deb 5s '52
48*
Feb
Aluminum Ltd deb 5s 1948
Apr
11*
13*
13*
7
2*
12
300
4,400
200
106
113
Apr
100
600
Feb
Amer G A El deb 5s. .2028
Jan
1*
Feb
Am Pow A Lt deb 6S..2016
Jan
6*
Jan
Am RoU MU1 deb 5s.. 1948
Jan
5*
Feb
6sstp ..1946
Appalachian El Pr 58.1956
Appalachian Power 5s. 1941
23* June
11* Mar
A..*
$6 conv 1st pref
*
United Milk Products
Apr
Apr
-
7
Feb
Mar
June
12,100
50
$3 preferred
1,000
£1
United
Profit-Sharing
Preferred
.
Preferred
26
2*
T266
87*
88*
1,500
40
"88"
40
240
Preferred
—100
U 8 Foil Co class B_.
Far footnotes
see
1
page
16*
4313
16*
17*
2,500
May
66
Apr
78
Jan
15*
Jan
24
June
200
200
Mar
100
May
2* June
7*
Apr
10* May
1
6*
Apr
June
May
9* May
70
104*
5*
Feb
Mar
Feb
10
Apr
14
June
3
15*
Feb
Feb
30* May
40
Jap
83
Mar
Fel
3*
Jai
7
Jan
5*
Jar
11
Mar
Jan
33* June
33*
300
8*
2*
8,000
7*
Mar
9*
Feb
2
1,400
1* June
4*
Feb
29
104
Apr
107
105*
43,000
102*
Jan
105* June
99* 100
98
98*
44,000
16,000
96*
J104* 107
105
105*
100
"89*
19,000
89*
83*
84* 104,000
37,000
107* 108*
105
33,000
105*
88
84
105"
1
9*
*21*
107*
102*
3,000
10
23
~9~3~666
107
107*
102
102* 118,000
29,000
103* 103*
105*
103* 103*
38,000
104* 104*
103*
4,000
11,000
105* 106*
1108
110
116
116
~
2~66o
Feb
100*
96
Feb
100
84
Mar
95
79* May
105* May
Feb
Apr
Feb
Feb
Mar
105* June
Feb
Jan
10*
28*
Feb
106
Jan
108*
Mar
Jan
103* June
Jan
106*
92*
Jan
Jan
102*
103* June
105
Feb
Mar
104*
Apr
107*
113*
Feb
Feb
107*
106* May
Jan
108*
Feb
117
Feb
102*
66*
102
98
63*
53,000
47,000
70
75,000
3.000
101* 101*
91*
108*
Mar
103*
3*
13*
May
55* May
Jan
5s
1968
47*
29
Mar
registered.
1968
49
48
51*
51
49* ^34,000
49
6,000
12,000
53*
90
90
Debenture
5s
Mar
7*
Mar
1977
Conv deb 5*s
1950
Assoc TAT deb 5*a A '55
Atlas
Plywood 5*s..l943
Apr
Mar
30*
70
Feb
June
Mar
47* June
Mar
47*
Jan
49*
Jan
June
June
49* June
49
June
103*
99
33
Mar
63*
June
5,000
75
Jan
91
June
85*
34.000
78
Jan
91*
98
99
9,000
12,000
90
"86*
90
86*
103* 103*
100* May
Jar
96*
Mar
103* June
101
Apr
108
Mar
92
Junp
Baldwin Locom Works—
6s with warrants... 1938
6s stamped w
90
Jan
Jan
" ne
June
Jan
Jan
Jan
.
Gen A ref 5s..
119* 120*
122* 122*
135* 137
106*
91*
84*
102*
Feb
Canada Northern Pr 5s *53
May
Canadian Pao Ry 6s..1942
111*
Jan
Jan
Carolina Pr A Lt 5s
102
88*
Jan
May
Apr
Feb
Jan
Feb
Jan
May
Mar
Jan
84
92*
84*
102* 103
2,000
2,000
65,000
39,000
77*
Apr
79
Apr
7,000
9,000
2,000
20,000
3,000
50,000
8,000
10,000
20,000
103*
106* 106*
Mar
Apr
75
Apr
93
Apt
114*
Jan
117
Mar
116
Jan
121
Mar
116*
Jan
123* May
134
Jan
145
Mar
105*
Feb
107
Apr
89*
Jan
76
Jan
94*
87*
109
Feb
Feb
Jan
105* June
Jan
89*
103* June
Apr
109
Jan
Apr
108
Feb
104*
Apr
104
32,000
111
111* 21,000
100,000
101* 102
112
112
2,000
103
100*
73*
105*
108*
1104*
Jan
May
91*
1107
May
Cent Ariz Lt A Pr 5s 198u
106* 106*
105* 105*
83
.1956
117
119*
1956
M A P 5s '53
88
116
103*
Cedar Rapids
88*
86*
116*
Buffalo Gen Elec 5s.. 1989
* June
86*
90
87
W..1938
6s
Jan
4*
16*
June
7
49*
an
*
Feb
102
30
Feb
Jan
1
U S Dairy Prod class A...*
Class B
U 8 Finishing common.
46
Jan
49* 179,000
Bingham ton L H A P 5s '46
Birmingham Elec 4*s 1968
Birmingham Gas 5s
1959
Boston Consol Gas 6s. 1947
Broad River Pow 5s..1954
2*
Jan
46
stamped x w
1938
Bell Telep of Canada—
1st M 6s series A
1955
1st M 5s series B
1957
5s series C
1960
Bethlehem Steel 6s
1998
8
2*
.
Jan
100
7*
* May
United Shipyards com B
1
United Shoe Mach com..26
Jan
10*
Feb
2*
Jan
2*
36* June
Feb
10*
33*
6s without warrants 1938
'"360
*
.10
Jan
Feb
4*
46* 167,000
Jan
257
19
48*
Feb
United Molasses Co—
United N J RR A CanallOO
Jan
June
44*
Apr
5*
Mar
1*
45*
Mar
43
Feb
49*
1*
29*
6*
Mar
5*
"46*
4*
Feb
24~200
16
10*
35*
28*
27*
30*
12*
Apr
Apr
"""6* "7*
56*
June
5*
1938
Conv deb 4*s C—.1948
Conv deb 4*8
1949
Conv deb 5s
1950
Conv deb 5*8
Jan
Jan
16
Feb
89* June
27
2*
64*
13
Jan
52
900
70
*
86*
8*
5*
"55"
Feb
Mar
Associated Gas A El Co—
81*
600
8*
Feb
6,800
*
reg
7*
Mar
10,500
8*
3
Jan
80
14*
16*
16*
106* 114*
2
2*
7*
'""loo
37*
1,000
7
ord
"_4* "4*
7
31*
Jan
55,300
Common class B
200
Apr
1*
United Lt A Pow
1*
7*
32
61*
8*
2*
700
"loo
61*
1*
warrants
United G A E 7% pref. 100
2*
"l2"
"l2"
Associated Elec 4*s..l953
8
113
Option
50
100* 100*
2024
9*
Pref non-voting
Feb
May
18
7* May
9* May
Mar
1*
4
Apr
/
3
32*
3*
6* June
25
101* 101*
101*
9*
8*
1
Jan
Jan
37*
Arkansas Pr A Lt 5s..1956
Mar
7*
35*
*
United Elastic Corp
United Gas Corp com
Am dep rets
Debenture 6a
Atlanta Gas Lt 4*s..l955
1
com
$3 cum A part pref
United Corp warrants
com
300
Feb
2*
Apr
25* May
8*
Jan
12
Warrants
United Chemicals
20,400
101*
June
7
100
8*
Amer Seating
Assoc Rayon 5s
Union Traction Co (Pa)
($17.60 paid In)
50
United Aircraft Transport
1*
36*
Am El Pow Corp deb 6s *67
*
7
400
8
Amer Com'lty Pow 5*s *53
Jan
23*
8*
12*
11*
6
34
.1942
—.1946
5*
May
7
1
Apr
1*
Jan
Jan
2*
6*
Alabama Power Co—
1st A ref 5s
6
Tublze Chatlllon Corp
Class A
Jan
Feb
BONDS—
Abbot's Dairy 6s
Mar
1st A ref 5s
Jan
Jan
5*
83
Feb
Feb
1st A ref 5s
10
...
May
1*
101
Feb
Jan
Mar
Jan
8
5
Jan
Mar
400
8
5e
June
Trunz Pork Stores
7* % pref
deposit rcta
4
21*
11*
22
•34
1
Yukon Gold Co
June
9*
68*
Petroleum
66
Trl-State T A T 6% pref 10
1*
*
June
8*
1*
3
18
1*
Amer Radiator 4*8..1947
Trl-Contlnental warrants.,
May
3* May
8
1*
*
Wright-Hargreaves Ltd.
Feb
Trans Lux Plct Screen—
Ulen A Co
preferred
*
500
16
Jan
4* May
5*
1
Mar
Mar
Mar
Jan
2*
Feb
81
19
2*
is
1
800
Woolworth (F W) Ltd—
5* June
79
Mar
107
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev__l
2",300
100
1st A ref 5s
1,300
1,100
"I* "I*
22
Wolverine Portl Cement 10
June
200
3*
3X
32
66* June
64
Jan
5*
4
Tobacco Prod Exports
.*
Tobacco Securities Trust
June
Jan
2*
"I*
Wise Pr A Lt 7% pref..100
Apr
53* June
preferred
Wilson-Jones Co
Mar
Jan
Jan
*
46
Jan
20
Jan
39*
32*
6
Apr
*
4,400
WU-Iow Cafeterias Inc..
Mar
Jan
Apr
Mar
22*
600
200
53* June
Mar
*
Jan
12*
May
3*
1*
22*
3*
1*
21
Williams OlFO-Mat Ht—♦
Mar
4*
100*
150
"3*
Williams (R C) A Co...
May
10
400
1
West Va Coal A Coke
4*
3,900
22*
73*
70
Jan
6*
2,000
6*
55*
7%
June
Apr
5
27
76*
1*
Westmoreland Co
Mar
8*
Jan
*
75*
75*
24
Jan
102
109
*
4*
109
Jan
Feb
2* May
West Texas U'll $6 pref.
Apr
May
Feb
Westvaco Chlorine Prod—
Mar
4*
Mar
125
24
Apr
6*
500
67
5
Jan
3*
*
Feb
3*
7*
93
3*
3*
c__*
Feb
5
51* June
Jan
85*
Feb
2*
v t
Apr
Mar
17*
25
100
7% 1st preferred
Westmoreland Coal Co..
Mar
200
20
9*
6
66
1*
66*
*
...1
4*
22*
Jan
4*
300
*
Western Tab A Sta
June
76
4*
25
Western Maryland Ry—
2* June
Jan
52
1*
66*
..*
Class B
Mar
300
2,300
7% 1st pf.100
Texon Oil A Land Co
3*
2*
52*
5X
Waco Aircraft Co
May
2*
Western Grocery Co
38*
27 X
*
2*
*
24
24
Wahl (The) Co common..*
Vogt Manufacturing
4*
18
Va Pub Serv 7% pref.. 100
June
61*
5
1
1
June
37*
3*
Technicolor Inc common.*
preferred
6
37*
1
7%
1*
1*
Feb
Jan
Jan
May
*
5* June
24
Venezuela Mex OH Co.. 10
14*
Jan
25
500
Jan
3
*
100
Jan
650
15*
1,600
5,400
1*
June
27,600
T.300
22*
7*
4*
""* ""5"l6
1
41*
12*
51X
5*% pf_50
Tampa Electric Co com..*
Tastyeast Ino class A
1
*
common..
Jan
500
Talcott (J) Inc
preferred
Utll Pow & Lt
Apr
102
4*
l
*
May
"76"
13*
"74"
100
Conv
*
29
Syracuse Ltg 6% pref..100
Taggart Corp common ...»
Tenn El Pow
Mar
June
Priority stock
Utility A Ind Corp..
50
*
Oil
Apr
*
2,000
3
Jan
4*
100
7
Machinery_._...*
Sun Investing common
Sunray
Feb
29*
28
41*
Jjj
Utah Apex Mining Co
5
Utah Pow A Lt $7 pref...*
Western Auto Supply A..*
Western Cartridge pref. 100
6*
May
1
10
1*
18*
2*
19
300
3*
Insurance.....8
Universal Pictures com
1
Feb
12*
6*
18
Stetson (J B) Co com
Stlnnes (Hugo) Corp
400
3*
23
25
Universal
38
6*
»
7*
5*
4*
13*
....60
June
4*
23
33*
Feb
Feb
3
4*
Jan
Feb
3*
600
*
•
Feb
84
Jan
4
25*
3*
Universal Products
May
35*
3*
Jan
Jan
1*
3*
June
3*
Apr
83
70
800
Jan
1*
200
27
50c
United Wall Paper...
Universal Consol Oil
High
Low
100
2*
78
2
27
3*
*
t 0
*
29
59
•
2d preferred
v
Week
50
27
U S Rubber
United Stores
100
Sterling Brewers Inc
*
10
U S Radiator Corp com..*
7% preferred
100
1*
Feb
1,700
Stein (A) A Co common..*
Sterchl Broe Storee
77*
Feb
3*
preferred
preferred
•
1st pref with warr
Feb
149
12*
Common
2*
U S Lines pref
U S Playing Card
7*
100
Standard Cap A Seal com.6
Standard Dredging Co-
Price
2*
♦
2*
32
*
Steel Co of Can Ltd
U S Int'l Securities
2*
900
2,000
716
Spencer Chain Stores
Common class B
Shares
Jan
1
*
Am dep rets ord reg..£l
6% preferred....
Standard PAL
for
of Prices
Low
High
June
3*
Am dep rets ord bear.£l
(Neb)
Week's Range
Sale
Par
Feb
Spanish A Gen Corp—
Sullivan
Range Since Jan. 1 1936
Last
64
~~4
5
1st preferred
Sales
Friday
Reclaiming..*
U S Stores Corp com
..*
141
100
Southern Pipe Line.....10
Southern Union Gas
Southland Royalty Co
Feb
84*
27*
37*
28*
6*%
NEW YORK
-
STOCKS
Feb
Feb
37*
28*
26*
6% original preferred.25
6% preferred B
25
5 * % pref series C
26
Oil
-
-
DIgby 4-7140
Apr
116
BROADWAY
39
Apr
145*
Southern Calif Edison—
Standard
Members New York Stock Exchange
Members New York Curb Exchange
Feb
Jan
5*
Smith (L C) A Corona
Conv
Peter P. McDermott & Co.
Apr
8*
23*
Jan
3*
Amer dep rec ord reg.£l
c
2*
(Concluded)
Singer Mfg Co.
Typewriter v t
Specialists in Curb Bonds
High
Low
Shares
Sellrtdge Prov Stores—
Sherwtn-Wllllams
4311
New York Curb Exchange—Continued—Page 4
142
11,000
102*
109*
98*
111*
105*
Mar
Jan
116* Mar
102* May
Feb
113*
Jan
107*
Apr
Jan
Mar
New York Curb Exchange—Continued—Page 5
4312
Sales
Friday
Week's Range
(Continued)
Friday
Week
Sale
Price
for
of Prices
Last
BONDS
Low
High
Range Since Jan. 1 1936
series
E
104
1034 105
15,000
1004
100
52,000
94
Jan
1968
103
1024 103
56,000
Jan
44% series H
1981
100
100
7,000
1034 1034
10,000
994 1004
9,000
894
894
10,000
904
914
914 117,000
694
71,000
704
704
714 151,000
714
714
49,000
734
105
1044 1054
38,000
107
{106
094
034
1956
Cent Maine Pr 44s E 1957
Cent Ohio Lt A Pr 58.1950
Cent Power 5s ser D..1967
Cent Pow A Lt 1st 58.1956
Cent States Eleo 6s... 1948
1954
Cent States P <fc L 64s *63
Chic Diet Elec den 44s *70
6s series B
1961
Chic Jet Ry & Union Stock
Yards 5s
.1940
Chic Pneu Tools 5 4s. 1942
Jan
6s series B
1044
Apr
May
101
95
ser A '53
1st A ref 54b ser B. 1954
1st A ref 6s ser C...1956
"994
824
Jan
924
Sf deb 54s ..May 1957
944
61
Apr
754
624 May
784
Indiana Electric Corp—
6s series A
1947
06
65
Apr
104 4
106
Apr
June
804
IO64
64b series B
104
103
104
8,000
1014
104
744
924
75
10,000
67
93
864
Jan
96
964
5,000
40,000
93
Jan
844
85
28,000
84
~93~"
Apr
Apr
84
694
77
1014
1,000
834
854 380,000
1014 102
44,000
102
"784
1044 1044
5,000
784
80
119,000
Jan
May
Apr
June
80
Jan
Mar
964
984
864
June
84
June
June
694
Jan
854
974
Jan
Apr
1024
Apr
,
784
"ll"
'1114
'1104
1064
34s series H
1965
Com'wealth Subsid 64s *48
80
1
117,000
49
511
8,000
1054
1114 112
1114 1124
1104 1114
1104 1104
1064 1074
1054 1064
33,000
61,000
71,000
105
May
654
Jan
80
June
664
Jan
80
June
34
Feb
51
June
1104
1104
113
June
1074
Consol Gas Util Co—
1st A coll 6s ser A..1943
2,000
2,000
30,000
1074 1074
33 4
4,000
944
1,000
334
104
-924 341,000
16,000
1014
5,000
1024
2,000
100
-----
Jan
1064
Jan
105
Feb
Jan
77
Feb
Iowa-Neb LAP 5s... 1957
5s series B
....1961
May
1274
Mar
Mar
Mar
109
Jan
May
109
Jan
1114
June
Feb
Jan
104
Jan
1st mtge 58 ser H..1961
Mar
104
Apr
64s series D
884
Jan
1054
106
Apr
100
Mar
1064
1054
I960
70
Jan
Mar
13,000
1024 May
1074 May
Jan
994
Jan
1054
38,000
1024
Jan
Jan
2,000
11,000
64s
Feb
3,000
3
Jan
1
3,000
Jan
24
1034
Jan
Feb
924
June
874
1,000
28,000
904
74
Jan
Jan
107
107
5,000
994
Mar
1074 June
16,000
Mar
117
Apr
1014
101
1054
984
Jan
102
Feb
804
Jan
92
Jan
Mlnneap Gas Lt
404
1054
Jan
69
June
Jan
108
June
Minn PAL
"87 4
-----
.
754
Jan
1054 June
Jan
394
1044
Apr
284 June
Feb
54
28 V*
June.
14
754
Apr
78,000
------
Jan
89
Jan
May
100
100
Feb
101
1034 104
8,000
73,000
994
1034
1024
Apr
Feb
103
103
14,000
103
June
91
Jan
1054
1064
954
Jan
1054
Mar
-
-
—
— —
101
1044
{934
1034 1034
64s. 1979
Florida Power A Lt 5s 1954
Gary Electric A Gaa—
96
95
5s ex-warr
stamped. 1944
Gatlneau Power 1st 5s 1958
974
954
974
954
944
20,000
96
974
Gen
Vending Corp 6s. 1937
Certificates of deposits..
Gen Wat Wks A El 6s. 1943
Georgia Power ref 5s_. 1967
Georgia Pow A Lt 5S..1978
Gesfurel 6s..
—.1953
Glen Alden Coal 4s._. 1965
Gobel
(Adolf) 44s...1941
974
96
944
-----
884
64
44s series B
1961
Hackensack Water 6s. 1938
6s series A
1977
Hall Print 6s stmp... 1947
Hamburg Elec 7s
1935
64s with warrants. 1943
Houston Light A Power—
1st 5s series A
Hydraulic Pow 6s.... 1950
Ref A
impr 5s
34,000
98
148,000
974
33,000
96
44,000
884
Jan
924
Jan
974 June
994 Mar
834
Jan
974
82
Jan
974
98
{98
100
884
884
2,000
------
32,000
964 May
98
May
79
Jan
Feb
June
96 4 June
1024
1024
Mar
Mar
90
June
May
64
Jan
65
Mar
27
Apr
23
16,000
20
June
27
Apr
894
89 4
90
17,000
86
May
94
994
984
994 245,000
88
8,000
40
29
884
90
85
Apr
88
June
lEOOO
90
-------
106
-----
-----
884
-----
864
{29
874
{80
59
584
-----
1054
105
1,000
•
------
------
1004 101
{1054
{1054 107
{63
644
59
664
68
1044 105 4
105
1054
1034 1034
-----
110
---- -
60,000
—
924
90 4
{284
25
-
-
-
1978
Mississippi Pow 6s... 1965
1967
Mississippi Rlv Fuel 6s *44
Miss River Pow 1st 5s 1951
Missouri Pow A Lt 548 '55
Missouri Pub Serv 5s. 1947
Montana Dakota Utilities
54s
Jan
1024
Mar
Apr
108
Feb
1084
Jan
82
Jan
60
Mar
Jan
75
Feb
1,000
1,000
1044 June
1044
Apr
Jan
1024
Jan
1084
Jan
1054
4
Mar
32
6,000
100
100
100
8,000
1054 1054
4,000
—
—
-
-
-
1054 1054
1114 1114
10:000
2,000
1064 1064
6,000
N E Gas A El Assn 58.1947
Conv deb 6s
1948
Conv deb 6s
1950
New Eng Pow Assn 6s. 1948
674
Afrr
794
Jan
Apr
Apr
92
Feb
874
Jan
June
1024
Apr
101
Feb
78
Feb
105
100
105
Debenture 54s
1954
5,000
1,000
1054
22.000
1044 1044
6,000
10,000
28,000
104
105
69
75
90
604
71
51
24,000
994
99
Apr
1044 June
1044 May
1044
Apr
Jan
1014
1064
Jan
106
Jan
1064
Feb
1054
Mar
514
1074 1074
8,000
1,000
1044
1054
1194
1044 1044
1054 1064
1194 1194
10,000
33,000
102
1014 102
4,000
5,000
44
Jan
65
135:660
May
90
Feb
Jan
71
June
474 May
Jan
1064
01
Jan
108
Jan
Apr
106
Mar
Jan
1064
Mar
Jan
1194 June
1034
Apr
394
1034
1034
1154
1004
Feb
75
June
j
964
1064
96
974
65.000
90
1064
1014
964
106
101
19,000
101
97
1034 1034
104
104
9,000
33,000
2,000
105
26,000
1034
1034 1044
104
104
1064 1064
1054
1054 1054
{107
804
{24
"824
9,000
25,000
11,000
1034
Jan
1064
754
Mar
33
24
106
1014
1054 106
{1034 1034
1014 102
1044 105
Jan
59
Mar
78
25,000
1024
63~,666
1034
984
24,000
81,000
1024
834
894
Jan
103
934
1064
1054
Mar
Jan
1024
Apr
105
Jan
Mar
May
Mar
106
109
5,000
16,000
107
Feb
107
4,000
106
June
73
193,000
"704
2,000
574
Jan
Jan
102
June
June
1024 May
13,000
46,000
95
89,000
118
46,000
714
Jan
102
1024
27
274 101,000
37,000
1074 1084
4,000
1214 124
12,000
1074 108
704
105
934
994
{1044 106
944
Mar
Mar
Jan
106
117
62
Jan
106
95
1064
Mar
June
May
May
108
274
24
Feb
47:660
32,000
1034 1034
94
934
834
Feb
944
914
90
93 4
1054
Feb
1044
Apr
1074 Mar
1064 May
1074
Feb
1034
954
102
1124 June
1044 June
101
944
{98
1044 June
1064 June
9,000
884
674
Jan
1014 Mar
1044 Mar
1074 May
954
"724
974
1074 June
1024
Apr
974
Jan
1044
Apr
9,000
7,000
"894
106
Jan
June
96
614
91
Apr
25:660
{104 4 1054
"91"
Feb
Feb
2.000
31,000
1114 1114
103
104"
Apr
90
Apr
1034
Jan
1024
Apr
1034 May
1084
Feb
1024
Jan
1034
Jan
1024
Feb
16,000
3,000
1054 1064
1114
954
94,000
70
694
71
11,000
694
684
70
121,000
974
97
984
97
Apr
854
Apr
18
Jan
1074 June
1174
Jan
1054 May
864
Jan
1094
Jan
644 May
644 May
644
Apr
Jan
Feb
Jan
Feb
954
Jan
964
1074 May
1094 June
1084 May
73
June
1014 May
106
Jan
1074
Jan
106
Feb
104
June
954 June
284 June
112
May
124
June
109
954
118
Feb
Feb
June
794
Feb
794
794
994
1024
Feb
Mar
Feb
85
984
69,000
884
Jan
88
994
80,000
11,000
744
Jan
27,000
12,000
69
Jan
81
Jan
97
May
104
Feb
21,000
58,000
105
Jan
Apr
1024
Jan
1054
1014
1114
Mar
Jan
Mar
New Orl Pub Serv—
5s stamped..
1942
N Y PAL Corp 1st
44s '67
N Y State E A G
448.1980
l«t 5 48
1962
N Y A Westch'r
Ltg 4s 2004
Debenture 5s
1954
Niagara Falls Pow 6s. 1950
6s series
A
Nippon El Pow 64s
78 4
1953
Feb
1034
54s series A
1956
Nor Cont Utll 54s...1948
June
No Indiana GAE 6s. 1952
1024
1074
1064 1064
103
103 4
{1074 108
103 4 1034
1034
112
1074
"io'.ooo
112
4,000
1054 107
884 June
1104
1074
1034
Mar
1084
1054
1124
1084
Mar
Apr
Jan
Jan
Feb
~86~~
51,000
1054
107
l054
Apr
June
107
1,000
1054
May
109
Jan
86
86
2,000
844
Mar
90
Feb
Jan
97
Mar
Apr
Mar
108
Mar
Jan
No Amer Lt A Pow—
Feb
794
102
{107
1024
1959
Mar
1074
110
Jan
Jan
Feb
May
434
Jan
214
June
324
1024
June
1044
Jan
107
Feb
1034 May
Jan
974
68 series A
2022
Nelsner Bros Realty 6s *48
Nevada-Calif Elec 58.1956
New Amsterdam Gas 5s '48
1034
1074
934
72
Nat Pub Serv 5s ctfs.1978
Nebraska Power 44s.l981
1064
25
105,000
1054
For footnotes see page;43l3
Jan
Feb
37,000
Income 6s series A.. 1949
Mar
Mftv
Nat Pow A Lt 6s A...2026
Deb 6s series B
2030
N Y Central Elec
54s *60
New York Penn A Ohio—
Ext 44» stamped.. 1950
904
Feb
88
84
1004 1004
102
Jan
103
103
83 4
834
{102
Feb
May
105
-
May
Feb
Apr
Apr
814
6s series B
1957
Nassau A Suffolk Ltg 6s '45
Feb
Mar
17
984
744
55,000
...1944
994
88 4
Jan
Feb
Jan
1094
90
1955
93
564
1024 1024
1114
Apr
65
25
{1034 104
Mar
44
1054
------
79
7,000
25,000
12,000
4,000
1,000
1,000
-----
954
13:600
110
93
-
30
224
10614"
1064 106 4
1951
98
24
1978
1981
Apr
64
1953
1st 44s series D
1st 44s series E
904
22
Hamburg El Underground
A St Ry 64s
1938
Hood Rubber 7s
1936
Houston Gulf Gas 6s_. 1943
141,000
{22
Great Western Pow 6s 1946
Guardian Investors 6s. 1948
Gulf Oil of Pa 6s
1947
Gulf States Utll 6s... 1956
Jan
23
-----
Grand Trunk West 4s.l950
Gt Nor Pow 5s
stmp..1950
Grocery Store Prod 6s 1945
Guantanamo A West 6s '58
100
Feb
Jan
964
1064
Jan
88 4
Narragansett Elec 5s A *67
Mtge
107
90
4 4s. 1950
44s
6B
Miss Pow A Lt 5s
33 4 May
1014 June
1044
44
71
1044
114
10,000
June
694
104
109
15,000
83
174,000
27,000
1064 1064
{994 1004
114
1054 1054
{34
35
1014 1014
{27
{14
2
854
874
Feb
79
1064
Middle States Pet 64s '46
Midland Valley 5s
1943
Milw Gas Light 44s__1967
5,000
Feb
74
76 4
100
Feb
1074 108
754
Jan
784
704
~98~
June
Fairbanks Morse 5s_.1942
Gen Pub Utll 64s A. 1956
General Rayon 6s A..1948
99
100
105
1967
Jan
Mar
98 4
-
126
24,oor
Feb
66.
63
Mar
McCallum Hosiery 64s '41
McCord Rad A Mfg 6fl 1943
Memphis P A L 5s A—1948
Jan
69
Feb
10,000
21,000
Mansfield Mln A Sweet—
7s without warrants 1941
Mass Gas 54b
1946
Jan
62
1114
1074 1074
""824
1064
89
Apr
Feb
Mar
Louisiana Pow A Lt 5s 1957
Louisville GAE 44s C *61
Manitoba Power 5 4s. 1951
1024
9,000
35,000
1084
1014
107
76
704
1064
50,000
1014
88 4
89 4
22,000
22,000
11,000
41,000
5,000
Jan
75
1942
126
European Elec Corp Ltd—
64s
1965
European Mtge Inv 7s C'67
General Bronze 6s
1940
General Pub Serv 5S..1953
74
_2"o6o
May
91
1044 May
1094 May
76
Long Island Ltg 6s...194.':
124
{1034 1044
1953
Deb gold 6s June
15 1941
Deb 6s series B....1941
Lone Star Gas 5s
126
Empire Oil A Ref 64s 1942
Ercole Marelll Eleo
Mfg—
Fla Power Corp
1054 106
Metropolitan Ed 4s E.1971
Elmlra Wat Lt <fc RR 5s *56
EI Paso Elec 5s A
I960
El Paso Natural Gas—
Banks 6s-5s stmpd.1961
Firestone Cot Mills 5s 1948
Firestone Tire A Rub 6s '42
First Bohemian Glass
7s *57
5s series I
109
1
874
107
~i3~666
Jan
Sink fund deb 54s. 1960
Feb
1024 1024
884
...1955
Lehigh Pow Secur 6s __2026
Lexington Utilities 5s. 1952
Libby McN A Llbby 5s '42
Feb
4
1014
548 series F
Apr
1
Aug 1 1952
Certificates of depositDixie Gulf Gas 64S..1937
Elec Power A Light 5S.2030
1948
May
104
Feb
Feb
108
1
Deb 7s
Kentucky Utilities Co—
1064
11
Feb
97
Feb
1034
44 May
Jan
4
Jan
104
Jan
50
'~97"~
44
102
Jan
534
...1969
1,000
Jan
804
54
Koppers G A C deb 5s 1947
7,000
96
12,000
Kimberly-Clark 5s... 1943
74
64
June
964 June
21,000
Jan
74
64
Aug 1 1952
Certificates of deposit.
Jan
23,000
110
Detroit Internat Bridge—
86
71
1024 June
834
Apr
1074 June
1034
Apr
1074 Mar
1054 June
Mar
17,000
100
j70
44s series C
—1961
Kansas Gas A Elec 6S.2022
Kansas Power 5s
1947
June
1,000
.-----
Jan
854
5,000
6,000
Mar
1014
3,000
------
48
1004
714
"634
...1947
102
78
1034 104
1074 1074
1024 1024
1064 1064
1054 1054
1004
1014 June
934 June
Jan
64
Jamaica Wat Sup 54s "'55
Jersey Central Pow A Lt—
Jan
Jan
1054
1034
May
09
95
67
104
Isotta Fraschlni 7s
1942
Italian Superpower 6a. 1963
110
Jan
Jan
Feb
79,000
1054 1054
_
Jan
Jan
1014
109
June
6,000
100
Iowa Pow A Lt 4 4s. .1958
Iowa Pub Serv 5s. J. 1957
Isarco Hydro Elec 7s. 1952
Mar
88
Jan
Feb
Jan
914
67
1947
106
96
Jan
"714
Jacksonville Gas 5a...1942
Stamped
109
{1064 108
1958
w w
124
107
Farmers Nat Mtge 7s.1963
Federal Sugar Ref 6s. 1933
Federal Water Serv
54s'64
Finland Residential
5s series A
1124 May
78
Lighting 5s
44s series F
Invest Co of Amer—
Jan
109
Erie
...1956
120
294
824
Feb
814
109
a694
Without warrants
Apr
107
64s series A
5s series D
634
Jan
Jan
Mar
Interstate Public Service—
1024
1944
64 with warrants.. 1943
Deb 6 4s
1938
Empire Dlst El 6s
1952
Interstate Power 5s.. 1957
Debenture 6s
1952
58
107
106
52,000
41,000
High
82
Jan
11,000
74
International Salt 68..1951
International Sec 5s.. 1947
Mar
Cumberld Co P & L 44s'56
Dallas Pow A Lt 6s A. 1949
5s series C
1952
Delaware EI Pow 64s 1959
Denver Gas <fc Elec 6s. 1949
1054
2,000
504
27,000
864
1957
1952
May
106
{1014
914
914
1014
1024
994
74s 1941
6s 1st series B
...1955
7s series F
108
1064
944
------
1940
Derby Gas A Elec 5s_.1946
Det City Gas 6s ser A.1947
64s series C
113
1,000
124
~87
Low
5,000
7,000
1,000
49,000
1014
Intercontlnents Pow 6s *48
International Power Sec—
5s series B
Aug 11940
Cuban Tobacco 5s
Indianapolis Gas 5s A. 1952
Ind'polls P L 5s ser A._ '57
Jan
7,000
124
70
1963
Jan
124
1114 1114
1939
Gen mtge 44s
1954
Consol Gas EI Lt A P
(Bait)
1st ref s f 4s
1981
Crucible Steel 5s
Cuban Telephone
1950
Jan
107 4 107 4
5s...
Crane Co 6s
5s
1st Hen A ref 5s
1104
1104
1054
1034
1074 108
..1962
Apr
Mar
(Bait City)—
Conv deb 64s w w.1943
Consol Pub 74s stmp.1939
Cont'l Gas <fc El 5s
1958
Indiana Service
Range Since Jan. 1 1936
$
1014 1014
904
914
1114 1114
72
694
694
724
1957
1134
1134
1,000
1254 1254
1956
6s series D
7,000
65,000
72
1951
44s series C
7,000
12,000
19,000
1034 104 4
Community Pr & Lt 5s *67
Connecticut Light & Power
Consol Gas
5s
73
724
72 4
73
1084 1084
974
1064 1064
105
1054
1024 1034
994
994
944
964
{1074 1084
954
964
107
{106
Indiana A Mich Elec 5s '55
7s series E
Mar
Commonwealth Edison—
7s series A
914
for
Week
High
101
Indiana Gen Serv 5s_.1948
1114
1943
lBt 44s series C...1956
1st 44s series D
1957
1st M 4s series F...1981
1951
1054
1953
5s series C
106
Jan
964
1st M 5s series A...1953
1st M 5s series B
1954
,974
884 June
1094
85
Cities Serv P A L 54s 1952
64s
1949
Commerz «fe Prlvat 64s *37
1084
Illinois Central RR 6s 1937
111 Northern Util 5s... 1957
Pipe
Line 6s
1949
1947
111 Pow A L 1st 6s
9,000
1966
Gas
Low
Idaho Power 5s
1054
1004
1034
1004
110
1966
Service
1024
Jan
Range
of Prices
Indiana Hydro-Elec 5s '58
Conv deb 53.......I960
Cities Service Gas 64s '42
Cities
1004
110
1955
5s registered
1004
110
Chic Rys 6s ctfs
1927
Cincinnati St Ry 54s A '62
6s series B
Price
Hygrade Food 6s A...1949
1st & ref 44s ser F. 1976
Cities Service 5s
Week's
Sale
(Continued)
High
5s series O
64s ex-warrants
Last
BONDS
Low
$
Central 111 Pub Service—
5a
June 27, 1936
Sales
1014
Jan
Mar
1044
Mar
1084
Mar
103
Mar
1074
Mar
104
Mar
106
Mar
1114
June
114
Jan
1064
Apr
108
Jan
94
58
93
95
33,000
55
594
29,000
107
1074
10,000
904
63
1064
644
Jan
Jan
^fl
New York Curb
Volume 142
Exchange—Concluded—Page
Sales
Friday
Last
Week's Range
for
BONDS
Sale
of Prices
Price
Low
High
'
%
14,000
102 %
Jan
106
June
4,000
102%
Jan
105%
June
104
22,000
15,000
105
1051*
105
4%a serlesE
1970
1031*
103
No States Pow
5%s___1940
104%
104% 104%
Certificates of deposit...
Ogden Gas 5s__
.1945
105%
1st A ref. 4%s ser D 1956
Service
Mar
104%
Feb
67%
51
Jan
1,000
50%
Jan
68%
68%
Apr
67%
32,000
98%
Jan
103
30,000
103%
Jan
109% June
Tennessee Elec Pow 5s 1956
105%
Mar
Jan
Tenn Public Service 5s 1970
Terni Hydro Elec 6%s 1953
1,000
12,000
4,000
13,000
1,000
19,000
8,000
1953
108% 108%
1954
5 He
1961
105% 106
106
106%
103% 104
102% 102%
89
89%
99% 100
series E
Okla Gas & Elec 5s...1950
series
A
106
103%
1940
Okla Power A Water 5s *48
"89%
Oswego Falls 6s
100
1947
1st 6s series B
ser
Pacific Ltg A Pow 58.. 1942
Pacific Pow A Ltg 5s
Palmer Corp 6s
1955
1938
Penn Cent LAP 4%s 1977
5s
1979
Penn Electric 4s F
7,000
119% 120%
100% 101
*116% 116%
1941
86
86
87
*103
1971
1950
xw
104
ei'ooo
104%
42~000
105% 105%
*
Deb 5 %s series B
1959
105%,
104%
Pennsylvania Power 5s *50
Penn Pub Serv 6s C..1947
6s series D
1954
Penn Water Pow 5s...1940
4 %s series B
_196£
Apr
106%
110%
109%
Jan
12,000
100%
30,000
105% 105%
104% 104%
107% 107%
107% 107%
106
106%
109
112%
89
Jan
98
10,000
77% May
90
74%
42,000
55,000
41%
Jan
99%
Jan
92
112
Feb
Texas Power A Lt 59.. 1956
105%
107
May
105% 105%
109% 110%
93
92%
100% 101%
33
110%
107%
Jan
Thermoid Co 6s
June
107
Feb
Mar
105
Feb
Tide Water Power 5s. .1979
Tietz (Leonard) 7%s.l946
101%
102
86
Apr
Toledo Edison 5s
1962
Twin City Rap Tr 5%s *52
Ulen Co—
"l06%
93 %
Jan
100
Jan
Jan
Apr
107
Jan
8tp3.1937
Apr
121%
102%
Mar
Mar
Jan
110%
80
Mar
119%
98
Jan
101%
Apr
104
100
Jan
105
Mar
81%
82%
63,000
40
55
66,000
Jan
87%
40
June
84%
Mar
102
Jan
110
107%
2,000
Jan
116%
8,000
45%
Jan
25% June
32%
33%
90
114% 114%
72
69%
29
*26
*26
29%
90
91%
40,000
76
Jan
92
June
95
95%
35,000
80
Jan
96
June
108% 108%
ex-w
Jan
1974
5%s
Apr
1959
Un Lt A Rys (Del) 5%s '52
United Lt A Rys (Me)—
105%
105
92%
92%
6s series A
1952
111%
6s series A
.1973
87%
111
87%
17,000
107
106%
25% May
72
100%
Jan
81%
Jan
95
112
22,000
104%
Jan
113
May
89
7,000
75%
Jan
90
June
106%
46,000
86%
Jan
100
Mar
6%% serial notes.-.1939
103%
103% 103%
13,000
103% June
105%
12,000
103%
Jan
106%
Feb
1U4% 104%
21,000
104% June
106%
Jan
15%
Mar
6%% serial notes ...1940
Utah Pow A Lt 6s A..2022
104%
6
101% 103
113%
112%
Mar
33,000
24,000
105%
105% 105%
107% 107%
54,000
111% June
109% June
86%
Jan
105% Mar
41%
Jan
102%
99%
13,000
103
Jan
Pittsburgh Coal 6S...1949
105% 106
106% 106%
2,000
105
Pittsburgh Steel 6S...1948
103% 103%
10,000
96%
4,000
20%
103%
May
95%
"13%
Phila Electric Co 6S..1966
Phlla Elec Pow 5%B_. 1972
Phila Rapid Transit 6s 1962
Phil Sub Co G A E lb"s '67
Piedm't Hydro-El 6 Ha '60
Piedmont & Nor 5s... 1954
110
88%
107
70%
106
Pomeranian Elec 6s..1953
Poor A Co. 6s
1939
12
13% 137,000
7,000
111% 111%
21,000
109% 111
88%
107
67%
21%
88%
1,000
107%
5,000
75
22
104% 104%
Portland Gas A Coke 5s '40
75
Potomac Edison 5a.. .1958
107
4%s series F
.1961
Potomac Elec Pow 58.1936
73
75
105% 107
108% 108%
11,000
30,000
100
"85%
~6~6oo
99%
14.000
Power Securities 6s...1949
Prussian Electric 6a.. 1954
99%
99%
99%
4,000
4,000
32,000
23%
1st A ref 5s
4)4a series I
103%
1st A ref 6s series C. 1950
1st A ref 4%s ser D.1950
89%
84%
1968
105%
Feb
June
May
27%
100
83%
107
108%
102%
91%
60%
90%
Jan
97%
Jan
100%
22% June
132%
Jan
145%
Jan
Mar
Jan
Wash Water Power 5s.I960
106%
106%
West Penn Elec 5s
2030
102%
West Penn Traction 5s '60
110%
Mar
1937
West United G A E
5%s*5*
111%
Feb
Wise-Minn Lt A Pow 5s '44
107
Jan
Wise Pow A Lt 58 E
Jan
Apr
102
Jan
103% 104
103% 103%
8,000
39,000
105
5,000
102
Jan
103%
Apr
104%
104%
104%
105%
100
Apr
103%
90%
Ruhr Housing 6%s__.1958
106%
12%
104%
San Joaquin L A P 6a B '52
1965
Saxon Pub Wks 6s... 195'
89%
85%
28,000
2,000
11,000
103
104% June
93%
89%
106%
106%
2,000
103
104% 105%
106
106% 107
13%
12%
104% 104%
*128%
108% 108%
26%
26%
80%
83%
78%
Jan
Apr
Jan
2,000
98% May
1,000
74
2,000
100%
*107% 107%
103% 104
103% 104
103%
103% 103%
103%
"99%
106%
68
68
QQ
99%
105% 106%
105
Debenture 3 % a
1945
Ref M 31*s May 1
1960
105
105%
104% 105%
Ref M 3?*s B July 1 1960
1st A ref mtge 4s...I960
105
105
Southern Nat Gaa 6s. 1944
106"
75
103%
Jan
95
Feb
109% June
112
Jan
"l'ooo
May
Jan
Feb
107
Mar
106
Jan
105
Feb
107% May
Jan
104
Jan
110% June
99
103%
88%
Jan
60
27.000
105% 106
5,000
105
Mar
107% 107%
105%
Jan
107
107%
1,000
107
Feb
8,000
100
33%
Jan
95
66
106%
June
June
Apr
Max
107% June
106% 106%
103% 103%
Jan
107
13,000
101%
Jan
105
Feb
103% 103%
6,000
101
Jan
105%
105% 105%
109
*107
9,000
105%
Jan
Feb
Mar
104%
107%
107%
103% 103%
29~000
Apr
104%
Jan
1937
106%
"l03%
Feb
106
Feb
102%
Jan
AND MUNICIPALITIES—
Agricultural Mtge Bk (Col)
33
.
"
l'ooo
2,000
Feb
Baden 7s
105%
Feb
Buenos Aires
(Province)—
108%
June
7s stamped
...1952
19%
Jan
7%s stamped
...1947
105
Cauca Valley 7s
108% 109
106
106%
103% 103%
*107% 110
75%
74%
Jan
108% June
25
June
June
16% May
101% Mftv
27
Mar
May
110
Jan
33
30%
Mar
103
103%
Jan
34,000
103%
73,000
101
100%
Jan
106%
105%
Mar
103
70
Mar
100% Mar
108% June
June
105%
June
109% June
107
104%
May
Jan
Jan
97%
97%
12,000
92%
Jan
103% 103%
30,000
99
Jan
S'western Nat Gas 68.1945
104%
104
104%
7,000
101
101%
104% 104%
3,000
91
Jan
2,000
100
May
Jan
92%
June
105%
Feb
56%
101
106
Apr
106%
Jan
June
73
Apr
108
82%
Jan
June
Jan
Feb
104
Jan
OQ
Feb
103% June
104% June
101% June
Feb
105%
Feb
83%
Stand Gas A Elec 6a__1935
79
79
80%
37,000
69
Certificates of deposit.
1935
76
76
78%
28,000
16,000
84%
8,000
66
May
81
76%
88,000
64
May
80
76%
64,000
63% May
Secured 6s
*60
1947
Hanover (City) 7s
1939
*19%
Hanover (Prov) 6%s..l949
9%
69
25
1958
Maranho 7s
13%
*93
13%
2,000
Mendoza 7%8_„__
1951
4s stamped...
Feb
28%
Feb
21
May
32%
26%
Jan
12%
Feb
i'ooo
Lima (City) Peru 6%s..'58
Medellln 7s series E..1951
28%
19% May
~
9%
18% May
18% May
9
May
17%
Jan
Jan
13%
9%
Jan
Jan
14
71%
Feb
90% June
28,000
63
Feb
85
June
3,000
18
Jan
20
Apr
Mar
22
...
Mar
1951
83
(State)
7s
1958
1919
1919
5%s
1921
5%s certificates....1921
6%a certificates
...1945
7s Stamped
1949
Santiago 7s
17%
20%
"T%
13
"2,000
96%
20%
15%
1%
97
97
4,000
20%
12
Jan
92%
Jan
Jan
17,000
10%
15%
4,000
12%
1%
55,000
1%
1%
1%
1%
1%
42,000
5,000
"49~" "49""
"2~666
1
31,000
1%
"i%
%
Jan
May
May
1
June
1
May
Jan
Mar
23%
17%
2%
2%
2%
2%
Apr
Jan
Ma
Feb
71
49
June
60
12
12
12
8.000
11%
Jan
12
12
12
3,000
11%
Jan
Apr
14%
98%
58
1945
Santa Fe 7s
21
13
Rio de Janeiro 6%s_.1959
Russian Govt 6%s
19%
*19%
Issue of Oct 1927
Mtge Bk of Chile 6s.—1931
Mtge Bk of Denmark 5s '72
Parana
85
19%
Mtge Bk of Bogota 78.1947
Issue of May 1927
Jan
Jan
Jan
Jan
Apr
12% May
12%
Jan
1961
7s...
Feb
74%
Jan
Feb
75
34
101% June
Feb
78%
May
Feb
80%
67% May
69
May
81
78%
77%
25
1953
22
Mar
Jan
June
22
Mar
Mar
98
9,000
3,000
105%
Feh
Jan
14,000
105%
Apr
Jan
21%
Jan
Feb
Mar
89%
20%
Jan
11
33%
95%
20%
Feb
24% May
72% June
73% June
3,000
20%
Mar
Jan
Jan
7% May
8,000
98
21%
Feb
55%
57%
~2"6OO
98
20%
105%
103%
97%
Feb
29%
28
German Cons Munlc 7s '47
108
97
22,000
Jan
21%
20%
100% 101%
98
Feb
72%
Jan
101
29
Danzig Port A Waterways
External 6%s
1952
Mar
8,000
i3"666
21%
Jan
May
18%
3,000
Jan
103
73,000
9
Feb
Ap*
Jan
5s
89,000
*27
1952
1955
70,000
73%
8%
Prov Banks 6s B...1951
6s series A
71%
71%
30
98
58
1,000
Jan
17
20
1,000
104
Apr
100%
10,000
17,000
19
71
73%
Cent Bk of German State A
Jan
61
5,000
13,000
19%
22
1948
127%
2,000
26,000
*20%
1951
Mar
106%
100%
100%
5,000
19
1947
12% June
101%
Jan
22% June
105%
18
18~oo6
19
20-year 7s_.__1934-1946
20-year 7s
124
20,000
16,000
21,000
S'western Lt A Pr 5s.. 1957
So'west Pow A Lt 6s .2022
105%
Mar
FOREIGN GOVERNMENT
Jan
Jan
S'western Assoc Tel 5s_'61
S'west Pub Serv 6s...1946
104% June
Jan
Jan
Sou Calll Edison Ltd—
105
27
Feb
Mar
104
25
7,000
Sou Indiana G A E 61*8 *57
Sou Indiana Ry 4s
1951
59
Mar
94
106% June
48.000
100
Southeast PAL 6s...2025
106% 106%
4,000
106
106%
10,000
102% 103%
31,000
110
110%
3,000
95
94%
132,000
97%
Jan
June
17
Jan
103%
York Rys Co 5s.
88%
84%
Second Int'l Sec 5s... 1948
Sou Calif Gas Co 4%s 1961
Sou Counties Gas 41*8.'68
94%
5,000
Feb
Apr
Mar
103%
Feb
II3~6oo
7,000
1,000
1st 41*8 series D...1970
Sheridan Wyo Coal 6S.1947
Sou Carolina Pow 63.1957
12,000
104
101%
1956
Jan
94%
19%
*17%
19%
*17%
102% 102%
65%
65%
1948
92
106% 107
Yadkin Rlv Pow 5s... 1941
93%
Scrlpp (E W) Co 51*8-1943
Seattle Lighting 5s... 1949
Shawlnigan W A P 4%s *67
41*a series B
.1968
100
100% May
1952
Wise Pub Serv 6s A
Danish 5%s
1935
107% June
Jan
1958
5s series F
Mar
Schulte Reai Estate—
6s with warrants...1935
106% May
Apr
96%
Feb
Jan
June
105%
Apr
Jan
105
2,000
24% 100,000
104% 104%
10,000
West Newspaper Un 6s *44
Feb
May
Jan
88%
88%
109% 109%
27%
*25
22%
22%
Inc 5s
Baking 6s
West Texas Util 5s A. 195.
Jan
6,000
2,000
21
Feb
Rochester Cent Pow 5s 1953
Rochester Ry. A Lt 5a 1954
Ruhr Gas Corp 6%s._1953
Servel
24
Wash Gas Light 5s... 1958
Wash Ry A Elect 4s__1951
June
91%
83%
90
Ward
100
38,000
95
Jan
Mar
Jan
90 %
Feb
92%
95%
95%
Jan
June
31,000
1946
Feb
103
100%
95%
1950
Feb
Jan
5,000
1st ref 5s ser B
104
100% 100%
6s ex-warrants
May
June
90%
100% 100%
100
Waldorf-Astoria Corp—
7s with warrants...1954
99% June
32
100%
100
100
6s
Apr
Mar
108%
Reliance Managemt 5s 1954
Sauda Falls 5s
Mar
105
7,000
106
.1952
SafeHarbor Water 4%s '79
St. Louis Gas A Coke 6s *47
San Antonio P S 5s B..'68
108
Jan
106% 106%
93%
series A
May
2,000
*102% 103%
Puget Sound P A L 5 Ha '49
Queens Boro G A E 4%s *58
Mar
105% 106
105
..I960
Pub Serv Subsid 5%s_1949
Quebec Power 5s
106%
Vamma Water Pow 5%s'57
Va Public Serv 5 %s A.1946
101%
1980
1st A ref 4)4b ser F.1981
June
111% 111%
106
1978
4 Ha series E
24
143
75%
98%
"loo"
Wheeling Elec Co 5S..1941
.1956
..1966
4% series D
22%
142
1937
Jan
98
1956
1952
Mar
85%
.
5s Series E
Valvoline Oil 7s
106%
*99
Utica Gas A Elec 5s D
Jan
105%
98
1944
Apr
1,000
85%
Pub Serv of NJ 6% pet ctfs
Pub Serv of Nor Illinois—
65
Mar
4%s
94%
108%
12,000
Potrero Sug 7s stmp._1947
Power Corp(Can)4 %s B *59
5s series C
Jan
U S Rubber Co—
1957
1979
Jan
91,000
95%
1981
C
Jan
23,000
105*32
series
Feb
June
94
95
6s
Feb
May
106
105
4s series B
Jan
Apr
107%
6%s
June
Peoples Gas L & Coke—
Peoples Lt & Pr 5s
Feb
Apr
Feb
114%
Mar
Mar
June
108%
108
104%
113%
104%
Feb
Feb
Mar
Apr
105
Mar
112% June
106%
76%
100
*101% 104
Mar
34
3,000
98%
105%
100
101%
2,000
11,000
7,000
4,000
17",000
Jan
June
24
105% 105%
106% June
Jan
June
98%
107
Mar
100%
91
3,000
49,000
Jan
105%
101%
108% June
110% June
107
8,000
107%
106%
Jan
1957
United Industrial 6%s 1941
1st s f 6s
1945
United Lt A Pow 6S...1975
Jan
Jan
Apr
104
1967
Feb
Jan
40
104%
1954
101%
Feb
Feb
Mar
34,000
81%
1956
106%
104%.
105
21,000
40
1949
105
Mar
Feb
74% June
5s series A
United El Serv 7s
1,000
106% 106%
29
Jan
Feb
4%s
United Elec N J 4s
4,000
11,000
Apr
Mar
5s series B
Apr
6,000
34
oo
t
Union Amer Inv 5s A. 1948
Union Elec Lt A Power—
May
Feb
May
94%
1944
107%
107% 108%
"9",000
81%
69
105
94%
107% June
65
81
108% June
Apr
"l'ooo
92%
102% 103%
104%
Apr
97% 1 Jan
112% 112%
108
*91%
91%
103%
Penn Ohio Edison—
6s series A
Apr
105%
107
Texas Elec Service 58.1960
Texas Gas Util 6s
1945
114
5,000
103%
104%
105%
Jan
104
107
Mar
6s 3d stamped
A. 1948
60%
106%
107
Pacific Gas A El Co—
Pacific Invest 5s
Jan
Apr
Apr
105%
*100% 107
Pacific Coast Power 5s 1940
45
104
103%
103%
Feb
Feb
June
9,000
107%
106
49
63
37,000
Apr
a«-2022
Jan
20,000
*104% 105%
.1957
68
46%
76%
58
104
Jan
High
May
54
50
105
Mar
Co—
C
6s series D
6s
107
Low
62%
47
81
9,000
2,000
5s series B
June
74% 201,000
63
3,000
104% 105
92
19,OOJO
Apr
7-4% stamped
1946
Super Power of 111 4%s '68
1st 4%s
1970
Syracuse Ltg 6%s
1954
Range Since Jan. 1 1936
$
55
104%
102
Ohio Power 1st 5s B..1952
73%
1936
104
102%
108% 108%
105% 105%
105% 105%
104% 105
108%
1960
7-4% stamped
Jan
Feb
Mar
98
High
61%
100%
67%
102
Low
73%
103%
103%
67
671*
N'western Pub Serv 5s 1957
Public
Price
9,000
6,000
103
1945
N'western Power 6s A. 1960
6s series
Week
Standard Telep 5%s__1943
Stinnes (Hugo) Corp—
June
105
1969
Ohio
for
of Prices
{Concluded)
High
Low
105%
105%
1966
Ohio Edison 1st 53
Week's Range
Sale
Standard Pow A Lt 6s. 1957
5s series D
N'western Elec 6s
Last
BONDS
Range Since Jan. 1 1936
Northern Indiana P S—
5s aeries C
Sales
Friday
Week
{.Continued)
4313
6
Convertible 6s
Certificates of deposit.
Debenture 6s
1951
Debenture 6s.Dec 1 1966
Standard Investg 51*sl 939
75
100
100
1,000
97
Jan
76% June
Feb
102%
•
a Deferred delivery Bales not
not Included in year's range,
r
Ex-dividend.
No par value,
the
rule sales
range,
x
j Fridays' bid
and asked price.
included in year's range, n Under
Cash sales not Included in year s
No sales were transacted
during current week.
Used Above—"cod," certificates of deposit; "cons," consolidated
cumulative; "conv," convertible; "m," mortgage: "n-v,
non-voting stock
Abbreviations
"cum "
"v t
c," voting trust certificates; "w
without warrants.
i," when Issued; "w w," with warrants
;iw„
Financial
4314
f
June 27, 1936
Chronicle
Other Stock Exchanges
Sales
Friday
Range Since Jan. 1
Last
Stocks
Union Copper
Unlisted Stocks
Ask
Bid
Bonds
Unlisted
Bid
Ask
Par
(Concluded)
5
City A Suburban Homes..
Lincoln Bldg Corp v t c...
8%
Oliver Cromwell ctfs......
10%
4%
4%
—1
United Shoe Mach Corp.25
Preferred
25
39 Bway Inc units
30
7
Utah Apex
7
9
9th Unit Inc units
52%
6%s...l950
Mining—...5
Utah Metal A Tunnel
1
Price
Low
High
15c
15c
22
21%
8%
87%
39%
22
8%
88 %
40
Jan
20c
Jan
21% June
Jan
28%
9%
Mar
Mar
Jan
90%
Feb
Jan
42
Feb
15c
130
4
88%
1,809
83
143
39
1%
420
75c
69c
130
160
40%
1
1
70c
100
1,775
14
130
14%
228
8%
605
$5,000
13%
8
13%
4 %s. 1978
97%
97%
97%
79
78
79
8
High
Low
Shares
8%
*
—*
Inc
Waldorf System
Warren Bros Co
1936
Week
Vermont & Mass Ry ColOO
5%
Tudor City—
4th Unit Inc units
61 Bway Bldg
for
of Prices
Ld & Min 25
Union Twist Drill
United Gas Corp
Dorset ctfs of deposit——
Week's Range
Sale
Securities Exchange
New York Real Estate
"i6
2%
Jan
Jan
%
Feb
90o
Jan
Jan
135
May
9%
Jan
16
Feb
4%
Jan
10%
Apr
124
Bonds—
Boston & Albany
Orders Executed on
97% June
97% June
70
78%
Eastern Mass St Ry—
Baltimore Stock Exchange
Series
1948
A 4%s
7,000
Jan
June
STEIN BROS. &> BOYCE
Established 1853
6c S.Calvert St.
39 Broadway
Louisville, Ky.
Hagerstown, Md.
York and
New
Members
Stock Exchanges
Baltimore
Chicago Board of Trade and Commodity
SECURITIES
CHICAGO
NEW YORK
York, Pa
BALTIMORE. MD.
J
Listed and Unlisted
<
Pa a J R Davis & €>o.
Exchange, Inc.
Members;
Baltimore Stock
Exchange
Week's Range
Last
Sale
Arundel Corp
Bait Transt Co com
Black A Decker com
20%
*
Consol G E L A Pow
......
Fidelity & Deposit
20
Fid & Guar Fire Corp...10
Houston Oi! pref
10
Mfrs Finance 2d pref
2%
Jan
7%
Feb
20
20%
105
90
20
27
•■.Va; 54
20
36
114
Feb
Jan
92
114
Jan
1,217
11
Jan
28
25%
28
435
17
Jan
99
99%
66
88
Jan
39%
40%
15%
75
39%
15
1%
.
-
m.
40%
.......
15
1%
2
2
1
200
2
260
%
260
28%
105%
Feb
Common
25
2%
261
10
248
102
31
Jan
37%
284
23%
Feb
27
2
2
100
Preferred
44
New Amsterdam Cas
44
10%
11%
91%
5
......
91
Penna Water A Pow com.*
Preferred..
U S Fid A Guar
110
110
5
2
45
2
44
Mt Ver-Woodb Mills cm 100
14%
Western National Bank.20
14%
Feb
June
Mar
Amer Pub Serv Co
131%
June
18%
Mar
10
15
June
100
6
Jan
950
5%
Jan
21
Jan
580
20
May
4%
3%
3,250
42
42
7% May
8% Mar
9%
Automatic Products com. 5
Ba8tian-Blesslng Co com. •
11%
Bendix
*
26%
1
12%
93
May
110% June
Berghoff Brewing Co
Feb
Apr
17%
Feb
Blnks Mfg Co A conv pref *
Bliss A Laughlin Inc cap. 6
Jan
36%
Apr
Borg Warner Corp com
preferred
10
100
.
25%
73%
Feb
Feb
4%
June
1,900
3%
Apr
27%
Jan
47
June
7%
Feb
11
Feb
11%
1,100
3,350
1,500
6%
Jan
12% May
5,900
Jan
32
12%
2,850
21%
7%
Jan
13% June
47
9%
i!H
26%
12%
6
7
15%
25%
33% June
28
3%
Jan
com
11% June
250
Jan
Aviation
50
14%
33%
Feb
3%
660
7
25%
26%
73%
76%
108% 108%
500
600
200
3
22%
64
107%
Jan
7%
5%
7
Jan
Jan
Apr
Mar
30%
Mar
Jan
83%
Mar
Feb
111%
Mar
Apr
30%
Mar
Apr
Brown Fence & Wire—
Bonds—
Bait Transit Co 4a flat
A
High
Jan
22
16%
13%
30
97%
14%
1
Asbestos Mfg Co com
Associates Invest Co com.*
34
1,836
7%
70
30%
4%
55
Jan
131% 131%
16%
15%
6%
6%
Low
Shares
22
Armour A Co common...5
June
7%
6e flat
B 5s
pref.100
109%
3
36%
13%
36%
87
79
High
33%
Apr
9%
Range Since Jan. 1 1936
for
Week
22
Apr
1% June
40
36
236
110
Apr
Low
7
10
Class "A"
26%
.
Range
of Prices
Allied Produots Corp—
36%
.
131%
Co com..*
Jan
25%
.
Adams Royalty
Price
com—*
Jan
36%
.
Adams (J D) Mfg
Jan
2
36%
mi
.
Abbott Laboratories com. •
20%
25%
50
Week's
Advance Alum Castings..5
PS7% pf25
Monon W Penn
Mar
Par
Stocks—
Feb
Merch A Miners Transp..*
Mercantile Trust Co
Sale
50
May
1%
Feb
17% June
Jan
9
116
Apr
660
-
Last
Apr
84
17%
-
-
Sales
Friday
Feb
Jan
72
115
both inclusive, compiled from official sales lists
June 20 to June 26,
Feb
May
110%
80
91%
Jan
30
June
15%
25
Mar Tex Oil
Feb
17%
1
Preferred
5
258
114
114
preferred
100
Eastern Sugar Assoc oom.l
6%
%
Jan
4%
28
CHICAGO
Chicago Stock Exchange
Apr
35
111% 111%
pf.100
High
22 H
16%
2
27%
25
Preferred
Comm Credit 5%%
680
4
4
Low
Shares
2
_
*
*
Chicago Curb Exchange
Range Since Jan. 1 1936
for
Week
17%
16%
.*
v t c_*
1st preferred vtc
of Prices
High
Low
Price
Par
Chicago Stock Exchange
10 So. La Salle St.,
Sales
Friday
Stocks—
New York
both inclusive, compiled from official sales lists
June 20 to June 26,
Stock Exchange
Curb (Associate)
New York
1975
1975
26%
100
500
17
84
Jan
Read Drug & Chem 5%s'45
61%
6,000
60
Feb
101% 101%
61%
North Ave Market 6s. 1940
2,000
100
Apr
61%
Bruce Co
100
63
Apr
101% June
28
*
Class A
33% June
Apr
Jan
1,000
100
June
28
Jan
31%
31%
166
1975
-
15%
26% $25,000
26
Class B
*
(E L)
*
com
...10
Butler Brothers
Castle & Co (A M) com.
30
27
29%
31%
13
500
26%
Jan
34%
Mar
13
30
650
300
13
Jan
Mar
Mar
9
6,450
7%
Jan
18%
10%
45
46
600
38%
Jan
46
June
58
60%
480
57
Jan
66
Feb
2%
3,070
Apr
3%
68%
Feb
40
Feb
"~8%
10
Cent 111 Pub Serv pref—.*
8%
4
Central 8 W—
Boston Stock
Range Since Jan. 1 1936
Last
Par
Week's Range
for
Sale
of Prices
Week
Low
Price
High
Shares
1%
6% non-cumul pref-—50
1st preferred
50
Amer Tel & Tel
100
3%
3%
300
1%
3% ;
20
■<
166% 170%
100
131%
131
100
66%
66
20
19%
100
52
20
165%
Low
Jan
1%
3% Mar
19% May
149%
Apr
2%
Apr
5%
Apr
25
Jan
178
Feb
5
133
97%
Jan
107% June
248
106% 106%
100
117%
Jan
143
Feb
May
70
Feb
66%
107
20%
65
class A
100
1st
pref
stpd. 100
Class C 1st pref
100
Class D 1st pref stpd.100
Boston Personal Prop Tr. *
Boston & Providence-.100
Calumet & Hecla
......
9%
25
20
5
5%
5%
242
8%
39
6% May
5
12
5
9%
165
13%
13%
135% 135%
10
40
456
10%
*
Eastern Mass St Ry—
Common
6
100
.100
Common
60
72%
5%
100
2%
49%
6%
12%
52%
-.100
Adjustment
Eastern 8 S Lines com
2nd preferred
*
*
Employers Group
General Capital.
Gilchrist
Co
100
8%
12%
132
5%
Feb
Coleman Lp & Stove com *
Commonwealth Edison. 100
14%
Feb
Jan
11%
Common...
June
20%
Feb
May
15%
Jan
June
156%
Apr
Jan
14%
Apr
Isle Royal Copper
Loews
Theatres
Co..25
(Bstn)_25
Maine Central com
Mass Utilities
v t c
100
*
2%
3%
23%
100
50
Quincy Mining
25
......
Shawmut Assn tr ctfs
Stone A Webster
*
Texla Oil Corp
1
Torrlngton Co
»
yjt*r
tiMttuot** >»ee
uage
6%
12%
940
7%
14%
Feb
Dixie-Vortex Co
52%
25
60
Jan
16%
25
1%
1%
576
160
30
23
105
20
5
20
.
.
-
.
12%
......
......
98%
4317.
99
22
30c
23%
Mar
Feb
26% May
Jan
16%
130
*
Apr
Godchaux Sugars Inc—
Class A
Apr
com.
.*
*
Great Lakes D A D com..*
Harnischfeger Corp
768
117%
97
2%
Apr
475
445
260
20
Mar
Jan
May
June
70c
Jan
25
15%
Jan
1%
Jan
175
926
11
Jan
3%
6%
586
70%
1%
39
1%
21
2
13%
.10
Jan
Houdaille-Hershey cl B._*
Mar
Illinois Brick Co..
26
Mar
300
18
50
45
46
28
4%
4,150
4
Arp
Apr
62
18
June
25
Jan
450
33%
48
Feb
300
26
Jan
May
100
3
43%
2% June
% Feb
31
4?
10
28%
5%
200
19%
Jan
4%
15,900
2%
Mar
31%
7%
1%
1%
300
1% May
3%
90
30% June
104%
105
32
102% 103%
52%
54%
%
7%
99
4%
30
%
7%
30
1,100
500
1,000
160
99
20
5
3,150
31%
128% 130
100
Jan
105/
38
Feb
Jan
Feb
Jan
Feb
Apr
Feb
Jan
Feb
Jan
110%
Jan
May
59%
Apr
% June
5%
Jan
1%
12%
Feb
Feb
96%
49
98
May
8
24
Apr
90
120
Jan
31%
131%
110
4%
10
106%
Apr
12
12%
300
10%
Jan
26
400
19%
Jan
ex
107
6%
Apr
111 North Util Co Drel-.100
Indep Pneum Tool
Feb
117%
Apr
4,700
25%
110
4%
Jan
Jan
Apr
June
Mar
Jan
14% Mar
26% June
9%
Mar
18
60
10
Feb
18
June
15
16
80
16
June
19%
41%
20%
21
June
41%
150
41%
June
17
900
20
Mar
24
17%
24%
1,180
9%
Jan
18% May
38% May
16%
Jan
23
Apr
13%
14%
6,400
13
35
36
17%
18
52
52
20
8
1,300
3
1
17
"14%
17%
......
7%
1,400
300
30
Jan
Jan
18%
37%
Feb
16%
Jan
23
39
Jan
62
June
Jan
9
May
27%
June
200
15%
450
"12"
32%
15%
33
250
22%
8%
Jan
16
28
29
1,200
22 %
Jan
27%
27%
550
26%
Apr
13%
32%
28%
27%
13%
80
9%
Jan
11
12%
1,700
8%
Jan
19%
24%
11%
150
19
~23%
23%
11
25
Feb
l09~~
Jan
Jan
Apr
39% Mar
18%
Apr
29% June
33%
Apr
17
13%
Apr
Apr
16% May
22
22%
May
32%
Mar
500
8
May
12%
Jan
109%
1,650
108
109
100
100
Feb
63
63
60
61
June
Jan
Jan
Interstate Power—
June
v t
c._*
$6 preferred
*
Jan
Iron Fireman Mfg v t c ._*
Feb
Jarvis (W B) Co cap
Jefferson Electric Co
14%
1%
Feb
21%
Apr
Jan
3%
May
2%
187
2%
June
5%
Feb
177
90%
Jan
104
com
Feb
225
315
Class B
__*
Goldblatt Bros Inc com..*
Helleman Brew Co G cap. 1
Hormel & Co (Geo) com A*
3
99
Common
Feb
100
5%
49
Fitz Si.ons & Son (D & D)
Feb
869
4%
48%
107
"12%
Gen Household Utll oom.*
18
300
19%
Elgin
Util cap.5
Nat Watch Co... 15
Gardner Denver Co
Jan
Jan
2%
2%
Elec Household
Mar
35
Apr
97
23
Eddy Paper Corp (The)..*
Jan
Feb
560
18%
2%
35
com »
Jan
11
28%
2
2%
Jan
100
12%
Apr
8%
19%
419
21
Feb
Jan
85c
1%
41
v
Mar
13% June
1% May
33%
11%
27%
Apr
32%
1
169
Mar
51
7
Apr
May
4%
31
*
130
10%
64 %
50
7%
*
com
Class A
Econ Cunnghm Drug
Jan
10%
2%
2%
44% 45
120% 124
3
3%
Jan
36% May
5%
Feb
Jan
30%
"l03"
pref. *
Mar
120
9
20
23%
May
conv
Jan
1%
9
155%
Jan
June
com.
H
9%
7%
1%
38%
1%
21
21
..
»
Suburban El Secure com—*
6%
10%
51
16
22%
Jan
40%
27
Dexter Co (The) com....5
1
Reece Button Hole MachlO
Reece Folding Machine. 10
Deep Rock Oil
85c
25
Pennsylvania RR...
Dayton Rubber Mfg
Apr
30c
*
Old Dominion Co
Cudahy Packing pref-.100
Mar
Apr
30
N Y N H A Hartford—100
Old Colony RR
Mar
84
Apr
23
"12I"
North Butte
83
3%
116
Linotype..*
New Eng Tel A Tel
100
.100
.11%
Jan
62%
582
Mergenthaler
Preferred
Jan
Jan
15
10%
8%
5
...25
Jan
39%
8%
......
..100
Feb
8%
13%
Hathaway Bakeries pref-.*
Int Button Hole Mach. 10
Preferred...
Cord Corp cap stock
Crane Co common
3
39%
"1%
100
33
.......
Hathaway Bakeries cl B_*
Mar
6% prior pref A
Jan
8%
Jan
35
Continental Steel—
60
50
8
20
30
.....5
3%
41%
1%
80
Consumers Co-
Jan
25
22%
*
Feb
50
%
Compressed Ind Gases cap*
17
June
100
165
12%
Jan
48
11%
1%
213
161
20% May
2}
104%
2%
22%
*
Gillette Safety Razor
10
219
22%
*
*
"
161
49
260
"~~4%
50%
2%
49
211
33%
28
"46"
Chic Yellow Cab Inc cap.*
Cities Service Co com
*
*
Cumul class A pref..35
Decker (Alf) & Cohn com 10
16%
Economy Grocery Stores.*
Edison Elec Ilium
6
66
32%
18
4%
48%
Chicago Mail Order com.5
June
'
100
1st preferred
40
60
71
65%
50
Chi & Nor West Ry com 100
Chicago Rys pt ctfs "2" 100
Chicago Towel conv pref *
Feb
East Gas & Fuel Assn—
6% cum pref....
4%% prior pref
Chicago Elec Mfg A
*
Chicago Flex Shaft com. .6
12%
Apr
8%
*
41
May
100
5
5%
Cl A 1st pref stpd—100
Class B 1st pref
138
5
9%
..........
5
8%
100
1%
48
Club Aluminum Uten Co.*
2,172
Boston & Maine—
g.
11%
..*
com
Cherry Burrell Corp com.*
High
Blgelow-Sanford Carpet—
Prior preferred
*
Preferred
Preferred
1%
Preferred
33%
Chicago Corp common... •
25
Boston A Albany
Boston Elevated
*
Chain Belt Co
*
Amer Pneumatic Serv Co—
Common
*
Preferred
2%
Central States Pr A Lt—
Sales
Friday
Stocks—
Prior lien preferred
Exchange
both inclusive, compiled from official sales lists
June 20 to June 26,
2%
65%
...1
Common
Mar
1
com.
*
(new) -.10
Katz Drug Co oom
1
Feb
17
17
31
Feb
19%
25%
20%
16% June
May
24%
24%
1,900
18%
Feb
24
Mar
35%
17
24%
19%
35%
50
32%
Apr
40
63%
63%
42
41
45
40
40
41%
Kalamazoo Stove com... •
Capital stock
68
50
450
24
Mar
Apr
20
43
Jan
70
Mar
760
43
June
45
June
1,200
32
Feb
42
May
Volume .142
Financial
Sales
Friday
Week's Range
for
Sale
of Prices
Week
Price
Par
Low
Kellogg Switchboard comlO
7%
IOC
Preferred
117 %
Ken-Rad T & Lamp com A*
10 %
Ky Utll Jr cum pref—.—50
6% preferred
-,100
Kingsbury Brew cap
1
84 %
39 %
10%
39%
84%
*
Cumulative preferred—1*
300
8
120
11
40
84%
70
54
Jan
120
June
10
Apr
14
Jan
Feb
43
May
90
420
i%
130
7%
Jan
Feb
Jan
3%
Mar
May
250
4%
24%
8
76
450
23
....
Llbby McNeil it Llbby—10
34%
10
2
4
Feb
1,450
i%
"i %
10%
Apr
4%
Stocks
High
Low
Shares
3%
Jan
7
Feb
1%
Jan
3%
90
21
Apr
850
7
May
35%
11%
Last
Jan
Jan
(Concluded)
*
Common
*
Loudon Packing Co com..*
~~6%
5
~32h
32
Manhatt-Dearborn com--*
Marshall Field common--*
Mer & Mfrs Sec cl A com. l
1%
15%
6%
15%
m
Prior preferred
*
Mickelberry's Food Prod—
Common
1
-----
29 %
4
Apr
150
7%
6%
Jan
6%
June
Jan
Mar
15
29
Jan
*
24
24%
25
125
20
Mar
24% June
13
13%
11%
Mar
13% June
—
*
5
5
15
10
10
130
25
25
25
Formica Insulation..
Gibson Art
*
21
21
3
31%
32
256
8%
3%
-
-
20
-
-
-
10
*
Hatfield prior pref
Hobart "A".
..
5
30%
*
Leonard
*
8%
54%
Lunkenheimer
Feb
Meteor...
43
Apr
650
27
Mar
61
Apr
Jan
19
Mar
Apr
8
Jan
25% May
110
33
34
Jan
11%
1,350
3,000
5%
220
3%
Jan
P&G...
8% pref
U S
Card
850
Jan
70
22% June
22%
33% June
5
5
4
100
100
7
Jan
45
Jan
105% June
27%
Jan
6%
Mar
Jan
49% June
50
22
49%
22%
66
18
Jan
25
Feb
13
33
6
June
13
June
5
25
4%
4%
35
35
43
44%
45%
220
19
19%
27
48%
35
3
8
215
Mar
220
16
Jan
3%
Apr
June
Jan
21
524
29%
5%
4%
27
45
264
4%
4%
May
40% June
Apr
5%
360
19%
6%
8%
10
__*
Feb
29
9
263
220
%
4%
Jan
14% June
May
Jan
Jan
9
Jan
June
35%
8%
28%
Jan
7
550
22%
Mar
4%
June
Apr
10%
7%
%
3%
Feb
Jan
Mar
Members Cleveland Stock Exchange
5
Mar
55
Feb
Ohio Listed and Unlisted Securities
4%
2%
Feb
Feb
Feb
2%
4,050
Jan
June
13
%
Playing
28
Feb
-
:_i
HgM
June
5
June
49%
100
Randall "A"
25
6
5
*
_
Feb
Mar
93
Moores Coney "A".
*
Nash___.
.___25
Jan
25
40
*
Apr
15
Jan
11
22%
*
Jan
33
Jan
91
Little Miami Guar sped 50
34
June
232
6
Mar
8
43%
6
42
Kroger
92
5
17%
19%
105% 105%
12
100
20
53% June
13/jj May
90
*
Eagie-Picher Lead
50
3%
9
3%
3%
3%
85
Dixie Ice Cream
U S Printing
Middle West Corp cap--.6
Stock purchase warrants
275
600
10
High
90
Feb
June
Low
89
6
53%
McQuay-Norrls Mfg com. ♦
250
12%
Range Since Jan. 1 1936
Shares
High
90
35%
32%
53%
1%
15%
6%
29%
35%
McGraw Electric com-—6
Jan
Low
50
40
6H
40
McCord Rad &,Mfg A.—*
Lynch Corp com
7
4%
11%
800
11%
4
Lindsay Lt & Chem com. 10
Lion Oil Ref Co com
12%
11%
11%
Week
Early & Daniel
Kahn 1st pref
Lincoln Printing Co—
for
of Prices
Price
Par
Cln Telephone
Cln Union Stock Yard.
Cohen (Dan)
Week's Range
Sale
2
2
La Salle Ext Unlv com.—5
L«ath <fe Co com
High
Sales
Friday
Range Since Jan. 1 1936
Last
Stocks (Concluded)
Chronicle
May
Preferred. _i.
__50
17
10
17
Feb
Feb
Midland United Co-
%
%
1,030
2%
2%
170
2%
2%
90
2%
2%
43%
6%
Common
Conv preferred A
*
2%
Jan
%
1
Mar
Midland Uti!—
6% prior lien.
.100
7% preferred "A"—100
7% prior lien
—100
Modine Mfg com.'
40
21
20%
31%
Muskegon Mot Spec cl A
Natl Battery Co pref—
31%
46
National Leather com—10
National Rep Invest Trust
Jan
38%
70
Jan
Jan
6% June
10%
17
Jan
25%
80
28
Apr
33
May
38%
1%
Jan
65
Feb
300
300
Jan
2%
28 %
Northwest Bancorp com..*
Jan
"714
com..*
24 %
7%
23%
100
21%
20%
45
7
28%
29
6%
6
20
Jan
26
550
10
Prior lien pref
Oshkosh Overall
conv
100
pref *
35
Feb
3%
Jan
7%
14
7%
June
1,400
15%
Jan
26%
21%
46%
180
7%
Jan
22
June
46%
June
27
22
9
Penn Gas & Elec "A" com*
17%
Potter Co (The)
com.——*
—
36
1
650
100
Raytheon Mfg—
Common v t c
50c
Last
Week's Range
for
Apr
27%
Jan
Sale
of Prices
Week
Jan
3%
Feb
Jan
Mar
17
Apr
32
Par
38
Apr
Allen Industries Inc
Jan
Apex Electric Mfg
41
*
100
City Ice & Fuel
___*
Cleveland Builders Realty*
2%
2%
Jan
5%
Jan
6
1% May
4% June
5914
750
Apr
Feb
59%
100
49
May
50
103
Jan
115
Mar
Dow Chemical
118% 118%
40
112%
Jan
123
Mar
Foote-Burt
121% 122
147
148%
450
121% June
140
Jan
142
Jan
148% June
Greif Bros Cooperage A__*
Hanna (M A) $5 cum pf_*
7% June
Feb
3%
114
49%
614
7%
2%
514
3
15 %
15%
4,200
2%
Jan
3%
Apr
Mar
61%
61%
Jan
350
1%
Jan
450
Rollins Hos Mills conv pf *
14
14
70
Sangamo Electric Co—-*
54
54
250
South Colo Pow A com_25
3
3
20
11
May
Feb
13%
Jan
16% June
Jan
17%
35
Jan
55
2%
Apr
Mar
Jan
5%
Southern Gas & Elec—
85
99
Feb
81%
410
61
Feb
81% June
89%
89%
10
79%
Jan
91
4%
150
3%
Mar
13%
4%
13%
14
30%
5%
30%
6%
31%
21
21
21%
104% 105
81 %
79%
105
June
Mar
Standard Dredge-
*
Common
Convertible preferred..*
conv
pref-25
Swift International
.15
300
400
1,100
3,250
13
June
5% June
Prior preferred
Cleve-Cliffs Iron pref
*
Cleve Elec 111 S4.50 pref.*
Cleve Ry ctfs of dep.__ 100
Cliffs Corp vtc
*
7
Utll & Ind Corp..
Convertible pref
-
*
Packer Corp
25
Jan
Jan
12%
Feb
4%
Feb
1
1%
900
14
2
Jan
*
3%
4%
3%
450
250
May
May
4
Apr
2,900
30
Apr
152% 153%
70
142
Jan
18%
12
4%
35
33
19%
200
16
Apr
10
Mar
"'5%
5%
12%
5%
250
Wisconsin Banksharea com*
Zenith Radio Corp com—*
25%
24%
26%
18,950
Wleboldt Stores InC com.*
18%
Wllllams-Oll-O-Matlc com*
800
11
Jan
Jan
6%
35
153%
June
June
Jan
22%
13% June
Jan
5%
Jan
5%
8%
Jan
26% June
Patterson-Sargent
Peerless Corp
Richman
12%
Mar
107%
59%
191
Jan
19%
6%
71%
Feb
Jan
Feb
110
Feb
Feb
69
430
18
June
110
Apr
123
Feb
10
10
Jan
15
Mar
Feb
24%
8
50
8
May
25
36
Feb
60
Mar
50
32
36
Jan
50
June
90
Jan
10%
100
June
105
Jan
18
18
60
18
Jan
26
Mar
48
48%
17%
22%
4%
55
34%
Jan
55
Apr
10
Jan
100%
17
22
4%
4%
124
46
19% June
3% Mar
140
17% May
Feb
26
5% May
12% Feb
25
25%
16
79
15
Mar
27%
17%
Mar
15%
19%
20%
21%
8%
10
19%
21%
8%
15
16%
18%
Mar
20
May
Apr
26
8
87
,
475
5
Jan
55
Jan
120
4%
June
40
1
June
29
270
27
Apr
175
20
21
Jan
9%
19% May
2% June
Jan
66%
13%
2%
160
2%
100
62
243
100
30%
2%
13%
30%
84
84
10
11%
18%
2%
13
8% cumul preferred-100
*
*
740
20% May
1
Truscon Steel 7% pref-100
Weinberger Drug Inc
100
June
10
4%
4%
8
28%
13%
29
*
Vlchek Tool
25
87
61
Stouffer class A—
Jan
50
100
"is"
_
Seibernng Rubber
Jan
June
May
8
*
*
3
Apr
%
54
Jan
25
106% June
18
112
50
Tool
30
230
Jan
50
*
Ohio Brass B
Mar
68%
18%
Mar
90
24
50
50
100
National
8%
2%
34
*
25
Murray Ohio Mfg—
National Refining
10
245
110
12%
*
Monarch Mach Tool
National Tile
20%
153%
112
McKee (A G) class B---„*
Medusa Portland Cement *
Jan
250
Wahl Co com.!.
High
Apr
10
Jan
1,500
Walgreen Co common
*
Ward (Montg) class A-—*
18
18%
11%
66
5
62%
67%
18%
67%
-
10%
9%
2%
Electric--
35%
2%
-
9%
Utah Radio Product com. •
Leland
*
895
109
,_*
Lamson & Sessions
Feb
18%
lit)
Jaeger Machine
*
Kelley Isl Lim & Tras.__*
Preferred
9%
2%
25
Thompson (J R) com .—25
*
25
5
Steel—*
Interlake Steamship
Apr
*
Swift & Co—
Low
345
61
*
Harbauer
20%
106% 106%
17%
17%
100
pref
Apr
28%
Range Since Jan. 1 1936
Shares
24
25
Great Lakes Towing pf. 100
110
59
High
20
150
58
preferred-------100
Low
1
500
113
147
Price
Feb
22%
450
3%
6
Reliance Mfg Co com—10
Storkline Fur
Stocks-
Mar
59%
121%
Sales
Friday
Feb
2%
v t o
S'west Lt & Pow pref
*
St Louis Natl Stkyds cap *
26, both inclusive, compiled from official sales lists
29
Fostoria Pressed
—*
Preferred
7%
June 20 to June
2,500
~3%
100
Common
6% preferred
10
950
& T. GLEV. 565 & 566
Cleveland Stock Exchange
Apr
3%
3%
3%
314
214
-.100
7%
Quaker Oats Co—
1%
27%
35
*
60
200
18%
3%
preferred
preferred.
19
1%
3%
6%
500
37
*
Common
Mar
17%
Process Corp com
*
Public Service of Nor IllCommon
Apr
27
37
Perfect Circle (The) Co..*
Pines Wlnterfront com.—5
Prima Co com
25
20
22%
1%
1%
340
A. T
Jan
3,0.50
25%
27
Peabody Coal Co B com..*
6% preferred—100
Telephone GHerry 5050
June
44
-10
Parker Pen Co com
Union Trust Building, Cleveland
Feb
Apr
5%
450
Northwest Utll—
7% preferred
WOO Dcla
OS LL1
Jan
'
7
Cumul conv pref
*
Noblitt-Spaiks Ind com—*
North Amer Car com
*
Northwest Eng Co
Mar
350
1%
1%
1
50
49
Natl Gypsum cl A com. .5
Feb
%
20
43%
6%
21
32
Monroe Chemical Co com *
Jan
1%
11%
*
18%
29
2
Jan
Mar
Feb
Mar
8%
87
June
12
Jan
Feb
4%
35
Jan
15
Mar
27
Jan
Jan
2%
68
Feb
Feb
4%
Jan
8%
30% June
25
Feb
35
83
Jan
85
Apr
Apr
645
9
17
May
Jan
12
10
100
112
Apr
115
100
15
18%
Mar
June
Youngstown Sheet & Tube
115
5%% preferred--.—100
115
June
Bonds—
72% $11,000
72%
Chicago City Rys 5s ctfs '27
Chicago Rys 5s A
1927
5s ctfs of deposit-.1927
25
25
75
75
1,000
1,000
Mar
70%
22%
Jan
76%
Apr
25
June
Apr
70
79
Jan
Watling, Lerchen Sl Hayes
Members
New York Stock
BALLINGER & CO.,
Members Cincinnati
UNION TRUST
Exchange
New York Curb Associate
Chicago Stock Exchange
Detroit Stock Exchange
Stock Exchange
Buhl
Building
BLDG., CINCINNATI
DETROIT
Telephone, Randolph 5530
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Detroit Stoek
Wire System- -First Boston Corporation
Exchange
both inclusive, compiled from official sales lists
June 20 to June 26,
A.T.&T. Tel. Cln.
Cherry 6711
291
Sales
Friday
Last
Cincinnati Stock Exchange
June 20 to June 26, both inclusive,
compiled from official sales lists
Last
Stocks—
Aluminum
Par
Industries
*
Week's Range
for
Sale
of Prices
Week
Price
10%
Amer Laundry Mach
Amer Prod prior pref
com.-5
50c
Capital City Prod com.—*
Chrysler Corp com
-_5
Burry Biscuit
Shares
80
64
Low
9%
19%
High
20
16
3%
105%
Price
2%
"16"
1%
142%
Det & Cleve Nav com—_
Mar
Det
5
3
June
Jan
Detroit Edison com
6
50
6
June
11
Jan
Det-Mich Stove com
100
-1
5%
10
8
Jan
Det Paper
Prod com
1
5%
19%
20%
102% 103%
12%
14
32
5% May
3%
Jan
19% June
6%
Apr
*
Eureka Vacuum com
-5
Federal Mogul com———*
General Motors com
10
Goebel Brewing com
1
Graham-Paige com
1
Hall Lamp com
*
Hoover Ball & Bear com. 10
Hoskins Mfg com—
*
15%
17
365
88
78
150
3%
25
105% 106%
207
3%
6%
303
7%
5
443
102
12%
Mar
4%
25
Feb
105
Jan
Apr
17%
8
Jan
17
1%
100%
Jan
Jan
4%
Feb
106% June
229
Jan
303
5%
Jan
8%
Feb
June
June
Jan
2%
Det Steel Prod com
51%
2%
11%
51%
20
10
51%
"'3%
Mar
27
3
303
~"6%
Week
10
13%
Jan
Cripple Creek
for.
of Prices
Low
High
—1
Jan
5%
5%
For footnotes see page 4317.
11%
22%
Bohn Alum & Brass
3
Burger Brewing.
...
High
Range Since Jan. 1 1936
6
8
*
Champ Coated
100
1st preferred
H00
Churngold
___*
Cin Advertising Prod
*
Cln Ball Crank pref
*
Cin Gas & Elect pref.-.100
C N O & T P pref
100
Cln Street Ry
—50
11%
22
20
7
Participating pref-—.*
Baldwin
Low
1
1
Auto City Brew com
Baldwin Rubber com
Sales
Friday
1
Par
Stocks—
Week's Range
Sale
20
10
15%
16
104% 109%
3%
3%
1
1%
142%
5%
5%
9
9%
29% 31%
141
14
7%
14
17
17%
67%
7%
%
2i
2%
Shares
1,390
4,321
Range Since Jan. 1 1936
Low
High
Jan
91
537
46
468
June
13
300
2,326
2,080
19,700
59
250
954
1
128
2%
7%
762
23
150
12%
9%
54%
6%
1,700
2,085
4,210
1,280
June
Apr
15% Jvfne
Jan
86%
Jan
2%
June
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
June
230
12%
6%
12%
214
u
Jan
55
55
250
44%
Feb
Jan
4316
Financial
Friday
Last
Stocks (Concluded)
Par
Hudson Motor Car com--*
1
Kingston Prod
Low
17
Michigan Sugar com
Mid-West Abrasive com50c
Micromatic
IX
1
6
6
3%
18%
3%
10%
*
Hone
Packard Motor Car com.
com---
-*
43
Pfelffer Brewing com
-*
12%
Parke-Davis
Rickel (H W)
River
r2
Raisin Paper com..*
com
(Fred'k)
Stands Tube B
5%
4%
-10
Scotten-Dillon com
Stearns
5
5
Reo Motor com
*
com
com
Timken-Det Axle com.
__
Tlvoli Brewing com..
10
1
10
U S Graphite
*
Universal Cooler A_.
*
B
3%
17%
9%
-1
Wayne Screw Prod com, .4
com
"7%
3X
24
"i%
8
8
X
*
Wolverine Brew
-.450
I3lg
725
3%
6%
41%
12%
4%
5X
1
5,087
688
485
1,070
666
780
5
24
PHILADELPHIA
1416 Walnut Street
June
Jan
May
50
June
18%
8%
7%
Jan
June
Feb
Mar
June 20 to June 26, both
Jan
Friday
29
Feb
Last
Week's Range
110
17
Jan
24
Feb
Sale
*
3% May
12%
Jan
5%
Jan
9,207
33
700
1
110
•1,320
6%
Jan
Jan
May
31
Feb
Jan
3
Mar
24
is,6
350
8%
X
8
400
24
June
2%
I
3,525
19
4
June
June
Jan
16
15
11%
1%
Jan
1'
200
4%
Jun
17%
Feb
11%
Apr
33% June
9% Apr
24
Mar
Par
Stocks—
American Stores
-
.
Price
*
—.
165%
American Tel & Tel.—100
*
Baldwin Locomotive
Preferred
-
100
.
100
Bell Tel of Pa pref
Budd (E G) Mfg
12%
CO—--*
100
Preferred
"
Mar
June
2%
9%
Rights 1st paid
LOS ANGELES SECURITIES
Budd Wheel Co
*
5
Curtis Pub Co com..
*
108%
""43%
Electric Storage Battery 100
General Asphalt
10
General Motors
10
Horn & Hard (N Y) com.
Listed and Unlisted1
.
*
7%
Lehigh Coal & Navigation*
—50
Lehigh Valley
Dobbs-Crowe-Wagenseller & Durst
Member Los
Mitten
Angeles Stock Exchange
Bank Sec Corp. .25
Preferred
Spring St.,
LOS ANGELES
2%
25
;
Nat'l Power & Light--—*
""4%
Pennroad Corp v t c_..__*
Pennsylvania RR
Penna Salt Mfg
Los
both inclusive, compiled from official sales lists
50
-.
Par
Week's Range
for
Sale
Stocks—
of Prices
Price
Low
High
Shares
Low
2
300
1%
Bandini Petroleum Co—1
3%
3%
4
300
50
7
7%
2%
2%
102% 102%
10
10
7%
Broadway Dept St pref. 100
102%
Buckeye Un Oil com v t c.l
Preferred..
.*..1
6c
He
--*
27%
50
50
1,800
50
—25
Central Investment-... 100
Chapman's*Ice Cream...*
-5
Chrysler Corp
2%
6c
1
*
Jan
Sun OilCo._
*
3%
Jan
■
Jan
Tonopah Mining
17c
10
85%
2%
40
112%
Jan
86
17
June
43% June
22%
Jan
160
Feb
Mar
Mar
Apr
3% May
14% Mar
Jan
100
679
Feb
Feb
50
125%
15%
Apr
2,093
Jan
177%
6%
Apr
325
110% June
24%
Apr
55%
Jan
34% Mar
70% Apr
3,519
54
Jan
25
30
Apr
34
Jan
Jan
11%
14%
Feb
8%
Mar
8
Mar
681
6%
8%
88
20
1,438
245
68
Feb
Apr
117
763
30
11
Jan
130%
112
5,504
Jan
Jan
639
15
14%
5%
Jan
Apr
Feb
39
Feb
33%
2%
8%
1%
10%
112
1%
14%
Jan
%
1%
9%
3%
28%
113%
380
7%
10%
1%
13%
36
Feb
Feb
Apr
May
35% Mar
12% Mar
16% Mar
3%
Jan
19% May
Jan
Jan
Jan
Apr
1,000
200
16%
Jan
28
June
50
31%
Jan
50
June
3%
108
10c May
8
25
22
30c
Jan
100
1
100
95
May
200
12
11%
Apr
100
53%
Jan
19%
19%
600
14%
Feb
60c
60c
65c
12,365
20c
Feb
67 %c
Feb
440
2
440
430
50
Mar
63%
19%
440
Jan
5
50
430
16% May
7%
30%
324
57
Jan
75
May
71%
29%
Jan
90%
38%
Mar
Mar
75
23
Apr
Apr
Apr
Jan
*
Westmoreland Inc
64
*
11%
8%
Jan
1
Jan
1,000
Jan
1%
Feb
240
3%
5%
40%
14%
108%
1,056
225
4,006
263
64
11%
8%
*
Westmoreland Coal
112
5
5%
6%
7%
45%
44%
15%
16%
111% 112%
Jan
1,000
64
1
60
Feb
Apr
Apr
Apr
Apr
8% Apr
9%
Feb
47% Mar
19%
Feb
113% June
June
64
June
Apr
15
Apr
9%
7%
Apr
63%
440
__*
Mar
—-1
3%
7%
44%
15%
*
*
West Jersey & Seash
15%
*
Equip-.5
100
X
1
50
Preferred
United Gas Imp com
Preferred
Feb
5%
71%
20%
4
Union Traction
United Corp com
Apr
16%
13%
4%
63%
4
Feb
Apr
4%
108
Apr
11% June
1,600
34
1
June
28
Jan
108
3%
59%
77%
5%
18%
61%
78%
34%
X
I116
Feb
Apr
11c
13%
Farmers & Mer Natl BklOO
3
125
225
113%
34%
Tonopah-Belmont Devel.l
Apr
98
27%
Oil Corp—*
Exeter Oil Co A
150
290
4
High
26% May
149%
Apr
2%
Apr
33% May
119%
Jan
9%
Jan
639
34
18
61
Tacony-Palmyra Bridge-.*
3%
104%
2%
10
13
Emsco Derrick &
8%
Jan
6c June
100
11c
12%
Douglas Aircraft Inc
Low
81
2%
11%
4
4%
32%
33%
122
125%
5%
Salt Dome Oil Corp
Scott Paper
27%
12%
Consolidated Steel com...*
15
13%
Feb
1,000
25
25
108
Jan
6c
Claude Neon Elec Prod..*
Consolidated
"16%
Philadelphia Traction.50
5
Jan
3%
5% May
California Bank
Range Since Jan. 1 1936
Shares
7
~34~~
3%
"
IX
Byron Jackson Co
98% 110%
18%
18%
43%
44%
24%
25%
64% 68%
32%
32%
7%
8
9%
10%
2%
3%
10%
for
Week
High
27% 28%
166% 170%
3
3%
39% 39%
122% 123%
12%
13%
106% 106%
2%
2%
9%
10%
Reo Motor Car Co
High
IX
B
Low
Week
Range Since Jan. 1 1936
Associated Gas & Elec A..1
Bolsa Chica Oil A
*
Phil & Rd Coal & Iron._..*
Last
Sales
of Prices
113
25
50
Phila Rapid Transit
7% preferred
Sales
Friday
33
50
Phila Elec pf Pa $5 pref.
Phila Elec Pow pref
Angeles Stock Exchange
June 20 to June 26,
inclusive, compiled from official sales lists
Feb
7
Jan
946
YORK
30 Broad Street
Philadelphia Stock Exchange
Mar
Chrysler Corp
626 So.
NEW
22% Mar
4% June
12% Feb
4% May
100
7%
3%
Apr
Philadelphia Stock Exchange
Feb
Mar
4
25
2,728
17%
11
New York Stock Exchange
25
26%
21%
4
Members
Feb
Apr
Feb
1%
6%
3% June
15
Mar
20
Jan
760
6
8%
6%
Jan
5
DeHaven & Townsend
19% Mar
5% June
Apr
430
24
1%
16
160
3%
19%
3X
11%
43%
14
5%
33
7%
3%
1
Wolverine Tube com
5%
4%
26%
21X
3%
10%
9%
33
Universal Products com._*
Warner Aircraft com
1,750
IX
6
Apr
5% June
3%
Jan
1,225
Established 1874
High
4% May
294
OX
5%
3X
10
Murray Corp com
18
Low
14
1,893
6,045
5
10%
*
10
i* Preferred
18
Shares
17%
18
*
McAleer Mfg com
Mich Steel Tube com.2.50
High
16%
4%
0%
0%
4%
Lakey Fdry & Mach com.l
Range Since Jan. 1 1936
for
Week
of Prices
Price
June 27, 1936
Sales
Week's Range
Sale
Chronicle
Feb
118
8% May
Jan
Bonds—
Elec & Peoples tr ctfs 4s '45
Small bonds.
13%
14% §19,000
10
Jan
20
Mar
13
13
900
10
Feb
19
May
Jan
General Motors Corp. ^-10
67%
400
54%
Jan
70%
Apr
11%
66%
11%
67%
General Paint B
11%
100
8%
Apr
12%
June
Gladding McBean & Co. .*
17
17
17
100
11%
Jan
19%
Mar
.*
21
20%
21%
Jan
24%
17
16%
17
Hancock Oil A com
Hudson Motor-
...
Holly Development Co—1
75c
100
46c
13c
2,000
9,200
9,550
9c
48c
8c
13c
12c
1
50c
Lincoln Petroleum Corp. .1
11c
50c 52 %C
11c
12c
Lockheed Aircraft Corp-_l
7%
7
12c
11c
Kinner Airpl & Motor
Rights.
Los Ang G & E 6%
Los Ang Industries
pref 100
Inc...2
Menasco Mfg Co—
1
114%
4%
4%
18%
14% May
200
75c
10c
Jade Oil Co
1,300
75c
Jan
16c
95c
Feb
Feb
29c
Feb
800
6% June
11%
Jan
6,100
6c May
79
4%
4%
111
2,000
600
33c
30c
33c
900
17c
Mills Alloys Inc A
2
2
2
100
2
A/TorvtKo..*
Members
UNION
116%
4%
Jan
Jan
6%
Mar
Jan
Tel
120
4
45c
45c
45c
100
35c
Jan
47c
15c
17c
7,000
15c
Jar
28c
Apr
Occidental Petroleum
1
30c
30c
30c
25c
Jan
35c
Jan
OlindaLand Co
1
15c
15c
15c
4,500
2,000
8c
Jan
*
10
11%
11%
21%
11%
22%
38%
20%
107%
6%
23%
Pittsburgh Stock Exchange
June 20
Pacific Finance Corp
Pacific Gas & Elec C0...25
22
38%
Pacific Lighting pref
*
107%
38%
20%
107%
Pacific Public Service-
*
*
6%
233%
6%
23%
Republic Petroleum Co__l
7%
7%
Pacific Indemnity Co...10
1st preferred
20%
8
7%
Feb
32%
Mar
8% June
Armstrong Cork
10c
Jan
40c
Apr
45
Jan
54%
Jan
60
Jan
1,600
50%
11%
25%
500
27%
Mar
Signal Oil & Gas A com._.*
28%
28
Sou Calif-Edison Co
25
28%
28
6% preferred..
25
28%
26%
28%
*
37%
*
17%
Transamerica Corp
*
13%
1
900
1 600
600
5
37%
17%
14
*
26
June
Jan
30%
Jan
28% June
28% Mar
27
Apr
Jan
Mar
109
Apr
Jan
38
35% June
14% May
47
Feb
19%
Feb
11
14%
Feb
400
Apr
22%
22
22%
3,800
22%
Apr
Universal Cons Oil Co.. 10
22%
22
25%
5,600
7%
5%
Jan
28%
27% June
Feb
Mar
Jan
1.20
1.20
1.25
2,500
1.00
Feb
1.40
3c
1%C
4c 142,200
lc
Jan
Tom Reed Gold Mines
1
35c
35 c
35c
2,000
32c
Zenda Gold
1
10c
10c
10c
3,000
6c
Jan
4c June
footnotes
see
page
4317
14%
Apr
Carnegie Metals Co
1
2%
4,170
2%
Apr
4%
Clark (D L) Candy Co
*
Columbia Gas & Elec..-.*
4%
4%
200
19%
19%
815
3
165% 170
820
4%
5
500
5%
7%
5%
200
8%
11%
12%
15%
10%
400
1,900
1,500
100
1,300
Jan
3% June
14
Jan
9
6
21%
Mar
Apr
Apr
Apr
Feb
Jan
Jan
Apr
Crandall McK & Hend...*
Devonian Oil Co
10
7
7
100
2%
Jan
7
18
18
260
16%
Jan
20
Feb
Duquesne Brewing Co
10%
10%
561
7%
Jan
12
May
8%
1,906
3
Apr
Electric Products
Follansbee Bros pref
5
*
7%
23
100
Foit Pittsburgh Brew
24
1
1%
Harb-Walker Refrac com.*
33%
Koppers Gas & Coke pf 100
150
3%
5%
7%
7
102%
1%
34
101% 102%
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
1%
4%
Plate Glass..25
8%
4%
3
Brewing Co...
Screw & Bolt..*
Steel Fdry____*
Apr
3
121% 121%
8%
8%
Jan
Shamrock Oil & Gas
*
Jan
15c
Jan
Standard Steel Spring
Jan
1%
Feb
1%
Jan
41%
106%
Apr
14%
Mar
2%
Mar
22
31
Jan
295
97
Jan
10
Jan
100
1
Apr
86
41
Jan
3,550
1,096
4% June
Feb
51% June
Feb
7%
100
2%
Jan
4
Feb
40
98%
Jan
140
Apr
230
4%
4%
10
14%
104
"3%
14%
3%
3%
21
21
35
*
Mar
15%
4%
5
8% June
40
60
1,455
34%
Plymouth Oil Co
7% May
-t
3
Jan
11%
5
Jan
Feb
Jan
16%
Apr
700
12%
3%
Jan
21
Apr
5%
26
Jan
120
710
22% May
40
Mar
330
31
36
June
Jan
V
Feb
United Engine & Fdry
Vanadium Alloy Steel
Jan
177%
7%
Feb
Apr
7
Apr
Victor Brewing Co
__1
Westinghouse Air Brake. _*
Apr
10
Apr
W'house Elec & Mfg
13
Feb
May
Jan
Jan
9% May
14%
Jan
18%
Feb
9% May
14%
Feb
14%
Lone Star Gas Co
Feb
Unlisted—
for
47
44c
•
Warner Bros Pictures Inc.5
16%
14
Feb
10%
11%
16%
100
63c
15%
9%
*
Apr
17%
15%
10%
Blaw-Knox Co
62%
20%
34%
Jan
11%
Feb
Jan
Apr
Radio Corp of America
47%
100
22c
Packard Motor Car Co
305
11
6,000
Tide Water Associated Oil-
56%
50
55c
7%
10%
55%
10%
14
5%
*
com
1%
49%
50c
165%
4%
3%
7%
Jan
426
*
14
100
145
8%
*
14
High
38%
7%
6%
5
W Mining—
Alaska Juneau Gd M Co. 10
Low
29% June
8%
Mesta Machine Co
Mountain Fuel Supply..
33
*
20
6
McKinney Mfg Co
33
Cities Service Co
Range Since Jan. 1 1936
Shares
100
Corp..*
Preferred
Feb
33
CurtLss-Wright Corp
1
North Amer Aviation Inc.l
30
Apr
Western Pipe & Steel Co 10
American Tel & Tel
30
Mar
100
Mining
Arkansas Nat Gas
30
9%
5,800
8
Imperial Development.25c
*
com..
10%
110
9
8
50c
Allegheny Steel
10%
9
8%
8
Blk Mammoth Cons M 10c
Cardinal Gold Mining Co.l
High
Jan
9
8%
Corpl
Low
Jan
9
Western Air Express
Price
4%
5%
28%
*
1
prf
Wellington Oil Co
Par
Feb
24
100
Jan
Stocks—
22% May
107%
Feb
106%
200
6,300
Jan
>
Union Oil of Calif......25
Weber Showcse & Fix
Sales
Apr
53
Standard Oil of Calif
Apr
Jan
53%
Taylor Milling Corp
39%
Jan
100
27
34%
Week
5%
20%
2%
900
10,600
108
of Prices
Mar
1,500
34%
37%
17%
13%
for
Sale
18%
105%
20
11c
26%
Week's Range
Apr
300
49%
53%
28%
28%
28%
25%
108
Last
23
Feb
11c
34%
Mar
31c
31%
49%
108
Friday
14
100
49%
5%% prefer red.--...25
both inclusive, compiled from official sales lists
Feb
Jan
8
Jan
...1
Sou Cos Gas 6% pref. .100
June 26,
18%
Security units of ben int..*
Security-First Natl Bank20
Southern Pacific Co.-.100
to
1,300
11c
Rice Ranch Oil Co
BROADWAY, NEW YORK
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Feb
16c
300
A. T. & T. Tel. Pitb-391
Feb
*
Pacific Clay Products
PITTSBURGH, PA.
BLDG.,
Court-6800
39c June
June
.5
B
Nordon Corp
New York Curb Exchange (Associate)
Jan
Jan
|
BANK
30c June
Mar
2%
2%
Merchants Petroleum Co.l
.*
/ Pittsburgh Stock Exchange
Feo
Apr
H. S. EDWARDS & CO.
Apr
7%
16c
Apr
June
1.50
114% 115
4%
4%
17
Jan
*
34
85c
34
36
Jan
90c
3,100
60c
Jan
90c
Jan
42
43%
533
34%
Jan
47%
Mar
50
116
118%
104
97
Jan
122%
Apr
Lone Star Gas 6% pref. 100
Pennroad Corp v t c
105
105%
41
Jan
106%
Mar
4%
5
Jan
5%
Feb
85c
Unlisted—
!
.
4X
101
3%
Volume
Financial
142
Chronicle
4317
Sales
Friday
Range Since Jan. 1 1936
Last
ST. LOUIS MARKETS
Stocks (Concluded)
I. M. SIMON & CO.
Natomas Company
No Amer Inv com
on
315 North Fourth
80
80
80
14 H
32
14)4
31)4
24
24
1454
32
24)4
6)4
16)4
3854
1,485
31H
2854
107)4
654
6)4
23)4 23)4
12454 124)4
663
*
*
Paauhau Sugar———.—15
Pacific G & E com.-.—.25
(Associate)
of
Trade
6% 1st pref
St., St. Louis, Mo.
Telephone Central 3350
_25
5)4 % pref
25
Pacific Ldght 6% pref
_*
Pac Pub Ser (non-vot)com*
+
(Non-voting) pref
654
16)4
38)4
31 %
2854
107)4
*
Pacific Tel & Tel com.-100
St. Louis Stock
June 20 to June
Exchange
Last
Sale
Par
Price
100
StocksA S Aloe Co
110
pref
*
American Inv B
8%
6% preferred.
Paraffine Co's
26* both inclusive, compiled from official sales lists
Sales
Friday
25
preferred---..
for
of Prices
Week
Low
High
110
Low
Shares
High
10
101)4
13)4
110
Jan
250
Jan
110
28)4
21)4
21)4
21)4
30
30
30
25
29
June
30
51
51
125
50
May
"81"
18
18
18
685
17
June
1
7
7
834
Hussman-Ligonier com.
-.
14
*
*
Preferred
-*
*
Huttig (S & D) com
Hyde Park Brew.
— -
International Shoe com..*
25
Jan
4
Jan
120
25
6)4
15
17 H
6
15)4
Apr
135
47)4
Jan
53)4
13)4
280
13
8 24
Jan
1924
12
35
24 M
40
19H
19)4
50
19
52
80
52
12
June
52
6)4
11
11)4
410
,m
29 H
360
25
Jan
10634 106)4
1324
13)4
101
Feb
230
100
*
118
1st preferred
- _ 100
Nicholas Beazley Airpl com 5
19)4
1)4
19)4
Rice-Stix Dry Goods com.*
40
1
—*
3X
4)4
620
*
43)4
43)4
125)4
50
Southwest Bell Tel pref 100
125)4
125
10
Stix, Baer & Fuller com.-*
15
137
2)4
15)4
_
*
105
100
1354
*
22
25
Western Pipe & Steel Co. 10
Yellow Checker Cab A__50
75
14
121
5
165
43
716
16)4
28)4
5654
35)4
1,011
1,158
42
254
154
100
2
205
825
200
8)4
38
1,063
2354
Jan
Jan
May
1)4 May
6)4
Jan
35)4 June
60
40
55
41)4
2)4
1554
105)4
14
22)4
1954
2554
50)4
2)4 June
14)4
Jan
502
Jan
101
Jan
28,821
11
1,272
2,655
3,393
21
Apr
Apr
10
Jan
20
7
33
1,285
43
100
7)4
Jan
50)4 June
2654
Jan
23)4
Jan
14c June
Feb
7)4
24
91)4
854
Feb
Apr
June
3054 May
58)4 Apr
38)4 Feb
3)4. Jan
Jan
2)4
9
Mar
47)4
41)4
4)4
Feb
19
Feb
Jan
Feb
106)4 Mar
1454 Feb
Feb
28)4
1954 June
S
June
June
Apr
June
CTOCK.
40
%
Mar
18
18
100
18
32)4
433
28)4
Apr
34)4
18
1941
42
42
42
22
Jan
42
SAN FRANCISCO
>
till
z
*nrm~"rT™!
0
1
kl
(Since 1880)
n
Z
127)4 Mar
10)4 June
133 MONTGOMERY STREET
x
jill!
4)4 June
43)4 June
June
X
n
tl
Apr
32
STRASSBURGER & CO.
hi
June
Jan
32
Wagner Electric com
41
Mar
10)4
Jan
9K
100
1034
20
15
Title Insurance Corp com25
254
1)4
8)4
*
Mar
154
7)4 June
40
Apr
1)4 Mar
Feb
38)4
123
34
35)4
37)|
May
Jan
40
Feb
Feb
240
Feb
119
13)4
422
8)4
Apr
97)4
106)4 June
Jan
30
20
Feb
68
Mar
Jan
75C
130
348
Jan
Apr
152
75
Feb
18)4
Feb
9)4
116
10
1)4
8
Scruggsi-V-B D G 2d pf-100
9
40
118
13)4
30
Jan
139)4
Feb
50)4
3154
Apr
119
15
8
22
Mar
30
19
10
61
Jan
32M
29)4 May
107)4 May
7)4 Feb
24)4 Apr
112
25
25
Jan
Jan
Jan
20
June
Jan
Jan
Apr
Apr
254 May
15)4 Apr
23)4 Apr
Waialua Plantation
June
I
979
29)4
2654
10454
4)4
1854
Jan
39 H
104
Union Sugar Co com
Universal Consol Oil
Feb
1,277
5
Feb
June
40
Feb
Jan
Mar
June
Standard Oil of Calif
6% preferred
Transamerica Corp
373
31
17
121
55
*
com.
235
Feb
8,917
Telephone Inv Corp..
Thomas-Allec Corp A—_*
Tide Water Assd Oil
654 May
12)4
Jan
7%
1654
28)4
*
Spring Valley Water
734
Mar
3354
32)4
14)4
4)4
Jan
17)4
Jan
80)4
Jan
7)4 June
104)4 Jan
5
_5
100
June
110)4 110)4
__*
—
Jan
23
300
Union Oil Co of Calif
30)4
29
•
Feb
June
23
29 H
Scullin Steel pref
Securities Inv com
Apr
B
June
28
lc June
Mar
1454
Jan
12
24 H
"il H
National Oats com
June
18
49
Natl Bearing Metals com.*
Preferred.
Feb
Feb
7)4
17 X
4834
Mo Portland Cement com 25
National Candy com
Jan
14)4 June
Jan
17)4
*
McQuay-Norris com
624
924
Apr
7)4
354
June
49
Key Boiler Equipt com... *
Laclede-Christy Clay com *
Laclede Steel com._--_-20
Landis Machine com
2
25
15
6)4
Jan
30
14
14
4 24
9)4
19)4
14
50
488
Jan
Apr
Mar
60,205
754
121
*
Signal Oil Gas
1,220
17)4
85)4
1954
7c
,
Schlesinger & S (B F) pf 100
So Pac Golden Gate A
June
2)4
1
June
8
30)4
*
com
Jan
5)4 ^5)4
1754
17)4
83)4 84
-100
June
70
71)4
Roos Bros pref.
100
S JL&P6% pr pref...100
Shell Union Oil
Jan
68
13
149
149
*
-
9
5
3154
2854
lc
6%
Republic Petroleum
61
110
8
38)4
High
1054 June
250
107
-
81
35
60
8
6%
234
Feb
Rights
Ry Equip & Rlty com
5%
Jan
81
60
Hamilton-Brown Shoe com.
June
654
15)4
*
com
Feb
57
81
*
Falstaff Brew com
Mar
.100
Soundvlew Pulp Co
Southern Pacific Co
Chicago Sou Airlines
Ely & Walker D Gds com25
Coca-Cola Bottling com--l
Dr Pepper com
June
64)4
*
Brown Shoe com
Range Since Jan. 1 1936
Week's Range
835
11)4
14
100
Low
Shares
High
1054
13)4
B
York Curb
Chicago
Board,
Low
Price
11)4
13)4
MEMBERS
New
Week
Oliver United Filters A
all
Mid-Western and Southern Securities
New York Stock Exchange
St. Louis Stock Exchange
*
for
of Prices
6% preferred
100
North Amer Oil Cons.—10
Occidental Insur Co
10
Business Established 1874
Enquiries Invited
Par
Week's Range
Sale
Members: New York Stock
Exchange—San Francisco Stock
Francisco
Curb
Exchange—Chicago
Board of Trade—New York Curb Exchange (Aasoolate)
Exchange—San
MEMBERS
June
Direct Private Wire
Feb
Bonds—
t Scullin Steel 6s
$2,000
June
San Francisco Curb
June 20 to June
Members
Friday
Municipal and Corporation Bonde
Last
Week's Range
for
Sale
of Prices
Low
High
Week
York
Chicago
Chicago
LEASED WIRES
Stock
Board
Stock
of
Trade
Exchange
New York Curb Ex.
(Asso.)
Exchange
New York Coffee fc SugarEx.
Commodity Exchange, Inc.
Honolulu
Stock
Exchange
Los Angeles
San Francisco
Beverly Hills
Stookton
New
Portland
Seattle
Honolulu
Tacoma
Sacramento
Oakland
New York
Fresno
York
Cotton
San Francisco Stock
Par
Stocks-
Gold
5
American Tel & Tel---100
Amer Toll Bridge
1
Anglo Nat'l Corp
Argonaut Mining
5
Ark Nat'l Gas A
Aviation Corp.--3
Bancamerica - Blair
-l
Sale
Par
Stocks—
Price
High
Shares
Low
14
14
14
Anglo Calif Nat Bk of S F20
Assoc Insur Fund Inc.—10
21
21
21
Atlas Imp Diesel Eng
B.
A.-5
5
80
-
4 24
23 %
2324
424
23)4
23
2324
3
Jan
7)4 Feb
1)4 Feb
15)4 Mar
6)4 May
Cord Co.
1
Curtiss Wright
High
27
May
z
June
Honokaa Sugar
625
*
Crown-Willamette pref— *
Crown Zellerbach v t c—*
Preferred A
-*
Preferred B.
*
Consol Chem Indus A
Fruit com... -10
$3 preferred
100
Emporium Capwell
*
Emsco Derrick & Equip._5
EWA
-20
Fireman's Fund Insur_„25
Food Mach Corp com..-10
Foster & Klelser com
10
Di Giorgio
-
-
-
1
31H
3124
108
108
102)4
2924
740
102)4 102)4
29)4 30
103)4 105
8)4
8)4
104
8)4
108
140
10
1,070
50
101
Mar
29)4 June
100
Apr
95
95
96
235
7)4
91)4
95
94
96
260
91
Apr
Apr
5)4
37)4
5)4
38)4
318
3)4
32)4
Jan
Jan
1624
5)4
37)4
1624
17
540
14
19
19
19)4
58)4
435
14)4
Feb
57)4 June
99
May
32)4 June
3)4 June
58)4
ioo)4
32)4
58)4
100
3,446
80
10
101
175
33
225
324
1,580
44
44
262
40
66)4
38)4
11)4
724
37)4
44)4
6724
38)4
12
476
*
17
17
618
*
*
9
9
418
Jan
5454
33)4
Apr
Jan
554
Jan
14)4
854 June
Apr
14)4
_
3)1
Feb
Feb
98
May
97H May
8)4 Mar
38)4 June
18)4 Apr
*
_
109
Feb
21
Mar
Apr
58)4 June
112
Feb
47)4 Mar
454 May
-zy
)
International
)
Preferred
Menasco Mfg
*■
Nevada Porph
-iK}
Pac
10
General Motors com
Gen Paint Corp A com.
66 %
250
Pineapple
5
1624
29)4
Home F & M Ins Co
10
45 H
ii)4
1624
824
1624
29)4
45)4
Honolulu Oil Corp Ltd---*
26
26
26
300
*
17
1624
800
15
27)4
24
Island Pine Co Ltd com. 20
724
31J4
7)4
31)4
17)4
27)4
7%
32
32
31)4
8)4
31)4
724
6)4
33)4
3324
8)4
7)4
10c
18c
2,364
11,909
115)4 115)4
2)4
2)4
399
B common
Gladding-McBean
Golden State Co Ltd
Hale Bros Stores Inc.
Hawaiian
Hudson Motors
Hutch Sugar Plant
Preferred
Leslie-Calif Salt Co.
-.25
*
Letourneau
1
Libby McNeill & L com—*
Lockheed Aircraft
1
Rights
Los Ang G & E
pref— -100
Magnavox Co Ltd—-.2)4
Magnin (I) & Co com
*
6% preferred100
7
10c
115)4
m
17
108)4
Marchant Cal Mch com. 10
18
Natl Automotive Fibres. .*
39
16)4
4854
7054
Pacific Eastern
Pac Portland
416
26
Jan
15
45
May
32
17
39
165
z
30
27
1.15
1.40
18
Feb
Schumacher Wall
1154
Apr
Apr
54
Feb
5)4% preferred
6% preferred
June
pf 100
"75c
Jan
33)4
June
3354
June
US Steel
1,025
50
324
30
6)4 June
654 May
«
6c June
111
2)4
16
10454
Mar
Jan
Jan
Jan
903
13
Jan
160
3354
Jan
11
Jan
11)4
Jan
30c June
116)4
3)4
18
37)4
28)4
3.90
Feb
95c
Feb
35c
Feb
10
83c
Jan
36)4
Jan
385
6
2.65
450
4.10
Jan
25c
Jan
1
June
27)4
Jan
37
June
10)4
35
6)4
Jan
3.15
1,010
4)4
557
3)4
5
5
May
Mar
13 H
115
13
May
18
Feb
10)4
3)4
660
154
11)4
17)4
37)4
2654
28)4
42
1554
38
Insur.—5
1
18)4
754
Jan
212
17
Mar
565
31
May
Apr
2)4
Jan
1324 Mar
19
Jan
37)4 June
1054
1054
18)4
754
No par value,
r
Cash sale—Not included in range for year.
Ex-dividend
24)4
Feb
29
June
143
25)4
27 %
Feb
27
Apr
Mar
Mar
185
155
15)4
June
28)4
52)4
16)4
37
Jan
Jau
Feb
37
June
44
2,635
1.30
June
2.19
June
5)4
Apr
8)4
Feb
Jan
y
100
25c
Jan
55c
Feb
25
48)4
Jan
1,154
4
*
x
1)4
9
10
7
5
Cash sale,
Apr
205
12)4 Feb
5% Mar
14 %
Jan
100
1.85
32c
c
10
Jan
June
244
20
64)4
10
6)4
3)4
Feb
1,382
32o
West Coast Life
100
410
12
38
Warner Bros Pictures
Feb
50
64)4
354
1054
Preferred
6)4
Feb
June
Feb
1554
32c
3.20
41
28
7
June
3.10
13)4
1054
3)4
11)4
154
1.30
14
15
3.60
45
38 H
1.85
3
44c
Apr
Apr
28)4
A.
6)4 Mar
45)4 June
6)4 Apr
9,000
10)4
34
Feb
25
37
Jan
2654
42
Western Air Express
Mir
Jan
50C May
Jan
13c
45
-
Jan
Apr
1.60
1,202
8,800
21c
4)4
Victor Equipment
z
2,326
200
3
7
Feb
108)4 May
2054 Apr
47)1
2
75c
29c
4)4
U S Pete
Apr
60c
3
—
Superior Portl Cement
z Texas Cons Oil —
25)4
5)4
37
37
United Corp
Standard Brands
25)|
Jan
4554
17
30)4
Feb
22c
5
"44)4
3.60
25
25
25
Feb
19
10
52c
Board P1
South Calif Edison
Mar
May
2,033
31c
—
Shasta Water
5
2.95
3.25
"s6c
n
Jan
471
May
12)4 May
46c
A——-
18
6,171
1,050
14)4
"42c
(Del)
Richfield Oil pref
Riverside Cement
32
June
Mar
270
1.55
10)4
Jan
10)4
Sou Pac G Gate 6%
June
Apr
Apr
Apr
Apr
Jan
L
315* Feb
17)4 June
27)4 June
954 Apr
Jan
Mar
Feb
Pacific Western
Jan
21)4
16)4
21)4
40)4
50C
1UU
Radio Corp
June
20
26)4
22%
43)4
4)4
Cement-
Preferred
Apr
June
Apr
Apr
3.15
"io)4
Park Utah Mines
1254
40
Jan
21
50
Corp-----
Jan
39
*
29)4
45)4
108)4 108)4
18
1824
39
100
1624
May
Apr
17
20
29c
Aggregates
Coast
Jan
Mar
Mar
450
4,031
1,950
Occidental Pete
O'Connor Moffatt
z
9)4
25)4
80c
1
Co
Oahu Sugar
z
87
Jan
4.95
{
Montgomery Ward-Mountain City Copper-—
z
38
Jan
Jan
76c
r
Kinner Air & Motor
MJ&M&M Oil
z
4)4
17
8)4
Co
Italo Petroleum
z
72
"4~90
Development—-•)
Packard Motors
Galland Merc Laundry.. .*
5
42
pref-20
Cinema--a
Internat'l Tel & Tel
-
June
10J4
32)4
3H
Holly
z
106)4
3154
386
Jan
May
2154
General Metals
2854 June
Jan
Mar
z
22)4
1)4
37)4
108
95
5)4
21)4
®
Idaho Maryland
Jan
June
50
190
1
1
May
4)4
24
June
31)4
-
Jan
11 %
100
General Electric
187)4 June
15)4
Jan
21)4
Jan
K
Jan
30)4 June
8754
Jan
*
Chrysler Corp
5
Cst Cos G & E 6% IstpflOO
California Packing Corp.
65c
100
75
pref
—Corp--- — i
Hawaiian Sugar
Mar
Feb
810
454
Feb
120
81c
12)4
Lights
—
34
1,530
Mar
5)4
Jan
22
17
4)4
Gr West El-Chem
27)4
85
Jan
---
Cities Service
Jan
22
Jan
1.40
Jan
22
52
Feb
Feb
Byron Jackson Co
*
Calamba Sugar 7% pref-20
California Copper—---10
Jan
50
50
May
17)4
22
879
1
22)4
5)4
75
554
7)4
Jan
Mar
Mar
Mar
Apr
12
Jan
450
.
190
20
80 H
754
Feb
10
Apr
27
Jan
Mar
14)4
7)4
7)4
9)4
22
6
Feb
1,000
3,503
354
2054
190
100
Apr
1.25
17
27
870
Feb
71c
12)4
13)4 May
190
Bank of Calif N A
18
11)4
177)4
Jan
1.20
100
317
15)4
10 H
5 24
4)4
6)4
17
11)4
Apr
1
646
24
39c
150
-
225
4)4
17,240
24c
Cal Art Tile A
Elec Bond & Share
Alaska-Juneau Gold-—.10
244
69c
High
Feb
Cardinal Gold.—
Crown Will 2d
Week
of Prices
Low
5c
170)4
65c
Consolidated Oil
Range Since Jan. 1 1936
for
Low
200
2
Sales
Week's Range
166
79
Hill-Sullivan—1
Claude Neon
Last
6c
Range Since Jan. 1 1936
Shares
z
Exchange
both inclusive, compiled from official sales lists
Friday
Price
Alaska United
Bunker
June 20 to June 26,
Sales
Exchange
San Francisco StockExchang*
San Francisco CurbExchange
New
Dean Witter & Co.
PRIVATE
Exchange
26, both inclusive, compiled from official sales lists
3.10
June
10)4 May
9)4 May
70)4
4)4
11)4
14)4
Apr
Apr
Apr
Feb
19
15
Jan
20
60
5
Jan
165
310
Ex-rights, z Listed,
9)4
Jan
Feb
t In default,
-ii
4318
June 27, 1936
Financial Chronicle
Canadian Markets
LISTED AND
Provincial and
Bid
Province of Alberta—
5s
Jan
1 1948
4%s
Oct
1 1956
Municipal Issues
Asfc
69
67
Province of Ontario—
Sales
5Hs
Jan
3 1937
102
H 103%
Last
Week's'*Range
for
5s
Oct
1 1942
112
113
Sale
of Prices
Week
6s
Sept
15 1943
117
118
90
93
5s
May
1 1959
89
4s
June
1 1962
107
108
4Hs
Jan
15 1965
Stocks
(Concluded)
Price
Par
Low
High
Smelters-.25
Consolidated
June 15 1936
99
102
105
6s
Deo
112H 113H
111
Consumers Gas
Cosmos Imperial
Crow's Nest Coal
..100
Feb
1 1958
108 H 109 H
Distillers-Seagrams
May
1 1961
112H 113H
Dominion Steel & Coal B 25
Ha
Prov of Saskatchewan—
112
55H
*
114
4
Prov of New Brunswick—
15 1960
15 1961
114
113
Province of Quebec—
103 H 105 H
2 1959
113
2 1950
4s
101
June 15 1954
Mar
4%s
4%s
5s
Low
—100
20%
55
55% 1,296
146
202% 203
20
659
20%
52
21
*
------
Dominion Coal pref
25
15H
-*
52
22% 21
4%
4%
15%
15%
8X
5s
Mar
116
1 1960
-
-
15 1943
92
95
Dominion Stores
15 1946
94
97
East Steel Prod pref...100
1 1951
88
90
Easy Washing com
Famous Players
*
*
20
High
13 H
13%
2QX
20
*
69
69
------
*
*
6X
Hmailton Cottons pref..30
------
Hamiltion Un Theatres_25
------
Gypsum..
Wood,
Bonds
Harding Carpets
Hinde & Dauch
3
*
*
14
...5
Internatl Milling pref-.100
------
60
&
New York
8
May
86
Feb
101
June
Jan
3
June
May
20
June
B
*
Co..
Kelvinator—
Inc.
------
*
20%
*
18%
Maple Leaf Gardens pref 10
Private wires to Toronto and Montreal
Maple Leaf Milling
123
Feb
Jan
64%
63%
16%
28%
72%
Mar
59
Mar
Mar
20
3
June
10
1
Jan
865
Feb
5%
Jan
3
Feb
110
27
Jan
60
75
Apr
1 .05 June
4
1,155
13
55
2%
12%
Jan
May
15%
Feb
357
13%
Apr
14%
Apr
May
105%
Feb
28%
14%
103
102
115
5%
May
101
4
Feb
51%
30,044
9%
20
43%
3%
May
9%
Jan
14%
Feb
1.05
50
40c
Jan
2.25
Feb
35
6%
Jan
9
Jan
*
.-----
100
67
69
20%
18%
20%
1,144
18%
989
5%
33%
*
15%
3
110
Feb
Mar
69
Mar
Jan
21
June
Mar
19
June
5
2%
Mar
4
Feb
490
1.00
3
1.25
3%
3%
75
5%
33%
34%
15
15%
103
103%
37% 38%
640
65
64
18%
17%
1.05
------
*
100
7
6%
------
B
40
Jan
June
Jan
8%
29% June
3%
12%
------
*
Laura Secord
18
13%
20
Feb
105
28%
49
*
Loblaw Groc A..
18
1,300
2,370
6%
105
------
*
J'...
1%
Mar
17%
11%
1.05
Internatl Nickel com.....*
14 Wall St.
Feb
80
3%
13%
------
Imperial Tobacco
Internatl Utilities A..
%
JaD
8
4% May
140
19
6%
Feb
June
390
„
58
3%
19
34%
May
V
3
58
------
Gt West Saddlery pref. 100
22%
55
Apr
14
,
50
Preferred
Gen Steel Wares com
Jan
Apr
18%
210
70
Canadian
Jan
17%
30
645
13%
20%
-
13
2%
57% May
Apr
205%
May
189
22
-
9
8%
13
3
51
640
20
*
*
Goodyear Tire
5s
110H 111%
Sept 15 1952
Oct
Fanny Farmer
4%s
Nov
4HS
Province of Nova Scotia—
June
5Hs
Ford A
4%s
Range Since Jan. 1 1936
Shares
120% 121%
86
Province of Manitoba—
Apr
Apr
Exchange
Friday
70
1 1953
Oct
4%s
Ask
12 1949
..July
4%s
Toronto Stock
Bid
71
Prov of British Columbia—
6s
UNLISTED
Jan
2.25
5%
4%
Apr
May
455
29%
May
472
12%
Jan
97
Jan
27%
Jan
39
Mar
Jan
165
Mar
Jan
'
Preferred
Railway Bonds
Bid
Massey-Harrls com
Preferred
Ask
Canadian Pacific Ry—
Bid
Ask
Canadian Pacific Ry—
4s perpetual debentures.
6s
Sept 15 1942
4%s
Deo
July
95 H
Preferred
Sept
1-1946
104 % 105-
111 %
5s
Dec
1 1954
107% 108
100
1 1944
4%s
111
15 1944
5s
94:%
McColl-Frontenac
101H
4%s
1 1960
104 %
103 H
100
Moore Corp com..
A
38%
•
100
.'.
------
5%
160
230
155
G
767
160
2
6
146
Jan
Jan
7%
40
Mar
Feb
17%
105
Jan
Government Guaranteed
Bid
4 Ha
Sept
1 1951
June 15 1955
4%s
4 Ha
Feb
July
115% 115%
118
1 1956
4 Ha
5s
1 1957
Bonds
Ask
Canadian National Ry—
118H
1 1969
115% 116%
113H 114
118
118H
58
..Oct
1 1969
120
120H
5s
Feb
1 1970
120
Bid
Canadian Northern Ry—
6 Ha
July
1 1946
Grand Trunk Pacific Ry—
48
Jan
1 1962
127
Ask
Jan
1 1962
Grand Trunk Ry—
6s
SCpt
11936
108
175
Jan
230
Mar
44%
44%
45
150
39
Jan
45
June
*
5%
5%
6
72
5
June
*
B
100
Pipe A
1.35
*
------
109
*
*
------
Pressed Metals
*
Canadian
16
King Street West, Toronto.
United Steel
June 20
to
June 26. both inclusive,
compiled from official sales lists
Last
Week's Range
Sale
Stocks—
of Prices
Price
Par
Low
High
1.80
*
6% preferred
.100
Alta Pac Grain
pref.J.100
9%
14%
Low
Jan
9%
115
6H
14%
9%
2%
9%
2%
149
100
2
148
149
Jan
Feb
39
Jan
75
25
Jan
3,135
14
June
130
231
342
9% June
1%
June
Jan
33
June
26%
June
15%
4%
Feb
50
12,027
9%
Jan
2%
2%
410
2%
June
85c
*
*
26
*
30
Building Products A
Burry Biscuit.ps.
*
1.05
95c
1.05
1.40
Mar
43
33
Jan
37 H
20%
200
20
June
41
120
37 H
41
40%
Bread.
5
B preferred
50
40
36
*
6
6
Canada Cement
Preferred
..100
Canada Packers
Canada
4%
255
Steamships pf.100
Can Wire & Cable A
6%
Canadian Dredge
Jan
47%
*
6%
25
15%
*
Canadian Ind Alcohol A .*
Cndn Industrial Alcohol B*
Canadian Locomotive.
*
Can Northern Power Corp.
Canadian Pacific
25
Canadian Wineries
Carnation Co pref
Cockshutt Plow..
Con solidated Bakeries
5%
"49"
145
30
Apr
May
115
6
Jan
6
Feb
44
Feb
67 H
19
58
Jan
75
Feb
85
80
May
93
Feb
6H
6%
165
6%
Apr
15
Feb
26%
50
20%
Mar
29
42
Jan
May
27
42
57
Feb
100
40
88%
Jan
100
May
5H
6%
15%
-
-
47 H
-
-
12
------
13
5%
600
7%
16H
680
100
530
1
50
97?
7%
1,613
6
6%
12
24%
12%
24%
12%
13
2H
101
*
7%
*
16 H
100 %
6%
16
Apr
Jan
29
Apr
31
Jan
Jan
113
May
------
12%
33%
50
23
Feb
4
June
10
Jan
80
Feb
67%
60%
Apr
Apr
73%
75
25
73
May
63%
65
605
57
Jan
58 H
58
58%
295
36
36
36
•---
*
-
-
------
------
12
*
9%
28%
-
-
-
-
-
-
------
14%
100%
Jan
49%
27
36
Apr
8%
June
9%
May
June
70
102
Jan
12
2%
28 H
18
25
106
11%
------
10
9%
105
2%
*
*
13% June
33% June
Mar
9%
75
104
7
64 H
~
25
com
13%
33%
7
1,997
9
Jan
12%
Feb
Feb
106
May
280
2%
May
4%
29%
18%
1,270
Apr
34%
Jan
19
Feb
37
26%
17%
4%
Mar
5%
10
65
Jan
123
Apr
3/
18
5%
1,329
45
47
45
36
Apr
May
110
110
10
110
June
14%
15%
100%
100
2%
2%
3%
3%
89
3
*
1,112
3%
110
40
13%
98
Jan
Jan
17%
Apr
102
May
Mar
4%
Mar
3%
Jan
2%
2% May
June
58
50
100
Dominion
100
Imperial
Montreal
100
—
-
-
—
5
5%
June
37%
Feb
192
Feb
Feb
%
Feb
208
24
198
192
81
182%
Apr
213
Feb
286
288
108
271
Jan
300
Feb
173
174
128
164
Jan
182
Feb
226
15
225
Jan
235
Mar
Loan and Trust—
Canada Permanent
100
149 %
149% 151
59
137%
Huron & Erie
100
—
—
—
-
-
,
75
to
V
75
7
74
160
Jan
June
■
Feb
90
Mar
June 26, both inclusive, compiled from official sales lists
Friday
Last
Stocks-
Par
Beath&Son (WD)
Biltmore Hats
Price
*
.
Bissell (TE)
Bruck Silk
Sales
Week's
Range
of Prices
Low
High
2H
*
2H
35
2H
35
Range Since Jan. 1 1936
for
Week
Shares
*
Low
High
*
10
*
32
Canada Vinegars
»
Canadian Marconi.
l
June
Dom Foundries & Steel...
Dom Tar & Chemical
*
2H June
3H
Mar
5
30
Feb
36
May
2
Jan
5
Mar
9
June
1%
25
9%
9%
31H
9H
10H
2,755
32 H
452
30H May
35
20
Canada Bud
Canada Malting
50
40
50
>
Jan
Jan
165
12
June
18
Jan
25
23%
Mar
7,502
10%
Jan
15%
Feb
2% May
100
May
3%
Feb
6%
15%
75
Toronto Stock Exchange—Curb Section
June 20
*
11
742
221
205
225
*
June
16H
May
58% June
226
-
100
Canadian Wire Box A
6
1,335
222%
100
Dominion Bridge
Feb
100
7%
170
Jan
Jan
51%
20 H
374
19 %
1%
35
27%
Jan
2%
Feb
26 H June
1%
60
6H
Mar
May
1H June
25
25%
150
21
38
38 H
645
32
Jan
40
40
Jan
16H
Mar
10 H
June
Feb
Feb
Feb
101%
Jan
190
Royal
Toronto....
June
8
17%
12%
60
149
3
100
530
June
315
53
Nova Scotia
Feb
Apr
13% May
520
8%
6%
2H
22
202% 202%
189
-------
...100
58
155
57%
153
155
-
Jan
8
83 H
7
7
*
100
4%
67 H
530
100
_
71
99
100
Feb
29%
100
Mar
42
'
_
6H
18%
Jan
50
20% June
26%
*
Preferred
Canada Life Assoc
—
*
Canadian Bakeries pref 100
Canadian Cannerslst pref.
Conv preferred
Canadian Car
40
Jao
19
*
Apr
83
-
83
*
5
11%
110
85
Sale
Canada
210
Winnipeg Electric
Jan
20
14%
28
Feb
Apr
6%
27
30
Western Can Flour pref 100
Western Grocers pref.. 100
Westons (Geo) com
*
New preferred
100
Jan
27%
32%
35
13%
27
95
Jan
Feb
Mar
26 H
30
34%
25
25% June
16%
Jan
28% May
24%
29 H
20
Burt (FN)
4,775
22,120
Jan
Jan
27
30 H
26%
13H
2H
Brewers & Distillers
June
79
Feb
12%
British American Oil
3%
150
30 H
Brit Col Power A
15
Apr
25%
Brewing Corp of Can
14% June
141
13H
469
Feb
2%
12%
26 %
pref.50
Brantford Cord 1st pref.25
Brazilian
*
Jan
21%
109
*
Canada
High
1.25
14
3%
5
Banks—
Week
Shares
465
29
165
540
Range Since Jan. 1 1936
for
1.90
28
Bathurst Power & Ppaer A*
Beatty Brothers
*
Beauharnols Power
*
Bell Telephone
Blue Ribbon 6H%
9
90
5%
22%
30
Commerce
Abltibi
1.35 June
5%
22%
Zimmerknlt
Sales
Friday
June
5%
109
Walker (Hiram) com ....*
Preferred
*
Exchange
22
Apr
98
30
100
Union Gas.
WA. 3401-8
Jan
Jan
40
*
Western Canada Flour
Toronto Stock
27%
*
Standard Steel pref
New York Curb (Associate)
10
6
85
109
Tip Top Tailors
...*
Tip Top Tailors pref... 100
Commodity Exchange, Inc.
5%
50
Steel of Canada....
Preferred
Toronto Stock Exchange
Members
Jan
48
1.35
*
Simpsons Ltd pref
Co.
6%
21%
80c
100
Russell Motors pref
St Lawrence Corp A
STOCK BROKERS
Mar
'
Riverside Silk A
101%
Feb
20
16% June
89
89
Page-Hersey
Pantepec Oil
1
20
6
------
2d preferred
16%
7%
21
6
100
Orange Crush 1st pref.. 100
Simpsons Ltd B
&
16%
Ontario Equitable
St Lawrence Paper pref
Duncanson, White
-
Photo Engravers
Power Corp
99H 100 H
100 %
-
-
121%
120%
July
3s
100
*
National Sewer
Dominion
105 %
230
Natl Brewers
National Grocers
..July
115H 116H
24% June
101% June
May
8%
Feb
Apr
18%
Mar
Preferred
40
5H
100
5H
76
5%
76
35
June
40 H
50
Feb
35
235
4
Jan
7%
Feb
10
56
Jan
580
4
May
40
Apr
70
Feb
29%
Mar
35
Feb
20 %
Jan
Hamilton Bridge
Honey Dew
*
*
50
50
100
Humberstone Shoe
Imperial Oil
*
30
30
50
Int Metal Indust..
Preferred
5H
*
21%
»
6H
100
International Petroleum..*
*
No par value
/ Flat price
20%
6
5%
21 %
6H
39
43
35%
36%
7,716
79
6%
24 H
210
4
Jan
40
30
Jan
43
33%
Jan
39 H
4,644
7H
Feb
Apr
Jan
Apr
Apr
June
Apr
Volume
Financial
142
4319
Chronicle
A
Canadian Markets—Listed and Unlisted
Last
Sale
Stocks (Concluded)
of Prices
High
Low
Price
Par
19 H
J.
Jan
13
Sheep Creek
H
Sberritt-Gordon.
June
34 H
200
1
Jan
1H
Slscoe Gold
3.60
3.54
3.63
125
4
Apr
6H
Jan
South Tlblemont.
5Hc
5Hc
7 He
■25
111H
Jan
117 H
Apr
Stadacona-Rouyn.
43 He
43 He
48c
26Hc
26c
30c
3.95
3.84
4.15
117
19 H
2X
19
2
470
175
30H
June
19
23H
Mar
Anthony Gold
Sudbury Basin...
Jan
3.00
Mar
Sudbury Contact
1.15
15H
5
11
Jan
22
Feb
Sullivan Consolidated—
35H
65
30
Jan
38
Feb
Sylvanlte Gold.
20
32
Jan
40
AJax Oil & Gas
•
Tashota Goldflelds
44c
51c
49,025
Teck-Hughes Gold
5.55
5.50
5.70
16,000
4.30
Mar
6.85
Feb
Texas-Canadian
2.10
2.00
2.15
2.50
Apr
1.35
1.50
19,000
1,204
1.65 June
1.35
1.20
Jan
1.63
June
37c
37c
37c
800
20o
Jan
44c
May
Ventures
1.90
1.85
2.00
35,780
1,60
Jan
Walte-Amulet
1.05
1.04
1.10
5,953
63,100
45,600
1.00
Jan
1.37
9 He
3c
June
20Ho
3o
Jan
100
June
7.55
Mar
9.00
Feb
38c
Mar
71c
Jan
official sales lists
Sales
Friday
Week's Range
of Prices
High
Low
12c
5c
5Hc
45c
5.50
8Hc 10 He
5.25
5.55
for
Exploration.
1936
7,100
89,080
1,100
49,200
46,900
2,097
82 He
14c
82 He
86c
9c
15HC
5Hc
5c
5Hc
8Hc
5Hc
8Hc
5Hc
8Hc
6 He
16Hc
16c
18c
15,945
2,400
33,700
67,300
54,850
14,100
9He June
4c May
18Hc
40c June
70c
Feb
88c May
Feb
lHc
3Hc
Jan
Jan
4.10
Jan
65c
Apr
97c
Jan
'25c
Feb
Jan
6 Ho
Jan
6 Ho May
11 Ho
Feb
Feb
3 He
Mar
10c
June
14c
June
40c
Jan
2Hc
5Hc
28c
Mar
65c June
64c
1.50
5,500
1.84
Feb
57c
59c
55c
May
76c
Jan
17 He
17c
18c
4,052
15,075
13c
Apr
23c
Jan
3,456
18,725
5.55
Jan
9c
Jan
11 He 111,200
2c
Jan
8.00
7.85
8.15
16c
14c
17c
Buffalo Canadian
_.*
8Hc
8c
1.20 June
8.60 June
Mar
13c May
25Hc
18o
Feb
Bunker Hill
*
12c
12c
14c
13,250
6c
Jan
Calgary & Edmonton
*
1.35
1.35
1.60
73c
Jan
1
14Hc
12c
18c
23,285
45,200
*
1.10
1.10
1.19
9,320
95Hc
Mar
1.40
Feb
..1
1.60
1.60
1.65
900
1.15
Jan
1.80
June
5
Jan
1.44
1.42
1.45
1.24
Jan
1
3.82
3.80
3.97
14,310
2.41
Mar
Chemical Research
*
1.27
1.01
1.40
27,750
90c
Clericy Consolidated
*
9c
40,550
3c
*
7 He
7c
7Hc
Commonwealth Pete
6Hc
8c
8,300
4H
Castle Trethewey
1
Central-Patricia
*
2.00
Dome Mines
*
58
Dom
1
6
1.55
56 H
6
Eastern Malartic Gold M. 1
60c
Eldorado
1
1.00
Falconbridge
55c
88c
2.20
4,245
1.73
58
12,435
2,868
6
2.00
1.55
Chlbaugamau Gold
5,555
150
60c
1.10
17,200
25,400
9,426
3,750
45,300
1.80
1.60 June
18
June
1.69
Jan
4.25 June
1.60
Feb
Jan
14c
May
Jan
10 H
Feb
Jan
-
Jan
122
May
42
Jan
4Hc
Jan
55c June
88c June
2.75
218
Apr
May
61H
June
7c
Feb
60c June
1.38
Mar
Jan
7c
22 He
Brett Trethewey..
8Hc
9Hc
15,400
2c
Jan
Central Manitoba.
41c
36c
42c
Churchill Mining..
Cobalt Contact
6c
5 He
67,850
37,150
llHc
3Hc
lHc
Jan
Jan
Jan
8c
24c June
13c
2c
55c
60c
19,900
38c June
78c
8Hc
8c
9 He
6Hc May
Foothills Oil
50c
50c
"60c
8,300
5,200
13Hc
70Hc
Grozelle Kirk
6%
6%
6H
500
1.03
1.03
1.20
5,625
23Hc 24 He
1,875
9,450
2Hc
Dalhousie Oil
East Crest Oil
Home Oil
Hudson Bay
21c
Malrobic Mines
23c
16c
3Hc
Lake Mar on
20c
17Hc
Klrkland Townsite.
3Hc
25c
3Hc
4Hc
15c
20c
5c
5Hc
15c
Nordon Corp
21c
3 He
15Hc
Night Hawk
18c
Oil Selections
Osisko Lake
21Hc
Parkhill
Pawnee-Kirkland
9Hc
21c 26 He
9c
7c
7Hc
Porcupine Crown
9Hc 11 He
9c
9c
11 He
5c
Gold,
4%c
4c
4c
6Hc
4%c
17%c
16c
18Hc
7c
Robb Montbray
7c
7c
-
Sudbury Mines..
Temiskaming
40o May
32c
Jan
172,650
6c
Jan
26Ho
Feb
Last
Week's Range
for
14Hc 19Hc
88,705
3Ho
Jan
20c
May
Sale
22,831
17c
May
40c June
of Prices
Low
High
Feb
72Ho
22Kc
14Hc
Jan
1.43
Jan
28Hc
Jan
31c May
3c
Jan
2lc
June
iy* c
Jan
7c
Feb
12c
Jan
34c May
lHc
Jan
6Hc May
14c
Mar
26c
4Hc
Jan
Jan
Feb
Feb
7c
7c
5,500
5,500
106,800
67,300
43,050
55,000
55,802
77,825
94,200
6,500
16c 24 He
Feb
May
9
Apr
4,225
40,300
43,400
32c 32 He
Feb
4
21c 636,225
4c
25,000
25 c
Mandy Mines
Ritchie
25,000
May
49c June
9Hc May
3Hc Mar
7Hc
2Hc
Jan
18o May
Apr
Jan
18c June
31Hc
Feb
11c June
2Mc
Jan
4c
Jan
lo
Jan
4c
Apr
3Hc
Jan
7Hc Mar
2c
Jan
23c May
4c
Shares
27c
8.50
25c
30c
6.90
Jan
Grandoro
*
10c
IOC
10c
3,000
5Hc
Jan
13 He May
l
46c
46c
56c
35,497
21c
Jan
72c May
75o
Jan
1.20 May
2o
Jan
10Ho June
13c
Jan
13 H
1lc
Mar
55 Ho
Mar
1
1.05
1.03
1.10
...1
8c
8c
9Hc
Hard Rock
1
2.44
2.36
2.63
Harker Gold
1
13c
13c
15 c
Highwood Sarcee
23 He
23Hc
Hollnger Consolidated ...6
Homestead Oil
1
15Hc
15Hc
16c
44c
42c
47c
11,100
47,900
50,145
20,050
32,500
5,475
24,600
...1
77c
76c
83c
33,310
31c
37c
Jan
3.20 May
7c
Jan
18 Ho May
31c June
Jan
....1
60c
Jan
1.04
1.15
42,545
17,400
29o
.1
30c
Jan
1
57c
55c
65c
59,725
41o May
Lake Shore Mines
1
58 %
57 H
58 H
51H
Lamaque-Contact
1
1
37c
26Hc
37c
1.19
1.15
1.23
1
26c
22 He
27c
Lee Gold Mines
1
4c
4c
4Hc
1,371
409,200
17,000
124,778
43,300
Little Long Lac
...*
6.35
6.30
6.60
.....1
4.45
4.35
4.55
60c
92c
.
66c
Jan
17 H
Jan
81c May
93c May
70c June
1.27
June
94c May
60
Mar
5c
Jan
1.03
Apr
1.38 May
12o
Jan
2Ho
Mar
29Hc Mar
6H0 June
5,060
6.05
Mar
3.12
Jan
37c June
7.75
Feb
4.90 June
*
22c
21c
23c
.1
20HC
19c
20He
9,050
62,950
30,250
6
43 H
43 H
43 H
1,140
2 He
21c
May
15c
Feb
Jan
42c
Jan
1.19
Apr
5 He
6 He
40
Jan
Jan
Mar
1.22
25c
May
26c May
49 H
Jan
McMillan Gold
1
6HC
5c
9c
M c V ittie-Granam
1
23Hc
23c
25c
MoWatters Gold
*
1.63
1.53
1.69
Merland
*
18c
18c
25,930
10,975
247,700
11,350
82,850
1,300
13c
Jan
24c
Feb
Mining Corp
*
1.32
1.25
1.35
3,015
1.11
Apr
1.60
Jan
Minto Gold.
*
68c
67c
70c
3,600
7Ho
Jan
1.00
Mar
Model Oil
1
28c
28c
28c
500
22c
Mar
28c June
Moneta-Porcuplne
1
25c
22c
26c
14,600
6H0
Jan
Morris-Kirkland
1
56c
54c
56c
6,600
54c
June
33o May
80o
Feb
Murphy Mines
1
5Hc
5HC
6Hc 290,200
Ho
Jan
7Hc May
_*
3c
2Hc
16,800
2o
Jan
4 Ho
1
1.85
1.80
1.99
*
3.60
3.50
3.70
3c
Niplsslng
5
2.45
2.45
2.50
Noranda
*
58
57 H
59
1,100
3,678
6,200
42,325
Northern Canada Mining *
52c
51c
53c
1
2.25
2.18
2.50
*
1
Pamour-Porcupine
*
Paymaster Consolidated..]
9Hc
9Hc
10c
65c
72c
4.55
24,510
14,350
72,720
15,600
3,000
7,285
Mar
2.12 June
3.60 May
5.05 May
Jan
15c
Mar
13Hc May
Feb
9c
2.35 June
4.45
4.55
1.01
1.00
1.07
.1
1.30
1.28
1.45
Peterson-Cobalt
1
2Hc
2Hc
2Hc
Pickle Crow
1
6.00
6.00
6.25
8.80
7,298
2.40
2.53
10,050
2.29
2.30
2,000
1.81
2.00 150,986
...1
8.85
8.15
Premier Gold
1
2.47
Prospectors Airways..
*
2.29
Preston (new)...
*
1.94
76He 76He
1
76 He
.1
2.51
2.51
2.73
1.30
1,300
1.78 June
May
3.05
Jan
44H
Jan
59H
28 Ho
Jan
63c
June
May
34c
Jan
8c May
2.90 May
15o May
40c
Mar
85c June
3.50
Mar
5.20 June
5QHc
Jan
1.25
May
1.12
Jan
1.74
Feb
2Ho
Jan
4Ho
Feb
3.95
Mar
6.95
Apr
8.15 June
12.00
Jan
Jan
2.53
June
2.10 May
21o Mar
3.25
Jan
2.05
May
1.80
76Hc June
1.40 May
15,481
11,050
1.44
Jan
1.00
Mar
1.35 May
50c
Jan
1.65 June
5Hc
Mar
28o
May
May
39 H
Feb
1
1.20
1.20
Read Lake-Gold Shore...*
1.60
1.54
1.65
Roche-Long Lac
1
23c
23c
25He
68,575
64,000
Royaltte Oil
*
30c
27Hc 31 He
2,905
27
2.75 June
9c
May
Montreal Stock Exchange
both inclusive, compiled from official sales lists
June 20 to June 26,
Sales
Friday
Par
Stocks—
Acme Glove
preferred
6H%
Price
Agnew-Surpass Shoe
100
*
100
45
14
H June
18
June
100
100
35
95
May
100
June
7H June
10
Jan
107
Mar
8H
102 H 102
H
60
90
100
Jan
105
27
Jan
38 H
Jan
51H
Jan
54H
Mar
—
28
100
Preferred
30
Ang-CdnT pf 7% Canreg50
Associated Breweries
*
54H
54H
6
10H
10H
10 H
105
Paper A*
14H
14
14H
5,164
Bathurst Power
High
Low
18
8H
*
Preferred
Alberta Pac Grain
Range Since Jan. 1 1936
Week
17
Works Ltd..*
100
Preferred
2
*
Bawlf (N) Grain...
30
100
Brazilian Tr, Lt & Pr
*
British Col Power Corp A. *
148 H
Bell Telephone
25
148
2H
9H May
10 H
Mar
1H May
20
15
Jan
17 H
Feb
4H
June
110
25
June
38
Jan
148 H
252
141
Mar
150
Feb
28
13
12 H
13H
6,961
30M
29 %
30 H
740
9H
28
Jan
15H
Feb
Jan
32 H
Feb
5H
Feb
*
4H
4
4H
170
3H
May
Bruck Silk Mills
*
9
9
9H
330
9
June
Building Products A
Canada Cement
*
*
190
33
Jan
6
May
8
Feb
58
Jan
74
Feb
25 H
B
34 H
"6H
35
16
37 H
Jan
Jan
6H
6H
285
68
67 H
68H
349
Corp...*
Steamship..
*
24 H
24H
24 H
120
22 H
Jan
1.75
1.55
1.75
55
1.25
Apr
3H
Feb
100
Canadian Bronze—___...*
New preferred ——.100
Canadian Car & Foundry *
Preferred
——25
6H
6H
6H
575
6H June
15H
Feb
100
Preferred
Can North Power
Canada
Preferred—
.
9,000
65c
Wood-Kirkland
56c May
Greene-Stabell
c
21c 22 He 216,925
Aldermac Mines..
June
.1
Reno Gold
High
Low
Shares
48c
...1
Read-Authler
High
Low
1.45
16HC
18Hc
Quebec Gold
Price
Jan
32 He
Pioneer Gold
Week
Mar
1
Perron Gold
Range Since Jan. 1 1936
for
of Prices
75o
50c
Omega Gold
Par
Stocks—
Week's Range
Sale
14 He
39c
Olga Oil & Gas New
Sales
Last
35,430
1.19
35c
O'Brien Gold
Feb
inclusive, compiled from official sales lists
Friday
23,100
2,800
1.05
36c
Newbec Mines
Apr
5Hc June
Feb
1.13
...
June 20 to June 26, both
Feb
1
McLeod-Cockshutt
Jan
Feb
2,50
Exchange—Mining Curb Section
Toronto Stock
Mar
»
McKenzle Red Lake
49c
10c
God's Lake
Mclntyre Porcupine
8.10
42c
llo
Goldale
Maple Leaf Mines
.790
9.50
8Hc
5Hc
Manitoba & Eastern
....
Jan
4Hc
Mac ass a Mines
.
18,500
5,070
8,600
Mar
7c
4Hc
Lava Cap Gold
Lebel Oro
9Hc
3c
8.75
7Hc
1
Kirk Hudson Bay
8c
4 He
*
1
8.15
Federal-Klrkland
Franklin Gold...
Kirkland-Lake
4Hc
49c
Wrlght-Hargreaves.
5.55 June
52c
*
3HC
8.10
...
4Hc May
12Hc May
1.35
50c
3Hc
8c
White Eagle
Ymir Yankee Girl
57c
B R X Gold Mines
10c 12 He
High
Low
31,800
41c
10 He
Wayside Consolidated .60
Wlltsey-Coghlan
Range Since Jan. 1
Week
Shares
59c
J M Consolidated
June
Feb
1.35
Howey Gold
May
Feb
1
1
Gunnar Gold
Feb
68c
5
1
Halcrow-Sway ze
2.90
Jan
29
*
Granada Gold
Mar
119
Beattle Gold Mines
Graham-Bous quet
2.25
Jan
Bear Exploration
Gold Belt
May
Apr
H
Big Missouri
Goodflsh Mining
June
May
9C
*
Explorers
Feb
20c
1.41
1
3Hc
Barry-Hollinger
Oonlaurum
4.95
Jan
Mar
20
3Hc
Base Metals
Calmont Oils
Jan
60
830
3.00
110
3c
1
1
1
1
Canadian-M alartic
Feb
50
10c
Ashley Gold..
Cariboo Gold
38HC
155
45c
1
Bralorne Mines
Feb
June
Jan
18c
425
5c
Arntfield
Bobjo Mines
June
49c
2
1
Bagamac Rouyn
4.05
8HO
Jan
24
_*
*
Astoria-Rouyn
Jan
Mar
2.87
3H0
I8H0
114
Exchange—Mining Section
Price
1
Anglo Huronian
Apr
280
1
Algoma Mining
June
1.40
Mar
*
Alexandria Gold
83c
Jan
Toburn Gold
Par
—
2.80
Jan
Jan
660
1.00
2
Sale
Afton Gold
1.39
2.65
2.70
36
1.28
3.45
Mar
23
Last
Acme Gas & Oil
15c 16 Ho
15c
1.35
Hgih
Loio
2.15
34,485
7,700
27,972
16,595
120,900
40,750
41,969
6,215
25,200
46,050
9,640
112
23
...
Stocks—
_
15 H
.—
•.
1.06
672
4H
26^ both inclusive, compiled from
)
83c
1.14
36
Toronto Stock
/
75c
1.02
1.55
Towagamac
1
2.60
83c
50c
35 %
100
June 20 to June
2.35
2.35
31H
2
*
*
pref 100
United fuel pref
9
4
100
*
*
Standard Paving pref-.100
Supertest Pete com
*
Thayers
47
117
Standard Paving
Toronto Elevators
12
San Antonio
Mar
Feb
Mar
4
4H
Shawinigan
(G)
June
1.55
1.55
*
Rogers-Majestic-
pref
3
Range Since Jan. 1 1936
Shares
Low
St
-5
North Star Oil
400
Price
Pa
30 H
31
*
Montreal Power
Tamblyns
June
4
12
*
Langleys
Stocks (Concluded)
High
Low
4
Mercury Mills Ltd
It Simpson
Week
Week
of Prices
High
Sale
Shares
for
Week's Range
Last
1 1936
Range Since Jan.
for
Week's Range
Sales
Friday
Sales
Friday.
Exchange—Mining Section
Toronto Stock
Exchange—Curb Section
Toronto Stock
Canadian
38
16
*
29
100
*
120
Celanese
Preferred 7%
Rights
..100
Candn Foreign Investm't.*
Candn Hydro-Elec pref 100
Candn Industrial Alcohol-»
Class B
*
Canadian Pacific Ry.__.25
.*
Smelt new 25
Co—*
108
6H
16
28H
5
65
7 H
2,475
16 H
1,215
29 H
1,028
Jan
41
Apr
102H May
108
June
Apr
8
31
5H
13
May
25 H
May
112
May
128
Jan
10
18
Feb
21
Mar
51
51
115
48
Jan
51
June
28 H
28 H
29
Mar
35
34
35
7H
5H
7
5H
117
23 H
Jan
34
460
26
Apr
48
Jan
7H
3,843
7
June
12 H
Feb
6H
785
11H
Jan
15H
9H
57H
Feb
"55"
12 H
13
2,839
5H
10H
June
Jan
6H
13
7
825
6H
May
55 H
2,628
51
May
16
125
15
Mar
21
21
22 H
240
18 H
Dominion Bridge
38 H
38
38 H
350
Dominion Coal pref
15H
15H
15H
150
Seagrams
*
100
Dominion Glass
100
Preferred—
100
Dominion Steel <fe Coal B 26
Dominion
Dryden
110
"~5M
Enamel & Heating Prod
SteeBfSares
G'year T Pfd Inc 1927.100
Gurd, Charles
Alabast.
Hamilton Bridge
*
No par
value.
63
May
Feb
Apr
34 H
Jan
32
Jan
40 H
Feb
14 H
Apr
17H
Feb
Jan
115
Feb
5
136 H
Jan
155
June
911
4H
May
8
Feb
June
79
May
7
90
165
106
62
Jan
440
23 H
1,150
1.00
170
1
Jan
5
4
June
12 H
14 H
380
13
Mar
18H
3H
3 H
155
3
June
5H
Jan
57 H
57 H
20
55
Jan
58H
Mar
5H
5H
110
5H June
8H
Mar
6H
6H
160
5H
Jan
6
June
May
8H
5H
6H
Jan
8
14
3H
4H
17
Feb
5H
5H
1.00
.
go of Can
Gypsum, Lime <fe
155
23
Electrolux Corp
General
111
4H
62
—
English Electric B
Foundation
110
155
■~4H
Textile
Paper
Feb
329
20
15H
Dist Corp
31H
Feb
Feb
120
55
Crown Cork & Seal
17H
20
15H
Con Mining &
Jan
120
Canadian Cottons
Cockshutt Plow
38
108
6H
.
8
90
4H
19H
4
Jan
28 H
3
Feb
Feb
Feb
Feb
Apr
4320
Financial
X
Chronicle
June 27,
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
Friday
Last
Week's Range
Sale
Stocks
(Concluded)
of Prices
High
Price
Par
Hamilton Bridge pref. .100
Hollinger Gold Mines
5
Holt Renfrew pref
100
Low
38%
15%
for
Range Since Jan. 1 1936
Sales
Week's Range
for
Sale
Low
38%
50
25%
2,350
13.60
15%
16%
40
25
11
127
Feb
Mar
30
Jan
June
9%
■Stocks (Concluded)
High
June
Par
East Malartic
of Prices
Week
Price
Low
59c
55c
FalconbridgeNickelMInes *
8.50
8.00
8.75
Francoeur Gold
*
Mar
Goldale Mines
1
36c
37c
Mar
17%
10,700
5,835
20,950
4,000
Greene-Stabell Mines
1
55c
55c
Jan
40
Jan
14%
91
90
91
334
14
13%
14
13%
14%
Mar
J-M Consol Gold
48
51%
43%
Apr
54
Feb
Lake Shore Mines
1
3%
5
3%
Jan
6
Feb
13c
Lamaque Contact Gold M*
Int Nickel of Canada.—*
_*
3%
"91"
International Power pf. 100
Jamaica P S Co pref...100
Lake of the W ooda
90
91
127
127
5
20
200
100
Preferred
19%
143
*
Massey-Harris
*
5%
*
15%
15
Montreal L, H & Pr Cons.*
Montreal Tram ways ...100
30 %
143
67
National Breweries
30%
National Steel Car Corp..*
Niagara Wire Weaving
*
14
14%
170
13
May
100
34
Jan
58
217
56
Jan
60
Jan
59% June
Noranda Mines
*
59
4,032
*
223
223
60
161
100
161
Penmans
*
52
Power Corp or Canada
*
13%
Power
*
16
13%
16%
Knitting
Rolland Paper pref
99%
100
Feb
June
•
Feb
Jan
240
Mar
7
14%
Quebec
Regent
44%
199%
17%
152
Jan
165
June
10
52%
5
Feb
Apr
8.40 June
11.60
Jan
20c
Pioneer Gold Mines of B Cl
58
Ogilvle Flour Mills
Preferred
L75
6T95
...1
Gold
6c
13c
Jan
3c
Apr
35c
Jan
2.90 May
Jan
5.10 June
3.75
18c June
Feb
31%
Jan
June
59
57%
Jan
Mar
1
Jan
34
59
"58"
Parkhill Gold..
Perron Gold
1
Pickle-Crow
58
58
*
1.12
Lebel Oro Mines Ltd..
Lee Gold Mines Ltd
Feb
45
Feb
3.95
4.65
103
Mar
6c
700
4.50
Apr
29o
June
420
4.50
Jan
June
25c
Pamour-Porcup M Ltd...*
May
37c
1.40
June
39
70c
60o May
Jan
6.20
143
85
Jan
Jan
52
1.30
2.50
30
28% c
Feb
May
6.00
4%c
2.20
72
73c
6.00
26c
4c
~2~25
1,415
Jan
Mar
44o
21 %c
1.30
23c
O'Brien Gold Mines Ltd.-l
3,957
48c June
9.50
1
26c
Feb
94
Apr
...1
June
May
Jan
June
550
91
7%
17%
Jan
13c
85,100
7,598
2,000
15,100
5,095
18,700
22
Jan
6.90
36,750
67c
37c
High
60c June
22 %c
23c
59
137
4% June
10% May
573
27c
Jan
45
93
*
Preferred
15%
31%
58%
37c
Jan
123
35
60c
59
Jan
123%
16%
5
McColl-Frontenac Oil
142
119
Low
55c June
500
13c 15 %c
1
50
3,855
22,271
Mar
Apr
Range Since Jan. 1 1936
Shares
60c
100
88
High
1
Imperial Tobacco of Can.5
International Power
Market
Last
Week
Shares
40
.....
Curb
Friday
10
Howard Smith Paper
Preferred
Montreal
Sales
48
Mar
67
Jan
8.40
Read-Authier Mine
1
8.40
200
75c
Quebec Gold Mining Corpl
75c
79c
3,100
2.75
10,850
75c
2.54
2.50
77c
77c
500
57c
Jan
77c June
1
"3" 57
3.55
3.62
3,270
2.88
Mar
4.00 June
Sladen
l
54c
54c
57c
21,000
24,495
3,125
Sheep Creek Gold
50c
Man
Sullivan Consol
1
1.34
1.30
1.38
Teck~Bughe8 Gold
1
5.60
5.55
5.75
Thompson-Cad
1
56c
55c
60c
11%
14%
Jan
18%
Feb
Ventures Ltd
*
1.95
1.85
1.97
203
Jan
18
Feb
Wayside Con G M Ltd. 50c
ll%c
11c
13c
5
205
35,390
4,950
9,600
4%
May
Feb
White Eagle Silver.
*
3%C
3%c
3%C
.._.*
1.43
99%
10
2
2%
5,802
12
13%
9,910
97
Jan
104
Jan
42%o June
57c June
83o
Mar
1.37 May
4.30
1,000
6%
1.40 May
2.78 June
Siacoe Gold
17
394
May
Mar
5.85 June
37 %c May
1.60
June
73% c
Jan
2.60
9%c June
3%c Mar
21c
Feb
5%C
June
Jan
8%c May
Mar
Feb
Unlisted Mines—
St Lawrence Corp
2%
12 %
*
A preferred
50
St Lawrence Flour Mills pf.
St Lawrence Paper pref .100
130
"33"
Shawinlgan W & Power..*
19%
16%
Sberwln Williams of Can.*
Preferred
100
Simon (H) & Sons pref. 100
Southern Can Power
*
33
115
19
16%
115
90
1.50 May
35
119%
Jan
34%
3,492
20%
Jan
34%
June
19%
16%
1,179
19
June
23%
Mar
130
75
16
May
105
114
June
5
115
90
90
Apr
12
12
70
11
June
64%
63%
65
595
57
Jan
58%
57%
*
Preferred
100
Winnipeg Electric
Woods Mfg pref
108"
Jan
20
4,200
12o
Apr
500
24%C
Feb
1.10
1.20
900
98c
Mar
1.42
Feb
Central Patricia Gold
1
3.80
3.80
4.00
950
2.43
Mar
4.20 June
Duparquet Mining.
1
5%c
5%c
6c
11,500
4c June
10% 0
Jan
1.38
Mar
91c
Jan
90c
1.05
300
90c June
78c
78c
78c
100
55c
98
Jan
Klrkland Lake Gold
14
Mar
Macassa Mines Ltd
52
108
5
107
3
60
50
10
1
58c
58c
58c
300
1
4.50
4.35
4.50
Apr
McVittle-Graham Mines. 1
24c
24c
24c
2,750
2,500
Apr
San Antonio Gd M Ltd
2.54
2.62
June
Sherritt-Gordon Mines
1.05
1.12
43c 47 %C
110%
Apr
4%
67%
Mar
1
...
"
1
1~07
Stadaconna-Rouyn Mines *
44c
Sylvanite Gold
50
50
May
1
2.71
2.71
Abitibi Pow & Paper Co..*
...100
20
1.05
Jan
2%
7c
10c
1.11
1
Eldorado Gold Mines Ltd 1
Feb
Jan
6c
10c
1
:
Howey Gold Mines Ltd-.l
49%
Jan
6%c
Cndn Malartic Gold
Jan
48
108
Arno Mines
Ashley Gold
Jan
127%
15
320
52
2%
130
67%
60%
52
_*
June
Jan
25
Preferred
Western Grocers Ltd
Feb
13%
8
*
Steel Co of Canada
2%
1.70
9%
Mar
43%c May
93c May
3.18
Jan
22% c
Jan
38c
1,250
1,250
2.20
Mar
3.40
Jan
1.00
Jan
1.40
Apr
20,300
18%c
Jan
200
2.38
Mar
465
1.30
May
2.75
4.90 June
Feb
49 %c June
Feb
2.89
Jan
Unlisted Stocks—
Banks—
Canada
58
50
57
58
Canadienne..
100
138
Commerce
100
153
78
Jan
58
Mar
105
133
Jan
140
Feb
40
139%
148
Apr
170
Feb
Cum 6% pref
..100
Abitibi ctf of dep 6% pf 100
Brew & Distillers of Van..
Brewing Corp of Can
154
192"
Montreal
100
190
192
Nova Scotia
100
285
286%
Royal
100
172
174
51%
92
184
May
214
Feb
133
271
Jan
300
Feb
79
164
Jan
181
Feb
Preferred
9%
1.80
530
10
Canadian Government
Feb
50
6%
Jan
12%
Feb
1.00
1.00
50
80c
Mar
1.40
Jan
2%
2%
16%
45
2%
Jan
345
13%
Jan
4%
18%
Feb
Mar
6%
Mar
*
15
16%
ESTABLISHED
Sparks St., Ottawa
10
10
10
60
60
60
32
32
32%
20
20
39
6
6
150
.....
Can Power & P Invest pf_ *
Claude Neon Gen Ad Ltd.*
Consol Bakeries of Can
25c
Ford Motor of Can A
June 20 to June 26, both
inclusive, compiled from official sales lists
Last
Sales
Week's Range
Sale
Stocks-
Par
of Prices
Price
Low
High
Range Since Jan. 1 1936
Week
Shares
ABbestos Corp voting tr._*
Bathurst Pow & Pap cl B. *
32%
4
4%
75
Beauharnois Power Corp.*
"2%
2
2%
712
Bright (TG) & Co Ltd...*
5
5
5
Low
Brit Amer Oil Co Ltd
*
26
Brit Col Packers (new)...*
31%
24%
8%
8%
Calgary & Edmonton Ltd. *
Can Nor P Corp Ltd pf 100
Can Dredge & Dock Co..*
1.47
109
Cndn Pow & P Invest Ltd *
Canadian Vickers Ltd
*
Catelli Products, B
Preferred A
*
30
Commercial Alcohols
47%
10c
26%
9
1,940
3
4,506
1.47
16%
35
1.03
107%
------
2%
2%
20
------
3%
3%
50
------
*
60c
12
•
55c
13
75c
Feb
9.
Feb
27%
13
Jan
Feb
Jan
1.47 June
1.11
Jan
48%
Apr
Apr
15c
Feb
1.50
Apr
2% June
55
12
560
Dom Tar & Chemical Ltd *
Cum pref
100
Foothills Oil & Gas Ltd...*
—
-
-
-
-
79
June
4
15
B
Voting pref
.
12
8
Apr
5%
165
4%
Feb
Thrift Stores
60
Mar
80
Feb
34
300
22
31%
700
26%
15%
•
New York
Industrial and Public
Bid
Abitibi P & Pap ctfs 6s *53
Alberta Pao Grain 6a__1946
Asbestos Corp of Can 5s '42
•
Corporation
•
HAnover 2-6363
Utility Bonds
Ask
106
/48%
99%
Bid
96
Beauharnois Pr Corp 5s '73
Bell Tel Co of Can 5s. 1955
Brit Amer Oil 5s
1945
32
33
------
36%
------
9%
2%
36
1.15
70c
Jan
7%
100
6%
Apr
10%
Feb
21%
5,196
20%
Jan
24%
Apr
1.46
Feb
3%
95
2%
Apr
6
Jan
36%
893
33%
Jan
39%
Apr
1.20
Jan
200
50o
9%
11
120
9
June
Brit Columbia Tel 5s. 1960
Burns & Co 5 %s-3 %s. 1948
Feb
Calgary Power Cd'5s._1960
Canada Bread 6s
1941
Canada Cement Co 5 %s '47
Cana Canners Ltd 6s. 1950
13%
5%
Feb
2
Apr
9
9
10
100
100
5
9
"99"
99
99
115
100
25
2%
*
2%
28%
"18
18
25
2%
28%
18%
6
360
100
225
9
Jan
97%
98
9
Jan
Mar
101
Feb
Jan
5
June
50c
20
Apr
.-fv
„
2.50 May
3% June
Apr
Brit Col Power 5%s_.1960
5s
Mar 1 1960
100%
June
Feb
10
Canadian Inter Pap 6s '49
Can North Power 5s__1953
Can Lt & Pow Co 5s..1949
95c May
Canadian Vickers Co 6s '47
Mar
Cedar Rapids M & P 5s '53
-
-
19
Feb
5%c
5%c
500
4%c
Apr
10c
38c
37c
40c
10,900
30c
Jan
47 c
May
60c
58c
60c
4,600
550
Apr
75o
Jan
22c
3,500
15c May
June
40c
Jan
-
-
Brazil Gold & Diamond. _1
18c
30
i*60
57
7 %c
9 %c
23,200
2o
JaD
15c
40c
7%c
Central Manitoba Mines. 1
32
40c
2,000
4,420
18%c
Jan
40c June
1.10
Apr
2.30
Mar
Jan
61
June
1.60
56%
1.70
57
410
460
30
43
Jan
37
May
East Rootenay Pow 7s
Eastern Dairies 6s
Fraser Co 6s unstpd..
6s stamped
Gatineau Power 5s._.
-
-
-
Maple Leaf Milling—
2%s to '38—5%s to '49
assey-Harris Co 5S..1947
82%
83%
51
90%
McColl Frontenao Oil 6s '49
105
Minn & Ont Paper 68.1945
38
52
91%
105%
38%
Northwestern Pow 6s. 1960
67%
Certificates of deposit—
Nova Scotia L & P 5s. 1958
67%
107%
Ottawa Lt Ht & Pr 58.1957
100% 101%
79
77%
_
--
48%
-
-
-
104%
93
92%
104% 105%
92%
93%
—
-
Ottawa Traction 5%s_1955
Ottawa Valley Pow 5 %s '70
Power
5s
Corp of Can 4 %s '59
—.Dec
Price Bros & Co 6s
1 1957
1943
Certificates of deposit—
86
51
50%
102% 102%
105
101
98
-
-
-
-
—
-
•
'
—
-
—
—
—
-
101%
99
106
124% 125%
124% 125%
Provincial Pap Ltd 5 %s '47
102
Quebec Power 5s
Smith H Pa Mills 5%s '53
Southern Can Pow 53.1955
106%
99%
103%
105%
106%
8%
97%
Steel of Canada Ltd 6s '40
113%
102% 103%
United Grain Grow 5S.1948
105
June
Donnaconna Paper 5 y
75%
80
par value) 3s
1939
Montreal Tramway 5s 1941
New Brunswick Pr 5s. 1937
-
Jan
5%c
Manitoba Power 5%s.l951
103% 104
101%
92%
93%
112% 112%
17%
Dominion Tar 6s
109
-i-
110
Apr
1 1947
91%
/47 %
81c
Feb
Montreal Island Pr 5 %s '57
Montreal L H & P ($50
„
90%
Feb
June
f75
78
■
105
Feb
5%c
1 1942
106%
109
106
3%
34%
2,000
Feb
99%
98%
25
5%c
6%s
6%8
83
Apr
5%c
-
106%
105%
106% 108
Apr
Dominion Coal 5s
Dom Gas & Elec 6%s.
-
116% 117
103
26% 'Apr
2%
iAskA
48%
95
1,925
Jan
Bell System Tele. NY 1-208
BeauharnolsLH&P 5%s '73
1.20
Feb
16%
Royal Securities Corporation
30 Broad Street
Feb
7%
39%
Private wire connection between New York, Montreal and Toronto
Feb
1.05
Mar
40
Apr
Apr
SECURITIES
Municipal
•
Apr
21
104%
Jan
6% May
May
13%
Feb
/ Flat Price.
2%
Mines—
27%
29
19
2
*
27
27%
19%
100
Dome Mines
Jar?
May
Jan
10
.
2%
Jan
200
Consol Chlb Gold Fields
May
96%
June
40
Bulolo Gold Dredging....5
Cartier-Malartio Gold
1
30
60
8
2
.1
Mar
80
40
4
9
4
Gold.
40
34
3%
945
65c
Beau Tort
June
535
8%
Big Missouri Mines
15
12%
3%
1
June
13%
65c
Barry-Hollinger Gold.
15
12
61c June
2
Afton Mines
10
12%
7%
Walker-Good & Worts
Preferred
15
15%
Feb
4
Walkerville Brewery Ltd
June
12
pf 6% % 25
United Securities-
Jan
21
13
United Distillers of Can..*
cum
65
Jan
4
»
Government
Jan
7%
2
Power of Can cum pref. 100
Sou Can P Co Ltd pref. 100
June
19
Jan
Feb
Feb
7%
28%
Feb
*
*
June
45
5
35%
9%
June
*
Mtl Ref & Stor vot trust-
20
100
21
Jan
7%
21%
*
497
47
55c
Hydro-Electric Sec Corp.*
Imperial Oil Ltd
*
Inter Util Corp class B __1
Jan
65c
1.05
Melchers Dlst Ltd A
Apr
2%
10
*
*
Mar
4%
200
*
*
33
524
230
65c
_*
Int Petroleum Co Ltd
100
7%
6%
20%
61c
Fraser Cos Ltd
Int Paints (Can) Ltd A
34
18%
Feb
3% June
Apr
May
1.35
160
50
Jan
20c June
15%
102% 103
103
100
Feb
3%
55c June
8%
79
2
65c
S65c
Home Oil Co Ltd
78
Jan
100
61C
------
Foreign Pow Sec Corp Ltd*
Voting trust ctfs
8%
5%
60c
325
Feb
14,803
CANADIAN
'
8%
Apr
15
Apr
Jan
10c June
15
6
June
Feb
37
50
10c
6%
3%
May
100
48
32%
June
565
109%
Jan
1.95 June
5
No par value
Feb
Jan
4%
Feb
High
May
17%
5
10c
*
Dominion Stores Ltd
109
------
32%
*
23
20
Weston Ltd
for
Jan
45
"47"
100
Royallte Oil Ltd
Friday
20
30c
7%
6%
»
Massey-Harris pref
100
McColl-Frontenao OilpflOO
Price Bros Co Ltd
Preferred
35
3%
6%
Maritime Tel & Tel pref. 10
Montreal Curb Market
61%
Apr
16%
34
*
General Steel Wares pf 100
Loblaw Groceterias Ltd A *
June
Apr
25c
7%
Industrial Bonds
10
57
30%
21
Dom Oilcloth & Linoleum *
Donnaconna Paper A
*
330 Bay St., Tiranti
70
3%
"3%
B
65
186
16%
*
Consolidated Paper Ltd..*
Public Utility and
1883
255 St. James St., Montreal
56
*
Municipa
INCORPORATED
Feb
13
9%
*
Canada Malting Co Ltd..*
Cndn Light & Power ColOO
HANSON BROS
2.50
6% June
9%
.»
Canada Bud Breweries
Can & Dominion Sugar
1.70
97%
84%
85%
118
112
97
54
/53%
103%
1968
Saguenay Power 4%s.l966
Shawinlgan W <fc P 4 %s '67
1
Simpsons Ltd 6s
1949
United Securs Ltd 5%s '52
83%
Winnipeg Elec 6s.Oct 2 '54
84
106%
100%
104
106
106%
9
---
105%
84%
84%
Volume
Financial
142
11997765
197
Quotations
New York
Bid
a35*sJuly 1
d35*s May 1 1954
a3 5*s Nov 1 1954
c&Ha Mar 1 1960
a3 Ha Jan 15
1975
a35*s July
a4s
May
a4s
Nov
a4s
a4s
May
May
a4s
Oct
-
—
1958..
1959
1960——
a45*s Mar
1962—.
a45*s Mar
...
1964...
Ask
Bid
Feb 15 1976
Mar
Canal A Highway—
5s Jan A Mar 1946 to *71 b
Highway Imp 45*s Sept *63
Canal Imp 4 5*s Jan 1964..
Can A Imp High 45*B '65..
Gen A ref 3d
35*s '76
ser
_.JAJ 3
1720
48
14
Corn Exch Bk A Tr
585*
195*
595*
51
16
1215*
1035* 1035*
1 1979
155*
145*
1680
175*
122 5*
Jan 25 1937
Manufacturers
1155* 1185*
20
20
44
46
121
York.
124
105*
95*
Underwriters
.100
United States
.100 1890
65
75
1940
Chicago Bank Stocks
Ask
Par
Bid
Ask
Par
American National Bank A
Trust
First
215
235
157
Bid
Ask
33 1-3
100
259
224
385
410
795
835
161
Continental Illinois Bank A
Trust
National.
Harris Trust A Savings. 100
Northern Trust Co
100
100
126
1155*
1165*
Hartford Insurance Stocks
Ask
Bid
4s
B
1936-50—JAD b
BOUGHT
45*s ser B 1939-53.MAN
Inland Terminal 45*8 ser D
1125* 1135*
—MAS
1085* 1093*
1055* 1065*
Holland Tunnel 45*s ser E
1936-60
MAS
1125* 1135*
ser
—
SOLD
—
Q VOTED
.25
1065* 1065*
1045* 1045*
1025* 1025*
1936-60
1938-53
„10
Kings County
Lawyers
Continental Bank A Tr.10
1205*
120
—
Ask
Bayonne Bridge 4s series C
85*
122
Title Guarantee A Tr. -20
20
George Washington Bridge
Gen A ref 2d ser 3 5*8 '65
75*
117
New
Port of New York Authority Bonds
Gen A ret 4s Mar 11975
12
10
7
80
Barge C T 4s Jan 42 to '46
Barge C T 45*s Jan 1 1945.
Bid
298
61
Canal Imp 4s JAJ '60 to '67
Port ol New York-
293
75-
45*s April 1940 to 1949.. b 2.10
Highway Improvement—
126
4s Mar A Sept 1958 to '67
131
Guaranty
Irving.
615*
59
World War Bonus—
1335*
1335*
215
Chemical Bank A Trust. 10
Clinton Trust—
—50
Colonial Trust
25
Bid
...
208
Central Hanover
Ask
2.90
24
Fulton
595*
...100
New York State Bonds
Bid
23
503
1175* 1175*
1185* 119
1185* 1195*
a4Ha July
a4Ha Deo
Empire
498
20
Brooklyn
ASk
Bid
Par
115
1175* 1185*
May 1 A Nov 1 1957
Mar 1 1963
1 1967.
o4HB Deo 15 19711
Slcilly
Bronx County
Companies
Ask
105
...10
Bank of
117?* 1175*
1 1981.
June 1 1965
a6s
Bankers
1165* 116J*
1165* 117
1 1977
Nov 15 1978
Bid
Banca Comm Itallana.100
Bk of New York A Tr__100
1155* 116
1155* 1165*
116)* 1165*
June 1 1974—
Jan
Par
1155*
115
April 1 1960
Apr 15 1972
a4J*s
a45*s
a45*s
a45*s
a45*s
a45*s
a45*s
a4Ha
a4Ha
a4HB
1125* 112%
115
1155*
115
1155*
115
1155*
1980
New York Trust
City Bonds
1065* 1065*
1065* 107
1055* 106
1055* 1065*
107
1075*
112
1125*
112
1125*
112
1125*
1115* 112H
4321
Over-the-Connter Securities—Friday June 26
Ask
1035* 1045*
1957..
a45*s Sept
on
Chronicle
PUTNAM & CO.
York Stock Exchange
Members New
6
Tel.
HARTFORD
CENTRAL ROW
5-0151
A. T. T. Teletype
Hartford 35
—
United States Insular Bonds
Bid
Philippine Government—
100
1015*
Honolulu 58
4
105
107
U S Panama 3s June 1 1961
5*s Oct
45*s July
Ask
Bid
Ask
4s 1940
1185* 1195*
1055* 1065*
5s
1015* 1035*
45*s July 1958
112
1135*
5s
Feb
1085* 110
5s July 1948
109
111
112
1135*
112
113 54
1952
113
55*s Aug 1941
Hawaii 45*s Oct 1956
Insurance Companies
3.00
3.50
—
1959
1952
Aprl 1955
Govt of Puerto Rico—
U S conversion 3s 1940
114
Conversion 3s 1947
1145* 1165*
Federal Land Bank Bonds
JAJ
3s 1956 opt 1946
JAJ
3s 1956 opt 1946—-MAN
35*8 1955 opt 1945—MAN
100*16 1005*
1005* 100?16
1005* 1005*
JAJ
1095* 1095*
3s
1955 opt 1945
4s 1946 opt 1944
4s 1957 opt
102
MANl 1045*
1937
1025*
1045*
4s 1958 opt 1938
Home Fire Security
Homestead Fire
Aetna Life
10
31
33
Importers A Exporters—.5
6
8
805*
835*
265*
Ins Co of North
Amerf-10
.£_
5
72
75
25
135*
155*
30
33
Lincoln Fire
.25
Agricultural
10
Equitable—
MAN
45*8 1956 opt 1936
called July 1,1936
45*8 1957 opt 1937—JAJ
45*8 1957 opt 1937—MAN
45*8 1958 opt 1938—MAN
100
1005*
1025* 1025*
1035* 1035*
107
.
JOINT STOCK LAND BANK BONDS & STOCKS
120 So. LaSalle
State 0540
St., Chicago
bid
Atlanta
99'
5s...
100
Atlantic 5s...
Land
Bid
Ask
100
Lincoln 5s
101
Louisville 5s
995* 100 5*
Burlington 5s.
98
...
Maryland-Virginia 5s
Mississippi-Tennessee
5
....
Dallas 5s
100
101
78
81
90
93
Pacific Coast of Portland 5s
99
Pao Coast of San Fran 5s..
100
5s.
4
,
Oregon-Washington 5s...
First Carolines
5s
5s..
100
First of Montgomery 5s...
88
First of Fort
Wayne
First of New Orleans 5s...
91
94
First Texas of Houston 5s.
98
100
First Trust of Chicago 5s..
100
Fremont 5s
88
Phoenix
100
Fletcher 5s
Pennsylvania
....
Potomac 5s
....
St Louis 5s
90
79
Kentucky of Lexington...
La Fayette 5s
93
Joint Stock
Land
15
25
Lincoln
Atlantio.
100
30
40
North
63
67
Pennsylvania
1
4
Ask
395*
415*
Seaboard Fire A Marine—5
12
15
...5
145*
165*
445*
Seaboard Surety
10
25
27
355*
375*
66
705*
Southern Fire
285*
30
6
7
430
460
—100
560
570
41
preferred
...6
Bid
100
12
18
—100
San Antonio......
22
18
22
6
Virginia
5
Virginia-Carolina .....100
24
20
30
Travelers
10
365*
385*
10
Harmonla
275*
725*
29
U S Fidelity A Guar
US Fire
..10
725*
345*
11
100
54
5
Federal Intermediate Credit Bank
Ask
54
44
5*
44
16 1936
FIC 15*8.. .Deo
FIC 15*8.. .Jan
15 1936
FI C15*s.. .Feb
FIC 15*s-. .Mar
15 1937
15 1937
15 1937
15 1937
Ask
6.40%
6.40%
6.50%
6.50%
6.55%
6.55%
Bid
Ask
79
1954
77
76
40
(all
Issues) 2-5s
1953
Potomac Cons Deb Corp—
..1953
43
45
46
Potomao Deb Corp 2-6s
43
45
43
45
Series B 2-5s
—
Bid
mm-
Ask
295*
Merchants Bank
100
80
90
58
National Bronx Bank—.50
20
24 5*
44
Penn
10
105*
36
38
Peoples National
50
52
168
174
Public National...
26
395*
415*
960
990
Sterling Nat Bank A Tr.25
335*
345*
Trade Bank
20
Y—100 1895
27
60
National
175*
42
100
boro
155*
1935
-
-
125*
-mm
-mm
Corp
'53
1953
2-6s
33
(Mtge Security series)..
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-68.1953
/31
67
43
45
1953
43
45
Union Mtge Co 5 5*sA 6s'37
/30
1953
Potomac
Realty Atlantio
Debenture Corp 2-6s *53
Realty Bond A Mortgage
/54
Universal Mtg Co 6s *34-'39
mm —
/54
ture Corp 2-6s
deb
/30
Par
50
Exchange
Bond
Potomao Maryland Deben¬
(Mtge Guarantee series).
Nat Bondholders part ctfs
34
2-6s
76
43
45
12
-
-
-
Bid
Par
Ask
Bid
Ask
25
29
116
118
19
21
1175* 1205*
New York Mutual Tel. 100
.100
125
127
N'west Bell Tel pf 0
Telep of Canada—100
Bell Telep of Pa pref—100
Clncin A Sub Bell Telep.50
Cuban Telep 7% pref—100
Emp A Bay State Tel..100
Franklin Telegraph
100
Gen Tel Allied Corp $6 pf.
Int Ocean Telegraph...100
Lincoln Tel A Telegraph..*
147
149
Pac A Atl Telegraph
123
126
88
90
Peninsular Telephone com*
Preferred A
100
19 5*
185*
1105* 1125*
46
51
Roch Telep
m
— —
$6.501st pf.100
25
112
63
20
24
mm
—
Sou New Engl Telep...100
S'western Bell Tel pref. 100
147
150
125
126
Am Dlst Teleg (N
28
National Safety Bank. 125*
Potomac
2-63-
Nat Bondholders part ctfs
J) com.*
Bell
Par
ASk
515*
Telephone and Telegraph Stocks
Bank of Yorktown..66 2-3
Ptbush National...—100
145*
525*
575*
365*
Potomac Franklin Deb Co
/54
(Central Funding series)
50
Bank of Manhattan Co. 10
First National of N
135*
505*
545*
345*
1954
77
Mortgage Bond Co of Md
Ino 2-5s
1953
Now York Bank Stocks
Fifth Avenue..———100
27
Mtge Corp—
Series A 2-6s_.
79
Mtge Co 55*s A
—1934-43
6s
58
5*
35
Bid
FIC 15*8.. .Nov
85
2.50
Westchester Fire
Ask
77
Preferred
50
4
10
U S Guaran tee...
Nat Union
Allied Mtge Cos Ino—
All series 2-58
1953
Home
Oebentures
FIC 15*s- .Apr
City (National)..
125*
Commercial National. .100
>25
1385* 1415*
Co..2
-
755*
755*
365*
Nat Bondholders part ctfs
National. .50
Chase......---..-—13.55
-10
22 5*
Cont'l Inv Bd Corp 2~5s '53
Cont'l InvDebCorp 2-6s '53
Ask
18
75
Bensonhurst
New Haven—10
10
Fire
Associated Mtge Cos Ino—
Debenture 2-6s
1953
100
Carolina..
2
Bid
Security
Springfield Fire A Mar..25
Stuyvesant
5
Sun Life Assurance—-100
8
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
99
9
3
Par
32
14
125*
2145* 2185*
...5
Republio
Globe A Rutgers Fire....15
Bid
101
5
65
15 1936 6.30%
F I C 15*8
Aug 15 1936 6.30%
FIC 15*8
Sept 15 1936 6.30%
FI O^a... Oct
15 1936 6.35%
245*
29
Surety Guaranteed Mortgage Bonds and Debentures
985*
—100
Potomac
FIC 15*8—July
23
—5
5* 1005*
97
Fremont
Bid
895*
215*
415*
St Paul Fire A Marine—25
Home
100
First Carolinas
100
Rossia
395*
10
Rochester American
Hartford Steam Boiler...10
975*
Par
Bid
Moines
126
10
Republic (Dallas)
855*
195*
109
Bank Stocks
100
Des
Providence-Washington . 10
115*
30
Par
Denver
78
215*
100
5s
Virginia-Carolina 5s
Virginian 5s
96
75
5* 1005*
f'28
5s
Atlanta......—..
Dallas—
100
Southern Minnesota 5s....
5s..........
Union of Detroit 5s
100
121
2.50
River
26
Hartford Fire
Tennessee
81
100
Pacific Fire
North
995*
85*
74
Southwest
100
125*
365*
475*
465*
24
Hanover Fire
35
100
98
60
1005*
101
Greensboro
Illinois of Montlcello 5s...
129
Northwestern
45*
45
49
95*
35*
22
195*
1005* 105
265*
255*
117
1215*
33
Hamilton
71
San Antonio
Illinois Midwest 5s
43
20
2
12.50
31
985*
100
100
Iowa of Sioux City 5s
Northern
20
99 5*
99
New York Fire
4
..10
Great American
/31
Greenbrier 5s........
5s
-
107 5*
New Jersey
28
95 5*
Great Amer Indemnity .-1
10
Halifax Fire
99
5s
5s
27 5*
445*
1
985*
/SO
115*
345*
455*
New Hampshire Fire—10
5
Alliance
125
2
New Brunswick Fire——10
225*
295*
45
10
975*
—
2
New Amsterdam Cas
Natlonal.25
25
Phoenix
-—10
Preferred Accident
5
75*
98 5*
Ohio-Pennsylvania 5s
435*
255*
43
975*
—
North Carolina 5s
.
285*
255*
85*
985*
640
35*
Glens Falls Fire
-
100
90"
Paolflo Coast of Los Ang 5s
Pao Coast of Salt Lake 5s.
Denver 5s
New York 5s
205*
10
Fire
25*
2d
100
100
/12
13"
20
75*
945*
630
Mass Bonding A
Globe A
-
100
5s.
Chicago 5s...
California
National Liberty
National Union Fire
25*
Shippers... .25
Maryland Casualty—
5*
Georgia Home
Ask
-
115*
195*
745*
105*
10
Fidelity A Dep of Md.. .20
Fire Assn of Philadelphia 10
Firemen's of Newark.....5
99
100
....
95*
17J*
715*
95*
National Fire
100
General
Merch A Mfrs Fire New'k 5
National Casualty.—.10
375*
Baltimore Amer
Federal
Bank Bonds
56
515*
10
25
Franklin Fire
Joint Stock
52
765*
295*
Excess
Teletype COO. 437
Merch Fire Assur com.25*
735*
275*
495*
American Surety
Eagle Fire
c(oom/icinn;
53
16
Employers Re-Insurance 10
MUNICIPAL BOND DEALERS
3
50
13
15
10
City of New York
Connecticut Gen Life... 10
Continental Casualty- —5
Bought—Sold—Quoted
5
1
Ins..125*
10
Automobile
Carolina
MUNICIPAL BONDS
55*
265*
25*
American Reserve
Camden
45*
255*
355*
.
American Re-Insurance .10
Bankers A
Knickerbocker
10
10
.10
American of Newark
Boston
£R<i6indon TP
Ask
55
American
1055* 1055*
1065*
Bid
100
53
American Home
Ask
Bid
Ask
Par
Ask
96
10
American Alliance
Bid
Bid
Par
Surety 10
Aetna Fire
Aetna Casualty A
43
975*
102
995*
105
115
142f*
140
New England Tel A Tel 100
1205* 1225*
-
For footnotes
see
page
4324.
25
So A Atl Telegraph
•
••
Tri States Tel A Tel-
10
105*
Telep 7% pf.100
1155*
Preferred
Mtn States Tel A Tel..100
5* % 100
Wisconsin
115*
4322
Financial
Quotations
Chronicle
June 27, 1936
Over-the-Counter Securities—Friday June 26—Continued
on
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
3o$epb Walkers Sons
Members T^ew York Stock
120 Broadway
DtJNNE&CO.
Exchange
Members New York Security Dealers Ass'n.
Dealers in
Tel. REctor
20 Pine Street, New York
GUARANTEED
NEW YORK
JOhn 4-1360
2-6600
STOCKS
Since 1855
RAILROAD
Bought
Guaranteed Railroad Stocks
i
Dividend
in Dollars
Bid
1
John
Asked
E.
Members T^ew
..100
Beech Creek
6.00
91
95
..100
10.50
183
186
..100
(Illinois Central)
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
0.00
101
2.00
37%
8.75
131
138
Sloane
&
Co.
100
3.00
53
4.00
97
99
&onds
Railroad
56
L) 4%.. -100
Bell System Teletype NY 1-624
•
143
—
-.100
Common 6% stamped
Chicago Cleve Clno A St Louis pref (N Y Central) —100
5.00
99
5.00
95
Cleveland A Pittsburgh (Pennsylvania)..
—50
3.50
—60
2.00
48
51
2.00
46
48
Betterman
Request
York. Security Dealers Association
HAnover 2-2455
•
135
8.50
(New Haven)
Canada Southern (New York Central)
Carolina CUnchfleld A Ohio (L A N-A C
41 Broad St., New York
39%
..100
—100
(New York Central)
Boston A Providence
on
105
(New York Central)
Boston A Albany
Quoted
—
Earnings and Special Studies
(Guarantor In Parenthesis)
Alabama A Vlcksburg
BONDS
Sold
—
stock
Delaware (Pennsylvania)
101
>
99
87
89
Fort Wayne A Jackson pref (N Y Central)
—100
5.50
86
90
Georgia RR A Banking (L A N-A CL)
—100
10.00
192
196
4.00
76
79
50.00
950
Lackawanna RR of N J (Del Lack A Western).. —100
Michigan Central (New York Central)
...50
Morris A Essex (Del Lack A Western)...
New York Lackawanna A Western (D L A W)_. —100
Northern Central (Pennsylvania)
Old Colony (N Y N H A Hartford)
3.875
70
67%
5.00
95
98
4.00
101
103
21
24
4.50
65
70
1.50
37%
40
3.00
76
86
7.00
165
170
-
_
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
...
...50
Preferred
Pittsburgh Fort Wayne A Chicago (Pennsylvania) —100
Preferred
7.00
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
Second preferred
Tunnel RR St Louis (Terminal RR)
—
180
183
0.90
—100
103
106
6.00
146
150
3.00
74
3.00
146
150
—100
10.00
253
257
100
6.00
90
94
—
United New Jersey RR A Canal (Pennsylvania)
__
Utica Chenango A Susquehanna (D L A W)
'
'
-m
—100
Valley (Delaware Lackawanna A Western).
Vlcksburg Shreveport A Pacific (Illinois Contra!)
Preferred
_
5.00
100
105
-100
6.00
77
82
6.00
80
85
—
Warren RR of N J (Del Lack A Western)
—50
3.60
51
55
50
^West Jersey A Sea Shore (Pennsylvania)
3.00
67
69
Bid
Akron Canton A Youngs town
68.
534s, 1945..
Asked
72%
1945
Augusta Union Station 1st 4s. 1953
Birmingham Terminal 1st 4a, 1957
Boston A Albany 1st
Prior lien
100
434s, April 1 1943
;.
65
82
...
...
Buffalo Creek 1st ref 6s, 1961
83
Georgia Southern A Florida 1st 6s, 1945
"67%
99
99%
102
86
101%
104
43
f103
...
Maryland A Pennsylvania 1st 4s, 1951
«.
1955..
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949
Montgomery A Erie 1st 5s. 1950
...
...
95
54
66
97%
....
1940
"
93
97%
76
...
434s, 1957..
93
90
...
73
91
—
80
71
.......
334s, 1951
91%
92%
87
Somerset Ry
1st ref 4s.
1955
63
Southern Illinois A Missouri Bridge 1st 4b, 1951
Toledo Terminal RR
Toronto Hamilton A
434s. 1957
Buffalo 434s. 1966
Private
Wires to
67
90%
——
93
111
-
»
98
98%
99
67
...
Washington County Ry 1st 334b, 1954..
-
m
97
Union Pacific debenture 3)4a, 1971
Stroud & Company Inc.
75*
73%
1st 4s,
New York Central secured 3 %s, 1946
New York A Hoboken Ferry general 5s,
87%
102%
103
...
Shreveport Bridge A Terminal 1st 6s, 1955
Quotationa—Appralaala Upon Requeat
96%
61%
60%
-
....
St Clair Madlsqn A St Louis 1st 4s, 1951
EQUIPMENT TRUST CERTIFICATES
106
105%
95%
534s, 1978
Consolidated 5s, 1945
Rock Island-Frisco Terminal
101%
/0 5
Little Rock A Hot Springs Western 1st 4s, 1939
Macon Terminal 1st 5e, 1905
1st
86
100%
1971
Hobo ken Ferry 1st 5s, 1940
Kanawha A West Virginia 1st 6s, 1955
Kansas Oklahoma A Gulf 1st 5s, 1978
Portland RR
95
102
Cincinnati Union Terminal 334s, series D,
Cleveland Terminal A Valley 1st 4s, 1995
Meridian Terminal
_
85
85
....
Chateaugay Ore & Iron, 1st ref 4s, 1942
Chesapeake A Ohio 3%s, series D, 1996....
Chicago Union Station 3%s, series E, 1963
;
Choctaw A Memphis, 1st 6s, 1962
Cincinnati Indianapolis A Western 1st 5a, 1965
Goshen A Deckertown 1st
-
82
....
1940-45
5s,
105
104%
...
1942
434s, 1944
Convertible
77
92
Boston & Maine 3s, I960-..-
Prior lien 4s,
74%
74
...
09
Philadelphia, Pa.
New York
ROESER & PENDLETON, INC.
Railroad
(a producing oil company)
'
Equipment Bonds
Analysis
Bid
Atlantic Coast Line 4%s__
Baltimore A Ohio 4%s
Ask
61.75
1.00
Bid
Missouri Pacific
64.35
4%s
5s
3%s Deo
l" 1936-1944"
5s
64.00
2.50
6^8
64.00
2.60
63.76
4%s
2.00
2.00
2.50
65.00
4.00
63.75
Boston A Maine
2.50
63.00
2.00
63.50
2.00
63.00
2.00
New Orl Tex A Mex
4%a—
New York Central 4%s_—
58
—
N Y Chlo & St L 4^s
Canadian National 4%s._
63.00
2.00
63.00
2.00
Canadian Pacific 4%s
Cent RR New Jer 4%s
63.00
2.00
Chesapeake A Ohio 6%s—
0%s
4%8
61.50
1.00
61.00
0.50
6s
62.00
1.25
58
Ohio MUw A
St'Paul" 4>isl
5s
2.00
65.10
4.25
4.25
66.76
6.00
66.75
Chicago RI & Pao 4%s—
6s
6.00
66
66
71
71
.
~w
6s
65.00
3.75
5M8
65 00
3 75
Erie RR
4%s—
6%s
63.00
1.00
63.00
4MB
2.50
62.00
6s
2.50
AH
1.25
1.00
Alabama Power $7 pref__*
Arkansas Pr A Lt $7 pref.*
1.00
62.85
2.00
4s series E due
Jan A July 1936-49
Assoc Gas & El orig pref..*
36.50 preferred
*
37
preferred
*
Atlantic City El 36 pref..*
2$£s series G
non-call Deo 1 1936-50
2.00
2.00
62.75
2%
62.75
4%s
Reading Co 4^8
62.75
63.00
Pere Marquette
2%
BangorHydro-El 7% pf 100
Birmingham Eleo 37 pref.*
Buff Nlag A E pr
pref
25
85
68.
90
85
St Louis-San Fran 4s
3.75
Par
62.00
5s
65 00
Utility Stocks
3.75
62.00
6s-
Public
3.75
62.00
Northern Pacific 4%s
Pennsylvania RR 4%s
2.00
2.00
64.50
64.50
4^8
Denver & R G West
90
Carolina Pr & Lt 37 pref.. *
6% preferred
*
Cent Ark Pub Ser pref. 100
90
Cent Maine Pow
65.00
4.00
65.00
4.00
37 preferred
100
Cent Pr & Lt 7% pref.. 100
62.65
1.75
5^8
Southern Pacific
4%s
5s
1.75
Southern Ry 4J^s
72%
6% pf 100
10
Nassau A Suff Ltg pf_.100
Nebraska Pow 7% pf_-100
33
35
111%
Newark Consol Gas
100
122
New Eng G A E 5%% pf.*
N E Pow Assn 6% pf_.100
24
25
71%
72%
120
24%
94%
86%
71%
25%
96%
88%
99
72"
69
78
New
66%
New Orl Pub Serv 37 pf..*
N Y Pow A Lt 36 cum pf.*
109
110%
36.50 preferred B...100
107
1.75
Consol Traction (N
J). 100
Consumers Pow 35 pref..*
50
52
1.75
105
106
62.75
2.00
62.75
2.00
4%s
62.85
2%
6s
62.25
1.50
5%S
62.00
1.00
Internat Great Nor 4>^s__
65.00
4%
Long Island 4%s—
63.00
2.00
62.50
1.75
6s
Louisv A Nashv
61.75
4%s
5a
62.50
5s
1.50
61.60
Union Pacific 4%s
0.75
61.60
Virginian Ry 4%s
0.75
61.75
Wabash Ry
4%s
1.06
61.75
5s.
1.06
102
99
5%s
122
5s
100
1.00
53^8
100%
102%
Foreign Lt A Pow units._*
Gas A Eleo of Bergen.. 100
68
101
103
Hamilton Gas Co
63.75
4^8...
2.50
65.00
4.00
4.00
62.50
58
Idaho Power 36 pref
4.25
65.25
53*8
Hudson
2.00
65.25
„
2.00
62.50
Western Maryland 4%s
Western Pacific 5s
4.25
7%
.*
100
Illinois Pr A Lt 1st pref..*
Interstate Natural Gas..*
Interstate Power 37 pref.!*
Jamaica Water Sup pref.50
Realty, Surety and Mortgage Companies
Pari
Bid
Bond A Mortgage Guar.20
Empire Title A Guar.—1001
For footnotes see page
4324.
|
Ask
%
9%'
%
12
Par
Lawyers Mortgage
20
Lawyers Title A Guar—100
Bid
%
1
Jer Cent P & L
Kan Gas A El
Ask
1
2
110%
53%
56%
95
cum preferred... 100
N Y A Queens E L P
pf 100
pref.. 100
Ohio Edison 36 pref
37 preferred
5%
-
-
•
40%
104
49%
41%
106
50%
101
102%.
109% Ill
109
88
91
*
*
107% 109%
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf_.100
111% 112%
100% 102
preferred
..100
113
108
110
Okla G A E 7% pref...100
Pacific Pow A Lt 7% pf 100
110%
Penn Pow A Lt 57 pref...*
Philadelphia Co 35 pref..*
109% 110%
107
7% pf 100
Queens Borough G A E—
%
County Gas...100
preferred
4%
Pub Serv of Colo
112%
v t c
7%
7%
194
1.00
Jersey Pr A Lt 30 pf-*
Nor States Pr 37
101
110
2.50
65.00
Minn St P & 8 S M 4s....
99
Derby Gas A Elec 37 pref. *
Essex-Hudson Gas
100
63.75
102
108%
105% 106%
105% 106%
Dallas Pr & Lt
7% pref .100
Dayton PrA Lt 6% pf.100
61.75
5s
Maine Central 5s
37 prior lien pref......*
75
2.50
Illinois Central
preferred
64%
1st 30 preferred A...100
0% preferred
..100
6.60% preferred
100
Continental Gas A El—
7% preferred
100
7%
New Eng Pub Serv Co—
63.00
43^8
16
117
63.00
Texas Pacific 4s
79
39%
63.25
1.00
14
73
115
37
5s
1.00
114
Ask
100
5^s
61.75
69
75%
Mountain States Pr com.*
1.00
61.75
Bid
93*
10%
113% 115%
2.50
Hocking Valley /6s
preferred
Miss Riv Pow 0% pref. 100
Mo Pub Serv 37 pref
100
6
9>
Mississippi Power 36 pref—
$7
86
63.00
6s
Par
74%
Columbus Ry Pr & Lt—
62.65
85
St Louis Southwestern 5s.
Bid
61.75
5s
Great Northern 4%s
Street, N.Y.
63.00
4%s_.._
5s
1
INO.
hao»i6282 52 William
63.00
58.
N Y N H A Hartf
1.00
65.10
Chicago A Nor West 4>$s_
62.75
62.00
6s
Request
robinson, miller & co.
3.00
63.00
63.00
6s
upon
Ask
%
6%
preferred
100
84%
84
87.
86
86%
110
88%
194
Rochester G A E 7% B 100
107
108% 109%
110% 112
6% preferred C
100
Sioux City G A E 37 pf.100
Sou Calif Edison pref B.25
South Jersey Gas A El .100
104% 105%
48%
49%
28
30
22%
23%
54
-
-
Tenn Eleo Pow
7%
6% pref 100
preferred
100
7% pf.100
95
97
28
28%
194
m
61%
63
71
72
7% pf._100
101
103
Texas Pow A Lt
7% pf...l00
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pf.100
7% preferred
100
Los Ang G A E
6% pf. .100
112
113%
Toledo Edison 7 % pf A 100
United G A E(Conn)7% pf
111
United G A E (N J) pf.100
Utah Pow A Lt 37 pref...*
69
Memphis Pr A Lt 37 pref. »
Mississippi PAL 38 pf.._*
97%
75
99%
76%
85%
87%
113%
Utica Gas A El 7% pf-,100
84%
86%
Virginia
81
82
Wf*at.#»rn
Ry
Pnwpr <7 nrf»f
108% 110%
91
65%
99
100
114
10O
100
112
93
66%
100%
117
Volume
Financial
142
4323
Chronicle
Quotations on Over-the-Counter Securities—Friday June 26—Continued
Specialists in —
Securities of the
Associated Gas & Electric
150 BROADWAY, NEW
Complete Statistical Information—Inquiries
& CO.
8. A. O'BRIEN
Members hietc York Curb
BOSTON
INCORPORATED
Hancock 8920
COrtlandt 7-1868
40
Direct Private
Telephone between New York and Boston
Bell System Teletype—N.Y. 1074
Public
EXCHANGE PLACE,
Amer States P S
Utility Bonds
Amer Wat Wks & EI 5s '75
Kan
City Pub Serv 3s. 1951
Kansas Elec Pow 1st 6s '37
10156 103
WANTED
Ask
Bid
Ask
70
68
556s.1948
NEW YORK
Teletype: New York 1-1078
Tel.! HAnover 2-0510
OFFERINGS
Bid
Invited
Swart,Brent&Co.
Exchange
75 FEDERAL ST.,
YORK
Water Works Securities
System
First Mortgage
48 X
47 56
104 h 105
1948
84 56
86
Kan Pow A Lt 1st
456s '65
108 X
1945
9156
9356
63
65
106
Associated Electric 5s. 1961
6856
6956
Los Angeles G A E 4s. 1970
105 H
4656
Inc.
105 x
4556
Water Works & Electric Co.,
107 56
Absoo Gas A El Co
American
101H
Ark Missouri Pow 1st 6s *53
Keystone Telep 556s.1955
Long Island Ltg 5s... 1955
Bonds of Subsidiaries
Aria Edison 1st 5s
1st 6s Berles A
456s '58
3556
Income deb 3568—1978
3656
1978
3856
Est. 1854
Income deb 456s—.1978
Conv deb 4s
..1973
Conv deb 4>6s
1973
4256
1st A gen 456s
39
4356
3568—1978
1960
106
72 56
77
Conv deb
1973
Sink fund Income 4s 1983
45
Sink fund ino456s--1983
Sink fund Income 5s 1983
4756
Blaokstone V G A E 4s *65
Brooklyn Edison 3 568.1966
Bklyn Man Trans 456s '66
1st lien coll tr 6s
1st & ret mtge 3563.1966
104 h
104 j6
102 H
104 h
104
97
79
82
Telep Corp 1st 4s *65
Peoples L4P5Hs ...1941
106"
Cent 111 Light 3>6s
1966
Cent Ind Pow 1st 6s A 1947
Cent Maine Pr 4« ser G '60
10656 10656
93 56
9456
Colorado Power 5s...1953
10556
Columbus Ry P A L 4s '65
10656 10656
10456 10556
102j6 10356
103 56 103 j6
62
102 56 10456
M uncle Water Works 5s *65
10456
1954
100
102
New Jersey Water 5s.*
102
656s series A
1954
102
10356
New Rochelle Wat 5s B '51
105 H
10556
Butler Water Co 5s...1967
10456
104 j*
105 56
California Wat Serv 5s '68
105
77 X
7856
Chester Wat Serv 456s *58
Citizens Water Co (Wash)
103*6
Sou Cities Utll 5s A.. 1958
S*western Gas A El 48.1960
Tel Bond A 8bare 5s..1958
utlca Gas A El Co 68.1957
109 x 10956
105 H 10656
10456 10456
60
5956
103 X
10556
7856
102 56 10356
10056 102
9456
97
106
103
6s
1941
City W (Chat) 5s B
1954
1st 5s series C—1957
Clinton W Wks Co 5s. 1939
106 X
New York Wat Serv 5s '51
95
105
Newport Water Co 68.1953
Ohio Cities Water 556b '53
Ohio Valley Water 6s_1954
9656 100
105"
Ohio Water Service 5s.1958
Ore-Wash Wat Serv 5s 1957
98 H
10056
89
106 X
9056
10656
102 X
10256
102 H 103
Ha'66
Wisconsin Pub Ser
90
...
101
10556
108
9756
9956
91
93
_
„
.
Penna State Water 556s '52
102X 10456
106
Peoria Water Works Co—
99
103
9956 10156
1948
Prior lien 5s
—
1950
1948
1st consol 5s
...
1948
10056 10256
10356
Phila Suburb Wat 4s.. 1965
Community Water Service
107
9756
82
84
Pinellas Water Co 656s *59
194
85
87
Pittsburgh Sub Wat 5s '58
102
Councilsvllle Water 5s. 193
100
Plalnfleld Union Wat 5s '61
Richmond W W Co 68.1957
105
—
456s
10056 101
1950
92h
93
19f
95
Roanoke W W 6s
99
Roch A L Ont Wat 5s. 1938
St JosephWater 4s sel9A66
Scran ton Gas A Water Co
104
10456
...
1958
456s
Scranton Spring Brook
Water Serv 5s...1961
1967
1st A ret 5s A
Greenwich Water A Gas—
100
98
Estate Securities
9756
9956
Sedalla Water Co 656s '47
South Bay Cons Wat 5s '50
9556
10256
79
102 56
1960
8l"
102 56
1960
6s series B
102
104
10156 10356
10156 10256
5s series A...
108
Public Utilities—Industrials—Railroads
102
Wat 5s '55
Sou Pittsburgh
106
Reports—Markets
107"
10456
10356 105
10456
Terre Haute Water 5s B '56
101
103
1949
103
10456
10156 10356
Texarkana Wat 1st 5s. 1958
103
10556
Union Water Serv 556s '51
102
6s.
102 56
5s.
AMOTT,
9956
10456
100
10456 10656
Real
109"
108
6s series A
97
.1961
101
1st Aref 5s
1st consol 4s_
101
Consol Water of Utlca—
1st mtge 4s
97
93
Penna Water Co 6s...1940
102 56
10556
West Penn Pr 3 Ha ser I '86
Western Mass Co 356s 1946
104
9156
95
162
5s
86
84
125 H 12656
WashA Suburban 556s 1941
Western Pub Serv 556s '60
-a.-
1951
556aseries A
1951
City of New Castle Water
950
1951
556s
Commonwealth Wat (N J)
1942
10256
1957
6s series B
105 H 10656
San Diego Cons GAE 4s '65
Sioux City Gas A El 6s '47
Sou Calif Gas 1st 4s._1965
102
100
103
5s series C
Wisconsin G A El 3
76 56
Birmingham Water Works
Monmouth Consol W 5s '56
Monongahela Valley Water
656a
I960
Morgantown Water 5s 1965
Publlo Serv of Colo 6s. 1961
Pub Serv of N H 3 H* C *60
Virginia Power 5s
10656 107
/40
10356
Ask
103 56 10556
10556 107 56
73 56
10356 10356
Federal Pub Serv 1st 6s
Atlantlo County Wat 5s '68
1956
10656 10656
f71H
83
61
9856 10056
10456
10356
Alton Water Co 6s
Pub Serv of Okla 4s A.1966
Pub Utll Cons 556s
1948
98
78
Penn
10556
105
102
10056 10056
Consol E A a 5-6s A..1962
Alabama Water Serv 5s *57
Bid
Ask
Bid
Ashtabula Wat Wks 5s '68
71"
69
10256 104
110
11056
10156 10256
1946
Water Bonds
98 H
78
4956
5356
101
Cent Ark Pub Serv 5s 1948
Central CAE 5563—1946
107 H
97
7356
84
Participating: 8s
1940
Bellows Falls Hy El 5e 1958
98 H
70
1973
Sink fund Inc 556s..1983
Tel. 2-3761
PORTLAND, MAINE
10556 105%
97 H
71
Cony deb 5s
556s
(Maine)
H. M. PAYSON & CO.
3556
3656
Income deb 4s
Consumers Water Co.
107 h 107 H
Assoo Gas A Eleo Corp—
Income deb
1085-6
10456
BAKER A, CO.
INCORPORATED
6s series A
_
150
2360
Broadway, N. Y.
105%
---
10556
1st lien A ret 5s
Bell System Te
NY 1-588
...
104"
103 56 10556
104
Real Estate Bonds and Title Co. Mortgage Certificates
Bid
Alden 1st 6s
Jan 1 1941
Broadmoor (The) 1st 6s *41
B'way Barclay 1st 6s. 1941
/4456
/49 56
2956
Ask
Bid
46
53 56
3156
Certificates of deposit
6s
1948
wx
3056
5s series B
1950
96
1951
1050
97
100
100
102
1st mtge 656s
100
99
1957
Kokomo W W Co 5s.. 1958
10256 104
Wichita Water Co 6s B. *56
106
102
5s series C
m+m
102
1960
10456
6s series A
10456
Joplln W W Co 5s
103"
Westmoreland Water 5» '52
102
104 56
Lexington Wat Co 656b '40
9356
102
1949
103
1952
103
W'msport Water 5s
96
Metropolitan Corp (Can)—
B'way A 41st Street—
6s
1st leasehold 656b.. 1944
Broadway Motors Bldg6s stamped
1948
Chanln Bldg Ino 4s... 1945
Cheeebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s. .1948
/3956
4256
Apr 28 1940
Dorset (The) 1st 6s...1941
East Ambassador Hotels—
1st A ret 5 Ha
1947
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 Legended
1947
9556
97
1945
70
Munson Bldg 1st 6568.1939
N Y Athletic C ub—
/30
7156
3156
Metropol Playhouses Ino—
S f deb 5s
/6156
63 56
64 56
6656
70
72
1st mtge 2s stmp A reg'55
34
9356
1st A gen 68
1946
3456
36 56
N Y Eve Journal 6568.1937
BURR & COMPANY INC.
36
9056
10056
Court A Remsen St Off Bid
1st 6s
Majestic Apts 1st 6s..1948
Metropolitan Chain Prop—
Ask
94
...
97
5s.
Water Serv Cos lno 5s. 1942
West Virginia Water 5s '51
Western N Y Water Co—
1st mtge 6s
BArclay 7
/49 56
/31
556s series BK
NEW YORK
-
Boston
44
/3256
/4956
33 56
656s series F-l
556s series Q
756
-
57 William St.
/42 56
/3756
5568 series C-2
/6
Chicago
N Y Title A. Mtge Co—
32
79
81
7956
81
50 Bway Bldg 1st 3s lno '46
500 Fifth Avenue—
5056
5156
1949
42 56
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
502 Park Ave 1st 6s. .1941
2956
1 Park Ave 6s__Nov 6 1939
65 56
Store
Chain
5056
Securities
88
103 E 57th St 1st 6s
..
656s
unstamped
52d A Madison Off Bldg—
6s
N «v
1947
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
1st 656s stamped...1948
/2556
/4856
7056
30
5156
7256
69
1st 656s
Oct 1 1941
4556
9
70
11
/48
6156
63 56
59
61
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
9156
/5356
9356
5556
5056
5256
Rochelle) 1st 6s
1936
84
7256
50
..
-
«.
Lefcourt Manhattan Bldg
1st 4-58 extended to 1948
65
Lewis Morris Apt Bldg—
1st 656s
Apr 15 1937
/45
Lincoln Bldg lno 5 56s. 1963
Loew's Theatre Realt Corp
1st 6s
1947
London Terrace Apts 6s '40
65 56
9056
/44
LudwiglBauman—
1st 6s
(Bklyn)
1st 656b (L I)
1942
1936
49
—
5568 double stpd—1961
Realty Assoo Sec Corp—
6856
5056
50
/4956
51
/3456
3656
73 56
73 56
67
-
68
92
46
Roxy Theatre—
.
-
si
1945
si
oo
Sherry Netherland Hotel—
1st 5 56b
May 15 1948
2156
60 Park PI (Newark) 6s '37
616 Madison Av 1st 656s'38
22
22
5456
/21
61 Bway Bldg 1st 556s 1950
General 7s
1945
Syracuse Hotel (Syracuse)
1st 6568
Oct 23 1940
Textile Bldg 1st 6s
1958
Trinity Bldgs Corp—
1st 5 56s
1939
2 Park Ave Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
1st 6568
Oct 19 1938
Westlngbouse Bldg—
1st fee A leasehold
'39
Borland Shoe Stores
Lerner Stores
*
pref—...100
Bid
Ask
109
Melville Shoe—
100
Miller (I) Sons com
♦
Bohaok (H C) common. _♦
7% preferred
100
656% preferred
Murphy (G C) $5 pf
100
*
100
100
116
♦
Neisner Bros
100
109
Reeves (Daniel) pref... 100
105
456%
B G Foods Inc com
Blckfords Inc
$2.50 conv pre!
100
pref 100
Flshman (M H) Stores
*
preferred
pref
6
856
3556
3756
10056 103
114
Diamond Shoe pref
Savoy Plaza Corp—
Rea ty ext 1st 5 56s. 1945
6s
Par
Par
7% preferred
—
1943
Income
Chain Store Stocks
9
-
Harrlman Bldg 1st 6s. 1951
Hotel St George 4s
1950
Kelth-Albee Bldg (New
165 Bway Bldg 1st 556a '51
Co
/656
1st fee A l'hold 6568.1940
/42
1944
1949
1946
556b unstamped
Graybar Bldg 5s
1941
/29
Prudence
5s
Fox Theatre A Off Bldg—
Fuller Bldg deb 6s
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
52
/14
2356
Edison Bros Stores
Preferred
Kobacker
54""
^
Stores
/2856
S72H
United Cigar Sts 6 % pf.
7% preferred...
5
100
100
preferred... 100
21
2556
2056
6% pref ctfs
U S Stores
96
10356
23
3
6
100
16
Sugar Stocks
5056
Par
9756
6356
Schlff Co preferred
♦
00
oo
Rose 5-10-25o Stores
100
7% pref.. 100
Katz Drug preferred
*
Green (H L)
66 56
Preferred
Ask
2156
1656
2256
1
....1
26 56
28
•
56
Cache La Poudre Co....20
Eastern Sugar Assoo
Bid
18
—
Haytlan Corp Amer
...
For footnotes see page 4324.
156
Par
Savannah Sugar Ref
7%
preferred
Bid
*
100
114
Ask
117
West Indies Sugar Corp..l
256
118"
356
4324
Chronicle
Financial
Quotations
June 27, 1936
Over-the-Counter Securities—Friday June 26—Continued
on
HAMILTON GAS CO. V T C
Specialists in all
Bought, Sold & Quoted
Investment
Company Securities
QUAW & FOLEY
30
BROAD
NEW
STREET
Members New York Curb
DISTRIBUTORS
YORK
Exchange
63 Wall
GROUP.
Street, New York
Telephone HAnover 2-9030
Kneeland 8C Co.—Western Trading
REORGANIZATION
WHEN
ISSUED
SECURITIES
RIGHTS
Bid
Par
M. S. Wien & Co.
Par
17.86
1.90
2.08
24%
25%
Affiliated Fund Inc com..
Amerex Holding Corp..
Investors Fund of Amer...
1.14
1.24
123*
Investment Tr of N Y
*
1.16
Keystone Cust Fd Inc B-3.
Angeles,
23.59
_
97.52
Investors Fund C
3%
434
2
x5%
6%
.40
.70
Mass Investors Trust
1
3%
4%
Mutual Invest Trust
Am Insurance Stock
Corp*
Assoo Stand Oil Shares
Cal.
Bankers Nat Invest Corp
*
.33
33.33
334
'mmmm
1934
No Amer Bond Trust ctfs.
73J4
78%
4.15
4.55
No Amer Tr Shares 1953..
2.61
39
*
6%
28.45
1
Commercial Nat'l Corp...
2 68
Accumulative series...
3.35
AA
mod
COMPREHENSIVE SERVICE
Common B shares
7% preferred
in the
Cumulative Trust Shares
3.88
Diversified Trustee Shs B
3.73
10%
Selected Cumulative 8ha„
2.60
12%
31%
73
Maytag warrants
103
29%
*
22%
22%
24%
73
78
—100
Preferred-
.100
American Republics com.*
Andlan National Corp
*
24
3%
49
51
53%
1st preferred
100
Canadian Celanese com—*
2 \
3%
28
30
.100 xll6
49
100
34
33 J4
Standard Am Trust Shares
4 00
4 25
Standard Utilities Ino
*
1 01
1 09
7.70
State Street Inv Corp
* 103 89
25c
1.73
1.87
Super Corp of Am Tr Shs A
43 H
29.21
*
11.94
9.93
»
3 34
1.86
2.01
1.56
1.27
Investing shares
1.42
1.38
1.53
1.55
1.76
.
1.69
1.16
1.15
Trusteed Industry Shares
Trusteed N Y Bank Shares
1.54
United Gold Equities (Can)
1
2.81
3.12
U S El Lt A Pr Shares A..
183*
193*
2.90
3.00
1.12
1.26
Standard Shares
B
Merchandise
1.26
1.37
Mining shares
1.50
1.63
Un N Y Bank Trust O 8—
33*
55~~
Petroleum
1.26
1.37
Un N Y Tr Shs
13*
234
78
83
1.12
1.22
Wellington
17.88
19.62
3934
41%
RR Equipment shares..
Steel shares
1.47
1.60
Norwich
Yeast___ 100
Pharmacal
-.5
Ohio
44
Leather
*
20
10.6
45%
Pathe Film 7% pref
Petroleum Conversion
110
com
Scovlll Mfg
54
Singer Manufacturing.. 100
Dentists' Supply Co of N Y
51
53
Publication Corp com
$7 1st preferred
*
100
*
com
25
56
.100
234
334
39%
42 %
3%
30 3*
341
41
83*
70
7
i
49
8
5034
Schoellkopf, Hutton A
63*
Pomeroy Ino com
73*
Bid
Ask
Ask
Union of Soviet Soo Repub
91.20
87.47
1943
10% gold rouble
1942
87.47
19
*
No
value,
par
Coupon,
a
Interchangeable, b Basis
f Flat price,
to
i When Issued,
price,
e
Registered coupon (serial).
Ex-dlvldend.
x
y
Now selling on New
York Curb Exchange.
Steel
1%
Corps
Corp..
Boston Corp
93*
26%
16"
1
Bid
7% gold rouble
d
67
24.99
Union of Soviet Soo Repub
142
17
13
.55
334
tSoviet Government Bonds
32%
26
.
Bancamerica-Blalr
First
23.24
Fund
Investm't Banking
134
24
.40
2634
101 %
51%
Huron Holding Corp
Incorporated Investors..*
rF
345
39
46~~
1.43
1%
22
se
43*
125
11934
42
1.31
Preferred
Voting trust ctfs
103
24 X
54"
Dictaphone Corp
Dixon (Job) Crucible
100
Doehler Die Casting pref.*
Tobacco shares
22
*
shares
shares
Guardian Inv Trust com.*
54
56%
*
1.63
23 34
52
Flour Mills of America
2.35
1.50
51
108
Douglas Shoe preferred. 100
Draper Corp..
*
....
1.03
87
*
—50
....
6.96
6.08
B
21
100
Preferred
mmmmmmm.
....
2.91
D
Trustee Standard Oil Shs A
'
14.96
—100
preferred
Remington Arms
*
2.97
New Haven Clock pf
100
North Amer Match Corp.*
12
*
2.17
shares
Chemical shares
534
7.12
13.76
'
Trusteed Amer Bank Shs B
Food shares
52
rn.mmm.rn
Supervised Shares
6.62
Agricultural shares
113
57
com
preferred
....
•mmmm
7.12
Trustee Standard Invest C
6.75
5.78
6.03
Building shares
49
25%
Class B
B
10134
109
Nat Paper A Type com
6.11
Fundamental Tr Shares A.
116
*
10
$1 cum pref
5.15
24.06
General Investors Trust..
Group Securities—
■mm'+m
D
....
4.85
21.96
mmmfm
3 99
2 63
AA
..
Fundamental Investors Ino
2 63
BB
C
40%
27.12
.
3 86
B
32.88
30.60
*
Automobile
114
*
Casket
23%
55%
55%
Columbia Baking com
Columbia Broadcasting A *
Preferred
9
67 34
3
121
Carrier Corp 7% pref. .100
Climax Molybdenum
*
20 96
Northwestern
16 %
51%
37
234
31%
100
Preferred
5%
14%
Beneficial Indus Loan pf.*
Bowman-Blltmore Hotels
Crowell Pub Co
64 3*
1
preferred
Ask
m
_*
Preferred
4%
...
20.13
4.80
....
Equit Inv Corp (Mass)..5
Equity Corp ov pref
1
Mock Judson A Voehringer
National
Art Metal Construction .10
Preferred
Preferred
6%
28%
Amer Maize Products
American Mfg
108
25
-
1934
*
Spenper Trask Fund
6.95
Dividend Shares
Bid
Mac!ad den Publics com—*
28%
Merck A Co Inc com
8% cumul preferred
American Hardware
18
4.50
B
Par
70
American Hard Rubber—
4.96
Selected Industries oonv pf
4.05
3.64
9.55
Selected Income Shares
....
Fixed Trust Shares A
Ask
11%
3*
1.79
Selected American Shares.
Foundation Trust Shares A
*
4.95
C
Industrial Stocks
100
13.25
4.65
Selected Amer Shares Inc.
Fidelity Fund Ino
vto..
12.75
D
1920
115 Broadway, N. Y.
Tel. BArclay 7-0700
Bell System Teletype NY 1-1493
Book
1.82
34
1.64
5.90
2.34
Members New York Security Dealers Association
Arch
33*
1.08
1.65
....
Deposited Insur Shs A
Deposited Insur Sh ser B
Bristol & Willett
14
3834
110
Deposited Bank Shs ser A.
Oveivthe-Counter Market
41
133*
.97
Royalties Management
3634
..100
X39J4
23*
Representative Trust Shs.
Republic Investors Fund.5
31
28%
10
66
Plymouth Fund Ino A. 10c
Quarterly Inc Shares..25c
114
__100
----
3.44
62
*
Class B
....
3.35
Series ACC mod
-I——-
Securities...100
Pacific Southern Inv pref.*
Class A
♦
2.68
Series
BOwllng Green 9-3585
Teletype N. Y. 1-1868
Series 1958
Northern
10
9%
Series AA
3.40
Series 1956
1%
2.77
Corporate Trust Shares...
3.44
Series 1955
26.46
♦
'
N Y Bank Trust Shares
42
43*
Century Trust Shares
8% preferred
American
1.99
17%
Crum A Forster Ins com 10
American
1.62
4.42
1.84
31.16
Ltd
Continental Shares pref
Amer Air Lines Ino
1.48
4.32
Central Nat Corp cl A
»r0„VoM/New York Security Dealers Association
Members
j commodity Exohange, Inc.
Bid
28.18
1
Fund
Class B
Par
20.25
Canadian Inv Fund Ltd.l
C. E. UNTERBERG &, CO
Established
....
18.73
26.56
1
.53
Bullock
Sylvania Industrial Corp.
Broadway, New York
3
*
com..
Voting trust certificates.
4.63
1
Broad St Invest Co Ino
Climax Molybdenum Co,
61
Major Shares Corp
Maryland Fund Ino
25.80
Nation Wide Securities..1
Basic Industry Shares
British Type Invest A
•
99". 50
63*
1.04
Teletype N Y 1-1397
Los
4234
11%
ST.. N. Y.
2-8780
1.12
41
7% preferred
Amer General Equities Inc
Amer Business Shares.
Dealers Assn.
Ask
1.02
41
Bancshares Ltd part shs50c
HAnover
Bid
10
*
Invest Co of Amer com
Amer A Continental Corp.
Established 1919
BROAD
Ask
16.79
Fund
Administered
25
Correspondent
Investing Companies
SECURITIES
Members of the New York Security
Incorporated
BOwIing Green 9-1420
*
com
Woo Products Corn
*
Foundation Co—
834
44
9%
t Now listed
New
on
York
Stock
Exchange.
45 34
105
$ Quotations
115
Foreign shares
*
4%
5%
234
American
*
6%
7%
6
5 "A
6%
3 34
4%
29%
gold rouble bond equivalent to 77.4234 grains of pure gold.
8
*
per 100
32%
shares
Gair (Robert) Co com
Preferred
*
Gen Fireproofing $7 pf.100
Golden Cycle Corp
10
Graton & Knight com
Preferred
*
102
*+
-
-
$3 conv preferred
*
53%
6%
15
.100
44
47
com...
38
40%
26
14 J4
27%
16%
2H
2%
Klldun Mining Corp
1
Lawrence PortI Cement 100
Lord & Taylor com
100
1st 6% preferred
100
2d
8% preferred
100
17
Preferred.
.100
•—Frank F.
16%
102 34 104%
14%
1st preferred
100
25
19
3134
55
35
3334
60
120
7%
Bid
preferred
100
Wire Fabrics 7s__1942
95
Am
River Bridge 7s
101
Chloago Stock Yds 58.1961
Cudahy Pack conv 4s. 1950
103
3%s
Deep Rock Oil 7s
1955
1937
Fairbanks Morse deb 4s'56
members
103 %
104%
71%
99%
99%
134s
Sept 1 1939 100.25 10028
Haytlan Corp 8s
1938
17 %
f!5%
at
Laughlln Steel—
4%e
1961
134s
Aug
Aug
15 1937
101.15 101.19
Aug
15 1938
June
N Y
1
100.4
100.8
1939
100.26 100.29
..1946
37%
/3534
95%
97%
Shipbuilding 5S..1946
Penn-Mary Steel 5s... 1937
Reynolds Investing 5s 1948
ScovlUe
Mfg 534s
1945
Standard Oil (N J) 3s_1961
Std Tex Prod 1st 634s as *42
Struth Wells Titus
Texas
634 s '43
Corp deb 3 34s—1951
99%
Witherbee
Journal or Oomm 634s.1937
76
80
Woodward Iron 5s
Merchants W#frlg 6s..1937
99% 101
Sherman
6s
102
102%
86 %
88%
106% 107%
98
98%
fio
12
f 12
15
1952
/64
66
Kidder,
to
the
board of governors for three-year
Perry E. Hall of Morgan Stanley & Co., Inc.; Albert H.
Peabody &
Co.,
and J.
Taylor Foster of Foster &
Governors whose terms carry over are Ralph T. Crane, Herbert
Boynton, John D. Harrison, Frederick M. Warburg, Hearn W. Streat,
•—The average price for 20 insurance company stocks as of June 19 was
to
Allen
&
Co., 20
Broad
trust company stocks
the previous week.
was
of June 12,
St.,
W.
on
was
June 19.
97.93
011
on
no
average
.03, according
ratio of price
change from the previous
The average price for 18 bank and
June 19, showing
a
gain of 1.30
over
June 19
June 12, a net gain of .01.
Buffalo, with reference
bearing
increase of
The
Pressprich & Co., 68 William St., New York, have prepared
summary of the salient features
of
a net
New York.
The average ratio of price to book value on
1.27, against 1.26
—R.
a
as
liquidating value for these 20 stocks showed
week, standing at 1.16
10034
'44
elected
were
are:
28.79, compared with 28.76
81
100 %
Starkweather,
Francis T. Ward, and Sidney J. Weinberg.
to
99
Co., Inc.
102.17 102.21
15 1936
101% 101y8
69%
They
of
F.
1%B
Nat Radiator 5s..
Federal Farm Mtge Corp—
Jones
Ask
Corp
134s
97
Other officers elected are John K.
year.
Bank, Treasurer.
2s
1953
1st
Bid
Home Owners' Loan
Bear Mountain-Hudson
Crane who has
Starkweather & Co., Inc., Secretary; and John S. Linen, Chase National
126
terms.
Ask
112"
Ralph T.
who is Vice-President of Brown
Nevil Ford, Vice-President of the First Boston Corp., was elected Vice-
during the past
Three
110
He succeeds
President of the club, filling the post which has been held by Mr. Walker
Gordon
104%
Dillon & Co., was elected
partner of Eastman,
headed the club for the past year and
100
Miscellaneous Bonds
American Meter 6s... 1946
a
Thursday at the Bankers Club.
Harriman & Co., Inc.
$7
112
American Tobacco 4s. 1951
Walker,
President of the Bond Club of New York at its annual meeting held on
34
13 %
200
118
NOTICES
CURRENT
47
100
4%
Great Northern Paper..25
Jacobs (F L) Co
Great Lakes SS Co
44
49%
3J4
upon the
to
affecting the credit position of the City
past and current budget policies and their
prices of the bonds of the city.
J
Volume
Financial
142
Quotations
Chronicle
4325
By Barnes & Lofland, Philadelphia:
Over-the-Counter SecuritiesFriday June 26—Concluded
on
Shares
Slocks
$ per Share
100 Land Title Bank A Trust Co., par $5
10 Ninth Bank A Trust Co., par $10
15 John B. Stetson
Co.,
-
-
1834
—
Bonds
$1,000
Foreign Unlisted Dollar Bonds
Bid
24
33
Hungarian Cent Mut 7s '37
20
:ungarian Discount A Ex¬
fl5H
17
change Bank 7s
1936 /27
Hungarian defaulted coups /20-40
f26
Hungarian Ital Bk 7 Ha '32
ft 5
er Steel 6s
.1948
20
100
101
/24
26
/18
22
fl4:H
16
f 16
8s.
17
7s.
7a '3
ft2
Brown
Coal Ind
69%
—
MerldionaleElec7s.__1957
/21
23
22
1952
7s
1945
Munich 7s to.
Munlo Bk Hessen 7b to '45
/29
19f
Buenos Aires scrip
1959
Montevideo 6s
—
26
48 H
/24
/47
-
Natl
) /108
111
1
flOH
11H
Bank
1946-1947
1962
National Hungarian A Ind
1948
5
J
/26
1
/63
66
5
/47
49
7
7%
Mtge
mn
44
Panama 6%
/52
7s stamped.
54
Porto A leg re 7%
54
Protestant
1
52 H
9
/22
25
9
/51
53
24
/54
floH
1968
56
22
ftl
scrip
Churoh
95 H
fWH
1945
to
59
H
16 H
(Ger¬
24
ftl
/21
24
/21
23
R C Church Welfare 7s *40
/21H
23 H
0
/24
25
Royal Dutch 4s
3
/24
25
1945
Saarbruecken M Bk 0s '47
152 H
ftO
155 H
24
Salvador
/40
/38M
/10
40
flSH
20
58
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 08.1943
f56H
/75
/II
/14M
Saxon Pub Works 7a. .1945
Cundinamarca
/24
26
1946
/23
/24
25
9
fl0%
HH
8
/22M
/21
25 H
24
5
5
6Ha.
6
Frankfurt 7s to
II
French Govt 6Hs
1!
French Nat Mall SS 6s
/34
f22
5
7
-
_
-
26
135
Santa
.
2
133
137
4
/64
66
5
/24M
26 H
3
6Ms
/35
German
Dawes
(Brazil)
1947
Scrip
/45
«.
•
Saxon State Mtge 6s__ 1947
-
25 H
/24M
f7H
German scrip
German called bonds
Catharlna
8%
Santa Fe 7s stamped..1942
26
/23
July to Deo 1933
/40
/26
f36H
fl5H
f t2H
7%
1957
Salvador 7% ctf of dep '57
Salvador 4% scrip
Serbian coupons
Young
40 M
16 H
24 X
f9%
9%
Silesia Electric 6 Hs...1946
/65
/21M
19 H
Stettin Pub Utll 7s... 1946
/23
Stlnnes 7s unstamped. 1936
12
"
12 H
Coupoi
H
7s unstamped
1946
15
Toho Electric 7s. .—1955
90 H
Toliraa 7s._
1947
f!0%
Tucuman
City 7s
1951
Tucuman Prov 7s
1950
107 %
108
116 H
H7H
Guatemala 8s 1948
Haiti 6%
f 38
&
201
202
"201
19,900
19,800
19,600
698
708
930
920
39
39
363
363
350
"350
Comptoir Nationale d'Escompte
Coty S A
;
773
770
774
779
120
120
120
Courrleres
158
160
161
164
425
418
425
434
1,270
1,270
990
1,010
1,300
1,010
368
348
d'Electricitie
Credit Commercial de France.—
Credit Lyonnaise
1,280
1,010
375
542
Energie Eiectrique du Nord..—
Energle Eiectrique du Littoral..
120
120
546
550
470
478
750
780
641
648
690
1,320
1,050
543
473
760
628
670
695
635
692
780
336
338
345
14
1,037
67.75
66.90
67.00
69.75
68.75
89.00
2,780
...
Pechiney
14
1,033
14
15
1,045
1,058
67.10
68.60
69.10
66.80
68.50
69.00
66.80
68.60
69.25
70.10
72.50
351
342
Rentes 4H%. 1932 B._
Rentes 5%, 1920
Royal Dutch..
69.10
71.60
72.25
88.50
90.60
91.00
2,810
1,110
2,820
1,103
2,800
1,136
2,800
775
4%, 1917
4%, 1918
4H%, 1932 A
68.20
67.90
67.80
71.60
70.50
89.80
1,110
Rentes, Perpetual 3%
Rentes
"990
970
750
Closed
Orleans Ry 6%
Pathe Capital
Rentes
930
455
Kuhlmann
823
15 H
Societe Lyonnaise
Soclete Marseillaise
32
1,005
1,007
516
38
516
68
71
73
340
340
41
42
40
516
68
40
516
.....
73.40
33
1,008
340
Tublxe Artificial Silk, pref
Union d'Eelectrlcitie
Wagon-Li ta
4j
33
995
.......
790
37
32
Soclete Generale Fonclere
800
40
'
12~~
THE
23 H
25
STOCK EXCHANGE
as
June
20
22
received
by cable
June
June
June
June
23
11%
24
25
26
Per Cent of Par
95
/95M
/99M
/24
26
1947
1945
/19 H
f23%
22 H
Wurtemberg 7s to
24
BERLIN
Closing prices of representative stocks
each day of the past week:
92
Unterelbe Electric 6s. 1953
---
f22
/35
199
682
Saint Gobain C A C
Vesten Elec Ry 7s
6%.
6,000
19,900
Soclete Francaise Ford
United SteamBhip 6s_.1937
45
94
307
196
June
97
Gt Brit A Ireland 5Ha
1953
299
695
8chneider A Cle
/67
/64
1940
7s
93
766
19,800
Rentes
39
fl8H
fl4%
6,100
770
Slem A Halske deb 08.2930 /275
fit
German
6,000
5,900
752
293
/44-55
—
Coupoi
Dec 1934 stamped
Apr 15'35 to Apr 15'3<
Francs
5,800
750
296
Lyon (P LM)
Nord Ry
26
38
1956
Serbian 5s
8
/20-40
June 26
Francs
_
L'Alr Liqulde
.1940
Westphalia 6s *33
Prov Bk Westphalia 6s '30
Rhine Westph Eleo 7% '30
Rio deJaneiro 6%
1933
Rom Cath Church 0 Ms'40
many) 7s
Prov Bk
June 25
Francs
Eaux Lyonnaise cap
3
5s
June 24
Francs
Cie Generale Transatlantique—.
Citroen B
54^
Oberpfals Eleo 7%—1946
Oldenburg-Free State 7%
June 23
Francs
Cle Generale
/93 H
North German Lloyd 6s *47
4s
1947
June 22
Franvs
Canal de 8uez cap
f'27
11H
70 H
by cable
June 20
Canadian Pacific
/26
7 Ha
Hungary
as received
day of the past week:
Cie Dlstr. d'Electricitie
Nat Central Savings Bk of
11
each
Banque de Paris et Des Pays Bas
Banque de l'Unlon Parisienne..
/80
11%
69
lot
lot
lot
lot
lot
lot
lot
BOURSE
PARIS
Bank of France
/83
1948-1949
f 10
flO%
J2
.-$1 lot
24
Panama 6 H%
(A A B)
CCAD7
flOH
3
$3,500 lot
———
Quotations of representative stocks
24 M
27
i
7
$ per Share
—$1
$1
1 Eleo Corp., capital stock, no par
$100
20 Fidelity Storage Co., common
$100
1 M. S. Levy A Sons Realty Co., capital stock, par $100
$70
300 Richards Phonograph Record Repeating Co
$1
10 The Rothert Co., par $100
$100
71H
50 X
54
26
/23
ft4
7
3
Slocks
THE
Municipal Gas A Eleo Corp
Recklinghausen 7s.. 1947
Nassau Landbank 6 Ha '38
Corp—
0^8
By Bruton & Co., Baltimore:
Shares
26 H
Luneberg Power Light A
Water7%.„.
1948
Mannheim A Palat 78.1941
19f
13 flat
43 flat
25
/23 H
/69
fA8H
f52H
ft3
ft 1
6
11
23
Bar
7 Ha
certificate of deposit
certificate of deposit
1935,
1931,
/26
/18
Hungarian
70
Leipzig Trade Fair 78.1953
/69
fGermany)
25~M
6
f 71
5%s,
Ave.,
ft 7
/8
6s 1940
27
Leipzig O'land Pr 6 Ha '46
/21
6s.
Hotel
Germantown
30 Cleveland Discount Co., pref
14 Cleveland Discount
Co., common
8H
f8H
f5%
f5%
7s.
/44-55
Koholyt 6 Ha
1943 f2 3
/ 60
Land M Bk Warsaw 8s '41
Coupons
Per Cent
Bellevue-Stratford
39-35-43
50 The Apparel Holding Co., par $100
1,000 Automatic Shoe Polishing Co. —,
39
38
Palatinate
ollv
British
24M
/22
/25
Housing A Real Imp 7s '46
f2l
f 19
/19
Bavarian
Ask
Bid
Ask
f2l
Bremen
$500
5H
-
12
common, no par
96 H
101
Berliner Handels-Gesellschaft
Berliner Kraft u. Licht
25%
38
36
116
152
Allgemelne Elektrlzltaets-Gesellschaft
(6%)
(8%)
36
115
152
35
36
116
152
117
152
93
(4%)
Deutsche Reichsbahn (German Rys)
92
92
92
92
92
119
119
119
119
119
94
93
93
93
93
93
132
(7%)
Deutsche Bank und DIsoonto-Gesellschaft..
Deutsche Erdoel
36
115
151
120
Commerz'und Prlvat-Bank A. G
Dessauer Gas
36
—
151
129
122
128
122
128
122
129
122
122
pf 7% .123
129
94
93
93
93
94
93
172
140
141
14
171
139
142
14
172
138
141
15
173
139
174
Hapag
172
140
143
15
Mannesmann Roehren
101
99
98
98
Norddeutscher Lloyd
16
16
16
Reichsbank (8%)
16
195
246
194
243
192
241
194
Rheinische Braunkohle (8%)
Dresdner Bank
For footnotes see page 4324.
Farbenlndustrie I G (7%)
Gesfuerel
(0%)
Hamburg Elektrizitaetswerke
AUCTION
Thefollowing securities
SALES
sold at auction
were
on
Wednesday
of the current week:
Salxdetfurth (7 H%)
Siemens A Halske (7%)
By Adrian H. Muller & Son, New York:
Shares
Stocks
ing Co. (N. J.), class D, common
CURRENT
75,000 lot
gold bonds, 6%.
..$45 lot
195
240
204
205
180
% per Share
Boston,
par
$12H
27%
-
170H
III
20 Wamsutta Mills, par $100
t
3 Boston Worcester A New York Street Ry., 6% pref., par $100
10 Boston Worcester A New York Street
Ry., common, par $100
38%
...
nize the special
bill
3
5414
15 Farr Alpaca Co., par $50
10u
I
II"
Mills, par $100
62 Graton A Knight Co., common, par $100
16 Western Mass Companies
a
method by
permits
mutual investment companies,
in
computing
The new
their
distributions paid to their own shareholders.
Federal
if
any,
A tax is paid only on the
at regular corporate rates.
The new bill defines a "mutual investment company" as any corporation,
(which includes an association) (1) which is organized for and the business
of which consists
substantially in holding, investing
or
reinvesting in stocks or
securities, (2) 95% of whose gross income comes from dividends, interest, or
than
12 H
5%
3%.
taxable
Provisions
are
more
added designed to prevent holding companies
and companies with bonds or other indebtedness of more than 10% of gross
assets from
50c
—O.
11^
I
I
as
their respective interests or the cash equivalent at a discount of not
u
!
90% of whose net income is distributed to stockholders
dividends and (5) whose members or stockholders are entitled to withdraw
72%
I
less than
gross
(4) not
4%
81
20 Collyer Insulated Wire Co
income is derived from sale of securities held less than six months,
3
33^
1 Columbian National Life Insurance Co., par $100
4 New England Power Ass'n pref., par $100.
receiving these benefits.
E. Unterberg & Co., 61
Broadway, New York, have prepared
an
analysis of the Public National Bank & Trust Co. of New York, copies
of which report are available to interested dealers.
By A. J. Wright & Co., Buffalo:
—C. G. Novotny & Co.. Inc., 30 Broad St., New York, are distributing
$ per Share
adopted and sent to
profits from sales of stocks or securities, (3) less than 30% of whose
$ per Share
common
as
character of such organizations and provide
balance remaining,
16 lot
Srocks
Corp.,
The tax bill
which the tax burdens may be reduced to a negligible quantity.
or
By Crockett & Co., Boston:
Stocks
investment which affords investors the advantages of wide diversifi¬
14
Ltd., pref., par $10;
3,000 Cardon Collieries, Ltd., common; 150 A. S. Campbell Co., common;
2,100 The Thermatomic Corp., common
60 lot
20 New England Public Service $7 prior pref
38 M
25 Heywood-Wakefield Co., common, par $25
48 Eastern Utilities Assts convertible
Mutual Investment Companies.
Income Tax, to deduct from their net income from all sources all dividends
20 Catawissa RR. Co., pref., par $50
53 Post Office Square, pref. ctfs. of deposit, par $100..
50 A. S. Campbell Co., pref.; 4,500 Cardon Collieries,
20 Unites First Peoples Trust
14 Shares Rockland Light A Power Co., par $10
en
the White House for Executive approval contains provisions which recog¬
Stocks
15 National Shawmut Bank,
group
cation and specialized supervision.
5 Abbot Worsted Co., par $100
50 Arlington Mills, par $100
Shares
194
240
179
178
202
The bill is hailed by Distributors Group as a recognition of the principles of
Due Sept. 1, 1947.
By R. L. Day & Co., Boston:
10 Angel International
16
16
NOTICES
discusses the effect of the new tax bill
Pa cent
1st mtge.
1933 and subsequent coupons attached
4 Brookslde
101
—Distributors Group, Inc., 63 Wall St., New York, in a special bulletin
..150 lot
Bonds—
$6,000 Buck Terminal Inc.
Shares
202
14
15
1,000 lot
500 Taylor-Flchter Steel Construction Co., Inc. (Del.)
1 Loewensteln-Flchter Co., Inc. (N. Y.)
Shares
203
142
142
$ per Share
100 Swerllng Trading Corp. (N. Y.), pref
$125 lot
18 North Jersey Holding Co. (N. J.), class D, common; 2 North
Jersey Hold¬
Sept.,
205
140
a
to
current offering list of State and
5.40%.
municipal bonds yielding from 2.15%
Financial
4326
FILING
OF
REGISTRATION
STATEMENTS
SECURITIES
The
UNDER
ACT
and
Securities
Exchange Commission on June 24
additional registration statements
(Nos. 2247 to 2263, inclusive) under the Securities Act.
The total involved is $85,815,535.82, of which $83,309,192.50
represents new issues.
The securities involved are grouped as follows:
announced the filing of 17
No. of Issues
Type
13
Commercial and industrial.
1,
Total
$79,401,692.50
3,847,500.00
60,000.00
2,256,343.32
250,000.00
;
Investment trust
1
Oil
1
Securities in reorganization
1
Certificates of deposit.
royalty
The total included the
have
been
General
following issues for which releases
published:
American
142,
No. 841.)
4179.)
Transportation Corp.—$19,250,000 of serial
1937, to July 1, 1942.
(See details
(Docket No. 2-2247, Form A-2, included in Release
Kraft
p.
Corp.—$14,500,000
leasehold
of first
and
general
ing mortgage SH% bonds, series E, due April I, 1966.
(See details in
V. 142, p. 4186.)
(Docket No. 2-2262, Form A-2, included in Release
No. 851.)
Other securities included in the total
Gold
Hill
are
as
follows:
Eastern
Blenders, Inc. (2-2249, Form A-l) of Wilmington, Del., has
registration statement covering 100,000 shares of $5 par value
class A common stock and 100,000 shares of 5 cent par value class B com¬
mon
a
The class A stock is to be offered in units of five shares at
stock.
$25
a unit and one share of class B stock is to be given with each unit sold.
Brookworth Co., Inc., of New York City, the principal underwriter, has
agreed to purchase 16,872 units at $17.50
a unit, it is stated.
The pro¬
machinery and equip¬
ment, balance due on stock, organization expenses, license fees and work¬
ing capital.
Robert O. Cooke of Wilmington is President.
Filed June 11,
1936.
ceeds from the sale of the stock are to be used for
Hoberg Paper Mills, Inc. (2-2250, Form A-2), of Green Bay, Wis.,
has filed
registration statement covering $900,000 of first mortgage 5%
a
convertible sinking
no
par
value
the basis of
fund bonds, due July
common
1,
1946, and 18,000 shares of
stock to be reserved for conversion of the bonds on
share for each $50 principal amount.
The proceeds from
the sale of the bonds are to be used for the redemption of all the outstanding
one
funded debt of the company and for working capital.
It is stated that the
Securities Co. of Milwaukee, Inc., is expected to be the principal under¬
writer.
J. M. Conway of Green Bay is President.
Filed June 11, 1936.
Basin Gold Mines, Ltd. (2-2252, Form A-l), of Montreal, Can., has
filed a registration statement covering 1,000,000 shares of no par value
common
stock, of which 300,000 shares are to be offered at 25 cents a share,
400,000 shares at 35 cents a share and 300,000 shares at 50 cents a share.
The proceeds from the sale of the stock are to be used for development of
property and for„ equipment.
Filed June 13, 1936.
F. A. Belanger of Montreal is President.
registration statement covering 500,000 shares of $1 par value com¬
stock, of which 100,000 shares are to be offered at 60 cents a share,
100,000 at 70 cents a share, 100,000 at 80 cents a share, 100,000 shares at
a
mon
90 cents a share and 100,000 at $1 a share.
The proceeds are to be used
for improvements to and development of property, and for working capital.
Howard E. Perry of Cumberland, Me., is President.
Filed June 13,1936.
Douglas Aircraft Co., Inc. (2,2254, Form A-2), of Santa Monica,
Calif., has filed a registration statement covering 93,480 shares of no par
value capital stock.
The stock is to be offered pro rata to stockholders
of the company in the ratio of one share for each five shares held.
Trans¬
ferable subscription warrants are to be issued to stockholders.
The pro¬
ceeds from the sale of the stock
are
to be used for
working capital and for
other corporate purposes.
Donald W. Douglas of Santa Monica is Presi¬
dent.
Filed June 13, 1936.
Mutual Management Co. (2-2255', Form C-l) of Jersey City, N. J.,
a
registration statement covering 250,000 Mutual Investment
Fund Trust Ctfs. having a par value of $10 each.
The aggregate offering
price of the 250,000 certificates, according to the portfolio and price make¬
up sheet submitted as of June 4, 1936, is $3,847,500.
The company con¬
templates that the $1 par value certificates, presently outstanding, will be
exchanged for the new certificates in the ratio of 10 for 1, it is stated.
Filed June 13, 1936.
has filed
Gar Wood
Industries, Inc. (2-2256, Form A-2), of Detroit, Mich., has
registration statement covering 320,000 shares of $3 par value com¬
mon capital stock, all of which is owned by Garfield A. Wood, President of
the corporation.
Shader-Winckler Co. of Detroit, the principal under¬
writer, is to purchase the stock at $9 a share and offer it publicly at $11 a
share.
Filed June 13, 1936.
filed
a
Albuquerque Natural Gas Co. (2-2257, Form E-l) of Chicago, 111.,
has filed
series A
purchased.
Northern Illinois Finance Corp. (2-2259, Form A-2) of De Kalb, 111.,
a registration statement covering 20,000 shares of no par value
$1.50 cumulative convertible preferred stock and 43,333 1-3 shares of no
par value common stock, of which 33 333 1-3 shares are reserved for con¬
has filed
preferred.
option to Paul H. Davis
presently to be
offered, it is stated.
The net proceeds are to be used for working capital
and the expansion of the business.
T. E. Courtney of De Kalb is President.
Filed June 15, 1936.
version on the basis of 1 2-3 shares of common for each share of
The remaining 10,000 shares of common are under
Co. of Chicago, the principal underwriter, and are not
College
Bondholders
Committee
Protective
(2-2260,
Form D-l) of Savannah, Ga., has filed a registration statement covering
the issuance of certificates of deposit for $1,000,000 of first and closed mort¬
5H% serial gold
1936.
gage
bonds of Wesleyan College, Macon,
Filed
Ga.
June 15,
Display Products, Inc. (2-2261, Form A-l) of Detroit, Mich., has
filed a registration statement covering 50,000 shares of $5 par value class A
non-voting common stock, to be offered at par.
The net proceeds from the
sale of the stock is to be used for plant and equipment and for working
capital.
Chas. F. Heathfield of Detroit is President.
Filed June 15,1936.
a
•
Royal Petroleum Co. (2-2263, Form A-l) of Yakima, Wash., has filed
registration statement covering $60,000 of non-producing overriding
one-hundredth of 1 %
sale of
Torch¬
A, H. Rivard of Selah, Wash., is President
royalty interests, to be offered, it is stated, at $30 for
of the gross production at the well.
The net proceeds from the
the interests will be used for the development of an oil or gas well on
light Oil Dome, it is stated.
Filed June 16,1936.
of the company.
filed for seven issues under Rule 202,
registration certain classes of offerings
not exceeding $100,000.
The act of filing does not indicate
that the exemption is available or that the Commission has
made any finding to that effect.
A brief description of
these filings is given below:
Prospectuses
were
which exempts from
Corp. (Filed 3-3-670), Garnett, Kan.
Offering
security dealers 80,000 shares of class A 7% cum. pref. stock
Savon Oil & Refining
to brokers and
of $1 par value and 20,000 snares of class B stock of $1 par value in
of 4 shares of class A stock and 1 share of class B at $5 per unit.
Macloon, Garnett, Kan., is President.
units
Louis
No underwriter is named.
Patents.E&ploitation Corp. (File 3-3-673), 900 Market St.,
Wilming¬
Offering to brokers and security dealers 80,000 shares of class A
6% cum. pref. stock and 20,000 shares class B stock in units of 4 shares
class A and 1 share class B at $5 per unit.
James B. Clyne, 4916-22 West
Grand Ave., Chicago, 111., is President.
No underwriter is named.
ton, Del.
Mo-Tel Service, Inc. (File 3-3-674),
Hospital Trust Bldg., Providence,
Offering 4,200 units comprising 1 share of no par preferred stock and
no par common at $10 per unit.
Edward Oakley, 201 Waterman
St., Providence, R. I., is President.
The offering is to be made through
Robert S. Wilson Co., Inc., 901 Old Colony House, Providence, R. I.
R.I.
1 share
Seaboard Oil & Meal Co. (File 3-3-675), no address.
Offering 100,000
preferred stock of no par value at the stated value of $1 per share.
Kagan, 1317 Josephine, Oakland, Calif., is President of the cor¬
poration.
No underwriter is named.
shares
J. Aron
Stanley Gold Mines, Ltd. (2-2253, Form A-l), of Montreal, Can., has
filed
share of new common for each share of new preferred so
Copper District Power]Co. (2-2258, Form A-l) of Ontonagon, Mich.,
has filed a registration statement covering $1,250,000 of first mortgage
bonds, series A, 4fi%, due June 1, 1956, and 18,000 shares of no par value
$3 cumulative preferred stock.
The proceeds from the sale of the bonds
are to be applied to the payment of $1,975,500 of outstanding unsecured
notes, of which $984,000 are held by Copper Range Co. and $991,500 are
held by The Middle West Corp.
The 18,000 shares of preferred stock
are to be delivered to the corporations (9,000 shares to each) at $45 a share
to discharge the unpaid portion of the notes payable.
Paine, Webber &
Co. of Boston are the principal underwriters in connection with the bonds.
The stock is not to be underwritten.
William H. Schacht of Painesdale,
Mich., is President.
Filed June 15, 1936.
Operating Co. (2-2248, Form A-l) of Tacoma, Wash., has
registration statement covering 600,000 shares of 10 cent par value
stock, to be offered as follows: 100,000 shares at 15 cents a share;
100,000 at 20 cents a share; 100,000 at 25 cents a share; 100,000 at 30 cents
a share; 100,000 at 35 cents a share, and 100,000 at 40 cents a share.
The
net proceeds from the sale of the stock are to be for development of prop¬
erty and for new equipment.
L. F. Hachez & Co. of Spokane, Wash.,
is the principal underwriter.
August Peterson of Seattle, Wash., is Presi¬
dent.
Filed June 11, 1936.
a
common
filed
a
June 27, 1936
Filed June 15, 1936.
Wesleyan
Southern
mortgage bonds, 4M% series, due 1946.
(See details in V. 142, p. 4191.)
(Docket No. 2-2251, Form A-2, included in Release No. 843.)
The New York Edison Co., Inc.—$30,000,000 of first lien and refund¬
filed
half
&
notes, maturing serially from July 1,
in V.
Chronicle
Co.
California
Continental
(File
3-3-676),
319 Fremont
St., Las
Vegas, Nev.
Offering 9,900 shares of 7% cum. pref. stock of $10 par value
at par.
Charles W. Pipkin, 1141 W. 107th St., Los Angeles, Calif., is
President.
No underwriter is named.
Trendle-Amico Machine Sales, Inc. (File
Eastern
Great
Offer¬
3-3-677) ,.no address.
ing 49,000 shares of common stock of $1 par value at minimum
$1.25 per share.
Carl F. Trendle, 137 88th St., Brooklyn, N. Y.,
dent.
No underwriter is named.
price or
is Presi¬
Corp. (File 3-3-678), 900 Market St.,
Offering to brokers and security dealers 16,000 shares
Greenhouse
Wilmington, Del.
class A 7% cum. pref. stock of $5 par value and 4,000
of $5 par value at $25 per unit.
Warren W. Lovell,
Cleveland, Ohio, is President.
shares class B stock
2112 Stearns Road,
No underwriter is named.
following registration statement also was filed with
details regarding which will be found on a subse¬
The
the SEC,
quent page under the company
mentioned:
& Electric Co. (No. 2-2273, Form A-2) .covering
bonds, 4% series due 1966, and $1,500,000 serial
debentures, series A, 1937-1946.
Filed June 19, 1936.
Sioux
City
Gas
$9,000,000 1st mtge.
In
making available the above list the
Commission said:
Commission give to any security
approval or indicate that the Commission has passed on the merits oi
the issue or that the registration statement itself is correct.
In
no case
does the act of filing with the
its
The last
in
registration statement covering $1,750,000 of first mortgage
15-year 5% sinking fund convertible bonds, 60,000 shares of $50
6% cumulative convertible preferred stock, and 600,000 shares
our
previous list of registration statements was
given
issue of June 20, page 4164.
a
par value
Aero
of no
Supply Mfg. Co.—Accumulated Dividend—
par value common stock.
The securities are to be issued under a
reorganization plan whereby the company will change its name to New
Mexico Natural Gas Co., and Southern Union Gas Co., a parent, will sur¬
of accumulations,
render
share ordinarily due at
the
following securities of Albuquerque Natural Gas: $600,000 of
10-year 7% gold notes, $199,464.97 of open account indebtedness due on
demand, 5,286 shares of 100 par value 7% cumulative preferred stock,
16,101.2 shares of no par value common stock, and $1,917,000 of first
mortgage6% notes.
Southern Union Gas Co. will receive in return $1,650,000 of new first mortgage series A 15-year 5% sinking fund convertible
bonds, 2,000 shares of new 6% cumulative preferred stock and 164,961.2
shares of
value common stock.
The holders of the remaining 4,961 shares of old 7% cumulative preferred
stock will receive 10 shares of the new common stock for each share held
new
no
par
and
holders of the remaining 3,898.2 shares of old
receive one share of new common for each share held.
year
convertible
querque
gold debentures due May
Natural Gas
Southern
Union
Gas
15,
stock will
Holders of the 10-
common
1940, of the Albu¬
Co., and the certificates of deposit therefor, of which
Co.
$86,000 of the debentures and $5,590 of
scrip certificates, will receive in exchange for each $1,000 principal amount
20 shares of new 6% preferred stock, 10 shares of new common stock, cash
in a sum equal to the face value of all 6K% interest bearing scrip certifi¬
cates deposited with the debentures, and cash equal to accrued interest on
the debentures and scrip certificates,!
owns
Southern Union Gas Co.
37 H cents per share on account
and the regular quarterly dividend of 37Vi cents per
this rime (or a total of 75 cents per share) on the
$1.50 cumulative class A stock, no par value, both payable July 15 to noiaers
of record June 30.
Arrearages after the payment of the current dividend
will amount to $7.87}^ per share.—V. 142, p. 4010.
The directors have declared a dividend of
Akron Canton &
1936
1935
1934
$191,147
72,619
$148,130
43,062
$160,504
55,950
39,406
21,234
28,334
33,754
Gross from railway
Net from railway
922,314
350,631
Net after rents
198,826
834,272
293,501
174,997
777,108
310,843
175,517
564,262
173,820
77,269
Gross from railway
Net from railway...
Net after rents
—V. 142, p.
,
$139,325
3661.
Albuquerque Natural Gas Co.—Registers with
See list given on
first
page
SEC—•
of this department.—V. 142, p. 4165.
All-Penn Oil & Gas Co.—Initial Dividend—
will purchase for cash $100,000 of new bonds
and sufficient new 6%
preferred stock to give Albuquerque Natural Gas
Co. current assets equal to 110% of its current liabilities as of the first day
of the month in which the plan becomes operative and will receive one-
Youngstown Ry.—Earnings—
May—
The directors have declared an initial dividend
the
p
common
2812
of 10 cents per share on
10.—V. 142,
stock, payable July 15 to holders of record July
Volume
4327
Financial Chronicle
142
Alabama Power Co.—Annual Report—
31
Consolidated Income Account Years Ended Dec.
1935
Gross earns—Electric-$16,364,857
Gas
394
Specialists in
1932
1934
1933
$14,995,030 $15,104,039
$15,173,318
267,422
288,223
276,262
58,150
50,744
815,564,977
18,864
earnings-_$16,794,483 $15,487,516 $15,583,173
Operating expenses
5,089,496
4,477,409
4,296,536
Taxes
2,427,188
2,224,584
2,144,881
$15,583,840
4,582,088
1,981,661
$9,141,756
$9,020,090
Rights and Scrip
55,934
rev_$16,687,916 $15,341,403 $15,431,045
106,566
146,113
152,129
All
335,725
55,243
Transportation
Water and ice
Total gross oper.
Non-oper.
revenue-.—
Total gross
Gross income
Int.
$9,277,799
funded and
on
$8,785,522
$4,654,534
243,302
Cr33,902
$4,624,048
243,302
016,237
$4,648,807
156,293
013,735
$4,537,732
156,293
065,718
Total fixed charges...
$4,863,934
$4,851,113
$4,791,364
$4,628,306
$4,413,865
1,390,481
$3,934,409
1,174,140
$4,350,391
1,074,100
$4,391,784
936,000
$2,760,269
2,342,173
377,500
$3,276,291
2,342,324
53,455,784
2,341,267
$40,596
$556,467
funded debt
Net profit before pro v.
for retirement
res-
Net income
on
Divs.
on common
$3,023,384
2,342,151
pref. stock
stock.
377,500
Balance
!
$303,733
377,500
$1,114,516
Consolidated Balance Sheet Dec. 31
1935
$
Lidbtlilies—
$
$
S
84,712,558
96,925,000
500,388
84,713,424
96,925,400
298,446
126,108
5,320,257
1,132,974
171,966
4,456,976
1,196,349
dends payable
748,135
Deferred llabll..
289,020
23,499
575,969
747,936
275,345
Cost of prop,tiesl80,756,904
Invest, in affil.,
179,839,589
246,650
205,929
Accts.
867.202
786,651
692,000
Purchase money
2,134,731
1,283,678
2,129,383
1,200,991
5,465,898
192,440
5,709,200
152,745
&c., cos
Cash
Mat'ls & suppl-
Deb. dis. & exp.
in
process
of
amortization
Duefr. affil.
Capital stock.
Funded
Bankctfs.ofdep
Notes &accts.rec
x
obligations
Retirement
res.
Taxes, &c
Accrued int. and
preferred divi¬
_
cos.
U. S. Governm't
Misc.
securities
2,474,000
3,614,000
cur.
Other
reserves._
llabil.
Contribu'ns
Prepaid insur'ce,
licenses, &c—
Other def. chgs.
341,526
159,300
4,517,672
161,532
4,416,887
Surplus
Total
29,299
763
111,344
for
extensions
348,537
35,897
194,932,329 193,574,923
Total
debt
payable.
194,932,329 193,574,923
Represented by $5 (no par) cum. pref. stock (preferred on dissolution
26,185 shares; $6 (no par) cum. pref. stock
(preferred on dissolution at $100 per share); outstanding, 175,738 shares in
1935 and 175,747 shares in 1934; $7 (no par) cum. pref. stock (preferred
on dissolution at $100 per share), outstanding, 165,255 shares; and common
stock outstanding, 3,775,000 shares.—V. 142, p. 4165.
x
at $100 per share); outstanding,
Altorfer Brothers Co.—Accumulated Dividend—
The directors
have declared a dividend of $1 per share on account oj
on
the $3 cum. conv. pref. stock, no par value, payable
July 10 to holders of record July 1.
A similar payment was made on May
15, March 15 and Jan. 15 last and on Nov. 1, Aug. 1 and April 15, 1935,
accumulations
this latter
being the first distribution on this issue since Jan. 30, 1932, when
regular quarterly dividend of 75 cents was paid.
Accruals after the payment of the July 1 dividend will amount to $6.50
per snare.—V. 142, p. 2813.
a
American
Car
&
Co.—Annual Report—The
Foundry
remarks of Charles J. Hardy, President, together with income
account and balance sheet as of April 30, 1936, will be found
under * 'Reports
and Documents"
on a
subsequent
page.
Consolidated Income Account for Years Ended April 30
[Including Company and Wholly-Owned Subsidiaries]
—_
,
from
all
after prov. for
y
1936
_
Earns,
sources
1935
1934
,
A
1933
RECTOR 2-7815
History and Business—On May 12, 1930, the company was mcorp. in
Delaware as the Centrifugal Automatic Sewerage Disposal Corp.
Soon
after its incorporation, the company entered into a license agreement with
Automatic Centrifugal Corp., by the terms of which it acquired the exclu¬
sive rights for the United States to manufacture and sell centrifugal machines
covered by four United States patents and one United States patent applica¬
tion, held by the licensor.
On Oct. 30, 1931, the company changed its
name to American Centrifugal Corp.
Subsequently, the company acquired
by assignment the licensor's patents, four of which have now expired, and
later acquired the assets of that company, subject to its liabilities.
On Feb. 10, 1935, the company entered into a license agreement with
Canadian Centrifugal Corp., by the terms of which, as modified by a
further agreement dated Aug. 5,1935, the company granted to the Canadian
company the rights of manufacture and sale in Canada, with respect to
certain new inventions developed by the company in the same general field,
by certain applications for Canadian letters
patent, of which the
company is assignee, in return for a continuing 51% ownership of the out¬
standing stock of the Canadian company.
This company owns no other
subsidiaries and none of its stock is owned by other companies.
Since the incorporation of the company in 1930, its business has consisted
for the purpose of developing inventions relating to
centrifugal machines for use in disposal of sewage and for other industrial
purposes.
As a result of these experiments, 11 new patent applications
covering these developments have been filed in the United States and
applications for patents covering essentially the same subject matter as
seven of the United States applications have been filed in both Canada and
Great Britain.
The company has caused to be built one centrifugal machine
for sewage disposal which has been in use experimentally in Collingswood,
N. J., since July, 1934.
No machine has been sold or otherwise disposed of.
Directors—M in ton M. Warren (Pres.), New York; Armistead G. Wilson
(Vice-Pres.), Rockville Centre, N. Y.; Thomas B. Robinson (Vice-Pres.),
Gloversville, N. Y.; Dr. William J. Bell (Vice-Pres.), Toronto, Can.;
Wilfrid G. Rose (Sec.-Treas.), New York; J. Henry Crane (Chairman of
Board), Plainfield, N. J.; Norman P. deMauriac, New York; Paul E.
Gardner, Westbury, N. Y., and Seldon T. Williams. Bellerose, N. Y.
of experimentation
Authorized
Outstanding
400,000 shs.
250,000 shs.
held in the treasury on
registration statement
3,000 of these shares remained in the treasury.
These shares have been set
aside as a reserve against the exercise of an option granted to Joseph S.
Pecker dated Jan. 10, 1936.
This agreement provides that Mr. Pecker
shall have the privilege of buying from the company a maximum of 3,000 shs.
of its capital stock at $2.50 per share at any time prior to Dec. 1, 1936,
and that he shall have the option of paying therefor either in cash or by
having the price thereof credited against any sums which may be due to
him from the company under the terms of the agreement, or partly in cash
Capitalization—
Capital stock (no par)
Of these 250,000 shs. outstanding, 9,992 shs. were
Dec. 31, 1935.
On the date of the filing of the
and partly by the allowance of such credits.
Option Warrants—In connection with the issue of these additional 150,000
shares, option warrants to purchase an aggregate of 100,000 of these shares
at $2.50 per share have been authorized.
The option warrants are exercis¬
able before Jan. 1, 1937, may be exercised in whole or in part, will not be
assignable or otherwise transferable, and will be exercisable only by the
registered holders, or such holders' successors, executors or administrators.
The option warrants are exercisable by surrender and payment of the pur¬
chase price of the shares purchased at the Lawyers Trust Co., 160 Broadway,
N. Y. City.
Stockholders of record on the day after the effective date of the registra¬
tion statement will be given the right to subscribe for 50,000 shs. of capital
stock and option warrants to purchase 100,000 additional shares.
The
offering will be made in units consisting of one share and option warranto,
to purchase two additional shares.
Stockholders will be offered the right
to subscribe for such units at the ratio of one unit for each five shares
The price of each unit will be $2.50.
These subscription rights will
expire on the 21st day after the record day.
N. P. deMauriac has agreed to buy, and the company has agreed to sell,
held.
ttk.prof$2,197,202prof$604,916 *$1,720,748 *$1,018,454
Renewals,repairs, &c_
NEW YORK
120 BROADWAY,
covered
1934
1935
1934
'
As$6ts~~~*
er*t New
TEL.
Less:Int.chgd.toconstr
Divs.
/Now York Stock Exchange
York Curb Exchange
i
un-
Amort, of dt.dis.&exp.
Prov. for retirem't
McDonnell & Co
2,779,717
2,573,430
1,586,084
1,192,816
$582,515
24,550,557
$1,968,514
26,519,071
$3,306,832
29,825,903
32,037,173
price per unit, all of the units not subscribed for by stockholders.
will receive 5,000 shs. of capital stock for which the
will receive no consideration other than the underwriting.
Purpose—The net cash proceeds to be raised by the sale of this issue is
$372,000 (provided the option warrants on 100,000 shs. are fully exercised).
These funds are underwritten only to the extent that subscription rights
offered to stockholders are not exercised, the maximum amount under¬
written being $125,000.
The amount underwritten, less estimated expenses
of $3,000, will be used by the company for various purposes, including:
Paying presently outstanding indebtedness, $15,378; engineering reports
$4,000; conversion of the plant at Collingswood, N. J., $40,000; fee of
consulting engineer, for services, $15,000; expense of obtaining patents,
at the same
Net loss
Previous surplus
Balance, surplus
*
Loss,
y
$2,211,270
$23,968,041 $24,550,557 $26,519,071 $29,825,903
Incl. renewals, replacements, repairs, new patterns, flasks, &c.
Consolidated Balance Sheet April 30
1936
Assets—
1935
s
Cost of properties.73,140,833
Material on hand. 5,407,918
Accounts and notes
receivable
Stocks
and
6,757,510
4,811,095
bonds
of other co.'s
y Treasury stock—
U. S. certifs. of in¬
debtedness
2,369,950
533,399
1,340,107
533,399
3,408,510
5,473,060
129,793
Common stock..30,000,000
Accounts pay., &c. 3,667,192
Insurance reserve.
1,500,000
1,500,000
impt. & maint— 5,568,742
3,975,466
overhead,
Reserve
for
com.
divs.
stock..
2,983,495
2,983,495
Res. for conting.. 2,368,091
1,218,599
Res. for employ...
62,208
62,208
Surplus account—23,968,041 24,550,557
215,418
Prepaid taxes, ins.,
&c
Miscell.
Sec.
of
affil.
$30,000.
ing estimated amounts:
Immediate construction of two centrifugal ma¬
chines, $25,000; later construction for the purpose of sale by the company of
10 centrifugal machines, $125,000; installation of commercial machines,
$25,000; sales organization when authorized by the board of directors,
$69,000; reserve for contingencies, $6,000.
American
The
of affil. cos. not
2,648,767
Co.—Meeting Adjourned—
2,698,473
adjourned to
Securities Co.—Accumulated Div.
directors have declared a
of
value, payable
dividend of $2 per share on account
accumulations on the $6 cumulative preferred stock, no par
June 29 to holders of record June 22.
This dividend covers
rec.
current
Chain
American European
cos.
less reserve
Notes & accts.
deMauriac
The adjourned meeting of stockholders has been further
July 27.—V. 142, p. 3836.
securities
less reserve
P.
If the option warrants are fully exercised, the additional $250,000 so
raised will be used by the company for the following purposes in the follow¬
11,127
210,873
S
30,000,000
899,740
108,233
160,255
1935
30,000,000 30,000,000
x
on
3,412,555
5,345,916
$
Preferred stock
For gen.
and
Liberty bonds..
Cash
1936
Liabilities—
$
72,962,584
3,628,058
N.
company
the cumulative
period for the four months ended Nov. 30, 1932.
A dividend of $1.50 per
paid on Dec. 27, 1935, and on Aug. 31, 1935, this latter being the
first payment made since Jan. 30, 1932, when a regular quarterly dividend
of $1.50 per share was distributed.—Y. 142, p. 2487.
share was
Total
100,117,771 95,190,065
Total
100,117,771 95,190,065
x Represented
by 600,000 shares of no par value,
y Represented by
10,550 shares of preferred stock and 600 shares of common stock—V
'
141, p. 3850.
American Cast Iron
Pipe Co.—Clears Up Accumulations
The directors have declared a dividend of $3 per share on account of
accumulations, thus clearing up all back dividends and the regular semi¬
annual dividend ordinarily due at this time on the 6% cum. pref stock
par $100, both paj'able July 1 to holders of record June 20.
For detailed
dividend record see V. 141, p. 4157.
American
Centrifugal Corp.—Stock Offered—
w'uw'
K,Transfer Agent—Lawyers Trust Co., 160 Broadway, N. Y. Citv
Registrar—Central Hanover Bank & Trust Co., 70 Broadway, N. Y Citv
k A prospectus dated April 18, 1936 affords the following:
1
The present offering is limited to stockholders of the corporation of record
on the day following the effective date of the registration statement.
Units
consisting of one share and option warrants to purchase two additional shares
are
offered to such stockholders in the ratio of
on
the record date.
one
unit to each five shares
The offering price is $2.50 per unti.
Units not
by stockholders will be purchased at the same price bv
N. P. de Mauriac, whose underwriting commission will be 5,000 shares of
treasury stock.
held
for
Coal
Co.
of
Allegheny
County—Common
usually due on Aug. 1
Dividends of $1 per share were paid on
The directors have decided to omit the dividend
on
the common stock,
par
$25.
May 1 and Feb. 1, last, and on Nov. 1 and Aug. 1, 1935. A dividend of
$1.25 per share was paid on May 1, 1935; 75 cents on Feb. 1, 1935; 50 cento
on Dec. 22, 1934; $1 on Nov. 1, 1934; 50 cents on Aug. 1 and May 1,1934,
and $1 per share on Feb. 2, 1934, prior to which no dividends had been dis¬
bursed since Jan. 3, 1933, when the company also paid $1 per share.—
V.
An issue of 50,000 shares of capital (no par) was recently offered to stock¬
holders together with non-transferable option warrants to purchase 100 onn
shares, at $2.50 per share, before Jan. 1, 1937.
subscribed
American
Dividend Passed—
142, p. 4012.
American Equities
Co.—Annual Report for 1935—
P. M. Chandler, President, says in part:
As at Dec. 31, 1934, the larger part of the
investments of company were
represented by investments in and advances to subsidiary companies,
principally General Water Gas & Electric Co. and its subsidiaries.
Durng 1935 this investment was substantially reduced by the sale of 34,414
shares of the $3 preferred stock of General Water Gas & Electric Co.
(which were retired by that company) at a price of $25 per share.
In
addition, General Water Securities Corp. (a wholly-owned subsidiary of
General Water Gas & Electric Co.) repaid in full to company the $700,000
bank loan participation which was outstanding at Dec. 31, 1934.
The pro¬
ceeds realized from the foregoing transactions have been largely invested
in other securities, and therefore company's investment holdings have been
4328
Financial
further diversified.
The loss arising from the sale of the aforesaid shares of
$3 preferred stock of General Water Gas & Electric Co., in the amount of
$346,267, was charged to capital surplus and the excess of the book value
of such shares over the cost thereof, amounting to $468,788, has been elimi¬
nated from capital surplus.
The investments in and advances to other subsidiary utility
companies
appearing in the balance sheet at $400,000 represent investments in Ver¬
mont Lighting Corp,, St. Johnsbury Gas Co. and Wanoat Associates.
These investments had heretofore been carried at cost, but in view of the
continued decline in earnings of these companies, in common with the ex¬
perience of other small gas distributing companies, the directors deemed it
advisable to appropriate a reserve out of capital surplus in the amount of
$592,364, thus reducing the net amount at which such investments are
carried in the balance sheet to $400,000.
At Dec. 31, 1935, company held marketable securities with market
prices
aggregating $2,353,008.
The marketable securities held by company at
the end of 1934 aggregated $617,212 at then prevailing market prices.
At Dec. 31, 1935, the market prices of securities exceeded their cost, as
shown in the following tabulation:
Cost
-'.'"v.
■
429,377
securities
Bonds of General Water Gas & Electric Co__
Stocks of International Utilities Corp...
Income Account
Year Ended Dec.
Miscellaneous
Other
income
interest
and
from
on
31,
$3,113,914
v
$2,084,713
177,886
Total.
Dividends from subsidiaries
Interest on funded debt of and
Market
$2,353,009
250,850
510,055
5,691,976
.
Marketable
amts. due from subsidiaries._
_
and
administrative
agency
fees and
$276,682
55,055
expenses
exps.,
stockholders' notices and
&c
Taxes, other than Federal income tax
Interest and exchange
Provision for Federal income tax
Net
dividends thereon.
■
2,318
2,113
2,641
10,000
earnings
paid
'•-itr
./'U
■>
Earnings for 3 Months Ended March 31,1936 (Incl. Wholly-Oumed Sub.)
Income: Dividends
Interest earned
stocks
bonds
$333,082
156,257
5,344
1,412
on
on
Interest received
intermediate credits
Miscellaneous income
;
on
Total income
$496,097
147,955
255,648
4,841
...
Operating expenses
Interest
on
debentures
Taxes paid at source
& taxes refunded to debenture holders
over oper.
to
below)
exps.
(without giving effect to net
certain expenses referred
or to
$87,651
...
Interest
on 1st mtge. & other income from the Fifty Pine St.
Corp. (100% owned but not consolidated)
Provision for reserve for net reduction in surplus of Fifty Pine St.
Corp. during the three months ended March 31,1936
2,950
2,825
Net, credited to surplus
$124
re¬
ports,
Dividends
deducting
tures, amounted to $50,290,276 or the equivalent of $2,810.61 per $1,000
principal amount of such assumed debentures of the corporation.
-<4
The net assets on the same basis, after deducting $17,893,000 of out¬
standing assumed debentures, amounted to $32,397,276, which is equiva¬
lent to $155.14 per share of preferred stock outstanding.
Net assets per
share
of outstanding common stock were approximately $12.63 after
deducting the aforesaid principal amount of assumed debentures and $50
per share (preference in liquidation) of such preferred stock and accrued
profit on security transactions
$85,014
66,793
4,578
120,297
subsidiaries.
Corp.—Quarterly Report—
The consolidated balance sheet indicates that net assets (after
debentures called for redemption May 1, 1936), on the basis set forth therein
but before deducting the face amount of the remaining outstanding deben¬
(Company Only)
Total
General
Transfer
June 27, 1936
American General
Excess of income
1935
dividends
Chronicle
$204,556
215,815
—
Note 1—In addition, dividends on preferred stock of a subsidiary com¬
pany were received in preferred stock of a stated value of $22,998.38, which
amount has been credited directly to earned surplus account.
Note 2—Net earnings are stated exclusive of profit on sales of investment
Consolidated Statement of Surplus for 3 Months Ended March 31, 1936
Capital surplus balance, Dec. 31,1935Deduct: Excess of cost of pref. & com¬
mon stocks,
repurchased & held
in treasury, over par values thereof
($1 and 10 cents per share, re¬
spectively)
Cost of option warrants of Reliance
Management Corp. purchased
Expense of redemption of bonds of
Intl. Securities Trust of America.
$28,941,675
$528,840
135
462
_
529,437
securities
(net), amounting to $181,030, and before charge of $346,267,
representingexcess of cost over amount realized on sale of $3 preferred stock
of General Water Gas & Electric Co. to a subsidiary of that
company, which
amounts have been carried directly to capital surplus account.
Balance
Sheet
as
at
Dec.
31,
1935
$28,412,238
Premium of 2% on $2,354,500 prin.
amount of United States & British
Intl. Co., Ltd. 5% debs, assumed
by the corporation on Nov. 23,
1935 & called for redemption on
May 1,1936
(Company Only)
Assets—
Investments and advances:
47,090
-
$28,365,148
General Water
Gas & Electric Co.:
Bonds, $290,000 at cost (market, $250,850)
Preferred and
common
$177,886
2,179,308
400,000
stocks
Investments in and advances to other sub. utility companies.
Affiliated
companies:
3-year 7% notes of Northwestern Utilities, Ltd., $250,000,
at cost
241,500
Stocks
of International Utilities Corp. at cost
(market,
$510,055)
Participation in loans and direct loan to Intercontinents Power
Co. (in bankruptcy) at cost, less reserve $283,073—'
Other investments at cost or estimated fair value, as approved
by directors
429,377
485,828
1,513,190
105,227
2,084,713
99,579
31,599
7,780
.
Cash in banks and
on
hand
Marketable securities at cost (market $2,353,009)
Accounts
and
notes
receivable
Sundry dividends and accrued interest receivable.
charges
—
_
D eferred
Total
$7,755,986
Liabilities—
Accounts payable and accrued liabilities
Due to International Utilities Corp
Prov. for Fed. income tax (subject to review by Treas.
Capital stock (par $1)
Capital surplus
$81,008
29,152
10,000
1,464,531
6,079,840
161,075
Dr69,620
Dept.)..
....
Earned surplus
Cost of 27,049 27-38 shares of own capital stock reacquired
Total
$7,755,986
Consolidated Income Accounts for
Operating
Year Ended Dec. 31, 1935 (Incl. Subs.)
revenues
$3,718,174
258,473
Other income
Total income
:
$3 ,976,647
1 ,514,155
150,949
327,317
16,636
372,516
810,132
10,644
38,505
31,738
79,299
246,248
45,478
55,204
Operations.
tv
Maintenance
\ Taxes—other
than Federal income tax
t(Provision for bad debts
Provision for depreciation and depletion
Interest on funded debt of subsidiaries
Other interest
Amortization of debt discount and preferred stock exp. of subs.
Provision for amortization of deferred charges of
subsidiary
Federal income tax—subject to review
by Treasury Dept.
Divs. on pref. stocks of subs.—In cash
.
In
preferred stock of subsidiary
Proportion applic. to minority int. in com. stocks of subs.
Consolidated net earnings (excl. of profit on sales of invest¬
ment securities
(net), amounting to $181,030, credited
directly to capital surplus account)
Dividends paid
277,824
215,815
Note—The operating revenues are stated after
deducting $120,000 in
respect of estimated annual reduction which will result in the event that
rate
case decisions
of the Public Service Commission and the
Appellate
Division of the Supreme Court of the State of New
York, adverse to Con¬
solidated Water Co. of Utica, N.
Y.t a subsidiary, are upheld on appeal
now
pending.
Liabilities—
Fixed
capital
Investments.
x$24,146,385
2,883,645
Special deposits
573,426
Cash in banks and on hand..
802,791
Marketable securities
2,149,072
Cash on deposit for redemp¬
tion of bonds of subsidiary.
10,000
Funded debt of
subsidiaries..$17,022,600
Note
to
Accounts and notes receivable
Acer. int. & divs. receivable-
Other acrued taxes
Funded debt mat'd
y651,570
28,313
Inventories of materials, sup¬
plies, Ac., at book values,
less
reserve
$17,124
exps. & def'd
182,685
6,320
146,378
79,664
92,618
14,733
on
able
A
other
63,858
111,550
Reserves
526,934
Minority int. in subsidiaries-
6,409,705
1,464,531
5,999,264
Capital stock (par $1)
Capital surplus
surplus
of
from Jan. 1
(incl. earned
Am.
Eq.
Co.
1932)
342,355
Dr69,620
Capital stock reacquired
Total
x
$32,492,8121
After
reserves
reserve for depreciation
and
of $76,808.—V. 142, p. 2982.
Total
over
1,095,618
to
$169,712
oper. exps.
for
fees
.$87,651
service
applic. to prior period
6,000
$81,651
Add:
Net credit
respect
of
to
Fifty
surplus in
Pine
St.
Corp. (100% owned but not
consolidated)
124
81,775
251,488
$1,347,106
Divs.
on
pref. stock paid March 2,1936
1,242,508
104,597
Total surplus March 31,1936
$29,607,656
Consolidated Balance Sheet March 31, 1936
Assets—
Cash in banks and
.
on
•■'*"
*,
v.-.
hand
$6,800,622
Accounts receivable for securities sold—not delivered
428,765
Accts., divs. & int.receiv.(incl.$1,861 from Fifty Pine St. Corp.)
274,885
46,274,805
868,213
89,202
301,821
91,357
General market securities
Miscellaneous securities
Participation in intermediate credits
Investmentin Fifty Pine St. Corp. (100% owned)
Deferred charges.
...
Total.
$55,129,673
Ynitidis ■"""
Accounts payable for securities purchased—not received
Other accounts payable, accrued expenses & taxes
Accrued interest
on
■
$840,645
196,356
307,377
138,406
8,675
debentures outstanding
Liability against stock sales contract at market
Unclaimed interest and dividends
Reserve for taxes, extraordinary legal, accounting & other ex¬
penses & other contingencies
5% debs, of U. S. & Brit. Intl. Co., Ltd. assumed by the
called for redemption May 1,1936, incl. premium
5% debentures assumed by the corp., outstanding
Unrealized appreciation (net) of securities
Preferred stock ($ 1 par)
Common stock (10 cents par)
Surplus
946,345
corp.,
2,401,590
17,893,000
2,407,281
208,820
173,516
29,607,656
Total
$55,129,673
—-V. 142, p. 2813.
American-Hawaiian Steamship Co.
1936—Month—1935
$1,337,216
$1,042,084
1,138,633
1,008,988
Net profit from oper..
(& Subs.)—Earns.
1936—5 Mos.—1935
$6,257,669
$4,578,748
4,644,429
5,608,987
Balance
Provision for deprec'n..
$198,583
4,706
$33,095
2,255
$648,682
24,039
def$65,680
17,301
$203,289
58,222
3,977
$35,350
58,231
9,121
$672,721
285,643
3,004
def$48,379
284,037
6,046
def$13,759
Net profit before Fed.
$390,082 def$326,370
—V. 142, p. 3661.
American Stores Co.-
-Sales-
refund¬
deposits
Earned surplus
income
Dec. 31, 1935
Excess of inc.
Accountants'
called
redemption
Consumers'
Balance of undistrubted
Non-recurring items
pref. stocks of subs.
—payable and accrued
1,058,601
1936 (less provision of $4,321 for
Federal income taxes applicable to
profits of Amer. Securities Corp.),
computed on average cost basis— 1,048,450
Other income
2,000
286,237
Prov. for Fed. inc. tax
(subj.
to review by Treas.
Dept.)
or
47,167
Net profit on securities sold during
the three months ended March 31,
$149,044
(un¬
Accts. pay. A accr. exps
Accrued interest payable
Divs,
curr._
bank
secured)
for
charges
Other receivables—not
Prepaid
payable
sales of securities to Dec. 31,1935—
Period End. May 31—
Operating earnings
Operating expenses
Consolidated Balance Sheet Dec. 31, 1935
Asscts~~~~
Surplus from undistributed income &
profits balance of net profit from
Month of-
1936
1935
1934
1933
January
February
$10,193,697 $10,630,723 $10,602,865 $10,157,087
9,078,407
9,418,804
""
~
9,074,434
8.425,292
March.
8,860,420
9,048,869
9,234,926
8,446,763
x
April
11.207,484
11,595,220
9,010,725
8.349,021
May.
8,411,377
9,010,563
11,231,864
10,363,100
xFive weeks ended May 2.—V. 142, p. 3662.
American Water Works & Electric Co.,
Inc.-
■Weekly
Output—
$32,492,812
depletion of $4,743,046.
y
Afte
Output of electric
for the week ended June 20 totaled 45,601,000
kilowatt hours, an increase of 29.3 % over the output of 35,261,000 kilowatt
hours for the corresponding period of 1935.
energy
Volume
Financial
142
Comparative table of weekly output of electric energy for the last five
follows:
Week Ended—
1936
1935
1934
1933
1932
May 30
.43,061,000 36,505,000 33.692,000 31,356,000 24,932,000
June
6
44,155,000 38,100.000 35,014,000 33,480,000 25,768.000
June 13
45,115,000 36,711,000 34,334,000 34,638,000 26,230,000
June 20
—45,601,000 35,261,000 34,742,000 35,408,000 25,942,000
—Y. 142, p. 4166.
Associated Rayon Corp.
years
►
Calendar Years—
Cash divs.
—
Ann Arbor
**
1936 n
$298,972
38,658
11,074
Gross from railway
Net from railway
Net after rents
*
1,563,110
354,255
190,681
121.000
—V. 142, p. 3663. r
*.
m
$91,461
$47,085
$31,754
490,000
490,000
490,471
491,335
$648,063
12,312
$581,462
37,001
$537,557
10,099
$523,090
11,861
9,062
499,640
8,624
499,565
12,542
499,390
15,084
499,169
notes receiv.
on
and deposits, &c
Stock transfer expenses,
custodians' fees & tax
Interest
Int.
debentures
on
accr.
ad.
on
__
under
guaranty agreement to
be repaid
1
:
'
•
•'
4
'•
90,586
$263,114
212,634
$50,479
10,621
$38,842
10,351
$61,101
54,227
$49,193
57,528
Bal.
194,547
of
$313
Balance
def$8,335
$6,873
Note—No provision for depreciation is included in these operating state¬
ments.
Interest in the amount of $20,575 per annum upon $491,500 par
value of bonds attaching to a portion of the Augusta Division, service upon
which was abandoned in 1932, does not appear as the company denies
liability for these bonds both as to principal and interest.
Balance Sheet Dec. 31
Assets—
Road A equlpment$4,564,770
Deposits in lieu of
mortgaged prop¬
erty sold
63,756
62,716
investments
102,206
112,428
245,821
wages
Misc. accts. reel v.
245,655
2,434
2,186
Accrued
suppl.
31,076
35,283
receivable
2,188
2,624
Other
Funded
Cash
Material
Interest
A
premiums
debt
rents
1,262
70,000
1,345,000
In rayon
int.
10,013
5%
debs
convert
oblig.
payable...
15,670
15,670
229
221
8,778
20,618
516,913
agree¬
ment
Indus._47,318,291 47,318,291
381
750
and
accr.
2,331,087
2,240.501
'
14,500
15,500
24,000,000 24,000,000
16,660,704 16,660,492
Undistributed inc. 1,713.920
1,677,459
interest.
expenses.
16,447
12,522
Profit A loss balance
1,061
54,759,105 54,657,569
Total—
54,759,105 54,657,569
x The
aggregate value of the above investments based on available market
quotations (or estimated fair value in the absence thereof) was approxi¬
mately $8,229,000 ($7,317,000 in 1934) or less than the above book value
by approximately $39,089,000 ($40,001,000 in 1934).
y Represented by
1,200,000 no par shares.—V. 141, p. 737.*
519,405
970
liabil
reserves
Associated
Telephone Co., Ltd.—Earnings—
1935
$2,837,784
Calendar Years—•
Total
$5,088,798 $5,101,119
..$5,088,798 $5,101,119
1935
Cost of sales
Provision for depreciation
Profit from operations
1934
1933
$2,651,634
2,547,590
56,123
Catendar Years—
Net sales
x
$3,040,857
2,881,776
68,428
$3,723,030
3,295,445
60,000
$47,921
$367,585
10,525
$90,652
7,503
Other income
Total income
$47,921
55,776
$982,278
Net earnings
on funded debt
Amortization of debt discount and expense
Interest charged to construction
Miscellaneous deductions from income
Dividends
on
93 476
Dividends
on common
34 000
Includes provision for
1934.
profits taxes
1,208
Charges applicable to prior years (net)
Credits on acct. of disposal of fixed
$14,330
227,793
Drl9,156
-T
$250,634
477,543
Dr885
159,468
stock
$220,893
1935
Liabilities—
$
$
Accounts receivable
341,445
Inventories
Notes
545,168
Investments,
book values
Prepaid
17,781
x2,167,777
50,409
expenses
machinery
$400,000
(secured
by
pledged)
9,801
Accounts
less reserves, at
Fixed assets
payable
200,814
15,130
7,530
liabilities.r
Provision for Federal taxes...
Notes
and
accounts
payable,
due after one year
Notes
payable
(deferred)
inproc.ofamort. 1,050,754
Prepaid accts. and
deferred charges
186,381
Cash (incl. ctfs. of
780,789
374,562
14,000
952,954
Accr'd
General taxes
Interest receivable
310,525
356
13,505
283,484
2,988
671,651
602,983
Serv. billed in adv.
49,590
25,028
26,578
82,883
Misc. current liab.
983
849
Reserve for deprec.
2,444,976
2,0~8~2~484
419,015
416,209
844,254
1st mtge. 5% gold
bonds, series A,
A exp.
Working funds—
Accts. receivable..
due Mar. 1 1965
Deferred liabilities
194,283
36,327
Accrued pay rolls.
Accr. pf. stk. divs.
Contributions
x
After
reserve
on
June 19 declared
a
18,216,890 18,094,6251
Total
for depreciation of $557,283.—Y. 140, p. 4225.
Apex Electrical Mfg. Co.—$5.25 Preferred Dividend—
The directors
dividend of $5.25 per share
on
the
prior pref. stock, par $100. payable July 1 to holders of record
Of this amount $1.75 per share is on account of current dividends
for the quarter ended June 30, 1936 and $3.50 on account of accruals.
Dividends of $2 per share were paid on April 1, last, and on Dec. 31, 1935.
After the payment of the current dividend accruals will amount to $6.50
per share.—V. 142, p. 2814.
cum.
June 20.
The directors have declared a quarterly dividend of 50 cents per share
the common stock, par $10, payable July 1 to holders of record June 25.
on
This compares with 25 cents per share paid in each of the three
preceding
quarters; 10 cents paid each three months from Oct. 1, 1932, to July 1,
1935, inclusive: 15 cents on July 1, 1932, and 25 cents^per share each
quarter previously.—Y. 141, p. 2109.
•
Associated Apparel Industries, Inc.
6 Months Ended May 31—
Net profit after Federal taxes,
(& Subs.)—Earns.
1936
int., deprec., &c
$171,571
1935
$116,433
—V. 142, p. 452.
643,309
Atlantic Gulf
& West Indies SS.
►
18,216,890 18,094,625
Lines (& Subs.) —
1936—4 Mos.—1935
$8,456,800
7.443,552
Interest, rentals, &c
$901,318
12.784
13,083
$87,000
126,711
$914,102
479,298
$34,314
$55,594
Net income
.
def$39,711
fs
The directors on June
Co.—Initial Preferred Divide d—
22 declared
an
initial quarterly dividend of $1 per
the new 4% cum. conv. series A preferred stock, par $100, payable
Aug. 1 to holders of record July 6.—Y.
142, p. 3332.
Inc.—Earnings—
Earnings for Year Ended Dec. 31, 1935
Securities sold
Cost of securities
-
sold
■
A}
^
Appeals on June 19 unanimously denied the
Setitlon ofMack transferring the involuntary proceedingsan order of Judge
ulian W.
the company for permission to appeal from for reorganization
under Section 77-B of the Bankruptcy Act from the Northern
Southern District of New York.
Circuit Court also vacated a stay of proceedings which had been
Expenses
Net
5,307
$5,491
The
663
(net).
$4,828
profit.
General Balance Sheet Dec. 31, 1935
of the company
to the
Liabilities—
Assets—
Cash in bank
-
$513
granted pending the hearing.
Market, securities
64,912
Counsel for the company on June 24 postponed indefinitely an application
for a stay in the creditors' bankruptcy proceedings against the company
Due
33,486
pending determination by District Court Judge Robert P. Patterson of
the company's charge that Federal Judge Mack is personally biased.—
142. p. 4167.
V.
$74,809
74,625
$184
Profit from sales of securities.
Income from dividends
Total income.
Appeal Plea Denied by Circuit Court—
The U.S. Circuit Court of
504,596
$434,804 def$470,281
3838.
Atlantic Refining
on
$80,755
6,244
$177,222
121,627
Gross income
share
65,371
$21,231
$174,083
3,138
Operating income...
—V. 142, p.
$7,207,195
7,120,592
111,929
,
Aviation Capital,
Associated Gas & Electric System net electric output reached the hlchest
figures since the week ended April 11, with production of 76,910,964 units
(kwh.) for the week ended June 13.
This is an increase of 10.3% over
the comparable week last year.
v
Gross output, including sales to other utilities, amounted to 87,055,469
units for the week under review.
Total
Period End. Apr. 30—
1936—Month—1935
Operating revenues
$2,043,142
$1,940,853
Oper exps. & deprec
1,844,954
1,845.913
Taxes...
24.104
14,183
f Associated Gas & Electric Co.—Weekly Output—
r
5.496
Represented by 136,485 no par shares.—V. 142, p. 2815.
Other income
Arrow-Hart & Hegeman Electric Co.—Dividend Doubled
r
76.386
$3,164,514
x
7%
116,653
116,509
26,578
for
line extensions..
Surplus
Total
8,300,000
11,156
171,186
138",333
interest..
Federal Income tax
575,874
2,000,000
220,892
Capital stock (par $100)
3,691
Accounts payable.
83,281
176,255
Deficit
$3,164,514
2,445,176
3,344,200
278,941
22,216
(at cost)
and
interest
Total
$
2,445,176
x Common stock..
3,344,200
1st mtge. 4% ser.
B
bonds,
due
July 1, 1965
8,500,000
285,044
16,599
consol.
Misc. inv. (at cost)
deposit)
payable
($48,861
secured by machin'y pledged)
Accrued
1934
$
$1.50 cum. pf. stk.
Telephone
plant,
equipment, Ac. 15,307,016 15,073,482
Debt disc.
Liabilities—
I
31
1934
1935
Assets—
Due to affil. cos-
$227,794
$41,930' Notes payable, bank
Cash in banks and on hand
163,782
Mat'ls A supplies.
$232,620
Condensed Balance Sheet Dec. 28, 1935
^Assets—
159,468
163,782
—»
depreciation of $555,621 In 1935 and $510,341 in
sub. op. cos. not
Deficit at end of year
3,830
$389,427
preferred stock
Inv. in A advs. to
20,791
assets
Cr 973
2,619
Balance Sheet Dec.
loss$9,063
232,620
74
25,841
Cr2,485
$560,787
x
Deficit at beginning of year
$841,800
423,601
389,285
1,322
30,749
interest
$378,110
$98,155
83,826
for Federal income and excess
(net)
$826,549
15,251
Interest
Net income
Interest expense
$2,617,324
1,790,774
$969,722
12,555
Operating expenses and taxes—
General
1934
1,868,061
revenues
Net operating income
Other income (net)
Androscoggin Mills—Earnings—
Miscellaneous expense
9,992,250
under
guaranty
Def
7.000,000
7,000,000
secur.
Total
and
—V. 140, p. 2520.
Prov.
9,992,750
guar.
6% pref.stock
y Common stock
Capital Burplus
Gross
Total
20-year
Fabriken
A. G. due in 1950
Invest, in
41,634
27.500
Federal inc. taxes.
1,345,000
7,999
Accrued deprec...
Other unadj. credits
6,507
1,142
70,000
5,449
taxes
stoff-
41,636
benture
40,833
from
Vereinigte Glanz-
x
2,233
Accrued int. on de¬
un¬
payable..
Other def.
paid
Bonds in treasury.
accrued..
receiv.
$
$
4,507
payable.
Accounts
297,694
1934
1935
matured
Operating
in advance
Prepaid
Note
Audited accts. and
Rents A Insurance
i
f
Interest
receiv-_
1934
1935
Liabilities—
$
383,123
16,476
40,833
1st pref. stock
$1,468,500 $1,468,500
2nd pref. stock... 1,708,200
1,708,200
$4,562,411
$1,796,697
1934
$
Cash
Prepaid
Liabilities—
1934
$1,731,774
$1,677,459
Consolidated Balance Sheet Dec. 31
Accounts
1935
Drl2,000
undistributed
1935
Assets—
1,905,101
years,
$233,389
$55,431
55,118
Gross income
1,796,697
CrlO.139
of prior
$1,713,921
Deductions from income.
$96,404
income taxes
$45,908
9,522
Net operating revenue.
93,380
$75,061
1,731,775
1,677.459
Adjust,
$267,828
221,920
Miscellaneous income
90,586
$54,316
90,586
prof$36,462
1933
1934
1935
Operating revenues
Operating expenses
$158,063
foreign taxes deducted
Interest
Undistributed income at
-Earnings—
Androscoggin & Kennebec Ry.
Calendar Years—
1932
1933
1934
in stocks of other cos.
_
1,602,747
266,789
(& Subs.)—Earnings-
1935
investm'ts
Gen.exps.& other chgs_
1934 " W 1933_
$295,659
$225,828
76,183
35,525
44,368
4,278
HT
1,361,286
1,100,503
314,940
146,364
149,310
def23,091
1935
$304,893
87,078
39,278
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
on
Total income
RR.—Earnings—
May—
4329
Chronicle
(at cost)—.
from Lehman Bros
Balance due under repurchase
agreement
Capital stock A
surplus
Paid-in
Deficit from operations
Total.
$98,913
Total
$763
5,080
162,245
69,175
$98,913
4330
Financial
Automobile Banking
Corp.—Larger Dividend—
The directors have declared a dividend of $1.50
per share on the common
stock, no par value, payable July 10 to holders of record June 20. Previously
regular semi-annual dividends of $1 per share were paid. In addition extra
dividends of 50 cents were paid on Jan. 2, last, and on
July 10, 1935.—
V. 141, p. 4011.
Babcock & Wilcox Co. (& Subs.)— ■Earnings—
Calendar Years—
Loss on operations after
selling,
1935
1934
on
$1,507,340
$1,510,734
192,296
25,109
$2,562,154
183,778
80,683
$522,888
4,286,459
$1,293,330
3,986,049
$4,442,720
156,261
835.337
219,477
Beacon
Liabilities—
Inventories
$4,286,459
Total
$
3,858,789
3,878,463
b Investments
707,777
430,981
Dividends payable
22,703
22,700
5,037,933
4,176,647
262,164
125,317
on contracts
Reserve
Property,
Other assets
58,946
Fed'l
income taxes...
Capital stock
d Surplus
Capital stk. held
126,432
30,224
1,096,710
989,839
17,600,000 17,600,000
4,719,795
4,286,459
e
prepaid expenses
Total
for
Reserves
Deferred charges &
95,254
48,863
in treasury
Total
24,669,412 23,686,3231
Dr200,941
24,669,412 23,686,323
Baldwin Co.—Smaller Dividend—
directors have
declared
dividend
a
of
10
cents
share
per
common
on
the
stock, payable July 7 to holders of record June 30.
This compares
1935, this latter being the first distribution
1929, when a divided of 37K cents per share was
paid.—V. 142, p. 3332.
with 20 cents paid on Dec.
29,
made since October,
Baltimore & Ohio
RR.—Earnings—
May—
1936
Gross from railway.
Net from railway.
Net after rents
_
Net from railway.
Net after rents
1935
65,131,761
15,456,417
9,636,365
_
56,853,085
14,005,693
8,822,625
—V. 142, p. 3839.
Baltimore Transit
[Baltimore Coach
Period End. May 31
Operating
Operating
Taxes..
.
1934
$14,289,737 $11,837,267 $12,197,646
3,864,094
2,658,694
3,420,145
2,472,966
1,546,254
2,412,837
From Jan. 1—•
Gross from railway-
expenses
j.
Operating income.
Non-operating income.
57,064,394
13,723,805
8,729,677
1933
$9,892,546
3,285,342
2,252,817
45,037,838
12,564,600
7,543,436
Co.
See
$69,238
2,572
$351,246
$93,462
10,285
$71,811
8,091
$359,003
52,705
$323,845
$83,177
.
Corp.—Suit—
Republic Steel Corp. below.—V. 142,
p.
3664.
Year Ended Dec. 31, 1935
Bing & Bing,
Inc., and
Wholly
50% Owned
$63,719
$306,298
$281,430
7,757
$316,469
7,375
$11,527
Salaries and general expenses of parent companyInterest paid on loans and advances
«
-
-
Net income..
—V. 142, p. 4168.
W
-
42.415
2,516
loss$68,136
$198,505
Depreciation and amortization of properties, lease¬
holds and mortgage discount
221,973
614,181
Provision for Federal income taxes of subsidiaries.
$290,110
1,103
$415,676
7,789
$291,213
$423,465
Proportionate share of net losses of 50% owned sub¬
sidiaries apportioned to outside stock interests
145,606
._
Proportionate share of net losses of 50% owned subsidiaries
apportioned to companies consolidated
Propor. share of losses in 14 real est. cos. less than 50% owned.
Int. on debenture bonds, incl. $196,828 deferred by agreement.
Loss before special items applied to capital surplus
Capital surplus, balance reported Dec. 31,1934
Credit arising from elimination of certain assets and liabilities
relating to a property released
Discount realized on purchase of owned bonds
Reductions of depreciation for prior years
Elim. of reserves set up in prior years for accts. collected in 1935
Restoration in part of previous write-down of securities
Propor. share of credit capitalizing 1934 charges for alterations.
Net surplus
2d mtge. receivable written off on foreclosure of 1st mtge
Loss on property conveyed to mortgagee
years—
,
?aacl©.
Tbi© tKJndLs which it is proposed to redeem are: $3,037,000
1955; $2,026,000 4^s, due 1960, and $1,786,000 4s, due 1954.
It
5s, due
expenses,
results of
owned subsidiaries,
as
follows:
or
$37,432
13,605
More Owned)
(after giving effect at that date to the elimination of certain property
values, related mortgages payable, &c.)
Assets—
Cash in banks and
on
hand
$932,581
58,486
169,693
54,172
227,446
13,840
,
&c
Unexpired insurance, fuel and supplies, &c__
2d mtges. receivable & accrued int. (at ledger amounts)
Investment in real estate companies (at cost or less)
Receivable from officers and employees (dating back a
more, at ledger amounts, less $10,000 reserve)
is
at
Barnsdall C°rp.—20-Cent Dividend—
The
directors
have declared
dividend
a
of 20
per
of net assets at ledger amounts about
Calendar Years—
1935
$395,595
324,296
143,558
23,574
$154,715 prof$51,500
16,005
10,050
8,467
$95,834
Dr3,817
$138,710 prof$53,083
$99,651
125,070
in-
come, &c__
Other
1932
$681,884
493,974
93,519
42,892
$194,222
other
1933
$537,881
514,043
100,214
78,337
14 975
Sell., admin. & gen. exps.
Other income charges...
1934
$331,546
349,297
66,376
Sales of planes,
&c., net.
Cost of sales
$209,196
income
Pro v. for Fed. taxes
Loss for year
Consolidated Balance Sheet Dec. 31
Assets—
1935
Cash..
x
160,885
220
Investments
220
333
New York County.
Def'd experimental &
30,000
.
develop, exps., &c._
payable
40,000
1,415
Customer deposits
Other current liabilities
Surplus
1934
$174,750 $168,495
79,757
24,612
12,950
21,000
1,377
400,689
576A 45
15,084
16,648
52,122
Land, bldgs. & equip. 378,953
Represented by
30,761
Common stock
Accounts
102,012
assets
Other assets
x
1935
Notes payable
Accrued accounts
Accrued int. receivable
Cash held by Sheriff of
Total
Liabilities—
$71,005
33,858
182,985
Inventories
Intangible
1934
$34,149
23,911
Bills & accts. receiv..
398,212
$718,988 $797,2871
common shares par
Total
$718,988 $797,287
$1.—V. 142, p. 3664. ,V. 141,p.3218.
50,867
74,795
Real estate and leaseholds
26,935
400,001
6,520,168
Furniture, furnishings and fixtures in hotels and apartments, at
depreciated amounts, incl. main office furniture at $1, and
Mortgage discount and
expense,
being amortized
Total...
170,236
43,912
$8,743,136
jf) j iuie$
*
Tenants' security deposits, and amounts due to owners of man¬
aged properties other than subsidiary companies, contra
Bellanca Aircraft
Corp.— -Earnings-
before
$22,250)
Accounts payable and sundry accruals on owned and managed
properties. &c
Estimated Federal income and capital stock taxes
Mines, Ltd.—Registers with SEC—
See list given on first
page of this department.
Loss
proportionate share of their net assets at ledger amounts at
31, 1935
patents at $1 ($20,152.82 subject to chattel mortgages inci¬
dent to property mortgages)
share on the
stock, par $5, payable Aug. 1 to holders of record
July 10.
This
compares with a regular
quarterly dividend of 15 cents and an extra
biyidend of 5 cents per share paid on May 1, and Feb. 1 last and on Nov. 1,
1935, this latter being the initial
payments on this issue.—V. 142, p. 2146.
Basin Gold
year or
50% owned
Investment in securities of hotel co., at cost (proportionate share
a
J
cents
less than
Participation in syndicates
142, p. 2489.
common
cos.
Dec.
142, p. 4014.
Bank & Insurance
Shares, Inc.—New Director—
7,903
$1,397,069
Managing agent fees charged to subsidiaries 50% owned__—
Interest charged to subsidiaries 50% owned
ties and
The company has annoiihced
that S. M. D. Clapper has been elected to
the board of directors.—V.
460,202
125,821
54,646
21,056
13,501
are included both as income and
in the above statement, in order to show the respective operatng
Bing & Bing, Inc., and wholly owned subsidiaries, and of 50%
Investments in 14 affiliated real estate
expected that the registration statement will be filed with the Securi¬
Exchange Commission in Washington the first week in July and
that the offering of the bonds will be
made the last week in July or the
first week in August.—V.
$811,625
1,720.180
Note—-Intercompany operating items
Accounts receivable from tenants,
_,_The P. U. Commission of Maine has authorized the company to issue
$7,108,000 first mortgage 3M% bonds, due 1966. Proceeds from the sale
bonds are to be used to retire existing bond issues totaling $6,849,000
and the remaining $259,000 is to
reimburse the treasury for expenditures
145,606
14,442
228,110
$1,591,686
169,196
10,796
3,333
11,291
-
Marketable securities.
Bangor Hydro-Electric Co.—Financing—
$523,574
322,552
79,663
Consolidated Balance Sheet Dec. 31, 1935 (Incl. Subs. 50%
Gross income.
Fixed charges__
Owned
Subsidiaries Subsidiaries
Profit from operations of properties, management
and agent fees, interest earned, &c
Capital surplus, balance Dec. 31, 1935
$91,577
1,885
$376,568
500,000
2,280,000
1,433,806
Bing & Bing, Inc.—Earnings—
(inter-company items eliminated)]
1936—5 Mos.—1935
I
$5,034,715
$4,800,505
4,218,929
4,071,119
464,539
412,916
ac¬
$4,590,375
Proportionate snare of additional income tax for prior
Sundry capital surplus cnarges
Co.—Earnings-
1936—Month—193 5
$1,008,264
$973,675
818,890
821,387
97,796
83,048
revenues
-
Total
Dr203,670
a After reserve of
$297,103 in 1935 and $230,325 in 1934.
b After reserve
of $990,981 in 1935 and
$626,215 in 1934.
c After reserve for
depreciation,
d 227,000 no par shares,
e 3.010 shares in 1935 and 3,119 in
1934.—V. 142,
P. 3838.
The
Capital stock
Surplus
$
Advance payments
plant &
equipment
5,605,249 c5,998,206
Pats, (less amort.)
1
dl
reserve
578,449
287,229
Liabilities—
10,147
Accrued interest--
Inventories
Accounts payableAccrued liabilities.
3,143,224
2,617,127
2,517,099
20,790
Contingent
1934
$
5,991,561
U. 8. Govt, secure. 2,406,206
aAccts.¬esrec. 2,764,795
payable, cotton
ceptances & reserve accts..
-V. 137, p. 317.
$3,986,049
1935
Accounts
$4,590,375
Income Account
1934
Cash
553,258
42,451
bldgs. & machinery. 2,718,312
Consolidated Balance Sheet Dec. 31
Assets—
receivable.$l,276,352
Bethlehem Steel
$4,719,795
1935
Balance Sheet Jan. 4, 1936—
Mfg. Co.-
Assets—
Cash and accounts
Real est.,
89,552
year
or not the court shall continue the debtor in
possession or appoint
trustee subject to the existing assignment of rents and to consider and
determine such other matters as may be properly
brought before the court.
a
$4,209,072
223,023
(net).
Surplus at end of
(So. Dist. of N. Y.), and an order was filed on June
13 temporarily continuing the debtor in possession of its
properties and
authorizing the debtor to operate its business pursuant to the existing
assignment of rents pending further order of the court.
Pursuant to the
order a hearing will be held before the District Court June 26 to determine
Prepaid items
$4,8*09,347
dividends
properly filed petition by the
U. S. District Court
550,000
Surplus at beginning of year
Portion of reserve for contingencies
restored to surplus
Corp.—Bankruptcy—
Creditors and stockholders are notified that the answer and
petition of
the corporation for a reorganization and for relief under Section
77-B of
the Bankruptcy Act has been approved as a
$2,297,693
5,956,765
1,750,000
Provision for Fed. income taxes,
$505,104
786,153
219,477
$72,627
959,618
16,387
Dr350,000
JDr30,490
operations
Income from investments
Interest and exchange
Cash
1933
June 27, 1936
Beacon & Midway
whether
ad¬
ministrative & general expenses
prf$458,514
Deprec. of bldgs., mach. & equip., &c.
531,141
Amortization of patents
Net loss
Chronicle
Accrued mortgage interest, real estate taxes, water rates, &c__
Accrued int. on unstamped deb. bonds from Sept. 1 *35 at 6H %
Estimated Fed. income taxes payable on instalment sale of real
estate, if and when collections are made on a mtge. receivable.
Tenants' prepayment of rent, &c__,
Advances, incl. int., made by certain of their stockholders
($354,249 by cos. owned by a stockholder) to some of the cos.
which are 50% owned by Bing & Bing, Inc
Interest on stamped debenture bonds
25-year sinking fund debenture bonds due March 1, 1950
Outside stockholders' proportionate share of the net assets at
ledger amounts of 50% owned companies, after deducting
$10,050 advanced to a stockholder against his equity
Capital stock ($5 par)
Capital surplus
Total
$357,037
59,005
13,533
418,268
10,432
10,800
45,168
1,242,345
728,805
3,604,500
349,482
506,690
1,397,069
$8,743,136
a Consists
of: Improved properties, less $5,655,623 depreciation and
amortization, $28,977,925; properties acquired for development, at cost
exclusive of carrying charges, less $2,500 depreciation, $2,885,546; total
properties, $31,863,472; less bonds and mortgages and serial mortgage bonds
of 50 % or more owned subsidiaries (which it is stated are not
obligations of
Bing & Bing, Inc., except for the pledge of a leasehold on $1,065,500 of said
bonds, and as stated under contingent liabilities, contra), of which $13,423,854 are past due and open mortgages, and instalments of $226,601
and mortgages of $1,693,050 mature in 1936, $25,343,304.
Contingent
liabilities: (1) At Dec. 31, 1935, Bing & Bing, Inc., was
contingently
liable on four bonds accompanying bonds and mortgages on buildings com¬
pleted in 1931, as follows: (a) In the aggregate sum of $1,575,000 on two
bonds, which will become void upon the payment of mortgage instalments
amounting to $15,750. These instalments are postponed until March 1,
1941, with privilege of prepayment, but are subject to demand for payment
Volume
142
Financial
interest date after Sept. 1, 1936. (b) In the aggregate sum of $200,000 on two bonds, which will become void
upon the further reduction of the
two mortgages by $168,500
(including $112,000 postponed to March 1,
1941, with privilege of prepayment but subject to demand for payment
on any interest date after
Sept. 1, 1936) and on payment of interest on the
mortgages, and real estate taxes until the said $168,500 reduction of prin¬
on
any
cipal is made.
conditioned
The postponements of instalments above referred
Bing & Bing, Inc., paying
upon
to
are
its stock
Sept. 1, 1939.
(2) Proposed assessments of additional Federal
income taxes aggregate about $115,000 for
prior years.—V. 142, p. 295.
dividends
no
on
until after
Birmingham Electric Co.- -Earnings—
Calendar Years—
Gross earns, from oper.-
Oper.
1935
1933
1932
$6,112,541
4,763,903
exps. and taxes
1934
$5,931,087
4,592,008
$5,334,579
4,105,119
$5,951,168
4,413,691
$1,348,638
Other income.
$1,229,460
974
13,267
$1,340,196
991
$1,349,629
Interest on bonds
549,000
Other int. & deductions.
51,230
Balance before deprec.
Divs. on pref. stock
$1,537,477
$1,339,079
1,117
$1,230,434
.549,000
132,606
549,000
85,438
(4) The 472 shares of the $3.50 dividend convertible preferred stock and
60 shares of common stock, now held in the
corporation's treasury, as
treasury stock, will be canceled and retired.
(6) The corporation will reserve a sufficient number of the authorized
but unissued shares of the
stock.
$705,758
429,244
$548,828
428,980
$850,579
427,659
$276,514
$119,848
Assets—
Booth Fisheries
Years
Liab. to issue Junior secur.
Accounts payable
1,527,182
$2,782,102
1,601,298
$1,219,988
1,119,625
68,051
$1,180,804
1,139,388
84,787
$942,468
870,771
$32,313
51,007
loss$43,371
73,318
$20,563
Prepayments
Miscellaneous current assets.
x Miscellaneous assets
$83,320
1,306
$29,946
18,000
$20,563
zNote
$82,014
$11,946
$20,563
National
1,254,540
381,464
531,144
Customers' deposits
Accrued accounts
Power
Matured
500,000
13,304
958,400
int.
Net profit before prov. for Federal
income taxes
Provision for Fed. income taxes
(National
payable
Misc. current liabilities
& Light Co. (contra)
Consigned materials (contra)
Deferred charges
Net profit.
Consolidated
886
Assets—
long-term
on
debt, & redemption acct..
zContingent liability to issue
2,477
on
hand
Inventories
20 842
Reserves
3,266,698
571,921
Earned surplus.
Total
$32,410,7991
500,000
13,304
Total
$32,410,799
Includes reacquired capital stock
(526 shares $7 preferred and 1,065
y Represented by $7 pref. cum.
(entitled upon liquidation to $100 a share); pari passu with $6 pref.; au¬
thorized, 75,000 shares; outstanding (less 564 shares in treasury), 48,436
shares.
$6 pref. cum. (entitled upon liquidation to $100 a share); pari
of pref. stock...
Total
187,399
a
-
Years Ended Jan. 31—
1936
profit.
1935
$372,653
35,877
383,369
40,671
2,267,840
68,044
43,525
3,774,848
5,382
143,522
39,142
Federal taxes.
$225,865
62,613
121,938
Preferred dividends
Common dividends.
.
Surplus
Profit and loss surplus
common stock outst. (no par)
Shares
_
per share
1936
securities
Mdse. inventory..
Insurance policies.
Inv. in own stock.
Fixed assets (net).
$244,522
1935
120,000
Other assets..
12,718
80,038
$41,314
1,625,530
121,937
$1.34
21,829
$306,009
62,625
121,940
$121,444
1,624,645
121,958
$2.00
$102,763
62,296
122.041
def$81,574
1,501,938
121,940
$0.33
Liabilities—
1936
359,680
67,328
2,526
343,656
Accrued
182,003
Res. for Fed'l tax.
66,939
509,105
662,877
Preferred stock...
Common stock
752,352
128,352
752,352
45,203
1,580,327
37,605
1,587,040
—
.
•
Dividends payable
Approp. for reduc.
of pref. stock—
$3,086,027 $3,006,662
Total
Note—Company is contingently liable for $25,850
58,384
46,141
Total
1935
$2,044,928
74,453
$1,915,930
545,000
22,537
$2,119,381
545,000
20,257
2,118
$1,348,393
365,841
$1,552,006
358,177
$982,551
Net income
Balance Sheet
1935
Real
&
estate,
$
$1,193,828
Notes receivable..
Mat'ls & supplies.
Special deposits
Reserve funds
Prepaid accounts.
31
15,100
264,880
1,684,383
39,519
898,436
3,080
310,563
72,414
15,100
312,874
1,745,841
$
Bonded debt
Prem.
on
Cust. deposits
Accrued interest-
3,080
234,060
Other
accr.
items.
51,475,145
51,289,6611
stock...
Total
.
.
.
.
Profit & loss surp.
Total
.
.
reserves
on
.
.
Deprec. reserve...
Special retire, res.
Other
.10,900,000
8,009
900,000
bonds..
Notes payable
Accounts payable.
.
.
,t
$
stock... .31,677,600
66,854
932,936
55,488
1934
1935
Liabilities—
Common
equipment...48,186,769 47,923,424
Acc'ts receivable..
Dec.
1934
$
plant
Other investments
—V.
1934
$1,966,851
Dr50,921
income—
487,673
328,733
218,750
465,681
580,274
1,629,346
507,817
1,237,927
2,533,333
31,677,600
10,900,000
8,720
1,150,000
503,674
408,933
218,750
363,961
479,653
1,629,345
361,363
1,054,325
2,533,333
.51,475,145 51,289.661
142, p. 3157.
Botany Consolidated Mills, Inc.—Assents to Plan—
It is understood that sufficient holders of class A stock have assented to
the reorganization plan to assure its consummation. A sufficient percentage
of the common stock signified consent at an earlier date.
Over 57% of
the outstanding bonds have been received by the committee.
A total of
66 2-3% is required before the plan can be declared operative, but the
reorganization committee is confident that sufficient bonds will be received
in the near future.
Hearing on the plan scheduled for June 23 has been
postponed to June 29.—V. 142, p. 4169.
$3,086,027 $3,006,662
as
Brazilian
guarantor on notes
purchase of
Traction, Light & Power Co., Ltd.—Earnings
Period End. May 31—
earns, from oper..
Gross
Blum's, Inc.—To Recapitalize—
Paul M. Binzel as a committee to vote at said
special meeting in favor of the
plan of recapitalization.
The proposed plan of recapitalization is as follows:
(1) Amend the articles of incorporation so as to reclassify the corporation's
capital stock so that the authorized capital stock shall consist of 24,528
shares of preferred stock, without par value, and 173,524 shares of common
stock without par value.
The preferred stock will be entitled to receive
declared by the directors at the rate of $2.50 per
follows:
(22,734 in
$11,106,221 $11,198,647
7,300,901
7,337,595
1,838,468
1,816,124
Balance
A special meeting of shareholders will be held on
July 1, for the purpose
of voting on the proposed plan of
recapitalization given below.
The directors have appointed
Harry H. Blum, Charles E. Driver and
as
2 7~ 843
Co.—Earnings—
1
_____
Operating expenses
as
333,874
58,053
870,263
109,857
$4,145,262 $5,289,411
Total
interest
Other interest
Other charges
34,581
53,250
40,555
46,138
120,755
expenses.
to Market Street National Dank,
Philadelphia, for employees'
Blauner's preferred and common stock.—V.
140, p. 470.
share per annum,
stock
Bond
1935
380,119
Surplus
dividends, when and
stock
com.
Prem.
Accounts payableOther curr. liabil.-
15,876
38,156
Deferred charges..
com.
Class B
Net operating revenue
Other income
2-
119,929
263,245
$924,806
under
construction
Class A
Paid-in surplus
Earned surplus...
Consolidated Balance Sheet Jan. 31
$631,714
364,330
446,688
181,143
79,612
461,332
708,453
pref. stock 2,188,500
Taxes....
$213,892
30,630
$490,852
132,544
52,299
303,989
a496,600
2,273,450
1,669,211
57,945
of
cos
expenses
Cash
Assets—
c210,465
indebtedness
$5 1st pref. stock.
4,966 shares (no par),
b 21,885 shares (no par) in 1936
c Long-term indebtedness only.—V. 141, p. 106.
Assets—
$408,530
Depreciation.
$460,373
dam., long-term
$4,145,262 $5,289,411
Operating
1934
$448,179
42,673
$374,250
and
b $6 2d
Calendar Years—
Gross operating revenue
Earning s-
Other income
Apr. 25'36 Apr. 27*35
loss
Depreciation
Blauner's (& Subs.)-
Cash
for
sub.
Boston Consolidated Gas
n
Accts. receivable..
Res.
1935).
Jmssu with $7 pref.; authorized, 75,000 shares; outstanding (less 801 shares;
shares
treasury), 16,699 shares.
Common, authorized, 1,000,000
approved
by the Alabama Public Service Commission in its order dated April 26,1934,
Docket No. 6581, and which was accepted by
Birmingham Electric Co.
April 30, 1934, Birmingham Electric Co., contingent upon the consumma¬
tion of certain provisions of the
proposal, is committed to issue and deliver
its common stock to National Power &
Light Co. in lieu of debt owed to
National Power & Light Co.,
aggregating at March 31, 1934, $1,254,540,
and to issue and deliver its securities
junior to its preferred stock for cash
advances aggregating $630,000 received from National Power &
Light Co.
to Dec. 31, 1935, and has the
right to receive additional cash advances
aggregating $500,000 for which it will be committed to issue and deliver to
National Power & Light Co. its securities junior to its
preferred stock.
—V. 142, p. 4015.
197,555
....
shares $6 preferred) at cost of $160,069.
issued and outstanding, 800,000 shares,
z Under a proposal of National
Power & Light Co. dated April 14,1934, which was confirmed and
$206,274
679,766
329,556
Suppl., prepd.exp.
& def'd charges.
Skg. Id. for retire.
Invest., book val.
Plant & equipm't.
Patents
Liabilities—
Current liabilities.
$189,416
694,218
366,810
Receivables
Power & Light Co. (contra)
Balance Sheet
Apr. 25'36 Apr. 27'35
Cash in banks and
Junior securities to National
Consignments (contra)
Sundry credits
impt.
51,132
630,000
Power & Light Co.)
Contingent right to receive
Other income
107,311
z
401,009
332,764
27,297
21,634
167,546
Materials and supplies
Profit before other income &
prov.
for Federal income taxes
238,849
Dividends declared
6,552
34,326
Accounts receivable
Bldg.
July 15 *33 to
Apr. 28*34
$1,947,428
1,004,961
Apr. 27 '35
Int. charges, idle prop,
exps., &c
Capital stock (no par)
$12,691,360
1st <fc ref. mtge. gold bonds,
4series, due 1968
12,200,000
787,304
Notes receivable
Market,
Ended-
Liabilities—
Cash in banks (on demand)..
Cash in bank (time deposit).
Earnings
Corp. (& Subs.)—Earnings—
Period—
Apr. 25 *36
Sales & revenues, less cost of sales...
$2,747,170
Other operating expenses
y
Investments.
Operating
stock for conversion of the preferred
The plan shall not be deemed to have been adopted until after it has
been approved by the holders of at least three-fourths in amount of each
class of stock now
outstanding.—V. 139, p. 436.
$422,920
Plant, property, franch., &c.$29,160,656
x
new commoD
(7)
151,165
Balance Sheet Dec. 31, 1935
cash from
corporation.
(3) A dividend of $1.25 per share upon the outstanding $3.50 dividend
convertible preferred stock will be
paid to each holder of such stock upon
exchange thereof for new preferred and common stock in accordance with
the plan.
549,000
$320,155
z
4331
(2) The holders of each of the 24,528 shares of the $3.50 dividend con¬
vertible preferred stock now
outstandng shall be entitled to receive in
exchange therefor one share of the new preferred stock and two shares of
the new common
stock, and the holders of each of the 99,940 shares of
common stock now
outstanding shall be entitled to receive in exchange
therefor one share of the new common stock of the
$1,550,744
$749,399
429,244
-
Chronicle
Cumulative dividends at the rate of $1.25
1936—Month—1935
1936—5 Mos.—1935
$2,633,807
$2,598,992 $12,555,761 $12,629,212
1,181,130
1,180,013
5,753,224
5,869,787
*Net earnings..$1,452,677
$1,418,979
$6,802,537
$6,759,425
♦Before depreciation and amortization.—V. 142, p. 4168.
Brewing Corp. of Canada, Ltd.—Accumulated Div.—
The directors have declared
a
dividend of 37H cents per share on account
of accumulations on the $3 cum. pref. scock, no par value, payable July 15
to holders of record June 30.
A similar payment was made in each of the
six preceding quarters, as against 75 cents paid on Oct. 15, 1934.
This
latter payment was the first made since stockholders voted to extinguish
previous accruals on this issue.
Following the July 15 payment, arrears on the above issue will amount to
$2.02H Per share.
share per annum, and no more payable quarterly on and after Nov. 1,
1936, when and as declared by the directors on the first days of
February,
May, August and November in each year.
Such fixed dividends shall be
per
cumulative from
and
after
Aug. 1, 1936.
The holders of the preferred
stock shall be entitled to receive, when and as declared by the
directors, in
addition to said fixed dividends, dividends at the rate of $1.25 per share
per
annum, cumulative to the extent of the net earnings of the corporation
received or accrued after Jan. 25, 1936, after deduction of income taxes
payable upon or in respect of such net earnings, and after deduction of
fixed dividends for the period for which such determination of net
earnings
shall be made, whether or not such fixed dividends shall have been declared
or paid, payable annually not less than 90 days nor more than 180
days
after the close of each fiscal year.
Such fixed dividends, and such con¬
tingent dividends to the extent that such contingent dividends shall have
accumulated as above provided, shall be payable before any dividends
be paid upon or set apart for payment upon the common stock.
Preferred stock shall have the same convertible privileges, redemption and
liquidating values as provided for in case of the old $3.50 dividend con¬
shall
vertible preferred stock.
New Bond Issue—
The
corporation retired $365,000 of 7% guaranteed sterling debentures
due April 1,1936, and $450,000 of 5% notes due on the same date by issuing
and selling $1,250,000 series A 5 M % debentures. These were sold privately
English and Canadian interests.
A 5H% sinking fund debentures are dated April 1, 1936;
1, 1946. Authorized, $1,500,000; issued and outstanding, $1,200,000. Principal and semi-annual interest (April and Oct. 1) payable
in Canadian funds or sterling at holder's option.
Redeemable at 102.
The debentures are a direct obligation of company, by guarantee of
principal subsidiary companies, by first mortgage on fixed assets of sub¬
sidiaries and by pledge of capital stock of subsidiaries.
Purchasers of debentures can buy maximum of 150,000 shares to Oct. 1,
1941, at $8 per share; or 106,666 shares to Oct. 1, 1943, at $9 per share; or
120,000 shares to Oct. 1, 1945, at $10 per share; cash from exercise of war¬
rants to be used by company entirely in redemption of debentures. A sink¬
ing fund is provided calling for 7 % of the maximum amount of debentures
at any time outstanding, commencing Oct. 1, 1937.—V. 142, p. 3839.
to
The series
due April
Financial
4332
Bridgeport Brass Co.—Listing—Rights—
York
New
Stock
Exchange has authorized the listing of 81,288
(no par) on official notice of issuance
pursuant to the offer to stockholders making the total amount applied for
759,592 shares.
The authorized number of shares was increased from 700,000 to 1,000,000
by the stockholders on May 8, 1936 and the issuance and sale of 81,288
additional shares was authorized by the directors.
The corporation intends to offer to stockholders of record July 3, 1936,
the right to subscribe to one share of such additional stock at $10.50 per
share, in respect to each eight shares of capital stock held.
The underwriting arrangements will be consummated to provide for the
purchase of such of the above mentioned shares as are not subscribed for on
exercise of the subscription rights proposed to be granted to the stock¬
The
additional shares of common stock
holders.
The net proceeds of the sale of stock is estimated to be a minimum of
$776,558 and a maximum of $796,880.
All subscriptions from stockholders shall be received by the New York
Trust Co., subscription agent, 100 Broadway, New York up to July 23.
The net proceeds of the sale of this issue are to be used to liquidate
current bank indebtedness to the Bank of the Manhattan Co. in the amount
of $100,000 and to the New York Trust Co. in the amount of $300,000.
The remainder of the proceeds will be expended for replacements and
improvements to the plants and equipment of the company.—V. 142, p.
(J. G.) Brill & Co. (& Subs.)—Earnings—
1935
$3,458,317
1934
$5,391,996
1933
$1,850,893
1932
$2,089,056
4,152,948
5,495,210
2,871,259
3,275,838
Calendar Years—
Sales
Operating expenses
Operating deficit—
$694,631
206,230
Dr365,000
_.
.
Net deficit.
.
Previous surplus
Total surplus
Preferred dividends.
$103,214
$1,020,366
$1,186,782
$853,401
119,493
.
Miscellaneous income.
$103,214
222,707
$1,020,366
1,243,074
.def$733,908
$119,493
$222,707
$1,708,123
$119,493
$222,707
x
$
$
Liabilities—
6,348,282
2
2
391,936
514,681
119,718
1,337,649
499,809
Inventories
Cash
119,718
1,930,866
218,287
notes
receivable
Due from affil.
cos
1,249,352
1,034,795
83,668
<
Bills & accts. rec._
Deferred
accounts
Common
Due to affil. cos
notes
Adv.
112~821
101,007
166,341
112,026
Int.
on
contra
152,936
bills.pay.
196,785
425,000
155,032
105,737
375,000
130,673
41,644
132,483
145,924
733,908
119,493
Notes receivable..
Other
wages
reserves
Deficit
Total
10,448,865
..10,004,031
After
x
V. 142, p.
Brill
$71,340
Total
1936—Month—1935
$14,938
1936—5 Mos.—1935
$26,929
1934.—
Corp.—Earnings—
1935
$812
16,961
1934
$2,881
14,052
6,273
_—__
$74,786
$54,789
Cables & Wireless, Ltd.—New Chairman—
The company announced that J. C. Denison Pender and Sir Norman
have resigned and E. Wilshaw has been appointed Chairman and
sole Managing Director preparatory to re-examination of the whole com¬
munications system.—V.
139,
Cache La Poudre
p.
274.
Co.—Earnings—
1935
Income from investments
1934
$18 241
29,884
Expenses
Net loss.
$105 744
4,815
$11,642prof$ 100,928
Balance Sheet Dec. 31, 1935
Liabilities—
$560,000
Investments
banks...
8,521,560
Unmatured interest receivable,
10,004,031 10,448.865
$44,058
Leslie
Cash in
depreciation of $5,920,137 in 1935 and $5,653,198 in
3333.
~
\
Year Ended Dec. 31—
Interest on U. S. Treasury bonds
Interest and finance charges on notes receiv
Profit on the sale of U. S. Treasury notes
1936—5 Mos.~3935
$13,375
Co.—Earnings—
Period End. May 31—
after deprec.
&
ordinary taxes but bef.
j\.S5CtS
128,779
Accounts payableAccrued
4,580,000
4,810,200
117,151
receivable
pays,
co.
■$
4,580,000
4,810,200
179,766
__
stock
Unearned
1934
$
Preferred stock.
Sub.
Acci&int. on sec . &
$7,893
Years Ended Dec. 31—
1935
1934
Plant, equip., &o 6,111,937
Sundry investment
Marketable secur.
Bush Terminal
Co,—Earnings—
1930—Month—mS
Profit
$1,243,074
Comparative Balance Sheet Dec, 31
1935
Pats. & goodwill..
Bush Terminal Buildings
Period End. May 31—
Net loss after charges,
but before Fed. taxes.
—V. 142, p. 3498.
prov. for Fed.inc.taxes
—V. 142, p. 4169.
114,500
350,548
def$733,908
June 27, 1936
and showing for the 1936 period a net loss, after all charges including
depreciation and interest, of $757,691, against $775,909 in the 1935 period.
"It should be noted," says the committee, "there has been comparatively
small improvement in the operating results for the 1936 period, particularly
as the charge for depreciation and depletion was reduced by about $90,000
during the 1936 period as compared with 1935.
It should be borne in
mind that the charge for depreciation and depletion is not a mere book¬
keeping charge, since normally it is largely offset by cash outlay for neces¬
sary plant additions.
It is significant that during the fiscal year 1935
the company, despite its strained financial condition, found it necessary
to expend $683,840 on plant, and while currently the plant addition costs
are running at a lower rate, we believe it to be only a temporary condition."
In conclusion, the committee urges "bondholders who have already de¬
posited their bonds not to grant any proxies, as it necessarily leads to
confusion.
Bondholders who have not as yet deposited their bonds are
also requested not to grant proxies, as united action is of great importance
in this difficult situation.
The amount of bonds deposited with the com¬
mittee since its letter of June 8,1936, has been gratifying.
The committee
repeats its request that bondholders who have not already deposited their
bonds do so promptly."
The committee intends to continue to act solely
in the interests of the bondholders and proposes "to recommend a reor¬
ganization plan at the earliest date deemed by it feasible."—V. 142, p. 4169.
$1,186,782
2,894,905
Surplus adjustments.
Assets—
Chronicle
675
prepaid expenses, &c
Capital stock (par $20)
$7,200,000
1,423
8,106
*1,872,706
Unredeemed scrip.
Accounts payable
Surplus
JTotal
___—$9,082,236 _Total-..-.——
""^This includes $1*786*602 "paid in surplus*?"-—V. 141,
p.
$9,082,236
586.""
California-Oregon Power Co.—Accumulated Dividends—
The directors have declared dividends of 87 M cents per share on the 7%
pref. stock, par $100, 75 cents per share on the 6% cum. pref. stock,
par $100, and 75 cents per share on the 6% cum. pref. stock, series of 1927,
par $100, all payable July 15 to holders of record June 30.
Similar dis¬
tributions were made on the respective issues in each of the 11 preceding
quarters, prior to which payments were made at the regular quarterly
rates.—V. 141, p. 4169.
cum.
Canada Bud Breweries,
Ltd.—Dividend Doubled—
The directors
$17,772
15,594
Total income
Administrative expense.
Federal income tax.—.
$23,206
13,197
161
959
$2,018
Net profit.
$9,050
Balance Sheet Dec. 31
1935
1934
$
$
Assets—
1935
1934
$
Liabilities—
115,754
71,234 Preferred stock
3,718,400
cos..l5,866,814 15,859,914 x Class A & B stk. 8,000,000
99,631 Provision for Fed'l
99,826
income tax
161
Partic. in notes rec
322,142
217,500
U.S.Treas. bonds.
26,250 Unearned int. on
26,249
Inv. In other
3,718,400
8,000,000
...
Surplus
16,326,143 16,379,172
Total
Total..
54,642
Earnings for the Year Ended Dec. 31, 1935
Operating revenues
$865,972
Operating, selling, administrative and general expenses
;
830,518
Retirement expense...169,036
2,136
4,603,034
Operating loss
$133,583
L725
Total loss..»^*-^—
Provision for income tax (subsidiary).
$131,858
732
16,326,143 16,379,172
Loss for year
no par
Bristol Brass
Corp.—Earnings—
$132,590
Consolidated Balance Sheet Dec. 31, 1935
Liabilities—
Assets—
Cash
Earnings for Year Ended Dec. 31 1935
Operating profit
adjustments)
(after reserves,
depreciation
and
inventory
180,000
Common stock dividends
$147,833
Surplus
Balance Dec. 31, 1934
961,304
Dr2,463
.—
j
Balance, Dec. 31, 1935
Earnings
per
$1,106,674
$5.46
,
share on 60,000 shares common stock
$453,018
Cash
x232,860
1,108,578
Def. charges and prepaid items
7,705
Notes receivable (mtges.)
15,643
Other prop'y (real est. & bldg.)
8,789
Land, bldgs., mach'y & equip. . y944,690
.
Inventories...
$2,771,2851
Total
x
After reserve of $16,000.
—Y. 142
p.
Brown
y
After
Accounts
i
payable
Wages accrued
Taxes accrued, local (not due).
$27,260
3,742
61,246
ganization—
72,361
1,500,000
1,106,674
taxes
Common stock
Surplus
$2,771,285
Total
for depreciation, $1,314,192.
Committee
Opposes Early Reor¬
v.
bonds, states that it believes that talk of possible reorganization of the
is premature and not in the best interests of the bondholders.
"At present the management of the company is in the hands of three
trustees appointed by the court in the 77-B proceedings," says the com¬
mittee's letter.
"The new General Manager, recently selected With the
approval of the court, does not take charge until July 1.
This strengthened
management has been highly approved and in its selection this committee
was largely responsible.
Control over the affairs of the company that
these 77-B proceedings afford to bondholders should be continued for a
reasonable period in order to give this new management an opportunity
to rehabilitate the earning power of the company.
We believe that unless
this is done there can be' no sound basis for a reorganization plan without
requiring irreparable sacrifices on the part of bondholders both as to
income and security.
We believe further that any estimate of future
earnings at this time is necessarily speculative and unreliable and cannot
conservatively be used as a basis for sound reorganization without incurring
serious risk that another reorganization may have to follow shortly."
Accompanying the committee's letter is a comparative profit and loss
statement covering the first 24 weeks of the fiscal years 1936 and 1935,
other
x433,989
y374,557
...
Land and structures, at cost..
Deferred
charges—insurance,
1,441
25,000
16,480
reserve.
Minority int. In partly owned
subsidiary company
Capital stock
2,500
z3,210,202
1,203,142
16,690
951,803
expense
53,476
...
$2,126,421
After retirement
$66,124.
Maintenance
Deficit
taxes, &c
Goodwill
Organization
z
Total
of $924,107.
$2,126,421
After retirement reserve of
Represented by 129,753 no par shares.—V. 135, p. 2658.
reserve
Canadian Pacific
y
Ry.—Earnings—
1936
1935
Increase
$2,493,000
Gross earnings
$2,373,000
$120,000
—V. 142, p. 4170.
.
Carnation Co.—Initial
Preferred Dividend—
The directors have declared an initial
share
The bondholders' protective committee, of which Charles Francis Adams
of Boston is Chairman, in a letter to the holders of 1st mtge. 20-year 5H%
company
Aircraft,
engines
and
equipment, at cost
116,002
Taxes
Earnings of System for Third Week of June
1280.
Co.—Bondholders'
$73,939
85,826 Mortgage—due Mar. 9,1936..
Reserved for Federal and State
reserve
payable.
payable and accrued
Accts. receivable, less reserve.
Inventories
x
Liabilities—
Accounts and bills receivable.
Accounts
75,000
Total
Balance Sheet Dec. 31,1935
Assets—
$19,073
Dominion of Canada bonds...
$327,833
Adjustments
Earnings—
Other income
2,530
4,605,053
Represented by 217,288 shares of no par class A and by 400, 000 share
class B stock.—V. 141, p. 586,
x
of
959
receivable
Ltd.
[Including partly owned subsidiary—Quebec Airways Ltd.]
Organization exps.
Accts. payable and
accrued taxes
Canadian Airways,
$
Cash....
notes
on June 22 declared a dividend of 40 cents per share on the
stock, no par value, payable July 20 to holders of record June 30.
This compares with 20 cents paid on Dec. 20,1935, and 15 cents on April 15,
1935, and on Jan. 15, 1935. This latter was the first dividend paid since
Oct. 16, 1933, when a regular quarterly distribution of 15 cents per share
was made.—V. 142, p. 1113.
common
on
quarterly dividend of $1.25 per
the new 5% cum. red. s. f. 1st preferred stock, par $100, payable
July 1 to holders of record June 25.—V. 142,
p.
3842.
Carreras, Ltd.—Interim Dividends—
/
An interim dividend of 57 3-10 cents per share was paid on the American
depositary receipts for ordinary registered class A shares and one of 6 3-10
cents per share was paid on the class B shares on June 26 to holders of record
May 27.—V. 141, p. 4161.
Central RR. of New
Jersey—Earnings—
1936
May—
Gross from railway
Net from railway.
....
_
....
Net after rents
From Jan. 1—
Gross from railwayNet from railway.
Net after rents—
-
-
,
1935
1934
$2,529,175
518,211
52,635
$2,552,817
802,124
414,289
$2,455,033
598,550
12,986,735
2,967,116
548,751
12,139,199
3,145,471
1,370,285
12,455,712
3,772,097
2,039,568
190,149
1933
$2,097,106
466,743
33,420
10,623,452
2,759,188
1,160,012
—V. 142, p. 3667.
Certain-teed Products
Corp.—Listing of Dep. Receivts-
The New York Stock Exchange has authorized the listing, upon official
notice of issuance and distribution, of deposit receipts (either option A or
option B) for 63,004 shares of 7% cum, pref. stock, deposited under the
plan of recapitalization (see Y. 142, p. 3842).
.
Volume
Financial
142
Chronicle
Cincinnati Street Ry.—Earnings—
Meeting Adjourned—
The special meeting of preferred and common stockholders held June 24
adjourned after a brief meeting until July 22. It is understood that
lack of a sufficient number of proxies was responsible for the adjournment.
—V. 142, p. 4017.
was
Central Vermont Public Service
119,249
_
Non-operating income (net)
Gross
Interest
income
on
.
_
funded debt
Other interest
_
Interest allocated to construction
(credit)
...
deductions
Other
Net income
$712,839
$716,198
304,714
1,962'
1,025
12,043
(including Federal income)
Net operating income
$1,814,294
448,850
187,830
$712,874
3,324
_
_
Provision for retirements
118,840
1,833,177
479,451
162,414
117,524
139,121
221,793
Operation (less expenses allocated to construction).
Taxes
1932
$5,712,423
4,235,334
597,332
$6,267,177
4,247,403
639,755
$927,638
162,488
$943,595
132,882
$879,755
131,309
$1,380,018
47,857
$1,090,126
$1,076,477
$1,011,065
$1,427,876
651,748
286,057
691,302
200,754
701,936
200,126
703,702
194,210
$152,321
Taxes
$184,421
$109,002
$529,962
Operating income
1934
Total revenue
purchased
1933
$5,924,668
4,417,616
563,457
1935
$1,695,453
Gas_
Power
1934
$6,014,385
4,585,381
501,365
revenue
expenses
Non-operating income..
1935
$1,713,928
revenues—Electric
Maintenance
Years Ended Dec. 3P—
Operating
Operating
Corp.—Earnings—
Calendar Years—
Operating
4333
$713,743
305,843
2,163
1,320
11,516
Balance.
114,335
Balance Sheet Dec. 31
139,666
210,773
1935
Investments
J
Cash
Company bonds.
_
,872,571
619,826
251,562
Loans & notes rec.
Accts.
receivable.
42,619
Deferred assets...
141,465
10,682
30,669
3,219
Unadjusted
curr.
assets.
debits
Dec.
Fixed
capital
&
mdse.
receivable
Materials & supplies for oper.
and construction
Unbilled income (est.)
with trustees and
agents
(contra)
Special deposits
Other assets
Prepayments & deferred chgs.
b
Reacquired
(at cost)
secure,
Total-™
a
After
291,837
of $33,581.
b Four shares $6 preferred stock, market
Chapman Valve Mfg. Co.—Accumulated Dividend—
oper
Total
liabil..
Chesapeake & Ohio Ry.—Listing—
Exchange has authorized
3,004
134,161
424,903
132,158
724,949
Reserves
Corporate surplus.
—v. 142, p. 4171.
Total
the listing of $40,362,000
ref. & impt. mtge. 334% bonds, series D, dated May 1, 1936, due May 1,
Cities Service Tank Line
'V',7:7:
'■
Cities Service Transportation
Co.—Merged—
See Cities Service Co. above.—V. 142, p. 1462.
Cities Service Oil Co.—New
Company—
See Cities Service Co. above.
Claude Neon General Advertising,
Earns, fr. all
1935
$542,249,375 $543,241,773
496,988
496,988
2,090,001
2,090,001
Miscellaneous investments—Physical property.
4,642,502
4,641,187
Special funds & funded debt issued & reserved
11,479,454
10,869,264
Cash in treasury
10,647,678
8,207,040
Cash deposits to pay interest and dividends
6,646,508
9,478,362
Loans and bills receivable.
208,439
215,527
Various other accounts receivable
19,898,664
6,900,476
Materials and supplies
4,025,728
3,907,805
Securities in treasury—unpledged: Stocks
108,411,207
108,411,207
Bonds and notes
36,987,612
36,993,021
Deferred assets
12,650.098
19,739,601
Cost of road and equipment
y$79;130
$265,261
40,614
103,851
112,860
116,761
Deprec.
Liabilities—
—*
Funded debt
on
transferred
Bond
-
Equipment trust obligations
Audited vouchers and payrolls
Matured interest and dividends unpaid
Sundry other accounts
Unmatured interest and rents--Taxes accrued
Accrued
depreciation—equipment
Accrued depreciation—road
.
Profit and loss
to
for interest
reserve
interest
16,199
paid and
accrued to date:
42,438
45,013
104,910
40,165
120,515
33,545
$222,499
$66,773
101,574
General
Neon
43.693
104,910
23,671
E.L.Ruddy&Co., Ltd.
Claude
Advertising, Ltd—
Interest, general
2,558
210
-.$760,434,254 $755,192,252
Afar. 31,1936 Dec. 31,1935
$193,748,160 $193,748,160
206,562,000
206,562,000
50,929,000
51,454,000
4,646,947
5,047,574
6,271,275
6,889,534
1,117,241
991,334
2,289,353
2,054,303
10,877,401
9,808,302
68,742,474
67,349,492
878,733
861,076
5,595,427
5,557,292
28,201,256
28,191,906
180,574,988
176,677,281
137352
Exec. sals. & legal exps.
loss
$187,438
$171,280
After deduction of all oper. expenses and provision for estimated main¬
and service against long-term contracts,
y Includes
amount
tenance
appropriated from interest reserve of $70,394.
Stocks
Total
Consolidated Balance Sheet Dec. 31
$200,944
$156,416
Cash
hands
In
Liabilities—
1934
1935
Assets—
Cash
cos.
electric
&
71,679
1,993,662
492,999
69,458
neon
signs, good-will,
franchises, rights
432,910
and patents
$760,434,254 $755,192,252
—V. 142, p. 4170.
holders of record June 22.
This will be the first dividend paid on the
Oct. 1, 1932, when 21% cents per share was distributed.
A
was made on July 1, 1932, and prior thereto
regular
quarterly payments of43 Ji^centsjpershare were made.—V. 142. p. 1462,.
cos.
outstanding
$3,925,933 $5,435,634
Chase
National
Bank
announced
that
definitive
Claude Neon
-$3,925,933 $5,435,034
Lights, Inc —Earnings—
1935
$47,684
62,511
30,018
Extraordinary charges
Loss carried to surplus
J. Henry Schroder Banking Corp., on June 23, announced that interest
at the rate of 234 % for the half-year ending June 30, 1936, will be
paid in
Accts. receivable--
full
on the 5%
sterling income debentures on and after June 30.
The
dollar equivalent of the coupons will be paid upon their presentation at
the New York offices of the J. Henry Schroder Banking Corp.—V. 139
Divs.
receivable..
Inventories
—Contra
Other assets
}4rCent Extra
Sub.
co.,
-
.....
Neon sign equip.
an
extra dividend
of 12
the common stock, no par value, payable Aug.
34 cents per share
1 to holders of record
May 15 and Feb 15
July 20. Similar extra distributions were made on
1935, and on Nov. 15 and Aug. 15, 1934.
The directors also declared the regular quarterly dividend of 25 cents
per share on the above issue payable July 1 to holders of record June 24
Similar regular distributions have been made each quarter since and in¬
cluding April 1, 1933, prior to which 50 cents per share was disbursed
ach quarter.—V. 141, p. 1432.J
______
Cities Service Co.—Units Consolidated—
»'
■
I
I
The company announced on June 18 that in simplifying its
corporate
structure it has consolidated the following subsidiaries: Crew-Levick Co
$14,005
9,299
58,316
82,475
979,327
7,619
71,395
1,109,222
15,135
283,838
30,616
8,773
301,513
x
.
Permanent assets
licenses,
rights, &c
1
27,933
9,304
Reserve
p.
for
maint.
13,500
59,588
116,478
48,724
8,500
51,499
»
payable
current
10,000
59,491
30,027
Deferred credit
11,637
Neon sign contract
1
Deferred Income..
2,230
22,762
Cap. stock (par$l)
Capital surplus
1,053,004
76,265
—Contra
After depreciation of
$9,260
29,119
38,350
23,868
sign
expenses
Income taxes
not
1934
$4,797
35,188
37,552
5,502
Coll. 6% Int. notes
Reserves for Fed.
Accounts
$1,519,632 $1,655,619)
Total
x
_
1935
payable
3,000
Patents,
Deferred charges.
Loans
Notes payable
Accounts payable.
Accrued expenses.
wholly
owned
Dividend—
The directors have declared
Liabilities—
1934
$11,780
4,786
60,390
2,525
19,569
Neonsign contracts
Invest, in affil. cos.
4123.
-
1935
Assets—
Notes receivable _.
on
•
Balance Sheet Dec. 31
Cash
-12
$124,944
(net)
1934
first
|g Chilean Nitrate & Iodine Sales Corp.—Interest Payment
Cincinnati Advertising Products Co.-
....
$50,910
74,034
$74,575
.....
$126,327
122,333
30,417
3,000
3,752
17,735
$44,557
—
Selling, administrative and general expenses
int., &c., less sundry inc.
Royalties
Patents and experimental expenses
Writing down investment in subsidiary company..
Prov. for doubtful accts.,
$60,466
65,861
$110,194
122,300
5,753
3,000
4,828
18,870
Sales, rentals and maintenance of signs, &c
Dividends and royalties
mortgage
3H% gold bonds, series E, due July 1, 1963, will be available for delivery
in exchange for temporary bonds on and after June 22 at its
corporate
trust department, 11 Broad Street, or at the office of the Continental
Illinois Bank & Trust Co. of Chicago, trustee, Chicago, 111.*—V. 142, p. 3668.
p.
373,640
310,217
705,231
Total
Loss before extraordinary charges....
^Chicago Union Station Co.—Definitive Bonds Ready—
640,900
2,360,500
424,594
Represented by 424,522 no par shares.—V. 141, p. 1432.
Total income
stock since
similar distribution
1,614,000
Min. shs. of subs.
48,931
Defloit..
Chicago Railway Equipment Co.—Accumulated Div.—
W The directors have declared a dividend of 43 H cents per share on account
of accumulations on the 7% cum. preferred stock, par $25, payable
July 1
20,925
-
28,994
and taxes
x
4,137
64,542
154,377 Accrued bond Int.
Mtges. A purchase
agreements
235.481
854,477 Deferred revenue.
219,367
144,876 20-yr. conv. coll.
trust gold bonds 1,558,000
E. L. Ruddy Co.,
^JLtd.,lstM.bds.,
634%, due 1948
Pref.stk. 7% cum. 2,360,500
x Common stock.
2,898,025
424,594
Prepaid ins., leases
Total
112,613
1,798
42,196
accrued
In v. in & ad vs. to
other
$24,710
Govt, taxes due A
terials, works in
progress, <tc
Real estate & bldgs
1934
$130,000
2,746 Accts. payable and
accrued liabs
895,775
679,814
Inventories of ma¬
Mach'y & equip't.
Poster panels and
patnt'd bulletins,
1935
over¬
draft
sink, fund trust's
Accts. receivable--
affil.
Bank loans <fc
of
Years Ended Dec. 31—
Total
1932
$87,643
Net
Securities—affiliated cos.—pledged:
Bonds—
1933
loss$13,182
x
Mar. 31,1936 Dec. 31,
Ltd.—Earnings-
1934
1935
sources..
bldgs., mach.
& eq., motor trucks,
poster panels, <Src
x
Condensed General Balance Sheet
Assets—
The
'
Co.—Merged—
See Cities Service Co. above.—V. 134. p. 1586.
1996.
to
147,771
451,381
118,601
512,430
36,610,867 36,901,544
V'S
-
Directors' fees
The New York Stock
I
165,780
16,688
liabilities
accr.
Deferred
Unadjusted credits
36,610,867 36,901,544
Amount
dividend of $3.50 per share on account of accumula¬
preferred stock, par $100, on June h to holders of
record May 27.
A similar distribution was made on Dec. 2 and June 1,
1935, and Dec. 1,1934, this latter being the first dividend paid since Dec. 1,
1931, when a regular semi-annual distribution of like amount was made.—
V. 142, p. 3667.
Sundry accounts
Appropriated surplus.
141,297
13,915
3,032
196,974
ciency from
Years End. Dec. 31—
$15,396,314
Total.
The company paid a
tions on the 7% cum.
stock
Other
507,842
value $388—V. 142, p. 3499.
Capital
136,348
bonds
1,775,650
196,974
331.522
...
$15,396,3141
reserves
284,368
176,837
Sink, fund reserves
1,801,888
payable
_____
Merchandise for resale
fiscal
$6,083,000
130,328
82,842
15,871
195,851 Accrued taxes
12,634
1,255 Other accrued liabilities
113,803
34,444 Prov. for Fed. income tax__
Consum's' deps. & int. thereon
54,574
87,753 Mat'd bond int. & divs. un¬
claimed (contra)
4,793
76,000
Reserves
2,210,121
4,793 $6 preferred stock
(37,860
no par shares)
12,414
3,542,860
118,436 Common stock (50,000 no par
shares)
2,500,000
240,860
295 Capital surplus
155,881
Earned surplus
489,606
debt
Accounts
wages
Accrued interest on
3,135
589,109
Unamortized prop¬
erty retirements
Accumulated defi¬
11,253,864
Accrued int. on funded debt.
instalment contracts
Cash dep.
Funded
.$14,564,069
60,141
hand..
on
receivable
Accts.
Notes
1935
and
payable
Expendit. for track
Liabilities—
Cash in banks and
a
31,
Accts.
Taxes payable
30,444
reconstruction..
Balance Sheet
Assets
$
$
Long-term debt_..10,815,500
1,851,813
264,671
175,946
12,147
28,881
150,052
2,374
527,743
Other
Liabilities—
5
31,312,507 Cap. stk. ($50 par)23,761,950 23,761,950
1
6,637
Material & supplies
Int. & divs. reciv.
$395,539
227,108
150.000
_
1
1934
1935
1934
Assets—
$
Road and equip...30 ,813,173
903
$398,503
198,718
Dividends paid on preferred stockCommon dividends
Gross income
t
Interest and ground rent
Sinking fund—
$13,208 in
Total
113,794
105,963
4,394
1,053,004
215,181
$1,519,632 $1,655,619
1935 and $11,626 in 1934.—V.142,
3502.
Commercial Credit
Co.—Listing—
The New York Stock Exchange has authorized
the listing of 250,000 shs.
Cities Service Export Oil Co., Petroleum Import & Export Corp., Inc '
Cities Service Tank Line Co., Cities Service Transportation Co. and A. R*
of 4%% cumulative convertible preferred stock (par $100); 29,058 addi¬
tional shares of common stock ($10 par) on official notice of issuance in
accordance with the plan of recapitalization and 365,498 additional shares
Newcombe Oil Co.
of common stock on official notice of issuance from time to time on con¬
Operations will be carried
142, p. 3161.
Cities Service Oil Co.—V.
on
under the
name
of the
version
of
outstanding
434%
cumulative
convertible
preferred
stock.
Financial
4334
making the total amount applied for 250,000 shares of 4H%
convertible preferred stock and 1,959,203 shares of common
cumulative
stock.
Exchange of Stock—
privilege extended to holders of the $5.50
Following expiration of the
preferred stock to exchange into new $4.25 convertible preferred
stock, the First Boston Corp. and Kidder. Peabody & Co. announced
June 25 that approximately 66% of the $5.50 preferred stock had elected
to exchange into the new $4.25 preferred stock.
Cash subscriptions received
by the underwriters for the new $4.25 preferred stock were in excess of the
amount available after expiration of the offer to stockholders.—V. 142,
convertible
4171;
P.
Columbia Oil & Gasoline
Columbia Oil & Gasoline Corp. to carry out its
commitments with respect thereto.
The maximum amount of additional
funds necessary to enable
20-year debentures that
Charles A. Munroe, President, says in part:
Operations—Operations during 1935 were adversely
affected by the low
received in 1934.
During 1936 (.up to May 28) the prices
crude oil were from 10 to 45 cents per barrel above
for tne corresponding period of 1935.
■
Natural gasoline, produced and purchased during the year 1935, amounted
to 20,663,635 gallons, an increase of about 6.3% over 1934.
Inventories of
natural gasoline in storage at the close of 1935 were approximately 10.1%
less in volume than the inventories at the close of the preceding year.
Natural gasoline sold and used during 1935 amounted to 20,700,510 gallons,
an increase of about 5.8% over 1934.
The average price received from the
sales of natural gasoline during 1935 was 5.33 cents per gallon, which is an
increase of 0.84 cents per gallon over the price received in 1934.
Motor gasolone and by-products, produced and purchased in 1935,
amounted to 5,836,794 gallons, an advance of about 0.94% over the 1934
production.
Motor gasoline and by-products sold and used during 1935
amounted to 5,790,469 gallons which is an increase of about 0.82% over
1934 sales.
The average price received from the sales of motor gasoline
in 1935 was 7.25 cents per gallon, which is an increase of 0.38 cents per
gallon over the price received in 1934.
Termination of Anti-Trust Suit—'The suit of the U. S. Government
against Columbia Gas & Electric Corp., Columbia Oil & Gasoline Corp. and
certain individuals alleging violation of the Federal anti-trust laws with
respect to Panhandle Eastern Pipe Line Co., was terminated by decree
entered on Jan. 29, 1936 by the U. S. District Court at Wilmington, Del.,
pursuant to a consenting stipulation.
.
..
Among other things, the decree and consenting stipulation contemplate
that Columbia Oil & Gasoline Corp. should be recapitalized.
The voting trust, by which the common stock of Columbia Oil & Gasoline
Corp. is held is to be dissolved (now in effect) and the present demand
indebtedness of Columbia
Oil & Gasoline Corp. held by Columbia
Gas & Electric Corp. is to be funded, into 20-year debentures.
Columbia Oil & Gasoline Corp. is to authorize an issue of 20-year deben¬
Columbia Oil & Gasoline Corp. will issue in such
event will be $3,000,000.
Columbia Oil & Gasoline
.
.
stock and not less than
its
$14,574^500
indebtedness,
of Panhandle Eastern Pipe Line Co.
by the latter on its books at $1,892,072.
The debentures are to bear
interest at the rate of 6% per annum from Feb. 1, 1940,and at lower rates
until that date, beginning at 3% per annum and are to have a sinking fund
beginning in 1941.
In addition, Columbia Gas & Electric Corp. is to
surrender to Columbia Oil & Gasoline Corp. the entire issue of the latter s
first and second preferred
stocks which it now
1935
as of
Oil & Gasoline
Corp. non-cumulative participating preferred stock without par value.
This new preferred stock is to bear preferential dividends at the rate of $1
per share in 1938, at the rate of $15.0 per share in 1939, the rate increasing
50c. per share in each year thereafter until 1946, when the rate becomes
fixed at $5 per share.
The preferred stock as a class is to participate equally
in all earnings in excess of these preferential
appropriate provisions in the case of dissolution, liquida¬
tion or redemption to protect the interest of the preferred stock in the
earnings and surplus of Columbia Oil & Gasoline Corp.
The holders of the preferred stock, voting as a class, shall be entitled to
elect, by cumulative voting, the largest number of directors which shall
constitute a minority of tne wnole Doard of directors, and the holders of
the common stock, voting as a class, shall be entitled to elect, by cumulative
voting, the smallest number of directors which shall constitute a majority
of the whole board of electors.
Upon consummation of the plan of re¬
capitalization Columbia Oil & Gasoline Corp. will have outstanding:*^-^
with the common stock as a class
rates.
There
are
20-year debentures (limited to
Preferred stock (no par)
Common stock
x
*^22,000,000
400,000 shs.
$30,000,000)
(2,500,000 shs. authorized, par
Pipe Line Co.—In Aug., 1935, Panhandle Eastern
Pipe Line Co. entered into a 15-year contract to supply Detroit City Gas
Co., at Detroit, Mich., with natural gas, not to exceed 90 million cubic
feet of gas or its equivalent, 912,600 therms, of natural gas in any one day.
Deliveries under this contract are to begin not later than Sept. 1.1936.
It is estimated that, in order to carry out this contract, Panhandle
Eastern Pipe Line Co. will ultimately require about $8,600,000 of additional
capital to increase its present capacity to deliver gas at the Illinois-Indiana
State Line, from which point the gas will be carried to Detroit by Michigan
Panhandle
Gas
Transmission Corp., a
wholly-owned subsidiary of Columbia Gas &
In order to raise part of this capital, Panhandle Eastern
Pipe Line Co. offered to its stockholders rights to subscribe to 160,000 shs.
of its common stock at $25 per share.
Columbia Oil & Gasoline Corp.
took
up, on April
80,000 shares.
Columbia Gas &
1,
1936,
its proportion, of
Electric Corp. provided the
such stock amounting to
funds necessary to enable^
This
$2,000,000 is included in the present demand indebtedness which Columbia
Oil & Gasoline Corp. willfund by the delivery of approximately $22,000,000
Columbia Oil & Gasoline Corp. to take up
of its 20-year debentures.
Settlement with the Receivers
the aforementioned shares.
.
^
1,773,628
$4,958,434
2,801,524
$4,800,957
2,599,642
675,255
205,855
621,101
218,309
$3,818,198
2,245,460
551,161
166,995
$1,275,800
1,129,036
$1,361,905
873,761
$854,581
1,476,341
$2,404,836
2,086,349
$2,235,667
2,123,459
$2,330,922
2,118,912
$318,487
$112,208
$212,010
Taxes.—
Net income for the year
y
Figures restated in present form for comparative purposes,
y The
corporation's proportion (50%) of the net losses of Panhandle Eastern
Pipe Line Co. and subsidiary companies of $163,027 in 1935, $436,003 in
1934 was absorbed by reduction of interest income to the amount earned
x
by the company; in 1933 the net loss
$651,058 was charged to surplus.
Consolidated Balance Sheet Dec. 31
1935
1934
1935
Liabilities—
$
S
Assets—
a
$6
37,443,184 37,552,458
31,461,596 32,178,545
Property
b Investments
$6
1,169,192
6,442
c Accounts recelv.
413,054
Interest receivable
371,086
Inventories
552,051
Deferred charges..
253,112
cum.
1934
$
S
pref.
1st
33,750,000 33,750,000
2d
pref.
337,500
337,500
912,500
912,500
Col.
; Gas & Eleo. Corp34,124,724 35,384,724
Notes
pay.
Pan¬
stock
888,436
6,811
371,640
292,086
618,239
263,369
hand
on
cum.
stock....
Cash In banks and
Notes receivable..
d Common stock..
Notes
pay.,
handle
Eastern
Accrued interest-.
Accrued taxes
Other accrued liab.
Reserves...
312,610
569,966
123,006
5,950
389,553
235,776
71,669,717 72,171,585
Total
Total.........71,669,717 72,171,585
6,200
417,028
1,014,428
Surplus
150,000
150,000
264,048
551,696
141,592
Pipe Line Co...
Accounts payable.
Note—The corporation's proportion (50 %) of the deficit
at Dec. 31, 1935 of Panhandle Eastern Pipe Co. and
in earned surplus
subsidiary com¬
panies of $1,898,545, less interest of $593,460 on bonds and notes not taken
up on the corporation's books, has been provided for in the reserves for
investments.
and depletion of $15,034,867 in 1935 and
b After reserves of $1,305,085 in 1935 and $1,429,156
for doubtful accounts of $25,551 in 1935 and
d Represented by 2,340,655 no par shares.—V. 142,
After reserves for retirements
a
$15,132,461 in 1934.
1934.
in
c
$24,399 in
After reserve
1934.
4017.
p.
Commercial Investment Trust Corp.—Files Registration
Statement
$35,000,000 Debenture Issue—
on
announced June 25 that a registration statement had
Securities and Exchange Commission in Washington.
of $35,000,000 of debentures to be offered by an
underwriting group headed by Dillon, Read & Co.
The interest rate of
The corporation
been filed with the
D. C., covering an issue
the issue has not been determined.
Net proceeds of the issue will be applied (a) toward the redemption of
$18,461,000 of 5K% convertible debentures now outstanding, which are
redemption at a price of 110 and int., and (b) the balance
of the net proceeds will be loaned by the corporation to subsidiaries to be
used by them in lieu of an equivalent amount of their borrowings from
to be called for
market.
Read & Co., principal underwriters of the issue
banks and in the commercial paper
addition to
In
Dillon,
Lehman Brothers, Lazard Freres
named in the registration statement are
& Co., Inc., and Kuhn, Loeb & Co.
Corporation has numerous subsidiaries which are engaged chiefly in
specialized forms of financing, including instalment financing of motor
vehicles, appliances, machinery, equipment and other products, and
factoring of textiles and other commodities.
Bid
for Stock of National Surety Corp. Ordered Accepted by
Court—See National Surety
Corp. below.
Gasoline Corp. to the date of sale.
All of the funds required by Columbia
Oil & Gasoline Corp. to purchase
the 120,000 shares of Panhandle Eastern Pipe Line Co. common stock, or
such portion thereof as Columbia Oil & Gasoline Corp. may be called upon
to take up, will be provided by Columbia Gas & Electric Corp.
If Columbia
Oil & Gasoline Corp. is called upon to take up the 120,000 shares of Pan¬
handle Eastern Pipe Line Co. common stock, or any portion thereof,
Columbia Oil & Gasoline Corp., to the extent that Missouri-Kansas Pipe
does
not exercise
its right to repurchase,
will issue its 20->year
debentures to Columbia Gas & Electric Corp. in liquidation of the obligation
that will be incurred to Columbia Gas & Electric Corp. for advancing the
Options Adjusted—
The
New
York
Stock
i
Exchange
been
has
notified
that
in
order
common stock dividend to holders of common
stock of record at the close of business May 18, the number of shares and
to
give effect to a 20%
the price per share of
been adjusted so that
options previously reported to the Exchange have
such options are now outstanding in the following
amounts:
Expiration Date
V"-':A:
i
Dec. 31, 1936
Dec. 31,1936—
Dec. 31, 1937
-
-
i!- Shares
150
150
7,020
Price
$20.00
26.66 2-3
29.16 2-3
—V. 142, p. 3669.
Community Power & Light Co. (& Subs.)—Earnings—
1936—Month—1935
$309,063
$289,295
153,169
153,059
Period End. May 31—
Operating revenues
Operation
1936—12 Mos.—1935
$3,824,368 $3,817,354
1,912,373
1,912,218
'
Taxes
18,118
28,814
194,695
355,033
183,354
342,827
$107,897
2,175
$89,302
1,770
$1,362,265
23,077
$1,378,954
15,134
$110,072
20.890
69.891
$91,073
19,182
71,159
$1,385,342
293,226
849,028
$1,394,089
305,511
852,581
$19,291
Maintenance
T
of Missouri-Kansas Pipe Line Co.—On Jan. 31,
1936, Columbia Oil & Gasoline Corp. made an offer to the receivers of
Missouri-Kansas Pipe Line Co., in which Columbia Gas & Electric Corp.
joined, to settle the action brought by the receivers against these corpora¬
tions and certain individual defendants.
This offer was modified and sup¬
plemented by letters dated March 5,1936 and April 22, 1936. On April 29,
1936, the Chancellor of the State of Delaware made an order in the Delaware
receivership proceedings of Missouri-Kansas Pipe Line Co. authorizing the
receivers to accept the offer as so modified and supplemented.
The settlement with the receivers of Missouri-Kansas Pipe Line Co.
provides in part that the receivers will receive all of the shares of common
stock of Panhandle Eastern Pipe Line Co. not owned directly by Columbia
Oil & Gasoline Corp., amounting to 324,326 shares, together with rights to
subscribe to the remaining 80,000 shares of Panhandle Eastern Pipe Line
Co. common stock.
The receivers have agreed to offer to the stockholders
of Missouri-Kansas Pipe Line Co. the aforesaid subscription rights of Pan¬
handle Eastern common stock and may also offer at the same time certain
of the shares of Panhandle Eastern common stock which they will receive
under the settlement.
Columbia Oil & Gasoline Corp. has agreed to
purchase at $25 per share up to 120,000 shares of the shares so offered to the
stockholders of Missouri-Kansas Pipe Line Co. and not taken up by them.
Missouri-Kansas Pipe Line Co. has the right, prior to Jan. 1, 1938, to
repurchase such shares from Columbia Oil & Gasoline Corp. at the price
paid for them, with interest from the date of purchase by Columbia Oil &
Co.
865,681
2,017,629
1933x
$1,178,888
Eastern
Electric Corp.
Line
936,105
2,217,256
Costs, operating and general expense
Prov. for retirements & depletion.—
$1 each)—;—2336,826 shs.
Approximately.
1934
$1,847,223
& miscellaneous
Retail gasoline, gas
holds, together with all claims
&for unpaid accumulated dividends thereon amounting to $22,106,250
March 31, 1936, in exchange for 400,000 shares of Columbia
preferred
Years Ended Dec. 31
$1,649,044
1,092,135
Oil—Wholesale
Gasoline—'Wholesale
the prices
of
_
inter-co. sales):
Gross oper. inc. (excl.
of various grades of
20-year mortgage bonds, and all of the capital stock and notes of Indiana
Gas Transmission Corp, held by Columbia Oil & Gasoline Corp. and carried
„
one-half of the outstanding common stock.
Consolidated Income Account for
average price
tures, limited in amount to $30,000,000, and issue these debentures in the
approximate amount of $22,000,000 to Columbia Gas & Electric Corp. for
its remaining demand indebtedness outstanding,
after transferring to
Columbia Gas & Electric Corp., in satisfaction of an equal principal amount
,
_
Corp.'s investment in Panhandle Eastern Pipe
company
Line Co., after the various steps of recapitalization of the latter
have been carried out, will be represented by $1.1,000,000 6%
Corp.—Annual Report—
price of oil, particularly that of Pennsylvania crude, and to a lesser extent
by the natural decline in production from old oil wells, and decreased
proration allowances.
^
,
,
Oil produced in 1935 was 1,080,044 barrels, which is 41,963 barrels less
than the 1934 production.
Oil sales in 1935 amounted to 1,107,570 barrels,
or 4,539 barrels less than 1934 sales.
The average price received for all oil
in iydo was $i.5o per parrel, wmcn is 11.62 cents per barrel less tnan the
June 27, 1936
Chronicle
$730
$243,587
$235,996
17,844
30,152
'
Net oper. revenues
Non-oper. income—net.
Retirement accruals
Int. & amortization, &c_
Net income
—V. 142, p. 3845.
Concord Casualty & Surety
Co.—Liquidating Dividend
The Bureau of Liquidations, Conservations
New York Insurance Department on June 22
and Rehabilitations of the
mailed dividend checks to
liquidation by court order
on
Oct. 24, 1934.
Payments to be made at this time will amount to
approximately $205,000.
Reserves for claims not yet finally determined
and which may be paid at a later date will involve further dividends total¬
creditors of the company, which was placed in
ing about $130,000.
The holders of allowed
receive
a
claims arising out
of insurance obligations will
first dividend of 52%.
All other creditors will receive 20% in
The difference in the dividend rate is occasioned by
the first distribution.
the distribution of the
company's statutory deposit required for the trans¬
action of business in the State of New York and "deposited in trust for the
benefit and protection of and as security for policyholders of the corpora¬
tion."
When apportioned among the holders of insurance claims the pro¬
from the deposit permit the payment of a 40% dividend, which
is deducted from the allowances before apportionment of the
general fund.
In confirming the Superintendent's report to the court, Justice Alfred
ceeds
amount
Frankenthaler gave
the
discretion
of
authority for the payment of additional dividends at
the
Superintendent.
It
is anticipated that
additional
collections will be made and liabilities will be further reduced thus permit¬
ting another payment within the next few months.—Y. 139, p. 3152.
Volume
Financial
142
the old pref., less
will be paid in cash.
on
Consolidation Coal Co.—Tenders—
The Baltimore National Bank will until 2 p. m., July 21, receive bids
for the sale to it of sufficient 25-year 5% sinking fund bonds, due July 1,
1960 to exhaust the sum of $78,954 at prices not exceeding the redemption
price.—V. 142
All of the
Consolidated Gas Utilities
Period End. Apr. 30—
Corp.—Earnings—
Consolidated Oil
Corp.—New Dividend Policy—
stock
Directors of the company on June 24 inaugurated a new common
designated as a
quarterly payment, of 15 cents a share, payable Aug. 15 to holders of record
July 15.
It is the intention to declare extra dividends in addition to this
established rate when earnings justify additional payments.
Subsequent
dividend dates, subject to action by the board, will be the
15th of Novem¬
/
ber, February and May.
of 25
dividend now
for the first
cents a share paid in April and the
declared total approximately $5,600,000.
Estimated earnings
five months of the year substantially exceed this total.
Previous disbursements on the common stock were as follows: 25
on
cents
April 7, last, and on Oct. 10, 1935; 14 cents paid on Oct. 31, 1934, and 28
share distributed on April 7, 1934.—V. 142, p. 3846.
cents per
Container Corp. of
America—To Resume Dividends—
The directors on June 25 declared a dividend of 25 cents per share on
the capital stock, par $20, payable Aug. 15 to holders of record July 25.
This will be the first dividend to be paid on the new capital stock.
The
last distribution made on the old class A common stock was one of 30
The last previous payment on the old class B
dividend paid April 1, 1929.
The class
exchanged for the new capital stock the
latter part of 1935.—V. 142, p. 3671.
cents
paid
A
on
B
and
Jan. 1, 1931.
stock
common
the
was
15-cent
stocks
common
were
Continental California
See list
Co.—Registers with SEC—
given on first page of this department.
Copper District Power Co.—Registers with SEC—
See list given on
(William)
first page of this department.—V. 142, p. 4172.
& Sons Ship
Cramp
&
Engine
Building
Co.—Balance Sheet Dec. 31—
Liabilities—
1934
1935
Assets■—
$864
$210
Accts. receivable..
1,213
1,743
(not current)—-
20,260
4,846
14,458
Accrued interest-.
1,845
Proceeds of sale of
'
186,044
176,050
125,000
;
125,000
$1,152
248,823
231,931
in treasury
assets
Prop, taxes, penal¬
Reserves
and
book value
7,578,548
24,572
Deferred assets
7,578,548
24,701
4,032
24,271
15,232,500 15,232,500
15,373,315 15,008,368
24,271
Capital stock
Deficit
$7,932,546 $7,931,359
Total
.$7,932,546 $7,931,359
785,457
1,217,500
5,442,883
>'
de-
ferred items
at
Total
890,015
1,277,500
5,627,803
4,032
ties, &c
Notes payable....
Past due obllg'ns..
Ground rents (est.)
Gen. mtge. 6s held
Fixed
1934
$915
receivable
assets
1935
Accounts payable.
Notes payable (In¬
cluding interest)
Cash In banks....
Notes
-V. 140, p. 3385.
Crew-Levick
Co.—Merged—
-Bal. Sheet Dec. 31
Crompton & Knowles Loom Works1934
1935
Jv
,
1935
$
Fixed assets..
4,540,253
Inventories
2,100,910
Cash & receivable- 3,053,136
Miscell. assets
1,558,161
.....
_
Liabilities—
$
4,536,708
2,118,084
Preferred stock...
2,660,800
Common
5,897,100
2,673,158
1,602,775
Accounts
stock
credits._
761,836
43,261
...
1,889,462
Surplus
Total
11,252,459 10,930,725
1934
$
-
2,660,800
5,897,100
payable
and accrued
Deferred
Total
582,872
37,901
1,752,052
-11,252,459 10,930,725
/•
-V. 141, P. 915.
Crowley, Milner & Co. (& Subs.)—Earnings—
Jan. 10 *36 Jan. 11 '35
x$13,598,656 $12,142,039
inc., incl. inc.
from carrying charges on instalment accounts
11,661,010
12,889,541
Amortization of leasehold impts. & depreciation,.
307,235
306,205
Interest on debentures
1
88,265
107,965
Bad accounts' charged off
52,284
89,126
Provision for Federal income tax
31,000
Years Ended—
Net sales
Cost of mdse. sold & exp., less other
Net profit for
x
$193,490
the year
debentures
on
(1937) acquired of $9,609.
Balance Sheet
Jan. 10 '36
Jan. 11 '35
$90,000
$90,000
Bldgs., furn. and
fixtures, &c--.. 3,230,156
306,548
City of Det't scrip
3,482,455
324,993
Assets—
Land—
Cash
Liabilities—
cumul.
1,580,500
1,697,165
1,763,500
Accounts payable.
619,094
Accrued accounts.
44,024
1,940,060
1,229,956
314,755
Provision for
1
131,119
134,592
will
Deferred charges..
x
After
$7,702,420 $7,516,946'
—V.
141,
allowance
for
$2,930,694 in
p.
25,000
1,697,165
250,928
y
60,752
Crown Cork & Seal
menced in the year
1934 is estimated at $3,200,000, of which approximately
$2,225,000 has been expended to April 30, 1936.
In January 1936 the company entered into an agreement to purchase all
of theoutstanding stock of Acme Can Co. (Pa.) at a total cost of $650,000,
of which $225,000 has been paid and payment of the balance is to be com¬
pleted in full by Get. 1, 1936.
This subsidiary is now manufacturing cans
and other containers adapted for various uses and will shortly engage in
the manufacture of packers' sanitary cans and beer cans of various types.
Company has advanced to Acme Can Co. $200,000 for the purchase of land
in Philadelphia on which Acme will proceed to erect buildings and install
equipment for the manufacture of general line cans, beer cans, packers'
sanitary cans, both plain and lithographed, and various types of plain and
lithographed tin boxes and metal containers and packages.
The amount
to be expended for such buildings machinery and equipment by Acme is at
this time indeterminate but is estimated to be not less than $2,250,000.
Outstanding Funded Debt and Capitalization
Financing)
15-yr. 4% sink, fund bonds (due Nov. 1 '50) $5,500,000
a $2.25 cum. pref. stock (no par)
225,000 shs.
Common stock (no par)_
b440,487 shs.
$7,702,420 $7,516,946
and depreciation of $3,150,395 in
Represented by 339,433 no-par shares.
Outstanding
$5,500,000
225,000 shs. '
370,619 2-5 shs.
a
Of the stated capital the amount of $9,562,500 will be applicable to
225,000 shares of $2.25 cumulative preferred stock outstanding.
b This includes 40,487 shares, which, together with 15,763 shares of
presently authorized but unissued stock, totals 56,250 shares, to be held
against the exercise of warrants for the purchase of common stock attached
to the $2.25 cumulative preferred stock.
As, if and when common stock
is purchased pursuant to the exercise of these warrants, $5 per share,
together with such further amounts as by resolution of the board of direc¬
tors may be added thereto from time to time, will be credited to capital
and the balance of such amount will be credited to capital surplus.
Calendar
Years
1935
1934
1933
$2,934,983
543,413
$2,308,944
527,269
$1,955,732
548,299
bonds, &c_ $2,391,569
$1,781,675
259,756
27,270
$1,407,432
263,680
27,988
Net profit.
44~5~093
(Giving Effect to Present
Authorized
Earnings for
Co., Inc.—Preferred Stock Offered—
of a prospectus of 225,000 shares of
$2.25 cum. pref. stock (no par), with five-year common
stock purchase warrants attached, was anounced June 24
by a group headed by Paine, Webber & Co., and including
Hay den, Stone & Co.; W. C. Langley & Co.; Cassatt & Co.,
Inc.; Estabrook & Co.; Stone & Webster and Blodget, Inc.;
Alex Brown & Sons; Mackubin, Legg & Co.; Baker, Watts
& Co., and Mitchum, Tulley & Co.
Holders of the company's outstanding $2.70 pref. stock
are given the
prior right to exchange their stock for the
new pref. stock on the basis of one share of the new
stock,
with a warrant attached entitling the holder to purchase
one-quarter of a share of common stock, for each share of
the $2.70 pref. stock.
The warrants to purchase common
stock expire June 30, 1941.
The offer of exchange will
terminate July 2, 1936.
Dividends accruing to that date
means
;
obtained options on certain patents and processes per¬
taining to the manufacture of glass containers.
Company has constructed
an initial unit of its glass division on its property at Highlandtown, Balti¬
more, Md., in which the methods and processes which it intends to employ
in the manufacture of glass will be developed.
This initial unit which will
have a relatively small output is expected to be in operation during 1936.
The total cost of the aforementioned activities of the company com¬
50,000
1271.
Offering by
It is expected that the mill will be in operation during
as scrap.
the year 1936.
Tne company has
con¬
Capital surplus
Total
510,058
amortization
1935.
of Acme Can Co.,
a
wnoiiy-owned subsidiary recently acquired
and to reimburse the com¬
pany's treasury for expenditures made for this and other purposes.
The company may redeem the whole or any part of tne outstanding
$2.25 cumulative preferred stock on not less than 30 days' nor more than
60 days' notice at $48.25 per share before June 15
1941 and at $47.25 on
that date or thereafter together in eacn case with accrued dividends.
The outstanding funded debt and capitalization of the company
after
giving effect to tne proposed retirement of the $2.70 preferred stock the
sale of the new preferred and the authorization of 40,487 additional shares
of common stock, wnich, with presently authorized but unissued 15,763
shares will be held against the exercise of warrants attached to the new stock
will be as follows: $£>,500,000 of 15-year 4% sinking fund bonds due Nov. 1,
1950
authorized and outstanding; 225,000 shares of $2.25 cumulative
preferred stock, without par value, authorized and outstanding, and 440,487
snares of common stock, without par value, autnorized. of which 370 619 2-5
shares will be outstanding.
History and Business—company was incorp. in New York Dec. 19 1927,
by a consolidation of New Process Cork Co., Inc., and N. Y. Improved
Patents Corp.
Through such consolidation the company succeeded to all
of tne assets (subject to its liabilities) of New Process Cork Co., Inc., which
had been engaged in Brooklyn, N. Y., in the manufacture of crown metal
bottle caps, used principally for the sealing of carbonated, cereal and other
beverages, and composition cork discs, rods, blocks and sheets, and cork
coated fabric materials; and also succeeded to all of tne assets (subject to
itsliabilities) of N. Y. improved Patents Corp., such assets consisting mainly
of patents relating to tne nusiness proposed to be carried on by the company
formed by sucn consolidation.
Company also purchased all of the busi¬
ness, property and assets (subject to tne liabilities) of Crown Cork & Seal
Co. of Baltimore City, then engaged in the City of Baltimore in manufac¬
turing crown metal bottle caps, "Dacro" metal milk bottle caps, composi¬
tion cork sheets and discs, and other related products, and also filling and
crowning and related machinery and equipment and certain machinery
for the production of its products.
In 1931 company caused to be formed a Maryland corporation under the
name of Western Stopper Co., Inc., for the purpose of acquiring the business
and assets of Western Stopper Co. (Calif.), which was engaged in the manu¬
facture of crown metal bottle caps in San Francisco.
This wholly-owned
subsidiary manufactures crown metal bottle caps, and screw caps, prin¬
cipally for sale in the western part of the United States.
In 1931 company acquired control of and subsequently all of the capital
stock of Detroit Gasket & Manufacturing Co., engaged in the manufacture
and sale of automobile gaskets and various cork and rubber specialties for
sale principally to automobile manufacturers.
Detroit Gasket & Manufac¬
turing Co. continued to operate as a wholly-owned subsidiary until March
13, 1936, when the company consummated the sale of the entire capital
stock of Detroit Gasket & Mfg. Co.
Company is not now engaged in the
manufacture and sale of the aforementioned automobile gaskets and cork
and rubber specialties.
As a result of the sale of said capital stock of the
Detroit Gasket & Mfg. Co., the company received $2,633,000 in cash and
options were obtained to purchase 40,000 shares of the common stock of
tne company at from $32.75 to $33-125 per share, depending upon the
dates of tne exercise of the options.
The expiraton date of said options
was Oct. 27, 1936.
Company has sold the options for $725,000.
In 1935 the company puchased and there is now in process of installation
at its Highlandtown plant a cold reducing mill for the purpose of producing
cold rolled steel for the company's manufacturing purposes, this grade of
steel having been standardized by the company for the past several years.
This mill will enable the company to utilize cdTtain waste materials now be¬
31,000
tingencies
Deficit
Total
for
3,394,330
3,451,000
Fed.
income tax
Reserves
Leaseholds & good¬
1936 and
prior
Funded debt
1
Other assets
$495,900
Common stock—
2,216,044
1,382,184
346,368
receivable
Jan. 11'35
$495,900
preferred stock.
y
135
accts.
Inventories
Jan. 10 '36
Preferred stock.._
6%
x
Customers'
stock,
upon
$14,575
Includes discount on debentures (1937) acquired of $38,600 and accrued
interest
issue
ing sold
See Cities Service Co. above.—V. 131, p. 4059.
J
new
used in connection with the development of the property
dividend policy by the declaration of a dividend, expressly
dividend
the
stock for the redemption and retirement of such shares of the old stock as
are not surrendered for exchange.
Tne balance of tne cash proceeds will be
prov.for depr.& depl'n
x437,384
x322,840
140,888
loss98,376
x Before provision for depreciation and depletion.
Note—Provision for depreciation and depletion is recorded by the com¬
pany on an annual basis and averages approximately $40,000 monthly.—
V. 142, p. 3845.
The
on
new
The company will use the cash proceeds from the sale of the new preferred
1936—12 Mos.—1935
$1,179,628
$940,423
1936—4 Mos.—1935
$619,037
$508,095
Consol. net oper. income
Net inc. after int. ded'ns,
dividends accrued
pref. stock, with warrants, not required
exchange, will be publicly offered by the'
underwriters for cash at $45 per share plus accrued dividends.
for
2992.
p.
4335
Chronicle
Depreciation
Net profit
before int.
on
Interest on bonds
Amort, of bond discount & expense._
Federal income taxes (est.)
252,341
22,132
236,342
On March
13,
1936,
210,640
158.700
$1,880,753
—
Net profit
$1,284,008
$957,063
the company consummated the sale of the entire
capital stock of Detroit Gasket & Mfg. Co.
The net profits from opera¬
tions of that company and its wholly-owned domestic subsidiary companies
included above are as follows: 1935, $460,627; 1934, $92,623; and 1933,
$7,361.
Description of Warrants to Purchase Common Stock—Warrants for the
purchase of an aggregate of 56,250 shares of the common stock are to be
attached to and sold with the $2.25 cumulative preferred stock upon the
original issue thereof, on the basis of a warrant to purchase fi share of the
common stock in respect of each share of the preferred stock represented by
the preferred stock certificates to which the warrants are attached.
The
warrants so attached to the preferred stock certificates will not be detach¬
able from the preferred stock certificates and may not be transferred, sepa¬
or apart from the preferred stock certificates to which they are at¬
rate
tached; provided, that in the event of the redemption of any of the preferred
stock prior to June 30, 1941, the holder of any certificate representing shares
of the preferred stock so redeemed shall be entitled, upon presenting such
certificate for redemption, to receive in lieu of the warrant attached thereto,
a detached warrant representing
the right to purchase a like number of
shares of common stock as were called for under the terms of the warrant
theretofore attached to the preferred stock certificate so presented for re¬
demption.
chase
Each of said warrants shall entitle the
shares
of
common
stock
as
stated
therein
period of five years from July 1, 1936, at prices
as
at
owner
any
follows:
thereof to pur¬
time during the
4336
On
Financial
prior to June 30, 1937, at $55 per share; thereafter and on or before
June 30, 1939, at $60 per share; thereafter and on or before June 30, 1941,
at $65 per share.
Company shall not be required to issue any fractional
shares of stock in connection with the exercise of warrants, but shall
upon
the exercise of the warrant for the largest number of full shares called for
thereby, issue non-voting, non-dividend-paying fractional scrip certificates,
in bearer form, in denominations of ^ of a share and multiples thereof,
entitling the holder only to convert the; same into shares of stock upon
presentation thereof, within a time prior to the expiration date of the
warrants, together with other fractional scrip certificates aggregating one
or
Chronicle
June 27, 1936
(a special reserve provided for by the franchise to equalize opera
reserve
tions) and the company had corporate surplus of $1,500,781.—V. 142,
949
p.
Dayton Power & Light Co.—Earnings—
Calendar Years—
1935
1934
Gross inc., incl. other...$10,858,355
Net after expenses
Interest charges, &c____
1932
467,969
467,895
467,803
468,000
$1,360,030
$1,274,338
$1,573,974
$2,221,354
dividends
Preferred
1933
$10,315,183 $10,003,381 $10,611,159
2,814,398
3,103,988
3,784,115
1,072.166
1,062,211
1,094,761
2,962,883
1,134,885
full shares.
or more
Underwriting—All of the 225,000 shares of $2.25
cum.
Balance, surplus
pref. stock, with
warrants, have been underwritten, pursuant to contract between the com¬
and the several principal underwriters, severally and not jointly,
follows:
Consolidated Balance Sheet Dec. 31
pany
1935
as
Assets—
Paine, Webber & Co., New York...-,
Hayden, Stone & Co., New York-
.
..
115,875 shs.
.......
W. O. Langley & Co., New York
Cassatt & Co ..Inc., New York......
...........
Estabrook & Co., New York
22,500
22,500
11,250
11,250
11,250
9,563
9,562
5,625
5.625
...........
_
Stone & Webster and Blodget, Inc.,
Alex. Brown & Sons, Baltimore.
New York
Mackubin, Legg & Co., Baltimore
..............
Baker, Watts & Co., Baltimore
Mitchuxn, Tully & Co., Los Angeles
shs.
shs.
shs.
shs.
shs.
shs.
shs.
shs.
shs.
1934
$
1935
x
Receivables
pref.
stock
($100 par).
7,800,000
7,795,900
y Common stock. 5,480,000
5,480,000
Funded debt.....21,029,000 19,889,000
Pay. to affil.
963,718
866,953
304,381
827,920
9,634 Dividends declared
262,013 Accrued taxes
622,647 Acer, bond Interest
Materials & suppls
Deferred
charges.
152,554
37,600
472,115
192,150
Listing of New Preferred Stock—-
Curr.
amts.
affil.
to
537,464
96,208
100,595
86,370
/
Cons.serv. dep. &
accr.int. thereon
The New York Stock Exchange has authorized the listing of 225,000 shs.
of $2.25 cumulative preferred stock (no par), with common stock purchase
pay.
345,825
cos....
Reserves
7,173,324
Surplus
warrants attached, with authority to substitute upon the list a like amount
of $2.25 cumulative preferred stock, without common stock
601,900
127,874
37,579
cos..
Accounts payable.
—
$
6%
Inv. in tax anticio.
certificates-—
1934
S
Liabilities—
$
;■
Property, plant &
equipment
43,573,684 43,219,095
Cash in banks & on
hand
248,315
252,328
3,134,855
6,784,108
3,796,264
purchase
warrants attached, upon official notice ot the detachment of warrants and
satisfactory distribution, and 40,838 Shs. of its common stock, upon official
notice of issuance upon the exercise of the common stock purchase warrants,
making the total amounts applied for to date:
225,000 shs. of $2.25
cumulative preferred stock, and 440,487 shs. of common stock.—Y. 142,
p. 4174.
Cumberland Gas Corp.
$358,883
Total revenue-......—.........—...
$293,042
112,063
1,760
16,232
Operation
...........—...............—.
Maintenance.
140
133,190
1,749
.../
Taxes..
1934
$292,902
17,795
Netearnings...............................
$206,149
12,101
Federal income tax (estimated)
Depreciation and depletion (provision)
56,283
Non-productive well drilling
$162,987
9,339
50,767
12,122
33,817
$103,947
Loss
on
$90,758
7,883
1,875
29,547
property abandoned
Net corporate income
Earned surplus at beginning of period—
Profit on general lien bonds retired—
$74,399
$81,000
3,610
83,990
Cr40,616
From Jan.
"Dr620
Dry holes drilled in 1934
Dr4,585
Earned surplus at end of period
1935
1934
1933
$1,954,200
208,400
145,330
$1,627,189
30,522
def52,908
10,279,318
1,531,766
9,797,765
1,327,036
10,452,717
940,791
Net from railway
961,868
7.913 £64
def432,710
def777,308
after rents
—V. 142, p.
Fixed capital
a
$194,420
—
$83,990
Merrltts
Creek Gas Co. and option
to purchase remaining out¬
standing shares.
Cash depos. held by trustee of
1935
Calendar Years—
Bus
Marketable
(at cost).
secure,
&
supplies
..
Deferred charges
Total
a
p.
After
reserve
for
49,300
7,345
22,329
payable
202,241
Taxes
depreciation
194,421
Net earnings
on
$656,281
$107,288
$55,843
10,918
9,806
$90,470
I>r2,932
$104,356
$76,567
$90,470
353,972
14,239
Total.
...
Bond interest
and
Amort, of debt disc't &
'
108,838
111,182
113,012
114,101
prof$80,107
$12,425
239,571
226.288
$44,382
$391,842
243,356
225.856
expense-.-...*.-.
Deprec. of tunnel, &c—
239,542
225,122
on
$1,122,436
8.051
$385,144
3,637,254
Cr20,348
$478,284
3,158,969
$525,776
2,633,193
$861,054
1.772,139
depletion of $226,440.—V.
$4,002,050
$3,637,254
$3,158,969
$2,633,193
Adjust, of accr. int. &c—
140.
a
For unredeemed tickets and tokens to estimated requirements.
[Electric Power & Light Corp. Subsidiary]
Consolidated Balance Sheet Dec. 31
1936—12 Mos.—1935
$5,655,351
$5,282,985
2,998,070
2,655,762
11,197
2,351
1935
1934
$
Assets—
$
1935
$231,659
franchises, &c__22,135,072 22,206,492
& expenses
$205,497
63,192
$2,646,084
795,804
$2,624,872
760,934
aDeposlts in closed
y$168,472
y$142,305
Divs. applic. to pref. stocks for perio d, whether
paid or unpaid.
$1,850,280
$1,863,938
Prepaid exp., sup¬
plies, &c
63,187
z
...
.
>/.:/
507,386
507,386
$1,342,894
$1,356,552
Balance
x
May 31,
maintenance and depreciation and surplus reserves in
accordance with franchise provisions, and (or) to replacement
requisition,
y Before transfers to replacement requisitions and before dividends,
z Regular dividends on 7
% and $6 preferred stocks were paid on May 1,
1936.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.'—V. 142, p. 949.
1936)
made
Terminal Co.—Earnings—
Cash In banks &
Misc. accts.
1932), not rep.
by approv. cl'ms
876,811
957,477
31,064
32,010
Liabil. incurred by
receiver
362,385
274,199
ership (April 30,
on
712,117
4,095
rec...
[Electric Power & Light Co. Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$228,299
$199,115
$2,398,525
$2,274,590
Oper. expenses & taxes..
150,883
132,536
1,683,763
1,545,777
Rent for leased property
15,505
15,505
186,063
186,063
Balance.
Other income
—
$61,911
1,458
$51,074
1,458
$528,699
17,500
$542,750
17,560
$63,369
25,825
$52,532
26,199
$546,199
312,590
$560,310
321,295
y$26,333
$233,609
$239,015
103,901
103,901
Balance
y$37,544
applicable to preferred
period, whether paid or unpaid,
Dividends
stock
for
.
x
x
*
Balance
Before
$129,708
repair,
maintenance
and
depreciation
$135,114
reserve
and
surplus
and
surplus
y
transfers.
Before
repair,
maintenance
1936,
Capital
Latest dividend, amounting to $1.75 a share on 7% preferred
was paid Nov. 1,1933.
Dividends on this stock are cumulative.
Note—This statement includes only actual current income for the
period
shown.
By reason of the fact that the company did not earn the full
was
Transferred during that period from certain reserves and taken to
account
for corporate purposes under the terms of the franchise and was therefore
available
shown.
to
the
After
company
such
for return
transfers
there
in
was
addition
to
the
current
income
a
deficiency for the year ended
permitted by the franchise for such
April 30, 1936, of $99,203 in the return
period.
At April 30, 1936, there was $30,048 in the company's surplus
3,300
1,933,856
from
surp
4,348
4,002,050
4,348
3,637,254
arts'
conversion
Deficit
Total
After
23,946,465 23,843,084
reserve
for
p.
Net after rents
From Jan. 1—
Net from railway
Net after rents
—V. 142, p. 3672.
of $8,051.
RR.—Earnings—
1936
$610,049
298,382
195,203
$635,387
307,978
214,099
1934
$555,882
293,259
211,633
1933
$298,154
100,825
59,845
3,532,776
1,904,453
1,332,011
4,230,671
2,415,671
1,751,695
2,941,175
1,617,944
1,184,694
1,479,825
1935
Detroit & Cleveland Navigation
542,510
309,926
Co.—Earnings—
Years Ended Dec. 31—
1935
1934
$1,064,443
1,554,910
12,286
Total revenues
excl. of deprec, & amortization
$1,049,084
937,994
13,013
$2,631,639
2,976,232
$2,000,092
2,373,778
$344,593
47,240
$373,686
47,952
$297,353
FreightStorage, cartage, &c
exps.,
b Represented by
1093.
Detroit Toledo & Ironton
May—
Gross from railway
Net from railway
23,946,465 23,843,084
Total
undetermined losses
2,251,125 shares.—V. 141,
$325,733
390,049
11,044
to
$259,753.
by the franchise during the last 12 months, $11,428
4,400
2,393,416
ot debentures
Operating
amounted
stock,
return permitted
for unredeem.
tickets & tokens
Revenues—Passenger
and depreciation reserve
reserve transfers and before dividends.
z Dividends
accumulated and unpaid to April 30,
reserve
Res
amortization-.
Gross from railway
Gross corp. income
Int. & other deductions-
z
428,175
3,451
Res. for deprec. &
a
Period End. April 30—
Liabil. incurred pr.
to date of receiv¬
19,641
to
Dallas Ry. &
Funded
19,639
Before transfers (aggregating $483,068 for the 12 months ended
-
7,316,156
7,316,156
debt——16,991,000 16,991,000
1,153,315
hand
x
$
stock-
1,044,477
banks
Balance
1934
$
Liabilities—
b Common
Pl't, prop., rights,
Unamort. debt dls.
Gross corp. income—
6,115
bal. in
Deficit forward
Int. & other deducts
240,938
226,290
585
Previous deficit
1936—Month—1935
$495,099
$440,334
262,233
233,977
1,207
860
64,858
213,116
12,995
7,937
5,599
Net loss.-i.........
—
274,842
"
...
banks..............
Total
13,179
182,720
exchange
Prov. for loss
Light Co.—Earnings—
Period End. May 31—
Operating revenues
Oper. exps & taxes
Other income (Dr.)
$478,496
191,484
48,449
Amort, of Id. rights, &c
Loss on equipment
4231.
Dallas Power &
$514,256
190,153
51,588
165,226
$188,945
-
233,154
$643,102
Dr 1,300
Operation.
187,321
$473,249
5,247
$190,245
Gross earnings.
188,073
$508,959
5,297
$609,393
201,828
56,890
160,430
Non-operating revenue.
24
Earned surplus
$1,122,4361
1932
$409,948
$285,928
$603,765
5,628
revenue
General interest
40,263
3,000
30,915
1,403
17,071
70,412
—
Accts. receivable (less res.)-.
Materials
$119,016
730,000
notes
Accrued liabilities
Paid-in surplus
995
Cash
receivable
6%
money
(secured)
Accounts
182,737
bonds for sink, fd_
gen. lien
Notes
Total
1933
$320,886
special
&
pass.
1934
$401,524
Oper. revenue—Tolls—
)
Funded debt
Purchase
Co.—Earnings—
(Including Detroit & Windsor Subway Co. of Canada)
Gain
Common stock ($1 par)
$6j>6,628
119,010
In cap. stk. of
nv.
1,472,663
1,204,045
3672.
Detroit & Canada Tunnel
Liabilities—
Other intangible capital,
Earnings—
$2,074,086
698,374
613,754
Exchange reserve.
Consolidated Balance Sheet, Dec. 31,1935
Assets*"**
3847.
1—
Gross from railway
Net
p.
1936
after rents
Net
45,918,019 45,232,671
shares.—V. 142,
$2,269,474
525,359
356,844
Maintenance
Unamortized expense on secured notes retired
no par
Delaware & Hudson RR.-
coach hire
Balance....—...........—......—......
Interest deductions
Total-
doubtful accounts of $131,450 in 1935 and $160,766
Represented by 317,500
y
Net from railway
$339,057
19,826
—
for
After reserve
1934.
Gross from railway
1935
Operating revenues
Non-operating revenues.
x
May—
(& Subs.)—Earnings—
Calendar Years—»
45,918,019 45,232,6711
Total
n
Oper. loss before providing for deprec. & amortiz.
Other income
Total loss
Depreciation and amortization
I_
on disposition of securities &
capital assets-.
394,994
Loss
Premiums on bonds written off
Prov. for Fed. income tax
Interest paid
Loss for the year
963
2,200
678
i
$695,225
$727,791
Volume
Financial
142
4337
Chronicle
Consolidated Balance Sheet Dec. 31, 1935
Consolidated Balance Sheet Dec. 31, 1935
Cash
Accounts
hand, with agents, and
on
The
Liabilities—
Assets—
4,487
Accrued property taxes
Munic., U. S. Govt., & other
unadjusted freight,
passenger & other claims—
134,912
Other assets
Def. chrgs. to future operations
Capital surplus
Earned surplus
46,456
75,796
—
Treasury stock.,.
Total
17,548
5,000,000
748,395
685,363
Drl,162
$6,560,111
Total
$6,560,111
j
Fixed
capital
Detroit Edison Co.
1,929,003
359.382
1.714,404
368,973
137,161
Gas
133,644
,
$51,826,364 $46,( 34,750
34,721,259
32,* 25,508
Total
Operating and non-operating expenses
$17,105,105 $13,239,243
134,670
182,616
Balance, income from operations
Other miscellaneous income
,$17,239,775 $13,421,858
Gross corporate income
Interest on funded and unfunded debt
6,496,906
Cr44,330
201,951
6,318,378
Interest charged to construction
Cr25,900
;
263,117
Amortization of debt discount and expense
Extraordinary appropriations to retirement
serves, additional to current appropriations
re¬
1,400,000
.$10,684,180
Net income
$5,367,331
—V. 142, p. 4175.
June
on
Operating income
Non-operating income,
1936—Month—1935
1936—12 Mos.—1935
$1,531,941
$1,482,047 $17,195,230 $16,278,498
1,149,324
1,076,022
12,943,168
12,540,986
71,234
73,100
854,268
856,588
$2,880,923
$311,383
$332,924
$3,397,794
24,256
5,698
137,223
Appliances installed
"
Deductions
$335,639
154,740
$338,623
156,095
$3,535,018
1,844,405
Net income...
$180,899
$182,527
$1,690,613
$1,070,751
36,025
$21,677,324
$8,887,804
declared
a
of 50 cents per share on the
dividend
stock, no par value, payable Sept. 1 to holders of record Aug. 15.
The directors also declared a dividend of 25 cents per share on the common
common
bonds, $62,900 prin¬
cipal amount (1923 issue) called for redemption on June 1,
1935 (with premium and interest payable and estimated ex¬
Accrued interest
on
Other accrued taxes.
„
See list given on first page
Miscelianeous
on
reserves..
$7 preferred stock
Co.—Condensed Comparative
Common stock ($1 par)--
surr.
Custs.
at par
of exchange.—V. 140, p.
25
22
accts.
544,884
June
—V. 142, P.
140,405
5,000,000
1,511,375
57,116
Draper Corp.—Balance
,
.
8,001
&c-_.
Inventories
1,975,066
.
Investments
928,348
500,000
Treasury stock.-.
.
After
reserve
$1,239,723 in 1935 and $1,303,140 in
Principal and interest pay¬
Louis Mo., corporate
Bonds callable at 100 and interest.
1937-1951.
$500 and $1,000.
Duquesne University, established in
and
are
& Fuel Associates—Earnings—
$6,558,887
1878, is conducted by The Con¬
is in excess of 2,500.
constitute the direct
% prior preference
6% preferred stock
Dividends on 4^
on
1,108.320
1,991,113
stock
preferred and pref. stock dividends
100.653
x Annual interest on funded debt and dividend requirements on minority
stock interests now outstanding after giving effect to the recent financing
amount to $3,001,627.
Such interest and dividend requirements were
covered 3.32 times by the above net income before reserves and 2.19 times
by the above net income after reserves.
Note—Above figures do not yet reflect the benefits of the recently com¬
pleted $75,000,000 financing program nor do they give effect to any savings
from the recent changes in the capital structure of the company and its
subsidiaries which resulted in the elimination of 14 subsidiaries.
All figures
are subject to the annual audit by certified public accounts.—V. 142, p.
3167.
•
East Kootenay
Power Co., Ltd.—Earnings—
Interest
$2,805
52,594
$1,805
62,226
$9,990
72,216
prof.$258
$49,789
Def. charges
$407,088
135,648
281,430
$425,388
291.539
$425,237
137.038
290,004
$60,421
7,827
$62,226
$72,216
$52,594
$62,226
$72,216
$439,187
150,453
-
Business Administration and law.
Dominion Gas & Electric Co.
(& Subs.)—Earnings—
1935
...
....
Int. charges of Dominion Gas &
$1,551,103
54,264
$1,605,366
509,547
obliga¬
Electric Co_-
-
Note—The accounts of the subsidiaries are
$3,742,829
2,191,726
30,135
Provision for amortization and depreciation
of exchange.
$4,244,159
2,478,582
$1,795,712
519,730
revenue
Net income
1934
$1,765,577
Net operating revenues
Other income
Prior charges of subsidiary companies on
tions and stocks publicly held
Net loss
Total surplus
written-off-
of $400,000 will constitute
Calendar Years—
Operating revenues
Operating expenses
1933
1934
1935
1936
Years End. Mar. 31—
Oper. taxes and maint—
Building,
Upon completion of this financing, this issue
$2,889,854
State taxes on prior
Gross earnings
obligation of Duquesne University,
further secured by land and buildings known as Administration and
bonds
the only indebtedness of the University, other than approximately $20,000
unsecured notes bearing 4% interest or less, and minor current obligations.
at par
x3,669,033
-
Previous surplus.
Total
$9,960,554
3,401,667
retirement reserves
amortization and minority interests
Gymnasium and Powerhouse, and Canevin Hall, all
located about one-quarter of a mile from the heart of the business d istrict
of Pittsburgh, together with the Fitzsimons Building, 331 Fourth Ave.,
situated in Pittsburgh's financial district—a seven-story office building,
three floors of which are used by the University as its downtown School of
Chapel
12 Months Ended April 30, 1936
Balance
Dividends
gregation of the Holy Ghost, a Catholic Order of Men.
The University is
accredited by the State of Pennsylvania and the Middle States Association of
Colleges and Secondary Schools, and is a member of the National and State
Catholic Education Associations.
The present enrollment, excluding sum¬
courses,
.—V. 141, p. 3534.
Balance
able at Mercentilo-Commerce Bank & Trust Co., St.
These
19,285,529 19,349,023
Total-.
$6,525,707 $6,662,486
Total
—Metropolitan St. Louis Co., St. Louis, Mo., in May offered
at 100 and int. for all maturities except the 1937-1941 ma¬
turities incl., which were offered at 101 and int., $400,000
1st mtge. 4% serial real estate bonds.
mer
-18,636,457 18,615,641
plus
19,285,529 19,349,023
adjustments
Depreciation, depletion and
Duquesne University, Pittsburgh, Pa.—Bonds Offered
Denom.
344,140
275,000
Capital and sur¬
Federal income taxes and before provision for
depreb., depl. and retirements and interest, an ortiz. of debt
discount and expense of recently liquidated subs, and surplus
22,611
Dated May 15,1936; due serially
x
Net income after
1934.—V. 141, p. 4014.
trustee.
286,738
250,000
allow¬
taxes, &c.
22,658
2,042,916
Earnings for
1,634,087
for depreciation of
accounts,
ances,
114,241
doubtful
for
Represented by 350,000 shares (no par)
Interest (actual)
x
Res.
$
S
112,333
payable-
550,000
32,288
2,042,915
Patents
Total
$6,525,707 $6,662,486
Total..
1,245,595
1,263,130
2,486,634
5,721,290
1,563,423
1,147,781
2,583,669
5,325,750
.
Eastern Gas
xLd., bldgs.,mach.
& eqpt.(at cost) 1,605,057
Prepd. Ins., taxes,
subscrip. & exps.
29,874
Amounts
Reserve for taxes.
Mill stocks & mis
Dec. 29 '34
Dec. 28 '35
Liabilities—
2,112,094
2,144,073
8,001
1,752,631
1,957,010
2,149,625
.
Sheet—
S
$
Assets—
Accrued interest-.
28,859
2,922,265
950,364
1,543,288
1,557,863
Dec. 29 '34
Dec. 28 *39
v
14,982
7,811
1,385,259
1,360,939
1,350,741
1.501.638
1,555.614
1,505 417
1,544,037
1,584,054
Douglas Aircraft Co., Inc.—Registers with SEC—
given on first page of this department^f-Y. 142, p. 3506.
x
receivable
1933
$1,398,267
See list
7,320
15,565
1934
$1,373,111
1,481,037
1,528,273
1,505,736
3673.
.
122,717
Surplus
Merch. inventories 2,557,249
$21,677,324
1935
1,463,362
T
&
notes
accts.
13
.
453,091
&
receivable
_
$1,226,611
1,352,553
1,417,909
1,510,891
1,517.152
April 18
May 16
.
Employees' notes &
Miscell.
——
—.
4232,
1936
$1,413,478
1,452.088
1,513,367
Four Weeks Ended—
Jan.
Receivables
5,000,000
1,397,765
par)
41,242
...
—1,283.7)0
2,712,538
14,045
351,629
Ltd.—Sales—
Dominion Stores,
Cash
Accts. receiv. sub.
cos.—current
—
June 30,1933
a After
general reserve of $1,758,038 and reserves for amortization and
depreciation of $4,752,577.
b After reserve of $32,727.
Note—1The accounts of the subsidiaries are stated in Canadian currency
1934
Capital stock ($100
accts.recelv'le.,
—____
—
$10,704
payable and
accrued
199,970
43,483
notes
$5,223
Foreign drafts pay.
value
life insurance
_
Total.
Govt, securities...
1935
Liabilities—
1934
$387,689
Accts.
& accrued int
2,500,000
156,428
...
cellaneous secur
U. 8. Treas. bonds
Cash
55,225
4.131,832
....
Paid in surplus.
Office furn
Balance Sheet Dec. 31—
1935
501,663
20,400
—
Minority interest in sudsidiaries
Mach'y and tools.
of this department.
Crucible
§736,315
256,175
18,342
liabilities
pref. shares of subsidiary companies
Consumers' deposits & accrued interest
Deferred liability (payable in 1941)
Real estate
Display Products, Inc.—Registers with SEC-
Assets—
...—______—... — —
—
—
Accounts payable & other accrued
Accrued dividends
Dec. 2, 1935; 50 cents on
Sept. 3, 1935; 25 cents on June 1, 1935; 75 cents on March 1, 1935. and 25
cents per share paid each three-months previously.
In addition an extra
dividend of 25 cents per share was distributed on June 1, last, and an extra
of 20 cents was paid on June 1, 1935.—V. 142, p. 3848.
Cash
32,936
59,332
181.201
124,220
5
funded debt
Provision for Dominion income tax__
being payable Dec. 1 to holders of record Nov. 14.
on the common stock were as follows:
25 cents on
Dixon
.''••• 67,125
penses of redemption)
Municipal debenture instalments maturing in 1936
Previous distributions
June 1, last; 50 cents on March 2, last; 25 cents on
(Joseph)
11,377
311,339
—
Northwestern Utilities, Ltd. 1st mtge. 7%
Mar. 21
Diamond Match Co.—Common Dividends—
stock, this dividend
:
;
Note payable by sub. to bank
Notes & account due to Intl. Utilities Corp
Feb.
have
353,885
and deferred charges
expenses
Liabilities—
1,857,011
—V. 142, p. 3505.
directors
15,256
276,973
_—
Funded debt
$2,927,763
The
700,819
rental or approval
on
Inventories of materials and supplies
46,840
__
Gross income
70,405
260,773
1,1935
Capital surplus
Earned surplus of Dominion Gas & Elec. Co. from
Earned surplus of subsidiaries
Rys.—Earnings—
Operating revenues
Operating expenses
Taxes assign, to oper
241,206
Total
$49,400,817 $43,847,730
Steam
Detroit Street
96.425
2,678
—
w
Marketable securities (at cost)
b Accounts receivable
1935
1936
Electricity
Period End. May 31—
ref. bonds,
Cash in hands of trustee for redemption of Northwestern Utilities
Ltd. 1st mtge. 7% bonds (1923 issue) called for redemption
(& Subs.)—Earnings
operations:
Miscellaneous
amount (at cost)
Cash in sinking funds
Cash in banks and on hand
Prepaid
12 Months Ended May 31—
'
$19,622,876
....
Other receivables
—V. 141, p. 111.
Gross earnings from
are Stated in Canadian Currency
Exchange
l' i
'
Northwestern Utilities, Ltd. 1st mtge.
Investment:
series A, $101,500 principal
11,300
5,292,827 Capital stock
Props, at cost, less reserves..,
a
stock &
—
for
Res.
54,611
Deposits in closed banks.,,,,.
cap.
income taxes..
115,670
Inventories
Fed.
for
Prov.
3,366
Accounts receivable, &c
1,819
Miscellaneous accrued exps. &o
788,132
bonds—at face amount
Accrued bond int. receivable.,
Subsidiaries
SCCtS
10,730
deliv. exp„
of the
at Par of
$81,628
payable—trade
Acer, warehouse &
$48,337
in banks
Accounts
643,587
431,418
574,037
465,981
$200,976
$55,801
stated in Canadian currency
Surp. carried
$49,789
forward-
Balance Sheet
1936
1935
investment.$5,508,603 $5,499,594
employees on stk
subscription
1936
Funded debt
Demand
by
71,958
March 31
Liabilities—
Assets—
Plant
Balances owing
145,722
279,408
accts
notes
1935
$2,054,000 $2,077,000
&
payable-.
7,827
7,827
Accounts payable.
49
49
92,492
receivable..
85,930
39,080
Mat'ls & supplies.
42,820
48,666
2,161,518
6,902
2,135,698
29,416
28,540
6,905
Prov. for Domln'n
Sinking fund cash.
Cash
-
Accts.
Prepaid
accts.
&
Provincial
in¬
come taxes
39,506
Interest accrued on
bonds
&
deferred expense
10,577
9,956
Deferred repairs..
4,278
773
Preferred stock
x
Common stock..
Res.
for deprec
Earned surplus...
Total
x
Total
value.—V. 142, p. 3848.
$5,699,165 $5,698,864
30,000 shares of no par
72,090
72,677-
1,000,000
1,000,000
150.000
150.000
175,450
49,789
175,450
52,594
$5,699,165 $5,698,864
4338
Financial
Chronicle
Ebasco
Stamped Preferred Stock
Unstamped Preferred Stock
'
BOUGHT
Ttictcclcc
Operating Subsidiaries of—
SOLD
National Power &
QUOTED
x
Eastman, Dillon 8 Co.
MEMBERS
NEW YORK
Broad
A. T. & T.
Eastern
Light Co..
Edmonton Street
Period End.
STOCK EXCHANGE
New York
Street
1935
Renewals..
1936—Month- -1935
$51,698
$51,521
41,272
41,294
5,776
5,646
4,000
3,000
—
.......
Total surplus....
—V. 142, p. 3673.
Blenders, Inc.-—Registers with SEC—-
16,506,000
10,509,000
x359,000
27.1
x0.5
Ry.—Earnings-
May Z\~
revenues
Total expenses
Fixed charges
Teletype N. Y. 1-752
70,164,000
Amount
92,399,000
38,794,000
76,523,000
Decrease.—V. 142, p. 4175.
Total
15
1936
Amer. Power & Light Co
108,905,000
Electric Power & Light Corp. 49,303,000
Stock
Common
Services, Inc.—Weekly Input—
For the week ended June 18, 1936, the kilowatt-hour
system input of the
operating companies which are subsidiaries of American Power & Light Co.,
Electric Power & Light Corp. and National Power & Light
Co., as com¬
pared with the corresponding week during 1935, was as follows:
El Paso Natural Gas Co.
*
June 27, 1936
$650
1936—5 Months—1935
$306,776
226,829
28,882
37,000
$296,758
215,851
$14,065
$18,676
$1,581
28,231
34,000
See list given on first page of this department.
Eastern Manufacturing Co.
Calendar Years—
Gross sales
1934
$5,314,960
$4,851,934
1933
Freight, discount & chgs.
to sales
Electric Household Utilities
(& Subs.)-—Earnings—-
1935
Calendar Years—
1^32
$4,486,536
_
$3,756,125
„
Selling & admin, exps.._
1934
1933
$1,679,102
1,347,131
$1,777,367
Net profit.
_
Corp. (& Subs.)—Earns.
1935
$1,457,213
1,303,368
Gross profit
$153,846
253,002
478,209
3,756,629
282,731
396,185
394,707
3,742,696
.362,326
464,946
344,865
3,421,387
384,283
410,729
290,588
3,035,771
393,016
441,031
prof.$401,206
34,513
$112,741
31,387
$74,728
64,589
$404,282
90,667
prof.$435,719
140,805
49,330
Other chgs. against inc_
195,000
$81,354
138,252
75,021
158,198
$10,139
144,912
74,415
Exch.loss
157,484
$313,615
153,957
70,626
126,905
$452,824
$386,950
$665,103
Shs.
$331,971
227,236
$534,265 loss$200,307
197,580
89,655
$406,848
64,301
$559,207
$731,845 loss$l 10,651
67,953
93,055
69,727
20,418
$342,547
493,488
$483,356
393,959
Add'l depr. for prev.yrs.
Decline in market value
of securities
...
Cost of goods sold
Depreciation of plant
Selling & admin, exps
Miscellaneous credits
Net
earnings
Prov. for Federal taxes..
75.851
Depreciation
Net loss.
Other income
Total
loss
Bond interest
Other
._
interest
Net
on
8,481
remittances
_prof.$50,584
Common divs. (cash)
1934
$
$
Assets—
1935
Liabilities—
Cash in banks and
on
hand
Notes,
rec.
Accts.
318,870
57,581
254,217 Trade accept, pay.
60,093 Accts. pay.—trade
527,139
1,349,895
209,416
...
(less reserves)
Inventories
Pulpwood
Market,
Accrued expense..
._
_
oper
at
securs.
market value.
-
9,930
301,561
._
Misc.inv.(les8 res.)
assets
(less
for deprec.).
Timberlands
(less
res.
m.
x
1st
1,581,000
405,500
no par
Period End. May 31—
oper. expenses.
Taxes
116,100
313,400
1,935,650
3,829,014
1,022,960
Total
.11,191,884 11,085,130
shares.—V. 141,
p.
592.
-Earnings—
1936—5 Mos.—1935
$3,056,235
$2,808,415
1,897,858
1,831,662
181,037
146,407
$142,541
9,869
$977,340
40,100
$830,346
50,533
$152,410
$1,017,440
$880,879
66,128
106,346
321,531
557,611
332,256
547,915
def$20,064
$138,298
$708
*
Net income
*
Before provision for retirement losses.—V.
Eastern Utilities Associates
Period End. May 31—
Gross earnings
Maintenance
accruals
res.
142, p. 3848.
(& Subs.)—Earnings—
1936—Month—1935
$696,834
$684,296
352,888
342,262
27,248
33,396
60,416
60,416
89,366
82,172
43,439
45,855
Operation
Taxes (incl. inc. taxes).
Interest and amortizat'n
_
Balance
$123,475
$120,192
Pref. dividends—B. Y. G. & E, Co
P. G. Co. of N. J...
1936—12 Mos.—1935
$8,549,158
$8,286,320
4,184,785
3,965,210
333,510
333,476
725,000
725,000
972,982
991,971
567,055
561,444
$1,765,824
77,652
$1,709,217
18,980
30,829
77,652
49,500
38,194
$1,638,363
Applicable to E. U. A.
-V. 142, p. 3848.
rental.
x
y
A wage dividend amounting to
reserve
Economic Investment Trust, Ltd.—
-Earnings—
Years End. Mar. 31—
1936
23.
Edward N. Hurley Jr. was named Vice-Chairman of the
Executive Com¬
mittee and Vice-Chairman of the Board.
These positions are new in the organization.
Mr. Hurley continues to
hold the office of President.—V. 142, p. 3848.
Electrolux Corp.—Annual Report—
The corporation was incorp. in Delaware June 26, 1931.
Company upon
its organization acquired, subject to
royalty payments, certain letters
patent and applications for letters patent of the United States of America
relating to electric cleaners, and also all of the outstanding capital stock and
certain indebtedness of Electrolux, Inc., New York
(its sole
subsidiary).
Electrolux, Inc., was incorp. in March 1924 in New York. Since that
time it has been engaged in selling electric cleaners under the
trade mark
and name "Electrolux." It now
operates in every State of the United States.
When first introduced into the United States, all the
Electrolux cleaners
were imported from Sweden.
From the fall of 1931 until the
spring of 1933
cleaners were manufactured in the United States for the
subsidiary by an
American manufacturer. The manufacturing plant of the
subsidiary, where
since the spring of 1933 cleaners have been
manufactured, is located at
Old Greenwich, Conn.
The consolidated net profit for the year ended Dec.
31, 1935, after all
expenses, depreciation and provision for Federal income tax, amounted to
$2,807,804. This compares with a net profit of $1,896,939 for 1934 and
$980,446 for 1933. Earnings per share computed on the basis of the number
of shares now
outstanding amounted to $2.27 in 1935, $1.53 in 1934 and
79 cents in 1933.
Dividends on the common stock, computed on the basis of the number of
now outstanding, were
paid at the rate of $1.20 per share in 1935,
$0,937 in 1934 and $0,713 in 1933.
1
shares
The
common stock was listed on the Montreal Stock
Exchange in Decem¬
ber, 1935, and during that month registrars and transfer agents for such
were appointed in Wilmington,
Del., Montreal, Canada, and New
York, N. Y. Since Dec. 31,1935, 250,000 shares of common stock have been
listed on the London Stock Exchange in the unofficial list and a
registrar
and transfer agent for such shares have been
appointed in London.
stock
Earnings for Year Ending Dec. 31, 1935 (.Including Subsidiary Co.)
1934
1933
$92,035
$90,934
12,261
48,014
1,280
$98,327
12,562
48,664
427
13,671
47,476
3,223
$27,664
24,955
$29,379
19,965
$36,538
29,945
$100,755
13,672
47,475
expenses
Net profit
Dividends paid..
Total income
Balance, surplus
$4,246
101,263
Total surplus..
$2,709
98,554
$105,509
563
$9,414
89,140
$101,263
$6,593
82,547
$98,554
$89,140
Balance Sheet March 31, 1936
Assets—
Invest, at book val. less invest,
Sundry creditors &
val.,
Dividends
$2,708,617
accr.
chgs.
payable
Loss on disposal of fixed assets
Provision for Federal income tax
General
123
Funded
$2,807,804
1,559,686
.
Total.
Adjustment of tax provision for prior
Dividends paid in cash
debt
Capital stock
a
$2,715,222
...
Reserve
Revenue
account
Total
Created through reduction in
paid-up value of
$50 to $25.
—Y.142, p.4398.
$962
common
shares from
$2,822,491
$2.27
Consolidated Balance Sheet Dec. 31, 1935
Cash in banks and
Liabilities—
on
Accounts receivable
Inventories
hand...
$833,294
4,405,050
Land, bldgs., machinery and
equipment, at cost
Prepaid & deferred
expenses..
Accts. pay. & sundry accruals.
Salesmen's reserve fund
1,165,290
...
Salesmen's goodwill bonus res.
Res. for Fed. income taxes...
x442,405
y382,410
Reserve for miscellaneous taxes
Reserve for contingencies
22,219
$402,809
302,945
432,405
...
821,705
79,865
50,000
Capital stock (par $1)
1,237,500
Amt. representing difference
between stated value of no-
par-value cap. stk. at date
it
was changed to par val.
stk., & present par value-
949,500
998,125
559,579
105,509
..$2,715,222
a
$4,367,491
60,000
1,485,000
years
Balance, Dec. 31, 1935.
Earnings per share on 1,237,000 shares (par $1)
19,781
56,811
reserve
623
491,700
Balance, Jan. 1, 1935---'.
24,954
Bond interest accrued
6,483
$3,385,741
45,302
29,412
10,898
-
-
Patents
Liabilities—
*
Assets—
Previous surplus
Total
$3,297,907
87,834
Net profit for the year
1935
$39,181
34,935
received
Bond interest
Prov. for Dom. inc. tax-
1,651,125
113,685
New Chairman—
Wage Dividend—
Divs., int. and other in¬
Sundry amounts receivable...
stock
reserve
Depreciation
(mkt.
which
reserve
Amortization of patents
Interest....
acct.
(of
Miscellaneous income
$1,136,297 will be paid on July 1 by the
the company's employees.
This dividend is at the rate of 1%
salary received in the preceding five calendar years.
Last year's rate was one-half of 1%.
All regular employees who worked
26 weeks in 1935 are eligible for this year's
dividend, when will be the
24th disbursed by the
company.—V. 142, p. 3506.
/
$2,392,404)
surplus
$5,541,2901
Total
$5,541,290
for doubtful accounts, collection expense,
&c., of $98,175.
for d epreciation of $90,607.
z After depreciation and special
of $2,318,603.
After
After
of the total wages or
Cash at bankers
Earned
($313,110, representing cost
of treas. stk., is restricted)..
company to
reserve
yll6,456
Net profit from operations.
Eastman Kodak Co.—To
Pay
come
57,526
41,619
on
Land, bldgs., equipment, &c..zl,161,022
Pats., trademarks & goodwill.
1
$1,543,870
__
Applicable to minority interest
Operating
1936
Silas H. Strawn, has been elected Chairman of the
Executive Committee
of the Board of Directors, it was announced on
June
$16,955
Deprec. & equalization.
$71,654
304,104
98,375
221,996
General reserve.
250,000
Res. for fluctua. in for. exch_.
52,863
Capital stock (par $5)
2,099,622
Paid-in surplus
905,236
Divs. pay. Jan. 25,
Accruals
and Chairman
64,172
110,154
&c
Trade acceptances
Accounts payable...
Treasury
$191,281
Gross corp. income
Int. on fund, debt, rents,
Prepaid insurance, taxes, &c._
Metered Machs. out
Total
$183,580
7,701
Other income.
Nil
405,500
cum.
1936—Month—1935
$577,882
$515,616
358,201
344,955
36,101
28,120
oper. revenues.
x818,975
1,238,507
mtge.
Eastern Massachusetts Street Ry.-
Retirement
1,581,000
Receivables
2,269
35,512
11,191,884 11,085,130
Railway
Railway
17,946
116,100
303,743
pf. stk. 1,935,650
1,992 x Common stock._ 3,829,014
34,979 Surplus
1,092,213
Represented by 111,568
$737,472
1,369,712
Investments
2,894,746
6% bds. outst'g.
1st
434,066 Orono
mtge.
37,910
5% bds. outst'g.
115,003 Res. for conting's.
$3.50
hand...
mtge.
7% bds. outst'g.
Orono
on
Marketable securities
52,050
17,368
bonds.
Total
1st
393,656
Liabilities—
Cash in banks and
145,190
3,958
1,992
31,501
of frac. com.stk.
Def. chgs. to oper.
Unamort. discount
—1st
285,995
Dominion taxes.
4,979,971
res. for deple.).. 2,877,094
Prepaid stumpage.
415,156
Treasury stock
37,910
Other assets
115,441
Deposit for purch.
1,152,000
36,661
467,722
25,614
Inventories
loans
Eastern
4,921,030
Assets—
Res. for Federal &
7,685
303,061
Plant
$593,217
396,678
$1.36
Consolidated Balance Sheet Dec. 31, 1935
1,152,000
17,193
419,904
31,669
420,906 Acer. int. on 1st
1,226,359
mtge. bonds
278,629 Acer. int. on bank
(less res.)
rec.—trade
396,809
$1.22
$0.86
1934
S
L'ns pay. to banks
397,187
r--.
$541,936 loss$203,447
389,770
sur$89,397 sur$541,936
stk. outstand¬
ing (par $5)
Earnings per share.....
Comparative Consolidated Balance Sheet Dec. 31
1935
$150,941
com.
13,786
9,281
~
income
Deficit
Net loss
1932
$927,932
1,128,239
1,243,102
Capital surplus
Earned surp.—Electrolux Cor p.
Subsidiary company
Total..
$7,250,6681
...
Total...
x After reserve for
depreciation of $121,872.
zation of $117,648—V. 142, p. 3167.
1,063,550
37,395
450,548
2,371,942
$7,250,668
y
After
reserve
for amorti¬
Volume
Financial
142
Emsco Derrick & Equipment
Calendar Years—
1935
Earnings for year
Research A develop,
75,000
$6,308
43,134
x60,000
$161,942
23,378
exp.
Reserve for Federal taxes
Res. for invest, shrinkage
"45",239
Res. for contingencies.
Prov. for allowances in
43,703
_
connection
with
20,000
126,337
95,871
102,136
$554,662
77,957
loss$2,546 loss$158,487
$393,995
divs.
received,
miscell. income, &c
16,644
50,168
Previous earned surplus.
$571,306
475,648
$444,164
804,077
paid on
2, 1935, this latter being the initial dis¬
this issue each quarter since Jan.
Farmer & Ochs
Co.—Earnings—
Calendar Years—
Discounts rec., inc. from
inv. & other income.
Cost of borrowed money
1935
loss$158,487
1,002,525
loss $2,546
819,803
$1,248,241
$844,038
$817,257
write-downs
1934
1933
1932
$257,451
$243,062
$333,580
$444,858
166,030
16,510
159,825
15,417
257,926
Taxes
13,382
400,720
9,089
Net inc. after taxes
Tax adjustments
$74,911
$67,820
$62,272
$35,049
_
$1,046,954
cost,
dividend of 6"cents per share on the common
no par value, payable Aug. 1 to holders of record
July 28.
An
initial dividend of 20 cents per share was
paid on Feb. 1, 1936.
The directors also declared the regular
quarterly dividend of 6% cents
per share on the classA common stock
no par value, payable Oct.
1 to
holders of record Sept. 19.
A dividend of like amount has been
and oper. expense
Plant
a
stock,
tribution.—V. 142, p. 2317.
mer¬
chandise sold
Interest,
The directors have declared
1932
1933
$556,131
4339
Famise Corp.—Common Dividend Reduced—
Co.—Earnings1934
$775,999
Chronicle
863
Transferred to surplus—
and prov. for losses
Sundry charges
Dividends paid
Adjustments
576,912
8,908
186,772
420,294
for
res.
contingencies.
30,000
Total credits to surp..
$74,911
Charge to surplus reserve
for contingencies
10,000
Profit A loss surplus.
Shares of common stock
$626,660
$475,648
$804,077
373,594
373,594
$1.19
400,000
400,000
Nil
Net add'n to surplus.
Surp. at begin, of year
$92,272
$35,912
685.252
$67,820
617,432
$92,272
525,160
$35,912
489,248
$685,252
$617,432
$525,160
$37.45
$33.91
$46.13
$17.95
$819,803
(no par) outstanding.
Earnings per share
$67,820
$750,163
24",235
13", 180
Nil
_
$1.53
Surplus Dec. 31, fully
Includes provision for contingencies.
x
Balance Sheet Dec. 31, 1935
Assets—
Cash
$313,006
cated market
value)
43,350
Customers' notes and accounts
Inventories
cost or
Earns,
Liabilities—
(at
the
lower
payable
for
chases, expenses, &c
Reserves—For
x574,067
market)
1,818,751
468,157
Property, plant & equipment.yl,227,460
Goodwill, patents & processes.
1
Taxes, insurance, &c., prepaid
Total.
2,000
on
Balance Sheet Dec. 31
$372,152
allowances
In
Assets—
1935
60,000
Cash
60,000
For contingencies
Other assets
sh.
capital stock
pur¬
connection with mdse. sold
of
per
shares
Accounts
Marketable securities (at indi¬
$64,911
1934
Liabilities—
Notes receivable &
$149,020
$116,910
66,618
6,684
1,000
56,396
11,850
1,000
1,800,612
1,384,138
1935
Accounts payable.
Accrued accounts.
1934
$11,405
9,805
1,867,970
from
reduction of stated capital.
.
interest
;
Accts. receivable
$3,237
1,481,453
Profit and loss—surplus
626,660
-
.
Investment
Trusteed assets
23,444
$4,468.2361
Total
$4,468,236
x After
allowance for doubtful accounts of $27,740.
for depreciation of $856,833.—V. 141, p. 3689.
Equitable Fire Insurance Co.
y
13,102
7,599
11,745
companies
Obligations secured
318,216
239,076
by trust'd assets
Capital stock (par $5)
Capital surplus, arising
628,000
369,383
14,747
39,253
200,000
685,252
Federal taxes
Res.agst.notes rec.
by surety
guar,
Reserves
45,483
47,759
200,000
750,164
Unearned income.
After allowance
Cap.stk.(par $100)
Earned surplus
(Charleston, S. C.)—
Total
Extra Dividend—
The directors have declared an extra dividend of 50 cents
per share
addition to the regular semi-annual dividend of $2.50
per
share
on
in
the
.$2,023,934 $1,570,295
Farr
common
stock, par $50, both payable July 1 to holders of record June 30.
Similar distribution have been made in each of the six
preceding six- months
?eriods. 1935—V. 141, special extra dividend of $1
In addition a p. 4165.
>ec. 23.
per share was paid on
Total
$2,023,934 $1,570,295
—V. 141, p. 435.
Alpaca Co.—Earnings—
Period Ended—
Net
11
Mos.
-Years Ended-
Apr. 30, '36 May 31,*35 May 31, '34 May 31, '33
loss
after
deprecia¬
tion, Fed. taxes, Ac..
Erie
RR.—Earnings—
May—
Gross from railway.....
Net from railway
Net after rents
1936
$6,892,765
2,044,044
1,277,924
1935
1934
$6,171,868
1933
$6,986,180
2,197,933
1,541,377
1,578,717
1,002,686
From Jan. 1—
$6,017,567
1,916,993
1,251,318
Gross from railway
32,905,275
9,145,113
5,885,851
Net from railway
29,944,095
7,677,972
4,793,568
31,998,485
9,566,927
6,350,117
26,747,194
6.474,916
3,138,025
—V. 142, p. 3674.
Federated
Publications, Inc.—Earnings—
Operating revenue and other income (less profit
purchased)
on own notes
$1,700,294
1,310,929
Material costs, operating and other expenses
Depreciation
Fall River Gas Works
Period End. May 31—
Operating
Operation
Also after
Condensed Consolidated Statement of Income for the Year Ended Dec.
31, 1935
\
Net after rents
a$972,213
b$853.940
$506,188
$1,016,787
inventory write-down of $356,374 and after an appropriation
inventory valuation,
b Exclusive of
$501,634 inventory loss on old style goods which was charged against in¬
ventory reserve previously set up for this purpose.—Y. 142, p. 1982.
a
of $150,000 as a further reserve for
[Including Chicago A Erie RR.]
1936—Month—1935
$71,909
$74,678
39,138
41,009
4,670
4,753
13,725
12.934
revenues
Maintenance
Taxes
Net oper. revenues
1936—12 Mos.—1935
$879,197
466,153
65,372
158,896
$887,516
455,156
60,046
164,574
$207,739
$14,375
$15,981
$188,774
15
8
193
Surplus net income
Earned surplus, Jan. 1, 1935
Adjustments of prior years income and expense
Restoration of excessive depreciation, 1933-1934
$178,470
223,272
1,225
11,706
$15,990
5,000
5,000
874
964
$188,968
60,000
12,245
$207,825
60,000
13,174
$116,722
$134,651
Note discount and expense amortized
Profit on own notes purchased.,
86
$14,390
...
Non-oper. income—net.
Provision for Federal income taxes
41,063
123,726
15,365
Crl0,640
41,379
Note interest
Co.—Earnings—
Total
Balance
.
Retirement
res.
accruals
Interest charges.
Net
income.
$8,516
$10,026
—V. 142, p. 3508.
Famous Players Canadian
$1,788,394
522,334
435,057
Interest
Depreciation
$1,639,373
574,972
471.020
TJ. S. exchange
Provision for conting
556,852
604,312
40,444
i"o~,666
81,666
$1 ,587,831
629,071
786,983
49,791
100,000
168,465
40,000
4,900
4,450
132,647
9,424
'32
57,900
170.426
Dom.inc.taxes
chises, &c
Amort, of
expendit., AcForeign exchange
Directors fees
Officers shs. & legal fees.
Prior years adjustment.
Applicable to interest of
minority stockholders.
40,000
3,874
5,450
Total surplus..
com. stk. (no par).
$3,907,907
$3,762,036
397,524
378,790
$0.80
def$10,783
$21,985
378,790
3,354,526
74,817
40,851
3,613,535
97,796
$3,459,411
378,790
$3,354,526
378,790
Nil
$0.06
Comparative Consolidated Balance Sheet
Dec. 28 '35 Dec. 29 '341
§
$
expenses.
125,579
166,372
7,701,695
130,139
189,748
Dom. of Can. bds.
1,000,858
966,284
Prepaid
Equity acquired in
affiliated
30,550
hands
in
3,205
622,227
421,329
100,000
of
trustee-
Cash
Call loan
Sound
2,071,201
28,731
3,559
335,648
Dep. to sec. contr.
Cash
Dec. 28 '35
Dec. 29 '34
9,179,065
7,756,000
8,991,725
8,250,501
Liabilities—
equipment
licenses & instal.
23,947
Interest
of
minor.
Mtges. receivableSundry debtors
stockholders
881,351
129,299
877,185
25,000
2,017
444,179
Res. for conting.
145,000
Res. for inc. tax..
81,473
Acer .int. .taxes, Ac.
154,683
Surplus
3,907,907
259,500
Accounts payable.
gation
(current)
Adv. payable, Ac.
Mtges. on theatres
_
24,683
496,586
28,351
113,345
35,296
Deferred charges..
Total
x
79,670
4,329
496,511
145,000
60,000
174,159
3,762,036
536,586
48,723
104,580
Represented by 397.524
Investments, impounded bank
no par
Common stock
89,090
17,999
2,186,000
xl07,990
Earned surplus
$3,215,5201
Represented by 107,990
no par
385,246
383,955
Paid-in surplus
Total
$3,215,520
shares.—V. 141, p. 1437.
Corp. (& Subs.)—Earnings—
1936
1935
Operating revenues.
$16,319,394 $15,675,964
Operation
5,075,746
4,792,792
General expenses charged to construction.
Crl39,286
C/T31,453
Amortization of rate case expenses & regulatory
commission expenses
265,113
264,907
Provision for uncollectiole accounts
119,438
135,789
Reserved for contingencies
170,000
169,999
Maintenance
849,784
724,815
Provision for retirements A replacements in lieti of
depreciation
1,067,416
1,002,687
General taxes
1,415,476
1,247,9*5
Net earnings before prov. for Fed. income tax
Other income (net)
$7,495,705
110,066
$7,468,481
161,571
Gross corporate income
Charges of subsidiary companies—
$7,605,772
$7,630,053
4,818,549
84,929
140,846
421,396
839,418
20,955
246,625
4,704,927
$1,033,050
$968,510
380,924
386,072
162,187
$652,126
$420,249
Miscellaneous interest.
_•
Ac.
Amortization of debt discount A expense..
Dividends on pref. stock—paid or accrued.
Dividends
pref. stock—not declared
Minority interest in net income
on
Provision for Federal income tax
Balance
153.357
169,061
317,457
991,467
1,511
293,759
Charges of Federal Water Service Corp.—
Interest
funded debt
on
Miscellaneous interest
Net income
-V.
142,
p.
3850.
(Marshall)
22,705.975 23,100,6171
-V. 142, p. 3168.
Prepaid expenses
Long-term liabilities
Interest on funded debt
Reorgan. of capital
and funded debt
131,767
26,855
18,834
reserves
Inventories
$45,240
payrolls, current in¬
terest, taxes, Ac
Prepaid subscriptions
$
Common stock..
Funded debt
x
Purch. money obli¬
2,090,709
cos
less
Accrued
—
$0.84
10,572,815
receivable—trade,
Federal Water Service
$302,626
3,459.411
Property account. 10,262,788
Franchises, Ac... 7,571,056
Accounts payable
$179,015
12 Mos. Ended March 31—
$145,871
3,762,036
Shs.
Accts.
x
$302,626
Earnings per share
Liabilities—
hand, in banks and in
Total
5,065
$335,266
189.395
Balance, surplus
on
transit
48,182
Land, bldgs., mach'y & equip.
654,280
Goodwill and franchises
2,067,172
Note discount and expense—
89,413
Earned surp. of sub. co.
Discount on bonds red'd
cos..
$385,246
...
balances and advances
52,891
Net profit
Divs. on capital stock._
Adv. to affil.
1,565
Earned surplus, Dec. 31, 1935
Cash
31
Amortiz. of leases, fran¬
"
862
2% normal income tax (at source)..
Assets—
Corp., Ltd. (& Subs.).
A. sscts
1933-.
Condensed Consolidated Balance Sheet Dec. 31, 1935
Years Ended-
Prov. for
$414,674
27,000
Dividends declared and paid
Additional assessment—Federal income tax
John
Total
22,705,975 23,100,617
shares in 1935 (378,790 shares in 1934.
Field & Co.—President Resigns—
McKinlay, President of the company for the last six years, has
resignation to the directors, the company announced on
successor has not been named, but the selection is expected
turned in his
June 23.
His
(to come before directors at their next meeting, on June 29.—V. 142,
p.
2994
4340
Fisk Rubber
At
a
dent
Chronicle
Financial
l-VTV.;!
Corp.—New President—
urgent."—V.
meeting of directors on June 18 Edward D. Levy resigned as Presi¬
accept another important position and Charles E, Speaks was
to
$5,451,648
$4,665,855
33,294
$4,971,285
25,579
$4,996,864
2,600,000
1,320,000
215,903
$4,689,552
Other int. & deductions.
$5,484,943
2,600,000
1,320,000
217,023
Int. charged to constr__
Prop, retire, res. approp.
436,836
438,820
435", 883
....
23,696
142, p. 4179.
July 1 to holders of record June 26.
A like payment
on
mortgage bonds.
Int.
on
debentures.
_
2,600,000
1,320,000
212,318
was
made
on
April 1
on Dec. 31,
1935.
Arrearages after the payment of the current
dividend will amount to $11 per share.—Y. 142, p. 3169.
General Refractories Co.—New Director—
$5,666,229
2,900
meeting of the directors held June 19 Dr.
director.—V. 142, p. 3509.
a
elected
$5,669,129
2,600,000
1,320,000
Heuer
was
Split Stock Five for One—
The company announced on June 22 that a special
meeting
common stock will be held on July 16 to vote on
of
of the holders
changing the par value
and to change the number of shares
of the stock from $25 to $5 a share,
from 100,000 to 500,000.
176,945
Cr87,384
Russell P.
a
General Tire & Rubber Co.—To
Gross corporate inc
Int.
and greater capacity is
last and
At
Balance
space
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $2 convertible class A stock, no par value,
payable
(& Subs.)—Earnings—
Calendar Years—
1935
1934
1933
1932
Operating revenues
$12,508,684 $11,646,144 $10,449,084 $11,084,186
Oper. exps., incl. taxes,
7,017,703
6,633,483
5,740,623
5,417,956
Rent for leased property
39,332
41,375
42,605
Other income
more
General Paint Corp.—Accumulated Dividend—
elected President to succeed him.—V. 142, p. 3850.
Florida Power & Light Co.
June 27, 1936
taxed to the limit and the need for
1
W. O'Neil, President of the company, says in a letter to
stockholders,
"If the par value of the snares of the company's common stock is reduced
proposed, five shares of the $5 par stock will be issued to each holder
in exchange for each $25 par share."
434.806
as
Balance, surplus
$911,083
$422,141
$121,350
$1,224,762
Mr. O'Neil, in announcing that the management favored the
plan, said
that in the program "there might be a more stable market for the
shares,
wnich would be to the advantage of all common stockholders."'—V.
142,
Consolidated Balance Sheet Dec. 31
1935
$
Assets—
1934
$
1935
Liabilities— ;;
Plant, property,
Invest.—secur—
Cash
on
par)
$
48,954,308
1st mtge. gold 5s
banks—
demand—
$
52,000,000
6% debs., ser. A 22,000,000
Municipal bonds
4179.
p.
Cap. stock (no
x
franchises, &c.128,377,165
127,635,497
153,699
159,831
1934
48,954,308
52,000,000
22,000,000
Accts. receivable
705,405
94,132
2,177,178
Mat.
& supplies
1,110.267
229,683
1,874,018
1,118,067
Pow.&Lt.Co.)
69,128
75,158
64,754
Contractual liab
24,000
1,110
69,610
Contracts pay..
1,110
1,110
Misc.curr assets
299,117
assumed.
Note pay.
Am
(3,856 shs. $7
pref. stock)..
Int. and redemp.
377,697
1,315,500
1,554,114
account
U. S. Treas.sec.
P. & L-.
2,094,000
276,096
payable.
Customers' dep.
1,378,193
983,205
Accrued accts..
1,305,547
967,234
Misc.
2,515,000
168,793
1,276,818
1,025,262
822,070
667,278
1,187,224
1,253,230
liabs
3,580
1,315,500
curr.
Cong. llab.
24,000
--
118,822
Capital surplus.
Earned surplus.
6,022,912
821,778
1,772,003
Reserves
applic.to rents
279,802
and tolls
Other def. chgs.
316,202
498,967
96,265
4,689,901
820,875
1935
income
Gross
Total
138,797,509
2,819
Interest
on
funded debt
on
unfunded debt-
Amortization of debt discount and expense..
Interest charged to construction
cum.
on
173,000
Jan.
1
"
$5,358,478
x
Pref. stock, $6
3
y
Common stock
Acc ts receivable from affil.cos.
350
Cash
Notes
(incl. working funds)
receivable...
100,476
$201,026
$163,270
28,420
21,493
6,974
387,064
1,131,812
752,463
Value of life insurance
policies
1935
Loans receivable—
8,429
Accts. receivable—
233,077
1,725,369
788,720
Inventories
Plant and equip.
Goodwill,
_
Accounts
57,100
Taxes
Ex¬
84,358
debit items
765,305
$24,524
and trade-marks
1
12,721
Investments
1
9,271
Prepaid expenses &
deferred charges
37,814
sions, bonuses &
Other assets
55,628
22,620
70,363
24.683
53.684
26,250
102.416
865,000
375,000
15,750
105,000
865,000
300,000
1,305,033
1,174,333
wages
tpxes
pref.
payable.-
Reserves
Common stock
Preferred stock.—
32,146
63,522
Surplus
$3,CJ91,206 $2,568,017
Total
$3,091,206 $2,568,017
Period End. May 31—
Operating revenues
Operation
$20,282
13,896
2,749
1,554
Maintenance
Taxes
Net income
$18,751
Total
x
$6,426,2241
$224,098
159,661
2,687
31.931
32.803
1,548
17,313
19,055
$1,131
118,935
147,372
Total
$6,426,224
y
Operating revenues
Operation
$19,462
$12,578
Represented by 21,650
Taxes
Inc. from oth, sources.
Interest
on
def$3,651
1st mtge. bonds
def $3,158
Net deficit
41,006
15,860
$219,181
123,872
44,246
18,752
$21,646
61,300
$32,402
61,300
$39,653
Maintenance
Balance
1936—12 Mos.—1935
$206,563
Godchaux
Sugars, Inc. (& Subs.)—Earnings—
1936
Income from operations.
Interest and expense on funded debt
Provision for depreciation
Provision for Federal & State Income taxes (est.)..
reserve
for contingencies
$1,234,823
127.746
200,000
120,123
i.62,726
200.000
140,000
1936
Liabilities—
Cash in banks and
on
hand..
$1,010,619
Marketable securities (approx.
market value
Notes & accts
$48,750)
48,750
1,148,221
1,448,900
110,387
60,654
42,672
66,057
receivable
Inventories
expenses
Notes receivable (past due)—
Investments
Accts. pay. & accrued exps..
1st mtge. serial bonds, due
May 1, 1936
100,000
taxes, year end. Jan 31 '36
(estimated)
1st mtge. 5% serial bonds
Reserve for contingencies.._
Pref. stock ($7 cum.)
Class A stock
Goodwill and trademarks
Class B stock
1
Unamort. bond disc. & exp..
Total
x
83,446
reserve
shares,
no
Total
for depreciation of $2,298,939.
Represented by 71,954
par shares.—V. 142, p. 3345.
z
Gold Dust
-V. 142, p. 3851.
120,123
1,900,000
165,000
y2,720,000
z3,597.700
a3,524,745
133,559
$12,674,1751
After
no par
$546,606
Prov. for Fed. & State income
Property, plant & equipment x8,604,351
92
$732,098
299.388
i.
Assets—
•
165.000
$741,619
$7 preferred stock
on
1935
$1,354,488
Condensed Consolidated Balance Sheet Jan. 31,
$28,897
128.049
no
v-
,
Yiars Ended Jan. 31—
Prepaid
Ry.—Earnings—
1936—Month—1935
$17,689
$17,366
10,169
11,096
3,681
3,667
1,455
1,579
5,108
5,108
62,908
value,
payable July 1 to holders of record June 25.
A dividend of $1.75 was
paid on April 1 and Feb. 25 last.
Dividends of 87H cents were paid on
Oct. 1, July 1, April 1 and Feb. 15, 1935, and Oct.
1, July 2, April 2 and
March 1, 1934, prior to which no distributions were made since Jan.
2,
1933, when the regular quarterly payment was made.—V. 142, p. 2159.
Planted and growing crops..
Galveston-Houston Electric
446
(A. C.) Gilbert Co.—Accumulated Dividend—
Dividends
$228,505
159,796
—V. 142, p. 3851.
Period End. May 31—
,
55,609
116,722
Represented by 10,572 no par shares.
140, p. 3215.
1936—12 Mos.—1935
13,383
$2,080
13,178
Consumers' service deposits &
accrued Interest thereon
Net income
Co.—Earnings-
1936—Monfh- -1935
9,804
4,917
accrued
surplus.
Corporate surplus
Appropriation to
-V. 142, p. 784.
Galveston Electric
327,002
accrued
...
Total
to
payable....
The directors have declared a dividend of 87
cents per share on account
of accumulations on tne $3.50 cumulative preference stock, no
par
commis¬
on
payable
company
Accrued but not declared pref.
stock dividends
$29,566
300,000
stock
1,462,770
Miscellaneous accruals
par snares.—V.
Accounts payable.
Accrued
parent
Interest
Co
Deferred
$957,060
cum..
3,149,500
accounts
2,710
57,442
Materials and supplies.
Due from Fruit Growers
Jan. 1 '35
Dividends
&
......
1934
Dec. 30 '35
patents
Notes
series,
debt
receivable—......
Accounts
$133,889
$0.65
Liabilities—
Accrued
Funded
Capital
$246,479
$1.30
shares
'35
$46,202
63,116
Reserves
Notes payable
Cash
$26,695
63,432
investments...
press
Consolidated Balance Sheet
Dec. 31 *35
4,085
Liabilities—
capital
Subs.)—Earnings—
common
Cr97
97
pref. stock.
cccts
Fixed
Miscellaneous
periencing increased demand.'—y. 142, p. 4177.
Years Ended Dec. 31—
Net income after reserves for depreciation
9,791
Crl56
Consolidated Balance Sheet Dec. 31, 1935
Ford Motor Co. of Detroit—Price Increase—
share
3,642
$239,501
157,570
21,950
Provision for write-down of investments
136,368,457
The company has increased the delivered price of its De Luxe line $20
tnrough inclusion of several accessories as standard equipment.
It
was stated that the accessories included items for which dealers were ex¬
per
587,314
$215,986
157,570
21,988
9,791
income
car
Assets—
$235,858
Net income for the year
.
Earnings
$823,172
$213,166
Operating income
Other
1934
$847,029
633,863
Divs. paid or accrued on $6 series
138,797,509 136,368,457'
Fuller Brush Co. (&
1935
$457,569
Georgia Power & Light Co. (& Subs.)—Earnings—
6,692
x Represented
by $7 pref., cum. (entitled upon liquidation to $100
sh.); pari passu with $6 pref.; authorized, 500,000 shs; outstanding (inc
60 shs. issuable in exchange for pref. stock of merged company)
160,001
shs; $6 pref., cum. (entitled upon liquidation to $100 a sh.); pari passu witO
$7 pref.; authorized, 500,000 shares; outstanding 10.000 shs.; $7 2d pref.h
cum.
(entitled upon liquidation to $100 a sh.); authorized, 100,000 shs.;
outstanding, 20,000 shs.; common, authorized, 5,000,000 shs.; outstanding,
2,500,000 shs.—V. 142, p. 3169. *
<
>.
;
a
1 to June 14-—
1936
$471,308
1,483,611
24,000
Conting. asset—
-Jan.
$21,500
Calendar Years—
Interest
(see
contra)
Sundry credits
chgs.
$19,500
Operating revenues
Operating expenses and taxes
1,305,547
debt
discount & exp
Gross earnings
—V. 142, p. 4179.
3,605
Mat. & accr. int.
rec.—not curr
Total
(Am.
Accts.
377,697
Notes and accts.
Unamort.
2,250
Loans payable—
Reacq. cap. stk.
Unamort.
2,000
■
■Second Week of June—
1936
1935
Period—
1,030,000
Prepayments—
on
Notes receivable
r
Georgia & Florida RR.—Earnings—
no par
.—$12,674,175
y Represented by 27,200
shares,
a Represented by
Corp.—Reduces Common Dividend—
The directors
Gar Wood
Industries, Inc.—Registers with SEC—
See list given on first page
of this department.—V. 142,
p.
common
The company
4178.
g Gardner-Denver Co*-—Dividend Doubled—Extra Dividend
The directors have declared an extra dividend of 50 cents per share and
regular dividend of like amount on the common stock, both payable
July 20 to holders of record July 10.
Previously regular quarterly divi¬
dends of 25 cents per share were distributed. In addition an extra dividend
of 25 cents was
paid on Dec. 20, 1935.
a
Recapitalization Plan Voted—
At
plan
a
as
on June 24 declared a dividend of 15 cents
per share on the
stock, no par value, payable Aug. 1 to holders of record July 10.
special meeting of stockholders held on June 20 the recapitalization
approved by the board of directors June 8 was unanimously adopted.
see V. 142, p. 4178.
For details
had previously paid regular quarterly dividends of 30 cents
per share from Feb. 1, 1933, to May 1, last.
See "Industrial Number" of
June 12, 1936, issue of "Railway & Industrial Compendium" for detailed
dividend record.
The directors state that the reduction in the dividend was
necessary since
notwithstanding large non-recurring profits realized from sale of securities
net earnings will not equal dividends of $1.20 a share
formerly paid annually.
Many departments of the busing suffered severely during the depression.
These departments are being reorganized along lines which the directors
believe will bring satisfactory results, but full attainment of these results
will require time, it is added.
The company plans to issue quarterly reports for the next fiscal
year
which begins July 1.—V. 141, p. 4015.
Gold Hill
General Motors
W Benjamin
June 22.
L
Borella,
a
Corp.—Obituary—•
General Assistant
Treasurer,
on
a
referee in the suit by the company to estab¬
lish
new
buildings in Flint, Mich., to cost
$1,500,000, was announced here on June 24 by the Buick Motor CO. Har¬
H. Curtice, President of the company, said the company's growing
manufacturing activities made the expansion necessary.
"Not long ago," he explained, "we completed a $15,000,000 factory
rehabilitation and expansion program in preparation for the production of
1936 models.
Since these cars were introduced these facilities have been
low
(B. F.) Goodrich Co.—Asks Test of Stockholder Vote—
An immediate trial before
Buick Adds to Plant—
"""Immediate construction of five
Operating Co.—Registers with SEC—
See list given on first page of this department.
died duddenly
the validity of the vote of its stockholders to mortgage its
property
for $45,000,000 as security for bonds of that amount was applied for June 22
by the company.
The validity of the mortgage vote has been challenged by Otis &
Co.,
stockholder, on the ground that proxies for 446,490 shares held by the
management were not legally voted.
"In view of the importance of this litigation to the plaintiff and to the
public generally, and since a prompt determination of the issues is desirable.
a
Volume
Financial
142
Chronicle
of a referee to hear and
proceed immediately,"
Joseph M. Hartfield, counsel for the company, said.—V. 142, p. 3345.
all parties have agreed to the selection by the court
determine the issues in this suit, such reference to
Goodyear
Rubber
&
Tire
Akron,
Co.,
Ohio—Gets
Costa Rican ConcessionF
The company
has obtained
Great Eastern Greenhouse Corp.—Registers
Grocery Store Products Co.—Report-—
The Grocery Store Products Co. as successor to Grocery Store Products,
Inc., commenced business as of Dec. 1, 1935.
Income Account for Calendar Year 1935
concession for large rubber plantations in
a
by Goodyear Plantations, a subsidiary of Good¬
year, 1,000 acres of seedlings will be planted this year.
The concession
was obtained from the Costa Rican Government with the aid of the American
(Incl. predecessor corporation, Grocery Store Products, Inc.)
contract made
a
Year End.
The contract
provides that the
company
shall have free import and export
Costa
The
agreement is for 20 years.
The acreage planned, it is understood, is solely for experimental purposes.
There is at present no rubber in that country and in view of the fact that
it requires a number of years for a rubber tree to attain sufficent growths
for tapping, considerable time must elapse before results can be deter¬
1936
yl935
15,427
4,516,789
Federal taxes_
2,624,000
2,555,000
16,708,674
20,478,190
16,430,454
16,430.796
41,687
Profit and loss
6,248,223
94,384,040
2,086,748
$7.13
Year ended Feb. 25.
2,086,748
$8.94
2,086,748
$10.02
2,086,748
$7.08
y.Year ended Feb. 28.
^
4,047,394
98,431,434
stk. outstand¬
com.
ing (no par)
Earns, per sh. on com
z
Consolidated Balance Sheet
Feb.
Feb.
29, '36 Feb. 28, '35
Liabilities—
AsscIS"™"
Plant A equip._
Cash..1.
40,804,639
Goodwill......
1
72,514,781
42,237,615
72,393,991
42,237,615
4,877
5,544,887
4,614,289
sees.
Stocks A bonds.
4,877
4,748,165
2,898,196
Accts. receivable
Deferred charges
stock
J?r©I.
X
Merchandise.._
U. S. Govt.
29, '36 Feb. 28, '35
of
10,000
116,201
24,384,646
1,015,695
2,564,400
538
27,438
98,783,341
190,546,302 189,212,887
Total
190,546,302 189,212,887
Consisting of 1,150,000 shares voting and 936,748 shares non-voting.
142, p. 3171.
—V.
Great Lakes Engineering
1,279,805
562,521
50,553
$115,829
18,748
loss$7,546
1,984
$123,375
16,763
excess
loss$5,562
1,382
$140,139
19,375
profits
extra dividend of 5 cents per share in
dividend of 10 cents per snare on the com¬
mon stock, par $10, both payable Aug. 1 to holders of record July 24.
A
similar extra dividend was distributed in each of the eight preceding quar¬
ters.
In addition, an extra dividend of 4u cents was paid on Dec. 20 last,
and one of 50 cents on Dec. 19, 1934.—V. 142, p. 1817.
The directors have declared an
6,121
the Foulds
1935,
pref. stock of that
on
co.
in
.
the hands of the public
1,228
Liabilities—
$182,003
Accounts receivable
....
Inventories..
X
Notes A accts. rec., not curr..
Investments
Land, bldgs. A equipment
Foreign rights
263,331
442,891
18,040
46,053
70,435
x754,760
139,375
Goodwill
Notes payable—Banks
Deferred charges
35,047
LiabilitiesLiabilities—
$
317,219
Accounts
► securities
4,633,629
Tlmberland purch.
Accts. & notes rec.
1,996,512
5,023,873
1,941,335
•
Tax
plies and manufactured stock..
7,028,663
r
175,000
8,034
170,000
39,464
103,433
reserve
77,516
Deferred timberl'd
6,023,962
285,000
455,000
purchase oblig..
Capital Stock
24,958,250 24,958,250
Surplus
16,506,864 16,669,584
Mill plants & water
l
(curr.).
obliga's
Other curr. liabil..
Raw mater'ls, supto
payable.
timberlands, Ac
20,622,849 27,603,809
powers,
trade, Ac
Reorganization expenses
Int.
1,871,289
Other investments
139,578
Deferred charges..
87,709
1,929,189
132,666
58,143
Total
42,380,232 42,712,976
Green Mountain Power
Other accrued accounts
Liability to purch. materials A
1933
1932
$2,110,662
$2,076,573
$2,017,541
$1,992,753
23,693
•
$2,531,234!
21,778
21.630
18,434
$2,098,351
530,204
218,751
$2,134,355
544,130
187,848
124,208
Maintenance
Taxes
231,167
474,650
Interest on funded debt61,857
Other interest expenses.
Total income
Operating expenses
Purchased elec. energy.
-
Amort, of discount...—
36.445
138,634
Depreciation
$2,039,172
793,588
120,812
197,824
474,650
83,751
36,445
137,788
—
earnings
Pro/ious surplus..
Prior
year
tax adjust.
$298,126
44,557
$335,416
75,367
Total surplus
x
$2,531,234
After reserves for depreciation of $494,107.—V. 142, p. 2161.
(C. M.) Hall Lamp Co.- -Earnings—
Calendar Years—
1934
1935
1933
$163,369
$80,694
Shares capital stock out¬
standing (no par)
Earnings per share
362,080
$0.45
36,618
$0.22
193
loss$31,341 loss$131,958
365,280
365,280
Nil
Nil
Int. rec. accrued.
11,120
201,075
.
$2,011,187
611,274
108,726
166,965
36,445
142.692
79,239
182,456
474,650
banks
16,930
117,440
36,445
169,097
$205,356
116,852
$340,583
40,090
—
x
47,414
$353,017
277,650
$411,808
277,650
$75,367
$134,158
1
$322,207
277,650
$394,501
277,650
$44,557
Notes
$149,374
payable..
receivable-
268,154
Accts. pay .to sundry affil.cos.
131,409
Other accounts payable
Prepald^charges
Restricted deposits
17,645 Accrued int. on funded debt.
7,244 Accrued taxes (incl. $39,000
Deferred expenses
36,714
Federal income taxes)
Other accrued expenses
(incl. 11 pref.
in treasury, at
Secure, owned
properties-i-
Funded
debt
Reserve for depreciation
5,934
19,971,575
178,194
458,601
$2,415,783 $2,391,900'
Suspense credits A other res.
cum. pref .divs. (incl.
|
Total
Represented by 46,275 no par shares,
shares.—V. 142, p. 3510.
26,058
2,292,851
Total
$2,415,783 $2,391,900
p.
1987.
1935
1934
1933
1932
$4,423,992
3,794,931
$3,953,302
3,315,888
$3,462,247
2,861,530
$2,850,541
2,566,497
$629,061
134,810
$637,414
141,002
$600,717
174,191
$284,044
110,735
Gross profit from oper.
Selling,
delivery and
administration exps._
$763,871
$778,416
$774,908
$394,779
624,433
536,452
504,978
373,459
Net profit from oper. _
Other income credits, in¬
$139,438
$241,964
$269,930
$21,320
34,586
37,914
32,809
34,504
$174,024
$279,878
$302,739
$55,824
43.531
55,922
12,551
64,303
60,341
25,815
76,681
65,183
20,309
51,009
69,227
$62,020
11,182
73,154
$129,418
11,542
97,283
$140,566
234,636
loss$64,412
Calendar Years—
Cost of sales
x
$1,429,099
23,579
54,992
Other oper.
x
profit from sales
59,581
25,032
9,493,000
2,890,706
32,182
terest, rentals, &c
Gross income
Other income charges, in¬
terest, discount, &c__
238,516
134,158
Interest on bonds
Prov. for Fed. inc. tax..
Net income
Prior pref. dividends.
Participating pref. divs.
__
$21,224,848
y
income—
171,875
$208,237 for divs. in arrears)
231,375
$6 cum. pref. stock
x4,340,750
Common stock
y2,100,000
Capital surplus
$21,224,848
ments, Ac
76,019
Capital A surplus 2,223,535
Expressed by 400,000 shares of stock (no par).—Y. 142,
Net sales
Prov.for
Surplus
Total
130
Invest¬
$116,852
1935
Merchandise and supplies—
Unamort. debt dlso. A exp__
items..
1
202,219
Good-will
Gross
Assets—
cost, $660)
of
1,069,143
329,517
78,229
1,032,021
Investments
Liabilities—
Constr. work orders in prog..
12,313
Hatfield-Campbell Creek Coal Co. (& Subs.)—Earnings
Balance Sheet Dec. 31,
Cash
20,276
21,770
Land, bltgs., ma¬
chinery A equip.
1,025
sh__
age
Detroit Tr.
Co
x
$60,547
Reserve for shrink¬
25,000
Ctf .of i n d e b t ed-
13,827
10,334
laneous
17,230
Ctfs. of dep. Union
ness
1934
$95,952
Reserve for miscel¬
Guardian Tr.Co.
474,650
110.750
1935
$494,813 Accounts payable.
159,800 Accrued payroll.."
4,129 Accrued Federal A
State taxes
239,030
195,444
Inventories
Liabilities—
1934
1935
$662,789
recelv..
Accounts
31,
Bal., surplus, Dec. 31
par
14,295
Total.
Products Co.
x
x
22,116
31,575
833,453
plan became effective as of Dec. 1, 1935. The properties and businesses of
certain former subsidiaries of Grocery Store Products, Inc. were transferred
to Grocery Products Manufacturing Corp., a subsidiary of Grocery Store
Total
credited to surplus—
Plant adjust. Dec. 1,
to Dec. 31, 1934
Plant and
184,300
Note—Grocery Store Products Co. was incorp. in 1935, as successor to
Grocery Store Products, Inc., in connection with the plan of reorganization
latter company under Section 77-B of the Bankruptcy Act, which
Prepaid ins. A tax.
co.
Foulds
of
of the
Deposits in closed
of
10,494
1,224,350
Capital stock (par 25c.)
Capital surplus
Earned (deficit)
Cash and secure..
1934
Other income.
shs.
18,040
supplies
Reserve for contingencies
Coll. lien 6% conv. bonds
pref. stock
Assets—
Corp.—Earnings—
1935
Operating revenues
Accounts A notes
31,173
28,667
Comparative Balance Sheet Dec. 31
Calendar Years—
Pref. divs. at $6 per
6,102
State A local
taxes
Accum. unpaid divs. on Foulds
—V. 140, p. 1487.
Net
for Fed.,
Prov.
83,187
17,069
coll. lien bonds
Net profit after charges
and Federal taxes—_
42,380,232 42,712,976
Total
on
8%
pref.
stock
Milling Co
Inv.in affll. A sub¬
sidiary cos
$55,000
Accts. payable,
579,295
Total
1934
*
369,592
1935
$
$101,399
Consolidated Balance Sheet, Dec. 31, 1935 (.Incl. Subs.)
Assets—
Cash
Co,—Dividend Increased—
1934
$
loss$14,295
Note—The net income for the 11 months ended Nov. 30, 1935, as shown
above, does not comprehend the loss of $14,333.93 sustained by the "Toddy"
group of companies during 1935.
These companies (former subsidiaries of
Grocery Store Products, Inc., predecessor corporation to Grocery Store
Products Co.) were disposed of prior to Dec. 1, 1935, in connection with the
reorganization as of that date of Grocery Store Products, Inc.
Future earnings of Grocery Store Products Co. and its subsidiaries will
be subject to an annual charge for interest on the 10-year 6% collateral
lien bonds of the parent company, which, based on the amount of bonds
outstanding at Dec. 31, 1935, would be $73,461.
As shown above, the
operations for the year 1935, were charged with interest on these bonds
for only one month, the bonds having been issued during the year in con¬
nection with the reorganization of Grocery Store Products, Inc., and
interest thereon prior to the effective date of the reorganization, Dec. 1,
1935, was charged to capital surplus.
Effective Dec. 1,1935, provisions for depreciation have been made on the
basis of values of depreciable property as established in connection with the
reorganization.
Paper Co.- -Balance Sheet Dec. 31—
1935
1,228
$87,104
Remainder
1122.
Assets—
$101,399
accrued div. for the month of Dec.,
stock, no par value, payable June 29 to holders of record June 18.
This compares with dividends of 50 cents per share distributed on March
28 last and 25 cents per share in each quarter of 1935 and 1934.—V. 142,
Cash A marketable
loss$13,066
Milling Co. representing
The directors have declared a dividend of 75 cents per share on the com¬
Great Northern
6,121
$88,333
~
Net income
Less adjustment of minority interest in
mon
p.
19,364
19,364
....
1935, on
10-year 6% coll. lien bonds of
Grocery Store Products Co.
Materials A supplies
Works—5-Cent Extra Div.—
addition to the regular quarterly
Great Lakes Steamship
90,417
60,789
4,175
Int. for the month of Dec.,
98,667,967
ther reserves..
a
26,036,200
36,390,340
subs, not own.
10,000
Notes & accepts.
114,287
Accts. payable. 25,478,909
Res. for self ins.
1,087,419
Res. for inc. tax
2,645,267
urplus
Total
$
$
Preferred stock. 26,036,200
a Com. stock... 36,390,340
23,612,588
21,744,238
46,398,427
&
taxes
,
54,437
236,533
98,667,967
115.373
98,783,341
1,370,222
623,311
54,729
$134,577
20,758
Income charges
for Fed. inc.
Prov.
16,430,112
47,431
Balance, surplus
$2,016,255
Profit from operations
Income credits..
22,732,772
16,430,448
paid..
Surplus adjustments—
Shs.
6,276,476
16,593,252
Net profit
Dividends
'35
$147,836
the
864,048,000
33,249,107
6,706,335
3,385,000
3,810,000
4,953,377
Nov. 30
$2,164,092
depreciation
872,244,368 842,015,000 819,616,000
23,734,041
24,217,051
30,139,666
Depreciation
11 Mos.End
of
Dec. 1935
allowances,
Selling, adminis. & gen. expenses
Provision for depreciation
$
Sales
returns,
Cost of goods sold, excl. of pro v. for
zl933
yl934
No. of stores
Total earnings
less
Gross income
Great Atlantic & Pacific Tea Co. of America—Earns.—
Years End. Feb. 29—
sales
and discounts
Boston "News Bureau."—V. 142, p. 3170.
mined.
Month
Dec. 31
Gross
legation in San Jose.
rights and enjoy concessions on taxes.
The company promises the
Rican Government 500 each of three different types of rubber trees.
with SEC—
See list given on first page of this department.
Costa Rica.
Under
4341
Represented by 22.379
no
x
.
Depreciation and depletion have been charged off on plants and per¬
under these headings, aggregating $199,873 in 1935, $190,621
sonal property
in
1934, $200,850 in 1933 and $181,481 in 1932.
Financial
4342
on
$88,670
hand and on deposit--
Marketable securities,
25,112
trade (less reserve of $56,574)
732,605
377,487
Inventories
payable—trade
accounts
Accrued
Dividends payable
Miscell. current liabll
850,000
1, 1948
33,819
officers and employees
4,422
6H% sinking fund
gold bonds, maturing March
1st mtge.
Notes & accounts receivable—
17,850
&CCapital stock and surplus:
Property consisting of real es¬
5%
5%
tate, coal lands, plants and
equipment (less reserve of
ft $1,829,116 for depreciation
^ and
depletion)
—
4, 754,023
Deferred charges—prepaid in¬
stock
Com capital stock of sub. co.
in hands of public
premiums, &c
Other assets
Capital surplus
x
$6,290,127
Total.
12,000
1,774,379
842,779
Period Ended May 31—
The directors have declared a
2162.
Oper. exps. and taxes...
Haverhill Gas Light
Maintenance
Taxes
$17,560
$48,908
$52,2/3
RR.—Earnings—
1936—5 Mos.—1935
$3,320,741
$3,314,850
1,999,115
1,971,024
$254,336
23,675
$1,321,626
118,638
$1,343,825
118,652
$2/4,819
$278,012
$1,440,264
$1,462,478
314,928
1,576,196
1,575,214
$40,448
$36,916
$135,931
$112,735
income
adj. income
charges,
interest
Co.—Earnings1936—12 Mos.—1935
$559,057
352,557
22,814
89,814
on
$93,870
$102,077
Deficit.
-V.
365,234
22,981
84,501
77
226
202
35,000
Hudson Motor Car Co.—June Sales—
good business throughout the summer months."—V.
$5,960
Interest charges
$58,954
2,725
$67,155
3,076
Net income
$56,228
$64,078
Idaho Power
142, p. 4180.
Co.—Earnings—
[Electric Power & Light Corp.
Period End. May 31—
Operating re venues
Oper. exps. and taxes...
Subsidiary]
1936—Month—1935
$383,074
$335,944
197,625
176,514
1936—12 Mos.—1935
$4,490,499
$4,168,302
2,206,066
2,083,507
35,000
$5,402
142, p. 3678.
Sales of Hudsons and Terraplanes for the first two weeks in June are
higher than for any corresponding weeks in seven years, reports William R.
Tracy, Vice-President in charge of sales.
"Retail sales in the United States of Hudsons and Terraplanes for the
two weeks ended June 13, total 4,977 cars," stated Mr. Tracy.
"This is
is better than for any similar June period since 1929, and, compared with
last year, is a gain of 52%.
Our sales during the second week of June
exceeded the first week's sa/les.
All indications point to a continuationlof
$574,794
$9,080
2,916
$8,586
2,916
Net oper. revenues—
Non-oper. income—net.
$142,661
90,388
dividend of $1.62}^ per share, the regular
1936—Month- -1935
$46,296
$44,719
27,930
27,054
2,111
1,604
7,173
7,473
Operating revenues
Operation
$145,082
96,1/3
$250,458
2-*,361
Operating income
Non-operating income..
Income
quarterly rate, and a further dividend of SI.50 per share in order to reduce
accumulations on the 6M % cumulative preferred stock, par SI00, both
payable Aug. 1, to holders of record July 16. Similar payments were made
on May 1, last.
Dividends amounting to $7,873^ per share were paid on
Feb. 1, last, and $2.62 H per share on Nov. 1, Aug. 1, May 1 and Feb. 1,
1935, this latter being the first payment to be made on this issue since Oct. 1,
1930, when the present stock was exchanged for the old Cavanagh-Dobbs
preferred stock.
Accumulations on the above issue after the Aug. 1 payments will amount
to $3 per share, the stock dividendsjiaving become cumulative beginning
May 1, 1932.—V. 142, p. 4022.
Period End. May 31—
$38,918
21,358
1936—Month—1935
$650,007
$651,325
399,548
396,989
Gross oper. revenue
Corp. of America—Accumulated Dividend—
Hat
$131,005
11,655
3678.
p.
$6,290,127
-
Represented by 52,869 no par shares.—V. 142, p.
$131,678
13,404
315,267
Earned surplus
Total
revenue
142,
$36,392
2,526
Hudson & Manhattan
1,955,300
X264.345
(par $100)
Common stock.
25,810
172,222
Net
—V.
232,032
pref.stk(par $12)
non-cum. partic. pref.
cum pr.
$382,945
251,939
$11,650
Net rev. from oper...
D eductions
47,731
surance,
$405,741
274,063
$31,402
19,752
from transp.
Rev. other than transp.
54,126
$28,885
2,516
Operating expenses.'
rev.
1936—5 Mos.—1935
54,896
_
Net
Ltd.- -Earnings-
1936—Month—1935
$90,518
$83,782
Period End. May 31—
rev. from transp.
Gross
Reserves for compensation in¬
62,525
Miscell. accounts receivable-Investments
surance
$65,000
104,713
133,766
3,657
payable—banks
Accounts
at cost
(market value, $25,875)
Notes
&
accts.
receivable—
N
Notes
June 27, 1936
Honolulu Rapid Transit Co.,
Liabilities—
Assets—
Cash
Chronicle
1935
Consolidated Balance Sheet Dec. 31,
Retirement
res.
accruals^
Gross income
—
$185,449
$159,430
$2,284,433
Dr674
Dr378
1,433
$2,084,795
Dr2,541
$184,775
59,525
$159,052
59,491
$2,285,866
$2,082,254
708,519
715.437
y$125,250
y$99,561
Property retirement reserve appropriation
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid-
$1,577,347
425,000
$1,366,817
Net
rev.
from oper
Other income (net)
Gross corp. income
Int. & other deduc'ns
—V. 142, p. 3510.
Powder
Hercules
Co.,
Manufacture Cellulose
Inc.—To
Acetate—
The company
just been
announced on June 19 that negotiations have
completed witn I. G. Farbenindustrie Aktiengesellschaft, of Frankfurt,
Germany, by which Hercules comes into control of the American patents
covering the I. G. processes on manufacturing cellulose acetate.
M. G. Milliken, General Manager of the Cellulose Products Department,
stated that Hercules expects to be in quantity production of flake cellulose
acetate by this December.
Tne experimental and pilot units at the com¬
pany's extensive cellulose products plant at Parlin, N. J., have been running
successfully for several years and a material of high quality with improved
properties is being produced.
Work on the new large-scale plant is progressing.
In its construction,
the most modern units of equipment are being installed throughout so that
economical operations and high quality will be assured.—V. 142, p. 3678.
Div
The directors have declared an extra
to
Before property retirement reserve appropriations and dividends,
paid on May 1, 1936.
accumulated unpaid
Illinois Central
RR.—Earnings of System—
1936
Gross from railway
Horn & Hardart
940,343
Gross operating
—V. 142, p.
16,249,515
354,193
15,194,231
332,650
13,701,498
307,547
14,347,889
289,068
$2,000,934
64,533
$1,973,877
$2,657,989
47,653
Operating profit
Other income
"
Total income
$2,073,079
755,888
$2,705,642
780,880
_~i
Preferred dividends
5,277,978
$2,065,467
710,613
305,999
Federal income taxes_
Net income
99,202
682,213
Deprec. and amortiza'n.
N. Y. State franchise &
261,100
272,675
372,030
$1,093,754
196,000
$1,044,516
196,000
782,845
Earnings per share
$65,671
$28,670
560,024
$2.42
.,289,766
1,118,362
$199,076 def$220,608
560,024
560,024
$1.95
$1.60
560,024
$1.51
,
x$10,743,914
Property
bearing certificate of dep.).
Accounts & notes receivableInventories
Investments
capital stock
to
pur¬
em¬
ployees: 843 shs. (at cost).
1,863,920
19,845
385,189
16,000
pref.
cumulative
stock
Real estate mortgages
payable
1932
$5,401,439
9,311,798
Total income
1,895,000
472,663
223,672
for Federal income
231,763
8,748
4,049,149
and capital stock taxes
Deposits on leases
$13,182,437
.
$13,182,437
Total
for depreciation and amortization of $8,205,091.
resented by 560,024 no par shares.—V. 142, p.
Houston Electric
Period End. May 31—
Co.—Earnings—
1936—12 Mos.—1935
Taxes
19,292
Interest & amortization.
20,239
18,524
23,217
$37,792
$23,364
$336,353
Maintenance
income
—V. 142, p. 3855.
25,913
Rep¬
,
1936—Month-—'1935
$201,726
98,487
y
2997.
$2,223,164
1,105,857
316,038
221,344
243,570
Operating revenues
Operation
$25,229,850 $25,771,653 $14,101,561 $14,713,237
$25,229,850 $25,771,653 $14,101,561 $14,713,237
33,697,278
24,881,255
13,415,169
13,379,836
Dividends
$890,398
$182,581
91,263
26,211
$686,392
$1,333,401
26,919,871
$0.96
Balancedf$8,467,428
stock out¬
standing (no par)
26,965,078
Earnings per share
$0.93
26,857,152
26,783,092
$0.53
$0.55
Shares capital
Balance Sheet Dec. 31
1935
1934
1935
Liabilities—
$
Assets—
Cash
12,454,544
Accts. receivable 12,093,744
Inventory
25,915,120
2,003,337
Supplies, &c
Investments
27,450,045
Other investm'ts 55,587,186
Def. charges
346,189
Def. receivables
3,141,940
213
Goodwill, &c
x Fixed
assets.. 53,572,421
Totals
in
Accts.
reserves
Capital stock.
77,974,960
Due subsidiaries
25,221,365
Tax reserves
2,221,961
23,078,931
59,677,034
General
y
$
2,075,165
1,508,295
3,726,176
18,068,866
payable.
13,945,637
11,509,120
Surplus.
89,211,276
1934
S
2,491,186
1,124,445
3,306,164
17,970,710
77,263,005
97,678,703
311,755
5,347,621
94
58,520,698
192,564,740 199,834,216
|
Total....... 192,564,740 199,834,216
for depreciation of $66,433,122 in 1935 and $60,174,299
Represented by 26,965,078 no-par shares in 1935 and 26,919,871
1934—V. 142, p. 3347.
x
After
in 1934.
reserve
y
&
improv. mtge. 3Y%%
Inland Steel
bonds, series B, dated March 1, 1936,
and outstanding.—V. 142, p. 3173.
due
Co.—Listing—Acquisition—
The New York Stock
Surplus
Net
$4,692,715
9,408,846
March 1, 1986, which are issued
$2,800,000
y3,501,440
Common stock
Reserves
129,072
premiums)
7%
($65,000 due on demand
and $170,000 due in 1936),
Accounts payable & accruals.
Dividend payable Feb. 1,1936
on common capital stock._
24,495
Deferred charges, &c. (incl.
"185,453
unexpired insur¬
reserves
1933
$4,218,735
21,552,918
Net income
ref.
(parSlOO)
Cash (incl. $200,000 interest-
.
1934
1935
$3,941,588
21,288,262
come taxes
The New York Stock Exchange has authorized the listing of $4,714,000
Liabilities—
After
Ltd.—Earnings;-
Calendar Years—
Indianapolis Union Ry.—Listing—
Condensed Balance Sheet, Dec. 31, 1935
Assets-
x
32,779,904
8,596,089
4,433,487
Net income after all in¬
11,552,731
196,000
1,328,061
196,000
894,690
dividends
Balance to surplus
~
Shs. com.stk.out.(nopar)
Total.
9,606,561
5,547,570
3678.
a
j
5,234,263
43,715
oper. exp.
Maintenance and repairs
ance
36,654,632
4,205,946
......
Imperial Oil Co.
revenue$18,837,970 $17,527,816 $15,982,922 $17,294,94/
salaries,
resale
38,980,901
4,988,937
Net after rents
1932
1933
1934
1935
Material
for
386,171
44,726,190
Co.—Earnings—
Calendar Years—
chased
$7,333,511
2,302,980
1,478,444
1,683,534
905,253
Net after rents
Other income
dividend of 50 cents per share on account
of accumulations on the $2 cumulative class A stock, no par value, payable
July 15 to holders of record July 5. A similar payment was made April 15
and Jan. 15, last, and on Oct. 15, July 15 and April 15, 1935, this latter
being the first distribution to be made on this issue since April 1, 1932,
when a regular quarterly dividend of like amount was distributed.
Accumulations after the payment of the July 15 dividend will amount
to $5.50 per share.—V. 142, p. 2322.
Common
1933
$7,533,482
Co., Inc.—50-Cent Class A Dividend—
Home Dairy
Common
1934
$7,775,823
Net from railway
The directors have declared a
wages&oth.
1935
$9,037,171
May—
the regular
costs,
$532,475
z
Regular dividends on 7 % and $6 pref. stocks were
After the payment of these dividends there were no
dividends at that date.-—V. 142, p. 3172.
Gross from railway
Net from railway
Ltd.—Extra
—
dividend of five cents per share in
monthly dividend of like amount on the capital
stock, both payable July 14 to holders of record June 29.
Similar pay¬
ments were made on May 19, March 24 and Jan. 28 last, Dec. 2, Oct. 7
and July 15, 1935.
See also V. 140, p. 973, or further dividend record.—V.
142, p. 2997.
Hollinger Consolidated Gold Mines,
414,342
$738,005
Balance
y
420,000
414,342
From Jan. 1—
Hoberg Paper Mills, Inc.—Registers with SEC—
fy See list given on first page of this department.—V. 142, p. 4180.
addition
Balance
$2,127,177
1,078,317
$245,656
306,829
216,886
279,486
Exchange has authorized the listing of an additional
59,000 shares of capital stock (no par) on official notice of issuance in con¬
nection with the acquisition
of shares of stock of Milcor Steel Co. (Del.),
making the total amount of capital stock applied for 1,499,000 shares.
A meeting of the directors will be held to consider a plan of reorganization
whereunder the company will acquire all, or such lesser amount (but not
less than 95%) of the 89,693 shares of stock of Milcor Steel Co. outstanding,
as shall be deemed necessary by the President or Treasurer of the company,
in exchange for shares of capital stock of the company.
If 89,693 shares of
stock of Milcor Steel Co. are acquired, 59,000 shares of capital stock of the
company will be issued in exebange therefor.
If less than 89,693 shares of
stock of Milcor Steel Co. is acquired, the exchange will be on the basis of
59,000-89,693 part of a share of capital stock of the company for one share
of stock of Milcor Steel Co., with slight adjustments to avoid fractional
shares of capital stock of the company.
Milcor Steel Co. is principally engaged in the manufacture of metal
products, consisting primarily of sheet steel building materials, and the
sale and distribution of such products and of similar products manufactured
by others.
A substantial portion of materials used by Milcor Steel Co. in
the conduct of its business may be purchased from the company.
Milcor Steel Co. presently maintains two manufacturing plants, located
respectively in Milwaukee, Wis., and Canton, Ohio, for tne fabrication of
sheet metal building materials, and three distributing warehouses, located
respectively in Chicago, III., Kansas City, Kan., and La Crosse, Wis.—
V. 142, p. 3856.
Volume
Financial
142
International
Hydro-Electric
Earnings—
Period End. Mar. 31—
Operating revenue
Other income—net
1936—3 Mos.—1935
1936—12 Mos.—1935
$15,552,209 $15,519,521 $59,980,116 $59,611,778
882,722
811,926
3,458,216
3,505,425
$16,434,931 $16,331,447 $63,438,332 $63,117,203
Operating expenses, incl.
purchased power
5,196,493
4,743,121
19,851,579
18,553,590
Maintenance
1,045,605
861,331
3,846,529
3,494,595
Taxes
(other
than
in¬
come taxes)
1,935,667
1,837,940
7,236,914
6,997,943
Int. on funded debt and
other debt of subs....
3,261,203
3,224,500
12,933,681
13,110,971
Total
Int.
on
revenue
debs, of Internat.
398,520
412,590
1,604,623
1,706,099
246,548
Hydro-Elec. Sys. (net)
and expense
229,792
938,595
909,516
Prov. for deprec. charged
1,332,683
1,344,727
5,170,615
5,158,454
488,135
against operations
593,233
1,712,813
1,997,254
6,772,569
8,061,471
Prov. for income taxes..
Divs.
currently
pref. & class A
being
on
stocks of subsidiaries-
1,553,565
1,736,005
Divs. not being currently
paid
on
586,575
404,299
1,788,399
pref. stock, series C, all of $100
cum.
346,375
907,001
1,232,647
$141,290
Net profit
$597,536
$675,014
$1,390,984
Iowa Public Service
Calendar Years—
Co.—Earnings—
1935
1934
1933
1932
Operating revenues
Non-oper. revenues
$4,056,481
50,966
$3,740,983
28,492
$3,555,150
76,852
$3,830,022
162,322
Gross earnings
$4,107,447
1,772,192
255,910
350,380
339,880
$3,769,476
1,600,455
218,537
280,000
342,835
$3,632,002
1,519,718
221,583
216,485
311,694
$3,992,344
1,634,803
209,185
219,709
301,959
$1,389,085
824,166
39,189
$1,327,649
837,347
39,703
$1,362,522
845,702
40,097
$1,626,687
867,398
40,482
$525,730
334,973
$450,599
335,071
$476,723
335,564
$718,807
349,559
Operation
Maintenance
Retirement
reserve
Taxes, incl. Federal
Net earnings
Interest charges
Net
income
Divs.
on
Divs.
on
1st pref. stock]
2d pref. stockCommon dividends
j
216,300
Balance.
part:
Traffic—The subway division during the month of May carried 69,a decrease of 1,115,109, or 1.59%, as compared with
May, 1935. The only lines on the division which showed improvement over
the corresponding month of last year were the Pelham Bay Park and the
Queens lines. The losses on the other lines occurred principally on the parts
of the lines located in Manhattan and Brooklyn.
The reason for the de¬
crease in traffic is accounted for by the extra Saturday and the extra Sunday
in May this year as compared with May, 1935.
As noted previously,
traffic is much lower on these days than during the other days of the week.
Except for this condition, caused by the irregularity of the calendar, traffic
on the division was slightly higher than in May, 1935.
Compared with the preceding month of April, all lines showed a decline
in rate of traffic, the traffic in April showing an increase of .90%, whereas
in May the loss was 1.59%. The reason for the decline is as stated above.
The Manhattan Division during May carried 18,452,538 passengers, a
decrease of 483,105, or approximately 2.55%, as compared with May,
1935. The Second and Third Avenue lines reported slight increases over the
corresponding month of last year, but the Sixth and Ninth Avenue
lines showed large losses.
Except for the irregularity of the calendar, this
division would have produced approximately the same traffic in May as in
May, 1935.
Compared with the preceding month of April, traffic on all lines of the
division was at a lower rate, the loss on the division as a whole increasing
from 1.82% in April to 2.55% in May.
The lines on this division did not
show as great a decline as on the Subway Division.
Except for the extra
Saturday and Sunday in May, the Manhattan Division would have had
an increase of approximately 2% as compared with the preceding month.
The number of passengers carried on the entire system during the month
of May was 87,664,168, a decrease of 1,598,214, or 1.79%, as compared
with May, 1935.
211.630 passengers,
Months of Fiscal
Year
System
749,098,802
738,015,964
Liabilities—
935,323,769
Gross oper. revenue
2,079,325
Operating expenses
1936—11 Mos.—1935
$41,013,653
receivable
384,208
400,712
6,773
3,545
cos
Funded
253,353
219,184
550,097
—
615,476
Accrued accounts.
Dividends
Cash (incl. working
funds)
Miscell.
payable
curr.
liab.
Res. for retirem'ts
Other
reserves
1,560,093
Surplus
Total
-—32,293,150 32,064,672
Total
32,293,150 32,064,672
operating revenue $1,617,558
159,271
Taxes
Represented by 412,000 no par shares.—V. 140, p. 2359.
a
Ivanhoe
The
Foods, Inc.—Initial Preferred Dividend—
directors
declared
have
a
cumulative preferred stock, no par
June 15.—V. 142, p. 130.
dividend of 25 cents per share on the
value, payable July 1 to holders of record
Manufacturers
The
Trust
Co.
and
subscription
is
operation $1,458,287
(E.) Kahn's Sons Co .—To Resume Common Dividends—
The directors have declared a dividend of 25 cents per
when
23,566,033
$1,671,010 $17,423,725 $16,809,301
149,217
1,678,238
1,270,950
$1,239,579
Balance
Used for purch.
of enterprise
$1,521,793 $15,745,486 $15,538,352
218,708
Current rent deductions-
218,708
2,405,784
2,405,784
$1,303,085 $13,339,703 $13,132,568
of assets
18,298
13,330
Bal.—City & co
$1,257,877
Pay. to city under Contract No. 3-
119,448
43,894
$1,316,415 $13,383,596 $13,252,016
»
$1,257,877
866,950
Net income from oper.
$390,927
$454,733
1,415
3,978
$3,844,202
20,951
$3,841,973
17,285
$392,342
$458,712
$3,865,153
dividend of 10 cents per share was paid.—V.
a
Kalamazoo Stove
Co.—Listing—
York
Of such stock 164,016 shares were outstanding and 35,984 shares
Pursuant to action taken by the stockholders at a special
14, 1936, and the filing of an amended certificate of
incorporation in the office of the Secretary of State of the State of Michigan
on June 2,1936, authorized capital stock was changed from 200,000 shares
(no par) to 500,000 shares (par $10).
On March 28,1936 the board of directors adopted resolutions authorizing:
(1) the issuance of stock purchase warrants to stockholders of record at the
close of business April 29, 1936 entitling the stockholders to purchase on or
before May 29, 1936 in the aggregate 35,984 shares at the price of $30 per
share in the ratio of .219393 shares for each share held.
(2) The declaration
par).
were
unissued.
meeting held May
$1,316,415 $13,383,596 $13,252,016
861,681
9,539,394
9,410,043
a
50% stock dividend to stockholders of record June 13, 1936.
2, 1936 upon exercise of
All of the 35.984 shares were issued on June
1936—Month—1935
$964,407
857,113
Operating expenses
1936—11 Mos.—1935
$1,042,863 $10,902,648 $10,949,900
889,896
9,629,978
9,445,986
Selling, adver. &
$107,295
$152,968
$1,272,669
$4,949
$4,863
$54,066
3,828
3,428
6,582
-
Lex. Avenue line
3,899
3,384
6,991
42,678
38,200
71,998
$52,107
42,636
34,160
75,492
White Plains Rd. line.
Other rent items
$559,149
$1,000,308
63,060
$2,394,424
1,316,577
766.617
$582,373
64,086
23.224
.
$311,229
26,102
$1,503,914
lines:
Queensboro line
1933
$3,448,211
1,763,859
1,125,202
$971,574
28,734
adminis. expenses
Operating profit
Other income
Net oper. revenue
Rental of jointly op.
31
1934
1935
85,156,600
2,676,881
1.508,144
Manhattan Division Operations
Gross oper. revenue.-,-
stock
purchase warrants and upon sale to employees of the company, and 100,000
additional shares were issued upon declaration of the 50% stock dividend
to stockholders of record June 13, 1936.
Income Account Years Ended Dec.
-----
June 20. This
Dec. 31, 1931,
142, p. 3513.
Stock Exchange has authorized the listing of 300,000
($10 par) all of which are issued and outstanding.
Authorized capital stock on May 1, 1936 consisted of 200,000 shares
New
$3,859,258
Balance
share on the com¬
shares of capital stock
of
Gross inc. from oper.Fixed charges..
Non-oper. income.
agent in
stock.
warrant
connection with the issuance of 28,075 additional shares of common
—V. 142, p. 3680.
(no
Income from
45,234
27,000
438,967
87,552
7,135
98,757
1,937,533
514,075
1,347,321
6,403
147,409
2,225,924
420,470
Def'd liabilities-
The
Net
87,032
24,500
459,228
65,716
due
debt
within 1 year
Materials and sup¬
plies
—
Accts. & notes pay
Due from sub. and
affiliated
Funded debt-.
1,247,800
12,830
16,113
15,773,000 16,041,00
Due to affil. cos._
Accounts and notes
398,000
2,154,362
$40,375,334
23,589,929
2,141,121
1,527,100
_
stock, no par value, payable July 1 to holders of record
will be the first distribution made on the common stock since
Subway Division Operations
1936—Month—1935
$3,696,882
$3,812,131
$
6,180,000
~
mon
Period End. May 31—
1934
$
and
.
197,307,805
948.522,466
------
$
a Com.stk.(no par)
6,180,000
equip.,
incl. real estate.27,957,011 27,604,637 $7 1st pref. stock
(no par)
1,527,100
Investments, &C-_ 2,092,149
2,098,154
Special deposits.
46,175
59,048''$6.50 1st pref. stk.
Unamortized debt
(no par)
398,000
dlsct. & expense
896,380
949,900 $6 1st pref. stock
Def'd charges and
(no par)
2,154,362
prepaid accts-..
106,187
111,634 $7 2d pref. stock
Marketable securs.
814
(no par)
1,247,800
2,383
Plant
(F. L.) Jacobs Co.—Subscription Agent—
July 1,1934, to
May 31, 1935
199,423,664
Subway division.
Manhattan division
1935
1934
$
Assets—
Carried)
(Passengers
July 1,1935. to
May 31, 1936
273,962
$95,286
Balance Sheet Dec. 31
1935
Murray Jr., receiver, in his monthly report for May says in
11
:
def$75,141
Interborough Rapid Transit Co.—Report for May—
Traffic for
value, and all payable July 20
made.—V. 142, p. 2503.
142, p. 2669.
Thomas E.
par
1934, prior to which no dividends had been paid since June 30, 1932, when
regular quarterly distributions of $1.75 per share on the 7% pref., $1.62}^
per share on the 6H % pref. and $1.50 per share on the 6% pref. stock were
503,681
248,648
subsidiaries
Minority interest in net
earnings of subs.-----
—V.
6%
holders of record June 30. Similar distributions were made on April 20 and
Jan. 20. last, Oct. 21, July 20 and March 20, 1935; Dec. 20 and June 15,
to
Amort, of dt. disc. & exp
pref. stocks of
Co.—Accumulated Divs.—
The directors have declared dividends on account of accumulations of
87 ^ cents per share on the 7% cum. pref. stock, series A; 81M cents per
share on the 6}4% cum. pref. stock, series B, and 75 cents per share on the
of debt discount
Amort,
paid
Iowa Electric Light & Power
Subs.)—
(&
System
4343
Chronicle
Other deductions
Prov. for
$337,331
92,483
Fed. income & excess profits
taxes.
80,160
151,900
——
34,436
$785,347
$18,787
$19,137
$206,942
$204,394
$88,508
$133,830
$1,065,727
$1,299,520
Earns,
per
Payment
on
10-year Sec. Conv. 7% Gold Notes, Due 1932—
Notice having been received that payment of $43.50 per $1,000 note will
be made on July 1,
1936. on the 10-year secured conv. 7% gold notes, due
1932, the Committee on Securities of the New York Stock Exchange rules
that the notes be quoted ex $43.50 per $1,000 note on July 1, 1936; that the
notes shall continue to be dealt in "flat" and to be a delivery in settlement of
transactions
made
on
and
after
that
date
the
notes
and
Sept.
1,
1932,
be stamped as to payment of $41.40, $44, $43.50, $43, $43, $43,
$43, and $43.50.
Such coupons must be securely attached and bear the
coupon
same
serial number as the notes.
Further
notice having
been received that the above payment
on
that
Committee on Securities rules that certificates of deposit be quoted
$43.50 per $1,000 certificate on July 1, 1936; that certificates of deposit
delivered in settlement of contracts made June 25, 26, 27, 29 and 30, 1936,
must be accompanied by due-bills for the above payment; and that all due-
the
ex
bills must be redeemed on
July 2, 1936.—V. 142,
p.
3679.
selling,
Iowa Electric Co.—Accumulated Dividends—
The directors ha^e declared a dividend of 43
cents per share on account
7% cumulative class A preferred stock, par $100,
and a dividend of 405/( cents per share on the
cum. class B preferred
stock, par $100. Both dividends will be paid on July 10 to holders of record
June 30.—V. 142, p. 2324.
$1.46
$0.70
manufacturing costs or
expenses: 1933, $25,805; 1934,
and
advertising
administrative
$28,581; 1935, $33,657.
Balance Sheet, Dec. 31
1935
Assets—
1934
1935
Liabilities—
Accts.
Cash on hand & on
payable
1934
&
$346,733
$165,244
31,733
17,793
41,004
held.
60,707
Cr200,000 CtT75,000
154,720
688,552 Prov.for Fed.taxes
926,903
(164,016
77,818 Cap.stk.
59,026
shares, no par). 1,640,160
a Prop.,
plant &
1,895,404
444,814 Earned surplus
equipment.
603,967
50,962
Deferred assets...
105,225
24,694
80,996
deposit
Title-retaining
$196,641
$450,497
2,433,638
4,058
1,662,432
2,883
receivable._
Allow, for doubt¬
accrued
exps___
Customers'
in¬
stalment contrts
Accts.
adv'ce
payments
Dividend payable.
Commissions with¬
ful accts, &c
disc—
Other assets-
Total...
a
of accumulations on the
$2.62
-
-
Note—Provision for depreciation charged against
Inventory
Sart of 1936, to holders of record at the close of business willJunemailed on
be 27, 1936,
uly 1. the notes represented by certificates of deposit on
$210,412
sh. on 300,000 shs. pre¬
sently outstanding
Bal. of net oper. rev--
$438,127
-
$4,129,457 $3,202,960
After depreciation
Total
1,640,160
1,233,068
$4,129,457 53,202,960
of $453,663 in 1935 and $420,340 in 1934.
forma balance sheet as it would have appeared at Dec. 31, 1935,
indicdent to (a) the sale of 35,984 shares of capital
cash, less estimated expenses in connection therewith; (b) tne
amendment of the articles of incorporation changing the capital stock from
shares without par value to shares with a par value of $10 each and in¬
The pro
had the transaction
stock
for
creasing the authorized capital
stock to 500,000 shares and (c) the distri-
4344
bution
Financial
Chronicle
100,000 shares of capital stock as a stock dividend, been con¬
summated at Dec. 31, 1935, follows:
.Assets—Demand deposits & on hand, $1,262,461; accts. receivable—(less allowance for doubtful accts., discounts, &c. of $200,000), $2,237,696;
inventory, $926,903 other assets, $59,026; prop., plant & eqpc., at cost,
(less res. for deprec. of $453,662), $603,967; deferred assets, $105,225; total,
$5,195,277.
Liabilities—Accts. pay. & accrued exps., $346,733; customers' advance
payments, $31,733; commissions withheld, $60,706; prov. for Fed. taxes,
estimated, $154,720; cap. stock (par $10)
$3,000,000; surplus, earned,
$1,601,384; total, $5,195,277—V. 142, p. 3857.
Balance Sheet Dec. 31
Assefs—
Three Months Ended March 31—
Total operating revenues
1936
35,573
Accts. pay. to affil.
1,235,726
2,473
ad vs.
—
and
421,987
10,330
704
Gross income
Interest
on
funded debt
General interest
-—
Amortization of debt discount and expense
Net income
Ins.,
Kingston Products
Registration—
p.
Cost of sales
Total
1935
income
Net income for year._
Profit and loss adjust
Previous surplus
Listing
$1,938,396
905,144
162,053
$3,024,827
169,416
$3,005,592
304.117
180,000
96,357
954,955
14,250
222,133
1,255,220
270,091
1,178,955
256,696
1,017,121
281,912
973.688
$221,776
$455,351
Dr7,193,903 Dr4,406,396
2,254,454
6,205,499
$
1934
$
293,283
Accounts payable-
180,378
185,462
Interest accrued
513,018
750,358
Wages payable.
coal—Customers
103,656
306,067
341,523
439,707
Total other assets_bl,300,683
a Real 6£t., bldgs.,
132,614
330,150
364,634
364,814
613,843
rec.
945,464
334,618
__
payable, Ac
payable
190,880
86,605
38,958
Accounts payable
U. S. treasury bills
affl'd
and
3,976
21,674
with
&
funded
147,396
15,700
Federal taxes accr.
Workmen's
136,771
14,000
agents.
for
insur¬
at
Dec. 31, 1935..
91,660
1,983,140 Mortgage payable
623,492 Notes payable and
open
Mortgage
misc. accounts
payable
592,903
194,500
6%,
Deferred
232,032
14,000
Total
11,079,500
7
res.
Lehigh Valley RR .—A bandonment—
Interstate
Total
Lehman
and receivables from Burns Bros, in
reorganization.
Note—Under the decree of the District Court of the United States
dated
Nov. 7,11923, trustees were authorized to issue
interest in the 189,300 shares of capital stock then
1,212,160 certificates of
outstanding, all of which
pledged under the Lehigh Valley RR. Co.s' general con¬
solidated mortgage maturing in 2003.—V.
140, p. 3554.
capital stock is
Lockheed Aircraft
1934
1933
Gross income
$1,147,123
341,113
$913,599
331,040
$961,767
348,494
$1,488,236
1,011,581
$1,244,638
1,087,148
$1,310,261
1,387,279
$408,322
4,637
$476,655
5,763
$157,490
25,325
def$77,018
114,428
$412,959
$482,419
$182,815
$37,410
133,570
147,033
122,416
167,174
&accts.,
of inc., Fed.
taxes, &c
certificate
'
See V. 141, p. 3694, for de¬
$482,941
387,094
Gross profit from sales
on development for others
Selling, general and administrative
$95,847
Crl0,888
37,015
1,089
4,585
3,844
5,279
9,365
expenses
Provision for doubtful accounts
Maintenance and repairs
manufacturing, trading
or
Interest
extracting
$45,558
r
452
Amortization electra development
Obsolete materials
Net income for
2,813
...
215
The
6,627
period.,
time within
which
$35,451
to
exercise
rights issued to stockholders
as
of
May 20, 1936, to purchase a total of 63,535 shares of stock of
company,
with original expiration date of June
9,1936, was extended to June 23,1936.
Assets—
Cash
on
Apr.30'30 Dec. 31*35
hand and in
$228,444
Cash—term deposits
37,000
Accts.
$280,146
128,333
135,091
4;585
2,798
1,580
238,884
Due from officers and
employees
Deposits on mdse
236,327
Membership In mfg.
Aircraft Assoc.
cost)
y
Fixed
1,000
1,000
(at
cost)
136,592
45,900
License agreem't de¬
posit
Fed.
Inc.
1,000
&
excess
Cap. stock (par $1)..
Paid-in surplus
155,850
16~422
43,763
590
.
profits tax payable
Accrued liabilities
(at
a
assets
Accounts payable...
Contracts payable.
$36,250
$25,000
16,855
44,491
Customers' deposits.
2,628
Inventories
Apr.30'36 Dec. 31'35
Notes payable RFC.
Wages payable
receivable—
trade..
Liabilities—
Coll. notes payable..
banks
Capital surplus
116,292
66,192
Earned surplus
26,000
25,001
Unrealized
48,526
56,735
444,744
173,861
24,744
78,537
26,708
444,744
226",787
43,085
apprec'n
arising from val. of
$17,834,926 $15,196,302 $16,180,657
16,687,802
14,282,703
15,218,890
notes
a
Corp.—Earnings—
1932
Total gross profit from
Other income.
16 issued
Cost of goods sold.
intangibles
Total
$1,434,077
1,025,755
June
Corp.—Special $1 Dividend—
Deferred charges
Intangible assets
Lehigh Valley Coal Sales Co.—Earnings—
^
on
on July 7 to holders of record June 25.
tailed dividend record.—V. 142, p. 2672.
31,456,931 39,804,611
$310,230 investments in
& other exp.
Commerce Commission
The directors on June 23 declared a special dividend of $1
per share on
the capital stock, payable July 10 to holders of record June
30.
An extra
dividend of 25 cents was paid on April 5, 1935.
The regular quarterly
dividend of 75 cents per share which had been declared on June 3 will be
x
$1,114,069
320,008
$27,177,004
4023.
p.
Balance Sheet
5,761,000
197,805
9,465,000
2,254,454
After reserves of $44,040,535 and
surplus arising from revaluation of
$10,124,306 in 1935 and reserves of $44,003,770 and surlpus
arising from
revaluation of $11,371,908 in 1934.
b Includes
Yardage & dock, credits.
Total
.$27,177,004
142,
77,011
47,516
131,202
110,085
3,498,892
4,437,960
permitting the abandonment by the company of its so-called Bear Creek
branch extending from the main line at Bear Creek Junction
northeasterly
to a point at or near Beaupland, 11.27
miles, all in Luzerne County, Pa.
—V. 142, p. 3681.
8,049,929
748,516
194,500
a
15,835,350
credit
Reserves
due
5,447,000
191,372
Capital stock
9,465,000
Earned surplus.def .4,717,673
Cost of sales.
payable, &c
liability
Provision for Federal income tax est. at
approximately 15%--
7,418,931
1938
Special & gen.
Years Ended Dec. 31—
1935
Net sales.
..$16,949,419
tax
Surplus
Gross income from
220,242
bonds 5%
10,738,500
Five-year secured
31,456,931 39,804,6111
10,897,000
Accrued Int. & rents payable
*
1st and ref. mtge.
notes
debt
Accrued
-V.
300
Audited accts. & wages pay.,
Taxes (other than Federal income)
Provision for depreciation
with
acct.
parent company
Other liab. def
Net
Funded
64,182
claims
determined
79,522
Advanced royalties 2,199,794
Stripping expense.
493,833
out
85,052
Deferred charges
Rents
com¬
1936
25,309,386 34,071,161
charges
and unadj. items
res.
debt
Profit
taxes
payable in
on
value $50, paid $25
(12 shs. not held by Lehigh
Valley Transit Co.)
—par
2,624,134
Depos.
$4,979,687
2,997,350
1
Gross sales
459,353
State
local
pensation
Int.
Pref. 5% cum. ($50 par)..
Common ($50 par)
Easton Consolidated Elec. Co.
Earnings for Four Months Ended April 30, 1936
company.
Unmatured
ance
gen.
—
Cash.
I
Lehigh Valley Transit Co.;
587,328
763,208
412,869
459,002
leases, contracts,
Sell.,
Section 77-B of the Bankruptcy Act]
$23,499,864
to
structures, eqpt.
Total
$17,198
on
Acct.
Materials & suppl.
Tot. sink.fd.assets
J
$23,794
$
fund, debt, notes
for
<fco
$19,300
paid
1935
Liabilities—
189,364
Total def.
$18,123
income.
The
$182,097 z$l ,077.287
Cr77,065
Drll6,810
5,946,337
7,140,434
1934
with coupon
Mlscell. accts.
$840,325
278,580
524,958
19,589
Liabilities—
168,412
50,336
1.020,968
14,400
$
cos...
$841,748
276,394
521,971
19,589
$1,768,929
336,499
34,261
916,753
1935
receiv.
$905,446
345,318
521,239
19,589
Cost of properties
$1,192,515
502,694
73,720
Consolidated Comparative Balance Sheet at Dec. 31
affiliated
$842,342
285,870
518,772
19,576
on
Materials and supplies
zloss.
Accts.
40,991
108,283
Consolidated Balance Sheet Dec. 31, 1935
1932
def$4,717,673
$2,254,454
$6,205,499
$5,946,337
Excluding depreciation and depletion,
y Based on cost of properties,
Dep.
28,213
108.283
and
Total surplus
paying agents..
Accts. receiv. from
108,283
funded debt.
Amortiz. of disc. & exp.
expenses on re¬
coal lands
Deprec. & depletion
Cash
33,408
10,503
108,283
Total net earnings
Depreciation allowance.
1935
1933
Federal taxes
Assets—
$690,031
1,020
$32,481
866,535
General, &c., expenses._
on funded debt (net)
x
942
Investments (at cost)
$1,861,651
1,090,099
73,077
$2,694,500
128,836
Int.
serve
$704,308
1,013
to
pay.
on
notes
affil. company
Carrying
$762,743
trustees
Inc. from other prop_x__
y
$722,464
1,092
on
& deposits
Inc. from divs. on stock-
3857.
1934
$1,765,669
877,581
51,250
Other income
Gross income.x
Interest payable
from oper.
on bonds.
earns,
notes
from
oper. property.x._.
Int.
1932
$2,412,628
1,722,596
Net
$16,690,171 $16,495,584 $14,432,199 $14,352,125
14,924,502
14,633,933
12,493,803
13,159,610
_x
1933
$2,273,604
1,569,295
Income from interest
Lehigh Valley Coal Co. (& Subs.)—Earnings—
Calendar Years—
Sales of coal.
-Earnings—
1934
$2,463,987
1,701,244
[Subject to proceedings under
listing and registration.—V. 142,
$5,967,605 $7,950,557
1935
Inc. from int.
The New York Curb Exchange has admitted the common
stock, $1 rar,
to
Total
3554.
p.
$2,504,364
1,781,900
Net
to
16,476
$5,967,605 $7,950,557
140,
Interest
Corp.—Admitted
13,917
11,735
Lehigh Valley Transit Co. (& Subs.)
Kingsbury Breweries Co.—Earnings—
1936
Profit & loss
unapplild
Years End. Dec. 31—
-
$13,035
29,402
64,823
622,522
4,900,718
710,128
Total gross earnings
Total op. exp., incl. tax.
The
Five Months Ended May 31-—
Net loss after depreciation and idle plant expenses.
—V. 142, p. 4182.
accr.
Other liabilities
140,673
taxes
8,426
—V.
750,314
26,991
73,912
15,113
4,900,718
250,234
Capital stock
items
susp.
x$23,208
$2,076
1936, the common capital of the company was reduced.
capital surplus resulting therefrom was utilized to absorb certain
balance sheet adjustments and to eliminate the deficit existing at that
date, which included $18,691 of net income for the first two months of
the year.—V. 127, p. 822.
—
1,367,500
1,117,870
&c
As of Feb. 29,
x
67,500
1,071,345
owned
Mlscell.
513,011
64,776
Misc. accts. pay..
State & local taxes
Federal taxes
30,330
Cap. stock of subs.
Real est.,bldgs.,&c
Total
operating income.
Other income
427,731
*
1,977
229,997
119,461
cos
accrued
current
Prepd.
$¥,389
Wages
not
rec.,
Stock owned
$55,571
20,098
32,692
696
2,423,708
17,682
1,162,768
3,556
rec.
hand
on
Supplies
Notes, accts.
6,822
19,031
9,410
1934
$500,000
2,173,672
Coal
193
$59,405
20,008
15,491
—
1935
payable...
Audited accts. pay
Mlscell. accts.
$55,378
27
State, local, &c., taxes
Federal income taxes
Liabilities—
Notes payable
10,471
Accts.receivable..
$172,119
81,476
$59,378
Operation__
Maintenance
Provision for retirement
1934
$1,013,021 $1,268,782
5,584
1935
$189,179
89,031
6,932
19,257
11,106
3,472
1935
Cash
Notes receivable..
Kentucky Power & Light Co. (& Subs.)—Earnings—
Net
June 27, 1936
of
x
$936,457
$887,287
Total
25,000
—
$936,457
$887,287
After reserve for doubtful accounts of $601 in 1936 and
$307 in 1935.
1936 and $42,218 in 1935.
After reserve for depreciation of $52,138 in
—V. 142, p. 3858.
y
Lof t, I n c.—Earnings—
Quarter Ended March 31—„
1936
1935
1934
$2,502,256
$2,694,045
$3,270,030
224,498
Net sales
52,199
prof61,281
Net loss after taxes, deprec., amorti¬
zation, &c
—V. 142, p. 2833.
Long-Bell Lumber Co.—Annual Report—
def$129,76
This company was reorganized in 1935,
per plan of reorganization dated
1, 1935 (V. 141, p. 3863), which was filed under Section 77-B of the
National Bankruptcy Act, confirmed by the U. S. District Court in Kansas
def$129,765
Under the plan, control passed from Long-Bell Lumber
Corp. to 1st mtge.
bondholders of reorganized Long-Bell Lumber Co.
Jan.
income
$279,389
$335,386
$60,399
140,136
Inventory adjustment..
1
Net income
$279,389
.335,386
def$79,738
I
City, Mo.,
on
Sept. 23, 1935, and declared operative
as
of Dec. 1, 1935.
Volume
Financial
142
Income Statement for Year Ended Bee.
v.Giving effect,
Balance Sheet Dec. 31,1935
31, 1935
of Jan. 1, 1935, to the acquisition
as
bilities of subsidiaries under the plan of
of the assets and lia¬
1,
reorganization as of Jan.
1935]
$2,220,576
694,037
.$1,526,539
Balance
Other income: Interest, $22,640; gain on cap. assets sold, $8,634;
dividends received, $35,090; miscellaneous, $12,153; total
Total
Interest paid to
note
78,517
$1,605,056
holders, $14,152; interest paid to others,
19,267
$5,115; total.
Interest accrued
on
203,400
notes
Property taxes, including interest and penalties and improvement
309,242
and assessments
on stumpage
owned at Jan. 1, 1935, $718,529; deple¬
after Jan. 1, 1935, $112,522; total-
831,051
701.522
tion on stumpage acquired
Provision for depreciation
$464,517
Note—The foregoing statement does not include the profits or losses of
subsidiary companies, which have not been consolidated.
Consolidated
net loss of the Longview Company, giving effect to the reorganization as of
Jan. 1, 1935 amounted to $59,234.
The aggregate net income of all other
for
year
—
subsidiaries amounted to $41,892.
Surplus Account for the Year Ended Dec. 31,
1935
Deficit—Dec. 31, 1934, as shown by statement of condition in¬
cluded in the "Plan of Reorganization" dated as of Jan. 1,1935
$8,291,363
Adjustments made as of Dec. 31, 1934 to reflect changes con¬
templated by the plan of reorganization
-
18,460,861
x
Surplus—As of Dec. 31, 1934, as shown by pro forma balance
sheet of the plan of reorganization
$10,169,497
Deduct—Adjustments made upon completion of auditor's ex¬
2,688
amination for 1934
$10,166,809
Balance
Adjustments to the surplus contemplated in the plan of reorga¬
nization arising in carrying out the reorganization, as of Dec.
2, 1935.
Changes in appraisals or estimates of asset values, net
Miscellaneous, net
Cash payments made in settlement of claims, as approved by
226,257
550
80,000
the court
554,602
Reorganization expenses
Adjusted balance,
for
Additions
as
$9,305,401
of Jan. 1, 1935..
year:
Difference between par value and cost of bonds
purchased to
953,674
Dec. 1, 1935: Par value, $1,283,800; cost, $330,125; leaving..
Par value of common stock not issued, owing to above repurchase
of bonds
195,250
Difference between par value and cost of
from
sinking fund after Dec. 1,
cost, $38,669; leaving
pref. stock purchased
1935: Par value, $127,200;
88,530
^
$1,237,455
Total additions
Less: Net loss for the year ended
Dec. 31,1935,
as
464,517
shown above.
$772,938
Net additions for year
$10,078,338
Surplus. Dec. 31,1935
Arising from treatment of creditors and stockholders, $31,573,029;
less: changes in asset values directly arising from provisions of plan, $598,562, and reductions in carrying value of assets made in accordance with
appraisals or estimates by company officials, $12,513,606.
x
Balance Sheet Dec. 31,1935
Liabilities—
Assets—
Preferred stock
$969,491
Cash
Accounts
6,751
-
Cash for taxes and assessments
88,063
Accrued taxes and assessments
Due to
To sink
10,170
29,251
To revolving fund
of
(see contra)
Sundry securities
blOO.OOO
587,247
Reserves.
1145,619
J203.400
Accrued Interest on note
Notes
-
payable
9,818,832
2,402,802
(standing timber)
Lands.
Timber purchase
Capital surplus
29,251
100,000
Taxes and assessments
c291,917
199,241
Plants, prop. & equipment
35,033
n4,068,000
obligations..
93,000
10,078,339
el8,900,047
Inv. in and accts. with subs.:
f2,428,345
gl,025,105
h440,460
The Longview Co
Railroad companies
Other companies
Deferred assets:
Logging spurs & extensions.
Prepaid expenses_,
a
I
$44,216,179
Total
Notes receivable, $129,536; accounts receivable, $1,514,050; less allow¬
for doubtful accounts, $309,140.
b Cash deposited Jan. 10, 1936 in
sinking fund account as revolving fund for purchase of pref. stock,
c After
deducting reserve of $77,456.
d 3,113,691,000 feet,
e After deducting
allowance for depreciation of $11,148,859.
f Investment, $1; demand
mortgage note, $206,650; account, $2,221,694.
g Investment, $967,742;
accounts, $57,363.
h Investment, $45,266; accounts, $395,194.
i Payable
from reserve fund,
j Payable out of earnings or upon payment of principal
of notes,
k For purchases, expenses, payrolls, &c. n 5% sinking fund notes,
requiring minimum annual payments (beginning with a balance of $94,000
on Dec. 31,
1937) providing for full retirement Jan. 1, 1945: Originally
issued, $4,374,000; less retired in 1935, $306,000; balance, $4,068,000.
m Due up to and inch Dec. 31, 1935.
...
liable as guarantor
$1,000 per month
1936 to May 1, 1940 to provide a sinking fund for certain
bonds issued by the hospital.—V. 131, p. 3051.
Note—The company is reported to be contingently
the Longview Memorial Hospital, Inc., will pay
that
Jan.
1,
Ludlow
Typograph Co.—$1.50 Preference Dividend—
The directors
on
June 16 declared a regular
quarterly dividend of $1.50
share on the $6 cumulative preference stock, par $10, payable July 1
to holders of record June 20.
An initial dividend of like amount was dis¬
tributed on April 1, last.—V. 142, p. 2328.
per
Long-Bell Lumber Corp.—Annual Report—
Prior to reorganization
Liabilities—
Common stock without par value
of Long-Bell Lumber Co. in 1935, the corporation
of its outstanding capital stock.
This stock interest was
exchanged under the plan (V. 141, p. 3863) for certificates of beneficial
interest for $1,511,910 (15%) of common stock, par $50, of the reorganized
Lumber company, being 15% as of Ian. 1 1935 of the entire issued common
stock of that company.
Since Dec. 2, 1935, the effective date of the plan
of reorganization of Long-Bell Lumber Co., the interest of the corporation
in the stock of the company has consisted of certificates of beneficial interest
for 100,780.1 shs. of common stock out of a total of 197,683 shs.
owned 99.17%
Additions
for
year;
x$53,279,006
shs. of
collat.
Accounts payable
5,558
5,656
43,598,194
Deficit
$9,692,027
Total
Represented by 593,921 shs. of class A common (63 shs. reserved for
outstanding scrip) and 542,569 shs. of class B common (186 shs. reserved
for outstanding scrip),
y At book values thereof as of Jan. 1, 1935.—
V. 142, p. 3513.
x
Louisville & Nashville RR.—Bonds Offered—Morgan
Stanley & Co., Inc., on June 25 offered $26,000,000 1st &
ref. mtge. 3%% bonds, series E, at 98 and interest.
192375804
Dated Aug. 1, 1921; due April 1, 2003.
Bearing int. from April 1, 1936
payable A. & O. 1 in N. Y. City. United States Trust Co. of New York,
trustee.
Coupon bonds in denom. of $1,000, registerable as to principal.
Fully registered bonds in denom. of $1,000, $5,000 and $10,000. Coupon
and registered bonds interchangeable.
Cumulative sinking fund sufficient
to retire at or prior to maturity, by purchase or redemption, all series E
bonds issued and sold. Red. at option of company, in whole or in part, upon
60 days' notice, on any int. date at following prices and int.: to and incl.
April 1, 1955. at 105; thereafter to and incl. April 1, 1970, at 104; thereafter
to and incl. April 1, 1985, at 103; thereafter to and incl. April 1, 1995, at
102; thereafter to and incl. April 1, 2000, at 101; and thereafter at 100.
Also red. for sinking fund upon 45 days' notice on any int. date to and incl.
April 1, 1985, at 102and int. and thereafter at prices heretofore specified
for optional redemption together with int. in all cases.
Issuance—The issue and sale of these bonds are subject to authorization
by the Interstate Commerce Commission.
Data from Letter of Lyman Delano, Chairman, Dated June 23
Company—Company, which has been in continuous operation since 1859,
now owns 4,750 miles of railroad and operates 4,999 miles.
It owns 71.78%
of the capital stock of Nashville Chattanooga & St. Louis Ry., which op¬
erates an additional 1,154 miles. These lines form a comprehensive system
serving the Kentucky and Alabama coal fields, coal fields in western Vir¬
ginia and eastern Tennessee, and important commercial and industrial cen¬
ters of the Middle South from the Ohio River to the Gulf.
Company
operates in
14 States.
Purpose—Net proceeds to be received by the company from the sale of
used, together with funds to be provided by the
company to the extent required, for the redemption of $3,500,000 St. Louis
Division 1st mtge. 6% gold bonds due March 1, 1971, to be called for re¬
demption on Sept. 1, 1936, at 107, $10,000,000 10-year secured 5% gold
bonds due Oct. 1, 1941, and $12,753,000 1st & ref. mtge. 5>£ % gold bonds,
series A, due April 1, 2003, the latter two issues to be called for redemption
on Oct. 1, 1936, at 103 and 102 respectively, together with accrued interest
these series E bonds will be
in all
cases.
Earnings for Years Ended Dec. 31
Gross
Deductions,
Net
Gross Oper.
Income
Incl. Interest
Income
Revenues
$19,422,111
$11,400,432
$30,822,543
16,726,241
11,225,645
27,951,886
144,605,117
14,323.220
11,133,508
25,456,728
135,638,458
13,726,542
11,107,719
24,834,261
132,055,983
6,606,082
11,123,690
17,729,772
112,440,985
1,039,946
10,848,520
11,888,466
87,019,791
11,604,166 loss 2,108,875
9,495,291
63,920,024
1932
1,795,716
11,048,992
12,844,708
65,656,958
2,967,385
10,809,946
13,777,331
69,962,668
4,128,943
10,658,139
14,787,082
75,694,731
The net income of the company was $1,916,559 in the first four months
of 1936 and $836,039 for the corresponding period of 1935, excluding the
company's proportion of profit (in 1936) and of loss (in 1935) from opera¬
..$147,136,531
1926
—
tions of the Clinchifeld
RR.
i
Security—The $80,401,000 1st & ref. mtge. bonds outstanding in the
public and pledged (giving effect to the sale of these bonds, the
redemption of the series A bonds and the pledge of $109,000 bonds under
the Georgia RR. lease) will be secured, in the opinion of the company's
counsel, by a direct lien on 4,750 miles of railroad owned in fee by the com-
fany subject of bonds outstanding in the hands of the mortgages securing
134,745,000 to the liens, in so far as they attach, of public and pledged
(excluding $10,000,000 South & North Alabama RR. bonds maturing
Aug. 1, 1936, $3,500,000 St. Louis division 1st mtge. bonds to be called
for redemption on Sept. 1, 1936, and $13,900,000 mortgage bonds securing
the 10-year secured bonds to be called for redemption on Oct. 1, 1936, but
incl. $391,000 of South & North Alabama RR. bonds maturing Oct. 1,
1963, which are to be pledged under the Georgia RR. lease). The 1st & ref.
mtge. permits the issuance of additional bonds thereunder which would be
equally secured thereby, but closes all existing prior lien mortgages. The
mortgage permits the extension of bonds constituting prior debt to a date
not later Jan. 1, than 2003.
Public as of April 30, 1936
$214,219,000
b L. & N.-—Southern, Monon
10,000,000
11,811,500
Capital stock (par $100)
a Includes $9,292,000 South &
North Alabama
gage
2,040,000
3,530
117,000,000
5%
RR. consolidated mort¬
bonds due Aug. 1, 1936, funds for the payment
of which have
been provided by the sale of $9,292,000 of the company's 1st & ref. mtge.,
series D, 4 % bonds due April 1, 2003, and from cash of the company. Does
not include any
liable
for
these
pledged bonds,
b Company and Southern Ry. are jointly
bonds, the total issue of which is $11,827,000 principal
$31,000 of them, and the figure,
$11,811,500, in the above tabulation is obtained by subtracting from the
total issue of $11,827,000 the amount of the company's one-half of the
liability on the bonds held by it. As between the joint obligors, the com¬
pany's proportion of liability is $5,898,000, and the Southern Railway Co.'s
is $5,913,500.
Company jointly and severally with other railroad companies guarantees
the payment of principal and interest on (a) $2,601,000 Louisville & Nash¬
ville Terminal Co. 1st mtge. 4% gold bonds, due Dec. 1, 1952, (b) $2,500,000 Memphis Union Station Co. 1st mtge. 5% gold bonds, due Nov. 1,
1959, and (c) $36,000,000 Cincinnati Union Terminal Co. 1st mtge. gold
bonds ($12,000,000 series C 5% due May 1,1957, and $24,000,000 series D
3H% due May 1, 1971, the series D bonds having been issued and sold
May 15, 1936, and money deposited to pay $12,000,000 series A 4
and $12,000,000 series B 5% 1st mtge. gold bonds, each due July 1, 2020,
called for redemption on July 1, 1936).
Company and 14 other railroad
companies have agreed to guarantee (the obligation of the company being
one-sixteenth thereof only) the payment of interest and sinking fund on
$35,000,000 Terminal Railroad Association of St. Louis general mortgage
refunding 4% bonds, due Jan. 1, 1953.
Company jointly and severally
with another railroad company guarantees the payment of 4% dividends
on $390,600 of preferred stock of the Lexington Union Station Co.
Neither the company nor any of its affiliated companies, with the excep¬
tion of the Chicago Indianapolis & Louisville Ry., is indebted to the Re¬
construction Finance Corporation, to the Railroad Credit Corporation, or
to any bank on account of bank loans.—V. 142, p. 3681.
amount.
Tne company, however, owns
„
,
J
Ludlum Steel Co.—New Director—
in G. M.-P. Murphy & Co., has been elected
director.—V. 142, p. 3177.
Charles S. Sargent, partner
a
$43,598,194
collateral, joint bonds
Equipment trust obligations
Miscellaneous obligations
$23,681,298
Expenses for year ended Dec. 31, 1935
6,994
Net charge resulting from surrender of shares in and settlement
of account with the Long-Bell Lumber Co. in exchange for
certificates of beneficial interest for 100,780.1 shares of com¬
mon stock, and valuation of such stock received at the net
book value thereof as of Jan. 1,1935
19,909,902
Deficit, Dec. 31. 1935
.
Notes payable (certificates of beneficial interest for 5,600
common stock of the Long-Bell Lumber Co. pledged as
Deficit Account for the Year Ended Dec. 31, 1935
Deficit, Jan. 1, 1935
$9,692,027
-
-
Secured oonds.
ance
from
1
Total
Capitalization Outstanding in the Hands of the
a Mortgage bonds
454,842
60,136
$44,216,179
Total..
4
hands of the
for purch.
preferred stock
Sundry notes and accounts...
Receivables for cap. assets sold
d Stumpage
18,507
241,308
special funds (paid Jan.
10,1936) see contra:
fund for pref. stock
Sinking fund for pref. stock:
Special balance
Dep. Jan. 10,1936,see contra.
For purchase of preferred stk.
payable
Current accts. with subsidaries
4,759,897
m310,136
Sinking fund for notes, on dep.
Inventories
$18,747,800
9,884,150
k571,770
(par $100)
$50)
Common stock (par
Notes & accounts receivable., al,334,446
Current accts. with subs
$9,692,022
on deposit
Furniture and fixtures
5,091
Miscellaneous deductions
Loss
•
Cash
exclusive of
Administrative, selling and general expenses
Depletion
Assets—
Investment in Long-Bell Lumber Co. certificates of beneficial
interest for 100,780.1 shs. of the common stock_y_
Gross profit from sales, after deducting cost of sales,
depletion, depreciation, and taxes
taxes
4345
Chronicle
McGraw-Hill Publishing Co., Inc.
Five Months
Ended May 31—
after int., deprec., Federal taxes,
capital stock outstanding (no par)
Earnings per share
—V. 142, p. 4024.
Net profit
Shares
(& Subs.)—Earns.
1936
,
&C--
1935
$324,163
$222,454
600,000
$0.37
568,099
$0.57
4346
Financial
Maine Central
Chronicle
Consolidated Balance Sheet Dec. 31
r The New York Stock Exchange has authorized the listing of
$12,424,000
1st mtge. & collateral 10-year 4% bonds due Dec.
1, 1945, and $10,000,000
general mtge. 25-year 4K% bonds due Dec. 1, 1960.
Earnings
Period End. May 31—
Operating
Other income
Gross income
$215,702
Year
142, p.
in progress
1936—5 Mos —1935
$5,088,017
359,207
192,828
not in
Notes
$552,035
840,374
$845,989
906,819
$101,691
def$288,339
def$60,830
Exchange has removed from unlisted trading
stock, $1 par, at the close of business June 20, 1936.
—V.142,p. 1126.
Masonite
or
in
Corp.—Earnings-
held by public.-
1936
316,687
349,413
Util.
1,275,371
53,744
Materials & suppls
395,924
Sink, fund deposits
50,937
Prepaid Insurance
rec
36,716
548,694
615,232
$3.20
$2.03
expected
39,550
571,026
$1,759,285
927,946
shares
361,906
361,900
16,546
27,313
1,254,872 Divs. declared on
54,244
minority shs. of
382,878
subsidiaries
45,940 Bonds of a sub.
retired
be
to
in
1936.
106,300
Res. & susp. cred. 16,833,178
20,569,205
surp. of subs.
66,019
21,230
Cap.
Consol.
including
outstand'g
Associates
preferred
& others
divs.
3,756,452
3,842,500
432,594
357,917
452,937
Div. decl. on Mass.
rec.
customers
1935
$2,425,601
3,589,196
3,642,500
466,658
353,211
Consumers' depos.
470,713
Long-term debt-Accounts payableAccruals.
Unadjusted debits
Forty Weeks Ended June 6—
subs,
1,050,000
2,229,716
savings
Accts. & notes
Decl.
shs.,
vtg. tr.
of
485,000
2,537,907
Cash
Depos.
com.
resp.
shares,
from
rec.
& other exps
Gross profit
Net profit after deduction of all charges
depreciation and income taxes
Earns, per sh. on 266,689 shs. com. stk.
Pref. &
14,914
accounts
Curb
136,516
6,894,977
operation
$
partic. pref. stk.27,793,265 27,793,265
Com. stk. ($1 par) 1,780,249
1,780,249
affil. utility cos.,
from
common
6,883,498
1934
$
Conv. 5% cum. &
Invest, in subs. co.
not subsidiaries.
$282,056
180,365
Maryland Casualty Co.—Removed from Unlisted Trading
The New
privileges the
1935
Liabilities—
$
191,919
Investment secure.
$4,873,987
1,182,927
639,079
206,910
J1,002,696
3514.
York
1934
$
properties44,669,240 48,021,126
Construction work
167,122
income
1935
Assets—
Plants &
to Date
$48,580
Deductions
-V.
for May amd
1936—Month—1935
$993,593
$976,754
272,621
324,052
175,224
'
244,272
40,478
37,784
revenues
Net oper. revenues
Net ry. oper. income
Net
June 27, 1936
RR.—Listing—
Total..
—Y.
Analyzing net earnings for the full year ending June 6, 1936, as compared
1935, Ben Alexander, President, announced
57,445,639 61,045,174
142,
earn,
surp
Total.
1,965,896
1,649,611
.57,445,639 61,045,174
629.
p.
to the full year ending June 6,
that
an
Memphis Natural Gas Co.—Earnings—
increase of
slightly more than 75% had been shown this year.
"Our net earnings for the year completed June 6 were
$1,316,988. Net
earnings for the year ending June 6, 1935. were $752,027," he said.
"We are pleased to be able to report that sales have shown
a very definite
increase over the volume of a year ago for the same
period of time and we
continue to look forward to increased sales
during the last three periods of
our fiscal year over the last three
periods of the 1935 fiscal year.
"Our gains are very definitely due to increased
building operation and
a general pick-up
extending through the manufactured articles for which
our products are used."—V. 142,
p. 3178.
Melville Shoe
Corp .—Common Dividend Again Increased
—Initial Preferred Dividend—
The directors
on June 23 declared a dividend of $1
per share on the com¬
stock, no par value, payable Aug. 1 to holders of record July 17.
This
compares with 87}4 cents per share paid on May 1 last; 75 cents on Feb. 1
last and on Nov. 1, 1935:62^ cents on
Aug. 1, 1935; 50 cents per share paid
mon
in each of the four
preceding quarters; 40 cents on May 1 and Feb. 1, 1934;
30 cents per share paid each quarter from Aug. 1,
1932, to Nov. 1, 1933,
inclusive; 40 cents on May 1, 1932, and 50 cents per share distributed each
three months from Feb. 1, 1930 to and including Feb.
1, 1932.
In addi¬
tion, an extra dividend of 50 cents was paid on Feb. 1, 1935.
The directors also declared an initial quarterly dividend of
$1.12K Per
share on the new 4)4% cum. conv. preferred
stock,
Aug. 1 to holders of record July 17.—V. 142, p. 4184.
$100,
par
Massachusetts Utilities Associates—Annual
Report—
Income Account for Calendar Years
(Company Only)
1935
1934
1933
Dividends
$1,728,889
28,694
Interest
Miscellaneous
income.
$1,841,927
13,704
1,872
_
payable
Calendar Years—
and all taxes.
Net
$1,862*,393
$1,964,075
48,956
$1,757,584
5,647
Taxes,
Int.
&
amortization
$1,857,503
6,307
_
and expense
$l,9ii,349
5,388
$2,014,287
5,005
195,967
reacquired
200,327
8,414
54,910
General expense
Divs. rec. in Feb. 1935 &
accr. as income in 1934
205,099
210,101
43,838
48,402
58,487
$1,462,755
$1,607,030
f1,652.459
$1,740,695
1,447,609
1,447,599
1,447,517
1,447,483
$15,146
765,400
$159,431
739,172
Dr3,479
$204,942
725,205
9,025
$293,212
702,296
11,334
29,889
857,345
864,704
$675,666
7,199
$737,323
6,289
$791,849
7,652
$682,865
42,808
5,343
$743,612
$799,501
65,454
1,813
49,323
1,006
-
22,673
on common
stock.
23,747
23,193
31,551
331,700
313,000
312,500
$249,826
47,990
91,868
Balance for pref. divs.
Divs. on pref. stock.
$279,267
51,762
91,868
$357,090
$388,183
56,884
137,802
53,466
Balance
$109,968
$135,637
$303,624
x
Including $50,000 extraordinary maintenance reserve.
Note—During year 1933 additional reserve for depreciation
$193,497
was
for period Jan.
set up
1, 1929 to Dec. 31, 1932 in amount of
$530,700 by direct
charge against surplus.
Balance Sheet Dec. 31
Assets—
1935
Property,
1934
Liabilities—
plant
$5,735,627 $6,049,438
Cash dep. held by
trustee of mtge.
bds. for sk. fd..
Amount
dep.
Accounts payableInterest on bonds.
70,350
In
Div.
trust account...
10,000
776,824
Cash
on
pref. stock
12,500
Accrued liabilities.
865,661
Paid in surplus...
Earned surplus
payable, &c
Accounts receiv...
11,989
301,758
24,361
25,417
Mat'ls & supplies.
Deferred charges..
Total
1935
$6,885,977
1934
$7 cum. pref. stock
$616,590
Com. stk. ($5 par) 4,593,400
Funded debt
120,000
& equip
Cash dep. for div.
debt disc. & expense.
Net premium on debs.
xl ,050,726
375,000
Appropriation for renew¬
als & replacements, &c
50,212
of
1932
$1,656,553
$674,065
21,565
5,000
Gross corporate inc
Divs.
1933
$1,594,668
$666,672
7,393
rev.
Interest on bonds
Amort, of organization.
Amort, of bond discount
x
Total income
1934
$1,726,392
1,326,732
from oper...
Other income
y
1932
1935
Operating revenues
$1,993,404
Oper. expenses, maint.
153,634
11,989
95,977
801,680
492,705
$652,860
4,593,400
643,869
92,177
11,100
12,694
173,763
801,680
382,784
23,794
265,845
19,109
57,630
$7,364,3291
Total
$6,885,977 $7,364,329
At the National Bank of
Commerce in Memphis, under contract
pro¬
same be held as collateral to a loan
to the Bank of Commerce &
Trust Co. from Reconstruction
Finance Corp.
This amount bears no in¬
terest and is
repayable only after indebtedness to RFC is
fully paid.
x
Net
income—.....-
Pref. divs. of Mass. Util.
Assoc. paid or declared
Balance for surplus.
Previous surplus
Disc,
-
deb. reacquired
Amt. rec. from liq. subs.
on
Liquid, div. from
Amt.
restored
77,837
sub.
a
to
20,277
Total
$915,401
$939,172
$1,006,841
31,636
250,000
amortized
exp.
Res. for amort, of inv—
150,666
200,666
Reduc. in book amts. of
equiv.
their
to
losses since acquisition
Surplus Dec. 31--
—
—
-
m,
m.
'mm
1935
1934
1933
1932
$7,828,112
2.194,498
$7,518,922
2,279,911
$7,155,854
2,348,607
$7,407,933
2,635,140
30,591
411,350
43,048
397,061
56,333
433,517
59,622
Total oper. revenue.-$10,464,552
$10,238,942
oper.
revenue—
-
Gas
Non-operating
revenue—
Other
Depreciation
Taxes
1,273,346
Purchased power & gas.
Maintenance.
Net earns, before int.
& dividends
$1,924,620
Int. & amort, of bds. disc
211,078
Other interest
21,283
Other charges
32,814
2,583,236
3,012,952
440,828
803,4.95
1,252,984
304,798
323,421
1,073.830
1,173,365
855.535
1,151,363
251,360
016,061
012,197
Res. for bad debts & sees
Ref of Lowell tax—Cr
51,109
46,048
Balance, surplus
def.$215,250
$137,103
$251,297 def$623,520
After providing for depreciation, all
taxes, except Federal taxes, all
charges and expenses, including
inventory adjustment,
z Before
depreciation.
other
Assets—
$1,441,865
$1,642,127
$1,711,589
$1,840,727
Assoc. paid 6r declared
1,447,609
1,447,599
1,447,517
Bal. for consol. surp._
def$5,744
$194,528
$393,244
$264,072
revenue.
Balance Sheet Dec. 31, 1935
Assets—
Liabilities—
Conv.
5%
cumul.
receivable
Sinking fund deposits
Unamort. debt disc. & exp..
356,344
191,618
1,371
41,440
243,537
Accrued
interest..-
Other accrued expenses
Surplus
reserve
43,656
23,675
7,150
9,426,271
858,484
5,036,292Res
5,485
to
r
Profit
.
.
$7,642,448 $7,896,744
_■
stock...
a
nd loss
Tota 1
—V. 141, p. 1444.
Mexican Light & Power
Co.,
Total
$43,791,116
76~838
90,000
90,000
2,750,000
1,650,000
2,187,306
251,359
2,750,000
1,650,000
2,402,556
$7,642,448 $7,896,744
Ltd.—Earnings—
Income Statement for Calendar Years
0Canadian Currency)
1935
Earns., light &
Government
1934
1933
1932
power:
$714,030
$919,815
7,787,344
33,629
$1,016,528
13,293
$722,837
7,119,310
13,632
$7,809,824
$7,855,779
$8,740,787
$9,475,720
5,311,140
5,252,836
5,352,758
5,862,011
viding for fixed chgs $2,498,684
prov. for doubt.
accounts, &c.
196,008
Head office exp. less ininvest, income
115,253
Bond int. & sink. fund..
$2,602,943
$3,388,029
§3,613,709
202,817
282,287
289,340
76.756
26,047
3,392,812
33,325
3,089,890
Gross earns, from
oper
Oper., maint., deprec. &
taxes
7,082,500
8,418,716
40,476
Net income from oper;
in
Mexico
before
Addit.
I
$43,791,116
$600,000
75,991
193,957
plant
mon
Preterr ed stock...
.
1934
$600,000
110,058
61,127
for contingent
.
2,712,432
——
1935
336,417 Accounts payable.
1,621,500 Customers cred. bal
192.500R eserve for taxes.
partic.
Provision for taxes
Investments
Liabilities—
$704,549 Notes payable
Re s. for securities.
4,595,999
4,472
Miscellaneous
&
$19,087,151
pref. stock
$27,793,265
Shares of subsidiaries
16,101,106 Common stock ($1 par)
1,780,249
Notes & accts. rec. from subs.
1,549,494 Sinking fund debs, series A,
Other investments
6,119,053
5%, due April 1, 1949
3,492,500
Note rec. from an affil. utility
Preferred dividend declared-_
361,905
company, not a subsidiary
100,000 Accounts payable
3,960
receivable
195,000
Huntsviile)
Private & commercial.
(Company Only)
shares of subsidiaries.
Cash in banks
499,282
1,990,705
Securities
1,447,483
vShs. of voting trusts holding
1934
$356,990
Plants (Lowell and
Total.
Net consol. earnings.
Pref. divs. of Mass. Util.
inter-company
1935
Cash
$2,400,756
265,22.
294,808
Total
$223,0391oss$572,411
re¬
Com
$2,239,933
229,528
20,432
278,385
Interest
$137,103
sec. revenue
Prepaid items
$2,145,747
221,653
26,569
255,397
Dividends
143,883
loss$512,658
disct. &
accts. receivable res._
Inventories
217,580
Excluding
5,022
25,569
from
Acc'ts receivable..
Minority pref. divs., &c.
*
14,527
342
Balance Sheet Dec. 31
2,632,158
3,308.418
510,099
815,909
expenses
538,048
$9,994,311 $10,640,743
5,442,683
5,669,370
expenses
Operating
_2~335
8,211
1932
z$278,170 loss$381,255
15,034
42,251
y
Interest
General
Released
1933
z$150,174
10,395
_
income
Released fr.
[Company and Underlying Companies and Associations!
Electric...
Depreciation
Released from plant
$725,205
$739,172
1934
11,957
471,950
serve—Cr
$765,401
Consolidated Statement of Earnings Years Ended Dec. 31
♦Gross
1935
Bad accounts
'
$858,484
.
Co.—Earnings—
Added to disct. reserve.
Loss on sale of securities
Net
322,029
of $2,155,821 in 1935 and $1,831,614 in
lossz$20,540
Reduct. of inventories.
invests, in two subs, in
amt.
Merrimack Mfg.
Interest.
$1,180,513
Organiz.
142, p. 3001.
Operating profit
322,029
res.
?V^ter ,rres,erXe for depreciation
1934.—V.
Calendar Years—
surp.
from investments
viding that
Net loss for the year—
2,969,800
$525,011
$646,431
$313,116 prof$201,154
Volume
Financial
142
Balance Sheet Dec. 31
1935
Assets—
69,979,417
Gen.
25,916,978
25,911,329
422",921
Int.
& adv. to other
Floating
22,294
companies
1,148,093
996,935
930,913
1,060,966
1,349,849
Accts. receivable
llabs-.
Deferred liabs..
Res. for
in transit.
1,182,446
526,022
-
52,113
210,631
146,667
4,247,339
230,772
146,669
Securities
4,425,006
...
balances
122,398
due
96,267
3,930,682
3,830,870
by
Government
_
Total
108,812,642 107.614.605
Total
108,812,642 107,614,605
12,990
343,705
1, 902,243
Miscell. assets..
x
Sink. fund, cash
Accts.
Misc. curr't assets
__
Total
Long
Customers' depos's
term
4,149,000
79,207
1,249,411
10,051
receivable
loans
84,585
1,259,074
Misc. curr't liabils.
10,236
Miscell. liabilities210,197
Reserves
1
4,593,391
Earned surplus
3,801,831
Accrued accounts.
55,156
4,502,544
3,611,858
1,902,878
79,894,639 79,470,979
Includes
debt
608,984
200,000
x67,691
691,734
486,335
24,544
10,156
42,730
61,774
715,602
502,547
7,965
Accts. receivable-_
Deferred charges
Deferred charges
$
(curr'ly matur'g)
Prepayments
32,605,326
1,051,032
35,170,077
Surplus
1
705,714
Mat'ls & supplies.
deprec.,
&c
(on
demand)
1934
$
Liabilities—
Capital stock
34,674,400 34,674,400
Long-term debt
34,985,000 30,916,000
Accounts payable28,264
38,186
Dividends declared
247,657
185,164
y
Cash in bank (time
Notes receivable._
from
subs.cos
Cash
Cash in banks
deposit).
711,036
827,659
349,915
il835
1934
$
Plant, prop., fran¬
chises, &c
75 638,596 75,434,071
Invest's (secur's).
3,501
1,852
6% inc.
on
debenture stk.
Stores in hand &
due
bds.
Accrd. bondint.
Cost of invest, in
Amt.
unsec.
1935
Assefs—
$
13,585,000
6,000,000
5,700,000
43,203,795
3,500,000
787,005
17,085,000
7% cum. pf.shs.
6,000,000
4% cum. pf.shs.
5,700,000
Funded debt
42,020,011
Ordinary shares.
and bond issue
expenses
1934
Liabilities—
$
bonds, sh.
on
Balance Sheet Dec. 31
1935
1934
$
Properties, plant
equipment, &c 71,671,057
Rts., franchises,
goodwill, disc,
4347
Chronicle
(Including Subsidiary Companies)
1
——79,894,639 79,470,979
Total
also,
y
preferred,
7%
by:
Represented
cumul., $100 par; pari passu with 6% preferred and $6 preferred: outstand¬
ing, 80,064 shs. (79,974 shs. in 1934); 6% preferred, cumul.. $100 par; pari
passu with 7% preferred and $6 preferred; outstanding, 1,130 shs. (1,490
shs. in 1934); $6 preferred, cumul., no par; entitled upon liquidation to
$100 a share; pari passu with 7% preferred and 6% preferred; outstanding,
70,567 shs. (70,294 shs. in 1934); common, $10 par; outstanding, 2,000,000
shs. in 1935 and 1934.—V. 142, p. 4027.
-Y. 142. p. 4025.
Metal Box
Co., Ltd., London—Final Dividend—Rights—
a final dividend of 9%, making 12^% for
The directors have declared
the fiscal
ended March 31,
year
1936.
The company has offered stock¬
holders the right to subscribe for one new share at £3 for each share held.
Net profit for the year ended March 31. 1936, was £224,904 after charges
Missouri-Kansas-Texas Lines—Earnings—
Period End. May 31—
Operating revenues
Operating expenses
1936—Month—1935
1936—5 Mos.—1935
$2,444,206
$2,032,008 $11,941,205
$9,995,361
1,928,006
1,744,606
9,474,333
8,749,042
Available for interest
166,908
def31,841
786,625
def257,168
Fixed interest charges..
353,571
347,949
1,778,481
1,742,241
40,
4240.
Snd taxes, comparing with net profit of £149,524 in preceding year.—Y.
p.
Mexican
[Figures
are
1934
1933
$1,251,542
576
$1,338,446
1,493
$1,354,366
1,097,518
319,962
$1,361,660
$1,252,118
1,050,059
318,905
$1,339,940
1,194,819
311,708
$8,034
$116,847
Net
$8,034
$116,847
Mo-Tel Service,
See list given on
Balance
1935
$
Sheet Dec.
Munson
31
S
Liabilities—
(Exclusive of subsidiaries not consolidated)
S
$
Com. stk. (par $9) 10,486,800
Cash In banks and
Income Account for the Period from
Deferred liabilities
hand
57.431
141,864
373,166
Mat'ls & supplies.
x
income
117,722
387,627
reserve
377,910
Net
Loss
4,828,177
63,191
49,549
26,297
Accrued taxes
24,496
15,139
Sundry curr. llab.
Res. for deprec
2,574,179
Capital surplus-..
526,362
Deficit
315,873
25,280
$148,295
revenue
on
Non-operating income
23,063
15,257
2,597,033
526,362
228,529
Interest charges on notes
y
(Exclusive of subsidiaries not consolidated)
Oper.,
1932
$2,920,567
49,601
Prepaid insurance.
from oper $2,270,097
$2,494,689
$2,698,419
$2,970,168
Special deposits (at
cost) & miscell.
deprec'n
2,771,467
3,768.855
3,475,213
3,051,905
with strike
$722,774
....
2,827,544
102,837
76,603
3,520,031
245,327
229,276
346,356
9,772,039
329,473
9,777,084
756,422
685,360
737,074
625,361
herein
950,205
1,104,500
2,451,000
1,007,254
1,104,500
2,451,000
624,421
Reserves
sonal
$798,687
1935
1935
1934
$
1934
4,949,050
4,955,788
b Property
11,204,166 12,266,014
Goodwill, &c
557,750
557,750
Deferred charges..
219,981
241,202
$
Prop., plant & eq. 17,456,433
Excess of revs. over
exps. on voyages
not
Cost
of
assoc.
invest,
9,659,719
and other
24,657
companies
52,695
zation
277,557
23,782
335,559
9,655
1,072,641
168,983
875,941
33,813
Securities
Cash....
int. in cap. stock
and
8,523,323
7,206,396
Deficit—..
charges and
Earned
a
29,576,309 30,615,830
Total
—29,576,309 30,615,830
Period End. May 31—
Operating revenues
Operating expenses
Operating taxes
Net oper.
income
$612,516
$3,767,704
$2,888,603
Mobile & Ohio RR.—Reconstruction Loan—
The Interstate Commerce Commission on June 19 approved
Montana Power Co.
Light Co.—Earnings—
1935
1934
1933
1932
$5,311,093
2,412,462
$4,870,605
1,961,548
$5,179,398
1,952,918
from opera'ns $3,064,955
Other income
1,401
$2,898,631
2,529
$2,909,057
932
$3,226,479
Net
rev.
1934
1933
1932
$8,936,161
4.635,130
$7,653,210
3,435,660
$5,653,077
72,170
$4,263 576
122,470
$4 301 031
67,661
$4,217,550
58,901
income
bonds—.
$5,725,248
1,588,611
Interest on debentures..
625,000
283,230
$4,386,047
1,694,695
625,000
224,460
$4,368,692
1,743,600
625,000
241,772
$4,276,452
1,558,041
625,000
232,610
$2,496,841
$2,544,155
$2,610,373
66,483
$2,415,652
190,407
Net rev. from oper
Int. on mtge.
Other int. &
deductions.
15,837
Net interest
Gross corp. income—
$3,066,355
Net int. & other deduct.
1,721,720
$2,901,160
1,733,781
$2,909,989
1,745,408
$3,242,317
1,756,666
Prop, retirement reserve
appropriations
405,000
300,000
300,000
250,000
$939,636
$867,379
and other
$2,496,841
$2,544,155
$2,543,889
$2,225,244
$3,228,406
$1,841,892
$1,824,802
$2,051,207
620.000
525,962
415,000
320,000
surplus
$2,608,406
Dividends on pref. stock
$1,315,930
$1,409,802
$1,731,207
955,929
955,120
953,657
deductions
Balance
Property
serve
Balance, surplus
retirement re¬
appropriations.
_
Bal. carried to earned
$6 series
$864,581
SEC—
$9,000,515
4,736,939
Less int. chge. to constr
$5,598,576
2,533,621
Calendar Years—
and
Operating revenues
$11,236,026
Oper. exp., incl. taxes..
5,582,949
Total
Operating revenues
Oper. exp., incl. taxes..
1935
(& Subs.)—Earnings—
1935
Calendar Years—
Gross corp
the extension
period not to exceed two years of the time of payment of $850,000 of
the loan of $877,599 to the receivers of the company by the Reconstruction
Finance Corporation, maturing July 7, 1936.—V. 142, p. 3860.
a
Minnesota Power &
1934.
$6,123,363 in
After reserve for bad debts of $130,303 in 1935 and $152,550 in
1934.
c Including past due maturities and maturities due within one year,
d Issued and outstanding 125,100 shares at stated value.—V. 142, p. 3861.
Other income
—V. 142, p. 3859.
for
1,261,925
18,229,916 19,156,634
Mutual Management Co.—Registers with
first page of this department.
1936—Month—1935
1936—5 Mos —1935
$3,045,327
$2,745,053 $14,720,617 $13,331,275
19,872
36,957
1,529
57
9,167,484
8.844,801
1,861,918
1,810,332
1.765,557
1,560,914
359,117
322,148
$822,763
deficit
Total
See list given on
Michigan Bell Telephone Co.—Earnings
Uncollectible oper. rev..
18,229,916 19,156,6341
b After reserve for depreication of $6,013,618 in
—V. 140, p. 4240.
of
con¬
d Common stock..
Total
Claims and other
Total
surplus
solidated
8,926,099
6,407,890
Govt.—
debts
con¬
subsidiaries
chises and other
assets
not
reserves
Min. stockholders'
fran¬
1,440,336
_
debit balances
Mexican
panies
Other
amorti¬
of
17,838
1,247,852
312,222
transit
Def'd
ciation,
debt...
solidated
liabilities
Reserve for depre¬
Stores in hand and
in
Floating
Deferred
in
Accts. receivable.
26,531,200 26,531,200
890,802
919,781
468,791
315,144
liabilities
368,588
331,497
Funded debt
9,666,658
good-will, &c...
completed..
Funded
Owing to sub. com¬
17,515,797 Capital stock
Rights, franchises.
per¬
Injury
sation insur., &c
c
Liabilities—
$
11
for
claims, cargo
claims, compen¬
owing
subsidiary
and affil. cos—
$776,793
$557,216
$353,084
June
6% cum. pref. stk.
from
Consolidated Balance Sheet Dec. 31 (Canadian Currency)
to
13, 1934
(less reserve)
amounts
221,404
Net deficit from oper.
in Mexico
Applic.
Investments in and
connection
in
Stores and supplies
investments, &c.
taxes
Expenses
393,671
309,303
131,174
Receivable
1933
$2,635,063
63,356
Liabilities—
i
$97,507 Notes, drafts and
accts. pay., accr.
441,788
int., &c. applic¬
287,214
able subsequent
239,502
to June 13, 1934
$355,244
Cash
a
$
$
Assets—
1934
maint.,
and
Dec. 31'35. June 13'34.
Dec. 31'35. June 13*34.
Co.—Earnings—
$2,414,702
79,987
earnings.
earns,
$1,261,925
Consolidated Balance Sheet
1935
Total
1935
Balance, Dec. 31, 1935
$2,204,407
65,690
earnings
Miscellaneous
$181,966
884,399
559,492
Balance carried to surplus account
Direct charge to surplus—
Represented by
Earnings for Calendar Years (Canadian Currency)
Car
$126,731
55,235
for insurance premiums, &c.
Balance deficit June 30,
shares.—V. 140, p. 4240.
no par
$119,168
7,563
Net operating profit
18,866,778 19,000,904
Total
of $66,412 in 1935 and $47,236 in 1934.
Mexico Tramways
29,127
miscellaneous operations
& wages
payable
18,866,778 19,000,904
After
3,978
and
Accounts
ceivable
300,000
300,000
7% cum. prior
pref.
stock
377,910
Owing to Int. Tel.
& Tel. Corp
4,788,276
June 30, 1935 to Dec. 31, 1935
Operating revenues, steamships
$3,013,591
Operating and administrative and general expenses, steamships
2,865,295
y
121,979
Accts. & notes re¬
Total
5% non-cum. pref.
stock ($10 par).
10,486,800
Inc.—Registers with SEC—
first page of this department.
Steamship Line (& Subs.)—Earnings—
1934
1935
1934
Plant, property,
equipment, &c_ 18,212,583 18,275,734
Miscell. investm'ts
25,015
25,210
Special deposits
1,085
1,315
Debt disc. & exp..
33,333
Prepaid ace'ts and
deferred charges
55,438
38,179
on
America—Notes Called—
Holders of the collateral gold notes, series of 1929, of July maturity, are
being notified that, pursuant to the terms of the aforementioned notes, all
these notes are called for redemption on July 1, 1936. Holders of said notes
may, if they so elect, retain their notes upon the condition that on and
after July 1, 1936, all notes not surrendered for redemption shall bear inter¬
est, payable July 1 and Jan. 1 of each year, at the rate of 4% per annum.
—V. 136, p. 761.
20,864
Total deficit
x
$1,999,409
$187,451
loss
1,050,212
319,482
Divs. prior pref. stock..
Assets—
$991,855
$166,587
$63,114
_ _
$379,791
$186,663
Morris Plan Corp. of
1932
$1,359,988
1,672
$63,114
Gross earnings
Int. deductions (net)...
adjust.
in United States currency]
1935
Oper. exp., taxes & depr.
before
-V. 142, p. 3683.
$1,354,233
133
Calendar Years—
Total oper. revenue
Non-oper. revenue
Deficit
bond interest
Telephone & Telegraph Co.—Earnings—
$1,235,650
Divs. on common
stock.
620 416
944,570
620 416
4348
Financial
Consolidated Balance Sheet Dec. 31
1935
$
Investments
.
121,316,310
235,477
75,967
_
1935
Liabilities—
Cash in banks—
On
demand
784,707
378,428
164,951
Notes receivable
Accts.
200,661
receiv'le:
2,371,151
2,328,666
$6 ser.
13,236
21,819
Mat'ls & suppl's
693,509
655,941
Prepayments—
27,544
2,265
16,614
Misc. curr. assets
21,947
Miscell. assets.,
1,920,298
a Contract'l rts.
11,205,197
Unamort'd
65,468,423
Long-term debt. 45,436,625
Contract pay'le.
44,200,517
Cap. stk. subsc.
49,700
Long-term debt,
curr.
matur'g.
Accts.
1,417,000
900,000
.
payable.
2,858,876
11,415,973
debt
316,861
239,124
246,173
Divs. declared__
422,463
1,512,065
1,305,540
4,398
4,400
734,996
729,705
11,415,973
1,811,462
117,943
1,995,970
29,710
Misc.
accts..
liabs.
curr.
Miscell. liabs
Contractual liab. 11,205,197
Deferred
credit
to income....
439
317
5,459,963
Earned surplus.
141,675,505 141,457,1141
Total
qualifying shares, nine shares
6,491,979
8,827,900
10,829,750
1935 andl934.—V. 142, p. 3180.
National Grocer's Co., Ltd.—New Director-—
T. J. Medland has been elected
iand.—V. 142, p. 4185.
a
director to succeed the late John Med-
National Power & Light Co. (&
Subs.)—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
Operating revenues
$18,901,773 $17,649,341 $74,287,860 $71,584,879
Oper.exps.,incl. taxes.. 10,660,575
9,743,754
41,701,723
39,152,029
from oper..
Other income
5,241,198
100,779
$7,906,544 $32,567,461 $32,526,441
3,117,326
12,420,032 *12,667,548
Cr5,684
Crl9,589
Crl7,160
1,403,674
6,117,570
6,125,940
5,645,188
.
$7,991,087 $32,955,361 $32,848,893
84,543
387,900
322,452
58,247,215
3,101,217
Cr4,551
1,505,361
Gross corporate inc..
Int. to pub. & oth. deuct
Int. charged to constrct.
Prop, retire, res. approp.
$7,905,587 $32,586,137 $32,432,850
85,500
369,224
416.043
58,341,977
94,762
Total income
Other income deductions
$3,391,228 $14,049,448 $13,750,113
ktt.
nop
Pref. divs. to public (full
div.
require,
applic.
to
to
respective
respective
periods
periods
whether earned
$2,125,994
6,063,337
12,208
3,171
$1,872,215
Nat'l Power & Light Co.—
Net equity of Nat'l Pow.
327,530
def88,747
defl90,000
372,737
def70,657
defl74,167
407,772
defl5,980
def134,156
Jersey Power & Light Co.—Earnings—
Calendar Years—
1935
1934
$3,630,017 x$3,589,844
165,045
171,596
Operating revenues—Electric
Gas...
Total operating revenues
Operating expenses
;
$3,795,062
1,322.203
$983,575
$2,167,695
Expenses, incl. taxes
50,252
Int. & other deductions.
340,382
6,063,403
15,806
$7,973,903
$7,670,904
Operating income.
Other income
$7,670,904
19,302
60,335
82,282
$1,891,517
32,601
$8,034,238
196,968
1,355,924
$7,753,186
194,068
1,356,089
340,389
626.400
Net income...
$751,084
$632,282
5,205
198,360
293,750
x In
1935, the company adopted the policy of crediting to production
expense, rather than operating revenues, the inter-connected power system
transfers of excess power, with other companies.
The figures for the year
1934 have been adjusted to give effect to this policy.
5.205
198.360
475,000
AssctS"*"""
1934
1935
$
Fixed capital
$1,777,061
$1,518,527
$6,481,346
$6,203,029
inter-company transactions have been eliminated from the
Interest
int.(contra)
Dep. with trustee
lieu of
2,969
700
700
117,341
1,725
438,651
94,907
192,435
Notes receivable..
rec—
Materials & suppl.
Appl.
accts.
rec.
404" 152
68,069
111,004
Co.—Earnings—
$4,423
—V. 141, p. 928.
Corp.- -Appellate
Division
Reverses
The
Appellate Division of the New York Supreme Court on June 23
reversed Supreme Court Justice Valente's ruling that
70% of the 100,000
shares of National Surety Corp. capital stock be taken
by BancamericaBlair Corp. for $151.50 per share.
The decision was, three to two, that
Justice Valente had no right to substitute his
judgment for that of the
Superintendent of Insurance.
The
Appellate Division approved the
$10,031,000 bid presented by Commercial Investment Trust Corp. for
the entire stock of National
Surety Corp.
Superintendent Louis H. Pink
had asked the Court for permission to
accept the $10,031,000 bid C. I. T.
offered.
It was the highest of seven submitted.
In connection with the decision of the
Appellate Division
approving sale of the stock of the corporation to the Com¬
mercial Investment Trust Corp., Superintendent of Insurance
Louis H. Pink today made this statement:
The decision of the Appellate Division
approving the sale of the stock of
National Surety Corp. to the Commercial Investment
Trust, the
highest bidder, is, in the opinion of the Superintendent, a very real
victory
for the individual creditors.
It is the thought of the
Superintendent that
the average creditor is
primarily interested in getting as much cash as
possible on his claim, and as promptly as possible.
The decision of the
the
court facilitates this distribution.
The formation of the new National
old National Surety Co. was a
Surety Corp. out of the assets of the
signal step in reorganization procedure.
This plan had never been tried and its
legality was then considered doubtful
by some authorities. Approximately $4,000,000 net was put into the new
corporation and the creditors will receive over $10,000,000.
Had the old
company gone into liquidation instead of rehabilitation at the time it
was
taken
over by the State this fund of
$4,000,000 would have dwindled be¬
of the increase in claims and expenses which would
have accrued.
The man who originated the
general idea of the plan and deserves credit
for conceiving it is William B.
Joyce, former President of the National
cause
put into legal form by Hartwell Cabell and
Samuel R. Feller, who was then First
Deputy
was
Superintendent of Insurance.
Great credit is due to former Superintendent
George S. Van Schaick, who
showed not only wisdom but
very great courage in
adopting and consum¬
mating this unique experiment. When the plan was submitted to the court
it went before Judge Louis A.
Valente, who first determined that it was
proper and lawful.
This decision was affirmed by the
Appellate Division
and the Court of Appeals.
While the Superintendent of Insurance has owned all of
the stock for the
benefit of creditors and has had the
general control of this company and has
been constantly consulted on matters of
principle, he has not interfered
in any way whatsoever with the
personnel of the corporation or with the
operation of its business.
The corporation has been
run
and
managed by
finan-
21,284
40,800
153,160
189,793
209,781
21,290
345,294
321,184
Accts. payable
Taxes accrued
158,276
176,552
215,008
Misc. accruals
1,210,681
Guaranty of appli¬
accts.
ance
sold
Res.
rec.
(contra)
&
misc.
276,000
un¬
adjusted
credits
Contributions
for
4,397,767
4,002,183
refundable)
6,215
Capital surplus... 5,186,413
Corporate surplus.
264,425
6,059
5,186,413
191,906
extensions
Total
34,915,305 34,200,487
Represented by 87,500
no
par
(non¬
Total
34,915,305 34,200,487
shares.—V,
142, p. 3517.
Jersey Zinc Co.—50-Cent Extra Dividend—
The directors on June 24 declared an extra dividend of 50 cents
per share
in addition to the regular quarterly dividend of like amount on
the capital
stock, par $25. The extra dividend will be paid on July 10 to holders of
record July 1 and the regular dividend will be distributed on
Aug. 10 to
holders of record July 20. A similar extra dividend was
paid on Dec. 10,
1935.—V.
National Surety Decision—
12,814
from
cingco
.
Consumers' service
& line deposits..
New
Earnings for Five Months Ended May 31, 1936
Ad vs.
Interest accrued..
276,000
Def. debit items— 1,169,008
x
National Sugar Manufacturing
2,969
to
pay.
parent co
accounts of subsidiaries have so resulted.
The "net equity of
National Power & Light Co. in income of subsidiaries" includes
interest and
preferred dividends paid or earned on securities held, plus the proportion
of earnings which accrued to common stocks held
by National Power &
Surety
Mat. bond interest
147,669 Accts.
and
Light Co., less losses where income accounts of individual subsidiaries have
resulted in deficits for the respective periods.—V.
142, p. 3861.
$
pref. stock
(contra)
funds)
Int. & divs.
cum.
104,100
104,100
$6 cum. pref. stock 3,306,000
3,306,000
x Common stock..
6,535,000
6,535,000
1st
mtge.
bonds,
4H % series, due
Oct. 1, 1960
13,920,000 13,920,000
mort¬
Income
Barker and
$5
1934
$
Liabilities—
27,430,318 27,306,371
5,191,250
4,951,840
preferred dividend deductions of sub¬
represent full requirements for the respective periods (whether
paid or not paid) on securities held by the public.
The "portion applicable
to minority interests" is the calculated
portion of the balance of income
applicable to minority holdings by the public of common stock of sub¬
sidiaries.
Minority interests have not been charged with deficits where
P.
42,343
45,466
13,u83
10,983
Dividends on—$5 cum. pref. stock
$6 cum. pref. stock
Comon stock
sidiaries
Wendell
626.400
42,339
45.422
Inter
t, on unfunded debt
Amortization of debt discount and expenseInterest charged to construction (credit)...
sold (contra)
con¬
The plan
$1,333,408
t on funded debt
gaged prop, sold
$7,973,903
solidated earn, surpl
Surety Co.
286,447
$1,454,262
Inters
470,687
Cash (incl. yvorklng
$1,872,215
y
National
$1,046,960
575.000
Other taxes
Accts. receivable-_
Total income
Net income
135,193
316,938
$3,761,440
xl,292,231
428.997
600,000
97,732
295,519
462.153
Prov. for retire., renewals, & replace, of fixed cap.
Federal income tax
in
& Light Co. in one. of
subs, (as shown above) $2,125,994
Other income
41,701
statement.
330,194
def26,979
defl28,501
Dep. format, bond
income of subs
Note—All
def28,636
1933
Balance Sheet Dec. 31
1,515,842
equity of Nat'l
Power & Light Co. in
above
def37,611
1935
1,515,830
3,364
Net
to
$78,667
def 5,790
1934
142, p. 3685.
New
Investments
carried
$69,797
def 17,262
1935
From Jan. 1—
Gross from railway
Net from railway
Net after rents..
or un¬
earned)
Portion applic.to min.int
Bal.
$65,837
def18,502
def38,800
Maintenance
Subsidiaries—
revs,
1936
$67,289
def3,446
def25,059
Gross from railway
from railway
...141,675,505 141,457,114
subsidiaries—directors,
common in
Jersey & New York RR.—Earnings—
Net
—V.
Total
TIqIQ
New
May—
Net after rents
a To
acquire from American Pow. & Lt. Co. securities of Montana Power
Gas Co. (see contra),
b Reprasented by: Pref. $6 series, 159,416 shares in
1935 (159,235 shs. in 1934); common, 2,481,665 shs.;
Net
The directors have declared a dividend of $1.75
per share on account
on the 7% cum. class A
preferred stock, par $100, payable
July 1 to holders of record June 23. This will be the first payment made
on the preferred stock since April
1, 1932, when the regular quarterly divi¬
dend of $1.75 per share was distributed.—V.
141, p. 122.
of accumulations
387",485
Accrued
Reserves
disct. & exp__
Oth. def. chgs._
,
New Britain Machine Co.—Accumulated Dividend—
12,000
Cust's' deposits.
403
co._
Subscr. for pf.
stk.
$
65,486,523
27,100
Loans payable.
Custs, & misc.
Affiliated
1934
$
b Capital stock.
June 27, 1936
unpaid, eminent and experienced board of directors who have given
their services to the State and by a most competent
experienced and ener¬
getic President, Vincent Cullen.
The main credit for the success of the
corporation is due to the officers and management of the corporation.—
V, 142, p. 2509.
an
1934
$
Assets—
Plant, property,
franch., &c..122,467,589
Chronicle
142,
p.
3353.
New Orleans Public Service
Inc.—Earnings—
Calendar Years—
1935
1934
1933
1932
$15,363,721 $15,144,236 $14,722,516 $15,628,299
Oper. exps., incl. taxes. 10,005,345
9,739,841
9,213,463 ' 9,548,942
Operating
revenues
Net rev. from oper...
Other income
:
$5,358,377
47,163
$5,404,394
$5,509,053
26,308
$6,079,356
7.527
Gross corp. income
Int. on mortgage bonds.
$5,405,540
2,692,548
Other int. & deductions.
205,357
2,124,000
$5,411,921
2,709,942
209,672
2,124,000
$5,535,361
2,732,237
186,382
2,124,000
$6,087,780
2,802,808
171,937
2,124,000
$383,636
$368,307
$492,741
$989,034
Prop, retire,
res. approp.
Balance, surplus
Balance Sheet Dec. 31
1935
Assets—
1934
(time
675
600,000
1,760
receivable.
1,315,723
1,214,023
Materials & suppls
359,769
389,744
Prepayments
11,550
245,186
Misc. curr. assets.
42,060
40,165
Miscell. assets
2,852,417
592,089
Deferred charges. 9,445,643 10,315,889
Total...
84,907,552 86,322,698!
5
Capital stock (no
par)
26,613,969 26,613,969
Long-term
debt--50,860,880 42,729,100
Accounts payableGen. lien 4>^% gd.
i
deposits).
Notes receivable..
x
1934
5
Liabilities—
Cash in banks
Accts.
1935
$
Plant, prop., fran¬
chises, &c
.68,167,553 69,930,179
Investments
60,078
180,836
Cash in banks (on
demand)
2,652,081
2,812,825
501,806
468,092
bds., due July 1,
1935
Customers'
depos.
916,480
1,048,404
Misc. curr. liabils.
50,307
Miscell. liabilities. 2,351,712
Def. cred. to inc..
7,985
Reserves
819,362
Earned surplus
1,736,643
Accrued accounts.
Total
11,546,800
873,678
869,096
54,360
384,666
8,322
1,044,606
1,730,008
84,907,552 86,322,698
x
Represented by pref. ($7) cum. (entitled upon liquidation to $100
share); authorized, 150,000 shares; outstanding, 77,798
shares.; common
authorized, 1,025,000 shares; outstanding, 753,366.78 shares).—V. 142,
p. 3181.
1
New
Orleans Texas & Mexico Ry.—Court Order Author¬
izing Payment of Interest Set Aside—
The court order of June 16
authorizing the partial payment of interest
on certain of the
company's bonds has been set aside because it excluded
interest payment on $1,900,000 of Gulf Coast 1st
4^s of 1956 which are
pledged under a note of the Missouri Pacific to the Reconstruction Finance
Corporation and on which the RFC contends interest should also be
—V. 142, p. 4186.
paid.
Volume
Financial
142
Chicago & St. Louis RR.—Earnings—
1936
1935
1934
1933
Gross from railway
$3,273,434
$2,687,583
$2,866,384
$2,585,179
Net from railway
1,140,479
722,971
924,594
949,499
Summary of Certain Information Contained in Prosepectus
New York
May—
667,278
Net after rents.
From Jan.
Net after rents
—V.
142,
p.
393,488
489,457
562,489
16,263,219
13,839,785
5,711,040
3,499,962
4,357,407
14,362,656
5,055,208
2,913,816
11,332,908
3,307,483
1,329,765
1—
Gross from railway
Net from railway.
2,518,303
4186.
•
New York Merchandise
Co., Inc.—20% Stock
Dividend—
on
the no par com¬
stock, payable July 24 (not July 16 as stated in last
week's "Chroni¬
The directors have declared a stock dividend of 20%
mon
cle") to holders of record July 9.
At the same time the regular quarterly
cash dividend of 50 cents per share was also declared, this to be paid on
Aug, 1 to holders of record July 9.
An extra dividend of 50 cents was paid
on March 2 last and an extra of 12 H
cents per share was distributed on
May 1, 1935.
Underwriting Agreement—
March 20, 1936,
amended, and has given up any interest therein to King, Crandall &
Latham, Inc., the other underwriters named in such agreement, pursuant
as
arrangement between such underwriters.
The corporation has further notified the
underwriting
Exchange that the
agreement dated March 20, 1936 has, by another amendment
dated June 3,
1936, been further amended to the extent that, subject to the terms and
conditions thereof, King, Crandall & Latham, Inc., Burr & Co., Inc. and
Chandler & Co., Inc. will purchase from the corporation, and the corpora¬
tion will sell to said underwriters, the 8,391 shares covered by the original
underwriting agreement at the same price mentioned therein, viz., $46 per
share.—V. 142, p. 4029.
New York New Haven & Hartford
RR.—Earnings—•
1936—Month—1935
1936—5 Mos.—1935
Operating revenues
$6,349,556
$5,867,524 $31,263,248 $28,873,349
Net ry. oper. income.._
421,495
817,537
1,610,818
3,291.675
Net def. after charges..
614.951
129,196
3,813,916
1,578,878
Period End. May 31—
—V.
142,
p.
3685.
New York Ontario & Western
May—
Gross from railway
Net from railway
Net after rents
From
Jan.
RR.—Earnings—
1936
$694,655
206,607
129,541
1935
$771,706
251,474
183,479
3,680,006
824,022
432,973
3,574,644
909,101
515,724
'
Gross from railway
229,408
127,754
4,118,466
1,047,130
576,854
3,842,460
1,045,954
671,872
—V. 142, p. 3685.
New York & Richmond Gas Co.—Accumulated
The directors
have declared
a
Dividend
dividend of $1.50 per share on account
6% cum. pref. stock, par $100, payable July 1
to holders of record June 15.
A like payment was made on Jan. 2, last and
on Oct. 1 and Jan. 2, 1935.
Similar distributions were made in each of the
four quarters of 1934, tne Oct. 1, 1933 dividend being omitted.
Accumulations after the payment of the current dividend will amount
to $6 per snare.—V. 142, p. 3007.
of accumulations on the
New York
Stocks, Inc.—Files 2,000,000 Share Issue—
a mutual investment company
of 15 Exchange Place
Jersey City N.J. filed June 23 with the Securities and Exchange Commis¬
sion a registration statement covering 2,000,000 shares of convertible special
stock
issuable in 21 series.
After the effective date of the registration
statement the shares will be initially issued to net the company $11.16 per
share, representing net asset value.
Thereafter the price to be received
by the company will be based upon the market value of underlying assets.
The issue is one of the largest ever registered by an investment company.
Each of the 21 series of special stock bears the name of a particular
business or industry, and the underlying assets of each series will be invested
only in the securities, generally common stocks, of companies engaged in
the particular industry for which a given series is named. At the request of
any stockholder, the company will convert the snares of any series into
shares of any other series, thus permitting the stockholder to shift his in¬
vestment from one business or industry to another at his discretion.
Shares
of any series may also be converted into special stock-government bond
series, the assets of which may be invested only in obligations of tne United
States Government. All series of stock may be redeemed in cash by holders
at any time.
Hugh W. Long & Co., Inc., with offices in Jersey City, New York and
Los Angeles, has been named exclusive wholesale distributor of all series
of the company's special stock, and will have associated with it well-known
security dealers throughout the country.
The board of directors of the company will be assisted in the management
of the portfolios underlying the various series of special stock by Mannattan
Foundation, Inc., which well render researcn and advisory service. Direc¬
tors of New York Stocks, Inc
in addition to Mr. Long include Col. Har¬
low D. Savage, Tnomas F. C'halker, William H. Lough and Solwin B. Smith.
New York Stocks, Inc., will not operate as a trading company.
It is
prohibited from buying stocks on margin, borrowing money or engaging in
short selling. Tt is permitted, however, to invest the assets underlying any
series of its stock in Government bonds or hold such assets in cash.
Not
The company,
of its assets will be invested in the securities of any one
will the company hold more than 10% of the stock of any
single corporation.
more
than 5%
company
nor
New York
Susquehanna & Western RR.—Earnings—
May—
Gross from railway.
Net from railway
Net after rents
1936
$274,314
77,960
1935
$296,996
86,801
1934
$326,434
112,251
1933
$256,530
69,907
25,601
32,789
69,686
25,596
From Jan. 1—
Gross from railway
1,523,565
Net from railway—
455,640
Net after rents.211,232
1934
Hydraulic Power Co. of Niagara Falls, 1st & ref. mtge.
(5% due July 1, 1950)-.
._
...
Ref. & improv. mtge. bonds (5% due Oct. 1, 1951)
Niagara Falls Power Co., 1st & consol. mtge.—
Series A 5% gold bonds, due July 1, 1959
Series AA 6% gold bonds, due Nov. 1, 1950
31, 1936
1,563,316
438,041
1,572,824
506,793
1,281,169
327,621
152,546
301,962
103,705
Co.—Claims Against Com¬
panies Held Absolute, Not Contingent—Court Decision Affects
$1,000,000,000 Obligations Due 550,000 Investors—See details
in last week's "Chronicle," p. 4108.—V. 142, p. 2510.
bonds, 3lA% series of 1936.
due March 1, 1966.
Interest payable (M. & S. 1)
in New York City or in Buffalo.
Marine Trust Co. of Buffalo, trustee.
Coupon bonds in denom. of $1,000, registerable as to principal.
Registered
bonds in denoms. of $1,000, $5,000, $10,000, and multiples of $10,000.
Coupon bonds and registered bonds, and the several denominations,
interchangeable.
Redeemable at the company's option in whole or in part
on any date, on a least 30 days' notice if redeemed in whole at any time or
in part on an interest date, and on at least 60 days' published notice if
redeemed in part on any date other than an interest date, at the following
prices with accrued interest:
to and incl. Dec. 31, 1941, at 108M%;
thereafter to and incl. Dec. 31,1945, at 106^ %; with successive reductions
in the redemption price of H% during each successive two-year period
thereafter to and incl. Dec. 31, 1961; thereafter to and incl. Dec. 31, 1962,
at 102%; thereafter to and incl. Dec. 31, 1963, at 101%; and thereafter at
100%.
Legal investment, in the opinion of counsel for the underwriters, for savings
banks in the State of New York.
a6,366,500
al3,712,000
b8,416,000
250
936,000
35,575,565
contained in the company's
first and consolidation mortgage dated July 1, 1919 providing for exchanges
of Hydraulic Power Co. of Niagara Falls first and refunding mortgage
bonds or refunding and improvement mortgage bonds for a like principal
amount of first and consolidation mortgage series A 5% gold bonds.
b $402,000 face amount of these bonds were redeemed on May 1, 1936
Subject to change by reason of provisions
a
and
canceled.
were
Purpose of Issue—Net proceeds (estimated at $32,696,000 after deducting
and exclusive of accrued interest), together with funds advanced
by Buffalo, Niagara & Eastern Power Corp. in the amount of approxi¬
mately $1,548,625, will be applied to the cost of redemption of the first
four issues listed above which are redeemable on the following dates and at
expenses
following
accrued interest in
plus
respectively,
prices,
each case:
1, 1937, at 110%; Oct. 1, 1936, at 105%; Jan. 1, 1937, at 105%f
Sept. 1, 1936, at 105%, and to reimburse the company for funds employ|
by it for the redemption of its Niagara Gorge collateral trust bonds.
Jan.
Earnings Years Ended Dec. 31
Total
1936
Income
a
Net
Income
Corporate Income
c
$3,499,522
3,262,402
3,206,216
600,425
$1,928,249
1,868,535
1,830.529
454,328
$5,427,771
5,130,937
5,036,745
1,054,753
$7,391,491
8,105,857
8,135,972
1,891,941
1935.
Total Deductions
from Gross
Gross
Corporate
,
Operating
Revenue b
Three months ended March 31.
a
During 1933, inter-company charges with respect to power between
affiliated companies were billed on net balances.
Subsequent to that year
the basis of accounting was changed so that such charges were billed on a
gross basis.
If the latter accounting basis had been followed in 1933, the
figures appearing above for total operating revenues in that year would be
$8,136,241, with no resultant change in gross corporate income.
c After provisions for retirements in the amounts of $328,574 for 1933,
$600,000 for 1934, $600,000 for 1935 and $150,000 for the three months
ended March 31, 1936.
Includes dividend revenue from subsidiaries in
the amounts of $875,000, $950,000, $1,060,000, and $300,000 for the same
periods, respectively.
With respect to the $300,000 dividend payment,
the earnings for the three months ended March 31, 1936 of the particular
subsidiary making such payment were approximately $59,000 less than the
b
amount
of such
Bonds
payment.
of the 3H% Series of 1936—These
for the company, will, upon the
bonds, in the opinion of
counsel
completion of this financing and upon
the
discharge of the first three mortgages listed above, be secured by a first
lien on substantially all property, real and personal, now owned by the
company and used by it in the production, generation, transmission and
distribution of power, including all franchises, rights, easements and permits
relating thereto, and on all shares of stock of Canadian Niagara Power Co.,
Ltd.
(except directors' qualifying shares), subject to tax and assessment
liens, and to the rights of the United States under the Federal license and
to certain further exceptions set forth in the mortgage.
The mortgage
contains provisions
for the issuance, under certain
tions, of additional bonds of other series,
amount, ranking
of property from
conditions and restric¬
without limitation as to
pari passu with these bonds and provides
the lien thereof without notice other than
certain instances
to
Underwriters—The
names
the establishment of an annual
commencing with the year 1942.
of the several principal
several amounts underwritten
underwriters and the
follows;
by them respectively, are as
Morgan Stanley & Co., Inc., New York
Schoellkopf, Hutton & Pomeroy, Inc., Buffalo
Bonbright & Co., Inc., New York
Mellon Securities Corp., Pittsburgh
Lee Higginson Corp., New York
Brown Harriman & Co., Inc., New York
The First Boston Corp., New York
Edward B. Smith & Co., New York.
Brothers
Lehman
—
...
-
;
Norfolk & Western
oper. revenues.
Net ry. oper. revenues..
Net ry. oper. income
Other income items
on
Ry.—Earnings—
1936—Month—1935
1936—5 Mos.—1935^
$7,238,395
$5,938,960 $35,159,253 $30,038,799
3,350,482
2,180,230
15,761,802 11,019,934
2,471,680
1,666,358 12,570,164
8,465,747
15,686
110,207
226,531
645,552
funded debt-
Net income
$2,487,366
178,816
$1,776,566 $12,796,695
294,376
894,049
$9,111,299
1,472,648
$2,308,550
Gross income
Interest
2,000,000
2,000,000
2,000,000
1,000,000
1,000,000
Spencer Trask & Co., New York
—V. 142, p. 4186.
Period End. May 31—
$8,743,000
4,375,000
4,375,000
3,000,000
2,000,000
2,000,000
:
Coffin & Burr, Inc., Boston
Railway
principal
for the release
application in
the trustee.
The mortgage contains provisions for
amortization and bond redemption fund
$1,482,189 $11,902,645
$7,638,650
—V. 142, p. 4186.
North & Judd Mfg.
Falls
Power
Co.—Bonds Offered—Morgan
Stanley & Co., Inc.; Schoellkopf, Hutton & Pomeroy, Inc.;
Bonbright & Co., Inc., and Mellon Securities Corp. on
June 24 offered at 104 and int. $32,493,000 1st & ref. mtge.
Niagara
__a$3,465,000
Real estate mortgage
—V. 142, p. 3685.
New York Title & Mortgage
bonds
Niagara Falls Power Co., Niagara Gorge coll. trust 5% gold
bonds (called for redemption and payment on June 1, 1936 at
100% and interest)
Common stock (742,241 shares, no par)
the
1933
$689,289
167,117
101,029
1934
$819,931
1—
Net from railway
Net after rents
Dated June 24
Company—Was formed in 1918 pursuant to a consolidation authorized by
New York Laws of 1918, Chapter 596.
All of its outstanding stock is
owned by Buffalo, Niagara & Eastern Power Corp., 99.66% of the voting
securities of which is owned by Niagara Hudson Power Corp.
Company is
advised that as of June 18, 1936, Niagara Share Corp. of Md. held directly
or indirectly 11.89%, Aluminum Ore Co. held 9.67%, United Corp. held
21.19%, and United Gas Improvement Co. held 7.12% of the voting securi¬
ties of Niagara Hudson Power Corp.
Company and its principal sub¬
sidiary, Canadian Niagara Power Co., Ltd., are engaged in the generation
of hydro-electric energy by means of the diversion and use of waters of the
Niagara River and in the transmission and sale of such energy, supple¬
mented from time to time by purchased power, in large part to industrial
users and to affiliated distributing companies.
Company holds a 50-year
license issued on March 2, 1921 by the Federal Power Commission.
The
combined properties of the company and its Canadian subsidiary include
three hydro-electric generating stations (one used principally as a syn¬
chronous condenser station and standby plant), eight substations, trans¬
mission and distribution systems, and lands.
Capitalization Outstanding as per Balance Sheets as of March
Supplementing its additional listing application dated
the company has notified the New York Curb Exchange that Shields &
Co. has withdrawn from the underwriting agreement dated March 20, 1936,
to an
4349
Chronicle
Co.—2b-Cent Extra Dividend—
share in
of like amount on the common
holders of record June 22. Similar
Dec. 31, last.—V. 141, p. 4174.
The directors have declared an
extra dividend of 25 cents per
addition to the regular quarterly dividend
stock, par $25, both payable June 30 to
payments were made on
Northern Illinois Finance
See list
Corp.—Registers with SEC—
given on first page of this department.
Dated March 1, 1936;
Northern
Indiana Public Service Co.—Pref.
Div.—
have declared a dividend of 87 H cents per share on the
pref. stock, 75 cents per share on the 6% cum. pref. stock and
68M cents per share on the 5J^% cum. pref. stock (all of $100 par value),
all payable July 14 to holders of record June 30.
Similar distributions
have been made on these issues each quarter since and including April 14
1933, prior to which quarterly payments were made at the regular rates.
There has been no payment on the common stock since June 1932.—V.
142, p. 2838.
The directors
7%
cum.
Norwich Pharmacal Co.—15-Cent Extra
The directors
An extra
share in
dividend of 35 cents per share on the
stock, par $5, both payable July 1 to holders of record June 20.
dividend of 25 cents was paid on Jan. 1, last.—V. 142, p. 632.
addition to the regular quarterly
common
Dividend—
have declared an extra dividend of 15 cents per
4350
Financial
Northwestern Electric
Co.—Earnings—
Operating
revenues
Oper. exps., incl. taxes..
Bent for leased,property
Balance
Other income (net)
1936—Month—1935
$317,103
$284,622
199,050
188,705
17.174
17.016
$3,974,446
2,514,302
205,206
$3,683,191
2,312,580
203,304
$1,167,307
$78,901
:$1,254,938
Dr 57 S
76
Dr2,011
Drl,172
$100,301
48,032
$78,977
50,013
:$1,252,927
584,336
$1,166,135
619,702
y$28,964
appropriations
$668,591
260,000
$546,433
260,000
334,179
Balance
reserve
Divs. applic. to pref. stocks of period, whether
z
paid
or
unpaid
_
.
_
and materials from other industries.
During the off-season, he stated, all the plants and equipment were put
assure the best possible operations.
The company's plants
strategically located in the principal salmon run areas of western, central
and southeastern districts of
Alaska, and in the Puget Sound district of
Washington.—V. 142, p. 3686.
in condition to
are
Pacific Power & Light
y Before
property retirement reserve appropriations and dividends,
Divs. accumulated and unpaid to
May 31, 1936, amounted to $1,183,862.
Latest dividend on 7% pref. stock was 88 cents a share
paid Jan. 3, 1933.
Latest div. on 6% pref. stock was $1.50 a share
z
these stocks
paid Oct. 1, 1932.
are
Period End. May 31—
Operating
Net
Divs.
cumulative.—V. 142, p. 3182.
1936—Month—1935
$347,543
$325,401
206,841
195,190
revenues
Oper. exps., & taxes....
from oper__
revs,
Noxzema Chemical Co.—20-Cent Div.
directors
have
declared
a
semi-annual
$130,211
$1,948,848
$1,786,672
15,074
32,160
14,916
25,467
180,006
395,192
178,104
355,414
$187,936
$103,633
$170,594
$105,315
$2,524,046
$1,256,528
$2,320,190
$1,261,909
Balance
y$84,303
y$65,279
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$1,267,518
600,000
$1,058,281
600,000
458,478
458.478
$209,040
def$197
from
leased
prop¬
Other income (net)
New Stock—
on
dividend
of
30
cents
per
share on the class A and class B common shares
,par $1. payable July 1
to holders of record June 30.
This is the same rate as the company paid
on the old $10
par stock on Jan. 3 last.
Then a dividend of $3 per share
was distributed.
A dividend of $2 per share was
paid on
$3
Jan. 2,
on
1933, and
on
1935; $1 on July 7, 1933, and $2.50
July 11, 1932.—V. 142, p. 3356.
per
July 1, 1935;
share on Jan. 10,
Gross corp. income
Int. & other deductions.
...
Ohio Edison Co.—Permission to Sell Bonds—
The company has been granted
authority by the Ohio Utilities Com¬
mission to issue and sell on a 4% basis
$26,834,000 1st mtge. 25-year
bonds to provide for redemption at 105 of
outstanding 1st consol. mtge.
5% bonds due in 1960.
At
the
not less
same time company was
given authority
than par 296,712 hsares of
preferred stock
to issue and sell
at
bearing dividends at
$5 a share annually to provide for redemption of higher
dividend preferred stock of the
following issues:
1,367 shares $5 series
redeemable at 105, 198,747 shares $6 series redeemable at
$110, 23,498
shares of $6.60 dividend series redeemable at
115, 89,004 shares of $7 series
redeemable at 115, and 4,096 shares of $7.20 series redeemable
at 115.
not
to
y
Ohio Public Service Co.
Net income after
Dividends
property
retirement
reserve
appropriations and dividends,
unpaid to May 31, 1936, amounted to
$611,304.
Latest dividends, amounting to $1.75 a share on the 7% pref.
stock and $1.50 a share on $6 pref.
stock, were paid on May 1, 1936.
Divi¬
dends on these stocks are cumulative.—V.
142, p. 4032.
accumulated
and
bond
expense,
Pan American Life Insurance Co.—Dividend Increased
The directors have declared
1935
1934
Patents
i,447,408
5,126,029
x$7.985,901
last
and 60 cents per share paid on
4021.
Exploitation Corp.—Registers with SEC—
Paramount
of this department.
Pictures,
Inc.—Executive
2,022,590
1,900,362
Before depreciation and amortization.—V.
142,
1,925,658
p.
2,401,696
2677.
The following directors were elected members of the Executive
Committee;
Adolph Zukor, Mr. Girffis. Barney Balaban, Neil F. Agnew, John
Hertz,
Maurice Newton, Duncan Harris and Stephen
Callaghan—V. 142, p. 4188.
Oilstocks, Ltd.—Extra Dividend—
The directors have declared an extra dividend of
10 cents per share in
addition to the regular semi-annual dividend of
20 cents per share on the
common stock, par $5, both
payable July 10 to holders of record July 3.
Similar payments were made on Jan. 20 last and on
Jan. 19, 1935.—V. 142,
Pennsylvania Gas & Electric Co. (& Subs.)—Earnings
Calendar Years—
1935
1934
1933
1932
Operating revenues
$1,025,937
Non-operating income..
96,947
$1,029,378
100,049
$1,017,452
102,975
$1,111,424
101,609
Gross earnings
Oper. exps & taxes
Prov. for retirement
1825.
p.
Oklahoma Natural Gas Co.—Contract—
Judge R. C. Allen, Vice-Pres. & Gen. Counsel, announced June 8 that its
subsidiary, Midwestern Oil & Gas Co., with other companies owning leases
in Quinton field, has signed a contract with the
Continental Oil Co. which
obligates Continental to drill this summer at its own expense to a depth
of 7,000 feet or to Simpson sand, unless oil is found in
paying quantities at
a lesser depth.
The contract gives Continenta the option to drill two addi¬
tional wells in the Quinton field, which is one of the
largest gas producing
areas
in
the
Southwest.
subsidiary, Mid¬
western Oil & Gas
Co., own approximately 2,000 acres' interest in oil rights
unitized block, and all oil and gas rights under
approximately 5,000
acres additional in the area in which the well will
be drilled.
Signing of the contract follows the recent completion of a well by Amerada
Petroleum Corp., adjacent to the 16-inch
pipe line of Oklahoma Natural
Gas Co. which supplies Tulsa and Oklahoma
City.
The gas from this well,
flowing 50,000,000 feet daily, and from two additional ones yet to be drilled,
is under contract to Oklahoma Natural Gas Co.
a
Admitted to
Listing and Registration—
The New York Curb Exchange has admitted to
listing and registration
the preferred stock, $50 par, and the common
stock, $15 par.—V. 142.
on
&
count
119.020
$1,213,033
618,168
120,375
funded debt-
$381,318
15,761
265,579
$393,992
15,933
271,674
$413,072
16,107
274,149
$474,490
16,254
276,503
cos
946
903
756
716
18,914
Net
19,673
20,035
20,405
1,118
105,000
$85,808
$102,024
105,000
105,000
48,000
expense
income
Divs.
on
Divs.
on common
pref. stock
$160,611
105,000
80,000
1,976
$24,389
stock.
Balance, deficit.
$24,882
$19,192
Consolidated Balance Sheet Dec. 31
Assets—
1935
1934
Liabilities—
Plant, prop., rts.,
franchises, &c__$7,453,482 $7,396,626
Invests, (at cost). 1,325,195
1,367,762
Special deposits..
477
17,879
7%
disc. & exp.
in proc. of amort
Preferred stock
deferred
Cash
in
subsidiary
items63,889
banks
Acer,
receivable.
Unbilled
revenue.
10,000
interest
Reserves
&c.)
26,078
85,931
Materials & suppls
25,261
82,453
249,300
5,059,800
34,490
19,909
on
funded debt
260,445
3,725 Accrued taxes
154,002 Divs. payable
10,000 Other current liab.
Due from affil. cos.
(divs.,
244,800
4,974,200
36,975
27,245
Accounts payable.
17,488
251,420
3,700
150,117
Working funds
Accts.
of
cos..
Funded debt
305,105
&
hand
on
1934
Deferred liablls...
280,956
&
accts.
1935
1st pref.
($100 par)$l,500,000 $1,500,000
Com.stk. (par$10) 1,200,000
1,200,000
cum.
stock
Bond
Colony RR.—New Trustees—
duty of the New Haven trustees was "to view the system as an
entirety,
interest affected thereby shall suffer just as little in
the process of reorganization as justice and
equity, in view of the straitened
circumstances of the principal debtor, shall
permit."
$1,120,427
588,334
118.698
Sundry interest (net)...
Prepaid
Old
$1,129,427
616,737
119.272
Amortization of debt dis¬
4187.
Howard S. Palmer, Winthrop M. Daniels and James Lee
Loomis, trustees
of the New York New Haven & Hartford
RR., were appointed on June 18
trustees also of this company, one of the New Haven's
leased line subsidi¬
aries, by Judge Caroll C. Hincks in the U.S. District
Court, despite oppo¬
sition by Old Colony interests other than the New
Haven.
Referring in his decision to suggestions by various counsel that a
separate
trustee be appointed because of
conflicting interests, Judge Hincks said the
$1,122,885
622,294
res.
Net earnings
Charges of sub.
Interest
Oklahoma
Natural Gas Co. retains ownerhsip
of all natural gas under its own leases and has a
long term contract to
purchase gas under other leases in this field in which its
on
Committee—
Stanton Griffis was elected Chairman of the Executive Committee at the
board meeting held June 24, succeeding H. A.
Fortington.
and
&c
p.
See list given on first page
1933
taxes,
discount
a dividend of 30 cents per share on the com¬
stock, par $10, payable July 1 to holders of record June 23.
This
mon
compares with 20 cents paid on Jan. 2
(& Subs.)—Earnings—
deprec., int. & amort,
p.
Before
z
July 1, 1935.—V. 141,
*
12 Mos. End. Mar. 31—
1936
Gross operating revenues $8,850,685
x
Balance
exceed
—V. 142, p. 4187.
of
1936—12 Mos.—1935
$4,438,586
$4,166,506
2,489,738
2,379,834
$140,702
Rent
erty (net)
The
Co/—Earnings—
[American Power & Light Co. Subsidiary]
Balance,
on
Spend $3,000,000
Shiels, President, announced June 20 that the company is
investing approximately $3,000,000 in labor and materials in anticipation of
an active 1936 packing season.
Of this amount more than $1,350,000 will be disbursed in
payrolls to the
1,750 men who have signed for the summer.
Mr. Shiels expects th,at dur¬
ing the season the company will purchase in excess of $1,500,000 of
supplies
def$47,735
y$52,269
Property retirement
■To
Archie W.
334,168
$74,412
Gross corp. income.
Int. & other deducts..
Fisheries, Inc.Expanding 1936 Operations—
in
1936—12 Mos.—1935
$100,879
_.
June 27, 1936
Pacific American
(American Power & Light Co. Subsidiary)
Period Fund. May 31—
Chronicle
Earned surplus...
67,052
46,266
3,113
6,287
1,350,717
194,590
67,984
56,836
3,116
7,187
1,235,469
206,655
to the end that every
To Pay Boston & Providence Rental—
i
Federal Judge Carroll C. Hincks in
naming trustees for the road, who
the same as those appointed for the New Haven
RR., specifically directed
that the trustees pay on June 30, for the account of
the Old Colony, or
of the trustees of its property, the rent in the sum
of $100,000, payable
July 1, 1936, under the terms of the lease from the Boston & Providence
to the Old Colony RR., and also on
July 1, 1936, the sum of $54,250,
the interest then failing due on the Boston &
Providence 5% debentures,
are
maturing July
1, 1938.
Furthermore, the trustees are directed to pay,
likewise for the account of the Old Colony if the same
has not been paid,
the quarterly instalment of the Federal income
tax of the Old Colony,
due June 15, 1936, in the sum of $61,628.90.
The
Court
also
orders
that
the trustees of the New Haven as
such,
trustees of the Old Colony, shall not
intentionally permit or make
default in the performance of the terms of any lease or
executory
contract to which the Old Colony is a party,
except upon the advice of and
with the consent of the Court,
previously obtained upon petition and
after hearing, notice of which hearing shall have been
given to all interested
parties more than 20 days prior to such hearing.
or
as
any
While the trustees
are directed to continue
operation of the Old Colony
integral part of the New Haven system, such operation is to be for
the account of the Old Colony and they are instructed to
keep such records
and accounts of operation of that
property as will permit of segregation
as
Total
-V.
an
and allocation of
Otis Steel
earnings and expenses.—Y. 142, p. 4187.
(Minn.)—Preferred Dividend—
The directors have declared a dividend of 72 cents
per share on the $6
cumulative preferred stock, no par
value, and a dividend of 66 cents per
share on the $5.50 cumulative preferred
stock, no par value, both
payable
July 1 to holders of record June 15. Similar payments were made on April 1
last, and in each quarter of 1935.
Dividends of $2.16 and $1.98 per share
respectively were paid on Jan. 2, 1935. On July 1, 1934 dividends of $1.08
99 cents per share respectively were distributed on the above issues.
Distributions at the regular quarterly rates had been made on both
issues
and
up to and
including April 2, 1934.—V. 142,
p.
4187.
$9,651,247 $9,640,748
Pennsylvania Illuminating Corp.—Extra Dividend—
The directors have declared an extra dividend of
6% cents per share in
addition to a regular quarterly dividend of like amount on the class A
stock,
no
both payable July 15 to holders of record June 29.
Similar
made on April 10 and Jan. 10 last.—V. 142, p. 1826.
par value,
distributions
were
Pennsylvania RR.—Earnings—
May—
1936
Gross from railway
Net from railway
Net
after
rents
From Jan.
10,889,679
6,895,912
Net
.
1934
8,279,696
5,224,903
1933
8,992,640
5,800,223
8,515,148
5,091,900
1—
Gross from railway
Net from
1935
$35,368,797 $29,910,584 $31,092,110 $26,372,112
168,954,333 147,177,354 145,029,179 119,186,686
45,054,540
40,243,924
39,429,985
31,626,183
28,473,063
26,550,419
25,438,931
16,621,219
railway
after rents
—V. 142, p. 4188.
Pennsylvania Power & Light Co. (& Subs.)—Earnings
Calendar Years—
Operating
1935
1933
1934
1932
$35,533,416 $34,848,342 $33,511,299 $34,451,353
18,948,734
17,624,222
16,291,763
16,721,950
Rent for leased property
23,723
22,497
18.970
18,355
Oper.
revenues
exps.,
incl. taxes..
$16,560,959 $17,201,622 $17,200,566 $17,711,048
116,868
140,535
122,130
231,800
Exchange
Commission postponing the offering date of its
$12,500,000 4% % 1st mtge.
bonds due June 30—Y. 142, p. 4031, 4187.
Otter Tail Power Co.
Total
1826.
Balance
Other income.
Co.—Offering Delayed—
The company has filed an amendment with the
Securities and
.$9,651,247 $9,640,748
142, p.
Gross corporate inc...$16,677,827
Net int. & other deduct.
6,275,176
Prop, retire.res.
approp.
2,060,787
Balance,surplus.____ $8,341,864
2,597,658
457,848
791,029
Divs. on $7 pref. stock..
Divs. of $6 pref. stock..
Divs. on $5 pref. stock.
.
Divs.
on
common
4,321,918
457,848
J9,328,429
2,597,658
457,848
790,860
791, C
4,885 647
4,885,647
18
22
stock
Divs. to public
mon
$8,805,746
2,597,658
on
$9,883,287
2,597,443
457,848
774,793
stock
—Cash
do
$17,342,157 $17,322,696 $17,942,848
6,297,446
6,267,262
6,315,714
2,238,965
1,727,005
1,743,847
com¬
stock of subs....
4,831,762
1,231,267
4351
Chronicle
Financial
142
Volume
Consolidated Balance Sheet Dec. 31
$
a
Pl't, prop., fran¬
demand.
Divs.
4,255,469
4,810,000
6,411,616
1,362,500
_
Time deposits
18,355,611
Def .credits to inc
&
cos.
3,073~867
Materials & supp
Misc.curr.assets
surplus
507,240
46,086
679,030
66,428
102,901
Earned surplus.
2,629,465
Other
Approp.
4,382,080
74,734
104,096
the 12 Months Ended Dec. 31 (Company
1935
1934
$16,619,985
20,796
17,270
$16,602,715
430,764
22,022
Other income (net)—
on
on
mortgage bonds.
debentures
600,000
*6.271.611
8,145
*6,215,921
$6,269,799
$6,263,465
$6,213,038
$10,148,641 $10,607,229
1,500,000
$6,292,872
Less int. charged to
construction
Net interest and other deductions..
Balance
-
_
Prop, retire,
reserve
1,804,000
appropriations..
x
Accounts
payable
Dividends declared
Customers' deposits
Accrued accounts
Misc. current liabilities
& other short-
Govt.
$77,928,256
131,125,000
961,439
961,636
1,286,625
7,728,067
8,253
Capital stock (no par)
Long-term debt
403,142
6,242,747
1,362,500
long-term advances)
Cash in banks (time dep.)..
term
9,753
4,565,263
Notes receivable
receivable
longredemption
Mat. & accrd. int. on
3,330,804
term securities..
Accounts
$9,320,441
UabilUU;—
Assets—
Plant, prop., franchises, in¬
vestments in subs., &c._$217,740,686
Investments
(securities
&
S.
>
Only)
Balance Sheet Dec. 31, 1935 (Company
debt
&
123,888
account
3,041,955
880,731
118,052
1,238,138
Appropriated surplus
Miscellaneous assets
Deferred charges
4
Deferred credits to income. .
4,350,256
Materials & supplies
Prepayments
Miscellaneous current assets
142,
p.
3,751
459,950
71,639
32,670
347,381
39,408
7,489
3866.
Portland Gas &
Coke Co.—Earnings—
[American Power & Light Co. Subsidiary]
Period End. May 31—
1936—Month—1935
1936—12
Operating revenues
$264,139
$265,853
Oper. exps. & taxes
186,411
193,368
Other inc. (net dr.).
330
86
.
Int. & other
166,675
$8,807,229
$8,344,641
Balance carried to earned surplus..
Cash in banks (on demand).
—V.
$10,820,441
1,800,000
:
Total...
def9,146
424,090
56,640
15,842
'
deductions—
y$32,363
20,423,139
152,159
2,585,561
Reserves
Earned surplus
Balance
Property retirement reserve
z
$72,399
44,677
$77,398
45,035
Gross corp. income
nnn'nnn
600,000
207,365
23,073
Other interest and deductions
def2,602
423,932
57,006
16,335
From Jan.
16,129,066
'IRn'nnn
600,000
209,836
def10,595
after rents
1—
Net
.$16,418,440 $!6,870,695
Gross corporate income.
Interest
437,885
331,483
Net from railway
Net after rents
16,108,979 $16,453,606
from operation
Balance
Interest
1936
$66,493
Net from railway
$32,749,052
Rent for leased property
U.
Only)
1933
>,086,957 $16,432,809
revenues
Northern RR.—Earnings—
1935
1934
1933
$76,975
$77,016
$70,702
def4,408
4,369
def2,673
8,796
Pittsburgh Shawmut &
Gross from railway
$34,038,457
17,584,850
S34.776.392
Operating revenues
18,667,413
Operating expenses, inciunding taxes
Net
79,670
other truck concerns and expand its existing
company's facilities are underway.—V. 142,
p. 3010.
Gross from railway
242,510,508
..244,305,999
Total
..244,305,999 242,510,508
Represented by: Preferred ($7), 375,482 shares; $6 preferred,
shares: $5 preferred, 158,208 shares; common, 1,879,095 shares.
Income Account for
shortly to Interstate Commerce Commission for permis¬
largely within heavily populated States of the East.
Consolidated would acquire
service.
Alterations in the
May—
a
Hanover 2-0077
NY-1-1786
sion to enter new fields,
2,540,364
Casualty & ins.
1,320,001
4,246,954
accts.
Invet. adjust.
debt
disc. & exp___
Oth. def. charges
tion is to be made
586,209
27,275
738,522
46,196
152,159
Uncoil,
104,725
104,896
896,134
120,827
1,245,539
Prepayments
Misc. assets
Prop, retirem't
A. T. & T. Teletype
N. Y.
BROAD ST.,
30
9,522
91,748
6,044
Reserves—
4,327,050
3,687
3,216,247
4,480,522
Total
19,943,547
Misc. liabilities.
mlscell
LANCASTER & NORVIN GREENE INC.
1,193,055
7,270,782
Misc. curr. liabil
27,945
940,277
1,289,871
7,756,528
11,035
144,158
6,113
accounts.
Acer,
Accts. receivable
Unamort.
(Common)
request
-
960,025
payable.
Accts.
3,002,050
3,370,804
9,753
Notes receivable
Affiliated
Additional information on
131,125,000 131,811,400
961,636
declared..
961,636
Customers'depos.
U.S. Govt., &c.,
short-term sec
Customers
profit possibilities
debt...
Cash in banks—•
On
long-term
Total
Total investm'ts
priced stock with unusual
Petroleum Conversion Corporation
125
Subsidiaries com
218,446,006 216,346,764
537,378
534,858
chises, &c
77,928,256
77,928,256
Capital stock.
A low
§
$
Liabilities—
$
.>
1934
1935
1934
1935
Assets—
y$27,722
appropriations
stocks for
applicable to preferred
period, whether paid or unpaid
Dividends
Mos.—1935
$3,272,202 $3,102,331
2,465,531
2,242,942
3.858
9,527
$802,813
$849,862
536,018
536,164
y
Before property
z
Dividends
retirement reserve
430,167
430,167
$413,372
Deficit
$366,469
appropriations and dividends.
May 31, 1936, amounted to
87 cents a share on 7%
stock, were paid on Feb. 1,1934.
142, p. 3185.
accumulated and unpaid to
$1,165,306.
Latest dividends, amounting to
pref. stock and 75 cents a share on 6% pref.
Dividends on these stocks are cumulative.—V.
Electric Power Co.—Bonds Offered—An offering
$15,000,000 1st mtge. bonds, 3}i% series, due 1966, was
made June 25 through an underwriting group headed by
Dillon, Read & Co.
The bonds were priced at 104 and int.
Other members of the underwriting group are Lehman
Brothers; Field, Glore & Co.; F. S. Moseley & Co.; Shields
Potomac
of
& Co.;
Bancamerica-Blair Corp.; Y. E. Booker & Co., and
& Co.
A prospectus dated June 25 affords
G. H. Walker
the following:
Wash¬
of the United
York.
in
denom. of
interchangeable
in
red.
before
of principal
and incl.
effected at the
accrued interest to
the following
1936; due July i, 1966.
Riggs National Bank of
C., as trustee.
Principal payable in lawful money
of the company in Washington, D. C., or New
N. Y., and interest (J. & J.) payable in like money at agency of company
Washington, D. C., or New York, N. Y.
Coupon bonds in
$1,000, registerable as to principal, and registered bonds in
denom. of $1,000 and $5,000.
Red. at option of company, in whole, or
part by lot, on any day prior to maturity, at 106% if
on or
June 30, 1938; the premium thereafter decreasing
of 1%
amount on July 1, 1938 and on eacn July 1 annually, thereafter to
July 1, 1961, on and after which date redemption may be
principal amount thereof, together in each case, with
the redemption date.
Purpose of Issue—Company intends to apply the funds to
Dated July 1,
ington, D.
States at the agency
,
$243,284,0301
Total
$243,284,030
Total
x Represented by pref.
($7) cum. (entitled upon liquidation to $100 a
share); pari passu with $6 pref. and $5 pref.; authorized, 515,000 shares;
issued and outstanding, 375,482 shares; $6 pref. cum. (entitled upon liqui¬
dation to $100 a share); pari passu with pref. ($7) and $5 pref.; authorized,
300,000 shares; issued and outstanding, 79,670 shares; $5 pref. cum. (en¬
titled upon liquidation to $100 a share); pari passu with pref. ($7) and $6
pref.; authorized, 500,000 shares; issued and outstanding, 158,208 shares
common, authorized, 2,200,000 shares; issued and outstanding, 1,879,095
shares.—V. 142, p. 3184.
Peoples Gas Light & Coke Co.—Bonds Called—
All of the outstanding ($9,809,000) 5% gold bonds of the Chicago Gas
Light & Coke Co., due July 1, 1937, have been called for redemption on
July 1 at par and interest.
Payment will be made at the Continental
Illinois National Bank & Trust Co. of Chicago.—Yf 142, p. 4188.
Pere Marquette
Ry.—Earnings—
1936—Month—1935
1936—5 Mos —1935
$2,676,405
$2,184,974 $13,187,865 $11,340,598
Operating revenues
Net operating revenue.769,247
416,926
3,490,612
2,701,954
Net ry. oper. income—
473,658
216,337
2,311,085
1,695,681'
21,619
20,519
229,786
179,878
Non-operating income.Period End. May 31—
-
—v*
...
$495,277
283,838
Net income
$236,856
295,422
$>2,540,872
1,438,667
$1,875,559
1,492,372
$211,439
Gross income
Deductions
def$58,566
$1,102,205
$383,187
Perfection Stove Co.—Extra Dividend—
directors
have declared
an
extra
dividend of 75 cents per share
37 ^ cents per share on
in addition to the regular quarterly dividend of
the common stock, par $25, both payable June
June 20.
30 to holders of record
An extra dividend of $1 per share was paid on
The regular quarterly dividend 1 was raised from 30 cents
with the March 31, 1936, payment.—V. 142, p. 1482.
Petroleum
Now Clear for
Conversion
Corp.—Judgment
Dec. 31, 1933.
to 37 3^ cents
Lifting Receivership—
The judgment of a California contractor
against the corporation was paid
Tjiis action, it is said, clears the way for a quick lifting of the
receivership which is now expected within a week or 10 days.
Lancaster & Norrin Green, Inc., New York state:
"We understand that
Petroleum Conversion Corp. is the only cracking process whose stock is
publicly owned."—V. 142, p. 3359.
Petroleum Investors,
Inc.—Stock Offered—
An initial offering of 22,500 shares of common stock ($1 par) was recently
offered (to residents of the State of Michigan only) by John J. Newcomb
& Co.,
Detroit.
Authorized capitalization totals 500,000 shares.
Shares amounting to
172,270 were issued for properties.
Upon completion of this financing,
194,770 shares will be outstanding.
The company was organized to purchase leases, working interests and
royalties in proven and unproven areas.
It reported a gross income from
producing properties of $8,575 for the 45-day period ended April 30, 1936.
Company has completed arrangements for the sale of a portion of its oil
to the Sweet Oil Refining Co. and will dispose of any remainder to other
sources.
(Pres. of Sweet Oil Refining Co.), President;
of the Sweet Oil Refining Co.), and Charles Dough¬
Officers are Herbert H. Rice
Max Pray (Gen. Mgr.
Dougherty-Markey, Inc.), Vice-Presidents, and R. H. Butterfield
(Asst. Treas. of Sweet Oil
Refining Co.), Treasurer.
Phoenix Securities Corp.—Acquisition—•
The company announced the purchase of a "substantial" interest in
Consolidated Motor Lines, Inc., which operates motor freight truck routes
in New England and to New York, Newark, Philadelphia and westward
and Buffalo.
announced that plans have been developed to
Consolidated's operations beyond territory now served.
Applica-
via Albany
At the same time it was
expand
consol. mtge.
to pay at maturity on July 1, 1936, the
gold bonds outstanding with the public; accrued
connection with the pay¬
mtge. to be paid out
amounting to $98,050 and other expenses in
ment of such bonds and the satisfaction of the consol.
of other corporate funds.
(b) $3,428,145 to pay on redemption on or
$3,264,900 gen. & ref. mtge. gold bonds, series
public; accrued int. to that date amounting to
date
in connection
gen.
with the redemption
& ref. mtge. to
be paid out of
of such
before Oct. 1, 1936, the
B, outstanding with the
$97,947 and other expenses
bonds and the satisfaction of the
other corporate funds.
working capital, with the limitation that no
amounts on^ccouno of present indebtedness to Washington Ry. & Elec. Co.,
a parent of the company, and no dividends on the common stock shall be
paid before July 1, 1938 unless the net working capital remaining im¬
(c)
$1,500,000 to add to
and working assets
mediately thereafter (computed as the excess of current
current and accrued liabilities, without including
cash funds referred to in paragraph (f) below and without
indebtedness to Washington Ry. & Elec. Co. or any
shall be not less than $1,500,000.
the
thereof,
(d) $500,000 to repay bank loans in that amount incurred on May 18,
1936 for payment in part of additions to, and improvements or replacements
of, the plants and properties of the company in the normal expansion of its
business, made since Dec. 31, 1935.
,
,
(e) To the extent necessary, but not in excess of $1,150,000, to reimburse
the treasury for Its remaining expenditures for additions to, and improve¬
ments
replacements of, the plants and properties of the company in the
normal expansion of its business, made and to be made since Dec. 31, 1935
and prior to July 1. 1936, thereby increasing working capital to that extent.
(f) The balance of such funds to meet expenditures for additions to, and
improvements or replacements of, the plants and properties of the company
in the normal expansion of its business, to be made after June 30. 1936.
The company has for some time been financing its additions, improve¬
ments and replacements out of working capital.
The net working capital,
shown by its balance sheet as of March 31, 1936 without deducting in¬
debtedness to Washington Ry. & Elec. Co. had been reduced to less than
$133,000, due in parr to the necessity of financing additions, improvements
and replacements.
The additions to working capital resulting from this
financing may be used by the company without restriction, except as
stated above.
Security—The bonds when issued will be secured by a valid and direct
1st lien
all of the properties and franchises now owned by the company
(other than property of the nature excepted from the lien of the mortgage),
subject to existing leases, permitted liens as defined in the mortgage, certain
exceptions and reservations in the instruments bv which the company
acquired title to tne properties which do not seriously affect the company s
in current assess
over
deducting present
or
Paid—Way
June 24,1936.
erty (of
$3,922,000 5%
int. to that
PU(a)°S$3,922,000
unpaid balance
-V. 142, p. 4188.
The
$313,698
250,000
$266,795
250,000
as
new
on
right to use, such properties, and
Compensation, expenses and liabilities.
title to,/or its
for its
the prior lien
of the trustee
incorp. in April, 1896. under laws
of the United States of America relating to the District of Columbia.
Company is engaged in the generation, transmission and distribution
electric energy in the District of Columbia and in a limited contiguous
territory, largely suburban and rural, in Maryland.
,
Company sells to Braddock Light <fe Power Co., Inc., an affiliate
in the distribution of electricity in a small area in Virginia, contiguous to the
District of Columbia, that company's entire electric energy requirements,
History and Business—Company was
or
engaged
and
in addition
and mis¬
affiliate
the Dis¬
entire
1936.
13.92%.
furnishes it at cost with engineering, operating
Company also sells to Capital Transit Co., an
cellaneous services.
operating a street railway and motor bus transportation system iD
trict of Columbia and adjacent sections in Maryland, that company s
electric energy requirements.
For the 12 months ended March 31.
kilo watt-hour sales to the above-named affiliates were 1.78% and
4352
Financial
respectively, of tbe company's total kilowatt-hour sales and .82% and
4.20% of its electric operating revenues.
Electric energy is interchanged by the company with the
hydro-electric
and steam generating system of Consolidated Gas Electric
Light & Power
Co. of Baltimore over a 230,000-volt trasmnission line in
Maryland, placed
in operation on March 3, 1933, and over a 132,000-volt
interconnecting
transmission line of Pennsylvania RR.
Electric energy received by the
compariy under the interchange arrangements and used in its system ex¬
ceeded its deliveries thereunder by 137,160.600 kwhs. in the
period ended
Dec. 31, 1933; by 128,268,800 kwhs. in 1934; by 153,102.200
kwhs. in 1935;
and by 132,343,000 kwhs. in the 12 months ended March
31, 1936.
During
such periods the maximum 1-hour integrated load taken
by the company
for Use in its system was 65,000 kilowatts.
Company has no subsidiaries.
Capitalization (Giving Effect to Present Financing)
To Be
Authorized
1st mtge. bonds,
Preferred stoclc i
3M % series due 1966---
6%seriesof 1925 ($100 par)—
(200,000shs.
-_l
5M% series of 1927 ($100 par)
Common stock ($100 par)
*
Outstanding
S15.000.000
a
f
2 000 000
\
5,000,000
6,000,000
a Additional bonds
may be issued under the mortgage upon
compliance
with the provisions thereof.
Company will reserve the right under the
mortgage securing the bonds to issue $10,000,000 of additional bonds from
time to time on tne basis of the
properties of the company existing on June
30, 1936.
100,000 shs.
Summary of Earnings
Years
■—
Operating
revenue
Oper.
exps., incl. maint.
& taxes other than inc.
taxes, but excl. prov.
for depreciation
Prov. for depreciation.
4,613,156
1,043,340
_
Balance
before
Ended
Dec.
31
—12 Mos. End
1933
1934
1935
Mar. 31, *36
$10,998,174 $12,133,554 $13,154,881 $13,398,305
5,617,416
6,527,385
1,442,905
1,421,825
6,682,238
1,415,306
June 27, 1936
various allowances for market value of
securities, cash in
and adjustment of bond interest iten s.
The report stresses the retention of all
cent
fare.
The report
submitted to the Board of Estimate
Dillon, Read & Co., New York
Lehman Brothers
$3,500,000
3,000,000
—
Field, Glore & Co. New York
F. S. Mosaley & Co. New York
3 000 000
2,000,000
Shileds & Co., New York
1,000,000
1,000,000
1,000,000
500,000
Bancamerica-Blair Corp., New York
Y. E. Booker & Co.,
Washington, D. C
G. H. Walker & Co., St.
Louis, Mo
We accordingly recommend and have included in the
plan provisions that:
CI) The bonds to be given by the Board of Transit Control shall be
secured
by
a
lien
upon
Liabilities—
.$64,257,874 Preferred
deposit
with trustees..
Investments
Cash
Deposits for bond int., &cd..
Accounts receivable
Due from affil. cos., current—
Other accounts & int. receiv.
.
Inventories
Balances in closed banks.
Deferred charges.
Total...
the lease of all three systems;
condition that,
but upon express
M
(2) Should default occur on the bonds, nevertheless, there
may be no
foreclosure, nor may the principal of the bonds be declared to be due. As
your honorable Board knows, when property is pledged for the
payment of
a financial obligation, one
right of the security holder if the debt be not
duly paid is to enforce his lien by entering upon and
operating the property
pledged, and by taking the profits, until the debtor's default has been cured.
Any right to foreclose, demand payment of the entire principal amount and
re-enter which the bondholders would have
upon default is now relinquished.
Instead, upon default, the management may be changed
by substituting
for the Board of Transit Control a Board of
Managers. This may be done
at the instance either of the city or of the bondholders.
This Board is to
be a public body. It is to consist of five
members, two to be appointed
the Mayor with the approval of the Board of
Estimate, one to be
by
appointed
by the President of the Federal Reserve Bank of New York and one by the
bondholders acting through the chief official of each of the
trustees under
the indentures; these four to select the fifth,
but, if they cannot agree, the
fifth to be named by the Chief Judge of the Court of
Appeals. The city
has the right to cure the default at any time
by paying or
making available
the
sums necessary to pay arrears of interest and
amortization. The Board
of Managers will hold the properties until the default is
cured, after which
it will return them to the Board of Transit
Control.
These provisions
insure that under no circumstances will any of the
systems revert to
private
They guarantee permanent public ownership and operation
board predominantly representing the public interest.
management.
by
a
stock
$7,000,000
6,000,000
10,280,200
309,512
110,176
785,278
185,906
Consumers' deposits
1,098,552
Matured funded debt
14,201
Other current & accrued liabs
30,845
Due to Wash. Ry. &
Elec..Co
5,740,517
Contributions by customers._
386,329
Reserves
12,086,580
Surplus
24,424,329
Appropriated surplus
5,690,603
Common stock...
5,707,659 Funded debt
1,051,433 Accounts payable
401,067 Accrued payroll
112,608 Taxes accrued
892,415 Interest accrued
61,561
107,616
1,091,500
11,327
447,973
B.-M. T. representatives made the suggestion that tbe
city should include
in the unification program the purchase of its
trolley and bus subsidiaries.
The undersigned declined to do so. We considered
fair, however, the alterna¬
tive proposal that the Board of Transit Control be
required to obtain a
certificate of convenience and necessity from the Transit
Commission
before establishing new bus lines.
This merely restores the situation sub¬
stantially as it stood at the outset of the present negotiations. The B.-M. T.
has asked for a 10-year extension of the bus franchises held
by its subsidiary,
the
now
expire in
Total
As so limited, the
municipal policy.
While Article 7 of the Public Service Law in broad outline
authorizes the
plan now recommended, certain features developed in the agreement were
provided for by the Legislature and a special Act specifically
authorizing
them is contemplated.
not
Rate of Fare After Unification
Reports recently given currency make advisable a word about the fare.
Every unification proposal which we have made has carried ironclad pro¬
vision that the present five-cent fare may not be altered after
unification
without the consent of the Board of Estimate.
Further limitation upon
possible changes in fare appear in Public Service Law, Section
123* Para¬
graph 3, wherein it is provided that the rate of fare set in the unification
plan may not be increased save upon approval by the electorate after sub¬
mission of the proposed increased fare to a referendum.
Both Memoranda of Understanding set forth formulae for the
auto¬
matic adjustment of the "prices" then agreed
upon through interim events
such as the investment of fresh capital in the
lines, operation of sinking
funds, and the like. Further adjustment was required
by the B.-M. T. re¬
financing last April.
The B.-M. T. has acquired more than
$3,000,000 of additional property
(chiefly rolling stock); and the value of its depreciation funds (at present
market quotations) has increased by about
$2,600,000, making a net addi¬
tion to the property taken over of nearly $5,700,000.
*
The breakdown of the "price" in the
light of these adjustments is:
I.E. T. System
/Xwni/fll
Present proposal
Proposal reported Nov. 1~, 1935—
$238,251,000 $229,165,000
238,251,000
232,251,000
Interborough
5%
7% notes.
bonds
B.-M. T. System
Gross
*Net
Present proposal.
$197,906,220
Proposal reported Nov. 1, 1935-- 192,500,000
Premier Shares, Inc.—Dividend Increased—
Ttif
$9 821,000
9,930,000
♦After allowance for market value of securities and cash in
depreciation
and adjustment of items applicable to
funds,
$74,143.031
V. 142, p. 4034.
The directors have declared
the capital stock, payable
1941.
Further Legislation
and
.$74,143,032
Brooklyn Bus Corp., which
extension of these franchises is in line with
present
Interim Adjustments in "Price"
Balance Sheet March 31
Assets—
on
states
The B.-M. T. Surface Lines
Principal Underwriters—The names of the principal underwriters and the
respective principal amounts of the bonds,
severally to be purchased by
each, are as follows:
Property & plant
depreciation funds,
existing safeguards for the five-
in part:
interest
inc., int. charges, and
for income taxes $5,341,678
$5,094,313
$5,184,591
$5,300,761
The annual interest requirements on the
$15,000,000 bonds to be out¬
standing upon completion of the present financing and the retirement of
the
5% consol. mtge. gold bonds, due July 1,1936, and of the
gen. & ref. mtge.
gold bonds, series B (6%, due 1953), due April 1, 1953
(to be called for
redemption on Oct. 1, 1936) will amount to $487,500.
Amortization of
bond discount and expense, interest on advances
of Washington
By. &
Elec. Co. and other interest charges for the
years 1933, 1934 and 1935
aggregated $158,383, $252,954 and $317,186,
respectively, and for the 12
months ended
March 31, 1936 aggregated $328,869.
Interest income,
together with interest ^during construction charged to
property and plant,
for the years 1933, 1934 and 1935
aggregated $204,975, $141,268 and
$140,519, respectively, and for the 12 months ended March
31, 1936
aggregated $137,505.
prov.
Cash & securities
Chronicle
Annual Int.
187,418,220
184,610,000
$8,521,000
8,679,000
semi-annual dividend of 8 cents
per share
July 15 to holders of record June 30.
This
compares with 7 cents paid on Jan. 15 last and on
July 15, 1935; 8 cents
♦After allowance for market value of securities and cash in
depreciation
funds.
Said on and Jan. 1935;1933, and on July 15 dividends
10 cents quarterly and Jan.
uly 15 Jan. 15, 16,
Nov.
a
on
15, 1934; 15 cents
on
of 10 cents per share
paid from Oct. 15, 1931, to and incl. July
15, 1932.—V. 141, p. 2288.
Public Service Co. of Northern
Period End. May 31—
x
Adjusted.—V. 142,
p.
gross "price" is the fact that since
1, 1935, the B.-M. T. depreciation fund, taken at market value of
therein, has increased from $7,890,000 to $10,488,000; and
$3,062,000 has been invested in additional equipment, mostly
of modern
Illinois—Earnings—
1936—Month—xl935
1936—5 Mos.—xl935
$2,933,616 $16,662,189 $15,293,585
Gross income....
$3,177,455
Net income after taxes,
deprec., interest, &c.
268,960
Counterbalancing the increase in
securities
271,833
3521.
1,750,089
1,635,513
subway
design.
cars
While this additional investment for equipment is reflected in the
gross
"price," the city is called upon to furnish no more cash or corporate stock
because of it.
Thus, while not increasing the amount of cash or
city cor¬
porate stock payable by the city, our instant recommendation
contemplates
acquisition of more property and more liquid assets through the issue of
Board of Transit Control securities that will impose
upon the enterprise
an
annual burden lighter than that contemplated
by our own
previous
Rapid Transit in New York City—Transit
Unity Plan
Submitted for Hearing—Net Price
$416,583,220—
proposal.
The consolidated unification
justments is
as
"price" giving effect to these interim ad¬
follows:
Gross
A definitive
plan for rapid transit unification,
calling for the purchase
by the city of the properties of the B.-M. T., the
Interborough and the
Manhattan Ry. at a total net price of
$416,583,220, was submitted to the
Transit Commission June 22
by Samuel Seabury and City Chamberlain
A. A. Berle Jr., acting as
Mayor La Guardia's transit advisers.
The Commission was
strongly urged to begin public hearings on the
plan
the earliest possible moment.
The plan, which in some
respects differs widely from the tentative
plan
submitted to the Transit Commission last
winter, was outlined in a report
placed in the hands of members of the Board of
Estimate June 21. The
Board will not be asked to act on
any plan, however, until one is sent to it
by the Transit Commission, as provided in the State
Unification Law.
In their report Mr.
Seabury and Mr. Berle notified the Board of Esti¬
mate that the plan, in the
opinion of all parties to the
negotiations, was
"as complete as it can be made
prior to public hearings by the Transit
Commission." The report declared that "certain
features developed in the
agreement were not provided for by the
Legislature and a special Act
specifically authorizing them is contemplated."
The report also said the submission of the
plan to the Commission was the
joint act of the city's representatives and "the
principal private parties to
the
negotiations."
at
unification
Prompt hearings by the Transit Commission are
desired, according to
the report, because both the
city and the traction interests are entitled to a
speedy determination of the issue.
"The city might wish to
adopt a different transit policy were it known
that unification would be further
delayed," the report declared.
Mayor
La Guardia recently announced
that the city did not intend to
"get caught
napping," should unification fall through, but intended
to press at once for
fullest extension of its own subway
system.
In its present form the
plan still calls for payment of
only $110,000,000
in city bonds as
part of the purchase price.
The interest on these bonds
would be 3H%, instead of the
4% previously agreed upon.
In some in¬
stances the rate of interest on Board
of Transit Control bonds
would be
cut from 4M % to 4%.
The present proposal calls for
a
gross
price of $436,157,220 for all
?any properties, compared with the $430,751,000
com-
reported last November,
'he net price, however, is
only $416,583,220, compared with
$416,861,000
reported at that time, and the annual interest
charges are set at $18,342 000,
compared with an earlier figure of $18,609,000. The
lower net price and
interest charge were reached, the
report said, after taking into account
*Net
Annual Int.
Present proposal
$436,157,220 $416,583,220
Proposal reported Nov. 1, 1935- 430,751,000
416,861,000
$18,342,000
18,609,000
♦After allowance for market value of securities and cash in
depreciation
funds, and adjustment of items applicable to Interborough
5% bonds
and 7% notes.
Board of Transit Control
We have agreed to recommend the changes indicated below in
relation
to the selection of the members of the Board of Transit
Control. The Memo¬
randa of Understanding included the clause that the Board of
Transit
Control should be constituted in a manner mutually
satisfactory to the
parties. In place of this, we now recommend a board constituted as follows:
Eleven members to be appointed, with the
approval of the Board of Esti¬
mate, by the Mayor of the City of New York, one of whom shall be an
officer of the State; and four members by the
bondholders, with appropriate
provision for reducing this representation
as
the bonds
are
retired.
Urgency of Early Action
As stated above, we believe that the
way is clear for prompt public
hearings by the Transit Commission so that it may submit the plan to your
honorable Board for its action; and so that the problem of unification
may
by the Board of Estimate, representing the city. It is per¬
haps appropriate to point out that in all this the city is the real
party in
be dealt with
interest.
We
that suggestions may be made asking that prior to
public
and other documents shall be drawn.
We believe
that now, as contemplated by the Transit Commission in
1931, these should
be drawn
after,such hearings. It is not fair to ask the private parties and
the city to spend the time and
money required to draft final documents
until the Transit Commission has acted
upon the plan.—V. 142, p. 3867.
are aware
hearings leases, indentures
Reading Co.—Earnings—
May—
Gross from railway
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 3867.
1936
1935
"1934
1933
$4,910,277
1,681,136
1,252,363
$4,407,187
1,357,841
1,023,059
$4,811,742
1,561,765
1,238,284
$3,980,143
1,505,489
1,231,993
24,441,182
7,314,124
5,480,180
21,949,123
6,302,930
4,820,968
24,402,515
8,362,771
6,492,790
18,890,104
5,412,275
4,055,649
-
Volume
Financial
142
^ Remington Rand, Inc.—Plans Common
.
,
Minnich, Bradley & Associates, Inc., Chicago, are offering up to 24,000
common stock (which they own or control) at $1 per share.
Company was incorp. in 1926 to supply natural gas to 14 cities and towns
in the lower Rio Grande Valley, Texas, with an estimated combined popu¬
lation of over 90,000; an operating public utility: distributing but not pro¬
ducing natural gas.
,
Company is controlled jointly by Hope Engineering Co. and Youngstown
Sheet & Tube Co. through ownership of over 90% of the preferred stock
and over 50% of the common stock.
Debt structures rearranged in 1936,
reducing bond interest from 7% to 5% and eliminating current loans.—
V. 142, p. 3690.
shares of
.
St.
is
outstanding, proceeds will be used to retire funded debt.
On May 1, company called stockholders to a meeting June 12, since
postponed to July 14, to consider a plan of simplification of capital structure.
The plan provides for a change in the present prior preferred stock and $6
preferred stock into a new $4.50 preferred stock with common stock purchase
warrants attached.—V. 142, p. 4190.
period of six years.
The patent in question was issued to Thomas N. Sloan of Buffalo
and was assigned to Republic four yearslater.—V. 142, p. 4036.
in 1931
Earnings for Year Ended Dec. 31, 1935 (Includes Operations
Subsidiaries for the Year Ended Nov. 30, 1935)
(after deducting manufacturing and other costs
g'oodssold)
Selling, administrative and general expenses
Gross profit
St. Louis Southwestern Ry.
Railway
Net
158,950
Gross income
$1,771,382
Income charges
16,064
221,758
Federal and foreign income taxes
$1,533,559
1,204
Surplus credits—miscellaneous
$1,534,764
Total
15,427
Surplus charges
Common dividends
$2,370,324
4,383,097
20,600
947,974
75,750
2,685
1,079,830
$4,485)
Land, bldgs., mach'y & equip xl, 144,621
Def'd charges—prepaid taxes,
insurance, &c
15,843
$27,503,060|
Total
x
no
chinery,
come
come
taxes
10,000,000
6% pref. stk. (par $100)
Common stock
Earned surplus, Dec.
y10,000,000
31 1935 6,595,259
y
Cap. stk. in treas.
SEC—
Safeway Stores, Inc.—Sales—
25
Feb.
22
Mar. 21.
Apr. 18
May 16
_
1933
$764,123
15,485
15,164
4,343
6,260
$785,548
506,127
79,936
$748,598
547,415
71,078
Savon Oil & Refining
219,771
222,803
Scranton Lace
The directors have
$89,666
$
with
6,411,602
62,841
71,9?1
$67,711
deposit
43,242
17,167
35/317
proc.
248,327
payable.
payable.
(E. W.) Scripps Co.—Chairman
Announcement was made on June 24
payable-
35,317
336,608
3,500
6,500
x
134,500
7,478
132,500
•
7,478
200
ylV",886
14,723
59,456
112*208
102,018
374
1,528
Reserves
111,870
428,957
36,657
value
from
10,954,397 11,507,7781
Leasehold only,
y
Total
.
Howard, as second largest
stockholder, continues as Chairman
of
Executive
of
Seaboard Finance
Corp.—Acquisition—
has purchased the automobile
Co., Knoxville, Tenn. and
business of Southern Security
Finance
reports net earnings,
finance business of
Southern
the automobile finance and small
Co., Atlanta, Ga.
The company
applicable to dividends, for the
consolidated system of
for Federal
Seaboard Oil & Meal Co.—Registers
first page of this department.
10,954,397 11,507.778
Includes accrued expenses.—Y. 14i, p. 1946.
with SEC—
See list given on
Sears, Roebuck &
4 Weeks Ended—
Feb.
capital stock— 4,125,000
Total
of the Scripps-Howard
announced the selection of
Chairman of the board
Committee and President and Editor of the New York
World-Telegram," the amnouncement said.
"He is divesting himself of
administrative responsibilities in order to associate himself more closely
with Robert P. Scripps, the controlling stockholder, in purely editorial
activities, especially those pertaining to national and international relation¬
ships.
Scripps made it clear that there will be no change in the position
George S. Parker, editor in chief in direct charge of editorial policy of the
Scripps-Howard newspapers."—V. 141; p. 1284.
$
3,750,700
3,290,000
Deferred credit
Deficit
Resigns—
by Roy W. Howard of his relinquish¬
Chairmanship of the Board of directors
Scripps-Howard.
3,750,000
3,750,700
3,290,000
Taxes payable
Acer. int.
dividend of $1 per share on the common
30 to holders of record June 20.
This
1934
$
3,750,000
Deposits on keys..
770
;
Deferred charges._
over
18,891
23,613
7/950
Organization exps.
Excess of par
notes
a
with 50 cents paid on March 31 last, $1.50 on Dec. 31, 1935,
50 cents on Oct. 1, 1935, and $1 per share on July 1, 1935.
This latter
was the first payment made on the common stock since Aug. 1, 1930, when
a regular quarterly dividend of $1 per share was distributed.—V. 141, p. 766.
$95,064 for the four months ended April 30, 1936, after allowing
rate of 15%.—V. 142, p. 4191.
6J^% income
Accounts
Investments
Inventories.
Ref.
42,388 Subscrip. payable.
Cash on hand an
Accts. & notes rec.
stock
1st mortgage-6s
Contract
trustee
for bond interest
on
Common
5-year 63-3 % notes
4,575,438
310
Contract receiv'le.
Cash
Liabilities—
6% pref stock
Co.—Dividend Increased—
declared
income tax at the present
1935
1934
Co.—Registers with SEC—
compares
71,032
Condensed Balance Sheet Dec. 31
leased
16,256,403
17,203,321
given on first page of this department.
The company
$58,602
17,630,191
17,981,737
stock, no par value, payable June
loan
Net loss for year.
21,321,010
21,477,565
25,946,986
13
559,424
Bond and note interest and amortiz.
of discount and expenses
25,100,634
25,441,542
—-
1934
*933
$16,486,586 $14,995,855
17,508,289 15,375,851
17,810,088 15,885.577
21,911,168 19,000,462 16,943,735
The company had 3,365 stores in operation on June 13, 1936, as against
3,260 a year ago.—V. 142, p. 3690.
June
"Mr.
222,646
Operating expenses and taxes
1936
1935
$23,106,110 $18,842,638
23,470,722
20,281,505
24,776,706
20,770,761
4 Weeks Ended—
the
$750,107
Total revenue
6,192,250
property--'42,212
Mach'y & equip..
Leasehold & other
X171.001
intangibles
...$7,785,735 $7,469,610
$7,823,173 in 1934.
3012.
Total
After
Jan.
of
2,560
$
$7,785,735 $7,469,610
depreciation of $7,687,272 in 1935 and
Represented by 98,620 no-par shares.—V. 142, p.
x
newspapers.
Coincidentally Robert P. Scripps
William W. Hawkins, General Manager, as the new
1934
$728,770
Miscellaneous
1935
1,031,861
18,293
Inventories
Deferred charges _.
ment of the
16,688
Garage.
to
10,180
12,024
629,730
90,409
1,277,246
12,577
Accts. receivable
Represented by 800,000
1935
$730,859
Calendar Years—
Assets—
2,400^805
9,680
9,873
439,205
90,409
Miscellaneous lnv.
$27,503,060
Total
Building Co., San Francisco—Earnings—
Revenues—Rentals..,
Impts.
2,233,595
Cash In closed bks.
,
251,046
224,650
...
of this department.
Amortization & deprec. of property.
1,053,688
adv.
to affil. cos
Total
1934
1935
38,755
taxes) and expenses..
Fed. & foreign in¬
Royal Petroleum Co.—Registers with
Russ
&
31
Capital stock. ..$4,931,000 $4,931,000
188,458
211,168
$291,490 Accounts payable1,687,557 Tax reserve & con¬
183,950
234,504
tingencies
507,947
3,716 Unrealized prof, on
instalment
and
10,365
408,884
sales cont
515,168
535,564
Surplus
1,893,895 1,757,317
507,947
2,770
10,835
rec
Install, accts. rec.
in
98,620
$2.36
$2.46
Liabilities—
1934
$328,501
Agents' balances __
See list
Accrued
depreciation of $1,297,792.
shares.—V. 134 p. 3836.
See list given on first page
y
2,049,078
Invest,
$232,736
98,520
$79,108
94,026
$3.84
Before depreciation.
$136,577
94,026
$5.45
y
&c
Accrued int.
y$232,736
$137,150
282,078
1932
x$231,176
94,026
1934
x$361,186
1935
U. S. Govt, secure.
33,285
350.000
pay.—affiliated cos...
payable—other
due Jan. 2, 1936..
Accrued payroll, taxes (other
Dlv. pay.,
After deducting
par
After depreciation,
Assets-—
$10,062
Accounts
17,420,830
Trade marks, pat'ts & goodw.
'
Accts.
Reserves
41,501
Investments
1933
1935
376,104
xReal estate, ma¬
than Federal and foreign in¬
Accts. receivable—other (less
reserve,
$196,768
x$512,681
Operating profit
Liabilities—
Assets—
Inventories
$148,488
Dividends....
Consolidated Balance Sheet Dec. 31, 1935 (Includes Foreign Subsidiaries
as of Nov. 30, 1935)
Due from officers & employ..
$121,845
Safety Car Heating & Lighting Co.- —Earnings—
$6,595,259
$1.17
Surplus—Dec. 31, 1935
Earnings per share on 800,000 no par common shares
Accts. receivable—affil. cos__
$1,118,625
1,315,394
Calendar Years—
y
_
$1,321,225
1,469,714
—V. 142, p. 3867.
600,000
800,000
Accrued interest receivable.
30,729
$144,004
265,849
$7,995,259
Surplus before charging dividends
Preferred dividends
U. 8. Govt, securities
276,214
5,411
Gross income
$1,519,337
6,475,922
Surplus for the year before charging dividends
Surplus—Jan. 1, 1935
$6,490,950
2,076,146
1,086,808
31,817
_
Deductions
Cash
$1,612,432
Net income
$7,569,801
2,490,876
1,290,496
$281,625
282,430
Net ry. oper. income
Non-operating income.
x
depreciation
charging
—1935
1936—5 Mos.
359,616
139,073
4,931
514,880
from ry. opers.
Consolidated Balance Sheet Dec.
Other income credits
Cash
oper. revenues .
rev.
Lines- -Earnings—
1936—Month—1935
$1,285,314
$1,574,060
Period End. May 31
of Foreign
$1,823,220
210,787
1937, through
at $229,756.
Semi-annual interest
1.
The Hibernia National Bank is trustee.
1937, through May 1, 1941, were offered to
yield 4%, and bonds maturing May 1, 1942, through May 1, 1951, were
offered at 4^%.
}
.
Bonds were issued to refund $121,000 first mortgage bonds bearing 5 %, %
interest, callable at 102 and int. on June 1, 1936.
of
.
(after
due annually May 1,
The issue is dated May 1, 1936, and
Real estate security is valued
Surplus
Shs.cap.stk.out.(no par)
Earnings per share
Royal Baking Powder Co. (& Subs.)—Earnings—
Weil and Wilfred G.
$130,000 1st mtge.
1951.
Net deficit
Co. in the
for alleged
infringement of patents covering die-rolling.
An injunction also is sought
to prevent continued use of the process claimed to be involved.
It is
charged the Bethlehem Lackawanna plant has violated the patent for a
profit from operations
amounting to $71,157)...
Catholic Church of New
Roman
Great
is payable May 1 and Nov.
Bonds maturing May 1,
Republic Steel Corp.—Suit—
The company has filed a suit against the Bethlehem Steel
Buffalo (N. Y.) U. S. District Court asking unstated damages
V
Net
the
bonds.
will
The proceeds from the sale of the common, estimated at $9,408,226,
be used to retire any preferred stock outstanding.
In case no preferred
Leo
Orleans, La.—Bonds Offered—Dane &
Gehr, New Orleans, recently offered
D.
and
Co.—Stock Offered—
Rio Grande Valley Gas
Issue—
registration statement with the Securities and
Exchange Commission under the Securities Act of 1933 covering 345,208
shares of common stock and an indeterminate number of scrip certificates
representing fractional shares of common stock issuable upon exercise of
stock subscription rights series A, B, C and D.
The subscription rights will be issued on July 1 to common stockholders
of record as of June 10, entitling holder or transferee to purchase one share
of common for every four shares now held at a price of $27.50 per share,
at any time after Sept. 1, 1936, and on or before March 1, 1939.
These rights, however, are subject to the following: Holder may exercise
one-tenth of such right on or before Oct. 1, 1936, unconditionally; if he
does so, then he may exercise an additional one-fourth of his right on or
before Oct. 1, 1937; if he exercises such additional right he may exercise an
additional one-fourth of his right on or before Oct. 1, 1938. and if he exer¬
cises this third instalment or right, he may exercise the remaining fourtenths of such right on or before March 1, 1939.
Thus, a person owning 100 shares of common will have the transferable
right between Sept. 1, 1936, and Oct. 1, 1936, to purchase 2H shares of
common sto6k at $27.50 per share; if he exercises such right he will then
receive a further transferable right to purchase 6 M additional shares on or
before Oct. ®>Jl937, at $27.50 per share; if this right is exercised, he will
receive a further transferable right to purchase another 6 H shares at $27.50
per share on Or. before Oct. 1, 1938, and if this third right is exercised he will
receive a further transferable right to purchase 10 shares of common at
$27.50 per share on or before March 1, 1939.
Stock subscription rights representing the first instalment will be desig¬
nated as series A, subsequent rights designated respectively as series B,
The company has filed a
O
4353
Chronicle
26
Mar. 26
36,034,157
Apr. 23
May 21
June
41,450.978
18--.--.
—V. 142, p.
Co.—Sales—
1934
1933
1936
1935
$25,541,825 $23,147,066 $20,395,895 $15,826,847
22;362,353
14,215,630
29.007,986
33,965,053
40,697.901
31,435,278
32,171,804
32,294,789
23,731,274
27,485,073
25,023,393
18,519,608
21,050,502
19,935,951
3691.
Offered—
June 23 offered $500,000
10-year 5% convertible debentures at 99 and int.
Dated
June 1, 1936; due June 1, 1946.
The same bankers are
offering the 6% cumulative pref. stock (par $25) with
common stock purchase warrants at $25 per share.—V. 142,
Securities
Acceptance
Corp.—Securities
Barney, Johnson & Co.,Chicago, on
p.
4191.
4354
Shell
Financial
Chronicle
Transport & Trading Co., Ltd.—Earnings—
Calendar Years—
Interest receivedDividends received
1935
1933
1932
£3,852,601
£2,790.969
/' £278,719
12,4
,426,329
£5,067,195
45,949
£3,852,601
£2,790,969
42,934
£2,705.048
£5,021,246
100,000
700,000
4,221,238
£3,807,475
100,000
700,000
3,015,170
£2,748,035
1,809,102
£2,661,457
100,000
700,000
1,809,102
£52,355
198,090
£250,445
Total income
Profit
Pref. divs. (5%)
2dpref. divs. (7%)
Ordinary dividends
Balance
45.126
£8
loss £7,695
100,000
700,000
381.683
389,378
£381,691
forward
£381,683
£389,378
Balance Sheet
Assets—
Dec.
1935
The directors have declared
to
Southern Bell
Cash
Total
12,949
3,692,489
10,519,794
191,554
Operating
14,806
Operating
Operating
Sierra Pacific Electric Co.
revenues
Operation
Maintenance
35,658
9,217
$66,240
$62,060
def84
75
$66,155
8,333
10,912
$62,135
8,333
10,924
Net oper. revenues
Non-oper. income, net—
Balance
Retirement accruals
Interest & amort., &c
Net
income.
659,925
77,150
216,272
Southern Ice
$697,439
3,806
$42,877
$474,629
1935
fraction thereof, of
unexpired life.
are redeemed after
July 1, 1965.
redeemable at any time
prior
28 days' notice at
105% and accrued interest.
The price to the
public, the names of the
to
No premium
maturity
after
qnderwriters, and the under¬
are to be
furnished by amendment to the
Price, of Fort Dodge, Iowa, is President of
writing discounts or commissions
registration statement.
B. J.
a
June 30,
declaration June
1936 in Room
Pennsylvania Avenue,
27,561
501
for
m
141,
p.
2904.
Twenty Jones Corp.—Larger Dividend—
a dividend of
$1.50 per share on the common
stock, payable July 6 to holders of record
July 1. Previously regular quar¬
terly dividend of $1.25 per share were
distributed.
In
p.
addition
was
paid
on
310.
Jan. 6, last, and on Oct.
2,
Southern California Edison
an
extra
1935.—V.
Co., Ltd.—Earnings—
Earnings for Twelve Months Ended
April 30, 1936
Total revenue from sales of electrical
energy
Miscellaneous operating revenue
Total gross earnings,
Maintenance and repairs
Depreciation and depletion
State and local taxes, &c
Provision for Federal income taxes
Other operating expenses
General and administrative
expense
Provision for doubtful accounts
Net earnings from operations
Other income.
Net earnings
Interest on funded debt
Amortization of debt discount and
expense
Other interest
Interest charged to construction
Corporate
Consolidated
$38,827,966 $38,827,966
309,005
579,550
$39,136,972 $39,407,516
681,920
4,892,121
4,601,027
xllO.OOO
5,638,594
2,844,446
165,405
687,828
4,907,518
4,643,770
116,336
5,638,594
2,923,067
195,405
242,204
147,751
$20,445,661 $20,442,746
6,998,215
6,992,974
820,498
18,373
CY45,083
820,498
18,697
Cr45,083
$12,653,657 $12,655,660
figures for 12 months ended April 30,
1936, reflect year-end
adjustments made in 1935 affecting the calendar
year 1935, including ad¬
justment of provision for Federal income tax.
On account of
using as a
deduction from
The above
taxable income for Federal tax
purposes unamortized dis¬
count and premiums applicable to bonds
retired during the year, no pro¬
$385.71
1,659
(lncl.
2,218,500
2,219,500
1,182,720
debt
(less
•*«<
(contra)
6,540
Notes pay. (bank)
271,097 Accounts payable48,307 Taxes accrued
98,862 Interest accrued..
82,670 Mlscell. accruals..
171,805
23,069
195,037
22,657
900
Prepayments
75,490
42,057
55,462
1,136
52,177
40,388
55,522
Reserves
Mat'ls & supplies.
Unamortized debt
disct. & expense
Total
5,270,874
150,360
6,872
128,416
100,156
Notes receivable..
Acc'ts receivable—
'
12,860
work¬
ing funds)
$
5,270,874
Notes & accts. pay.
to affiliated co—
1,209,866
Matured bond int.
prop.
sold. &c
Cash
1934
S
Capital stock
Funded
6,540
3,852,189
4,157,324
Capital surplus—
1,041,368
1,598,754
1,387,666
Corporate deficit-
12,175,630 13,113.7491
_
Total
4,229
1.256,6541
12,175,630 13,113,749
x Represented
by 30,000 shares $7 dividend series (cumulative) preferred
stock; 4,020 shares of participating $7 series
(cumulative) preferred stock;
32,680 shares class A (non-voting) common
stock, and 140,111 shares of
lass B
(voting)_common stock, all of no par value.—V. 142, p. 970.
Southern New England
Telephone Co.—New Director
Thomas W. Farnum has been elected a
director to fill the vacancy on the
board caused by the death of James T.
Moran.—V. 142, p. 2517.
Southern Ry.-
-jEarnings—
—Second Weetc of June—
1936
' 1935
Period—
Gross earnings
—V. 142, p. 4191.
Southern
The
stock,
1 to June 14
1935
Weaving Co.—50-Cent Dividend—
directors
common
-jan.
1936
$2,285.238*$2,134,384 $54,361,504 $47,070,061
have
declared
a
dividend
of
50
cents
per
share
on
the
no par
value, payable June 30 to holders of record June 20.
payment was made on Dec. 31, 1935, and
compares withfc75
cents per share
paid on June 29, 1935, and on Dec. 31, 1934; 50 cents
on June
30, 1934; $1 per share on Dec. 31, 1933; 20 cents per share
paid
on June
30, 1933, and 35 cents per share previously distributed
A
similar
each^six
months.—V. 142, p. 137.
Southland Royalty Co.—Common Dividend Doubled—
The directors
common
stock,
have declared
par
$5,
a
dividend
payable July
15
of
to
10
cents
holders
cents
tributed.
per share on
of record June
per
In addition an extra dividend of five cents
per
Jan 15 last, and on Jan.
10. 1935—V. 142, p. 1658.
on
Spencer
Chain
Stores,
Inc.—Admitted
share
share
to
Registration—
The New York Curb Exchange has admitted the
to listing and
registration.—V. 142, p. 3870, 3692.
common
were
was
the
30.
dis¬
paid
Listing and
stock,
no par,
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the public utility
operating companies in the Standard
1936 totaled 95,-
Gas & Electric Co.
system for the week ended June 20,
716,084 kwh., an increase of 11.2% compared with the
kyst year.—V. 142,
corresponding week
p.
4191.
Standard National Corp.—Personnel—
At the annual stockholders
meeting the following were elected directors:
Leon Cohen, Edgar
Ellinger, Max Lederer, Richard M. Lederer, Emil
Leitner, Mortimer C. Reynolds and Karl Schenk.
Officers elected for
the
ensuing year were Richard M. Lederer, President; Emil Leitner and
Mortimer C. Reynolds,
Vice-Presidents; Leon Coken, Vice-President and
Treasurer, and Stanley Haskell, Secretary and Assistant Treasurer.—
V. 141, p. 4026.
Standard Oil Co. (N.
J.)—Listing—
The New
York Stock Exchange has authorized the
listing of $85,000,000
25-year 3% debentures, due June 1,1961, which are issued and
outstanding.
—V. 142, p. 4039.
Standard Oil Co. of Ohio—To Resume Dividends—
The directors have declared
$20,203,457 $20,294,995
Net income
x
mtgd.
..
The directors have declared
142,
Liabilities—
x
bonds in treas.)-
bd. int. (contra)
Dep. with trustees
1103, Securities and Exchange
N. W., Washington, D. C. Persons
the matter should
notify the Commission of their
intention not later than June
26, 1936.—V.
dividend of 25 cents
1,618
21,793
31
Previously regular quarterly dividends of five
19 under the Public
Utility
Holding Company Act of 1935,
covering the issue and sale of the above
bonds and debentures.
Opportunity for hearing on this matter will be
Six
$283,761
$
12,381,756
The
bonds are redeemable at the
option of the company as a whole at
any time or in part on any interest
payment date after 30 days' notice at
105% and ancrued interest if redeemed on
or before
July 1, 1939, and
thereafter with a premium of
of 1% of the
principal amount for each
three consecutive years or
m.
$163,386
198.912
22,932
$70,602
177,820
16,236
19,102
1,601
41,189
I
1935
$
11 ,559,189
follows:
redemption on Sept. 15, 1936, at 105 and
accrued interest, of
$3,331,200 first mortgage 25-year
6% gold bonds, series A, due Sept.
1,
1947, requiring, exclusive of accrued
interest, $3,497,760.
To the redemption on or
before Sept. 15,
1936, at 107^ and accrued
interest, of $2,839,900 first mortgage
25-year 6% gold bonds, series B, due
Feb. 1, 1941,
requiring, exclusive of accrued interest,
$3,052,892.50.
To the redemption on or
before Sept. 15, 1936, at
105 and accrued int.,
of $2,204,700 first
mortgage 25-year 5H% gold bonds, series
C, due Feb. 1,
1950, requiring, exclusive of accrued
interest, $2,314,935.
To the redemption on or
before Sept. 15, 1936, at
104 and accrued int., of
$1,000,000 first mortgage gold bonds,
5% series, due Jan. 1, 1960,
requiring,
exclusive of accrued
interest, $1,040,000.
given at 10 a.
Building, 1778
$184,487
133,080
64,609
1934
AssetsFixed capital
Investments
$391,017
The company on June 19
filed with the Securities and
Exchange Com¬
mission a registration statement
(No. 2-2273, Form A-2) under the Securi¬
ties Act of 1933
covering $9,000,000 of first
mortgage bonds, 4% series,
due 1966, and
$1,500,000 of serial debentures, series
A, maturing serially
from July 1, 1937, to
July 1, 1946. The debentures
maturing from July 1,
1937, to July 1, 1941, will bear interest
at the rate of
3%, and those matur¬
ing thereafter will bear interest at the rate of
5%.
According to the registration statement, the net
proceeds from the sale
of the bonds and
debentures, together with treasury funds of the
will be
company
desiring to be heard
$171,197
7,810
Balance Sheet Dec.
1109.
p
The company also filed
$76,556
5,954
$342,100
100,000
126,289
126,615
Sioux City Gas & Electric
Co.—Files with SEC—Seeks
Issuance of $10,500,000 Securities—
the company.
338.704
74.196
Interest on funded debt
Interest on unfunded debt
Amort, of debt discount and
expense.
Deposits for mat'd
will be paid if the bonds
The debentures are
303,658
73,053
*
The directors have declared
dividends of 25 cents per share on the class A
and class B common
stocks, both payable July 10 to holders of
record
June 30.
These will be the first dividends
paid since March 10, 1931 when
similar payments were
made.—V. 141,
as
1933
$1,399,330
1,116,437
Other income.
Signal Oil & Gas Co.—To Resume Dividends—
applied
1934
$1,692,730
1,327,964
$187,415
2,928
Provision for retirement, renewals &
1935
$1,519,600
1,273,176
72,091
replacements of fixed capital
Provision for taxes
$617,307
100,000
Inc.—Accumu¬
292,137
69,611
Operating expenses
Maintenance
$612,771
4,535
$701,245
$4,602,927
Co., Inc.—Annual Report-
Years Ended Dec. 31—
Total operating revenues
683,812
85,801
201,480
12,790
$46,910
—V. 142, p. 3692.
Bleachery & Print Works,
(& Subs.)—Earnings—
38,481
5,014
20,376
$4,920,684
preferred stock, par $100, payable
July 1 to holders of record June 20. A similar
payment was made on April 1
2, last, and on Oct. 1, July 1 and March
2, 1935.
Accruals after the
July 1 payment will amount to $14 per share.—
V. 142, p. 2004.
1936—Month—1935
1936—12 Mos —1935
$130,112
$119,726
$1,650,787
$1,583,866
Taxes
$890,948
and Jan.
I—£49,305,433 £48,095,201 £46,884,170 £46,721,271
Period End. May 31—
Operating
$992,417
The directors have declared a
dividend of $1.75 per share on account of
accumulations on the 7% cumulative
£36,121,361 £36,121,361 £36,121,361
£36.121,361
8,131,609
8,131,609
8,131,609
8.131,609
63,321
70,912
62,823
33.784
Unclaimed dividends
69,546
57,799
53,230
58,303
Pref. div. accrued
25,000
25,000
25,000
25,000
2d pref. div. accrued-.—
291,667
291,667
291,667
291,667
Profit balance
4,602,929
3,396,853
2,198,480
2,059,547
Total
taxes
lated Dividends—
Creditors
—V. 142, p. 3523.
expenses
Southern
£49,305,433 £48.095,201 £46,884,170
£46,721,271
Liabilities—
Capital
Reserve, &c_
per share in addition
1936—5 Mos.—1935
$4,354,313 $23,358,019 $21,721,475
20,796
67,607
85,274
2,925,866
15,419,736
14,366,749
516,703
2,949,992
2,666,525
$4,680,816
15,485
3,070,376
602,538
rev—
Net oper. income
29,925
1,894,700
15,311,903
241,770
332,335
$1
1936—Month—1935
revenues
Uncollectible oper.
1932
2,397,000
10,198,966
extra dividend of
Telephone & Telegraph Co.—Earnings
Period End. May 31—
—V. 142, p. 3692.
1 Q*}*?
an
regular
a
quarterly dividend of 75 cents per share on the
common stock,
$25, both payable July 1 to holders of
record June 23.
For detailed
record of dividend payments see V.
142, p. 2172.
31
1934
15,946
4.824,500
10,849,378
95,860
year
par
Property (shares, &c.)-_£33,519,749 £33,678,415
£33,941,063 £29,242,973
Debtors and loans
Dividends due
Investments.
for the calendar
set up on the books of the
parent com¬
1935.—V. 142, p. 3363.
was
Smythe Mfg. Co.—Extra Dividend—
43,591
£138,933
250,445
Brought forward
Carried
pany
1934
\ £5,067,195
J
Expenses
June 27, 1936
vision for Federal income tax
a
mon
dividend of 25 cents per share on the com¬
stock, par $25, payable July 15 to holders of record June 30.
This
will be the first
distribution ot be made since Jan. 3# 1933 when a
quarterly
dividend of 37H cents per share was
paid.
A like payment was made on
Oct. 1, 1932, and dividends of
62 H cents per share were paid in each
quarter from ApFil 1, 1927 to and
including July 1, 1932.—V. 142, p. 2172.
Standard Oil Export
Corp.—Agent—
The
the
Guaranty Trust Co.
5%
cumulative
of New York has been appointed
agent to redeem
non-voting guaranteed preferred stock on and after
June 30, 1936, at $110
per share.—V. 142, p. 4039.
Standard Products Co., Inc.—Stock Oversubscribed—
F. Eberstadt &
Co., Inc. and Prescott,
offering of
p. 4191.
common
shares
was
Biggar & Co. announce that the
substantially oversubscribed.
See V. 142,
Volume
Financial
142
a
Texas Electric Service
Increased—
Standard Screw Co.—Dividend Further
The directors have declared
4355
Chronicle
stock, payable June 30 to holders of record June 19.
This compares with
$1.25 per share paid on March 31, last, $1 per share paid each three months
from Dec. 31, 1934 to and including Dec. 31, 1935, and 50 cents per share
distributed each quarter from April 1, 1932 to Oct. 1, 1934, inclusive.
—V. 142, p. 2518.
Subsidiary)
1936—12 Mos —1935
$6,975,020 $6,591,016
3,709,428
3,274,443
65,776
76,521
1936—Month—1935
$580,320
$539,931
301,252
277,082
5,000
6,461
Period End. May 31—
Operating revenues
Oper. exps., &c., taxes..
Rent for leased property
$274,068
$256,388
$3,199,816
326
759
Drl07
$3,240,052
13,404
$274,394
142,791
$257,147
142,712
$3,199,709
1,713,010
$3,253,456
1,716,792
y$131,603
y$114,435
$1,486,699
370,838
$1,536,664
Balance
SEC—-
Stanley Gold Mines, Ltd.—Registers with
Co.—Earnings—
(American Power & Light Co.
dividend of $1.50 per share on the common
Other income (net)
of this department.
See list given on first page
Gross corp. income
Sterling Securities Corp.—To Reduce Stock—
Int. & otner deducts
proposed
The company has notified the New York Stock Exchange of a
reduction in authorized convertible first preferred stock from 500,000
250,000 shares and class A common stock from
605,000 shares.—V. 142, p. 2845.
to
Suburban Electric Securities
shares
1,350,000 shares to
Co.—Accumulated Div.—
share on account
of accumulations on the $4 cum. pref. stock, no par value, payable July 1
to holders of record June 24.
A similar payment was made on April 1 and
Jan. 2 last, and on Oct. 1 and July 1,1935.—V. 142, p. 2004; V. 141, p. 4177.
Balance.
Property retirement reserve appropriations
z Divs. applic. ro pref. stock for period, whether
paid or unpaid
—
The directors have declared a dividend of 50 cents per
Balance
300,000
375,678
375.678
$740,183
-
$860,986
y Before
property retirement reserve appropriations and dividends,
Regular div. on $6 pref. stock was paid on April 1, 1936. After the pay¬
there were no accumulated unpaid divs. at that date.—
z
ment of this div.
V.142, p.3015.
Sunray Oil Corp.—Admitted to Unlisted Trading—
unlisted trading privileges
of record at the close of busi¬
ness on May 25,
1936 to subscribe to a new issue of 5H% cumulative
convertible preferred stock, $50 par, of the corporation at the price of $50
per share in the ratio of one share of such stock for each 37 9-10 shares of
The New York Curb Exchange has admitted to
stock held.—V. 142, p. 4193.
common
Ry.—Earnings—
Texas & Pacific
the rights issued to holders of common stock
1936—Month—1935
1936—5 Mos.—1935^
$2,262,282
$1,845,209 $10,678,094 $9,053,879
729,874
497,655
3,237,161
2,588,708
465,303
302,521
2,004,782
1,577,434
35,142
44,188
170,554
210,577
Period End. May 31—
Operating revenues
Net after expenses
Net ry. oper. income
Othbr income
Stock—
Supertest Petroleum Corp.—To Redeem Class A
announced that it has called for redemption 2,083 class A
preference shares as of June 30.
This represents all of the class A shares
of the company outstanding, 800 shares having been redeemed on July 2,
The company
$500,445
3,870
$346,709
4,267
$2,175,336
26,630
$1,788,011
25,244
charges
338,663
342,388
1,698,300
1,719,326
income
$157,912
$54
$450,406
$43,441
Total income..
Miscellaneous deductions
Fixed
1935.
and redemption of the entire
$14,581 in preferred dividends annually.
The class A shares are redeemable at $110
issue and will
the company
save
Net
—V. 142, p. 3529.
—V. 141, p. 449.
Texas Power &
Swift
to
a
&
Co.—Plan
New York
Sale
of All Holdings
Stockyards
on
Syndicate—
June 25 had the following;
The New York "Times
considering plans to sell out all interest in stockyard
companies held either by the parent company or through subsidiaries.
The stock of these properties has been held in trust since 1921 when the
Supreme Court ordered all packing companies to divest themselves of their
Swift &
Co.
are
holdings in stockyards companies..
An
offer for the stocks held in trust
is understood to have
been
to take over the old Swift interests.
It
was
in
It
the
from opers..
$407,413
Rent for leased property
Other income (net)
:
773
1,062
8,110
$4,598,672
£^12,500
10,827
$408,186
$341,113
$4,953,698
203,418
2,428,361
$4,621,999
199,521
y$137,695
Property retirement reserve appropriations — —
Divs. applic. to pref. stocks of period, whether
$2,525,337
505,483
$2,163,403
450,000
865,050
86o,050
Net
was
new
also believed
rev.
$340,051
$4,945,588
-- — -
for the flotation
Gross corp. income
Int. & other deductions.
------
2,458,596
z
paid or unpaid
;
$1,154,804
$848,353
y Before
property retirement reserve appropriations and dividends,
Regular divs. on 7% and $6 pref. stocks were paid on May 1, 1936.
Balance
possible that the Swift group might take securities
company.
The original consent decree was handed down in 1921.
Eleven years
later, when the packers appealed the case again, an amended decree was
given in 1932. Under the latter decree Harry S. New, former Postmaster
General, was named trustee for the Swift stockyrad holdings by the District
of Columbia Supreme Court.
The stocks were deposited with thq. First
National Bank of Chicago, and Mr. New was ordered by the court td find
a purchaser for them.—V. 142, p. 4040.
y$208,665
Balance..
securities by United Stockyards Co. with whiclj to make the pur¬
In this case, the Swift interests would receive cash for their proper¬
new
chase.
ties.
reported the plans, yet in a tentative stage, call
Period End. May 31—
Operating revenues
Oper. exps., & taxes
made
by a New York group represented by John Dewitt, a broker with offices
at 120 Broadway, New York City.
A new corporation known as the United Stockyards Co., incorporated
in Delaware, is understood to be the vehicle by which the group proposes
of
Light Co.—Earnings—
Light Co. Subsidiary)
1936—Month—1935
1936—12 Mos—1935^
$764,297
$715,628 $9,294,878 $9,043,663
356,884
375,577
4,349,290
4,444,991
(American Power &
z
After the payment of these divs.
at that date.—V. 142, p. 4194.
Textile
there were no accumulated
Properties, Inc.—Plan of
unpaid divs*.
Reorganization—
reorganization filed with the United States District
York has been approved as fair and
compliance with the provisions of Section 77-B of the
A plan of
the Southern District of New
and in
Syracuse Lighting Co., Inc.—Bonds Called—
The Chase National Bank of the City
of New York, as successor trustee,
notifying holders of first and refunding mortgage gold bonds, 5j^%
series due *954, that there have been drawn by lot for redemption on Aug. 1,
$29,000 of these bonds.
The bonds will be redeemed at their principal
amount with a premium of 5% on such principal amount, together with
accrued interest to the redemption date, at the corporate trust department
of the bank, 11 Broad Street.—V. 142, p. 3529.
is
Tampa Electric Co.—EarningsPeriod End. May 31—
Operating revenues
Operation
Maintenance
Taxes,
1936—12 Afos .-£-1935
21,388
41,631
i,
$4,107,009
1,636,034
$3,903,646
1,525,359
250.919
136,996
18.904
36,691
228,776
453,664
477,706
°
„
_
9, 1935. One of the plans
the debtor and the other
plan was proposed by Charlton B. Hibbard, Walter W. Taylor, Dudley N.
Schoales, John F. Bunn Jr., and Hubert F. Young, as a protective com¬
mittee for the holders of first mortgage 6% sinking fund gold l9an certifi¬
cates.
The hearing adjourned from time to time, the last session having
Two plans were proposed at a hearing on July
called the debtor's original plan was proposed by
been held on June 9,
1936. '
.
__
1935, both plans were referred to Irwin Kurtz
further order dated July 31, 1935, Oscar W.
Ehrhorn was appointed Special Master in the place of Irwin Kurtz, to
hear all of the parties in respect to the plans which had been proposed
The Court on June 9, 1936 approved the plan (outlined below) as being
fair and equitable, and complies with the relevant provisions of Section
as
1936—Month—1935
$336,799
$353,699
140.551
Bankruptcy Act.
Court for
equitable
National
By order dated July 18,
Special Master, but by
77-B of the Bankruptcy
Act.
preliminary statement to the plan says:
the premises known as
The debtor has outstanding;
A
Net oper. revenues
Non-oper.
$1,742,349
$144,206
3,903 *
24.903
$150,128
1,694
income—net.
The debtor owns in fee
$1,695,845
25,258
295 Fifth Avenue N.Y.
representing shares in its 1st mtge. 6% s. f. gold loan
created by its indenture dated as of Nov. 1, 1928, to New
York Trust Co. and maturing Nov. 1, 1958 (excl. of $84,500
Loan ctfs.
$1,721,104
429,999
$151,823
35,833
1,593
Interest
$148,109
35,833
$1,767,253
856
12,717
10,345
$114,396
Balance.
Retirement accruals
$111,419
$1,324,535
$1,280,759
Net income.
430,000
—V. 142, p. 3695.
Tennessee Public Service
Calendar
Co.—Earnings—
1935
Net
revenues
1934
$2,792,573
$820,920
98,298
$860,362
97,438
$919,218
$957,800
7,510
20,568
$926,728
389,000
_
$978,368
389 000
from operation
Rent from leased property
;
,D_
Total
Other income (net)
Gross corporate
Interest
on
income
bonds
mortgage
Renewal & replacement, reserve
l,932,2ll
3,.352
3il43
342.784
316,584
Other interest and deductions.
appropriations
^
— -•
$191,591
...
—
1.952,500
<6,000 shs.
rentals for 1929, which were based on an
average occupancy of approximately 97%, were $i, 120,280.
The debtor's gross rentals for 1934, which were based on an average
occupancy of approximately 80%, were $713,016.
The debtor has not made distributions to its stockholders nor paid any
salaries to its officers since 1928, when the first and second mortgages were
placed on the property, but has used its cash to meet the requirements of its
outstanding obligations.
The annual cash expenditures of the debtor have averaged about $850,000. •
Of this amount there are certain fixed expenses that are beyond the control
of the debtor and subject to very little fluctuation. They are interest on the
loan certificates and second mortgage bonds, real estate taxes, water taxes,
State franchise taxes, and the 2% Federal tax payable at the source. These
payments total more than
refer only to
$750,000.
approximately $100,000.
Accordingly any possible economies
In connection with the items making
this group, savings have been effected by reducing
painting and decorating about $7,000 per annum.
The
up
Balance carried to earned surplus
$7,002,500
indenture, dated
trustee (excl. of
Rentals, A-c.—The debtor's gross
$2,939,550
2,118,630
Years—
Operating revenues
Operating expenses (including taxes)...
held in the treasury)
7% gen. mtge. s. f. gold bonds issued under
Nov. 1, 1928, to New York Trust Co., as
$16,500 held in treasury)
Common stock (no par)
$269,641
costs of repairs,
operating payroll
$4,000 per annum; the cost of coal due to the installation
of labor saving machinery has been reduced from a prior annual cost of
$12,000 to an approximate present cost of $9,000.
All these savings,
representing a cut of about 17% in the cash expenses, have been effected
without interfering with full and adequate maintenance of the property.
The annual rentals for leases in effect as of Feb. 1, 1935, extending to
Jan. 31, 1936 or beyond, are $567,600; in addition, the debtor has tenants,
either not under lease or under lease with the right on the part of the tenants
to cancel on 30 days' notice, paying rentals at the rate of $40,420 per annum.
The present annual aggregate requirement for operating expenses, taxes
and interest charges on the debtor's obligations (excluding those held in the
treasury) is approximately $810,000.
has been reduced
Balance Sheet Dec. 31,
Plant, prop., franchises, &c_.$17,164,274
702
Investments
Cash in banks (on demand)..
1,589,583
Cash in bank (time deposit;..
87
Accounts
1935
Liabilities—
Assets—
receivable
Materials and supplies
Prepayments
Miscell. current assets
Miscellaneous assets
Deferred charges
385,423
140,209
18,689
15,180
1,106,586
6,566
x
Capital stock (no par)
$10,000,000
Long-term debt
Accounts
Customers'
Accrued
7,780,000
payable
deposits
accounts
Miscell. current liabilities...
Matured int.on long-term debt
Accts. payable (not current).
Deferred credits to income
Reserves.
Capital surplus
Earned
surplus
57,205
77,838
348,723
1,052
600
5,602
16,767
909,574
119,521
1,110,419
Details of the
Plan
As to the First Mortgage—Debtor will retire and cancel the $84,500
held in its treasury.
(2) All provisions of the first mortgage and of the various bonds and
obligations as being consolidated into the first mortgage and of the loan
certificates, so far as they relate to the amortization and redemption of
the first mortgage 6% gold loan, and payments of principal and interest
thereon and for sinking fund purposes, &c., shall be specifically amended
(1)
loan certificates now
$20,427,302
Total
Total
.
--.$20,427,302
Represented by; $6 pref. cum. (entitled upon liquidation to $100 a
sh.); authorized, 75,000 shs.; issued and outstanding, 5O.000 shs; $6 2d pref.
cum.
(entitled upon liquidatilon to $100 a sh.); autnorized, 50,000 shs ;
issued, none; common, authorized and outstanding 1,000,000 shs.—V. 149*
p. 3190.
x
as
follows:
(a)
All defaults existing at the date
of the consummation of this plan
shall be waived.
Texas
Corp.—Bonds Called—
convertible sinking fund 5%
balance of the issue, now out¬
of $60,000,000, has been called for redemption at
101% and accrued interest on Oct. 1, 1936.
The debentures should be
presented for payment either at Continental Illinois National Bank &
Trust Co. of Chicago, or the Chase National Bank of the City of New York.
The company is notifying holders of its
gold debentures, due Oct. 1, 1944, that the
standing in the amount
—V. 142, p.
4194.
All payments on account of prindipal or interest shall be payable in
lawful money of the U. S.
(c) For the period commencing Nov. 1, 1934, and ending Oct. 31, 1937*
a rate of interest of 3%
will be payable; for period commencing Nov. 1.
1937, and ending Oct. 31, 1940, a rate of interest of 4% will be payable;
for period commencing Nov. 1, 1940 and ending Nov. 1, 1958 (the maturity
of the loan certificates) a rate of interest of 5% will be payable. No interest
shall be payable on the loan certificates.
(b)
4356
Financial
Chronicle
(d) Sinking Fund—After meeting the requirements of clause
(c), the
entire net earnings for each fiscal year starting with the fiscal
year beginning
Nov. 1, 1934, shall be applied by debtor before
May 1 next succeeding
the close of such fiscal year (except no such
application shall be required
before May 1 following the confirmation of this
plan) to the purchase for
retirement of loan certificates at prices not
exceeding par and int. as modified
until the end of the fiscal year in which the
aggregate principal amount of
the outstanding loan certificates shall have been reduced to
$6,000,000.
One-half of the net earnings for each fiscal
year starting with the fiscal
year after that in which the aggregate principal amount of
outstanding loan
certificates shall have been reduced to
$6,000,000 and until the end of the
fiscal year in which the aggregate principal amount of loan
certificates
shall be reduced to $5,000,000, shall be applied
by the debtor before May 1
next succeeding the close of such fiscal
year to the purchase for retirement of
loan certificates at prices not
exceeding the principal amount thereof and
interest accrued as modified.
Beginning with the fiscal year succeeding
that in which the aggregate principal amount of
outstanding loan certificates
shall have been reduced to
$5,000,000, the debtor shall cease applying any
part of the net income toward the purchase of loan certificates, but there¬
after such of the original sinking fund
provisions, contained in Article 3
of the first mortgage, as apply solely to the
period subsequent to that date,
shall again become operative and shall be fulfilled
so
far
at
y2 shares
prior thereto.
Since April 30,1936, 300 shares of cumulative convertible
preferred stock,
series A, have been converted into 1,800 shares of common
stock.
as
Underwriting—The only principal underwriter is Distributors Group
Inc., 1 Exchange Place, Jersey City, N. J.
Proceeds—If all of the options granted by the corporation to the under¬
writer
are exercised the proceeds of this
financing to the corporation after
deduction of underwriting discounts or commissions but before
deduction
other expenses would amount to $199,998.
Net proceeds, after de¬
of
ducting
Subsequent to March 28, 1936, bank loans were increased from $75,000
$150,000.
The proceeds of the bank loans were used for
working capital,
acquire inventories and additional equipment for branches and to pay
trade accounts.—Y. 142, p. 4195.
Tobacco & Allied
an
tion,
it
common
is
to be issued
$167,343
5,842
9,000
$157,229
4,190
$168,104
4,032
430
332
""448
"""429
1,080
4,808
666
939
674
3,935
1,470
1,808
2,040
1,773
6,559
1,370
1,949
8,556
1,512
88*927
452",633
1,217
Salaries
compensation
Printing and stationery.
Stock transfer stamps,
Legal and auditing
Transfer fees and sundry
_
expenses
Balance.
.
$215,293
174,025
$51,555 def$303,490
$28,530
profit
Dividends
Cr87,717
$280,050
251,520
Net
$41,268
$51,555 def$303,490
registra¬
explained, 20,000 shares represent new stock
by the corporation and 25,000 shares represent
Assets— v.vTf
Liabilities—
Cash
$200,162
2,739,184
27,357
Dividends receivableAccount receivable..*
Amount payable upon return
50
_____
Investments
Accrued Federal income tax.
Accrued Federal capital stock
Furniture and fixtures
1
Prepaid New York State
Earnings—Net income of the company, after all charges,
including
Federal taxes, totaled $303,282 for the
year 1935, compared with $60,543
These earnings, adjusted to give effect to a
300% stock dividend
declared this year, were equivalent to $1.36
per share in 1935, against
19 cents per share earned in 1934,
according to the prospectus.
Listing—New York Curb Exchange has approved an application to
list the common stock, subject to
approval by the Securities and Exchange
Commission.
(subject to claim and
tax
8,623
controlled.
The general
of
of
the
business
Total
by the corporation
siding, of existing structures
$2,975,380
Represented by 47,632
Years End. Dec. 31—•
at
*
of the
(less
$13,119
11,816
xl,500,000
Earned surplus from May 31,
1924, at which date deficit
1,650
was
absorbed
by
reduction
of value of capital stock
193,231
1,500,000
Treasury
stock
___
338,534
Drl0,386
reserve,
4,221
1,782
and good¬
will
Total
x
$1,853,0831
Represented by 472,500
Todd
no par
$1,853,083
Shipyards Corp. (& Subs.)—Earnings—
Federal income
Balance.
Shs. cap.
stk.out.(nopar)
Earns, per sh. on cap.stk.
1934
$1,237,262
514,530
103,931
Dividends
1935
$1,111,470
534,794
108,207
$787,304
413,218
tax
Net income
_
Total
shares.—V. 141, p. 2599.
Year End. March 31—
1936
Net earnings from
oper. $1,390,964
Reserve for depreciation
499,729
Amend¬
remaining 4,000 shares
registrant to be selected
co.
payable
Capital stock
a
tobacco
stock reserved for issue
upon
share of
cumulative convertible preferred
stock, series A), of 1,587 shares of preferred
stock.
A scrip certificate for the face
amount of one-half share of
common
stock was issued in connection with
such conversion, but
by the terms
thereof, after the record date for the
payment of the stock dividend afore¬
said, such scrip certificate entitled the holder
thereof to receive two shares
of common stock.
Such scrip certificate is not
treated as outstanding stock
for the purposes hereof.
The outstanding shares of
preferred stock were
reduced to 8,397 shares
by virtue of said conversions.
20,000 shares of common stock are
reserved for officers and
employees.
8,000 of said shares are reserved for an
option at $10 per share exercisable
within four years from
April 28, 1936, and accruing at the rate of
2,000
shares in each of said
fqur years, granted R. J. Tobin, Pres. and Treas.,
8,000 shares for an option at $10
per share exercisable within four uears
from April 28, 1936, and
accruing at the rate of 2,000 shares in each of
said four years,
granted G. A. Tobin, Vice-Pres., the
consideration for
each of said options
being $1 and other considerations (not
otherwise
specified in the agreements) and the exercise of
said options being subject
to the continued
employment by the registrant of the
respective optionees,
thereby securing to the registrant a further factor
conducive to the con¬
tinued interest of said parties in its business.
The
employees
31
900
$23,654)
Prepaid taxes
Brands, trade-marks
_______
to
Dec.
at cost—
outstanding April 27, 1936, amounting in the
aggregate to 164,838 shares
of common stock and
(b) the issue of 2,380 shares of common stock
upon
the conversion (at the rate of 1
shares of common stock for each
issuance
on
$8,102)
rial, advertising stock, &c__
Marketable securities owned,
ment effected a reduction of
authorized preferred stook to
9,984 shares
all of one class known as
"cumulative convertible preferred
stock, series AA"
and an increase in authorized
common stock to 400.000
shares.
The amount of common stock
outstanding, excluding stock in treasury
increased to 217,700 shares, as a result
of (a) a stock
dividend, of three
shares of common
stqck on each of the 54,946 shares of common stock
for
quot.
was
Inventories of wrapping mate¬
Changes in Capitalization (Since March 28, 1936)
Certificate of incorporation amended
April 28, 1936, to eliminate the
authority to issue preferred stock in series, and to
classify all preferred
stock as cumulative convertible
preferred stock, series A (no par).
The
dividend provisions and rate and seated
value were not
reserved
mkt.
1935
foreign affiliated co_.
Advances to a Central Ameri
affected.
Accounts
Provision for Federal income,
capital
stock
and
State
franchise taxes
officer (col¬
lateral held, amount of which
Authorized
Outstanding
19,984 shs.
a9,369
shs.
125,000 shs.
b52,967j^ shs.
a Preferred
stock, series A, convertible, $2 cumulative
(no par) s*tated
value $30 per share (authorized
9,984 shs.), the balance, 465
shs.,-being
are
Liabilities—
$124,456
26,840
receivable
Notes receivable,
of March 28,1936
common
459,300
Assets—
Inv. in
shares of
458,100
■
Cash
Accounts
_
converted into common.
b In, addition
14,278}^
458,100
*>
Consolidated Balance Sheet Dec. 31,1935
These notes so insured are
Investment Trust, Inc., which makes all collections until
such times as
the notes are delinquent 60
days or more, at which time the notes are
repurchased by Stratford Acceptance Corp. and further
efforts are made
by it to effect collection.
Stratford Acceptance Corp. also handles
all
collection work for the corporation on cash
jobs and any other type of
accounts which are not sold to the
Commercial Investment Trust, Inc.
conversion of series A preferred stock.
$46,407
46,173
company.
Strat¬
National
discounted with the Commercial
Preferred stock—
Common (par $1)
$65,063
45,793
Inc.,, class A stock, which
called for redemption at $25
per share during 1934, and the sale of
$30,000 Cigar Stores Realty Corp. bonds.
y Including $9,175 profit from a partial
liquidating dividend on 1,000
shares of Philip Miorris
Consolidated, Inc., common stock owned by the
Acceptance Corp., was incorporated in Delaware
obtaining the advantages afforded by the National
as
1932'
45,793
1934
were
to facilitate the collection of customers'
accounts.
Corp. insures the time payment notes under the
Capitalization
1933
*$123,692
$0.16
$0.27
$0.14
$0.10
Includes ^profit of $40,155
resulting from the disposal during year of
3,401 shares of Philip Morris Consolidated,
■.
Housing Act.
$2,975,380
—
x
branch consists of a warehouse and an
office.
The property maintained at each branch
normally comprises an inventory
of materials, the
necessary equipment for properly carrying out the con¬
work done by the corporation,
automobiles and furniture and
fixtures.'
■.t
^^
A subsidiary, Stratford
ford Acceptance
Total
shares.—V. 141, p. 3876.
458,100
___
Each
in 1934 for the purpose of
648
1935
$72,848
<45,793
Dividends paid
Shares capital stock outstanding (no par)
Earnings per share
struction
Housing Act and
no par
Net profit
asphaltic paints and
plastics.
Corporation owns and operates a plant and manufactures
all
asphalt roofing and siding which it uses in such construction
work but it
purchases in the open market all other materials and
accessories, such as
metal ware, lumber and nails.
The business is conducted,
except for the
manufacturing of roofing and siding, through branches located in seven
States, namely New York, Massachusetts, Connecticut;- New
Jersey, New
Hampshire, Rhode Island and Maine,
as of April 30,
1936, there were
branches.
3,045
tax, subject to protest and
claim by company
Tobacco Products Export Corp. (& Subs.)— Earnings-—
factories, stores and apartment houses.
A small percentage of the
corporation's business is represented by applica¬
tion of roofing and siding co new structures.
In addition the
corporation
manufactures and sells a relatively small amount of
35 such
$31,500
19,633
Surplus.--—1,299,906
1924.
Its only sub¬
whose voting stock is
conducted
the renovation, primarily of
roofing and
and buildings, including homes,
<
directors, subject to stock\
/
holders'approval
\ 4,500
Capital stock.
xl,616,140
x
character
is
to
Provision for compensation of
Corporation—Incorporated in Delaware July 30.
100%
of
securities
loaned
broker (per contra)
and Delaware franchise tax
Accrued New York city excise
pro¬
test by company)
in 1934.
Corp.,
6,933
1,488
9,530
Balance Sheet, Dec. 31, 1935
stock offered under the present
Stratford Acceptance
,
1,953
7,904
1,525
19,634
Crl62,349
Taxes paid and accrued.
Custody of securities
Prov. for Fed. inc. tax__
Loss on securities sold..
outstanding stock to be made available by present stock¬
holders.
A prospectus dated June 12 affords the
following:
sidiary is
1932
*
$164,337
3,766
$166,855
7,320
4,500
Directors'
company,
1933
$151,729
.
$167,343
5,500
Total income
The shares were priced at the
$12.50 per share).
Of the 45,000
1934
$165,638
Stock loan prem. receiv.
option.
(estimated at
1935
Dividends received
Interest earned
Tilo
Roofing Co., Inc.—Common Stock Offered—Dis¬
tributors Group, Inc., New York, made
public offering on
June 24 of 45,000 shares of common stock of this
shares of
Stocks, Inc.—■Earnings—
Calendar Years—
have been retired and the
aggregate of loan
certificates outstanding shall not exceed
$4,500,000.
No salaries to officers shall be paid until such time as all
of the preferred
stock shall have been retired and the loan certificates
outstanding shall not
exceed $4,500,000.
under
$190,572.
to
(IV.) As to the Common Stock—The common stock shall not be affected
by this plan, except that no dividends shall be paid until such time as all
available
amount to
to
of the preferred stock shall
market
itemized above, would then
expenses
The estimated net proceeds to the corporation are to be
applied against
bank loans and to furnish additional
working capital, and possibly to
acquire certain real property.
preferred stock
Such shares shall be issued only to meet the
requirements of
(par $50).
terms to be prescribed, by
series A.
Pursuant to dilution provisions in the
certificate of incorporation of the registrant the conversion rate was auto¬
matically adjusted so that after the record date for payment of the above
stock dividend on the common stock the conversion rate become six shares
of common stock for each share of preferred stock instead of 1
4%
this plan.
on
vertible preferred stock,
thereof shall be entitled to receive five shares of
preferred stock for each
$500 of second mortgage bonds.
for
share and
the President.
earnings will permit.
'
(e) Holders of loan certificates will also be entitled to receive shares of
the preferred stock at the rate of one share for each $500 of
loan certifs. held.
(II) As to the Second Mortgage—(1) The existing second
mortgage
shall be canceled and shall be discharged and the
debtor's second mortgage
bonds issued under the mortgage shall be surrendered
to the trustee and
canceled and all defaults in the second
mortgage existing at the date of the
consummation of this plan shall be waived.
The debtor will cancel the
$16,500 of second mortgage bonds now held in its treasury.
(2) Each holder of second mortgage bonds of the debtor, upon surrender
Ill, (III) New Issue of Preferred Stock—The debtor shall
provide
authorized issue of 34,000 shares of non-cumulative
per
20,000 shares of common stock are reserved for options to persons other
than officers and employees, namely, granted to Distributors
Group, Inc.
50,382 shares of common stock reserved for conversion of cumulative con¬
the debtor's
as
Jane 27, 1936
price of not less than $10
a
$468,469
309,913
$668,174
207,057
$402,693
207,619
$374,086
206,609
$3.81
$158,556
206,609
$461,117
206,612
$195,074
217,686
$3.23
$1.85
1933
$913,449
510,755
54,558
$2.27
Consolidated Balance Sheet March 31
1936
Assets—
a
$
Property, &c._.14 ,879,891
Invest,
in
1935
$
15,861,749
Todd-
Johnson
surplus
Dry
1,161,742
1,273,188
Accts. & notes rec.
2,431,225
Work in progress.
318,461
Mat'Is & supplies.
1,776,705
Marketable securs.
365,516
Deferred notes and
.
accounts
receiv.
/Deferred
Total
charges.
598,238
72,215
145,361
1935
$
$
20,969,141 20,779,577
&c— 1,053,100
966,638
Accts. pay.,
Pur. money mtge.
Docks, Inc
Cash
Miscell. investm't.
1936
Liabilities—
b Stated capital &
789,367
3,053,134
115,056
2,048,453
365,516
115,000
Adv. on def. notes
received
Conting's
reserve.
4,180
415,123
40,794
415,123
581,000
581,000
Purchase money in¬
stalment contr—
388,742
107,916
168,200
—23,022,544 22,898,133
Total
-.23,022,544
a After
depreciation of $8,630,362 in 1936 and $8,731,688
b Represented
by 206,609 no par shares.—V. 141, p. 127.
22,898,1^3
in
1935,
Volume
Financial
142
Consolidated Balance Sheet Dec. 31
Belmont Development Co.—Earnings—,
Tonopah
Assets—
Income Account 12 Months Ended Dec. 31, 1935
Income from property and
royalties
4357
Chronicle
$8,214
5,669
;
Wages, property taxes and expense
Nevada Belmont Mine shut-down expense
832
Marketable
Secured loans
a
Salaries
Office expense, rent, stationery, &c_
Taxes (franchise, capital stock, &c.)
;
notes
$13,346
obsolescence)
by
17,686
__
$31,032
Net loss for the period.
Balance
1935
Assets—
Sheet Dec.
1934
stocks
in
Inv.
other companies
Mat'ls
&
23,758
supplies
for operation...
3,060
Accts. receivable..
21,287
Comm..
Indus.
50
Dep. for State ins.
300
Cash
15,230
37,519
Other assets
Total
—V.
&c..__..
1935
Explor. & devel.
expense
Federal inc. tax
(est.)..
Profit and loss surplus..
$35,535
1,154,764
income
Dep. with Nev. Indus. Comm.
receivable
Marketable securities (at cost)
$92,183
825
8,544
1,192,962
Accrued int. on investments..
1,421
Materials and supplies (at cost)
2,682
151,136
Inv. in affil. cos. not consol..
advances
and
affil.
to
companies not consolidated.
364,239
Sees, not marketable (at cost).
3,969
1932
1933
1934
$56,547
13,316
5,875
$32,083
1,427
22,013
25,365
282,816
288,531
11,175
16,030
1
theater cos
1
Patents
Total
$1,167,985 $1,475,332
|
...$1,167,985 $1,475,332
Total
a After reserve for doubtful accounts of $660 in
1935 and $643
b After depreciation of $65,008 in 1935 and $59,899 in 1934.
in 1934.
b After
depreciation of $165,691 in 1935 and after depreciation and amortiza¬
tion of $480,385 in 1934.
d Represented by 715,803 shares, $1 par, in
1935, after deducting 69,357 shares held in treasury at cost of $69,357 and
783,803 shares in 1934 after deducting 6,357 shares held in treasury as cost
of $9,812.—142,
p. 3530.
Union Bag &
Inc.—Registers with SEC
Paper Corp.—Stock Subscribed—
$37,356
2,677,211
$30,656
2,639,854
loss$8,175
Stockholders' rights to subscribe expired June
1os8$92
8,083
2,609,168
Drafts in transit
Accounts
$9,400
17.701
.
payable
Accrued
Union Pacific
18.—V. 142, p. 3696.
RR.—Earnings—
1936—5 Mos.—1935
Period End. May 31—
1936—Month—1935
Railway oper. revenues_$ll,069,278 $10,015,009 $53,969,270 $47,743,971
Railway oper. expenses.
9,051,362
8,225,735 43,077.778 37.127,344
5,184.563
4,414.888
Railway tax accruals
1,108,660
880,977
2,344,452
2,323.474
Equipment rents
522,040
470,495
Joint facility rents
195,433
163,132
38,055
41,101
'
Unclaimed dividend checks
Minority
in
interest
Deferred accounts
Total
$1,850,282
22,369
surplus
Capital stock
Paid-in surplus
Earned surplus
937,700
1,554,787
1,154,764
1,864,078
Deficit from consolidation
$1,850,282
Total
-
V
Co.—Listing—
Trans-Lux Daylight Picture Screen Corp.
from
rental
(& Subs.)—
1933
-1935
$8,947,221
3,914,766
from operan.
$5,032,455
32,053
$2,922,526 $16,475,949 $12,164,292
$5,064,508
$2,955,519 $16,566,013 $12,263,890
Net
rev.
313,975
CtT4,030
construcn
Cr2,823
1,302,411
1,281,662
Cr46,413
1,288,519
848,727
296,818
deductions
Int. chged. to
99,598
90,064
32,993
Crl3,778
3.522,589
$1,806,847 $11,217,848
9,363
37,380
$7,506,052
37,450
$3,458,757
Preferred divs. to
4,073,424
$3,468,102
public
9,345
Balance
$1,797,484 $11,180,468
$7,468,602
41,628
64.261
$1,793,987 $11,138,840
$7,404,341
,793,987 $11,138,840
23,025
98,979
$7,404,341
$1,817,012 $11,237,819
58,215
299,295
723,350
2,969,175
$7,487,992
214,823
$1,035,447
$4,403,357
Balance
Portion applic. to minor¬
3,497
17,153
ity interests
Net equity of United
Gas Corp. in income
of subsidiaries
$3,441,604
United Gas Corp.—
Net equity
of United Gas
Corp. in inc. of subs.
(as shown above)
$3,441,604
Other income
25.721
83,651
1932
$3,467,325
Total income
x$329,650
$945,397
$904,892
$857,753
34,777
rentals
368,541
382,129
83,669
Expenses, incl. taxes—
384,669
769,350
Interest
before
depreciation
1936—12 Mos.-
-1935
Operating revenues
Oper. exp., incl. taxes..
of
machines
of
1934
(& Subs.)- -Earnings—
1936—3 Mos.-
31—
Prop, retirement and de¬
pletion res. approp'ns.
•
Exchange has authorized the listing of 66,644
(maximum number) instalment subscription receipts for shares of common
stock (no par).
To the extent that payment in full for any of the 66,644 additional shares
of common stock (no par) is not made at the time of the subscription,
instalment subscription receipts will be issued upon payment of at least
one-third of the subscription price, namely, $25 per share.
The balance of
the subscription price is payable in two equal instalments of $25 per share,
payable on or before Sept. 4, and on or before Nov. 4, 1936, respectively.
Upon payment in full of thb subscription price, and surrender of the instal¬
ment subscription receipt, the holder of instalment subscription receipt is
entitled to receive a corresponding number of shares of common stock.
—V. 142, p. 3872.
-
1935
$3,715,133
$3,167,044
56,421.177 $31,720,528 $26,215,791
3,498,651
15,244,579
14,05a,499
Stock
Calendar Years—
$396,701
Subsidiaries—
Gross corp. income
Interest to public & other
'
York
New
Period End. May
Other income (net)-,.—
—V. 141, p. 127.
Underwood Elliott Fisher
$349,161
United Gas Corp.
4,243
capital
and
30,440
185
1,688
equipment
Deposits In closed bank
Net income
-V. 142, p. 3873.
13,395
taxes
Inventory of salvaged plant &
Cost
cost
Liabilities—
hand and in banks
Income
at
that the balance of the issue of 65,359 shares of capital stock that was not
subscribed to by stockholders, and taken over by them, has been sold.
Consolidated Balance Sheet Dec. 31, 1935
Assets—
The
eq.
73,618
299,000
ma¬
or deprec. value
Capital assets of
$1,368,384 $1,406,799
Total
$70,862
29,302
6,025
Loans
68,701
30,270
....
chines for rental
Trendle-Amico Machine Sales,
Tonopah Mining Co. of Nevada—Earnings—
Calendar Years—
Accounts
780,348
553,014
Minsch, Monell & Co., Inc. and Laurence M. Marks & Co. announce
Net earnings..
on
715,803
426,064
See list given on first page of this department.
141, p. 289.
Cash
325,570
Capital stock (par
$1)
Earned surplus...
mach. & equip.,
27,698
$1,368,384 $1,406,799
Net
32,877
Capital stock
Deposit with Nev.
requirements
21,009
rent and taxes._
1934
1935
$1,500,000 $1,500,000
Accounts payable1,147
8,138
9,454 Unpaid wages
1,417
2,115
Taxes accrued
1,084
1,451
28,273 Deficiency:
135,264
104,905
15,243
of '
7,927
11,296
& Canadian tax.
5,138
55,822
121,187
8,896
,
6,320
4,560
Prepd. ins. prems.,
31
Liabilities—
Property acc'ts...$1,267,229 $1,326,081
1934
$94,846
------
Provision for U. S.
d
receivable
Cost of ticker
Other
Other expenses (incl. $17,206 write-down on inventories caused
1935
payable-
payable
Accrued taxes and
60,866
3,026
30,069
_
Investments, &c._
b Land, buildings,
c
Total loss
Notes
expenses
Inventories
274
Dividends, interest, &c
80,000
rec.
Due from empl's..
Other
accts.
and
$13,620
Loss
Other income:
106,459
Accounts
$94,255
352,492
Accts. & accrued
int. receivable.
$1,712
3,377
5,520
4,898
1,536
Net profit on property and royalties
Loss on exploration: Rice property
$206,156
54,850
secure.
$10,262
Liabilities—
1934
1935
Cash
2,869.812
Balance carried to con¬
Balance
$294,872
531,756
$576,856
284,920
exps. of theatres
before deprec. & amort
500,876
282,722
238,042
Balance
$30,879
$2,198
17,720
12,597
$28,039
26,800
18,963
16,939
$5,122
$7,837
$5,297
Income from theatres._
$522,763
Sales of parts, &c. (net).
Balance..
from
Income
11,642
of
rental
1,550
800
$327,301
$584,976
$558,639
161,057
289,957
300,671
265,777
$166,244
73,857
$295,019
41,339
$257,967
21,009
$212,603
21,435
Gross profit fr. rentals,
theatre
opers.
and
sales
...
sidiaries haveresulted in deficits for the respective
Net income from opers.
Other income
Total income
$240,101
dor deprec.
amortization
Net
losses
$336,358
a
on
$234,038
57,828
109,634
machines
140,332
Improvement Co.—Weekly Output—
June 20'36
de¬
987
capital stock, taxes
11,572
taxes.
Promotion
23,250
22,837
5,200
15,800
in
for
taxes
973.
,
<
.
United Public Service
Income—Interest
273
Corp.—Earnings—
on
note receivable from Ky. P. &
L. Co. sub-
$15,000
28
Miscellaneous income.
1,397
$180,638
574,139
$164,291
553,014
$114,926
731,974
$93,175
1,047,112
prov.
$15,028
1,268
Total income
General expenses
State and miscellaneous Federal taxes.
Federal income taxes
320
2,358
prior years no longer
11,618
required
Gross income
Amortization of bond discount of subsidiary.
Total surplus
Miscellaneous charges._
Cash dividends paid
Consol. earned surplus
as at Dec. 31
x
Preferred Dividend—
Earnings for 3 Months Ended March 31, 1936
3,684
Interest & exchange, &c.
Reserve
73,251,201
dividend of 25 cents per sharejin
quarterly dividend of 75 cents per share on the $3
participating preferred stock, no par value, both payable July 1 to holders
of record June 23.
Similar payments were made on Jan. 2, last.—V. 142,
~~2~, 452
work
Miscellaneous deductions
Net profit for year—
Previous earned surplus.
June 22'35
82,145,041
The directors have declared an extra
p.
and Canadian income
Litigation expenses
Interest paid
June 13'36
81,727,263
addition to the regular
stroyed by fire
»
(kwh.)—
142, p. 4197.
United Milk Products Co.—Extra
on
Prov. for Federal income
&
Electric output of system
127,044
7,222
Serge Seme3874.
director to succeed the late Rollin P. Grant.—Y. 142, p.
United Gas
—V.
sales of securities
Losses
$278,977
&
6,930
realized
periods.
Stockholders at their annual meeting held June 18 elected
nenko
Week Ended—
Provision
$7,969,349
New Director—
Selling, admin. & general
expenses
$2,614,306
eliminated from the
deductions of sub¬
sidiaries represent full requirements for the respective periods only (whether
paid or not paid) on securities held by the public.
The "portion applicable
to minority interests" is the calculated portion of the balance of income
applicable to minority holdings by the public of common stocks of sub¬
sidiaries at the end of each respective period.
Minority interests ha\ e not
been charged with deficits where income accounts of subsidiaries have so
resulted.
The "net equity of United Gas Corp. in income of subsidiaries"
includes interest and preferred dividends paid or earned on securities
held, plus the proportion of earnings which accrued to common stocks held
by United Gas Corp., less losses where income accounts of individual sub¬
$478,379
theatre equipment
earned surplus-
Arolation—All intercompany transactions have been
above statement.
Interest and preferred dividend
Oper.
Cost of sales, before depr.
sol.
$473,083
266,081
Includes dividends
$728,923
160,698
142,160
$846,900
272,761
$553,014
$574,139
$1,140,287
408,313
Net
on
$731,975
securities of $225,316 and
profit
$11,082
1,650
$9,432
income
—V. 140, p.
3234.
& Regla Warehouse,
Holders of Equipment Trust
United Railways of the Havana
$426,064
and interest
from sale of parts, &c. of $816.
$754,777
46,494
155,269
Ltd.—Committee
Certificates—
Formed
for
Financial
4358
Announcement
was
of the 15-year 73^ % equipment trust
sufficient number of holders to act on thenKarl H. Behr, Chairman; E. Kirk
Haskell; Fred C. Rummel, and J. F. Fowler Jr., 28 Nassau St., is Secretary,
and Cotton, Franklin, Wright & Gordon are counseL
No provision has been made for payment of the $2,200,000 outstanding
certificates, which became due on Feb. 15, 1936.
They had previously
been in default as to sinking fund and dividend payments.
The committee is sending a letter to holders of the certificates outlining
its plans.
Deposits of certificates are not being requested at this time, but
the committee requests holders to state their probable action with respect
to deposit in the event that a call is made.—V. 138, p. 681.
represent
a
Members of the committee are:
United States Finishing
On June 3, 1935, company
Co.—Annual Report—
Four Months Ended April 30—
Net income after taxes and charges—
of the Bankruptcy Act was obtained July 1,
1935, effective as of June 1,
1935.
July 1, 1935 under Section 77-B of the Bankruptcy Act.
Negotiations
in connection with a plan of reorganization are now in progress.
Consolidated Income Account Years Ended Dec. 31
Gross income from production.
Cost of production, incl. selling, administrative &
general expenses
Taxes
Other deductions
1934
yl935
$6,143,929
6,297,310
115,880
ji
7,349,659
147,374
10,257
(net)
$269,261
_
Interest on overdue taxes
Amortiz. of organ, exp. (Hartsville P. & D. Works)
Special miscellaneous expenses
Dis.
on
$206,008
407,261
46,923
81,162
36,132
9,393
370,961
15,646
x51,909
56,221
6,625
18,854
•
Oct.
on
Earnings for Five Months Ended May 31
1935
1934
$3,103,133
717,623
$3,201,659
$2,116,394
682,424
!,385,510
682,424
$2,500,499
682,424
Surplus for common.__........$1,433,970
Earns, per share on 528,765 shares
common stock (par $50)
$2.71
—V. 142, p. 2849.
$1,703,086
$1,818,075
$3.22
$3.42
1936
Net after interest and taxes.__
$2,914,623
Depreciation, depletion and amortiz.
798,229
Net income..
$793,703
1,250
909
$796,327
$794,611
on
70,141
$796,327
.
bonded debt only,
result of the
$724,470
& ref.
1st
Liabilities—
•Cash in banks &
hand
$156,396
Accts. & notes receivable
596,430
459,262
on
bonds.
mtge.
("Wall Street Journal.")—V. 142, p. 4197.
& Co.
CoOrganized—-To Acquire Swift
Holdings in Stockyards—See Swift & Co. above.
United Verde Extension Mining
Calendar Years--
Accounts payable
$225,785
2,121
Inventories
Accrued charges
76,837
Due by Hartsville Print & Dye
Notes payable to creditors
54,711
I* Works (not consolidated)...
5,054 Prov. for Fed. inc. tax—1935.
1,250
"Cash in sinking fund
122 Loan from RFC
1,350,000
Cash in release account
14,200 Other liabilities
yl,334,885
Land & water rights
1,652,464 Notes pay. to stockholders
97,350
Buildings, mach. & equipmentx5,438,788 Queen Dyeing Co. pref. stock.
302,496
Land, mill & tenement prop..
101,308 6% prior pref. stock
zll9,800
Copper rollers
491,786 7% cum. pref. stk.(par 5100). 3,600,000
Other assets
5,126 Common stock.....
a4,161,933
Co.—Earnings—•
1935
$2,002,866
$2,278,566
148,356
177,663
$2,151,222
1,407,554
145,982
$2,456,229
1,672,987
139,194
Fed. tax & losses sustain.
cl6.857
205,296
1932
$1,996,021
179,643
$3,937,216
1,973,786
284,493
$2,175,664
1.832,787
110.688
10,292
c606,296
349,613
20,585
929,587
112.774
217,658
$375,533
2,467,500
1933
$3,730,368
206,848
cl'13',626
Depletion
$312,769
1,155.000
Gross revenue
Other income
Mining, &c., expends—
Other exp., incl. taxes-_
Reserve for depreciat'n.
........
_
Net profit
...
1934
Balance, deficit
$2,091,967
Shares of capital stock
outstand'g (par $0.50)
1,050,000
[Excluding Hartsville Print & Dye Works]
Assets—
tax measure recently passed by Congress taxing
new
United Stock Yards
Dividends
Consolidated Balance Sheet Dec. 31, 1935
Because
,
the undistributed earnings of corporations, it is understood that the company
has abandoned for the time being its plan for refinancing the company's
Not including Hartsville Print & Dye
y
a
•
-
701,160
United States Rubber Co.—Abandons Refunding
Total Income
Net loss, before application thereof to
minority
x Interest
Works.
........
of New Taxes—
Crl,825
$795,077
Net loss for the year.
—
Preferred dividends
5,600
Net loss applicable to outside interests in Hartsville
Print & Dye Works
share on the common
per
July 15, 1930 to and including April 14, 1934.
In addition the company
paid extra dividends of $1 per share on April 14, 1934, $3.50 on Jan. 15,
1934, and 50 cents on Oct. 14, 1933.
8,648
bds. purch. for s. f. (H. P. & D. Works)..
Provision for income taxes.
$2
July 15, 1935; $1 on April 15, 1935, $3 on Jan. 15, 1935, $2 per share
1 and July 14, 1934, and 25 cents paid each three months from
and
As
Net loss
Depreciation
Loss on plant & equip't discarded during the year.
Int. on bonded debt, incl. amort, of bond discount.
Int. on notes & loans (incl. exps. incident thereto).
Refining & Mining Co.—$2 Com. Div.—
U. S. Smelting,
The directors have declared a dividend of
—
$7,301,282
1935
$50,833
stock, par $50, payable July 15 to holders of record July 3.
This com¬
pares with $1 paid on April 15 last, $5 paid on Jan. 15 last, $2 paid Oct. 15
The Hartsville Print & Dye Works, southern subsidiary, filed a petition
on
Subs.)—
1936
$118,529
_
—V. 142, p. 4197.
(including Queen Dyeing Co.) consummated
its reorganization plan and loan from the Reconstruction Finance Corpora¬
tion.
Formal discharge from the court proceeding under Section 77-B
:■
June 27, 1936
United States Hoffman Machinery Corp. (&
the interests of holders
■certificates, if authorized by
behalf.
Chronicle
made June 25 of the formation of a committee to
$1,434,507
1,050,000
$0.68
1,050,000
1,050,000
$0.29
$0.35
Earns.per sh.on cap.stk_
$712,736 loss$830,757
315,000
603,750
$842,231 sur$397,736
Nil
.
c
Notes payable & accr. Int....
.
Losses sustained only.
Comparative Balance Sheet Dec. 31
Assets—
1934
1935
5678,364
41,793
y
Mach. equip. &c
.
Investments
$887,971
47,312
3,031,538
65,088
60,844
111,274
1,373,392
1,998,365
Mining property
1934
1935
Liabilities—•
85,601
882,749
x
$525,000
$525,000
416.791
Capital stock
329,178
105,000
1,256,863
1,460;789
Land, ranches, &c.
109,970
83,737
Accts. & int. accr'd
,
Inventory.
Cash
z
Accts. payable, &c
Dividend payable.
262,500
Deferred credit..
Surplus—
13,498
-
4,123,579
72,797
5,802,308
.......
Patents & trade-marks
Deferred charges
1
Deficit
x
After
no
reserve
restricted
2,296,785
for
Total....
depreciation
—$9,030,386
of
$5,577,608.
y Payment
deferred
plan of reorganization,
z Represented
by 1,198
Represented by 124,858 no par shares.—V. 141, p. 3240
under
par shares,
a
United States Foil Co.—Annual Statement—
of
shares
outstanding.
Corp. began business during 1935 and U. S. Foil Co. acquired
182,504 shares of its capital stock,
representing 53.25% of the total shares
outstanding. The remainder of the outstanding shares of this subsidiary is
owned
by Reynolds Metals Co.
Thus the aggregate equity in Reynolds
Corp., through its direct holdings and
indirectly through its holdings of
Reynolds Metals Co. stock, is in excess of
78%.
Reynolds Corp. is engaged in the manufacture and sale of certain building
materials, which, together with other products, it distributes through a
widespread dealer organization and under a plan featuring the "Reynolds
Specification
House."
Its
plan provides for cooperation with architects,
a single reliable source for the greater part of
house, including certain unusual materials and
equipment, exclusive with the company, which permit the construction at
moderate cost of a house that is
fire-resistant, termite-proof, insulated
and air conditioned.
Its service includes tne arrangement for mortgage
money, carefully engineered specifications for the
framing, electrical wiring,
heating, plumbing, and other mechanical features, and
frequent inspection
dealers and builders and offers
the materials
required for
a
during construction.
Cornpany—At Dec. 31, 1935, the company owned approximately 80.60%
of
the common stock of Eskimo Pie
Corp.
1935
Interest paid.
Depreciation
1934
$531,644
62,368
1
Expenses
$516,500
60,863
7,929
5,198
7 690
_____
~~
and amortization
I
3|567
Securities written off..
Federal capital stock and States' taxes.
Federal income tax
Settlement of claim for services
Accounts receivable written off.
6,624
10,635
_
Profit
Net profit from sale of
Reynolds Metals Co
Net profit
Dividends
on
Dividends
on
\
common
.com.
_
__
$440,760
80,832
stk
21,592
...
stockl."—
class A and B
91,410
47,397
preferred stock
Surplus
Earns, per share on combined cl. A & B
$82,785
com.
stks.
$0.72
400
2,148
4,271
3,000
11,072
$421,619
80,963
$502,581
369,688
47,397
$85,496
$0.70
depreciation reserve of $7,695,684.
Assets-—
1935
1934
$47,082
$38,354
Special deposit-110,848
109,208
Note receivable-__
Accrued divs. and
accts.
Gen'l
1,006
1,360
586
Divs.
Res.
receivable
7%
securities
Academy, Kirkwood, Mo.—Bonds
J. Wade Jr. & Co., St. Louis, in May
$128,000 1st mtge. 4% bonds.
Price:
101 and
int. for 1937-1941 maturities and 100 and int. for 1942-1948
maturities.
Bonds
dated June 1,
are
$3,000.--
1937
-.-1938
1939
1940
3,000
4,000
5,000.
1936 and mature serially as follows:
$5,000
1941 $6,000
6,000
1942
6,000
6,000
1943
6,000
6,000
1944 72,000
Purpose—To refund $109,000 of 5%
$19,000 of other indebtedness.
Security—This loan is secured by
at more
Calendar Years—
pref. stk.
Com. class A stock
Com. class B stk__
Eskimo
revs,
from oper..
Rent from leased prop.
Other income
_
Gross corporate inc
Int. on mortgage bonds_
Net'loss.
Period End. May 31—
Operating
Oper.
revenues
14,831
Capital surplus
Earned surplus
Fed.
1,325
546,877
2,440
$636,422
$3,950
__
$94,349
623.554
16,819
1933
1932
$928,788
872,324
$1,042,888
952,944
$56,463
1,002,409
1,619
$89,944
980,064
$1,060,492
759,945
316,091
$1,070,628
759,945
326,227
619
$15,544
$15,544
1936—12 Mos.—1935
Gross corp. income
Interest & other deduc's
$52,548
52,876
$86,948
74,337
$1,091,605
$12,611
$144,448
482,627
1,469
$89,054
263
82,246
$12,103
40,445
$52,183
52,511
$628,544
632,485
$633,125
637,073
39,309
947,157
$1,010,910
921,856
541,097
2,974
t Deficit
t
$328
$328
$3,941
$3,948
Before property retirement reserve appropriations and dividends.
1935
1934
$
$
Plant, prop., fran¬
chises, &c
.21,552,582 22,042,789
13,913
6,466
677,100
Accts. receivable..
60,000
Materials & supp.
677,100
60,000
599,992
1,077,777
4,511,874
584,708
894,835
4,429,088
Cash in banks
(on
demand)
Prepayments,
Misc.
curr.
j.
28,247
20,766
92,056
_.
assets.
>
Misc. assets
5,844
4,229
6,033
Unamort. debt dis¬
count & expense
34,484
694,122
Deficit
1,723
capital
stock tax
$87,105
$628,206
621,987
10,162
from oper
Rent from leased prop..
Other income (net)
rev.
109,208
22,855
Furniture, fixt., &c.
912,140
1936—Month- —1935
_
exps. and taxes.
Net
$124,126
501,294
2,785-
1934
$999,245
$3,944
Other int. & deductions.
$145",629
Pie
Cos
Def.
cum.
1,411,767
...
off
pay
Co.—Earnings—
1935
Operating revenues
$1,042,641
Oper. exps., incl. taxes..
918,514
Assets—
and
5,304,810
■
1st mortgage bonds and to
a
than $350,000.
Utah Light & Traction
110,848
1,150,186
assoc. co.
Mach. under rental
to
Fed.
1945
1946
1947
1948
first mortgage on the property of
the Ursuline Sisters, located on the west side of Sappington Road, between
Monroe Avenue and the Missouri Pacific Tracks, St. Louis County, con¬
taining 28 acres, together with improvements thereon.
This plot of ground
joins the City of Kirkwood on the west.
This property has been valued
213,426
payable
for
After
Ursuline Convent &
1934
$100,767
6,053,889
Investm'ts in subs.
Invest, in
1935
State taxes
marketable
y
Par value 50 cents.—V. 142, p. 4041.
Balance Sheet Dec. 31
Liabilities—
Note payable
Accts. payable
1,853
z
Offered—Festus
Balance Sheet Dec. 31
Cash in bank
$5,341,367 $6,834,283
Total
After depletion of $34,590,384 in 1935 and $34,385,089 in 1934.
Net
Income Account for Calendar Years
Total income.
x
$5,341,367 $6,834,283
offered
Corporation at Dec. 31, 1935, owned 513.359 shares of the common stock
Reynolds Metals Co., representing 53.46% of that company's total com¬
mon
Due on ore sold,&c
Total
.$9,030,386
and
.
-
109,444
1,047
1935
Liabilities—
$
Cap .stock ($25 par) 1,150,875
Long-term debt
12,446,000
Accounts payable.
31,278
22,555 6%
inc.
demand
note—Utah Pow.
34,246
& Light Co...8,200,000
115,070
2,076 Loans & advances
payable — Utah
4,197
Power &
Light
28,037
Co
i
256,036
160,428
38,504 Accrued accounts.
8,924
46,235 Misc. liabilities
'Def. credits to inc.
31,553
Reserves.
153,269
1934
$
1,150,875
12,471,000
29,764
8,200,000
152,181
160,659
11,203
30,723
127,305
1
Total
$7, 365,697 $6,907,035
—V. 141, p. 30i8.
r
Total
$7,365,697 $6,907,035
Total
-V.
22,438,365 22,333,710
142, p. 3365.
Total
22,438,365 22,333,710
Volume
Utah Power & Light Co.
&
[Electric Power
$791,886 $10,908,444 $10 ,152.958
490,362 " 6,433.116
6,061,214
"
"
$910,057
547,172
$301,524
3,626
$4,4/5,328
27,947
$363,320
$305,150
237,144
Gross corp. income
240,129
$4,503,275
2,864,625
i,133,849
3,910,441
$1,638,650
747,298
[,223,408
Int. & other deductions.
Balance
y$l26,176
y$65,021
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
Accounts payable.
Misc.
accts.
rec._
2,270,188
156,173
2,783,497
Fed.
supplies
invests.
Jan.
Def'd
Total
reserve
337,513
335,758
248,469
135,463
$6,996,522
2,680,573
498,673
Other taxes
435,540
566,156
on
funded debt
$2,909,745
1.934,073
$2,752,683
1,950,055
39,364
170,512
8,628
171,731
29,075
unfunded debt
on
on common
Certain items
x
are
stock
reclassified
620,607
283,080
774,930
283,080
322,674
46,920
7% preferred stock.
6% preferred stock.
322,785
for comparative purposes.
oth.
sec.
7% cum. pref. stk. ($100 par)
Notes
Common stock (par $1)
Funded debt
L
251,456 Purchase money obligations
321,561 Notes payable
15,511 Accounts payable.
1,043,725 Taxes accrued (current year).
498,981 Interest accrued
2,293,592 Divs. accr. on pref. stock.
pref. divs. due Jan. 1, 1936
Cash (incl working funds)
-
receivable
Accounts receivable
Materials & supplies
Deferred debit items
Consumers' service & line dep
Reserves.
for
$5,377,900
4,044,000
782,000
35,689,500
657,250
95,925
308,954
127,713
_
Miscellaneous accruals
Contributions
%
short
Liabilities—
$
367,581
666,420
156,968
43,398
355,718
4,376,297
extensions
(non-refundable)
128,706
1,761,950
777,983
Capital surplus
Corporate surplus
accts.
Total
$55,350,685
roll &
pay. (not
1,179,237
90,153
6,800
70,428
6,470
due)
term
Int. accr. on bonds
Fed. & State taxes
Other accts. rec'le.
1,244,457
131,167
Investments
3,422
1,360,000
1st mtge. 6%
...
gold
471,220
469,664
1,700,000
5,000,000
1,721,736
1,700,000
5,000,000
10,332,940
9,808,035
Reserves
3,677
751,742
9,901
Inventories
69,085
bonds, due 1943 1,294,000
accrued
691,127
386*613
13,072
7% prior pref. stk.
6% pref. stock
Surplus
9,130
2,647,370
1,396,500
1,559,059
Tr.-mks.,pats.,&c. 2,290,090
1,177,995
2,636*755
2,290,090
Cor.
sees,
pur., cost
Fixed assets
x
x
10,332,940
After
reserve
142,
p.
-
Total
9,808,035
!,207,518 in 1935 and
for depreciation of
$1,998,683 in
4199.
Warner Bros. Pictures, Inc.—New Director—
a regular meeting of the board of directors held June 16
Joseph Bernhead of the Theatrical Department, was elected a director for the
period expiring December, 1937. filling the unexpired term of Henry A.
Rudkin, resigned.—V. 142, p. 3874.
At
Washington Water Power Co. (& Subs.)—Earnings—
(American Power & Light Co. Subsidiary)
Period End. May 31—
Operating revenues
Oper. exps., &c. taxes..
Net
revs,
1936—Month—1935
$755,687
$677,743
399,276
375,611
Total..
$356,411
$302,132
4,078
$4,466,823
41,917
1,579,401
30,655
$358,386
84,589
$306,210
91,785
$4,508,740
1,059,467
$3,610,056
1,127,188
y$273,797
Gross corp. income..
Int. & other deducts._.
Balance-
y$214,425
1,449,273
760,418
1,482,868
625,622
Property retirement reserve appropriations
z Divs. applic. to pref. stock for period, whether
paid or unpaid
$55,350,685
141, p. 2294.
z
1936—12 Mos.—1935
$9,160,382 $8,051,692
4,693,559
4,472,291
1,975
from opers.
Other income (net)
Balance
—V.
Accrued pay
&
notes and loans.
^
6% cum. pref. stk. ($100 par)
Investments
Cash dep. for pay. of int. &
1934
$
:
1934
investments
Liabilities—
Fixed capital
$49,721,174
1,188,192
Misc. special deposits, &c___
16,491
1935
,160,445
374,999
hard
Consolidated Balance Sheet Dec. 31, 1935
Assets—
$315,350
$259,415
438,285
1934—V.
on
634,414
1,461
$
U. S. Govt.
$2,132,076
$2,134,815
Net income
347,057
1935
Assefs-r-
Total
Total deductions from income
386,257
Trade accts. rec'le 2,023,420
Trade notes rec'le.
71,700
$2,729,678
23,005
Amortization of debt discount & expense
Less—Interest charged to construction (Cr.)__
Dividends
Dividends
Dividends
346,213
611,517
38,856
on
$2,284,921
277,596
Comparative Balance Sheet Dec. 31
Deps.in closed bks.
Deductions from income—Int.
1933
70,906
Secured short term
$2,881,391
28,353
Other income (net).
1932
1934
$3,£46,839
471,653
4,428
65,216
634,854
for redemption on
142, p. 3874.
1935
—prof$313,123
Cash
Prov. for retire., renewals & replace, of fixed cap__
Federal income tax
..$9,135,279 $8,651,846
b After depreciation.
accounts,
$4,404,794
659,336
Net loss.
$5,952,910
323,921
288,751
234,795
108,840
Maintenance
1,549,433
Co.—Earnings—
Calendar Years—
Sales
Taxes, int., depreciation,
new machinery, &c
Railway
$7,291,748
2,708,590
1,109,500
5,870,827
1,293,486
5,870*775
(par $15)
'
Gas
Interest
doubtful
for
Waltham Watch
the $4
record
Virginia Public Service Co. (& Subs.)—Earnings—
Ice
600,000
^-AO-
6,
Total
$9,135,279 $8,651,846
After
a
Gross profits
Miscellaneous.
Dec.
228,570
199,982
Note—All preferred stock outstanding was called
Dec. 1, 1935, payable on or before Jan. 1, 1936.—V.
June 29—V. 135, p. 4571.
$6,321,848
48,994
151,024
Surplus—
Camp Milk Co.—Initial Preferred Dividend—*
xl934
198,579
due serially from
Com. stk.
will sell at
Wallace
1935
&
inc.
Preferred stock
June 29 the assets of this bankrupt company.
Calendar Years—
1936,
State
Notes pay. to bks.,
to
future operations
Benedict is trustee.
Van
divs. ther'n
&
taxes
1
charges
1,
accr.
&
& designs.
$813,409
The directors have declared an initial dividend of $1 per share on
cumulative preferred stock, no par value, payable July 1 to holders of
62,762
19 416
119,296
b Capital assets- 2,895,764
Patterns,
patents
Utility Railway Industrial Tabulating Corp.—Sale—
on
19,989
93,994
stk.
3,306,881
&
Misc.
1,704,761
Underwriters Salvage Co. of N. Y., official U. S. Auctioneer,
35,265
taxes
&
accrued
Divs. on pref.
$226,871
&
Redemp. price of
pref. stk.
pay.
mdse.
or
pref. stock and 50 cents a share on $6 pref. stock, declared for payment on
Julv 1, 1936.
Dividends on these stocks are cumulative.—V. 142, p. 3365.
public auction
Wages,
5,773
4,783
$150,000
486,208
employees
interest
employees
Invent,
746,532
1,704,761
officials
Due to
advances
-
...
30,210
669,035
8,872
Due by officials &
$1,227,885
y Before property retirement reserve appropriations and dividends,
z Dividends
accumulated and unpaid to May 31, 1936, amounted to
$4,972,220, after giving effect to dividends of 58 1-3 cents a share on $7
Deficit
19,652
1,074,969
11,635
receivable
42,105
$362,885
revs,
1934
1935
Notes pay. to bks.,
due within 1 yr.
securs.
Notes & tr. accept,
a Customers' accts.
1,091,744
435
from oper__
Other income (net)
Net
U. S. Gov.
Liabilities—
$570,527 $1,060,592
1,438,934
931,788
Cash
1936—12 Mos. —1935
1934
1935
Assets—
Subsidiary]
1936—Month—1935
Period End. May 31
Operating revenues.
Oper. exps. and taxes
Balance Sheet Dec. 31
(& Subs.)—Earnings
Light Corp.
4359
Chronicle
Financial
142
622,518
620,510
$2,066,337
-
$1,236,736
y Before
property retirement reserve appropriations
Regular div. on $6 pref. stock was paid on March 14,
and dividends,
1936. After the
accumulated unpaid divs. at that date.
declared for payment on June 15, 1936.—V.
payment of this div. there were no
Wabash
Ry.—Earnings—
May—
1936
$3,714,202
888,399
403,241
Gross from railway
Net from railway
Net
after rents
From Jan. 1—
Gross from railway
Regular div. on this stock was
142, p. 3017.
1935
1934
1933
$3,463,954
943,642
546,117
$3,477,909
976,748
$3,171,839
501,542
18,610,028
4,524,066
2,131,902
17,190,400
4,350,929
2,178,864
16,272,393
13,800,366
4,492,564
2,370,265
def243,524
2,090,313
—V. 142, p. 3699.
Warren Brothers Co.—To
Directors voted to approve the payment, on July 1, of one of the coupons
in default on the convertible 6% debentures of 1941 and 10-year 5H%
notes of 1937.
The coupon covers the six months to Sept. 1, 1935, on
There
are
was
will
for
approximately $183,000. The payment, of course, will be made on the bonds
and notes whether deposited under the deferment plan or not.
Payment of this bond coupon is made possible by the fact that the com¬
pany has received slightly under $300,000 from its investment in BechtelKaiser-Warren Co., which participated in the Boulder Dam construction.
—V. 142, p. 2851.
profit
on
•
1935
1934
1933
1932
sales,
$1,025,719
77,555
income._
2,438
written off
banks closed or
under restric. writ, off
Bal.
Loss
$1,306,313
986,309
$743,892
871,778
$560,552
928,461
$320,004 def$127,886 def$367,909
68,688
71,5821
186,752
3,672
14,955 J
$392,364
50,736
30,000
def$41,349 def$181,158
of development
expense
on
Weinberger Drug Stores,
Weirton Steel
The directors
to
Net
profit for year
dividends
Common
dividends
Balance, surplus
com. stk. outstand¬
the regular
of the
declared an extra dividend of 5 cents per share in addition
quarterly dividend of 15 cents per share on the common
44 460
given on first page of
Western
$835 947
77,665
391,385
$366,897
$314 330
79,791
195,693
def$66 349 def$181,158
80,500
81,203
146,779
-
-----
$38,847 def$146,849 def$409,140
391,385
391,388
391,388
391.388
$1.94
$0.59
Nil
Nil
142, P.
with SEC—
this department.—Y. 142, p. 4199.
Jan. 1 to June 14
—Second Week of June
1936
Period—
(est.)
4041.
Gross earnings
48 035
Extra
Maryland Ry.—Earnings—
■'
23 545
151 024
to holders of record June 20.
distributed on June 1, and March 1
and on Dec. 1 and June 1, 1935.
Extras of 5 cents were paid on
March 1, 1935, Sept. 1 and March 1, 1934, and on Dec, 1 and March 1
1933 —V. 142, p. 3192.
last,
See list
Shs.
ing (par $15)-Earnings per share
$96,973
75,165
$1.29
June 24 elected T. E. Millsop, President
stock, par $1, both payable June 30
dividends of 10 cents per share were
—V.
Preferred
1935
1936
$160,186
80,000
$2.00
Co.—New President—
The board of directors on
dismantlement
taxes
Inc.—Earnings—
Ended May 31—
Net income after all charges
Shares capital stock outstanding
Earnings per share
—V. 142, p. 4199.
Wesleyan College—Registers
25,000
Prov. for Federal & State
income
loss$81,736
Eleven Months
in
of building
$149,063
WellingtorT Fund, Inc.—Five-Cent Extra Dividend—
$1,105,713
Total.
Portion
44,225
$580,087
profit for the period without
provision for Federal inc. taxes._
—V. 142, p. 4041.
~
Interest, &c., received._
income
44,225
loss$37,511
-
all costs
mfg., maint. chgs. &
depr. of plant & equip. $2,259,033
Gen., sell & adm. exp_.
1,233,313
Net
25,000
Net
of
Miscellaneous
$218,288
23,039
15,156
corporation to succeed J. C. Williams, who died early this month. Earnest
T. Weir, Chairman of the board, said:
•
"At 37 years, Mr. Millsop is probably the youngest high executive;
the
steel industry."—Y. 142, p. 3874.
■
Wagner Electric Corp.—Earnings—
Calendar Years—
$618,281
(Wayne Co.) preferred div., after
providing for depreciation—
declared on sub. (Wayne
Co.) preferred stock
Int. on 5% conv. debenture bonds—
Dividends
$4,457,000 of the 6s outstanding, and $1,487,500 of the 53^s,
that the interost payment to be made July 1, which incidentally,
on the defaulted coupon, at the coupon rate will call
after deduct,
1935
sub.
defaulted.
include interest
Gross
1934
1936
bond interest and
Pay Defaulted Coupon—
*
which date the interest
Subs.)—Earnings-
6 Months Ended May 31—
Profit-before
Net from railway
Net after rents
so
Wayne Pump Co. (&
804,315
311,389
Western
1935
1936
1935
$285,076
$292,214
$7,159,564
$6,746,899
Massachusetts
Cos.—Notes
_
Offered—Public
offering of an issue of $11,000,000 10-year 3fi% coupon
notes was made June 25 through an underwriting group
headed by The First Boston
Weld & Co.; F. S. Moseley &
Corp. and including White,
Co.; Kidder, Peabody & Co.;
4360
Tifft
Financial
Brothers, and Arthur W. Wood Co.
The notes, which
due June 15, 1946, were priced at 101
l/i and int.
prospectus dated June 25 affords the following:
are
A
Dated June 15, 1936: due June 15, 1946.
Principal and int. (J. & D.)
payable at Old Colony Trust Co., registrar, Boston. To be issued in coupon
payable to bearer in the denom. of $1,000.
To be callable as a whole
Chronicle
June 27, 1936
This latter payment marked the resumtpion of dividend disbursements
the common stock, no dividends having been paid since
on
April 30, 1932, when
25 cents per share was paid.
62% cents per share was paid on Jan. 30,
1932, and on Oct. 31, 1931, $1 on July 31 and April 30, 1931, and $1.25
each three months from Jan. 31, 1930, to and
including Jan. 31, 1931.
In addition the company on Feb. 20, 1933, paid
% share on Radio Corp.
common stock for each share of common
held, and on Feb. 18,
% share of Radio common for each share of Westinghouse common
form
of American
in part on
any day prior to maturity on 30 days' notice at 102%
June 14, 1938: thereafter through June 14, 1940 at
1935,
or
through
101%: thereafter through
June 14,
1941 at 101%; thereafter through June 14, 1942 at
100%; there¬
through June 14, 1943 at 100%: thereafter through June 14, 1944 at
100% and thereafter to maturity at 100; in each case with interest.
held.—V. 142, p. 2691.
Wheeling & Lake Erie Ry.—To Sell Equipment Trusts—
after
The notes will contain
in any one fiscal
covenant to the effect that if the Association shall
a
beginning with the fiscal year now current sell or
dispose of any of the shares of stock of any subsidiary electric
company or
companies which were owned by it at the beginning of such fiscal
year,
and if the aggregate book value of all such shares so sold or
disposed of
during such year as carried on the books of the Association at the
beginning
of such year exceeds
by more than $250,000 the aggregate book value at
the end of such year of all other shares of stock of
Massachusetts electric
companies which the Association shall have acquired during such
year in
exchange for, or from the proceeds of such shares so sold or disposed of,
year
then the Association will within 60
days after the close of such fiscal year
apply a sum equal to the total amount of such excess to the call and
redemp¬
tion of notes at the then current
redemption price thereof.
The notes will also contain a covenant to the effect that the
Association
will not, so long as any note remains
outstanding, hypothecate, pledge or
create any other lien upon
any of the assets and property owned by the
Association on June 15, 1936, or upon
any assets or
property thereafter
acquired in substitution therefor or for any part thereof, unless (a) all the
outstanding notes are secured by such hypothecation, pledge or lien on
equal terms with all other indebtedness thereby secured, or
(b) the payment
of the notes is duly and
sufficiently provided for at the time of such hypo¬
thecation, pledge or lien.
Company—An unincorporated volunatry association organized and exist¬
ing in Massachusetts under a declaration of trust dated Jan.
15, 1927, which
provides that the enforcement of liability on its
obligations is confined to
the assets held
by the trustees. The Association is organized for the principal
purpose of acquiring and owning the capital stock and other
electric
It now
securities of
companies
owns
and gas companies doing business in Massachusetts.
nearly all of the outstanding capital stock of six Mass¬
all or
achusetts electric companies.
.
„
Capitalization Outstanding Upon Completion of Present
Financing (as Above)
Turners Palls Power & Electric Co., 1st
mtge. series A 5s, 1952_
Western Massachusetts Cos.,
3%% coupon notes, 1946
Preferred stock.
_
Minority int. in
Light Co
common stock
$3,000,000
11,000,000
437,350
Summary Statement of Earnings
—Calendar Years1933
1934
from opers.
Oper., maint. and taxes.
earns,
4,537,271
705,494
$2,721,376
Apr. 30,'36
$2,893,740
1,691,487
,177,604
4,653,076
704,475
$2,846,225
Gross income
$7,964,142
4,251,145
658,660
Retirement provision—
4 Mos. End.
—
1935
$7,756,031
$2,820,052
Income from other than
operations
5,333
$1,196,919
155,914
163,025
128,170
5,818
$3,002,140
$2,884,401
$2,948,223
$1,202,737
$197,301
26,614
Totalincome
$178,000
26,405
$173,437
26,242
$59,853
6,647
Deductions of Subs.—
Interest
Divs.
pref. stock
paid to minority
on
Divs.
holders of
com.
stock_
6,912
3,661
344
86
$2,771,311
$2,676,335
$2,748,199
$1,136,149
270,482
274,389
286,505
96,866
$2,461,693
$1,039,283
taxes.
Net
avail,
earns,
for
J
interest, amort, and
dividends of the
,•
asso¬
ciation
$2,500,829
$2,401,946
Dividends
holders
on
New Director—
White
preferred stock and dividends paid to
minority
stock, for the calendar year 1935
on $11,000,000 3
% % notes to which
on common
...
$150,000
26,586
357,500
Purpose of Issue—The net proceeds to be received will be used for the
following purposes:
(a) $8,500,000 will be deposited with Old
Colony Trust Co. in trust to
be by it applied to the
payment of 4% coupon notes due Aug.
1, 1939, all
of which
have been called for
redemption.
The money for the payment of
($127,500) and of the interest ($146,370) will be
furnished
from other treasury funds.
«
The remaining balance (estimated at
$2,406,336) will be used for
of supplying funds to United Electric
Light Co., Pittsfield
Electric Co. and Western Massachusetts
Electric Co., all of which are
subsidiary electric companies of the Association.
It is the present intention
of the Association to
expend approximately $1,430,000 for the
acquisition
of additional shares of the
capital stock of said United Electric
Light Co.,
approximately $500,000 for the acquisition of additional shares of the
capital
stock of said Pittsfield Electric
Co., and approximately $500,000 for the
acquisition of additional shares of the common
capital stock of said Western
Massachusetts Electric Co., if and when the
purpose
issue of such additional stock
by subsidiaries shall have been authorized
by the Massachusetts Depart¬
ment of Public Utilities
upon applications therefor now
pending, and at
such prices as
may be approved or fixed by the department.
Subsidiary Companies—The percentage of voting stock owned
by the
Association in each of its
subsidiary companies is shown in the following
complete list of all its subsidiary companies:
stocl Owned
"
.
.
99 95%
II1111II
_
/
Amount (Est.)
on or before Aug. 1, 1936, at 105 & int. of $2,028,300
Eastern Wisconsin Electric Co. 1st lien & ref. mtge. gold
bonds, series A, 6%, due .Dec. 1, 1942, requiring, excl.
of interest
$2,129,715
Red. on or before Aug. 1, 1936, at 107.50 & int. of $1,170,-
(1)
Red.
(2)
800 Eastern Wisconsin Electric Co. 1st lien & ref. mtge.
gold bonds, series B, 6%%, due Sept. 1, 1948, requiring,
excl. of interest—_
Balance Sheet, April 30, 1936
Assets-**f
$31,522,104 4%
on demand in banks.
.
.
Due from affiliated
companies
Deferred charges
168,305
,1,120,541
164,692
coupon notes
Capital
no
$32,975,643
Total
—V. 142, p. 4041.
stock
par)
Earned
Total
$8,500,000
87,800
Accrued liabilities
surplus
(978,526
23,723,341
664,502
$32,975^3
Westinghouse Electric & Mfg. Co.—Common Dividend
Increased—
directors
common
stock,
on
June
par
$50,
24 declared a dividend of
$1 per share on the
payable Aug. 31 to holders of record
July 31.
May 29 and Feb. 29 last and with 50
This compares with 75 cents
paid on
cents paid on Nov. 30 and
Aug. 30,
1935.
-
_
—
_
_—_
_
—
-
.
_
___
1,258,610
on or before Aug. 1, 1936, at 103 & int. of $8,350,000
Wisconsin Power & Light Co. 1st lien & ref.
mtge. gold
bonds, series E, 5%, due May 1, 1956, requiring, excl.
of interest
—
_________
8,600,500
Red.
*
on or before Aug. 1, 1936, at 103 & int. of $9,000,000
Wisconsin Power & Light Co. 1st lien & ref. mtge.
gold
bonds, series F, 5%, due Dec. 1, 1958, requiring, excl.
of interest
(5)
(6)
9,270,000
Red.
Red.
on or before Aug. 1, 1936, at 103 & int. of $2,000,000
Wisconsin Power & Light Co. 1st lien & ref.
mtge. gold
bonds, series G, 5%, due July 1, 1961, requiring, excl.
of interest
2,060,000
on or before Aug. 1, 1936, at 104 & int. of $1,000,000
Wisconsin Power & Light Co. 1st lien & ref.
mtge. gold
bonds, series H, 6%, due May 1, 1952, requiring, excl.
of interest
(7) Payment at maturity at
1,040,000
par
Gas &
(8)
(9)
(10)
(11)
& int. of $873,000 Beloit Water,
Electric Co. 1st mtge. 25-year 5%
sinking fund
gold bonds, due March 1, 1937,.requiring, excl. of int
873,000
Payment at maturity on July 1, 1936, at par & int. & red.
on Jan. 1,1937, at 102 & int. of
$517,500 Janesville Elec.
Co. 1st & ref. mtge. 5% gold bonds due
serially 1936-45,
requiring, excl. of interest
527,650
Red. on July 1, 1936, at 105 & int. of $1,301,500 Sheboygan
Electric Co. ref. & improve, mtge. 5% 30-year
gold bonds,
due July 1, 1946, requiring excl. of interest
1,366,575
Red. on or before Aug. 1, 1936, at 105 & int. of $585,000
Southern Wisconsin Electric Co. 1st mtge.
5% gold bonds,
series A, due Dec. 1,1956, requiring, excl. of int
on Oct. 1, 1936, at 105 & int. of
$1,764,000 Southern
Red.
Wisconsin
Power
Co.
614,250
1st
(12)
mtge. 5% gold bonds, due
Oct. 1, 1938, requiring, excl. of int
Red. on Dec. 1, 1936, at 102 & int. of $1,305,100 Wisconsin
Power, Light & Heat Co. 1st & ref. mtge. 5% gold bonds,
due June 1, 1946,
requiring, excl. of int.
(13)
Red.
1,852,200
1,331,202
on Nov. 1, 1936, at 105 & int. of $3,873,000 Wisconsin
River Power Co. 1st mtge. 5% gold bonds, due
May 1,
1941, requiring, excl. of int
shs.
_
_
Red.
(4)
Liabilities—
Securities ol affiliates
The
(3)
100%
control.
Cash,
Dated June 1, 1936; due June 1, 1966.
deducting estimated expenses to the company of $172,000, including therein
approximately $25,000 to be paid to the underwriters on account of their
expenses) will be applied by the company, together with sinking fund
moneys and other corporate funds, to the redemption or the payment at
maturity, in lawful money of the United States, of the following:
100%
100%
Massachusetts Electric Co. carries
voting rights of %th of a vote per share.
The Association owns all the
30,064 outstanding shares of its common
stock, but owns none of the
18,000 outstanding shares of its
preferred stock.
Accordingly, the per¬
centage of voting control of its common and preferred stock owned
by-the
Association is 87%.
In addition The Quinnehtuk Co. owns
0.36% of such
voting
J
bonds, series A, 4%.
Purpose of Issue—The net proceeds from the sale of $32,000,000 of series
*87%
"11111111
II""I""
Western Masaachusetts
Agency, Inc
*
The preferred stock of Western
company
plus
premium equal to a percentage of principal amount as follows:
5% if
on or before May 31, 1941; 4% if red. thereafter and on or before
May 31, 1946; 3% if red. thereafter and on or before May 31, 1951; 2% if
red. thereafter and on or before May 31, 1956; 1% if red. thereafter and on
or before May 31, 1961: no premium if red. after May 31, 1961.
Bonds in
definitive coupon form of $1,000 denom., registerable as to principal
only,
to be readv for delivery to the public on or after June 30,1936. First Nation¬
al Bank of Chicago, and Roy C. Osgood, trustees.
.
Listing—Company has agreed to make application for the listing of the
series A bonds on the New York Curb Exchange and for the registration
thereof on that Exchange under the Securities Exchange Act of 1934.
4% Serial Debentures—Dated June 1, 1936: due serially June 1, 1937—
June 1, 1946.
Both principal in equal annual maturities of $370,000, and
int. (J. & D.) payable, in any coin or currency of the United States which
at the time is legal tender for public and private debts, in
Chicago or New
York.
Red. at company's option in whole or in part at any time and from
time to time on 30 days' notice at principal amount and accrued interest
to date of redemption plus a premium equal to a
percentage of principal
amount as follows:
5% as to debenturas due on or before June 1, 1941;
4% as to debentures due June 1, 1942; 3% as to debentures due June 1,
1943; 2% as to debentures due June 1, 1944; 1% as to debentures due
June 1, 1945; and % of 1% as to debentures due June 1, 1946. Debentures
in definitive coupon form of $1,000 denom., registerable as to
principal
only, to be ready for delivery to purchasers on or after June 30, 1936.
100 %
_
100%
The Quinnehtuk Co
of the
a
100%
_
Pittsfield Electric Co
Western Massachusetts Electric Co
The Agawarn Electric Co
Ludlow Electric Light Co
Treasurer
red.
(b)
Turners Falls Power & Electric Co
United Electric Light Co
Co.—Obituary—
59, Vice-President and
142, p. 3533.
Both prin. and int. (J. & D.) payable, in any coin or currency of the United
States which at the time of payment is legal tender for public and private
debts, in Chicago, or in New York. Red. all or in part at any time and from
time to time on 30 days' notice at par and int. to date of redemption
premium
Subsidiary Companies—
Kelley,
June 23.—V.
A bonds, and $3,700,000 serial debentures, to be received
by the company
in the estimated amount of $34,648,000 (exclusive of accrued int. and
after
$534,086
the
on
Wisconsin Power & Light Co.—$35,700,000
SecuriestJA
Offered—Public offering was made June 24 of $32,000,000
1st mtge. 4% bonds and $3,700,000 4% serial debentures
of the company by a group headed
by Field, Glore & Co.
The 1st mtge. bonds, due in 1966, were offered at a
price
of 99^.
The serial debentures, maturing serially from
June 1, 1937, to June 1, 1946, were
priced to yield from
1.25% to 4.25%, according to maturity.
Included in the offering group in addition to
Field, Glore
& Co., were:
Halsey, Stuart & Co., Inc.; A. G. Becker &
Co.,*Inc.; Harris, Hall & Co., Inc.; Brown Harriman & Co.,
Inc.; Bonbright & Co., Inc.; The First Boston Corp.;
Blyth & Co., Inc.; The Securities Co. of Milwaukee, Inc.
Lee Higginson Corp.; Lazard Freres & Co., Inc.; and E. H.
Rollins & Sons, Inc.
A prospectus dated June 24 affords
the following:
Total.
the
Motor
George H.
died
Continental Illinois National Bank & Trust Co. of Chicago, trustee.
Annual interest requirement on
$3,000,000 first mortgage ser. A
5% 30-year gold bonds, due June 1, 1952 of Turners Falls
Power & Electric Co
Annual interest requirement
this prospectus relates..
June 30 for
George Jones, director of Pittsburgh & West Virginia Ry., has been
by the Interstate Commerce Commission to hold at the same
time position as director of this company, to which position he was
recently
elected.—V. 142, p. 4200.
First mtge.
4,893
23,723,341
par)
no
on
authorized
and surplus of United Electric
Common shares (978,526 shs. issued,
Gross
Several groups, it is stated, are preparing to submit bids
$1,400,000 2%% equipment trust certificates. •
•
Total
4,066,650
$34,990,352
Company—Is a Wisconsin public utility engaged principally in the pro¬
duction, transmission, distribution and sale of electric
energy for light,
power and other purposes.
Is also engaged in the production, transmission,
distribution and sale of manufactured
gas and to a minor extent in supplying
"water, central heating service, city and interurban motor bus
passenger
service and interurban electric
railway passenger and freight service.
For the calendar year
1935, 83.37% of the operating revenues of the
company were derived from the sale of electricity; 10.23% from the sale bf
manufactured gas; 2.10% from the sale of
water; 3.54% from city and
interurban transportation
by motor bus: and the remaining 0.76% net
from other sources.
■
Volume
Financial
142
The territory served at retail with electricity hasIVpopulation of ap¬
proximately 360,000, as estimated by the company, and is located in 31
counties in southern and central Wisconsin. Agriculture, including dairying
and the production of cheese, is the principal source of wealth in this area.
^At March 31, 1936, the company supplied retail electric service to
95,214 customers in 277 cities, villages and communitieas and in rural
areas.
Company also sold electricity at wholesale to 25 municipalities and
supplied, in whole or in part, the electric requirements of 12Jnon-affiliated
public utility companies through the sale to them of electricityiat wholesale.
At the same date, the company supplied at retail manufactured gas to
21,877 customers in 15 cities and villages.
At March 31, 1936, retail water service was supplied to 7,802 customers.
Local
passenger transportation by motor bus is provided by the company
in the cities of Sheboygan, Fond du Lac, Beloit jand Janesville and an
interurban passenger service is furnished over 354 route miles connecting
46 communities.
Company also furnishes interurban electric railway
freight and passenger service between Sheboygan and Plymouth through
Kohler and Sheboygan/Falls.
At March 31, 1936, central heating service was supplied to 180 retail
customers in limited areas in the cities of Beaver Dam and Berlin.
Company also sells gas and electric appliances and equipment.
March 31, 1936, South Beloit Water, Gas & Electric Co., a wholly
owned subsidiary, supplied at retail electric service to
1,139 customers, gas
service to 420 customers and water service to 275 customers in the City of
South Beloit, the Village of Rockton and adjacent
territory in Winnebago
County, 111. Mauston Telephone Co., a wholly owned subsidiary company,
serves
approximately 500 telephone subscribers in Mauston, Wis. and
vicinity; Sumpter Light Co., a partially owned subsidiary company,
serves approximately 40 rural electric customers in
Sauk County, Wis.,
and Beloit Water Power Co., another
partially owned subsidiary, owns a
dam and water power rights on the Rock River at
Beloit, Wis., used in
w*th one of the company's small
hydro-electric plants. During
193o, the gross revenues derived by these four subsidiary companies (other¬
wise than from the
company) comprised less than 1
% of the consolidated
gross revenues of the company and its subsidiary companies.
Growth—Company was incorp. in Wis. on Feb. 21, 1917, under the name
of Eastern Wisconsin Electric Co. and
acquired, as of March 1, 1917, the
assets of Sheboygan Electric Co., Wisconsin
Electric Ry. Co., Eastern
Wisconsin Ry. & Light Co. and Battle Island Co.
Company became a
subsidiary of Middle West Utilities Co. in 1922. The corporate name of the
company was changed to Wisconsin Power & Light Co. on
April 14,1924.
Company acquired in 1924 the properties formerly owned and operated
At
4361
Chronicle
Control—Company is
a
direct subsidiary of North West Utilities Co. and
the latter, in turn, is a direct subsidiary of The Middle West Corp.
The Middle West Corp. is the successor to Middle West Utilities Co.
Underwriters—The name of each underwriter, and the respective amounts
of series A bonds and serial debentures severally underwritten, are as
follows:*
'
Serial
Series A
Name—
Debentures
Bonds
Field, Gloro & Co., Chicago-Halsey, Stuart & Co., Inc., Chicago
$433,600
433,600
433,600
433,600
289,050
289,050
231,250
173,450
173,450
115,650
115,650
115,650
109,850
69,350
69,350
69,350
57,800
28,900
28,900
28,900
$3,750,000
3,750,000
3,750,000
-
A. G. Becker & Co., Inc., Chicago
Harris, Hall & Co. (Inc.), Chicago
Brown Harriman & Co., Inc., New York
3,750,000
2,500,000
2,500,000
2,000,000
1,500,000
1,500,000
1,000,000
1,000,000
1,000,000
950,000
600,000
600,000
600,000
500,000
250,000
250,000
250,000
Bonbright & Co., Inc., New York
First Boston Corp., New York
Blyth & Co., Inc., Chicago
Securities Co. of Milwaukee, Inc., Milwaukee
Lee Higginson Corp., Chicago
Lazard Freres & Co., Inc., New York
—
E. H. Rollins & Sons, Inc., New "York
A. C. Allyn & Co., Inc., Chicago
Central Republic Co., Chicago
Lawrence Stern & Co., Inc., Chicago
Stone & Webster and Blodget, New York
Tucker, Anthony & Co., New York
Blair; Bonner & Co., Chicago
Bacon, Whipple & Co., Chicago
Illinois Co. of Chicago, Chicago
'M;
Consolidated Balance Sheet March 31, 1936
$54,016,233
5,963,478
Noterec. from N. W. Utilities
Sinking funds, &c.
63,000
195,745
69,474
1,348,898
65,512
deps.
spec,
Bond discount & expense
Prepaid accts. & def. chrgs—
Cash (incl. working funds of
$13,621)
1,132,570
68,930
829,689
653,336
Spec. deps,. for bond int., &c_
Accts. & notes receivable
? Power, Light & Heat Co., Janesville Electric Co., Badger
$10,656,800
6,173,100
7% preferred stock
6% preferred stock-
7,309,250
Common stock
Co., parent
Other investments
.
Min. int. in stock & surplus
of subs
Funded debt
Deferred liabilities
Accounts payable-
—
Accrued payroll
Acer. State & local taxes, &c_
Federal income taxes
419,709
164,069
649,306
—
Accrued interest
Accrued divs.
in
properties
46,515
6,236
31,627
Miscellaneous current liabs—
Power
the
34,421
33,683,200
213,434
174,867
62,605
pref. stock-Due to affiliated companies--
Electric Service Co.
Co.;
Power
Materials & supplies
Mineral Point Public Service Co. and Middle Wisconsin
1925. the property of Portage American Gas Co.; in 1926,
of Beloit Water, Gas & Electric Co., Southern Counties
Wisconsin River Power Co., Southern Wisconsin Power Co.
Co.,
.
and Central Wisconsin Power
Total
property of Northwestern Light & Power Co. . During
Important acquisitions of property werqfmade.
During the years 1927-1930, the company constructed over 1,300 miles
electric lines.
During the same period, high pressure gas trans¬
mission lines were built from Fond du Lac
through Waupun to Beaver
these years numerous less
£
in
White Rock Mineral
At
was completed in 1929.
1931, the company completed the construction of its Edgewater steamgenerating station at Sheboygan and 107.6 miles of 132,000 volt
transmission line between Fond du Lac and
Janesville, thereby
the company s 132,000 volt transmission
line extending from its
Edgewater Station to the Illinois state line near Beloit. In 1934 and 1935,
a
meeting of the
Newbold L. Herrick
elected directors.
Wicklund
V.)
standardizing line voltages.
discontinued electric street railway service in Fond du
9?;.j0c
.£p-
iooo
Sheboygan
,aud 1934, the
Capitalization
1935 and substituted motor bus service in
m
Motor bus service in the City of Oshkosh was discontinued
bmger supplies any local street railway service.
Total authorized (par $1 per share)
x Authorized for issuance in exchange
in
In
ed the
of March 31,
1936
(Adjusted to
Reflect
Effect of Present
Financing)
Eastern Wis. Elec. Co. 1st lien &
ref.
mtge. gold bonds—
Series A—6%, due Dec.
Series
Wis.
Authonzed
1, 1942—-$10,000,000
B—6)4% .due Sept. 1,1948- 10,000,000
Power & Light Co.,
ref. mtge. gold bonds:
I Series E—5%, due May 1,1956...
Series F—5%, due Dec.
1, 1958—Series G—5%. due
July 1,1961
Series H—6%, due
May 1,1952
1st. mtge.
bonds, ser.
A, 4%,
June 1, 1966
40,000,000
4% serial debs., due serially June
-V
Beloit
—Juri© i, 1946
Water,
Gas & Elec.
3,700,000
Co.,
q aaa Ann
Co., 1st & ref."5slIII
Sheboygan El. Co. ref. & impr. 5s
l'.OOO'.OOO
5,000,000
Wis. Elec. Co., 1st
mtge. 5s 10,000,000
Southern Wis. Power
Co., 1st mtge.5s
2,500,000
Wis
Power, Lt. & Heat Co., 1st &
ref. mtge. 5s
on noo oon
fiVS";7%
6% cum. (par
$100)
None
1,170,800
None
8,350,000
9,000,000
2,000,000
1,000,000
None
None
None
None
None
$32,000,000
None
3,700,000
1st
mtge. 5s
Janesville Elec
S£f Rtiv1f P2^er c°m
$2,028,300
1st mtge." 5s11 5',000',000
(par
- - -1200,000 shs. 1
1
Common stock (par
$50)
253,815 shs.
873,000
517,500
1,301.500
585,000
1,764,000
1,305,100
3,873,000
10,658,300
6,173,100
7.309,250
None
None
None
None
None
None
None
10,658,300
6,173,100
7,309,250
Comparative Statement of Earnings
1933
Operating Revenues—
Electric—Sales
to
-Years Ended Dec. 311934
1935
customers—
Sales to sub. cos
Miss Harriet B. Meyer, who
51,921
$6,585,463
65,977
$6,731,569
68,651
841,095
7,901
830,702
804,244
11,136
11,948
803,103
11,402
(net)II
161,279
1,536
382,930
43,574
Ur35,700
169,230
4,036
357,071
39,853
Ur67,083
164,441
2,868
360,585
41,711
X>r59,245
165,918
2,550
371,269
43,104
Dr27,230
Total oper. revenues..
$7,568,116
$7,619,644
$7,977,995
$8,170,338
operation-$2,740,512
$2,711,418
464,307
$2,732,414
$2,811,610
474,761
Gas—Sales to non-affil,
customers
Sales to sub.
company
to
non¬
customers
Sales to sub. company
Transportation
Heating.
Other oper. revs,
Total
Afointenance—.—
Extraordinary repairs—
_
Prov. for retire, res
Taxes—State local, &cIncome
taxes—Fed.
State
444,818
804,224
1,011,722
&
813,367
1,101,069
473,813
204,449
806,476
1,122,322
807,936
—-
Other income
52,000
50,100
55,050
$2,477,481
$2,588,417
:$2,703,309
50,872
28,751
Exhibition of
American Glass Industries, and has been in charge of the Industrial
of the Brooklyn Museum, is now associated with the firm
of Leon V.
Quigley, public relations counsel, 730 Fifth Ave., New
York.
Ralph S. Sauer has been
Mr. Sauer was formerly
in charge of the New York office of the Shawmut Corp. of Boston and was
associated with Distributors Group, Inc., for four years.
MacBride, Miller & Co., Inc., announces that
a Doointed manager of their wholesale department.
Seligman, Lubetkin & Co., Inc., 50 Broadway, New York, have
prepaid a detailed report on Electric Bond & Share Company's common
dealing with the divestment of the company's stockholdings under
stock,
the
provisions of the Public Utility Act of 1935.
—H. A.
advisory de¬
Bliss & Co., members New York Stock Exchange.
Howell has been made manager of the investors
partment of Gilchrist.
Co., Inc., 40 Wall St., New York, has prepared a
municipal bonds yielding from 1.30% to 3.65%.
Eldredge &
of State and
1,131,895
$2,494,838
NOTICES
recently directed the 1936
Art Department
that John C. L. Ferguson is now
associated with them in their Philadelphia sales
36,292
—J. Edward
in the Fidelity
list
v
—-Eli T. Watson & Co., Inc., announce
'
94,404
.
the
185,775
72,000
-
Net earnings
■'/_
Net
CURRENT
Mar. 31 '36
$6,222,775
affiliated
Wolverine Tube Co.—Resumes Common Dividends—
directors have declared a dividend of 30 cents per share on the
stock, payable July 1 to holders of record June 26.
This will be
the first dividend paid on the common stock since Oct. 1. 1932, wnen
5 cents per share was distributed.—V. 140, p. 3919.
The
conunon
12 Mos.End.
$6,139,689
25,809
Water—Sales
Wisconsin Hydro-Electric Co.—Tenders—
National Bank of the City of New York will until 12 noon
for the sale to it of sufficient 1st mtge. 5% gold bonds,
series of 1947 to exhaust the sum of $423,815 at prices not exceeding 102
and interest.—V. 142 p. 3875.
The Chase
July 8 receive bids
non¬
affiliated
160,000 shares of stock have been issued in payment
.
I
10,000,000
10.000.000
15,000,000
10.000,000
due
T,qI
Outstanding
Upon Com¬
pletion of
As of
Present
Mar. 31, '36
Financing
1st lien &
240,000 shs.
for properties and
$5,754 in cash. The properties were appraised in April of 1936 at a value
in excess of $343,500.
This appraisal included a 28% interest in the Carmichael and Durnin leases, which properties contain six producing wells.
The issuance of an additional 100,000' shares of stock was subsequently
authorized to cover the cost of acquiring the remaining syndicate interests
in these two producing properties.
Since the appraisal was made, the
company has entered into agreements with holders of the remaining syndi¬
cate interests so that on May 21, 1936, the company had acquired a 90%
interest in these two properties, and expects to acquire the remaining inter¬
ests to effect 100% ownership of these producing leases.
Transfer Agent—Equitable Trust Co., Detroit.
Directors—J. V. Wicklund (Pres. & Gen. Mgr.), Highland Park, Mich.;
L. W
Sutherland (V.-Pres.), Kalamazoo, Mich.; Emerson V. Smith
(Sec.-Treas.), Detroit, Mich.; P. Hastings Keller. Lansing, Mich.; J. W.
Mcintosh, Mt. Pleasant, Mich.; H. B. Lantz, Shepherd, Mich.
Net proceeds of this issue will be used to accelerate the development ot
the extensive holdings of oil-and-gas leases which the company owns.
Company, as at present constituted, is the outgrowth of the petroleumdeveloping business founded by J. V. Wicklund in 1932. The 10,807 acres
of leases owned by the company include locations for eight oil wells and
two gas wells which are classed as "proved" by their proximity and direc¬
tional relationship to producing wells.
It is the plan of the management
to drill these locations at once, thus adding substantially to present pro¬
duction and income.
Meanwhile current drillings close to other portions
of the company's leaseholdings will continue to indicate their oil potentiali¬
ties, which will be drilled as good business dictates.
x
a9S.u
property of Milton Electric Co., the capital stock
of which had been
acquired by the company in 1935 at a cost to it of $49,997.
as
-.500,000 shs.
for properties and cash-.260,000 shs.
Validated for public subscription
company discontinued
the operation of several inef¬
ficient steam and hydro-electric
generating plants and units.
in 1936, the
company, with the approval of the P. S. Commission of
Capitalization
Development Co.—Stock Offered-—
5 Larned St. West, Detroit,
shares of common stock.
The company, with offices at
is offering at par ($1) 240,000
company have been made for
company
1931 and in
*
a
elected
(J.
7ere made in the dams of the Prairie du Sac and
hydro-electric plants.
Within the past five years substantial
m
Springs Co.—New Directors, &c.—
bbard of directors June 10, Robert H. Neilsou and
were
meeting of the voting trustees held the same day, John H. Goss
a
voting trustee, succeeding Morgan J. O'Brien, resigned.
—V. 142, p. 3701.
At
was
S^^tlaLn5proYei9^t8
?vwf ™,i£5S,Jn £ 9 transmission system of the
the purpose of
preferred stock dividends at March 31, 1936 not
accrued, aggregated $14.87M and $12.75 per share on the 7%
preferred stock, respectively, a total of $2,372,269.—V. 142, p.
or
3875.
,
°"ice building at Madison, Wis.
1,003,408
$64,406,868
-
Note—Cumulative
and 6%
through Ripon to Berlin, and from Beloit through
Edgerton.
Total
$64,406,868
declared
of rural
?alS,' in01?
3,778,316
Reserves
and, in 1930, the
Janesville to
on
Earned surplus
Co.; in 1927, the property of New Gas Light
Co. of Janesville; in 1929, the
property of Southern Wisconsin Electric Co.,
.
Liabilities—
Assets—
Tangible property
Intangible capital
organization.
Coyle, investment broker, announces the opening
Building, 1940 East 6th St., Cleveland, Ohio.
—H. C. Wainwright &
of offices
Co. announce that Samuel I. Cohen is now asso¬
York office.
ciated with them in their New
(bef.
deductions)-.
earns,
The maximum
int.
annual
$2,589,243
$2,528,354
$2,617,168
$2,739,601
an
39 Broadway, New York, have prepared
analysis of the building industry.
interest
requirements on $32,000,000 series A
bonds and $3,700,000 serial debentures to be outstanding upon completion
of present financing, will be $1,280,000 and $148,000, respectively.
—Peter B. McDermott & Co.,
—Weeden & Co.,
to
14 Wall Street.
Inc., announce the removal of their New York
office
June .27, 1936
Chronicle
Financial
4362
Ifkjmvis aixd gbommxis.
'
published
advertisements
as
OLC/L
AMERICAN
CAR
AND
REPORT—YEAR ENDED APRIL 30, 1936
THIRTY-SEVENTH ANNUAL
STOCKHOLDERS I
THE
TO
statements, prepared
the
Sheet and accompany¬
and certified
Company
your
and
its
their condition
as
close
Company's
of
shown
your
by
such
funded debt
wholly-owned
statements,
Company,
your
with
there seems to be no immediate prospect
As
To the members of your Company's
neither
with resources
supply
by
interests of the Company and its
ment
of cash and securities sufficient to
way
its need of
working capital,
maintains
an
the year's
like
charge of approximately
charge)
of
loss
a
$1,900,000 for
Your
Company
appreciably
closed
its
(after
the
a
better in
the
business
volume than
the
was
PROPERTY AND PLANT ACCOUNT
case
Cash in banks and
There has
tion
of
been
not
buying
that
orders
constant flow
that
is
and
Accounts
4,484,814.40
Receivable, less reserve
2,272,695.99
Materials, inventoried at cost or less, and
not in excess of present market prices—__■ 5,407,918.43
*Notes
essential
::y '.:■■■■
.
■■
.
t
v
■
to
'vj-
..
the
1
■
absorption of overhead charges—while, at the
is
necessary to
to undertake
do
MISCELLANEOUS
SECURITIES
reserve
ATED
business might
■
a
—
AND
_
less
AFFILIATED
-
ACCOUNTS
COMPANIES, less
STOCK
while
every
effort
has
be offered,
made
to
any
i.
_
_
_.
_
»
.
OF
less
210 ,872.50
AFFILI¬
2,648,767.43
533,399.75
COST.
'/
v.'-
.'■■■
J:,n
Includes $1,309,514.61 maturing subsequent to one year.
LIABILITIES
CAPITAL
STOCK,
Preferred, authorized and outstanding (300,000 shares-—
par value $100.00 per share)
.$30,000,000.00
Common, authorized and outstanding (600,000 shares—
i
no par value)....
30,000,000.00
CURRENT LIABILITIES
3,667,192.45
Accounts Payable, Accrued Taxes and
Pay
charge
keep
«<
A
___—
$100,117,770.58
.
such
_______
Rolls
charge at the minimum consistent with ability to respond
promptly and efficiently to
.
reserve
AT
i
I..
and to
normal overhead
been
.
RECEIVABLE
— _
—and
Ai 129,792.68
160,254.57
reserve.
COMPANIES,
__I—
-
time, it
same
It therefore has been im¬
the basis of
on
2,369,950.18
10,550 Shares of Preferred Capital Stock
600 Shares of Common Capital Stock
possible, With buying sub-normal in volume, to operate your
Company's plants
cost or less
SECURITIES,
OF
„
TREASURY
*
whatever
«
_
NOTES
complete
.;••
at
(Quoted market value $2,577,424.13)
TAXES, INSURANCE, ETC
PREPAID
keep plants and personnel always prepared
whenever the offer cornea*
so
Marketable Securities
though
distribu¬
even
3,412,555.39
(Quoted market value $3,677,346.93)
Receivable, less reserve
on
irregular in its movement.
and
23,293.850.48
hand—.-_____v_____$5,345,916.09
on
U. S. Government Securities at cost__
four preceding
or
-$73,140,833.17
ASSETS
CURRENT
at
substantially greater than that
during the three
has been sporadic,
years,
SHEET
April 30, 1936
.
booked
just closed, equipment buying,
year
deep
submitted,
CONSOLIDATED BALANCE
with which it entered upon its fiscal year now current.
During
and
23, 1936.
preceding
the beginning of the period—and the amount of business
its books at this writing is
thanks
ASSETS
with
year
in dollar volume, than
more,
sincere
its
CHARLES J. HARDY, President.
'
year.
and advance the
stockholders, the Manage¬
Respectfully
at after
$1,600>000 against
earnings—this comparing with
depreciation
expresses
v
June
depreciation
again
once
the year
of something over $580,000, such result is arrived
a
organization, for their
By order of the Board.
loss for
a
From this,
escape.
appreciation.
excep¬
tionally healthy, strong and liquid position.
While the annexed statements show
of
zealous and unflagging efforts to protect
of current liabilities, with a substantial surplus and
excess
Whatever else will be in that law
legislation, will be largely increased.
and State
bank loans, with current assets largely in
nor
of which
which undoubtedly
and
posed upon corporations, already great under both Federal
subsidiaries and
year.
struggling,
now
made, it is certain that the burden of taxation im¬
when
of April 30, 1936—that date marking the
thirty-seventh /fiscal
is
Congress
shortly will be enacted.
usual by inde¬
as
pendent auditors, show the result of the year's operations
of
to us, is the new tax law with the making
concern
The annexed Consolidated Balance
ing
FOUNDRY COMPANY
.$3,667,192.45
RESERVE ACCOUNTS
demand that might be made
__
For Insurance
■_
$1,500,000.00
For Depreciation, General
Overhauling and
12,482,536.80
_
productive capacity,
upon
sorbed
overhead" has
been
nevertheless the
a
"unab-
of
Maintenance
so
to be
until there
of Directors
is
For Contingencies
For
Improving
Employees
railroads' needs for equipment of modern
design and manu¬
because
substitution for much
of
nomical to
obsolescence
operate.
nize this need
and
for
in service and
other
at
uneco¬
become
easier
of
prosperous
solution—and
Subject
thought that in the
near
are
justified
future there will be
of sustained activity in the field of
a
in
the
Loss for Year
As
to
opened.
other
probably will have
report
what
an
will
reaches
exciting
Iff
the
stockholders.
one—even
$582,515.44
STATEMENT OF CONSOLIDATED
your
Loss for
EARNED
One
done
so
CHARLES
so
The
than
contest
usual.
J.
$24,550,556.77
582,515.44
American Car and
Foundry Company, 30 Church Street, New York City.
Dear Sir:—We have made
American Car and Foundry
an
audit
of the
immediate
books
and
accounts
of the
Company and wholly-owned subsidiaries for
April 30, 1936, and in accordance therewith,
,we
certify that, in our opinion, the foregoing Consolidated Statement! of
Income and Earned Surplus and the
Consolidated Balance Sheet are true
fiscal
year
ended
exhibits of the results from
operations for said
as of April
30, 1936.
period, and of their condi¬
Very truly
_
more
.-.$23,968,041.33
HARDY, Esq., President
industry and business
Of
SURPLUS
-
Year
tion
the effect upon
generally, it would be idle to speculate.
more
year
_____
Consolidated Earned Surplus, April 30, 1935
Less:
the
promises to be
INCOME ACCOUNT
for the
the
major parties has already named its candidate for
this
sources
Consolidated Earned Surplus, April 30, 1936.
presidency, and the
before
contingent liability of $425,000 for guaranteed bank loan of
ended April 30,
Re¬
pairs, Renewals, etc., as noted hereunder.
$2,197,202.00
Depreciation, Renewals, Replacements, Repairs, New Pat¬
terns, Flasks, etc
2,779,717.44
resumption
industry in which
At this writing, the political
campaign has
of
23,968,041.33
_
thirty-seventh fiscal
1936, before deducting Depreciation,
Company is engaged.
the
_
STATEMENT OF CONSOLIDATED
return
a
to
Earnings from all
times, that problem will
we
62,208.46
_______
Hall-Scott Motor Car Company.
beyond question—their problem lias been,
moderately
_
of
$100,117,770.58
That the executives of the roads recog¬
With, however, the growing probability of
least
Conditions
which,
is
reasons,
5,568,742.24
2,983,494.74
2,368,091.36
__
Working
EARNED SURPLUS ACCOUNT-_
is, that of financing the purchase of the needed
equip¬
ment.
to
is
and
now
_
Dividends on Common Capital Stock,
be paid when and as declared
by Board
to
resumption of buying in volume sufficient to supply the
facture in
.
For
serious factor in determining
operating results, and will continue
a
item
_
New
_
.
York, June 18, 1936.
ERNEST
W.
yours,
BELL AND
COMPANY.
Volume
Financial
142
The Commercial
4363
Chronicle
Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
York warehouse stocks showed
COMMERCIAL EPITOME
Friday Night, June
26, 1935
closed 6 points higher
with transactions in this grade
Coffee—On the 22d inst. futures
the
for
contract,
Santos
The new Rio contract
totaling 126 lots, or 31,500 bags.
closed 5 to 6 points
the old Rio contract
with
were
sales
higher, with sales of 1,250 bags, and
closed 3 points higher to 1 point lower,
11,500 bags.
of
that the
to the effect
Unofficial cables from Brazil
proposed sacrifice quota of 25%
definitely fixed by the Brazilian
and the N. C. D. were
discussing terms of surrender of the coffee.
Cables from
Rio reported the open dollar rate at 17.280, 50 reis weaker
than on Friday.
The futures market was 175 to 375 reis
for the
coming crop had been
conference, and that the planters
higher than the June 19 closing,
than
On
weaker
days at 50,000 bags.
Friday, with sales for two
futures closed 2 to 4 points lower for
last
on
and the spot market un¬
Havre closed 1M to 3 francs
changed at 12.800.
23rd inst.
the
Old Rio con¬
tracts closed 4 to 5 points lower, with sales of 4,250 bags,
and 250 bags were sold in the new Rio contract, which closed
3 points lower.
Rio de Janeiro futures were 50 reis lower.
Cost and freight offers from Brazil showed little change.
The open dollar rate was reported 20 reis weaker at 17.300.
Havre closed 34 franc higher to unchanged, with sales of
20,000 bags.
On the 24th inst. futures closed 1 to 3 points
higher for the Santos contract, with sales of 19,000 bags.
Rio (old) contract closed unchanged to 1 point higher, with
sales of 7,500 bags.
Rio de Janeiro futures closed 25 to 75
reis lower, and the official No. 7 price was 200 reis lower.
Cost and freight offers from Brazil were unchanged, with
with sales of 21,000 bags.
Santos contracts,
Santos
4s
Bourbon
continued steady,
Havre futures
as
at
from
8.30 to 8.55c.
Mild coffees
with Manizales at from 1034 to
were
34 to % franc lower.
1034c.
Brazil, but important news is
Liquidation of the July delivery was the
expected shortly.
feature in the local coffee market at
course,
this session.
takes place
deliveries
this Friday, many
on
their contracts.
Santos contracts, with sales
117 lots
totaled 97 lots,
Rio contracts
were
or
points lower for
of 184 lots or 46,000 bags, of
Trading in Rio contracts
switches.
24,500 bags, of which 37 lots were switches.
off 10 to 13 points at the close.
Cost and
were
freight offers of Santos fours were slightly better at from
8.30 to 8.60, while Manizales were available at 1034c., un¬
changed from yesterday. Havre futures were 34 fr. lower
on sales of 35,000 bags.
No further news of the porposed
Brazilian legislation was received during this session.
Today
futures closed unchanged to 4 points down for the Santos
contract, with sales totaling 239 contracts.
Old Rio con¬
tracts sold 2 to 3 points down, with sales of 135 contracts
New Rio sold 6 points down to 1 point up,'\vith sales of 34
contracts.
Rio de Janeiro futures were 50 reis lower to 25
reis higher.
The open market exchange rate was 50 reis
weaker at 17.300.
Havre futures were 1 to 134 francs lower.
Monday, June 29th, and Wednesday, July
observed as holidays in Braxil.
Rio coffee prices
Santos coffee
closed
as
prices closed
March
May
July
1st, will be
follows:
4.22 1 December
4.381 March
July
September
as
4.58
4.73
follows:
8.461 September
—8.521 December
8.051
--8.22
8.37
futures closed 2 points down.
buying in the early part of the session prices
touched new peaks for the past three years.
Subsequently
prices dropped 3 to 6 points from the highs on profit taking,
but closed with the net gain reported above.
Manufacturers
were buyers of actual cocoa in the spot market, which re¬
sulted in hedge covering by the trade.. New York warehouse
stocks showed a decrease of 1,449, bags, which brought the
total down to 742,374 bags, lowest since March, 1933.
Total
sales of futures were 532 lots, or 7,129 tons.
Local closing:
July, 5.93; Sept., 6.03; Oct., 6.05; Dec., 6.15; Jan., 6.18;
Mar., 6.26; May, 6.33.
On the 23d inst. futures closed
5 to 7 points down.
Profit taking was again largely respon¬
sible for the decline in this commodity.
Spot brokers re¬
Cocoa—On the 22d inst.
On Wall Street
ported that the situation was unchanged in the actual
market, and the supply outlook continued to tighten.
New
the Exchange today totaled 285 lots, or 3,810 tons.
Local
closiug: July, 5.96; Sept., 6.06; Oct., 6.08; Nov., 6.13;
Dec., 6.18; Jan., 6.21; Mar., 6.28; May, 6.36.
On the 25th inst. futures closed 3 to 4 points up.
On this
advance prices touched new high levels.
This fresh upswing
due largely to a fresh wave of buying from the Wall
Street element and local traders.
There was considerable
was
profit taking late in the day,
and
as a
result
some
of the
early gains were erased, but the tone was firm at the close
with prices well above the previous finals.
New York ware¬
house stocks dropped 2,036 bags for the day, bringing the
total down to
736,505 bags, the lowest figure in three years.
on the Exchange were 503 lots, or 6,740
tons.
Local closing: July, 5.99, ^ept., 6.10; Oct., 6.12;
Dec., 6.21; Jan., 6.25; Mar.,-6.31; May, 6.39.
Today
prices closed 7 points up on the July delivery ,aud unchanged
to 2 points down on the rest of the list.
The market was
strong and active throughout the session, with prices ad¬
vancing within a point of the high of the year.. Seventythree notices of delivery on July were issued, but they were
readily taken; so much so in fact, that July advanced 6
points to 5.05c.
The strength of July reflects the steadily
tightening actual cocoa position.
Warehouse stocks were
reduced 757bags. Closing: July, 6.06; Sept., 6.10; Oct., 6.12;
Dec., 6.21; Jan., 6.23; Mar., 6.3l; May, 6.37.
Sales were
Total transactions
215 contracts.
Sugar—On the 22d inst. futures closed 6 to 10 points
Sales totaled 490 lots, or 14,500 tons.
The increase
203,000 short tons in the sugar quotas for this year was
lower.
of
most disappointing by the generality of traders,
reflected in the lower prices.
Long liquidation
and hedge selling increased, as with these new conditions
lower prices are looked for.
The trade's impression was that
regarded
as
and this
was
the latest increase turns' the
(
On the 25th inst. futures closed 6 to 8
which
This, of
day, which
holders not caring to accept
is the usual procedure prior to first notice
further decrease of 465 bags,
on
Nothing definite
yet from the N. C. D. of
a
bringing the total to the lowest level in three years.
Volunle
of transactions on the Exchange" Tuesday was 378 lots, or
5,065 tons.
Local closing: July, 5.87 ; Sept., 5.97; Dec.,
6.09; Jan., 6.12; March, 6.19; May, 6.28.
On the 24th inst.
futures closed 8 to 9 points up.
Buying by manufacturers
and the Wall Street element was largely responsible for the
substantial advance in prices at this session.
Outside in¬
terest appears to be increasing.
There was some heavy profit
taking on the part of those who bought earlier in the upward
movement, but these offerings were readily absorbed, and
the market closed at the highs of the day.
The decrease of
3,368 bags in New York warehouse stocks, brought the total
down to the lowest level since March, 1933.
Transactions
a
raw
market from
a
seller's to
buyer's market, since total consumption for the United
States
is
now
estimated
at
6,812,000
short
tons,
or
ap¬
proximately 180,000 tons less than was actually consumed
last year.
The bearish effect was emphasized by latest
estimates showing that for the first five months of the year
consumption ran nearly llA% behind last year.
On the
23rd inst. futures closed unchanged to 2 points lower.
Sales
were
12,250 tons.
The recent selling as a result of the
increased quota seemed to have run its course, temporarily
In the market for
at least.
June arrival,
raws
a
lot of Puerto Ricos for
offer Monday at 3.70c., was reported as
offered at a few points cheaper, while one cargo of Cubas
for July arrival was offered at 2.85c.
Other sugars were
being held at from 3.80 to 3.90c., or practically unchanged
from the asking prices prior to the quota increase.
With¬
drawals of refined continued fair.
London closed % to Id.
lower, while about 10,000 tons of raws, chiefly Cubas, were
on
reported sold at 4s. 7J4d.,
about 0.88c., f.o.b. Cuba.
unchanged to 5 points
higher.
Transactions totaled 5,700 tons.
First notice day
for July contracts, with no notices issued, had a very whole¬
some effect on the market.
In the market for raws, National
paid 2.85c. for 3,000 tons of Cubas, first half August ship¬
ment.
Further offers of Cubas in that position ranged
from 2.90 to 2.95c., while a lot of Puerto Ricos offered on
Tuesday at 3.68c. was advanced to 3.75c.
Other sugars
were
in the background at from 3.80 to 3.90c.
Refined
demand continues good.
London futures closed unchanged
to Md. lower, while raws were offered at 4s. 6^d., a new
low for the year, equivalent to about 8634c., f.o.b. Cuba.
On the 25th inst. futures closed 2 to 4 points higher. There
was an absence of notices for the second consecutive
day,
and this played no small part in the firmness displayed by
the market.
Sales of futures totaled 42 lots, or 2,100 tons.
On
the
24th
inst.
In the market for
futures
raws
or
closed
local refiners
were
said to be interested
in second half
August arrivals at 3.75, with sellers holding
out for 3.80.
London closed unchanged to 1 farthing lower.
Today futures closed 3 points down, with sales of 75
contracts.
In
the
raw
market refiners
for the second half of
were
interested in
August arrival at better than 3.75c.
Offers ranged upward from 80c. for duty frees to 2.90c. for
Cubas without duty.
Withdrawals of refined sugar con-
raws
4364
Financial
tinued good.
London futures
were
24 to Id. lower. In the
sold at 0.85}4
raw
market 4,000 tons of West Indian sugar
of
cent
a
Prices
a
pound f.o.b. Cuba,
were as
follows:
a new
low for the year.
March
2.801 January
2.471 May
September
2.791
2.48
higher on the active deliveries.
Closing hog prices at
Chicago were nominally steady, with a top price nominally
quoted at $10.40.
The bulk of sales reported ranged from
$9.50 to $10.35.
Receipts at Western markets totaled 12,700
against 13,800 for the same day last year.
Lard stocks are
reported to be accumulating, due to the continued heavy hog
marketings.
Liverpool lard futures followed the advance
in American markets on Friday and closed 6d. higher on
the spot position, 9d. higher on July and September.
Ship¬
ments of lard for export as reported on Saturday from the
Port of New York totaled 25,200 lbs. for Manchester.
On
the 22d inst. futures closed 2 to 10 points lower. .There
was a moderate volume of business, but without
any particu¬
lar feature.
Hogs closed firm and prices at Chicago at the
end of the day were mostly 10c. higher
The Western run
yesterday totaled 66,300 against 54,200 for the same day
last year.
The top price reported on the day was $10.50,
and most of the sales ranged from $9.60 to $10.45.
Over
the week-end export clearances of lard were fairly heavy
from the Port of New York.
Total shipments were 237,900
lbs. for Liverpool, London, Manchester and Bristol.
Liver¬
pool lard futures closed unchanged to 6d. higher.
On the
23d inst. futures closed 10 to 15 points lower.
There was a
fair volume of business, but without any special feature.
Hog marketings at the principal Western markets were
above trade expectations and as a result of the heavy receipts
prices declined 10c.
The Western run totaled 61,500,
against 46,800 for the same day a year ago.
The top price
for the day at Chicago was $10.50 and the bulk of sales
ranged from $9.40 to $10.40.
Lard exports from the Port
of New York as reported Tuesday, were light and totaled
53,200 for Liverpool and Glasgow.
Liverpool closed un¬
changed to 3d. lower.
On Ihe 24th inst. futures closed
unchanged to 12 points lower.
Volume of trading was
comparatively light and without any special feature.
Hog
prices were 10c. to 15c. higher, the top price at Chicago
registering $10.60.
The demand continued good with sales
ranging from $9.60 to $10.50.
Western hog receipts were
fairly heavy and totaled 52,000, against 34,900 for the
same
day last year.
Export clearances of lard from the
Port of New York as reported Wednesday, totaled
67,250
lbs. for Antwerp.
Liverpool closed unchanged for the spot
position, and 6d. lower on the September and October
.
Oh the 25th inst. futures closed 10 to
15
points lower.
Volume of business was light, and without
special feature.
Hog prices at Chicago held very steady, with the top price
$10.60.. Most of the sales reported ranged from $9.60 to
$10.50.
Western receipts were moderately
heavy and
totaled 50,300 against 35,000 for the same
day last year.
There were no export clearances from the Port of New York
reported Thursday. Liverpool closed 6d. lower for spot, and
3d. lower on July and 3d, higher September and October.
Today futures closed unchanged to 5 points up,' with the
exception of the distant January delivery, which closed 15
points down. There was no special feature to the trading or
to the news, outside of the
sharp break in the January
option, which in late reports was not explained.
DAILY CLOSING
PRICES OF LARD
Sat.
-
10.90
10.92
Mon.
10.75
10.85
10.82
10.25
10.22
--10.77
-----
December
On the 23d inst. futures closed 10 to 13
points higher.
Sales
totaled 2,550 tons.
Spot ribbed smoked sheets advanced
13
points to 16.06.
London closed unchanged.
Singapore
Local closing; July, 16.01;
Sept., 16.13; Oct.,
closed.
was
16.16; Dec., 16.24; Mar., 16.36; May, 16.46.
On the 24th
futures closed unchanged to 4
points lower.
Sales
totaled 2,110 tons.
Spot ribbed smoked sheets remained
unchanged at 16.06.
London and Singapore closed un¬
changed at 3-32d. higher.
Local closing: July, 16.00; Sept.,
16.12; Dec., 16.23; Mar., 16.32; May, 16.43.
inst.
On the 25th inst. futures closed 2 to 6
points up.
Sales
1,600 tons.
Spot ribbed smoked sheets remained
unchanged at 16.06.
London closed unchanged to 34d.
higher; Singapore closed 1-32 to l-16d. lower. Local closing:
July 16.03; Sept. 16.14; Dec. 16.26; Mar. 16.38.
Today futures closed 4 to 7 points down, with sales of 220
totaled
The London and Singapore markets
contracts.
were steady,
slightly lower and Singapore up l-32d. in all
positions.
Local closing: July, 15.96; Sef)t., 16.10; Dec.,
16.22; Jan., 16.25; March, 16.32.
with London
Hides—On
^
no
substantial
operations were reported.
The Argentine
frigorifico hides was fractionally lower, and
reported of 21,000 frigorifico steers, June take-off,
at 11 24c. a pound.
Local closing: June, 11.35; Sept., 11.64;
Dec., 11.97.
On the 23rd inst. futures closed 15 to 16 points
market
sales
for
were
lower.
Transactions
totaled 1,320,000 pounds.
Sales in
spot markets aggregated 71,000 hides, with
May light native cows selling at 11c. and May-June heavy
the
domestic
Oil sales,
Crude, S. E., 814c.
December
c
-
-8.95 (a; 9.80
osed
as
9.23@9.26 November
October
inst.
futures closed 14 to 15 points lower.
Sales
1,200,000 pounds.
In the domestic spot market
sales totaled 41,000
hides, with May-June heavy native
cows selling at
1134c.
In the Argentine spot market 5,500
June frigorifico
steers
sold
at
1134c.
Local
closing:
unchanged; Sept., 11.35; Dec., 11.66; Mar., 11.96; June
(1937), 12.26.
totaled
_
On the 25th inst. futures closed
Transactions
tificated
totaled
hides
in
unchanged to 4 points up.
The stocks of cer¬
licensed by the exchange,
520,000 pounds.
warehouses
remained
contracts.
9.90
9.1c. for
September
9.20@
1214c.
Local closing: June, 11.25; Sept.,
11.81; Mar., 12.11; June, 12.41.
On the
9.90
August
June
24th
at
10.02
Thurs.
10.47
Fri.
10.47
tanks
contracts.
follows:
July-.--
Dec.,
10.60
10.70
including switches, 157
Prices
8.96@
steers
11.49;
10.60
10.60
10.70
10.72
10.10
Wood, tanks, forward,
17.8 to 18c.; drums spot, 1814c.; Cocoanut:
Manila, tanks,
April-June, 4!4e.; Coast 3J4c.; Corn: Crude, tanks, West
mills, 814c. Olive, denatured, spot, Spanish, 7414, shipment
forward, 73c. Soy Bean: tanks, mills, 6.7c go
6.75e.; C. i.
drums, 7.8c; L. C. L. 8.2c. Edible, 76 degrees, 10c. Lard,
prime, 1134c.
Extra strained winter, 1014c.
Cod, erude,
Newfoundland, nominal; Norwegian yellow, 33c.
Turpen¬
tines, 39c. to 4534c J Rosins, $5.25 to $6.65.
Cottonseed
the
20th inst. futures closed
unchanged to
points lower, with the exception of the June contract,
which was a point higher.
Sales totaled 160,000- pounds.
Local closing: June, 11.46; Sept., 11.75;
Dec., 12.04; Mar.,
12.34; June, 12.64.
On the 22d inst. futures closed 7 to 11
points lower.
Transactions were 680,000 pounds. Interest
in the domestic spot hide market was
reported as fair, but
4
10.70
Wed.
10.62
Oils—The price of linseed oil continues at
the inside.
Quotations: China
January
ing: July, 15.88; Sept., 15.98; D.ec., 16.09; Mar., 16.17.
On
the 22d inst. futures closed 2 to 8
points higher.
Trans¬
actions totaled 1,880 tons.
Spot ribbed smoked sheets ad¬
vanced 5 points to 15.93.
London and Singapore closed
unchanged.
Local closing: June, 15.86; July, 15.90 Aug.,
15.96; Sept., 16.03; Oct., 16.06; Nov., 16.09 Dec., 16.13.
10.55
10.60
FUTURES IN CHICAGO
Tues.
points
Transactions totaled 1,630 tons.
Spot ribbed
smoked sheets advanced to 15.88 from 15.81.
London was
closed. Singapore closed l-32d. to 3-32d. higher. Local clos¬
unchanged at 866,779 hides.* The general heaviness
large offerings of
"drouth hides" by the
Government, with prospects of future
large offerings from this source. Local closing: Sept., 11.35;
Dec., 11.68; Mar., (1937) 11.99; June, 12.29.
Today futures closed 5 to 2 points up, with sales of 40
Pork—Quiet.
Mess, $29.50 per barrel; family, $29,
nominal, per barrel; fat backs, $20 to $24.50 per barrel.
Beef, quiet.
Mess, nominal; packer, nominal; family, $14
to $15 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., 1424c.; 8 to 10 lbs., 14c.
Skinned,
loose, c. a. f., 14 to 16 lbs., 2224c.; 18 to 20 lbs., 21%c.;
22 to 24 lbs., 1924c.
Bellies, clear, f. o. b., New York, 6 to
8 lbs., 21 %c.; 8 to 10 lbs.,
2114c.; 10 to 12 lbs., 3024c.
Bellies, clear, Dry (Salted, Boxed, N. Y., 14 to 16 lbs., 14^c.;
18 to 20 lbs., 1424c.; 20 to 25
lbs., 1424c.; 25 to 30 lbs., 1414c.
Butter, creamery, firsts to higher than extra and premium
marks, 29c to 3114c. Cheese, State, whole milk, held, 1935
fancy, 22 to 2314c.
Eggs, mixed colors, checks to special
packs, 19 to 24c.
on
Rubber—On the 20th inst. futures closed 9 to 11
higher.
native
deliveries.
October-
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,"
2.47
Lard—On the 20th inst. futures closed 20 to 22 points
July
September.
June 27, 1936
in the article entitled "Petroleum and Its Products."
.
July
Chronicle
_8
9.20@
-t59.20@
9.07 @ 9.09
-9.00@
of the hide market has been ascribed to the
Certificated stocks of hides in local warehouses
decreased 2,899 hides to a total of
863,880 hides in store.
Local
closing: Sept., 11.40; Dec., 11.72; March, 12.01.
Ocean
Freights—The market was dull.
interested, and freight yolume small.
Charters
included:
Grain
booked—3
loads,
New
Shippers little
York-Copenhagen,
12c.; 14^ loads, prompt, New York, heavy grain to
Antwerp at 14c., and
perhaps 5 loads more; 5 loads New York, Antwerp, 10c., and
2^ to Mediter
ranean,
14c.; 2,000 tons to Scandinavia.
The rate is 14 outside, 12c.
Copenhagen, and 5 loads Antwerp, 10C.
Grain—33,000 quarters, 10, first
half July, Montreal option
range, United Kingdom, including Ireland,
basis, 2s.
Coal—A number of
prices
gress
coal
leading operators expect firmer coal
the next few months, despite the failure of Con¬
over
to pass the revised
legislation is
stocks
now
Guffey bill.
The uncertainty of
removed, and buying to replenish
can now
go forward.
There is a better undertone to
the market, and
inquiries are increasing to a comforting
degree.
Bituminous dumpings at New York on Wednesday
were
about 400
cars.
Copper—The feature of the week was the revival in
foreign demand for the red metal.
European copper prices
reached
new high levels when the
range became 9.15c. to
9.20c. per pound c.i.f.
European ports.
There were predic¬
tions that the price will soon reach
Domestic sales
the total
Only
so
few
are
reported
as
far for the month
934c. per pound there.
holding up fairly well, with
approximating
13,000 tons.
days of the month remain in which to make
sales, and it may be that sales of 16,000 tons in May will
not be passed in June.
However, a good record of shipments
for the month is expected.
Consumption of copper is of
a
^course
more
several
times
the
price holds well at 934c.
volume
per
of
sales.
The
pound, and there
domestic
are no
signs
Volume
Financial
142
Neither are any sales of second
being reported at under the producer price.
of weakness.
hand copper
________
~
Tin—The
outstanding
development was
action of the International Tin Committee at
the surprising
Paris in raising
the tin export quota 5 points to 90% for the third quarter.
This was quite an upset to general expectations and
caused
pound in the American tin
price.
It is expected, however, that American tin con¬
sumers will welcome the raise in the quota as it is believed
that the total world stocks of tin of 17,000 to 18,000 tons are
too small for an adequate and flexible supply, particularly
when American tin plate producers have been operating at
full capacity.
The London Metal Exchange also showed
a precipitous drop in prices on the unexpected news from
Paris.
The decline at London forced the American price
down to 41 Mc., which was reached one time last week.
Tin
arrivals so far this month have been: Atlantic ports, 5,156
tons; Pacific ports, 145 tons.
Tin afloat to the United
States is 7,080 tons.
A net rise of 40 tons in Commodity
Exchange warehouse stocks brought the total of 1,090 tons,
5 tons of Tulip tin having been withdrawn and 45 tons of
Katanga tin added.
abrupt decline of
an
lc.
per
with
There is
Lead—Business in this metal continues very slow,
this
week
much,
the
third
conjecture
as
week
of
very
light
sales.
to what is causing this backwardness on
to meet their July requirements.
75% of July needs are yet to be bought by consumers,
and with prices holding firm and the tone of the lead market
fairly strong, there is nothing in the situation that warrants
this waiting attitude on the part of consumers.
It is hard
to see how the demand from this source can hold off much
the
part
of
consumers
About
longer.
Zinc—Although business s not of large volume, prices for
are holding steady at 4.85c. per pound, East St. Loijiis.
The domestic trade is watching closely the action of the Lon¬
don Metal Exchange, viewing with satisfacton the slight
rise in prices recently.
A decided rise at London might yet
bring about the advance to 5c. in the American market,
which has appeared a potential price for many months.
According to a report from Pittsburgh, galvanized sheet pro¬
duction is at 54% of capacity, which is 10 points higher than
a year ago at this time.
The average rate of operations for
the steel industry as a whole is 70%.
zinc
Steel—For the fourth consecutive week steel operations
continued to gain,
the rate being estimated at 70.2% of
gain of 0.2 points oyer the previous
week.
This compares with 37.7% of capacity for the corre¬
sponding week last year.
There has been somqrather serious
talk of impending strikes in the steel industry, but as yet the
indications are not quite definite and may likely disappear
is an overshadowing influence.
Outside of this considera¬
tion prospects continue favorable for further increases in
steel activity.
The brisk business in steel is justified from,
the standpoint of the rate of consumption in several lines of
industry.
The farm tractor industry is operating at full
capacity, thus justifying the large steel purchases by that
industry.
Automobile production is brisk in view of the
contemplated good sales as the result of the payment of the
soldiers' bonus.
The railroads are of course buying large1
capacity, which is
a
tonnages because they need the steel, with freight car pur¬
chasing just now better than buying of steel rails.
An active
construction industry is taking large quantities of fabricated
structural steel.
Tin plate production is at full capacity
because of prospects for good consumption in the packing of
foodstuffs and packaging of beer and oil.
Predictions are
being freely made that 1936 tin plate production will set a
new high record.
Iron and steel jobbers in the New York
district report excellent sales, holding up fully to the volume
of May, which was an unusually brisk month.
Pig Iron—Sales last week were the best for the year to
approximating 3,600 tons.
Notwithstanding this
unusual showing, business was reported as spotty.
The
movement of pig iron by inland waterways is heavy just
now, particularly from Buffalo east on the New York State
barge canal. It is probable that the largest tonnage will be
shipped by that route in years.
No price changes in iron
and steel scrap have been reported so far this week, and the
steadiness prevailing is expected to help pig iron.
Some ob¬
servers expect the increasing volume of business to continue
another week, and this showing is regarded as most unusual
at this particular time of the year when seasonal declines
are in order.
Some are predicting that pig iron prices will
be advanced for fourth quarter shipment. There are a number
of reasons given to back up this prediction, chief of which
are the good current business and prospects for a large con¬
sumption during the summer.
It was further pointed out
that steel prices were marked higher for the third quarter
without a compensating rise for pig iron.
A reported inquiry
for 4,000 tons of iron in this district has been verified and is
not steel-making iron, as first supposed, but foundry and
malleable and other miscellaneous grades.
The iron is to be
4365
Chronicle
88c., at which price spinners and top makers seem,unable to
adjust themselves one to the other, or to obtain sizable
business.
Further, there does not seem to be any definite
upward tendency to the goods market.
These are con¬
siderations not being lost sight of by the generality of dealers.
A basic price for new clip wool is in process of being es¬
tablished, and apparently will not exceed 88c. for the best
original bag material. Prices being paid by the mills range
from 83c. to 87c., depending on the length of staple and
general character of the wool.
Growers in various parts of
the country are receiving prices in the grease in line ap¬
proximately with the sales of such wool to the consumer
within the scoured range indicated. Some business is passing
also in medium fleece wools which are now quoted at the
top of the year.
Good delaine can hardly be purchased
below 90c. scoured basis.
Texas wools are very firm, selling
to consumers at from 85c. for average up to 88c. for choice
12 months wool, but no zest is shown by consumers in
acquiring wool at these prices.
So far as supplies are con¬
cerned, domestic wools are increasing sharply and foreign
apparel wools declining considerably.
Silk—On the 22d inst. futures closed 7% to 9c.
Transactions totaled 1,600 bales.
silk
advanced
3c.
higher.
Spot crack double extra
Japanese cables reported
$1.65^.
in Yokohama and Kobe, a gain of
17H and 15 yen, respectively.
Bourse quotations rose 9 to
26 yen in Yokohama and 9 to 28 yen in Kobe.
to
Grade D up to 700 yen
Cash
both
sales for
Bourses
500 bales
were
and trans¬
actions in futures totaled
8,600 bales.
Yen exchange was
easier.
Local closing: June, 1.69; July, 1.63^; Aug., 1.60;
Sept., 1.603^; Oct., 1.583^; Nov., 1.58^6; Dec., 1.58.
On
the 23d inst. futures closed unchanged to
l^c. lower, with
the exception of August, which was 2c. higher.
Trans¬
actions totaled 1,330 bales.
Spot crack double extra ad¬
vanced
5He. to $1.71.
Japanese cables were strong.
Grade D rose 22H to 25 yen, with Yokohama registering
722 y yen and Kobe 725 yen for this grade.
Quotations on
the Yokohama Bourse advanced 21 to 29 yen,
Kobe Bourse the advance was 17 to 29 yen.
and on the
Total sales
for both centres were 16,200 bales of futures contracts.
Cash
sales were 925 bales.
Local closing: June, 1.69; July, 1.623^;
Aug., 1.62; Sept., 1.603^; Oct., 1.58; Nov., 1.573^; Dec.,
1.57^.
On the 24th inst. futures closed 134>c. lower to lc.
higher.
Transactions totaled 930 bales.
Spot declined lc.
to $1.70.
Japanese cables reported Grade D 5 yen lower
in Kobe and unchanged in Yokohama.
This made the
price at the Kobe centre 720 yen, and at Yokoham 722 3^ yen.
Bourse quotations were 13 to 18 yen lower at Kohe, and
3 to 14 yen lower at Yokohama.
Cash sales for both Bourses
were 650 bales,
while futures totaled 8,350 bales.
Local
closing: June, 1.69K; July, 1.633^; Aug., 1.603^; Sept.,
1.60; Oct., 1.58; Nov., 1.57^; Dec., 1.57^.
On the 25th inst. futures closed unchanged to 1 cent
higher, with the exception of September, which was y cent
lower.
Sales totaled 750 bales.
Spot declined 2 cents to
$1.68.
Japanese cables reported easiness in Japan.
Grade
D lost 7}/2 yen in Yokohama, and 10 yen in Kobe, which
which made the price 715 yen at Yokohama, and 710 yen
at Kobe.
On the Yokohama Bourse prices were down 2 to
15 yen, and at Kobe prices were off 2 to 14 yen.
Cash sales
for both pentres were 725 bales, and futures transactions
totaled 7,575 bales.
Local closing: July 1.64; Aug. 1.60 3^6;
Sept. 1.593^; Oct. 1.58K; Nov. 1.583^; Dec. 1.583^.
To¬
day futures closed 1 to 13^ points down, with sales of 124
contracts.
The price of crack double extra silk in the New
York spot market declined 1 cent to $1.67.
Certificated
stocks in warehouses licensed by the exchange increased by
30
bales
to
a
total of 530 bales.
The Yokohama Bourse
closed 3 to 9 points lower, while grade D
market declined 123^ yen to 70236 yen a
silk in the outside
bale.
Local clos¬
ing: July 1.63; Sept. 1.60; Oct. 1.5836; Nov. 1.573£; Dec.
1.57; Jan. 1.57; Feb. 1.57.
,,
.
date,
COTTON
Friday Night, June 26, 1936.
The
as indicated by our tele¬
from the £>@uth tonight, is given below.
For the
week ending this evening the total receipts have reached
21,698 bales, against 39,972 bales last week and 47,072
bales the previous week, making the total receipts since
Aug. 1, 1935, 6,663,679 bales, against 3,995,078 bales for
the same period of 1934-35,
showing an increase since
Aug. 1, 1935, of 2,668,601 bales.
*
more
caution in
Tues.
Wed.
1,105
159
230
-
-
398
-
3,576
—
371
184
1,636
133
Savannah
•
_
—
..
-
—
2,278
2,476
398
2,193
1,935
1,420
1,149
12,019
322
1,746
292
300
57
1,250
509
229
157
5
1,207
60
526
279
MobileCharleston
121
90
177
—
Total
Fri.
Thurs.
7
199
Houston
Corpus Christi__
New Orleans
174
285
-
181
'
Lake Charles
-
Wilmington
-
Totals this week.
said to be exercising
Crop,
475
Co.
are
Mon.
Sat.
Receipts at—
Galveston
Norfolk-
Wool—Dealers
the
grams
purchased in one lot, but to be distributed among several
plants, the inquirer presumably being the General Electric
dickering for wool in the West and Southwest, as well as
in the fleece States.
Original bag wool has now run up]jo
of
Movement
-_
„
—
^
—
-
_
M
189
—
—
—
13
—
1
30
27
2
227
13
18
21
308
781
•
729
Baltimore
The
1
4,811
3,965
3,400
2,766
2,410
729
4,346
21,698
following table shows the week's total receipts, the
1935 and stocks to-night, compared with
total since Aug. 1
last year:
4366
Financial
Chronicle
to
1935-36
1934-35
Stock
,
June
26
This
Week
Galveston
Corpus Christi
398
—
543
906,611
6
62,891
2,624 1,076,014
26
274,938
4,693
4,176 1,034,494
271,924
38,052
Beaumont
12,019 1,784,139
Orleans
Gulfport
MobUe——ii.-—
Since Aug
1 1934
Week
2.278 1,558,480
44,483
2,476 1,721,801
Texas City.
Houston
New
This
Since Aug
1 1935
1935
412,159
2,061
263,753
29,141
28,139
337,043
358,167
259,181
4,025
399,371
34,870
768
391,212
"149
132",417
102",100
60,352
100
1,207
165,207
3,693
313,807
"233
79,460
6,878
115,567
6,737
2,237
170,738
2,962
82,665
214",196
"209
55,860
23,282
45,391
"387
_
Savannah
Brunswick
9,770
459
526
13
21
Wilmington
781
Norfolk
136
"ll7
32*. 152
21,698 6,663,679
19,092
1,393
1,820
27,157
1,556
8,706 3,995,078 1,443,690 1,293,897
be made with other years,
give below the totals at leading ports for six seasons:
1935-36
Receipts atGalveston—-
1934-35
2,278
2,476
12,019
Houston
Orleans.
1933-34
543
2,624
4,176
Mobile
1,250
149
Savannah
1,207
1932-33
16,614
8,732
17,434
7,262
2,381
233
Brunswick
1931-32
1930-31
8,631
16,705
24,551
7,727
4,097
5,848
3,296
17,494
7,033
4,235
"""629
2,022
4,214
3,556
1,972
2,555
10
"""526
""209
1,460
"6,724
21
387
487
1,307
407
620
781
136
496
800
251
366
"Y.iio
""249
"4", 178
"5",412
"5,475
l"l06
21,698
Charleston
8,706
59,054
75,954
44,758
17,602
Wilmington-.
Norfolk
1,191
Newport News
All others
Total this wk-
Since Aug 1-- 6,663,679 3.995,078 7,242,221 8,481,437 9,599,467
8,435,154
for the week ending this evening reach a
bales, of which 4,439 were to Great Britain,
2,441 to France, 7,788 to Germany, 4,915 to Italy, 8,594
to Japan, 1,393 to China, and 5,184 to other destinations.
In the corresponding week last year total
exports were
72,946 bales.
For the season to date aggregate exports
have been 5,821,032 bales, against 4,583,170 bales in the
same period of the
previous season.
Below are the exports
exports
total of 34,754
for the week:
Week Ended
Exported to—
June 26, 1936
Exports from—
Great
Italy
many
Galveston
2,218
China
Japan
680
2,266
Other
Total
776
1,824
1,574
1,038
977
592
417
2,174
6,772
632
Houston
3,165
3,257
4,130
200
670
12,054
300
4,396
"210
2,571
New Orleans
3" 930
Mobile
166
Charleston
7,764
597
"122
*135
100
400
4,439
2,441
7,788
Angeles
San Francisco—
Total
597
204
361
Norfolk
461
L500
26
106
Total
1935
9,933
8,874
1934
18,697
3,051
4,915
16,153
From,
6
8,594
14,244
648
139
5,184
1,393
5,527 #3,971
2,984 $59,473
10,457
Total
34,754
13,536
72,946
9,120 123,722
June 26, 1936
Exports from,—
Great
j
Britain
Galveston
178,131 150,396
283,648 149,160
62,948 55,418
Houston
Corpus Christi.
Ger-
|
prance
Texas City
Orleans..
ake Charles..
5,455
Mobile
9,388
126,004
2,192
83,932
Jacksonville-
&c_
Savannah
2*233
111,701
Charleston
31,849
150,129
China
Japan
208,896 87,270
210,412 116,499
31,682 20,188
442,424
457,389
71,178
2,109
965
745
336
150
200
161,535 119,442
7,477
3,931
52,251 23,982
1,171
3*444
39,117
40,757
5,497
31,845
1~506
4,051
226*,238
916
301,332 282,416
Italy
many
250
7*833
Beaumont
Wilmington
3,850
Norfolk
3,752
1,803
14,654
Gulfport..
3,875
2,721
50
1,441
4,627
5,387
210
3,062
36,423
16~024
10,500
Other
188,668
300
9,701
22,480
792
York:
Boston
Total
13,007 250,,822 1330,946
14,756 316,,482 1548,346
1,078 48,,297 290,789
6,838
2,,769
1,,246
10,681
8,984 225,,283 1325,230
42,665
13,,352
3,750 28,,400 302,659
50
3,413
3,,659 148,409
11,,128 179,583
6,,694
2,622
1,086
,185
7,376
2*897
390
1,700
"""213
""%
33,509
14,910
5,452
314
77
14,313
872
15,258
530
16,919
"457
Baltimore
Philadelphia
457
552
San
Francisco
___
.
8,188
318
284,395
58,773
35,478
3,506
250
194,180
733
70,779
315
Angeles
315
Seattle
Total
1372,064 700,850
852,251387,641 1527,576
381,224) 413,241)468,492
41,575 939,075 5821,032
Total
1934-35.
Total
1933-34. 1251,283 732,2691373,308 651,588
1793,222 321,1411015181 7137,992
758,426
1543,482 108,474 909,831 4583,170
In addition to above exports, our
telegrams to-night also
give us the following amounts of cotton pn shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
(J/L
Leaving
Great
Ger¬
Britain
Galveston
Houston
New Orleans
__
France
9,200
4,399
5,583
Savannah
Other
Coats-
many
Foreign
wise
the
bullish
20th
inst. prices closed 9 to 17 points
higher.
moderately active.
On this advance prices
moved into new high ground for the movement.
Demand
came principally from the
trade, though outside or speculative
interest was quite in evidence.
The general upward swing
of prices for some time past, and
increasingly strong sta¬
tistical position together with the gradual withdrawal of
was
Government
1,500
2,100
3",360
1,098
663
500
6,000
6,334
5,733
1,000
258
300
Slock
Total
19,800
11,654
15,774
.800
4
5", 333
Mobile
""82
""12
5,427
Norfolk—
Total 1936--
25,015
5,574
4,942
4,161
7,680
Total 1934
6.822
1,300
6,572
6,791
Speculation
In
392,359
252,099
321,269
169,938
29,618
96,673
28,938
99,337
Other ports
Total 1935
in
spite
cotton
of
for
temporary
18,079
38,839
1,262
75,096
1,500
future
from
the
market—were
factors
not
lost
exerted much influence in the futures market.
Trade price
fixing of late has been on a rather large scale.
In the early
dealings July led the advance.
Later, strength became
more
pronounced in the later deliveries.
There was con¬
siderable evening up in the form of
profit-taking over the
week end.
Some hedge selling was also in evidence.
All
offerings, however, appeared to be well absorbed, and prices
closed at Or near the high levels of the
day.
Average price
of middling based on the ten designated
spot markets on
Saturday was 12.28c.
On the 22d inst. prices closed 6 to
9 points higher.
At one time futures showed a maximum
high for the day of 10 to 15 points, or 22 to 24 points above
the day's lows.
On the relatively weak cables from Liver¬
pool, sentiment here appeared to be adversely affected, and
quite a little profit-taking took place.
The selling came
from both 1 domestic and foreign sources,
especially the
Continent and Liverpool.
After this selling had spent
itself, the market recovered slowly.
Wall Street and com¬
mission house buying was in evidence.
The resistance the
market showed to early pressure caused
many shorts to
cover.
However, after prices had shown rather substantial
gains, fresh selling developed in the form of profit-taking,
and prices fell off several points, but the close showed
appreciable gains over last night's finals.
The firm spot
situation is looked upon by most observers as the chief sus¬
taining influence in the market.
The weather influence for
the time being is just
secondary.
Average price of middling
based on the ten designated spot markets was
12.37c.,
compared with 12.88c. Saturday.
On the 23d inst. prices
closed 12 to 15c. lower.
These declines were brought about
largely by selling from local professionals and New Orleans
a
result of beneficial rains in many
sections of the cotton
Trade, interests and wire houses
bought moderately on the scale down, but the demand lacked
the vigor that characterized the
buying of recent days.
The
July delivery ended at 12.18c., off 13 points.
Detailed
weather reports showed showers in
Oklahoma, Arkansas,
Mississippi and Alabama districts, which were considered
belt where most needed.
beneficial.
Portions
of
the
Carolinas
also
had
fair
rains.
Notwithstanding these bearish weather reports there was
no
evidence of aggressive selling at any time
during the
session.
Average price of middling based on the ten desig¬
nated
markets was 12.23c., compared with 12.37c.
On the 24th inst. prices closed 12 points down to
4 points up.
Trading was less active with prices irregular.
The feature of the trading was the weakness of the
July
delivery, which fell to 12.01c. in the local market and 12c.
in New Orleans.
This represented a loss of 17
points.
The
selling of this contract came from prominent spot houses
spot
and New Orleans operators and some local traders.
day
Thurs¬
first notice day for the position, and this, of course,
responsible in large measure for the rather heavy pressure
of offerings against this
delivery.
Total certificated stocks
were reported at
14,642 bales.
Spot houses stated that the
spot situation is just as acute as it has been at any time.
The demand is there, but
offerings are scarce.
It was stated
there was nothing in the situation to warrant the weakness
displayed in the July delivery.
Wednesday's weather map
showed general showers in the eastern belt and
light and
was
was
scattered showers
at a few Central belt
points apd south
Average price of middling based on the ten desig¬
nated spot markets was
12.13c., compared with 12.23c.
Tuesday.
Texas.
On the 25tli inst. prices closed 9 to 10
points up.
continued
ness
Trading
fairly active, with the major portion of the busi¬
July, October and December positions.
confined to the
This session
was
first
notice day for
at
New Orleans.
14
regular and two job notices
market
pressure
There
showed
were
such
no
July, both here and
tenders in New York, but
were
issued in New Orleans.
resistance
to the rather heavy
in the early day's trading that shorts became ap¬
prehensive and general covering of this element got under
As a result prices responded readily, and at the
way.
Cnarleston
active.
the
Trading
The
On
wUuv
crop
Monday.
Exported to—
Aug. 1, 1935, to
Los
of
considerations.
as
Ger¬
Britain France
New
also
were
strength and activity
factors counted among
"7",166
In order that comparison may
Pensacola,
The
the
499
"729
Baltimore
New
underlying
bullish
sight of by the speculative element, and outside interest is
expected to broaden as time goes on.
Marked improvement
in the goods market, with sharply increased volume has
Boston
Los
continued
8,189
17,820
Philadelphia
The
influences the
and
26",550
N'port News, &c_
New
situation
reports.
markets
goods
spot
29,622
12,449
13,929
28,938
144,395
57,220
18,587
53,297
New York
we
the
'"2",325
CharlestonLake Charles
5
having as their chief
of
weather
and
1936
1,250
Pensacola
Jacksonville
climb,
strength
Receipts to
June 27, 1936
957
53,459 1,390,231
59,622 1,234,275
91,509 2,425,050
delivery was quite
setbacks, prices continued
close the
new
months were up 15 to 17 points from
sharp recovery in July reflects the exist¬
ing tight spot situation.
Trade interests, Wall Street and
wire houses were buyers on the scale down.
Liverpool
their lows.
crop
The
and
the Far East were
conspicuous on the selling side.
Average price of middling, based on the 10 designated spot
markets, Thursday, was 12.23c.
Today prices closed 17 points up on the July option
and 8 to 10
points up
the rest of the list.
Wall Street,
conspicuous on the buying
displayed throughout most of the session
on
Liverpool and the Continent
side.
The strength
were
Volume
Financial
142
4367
Chronicle
spot situation. The action
of the July option reflected
this, advancing, as it did,
twice as much, almost, as the rest of the list.
There was
some
scattered profit-taking and hedging, selling coming
principally from spot houses and the South and local pro¬
today was ascribed to the strong
traders!
fessional
news,
lying
was
the
nothing spectacular in
seemingly based on the under¬
strength of the spot situation and increasingly strong
the whole movement
Staple
Premiums
grades established
July 2 1936
are
the average quotations of the ten
markets designated by the Secretary of
Agriculture.
July 2 1936
15-16
1-Inch &
Inch
longer
.28
.54
.28
.54
.28
.51
.28
.44
.21
Good Middling.......
.54
.23
.37
.28
.54
.28
.54
.28
.54
.23
.44
.21
.37
.22
.43
.22
.43
.17
Mid.
74 on
.64
.55
Strict Middling
.39
Middling
do
Basis
Strict Low Middling
do
57 oft
Low Middling...
do
130
♦Strict Good Ordinary..
do
2 05
♦Good Ordinary
do
2.58
Good Middling
Extra White..
.55 on
Strict Middling
do
do
-39
Middling.......
do do .....
—
.02
Strict Low Middling
do
do
.55 off
Low Middling
do do
1.27
Good Middling
Spotted
.16 on
Strict Middling.......
do
09 off
Middling
do
57 off
♦Strict Low Middling
do
1.30
♦Low Middling
do
2.05
Strict Good Middling..Yellow Tinged..
.06 off
Good Middling.......
do
do
.....
.40 off
White
Middling Fair
Strict Good Middling.,
$4
28
.36
do
do
do
do
do
do
do
Mid.
do
do
do
do
do
.......
do
....
do
.32
.15
.32
.15
.32
do
do
do
do
.60
do do
.....
130
♦Strict Low Middling
do
do
2.04
♦Low Middling
....
dp do
2.55
Good Middling.
Light Yellow Stained. .66 off
♦Strict Middling
do
do
do
...1.30
♦Middling
do
do
do
1.96
Good Middling
Yellow Stained
1.30 off
♦Strict Middling
do
do
1.88
...
.15
.31
.15
.31
.15
.31
♦Middling
Good Middling
.15
.31
Strict Middling
do
do
do
♦Middling
do
do
Futures—The
450,000
860,000
926,000
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Sat.
12.32
Mon.
12.41
12.16
12.28
lowest and closing prices
week have been as follows:
highest,
Saturday
Monday
Tuesday
June 20
June 22
June 24
above, totals of American
American—
247,000
Bremen stock
Havre stock....
Other Continental stock
American afloat for Europe
199,000
35,000
136,000
79,000
95,000
204,000
360,000
352,000
44,000
144,000
117,000
108,000
166,000
bales.
Liverpool stock
Manchester stock
46,000
64,000
861,000
321,000
729,000
127,000
.1.443,690 1,293,897 2,516,559 3,454,151
1,424,612' 1,201,295 1,236,729 1,343,684
10,652
10,297
32,259
25,475
U. S. ports stock.
U. S. interior stock
3,704,954 3,253,489 5,039,547
67429,310
388,000
534,000
318,000
72,000
56,000
59,000
52,000
37,000
15,000
80,000
73,000
128,000 t' 105,000
59,000
177,000
170,000
821,000
358,000
Total East
43,000
131,000
65,000
73,000
154,000
143,000
163,000
285,000
739,000 1,097,000
117,000
97,000
377,000
895,000
..1,902,000 1,745,000 2,322,000 1,912,000
3,704,954 3,253,489 5,039,547 6,429,310
India, &c
Total American
4,998,489 7,361,547 8,341,310
6.85d.
6.84d.
6.38d.
12.20c.
12.35c.
10.15c.
8.33d.
8.95d.
9.17d.
5.93d.
5.26cl.
5.50d.
Total visible supply
5,606,954
Middling uplands, Liverpool
7.18d,
Middling uplands, New York
12.43c.
Egypt, good Sakel, Liverpool
9.55d.
Broach, fine, Liverpool
r_
5.72d.
Peruvian Tanguis, g'd fair, L'pool
7.93d.
C.P.Oomra No. 1 staple, s'fine.Liv
5.80d.
for past week have been 101,000 bales.
for 1936 show a decrease from last
week of 121,996 bales, a gain of 608,465 bales over 1935, a
decrease of 1,754,593 bales from 1934, and a decrease of
2,734,356 bales from 1933.
Continental imports
The above figures
at
At
the
the
Towns
Interior
the
movement—that is,
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
Thursday
Friday
June 25
Wednesday
June 23
1,851,000 1,711,000
73,000
117,000
127,000
321,000
143,000
97,000
285,000
877,000
1,097,000
895,000
2,516,559 3,454,151
1,236,729 1,343,684
32,259
25,475
5,606,954 4,998,489 7,361,547 8,341,310
and other descriptions are as follows:
Total visible supply.
Of the
107,000
105,000
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
12.43
12.26
1,266,000 1,128,000
128,000
105,000
American cotton afloat for Europe
166,000
204,000
Egypt, Brazil,&c.,afl't for Europe
177,000
154,000
Stock in Alexandria, Egypt
170,000
163,000
Stock in Bombay, India
821,000
739,000
Stock in U. S. ports
1,443,690 1,293,897
Stock in U. S. interior towns1,424,612 1,201,295
U. S. exports today
10,652
10,297
Other Continental stock
Fri.
Wed. Thurs.
Tues.
__
9i,000
Indian afloat for Europe
the
quotation for middling upland cotton in
market each day for the past week has been:
New York for the past
545,000
Stock at Rotterdam
Havre stock
do
do
do
do
do
do
do
do
do
The official
—
785,000
520,000
195,000
21,000
81,000
99,000
Bremen stock
•Not deliverable on future contract.
June 20 to June 26—
991,000
464,000
217,000
23,000
77,000
59,000
12,000
8,000
Manchester stock
do
.48 off
74
1 26
1.27 off
1.88
2.39
do
BlueStained
♦Strict Middling
New York
678,000
188,000
94,000
22,000
65,000
48,000
23,000
10,000
Total American
do
do
do
do
2.43
do
Gray
do
♦Middling
♦Good Middling
Middling upland
721,000
203,000
154,000
13,000
72,000
83,000
11,000
9,000
Total Great Britain
East Indian, Brazil, &c.—
Liverpool stock
do
do
do
do
do
do
do
Strict Middling...
♦Middling
878,000
U. S. exports today
do
...
.15
886,000
Stock at Havre
1935
Total European stocks
India cotton afloat for Europe
for deliveries on contract to
for deliveries on
1933
587,000
Total Continental stocks
Differences between
of average of
markets quoting
60%
;
Stock at Bremen
of cotton.
position
statistical
six
There
Stock at Liverpool
Stock at Manchester
1934
1936 "
bales.
605,000
,116,000
June 26—
June 26
corresponding period of the previous year—is set out
in
detail below:
/nnc(1936)
Range.
12.18a
11.31a
11.22ra
Closing
;96-12.17 12.21-12.50
Range.. 12.18-12.24 12.13-12.37 12.18-12.33 12.01-12.
12.31-12.33 12.18-12.20 12.0612.22 —
Closing
Ship-
Week
Closing
12.17»
12.26a
12.13a
12.01a
12.11a
11.98a
12.03 a
11.89a
11.88a
11.98a
12.28a
.
12.08a
^
1
58,915
15,567
82,884
85,709
109,782
27,495
36,935
31,826
19,359
163,506
31,264
114,889
34,468
24,336
Oct.—
11.42-11.59 11.63-11.79
Range.. 11.49-11.61 11.46-11.68 11.48-11.66 11.45-11.53
11.48-11.50 11.58-11.59 11.68
Closing. 11.58-11.59 11.63-11.65 11.49-11.50
Nov.—
14
66,126
Atlanta
2,161
304,401
1,216
185,561
46,689
54,657
15,448
Eufaula
9
Montgomery.
12.09-12.09
Range..
1
V
Selma
13
1
Ark., Blythville
Forest City..
Helena
2
•
-
-
-
-
Hope
Range..
Closing
.
11.46a
11.60a
11.54a
11.57a
11.47a
Jonesboro
11.66a
Little Rock..
Dec.—
11.38-11.50 11.41-11.56 11.62-11.72
Range.. 11.40-11.54 11.40-11.63 11.41-11.59
11.64
11.56 —
11.50-11.52 11.57-11.59 11.42-11.44 11.46 —
Closing
.
J<m.(1937)
11.39-11.51 11.41-11.56 11.62-11.70
Range.. 11.39-11.53 11.38-11.61 11.42-11.57
11.64-11.65
11.56 —
11.47 —
11.43 —
11.57a
Closing. 11.51 —
Feb.—
Range..
Closing
_
11.44a
11.57a
11.51a
11.56a
11.47a
.
11.52
11.46
11.58
—
231
2
3
Walnut Ridge
Ga., Albany...
Athens
400
96
Macon
11.41-11.52 11.41-11.57 11.63-11.72
Range.. 11.41-11.54 11.39-11.62 11.46-11.61
Closing
218
Newport
Pine Bluff—.
Columbus
11.64a
Mar.—
—
11.57
11.65
Rome
La., Shreveport
4
Miss.Clarksdale
11.48
April—
442
Columbus
Range—
Closing
.
11.59a
11.49a
Greenwood..
11.67a
286
Jackson
11.49a
11.61a
11.54a
May—
202
71,436
126,173
41,510
178,606
58,163
Mo., St. Louis.
3,996
8,795
31,564
37,807
230,719
.
N,C.,Gr'nsboro
279
.
Season
11.52
11.64
11.57
11.51-11.52 11.61
11.70
Natchez
.......
Vicksburg—
Yazoo City..
3
15 towns *-..
Nominal.
Range of future prices at New York for week ending
June 26 1936 and since trading began on each option:
S.C., Greenville
Tenn., Mem phis
Texas, Abilene.
Austin
Range
Rangefor Week
Since Beginning of Option
Dallas
Paris
June
1936.. 11.96
10.58
1936..
July
Sept. 30 1935 11.38 Oct.
8 1935
Robstown
June 26 10.21
Jan.
9 1936 12.50
June 26 1936
10.39
Jan.
9 1936 11.55
Nov. 25 1935
Texarkana
10.42 Sept.
Sept. 1936- 12.09 June 26 12.09 June 26
9.80 Jan.
Oct. 1936.. 11.42 June 25 11.79 June 26
3 1935 12.09
June 26 1935
Waco
11.79
3 1936 10.35
May 22 1936
9 1936 11.72
4,020
1
934
172
11,069
55,733
55,033
70,048
131
8,997
1
5,392
8
24,052
200
1
44,324
80
17,878
35,975
125
123,429
1,057
78,585
949 ,
9,143
3
27,704
310
17,391
536
18
47,235
120
12,670
49
29,182
322
3
28,085
107
19,117
24,400
110
86,695
2,182
7,396
16,279
9,860
45,559
13,959
35,445
6
11,735
943
1,001
23
17,109
80,193
24,873
-
262
•
-
-
-
439
3
240
18
4,633
14,410
625
78,299
1,312
101,903
29,900
14,385
19,258
16,120
36,275
5,984 122,185
3,454106,579
200 33,550
586 35,888
400
.
450
981
1,147
300
593
22,134
15,815
4,118
21,796
4,156
454
„
4,333
194
57,720
134,198
23,527
137,474
25,277
3,920
22,311
28,417
200,851
4,525
104
241,069
1,588
129,659
565
40
427
11,034
8,978
1,678
3,194
2,457
2,758
2,274
1,538
1,190
370
109
556
383
1,074 90,045
387,495
4,238 44,452
164,938
1,689
13,867 2,024,833 30,458 442,470
133
1
1,245
54,778
13
600
18,553
251
12
3,161
12,193
371
114
4,498
58,266
224
3,668
34,696
6
2
1,036
10,529
182
5,894
155
6,972
24,918
66
3
2,890
80,121
242
'
•
•
5
10
2
59
7,7181,409,277
24,007
21,215
•
-
-
-
-
555
5
42,064
14,297
25,340
11,098
48
3,732
1,740
2,603
1,276
23,990
48,005
500
151
270
«
-
-
-
800
684
2,122
892
393
14
201
92,188
11,761
14,951
21,223
20,969
26,459
13,230
32,691
11,252
4,189
4,322
12,371
4,719
632
594
4,215
286 106,618
2,683 41,888
13,142 338,195
8,054
17
2,378
«
~
-
11
15,256
37
7
47,736
70
5,974
10
35,760
60
11,082
6,748
-
16,773
26,948
57,543
......
4,429
1,335
3,434
June 26 1936
Mar.
28
101
21,610
_
Brenham
Option for—
June
124
Oklahoma—
.
June—
Closing
|
Stocks
Week
35,301
740
9,090
.
11.46-11.55 11.44-11.62 11.67-11.77
Range.. 11.44-11.58 11.45-11.67 11.52-11.66
Closing
a
235
Ala., Birming'm
Sept.—
Closing
Week
•r^
Augusta
_
26
7
Range..
Range
Season
28, 1935
Ship¬
ments
June
Week
f*Yt
.
Aug.—
Receipts
Stocks
/ O
YfMSTWo
Receipts
Towns
12.16-12.17 12.33-12.34
Movement to June
1936
Movement to June 26,
July—
June 26 1936
June 25 12.50
Aug. 1936—
10.12
Nov. 1936..
Jan.
1936.. 11.38 June 24 11.72
1937- 11.38 June 22 11.70
Feb.
June 26
9.76 Jan.
June 26
9.94 Feb.
9 1936
1937-
Dec.
Mar. 1937- 11.39
June 22 11.72
April 1937May
1937- 11.44 June 20
The
Visible
25 1936 11.70 June 26 1936
June 26 10.20 Mar. 27 1936 li:72 June 26 1936
11777 June*26 16:48 June" 1~1936
Supply of
11.77 June 26 1936
Cotton to-night, as made up
by cable and telegraph, is as follows.
well as afloat are this week's returns,
Foreign stocks
as
and consequently
figures are brought down to Thursday evening.
make the total show the complete figures for to-night
all foreign
To
(Friday) we add the item of exports
Friday only.
for
from the United States,
San Antonio.
—
1
206
228
15,051
71
8,450
Total, 56 towns
♦
Includes the combined
totals of 15 towns in Oklahoma.
the interior stocks have
40,750 bales and are to-night
223,317 bales more than at the same period last year. The
receipts at all the towns have been 6,821 bales more than
The
above
decreased
totals
show
that
during the week
the same week last year.
Market and Sales at New
York
the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
The total sales of cotton on
4368
Financial
which show at
closed
:
;
■
glance how the market for spot and futures
days.
a
on same
•
Futures
•
,
Spot Market
SALES
Market
Closed
Closed
Saturday
Monday
Tuesday
Steady, 9 pts. adv..
Steady, 9 pts. adv„_
Quiet, 13 pts. dec—
Wednesday. Quiet, 12 pts. dec
Thursday
Steady, 10 pts. adv.
Friday
Steady, 17 pts. adv.
Contr 'ct
Spot
Steady
Steady
Steady—
Steady.
Steady
Steady
1
1
1
1
1
I
1
1
1
1
1
1
r
1
1
1
1
1
I
1
1
1
1936—The
1I I i1•1 111 1t
t1
f
I
32:000
1
i
Total week.
58~619
i
-i
90:619
New York Quotations for 32 Years
The
quotations for
middling upland at New York on
June 26 for each of the past 32 years have been as follows:
1936
12.43c.
1928
1935
1934
11.95c.
12.45c.
10.45c.
5.30c.
10.35c.
13.80c.
18.55c.
1927
1926
1933
1932
1931
1930
1929
22.50c. 11920
16.85c. 11919
38.25c. 11912
18.70c. 11918
32.00c.
1910
15.10c.
27.15c.
1909
11.80c.
11917
1925
24.45c.
1924
30.50c. 11916
28.25c. 1915
21.50c. 1914
11.20c. 1913
1923
1922
1921
11.60c.
34.95c. 11911
-
14.75c.
13.30c.
9.45c.
1908
11.60c.
1907
13.25c.
1906
12.40c.
1905
12.90c.
10.80c.
9.30c.
Overland Movement for the Week and Since
Aug. 1—
We give below a statement
showing the overland movement
for the week and since Aug.
1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1935-36
June 26—
1934-35-
Since
Week
4,156
Via Virginia points
Via other routes, &c
3,946
2,139
Aug. 1
228,094
82,709
3,576
11,339
196,600
617,765
11,981
729
218
1,740
__
Total gross overland
Deduct
_
Week
Aug. 1
212,167
4,719
700
to N.
Y., Boston, &c
J
83.3
February, 111.9 for January, 103.8 for December
for May, 1935.
The average number of active
spindle hours
hours
per
the following statement:
Active Spindle Hours
Spinning Spindles
28,484,352
22,828,888
6,893,604,077
242
Cotton growing States
All other States.
16,857,592
5.281,598
689,698
5,346,810,326
1,389,796,276
156,997,475
279
8,416
19,142,574
8,329,398
1,012,380
Alabama
1,653,344
529,454,775
121,793,452
948,382,024
168,074,958
772,484,864
44,724,761
105,790,387
61,478,933
1,593,268,687
205,340.371
1,758,318,178
194,363,810
50,586,830
176,218,728
163,323,319
278
800,794
1,761
666,048
In Place
242
foregoing shows the week's net overland movement
has been 2,435 bales, against 1,761 bales for
the week last year, and that for the season to date
the
year
increase
over
a
year ago
Sight and Spinners'
Since
mill
12,564,473
Week
8,706
1,761
80,000
90,467
*17,636
304,274
Aug. 1
3,995,078
666,048
4,385,000
9,046 126
53,817
336,835
_
Came into sight during week
*150,520
73,383
Total in sight June 26
72,831
13,205,582
North, spinn's' takings to June 26-
16,341
8,949,423
1,111,833
19,296
996,484
♦Decrease.
Movement into sight in previous years:
Week—
Bales
1934—June 29
1933—June 30
Since Aug. 1—
140,825
134,850
103,807
1
Bales
1933
12,710,117
13,738,784
15,505,968
1932
1931
Quotations for Middling Cotton at Other Markets—
Below are the closing
quotations for middling cotton at
Southern and other
of the week:
principal cotton markets for each day
•
Closing Quotations for Middling Cotton
Week Ended
June 26
Saturday Monday
Galveston
12.20
New Orleans
Mobile
Tuesday
on-
Wed'day Thursday
12.30
12.15
12.05
12.15
12.42
12.52
12.35
12.31
12.40 I
12.18
12.27
12.22
Savannah
Rhode Island
-.
12.06
12.16
12.52
6,090,068
1,127,200
5,761,028
639,456
172,482
357,764
296,842
5,404,814
773,634
5,259,922
554,244
256,712
186,912
Virginia
648,816
All other States
853,612
555,756
651,694
Average per
Total
Spindle in Place
167
155
145
284
215
176
198
97
115
262
182
305
304
197
272
191
Stock of Cotton in India at Close of Season
Expected
to Be Below Year
Ago, According to New York Cotton
Exchange—Indian cotton, the most important competitor
markets, is being distributed out
of stocks in India at an unusually
high rate, according to the
New
York
Cotton
Exchange
Service.
Consequently,
of American cotton in world
takings
consumption to June l.__
1932—July
533,460
North Carolina
569,722
2,884,166
608,604
2,898,988
Texas
Since
Aug. 1
6,663,679
800,794
5,100,000
114,133
*40,750
excess
Southern
-1934-35-
Week
21,698
2,435
90,000
Total marketed
of
4,389,180
225,342
1,091,502
Mississippi.
Tennessee
1935—36
Interior stocks in
Massachusetts
New Hampshire
New York
South Carolina
134,746 bales.
ing May
1,903,874
840,088
3,341,098
782,916
Georgia
Maine
The
Excess
New England States.
Active Dur¬
May 31,
Connecticut
Net overland to June 26
South'n consumption to June 26-.
'
for May
United States
2,435
_
-
26,823
13,989
314,784
355,596
.
was 242.
spinning spindles in place, the
spindle hours, and the
spindle in place, by States, are shown in
1,021,644
8,775
Takings_
spindle in place for the month
per
The total number of cotton
number active, the number of active
117
339,289
over
105.2 for
10,536
3,117
♦Including movement by rail to Canada.
.
percentage compares with 110.9 for April, 108.1 for March,
and
1,140,083
an
20
with those for earlier months and years, the same method of
2,000
9,546
In
June
on
State
Total to be deducted
Receipts at ports to June 26
announced
computing the percentage of activity has been used. Com¬
puted on this basis the cotton spindles in the United States
were operated during
May, 1936 at 105.2% capacity. This
77
8,599
of
Census
13,046
177,912
518,581
Inland, &c., from South
aggregate net overland exhibits
the
99,861
32,210
10,760
296,319
Leaving net overland*.
of
31, 1936, of which 22,828,888 were operated at some time
during the month, compared with 23,123,536 for April,
23,175,502 for March, 23,337,070 for February, 23,323,958
for January, 23,391,370 for December and
23,040,788 for
May, 1935. The hours of employment and of productive
machinery are affected generally by organized short time.
However, in order that the statistics may be comparable
Shipments—
Overland
Between interior towns
this
Bureau
according to preliminary figures, 28,484,352 cotton
spinning spindles were in place in the United States on May
that,
average
Since
Shipped—
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville.-
Corpus Christi Cotton Exchange purchased today at 26 cents a
pound the first bale of 1936 cotton.
After the auction plans were made to ship the bale to
Dallas where it
was to be placed on exhibition at the Texas
Centennial Central Exposition.
Teofila Garcia, Starr County farmer, received not
only the $140.92
which the sale brought, but a bonus of $500 offered
by a bagging com¬
pany for the world's first bale of marketable cotton of this
year.
I
....
Since Aug. 1
June 27, 1936
The
Activity in the Cotton Spinning Industry for May,
1
—
Total
Chronicle
12.62
Friday
12.25
12.50
12.33
12.49
12.36
Norfolk—
12.35
12.50
12.35
12.20
12.30
12.40
Montgomery
12.17
12.24
12.10
12.10
12.18
12.28
Augusts
Memphis
12.68
12.20
12.74
12.59
12.59
12.68
12.30
12.78
12.45
12.20
12.43
•
12.53
12.20
12.05
12.25
Houston
12.20
12.25
12.10
12.00
12.10
Little Rock
12.17
12.26
12.01
12.08
12.18
Dallas
11.84
11.94
12.14
11.81
11.68
11.78
Fort Worth
11.94
11.81
11.68
11.78
11.88
hands in
July 31, will be
smaller than that at the end of last season, when the Indian
stock was substantially below
average.
In noting the fore¬
going, an announcement issued June 15 by the Cotton
Exchange also had the following to say:
An analysis of
supply and distribution of Indian cotton prepared by the
total supply of the Indian staple in India
season was considerably larger than usual,
totaling
7,678,000 400-pound bales, compared with an average in the past five
seasons of 7,050,000 bales.
The amount of old crop cotton carried over from
last season to this season was less than
normal, but the deficit in the carry¬
over was much more than offset
by the near-record crop produced by
India this season.
India's production of commercial cotton this season is
put at 6,100,000 400-pouna bales, compared with a five-year
average of
only about 5,200,000.
The large crop was due primarily to an exceptionally
favorable growing season, which resulted in yields per acre above
average.
But demand for Indian cotton from mills of
India, Europe, and Japan
has been so heavy during the current season that the
large supply has
already been drawn down to such a degree that current stocks in India are
below average for this time of the year.
Consumption of Indian cotton by
mills of India during the nine months of this season
ending April 30 was
larger than in any corresponding period on record, while exports by India
during the period were larger than in any corresponding period since
1930-31.
Total distribution by India, i.e., domestic consumption in India
plus exports by India, was larger than in any corresponding period since
1929-30.
It aggregated 4,690,000 bales to April 30 this
season, compared
with an
average of 3,903,000 bales in the corresponding periods of the
Exchange Service shows that the
for
distribution
this
11.88
11.84
present prospects are that the total stock in all
India at the end of the current season, on
New Orleans Contract Market—The
closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
Monday
Tuesday
June 20
June 22
June 23
Wednesday
June 24
Thursday
Friday
June 25
June 26
12.32
121851220a 12.01-12.02 12.10
12.25
11.53-11.54 11.60
11.43-11.44 11.45-11.46 11.52
Spot
First
area
in
There
talk of the threat of hot winds in the western belt.
rains have fallen in the west central portions
Scattered
Rain
11.48-11.49 11.55
11.48
11.55
11.39
11.43
11.49-11.50 11.58
Rainfall
1 day
0.06 in.
dry
dry
11.39
11.43
11.49
11.58
Brownsville
Corpus Christi
114651148a 11.55
Bid. 11.41
11.43
11.51
Bid. 11.58
dry
Brenham
bid
Dallas
El
11.51
11.57
Bid.
11.48
Bid. 114661148a 115561157a 11.63
bid
Tone—
Options
is fairly general and an
increasing
complaining of too much moisture.
Abilene
_
April
May
section is
Austin
11.62
November
(1937)
February
belt rainfall
this
Texas'—Galveston
Amarillo
September
Jan.
east
bid
August
March
Telegraph—Reports to us by tele¬
this evening denote that temperatures are more
moderate in nearly all sections of the cotton belt.
In the
of the belt.
July—— 12.22
Dec.—
Weather Reports by
graph
is less
June(1936)
October
last five seasons.
Paso
Henrietta
Kerrville
Steady.
Very
stdy.
Bale
of
Steady.
Steady.
1936
Quiet.
Barely stdy
Steady.
Steady.
Cotton—An
•Steady.
Steady.
Steady
Steady
Associated Press dis¬
patch to "The State," Columbia, S. C., under date of
June 23, from Corpus Christi, Texas,
reports the sale of
the first 1936 bale of cotton
as
follows:
Lampasas
Long view
Luling.
Nacogdoches
Palestine
Paris
San
Antonio.
Taylor
Weatherford
1 day
1 day
;
0.50
0.52
2 days
0.14
dry
1 day
0.32
dry
dry
1 day
0.80
1 day
0.46
1 day
0.04
1 day
/ 0.38
dry
dry
1 day
1.20
dry
dry
in.
in.
in.
in.
in.
in.
in.
in.
in.
•—:
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
Thermometer
93
96
100
104
100
92
98
104
96
108
102
104
106
104
102
104
108
low 78
low 64
mean 80
low 68
mean
84
low
low
low
low
low
68
70
72
76
70
low 68
low 64
mean
86
85
82
87
87
82
86
low 58
low 58
mean
mean
81
low 60
mean
83
low 64
84
mean 81
mean 84
mean 85
mean 88
mean 84
mean 81
low 60
low
64
low
62
106
low 70
106
low 62
102
low.60
mean 86
mean
mean
mean
mean
mean
mean
mean
80
Volume
Financial
142
Rain
Okla.—Oklahoma City—.
Eldorado
1
—
high
high
high
high
high
high
0.40 in.
0.32 in.
H Fort Smith
1 Little Rock
0.54 in.
0.14 in.
Pine Bluff
0.57 in.
La.—Alexandria
New Orleans
high
high
dry
dry
Amite
.
0.01 in.
Shreveport
high
high
high
high
high
high
high
high
high
high
0.63 in.
M iss .■—G reen wood
0.13 in.
Meridian
0.54 in.
Vicksburg
Ala.'—Mobile
-
0.13 in.
_
0.12 in.
Birmingham
Montgomery
1.20 in.
0.88 in.
Fla.—Jacksonville
Miami
7.40 in.
Pensacola
0.14 in.
Tampa
1.36 in.
high
high
high
high
high
2.57 in.
Ga.—-Savannah._
Atlanta
0.54 in.
Augusta
0.12 in.
Macon
dry
__
Greenwood
1.28 in.
Columbia
1.81 in.
Conway.
2.76 in.
N.
0.08 in.
C.—Asheville
Charlotte
2.55 in.
Newbern
0.24 in.
Raleigh
1.92 in.
:
0.44 in.
Weldon
0.56 in.
Wilmington
Tenn.—Memphis
Chattanooga
0.43 in.
0.01 in.
—
0.04 in.
Nashville
108
106
106
102
102
101
99
92
104
105
100
98
102
102
98
92
86
92
92
91
94
94
98
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
high
86
high
96
high
92
high
90
high
92
high
92
high
91
high
88
high
92
high
86
high 102
high
96
high 98
1.53 in.
C.—Charleston
S.
Thermometer
Rainfall
0.02 in.
_1 day
—
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
57
74
70
56
62
62
69
62
68
68
70
74
70
64
60
60
62
low 63
low 58
low 60
low 56
low 50
low 54
low 57
86
82
86
82
81
83
78
83
87
81
81
80
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
64
57
66
62
60
65
84
82
83
80
78
83
81
78
77
77
80
75
77
76
73
71
73
74
71
74
mean 73
mean 81
mean 78
mean 78
mean
mean
mean
low 54
low 56
low 60
low 59
low 60
low 58
has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
The following statement
June
June 26,1936
Feet
28, 1935
Feet
2.1
16.9
Above zero of gauge-
6.5
29.7
Nashville
Abovezero of gauge_
15.0
Shreveport
Vicksburg
Above zero of gauge.
Above zero of gauge-
9.3
5.6
32.0
5.7
44.3
Above
New Orleans
Memphis
*,
Dallas
Dallas
zero
of gauge.
Weekly Crop Report -The
Exchange each week publishes a compre¬
Cotton
Cotton
Exchange
report covering cotton crop conditions in Texas,
Oklahoma and Arkansas.
The current week's report, dated
hensive
June 22, is as follows:
TEXAS
West Texas
Abilene (Taylor County)—Weather still hot and dry.
Cotton crop is
doing fine, stands perfect and well cultivated.
About 20 to 25% increase
acreage, and no abandonment.
No insects, nor any other complaint.
Looks too good to be true, Something is bound to happen to it.
Crop
about 10 days early. '
Big Spring (Howard County)—Past week has been one of exceedingly
high temperatures and most of the crop has made rapid growth; however,
a few spots are developing which did not receive sufficient rainfall,
and
these are beginning to need moisture badly; in fact, a general rain over the
entire area now that it is out of the weeds would be beneficial.
We believe
in
there is possibly a 15 to 20% increase in the net acreage here this year.
Brady (McCulloch County)—Planting of cotton in this section is com¬
pleted, all up to fairly good stand.
Some of the earliest planting has been
worked out.
Plenty of moisture over this entire territory for the present
need.
We had seven days' rain, and cotton is pretty grassy, but with
another week the farmers will have it cleaned out.
No insects.
Floyda{da (Floyd County)—Planting and replanting is completed in this
territory and needing a general rain very baaly, except in some spots.
If
we don't have rain in a very few days some parts of our territory will be in
a very pitiable condition as farmers are reporting their cotton dying fast,
North Texas
(Red River County)Weather dry and hot, ideal for growing,
plant is making fine progress.
Chopping is finished, cultivation is well up.
Plant is from 8 to 20 inches tall, 75% squaring, 20% blooming.
Some lice
and fleas, no damage.
We will be needing rain before long.
Dallas (Dallas County)—Crop is in a good state of cultivation and making
good progress.
Cotton planted early is fruiting rapidly.
The plant is not
suffering for moisture as yet, but a good rain within the next 10 days would
be helpful to late plantings.
Denison
son
"
(Grayson County)—Conditions in this territory unchanged,
Cotton stil_ growing and thriving and free of insects.
still
The past two or three
days of intense heat will soon tell on it, and it will soon need rain.
Gainesville (Cooke County)—There has been good growth the past week.
Plant is from 10 to 12 inches tall.
The nights are still slightly too cool.
Fields are about 90% clean.
Plants are squaring about 50%.
We are not
suffering for moisture.
No insects to speak of.
Crop about 10 days late
Garland (Dallas County)—Crops in this section are progressing nicely.
90% of the fields are clean and the plant is fruiting some.
Rain would be
v
,
Clarksville
w_
„
„
4369
Chronicle
East Texas
&
(Gregg County)—Another week of dry hot weather, but crop
Will need rain soon.
Chopping has been completed,
fields are still grassy.
Cotton is squaring rapidly.
Fleas and
doing a little damage.
■!
Longview
has not suffered.
but
a
few
weevil
are
Tyler (Smith County)—Due to extreme hot weather this territory will
need rain within a week.
Cotton crop looks good through this section and
the crop has been 80% worked out.
Reports indicate that the crop will
now be three weeks late.
No insects have been reported to date.
' **
South Texas
(Nueces County)—The weather has been clear andjhot,
days have had some breeze with the heat; it has been
ideal for cotton growing.
Insects have had small chance to get active,
and where they have shown at all, farmers are poisoning, but very little
has been necessary up to this point.
Cotton has been growing and fruiting
well, and the farmers have the grass and weeds well under control.
There
should be some late July cotton around here.
Some farmers claim that a
general rain in 10 days would be of much help.
Harlingen (Cameron County)—Our weather is still hot and dry—just right.
We are trying to gin first bale tomorrow.
Looks like best crop since 1926,
estimate from 75,000 to 125,000 bales.
Seguin (Guadalupe County)—Have had dry hot weather past week.
Cot¬
ton looks well but is not fruiting.
Fleas and weevil destroying squares.
Farmers are poisoning for both.
Corpus Chrisli
and the last
few
.
OKLAHOMA
Altus (Jackson County)—Hot winds of the
leaves to curl and wilt, temperature having
inch
.05
of
rain.
Most
Greenville
(Hunt County)—Weather conditions favorable to cotton, hot
and dry with cool nights.
Average size of plant about 12 to 15 inches high
and growing nicely.
All fields are clean, and very promising outlook at
to
Honey Grove (Fannin County)—Have had another hot dry week.
The
are all practically clean now.
Cotton growing nicely and fruiting
We have about the best prospect for a crop at this time of year that
well.
we
have
ever
had.
We
still
have
some
moisture
but
a
rain
would
be
beneficial.
Paris (Lamar County)—Cotton is looking better and prospects are better
Plants are gorwing nicely and
fruiting well with lots of blooms.
Fields are well cultivated and clean.
Plenty of moisture for the time being but a good rain would be beneficial.
than at this time of year for several years.
Some talk of fleas and lice, but not serious
Sulphur Springs
(Hopkins County)—Weather favorable to cotton this
weejf.
Rains would be welcome but not immediately necessary, although
the top soil is dry.
No insect complaints.
Terrell (Kaufman County)—Practically all of the grass and weeds have
been cleaned out and the crop looks fine.
There is quite a bit of young
cotton in the bottoms where the first planting was washed out; but it is up
to a good stand and surprisingly clean.
The weather has been very favor¬
able in this respect.
However, we are beginning to need rain on both the
has been no damage so far from lack of rain
soaking rain for about two days, and then
clear dry weather.
No signs of insects.
Wills Point (Van Zandt County)—(Sunday) Today has been a scorcher,
with the highest temperature of the season and hot winds from the north.
Cotton is holding up fairly well, but corn is burning up.
We need a groundsoaking rain for all crops.
young and old cotton.
There
but we would welcome a good
Central Texas
(Milam County)—Cotton past week has been doing well, 85%
chopped and plowed.
Old cotton is squaring and blooming.
Some com¬
plaints of weevil and fleas.
However, conditions in general look favorable
now.
all crops.
(Bryan County)—Crop in good state of cultivation.
Plant strong
healthy and forming nicely.
Weather ideal the last two weeks, hot
with exception of showers.
No insects reported except a few fleas,
farmers expect to poison for these.
Prospects at this time are good, and
with weather conditions favorable and insects under control, everything
and dry
points to a good season.
,
Elk City (Beckham County)—Planting completed, 95% up to good stand,
some reported to have dried out due to shallow planting after heavy rains
and hail two weeks ago.
Weather conditions past week have been good.
A good rain would be beneficial.
However, we are in no great need of it.
Cultivation good.
No insects of any kind reported.
Frederick (Tillman County)—Past week has been hot and dry with some
hot winds though the cotton still growing and looks good, except for the
fields that were replanted and which are needing rain badly.
I believe all
cotton has been planted, well worked out, and no insects reported bothering
the cotton.
Some reports of the grasshopper working in the corn fields.
Hugo (Choctaw County)—Stalk ranges from 5 to 18 inches and growth is
good.
There are still some fields that have not been worked out, but crop
as a whole probably 75%
chopped.
Lice, fleas and a few weevil, but no
damage yet.
Best prospects in several years in this territory.
Pauls Valley (Garvin County)—Cotton has shown a wonderful growth the
past week.
Tap root is fine and stalk ranges from 8 to 14 inches tall.
90% of the crops in bottom are free from weeds and grass and well cultivated.
Hill land runs about 60%.
No insects to speak of yet.
Waurika (Jefferson County)—Weather past week has been mostly clear
with temperatures ranging from 95 to 104 degrees.
The crop made favor¬
able progress and cultivation is very good.
No insects of any kind reported.
Stands are good and the plants healthy looking.
While the crop is not
suffering from lack of rain, a good heavy shower would prove beneficial.
Increase in acreage between 15 and 20%.
Weleetka (Okfuskee County)—Had a light local shower early part of the
Anyway in spite of a moisture deficinecy the plant seems to be
making satisfactory progress.
However, a good rain is needed and would
be of material benefit to all crops.
Cultivation is perfect, stands are from
week.
good to very good, and so far there is no complaint of insects of any
.Prospects are promising.
ARKANSAS
are
(Johnson County)—Plant is making excellent progress.
Fields
being cleaned rapidly.
Cultivation is good, and prospects are above
average for this season, although the crop is about two^weeks late.
No insect damage yet, and ample moisture at this time.
Lockhart (Caldwell County)—We have had another pretty week to work.
kind.
•
Ashdoum
(Little River County)—Cotton 98% chopped, plant making slow
growth.
No rain past three weeks and only scattered showers since May 8.
Day temperatures running above 100 degrees all this week.
Boll weevil
and other insects appearing freely this week.
We need rain badly.
Little Rock (Pulaski County)—Cotton continued to make staisfactory
plant growth was not rapid owing to dry
blooming profusely.
Fields are clean and
the absence of additional precipitation.
There have been no complaints of insects of any kind or any deterioration,
although at the close of the week some upland sections reported that rain
was badly needed in the near future.
Condition fully 90% of normal.
Magnolia (Columbia County)—Weather past week excessively hot but was
ideal for clearing crop of grass.
Most crops are now clean and well cul¬
tivated, but in need of rain, which must come in next few days if crops hold
up well.
Some blooms reported.
With favorable weather from now on
crop will be good, but if drought conditions continue for two more weeks,
deterioration will be drastic.
Acreage increase about 10%.
Pine Bluff (Jefferson County)-—We have passed the third week at Pine
Bluff without rain.
The moisture in this district has not met this year,
and the situation is becoming serious.
Cotton the past week or 10 days
has stood still, it wilts and leans during the day, but at night it straightens
up and looks fresh.
Its tap root hunts for the lower moisture.
It is too
early for serious damage.
A few days of cloudy weather and a general rain ^
progress past week, although
weather.
It Fs squaring and
intensive cultivation continues in
will cure our troubles.
County)—If good stands, healthy plant, well cultivated
ranging around 100 degrees every
clean fields, no insects and temperatures
days will make cotton, we
should have a good crop—but we certainly need
rain.
the
from
Receipts
Plantations—The following table
each week from the planta¬
figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
indicates the actual movement
tions.
The
weekly movement from the plantations of
crop
that part of the
which finally reaches the market through the outports.
Week
Recetpts at Ports
Slocks
1935
1936
at
Interior
Towns
Receipts from Plantations
Ended
1936
,1934
1935
1934
1936
,
1935
1934
Mar.
2027-
47,370
48,797
30,138
76,2971,967,1671,559,937 1,687,665
1,713
2,103
43,060
24,491
64,579 1,944,895 1,535.485 1.662,788
22.525
39
39,702
25,927
Nil
Nil
4,617
6,763
25,587
32,699
Nil
Nil
39.301
15.333
Nil
38,413
Nil
Nil
Apr.
3. J
101724-
35.770
35,607
25,529
68,2551,902,4721,492,794 1,620,120
70,9481.871,4821,474.028 1,581,871
34,922
34.771
15,829
21,251
74,2941,833,913 1,451,845 1,546,878
79,1741,814,4751.423,178 1,506,117
May
1—
815-
29-
75,2351,779,0761,396,198
39,157 21,695 46,5441,732,379 1,370,838
40,509 21,061 51,6761,693,0711,345,933
45,482 18,627 34,4861.651,6491,328,412
52,470 21,846 33,1481.594,2341,301,899
20,044
15,791
1,467.685
1,436,369
1,404,254
1,378,269
Nil
Nil
36,803
15,228
1,201
,
Nil
19,561
4,060
1,106
8,501
1,351,401
Nil
Nil
6,280
34,989 1,554,3131,269,564 1,312,579
34,833 1,517,933,1,244,820 1,284,177
47,623 1,465.3621,218,931 1,262,078
7,151
Nil
Nil
Nil
Nil
Nil
Nil
6,431
25,524
59,054'1,424,612 1,201,295 1,236,729
Nil
Nil
33,705
June
512-
Cleburne
past few days have caused the
reached 108 degrees with only
chopped.
Grasshoppers are
Durant
22—
Cameron
been
and
present.
fields
have
reported in several places but no material damage so far.
There will be
some replanting if we can get a rain in the next few days.
Anadarko (Caddo County)—Weather past week was just what we wanted,
hot and dry.
All fields are clean, with 80% chopped and plowed.
Growth
and development of plant very satisfactory.
Conditions are normal for the
time of season.
A good general rain in the near future will be beneficial
Texarkana (Miller
beneficial.
fields
19-
26-
47,072
32,597
39,972
21,698
18,907
14,317
13,466
8,706
the
99% chopped.
of weevil.
Cotton is 10 days late but looks good.
Some complaint
Think it is too dry and hot for them to do much harm.
Taylor (Williamson County)—Our crop|made good progress during the past
The size of the plants is a little irregular.
However, the older
fruiting nicely, with some blooms showing up.
Very little com¬
plaint of insects.
Some few report the flea working, but no great damage
done.
With a 15% increase in acreage, this county should make con¬
siderably more cotton than last season.
week.
cotton is
The above statement shows:
(1)
That the total receipts
plantations since Aug. 1 1935 are 6,998,758 bales;
4,140,563 bales and in 1933-34 were 7,191,830
(2) That, although the receipts at the outports the
from tfre
in 1934-35 were
bales.
past week were
plantations
was
21,698 bales, the actual movement from
nil bales, stock at interior towns having
increased 40,750 bales during the week.
4370
Financial
World's Supply
and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
for the? last two
from all
seasons
obtainable; also the
sight for the like period:
are
sources
takings
from which statistics
amounts
or
out
gone
of
Chronicle
June 27, 1936
reached
34,754 bales.
The shipments in detail, as made
from mail and telegraphic reports, are as follows:
up
Bales
HOUSTON—To Naples—June 22—Nicolo Odero, 345
To Ghent—June 25—Nemaha, 38: Louisiane, 160
To Genoa—June 23—Nicolo Odero, 632
—'
To Havre—June 25—Nemaha, 457; Louisiane, 692-To Bremen—June
345
198
632
1,149
22—Karpfanger, 740--"
740
To Rotterdam—June 25—Nemaha, 150
Cotton
Takings,
1935-36
1934-35
Week and Season
Week
Week
Season
150
To Hzmburg—June 22—Karpfanger, 298
To Dunkirk—June 25—Louisiane, 425
.
425
To
Season
Gdynia—June 22—Karpfanger,
June 25—Ivar, 15
298
217---June 24—Toronto,
594
Visible supply June 19
Visible supply since Aug. 1
American in sight to June 26—
5,728,950
Bombay receipts to June 25—
Other India ship'ts to June 25
Alexandria receipts to June 24
Other supply to June 24 *b
45,000
25,000
4,295",259
73", 383
200
12,000
Total supply
Deduct—
6,879",719
72",831
13,205,582
2,879,000
937,000
1,632,200
503,000
8,949,423
2,451,000
813,000
1,470,800
537,000
39,000
14,000
200
10,000
5,884,533 23,452,041
5,273,101 21,100,942
5,606,954
4,998,489
826
To Japan—June 22—Hoegh Merchant, 592
To China—June 22—Hoegh Merchant, 417
To Copenhagen—June24—Toronto, 617--_June
5,137,070
592
417
.-
25—Ivar, 115
732
57
To Oslo—June 24—Toronto, 57
To Gothenburg—June 24—Toronto, 211
GALVESTON—To Genoa—June23—Nicolo Odero, 625-To Naples—June 23—Nicolo Odero, 55
To Barcelona—June 23—Nicolo Odero, 1,824
To Bremen—June 24—Karpfanger, 2,068
,211
—
625
55
--
1,824
2,068
150
To
Visible supply June 26
5,606,954
4,998,489
Hamburg—June 24—Karpfanger, 150
Japan—June 25—Hoegh Merchant, 2,266
25—Hoegh Merchant, 25—
To Haiphong—June25—Heogh Merchant, 751
NEW ORLEANS—To Genoa—June 19—Syros, 1,085
June 22—
Montello, 1,192
To Venice—June 19—Syros, 209
To Trieste—June 19—Syros, 571
To Barcelona—June 19—Syros, 550
To Marseilles—June 23—Arsa, 632
To Havana—June 6—Metapan, 120
To Bremen—June 19—Youngstown, 3,165
To Japan—June 22—Sangstad, 4.130To China—June 22—Sangstad, 2001
To Naples—June 22—Montello, 200
!
MOBILE—To Liverpool—June 15—Arizpa, 2,046
To Manchester—June 15—Arizpa, 1,884
To Bremen—June 15—Wacosta, 166
J
To Rotterdam—June 15—Wacosta,
50
To Gdynia—June 15—Wacosta, 250
NORFOLK—To Liverpool—June 24—City of Flint, 85
To Manchester—June 24—City of Norfolk, 37
To Bordeaux—June 20—Pipestone County, 135
To Hamburg—June 26—City of Hamburg, 204
CHARLESTON—To Hamburg—June 24—Sundance, 597
LOS ANGELES—To Liverpool—June 12—Pacific Pioneer, 60
June 17—Deftdijk, 301
To Havre—June 17—Wisconsin, 100
To Bremen—June 17—Oakland, 400
To Gothenburg—June 18—Margaret
Johnson, 200
To Japan—June 13—Golden Horn, 1,500
To Manila—June 18—Tri Color, 10- •*
SAN FRANCISCO—To England—
?
26
To Italy——
?
1
To Japan—
?
106
To
2,266
To China—June
Total takings to June 26_a
277,579 17,845,087
184,379 12,287,887
93,200
5,557,200
Of which American
Of which other
*
274,612 16,102,453
198,412 10,390,653
76,200
5,711,800
Embraces receipts in Europe from
Brazil, Smyrna, West Ind es, &c.
Aug. 1 the total estimated consumption by
Southern mills, 5,100,000 bales in 1935-36 and 4,385,000 bales in 1934-35—
takings not being available—and the aggregate an ount taken by Northern
and foreign spinners,
12,745,087 bales in 1935-36 and 11,717,453 bales
in
1934-35, of which 7,187,887 bales and 6,005,653 bales American.
b Estimated.
'
a
This total embraces since
India Cotton Movement from All
of India cotton at
Ports—The receipts
Bombay and the shipments from all India
season from Aug. 1 as cabled,
ports for the week and for the
for three years, have been as follows:
1935-36
1934-35
,
1933-34
,
June 25
Since
Receipts—•
Week
Bombay
Since
Week
Aug. 1
45,000 2,879,000
—
Since
Week
Aug. 1
39,000 2,451,000
Aug. 1
45,000 2,282,000
-
For the Week
Since August 1
Exports
From—
Great
Conti¬
Britain
nent
Great
Conti¬
Britain
nent
Jap'nA
Japan
&
25
751
2,277
209
571
550
632
120
3,165
4,130
200
200
2,046
1,884
166
50
250
85
37
135
204
597
361
100
400
-
200
1,500
10
-
Total
China i
China
Total
26
,
1
Bombay—
1935-36
5,000
22,000
28,000
1934-35..
13,000
1933-34..
6,000
24,000
44,000
37,000
50,000
1,000
—
Other India-
1935-36
—
65,000
21,000
10,000
22,000
15^066
27,000
26,000
24,000
44,000
359,000
578,000
937,000
14,000
35,000
15~666
1934-35—
1933-34..
385,000 1,255,000 1,752,000
324,000 1,244,000 1,632,000
320,000
912,000 1,297,000
25,OOo'
5,000
14,000
20,000
20,000
112,000
64,000
251,000
265,000
56^000
611,000
813,000
876,000
471,000
315,000
330,000
963,000 1,255,000 2,689,000
886,000 1,244,000 2,445,000
931,000
912,000 2,173,000
To India—
Total
?
-
1
106
6
6
34,754
-
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
June 5
Total all—
1
1935-36..
1934-35..
1933-34..
1
|
53,000
51,000
85,000
Of which American
Alexandria
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:
June 26
58,000
606,000
256,000
44,000
20,000
194,000
32,000
605,000
247,000
69,000
19,000
192,000
Total imports
Amount afloat
66,000
52,000
Of which American.-
36,000
182,000
70,000
64,000
"
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
spot cotton have been
as
follows:
Receipts
Spot
Saturday
1934-35
Moderate
Moderate
Moderate
business
Good
doing.
demand.
demand.
demand.
doing.
inquiry
7.09d.
This
Week
1,000
7,356,428
To Liverpool
This
Since
Aug.
Week
1
•
Market,
8,420,984
Since
Aug.
This
Week
1
P. M.
Since
Aug.
1
To America
2,000 129,238
5,000 148,422
5,000 695,944
1,000 38,080
4 to
Total exports
19,000 1037319
13,000 1011684
13,000 1139759
To Continent and India.
_
8
pts. stdy., 1 pt. 4
advance.
advance.
7.lid.
7.07d.
to
6
Quiet but
Steady,
7.18d.
pts. 5 to 6
advance.
pts. steady, un¬
changed to
decline.
Steady,
6 to 8 pts.
advanc^
Very stdy., Steady, un¬
Steady,
Quiet but
Steady,
Very
st'y,
7 to 10 pts. changed to 6 to 7 pts. stdy., 6 to 2 to 3 pts.
11 to 13
1 pt. dec.
advance.
advance.
7 pts. dec.
decline.
pts. adv.
Prices of futures at
177,740
10,660 638,306
1,000 70,235
—
7.12d.
Steady,
1 pt. dec.
3,000 197,924
5,000 156,970
10,000 645,808
1,000 36,617
To Manchester-
7.04d.
Quiet but
Steady,
4
Exports (Bales)—
Friday
A fair
business
opened
—
Thursday
12:15
Market
Receipts (cantars)—
Since Aug. 1
Wednesday
P. M.
Futures.
1,000
8,207,720
Tuesday
1933-34
June 24
This week
Monday
A fair
Market,
Mid.Upl'ds
1935-36
Alexandria, Egypt,
Liverpool for each day
are
given below:
2,000 253,478
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended June 24
1,000 cantars and the foreign shipments 19,000 bales.
Manchester
June 19
59,000
618,000
259,000
74,000
259,000
54,000
24,000
166,000
Of which American
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
6,000 bales.
Exports from all India ports record an increase
of 2,000 bales during the week, and since Aug. 1 show an
increase of 244,000 bales.
June 12
41,000
614,000
Forwarded
Total stocks
June 20
Sat.
Tues.
Mon.
Wed.
to
Thurs.
Fri.
iaa
June 26
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
July (1936)
were
6.57
6.56
6.57
6.64
6.64
6.58
6.58
6.54
6.55
6.65
6.68
October.
6.20
6.20
6.20
6.27
6.27
6.21
6.20
6.17
6.18
6.27
6.30
December
6.10
-
—
-
6.10
-
-
6.17
-
6.10
-
6.08
-
6.20
January (1937)..
Market—Our report
received by cable to¬
night from Manchester states that the^market in yarns and
cloths is firm.
Demand for yarn is improving.
We give
prices today below and leave those for previous weeks of
6.10
6.10
6.10
6.17
6.17
6.11
6.10
6.06
6.08
6.17
6.20
March
6.09
6.09
6.09
6.16
6.16
6.10
6.09
6;06
6.07
6.16
6.19
May__
6.08
6.08
July
6.05
October..
5.87
6.08
6.15
6.05
-
~
-
_
5.86
6.15
6.12
-
-
-
5.92
«
6.09
-
-
~
•
~
-
-
-
6.08
6.05
6.05
5.85
6.06
6.15
6.03
--
5.83
«
6.18
6.15
fmm.rn.-~
5.94
December
this and last year for comparison:
1936
32s Cop
Twist
BREADSTUFFS
1935
8A Lbs. Shirt¬
Cotton
ings, Common
Middl'g
to Finest
Upl'ds
d.
d.
8A Lbs. Shirt¬
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
Friday Night, June 26, 1935
Cotton
Flour—In spite of the extensive and prolonged drought in
the wheat
d.
s.
d.
d.
s.
s.
d.
s.
d.
d.
Mar.—
20
27...
.
10...
17...
24...
.
_
_
_
8...
15—
@93
6 34
@
@94
6.44
9K@ll
9K@11H
8 7
2
9
0
@92
6.36
9K@11K
9
1
@93
6.50
9K@11
9
0
@92
6.35
9H
11K
9K@11M
9
1
@93
6 57
10
9 0
@92
6.65
9
1
@93
6.58
10
9
0
@92
6.63
1
@93
6.62
®11K
10H@11^
little change, with the exception of semolina, which moved
15c. per barrel higher.
Reports of a short durum qrop is
9
0
@92
6 78
rapidly advancing macaroni flour.
1
@93
6.46
10^@im
ioy8@u%
10H@11H
i0A@n*A
10
@11K
9
0
@92
6.81
9 0
@92
6.88
9
0
@92
6.90
9
0
@92
7.01
9
0
@92
6.92
97/8@ny8
9H@u A
9K@11K
9A@u A
8
6
@90
6.83
9^@11^
9%@liy
9
.
9K@11 %
9 1
@93
6.46
9^@11H
9J^@11K
9K@11H
9
1
@93
6.56
9
1
@93
6.57
9
1
@93
6.64
9%@11K
9^@11K
9
0
@92
6.68
@
22...
29—
_
9 1
6 30
@11H
June—
5—
12...
_
.
9 1
9
19...
26—
-
flour
9
_
-
of
9 1
May—
1...
areas, no
attitude
m@nx
9H@11H
April—
3...
appreciable change has taken place in
consumers.
Only odd lots are being
moved, the trade sticking to a policy of covering no more
the
10A@UH
Shipping
1
9 1
93
6.82
@93
7.00
@93
7.18
News—As
shown
on
a
8 6
@
90
6.76
8
@90
6.79
@
6.85
6
8 6
previous
90
page,
the
exports of cotton from the United States the past week have
than
their
immediate
Wheat—On
the
needs.
20th
inst.
Flour
prices
prices closed
showed
2
to
very
3 cents
higher.
The principal factor in the marked advance was
the prolonged drought over the northern area of the
spring
wheat belt.
September and December reached nfew peaks,
the highest since the early May winter wheat /crop scare.
Gains for the week have been as much as 12c.
(£rop reports
were not the
only bullish influence.
Liverpool cables were
especially strong, wheat showing a rise there of 3c. a bushel.
Kansas City market scored still higher level of 4c.
The
July contract on the Chicago Board scored a maximum
Volume
Financial
142
of 3 Ac., but fell off fractionally at the close.
Minneapolis advanced 3 to^3%c.
The Winnipeg market
was regarded as a wet blanket on Minneapolis, in that the
advance
Canadian market showed
a
lack of response to the
general
There was marked evidence
of an increasing interest on the part of the public.
The
weather forecast showed little pr9spect of relief in the dry
areas.
On the 22d inst. prices closed Ac. to 1%g. higher.
Light rains were reported over the Northwest, and this,
together with weakness at Winnipeg and Liverpool, caused
an early break in prices of as much as 2 Ac.
This was quite
a severe decline and hardly warranted by the bearish factors
presented, and was regarded as reflecting the weak position
of the market from a technical standpoint.
On the break,
however, there was some substantial support and after a
time offerings became comparatively scarce.
In the sub¬
sequent trading the market erased the early losses and
closed substantially higher.
There are many uncertainties
ahead, and wide erratic swings in prices are looked for.
Hedging of winter wheat crop is becoming an important
factor.
Southwestern markets have received over 800 cars
strength of American markets.
of
wheat,
new
or
corresponding
about double those of the
date last year.
However, the crop outlook for the spring
wheat area has shown no real change for the better, and
this situation is expected to furnish quite an incentive to
those leaning towards the buying side.
As socn as reliable
information is received concerning drought damage in the
areas, activity on the buying side is expected
pronounced, unless something develops as an
offsetting influence.
On the 23rd inst. prices closed Ac.
down to 3/8c. up.
As a result of bullish weather reports new
high levels were reached for the season.
Conditions in the
northern half of the wheat belt have not as yet been relieved
by beneficial rains, and with predictions of clear and warmer
weather and Liverpool wheat showing up stronger than
expected, traders were encouraged to bid up the market.
On this upward movement wheat scored a maximum advance
of 23^c.
The Minneapolis market displayed pronounced
strength, the advance there registering as much as 4c. a
bushel.
However, the old apprehension concerning what
Canadian wheat holders would do on this bulge of domestic
spring wheat
be
to
more
Liqui¬
a level
which showed virtually a complete loss of all the early gains.
Canadian figures on the new crop outlook in that country
are far from being regarded as a bullish influence.
On the
24th inst. prices closed Ac. lower to Ac. higher.
Trend
very irregular throughout the session, with operators dis¬
markets influenced many to take profits on the rise.
dation became so general that prices dropped off to
inclined
to
commit
in
themselves
large way
a
owing to
The long dry spell continues in
the spring wheat areas in the northern part of the belt,
with very little prospect of relief.
On the other hand, the
outlook for Canadian wheat crops continues bright.
They
are now predicting the Dominion will produce 400,000,000
bushels, or 50,000,000 bushels in excess of earlier predictions.
These prospects could be changed very radically however.
It is reported the moisture supply is not generally ample
enough to withstand a prolonged hot spell.
Scattered com¬
plaints of heat damage are already coming in.
Domestic
millers are credited with purchases of Canadian wheat.
Corn—On the 20th inst.
the 25tli
On
inst.
There
prices closed % to Ac. higher.
the weather or crop news,
except that conditions -are growing more serious for the
crops in many areas as a result of the long dry spell.
Importations of Canadian wheat are the ever-present threat
to marked price advances in the domestic markets.
This
attitude is doing much to restrain traders from bidding
up prices here as a result of the strongly bullish weather
and crop reports.
Unless growing conditions in the Do¬
minion turn unfavorable, no material advance in wheat
appreciable change in
no
^
looked for.
European importers anticipate no
difficulty in acquiring their future needs, believing that
prices
is
surplus producers such as Canada, Russia, Argentina and
will collectively end up with larger crops than
Australia
importing nations will need.
the
Today
in
1%
character
bullish
dictinct
belt, prices for this grain rose sharply.
Corn prices on this
bulge are at the highest level since last September.
On
the 22d inst. prices closed %c. to lbAc. lower.
This marked
contrast
rains
of
weather
and
crop
Despite
down.
the
reports,
values
ing the real cause of this heavy break in prices, but it is
assumed it may be due to a favorable weather forecast
drought-stricken areas.
for the
that
out
Furthermore, it was pointed
the domestic movement of new winter wheat was
increasing rapidly, and that larger
receipts
were expected
with harvest making progress northward.
interest in wheat was 54,845,000 bushels.
in Chicago,
CLOSING
PRICES
DAILY
CLOSING
PRICES
OP
,.
Mon.
118%
IN
Tues.
118%
NEW
118%
118%
High and
September
102%
December
97%
May
98%
CLOSING
95%
96%
96%
96%
97%
97%
97%
97%
Season's Low and
When Made
78%
Apr. 16, 1934 September
81
July 31,1935 December
88%
Aug.
1. 1935 May
PRICES
OP WHEAT
Sat.
July
82%
October.
83
83%
December.
....
Fri.
116%
WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
94
95
95%
95 %
95%
93 %
97%
,
Season's
Open
YORK
Wed. 'Thurs.
95 %
September
DAILY
WHEAT
117%
July.
December.
OP
Sat.
DAILY
No. 2 red
the action of wheat
to
over
FUTURES
July
6, 1935
July
6, 1935
Aug. 19. 1935
IN
Mon.^Tues.
Wed.
83 W
83%
83%
Holi84
84
day
94%
95%
When Made
84%
WINNIPEG
Thurs. Fri.
83%
83%
84%
81%
81%
82%
ascribed to beneficial
was
parts of the corn belt, particularly in Iowa, the
leading producing State.
A further bearish influence was
the reported heavy receipts
from the country.
Fresh
arrivals, however, continue of poor quality.
Only about
25% of the new marketings are of choice grade.
It would
seem that sellers of futures may experience some difficulty
in procuring choice grain for tendering purposes, and this
would seem to indicate a possible squeeze because of the
scarcity of quality stocks.
On the 23d inst. prices closed
Ac. to Ac. higher.
At one time during the session prices
showed a maximum advance of I Ac.
The strength of this
grain was largely a sympathetic move with wheat.
An
added influence was the continued good shipping demand
and steady to firm spot prices.
However, the present level
of prices continues to attract liberal marketings from the
country.
The outstanding bullish feature of the spot situa¬
tion, however, is the fact that most of these marketings are
not of a suitable grade for tender on futures contract.
On
the 24th inst. prices closed Ac- to 7AG- higher.
Substantial
buying was responsible for the firmness of this grain. Ship¬
ping demand continues good, and the spot situation is holding
firm in the face of large receipts from the country.
On tlie 25th inst. prices closed %c. lower to Ac. higher.
Traders seem encouraged with the way the corn market
has held up in view of the heavy arrivals.
A good shipping
and local industrial demand easily absorbed spot offerings
without
disturbing the market
drought, indications
for
corn
little
for
feeding
confidence
closed
was
are
a
and this is lending quite a
element.
Today prices
purposes,
the speculative
to
unchanged
largely
With the prolonged
tone.
that there will be a great demand
to
lc.
The decline in this grain
lower.
sympathetic
with
move
the
weakness
wheat.
DAILY
CLOSING
PRICES
OF
Sat.
No. 2
in
.
CORN
Mon.
IN
NEW YORK
Tues.
82%
84%
yellow
Wed.
83
Thurs.
83 %
83%
Fri.
82%
DAILY CLOSING PRICES OP CORN FUTURES IN CHICAGO
1,1,
Sat.
-TL-
July--September
66%
65%
61%
December..
Season's
September
December
May
Mon. Tues.'
65%
66%
64%
64%
59%
60%
Wed. Thurs.
67
67%
65%
65%
60%
60%
Fri.
66%
64%
60%
High and When Made
1
Season's Low and When Made
84%
Jan.
5, 19351 September
67%
Mar. 25, 1935
65
June
6, 19351 December
60%
June
1, 1935
68%
July 29, 19351 May
56
Aug. 13, 1935
Oats—On the 20th inst. prices closed 1% to 2lAc. higher.
was attributed to the same influences
affecting
This advance
the other grains.
Dry weather is beginning to affect this
staple as well as wheat, corn and rye.
On the 22d inst.
prices closed A to %c. lower.
Beneficial rains over the
principal oat areas were responsible for this decline.
On
the 23d inst. prices closed unchanged to Ac. up.
At one
time this grain showed an upturn of a full cent, but this was
subsequently lost on profit taking.
On the 24th inst. prices
closed A, to Ac- higher.
There was no particular reason
given for this firmness outside of a scarcity of offerings and
ready response to moderate demand.
On the 25tli inst.
as
prices closed %
to %c. higher.
As far
could be ascertained, this firmness in oats was attributed
to continued dry weather reports
and the firmness of wheat.
A to Ac. down.
There was nothing
worthy of comment concerning this grain, the easing tend¬
Today prices
ency
closed
being attributed to the decline in the other grains.
DAILY
CLOSING
PRICES
OP
Sat.
43%
No. 2 white
DAILY
CLOSING
PRICES
OATS
Mon.
IN
NEW
Tues.
42%
Sat.
Mon.
42%
Tues.
YORK
Wed.
43%
OF OATS FUTURES
IN
Wed.
29%
30%
September
-
December
29%
30%
29%
30%
29%
30%
32%
July
Season's High and When Made
214c.
to
plunged 21/4c. lower and closed at the lows
the day.
Minneapolis wheat quotations gave way 3^c.
some cases.
Nothing definite has been received concern¬
wheat
of
closed
prices
prices closed 1A to 2 Ac. higher.
Influenced by the pronounced strength in wheat and reports
of inroads made by the drought in many sections of the corn
prevailing uncertainties.
was
4371
Chronicle
1%
31%
31%
Thurs.
43%
Fri.
43%
CHICAGO
Thurs.
30%
31
32%
Fri.
29%
38%
31%
I
Season's Low and When Made
31%
June 13, 1935
33%
June 13, 1935
1, 19351 May
—
29%
Aug. 17, 1935
September
44%
Jan.
7. 19351 September
December
35%
37
June
4, 19351 December
May
Aug.
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat.
—
October
Mon.
Tues.
Wed.
32
31%
Holi-
31%
31
July
30%
day
31
Thurs.
32
31%
Fri.
31%
31
Rye—On the 20th inst. prices closed 2 A to 2 Ac. higher.
was largely in sympathy with the advance in
wheat.
It is also known that rye is also feeling the effects
of the prolonged dry spell in sections of the grain belt.
On
the 22d inst. prices closed A to Ac. higher.
This advance
was largely in sympathy with the
action of wheat, which
latter market showed considerable firmness at the close.
On the 23d inst. prices closed A to Ac. higher.
The maxi¬
mum rise in this grain for the day was 2Ac., but most of this
was lost before the close on profit taking.
The strength in
wheat and bullish weather reports were the contributing fac¬
tors in the early substantial gains.
On the 24th inst. prices
closed Ac- down to Ac. up.
There was no feature to this
market outside of the irregular price trend.
This advance
prices closed unchanged to Ac. lower.
particular feature to the trading or news
concerning this grain.
Today prices closed 1% to l%c.
lower.
This weakness was attributed to the bullish crop
On
There
the 25th inst.
was
no
reports and weather,
and^to the strength in wheat.
4372
Financial
DAILY
CLOSING
PRICES
Chronicle
OP
RYE*FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
63 %
63%
64%
65
64%
62%
64%
64%
65
65
65
63%
65%
65%
65%
65%
65%
64
July
September
December
The
June 27, 1936
visible
granary
supply of grain, comprising the stocks in
principal points of accumulation at lake and
at
seaboard ports Saturday, June 20, were as follows:
Season's High and When Made
I
Season's Low and When Made
September-,-.. 76
Jan.
5, 19351 September
45
June 13, 1935
December---- 53%
May
52%
1-
June
Aug.
3, 19351.December
1, 1935|May
DAILY CLOSING PRICES OP
RYE
Sat.,
July
-
October
DAILY
CLOSING
July
September
FUTURES
Mon.
47%
49%
-
OP
PRICES
——
Sat.
44
Holiday
51%
FUTURES
Mon.
Tues.
45
45
GRAIN STOCKS
Wheat
June 13, 1935
Aug. 19, 1935
Boston
51%
New York
Baltimore
New Orleans
Galveston
CHICAGO
Thurs. Fri.
45
46
Hutchinson
__
DAILY CLOSING PRICES
July
October
St. Joseph.
38%
37%
—
-
........
38%
38
Holi-
39%
39%
day
39%
39
Omaha.
Sioux City
38
Indianapolis
Closing quotations
follows:
were as
Pgoria
Oats, New York—
No
Corn, New York—
No. 2 yellow, all rail
2 white.--.
43%
82%
"
1936.. 23,401,000
13, 1936-- 24,258,000
1935-_ 24,127,000
Hard winter patents
Hard winter clearr
.
_.
-
-
--
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
On Canal
*
Total June 20,
Total June
Total June 22,
Flour
Wheat
Corn
Oats
Rye
Chicago
Minneapolis—
74,000
643,000
274,000
69,000
85,000
35,000
15,000
114,000
14,000
210,000
Duluth
Tooo
Milwaukee
Toledo
Detroit
Indianapolis
St.
_
Louis
127,000
31,000
13,000
Peoria
Kansas
City-
586,000
651,000
442,000
513,000
86,000
144,000
Joseph
12,000
444,000
9,000
1,347,000
Wichita
Sioux City
Buffalo.----Total wk.1936
394,000
325,000
Same wk.1935
Same wk.1934
340,000
83,000
619,000
3,789,000
4,237,000
9,556,000
6,320,000
2,364,000
3,025,000
229,000
693,000
23,000
278,000
1,000
20,000
126,000
83,000
7,000
2,000
11,000
10,000
15,000
48,000
■
Tooo
49,000
4,000
319,000
255,000
529,000
Ft.
water points
Total June
Total June
1936
1934'
Total
receipts of flour and grain at the seaboard ports for
the week ended Saturday, June 20 1936, follow:
American
Flour
Wheat,
Corn
;
Oats
New
110,000
32,000
374,000
4,000
21,000
108,000
Baltimore
9,000
15,000
Tooo
40,000
21,000
42"666
4,000
2,585,000
New Orleans *
Galveston
Montreal
Boston
Tooo
1936—107,014,000
1935.-138.079,000
shown in the
Total wk.1936
229,000
Since Jan.1'36
7,192,000
Week 1935.
Since Jan.1'35
3~42~666
16M00
190,000
1,995,000
886,000
129,000-
436,000j
606,000
6,177,000
20,508,000
277,000
2,902,000j 2,224,000
34,000
8,441,000'. 3,317,000
404,000
1,938,000
282,000
1,392,000
The exports from the several seaboard ports for the week
Saturday, June 20 1936,
shown in the annexed
are
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
York...
156,000
60,466
283~000
Albany
42,000
"
2~666
"Tooo
42^666
93T660
162,000
58,000
342,000
94,000
397,000
220,000
34,000
384,000
275,000
Orleans-
Sorel
803,000
2,585,000
239,000
Montreal.Fort
William.
Tooo
Halifax
Total week 1936—
3,783,000
907,0001
Same week 1935
283,000
105,466
52,465
The destination of these exports for the
July 1 1935 is
as
week and since
below:
Flour
Wheat
Corn
Exports for Week
July 1 to—
Week
Since
June 20
July 1
1936
and Since
1935
1936
Barrels
Bushels
Barrels
United
Kingdom.
Continent
So. & Cent. Amer.
West Indies
37,090
20,376
18,000
29,000
i~6oo
2,455,245
585,688
453,000
865,000
7,000
185,345
105,466
52,465
4,551,278
3,596,924
Brit. No. Am. Col.
Other countries.—
Total 1936
Total 1935
6,682,000 10,023,000
2,146,000
2,447,000
6,354,000 34,033,000
8,828,000 12,470,000
6,185,000 34,444,000
8,879,000 12,580,000
7,624,000 10,913,000 11,763,000
8,286,000
corn, as
furnished by
Exchange, for the week
July 1 1935 and July 2 1934,
following:
are
*
Corn
Since
Since
Week
Since
Since
July 1
July 2
June 19
July 1
July 2
1935
1934
1936
1935
1934
Bushels
Bushels
Bushels
North Amer.
Black Sea
Argentina.
r.
Australia
Bushels
I
4,044,000 185,974,000 157,648,000
*313,000
435,000
39,000
36,546,000
7,603,000,
468,000 10,894,000 17,079,000
190,000 75,993,000 182,210,000 4,508,000 277,596,000 222,990,000
1,865,000 108,662,000 109,624,000'
304,000
512:660
328,000
38,497,000
48,388,000
603,000
41,2347666 41,158:666
6,611,000'445,976,000 505,801,000 5,892,000'330,159,000 281,266,000
Total
*
Bushels
All Argentine corn reshlpped.
Weather
Report for the Week Ended June 24—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
summary
follows:
Early in the week showers were rather general from the Lake region
eastward and additional rains occurred in the south Atlantic area about
the middle of the period; at the close there were some additional rains in
the Southeastern States.
a
large southwestern
About June 19 much
area and temperatures
warmer
were
weather set in
over
abn»rmally high during
the remainder of the week, though cool weather was the rule in the Lake
region and
upper
Mississippi Valley .
There
were marked contrasts in temperature conditions.
In the Lake
and some adjoining sections the weekly means were moderately
below normal, but over a large midwestern and southwestern area
they
were decidedly high.
From Tennessee and northern Alabama westward
region
and northwestward the week averaged
degrees
warmer
Great
than
Plains,
from 6 degrees to as much as 12
normal, the greatest plus departures being in the
the central Rocky Mountain area, and the Great
Basin of the West.
Wheat
Exports from—•
New
6,354,000 30,933,000
3,100,000
shipment of wheat and
Bushels
central
statement:
New
—
June 19
general
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
ended
—
Wheat
"MOO
56,000
*
on
455,000
2,447,000
2,373,000
2,716,000
58,000
Tooo
4,010,000
50,625,000
204,000
5,926,000
255,000
2,146,000
2,227.000
2,987,000
weather for the week ended June 24,
239~000
Fort William.
1,897,000
3,100,000
3,126,000
2,599,000
—
Week
Exports
"Tooo
803~O66
"Tooo
739,000
1,253,000
1936.-103,948,000
The world's
Barley
20,000
—
Sorel
Halifax
Barley
Bushels
247,000
1,644,000
Total June 30,
India
Rye
13,000
4,000
4,000
15,000
.
Rye
Bushels
Total June 13,
Total June 22.
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushA8lbs.
York—
Philadelphia..
Oats
23,401,000
80,547,000
Canadian
Oth. countr's
Receipts at—
6,682,000 10,023,000
6,652,000 10,207,000
8,776,000
5,570,000
543,000
660,000
37,524,000
"1936
17,163,000 310,876,000182,188,000127,556,000 24,904,000 91,758,000
—'lO,535,000 187,023,000169,149,000 47,164,00014,431,000 57,696,000
16,216,000 225,589,000183,285,000' 69,286,00012,193,000 50,215,000
-
1,560,000
Bushels
20, 1936-. 80,547,000
13, 1936— 82,756,000
22, 1935—113,952,000
Since Aug. 1
1935
837666
1,823,000
Summary—
1,355,000
742,000
1,125,000
818,000
980,000
32,000
696,000
Corn
ended June 19, and since
1,523,000
1,213,000
4,707,000
2,035,000
i
8,000
868,000
Other Canadian & other
147666
5,000
2,000
886,000
20,000
Bushels
7,773,000
William & Pt. Arthur 35,250,000
Broomhall to the New York Produce
3,000
1,581,000
Wheat
90,000
3,000
17,000
171,000
502,000
25,000
105,000
Bushels
Canadian—
Montreal
Barley
10,000
36,000
3,000
71,000
Note—Bonded
bush.56lbs. bushA8lbs.
346,000
481,000
115,000
9,000
83,000
8,000
54,000
66,000
34,000
150,000
73,000
48,000
628~000
510,000
Omaha
St.
1,571,000
682,000
279,000
119,000
58,000
14,000
grain not included above: Wheat, New York, 324,000
bushels;
Y. afloat, 81,000; Boston, 41,000;
Buffalo, 6,648,000; Duluth, 402,000; Erie,
1,490,000; Albany, 4,471,000; Canal, 779,000; total, 14,236,000 bushels, against
6,673,000 bushels in 1935.
Total June
ms.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs
1,000
2,000
1,000
N.
of the last three years:
Receipts at-
87666
4,000
90,000
1,000
6,354,000 30,933,000
6,185,000 31,318,000
7,624,000 8,314,000
afloat
Duluth..,
6.85@7.101 Rye flour patents
$4.55< >4.75
6.40@6.75!Seminola, bbl., Nos. 1-3- 8.40U
5,30@5.80IOats, good
2.50
4.75@5 051 Corn flour
2.20
5.45@5.65 Barley goods—
Coarso
2 85
5.65@5.85
4.55@4.75
Fancy pearl,Nos.2,4&7 4.00@4.75
8,000
126,000
56,000
2,763,000
Minneapolis
Detroit
Buffalo
FLOUR
Spring pats.,high prote n
Spring patents
Clears, first spring
Soft winter straight*
Hard winter stra gh
195,000
1,628,000
3,608,000
307,000
112,000
178,000
"
"moo
22,000
1,427,000
5,109,000
310,000
78,000
416,000
68,000 10,673,000
9,000
6,000
813,000
1,636,000
444,000
80,000
llMOO
355,000
6,677,000
Milwaukee
Rye, No. 2, f.o.b. bond N. Y— 70
Barley, New York—
47% lbs. malting
55%
Chicago, cash
52-91
2,000
194,000
375,000
4,037,000
339,000
829,000
5,380,000
92,000
3,415,000
-
On Lakes
Wheat, New York—
No. 2 red, c.i.f., domestic... 116%
Manitoba No. 1, f.o.b N.Y.
89%
69,000
442,000
50,000
430,000
621,000
''',
Chicago
GRAIN
214,000
»
St. Louis..
37%
Barley
Bushels
80,000
113,000
8,000
103,000
168,000
3,438,000
922,000
46,000
468,000
280,000
Kansas City
OP BARLEY FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
Rye
Bushels
8,000
124,000
30,000
15,000
23,000
22I7666
627,000
96,000
Wichita
45
Oats
Bushels
205,000
Fort Worth.
IN
Wed.
Bushels
2,000
48,000
49,000
33,000
5,000
Philadelphia
48%
Corn
Bushels
United States—
IN WINNIPEG
Wed. Thurs. Fri.
50
49%
47%
Tues.
48%
49%
BARLEY
-
48%
46%
Week
June
20
2,280,000
1,476,000
26,000
J.
1,000
Since
Week
Since
July 1
June 20
July 1
1935
1936
1935
Bushels
Bushels
Bushels
56,664,000
47,806,000
283,000
293,000
179,000
3,000
5,000
283,000
480,000
28,000
640,000
11,000
254;666
3,783,000 105,375,000
907,000 69,431,000
In the Lake region maximum temperatures were generally around 80
degrees or lower, but in the South and Southwest they were abnormally
high.
Most first-order stations from Nebraska and eastern Colorado south¬
ward and southeastward reported maxima ranging from 100 to 108
degrees,
the highest reported being 114 degrees at Phoenix, Ariz.
In the more
eastern States the maxima ranged generally from about 7Q degrees in north¬
ern New England to more than 100 degrees in northern
Georgia.
Showers, many of substantial amounts, were again rather general over
the Atlantic area, while moderate rains occurred in parts of the Mississippi
Valley. .In the northern Great Plains light showers were the rule and there
were some additional substantial falls in the Pacific Northwest;
otherwise,
the week was without material rainfall.
The Ohio Valley and trans Mississippi States from South Dakota and Iowa southward received, as a
rule, inappreciable amounts.
With the continued absence of general rains there is now a widespread
need for moisture in most agricultural sections of the country.
Showers
in recent weeks have been decidedly local and, while beneficial in the
areas
favored, the bulk of crop lands have been missed and a good general rain
is needed nearly everywhere between the Rocky and Appalachian Moun¬
tains.
The deficiency in moisture for the present growing season is espe¬
cially marked in the northern Great Plains.
Since April 1, or for nearly
three months, North Dakota has had only about one-third of normaJ
rainfall, eastern Montana and northern Minnesota less than one-half of
normal; and other northwestern sections only slightly more.
In addition,
some interior States, such as Arkansas and much of Missouri, have had
less than half the normal since the beginning of April.
Since May 1, other
States have had even greater shortages, such as Tennessee, with approxi¬
mately 28% of normal in the last seven weeks: Kentucky, about the same;
and other Ohio Valley States less than half the normal.
In the Atlantic area additional showers during the week brought further
relief in a good many places, and the general situation
has improved
materially.
Also, in the west Gulf area, while a good rain would be help¬
ful, it is not yet seriously dry.
In the Rocky Mountain and Great Basin
States irrigated vegetation is doing well, but dry-land crops are badly in
need of moisture.
The stock feed and water situation has become critica
Volume
Financial
142
in some northwestern sections,
Chronicle
especially eastern Montana, the Dakotas,
THE DRY GOODS TRADE
and parts of Wyoming.
Tnere is considerable movement of stock, because
lack of feed and water.
Pastures show further deterioration rather
of
"
generally over widespread areas of tne country.
Tne weather was mostly
favorable for farm work and harvest of winter wheat made good progress.
Small Grains—Harvest of winter wneat has progressed northward to
extreme southern Pennsylvania, tne northern lower Ohio Valley, and to
eastern and southern Nebraska.
Late fields of grain have suffered ma¬
terially, especially in northern portions of the belt, because of insufficient
moisture for proper filling.
In Kansas late fields of wneat in the eastern
half and all grains rather generally in tne western half have been badly
damaged, while in Nebraska considerable toll has been taken by the hot,
dry weather, especially in tne central counties where much wheat will be
fit only for hay.
In Missouri harvest progressed well with yields varying
but averaging fairly good.
In the Pacific Northwest, favorable condi¬
tions continued with small grain crops doing well.
/
Spring wneat in the main producing sections has been heavily damaged
by tne continued lack of moisture.
In Minnesota, the midwestern counties
and part of tne Red River Valley are especially dry, with small grains
almost a complete failure.
In South Dakota there was further deterioration
with wneat beyond nelp, except in the soutneast wnere moisture is needed
immediately.
In Nortn Dakota there is some good wneat locally, but the
crop is generally poor to only fair; many fields of small grain in this State
are being pastured.
Tne oat crop also has been seriously affected rather
generally in most interior sections; it is heading very short and mostly poor;
in the southern Ohio Valley fields are ripening on straw about a foot tall.
Corn—While tne corn crop generally needs rain, except in many of
the more eastern sections, actual damage is not as yet serious, though
some permanent harm has been done in portions of the southern belt.
In Iowa early corn made fair progress and is generally 10 inches to two
feet tall, witn much cultivated the tnird time, though leaves have rolled
considerably in tne south because of heat and dryness; the late crop is
making poor progress with roots unable to reach subsoil moisture; stands
are
spotted and tnere is considerable cutworm damage.
In Missouri,
moisture is needed but not yet urgently; fields are well cultivated and
plants are rooting deep.
In Indiana and Illinois, progress is mostly fair,
and in some places good, but less favorable in Kentucky and Ohio.
In
the latter State tne outlook is poor, with much of the late planted not up,
and some intended plantings not accomplished.
In the Atlantic area the
situation is mostly favorable.
Cotton—In tne cotton belt, except in the northeast, the week was
warmer
than normal, with abnormally high temperatures prevailing in
the northwest.
Local showers were fairly general in most sections of the
eastern belt, especially in the Atlantic area, where some places are getting
too much rain; in tne western belt the week was generally dry.
In Texas the condition of cotton is generally good, except locally in the
south; plants are putting on squares and blooming well to the northern
portion of the State, but rain would n&w be helpful in many places; the
first bale was marketed in Starr County on June 22.
In Oklahoma, also,
progress is still mostly good, but rain is beginning to be needed; there is
some local blooming in tne southeast.
In the Mississippi Valley States progress was mostly fair to good, except
in some hill sections of Arkansas and in Tennessee, wnere rather poor.
In the eastern belt the general situation has improved materially since
recent rains, but there are complaints of»too much moisture favoring
weevil activity in a good many places where rains have been frequent;
there are many unsatisfactory stands.
The
feather Bureau furnished the following resume of
conditions in the different States:
Virginia—Richmond:
•
Warmth and rainfall slightly subnormal; general
sections. Cotton sprouting fairly well. Corn averages
high; some planting continues.
Harvesting wheat nearly finLshed.
improving; cutting begun in southeast counties.
Meadows and
pastures short.
Potatoes being dug, but tubers small.
Tobacco poor to
fair.
Peanuts fair.
Apple set uneven.
Norih
Carolina—Raleigh:
Corn, tobacco, peanuts, sweet potatoes,
minor crops, and pastures made generally good to excellent growth, except
portions of west where insufficient rain, although good rain in dry Charlotte
area end of week.
Progress of cotton good in east; poor to fairly good in
west.
Rain helped in west; too much rain locally in east.
South Carolina—Columbia:
Warm; good local rains in south and east,
elsewhere lignt and mostly scattered.
Improved condition and progress
all crops whsre soil
wet.
Cotton generally satisfactory; squaring and
blooming; cnopping fairly good advance lower elevations; replanted being
thinned upper portion; stand mostly poor.
Corn, tobacco, melons, truck,
and pastures good progress in moist areas; roasting ears in south.
Peach
shipments begun central.
Georgia—Atlanta:
Warm; light to moderate rains.
All crops benefited
by rain; more needed.
Condition of cotton poor; progress fair; squaring in
northeast, blooming continues in southeast.
Condition of corn ratner
rains needed in most
six inches
Oats
progress fair.
Florida—Jacksonville:
poor;
I
Condition
and
progress
of cotton
chopping made good progress; beginning to bloom.
fairly good;
Corn good.
Sweet
still being planted.
Watermelons and peppers being shipped.
Citrus good; fruit holding and sizing well.
Alabama—Montgomery:
Warm; mostly light showers.
Progress of
cotton poor to fair with rain needed generally; condition poor in middleeast, northeast, and extreme northwest counties; good to very good in
southwest and middle-west and fair to fairly good elsewhere; squares
potatoes
Rain needed generally.
Mississippi—Vicksburg:
Progress of cotton mostly fair with recent
generally beneficial.
Account hot weather and previous dryness
early planted upland corn deteriorated, with progress otherwise deteriorated
general; bloom increasing.
showers
to
poor.
Louisiana—New
Orleans:
Warm;
lack
of rain
unfavorable
for
most
farm work at standstill.
Corn wilting and firing some areas; con¬
only fair.
Progress of cotton generally fair; condition generally
good, but rather poor locally in northeast; blooming general; few bolls
some places.
Rice progress and condition good; irrigation to capacity.
Cane good.
Rain urgently needed all crops, especially corn, truck and
crops;
dition
pastures.
Texas—Houston;
Three degrees to 6 degrees above normal; good snowers
'arm work made rapid advance.
feneral in tne lower Rio Grande Hot, drying winds causedrains elsewhere,
Valley; light, scattered some damage to
Winter wheat and oat harvests about completed, except in extreme
Corn generally made good progress; silking and tasseling well to
Ranges and cattle mostly good.
Progress and condition of cotton
generally good, though rather spotted in coast regions; putting on squares
and blooming well to northward.
First bale, from Starr County, marketed
June 22.
Truck deteriorating in north; fair elsewhere.
Most crops,
especially corn, need rain.
Oklahoma—Oklahoma City:
Week favorable for grain harvest, but un¬
favorable growing crops account heat, hot winds, and no rain; rain needed
entire State, urgently in east.
Grasshoppers unusually numerous; damag¬
ing growing crops considerably in many central and north localities. Winter
wheat and oat harvest nearing completion most sections; yields rather small.
Progress of corn rather poor; condition poor to fair: damage by heat in
much of east.
Progress and condition of cotton mostly good/but. beginning
to need rain; squaring and blooming in southeast quarter.
Pastures drying
up; some hay cut; yields rather light.
Livestock good, but water scarce in
crops.
northwest.
north.
some
eastern
counties.
Arkansas—Little Rock:
Too hot and dry for cotton until last of week
when showers, except in nortn and extreme southwest counties, were very
favorable; progress and condition fairly good to very good in lowlands and
some hill sections; poor to fair elsewhere; squaring and blooming nearly t©
northern border.
Progress and condition of early corn fair to very good in
most lowlands; poor to fair in highlands; some beyond recovery; progress
and condition of late corn fair to very good; benefited by rains.
Tennessee—Nashville:
Drought more serious.
Pastures practically
gone; stock showing effect.
Hay very poor, except first cuttings
Corn
deteriorated; condition mostly fair but some rather poor.
Progress of
cotton rather poor; condition fair to good in west; rather poor in east and
central.
Good progress threshing Avinter wheat; yield rather poor in east,
fairly good in central and west.
Tobacco poor to fair; large acreage not
set.
Truck poor.
Kentucky—Louisville:
Light rain in limited areas in west and north of
temporary benefit.
Pastures very poor.
Progress and condition of corn
mostly poor to fair, but some good on best lands; holding up well on good
soils; twisting more generally on uplands; resisting remarkably account
excellent cultivation.
Tobacco transplanting unfinisned; earliest very slow
growth; later settings dying slowly.
Wheat harvest being completed in
north; threshing commenced in south and west; grain excellent conditionoats
ripening; about one foot high.
4373
„
New York,
Friday Night, June 26, 1936.
Although actual spending of bonus
the expected dimensions,
to reach
past week held up well.
South
and
The breaking of the drought in the
weather
favorable
more
sections of the country
far, failed
money, so
retail trade during the
conditions
other
in
helped to revive consumer interest,
following the moderate decline of last week, due to inclement
weather.
Piece goods were in particularly
Indicative of the healthy state of
smaller
than
usual markdowns for special sales of seasonal
The
merchandise.
although in
good demand.
are the much
retail trade
some
outlook continues promising,
general
quarters it is held that bonus spending for
apparel lines will not be felt until after Labor Day when con¬
start
sumers
Somewhat
their
purchases of Fall and
disturbing
where the poor crop
curtail
consumer
were
Winter goods.
reports from the North West
outlook
was
anticipated to materially
purchasing power.
Trading in the wholesale dry goods markets
Although re-orders
its activity.
decline,
as
on
maintained
Summer goods showed a
retailers were reported to be well stocked, a
stantial increase in orders
on
sub¬
Fall lines, due, in part, to a
steady rise in prices, served to more than offset this loss.
Fur and cloth coats for Fall moved in
good volume, although
coats and suits in which fur constitutes
the chief value, is causing some anxiety among wholesalers.
Demand for cottons continued heavy with deliveries being
the
new
rather
tax of 3
%
on
Re-orders
slow.
on
sports
and beach
wear
were
received, with indications that a period of real hot weather
might well bring about another spurt in these lines. Whole¬
salers, on their part, continued to place orders in heavy vol¬
ume.
Interest in sheetings, sheets and pillowcases as well as
in percales expanded on a, rising price scale.
A price advance
for the latter by corporation printers was rumored to be
imminent.
Denims and chambrays also moved in good vol¬
ume.
Business in silk goods remained rather spotty.
NY
though some re-orders were received in chiffons, crepes,
cires and satins, the total volume was limited.
Trading in
greige goods was also quiet, except for a fair interest in Fall
goods centering mostly on crepes. Business in rayon yarns
maintained its brisk activity.
Heavy orders in viscose pig¬
for use in Spring goods were placed, and the
expressed that in view of the lew stocks in pro¬
another moderate price advance may mate¬
rialize before the Summer is over.
Rumors of a possible
advance in quotations for acetate yarns were also circulating
ment yarns
belief
was
ducers' hands,
in the market.
Domestic Cotton
Goods—Trading in print cloths during
week quieted down considerably following the activ¬
ity of recent weeks, and sales were mostly confined to fill-in
purposes, with indications that buyers had covered their
immediate needs.
While a few small second-hand lots were
sold at slight concessions, prices in general held very steady,
partly in sympathy with the further advance in the raw
cotton market.
Although mill stocks were said to be at very
moderate levels, no indications appeared that production
will be materially increased in the near future.
Trading in
fine goods improved somewhat.
Interest in combed broad¬
cloths and combed lawns expanded, and prices displayed an
advancing trend.
Certain constructions were increasingly
difficult to obtain, as many mills limited their production
to a few special numbers.
Closing prices in print cloths were
as follows:
39-inch 80's, 7k£c.; 39-inch 72-76's, 7c.; 39-inch
68-72's, 6%c.; 383^-incli 64-60's, 5^c.; 38^-inch 60-48's,
the past
5 to
4%c.
wear fabrics was but
The Fall season is approaching its end,
and next year's Spring and Summer lines will not be opened
before the beginning of July, although a number of whole¬
salers have placed some advance orders.
Prices held strong
in view of rising raw wool quotations.
Wholesalers placed a
few orders on Fall suitings for fill-in purposes.
Retailers
Woolen
Goods—Trading in men's
moderately active.
reported continued good business in sports and beach wear,
without, however, deriving much benefit from the expected
bonus spending, the maiD influence of which is anticipated
to be felt when purchases of Fall goods are made after Labor
Day.
Business in women's v ear lines showed a slight in¬
crease.
Coatings and suitings moved in good volume, and
wholesalers reported an increasing interest in Fall garments.
White and pastel coats were in good demand, and consumer
interest in sports and beach wear was well maintained.
Foreign Dry
decline,
as
Goods—Trading in linens showed
a
seasonal
garment manufacturers were concentrating on
preparations of their lines for the next resort season. The
prospects for the latter seemed rather bright, with manu¬
facturers trying new combinations with cotton and synthetics
to effect more crush resistance, as well as new styles in order
to more successfully compete with similar materials.
Retail
business in both men's and women's Summer apparel con¬
tinued good.
Business in burlaps was limited to routine
sales of spot and afloat goods, and prices moved in a narrow
range.
The uncertainty as to the Calcutta operating hours
still exerted a retarding influence. Domestically lightweights
were quoted at 4.00c., heavies at 5.40c.
Financial
4374
State and
June 27, 1936
Chronicle
City Department
rights and works on one irrigation district in California
aggregating $170,500, have been authorized by the Reconstruction Finance
Corporation.
This makes a total to date of $121,407,935.44 authorized
under the provisions of Section 36, Emergency Farm Mortgage Act of 1933,
as amended.
The districts are:
Liverpool Drainage and Levee District, Fulton County, 111
$46,000
Whiteside and Rock Island Special Drainage District, Whiteside
and Rock Island Counties, 111
11,000
Richvale Irrigation District, Richvale, Calif—
113,500
of additional water
Specialists in
Bonds
Illinois & Missouri
News Items
STIFEL, NICOLAUS &,
CO., Inc.
105 W. Adams St.
DIREGT
CHICAGO
Illinois—Municipal Judgment Debt Bond Bill Signed—•
June 19 signed bills by Representative
314 N. Broadway
WIRE
ST. LOUIS
Governor Horner on
Benjamin Adamowski, Democrat, Chicago, authorizing the
by municipalities of bonds in place of judgment
debts, according to a news dispatch from Springfield on
issuance
that date.
FINANCE CORPORATION
RECONSTRUCTION
Official Report on Awards of Municipal Bonds—The follow¬
ing is the text of the official statement, released from Wash¬
ington on June 19, of the awards made by the said Corpora¬
tion on that date of the various municipal bond issues and
one railroad issue, a preliminary report on which appeared
in these columns at tnat
The
$4,935,000 issue of Great
serial
Northern Railway Co. secured 4%
opened by tne Reconstruction finance Corpora¬
bonds on waien Dids \yere
iy36, was awardeu to tne nignest Didder, liaisey, Stuart
York, for $5,158,40/.45, a premium of $223,407.45, the unit
price being $1,045.27 per $1,000.
Tne 28 issues of municipal and similar securities on which bids were
received were also awarded to tne nign Didders.
Tne face amount of these
bonds sold was $2,750,500 and tne sale price $2,843,018.81, a net premium
of $80,518.81, representing an average price of over 103ys.
Tne total premium on the $7,091,500 rail and municipal securities sold
was $309,920.20.
tion on June 18,
&
Co., New
The
bonds,
tne
successful bidders and the prices paid were:
Co., secured 4% serial bonds, Halsey,
York, N. Y., $1,045.27 per $1,000.,
of Education of Jefferson County, Ala., 4%
warrants, Mackey, Dunn & Co., Inc., New York, N. Y.,
$4,935,000 Great Northern Railway
Stuart & Co., Inc., New
12,000 County Board
school
$1,062.50 per $1,000.
66,000 Town of Williams, Coconino County, Ariz., 4% waterworks
improvement bonds, Boettcher & Co., Denver, Colo., and assoi '
ciate, $1,016.60 per $1,000.
34,000 Special School District ol Little Rock, Ark., 4% school bonds,
W
B. "Worthen Co., Little Rock, Ark., $1,035.20 per $1,000.
.
.
school
7,000 School District No. 12, County of Teller, Colo., 4%
bonds, series 1934, Brown, Scniessman, Owen & Co., Denver,
$1,020 per $1,000.
111.000 City of Fensacola Fla. 4%
Colo.,
Monr & Co.
water revenue certificates. King,
$977.80 per $1,000.
municipal coupon waterworks
Westerly, R. I., $982.70 per
Inc., Mobile, Ala.,
22,000 Village of Alameda, Idaho, 4%
bonds. Foster Petroleum Corp.,
$1,000.
138.000 City of Edwardsville, 111., 4% sewerage revenue bonds,
hard, Cook & Co., St. Louis, Mo., $1,020 per $1,000.
New-
20,000 City of Goshen, Ind., 4% waterworks revenue bonds, Indianapo¬
lis Bond &
Share Corp., Indianapolis, Ind., $1,075.55 per
$1,000.
27,500 Town of
Oldenburg, Ind., 4% waterworks
City Securities
Corp., Indianapolis,
(revenue) bonds,
Ind., $1,013 per $1,000.
46,000 City of Midway, Woodford County, Ky., 4% waterworks reve¬
nue bonds, Security Trust Co., Lexington, Ky., $1,020.60 per
$1 000. •
19,000 Washington
Miss.,
1934.
per
County Road District of Washington County,
4% Washington County Road District bonds, series of
Tne First National Bank, Memphis, Tenn., $1,060.60
$1,000.
100,000 City of California, County of Moniteau, Mo., 4% electric
bonds, City National Bank & Trust Co., Kansas City,
plant
Mo.,
$1,073.3286 per $1,000
24,000 City of Wayne, Wayne County,
bonds, Steinauer & Schweser,
per
Neb., 4% municipal auditorium
Inc., Lincoln, Neb., $1,031.29
$1,000.
665,000 City of Bayonne, Hudson County, N. J., 4% water bonds,
street improvement bonds and scnool bonds, Bancamerica-Blair
Corp., New York, N. Y., and associates, $1,013.28 per $1,000.
87,000 Central School District No. 12 of the Towns of Brookfield,
Madison County, and Plainfield, Otsego County, N. Y., 4%
scnool building bonds, A. C. Allyn & Co., Inc., New York,
N. Y., and associate, $1,038 per $1,000.
69,000 Central Scnool District No. 3 of the Town of Cortlandt, West¬
chester County, N. Y., 4% school building bonds, Geo. B.
Gibbons & Co., Inc., New York, N. Y., $1,081.70 per $1,000.
76,000 City School District of the City of Lackawanna,
scnool building bonds, A. C. Allyn & Co., Inc.,
N. Y., and associate, $1,053.30 per $1,000.
N. Y., 4%
New York,
102,000 County of Catawba, N. C., 4% school building bonds
scnool
bonds,
R. S. Dickson & Co., Cnarlotte, N. C.,
associates, $1,029.20 per $1,000.
232,000 County of Guilford, N. C., 4% school bonds, Branch
& Trust Co., Wilson, N. C., $1,023.10 per $1,000.
and
and
Banking
54,000 Board of Education of the City of Larimore, N. Dak., 4%
scnool construction bonds, Justus F. Lowe Co., Minneapolis,
Minn., $1,025.30 per $1,000.
20,300 Deer
School District No. 6, County of
Oklahoma, 4% building bonds of 1935,
Creek Consolidated
State of
Brown-Crummer Co., Wicnita, Kan.,
Oklahoma,
$1,037.50 per $1,000.
40,500 City of Klamath Falls, Klamath County, Ore., 4% armory
bonds, Blyth & Co., Inc., New York, N. Y., and associate,
the
$971.10 per $1,000.
460,000 State of South Carolina, 4% South Carolina School for the
Deaf and Blind
bonds, South Carolina Sanatorium bonds
State Training School for the Feeble-Minded bonds and State
Hospital for tne Insane bonds, F. W. Craigie & Co., Richmond,
Va., and associate, $1,085.52 per $1,000.
30,200 City of Hot Springs, S. Dak., 4% sewage disposal bonds, Piper,
Jaffray & Hopwood, Minneapolis, Minn., $1,003.89 per $1,000.
28,000 Lehi City, Utah County, Utah, 4% waterworks improvement
bonds, Blyth & Co., Inc., New York, N. Y., $1,043.70 per
$1,000.
112,000 Price, a municipal corporation, County of Carbon, State of
Utah. 4%
waterworks improvement revenue bonds, C. W.
McNear & Co. Chicago 111., $984.70 per $1,000.
72,000 Sanitary District No. 3 of Henrico,
waterworks bonds, F. W. Craigie
Henrico County, Va., 4%
&
Co.,
Richmond,
Va.,
$1,009.58 per $1,000. 82,000 City of Adams, Adams County, Wis., 4% sewerage system
(tax) bonds and water revenue bonds, Channer Securities Co.,
Chicago, 111., and associate, $1,007.60 per $1,000.
Report on Loans to Drainage and Irrigation Districts—The
following statement (press release 1259) was made public on
June 18 by the above named Federal agency:
drainage and levee district in Illinois, addi¬
drainage district in Illinois and for the purchase
Loans for refinancing one
tional construction for one
Board,
that Illinois may receive Federal money for
pensions, if the bill is approved in Washington.
so
old age
Minnesota—Foreign Stocks in State Ruled
—The
time—V. 142, p. 4213:
also signed House Bill No. 41 whichTis
suggestions from the Federal Social Security
Governor
The
said to contain
the
Subject to Tax
Minneapolis "Journal" of June 19 carried the
following
report on a decision of the State Supreme Court which will
affect stock holdings by residents of the State in corporations
outside of Minnesota:
decision of Hennepin District Court, the Minnesota Supreme
that stock shares in foreign corporations owned and held
by inhabitants of this State are subject to the three-mill
moneys and credits tax.
The decision came in the State's appeal from a District Court decision in
favor of the First Bank Stock Corporation of Minneapolis.
The high tribunal ordered the lower court to amend its findings to affirm
the Minneapolis city assessor's additional levy of $3,081.29 on stock of six
Montana and two North Dakota banks owned by the bank group holding
company.
In the opinion of lawyers
the decision means Minnesota can
collect taxes even on stock which is taxable in the State where the corpora¬
tion is domiciled.
Thus stock in a Maryland corporation, taxed under the
laws of Maryland, could also be taxed in Minnesota if the owners lived here.
The case started when Edward S. Gould, Minneapolis assessor, added to
the $2,040,634.75 moneys and credits declaration made by the bank stock
company for 1934.
The company protested the addition of stock in eight State banks out¬
side Minnesota on the grounds that such a levy constituted double taxation.
The stock involved already had been taxed under the laws of the States in
which the eight banks are domiciled.
Reversing
a
Court ruled today
in
Minnesota
Jersey—Legislature Passes Election Bills and Adjourns
Legislature of New Jersey adjourned sine die
at 7:10 a. m. on June 19, after a night iheeting that climaxed
the hectic five month session, according to Trenton advices.
The two election reform bills, backed by former Ambas¬
sador Walter E. Edge and the Clean Government group, to
reduce the tremendous Democratic influence in Hudson
New
—The 160th
County and "to safeguard the integrity of the ballot," is
Legislature into the night session.
said to have forced the
They are reported to have been passed at 4:30 a. m., it
being understood that Governor Hoffman would sign them.
We quote in part as follows from the New York "Herald
Tribune" of June 20:
a
the vital appropriations bill, lack of passage of which
session during the summer, was the lever used
to spring the election bills.
Once election reform was agreed upon in a
midnight conference between the Governor and Republican officials, the
Legislature passed the bills, then enacted the appropriations bill at 5:30
Threats to delay
would have forced a special
and adjourned.
The election reform measures are
intended to remove some of the diffi¬
culty in obtaining a recount where a fraudulent election is suspected.
They
also provide for removal of district election officials when negligence or
carelessness is proved.
The appropriations bill as finally passed amounted to $42,651,106 after
the Assembly had remodeled and reassembled the Act.
It eliminated a
$40,000 appropriation for the State Cleaning and Dyeing Board, one of
Governor Hoffman's favorites, and an unsuccessful effort was made to
eliminate $20,000 appropriated to Attorney General David T. Wilentz for
expenses in the Lindbergh case.
The legislators,
who wrestled throughout the session with the twin
problems of financing unemployment relief and balancing the budget—the
first solved by turning relief over to the municipalities on April 15, and the
second by the windfall receipt of the $15,000,000 Dorrance inheritance tax
check—departed for home with their major difficulty, a permanent State
financing system, still unsolved.
Relief remains a bone of contention.
A survey by outside Republicans
found virtue in the municipal, decentralized system; a survey by outside
Democrats found much amiss.
The municipalities themselves apparently
have been meeting the burden with a fair degree of success by drastically
cutting the relief rolls.
No taxes for relief were
imposed during the session.
Signs Road Bill—Governor Hoffman signed on
June 24 the $30,017,518 highway appropriation bill, en¬
Governor
abling E. Donald Sterner, State Highway Commissioner, to
commence reconstruction of a number of main stem roads
He is said to have received the
appropriations bill of $42,000,000, which he expects
to sign in the near future.
The measure must be signed by
July 1, according to report.
ruined
bly winter weather.
annual
Governor
Signs Measure Giving Cities State Aid for Relief—
on June 25 signed the Powell bill appro¬
Governor Hoffman
priating $6,000,000 to the State Financial Assistance Com¬
mission, to be distributed among municipalities that find it
impossible to bear the entire burden of emergency relief,
according to Trenton advices of that date. The Governor,
State Treasurer William H. Albright, State Comptroller
Frank J.
Murray,
Senator Charles E. Loizeaux, and
Assemblyman Homer C. Zink, the last two being members
of the Legislative Appropriations Committee, make up the
said commission.
An executive director and 14 district
directors are to be named to receive applications from the
distressed municipalities.
Volume
4375
Chronicle
Financial
142
signed the $42,851,106 annual appropriations bill, by
will be operated during the next fiscal
The Governor also
which the New Jersey government
year
beginning July 1.
The Governor also signed the local budget act designed to place NewJersey's 400-odd municipalities on a cash basis by 1943.
It limits the
revenue notes to 35% of the total levy for 1937 and reduces
the percentage 5% annually until 1943.
In a statement issued after he signed the budget measure, the Governor
expressed doubt that the law will prove effective.
He warned that new
taxes will be necessary before the law can actually prove of worth.
issuance of tax
New York State—Old
Age Pensions Approved by Security
estimated to cost
been approved by
Washington news
dispatches. This approval is said to make the State eligible
to receive grants from the Board for about half of the total
expense.
Assistance is to be provided for 60,407 needy
persons at a cost of about $1,264,000 a month, it is reported.
The action of the board came after New York had amended
Board—The State old age assistance plan,
about $15,000,000 for the next year, has
the Social Security Board, according to
debts of school districts and $22,000,000 as debts of counties and cities.
Direct State debts include the following:
mp*
as
Highway A bonds, $83,621,000: toll bridge A bonds, $6,874,000: road
district A bonds, $44,749,275: highway and toll bridge B bonds, $4,897,578;
bonds, $3,424,538; street certificates of indebtedness, $5,-
road district B
982,953;
refunding obligations, $902,766; Confederate pension bonds,
$9,284,000; hospital construction bonds, $2,713,000; other State bonds,
$3,961,709.
its State old age assistance
Social Security Act.
The
law to conform with the Federal
changes included reducing resi¬
five out of the previous
nine, with one year immediately preceding application.
The minimum age requirement was reduced from 70 to 65,
dence requirements from 10 years to
California Municipals
effective Oct. 1.
DONNELLAN
Rhode Island—New State Treasurer
Appointed—Governor
111 Sutter St.
Green has appointed Percival de St. Aubin as Treasurer of
the State, to fill the unexpired term of Antonio Prince, who
&, CO.
San Francisco, Calif.
Teletype-S F 396
Telephone Exbrook 7067
is
resigning to become postmaster of Woonsocket, according
to Providence dispatches.
OFFERINGS
WANTED
CALIFORNIA MUNICIPALS
.
Arkansas—Illinois—Missouri—Oklahoma
$25,000 Dept. of Water & Power of the city of
Los Angeles Elec. Plant 4s 12-1-64-65 3.55%
MUNICIPAL BONDS
Francis, Bro. & Go.
ESTABLISHED
CBootke,Gillette 8 Co.
1877
Ill
Investment Securities
sii
LOS ANGELES
7th st.
west
teletype
la
sbb
member los angeles stock exchange
TULSA
LOUIS
CALIFORNIA
Bond
ANAHEIM
Proposals and Negotiations
SCHOOL
the second time the
school rehabilitation
DISTRICT, Calif.-—BONDS DEFEATED—For
have rejected a proposition to issue $270,000
voters
bonds.
CALIFORNIA, State of—BOND SALE—'The $5,000,000 issue of 2^%
semi-ann.
ALABAMA
Municipal Bonds
Securities Corporation
New
Nashville
York
Knoxvllle
Chattanooga
Welfare bonds offered for sale
at
public auction
on
price of 101.751, a basis of about 2.53%.
Dated June 1, 1936. Due from
Feb. 1, 1938, to 1954, incl.
The second highest bid was an offer of 101.75, tendered by the Bancamerica-Blair Corp. and Blyth & Co.
Third highest was a group by the
National City Co. and Brown Harriman & Co., offering 101.51.
Next in
line was an account managed by Halsey, Stuart & Co., with a tender
EQUITABLE
Birmingham
Veterans'
June 25—V. 142, p. 3717—was awarded to a syndicate composed of R. H.
Moulton & Co. of Los Angeles, the Chase National Bank of New York, the
First Boston Corp., and Dean Witter & Co. of San Francisco, paying a
of
Memphis
101.38.
BONDS
OFFERED
FOR
INVESTMENT—'The
successful
bidders
re-offered the above bonds for public subscription at prices yielding from
0.85% to 2.70%, according to maturity.
These bonds are said to be valid
and legally binding obligations of the entire State.
'•••
ALABAMA
CHEROKEE COUNTY (P. O. Center), Ala.—BONDS VOTED—At
an election held on June 9, the voters are said to have approved the issuance
of
$75,000 in court house bonds.
MONTGOMERY
COUNTY
(P.
O.
Montgomery),
Ala.—TAX
IN¬
CREASE APPROVED—We are informed by J. R. Matthews, Clerk of the
Circuit Court, that at a special election held on June 16, the voters approved
the retention of the three-mill county school tax and they also gave their
approval to the imposition of an additional tax of 10 cents on each $100
of taxable property in the county, for a period of 30 years from and including
Oct. 1, 1935, to be levied for the support of public schools.
SHEFFIELD, Ala .—BONDS OFFERED FOR INVESTMENT—'The
Securities Corp. of Nashville, is offering for general sub¬
scription at prices to yield from 3.00% to 1939 to 4.30% in 1966. a block of
1H% water revenue bonds, part of a total authorized issue of
$470,000. Denom. $1,000. Dated May 1, 1936. Coupon bonds registrable
as to principal.
Due in varying amounts on May 1, from 1939 to 1966 incl.
Prin. and int. (M. & N.) payable at the Chemical Bank & Trust Co. in
New York City. Legal opinion of Chapman & Cutler, of Chicago.
These bonds, in the principal amount of $470,000, are issued by the City
of Sheffield to pay the cost of acquiring and improving the privately-owned
waterworks supply and distribution system in that city and the water
distribution system in the City of Tuscumbia. The combined systems serve
a total
population of approximately 11.000, and with the improvements
contemplated will be of adequate capacity to take care of present needs and
normal increase in population.
The annual gross operating revenue for the
past five calendar years, after elimination of those charges which will not
recur
under municipal ownership, is sufficient to pay maximum annua
principal and interest charges on these bonds, actual operating and mainten¬
ance expenses, set aside a reasonable amount for depreciation, and leave a
Cumberland
substantial surplus.
CALIFORNIA,
connection with
ARKANSAS
subscription a
Robison, Deputy State Treasurer, that the Legislature at a recent special
authorized an additional $2,500,000 in registered warrants to be
issued for relief.
IMPERIAL COUNTY
(P. O. El Centro), Calif.—BOND CALL—The
county is said to be calling for payment all matured bonds or coupons
various county bond issues, heretofore presented and not paid for
from
lack
of funds,
future
providing same have been registered with the county for
and bear consecutive numbers shown after each issue
payments
described.
LOS ANGELES, Calif.—BOND SALE—The $3,000,000 issue of water
bonds offered for sale on June 23 was awarded to a syndicate
composed of Lehman Bros., Phelps, Fenn & Co., Eastman, Dillon & Co.,
Hemphill, Noyes & Co., E. H. Rollins & Sons, all of New York; Schwabacher
& Co., of San Francisco; B. J. Van Ingen & Co., of New York; Dulin & Co.,
of Los Angeles; Morse Bros. & Co., Inc., of New York; Brush, Slocumb
& Co., of San Francisco, and Revel Miller & Co., of Los Angeles, as 3Ms,
at a price of 100.05, a basis of about 3.74%.
Denom. $1,000.
Dated
July 1, 1936.
Due on July 1 as follows:
$202,000 in 1937; $210,000,
1938; $218,000, 1939; $226,000, 1940; $2.35,000, 1941; $243,000,
1942;
$253,000, 1943; $262,000, 1944; $272,000, 1945; $282,000, 1946; $293,000.
1947, and $304,000 in 1948.
Callable at par on July 1, 1937, or on any
interest payment date thereafter upon 30 days' notice in the inverse order
revenue
of maturities.
The next highest bid was an offer of 100.10 on 4s, submitted by a syndicate
headed by
offered
R. H. Moulton & Co. and Blyth & Co.
OFFERED
the above
FOR
bonds
INVESTMENT—'The
for public subscription
successful
at
prices to
bidders
yield
re-
from
1.97% on the 1937 maturity up to a yield of 3.59% on the 1948 maturity.
These water revenue bonds, in the opinion of counsel, will be valid and
legally binding obligations of the Department of Water and Power of the
city and are payable solely from the revenues of the water revenue fund.
These bonds are offered subject to approval of legality by Thomson.
Wood & Hoffman of New York City.
BONDS
Markets in all State, County
of—RELIEF WARRANTS AUTHORIZED—In
given in these columns recently, to the effect
session
BONDS
C. W. McNear & Co. of Chicago, also offered for public
block of $105,000 of the above 4Yi % water revenue bonds.
State
the report
that the Legislature had approved $2,500,000 in relief funds to take care
of such expenses up to June 30—V. 142, p. 4055—it is reported by A. Q.
& Town Issues
LOS ANGELES COUNTY (P.
O. Los Angeles). Calif.—BOND SALE
$14,000 issue of Rivera School District bonds offered for sale on
142, p. 4215—was purchased by Schwabacher & Co. of San
Francisco, as 3s, paying a premium of $1.00, equal to 100.07, a basis of
—The
June 22—V.
about
SCHERCK, R1CHTER COMPANY
LANDRETH
2.997%.
Dated June 1, 1936.
Due from June 1, 1937 to 1950, incl.
MAXWELL PUBLIC UTILITY DISTRICT (P. O. Maxwell), Calif.—
BOND OFFERING—Chris Lausten, District Secretary, will receive bids
until June 29 for the purchase of $43,000 water and sewer bonds.
BUILDING. ST. LOUIS, MO.
MERCED COUNTY (P. O. Merced), Calif—BOND OFFERING—P. J.
County, Clerk, will receive bids until 11 a. m. July 6 for the
Thornton,
purchase of $10,000 5% bonds of Charleston Elementary School District.
Denom. $1,000.
Certified check for $1,000, required.
ARKANSAS
ORANGE COUNTY (P. O. Sarfta Ana), Calif.—BOND OFFERING—
Sealed bids will be received until 11 a. m. on July 7 by J. M. Backs, County
State & Municipal Bonds
Clerk, for the purchase of an $83,000 issue of Santa Ana High School Dis¬
trict bonds.
Interest rate is not to exceed 5%,
Denom. $1,000.
Dated Aug. 1, 1936.
Due as
WALTON, SULLIVAN & CO.
ST.
LITTLE ROCK, ARK.
LOUIS, MO.
ARKANSAS
ARKANSAS,
indebtedness
State
of the
of—REPORT
State
of Arkansas
Secretary of State Ed F. McDonald at
ON
BONDED
DEBT—Bonded
and its subdivisions is listed
payable semi-annually.
follows: $10,000, 1951;
$14,000, 1952 to 1955, and $17,000 in 1956.
Bonds will not be sold for
less than par and accrued interest.
Prin. and int. payable at the office of
the County Treasurer.
All bids must be unconditional.
The approving
opinion of O'Melveny, Tuller & Myers of Los Angeles will be furnished to
the successful bidder without charge.
A certified check for 3 % of the par
value of the bonds bid for, payable to the order of the County Treasurer,
is required.
#
by
$214,410,822, including $26,000,000
RIVERSIDE COUNTY (P. O. Riverside), Calif.—REPORT ON TAX
DELINQUENCY—The following information, compiled as of April 20,
was sent to us by the Gatzert Co., Los Angeles investment house:
4376
Financial
For fiscal
1935-36, 10%; for fiscal year 1934-35, 19.10%; for the
fiscal year 1933-34,
21.05%.
For the first time in many years all school and
high school district bond
issues are reported to be
up to date in principal and interest payments,
as of June
15, 1936.
purchased
as
as
Territory
OFFERINGS
.
offered
FIRST SECURITY TRUST CO.
SALT LAKE CITY
3221
Bell Teletype:
for
CLARA
VALLEY
WATER
CONSERVATION
$24,000,
1957 to
WALNUT
1960.
CREEK,
Calif.—BOND
ELECTION—The
City
Council
7 for the purpose of
voting on the question of issuing $50,000 water bonds.
has passed a resolution to
call
an
election for Aug.
YOLO COUNTY (P. O. Woodland), Calif.—BOND SALE—An issue
of $10,000 school building repair bonds issued by the
Brythe Elementary
School District was sold recently to Dean Witter & Co. of San Francisco
at
a premium of $40, equal to 100.40.
SL K-37
IDAHO
DISTRICT
(P. O. San Jose), Calif.—BOND SALE—The $400,000 bonds offered on
June 23—V. 142, p. 4216—were awarded to R. H. Moulton & Co. of Los
Angeles and Weeden & Co. of San Francisco at a premium of $59,011, equal
to 114.75275.
The bonds were offered at not to%exceed 4% interest.
The
American Trust Co. and Heller, Bruce & Co., both of San
Francisco, com¬
bined to submit the second high bid, offering a premium of
$56,140.
Dated
July 1, 1936.
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
WYOMING
MUNICIPALS
public subscription at prices to yield from 0.50% to 2.40%, according to
maturity.
vy.:,.
V.';C.y
SANTA
WANTED
UTAH—IDAHO—NEVADA—MONTANA
Phone Wasatch
were
to
due
Jose), Calif.—BOND SALE—
INVESTMENT—The bonds
said
1946.
The called bonds may be presented for
redemption and pay¬
at the office of the Territorial Treasurer in
Honolulu, or at the
Bankers Trust Co., New York.
Funds for the redemption have been
provided by the recent sale of a
new issue of $1,750,000 of
2.10% bonds, due 1941-1945 as noted here.
2s.
FOR
are
ment
Brush, Slocumb & Co., both of San Francisco, paying a premium of $226,
equal to 100.0627, on the bonds divided as folloAVs: $108,000 as 5s,
maturing
$18,000 from 1937 to 1942; $234,000 as 2s, maturing $18,000 from 1943 to
1955, and $18,000 as l^s, due in 1956.The second highest bid was submitted by Wm. R. Staats Co. and
Schwabacher & Co., offering a premium of $724 for the 1937 to 1942 maturities
5s, the remainder
BONDS OFFERED
Waynesboro), Ga.—
June 9, the voters
high school bonds.
of—BOND CALL—The Territory of Hawaii,
through W. C. McGonagle, Treasurer, has called for redemption on
July 20
at 100 and accrued interest $1,750,000
4% refunding bonds, series A and B,
The $360,000 issue of Palo Alto School District bonds offered for
sale on
June 22—V. 142, p. 4057—^-was awarded
jointly to Donnellan & Co. and
as
(P. O.
HAWAII
HAWAII,
follows:
SANTA CLARA COUNTY (P. O. San
DISTRICT
BONDS VOTED—At an election held on
have approved the issuance of $30,000 in
SANTA BARBARA, Calif.—PRICE PAID—In connection with
the re¬
on June 15 of the two issues of bonds
aggregating $24,000,
given in these columns—V. 142, p. 4216—it is now stated that the bonds
$16,000 National Guard Armory site bonds to Lawson, Levy & Williams
of San Francisco, as l '4s,
paying a premium of $2.00, equal to
100.0125, a basis of about 1.24%.
Due $4,000 from June 15,
1937 to 1940, incl.
8,000 water system improvement bonds to Donnellan & Co. of San
Francisco, as Is, paying a premium of $6.00, equal to 100.075, a
basis of about 0.95%.
Due $4,000 on June 15, 1937 and 1938.
June 27, 1936
WAYNESBORO SCHOOL
port of the awards
were
Chronicle
year
GENESSEE, Ida.—BOND SALE—The $15,000 bonds offered
on June 19
142, p. 4058—were awarded to Ferris &
Hardgrove of Spokane as
a premium of $17.50, equal to 100.116.
Childs & Montandan of
high, offering a $1 premium for 3Ms.
Coupon in form, in the denomination of $500 each.
They will be
dated July 1, 1936, and will mature in 20
years on the amortization plan.
Interest will be payable
semi-annually on Jan. 1 and July 1.
The issue
was made to finance water main
replacements.
—V.
3Hs at
Boise were second
IDAHO COUNTY INDEPENDENT UNION
HIGHWAY DISTRICT
(P. O. Grangeville),
Idaho—BOND CALL—Frank Ruzicka, District
Treasurer, is said to be calling for payment on July 1, on which date
inter¬
est shall cease, Nos. 1 to 62 of the
6% highway bonds. Payable upon pre¬
sentation at the District Treasurer's
office, at the First National Bank of
Grangeville, or at the National City Bank in New York, on or after the
date
called.
PRESTON, Idaho—BOND DESCRIPTION—In connection with the
$50,000 water works improvement bonds, reported here
recently
—V. 142, p. 4058—it is stated
by the City Clerk that the bonds were
purchased by the First ^Security Co. of Ogden as 6s at
par.
Coupon bonds
dated April 15, 1936.
Denom. $1,000.
Due from 1937 to 1941.
Interest
payable semi-annually.
'
sale of the
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONTANA
NEW
MEXICO
—
WYOMING
DONALD F. BROWN & COMPANY
—
and
1946.
*
SALMON, Ida.—BOND OFFERING—Sealed
bids will be received until
8 p.m. on July 2, by H. G.
Pope, City Clerk, for the purchase of a $60,000
DENVER
Telephone: Keystone 2395
ROBERTS, Idaho—BOND SALE—A $10,000 issue of
43^% semi-ann.
refunding bonds is reported to have been purchased at
par by Childs &
Montandon of Boise. Denom. $500.
Dated Aug. 1, 1935. Due on
Aug. 1
as follows:
$500, 1937 and 1938; $1,000, 1939 to 1944, and $1,500 in 1945
Teletype: Dnvr 15
issue of coupon
funding and refunding bonds.
Interest rate is not to exceed
5%, payable semi-annually.
Payable on the amortization plan for a period
exceeding 20 years.
Prin. and int. payable at the American National
Bank, Idaho Falls.
A certified check for
5% of the amount bid, payable
to the City
Treasurer, is required.
not
COLORADO
STERLING, Colo.—BOND SALE—An issue of $20,000 Special Impt.
Bonds of Curb and Gutter District No. 6 has been sold to Mrs. Phoebe A.
Henderson of Sterling at 101.
EAST
HADDAM,
has voted to
Conn.—BONDS VOTED—The
town
of
East
of $80,000 bonds maturing
;V
■/■„
DELAWARE
LAUREL, Del.—BOND SALE—Laird, Bissell & Meeds
purchased
an
of Wilmington
issue of $20,000 town hall and fire bonds at
a
price
of 104.
signed by Governor
The bills were sponsored by State Representative
Benjamin
S. Adamowski.
The new law will prove beneficial to
Chicago which now has about $20,000*000 in judgments outstanding against
it, declared City Controller
Robert Upham.
The city can reduce the interest rate of
5% which such
judgments carry until paid, he said, by the issuance of bonds.
"We feel that bonds could be sold at this time at
FLORIDA
142,
TO ISSUE BONDS TO REFINANCE
JUDGMENTS—Two bills which permit the city to issue bonds
without
submitting the proposals to the voters for the purpose of
paying public
debts, incurred as a result of court judgments, have been
Henry Horner.
have
NOT
June 22—V.
CHICAGO, 111.—AUTHORIZED
authorize the issuance
$4,000 annually.
111.—BONDS
on
4058—were rejected.
p.
CONNECTICUT
Haddam
ILLINOIS
ARLINGTON
HEIGHTS
PARK
DISTRICT,
SOLD—Bids for the $23,000 5% park bonds offered
interest rate not
an
exceeding 3H% thereby saving 13^%," Mr. Upham added.
"The credit of the city already
improved would be further enhanced by
such action.
At present the judgment tax fund which is
outside the cor¬
porate levy, is producing only enough to equal the
interest, so that it would
be a great many years before the
principal could be cleared up.
The bonds
which would be issued to fund these
judgments would run only 20 years,"
BONDS
he continued.
CHICAGO
PIERCE-BIESE CORPORATION
JACKSONVILLE
Tampa
Orlando
Miami
PARK DISTRICT,
III.—$32,121,955 BONDS OFFERED
ON MARKET—One of the
largest offering groups formed in recent
years,
under the leadership of Halsey, Stuart &
Co., Inc., of New York and Chi¬
cago, made public offering on June 23 of
$32,121,955 3>S% and 4% bonds
of the district.
The 3lA% bonds, in amount of
$17,326,743, due in 1955
and 1956, optional
1946, were offered at a price of 102.75 and
interest,
to yield over
3.15% to the option date and 3M % thereafter until
redeemed,
$14,795,212 4s were priced at 106.25 and interest, figuring a
yield
3.25% to the optional date in 1946 and 4% thereafter until redeemed or
maturity in 1955.
The park district is one of the largest
municipal
bodies in the United States, its limits
being coextensive with those of the
City of Chicago.
The proceeds of the current financing,
according to the
district, are expected to preclude the need of any additional
financing for a
and the
of
to
number of years.
The nation-wide
group of dealers and banks participating in the under¬
writing of the bonds, in addition to Halsey, Stuart & Co.,
Inc., includes,
among others, the following:
Chase Nat. Bank of N. Y.
First Boston Corp.
R. H. Moulton & Co.
City Nat. Bank & Tr. Co.
Adams, McEntee & Co.
E.
Burr & Co.
of Kansas
City
Baum-Bdrnheimer & Co.
The
B.
Smith & Co.
Brown Harriman
Co.
&
Lehman Bros.
Blyth & Co., Inc.
Lazard Freres & Co., Inc.
Bancamerica-Blair Corp.
FLORIDA
Stone & Webster and
MIAMI
BEACH SPECIAL TAX SCHOOL DISTRICT NO. 14
(P. O.
Miami Beach), Fla.—BONDS SOLD—The
$471,000 4% school site and
building bonds that were offered for sale without success by the Recon¬
struction Finance Corporation on April 23, as noted here at that time—V.
142,
2866—have been purchased from the said Corporation by C. W.
McNear & Co. of Chicago, at par.
Due on Sept. 1 as follows: $24,000,
1936 to 1944; $23,000, 1945 to 1955, and $2,000 in 1956.
p.
WINTER
FUNDING
GARDEN, Fla —PROGRESS REPORTED IN BOND RE¬
PROGRAM—Jerry J. Chicone, Refunding Agent, came before
the Council recently and reported that over
75% of the bondholders have
agreed to the refunding program, and will exchange the old bonds for new
as soon as they are issued and validated
by the courts.
The refunding program was then declared
operative by the City Council
and the attorney for the city was instructed to draw
up necessary resolu¬
tions and start validation
proceedings.
Since the Pensacola case has been approved
by the
validating refunding bonds, Winter Garden is using this
in order that there will be no question of its
validity.
Supreme
case as
a
Court
mould
Blodget, Inc.
Hallgarten & Co.
Goldman, Sachs & Co.
R. W. Pressprich & Co.
Estabrook &
Co.
&
George B. Gibbons
Co.
&
Inc.
Co.,
Anglo-California Nat.
.
Bk.
Cleveland Corp.
Northwestern Nat.
Bank
Morse Brothers & Co., Inc.
Wm. R. Compton & Co.
First
Wachob, Bender & Co,
Allyn & Co., Inc.
Otis & Co.
First
& Trust Co.
Nat.
Bank
&
Trust
Co. of
Minneapolis
Wells-Dickey Co.
Piper, Jaffray & Hopwood
A. C.
Illinois Co. of Chicago
A. G. Becker & Co.
Kelley,
Phelps, Fenn & Co.
1
F. S. Moseley & Co.
Graham, Parsons & Co.
Darby & Co.
Stranahan, Harris & Co.
Hemphill, Noyes
Eldredge & Co.
Roosevelt & Weigold, Inc.
Equitable Securities Co. of
Nashville.
Harold E. Wood & Co.
Richardson &
Co.
First Nat. Bank of St. Paul
Lawrence Stzrn & Co.
Kalman & Co.
E. H. Rollins &
First of Michigan Corp.
Watling, Lerchen & Hayes
McDonald, Moore & Hayes
Sons, Inc.
Stifel, Nicolaus & Co.
Central Republic Co.
John Nuveen & Co.
Crouse & Co.
Ames, Emerich & Co.
The Milwaukee Co,
Mississippi Valley Tr. Co.
Feris &
Hardgrove
Charles H. Newton & Co.
B. J. Van Ingen & Co.
Stern Brothers & Co.
The specific issues
making up the present
described as follows:
are
offering of $32,121,955 bonds
'
,
$10,503,666 refunding, series A, 4%; dated Sept. 1, 1935, due Sept,
1, 1955;
optional March 1,1946.
4,291,546refunding, series D, 4%; dated March 1, 1936; due Sept. 1,
1955; optional March 1, 1946.
I
V
3,189,698funding, 3Yi%\ dated Jan. 1, 1936; due Jan. 1, 1956; optional,
-
GEORGIA
BYROMVILLE SCHOOL DISTRICT
(P. O. Byromville), Ga.—
Jyrom
BOND OFFERING—Sealed bids will be receibed until 11
a. m. on July 15
by the District Clerk for the purchase of a $10,000 isswe of 5% coupon
semi-annual school bonds.
Denom. $500.
Dated Aug. 1, 1936.
Due as
follows: $500, 1941 to 1951; $1,000, 1952 to
1954, and $1,500 in 1955.
A
certified check for $500 must accompany the bid.
i
Jan.
1,
1946.
i
3,137,045 refunding, series C, 3H%; dated March 1, 1936; due
Sept. 1,
1955; optional March 1, 1946.
6,000,000 refunding, series E, 3>£%; dated May
1956; optional May 1, 1946.
1,
1936; due May 1,
5,000,000 revolving fund, 33^%; dated May 1, 1936; due
May 1, 1956;
optional May 1, 1946.
J
Volume
Financial
142
prior to maturity at par and interest on optional
interest payment date theerafter upon two
weeks' published notice.
'
,
,
Interest on $17,932,257 refunding bonds payable Sept. 1, 1936, and semi¬
annually thereafter, March 1 and Sept. 1; interest on $3,189,698
bonds payable Jan, 1, 1937, and semi-annually thereafter, July 1 and
All bonds redeemable
dates indicated above or on any
funding
$11,000,000 refunding and revolving fund bonds payable
May 1, 1937, and semi-annually thereafter-, Nov. 1 ancl May 1.
Both prin¬
cipal and interest payable in lawful money of the United States of America
at the office of the Park District in Chicago, 111.
Coupon bonds in the
denomination of $1,000, except for four odd pieces, registerable as to prin¬
Jan. 1; interest on
cipal.
in the opinion of Chapman
The bonds,
& Cutler of Chicago,
constitute
the Chicago Park District, payable from
all the taxable property therein without
limitation as to rate or amount.
The refunding bonds are issued in ac¬
cordance with the district's refunding program recently accepted by holders
of over 98% of the past-due bonds and the bonds not yet due of the super¬
seded park districts, which plan is designed through the rearrangement of
maturities and the issuance of sinking fund bonds to establish a more
organized schedule of maturities and one more in line with the taxpayers
ability to pay.
Proceeds from the sale of the funding bonds will be used to
extinguish the floating debt of the superseded park districts.
The revolv¬
ing fund bonds are issued.for the purpose of providing the district with
direct and general obligations of
ad valorem taxes levied against
19230
working cash funds.
(The new issue offering-by
advertisement
on
the successful banking group appears as
an
X.)
page
Financial Statement
Auditor of Chicago Park District, Mar.
equalized by the State Tax
(As official y reported by
Assessed value of all property, as
1934
Total bonded debt, including these issues
Sinking funds March 31, 1936—
Commission for the year
31, 1936)
$2,274,558,139
113,031,731
—
$2,575,224
110,456,507
for the City of Chicago, 3,376,458.
include the debt of other political sub¬
Net bonded debt
- ——
Population, 1930 U. S. Census
The above statement does not
divisions which have the power to levy taxes
within the district.
It is estimated the total
against the taxable property
overlapping funded debt per
capita is approximately $136.
Tax
in
Collections
(As reported by the County
Treasurer June 12,
-
-
-
DIXON
SCHOOL
NO.
DISTRICT
170,
Ottawa), 111.—BONDS AUTHROIZED—
authorized,the issuance of $150,000 bonds to pay
3 Ms, at a price
of 100.503.
PEKIN PARK DISTRICT, 111.—BOND
SALE—A. G. Keller, District
$80,000 bath house construction
Robinson & Co., Inc., both of
Chicago, jointly, as 2Ms, at a price of 101.26, a basis of about 2.365%.
Dated June 15, 1936.
Coupon bonds of $1,000 each, due $4,000 annually
on June 15 from 1937 to 1956 incl..^Interest payable J. & D.
15.
Secretary, informs us the sale on June 11 of
bonds to the Channer Securities Co. and
PIKE TOWNSHIP (P. O.
Pontiac), 111.—BONDS SOLD—A. S.
Huyck
offering to investors a block
Dated July 1, 1936. Prin¬
cipal and semi-annual interest (May 1 and Nov. 1) payable at the First
National Bank of Pontiac.
Due on Nov. 1 as follows: $1,000, 1940 and
1941; $4,000, 1942 and 1943, and $5,000, 1944 and 1945.
Chicago have purchased and are now
4% road bonds.
Denom. $1,000.
of $20,000
WYANET, 111.—BOND
ISSUE DETAILS—'The $36,000 bonds sold re¬
for the construction
bankers at par plus
a premium of $97, equal to 100.26, a basis of about 3.98%.
Dated April 1,
1936.
Denom. $1,000.
Due April 1 as follows: $1,000 from 1939 to 1956,
incl. and $2,000 from 1957 to 1965; incl.
Redeemable whenever funds are
cently to N. Li. Rogers & Co., Inc. of Peoria were issued
of sewers, bear 4% interest and were purchased by the
Coupon bonds, interest
payable A. & O.
100.12, as follows:$10,000 series D sold as 2Ms.
12,000 series E sold as 2Mb.
5,000 series F sold as 2Ms.
1,000 series G sold as 2Ms.
4,500 series H sold as 2Ms.
GREENE
COUNTY
(P. O. Bloomfield), Ind.—BOND
of the Board of County
Commissioners, must accompany each proposal.
Ind.—BOND SALE—'The $41,170 3% refunding bonds
4217—were awarded to the Calumet State
Bank of Hammond at a premium of $1,500, equal to 103.643, a basis of
about 2.64%.
A. S. Huyck & Co. of Chicago, second high bidder, offered
a premium of $1,476.
Dated July 1, 1936.
Due July 1 as follows: $6,000
from 1945 to 1950, and $5,170 in 1951.
~
HAMMOND,
on
June 23—V. 142, p.
INDIANAPOLIS, Ind.—BOND SALE—The $300,000 city hall refund¬
ing bonds offered on June 22—V. 142, p. 4058—were awarded to Phelps.
Fenn & Co. of New York and the
Fletcher Trust Co. of Indianapolis,
jointly, as 2s at a price of 100.52, a basis of about 1.93%.
Dated July 1,
1936, and due $10,000 July 1, 1937: $10,000 Jan. 1 and July 1 from 1938
to 1951, incl., and $10,000 Jan. 1, 1952.
Public reofferingis being made by
the bankers at prices to yield from 0.50% to 2.05%, according to maturity;
The bonds, according to the bankers, are legal investment for savings banks
and trust funds in New York, Massachusetts, Connecticut and certain
other States.
INDIANAPOLIS SCHOOL DISTRICT, Ind.— WARRANT OFFER¬
ING—A. 13. Good, Business Director, Board of School Commissioners, will
receive sealed bids until 8 p. m.4Central Standard Time) on June 30, for
purchase of $200,000 not to exceed 6% interest time warrants, payable
collected in 1936 for the benefit of the board's special fund.
payable on Dec. 1, 1936 at the office of the Treasurer
of the Board of Commissioners.
the
from taxes to be
The Avarrants will be
Crown Point), Ind.—-BOND SALE—The
offered on June 20—V. 142, p. 4058—were
Inc. of Chicago as 2s, at par plus a premium
of $1,290, equal to 100.26, a basis of about 1.92%.
Dated July 1, 1936 and
due $48,000 on June 1 and Dec. 1 from 1937 to 1941, incl.
LAKE
COUNTY
(P.
O.
$480,000 poor relief bonds
awarded to Ballman & Main,
LEWIS SCHOOL
TOWNSHIP tP. O. Jasonville), Ind.—BOND
OFFERING—As already reported in these columns, the township will sell
$21,807.70 school building bonds on July 6.
Oliver Barrick, Township
Trustee, will receive bids until 7 p. m. on that date for the purchase of the
bonds, which will bear interest at 4%. at not less than par.
Denom.
(P.
TOWNSHIP
SCHOOL
PERRY
O.
Springville),
Ind.—BOND
OFFERING—Sylvanus Jackson, Township Trustee, will receive bids until
10 a. m. July 8 for the purchase at not less than par of $5,000 4% coupon
bonds.
gymnasium
Bedford.
$250.
Denom.
(Jan. 1 and July 1)
semi-ann. int.
RICHLAND
Dated
July
1,
1936.
Prin. and
Co. of
payable at the Citizens Trust
1937; $500 on Jan. 1 and $250 on July
Due $250 July 1,
of the years from
for 3% of amount
1938 to 1943, and $250, Jan.
of bid required.
of $43,000
1 in each
Certified check
1, 1944.
\
TOWNSHIP (P. O. Elletsville), Ind.—BOND
will receive bids until July 15 for
3% school building alteration bonds.
ING—The Township Trustee
OFFER¬
the pur¬
Ind.—BOND OFFERING—The Board
bids until 10 a. m. July 11 for
the purchase
school bonds.
Municipals
Iowa
Polk-Peterson Corporation
Des Moines Building
Ottumwa
Waterloo
MOINES
Sioux Falls,
Iowa City
T.
A.
Sioux City
Davenport
'
Cedar Rapids
S. D.
Teletype: DESM 31
& T.
IOWA
BUFFALO SCHOOL TOWNSHIP (P. O. Aurora), Iowa—BOND
OFFERING—John Ilearn, Secretary, will receive bids until 3 p. m. July 1
for the purchase of $3,000 bonds.
Dated July 1, 1936. Interest payable
semi-annually.
Due $500 yearly beginning Jan. 1, 1938.
Certified check
for $75, payable to the Secretary, required.
Purchaser is to furnish the
blank bonds and legal opinion.
INDEPENDENT
SCHOOL
DISTRICT, Iowa—BOND
June 22—V. 142, p. 4217
Des Moines as 2Ms at a
SALE—The $45,000 refunding bonds offered on
—were awarded to the Carleton D. Beh Co. of
premium of $475, equal to 101.055. The Iowa-Des
& Trust Co. of Des Moines was second high bidder.
EAGLE POINT,
Clerk that $6,000
Moines National Bank
Iowa—BONDS SOLD—It is reported by the Town
swimming pool bonds have been sold
recently.
Iowa—BOND SALE— The
$25,000 issue of refunding poor bonds offered for sale on June 23—V. 142,
p. 4217—was purchased by the White-Phillips Co. of Davenport as 2Ms,
HARRISON
COUNTY
(P.
O.
Logan).
at par.
JOHNSON COUNTY (P. O.
Iowa City), Iowa—BOND SALE—The
$10,000 funding bonds offered on June 26 were awarded to the WhitePhillips Corp. of Davenport on a bid of 101.35 for 2Ms, a basis of about
2.36%.
The Iowa-Des Moines National Bank & Trust Co. of Des Moines
bid 101.30 for 2Ms.
Dated June 1, 1936.
Due $2,000 May 1, 1946, and
$4,000 on May 1 in
1947 and 1948.
(P.O. Rock Rapids), Iowa—BOND ELECTION—It is
reported that an election will be held on July 2, in order to have the voters
pass on the proposed issue of the $1,500,000 in highway paving bonds.
A
tentative report on this election appeared in these columns recently—V.
142, p. 4058.
LYON COUNTY
(P. O. Clarinda),
COUNTY
Iowa—CERTIFICATE SALE—
road construction fund anticipation certi¬
25—V. 142, p. 4218—was purchased by
McDermott & Sparks, of Des Moines, at 1%, plus a premium of
$24,000 issue of secondary
offered for sale on June
Shaw,
OFFERING—
Ind.—BOND
19—V. 142, p.
the Judson Ewert Co. of Indianapolis as 3Ms, at a
premium of $167, equal to 100.59, abasis of about 3.65%.
Dated July 1,
1936.
Due $775 July 1, 1937; $1,550 Jan. 1 and $775 July 1 from 1938 to
1948, incl.; and $1,500 Jan. 1, 1949.
V
PAGE
Beasley, County Auditor,
offered
SCHOOL TOWNSHIP (P. O. Nineveh),
school building bonds offered on June
NINEVEH
3895—were awarded to
ficates
will receive sealed bids until 10 a. m. on
July 7 for the purchase of $51,650 not to exceed 4%interest series A of 1936
advancement fund bonds.
Dated June 1,11936.
Denom. $500, except the
last bond which is for $150.
Due $2,500 on June 1 and Dec. 1 from 1937
to 1945, incl.; $2,500 June 1 and $4,150 Dec. 1, 1946.
Bidder to name one
rate of interest on the issue, expressed in a multiple of M of 1 %.
Interest
payable J."& D.
The bonds, issued under Chapter
Acts of 1935,
are direct obligations of the county, payable from unlimited ad valorem
taxes.
A certified check for 3% of the bonds bid for, payable to the order
Eskel
Dated July 1, 1936 and due July 1, 1940.
Dated July 15, 1936 and due July 1, 1941.
Dated Aug. 26, 1936 and due July 1, 1942.
Dated Sept. 1, 1936 and due July 1, 1942.
Dated Dec. 15, 1936 and due July 1, 1942.
SALE—The $27,900
The
INDIANA
$32,500 refunding bonds offered
4058—were awarded to the Merchants National
and 2Ms, at par plus a premium of $39.74, equal
to
CARROLL
MOUNT VERNON, 111.—BOND SALE—R. W. Pressprich & Co. and
MacFarlane & Holley, both of Qhicago, have purchased $130,000 refunding
available.
p.
111.—BONDS VOTED—A
issue $175,000 bonds.
LA SALLE COUNTY (P. O.
& Co. of
142,
DES
votes cast.
as
19—V.
June
Bank of Muncie as 2Ms
'36.
will
DUQUOIN, 111.—BONDS VOTED—At a recept/election the citizens of
Du Quoin voted in fa v or of the issuance of $360 MO0 water works and sewage
disposal plant bonds.
There were 1,545 favorable and 720 unfavorable
bonds
MUNCIE, Ind—BOND SALE—The
on
resulted in approval of a proposal to
The County Board has
blind pension claims.
Indianapolis),
O.
[P.
of School Trustees will receive
taxing jurisdictions.
x 1932 levy delinquent in two instalments, April 15 and July 1, 1934.
y 1933 levy delinquent in two instalments, Jan. 1 and May 1,1935.
z 1934 levy delinquent in two instalments, Nov. 1,1935, and March 1,
The 1935 levy will be extended shortly and it is expected the levy
ecome delinquent in two instalments, Sept. 1, 1936, and Feb. 1, 1937.
recent election
Ind.—BOND SALE—
142, p. 3895—were
at a price of 100.70,
a basis of about 1.29%.
Dated July 1, 1936 and due Dec. 1 as follows:
$35,000 from 1937 to 1940 incl. and $38,520 in 1941.
MONTGOMERY SCHOOL TOWNSHIP (P. O. Paris Crossing), Ind.
—BOND OFFERING—The Township Trustee will receive bids until 2 p. m.
July 10 for the purchase of $4,000 school bonds.
COUNTY
MARION
The $178,520 refunding bonds offered on June 24—V.
awarded to Collett & Co., Inc. of Indianapolis as 1MS.
ROCHESTER SCHOOL CITY,
1936)
Collections
$196,744,284
218,198,562
225,995,309
200,164,555
151,134,914
124,215,334
119,982,813
Extensions
$219,574,595
260,544,680
Levy
$1,000, except one for $807.70.
Dated July 1, 1936.
Principal and semi¬
annual interest (Jan. 1 and July 1) payable at the office of the Township
Trustee.
Due $1,000 each six months from July 1, 1937 to July 1, 1947;
and $807.70 Jan. 1, 1948.
•
chase of $4,900
Cook County
Percentage
1928--89.60
83.75
290,284,506
77.85
263,756,604
75.89
217,863,488
x69.37
19331/8,841,148
y69.46
1934
186,969,402
z64.17
Ad valorem taxes for all local governments in Cook County are billed and
collected by the county and distributed by it periodically to the several
Year of
4377
Chronicle
$1, according to
report.
SCOTT COUNTY
Iowa—BOND OFFERING—
bids until 10 a. m. July 1
Dated June 1, 1936. Due
$9,000, 1937; $15,000, 1938 and 1939, and $11,000,
O. Davenport),
(P.
County Treasurer Ben F. Luetje will receive
for the purchase of $50,000 funding bonds.
on
Nov. 1 as
follows:
1940.
SIOUX CITY, Iowa—BOND ISSUANCE CONTEMPLATED—It is
reported that a hearing will be held on July 3 by the City Council in order
to
initiate proceedings for the issuance of $315,000 in flood protection
bonds, mentioned in these columns in May—V. 142, p. 3385.
WASHINGTON,
Iowa—BOND SALE—The $10,433.19 special assess¬
ment bonds offered on June 23—V. 142, p. 4059—were awarded to the
National Bank of Washington as 4Ms at a premium of $1, equal to 100.009,
a basis of about 4.24%.
The Carletxm D. Beh Co. of Des Moines offered
par
for 4Ms.
KANSAS
Kan.—BOND SALE—An issue of $11,000 2M%. sewer
system construction bonds is said to have been purchased on June 1 by the
State School Fund Commission
Denom. $500.
Dated June 1, 1936
Prin. and int. (F. & A.) payable in Axtell.
Legal approval by Bowersock,
Fizzell & Rhodes, of Kansas City.
These bonds were approved by the
voters at an election held on May 8.
AXTELL,
DODGE CITY,
Kan.—BOND SALE DETAILS—It is stated by the
City Clerk that the $41,000 3% refunding bonds purchased by
Israel Co. of Wichita, as reported here recently—V. 142, p.
$1,000.
the Dunne4059—were
Coupon bonds dated June 15. 1936. Denom.
Due from Feb. 1, 1938 to 1947. incl.
Interest payable F. & A.
sold at par,
less expenses.
SCHOOL DISTRICT, Kan.—BONDS OFFERED—Charles H.
Clerk of the Board of Education, announces that the Board of
sale an issue of $11,700 judgment funding bonds.
Denom. $1,000, except one for $700.
Bonds will bea* interest at 1M%,
IOLA
Ivlaumann,
Education is offering for
payable semi-annually on
$6,000 Aug. 1, 1940.
Feb. 1 and Aug. 1.
Due $5,700 Aug. 1, 1939 and
SCHOOL DISTRICT, Kan—BOND OFFERING— Dean
Gilley,- Superintendent of the Norton City School, informs us that the
Board of Education is calling for bids on an issue of $50,000 school bonds.
Bids will be received until 7:30 p. m. June 24.
NORTON
bonds
sold recently to the Halsey, Stuart & Co of Chicago
WICHITA, Kan.—-BOND SALE—An issue of $72,500 refunding
bearing 2% interest was
at a
price of 101.10.
4378
Financial
Chronicle
KENTUCKY
COVINGTON, Ky.—BONDS SOLD—It is stated by William H. Newhall, City Auditor, that the $395,000 funding bonds upheld by the Court of
Appeals on June 5—V. 142, p. 4218—have been purchased by
Magnus &
The second highest bid was a tender of 100.10, submitted
by a syndicate
Stuart & Co., Inc., and the Bancamerica-Blair
Corp.
VERMILION PARISH
(P. O. Abbeville), La.—BOND OFFERING—
The Parish School Board will receive bids until 10 a.m.
July 2 for the
purchase of $20,000 5% school bonds of Sixth Ward School District No. 1.
KENTUCKY, State of—BRIDGE BOND AWARD SUSTAINED BY
APPELLATE COURT—We quote in part as follows from a Louisville
dis¬
patch to the "Wall Street Journal" of June 24:
"Kentucky Court of Appeals has upheld the State Highway Commis¬
contract with Blyth & Co. to refinance $5,465,000
bridge revenue
bonds at 3%, dismissing petition of
contesting bidder Bancamerica-Blair
Corp.
Court upheld Commission's power to exercise discretion in absence
of any showing of fraud or collusion.
"Bancamerica-Blair Corp., with whom James C. Willson & Co., and the
B. J. Van Ingen & Co., are allied, contested the award
of the bridge bonds
to the Blyth group on the
ground that the conditions of sale were altered
after the bids were opened.
'
"Both bids agreed to refund the 4% bonds at
3%, Bancamerica group
offering a: premium of $33,336 and Blyth a premium of $31,150.50.
The
former stipulated that printing and
engraving costs which were not men¬
tioned in the specifications should be borne
by the Commission.
Blyth
agreed orally, after the bids became known to pay engraving costs
and
Attorney General B. M. Vincent ruled that this was the better bid. Banc¬
Dated July
15,
1936.
Principal and semi-annual interest payable at the
Bank, in New York.
Due serially in 19 years.
Chase National
sion's
MAINE
BANGOR,
19354-
of the bonds.
APPEALS
UPHOLDS
THREE
MUNICIPAL
ISSUES—An Associated Press dispatch from Frankfort on June
the following to say in regard to three decisions of the Court of
OFFERING—Ralph
L.
Waymouth,
City
Legal opinion of Edgar M. Simpson.
MARYLAND
HAGERSTOWN, Md.—BOND SALE—The $345,000 series A coupon
refunding water bonds offered on June 20—V. 142, p. 4059—were awarded
america-Blair contended that estimate of $4,250 for
printing costs was
exorbitant and that the work can be done for $1,950.
At the latter figure
their bid would be the better of the two.
In any event the contestant
argued, the oral offer constituted an additional bid and should not be con¬
sidered in deciding the highest and best bidder.
A third bid by Otis &
Co. did not figure in the Commission's calculations.
*
OF
Me.—BOND
Treasurer; will receive sealed bids until 11 a. m. (Daylight Saving
Time)
on June 29 for the purchase of
$38,000 2%% coupon refunding bonds.
Dated July 1, 1936.
Denom. $1,000.
Due $2,000 on July 1 from 1937 to
1955 incl.
Prin. and int. (J. & J.) payable at the Eastern Trust &
Banking
Co., Bangor.
This institution will supervise the preparation and issuance
:
to Alexander Brown & Sons of Baltimore
of about
offered
as 3s at a price of
101.379, a basis
W. W. Lanahan & Co. of Baltimore, second high bidders,
3s.
Dated July 1,
1936.
Due Jan. 1 as follows:
2.93%.
100.599
for
$20,000, 1957 to 1972. and $25,000. 1973.
BOND
23 had
MASSACHUSETTS
ARLINGTON, Mass.—NOTE SALE—An
Appeals in
loan notes offered
three separate municipal bond cases:
"The Court of Appeals today upheld the validity of a $250,000 bond
issue
proposed by the City of Newport to fund its floating indebtedness.
The
decision was in .the case of Conrad Metz against the
City of Newport and
affirmed judgment of Campbell Circuit Court.
Boston
on
June 22
was
issue of $100,000 temporary
awarded to the Second National Bank of
.375% discount basis.
The New England Trust Co. of Boston
bid 0.397% discount.
Notes are dated June 29,, 1936, and will be
payable
June 25, 1937 at the First National Bank of Boston.
on a
BEVERLY, Mass.—NOTE OFFERING-—John C. Lovett, City Trea¬
will receive sealed bids until 11 a. m. (Daylight
Saving Time) on
July 1, for the purchase at discount of $100,000 tax anticipation notes.
Daced July 1, 1986.
Denoms. $25,000, $10,000 and $5,000.
Payable
"A $150,000 bond issue proposed by the Board of
Commissioners of
Water District No. 1 in Kenton County to satisfy an unpaid assessment
was upheld by the Court in
affirming Kenton Circuit Court in the
surer,
bond
case
1936
27,
1937 to 1961.
headed by Halsey,
Co. of Cincinnati.
COURT
June
Shober, and W. Edward Brown & Co., Inc., all of New Orleans, at a
price
of 100.39, a basis of about 3.96%.
Dated July 1, 1936.
Due from July 1,
of William A. Middendorf against J. R. Jameson.
Dec. 18, 1936.
Tne notes will be autnencicated as to genuineness and
validity by tne First National Bank of Boston, under advice of
Ropes,
Gray, Boyden & Perkins of Boston, and all legal papers incident to this issue
"Affirming Logan Circuit Court, the Appellate Court held valid an ordi¬
of the City of Russellville authorizing the sale of
funding bonds
amounting to $16,000 to pay off a floating indebtedness of the city.
nance
will be filed with said bank, wnere
tney may be inspected.
Notes will be
on or about
Tnursday, July 2, 1936, at the First National Bank of
delivered
LOUISIANA
Boston,
17 Court St. office, Boston, Mass., for Boston
funds, and are
payable at the First National Bank of Boston, in
Boston, Mass., or at the
Central Hanover Bank & Trust Co., in New York
CALDWELL PARISH SCHOOL DISTRICT NO. 18
(P. O. Columbia)
La.-—BONDS NOT SOLD-—It is stated by E. B. Cottingbam,
Secretary of
the Parish School Board, that the $25,000 not to exceed
6% semi-ann.
bonds offered
on
received
rejected.
were
June 24—V.
1956.
142, p. 4218—were not sold as all the bids
Dated June 1
1936.
Due from June 1, 1937 to
■■■■:■■■
.
-.>v,
Plaquemine),
142, p. 3550—
approved the issuance of the $180,000 in bonds, divided as
$80,000, School District No. 1; $25,000, School District No.
3,
and $75,000, School District No. 4 bonds.
the
voters
follows:
LECOMPTE, La.—BOND SALE—An $8,000 issue
offered for sale
Alexandria,
Hardy.
on
at
June 22
No
par.
of town bonds
was
andi\Vas purchased by the Qmega Realty Co. of
otlmr bid was received, according to Mayor
t
King that he will receive sealed bids until noon on July 14, for the purchase
a $20,000 issue of 6% coupon sewer bonds.
Dated Aug. 1 1936.
Prin.
and int. (F. & A.) payable in Leesville.
A certified check for 5% must
accompany the bid.
These bonds were approved by the voters at an
of
election
on
April 21.
MOREHOUSE PARISH SCHOOL DISTRICT NO. 5 (P. O.
Bastrop),
La.—BOND OFFERING—Sealed bids will be received until July 20, ac¬
cording to report, by the Secretary of the Parish School Board, for the
purchase of a $10,000 issue of school bonds.
NEW
ORLEANS, La.—BONDS OFFERED FOR INVESTMENT—
Public offering was made on June 22 of $5,182,000 4% Public Belt Railroad
Bridge Revenue bonds, due serially Oct. 1, 1937 to 1956, incl., and 1982,
by a banking syndicate headed by Bancamerica-Blair Corporation.
The 1937 maturity bonds were priced at 103%, 1938-56 bonds at
104%,
and 1982 maturity at 105%.
These prices will yield from about 1.20%
for the 1937 maturity to about 3.75% for the 1982
maturity.
These bonds, dated Oct. 1, 1932, and issued to provide part of the cost
of constructing the railroad and vehicular
bridge across the Mississippi
River near New Orleans, constitute, in the opinion of counsel, valid
obliga¬
tions of the
any,
City of New Orleans, with principal, interest and premium, if
payable solely from the sources set forth in the indenture securing the
bonds.
■'v-o:"
Minimum rentals payable to the trustee, under certain contracts between
?lhe city and two subsidiaries of the Southern Pacific Co., with respect to
Tax
use of the bridge and appurtenant facilities, have been
guaranteed by
the Southern Pacific Co., and such rentals are calculated to be in excess of
the trustee's fees and disbursements and the principal and interest
ments
require¬
of these bonds.
The bonds
are
redeemable at 105% and accrued interest at the option of
the city in whole or in part, on 30 days' notice on any interest
date, in the
inverse otder of their maturities, except that no bond of the final
1982, shall be redeemed
so
long
as any
other bonds
are
maturity,
outstanding.
Associated with Bancamerica-Blair in the offering group are:
W. E.
Hutton & Co., B. J. Van Ingen & Co., Inc.; Newman, Harris & Co. of
New Orleans; Stranahan, Harris & Co., Inc.; R. W. Pressprich &
Co.,
Whiting, Weeks & Knowles, Inc. of Boston; The Weil, Roth & Irving Co.,
Inc. of Cincinnati; Charles A. Hinsch & Co., Inc. of
Cincinnati, and
Donald O'Neil & Co. of Dallas.
(The official advertisement of the above re-offering appears
on
of this issue.)
ORLEANS
page
-
LEVEE
■
V
■
title
—
(P. O. New Orleans), La.—BONDS
refunding
Kelley, Richard¬
son & Co., Inc.; Morris Mather & Co.,
inc.; Stranahan, Harris & Co., Inc.,
and Donald O'Neil & Co.
The bonds, due 1940-1961, are priced to yield
from 3.00 to 4.15%.
They are being issued for the purpose of refunding
a like amount of higher coupon bonds.
The Orleans Levee District, which is co-extensive with the City of
New Orleans, is a State agency to provide protection to the
City from
flood waters.
It has an assessed valuation of $489,058,185 and a total
bonded debt of $21,096,000.
June 15,
$944
121,085
loans
99,349
43,878,200
42,315,275
—
—
BOSTON, Mass.—NOTE SALE—Brown Harriman & Co., Inc., and
the First Boston Corp.,
jointly, were awarded on June 24 an issue of
$2,000,000 notes at 1%% interest.
Dated June 26, 1936, and due April
26,1937.
BROCKTON,
Mass.—BOND
SALE— The
$45,000
coupon,
registerable, bonds which were offered on June 25 were awarded to
Buttrick & Co. of Boston
as
$30,000 water loan No. 1 bonds as 1 %s at 100.199, a basis of about
1.19%
Due $6,000 yearly on June 1 from 1937 to 1941.
15.0C0 water loan No. 2 bonds as 2s at 100.299, a basis of about
1.96%.
Due $1,000 yearly on June 1 from 1937 to
1951, incl.
Dated June 1, 1936.
Newton, Abbe & Co. of Boston were second high
bidders for the $30,000 issue,
offering 100.02 for l%s, and the Home Na¬
was second high on the smaller issue with
a bid of
tional Bank of Brockton
100.02 for 2Ms.
i
...
.
DEDHAM, Mass.—E07E SALE—An issue of $100,000
notes, payable
Dec. 30, 1936, was awarded on June 24 to the Merchants
National Bank of
Boston
on a
.24% discount basis.
The first National Bank of Boston bid
.26% discount, plus a premium of $1.
*
Bidder—
First National Bank of Boston (plus $1
premium)
Second National Bank of Boston..
Newton, Abbe & Co
Whiting, Weeks & Knowles..
Norfolk County Trust Co. of Dedham
„
Jackson & Curtis
Discount
0.26%
0.275%
0.28%
„„w-0.28 %
0.321%
...0.33%
FITCHBURG, Mass.—BONDS AUTHORIZED—'The City
a
special session held
on
June
9
voted
authorization
for
$50,000 macadam construction bonds.
FRAMINGHAM, Mass.—BOND OFFERING—John P. Dunn, Town
Treasurer, will receive sealed bids until 11 a. m. (Daylight
Saving Time)
June 30 for the purchase of $40,000 coupon sewer bonds.
Dated July 1,
1936.
Denom. $1,000.
Due $2,000 on July 1
Rate of interest to be named by the bidder in
from 1937 to 1956, incl.
a multiple
of M of 1%.
payable at the First National Bank of Boston.
This institution will supervise the
engraving of the bonds and certify as to
their genuineness and will also attest to the
approval of the legality of the
loan by Storey, Thorndike, Palmer &
Dodge of Boston.
The bonds will be
valid/general obligations of the town, exempt from taxation in Massachu¬
setts, and all its taxable property will be subject to the
levy of unlimited
ad valorem taxes to
pay both principal and interest on the issue.
The bonds
will be delivered to the purchaser on or about
July 10, 1936, at the Court
Prin.
and
int.
(J. & J.)
Street office of the First National Bank of Boston.
Financial Statement
(July
Assessed valuation, 1936
Total bonded debt (exclusive of present
issue)
Water bonds (included in total debt)
Sinking funds
1,
1936)
$33,696,967
1,310,200
286,000
None
Population, 22,220.
Tax Collection
Year—
1935
Levy
Uncollected June 13, 1936
GLOUCESTER,
1934
$1,105,918.48
250,739.00
$1,038,150.79
43,583.00
Mass.—NOTE SALE—The
$100,000 revenue antic¬
June 23 were awarded to the New England Trust
Due Feb. 15, 1937.
Other bids were as follows:
1908, Nos. 2301 to 2400 of the 5% semi-ann. levee bonds, aggregating
$100,000, are being called for payment on July 1, on which date interest
shall cease.
Denom. $1,000.
Dated Jan. 1, 1909. Due on July 1, 1936.
Bonds are payable at the State Treasurer's office in Baton
Rouge, and at
the office of the fiscal agent of the said Board, the Whitney National Bank
Cape Ann National
Gloucester National Bank
Gloucester Safe Deposit & Trust Co
Whiting, Weeks & Knowles
R.L. Day & Co.
of New
Jackson
Orleans.
are
dated June 1, 1936, and mature on June 1
as
PORT OF NEW ORLEANS (P. O. New Orleans), La.—BOND SALE—
The $1,304,000 issue of 4 % coupon or registered semi-ann. port bonds offered
on June 25—V. 142, p. 4218—was awarded to a
syndicate composed
of the Central Republic Co. of Chicago; E. H. Rollins & Sons, Inc.; C. F.
Childs & Co.; B. J. Van Ingen & Co., all of New York; Otis & Co. of Cleveand; Newman, Harris & Co.; Scharff & Jones, Inc.; Woolfolk, Huggins &
1
notes
Co. at 0.249%
offered
on
discount.
Bidder—
&
Discount
Bank
0.28%
0.297%
0.32%
0.32%
0.41%
0.47%
Curtis
follows:
for sale
Council in
the issuance of
on
ipation
The above bonds
fully
Tyler,
follows:
ORLEANS LEVEE DISTRICT (P. O. New Orleans), La.—BOND
CALL— It is stated by Charles J. Donner, Secretary of the Board of Levee
Commissioners, that in accordance with Act No. 25 of Regular Session,
$50,000, 1940 to 1943; $75,000, 1944 to 1947; $100,000, 1948 to 1951;
$150,000, 1952 to 1955; $175,000, 1956 and 1957; $200,000, 1958 to 1960,
and $250,000 in 1961.
Coupon bonds in denom. of $1,000, registerable
as to principal.
Prin. and int. (J. & D.) payable at the office of the fiscal
agent in New York, or in New Orleans, at the option of the holder.
Legality
to be approved by Thomson, Wood & Hoffman of New York.
(These are the bonds that were sold on May 18, as reported in these
columns at that time—V. 142, p. 3550.)
1936
86,615
—
Valuation 1936
DISTRICT
OFFERED TO PUbLIC—Public offering of $2,700,000
4%%
bonds was made on June 22 by a banking group comprising
__
Valuation 1935-——-
,
the
Levy
$1,431,011
1,423,556
Tax titles.
'
LEESVILLE, La.—BOND OFFERING—It is stated "by Mayor J. M.
Uncollected'
Year—„
/:
IBERVILLE PARISH SCHOOL DISTRICTS (P. O.
La .—BONDS VOTED—At the election held on June 16—V.
City.
Tax Report
HAVERHILL, Mass.—BONDS AUTHORIZED—The
City
Council re¬
cently authorized the issuance ol $20,000 water bonds and $25,000 road bonds*
MASSACHUSETTS (State of)—BOND SALE—The $3,000,000
coupon
fully registerable, public works loan, Act of 1935, bonds which were offered
on June 23—V.
142, p. 4060—were awarded to a syndicate composed of the
First National Bank of New York, R. W.
Pressprich & Co. of New York,
the Northern Trust Co. of
Chicago, Newton, Abbe & Co. and Hornblower
& Weeks of Boston on a bid of 100.49 for
lMs, a basis of about 1.0866%.
Dated June 15, 1936.
Due $600,000 on June 15 from 1937 to 1941, incl.
Re-offering was made by the bankers at prices to yield from 0.25% to
1.20%, according to maturity. The bonds in the opinion of the bankers
legal investment for savings banks in New York, Massachusetts, Con¬
necticut and other States.
These bonds, to be issued for public works
are
Volume
Financial
'
142
purposes, in the opinion of the
of Massachusetts, will be direct
Attorney General of the Commonwealth
and general obligations of the Common¬
wealth, the full faith and credit of which are pledged. For the payment of
these bonds the Commonwealth is authorized to levy unlimited taxes on all
The following is a complete list of the
which stipulated an interest rate of !%%'•
taxable property therein.
for the issue, all of
other bids
Rate Bid
Bidder—
R. L. Day & Co.,
Estabrook & Co., The First of Boston Corp.,
ginsonCorp
Halsey. Stuart
Lee Hig-
Whiting, Weeks & Knowles, Inc.,
Jackson & Curtis,
100.381
&
Ladenburg,
&
&
Trust Co., Burr & Co., Inc.,
Bancamerica-Blair
Co.,
Corp.,
Thalmann & Co., Graham, Parsons & Co., Geo. B. Gibbons
Co.* Inc., Darby & Co., Inc., Spencer Trask & Co., Shields
Co., Manufacturers & Traders
Stranahan, Harris & Co., Inc., Battles & Co., Inc
Chemical Bank & Trust Co., Lehman Brothers, Goldman,
Sachs
NEW
will be sold.
SAULTE
&
,
rink
SALE—A syndicate
composed of
Northwestern
Co.,
Due $7,000 yearly on June 1 from
were as
Oregon, Washington
100.05
1M %
Mercnants National Bank
1M%
1M%
1M%
100.039
100.026
100.57
100.33
Estabrook & Co
Curtis
„
_
_
100.33
1M%
1 lA%
Newton, Abbe & Co
Wasnburn, Frost & Co..
Teletype—Mpls287
MINNESOTA
Rale Bid
Int. Rate
1M %
&
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlantic 4201
follows;
Bidder•—•
Municipals
1937 to 1941, incl.
R. L. Day & Co
Hornblower & Weeks
Jackson
community building-
Minnesota, North and South Dakota, Montana,
NORTH ADAMS, Mass.—BOND SALE—The $35,GC0 coupon munic¬
ipal relief loan bonds offered on June 23 were awarded to Arthur Perry &
Co. of Boston as 1 Ms at a price of 100.144, a basis of about 1.20%.
Tyler,
Buttrick & Co. of Boston were second high with a bid of 100.099 for lMs.
Dated June 1, 1936.
MARIE, Mich.—BOND ELECTION—An election is to
^
and Arthur Perry &
Other bids
ST..
on July 6 at whica a proposal to issue $75,000
project bonds will be submitted to the voters.
be held
100.2299
Inc.; First Boston Corp.; Newton, Abbe & Co.
Co., Inc. purchased privately on June 16 as 2Ms. at
a price of 100.45,
bonds in the amount of $650,000, comprising $500,000
municipal relief, Chapter 80 of Acts of 1936 and $150,000 highway im¬
provement loan No. 1 of 1936.
The bonds are dated June 1, 1936.
Harriman
Tenders will be opened
100.1419
Mass.—BOND
BEDFORD,
Secretary of the Board of Education, will receive sealed bids until 8 p.m.
(Eastern Standard Time) on June 29 for the purchase of $27,000 not to
exceed 4% interest school bonds.
Dated March 1, 1936.
Due March 1
as follows:
$500, 1938 to 1944, incl.; $1,000 from 1945 to 1957, incl., and
$1,500 from 1958 to 1964, incl.
Principal and interest (M. & S.) payable
atftho office of the Treasurer of the Board of Education.
Tenders to be
conditioned only on the approval of the bonds by G. H. Stalker.
Commission at 10 a. m.
(Eastern Standard Time) on July 14. Tenders must specify a full descrip¬
tion of the bonds, including serial bonds, and state the price for which they
&
E. H. Rollins & Sons, Inc
Brown
DISTRICT
W. Ambler,
NORTHVILLE AND
NOVI FRACTIONAL SCHOOL
NO. 2 (P. O. Northville), Mich.—BOND OFFERINGS.
until 5 p. m. (Eastern Standard Time) on July 13.
and action taken promptly in the offices of the City
100.330
100.319
s
Co., Inc., F. S. Moseley & Co., Kidder,
Pea'body & Co., Stone & Webster and Blodget, Inc
—
The Chase National Bank, Salomon Bros. & Hutzler, Blyth &
Co., Inc., J. & W. Seligman & Co., L. F. Rothschild & Co.,
Harriman
DISTRICT, Mich.'—BONDS DEFEATED
rejected the proposal to issue $175,000
PONTlAC, Mich.—SEEKS TO PURCHASE BONDS—E. H. Tinsman,
announces that the city desires to purchase up to
Trust
Buttrick & Co.. Inc
SCHOOL
school building bonds.
$150,000 of bonds presently outstanding, comprising bonds of series A in
amount of $100,000 and series B to the extent of $50,000 worth.
Sealed
offers for sale of the bonds to the city will be received by Mr. Tinsman
&
Brown
MARYSVILLE
•—At the June 5 election tne voters
Director of Finance,
100.358
Co., Kean, Taylor & Co., Mercantile-Commerce Bank &
Co., Hemphill, Noyes & Co., A. G. Becker & Co., H. C.
Wainwright & Co., Stern Bros. & Co., F. L. Putnam & Co—
Bankers Trust Co., the National City Bank of New York, Ed¬
ward B. Smith & Co., Harris Trust & Savings Bank, Paine,
Webber & Co., Roosevelt & Weigold, Inc., Baker, Weeks &
Harden, Burr, Gannett & Co., Washburn & Co., Inc., Tyler,
4379
Chronicle
100.26
BLUE EARTH COUNTY (P.
O. Mankato), Minn .—BONDS SOLD
The $41,000 2}4% ditch refunding bonds
4061—were awarded to local purchasers
offered on June 23—V. 142, *».
in Mankato at par.
Denom.
Dated July 1, 1936.
Interest payable
Due from 1941 to 1946.
$500 and $1,000, coupon in form.
Jan.
1 and
July 1.
DILWORTH, Minn.—BOND OFFERING—Both sealed and oral bids
July 9, by Walter P. Rae, Village Clerk, for
the purchase of a $16,000 issue of 4H% water works refunding bonds.
Denom. $1,000.
Dated July 1, 1936.
Due $2,000 from July 1, 1937 to
1944, incl.
Prin. and int. (J. & J.) payable at the office of the Village
Treasurer, or at the American State Bank, Moorhead.
A certified check
for $500, payable to the Village, must accompany the bid.
will be received at 8 p. m. on
NORTH
Boston
ANDOVER, Mass.—NOTE SALE—Newton, Abbe
were
awarded
an
issue of $125,000
tax notes at
Due Dec. 8, 1936.
Other bids were as follows; Second
Boston 0.375% and Faxon, Gade & Co., 0.36%.
& Co. of
0.345% discount.
National Bank of
SALEM, Mass.-—NOTE SALE—'The Naumkeag Trust Co. of Salem on
was awarded tne $200,000 revenue anticipation
temporary loan
offered on tnat date— V. 142, p. 4219.
Tne notes were awarded on a
0.25% discount basis.
Whiting, Weeks & Knowles of Boston bid 0.26%
discount.
Noi.es are dated June 25, 1936 and will mature Nov. 11, 1936.
June 24
notes
Mass.—BOND SALE—The
TAUNTON,
$105,000
relief
municipal
awarded to Hornblower
basis of about 1.99%.
Dated July 1, 1936 and due July 1 as follows:
$11,000 from 1937 to 1941,
incl. and $10,000 from 1942 to 1946, incl.
Other bids were as follows:
Bidder—
Int. Rate
Rate Bid
Halsey, Stuart & Co., Inc
2M%
100.497
Tyler, Buttrick & Co
2M%
100.299
bonds offered
&
on
June 23—V.
Weeks of Boston
as
142, p. 4219—were
2s, at a price of 100.059, a
WALTHAM, Mass.—NOTE SALE—The $200,000 revenue anticipation
temporary loan notes offered on June 23 were awarded to the
tional Bank of Boston on a .447% discount basis.
Leavitt &
Second Na¬
Co. of New
Dated June 24,1936. Payable
each of the dates Feb. 5, Feb. 11, Feb. 19 and Feb. 26, 1937.
York bid .46% discount, plus $2 premium.
$50,000 on
Other
bids were
as
follows:
.
Discount
Bidder—
Faxon, Gade & Co
0.47%
0.47%
Whiting, Weeks & Knowles.
0.49%
First National Bank of Boston (plus$l
premium).
PAUL, Minn.—BOND OFFERING—Sealed bids will be received
a. m. on July 1, by Harold F. Goodrich, City Comptroller, for the
an issue of $100,000 coupon public welfare bonds.
Interest rate
is not to exceed 6%, payable semi-annually.
Denom. $1,000.
Dated
July 1, 1936.
Due on July 1 as follows:
$8,000, 1937 and 1938; $9,000,
1939 and 1940; $10,000, 1941 and 1942; $11,000, 1943 and 1944, and $12,000
in 1945 and 1946.
Bonds may be exchanged for registered bonds, both as
to principal and interest, at a cost of $1 per registered bond, plus postage.
Bonds are payable in lawful money of the United States of America, at the
office of the Commissioner of Finance, in St. Paul, or the city's fiscal
agency in New York City.
These bonds were issued under Chapter 120,
Laws of 1933, as amended by Chapter 48, Session Laws 1935, and C.F.
No. 103829. approved June 3, 1936.
The approving opinion of Thomson,
Wood & Hoffman, of New York City, and Walter Fosness, of St. Paul,
will be furnished to purchaser.
All bids must be unconditional.
Bids
may be submitted in multiples ofl-10th and M of 1 %.
Bonds must bear
one rate of interest.
A certified check for 2% of the amount of bonds bid
for, payable to the city, is required.
ST.
until 10
purchase of
SPARTA (P. O.
Montevideo), Minn.-—DETAILS OF BONDS
SOLD—
bonds awarded on June 20 to the Security National
Bankof Montevideo at par will carry 3H% coupons, will be in the denomina¬
The $7,000 refunding
dated July 1, 1936, and maturing July 1, 1941, $1,000
subject to call annually/.
Interest will be payable semi¬
'
tion of $500 each,
bonds
being
annually on Jan. 1 and July 1.
WELLESLEY, Mass.—NOTE SALE—The $200,000 notes, payable
1, 1937, which were offered for sale on June 22—V. 142, p. 4219—
awarded to the Wellesley National Bank on a 0.25% discount basis.
Newton, Abbe & Co. of Boston bid 0.293% discount.
March
were
MISSISSIPPI
WINTHROP, Mass.—NOTE SALE—The issue of $14,000 1M% notes
on June 22 was awarded to the
Winthrop Trust Co. at 100.92.
Dated June 15, 1936.
Due serially from 1937 to 1941.
Other bidders were:
First Boston Corporation,
100.91;
Tyler, Buttrick & Co., 100.899;
Arthur Perry & Co., 100.863; Second National Bank of Boston, 100.714;
Jackson & Curtis, 100.41; Newton Abbe & Co., 100.41, and Merchants
Municipal Bonds
offered
National Bank,
EQUITABLE
Securities Corporation
100.127.
New
Birmingham
We
Nashville
York
Chattanooga
Knowllle
Memphis
Buy for Our Own Account
MICHIGAN MUNICIPALS
MISSISSIPPI MUNICIPALS
Bought—Sold—Quoted
Cray, McFawn & Company
Scharff L Jones
DETROIT
■>.'
Telephone CHerry 6828
A. T. T. Tel
DET347
INCORPORATED
A. T. T. TEL. N. O. 180
180
MICHIGAN
ANN ARBOR, Mich.—BOND
TELEPHOI
TELEPHONE RAYMOND 1189
New Orleans
OFFERING—Fred C. Perry, City Clerk,
p. m. (Eastern Standard Time) on July 6
purchase of $100,000 4% sewage revenue bonds, part of an authorized
issue of $345,000.
Dated July 1, 1934.
Denom. $1,000.
Due July 1
as follows:
$4,000, 1937 to 1946, incl.; $6,000, 1947 to 1950, incl.; $8,000
in 1951 and 1952 and $10,000 in 1953 and 1954.
Bids and acceptance
thereof to be subject to and conditioned upon a release of the bonds by
B. W. Thornton, Finance Director, Federal Emergency Administration of
Public Works.
Tenders also will be conditioned upon the approval of the
bonds by Miller, Canfield, Paddock & Stone of Detroit.
A certified check
for 2% of the bid must accompany each proposal.
Common Council will
open the bids at 7:30 p. m. on July 6.
will receive sealed bids until 3
MISSISSIPPI
for the
DETROIT, Mich.—BOND OFFERINGS WANTED—Fred T.
Gies,
City Controller, will receive offerings up to 9 a.m. on June 30 of approxi¬
mately $400,000 of outstanding bonds.
Tenders shall remain firm until
1.30 p. m. on that day and must be made under the following conditions:
1. If callable bonds are offered at a premium:
(a) When the interest
rate is 5% or higher, the yield shall be computed to the first call date;
(b) when the interest rate is 4 % %, the yield shall be computed to the
second call date, except bonds that have interest paying dates on Dec. 20,
1936, Jan. 1 and Feb. 15, 1937, which shall be computed to the first call
date; (c) when the interest rate is 4M%. the yield shall be computed to
the second call date, except bonds that have interest paying dates on
Dec. 1 and Dec. 15, which shall be computed to the first call date, and
(d) when the interest rate is less than 4M%. the yield shall be computed
to
the sixth call date.
2. If bonds are offered at less than par:
date of maturity whether callable or
3.
date
4.
Non-callable
bonds:
Yield shall be computed to the
non-callable.
bonds shall be computed to the
Non-callable
of maturity.
Offerings: Offerings shall show the rate of interest,
turity, the dollar value and the yield on each
offering.
the date of ma¬
COLUMBUS, Miss.—BOND SALE—The $15,000 serial bonds, made
up of $6,000 city market bonds, $5,000 street improvement bonds, $2,500
water works repair bonds and $1,500 Tennessee Valley Authority power
survey bonds, which were offered on June 25, were awarded to the Union
Planters National Bank of Memphis on a bid of par plus a premium of
$79.50, equal to 100.53, for 3 j^s.
TUPELO, Miss.—BOND SALE DETAILS—It is reported by J. H.
Merritt, City Clerk, that the $30,000 4% storm damage repair bonds
purchased by the First National Bank of Memphis, as noted here recently
—V. 142, p. 4061—were sold at par.
Coupon bonds, dated June 1, 1936.
Denom. $1,000.
Due $3,000 from 1937 to 1946, incl.
Interest payable
semi-annually.
MISSOURI
CLAYTON, Mo.—BONDS VOTED—At a recent special election the resi¬
dents voted approval of an issue of $30,000 park bonds.
The vote was 355
"for" to 31 "against."
JACKSON COUNTY (P. O. Kansas City), Mo.—BOND ELECTION
SCHEDULED—The County Court voted on June 19 to submit a $2,500,000
bond issue to the approval of the voters in the primary election to be held on
Aug. 4, for the purpose of refunding the county's entire outstanding in¬
debtedness and restoring its cerdit, according to report.
The new bonds
would be used to retire approximately $1,000,000 in old judgment bonds,
on which the county defaulted in interest payments last March and May,
and
approximately $1,500,000 in outstanding warrants.
by the judgment bonds and 6% by the warrants.
drawn
Rate of 5% is
4380
.
Financial
We quote in part as follows from the Kansas
on this subject:
City "Star" of June
Chronicle
19,
NEVADA
"David E. Long, presiding judge of the county court, said today he be¬
lieved the new issue would draw 3% interest, thus effecting an enormous
RENO, Nev.—BOND ELECTION—The City Council recently decided
call
to
saving to the county in interest payments.
He had submitted the refunding
operation to many financial interests, he said, and was adivsed that the pro¬
a
special election for Aug.
issuance of
18 at which proposals calling for the
$392,300 bonds will be submitted to the voters.
cedure would be sound business.
NEW
"Judge Long said the county's credit had been impaired by its default
this
spring, the first time in its history it had not been able to meet interest
payments, but that he expected no difficulty in selling the
propose^,>bond
issue.
"It also
a
.
CONSOLIDATED
SCHOOL
DISTRICT
mandy), Mo.—BOND SALE—The $185,000 issue of
offered for sale
coupon
a
18,1937.
H. L. AllI
..
(P. O. Nor
school bonds
New Jersey
142, p. 4220—was awarded to the Boat¬
Bank of St. Louis and the Mississippi Valley Trust Co.
jointly, as 2)4s, at a price of 101.26, a basis of about 2.62%.
Dated July 1, 1936. Due as follows: $6,000, 1937 to 1940; $8,000, 1941 to
1945; $10,000, 1946 to 1950; $11,000, 1951, and $14,000, 1952 to 1955.
The second highest bid was an offer of 101.125 on 2)4s, submitted
by the
Harris Trust & Savings Bank of Chicago.
men's
l^s, at.
Due serially from 1937 to 1941 incl.
June 22—V.
on
issue of $50,000 hihgway bonds as
notes offered on June 25—V. 142, p. 4220—were awarded to the First
National Bank of Boston on a 0.78% discount basis.
Faxon, Gade & Co.,
next best bidder, offered to take the notes on a 0.79% basis.
Notes are
dated June 25, 1936, and will be payable $250,000 on Feb. 18 and March
few days to receive the outstanding warrants and make a record of
NORMANDY
new
a
MANCHESTER, N. H.—NOTE SALE—The $500,000 tax anticipation
them so the county would
know exactly how big its debt is.
There has been
considerable activity lately on the part of persons buying county warrants
as a speculation.
The court's intention was to notify holders of warrants
that they might be paid in full with interest, if the bond issue is voted.
"A proposal that the county court submit a bond issue for $1,000,000
to the voters in the August election for direct relief in Jackson
County was
not passed on by ths court today.
Judge Long announced that a decision
on the relief issue would be made later."
;
awarded
price of 100.319.
announced that the county court would name a committee
was
HAMPSHIRE
DOVER, N. H.—BOND SALE—Lincoln R. Young & Co. of Hartford
have been
To List Old Warrants
within
June 27, 1936
National
ipal Bonds
'or 2-7333
Telepho
of St. Louis,
& Company
N.Y. 1-528
A.T.&T.
New York
100 Broadway
MONTANA
MUNICIPAL BONDS
BILLINGS, Mont.—DETAILS OF BOND SALE—The Wells-Dickey
of Minneapolis, as already reported in these columns—V." 142,
p. 4240—
on June 16 were awarded $50,000 coupon airport
hangar bonds at a premium
New
Jersey and General Market Issues
of
$1,300, equal to 102.60.
The bonds will be issued in $500 and $1,000
denominations, will be dated July 1, 1936, and will mature $2,500 yearly
The city reserves the right to retire the bonds on any interest
payment date on and after July 1, 1946.
Interest will be payable Jan. 1
and July 1.
The money will cost the city about 2.71% annually.
Other
B.J. Van Ingen & Co. Inc.
for 20 years.
bids received
57 WILLIAM
were:
Name—
Int. Bate
Premium
3%
3%
3%-
First Security Trust Co., Salt Lake City
Northwest National Bond & Trust Co., Minn
Murphy, Favre & Co., Spokane
fist 25,000
V
12nd 25,000
Brown, Schlessman, Owen & Co., Denver
Peters, Writer & Christensen, Inc., Denver
Bosworth, Chanute, Longhridge & Co
Paine-Rice & Co., Spokane
1
1st 10 years
[Last 10 years
State of Montana—Board of Land Commissioners
A. S. Huych & Co., Chicago..
$1,296.00
1,110.00
777.70
67.00
3%
J
3%
3%
3%
3)4 % I
3)4%
3% %
3)4%
2H%\
STREET, N. Y.
A, T. &. T.: N. Y
138.50
68.85
Colyer, Robinson $ Company
422.00
3)4%/
INCORPORATED
None
1180
176.00
GALLATIN
COUNTY HIGH SCHOOL DISTRICT (P. O. BozeMont.—BOND OFFERING—Ella N. Conklin, Secretary of the
Board of Trustees, will receive bids until 10 a. m. July 22 for the
purchase
at not less than par of $249,000 high school building bonds.
Amortization
Raymond Blvd., Newark
New Yor
Wire:
be the first choice ana serial bonds will be the second choice
of the School Board. If amortization bonds are
issued, the entire issue may
be put into one single bond or divided into several
bonds, as the Board of
Trustees may determine upon at the time of sale, both principal and interest
to be payable in semi-annual instalments during a
period of 20
years from
sold there will be 240*.bonds in the
each and 20 bonds in the amount of $450 each; the sum of
If serial bonds
are
$1,000
$12,450 will become payable on June 30, 1937, and a like amount on the
day each year thereafter until all bonds are paid.
(
The bonds, whether amortization or serial bonds, will bear date of
June
30, 1936, and will bear interest at a rate not exceeding 4%j payable semi¬
annually, on June 30 &nd Dec. 30 in each year, and will be redeemable in
full on any interest payment date from and after five
years from the date
same
of issue.
Certified check for $5,000, payable to
theASecretary, required.
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 1
(P. O.
Helena), Mont.—BONDS VOTED—At the election held on June 11—•
V.
142, p. 3720—the voters are said to
$100,000 in school construction bonds.
have
approved
the
issuance
POLSON, Mont.—BOND CALL—r-The City Treasurer is said
ing for payment at his office, on July 1, the following 6% bonds:
of
to be call¬
Nos. 8 to 15 of water bonds, issue of 1919. Denom.
$1,000.
Nos. 4 to 20 of water bonds, issue of 1922. Denom. $1,000.
Nos. 5 to 31, of funding bonds, issue of 1922.
Denom.
$500
SHERIDAN COUNTY SCHOOL DISTRICT NO. 29
(P.O. Outlook),
Mont.—BONDS NOT SOLD—The $12,000 not to exceed
6% semi-annual
gymnasium construction bonds offered on June 10—V. 142, p. 3388—were
not sold, according to the District Clerk.
Dated June 10,1936.
NEBRASKA
OFFERING
OTHER
WANTED
NEBRASKA
A. T. & T. Teletype OMA 81
$250,000, which has been reduced
to
2)4% interest rate.
$222,000,
were
15,
refunded at
In connection with the above
report we give the following dispatch from
Fremont to the Omaha "News-Bee" of June 19:
"A bid of 2)4% interest and
$2,825 premium by Kirkpatrick, Pettis &
Loomis of Omaha for the $225,000 Fremont school
bond
refunding issue
was
accepted by the City Board of Education at a special
meeting this week.
"It is believed the Board sold the bonds at a
lower interest rate than
received by any subdivision in the
history of the State for bonds covering
a similar period of time.
The bonds run for 14 years under a
three-period
retirement plan."
BOND
supply bonds of 1936.
Dated July 1, 1936.
Denom. $1,000.
Due July
1 as follows: $5,000, 1937 to 1963, incl.; $6,000 in 1964 and $10,000 from
1965 to 1986, incl.
Bidder to name one rate of interest on the issue.
Principal and interest (J. & J.) payable at the Clifton National Bank,
Clifton, or, at the option of the holder, at the Bankers Trust Co., New York
City.
A certified check for 2% must accompany each proposal.
The
approving opinion of Hawkins, Delafield & Longfellow of New York will be
furnished the successful bidder.
GLOUCESTER CITY, N. J.—REFUNDING PLAN ANNOUNCED—
C. C. Codings & Co. of Philadelphia, refunding agents, have formulated a
plan for refunding all of the bonds and notes of the city currently out¬
standing, with the exception of tax revenue notes. The debt will be refunded
under Chapter 233. Public Laws of 1934. The new bonds will mature
serially
from 1941 to 1968 incl., and will pay interest at the rate of
4% for the
initial 10 years and 4)4% thereafter.
The bonds will be approved as to
legality by Caldwell & Raymond of New York. Commenting on the present
of the city's finances, the refunding agents state that taxes owed
the county amounted to $242,827 as of Dec. 31, 1935; almost two full
years,
levies in delinquent taxes and tax title liens remain
status
outstanding and that
$237,891.04 of special assessments mature in the present year.
HASTINGS, Neb.—BOND SALE DETAILS—It is now reported by
the City Clerk that the $125,000
refunding bonds purchased by the Mort¬
gage Investment Co. of Hastings, as noted here
recently—V. 142, p. 3899—
were sold as 2)4s at
par and mature on
follows: $25,000 in 1937
and 1938, $20,000 in 1940 to 1942, and
$15,000 in 1943.
HOWARD CITY, Neb.—PRICE PAID—It is
reported by the Village
Clerk that the $5,000 water bonds sold
recently, as noted in these columns,
—V. 142, p. 4061—were purchased
by the Boelus State Bank of Boelus as
4s, for a premium of $150, equal to 103.00,
20 years, optional in five years.
awarded
a
basis of about 3.35%.
Due in
are
described
SCHOOL
DISTRICT
O. Scribner), Neb.—BOND
CALL—It is reported that Nos. 16 to 63 of
4% school refunding bonds,
aggregating $48,000, are being called for payment on Aug. 1, at the office
of the Greenway-Raynor Co. of
Omaha.
Dated Aug. 1, 1931.
Interest
shall
cease
on
(P.
date called.
is stated by the Village Clerk that
semi-ann. town hall refunding bonds has been pur¬
$12,000 issue of 4%
chased at par by the Mortgage Investment Co. of
Hastings.
a
2-10ths of
follows:
Due $50,000
on June 1 from 1937 to 1946, incl.
as follows: $10,000 from 1937 to 1956,
incl.; $15,000 from 1957 to 1975. incl.; and $14,000, 1976.
Each issue is dated June 1, 1936.
Denom.
$1,000.
Principal and
interest (J. & D.) payable at the National State Bank of Newark.
Due June 1
The bankers reoffered the bonds
priced to yield from 1 to 3.40%, accord¬
ing to maturity.
In the opinion of the bankers, the bonds are legal invest¬
ments for savings banks and trust funds in
New York, New Jersey and
certain other States.
NEWTON SCHOOL DISTRICT. N. J.—BONDS VOTED—At a recent
a vote of 127 to 42 was cast in favor of
the issuance of $32,000 high
election
building completion bonds.
PERTH AMBOY, N. J.—BONDS AUTHORIZED—'The Board of
City
Commissioners on June 3 gave final reading to an ordinance
authorizing the
issuance of $79,000 refunding bonds.
POINT PLEASANT
BEACH, N. J.—BOND SALE—The $186,000
4)4% coupon or registered general refunding bonds offered on June 19—
V. 142, p. 4062—were awarded to E. H. Rollins & Sons of
Philadelphia at
94.25, a basis of about 5.44%. Dated April 1, 1936. Due Oct. 1 as follows:
$9,000, 1936; $10,000, 1937; $15,000, 1938; $20,000, 1939 to 1943; $15,000,
1944 to 1946, and $7,000 in 1947.
SAYREVILLE SCHOOL DISTRICT, N. J.—BOND REFUNDING
CONTRACTED—The Board of Education has made a contract with B. J.
Van Ingen & Co. of New York for the sale of
$112,000 refunding bonds.
SEASIDE
PARK, N. J.—BOND SALE—The $7,500
tered emergency boardwalk reconstruction bonds
offered
142,
coupon
on
or
regis¬
June 20—V.
4062—were disposed of to the Ocean County Trust Co. as 6s.
/There
no other bids.
Dated Dec. 20, 1935.
Due $1,500 on Dec. 30 from
p.
were
1941 to 1945.
STANHOPE, N. J.—BOND SALE-—The $18,000
offered
WILCOX, Neb.—BOND SALE—It
as
$500,000 airport bonds.
499,000 water bonds.
.
SCRIBNER
up to
NEWARK, N. J.—BOND SALE—On June 23 award of an offering of
$1,000,000 coupon or registered bonds offered on that date was made to a
syndicate headed by Phelps, Fenn & Co. of New York and including F. S.
Moseley & Co., Kean, Taylor & Co., Hemphill, Noyes & Co. of New York
and J. S. Rippel & Co. of Newark.
The successful syndicate bid 100.143
for $999,000 bonds at 3)4% interest, a basis of about
3.24%.
The bonds
CALL—It is
reported that the entire issue of 4 % school refund¬
ing bonds, dated Aug. 1, 1931, is being called for
payment at the office of
the Kirkpatrick-Pettis-Loomis Co. of
Omaha, on Aug. 1.
Due on Aug. 1,
1951, optional on Aug. 1, 1936.
as
resolution authorizing the issuance of
CLIFTON, N. J.—BOND OFFERING—William A. Miller, City Clerk,
will receive sealed bids until 8:30 p. m.
(Daylight Saving Time) on July 7
for the purchase of $361,000 3M, 3J4 or
3)4% coupon or registered water
school
Aug. 1
a
$35,000 2)4 % note funding bonds.
reconstruction bonds.
NEBRASKA
issue of
,
MIDDLESEX COUNTY
(P. O. New Brunswick), N. J.—BONDS
AUTHORIZED—The Board of Chosen Freeholders has passed on final
reading on ordiance providing authority for the issuance of $317,500 road
FREMONT SCHOOL DISTRICT (P. O.
Fremont), Neb.—BONDS
REFUNDED—We are informed by A. H.
Waterhouse, Superintendent of
Schools, that at a special meeting of the Board of Education held on June
an
special session adopted
permitting the issuance of hospital bonds in amount
1% of the tax ratables.
ISSUES
OMAHA
First National Bank Bldg-
recent
the law
the National company
OF
NEW JERSEY
BRIDGETON, N. J.—BONDS AUTHORIZED—The City Council at
a
JERSEY CITY, N. J —BILL VALIDATES HOSPITAL BONDS—
Under the provisions of a bill approved recently by the State
Legislature,
the city is authorized to issue $1,200,000 of hospital bonds
regardless of
existing legal limits on the incurrence of debt. The measure would amend
MUNICIPALS
OMAHA, DOUGLAS COUNTY, LINCOLN
AND
MArket 3-1718
A. T. & T. Teletype
NWRK 24
REctor 2 2055
bonds will
amount of
N. J.
4)4% Bonds Due Sept. 1,1939
To Yield 1.50%
man).
the date of issue.
Telephone: John 4-S364
Newark Tel.: Market 3-3124
$25,000 CITY OF EAST ORANGE,
286.00
%
1-730
on
1936.
coupon
water bonds
June 22'—-V. 142, p. 4221—were awarded to M. M. Freeman &
Co. of Philadelphia as 4)4s.
There
were no other
bidders.
Dated
Due $1,000 yearly on July 1 from 1937 to 1954 incl.
The purchasers paid par for the issue and were the
only bidders.
July 1,
Volume
Financial
142
MEXICO
NEW
CHAVES
N.
COUNTY SCHOOL DISTRICT NO. 1
OFFERING CANCELED—We are
Mex.—BOND
(P. O. Roswell)
informed by the
County Treasurer that the offering of the $65,000 not to exceed 6% semiann. school bonds, scheduled for June 20, as reported here recently—V.
142,
p.
4062—was not held as the bones will not be issued at
Due $5,000 from June 1, 1939 to 1951 incl.
present.
Dated June 1, 1936.
HOBBS SCHOOL DISTRICT (P. O. Hobbs) N. Mex.—BONDS SOLD
TO PWA—A $72,000 issue of 4% semi-ann. school construction bonds is
reported to have been purchased at par by the Public Works Adminis¬
HERKIMER, N. Y.—BOND SALE—The $45,000 coupon or registered
disposal plant bonds offered on June 23—V. 142, p. 4063-—were awarded
to Roosevelt & Weigold of New York on a bid of 100.18 for 2.70s, a basis
of about 2.68%.
Second high bid came from Charles H. Drew & Co. of
New York, who offered 100.309 for 2%s.
Dated May 1,1936.
Due May 1
as follows:
$2,000,1938 to 1949, and $3,000 from 1950 to 1956, inclusive.
KENMORE, N. Y.—BOND SALE—The $82,000 coupon or registered
funding bonds offered on June 22—V. 142, p. 4063—were awarded to Hal¬
sey, Stuart <fc Co. of New York as 3.10s at a premium of $138.58, equal to
100.169, a basis of about 3.08%.
Dated July 1, 1936.
Due July 1 as
follows: $22,000 in 1941
and $15,000 from 1942 to 1945 incl.
Other bids
tration.
40
(P. O. Por-
tales), N. Mex.—BOND SALE—The $8,000 issue of school bonds offered
on June 22—V. 142, p. 3721—was awarded to the Clovis National
for sale
Bank of Clovis as 4s,
paying
premium of $25, equal to 100.31, a basis of
1936.
Due $500 from Jan. 1, 1939, to
a
Dated June 22,
3.96%.
1954, inclusive.
M.—BOND OFFERING— Sealed bids will be
R. Keyes, Village Treasurer,
works system bonds. Denom.
$500. Dated July 1, 1936. Due on July 1 as follows: $4,000, 1946; $4,000,
1951; $6,000, 1956, and $7,000 in 1961; callable 20 years from date. Bonds
will not be sold for less than par and accrued interest. Principal and interest
(J. & J.) payable in legal tender of the United States at Wagon Mound.
WAGON
MOUND,
N.
A certified check for 5%
of the bid is required.
Offering«— Wanted
Int. Rate
Gordon Graves & Co.
YORK STOCK EXCHANGE
MEMBERS NEW
WALL ST.,
Whitehall 4-5770
N. Y.
KENMORE, N. Y.—BOND OFFERING— Walter Ducker, Village Clerk,
receive sealed bids until noon (Eastern Standard Time) on July 7 for
of $70,000 not to exceed 6% interest coupon or registered
general bonds, issued for the purpose of funding tax anticipation loans now
outstanding.
Issue will be dated July 1, 1936.
Denom. $1,000. Due
July 1 as follows: $15,000 in 1937 and 1938 and $20,000 in 1939 and 1940.
Bidder to name one rate of interest on all of the bonds, expressed in a
multiple of H or 1-10 of 1%. Principal and interest (J. & J.) payable at
the First National Bank of Kenmore, with New York exchange, or at the
Chase National Bank, New York City. The bonds are direct general obli¬
gations of the village, payable from unlimited taxes. A certified check for
$1,400, payable to the order of the village, must accompany each proposal,?
The approving opinion of Clay, Dillon & Vandewater of New York will be
the purchase
COUNTY
(P.
Albany),
O.
Y —BOND SALE— The
N.
or registered tax revenue bonds offered at auction on
142, p. 4221—were awarded to Halsey, Stuart & Co., Inc.,
and the Bancamerica-Blair Corp., both of New York, jointly, as 1H&. at
coupon
price of 100.30 a basis of about 1.40%. Dated June 1 1936, and due
$100,000 on June 1 from 1937 to 1941 incl. Brown Harriman & Co. of New
York were second high, offering 100.295 for lHs.
a
ALEXANDRIA BAY, N. Y.—BOND SALE—The $21,000 coupon or
registered paving bonds offered on June 23—V. 142, p. 4222—were awarded
to Arthur B. Treman & Co. of Ithaca as 3s, at par plus a premium of $57.96,
equal to 100.27, a basis of about 2.975%.
Dated July 1, 1936 and due
July 1 as follows: $2,000 in 1937 and $1,000 from 1938 to 1956, incl.
Other
as
follows:
3.30%
Premium
$23.10
84.00
Bacon, Stevenson & Co
George B. Gibbons & Co., Inc
3.50%
3.60%
39.90
35.70
Marine Trust Co
3.70%
86.10
Int. Rate
Bidder—
*
3.20%
Sherwood & Merrifield, Inc
Rutter & Co
j._
PARKWAY
N.
Y.—BONDS PUBLICLY
Inc. of New York are offering
AUTHORITY,
Harris
&
Co.,
$100,000 4J4 % sinking fund revenue bonds at a price of 102 and accrued
interest.
Dated Dec. 1, 1935.
Coupon bonds of $1,000 each, registerable
of $1,000, $10,000 and
bonds are interchangeable. Due Dec. 1.
of the Marine
Parkway Authority, on any interest payment date on not less than 30 days'
notice at 104 if called for payment on or prior to Dec. 1, 1940; thereafter
at 103 if called on or prior to Dec. 1, 1945; tnereafter at 102 if called on or
prior to Dec. 1,1950; tnereafter at 101 if called on or prior to Dec. 1, 1955;
tnereafter at 100 to maturity.
The bonds, the bankers report, are legal
investments by legislative act of the State of New York for all public
officers and bodies in said State, and municipal sub-divisions, and for insur¬
ance companies and associations, savings institutions,
savings and loan
associations, executors, administrators, guardians, trustees><®5d all othe
fiduciaries.
Legality approved by Hawkins, Delafield & Longfellow of
as to
principal only and registered bonds in denoms.
$50,000.
Coupon and registered
Redeemable in wnole or in part by lot, at the option
1960.
New York City.
MINEOLA, N. Y.—BOND ELECTION—The Village Board recently
a resolution authorizing tne holding of a special election on June 30
of voting on tne question of issuing $125,000 water bonds.
passed
for the purpose
NASSAU
BERLIN AND PETERSBURG CENTRAL SCHOOL DISTRICT NO.
(P. O. Berlin), N. Y.—BOND SALE—The issue of $25,000 coupon or
registered school bonds offered on Juno 24—V. 142, p. 4062—was awarded
to E. H. Rollins & Sons of New York as 3.70s, at a price of 100.75, a basis
of about 3.64%.
Dated July 1, 1936.
Due $1,000 on July 1 from 1939
1
to
bidder.
LARCHMONT, N. Y.—BOND SALE—The issue of $9,000 motor equip¬
bonds offered on June 20 was awarded to Ira Haupt & Co. of New
York as 2.70s, at par plus a premium of $6, equal to 100.066, a basis of
about 2.675%. Dated July 1, 1936 and due July 1 as follows: $2,000 from
1937 to 1940 incl. and $1,000 in 1941. Other bids were as follows:
Bidder—
Int. Rate '
Rate Bid
Adams, McEntee & Co., Inc
:
2.70%
100.03
George B. Gibbons & Co., Inc
-3%
100.17
Sherwood & Merrifield, Inc
3-%
100.11
Trust Co. of Larchmont
3%
100.03
OFFERED— Stranahan,
June 23—V.
were
399.00
246.00
205.00
First National & Sate Bank of Kenmore
MARINE
YORK
NEW
bids
$224.31
3J^%
3H%
3H%
ment
County—City—Town—School District
ALBANY
Prem.
3M%
E. H. Rollins & Sons.
furnished the successful
New York State Municipals
$500,000
follows:
as
Buffalo Savings Bank.
Manufacturers & Traders Trust Co
will
received until 3 p. m. on July 20 by Charles
for the purchase of a $21,000 issue of 6% water
1
were
Bidder—
SCHOOL DISTRICT NO.
COUNTY
ROOSEVELT
about
4381
Chronicle
Theodore
COUNTY (P. O. Mineola), N. Y.—BOND OFFERING—
County Comptroller, will receive sealed bids until
Bedell Jr.,
12:30 p. m. (Daylignt
Saving Time) on July 2 for the purchase of $3,000,000
exceed 4% interest coupon or registered bonds, divided as follows:
$1,500,000 refunding bonds.
Due July 15 as follows: $200,000 from 1946
to 1952 incl. and $100,000 in 1953.
not to
1,000,000 emergency relief bonds.
Due July 15 as
1938 to 1945 incl. and $200,000 in 1946.
1963, incl.
DISTRICT NO. 3, N. Y.—
BONDS PUBLICLY OFFERED—George B. Gibbons & Co., Inc., of New
York are making public offering of $69,000 4% coupon or registered bonds
at prices to yield from 1 % to 3.25%, according to maturity.
Dated Nov. 1,
1935 and due serially on Nov. 1 from 1936 to 1965 incl.
Principal and
interest (M. & N.) payable at the Marine Midland Trust Co., New York
City. Legal opinion of Clay, Dillon & Vandewater of New York City.
CENTRAL
CORTLANDT
SCHOOL
Financial Statement (Officially Reported)
Valuation, as determined by State Tax Commission^—
Assessed valuation, 1935-36
Total bonded debt, June 19, 1936
Population (estimated)
Above financial statement does
.—-.$14,781,924
9,164,793
673,000
5,600
not include the debt of other political
subdivisions having power to levy taxes within the district.
State Aid—In addition to regular annual State aid for
the support of
the
schools, this district will receive from the State of New York, under
building quota of the Education Law, 25% of the money required to pay
principal and interest on bonds issued for the erection, enlargement or
remodeling of a school building.
Anticipated State aid, 1936-37 year:
$105,000 or 48% of $217,208 budget.
Taxes—School year is July 1 to June 30. School taxes due in September.
We are officially informed, June 19, 1936, that all school districts in the
Town of Cortlandt have received from the town, their collecting agency,
100% of current 1935-36 and all previous year's taxes, with exception of
$3,047 in the form of tax liens owned by the town against the 1933-34 school
levy of $476,938,
HEMPSTEAD
CENTRAL
HIGH
O. Floral Park), N. Y.—BOND OFFER¬
Clerk, will receive sealed bids until 3 p.m.
(Eastern Standard Time) on June 29 for the purchase of $68,000 not to
exceed 6% interest coupon or registered school bonds of 1936.
Dated
June 1, 1936. Denom. $1,000. Due Dec. 1 as follows: $2,000 from 1937 to
1940 incl. and $3,000 from 1941 to 1960 incl.
Bidder to name one rate of
interest on the issue, expressed in a multiple of
or l-10tb of 1 %. Principal
and interest (J. & D.) payable at the Franklin Square National Bank,
Franklin Square, or at the Manufacturers Trust Co., New York City.
A
certified check for $1,360, payable to the order of the Board of Education,
must accompany each proposal.
The approving opinion of Hawkins, Delafield & Longfellow of New York will be furnished the successful bidder.
AND
HEMPSTEAD
NORTH
500,000 county road
1951 incl.
.
bonds.
follows: $100,000 from
Due $100,000 on. July 15 from 1947 to
dated July 15, 1936.
Denom. $1,000.
Tenders
Donds and the rate or rates of interest
Didder in a multiple of % or l-10thof 1%.
Differ¬
ent rates may be named on tne respective issues, but not more than one
coupon may be stipulated on any one issue.
Prin. and int. J. & J. 15
payable at the County Treasurer's office.
A cert, check for $60,000, pay¬
able to the order of the County Treasurer, must accompany each proposal.
Tne Nassau County Trust Co. of Mineola will supervise the preparation of
the bonds and certify as to the genuineness of the signatures of the officials
and the seal impressed thereon.
Delivery and payment for the bonds will
be made at tne trust company, unless otherwise agreed.
Legal opinion of
Reed, Hoyt & Wasnburn of New York will be furnished the successful
bidder.
All of the taxaole property of the county will be subject to the levy
of umlimited ad valorem taxes in order to provide for the payment of prin¬
cipal and interest on the debt created.
All of the bonds will be
must
must
be for tne entire $3,000,000
be expressed by tne
NEWFANE (P.
O. Newfane), N. Y.—BOND OFFERING—Ewart
G.
sealed bids at the County Court
Standard Time) on June 29 for the
purchase of $4,135.90 not to exceed 6% interest coupon or registered high¬
way bonds.
Dated July 1, 1936.
One bond for $1,135.90 others $1,000
each.
Due March 1 as follows: $1,135.90 in 1940 and $1,000 from 1941 to
1943 incl. ' Bidder to name one rate of interest on the issue, expressed in a
multiple of M or l-10th of 1 %.
Frin. and int. payable in lawful money of
the United States at the State Bank of Newfane, witn New York exchange.
Interest payable annually on March 1.
A cert.'check for $400, payable to
Cowper, Town Supervisor, will receive
House in Lockport until 1 p. m. (Eastern
Town Supervisor, must accompany eacn
proposal.
SCHOOL DISTRICT NO. 2 (P.
the order of the
ING—J. Edwin Russell, District
YORK (State of)—PLANS ISSUE OF $75,000,000 NOTES—
probably will offer during the first week of July somewhere
around $75,000,000 short-term paper, according to report.
This is ex¬
pected to be the only financing immediately ahead of the State at present.
Earlier this month municipal bond men had expected Comptroller Tremaine
to offer about $30,000,000 relief bonds before July 1.
Financial Statement
Assessed valuation
...
$55,906,036
—
1,290,000
(incl. present issue)
Population (estimated)
Total bonded debt
HERKIMER,
N.
Y.—BOND
40,000
—
OFFERING—Floyd
C.
Harter,
Town
Supervisor, will receive bids until 1 p. m., July 7 for the purchase at not less
par of $60,000 coupon, fully registerable, welfare bonds.
Bidders
are to name rate of interest, in a multiple of }4% or
1-10%, but not to
than
Denom. $1,000.
Dated June 1, 1936.
Prin. and semi-ann.
1 payable at the First National Bank of Herkimer, in
Herkimer, with New York exchange.
Due on June 1 as follows: $9,000 in
1940, 1942 and 1944; and $8,000 in 1941, 1943 and 1945.
Cert, check for
$1,200, payable to the Town of Herkimer, required.
Approving opinion
of Clay, Dillon & Vandewater of New York will be furnisned by the town.
exceed 6%.
J. 1 &
int.
Dec.
subject to the taxing power of the
The total bonded debt of the town, including the
of which none is water debt.
The
The assessed valuation of the property
$11,141,430.
above-mentoned bonds, is $191,000,
population of the town (1930) census was
stated does not include the debt of any
12327.
The bonded debt above
other subdivision having power to
levy taxes upon any or all of the property subejct to the taxing power of the
town.
The fiscal year commences Jan. 1.
The amount of taxes levied for
the fiscal years
commencing Jan. 1, 1933, Jan. 1, 1934, and Jan. 1, 1935,
respectively, $221,166.27, $209,043.25 and $230,719.27.
The amount
of such taxes uncollected at the end of each of said fiscal years, was, re¬
was,
spectively. $54,755.44, $47,519.92 and $44,307.76.
The
taxes remaining uncollected as of the date of this notice,
amount of such
is, respectively,
$12,733.52, $15 836.38 and $24,609.26.
The taxes of the fiscal year com¬
mencing Jan; 1, 1936 amount to $244,253.41, of which $168,998.43 has been
collected.
State
which $60 The State has
therefore will
be reduced to $94,000,000 by the end of this month.
The latter figure
will be about the lowest the State's floating debt has reached in some time.
PRATTSBURG, PULTENEY, WHEELER, URBANA, ITALY AND
JERUSALEM CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Prattsburg), N. Y.—BOND SALE—The $37,000 coupon or registered school
bonds offered on June 23—V. 142, p. 4222'—were awardded to the Manu¬
facturers & Traders Trust Co. of Buffalo as 3.20s, equal to 100.329, a basis
of about 3.17%.
Dated June 1, 1936, and due June 1 as follows:
$1,000,
1939 to 1943 incl.; $1,500, 1944 to 1954 incl.; $2,000 from 1955 to 1961
The
State's short-term
debt now totals $189,000,000, of
June 22 and $35 000 000 on June 28.
for these payments and the floating debt
000 000 comes due
funds on hand
incl., and $1,500
in 1962.
RENSSELAER, N. Y.—BOND SALE—An issue of $10,000 emergency
sold on June 15 to John L. Bame of Rensselser as 3s, at
100.87. a basis of about 2.70%.
Denom. $1,000. Due $2,000 each year
from 1937 to 1941 incl.
.
relief bonds was
RYE COMMON
SCHOOL DISTRICT NO. 5 (P. O. Port Chester),
Y.—BOND SALE-—The $23,000 coupon or registered school bonds
22—V. 142, p. 4223-—were awarded to the First National
Bank & Trust Co. of Port Chester on a bid of 100.04 for 2.90s, a basis of
about 2.89%.
Dated May 1, 1936.
Due Nov. 1 as follows: $1,500, 1937
to 1940; $2,000 in 1941; and $1,500, 1942 to 1951, incl.
N.
offered on June
Financial Statement
town, is
NEW
The
SARATOGA
COUNTY (P.
O.
Saratoga Springs), N.
Y.'—BOND
SALE—The $250,000 coupon or registered tuberculosis hospital bonds
offered on June 25—V. 142, p. 2423—were awarded to Dick & Merle-Smith
and Sherwood & Merrifield, Inc., both of New York, jointly, as 2s, at a
price of 100.77, a basis of about
March 1 as follows: $20,000 from
Other bids were as
1.88%.
Dated June 1, 1936 and due
1937 to 1948 incl. and $10,000 in 1949.
folllows:
Bidder—
Trust Co
Bank.
George B. Gibbons & Co., Inc—
Blyth&Co. ,Inc
Manufacturers & Traders
Harris Trust & Savings
•
Int. Rate
2%
2%
2.10%
2.10%
Rate Bid
100.279
100.197
100.239
100.199
4382
Financial
Chronicle
June 27, 1936
SOMERSET
(P. O. Barker), N. Y.—BOND
OFFERING—Harry R.
Bennett, Town Supervisor, will receive sealed bids at
the County Court
House in Lockport until 1
p. m. (Eastern Standard Time) on June
29 for
the purchase of
$7,788.99 not to exceed 6% interest
coupon or registered
highway bonds.
Dated July 1, 1936. 1 One bond for
in amount of
$3,788:99 and one
$4,000.
Due March 1 as follows:
$3,788.99 in 1939 and
$4,000 in 1940.
Bidder to name one rate of interest on
the issue, expressed
in a
multiple of }4 or l-10th of 1 %.
Principal and interest payable at the
Somerset National Bank,
Barker, with New York exchange.
Interest
payable annually on March 1.
A certified check for
$700, payable to the
order of the Town
Supervisor, must accompany each proposal.
WASHINGTONVILLE,
Laugnlin, Village Cleric,
Standard Time;
interest coupon
Denom. $1,000.
on
or
NORTH
$30,000
registered water bonds of 1936.
not
to exceed
Dated June 1,
It
each
GOLDEN GLEN SCHOOL DISTRICT
6%
1936.
opinion of Hawkins, Delafield
furnisned tne successful
WATERTOWN,
N.
offer of
a
(P. O. Edgeley), N. Dak.—
bank.
NOONAN, N. Dak.—BOND SALE—The $10,000 issue of 5% general
obligation water works system bonds offered for sale on June 22—V. 142,
p. 4064—was purchased by V. W. Brewer & Co. of
Minneapolis at par,
according to the City Auditor.
accom¬
proposal.
Tne approving
of New York
City will be
an
was
BONDS TO BE SOLD—The Clerk of the Board of
County Commissioners
reports that the $20,000 high school bonds approved by the voters on
March 24, as noted here—-V. 142, p. 2375—will be
purchased by a local
Due $2,000 on June 1 from
1938 to 1952 incl. Bidder to
interest on the issue, expressed in a
multiple of M or l-10th
of 1%.
Prin. and int. (J. & D.)
payaole at tne Central National
Bank,
Wasningtonville, or at the National City
Bank, New York City.
A
certified cneck for
$600, payable to tne order of tne
village, must
Longfellow
bid,
reported later that the above bonds mature $8,000 from 1937 to
1947, and $7,000 in 1948, giving a basis of about 3.40%.
name one rate of
pany
DAKOTA
Dak.—BOND
premium of $502 for 3K % bonds.
N. Y.—BOND OFFERING— Edward J. Mcreceive sealed bids until 1 p. m. (Eastern
tne purcnase of
N.
SALE—The $95,000 refunding bonds
offered on June 22—V. 142, p. 4223—were awarded to the
Allison-Williams
Co. of Minneapolis as 3)^s at a premium of
$510, equal to 100.536.
The
First National Bank of St'. Paul and the First National Bank
& Trust Co.
of Minneapolis combined in
submitting the second high
will
July 7 for
BISMARCK,
•
&
bidder.
Y.—BOND
SALE— On June 23 the
$350,000
coupon or registered bonds doscrbed
b_low, whicn were offered on that
date—V. 142, p. 4064—were
awarded to Sherwood &
and the Banic of
Merrifield, Inc.,
Mannattan Co., botn of New
York, as 1^8 at a premium
of $315, equal to
100.09, a basis of about
1.33%:
$252,300 emergency relief bonds.
One bond for
$300, others in denom. of
$1,000 each.
Due July 1 as follows:
$25,000 from 1937 to 1945,
incl., and $27,300 in 1946.
75,000 public works bonds.
Denom. $1,000.
Due July 1 as follows:
$8,000 from 1937 to 1945, incl., and
$3,000 in 1946.
22,700 tax refund bonds.
One bond for
$700, ocner $1,000 each.
Due
July 1 as follows:
$2,000 from 1937 to 1945 incl.
and $4,700
in 1946.
All
of the
OHIO
bonds
will be dated
July 1, 1936.
Principal and interest
(J. & J.) payable at the
Nortnern New York Trust
Co., Watertown, or
Marine Midland Trust Co. of
New York in New York
City, at the
option of the holder.
Lazard Freres, Inc., of New
York submitted the
next high bid,
offering a premium of $1,043 for 1.60s.
ALBANY, Ohio—BOND OFFERING—Albert Lead inghaus, Village Clerk,
will receive bids
at the
until
7
(Eastern Standard Time) July 10 for the
purchase at not less than par of $1,100 5% refunding bonds.
Denom„
$100.
Dated July 1, 1936.
Interest payable April 1 and Oct. 1.
Due
serially beginning nine months after date of issue and
continuing to four
years and three months after date of issue.
Certified check for 10%
of amount of bonds bid for, payable to the
Village Treasurer, required.
The successful
bidders are
re-offering the bonds for public investment
at prices to
yield from 0.40% to
1.60%
according to maturity.
bids were as follows:
Other
p.
m.
CUYAHOGA COUNTY (P. O.
Bidder—
Manufacturers
Int. Rate
&
Traders Trust Co.,
Adams, McEntee
Co., Inc., Ivean, Taylor & Co. and
Rutter & Co__
First Boston
Corp
:
Harris Trust &
Savings Bank and Washburn & Co
Bankers Trust Go
1.70%
1.70%
1.75%
1.75%
-
George B. Gibbons & Co., Inc.,
Roosevelt
Inc., and Dick & Marie-Smith
&
Prosecutor
100.269
Ralph W. Edwards that he had discovered the deadline for the
1930 had been extended to Jan. 1, 1937, at the last
Legislature.
Commissioner Joseph F. Gorman has referred
the situation for study to the law firm of
Squire, Sanders & Dempsey of
100.14
search for
100.138
100.057
100.287
100.11
been intensified
100.204
100.20
100.439
Weigold,
Stranahan, Harris & Co
Ilalsey, Stuart & Co., Inc
sale of bonds voted in
session of the
Cleveland.
1.80%
1.80%
1.80%
2%
2%
}
2%
'_
Blyth & Co. and Stone & Webster
and Blodget, Inc__
Marine Trust Co
Graham, Parsons & Co. and A. G. Becker
& Co
____
Ohio—BOND OFFERING—K. W. Lyons,
March and Sept. 1.
Due $200 on Sept.
check for $100, payable to the Village
ENGLEWOOD, Ohio—BONDS NOT
water revenue bonds
bids.
RLGH
coupon
a
Ohio—BONDS AUTHORIZED—The Council has
resolution authorizing the issuance of $40,000 water works bonds.
BOND
ELECTION
CANCELED—The
County Commissioners have
a special election on June 30 to
vote on an issue of
$829,000 Carey Act poor relief bonds.
The action followed approval by
the State Tax Commission of the
county's request for authority to refund
$564,000 bonds.
The refunding will permit the issuance of the relief bonds
rescinded the order for
within the 10-mill tax limitation in the tax
year
beginning July 15, 1936.
I'
MAPLE HEIGHTS SCHOOL
DISTRICT, Ohio—BONDS AUTH¬
ORIZED—The Board of Education has voted to issue
$44,300 bonds for
the purpose of refunding a like amount of
obligations maturing in 1936.
MECHANICSBURG, Ohio—BONDS AUTHORIZED—'Two ordinances
authorizing the issuance of $65,000 water bonds have been passed by
the Council.
are
COUNTY
(P.
O.
Dayton), Ohio—BOND OFFER¬
to
of interest in a multiple of
M%, but not to exceed 6%.
Denom. $1,000.
Dated July 1, 1936. Interest payable Jan. 1 and
July 1.
Due $25,000 each six months from
July 1, 1941, to Jan. 1, 1951, incl. Certi¬
fied check for $5,000, payable to the
County
name
rate
Treasurer, required.
PERRY
COUNTY
(P.
O.
New
Lexington), Ohio—TO ISSUE
BONDS—Alfred J. Bailey, Clerk of the Board of Commissioners, inforine us
that the county will issue $65,000 bonds in the near future.
An order pro¬
viding for an issue of that amount of notes was rescinded in favor of the
INCORPORATED
TELETYPE
5%
ING—F. E. Treon, Clerk of the Board of
County Commissioners, will
receive bids until 10 a. m. (Eastern Standard
Time) July 10 for the pur¬
chase at not less than par of $500,000
coupon refunding bonds.
Bidders
KIRCHOFER & ARNOLD
T.
SOLD—The $13,500
June 20—V. 142, p. 3901—failed to attract
LUCAS COUNTY (P. O. Toledo), Ohio—NOTE SALE—
Ryan, Suther¬
land & Co. and Braun, Bosworth &
Co., both of Toledo, jointly, have pur¬
chased privately an issue of $829,000 notes at
2lA% interest.
Dated
July 15, 1936, and due March 1, 1937.
MONTGOMERY
T.
on
GEORGETOWN,
Bids may be also made
for bonds to bear interest
6%, expressed in a multiple of M or
l-10th of 1 %.
Principal and interest (J. &
J.) payable at the West
Hempstead National
Bank, Hempstead.
A certified check for
2%, payable to the order of the
District Treasurer, must
accompany each proposal.
Legality approved by
Thomson, Wood & Hoffman of New York
City.
A.
offered
Dated July 1, 1936, and due $900 on Sept. 1 from
1938 to 1952 incl.
passed
1939.
at a rate of not
more than
O.
water
15, 1935.
Intetest payable
15 from 1937 to 1946.
Certified
Council, required.
WEST HEMPSTEAD
FIRE DISTRICT (P. O.
OFFERING—The Secretary of the Board of Hempstead), N. Y.—
Fire Commissioners will
receive sealed bids until
4:30 p.m. (Daylight
Saving Time) on June 25 for
the purchase of
$8,000 4% apparatus and
equipment bonds.
Dated
July 1, 1936.
Denom. $1,000.
Due July 1 as follows:
$3,000 in 1937 and
1938 and $2,000 in
MARKETS APPRAISALS INFORMATION
NORTH CAROLINA STATE
AND MUNICIPAL BONDS ALL
SOUTHERN STATE AND MUNICIPALS
Village Clerk,
will receive bids until noon July 3 for the
purchase of $2,000 4%
works bonds.
Denom. $200.
Dated Oct.
BOND
BOND SALE—The
Windham), N. Y.—
$151,250 coupon or registered school
offered on June 23—V.
building bonds
142, p. 4064—were awarded to a
syndicate com¬
posed of Geo. B. Gibbons
& Co. and
Roosevelt & Weigold, both of New
York, and the Manufacturers & Traders
Trust Co. of Buffalo on a bid
of
100.70 for 4s, a basis of about
3.95%. This was the only bid submitted for
the issue.
Dated June 1, 1936.
Due June 1 as follows:
$3,250 in 1938;
$3,000, 1939 and 1943; $4,000, 1944 to
1949; $5,000, 1950 to 1954;
1955 to 1958;
$6,000,
$7,000, 1959 to 1962, and $8,000, 1963 to
1966.
a
DANVILLE,
100.046
N. Y —BONDS TO BE OFFERED
SOON— Otto P.
Engelder, Village Clerk, informs us that
public offering will be made
of $355,000
soon
sewer system
bonds.
WINDHAM, JEWETT, LEXINGTON, ASHLAND
AND DURHAM
CENTRAL SCHOOL DISTRICT
NO. 1 (P. O.
Gorman said the deadline extension had been
discovered after
legal loophole to make realization of the new bridge possible had
a few weeks ago on
receipt of assurance from the Federal
Government that a $2,000,000 Public Works
Administration grant was
forthcoming.
Tne bond issue authorized for the bidge is $6,000,000.
WELLSVILLE,
RALEIGH. N.
Cleveland), Ohio—REVIVES BRIDGE
are reviving efforts for a
following disclosure by Assistant County
BOND PROPOSALS—The County Commissioners
Main Avenue Bridge in Cleveland,
Rate Bid
&
80
permanent loan.
NORTH
CAROLINA
BOONE, N. C.—BONDS
APPROVED—The Local Government Com¬
mission is said to have
approved recently the issuance of
$235,000 in re¬
funding and interest
funding bonds.
CATAWBA
$113,000 issue
p.
at
COUNTY
(P. O. Newton), N. C.—NOTE
SALE—The
of tax
anticipation notes offered for sale on June
23—V. 142,
4223—was purchased
by the Cabarrus Bank & Trust Co. of
Concord,
2yi%, plus a premium of $5,
according to report.
DURHAM,
N.
C.—BOND ISSUANCE
VALIDATED—The State Su¬
preme Court is said to have ruled
recently that the City Council is within
its legal
rights in issuing $25,000 in
park and playground development bonds
recently upheld by a lower court
ruling.
This decision is said to settle the
question as
to whether
parks are a
issue must be
submitted to
a
necessity,
on
the ground that such
a
referendum for authorization.
bond
■
HENDERSON,
N. C.—NOTE SALE-—The
$42,000 issue of revenue
anticipation notes offered for sale on
June 23—-V. 142,
p. 4223—was purpurchased by the
Security National Bank of Raleigh, at
2%, plus a pre¬
mium of $50,000.
DatedJune25,1936. DuefromOct. 10,1936 to April 151937.
LONGVIEW,
N. C.—BONDS VOTED— It is
reported that the
$45,000 in water works bonds by
approved recently the
issuance of
margin.
voters
a
large
MECKLENBURG COUNTY (P. O.
Charlotte), N. C.—BOND
TION NOT
ELEC¬
SCHEDULED—We are informed by G. D.
Bradshaw, County
that nothing definite has been
done in the matter of
calling
election to
vote.on the proposed issuance of
$1,178,000, in school building
and repair bonds
."which were reported to have been under
consideration.
that
Accountant,
an
He, says
he understands the
matter will be brought before
Commissioners at a meeting to be held on June
the
County
29.
MORGANTON,
Morganton
N.
C.—NOTE SALE—The
is reported to have
purchased
First
National
$13,000 notes
at
Bank
of
3%.
ROBERSONVILLE, N. C.—BOND OFFERING CONTEMPLATED—
It is stated
by A. S. Roberson, Assistant Town Clerk, that it is
expected
$50,000 street and sewer bonds will be
offered for sale between now and
July 10, although no definite date of sale has
been fixed.
SHELBY, N. C.—BOND
said to be planning to issue
ISSUANCE
CONTEMPLATED—The city is
$52,000 in street repair bonds.
POMEROY, Ohio—BOND SALE—The $23,100 coupon general refund¬
ing bonds offered on June 22—V. 142, p. 3901—were awarded to Fox,
Einhorn & Co. of Cincinnati as 4s at a premium of
$40.40, equal to 100.174,
a basis of about
3.98%.
Nida, Schwartz & Seufferle, Inc., of Columbus,
were second high, bidding a $34.50
premium for 43^s.
Dated April 1,
1936.
Due $1,100 April 1, 1944, and $2,000 each six months from
Oct. 1,
1944, to Oct. 1, 1949.
SUMMIT COUNTY (P. O. Akron), Ohio—BOND SALE—The
$166,000 poor relief bonds offered on June 19—V. 142,
p. 3901—were awarded
Otis & Co. of Cleveland as 2s. at a premium of
$1,100.80, equal to
100.663, a basis of about 1.84%.
Dated June 1, 1936.
Due March 1 as
follows: $17,000, 1937; $18,000, 1938;
$19,000, 1939; $20,000, 1940; $21,000,
to
1941; $22,000,
1942; $24,000,
1943; and $25,000 in 1944.
TOLEDO, Ohio—BOND EXCHANGE—The city recently completed
the
exchange of $125,000 4% garbage disposal plant refunding bonds with
holders of bonds of the original issue. The bonds were the last of the series
totaling $425,000 which were exchanged during the first half of 1935. They
are dated June 1, 1936.
Denom. $1,000. Due June 1 as follows: $8,000 in
1938 and $9,000 from 1939 to 1951 incl.
Principal and interest (J. & D.)
payable at the Chemical Bank & Trust Co., New York City.
TOLEDO,
Ohio—NEW REFUNDING
LEGISLATION
PASSED—
Legislation autnorizing the refunding of $1,239,000 of city bonds which
contain a call provision and on waicn the
city may obtain a lower interest
rate was passed by council on June 22.
Martin S. Dodd, cityjaw director, explained that the
legislation is in the
form of a resolution notifying the bondholders of the
city's intention to
refund the bonds.
Adoption of tne resolution marks completion of the refunding of more than
$1,030,000 of bonds on waicn tne city pays interest rates
ranging from
4^2% to 6%.
At a recent sale the city ootained interest rates of 4% and
an
even
lower rate is predicted on the bonds.
WELLSTON, Ohio—BOND SALE—The $35,000 4H% coupon street
improvement bonds offered on June 13—V. 142, p. 3901—were awarded to
Siler, Carpenter & Roose of Toledo at a premium of $350, equal to 101.
a basis of about
4.34%.
Dated April 1,1936.
Due $3,500 yearly on April 1
from 1939 to 1948, inclusive.
OKLAHOMA
„
ADDINGTON SCHOOL DISTRICT
(P.
O.
Addington),
Okla.—
BONDS SOLD—The $10,000 school building bonds offered for sale on June
23—V. 142, p. 4224—were purchased as 3s,
according to the District Clerk.
Due $1,000 from 1939 to 1948, inclusive.
Volume
4383
Financial Chronicle
142
DISTRICT (P. O. Arnett), Okla.—BOND SALE
offered for sale on June 23—V. 142,
p. 4224—were awarded to the First National Bank & Trust Co. of Okla¬
homa City, according to the District Clerk.
Due $1,000 from 1941 to
Collections
Tax
Balance
ARNETT SCHOOL
—The $8,000
issue of school bonds
'$376,833.41
Payable 1932
1948, inclusive.
SCHOOL DISTRICT NO. 72 (P. O. Watonga),
Okla.—BOND SALE—The $7,500 issue of school building bonds offered
for sale on June 22—V. 142, p. 4224—was purchased by ft. J. Edwards,
Inc., of Oklahoma City, as follows: $6,000 as 4s, maturing $1,000 from 1939
to 1944, and $1,500 as 2s, maturing $1,000 in 1945, and $500 in 1946.
It. J. Edwards, Inc., paid a premium of $2.05,a price equivalent of
100.033, in securing bonds.
Bonds are coupon in form, in denomination
of $500 each.
Interest will be payable semi-annually on Jan. 1 and July 1.
BLAINE COUNTY
SALE—The two issues of coupon
DAVIS, Okla.—BOND
bonds aggre¬
pur¬
bonds are
extension
purchased
gating $8,000, offered for sale on June 11—V. 142, p. 3901—were
chased by the First National Bank of Davis, as 4s, at par.
The
divided as follows: $5,300 town hall bonds and $2,700 water works
bonds.
It is stated by the Town Clerk that these bonds were
really for investment of the city's sinking fund..
DISTRICT (P. O. Healdton),
204,427.00
1936
329,422.91
'
352,287.04
1935 tax roll
Payable 1936------
67,831.94
57,163.97
196,716.05
155,570.99
1936
$1,743,808.10
Totals.
collections are
47,196.32
76,735.05
$1,357,548.46
$386,259.64
all as of June 15, 1936.
PHILADELPHIA BONDS
CITY OF
Various rates and
maturities
2.75% to 3.20%
To net from
hall
"
6s
YARNALL & CO.
in
1528
COUNTY UNION GRADED SCHOOL DISTRICT
No. 2 (P. O. Fitzhugh), Okla.—BOND OFFERING—George D. Woos,
District Clerk, will receive bids until 2 p. m. June 29 for the purchase at
not less than par of $17,000 school building bonds, which are to bear interest
at rate named in the successful bid.
Due $5,000 five years from date;
$5,000 six years from date, and $7,000 seven years from date.
Certified
check for 2% of amount of bid, required.
Street
Walnut
Philadelphia
PONTOTOC
Okla.—BOND SALE—The $80,000 issue
51,652.77
1935
1934 tax roll
Payable 1935
Co. of Oklahoma City.
STILLWATER,
208,043.59
1935
336,431.41
Payable 1934
Okla.—BONDS
Attorney
Piersol Bond
LEEDEY, Okla.—DETAILS OF BOND SALE—The $15,000 town
columns as having been sold to local investors as
par were taken by H. B. Ayres of Weatherford.
Bonds are coupon
form, in the denom. of $1,000 each.
Due from 1937 to 1952.
15,039.87
15,248.50
1934
1933 tax roll
SOLD—The $25,620 school bonds that were approved by the
General in May are said to have been purchased by the J. E.
bonds reported in these
46,945.24
1936
The above figures on tax
at
1934
348,833.33
$49,593.31
224,403.40
1935
GUTHRIE, Okla.—BOND ELECTION—It is stated by the, City Clerk
that an election will be held on June 30 in order to vote on the proposed
issuance of $38,500 in community center bonds.
HEALDTON SCHOOL
1933
1932 tax roll
Payable 1933
Uncollected
Amount Collected
1932
$256,555.28
1933
30,552.89
1934
18,947.21
1935
7,914.29
1936
13,270.43
Year—
Amount Levied
1931 tax roll--,...
Teletype—Phila. 22
A. T. & T.
Commonwealth of
of electric
142, p.
report.
light plant improvement bonds offered for sale on June 23—V.
4224—was purchased by the Stillwater National Bank, according to
Due $26,000 in 1940 and 1941, and $28,000 in 1942.
PENNSYLVANIA
SCHOOL DISTRICT (P. O. Woodward), Okla.—
$26,000 issue of school building bonds offered for
142, p. 4224—was awarded to C. Edgar Honnold, of
Oklahoma City, paying a premium of $3, equal to 100.01, a basis of about
3.38%, on the bonds divided as follows:
$19,000 as 4s, maturing $2,000,
1939 to 1947, and $1,000 in 1948; the remaining $7,000 as 2Ks, maturing
$1,000 in 1948, and $2,000, 1949 to 1951.
WOODWARD
Moncure Biddle & Co.
BOND SALE—The
sale
on
June 22—V.
St., Philadelphia
1520 Locust
PENNSYLVANIA
BELLEFONTE SCHOOL DISTRICT, Pa.—HIGH
Rollins & Sons of Philadelphia and Singer, Deane &
E. H.
Scribner, Inc. of
101.395 for 2%s, were high bidders for the
$136,000 coupon, registerable as to principal only, funding bonds offered on
June 29.
Lack of a quorum at the opening of bids by the Board of Directors
caused the postponement of the award until Monday night.
Brown
Harriman & Co. of Philadelphia were second high in the bidding, offering
101.14 for 2Ms.
The bonds are dated Aug. 15, 1936 and due Aug. 15 as
follows:
$1,000 in 1939 and $5,000 from 1940 to 1966, inclusive.
Pittsburgh, jointly, bidding
Oregon Municipals
CAMP & CO., INC.
Porter
Building,
BLAIN SCHOOL
DISTRICT, Pa.—MATURITY—The
3% bonds sold recently to
Portland, Oregon
CONFLUENCE
DISTRICT NO. 12 (P. O. Marshfield),
Ore.—BOND OFFERING—Sealed bids Avill be received until 8 p. m. on
July 3, by Adam Donaldson Jr., District Clerk, for the purchase of a $2,000
issue of 5% refunding bonds.
Denom. $200.
Dated July 1, 1936. Due
$200 from July 1 1937 to 1946 incl.
Prin. and int. (J. & J.) 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 5% of the amount bid is required.
COOS COUNTY SCHOOL
$20,000 3% coupon refunding bonds offered on June 24—Y. 142, p.
were awarded to the First National Bank of Confluence at a premium
of
Bank & Trust
$98 premium.
Due July 1,1956; callable on or after July 1, 1937.
SCHOOL DISTRICT, Pa.—BONDS AUTHORIZED
on June 16 passed an ordinance authorizing the issu¬
$100, equal to 100.50, a basis of about 2.97%.
The Capital
Co. of Harrisburg was second in the bidding, offering a
Dated July 1,1936.
DICKSON CITY
—The School
Board
of $50,000 funding bonds.
ance
ECKLAND
SCHOOL DISTRICT,
Smith, Secretary of the Board
Ore.—BOND OFFERING— Sealed bids will be
until 7:30 p. in. on June 27 by F. G. Leslie, City Recorder, for the
of two issues of 4% bonds aggregating $74,500, divided as follows:
COQUILLE,
received
purchase
$50,000 refunding water bonds.
Denom. $1,000. Due on July 1 as fol¬
lows: $4,000, 1937 to 1940; $5,000, 1941 and 1942, and $6,000,
1943 to 1946.
A certified check for $1,000 must accompany the bid.
Due on July 1 as follows:
1946. A certified check for
Gold Beach), Ore—BOND SALE—The
June 19—V. 142, p. 4224—were awarded
Portland, at 100.70. The successful bid
stipulated that $23,000 bonds should bear 3% interest and $30,000 2%%.
CURRY
COUNTY
(P.
O.
$53,000 refunding bonds offered on
to Atkinson-Jones & Co., Inc., of
Dated July 1,
1936.
LEBANON, Ore.—BOND SALE—The $8,000 issue of 3)^ % semi-annual
fire equipment bonds offered for sale on June 16—V. 142, p. 4065—was
awarded to the First National Bank of Lebanon for a premium of $245.75,
equal to 103.07, a basis of about 2.80%.
Dated July 1, 1936. Due $4,000
on July 1, 1940 and 1941.
PORTLAND, Ore.—REPORT ON SECURITY OF SEWAGE DISPOSAL
PLANT BONDS—The City Attorney is said to have been advised by
Storey, Thorndike, Palmer & Dodge of Boston that the $6,000,000 sweage
disposal plant bonds upheld recently by the State Supreme Court, as noted
here, are payable solely from revenue and are not general obligations.
It was also reported by the said attorneys that the City Council must soon
determine the rate of interest at which the bonds will be sold. The original
rate was 6%, but it is said that the rate may now be fixed at 4%.
SALEM,
Ore.—BOND OFFERING—Sealed bids
8 p. m. pn July 6, by A. Warren Jones, City
an issue of $1,000,000
water bonds.
Each
will be received until
Recorder, for the purchase of.
bid should name one rate of
interest at which the bidder is willing to accept the bonds at par.
Denomina¬
tions $1,000 and $750. Dated July 1, 1936.
Due on July 1 as follows:
$5,000, 1946; $6,000, 1947; $7,000, 1948; $8,000, 1949; $9,000, 1950;
$10,000, 1951; $11,000, 1952; $12,000, 1953; $13,000, 1954; $14,000, 1955;
$15,000. 1956; $16,000, 1957; $17,000, 1958; $19,000, 1959 to 1961; $20,000.
1962 and 1963; $2i,0u0, 1964 and 1965; $65,000, 1966 to 1972, and $65,750,
1973 to 1976.
x'rior legal approving opinion of Teal, Winfree, McCulloch,
Snuier & Kelley of Portland w, 11 be furnished.
A certified check for 2%
of tne par value of the bonds, payable to the city, must accompany the bid.
Official Financial Statement
Property Valuation
$15,408,694.00
1936__
Assessed valuation of all taxable property,
Assessed valuation is approximately 50%
of real value
Actual valuation of all taxable property-.
—
30,663,301.00
Last Year
Current Year
.0208
.0098
.0229
.00997
.0153
.0054
.0513
Tax Rate—
.0162
.00543
.0545
City
County
School district
State
Total levy in city..
Debt Statement
bonds
Improvement bonds (refunding)
General obligation
$843,000.00
727,869.97
1,100,000.00
_
Salem water bonds
Total bonds as of June
2,670,869.97
15, 1936
Improvement bond sinking fund
Warrants outstanding
Principal and interest on improvement
bonds have been met without the necessity
Pa.—BOND SALE—The
DISTRICT,
SCHOOL
3902—
OREGON
24,500 retunding bonds.
Denom. $500.
$2,000, 1937, and $2,500, 1938 to
$500 must accompany the bid.
issue of $12,000
the Bank of Blain, as reported in these columns
fifteen bonds of $800 each, one of
of the years from 1937 to 1951.
—V. 142, p. 3902—will be composed of
which will be payable on April 1 in each
%
102,419.45
11,221.90
bonds and interest on water
of a tax levy.
Pa.—NOTE OFFERING—Mae A.
of Directors, will receive
sealed bids until
$12,000 4% school notes. Dated
1 as follows: $2,000, 1939 to 1941
incl.; $4,000 in 1942 and $2,000 in 1943.
The notes will be sold either
separately or as an entire issue, according to the method that will yield the
highest aggregate price to the district. The issue, together with obligations
7:30 p. m. on July 1 for the purchase of
Jan. 1, 1936.
Denom. $1,000. Due July
of 7%
of the
Internal
currently outstanding, will be within the constitutional debt limit
of the last assessed valuation of taxable property.
Issuance and sale
notes has been approved by the Pennsylvania Department of
Affairs. A certified check for $100 must accompany each proposal.
ERIE
coupon or
SCHOOL
DISTRICT,
Pa .—BOND SALE—The
$200,000
registered refunding bonds offered on June 25—V. 142, p. 3902
234s, at a priceof 101.265, a
and due July 15 as follows;
$25,000, 1944 to 1946, incl.; $30,000, 1947;
in 1949. Other bids were as follows:
awarded to Otis & Co. of Cleveland as
basis of about 2.10%.
Dated July 15, 1936
were
$5,000, 1939 to 1942, incl.;
$40,000 in 1948 and $35,000
Bidder—
Int. Rate
.
Glover
&
Inc
MacGregor,
Rate Bid
2XA%
2Vi%
First Boston Corp
Singer, Deane & Scribner, Inc..
E. H. Rollins & Sons and Yarnall &
Brown Harriman & Co
------
101.045
100.81
2H%
100.672
2>|%
100.389
100.188
101.07
3%
100.182
FALLS CREEK, Pa —BOND SALE—The $9,500 4% reservoir and
$7,000 33^% refunding bonds offered on June 22—V. 142, p. 4066—were
awarded to S. K. Cunningham & Co. of Pittsburgh at par plus a premium
of $200, equal to 101.212.
Leach Bros., Inc., of Philadelphia, bid 100.35.
Halsey, Stuart & Co.,
Lehman Bros
Co
23^ %
2%
Inc
-—
Bonds are described as follows:
$9,500 4% reservoir bonds. Dated Dec. 1, 1935. Interest payable
and Dec. 1.
Due annually beginning Dec. 1, 1936.
7,000 33^%
refunding bonds.
Jan. 31 and July
Denom.
31.
Dated Jan. 31, 1936.
Due Jan. 31, 1939.
June 1
Interest payable
$500.
FARRELL
SCHOOL
school bonds awarded on
DISTRICT,
Pa.—MATURITY—'The $35,000
Rollins & Sons of Philadelphia
as follows:
June 15 to E. H.
2%s, at a price of 100.32—V. 142, p. 4224—mature June 1
$10,000 in 1940 and 1945 and $15,000 in 1955. Basis cost about
as
2.22%.
TOWNSHIP SCHOOL DISTRICT (P. O. Sewickley
1), Pa.—BOND OFFERING—\V. J. Roset District Secretary,
will receive bids until 10 a. m. (Eastern Standard Time) July 13 at the
office of Crowell & Whitehead, in Greensburg, for the purchase of $8,000
school bonds, which will bear interest at 3%, 3% or 4%.
Denom. $1,000.
Dated Aug. 1, 1936.
Interest payable Feb. 1 and Aug. 1.
Due $1,000
on Feb. 1 from 1938 to 1945; optional on and after Feb: 1, 1938.
Certified
check for $500, payable to P. R. Foight, District Treasurer, required.
FRANKLIN
R.
D. No.
JEFFERSON TOWNSHIP (P. O.
Newell), Pa .—BOND SALE—The
June 1
Pitts¬
serially
premium
$35,000 4% coupon funding and road improvement bonds offered on
142, p. 3724—were awarded to Glover & MacGregor, Inc. of
burgh at par plus a premium of $1,312.50, equal to 103.75.
Due
in 10 years.
Singer, Deane & Scriber, Inc. of Pittsburgh offered a
of $1,152.
—Y.
TOWNSHIP SCHOOL DISTRICT (P. O. Wilcox). Pa.—
E. Simons, District Secretary, will receive bids
purchase of $8,000 4% school bonds.
Interest payable
April and Oct.
Due $1,000 yearly from 1956 to 1963.
Certified chock
for 10%, required.
Bids will be received until noon.
Issue will be dated April 1, 1936, and
will be callable at par at any time after 10 years from date of issue in their
JONES
BOND OFFERING—H.
until Ju'ly 6 for the
numerical order.
4384
Financial
Chronicle
LAWRENCE TOWNSHIP SCHOOL DISTRICT (P. O.
Clearfield),
Pa.—BOND SALE—The $35,000 3)4% coupon bonds offered on June
22—
V. 142, p. 4066—were awarded to E. H. Rollins & Sons
of Philadelphia,
the only bidder, at a price of 102.60, a basis of about
3.22%.
The bonds
are as
follows:
i
"The Supreme Court, speaking through Mr. Justice
Sadler, states that,
'The legality of this enactment has been the subject of discussion, but'is
now recognized as valid and
controlling.' In discussing 'outstanding solvent
debts,' which the Act of 1874 provides may be used as a deduction, Justice
'
$22,000 refunding bonds.
Due $2,000 on June 1 from 1937 to 1947, incl.
13,000 improvement bonds.
Due June 1, 1956.
Callable on and after June 1, 1946.
MEDIA, Pa.—BOND SALE—The $25,000
Sadler
101.339,
a basis of about 1.69%.
Dated Aug. 1, 1936.
Due Aug. 1 as
$7,000 in 1939: and $6,000 in 1940, 1941 and 1942.
Other bidders
"He
that
were:
Int. Rate
W. H. Newbold's Son & Co., Philadelphia
Halsey, Stuart & Co., Philadelphia—
Singer, Deane & Scribner, Pittsburgh
Suplee, Yeatman & Co., Philadelphia
Dougherty, Corkran& Co.^Philadelphia
Price Bid
2%
2%
2%
2%
2%%
„
MORGAN TOWNSHIP
SCHOOL DISTRICT
(P. O. Jefferson),
Pa.—BOND OFFERING—Grande Inghram, District
Clerk, will receive
sealed bids at the First National Bank of Jefferson until 2
p. m. on July 11
for the purchase of $55,000 2, 2M, 2)4, 2%, 3,
3)i,
3)4, 3%
registered school improvement bonds.
Dated July 1,
$1,000.
Due $5,000 on Jan. 1 from 1937 to 1947, incl.
(J. & J.) payable at the First National Bank of Jefferson.
rate
one
of interest
the issue.
on
A
certified check for
or
4%
Prin.
Denom.
and
Bidder to
1%
must
int.
name
Mayor said.
to
1941, 1946,
Legal opinion of Townsend, Elliott & Munson
Eldredge & Co., George B. Gibbons & Co., Inc., R. L. Day & Co., First
Bank of Pittsburgh, Lawrence Stern & Co.. E. Lowber Stokes
Co., Schaumburg, Rebhann & Lynch and Foster & Co., Inc.
Blyth & Co., Inc. of New York managed a syndicate which bid 105.70
for the entire issue and 104 for all or
any part of the loan.
Participating
in the offers were E. H. Rollins & Sons,
Inc., Dick & Merle-Smith, L. F.
Rothschild & Co., Roosevelt & Weigold, Inc.,
Paine, Webber & Co.,
Newton, Abbe & Co., Maclcey, Dunn & Co. and Starkweather & Co.
&
construction,
'
An all
Approved
addition to county court house
June
8
8
125.000
June
8
15,000
June
8
9,000
June
9
Berks County—Construct
50,000
June
bonds.
The Provident Mutual Life Insurance Co. offered 102.22 for a
block of $1,000,000: the Northwestern National Bank of
Philadelphia oid
for $35,000 worth and Margaret D. Tete, Trustee, offered par for
9
60,000
June 10
500,000
19,000
(The
June
11
60,000
June
11
150,000
June 12
floating indebtedness
20,000
following record of the issues
recently approved by the Department of Internal Affairs, Bureau of
Municipal Affairs, shows the name of the municipality, amount and
purpose
of issue and the date of approval:
Date
Municipality and Purpose—
Clarion Township School District, Clarion
County—
Erect a school building jointly with the school dis¬
trict of Limestone Township
Frankstown Township, Blair
County—Floating in¬
debtedness
funded,
$2,500:
constructing roads,
building and maintaining flood damage, making
.
—Erecting
a
Funding floating indebtedness, $50,000; refunding
bonded indebtedness, $125,000Haverford Township, Delaware County—Construct,
repair and improve streets, bridges, buildings and
sewers; acquire property necessary; acquire
property
for making and maintaining parks and
parkways,
&c.; acquire property for and constructing incinera¬
tion plant; purchase material and tools; construct
•
thereon
$5,500
6,000
Lehigh
School
Northampton and
Counties—Refunding bonded indebtedness
County
—Payment of operating expenses
Johnstown, City of, Cambria County—Refunding
bonded indebtedness..
June 15
8,000
indebtedness.
New Castle City School District, Lawrence
County—
Refund ing bonded indebtedness.
East McKeesport Borough, Allegheny
16
175,000
Borrowing Power of
sent
ever,
a
June
16
101,000
June 18
40,000
18
159,000
June 18
45,000
June
P.
L.
issue of $80,000 coupon
4066—was awarded to Bryan,
the next
highest being an offer by Halsey,
2^s.
Stuart <fc Co.,
Int. Rale
and Geo. C. Snyder Co
Rate Bid
Suplee, Yeatman
100.31
102.529
%%
H%
m
& Co.
3%
3%
100.30
101.83
101.086
101.059
100.8199
102.735
102.32
SCOTTDALE,
Pa.—BONDS AUTHORIZED—'The Borough Council
on June
9 passed an ordinance
providing authority for the issuance of
$100,000 refunding bonds.
HILL, Pa.—BOND OFFERING—John A. Pfister, Borough
until 7 p. m., July 6 for the purchase of $25,000
bonds, to bear interest at 2^%, 2%%, 3%, 3K%, 3)4%, 3%%
or 4%.
Denom. $1,000.
Interest payable semi-annually on Jan. 1 and
July 1.
Due $5,000 in each of the years
1941, 1946, 1951, 1956, and 1961.
Certified check for 2%, required.
Secretary, will receive bids
60,000
86.000
June 19
30,000
SOUTH
33,000
bonds offered
WHITEHALL
TOWNSHIP
Allentown, R. D. No. 3), Pa.—BOND
Municipality
Halpin
109, the Supreme Court has given a clear
In that discussion the Court refers to the Act
65, Section 5, which provides:
ascertained
gross amount thereof the moneys
100.539
2)4%
2)4 %
2)4 %
2
June 19
19
Inc.
SHARON
'The word indebtedness used in this Act shall be
deemed, held and takne
to include all and all manner of
debt, as well floating as funded, of the said
municipality; and the net amount of such indebtedness shall be
p.
coupon
*•
by deducting, from the
142,
of New York to
pay 101.148 for
Other bids were as follows:
18
Rochester Borough, 281 Pa.
1874,
SALE— The
June 22—V.
250.000
June 18
knowledge that Article 9, Section 8, of the Constitution
borrowing capacity of a municipality to 2% without the con¬
of the electors and to 7% with the consent
of the electors.
How¬
in arriving at what credits are allowed there has been
considerable
.
Pa.—BOND
on
2 H%
controversy, so that it has not always been the easiest
matter to decide
what is the net non-electoral and net electoral
indebtedness.
In
vs.
bonds offered
Pennington & Colket of New York City as 2)4&, at par plus a premium
of $1,300.80, equal to
101.62, a basis of about 2.37%.
Dated July 1,
1936 and due July 1 as follows:
$5,000, 1941; $10,000, 1946; $15,000 in
1951, 1956 and 1961 and $20,000 in 1966.
Twelve bids were submitted for
2
common
discussion of this subject
ROCKWOOD SCHOOL DISTRICT, Pa .—BOND SALE POSTPONED
place on July 15—
100,000
the
of April 20,
(P. O. Folsom), Pa.—BONDS AUTHORIZED
an issue of $42,000 bonds
offering of $20,000 bonds scheduled to take
V. 142, p. 4225—has been
postponed to July 22.
Mackey, Dunn & Co.
PENNSYLVANIA, State of —REPORT ON EXTENT OF MUNICI¬
PAL BORROWING POWERS—The
following article is taken from the May
issue of the monthly bulletin put out
by the Department of Internal Affairs,
Commonwealth of Pennsylvania:
"It is
RIDLEY TOWNSHIP
—The Township Commissioners have authorized
which will be taken up by the
Sinking Fund.
Bidder—
County—Fund¬
ing floating indebtedness—
limits
of suit brought by the Commission.
The Commission has agreed
in annual instalments.
The city has made one instalment of
$1,000,000, leaving $6,667,000 still
owed.
The city petition stated that it would
apy $1,000,000 into the fund
following the sale of $5,000,000 of bonds, bids for which will be opened
June 24.
June
___
by the successful banking group appears as an
IV.)
to the proposal to pay
the loan,
June
June
Johnstown, City of, Cambria County—Paying cost of
general construction and repair work
Warren Borough,
Warren County—Constructing a
borough building
Lansford Borough,Carbon
County—Refunding bonded
page
ROYERSFORD,
District,
Fountain Hill Borough School District,
Lehigh
on
PHILADELPHIA, Pa .—WOULD PAY PAST-DUE SINKING FUND
REQUIREMENTS IN INSTALMENTS—The city has petitioned the
State Supreme Court for permission to
pay the $6,667,000 owed the City
Sinking Fund in instalments of $1,000,000 annually. The city was ordered
by the Common Pleas Court No. 4 to pay into the fund $7,667,000 as a
sewer
June 17
City
issue offering
—The
June 15
Pottsville, City of, Schulykill County—Purchase site;
construct, erect and equip a municipal
building
Bethlehem
Amount
County
school building, jointly
Coaldale Borough School District, Schuylkill
County—
sewers____
Approved
June 15
_
new
advertisement
result
.
Township, Fayette County—Funding
general repairs, $3,500
Limestone Township School District. Clarion
$25,000 bonds.
•
system
LOCAL BOND ISSUES APPROVED—The
Co., Manufacturers &
of Buffalo, Hemphill, Noyes &
Co., Singer, Deane &
Scribner, Inc., Morse Bros. & Co., Inc., Gregory & Co., C. C. Collings &
Co., Lobdell <fc Co., Wells-Dickey Co., Stern Bros. & Co. and Wheelock
& Cummins offered 105.02 for all or none and
102.78 for all or any part.
The Philadelphia Sinking Fund Commission offered to
pay 103 .75 for the
Traders Trust Co.
par
a
sewer disposal plant;
sewerage system and acquire
necessary rights-of-way and land
Springfield Township, Delaware County—Establish-
or
bold's Son & Co.
Lehman Bros, in account with Estabrook &
Co., Kean, Taylor & Co.,
Moncure Biddle & Co., Phelps, Fenn & Co.. R. W. Pressprich <fe Co.,
B. J. Van Ingen & Co., Inc., Bacon, Stevenson &
$130,000
June
^
June 11
firetruck-__
Mount Penn Borough,
none bid of 105.619 was made on behalf of a
syndicate composed
of Drexel & Co., Brown Harriman &
Co., Inc., UnionTrust Co. of Pitts¬
burgh, Edward B. Smith & Co., Graham, Parsons & Co., Kidder, Peabody
& Co., Yarnall & Co., E. W. Clark &
Co., Cassatt & Co. and W. H. New¬
Amount
indebtedness,
equipment and furnishing
Kingston Borough School District, Luzerne County—
Paying operating expenses
Morton Borough School District, Delaware
County—
Paying operating expenses.
Porter Township School District, Clarion
County—
Erect a school building
Hempfield Township School District, Westmoreland
County—Paying operating expenses
Mahanoy City Borough, Schuylkill County—Funding
floating indebtedness, $47,000: repairing streets,
retaining walls, abutments, sewers, creek walls,
borough buildings, WPA projects, $13,000-Beaver
County—Funding
floating
indebtedness,
$300,000: refunding bonded indebtedness, $200,000
Blawnox Borough,
Allegheny County—Improving
and adding to water distributing system;
purchase
Union
,
National
Date
.
a sewer
■
of New York and associates bid 105.10 for all or none and
104.50 for all or
part.
Others in the group were: the First Boston Corp., Lazard
Freres & Co., Inc., Mercantile-Commerce Bank & Trust Co. of St. Louis,
DISTRICT,
Municipality and Purpose—
County—Funding floating
Clinton
ing
■
re-offering of the bonds priced to yield 2.75%
any
SCHOOL
PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED— The
fol¬
lowing record of issues approved recently by the Department of Internal
Affairs, Bureau of Municipal Affairs, includes name of the
borrower, amount
and purpose of issue and date of approval:
North
refund
& Trust
Pa.—BOND NOT SOLD—The
$13,700 4% coupon bonds offered on June 10—V. 142, p. 3724—were not
sold.
Due Oct. 1, 1950: redeemable on and after Oct.
1, 1940.
Dated
Oct. 1, 1935.
$75,000:
or
optional date and 3.25% thereafter.
The Chase National Bank of New York in account with Chemical Bank
Co., Dougherty, Corkran & Co., Janney & Co., Kelley, Richard¬
son & Co., Inc., Union Trust Co. of
Indianapolis and Charles H. Newton
& Co. bid for all or none at a price of 105.711.
The First National Bank
MOUNT PENN, Pa.—BOND SALE—Graham, Parsons &
Co. of Phila¬
have purchased $60,000 sewage disposal plant and
right-of-way
as 2)|sata price of 100.64, a basis of about
2.70%.
Dated June 1,
1936.
Denom. $1,000.
Due June 1 as follows: $10,000 in
delphia
ORBISONIA
'...v.
The bankers made public
bonds
1951, 1956, 1961 and 1966.
be incurred to fund
Sinking Fund," the
accom¬
pany each proposal.
Validity of proceedings and legality of the bonds will
be approved by Saul, Ewing, Remick & Saul of
Philadelphia.
of Philadelphia.
may
New York offered $5,285,550 for all or none.
After the award Mayor Wilson made a statements to the bankers that
there will be another $15,000,000 bond
offering later on, "but not too soon,
I hope," he added.
"You will thus have an opportunity to get more of
the city's bonds—that is, if you bid more than the
coupon
1936.
also states, 'an indebtedness
is temporary.'"
which
Co., Shields & Co., Darby & Co., Eastman, Dillon & Co., the First of
Michigan Corp., Eli T. Watson & Co., all of New York; Stroud & Co.,
Butcher & Sherrerd, Bioren & Co. and Battles &
Co., all of Philadelphia,
and Glover & MacGregor of Pittsburgh, on a bid of
106.635, a basis of
about 3.00% vo maturity and about
2.92%, to optional date.
Dated
July 1, 1936.
Interest payable Jan. 1 and July 1.
Due July 1, 1986;
optional 1956.
A syndicate managed by Blyth & Co. of New York offered a
premium of
$285,000 for the issue.
Drexel & Co. of Pniladelphia and associates offered
a price of
105.619, knd a group headed by the Chase National Bank of
101.255
100.57
100.4768
101.00
or
.
issue of $5,000,000 3)4%
bonds offered on June 24—V. 142, p. 4066—was awarded to a
syndicate
headed by Halsey, Stuart & Co. of New York and
including the Bancamerica-Blair Corp., Stone & Webster and
Blodget, Goldman, Sachs &
101.05
100.1576
101.256
100.749
100.82
3%
3%
■
PHILADELPHIA, Pa.—BOND SALE— The
100.44
M. M. Freeman & Co., Philadelphia
Swarthmore Bank & Trust Co., Swarthmore
>
'Outstanding solvent debts, within the meaning of the Act of 1874,
a municipality may deduct from its
gross indebtedness in ascertaining
its borrowing capacity, are debts due to it
directly, payment of which it
can force as one of its quick assets for the
liquidation of any of its obli¬
gations.'
coupon
Name—
says:
"
which
street improvement
bonds offered on June 23—V. 142, p. 3902—were awarded
to George E.
Snyder & Co. of Philadelphia as 2s, at a premium of
$334.75, equal to
follows:
June 27, 1936
all outstanding solvent debts, and all revenues
applicable within one year
to the payment of the same.'
*
in the treasury,
on
&
SCHOOL
DISTRICT
(P.
O.
SALE—The issue of $24,000 coupon
June 19—V. 142, p. 4066—was awarded to E. H. Rollins
Sons of Philadelphia as 3s. at
par plus a premium of $26.40, equal to
100.11, a basis of about 2.98%.
Due as follows- $1,000, 1937; $3,000,
1938; $2,000, 1939; $3,000, 1940; $2,000, 1941; $3,000,
1942; $2,000in 1943
and 1944 and
$3,000 in 1945 and 1946.
The bonds maturing on and after
July 1, 1942 will be subject to call prior to
July 1, 1941.
A
SUMMIT TOWNSHIP SCHOOL
DISTRICT, Pa.—BOND OFFERING
District Secretary, announces that bids will be received
the offices of
Henninger & Ehrman, Butler, Pa. until 9 a. m. July 13
for the purchase of an
issue of $9,000 refunding bonds.
Bidders are to
name rate
of interest, in a
multiple of H%.
Denom. $1,000.
Dated
April 1, 1936.
Interest payable semi-annually.
Due $20,000 on Aug. I
in each of the years,
1952, 1953, 1954 and 1955; and $1,000, Aug. 1, 1956.
Certified check for $500, required.
—William Yost,
at
TOWANDA SCHOOL DISTRICT, Pa .—BOND
OFFERING—Mabeic".
Passmore, District Secretary, will receive bids until 6
p. m. July 13 for
of $67,000 coupon
bonds, bearing interest at 2)4%, 2%%.
3%, 3)4 %, or 3)4%.
Denom. $1,000.
Interest payable Jan. 1 and July 1.
Due as follows:
$2,000, 1937; $3,000, 1938 to 1948, and $4,000, 1949 to
1956.
Certified check for 2% required.
the purchase
Volume
Financial
142
Pa .—BONDS AUTHORIZED—'The Borough
W WARREN,
passed an ordinance authorizing the issuance of $60,000
Council has
borough building
construction bonds.
offered
Cementon),
SALE—The $60,000 2%% coupon operating expense bonds
June 22—V. 142, p. 4066—were awarded to E. H. Rollins & Sons
on
that the bonds
of Philadelphia at a price of 100.87, a basis of about 2.57%.
Dated June 15,
1936.
Due June 1 as follows:
$6,000, 1937 to 1940; $8,000, 1941; $6,000,
1942; $5,000, 1943; $7,000, 1944; $6,000, 1945; and $4,000,
1946.
sold^at 101.00, a basis of about 3.43%.
were
Due from
May 1, 1939 to 1976.
C.—BOND OFFERING DETAILS—In connection
for July 1 of the $15 000 4% semi-ann. sewer
142, p. 4225—it is stated
that bids will be received until 11 a. m. on that date. Dated July 1
1936.
Due as follows: $1,000, 1941 and 1942; $5 000 1943 and 1944 and $1,000
ROCK
WHITEHALL TOWNSHIP SCHOOL DISTRICT (P. O.
Pa.—BOND
4385
Chronicle
HILL,
S.
with the offering scheduled
bonds
reported in these columns recently—V.
from 1945 to 1947.
SOUTH
CAROLINA, State of—ROAD DEBT REDUCED CONSIDER¬
"State" of June 13 had the following to say in
ABLY—The Columbia
PUERTO
RICO
regard to the recent reduction in the State's road debt:
forth yesterday that the State Highway Depart¬
by more than $10,500,000 in
"An official report set
Government of—BOND OFFERING—Sealed bids
a. m. (Eastern Standard Time) on June 30, by
Ernest Gruening, Director, Division of Territories and Island Possessions,
Department of the Interior, at Room 7103, Department of Interior Build¬
ing, Washington, D. C., for the purchase of an issue of $1,000,000 coupon
insular and municipal road construction bonds, Series A-B, Loan of 1936.
Denom. $1,000.
Dated July 1, 1936. Due as follows:
$500,000, Series A,
on July 1,1937; $500,000, Series B , on July 1,1938.
Prin. and int. (J. & J.)
payable at the Treasury of the United States, Washington, D. C. Int. rate
is to be stated by the bidder, expressed in a multiple of 1-10th or M of 1 %,
which rate must apply to the entire issue.
Bids are to be for not less than
ment had decreased its bonded indebtedness
gar and accrued interest. the above named for 2% of the par value Unless
onds bid for, payable to A certified check Director, is required.
of the
tag fees.
PUERTO
RICO,
will be received until 11
otherwise stated it will be understood that each bid is for all or any
the bonds applied for.
Accepted subscriptions will
at a bank in New York City to be designated later.
RHODE
part of
be payable on July 2,
ISLAND
PROVIDENCE, R. I.—BOND OFFERING—Walter F. Fitzpatrick, City
Treasurer, announces that he will receive bids until 2 p.m. (Daylight
Saving Time), July 8 for the purchase of $2,000,000 coupon or registered
3% Public Works Administration school loan bonds, constituting part of a
$3,000,000 loan, of which $1,000,000 bonds maturing from 1936 to 1945
have been sold/to the Sinking Fund Commission of Providence.
Coupon
bonds will be issued in denomination of $1,000 each; registered bonds in
denominations of $1,000, $5,000, $10,000 and $20,000, as desired.
Dated
Jan. 1, 1935.
Principal and interest (Jan. 1 and July 1) payable at the
city's fiscal agency in New York, or at the City Treasurer's office; interest
on registered
bonds will be mailed by check, if desired.
Due $100,000
yearly on Jan. 1 from 1946 to 1965, incl.
Delivery to be made on or before
Aug. 1.
Certified check for 2% of amount of bonds bid for, payable to the
City Treasurer, required.
Purchaser is required to furnish legal opinion.
193245
the past four years.
"The report by W.
evidence in
a
L. Salisbury, Department Auditor, was introduced as
Supreme Court action challenging the right of the Highway
Commission to issue additional bonds.
"It said the road debt
237 by May 31,1936.
$2,970,000 in 1934.
and
that gasoline tax revenues increased from $5,256,000
in 1932 to $7,164,682 in 1935, although license revenue decreased from
$2,550,000 in 1933 to $1,504,515 in 1935 due to legislative reductions in
"The report showed
The
' \
department listed estimated revenue this year
gasoline taxes and $1,608,000 in tag
of $7,522,000 in
fees."
CAROLINA, State of—COURT RELEASES ADDITIONAL
HIGHMrAY FUNDS—To pay obligations of the State Highway Depart¬
ment for the period ending Sept. 30, 1936, the State Supreme Court on
June 19 released $3,034,644.03 to the State Highway Commission, accord¬
ing to Columbia, S. C., news reports.
The order is said to have been
signed by John G. Stabler, Chief Justice of the Court, and under it three
Columbia banks were ordered to release the funds to pay salaries, reimburse¬
SOUTH
ment
obligations and construction claims.
CALL
C.—BOND
S.
SPARTANBURG,
State Supreme Court is reported to have
the effect
ADJUDGED VALID—The
rendered a decision on June 10, to
city was entitled to call before
that the
maturity a block of
$230,000 4% water works bonds issued in 1908, due in 1948 and subject to
redemption on Sept. 1, 1928.
The case was instituted by one of the bond
holders who alleged that since the city had not taken advantage of the
20-year retirement clause in the bonds, the maturity date of the bonds was
necessarily carried forward to the final period of Sept. 1,1948. It was ruled
by the court that the bonds were callable after Sept. 1, 1928, upon 30 days'
notice to bondholders.
Assessors' Valuation, 1935—
80,623,000.00
128,974,500.00
-
BENNETT COUNTY HIGH SCHOOL DISTRICT (P. O. Martin),
S. Dak.—BONDS VOTED—At the election held on June 16—V. 142, p.
4067—the voters are said to have
$618,015,440.00
Total
Estimated Income, 1935-1936—
Tax of 1935 (rate $24.50 per M. on
sonal, and $4
From all other
per
M.
$14 709 379.48
14,709',379.48
30,1936—
Amount appropriated for fiscal year ending Sept.
Valuation of Property Owned by the City—
Real estate
$48,478,050.25
1,806,084.17
Personal property
$50,284,134.42
Total.
Water IFor&s, 1934-1935—
Receipts
managing
$1,646,953.72
$693,749.53
Cost of
Interest
on water
1,634,611.35
$12,342.37
Surplus.
Indebtedness, Sept. 30, 1935—
$60,142,500.00
4,984,371.12
-
Unfunded
Floating (notes issued in anticipation of taxes for unemploy¬
ment relief)
1,473.18
16,138,620.61
Sinking funds (see note below)..
$48,989,723.69
Net debt
$19,526,495.40
Total water debt included in above
6,211,463.82
Sinkingfunds for water debt included in above
Net water debt
—.
Note—Sinking funds approximately $3,500,000
over
$13,315,031.58
and above require
ments.
Per Cent
Assessment
—
Collection
$12,992,546
13.483,960
13,206.986
12,609,145
—
1933-
$12,892,330
13,379,197
13,090,908
Population,
252,981.
Federal
census:
1910,
.00878
.00776
.00878
.0118
.0192
.119
*11,001,466
12,497,401
1935.
Uncollected
12,460.057
12,314,823
12/555,945
-
1935 collection to Nov. 1,
Collection started Oct. 1, 1935.
224,326;
1920,
237,595,
and
1930,
$200,000
State of South Carolina Instl. 4s,
due July 1,
1944-59 @ 2.70-3.15% basis
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone
A. T. T. Tel. Rich. Va. 83
3-9137
1934
OFFERING—It
Dak.—BOND
1950.
by Max
is stated
•
Dak.—BOND OFFERING—At 2 p. m. on July 13
William Rae, City Treasurer, will receive bids for the purchase of ail or
JfiJany part of an issue of $35,000 4% auditorium-armory construction bonds.
Denom. $500.
Interest payable Jan. 1 and July 1.
Due $2,000 yearly on
July 1 from 1939 to 1955; and $1,000 July 1,1956.
MADISON,
SIOUX
S.
FALLS,
Dak.—BOND SALE—The $35,000 issue of 3%
S.
coupon refunding bonds offered for sale on June 22—V. 142,
4067—was awarded to the Northwestern National Bank & Trust Co. of
Minneapolis, for a premium of $700, equal to 102.00, a basis of about
2.62%. Dated Aug. 1, 1936.
Due $3,500 from Aug. 1, 193? to 1946, incl.
SISSETON
BONDS
SCHOOL
DISTRICT
(P.
O.
Sisseton), S. Dak.—
said to have approved
VOTED—At a recent election the voters are
the issuance of $52,000 in
school building bonds by a wide
margin.
Dak.—BOND SALE—The $5,500 4% semi-ann.
sidewalk bonds offered for sale on June 22—V. 142, p. 4067—were awarded
to the First Citizens National Bank of Watertown, paying a premium of
$61.20, equal to 101.11, a basis of abour 3.86%.
Dated July 1, 1936.
Due from July 1, 1938 to 1955.
WATERTOWN,
$65,128,344.30
Total debt
S.
KENNEBEC,
Brookens, Town Clerk, that he will receive bids until July 6, for the pur¬
chase of a $12,000 issue of refunding bonds.
Dated Aug. 1, 1936. Due
$500 on Dec. 1, 1938, and $500 on June and Dec. 1, from 1939 to June 1,
p.
150,000.00
Depreciation and extension fund
Year—
approved the issuance of the $35,000 in
It is reported that the bonds are to
5% high school bonds.
semi-ann.
790,861.82
debt
Bonded.
not to exceed
be offered for sale in about 30 days.
real and tangible per¬
intangible personal property)
$12,497,401.03
2,211,978.45
on
sources
DAKOTA
SOUTH
$408,417,940.00
Real
*
$52,740,-
Financial Statement
Tangible personal
Intangible personal
1930--
reduced from $63,280,000 in 1932 to
was
Nearly $3,500,000 in bonds were retired last year
S.
TENNESSEE
Tenn.—LOAN. AUTHORIZED—The City Com¬
missioners are said to have passed a resolution providing for a loan of
$125,000, to pay up to date all the past due interest on the city's bonds so
that it can approach a cash basis of operations.
JOHNSON
CITY,
TEXAS BONDS
Bought
—
Sold
—
Quoted
H. C. BURT & COMPANY
Incorporated
Houston, Texas
Sterling Building
TEXAS
BRAZORIA COUNTY ROAD DISTRICT NO. 3 (P. O. Angleton),
Texas—BONDS OFFERED
TO INVESTORS—Newman & Co. of San
Antonio, as members of a syndicate, are offering to investors $330,000 5%
bonds.
Denom. $1,000.
Dated Feb. 10, 1936. Principal and semi-annual
interest (April 10 and Oct. 10) payable at the Central Hanover Bank &
Trust Co., in New York.
Due $15,000 in even years and $20,000 in odd
years from 1938 to 1949, incl.: and $15,000 yearly from 1950 to 1957.
Financial Statement
Estimated actual value of taxable property...'
Assessed valuation 1935—....
— .—.—
$10,000,000.00
3,394,085.00
Total debt,
including this issue
Sinking funds
Southern Municipal Bonds
McALISTER, SMITH & PATE, Inc.
NEW YORK
•7 BROAD STREET
404,000.00
Net debt
379,842.21
GREENVILLE, S. C.
SOUTH
CHARLESTON, S. C.
CAROLINA
GREENVILLE, S. C.—BOND REDEMPTION NOTICE— It is an¬
by B. F. DOlard, City Clerk and Treasurer, that the city has
issued bonds to refund an outstanding issue of $1,000,000 in bonds, callable
nounced
Aug. 1, 1938, and it is stated that said bonds will be called not later than
He reports that the city is in a position to pay off said out¬
bonds is asked
said date.
standing issue on terms acceptable to it.
Any holder of said
to communicate with the above City Clerk and Treasurer.
GREENVILLE, S. C.—PRICE PAID—In connection with the sale of
the $1,000,000 3^% semi-annual water refunding bonds to a syndicate
headed by McAlister, Smith & Pate, of Greenville, as noted in these columns
in May—V. 142, p. 3392—it is stated by the City Clerk and Treasurer
Tax Data
Current Collections
Total Collections
to Delinquent Date
Incl. Delinquents
$5,390.30
82.54%
111.96%
8,471.79
85.80%
,95.13%
1935 taxes do not become delinquent until June 30, due to split tax pay¬
ments; however, the percentage of tax collections to March 1 amounts to
69.88%, and it is estimated that toal collections to delinquent date will
equal or exceed prior years.
Year—
Telephone WHitehall 4-8765
24,157.79
Population, estimated, 2,500.
The total debt of Brazoria County and subdivisions which overlap the
above shown debt of this road district amounts to approximately $53.866.56.
Neither Brazoria County nor any of its road districts has ever
defaulted in the payment of any of its obligations.
Levy
CHILDRESS, Tex.—BONDS VOTED—We are informed by the City
Clerk that at the election held on June 18—V. 142, p. 4067—the voters
approved the issuance of the $241,000 in not to exceed 5% refunding water
revenue bonds by a count of 104 to 3. Due serially over a period of 15 years.
No date of sale has been set as yet.
—
BONDS SOLD—The City
above bonds have been
Secretary is said to have reported that the
sold.
GALENA PARK, Tex.—BOND OFFERING—Sealed bids will be re¬
ceived until 7.30 p.m. on June 26, by L. A. Cloud, City Secretary, for the
purchase of a $60,000 issue of water works bonds.
Interest rate is not to
4386
Financial Chronicle
exceed 6%, payable J. & D.
Denom. $1,000.
Dated July 1, 1936.
Due
on
July 1 as follows: $1,000, 1940 and 1941; $2,000, 1942 to 1958, and
$3,000, 1959 to 1966, all incl.
Prin. and int. payable at the
Guaranty
Trust Co. in New York.
The bonds will be sold subject to the
approval
of the Attorney-General and
registration by the State Comptroller.
These
bonds were approved by the voters at an election
held on June 13.
No bid
will be accepted for less than
par and accrued interest to date of
delivery.
A certified check for $500 must
accompany the bid.
GOLIAD, Texas—BONDS
approved
V. 142, p.
SOLD—The $58,000 warrant
funding bonds
an election held in
January, as noted here—
by the voters at
1515—have been purchased by Newman & Co. of San Antonio.
KILGORE, Tex,—BOND SALE DETAILS—In connection
$200,000 paving bonds to the Kilgore National Bank,
sale of the
with
the
3s, at
par, as reported here recently—V. 142, p. 4067—it is stated
by the City
Secretary that the bonds are dated July 1, 1936, and mature $20,000 from
•1937 to 1946, subject to call after one year.
A. S. Huyck & Co. of Chicago.
Denom. $1,000.
Dated July 1, 1936.
Due $1,000 from June 1, 1942 to 1952 incl.
Prin. and int. (J. & D.)
payable at the office of the Village Treasurer.
Legal approval by Chapman
& Cutler, of Chicago.
These are the bonds approved by the voters at an
election held on April 7, 1936.
RACINE, Wis.—BOND SALE NOT SCHEDULED—In connection with
the $598,000 sewage disposal plant bonds approved on April 8
by the City
Council, as reported here at that time—V. 142, p. 2716—it is stated by
Frank J. Becker, City Clerk, that no action has been taken as
yet in regard
to the
VAN SCHOOL DISTRICT
(P. O. Van) Tex.—BOND SALE—We are
by Boy R. Douglas, District Secretary, that of the
$130,000
ING—-M. W. Monroe, County Clerk, will receive bids until 10 a. m.
July 3, for the purchase of $90,000 2M% county buildings and road and
bridge aid bonds.
Denom. $1,000.
Dated June 1, 1936.
Interest payable
June 1 and Dec. 1.
Due June 1, 1946.
Principal and interest payable at
the County Treasurer's office.
Certificated check for $1,000, payable to
the County Treasurer, required.
•
Financial Statement
.
Assessed valuation for taxation, 1936 (100% of
actual)
Total bonded debt, including this issue, $340,000
Net bonded debt-
informed
coupon scaool
bonds offered for sale on June 15—V.
142, p. 3725—a block
bonds was awarded to Aves & Wymer,
Inc., of
•
_
-
—
_
-
-
or
-
-
-
_$44,402,290
340,000
-
-
-
-
»
340,000
-
salaries):
Notes
$50,000
Population, U. S. Census 1930, 26,551.
WYOMING
CARBON COUNTY SCHOOL DISTRICT NO. 3 (P. O.
Rawlins),
Wyo.—BOND OFFERING—Day P. Espy,1 Clerk of the Board of Trustees,
will receive bids until 7:30 p. m.
July 16, for the purchase at not less than
par of $13,000 4% bonds.
Denom. $1,000.
Dated March 1, 1936.
Prin¬
cipal and semi-annual interest (March 1 and Sept. 1) payable at the office
of the Treasurer of Carbon County, in Rawlins.
Due March 1, 1946;
redeemable on Sept. 1 on and after Sept. 1, 1937.
Certified check for $150,
required.
''Vy / \
V; /.
We Are Specialists in
MAINE— -NEW HAMPSHIRE-VERMONT
•
-
Floating debt (warrants, notes, bank loans, bills
of $115,000
Houston, as
4s, paying a premium of $3 461.60 equal to 103.01. Callihan &
Jackson of
Dallas
offered $307.77 premium on
3% bonds, while R. A. W. Barrett
& Co., Inc., of Houston, bid
$1,102.20 premium on 3Ms. -
'
offering of these bonds.
WASHINGTON COUNTY (P. O. West Bend), Wis.—BOND OFFER¬
as
SWEETWATER SCHOOL DISTRICT (P. O. Sweetwater), Tex.—
BONDS SOLD—It is stated by the
Superintendent of Schools that $40,000
4% semi-annual school construction bonds approved by the voters at an
election last August, have been purchased at
par by the Public Works
Administration.
Due serially for 30 years.
June 27, 1936
NORTH FOND DU LAC, W*.—BONDS OFFERED TO PUBLIC—An
issue of $11,000 3M% refunding bonds is being offered to the
public'by
.
Municipal Issues
.
E. H. Rollins & Sons
WORLAND, Wyo.—BOND OFFERING—Noel Morgan, Town Clerk,
will receive bids until 8 p. m. July 7 for the purchase of
$35,000
bonds, which are to bear interest at no more
Incorporated
200
Devonshire St.,
Due in 30 years.
1936.
Boston, Mass.
than?4%.
refunding
Dated Sept. 1,
Certified check $500. required.
VERMONT
WATERBURY TOWN
Canadian Municipals
SCHOOL
DISTRICT, Vt.—BOND SALE—
The issue of $72,000 coupon
refunding bonds offered on June 19—V. 142,
p. 4068 -was awarded to Vermont Securities. Inc. of
Brattleboro as 2Ms,
at a price of 101.41, a basis of
aoout 2.59%.
Dated
July 1
as
follows:
1956 incl.
were as
to
1948 incl. and $3,000 from 1949 to
follows:
Bidder—
First Boston Corp.
Montpeiier National Bank
Arthur Perry <x Co_
Int. Rate
Inc..
100*583
2M%
2M%
2M%
2M %
100.57
100.539
100 408
100783
-
WEST, TORONTO
made
3
% coupon or reg¬
istered general public improvement bonds offered
on June 26 were
awarded
to
R. Roderick Shehyn of
Washington D. C. for a premium of $619.50,
equal to 101.77, a basis of about 3.37%.
The Citizens National Bank of
Petersburg was second high, offering a premium of $437.50.
July 1, 1936.
Due $1,000 yearly on July 1 from 1937 to
1971
Dated
with
the
sale
J.
M.
6438
an agreement that
benalf of the bondholders and
a
a
study of the situation would be
further conference would be held
tne Government and the committee.
Macdonnell of Toronto,
General Manager of the National
afternoon.
of the
Due from July 1,
Trust
Co. and leader of the committee, issued the
following statement:
"The debenture holders' committee completed their conferences
with the
Premier of Alberta and members of his Cabinet this
holders
$100,000 refunding bonds to the Investment
Corp. of Norfolk, as noted in
these columns recently—V.
142, p. 4226—it is stated that the bonds were
sold as 2 Ms, at a price of 100.34, a basis of
about 2.72%.
on
between
arranged taat
inclusive.
connection
ELGIN
CANADA
Cabinet ended with
VIRGINIA
PAID—In
ST.
ALBERTA (Province of)—STUDY OF FINANCES TO BE MADE
FOR
BONDHOLDERS—Recent conferences at Edmonton between a committee
of representatives of holders of Alberta debentures and the
Provincial
Par
PETERSBURG, Va.-—BOND SALE-^—'The $35,000
SUFFOLK, Va.—PRICE
KING
10104
3%
3%
Burlington Savings Bank
25
100.277
3%
j.
____
100.77
2M%
BRAWLEY, CATHERS & CO.
Rate Bid
2M%
James H. Causey & Co. and
Jenks, Gwynne & Co
Ballou, Adams & Whittemore, Inc
Rollins & Sons
Coffin & Burr, Inc
Ross&Co
Information and Markets
July 1, 1936 and due
$4,000 from 1937
Otner bids
an independent s;udy is to be made
immediately.
on
It
was-
benalf of debenture
"The committee urged on the Government
that, pending completion of
the study, but not later than Aug. 1, the Province should
contiue to pay
interest at the contract rate.
The Government was unable to grant tms
request.
"The debenture
committee
then
requested that the reduced interest
The Government found itself also
payments should be made on account.
unable to grant this request.
"As soon as the study is completed there will be a further
conference
between the Government and the committee."
The interest rates on the $160,000,000 Provincial debt were reduced
from an average of 4.89% to 2.5%.
NORTHWESTERN MUNICIPALS
Washington
—
Oregon
Idaho
-—
Montana
ALBERTA
SPOKANE
SEATTLE
Teletype—SPO 176
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
of
warnings
coupons not
WASHINGTON
CHELAN, Wash.—BOND OFFERING
POSTPONED—'Offering of the
to exceed 6% coupon park bonds which
was
scheduled for
$10,600 not
June
19—V.
142,
3904—was postponed to July 6.
T. J. East, Town
Treasurer, will receive bids for the bonds.
Interest payable semi-annuall
Due within 20 years; optional after five
years.
p.
bids will be received until
8 p. m. on July 10
by Mary Ellison, City Clerk, for the
purcnase of an
$18,000 issue of street construction bonds.
Interest rate is not to exceed
5% payable J. & J. Denom. $500. Due on July 1 as follows:
$500, 1938
to 1948, $1,500, 1949 to 1955, and
$2,000 in 1956. Tne city will reserve the
right to call and pay any or all of said bonds in the order of their
maturity
interest paying date after two
years.
None of said bonds snail
be
sold at less than par and accrued interest
nor shall any discount or com¬
mission be allowed or paid on the sale of
the bonds.
A certified check for
5% of the amount bid is required.
SEATTLE, Wash.—BONDS CALLED—H. L. Collier, City
Treasurer,
July 1 various local im¬
is said to have called for
payment from June 18 to
provement
district bonds.
Refunding Act as a result
sent out by the bondholders' protective committee urging
be cashed lest it should be taken as an expression of approval
of the Government's reduction in interest rates on all Provincial bonds.
"The Investment Dealers' Association has no intention of
legality of this order-in-council in
"Is there any
challenging the
although, of course, it cannot
Mr. Baker asserted in the state¬
the courts,
say what investors themselves may do,"
ment.
.
PASCO, Wash.'—BOND OFFERING—Sealed
at any
(Province of)—BONDHOLDERS ADVISED TO REFUSE
LOWER INTEREST PAYMENTS—Advice to bondholders to refrain
from
cashing their coupons on their Alberta debentures is being given by members
of the Investment Dealers' Association of
Canada, according to a statement
made by President R. D. Baker, at the annual
meeting at Jasper.
Mr. Baker issued a statement after it was
reported that the Provincial
Government was considering proclamation of the
Ferris & Hardgrove
logical
Alberta securities
now
reason why investors should clip their coupons on
and cash them at the reduced interest rate while the
question of the legality of reducing these rates is till open ?" Mr. Baker asked.
"In six months it may be decided that the Aberhart Government will
pay
full interest rates.
If you cash your coupons now and accept the low rates
you are surrendering all rights of future compensation.
If you keep your
coupons now falling due, you may find in the future that
you can collect the
rates
for
which the Government contracted."
CANADA
(Dominion of)—TREASURY BILL SALE—Tenders have
accepted for the full amount of $20,000,000 Dominion of Canada
Treasury bills due Sept. 15, it was announced recently on behalf of Finance
Minister C. A. Dunning.
The average discount price of the accepted bids
was $99.78912 and the
average yield was .838%.
been
OTTAWA,
Ont—BOND SALE—The $610,000
2%
coupon
direct
on June 25 were awarded to a
group composed of Wood,
Gundy & Co. of Toronto, Royal Bank of Canada of Montreal, Dominion
Bank of Toronto and Nesbitt, Thomson
jk Co. of Montreal at a price of
100.864, a basis of about 1.70%.
Payable, as near as possible, in equal
annual instalments of
principal and interest over a period of five years.
Interest payable J. & J.
relief bonds offered
SNOHOMISH COUNTY
(P. O. Everett), Wash.—BONDS
—The County Treasurer is said to
on June 13 various school
have called for
CALLED
payment at his office
district, indigent blind relief, drainage district
and cash school district warrants.-
WISCONSIN
ANTIGO, Wis.—BOND SALE—The $82,500 issue of registered vo¬
cational school addition and equipment bonds
offered for sale on June 10—
V. 142, p. 3904—was purchased by
Halsey, Stuart & Co. of Chicago, as
2Ms, paying a premium of $165.00, equal to 100.20, a basis of about
2.73%. Dated Dec. 1, 1935. Due from Dec. 1, 1941 to 1950 incl.
GLENBEULAH,
ceived until 8 p. m.
Village Clerk,
for
Wis.—BOND OFFERING—Sealed bids
(Central Standard Time), on July 1, by
the
purchase
of
will
be
re¬
Floyd Syron,
$3,500 issue of 4% bridge bonds.
Due $350 from July 1, 1937 to 1946,
Denom. $350.
Dated July 1, 1936.
Prin. and int. (J. & J.) payable at the office of the
Village Treasurer.
The bonds shall not be sold for less than
95% of the par value plus accrued
interest to date of delivery.
A certified check for 5% of the bonds bid
for,
payable to the Village, is required.
LA CROSSE COUNTY (P. O. La
Crosse), Wis.—BOND SALE—The
$184,000 2% highway bonds offered on June 25—V. 142,
p. 3904—were
awarded to the Harris Trust & Savings Bank of
Chicago at a premium of
$1,617, equal to 100.878, a basis of about 1.86%. Edward B. Smith & Co.
of New York bid a premium of $681 for the issue.
Dated
on
Aug. 1
as
Aug. 1, 1936.
follows: $80,000 in 1942 and 1943; and $24,000 in 1944.
ST. AGATHE DES MONTS,
Que.—BOND
OFFERING—G. Liboiron.
Secretary-Treasurer, will receive sealed bids up to 7 p. m., July 2, for the
purchase of $36,000, 25-year serial bonds, dated July 1,
1936, and payable
at St. Agathe des Monts and Montreal.
Alternative bids are asked for
4 anci
a
incl.
Due
PABOS SCHOOL CORPORATION, Que.—HELD IN DEFAULT—
Quebec Municipal Commission will file a petition June 25 with the
Superior Court at Perce, Gaspe, for the purpose of having declared in default
the Pabos School Corporation at St. Adelaide.
Gaspe.
The
4M % bonds.
WINDSOR, Ont .—COURT REFUSES TO DISMISS AMALGAMA¬
TION SUIT—Justice McFarland of the Ontario
Supreme Court refused in
Toronto recently to grant a motion of the City of Windsor
of
a
suit
asking dismissal
brought
declare invalid
a
by
1935
E.
F.
Act
Ladore
of the
and
Ontario
other
Walkerville
taxpayers
to
Legislature which ordered the
amalgamation of Windsor, Walkerville, Sandwich and East Windsor.
An adjournment of two weeks was
granted on the plea of counsel for the
plaintiffs that they wanted to study the
refinancing plan recently adopted
by the Windsor Finance Commission for refunding the
$40,000,000 debt
of the new
municipality, most of which is in default. B. J. S. MacDonald,
Windsor City solicitor, who asked dismissal of the
suit, said that it was
designed to embarrass the new city government.
^
Volume
142
Financial
has been
latest
enlarged to 128
Chronicle
pages so
xi
to show in addition to the
as
monthly, quarterly and semi-annual
returns of
earnings, all
of the items in detail that the Inter-State Commerce Commission
*
requires the railroads to file monthly in a supplementary
statement.
This statement shows, along with other
items, fixed
charges, other income, dividends, as well as many selected Balance
now
Sheet
items.
All
returns of Public
are
of the monthly,
quarterly and semi-annual
Utility, Industrial and Miscellaneous companies
still continued.
STEAM RAILROADS
PUBLIC UTILITIES
INDUSTRIAL and MISCELLANEOUS COMPANIES
Nothing Like It Eoer Published
The June
number, containing the statements for
and the twelve months of 1935,
April 1936
published June 26.
was
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Barclay 7-1680
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14 Wall Street
Roosevelt & Son
Founded 1797
BANK OF MONTREAL
Established
l8l7
Seasoned Investments
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Head Office
STOCKS & BONDS
Dick & Merle-Smith
Capital
$36,000,000
$39,935,033
-
Excess
in
Assets
Total
•
Profits
-
-
Rest and Undivided
Mmbsrt N*u> York Stock
of
$800,000,000
Exchangr
Bought and sold foi cash,
30 Pine St.
30 State St.
New York
Boston
Charles
Drummond,
R.
Inquiries Invited
Esq.
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
General Managers
W.
A.
Bog
on
Gordon, G.B.E.
Vice-Presidents
H.
carried
Inactive and unlisted security
President
Sir
or
conservative terms
Jackson Dodds
—
KENTUCKY
STATE
FINCH, WILSUfl & CO.
V'
5% WARRANTS
'
<
Investment Security
"A
Branches and
THE
Agencies
BANKERS BOND
ca
York Stock Exchange
Members New
Incorporated
In
Newfoundland—
More than 500 Branches.
and
Canada
In London:
LD. 238-9.
Investment Dept.
Threadneedle St., E.C. 2;
9 Waterloo Place, S.W. 1.
47
In the United
LOUISVILLE
Thomas Graham
120
NEW-YORK
BROADWAY
A.T.T. Tel.
LSVL 14
States—New York, 64 Wall St.;
Chicago: 27 South La Salle St.;
Francisco:
San
(San
Bank of Montreal
Francisco),
333
California
CHARTERED 1853
Street.
the canadian bank
United States Trust Company
46-47 WALL STREET
of commerce
HEAD
OFFICE
Capital
•
•
Surplus and
TORONTO
i
Capital
$30,000,000
Reserve
20,000,000
January 1. 1936
Company acts as Executor,
This
the
commercial
and
financial
life
THOMAS H. WILSON, Vice
ALTON S. KEELER,
interested
in
Canadian
business.
Branches
important
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San Francisco; Seattle; Los An¬
geles; London, -England; Havana;
Kingston, Jamaica; St. Pierre in
St. Pierre et Miquelon; Bridgetown,
Barbados,
and
Port
of
Spain,
every
Trinidad.
Comptroller
Comptroller
HENRY G. DIEFENBACH, Asst.
HENRY L. SMITHERS, Asst. Secretary
ELBERT B. KNOWLES, Asst. Secretary
ALBERT G. ATWELL, Asst.
ROBERT S. OSBORNE, Asst.
Secretary
HENRY E. SCHAPER, Asst. Secretary
HARRY M. MANSELL, Asst. Secretary
Vice President
President
IRVIN A. SPRAGUE, Asst. Secretary
HENRY B. HENZE, Asst. Vice
CARL O. SAYWARD, Asst.
Vice President
JAMES M. TRENARY, Asst. Secretary
GEORGE MERR1TT, Asst.
Vice President
ARTHUR H. ERB, Asst. Secretary
President
HOLLISTER, Asst. Comptroller
GEORGE F. LEE, Asst. Vice
STUART L.
THOMAS J. MADDEN, Asst. Secretary
H. IRVING
PRATT, JR., Asst. Secretary
TRUSTEES
FRANK LYMAN
WILLIAM
JOHN J.
JOHN
PHELPS
ARTHUR CURTISS JAMES
WILLI AM
M.
KINGSLEY
FRANK
L.
POLK
WILLIAMSON
BLISfc
PELL
ASTOR
GEORGE
F.
JOHN
VINCENT
SLOANE
WILSON
P.
BARKLIE
Member Federal Deposit
BAKER
HENRY
GEORGE de FOREST LORD
ROLAND L. REDMOND
YORK AGENCY
Exchange PI. & Hanover St.
LLOYD A. WAUGH, Asst.
Pres. & Sec'y
Vice President
Vice President
BENJ. STRONG,
CORNELIUS N.
NEW
KINGSLEY, President
Vice President
WILLIAM C. LEE, Asst.
in
M.
President
FREDERIC W. ROBBERT, V. Pres. & Comp.
serve
dividuals
Administrator, Trustee, Guardian,
all other recognized trust capacities.
WILLIAMSON PELL, 1st Vice
of Canada and is well
equipped to
corporations, firms and in¬
}'
*
Committee, Court Depositary, and in
WILLIAM
This Bank is in close touch with
(
$2,000,0e0.(;i}
$28,005,478.51
.
Undivided Profits,
Established 1867
Paid-up
.
.
of New Jork
Insurance Corporation
@FedFRASER