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A.QW,
1936
(jommctrial |
REO, U.
DANA COMPANY. NEW YORK.
COPYRIGHTED IN 103S BY WILLIAM 8.
ENTERED AS
PAT. OFFICE
SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK,
NEW YORK, UNDER THE ACTOF MARCH 3, 1J79.
William B.Dana Co.,Publishors,
VOL. 142. lssuedW;^l^ev"taCopy~
" NEW YORK, JUNE 6,1936.
TRUST
BROOKLYN
NO. 3702
CHASE
THE
COMPANY
Chartered
wm!rcorsruc.0sC.N.y'c^
NATIONAL
Kidder, Peabody & Co,
1866
President
PHILADELPHIA
OF
CITY
THE
The
BOSTON
NEW YORK
George Y. McLaughlin
OF
BANK
NEW
is
chase
For
it has
years
many
served
Member Federal Deposit Insurance
tra-
ditionally a bankers' bank.
BROOKLYN
NEW YORK
YORK
large number
a
Corporation
of banks and bankers
as
New York
WfelkEirgoBank
and
5
Land Bank
SAN
Member Federal
FRANCISCO
Bonds
Member Federal Deposit Insurance Corporation
OVER
RESOURCES
1
depository.
reserve
Federal
UnionlrustCo.
correspondent
and
COMMERCIAL BANKERS SINCE 1852
r-rrr.—
United States
Government
2E .000
$200,1
Securities
.1
—
.....
Deposit Insurance Corporation
The
Hallgarten & Go.
FIRST BOSTON
Brown Harriman & Co.
Incorporated
CORPORATION
Established 1850
63 Wall
NEW YORK
BOSTON
Street, New York
Telephones BOwling Green 9-5000
CHICAGO
NEW YORK
Boston
PHILADELPHIA
London
Chicago
Philadelphia
San Francisco
Chicago
SAN FRANCISCO
Representatives in other leading Cities
AND OTHER PRINCIPAL CITIES
throughout the United States
Wertheim & Co.
T1
120
State and
lhe
Broadway
New York
Amsterdam
London
New^orkTrust
Company
CARL Me LOEB & CO.
61
BROADWAY
Barr Brothers & Co.
Capital Funds
NEW YORK
Municipal Bonds
♦
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INC.
Chicago
Now York
Berlin
Amsterdam
Paris
London
ioo
broadway
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•
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(5th Ave.)
•
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New York
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•
Allcntown
Municipal
Industrial
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London
•
-
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BONDS
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*
Correspondent
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Member Federal Reserve System
N.
Y.
and
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Financial
n
Chronicle
May 30, 1936
BAKER, WEEKS
A. G. Becker & Co.
& HARDEN
Incorporated
Established
'
J. & W. Seligman & Co.
Investment Securities
1893
Members
New York Stock Exchange
No. 64 Wall Street
New York Curb Exchange
Investment Securities
'
f
NEW YORK
Chicago Board of Trade
Commercial Paper
52 WALL
STREET, NEW YORK
London
Graybar Building, New York
New York
Correapondenta
Commercial Trust Bldg., Philadelphia
Chicago
Buhl
Building, Detroit
Lothbury, London, E. C. 2
6
And Other
•
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Philadelphia Stock Exchange
Cities
SELIGMAN BROTHERS
Bourse Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
BIRMINGHAM
NEWARK
New
Foreign
MARX & CO.
Jersey State & Municipal Bonds
Royal Bank of Scotland
BIRMINGHAM, ALABAMA
Newark Bank & Insurance Stocks
Incorporated by Royal Charter 1727
SOUTHERN
CORPORATION
J. S. RIPPEL & CO.
18 Clinton St.
MUNICIPAL
AND
BONDS
Capital (fully paid)
£8,789,192
Reserve fund
£8,807,148
Deposits
£94,009,174
Newark, N. J.
Over
^
200 Year a of Commercial
Banking
Foreign
CHIEF FOREIGN
ST.
8
LOUIS
HEAD
Australia and New Zealand
NEW SOUTH
OFFICE—Edinburgh
General Manager
William Whyte
BANK OF
St. Louis Securities
DEPARTMENT
Bishopsgata, London, England
Total number of offices, 254
WALES
Associated Bank, Williams Deacon's
Bank, Ltd.
(ESTABLISHED 1817)
(With wbiqh are amalgamated the Western Australian
Bank and The
Sti>\
Co.
*
GA/NT LOUIS
Paid
Austr&lianiBankof Commerce, Ltd.)
Up Capital
RssarveFund
Reserve Liability
£8,780,000
6,180,000
8,780,000
-
of Propria tors...
oo^ouvc st
£23,710,000
Members St. Louis Stock
Exchange
Aggregate Assets 80th Sept., 1988. £110,689,000
A. C. DAVIDSON, General Manager
747 BRANCHES AND AGENCIES In the
States, New Zealand, Fiji. Papua,
Mandated Territory of New Guinea, and London.
Australian
The
Bank
tralasian
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
and
Haad Office: 26,
Branches In
every description of Aus¬
Business.
Wool and other
29 Threadneedle
SYDNEY
Missouri
and
Southwestern
Stocks and
Agents
London, E. C
Burma, Ceylon, Kenya
and Zanzibar
£4,000,000
£2,000,000
Reserve Fund
London Office:
George Street,
India,
Subscribed Capital
Paid Up Capital
Produce Credits arranged.
Head Office:
Kenya Colony
Colony and Aden
transacts
Banking
Uganda
Blshopsgate,
..£2,200,009
The Bank conducts every
description of
and exchange business
Street, E.C.2
banking
Trusteeships and Executorships also
Standard Bank of South Africa
New York
undertaken
Bonds
Smith, Moore & Co.
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
Exchange
NATIONAL BANK
of EGYPT
Head Office
.
.
.
...
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Established 1872
Cairo
Chief Office in New Zealand:
Sir James Grose, General
DETROIT
FULLY PAID CAPITAL
RESERVE FUND
.
....
£3,000,000
3,000,000
..£6,689,000
Paid up Capital
MICHIGAN
and
and
0
2,000,000
£1,000,000
Currency Reserve
7, King William Street, E. C.
CORPORATION BONDS
Branches in all the
EGYPT end the
£500,000
The Bank conducts every
description
business connected with New Zealand.
of banking
Corresondents throughout the World
London Manager. A. O. Norwood
principal Towns in
WATLING, LERCHEN & HAYES
>
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LONDON AOENCi
MUNICIPALS
Wellington
Manager
Bead Office: 8 Moorgate,
London, E. C. 2, Eng,
Subscribed Capital
SUDAN
Members
New York Stock Exch.
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Chicago Stock Exch.
334
Exchange
BUHL BLDG.,
DETROIT
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PUBLIC
UTILITY
BONDS
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 0 of
1929
of the Colony.
THE "EXPANDIT" BINDER
Soccessive
er
or
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removed withoit
distarbing the other Issies
Authorised Capital (Hongkong
Currency) HJ50.000.000
Paid-up Capital (Hongkong Currency)..HJ20.000 000
Reserve Fund in Sterling.
£8.600,000
Charles A. Parcells & Co.
Members
Detroit
Stock
PENOBSCOT BUILDING.
Exchange
DETROIT, MICH.
Reserve
Fund
in Silver
(Hongkong Cur¬
rency)
Reserve
PRICE $2.00
Plus the Postage
HilO.OOO.OOO
Liability of
kong Currency)
C.
(Hong¬
HS20,000,000
DE C.
WALL
Proprietors
HUGHES, Agent
STREET, NEW YORK
THE "EXPANDIT" BINDER
25 Sprnce
St., New York C
JUNE 6,
Vol. 142
;
No. 3702
1936
CONTENTS
'
■'J--'®' *-
Editorials
page
3727
Financial Situation
Freedom of Contract and the
-.3740
Minimum Wage
3741
Driftway
Diplomacy in the
Comment and Review
Continuance of Trading in
Text of Act Providing for
Unlisted Securities
on
National Securities Exchanges 3743
Court Decision
Text of United States Supreme
,
New York Minimum Wage
on
the
3745
Law
Capital Flotations in the United States During the
Month of May and the Five Months to May 31
3747
New
New
Capital Flotations in Great Britain in May
J._.3752
Book Reviews—
Cotton and the AAA
The Balance Sheets of
Week
on
the
__3753
...
Imperialism
3753
._
3731
3732
3736 & 3785
European Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
Course of the Bond Market
3752
Indications of Business
3754
Activity
Week
on
the New
York Stock Exchange
3730
Week
on
the New
York Curb Exchange
3785
News
Current Events and Discussions
Bank and
3765
.
3783
>3834
3888
>.3889
Trust Company Items
Gendral Corporation and Investment News
Dry Goods Trade
State and
_
Municipal Department
Stocks and Bonds
3833
Foreign Stock Exchange Quotations
Dividends Declared
3792
±
Auction Sales
.
3833
3801
New York Stock Exchange—Bond Quotations. >3800 & 3810
New York Curb Exchange—Stock Quotations
3816
New York Curb Exchange—Bond Quotations
__3819
Other Exchanges—Stock and Bond Quotations
3822
New York Stock
Exchange—Stock Quotations
Canadian Markets—Stock and Bond Quotations
Over-the-Counter Securities—Stock & Bond
3826
Quotations.3829
Reports
3735
3786
Foreign Bank Statements
Course of Bank
Clearings
Federal Reserve Bank Statements..
3797
General
3834
Corporation and Investment News
Commodities
The
Commercial Markets and
the Crops
3878
Cotton
3880
Breadstuff s
3886
Published Every Saturday
Morning by the William B. Dana Company, 25 Spruce Street, New
York City
Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Str<=»et (Te'ephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright, 1936, by William B Dana Company.
Entered as second-class matter June 23, 1879 at the post office at New York, N. Y., under the Act of March 3, 1879
Subscriptions
in United States and Possessions, $15.00 per year S9.00 for 6 months: in Dominion of Canada, $16.50 per year $9.75 for 6 months;
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(except Spain), Asia, Australia and Africa, $20.00 per year; $11.50 for 6 months.
Transient display advertising matter, 45 cents
Herbert d. Seibert, Chairman of the Board and Editor1 William Dana Seibert,
per agate
line.
Contract and card rates on request.
President and Treasurer; William d
Financial
VIII
Chronicle
June 6, 1936
100,000 Shares
THE DAYTON POWER
LIGHT
AND
COMPANY
CUMULATIVE PREFERRED STOCK
Par
41/2%
I
Value)
SERIES
Price $102.50
per
share
(plus accrued dividends)
This advertisement is not, and is under
as,
an
no
circumstances
offering of the Preferred Stock for sale
offers to buy the Preferred Stock.
or
to
as a
be construed
solicitation of
The offering is made only by the
Prospectus, copies of which may be obtained from
any
of the undersigned.
W.E. HUTTON & CO.
BROWN HARRIMAN & CO.
BONBRIGHT & CO.
INCORPORATED
INCORPORATED
KIDDER, PEABOD Y & CO.
GOLDMAN, SACHS & CO.
WHITE, WELD & CO.
STONE & WEBSTER AND BLODGET
INCORPORATED
LEE HIGGINSON CORPORATION
June 3, 1936
J. & W. SELIGMAN & CO.
The Financial Situation
usually
THE Supreme Court onofMonday invalidatedYork
the
law
the State of New
have
minimum wage
of
the Consitution, and much wagging of heads has
followed.
Strange as it may seem the decision,
repugnant to one of the due process clauses
as
which
obviously follows
marked out
have
to
his
that
surrounded
President
were
very
no
the
that
fact
no
country has the power to
meddle with
the
"Won't Get
Far"—Unfortunately
and it must
groups,
tragedy be found
agency in the
can
widely professed belief
that
In
have
we
who
some
usually
tural
actments ?
not
are
this
in
included
explaining why certain platform sug¬
gestions made by able members of the party
''won't get far at Philadelphia," a Democratic
Senator who really ought to know better
says:
be said
Indeed certain
category.
the
whom
commentators
"What has been done,
"crusty
as
servatives"
almost to
con¬
apologize for the
here, and
down
Court, and to take legis¬
lators
task
to
framing
laws
fully in
for
order
they
rather than
might attain substantially
how to cope
think
sought
by
the
no
effort at all.
ment must
Supreme Court.
in
a
tion
many
Extraordinary View
such
as
to
seems
us
to
have
of
that is
one
upon
else
came
and
have to apply measures
novel and as unprece¬
to
to
the
nor
enact
ought
evening
off
United
and
States.
If
at
is less suited to modern
the
18th
when its inherent weaknesses
were
than
it
apparent to
was
the
areas,
of
Constitution
would find
they
so
the
which of
course
they
could
so
large
way
it
in
can
to
government
tunity to set
house
the
no
our
order,
be
afford
an oppo-
economic
and how
number of otherwise sensible people
a
applaud the statement?
is realized the American
To
a
greater extent than
people have become obsessed
must seek their economic
so
with the
idea that they
salvation
through governmental meddling, and not
as
Rights
comment
a
pikestaff, at least
was
on
added
made
the
the
to
ever
since the Bill
document.
Further
conscience, but its lurking existence in other
probably not fully aware of its presence is
subject of extended editorial comment
about
about
be too often
an
This general
economic effort.
enough given forthright expression
minds
major premise
seem
own
doctrine is often
in all
phase of the
decision
The
matter is therefore
itself in
any
elsewhere in this issue.
remarks
through their
event
this
hardly needed.
It is
of
those
never
Constitution to
They have always been there standing out
plain
Court
to
the Founding Fathers.
liberty to call "no-man's lands" if they
desire.
The
con¬
will
States
United
under
century
they did
several such forbidden
utter the solemn warn¬
ing that the people of the
both look backward
They would revert to a
an
reread
been
persuaded
be
if
may
take
to
never
found
ditions
the Na¬
government/
have
knowledge
stand
so
tional
sincerity
our
suffer the
That system
Borah,
high-mindedness
questioned,
into existence.
just quoted,
forward.
not
could Senator
Republic rests.
Constitution
our
the
"save
to
that the founders rejected when they
constructed the foundations upon which this
discovery that there
neither States
is
and
it
did the work of the founders when
Republic
sentences
the remark¬
types of legislation that
under
of
as
system
able
as
as
will
we
seem
The trouble is that the New Deal, and
raise their
now
over
adequate to
powers
whose
"We must look forward and not backward."
false premises.
eyebrows
are
this
are
will
dented
plainly founded
Those who
are
and
matter,
the
that
capitalistic system"? How
chances
which
the
so
respected
our
exist
entirely different from that which existed
when the
Republic was founded, and the
extraordinary view to
an
take
can
government must
permit
"The whole economic and social structure
be
basis
allege
Federal
is
This
of
citizens
answer.
are
re¬
On
prosperity?
other
We must learn
today.
An
of
what
suggestion
world where conditions
the
assume
sponsibility for the restora¬
government
that we can cure every¬
thing by going back to free competition might
work
under more
or
less elementary con¬
ditions but promises no effective solution
scrutiny of the
either
held
by plain im¬
or
plication that the govern¬
with this situation, and I do not
have found the
we
"The
New York statute and still
stand the
with
en¬
prevalent, why is
widely
so
expressly
competition, and I do not feel entirely satis¬
means so far developed to that end.
However, it is better to make some effort
the
ends
it
fied with
care¬
that
situation
not
are
certainly cannot tear them all
The next step is the problem of
this
Federal
If such notions
can¬
we
now.
meeting
not
more
or wrong,
positive
must
direct
in
.solution
a
and
easily be undone and probably cannot be
cured by the withdrawal of the conditions
that brought it about.
Unwisely, perhaps,
we have
built up high tariff systems all over
the world and high tariffs and big business are
seemed
have
right
agricul¬
an
problem that
find
not
President doubtless would
classify
scales?
wage
How otherwise account for
for the so-called lib¬
eral
governmental
by
governmental
ployed by several spokes¬
men
we
other method.
Upon what other assumption
in
words
The
•
This assumption
find ourselves
by which
eliminated
be
can
meddling and by
of the
much milder than those em¬
legislate.
may
would suppose
one
centuries, would preclude them.
rulings of late,seemed to mark off a sort of "iioman's land" in which neither
Federal nor State
governments
come
experience of the past few years, to say
is that the ills and evils
conference cautiously remarked
decision, read in conjunction with previous
that the
time when
a
to
seem
unwise
from
and
panaceas
nothing of the experience of the past two or three
The President in
surprised many* people.
the
It lies behind
victims.
which
day,
almost all sides at
by the highest court of the land, seems
mid-week press
of the
proposals
realistic in their thinking,
more
become
ill-considered
of the
many
long ago
plain course
a
much
are
apparently
to
or
this
rest
too
on
when
which these rather strange
latest
is,
decision of the
however,
one
(or perhaps
often
disclosed
by
implication
^
forth.
Mediaevalism
that cannot
a
concept of
government and public policy) of which many, who
as
ditions, real or imaginary, are brought
Supreme
carefully examined at this time.
attitude of mind
equally
"remedies" for this, that and the other con¬
Yet the idea is but a
conventional
and found
mediaeval
strange modern variant of
thought,
thoroughly tried
wanting centuries ago, and for that mat-
3728
Financial
ter, in whole
in part at various times and in
or
during the
sundry places
effort to
other
devoted endless time and
ages
price fixing, production control and every
conceivable
business—and
form
finally
the Continent of
of
meddling with
it
gave
them
American
the
made to work
bad job.
reason
effectively and
On
con¬
far from unknown
were
Revolution.
left, for the
are
up as a
private
Europe, laws undertaking to
trol stock market activities
before
subse¬
Few
traces
of
that they could not be
balance
on
by actual experience to be worthless
were
found
The
or worse.
agricultural fanatic of today is often hardly much
less than
sedulous imitator of the
a
those under the influence of the
example set by
Physiocrats of the
June 6, 1936
meddling.
field of
Take the
banking and credit
through its control of the Federal Reserve System,
and it must in candor be said with the
if
active
the
not
life who
assistance
of
matters, has been encouraging inflation and at times
boldly and avowedly attempting to force in¬
even
flation
upon
The results have been manifold,
us.
unfortunate.
and
devious
When
banks
millions of
individuals
of small
means
actually present
as a
What
us.
save
believing that
which
complaint is made
of artificialities
ated
by the
current
are
condoned, encouraged, and
result of all this, the
the
doctrines, must
before
are
its
rates (though when
wage
Congress
rates
our wage
are
What is the truth
It is not obscure.
Many
wage
scales
from the
save us
or
near
monopolies have been brought into
istence, condoned and indeed in recent
sponsored
by the
conditions
are
Government.
years even
others,
where
more or
less competitive.
in the various branches of business and in
the various trades bore
one
ex¬
not favorable for the success of such
efforts, the situation is left
If wages
In
to the
rational
a
relationship the
other, the matter of the absolute level of
would be
of
much
less
importance
money
wages
than is
commonly supposed, since prices and there¬
fore the cost of
such
a
economic
wages
would be
good as the
as
system could bear, that is, in an economic
in
system
living would adjust themselves in
that real
way
which
competition
free
was
and
The labor union which is able to exact for its
bers
unreasonable wages
is
hardships that must be endured by the
fortunate
nomic
worker
as
any
is
low, and
Who
A
publicist who
publican" wrote
Can
un¬
our
eco¬
two
or
can
be
low,
others, and vice
in
of
monopoly
others,
as
are
are
a
too high in
The
cause
those who
bring justice into the
own
the machines."
The words
how
into this
tariff rates
semi-monopoly in
same
time
little
more
fostering high-cost
growth
numerous
of
branches,
laying heavy burdens
upon
for example agriculture in most of its
in¬
machines
the
on
and
own
to be ac¬
bring justice
those who operate
on
in the fixing of prices?
the
the other, that is to
But if public authority
must be invoked in the matter of
what about the relation
and the
can
hand and those who must live
one
the products of them
upon
say
and it is truly
seems
field, what is to be said of the relations
between those who
determining prices,
between the manufacturer
farmer, between the producer and the dis¬
tributor, and for that matter between the manufac¬
turer of
producers' goods and the second manufac¬
turer who must make
of
questions
nitely.
ment
can
groups
of other
course
The series
goods?
justice
ensure
indefi¬
be extended
between
given
any
can
govern¬
two
the myriads
relationships in the business world be safely
such
care
of themselves?
in the
answer
be true,
as
is
To be
logical, the
negative.
so
often asserted by those
with decisions of the
Supreme Court
matters, that the framers of the Constitu¬
tion had
when
might of
in the economic community,
left to take
in
of such
use
To generalize the question, if only
It may
relation to
widely this view
Yet if only government
cepted.
disgruntled
too high
were
spired by the decision of the Supreme Court in the
too
is largely to be
industry, stimulating the
or
the
prices
to put the matter
versa.
excessive
branches
at
or,
prices
some
some
"liberal Re¬
a
that "no other
ago
relations of those who work with the machines and
The
are
occasion that they are too high.
too
some
precisely,
and
more
other factor in
repeated assertion that prices
on
of
Us?
Save
professes to
day
a
than government
agency
liberal must
truth of the matter is that
found
mem¬
system.
There
and
full.
responsible for the
as
light
folly?
own
remarkable
lies
see a
consequences
New York State minimum wage case,
branches labor monopo¬
some
forward
be found for
suddenly to
now
tably low.
In
come
can
that brought all these ills
an agency
heaven, and
reason
ludicrously and outrageously high jm this coun¬
try, and have long been so, while others are regret¬
are
Why?
or
cry goes
even cre¬
from ruin. We
now save us
subject of much boasting).
of the matter?
from
earthly
be expected
upon us can
government which, according to
very
frequently told of low
tariff bills
the direct outgrowth
are
threat¬
that public authority, which is in the final anal¬
Distress
little effort to demonstrate that most of the ills of
are
ened, and when other calamities are imminent
to
day and time, it requires but
our own
fail, Avhen
institutions having in their custody the -savings of
up
Turning to
private
in
suffering from misconceptions of these
were
ysis responsible for most of it, ought to
of
acquiescence
groups
doctrines of that
Causes
another
as
For two decades the Federal government,
example.
eighteenth century, reiterating the long discredited
day.
to just
constantly crying out owe their existence
this endless
The governments and the
quently come and gone.
guilds of the middle
that have
years
Chronicle
no
such conditions
they drafted that
in mind
honored
as
now
document.
exist
But
whether
they did
they
worded the instrument that the fanatics
so
of the
and
not, it is fortunate indeed that
or
day cannot, in the heat of their zeal for reform
under
the
impulse
to
"experiment" without
acquainting themselves with the results of experi¬
ments that have been made in the
pa^t, inflict seri¬
departments, where this kind of protection is im¬
ous,
practicable.
hasty legislation.
What is needed is for the govern¬
ment to withdraw
as
The result is maladjustment within the
price structure that gives rise
to demands for
ernment
among
price fixing and all
the unthinking
manner
meddling, "planned economy"
of gov¬
and
"con¬
perhaps irreparable, damage
areas
trol" of
sidies and the
viding
as
forced
a
all with
possible from those
itself,
the statute book the innumerable
of the
one sort or another.
A great many of the ills
day against which the so-called liberals are
rapidly
into which it has
upon us
remove
like, and confine its activities to
fair field
and
no
from
restrictions, sub¬
pro¬
favors in the business
Volume
Financial
142
world, not for it to be sedulously seeking means to
enter
other
from
areas
itself blocked
which it has
far found
so
by the fundamental law of the land,
Chronicle
$1,000,000,000
or more
of
securities just
new money
floated by the Treasury.
Banks will probably
cash for the greater part of the
pay
issues, although
payments still will be made by the deposit
some
The Conventions
3729
method.
new
To the extent that cash payments are
made,
WE length, despite uponfact that they havesome excess reserves naturally will drop for the time being,
HAVE dwelt the these matters at not only to advance again the Treasury disburses the
as
been neglected
in these columns in the recent past,
for the reason,
Convention is
with the
platform in opposition
unusually large balance in its general account with
duty of drafting
a
policies of the past three or four
standard bearer to lead the
a
against the present regime in Washington,
It has seemed to
In the meantime it is well to
note that only the Treasury practice of keeping an
and of selecting
attack
other expenditures.
assembling in Cleveland charged
now
to the Democratic
years,
others, that the Republican
among
funds to meet the cashing of soldiers bonus bonds and
that
us
day by day, during the past
week, the Republican ranks
and more
more
were
the Federal Reserve banks is restraining the
reserve
excess
level from attaining and perhaps surpassing
the record of $3,310,000,000 indicated last December.
jg Gold certificate holdings of the Federal Reserve
banks advanced to $7,840,037,000
June 3, from
on
"wincing and relenting and refraining" concerning
$7,824,035,000
most of the vital
down sharply because of the month-end and holiday
and
more
cies not
questions of the day, that they were
inclined to adopt as
more
their
own
poli-
greatly different from those in effect at
present, contenting themselves with calling them by
new
and
names
perhaps dressing them
garb, and that the candidates
in new
up
likewise increas-
were
to
summary
mental
bank
questions.
of
course
Democratic
heels
of
pride"
the
Convention
the
upon
further
foregone conclusion that
a
follow
to
Cleveland
close
upon
of
the
medicine.
The
of that
For
part,
our
we
hope of
shall gauge the strength
hope largely by the extent to which those
of
be
to
impressed with the absolute necessity
foreswearing the doctrines outlined in the fore-
going paragraphs
taken
underlying most of the mis-
as
policies of the day, and of making
prompt
a
beginning in the task of striking the shackles from
the wrists of the business
fident that the
community. We feel
sensible business
his
own
We
might add that it is
con-
governed by
enlightened self-interest will do likewise.
does
not
state
the
flung words and few"
retire from
conviction that any
our
party that goes into power
that
man
now
naked
on
any
truth
in
office four years
$3,793,959,000
on
general account fell to $504,733,000 from
off
were
The result of these
$295,406,000 from $271,122,000.
deposit variations
was
drop in total deposits to
a
The increase
fall of
$6,567,061,000 from $6,617,026,000.
0f note liabilities
was more
deposit liabilities, and
than offset by the
total reserves were not
advanced to 78.6 from
are apparent in
Only unimportant changes
78.5%.
other
as
the ratio
greatly changed,
Discounts
aspects of the banking statistics.
by the system increased $1,023,000 to $5,851,000,
but industrial advances
fen
were
off $296,000 to $30,-
of bankers' bills
Open market holdings
166,000.
$1,223,000
to
to
holdings
while
$3,076,000,
United States Government securities
'
of
dropped $11,000
$2,430,244,000.
,
,
~
~
Corporate Dividend Declarations
I"NIVIDEND declarations the present week again
hence in ignominious
were
a
Bank Statement
deposits
bank
Foreign
largely favorable.
leans & Texas Pacific
Reserve
up
Member
slightly, but non-member bank deposits increased to
"straight-
defeat.
Federal
moved
$3,758,973,000.
from
deposits declined to $5,713,315,000 on
reserve
$544,183,000.
platform
these vital matters will
on
of this * was
only part
deposits
foregathered there, and the candidate chosen there,
seem
but
the
country therefore lies with the Republicans at
Cleveland.
increase of $51,000,000 in
June 3 from $5,747,228,000 on May 27, and Treasury
gathering will "look with
same
circulation,
The
$8,147,548,000.
from
an
the
the New Deal, and promise the country
doses
in
money
notes
reflected by Federal Reserve notes, which
to
is
$8,143,993,000
credit
ingly disposed to evade and to avoid these fundaIt
requirements, and total reserves actually
currency
fell
May 27, but cash in vaults was
on
Cincinnati New Or-
Ry. declared
an
extra of $2.50
share, as well as a semi-annual dividend of
share, payable June 24; previously/regular
$5 a
semi-
OF IMMEDIATE importance Federal Reserve addition, extras of $3 were paid inofDecember, 1935
in the current annual dividends were at the rate $4 a share; in
condition statement of the 12
banks, combined, is only the
increases in the monetary
The
gains
not great in the week ended Wednes-
were
day night,
as
further reflection of
gold stocks of the country,
only $21,000,000
figure thus raised to
was
added and the
record level of $10,409,000,000,
but huge further shipments are en route,
principally
The steady additions are
from Paris.
credit base and
enlarging the
adding substantially to the danger
of credit inflation.
banks
were
a
Excess
estimated
reserve
officially
balances of member
on
June 3 at $2,840,-
000,000, down $60,000,000 from the preceding week,
The
decline is
principally
to
requirements.
reserve
over
on
meaningless,
month-end
As the
and
currency
can
it
holiday
was
currency
excess reserves
an
interesting varia-
15, when payment is made for
due
be expected to advance-
There will, however, be
June
as
returns to the banks,
deposits of member banks and
legal requirements
again.
tion
almost
the
and 1934.
clared
a
American Smelting & Refining Co. de-
dividend of 50c. a share on the common
stock, payable Aug. 31, which compares with 40c. a
share
mers
Allis & Chal-
paid May 29 and Feb. 28 last.
declared
a
dividend of 25c.
a
share
on
the
corn-
payable June 30, which will be the first distribution on the stock since May 16, 1932, when
mon,
Beatrice Creamery Co. declared a
12%c. was paid.
dividend of 25c. a share on the common
able July 1; the
was
a
special
last previous payment
dividend
of
50c.,
stock, pay-
on
this stock
distributed
on
April 1,1935.
„
.
usmess
~
.i
•
ai ures in
i
**
ay
DUSINESS failures in May were around the same
level as APril> but were considerably reduced
fr°m a year aS°> Dun & Bradstreet's reports. The
total for May was 832; for April, 830, and for May
3730
Chronicle
Financial
last year,
Liabilities involved, however,
1,004.
not much affected, but a few high-priced market
Some sup-
was
were
June 6, 1936
larger in May than in either of the other two months
leaders suffered fairly large recessions.
just mentioned, amounting in that month to $15,-
port was extended at the lower levels, and the de-
375,000
compared with $14,543,000 in April and
as
clines were thus kept within bounds.
$14,339,000 in May, 1935.
Separating the figures by lines of industry reveals
decided
a
division.
improvement
In this group
with liabilities of
172 failures
last year.
in
there
last
the
$2,709,000, which
In the construction
ward in contrast with the general trend.
compares with
liabilities
involved
Nor
was
there any change in the situation on Thursday, for
the reports from France assumed alarming charac-
although there
group,
teristics
compared with 56
year
A
few issues, subject to special influences, moved up-
only 146 failures,
were
Oil stocks and base metal issues held
atmosphere.
rather well, but losses were general otherwise.
manufacturing
involving $4,664,000 liabilities in May
only 46 failures this
were
The down-
ward drift was resumed Wednesday, in a very dull
that day.
on
The uncertainty resulted in
higher,
quiet and steady selling, which caused a rather pro-
totaling $4,816,000 in comparison with $1,461,000 in
nounced recession in virtually all groups of issues.
May, 1935.
Declines of
year,
there
ties
in
Among retail and wholesale traders
fewer failures but
were
slightly greater liabili-
classifications.
both
bered 533 with
failures
much
were
Retail
failures
last year
commercial service firms failed in
while last year
and
shown
May for $494,000,
apolic district being the only
was
increase in number of
an
this year
failures
more
mond
the
in
ones
as
in
Monday of
on
bonds,
due
1954-51,
was
readily
and
over-
subscribed. But the securities previously outstandwere marked a bit lower.
High-grade corporate
ing
were
bonds followed the trend of Treasury issues, while
speculative
greater only in
were
2%%
notes, due in five years,
1%%
only the Philadelphia and Rich-
districts, and liabilities
slightly lower
The offering by the Treasury
$2,050,000,000
involved in May
were
tendency
distribution of the huge new flotations was undertaken.
where
Of the other districts there
than last.
ment securities were marked very
failures, and the Min-
neapolis and St. Louis districts, the only
larger amounts of liabilities
prevailing
In the listed bond market changes were small, but
United States Govern-
in which there
one
the
much like those in equities.
May, 1935, the Minne-
over
although
groups,
a
Declines predominated
plainly was to await new developments in Europe,
67 failed for $1,083,000.
was
all
in
*
Thirty-five
In most of the Western Federal Reserve districts
improvement
definite trend was difficult to ascertain, but
a
majority of stocks receded.
In May
630 retail and 79 wholesale firms failed for
$5,889,000 and $1,242,000, respectively.
and only
or more were numerous,
Changes yesterday were almost entirely fractional,
num-
$5,933,000 liabilities, and wholesale
72, with liabilities of $1,423,000.
point
a
handful of stocks managed to reflect small gains,
a
Boston, New York and Richmond districts.
and
sharp recessions
The New York Stock Market
bonds,
semi-speculative obligations
noted in French and Polish
were
Cuban
but
also
In the foreign dollar section some
ground.
gave
Public
5%s
Works
improved
STOCK prices driftedweek, with tradingthe New country on a rulingbonds Supreme Courtpayable,
slowly lower in at
sharply that the by the
of that
valid and
York
market this
small levels.
Dulness
very
was
the
the New York Stock
on
Commodity markets
times, and transac-
acteristic of the market at all
tions
tendency failed to influence the securities markets,
Exchange did not
proach the 1,000,000-share level in
domestic situation
market,
exist
some
any
session.
was
uneasiness continued to
congressional session.
realization
full
that the
swing in
a
was
don via New York
The relief
political campaign will be in
few days.
Of
immediate im-
more
portance to the market than such matters
increasingly
strikes
serious
developed
finally
in
France,
huge scale and
a
as
never
commitments
pronounced,
a
resulted.
however,
Trading
on
was
advances
Monday
marked by
on
a
in
times.
The
and
selling
was
levels yesterday
a
week ago.
Some good
registered in the early dealings, but
quiet liquidation soon appeared and the early advances
were
were
altogether.
modified and in
Railroad stocks
reductions of passenger fares
2c.-a-mile
urgent
rate.
Tuesday,
France caused
The
as
were
cases
wiped out
firm, despite the
by Eastern carriers to
selling
the
anxiety.
some
was
developing
a
little
more
situation
There
be
in
The general list of stocks
gave
was a
exchange
would
sterling great strength at
general expectation among for¬
circles
clamped
that
On
the
touched
soon
by
French
the
'
New
York
Stock
new
stocks touched
new
Stock
year
45
stocks
while 58 stocks
On the New York Curb
low levels.
Exchange 23 stocks touched
New York
Exchange
high levels for the
new
touched
restrictions
exchange
down
authorities.
new
Exchange
high le^ms and 48
Call loans
low levels.
remained
on
the
unchanged
at 1%.
On
the
New
York
Stock
being Memorial Day and
closed;
a
on
on
was
635,100
Wednesday,
on
Friday,
On the New York Curb Exchange
Monday
day, 186,390 shares;
on
on
Thursday, 767,290 shares, and
634,950 shares.
the sales
Saturday
Exchange,
holiday, the market
Monday sales totaled 786,240 shares; on
on
Tuesday, 756,430 shares;
shares;
the New York Stock Ex-
firm undertone.
eign
.
France
tendency to reduce
only moderately under those of
change
a
The realization slowly grew here
long be delayed, and
market
where
promise
opposed to the deflation
important currency developments
cannot
were
a
of "reflation"
of recent years.
that
situation
on
the
was
made yesterday by Premier Blum for
was
program
by the
tempered
The franc
seldom able to rise above the gold export level,
and triangular movements of French funds to Lon-
regarding the impending termination of Wash-
ington legislative activities
a
mendous flight of capital from France.
minor part in the
a
generally firm, but the
were
Foreign exchange dealings reflected chiefly the tre-
ap-
The
regarding tax and other legislation during the
final days of the
feit
played only
though
even
are
distinguishing char-
were
on
182,790 shares;
Tues-
on
Wednesday, 153,775 shares;
Thursday, 198,110 shares, and
on
Friday, 152,040
shares.
Dulness and uncertainty again overtook the
ket
this
week.
throughout
on
A
firm
undertone
was
Monday, but succeeding days wit-
nessed increased irregularity attended by
volume of sales.
mar-
present
a
lower
As compared with Friday of the
Financial Chronicle
Volume 142
previous week, prices at yesterday's close were somewhat
lower.
General
371/4 against 37%
dated
Electric closed
Friday of last week; Consoli-
on
Edison Co. of N. Y. at 32
lumbia
Gas & Elec.
Service of N. J.
at
at
yesterday at
against 32%; Co-
18% against 19%; Public
42% against 44%; J. I. Case
Threshing Machine at 158 against 161%; International Harvester at
83% against 86; Sears, Roebuck
& Co.
at
Co. at
41% against 43%; Wool worth at 49% against
71% against 72%; Montgomery Ward &
49%, and American Tel. & Tel. at 164%
165%.
against
Allied Chemical & Dye closed yesterday at
194% against 199
Friday of last week; Colum-
on
bian Carbon at
1173/4 against 121 bid; E. I. du Pont
de Nemours at
140% against 143%; National Cash
Register at 22% against 233%; International Nickel
at
46% against 47%; National Dairy Products at
23% against 23%; National Biscuit at 34% against
35; Texas Gulf Sulphur at 35% against 35%; Continental Can at
75% against 77; Eastman Kodak at
160% bid against 161%;
ex-div.
Standard Brands at 15
against 15%; Westinghouse Elec. & Mfg. at
109% against 117; Lorillard at 22% against 22%;
United
373/4
;
States
Industrial
Distillers at 42
at
Alcohol
at
36%
against
Canada Dry at 13% against 12%; Schenley
against 42%, and National Distillers
27% against 28%.
The steel stocks
wTere
States Steel closed
Friday
of
last
depressed this week.
United
yesterday at 59 against 61%
week;
Steel
Bethlehem
decrease of 36,547 cars from the previous week, but
gain of 84,177 cars over the some week of last year.
As indicating the course of the commodity markets, the July option for wheat in Chicago closed
yesterday at 85c. as against 84%c. the close on Friday of last week. July corn at Chicago closed yesterday at 60%c. as against 59%c. the close on Friday
of last week. July oats at Chicago closed yesterday
at 24%c. as against 25%c. the close on Friday of
last week.
The spot price for cotton here in New York closed
yesterday at 11.80c. as against 11.77c. the close on
Friday of last week. The spot price for rubber
yesterday was 15.70c. as against 15.62c. the close on
Friday of last week. Domestic copper closed yesterday at 9%c., the same as on Friday of previous
weeks.
In London the price of bar silver yesterday was
19 15/16 pence per ounce as against 19% pence per
ounce on Friday of last week, and spot silver in New
York closed yesterday at 44%c., unchanged from the
close on Friday of last week.
In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $5.01% as
against $4.99% the close on Friday of last week,
and cable transfers on Paris closed yesterday at
6.58 5/16c. as against 6.58%c. the close on Friday
a
of last week.
on
against 53%; Republic Steel at 18% against 19%,
FJRICE movements
and
I
Youngstown Sheet & Tube at 60% against 61%.
In the motor group,
27
at
_ -
.
were
small and irregular in
the leading European securities markets this
little
trading at: London,
Auburn Auto closed yesterday
week.
Friday of last week; General
Paris and Berlin, for the tendency everywhere was
against 62%; Chrysler at 92% against
to await the outcome of the increasingly difficult
against 30
Motors at 61
.
_
_
European Stock Markets
50%
at
3731
on
95%, and Hupp Motors at 2% against 2%.
In the
There
very
was
French situation.
The markets, moreover, only re-
rubber group,
Goodyear Tire & Rubber closed yester-
sumed
day at 23%
against 25
to the Whitsuntide suspension, and the holiday at-
States
United
B.
Rubber
Goodrich
F.
shares suffered
at
Friday of last week
on
at
26% against 29%,
19% against 20.
losses
closed
and
;
and
The railroad
lower this
week,
Pennsylvania RR. closed yesterday at 30% against
31
dealings for (the week
on
Tuesday, owing
mosphere contributed to the small turnover.
The
strikes that paralyzed French industry assumed ever
threatening proportions as the week advanced,
more
and additional uncertainty was occasioned by lack
on
Friday of last week; Atchison Topeka & Santa
of definite pronouncements on the part of Premier
Fe at
69% against 71%; New York Central at 34%
Leon Blum, who assumed power yesterday. Strikers
against 35% ; Union Pacific at 125% against 127%;
in Spain apparently were encouraged by the French
Pacific
Southern
at
31% against 33%; Southern
developments, for an increasing number of workers
reported in that country to have refused further
Railway at 15% against 16, and Northern Pacific
was
at
activities.
28% against 30.
Oil of N. J. closed
Among the oil stocks, Standard
yesterday at 58 against 59%
on
Workers walked out in Belgium on a
large scale, and the movement spread by Thursday
Friday of last week; Shell Union Oil at 16% against
even
17%, and Atlantic Refining at 27 against 27%.
remarkably wide proportions.
the
copper group,
In
Anaconda Copper closed yester-
day at 32% against 33%
to Yugoslavia, indicating a subversive trend of
The securities mar-
kets simply marked time in this situation, for the
Friday of last week;
developments are baffling and difficult of analysis.
Copper at 37% against 38%; American
Only the owners of free funds in the gold bloc coun-
Smelting & Refining at 76 against 78%, and Phelps
tries appeared to be inclined to act with any dis-
Dodge at 32 against 34%.
patch and their activities consisted almost entirely
Kennecott
on
Trade and industrial indices in
fleeted
a
fairly good
this country re-
maintenance of production,
Steel ingot
was
production for the week ending today
reported by the American Iron and Steel In-
stitute at
and
68.2% of capacity against 67.9% last week
39.5% at this time last
electric power
Institute
Production of
for the week to May 30 amounted to
1,922,108,000 kilowatt
kilowatt
year.
reports.
hours
in
hours,
This
the
the Edison Electric
compares
to 1,954,830,000
preceding week and 1,628,-
520,000 kilowatt hours in the corresponding week
of
1935.
Car
loadings of
revenue
freight in the
of transfers of funds to other countries. Gold again
was
shipped from France to the United States in
heavy volume and by all available vessels, while
additional metal went to London by airplane and
channel steamers.
The capital flight from Holland
reached large proportions and The Netherlands cen-
tral bank
vance
in
announced
on
Wednesday another
its discount rate to 4%%
Curious cross currents were noted in the capital'
movements from one European country to another,
and
confusion prevailed everywhere.
industrial
reports
from
England
week to
May 30 amounted to 646,859 cars, the Asso-
change, but in most of the Continental
ciation
of American Railroads
strikes played havoc with industry.
reports.
This is
a
ad-
from 3%%.
Trade and
disclosed
no
countries the
Financial
3732
quiet in the
buying orders caused advances in almost all sections. The opening on Wednesday again was good,
but realization selling developed and the initial
Stock
London
there
Exchange
firm
some
were
demand and
were
shipping issues also improved, but
favorites
irregular, with Anglo-
higher while most others
situation
unsettled
The
ceded.
that net
so
Industrial stocks
the international group was
American
British funds were
spots.
unimportant.
were
was
weakened later,
at first and
strong
changes
re-
Continent
the
on
kept dealings to a low level at London, on Wednes-
British funds drifted lower, owing to appre-
day.
June 6, 1936
trading session of the week, on Tuesday, but
The
initial
in
Chronicle
hensions
regarding currency developments.
issues remained
industrial
from
suffered
issues
also
profit-taking.
Most
international
Little business
lower.
were
A few
firm, but the majority
Advances of a point or two
leading stocks, and foreign
issues also were in keen demand, but it was noted
that German fixed-interest issues remained dull.
After a firm opening on Thursday, prices drifted
gains were modified.
among
were common
lower on the German market.
done
was
rench Situation
Thursday, and prices gave way readily in the thin
British funds
market.
tion
that
again receded
the realiza-
on
large amounts of foreign funds are in-
vested in such
issues, with repatriation on the basis
devaluation considered imminent in
of franc
The weekly
quarters.
The stocks that previ-
ously were in greatest demand suffered most heavily,
and losses ranged from 1 to 4 points. Some of the
German fixed-income issues reflected improvement,
Movements yesterday were small and uncertain, and
dealings were at a low ebb.
some
statement of the Bank
of
England disclosed a sharp increase in note circula-
T^HE long projected Cabinet change in France,
1
made necessary by the national elections, took
place on Thursday amid most inauspicious circumA
stances.
wave
of strikes that started in
small
a
almost two weeks ago gradually spread and
way
finally embraced almost all industries and services
tion, and this reflection of the Continental capital
of the nation, and it was at the height of this move-
flight did not promote optimism in London.
ment
rail stocks weakened
Gold
mining
the
lowed
formed
Sarraut.
and international issues fol-
shares
general downward
Prices
trend.
were
Leon
that
position,
declined.
securities likewise
industrial
white' most
uncertain labor
on an
Home
new
a
of
leader
Blum,
regime
to replace
the
Socialists,
that of Albert
Successes of the Left coalition in the popu-
lar voting thus contributed to the very
difficulties
faced by the Left Government, which are all-
now
soft in the initial
trading yesterday, but gilt-edged
embracing.
issues
into better
completed, Premier-designate Blum declined to an-
soon
came
also
recoveries occurred
international
in industrial stocks.
trading
atmosphere was gloomy
much, but French bank stocks
lower, while rail and industrial securities
declined
Foreign
sharply.
mand and
in
recorded,
handsome
some
accordance
nounced
as
the week
uncertainty
were
all
marked
usual
possibility,
a
more
ever
Rentes
Wednesday.
International
Paris
at
a
were
merely reflective of
by the flight from the franc,
on
Thursday
measure
Blum Cabinet
situation.
France
sizable
not
gold
that the new
might be able to deal with the strike
The
was
wide and
were
hope spread late in
of
day, chiefly in the expectation
weekly statement of the Bank
encouraging,
as
loss, which increased the decline
nevertheless
improved
equities also
others
were
showed
were
a
further
two preceding sessions.
in all issues
to
Rentes
little, and various French
better
not in such
of
it reflected another
8,679,000,000 francs for the last 10 weeks.
issues
pro-
sharply lower and French equities of
uncertain, but
the
in
comprised the only section that reflected im-
Movements
at
the
close,
recessions.
Sharp gains
a
although
International
great demand
yesterday, owing to
as
during the
were
recorded
promise by Pre-
mier Blum to French workers that the deflation of
recent years
The
will
Berlin
Thursday
consists
forced to
was
a
degree by the widespread industrial
The strikes that began in Paris metal-
disorders.
lurgical plants spread slowly at first and took in
and the like.
chiefly armaments factories
is
dispute
some
authorized
by
as
the
Paris, but there is
no
headquarters
Communist
in
doubt that the movement soon
escaped the control of such elements.
developed rapidly
There
to whether these walkouts were
over
The strikes
the last week-end, and by
Wednesday of this week they took in 300,000 workers
Most
in almost all classes of French industry.
of the strikes
were
of the "siege" type, in which the
workers remained in the factories and refused to
work
or
to permit the employers to enter. The situa-
tion attained chaotic proportions
even
yesterday,
the food supply of Paris was menaced.
and
It was
estimated that fully 500,000 workers were idle in
their plants, and additional thousands engaged in
the sit-down strike in essential services, department
stores, restaurants, and the like.
M. Blum yesterday promised
an
In this situation,
abrupt right-about
face in French policy, and the results of such a
change
are
apparent in some ways,
Speaking to the French people over the radio,
Premier Blum promised that he would keep Parlia-
cease.
Boerse
late
isterial Declaration, scheduled for today, his hand
the
became
provement, and the gains
announced
practice
Bourse,
the varied forms taken
Cabinet
almost entirely of members of these parties,
Despite the evident desire of Premier Blum to
descriptions suffered heavy losses.
issues
agreed to join in the formation of a government, and
the
avoid definite commitments in advance of the Min-
were
progressed, and it caused much
the
on
The two power-
ful parties of the Socialists and Radical-Socialists
de-
securities
with
France
in
unrest
specific policies, and his general state-
any
gains in quotations were
when franc devaluation is considered
Labor
nounce
In the month since the elections were
ments satisfied no group or faction.
resumed for the week, last Tuesday,
was
Rentes did not vary
drifted
The
remained dull.
group
On the Paris Bourse the
as
demand, while small
affected
rela-
ment in session until measures for a 40-hour week
tively small degree by the incidents in France and
in industry, paid vacations and collective labor con-
other countries.
German
equities
was
Small
when
gains
were
trading
Tuesday, after the prolonged
The market
was
thin, but
as
only to
a
recorded in most
was
resumed
on
holiday suspension,
offerings
were
small,
tracts were enacted.
He appealed for calmness dur-
ing the strike epidemic and urged employers to con-
sider with
made
on
a
fair-minded attitude the demands being
them by strikers.
In a general sense, the
Financial
Volume 142
general pro¬
gram of the People's Front.
It means, essentially,
a reversal of the deflationary program consistently
followed during the last six years by the successive
French regimes.
Higher price levels will be in¬
evitable in such a situation, even though prices
already are far higher in France than the general
promise by M. Blum coincides with the
As
world level.
Socialist
offset to the French
an
program,
franc devaluation now is regarded every¬
where
inevitable, and a move in that
as
is
now
former
declared several
The Sarraut
tinued
hold to
to
The
should be
Government, however, con¬
ordinary methods of defending
flight of capital from France was
impending transfer of power to the Socialists,
but
gold
ments
are
made available steadily and huge ship¬
Paris to New York and
route from
en
London.,
The
and
Left Chamber of
predominantly
Deputies that was elected early in May took its seats
last
Monday, but the usual formalities of organiza¬
tion
occupied the body all week.
one
Radical-Socialist
the
of
Edouard Herriot,
leaders,
elected
was
virtually without oppo¬
President of the Chamber,
sition, and the strength manifested in this choice by
the Left coalition
it will
collective
amply demonstrated the control
Sarraut Cabinet handed its
The
exercise.
resignation to President Lebrun late on
Thursday, and M. Blum was invited immediately
to form a new
the
All preparations had been
regime.
this
made for
development, and announcement of
The list is
personnel followed immediately.
and the chief
extensive,
unusually
posts
are
as
PRESIDENT
OF
Socialist,
Edouard Daladier,
OF
MINISTER
STATE—Camille
and
OF
MINISTER
OF
VICE-PRESIDENT
AND
OF
Paul
OF
COUNCIL—
THE
Radical-Socialist.
Radical-Socialist.
MARINE—Alphonse Gasnier-Duparc,
Cot, Radical-Socialist.
Salengro,
INTERIOR—Roger
MINISTER OF JUSTICE—Marc Rucart,
MINISTER
Radical-Socialist;
Chautemps,
EDUCATION—Jean Zay, Radical-Socialist.
OF
FOREIGN AFFAIRS—Yvon
COLONIES—Marius
Moutet, Socialist.
MINISTER
OF
FINANCE—Vincent
Auriol, Socialist.
MINISTER
OF
NATIONAL
MINISTER
OF
PUBLIC
OF
WORKS—Albert
OF
AGRICULTURE—Georges
HEALTH—Henri
The
public
Socialist.
officials of the
study
Monnet,
of
the
utmost
circles
ever
the
since
has
Italian
of
Italian annexation of
permit
an easy
June 16
sion.
French
sanctions
in
was
The
because
set
as
League
entered
Addis
formally
Ethiopia.
an¬
Nor
a manner
adjustment through joint
The League Council
nothing could be done until
Cabinet
had
been
formed,
the date for another Council
and
ses¬
plans changed rapidly this week, partly
the
Argentine Government suggested for¬
mally on Tuesday that the entire Assembly should
anti-British propa¬
protested against the
ganda carried on by radio from Bari, Italy.
Premier Mussolini and his Cabinet announced
last
Monday
whereunder
to
single
a
extensive
"Italian East Africa," which
new
divided into five
"governments,"
or
will be
provincial areas.
territory will be ruled by a Governor-
The entire
Italian-appointed subordinates, but
General and his
a
form
Addis Ababa will be the capi¬
Italian colonial unit.
tal of the
merged with Eritrea and
was
Somaliland
immediately,
effective
law,
new
a
Ethiopia
degree of autonomy is to be enjoyed by the several
administrative
known
The governments are
areas.
Harar and Somaliland.
in
to be
and Sidamp,
These divisions correspond,
Galla
Amhara,
Eritrea,
as
general, to the various native stocks and their.
authorities
Italian
territories.
announced
last
Saturday that books will be closed July 31 on the
loan which was announced last October to finance
the costs of the
the
for
same
Ethiopian
time that
new
a
They indicated at
war.
loan
soon
will be sought
State organization, the Consortium of Credit
Public Works, for enterprises in the new colony.
a
The bonds for
Ethiopian public works will be issued
currencies, it was made
Italian and other
both in
forces
in
Badoglio,
Pietro
Marshal
known.
northern
who
Ethiopia,
led
returned
the
to
received with
great popular acclaim but not by a formal State
The fugitive Emperor
of Ethiopia, Haile
a
demonstrative welcome there.
number
the
prevailed
troops
by the leading Powers.
new
believed to have improved somewhat, since
are
London
to the entire prob¬
as
Relations between England and
Ethiopia.
DIPLOMATICEuropean capitals this week, ininan
a
of conversations were carried on
League of Nations continued their
decided last month that
the
Italy
understanding
some
European Diplomacy
European situation shaping up in
that will
action
to reach
lem of
delay in the League
the
that
also
Socialist.
Ababa and Premier Benito Mussolini
nounced
is the
it is intimated
Socialist.
that conquered country,
difficult problem
confusion
that
the
in agreement as to
are
Dissident-Communist.
against Italy which were applied last November.
The
Great Britain and France
ceived
Ethiopian Problem
works in
meanwhile,
indicate,
reports
Selassie, reached London the same day and he re¬
administration
of
Paris
month.
welcome.
WHILE Italy was ofannouncing and the for the
plans financ¬
Ethiopia
ing
at the end of this
ing probably will take place
Radical-Socialist.
Lebas,
Sellier,
Radical-Socialist.
Spinasse, Socialist.
Bedouce,
Bastid,
MINISTER OF LABOR—Jean-Baptiste
MINISTER
Delbos,
ECONOMY—Charles
COMMERCE—Paul
16, but the League found the
Italy last Wednesday, where he was
OF
OF
The
Socialist.
Socialist.
MINISTER
MINISTER
regard to the sanctions."
customary delay necessary, and the Assembly meet¬
Italian
MINISTER
MINISTER
in
June
about
or
on
Maurice Violette, Radical-Socialist.
WAR
MINISTER OF AIR—Pierre
MINISTER
PREMIER—Leon Blum, Socialist.
COUNCIL AND
OF THE
MINISTERS
situation
Argentine proposal called for an Assembly meeting
by
follows:
Faure,
of the
Italian
;
new
situation
Assembly meeting is due to an Anglo-French desire
the
was
the
publicly
of France,
greatly by the strike developments and
accentuated
of
"examination
for
convoked
advisability of early termination of sanctions, and
days ago that the franc
devalued.
the franc.
Bank
of the
be
brought about by the annexation of Ethiopia and
direction
Charles Hist,
urged in almost all quarters.
Governor
3733
Chronicle
attempt to solve some of the numerous problems
by the World War and its settlement.
left
But the
prospect of any adjustment that will promote peace
and the real interests of the various countries con¬
The German Ambassador-at-Large,
cerned is slim.
Ribbentrop, arrived in London late last'
Joachim
von
week to
canvass
the
British sentiment with regard to
questionnaire submitted by London to Berlin on
the peace program
Hitler.
man
elucidated by Chancellor Adolf
It is understood that the delay in the Ger¬
reply is due to the Reich's contention that poli¬
cies of the
new
regime in Paris, headed by Leon
Blum, must first be
declared.
wardness of this matter may
British hopes,
predicated
on
Whatever the in¬
be, it is evident that
the emphatic German
Nor is the Ger¬
declarations for peace, are waning.
man
delay solely responsible for this turn
The European press
of affairs.
has been filled of late with re¬
ports that the German
authorities are proceeding;
3734
Financial
with the utmost
rapidity to construct
fications in the Rhineland
pied early in March.
The reports
are
line of forti-
leaders are discovering what the rest of the world
knew from the beginning—that the program is far
reoccu-
quite specific,
they mention several lines of fortifications and
as
point out that approximately 150,000
his
conversations
London
all
this
patches from the British capital
probably
difficult
it
found
authorities of the Reich's
of
the
men
are em-
The German emissary continued
ployed in the task.
week,
but dis-
suggest that he
convince
to
British
pacific intentions, in view
developments in the
former
demilitarized
admirable and
from
situation also is
under
diplomatic
and likely to vanish altogether.
Chancellor Kurt Schusch-
throughout Europe.
nigg, who recently ousted his associate, Prince Ernst
Ruediger
a
Starhemberg, started last Tuesday
von
"secret"
on
trip to Italy, for discussions with Premier
Benito Mussolini.
Vienna and Rome reports
indicate that the
Italian dictator
the Austrian
municate to
gestions from German
Austro-German
Chancellor
and
alike
the official program and
"In
particular,
creasingly anxious for
a
lessening
would make her
are
to
Germany is becoming
a
dispatch of Tuesday to the
"She seeks
a
deal that
of America's partners in the
one
benefits
of
the
most-favored-nation
In the endeavor to attain this aim, the disin
United
the
of
foreign
States
to
exchange.
the
limit
Nothing
of
was
day
gave
man
attitude with regard to trade relations.
Of
stated.
regime also
interest,
to be surveyed, it is
are
meanwhile,
a
changed GerIt
wras
disclosed that Dr. Hjalmar Schacht, President of
the Reichsbank and economic dictator of the Reich,
is undertaking a tour to the capitals of a number of
attempts
secondary European Powers for
the Polish program
of action by such countries inde-
pendently of the great Powers.
last
week
to
M. Beck journeyed
Belgrade, and he endeavored to
the Yugoslavian Government to
policy less
a
definitely connected with the French views.
Belgrade reports suggest that the attempt
was
less, and that each country will continue to
•.
,
its
additional indications of
by
are
to enlist the aid of
sway
Berlin reports of Wednes-
Joseph Beck, the Polish Foreign Minister,
Colonel
late
men-
crimination against American investors exercised by
of that
the Austrian
her
tioned, however, with regard to the flagrant disthe German authorities.
Some of the internal problems of
in-
deal in her trade with
a new
strain between the Austrian officials and the Nazis
country.
and
ways
'patch adds, the Reich is willing to increase her pur-
supply
the
the
her
clause."
sug-
of
studying
system of reciprocal trade agreements and restore
chases
certain
are
of preserving what is left of their foreign
means
com-
to
to improvement in
sources as
relations
desires
the decline
on
In this situation,
Berlin reports state, various German authorities
the United States,"
ness
prove
beginning to wonder about the appropriateness of
New York "Times" remarks.
causing uneasi-
to
disclosed that the favorable balance of trade induced
discussion, and the possibilities with respect to that
are
likely
by the export subsidy was sharply
remnant of the old Dual
Empire
all
not at
April foreign trade statistics of the Reich
effective.
trade.
zone.
The Austrian
June 6, 1936
they
a
which
zone
Chronicle
•
»
1
particular
own
.
•
•
-
fruit-
improve conditions and insure
of the
raw
Germany.
an
endeavor to
continued supply
He will attempt, particularly, to widen
the markets for German goods, it appears.
pursue
•• •
i":..
~
,
,
tu ban
own
a
materials furnished by such countries to
j
its
aims m
But
southeastern European countries, such as Bulgaria,
Hungary, Yugoslavia and Greece, in
Loans
way.
THE Cuban Supreme of considerable importance
Tuesday,
decision Court handed down, last
a
WHAT may changeturnthe official German policy to the
well in out to be a highly sig- Public
nificant
with regard to
ber of recent
attain
foreign trade is suggested in
reports from Berlin.
self-sufficiency,
or
country in the first few
a num-
An endeavor to
"autarchy," dominated the
years
of Nazi rule.
German
foreign trade, already depleted by the depression,
suffered additionally from the
autarchy movement
and
the world-wide
boycott of German goods occaby resentment elsewhere against the Nazi
sioned
anti-Semitism.
Exchange and
trade
restrictions
and
clearing arrangements followed in rapid suecession.
Despite the adverse effects of the official
German
policy, the Reich denounced last
year
the
German-American commercial treaty and thus was
ineligible automatically
tariff
concessions
to
granted
obtain
in
the
treaties.
Little was paid by the Reich
debts, and the treatment meted out to
investors
American
reciprocal
on
trade
foreign
American
was
many investors who hold defaulted Cuban
Works 5%% bonds, and to several banks in
this country which
are
interested in the $20,000,000
credit extended to Cuba under the
same
indenture,
After protracted deliberation, the court dismissed
the contentions presented more than
the obligations
are
that
a year ago
invalid because they
were
con-
tracted by the "unconstitutional" Machado regime,
The
securities, which have been in default since
1933,
are
valid and payable because the Machado
Government
was
legally qualified to contract foreign
obligations, the court held.
There is
reason
to be-
lieve, unfortunately, that the decision of the court
will be only the first step in the
process
ing resumption of debt service by Cuba.
Cuban regimes which made
so
of obtain-
The various
much of the allega-
tions of "unconstitutionality," have been themselves
guilty of diverting to their
enues
the ample
own uses
rev-
pledged specifically for service of the public
especially unfortunate, since British,
French, Dutch, Swiss and other holders of German
works obligations.
obligations
island is known to favor payment of the securities,
were
able to obtain at least
some
pay-
ments
through the clearing arrangements. The foreign exchange thus conserved was insufficient to
meet the demands for certain metals and other
com-
modities needed in the rearmament
program, and
is
probably for that
sidy plan
There
was
reason
it
that the huge export sub-
formulated and placed in effect.
are now a
few scattered
signs that the Nazi
ernment, which
The constitutional Gomez Govinto power
came
but such action would make
replace
arrears
May 20 in the
necessary new taxes to
those diverted from
Moreover, the
on
service
of debt service
of
the
now
debt,
amount
to $14,432,391, and that feature of the default introduces still other problems.
in Havana lately of
a
There has been
some
talk
consolidation of all Cuban
indebtedness, and the suggestion also has been made
Volume
that
Such
while the default on the
180,000,000 might be raised.
loan of
a new
reports
Financial
142
idle, of course,
are
3735
Chronicle
rates
leading centers are shown in the table
the
at
which follows:
DISCOUNT RATES OF FOREIGN
CENTRAL BANKS
public works obligations continues.
R
countries
American
Latin
in
EBELLIONS
mili¬
tary juntas object to the prevailing regimes and oust
them on flimsy pretexts or none at all.
But a revolt
usually
of the "palace" type, in which
are
somewhat out
of the ordinary run.
The movement began to de¬
velop late last week, when General Anastasio Somoza, commander of the National Guard, threw his
in
Nicaragua this week appears to be
and
influence
authorities with
the
of
that
The
promptly
based on objec¬
tions
merging of the Liberal and Con¬
virtual
to
parties for the purpose of electing a joint
servative
General
Presi¬
dent and withdrew his candidacy, while publishing
a list of several
dozen leaders, any one of whom
would be acceptable*to him.
President Juan B.
Sacasa persisted in his intention of joining with his
political rivals to name Dr. Leonardo Arguello as
the sole candidate, and fighting between the Na¬
candidate
Somoza
in
coming national elections.
expressly denied any desire to become
tional Guard and the
caused
feat
regular troops of Nicaragua
which
relatively few casualties, resulted in the de¬
developed
virtual
and
The
Sunday.
last
encounters,
dispersal of the Federal troops,
After captur¬
leaving General Somoza in control.
appeared
Wednesday in Managua, the capital, where political
ing
discussions
started in
Leon, he
at
an
were
The
situation.
an
stronghold
Federal
a
diplomatic
active interest in the
effort to adjust the
There was little interruption in the
property.
ordinary affairs of the country.
The
<
policy of non-interference adopted some years ago
by the United States Government with regard to
Latin American affairs.
circulated in
Grande that American marines were
being sent to
made in
were
and
Representations against intervention
Washington by the
envoys
of Chile
3
June 30 1932
Italy
4X
May
18 1936
3.29
Apr.
6 1936
3.65
Java
4X
June
2 1935
Jugoslavia.
5
Feb.
1 1935
3X
6X
Lithuania..
6
Jan.
2 1934
3H
Morocco—
6X
May 28 1935
*X
6
Norway
3H
4
Poland
5
May 23 1933
Oct. 25 1933
Dec.
13 1934
4
July
1 1935
Belgium
Bulgaria
2
May 15 1935
2X
Aug. 15 1935
7
6
Canada
Japan
Mar. 11 1935
4
.
Jan.
24 1936
4
Chile
July
18 1933
5
Czechoslo¬
made
United
those
that the
plain
States
and
the
between
relations between
United
States
and
Denmark
1 1936
21 1935
3X
2X
2X
Portugal...
5
5X
Rumania
4H
Dec.
7 1934
6
4^
South Africa
3H
May
4
5
Spain
5
July
15 1933
10 1935
5
Sweden
2X
Dec.
1 1933
3
13 1933
7X
Switzerland
2H
May
2 1935
2
3 1936
3X
England
2
Aug. 21 1935
June 30 1932
Estonia.....
5
Sept. 25 1934
-
-
4 1934
Finland
4
Dec.
France
6
Germany
4
6 1936
Sept. 30 1932
Greece
7
Oct.
Holland
4H
June
_
.
May
on
Republic.
Even
a
tender of good
bills,
against Y%
as
in
call
on
the
London
market
open
Switzerland at
on
on
depend, Mr. Hull said, upon joint action
with other countries and upon a
willingness of all
political factions in Nicaragua to invite the good
offices
of
other
friendly American
initiative would be exercised
ister to
nations.
No
5H
5X
three-months'
Friday of last week. Money
Friday was 3/2%- At Paris
remains
rate
63^% and in
at
2J^%.
Bank of
England Statement
THE statement of the Banksubstantial expansion
for the week ended
June 3 shows
further
a
in circulation of
£7,390,000, which follows a gain of
brings
£2,932,000 in the item the previous week and
the total to a record high of £433,451,000.
Gold
holdings also reached a new high of £208,170,294,
increase for the week amounting to £906,591.
the
A,
holdings
gold
ago
year
Reserves
consequence
as a
liabilities dropped
25.70%, from 30.57% a week previous; a year
the
ago
decreased
proportion was 39.34%.
Public deposits
£11,550,000, while other deposits rose
Of the latter amount £11,443,231 was
bankers' accounts and £362,676 to
£11,805,907.
an
addition to
Loans
accounts.
increased £6,785,000
£24,594.
rose
and
on
securities
government
other securities decreased
on
The latter consists of discounts
which fell off £451,738, and
vances
and ad¬
securities which
No change was made in the 2%
£427,144.
Below we show the different items
discount rate.
a
£193,454,590.
totaled
fell off £6,485,000 and the
proportion of reserves to deposit
to
furnish
for several years:
comparisons for several years. Below we
comparison of the different items
BANK OF
ENGLAND'S COMPARATIVE
June 5,
STATEMENT
June 8
June 7
June 6
1935
3,
1936
1934
1932
1933
£
Circulation
Public deposits
Bankers' accounts.
Govt, securities
Other securities
offices must
6
were
Friday of last week, and %% for
on
Other accounts—
Latin American
.
IN bills Friday market discount rates for short
LONDON open
%%> 85 against 9-16@%%
the
other
.
Foreign Money Rates
Other deposits
every
7
Jan.
It
Nicaragua are identical with
5
Oct.
June
was
3X
3
Peru, and they drew a sharp disclaimer on
Thursday from Secretary of State Cordell Hull.
3X
5
vakia
Danzig
with
Nicaragua.
3
Ireland
Batavia
Reports apparently were
of the countries south of the Rio
some
4H
India
10 1935
other
Nicaraguan revolt served to emphasize the
Rate
Aug. 28 1935
Nov. 29 1935
July
.
vious
4
3X
Colombia
Date
Established
Hungary...
4
Austria
in Managua took
corps
problem and exercised its
good offices to prevent needless destruction of life
and
Rate
rebellion, which
gained great popular support, was
Country
cious
apparent thought of taking over
no
government.
against the
command
his
Date
Established
Effect
June 5
Effect
June 5
Country
Nicaraguan Revolt
Pre¬
Rate in
Pre¬
Rate in
Dlsct. & advances.
Securities
Reserve notes &
Coin and
coin.
bpllion
433,451,000
8,216,000
126,814,476
89,718,476
37,096,000
98,543,310
19,593,597
6,242,981
13,350,616
34,717,000
208,170.294
Proportion of reserve
to liabilities
Bank rate.
25.70%
39.34%
48.74%
2%
2%
34.66%
46.31%
2%
...
by the American Min¬
395,890,877 378,886,154 378,462,948 357,238,159
8,925,218 25,577,108
7,611,996 16,253,428
138,701,347 133,949,692 140,643,302 119,318,300
102,591,704 97,992,427 102,409,999 85,846,608
36,109,643 35,957,265 38,233,303 33,472,232
89,976,044 77.780,318 76,288,403 74,259,656
1
21,831,574 38,233,205
16,606,610 17,049,571
11,073,188 12,611,580
6,128,333
5,380,405
10,758,386 25,621,625
11,226,205 10,921,238
57,563,713 73,216,042 69,274,596 50,223,346
193,454,590 192,102,316 187.737,544 132,461,505
2% L
2H%
Bank of France Statement
Nicaragua, and good offices could only be
exercised
in
association
with
other
nations,
he
THEfurther decline thegold holdings May 29 reveals
statement for in week ended of 437,522,074
a
added.
Regret
Peruvian
before
was
Ministers
expressed that the Chilean and
had
not
ascertained
the
facts
francs, making the
serves
making representations in Washington.
total loss of the Bank's gold re¬
March 20 to May 29
for the 10 weeks from
8,678,915,749 francs.
Discount Rates of Foreign
Central Banks
The total of gold is now 57,-
021,505,659 francs, in comparison with 71,778,728,648 francs a year ago and 78,277,100,643 francs two
THE BankWednesday, June 3, from itsto 4H%.
of The Netherlands raised discount
years ago.
The
compared with 73.35% last year
and 78.98% the
balances
abroad, vFrench
rate
on
33^2% fate had been in effect only since May 29,
1936, at which time it was raised from 23/£%.
Present
previous
The reserve ratio stands now at
year.
Credit
61.01%,
Financial
commercial
bills
discounted
and
advances
against
securities record
increases, namely 123,000,000 francs,
1,452,000,000 francs and 22,000,000 francs, respec¬
tively.
An increase also appears in note circulation
of
.1,368,000,000 francs, bringing the total
84,706,284,680 francs.
Circulation a year ago
gated
82,775,905,460 francs
81,567,126,465 francs.
accounts
shows
furnish
we
a
the
before
year
The itdm of creditor current
loss of
a
and
to
up
aggre¬
28,000,000 francs.
Below
Chronicle
dations
all
June 6, 1936
being arranged at 1%, while time loans for
up to six months held at 1%%.
Bank¬
datings
ers' bill and
The
commercial paper rates did not
vary.
Treasury sold last Monday two series of dis¬
One series of
count bills.
$50,000,000, due in 195
discount of 0.184%, wdiile
second series of
$50,000,000, due in 273 days, went
days, went at
a
at
an
an average
of 0.218%, both computed
average
on a
bank
discount basis.
comparison of the different items for
New York
three years:
Money Rates
BANK OF FRANCE'S COMPARATIVE
STATEMENT
Changes
for Week
Gold holdings
b Bills bought abr'd
Adv. against securs.
Note circulation
Credit current accts.
Proport'n of gold
on
June 1, 1934
Francs
Francs
Francs
-437.522,074 57,021,505.659 71,778,728,648
78,277,100,643
+ 123,000,000
140,619,054
975,918,370
14,307,920
Credit bals. abroad,
French commercial
bills discounted-.
May 31, 1935
Francs
a
May 29, 1936
+1,452,000,000 19,380,573,580
7,136,753,229 4,033,057,022
1,286,904,597
1,173,597,635 1,123,620,369
+22,000,000 3,380,120,023 3,371,353,575
3,169,175,576
+1,368,000,000 84,706,284,680 82,775,905,460 81,567,126,465
—28,000,000 8,759,730,343 15,085,495,431
17,548,864,391
No change
hand to sight llab.
—1,36%
61.01%
Includes bills purchased in France,
a
Bank of
73.35%
78.98%
DEALING in detailfrom day toloan rates
with call day, 1%
Stock Exchange
ruling quotation all through the week for both
loans and renewals.
been at
for
year
aggregated
ago
82,397,000
before 130,104,000 marks.
year
marks
and
other
liabilities
record
increases,
bills
bid and
and 3.7%
bid and
1.70%, compared with 2.27% last
the
previous
Notes in
year.
year
circulation show
an
expansion of 452,260,000 marks, bringing the total
up to 4,439,795,000 marks.
Circulation a year ago
stood at
3,810,015,000 marks and
3,635,376,000 marks.
two years ago at
A decrease appears in silver
and other coin of
109,213,000 marks, in other assets
25,484,000 marks and in other daily maturing
of
obligations of 18,895,000 marks.
Below
we
comparison of the various items for three
REICHSBANK'S COMPARATIVE
Acceptances
been
down to
now
less known.
fairly strong this week, and while a few
are
coming out each day the supply is still
insufficient to meet the
daily requirements.
Rates
are
unchanged.
Quotations of the American Ac¬
foreign
1
more
spectively.
ratio is
furnish
a
ceptance Council for bills up to and including 90
days
3-16% bid and 3^8% asked; for four months,
New
York Reserve
Bank is J^% for bills
running
days, %% for 91- to 120-day bills, and
1% for 121- to 180-day bills. The Federal Reserve
from 1 to 90
banks'
holdings of acceptances decreased from $4,299,000 to $3,076,000. Open market rates for ac¬
ceptances
are
concerned,
as
nominal in
far
so
SPOT DELIVERY
STATEMENT
Changes
for Week
May 30, 1936 May 31, 1935 May 31, 1934
Gold and bullion
Reichsmarks
—1,958,000
Of which depos. abroad
Reserve in foreign curr.
82,397,000
130,104,000
22,028,000
—109,213,000
*
Advances-.
+ 24,343,000
+57,000
—25,484,000
Investments
Other assets
Liabilities—
Notes in circulation
Other daily matur. oblig.
103,806,000
1,532,000
59,749,000
538,660,000
455,886,000
228,290,000
4,797,000
85,978,000
662,101,000
644,642,000
643,013,000
626,713,000
—18,895,000
+ 14,049,000
728,551,000
770,404,000
155,743,000
202,574,000
537,679,000
154,994,000
—0.24%
1.70%
2.27%
3.7%
Propor. of gold & foreign
circula'n.
notes on other banks expired March
31,
New York
1936.
the
June
entirely to preparations for
of the Treasury. Dealers* in
Treasury obligations bought large amounts of matur¬
ing notes, which
and loans
on
for
an
this
report
Stock
May.
in
increase
reason.
on
exchangeable for the
such commitments
Eligible
brokers'
The
brokers'
more
loans
new
were
issues,
arranged
re¬
by $208,000,000
loans, issued by the
3i«
34
% % bid
% % bid
Discount Rates of the Federal Reserve
Banks
THERE have been
rediscount
rates
The
no changes this week in the
Federal Reserve
of the
banks.
following is the schedule
the
various
classes
of
of rates
at
paper
now
in effect
the
different
DISCOUNT RATES OF FEDERAL
RESERVE BANKS
Rate in
Federal Reserve Bank
Effect
Date
Previous
Established
Rate
on
June 5
Boston
2
...
Atlanta
.
234
2 1934
2
134
Richmond
8 1934
Feb.
2
Philadelphia
Feb.
134
New York
Jan. 17 1935
May 11 1935
2
2
May
234
9 1935
234
2
Jan.
14 1935
2
Chicago..
St. Louis
19 1935
234
3 1935
234
234
234
2
Minneapolis
Jan.
2
2
May 14 1935
May 10 1935
2
May
2
San Francisco
■
234
Jan.
Kansas City
Dallas
Feb.
8 1935
16 1934
234
234
_
Course of Sterling
Exchange
New York
aggregate of $969,997,839.
Call loan
quite unchanged this week, all accommo-
Asked
34
THIRTY DAYS
a
$98,952,897
were
34
Bid
comprehensive monthly
downward trend during
The so-called "street" loans fell
an
3*
—30 Days-
Asked
non-member banks
.
The weekly banking statistics
of
Exchange, showed
May to
pptes
carry
large scale.
a
flect
to
sl6
60 DaysBid
V:
—120 DaysBid
Asked
Eligible member banks
Cleveland
are
are
Reserve banks:
due
financing
Asked
FOR DELIVERY WITHIN
money
was
are
rates.
•+v:v + ,>
.
%
»16
Prime eligible bill
SOME demand for accommodationmarket, but this
was noted
New York
the
requirement
*16
Bid
for
Money Market
week in the
own
4,648,000
124,543,000
+452,260,000 4,439,795,000 3,810,015,000 3,635,376,000
Other liabilities
dealers
150 Days
Bid
Asked
—90 Days——
24,452.000
125,642,000
Asked
%
Prime eligible bills.
Reichsmarks
+94,000
5,457,000
4,035,000
5,726,000
+ 559,575,000 4,643,807,000 3,794,585,000 3,187,809,000
Silver and other coin
Notes on other Ger. bks.
■"Validity of
69,992,000
24,515,000
No change
Bills of exch. and checks
cur. to note
Reichsmarks
the
follows:.
Bid
Reichsmarks
as
they continue to fix their
The nominal rates for
open market acceptances
as
years:
}/i%
3-16% asked; for five and six months, %%
5-16% asked. The bill-buying rate of the
180 Days
Assets—
1J£% for
commercial
the
are
reserve
at
running from four to six
names
Bankers'
namely 94,000 marks, 559,575,000 marks, 24,343,000
marks, 57,000 marks and 14,049,000 marks, re¬
The Bank's
prime
HTHE demand for prime bankers'
acceptances has
bills of exchange and checks, advances,
currency,
investments
for
Gold
and
Reserve in
names
1% for
decline in
a
market
%%
choice
extra
THE statement forand last quarter of May shows a
gold the bullion of 1,958,000 marks,
69,992,000 marks.
The
has been fairly active this week, and a good
paper has been available.
Rates are
months and
to
Rates continue nominal
maturities.
paper
The market for time
money has
standstill this week, no transactions have
a
been reported.
all
the
new
supply of
b Includes bills discounted abroad.
Germany Statement
bringing the total down
on the
was
STERLING exchange isfrightened European
coming chiefly from very firm, with demand
capi¬
tal, anxious
of France.
the fiscal and
currency
The flow of funds
over
away
difficulties
from other Con-
Volume
Financial
142
exchange market
sterling,
maintain the steadiness of the pound with respect to
the dollar and ignore altogether the. political factors
in
crease
as
whole must be regarded as
which disturb the stability of European currencies,
. As
sterling becomes firmer in terms of French
francs the London open market gold price tends to
fall. In Thursday's trading gold was offered in
London at 138s. 3%d. per ounce, the lowest since
August, 1934. This compares with 149s. 4d. established on March 6, 1935. Thus the price of gold has
not in
are
a
Seasonal factors, especially the in-
extremely dull.
requirements, tend to strengthen
tourist
Gn Thursday sterling
sterling in terms of the dollar.
cable transfers sold
high
as
On Saturday
$5.04%.
as
New
Continental
last, Memorial Day, there was no market in
York.
On
centers
The
London and the
Monday
for
closed
were
holiday,
Whitsuntide
the
for sterling this week has been between
range
$4.99 7-16 and $5.04 for bankers' sight bills, com-
pared with
between
The
range
for cable transfers has been
$5.04}/£, compared with a
$4,99 9-16 and
of between $4.97% and $5.00
range
The
rate
of between $4.97 11-16@$4.99%
a range
last week.
following tables give the
Paris, the London
on
and the
mean
Monday,
week
a
ago.
London check
mean
market gold price,
open
price paid for gold by the United States:
75.92
June
1
2
Thursday,
75.918
london
open
'
June 4
Friday,
Holiday
Tuesday, June
76.204
76.470
>.76.236
Wednesday, June 3
i
June 5
market gold
price
price
paid
for
*35.'oo
In all essential respects
is
$35.00
Holiday) Wednesday, June 3.
2"""V.
June
138s. 6J^d.
June 5
Friday,
g0l^eggr™eb^^:)ed states (federal
Saturday, May 30
Say,
'
139s. 2d.
2
Friday,ay' jrSle iVSJ.V". isloo
I
German troops
of
now
on
franc.
The
intermittent
an
critical situation of the French
the French
Nevertheless
has been
currency
influence
adverse
during the
exchanges
the
on
past two and
the British exchange
foreign
half
a
years.
control has been
remarkably successful in keeping sterling steady in
terms of the franc
out
or
As
gold.
was
recently pointed
by John Martin of the Rand Mines, sterling did
not vary
in the last 14 months by
have done within the
still
on
the
as
much
as
it might
gold points when England
gold standard.
A
year ago
was
Austen Cham-
berlain, Chancellor of the Exchequer, took occasion
to assert that the
more
than
a
tions within
a
French franc
Now it
year
exchange control for considerably
had managed to hold the fluctua-
of less than 1% in terms of the
range
or
seems
J®
^
,
for Shipment to New York, of which approximately
Actual receipts to June 4 amounted to
Holland.
$175,500,000.
imp0rtant factor in the firm tone of the pound
is the flow of funds of Smaller investors who Seek
British bank notes and gold coins in the London
opinion is that possibly £15,000,000 of the increased
a
un-
flight of capital from France and the
resultant pressure on
Since April 24,
condition
phase of great
into the Rhineland,
intensified by the
firmer than it is.
March 7 with the advance
The current market continues the
began
even
approximately $274,700,000 of gold has been engaged
market for purposes of hoarding. It is believed that
least £20,000,000 of the increase in the Bank of
England note circulation during the past year is
due to this demand from foreign hoarders. London
the foreign exchange market
unchanged from the trends of the past few weeks.
easiness which
an ounce.
There is a steady movement of foreign funds into
London for investment and safety. These funds come
chiefly from France, but there is also a noticeable
flow from Holland, Switzerland and other European
centers. At the same time there is an outward movement of European funds to the United States for
investment, as is reflected by the steady increase in
gold holdings here.
But for this counter-flow of
foreign funds to American securities, the pound
$212,300,000 is from France, and $29,400,000 from
Monday!'^ne3?:::::::HoUday I mSy,7,Juneibiis&i:mk.
Tuesday, June
declined by about lis.
might be
check rate on paris
London
Saturday, May 30....—
3737
demand, the foreign
tmental centers likewise added to the call for
Since other currencies
Chronicle
circulation is due to expansion
industry. The current statement of the Bank of
England shows circulation of £433,451,000, which
compares with £395,870,000 a year ago, and with
£351,618,000 in the statement of the Bank published
jus^ prior to the suspension of gold by Great Britain
in September, 1931.
The increase in circulation is largely responsible
f°r the Bank's recent heavy gold purchases. Compared with two years ago, the gold reserves show an
increase of £16,068,000.
Total gold reserves now
stand at £208,170,294, which compares with £136,880,252 in the Bank's statement just before the
suspension of gold payments. Most of the Bank's
increase in gold has occurred during the past year,
when note circulation has shown its greatest expansion.
gold.
that London is
finding it practically
of British trade and
The Bank undoubtedly prefers to increase its
gold reserves rather than to resort to a larger fiduciary
The Bank's
gold
holdings are valued only
lid. Currently the
Bank's reserve ratio is 30.57%, but were the gold
holdings to be valued at the current rate of exchange
they would represent approximately 80% of note
impossible to continue the close association of sterling
issue.
and franc rate.
at the statutory price of 84s.
Throughout the greater part of 1934
London exchange rate
the
from about 74.72
favorable to
on
Paris had
a
range
London).
Since the
success
of the Popu-
lar Front in the recent French elections alarm
to
Paris.
London check rate
Wednesday's
market
fluctuated between
an
average
On
on
Friday
Paris
Money continues in great abundance in Lombard
Street, with rates unchanged.
Call money against
bills is in supply at %%. Two- and three-months'
bills are 9.16%, four-months' bills 9-16% to %%,
so
week
the
75.92 and in
London-Paris
the
75.96 and
circulation.
great
of last
closed at
con-
decidedly less
cerning the future of the franc has become
that the London-Paris rate has become
favorable
of
(favorable to Paris) to 75.50 (more
cross
rate
76.30, having shown
quotation the day before of 75.918.
On
and six-months' bills
%%.
Gold
on
offer in the
London market continues to be taken for unknown
destinations, chiefly for account of foreign hoarders.
Thursday the franc weakened to 76.50 for London
On Saturday last there was available £103,000.
On
checks
Monday, (Whit Monday), there was no market.
On
It
on
seems
Paris.
increasingly
probable
that
under
the
Tuesday there was available £136,000, on Wednes-
£244,000,
exceedingly unfavorable situation of the French unit
day
the British authorities may
Friday
direct their operations to
on
£241,000.
Thursday £152,000, and on
On Wednesday the Bank of
Financial
3738
England bought £249,658 in gold bars;
Thursday
on
The Bank's total gold purchases during
£378,143.
the week ended June 4 amounted to
approximately
£906,000, bringing the total purchases
At the Port of New York the
The extreme fluctuations and
panicky outflow of nervous funds from Paris are
discussed above in the review of sterling.
There is no way
of knowing what the
new
French
Government may do or be compelled to do in order
gold movement for
the week ended June 3, as reported
by the Federal
Reserve Bank of New York, was as follows:
'Imports
resolve the serious financial and economic prob¬
to
A considerable body of competent
lems of France.
opinion holds that the new Government can accom¬
GOLD MOVEMENT AT NEW YORK, MAY 28-JUNE 3, INCLUSIVE
Exports
plish nothing practical and must fall, thereby en¬
gendering
$12,004,000 from France
It
4,615,000 from Mexico
2,280,000 from India
be
None
2,102,000 from Colombia
June 6, 1936
discussed here.
not be
the
far this
so
to approximately £7,019,421.
year
Chronicle
1,680,000 from England
a
still
crisis.
more severe
entirely probable that radical changes will
seems
attempted in the organization and functioning of
of
Bank
the
France
at
as
so
least to enable
the
44,000 from Russia
French
$22,725,000 total
Net
from the Bank.
Change in Gold Held Earmarked for Foreign Account
approximately $1,152,000 of gold
was
received at San Francisco, of which $1,141,000 came from Australia and
$11,000 from China,
^
above
figures
Wednesday.
received from Russia.
metal
On
of which
Holland,
It
account.
came
on
was
were
received
exports of the
no
reported
was
Friday that $347,000
on
received at San Francisco from China.
was
discount of
7-16% to
On.Monday London
Day holiday.
and most of the Continental markets
observance
was
of
Whitsuntide.
York sterling
quoted at $4.99 7-16@$4.99% for bankers' sight
and $4.99
9-16@$5.00 for cable transfers.
day exchange
on
London
On
On Tues¬
The
of
range
The
range was
the
firm.
Bankers'
transfers
were
lower,
was
$5.01%@
the
range
$5.01%@$5.04;
was
On Friday sterling
$5.01%@$5.02%
was
on
Friday
were
for
on
$5.0134 for
Commercial
$5.01% for cable transfers.
sight bills finished
cable
$5.01%@$5.02%«for cable trans¬
Closing quotations
demand and
at
Thursday sterling continued
$5.01%@$5.04%-
bankers' £ight and
fers.
On
sight
Friday at $5.01, sixty-day bills
$5.0034, ninety-day bills at $4.99%, documents
for payment
bills
at
(60 days) at $5.00, and seven-day grain
$5.0034-
Cotton and grain
for
payment
to
his
opposition to the
M. Jean Tannery,
paper.
policy of greater accommodation to the
a
increase in the maximum of Treasury accommo¬
Still further
borrowing is imminent if the Treasury
is to carry on at
all and M. Tannery is believed to be
strenuously opposed to
credit. Both the
closed to the
and
further extension of Treasuiy
a
long- and the short-term markets are
Treasury because of the excessively high
of
lack
utter
French
confidence
the
on
Continental and Other Foreign Exchange
THE Frenchalarming and the is regarded opinion
franc situation
of in all
seems
to be that it
consensus
will be further
result of the Socialist anti-deflation
highly probable that the
under the
aggravated
policy.
as a
It seems
The current statement of the Bank shows increas¬
ingly heavy support of the national Treasury in the
fact
discounts
that
value
of
and
advances
20,000,000,000 francs,
have
risen
of which
leadership of M. Leon Blum
may
be
com¬
approximately
4,794,000,000
francs
During the week ended May 29 the Bank of France
lost gold to the extent of
mately $29,054,293).
Bank of France
Bank
57,021,505,659 francs (about
are now
$3,782,431,000).
438,000,900 francs (approxi¬
The total gold holdings of the
Despite the heavy gold losses of the
of France
in
the
as
past few years, the Bank
in
a
strong position but for
situation
while
of
Present
country.
represent
a
francs
gold
on
Dec.
coverage
1932,
2,
em¬
The current difficulties of the franc
tions
are
success
as
a
result of
in the French elec¬
part of the general news of the day and need
compares
legal requirement of 35%.
Italian lire continue to be
unit is
held
nominally quoted.
now
reflects
The
steady by the Italian exchange control,
practically
a
move, as
blocked unit and in
general economic
trends.
the lira
no
way
No trustworthy
information regarding Italian business, currency or
ployed by Germany and Italy.
Socialist and Communist
political
holdings,
nevertheless
of 61.01%, which
regardless of how other currencies
now
gold
26,338,000,000 francs under the high of 83,-
359,000,000
with
the
is
lation and control similar to the methods
(about
$318,000,000).
pelled, if it does noil resort to devaluation of the
system of strict regu¬
a
On May 24, 1935, total commercial discounts
paper.
were
franc, to place the unit under
a
to
15,000,-
000,000 francs is believed to represent Government
French administration
new
part of
investors, large and small.
the entire lack of confidence in the internal
as
M.
present Governor, was placed in power because he
would be considered
closed at $5.01.
markets
the
dation, which has, however, long since been exceeded.
decidedly
$5.02 1-16 for bankers' sight and $5.01%@$5.02 3-16
for cable transfers.
attributed
was
discounting of Treasury
was
13-15@$5.00% for cable
was
for
not arrested until
resignation of Governor Moreau of the Bank
France
rates
The
Wednesday the pound
European demand.
on
firm.
was
$4.99 ll-16@$5.00and $4.99
transfers.
firm
closed in
were
In New
responsible
was
Poincare.
on
not quoted in New York because
was
was
premiership of the late
1928, under the
June,
an
of the Memorial
War
World
State, and he consented with apparent willingness to
Referring to day-to-day rates sterling exchange
Saturday last
the
demoralizing inflation which
quoted at
was
discount of 7-32%.
a
of
close
favored
the week
are
Treasury at the Bank of France during and after the
was
exports, of the
no
Bankers
agreed that the excessive borrowing of the French
from France and $1,430,-
There
Canadian exchange during
a
were
gold
and its resistance has been stiffened since the
paper
stabilization of the unit in June, 1928.
change in gold held earmarked for foreign
or
gold
There
of
Friday $23,390,600 of gold
$21,959,800
800 from
of
week ended
$45,600
change in gold held earmarked for foreign
or
account.
metal
for the
are
Thursday
On
The council of the Bank of France has
always resisted the excessive discounting of Treasury
Increase: $6,717,000
Note—We have been notified that
The
Treasury to obtain greater accommodation
financial position has been available since December.
Dispatches from Rome
Government had issued
on
a
Thursday stated that the
decree
imposing additional
Volume
Financial
142
effective
financial restrictions
10, "to protect
June
Italians and foreigners
the lira."
Under the decree
entering
leaving Italy and the Italian colonies
or
300 lire
is
will
Italian banknotes not exceeding
be allowed to carry
The decree
($23) plus 50 lire ($3.95) in coin.
designed to obtain
much foreign currency as
as
possible to bolster Italy's trade position.
German marks continue to reflect
a
steady aggrava-
foreign exchange position of the Reich,
tion of the
been
less active, as caution has increased because of the
uneasiness resulting from new ordinances drastically
restricting the present meager right of transfer. The
For the
past few weeks the Berlin boerse has
December, 1935, against the importation
hibition of
This constitutes
of bank notes.
its
own
10 marks
repudiation of
New measures
right to transfer abroad so much
Funds
not be
may
subscriptions to foreign periodicals,
similarly restricted in
many
other ways.
shortage of foreign exchange is hardly disclosed
The
in
are
new
month per person.
a
transferred for
Transfers
a
Reich.
by the
currency
restrict the current
as
German coins its pro-
extended to
Reichsbank has
the
of the
return
continuing to
which shows
Reichsbank, but the Bank is
deposits abroad,
gold
its
replenish
that current commercial receipts
in the international sense.
practically
on
The Reich's
a
"swapping"
table
following
of the
relation
the
shows
leading currencies still
gold to the United States
on
°Parufar NZTr
<
3.92
V%.63
13.90
16)95
5.26
*91
(franc)
Belgium (belga)
Italy (lira)
16.90
19.30
s/2.&7
40.20
v^68.06
The London check rate
76.17, against 75.92
New York
sight bills
on
bills
at
Friday of last week;
against 6.58%, and
6.55 5-16,
bills and at 16.91 for cable
and
16.91%.
were
40.25 for bankers'
in
In
com-
6.55%.
against
closed at 16.90 for bankers' sight
Antwerp belgas
transfers,
Friday
on
the French center finished at
cable transfers at 6.58 5-16,
sight
67.54^
Friday of last week.
5-16, against 6.57% on
mercial
to 32.31J^
to 67.59
32.30
Paris closed
on
on
to 16.92
to 7.89
7.86^
Holland (guilder)
6.57
for
Final quotations
Berlin
marks
sight bills and 40.26 for cable
40.24 and 40.25.
sight bills and
with
comparison
for cable transfers,
7.88
Austrian
against 7.87 and 7.88.
18.76, against
closed at
schillings
Czechoslovakia
at
4.13%,
exchange,
on
4.13%;
Bucharest at 0.74, against 0.74;
on
18.75;
against
on
Poland
18.80, against 18.80; and on Finland at 2.21%,
at
The Bank has also been shipping gold to
Belgium in order to strengthen the guilder in Antwerp
Greek exchange closed at 0.93 for
against 2.20%.
bankers'
•
Bankers' sight
on
Amsterdam finished on Friday
at 67.57, against 67.52 on Friday of last week; cable
67.58, against
67.53; and commercial
closed
at
32.29
for checks and at
,
.
_
transfers, against
pVipplr4? fini^ViPrl fit
cnecKS imisneQ at
32.29 and
22
_
on
Swiss francs
32.30 for cable
32.30.
,
~
Copenhagen
find pfihlp "fnnnsfp'rs fit 22 40
ana caoie transiers ar
22-33" Checks on Sweden
a§ainst 22'32 and
closed
at 25-84 and cable transfers at 25.85, against 25.75
and 25.76, while checks on Norway finished at 25.19
and cable transfers at 25.20, against 25.10 and 25.11.
Spanish pesetas closed at 13.63 for bankers sight bills
and at 13"64 for cable transfers, against 13.63
and 13.64.
^
transfers, against 16.90%
Italian lire closed at 7.87 for bankers'
at
guilders.
sight bills at 67.55, against 67.50.
nZweek
6.585-16to 6.58^
r
Switzerland (franc)_________
at
raised to 4%% from 3%%. The latter rate became
effective only on May 30. Open market rates in
Amsterdam were immediately adjusted upwards, the
private discount rate going to 4% from 3%%. On
Thursday, June 4, the private discount rate was
again marked up to 4%%. This indicates the ineffectiveness of the new bank rate and the probability
of further increase in the Netherlands rediscount rate,
On June 1 the total gold holdings of the Netherlands
transfers at
dollar:
France
been compelled to make two increases in its rediscount rate in the past week. On June 3 the rate was
and Brussels.
barter basis.
The
that for some weeks gold has come from Amsterdam
to New York owing to the low ruling rates for
guilders in terms of the dollar. Since April 24 approximately $29,400,000 gold has been engaged in
Holland for shipment to New York. Despite the
strong banking position the Netherlands bank has
so
loss since the statement of May 18 of 57,800,000
currency
or
ment of Amsterdam funds to the New York market,
bank stood at 640,200,000 guilders, representing a
The
is
The Dutch situation is the more critical as the
belief is general in Holland that the guilder will be
devalued either legally, like the belga, or by abandonment of the gold bloc and adherence to the sterling
group. There has also been a more consistent move-
long since ceased to be a
has
service.
international trade
Dutch
This movement continues with Swiss and
funds moving particularly to London,
imports plus debt
not sufficient to cover the cost of
mark
are
3739
Chronicle
sight bills, and at 0.93% for cable trans-
fers, against 0.92% and 0.93%.
T^XCHANGE on the South American countries
presents no new features of importance from
those of recent weeks. Owing to exchange controls
these currencies are relatively steady and inclined to
firmness as the majority of the South American units
are held h1 alignment with sterling^ However, if the
present appreciation of sterling in terms of the
dollar continues, the South American countries may
he compelled to modify their exchange control
policies to some extent, as the discrepancy with the
dollar would be too great. If the British Exchange
Control were to allow the franc, that is, the London
^
check rate
♦—
on
Paris, to
go
to 80, the sterling-dollar
EXCHANGE on theduring the neutral during the rate would be approximately $5.27. change South
countries past several weeks American country is likely to make any No in its
continues
as
war
to
display mixed trends. The Scandinavian currencies
are
firm in
sympathy with sterling.
Swiss francs and
exchange control regulations until such time
London's position is made thoroughly clear.
as
Holland
guilders
under
Argentine paper pesos closed on Friday, official
pressure
in consequence of the aggravated French
quotations, at 33% for bankers' sight, against 33.29
on Friday of last week; cable transfers at 33%,
against 33%.
The unofficial or free market close
was 27.80@27.85, against 27.70@27%.
Brazilian
situation.
there
as
a
investment
available
are
Before the present French crisis developed
had been
Switzerland and
York
gold bloc currencies
consistent outflow of funds from
Holland to
markets
the
as
London and New
presenting
the
only
opportunities for profitable employment,
milreis, official quotations, are 8% for bankers' sight
bills and 8.44 for cable transfers, against
8% and
3740
The
8.44.
uno
against 5.75.
at
Chronicle
Financial
ficial
free market closejwas 5.85,
or
against 25.00.
of the State is the same
>'■'
;;
,
♦
■
•.
tinues to follow trends
of the
Eastern units
Far
The
between the
agreement
authorities
and the
indicates
balance
United
Chinese
States
increase
no
the
Japanese
control
the
holds
the
also firm
are
yen
on
In
rigidly to sterling.
yen
possibly lower the value of the
29.39, against 29.30
kong
closed
yen
Should
circumstances.
and
were
29.97@30J/£;
upon
49.90, against 49.90; Singapore at 59.05,
of
European Banks
bullion
exchange) in the principal European banks
legislation,
as
of
marizing
Butler
£
England—
Germany b.
Spain
Italy
Netherlands
Switzerland
Sweden
Denmark
_
_
Norway
6,604,000
6,601,000
that of
men
under similar
ignore all the
90,374,000
70,483,000
thought and
given special
be subjected to special restraint in
or
and
civil
relationships.'"
some
and
case
moral
sum¬
of its statements, Associate Justice
The
to have
a
living
wage may
fallacy of the proposed method
assumes
that every em¬
ployer is bound at all events to furnish it.
60,895,000
69,744,000
76,400,000
71,278,000
12,031,000
common
is accorded emancipation
attaining it is that it
requirement, implicit in
every
The
contract of
78,121,000
72,617,000
7,397,000
6,569,000
employment, viz., that the amount to be paid and
80,463,000
11,443,000
8,032,000
the service to be rendered shall bear to each other
relation of
some
6,561,000
nored.
The
just equivalence, is completely ig¬
necessities
of
the
employee
are
alone
considered, and these arise outside of the employ¬
ment
and
are
great in
as
one
occupation
as
in
.
Freedom of Contract and the
Minimum
For the second time the
law
Wage
minimum
trict of
wage
attempt to establish by
Columbia,
on
Act of
for
women
workers in the Dis¬
the ground that it
Monday
York
the
York
both
minimum wage
of
law of 1933.
of
the
The New
had held the State law unconsti¬
violative of
the State and
in that
decided
case
Appeals, following the decision in
Adkins case,
as
The
involved the constitutionality
Court
tutional
was repug¬
clause of the Fifth Amend¬
the
due process
the Federal
position the ruling
question applied to all
was
clauses of
Constitutions, and
sustained.
women
The Act
and minors in any
occupation except domestic service and farm labor,
but the question of the labor pf minors was not
involved.
The Act did not
Associate Justice
ion of the
apply to
men.
Butler, who delivered the opin¬
majority of the Court, pointed out that
.
<A statute which
.
solely with relation
.
the
the contract
to
prescribes payment
circumstances apart
of
employment, the business af¬
it, and the work done under it is so clearly
product of
a
naked, arbitrary exercise of
power
that it cannot be allowed to stand under the Con¬
stitution of the United States.'"
Congress establish¬
ment of the Federal Constitution.
New
by the Su¬
an
nant to the due
process
.
.
fected by
Court. In 1923, in the Adkins case, the Court
held unconstitutional
a
.
from
minimum wage has been defeated
a
preme
in
as
woman
man or woman,
another.
on
well
of
182.461,505
641,364,780
37,481,300
90,150,000
20, 1935; latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which the
present
is £1.225.750.
ing
of mature age, sm
would be to
£
187,737,544
648,493,515
16,697,800
Amount held Oct.
year
of
case
so
conceded.
Total week. 1,042,650,189 1,148,447,369 1,222,913,121
1,257,204,859 1,219,589,585
Prev. week. 1,045,992,925 1,182,855,532 1,216,506,365 1,259,205,180 1,207,577,912
a
conditions of work may
women
be
£
192,102,316
626,216,805
5,311,000
90,513,000
73,962,000
67,460,000
77,067,000
61,216,000
15,091,000
7,397,000
6,577,000
92,862,000
44,252,000
18,978,000
7,394,000
men
account, but 'we cannot
1932
1933
£
193,454,590
574,229,829
3,021,950
90,780,000
63,024,000
53,850,000
56,984,000
101,164,000
49,103,000
23,944,000
6,554,000
Nat. Belg..
1934
£
208,170,294
456,172,045
2,273,850
89,106,000
a42,575,000
France
between
pointed out that "the ethical right of every
worker,
1935
differences
Referring further to the Adkins
corresponding dates in the previous
1936
as
her contractual
four years:
Bakks of—
freedom
be subjected to restrictions
may
To do
by which
protection
by special cable yesterday (Friday); comparisons
shown for the
that
from the old doctrine that she must be
par
respective dates of most recent statements, reported
are
by private bar¬
can
implications to be drawn from the present-day trend
THE following table indicates the amounts of gold
(converted into pounds sterling at
us
generally
their liberty of contract which could not law¬
usage,
to
or
circumstances.
Calcutta at 37.87, against 37.71.
they
or
fully be imposed in the
against 58.65; Bombay at 37.87, against 37.71, and
of
employment,
recognized in proper cases, and i
accept the doctrine that
juris, require
at
against
Physical
must be
properly take them into
Hong¬
Manila at
Gold Bullion in
women
32.35@32^;
Shanghai
30.00@30)^,
of
legislation fixing hours
Friday of last week.
on
323^@323^, against
at
contracts
em¬
be paid.
only be justified by the existence of exceptional
can
yen.
checks yesterday
part of the
wages to
Legislative abridgment of
gaining.
pound be permitted to maintain its present strong
Closing quotations for
making
each other the best terms
position in terms of the dollar, the Japanese control
may
a
speaking, the parties have equal right to obtain from
the Japanese
as
The
provisions of contracts between
ployer and employee fixing the
Hongkong dollar, which is allied to sterling, is
firm.
upon
States."
decision, he said, shows that "the right to
this liberty are
while
rate,
of the United
power
liberty protected by the due process clause. Within
financial
Treasury and
in
that imposed by the corre-
as
make contracts about one's affairs is
London.
on
Shanghai dollar currently shows the effect of the
Recent
the
high levels of exchange
legislative
Adkins
allied to sterling and
are
clause of the
spending provision of the Fifth Amendment
the
EXCHANGE on the Far long in evidence. Most
Eastern countries con¬
reflect the current
concerned, "the
was
Fourteenth Amendment upon the legislative power
Peru is nominal at 25.00,
5.19.
the enactment at issue
as
restraint imposed by the due process
Chilean exchange is nominally quoted
5.19, against
far
as
Jane 6, 1936
A
the
low
"factual
background" in the first section of
statute, calling attention to the unreasonably
wages paid to women in some employments and
emphasizing the condition
did not carry great
as
one
of public concern,
weight with the Court.
"Much,
all," Associate Justice Butler declared, that
said "in justification of the
regulations that the
if not
is
Act
imposes in respect of women's
wages
applies
with equal force in
support of the same regulation
of men's
wages. While men are left free to fix their
wages
by agreement with employers,
it would be
fanciful to suppose that the
regulation of women's
wages would be useful to prevent or
lessen the evils
listed in the first section of the Act.
of work
are
Men
in need
likely as women to accept the low
offered by unscrupulous employers. Men in
greater number than women support themselves and
as
wages
dependents, and because of need will work for
what-
Voliime
ever
Financial
142
get, and that without regard
of the service and even though the pay
they
wages
to the value
can
is less than minima
this
is
It
Act.
prescribed in accordance
under
that,
plain
with
circumstances
background,'
prescribing of minimum wages for women alone
would unreasonably restrain them in competition
with men, and tend arbitrarily to deprive them of
employment and a fair chance to find work."
The New York statute, as has been said, applied
such
to
those
as
women
As
and to all persons
Court, the possible bearing of
before the
In
the
the
however, the Supreme Court has
much
to have been justified at some time
past, must now be regarded as without justi¬
in the
in either law
or
With women com¬
fact.
peting openly with men in industry, business
professions, and enjoying political equality
the
is absurd to
it
and
with
complete equality in legal rights,
and almost
men
assume
that they any longer need
special legal protection in order to prevent
their
That women have been
workers.
exploitation as
exploited by means of low wages is not to be denied,
men workers have suffered from the same evil,
but
and it
has
been
We
other.
based
as
great in the one case as in the
know, from an authoritative deci¬
now
the
of
sion
fairly be questioned whether the evil
may
not
of
Court,
Supreme
upon sex
that
discrimination
is not a constitutional remedy for
the evil of low wages,
cise
are
it
but a purely arbitrary exer¬
authority
legislative
devoid
of
rational
is, in part only through the payment of reason¬
able
of
Whether, in view of the decision, a State law es¬
tablishing minimum wages for both men and women
The decision does not say,
is
possible is not clear.
in
terms, that a minimum wage law which made no
would be uncon¬
hailed
as
The
great point of the decision, however,
assertion
tract
of
a
as
thize, however, with those who regard the decision
as
a
serious blow to social progress.
There are
weighty objections to a minimum wage law of any
kind, irrespective of the presence or absence of sex
discrimination in its
It
provisions.
to have been
seems
assumed, for example, by
of those who have commented
some
adversely
on
the
decision, that the Court has dealt a blow at proper
American labor leaders, however,
standards.
wage
favoring minimum wage prescriptions, have
while
nevertheless
insisted
that
the minimum to become the
same
time taking
the
tendency
was
maximum, while at the
wages are
and
scales either maintained or raised.
the view of
what
it
organized labor, if wage scales are to
can
labor be assured of a fair share of
produces and a proper standard of living
be maintained.
it is often
Save on the assumption that
represented to be.
worker
hardly be said
to govern at all in wage agreements to which labor
unions are parties, and outside of union circles the
wages offered are, more often than not, the deter¬
mining individual reason for accepting, refusing or
retaining a job. The exercise of freedom in contract¬
ing is not, of course, perfect, and the situation is
confused by the present extent of unemployment,
but the New York law, as the Supreme Court pointed
out, was not an emergency measure but a permanent
one, and any law which attempts to fix a minimum
wage must take account of ordinary and not emer¬
any
however high, is less than the
wage,
might like to receive, necessity can
gency
conditions.
yond all question be upheld.
recognized and maintained, we
duces
of
union
for
driven
should be¬
Unless the right is
shall have an inten¬
right of free contract which
It is this
a
labor struggle
tyranny,
which so often pro¬
and another wedge will be
government prescription of wages
and
prices. The fact that the
Supreme Court has again called a halt in the "so¬
government regulation of
of industry
ing the overthrow of
those who
seems,
indeed, to underly
criticism which has been voiced
are
regard¬
the New York law, but only
committed to such an extension of
still feel that adult
need a special
protection which too often results in their exploita¬
tion, will be likely to regard the decision as anything
but a gain.
There is nothing in Associate Justice
Butler's opinion, nor in the dissenting opinions of
the minority of the Court, to show that the consti¬
government interference, or who
women,
because they are women,
tutional freedom of
if the States are
it, and nothing in
nance
is not a
contract cannot be maintained
willing to exert themselves about
history to show that its mainte¬
primary condition of political and
social liberty.
To
a
Diplomacy in the Driftway
In
changed at all they must go up, since only in
that way
offered. It is doubtful if that neces¬
sity is today anywhere near as urgent as
that wage cuts should be resisted
years,
be
freedom of contract
the position, especially during the
depression
wage
for
which the
Much has been said and
matters, and of the necessity which large
of workers are under of accepting what¬
stitutional, and it is possible that such a law might
be framed that would avoid the difficulties which
We are unable to sympa¬
guarantees.
is its
of free. con¬
part of the due process of law
about the absence of
written
ever
constitutional right
the
Constitution
most of the
pointed out.
instead
blow to labor, should be
good in which men as well as women
a
cialization"
Court
as a
will be able to share.
discrimination between the sexes
the
the Supreme Court decision,
wages,
being condemned
sification
principle.
If the "social
appealing is to be realized, as obviously
fond of
numbers
it may appear
fication
organized labor to secure.
justice" to which labor leaders and social workers
declining to approve a minimum wage law
legal discrimination which, however
a
of
in wage
of minors need not be
case
for adult women,
ended
aim
consid¬
decision in the
ered;
under 21 years of age.
question involving minors was raised in
no
case
portrayed in the 'factual
3741
Chronicle
considerable extent, thanks to
of the Council of
of
European diplomacy has been, for the most part,
one
of drift. Nothing so upsetting has happened
for more than fifteen years as the Italian defiance
Pending the expected meeting
the League
of Nations, on June 16, the course
League in the war with
aggressive action and the Federal guarantee of col¬
of the
lective
Ethiopia, and the
prompt action of Italy in
bargaining,
this object has been attained.
The establishment of a minimum wage, on
the other
hand, tends to stratify wages at what is commonly
a
to
low level of
the
subsistence, and thus stands opposed
progressively higher wages which it is the
decreeing an administra¬
tive organization for the country which it has con¬
quered has added to the bewilderment. The general
election in France,
to the
together with the delay incident
inauguration of the new Socialist Ministry,
3742
Financial
lias left France for the moment without
policy, at the
time that
same
of strikes and labor disturbances
tions of
foreign
has raised ques¬
possible internal changes about which diplo¬
does not like to think.
macy
a
serious outbreak
a
Kussia for
a
ed
Britain
Great
building has prompt¬
for
try
some
limitation
by
bilateral
agreement, but the Russians have proved to
be
bargainers, and British opinion,
hard
stunned
the
by
a
budget scandal involving
a
already
member of
Cabinet, looks anxiously about in search of the
best way to turn.
To add to these troubles, the Ger¬
Government appears to be in no
man
hurry about
replying to the British questionnaire, with the
sult that the Hitler
proposals for security in western
Europe and the Anglo-German rivalry in air
ment
are
the
At
more
left
bottom
less
or
other
of
in
situation, and
The fact that each of
passed under
been
regarded
dictatorship has
a
as
establishing
any
close bond between them, and there have been
of indications that
alliance,
anything resembling
close Avorking understanding,
or even a
European matters
The
confused
Italy and Germany.
number
a
this
intimately connected with all of its
not, of itself,
not desired
was
either side.
on
Ethiopian controversy, however, has altered the
situation
radically.
It is
now
perceived that if the
League continues to regard Italy
as
a
culprit and
It will not be easy
The
of
of
preventing
ground
upon
Italy and Germany may get together, and
likelihood
the
greatly
of
heightened
a
if,
as
rapprochement
a
result
of
will
not
hostility, Italy withdraws from the League.
of
the
accord
the
most
is
a
effective
common
impulses
sense
of
to
One
international
grievance, and while
grievances of Germany and Italy in regard to
League are not the same, each country has what
the
it views
as a
has any
valid
ground of complaint, and neither
fundamental respect for the League.
attitude of
The
Germany at the moment maybe described
passive; the attitude of Italy may be inferred
as
from
the
announced
plan of Mussolini to hold
a
chance of
still
urgent need,
as
some
of the Powers
see
it,
of
preventing Italy and Germany from forming a
central European bloc
which, if Austria were to
join it, would cut the Continent in
to
explain the Russian
two
goes
far
feat and
been
and
may
vantage.
Rome, but membership in the
long period of virtual ostracism,
a
useful
now,
diplomatically to
Soviet Russia
perhaps, be turned to further
As Russian diplomacy
ad¬
the European
situation, Germany is Russia's ultimate enemy, and
the
only European Power which alone it has
reason
sion
aim
sees
seriously to fear.
Germany's hope of
eastward, it is confidently believed, has as its
not only the liberation of the
large German
too hostile to
Italy to make
a
The action of
Argentina,
the other hand, in call¬
ing for
easy.
con¬
put the issue off, and the announcement from Ge¬
Thursday that the Assembly would
neva on
at the
must
that
be dealt with.
soon
volved in the
the
may
save as
propose
sanctions
retreat
a
greater Powers may join, but it is
further
are
intention
which
of
as
yet
complications.
joined in sanctions
as
a
having thereby nulli¬
as
to
and
sources
the
utmost
itself
make
with Italy.
Fur¬
of sanctions Italy has
consequence
itself
It appears to
Italy to regard the countries
fied their commercial agreements
erted
hope, apparently,
hope.
a
ther,
question
Powers, not deeply in¬
Ethiopian imbroglio
injured their trade,
There
be
There is
of the lesser
one or more
only
convene
of this month shows that the
end
to
develop its
own
ex¬
re¬
economically self-support¬
ing, and while there is much difference of opinion
elsewhere
is
regarding the
little doubt
able.
It is
start
on
that
now
haste to
nations
success
of its efforts, there
has
been
to national
commercial relations with
resume
beyond what is
Italy
is
concerned, in
trade
is
very
much
hand, the Ethiopian
to supply
necessary
may
compose
in the
up
air.
If sanctions
alliance
may
be
are
lifted and
defeated.
discriminations
continue
markets of London and Paris
will be
On the other
has been costly, and Italy
its quarrel with the League and
other
or
money
as
forthcoming from Paris and London, Italy
Italo-German
tions
As far
other words, international
war
foreign loans.
good
a
self-sufficiency, Italy
things which it cannot itself produce.
are
consider¬
reported that, having made
the road
no
success
the
hardly
are
If
an
sanc¬
and
the
closed, there
possibility of preventing
an
Italo-
German alliance whenever the two Powers
are
ready
a
for it.
The
as
to
position of Great Britain is
be
Britain
almost
is
pressure.
startling.
so
unaccustomed
Diplomatically
Great
temporarily sidetracked and also under
The extent to which
assigned them, but also the acquisition of territory
League,
Italian alliance with
change of front
Ethiopian problem, makes it impossible to
Eden, in his aggressive
An
on
meeting of the League Assembly to
a
sider the
minorities in countries to which the
peace treaties
in the Ukraine.
much embarrassed
as
by its record as Great Britain, and Russia has been
any
expan¬
con¬
France, which also
supported sanctions, albeit much less heartily and
needs
or
can
asking that sanctions be lifted and the
uncompromisingly, is almost
loans
has
demanding rigorous sanctions and
hardly be expected to take the lead in admitting de¬
professions of interest in
League, after
in
deep in chagrin at its failure at Geneva,
League. It is doubtful if the League, as an or¬
ganization, is held in any greater esteem at Moscow
the
than it is at Berlin
Great Britain, foremost among
success.
Powers
the
other
The
League must
can
is in
meeting of the League Council.
a
any
great military demonstration in northern Italy on
of the
as
number of
a
again hope to assert its authority with
the
eve
sanctions
stopping war,
or
yield, rightly arguing that if it yields it
never
be
continued
reconciliation.
the smaller Powers still insist that the
which the
common
a
demonstrated breakdown of
the
means
thereby have established
that
to effect such
great obstacle, of course, is sanctions. In spite
have
a
way,
Italy and the League.
persists in maintaining the ban of sanctions, it will
which
to be within Italy's grasp. The only
apparently, to prevent such an accord is to reconcile
quest of Ethiopia recognized;
features, is the question of the future relations
between
an
arma¬
hanging.
those countries has
very
re¬
June 6, 1936
tage of the control of the Mediterranean which ap¬
pears now
The demand of Soviet
free hand in naval
to
Chronicle
involved
course
Great
Foreign
Secretary
with Italy and the
Britain
in
commitments
Germany,
bristling with possibilities of future trouble has
military aid to the
Reich, would immensely increase Germany's powers
of offense, and at the same time
give it the advan-
hardly yet been fully realized by the British public,
even
if it did not involve direct
at the
the
same
time that
electorate
seems
a
powerful pacifist section of
still
committed to
support of
Volume
the
Financial
142
British relations with Germany are
League.
disturbed
Britain
of
air force,
exceed, that
steadily growing, and by a
by profound fear of the German
which is believed to
equal, if it does not
be
and to
sentiment
due, it would seem, less to any special liking for
Germany than to dislike of Mussolini and Fascism
generally. The old cordiality toward France, in
turn, has greatly waned, and the Leon Blum Gov¬
pronounced development of pro-German
have hard work to restore it
ernment will
thing
Not for many years
than
if any¬
undertaken.
have Continental affairs felt less
radical in Socialist policy is
very
the
now
weight of British influence, or re¬
garded with more apprehension the exceptional ef¬
forts which Great Britain is making to enlarge its
safeguard its food supply
defensive armament and
in the event of
the
circumstances,
Soviet Russia in
a
of
appearance
and influential role is not
new
for
entirely welcome. As far as the Russian demand
a
building is concerned there is
free hand in naval
opposition,
since every other naval Power is now claiming vir¬
tually the same freedom. The announcement that
effective
no
argument to be made in
must be equal to
Russian fleet in the Pacific
the
Japan, however, raises in acute form the
of
that
question of Russo-Japanese relations in the
whole
policy of Japan toward China—
the
Far East and
sharpened
question whose significance has been
a
within
past few days by reports of outspoken
the
criticism at Canton of the weak course of the
Nan¬
king Government in resisting Japanese encroach¬
ments
in
the
of large-scale military
proposed war.
and
North,
movements in the South and even of
If
Britain,
in addition to exacting from Great
now,
recogni¬
it
needs, Soviet Russia is able also to offer a solution
of the sanctions problem which will keep Italy and
Germany apart, the diplomatic leadership will have *
passed for the time being from Great Britain and
in
the
negotiations which are going on, a
tion of its
right to have such a navy as it thinks
France to
a
rest, awaiting the next move.
the Powers
Here
Europe are
Power whose interests in
comparison with its interests in Asia.
small in
Something will be gained if Hitler's
explanation of
proposals is such as Great Britain will
his peace
French Ministry
accept; something more if the new
war.
these
Under
3743
Chronicle
security and more
shows itself less concerned about
of friendly relations
about the establishment
the Reich.
Sooner
wiped off the slate and a'way found to
have to be
French claims in Ethiopia.
and
British
settle the
with
later, however, sanctions will
or
certain
accord
and of Italian resistance to any interference with
the territory it has conquered.
The only result of
keeping controversy alive for the sake of saving the
longer those steps are delayed, the more
The
will become the prospect of an Italo-German
will be the formation of more
of the League
face
diplomatic in¬
alliances, the development of more
trigue, and then war.
Unlisted Securities on National
Exchanges—Measure Signed by President Roosevelt on May 27
Following Passage by Congress—Amends Securities Exchange Act of 1934 Makes
Permanent Requirements for Registration of Over'the'Counter Dealers
for Continuance of Trading in
Text of Act Providing
Securities
bill,
by the Securities and Exchange Commission, to
signing by President Roosevelt on May 27 of the
The
sponsored
continue
trading
national
securities
exchanges
At the
issue, page 3602.
our
of the provisions
Act of
bill, which amends the Securities Exchange
of the
registration
affects
and
Securities
1933.
of
Act
30
May
time we gave the statement
same
issued by the SEC explaining the purpose
1934
in
noted
was
1 on
June
after
securities
unlisted
in
newly-enacted
the
of
text
The
the
under
filed
statements
be
sufficient public
national
continuation
securities
unlisted
trading in
of
for the
exchanges,
brokers and dealers,
public interest or for the protection of investors.
registration
securities
upon
of over-the-counter
for the filing of current information
and periodic
assembled, That subsection
Securities Exchange Act of
of the
"(f) Notwithstanding
securities
national
application
by
hereinafter
set
a
and House of Representatives of the
by the Senate
States of America in Congress
the
(1)
forth,
application
upon
United
of section 12
beneficial
to
and
section,
and conditions need not be
which it shall appear to the Com¬
mission that
the public interest and the protection of
investors would
nevertheless best be served by such extension of unlisted trading privileges.
the
approval
such
of
and conditions
continue unlisted trading privileges to which
may
admitted
such exchange prior to March 1,
on
publication
securities
such
1934;
(2)
or
extend unlisted
may
registered
on
(3)
may
other
or
registered
effect
on any
only so long
such
as
security
other national securities exchange;
extend unlisted trading privileges to any security in respect of
there is
which
in
continue
trading privileges shall
shall remain listed and
or
trading privileges to any security duly listed
other national securities exchange, but such unlisted
any
available
filed
data
Commission
under
from
this
title
registration statement and periodic reports
a
pursuant
rules
to
or
the
information substantially equivalent
regulations
or
Securities
Act
by
prescribed
of
1933,
as
the
amended,
to that available pursuant to rules
or
regulations of the Commission in respect of a security duly listed and regis¬
tered
on
a
national securities exchange, but such unlisted trading privileges
shall continue in effect only so long as such a
effective
"No
the
and
such
application
Commission
periodic reports
pursuant
finds
that
to
the
or
this
subsection
continuation
ing privileges pursuant to such application
the
public interest
or
for
registration statement remains
other data continue to be
the protection
of
or
is
shall
be
extension
necessary
investors.
so
approved
of unlisted
or
filed.
unless
trad¬
appropriate in
No application
to
making
or
exchange,
by
or
any
such
exchange,
such
or
exchange
quotations
between
available for publication by any national
person directly or indirectly controlled by
transactions in securities made or effected
or
controlled
or
transactions
in
person shall clearly
listed securities, and
in securities for which unlisted trading privi¬
leges on such exchange have been continued or extended pursuant to this
subsection.
In the publication or making available for publication of such
quotations
quotations
in
which
for
or
or
transactions otherwise thai? by ticker, such exchange or con¬
shall group under separate headings (A) quotations or trans¬
securities, and (B) quotations or transactions in securities
listed
unlisted
extended
"The
transactions
or
trolled person
actions
and
such terms
that
except
exchange, of quotations
upon
any
owner
exchange;
securities
differentiate
this
of
subject to the terms
and
Commission
security had been
provisions
foregoing
exchange,
the
(f)
is amended to read as follows:
1934
this
will
imposed in any case or class of cases in
In
enacted
Be it
No application to extend
trading priveleges to any security pursuant to clause (3) of
shall be approved except upon such terms and conditions as
thereof, the officers and directors of such issuer, and
of more than 10 per centum of such security to
duties substantially equivalent to the duties which would arise pursuant
to this title if such security were duly listed and registered on a national
issuers, and for other purposes.
reports by
of unlisted
thereto necessary or appropriate in the
subject the issuer
AN ACT
the
for
trading activity therein to render the extension
trading privileges on such exchange
every
provide
of such security and
subsection
[S. 4023]
To
vicinity of such
there exists in the
that
widespread public distribution
exchange sufficiently
establish to the
shall
exchange
applicant
Commission
the
of
the
unless
approved
satisfaction
unlisted
follows:
measure
(2) or (3) of this subsection
privileges to any security pursuant to clause
shall
to extend unlisted trading
No application
opportunity for hearing.
and
except after appropriate notice
of this subsection shall be approved
(3)
clause (2)
to any security pursuant tq
unlisted trading privileges
extend
or
trading privileges on
shall
Commission
such
exchange has been
continued
to this subsection.
pursuant
by
rules
and
regulations suspend unlisted trad¬
for any or all classes of securities for a
period not exceeding twelve months, if it deems such suspension necessary
or appropriate in the public interest or for the
protection of investors or to
ing privileges in whole or in part
prevent evasion of the purposes of this title.
"Unlisted
trading
privileges
continued
for
any
security
pursuant
to
after appropriate
at any time that such
clause
(1) of this subsection shall be terminated by order,
notice
and
security
it
withdrawn
shall
be
or
unless
it
shall
if it
appears
from listing
established to
that such delisting was not
mission
title
been
unless
thereof,
for hearing,
opportunity
has
appear
to
on
exchange by the issuer
satisfaction of the Com¬
any
the
designed to evade the purposes of this
the
Commission
notwithstanding
that,
of evasion, the continuation of such unlisted trading
privileges is nevetheless necessary or appropriate in the public interest or
for the protection of investors.
On the application of the issuer of any
security for which unlisted trading privileges' on any exchange have been
any
such
continued
dealer
purpose
or
extended
who makes
or
pursuant
creates
a
to
this
subsection,
market for such
or
of
security,
any
or
of
broker
any
or
other
3744
pension
Chronicle
Financial
having
person
bona-fide
a
in the question
interest
such
unlisted
shall
of
by order terminate,
Commission
trading
privileges,
termination
its
on
or
suspend
or
of
for
the
withdraw
investors,
of
from
registration
withdrawal with the Commission.
period' not exceed-
a
June 6, 1936
Commission may deem necessary in the public interest
sue-
motion,
own
or
by
for the protection
or
filing
notice
written
a
If the Commission finds that
of
regis-
any
ing twelve months, such unlisted trading privileges for such security if the
tered
Commission
registration is pending, is no longer in existence or has ceased to do
business as a broker or dealer, the Commission shall by order cancel the
that
by
finds,
after
of
reason
appropriate
vicinity of said exchange,
the
character
or
of
or
suspension
protection
"In
and
is
of
by
or
and
opportunity
such
of
for
security in
appropriate in the public interest
or
hearing,
the
I
for the
or
in
which
notice
appropriate
are required, notice of not less than ten days
such proceeding, to the issuer of the security involved,
in
exchange which is seeking to continue
extend
or
has continued
or
privileges for such security, and to the exchange,
if
any, on which such security is listed and registered, shall be deemed
adequate notice, and any broker or dealer who makes or creates a market
such
security, and
proceeding,
"Any
shall
other
any
which
for
having
person
application
upon
security
to be
trading
or
subsection shall be deemed to be registered on a
national securities exchange within the meaning of this title.
The powers
duties
of
title
shall
be
such
security.
deems
of
subsection
rules
of
by
may,
(b)
of
either unconditionally
periods,
exempt
13,
14,
or
such
rules
and
such
19
of
the
securities
from
the
it
as
same
any
clause
(1)
of subsection
(f)
of
section
of
12
the
have
amended
as
Sec.
to
filed
been
of the
15
15.
exclusively
(a)
make
than
is
"(b) A
section
broker
by
shall
dealer
and
under
the
as
contain
any
Commission
unless
in
such
control
rules
and
interest
this
the
for
detail
bills)
broker
for
to
as
broker
with, such broker
the protection
as
of
or
necessary
out
or
means
as hereinafter provided, such registration shall become effective thirty
days after the receipt of such application by the Commission or within such
of time as the Commission may determine.
"An
application
dealer to be
for registration
be
may
made
formed
by
successor
by,
or
and any
under direct
successor,
the
as
necessary
or
investors.
mission
thirty
determine.^
the
in
after
such
the
date
with
thereof,
such
is filed
deemed
such
of
registration
application
time
and
;
its
as
appropriate in
the
effective
been
filed
public interest
date
that
of
may
finds that such denial
this
with
and
(2)
or
partner,
any
such broker or dealer
(or
forming similar functions),
controlled
supplemental
to
at
was
made
investors,
protection of
thus
as
defer
until
amended
the
revocation
or
is in the
any
or
officer,
person
any
director,
branch
or
similar
a
directly
manager
status
or
of
thereto
the
time and
false
in
or
in
the
proceeding
any
before
or
at
the
Commission
with
or
time
any
business
of
thereafter
sale
or
of
diction
from
engaging
with
the
violated
any
provision
or
of
in
or
purchase
of
rule
any
not
to
exceed
appropriate
postpone
such
sale
of
fifteen
it
security;
shall
if,
appear
of such
registration
so
order.
in
practice
or
(D)
or
shall be revoked,
registration
for
after
appropriate
notice
Commission
to
the
final
be
suspension shall
the
public
registered broker
or
to
interest
dealer
the
or
may,
and1
Commission
for
upon
determination
Commission
registration if, after appropriate notice
such
appear
15
Sec.
8.
a
and
period
the
such
shall
by
opportunity
to
be
protection
terms
Subsection
"(a) The
(a)
Commission
necessary
of
be
may
other
vision
in
the
or
be amended
and
conditions
Sec.
and
9.
before the
title";
of
such Act
thereof
thereunder"
registration
a
this
the
statement
by
and!
-
pro-
act done or
any
regulation
or
Federal
Reserve
the
of
System, not-
after such act
may,
determined
be
rule
any
the
regulation
or
or
is
"Sec.
or
omission,
by judicial or other authority
amended
as
adding
by
immediately
inserting
"filed under this title
following:
"or
a
(b)
rule
any
contained
of section
(d)
subsection
new
or
undertaking
any
provided in subsection
thereto
"Sec. 32."
by striking out
(a)";
32.
following the phrase
comma
regulation
32
lieu
in
of
Governors
No
jurisdictions.
respective
reason."
any
Section
inserting
15 of
read
to
as
follows:
"(b)
Any issuer which fails to file information, documents,
pursuant
to
provided in
United
shall
undertaking
an
subsection
States the
sum
continue.
penalty
for
Such
such
(a)
(d)
of
contained
of section
in
15
to
file
registration
a
of this
$100 for each and
forfeiture,
failure
title
shall
be
might
in
be
lieu
as
forfeit to the
file
failure to
of
deemed
reports
statement
shall
day such
every
which
which
or
any
criminal
appro-
Any
the
this
section,
shall
shall
be pavable
be recoverable in
a
civil
arise
to
the Treasury
into
suit in
the
name
under
of the
of
the
Sec. 10.
All brokers and dealers for whom registration is in effect on
the date of enactment of this Act in accordance with rules and regulations
the
of
Commission
Exchange Act of
15 of such Act
prescribed
pursuant
to
section
15
of
Securities
the
shall be deemed to be registered pursuant to section
1934
as
amended by section 3
of this Act.
Sec. 11.
Nothing in this Act shall be deemed to extinguish any liability
which may have arisen prior1 to the effective date of this Act by reason of
rule
any
of
and
violation
as
rescinded
or
to be invalid for
their
liability shall apply to
any
conformity with
in
Board1 of
and
classify issuers, securities, exchanges,
within
imposing
faith
good
Commission
Federal Re-
Governors of the
of
to make such rules and regulations as
power
purpose
matters
or
of this title
omitted
the Board
and
for such
may
persons
any
hearing,
or
read
for the execution of the functions vested in them by this
necessary
and
title,
any
investors.
with any undertaking
in subsection (d) of
23 of such Act is amended to
of section
shall each have
System
or
order suspend
for
provided
as
follows:
as
oppor-
whether
"or
following:
States."
con-
necessary
the
statement
title".
this
of
period
registration
a
United
willfully
has
to the
Pending
before the
States
the^ public interest or for the protection of investors to
the^ effective date of such registration until final determination,
shall
section
as
(f) of section 21 of such Act is amended by inserting
Subsection
in
subsection
Securities Act of 1933, as amended', or of
regulation thereunder.
Pending final deterregistration shall be denied, the Commission
but
7.
contained
United
or
days,
sec.
immediately
the
of
"or any undertaking conprovided in subsection (d) of section
title".
the
involving
conduct
the
such
in
the
in
Commission
priate
of
out
conduct
any
any
whether any such
by order postpone the effective date
tunity for hearing,
the
continuing
or
mination
may
misdemeanor
or
arising
or
broker or dealer;
or
(C) is permanently or temporarily
order,, judgment, or decree of any court of competent juris-
nection
title,
felony
any
a
enjoined by
this
of
security
any
this
in
to this subsection any statement which
light of the circumstances under which it was
by insert-
of section 20 of such Act is amended
(c)
registration statement
a
0f
15
or
misleading with respect to any material fact; or (B) has
been convicted within ten years
preceding the filing of any such application
purchase
Subsection
6,
in
tained
per-
pursuant
there-
undertaking contained in a registration state-
any
ing immediately before the period the following :
indirectly controlling
or
(A)
registration
"or
provided in subsection (d) of section 15 of this title",
as
gEC<
.
public interest
subsequent to becom-
or
occupying
person
of any broker
15 of this
(a) of section 18 of such Act is amended by insert-
withstanding that such rule
opportunity for hear-
revoke the registration
broker or dealer, whether prior or subsequent to
has willfully made or caused to be made in any appliregistration pursuant to this subsection or in any document
for
respect
such
by such
becoming such,
cation
of
part
as
if it appears necessary or
dealer whether prior
or
y
pre-
may,
registration
or
ment
serve
for the
or
such
any
(1) such broker
such,
or
in
day after the filing of such amendment.
dealer if it
ing
may
shall,
successor
Commission
"The Commission shall, after
appropriate notice and
or
Commission
Com-
registration pursuant to
for
simultaneously
ing, by order deny registration to
and
the
market for both the
creating a
or
registered pursuant to section
dealer
or
Subsection
5.
under'' the following:
of
become
shall
by
own.
application
except that the Commission
^
the
the
as
a^
making
immediately before the comma following "any rule or regulation
the forty-fifth day after
on
thereto
prior
regulations
the
as
the
protection
the
such
of
period
for
or
require
regulations
or
to
prior to the effective date thereof, such amendment shall
have
to
application
thirtieth
with, the applicant
and
interest
provided,
unless
rules
amendment to any
any
subsection
the
rules
receipt
shorter
scribe, adopt such application
be
by
public
hereinafter
as
days
control
as
controlled
dealer
securities through the use of the mails or of any
of interstate commerce", and inserting in lieu
of
"every broker
gEC.
application
or
securities issued by a foreign
to
instrumentality
or
thereof
or
applicant and
apply
title".
or
broker
indirectly controlling
or
may
the
to the
formed
Such
successor.
as
be
the
to
which
to
Such registration shall terminate
effective
accordance
"If
such detail
dealer
or
dealer
or
common
Commission
within
or
indirect
appropriate
Except
effective
in
directly
person
or
broker
a
organized is to be the
or
shall contain such information
the
of
broker
a
and
privileges,
and
of this subsection."
(a) of section 17 of such Act is amended by striking
"every broker or
purchase and sale
Ex-
cept
,
shall
rights
similar
Subsection
4,
gBCi
shorter period
organized
The issuer shall
documents, and reports
more.
or
of substantially similar character
are
substantially
enjoy
subsection
this
within the purposes
by,
investors.
such issue of securities,
government or political subdivision thereof or to any other security which
Commission may by rules and regulations exempt as not comprehended
dealer,
or
which
issuer
an
which
of
holders
Nothing in
controlled
in the
^,e
registration,
such
or
regula-
and
appropriate
or
necessary
price, amounts to $2,000,000
s€Curities of
the
this
of
as
that the duty to file shall be auto(1) such issue of securities is listed
or (2) by reason of the
fating and registration of any other security of such issuer on a national
securities exchange, such issuer is required to file pursuant to section 13
0f this title information, documents, and reports substantially equivalent
to guch ag Would be requiredi if such issue of securities were listed and
registered on a national securities exchange, or (3) the aggregate value of
au outstanding securities of the class to which such issue belongs is reduced
to jess tjjan $1,000,000, computed upon the basis of the offering price of
tiie ]ast issue of securities of Baid class offered to the public.
For the
purposes of this subsection, the term 'class' shall be construed to include
au
or
section.
purposes
regulations require
for
or
to
or
exempted
such
of
(b)
application
an
or
in,
an
commercial
indirectly controlling
or
common
by
the public
than
exchange,
subsection
means
any
transaction
any
(other
registered
information
directly
may
be
whose business is
of
or
Commission
indirect
or
effect
securities
may
the
such
person
direct
appropriate in
dealer
with
'
(f)
:.;;r
or
acceptances,
accordance with
or
filing
which
or
in
/
one
mails
security
any
bankers'
paper,
national
a
on
registered
of,
than
the
to
commerce
sale
or
commercial
or
otherwise
dealer
purchase
(other
of
use
prescribe
may
by the
statement relates
such rules
with
accordance
in
the
to
pursuant
undertaking
an
registered on a national securities exchange,
and
1
dealer
or
shall
filed
contain
pursuant to such undertakings, except
Exchange Act of 1934 is amended
'
No broker
intrastate)
the
security
Act,
Securities
instrumentality of interstate
induce
(1) of subsection
follows:
as
"Sec.
pursuant to clause
by section 1 of this
Section
3.
read
and approved
shall
matically suspended if and so long as
Securities
Exchange Act of 1934 and rules and regulations thereunder shall be deemed
to
hereafter}
statement
supplementary and periodic information,
such
file
Any application to continue unlisted trading privileges for any
security heretofore filed by any exchange and approved by the Commission
to
the
or
offering
o{ gUch
title.*'
2.
pursuant
for
shall,
the aggregate value of all other securities of such issuer of the
ciass "(as hereinafter defined) outstanding, computed upon the basis
pius
conditions,
of
Commission
operative only if the aggregate offering price of
protection
operation
The
for the protection of investors, such supplementary and
periodic information, documents, and reports as may be required pursuant
to section
13 of this title in respect of a security listed and registered
on
a
national securities exchange;
but such undertaking shall become
any
regulations
for
or
commercial
than
of securities to which the registration
the Commission
as
public interest
this
of
respect
in
specified terms and
upon
16 of this
or
section
exchange
an
appropriate in the public interest
or
provision of section
Sec.
under
the
to
The Commission
stated
for
Commission
applicable
necessary
investors,
or
the
(other
security
any
amended,
as
Commission,
the
with
file
tions
extended pursuant to this
and
of,
contrivance.
or
1933,
of
Act
of the issue
issuer
to
continued
are
device
registration
"(d) Each
Securities
heard.
privileges
application
an
contrivances
bona-fide interest in such
a
be entitled
unlisted
whom
of this subsection, by rules and regulations define such devices or
as are manipulative, deceptive, or otherwise fraudulent,
purposes
extended unlisted trading
for
dealer for
or
or commercial bills)
otherwise than on a
by means of any manipulative, deceptive, or
exchange,
securities
fraudulent
other
sale
or
acceptances,
banker's
national
or
purchase
the
induce
paper,
opportunity for hearing
to the
broker
any
registration or application of such broker or dealer.
"(c) No broker or dealer shall make use of the mails or of any means
instrumentality of interstate commerce to effect any transaction in, or
to
subsection
or
or
investors.
this
dealer,
broker or
for
of inadequate public trading activity
on said exchange,
such termination
reason
trading therein
necessary
the applicant
to
of
proceeding under
any
notice
inadequate public distribution
or
of
section
regulation
15
of the
Securities
Exchange Act of
1934
or
of
thereunder.
Sec. 12.
This Act shall become effective immediately upon the enactment thereof; except that clause (2) of subsection (f) of section 12 of the
Securities Exchange Act of 1934, as amended by section 1 hereof, and
subsections (a)
hereof,
shall
and that clause
shall
become
and (d) of section 15 of such Act,
become
(3)
effective
90
days
of said subsection
effective
six
Approved, May 27, 1936.
months
after
(f),
after
as
the
the
as
amended by section 3
enactment
this
of
amended by section
enactment
"
of
this
Act,
1 hereof,
Act.
Volume
Financial
142
Chronicle
3745
Text of Majority Opinion of United States Supreme Court Holding Unconstitutional
New York Minimum Wage Law Governing Wages and Working Hours of Women
and Children
More extended reference is made elsewhere in this issue
to the decision handed down on June 1, in which the United
States Supreme Court, in a 5 to 4 opinion, declared uncon¬
stitutional the New York State Minimum Wage Law, gov¬
erning
and working hours of women and children in
the State.
In this ruling the majority conclusions which
had to do with the wages of women, held that the law
violated the due process clause of the Fourteenth Amend¬
ment of the Constitution, guaranteeing individual freedom
of contract.
We give herewith the text of the majority
decision written by Justice Pierce Butler, as contained in a
Washington dispatch June 1 to the New York "Times":
missioner is of opinion that any substantial number of women in
any occupa¬
tion
OF
THE
UNITED
receiving oppressive and unreasonable wages he shall appoint a
board to report upon the establishment of minimum fair wage rates.
Section 554.
And for
to minimum fair wage
as
cumstances
and
to the
People
vs.
Joseph Tipaldo.
ex rel
or
class of service rendered,
(2) may be guided by like considerations
as
would guide a court in a
suit for the reasonable value of services rendered where services
at
or
This is
character
habeas corpus case
a
originating in the Supreme Court of New
obey the mandatory order of the State Industrial Commissioner pre¬
scribing minimum wages for
The relator's
Laws of 1933,
made
women
petition for the writ
(Cons. Law,
that the statute, c 584 of the
avers
31, art. 19) under which the Commissioner
c
the order, in so far as
it purports
of
name
Section 557.
an
Section 559.
employer
If, after
him to fix women's
to authorize
the order
stitution of the State and the due process clause of the Fourteenth Amend¬
opinion that persistent non-observance is a threat
prescribed standards, he may after hearing make
Section 560.
Violation of
mandatory order is a
a
misdemeanor punishable by fine, imprisonment or both.
Thus it appears:
one
such
women
Section 565 (2).
The minimum wage provided for in the District Act
not less than
was
any
ment to the Constitution of the United States.
mandatory.
having failed to observe the directory order.
as
directory order has been in effect for nine months,
a
is of
to the maintenance of the
is repugnant to the due process clause, Art. I, Section 6, of the Con¬
wages,
If after the hearing he approves the
directory order which shall define minimum fair
a
Upon hearing and finding of disobedience the Commissioner may publish
the
the Commissioner
employees.
the report, he shall publish it and a public
Section 556.
"shall make
wage rates."
York.
to
by employers who voluntarily maintain
Section 551 (8).
Acts Are Compared
If the Commissioner
accepts
report, he
Relator was indicted in the County Court of Kings County and sent
jail to await trial upon the charge that as manager of a laundry he failed
rendered
paid, and (3) may consider the wages paid in the State for work
comparable
hearing must be held.
Supreme Court of the State of New York.
are
the request of an employer without contract as to the amount of the
wage to be
On writ of certiorari
Mr. Justice Butler delivered the opinion of the Court.
to
(1) may take into account all relevant cir¬
affecting the value of the service
Frederick L. Morehead, as Warden of the City Prison of the Borough of
Brooklyn, petitioner,
"In establishing a
Commissioner and the Wage Board without being bound by any technical
rules of evidence or procedure
minimum fair wage standards."
No. 838, October Term, 1935
Section 555.
standards.
administrative guidance, the Act declares;
minimum fair wage for any service or class of service under this Article the
of like
STATES
After investigation the board shall submit a report including
its recommendations
wages
SUPREME COURT
are
wage
adequate "to supply the necessary cost of living to
workers to maintain them in good health and to protect
their morals."
Federal Statute Condemned
The
application for the writ is grounded upon the claim that the State
statute is
substantially identical with the Minimum Wage Law enacted by
Congress for the District of Columbia, 40 Stat. 960, which in 1923
condemned by this Court
Amendment.
Adkins
repugnant to the due process clause of the
as
triai.
for
The
case
to the due process
233.
submitted
was
petition and return.
on
The
156 Misc. 522.
to the Court of
case
Constitutional
Appeals.
It held the Act repugnant
prisoner discharged; it certified that the Federal
question
Court
Supreme
the
presented and necessarily passed
was
entered
judgment
directed.
as
W
on.
granted
a
The
wit
of
certiorari.—U. S.—7.
The Act extends to
mean an
in
industry, trade
which
women
or
business
minors
or
and minors in any
women
or
"occupation," which "shall
branch thereof or class of work therein
gainfully employed, but shall not include
are
domestic service in the home of the employer or labor on a farm."
551
The basis last mentioned is not to be distinguished from
defined in the District Act.
minimum
Commissioner
emergency
law.
In
Section
affecting safety or protection of employees.
adult
women
conditions
or any
It relates only to wages of
and minors.
As the record is
of investigation, findings,
being paid
order,
of things done to ascertain the minimum prescribed, we must take
or
workers in laundries
women
granted that, if the State is permitted,
as
as
or
elsewhere prior to the
against employers and their
employees, to establish and enforce minimum wages, that power
women
has been
validly exerted.
It is to be assumed that the rates have been fairly made in accordance
with the procedure prescribed
by the Act and in full compliance with the
defined standards.
consistently with the
If,
due process clause, the State
may
not enter
undertaken by challenged enactment, then
regulation of the sort
upon
plainly it cannot by diligence to insure the establishment of just minima
create
Ohio
RR.
field.
to enter that
power
United States, U. S.
vs.
Cf.
St. Joseph
United States,
Stock Yards Co.
(pamphlet,
—,
p.
6).
vs.
Baltimore &
U. S.
(pamphlet,
13-14).
occupation are receiving wages that
ment below.
case
The petition for the wit sought review upon the ground that
is distinguishable from that one.
for reconsideration of the constitutional
The
No application has been made
question there decided. (Footnote 1.)
validity of the principles upon which that decision rests
challenged.
This Court confines itself to the ground
State
Court
Clark
vs.
Williard, 294 P. S. 211, 216.
broader than that sought by the petitioner.
was no
minimum wage must
vs.
overruled.
State
may be
dis¬
tinguished on the ground that the statutes are vitally dissimilar.
The District of Columbia Act provided for a board to ascertain and declare
were
"inadequate to supply the necessary cost of living to
Legislature.
morals."
Section 9.
Violations were punishable by fine and imprisonment.
declared purposes were to protect women
Section 18.
The
from conditions detrimental to
their health and morals, resulting from wages inadequate to maintain decent
standards of living.
Section 23.
The Act of Congress, it is said,
vocations and not to
any employer
employ any woman at an oppressive and unreasonable wage (Section 552)
defined
as one
which is "both less than the fair and reasonable value of the
services rendered and less
than sufficient to meet the minimum cost of
living necessary for health."
"A fair wage" is one
with this statute,
Section 551 (8).
to protect women
Wage Standard
power; was
.
.
applicable to all
.
as
contrasted
the New York Minimum Wage Law provides a definite
It provides that the worker is to be paid at least the
value of the services rendered.
"This
"The
The statute did not provide for
relationship to earning
standard for wages paid.
difference
The opinion continues:
in
phraseology and not in principle.
The
New York Act, as above stated, prohibits an oppressive and unreasonable
wage, which means both less than the fair and reasonable value of the
services rendered and less than sufficient to meet the minimum cost of
living necessary for health.
"The Act of Congress had one standard, the living wage; this State Act
has added another, reasonable value.
The minimum wage must include
is
a
both.
"What was vague before has not been made any clearer.
One of the
elements, therefore, in fixing the fair wage is the very matter which was the
basis of the Congressional Act. Forcing the payment of wages at a reason¬
able value does not make inapplicable the principle and ruling of the Adkins
case.
The distinctions between this case and the Adkins case are differences
in details, methods and time; the exercise of legislative power to fix wages
in any employment is the same."
that,
petitioner does not suggest and reasonably it cannot be thought
so
far as concerns repugnancy to the due process clause, there is any
difference between the Minimum Wage Law for the District of
and the clause of the
New York Act,
minimum cost of living necessary
other
Columbia
"less than sufficient to meet the
for health."
Petitioner does not claim that element was validated by
it the
including with
ingredient, "less than the fair and reasonable value of the
services rendered."
Backs State Court
His brief repeats
has
the State Court's declaration:
standard, the living wage; this State Act
another, reasonable value.
The minimum wage must include
been made any clearer.
fixing the fair wage is the very matter
the basis of the Congressional Act "
'The Act of Congress had one
added
both. What was vague before has not
"
'One of the elements, therefore, in
which
was
Then he says:
Court's misconception of the statute. It
From it flows the erroneous conclusion of the Court
"The italicized lines carry the
is
a
basic conception.
of Appeals that there exists no material difference between the two statutes.
"Those two factors do not enter into the determination of the minimum
'fair wage' as in the statute defined, nor as determined in this case.
The
only basis for evaluating and arriving at the 'fair minimum wage' is the fair
value of the services rendered."
fact that the State Court construed the prescribed
petitioner here refuses to accept
Petitioner's contention that the Court of Appeals mis¬
construed the Act cannot be
entertained.
This Court is without power to
different construction upon the State enactment
put
a
the
from that adopted by
highest court of the State.
Accepted as Legislature's Aim
Section 551 (7).
"fairly and reasonably commensurate with the value
of the service or class of service rendered."
Set
the character of the work.
There is no blinking the
public policy for
was
which were inadequate to maintain
the statute in the Adkins case was to guarantee a wage based
that construction.
The New York Act declares it to be against
both elements.
standard to include cost of living or that
New York Act Quoted
Against the
opinion then quotes from the brief of the Attorney General:
purpose of
any
such women workers to maintain them in good health and to protect their
parties as to
established solely
the Court of Appeals held that the
solely upon the necessities of the workers.
"standards of minimum wages" for women in any occupation and what
wages
living wage.
decent standards of living."
"
He maintains that it
on
from conditions resulting from wages
Manhattan
He is not entitled and does not ask to be heard upon the question whether
the Adkins case should be
a
that value and the living wage.
be based
Here the review granted
Johnson
controversy between the
was
Speaking through its chief judge, that Court said: "We find no material
difference between the Act of Congress and this Act of the New York
Railway Co.. 289 U. S. 479, 494.
to
there
contention of the Attorney General,
not
Alice State Bank vs. Houston Pasture Co., 247 U. S.
asked or granted.
240,242.
are
upon which the writ
number of
oppressive and
are
whether the "minimum fair wage rates" are required to be
The
was
any
prescribe
finding by the
a
other administrative agency that a substantial
upon value of service or upon
Court Restricts Its Acts
The Adkins case, unless distinguishable, requires affirmance of the judg¬
this
or
the wages to have any
of details in respect
barren
amounts
pp.
the
The
It does not regulate hours
as
fair
than
the living wage
The exertion of the granted power to
State Act conditioned upon
Law
an
wage
"less
That finding is essential to jurisdiction of the Commissioner.
Not Emergency Law
it
in
women
is by the
wages
(6).
It is not
The other is:
sufficient to meet the minimum cost of living necessary for health."
clauses of the State and Federal Constitutions. 270 N. Y.
sustained and
oppressive and unreasonable
unreasonable, i.e., less than value of the service and less than
The remittitur directed that the order appealed from be reversed, the
wit
an
The one first mentioned is: "less than the
Power Based on Finding
order of the County Court he was detaining
an
Court dismissed the writ,
Relator took the
defines
and reasonable value of the services rendered."
disclosing the Commissioner's order, the
of the Act, or the allegations of the indictment
pursuance
merely shows that under
relator
Act
containing two elements.
Fifth
the findings essential to his jurisdiction to establish them,
wages,
things done in
was
York
Children's Hospital, 261 U. S. 525.
vs.
The Warden's return, "without
prescribed
New
The
If the Com¬
We
are
not at
the
The meaning of the statute as
liberty to consider petitioner's argument based on
construction repudiated by that
Court.
3746
Financial
fixed by its
decision must be accepted here
specifically expressed in the
if the
as
meaning had been
Knights of Pythias vs. Meyer, 265,
enactment.
U. S. 30, 32.
Exclusive authority to enact carries with it
final authority to say what the
Jones vs. Prairie Oil Co., 273 U. S.
195, 200.
measure means,
The standard
of "minimum fair-wage rates"
prescribed must
living wage,
Harvester Co.
As
be considered
of
an
workers to be
women
elements, value of service and
statutory definition itself. International
Act of Congress
courts to be the laws of the United
by her
for
if both
Kentucky, 234 U. S. 216, 220.
vs.
construction
our
as
were embodied in the
States,
so
be
must
deemed by State
this New York Act
as
construed
court of last resort must here be taken to
express the intention and
Green vs. Lessee of Neal, 6 Pet.
purpose of her lawmakers.
291, 295-298.
The State Court rightly held that the
Adkins
requires that relator be
under which he
was
discharged
the
upon
case
controls this
ground
that
the
and
one
Chronicle
"Should
commission power to determine
the quantity of food necessary for individual support and
require the shop¬
keeper, if he sell to the individual at all, to furnish that quantity at not
more than a fixed maximum, it would
undoubtedly fall before the con¬
stitutional test. The fallacy of any argument in support of the
validity of
such a statute would be quickly exposed.
*
..
"But
a
things,
that it cannot be allowed to stand under the Constitution of the
States."
;f-:v
legislation
The general statement in the New York Act of
the fields of labor it in¬
not
covered, indicates legislative
intention to reach nearly all private employers of
women.
The Act does not
It does extend to boys and
girls under the age of 21 years,
but there is here involved
no
question
as to its
validity in respect of
to be prescribed for them.
wages
Two Questions Raised
Relator's petition for the writ shows that the
charge against him is that
of a laundry he "disobeyed a mandatory order
prescribing certain
minimum wages for certain adult women
employees of the said
as manager
Upon the face of the Act
the
whether
the
may
employers State-made minimum wage rates for all com¬
petent experienced women workers whom they may have in their
service.
That question involves anothefc
It is:
one.
Whether the State has power
similarly to subject to State-made wages all adult women
employed in
trade, industry or business, other than house and farm work.
These were
the questions decided in the Adkins
attempt to support the
Plainly that position is untenable.
for
1
Act
as
regulation the amount of
construed
by the
if it did not include
as
the sole standard.
was
If the State has power to
single out
be paid women, the value of their
wages to
services would be a material consideration.
the question whether the State has
But that fact has
any
no
relevance
such power.
And utterly without significance upon the question of
power is the sugges¬
tion that the New York prescribed standard includes value of
service with
cost of living whereas the District of Columbia standard was
based upon the
latter alone.
As shown
above, the dominant issue in the Adkins
Congress had
State
upon the
not
His claim is that it is to be tested here
the cost of living and as if value of service
here involved.
are
question arises
does
Petitioner
State court.
laundry."
The rights of no other class of workers
United
.
Petitioner's Claim Rejected
upon
impose
..
which
statute
prescribes payment without regard to
any of
and solely with relation to circumstances apart from the
contract of employment, the business affected by
it, and the work done
under it, is so clearly the product of a naked,
arbitrary exercise of power
these
indicted and imprisoned is
repugnant to the due process
cludes, taken in connection with the work
a
"The argument in support of that now being considered is
equally
fallacious, though the weakness of it may not be so plain.
A statute re¬
quiring an employer to pay in money, to pay at prescribed and regular
intervals, to pay the value of the services rendered, even to pay with fair
relation to the extent of the benefit obtained from the
service, would be
understandable.
clause of the 14th Amendment.
extent to men.
June 6, 1936
statute undertake to vest in
a
establish minimum
power to
in the District of Columbia.
The
The opinion
case
whether
was
wages for adult women workers
directly
answers in the
negative.
ruling that defects in the prescribed standard stamped that
arbitrary and invalid
Act
as
additional group of subordinate
consequence.
was an
The dissenting opinion of Mr. Chief Justice Taft
(in which Mr. Justice
Sanford concurred) assumes (p. 564) "That the conclusion in this
(Adkins)
the distinction between a minimum of
wages and a maximum
case rests on
case.
at least as concerns the
validity of the enactment under consider¬
ation, the restraint imposed by the due progrcess clause of the
14th Amend¬
of hours."
ment upon
standard prescribed by the
So far
legislative power of the State is the
corresponding
provisions
of
the
Fifth
same as
Amendment
that imposed by the
the
upon
That is the only point he
discussed; he did not refer
legislative
Equal Bargaining Defended
and employee
In
The right to make contracts
liberty protected by the due process
Within this liberty are provisions of contracts
between employer
clause.
fixing the
wages to be
making contracts
have equal right
of
paid.
employment,
generally speaking,
to obtain from each other the
private bargaining.
best
the
parties
terms they can
Legislative abridgment of that freedom
justified by the existence of exceptional circumstances.
can
by
only be
Freedom of
con¬
tract is the general rule and restraint the
exception.
This Court has found not
repugnant to the due process clause statutes
fixing rates and charges to be exacted by business impressed with a
public
interest, relating to contracts for the performance of public
work, prescrib¬
ing the character, methods and time of
payment of wages, fixing hours of
labor.
Physical
differences
proper cases and
between
women of mature age,
upon their
case
of
men
and
legislation fixing hours
take them into account, but
or
women
special circumstances, or whether
recognized in
And, after assuming that
not
no
power
opinion ways (p. 570):
"But the group
which the law is held to fail is
on
fundamental and therefore it is unnecessary to consider matters of detail."
If the decision of the Court tinned upon the
question of the
validity
of the particular standard, that question could not have been
ignored by the
Justices who were in favor of upholding the Act.
Clearly
they understood,
and rightly, that, by the opinion of the Court, it was held
that
was
Congress
without power to deal with the subject at all.
To distinguish this from the Adkins case,
petitioner refers to changes in
conditions that have come since that decision, cites
great increase during
in the number of
years
women
wage
earners and invokes the
first
sedtion of the Act, called "factual background."
Act
The Act is not to meet
lawfully be imposed in the
the increasing number of
under similar circumstances.
that Congress has
would not be employed at the wages
fixed unless they were earned or unless the
employer could pay them, the
women
"Permanent Policy"
a
be subjected to restrictions
or may
we must say
meddle with the matter at all."
to
(p. 553) "we cannot accept the doctrine that
sui juris, require
liberty of contract which could
men
The dissenting opinion of Mr. Justice Holmes
begins (p. 567): "The ques¬
tion in this case is the broad one, whether Congress can establish
minimum
rates of wages for women in the District of Columbia with due
provision for
recent
be
must
conditions of work may properly
validity of the
Holmes Finding Quoted
power of the United States.
This Court's opinion shows
(Pp. 545, 546):
about one's affairs is a part of the
to the
Act.
an
emergency; it discloses a
women
permanent
policy;
workers
suggests that more and more they
getting and holding jobs that otherwise would belong to men.
The
"factual background" must be read in the
light of the circumstances
are
Health Issue Raised
"To do
so
would be to ignore all the implications to be drawn
from the
present day trend of legislation, as well
by which
usage,
woman
is accorded
that of
as
emancipation from the old doctrine
relationships.
.
to show that the
.
.
(p. 554).
authority to fix hours of labor
be exercised except in
respect of those occupations
long continued duration is detrimental to health.
cannot
where work of
"This Court has been careful in
every case where the question has been
raised, to place its decision upon this limited authority of the
Legislature to
regulate hours of labor and to disclaim any purpose to
uphold the legisla¬
tion as fixing wages, thus
recognizing an essential difference between the
two.
It
seems
plain that these decisions afford
of law establishing minimum
wages."
The decision and the
reasoning
no
real support for any
form
paid.
Then the opinion emphasizes objections specifically applicable to the
requirement that the minimum wages to be prescribed under the District
Act shall be adequate "to
supply the necessary cost of living to any such
workers to maintain them in
good health and protect
The
were:
price
relation to earning powers, hours
wholly
on
opinion of the Board
or
as
fixed
by
place
to
or
the
Board
their morals."
need
have
no
character of work; it is based
what amount will be necessary to
comply with the standard; it applies to every occupation without
regard to
the kind of work; the standard is
application; the Act takes
to
the extent that the
amounts to
for
a
so
vague as to be
only the employee;
fixed exceeds fair value of service rendered, it
or
compulsory exaction for the support of
a
partially indigent
the contract
the work
the employee engages to do; the declared basis is
not the value of the service rendered but the
extraneous circumstance that
the
or
employee needs to get
a
prescribed
sum
of money to insure
her
sub¬
sistence, health and morals.
a
living
"The ethical right of every
worker, man or woman, to
wage may
be conceded.
The fallacy of the proposed method
of attaining it is that it assumes that
every employer is bound at all events
to furnish it.
The moral requirement,
implicit in every contract of employ¬
ment, viz., that the amount to be paid and the service to be rendered shall
bear to each other
"The
some
relation of just equivalence, is completely ignored.
necessities of the employee
are
alone
considered
and
these
particular
constitutional
enactment then before us, the
measures
was
and
approved;
vetoed and did not become law.
was
definitions of oppressive wage and fair wage and in
same
same
machinery and procedure culminating in fixing
The one vetoed was for an emergency;
minimum wages by directory orders.
it extended to men
well
as
the enforcement of wages
as
to women
employees; it did not provide for
by mandatory orders.
It is significant that their "factual
backgrounds" are much alike.
indicated in the margin.
(Footnote 2).
These
are
They
legislative declarations,
in form of
findings
or recitals of
fact, serve well to illustrate why any measure
that deprives employers and adult women of freedom
to agree upon wages,
leaving employers and
men
employees free
so to
do, is necessarily arbitrary.
Men Equally Subject to Evils
Much, if not all that
that the Act
in them is said in justification of the regulations
imposes in respect of women's
apply with equal force in
wages
same
by agreement with employers, it would be fanciful to
regulation of men's wages.
While
men are
left free to
suppose
that the regulation of women's wages would be useful to
prevent or lessen
the evils listed in the first section of the Act.
Men in need of work
are
as
likely
offered by unscrupulous
employers.
as
to accept the
women
low wages
Men in greater number than
women
support themselves and dependents and because of need will work for what¬
ever
they
wages
and even
get and that without regard to the value of the service
can
though the
pay
is less than minimma prescribed in accordance
with this Act.
It
is
plain that,
under
circumstances
such
as
those
portrayed in the
"factual background," prescribing of minimum
wages for women alone would
unreasonably restrain them in competition with men and tend arbitrarily
to deprive them of
employment and a fair chance to find work.
of
This Court, on the
authority of the Adkins case and with the acquiescence
all. the Justices who dissented from the
decision, (Footnote 3) held
the
repugnant to
Arizona
and
due process
Arkansas,
clause of the
14th
Amendment
statutes
of
(Footnote 4) respectively, fixing minimum wages
for
women.
Murphy vs. Sardell, 269 U. S. 530. Donham vs. West-Nelson
Mfg. Co., 273 U. S. 657. We have adhered to the principle there
applied
as a guide in other cases.
Meyer vs. Nebraska, 262 U. S. 390,
399, Wolff Co. vs. Industrial Court, 262, U. S. 522, 534. Ribnik vs. Mc-
difficulties
encountered
opinion proceeds (p. 559):
I
by
Bride, 277 U. S. 350, 356.
States
having similar
wages
for
Relations,
adult
119
the
Topeka
12.
Folding Furniture Works
vs.
See Near
vs.
Minnesota, 283 U. S. 697, 707-708.
enactments have construed it to prevent the
women.
Kan.
Laundry Co.
Stevenson
vs.
vs.
St.
vs.
Clair,
Court
161
of
Minn.
fixing of
Industrial
444.
Industrial Commission, 300 Fed. 991.
See
People
Successors of Laurnaga & Co., 32 P. R. 766.
Adkins Ruling Declared Sound
arise
outside of the employment and are as great in one
occupation as in another."
Illustrating
The other
and cited it
Employee Alone Considered
The Court said:
have
They contained the
general provided the
wrhose
condition there rests upon the
employer no perculiar
responsibility; the statute exacts from the employer an arbitrary payment
for a purpose and upon a basis
having no causal connection with his business
person
One
impossible of practical
account of the necesitites of
sum
wage
it is the Act now before us.
fix their wages
ft
Some of them
Legislature passed two minimum
support of the
Objections Are Cited
women
York
which it rests clearly show that the
upon
State is without power
by any form of legislation to prohibit, change or
nullify contracts between employers and adult women workers as to the
amount of wages to be
New
contemporaneously submitted them to the Governor.
thought and
that she must be given special
protection or be subjected to special restraint
in her contractual and civil
"Enough has been said
attending its enactment.
The
common
The
New
and the
Ybrk court's
later
That decision
rulings that
was
decision
we
conforms to
have made
deliberately made
upon
on
in
Adkins
case,
authority of that
case.
ours
the
the
careful consideration of the oral
Volume
arguments and briefs of the respective parties and also of briefs
behalf of States and others
on
as
legislation then before
of the police power
Counsel for
Act from
officers,
and
exertion
of the State.
ought to
"Judged by
a
brief amicus curiae
decision in the Adkins case was
our
by chance and caprice and the
this
Court, after
standards, [and] the standards such
"In the absence
discussion
was
required to show that,
was
having
judgment in the case now before us must also be affirmed.
Briefs
City of New York and the State of Illinois.
Rhode
filed by the
were
Association,
affirmance
National
on
reduces
were
Woman's
filed by the
Party,
and omitting those in italics, there is
not
employed in the State of New York are such as to render imperative the
exercise of the police power of the State for the
Association
of
Adding the words in brackets
us.
approved.
and minors in trade and industry
and not fairly com¬
mensurate with the value of the services rendered is a matter
(3) Mr. Justice Brandeis took
part in the consideration of the Adkins
Arkansas
(4) The Arizona Act declared:
person
shall employ any female in any store, office,
shop, restaurant, dining room, hotel, rooming house, laundry or manu¬
facturing establishment at a weekly wage of less than Sixteen Dollars
"No
as
applied to their relations with their employers
their
dependent
large percentage of such workers are obliged from
week to week wages to support
themselves and others who are
them in whole or in part they are,
by reason of their necessitous
.
.
.
($16.00) per week; a lesser amount being hereby
Laws of Arizona 1923 C 3, Section 1.
The Arkansas Act declared:
shall
"It
unlawful
be
for
any
employer
...
to pay any female
less than the wage specified in
worker in any establishment or occupation
this section, to wit, except as hereinafter provided:
'All
who have had six months' practicable experience in any
or
labor shall be paid not less than one
The minimum wage for inexperienced female
had six months' experience in any line of industry or
day.'
workers who have not
labor shall be paid not
Digest.'*
Section 7108, Crawford and Moses
Flotations in theUnited States During the Month
the First of January
The New Capital
female workers
line of industry
dollar and twenty-five cents per
day.
less thna one dollar per
circumstances, forced to accept whatever wages are offered them.
declared inadequate to
her
supply the necessary cost of living to any such female, to maintain
health and to provide her with the common necessities of life."
of grave and
illusory.
upon
no
without more in the Arizona case and
He noted dissent
case.
bargaining with their employers in regard to minimum fair wage standards,
very
In the considered judgment of the
Arizona Act is Quoted
Many [men and] women and minors employed for
and 'freedom of contract'
a
in their health and well-being and in the
Legislature this article is constitutional."
gain in the State of New York are not as a class upon a level of equality in
"Since
protection of industry and
[men and] women and minors employed therein and of the public
States of
indicated the background in the bill
"The employment of [men and] women
is
The evils of
oppressive, unreasonable and unfair wages as they affect women and minors
New York State
National
in the State of New York at wages unreasonably low
vital public concern.
employers,
[a large proportion of the
population of the State] and threatens the stability of industry.
Omitting the words in brackets, the following is the factual back¬
was
purchasing power of the workers
case.
ground in the first section of the Act before
that
rates for women
Hampshire, New Jersey and
Women Lawyers, et al.
(2)
the
wage
by unscrupulous employers
wages
the merits supporting
tate of Ohio and by the
New
Massachusetts,
Briefs for
Island.
Hotel
of any effective minimum fair
prevention of the deterioration of the race.
(1) Briefs amici curiae in support of the application were filed by the
Illinois,
ignorant
exist tend to be set by the least con-
serious form of unfair competition against other
a
interest of the community at large
Footnotes
as
minors, the constant lowering of
constitutes
of the
ordered.
New York Act
or
minimum fair wage
and
all that
And in each case, being
affirmed
curiam the decree enjoining its enforcement. It is equally plain that the
the
harsh
of inefficient,
adequate machinery
suggested
sound.
as
14th Amendment, we so held and upon the authority of that case
Connecticut,
Women and minors employed for gain are
overreaching
scionable employers.
Arkansas
fixing wages for women was repugnant to the due process clause of the
so
fixed
no
presented
the
regard to the principles applied in the Adkins case, the State legislation
It is
in many cases
are
exists for the effective regulation and maintenance of
the State
In
thoughtful attention to
clearly of opinion that no
the
wages
accepted are often found to hear no
employers and under unregulated competition where
case
against that decision, adhered to it
per
to
by painstaking and thorough brief
be overruled.
appellants there,
wages
relation to the service rendered.
arguments in favor of the same contention.
But
reasonable standard,
any
peculiarly subject
the California commission submitted
in which he elaborately argued that
erroneous
the
case
and insisted that the latter was a valid
us
Wages "Fixed by Chance"
submitted
In the Arizona
amici curiae.
Attorney General sought to distinguish the District of Columbia
the
3747
Financial Chronicle
142
of May
and for the Five Months Since
with tlie month of April, when the new capi¬
$1,020,031,598 were the largest of any
since shortly after the stock market crash in 1929,
As compared
flotations
tal
month
at
figures for May show a sharp decrease to a grand total
our
of only
Our
$413,35S,541.
tabulations,,
issues
note
.
as
corporations,
by
and
domestic,
also
include the stock, bond and
by
holding,
investment
and
Loan
Farm
and
publicly-offered
governmental agency issues.
The grand total of the offer¬
ings of new securities under these various heads during
May
reached,
in
the aggregate was
exact figures,
$1,020,031,598.
$413,358,541.
For
April
In March it Tvas $767,-
February it was $301,977,816, and in January
it was $410,824,204.
Of the $413,358,541 grand total of
issues marketed during May of this year, corporate flota¬
351,183;
tions
in
comprised
$304,993,100;
offered
governmental
besides
which
ties
months,
agency
$98,694,141
marketed.
were
of
Farm Loan and publiclyissues contributed $9,671,300,
State
and
municipal
As has been the case
refunding operations
accounted
securi¬
in other recent
for a
substantial
portion of the new issues in May, no less than $301,787,821
out of the grand total being for that purpose, and leaving
the month's new capital application at $111,570,720.
United States Government issues appeared in the usual
during the month of May.
Four double Treasury bill
offerings on a bank discount basis comprised the month's
new financing by the government.
The details in respect
to these offerings are set forth belowr.
Because of the im¬
portance and magnitude of United States Treasury financ¬
ing, we furnish also a summary of the new offerings made
during May and those since the first of January.
order
New Treasury
On
Financing During the Month of May 1936
April 30 Secretary of the Treasury Morgentliau an¬
a new offering of two series of Treasury bills in
nounced
amount
the
of
thereabouts, respectively.
dated May 6, the 223-day Treasury
$50,000,000,
Both series of bills were
bill issue coming due
or
Dec. 15, 1936, and the 273-day Treas¬
Tenders for the 223totaled $94,599,000, of which $50,024,000 was
accepted.
The average price of the bills of this series was
99.924, the average rate on a bank discount basis being
ury
day
bill issue maturing Feb. 3, 1937.
bills
Subscriptions to
the 273-day
Treasury
bills
$93,918,000, of which $50,102,000 was accepted,
average price of 99.905, the average rate on a bank
0.123%.
amounted to
at
an
discount basis being 0.125%.
to
offer
$100,000,000,
or
It is the Treasury's intention
thereabouts, of bills each week to
provide funds for the soldiers' bonus which becomes pay¬
able June 15, and to maintain a comfortable cash position.
Another offering of two series of Treasury bills in the
amount of
nounced
bills
$50,000,000, or thereabouts, respectively, was an¬
May 7 by Mr. Morgenthau.
Both series of
dated May 13, the 216-day bills maturing Dec. 15,
on
were
005,000
accepted.
The average price of the bills was
rate on a bank discount basis being
wras
99.909,
the
average
Subscriptions to
the 273-day Treasury bills
$125,607,000, of which $50,111,000 was accepted,
at an average price of 99.858, the average rate on a bank
discount basis being 0.188%.
This financing provided for
0.151%.
'
always,
trading companies, and by States and municipalities, foreign
and
1936, and the 273-day bills maturing Feb. 10,1937.
Tenders
for the 216-day bills totaled $187,941,000, of which $50,-
amounted to
the
replacement
of $50,045,000 of maturing
bills, leaving
$50,071,000 as new debt.
Mr. Morgenthau on May 14 announced another offering
of two series of Treasury bills in the amount of $50,000,000,
of bills were
15, 1936, and
the 273-day bills coming due Feb. 17, 1937.
Tenders for
the 209-day bills totaled $140,735,000, of which $50,000,000
was accepted.
The average price of the bills was 99.910,
the average rate on a bank discount basis being 0.156%.
Subscriptions to the 273-day bills amounted to $161,330,000,
of which $50,005,000 was accepted, at an average price of
99.863, the average rate on a bank discount basis being
0.11%.
This financing provided for the retirement of $50,045,000 of maturing bills, leaving $49,960,000 as an addition
or
thereabouts,
dated May 20,
to
Both
respectively.
series
the 209-day bills maturing Dec.
the public debt.
On
May 21
Mr.
Morgenthau
announced a further new
offering of two series of Treasury bills in the amount
$50,000,000,
bills
were
1936,
and
or
thereabouts,
respectively.
Both
series
of
of
15,
due Feb. 24, 1937.
202-day bills totaled $131,565,000, of which
dated May 27, the 202-day bills maturing Dec.
the
Tenders for the
273-day
falling
bills
$50,050,000 was accepted.
The average price of the bills
was 99.902;
average rate, about 0.175%.
This issue repre¬
sents new borrowing in
anticipation of bonus payments.
Subscriptions to the 273-day bills aggregated $148,465,000,
which $50,060,000 was accepted.
The average price of
the bills wTas 99.848; average price on a bank discount basis,
of
0.200%.
about
These
bills
replace
a
similar
amount
of
maturing bills.
Morgenthau announced on May 27, in what was
as the largest peace-time government
financing,
Mr.
described
that
securities
offered
in
the
totaling
June
15
the bonus to the World
more
than
quarterly
$2,000,000,000
will
be
Payment of
June 15, together
financing.
War veterans on
requirements of deficit operations of the Treasury
makes the seeking of $1,000,000,000 of new money necessary.
The Treasury, in addition, will refinance $1,050,754,000 of
notes falling due on June 15 and Aug. 1 of this year.
In the following we show in tabular form the Treasury
with the
financing done during the first five months of 1936.
The
results show that the government disposed of $3,152,357,950,
$2,048,384,400 went to take up existing issues and
$1,103,973,550 represented an addition to the public debt.
For May by itself, the disposals aggregated $400,357,000,
of which $200,242,000 constituted refunding and $200,115,000
of which
represented an addition to the public debt:
3748
Financial
UNITED STATES TREASURY FINANCING DURING
MONTHS OF 1936
THE
FIRST
"
FIVE
Chronicle
The
Gas Light & Coke Co. 1st & ref. mtge. 4s D,
proceeds of all being used for refunding.
Peoples
the entire
Date
Amount
Dated
Offered
Due
A pplied
We note that the largest corporate issue of the month of
Amount
for
Accepted
Price
Yield
$
Jam
2 Jan.
8 273
days
132.204,000
Jan.
9 Jan.
15 273
190,515,000
Jan.
16 Jan.
22 273
days
days
Jan.
23 Jan.
29 273
days
50,060,000
50,050,000
50,130,000
60,074,000
212,610,000
170,307,000
Janua ry total
Jan.
30 Feb.
6 273
days
192,133,000
4 Feb.
11 273
days
Feb.
13 Feb.
19 273
days
184.569,000
143,432,000
Feb.
20 Feb.
26 273
days
98,970,000
50,296,000
50,545,000
50,100,000
50,000,000
Febru ary tota
Feb. 27 Mar.
days
2 Mar. 16 12-15
Mar.
5 Mar. 11 273
yrs,
days
Mar. 12 Mar. 18 273 days
Mar. 19 Mar. 25 273 days
Marc h total_
26 Apr.
Apr.
2 Apr.
137,648,000
201,805,000
150,991,000
146,908,000
117,748,000
8 273 days
9 Apr.
15 273 days
16 Apr. 22 273 days
Apr. 23 Apr. 29 273 days
April
total.
99.928 *0.095%
Average
99.934 *0.087%
Average
Average
99.944 *0.074%
99.941 *0.078%
*0.084%
2.75%
1.50%
*0.104%
*0.104%
*0.118%
2,100,326,950
1 273 days
Apr.
Apr.
Average
99.919 *0.107%
99 924 *0 100%
109,838,000
50,010,000 Average
99.937
5,603,388,750 1,223,502.850
100
3,402,542,800
100
676,704,100
123,071,000
50,000,000 Average
99.921
129,255,000
50,025,000 Average
99.921
147,495,000
60,085,000 Average
99.911
2 Mar. 16 5 years
Mar.
.
99.929 *0.094%
99.926 *0.098%
200,941,000
4 273
Mar.
Mar
Average
Average
Average
Average
200,314,000
Feb.
50,028,000
60,196,000
50,008,000
50,077,000
50,110,000
Average
99.904 *0.126%
99.914 *0.113%
Average
Average
99.924 *0.100%
99.929 *0.093%
Average
Average
99.933 *0.089%
May was $85,000,000 Standard Oil Co. 25-year debenture 3s,
due June 1, 1961, priced at 98, to yield 3.11%.
Public
Co., Inc., cons. mtge. Mis, due May 15, 1966, offered at
101%, to yield 3.17%; $25,000,000 Public Service Electric &
Gas Co. 1st & ref. mtge. 3%s, due 1966, placed privately with
leading Eastern life insurance
companies; $22,009,000 The
Peoples Gas Light & Coke Co. 1st & ref. mtge. 4s D, due
June 1, 1961, floated at 97%, to yield 4.15%, and $11,000,000
Minneapolis Gas Light Co. 1st mtge. 4s, series of 1950, due
1950, priced at 102%, to yield 3.75%.
Financing for railroad account during May comprised
two offerings, namely:
$24,000,000 The Cincinnati Union
June 1,
Co. 1st mtge. 3%s, series D, due May 1, 1971,
102%, to yield 3.37%, and $22,727,090 Chicago &
Western Indiana 1st & ref. mtge. 4%s, series D, due
Sept. 1,
1962, issued at 102, to yield 4.12%.
Terminal
issued at
There
there any
Some of the
6 223
days
6 273 days
30 May
94,599,000
50,024,000 Average
50,102,000 Average
7 May 13 216 days
May 21 May 27 202 days
May 21 May 27 273
total
a
99.863
99.848
important corporate offerings made in
more
Dated
another,
or
were
Nero
Accepted
Refunding
$50,060,000
Jan.
$50,060,000
ferred
shares
stock;
Treasury bills
50,050,000
50,050,000
Treasury bills
50,130,000
Treasury bills
50.074,000
50,130,000
50,074,000
$200,314,000
$200,314,000
$50,296,000
50,545,000
50,100,000
50,000,000
$50,091,000
50,545,000
50,100,000
50,000,000
$205,000
$200,941,000
$200,736,000
$205,000
$50,010,000
1,223,502,850
676,704,100
50,000,000
Treasury bills
Feb.
19
Treasury bills
Feb.
26.
Treasury bills
Total
Mar.
4_
Treasury bills
Mar. 16_.
Mar. 16--
2%% Treas. bonds.
lH%Treas. notes.
Mar. 11
Treasury bills
Mar. 18
Treasury bills
Mar. 25--
Treasury bills
shares
Truax-Traer
1
Treasury bills
Apr.
8
Treasury bills
Apr.
15
Treasury bills
Apr. 22
Treasury bills
Total
May
6
May
6
May 13.
May 13..
May 20
Treasury bills
50,005,000
j
50,111,000
Treasury bills
Treasury bills.
903,653^550
50,000,000
50,005,000
Treasury bills
SUMMARY
$903,653,550
per
at
OF
May and the 5 months ending with May.
CORPORATE,
FOREIGN
cellaneous
May
Railroad
whereas
in
flotations amounted
against
as
financing amounted
a
total of
to
$122,197,000
13.398,000
in
as
50,045,000
49,960,000
50,060,000
$200,242,000
$200,115,000
37,607,650
corporate
304,993,100
Preferred stocks
Common stocks
Total
corporate..
Canadian Government
Other foreign Government
Farm Loan and Government agencies...
5,900,000
in
9,671,300
98,694,141
111,570,720
301,787,821
413,358,541
Five Months Ended May 31—
Domestic—
Long-term bonds and notes
209,111,608 1,605, 670,292 1,814,781,900
16,962,500
33, 162,500
50,125,000
12,710,438
70, 325,938
83,036,376
63,925,134
6, 248,773
70,173,907
Short-term
Preferred stocks
Common stocks
...
Canadian—
April.
$48,727,000 in
30,631,071
...
Corporate-
with $315,-
them
3,771,300
68,063,070
♦Municipal—States, cities, &c
United States Possessions
Long-term bonds and
May,
notes
8,000,000
30,000,000
38,000,000
Short-term
Preferred stocks
shown for that account
Common stocks
of
stock
Long-term bonds and notes
Preferred stocks
long-term
issues
emissions.
the month.
flotations devoted
The
to
and
There
the total.
In
March it
Short-term.
of which
$265,$39,868,100 was
were
portion
no
short-term
of the
refunding
$267,385,450, or more than 87% of the
refunding portion was $559,871,977, or
total.
more
month's
purposes
In
was
April the
than
82%
of
$536,036,945, or more than 90%
total.
In February it was
$181,140,575, or over 93%,
in January it was
$200,972,556, or about 73% of that
Common stocks
Total corporate
Canadian Government
Other foreign Government
♦Municipal—States, cities, &c
United States Possessions
was
In May a year ago the amount for refund¬
$81,566,666, or 64% of the total. Refunding issues
of exceptional size during
May of this year were as follows:
$85,000,000 Standard Oil Co. 25-year debenture 3s, the entire
was
proceeds of which
were
for
refunding; $55,000,000 Brooklyn
Edison Co., Inc., cons. mtge. 3%s;
$25,090,000 Public Service
Electric & Gas Co. 1st & ref.
mtge. 3}4s; $24,000,000 The
Cincinnati Union Terminal Co. 1st mtge. 3%s
D; $22,727,000
Chicago & Western Indiana mtge. 4%s D, and $22,000,000
310,709,680 1,745,407,503 2,056,117,183
48,000,000
48,000,000
55,000,000
55,000,000
20,900,000
217,889,600
238,789,600
317,149,080
200,135,279
517,284,369
!
Farm Loan and Government
agencies
75,000
Grand total
*
75,000
648,833,760 2,266,432,382 2,915,266,142
These figures do not include funds obtained
by States and municipalities from
of the Federal Government.
any agency
month's total.
ing
267.385,450
Common stocks
Long-term bonds and notes
Short-term...
stated, $304,993,100,
offerings during
of the
14, 508,100
25, 360,000
Preferred stocks
securities of all kinds offered during
already
represented
the form
while
3, 583,450
Other foreign—
was,
125,000
265,125,000
12, 075,000
Other foreign—
April.
The total corporate
May
251,727,000
2,433,100
21,776,550
__
Short-term
$50,024,000
50,050,000
only
Total
Long-term bonds and notes
only $140,170,100 during
was
Refunding
Canadian—
\
for
LOAN
_
Common stocks
Other industrial and mis¬
to
FARM
$
Short-term
I
$249,966,516 reported
GOVERNMENT,
New Capital
Long-term bonds and notes
$50,102,000
compares
con¬
prices
at
share.
Grand total
in April.
1946,
Corporate—
50,071,000
$116,096,000, which
1,
prices
Preferred stocks
Features of May Private Financing
group
each debenture
May
Domestic—
Continuing now with our analysis of new corporate
financing for the month of May, we find that public utility
issues accounted for
pre¬
month's
1936
$3,152,357,950 $2,048,384,400 $1,103,973,550
587,128 for that
to
up
Month of May—
50,060,000
50,050,000
total.
convertible
AND MUNICIPAL FINANCING
50,045,000
$400,357,000
Grand
common
6%
on application, and $1,271,300
Bank, Indianapolis, 3%% bonds,
dated May 1, 1936, and due May 1,
1946, offered at par.
The following is a complete
summary of the new financ¬
ing—corporate, State and city, foreign government, as well as
$250,419,000
$50,024,000 1
50,102,000
Treasury bills
Treasury bills.
the
usual
as
50,085,000
Treasury bills
May 20--May 27__
May 27__
Co.
pre¬
basis rang¬
stock.
on
Fletcher Joint Stock Land
$50,028,000
50,196,000
50,008,000
50,077,000
50,110,000
Treasury bills
stock
common
in
50,000,000
50,025,000
$50,028,003
50,196,000
50,008,000
50,077,000
50,110,000
Treasury bills
one
financing was an issue of
$8,400,000 Federal Intermediate Credit Banks cons. 1%%
debentures, dated May 15, 1936, and due in six months,
J 996,553,400
$250,419,000
Apr. 29
Coal
into
Included
$2,100,326,950 $1,196,673,400
Apr.
of
convertible
stock
debentures, due May 1, 1946;
farm loan issues—for
50,025,000
50,085,000
Total
4%%
share to 7/10ths share of
one
$50,010,000
11
Co.
common
vertible
offered
Feb.
Treasury bills
Glidden
The
convertible into
ranging from $42 to $52
15
22.
29
6.
feature
2, 1942.
200,000
vertible
Indebtedness
Jani
Total
convertible
a
follows:
stock; convertible into common stock on basis rang¬
ing from 14 shares to 10 shares up to March 15, 1940.
$5,000,000 United States Pipe & Foundry Co. 3%% con¬
Jan.
Feb.
or
as
25,000 shares Bliss & Laughlin, Inc. (Del.), 5% cumul.
preferred stock; convertible into common stock on or before
5,000
OF FUNDS
Treasury bills
warrants,
ferred
Total Amount
Type of
Security
8__
no
carrying
ing from
bank discount basis.
USE
Jan.
99.858
kind
3,152,357,950
Average rate on
Jan.
99.902
*0.123%
*0.125%
*0.151%
*0.188%
*0.156%
*0.110%
*0.175%
*0.200%
99.905
400,357,000
__
Grand t otal
*
99.910
50,050,000 Average
50.060,000 Average
148,465,000
days
99.909
50,000,000 Average
50,005,000 Average
187,941,000
125,607,000
140,735,000
161,330,000
131,565,000
7 May 13 273 days
99.924
50,005,000 Average
50,111,000 Average
93,918,000
May 14 May 20 209 days
May 14 May 20 273 days
May
foreign
emissions
of
any
description
during the month of May, nor were
new fixed investment trust issues offered.
were
floated in this country
May,
May
May
offerings were the next largest in size and con¬
following issues:
$55,000,000 Brooklyn Edison
utility
tributed the
250,419,000
__
Apr. 30 May
Apr.
June 6, 1936
In
the
the
tables
on
the
two
succeeding
foregoing figures for 1936
ures
for the four years
comparison.
five
years
We
of
the
also
with
pages
we
compare
the
corresponding fig¬
preceding, thus affording a five-year
furnish
corporate
a
detailed
offerings,
analysis for
showing
the
separately
the amounts for all the different classes of
corporations.
Following the full-page tables
we give complete
details
capital flotations during May, including every
issue of any kind
brought out in that month.
of
the
new
o>
►-*
£3
-fe. t\j
^2.,1930.8 G10,3 0
2,308 15",bo 0 87,34298 124,56 098
Refundi g 7,0 .0 8.0O.G 0
15,0 0 15,0 0 3,67,804 3,67804
4,930,8 0 2,30 , 0
7,230,8 0 83,6 49 90,87294
Total
S
O
£3*
£3
13
**«•
CO
CD
CD
0 0 10,3 0
1,9308 10, 0
1,9308
8
Total
o
&
o
&
a
82 "0,03 ",
"bob".
"20
0 0 2,308
..
1932
Capit l
New
Total
$
50 ,0 0
12,05 30 3,083,5
7,0 ,0 8,"Ob ,0
1932
Capitl
84,093b",
8
'
8,0 ,0
015",o"0o~,
15,0 0
4,930,80 02,"lo0b",
Refundi g 7,0 ,0
8
20 .0 0 2,30 , 0
7,03 ,806
" 20 .6 7,230,8 0
New
15,63 85 4,79053 60,42 368
Total
8'
50 ,0
50 ,0 0
$
-
5,9 ,16
6,091,26
3,083,5
3,083,5
12,05 30
'
'
1933
12,05 30 4,780461 16,830761
Refundi g 12,05 30
1933
Refundi g
5,9 ",165
6,091",20
$
3",083",5 166,5959",
6,59126
15,63 85
-
6",091",20
12,05 30
5,9 ,10
—
12,05 30
'
„
-
■
Capit l
%
50 ,0 0
3,583,5 40,1 072 43.59 607
3,083,5
New
25,82.0 2,958,0 1,258.0 1,982,50
Total
Capit l
8
boo,
"bob"
50 ,0
17.5820 8,0 0
25,8 0
53"3,0853",
3.083,5 "5000"6 , 3",083",5
3,583,5
2",958",0
2,958,0 58 ,756 "256,5 0
3,241,30 17,5820 8,0 ,0 58 ,750 5,610,5 0
31,78 30
2,958",0
2,958,0
New
31,78 30 32,50. 0 79,8 57 14,06987
Total
$
'
'
1934
2,958,0 20, 0 21.3 807 4,281 07
Refundi g 2,958,0
8
1934
YGFotvehrodnmatf.lFOMTESUITIAVNSHANRHSREED
FYMOTEMIILNAAFVUHAGORCVSRERPDGNMT,
Capit l 25,820 1,258,0 1,982,50
New
Total
$
14,560 6,0 ,0 1,20 0 5,0 ,0
undi g 75,6 6 6,0 ,0
81,56 6 267,39 0 41,70431 390,6470
New
FCOREPIGNAT,
9,671,30 98,641
265,1 0 11647508",25,360
304,9310
Refundi g
251,7 0 12705,6 3,58 450
267,38540 3,71,30 30,6107 301,78 21
Capit l
13,980 2,43,16 21,7650
37,60 5 5,90,0 68,03 70
Total
1936
OSUMFARY
Neiv
OMMOANFYTH
New
413,5841
OfrSaomatguneicnpneldctyess NCGORREPUFWPATIE
by
1 ,5702 obtained
funds
ACHANRDTE
■
2,958,0
3,241.30 17,5820 8,0 ,0 58 ,750 2,652, 50
28, 3 0
5,0 ,0
6,20 , 0 20,350 19,50 0 50, 0 18",20 0 18,50. 0 325,0
126,70.
1,20 , 0 5.0 ,0
"
6,20 , 0 14,7350 8,93",34 16,20 0 5,0 ,0 325,0
58 "750 52",6502",
—
20,350 19,50 50, 0 17,0 0 7,50 0 325,0
14,560
6",bo",60
Refundi g 5, 0 , 0 19,50 0
75,6 6
6,0 ,0
Capitl 14,7350 8,93,34 15,0 0 "325",6
1935
8
—
_
_
New
250, 0 148,0
48,72 0 16,0 0 15,0 0 85,0 0
Refundi g 48,72 0 13,0 0 5,0 ,0 85,0 0
1",20b
-
6,0 ,0
96,0 0
265,1 0
251,7 0
Total
1936
6,0 ,0
38,9 34
Total
45,193 4 36,570 27 81,76381
Ref
606,2"958",
25,820
$
126,70 267,39 0 78,2486 472, 856
Capit l 38,93 4 1,20,0 5,0 ,0
1935
Capitl 17,582.0 8,0 ,0
28, 3 0 12,50 0 58,46 70 9,78 07
8
Refundi g
Capitl
New
$
3,0 ,0 10, 0
250, 0 ~148~,6
1,250, 0 30,7210 1,50, 0 4,80 . 0 1,40 . 0 39,86 10 48,72 0 16,09. 0 16,250 31,02 10 86,50 148,0 4,80,0 1,40 , 0 304.9 10
750, 0
96,0 0 50 ,0
13,980
15,68450 48,72 0 13,0 0 5,70, 0 14,908450 85,0 0
14,908450
267,38540
15,863 50 1,50, 0 4,80,0 1,40,0 24,09650 3,096,0 10,5 0 16, 3650 1,50. 0 148,0 4,80,0 1,40,0 37,60 50
notes. notes. notes. Governmt agcies.&t_,Posein include Notes— manufctrig h&oldcing, Notes- manufctrig h&ocld_ing, manufctres. manufctrig . &hocld.in_g, &c manufctrig &hocld_ing,
bDCorpate— omestic— Loonagn-tdersmShort-emPrefstorcekd stockCandi— Lboongan-tdersmShort-emPrefstorcekd stock foreign— Lboonagn-tdersmShort-emPrefstorcekd stock corpateCGaovnerndmiantforeignLGooaavnntd,♦Municpal—Stes,Staes toal dfignuoroest OFMAY LBonogan-TdersmRailroads utiles &sccotoepall,,,Eqmuainpufmcternest anodi indausntridl b&uildcngs, ttrraudsintg,,Miscelanous SBhooratn-TdesmRailroads utiles &cscotoepaellr,,,Equmainpufmtent aacesnoridindausntrdl &buildcngs, trtraudsintg,,Miscelanous Railroads utiles&cscotopeaelrl,,,Equipment aacesnoridindausntrdil b&uildcng.s, ttrraudsintg,,Miscelanous Railroads utiles sccotopeaelrl,,,Eqmuainpufmtent aacesnoridindausntridl b&uildcngs, ttrraudsintg,,Miscelanous sceocrupritate
Com on
Com on Other
MONTH
Com on Total
Other Farm United
Grand
These
Total
Total
♦
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Public Iron, Motors Other Land, Rub er Ship ingInv.
Oil
Stocks—
Total
Public Iron, Motors Other Land, Rub er Ship ingInv.
Oil
Total-
Public Iron, Motors Other Land, Rub er Ship ingInv.
Oil
Total
O
Oi
o
"<T
CO
fb
to
13
-
149,03 80 60,47 0 6,75,2754,194,20
692,0 0
20,483295 92,50 0 439,675.14 753, 042
Refundi g 18,570 43,9250 1,897",320
64,09320 62,50 60 43.695,426 170,6476
Capit l 130,45280 16,5490 6,75,2752,96,0
692,0 0
156,07395 30, 0 395,7 21 582,74569
Total
$
8
1932
&
Neic
Total
89,6 50 54,71230 3,250, 0 9,436,289
$
1",~6o" ,06
060
Refundi g 69,045 0 38,21 30 2, 47, 8
l,6"o"o",
8
Capit l 20,610 16,50 0 3,250, 07,18,51
S
—
—
—
New
Total
%
132,0 1015,708 02,908,0 16,7 485
l",20b",6
Refundi g 74,602 2,958,0
YEARS
Capit l 127,8 0
1933
Total
TbSftraFtmGoueoahnviycdegprdsnlmesayl.FME3FOYNIHVIDAV1RSS
FTMIEN3FAONHVDCIARV1GYRS
Total
$
375,640 32,10 0 26,49 80 6,079,0
•
•-— 4 0,32 80
531",9 70 53.274,5
43 ,0 0
Refundi g 310,4 6 23,6150 19,37180
35,4276 52,"0937021,9 647 1,0852,13
Capit l 65,2043 8,45,0 7,125,0 6,079,0
86,93 4 9",50 ~,6 32,8 930 43 ,0 0 419,0 264
%
1935
CISOTUSFRNPHOAIEAERD
CFGOFMOLAORUVRPENERICINGAMDPNT,T,
$
New
1,847 90 50,1250 83,0637 0,173907 38,0 0
2,05617,8348,0 0 5,0 0 238,7960 517,284359
Refundi g 1,605 7 29 3,16250 70,325938 6,2487 3 30, 0
8
$
1936
Capit l
SOUM AFRY
New
%
209,1 608 16,9250 12,70438 63,925134 8,0 ,0
2,9156.42
GONREUPFIW
2,6432,8
310,79680 66602 ,90 ",3.17,4908 648,3 760
12,68 29 53,018.50 82,1 9784,32,0 1r,2 63,51 90 ,0 05,9 ,10 158,65.089
10 ,0 0
2, 47, 8 41,0850 57,960 784,3 2,0 1,825,0 51,9059",
1 ,05 78
16,50 0
10,43851
10,43851 12,0 0 24, 10 10,43851 " 900"00",
47,59 1
20,610 106,5006",
9,60910 3,083 0 2,308,0
132,0 10
1,20 , 0 12,0 0 2,958,0 50 ,0 0
72,580 164,870 53,0 0 709641",68,0 0 7,50,0 893,0 0
"
4,158,0
50 ,0 0
4 4,0 0
310,4 6 66001",0"~0",
250, 0
375,640 10",Ob",60 6,0 ,0 4,10,0 6,0 ,0
Capit l 21,80 8,78,0 8,93,34 5,0,0 19,20 "8093"0, 65,2043
5
16,908 0 "58 ",750 457315", "60625", 19,58 25 10,8910 42,083 0 58 ,750 23,7 53 50 ,0 0 "525.6 6 25"o,0 168.493 85
18",
2,958,0
4 4,0 0
Refundi g 50,7 0 15,709 4,06 6 2,4 1,0 49,580 7,50 , 0
250, 0
53,70 0 19,652 0 5,26,0
58 ,750
12,750
Refundi g
New
78,618.20
18,471"53 "5025"0, 19,58 25 47,109 02,4308 58 ,750 18,47153 50 ,0 0 525, 6 "250",60 89,7518
6,0 ,0 32,10 0 1,785,20 5,0 ,0 1,4 8,750 5,0 ,0
6,0 ,0 23,6150
1,6 5,0 6,0 ,0
6,0 ,0 2,485,0
19,37180 32,57 80 72,580 176,2 50 58,0 0 13",94160 74,318750 18,50 0 893,0 0 25,81 0 40,32.80
19,37180 19,37180 50,7 0 165,709 4,06 6 56o,24 1",51,950 13,50 0
25,81 0 35,427 6
13,204 0 21,80 ( 10,563250 13,9 34 1,50 0 23,1 750 5,0 ,0 893,0 0
86,93 4
8,4 5,0 1,785,20 5,0 ,0 1,4 8,750 5,0 ,0
New
1936
6,526,0 2,168,750 3,968,0 156,07395
39,81230 2,147", 8
57,39 0 12,Ob",65
Total
491.250
5,9 ,10
74,602 1,20,0
CAHARNTDE Capitl
75,0 0
..
1935
75,0 0
1,7450, 348,0 0 5,0 0 217,8960 20,135279
Total
90 ,0 0
New
1,50762,7
2,168",750 I",~50~,6 9,072,175 7,3 5,0 135,4 975
56,312 0 2,147", 8 10,538 1
Refundi g 52,0 0 19,652 0 2,308, 0
Total
491,250
5,9 ,10
Capit l 47,109 0 1,4308
1934
4,056,0 2, 68,0 16,5490 41,97152",
64,09320
69,045 0 6,216,0 23,9520 4,32,0
Refundi g 34,80250 32,5180 1,725,0
vital 12,0 0 7,21,0
1,897,320 1,0 ,0 63, 09320 10 ,0 0
43,9250 1,897",320
7,3 5,0 2,850, 0
"
89,6 50 6,216,0 39,7520 4,32,0
Co
469,03 650
_
46,802504,2390 1,725,0 "9006"0,
New
243,06 48
— 89, 7518 42,50b" 0 36,5 46
Capit l 57,39 0 12,750 2,908,0 16,7 485
New
130,45280
"
168,493 85 139,40 40, 391 712,37298
$
20 ,0 0
2,470, 0
g
"
18,570 1,0 ,0 42,850 10 ,0 0
Refundi g 18,570
Total
4,056", 60 2, 68,56 60,47 0 6,809",4 5 491,250 2506,1 8",7 l",50 ",5 10,96 495 ^,8,3750 198,542g0,19 0 0 ^491,256 6,526,5 6 2,168,750 3",968",56 20,483.295
10 ,0 0
~2"o"o",
New
47,59 1 10,bo",061 ,698235 170,5 746
1,20 ",6 5 78,61 20 96~,"O ,6 7,8 48
S
1934
1932
1 ,05 78 13"5,3267", 12,43 94
-
*3146,39806 'a::::& 2.2,476",0 600rs 149,0380 38,375,0245,670£3
_
158,6 089 10,9 ",0 123,0591 29,5068
;
1933
Total
6
458,390 841,0850 26,70 17, 150 154,0 0 5,648,0 "60600", 12,80.5 1,85271,90 30, 0 1,250, 0
8,125,0 3,0 ,0
7, 50, 0 50,1250 14,2318 7,2 9,50 7,462,40 3,2 5,0 80,1 26 17,56329 4,80 , 0 18,7580 153,20 83
382,4190 75,916 9 16,7452 106,820 140, 19633,50,0 1,0 0 1,63570,29 15,0 0
8,125,0 2, 87,50
7, 50, 0 3,16250 14,02718 4,078,0 " 4923"0 ,30,16 204 15,48749
0
76,4190 45,17 831 65,98 248 1,02942 13,958037 2,148,0 600"6, 660,180 ", 217, 608 15,0 0 1,250, 0
712,50
96,0 0
~
48,3 90 856,4128 69,250 7,462,40 3,25,0 205,47 16 74,56329 5,648,0 " 6000"0,4,80,0 39, 580 2,05617,83
12,46 730 76,5471 397,41 90 89,4379 20,792 5 ~423,90 14,36721 57,4821 3,50,0 31,26730 1,745 0, 3
60 ,0 0
16,9250 3,15,0 7,462,40 2,81,0 49,85102 2,14,90 4,80 , 0 6,319,07 76,35 72 91,490 46,517831 69,1367487,462,40 2,81,0 60,8 504 16,85027 2,148,0 4,80,0 8,19,07 310,79680
~
31 notes_ notes. _ notes. Governmt agcies.&t,Posein finucobltadinsee 31 Notes— manufctrig h&oldcing, Notes- manufctrig h&ocld_ing, manufctrig h&olcd_ing, &c manufctrig h&olcdi.n_g,
bonads stock stock bonads stock stock bonads stock stock corpateGovernmt Goanvdt,^Municpal—Stes, fdignuoroest MEMONNDATHYS LBonog-anTedrmsRailroads utiles &scctooepall,,,Equmiapnumfcetnrets anodi indausntridl b&uildcngs, ttrraudsitng,,Miscelanous SBhoort-anTedmsRailroads utiles &scctooepall,,,Equmipanmufectnrets anodi indausntridl b&uildncgs, ttrruadsitng,,Miscelanous Railroads utiles &scctooepall,,,Equmiapnmufectnrets anodiinduasntridl b&uildncgs, ttrruadsitng,,Miscelanous Railroads utiles scctooepall,,E,qumiapnmufectnrets anodi indausntridl bu&ildncgs, ttrruadsitng,M,iscelanous csoerpcuraitte
EMNDAY
MONTHS Corpate— Domestic— Long-termShort-em.PrefredCom onCandi — Long-termShort-em.PrefredCom onOforetihgn—erLong-termShort-emPrefredCom on CandianOtforehiergnLoan USntaiteeds Grtoandal These
Total
Total
*
5
Farm
5
Public Iron, Motors Other Land, Rub er
Oil
Ship ingInv.
Total
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Stocks—
Total
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Total—
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Total
Volume
Financial
142
DETAILS
OF
FLOTATIONS
CAPITAL
NEW
Chronicle
3751
DURING
MAY
1936
(ISSUES MATURING LATER THAN FIVE YEARS)
LONG-TERM BONDS AND NOTES
To Yield
Amount
$
Purpose of Issue
Company and Issue, and by Whom Offered, Including Additional Underwriters
About
Price
Railroads—
%
22,727,000 Refunding
4.12 Chicago and Western Indiana RR. Co. 1st & Ref. M.
102
24,000,000 Refunding.
4Jis, D, Sept. 1, 1962.
Offered by Morgan
Stanley & Co., Inc.; Brown Harriman & Co., Inc.; Edward B. Smith & Co.; The First Boston
Corp.;
Kidder, Peabody & Co.; Field, Glore & Co.; Lee Hlgginson Corp.; Paine, Webber & Co., and
Harris, Hall & Co., Inc.
3.37 The Cincinnati Union Terminal Co. 1st M. 3^8, D, May 1, 1971.
Offered by Morgan Stanley
102^
&
2,000,000 Refunding.
Co., Inc.; and Kuhn, Loeb & Co.
Other underwriters were: Brown Harriman & Co., Inc.;
Blyth & Co., Inc.; Clark, Dodge & Co.; The First Boston Corp.; Kidder, Peabody & Co.; Lazard
Freres & Co., Inc.; Lee Hlgginson Corp.; Edward B. Smith &
Co.; Speyer & Co.; Hay den, Miller
<fc Co., and W. E. Hutton & Co.
3.35 The Minnesota Transfer Railway Co. 1st M. 3^s, June 1, 1956.
Offered by Lazard Freres &
105.80
Co.,
Inc.; Wells-Dickey Co., and Kalman & Co.
48,727,000
Public Utilities—
55,000,000 Refunding
3.17 Brooklyn Edison Co., Inc.,
Consolidating M. 3Ms, Series of 1936, May 15,1966.
Offered by Morgan
Stanley & Co., Inc.; Kuhn, Loeb & Co.; Blyth & Co., Inc.; Brown Harriman & Co., Inc.; Lazard
Co., Inc.; The First Boston Corp.; Edward B. Smith & Co.; Bonbright & Co., Inc.;
Lehman Brothers and Clark, Dodge & Co.
Other underwriters were: Mellon Securities
101H
Freres &
Co.,
3,000,000 Refunding.:
Inc.; Schoellkopf, Hutton & Pomeroy, Inc.; Dillon, Read & Co.; Goldman, Sachs & Co.;
Hayden,
Stone & Co.; Kean, Taylor & Co.; Kidder, Peabody &
Co., and Lee Hlgginson Corp.
3.75 Long Island Lighting Co. 1st Ref. M. 4s, D, June 1, 1961.
Placed privately with the New York
Life Insurance Co. and Northwestern Mutual Life Insurance Co.
104
11,000,000 Refunding, betterm'ts; extensions-
3.75 Minneapolis Gas Light Co. 1st M. 4s, Series of 1950, June 1, 1950.
102^
Co., Inc.
Of the $11,000,000 offered, $8,000,000
Offered by G. L. Ohrstrom &
reserved for exchange for the company's
was
outstanding 1st mtge. 4>^s, due 1950.
22,000,000 Refunding.
4.15 The Peoples Gas Light & Coke Co. 1st & Ref. M. 4s, D, June 1, 1961.
Offered by Halsey, Stuart
& Co., Inc.; Harris, Hall & Co., Inc.; Brown Harriman &
Co., Inc.; Field, Glore & Co.; Edward
B. Smith & Co.; Lazard Freres & Co., Inc.; A. G. Becker &
Co., Inc.; Lee Hlgginson Corp., and
97 y2
Blyth & Co., Inc.
25,000,000 Refunding.
Public Service Electric & Gas Co. 1st & Ref.
Placed privately
M, 3Ms, 1966.
Placed privately with life Insurance
companies.
116,000,000
Iron, Steel, Coal, Copper, &c.
10,000,000 Impts. and additions to plant
j?
National Steel Corp. 1st Coll. M.
associates.
Placed privately
3^8, June 1, 1965.
Placed privately by
Kuhn, Loeb & Co. and
5,000,000 Retire debt incurred in redemption
of preferred stock
100
3.50 United States Pipe & Foundry Co. 10-Year Conv. Deb. 3Ms, May 1,1946.
(Convertible into Common
stock up to but not including May 1, 1946 at prices ranging from $42 to $52 per share.)
Offered
to company's Common stockholders; underwritten by Kuhn, Loeb & Co.; Edward B. Smith & Co.
15,000.000
amd Mayflower Associates, Inc.
Other Industrial & Mfg.—
250,000 Purchase
of plant and
_
equip., &c_-
135b
Morgan Industries, Inc. (Philadelphia) 6% Notes, March 1, 1946.
Co., Philadelphia.
Offered by Capital Investment
Oil—
85,000,000 Retire pref. stock of subsidiary
98
3.11 Standard Oil Co. (N. J.) 25-Year Debenture 3s, June 1, 1961.
Offered by Morgan Stanley & Co.,
Inc.
Other underwriters were:
Kuhn, Loeb & Co.; Brown Harriman & Co., Inc.; The First
Boston Corp.; Edward B. Smith & Co.; Blyth & Co., Inc.; Dillon, Read & Co.; Mellon Securities
Co., Inc.; Lazard Freres & Co., Inc.; Clark, Dodge & Co.; Kidder, Peabody & Co., and Lee Hlggin¬
Corp.
(Of the total Issue of $85,000,000, public offering of $30,000,000 was made by the
son
underwriters herein mentioned and
the
Rockefeller
New York and
$55,000,000 was placed directly with The Rockefeller Foundation,
for Medical Research, China Medical Board, Inc., Spelman Fund of
subsidiary of the Standard Oil Co. (N. J.)
Institute
a
Land, Buildings, &c.-
148,000 Real
estate mortgage
Price
on
application Sisters of Mercy (Council Bluffs), Iowa 1st M. 4J^s, May 1, 1937-50.
Des Moines, Iowa.
Offered by Jackley & Co.,
STOCKS
Par
or
No.
(a) Amount
of Shares
$
Purpose of Issue
Public Utilities—
*4,000 shs Expansion of subsidiaries
Price
Involved
per Share
To Yield
About
$
Company and Issue, and by Whom Offered, Including Additional Underwriters
%
96,000
24
6.25 South Shore Utilities Associates Conv. $1.50 pref. stock.
(Convertible at any time after
Jan. 1, 1937 into 1M shares of Common stock for each share of Preferred converted.)
Of¬
750,000
33
4.54 Bliss & Laughlin, Inc.
fered by F. L. Putnam & Co., Inc.
Iron, Steel, Coal, Copper, &c
750,000 Retire 6% bonds
,
,
*
.
'
•'
(Del.) 5% Cum. Pref. stock.
(.Convertible share for share into
Offered by Paul H. Davis & Co. and Kalman & Co.
Common stock until Jan. 1, 1942.)
500,000 Working capital
100
500,000
6.00 Truax-Traer Coal Co.
6% Conv. Pref. stock.
(Convertible into Common stock on basis
ranging from 14 shares to 10 shares on or before March 15, 1938 and subsequent to March
15,1940.) Offered by company to holders of its Common stock; underwritten by Piper,
Jaffray & Hopwood; J. M. Dain & Co.; Thrall West Co., and Goldman, Sachs & Co.
1,250,000
Other Industrial & Mfg.—
177,679 shs Additions, impts.; retire pref. stock
of subsidiary.....
60
10,660,740
Continental Can Co. Common stock.
Offered by company to holders of its Common
stock; underwritten by Goldman, Sachs & Co.; Lehman Brothers; Chas. D. Barney
& Co.; Brown Harriman & Co., Inc.; The First Boston Corp.; Mellon Securities Co.,
Inc.; Edward B. Smith & Co.; Hayden, Stone & Co.; Dominick & Dominick; G. M.-P.
Murphy & Co.; Harris, Hall & Co., Inc.; W. E. Hutton & Co.; Kidder, Peabody &
Co.; Klelnwort, Sons & Co.; Ladenburg, Thalman & Co.; Lee Higglnson Corp.; Field,
Glore & Co.; Bamcamerica-Blair Corp.; Norton Conway & Co.; Hemphill, Noyes &
Co.; Ralph Christie Smith; Piper, Jaffray & Hopwood, and Kuhn, Loeb & Co. -
10,000,000 Retire pref. stock and funded debt
63,535 shs
10,000,000
New machinery and equipment,&c.
101,310 shs Additional capital
381,210
6,078,600
13,000 shs New plant; working capital
,
*29,140 shs Acquire plant; new construc'n, &c_
4.28 GJidden Co. 4M % Conv. Pref. stock.
(Convertible into Common stock at rates ranging from
1 share to 7-10th share of Common stock for each share of Preferred converted.)
Offered
52^
123,500
437,100
by company to holders of its Common stock; underwritten by Hornblower & Weeks
and Hayden, Miller & Co.
Offered by company to Common stockholders.
6
Lockheed Aircraft Corp. Common stock.
60
Monsanto Chemical Co. Common stock.
Offered by company to holders of its Common
stock; underwritten by a banking syndicate headed by Edward B. Smith & Co.
H. A.
Montgomery Co. Common stock.
Offered by Link, Gorman & Co., Inc., Chicago.
Peoria Distillers, Inc. Conv. Pref. stock.
(Convertible share for share into Common stock.)
Offered by N. L. Rogers & Co., Inc., Peoria, 111., and Addison, Warner & Co., Chicago.
Schwltzer-Cummins Co. (Indiana) Capitalstock.
Offered by Paul H. Davis & Co.,Chic.
15
5,000 shs Working capital
31,669 shs Retire 7% series A pref. stock
1,583,450
50
Scott Paper Co. Common stock.
10,000 shs Working capital
1,325,000 Retire 6% cum. pref. stock
100,000
1,325,000
10
Silvercote Products, Inc. Class A stock.
82,500
16H
Offered by company to its stockholders; underwritten
by Cassatt & Co., Inc., and Chas. D. Barney & Co.
Offered by Mason, Moran & Co., Chicago.
100
5.00 Frederick Stearns & Co. 5%
&
Cum. Partic. Pref. stock.
Offered by Watling, Lerchen
Hayes, Detroit.
30,772.100
Oil—
200,000 shs (Retire purchase money debt and
100,000 shs \
provide for working capital
Investment
^ 1,550,000
fish. A and H sh.
Penn
\
Penn
B for $7.75
Valley Crude Oil Corp. Class A stock.
Valley Crude Oil Corp. Class B stock.
Offered by Edward G. Wyckoff &
Offered by Edward G. Wyckoff &
Co.
Co.
Trusts, Trading,
Holding, &c.—
200,000 shs Provide funds for invest, purposes.
4,800,000
24
Brandywine
Shares
Certificates
of
Beneficial
Interest.
Offered
by
Craigmyle,
Marache & Co. and Bond & Goodwin, Inc.
Miscellaneous—
*50,000 shs Pay bank loans, expansion, &c
1,400,000
28
7.14 Domestic Finance Corp.
FARM LOAN AND
(Del.) $2.00 Cum. Pref. stock.
GOVERNMENTAL AGENCY ISSUES
To Yield
Amount
Issue and purpose
Price
About
$
8,400,000 Federal Intermediate Credit Banks Cons.
1M % Deb., dated May 15 and due in 6 mos.
(provide $2,500,000 for refunding; balance
for additional loans)
Price
1,271,300 Fletcher Joint Stock Land Bank 3Ms, dated
May 1,1936 and due May 1,1946 (refunding)
100
9,671,300
Offered by
%
on
application Charles R. Dunn, Fiscal Agent, New York.
3.25 Fletcher Trust Co., Indianapolis.
Offered by Hammons & Co.,Inc.
3752
Financial
ISSUES
It
Chronicle
June 6,
1936
REPRESENTING NEW FINANCING
pn
Par or No.
(a) Amount
of Shares
i
NOT
Involved
To Yield
Price
About
$
Company and Issue, and by Whom Offered, Including Additional Underwriters
%
71,726 shs
1,721,424
24
125,000 shs
6,250,000
50
[ 45,000 shs
Ik 50.000 shs
303,750
1,893,750
6%
37 %
55,000 shs
907,500
660,000
6.25 California Water &
Telephone Co.
H. M. Byllesby &
&
20,000 shs
cial Union of London.
Metal Textile Corp. Common
stock.
—
33
11.736,424
*
Shares of no
6% Cum. Pref. stock.
Offered by E. H. Rollins & Sons, Inc.; Central Republic Co.;
Co., Inc.; Banks, Huntley & Co., and Wm. Cavalier & Co.
common stock.
Offered by Clark, Dodge & Co.;
Lee Higginson Corp.; White, Weld
Co.; Kidder, Peabody & Co.; G. M.-P. Murphy & Co., and Blair, Bonner & Co.
Other underwriter was British Finan¬
Household Finance Corp. Class A
Offered by Distributors Group, Inc.
Philadelphia Electric Go. Common stock.
Offered by Graham, Parsons & Co.; Brown Harrlman &
Co., Inc., and Kidder,
Peabody & Co.
Schwitzer-Cummins Co. (Indiana) Capital stock.
Offered by Paul H. Davis & Co., Chicago.
United States Graphite Co.
(Mich.) Common stock.
Offered by Watling, Lerchen & Hayes; First of
Michigan Corp.;
Campbell, McCarty & Co., Inc., and Crouse & Co.
"
par value.
:
Preferred stocks of a stated par value are taken at
par, while preferred stocks of no par
b Offered In units of $100 of notes and 100
shares of $1 par Common stock.
V'U"
a
Minor
■
fluctuations
corporate
closed
on
have
issues,
again
rails,
Friday at almost the
ruled
the
utilities
prices
same
bond
and
as
market.
week ago,
Light &
at 93%.
while
outstanding United States Governments hardly fluc¬
tuated at all during the week.
The Treasury's two billion
dollar offering of
due
notes,
eagerly
five
taken,
bonds.
lars,
in
The
were
pressed
2%% bonds, due in 15-18
years,
with
although
large
of
than 90%
to
at
114%;
market's
Chesapeake
receptivity
clearly demonstrated
lington
&
basis of
as a
Quincy
issue,
a
new
&
Ohio 4%s,
ex¬
their ground
to
on
RR.
1992, advanced
closed at
high-grade
114%,
up
railroad
%
%.
to
The
was
equipment
maturing up to 10 years,
at
an
cost
average
Lower-grade railroad bonds,
group, continue somewhat
easier, concomitant with de¬
creased interest therein.
clined
1% to
% to 86%;
at
Atlantic Coast Line 4%s,
1964, de¬
77%; New York Central 4%s, 2013, declined
Southern
Pacific
4%s,
1981, lost
%
to
close
90%.
Utility bonds have advanced during the week,
gains being
noticeable in
the lower
grades.
Net
been
to
gains have been gen¬
erally small, but the movement has been broad and
steady.
U. S.
1936
\Govt.
Averages
June
*120
by Ratings
Aaa
Aa
5- 109.99
110.42
122.46
118.66
4— 109.97
110.42
122.24
118.86
108.75
having
metals have
been
Products 5%s, 1948, which closed at
91, off 1%. Coal com¬
obligations have been generally lower.
The 3%-point
advance by Warren Brothers
6s, 1941, to 67 was of interest.
International Agricultural 5s, 1942
to close at 99.
were
up
(stamped), lost % point
Goodyear Tire & Rubber 5s, 1957, at 104%
%.
The
foreign bond market has been rather irfegular, but a
important changes have been witnessed.
The Cuban
few
Public Works 5%s
experienced a sharp appreciation of 10
points in the middle of the week, losing part of this
gain
later.!
Polish
bonds have been weak
again, declines rang¬
ing from 2 to 12 points.
French issues also lost considerable
ground as a result of renewed weakness of the franc.
Japa¬
nese bonds sold lower
upon resumption of political troubles
in the Far East.
Other groups did not
change greatly.
Moody's computed bond prices and bond yield
averages
are given in the
following tables:
YIELD
AVERAGESt
(Based on Individual Closing Prices>
120 Domestic
All
95.18
105.72
P.
U.
Indus
108.39
117.84
105.89
108.39
120 Domestic Corporate
1936
120 Domestic
120
by Ratings
Daily
RR
95.18
issues, high grades
Steels and
quoted 98% bid—99% asked, whereas Skelly Oil 4s,
1951,
declined % to 98%.
General firmness among building sup¬
ply issues has been contrasted by the action of Certain-teed
MOODY'S BOND
Baa
108.75
speculative
standstill.
The paper group has been steady.
Oils have been
mixed; Standard Oil Co. (New Jersey) 3s, 1961, offered at
98 last week, advanced over the
offering price and are now
Corporate* by Groups
tic
Corp.*
a
•<
120 Domestic Corporate*
Domes¬
Bonds
Daily
at
quiet.
MOODY'S BOND PRICESt
(Based on Average Yields)
few
a
almost
pany
bonds
Wednesday when the Chicago Bur¬
sold a $3,950,000 2%%
approximately 1.95%.
confined
billion dol¬
+
to hold
Service 4s, 1961, and $11,250,000 El Paso Natural Gas
4%s,
1951, and 4%s, 1946.
Major changes in the prices of industrial bonds have been
was
the
Atchison gen. 4s, 1995, gained
% to close
126; Union Pacific 4s, 1947,
trust
over
for the long-term securities.
quiet market.
a
size,
on
Railways 5%s, 1952, which gained 1%, closing
Prime investment issues have been quite
steady.
financing consisted of $25,000,000 Wisconsin Public
New
1%%
refunded, preference being
High-grade railroad bonds continue
in
record
oversubscriptions
called issues, amounting
more
years, and
computed at their offering prices,
liighs
industrials
a
:/!
■'
common stock are
Holding company debentures have been featured, and new
were established by American Power & Light 6s, 2016,
which closed at 100%, up 2 for the
week; Cities Service
5s, 1950, which advanced 1% to 80%; Electric Power &
Light 5s, 2030, which closed unchanged at 90%, and United
The Course of the Bond Market
Among
value and all classes of
Domes¬
Corporate by Groups
Averages
tic
Aaa
Aa
Baa
5..
4.15
3.55
3.73
4.24
117.63
4..
4.15
3.56
3.72
4.24
June
tt
30
For •
RR
5.06
4.41
P
U.
Indus
signs
4.26
3.77
6.06
Hi
3.. 110.06
110.61
122.24
118.86
108.94
95.33
108.57
5.06
4.26
122.46
118.86
108.75
3—
3.78
110.61
117.63
4.40
2— 110.02
106.07
kr<
4.14
95.33
3.56
105.89
3.72
4.23
108.57
5.05
117.63
4.39
2..
4.25
3.78
4.14
3.55
3.72
4.24
5.05
4.40
1— 110.04
f Weekly-
"22.
110.20
15.
to
110.61
122.46
118.86
108.94
95.18
105.89
108.57
117.84
4.25
1—
3.78
4.14
3.55
3.72
4.23
5.06
4.40
4.25
3.77
110.61
122.24
118.86
108.94
95.18
105.89
108.57
117.63
May 29..
4.14
3.56
3.72
4.23
108.57
5.06
4.40
117.43
4.25
22-
4.16
3.57
3.73
4.24
5.08
4.42
4.25
15..
3.79
5.92
4.15
3.58
3.74
4.23
5.06
4.41
4.25
8-
3.80
5.89
4.18
3.59
3.76
4.26
5.09
4.44
4.26
1
3.82
5.84
*
May 29— 110.01
110.23
Weekly-
122.03
118.66
108.75
94.88
105.54
3.78
5.91
109.98
110.42
121.81
118.45
108.94
95.18
8.. 109.70
105.72
109.86
108.57
121.60
117.22
118.04
108.38
94.73
105.20
1— 109.69
108.39
109.31
121.38
116.82
117.22
108.03
93.09
104.51
Apr. 24.. 109.80
108.03
109.68
121.38
—
117.22
108.21
4.21
94.88
3.60
104.85
3.80
4.28
5.14
4.28
5.96
121.38
117.43
108.57
Apr. 24—
3.86
110.05
116.42
4.48
109.96
108.21
17.
4.19
95.78
3.60
105.89
3.80
4.27
4.27
5.86
121.60
117.63
17-
3.84
110.42
116.62
4.46
109.75
108.21
5.08
9.
4.17
3.60
3.79
4.25
5.02
4.40
4.27
9..
3.83
4.15
5.83
3.59
3.78
4.25
4.99
4.37
4.26
3..
3.83
4.16
3.59
3.78
4.25
5.01
4.38
4.27
3.83
5.83
Uw
3- 109.64
Mar. 27.
_
20.
Ua
108.57
116.01
96.23
106.42
108.39
116.62
95.93
106.25
108.21
116.62
110.23
121.60
117.73
108.57
109.66
110.05
121.17
117.43
108.75
95.63
106.07
109.51
108.03
110.23
121.38
116.42
117.84
108.94
95.48
106.07
108.39
116.62
120.75
117.63
108.75
95.63
106.07
13- 109.11
110.05
Mar.27
5.83
4.17
3.61
3.79
4.24
5.03
4.39
4.28
20-
3.84
5.86
4.16
3 60
3.77
4.23
5.04
4 39
4.26
13—
3.83
5 80
4.17
6.
108.03
116.22
121.17
118.04
109.49
97.62
3.63
108.57
3.78
108.39
4.24
4.39
4.28
3.85
5.94
110.61
116 22
5.03
Feb.29_. 108.98
120.54
117.84
108.94
4.12
97.16
3.61
107.67
3.76
108.39
4.20
4.90
3.85
5.87
120.96
117.43
Feb. 29..
4.26
110.79
115.81
4.25
21.. 108.95
4.14
3.64
3.77
4.23
4.93
4.30
4.26
3.87
6.00
6_. 109.46
tel.
110.98
109.12
98.09
108.57
108.57
115.81
21..
4.13
3 62
3.79
4.22
15— 108.52
110.61
120.96
117.43
108.94
97.62
107.85
108.75
4.87
4.25
117.02
108.39
4.14
5.92
120.96
15-
3.87
110.23
115.81
4.25
8.. 108.22
96.70
3.62
106.60
3.79
115.61
4.90
4.29
4.24
6 05
120.75
116.82
108.03
8-
3.87
109.68
108.57
4.23
1— 107.96
4.16
95.78
3.62
105.54
3.81
108.57
4.26
115.41
4.96
4.36
4.25
1—
3 88
6.10
4.19
108.03
109.68
120.75
116.82
108.03
95.63
3 63
105.37
3.82
108.57
4.28
5.02
3.89
6.15
120.54
116.62
Jan. 31„
4.25
109 68
115.41
4.42
24.. 107 89
108.21
4 19
95.78
3.63
3.82
105.37
108.57
4.28
115.41
5.03
4.43
4.25
24-
3.89
6.13
4
19
95 18
3.64
104.68
3.83
108.39
4.27
115.02
5.02
4 43
4.25
3.89
17-
6.11
4.21
3.66
3 83
4.29
5.06
4.47
4.26
3.91
103-
6.17
4.26
3.67
3.89
4.33
5.14
4.54
4 27
3.96
6 20
4.32
3 70
3 93
4.39
5.24
4 63
4 29
4 03
Jan. 3117.
108.34
109.31
120.11
116.62
107.85
10— 108 02
108.39
119.90
115 41
107 14
93.99
103.48
108 21
107.31
119.27
114.04
114 63
106.07
92 53
High 1936 110.28
101 97
110.98
107 85
112 69
122.46
118.86
109.49
98.09
Low 1936 107.77
108.57
107.14
108.75
117.84
Low
119.07
114.43
1936
106.07
4.12
91.96
101.64
3.55
3.72
107.85
4.20
4.87
112.31
4.25
4 24
High 1936
3.77
5.80
4.33
91.67
3.71
101.31
3.94
4.39
107 67
5.28
112.11
Low
4.65
4.29
1935
4.05
6.31
4.34
3.68
3.94
4.41
5.30
High 1935
4.67
4.30
4.06
5.78
4 80
3 82
4.25
4.83
6.46
5.37
6.13
4.35
6.97
4.65
3.74
4.19
4.68
6.00
5.12
4.52
4.32
5.83
4.85
3.94
4.34
5.01
6.12
4.83
5.28
3.
107 94
High 1935 109.20
Low
1
1935 105.66
Yr.
106.96
119.69
114 43
99.20
116.82
108.57
98.73
77.88
90.69
101.64
118.45
109.68
101.14
82.50
94.29
103.82
107.31
Yr. Ago
June 5 '35
98.41
114.43
106.96
95.93
81.07
98.73
91.96
105.03
June 5 '34
105.72
94.14
Ago
June 5'35 108.32
1
2 Yts.AQO
June 5 '34 105.33
106.78
2 Yrs.Ago
6.23
4.45
7.35
These prices are computed from
average yields on the basis of one "ideal" bond
(4*4% coupon, maturing in 31 years) and do not purport to show either the
level or the average movement of actual
average
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
**
price., bv months back to 1928, see the Issue of Feb. 6.
Actual average price of 8 long term
1932, page 907.
Treasury Issues,
t The latest complete list of bonds used In
computing these indexes was published in the issue of May 18,
page 3291.
ttAverage of 30 foreign bonds but adjusted to a
1935,
comparable basis with previous averages of 40
foreign bonds,
of each week.
f Dally averages discontinued, except Friday
*
.
New
Capital Issues in Great
The
Britain
following statistics have been compiled by the Midland
These compilations of issues of new
capital,
which are subject to revision, exclude all
borrowings by the
British Government for purely financial
purposes; shares
issued to vendors; allotments arising from the
capitalization
of reverse funds and undivided profits; sales of
already issued
Bank Limited.
securities which add
nothing to the capital resources of the
company whose securities have been
version or
offered; issues for
con¬
redemption of securities previously held in the
United Kingdom; short-dated bills sold in
anticipation of
long-term borrowings; and loans by municipal and county
authorities except in cases where there is a
specified limit to
the total
subscription.
They do not include issues of capital
by private companies except where particulars are publicly
Volume
Financial
142-
announced.
In all
cases
the figures are
based
the prices
upon
Aug. 5, 1933, details of procedure under the Bankhead Act,
and
of issue.
a
UNITED KINGDOM
program
Commenting
[Compiled by the Midland Bank Limited]
Month of
5 Months to
May 31
May 31
1919.
£17,541,000
1920.
1922.
20,861,000
17,187,000
35,783,000
1923.
26,845,000
1924.
34,836,000
1925.
33,748,000
£63,476,000
213,672,000
90,302,000
146,157,000
88,762,000
86,894,000
100,703,000
102,413,000
139,729,000
161,244,000
170,145,000
128,635,000
58,083,000
57,304,000
51,787,000
56.974,000
65,435,000
90,573,000
1921.
1926.
10.888,000
1927.
34,516,000
1928.
39,275,000
1929.
21,131,, 000
1930.
37,899,000
1931.
11,010,000
1932.
12,296,000
1933.
14,614,000
1934.
22,441,000
1935.
19,728,000
1936.
19,505,000
NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY
£118 ,288,000
387 ,738,000
260 ,840,000
271 651,000
178 ,273,000
201 891,000
237 355,000
221 ,607,000
290 ,582,000
336 ,229,000
371 ,421,000
212 ,238,000
165 ,608,000
•
87
available
,888,000
107 ,521,000
138 ,055.000
158 .650,010
207 ,962,000
1934
1936
£8.310.263
£10,853,233
£16,592,347
February
7,167,385
13,447,603
7.007.995
7.081.462
12.620,080
£33,963,149
19,687,120
12.386.235
22,440,935
4,108.238
19,727,811
10,456,037
19,505,122
£56,973,992
£65,434,711
£90,572,928
12,048.454
20,610,166
14.997,397
53,909 166
6.682.428
7.719,440
8,247,859
9.590.367
-
14,614,014
May
5
months
£51,787,124
-
17.541,251*
...
6.001.777
July
August...
21,208.047
9,878,332
September
7,164.097
10,026.260
12,786.859
23.446.272
12,543.554
6,353.481
£132.868,896
£150.189,757
£182,824,210
November
December
....
6,747,571
DISTRIBUTION
GEOGRAPHICAL
OF
States
to
CAPITAL
increase the general
would
a
otherwise
few years
exports
ISSUES IN THE
been
less
the
in
Foreign
Kingdom
Ceylon
Countries
Countries
Total
£
£
£
£
£
March
6.011,000
8,665,000
11,397,000
April
control."
duction
serious
May
40,064,000
5 months
9,590,000
22,441,000
352,000 15,863,000
694,000
June
7,021.000
32.000
July
9.9.58,000
1,000
August
3,165,000
September
5.631,000
...
October
20,764.000
November
137"666
61,000
11,016,000
December
9,122,000
55O"666
4,609,000
5,014.000
5,485.000
566,000
2,465,000
1,899,000
3,355,000
386,000
25,000
156,000
141.000
13,056,000
14.000
13,042,000
3,058,000 150.190 000
957,000
1,202,000
February
2.346.000
586.000
March
basic
the
be grown
Act
Adjustment
has
offered
problem
no
of
effective
Facts and
Imperialism.
Figures oh Colonies
136 pages. Neiv York: Columbia
University Press.
$2.75
By Grover Clark.
6.748,000
23.446.000
1,133,000 39,258,000
for
as
of "determining where cotton
and how much should be produced," the
9,878,000
413,000
106741000
while
enhancement caused by pro¬
loan policy, he thinks, was
The Balance Sheets of
12,048,000
14,998,000
1,228,000
14,433,000
9,688.000
cotton
that
control,
this book,
In
of
the
prepared and published under the auspices
Carnegie
for
Endowment
Clark undertakes to
Year
price
The
mistake,"
56,974,000
63,000
of such net
source
solution.
37,000
62,000
45.000
190.000
that the
in foreign pro¬
cotton
American
10,853,000
7,008,000
7.082.000
359,000
12,000
of
has been made has been due to "benefit
as
and not the
payments
expansion
consumption
by the program," and
should
1.763,000
1,433,000
873,000
850,000
10,945,000
221,000
7.000
of
because
decreased
Agricultural
February
the
impracticable than many people feared,
future
and
government
49,000
greatly reduced."
very
Surveying the experiment as a whole, Mr. Richards con¬
cludes that while the administration of the Bankhead Act
"a
India and
8,682,000
5,309,000
If we cut our production below
produced, we can expect that
be
by nearly7 the same amount, at least until our
are
caused
United
1934—January
An increase of one cent per pound would
gain in income
fCompiled by the Midland Bank Limited]
Brit
level of cotton prices over a
or marketing" is
foreign producers will increase their cotton acreage within
duction
BY MONTHS
Other
been
have
finds,
great accomplishment.
a
losses
11.217.941
NEW
KINGDOM
UNITED
which
relatively large increase in farmer income during the past
three seasons "will be offset to a considerable extent by
4.706.804
13,056.095
13.041,644
October.
whole,
a
tenure status reduced."
"considerable uncertainty as
to the prospects of tenant farmers in the South under a
continued cotton reduction program," since "a reduction in
the acreage of cotton normally means a reduction in the
number of tenants."
Regarding foreign markets, "we must
conclude that a large part and perhaps all of the reduction
in consumption of American cotton during the past three
seasons
represents a loss that cannot be offset by future
increases, unless expansion of production is subsidized."
Mr. Richards also finds that "the ability of the United
has
June...
as
great number of tenants and crop¬
a
is, howveer, he
6.961.500
April
taken
statements
the
upon
concludes
"does not
have been displaced or their
pers
what
January...
March
evidence,
There
"quite limited.
1935
the program
Mr. Richards
tenant,
alarmist
the
widely circulated that
be
1933
and
period of years by control of production
MONTHS
[Compiled by the Midland Bank Limited]
.
the
landlord
substantiate
effect of
the
upon
of
that
Year to
May
incomes.
on
relations
of the
the effect
of various estimates of
summary
cotton
SUMMARY TABLE OF NEW CAPITAL ISSUE8 IN THE
3753
Chronicle
answer
International
Peace,
Dr.
the question whether imperial¬
ism pays.
The details of the answer are set down in what
the most elaborate and valuable collection of
statistical exhibits regarding population, trade, financial
is
probably
11,076,000
1,135,000
April
3,443,000
660,000
6,000
May
18,788,000
ii8~6o6
568,000
254,000
16.592,000
12,620,000
12,386,000
4,108,000
19,728,000
57,428,000
118,000
5,666,000
2,223,000
65,435,000
drawn
percentages as well as in actual figures.
The conclusions drawn from the evidence, as summarized
1935—January..
5
.
months
-
176,000
872,000
154,000
20,610,000
49,999.000
3.622.000
287,000
August
4,761.000
1,921,000
September
7.344,000
375,000
October
3,940.000
545:666
November
9.204.000
December
9.686,000
15,000
137,000
53,909,000
6,682,000
7.719,000
4,707.000
12.544,000
June
19,571.000
July
13,000
222,000
3,136,000
188:606
1,395,000
11,218,000
161934000
828,000 17,210.000
2,852,000 182,824,000
33.019,000
18,502,000
6,877.000
8,795,000
17,196,000
194,000
751,000
33,963,000
Year
1936—January
February
M arch
April
May
5 months
84.389,000
BOOK
964,000
221:666
232:666
1,356:660
2,014,000
73,000
268,000
10,456,000
27,000
453,000
5,085,000
645,000
90,573,000
84,000
19,687,000
6,961,000
19,505,000
expenditure, and the like in the world's colonies and depen¬
dencies that is to be found in print, the material being
by Dr. Clark, seem to show that while down to about 1880
the debit and credit
sides, if all elements of cost and profit
not diffier greatly, since 1880 the
colonies which have been acquired by force have cost ".very
substantially
profits
controlled."
derived
The
debit
be large if a proper share of military and
naval expenses of the controlling countries were allocated
figure would
to the colonies.
As outlets for surplus populations at home
the colonies have been unimportant, a net migration of only
500,000 to Europe-controlled colonies in the past 50
out of a net migration from Europe of 19.3 million,
The idea that the possession of colonies with
supplies of raw materials is an advantage in
Washington: The
cious,"
make
completes the series of six studies which the
Agricultural Adjustment Act. The study begins with
of the legislative foundation of the cotton
the cotton situation in the spring of 1933, and the
well
as
the extension of controlled territory does not
"materially less dependent on foreign
and
country
a
of supply
sources
war as
is pronounced by Dr. Clark "fundamentally falla¬
peace
$2.50
examination
program,
possible cash
territories
being shown.
Brookings Institution has devoted to the commodity aspects
an
than any
more
the trade with the
from
in
of the
did
years,
Cotton and the AAA
This volume
considered,
are
about
REVIEWS
By Henry L. Richards. 389 pages.
Brookings Institution.
official sources and the statistics presented in
from
and on foreign markets."
No
one
of the
imperial countries "does as much as a fourth of its trade
with its colonies," or gets from them "as much as a fifth of
the
materials and the foodstuffs which
raw
sells
them
to
general objectives and problems of the cotton program.
It
then reviews the cotton contract offers of 1933, 1934 and
conclude the
much
as
a
third
of
the
it
requires,"
ox-
products of its
factories."
their advantages, the administrative
organization that was set up, the promotional campaigns
and the contract sign-up, the methods of checking compli¬
"as
1935,
ance,
and
the
and
compares
and the landlord-tenant' problem.
The Bankhead Act
operations under it are next examined, together with
questions
financing
of
of government cotton and cotton loans, the
the program, the effect of the program on
to be
It is
ganda
that the author felt it desirable to
of Nations.
Premising that the
situation is unsatisfactory and that the
possessions cannot properly be turned loose to shift
for
present
regretted
excellent summary of his findings with propa¬
the
League
colonial
overseas
for themselves, he
"voluntary,
urges
unilateral
the desirability of establishing, by
by each of the colony-
declaration
losses, and the feasibility of continuing the control system.
holding Powers," a "completely free-trade policy."
He sees
way to maintain such a policy, however, except to "give
the League the right to insist that that policy be main¬
Appendices give the important provisions of the Agricul¬
tural Adjustment Act, as amended Aug. 24, 1935, relating
freedom
foreign markets and farmers' incomes, potential gains and
to
for
benefit
a
payments
and
processing
taxes,
the
1934-35 cotton acreage reduction program
meeting of
Southwestern agricultural
proposals
made at
workers at
a
Atlanta,
no
tained."
economic
There
of
is
colonial
sanctions
the League
much
to
be
trade, but
leaves
said for greatly increased
the recent experience with
little
reason
would be able to "insist"
if its authority over colonial trade
for
any
were
thinking
more
that
effectively
challenged.
3754
Chronicle
Financial
'
June 6, 1936
Indications of Business
THE
TRADE—COMMERCIAL
OF
STATE
when compared with 1935 and a rise of 11.3% when
parison is made with the same week of 1934.
EPITOME
Friday Night, June 5, 1936.
Business activity
showing
decline to 91.0
a
as
compared with a revised
figure of 92.1 for the previous week.
This compares with a
figure of 68.8 for the corresponding week last year.
Elec¬
tric output also
showed
tion of electricity
a
REVENUE FREIGHT LOADED AND
drop for the week, though produc¬
Loaded
Steel production holds up
showing further gains for
authorities estimate operations for this
Steel
week.
week
Received from Connections
1936
1936
Weeks Ended—
June 1
May 30 May 23
1936
1935
June 1
1936
1935
at
needs
much
as
possible in
as
order
to
Atchison Topeka & Santa Fe Ry_
27,035
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry
22,922
12,267
International Great Northern RR
Missouri Pacific RR
New York Central Lines
forestall the
New York Chicago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie
15%.
19,378
58,275
5,649
:
Total
interchanged
cars
New Orleans RR.
dications point to record-breaking expenditures for seasonal
2,539
2,351
4,279
14,259
40,345
4,869
19,353
60,941
6,321
4,555
14,993
10,616
6,333
6,418
9,043
1,111
1,456
2,711
7,145
39,099
8,810
4,296
12,200
2,691
2,224
3,647
11,141
31,861
3,896
6,932
4,281
13,582
8,710
5,450
7,469
7,770
6.213
9,943
1,229
7,753
1.214
1,783
1,850
2,802
8,816
38,001
8,952
4,262
41,803
5,006
6,042
*6,739
7,803
4,722
20,057
4,177
5,483
16,667
10,525
41,194
17,476
52,529
4,803
25,606
4,782
5,906
37,293
3,953
4,311
*7,569
8,170
*5,733
6,291
5,147
2,233
7,276
34,143
7,591
3,411
292,048 315,966 259,365 183,370 191,663 161,221
Excludes
x
22,504
14,145
19,343
15,743
17,171
25,512
20,265
10,603
14,390
6,770
Wabash Ry
In¬
19,963
30,990
21,878
5,039
Southern Pacific Lines—
by 10%.
the margin of increase for June should approach
RR
Missouri-Kansas-Texas
It is stated further that if bonus
late this month achieves anticipated proportions
spending
17,382
14,892
1,962
1,670
4,015
11,872
38,181
4,669
Gulf Coast Lines
being made that the sales in June will exceed those of the
month
18,192
Baltimore & Ohio RR
price advance, which naturally has given considerable stim¬
ulus to steel production.
Excellent reports are continuing
to come in from the department store field, predictions now
1935
Own Lines
May 30 May 23
68.2% of capacity, which is 0.3 point over the
figures of the previous week, and compares with 39.5% of
capacity for the corresponding week of last year, according
to figures from this same authoritative source.
The sea¬
sonal decline in steel operations is now not expected for
some weeks.
The maintenance of the present pace is attrib¬
uted largely to the higher prices for steel, which are sched¬
uled to take effect July 1.
Consumers have been covering
their
on
Weeks Ei.ded—
surprisingly well, this industry
the
RECEIVED FROM CONNECTIONS
(Number of Cars)
is still 18.0% larger than during the cor¬
responding week of last year.
com-
The first 18 major railroads to report for the week ended
May 30,1936, loaded a total of 292,048 cars of revenue freight
on their own lines, compared with 315,966 cars in the pre¬
ceding week and 259,365- cars in the seven days ended
June 1, 1935.
A comparative table follows:
<;
receded slightly, according to the latest
reports of the "Journal of Commerce," their weekly business
index
Activity
between
TOTAL LOADINGS AND
wearing
apparel and sports and travel equipment.
Much
the coming bonus payments, which
will take place within a fortnight.
That this bonus money
S.
P.
Co.-Pacific
Lines
and
Texas
&
i.
;
:
.•!
v
RECEIPTS FROM CONNECTIONS
(Number of Cars)
interest is evidenced in
will act
as
powerful stimulus to trade, all experts
observers contend that the spending of
a
Competent
Weeks Ended—
agree.
May 30, 1936
three months, and
of
Total..
that about $1,250,000,000 of the total
obligations will be turned
Retail trade shows a further
into cash during that period.
18%.
of
the
concerns
in
However,
some
little time.
of the cotton
half
In
the western
in
and
those
sections
southwestern
of
week.
In
the
northwestern
as
forecast
was
the
Overnight at Boston it
was
Saturday
60 to 80 degrees;
Baltimore, 60
to 74; Pittsburgh, 52 to 72; Portland, Me.,
Chicago, 54 to 66; Cincinnati, 54 to 78; Cleveland,
56 to 66; Detroit, 50 to
68; Charleston, 70 to 86; Milwaukee,
56 to 72; Savannah, 72 to
92; Dallas, 74 to 92; Kansas City,
64 to 82; Springfield,
Mo., 64 to 78; Oklahoma City, 64 to
86; Salt Lake City, 48 to 56; Seattle, 52 to
68; Montreal,
52 to 72, and Winnipeg, 46 to 78.
56 to 72;
2,901
same
cars
Freight
Car
Loadings Drop 36,547 Cars
in
decrease of
a
cars
below the
above the
cars
same
week in 1935.
same
cars below the same week in
week in 1934.
In the Western districts
cars
below
1935, and 5,160
cars
alone, loading of live¬
stock for the week ended May 23 totaled 8,422
cars, a decrease of 769 cars
below the preceding week this year and 367 cars below the same
week in
1935.
Forest products loading totaled 33,414 cars, an increase of
288
the preceding
cars
above the
Ore
week, 9,333
same
cars
above the
loading amounted to 46,729
16,903
cars
same
week in
above
cars
cars, an
increase of 170
cars
above the corresponding week in
above the
1935, and
above the corresponding week in 1934.
Coke loading amounted to 8,191 cars, an increase of 187
preceding week, 2,177
above the
cars
1935, and 7,403
week in 1934.
preceding week, 15,445
same
cars
above the
same
week in
cars
above the
1935, and 1,217
cars
week in 1934.
All districts reported increases in the number of
cars
loaded with
revenue
freight, compared with the corresponding weeks in 1935 and 1934.
Loading of revenue freight In 1936 compares with the two previous
years
follow:
1936
Four weeks in January
Five weeks in February
2,353,111
3,135,118
2,418,985
2,544,843
671,154
668,935
681,447
683,406
Four weeks in March
Four weeks in April
Week of May 2
Week of May 23
Week
Loadings of revenue freight for the week ended May 30,
1936, totaled 646,859 cars. This is a loss of 36,547
cars, or
5.3% from the preceding week, but a gain of 84,177 cars, or
15%, over the total for the like week of 1935, and an increase
of 67,203 cars, or 11.6%, over the total
loadings for the
corresponding week of 1934. For the week ended May 23
loadings were 14.2% above those for the like week of 1935,
and 9.2% over those for the
corresponding week of 1934.
Loadings for the week ended May 16 showed a gain of 16.9%
increase of 4,862
1934.
Week of May 9
Week of May 16
Revenue
an
however,
was,
below the corresponding week in 1935, and 3,918
week in
preceding week, 188
below the
part of the
for clear this afternoon and
tonight.
It
year
no relief yet in
sight.
In the New York City area the
weather has been generally clear and
pleasant the past week.
New York City had very little
partly cloudy.
preceding week, but
week in 1934.
Livestock loading amounted to 11,153 cars, a decrease of 519
parts
rain, and temperatures of
was fair and cool
here, with temperatures ranging from 57 to 62 degrees. The
same
alone, grain and grain products loading for the week ended
May 23 totaled
19,325 cars, an increase of 497 cars above the preceding week this
and
for
Today it
increase of
an
Grain and grain products loading totaled 31,365
cars, an increase of 808
above the preceding week, 5,553 cars above the
corresponding week in
1935 and 3,112 cars above the same week in 1934. In the Western
districts
with
slightly higher.
was
cars
wheat belt much apprehension is felt for the
spring wheat
crop, where dry conditions have prevailed for some time,
late have been
below the
cars
were prevalent
subsided, and clear weather prevailed the
the
below the
cars
below the
cars
preceding week, 6,603
part of the cotton belt is
prevailed
freight for the week of May 23
Car loading amounted to 106,139 cars, a decrease of 540
belt the excessive rains which
for several days
latter
have
revenue
0.3% above the preceding week.
above the corresponding week in 1935.
2,073
suffering from prolonged drought.
Precipitation was
reported during the last 24 hours in Georgia and the Carolinas, but by no means sufficient to relieve the intensely
that
cars or
decrease of 173
still
conditions
freight for the week ended May 23 totaled 683,406
14.2% above the corresponding
increase of 85,010 cars or
corresponding week
1935, and 39,932 cars above the corresponding week in 1934.
Loading of merchandise less than carload lot freight totaled 162,096 cars, a
cars
unusual developments
the past week.
crops—the eastern
53,133
reviewing the
Miscellaneous freight loading totaled 284,319 cars, an increase
of 1,738
cars above the preceding week,
54,431 cars above the
record for the month of May.
The May
gain compared with 77,600 in April and 47,600 in May, 1935.
Chain store gains for May ran as high as
32.4%.
Outside
no
revenue
was an
Loading of
1,959
all-time high
were
This
cars.
78,200 stations last month, it established
of crop weather news, there
from a weather standpoint
65,512
week in 1935 and 57,416 cars or 9.2% above the
corresponding week in 1934.
corresponding period by 84,177 cars.
The drop in loadings
as
compared with the previous week was due largely to
the holiday.
The Bell Telephone System reported that with
net increase
65,000
Loading of
The
perhaps resulting in the largest volume of the year.
Car
loadings declined 36,547 cars from the previous week to
646,859, at which figure they were ahead of last year's
dry
13,084
>
The Association of American Railroads in
week ended May 23 reported as follows:
veterans' bonus distribution is expected to act as a powerful
stimulus to further advances in trade the current month,
an
18,142
24,785
10,206
St. Louis-San Francisco Ry
$1,700,000,000 of baby
some
advance in volume this week, the increase running 3 to
Wholesale volume also rose 18 to 20% over last year.
a
June 1, 1935
22,929
29,499
Chicago Rock Island & Pacific Ry_
Illinois Central System
bulk of the baby bonds will be cashed within two
that the
or
May 23, 1936
23,041
29,516
12,443
these
funds has been anticipated by the recipients to only a mod¬
erate degree at most.
Further, it is the consensus of opinion
Total
vviilg
,
mgs
13,156,999
for
separate
May 23, 1936.
uauio
WO
UUUUi LU.JYC7
roads and
1935
•
1934
2,169,146
2,927,453
2,408,319
2,302,101
568,927
575,020
582,950
598,396
12,132,312
ty ouuw
systems for the
cuou
2,183,081
2,920,192
2,461,895
2,340,460
605,246
602,798
612,331
625.990
12,351,993
Ulit) luctu-
week ended
During this period a total of 109 roads
showed increases when compared with the same week lasl
year.
The most important of these roads* which showed
increases were the New York Central Lines, the Baltimore &
Ohio RR., the
Pennsylvania System, the Southern System
the Chesapeake & Ohio RR., the Atchison
Topeka & Santa
Fe System, and the Illinois Central
System:
REVENUE FREIGHT LOADED
AND RECEIVED
from
Freight Loaded
Railroad,
CONNECTIONS (NUMBER OF OAR8)-WEEK ENDED MAY 23
Group B {Concluded)—
Georgia
Georgia A Florida
445
574
606
1,107
1,041
1,532
7,835
1,184
1,937
371
307
1,723
7,740
1,179
Bangor A Aroostook
Boston & Maine
7,680
1,160
10,224
1,954
9,898
Chicago Tndianapolis A Louisv.
1,639
Illinois
Central
Louisville &
System
Nashville
21
15
26
54
Central Vermont
1,103
Delaware & Hudson
6,455
Delaware Lackawanna A West.
8,881
1,158
5,491
10,695
1,054
5,342
10,002
2,065
6,788
7,022
1,841
6,720
8,036
317
236
220
172
168
2,605
2,488
2,239
377
275
261
13,579
4,065
1,188
3,010
13,979
7,555
1,959
1,400
7,569
2,467
1,139
2,317
12,724
6,185
1,812
1,121
6,717
2,244
232
187
39
222
38,001
33,374
11,535
1,918
10,690
364
378
1,552
18,046
18,097
910
683
10,752
4,593
9,314
3,520
Chicago Great Western
Chicago Mllw. St. P. A Pacific.
Chicago St. P. Minn. & Omaha
Detroit A Toledo Shore Line...
13,648
5,392
13,043
4,483
Lehigh A Hudson River
212
198
194
Lehigh A New England
Lehigh Valley
2,061
8,884
2,970
4,041
1,858
1,641
9,113
3,005
3,747
1,893
1,627
40,345
10,218
1,810
4,869
6,857
6,321
36,618
10,106
4,817
5.410
3,510
1,873
37,512
10,559
1,750
5,091
5,733
5,748
283
324
401
Erie
Grand Trunk Western
Maine Central
Monongahela
Montour
b New York Central Lines
N. Y. N. H. & Hartford
New York Ontario & Western..
N. Y. Chicago A St. Louis
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut A North..
Pittsburgh & West Virginia
2,224
4,438
8,576
2,664
8,952
5,981
5,147
2.072
7,647
5,124
4,117
21
30
354
386
318
228
220
1,214
1,076
1,142
1,550
1,070
627
609
626
982
4,846
5,375
3,701
3,459
8,170
3,565
1.073
7,141
2,759
155,205
137,507
Rutland
Wabash..
5,483
3,825
.........
Wheeling A Lake Erie
152,118
Total
,
143,161
144,329
Mississippi Central
Nashville Chattanooga A St L.
Tennessee Central
133
303
|218
1,800
2,737
2,907
1,512
2,116
1,294
1,853
395
320
310
490
512
54,760
47,663
49,398
28,228
23,947
Grand total Southern District
94,207
83,156
87,285
58,421
49,234
2,162
9,943
Northwestern
District—
908
882
876
18,752
2,562
16,042
16,867
2,146
16,319
3,167
9,088
2,327
17,363
3,285
2,671
1,651
8,498
2,561
7,770
3,410
6,722
2,491
9,114
208
976
1,166
5,798
569
388
4,859
3,466
Belt Ry, of Chicago
19,343
3,805
12,427
1,456
7,698
Duluth Mlssabe A Northern...
Duluth South Shore & Atlantic.
Elgin Jollet A Eastern
5,805
100
403
300
299
134
126
17,870
14,421
13,757
3,253
2,796
570
577
479
509
440
2,043
1,855
6,529
8,966
1,102
1,456
4,966
Ft. Dodge Des Moines A South.
Great Northern
Green Bay & Western
Lake Superior A Isbpemlng
Minneapolis A St. Louis
90
77
1,499
1,928
1,669
1,432
5,199
8,364
2,295
3,253
2,090
2,550
189
143
271
317
208
1,057
1,630
1,531
1,203
876
106,435
85,023
90,123
44,302
36,485
19,963
2,863
17,364
2,542
18,690
2,644
4,782
4,278
1,892
327
215
179
62
37
14,145
1,388
11,986
2,654
11,971
7,469
5,836
737
634
10,419
14,035
1,180
11,465
7,303
2,252
2,272
790
772
2,357
1,165
0,121
1,867
751
2,109
1,758
1,650
2,926
384
361
141
25
994
1,029
1,367
802
807
735
1,789
1,314
1,121
Minn. St. Paul & S. S. M
Northern Pacific
....
Spokane Portland & Seattle
428
456
677
26,725
4,538
29,806
4,066
16,667
13,350
2,272
1,528
330
278
233
7
7
901
1,237
6,879
834
10
111
6,151
10,741
9,980
37
57
Chicago Burlington A Quincy..
Chicago & Illinois Midland
Chicago Rock Island A Pacific.
6,003
566
30,990
5,570
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New Jersey...
Cornwall
5,702
928
614
564
Cumberland A Pennsylvania..
229
298
234
22
32
.50
24
72
29
20
884
827
731
2,261
2,449
1,113
60,941
13,335
12,560
910
1,051
56,783
13,685
1,237
41,803
15,983
5,633
1,115
Ligonier Valley
Long Island
55,622
13,092
5,628
9,108
36,675
13,285
3,393
50
48
64
.0
0
3,461
3,374
3,260
5,820
5,199
137,608
120,522
127,098
103,199
87,667
West Virginia Northern
Western Maryland
Total.
148
1,547
Total.
Total.
Penn-Reading Seashore Lines.
Pennsylvania System
Reading Co
Union (Pittsburgh).
1432
159
1,747
2,702
,
...
Mobile & Ohio
564
Bessemer A Lake Erie
.
358
141
140
165
Macon Dublin A Savannah
Spokane International
Allegheny District—
Akron Canton A Youngstown.
Baltimore A Ohio
356
367
1,522
16,830
17,455
Chicago A North Western
Detroit A Mackinac
Detroit Toledo A Ironton
1,235
1,236
317
1,616
19,463
20,665
72
Central Indiana
753
714
905
Gulf Mobile A Northern
1935
1936
1934
1935
1936
Connections
from
Freight Loaded
Railroads
1935
Eastern District—
Ann Arbor
Total Loads Received
Total Revenue
Received
Connections
1930
1934
1935
1930
FROM
Total Loads
Total Revenue
i
3755
Financial Chronicle
142
Volume
Central Western District—
Atch. Top. A Santa Fe System.
Alton
Bingham A Garfield
Chicago A Eastern Illinois
Colorado A Southern
Denver A Rio Grande Western.
Denver & Salt Lake
Fort Worth A Denver City
Illinois Terminal
1,393
1,865
1,459
Nevada Northern
North Western Pacific
a
112
31
606
318
243
256
80
94
16,223
17,416
System
4,744
3,471
•
Southern Pacific
(Pacific)
24
61
154
116
19,067
St. Joseph & Grand Lsland
Toledo Peoria & Western
709
2,154
845
818
Peoria & Pekin Union
2,250
Included
in U.
P.
410
1,246
922
10,783
8,228
7,163
136
128
8
5
1,551
1,342
1,319
2,117
1,606
93,961
80,065
86,537
48,050
38,943
203
190
163
4,514
3,550
Burlington-Rock Island
22,504
19,353
Chesapeake & Ohio
19,032
17,436
20,377
18,616
8,440
3,470
10,525
Norfolk A Portsmduth Belt Line
1,095
912
960
Virginian
3,532
3,247
3,078
4,262
1,082
1,043
46,484
40,627
43,031
16,912
Total.
127
127
127
203
95
121
131
221
154
2,499
1,912
2,626
1,229
2,910
1,850
1,160
1,850
Utah
Western Pacific
955
705
13,570
Southern District—
Total.
Southwestern District—
Fort Smith & Western
Group A—
4,056
1,072
8,032
1,035
1,046
4,810
1,543
Charleston A Western Carolina.
569
449
487
868
828
Durham A Southern
157
149
126
317
233
Atlantic Coast Line
8,846
Cllnchfield
8,240
1,372
54
34
37
77
93
1,004
1,051
1,193
1,034
880
399
393
413
832
706
342
311
366
3,582
7,852
18,987
7,303
16,603
7,295
18,552
4,111
3,464
12,415
165
133
132
722
598
39,447
35,493
37,887
30,193
25,287
Alabama Tennessee <fc Northern
229
252
189
143
110
Atlanta Birmingham A Coast..
724
571
648
592
516
Midland
Norfolk Southern
Piedmont & Northern
...
Richmond Fred. A Potomac...
Seaboard Air Line
Southern System
Winston-Salem
220
9,623
170
Union Pacific System
District—
Norfolk A Western*
Gainesville
398
10,953
Alton A Southern
Pocahontas
Southbound
Total.
2,592
10,347
Gulf Coast Lines
2,539
International-Great Northern..
2,351
213
137
161
895
840
Kansas City Southern
2,082
1,557
1,511
1,374
1,410
1,172
1,771
1,328
1,284
Louisiana & Arkansas
Louisiana Arkansas A Texas...
497
152
67
401
286
Litchfield & Madison
287
127
284
1,033
Midland Valley*
353
511
405
253
162
111
103
124
269
201
4,279
3,828
4,271
2,802
8,816
2,132
7,004
Kansas Oklahoma & Gulf*
...
Missouri & Arkansas
Missouri-Kansas-Texas Lines..
14,259
11,661
12,895
58
30
46
85
36
79
87
24
St. Louis-San Francisco
7,570
Louis Southwestern
2,200
6,160
1,916
3,842
2,511
2,825
3,422
2,072
6,539
4,451
2,538
2,637
7,422
1,978
5,679
3,889
1,644
4,214
18,110
3,331
15,161
216
207
224
72
70
29
65
60
40
34
52,593
45,842
47,587
57,309
46,709
St.
688
621
624
1,161
898
3,776
3,639
3,139
2,645
2,245
305
221
197
255
904
579
Texas A Pacific
Terminal RR. Ass'n of St.Louis
Wichita Falls A Southern
6,233
4,259
217
Florida East Coast
Note—Figures for 1934 revised.
*
684
Quanah Acme & Pacific
Missouri Pacific
Texas & New Orleans
Central of Georgia
Columbus & Greenville
800
Natchez & Southern
Group B—
Atl. A W. P.—W. RR. of Ala..
252
498
544
784
Weatherford M. W. & N. W...
Total.
Louis RR., and
A Albany RR., the C. C, C. A St
Previous figures, a Not available, b Includes figures for the Boston
10
23
2,220
the Michigan
Central RR.
Corp. Makes Liquidating Distribution
Railroad Credit
Slight
The
Railroad
Credit
June
Corporation on May 31
made its
twenty-eighth liquidating distribution to participating car¬
riers, amounting to $735,881, or 1% of the
Of this amount,
credited
on
or
amount distributed to 50%
Of
$36,794,036.
this total
returned in cash and $19,276,920 in
$17,517,115
of the
has
been
in
"Annalist"
Weekly
Index of
Ended
Commodity Prices During Week
2
prices for cattle caused a drop of 0.2 point in The
"Annalist" Weekly Index of Wholesale Commodity Prices,
which declined to 120.4 on June 2 from 120.6 May 26;
the
"Annalist" also noted:
limited, lambs,
and oats,
flour, butter, cheese, cocoa, cotton and anthracite coal advanced.
Approval by the Senate of the Commodity Exchange Bill, with the
price changes during the week were relatively
lard, barley, bananas, silk and tin also declining, while corn, rye
cotton
credits.
Noted
Lower
The other
indebtedness to the Corporation..
This brings the total
fund,
contributed fund.
$394,603 was paid in cash and $341,278 was
carriers'
Drop
Wholesale
of $735,881
amendments omitted,
been
have
had less effect on the
market than might
expected, the bill in its present form not being
regarded as
likely to disrupt commodity trading generally.
Moody's Daily Commodity Index Advances Moderately
The average
ly this week.
Prices
Moody's Daily Index of Staple Commodity
this Friday, as compared with 163.3
last week.
May
May
June
June
June
June
June
June
Farm
products-
—
as
(1913=100)
163.3
Holiday
163.3
—163.4
163.8
163.7
163.8
2 Weeks ago, May 22
Month ago, May 5
Year ago, June 5
.165.1
166.9
158.1
1935 High—Oct. 7 and 9
175.3
Low—March 18
148.4
1936 High—April 18 and 23..172.1
Low —May 12
162.7
110.8
May 26, 1936
June 4,
1935
118.9
ylll.9
120.8
120.5
130.0
yl03.9
104.9
Fuels
171.0
170.7
163.1
Metals-
110.5
Building materials
—
Textile products
110.6
111.8
111.5
97.3
97.3
Miscellaneous
86.0
86.0
82.9
120.4
120.6
124.7
71.8
71.9
.
110.1
111.8
Chemicals
74.1
All commodities
zAll commodities on old dollar basis
follows:
29
30
1
2
3
4
5
2, 1936
X103.9
Food products
parisons, is
WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation.
163.8
was
\There were no individual changes of especial importance.
Cocoa, hides, rubber, wheat, corn, hogs, cotton and coffee
advanced.
The prices of silk and steel declined, and there
was no net change for silver, copper, lead, wool and sugar.
The movement of the Index during the week, with com¬
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
THE ANNALIST WEEKLY INDEX OF
price of basic commodities advanced moderate¬
98.5
Revised,
z Based on exchange quotations for France, Switz¬
erland and Holland; Belgium Included prior to March, 1935.
x
Preliminary,
The
been
y
Commodity
sent
to
the
Exchange
White
Regulation Bill has since
President Roosevelt's
House for
signature, as noted elsewhere in our issue of
to-day.
3756
Financial
United States
of
0.3%
Department of Labor Reports Increase
Wholesale
in
Commodity
Prices
Chronicle
Wholesale
commodity prices advanced 0.3% during the
ending May 30, according to
June
4
by Commissioner
The rise
Statistics.
Lubin of the Bureau of Labor
due
was
announcement made
an
largely to sharp increases in
prices of farm products and foods.
"The increase brought
composite index of wholesale prices to 78.4 percent of
the 1926 average," Mr. Lubin said.
"Despite the current
the
corresponding
week
of
last
Lower
prices of wheat, hogs, beef cattle and dairy products
declines in prices of certain other commodities
carried the farm price index down to 103 as of May 15, com¬
pared with 105 on April 15, and 108 on May 15 last year,
according to the Bureau of Agricultural Economics, United
States Department of Agriculture.
The period August,
1909-July, 1914, equals 100 in the index.
The Bureau's
report made available May 29, further says:
By groups of commodities, fruits rose 14 points in the index during the
month; chickens and eggs were
and
year."
2.2%
The
below
the
Commissioner
up 4 points; cotton and cottonseed, un¬
changed; grain, down 1; truck crops, down 2; meat animals, down 7 and
dairy products, down 8.
Prices received by farmers for all commodities in the index
added:
lower
None
of the
10
major commodity groups
decreased during the week.
In addition to farm products and foods, building materials, chemicals and
drugs,
house-furnishing
and
goods
also
advanced.
Hides
and
leather
products, textile products, fuel and lighting materials, metals and metal
Raw
material
the
products
of
month
a
0.7%
advanced
prices
level
during
The
ago.
remained stationary.
groups
the
week
The
index
for
Prices paid by farmers were unchanged
during the month, so that the reduction in farm prices carried the farm com¬
modities
a
year
are
and
0.8%
finished
The
are
0.5% lower.
large
finished
products
;
...
of all
group
agricultural commodites)
commodities
rose
than
farm
products
(non-
0.3% during the week, and the index for all
commodities other than farm products and processed foods,
representing
industrial commodites, advanced 0.1 %.
Compared with the corresponding
week of
a
1.4%.
All commodities other than farm products and foods,
year ago,
hand, show
an
on
the other
year.
1.5%
in the
oranges,
of other
subgroup
potatoes, and
barley averaged
farm
products
domestic wool.
higher.
hogs and wethers, and
cows,
including
Grains declined
fresh
apples,
Important individual farm products
for
April and 5.9% below the corresponding index
1935.
Wholesale food prices rose 1.2%.
Pronounced advances in prices of
fruits, vegetables, and meats and smaller increases in dairy products and
cereal products accounted for the rise.
Higher prices were shown for
butter, cheese, wheat flour, canned pears, primes, lamb, fresh pork, veal,
cocoa beans, coffee, coconut oil, and cottonseed oil.
Lower prices were
reported for
flour',
rye
meal, dried peaches, bananas, mutton, dressed
corn
poultry, lard, edible tallow, and
is
0.9% below
The
month
a
of 0.1%
increase
in
corn
oil.
and 7.1%
ago
the
This week's food index—78.4—
below
a
year
building materials
ago.
group
the result'
was
of higher prices for lumber, china wood oil, putty, resin, door and window
frames, sand, and gravel.
tural steel
on
April 15, and $7.92
The index for the
prices
housefurnishing goods
of
carpets
index
for
A fractional increase in
Average prices of furniture
prices of
cow
hides did not affect the index for
1926 average.
whole.
a
It remained at 94.3%
Prices of shoes, leather, and other leather products
firm.
products remained unchanged at
Although higher prices
yarns,
and woolen
prices
for osnaburg,
69.2%
were reported for brown
yarns,
these increases
bleached
A minor decrease in prices
76.8.
were
sheeting,
of the
group
Average
cotton
for
v;
yarns,
was
of fuel and lighting materials.
the
a
heating fixtures
raw
coke,
not
silk,
burlap,
reflected in the
and petroleum products
a
was
dozen
A year ago, the average farm price
:
;+
•' ;■.
\
butterfat prices is recorded, with farm prices averaging 27.1
'
a
year
;'Xv'V.Wv
■
over
Same Month
The
Geological Survey of the United States Department
Interior, in its monthly electrical report disclosed that
production of electricity for public use in the United
States during the month of April totaled 8,869,655,000
kwh. This is a gain of 13% when compared with the 7,817,284,000 kwh. produced in April, 1935.
For the month of
March, 1936, output totaled 8,904,891,000 kwh.
Of the April, 1936, output a total of 3,989,737,000 kwh.
was
produced by water power and 4,879,918,000 kwh. by
fuels.
The Survey's statement follows:
of the
the
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN UNITED 8TATE9
(IN
KILOWATT-HOURS)
metals
and
metal
minor advance in
products group remained at
prices of pig tin.
March
February
New England
Middle Atlantic
593,794,000
2,299,827,000
East North Central. 2,008,855,000
West North Central.
530,273,000
South Atlantic
1,068,075,000
East South Central
370,697,000
West South Central.
398,635,000
Mountain
273,197,000
Pacific
1,055,673,000
Total for U
declined
'36 Apr.
-1%
+ 10%
+ 12%
2,301,639,000 2,298,908,000
2,082,821,000 2,097,744,000
562,881,000
525,442,000
1,172,636,000 1,155,255(000
372,710,000
357,774,000
409,344,000
418,356,000
309,193,000
327,770,000
1,124,916,000 1,120,899,000
*36
+ 2%
+ 13%
+ 15%
+ 5%
+ 1%
+ 18%
+ 9%
+ 23%
+ 10%
+ 12%
+ 12%
+ 20%
+ 22%
+ 13%
+ 15%
S
8,599,026,000 8,904,891,000 8,869,655,000
+
11%'
+13%
States in April was 295,700,000 kilowatt-hours, 3.0 larger than the average
The normal change from March to April is a
reduction of 1%.
The production of electricity
by the use of water power in April
was
45%
FOR PUBLIC
USE
of the total.
85.7
TOTAL MONTHLY
PRODUCTION
OF
ELECTRICITY
Average prices of
Increase
2.3%
during
the
week.
Crude
784
Increase
Produced by
1936
1935
Water Power
Orer
1935
1936
1934
1935
rubber
Kilowatt Hrs.
price series
the average for the year 1926 as 100.
the
Mar.
567,507,000
The average daily production of electricity for public use in the United
stationary.
The following table shows
April
568,751,000
Over
were
prices
on
Changes in Output
from Previous Year
Total by Water Power and Fuel
Division
1
weighted according to their relative importance in the country's markets
modities for
April
on
'v
April Production of Electricity 13%
a
Year Ago
It was unchanged at
advanced 0.3%, and paper and pulp increased 0.1%.
The index of the Bureau of Labor Statistics includes
and is based
bushel;
a
May 15 the average
on
seasonally, from 16.8 cents
agricultural implements, iron and steel, motor vehicles, and plumbing and
feed
Farm
year ago.
mid-May, against 31.2 cents in mid-April, and 27.5 cents
daily production in March.
of bituminous coal
prices of anthracite coal,
notwithstanding
Cattle
and
ago.
by lower
ti
index
averaged 44.6 cents
cents,
21.4 cents.
cents in
a
May 15, against $6.27
on
1926 average.
counterbalanced
were
steady.
The
81.1
April 15 to 18.1 cents in mid-May.
A drop in
sheeting, print cloth, silk
hemp, and jute.
index for the
May 15, against
On May 15, 100 pounds of hogs,
the
advanced slightly because
group
blankets.
and
the hides and leather products group as
Textile
May 15, against
on
ago.
Prices of eggs advanced more than
Average prices of brick, tile, cement, and struc¬
remained unchanged.
were
on
May 15
ago.
100 pounds
100 pounds
'";=,
■
unchanged at the level of the preceding week.
of the
year
wheat
on
on
and 9.3 bushels
ago,
per
A year ago, farm prices of potatoes
15 this year they averaged
87.1 cents,
drugs group to increase 0.1%.
Wholesale prices of drugs
pharmaceuticals, fertilizer materials, and mixed fertilizers remained
rising
a
per
a year ago.
April 15, and $6.80 a year
chemicals and
of
bushel for
a
bushel
steady.
were
Strengthening prices of certain fats and oils caused the
and
and 84.8 cents
ago,
of hogs averaged $8.59
a
which
market, cotton, eggs, lemons, alfalfa hay, hops, seeds, dried beans, and
foreign wools.
The present farm products index—75.9—is 1.6% below
for
60 cents
corn
1.7%, although
lower prices were reported were calves, steers, live poultry in the
Chicago
the corresponding index for
of 82.3 cents
average
prices of beef cattle averaged $6
1.2% during the week due to increases
in livestock and poultry, principally
an
pared with 16.4 bushels a month
was
of 2%
on
85
was
live weight, were equivalent in value to 14.3 bushels of corn, in price, com¬
on
The farm products group advanced
month
a
Farm prices
From Commissioner Lubin's announcement of June 4 the
following is also taken:
getting
They averaged for
57.2 cents
all commodities other than farm products have declined
increase of 1.3% over the corresponding week of last
The index
-
May 15, compared with 86.3 cents on April 15 and 87.8 cents
$9.38
other
purchasing power index down to 85 from 87.
ago.
last year.
is 0.9% below the corresponding week of last month, and semimanufactured
articles
were 5 points
May 15 than on April 15, and 3 points lower in the first five months
Farmers were
but
semimanufactured
on
whole of this year than last.
as a
products, and miscellaneous commodities remained unchanged.
below
Farm Price
in
and minor
upward tendency, however, the index is 0.9% below the
corresponding week of last month
1936
Points
2
Index for Month
Ended May 15 Reported by Bureau of Agricultural
Economics
During
Week Ended May 20
week
of
Decrease
January
1935
39%
40%
44%
9,245,639,000
8,599,026,000
8,904,891,000
—
April
May
8,349,152,000
11%
9%
37%
15%
8.011.213,000
11%
6%
4%
42%
8,869,655,000
February
March
index numbers for the main groups of com¬
1936
Kilowatt Hrs.
7.817.284,000
13%
5%
45%
7,494,160,000
34%
1,
1935, June
2,
1934, and
46%
4%
46%
7,872.548.000
5%
8,370,262,000
August
5 weeks and for June
8,020,897,000
July
past
8,573,457,000
10%
11%
June
September..
3, 1933:
(1926=100.)
May
May
May
May
May
June
June
June
30
23
16
9
2
1
2
3
1936
Commodity Groups
1936
1936
1936
1936
1935
1934
8.208,267.000
October
June
8.844.416.000
13%
8.692,799,000
9,138.638.000
14%
13%
44%
43%
39%
37%
32%
37%
38%
99,3'13.073.000
9.2%
40%
1933
November
..
December...
Total
All commodities,
78.4
78.2
78.1
78.6
79.1
Farm products
75.9
75.0
74.4
76.2
77.1
Foods.,
80.2
73.9
63.8
80.7/
60.6
78.4
77.5
77.4
78.0
79.1
84.4
67.7
61.0
Hides & leather products.
94.3
94.3
94.8
94.9
94.9
89.9
87.7
79.9
Textile products
69.2
69.2
69.5
69.6
69.7
69.3
72.7
57.5
Fuel & lighting materials.
76.8
76.8
76.9
77.2
77.3
74.4
73.7
61.1
Coal Stocks and Consumption
53.2
The total stocks of coal held by electric power utilities on
amounted to
6,646,426 net tons.
compared with total stocks
on
Metals & metal products.
85.7
85.7
85.7
86.0
86.0
85.6
88.7
78.2
10.6% compared with the stocks
85.7
85.6
85.5
85.6
85.5
84.9
87.6
71.8
77.4
coal
77.3
77.3
77.5
77.8
80.8
75.3
73.2
-
drugs
Housefurnishing goods...
82.9
82.8
82.8
82.8
82.8
82.0
83.6
71.9
Miscellaneous
69.1
69.1
69.2
68.4
68.6
69.0
69.6
59.2
Raw materials
76.0
75.5
75.1
76.0
76.6
*
*
#
.Semi-manufact'd
articles.
Finished products
74.1
74.1
74.3
74.4
74.5
*
*
*
80.5
80.5
80.4
80.8
81.2
#
*
*
79.0
78.8
78.9
79.1
79.5
80.1
76.7
66.2
78.8
78.7
78.8
78.9
78.9
77.8
79.0
67.3
of
farm products & foods.
*Not computed.
April 1, 1936, but a decrease of
May 1, 1935.
Stocks of bituminous
May 1, 1936, amounted to 5,612,680 net tons.
of
9.5% when compared with May 1,
on
This
was an
increase
April 1, 1936, and
1935.
a
Anthracite stocks
stood at 1,033,746 net tons, an increase of 3.8% when compared with April 1,
1936, and
a
decrease of 16.2% when compared with May 1, 1935.
Electric power utilities reported 2,711,470 net tons of bituminous coal
All commodities other than
|
on
on
1.9% when compared with the tonnage reported
decrease
All commodities other than
farm products
on
May 1, 1936,
This represented an increase of 2.2%
hand
Building materialsChemicals &
14%
and
149,186 net tons of anthracite,
sumed in April, 1936.
or
a
total of 2,860,656 net tons,
The daily rate of consumption of all coal in April
con¬
was
2.5% lower than the daily rate in March, 1936; however, in April, 1936,
it
was
12.7% higher than the daily rate in April, 1935.
Volume
Nineteen price series included in
current rate of con¬
held by the electric power
May 1, 1936, to last 62 days and enough anthracite for 208
In terms of days supply,
which is calculated at the
and
sumption, there was enough bituminous coal
utilities
on
27
declines;
in the second preceding week there
COMMODITY PRICE INDEX
operation of all power
month, engaged in
generating electricity for public use, including central stations, both com¬
mercial and municipal, electric railway plants, plants operated by steam
railroads generating electricity for traction, Bureau of Reclamation plants,
public works plants, and that part of the output of manufacturing
plants which is sold.
The output of central station, electric railway, and
public works plants represents about 98% of the total of all types of plants.
The output as published by the Edison Electric Institute and the "Electrcal
in the tables are based on the
Compiled by the National Fertilizer Association.
1926-1928=100
producing 10,000 kilowatt-hours or more per
plants
Each Group
Ago
June 1,
1936
1936
1935
76.3
76.9
78.7
65.8
66.4
70.3
68.3
83.6
83.1
86.2
95.5
70.0
70.1
72.5
75.0
Cotton
65.0
64.6
63.5
63.5
Grains
67.2
67.7
71.9
74.8
Livestock
70.9
71.1
74.1
77.4
79.6
79.6
79.6
77.1
72.0
72.0
72.2
69.8
66.7
66.4
66.9
66.1
82.9
83.0
83.0
78.2
Foods
28.6
Fats and oils
Cottonseed oil
22.3
•
,
Farm
k.
16.4
products
Fuels
Miscellaneous commodities
Textiles
7.7
of
in <?he preparation
Year
Ago
May 2,
23,
30, May
1936
10.3
[The Coal Division, Bureau of Mines, cooperates
Week
May
Total Index
100% basis.
"
Week
Month
Preced'g
Group
Bears to the
received
from plants representing over 95% of the total capacity.
The output of
those plants which do not submit reports is estimated; therefore the figures
of output and fuel consumption as reported in the accompanying tables are
..
—
6.7
production of electricity by the electric light
and power industry of the United States for the week ended
May 30, 1936, totaled 1,922,108,000 khw.
Total output
for the latest week indicated a gain of 18.0% over the corre¬
sponding week of 1-935, when output totaled 1,628,520,000
80.1
79.1
78.7
Chemicals and drugs
94.4
94.4
94.4
94.4
Fertilizer materials
65.6
65.6
65.7
.3
Production Below Preceding Week
But 18.0% Above Like Period Last Year
The Edison Electric Institute in its weekly statement dis¬
80.1
.3
Electric
Building materials
1.3
♦
Metals
82.8
5.8
reports.]
Weekly
Latest
Per Cent
Reports are
stations only.
World" includes the output of central
these
were
declines.
WEEKLY WHOLESALE
The quantities given
week
and 30
21 advances and 40
the index advanced during the
preceding week there were 23 advances
declined; in the
days requirements.
on a
3757
Chronicle
Financial
142
Fertilizers
70.7
70.7
70.4
76.4
92.6
92.6
92.6
91.9
75.8
75.4
76.1
76.8
Farm machinery
.3
65.3
i
AH groups
100.0
combined
closed that the
kwh.
1
V
.
'■
'
■
during the week ended May 23, totaled
1,954,830,000 kwh.
This was a gain of 15.3% over the
1,696,051,000 kwh. produced during the week ended May 25,
Electric output
The Institute's statement follows:
1935.
PERCENTAGE INCREASE OVER PREVIOUS
May 30,
Regions
1936
Week Ended
Week Ended
Week Ended
Week Ended
Major Geographic
YEAR
May 23, 1936
May 9, 1936
1936
16,
May
Indexes of Business Activity of
of New
Atlantic
Middle
13.4
12.1
17.3
16.9
^
wholesale
14.9
16.6
15.3
23.3
20.0
21.8
11.9
13.2
16.2
15.6
15.4
14.5
15.3
18.0
Total United States.
prevailing
downward at this time of year.
shipments of merchandise and miscellaneous freight were main¬
tained at approximately the rate reached in the latter part of April, while
bulk freight
car loadings gained more than
seasonally owing to sizable
16.0
22.8
Coast
metropolitan
in the New York
half of May at about the level
during the first
April, although the movement is usually
in
16.3
16.9
'
Sales at department stores
trade.
continued
Railroad
14.5
18.3
States
Mountain
Rocky
Pacific
12.1
20.4
Central-
West
Southern
13.3
21.7
Industrial
Central
11.6
13.4
New England
12.8
Distribution
Weeks of May
The New York Federal Reserve Bank, in presenting, in
its "Monthly Review" of June 1, its monthly indexes of
business activity, said that "judging from statistical data
thus far available the distribution of goods expanded during
the first three weeks of May."
The Bank added:
Reports to the Department of Commerce from 34 cities throughout the
country indicate that retail trade was generally on a higher level than in
the preceding month and that
gains were made also in most lines of
During First Three
of Goods
area
18.7
Federal Reserve Bank
York—Expansion Reported in
in
increases
of
shipments
ore
and forest products.
(Adjusted for seasonal variations, for usual year-to-year
i
sary for price changes)
DATA FOR RECENT WEEKS
growth, and where neces-
April
in
P. C.
2..
9..
May 16..
May 23..
May 30..
May
June
1,617
+ 12.7
+ 12.1
+ 12.5
+ 15.5
+ 13.6
+ 14.5
1.642
1,673
1,669
1,633
1.643
13..
+ 15.4
1,399
1,410
1,655
1,576
1,655
1,665
1,675
1,688
1,774,654
1,772,138
June 20..
June 27..
MONTHS
RECENT
FOR
DATA
1,647
1,641
1,676
1.644
1,637
1,654
1.645
1,602
1,594
1,465
1,483
1,494
1,481
1,470
1,455
1,429
1,437
1,436
1,425
1,461
1,381
1,431
1,428
1,436
1,650
1,954,830 1,696,051 + 15.3
1,922,108 1,628,520 + 18.0
1,724,491
1,742,506
6..
June
1936
merchandise and miscellaneous
other
1,468
1,542
1,435
1,621
1,578
1,598
1,442
1,441
1,656
1,457
1,610
1,635
1.607
(THOUSANDS
OF
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
61
—
1935
1936
1933
1934
Feb
March
.
8,375,493
April
May
June
July
...
August
7,131,158
6,608,356
7,198,232
6,978,419
7,762,513 + 11.6
7,048,495 + 13.9
7,500,566 + 11.7
7,382,224
7.544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
8,664,110
8,025,186
.
Sept
Oct
Nov
Dec
7.249,732
7,056,116
7,116,261
7,309.575
6,832,260
7,384,922
7,160,756
7,538,337
'
Total
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
6.112.175
6,310,667
6,317,733
6,633,865
6,507,804
Department store sales. United States
71
75
1,700
1,688
Department store sales. Second District..Chain grocery sales
68
69
75
72
60
62
61
61
1.698
1.704
1.705
Other chain store sales.
79
83
81
85
Advertising
1,615
New passenger car
1,690
1.699
1,703
1,723
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
—
based on about 70%.
+.
Fertilizer
National
in
vance
Association
Reports Moderate Ad¬
Commodity
Wholesale
Price
Average
only two component groups of the index to register increases last
Nine items in the foods group, including
week were foods and textiles.
such
important
increased
in
commodities as
price
last week,
butter, eggs,
in the foods index took it to the highest point
of March.
were
more
cotton
Higher
potatoes,
while six commodities
quotations for
cotton, cotton
print cloth, and wool
than sufficient to offset the effect of lower
prices for certain
materials, burlap, jute, and silk, with the result that a small rise
took place in the textiles index.
the group declining and
eight advancing; the net result was a slight drop in the group index.
The
only other change during the week was a small decline in the index of
metals prices,
reflecting lower quotations for scrap steel and tin.
66 j>
45r
41 p
69
72
71
48
42
48
43
53
49
49 /
49
85
85 p
Preliminary.
r
32
35
33 p
42
41 p
46 V
54
formed In New York State—
54
54
53
43
47
44
44 p
142
151
151
151p
185
190
189
189p
141
—
...
142
142
141
.
Composite index of wages*
Cost of living*
p
85
83
25
General price level.*
------
-
Revised.
*1913 average=100.
Conditions in Philadelphia
Activity
Productive
Federal Reserve District-—
April Highest in
During
Several Years
Third (Philadelphia) District
the Philadelphia Federal Reserve
Bank, "reflected substantial gains in productive activity,
reaching the highest level in several years, but since then
the usual seasonal slackening in output has been in evi¬
dence."
In its "Business Review" of June 1 the Phila¬
Business conditions in tlie
during April, according to
delphia Reserve Bank also has
the following to say:
seasonally adjusted index of industrial
Bank's
production, compris¬
mining, in April rose to about 84% of the 1923-25
average,
and this level was virtually the highest since 1930.
Activity
in the construction field has expanded further, as it usually does at this
time, and the value of contracts awarded during April was three times
as
large as that of a year ago.
Conditions of farm crops seem to show
little change
from the average and current income of farmers, chiefly
from livestock products, appears to be satisfactory as compared with that
ing manufacturing and
of
a
earlier*
few years
Marked
gains
wholesale
before.
over
in
a
failed
April
but
March,
from
gain
sales
trade
Retail
year
continued
ago
to measure up to
the usual rate of
larger than last
indicated in early May.
appreciably
also were
month but
year.
Sales
were
larger than a year
goods manufactured in this district has
slackened seasonally
in the
likewise declined
...
Manufacturing
Demand for
6ince
a
in
last
April, but generally
it compares well with the volume of sales
Numerous reports from this district indicate some recession
during the past month, but the majority of them show that
higher than a year ago.
.
.
.
Output of manufactures increased sharply during April, reaching the
year
ago.
prices
prices continue
Farm products price trends were mixed
during the week with eight items included in
66
42r
45
Real estate transfers
The rise
reached since the last week
63
68
Building contracts...
and fresh pork,
declined.
73f>
87
44f
Bank debits, New
at
The
66
77 r
64
outside New York City
York City r
Velocity of demand deposits, outside N. Y. CityVelocity of demand deposits. New York City
Bank debits,
This
prices for foods, there was a moderate
level of wholesale commodity prices
in the week ended May 30, according to the index compiled
by the National Fertilizer Association.
This index last week
was 75.8% of the 1926-28 average, a.s compared with 75.4%
in the preceding week.
A month ago it registered 76.1%
and a year ago 76.8%.
The highest point reached by the
index the current year was 78.5% in the week ended Jan. 4.
The
announcement
by the Association, under date of
June 1, also said:
65
86 p
70
General Business Actirlly—
During Week Ended May 30
Due largely to higher
advance in the general
84
60r
63
85
registrations..
Gasoline consumption
7,288,025
based on reports covering approxi¬
mately 92% of the electric light and power Industry and the weekly figures are
95
61
64
79
Mall order house sales
6,971,644
Note—The monthly figures shown above are
77
"
New life insurance sales
85,564,124 80,009,501 77,442,112 86,063,969
93,420,266
72 v
78
1,709
1931
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
76-
Distribution to Consumer—
New corporations
Jan
53p
73
_
Business failures
Ch'ge
67
52
__
Factory employment, United States
of
66
59
50
Imports
KWH.)
1932
65
76
1,663
1.697
P. C.
Month
62
57
68
Car loadings,
Exports
May
April
1936
47
Car loadings,
1929
1930
1931
1932
1933
1934
1935
1,916,486 1,700,334
1,933,610 1,725,352
1,914,710 1,701,945
1,932.797 1,673,295
1,928,803 1,698,178
1,947,771 1,701,702
1,961,694 1,700,022
4_.
Apr. 1I_.
Apr. 18..
Apr. 25..
Apr.
Mar.
1936
Primary Distribution—
Ch'ge
Week of—
1936
Feb.
1935
Years
Millions of Kilowatt-Hours
Weekly Data for Previous
(In Thousands of
Kilowatt-Hours)
The April index of productive activity, which
variation and the number of working days, was
82% of the 1923-25 average as compared with 75 in March, 73 in February
and 75 in January;
in April, 1935, this index was 74.
The average
highest
is
level since 1930.
adjusted for seasonal
rate of
output in the first four months
a
ago
year
considerably
and
durable
be attributed to
particularly
goods,
iron
railway equipment,
parts,
struction
steel
shipbuilding
products,
and
in March and 56
61
a
year
automobile
basic
materials
group
about
20%
with
compared
as
last
for
May 1
of
as
for
were
this
States of
yield in
average.
the unusually cold winter and more particularly to early April
fruit crops will be below average; gardens and commercial
crops are late.
truck
♦
amounted
year
smaller
a
but larger than the five-year (1928-32)
ago,
year
a
tree
freezes,
as
The gain in this branch
ago.
too dry for the best results
was
Owing to
con¬
to 73
rose
heavy manufacturing during the first four months of this
to
of spring
indications
and
district than
bodies
early May
permitted of rapid progress in preparation for and
crops.
Winter wheat deteriorated during the month,
agriculture, but it
to
further expansion in the output
a
and
June 6, 1936
during April and
Weather
higher than
of the three preceding
any
The adjusted index for this whole
purposes.
compared! with
of
in
planting
This unusual rise may
and
of this year was 7%
than
greater
1932-34.
years,
of
Chronicle
Financial
3758
■
.
Federal
Conditions in San Francisco
year.
Reserve District
—Continued Expansion in Business During April
Conditions
Federal
Boston
in
Reserve
District
—
Twelfth
Activity During April Offsets Decreases of Previous
The
Federal
allowances
Reserve
for
Bank
Boston
of
usual seasonal
changes
states
that
after
made business
were
activity in New England during April "was at
offset the decreases of the first three months of 1936."
tributed to
April.
The
following is
also
Review" of June 1:
The
England
mills
the
in
of
amount
cotton
on
V
daily
a
months
a
year
a year ago.
the
in
These
ago.
decreases
In April, however,
amounted
to
increase of
an
that during the first four months of the current year
in New England mills was 6.7% less than in the
so
corresponding period
to
average
.
.
Massachusetts
inclusive,
ployment
and
retail
trade
March
and
has
there
an
an
decrease
average
increase
an
been
of
Labor
of
decrease
average
2.7%
of
4.8%
in
and
of
Industries,
1.5%
in
in
em¬
payrolls.
aggregate
reported
was
April
amounted
April,
establishments
in
$21,480,647,
larger
District
and
the
Cleveland
Federal
between
than
that
Change Noted in Industrial Activity
Early May Following Increase in April
during April,
in
"Complete reports for April showed that the advance in
activity in that month in the Fourth (Cleve¬
land) District was more pronounced than preliminary fig¬
ures indicated, and in the first three weeks of
May little
change was evident in operating rates in major lines," it
stated by the Federal Reserve Bank of Cleveland in its
"Monthly Business Review" of May 30. "Compared with a
ago," the Bank said, "sizable increases were shown in
factory output in most every important line."
The Bank
year
continued:
Employment indexes for principal
in April, and reports
in
cities of this
indicate
district
that
little
showed
change
further
occurred
the first half
of
some
ployed.
Failure
is
years
The
this
of May.
Shortage of highly-skilled labor was reported by
metal-working industries, despite the large number of unem¬
the
of
largely
stability of
district
decline
in
which
the
reports
for
hire
the
Of
occurs.
apprentices
three
weeks
the past
in
was
chief
contrast
few
industry in
seasonal
a
this
except April,
1929,
and
.
Retail
trade
increased
judging by the
last year,
11.8%
than
more
gain in
.
seasonally
department
.
in
this
store
sales
district
in
April,
compared
as
with
and reports for the first half of May indicated that volume
very well.
was
holding up
Building
contracts
excess
of
being
128%.
entire
just
the
These
country.
double
delayed
In
that
actual
Farm
first
the
work
in
last
in
four
this
were
the
same
and
district
the
of
planted
of
livestock
somewhat
Trade
Weather
for
reported
conditions
the
was
have
fields.
delayed and
prospects
in
Trade and
St.
not favor¬
were
Louis
number
"favorable trends
forward.
and
a
Retail
weather
of
reporting
to
this
of
all
major part
District—
Favorable Trends
at
have
Retail
trade
cities
and
a
year
was
Combined
Bank
and
Bank,
lines
of
in
of
in
continued
decreased
in
investigated
April,
had
apparel
in
trade
as
5.8%
below
reflected
and
in
15.5%
saleB
5.0%
was
in
of
excess
all
showed
below
of
that
wholesaling
a
April
decrease
a
year
2.3% less than for
crops
the
season
below
during
normal.
from
mid-April
April
and
Prices of most farm products
mid-May.
to
Measured
Regarded
Small
on
Base
but_„Area of Recov¬
Broadening
as
favorable during the past month."
very
"A slackening in
manufacturing operations is expected in May, marking the
beginning of recession from the spring peak," says the bank,
"but," it adds, "the drop this year has been less than usual.
The
automobile
turned
steel
and
in figures
industries,
others,
among
have
almost equal to April,
and it seems evi¬
dent that general business indexes such as that of the Fed¬
eral Reserve Board, which rose from 93 in
March to 100 in
(1923-25 equals 100), will show another advance
in May."
In commenting on the situation in capital goods,
April
the
bank states:
The
gains in the capital goods industries are measured upon a small
base, and their contribution to the total business volume is still subnormal,
but it
at
is
certain
other
any
that the
time
in
percentage
including
gains
locomotives,
of
area
the
in
has been broader this year than
recovery
It
depression.
employment
shipbuilding,
significant
is
have
been
electric
and
steam
that
the
most
industries,
in heavy
building,
car
air¬
craft, and machinery.
In surveying the activity in the automobile and
industries the bank also has the following to say:
Tire
and rubber
goods factories consumed
previous month
any
May.
Cotton
based
on
in
mills
the
their
also
history,
goods
gray
in
Retail
trade
in
largest mail
28.8%
ous
is
substantially
department
order
greater,
house
in
the
gains
in
appreciably above
for higher quality goods.
demand
a
than in
speed
In
year.
May
21
the
and
the
upward,
in
for
but
to
are
ago,
reported sales
period
prices,
cotton
cities
many
10%
higher
in
curtailment
ended
weeks
year
and
fro'm
run
to
full
indicated;
1929,
the corresponding
due
not
are
not
are
had
since
last
of
has
four
and larger than
These
year.
ahead
sales
store
April
steel
than early estimates,
April
markets,
was
the highest for the month
May evidently has been moderate.
increase
rubber in
more
have continued at
active
more
were
unsatisfactory
and
consumption
and
of
any
previ¬
merchandise
spending
larger
volume
and
March
ago;
the
same
for
retarding dis¬
seasonal
those
of
to
April
com¬
interests
April,
a
the
fact
derived
for
year
and
cited,
of
a
hard
year
comparable
firms
under
the
the
first
period in
than
the cumulative
period
in
reporting
1935.
to
this
preceding month
four
1935.
.
months
.
.
the
and
it
and
part
of
other
reminder that business is
a
The
capital
people
this
efficient
is
is
units
necessary
the
in
to
turn
freely
as
Some
case.
them,
no
to the
of
goods
the purchasing
payments financed
still in the
industries,
whose
supporting
power
by
as
the
longer give
low activity
the Treasury
to
trade
the
is
deficit,
depression.
markets
depend'
upon
the
forward
selling to
gOOdS.
,
consumers
necessarily leads
to
purchases by
•:
..
'
•
them
of
industrial
'
ago.
month
a
least
times;
that
undoubtedly
planning of other industries, are the chief victims of the uncertainty as to
the future, and of the difficulties to which business
is, or fears it will be,
subjected.
However, activity such as has been described in industries
Employment and Earnings in Manufacturing Indus¬
tries
During April Above March
According to
department stores in the
respectively,
at
appear
and
making capital goods, to the unemployment, and
relief
National
of
or
substantial
from
it
permit,
industries
that
month
unfavorable
to
resources
evidence
of
tlie bank adds:
foregoing makes
industries
further
a
early in the month, better¬
jobbing
10.4%
of
other
their
.
sales
the
over
failing to offset the smaller
.
greater,
for
carried
according
from
weeks
of the period.
effect
April,
encountered
two
were
face of very
certain
volume
were
was
or
in
in
the
and
jobbing trade
days
gains
improvement
achieved
earlier, and for the first four months this
9.6%
April
aggregate
of
the decline
was
recent
developed
were
early April, which
and
during the first half
principal
total
in
during the final 10
volume
whole
a
descriptions
Wholesale
sales
The
all
as
These results
conditions
tribution
ment
manufacturing lines
trade
year earlier.
modities.
total
of
improved
ranges
the
Industrial
and
In part,
Reserve
industry in the Eighth (St. Louis) Federal Reserve
District," the Federal Reserve Bank of St. Louis, in its
"Monthly Review" of May 29, had the following to
say:
a
livestock
and1
and growing of
Viewing general business conditions in its "Monthly Let¬
The
Federal
and
In
crops
the seeding
-
Industry Continue
Stating that
any
ter," issued June 1, the National City Bank of New York
states that "trade and industrial reports have continued
♦
Conditions
from
Reports ContinuedJjFavorable
Past Month Says National City Bank of
New York—Finds Gains in Capital Goods Indus¬
prices
crop
most
During
in
construction
reported
construction
in
increase
continued to
low temperatures earlier in
and of deciduous fruits was
early May in most sections of the district.
declined
in
114%
were
residential
increases
new
1935.
other
April
in
percentage
hay.
or
in
gain
months
period
much
fruits, early grains,
this
year,
exceeded
the
of
operations
able for
awarded
month
same
favorable for
were
of
of
May indicate that the month's total
closely approximate the April figure.
would
influences
for seasonal
purchases, increased
sales
automobile
connection
April output of 503,000
record
on
of
with
importance in
considerably further.
of recent months and were larger than in
but because of
condition
striking
important lines
industry and its allied lines.
first
in
situation.
corresponding month
any
the
to
this
greater part of May
oftentimes
exceeded
cars
for
operating rates in
the automobile
was
companies
many
responsible
New
level
Condition
of
industrial
improvement
high
increased
allowance
after
since 1929.
April
Reserve District—
Little
was
less than
less than seasonally during April.
was
influence of Easter
district.
unusually
plants
sales,
store
the
for
adjustment
sections of
the
cement
department
tries
in
and a
district
of
Production
ery
Conditions
payrolls expanded
improvement in district and national
large accumulation of unfilled orders for lumber,
output at district lumber mills increased
Massachusetts during
9.9%
amount
an
while
sea§onally,
substantial
recent
activity
building
1935.
to
the
In
employment
April.
The volume of sales of 823 retail
employment increased
April of most recent years.
Despite
Weather conditions
Department
manufacturing establishments
in
Massa¬
chusetts decreased 0.4%
between March and April, but the amount of
aggregate weekly payrolls increased 1.1%.
During the 11-year period,
1925-35,
in
,
representative
advance in indus¬
Except for the number of workers reported by vegetable canneries, indus¬
trial
than
consumption
According
basis
New
and. 10.6%, respectively.
employment
"Monthly
consumed by
corresponding
7.7% took place,
Bank's
smaller in each of the first three months of 1936
was
8.7%, 12.5%
cotton
raw
the
from
,
but the
production was of slightly less than customary propor¬
tions," the announcement said, adding:
The
the rise in the general level between March and
expectations,
trial
Bank
points out that nearly all major lines of industry,
except the woolen division of the textile industry, con¬
seasonal
exceeded
level which
a
District business continued to
Francisco)
(San
expand during April, it was announced on May 27 by the
Federal Reserve Agent of the Federal Reserve Bank of San
Francisco.
"Gains in the distribution of goods generally
Months
the
Industrial
Conference Board
Manufacturing activity in the combined 25
are
industries that
included in the monthly surveys of the National Indus¬
trial Conference Board increased in
March.
The number of workers
April
employed
as
compared with
0.8% larger
April than in March, total man-hours, 2.7% and payrolls,
3.2%.
An announcement issued June 4 by the Conference
in
Board added:
was
1
Volume
total man-hours worked.
declines in
showed
industries
from 61.0 cents in
Average hourly earnings rose
April,
i
March to 61.2 cents in
Average hours of work per wage earner
The increases in
0.3%.
or
and allied
and shoe
noticeable in the iron and: steel
the textile, leather, and boot
Improvement was particularly
On the other hand,
industries.
increased from
hourly earnings
and hours advanced
average
weekly earnings from $23.20 in March to
$23.76 in April, or 2.4%.
Since the increase in the cost of living during
this month-interval was considerably less than the rise in nominal weekly
earnings, there was a distinct gain in real weekly earnings, amounting
March to 38.8 in April, or 1.8%.
38.1 in
2.1%.
to
Conference Board's survey
The
year-interval from
shows that during the
1936, employment in the 25 manufacturing industries,
total man-hours, 10.7%; payrolls, 13.3%; average hourly
April 1935, to April
4.7%
has risen
real
and
;
2.3%;
earnings,
earnings,
8.3%;
nominal weekly earnings,
hours, 5.7%;
6.8%.
average
weekly
reveals that in April 1936,
15.4% fewer workers were employed, total man-hours worked were 32.7%
less, and the combined payrolls were 30.4% less.
On the other hand, aver¬
age hourly earnings were 3.7% higher than seven years ago, the average
comparison with conditions in April 1929,
A
week
work
20.5%
was
this period, how¬
3.3% below those of April 1929.
real weekly earnings were only
ever,
17.7%
nominal weekly earnings were
and
shorter,
decline in the cost of living during
Because of the
less.
1930
According to Bureau of Agricultural Economics
new six-year high in farmers' cash income is reported
A
Farmers at Highest Level Since
Income of
Cash
United States
Department of Agriculture, which on May 25 said that in¬
come to date this year is the largest since 1930, with further
gains in prospect.
The total for the first four months, the
Bureau pointed out, includes $2,017,000,000 from market¬
ings and $62,000,000 in government rental and benefit pay¬
ments.
This compares with $1,749,000,000 from marketings
last year and $221,000,000 from rentals and benefits.
The
Agricultural Economics,
of
Bureau
the
by
plus government benefit pay¬
ments was $2,079,000,000 in the first four months compared
with $1,970,000,000 in the corresponding period of 1935, the
Bureau said.
Larger marketings this month have tended
to offset lower prices of wheat, cattle, hogs, butterfat and
wool, it is stated.
The Bureau added:
income
Farm
the
sales of products
from
total
new
tained
1936
will depend to some extent on
yields, but it is probable that if industrial activity is main¬
levels now in prospect, income will continue to exceed that
crop
the
at
second half of
the
in
3759
Financial Chronicle
142
recorded
shown since
October, 1931,
reached the
highest point reported in any month since January, 1932, and metal mines
continued to add workers to their payrolls for the ninth consecutive month,
the April employment
index surpassing the level of employment in any
in
several
in
recent
since
month
employment exceeded the maximum
employment in power and light companies
Hotel
1931.
June,
non-manufacturing indus¬
The largest number
establishments, in which
it was estimated there w^s an increase
of 134,000 workers.
Increased
volume of business due to spring and Easter shopping accounted largely
for this substantial expansion.
The general merchandising group of retail
establishments, which is composed of department,
variety and general
merchandising stores and mail order houses, showed an increase of 7.2%,
The
tries
of
net
persons
employment in the combined
in
gain
surveyed
estimated to be 175,000 workers.
was
returned to jobs in retail trade
were
of workers.
in employment
53,000 in number
or
increase
substantial
A
and
construction
under
weather conditions, which permitted
Quarrying and non-metallic mining establish¬
largely to more favorable weather,
outdoor operations.
seasonal gains due
also reported
showed substantial gains expected
dyeing and cleaning establishments
and
at this
due to lessened demand for fuel.
mines declined,
May 22 by the United
(office of the Secretary) the
announcement issued
the
From
States
a
year ago.
during the remainder of 1936 are likely to exceed
Government payments
the
still
ments
due
the
on
in the latter
contracts
1935
under the 1936 soil conservation program are begun
if large payments
and
1935 if the rental and benefit pay¬
are paid in the next few months
in the same months of
payments
part of the year.
Department of Labor
following is taken:
Manufacturing Industries
increased 1.2% from March to April, and payrolls
increased 2.1%.
The April, 1936, employment index (85.1) shows a gain
of 3.0% compared with
April, 1935 (82.6), and, with the exception of
one month
(October, 1935), exceeds the levels reported in any month since
October, 1930.
The factory payroll index in April, 1936 (77.9), stands
10.0% above the April 1935 index (70.8), and marks the highest level
reached
in
any
month since October, 1930.
Factory employment and
Factory employment
between March and April, decreases in employ¬
in April in 10 of the 17 preceding years for
available, while payrolls have declined in 12 of these 17
payrolls normally decline
ment
been
having
which
data
are
shown
The current gains therefore
years.
contrary to the previous seasonal
are
movements.
Fifty-seven of the 90 manufacturing
employment
industries surveyed showed gains in
interval and 49 industries showed
the month
over
With the exception of the sharp gain in employment in
tire and tube industry (30.5%), which was due largely to a
payrolls.
labor
of
seasonal
in
States
Reported by United States
April
During
Department of Labor
255,000 workers were returned to employment
More than
and weekly
payrolls
rose
approximately $4,200,000 between
in the manufacturing and non-manufac¬
turing industries surveyed monthly by the United States
Bureau of Labor Statistics,
Secretary of Labor Frances
Perkins announced on May 22.
"These gains," says Secre¬
March
and
April
increases in factory employ¬
Perkins, "resulted from
tary
payrolls combined with widespread gains in the
and
ment
non-manufacturing industries for which information is re¬
Fifty-seven of the 90 manufacturing industries sur¬
ported.
veyed," it is added, "reported gains in number of workers
and 14 of the 16 non-manufacturing industries also showed
The net gain of 1.2% in factory em¬
gains in employment.
ployment is greater than has been usual in April, increases
having been reported in April for only five of the preceding
17 years
further
Retail
of
for which data are available."
reports:
character.
April; cement, 17.9%; beet
13.1%; marble-slate-granite,
construction,
and
gains,
dyeing
and
quarrying,
sharp seasonal
substantial expansion in
a
and
spring
primarily to
due
workers,
reported!
and
Easter trade.
Private building
establishments reported
cleaning
in employment were shown in
producing, telephone and
smaller increases
crude
number
petroleum
wholesale
trade,
telegraph,
light, electric railroads, hotels, laundries, and insur¬
brokerage offices.
and
ance
and
power
interval,
and
April
index to
rolls
brought
month
of October,
payroll
the April
October,
since
Substantial
bile,
gains
electrical
returned
were
of
factory
wage
85.1, the highest point recorded since
single exception
any
workers
payrolls
weekly
to
jobs
foundry,
and
durable goods
the
sawmill
group,
industries,
were
mill,
employment
index
reported
any
March,
schedule of April.
In addition to
industries mentioned above, other
reported substantial gains.
The
structural metalwork industry reported a gain of 5.8%; millwork, 3.4% ;
sawmills, 3.6%; glass,
2.4%; steam and hot-water heating apparatus,
2.8%, and cast-iron pipe, 2.8%.
Among the industries of major im¬
portance which showed gains in employment were blast furnaces-steelworksrolling mills
(2.7%), electrical machinery (3,6%), foundries (2.7%),
petroleum refining (2.0%) and newspapers and periodicals (0.9%).
In
the blast furnaces, steelworks and rolling mills industry the April gain
raised the level of employment above that of any month since November,
1930.
Employment in the machine-tool industry continued to expand,
the rise of 1.3% in April marking the eighteenth month in which consecu¬
tive gains have been shown.
The April employment index for this industry
(105.9), which is a barometer of orders placed for power-driven metalcutting machinery, stands above the level reported in any month since
October, 1930, and is 250% above the low point registered in this industry
in April, 1933.
The agricultural implement industry also continued the
forward movement which has been
shown consistently each month since
October of last year.
The increase of 1.3% in employment in April raised
the April employment index to 140.4, which is the highest level reported
primary
over
the
at
level
as
same
that for
period
group
every
in April,
group.
above
of
factors con¬
The April
non-durable goods
group
showed
no
change
equals
100),
1936, and
932
776
were
were
each
group
employed
employed
during the index-base
in
in the
the
durable
goods
non-durable goods
was
shown
over
the year interval.
Only two of the 16 non-manufacturing industries surveyed failed to show
gains in
month since March, 1930.
the exception of the seasonal decline of
employment from
March to April.
oil,
cottonseed1
declines
not
were
decrease
a
cake
pronounced.
of
30.9% in employment in
industry, the major portion of the
The rayon and allied products industry
employment, due primarily to curtailment
meal
and
6.0% in
operations because of repair work made necessary
of
by floods, and woolen
goods establishments reported a loss of 5.6% over the month
Seasonal decreases of 4.9% and 4.5%, respectively, were reported
and worsteds
interval.
fertilizer industry showed
decrease of 4.6%.
Boot
of 3.5%, and the men's
clothing industry, having passed the peak of seasonal activity, reported
3.2%
fewer employees.
Employment in the jewelry industry declined
2.4% in April, and in the remaining 23 industries reporting decreased
employment, the decreases were 1.8% or less.
in
the
millinery and confectionery industries; the
falling off of 4.9%, and explosives showed a
and shoe establishments showed a seasonal drop
a
of
indexes
The
The
industries.
employment
factory
by
supplied
returns
base
representative
used
in
1923-25, taken as 100.
payrolls
and
establishments
computing these
computed
are
in
indexes
90
is
from
manufacturing
the
three-year
They have not been adjusted for seasonal
variation.
The
following tabulation shows the percentages of
general indexes of
in each
change in the Bureau's
factory employment and payrolls from March to April
1919 to 1936, inclusive:
of the 18 years,
Payrolls
Employment
in
interval, the April index (93.2) remaining
in the preceding month.
The April indexes indicate
Employment in the durable goods group in April, 1936, was 8.1%
level of April, 1935, while in the non-durable goods group a
of 1.1%
any
With
month
the
decrease
in
the
durable goods group (77.6) exceeds the levels
October, 1930, and is 77% above the low
1,000 workers employed in
(1923-25
are
production
accelerated
the
sharp gains in the cement and brick
allied to building construction
since
The
1933.
employment
the
the
in
month
automo¬
which
gains—locomotives,
industries
average,
blast furnace-steelworks-rolling
the
in
October, 1930, with
The gain of 2.1% in factory pay¬
index to 77.9, the maximum recorded in
1930.
machinery,
major importance in
point,
the
1935.
tributing to the increase of 2.5% in employment in that group.
in
over
increased
earners
The increase of 1.2% in factory employment raised the
nearly $3,300,000.
the
factory
80,000
Approximately
month
mining,
metal
reported
shipbuilding, 11.6%; steam- and electric-car building, 9.5%;
aircraft, 6.1%, and automobiles, 2.7%.
The increase in employment in
the automobile industry was coupled with a gain of 15.5% in payrolls,
13.7%;
showed
establishments
trade
Secretary Perkins
-
settlement
pronounced percentage gains in April were
The canning and preserving industry reported a
14.3%; brick, tile and terra cotta,
11.7%, and ice-cream, 11.3%.
The
transportation
equipment industries
reflecting
Employment and Payrolls in Manufacturing
Non-Manufacturing
Industries in
United
and
gains in
the rubber
difficulties, the more
gain of 20.3% in employment from March to
the
Gains in
bituminous coal
Employment in anthracite and
the year.
of
season
volume
with improved
together
way,
general
ments
in private building
of construction now
shown
was
increased
the
due to
was
sugar,
of
the highest point
April level to
raised the
industries
years.
The increases in employment
In¬
Year
1919-
crease crease
1.3
0.4
1929..
1.3
1930..
0.1
__
1922—
1923-
Year
0.5
1931
-
-
—
1932..
—
0.0
-
—
Year
0.9
1919..
0.6
1921-
0.0
1922..
3.4
1923..
1.8
1933—
1.9
0.1
1934..
1.9
1925-
1926—
0.7
1935—
0.0
1927—
0.6
1936..
1.2
+
.
0.0
__
1926..
1927-
Year
mm
mm
~
-
1929..
3.3
2.0
1930—
1931..
1932..
1.3
De¬
crease crease
1928-
2.3
1.5
mm
0.9
M
-
1.1
«•
-
«.
-
1.6
6.8
2.2
1924-
1925-
1924-
In¬
De¬
' crease crease
1920-
1.2
«.
In-
De¬
crease crease
1928..
0.1
19201921-
In¬
De¬
m mm
■m
-
1933-
4.6
2.3
1934..
4.0
2.0
1935-
0.1
mm
1.1
1936..
2.1
mm
«...
3760
Financial
INDEX NUMBERS OF
Chronicle
EMPLOYMENT AND PAYROLLS IN
)■
June
6,
1936
Non-Manufacturing Industries
;
MANUFACTURING INDUSTRIES
of
Fourteen
(Three-year average 1923-1926=100)
in
shown
Employment
April
1936
Payrolls
March
1936
*
April
1935
April
March
April
1936
1936
16
non-manufacturing
March
and
industries
April,
and
surveyed
increased
1935
combined reports
the
April,
to
April
in
workers
298,916
were
showing
of
15,695
net
a
slight gain from
establishments employing
increase
of
important lines of wholesale trade in which
more
absorbed
payrolls
industries.
11
Employment in wholesale trade establishments showed
March
*
Manufacturing Industries—
the
workers between
additional
a
0.1%.
gains
the
Among
shown
were
were
'
All Industries
85.1
x84.1
82.6
77.9
x76.3
70.8
77.6
x75.7
71.8
73.7
X69.7
61.8
93.2
x93.2
94.2
83.4
x84.9
82.4
78.9
....
77.1
72.2
73.7
X69.9
59.4
lumber
materials (3.5%), food products (2.5%), chemicals
(0.5%), automotive (1.4%), hardware
(1.1%), petroleum
machinery, equipment and supplies (1.3%).
Wholesale dry
goods and apparel establishments reported 0.3% fewer employees in April
and
Durable goods
.
Non-durable goods
Durable Goods
not Including machinery
in
Blast lumaces, steel works, and
79.4
*77.4
73.7
78.8
X73.8
62.3
86.6
rolling mills
Bolts, nuts, washers and rlvets.
83.0
80.1
82.6
73.0
67.6
—
I
55.2
47.3
37.2
34.9
26.3
79.2
80.3
64.8
X63.4
60.1
895,625
66.9
x66.6
62.8
55.2
X54.9
52.2
month
Based
55.1
*55.1
54.4
52.4
50.5
46.3
94.7
73.9
60.3
63.9
46.1
60.0
58.4
50.2
43.7
x42.6
33.8
stores
104.8
100.1
97.4
85.4
X84.4
73.7
material
Structural & ornamental metal'
64.4
'
cans and other tinware
60.9
55.3
54.7
x49.9
39.8
95.8
work
Tin
,
93.9
88.3
94.3
94.5
85.4
Tools (not Including edge tools,
72.7
-
73.4
65.4
74.7
74.4
60.8
145.1
machine tools, files, & saws)
Wire work..
xl42.2
128.9
146.9
X140.0
121.5
96.1
93.6
85.1
86.2
82.2
138.7
97.0
172.5
171.0
108.8
and calculating machines
v
119.3
117.3
104.6
105.0
101.0
84.9
75.0
72.3
70.9
68.5
63.7
58.4
—
Electrical machinery, apparatus
and
supplies
Engines, turbines, tractors and
Machine tools
-
Radios and phonographs
Textile machinery and parts..
Typewriters and parts
Transportation equipment
•
Each
of
number
of
floods
net
three
91.1
88.7
69.6
74.3
75.4
71.6
58.0
105.9
reported
104.5
81.8
97.5
97.4
67.8
188.6
186.1
182.4
118.0
109.7
industry.
107.0
70.8
71.0
65.8
62.5
64.6
51.6
104.7
93.6
95.4
91.1
78.0
xlOO.3
104.8
110.3
X96.1
102.7
X500.8
356.1
407.6
X386.7
291.5
xlll.l
119.9
121.7
X105.4
117.1
62.2
56.8
59.1
31.4
x27.6
32.3
15.1
xl2.9
15.0
101.2
x90.7
74.6
96.0
X85.0
62.0
70.0
62.0
65.1
repair shops.
Electric railroad
59.9
52.9
60.6
x63.1
65.8
65.6
62.4
63.6
60.4
59.4
X59.7
52.0
60.6
X63.2
gain
88.7
x88.9
83.4
74.0
X73.9
64.7
Aluminum manufactures
84.3
x85.2
78.7
78.7
X79.9
69.3
Brass, bronze &
86.8
x86.9
81.8
70.8
X69.9
64.1
Nonferrous metals & their prods.
Clocks
copper products
watches
and time-
&
for
which
forces
data
in
in
gain
in
a
have
been
Employment
gain
operation
in
78.7
81.3
64.9
51.7
x52.8
51.4
Lighting equipment
70.1
74.7
72.5
65.5
66.6
71.7
48.7
52.2
51.2
88.5
x89.5
77.1
63.5
X65.6
49.8
112.8
X109.1
109.1
101.1
X96.4
88.0
55.6
x54.5
51.7
46.3
X44.6
37.5
numbers of the
72.1
72.4
68.6
56.2
55.7
49.2
is
Lumber and allied products
Furniture
in
August,
The
lines
11.9%,
of
retail
retail
3.5%,
by
of
trade.
lumber
employment
and!
and
in
furniture
Apparel
building
automotive
establishments
from
work
emergency
following the March
telegraph companies reported
workers,
and
negligible
a
increase
++••+
shown
each
Dyeing
handle
to
in
of
spring
maintenance
f
•••
■
the
of
five
a
was
V?
service industries
and cleaning plants increased their
business,
workers.
Small
and
laundries
gains
in
reported
employment
a
were
59.0
regularly
quarries
to
each
month
since
April, 1935, resulting
the year.
over
and
April
non-metallic
(14.6%),
inactivity.
mines
reflecting
showed
Metalliferous
a
further
a
expansion
mines
substantial
added'
in April, continuing the unbroken expansion
in
workers
which
began
1935.
16
non-manufacturing industries surveyed, with indexes of employ¬
and payrolls for April, 1936, where
available, and percentage changes
March, 1936, and April, 1935,
are
shown below.
The 12-month
ment
from
for 1929 is used
average
not
as
the index base,
or
non-manufacturing industries.
available
from
Lumber, mill work..
Lumber, sawmills
48.6
47.0
39.7
41.2
39.2
X36.1
34.8
29.6
x28.0
23.7
99.0
97.1
99.2
57.0
59.2
57.9
57.7
FACTURING
54.1
53.2
47.0
X43.5
39.3
36.7
WITH
X32.5
27.6
25.8
X22.4
the
Bureau's
100, in computing the' index
Information for earlier years
records.
27.7
37.4
Turpentine and rosin
16.3
Stone, clay and glass products...
Brick, tile and
terra cotta
Cement
52.3
44.3
50.0
38.3
31.8
97.2
x94.9
94.2
92.3
x89.1
INDEXES
EMPLOYMENT
OF
AND
INDUSTRIES
MARCH,
1936,
IN
PAYROLL TOTALS
APRIL,
AND APRIL,
31.9
Glass
1936,
IN
NON-MANU¬
COMPARISON
AND
1935
82.7
Marble, granite, slate and other
products
29.5
26.4
26.5
23.3
19.0
71.6
X71.2
73.4
66.9
X57.6
(Average 1929=100)
18.2
Pottery
53.4
,
Employment
Textiles and their products
Fabric
a
97.2
97.2
80.1
x84.3
92.1
93.3
93.3
78.4
x80.0
78.0
80.9
79.1
69.2
70.4
91.9
77.3
x77.8
74.0
84.8
90.6
78.4
75.0
78.7
Dyeing and finishing textiles
Hats, fur-felt
111.5
111.9
114.6
96.0
95.7
95.7
83.5
84.1
84.9
71.3
85.0
71.2
Knit goods
114.9
114.9
114.3
110.5
112.5
110.3
64.8
64.7
71.0
53.5
53.5
59.6
Silk and rayon goods
Woolen and worsted goods..
87.8
93.0
87.0
67.3
71.5
xl01.9
101.8
78.7
x87.6
1936
1935
+0.1
+4.2
+ 7.2
+3.0
+2.2
+3.2
—1.6
+4.7
65.4
+2.9
+4.6
97.4
80.9
+4.6
+4.3
+4.7
85.3
General
merchandising.
Millinery
Shirts and collars
Leather and Its manufactures
+ 1-7
62.2
+2.4
+0.9
+ 1.6
76.0
—1.5
+4.0
manufactured gas
Electric-railroad & motor-
88.2
+ 1.5
+6.7
86.6
+0.7
+9.7
71.2
b+0.2
—0.3
65.9
—2.9
+4.0
49.8
—5.2
—5.3
28.6
—32.8
—42.6
+4.2
+25.0
+ 6.9
62.1
—11.5
45.4
+0.6
+ 16.6
+ 1.7
+ 38.0
+42.5
+24.9
+0.2
94.7
67.8
x80.7
82.5
133.8
134.8
101.1
108.7
103.9
93.8
87.0
x88.6
91.3
111.8
109.2
111.3
Bituminous coal
71.0
77.4
—3.8
75.0
76.7
70.8
69.6
Metalliferous
63.0
57.5
76.2
70.0
Quarrying and nonmetallic
48.4
Crude petroleum producing
Services—
71.1
+2.8
+ 14.6
+0.6
105.9
104.7
104.4
#
bus operation and maint
Mining—Anthracite
89.0
91.5
69.9
x75,5
79.1
87.4
90.8
62.4
69.7
75.1
94.8
Food and kindred products....
86.3
84.3
Boots and shoes.
Leather
95.6
Hotels
94.5
94.4
93.8
91.4
Laundries.
83.2
Dyeing and cleaning
Brokerage
81.8
94.1
92.0
95.4
87.7
87.5
85.9
113.5
Baking
112.9
111.8
100.4
100.9
95.5
156.0
168.0
162.4
67.9
April
1935
+3.2
x86.0
104.3
1936
70.8
x96.1
105.5
1936
82.1
chandising
87.1
.108.4
March
Telephone and telegraph..
Electric light <fc power &
67.4
Corsets and allied garments.
Men's furnishings..
April
Other than general mer¬
136.3
Clothing, women's
a
Public Utilities-
86.4
93.1
Retail
•i
66.5
101.7
Wearing apparel
Clothing, men's
April
85.7
Trade—Wholesale
74.2
x91.6
wares
March
82.4
79.6
Change From
Index
April
1936
96.3
86.9
rugs
Cotton goods
Cotton small
P. C.
Index
90.8
Carpets and
Payrolls
P. C. Change From
Industry
Non Durable Goods
153.6
163.9
158.6
Butter
71.0
68.0
70.4
56.5
55.7
54.7
Canning and preserving
Confectionery
68.2
56.6
76.5
78.8
70.8
73.9
77.6
60.5
66.6
64.7
a
Flour
72.4
73.7
74.2
63.8
67.7
62.5
room,
Ice
68.8
61.8
69.1
57.6
53.2
(year
83.2
round)
+0.5
+ 1.4
+9.5
+0.4
+0.2
+ 15.6
d
83.7
70.6
36.0
—5.0
56.8
+2.6
+4.0
+2.4
c66.3
70.9
+0.4
+ 1.5
64.1
+ 13.7
+8.3
+ 3.6
d
+ 1.8
+ 39.6
d
+ 1.0
+20.3
+3.7
+33.8
+29.7
+0.8
+ 19.2
+4.2
55.5
Beverages...
.....
cream
Slaughtering & meat packing..
Sugar, beet..
Sugar refining, cane
80.7
X80.5
81.5
73.6
x74.1
x31.5
39.5
36.5
x35.9
39.0
79.6
83.8
73.9
75.8
56.8
42.6
44.9
65.2
66.0
68.7
64.4
66.2
64.9
Cigars and cigarettes.
Paper and printing
42.2
40.3
54.1
and Job
54.6
98.6
Boxes, paper
Paper and pulp
Printing and
publishing—Book
98.2
96.9
91.1
90.5
84.3
84.7
85.7
78.8
79.7
78.1
110.3
109.6
109.8
96.2
94.9
87.3
55.3
39.8
84.6
petroleum refining
Other than petroleum
89.0
87.1
81.8
81.9
77.1
103.5
102.6
99.4
98.5
97.4
90.5
110.5
112.1
111.5
101.0
Cottonseed—oil, cake
& meal
Druggists' preparations
Explosives
X102.4
•95.9
110.7
113.2
112.3
100.9
X102.2
95.6
109.0
refining
Chemicals
xl08.1
106.9
104.9
X103.0
96.2
47.0
68.0
53.6
45.5
69.2
49.4
98.0
100.0
98.4
99.0
98.9
97.7
85.3
89.4
84.6
77.7
86.0
69.3
134.5
141.4
155.3
121.0
123.6
Paints and varnishes
119.9
111.9
X108.1
109.2
100.3
95.9
Rayon and allied products
Soap
91.9
331.1
352.0
334.9
254.9
267.3
242.7
...
Fertilizers
....
....
Petroleum refining
Rubber products
Rubber boots and shoes
Rubber goods, other than boots,
shoes, tires and inner tubes..
Rubber dree and Inner tubes..
96.8
96.4
102.7
93.6
95.0
97.0
109.6
xl07.5
108.3
101.3
X103.0
96.9
c Cash payments only: value of board,
d Data not available for 1929 base.
Lumber Movement Shows Some Decline from Previous
High Weeks
The lumber industry during the week ended
May 23, 1936,
stood at 71% of the 1929
weekly average of production
and
66%
to
the
the
83.6
74.3
x63.0
71.2
in
51.2
X52.3
43.8
wood
x53.2
74.9
118.2
114.0
106.7
64.4
X47.4
65.4
x
Revised.
Manufacturers
during the previous week,
52.9
69.4
Lumber
Association
from
associations
production;
x72.7
126.7
National
covering the operations of important
hardwood and softwood mills.
Reported new business dur¬
ing the week ended May 23 was 10% below production;
shipments were 9% below output.
Reported new business
x58.9
127.6
1929 shipments, compared
previous week.
ended
regional
82.7
130.4
of
with 71% in both
Reported production during the
May 23 of 7% fewer mills was 4% below the
previous week; shipments and orders were 9 and 12%,
respectively, below that week's record, according to reports
items
59.8
April, 1936, indexes preliminary, subject to revisions,
d
b Less than 0.1 of 1%.
and tips cannot be computed,
week
89.1
Newspapers and periodicals
Chemicals and allied
products, &
Preliminary,
43.1
Chewing and smoking tobacco
and snuff
d
d
76.2
55.9
Insurance
Building construction
74.3
36.0
81.8
55.4
Tobacco manufactures
*
other
gain
hardware
of
were
following winter
their payrolls
79.9
ware..
employing
4.2% over the
7.2% in employment
establishments, gains from March
Telephone and
number
shown
March
from
69.4
Stamped and enameled
extent
number
of 29.7%
gain
92.8
lead and zinc
establishments
increased
reported in year-round hotels, insurance and brokerage offices.
The
April gain in employment in brokerage continues the succession of increases
which
to
......
last-
public utilities surveyed showed gains in
in the electric light and power and
increased 1.5% over the month interval, the
available.
are
substantially
seasonal
x79.1
refining—copper,
the
also
x69.9
&
retail
localities.
employment
91.2
Smelting
in
forces
.•■'vVhr 'J.:.: .v":'
in
78.0
Silverware and plated ware
In
Employment
some
0.9%
of
68.3
recording devices
retail
seasonal
a
increase of
industry
gas
Jewelry..
-
(15.9%).
in the electric railroad and motor bus operation and
Gains
50.1
x60.1
to
their
and
50.7
66.0
Steam railroad
Railroad
paper
branches of
workers.
certain
in
97.5
104.4
Cars, electric & steam railroad.
Locomotives
3.2%,
the
manufactured
81.5
114.1
trade
(0.3%),
gains of 2.8% and 2.4%, respectively.
Retail food stores reported
an
increase of 0.7% in number of workers.
A seasonal decline of 7.5%
was
reported
by retail
coal-wood-ice
firms,
and
small
declines
were
reported in retail cigar, jewelry, and farmers' supply stores.
116.2
531.4
wholesale
showed
83.8
Aircraft
Shipbuilding
seasonal
a
increased
of
wholesale leaf tobacco activities
employment
general merchandising
gains resulting to
Automobiles
addition
increased
firms
lines
groceries
products
52,338
1936,
reported generally
were
reported
105.7
water wheels..
farm
decline in
from
April,
In
of
group
120.3
Foundry & machine-shop prods.
i
the
April
67.6
140.4
Machinery, not Including trans¬
portation equipment—
Agricultural implements
Cash registers, adding machines
in
to
firms
received
reports
on
and1
seasonal
a
other
wholesale
were
factor contributing to the decrease.
interval.
93.9
-
-
_
(0.4%),
trade,
workers ' in
Plumbers' supplies
Steam & hot-water heating ap¬
_
of
Among the
reported
were
products
line
the primary
was
paratus and steam fittings..
Stoves
!.
preceding month.
declines
paper
named
56.7
(not incl. silver and
plated cutlery) <fc edge toolsForgings, Iron and steel—
Hardware
the
in
77.9
Cast-lron pipe
and
which
and
Cutlery
t
building
drugs
(0.6%),
than
Iron and steel and their products,
V-'.
and
of
the
week
mills
last
shipments
ended
as
more
were
May 23
than
ended
May 16,
was
4% below output.
was
shown
1% below
Production
by reporting
soft-,
twice that of corresponding week
year, or 103% above; shipments were 63% above
year's week; new business, 26% above.
Some of the
gain is due to the strike in West Coast mills last year.
last
Volume
Financial
142
During the week ended
feet
of
hardwoods
booked
week
orders
May 23,
699;
orders,
May
Coast,
Western
all
but
West
Northern
hardwoods
the
only
region
but
Southern pine, Northern
Identical
of
with
days'
days'
May
23,
above
mills
West
output.
week
corresponding
hemlock and Northern
pine and)
Coast was
of 1935; all
Northern
pine,
above
above
pine reported shipments
and
120
production
days'
a
year
was
288
week
of
compared
days'
131
of
May Flour Output Totaled 5,004,892 Barrels
the principal flour-milling centers of the United States
reported that during the month of May, 1936 flour output
totaled 5,004,892 barrels.
This was an increase over the
4,878,639 barrels produced during the corresponding month
of
1935.
Cumulative production for the 11 months ended
May 31, 1936 amounted to 58,640,685 barrels. This com¬
pares with 57,976,170 barrels produced in the like period
of last year.
The corporation's summary further disclosed:
PRODUCTION
33,414
similar
above
cars
(NUMBER OF BARRELS)
11 Mos. Ended May 31
Month of May
9,333 cars
week
preceding week;
7,403
OF FLOUR
the week ended
during
cars
the
and
3761
General Mills, Inc., in presenting its summary of flourmilling activities for approximately 90 % of all flour mills in
ago.
above
cars
1935,
the equiva¬
May 23
on
stocks
and
loadings totaled
This
1936.
reported unfilled orders
average
corresponding
1936
1935
1936
1935
1934.
Lumber
orders
wood
mills
same
mills.
feet,
8%
reported for the week ended
totaled
218,251,000
Shipments
10%
or
Reports
or
shipments
orders
the week
during
production
week; all reported production above.
softwood
33
28
reported
reporting
Forest products car
of
260,530,000
257,346,000 feet.
below
above last year's
for the preceding
feet; shipments, 250,-
figures
orders
23;
feet;
228,108,000
shipped
Revised
production,
produced1 251,392,000
mills
659
combined;
feet.
reporting regions showed
ended
lent
1936,
softwoods
226,890,000
Mills,
were:
971,000 feet;
All
and
of
Chronicle
below
71
from
hardwood1
feet,
for
the
same
was <
give
Shipments
the production of the
week
reported for
as
217,420,000
wore
242,025,000
business
new
14% above production.
or
below
Production
mills
488 soft¬
May 23, 1936, by
10%
or
reported
as
production.
below production.
10,688,000
feet,
the
Production
feet.
week
Reports
from
478
840,230,000
identical
May
23, 1936,
with
and
a
unfilled
equivalent of 33
feet,
date
report
the
or
year
feet,
week's
9,367,000 feet.
and
a
year
210,154,000
feet
and
it
ago
feet
and
of
452
Mill
28
Petroleum
days'
feet,
Sentiment
more
to
the
in
the
mills
was
235,008,000
respectively,
received,
orders
were,
212,207,000
feet.
Better
as
domestic
the bullish side
as
petroleum industry veered
underlying statistical conditions
bettered^ during the past week.
softwood
and
Products—Sentiment
Its
Output Drops—Walter C. Teagle Sounds
Warning Note on High Crude, Motor Fuel StocksEight East Units Named in Injunctions—Axtell J.
Byles Backs Interstate Compact Plan
on
production
average
and
Crude
448
feet
production, compared
115,809,000 feet; shipments
was
The
Reports
identical
129,075,000
168,565,000
of
feet.
*
ago.
production
days' average
57,976,170
19,478,872
Pacific Coast
were
824,773,000
as
58,640,685
14,476,854
20,227,482
1,560.434 '
give unfilled orders
3,385,106,000
orders
equivalent
Identical
Last
of
4,878,639
1,030,907
1,876,473
1,632,967
.
May 23, 1936,
on
stocks
gross
mills
the
or
717,653,000
similar
on
softwood mills
feet
softwood
4,457,477
5,004,892
1,194,444
1,792,237
Unfilled Orders and Stocks
of
410,825
Southwest..
i,
_
feet,
same
was
385,244
13,770,864
21,053,943
18,975,128
4,176,235
Lake Cent. & Southern
-
Grand total
8,639,000
as
Northwest
Chief in importance was
decline in daily average crude oil production to
below
the
3,000,000-barrel level registered in the two preceding
Other factors were the apparent signs of the pro¬
ducers' recognition of the dangers of overproduction as
output was cut back in all major oil-producing States.
Despite the record levels achieved recently in daily
average crude oil production, it is encouraging to note
weeks.
^
Summary
of
Canadian
Bureau
of
Crop
Situation
Statistics—Outlook
Crops Seen
by
for
Dominion
Spring-Sown
Unfavorable
as
covering
crop
included
the
reports on
Dominion.
tributed
for
reports
is
second
of
on
telegraphic reports
Canada, which also
series of 15 weekly telegraphic
throughout
a
conditions in the Prairie Provinces of the
crop
The
Bureau
the
over
these
conditions
farming
reports.
The
referred to in
was
said
areas
that 86 agriculturists dis¬
provide the basic information
first
our
From the report issued
taken:
on
the
of
series
of
15
that current stocks of crude
close of
The Dominion Bureau of
Statistics, at Ottawa, issued
June 2 the first of a series of seven
weekly
issue of
May 30, page 3587.
June 2 the following summary
are
about the
same
as
the
corresponding period a year ago.
Gasoline stocks,
admittedly large, are concentrated in the hands of
the strongest factors in the industry, and the recent heavy
drains as consumption showed its seasonal rise indicate
that stocks will be materially reduced over the next few
while
weeks.
A sombre note
was
struck
Co.
of New
by Walter C. Teagle, President
Jersey, at the annual stock¬
meeting in mid-week.
Stockholders heard Mr.
Teagle warn against the inherent dangers of the heavy
of
Standard
Oil
holders'
is too much crude around and there is too much in
'■
extremities,
Prince Edward Island and Vancouver
Island, provide contrasting conditions
and fine prospects.
Lateness of seeding is a general complaint.
The
Maritime and Eastern Provinces had severe frosts
during May that caused
heavy, but still somewhat indeterminate, damage to fruit and truck
crops.
Continued wet weather in these provinces hindered
seeding operations and
subsequent growth has been retarded by an extended period of cold
weather.
In southern and
central regions of the Prairie Provinces,
unusually high
tempratures and lack of rain during the last 10
days of May gave grain
prospects
a
definite
reverse
and there has been only a
result of lower temperatues and scattered
showers
In northern regions of Manitoba
temperatures
were
and
slight correction
as a
during the past few days.
Alberta the fine weather and
high
of benefit in hastening the
completion of seeding and in
and early growth.
Pastures and meadows had an
stimulating germination
early start and
ing
parts
Alberta.
In
are
in
fine
of southwestern
condition throughout
Ontario,
the
Dominion, except¬
Saskatchewan
western
and
eastern
Prairie
Provinces the rainfall of the past week was limited to
scattered showers in Alberta.
Temperatures were unseasonably high and
wherever moisture supplies were
insufficient, prospects were reduced.
This condition is
particularly evident in southern Manitoba, southeastern,
western and northwestern Saskatchewan and
eastern Alberta.
report that rain is urgently needed.
Alberta, the high temperatures
prospects
considered
are
good.
Many points
In northern districts of Manitoba and
were
beneficial in promoting growth and
Grasshoppers
are
emerging in the fore¬
casted areas of infestation and control measures
have begun; damage has
been slight.
Pastures and
hay lands have failed during the past
A
heavy, general rain is needed
over
southern and
three provinces; this would
repair most of the
the
past week.
prospects
will
If rainfall is postponed
central
areas
week.
of the
damage done by heat during
much longer
a
further decline in
occur.
Consumption in 14 European Countries from
September, 1935 to March, 1936 Above Similar
Period Year Ago
Consumption of sugar in the 14 principal European coun¬
tries during the first seven months of the current,
crop year,
September, 1935 through March, 1936, totaled 4,396,319
long tons, raw sugar value, as compared with 4,241,216 tons
consumed during the similar
period last season, an increase
of
155,103 tons, or approximately 3.7%, according to
European advices received by Lamborn & Co.
An an¬
nouncement by the firm continued:
The
14 countries included in the survey are Austria,
Belgium, Bulgaria,
Czechoslovakia, France, Germany, Holland, Hungary, Irish Free State,
Italy, Poland, Spain, Sweden and the United Kingdom.
4,241,541 tons
on
as
hand for these countries
against 4,435,380 tons
of 193,839 tons, or approximately
Production
season
of
sugar
for
the
14
on
on
April 1, 1936, amounted
the
same
European countries
starting Sept. 1, 1935 is placed at 5,758,000 long tons,
,
■
to
date in 1935, a de¬
4.4%.
principal
against 6,490,000 in the previous season,
11.3%.
gasoline are
of the year."
hope that there will be some let-up.
Stocks
about 10,060,000 barrels since the first
up
mi
The Kodessa
problem also was discussed by Mr. Teagle,
pointed out that it "has possibilities of becoming a
very
worrysome
situation."
At two different times in
the past month, he continued, "it seemed as though the
field might possibly get out of hand.
Fortunately there
has been, with the exception of one or two operators there,
a very
sincere desire to cooperate and I feel that unless
something unexpected develops and that if they keep on
as they have in the past 10 days or two weeks that situation
who
will not be
a
menace."
The Louisiana Conservation Commission June 1 ordered
the
daily
average
allowable of the State's part of the Rodessa
field from 350 to 275 barrels, or an aggregate of about 15,000
barrels daily.
A similar cut will be made on the Texas side
of the
field, it
was
indicated.
The Texas Railroad Commis¬
State-wide proration hearing at Austin on
June 12 to consider problems of the Texas side of the Rodessa
sion will hold
a
field and other State oil problems.
It is thought probable
that the Commission will order a sharp cut in the Texas
daily
average
allowable for June.
tion Commission
on
The Oklahoma Corpora¬
June 1 set the State under its new daily
allowable schedule of 524,875 barrels, against the
May allowable of 538,300 barrels and the June figure of
552,500 barrels suggested by the United States Bureau
average
^
Sugar
Sugar stocks
"We
of
"There
storage,"
of Mines.
+
crease
he stated.
...
the
at the
1935, and considerably below the levels ruling at
stocks of crude and motor fuel at the current time.
Summary
The outlook for spring-sown
crops is rather unfavorable and uncertain
throughout the mainland of the Dominion.
The
insular
(
a
for
the
raw sugar, as
decrease of 732,000 tons, or
„
Temporary injunctions against eight East Texas oil com¬
panies restraining them, from further violations of the
proration laws and orders of the Railroad Commission were
issued by District Court Judge J. D. Moore in Austin on
June 1.
The injunctions followed filing of a suit by Attorney
General McCraw in which he sought permanent injunctions,
the appointment of receivers and fines totaling $320,000 for
320 alleged separate violations.
The case will be heard on
June 15.
Defendants include the Channel Transport &
Marketing Corp., of Dallas, and seven Houston
companies:
Corp., Adeoil Co., Adeltex Oil Co., Feltex Oil
Corp., Gulf Oil Marketing Corp., Crescent Oil & Transport
Felson Oil
Co. and the Hi-Grade Oil Co.
The total number of
producing wells in the East Texas
20,602, the
division of the Texas Railroad - Commission
reported.
Total recovery of crude oil from the field to the
close of the week of May 23 was 947,535,805 barrels.
Drill¬
ing operations in the Oklahoma City area are showing sharp
expansion, with 402 drilling permits now issued; according
to city officials.
field at the close of May reached an aggregate of
oil
and
gas
3762
Financial
Cooperation between the petroleum industry and the va¬
State conservation groups under the inter-State pro¬
was recommended by Axtell J.
Byles, head of the American Petroleum Institute, in an ad¬
dress delivered before the annual meeting of the Eastern
District of the Institute's division of production at Pitts¬
burgh on June 4.
"Our problem," Mr. Byles said, "still is
one occasioned not by a
poverty, but by a plethora of supply."
"The petroleum industry is in the anomalous
position of
being indicted in the law courts if it attempts to stabilize
marketing and refining by agreement," he said, "and in¬
dicted in the court of public opinion, and
probably in the
legislative halls, if it fails to stabilize crude oil production."
In commenting upon the inter-State
compact, already
including six States in its body, he expressed the hope that
the other 16 oil-producing States would join the movement.
"No State, under this voluntary agreement," he
continued,
"is bound by anything to which it does not
agree.
It is
government by agreement, instead of by mandate.
All will
profit by orderly production, which is conservation, and
rious
duction control compacts
it is
as much to the benefit of the States themselves
essential to the national welfare."
as
it is
Chronicle
N. Y. (Bayonne)
Bunker C
1.65
of 2,575,900 barrels.
Oklahoma cut its
production by 27,100 barrels, Texas by 31,700 barrels,
California by 6,100 barrels, and Louisiana
by 3,450 barrels.
There were no crude oil price changes.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
$2.45 Eldorado. Ark., 40
Lima (Ohio Oil Co.)
1.25 Rusk, Texas, 40 and over
Corning, Pa
1.42 Darst Creek
$1.10
1.15
.97
.
Illinois
1.23
Western Kentucky
1.23
Midland District, MIoh
Sunburst, Mont
Mld-Cont't., Okla., 40 and above.. 1.18 Huntington, Calif., 30 and over....
Winkler, Texas
85 Kettleman Hills, 39 and over
Smackover, Ark., 24 and over
75-.80 Petrolia. Canada
REFINED
-
PRODUCTS—MARKET
GASOLINE
STOCKS
REDUCED—PRICE
CALIFORNIA
DIP—REFINERY
LEVELS
SITUATION
LOCAL MARKET
OUTLOOK
STABLE
NOW
BRIGHTENED
OPERATIONS
IN
MAJOR
SETTLED
1.02
1.23
.96
1.43
1.10
AS
ALSO
AREAS-
FAVORABLY-
QUIET AND STEADY
A record decline for
any week thus far this year
stocks during the final week of
in gasoline
May, reported! by the Ameri¬
can Petroleum
Institute, brightened the outlook for stable
gasoline markets.
Finished gasoline stocks dipped 1,384,000
barrels to 64,124,000
barrels, against an increase of 4,000
barrels in stocks of unfinished
gasoline, or a net cut of
1,380,000 barrels.
A week earlier a decline of 39,000 barrels
in finished stocks
was
nullified
by an increase of the
holdings of unfinished motor fuel.
amount in
Refinery operations receded from the record high level
80.7% of capacity scored in the preceding week, units
operating at 79.4% of capacity during the final week in
May.
Daily average runs of crude to stills dropped 40,000
barrels to 2,935,000 barrels.
Gas and fuel oil stocks con¬
tinued to expand in
keeping with the seasonal trend at
this time of the year,
rising 1,306,000 barrels to a total
of 101,158,000 barrels on
May 30.
As the industry moves into the
period of heaviest con¬
sumption of motor fuel, a survey of the major marketing
territories fails to reveal one serious section, where
prices
are at
subnormal levels.
There are, of course, scattered
areas where local
competitive conditions have brought price
cuts, but generally speaking the markets are strong.
In
recent years, as the summer season
approached, there has
been at least one, and
usually more, sections throughout
the nation where
price wars have been raging.
The one questionable
spot in the national marketing
picture was cleared up during the week when a few Cali¬
fornia independents that had been
undercutting the majors
in the Los Angeles
gasoline market announced an advance
to 15 cents
gallon, against the majors' levels of 15 to 16
fuel of a comparable grade.
Since the
general advances last April, major companies have been
holding the three grades of gasoline at 16, 173^ and 19^
cents a gallon,
respectively.
Independents generally held
their price at 15 cents a
gallon, or 1 cent under the thirdgrade gasoline of the majors. A few independents, how¬
ever, cut to 12.5 to 13.9 cents a gallon, and for a while it
was feared that this
might mean a resumption of the gasoline
price war which ended in April.
The local market was
quiet and steady.
Consumption
over the Memorial
Day holiday, traditional turning point
of the motoring
season, indicated that the metropolitan area
will play a leading part in the nation's
expected new record
use of gasoline
during 1936. Stocks moved out in good
shape and the retail gasoline market showed the benefit
of the increased
consumption in a tendency toward firmness
in the sore spots where
competitive conditions had brought
abnormal prices.
Other refined products were quiet.
Representative price changes follow:
cents
for
a
motor
June 2—Several
independents
Los Angeles area to
a
advanced
unbranded
general level of 15 cents
a
gasoline
in
(Bayonne)
I North
$.04%1 Los
|
'
| Tulsa
32-36 G0_.$.02%-.02% <
$.02%-. 02%
New York—
Standard Oil N. J-.$.07%
Chicago
Socony-Vacuum ....
Colonial Beacon..$.07%
New
Tide Water Oil Co..
Texas
.07%
Los
Gulf
.07%
Gulf
Republic Oil
.07%
Texas. $.03%-.03%
Angeles.. .04%-.05
i
New Orleans.$.03%-.04
J
Tulsa...
04%-.04%
$.06
Tulsa
.07%
.07%
Richfield Oil (Calif.) .07%
Warner-Qulnaln Co. .07%
Shell East
Orleans.
Ang.,
ex.
.06
.05%-.i
.06
ports
06
-J
07
iNot Including 2% city sales tax.
1
Gasoline, Service Station, Tax Included
Cincinnati
.$.192
New York
$.175
Minneapolis
.192
.168
Cleveland
.175
New Orleans
.23
Newark
Denver
.21
Camden
.168
Detroit
.16
Philadelphia
Pittsburgh-......
.175
.195
Boston
.145
Jacksonville-.-
.20
San Francisco
.16
Buffalo
.165
Houston
.19
Chicago
.175
Los Angeles
.1
Brooklyn........
Output
Weekly
Soft
of
$.184
St. Louis
.177
...
5
Coal
Higher—Anthracite
Declined
The United States Bureau of
Mines' weekly coal report
production of bituminous coal for the
week ended May 23 is estimated at 6,811,000 net tons.
This compares with 6,758,000 tons produced in the preced¬
ing week and 6,372,000 tons in the corresponding week of
disclosed that the
1935.
Anthracite production in
Pennsylvania during the week
ended May 23 is estimated at 923,000 net tons.
Compared
with the preceding week, this shows a decrease of 78,000
Production
in
the
corresponding
amounted to 1,349,000 net tons.
Production of bituminous coal
1936
last
week
year
during the month of April,
estimated at 30,318,000 net tons, as against 31,-
was
233,000 tons during March and 21,970,000 tons during
April, 1935. Hard coal output for April was estimated at
4,336,000 net tons. This compares with 2,730,000 net tons
produced during March and 4,806,000 tons during April
a
year ago.
During the calendar year to May 23, 1936 a total of 164,284,000 tons of bituminous coal and 22,144,000 net tons of
Pennsylvania anthracite were produced.
This compares
with 151,645,000 tons of soft coal and 21,843,000 tons of
hard coal produced in the same period of 1935. The Bureau's
statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE
(IN NET TONS)
Week Ended
May 23,
1936
Bitum. coal:
Calendar Year to Date
May 16,
May 25,
1936 d
1935
c
1936
1935
1929
e
e
a
Tot. for per'd 6,811,000 6,758,000 6,372,000 d164284000 151.645,000 209.658,000
Dally aver.. 1,135,000 1,126,000 1,062,000
1,705,000
1,344,000
1,241,000
Penna. anth.: b
Tot. for
per'd
923,000 1,001,000 1,349,000
29,439,000
166,000
224,000
22,144,000
182,300
21,843,000
153,000
179,800
242,300
per'd
18,400
12,300
552,700
392,500
2,563,600
aver..
3.067
19,100
3,183
2,050
4,457
3,165
20.674
Daily aver..
Beehive coke:
Tot. for
Daily
Includes lignite, coal made into coke, local sales, and colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal shipped
a
by truck from authorized operations,
to make comparable
ESTIMATED
c Subject to revision,
d Revised,
the number of working days in the three years.
WEEKLY
AND
PRODUCTION
MONTHLY
OF
e
Adjusted
COAL,
BY
(IN THOUSANDS OF NET TONS)
STATES
[The current estimates
and
are
are based on railroad carloadlngs and river shipments
subject to revision on receipt of monthly tonnage reports from districts and
State sources or of final annual returns from the
operators.]
Week Ended
Monthly Production
State
May 16 May
9, May 18 May 19
1935
1934
1936p
1936p
April
April,
Mar.,
1936r
1936
1935
2
Arkansas and Oklahoma-
Colorado
2
2
7
9
8
204
181
215
940
910
670
16
Alabama
2
210
Alaska—
13
14
9
75
151
68
61
57
61
63
426
328
490
1
Indiana
-
Iowa
1
1
5
5
3
590
530
494
2,020
240
228
187
3,205
1,220
3,957
237
—
Illinois
1
576
Georgia & N. Carolina.
1,550
714
42
42
38
49
210
260
106
76
81
72
42
400
540
275
712
724
533
551
2,812
2,630
2,182
91
88
110
125
543
563
385
25
24
19
18
128
122
3
3
10
4
40
52
33
Montana-
38
42
45
32
202
281
202
New Mexico
26
23
21
16
115
110
Kansas and Missouri
Kentucky—Eastern
Western
Maryland.
Michigan
North and South Dakota
105
99
20
20
14
14
117
149
81
311
340
378
283
1,644
1,714
1,121
1.941
1,955
1,544
1,703 1
2,663
2,737
3,520
J
5,201
4,471
2,119
Tennessee
75
61
72
80
406
373
L251
Texas
14
13
12
17
58
60
Utah
36
31
28
26
192
202
172
176
174
159
195
816
785
647
Ohio
Penna. bit.—Eastern d__
Western
f
e
Virginia
22
Wyoming
24
19
19
116
132
119
1,514
1,197
1,441
6,302
6,444
4,966
490
a.
Northern b
510
455
463
2,065
2,117
1,376
57
406
416
345
4
3
30,318
31,233
74
78
c__
1
1
Total bituminous coal.
6,758
6,855
Other western States
Pennsylvania anthracite.
a
Includes mines
92
*
5,848
*
6,093
on
1,001
1,155
1,123
1,107
4,336
8,010
6,971
7,200
34,654
33,963
1
21,97a
2,730
7,759
Grand total
on
53
1,482
Washington
W. Va.—Southern
1
4,806
1
26,776
the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.; and
the B. & O. in Kanawha, Maso
and Clay counties,
b Rest of State, including the
Panhandle District and Grant, Mineral and Tucker counties,
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
1.05
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
the
gallon, against former
evels of 12.5 to 13.9 cents.
New York
-.04%
$.04
27 Plus
same
of
$.90
...
Phila., bunker C
I Chicago,
N. Y. (Bayonne)
tons.
Bradford, Pa
New Orleans C
Gas Oil, F.O.B. Refinery or Terminal
Production
daily average crude oil
production during the final week of May pared the total to
2,943,9^0 barrels, the American Petroleum Institute re¬
ported.
The total compared with estimated market demand
of 2,826,300 barrels set by the Bureau of
Mines, and actual
a year ago
California 27 plus D
$1.15-1.25
$1.05
Diesel 28-30 D
A reduction of 63,200 barrels in
output
June 6, 1936
Fuel Oil, F.O.B. Refinery or Terminal
California, Idaho, Nevada and Oregon,
is not included in western Pennsylvania,
c
Includes Arizona,
d Represents that portion of the State that
e
Figures are comparable with records for
1935, and cover production of western Pennsylvania as defined by the NRA SubDivisional Code Authority, p Preliminary, r Revised. * Less than 1,000 tons.
Volume
Financial
142
Daily Average Crude Oil Production Again Declines—
Off 63,200 Barrels
The American Petroleum Institute estimates that the daily
crude oil production for the week ended May 30
2,943,950 barrels. This was a decline of 63,200
barrels from the output of the previous week.
The current
week's figure was, however, above the 2,826,300 barrels cal¬
culated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during May. Daily average production
for the four weeks ended May 30, 1936, is estimated at
2,980,200 barrels.
The daily average output for the week
ended June 1, 1935, totaled 2,575,900 barrels.
Further
details, as reported by the Institute, follow:
average gross
1936,
was
Imports of petroleum for domestic
and receipts in bond at principal
use
3763
Chronicle
was reduced one-eighth cent by the domestic
producer of the metal.
Refined platinum advanced $3 per
ounce, but the other platinum metals remained unchanged.
"M. & M. M." index of non-ferrous metal prices for May
was 72.51, which
compares with 72.27 a month previous
and 74.73 a year ago.
The publication further stated:
Antimony
Domestic
Buying of
week
the
Copper Dull
•
.
for domestic account continued inactive, sales for the
copper
amounting to about 3,468 tons, which compares with 2,600 tons in
preceding
basis
of
recent
that
934
Producers regard the market as firm on the
days.
seven
Production of automobiles has
Valley.
cents,
declined in
weeks, pointing to a contraction in the consumption of copper in
important
trade remains
the
industry, but, with building operations picking up,
fairly optimistic
Domestic sales
of copper
so
far as the immediate future is concerned.
during May amounted
sales booked during the last month the
16,303 tons.
to
In
purchasers specified August delivery
13,250 tons, with the remainder scattered over May, June, July,
United States ports for the week ended May 30 totaled 1,452.000 barrels, a
metal
daily average of 207,429 barrels, compared with a daily average of 158,429
and September.
barrels for the week ended May 23 and 165,036 barrels daily for the
fully offset by the record sales in the preceding month—158,064 tons.
weeks ended
four
on
The meager volume of business placed during May was
Exports of refined
May 30.
Receipts of California oil at Atlantic and Gulf ports for the week ended
from the United States during April amounted
copper
15,408 short tons, which compares with 15,744 tons a month previous,
to
May 30 totaled 193,000 barrels, a daily average of 27,571 barrels, compared
and 24,674 tons in April last year, according to
with
of refined metal during the first four
a
daily
of 21,571 for the week ended May 23 and 32,500 barrels
average
61,206
daily for the four weeks ended May 30.
Reports received from refining companies owning 89.6% of the 3,869,000
barrels
estimated
United States,
dally potential refining capacity of the
indicate that the industry as a whole ran to stills, on a Bureau
Jan.-April
the
period
pipe lines
of the end of the week, 71,110,000 barrels of finished and
as
Cracked gasoline
of
and fuel oil.
gas
were
on a
production by companies owning 95.9% of the potential
Bureau of Mines basis, produced an average of 665,000 barrels
March
To—
April
*
281
Belgium
1,410
Other countries
168
140
Germany
_
Netherlands
abroad.
Week Ended
4 Weeks
Ended
May 30,
June 1,
on
Int. Cal¬
culations
May 30,
May 23,
May)
1936
1936
1936
1935
538,300
150,100
were
531,600
155,300
558,700
157,100
547,150
157,050
494,800
153,200
62,450
58,850
65,250
61,900
62,550
60,300
59.700
25,450
177,700
51,850
435,650
81,950
251,850
25,300
185,950
52,550
448,300
80,600
259,200
183,450
53,150
445,200
81,250
254,600
47,400
453,000
59,050
178,450
1,145,750
1,177,450
1,164,500
1,036,100
84,600
148,650
89,500
147,200
82,600
146,350
233,250
236,700
228,950
139,150
31,000
102,900
38,200
30,000
29,950
108,550
33,750
35,450
108,950
Good Call for
Sales of lead during
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
.
--
Coastal Texas
1,132,500
Total Texas.
Northern Louisiana.
Coastal Louisiana..
Total Louisiana.
Arkansas...
58,800
25,750
25,250
151,100
Wyoming...
35,600
29,850
114,600
32,950
36,150
Montana
12,900
4,400
65,900
17,050
15,850
4,600
74,850
4,550
4,550
74,950
74,900
31,200
109,600
40,350
35,150
10,250
3,900
51,000
2,282,300
2,375,950
2,433,050
2,403,650
568,000
574,100
576,550
2,826,300
2,943,950
3,007,150
2,980,200
2,575,900
cerned.
tone
Colorado
New Mexico.
Total east of California.
...
Total United States
33,950
37,800
15,900
June requirements
might have been surreptitiously produced.
Quotations held at 4.60 cents. New York the contract
the American Smelting &
April
May
61,157
56,185
13,860
1,951
13,116
In transit to refiners
In process at
16,427
17.504
217,661
214,305
In ore. matte, and in process.
In base bullion:
Ai smelters and refiners—
refiners
Refined lead
Stocks of Finished and
to Still3
5,727
Unfinished Gasoline
Finished
Total stocks, tons..
Total
Rate
P.
C.
P.
Aver¬
Oper¬
At Re¬
age
ated
fineries
612
612 100.0
Appalachian.
154
146
94.8
103
Ind.,111., Ky.
Okla., Kan.,
442
424
95.9
375
East Coast..
519
purchased about 4,800 tons of the ordinary grades of zinc
during the last week, a fair proportion being
Terms, Nap'tha
cfee.
steady.
Galvanizing operations have slackened moderately in the
Distil.
Oil
1,028
70.5
11,296
1,016
249
505
88.4
6,921
2,755
895
3,547
667
2,932
8,654
Missouri..
453
384
84.8
298
77.6
4,385
2,282
330
160
48.5
111
69.4
226
658
96.8
620
94.2
1,209
5,490
149
680
197
2,005
La. Gulf
169
163
96.4
121
74.2
879
348
242
2,009
80
72
90.0
49
68.1
222
105
118
401
90
753
2~553
1,133
71,678
Mt..
97
60
61.9
50
83.3
1,418
852
789
92.6
508
64.4
9,690
Reported
89.6
...
3,468
Estd. unrep'd
401
181
3,869
3,869
2,935
2,975
2,754
79.4
38,888
1,696
7.072
6,653
2,728
41,616
42,447
22,508
23,061
6,986 101,518
6,982 100,212
y34,725 y20,471
y6,287 yl00177
333
May 23 '36
U.S. B. of M.
May
x
The world's visible supply at
Straits shipments in May totaled
April. United States deliveries during
May totaled 5,235 tons, against 6,235 tons in April.
Total deliveries
dining May were estimated by the Commodity Exchange at 9,032 tons,
previous and 19,074 tons a year ago.
7,941 tons, against 5,888 tons in
which
compares
and
2,594
Zinc
Sell
in
Good
Lower—Platinum
y
As of May 31. 1935.
delivery.
Chinese
Demand was dull.
tin, 99%, was nominally as
30, Holiday;
follows: May 28, 44.62c.;
June 1, 43.750c.;
2 , 43.250c.;
29,
3, 42.250c.
+.
Tlie June 4 issue of the "Iron Age" stated that
production
pig iron during the month of May amounted to
2,648,401 gross tons, compared with 2,403,683 in the
coke
of
"Metal & Mineral
Volume—Tin
Sharply
Higher
exerted
no particular influence on prices.
Domestic
passed through another quiet period.
Tin received
a severe jolt on the absence of support in
London, and the
spot quotation for Straits, New York, fell to 43 cents, a
copper
cents
for
the
week.
Silver
"Age" further stated:
There was a gain
naces
that of April,
or
a
from 80,123 to 85,432.
;
of three furnaces making iron
on
June'l; the 147
operating at a rate of 86,385 tons daily, against
fur¬
144 furnaces one
month before, which were producing iron at a rate of 84,915 tons daily.
Markets," in the issue of June 4, stated
orderly
3
The daily rate last month showed
preceding month.
rise of 6.6% over
that sales of lead and zinc in the week that ended June 3
were in good volume,
but the buying was rather
loss of
11,210 tons in the preceding month.
yesterday at 43c., spot, and 42.35c. for August
with
Straits tin was available
The
net
the end of May, including the Eastern and
18,380 long tons, against 16,869 tons a month
99,247
2,271
A
Bureau of Mines basis currently estimated,
and
'on
May Pig Iron Output Up Almost 6%
3,869
3,869
1935
Lead
temporarily withdrawn to bring pressure
May statistics showed rather heavy shipments from Malaya.
tonnages.
44.250c.;
20,701
1,807
The weakness was interpreted as pointing
countries said to be making excessive demands on standard
Arnhem carry-overs, was
xEst.tot.U.S.
May 23 '36
market here.
increased uncertainty over the future of the tin-control plan, with a pos¬
to
sibility that support has been
Inland Texas
Rocky
decline in London that occurred last week had a most depress¬
those producing
7,339
1,335
California...
Several
London was lower.
week.
last
Gas
Fuel
Texas Gull..
No. La .-Ark.
for near-by delivery.
August-September metal were included in the week's transactions.
4.90c., St. Louis, for Prime Western, with the under¬
The market held at
and
in
84.8
310,717
Zinc Sales Larger
Consumers
ing influence on the
Stocks
Unfin'd
C.
Daily
6,686
316,783
Antlmonial lead
of
Reporting
2.921
Straits Tin at 43c.
Crude Runs
tial
St.
premium.
The monthly statement on total lead stocks in the United States, regarded
by many in the industry as of greater importance than the report on refinedlead operations, showed that the total as of May 1 was 310,717 tons, a
reduction of 6,066 tons, compared with a month previous.
The total
supply consists of lead in ore, in base bullion, etc., as follows:
The sharp
District
settling basis of
Refining Co., and at 4.45 cents, St. Louis.
(Figures in thousands of barrels, 42 gals, each)
Daily Refining
Capacity
The
Joseph Lead Co. sold its own brands in the East at a
tone
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED MAY 30, 1936
covered so far as that month is con¬
of consumers are about 75% covered,
continues firm.
lots of
Note—The figures indicated above do not Include any estimate of any oil which
according
business booked in the last three days, but,
sellers, consumers are still poorly
471,200
Michigan
Lead
Orders for July shipment lead figured
5,100 tons in the preceding week.
to
2,104,700
544,000
Eastern
Poten¬
uncertain
the last week amounted to about 5,800 tons, against
23,200
115,950
170,500
Kansas
California
in copper
because of
political.
largely
unsettled,
the Continent, monetary as well as
prominently in
Oklahoma.
Southwest Texas.
prices
15,408
15.744
business
holidays restricted
Whitsuntide
Week
Ended
of the
London
conditions
East Texas
50
Average
Dept. of
531
British India
2,866
3,592
"540
Japan
1.927
Italy
305
4,509
1,438
3,132
1,093
2.926
Great Britain
1,474
168
China and Hongkon
Totals
Actual Production
805
1,065
224
1,464
Observance
(Figures in barrels)
-
428
Sweden
56
Denmark
OIL PRODUCTION
B. of M.
April
March
To—
Poland and Danzig.
560
daily during the week.
DAILY AVERAGE CRUDE
year.
follows:
as
prance
charging capacity of all cracking units indicates that the industry as a
whole,
last
of Mines
companies had in storage at refineries, bulk terminals, in transit and in
unfinished gasoline and 101,518,000 barrels
Exports
official figures.
months of the current year totaled
in
tons
Exports during March and April this year, by countries of destination,
2,935,000 barrels of crude oil daily during the week, and that all
basis,
92,601
against
tons,
was
featureless.
The
Steel
Corporation blew in one furnace; independent steel companies
off blast, and one merchant /urnace
blew in four and took one
out
or
Among the furnaces
Illinois
Jones &
was
blown
banked.
blown in were
Steel Corp.; one
therfollowing:
One Farrell, Carnegie
Susquehanna, National Steel Corp.; one Eliza,
Laughlin Steel Corp.; one Brier Hill, Youngstown Sheet & Tube
Co., and one Betty,
Furnaces
blown
Republic Steel Corp.
out
or
banked
were
a
Toledo furnace
Mather & Co. and a unit of the Colorado Fuel & Iron Co.
of
Pickands,
Financial
3764
Chronicle
June 6, 1936
Pig Iron
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
MONTHS SINCE
STATES BY
JAN.
1
1931—GROSS
TONS
Based on average of basic iron at Valley
1936, $18.84 a Gross Ton
furnace and foundry Irons at Chicago
$18.84
Phlladelpjia,
Buffalo,
Valley
and
month ago.---18.84
June 2,
One week ago
1932
1931
1933
1934
1935
One
1936
One year ago
February
55,299
60.950
March
65,656
April
May
67,317
64,325
31,380
33,251
31,201
28,430
25,276
June
54,621
20,935
January
18,348
19,798
17,484
20,787
28,621
42,166
39,201
65,351
62,886
1936
62,243
57,098
65.816
1935
57,561
65,900
55.449
55,713
80,125
1934
85,432
1933
64,338
51,750
28,412
61.356
24,536
54,134
54,138
$18.84
18.84
17.90
16.90
14.81
15.90
18.21
—18.71
18.59
19.71
!
1932.--
—
1931
Flret six months.
—
-
1930
1929
July
47.201
18,461
67,821
August
41,308
17,115
September..
19.753
69,142
60,742
November
38,964
37,848
36,782
December
31,625
October
20,800
39,510
34,012
29,935
21,042
17,615
49,041
56,816
30,679
63,820
31,898
33,149
43,754
36,174
38,131
58,864
June 2,
67,950
One week ago—
1928
1927
-
-
59,216
mos.
50,069
average.
36,199
23,733
43,592
Low
$18.84
17.83
16.90
13.56
13.56
14.79
15.90
18.21
17.04
17.54
Jan.
7
Nov. 5
May
1
Dec.
5
Jan.
5
Jan.
6
Jan.
7
May 14
Nov. 27
Jan." 4
57,556
Based
IRON AND
(GROSS TONS)
PIG
OF COKE
OF
on
No.
1
Fenomanganese
-
1933.,--
y
-
-
8.50
2,025,885
1,477,336
February
1,823.706
1,608,552
March
2,040,311
1,770,028
1,663,475
22.725
1,727,095
1,552,514
18,363
2,403,683
April
May
2,648,401
—
June
24,766
24,988
15.00
17.58
16.50
1929
10,048
1928
12,288
17,762
18,302
17,541
12,961
19,667
11.33
1930'
January
1931,
1935
1936.
-
-
-
15.25
1927
Iron
American
The
Steel
and
Dec. 29
11.25
14.08
13.08
13.08
Institute
June
2
Apr. 23
Sept. 25
8.50
Aug. 8
Jan. 12
Jan.
6
Feb. 18
Jan. 29
Dec. 31
Jan. 11
-
-
-
$12.92
10.33
9.50
6.75
6.43
Feb. 25
Dec. 10
Mar. 13
12.25
—
1932
1935
Low
$14.75
13.42
——13.00
1936
1935
Pig Iron x
steel,
melting
heavy
and Chicago.
10.83
One year ago
FERROMANGANESE
1934
1936
7
14
27
3
6
15
16
17
24
1
quotations at Pittsburgh, Philadelphia
-$13.08
13.83
High
PRODUCTION
Jan.
May
Jan.
Jan.
Deo.
Dec.
Dec.
Dec.
July
Nov.
Steel Scrap
1936, $12.92 a Gross Ton
One month ago.--—
12
Birmingham.
17.84
——.
High
45,131
47,656
57.448
Dec. 9
Dec.
3
July
2
Nov. 22
June
on
3
Jan.
July
1
5
an¬
indi¬
nounced that telegraphic reports which it had received
♦
9,799,000
Half year
August
of
2,106,453
November
December.
?
Year
21,007.802
J-—
These totals do not include charcoal pig iron.
26,834 gross tons,
y
185,173
•
Week
The "Iron Age" in
the benefit of much
its issue of June 4, stated that without
buying in anticipation of higher third
quarter prices, steel demand is sufficient to maintain ingot
production at 68% of capacity.
The trend even appears to
be upward, and it is likely that the placing of heavy tonnage
for June shipment at the current prices will force output
above the 70% level this month.
The "Age" further stated:
May pig iron production rose to 85,432 tons daily, a gain of 6.6% over
April's rate of 80,123 tons, and establishing
six-year record.
a new
last
stocks went into blast
stocks
month and two were taken off.
Five
The 147 active
forward contracting is reported.
creasing
lished
on
Importations of foreign iron
the Atlantic Seaboard, and
of supply are taking advantage
sources
of the
are in¬
do not have estab¬
many users who
The "Iron Age" composite price of pig iron is
-
piling and bolts and nuts.
strip will not be raised,
prices
accessory
nor
Contrary to early reports, cold-rolled
will wire products.
No changes in rail and track
would
mean
advance
an
considerable
on
The
tonnage.
"Iron Age" composite price, which will not reflect higher steel quotations
until July 1, remains at 2.907c. a lb.
The decline in automobile assemblies, which was rather sharp two weeks
a
amounted to only 1,500
more
last week.
cars
During the current period
pronounced drop will be recorded, but weekly output will still be
well above the 100,000-car level.
but
June assemblies will top 400,000 units,
July will see drastic curtailment
as
preparations for
new
15
22
July
29
1936—
Sept. 30
52.9%
gar.
53.5%
55.8%
56.4%
Mar.
9
55.7%
Mar. 16
60.0%
16
54.6%
Mar. 23
Dec. 23
49.5%
Mar. 30
53.7%
62.0%
30
46.7%
Apr.
Dec.
1936—
Jan.
6
64.5%
13
67.9%
20—70.4%
Apr. 27
71.2%
Apr.
Jan.
14
50.4%
Jan.
20
Oct.
21
Jan.
Oct.
28
5
51.8%
51.9%
50.9%
Feb.
Nov. 11
52.6%
Feb.
Nov.
9
2
Dec.
Oct.
7
2
Dec.
Dec.
49.2%
13. ——49.4%
Oct.
*
53.7%
55.4%
Feb. 24
Nov. 25
Nov. 18
6
49.9%
27.-49.4%
Apr.
May
4
May
11
70.1%
69.1%
May
18
69.4%
10
50.0%
52.0%
May
25
67.9%
17
51.7%
June
1
68.2%
3
Feb.
"Steel" of Cleveland, in its summary of the iron and
steel
markets, on June 1 stated:
eteel
finished
week
is
shapes,
been
have
effective
raised
all the
With
the
the
bars,
ingots
semi¬
and
steel
and semi-finished also are
cold-rolled strip and
rails
"open price"
plan
months ago.
adjustments
so
far made, effective July 1, "Steel's'' index
would be $53.40, compared with $53,70 last March,
reductions
of
result
net
to
sheet
ton was announced a
Steelmakers are following the
finished steel prices
when
steel
Some announcement on
shortly.
they adopted several
a
and
strip, sheet piling and hot-rolled alloy
Alloy
$2.
July 1.
anticipated
$2
increase of
an
addition
slabs
billets,
blooms,
which
on
hot-rolled'
sheets,
ago,
bare
including
In
advanced.
been
have
products
materials,
steel bars and
in
pipe and
wire nails and an increase
The lowest during the
1933.
Prices on pig iron will
be announced shortly for third-quarter, and
belief is that no change will be made.
Eastern producers meet strong
competition from European iron, and imports threaten to increase as the
in
plain wire
the index to $52.20.
to reduce
was
depression was $45.30,
in the spring of
Wire prices also seem likely to be reaffirmed for
foreign price weakens.
third-quarter.
Purchase of
models are
tons of steel sheets placed by Edward G.
65,000 to 75,000
Co., Philadelphia, with Alan Wood Steel Co., Conshohocken, Pa.,
Chevrolet car and truck frames,
is perhaps the largest sheet order
Budd Mfg.
begun.
All of the steel required for production of 1936 models is expected to have
been purchased by June 15, and not more than a month will be needed to
complete shipments.
this month
their
July
July
Weekly indi¬
1935—
Sept. 2
Sept. 9
Sept. 16
Sept. 23
32.8%
35.3%
39.9%
42.2%
44.0%
1
8
of
Revisions in reinforcing bar quotations are not now anticipated, but most
quoted levels
*
July
expected before the fourth quarter and discounts on
are
goods will not be altered.
of this material is bought for identified structures and strict adherence to
ago,
June 24
July
up,
Steel price advances, in addition to those announced last week, include
tubular
3
10
June 17
low prices offered.
unchanged at $18.84 a gross
ton.
steel sheet
of
month ago, and 39.5% one
week of May 25.
46.0%
48.1%
48.8%
47.9%
45.8%
49.7%
48.3%
48.9%
.50.8%
49.7%
Aug. 26
38.3%
37.7%
May 27
June
More
Pig iron prices have been reaffirmed for the third quarter, but scarcely
any
43.4%
42.8%
42.3%
39.5%
39.0%
May 20
June
one
1935—
May
6
May 13
June 1 were making iron at a rate of 86,385 tons daily.
on
68.2%
compared with
1,
operations since April 22, 1935, follow:
44.6% Aug. 5
43.1% Aug. 12
42.2% Aug. 19
Apr. 29
Total
output was 2,648,401 torn, compared with 2,403,683 tons in April.
70.1%
for the
the estimate
cated rates of steel
1935—
Output Is Maintained at 68% of Capacity
Second
be
will
industry
This represents an increase of 0.3 point, or 0.4%,
a£o.
from
The 1934 production of this iron
Included in pig iron figures.
for
of steel companies having 98%
the
of
the week beginning June
67.9% one week ago,
year
Apr. 22
Steel Ingot
capacity
capacity for
17,126
'
steel
the
12,735
2,065,913
October
was
cated that the operating rate
13,175
15,983
19,007
18,245
September
r
88,902
-
..
1,520,263
1,761,286
1,776,476
1,978,411
July
new
It is possible that motor-car makers will stock steel
against price advances, but not
many
of them have established
have
ever
placed in that district.
the
same
500
tons
mill
for
Last year about 35,000 tons were placed with
The Budd company has also placed
Topeka & Santa Fe, the
similar purpose.
a
steel
stainless
of
for
cars
for Atchison
Republic Steel Corp. and Sharon Steel Corp. taking most of it.
models' needs accurately.
Orders from the railroads
for
been
light recently,
Lettings of structural steel showed a slight increase at about 14,000 tons,
but specifications
of the West Side elevated highway in Manhattan will require 12,000 tons.
Inquiry is expected soon for
metropolitan district and
6,000 tons for an extension to the West Side elevated highway, New York.
A
bridge at Beaumont, Tex., is estimated to require 9,200 tons.
A
hospital in Jersey Oity, N. J., has been let, requiring 3,100 tons.
A
pipe line at Little Rock, Ark., is pending, calling for 7,000 tons of plates.
After the heavy buying of freight cars 10 days ago, railroads are doing
little, but placing of steel bars, plates and other products by car builders
is furnishing mills considerable tonnage.
Some secondary buying of rails
►• The
is
from the
car
builders
are
secondary rail-buying
and Colorado mills
are
heavy and will continue through the summer.
still
is
movement
anticipated.
The
A
Birmingham
approaching the end of thier runs, but the Chicago
capacity will be operated at 50% through July.
Fabricated structural steel leetings are higher at 20,350 tons, compared
with
11,900 tons last week, but new projects have
tons to
bids.
11,800 tons.
However,
a
soon
be out for
New schools in New York will take 25,000 tons and two sections
market is quiescent.
scrap
The
"Iron Age" composite price has
declined for the fifth consecutive week and
iron.
declined from 27,400
number of large jobs will
Consumption is at
now
stands at
$12.92
a
Coincident
production of
a
$4
a
ton.
United
under
British makers have
Pig iron is also being increased.
Kingdom has taxed capacity severely
number of new plants are under construction.
THE "IRON AGE"
COMPOSITE PRICE8
Finished Steel
June 2,
1936, 2.097c.
One week ago
Based on steel
Lb.
a
2.097c.
bars, beams, tank plates,
2.097c.
One year ago
.
wire, rails, black pipe, sheets and hot
rolled strips. These products represent
2.124c.
,
One'month ago
85% of the United States output.
Low
High
Mar. 10
1936
2.130c.
Jan.
7
2.084c.
1935
2.130c.
Oct.
1
2.124c.
Jan.
1934
2.199c.
Apr.
24
2.008c.
Jan.
2
1933
2.015c.
Oct.
3
1.867c.
Apr.
18
1932
1.977c.
Oct.
4
1.926c.
Feb.
2
1931
—2.037c.
Jan.
13
1.945c.
Dec. 29
2.273c.
Jan.
7
2.018c.
2.317c.
Apr.
2
2.273c.
Oct.
29
2.286c.
Dec.
11
2.217c.
July
17
2.402c.
Jan.
4
2.212c.
Nov.
1930
1929
.
1928
1927
-
Dec.
8
9
1
year's average
the
to
schools
in
for
tons
the
28
date.
New York
June.
expected during
Automotive
to
Demand for steel in the
for several months and
25,000
gross
with high steel prices in this country,
quotations $1
about
high rate, but the supply of scrap is large and
a
offerings are exceeding melting requirements in some districts.
advanced
below
slightly
line with smaller
assemblies were 108,300 cars, 1,500
requirements continue to shrink slowly, in
Last
cars.
preceding
week total
week.
Operations
are
holding well against usual summer decline, and
for
the
week,
are off
Pittsburgh district last week regained
the 2 points lost the preceding week, to 63%; Chicago dropped 2%% to
68%; Wheeling district down 19% to 70%, Cincinnati lost 8 to 72%,
Colorado lost 13 to 50%; Cleveland gained 1%% to 75%%, Buffalo 3 to
81%, New England 2 to 77%, with eastern Pennsylvania, Youngstown,
Birmingham and Detroit unchanged.
Steel and iron imports for April were down
7,099 tons from March.
Decline in pig iron imports of about 12,000 tons from March was not
balanced by increased tonnage in other products.
Steel export? in April
were 305,080 tons,
40,743 tons over March.
"Steel's" iron and steel composite is down 4c. to $32.83, due solely to
%
point
lower scrap
Scrap
prfces;
to 66%.
the finished
prices continue to
weeks,
"Steel's"
$13.04.
This
ber, 1935.
is
composite of
the
steel composite is unchanged at $52.20.
more slowly than for the past few
recede, but
lowest
steelworks
level
of
scrap
this
declining
composite
9c. last week to
since mid-Novem¬
Financial
Volume 142
Steel ingot production for the week ended June
at
68^% of capacity, the
according to the
U.
and
S.
Steel
is
estimated
62%% two weeks
compared with 72%%
ago.
in
Street
weeks ago.
week and 74% two
the previous
following table gives
comparison Of the percentage
a
The Week with the Federal Reserve Banks
The
daily average volume of Federal Reserve bank credit
outstanding during the week ended June 3, as reported by
the Federal Reserve banks, was $2,476,000,000, an increase
of $2,000,000 compared with the preceding week and with
the corresponding week in 1935.
After noting these facts,
the Board of Governors of the Federal Reserve System
proceeds
On
as
June
increase
of
increases
follows:
3 total
bank credit amounted to
Reserve
$23,000,000
for
week.
the
This
$2,489,000,000, an
and $59,000,000 in non-
member deposits and other Federal Reserve accounts offset in part
increase of $21,000,000 in monetary
in
member
bank
reserve
$32,000,000 in Treasury cash
deposits with Federal Reserve banks.
June
3
estimated
were
to
be
by an
gold stock and decreases of $34,000,000
and
balances
with
corresponds
increase
of $51,000,000 in money in circulation
and
Member bank reserve balances on
approximately $2,840,000,000 in excess of
Relatively small changes were reported in holdings of discounted and
holdings of United States Treasury bills
An increase of $10,000,000 in
was
offset by a decrease of $10,-
The statement in full for the week ended June 3, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 3798 and 3799.
Changes in the amount of Reserve bank credit outstand¬
ing and in related items during the week and the year ended
Increase
(+)
or
Decrease
(—)
Since
Bills discounted
Industrial
advances
(not
-2,000,000
-2,000,000
+ 1,000,000
—1,00), 00
+ 3,000,000
30,000,000
_
20,000,000
+ 24,000,000
+ 15,000,000
Total Reserve bank credit
2,489,000,000
+ 23,000,000
Monetary gold stock
10409,000,000
+ 21,0Q0,000
Treasury & National bank currency..2,493,000,000
—1,000,000
+14,000,000
+1,493,000,000
—28,000,000
5,953,000,000
5,713,000,000
+ 51,000,000
+439,000,000
—34,000,000
+ 799,300,000
Other Reserve bank credit
-
—2
68
+1
36%
+2
+ 1%
51
+3
42
—2%
40
—2
75
-
67%
—1%
38%
1934
59%
+ 1%
48
1933
44%
1931
41
—2
1930
71
—2%
95
1928
79%
1927
+2%
75%
Independents
4
—
%
92%
99%
+ %
—4%
+
83%
80%
76
%
—7
—2
71
1932 not available.
taneously with the figures for the Reserve banks themselves
covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
and
cannot be
compiled.
following will be found the comments of the Board
respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business May 27:
In the
of Governors of the Federal Reserve System
condition
The
leading cities
on
of
statement
banks
weekly reporting member
total loans and investments, $67,000,000 in reserve balances
Reserve
banks,
of
decreases
$172,000,000
and
$15,000,000
and
brokers
to
loans
and
dealers
securities
on
101
$26,000,000
and
In
and
deposit
,
New York City declined $24,000,000,
outside
others
to
with Federal
deposits-adjusted,
demand
in
deposits
time
in
balances standing to the credit of domestic banks.
loans
in
May 27 shows increases for the week of $15,000,000 in
York
New
(except
increased
banks)
declined
$1,000,000,
$9,000,000.
Holdings of acceptances and commercial paper bought declined $10,000,000,
"Other
and
loans"
declined
$19,000,000
in the New
$3,000,000,
York district and
$14,000,000 at all reporting member banks.
of
Holdings
United
States
Government
obligations
direct
increased
$79,000,000 in the New York district, $10,000,000 in the Boston district
and $52,000,000 at all reporting member banks,
and declined $22,000,000
in the Chicago district and $13,000,000 in the St.
Louis district; holding
United States Government increased
$5,000,000: and holdings of other securities increased $12,000,000.
increased
deposits-adjusted
$143,000,000
the
in
New York
$34,000,000 in the Chicago district and $172,000,000 at all re¬
porting member banks, and declined $20,000,000 in the St. Louis district.
Time
deposits declined $17,000,000 in the New York district and $15,-
000,000 at all reporting member
including
$25,000,000 commitm'ts—June 3)
44
—1
district,
$
6,000,000
3,000,000
2,430,000,000
Bills bought
S. Government securities
U.
%
42
Demand
June 5, 1935
May 27, 1936
$
72
—
1935
of obligations fully guaranteed by the
June 3, 1936 were as follows:
3, 1936
%
real estate loans declined $1,000,000, loans to banks increased
000,000 in holdings of United States Treasury notes.
June
+
68%
Loans to brokers and dealers in
legal requirements.
purchased bills and industrial advances.
S. Steel
1936
1929
of production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding.:
The
U.
63%
Industry
week,
in
as
Two
69%. The "Journal" further stated:
at 63%%
against 63% in the week before
Leading independents are credited with 72%
"Wall
weeks ago the rate was
1 is placed
the previous
Journal" of June 3.
same
3765
Chronicle
Deposit
$7,000,000.
balances
banks.
of other
Government deposits
banks
domestic
declined
$44,-
declined
000,000 in the New York district and $26,000,000 at all reporting member
banks, and increased $16,000,000 in the St. Louis district and $12,000,000
Money In circulation
Member bank
reserve
balances..
in the Chicago
district.
A summary of
the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended May 27, 1936, follows:
Treasury cash and deposits with Fed¬
—32,000,600
3,084,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
641,000,000
Increase
+ 54,000,000
+ 59,000,000
eral Reserve banks
+188,000,000
May 27, 1936
§
1
Loans and
Returns of
Member Banks
in New York
City and
Reserve
System for the New York City member
Chicago member banks, for the cur¬
rent week, issued in advance of full statements of the mem¬
ber banks, which latter will not be available until the coming
Monday.
banks and also for the
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE
■
$
Resets
Loans and Investments—total..
1936
$
Outside New York City.
Loans
on
securities
to
on
to
Loans to banks
Other loans
Obligations
2,070,000,000
322,000,000
—9,000,000
—10,000,000
—46,000,000
—53,000,000
—1,000,000
+ 3,000,000
—14,000,000
—11,000,000
—97,000,000
+281,000,000
* + 52,000,000
+1.142,000,000
1,290,000,000
3,305,000,000
real estate
U. S. govt,
+ 38,000,000
8,920,000,000
(except banks)
on
+ 76,000,000
+1,000,000
+5,000,000
* + 12,000,000
+499,000,000
+198,000,000
4,690,000,000
389,000,000
2,319,000,000
+ 67,000,000
+ 20,000,000
+ 8ll,$00,000
others
Accpts. and com'l paper bought..
Loans
—24,000,000
1,146,000,000
65,000,000
3,542,000,000
securities
direct obligations
fully guaranteed
by
United States government
Other securities
June 5
1935
June 3
1936
1936
$
$
8,959
8,595
7,631
1,103
73
894
74
775
58
Cash in vault
Chicago
May 27 June 5
§
banks
+ 75,000,000
+320,000,000
Liabilities—
1935
Demand
^
1,852
1,514
43
1,875
— —
Balances with domestic
2
25
Time
14,562,000,000
5,028,000,000
747,000,000
deposfts-adjusted
deposits..
United States govt, deposits
+172,000,000 +2,006,000,000
—15,000,000
+ 93,000,000
—7,000,000
—30,000,000
Inter-bank deposits:
Loans to brokers and dealers:
In New York City
$
+2,027.000,000
940,000,000
214,000,000
Outside New York City
Loans
Reserve with Fed. Reserve banks.
*
New York City
1936
+15,000,000
(—)
May 29, 1935
CITIES
(In Millions of Dollars)
June 3 May 27
$
investments—total....21,814,000,000
In New York City
Below is the statement of the Board of Governors of the
IN
or
Decrease
Since
Loans to brokers and dealers:
Chicago—Brokers' Loans
Federal
(+)
May 20. 1936
55
others
756
748
729
144
140
165
Accepts, and com'l paper bought
128
134
178
15
14
133
133
128
15
15
31
66
6
6
7
+ 777,000,000
—3,000,000
+ 88,000,000
—4,000,000
...
—
16
57
—26,000,000
378,000,000
Foreign banks
23
Loans
5,449,000,000
Domestic banks
Borrowings
(except banks)
on
real estate
Loans to banks
Other loans.
1,222
1,185
1,143
284
279
U. S. Govt, direct obligations..
3,809
3,734
3,285
967
969
Other securities
557
1,121
546
1,116
299
970
95
294
Reserve with F. R. Bank
*
May 20 figures revised (New York district).
>
League
94
292
79
244
ments
651
2,313
1,840
702
691
51
55
43
34
73
71
36
211
37
76
207
212
504
485
587
75
76
80
6,385
549
5,340
561
389
1,453
488
101
1,459
462
1,257
440
195
6,309
561
194
2,326
2,278
1,896
378
348
261
589
4
Liabilities—
Time deposits.
United States govt, deposits
10 1
25
571
504
4
4
Inter-bank deposits:
Domestic banks.
Foreign banks
|
Borrowings
Other liabilities
447
363
266
30
34
36
Capital account
1,473
1,468
1,459
234
232
225
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
Month to Consider
Proposes Session—Italian
2,163
deposits—adjusted
This
Attitude
Cash in vault
Other assets—net
Meet
713
Due from domestic banks
Demand
to
Toward
240
'
Obligations fully guaranteed by
United States government
Assembly
Dividing
Italy
East African
Ethiopia—Argentina
Cabinet Approves Law
Empire into Five Govern¬
and
A
special session of the Assembly of the League of Nations
on League policy regarding Italy and Ethiopia
will probably be held late this month, as the result of a
proposal made to the League on May 29 by the Argentine
Government.
It was believed probable that the League
Council will convene June 22 and the Assembly the following
day. The Argentine Government desires the discussions to
to
decide
cover
continuation of sanctions and
the question of
non-
recognition of Italy's Ethiopian conquest. The Council had
previously been scheduled to meet June 16.
J. A. C. Avenol, Secretary-General of the League, on
June 4, officially convoked the Assembly to discuss the
Italian conquest of Ethiopia.
The date of convocation was
not immediately announced, but it was reported that June
29 was the probable selection.
It was not believed that
Italy would attend this session of the Assembly, nor that it.
Financial
3766
would
withXthe
co-operate
League
sanctions
until
were
removed.
The Italian Cabinet on June 1 approved a law organizing
Italy's East African empire, and providing that it b ; adminis¬
tered as a colony, with all legislative and executive power in
the hands of appointees of Premier Mussolini.
Further
details of the law
described
were
follows in
as
Rome dis¬
a
patch of JuDe 1 to the New York "Times":
All Italian possessions
in East Africa
The capital will be Addis Ababa.
For administrative purposes the territory will be divided into five "Govern¬
ments," all subordinate to the
June 6y 1936
subject to the decision, and the deposit of estimated counter¬
vailing duties required are:
Article
Percentage. Invoice Value
45%
'
Cameras
22J^%
China tableware
COtton and rayon
gloves
39%
47%
56%
*
Leather gloves
Surgical instruments
Calf and kid leather
Glass tree ornaments
25%
52%
48%
31%
-
Metal-covered paper
to be organized into a single
are
unit, to be known as Italian East Africa.
Chronicle
central government in
Ababa but
Addis
Thumbtacks
45%
figures
Toys, dolls, and toy
dispatch from Washington, June 4,
"Times" it was stated:
* ;
In
a
York
to the New
nevertheless enjoying a degree of autonomy.
Ababa and the territory immediately surrounding it will not
Addis
a
part of any of the five governments but will
similar
that
to
District
of the
of Columbia in
have
a
status somewhat
United
the
be
States
with
a
in Addis Ababa will be composed of
a
Governor-
General, who will also be the Viceroy; a Vice-Governor General and a Chief
Its main function will be to coordinate, by indicating the general
of Staff.
policies to be followed, the political and administrative action of the five
For this purpose it will make
regional governments.
use
affected between 30 and 40% of the total German imports into
The consequence, it was said, will be that German trade
this country.
will be largely
special administration of its own with a Governor at its head.
The central government
stands, it was estimated in German circles to their dismay that
As it
the action
of the superior
shut off from the United States in the articles listed.
Germany is paying general
Already
removed by Secretary
list
on
benefits of lower rates generalized from the
countries.
quently she does not enjoy the
Added
Duties
Up to 56 Per Cent
be placed at the central government's dis¬
Now she will be
required to pay additional duties on the articles in the
The first is the Council of Government, presided over by the Viceroy
posal.
or
rates because she has been
reciprocal trade agreements to most other
directorates which will have charge of the various civil and political services.
Two consultative organs will
tariff
of State Cordell Hull from the most-favored-nation
exchange practices.
Conse¬
account of her alleged discriminatory
countervailing list.
While these are yet to be calculated exactly, it was
in his absence by the Vice Governor General and composed of the empire's
The second is the
highest officials.
Board of Consultors,
prominent white colonists and six native chieftains.
composed of
All members of the
Board of Consultors will be appointed by the Viceroy.
of the government, which was taken by the Treasury Depart¬
The action
basis of a ruling from Attorney General Homer S. Cummings,
ment on the
of President
closely that
follows
Tariff Commission in raising
Regional Governments
The five regional governments
Roosevelt on recommendation of the
the duties under the flexible tariff provision
approximately 42% on the average on textiles, because of Japanese com¬
will be:
petition.
The Government of Eritrea, with its capital at Asmara, comprising the
old colony of Eritrea, plus
from about 22 to 56%.
indicated that they would range
Tigre and Danakil Provinces of Ethiopia
far
as
south as French Somaliland.
assigned for applying the countervailing duties was that it
The reason
necessary
was
to counterbalance subsidies
paid by the German Govern¬
the export of the products.
to encourage
ment
The Government of Amhara, with its capital at Gondar, comprising all
Amharic populations of the high plateau
from the region of Lake Tana
as
Shoa.
far south as and including
The Government of Galla and Sidamo, with its capital at Jimma, com¬
prising all the territories of southwestern Ethiopia inhabited by the Gallas
and Sidamos from the great lakes to the Sudan frontier.
The Government of Harar, with its capital at
Harar, comprising all the
by the Moslem populations of Harar,
inhabited
lands
Arussi and Bale
Comparative Figures of Condition of Canadian Banks
In the following we compare the condition of the Canadian
banks for April 30, 1936, with the figures for March 31,
1936, and April 30, 1935:
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
CANADA
Provinces.
The Government of Somaliland, with its capital at Mogadiscio, comprising
Apr. 30, 1936 Mar. 31,1936 Apr. 30,1935
Assets
the whole of the old Italian Somaliland, plus Ogaden Province of Ethiopia.
The
regional
governments
are
be
to
headed
by and represented
by
Governors, each of whom will have at his service a Secretary General in
Current gold and
In Canada
$
subsidiary coin—
5,991,759
Elsewhere.
5,907,041
11,188,523
10,231,839
9,186,912
Total.
17,095,564
16,223,598
15,834,397
6,647,485
charge of civil affairs and a commander of troops in charge of military
Technical officers will be in charge of civil and political services.
affairs.
will be divided into districts known as Commissariats,
Each government
which in turn will be divided into smaller districts known as Residencies and
'
Vice Residencies.
207,183,453
Dominion notes
34,795,698
187,446,603
5,605,578
22,165,738
112.541,937
Notes of Bank of Canada
Deposits with Bank of Canada.
Notes of other banks
Italy's conquest of Ethiopia was last referred to in the
"Chronicle" of May 30, page 3594.
A Geneva dispatch of
May 29 to the "Times" commented on the Argentine proposal that the League Assembly be convoked as follows:
►•Argentina protested at the last Council session against adjourning the
Ethiopian question even until mid-June and was the only one of the three
members to
Council
Latin-American
take
a
position for continuation of
sanctions but opposing additional ones.
Chile at that meeting
18
refusal to apply
them.
increasing indications
It
is
have the League decide
is also anxious to
Today's move was apparently intended to be kept secret, but it leaked out.
Lamas, the Argentine Foreign Minister, fathered
the 1933 pact
binding its signatories not to recognize any change in territory
7,186,892
20,521,972
112,965,818
Canada, secured,
*and balance due
4,671,618
5,370,254
4,218,984
31,829,597
53,178,973
24,762,542
85,320,460
71,259,433
71.587,824
government and Provincial
1,077,435,462 1,070.592,366
government securities
Canadian municipal securities and Brit¬
825,696,847
from other banks in Canada
Due from banks and banking correspond
ents in the United Kingdom
Due from banks and banking correspond¬
ents elsewhere than in
Canada and the
Dominion
ish, foreign and colonial publio securi¬
ties other than Canadian
Ethiopia before the Pan-American Peace Conference meets.
Since Carlos Saavedra
made with
Railway and other bonds, debs. & stocks
understood Argentina
7,008,273
22,413,880
96,325,124
including bills redlscounted
Deposits
is supposed that
postponed until the September Assembly contributed to her move today.
its policy on
Loans to other banks in
here recently that everything might again be
In view of Argentina's previous opposition to delay, it
the
Cheques on other banks
United Kingdom
asked for and got a meeting of the Committee of
16 to consider raising sanctions, and Ecuador confirmed her
June
on
United States & other foreign currencies.
32,550,266
188.202,912
163,280,900
73,512,097
159,870,661
84,996,702
135,685,693
39,026,220
(not exceeding 30 days)
Canada on stocks, deben¬
Call and short
loans In
tures, bonds and other securities of
a
sufficient
marketable value to
83,435,789
66,000,291
725,484,153
142,072,852
cover
Elsewhere than In Canada
Other current loans & dlso'ts in Canada.
Elsewhere
brought about by war, it is assumed that Argentina, will desire to have this
Loans to Provincial governments
140,357,521
81,333,299
76,999,128
823,135,289
144,330,881
Loans to the Government of Canada
undertaking adopted by all League members as regards
76,920,514
69,472,594
732,657,582
of Ethiopia.
Italy's annexation
Italy and several other European countries signed this pact, as
did the United States.
.,
applied sanctions,
Argentina
Italian exports
to her to continue.
under the impression that
sanctions and still
a
The League
opposed reinforcing them with
was
not
Secretariat tonight
was
but there was
new •nes,
cities,
to
loans,
estimated loss
13,732,068
13,709,619
8,680,968
8.698,763
7,994,682
Mortgages
real estate sold by bank..
5,357,189
5,318,089
5,520,907
premises at not more than cost,
less amounts (If any) written off
75,600,673
75,806,717
77.402,175
61,904,737
61,318,860
52,463,614
6,889,857
6,886.788
6,727,010
"lO,532",199
Yd.~6~98~.nl
13,274,823
2,118,677
2,019,700
2,779,900
on
Bank
Liabilities of customers under letters of
weakening.
Duties
on
Certain
From Germany
Imports
the Minister of Finance
30
days
after
Decisions.
Thursday,
to
to these commodities following the
publication
the
of the
Decision
in the
may
expiration of
printed
Treasury
It is expected to appear in the issue of Treasury Decisions of
June
11,
1936, and will be supplemented from time to time
change rates or to add new commodities to the list
as
further information
require.
•
Approval of the Treasury Decision followed receipt of
an
opinion by the
Attorney General that the provisions of Section 303 of the Tariff Act
are
applicable to certain dutiable imports from Germany in view of the state
of facts found by the Treasury Department.
As
to be
provided by Section 303, the amount of the countervailing duties
imposed
amount
on
German
the imported articles listed in the Decision will be the
by which it is determined or estimated that the export of these
articles is being
subsidized through certain export control practices of the
Government.
Pending
determination
of the
exact
cos
Other assets not Included under the fore¬
The additional duties, imposed by Section 303 of the Tariff Act of 1930,
as
Deposit In the central gold reserves
Shares of and loans to controlled
{
Approval of a Treasury decision, under which counter¬
vailing duties will be imposed on certain imports from
Germany, was announced by the Treasury Department at
Washington on June 4—the announcement stating:
will become effective
14,482,465
pro¬
vided for
for the security of note circulation...
Increases
127.837,970
Real estate other than bank premises.
Deposits with
States
29,648,153
106,345.727
municipalities
credit as per contra
United
24,943", 195
111,720,073
towns,
and school districts
Non-current
*
considerable
that allowed
way
Argentina still favored the continuance of existing
doubt outside whether she
some
but in
Loans
24,357,614
...
amount
of
coimtervailing duty to be collected as to each particular shipment, deposits
will be required at the time of entry at the percentage of the invoice value
going heads
3,153,588,516 3,143,046,348 2,928.601,061
Total assets.
Liabilities
120,015,322
123,665.982
28,042,104
55,501,237
15,136,688
42,562,774
"40,141,423
37,059,966
621,827,383
Notes In circulation
121,419,937
568,918,406
581.864,422
Balanoe due to Dominion govt, after de¬
ducting adv. for credits, pay-lists, Ac.
Advances under the Finance Act.
Balance due to Provincial governments.
Deposits by the public, payable on de¬
mand In Canada..
Deposits
by
the
public,
payable
after
notice or on a fixed day In Canada...
Deposits elsewhere than in Canada
Loans
from
other
banks In
Canada,
secured, Including bills redlscounted.
Deposits made by and balances due to
,536,100,556 1,532,157,747 1,451,711,330
414,367,961
328.411,169
391,936,599
.
Due to banks and banking correspond¬
ents In the United Kingdom
Elsewhere
than
In
Canada
and
Letters of credit outstanding...
Liabilities not lncl. under foregoing heads
Dividends declared and unpaid
or reserve
Capital paid
fund
up
13.075.452
8,202,906
9,064,476
6,615,320
29,929,606
30,484,536
692,613
-
1,107,850
61,318,860
24,805,397
726,140
52,463,614
2,387,502
1,846,854
132,750,000
145,500,000
the
United Kingdom
Bills payable
Rest
13,615,062
17,922,452
other banks in Canada...
61,904,737
2,668,819
2,542,619
132,750,000
145,500.000
2,759,281
804,442
132,750,000
145,500,000
set forth in the Decision.
Total liabilities
According to the notice sent to
Collectors of
Customs
by James H. Moyle, Commissioner of Customs, the articles
3,142,598,541 3,131,617,703 2,916,313,448
Note—Owing to the omission of the cents in the official reports, the footings in
the above do not exactly agree with the totals given.
3767
Financial Chronicle
Volume 142
Subscriptions to Italy's Loan Floated Incident to
Ethiopian War to Close July 31—Italian Credit
Consortium to Finance Public Works in
and industrial groups with the aggregate market value
average
Ethiopia
Voted by Cabinet
June
correspondent at Rome (Arnaldo Cortesi) the
From its
reported^ that the end of war finances
was foreshadowed by an official announcement May 30 that
subscriptions to the loan floated last September to provide
funds for the East African enterprise will close definitely
July 31 and by the Cabinet decision (May 30) to authorize
found
the Italian Credit Consortium for Public Works to
an
public works in Ethiopia.
finance
to
The advices from which
quote went on to say:
we
Aver.
Market
Aver.
Value
Price
Value
Price
$
21,578,485,326 106.29 21,494,722,484 106.02
67.10
2,240.612,452
4,330,761,890 82.81
Autos and accessories..
9,098,824 93.36
8,966,647 92.01
Financial
78,299.714 106.66
78,031,676 106.29
Chemical
92,720,579 103.45
93,050,497 103.82
Building ...
46,593,486 98.68
47,275,476 100.20
Electrical equipment manufacturing..
30,668,973 115.31
31,751,475 119.77
Food
02.59
259,981.529 102.00
298,964,955
Rubber and tires......
149,988,146 105.05
150,197.374 105.42
Amusement
70,950,921 89.33
71,820,355 90.40
Land and realty.
15,840,941 40.82
15,710,654 40.40
Machinery and metals
36,138,106 58.13
38,424,862 60.62
Mining (excluding iron)..
70.61
154,391,933 71.21
153,423,734
Petroleum
305.332,494 94.88
303,803,331 94.41
Paper and publishing..*
90.95
67,531,644 88.61
69,132,551
Retail merchandising
84.26
18,410,085 91.51
13,075,751
Railway and equipment......
8,618,611,617 80.55 8,488.004,243 79.25
Steel, Iron and coke.
99.68
494,556,210 97.97
501,338,642
Textile
8,872,508 61.18
8,985,633 61.96
Gas and electric (operating)
1,996,305,138 104.60
2,075,035,826 105.21
Gas and electric (holding)
95.80
96.29
192,407,491
193,383,251
Communication (cable, tel. & radio)-.
1,098,954,547 108.10
1,112,078,17!;' 108.55
Miscellaneous utilities
78.64
429,607,293 77.51
434,465,335
Business and office equipment
42,664,468 105.92
21,650.000 108.25
Shipping services
22,528,850 67.03
22.552,780 67.10
Shipbuilding and operating
16,316,526 69.48
16,757,685 71.35
Leather and boots
4,820,200 104.58
4,829,800 104.79
Tobacco................
46,070,579 128.06
45,410,983 126.23
$
$
United States Government..
Foreign government
...
...
.......
section
May 1, 1936
1, 1936
Market
New York "Times"
autonomous
and
price for each:
......
...
This credit section will start with
capital of only 100,000.000 lire,
a
it will be able to finance public works amounting to many
The bonds, it is stated, may be issued "also in
by issuing bonds.
countries," which
seems to
but
times that sum
foreign
indicate plans are already being laid to invite
foreign capital to co-operate in the exploitation of Ethiopia.
Other
taken
measures
itseif principally
in the East African
take
to
399
on
today's
at
Cabinet
meeting,
which concerned
with matters affecting Ethiopia, were a bill
extending
enjoyed by veterans of the World War to all men who fought
the privileges
campaign;
new
a
bill authorizing the Minister of Colonies
officials for
thrbe-
administration of'Ethiopia,
the
chosen from among men who fought in the
quarters of whom would be
Africa
footing as soldiers, as far as war pensions are concerned; a
appropriating 50,000,000 lire for construction of houses for State
campaign;
a
bill placing civilian workers killed or wounded in East
the same
on
bill
.........
........
....
.......
...
....
employes in Ethiopia, and
bill empowering universities and other in¬
a
stitutions of higher learning to grant degrees or diplomas
honoris causa to
students killed in the African campaign.
U. S. companies operating abroad
Foreign companies (inel. Cuba& Can.)
Miscellaneous businesses
252,715,952
1,141,529,126
♦
China to Pay
Back Interest on 5% Hukuang Railways
Sinking Fund Gold Loan of 1911 *
J. P. Morgan & Co., New York, announced yesterday
(June 5) that funds have been received from China for the
payment on and after Monday, June 15th, of the following
interest due on bonds of the Imperial Chinese Government
5% Huguang Railways sinking fund gold loan of 1911:
British and French series.
From all bonds of the American,
cludes the payment of such coupon
from
This in¬
three series
any bonds of these
drawn for redemption for the sinking fund, but as
to
of principal.
Coupon No. 37 due Dec. 15, 1929:
FTom bonds of the German series.
from
coupon
This includes the payment of such
bonds of this series which were drawn for redemption
any
Market
1
Mar. 1
Apr. 1
May 1
1
made by China for the payment of the prin¬
Nov. 1
bonds of the American, British and French Series drawn for
Dec. 1
sinking fund after June 15,
Feb.
81.36
Mar. 1
83.34
June 1
86.84
July
88.27
89.15
Aug. 1
Sept. 1
90.46
Oct.
90.17
Nov. 1
90.80
Dec.
1
41,064,263,510
41,111,937,232
40,360,681,526
40,147,199,897
39,617,835,876
39,864,332,759
39,457,462,834
39,061,593,570
38,374,693,665
38,170,537,291
38,464,704,863
88.99
l.i...
1
89.49
90.69
90.62
91.62
91.71
90.54
89.93
90.24
91.08
1936—
88.27
Jan.
1.
8939
Feb.
1
89.85
Mar. 1
$
1
1
$
91.30
91.29
89.79
$
90.73
June
39,398,759,628
40,347,862.478
40,624,571,422
41,807,142,328
41,524,856,027
Apr.
May
40,659,643,442
1935—
Jan.
%
Apr. 1
May 1.
1
Oct.
any
82.33
1934—
Jan.
Sept. 1.....
the German series drawn for redemption for the
Price
1935—
$
34,861,038,409
36.263.747,352
36,843,301,965
37,198,258,126
37,780,651,738
38.239,206,987
39,547,117,863
39,473,326.184
39,453.963,492
38,751,279,426
39,405,708,220
39,665,455,602
Dec. 1
provision to date for the payment of principal.
cipal of
Average
Value
33,651,082,433
34,179,882,418
Nov. 1
July 1
Aug. 1
redemption for the sinking fund after June 15, 1925, or of any bonds of
Market
Price
$
June I.....
No provision has yet been
93.90
us,
Average
-j
Value
for the sinking fund after June 15,1924, but as to which China has made no
The announcement further said:
244,441,791 67.31
1,272,446,847 69.03
5,795,625 105.38
gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
Feb.
which China has made no provision to date for the payment
68.81
93.83 41,524,856,027
39,648,252,468
following table, compiled by
1933—
Coupon No. 38 due June 15, 1930;
which have been
All listed bonds..
The
69.65
5,912,500 107.50
....
1
39,648,252,468
91.85
93.59
94.44
94.47
93.90
93.83
1924.
With respect to that portion of the German series which had not been
validated prior to
pay
1924, it is to be noted that China has not yet arranged to
Registration of 128
German bonds
which
were
drawn for redemption
for the
Issues also Effective
sinking fund between June 15, 1922, and June 15, 1924, inclusive, and no
provision has been made for the payment of any interest thereon subsequent
to the
redemption date.
Tenders
Buenos
of
Bonds
of
1924
Aires
(Argentina)
Invited
to
External 63^%
$110,376 in
Exhaust
Sinking Fund
Kidder, Peabody & Co., as fiscal agent, is inviting tenders
of
City of Buenos Aires, Argentina, external 31%-year 6^%
sinking fund bonds of 1924, series 2-B, suficient to exhaust
the sum of $110,376 now held in the sinking fund.
Issues Under Securities Act
During April—Involved Record Amount
of $761,012,738—11 Reorganization and Exchange
In addition, China is in arrears for the payment of the principal of such
non-validated
New
Effective
the interest due between Dec. 15, 1920, and June 15, 1924, inclusive.
During Month
The
monthly analysis of statements registered under the
Securities Act of 1933, the Securities and Exchange Com¬
mission announced June 4, shows that in April,
1936,
securities with estimated gross proceeds of $751,012,738
became fully effective, setting a new high figure for a single
monthly period.
This compares with $583,391,363—the
previous record—for March, 1936, and $154,596,548 for
April, 1935.
The Commission said that included in the
amounts for April and March of this year and April of 1935
are securities
which have been registered but are not in¬
tended to be presently offered for sale as follows:
April, 1936 March, 1936 April, 1935
Funds
Deposited for Payment of 22of June 1
Coupons on Porto Alegre (Brazil) 8% Gold Bonds,
Reserved for conversion of Issues
vertible features
Pursuant to the decree of the Chief of the provisional Government of the
United
States
of
Brazil,
such
accepted in full payment of the
sented
payment, if
coupons
accepted by holders, must be
and of the claims for interest repre¬
thereby.
In its announcement of June 4 the SEC stated:
present provision, the notice states, has been made for the coupons
due Dec. 1, 1931 to Dec. 1, 1933, inclusive, but they should be retained for
future
of the registered securities are intended to be used for repayment of in¬
debtedness;
about
and somewhat
adjustment.
Exchange
Listed
on
on
New York Stock
June 1, 1936
following announcement was issued yesterday (June 5)
by the New York Stock Exchange showing the total market
value of listed bonds on the Exchange on June 1:
1936, there
were 1,413 bond issues
aggregating $42,255,the New York Stock Exchange, with a total
market value of $39,648,252,468.
103,407 par value listed
compares
$44,222,956,661
with
a
total
for
additional
on
with 1,456 bonds issues aggregating
value listed on the Exchange May 1
par
market
value
following table, listed bonds
of
are
$41,524,856,027.
working
capital;
any
(6.2%)—the highest amount yet
single month—for plant, equipment and
In addition, 10.2% was to be used for purchase of securities
Almost 97% of the securities to be offered for the account of the regis¬
trants
represented flotations by already established enterprises and slightly
3% represented initial public offerings of newly organized
than
companies.
•,
Manufacturing companies, with 35.1%
of the total
The
the
utilities
for steel
group
companies
a
gross
27.2%
communication
of the
amount of
result of four large
aggregating more than
accounted for
transportation and
as
$154,000,000.
total registrations and
companies
(the total for which
included the $110,000,000 Brooklyn-Manhattan Transit issues) amounted
The
This
(4.5%)
$36,300,000
by investment companies; 3.8% for retirement of preferred stock issues,
and 0.3% for various other purposes.
registrations
As of June 1,
than
registrations, were the chief registrants—largely
Market Value of Bonds
,
$26,800,000
more
reported by registrants for
more
No
3,000
More than $442,700,000 (75%) of the net cash proceeds from the sale
other assets.
June 1:
21,852,350
15,606,300
$57,597,087 $47,051,050 $19,148,730
gold bonds, external loan of 1921, that funds have been de¬
posited with them, on behalf of the City, sufficient to make
a payment of
22^% of the face amount of the coupons due
June 1, 1936, appertaining to these bonds, amounting to $9
for each $40 coupon and $4.50 for each $20 coupon.
It was
$9,592,400 $19,145,730
$49,912,336
2,218,751
5,466,000
Reserved for exercise of options
Ladenburg, Thalman & Co., as special agent, are notify¬
ing holders of Porto Alegre, Brazil, 40-year 3% sinking fund
on
con¬
Reserved for other subsequent Issuance
External Loan of 1921
further announced
with
—
In
the
classified by governmental
to
20.7%.
About 66% of the
total of the April registrations
was
for secured bonds
and debentures; more than 22% was for common stock issues—reflecting
the increased use, recently, of equity stock financing by non-promotional
about 7% for preferred stock issues; the remainder, about
5%, represented certificates of participation, beneficial interest, warrants,
and other miscellaneous types of securities.
companies;
According to the registrants, approximately $613,200,000 of securities
(81.6% of gross registrations)
account.
In
connection
were to
with the
3.7% of their gross proceeds
were
mission and discount, and 0.6%
be offered for cash for their
sale
of these
securities,
own
expenses
of
expected to be incurred; 3.1% for com¬
for other costs in connection with the
3768
Financial
flotation
of the
missions
and
month
to
issues,
discounts
month
expenses
underwriters
to
the relative
as
of participation
cates
including
of
and
registration.
While
com¬
have
varied
from
agents
proportion of bonds, stocks and certifi¬
and beneficial interest
changed, the percentage of
"other expenses" to the total amount proposed to be offered
for sale has
remained
comparatively fixed.
From
March,
1935
(which
marked
date of the effectiveness of the first Form A-2 statement and the
of large refunding operations)
counts have varied from
through April,
2.8% to 4.3%.
the
beginning
1936, commissions and dis¬
"Other expenses,"
the other
on
hand, ranged from 0.6%
to 0.9% during this period; from December,
1935, they have not exceeded 0.7% of the monthly totals of securities
to be offered for sale.
Among the large issues for which registration statements became effective
during the month
were:
1956.
bonds, due 1965.
Saguenay Power Co., Ltd., $30,000,000 first mortgage 4>i% sinking fund
bonds, series A and B, due 1966.
Pacific Gas & Electric Co.,
$30,000,000 first and refunding mortgage
series H 3%% bonds, due 1961.
Jones & Laughlin Steel Corp., $30,000,000 first mortgage series A
4%
bonds, due 1961.
Pacific Telephone &
Telegraph Co., $30,000,000 refunding mortgage
series B 3M% bonds, due 1966.
Fixed-interest bearing securities totaled 65.6% of the gross registrations
during April,
1936, against 79.8%
Preferred stocks
in March,
7.2%,
were
1936, and 53.3% in April,
common stocks
of participation, beneficial interest,
&c., 4.7%
22.5%, and certificates
of the total.
TYPES OF NEW SECURITIES INCLUDED IN 87 REGISTRATION STATE¬
MENTS FULLY EFFECTIVE DURING APRIL. 1936
Per Cent of Total
Type of Security
No.
No. of
of
Issues
Gross
Units
Amount
April
Mar.
April
1936
1936
1935
1936
operating organization
that has been developed in the several systems, in the departmentalization
of such organizations and in the functions to which the activities of the
departments are directed.
It has been the Commission's task to provide a system
comprehensive
enough to cover the field, yet elastic enough to permit adaptation to
varying requirements: a system which, faithfully applied, will provide
information essential in the administration of Section 13 of the
Act, will
be workable and
reasonably simple from an operating Viewpoint, and free
from unnecessary complexities or burdensome requirements which
might
render it incompatible with the interests of investors and consumers.
The "expense" accounts provided have been
designed to show the cost
of each general class of service furnished by the
companies and with a
view to securing an equitable allocation thereof to the
companies served.
Consideration was given to a further and more extended
classification of
service
costs
so
as
processes
sideration
was
also
to
more
extensively
identify them with
of the companies served.
given to the practicability,
In
this
this
at
the
several
connection,
time
of
con¬
imposing
precise requirements in respect of time and incidental expense records
with a view to securing a more exact allocation of all
expense assignable
to the several functional processes.
While these are desirable
objectives,
more
the Commission does not
prescribe
believe that it
has sufficient data at
present to
It is believed that the
extensive functional classification.
a more
be obtained from
results to
the
system now prescribed, together
with the
detailed information to be called for in the annual
reports, will supply
determining the extent to which further
of the accounts and more
precise allocation of costs
profitably may be carried.
The Commission proposes to make a further
study of this question and to take such further action as may be deemed
more
a
Kingdom of Norway, $31,500,000 29-year 4>£ % sinking fund external loan
June 6,
it is observed that there are important differences in the types of and the
extent to which service is rendered, in the form of the
functional
Brooklyn-Manhattan Transit Corp. $65,000,000 rapid transit collateral
trust 4H% bonds, due 1966, and $45,006,000
rapid transit collateral
trust
3%-3%% serial bonds, due 1937 to 1951.
Youngstown Sheet & Tube Co. $60,000,000 first mortgage sinking fund
4% bonds, series C, due 1961, and $30,000,000 convertible 3}4%
debentures, due 1951.
Consolidated Edison Co. of New York, Inc., $35,000,000 10-year
3^%
debentures, due 1946, and $35,000,000 20-year 3debentures, due
1935.
Chronicle
better basis than now available for
functionalization
necessary or desirable.
Some criticism has been
matters of
merit,
directed
accounting theory.
of
all
not
them
have
to
certain
provisions
which
involve
Although these criticisms admittedly have
given recognition, for the reason that
been
their importance in this system of accounts seemed not to
outweigh certain
practical considerations in the interest of brevity
or
otherwise.
In the preparation of this system of accounts the
Commission invited
the cooperation of accounting officers of public
utility holding companies
and of the American Institute of Accountants.
As a result, the Com¬
mission was accorded the active cooperation of a committee
of accounting
officers of the industry and also of the Special Committee
on
Public Utility
Accounting of the American Institute of Accountants.
These committees
met with representatives of the Commission in
conferences at which
extended
was had
on
the various issues involved in this
undertaking
Criticisms and siiggestions were submitted also
by members of the Com¬
mittee on Statistics and Accounts of the National
Association of Rakroad
and Utilities Commissioners, all of which have been
carefully considered,
discussion
Although the present rules make no provision for the filing of
reports
by service companies at this time, these companies are required to
preserve
papers and documents supporting accounting entries.
Furthermore,
they are not permitted to keep more than one set of accounts with
all
Common stock-.
59
19,336,588
Preferred stock
22
1,420,794
Certifs.
22.5
14.0
24.1
7.2
$168,638,306
53,972,566
4.9
20.9
participation,
beneficial interest, war¬
rants, &c
by the Commission
17
4.7
35,373,388
379,435,478
113,593,000
1.3
1.7
50.5
57.4
48.4
9
15.1
22.2
4.7
0.2
0.2
128
$751,012,738
100.0
100.0
100.0
Secured bonds
4,405.283
21
Debentures
-
-
Short-term notes
Total.
The
SEC
said
June
on
3
that
in
addition
to
the
new
securities, nine statements covering 11 issues were effectively
registered during April in connection with contemplated
exchanges of registrants' securities for their own or prede¬
cessors' securities, and in connection with the issuance of
certificates
of
deposit.
These registered statements cover
having an approximate market value of $26,216,656, the Commission stated, making available the
following tabulation:
securities
TYPES OF SECURITIES
INCLUDED IN NINE REGISTRATION STATE¬
MENTS FOR REORGANIZATION AND EXCHANGE * ISSUES WHICH
FULLY EFFECTIVE DURING APRIL, 1936
BECAME
1
Approximate Market Value
Type of Security
No.
Common stock
a
Par
of
Amount
Issues
Apr., 1936
2
$503,635
$2,301,200
"2
786",500
Mar., 1936
260,967
Apr., 1935
$1,111,333
Preferred stock
Certif.
respect
to the material covered
by this system, except where otherwise authorized
of
of
participation,
beneficial Interest, &c__
$16,948
Secured bonds
1,391,799
114,954
3,501,193
accounts or
required by State law,
or
supporting accounts
as
are
or
except as to
such sub¬
not inconsistent with the
material
required by this system.
In order to promote and
mission has directed that
a
maintain uniformity in
accounting,
the Com¬
company shall submit all questions of doubtful
and decision.
interpretation for consideration
Ruling
by J. J. Burns, General Counsel of SEC on
Prospectuses—Seller
Not
Required
to
Deliver
Another Copy in Interstate Sales Where Purchaser
Has
Received One from Another Source
The Securities and
Exchange Commission made public on
opinion of its General Counsel, John J. Burns,
concerning the requirements of Section 5(b) (2) of the
Securities Act of 1933 in a case where the
purchaser of the
securities involved has
previously received a copy of the
June 4
an
prospectus from
provides that
a source
other than the seller.
That section
security sold or delivered after sale in
interstate commerce or by the use of the mails
must be
accompanied or preceded by the prescribed prospectus. The
question discussed in the opinion is whether it is
any
necessary,
in such
for the seller to send additional copies of the
prospectus with the security, in order to
comply with the
Act.
Regarding the opinion the Commission said:
a
case,
The General Counsel stated that in his
opinion Section 5(b) (2) of the
a seller to deliver another
prospectus prior to or at the
Debentures
Act does not require
Short-term notes.
time
~7
Certificates of deposit
Voting trust certificates
Jtterers
11
to
securities
533" 333
23,654~489
1,984" 760
1,676,200
Total
*
75,595^806
to
$76,885,941 $26,216,656
De issued
in
$3,618,280
excnange ior existing seoui-iues.
sents actual market value or 1-3 of face value where market
was
not
of the
received
a
delivery of securities, if the purchaser has in fact
previously
copy of such prospectus from another source.
securities, of
$6,712,240
«
xveyie-
available.
pectus.
The
General
to
the
registration statements which became
effective during March was made in our issue of May 9,
page 3087.
♦
SEC
The Securities and Exchange Commission
promulgated
on
system of accounts for mutual service
companies and subsidiary service companies under the
Public Utility Holding Company Act of 1935.
The system
becomes effective Aug. 1, 1936.
According to the general
instructions, the Commission pointed out, the system of
accounts is designed for use by:
A.
Any
company operating, or
company under the
B.
the
organized to operate, as
mutual service
a
provisions of Section 13 of the Act.
Any subsidiary
company whose
organization and conduct of business
Commission has found sufficient to meet the requirements of Section
13(b) of the Act, with respect to the performance of services
work for, or the sale of goods to, associate
or
construction
companies.
makes
an
offering in interstate
incidentally.
or
which
are
primarily
which merely perform services for other companies
their associate companies at cost, the
accounting system provides for the
accounting of profits
on
as
The
accompanying "Uniform System of Accounts" for mutual service
subsidiary service companies represents the first step in the develop¬
of uniformity in accounting in a field where
quite diverse practices
have prevailed.
In approaching the problem of standardizing accounting
procedure among the group of companies for which this system is designed,
ment
by the
Any person who
use
of the
mails is
source
does
The
following is the opinion of Mr. Burns:
It is my opinion that the
words, "preceded
by a prospectus," in Section
5(b) (2) of the Securities Act of 1933, as amended, do not
require that the
prescribed prospectus must have been sent by the same
person who causes
the securities to be sent
delivery after sale.
in fact, received
through the mails for the purpose of sale,
for
or
Such person would, of course, take the risk
of the lack
of prior transmittal of
a
prospectus, but, assuming that the purchaser
had,
copy thereof, it would not be necessary for the seller of
a
the
security to transmit additional copies of such prospectus
of transmittal of the
security.
The above opinion, of
course, relates
5(b)
(2) and not
to
Section
5(b)
(1).
at the time
only to the requirements of Section
It should be noted that the latter
section provides that any prospectus which is sent
through the mails or in
interstate commerce must
comply w ith the requirements of Section 10, and
that any literature offering a
security for sale (other than a notice meeting
the requirements of Section
2(10) (b) falls within the definition of
"pros¬
pectus" contained in Section 2(10), unless the sender thereof
previously sent
or
given the prospective purchaser
who is
a
or
his
principal
copy of the pre¬
Consequently, the receipt by the prospective purchaser
of the prescribed prospectus from another source
w
ould not relieve
subsequently circulating selling literature from
the
a
person
duty of seeing
that such literature, in accordance with the
provisions of Section 5(b)
meets the requirements of Section 10 of the Act.
(1),
♦
SEC
of the system
follows:
and
or
necessity of sending another prospectus in
transactions with non-associate companies to the
by the rules of the Commission.
The Commission has prepared a preface to its
publication
which reads
(2) of the Act.
commerce
copy
not relieve the offeror from the
scribed prospectus.
Although designed primarily for companies required to service
extent permitted
a
of the prescribed prospectus, in accordance
with the provisions of Section
5(b) (1), and the fact that the prospective
purchaser has previously received a prospectus from another
has
The announcement by the SEC further said:
The accounting system is not applicable to
companies
operating companies
also
connection with any offer made
by him.
Adopts First Uniform Accounting Plan Under
Utility Holding Company Act—System Applies to
Mutual Service Companies and Subsidiary Units
June 3 its uniform
Counsel
solely to the requirements of Section 5(b)
required to transmit
Reference
The seller of the
risk of previous transmittal of the
pros¬
stated that his opinion was
restricted
course, assumes the
Issues
Report
Protective
on
Holders of Real Estate
of Reconstitution of
The Securities and
Congress
Committees
for
Bonds—Survey Finds Need
System of Reorganizations
Exchange Commission transmitted
to
June 3 its report on protective committees for
the holders of real estate bonds, in which it
says:
on
Volume
The
necessity for
It also indicates
deal
abundant
foregoing survey of real estate reorganizations supplies
proof of the
if
be
to
Financial
142
the
thorough-going reconstitution of the system.
a
reorganization is
function is
is economical,
to the
rights of investors.
due regard
honest and expeditious and which gives
Safeguards must be provided which
perverted.
The report is part of the general study of
cited
The
follows:
as
Houses
I.
issue
2
The large earnings
houses
this
recklessly handled.
capacity was
invested in companies in
were
which the houses of
interested.
were
of
issue
The
indenture
Houses
4.
stantial
trustee
the
bondholders
the
nor
5»
practically
was
holders
of
of issue concealed defaults from the
exclusive
the
gave
protective
6.
The
possession
committees
7.
and
monopoly in the
reorganization.
The
of
of issue
houses
by the houses of issue
of
never
independent
an
of investors, since
he
and
usually
was
an
for.
bondholders
a
sub¬
period of time in order to create the impression of stability.
The
the
in
control
security
of
addresses
and
names
virtual
a
monopoly in the organization
over
the
reorganization.
formation of protective committees possessed
utilized to
was
extent
an
unparalleled in other fields
Single houses controlled the fate of hundreds of issues.
control
of
protection against
protective
committees
these
gave
claims arising from fraud
8.
Control
the protective committees
over
salvage the interests acquired
enabled the houses of issue
result of their advances to the detri¬
as a
of bondholders.
ment
9.
The
conflicting positions of counsel to bondholders' committees have
weakened
the
effectiveness
of
these
committees
must be controlled
Committee
information
12the
and
their
affiliates
their
used
inside
all
registered
decrease of
(including rights and
23.6%
from the March
$301,433,445,
a
94.8%
for 95.3% of the value
stock sales and 99.7%
of
on
all exempt
exchanges in April
was
millions
over
of dollars
Furnish
Transcripts
$1,638,346,
of
Testimony
City, on June 1, upheld the right of the Securities and
Exchange Commission to compel the attendance of witnesses
in its investigations, even if it does not furnish them with a
transcript of their testimony.
The decision, which was
unanimous, sustained a lower court ruling that certain
employees of Pirnie, Simons & Co. must attend hearings
ordered by the SEC and give testimony.
The employees
in question are said to have declined to
appear at the inquiry
unless
transcripts of their testimony
The court's decision
described
was
given to them.
were
follows in the New York
as
"Times" of June 2:
The Circuit
Court, in
^
opinion written by Judge Martin T. Manton,
held that SEC inquiries were analagous to
grand jury proceedings, and
that
the
an
appellants—Thomas
Bracken,
Thomas
and Alex Reid—had not been aided in their
McAvoy, Harry Aarons
case
by the Supreme Court
when it ruled that Jones had been within his rights when he
attempted to
withdraw a registration statement filed by him with the commission.
The SEC
won
its second victory when Federal Judge Robert P. Patterson
a motion made by Jones to vacate a
preliminary
injunction which the SEC had obtained against him with his own consent.
voting
was
of investments
beyond the
in
urban
property in
1933
and
trusts
practice
of
liquidation trusts
committee
and liquidation trusts
trusts
should
be
of the District Court.
power
act," the opinion
must
controlled lest
be
members
and
trustees
under
in
any
acts
stitutional.
20
But it
that
.
.
.
ruled constitutional
and the
Act, the
commission
It is further said that the 1933 Act is
same.
was
by the Circuit Court of Appeals
Supreme Court in reversing the result did
SEC'S
defeat
was
in
Murray Hulbert, who denied
a
an
finding
handed down
by
Federal
injunction, pendente lite, in
a
Judge
suit for
permanent
estate
Boston; John J. HaCkett, Pearl Day Garrison and Samuel H. Price.
restraint
in
the
faU
of
1935,
upon
the
hearings
questionnaire
returns
filed by numerous real estate bond committees, upon questionnaire returns
from the Chicago
Title &
SEC sought
scheme
a
The public hearings
were
largely to the defaulted real estate bonds which had been sold
devoted
to the
"There
Foreman-State Trust & Savings Bank
Madison & Kedzie State Bank
These houses, while constituting but a small number of the total number
Co.
and
real
estate
sales
bond underwriters, include three of the largest
American
bonds
during
W.
Straus
Bond
than
&
any
its existence
&
Co.,
Mortgage
other
Greenebaum
Co.
Of these,
underwriter
being slightly
more
in
this
than
distributors
Sons'
Investment
Straus
sold
more
its total
country,
$1,000,000,000.
The
aggregate amount of the defaulted real estate bonds which had been sold
by the
above
senting
a
the
seven
very
hands
J.
Murphy,
Inc.,
which
its president,
a
once
both of
The
to enjoin the defendants from using the mails unlawfully in
sell Fada
Radio and Electric Corporation stock.
Judge
to
Stock Market
Finance, Inc., had been dissolved last
is
certainly
no
imminence
of
danger," the
court
wrote,
"and
Decrease of
$93,952,897 in Outstanding Brokers' Loans
May—Figure May 31 Reported at $969,997,897—$177,456,808 Above Year Ago
During
8, W. Straus & Co.
securities—S.
Thomas
Finance,
the moving papers do not make out a case against the defendant."
public
Greenebaum Sons' Investment Co.
American Bond & Mortgage Co.
Lackner, Butz & Co.
Cochran & McCluer Co,
estate
Market
January by Act of the Legislature of Massachusetts.
by the following houses of issue:
of these
paper;
Stock
Trust Co., and upon special studies of certain
aspects of real estate reorganizations.
of real
against
published a financial
Hulbert noted that
Commission
not
ruling."
study and investigation was headed by Commissioner
William O. Douglas.
Collaborating with him on the real
report is based upon testimony taken at a series of public
may
uncon¬
Judge Patterson not only declined to vacate the preliminary injunction
The
report were Martin Riger, Samuel O. Clark Jr. and
Abe Fortas, all of the protective committee study.
From
the report we quote:
that
but he also refused to order the return of copies of records, the
originals
of which the Commission had returned to the oil dealer.
be increased.
The
Section
An Injunction Denied
in profiting directly or indirectly from their
Responsibilities of trustees under real estate bond indentures should
..."
"provides in
constructively in violation of the
"
voting
completely abandoned.
continued,
whenever it shall appear that any person is engaged, or about to
engage,
bring suit to enjoin the
trusts
tfhe
of
The United States Circuit Court of Appeals in New York
reverse
by the
war¬
figure.
decrease of 26.6%
14.6% from March.
in this circuit.
15.
of
SEC Upheld in Right to Call Witnesses—U. S. Circuit
Court of Appeals
Rules
that Commission Need
"The
control.
The
exchanges;
The dollar value of sales
vision
14.
decline
leading New York exchanges accounted
on
the next cycle of real estate reorganizations take place without any
super¬
or
a
bond sales.
of trading in securities.
purpose
relatively few hands.
The
shares,
"It is idle to argue," wrote Judge Patterson, "that the
injunction issued
have
The practice of using voting trusts and liquidation trusts is placing
13.
two
sales
in the interests of the investors.
members
for the
control
April's stock transactions
of the District Court denied
The dispensation of reorganization patronage by committee members
II.
of
March.
The
of
of
representatives
as
bondholders.
10.
from
$1,936,372,916,
valued at $251,878,089,
were
of issue
houses
committed by them in the
issuance and sale of the bonds.
to
sales
Total principal amount of bonds sold was
mortgagors
affiliate of the house of issue.
or
total
77,916,327
was
Bond
25.1%.
The share
rants)
Not
neither
aggressive champion of the rights
officer, employee
20.3% from March.
decrease of
a
from these fiscal agency funds were retained by the
themselves,
getting the benefit thereof.
3.
Stock sales (including rights and warrants) had a value of
decrease of
a
invariably appoint themselves fiscal agents.
received by them in
moneys
At times these funds
report on the specific reforms which are
The dollar value of sales on all registered securities ex¬
changes in April amounted to $2,188,264,102, a decrease of
20.9% from the value of sales in March and an increase of
83.1% over the value of sales in April 1935, it was an¬
nounced on May 31 by the Securities and Exchange Com¬
mission, which said:
a
of issue almost
a
National Securities
Exchanges During April Reported by SEC
protective and
reorganization committees inaugurated by the SEC in
October, 1934, pursuant to the provisions of the Securities
Exchange Act of 1934; the present is the second part of
that study to be presented to Congress, the earlier report,
on protective committees for
municipal and quasi-municipal
obligations, having been transmitted to Congress last
month (May 2); reference to that report appeared in our
May 9 issue, page 3213.
In the report submitted to Congress
this week, conditions disclosed in the Commission's study
are
submit
can
Decrease in Trading Volume on
in a manner
of properties
minimize
the risks that ulterior motives and improper practices will interfere with
the performance of such function.
The real estate reorganization field
abounds with examples of malpractices which have caused .such function
be
we
♦
designed to perform is not
the financial rehabilitation
which
to
postpone it until
required and the machinery for effectuating them.
perverted.
This
3769
which legislation must
of the major problems with
some
function which
Chronicle
houses
considerable
of issue
is
in
excess
of
$700,000,000,
repre¬
portion of all defaulted real estate bonds in
of investors.
Among other things the
survey
said in part:
The New York Stock Exchange announced on June 3 that
outstanding brokers' loans on May 31 amounted to $969,997,839, a decrease of $93,952,897 from the April 30 figure
of $1,063,950,736, but $177,456,808 above that for
May 31,
1935, when the loans amounted to $792,541,031.
The
loans outstanding at the close of April this year were
$67,056,718 above March 31.
During May, the Exchange's report showed, demand
loans dropped to $559,186,924 on May 29, from $688,842,821
April 30, while time loans increased to $410,810,915 from
$375,107,915 at the close of April.
On May 31, 1935 the
demand loans were outstanding in amount of $471,670,031
and the time loans in amount of $320,871,000.
The Exchange's report for May 29, 1936, as made public
on
June 4, follows:
To the end that change of the [reorganization] system can
bring about a
New York Stock Exchange member total net borrowings on collateral,
greater equality of power of all groups in the reorganization situation, it
contracted for and carried in New York, as of the close of business, May 31,
entails
have
lessening the leverage and undue advantage which
on
the
others.
reorganization.
It
can
The
democratic
receive
no
ploited by those who purport to
must
either
be
made in
process
has
any
seldom
fair trial if the investors
serve
them.
the reconstituted system to
by those into whose nands financial
group may
been
are
tried
to
be
their
exploitation
power may gravitate or
The detailed tabulation follows:
Demand
Time
$525,086,511
$409,065,915
ex¬
Hence, adequate provision
prevent
1936, aggregated $969,997,839.
in
Net borrowings on collateral from New York banks
(1)
or
trust companies
Net borrowings on collateral from private bankers,
(2)
by the
brokers,
foreign bank agencies
or
others in
the
•
reorganization adventures.
The
matter
resolves
of devising a system of checks and balances.
itself into
the
problem
City of New York
34,100,413
1,745,000
$559,186,924
Toward that objective our
$410,810,915
969,997,839
specific recommendations both in real estate and in other reorganizations
Combined total of time and demand borrowings
will be
Total face amount of "Government securities" pledged as collateral
directed.
In view of the fact that adequate consideration of that problem can be
had only in light
of the techniques of reorganization and the
many
legal
devices and strategies available to the various parties, we must of
necessity
for the
borrowings included in items (1) and (2) above
The scope
of the above compilation is exactly the
report issued by the Exchange a month ago.
*
46,366,40o
same
as
in the loan
3770
Below
Financial
we
give
1934—
two-year compilation of the figures:
a
Demand, Loans
•
30
May 31
Time Loans
$812,119.359
Apr
Chronicle
June
Marked Improvement in Status of
by Investment
Group—Interim Report of
$1,088,226,359
June 30-.-.
722,373,686
740.573.120
341, 007.000
1,082,240 126
July
31
Aug. 31
Sept. 29
588,073,820
334, 982.000
923.055.826
545,125.876
531.630.447
329, 082.000
546,491,416
299, 899.000
280, 542.000
831,529.447
31
NOV. 30
557.742.348
273, 373.000
831.115.348
610,300.286
263, 962.869
880,263.155
575.896.161
249,062.000
242,544.500
824,958.161
Municipal Indebted¬
Bankers
Association
Municipal
Securities
874.207,870
Oct.
Seen
ness
Total Loan
$276, 107.000
294, 013.000
6, 1936
Dec. 31
1,016,380.689
827,033,416
1935—
Jan.
31
Feb.
28
-
573,313,939
552,998.766
509,920.548
471,670,031
June 30
474,390,298
419,599,448
399.477,668
Mar. 30
Apr 30
May 31
31
Aug
Sept. 30
Oct
—.
220.124.500
815,858.439
773.123.260
294,644,900
804.565 448
320.871,000
349.335.300
792.541,031
808.589,298
768.934,748
362.955,569
—
372,553.800
418,266.300
781 221.869
772.031.408
335.809.469
456,612
100
792.421.569
Nov. 30
406,656.137
439.457.000
846 113.137
Dec
547.258,152
391,183.500
938.441.652
600,199,622
324,504,713
924,704,335
924.320,544
996,894,018
1,063,950,736
969,997,839
31
—
31
1936—
Jan.
31-.-.-.
Feb.
29
631,624.692
292.695,852
Mar. 31
753,101,103
688,842,821
559,186,924
243,792,915
375,107,915
410,810,915
w
Apr. 30
-
May 29
-
Great
improvement in the status of municipal indebted¬
throughout the country since last October was stressed
ness
in the interim report of the
montli.
this
prices
The
are
The
Federal
9,
page
April 30
was
The
preamble to the report, which reviewed the status of
in the
on
New York Stock Ex¬
Stocks
pal
annual
our
but
securities,
sideration
their
of
report was made last October very little has happened
which would have any material effect upon munici¬
different States
number
a
1936, there were 1,191 stock issues aggre¬
gating 1,338,740,698 shares listed on the New York Stock
Exchange with a total market value of $49,998,732,557.
it was announced by the Exchange on June 3.
This com¬
pares with
1,193 stock issues aggregating 1,336,686,499
shares listed on the Exchange May 1, with a total market
value
of $47,774,402,524,
and with 1,189 stock issues
aggregating 1,303,596,329 shares with a total market value
of $34,548,762,904 on June 1, 1935.
In making public the
figures for June 1, 1936, the Exchange on June 3, said:
1936, New York Stock Exchange member total net borrow¬
collateral amounted to $969,997,839.
The ratio of these member
bills
of
subdivisions,
political
Federal
the
Congress has
been in session and has
which
and
Federal
of
loans
Apparently there
employment.
in
situation
this
considerable
the
of
issues,
new
which
have
May 1, 1936, the Stock Exchange member total net
borrowings on collateral amounted to $1,063,950,736.
The
ratio of these member total borrowings to the market value
of all listed stocks, on that date, was, therefore, 2.23%.
In the following table, issued by the Exchange, listed stocks
are classified by leading industrial groups with the aggregate
market value and average price for each:
agencies
con¬
States
and
Activities
continue
As
will
and
securities
in
are
been
credit
result
indebtedness
further
scarcity of
issues
new
for
fact,
reflect
may
few
very
persistent attempts
tions,
necessarily caused
have
them
in
different
when
movements,
parts
of
the country
it appeared
financial standing
tax
advisable to
the
real
up.
largely
and homestead
exemp¬
and
concern,
energetically
many
of
these
opposed1
order to
in
so,
In
country.
estate,
on
laws
do
in the
Bteadily,
being cleared
are
to
The
services.
improved
or
thus
or
conservative
much
have
rates
be
throughout
members
indebtedness
interest,
have
burden
limitation
our
their
to
collections
tax
been
covered
advantage
taken
of
improvements and
defaults
reduce the
to
have
savings
reduce
tendency
a
Tax
new
period
readjust their
to
default situations have been
great many
a
The
been
have
there
there has
the
as they have ever been,
absorbed.
States, cities,
substantial
additional
change
high
as
situation
very
Inter¬
decided
a
known,
during
readily
enabling the political subdivisions either to
incur
indicate
well
is
be
to
large volume to
continues to seek profitable
to
whenever possible,
taxing units,
existing money
terms
on
municipal
rule,
a
as
other
and
future.
near
in
by the proposed enactment of tax
all listed shares and their market values.
As of
its
under
business.
being made in
nothing
Prices of municipals
by this report.
and
counties
the
in
activity
is
therefore
on
of
still
had
various
the
municipal
low and money for investment
rates remain
est
and
collateral from those on other collateral; thus
the
some
are
assumption of new indebtedness.
Member borrowings are not broken down to separate
affect
municipalities and other political subdivisions for various purposes.
total borrowings to the market value of all listed stocks, on this date, was
these ratios usually will exceed the true relationship between borrowings
would
also
and
Government
dominant factors.
As of June 1,
1.94%
This practice of
said, is unsound and
evading debt restrictions, the report
should be discouraged.
Since
those only on listed share
some
municipal obligations, said :
change June 1 $49,998,732,557, Compared with
$47,774,402,524 May 1—Classification
of
Listed
on
in
public utility improvements and services.
given in these columns of May
Market Value of Listed Stocks
ings
reviewed
affecting
municipali¬
ties.
It said that during the past few years a significant
development in local finance has been the pledging of net
revenues of municipally-owned
utilities for the payment of
3088.
As of June 1,
committee
legislation
+
The report for
America, issued
to
gained.
and
State
detail
of
that
out
municipal bond
all-time record highs, that new
being easily absorbed, and that tax collections
steadily
have
points
survey
close
now
are
issues
Municipal Securities Committee
Bankers Association
the Investment
of
334 199.000
July 31
—
Committee Reviews State and Federal Legislation
Since October
protect the
of the States and local units which would be
involved.
Improved Condition of Federal Land Banks Indicated
in Report of
Committee of Investment Bankers
Association of America
June 1, 1936
May 1,1936
The
Market
Financial
Aver.
Value
Price
$
$4,522,974,252
1,271,127,216
5,534,314,784
-
Chemicals
42.18
4,396,082,673
41.00
22.37
1,139,067,734
5,315,993,712
598,927,373
1,485,000,033
2,982,888,569
363,911,201
791,345,209
298,617,867
43.008,402
1,836,678,747
1,686,671,734
5,408,682,017
352,486,335
2,180,675,148
4,414,540,989
2,152,515,756
233,760,929
2,093,404,095
1,536,030,491
3,546,061,681
221,930,870
253,598,531
423,930,080
18,402,223
39,925,664
119,189,301
239,440,128
1,683,550,283
29,322,880
821,720,183
1,067,141,686
20.19
68.35
625,792,911
35.81
1,566,239,664
3,142,693,125
377,980,184
839,063,569
301,987,731
44,832,313
42.55
1,936,864,356
35.54
1,783,564,759
30.65
5.374.496.522
361,289,175
2,350,294,489
4,692,029,889
2.264.730.523
237,817,922
28.29
Building
Electrical equipment manufacturing. .
Foods..
-
Rubber and tires
Farm
Market
Price
$
Auto and accessories
Aver.
Value
machinery
-
Amusements
_
Land and Realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
-
Steel, iron and coke
!
Textiles.Gas and electric
35.63
40.53
74.63
19.81
8.97
22.09
37.04
40.48
53.08
22.24
2,221,135,083
1,702,019,355
3,770,963,272
31.85
Miscellaneous utilities...
225,706,688
27.18
Aviation
286,809,021
422,136,117
19,060,174
44,835,550
14.39
(operating)
Gas and electric (holding)
Communications (cable, tel. & radio).
Business and office equipment
Shipping services.
Ship operating and building
Miscellaneous businesses
17.52
99.37
38.40
9.10
14.80
123,702,742
245,498,445
21.49
1,755,320,145
30,212,034
816,245,134
1,106,995,413
66.20
Leather and boots
Tobacco..r-.
Garments
U. S.
companies operating abroad
Foreign companies (lncl. Can. & Cuba)
All listed stocks
49,998,732,557
39.01
31.67
25.76
28.96
37.35 47,774.402,524
65.68
34.32
40.34
70.39
19.60
8.61
34.30
30.45
28.49
21.62
34.94
Association of
ers
Notable
tions
lands
in
banks
35.74
give below a compilation of the total market value
and the average price of stocks listed on the Exchange:
Market
Average
Market
Average
Value
Price
Value
Price
$36,348,747,926
Oct.
1
Nov. 1
Dec.
1
$28.29
Jan.
1
32,762,207,992
36,669,889,331
32,729,938,196
30,117,833,982
32.542,456,452
July 1
Aug. 1
Sept. 1
25.57
Feb.
1
28.42.
Mar. 1
25.32
Apr.
23.30
1
May 1
25.13
June 1
1934—
Jan.
1
Feb.
July
1
Mar. 1
1
May 1
Apr.
June
1
July
1
Aug. 1.....
Sept. 1. J
Oct. 1Nov. 1
Dec.
1
-
25.59
1
33,094,751,244
37,364,990,391
36,657,646,692
36,699,914,685
36,432,143,818
33,816,513,632
34.439.993.735
30,752,107,676
32,618,130,662
32,319,514,504
31,613,348,531
$24.22
1
May 1
33.888.023.435
25.97
June 1
Aug. 1
28.90
Sept. 1
28.34
Oct.
23.37
Nov. 1
28.13
Dec.
26.13
26.60
1
1
$35,933,882,614
32,991,035,003
32.180,041,075
30,936,100,491
33,548.348,437
34,548,762,904
36,227,609.618
38,913,092,273
39,800,738,378
40.479,304,580
25.99
77%
the
43,002,018,069
44.950.590.351
32.90
46,945,581,555
50.164,547.052
61,201,637,902
51,667.867,515
47,774,402,524
49,998.732.557
35.62
25.77
26.50
27.78
29.76
30.44
30.97
1.
34.34
23.76
Feb.
1
24.90
Mar. 1
24.61
Apr.
37.98
38.61
38.85
held
interest
principal
or
was
instalments
of
than
depression, the report disclosed.
of the
is,
as
more
Bank
City
was
computed
on
the
delinquent, all
extensions—strictly speaking,
emergency
in good
Chairman
New York,
of
ratio
including,
by
though
as
That compared with about
standing.
earlier.
extension
committee
are
1935
Land
Federal
34% at Jan. 1, 1935, and with
allowed
loans
60% greater in
by the
were
in
meeting
are
credit accommoda¬
of
loans
As
$33,342,000, which
collection
been
have
out.
pointed
experience
found
Feb.
of
necessary
29,
1936,
in recent months,
of extended
the total
$18,000,000 less than at June 80, 1988.
was
benefited
has
the
bonds
the
of
system
by
increasing the ratio of eligible collateral and the equity behind them.
The
earnings record behind the bonds has also improved.
Contributing to the
better earnings has been the reduction in interest expense made possible
by the refunding of outstanding high-coupon bonds issued by the individual
banks
of the
system into the
consolidated bonds.
new
Since
the refunding operation started
830,720 in bonds bearing interest from
and
to
July
date
amounts
to
outstanding
callable
A
this
urban
less
per
year.
not callable until
4%%, and
is
July 1 of
relatively
Owners' Loan
$12,666,000
are
a
block
to 5%
total of
a
$810,-
have been retired'
The interest savings effected
Except for a small block of
1939,
of
1934,
1,
4^%
replaced by issues carrying 3% to 4%.
4%% bonds which
23.73
1936—
Jan.
of all
been
10 months
Fewer
25.29
24.70
the
in
also points out that sales of farm
foreclosures
the National
of
farmers
new
of mortgages
on
26%
basis—that
have
78%
about
now
1935—
Smith
that
Better
27.62
C.
which
in
manner
report, which
than
delinquencies
conservative
38.14
23.19
issued
statement
a
the committee, explained that this delinquent
loans
30.74
Less
during the worst part
Dudley
20.71
64.20
the
in
by the banks
over
1934.
recorded
45%
of
38.57
8.78
In
falling off in the demand for
in the
Feb. 29, 1936, as compared with
loans
We
1933—
taken
than
15.81
13.18
reflected
are
most
12.72
America.
improvement
their obligations and
30.02
26.73
instrumentalities
government
to the farmer, are showing steady
matter, June 1, the Association had the following to say:
50.52
94.24
banks,
money
Farm Loan Bonds Committee of the Investment Bank¬
and
38.09
21.83
Land
improvement in financial condition and operating results,
according to a semi-annual report issued by the Government
33.82
39.05
Federal
providing mortgage
the highest rate on bonds
$83,125,000 of these become
year.
favorable
record
collection
is reported
the
for
Home
Corporation, the emergency agency provided to relieve debtors
homes.
As
of
March
due it for
25%, was in default.
The
Corporation has instituted foreclosure proceedings since it began
business in 1933 on a total, of 10,485 loans, or about 1% of the total
loans made.
Officials of the Corporation consider that in 6,237 of these
cases
the delinquency was deliberate.
In 333 instances where proceedings
on
principal instalments and
were
initiated,
March
31,
payments
1936, and
Corporation's
in
bonds
35.74
remained
37.35
instalments start
the
1936,
in
of
$88,555,996,
on
mortgages
$67,585,175 of that
the
retirement
on
31,
$356,254,996
or
have met their obligations.
borrowers
Amortization
interest,
more
open
fund.
loans.
I
amounted
sum
market.
Payments
to
$94,979,132
up
to
has been used to retire the
The
are
balance
run
$27,393,957
of
increasing
Recently they have
as
from
principal
$7,000,000
Volume
$8,000,000
to
per
month,
should
and
step up
principal
payments
Trust
York
New
some
on
Co.
Reports
Savings
in
Deposits
For
this
applied for
represented by the deposits or
savings institutions, according to "The Index
of the New York Trust Co., New York City, have made
up more than half their depression losses and now aggregate
of
$53,500,000,000, as compared with the high
point of $56,000,000,000 attained in 1930.
Of these savings,
assets of life insurance companies with 63,000,000 policy
holders amount to $23,200,000,000, or more than 40% of
the total; savings deposits of 41,000,000 persons in mutual
savings and other banks to $22,600,000,000, and assets of
building and loan associations with 8,000,000 members to
$6,445,000,000.
The trust company's publication, it was
announced May 28, says:
than
more
increase
in national income since 1933, has not been uniform for the various classes
of institutions cited.
The assets of life insurance companies, for example,
have continued an expansion which was not even interrupted by the de¬
pression.
Their record has been one of continuous growth since 1880 and
while the pace somewhat slackened after 1931, the total gain since then
trend in national savings, reflecting the
The renewed upward
15% of the total of that year.
amounts to some
almost as
There was
consistent increase in total deposits through 1932, when the peak figure
of $10,039,958,000 was reached.
A decline in the next year carried this
down to $9,760,221,000 and it has subsequently recovered to $9,871,523,000.
That is, the funds of some 13,415,000 depositors are now less than 3%
The
depression record of mutual savings banks deposits is
good in this respect
as
that of the life insurance companies.
a
below their record
Savings deposits in other banks and the assets of building
societies have not fared
since
1933 but
perienced
The former have increased
well.
so
still well below their
are
1928 peak, while the latter ex¬
3% Dividend,, P. L. Goldsborough Tells Iowa
Bankers
If the Federal
Deposit Insurance Corporation were to be
banks not
also a 3%
dividend thereon, Phillips Lee Goldsborough, a Director of
the FDIC, told the Iowa Bankers Association on June 2.
Mr. Goldsborough commending the deposit insurance plan,
pointed out that since its organization on June 1, 1934, the
FDIC had been required to pay depositors in only 50 closed
banks. He added that if liquidation were decided upon now,
the Corporation could remit the $150,000,000 advanced by
liquidated today it could pay back to all insured
only the entire amount of their assessments but
Federal Reserve
banks the $139,000,000 they paid in for stock. If this record
can be continued, Mr. Goldsborough said, the insured banks
may expect a reduction of the assessment rate, which at
present is 1/T2 of 1%.
In listing the benefits of deposit insurance, Mr. Golds¬
the
Treasury
could
and
return
to
the
borough said:
has been the program of capital rehabilitation which I
mentioned earlier.
Next, it has made available to those banks which are
of
members
not
the
Reserve
System the counsel and advice of examiners
whose contacts have been national in scope and
wide experience, men
of
who, consequently, bring a broader understanding to bear on the problems
of the individual bank.
Also, with your State Banking Department it
toward the
worked
lias
its examinations
setting up of uniform examinations and has made
concomitantly with the State authorities wherever possible.
cooperation with your State Banking Authorities, it is rapidly
Again, in
putting into shape a "condition report form" which will answer the needs
both
of
and
save
what
you
would
otherwise
be
needless
duplication.
Fourth; it has extended to all insured banks the benefits of the Federal
Reserve
a
regulations concerning the payment of interest on demand deposits,
of
source
assessments
you
have paid
Insurance
will
Banks
Fund
close
•economic conditions,
the
•does
lines
its
that the
such
Temporary Federal Deposit
in
as
the
that
suggested today,
part successfully
into it were carried over into the Permanent
credit against future payments.
under the
future
is to
this
series,
which
was
for
$50,000,000,
or
thereabouts, the total
applied for vas $134,960,000, of which $50,295,000 was accepted.
The accepted bids ranged in price from 99.864, equivalent to a rate
0.179%
per annum, to
The average price of Treasury bills
this series to be issued is 99.835 and the average rate is about
of
0.218% per
bank discount basis.
annum on a
New
of about
99.827, equivalent to a rate of about 0.228% per
bank discount basis.
annum, on a
Offering of Two Series of Treasury Bills Dated
June
10, 1936, in Amount of $100,000,000 or There¬
abouts—$50,000,000
to
be
188-Day
Bills
and
$50,000,000 to be 273-Day Bills
A
new
offering of Treasury-bills in two series for a total
$100,000,000, or thereabouts, was announced on
amount of
June 4 by Secretary of the Treasury Henry Morgenthau Jr.
The bills, which will be sold on a discount basis to the
highest bidders, will be dated June 10, 1936.
Each series
of the bills will be offered in amount of $50,000,000, or
thereabouts; one series will be 188-day bills, maturing Dec.
15, 1935, and the other 273-day bills, maturing March 10,
The face amount of the bills of each series will be
1937.
payable without interest on their respective maturity dates.
With the 188-day series approximately $300,000,000 of
Treasury bills will mature on Dec. 15, 1936, inasmuch as
five previous offerings are also due on that date.
Tenders to the bills announced this week will be received
the Federal Reserve banks, or the branches thereof,
at
to 2 p.m., Eastern Standard Time, Monday, June 8.
will not be received at the Treasury Department,
up
Washington.
Bidders, Secretary Morgenthau pointed Put,
are required to specify the particular series for which each
tender is made.
There is a maturity of bills on June 10 in
amount of $50,031,000.
The following is from Secretary Morgenthau's announce¬
ment of the offering of June 4:
The bills will be issued in
be expected.
pressure
of
other
But if
you
will
bearer form only, and in amounts
nations of $1,000, $10,000, $100,000, $500,000, and $1,000,000
or
denomi¬
(maturity
value).
tender for
No
amount less than
an
tender must be in multiples of $1,000.
$1,000 will be considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal
on
places,
e.g.,
99.125.
Fractions must not be used.
Tenders will
be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
Tenders from others must be accompanied by a deposit
of the face amount of Treasury bills applied for, unless the tenders
of 10%
accompanied by an express guaranty of payment by
are
an
incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders
on
June 8, 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 accept¬
able prices
for each series will follow as soon as possible thereafter, probably
The Secretary of the Treasury expressly reserves
the following morning.
the
right to reject any or all tenders or parts of tenders, and to allot less
for, and his action in any such respect shall be
than the amount applied
Any tender which does not specifically refer to
final.
will
be
subject to rejection.
of the acceptance or
a particular series
Those submitting tenders will be advised
rejection thereof.
Payment at the price offered for
Treasury bills allotted must be made at the Federal Reserve banks in cash
other immediately available funds on June 10, 1936.
or
The Treasury
bills will be exempt, as to principal and interest, and
any
gain from the sale or other disposition thereof will 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
allowed as a deduction, or otherwise recognized, for the purposes
bills shall be
of any tax now or
hereafter imposed by the United States
or
any
of its
Insurance
liquidated without cost to you and the entire amounts of the
was
Deposit
Lastly, the fiscal policies of the Cor¬
savings to all of you.
have been
poration
Fund
is about 0.184% per annum on a
.
273-Day Treasury Bills, Maturing March, 3, 1937
For
amount
on
there
FirBt;
$50,000,000, or thereabouts, the total
Bids
FDIC, if Liquidated, Could Pay Back All Assessments
and
for
to be issued is 99.900 and the average rate
and loan
substantially
further decline in 1934.
a
was
was
The accepted bids ranged in price from 99.916, equivalent to a rate
Total national savings as
assets
which
series,
$146,4i5,000, of which $50,090,000 was accepted.
of about
0.155% per annum, to 99.893, equivalent to a rate of about 0.198% 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
amount
bank discount basis.
Regaining Depression Losses
Institutions
195-Day Treasury Bills, Maturing Dec. 15, 1936
when the
again in June,
$600,000,000 mortgages fall due.
Re¬
tirement
of
outstanding bonds will be correspondingly increased, the
corporation already having announced that an issue of $49,735,000 bonds
due Aug. 15, 1936, will be paid in cash at maturity.
first
3771
Financial Chronicle
142
Treasury Department
Circular No. 418,
as
amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
depressed
act
along
Offering of $11,000,000 of Federal Intermediate Credit
and the Federal Deposit Insurance Corporation
as we believe it has up to the
Bank
in the future,
1/^2% Consolidated Debentures—Issue
Over-
Subscribed
present, bank closings will be reduced to a minimum and the general struc¬
ture will not sustain the terrific strain it has experienced in the past.
The Federal Intermediate Credit bank system this week
a new issue of approximately $11,000,000 of 1^%
consolidated debentures; the offering was made on June 3
and the books were closed the same day following an over¬
offered
to Offering of $100,000,000 of
Two Series of Treasury Bills Dated June 3—$50,-
$281,375,000 Tendered
090,000 Accepted for 195-Day Bills at Rate of 0.184%
and $50,295,000 for 273-Day Bills at Rate of 0.218%
Tenders totaling $281,375,000 were received and $100,385,000 accepted to the offering of $100,000,000, or there¬
abouts, of two series of Treasury bills dated June 3, 1936,
Henry Morgenthau Jr., Secretary of the Treasury, announced
June 1.
The tenders
were
received at the Federal Reserve
hanks and the branches thereof up to 2 p. m., Eastern Stan¬
dard Time, that day (June 1). Reference to the offering was
made in our issue of May 30, page 3595.
The bills, as noted, were offered in two series, each in
amount
of
$50,000,000,
or
thereabouts.
One series
was
195-day bills, maturing Dee. 15,1936, and the other 273-day
bills, maturing March 3,1937. Details of the bids to the two
issues were made available, as follows, on June 1 by Secretary
Morgenthau:
subscription, it was announced by Charles R.. Dunn, fiscal
The debentures, which are the joint
and several obligations of the 12 Credit banks, were priced
at a premium over par value.
They are dated June 15
and mature in five and nine months.
Approximately
$10,000,000 of debentures of the Credit banks will mature
agent for the system,.
on
June 15.
Reference to a previous offering of securities by the Credit
bank system was made in our issue of May 9, page 3091.
Receipts
of Newly-Mined Silver by Mints and Assay
Treasury Purchases Totaled 296,048.44
Ounces During Week Ended May 29
Offices from
Fine
During the week ended May 29 a total of 296,048.44 fine
ounces of silver were turned over by the Treasury Depart¬
ment to the various mints and assay offices, it is learned from
Financial
3772
Chronicle
issued June 1 by the Treasury.
The silver
purchased by the Treasury in accordance with the
President's proclamation of Dec. 21, 1933, which authorized
the Department to absorb at least 24,421,410 fine ounces of
newly-mined silver annually. Reference to the proclama¬
tion was made in the "Chronicle" of Dec. 31, 1933, page
4441.
The Treasury's statement of June 1 follows:
statement
a
Week Ended May 29,
of
-—
—-
San Francisco
bonds
for $1,050,754,400 of
and Aug.
1.
amount
of
$600,000,000,
made
issued
in
June 15
on
and
the
The
notes
right
in
had
of the Treasury to increase
notes by
296,048.44
be
offered for cash in
were
thereabouts.
or
or
to
notes maturing
been reserved by the Secretary
of bonds
offering also
notes,
thereabouts,
or
$400,000,000,
the offering
...
the
or
The Treasury bonds
of
amount
286,594.32
9,454.12
Total for week ended May 29, 1936.
thereabouts;
or
additional
for
exchange
—
Denver
$1,000,000,000,
provision
1936— '
...
issue of five-year 1%%
an
Treasury notes of Series B-1941, offered for cash in amount
Fine Ounces
Philadelphia
bonds of 1951-54 and
Treasury
was
June 6, 1936
amount sufficient to
an
---84,250,688.30
accept all subscriptions of maturing securities tendered in
The receipts of newly-mined silver during the week of
May 22 were noted in these columns of May 30, page 3598.
1%% notes of Series E-1936, maturing June 15, 1936, and
Total receipts through May 29, 1936.
maturities
The
exchange.
$686,616,400
are
$364,138,000 of four-year notes of
Gold
Receipts by Mints and Assay Offices During Week
Ended May 29—Imports Totaled $18,622,038
Aug. 1, 1936.
described
are
week ended
RECEIPTS
OF
GOLD
BY
MINTS
THE
AND
Imports
ASSAY
OFFICES
Secondary
New
Domestic
$13,114.82
New York
San
18,033,500.00
553,260.76
10,971.53
;
Francisco
Denver
$103,518.16
110,700.00
142,700.00
25,404.22
690,579.51
660,710.46
New Orleans
Seattle..
11,796.68
24,966.98
8,535.78
11,190.99
_
Total for week ended May 29,
$57.12
1936 $18,622,038.10
$284,921.82
691.82
379,012.79
$1,873,751.70
♦
Silver Transferred to United States Under Nationaliza¬
tion
to
Order During Week Ended May 29 Amounted
13,293.03 Fine Ounces
Announcement
made by the Treasury Department on
June 1 of the transfer of 13,293.03 fine ounces of silver to
the United States during the week ended May 29, under-the
was
Executive Order of Aug. 9, 1934, nationalizing the metal.
The Treasury, said that 112,817,501.29 fine ounces of the
Treasury is also
858.
the Treasury's announcement of June
lowing is taken.
;V13,^«|
SILVER TRANSFERRED TO UNITED
1
the fol¬
aggregated $7,054,000,000,
-
354.00
477.83
—
New Orleans
—
Total for week ended May 29, 1936
Total receipts through May 29, 1936
made
to
had been tendered in exchange for the
ury notes
ties.
About $890,000,000
the
silver
!-
13,293.03
112,817,501.29
"
May 30, page 3598, reference was
during the previous week
transferred
ended May 22.
for the
were
announced by the Treasury on June 1
that
$212,724.86 of gold coin and certificates was received by the
Federal Reserve banks and the Treasurer's office during the
week ended May 27, under the Order of Dec. 28, 1933,
requiring all gold to be returned to the Treasury. Since the
Order was issued and up to May 27
receipts have totaled
$142,308,870.45.
Of the amount received during the week
ended May 27, the Treasury revealed, $15,084.86 was
gold
coin and $197,640 gold certificates.
The following is the
data made available June 1 by the Treasury:
was
GOLD
RECEIVED BY
FEDERAL
TREASURER'S
RESERVE
BANKS AND
of June 5 said:
This
situation
held
was
by
the
Secretary
be
to
attributable
First, there has been
public
as
to
decided improvement in the mind of the investing
a
public finances.
Second, the public definitely
Third, that there is
"I
think there
is
wants long-term
longer
no
they want longer-term
quite
hard
be
a
for
any
securities,
demonstration
to
me
OFFICE
and I
think that
the part
on
equal
it
or
is
Certificates
$15,084.86
31,546,969.59
of the investing public,
to
ever
better
go
The
cash
subscription books
$31,562,054.45
In
each
$194,240.00
$108,017,440.00
3,400.00
268,256.00
2,457,720.00
$268,256.00
Total to May 27
the
receipts of hoarded gold
issue of May 30, page 3598.
was
+
midnight
having
subscriptions
entered
in
the
Also
Notes—-90% of Maturities Converted
on
15, having
another
before
to
the
huge
demonstration
floated
an
of
sums
of
Secretary
the
with
ease
following to
which
at record-breaking low
money
of the
Treasury,
the
say:
government
interest
rates,
late this afternoon
can
Henry
announced
one
day $1,000,000,000 of cash had been obtained.
Morgenthau termed the June 15 quarterly financing a "great suc¬
Asked concerning the significance of the
oversubscriptions in rela¬
Mr.
cess."
tion
to
the
alarm
of
bankers
answered:
"They put cash
anything else."
the
at
rising Federal debt,
barrel
the
on
Mr. Morgenthau
Money talks louder than
head.
-
Exchange Plan Completed
The
Treasury was successful in both the December and March financings
recording large oversubscriptions for obligations offered to meet cash
in
requirements.*:
the
The
for
result
is
that
today's announcement of the closing of
exchange of $1,050,754,400 of maturing Treasury obliga¬
as
more
significant than the one-day raising of the
of
cash.
The
exchange offering will close Wednesday
books for the
was
taken
night, June 3,
which, the Treasury said, establishes
transferring
"The rules
a
record
new
of
speed
of securities for another.
set
one
and
regulations promulgated by the Treasury," Mr. Morgen¬
"to the end of preventing subscription padding and avoid¬
thau
explained,
speculative
free-riding
proved
to
be
workable.
Notwithstanding
these
regulations, the issue today was a great success.
proved in great demand to the ultimate bond buyer."
The
securities
Longer Terms in Demand
Discussing the
largest peace-time
similar to the
buyers
for
rates.
issue
of
15-18-year 2%%
Treasury
a
longer-term
during
result,
I
The following
present
financing, there
the
notes offered'
"As
the
operation,
Treasury
Roosevelt
today set
am
more
a
$2,050,754,400
Mr.
was
a
Morgenthau
preference
bonds.
This
is
new
record
than pleased,"
for
out
the
that,
the part of bond
a
Administration.
financing,
pointed
on
reversal
Both
the
the lowness
Mr. Morgenthau
is also from the Washington,
of
the
Treasury
of
interest
said.
June 2, ad¬
vices to the "Herald Tribune":
Daniel
W.
Bell,
for
the
the
unprecedented
ing,
financing
the
of
success
March
trend
bonds and
On
The Treasury this week completed its quarterly
June
3.
before
that within the course of
in
Exchange for $1,050,754,400 of Notes
Maturing June 15 and Aug. 1—Cash Subscriptions
$7,054,000,000—Allotted 14% on Bonds and 15% on
for
mail
ex¬
the close of the subscription
closing of the cash subscription
June 1, Washington advices, that
day, to the New
Incident
Morgenthau Jr.,
of
$600,000,000 15-18-Year 2%% Bonds and
$400,000,000 Five-Year 1%% Notes Offered for Cash
and
In
June
the day of the closing of the books, it was
by Secretary Morgenthau, "will be considered as
been
books."
borrow
The
business
of
placed
the close of
on
announced
previous
Treasury Offers Low Rate Securities in June 15 Financ¬
ing Operation—Record Peace-Tilme Offering Con¬
sists
present
$2,461,120.00
Note—Gold bars deposited with the New York Assay Office in the amount of
$200,572.69 previously reported.
our
and it
the
opened.
were
closed at the close
were
instance
ing
—
Received previously
made in
than
closed at
were
business June 1, the same day they
107,823,200.00
Received by Treasurer's Office—
to
particularly due to
inflation.
offering."
$1,000,000,000
Gold
Week ended May 27
reference
'
securities.
fear of currency inflation.
improvement in the minds of the investing
"They have decided they want bonds—that
decided
a
public," Mr. Morgenthau said.
tions
Gold Coin
Received previously
Previous
three
to
factors:
THE
(Under Secretary's Order of Dec. 28, 1933)
Received by Federal Reserve Banks—
Week ended May 27
Total to May 27
securi¬
new
stated, and $70,000,000 for the new 1%% notes.
As to
this, Washington advices, June 4, to the New York "Times"
books
$212,725 of Hoarded Gold Received During Week Ended
May 27:—$15,085 Coin and $197,640 Certificates
-
for
2%% bonds, it
new
York "Herald Tribune" of June 2 had the
It
were
was
change books
Seattle
In the "Chronicle" of
of which $4,282,000,000
and
$2,772,000,000 for the notes.
All cash sub¬
scriptions to both issues in amount up to $5,000 were allotted
in full, Secretary Morgenthau said, adding that
subscrip¬
tions in excess of $5,000 were allotted 14% on the bonds
and 15% on the notes.
"
The Secretary had previously announced
(June 4) that
approximately $960,000,000, or 90%,'of the maturing Treas¬
5,159.20
-
.—
on
7,302.00
—
San Francisco
—
bonds
will
Fine Ounces
that date interest
on
of the Treasury Henry Morgenthau Jr. an¬
yesterday (June 5), following the closing earlier in
the week of the cash and exchange subscription books, that
cash subscriptions for the new 2%% bonds and 1%% notes
"It's
New York
Denver.
pay
the fact that they are no longer fearful of
May 29, 1936—
Philadelphia
required to
maturities.
June 15, the
Secretary
STATES
(Under Executive Proclamation of Aug. 9, 1934)
Week Ended
for such
nounced
1934,
From
record
on
the public debt to the amount of about $116,000,000.
metal have been transferred since the issuance of the Order
of Aug. 9, which was given in our issue of Aug. 11,
page
the lowest
as
In addition to meeting the maturing notes on
the
Philadelphia
Series A-1936, maturing
The financing is the largest peace-time bor¬
rowing in the history of the country, and the interest rates
A total of
$20,780,711.62 of gold was received during the
May 29 by the various mints and assay offices,
the Treasury announced on June 1.
It said that $18,622,038.10 of this amount was imports, $284,921.82 secondary
and $1,873,751.70 new domestic.
The gold, the Treasury
made known/ was received as follows by the various mints
and assay offices during the week ended May 29.
18-month
of
as
he
that
brief
said,
date
certification
make
an
Acting Director of the Budget, meanwhile revealed that
period
will
of
about
figure
of
two
almost
increase the
weeks
debt
to
$2,300,000,000 of bonds
of
the payment
the
national
$35,000,000,000.
given
due them
approximate total public debt
debt
The
$32,600,000,000,
on
to the
will
World
the bonus
will
of $34,900,000,000.
stand
present
as
of
War
be
at
financ¬
June
15.
veterans
added,
to
Volume
stand only tor the
explained, however, that this high debt will
Bell
Mr.
15 and July 1.
After the latter date the 3,500,000
will have brought in a portion of their bonds to be cashed, and
period between June
veterans
each
of
dollar
that
the debt by
bonus bonds will decrease
redemption of
amount.
demands of the
veterans for cash for their bonds, but to the amount that they keep any
part of $1,700,000,000 of securities made available to them the public
debt will be permanently increased.
The remainder of the bonus bonds,
$600,000,000, goes principally to the government life insurance fund, and
since the possibility of these bonds 'being cashed is
thus removed, the
$32,600,000,000 debt will be increased at least $600,000,000, or to approxi¬
There
I
of
estimates
available
no
extent of the
the
$33,200,000,000.
mately
on
are
Secretary Morgenthau issued the following announcement
June 2 on the closing of the subscription books:
the
bonds
the
and of
June
business
of
close
Cash
(June 1)
Treasury
closed at
books for the current offering of 2%%
1%% Treasury notes of Series B-1941
subscription
1951-54
of
Morgenthau announced last night
Treasury
of the
Secretary
that
for
1,
receipt of cash subscriptions.
the
o'clock
in the mail before 12
for either issue placed
subscriptions
will be considered! as having been entered before the
close of the subscription books.
The subscription books for both issues will close at the close of business
midnight,
June 1,
payment of which Treasury
1936, or Treasury notes of
tendered.
Exchange subscrip¬
for either issue, if placed in the mail before 12 o'clock midnight,
3, will be considered as having been entered before the close of the
June
for
3,
Series
tions
June
maturing
E-1936,
maturing Aug.
A-1936,
in
subscriptions
of
receipt
the
Series
of
notes
15,
June
1936,
1,
are
of
Announcement
the
" r
May 31, for publication on June 1,
previously announced intention.
Both the bonds and notes, which were offered at par and
accrued interest, are dated and bear interest from June 15,
1936; the interest is payable semi-annually on June 15 and
Dec. 15.
The 2%% bonds are due June 15, 1954, but are
retary Morgenthau
his
the United States at par and
after June 15, 1951.
Tlie 1%%
redeemable at the option of
interest
accrued
and
on
1941, and
notes become due June 15,
for
of
and
In
its
notes.
endeavor
v
to
subscriptions
prevent the padding of
required subscribers, other than
banking institutions, to remit on subscriptions of $5,000 or
the
this
Treasury
10%
more,
applied for, but not less than
of the amount
only 5%.
mit
week
Heretofore, these subscribers were required to re¬
$5,000.
This change in policy was indicated in our
Banking institutions, under
present regulations, are restricted to subscriptions for their
own account to an
amount not exceeding one-half of their
issue
of
May 30,
3597.
page
capital and surplus.
In
advices
offering,
Morgenthau's announcement of
Washington, May 31, to the
Secretary
reporting
the
from
New York "Herald Tribune" of June 1 stated:
There
method
time
was
by which the Treasury
bonds
To emphasize
the
in
the
"Each
that
out
most
December
the
in
five-year 1%%
bonds and
financing,
recent
quarterly
the
bonds had been
March
successive
1%%
the best
A
indication
Nation
the
of
of
factor enters
new
debt
Treasury notes down to
the
this
the
gotten
now
interest rate of 1%%.
That
high
will send the public
$32,600,000,000,
of
because
of
in
to
issues
our
of
The
hanks,
■Generally,
revealed
than
first
the
of
time,
in
are
prevent
a
from
that
faith and
of
to the banking system.
with
agreements
the
buyer
the cash
deposit,
and
the
called
Treasury, which
government obliga¬
really
the
wants,
the
which
subscription
the
Federal Reserve
12
extensive bidding for
10%
to
must
certify
good
oral
securities
5
securities
to
of
the heads
the information
more
of
amount
increase
an
$5,000
them
the
to
the
than
to relay
recapitulation
a
designed
are
tions
buyer
the
upon
letter
of
more
for
received
applications
banks,
by
in conformance with the legitimate needs of
May 31
on
Is today offering for subscription,
the Federal Reserve banks, $600,15-18-year 2%% Treasury bonds of 1951-54
Secretary of the Treasury Morgenthau
at
000,000,
and
accrued
and
par
made
par
on
for
1936,
1,
the
for
the
York
of
reduction
circles
financial
nature
the
of
bids to
extent
an
and the amount of
offerings
,
have
expressed
Treasury subscription
fear
that
regulations
where the line
the subscriptions
between
would
misunderstanding
result
may
in
a
very
close.
Mr.
with
par,
adjustment of accrued interest as of June 15,
and to the extent such exchange privilege
an
be increased.
cash, and in exchange
Treasury notes maturing June 15 and Aug. 1, 1936, will be dated
June 15, 1936, and will bear interest from that date at the rate of 2%%
per annum, payable semi-annually.
They will mature June 15, 1954, but
may
be redeemed at the option of the United States on and
after
The
the offering of bonds or of notes may
of 1951-54 now offered for
Treasury bonds
for
15,
June
1951.
for cash and in
1, 1936, will be
15, 1936, and will bear interest from that date at the rate
of 1%% per annum, payable semi-annually.
They will mature June 15,
1941, and will not be subject to call for redemption before that date.
The Treasury bonds and' the Treasury notes will be accorded the same
exemptions from taxation as are accorded other issues of Treasury bonds
and Treasury notes, respectively, now outstanding.
These provisions are
The
June
Treasury bonds will be issued in two forms,
The
attached, and bonds registered as to both principal and interest;
will be issued in the denominations of $50, $100, $500, $1,000,
est coupons
both
"The
with
not
so
forms
$10,000 and $100,000.
The Treasury notes will be issued /only in
with coupons attached, in the denominations of $100, $500,
$5,000,
form
$10,000
$5,000,
$1,000,
and
pleased."
tions
for
person
the
at
erally
has been
favorable.
institution that does not
"are
much
very
a
pleased
free ride
•
•
.
I have
not
feel the move is
heard
a
step
from
in
official
surplus
With
agencies.
a
being,
at least, a
interest
on
cost
bank or trust company.
Cash
be accompanied, if for $5,000 or less,
subscribing
others
must
bonds
either
for
by payment
10% of the amount
With respect to exchange subscrip¬
$5,000.
notes,
or
1%%
of
amount
face
like
subscriptions
if for more than $5,000, by payment of
full; and
subscriptions should be accompanied by a
of Series
Treasury notes
E-1936
or
of 3%%
in payment.
Subject to the reservations set forth in the official circulars, cash sub¬
scriptions for amounts up to and including $5,000 will be given preferred
allotment, cash subscriptions for amounts over $5,000 will be allotted on
an
equal percentage basis, but not less than the maximum preferred allot¬
ment, and exchange subscriptions will be allotted in full.
Payment for any bonds or notes allotted must be made or completed
Treasury notes
before
or
on
maturing Aug.
1,
1936,
to
June
1936,
15,
will be paid following
subscriptions
of
or
at
to any or all subscriptions
notice, either for the
as
without
time
any
and with respect to the cash offer¬
the Treasury notes
with respect to the exchange offering of either.
equitable allotment and distribution of securities
all classes of subscribers, all banking institutions and others concerned
or
order to provide an
urged to cooperate in making effective the procedure outlined in depart¬
ment
12
notes
notes
1, 1936, must be attached to the notes, and
right is reserved to close the books
classes
to
due Aug.
such
on
If Treasury
1936.
15,
acceptance.
The
or
June
interest
accrued
their
A-1936, tendered
of Series
tendered, coupon
of
letter
payable
on
maturing
May
on
27,
1936,
addressed
banks and made
Reserve
Federal
Interest
single
the
public
debt
to
to
the
President of each of the
public at that time.
the
amount
of
about
$116,000,000
is
June 15, 1936. The amount of Treasury notes of Series E-1936,
on
June 15, 1936, is $686,616,400, and of Series A-1936,
•
debt to a new high and creating, for the
record working balance of the Treasury of around
June 15, the Treasury offering will keep at low average
of the public debt.
Government interest charges, in
authorized to act
respect
amount not exceeding one-half of the combined capital and
the
of
all
from
are
the right
and branches,
Banking institutions gen¬
customers, but only the
to cash subscriptions for either the
Treasury bonds or the Treasury
notes, applications from incorporated
banks and trust companies for either issue for their own account will be
received without deposit but will be restricted in each case and for each
are
bringing the Nation's
$2,70.0,000,000
the
explained,
difficult for speculators in govern¬
All the reaction from buyers of Treasury obliga¬
operate.
direction."
time
he
of
for account
the Treasury Department are
banks and
Reserve
Washington.
Department,
Treasury
submit subscriptions
may
Federal
In
It will make it more
investment
or
While
buyers,"
$100,000.
Applications will be received at the Federal Reserve banks
and
Speculators
Some people who have been getting
regulations.
bonds to
ment
bond
legitimate
the
on
circular issued today.
bearer bonds with inter¬
the official
in
specifically set forth
ing
Curb
offered
also
B-1941,
notes maturing June 15 and Aug.
exchange for Treasury
dated
Series
of
notes
Treasury
Treasury bonds
Morgenthau discounted' these fears.
Series A-1936,
of
notes
Treasury
offered the privilege of exchanging such notes
or the Treasury notes, the exchange to be
are
Treasurj' bonds
notes of Series A-1936,
is availed of,
the amount of the
be
3*4%
and
1936,
15,
June
maturing Aug.
either
of
through
thereabouts, of five-year 1%% Treasury notes of
holders of 1H% Treasury notes of Series E-1936,
or
The
B-1941.
Series
interest,
thereabouts,
or
$400,000,000,
maturing
are
purchaser.
New
of
instructions
with
letter to
a
Secretary
by
issued
was
(for publication June 1) in making
details of the June 15 financing:
known the
tions
sent
15;
14, page 3778, and Dec. 7,
Dec.
announcement
follo\Aung
Morgenthau
applied1 for, but not less than
of the bonds for profit.
has
2.68%.
3622-3624.
pages
the
Morgenthau
in the market, have a yield of
now
may
the 12- to
subscriptions of $410,688,600 were received and
allotted in full.
This financing of the Treasury ivas re¬
in
publicity of its drive to prevent "padding" of subscriptions and
operation of speculators as "free riders" to the end of a quick turn¬
Mr.
bonds
Treasury
new
Secretary of the Treasury that
the
Treasury
over
the
of
rates
prosperity con¬
Morgenthau said.
The
renewed
a
Mr.
2y2% Treasury notes, which matured Dec.
291,900 of
offering to an
government's credit."
new
2.55%,
financing date this year—March 15
—the Treasury also offered 2%% Treasury bonds (but with
a shorter maturity)
and 1^% Treasury notes.
The bonds,
maturing in 15 years from March 15, but callable after 12
years, were offered in amount of $650,000,000, and the notes,
running for five years, were offered in amount of $600,000,000; both issues were also offered in exchange for $558,819,000 of 2%% notes which matured on April 15.
Cash
subscriptions to the offering amounted to $8,461,378,150, of
which $727,027,950 were allotted for the bonds and $628,625,600 for the notes.
Exchange subscriptions of $544,553,400 were allotted in full as follows:
$496,474,900 for
the bonds and $48,078,500 for the notes.
Reference to the
Treasury's March 15 financing was made in these columns
of March 14, page 1731, and March 7, pages 1560-1562.
The
Treasury was equally successful in its Dec. 15 financing,
cash subscriptions of $4,522,244,600 being received to a com¬
bined offering of $900,000,000 of 10-12-year 2%% bonds and
five-year 1%% notes, of which $972,222,100 were allotted.
The bonds and notes were also issued in exchange for $418,-
as
"we have been selling,
quarter's financing, which
another
to
an
the
to 15 years, with
rate.
We have
longer maturity.
operation,
quarterly
Morgenthau said,
quarter," Mr.
notes were offered,
increased to 12
interest
the
of
statement of
a
of
theory
average
At the first quarterly
last
of
financing
rates,
15-year Treasury 2%% bonds,
bearer
of security.
type
Treasury 2%% bonds at a
five-year
the
of that interst rate, except
five-year note remaining at the same interest
the
is
for that
of the 2%%
maturity
of
The five-year 1%% notes, he explained,
bonds.
12-year 2%%
10- to
while
explanation
Morgenthau's
his contention of the top rating of government credit, the
pointed
Secretary
year,
currency
record low
a
were
from
Administration
the
money
calculation
seen
to consummate the largest peace¬
longest maturity bonds
the
were
the consol and
Mr.
in
proposes
He said that the 15- and 18-year government
government financing.
2%%
for
elation
of
tone
a
close
be
1936,
exempt from such taxation as
bonds
not subject to call
are
Both types of securities
accorded previous issues
redemption prior to maturity.
are
low
on
with
accordance
in
with
on
ferred
'
available by Sec¬
of tlie offering were made
Tlie details
bases of
the
and
subscriptions
cash
of
amount
probably be made on June 4.
will
allotment
accordance
tingent
exchange
''
\
subscription books.
'
3773
Financial Chronicle
142
maturing
on
Aug. 1, 1936, is $364,138,000.
Details of the new bonds and notes offered this week are
contained
circulars:
in
the
'
following
official
Treasury
Department
3774
Financial
UNITED
STATES
2%% Treasury Bonds of
Dated
and
Redeemable
Chronicle
OF AMERICA
and after June
on
Interest payable
full-paid
on
Reserve
receive payment
notices, to
pending delivery of the definitive bonds.
1951
The Secretary of the
2.
June 15 and Dec.
15
prescribe supplemental
1936—Department Circular No.
Treasury
15,
561—Public Debt Service
Department,
Office
of
the
which
offering,
banks*
Secretary,
1.
The
Second
Secretary
of
Liberty Bond
subscriptions, at
States
for
Act,
the right reserved to
amount
an
Notes
of
Series
1917,
amended,
as
from the
of
people
of
the
Dated and1
invites
maturing
maturing
Aug.
June
1,
15,
1936,
1936,
Treasury Notes
or
tendered
are
in
payment
1936—Department
bonds
that
date
Dec.
15, 1936,
the
at
the
principal
but
may
will
be
of
rate
and
June
2%%
thereafter
be
redeemed
days,
or
per
and
bear
payable
and
Second
<;■
Dec.
in
each
of
the
part, at
United
and
par
notice
States
and
on
on
Treasury
after
interest, on any
redemption given in such
and
2.
of
the
now
and interest, from all
United States, any State, or
any
possessions of
the
United
States,
by
local taxing authority,
except (a) estate or inheritance taxes, or gift taxes, and
(b) graduated
additional income taxes, commonly known as
surtaxes, and excess-profits
and war-profits taxes, now or hereafter
imposed by the United States, upon
the income or profits of
individuals, partnerships, associations, or corpo¬
rations.
The
interest
on
of
amount
an
or
bonds
Liberty Bond Act, approved Sept. 24, 1917,
which
does
not
partnership,
provided
3.
The
exceed
in
association,
for
in
bonds
will
the
(b)
be
but will not
bear the
privilege
aggregate
acceptable
authorized
by the
Second
amended, the principal of
$5,000, owned by any individual,
shall be exempt from the taxes
corporation,
above.
or
clause
any
Dec.
deposits of public moneys,
Series
the
at
4.
Bearer
to
as
bonds
principal
$500, $1,000,
the
circulation privilege and
be
with
interest
$5,000, $10,000
of
not be
entitled to
attached,
coupons
bonds
and
of
in
$100,000.
different
and
bonds
denominations
June 15,
mature
Provision
denominations
will
and
$50, $100,
for
coupon
and
of
and for the transfer of registered
bonds, under the rules
regulations prescribed by the Secretary of the
Treasury.
5. The bonds will be subject to the
general regulations of the
and
Department,
now
III.
1.
Subscriptions
branches
Treasury
hereafter prescribed,
or
will
to
after
at
the
imposed
Reserve
banks
and
and
at the Treasury
Department, Washington.
Banking institu¬
generally may submit subscriptions for account of
customers, but
only the Federal Reserve banks and the
Treasury Department are author¬
ized to act as official
agencies.
Others than banking institutions will not
tions
be
permitted
to
enter
subscriptions from
be
received
amount
without
not
subscriptions except
banks
trust
but
for
their
companies
will
be
for
trust
or
be accompanied,
if
Cash
company.
account.
own
their
restricted
exceeding one-half of the cdftibined
subscribing bank
must
and
deposit
each
will
to
case
an
capital and surplus of the
subscriptions
from
all
others
for
$5,000 or less, by payment in full;
and, if
more than
$5,000, by payment of 10% of the amount of bonds
applied
for, but not less than $5,000.
The Secretary of the
Treasury reserves the
right to close the books as to any or all
for
subscriptions
scriptions at
2.
The
scription,
applied
in
amounts,
for
whole
for,
to
and
by
of
to
him
to
be
part,
in
to
or
the
allot
in
of
sub¬
any
upon,
any
or
public
all
of
of
right to reject
than
upon
classification
shall be final.
less
full
allotments
adopt
and
the
reserves
to
allotments
make reduced
allotment
these respects
in
or
make
larger amounts,
methods
classes
or
sub¬
time without notice.
any
Secretary of the Treasury
the
amount
applications
to
or
said
smaller
reject, applications
methods
allotments
bonds
of
for
as
such
or
shall
be
other
of
the
Treasury in
maturity of
4.
but
The
the
E-1936,
in
in
payment
Allotment notices
will
Payment at
par
and
cash subscriptions must
on
later
In
every
the
payment with application
for
shall,
declaration
upon
up
made
will
excess
its
will
upon
of
allot¬
Series
be allotted
allotment, and
interest, if
completed
case
to
any,
on
or
where payment
10%
by the
for bonds
allotted
on
before June 15, 1936,
is not so completed,
of the amount
of
bonds applied
Secretary of the Treasury in his
Any qualified depositary will
customers
Treasury Notes of Series E-1936, maturing June
15, 1936,
will be
accepted at par in payment for any bonds subscribed for
and
allotted.
Treasury Notes of Series A-1936, maturing
Aug. 1, 1936, with
coupon
dated Aug. 1, 1936, attached, will be
accepted at par with an
adjustment of accrued interest as of June 15,
1936,
Notes of
for
and
Series E-1936
or
allotted.
of
in payment
for
any
Payment through surrender of Treasury
Series A-1936
should be
made
when
the sub¬
scription is tendered.
V. General
1.
As
fiscal
authorized!
and
agents
of
requested
the
to
Provisions
United
receive
States,
Federal
Reserve
subscriptions, to make
people of the
United
the
June
1936,
15,
1936,
or
Treasury
tendered in
are
payment
15,
1936, and will bear interest from'
payable
annum,
15
and Dec.
15
semi-annually,
in
each
on
They
year.
to principal
as
inheritance taxes,
or
States,
and interest, from all
gift
or
State,
any
taxes)
now
here¬
or
of
be
the
of
income
acceptable
circulation
with
$100,
be
not
or
and
profits
taxes
issued
attached
coupons
$1,000,
in
deposits
secure
payable at the
of
public
moneys,
privilege.
interest
$500,
to
$5,000,
registered
will
$10,000
be
and
issued
in
de¬
$100,000.
The
form.
and
will
the
at
Subscription and Allotment
be
received
at
the
Federal
Reserve
banks
and
Treasury Department, Washington.
Banking institu¬
submit subscriptions for account of customers, but
may
only the Federal Reserve banks and the Treasury Department are authorized
to act as official
agencies.
Others than banking institutions will not be
permitted
to
enter
subscriptions from
received
subscriptions
banks
without
not
and
but
one-half
if
for
their
companies
will
of
be
the
trust company.
or
be accompanied,
except
trust
deposit
exceeding
subscribing bank
must
for $5,000
for
restricted
combined
account.
own
their
in
each
capital
Cash
account
own
and
will
to
case
an
surplus
of
Cash subscriptions from all others
less, by payment in full; and, if
for more than
$5,000, by payment of 10% of the amount of notes applied
for, but not less than $5,000.
The Secretary of the Treasury reserves
the right to close the books as to
any or all subscriptions or classes of
subscriptions at any time without notice.2.
The
applied
for
reserves
in
allot
whole
for,
amounts,
to
and
of
in
or
make
to
reduced
to
or
allotment
part,
to
allotments
make
larger amounts,
methods
or
Secretary of the Treasury
scription,
in
right to reject
than
the
sub¬
any
amount
applications
upon
of
for
notes
smaller
allotments upon,
adopt any
and
the
less
full
or
classification
or to reject, applications
all of said methods or such other
of
allotments
shall
as
be
deemed
by him to be in the public interest; and his action in
any or all of these
respects shall be final.
Subject to these reservations, cash subscriptions
for amounts up to and
including $5,000 will be given preferred allotment;
cash
subscriptions for amounts over $5,000 will be allotted on an
equal
percentage basis, but not less than the maximum preferred
allotment; and
subscriptions in payment of which Treasury Notes of Series E-1936
or
Treasury Notes of Series A-1936 are tendered will be allotted in full.
Allotment notices will be sent out
promptly upon allotment,
of the allotment will be
publicly announced.
IV.
1.
Payment at
cash
or
the
banks
allotmenta
are
on
and
par
and the basis
later allotment.
payment with
Payment
accrued
subscriptions must be made
on
In
every
application
interest,
or
if
completed
for
any,
on
notes allotted
before June 15,
or
where payment
case
is not
so
on
1936,
completed,
to 10% of the amount of notes applied'
by the Secretary of the Treasury in his
discretion, be forfeited to the United States. Any qualified
depositary will
be permitted to make
payment by credit for notes allotted to it for itself
for
shall,
its
be
to
up
accepted
when
for
which
notified
so
it
shall
be
of
qualified
at
Aug.
in
par
1,
payment
for
1936,
attached,
interest
for and
Series E-1936
as
any
notes
subscribed
be
accepted
at
1,
1936,
for
1936,
par
and
with
with
an
of
allotted.
June 15, 1936, in payment for
any
Payment through surrender of Treasury
of Series
or
will
in
by the Federal Reserve bank
Treasury Notes of Series A-1936, maturing Aug.
dated
subscribed
Notes
amount
any
Treasury Notes of Series E-1936, maturing June 15,
adjustment of accrued
notes
up
made
existing deposits,
district.
coupon
declaration
customers
of
its
will
upon
allotted.
A-1936 should be made
when
the sub¬
scription is tendered.
V.
1.
district.
bonds subscribed
1,
per
June
on
payment
notes
generally
excess
or
invites
notes.
Subscriptions
tions
and
make payment by credit for bonds allotted to
it for itself
up to any amount for which
it shall be qualified in
of existing deposits, when so notified
by the Federal Reserve bank
its
1.
branches
of
discretion, be forfeited to the United States.
of
tendered
promptly
be permitted to
and
Notes
Payment
accrued
lie made
allotment.
are
Treasury
publicly announced.
IV.
or
which
be sent out
the basis of the allotment will be
1.
of
Treasury Notes of Series A-1936
or
full.
subscriptions
of
amended,
or
will
bear
not
Bearer
notes
States,
notes
will
5.
interest; and his action in any or all of
Subject to these reservations, cash
subscrip¬
preferred
and
authority
as
the
deemed
tions for amounts up to and
including $5,000 will be given preferred allot¬
ment; cash subscriptions for amounts over
$5,000 will be allotted on an
equal percentage basis, but not less than the maximum
ment;
the
1917,
any of the possessions
by any local taxing authority.
3. The notes will be accepted at
par during such time and under such
rules and regulations as shall be prescribed or
approved by the Secretary
Cash
account
own
in
June
1%%
by the United
United
amount
Federal
Secretary,
1941, and will not be subject to call for redemption
y-'-
maturity.
the
the
received
Service
the
Description of Notes
of
(except estate
of
be
governing United States bonds.
Subscription and Allotment
be
Debt
any
be made
registered bonds,
to
24,
maturing
The notes shall be exempt, both
2.
taxation
registered
of
E-1936,
dated
III.
and interest, will be issued
interchange
will
pursuant
Sept.
interest, from
maturing Aug.
rate
conversion.
of
Treasury,
approved
15, 1936, and thereafter
will
as
secure
of
A-1936,
notes will
date
nominations
to
15
Washington, June 1, 1936.
Offering of Notes
and accrued
par
Notes
The
1.
that
prior
be exempt, both as to
principal
hereafter imposed by the
or
Dec.
562—Public
accepted.
cease.
The bonds shall
taxation
the
II.
manner as the
Secretary of the Treasury shall prescribe.
In case of partial
redemption the bonds to be redeemed will be determined
by such method
as
may be prescribed by the Secretary of the
Treasury.
From the date of
redemption designated in any such notice, interest on the bonds called for
redemption shall
No.
The amount of the
Notes of Series
accrued
of
Reserve
1%% notes of the United
Series B-1941.
until
year
of
Liberty Bond Act,
for
Federal
States, designated Treasury Notes of
offering is $400,000,000, or thereabouts,
with the right reserved to the
Secretary of the Treasury to increase the
offering by an amount sufficient to accept all subscriptions for which
interest from
semi-annually,
15
Secretary
subscriptions, at
They will mature June 15, 1954,
four months'
on
will
June 15 and
Circular
I.
The
1,
States
and
annum,
15
option
in
or
1936,
payable.
the
at
whole
15,
June
on
amount becomes
15, 1951, in
day
dated
the
Secretary of the Treasury.
Treasury Department, Office of
of
:
to
*
JR.,
STATES OF AMERICA
Interest payable
the United
7"V,-: ^
II. Description of Bonds
The
interest
24,
authority
the Secretary of the Treasury to increase the
offering
to accept all
subscriptions for which Treasury
E-1936,
A-1936,
June
Sept.
the
to
.
1%% Treasury Notes of Series B-1941
bearing interest from June 15, 1936—Due June 15, 1941
sufficient
Series
accepted.
1.
approved
and accrued interest,
par
UNITED
pursuant
promptly
*
MORGENTHAU
1936,
2%% bonds of the United States, designated Treasury Bonds of
The amount of the offering is
$600,000,000, or thereabouts, with
1951-54.
by
Treasury,
communicated
'i
Offering of Bonds
the
may at any time, or from time to time,
amendatory rules and regulations governing the
be
HENRY
Washington, June 1,
Treasury
or
will
"
I.
Secretary of the Treasury
banks of the respective districts, to issue allotment
for bonds allotted, to make delivery of bonds
subscriptions allotted, and they may issue interim receipts
the Federal
to
1951-54
bearing interest from June 15, 1936—Due June 15, 1954
the option of the United States at
par and accrued interest
at
June 6, 1936
the basis and up to the amounts indicated by the
As
fiscal
agents
of
authorized
and
requested
the
and
up
basis
to
General Provisions
the
to
the
United
receive
States,
amounts
indicated
Treasury to the Federal Reserve banks
allotment notices,
Federal
subscriptions,
of the
by
to
Reserve
make
the
banks
are
allotments
Secretary
respective districts,
of
to
on
the
issue
to receive payment
for notes allotted, to make delivery
subscriptions allotted, and they may issue interim
receipts pending delivery of the definitive notes.
2. The
Secretary of the Treasury may at any time, or from time to
time,
prescribe supplemental or amendatory rules and
regulations governing the
offering, which will be communicated
promptly to the Federal Reserve
of
notes
on
full-paid
banks.
HENRY
MORGENTHAU JR.,
Secretary of the Treasury.
Financial Chronicle
Volume 142
Country Women of World—Refers to New Problems
and
the
Trying of "Many New Things", Some of
Which, He Says, May Not Succeed, in Which
Event
"Better
Substitutes"
Will
Be
Sought—
Secretaries
Hull and
Wallace
Also Address the
Gathering
At Washington,
or
Triennial
Third
June 1, before a gathering of women
on
delegates from 16
countries, in attendance at the
of
the
Associated
Country
more
Conference
delivered an ad¬
of which he said:
"Your task and
Women of the World, President Roosevelt
dress
during the
mine
concerns
course
itself
not
problems;
only with new
confronted with the necessity
we are
value,
and of seeing to it that harmful practices of the old days
shall not be repeated."
The President went on to say that
"we are trying many new things"; "some of them," he said,
"may not succeed, and in such cases we shall seek better
substitutes."
The President spoke from the south portico
of the White House; the delegates, numbering some 6,000,
delegates the
day at their convention at Constitution
Hall, and is quoted
I
.
been
have
coming in such numbers.
so
American
exchange
with
I have felt it
have
to
were
women
experiences
of other
women
others from
of
Hull
strong
said
he
and
awakening"
a
Secretary
in
with the opening
take the following:
we
country
in
women
"role
their
of
of
the
countryside,
of
have
always
exerted1
a
lofty standards of conscience and
he
good-neighbor
said,
type
in
appealing
mutual
of
for
"world
a
between
understanding
got his greatest applause when he expressed
rights of citizenship
for
mental
importance of the
saying
that
the
century hence it
be
descended
For
the
good1 of
from
the
that
future
the scheme of things
in
woman
now
failing to
are
possible
appears
will
two-thirds
one-fifth
of the
the
of
he
race,
come,"
to
themselves
"a
people of this country
women
he
said
repopulate
now
wished
the
on
them
farms."
freedom
from
drudgery.
The
Mr.
advices said,
same
Roosevelt faced
south
White
in part:
the most
of
one
grounds of the
of standing farm
a
colorful
scenes
House—close-packed
in
Seated
foreign
white
Mrs.
to
shawl,
in
including
Mrs.
elaborately bordered,
beside
Morgenthau
Mrs.
front
row
her
Jr.,
K.
stage setting.
a
diplomats
were
husband.
Mrs.
William
George
E.
delegates, then
There
H.
Borah,
the
were
Dern
wife
and
of
ran
Cabinet
Mrs.
delegates
the portico
on
wives—Mrs.
comparatively recent
current
selves.
applied
this
Recent
for
There,
the
too,
Republican
history
and
has exposed
farmers'
wives
do
and
The very fact of
the
fallacy;
and
agree
mere
believed
them¬
among
man,
suppose
People
are
population
and
sons
it
to
farmers'
read:„
daughters
cooperate.
of
For
of
agriculture.
far the greater
agriculture
in
This
agricultural
life
is
or
that
means
for today and for the future;
task
and
confronted
are
the former
harmful
We
the
world's
directly dependent
ladies
you
it
means
but
of
part
that
have
you
the standards
a
great
raise
can
of
on
all
life
concerns
the
realize
their
in
and! those
itself
necessity
of
that the
factories
dependent
city
and
on
dwellers
their
stores
them
have
a
with
problems; we
undoing past mistakes, of restoring
new
nature to their former value, and of seeing to it that
trying many new things—most of them
are
them
not
may
congratulate
both
numbers
in
United
of
the
so
many
We
are
100,000; for 333
a
comparable
new
airplanes during the year beginning
in
increase
strength;
12 new
Dr. George W.
marine
Calver,
corps
destroyers and 6 submarines.
The
section
added
by the
promoting
Senate
attending physician at the Capitol, from the rank of naval captain to rear
President
a
floor battle,
was
stricken from the bill.
Roosevelt
Urges
Curtailment
of
Sugar
Payments—Senator
O'Mahoney
Intro¬
Amendment to Pending Sugar Legislation
Benefits
duces
Graduated Scale
for
At the request
of President Roosevelt, Senator Joseph C.
O'Mahoney, of Wyoming, on June 2 submitted to the
Senate Committee on Finance an amendment to his recently
introduced sugar bill which would curtail benefit payments
made to large agricultural and industrial sugar corporation.
a letter to the Senator, under date
asked that the "principle of graduated
payments" be incorporated in the sugar legislation, and that
payments be made "at rates for large operating units lower
than those applicable to family-size farms."
The President
also asked in his communication that similar action be
of June 1, in which he
benefit payments under the Soil Con¬
servation and Domestic Allotment Act.
The sugar bill was introduced by Senator O'Mahoney on
May 29 and is designed to strengthen and extend until Dec.
31, 1937, the Jones-Costigan Sugar Control and Allotment
Act.
Similar legislation was also introduced in the House
of Representatives on May 29 by Representative Mervin
Jones, of Texas.
The Senate bill was referred to the Com¬
mittee on Finance and the House measure to the Committee
Agriculture, of which Mr. Jones is Chairman.
Regarding
by the Committees on the bills, Washington
advices, that day, to the New York "Journal of Commerce"
of June 4, said:
on
action June 3
Jones-Costigan Sugar Act against
this session of Congress today
committees voted to accord the Jones-O'Mahoney
legislation protecting the
Stop-gap
threat of court attack was seen assured in
House and
Senate
consideration in both chambers.
resolution favorable
Senate Action
.
.
.
Urged
subcommittee to
At the
same
time, Representative Jones, Chairman of the House Agriculture
Committee, ordered the measure reported out for House consideration.
Congressmen from beet sugar States were of the opinion tonight that "lack
of time is the only element which will prevent this bill's enatcment into
Today the
Senate Finance Committee authorized its
for favorable Senate action.
formally recommend the resolution
session."
law this
should Congress adjourn within the next
Even
the
sugar
Agricultural
resolution
week, many observers
"sandwiched in"
be
quietly
to the measure, and officials
The
somehow.
made known its
stand firm in their belief
essential if the existing sugar
legislation is
such
will
Administration has
Adjustment
stand with respect
statute is to be
protected.
Wallace denied at his weekly press
Meanwhile, Secretary of Agriculture
is
today that the sudden move for
Administration
an
against
attack
O'Mahoney amendment to the sugar
right direction," the Secretary
ments do not encourage
graduated benefit payments
corporate
Terming
power.
resolution as "roughly, a move in
the
the
added that "we just want to be sure pay¬
The large farm
extension of corporate farming."
organizations, he said, enjoy advantages over smaller farms
and are, therefore, not entitled to special favors.
succeed,
and
in
you
on
and
States,
such
believe will succeed;
we
cases
we
shall
seek
this fjne gathering, which has exceeded
in
are
the
scope
proud to
of territory represented.
present to
you,
better
our
We,
hopes
citizens
the representatives of
other nations, a cross-section of the farm women of
glad to have you visit the United States and, as
increasing
efficiency
The following
on
for natural
a
our
country.
result of this
O'Mahoney:
Dear Senator O'Mahoney:
In connection with the
proposed legislation with respect to sugar
ment to
rates
Senate Joint Resolution 278, which
for large operating units lower
I trust it will be
priates
the same
a
announced
on
June 3; the
measure
appro¬
total of $526,546,532 for the Navy Department
would provide
payments at
family-size
than those applicable to
legis¬
applying
and Domestic
possible to incorporate this principle in the sugar
consider the advisability of
principle to payment under the Soil Conservation
Allotment Act.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
signing of the Naval Appropriation bill by Present
was
which
sponsoring, I believe that the principle of
graduated payments might well be incorporated.
Large corporate organi¬
zations, whether in industry or agriculture, in the past have obtained from
the government certain advantages which often times have enabled them
to profit to an unusual extent.
This situation was recognized to some
extent last year when the graduated income tax was applied to corporations,
and I would ask your most earnest consideration of the advisability of
applying the same principle to the sugar payments by means of an amend¬
and Congressman Jones are
lation and that steps may be taken to
Appropriation Bill Signed by President Roose¬
velt—Carries
Record
Peace-Time Appropriations
Totaling $526,546,532
Roosevent
1, 1936.
farms.
and increasingly high standards.
Naval
The
Roosevelt,
is the letter sent by President
June 1, to Senator
The White House, Washington.
you
friendly meeting, the farm life of every nation is bound to march forward!
with
1930"
navy-enlisted personnel from
June
only
substitutes.
I
next,
allowed for increasing the
years.
not
practices of the olden days shall not be repeated.
of
some
work
throughout the
power
of
to
more
population
mine
with
gifts
and
cannot
agricultural
purchasing
Your
more
prosperous,
the
greater
to
men
1,
were
reasons
coming
are
be
unless
93,500
July
conference
the standards of
we
cannot
ship replacement construction has been commenced
of the other signatory powers to the London Naval Treaty of
Funds also
life in
well.
as
any
that
improving the conditions
to forget that by
actively engaged
responsibility
only
of two new
before the United States may begin construction.
believe
changed
this cooperation has made possible here and abroad the
prone
is
results
by
it
communities.
rural
not
a
have
we
farmers'
gjreat progress that has been made in
the
as
nation
every
be able to
farmers' wives and daughters as well.
cooperate
can
in almost
never
saying applied to the farmers I,
to the
Farmers
people
years
saying that farmers would
If
fact that capital
a
Henry
The President's address at the White House follows:
a
House and sent to the
The bill contained funds for the beginning of construction
as
as
skirt.
up
Presidential nomination.
Until
below the amount first approved
battleships, but added the provision that "the President shall determine
in
Ceylon,
Wallace.
contender
a
of
in native costume
many-colored
a
over
and
Vaithianathan,
and Latvia's Madame Olga Kulitan,
Roosevelt received the foreign
stand
was
enclosure
countries,
orange-colored sari;
of
the
on
close-packed
on
wives, with crisp frocks and fresh faces, and behind them
roped-off
a
enacted
ever
row
playing fountain and the white monument, like
from
was
approved by the
was
taken in respect to
studies, Secretary Wallace stressed the "funda¬
farm
cities
way
wish for the full
a
of every country.
women
the basis of population
On
When it
The President addressed
understanding and cooperation."
those
the maintenance
the
Agriculture
of
From Associated Press ad¬
the
good-neighborliness,"
to
Hull
$23,054,767 under the budget estimates.
approved today.
and
meet
to
nations.
Mr.
House.
was
that the total
was
Senate, the total was $531,068,707.
The Senate reduced the amount to
$529,125,806, and the conferees of the two Houses slashed it to the figure
country and with
our
the delegates
greeted
international
especially
influence
morality
was
finding
grand thing that
opportunity
parts of
and
Washington, June 1,
Hull
"Women,
this
all
of their conference in the hall.
promoters of
approved today
as
Providing
State
Wallace likewise welcomed
Secretary
by the
countries.
Secretary
vices from
The bill
Another feature
surprised but secretly I have chuckled with joy at
you were
many
_
admiral, and which threatened
saying:
as
representing * the largest peacetime pro¬
The bill as signed by the President
perfected in conference and the adoption of the con¬
ference report by the Senate on May 25 and the House on
May 29 was noted in these columns May 30, page 3601.
From the Washington advices May 30 to the New York
"Times" we take the following:
sum
was
Mrs. Roosevelt welcomed the
the lawn.
on
same
1937—that
service for the fiscal year ending June 30,
vision for the Navy.
of undoing past mistakes, of
restoring the former gifts of nature to their former
being assembled
3775
and the Naval
President Roosevelt Addresses Conference of Associated
drafting the amend¬
described in the following account,
The action of Senator O'Mahoney in
ment to his sugar
bill
was
3776
from
Financial
Washington,
June
2, appearing
"Herald-Tribune" of June 3f
Senator
O'Mahoney promptly drafted
scaling down all benefits
sum
an
taken
his
out
as
the
base,
the
normal
it
as
New
York
As
...
benefits
to
Benefits
were.
States, who are enabled
proportion of the tax.
the Senate Finance Committee
agreed on what was termed a compromise bill, and from its
Washington correspondent on June 1 the New York "Times"
Senator
O'Mahoney
below
the
small
producer
are
$1,000 are exempt.
1% is deducted from the second $1,000 of normal benefit, 2% from
the third, and 1% more from each
succeeding $1,000, until a normal benefit
A
a
$51,000 is reached.
Thereafter there is
flat deduction of 50%.
Thus
$551,000 under the old benefit
a
sugar producer who would have received
scheme,would, under the O'Mahoney plan, get only. $250,000, plus the
proper percentage of the initial $51,000.
"
week
(May 29)
ago
reported the following:
As
Then
of
June 6, 1936
4
income beneficiaries in the United
to avoid their fair
graduated scale up to $51,000, after which
on a
scheme,
tax
the
amendment to the sugar bill
payments were simply to be cut in half.
blocked
in
Chronicle
upon
reported today, the compromise bill followed exactly the lines agreed
in committee last week.
It included a combination of
corporate
income tax, with
rates ranging from 15to
the present schedule of 12^ to
corporate profits;
■'
A concurrent resolution
adopted by the House and
Senate yesterday (June 5) under which
Congress has agreed
upon a recess for a week from Monday June 8 to
Monday
June
was
15.
The Senate acted in response to a motion of
Senator Robinson, the Democratic leader. He indicated that
the Senate would meet on June 8 for a brief
session, to adopt
only any minor conference reports that might be ready. A
resolution was adopted by the House
authorizing Speaker
Bankxhead to sign enrolled bills and
joint resolutions, not¬
withstanding adjournment or recesses, and also permitting
the filling of conference
reports during the adjournment with
the
Clerk of the House.
Associated Press accounts from
Washington reporting this also said:
i"
The
week's
which will
is
recess
taken
begin at Cleveland
the final adjournment date
June 15.
Two
•
for
the
Republican
National
.
Tuesday. The action definitely placed
Congress for the first time at later than
i,
"v
v'. X;;'.
v
on the
Mississippi River
Both bills were sent to the White House
for President Roosevelt's
signature.
The conference
report
by the Senate
measure was
on
the omnibus bill
on
June 2 and by the House
on
adopted
was
June 3.
referred to conference after the Senate
The
May
21 adopted it in a form
differing from the bill which passed
the House at the last session on
Congress—on Aug. 22, 1935.
as
passed by the House the legislation carried authorizations
for projects in amount of
$370,929,000.
The Senate in¬
creased
this
but
amount
in
conference
the
measure
was
regard to certain projects which lowered the sum
to
$300,572,300.
Although proposed expenditures
for
projects authorized are fixed at $300,572,300, the bill as
previously states, provides for a total authorization of
examinations
and
for the projects and $10,000,000
with the
proviso that not
more than
$50,000,000 shall be expanded during the fiscal
year ending June 30, 1937.
The following regarding the
measure is from
Washington (United Press) advices of June 3:
in
surveys,
The omnibus bill authorizes
funds for hundreds of flood control projects
40 States.
It provides for flood control
compacts between States, a
flood control
inquiry by the War Department, and carries
of the funds shall be used for
power
The bill carries a
declaration of
none
a
it
Associated
projects.
from
adjourns,
so that actual work may be undertaken this
year.
Members of the flood control council of
central-southern New
or
York,
Congress, have expressed the hope that between $7,000,000
may be allotted for the
Pennsylvania this
the
beginning of the work in New York
year.
Mississippi River
measure
was
submitted to con¬
ference after the House had
passed it, with amendments,
on
May 22; the Senate had previously passed the bill on
April 21.
Both the Senate and House adopted the
ference report on June 3.
Previous reference to both the omnibus
Mississippi River bill
page
was
contained in
our
measure
issue of
con¬
The
President
had asked
$793,000,000 in
In
for
a
that
measure
funds annually for
new
would
the first
bring in at
three
years
and
least
$620,-
taking up the measure on June 2, the Senate passed
without consideration the corporate tax features and
over
discussed Title Two, which Includes capital stock and excess
as well as the so-called windfall tax and the
refunds on floor stocks.
All of these were approved
by the Senate without a record vote.
Tlie Senate's action
on that day,
according to the "Times" included the adoption
v of
the following:
tax
Title
III,
"tax
a
unjust enrichment,"
on
the
or
"windfall"
levy to
refunds of agricultural processing taxes under court orders, where
the vendor had passed the taxes on to the
purchasers or to the primary
recover
supplier.
Title
-V
•
;
IV, relating to
provisions
products sold abroad
on
Title
the
VII,
dealing with refunds
A summary of the bill as
is
; J'r>\': 4, ■/:/■■■''
AAA
of
processing
taxes
charitable institutions.
to
or
.'•.A.-'.'U
for refunds
of floor
stock
processing
under
taxes
Agricultural Adjustment Act.
given below,
that
date to
reported to the Senate on June 1
a Washington dispatch of
contained in
as
the New
York
"Herald
Tribune":
Virtually all details of the 293-page bill, which accedes to the President's
request for additional money for the new farm program and for amortiza¬
tion of the bonus payment to World War veterans
principally through
existing taxes, have been revealed previously by the Senate Finance Com¬
mittee.
The
porations,
bill
provides for
7%
a
15 H to
a
undistributed-income
18% tax
tax,
and
the income of
on
1%
a
increase
cor¬
the
in
individual income surtax brackets between $6,000 and $50,000.
Senator Black was joined in his minority report
by Senator Robert M.
La Follette Jr.,
Progressive of Wisconsin.
This gave indication that
these
two Senators would be the only members of the Senate Finance
Committee to support the substitute
legislation, which would enact undis¬
tributed income taxes as high as 30% on
corporations.
"Under
"the
our
proposal,"
Government
part of the
of the
than
more
financial group in
Black-La
the
United
States
Follette
would
minority
able
be
to
said,
report
collect
large
a
$600,000,000 in taxes which the most prosperous
the nation will inevitably escape and avoid if the cor¬
porate-tax law remains unchanged or if the Senate committee's bill becomes
the
law.
Our
a
would
bear
present to
their
simply
require
this
group
proportion of taxes
proper
so
as
a
accruing to them from their share of corporate profits."
The report placed the
It conceded
therefore
proposal
greatly favored at
result of benefits
yield of the substitute proposal at $502,000,000.
yield to the Senate committee bill of only $522,000,000, far
below the estimates of the committee but in line with those of the
Treasury
experts.
The
...
Senate tax bill, like that of the House, removes the
exemption of
•the
law,
normal
which
May 16,
frees
individual
80% windfall tax
taxes of the
dividends
income
and for
on processors
the
hands
of
system of refunds
a
measure to
the House bill.
undistributed
from
stockholders
The bill also provides for an
Agricultural Adjustment Administration.
establishes
the
in
of 4%.
tax
on
floor stock
;
length of the Senate bill is occasioned by its form,
amending
an
In place of the 14 pages of House text, which
corporate
income taxes ranging up to 42
%,
Senate bill gives less than a page to provision to increase the
existing
income taxation of corporations.
levied, collected and paid for each taxable year upon
the normal-tax net
"a normal tax
income of every corporation," the reported bill reads,
follows:
as
"Upon normal-tax
"$310
net incomes not in excess of
upon normal-tax net
incomes in
addition of such
"$2,390
$2,000, 15per centum.
incomes of $2,000, and upon normal-tax net
of $2,000 and not in excess of $15,000, 16 per centum in
excess
excess.
upon
normal-tax
incomes
net
of
tax net incomes in excess of $15,000 and not
$15,000,
in
and
normal-
upon
of $40,000, 17 per
excess
centum in addition to such excess.
"$6,640
upon normal-tax net incomes of
excess
of $40,000,
$40,000 and upon normal-tax net
18 per centum in addition of such excess."
New
$700,000,000 Tax Bill—Measure
Formally
Presented
by
Finance
Committee—
Minority Report by Senator Black Urges Substi¬
tution of Administration
Proposals—Leaders Seek
Quick Passage of Bill to Speed Adjournment
The Senate this week debated the
$700,000,000 tax
bill, following its formal report on June 1 by the Senate
Finance
Committee.
Administration leaders
sought to
hasten Senate action on the
measure, in order to expedite
the adjournment of Congress.
Coincident with the report
of the bill to the Senate
new
June 1, another report was filed
by Senator Black of Alabama, who attacked the bill and
urged that there be substituted a measure more in accordance
with President Roosevelt's wishes.
(These were referred
to in the " Chronicle'' of
on
May 30,
pages
3599-3600.)
Black charged that the committee's bill favors
cor¬
000,000 permanently thereafter.
incomes in
Debates
/•"
on
presented today, the Treasury calculated that the bill
$702,000,000 in additional revenue for the first year and
$620,000,000 annually thereafter.
and the
3272.
Senate
-yv.
House provisions liberalizing taxes
form
"There shall be
The
agricultural processing
:V U'V
x
would produce
The
of the organizations most active
in the fight for flood control legislation
$8,000,000
and
In
existing
appropriation is contained in the bill, it is expected an item of
approximately $50,000,000 will be put in a deficiency bill before Congress
one
uncollected
or
/ xU '
income in the hands of their eventual recipients.
as
Washington, June 3,
no
at this session of
';
Existing Exemptions Dropped
advices
stated:
was
While
Press
on
porate liquidations, designed to induce the distribution of assets of
many
personal holding companies so that such proceeds might be levied upon
provision that
policy that "flood control is a proper
activity of the Federal Government in co-operation with the States."
All of the projects have the
approval of War Department engineers.
In
impounded
The bill also reasserted the
on
revised in
$320,000,000-y-$310,000,000
bracket
unjust enrichment resulting from the return of
on
of formerly
taxes.
to control floods
measure
and its tributaries.
for
abatement
Flood
Control Bills Before
President—Congress
Adopts Conference Reports on $325,000,000 Omni¬
bus Bill and
$272,000,000 Mississippi River Measure
Congressional action was completed this week on the
$320,000,000 omnibus flood control bill and the $272,000,000
Overton
undistributed
profits taxes,
Convention,
next
of
on
surtax
4% to dividends in the hands of individual shareholders, anda
"windfall" tax of 80%
from June 8 to June 15
18%, to be substituted for
7% flat surtax
a
in each individual
incomes between $6,000 and $50,000; full application of the normal income
tax rate of
Congress Votes Recess of Week
15%, and
step up of 1%
a
Senator
the largest
Corporate Surtax Section
The
7%
undistributed
income
tax
is
,
provided
for,
in
main,
in
one
paragraph, which reads:
"There shall be
levied, collected, and paid for each taxable year
the net income of
every
corporation
a surtax
upon
of 7 per centum of the amount
of the undistributed net income."
From
the
7%
undistributed
income
surtax,
the
Senate
bill
exempts
banks, meaning "
a bank or trust company incorporated and doing business
under the laws of the United States,
including laws relating to the District
of Columbia, of any State,
or
of
business
of
receiving
of
discounts,
to
which
or
of
consists
any
territory,
exercising fiduciary powers
National banks
under
Section
11
(K)
a
deposits
substantial part of the
and
similar
making
to
those
loans
and
permitted
of the Federal Reserve Act,
as
amended, and which is subject by law to supervision and examination by
State
or
Federal authority having supervision over banking institutions."
Also exempted from the 7%
ruptcy
and receivership,
surtax are domestic corporations in bank¬
insurance
companies,
foreign
corporations
corporations organized under the China Trade Act of 1922.
and
Volume
Life
and
mutual
tax of 15H
insurance
18%,
to
as
companies
the normal
than life
under
brought
are
the
of
The
corporations.
and mutual, under provisions of two separate sections.
paid
a
surplus"
accumulating
justification
income
or
under
retained
of
statement
a
"more
is
"retained
termed
than
than $15,000, whichever is
more
income,"
net
25%
avoid the
tax on
entire
retained
other
is
included
so
in
accumulating surplus,
■,
not, of the
90%
the
gross
more
or
retained*
of such
of shareholders
income
corporations."
Insurance Taxes Reduced
In the Senate bill is
to
taxation
a
reduced
is
designed
provision for reduced taxes on insurance
Under this section, the exemption of $100,000 from
pa^ estate taxes.
estate
to
$40,000,
but
it
insurance
provided that
is
policies made out to the Government, up to $1,000,000, may be deductible
for tax purposes.
The exemption does not apply on policies that are for
less
than
or
one
year
10
years
which premiums have been paid for more than
on
in advance
Comprehensively revised is the section dealing with the refund of
taxes and with the
80% tax
AAA
"unjust enrichment" (windfall) to the end
on
particularly of protecting the processor from too excessive taxation and of
preventing too great red tape in administration of the two sections by the
Bureau of Internal Revenue.
The Senate bill retains taxation of 10%
of intercorporate dividends, as
properties
in
existing law;
to
30% of the selling price; provides for taking stock dividends that change
limits the tax
the ownership of
resident
tax
the stockholder; establishes a new system of taxing non¬
aliens and
treatment
original sale of gas and oil
on
to
foreign corporations; gives
type of preferential
new
a
existing
revises
trusts;
common
taxation
of
personal
undistributed income tax and
the 7%
holding companies to provide for
provides for exempting community, civic and membership concerts from
the admission tax.
*
in
contended
and
of debate yesterday, Senator King read a long prepared
however,
bill adopted by his
compromise
House
the
that
leaders,
publican
of the
support
measure
following a
loaded
was
with
committee
defects.
during the
conference
Re¬
morning,
felt that both the House and Senate tax bills were full of defects, but that
the Senate bill
the lesser of the two evils.
was
It
predicted by Senate
was
The
Senator Hastings of
Delaware, in
study of the tax issue.
minority report, advocated
a one-man
"The Congress should agree
to no
the
ment."
tax
bill
majority report of the
Senate
Finance Committee on the
Tuesday morning [June 2]
compromoise made public
Chairman
new
by Acting
King, the committee feels warranted in estimating a total of
$829,000,000 will be produced under the committee's compromise measure.
This is
$26,000,000
more
House bill and will be ample to take
than the
of the permanent revenue of $620,000,000 requested by the President
and the temporary revenue
for the next fiscal year.
"On the basis of this conservative increase
$82,000,000
in the
Treasury's estimates
in
House bill only returned
The
temporary revenue.
$623,000,000 in permanent revenue and $180,000,000 for one year.
Finance Committee bill is decidedly to the advantage
to
as
$669,000,000
and
year
The
of the Government
certainty and volume," the majority report stated.
Under the committee's estimates,
first
following
Senate bill would produce
while the
to the revenue,
leads to
a
Over
years.
Senate
bill
$3,427,000,000.
revenue
House bill
committee
The
depression.
revenue.
House bill would produce more revenue than
during periods of extreme
than the
"Finally, in respect
House bill leads to unstable
hand, it cannot be denied that the
prosperity, but, on
the other
Finance Committee bill produces far
during normal periods and periods of
believes
that
a
stable
reasonably
revenue
after
debating the bill on June 3,
and did not consider the measure on the following day; due
to adjournment out of respect "to Speaker Bvrns, whose
death is referred to elsewhere in this issue of the "Chronicle."
the
Before
recess
on
June
3
the
Senate
adopted without
increase in surtax rates of 1 % in each of the
brackets from $6,000 to $50,000.
Proceedings on June 3
discussion
an
described
as
that date to the
amendment
forth
set
that
work relief funds
no
the
whole
the
follows
in
a
dispatch
Washington
of
would not take such large sums out of the
only two projects.
relief appropriation to use on
-
Both projects were started with funds allotted out
work relief
of the $4,880,000,000
appropriation voted at the last session of Congress.
Vandenberg
declared
has
authorization
Congressional
that
Senator
was
never
keeping out of previous
appropriation bills any money to carry them on.
Change Sought by President
At the behest of President Roosevelt, Senator Robinson, the
Democratic
engineers each be appointed by the President to review previous
on
to the
ship canal and $9,000,000 to 'Quoddy if the boards found continuance
justified.
Senators Hale and White of Maine, both
opposed the
Florida ship canal, like
Republicans, have consistently
most other
Republicans, but have
their positions. Senator Hale forced a division
yesterday of the question on the Robinson amendment, so that two ballots
taken, one on each project.
were
The vote was tied at the end of the first
The Florida canal came first.
voted each way.
48 votes, 24 Senators having
"ayes" from stanch
Then came a succession of
Administration supporters and the canal was safe,
Southern
Each of the
which the
Maine
Senators
question was the continuance of the
Bailey of North Carolina was the
On the next roll-call,
Byrnes of South Carolina it was evident
They were followed by Senator Russell of
Southern blood was up.
Georgia and Senator Thomas of Oklahoma.
have been one vote short of balancing the change
These changes would
from "no" to "aye," but Senators Murray of
of Senators Hale and White
Montana, Norris of Nebraska,
had
not
Minton of Indiana, who
Dakota and Senator
Bulow of South
been
Schwellenbach of Washington, Wagner of
of Montana also changed over.
present for the first roll-call, also
and it was rejected by a vote
voted against 'Quoddy,
of 39 to 28.
on June 3 by
Republicans to hasten the adjustment
of the differences with the Senate, Associated Press advices
June 3 from Washington said:
With reference
to
the agreement reached
House Democrats and
Resort to
a
special resolution voted by the Rules Committee was not
needed when Representative
Buchanan, Democrat, of Texas, the Chairman,
understanding on the floor for procedure to govern the
making
progress
and
there
was
every
Representative Taber of New York and other Republicans reached an
discussions with the
This
agreement
all
directed that the conferees
Senate amendments,
have authority to accept
except the $10,000,000 conditional ex¬
any
life insurance policies taken out expressly for
penditure authorized for the Florida ship canal and the
the
purpose
of paying estate
or
given to the PWA for grants.
Senator
George
Finance
made the
Committee,
House bill sharply,
of
explanation,
the
on
behalf of the majority of
corporation
levies.
saying that "nobody knows or
He
can
criticized
the
know, except
as
House conferees in
Senate.
Lonergan's proposal to exempt from net estate valuation the proceeds of
duties.
on
'Quoddy project, Senator
first to change over to the "no" column.
When he was followed by Senator
that
Shift
Senators had voted No.
Senate
was
findings
Under it the President could have allotted $10,000,000
the two projects.
and
Every section was accepted except the taxes on corporations and Senator
$300,000,000 fund
Mr. Buchanan will bring these back for
separate House votes.
The following
House conferees were named on the deficiency bill: Repre¬
sentatives Buchanan and Taylor
of Colorado, Oliver of Alabama, Woodrum
of New York and Cannon of Missouri, Democrats, and
York and Thurston of Iowa, Republicans.
conjecture, what it will produce" in revenue.
of Virginia, Boylan
He
a
could
project that could not be completed with the funds on
"Times":
prospect of a final vote until the snag was struck later in the afternoon.
the
II of
according to present estimates, and it is evident that President Roosevelt
Senator
Senate recessed
The
On
Title
'Quoddy would cost $42,000,000 and the ship canal $150,000,000>>
New York and Wheeler
from income tax is more to be desired than an unstable revenue."
were
into
35 to 30.
five-year
a
Finance Committee's bill
it may be pointed out that the
stable revenue while the
It may be possible that the
more
hand.
$751,000,000 will be produced in the
in the
period, the committee states, the House bill would produce $3,295,000,000,
the
committee
be allotted to any
To enable them to maintain
the Finance Committee bill will return $747,000,000 in permanent revenue
both
had put
Deficiency Bill, relating to the work relief fund of $1,425,000,000.
the
urged further work on 'Quoddy.
$747,000,000 Permanent Revenue
and
Committee
Appropriations
leader, sought an amendment to provide that two boards of three impartial
the
care
Senate
tax
bill," he argued, "until there appears some evidence of economy in govern¬
In
had joined
against it on final
Robinson proposal to change an amendment
question arose on a
which
granted for either project, and he succeeded in
spokesmen that the Republicans would aU vote against any taxes.
further
vote
on June 1, by a vote of 62 to 14, approved the
Appropriation Bill, containing $1,425,000,000
for work relief during the next fiscal year and $300,000,000
for grants and loans on public works.
The House which
passed the bill on May 11, sent the measure to conference
with the Senate on June 3 after an agreement was made to
permit the House to vote separately on the Senate amend¬
ments covering the Florida ship canal and the Public Works
Administration revolving fund provisions. The bill contains
in addition to the relief provision, appropriations for the
Civilian Conservation Corps, the Social Security Board and
the Public Works Administration, as well as an authorization
for President Roosevelt to appoint an engineering board of
review to report on the' Florida ship canal, and it authorizes
the President to allocate money to the canal project if that
board reports favorably.
Total appropriations are $2,370,000,000.
The measure as approved by the Senate gives
President Roosevelt complete responsibility for relief allot¬
ments, as noted in the "Chronicle" of May 30, pages 3601-02.
The Senate on May 30 rejected a proposal for a survey
looking to continuance of the Passamaquoddy tidal power
generation project, but approved a similar survey of the
Florida ship canal.
This action was described as follows in
a Washington dispatch of May 30 to the New York "Times":
The
At the opening
possible only
*
A Washington dispatch of June 2 to the "Wall Street
Journal" described the Senate debate on that date as follows:
statement
was
of
The Senate
35% over
"include in their gross income
corporation for such year, and
income
net
than
majority plan, he charged, but this
Republican members of the Finance Committee
it, although they intended to
many
Senate had
Conference
the
when
$100,000 and
whether distributed or
rata shares,
pro
income of the
net
challenged
he
Deficiency
under
$100,000 if the shareholders of the concerns
their
subjected to
greater."
income
net
substitute,
The proposal before the
Approves Deficiency Appropriation Bill Allocat¬
$1,425,000,000
for
Work
Relief—President
Roosevelt Given Sole Responsibility for Allotments
—Florida Ship Canal is Revived—Measure Goes to
of the special adjusted net income
It is also provided that corporations, improperly
may
is
accumulation,
for
reasons
40%
his
ing
The surplus,
taxable disallowed charitable and disallowed loss deductions.
reductions,
accomplished
Senate
cor¬
"Special
corporation to make
effective.
more
adjusted net income" is created by permission of a
these
is
102
interesting of the revisions is the rewriting of Section
more
improperly
porations
offered
by his colleague.
in recommending
dividends during the taxable year."
as
Among the
surpluses
passage.
of existing law, in order to make its purpose of placing a "surtax on
after
because the
by which the adjusted net income exceeds the amount
during the whole taxable year is not prohibited by
made
Black
been presented as a
its tax
which
contract from being
credit of the corporation in figuring
as a
Senator
claims
the
divi¬
Giving tax preference to companies having contracts not to pay
"the amount
of
Black Challenges George
When
Preference to Certain Firms
dends, the Senate bill lists
establishment
solely in response to the dictates of prudent marifegement.
domestic insurance companies other
are
3777
Chronicle
Financial
142
Taber and Bacon of New
explained
the
would retain existing
Finance
Committee's
compromise
proposal,
which
corporation income taxes, raising each of the three
present rates by 3% and levy a flat 7% supertax on undistributed profits.
The
Georgian praised British tax laws
rates on
because they impose the
income whether earned by an individual or a corporation.
same
This
bars, he said, the possibility of tax evasion by leaving profits in the treasury
The Senate Commerce Committee on
May 26 by
a
vote
resolution sponsored by Senator Robin¬
son to revive the Florida ship canal and the Passamaquoddy
tide-harnessing projects, which Congress had previously
of 12 to 5
approved
a
3778
Financial
rejected.
The resolution proposed a new engineers' study
of the two projects and, if a favorable
report is made to the
President, an immediate allocation of $19,000,000 for con¬
tinuing work upon them.
A total of $12,400,000 has already
been allotted to the projects.
Senator Vandenberg led the
opposition to the resolution in committee.
A Washington
dispatch of May 26 to the New York "Herald Tribune"
commented
The
on
the resolution
follows:
as
importance of the resolution to the
sharply
emphasized
by
meetings at which it
was
Senator
Administration
Robinson's
considered.
at
presence
machine
the
was
committee
The powerful ruler of the Administra¬
tion's closely organized forces is a very busy
man, who scarcely makes a
hatit of attending meetings of committees to which he does not
belong
and in whose proceedings he can have
however, three
Democrats
voice.
no
joined Senator
In spite of his presence,
Vandenberg in voting against
the resolution.
They were Senator Royal S. Copeland, of New York, Chairman of the
committee: Senator Bennett Champ Clark, of Missouri, and Senator Francis
T.
Maloney,
of Connecticut.
Republican floor leader,
tionists
Senator
Charles
L.
McNary, of Oregon,
the fifth anti-resolutionist.
was
The pro-resolu-
led by
were
Senator Duncan U. Fletcher, Democrat, of Florida,
meeting with five proxies in his pocket.
In the discussion, it was later revealed. Senator
Vandenberg reviewed
who arrived at the
the evidence against the canal and
$150,000,000
and
testimony that
$42,000,000,
neither
had
'Quoddy, which
respectively.
economic
geologists that the canal might make
estimated to cost
are
Besides
justification
pointing
and
the
the
out
opinions
of
a near-desert of the southern half of
Florida, Senator Vandenberg also put in the record opinions on the 'Quoddy
project from "the eight leading hydraulic engineers in the country," all
of them sharply adverse.
Senate, where they will attempt to
They frankly expect to have
a more
kill the two.projects all over again.
difficult time of it than they did when
the appropriation for the projects was voted on, for the resolution
merely
empowers
the President to appoint boards of review, and it will be hard for
Democrats who voted against the projects before to do
so
again.
Reference to President Roosevelt's decision
against further
funds for the Passamaquoddy power
issue of
our
April 18,
page
by Justice Pierce Butler, is given elsewhere in this issue of
the "Chronicle."
A dissenting opinion was written by Chief
Justice Hughes, who voted with Justices Brandeis, Cardozo
and Stone to sustain the statute.
The last three justices
presented through Justice Stone still another independent
argument, attacking the majority opinion as an expression of
"personal economic predilection."
Concurring with Justice Butler in the majority opinion
were Justices Van Deventer, McReynolds,
Sutherland and
Roberts.
Their decision
State
the
Federal
declared
that
Government
neither New York
had
the right to fix
for women workers.
After issuance of the decision,
it was generally agreed in Washington that there is no con¬
stitutional
power
for any Government body, Federal,
State or local, to regulate wages for adults; except on public
work contracts.
The New York State Minimum Wage Law
governs
wages
and working conditions of women and
children; the action which resulted in this week's findings of
the Supreme Court had attacked the provisions of law,
having to do with the wages of women.
It is said that 17
States have minimum wage legislation, and seven of these
had asked the Supreme Court to sustain the New York law.
Justice Butler's opinion referred to the District of Columbia
Minimum Wage Law which the Supreme Court rejected by
a 5-to-3 opinion 13 years ago, and said that the New York
law presented no different issue.
The case arose when the
nor
wages
Joseph Tipaldo, manager of
Spotlight Laundry in Brooklyn, who was charged with
falsifying records to show he had paid the minimum wage to
women working in his laundry.
Mr. Tipaldo sued for a
writ of habeus corpus on the ground that the law violated
the due process clause of the State and Federal Constitutions.
The New York Court of Appeals sustained Mr. Tipaldo on
March 3 and the Supreme Court's decision upheld the Court
of Appeals.
Justice Butler said, in part:
the
prepared to carry their fight to the floor of the
are
June 6, 1936
The text of the majority opinion, which was written
ment.
State made efforts to prosecute
Senate Floor Fight Planned
The anti-resolutionists
Chronicle
project was made in
2594, in which the President was
said to have indicated that further
moneys must
from
Upon the face of the Act the question arises whether the State may
special Congressional appropriations.
A summary of the relief bill as sent to conference is
given
below, as contained in a Washington dispatch of June 1 to
impose upon the employers State-made minimum wage rates for all com¬
come
petent experienced women workers whom they
That question
involves another
trades,
the New York "Herald Tribune":
The bill differs
to
business, other
industry or
State-made
may
have in their service.
It is: Whether the State has power
one.
similarly to subject
all
wages
than
adult
house
in
employed
women
and
farm work.
These
principally from the House measure in that the duty of
doling out the big relief fund is not given directly to Harry L. Hopkins
and his WPA.
The House bill specifically named Mr.
Hopkins as relief
the
spender in chief, but the Senate changed this late last week.
lative power of the State is the same as that imposed by the corresponding
has been handed the
with the
job
once
$4,880,000,000 of last
under much the
more,
year, except
the money must be spent are more
conditions
as
that the categories within which
strictly defined.
classes of work relief spending popular in
The President
same
the past, from roads to white
WPA is to do most
likely to receive a slice when the relief appropriation pie is cut.
Secretary Harold L. Ickes's PWA is independently provided for, by per¬
mission to use $300,000,000 of the assets now tied up in its
revolving fund
States.
berg, Republican, of Michigan, making it
a crime punishable with $2,000
in jail to solicit political contributions of any relief workers.
The adoption of an amendment offered by Senator
Theodore G. Bilbo,
any one
employed by the
WPA in
as
an
a supervisory capacity to serve on a
political committee, to act
the agent of a candidate for office, to be a candidate for
office, or to be
office holder.
The adoption of an amendment by Senator Alben W.
of
Kentucky, removing
projects
costing
more
committee
a
than
$100,000
limitation
to
30%
Barkley, Democrat,
PWA
on
of the
grants
projects
on
its
and
cost,
authorizing 45% grants.
nullify contracts
between
amount of wages to
be paid.
minor
offered
by Senators to
ware,
Senate accepted several
take
of matters in their
care
First
was
attempt by Senator Daniel O. Hastings, Republican, of Dela¬
to have yesterday's vote reviving the Florida ship canal reconsidered.
It died at birth, when, on the motion of Majority Leader
Joseph T. Robin¬
son,
was
the amendment offered by Senator
have revised the
whole administration of relief.
The
have returned the administration of relief to the
have
established
allowed
the
up
Vandenberg plan,
States
to
determine
wanted within their borders.
Senator
States, permitting them
35% of the total relief cost.
bi-partisan relief administration,
a
for
-
themselves
It would have
and
what
sort
it
It would
would
of relief they
after the
computing the
country,
proper
no
shares of the
remaining
for
States
States
$1,000,000,000.
Supreme
had
been
calaculated
by
Senator
Vandenberg
main¬
such
of their
relevancy
no
services would
upon
be
material
the question whether
And utterly without significance upon
power.
of
Columbia
standard
based
was
upon
the
latter
alone.
Chief Justice
Hughes based his dissent chiefly on the
ground that the New York law was different in some respects
from the District of Columbia law.
Justice Stone, however,
attacked the decision in the District of Columbia case, and
said that the majority of the Court should instead have
followed
the
liberal
more
later decisions.
interpretation of due process in
Hughes said in part:
Chief Justice
4. Validity of the New York Act
...
must
be considered in the light
of the conditions to which the exercise of the protective power of the State
addressed.
was
The
a
statute itself recites
these
conditions and
State
the
voluminous factual brief for the purpose of showing
from
.
.
.
We have had frequent occasion to consider the limitations of liberty
of contract.
While
it
is
highly important to preserve that liberty from
arbitrary and capricious interference, it is also necessary to prevent its
abuse,
as otherwise it could be used to override all
in the end destroy the
to
safeguard.
and
not
public interests and thus
freedom of opportunity which it is designed
very
We have repeatedly said that liberty of contract is a qualified
absolute right.
an
there would be
of
women
horns
is
test
In
as
much to be said against a regulation of the hours of labor
against the fixing of a
restriction
the
upon
But the right being
power.
the
as
a
of
the
reasonableness
before
statute
legitimate and the
a
in
us,
means
minimum wage.
Restrictions upon
making of contracts
and
upon
earning
qualified one, we must apply in each
the
no
circumstances
unreasonableness
case
disclosed.
appears.
The
end
is
I think that the Act should be
appropriate.
Court,
in
5-to-4
Justice Stone declared that the Fourteenth Amendment
"has
embedded in the Constitution our preference
particular set of economic beliefs than it has
adopted, in the name of liberty, the system of theology
which we may happen to approve."
His opinion said,
for
no
more
some
in part:
Decision,
Holds N. Y. State Minimum Wage Law Unconstitu¬
It is not for the courts to resolve doubts whether the remedy by wage
regulation is
impotent.
Cardozo Also Dissent From
than it has
Majority Findings
The United States Supreme Court by a 5-to-4 decision on
June 1 declared the New York State Minimum Wage Law
for Women and Children unconstitutional, on the ground that
it violates the due process clause of the Fourteenth
Amend¬
efficacious
as
as
many
is better even than the blind
or
tional—Opinion by Justice Butler Based on Ruling
13 Years Ago—Chief Justice Hughes Writes Dis¬
senting Opinion—Justices Stone, Brandeis and
value
has
question of power is the suggestion that the New York statute pre¬
immediate
tained that in the long run his scheme would reduce relief costs.
United
the
women
But the fact
any
reduction in the proposed
allowed $425,000,000
number of unemployed, cost of living and section of the
of the
paid
has
upheld.
distribution among the States for "emergencies," and authorized a further
division,
the
to
as
State
have
.
Vandenberg's amendment provided
relief appropriation.
workers
If liberty of contract were viewed from the standpoint of absolute right,
Vandenberg which would
worked out in conference by House and Senate Republican leaders, would
large Federal grants if they put
women
the
of Arkansas, the Senate voted to table the motion, 35 to 32.
Second
to be
consideration.
5.
home States, there were two big opposition efforts to alter the bill.
of these
and
If the State has the power to single out for regulation the amount of
wages
has submitted
long day's bickering, during which the
amendments
employers
various official statistics that these recitals have abundant support.
Two Main Attacks Repulsed
In the
decision and the reasoning upon which it rests clearly show that
The
District
Most important of the changes made in the bill
today were:
The adoption of an amendment offered by Senator Arthur H. Vanden¬
Democrat, of Mississippi, making it illegal for
the legis¬
upon
the legislative power of the United
scribing standards includes value of service with cost of living, whereas the
Chief Alterations in Bill
or a year
upon
the
for grants to States and municipalities for heavy public works.
fine
concerns
as
the State is without power by any form of legislation to prohibit, change
of the work, although Dr. Rexford Guy Tugwell's Resettlement Administra¬
tion is
So far at least
case.
by the due process clause of the Fourteenth Amendment
or
President Roosevelt has already indicated that the
questions decided in the Adkins
validity of the enactment under consideration, the restrain imposed
provision of the Fifth Amendment
They include all the
collar projects.
the
were
believe,
or
is better than
some
other,
operation of uncontrolled economic forces.
The Legislature must be free to choose unless government is to be rendered
The
Constitution
we
may
an
preference for
adopted, in the
name
some
has
no
more
particular set
embedded
in
the
of economic beliefs
of liberty, the system of theology which
happen to approve.
I know of
of
Amendment
Fourteenth
our
no
rule
application
or
practice by which the arguments advanced in support
for
precedents in deciding
certiorari
a
restrict
our
choice
between
conflicting
question of constitutional law which the petition,
if granted, requires us to answer.
Here the question which the petition
specifically presents is whether the
Fourteenth
Amendment.
In
New
York statute
addition, the
United States and
reason
a
the Constitution
"are necessarily
prior decision" of this court
a
the
contravenes
petition assigns as
for granting it that "the construction and application of
of the
involved," and again, that "the circumstances prevailing under which the
New York law was enacted call for a reconsideration of the Adkins case
in the
,
light of the New York Act and conditions aimed to be remedied
Fourteenth Amendment
rightly
asked.
We should follow
to construe and apply the
now
avoid
its reconsideration
decision in the
if it
even
Nebbla
not
were
of the solution of the problems to which the statute is
It seems to
of the
the
me
method
and leave the selection and the
case
addressed where
legislative branch
Constitution has left them, to the
Government.
Arguments before the Supreme Court in this case were
described in the "Chronicle" of May 2, pages 2928-29.
States
Supreme Court Decision on New York
Wage Law Viewed by President Roose¬
Tending to Create "No Man's Land"
Minimum
as
Court
holding unconstitutional the New York State minimum
wage law, on top of the other recent similar conclusions of
the court, is regarded by President Roosevelt as tending to
create a "No Man's Land," where neither State nor Fed¬
eral governments may exercise authority over labor con¬
ditions.
Stating that it was the first critical cognizance of
the
court's
decision of the United States Supreme
of
series
far-reaching decisions
during
months that the Chief Executive has taken since
when
he
described
a
recent
year ago
Industrial
National
tribunal's
the
Act decision
in disposing of electric
developed at its various hydroelectric projects, Judge
Sibley, according to Atlanta advices to the New York
"Times," said:
the
to
joblots,
and
be
for
run
license
President's
the
his
conference
press
While
a,
asserted
seemed
full
the
be
to
it
as
room
that
today
was
of
court's
an
were
State
but it
reference
official
no
not
was
recognized that
an
area
authority
listened
more
silently,
the
Federal
matters
in
as
of
laying
of
down
the
have
long
law
was
certain
over
acts.
.
.
situation
a
which
plainly understood terms by the high tribunal and
"Times")
conference
Roosevelt
should
be
Court's
He
to
made in reply to a question
to whether he had any statement
Deal's objectives could be brought
redrafted
ask
to
He then
discuss
such
Court
marked
the
delivery
of
to
answer
press
will
It
be
with
his
have
been
things thus produced
solicitous to
the
of
interest
great
President
istration
have
because
as
seems
as
an
the
Supreme
.
".(•
seems
'
He
the
law
asked
To
you
New
of
a
under
Government
you
in
a
see
remarks
Schechter
the
on
a
Supreme
care, and, while
his extemporaneous remarks
were
substantially
everybody
follows:
as
in
the
United
Justice Stone—because the
aroused
that
fact
consideration
York
and
was
enacted
special
soon
a
in
com¬
majority
interest
discussed
in
the
his admin¬
afterward.
this
meet
a
was
do
cannot
The State cannot do
flood'
the President
some
things
was
asked.
doubt
was
another
question
in
.'
.
'
•
i
'■
•
v
.
.
have' purchased
be
not
left
be
may
that
vast forest reserves in order to con¬
navigation,
promote
built
to
inevitably trees have grown
rot, but may be sold, and
and
die
to
in
and
them
carry
to
market,
a
but
no
no
one
Congress could establish planing mills and ehair factories
cities under guise of selling timber.
our
These
which
illustrations suggest that
electricity
be
may
Congress to consider.
say
that
this
there must be limits as to the ways in
disposed
The
of.
limits
decency
of
Those of power alone are for the courts.
for
are
I cannot
TVA in
case.
any
limit
of
has
power
Preliminary injunction
transgressed
been
yet
by
but with leave to either
party to apply further in case of any future fraudulent or false statements
to present
or prospective customers made by
authority or connivance or
encouragement of the other, or of any wrongful attempt by either party to
induce customers or grantors of right-of-way to break their contracts or to
organize
any
is accordingly refused,
illegal boycott.
Justice Wheat of District of Columbia Supreme Court
Upholds Federal Grants in PWA Power Program—
Dismisses
Injunction
Suit
Against
Municipal
Projects in Four States
Allotments to finance municipal power projects under the
relief program is constitutional,
the District of
works
Supreme Court ruled yesterday (June 5), said
Washington despatch to the New York "World-Telegram"
from which the following is also taken:
a
Works
had
Administration
suits
power
consolidated
been
for
program
in
seven
before
hearings
of PWA funds
involved allocations
The Court today ordered
injunction suits which
Chief Justice Wheat
to eleven towns in
The
Oklahoma,
It ruled that this program
dismissal the suits.
of the administration is constitutional.
About fifty similar suits
now on
local courts will be held in abeyance until the United States
in the
Columbia and possibly the Supreme
Court make their final determinations.
Although the Court of Appeals
visions of the emergency
a
month ago . held that the housing pro¬
relief appropriations act were unconstitutional,
Chief Justice Wheat today declared that the higher court opinion did not
involve the entire appropriations act which was
National Industrial Recovery Act in the
with
placed under attack along
present action.
The power companies which brought
Power Company, the Texas
Alabama
Oklahoma
the
Power
the actions were the
Utilities Company,
Utilities Company, and the Iowa Light &
Company.
TVA from Further Operation Brought
Utility Companies in United States
Court in Birmingham
Action to Enjoin
District
Valley Authority from fur¬
in the District Court of the
United States in Birmingham, Ala., on May 29, by 19 operat¬
Suit to enjoin the Tennessee
ther
operation
brought
was
The petitioners also ask the court to
Authority Act of 1933, the
power program authorized by the Act, and the power pro¬
gram promulgated by the TVA "are severally in violation of
decree that the Tennessee Valley
the Constitution of the United
replied that there
was
nothing else to be said.
He refused to grant
an
we
Right of TVA
quote:
Morgan and David E. Lillienthal, of the TVA, as defendants.
bill says "the execution of the program promulgated
The
by the defendants will necessarily and inevitably destroy
all or a substantial part of the business and property of
In
injunction, requested by the Georgia Power Co.,
from entering the State.
Georgia
Supreme Court of the United States.
the Gorgia
Power Co.
and
They
ernment
are
not authorized by any power delegated to the Federal Gov¬
by the Constitution or any of its amendments.
and
merce
local
to extend Federal power over matters of intrastate com¬
police power,
was
tres¬
In
in
contravention of
the
Ninth
and
Tenth
Amendments.
3.
the
The
Act
fails to
indicate any adequate legislative
administrative officers,
power
but,
on
standard to
guide
the contrary, attempts unlawfully
to
to the President of the United States and such
administrative officers.
4.
The
Act
fails
to
provide for
any
hearing for
persons
whose rights
injured and whose property will be taken by the TVA.
The Act and the operations thereunder seek to fix the rates of utility
will be
5.
charged the TVA
passing by crossing its lines in Catoosa County on the Tennessee line.
complainants."
the bills of complaint allege that the TVA
the operations under it are unconstitutional for
summary,
delegate legislative
attorneys announced their intention of carrying the issue to the
when
and
2. They attempt
seeking to bar the government agency
arose
the companies brought a joint action naming the
its directors, Arthur E. Morgan, Harcourt A.
suits,"
these reasons:
Atlanta, on May 27, Federal Judge Samuel H. Sibley
upheld the right of the Tennessee Valley Authority to sell
and distribute electric power in Georgia.
From Associated
Press advices from Atlanta
States." A similar bill of com¬
plaint was filed in the State Chancery Court at Knoxville,
Tenn.
It is stated that in order to promote "the convenient
administration of justice" and "prevent a multiplicity of
Act
long series.
At
case
•
■.
need
railroad
a
would doubt
1.
The
of
each of the
nothing else to be said.
danger in the No Man's Land?"
each Mr. Roosevelt
Co.
'.v
States
and
These
TVA
them.
situation?''
Federal Judge Sibley at Atlanta Upholds
to Sell Power in Georgia
Power
by-product
a
by Nineteen
fairly clear after this decision, using the minimum wage
example, that the No Man's Land, where no government can
replied that there
"Do
•:
The United
trol
conference
the
on
that at the present time
to* indicate
clear
made
Governor
will
as
Injunction Refused
.
press
to be
Federal
"How
.
the
comment
practically
to
function, is being more clearly defined.
and
.
read the three opinions in the New York case—those of
of the three
court
fumbling human justice
has always
competition with outside producers.
\
avoid
question
the
on
no.
in
the
thought out with great
Butler, Chief Justice Hughes and
bination
law
comment
was
the President's
conferences, his observations
States if they will
Justice
usefully the
ing utility companies.
appeared to
in
made
It
that
determination not to be drawn into
a
the President may not be quoted directly from
of
impose
decisions.
They
taxes or
no
full of human and economic
are
earnest effort to employ
there is
situation.
meeting the
of
smile,
a
distinct occasions
he started
as
cared
that the
four
on
with
but
whether he
temper combined with
controversy
decision
on
From the "Times" account
wages.
said
possible methods
even
one
following:
deliberately,
thereafter declined
An
new
the
said
decision.
penitentiaries
Court of Appeals for the District of
were
as
of minimum
likewise take
Mr.
constantly replenished stock, paying
a
Federal
waste, and
be sold if not used by the United States, but the Congress
■
file
(said the advices, June 2 to
Act, the Guffey Coal Act and, finally, the
1, holding that not even the States could
schedules
we
as
on
persons.
to make on how the New
June
such customers
to
.
to
within the framework of the court's decisions nullifying the
National Industrial Recovery Act, the Agricultural Adjust¬
ment
and
Iowa, Texas and Alabama.
"No Man's Land."
a
The President's observations
the New York
markets
such
surplus
at wholesale, in
ways,
Four power companies had attacked the constitutionality of the Public
judicial deliberations
being shaped by the courts where there
was
affecting millions of
at the press
in
of
amountB
vast
equally
governments are
President, by adopting the phrase, carried it
has been outlined
had
Columbia
President
Raping to the point where there
and
Critics
new.
capable
They have described it
The
States
United
''
com¬
considered
was
of the major party conventions.
eve
correspondents
decisions
where
area
mild
was
the
on
powerless to act to solve broad economic problems.
His
retail,
with
The
going to
The
can
been
observations
Compared to his remarks about the NRA decision, the President's
at
the
utility and1 sold it in various
No attempt, however, was made to open a retail store to
years
fees.
values
War
at
even
seemed proper.
this week:
ment
general
as
regarding
say
significant, uttered
World
of
property
as
following
operations
power
Re¬
harking back to "horse and buggy
days," United Press accounts from Washington, on June 2,
given in the New York "Journal of Commerce," had the
covery
TVA's
not licensed to do business in Georgia.
was
Of the selling operations of TVA
them.
velt
the
charged
company
inmates.
Supreme Court decision upholds the findings of the
Appeals, which as noted in our
March 7 issue, page 1570, declared the State minimum
wage law invalid.
New York State Court of
This week's
the
energy
The
United
petition,
illegal and that the TVA
were
After
are
we
without regard to our decisions since the Adkins case, we could not
our
amended
an
thereby."
Unless
3779
Financial Chronicle
Volume 142
companies by means of
Federally subsidized competition,
without
a
hear¬
ing, and without the opportunity for judicial review as to the reasonable-
3730
ness
Financial
unreasonableness
or
due
panies
The
bill
Fifth
L.
Seymour
of
of
Nashville,
Martin
that the purpose
com¬
of
Tennessee, W.
of the TVA
B.
White
Stating
is to drive the utility
program
operating companies out of business by unfair competition
subsidized
by the government and to set up a yardstick of
rates that
has
bill
actual cost
of
operation, the
says:
reasonable
other
the
TVA
and
yardstick for wholesale rates is dishonest, unfair,
confiscatory
and
State
the
of
part
excludes necessary
from
a
as
measure
investment
operating
of the rates of these complainants
Federal
render
to
necessary
the
fixed
for
so-called
by
taxpayers instead
that
reason
or
Public
it
properties
include
not
taken
utility
the
the
costs
in various
up
TVA
the
and
"to
Administration
of
from
for rendering
necessary
ways.
L.
Harold
destroy
companies
at
Administration,
Birmingham,
was
Today's action followed
public utility
Ickes
protracted
which
in
companies
distress
19
Cities
prices"
is
Co.,
operating
the
in
are
Light Co.,
Mississippi
Co.,
Holston
as
Power
Power
determined to
time
whole.
Power
Electric
&
Co.,
Co.
various
for
a
court action.
press
Electric
and
Power
Light
Power
Light
&
&
Power
Tennessee
Power
Co., Memphis
Birmingham
Electric
Co.,
Alabama
Co.,
Public
Georgia
Service
Co., Kentucky
f
Electric
Co.,
Co.,
& West Vir¬
Inc.; Kentucky-Tennessee Light
Light
Co.,
Co.,
Power
Mississippi
and
Power
&
Tennessee
Eastern
that
the
After
a
public
utilities hav e
of
group
directly
attacked
which
Court of
g tockholders
preferred
and ice
of
companies, had
the
won
reversed in the Circuit Court of
was
the United
States handed down
decision
a
I
companies
said to serve
are
customers, and represent
The court, however,
than
more
a
million
total capital investment of
a
over
thousand
the TYA handed down
on
dollars.
The vic¬
ask the Treasury for his part, if forced to do
Supreme
so.
The present week's action of the Supreme Court
its decision holding unconstitutional on May 18 the
Coal Conservation Act; the decision was given in
May 23,
our
Record Held
By Normandie
Royal Mail Steamship Queen Mary, largest merchant
ship in British history, arrived in New York on June 1 on
her maiden voyage from
Southampton, carrying 2,139
passengers.
The running time of the vessel from Cherbourg,
last port of call before the transatlantic crossing, was 4 days,
12 hours, 24 minutes, and the average speed was 29.13 knots.
The Queen Mary did not, however, capture the speed crown
of the Atlantic, since that record is still held by the French
liner Normandie, which on June 3, 1935 completed her first
trip with a crossing in 4 days, 11 hours, 42 minutes, at an
average speed of 29.64 knots.
The Normandie's maiden
voyage was described in the "Chronicle" of June 8, 1935,
page 3800.
The Queen Mary was welcomed to New York by represenatives of British societies and by a committee of 65,
representing Mayor LaGuardia and headed by Judge Samuel
Seabury.
The New York "Herald Tribune" of June 2
commented on the trip in part as follows:
Feb.
on
17 by the
Court
The
Queen Mary brought in
Robert
James
J.
Bingham,
a
near-capacity list of 713
passengers
Among her notable
United States Ambassador to
the
Court of St.
who praised the liner as the last word in speed luxury and comfort.
s
Mr. Bingham said he would go to Washington, then to his home in
Louis-
viUe, Ky., returning to London late next month.
firm that built and engined the ship, and Llewellyn Roberts, Chief
who
matter, and an item with reference thereto
in
passengers
decision
the
issue
British Liner Queen Mary Completes Initial Voyage to
New York in 4 Days, 12 Hours and 24 Minutes—
upholding the right of the
Federal Government to sell surplus power at Wilson*Dam;
the Supreme Court on March 2 declined to reconsider its
in
follows
Guffey
3412.
page
was
municipal taxes approximately $14,640,000 a year.
our issue of Feb. 22, pages
1191-1196, we gave the text
States
that
Lower courts will decide how the costs shall be split, and Mr. Magruder,.
and
United
so
ordered M. Hampton Magruder, Internal Revenue
cabin class, 668 in tourist and 468 in third.
of the decision
Tway
Collector for Maryland, and the Carter concern to pay the costs of printing
the record in the case amounting to several
$900,000,000, owned by security holders in all parts of the
country.
It is also stated that they pay in Federal, State
In
Case—
C.
Company and the R. C. Tway Company,
participants in the Guffey lawsuit, could obtain impounded
money.
The advices added:
&
constitutionality of Wilson Dam and the building or acquir¬
ing of transmission lines to carry power there generated to market.
The 19
Coal
R.
the Carter Coal
of
the
to
and
that date assured immediate issuances of mandates
area.
Power
joined by Southern coal
the Supreme
Guffey
The
Appalachian
victory in the Federal court,
Appeals,
limited
the
to
No basis
.
.
first
a
as
Alabama
a
executives and
Co., Franklin Power & Light
&
Co.,
Tennessee
.
the
is
TVA
in
Coal
Carter
Immediate
of Big Groups
Tennessee
Tennessee
West
East
Co.
This
rejected.
Tennessee Valley
Co.,
Electric
Co.,
Co.,
Electric
the
the
to
follows:
Southern
Carolina
River
Power
Light
TVA
acceptable
and
ginia Power Co., Inc.; Kingsport Utilities,
&
with
solutions
was
Gas
The Tennessee Electric Power
&
Mandates
Affects
Assures
According to advices, June 1, from Washington to the
York "Times" the United States Supreme Court on
it is said, wiU
forward
put
Associated
Individually, they
Power
29,
operating companies include subsidiaries of the Commonwealth &
Light Corp.
Co.,
May
Corp., National Power & Light Co., American Gas & Electric Co.,
Service
Power
Ala.,
discussions
various
were
Subsidiaries
The
of
Issuance
of
acquire the
or
stated:
compromise having been found', it
Southern
>
Court
torious coal companies had tried to force the government defendants to pay.
New York "Times" it
the
'
on a
com-,
Companies
charged in the bill.
dispatch
Supreme
States
Order
from rates.
of
dishonest, unfair, unreasonable and confiscatory
does
between
Works
a
:V.'.
United
recoups
for measuring costs of distribution, arbitrarily
service, such costs being
'Conspiracy
In
Mr. Taft in behalf of the Dixie Terminal Co. of Cincinnati
sought to recover in the old gold dollar value interest
$50 gold clause Liberty bond owned by the terminal
New
"yardstick"
TVA, is similarly
the
such
Supreme Court by the Court of Claims were indicated in
April 25, page 2759.
The suit, brought by
these columns
and
service
which TVA, either ignores
expenses,
June 1, granted the-
on
un¬
It is also stated:
The
Court,
plea of the Administration that it refuse to answer questions
certified to by the United States Court of claims in the
suit instituted by Robert A. Taft to test the gold clause in
Federal
obligations.
The
questions presented to the
privately-owned and operated utilities in that it excludes the cost of
major
Claims
of
pany.
The so-called
or
relation to
no
Suit U. S. Supreme Court.
Questions Presented by Court
The United States Supreme
Cleve¬
Tennessee,
Birmingham, Alabama.
Clause"
Refuses to Answer
Jackson of
Knoxville,
June 6, 1936
"Gold
Taft
In
Amendment.
by counsel for the companies, includ¬
M.
Trabue
William
thereby deny the utility
the
of
Baker and Raymond T.
Charles
C.
Charles
and
and
rates,
violation
in
filed
was
ing Newton D.
land, Ohio,
the
of
of law
process
Chronicle
Among those best qualified to discuss the
were
S. J. Pigott, Managing Director of John
was
Queen Mary's
performance
Brown & Co., the Clydebank
Engineer,
responsible for the operation of the Queen Mary's reported 200,000
horsepower engines, mightiest power plant afloat.
appeared in these columns March 7, page 1567.
Both agreed that the liner's geared turbine drive was the most efficient
and economical that could have been found.
U.
S.
Supreme
Steps
Court
Until
Adjourns
October—New
Bring-
to
New York
Before Fall Term Arguments
Unemployment Law
on
ninety
they met last Autumn, and
were
except for the fog.
the
cases
were
disposed of by the
102 were left
until the
next
justices since
term.
Four
of
"original"; that is, approaching the Supreme Court without
intermediary steps; 269
appealed
were
on
their merits, and 717
were
through
1935, 931
were rendered
today,
Wage Law, the other giving Colorado
a
cases
a
one
case
of the New York Minimum
F.
a
controversy between the New York
concerns
Similar action
was
taken in
of accepting
ransom
money
to
represent
kidnappers
the
of
Urschel.
American
won
a
Communications
review
and
of their
Commission
Telegraph
Company and
attack against
for
argued that the uniform system
New steps to
plenty more times—and we'll do it."
are
Down the bay on the city steamboat Riverside came the official welcom¬
in the
headed
by
board the
was
Samuel
Seabury, with
Timothy
Board of Aldermen, as the
-The committee,
party.
J.
Sullivan,
ranking city official
50 strong, was to have been the first to
Queen Mary, but the Riverside did not seem to fit any of the
big liner's boarding ports.
After
lowered to the deck of the
a
delay of nearly
an
hour
a
jacobs ladder
city boat.
welcomed by Sir Percy E. Bates, Chairman
Commodore
B.
H.
a
uniform
the order
system
was an
bring arguments
before the court next Fall
were
on
Sir
Da vies,
of the Cunard White Star Line;
Edgar T. Britten, Master of the Queen Mary;
staff captain,
and
Sir
Gerald
Campbell,
British
Captain
Consul
General in New YorK.
"I congratulate you upon building this
ance," he said.
to New York
The
passed
Telephone
of
other
of the
utility
Queen Mary herself acknowledged this
on
upon
her fine perform¬
Welcome the Queen Mary
greeting as
a
signal
was
and the siren boomed three times, bringing a shrieking echo from
the small boats around her.
the New York Unemployment
Members of
A
abuse of power and unconstitutional.
taken when the plea of New
ship and
"In behalf of Mayor LaGuardia I
City."
Federal
accounting.
three-judge court in New York City upheld the orders, but the companies
Industries
sooner
Mr. Seabury extended the committee's felicitations to each.
of Ben B. Laska, Denver attorney, who faces ten years in prison
charges
Charles
The
109 left
large number of orders concerned other subjects.
The court declined to interfere in
on
handled and
water rights victory over Wyoming.
Lumber Trade Association and labor unions.
the
were
At the previous term 1,029 cases were dealt with and 103 left over.
Only two opinions
"We would have been in much
heart when that fog set in and lasted all
Guided to the cabin class smoking room, the welcomers were themselves
During the term closing in
But
But there
my
Regarding the official welcome accorded steamer's arrival,
we quote the
following from the "Herald Tribune":
petitions for review.
over.
night.
It broke
Acting President of the
Nine hundred and
Asked why he did not speed
record, Mr. Roberts replied that the Queen Mary had never
ing committee,
said in part:
cases
a new
been pushed for speed.
"It would be easy," he added.
Following the handing down of its decisions on Monday
last, June 1, the United States Supreme Court adjourned
until its Fall session, Oct. 5.
Referring to the term just
ended as "one of the most historic sessions in its lifetime,"
advices from Washington June 1 to the New York "Times"
the
for
up
Law
York Associated
The
and
members
Mr.
of the
Sullivan,
Mayor's Committee
Mayor's committee, in addition to
were
Ernest
William
Appleby,
Robert
Mr.
Seabury
R. Appleby,
Andrew Baxter Jr., Walter J. L. Banham, Charles Warren Bowring, Colonel
Franklin Q. Brown, Henry W. J. Bucknell, Douglas
S. Cole, Frederic R.
already granted the review on
Coudert, Edward F. Darrell, J. Vipond Davies, Thomas Richard Dester,
demand of two Syracuse firms, and the Associated Industries filed a new
David M. Dow, the Earl of Gosford, Alfred J. L. Haskell, Fred C. Hyde,
was
answered.
brief.
The
I
court
has
Lenox R.
Lohr, Duncan Mclnnes, E. B. MacKenzie, Alfred J. McCosker,
McColl, Paul Moss, Charles Morton Parker, Louis Posner,
R. B.
Pratt,
Irving
Smurthwaite,
Hugh
H.
3781
Financial Chronicle
142
VolumL
L.
W.
Roberts,
Samuel
Salvage,
Kennard
Harold Warner,
Spicer,
Lieutenant Colonel Sir William Wiseman, Francis Youngs,
Harold
Smith, Henry
Cecil
L. Wedgewood,
Captain William
would
designed to force coal producers into doing something they otherwise
not do.
We feel that this bill is
unconstitutional.
unsound, uneconomic, restrictive,
We sincerely hope that
discredited and
it will not become law.
L. McClain, Colonel Melville Gillett and William B. Northrup.
In addition to the
Manhattan
Collector
Rudolph Reimer, Commissioner of Immigra¬
former Ambassador to Turkey; James Roose¬
H. Kracke, Commissioner of the Department
formal reception committee, the cutter
official boarding party led by Harry M. Durning,
Brought down
an
of the Port.
With him
were
tion; Henry Morgenthau Sr.,
velt, Vincent Astor and F. J.
of Plant and Structures.
the English Speaking Union of
the
the Waldorf-Astoria Hotel in
New York June 4, officers of the Queen Mary and officials
of the Cunard White Star Line were guests. Messages from
Sacretary of State Hull and Governor Lehman of New York
featured the function, at which also toasts were drunk to
King Edward and President Roosevelt.
The message of
Secretary Hull said:
•
luncheon meeting of
United States, held at
At
a
I send
you
greetings and sincere congratulations upon
my
the arrival
with the
of the
builder's art and the navigator's skill but from an inner conviction that there
has arrived in our midst a magnificent tangible symbol of the ties that bind
the two English-speaking peoples.
May this great vessel as it plies between
•of the
Queen
in
from
our
common
admiration of the triumph
an
shores weave even more closely the
•our
Stating that "the Senate and House tax bills are different
accomplish the objective of fur¬
ther upsetting the efforts of private enterprise to accomplish
re-employment and recovery," the National Association of
Manufacturers, on June 3, added:
in context but either would
This is the third tax bill in three
in
fabric of our friendship to
aid us
labors in the cause of universal peace.
The meeting was addressed by Lord Essendon, British
shipping leader. The Queen Mary sailed yesterday (June 5)
on its return trip to England.
At the
of
Polish Liner "Batory" Completes Maiden
to
United States,—Starts Return Trip
Voyage
the future.
as to
.
Aboard the vessel
on
\
,
of
taxation
undistributed
...
a
principle
is
by corporation stockholders.
As between the
earnings tax
on a
of un¬
It does not impose the practical confiscation
It places the undistributed
House bill.
under¬
flat rate, instead of the complicated and scarcely
It eliminates
with subsidiaries.
levied in the House bill.
penalty use of the taxing power against companies
The Senate Committee's bill, however,
accords insufficient and incomplete
protection to corporations which because of existing contracts
cannot pay
companies
Senate proposal protects only
Section 26 C of the
dividends.
latter is
House and Senate Finance Committee bills the
decidedly the best.
To
protect
companies with contracts "which prevent the payment of dividends," since
there are many contracts not "expressly" forbidding payment of dividends
which nevertheless legally prevent such payments.
Among such types of
contracts are those obliging a corporation to maintain net assets at certain
amounts or ratios, or providing that certain sinking funds must be set aside
with
contracts
of dividends."
"expressly dealing with the payment
accomplish its apparent purpose this should be changed so as to
preferred stock.
to retire either debt or
Any tax
unsound
on
undistributed earnings should provide, if it is not to
undistributed net
apply to that portion of such
"shall not
tax
employed in the business or is re¬
income which is actually invested and
of the business."
of 1917.
employment in the reasonable requirements
for
This exact language was in
compel
detrimental to stockholders and employees,
managerial policies
the
that
tained
its voyage to New York was a dele¬
Such
profits.
standable system of graduated rates
•
the principle
economically
unsound, since it repudiates the policy of industrial reinvestment of earn¬
ings upon which expansion and employment have been based for over a
hundred years, and because it seeks to substitute Government judgment as
to the desirable amount of corporate reserves for that of directors elected
After completing its
■300.
balanced budget
time, little effort is being made to reach a
same
Both the Senate Finance Committee and House bills accept
of
the
maiden voyage to the United States
on May 27, Poland's newest addition to its merchant marine
—the motorliner "Batory" of the Gdynia America Line—
sailed from New York on June 1 for its first eastward crossing
of the Atlantic.
The new liner, named after a Polish King
of the sixteenth century, and a sister ship of the "Pilsudski"
which was placed in service about a year ago, measures 514
feet in length and weighs 16,000 tons. It left Gdynia, Poland,
on
May 18, making an eight-hour stop at Copenhagen,
Denmark, the company's regular way port. The ship carried
266 passengers on the voyage; on board the ship for the
return journey to Gdynia c*re 662 passengers.
The capacity
of the vessel is 760 passengers with a normal crew of about
certainly assure
of un¬
almost
by drastic reduction of regular Government expenditures.
distributed earnings contained in the
New
would
draft
either
1937, leaving industry at least 12 more months
another tax bill in
certainty
inequitable pro¬
supposedly to eliminate in¬
written into last year's bill
were
Enactment
equalities.
each presenting basic changes
years,
The present bills would repeal as
tax structure.
our
visions which
American people welcome it
whole
The
Mary.
warmth that comes not merely
Pending Tax Bills of Senate and House Both Regarded
by National Association of Credit Men as Hindering
Efforts of Private Industry Toward Re-employment
and Recovery
Section 1206 of the War Revenue Act
gation from Poland headed by Franciszek Dolezal, ViceMinister of Commerce and Industry of Poland.
Included
in the
delegation
Gustaw
Gen.
the following:
were
Oriicz-Dreszer,
Zofja Floyar-Rajchman, wife of the ex-Minister of Commerce and
Industry.
Mrs. Marja
merce,
of the Polish American Chamber of Com¬
Warsaw.
House
Commerce of the State of New
4 commended
June
on
York
the Senate Committee on Finance
modifying the Federal corporation tax bill by eliminating
of the objectionable features of the bill passed by the
House.
A resolution adopted by the Chamber said in part:
for
Tadeus Zazulinski of Ministry of Foreign
Stefan
of
The Chamber of
Piasecka, wife of the Vice-Minister of Communication.
Stanislaw Arct, Vice-President
New
by
that
Over
Dlugoszewski.
Boleslaw Wienawa
Gen.
Bill Com¬
York Chamber of Commerce—
While Opposing Passage of Tax Measure Without
Due Consideration Favors Senate Committee Bill
mended
League.
Mrs.
Committee to Modify Tax
Efforts of Senate
President of the Maritime and Colonial
Marine
Gebethner,
Affairs.
Department,
Ministry of
Commerce
and
Industry.
many
Resolved, That while the Chamber of Commerce
Coadjutor Bishop Dr. Karol Niemira.
Andrew Hory, Hungarian
York believes that no bill to increase taxes
Minister to Poland.
Mrs. Gustaw Oriicz-Dreszer.
Mrs. Wieniawa
it
Dlugoszewski.
nevertheless, commends the efforts of the
Committee
Senate
Upon its arrival in New York harbor on May 27 the liner
met at Quarantine by an official reception committee
by Newton D. Baker, with Colonel Edward M.
House, war-time adviser to President Wilson, as honorary
closing days of the session,
majority of members of the
bill must
Finance to modify the bill, and if a tax
on
passed now, the members of the Chamber urge
be
of the State of New
should be passed vithout more
consideration than can be given to it in these
was
be in the form reported to the
headed
that such a bill may
Senate by the majority of the Senate
Com¬
mittee.
As the liner entered the harbor the traditional
chairman.
"marriage of the seas" was performed—the throwing of water
taken from the Baltic Sea into the Atlantic, after which the
"marriage"
was
sealed by casting
a
ring into the bay.
The
ring was made of amber found on the shores of Gdynia.
Shelving of Guffey Coal Control Bill Urged by National
Association of
Credit Men
,
Expressing the hope that Congress will not enact another
'unsound, uneconomic, restrictive, discredited and uncon¬
stitutional measure," the National Association of Manufac¬
turers declared on May 31, that the new Guffey-Vinson bill
should be shelved.
The viewpoint of industry generally was
•
explained by James A. Emery, General Counsel, in behalf
of the National American Miners, whose directors have voted
to oppose
as
among
This bill is
to fix
the proposed coal control bill.
Mr. Emery cited
reasons for opposing the bill:
the
primarily designed to establish price-fixing.
It
was attempted
prices by legislation which first aroused public consciousness as to the
National Industrial Recovery Act.
rreal destructiveness of the
The
history of our country—a monopoly controlling the price of a basic com¬
The
Through price control, it seeks to control production.
Guffey-Vinson bill in no way meets the Supreme Court's objections?
decisions, to the control
of purely local actions.
bill would not fix the price
toward
a
State
.
The proposed
or even
started
would also fix prices at the mouth of captive mines—
in other words, tell a man
pay
.
It would fix the price at the mouth of the mine.
line.
Worse than that, it
.
of the coal after it had crossed
who produced coal for his own use what he must
The
proposal clearly violates the principle reiterated by the
Court in the Guffey
••of raising
Supreme
decision that a tax may be levied only for the purpose
revenue.
The tax in this bill is intentionally a penalty tax.
Announces
Completing this week the third year of its operations in
farmers, the Farm Credit Administration has
loaned over $3,704,000,000 since its organization, according
to an announcement by Governor W. I. Myers.
The Gover¬
nor said that in three years since the program of refinanc¬
financing
ing agricultural debts was begun, the FCA
tions from about
half of all mortgaged
received applica¬
farmers in the
loans on first and
second mortgage security through the Federal Land banks
and Land Bank Commissioner.
The following is also from
an
announcement issued May 26 by the Administration:
country and made over 760,000 long-term
The
has
FCA
farmers'
loans to
built
up
facilities
banks.
land
the
Myers
Governor
the
also
the average-size mortgage
said
associations about
credit
during
loans,
loans
making short-term
farm
and
mortgages
•
period was about $4,000 and
tion
for
cooperatives, and the volume loaned through these institu¬
far short of the tremendous amount advanced on farm
tions is not
through
loan
per
farmer during
the average short-term loan from produc¬
$740.
mortgage loans by the Federal Land
banks and Commissioner
the three years aggregated $2,043,000,000; 'short-term production
$1,349,000,000, and loans to farmers' marketing and' purchasing
cooperatives, $312,000,000.
Mr.
Myers
pointed
*
although the total amounts include some
appropriated funds, by far the largest part
out that
from
loans
of
made
loans
emergency
consists
made by the permanent institutions
which obtain funds
primarily from the sale of securities to the investing public.
He referred
the Federal
Land banks, production credit associations,
banks for
to
cooperatives, and
Loans
himself for it.
Three Years,
Loaned by FCA in
Governor Myers
forcibly expressed in both the National Recovery Administration and Guffey
-
$3,704,000,000
Total
proposed bill, in effect, seeks to create the greatest monopoly in the
modity.
Over
years
Land
bank
are
Federal Intermediate Credit banks.
.
.
.
institutions under the FCA during the past three
by the various
approximately
Bank
loans
as
Commissioner,
and
discounts
follows:
Federal Land banks, $1,179,500,000 ;
$863,000,000;
for
private
Federal
financing
Intermediate
institutions
and
Credit
farmer
3782
Financial
$509,000,000;
cooperatives,
regional
agricultural
loans, $117,000,000;
banks
for
credit
cooperatives,
from
the
banks
credit
corporations,
associations,
$386,000,000;
loans in drought
feed
emergency
ing fund, $55,000,000,
Stock Land
production
crop
$72,000,000;
$147,000,000; Agricultural Marketing Act revolv¬
and loans by the Land Bank Commissioner to Joint
banks, $1,500,000.
Some $18,000,000 of loans originally made
Agricultural Marketing Act revolving fund
for
$392,000,000;
emergency
areas,
was
refinanced by
Chronicle
June 6, 1936
at his Lake Forest
Home, Chicago on June 2, following a
May 30.
Mr. McCormick was 77
years old—having been born in Washington, D. C. May
16, 1859.
In a sketch of his career the Chicago "Daily
attack suffered
heart
Tribune" said:
Educated in the Chicago public schools, Mr. McCormick graduated at
the
the head of his high school class and entered Princeton
cooperatives.
university with the
honorary master's degree from the university
similar degree from Lafayette college in 1915.
He received
class of 1879.
+.
1,500
Expected to Attend Annual Convention
American Institute of Banking Next Week
of
in 1887 and a
an
Starts in Father's Firm
(June 8-
12) in Seattle, Wash.
Upon graduating from Frinceton Mr. McCormick returned to Chicago
It is anticipated that upwards of 1,500 members of the
American Institute of Banking, the educational section of
the American Bankers Association, will he in attendance
when the 34th annual convention of the Institute
begins on
and started in at the bottom of the ladder vith his father's
firm, the Mc¬
Cormick Harvesting Machine Company.
Mr. McCormick succeeded to the
International
When the
Upon his father's death in 1884
Presidency.
Harvester company
Mc-Cormick was elected President.
formed in 1902, Mr.
was
He resigned in 1918 to become Chair¬
Monday, June 8, in Seattle, Wash.
The convention, which
will have its headquarters in the Olmpie Hotel, will be held
man
from June 8 to 12, inclusive.
of the board and of the company's Finance Committee.
Previous reference to the
com¬
ing convention was made in our issue of Jan. 11, page 238.
Maynard W. E. Park, Assistant Cashier Federal Reserve
Bank of Kansas City, President of the Institute, will
preside
at the sesssions.
Speakers at the opening general meeting
the morning of June 9 will be Lyman E. Wakefield, President
First
National
&
Bank
Trust
Minneapolis, Minn.,
Fred N.
Shepherd, Executive Manager American
Bankers Association.
Annual reports will be given
by the
President, Educational Director and Secretary of the In¬
stitute, and by the chairmen of its national committees.
The annual public-speaking contest for the A. P. Giannini
Educational Endowment prizes, in which eight contestants
selected as a result of local and regional eliminations will
compete, will be held the evening of June 8.
Following the
first general session, June 9, eight afternoons
departmental
conferences
will
be
held
Cn Sept.
gave
beginning
with
19 last year he resigned this position, but remained
his reason then his
as
desire
to
devote
member
time
to
travel, and
Upon his resignation as President and later Chairman of the board, hisyounger brother,
Harold F. McCormick, succeeded him.
Sydney G.
McAllister is
President of the company.
now
His Work in World War
During the world war Mr. McCormick served
member of the
as a
special
diplomatic commission to Russia.
He also vent to England and France
inspector for the Y. M. C. A., in which he maintained an active in¬
as an
terest
all of his life.
In 1928 Mr. McCormick gave $500,000 to the
seminary, which was formerly known
raised to $1,500,000
his two
sons
gave
in memory of
Presbyterian Theological
the McCormick seminary.
as
This
his total gifts to that institution.
A year later he and
the Y. W. C. A. building at 1000 North Dearborn street
his first wife, Harriet Hammond McCormick.
Among his recent contributions were $150,000 to the joint emergency
relief commission in
1930 and
1931.
Last year he also gave to Princeton
luncheon.
The
evening of June 9 the annual debate will be held.
The chap¬
ter teams participating in this national event were selected
through a series of pre-convention elimination contests held
and the Elizabeth McCormick Memorial Fund.
during the past
Death of
The morning of June 10 the delegates
year.
university tw o priceless volumes from his library.
Mr. McCormick
will attend conferences arranged to consider certain
phases
of Institute work.
On the morning of June
11, additional
Institute conferences will be held.
Beginning with luncheon
day the eight departmental conferences "will hold
second sessions.
On the night of June 11, caucuses are sched¬
uled to enable the delegates to decide who is to be elected
to national office for the
ensuing year.
The morning of June 12 the closing
general convention
session will be held.
The principal speaker will be Bruce R.
Baxter, President of Willamette University in Salem, Ore.,
who will address the delegates on "The Man Who Comes
Through."
At this session the results of the election will
on
the
same
be announced and the
national officers
new
New
York
Stock
Exchange
Institute
Commencement
Annual
museum,,
Representative A. Piatt Andrew—Had Been
from Massachusetts Since 1921
on
Representative A. Piatt Andrew of Massachusetts died
June 3 at his home in Gloucester, Mass.
He was 63 years
He had been confined to his home with influenza since
old.
April 25 and two weeks before his death his condition became
serious.
The House adjourned on the afternoon of June &
a mark of respect.
Mr. Andrew was formerly Assistant
Secretary of the Treasury and had been a member of Congress
since 1921.
Regarding his career the Boston "Transcript"
had the following to say in part:
as
About two months ago
Mr. Andrew sharply criticized the proposal of
President Roosevelt to tax undivided corporate surpluses as
a
severe
blow
of congressional service,
terms
he
general plans of the Administration to strengthen
urged
adoption
our naval bases at
was
of the
Hawaii
and establish air protection for Alaska.
The New York Stock Exchange Institute awarded cer¬
tificates to 31 members of the graduating class at the fifteenth
annual commencement exercises of the
the Luncheon Club of the
Institute, held June 4
Exchange.
The graduates
given by the Com¬
Exchange and the Associa¬
tion of Stock Exchange Firms to more than 500
employees
of the Exchange and of member firms
attending Institute
or
college classes during the year.
Dr. John H. Finley,
Associate Editor of the New York
"Times," was the prin¬
cipal speaker.
Charles R. Gay, President of the Exchange,
Stanley I. Clark, Youth's Day President of the Exchange,representing the Exchange students, and Charles K. Brumley, Jr., representing the member-firm students, also spoke
briefly.
Honorary Certificates were awarded to Walter O. Loomis,
Assistant Secretary of the Exchange; Thomas R.
Cox,
member of the Exchange and
special lecturer; and Frank J.
Trautwein, Assistant Personnel Manager "because of their
Advocated Bonus Payment
A year ago he assailed the social security measure for its
hasty reforms.
He was, however, an advocate of the payment of the veterans' bonus
and:
in
last
the guests of honor at a dinner
mittee of Arrangements of the
and Helen
great interest in the education of the youth of the financial
district."
Guests at the dinner included:
of Governors of the Federal
Reserve System.
February offered
Mr. Andrew
were
was
a
compromise bill to hasten congressional action.
born in La Porte,
(Merrell).
Exchange Commission.
W. W. Spaid, President, Associated Stock
Exchanges.
Fred C. Moffatt, President, New York Curb
Ind., in 1873,
a son
of Abram Piatt
He received his B. A. degree from Princeton Uni¬
versity in 1893 and studied at the Universities of Halle, Berlin, and ParisHe
awarded
was
Serving
an
A. M. and
a
Ph.D. from Harvard in 1900.
instructor and assistant professor of economics
as
at
Harvard:
from 1900 to 1909, he was made expert assistant and editor of
publications;
of the National Monetary Commission, 1908-11, and Director of the
Mint
in
1909
He
and
was
elected
gresses
Republican member of the 67th Congress from the Sixth Massa¬
a
chusetts
1910.
Assistant Secretary of the Treasury from 1910 to 1912, and was;
District
in
1921.
He
reelected
was
the
to
67th
to
73rd
Con¬
(1923-35).
Honored for
War Service
During the World War, he served in France first with the French and
later with the United States Army, from
December, 1914, to May, 1919.
He organized and directed the Army Field service with the French
Army
from 1914 to
He
held
1917.
the
Croix
de
Guerre,
named
was
Chevalier
de
la
Legion>
d'Honneur, 1917, and awarded the Distinguished Service Medal by the
United
States
in
1919,
as
well
as
being made
Leopold, Belgium.
an
officer of the
Order of
\
Among the other posts he held
William O. Douglas, member of the Securities &
Exchange Commission.
Ernest Angell and H. J. Dowd, of the New York office of
the Securities
and
University, the Field
managed New England industries, declaring that the proposal
in general line with the Administration policies to penalize thrift.
Exercises
Joseph A. Broderick, member of the Board
trustee of Princeton
to well
inaugurated.
Holds
w as a
Congressman
During his
^
more
a
Mr. McCormick
recreation.
Co.,
and
board of directors.
of the
were
Treasurer of the American
Cross, 1910-12, delegate to the International Conference of
the Red
Red:
Cross,
1912, delegate to the Republican National Convention, 1924 and 1928,
delegate of the American Legion to Fidac Congress in Rome in 1925 and"
trustee of Princeton
University since 1932.
Exchange.
Frank
R.
Hope, President, Association of New York Stock Exchange
Firms.
Death of
Governors and
to Succeed Him as Head of House—State
Funeral in Washington—Burial at
Nashville, Tenn.
President, Curb Exchange Partners Association.
officers of the Exchange and of the Association.
The New York Stock
Exchange Institute
was
established
by the Exchange in 1921 to enable employees of the Exchange
to continue their studies in economics and finance.
the direction of Dr. Birl E.
courses
are
offered in
the
district.
The
Institute
during the past
total
Under
Shultz, Dean of the Institute,
practical work of the fianncial
number
year
of
students
was
attending
the
Cyrus
of
Cyrus
Hall
H. McCormick Retired Chairman
International Harvester Co.
McCormick,
reaping machine,
He had returned to his home from the
p.m. on
death
of
of
retired Chairman of the In¬
and son of the inventor of the
(the fist Cyrus Hall McCormick) died
ternational Harvester Co.,
Joseph Wellington Byrns, Speaker of- the House of"
Representatives, died suddenly on June 4 at his home in
Washington.
Death was attributed to cerebral hemorrhage.
was
1,572.
♦
Death
Speaker J. W. Byrns—Representative Bankhead
Elected
Harold G. Einstein,
Capitol about 5:30;
June 3 and at that time complained of illness.
His
occurred
66 years
the
House
at
old.
12:15
a.m.
on
June
Funeral services
yesterday
4.
were
Speaker Byrns
held
on
the floor
(June 5) and were attended by
President Roosevelt and by members'of both branches of
Congress.
The funeral will be conducted at Mr. Byrns'
home
in Nashville,
Tenn., today (June 6).
President
Roosevelt was expected to go to the burial in a
special train.
Many tributes were paid to the memory of RepresentativeByrns, whose unexpected death was deeply deplored in alii
Financial
Volume 142
Washington circles; in
Washington, June 4, it
praise
him, then adopted expressions of regret and resolutions for
the appointment of 10 Senators and 60
Representatives to
attend the funeral in Tennessee.
President Roosevelt, in his tribute, said:
Speaker Byrns belonged to that school of statesmen which is the hope
and justification of our democracy.
By a happy coincidence, he repre¬
Tennessee,
district of
sacred
quarter of the century the Hermitage
a
Fearless, incorruptible, unselfish, with
wise in counsel, broad of vision, calm in
he served his State and the nation with
I
personally
a
adversity and modest in victory,
fidelity, honor and great usefulness,
the passing of a steadfast friend of many
mourn
years.
and elected
Representative William B. Bankhead of Alabama as Speaker.
Both the Senate and the House then adjourned out of
respect to Mr. Byrns.
His death definitely ended the
possibility of final adjournment of Congress this week.
The New York "Times" of June 4 outlined Mr. Byrns'
Born
in part as follows:
farm boy at Cedar
a
Hill, Tenn., July 20, 1869, Joseph Wellington
Byrns, after serving his State, entered Congress in 1909 and worked his
the Speakership
way up to
tation
a
citizens,
He had much to do with
objections to "soaking the rich."
no
the solidifying of Southern Congressional support for President
having acted as its chairman of the powerful
Appropriations Committee and also
John McD.
Capps
Democrat of Old
was
never
client.
His reputation
as a
serve
of Tennessee, the
Capitol.
three years.
never
his opponent
with the
He
was
Southern Cotton
as
of
as
chairman of the committee from 1928 to 1936.
Treasurer of the
was
was
defeated by
a
referred to in
I
5-to-l vote.
Truxton
Beale, Former U.
Minister
to
Persia
Beale
S. Diplomat—
by
President
Asia
from ancient
Troy for the United
States.
These
Siberia,
central
in the National Museum.
he
and
relinquished
Chinese
He
States.
ever
collection
is
this
Turkestan
down
on
the
he
post
until
traveled through
1896, returning finally to the United
Russian records
as
American who
the first
crossed the Thian Shan Mountains from Siberia into Chinese Turkes¬
1.
Senate
Confirms
Successor
to
Judge Ritter—J. W.
Roosevelt for Florida
Holland Chosen by President
Judgeship
The nomination
United
of
John
States District
W.
Holland, of Jacksonville,
Judge for the southern
as
district of
confirmed by the Senate on May 30. Mr. Hol¬
appointed to the post on May 26 by President
Roosevelt to succeed Halsted R. Ritter, who recently was
Florida,
was
was
impeached by Congress.
was
elected President of the Chicago
Exchange's annual election held
Benson succeeds Michael J.
Mr.
as
O'Brien
O'Brien who is
as
follows:
Paul H.
Members of the Governing Committee to serve three years:
Davis, Michael J. O'Brien, Harry M. Payne, Alger Perrill, Paul B. Skinner,
Virgil C. Webster and Wallace C. Winter.
Members
of the Governing Committee
M. Ralph
to serve one year:
Cleary, Irving E. Meyerhoff and Sampson Rogers Jr.
Members
Louis* C.
of the Nominating Committee to serve one year:
Chairman;
Seaverns,
Joseph
P.
Brown,
Harry
C.
Daniels,
Frank
M.
Murphy and Hugh H. Wilson.
Four of the 10 elected members of the
mittee
are new
members.
They
are
Governing Com¬
Messrs. Payne, Perrill,
Webster and Rogers.
Roosevelt
Member of
Nominates
Chester
C.
Davis
as
Board of Governors of Federal Reserve
System
Davis, Administrator of the Agricultural Ad¬
justment Administration, was nominated yesterday (June 5)
by President Roosevelt as a member of the Board of Gov¬
Chester C.
ernors
of the Federal Reserve
named for
an
System. Mr. Davis, who was
8-year term ending Feb. 1, 1944, fills the
existing on the Board since its reorganization last
February as required under the Banking Act of 1935. The
nomination was sent to the Senate for confirmation.
♦
Mr. Davis recently completed for the President a special
survey of the economic conditions in Europe as they affect
American agricultural programs.
He returned to the United
States on May 29 after a two-month stay abroad during
which time he visited 11 countries.
The departure of Mr.
Davis for Europe was referred to in our issues of March 28,
page 2092, and March 14, page 1747.
In reporting Mr. Davis' return on May 29, the New York
vacancy
tan.
land
Exchange
3283.
Paul B. Skinner, re-elected Treasurer for his sixth consecutive term.
While in Greece he succeeded in obtaining a portion of the
1893-94.
page
was
Exchange at the
accredited also to Rumania and Servia
was
May 16,
retiring after having served three consecutive years as the
President of the Exchange.
Other officers elected June 1
promoted as envoy extraordinary and minister
was
issue of
Thaddeus R. Benson
Stock
President
1892 Mr.
our
President Succeeding M. J.
are
plenipotentiary to Greece and
are
member
+
York "Herald-Tribune":
When
was a
Chicago Stock Exchange Elects T. R. Benson
Taft admin¬
Beale, writer and former retired diplomat, died
on June 2 at his country home near Annapolis,
Md.
He
was 80 years old.
Mr. Beale, who was born in San Francisco,
was graduated from Chester Military
College, in Pennsyl¬
vania, in 1874 with the degree of civil engineer, afterward
studying at Harvard Law School.
Subsequently (1878) he
was graduated from Columbia Law School and was admitted
to the bar in the same year.
Afterward he traveled in
Japan and China and later spent part of his time in Cali¬
fornia.
President
Harrison appointed him
Minister to
Persia in 1891.
The following is taken from a summary of
his career contained in Washington advices to the New
objects
He
Exchange.
best-
attested by the fact
Harrison
Schliemann
He served
member of the Cotton Seed Products Committee from 1914 to 1928
a
The nomination of the officers of the Produce
Truxton
in
was
1924.
Mr. Murray, who has been a member of the New York Produce Exchange
opposed for reelection until 1932, and in that year
was
was
Appointed
In
Prior to that time he
Oil Co. in charge of the foreign department.
President of the Oil Trades Association of New York in
since 1912, has been very active in the affairs of the Exchange.
June
Death
by the Exchange said:
John McD. Murray, newly elected President, has been in charge of the
His popularity in his home district
Fifth Congressional District,
that since his first election to Congress at the beginning of the
istration he
elected
was
Grain
An announcement
Democrat of the old school was
target for attacks as a proponent of socialist doctrines.
in either wing of the
men
Murray, of H. Hentz & Co.,
of the Board of Managers in 1930-31, and is now completing his third term
School
Mr. Byrns was a deadly political adversary but he was one of the
liked
Exchange—
practising lawyer who had never accepted or sought a cor¬
a
as a
the
Produce
Robert F. Straub, of Bunge North
Corp., was elected Vice-President, and
Clifford B. Merritt, of Bowring & Co., was elected Treasurer.
The following were elected members of the Board of Managers
to serve two years:
Wallace Brindley, George Carmichael,
George R. Flach, Pembroke C. Hannon, Homer W. Orvis,
and Charles J. Williams.
Robert W. Morgan was re¬
elected to the office of Trustee of the gratuity fund to
as
He
poration
York
President.
as
American
and
its Democratic leader.
as
New
President of the New York Produce Exchange at the annual
election held June 1.
Mr. Murray succeeds Robert W.
Roosevelt.
For many years Mr. Byrns as one of the most influential members of the
House of Representatives,
by
oil department of H. Hentz & Co. since 1923.
the taxpayers' money.
He had always fought for lower taxes, particularly for less affluent
Elected
J. McD. Murray Succeeds R. W. Capps as President
record of effective fighting against
what he considered foolish appropriations of
and he had
♦
Officers
Jan. 3, 1935, bringing to that office a repu¬
on
old-school Democrat with
as an
was made on June 4 of the
resignation,
July 1, of William L. Nolan as technical adviser of
the Securities and
Exchange Commission at the regional
office in New York City.
Mr. Nolan plans to re-enter the
banking and brokerage business in. "Wall Street." He had
joined the staff of the SEC in Washington in October, 1934,.
and was transferred to New York in
April, 1935.
high sense of justice,
Members of the House met briefly on June 4
career
Announcement
effective
district of sentimental significance because it holds the
a
dust of Andrew Jackson; and there was about Speaker Byrns a simplicity
and rugged honesty which we have come to associate with the name of
Jackson.
3783
W. L. Nolan Resigns as Technical Adviser of SEC at
New York Regional Office
Associated Press accounts from
was stated that members listened
with bowed heads to close friends of the dead leader
sented for more than
Chronicle
referred
to in
March 14, page
our
The impeachment of Judge Ritter
of April 18, page 2604, and
issues
1735.
^
"Herald-Tribune" of that date said:
•
■
■
.
The
reciprocal treaty, Mr. Davis said, is the most practical method of
stimulating international trade.
Nomination
of
M.
L.
Cooke
as
Administrator
Permanent REA Confirmed by
The Senate
L. Cooke
as
on
of
Senate
Administrator of the permanent Rural Electri¬
Mr. Cooke was nominated to the
fication Administration.
of May
23,
page
3437.
He made it clear that he would not favor
experiment in controlling imports and exports here.
Such policies, he
before.
Every nation, he said, is striving to become self-sufficient and to
May 26 confirmed the nomination of Morris
post by President Roosevelt on May 21, as noted in
any
said, inevitably choke off trade and leave the situation worse than
our
issue
little
as
as
possible on imports.
farm products which
depend
The kind of European market for American
existed right after the World War has vanished, Mr.
Davis said.
Accompanied by his chief assistant F. A. Flood, Mr. Davis went to
England, the
Czechoslovakia,
Europe early in March and toured by automobile through
.
Four Elected to Membership in Chamber of Commerce
Netherlands,
Belgium,
Germany,
Sweden,
Denmark,
Austria, Hungary, Italy and France.
of State of New York
At the monthly meeting of the Chamber of Commerce of
the State of New York, held June 4, four were elected to
membership,, including Laurence S. Rockefeller, son of
Rockefeller, Jr., Vice-President of the Chamber.
others elected are W. D. Baker, Vice-President of
E. Fougera, Inc.; J. Homer Hunt, secretary of the Inter¬
national Agricultural Co., and John J. Klemann, Jr., of the
Nassau Stamp Co.
John D.
The
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
of the New York Agency
of the Banco Nacional de Mexico, was elected Assistant
Vice-President of The Harbor State Bank, New York City,
Robert
De George, Cashier
F.
meeting
at
a
on
June 3.
of the board of directors, it was announced
As recently announced, the Banco Nacional de
Mexico has acquired the
State
controlling interest of the Harbor
change the name to the Pan
Bank and will shortly
Financial
3784
Chronicle
1936
June 6,
Bank, discontinuing the Agency, which will be¬
office of the new organization and retain
the Harbor State Bank as a branch office; this action was
In indicating that a second 12%% dividend payment,
amounting to approximately $81,000, had been authorized
on June 1 by Judge Clarence E. Weir of the Superior Court
of May 9,
depositors of the defunct Farmers' Trust Co. of Indian¬
apolis, the Indianapolis "News" of that date had the fol¬
lowing to say in part:
,
American
main
the
come
to in
referred
issue
our
to
3102.
page
■
♦
Harvey D. Gibson, President of Manufacturers Trust Co.,
New
this week that Walter R. Miller of
(Brooklyn) office of the bank, has been
Boyd M. Ralston, receiver of the trust company, said other payments
York, announced
774 Broadway
the
elected
Assistant
an
Secretary.
are
prospect, but that he could not say when or how much until pending
in
Payments thus far have been delayed because of
litigation is settled.
he said.
suits,
Checks for the second payment are dated to-day (June 1) and w ere to
Chemical
The
June
1
Bank
its
that
&
Trust
Co., New York, announced
office, in
Chicago
Continental-Illinois
the
A native
of
of Milwaukee,
Chemical
time he
has
M.
Huntington
the
been placed under the supervision of
Turner, Assistant Secretary of the bank.
building,
Bank
Mr. Turner has been connected with
Co.
Trust
&
with the American
was
since 1928.
Prior
that
to
Security & Trust Company
Washington, D. C., for three years and the Fidelity Union
Trust Co.
+'V
1
-
Bank
of Newark,
three years Mr.
N. J., for a like period.
For the past
Turner has been representing the Chemical
Bank in Minnesota, Michigan,
-
the Chicago "Tribune" of May 29 that the
We learn from
previous day Edward J. Barrett, State Auditor of Illinois,
authorized the payment of $253,688 to depositors of the
closed Division State Bank of Chicago as part of a plan
proposed by the stockholders under which the institution
will be released from receivership and claims of more than
Checks, it was
The paper
8,000 of the 8,500 depositors settled in full.
be
would
stated,
Illinois and Wisconsin.
be
The trust company went into receivership
mails immediately.
May 21, 1931.
put in the
mailed
within
weeks.
two
continued:
this week
the
appointment of
sistant Vice-President.
all
of
14
years
tan
business
his
Edwin Van
Pelt
As¬
an
as
Mr. Van Pelt has spent substantially
in
career
the
banking
profession.
For
Company's
Union
with the Irving Trust
Co.
He will
the Continental
serve
as
both contact and loaning officer at their branch office, 512
Seventh Ave.
plan
the bank from Receiver
The
corporation.
with
connection
provided
assets
remaining
purchase of
for
of
William L. O'Connell by a newly formed mortgage
of stockholders who worked out the plan advanced
group
cash, waived in
$40,000
he was identified with the Bank of the Manhat¬
Square office. For five years prior
joining the Continental Mr. Van Pelt had been associated
to
State
Division
The
The Continental Bank & Trust Co. of New York announced
dismissal
and
deposits, and paid $10,000 in
liability suit.
$65,000
of
excess
expenses
of
the stockholders'
Practically all of the assets turned over to the mortgage company were
pledged
a
Reconstruction Finance Corporation, which, in turn,
$150,000, which was turned over to Mr. O'Connell to
the
with
granted
loan of
make
the
current
Of
the
8,500
-
depositors.
of
payment
depositors,
less of their deposits.
or
with
those
450 of
Others
larger
waived 50%
claims
The waivers were used
paid in full.
were
purchase .of preferred stock in the mortgage company with a face
equal to the waived amounts.
After the RFC loan is repaid, all funds realized by the mortgage com¬
for
Joseph J. Larkin, who has been
bank branches
Europa
Bank
Paris, arrived in New York
Vice-President.
a
Vice-President of
a
Mr.
the S.S.
on
June 4 to join the staff of the Chase National
on
as
in
in charge of the Chase
Larkin
Mr.
Larkin
travel
Schmid, until recently
bank in New York, has succeeded
the
Vice-President
as
and
John F.
has
been
of the Chase Bank in
identified
organizations
with
Paris
in
American
for
banking
than
years.
was
Vice-President in charge of that office from 1924 until
1930, when the Chase Bank
business
of
the
several
of
the
organized to
was
overseas
Equitable Trust Company.
election
1931,
of
as
a
had
branches
Mr.
or
on
the
affiliates
Schmid prior to his
Vice-President of the Chase National Bank in
been
other New
carry
official
an
in
the
foreign
department
of
York banks for many years.
be
can
paid
elected
Trasurer
the
of
Mutual
Fire
Insurance
Co.
C-Mr. Humphreys
Fourth
Bank
Street
entered
National
organizations,
the
Bank,
and
banking
part
now
a
to
the
went
field
as
of the
a
clerk
with
the
old
and
was
Mr.
elected
National
as
Street
National
as
Bank,
a
in the
position with the
Philadelphia National Bank, which institution represented a merger of the
Franklin-Fourth
JHe became
a
Street
and
Philadelphia-Girard
111. ,following receipt of word by
authorized conversion
to
national bank
The
gan.
Comptroller of the Currency
with
was
May 29, authority for the foregoing, went on
-Sry,
to-say:
for
hank
Zion
present
That
ings
moratorium,
Waukegan is the First National
second
a
Bank
With
this
$300,000.
Bank.
payment of impounded funds, aggregating
being released to depositors of the Home Sav¬
was
of
Mich.,
Kalamazoo,
"Michigan Investor" of May 30,
the
continuously since 1908,
and has capital of
operating
1933
Deposits approximate
surplus of $25,000.
only bank in
$57,397,
been
has
short time after the
a
and
The
State
a
and undivided profits of $25,000.
Stock, it
being sold at $125 a share. The Chicago
surplus
"Tribune" of
$50,000
institution from
changing of its location to Wauke¬
organization, which will be known as the
Bank, will be capitalized at $100,000
new
said,
was
and
the
of
National
Citizens'
in
reported
was
the
which added:
Bank will have returned 60% of
Savings
payment the Home
at the time of the banking holiday.
deposits impounded
That
the 2,000
Savings
Bank
dividend,
Vice-President of the merged Franklin-
and later
of Zion,
had
a
111., about Sept. 1
May 29 by James N. Finn, Cashier of the
on
First State Bank
Credit
Assistant Cashier in 1916
Vice-President of the institution in 1918.
a
Humphreys continued
Fourth
\
Philadelphia National
Philadelphia
as
v
liim from Washington that the
Manager in 1912.
He returned to the Fourth Street National
retired..
announced
were
of
Germantown, Pa.
He will resign his post with the trust
company and assume his new duties about June 15.
The
Philadelphia "Inquiier" of June 5, from which this is learned,
outlined Mr. Humphreys' banking career as follows:
been
4
except
Humphreys, a Vice-President of the Integrity
Trust Co. of Philadelphia, and associated with
banking
institutions in that city for the past 38 years, was
recently
the bank until the
stock issued to former stockholders of
on
has
Plans to open a new bank in Waukegan,
The
Warren R;
Nothing
the assets turned over to it must be applied to this stock.
pany on
preferred
Paris.
twenty
He was general manager of the American Express
Company office there prior to 1920, when he was elected an
official of the Equitable Trust Company Paris office.
He
more
value
same
National banks.
Vice-President of the Integrity Trust Co. in February, 1929.
of
it
is
May 30,
which
dividend,
recently
announced
was
receiver,
The
depositors of the People's State Trust &
Pontiac, Mich., were to receive a 5%
learned
went
totaling
from
to
on
by Ralph B. Lee, the
"Michigan Investor" of
the
say:
will
be
distributed
payments
to
20%.
$66,000,
bring the bank's accumulated
by
mail
will
and
»
Kenneth
Buffington has announced
his
resignation
Announcement
as
Vice-President in charge of trusts of the Colonial Trust Co.
than
of
Pittsburgh, Pa., effective Aug. 1 next, according to
"Money & Commerce" of May 30, which we further quote:
of
f. He
of
final
a
dividend
of
slightly
more
follows:
has served The Colonial Trust Co. continuously since Jan. 1, 1926,
at which time he joined the company in the
capacity of Trust Officer.
Mr. Buffington is serving his second term as President of the
Corporate
Fiduciaries Association of Allegheny
Federal
Reserve Bank
of
Richmond, Va., has
the
The
of
old
an¬
nounced that the County Trust Co. with its main office in
Cambridge, Md., and its executive offices in Baltimore, has
been admitted to membership in Federal Reserve
System,
effective May 27.
In noting this, the Baltimore "Sun" of
May 28 added:
The
County Trust Co. operates nineteen branches located in five counties
on the Eastern Shore and five counties in southern
Maryland.
Hooper S.
Miles, State Treasurer, is President of the trust company whose assets are
approximately $8,000,000.
Bank
checks
mittee of the
Washington Clearing House Association, the
Washington Board of Trade, and the Columbia Historical
Society.
of
Omaha,
Florence,
Neb.
will
be
available
and
on
after
June
at the
3
deposits
Checks
as
present Bank
.....
dividends,
the
Omaha
The
28, in noting this, supplied further details
including the final
the
at
in
certificates
the
of
bank
the
time
to be sent
were
investors
amounted to about
54%
May 26 to approximately 3,400
mortgage participation
National Co. of St. Louis, Mo.
on
$9,500,000
the
payment,
failed.
First
of first
(former investment division of the First National Bank of
St.
Louis), announcement to that effect having been made
the
previous
loan
from
ferred
in
to
Louis
day
The
following
our
issue
of
distribution
President
of
week,
details
further
will
equal
the company.
This payment, in
In
last
Finance
of
the
proposed
Corporation
page
3449).
(re¬
The St.
"Globe-Democrat" of May 26, authority for the fore¬
defaulted certificates, according
make
negotiation
Reconstruction
the
going, supplied
George L. Star key, President of the National Bank of
Washington, Washington, D. C., died on June 1 in the
Providence Hospital that city.
Mr. Star key, who was 67
years old, entered the employ of the institution as a mes¬
senger in 1886.
He was a member of the executive com¬
May 27 by the depositors' committee
on
Florence.
Total
of
made
was
"Bee" of May
County, Pa.
He intends to return to the general practice of law.
The
11%
total
a
his
36%
as
follbws:
the
of
face value
of
the
outstanding
to a statement issued by Henry T.
to be distributed is
The amount
Ferriss,
$3,447,901.37.
addition to previous disbursements by the trustees, will
distribution to
statement President
date of
50%.
the company's
commitment from
the Reconstruction' Finance Corporation was first received
in January, 1935,
and,
pany
a
but
for the opposition
would
year
ago.
have
obtained
Ferriss
of
the
a
said
very
loan
few
and
participation holders,
made
the
distribution
the
com¬
more
than
Volume
Financial
142
We
dropped to 151,175
Tuesday.
Trading continued quiet and without special feature on
Thursday. The general list was fractionally lower but there
were a number of
popular trading favorites that slipped back
foreign correspondents and clients.
MANUFACTURERS TRUST COMPANY
from 2 to 6
HEAD OFFICE AND FOREIGN DEPARTMENT:
55 BROAD
STREET, NEW YORK
Member Federal Reserve System
RATES
Pursuant to the requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
a
We
record for the week just passed:
EXCHANGE
BANKS TO
MAY
RATES
TREASURY
30,
CERTIFIED
BY
FEDERAL
RESERVE
UNDER TARIFF ACT OF 1922
1936, TO JUNE 5,
1936,
INCLUSIVE
Unit
June I
June 2
June 3
June 4
$
May 30
Europe—
Austria, schilling
Belgium, belga
Bulgaria, lev
Czecjoslo'kla, koruna
S
%
$
.187266*
June 5
.187300*
.187333*
.169055
.169026
.169017
.169009
.012825*
.012825*
.012825*
.012825*
.041346
.041350
.041337
.223026
.223115
.223975
.224829
.223930
4.996333
England, pound sterl'g
Finland, markka
]
.187266*
.169180
.012825*
Denmark, krone
.998416
.017708
>.033666
>.014833
.022006
.021990
.041317
.022075
Outstanding
among
the stocks
.022137
Dictograph Products which held fairly strong early in the
week closed with
a
fractional loss.
Curb dealings were again
quiet and prices irregular during
most of the session on
Friday. There were a few scattered
stocks that showed modest
gains, but the trend was generally
toward lower levels.
The volume of business was down to
approximately 152,000 shares. As compared with Friday of
week, prices were lower, Aluminum Co. of America
closing last night at 115 against 122% on Friday a week
ago; American Cyanamid B at 34% against 35%; Cities
Service at 4% against 4%; Commonwealth Edison at 99%
against 100; Creole Petroleum at 25% against 27%; Electric
Bond & Share at 18%
against 20%; Ford of Canada A at
21% against 21%; Gulf Oil of Pennsylvania at 75% against
78; Hudson Bay Mining & Smelting at 25 against 25%;
Lake Shore Mines at 59% against 59%; National Bellas
Hess at 2% against 2%, and Standard Oil of
Kentucky at
17% against 17%.
last
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
points.
more
37%; Ferro Enamel, 2% points to 33%; General Tire &
Rubber, 2 points to 70; Lynch Corp., 2 points to 40; Newmont Mining, 2%
points to 82; Pittsburgh Plate Glass, 4
points to 116% and Standard Oil of Ohio, 1% points to
25%.
Huylers pref. dipped 4 points to a new low and
•
Corporation
EXCHANGE
or
in this group were Aluminum Co. of America which declined
6 points to 115, American
Superpower pref. 3% points to
Member New York Clearing House Association
Member Federal Deposit Insurance
FOREIGN
Manufacturing
2% points to 349.
The day's
as
compared with 185,300 on
sales
.
drafts, with securities attached, drawn
their
on
3785
Erie improved 2% points to
75%, and Singer
Co. had an overnight
gain of
purchase from Brokers and Investment
Firms
Chronicle
.187333*
.041318
.022112
France, franc
.065834
.065832
.065827
.065827
.065826
Germany, relchsmark.
.402400
.402435
.402521
.402578
.009300
.009300
'■
DAILY TRANSACTIONS AT THE NEW YORK
CURB EXCHANGE
.402485
Greece, drachma
.009306
Holland, guilder
Hungary, pengo
Italy, lira
.675371
.675407
.675414
.675475
.675610
.294250*
.294250*
.294250*
.294450*
.294650*
.078647
.078650
.078666
.078666
.078666
Norway,
.251023
.251142
.252216
.252979
.252033
.187675*
.187725*
.187775*
.187933*
.187800*
krone
Poland, zloty
.045240
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
.009300
.009300
.045432
.C45507
.045472
.007266
.007266
.007260
.007266
.136383
.136385
.136367
.136392
.136375
HOLI¬
.257553
.257650
.258675
.259600
.258630
.323003
.322960
.323000
.322978
.322971
DAY
Switzerland, franc
Yugoslavia, dinar
.045240
.007333
.022833
.022850
.022850
.022850
Stocks
Bonds (Par
Value)
CNumber
Week Ended
of
June 6 1936
Shares)
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Foreign
Foreign
Domestic
Government
Total
Corporate
HOLI DAY
.022850
182,790
186,390
_
153,775
198,110
152,040
__
$1,835,000
2,292,000
3,086,000
2,596,000
2,093,000
$24,000
$31,000
$1,890,000
60,000
46,000
60,000
61,000
29,000
69,000
58,000
2,398,000
3,207,000
2,694,000
2,223,000
72,000
Asia—
China—
(yuan) dol'r
.297250
.297083
.297750
.297916
.298333
Hankow (yuan) dol'r
.297583
.297500
.297916
.298333
.298750
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
India, rupee
.297083
.297083
.297708
.298333
.298541
.376990
.376950
.378625
.380080
.378500
Japan, yen
.292480
.292805
.293645
.295120
.294025
Singapore (S. S.) dol'r
.586125
.585812
.588000
.589750
.588687
Cheloo
.297583
.297500
.297916
.298333
.320916
.319187
.321541
.321666
Australasia—
3.984250* 3.985750* 4.002625* 4.015500* 3.996187*
4.010500* 4.012625* 4.029500* 4.042750* 4.023250*
Australia, pound
New Zealand,
pound.
Africa—
.997708
.996770
.996979
.995859
.999000
.999000
.999000
peso
1936
1935
873,105
1,056,622
70,476,664
21,591,390
$11,902,000
245,000
265,000
$21,414,000
$419,174,000
9,022,000
$531,063,000
245,000
240,000
5,773,000
8,149,000
5,452,000
$12,412,000
$21,899,000
$433,969,000
$544,664,000
Bonds
Domestic
Foreign government.
_
Foreign corporate
Total
.999000
.277750
.277875
.277625
.277625
.277625
J. .995187
.994312
.994500
.993500
.993437
j
.332737*
.332787*
.333763*
.334687*
.333712*
.086150*
.086150*
.086325*
.086450*
.086200*
.050625*
.050625*
.050625*
.050625*
.050625*
.569000*
.569000*
.569000*
.569000*
.569000*
.796875*
.796875*
796875*
.796875*
.796875*
,
dollar
TREASURY MONEY HOLDINGS
The following compilation, made up from the
ernment
South America—
Colombia,
Uruguay,
Jan. 1 to June 6
1935
'
Stocks—No. of shares.
.996028
| .999000
I
Canada, dollar
Cuba, peso
Mexico, peso
Newfoundland,
1936
4.941666* 4.944583* 4.963125* 4.980208* 4.959375*
South Africa, pound..
North America—
Argentina, peso
Brazil, mllrels
Chile, peso
Week Ended June 6
Exchange
.298750
.322458
Sales at
New York Curb
>
!
I
„_j
|
peso.
statements,
shows
the
Treasury at the beginning of business
April, May and June, 1936:
Holdings in U. S. Treasury
daily Gov¬
holdings of the
the first of March,
money
on
Mar. 11936
Apr. 1,1936
May 1,1936
$
*
$
$
June 1,1936
Nominal rates; firm rates not available.
Net gold coin and bullion.
THE
CURB
Net silver coin and bullion
EXCHANGE
Net United States notes..
Curb
market
trading has been extremely quiet during
the present week, and while a few special stocks have regis¬
tered moderate gains, the list, as a whole, has made little
progress either way.
There has been some buying in the
preferred shares of the public utility group and some interest
lias been apparent in the more active issues of the
specialties,
but
the
volume
of
sales
has
been
small
and
most
of
the
changes in minor fractions.
Quiet dealings and irregular price movements were the
outstanding features of the curb market as trading was
resumed on Monday following the two-day holiday.
Public
utilities, particularly the preferred stocks, attracted con¬
siderable buying and a number of substantial advances
were
recorded before the close.
Williams Oil-O-Matic and
Dictograph Products were especially active and worked into
high ground for the year.
The trend of the market
inclined toward higher levels, but the volume of business
was small, the transfers being
approximately 177,195 shares.
Dictograph Products was the feature of the trading on
Tuesday as it forged ahead to 22% at its top for the day.
Transactions in other parts of the list continued quiet, the
transfers totaling approximately 185,300 shares.
Among
the active stocks registering advances at the close were
American Hard Rubber, 1% points to 33%; Bower Roller
Bearing, 1% points to 23%; Parker Pen, 3% points to 23;
Royal Typewriter, 2%.points to 65%; Singer Manufacturing
Co., 1% points to 346%, and Pittsburgh Plate Glass, 1
point to 121.
Considerable irregularity was apparent during the curb
market trading on Wednesday, and while a few stocks
among the mining and metals and specialties showed modest
gains, the changes in the general list were usually in small
fractions.
American Hard Rubber continued its upward
climb and advanced 3% points to 37; Chesebrough Manu¬
facturing Co. moved up 2 points to 114; Pittsburgh & Lake
new
was
575,980,656
399,539,559
2,845,023
3,296,289
17,654,132
599,170,408
400,720,706
605,056,799
404,694,303
3,163,106
3,654,433
15,539,785
429,903
7,298,940
6,523,135
$
662,399,576
407,514,288
746,257
3,322,745
3,700,837
18,033,105
727,869
5,878,023
7,530,704
7,003,263
Less gold reserve fund...
1,013,470,643
156,039,431
1039255,915
156,039,431
Cash balance In Treas..
857,431,212
883,216,484
890,320,973
948,461,017
617,078,000 1,005,746,000
456,058,296 1,130,688,866
984,307,000
707,785,750
975,772,000
554,033,199
13,033,383
42,610,731
1,811,368
2,736,085
11,507,974
41,242,976
Net National bank notes.
Net Federal Reserve notes
Net Fed. Res. bank notesNet subsidiary silver
Minor coin, Ac
Total cash in Treasury.
6,576,982
2,640,720
2,543,037
16,220,250
471,475
5,487,268
7,223,834
1046360,404 *1104,500,448
156,039,431
156,039,431
Dep. in spec'l depositories
account Treas'y bonds,
Treasury notes and cer¬
tificates of Indebtedness
Dep. In Fed. Res. bank..
Dep. in National banks—
To credit Treas. U. S__
To credit disb. officers.
Cash In Philippine Islands
Deposits in foreign depts.
9,082,798
43,344,258
2,188,350
2,594,743
12,848,789
45,059,209
1,833,019
1,791,968
1,890,151
2,572,808
Dep. In Fed. Land banks.
Net
cash
in
Treasury
and in banks
Deduct current liabilities.
1,987,777,657 3,081,184,335 2,642,605,290 2,535,480,125
221,026.203
215,059,937
200,634,771
177,057,883
Available cash balance.
1,766,751,454 2,866,124,398 2,441,970,519 2,358,422,242
*
Includes
on
June
1 $317,389,997 silver
coins not Included in statement "Stock of
Course of Bank
Bank
bullion and $2,690,616
minor, &o.
Money."
Clearings
clearings this week will show a decrease compared
with a year ago.
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, June 6),
bank exchanges for all cities of the United States from
which it is possible to obtain weekly returns will be 28.7%
below those for the corresponding week last year.
Our
preliminary total stands at $7,130,970,961, against $5,541,228,097 for the same week in 1935.
At this center there is
a gain for the week ended Friday of 39.0 %.
Our comparative
summary for the week follows:
3786
Financial
Chronicle
append another table showing the clearings by Federal
We
Clearinos—Returns by Telegraph
Week Ending June 6
Now York
Per
1936
$4,056,104,193
-
....
Boston........-..--..--.
Kansas City
St. Louis
—
....
-
120,879,000
127,631,793
93,776,853
71,178,106
63,411,693
28,959,000
San Francisco
Pittsburgh
Detroit
Cleveland.
Baltimore
--
-
$2,918,750,355
210,199,869
276,000,000
170,000,000
67,065,611
71,600,000
102,323,000
91,176,678
68,530,474
56,163,598
49,577,645
21,650,000
295,660,958
329,000,000
202,934,000
80,062,685
88,000,000
Chicago
Philadelphia
1935
New Orleans
Cent
+39.0
5 Months
5 Months
lnc,.or
5 Months
5 Months
1936
1935
Dec.
1934
1933
$
+40.7
+ 19.4
+ 19.4
+23.1
+ 18.1
+40.0
+36.8
+26.7
+27.9
+33.8
$4,102,937,230
+35.5
588,389,420
+7.9
$6,192,475,801
938,495,160
Total all cities, five days
All cities, one day
Reserve districts for the five months for four years:
$
%
$
+ 19.2
$5,557,598,281
634,877,620
Twelve cities, five days
Other cities, five days—
June 6, 1936
$4,691,326,650
849,901,447
+ 32.0
+ 10.4
Federal Reserve Dists.
4,939,871,638 +13.0
+4.9
78,952,217,325
6,582,437,916
14 cities
NewYork—13
"
3rd Philadelp'la 12
"
4th Cleveland—14
"
5th Richmond
8
"
6th Atlanta
16
"
7th Chicago —.25
"
8th St. Louis—_ 5
"
9th MinneapolIsl3
"
10th Kansas City 14
"
11th Dallas
10
"
12thSan Fran..21
"
Boston
1st
$
4,756,692,511
74,697,727,313
6,200,534,539
7,809,831,575
7,126,889,099
+9.6
5,619,432,853
4,734,072,987
2,247,332,512
2,551,819,561
8,359,979,113
2,449,687,812
1,778,691,187
3,175,584,446
1,639,168,456
4,514,444,198
+18.7
4,139,414,318
4,066,761,409
62,178,060,761
6,322,150,946
3,249,811,411
+10.7
+11.2
+16.1
+ 11.1
+6.9
+10.3
2,024,146,403
2,203,589,940
6,906,426,493
4,746,348,071
82,815,976,103
2nd
2,487,916,797
-
2,836,688,042
9,702,612,054
2,720,648,298
1,901,444,759
3,504,126,361
1,576,667,777
1,535,395,940
2,169,987,153
1,613,386,665
1,239,994,674
2,007,630,856
1,104,901,254
1,555,892,262
2,685,762,318
+19.4
1,489,613,666
+15.4
3,890,183,043
3,054,149,692
165 cities 132,148,535,653 122,469,758,334
+7.9 122,719,969,759
Outside N. Y. City
61,651,335,082 45,741,250,791 +12.9 39,961,916,259
91,695,259,266
31,279,524,921
1,956,761,615
6,210,659,280
Total
Total all cities for week
$7,130,970,961
$5,541,228,097
+28.7
32 cities
Canada
foregoing will
furnish
appear
them
in
our
issue of next week.
today, inasmuch
as
the
week
We cannot
ends
today
(Saturday) and the Saturday figures will not be available
until
today.
noon
of the week in all
5,048,811,546
monthly detailed statement of transactions On
the New York Stock
Exchange is appended.
The results for
May and the five months of 1936 and 1935 are given below:
Month of May
has to be estimated.
week previous—the
For that week there is
a
Five Months
Description
however, which
1936
we
present further below, we are able to give final and complete
the
6,212,632,624
Accordingly, in the above the last day
cases
In the elaborate detailed statement,
results for
Our usual
6,483,157,548 +159
7,512,838,058
Complete and exact details for the week covered by the
1935
20,6i3,670
1936
30,439,671
1935
239,325,893
102,511,960
$160,832,000 $188,534,000 $1,289,691,000
23,565,000
33,781,000
147,227,000
61,840,000
130,904,000
16,013,000
$868,026,000
165,087,000
378,489,000
Stock, number of shares.
Bonds
week ended May 30.
Railroad & miscell. bonds
decrease of 4.9%, the aggregate
State, foreign, &c., bonds
U. S. Government bonds.
of
clearings for the whole country being $4,232,097,832,
against $4,451,007,054 in the same week in 1935.
Outside
of this city there is an increase of 5.5%, the bank clearings
at this center having recorded a loss of 11.9%.
We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals record
a decline of 11.6% and in the
Philadelphia Reserve District
of 0.2%, but in the Boston Reserve District there is a gain of
2.8%.
The Cleveland Reserve District enjoys an expansion
of 18.2% and the Altanta Reserve District of 22.1 %, but the
Richmond Reserve District suffers a loss of 1.6%.
The
Chicago Reserve District has managed to enlarge its totals
by 8-7% and the St. Louis Reserve District by 2.6%, but
in the Minneapolis Reserve District the totals are smaller
by 3.3%.
In the Kansas City Reserve District there is an
increase of 3.2%, in the Dallas Reserve District of 7.3%
and in the San Francisco Reserve District of 2.2%.
In the following we furnish a summary by Federal Reserve
districts:
bonds
Total
The
$200,410,000 $284,155,000 $1,567,822,000 $1,411,602,000
volume
transactions in
of
New York Stock
share
properties
1933 to 1936 is indicated in the
the
on
Exchange for the five months of the
years
following:
1936
1935
1934
1933
No. Shares
No. Shares
No. Shares
No. Shares
Month of January
67,201,745
19,409,132
14,404,525
15,850,057
54,565.349
18,718,292
60,884,392
51,016,548
56,829,952
29,900,904
20,096,557
179,102,685
49,663,714
141,296,205
58,129,049
/ 39,609,538
72,072,289
30,439,671
171,141.487
111,025,645
25,335,680
104,213,954
February
March
First quarter
April
May
20,613,670
t
The following
compilation
covers
19,314,200
the clearings by months
since Jan. 1, 1936 and 1935:
MONTHLY CLEARINGS
,
SUMMARY OF BANK CLEARINGS
Clearings, Total All
Clearings Outside New York
Month
1936
Week End. May 30, 1936
1936
1935
Federal Reserve Dists.
1st
2d
New
$
12 cities
Boston
York. 12
191,477,626
186,225,381
Dec.
%
+2.8
1934
S
1936
1935
1933
$
199,101,051
1935
$
Inc.or
207,342,134
"
2,438,058,399
2,756,965,921
—11.6
2,908,003,249
3,384,479,340
3d
Philadelp'la
9
"
278,864,842
279,351,608
—0.2
274,784,573
218,889,171
4th
Cleveland..
5
"
225,600,456
190,916,464
+ 18.2
188,777,093
155,774,792
89,484,674
—1.6
90,985,710
97,410,535 +22.1
89,187,946
91,466,838
61,870,290
313,489,586
236,006,977
.
%
9,351,732,820 + 15.5
7,960,442,514 + 18.4
9,341,334,951 + 11.2
62,811,371
+8.7
+2.6
$
$
%
Jan... 27,587,225,976 25,558,258,080
+7.9 10,800,390,151
Feb... 24,011,106,666 20,812,399,699 + 15.4
9,428,711,540
Mar
28,857,630,111 26,372,642,401
+9.4 10,385,994,887
6th
Richmond .6
"
6th
Atlanta
10
"
118,940,542
375,245,923
345,125,434
114,758,187
72,048,688
111,871,032
93,217,715
-3.3
65,848,082
62,299,533
100,579,735
M
41,818,232
38,980,964
+3.2
+7.3
88,915,487
33,409,868
69,419,310
23,889,245
"
182,010,321
178,094,877
+2.2
148,570,884
134,992,261
4,232,097,832
4,451,007,054
—4.9
4,494,772,372
4,700,633,653
1,881,199,109
1,782,993,154
+5.5
1,672,095,715
1,404,288,738
290,602,574
277,476,790
+4.7
407,135,042
304,487,505
1st qu. 80,455,962,753 72,743,300,189 + 10.6 30,615,096,578 26,653,510,285 + 14.9
82,859,229
74,499,393
103,789,942
_.
7th
Chicago... 19
"
8th
St. Louis
4
"
9th
Minneapolis 7
"
"
10th Kansas City 10
11th Dallas
5
12th San
Fran..12
Ill cities
Total
Outside N. Y. City
32 cities
Canada
I
Apr... 26,990,579,535 24,779,527,997
May.. 24,701,993,365 24,946,930,148
The
course
of bank
for the month of
the entire
body of clearing houses of 1.0%, the 1936 aggre¬
gate of clearings being $24,701,993,365 and the 1935 ag¬
gregate $24,946,930,148.
In the New York Reserve District
the totals register a loss of 4.7% and in the Philadelphia
Reserve District of 2.3%, but in the Boston Reserve Dis¬
trict there is a gain of 1.0%.
The Cleveland Reserve Dis¬
trict has managed to enlarge its totals by 15.4%, the Rich¬
mond Reserve District by 4.3% and the Atlanta Reserve
District by 14.0%.
In the Chicago Reserve District there
is an improvement of 7.2%, in the St. Louis Reserve Dis¬
trict of 8.5% and in the Minneapolis Reserve District of
0.6%.
In the Kansas City Reserve District the totals show
a decrease of 0.6%, but in the Dallas Reserve District the
totals record an increase of 15.5% and in the San Francisco
Reserve District of 4.0%.
mo ,000s
1936
S
New York
Chicago
1,199
6,098
5,230
4,382
3,529
4,796
4,260
4,132
3,526
7,488
6,846
5,934
5,072
St. Louis
368
343
298
245
1,747
1,572
1,389
1,068
Pittsburgh
521
424
401
290
2,507
2,024
1,781
1,408
1,749
San Francisco.....
538
524
443
371
2,838)
2,496
2,178
Baltimore...
249
249
235
153
1,258
1,153
1,066
Cincinnati
222
214
182
147
1,102
999
874
697
Kansas
349
375
294
221
1,809
1,710
1/378
1,045
Cleveland
336
291
259
177
1,573
1,317
1,182
Minneapolis
258
253
216
198
1,183
1,104
1,002
City
New Orleans-
4th
Cleveland..14
"
1,166,847,209
5th
Richmond
—4.7
14,860,063,831
13,723,999,022
—2.3
1,343,737,275
+15.4
+4.3
+14.0
+7.2
+8.5
+0.6
910,805,375
663,638,970
1,045,010,940
1,034,250,050
"
14,903,268,834
"
1,516,439,147
,
8
"
6th
Atlanta
16
"
586,620,420
514,382,222
7th
Chicago
25
"
1,941,002,600
1,810,605,565
8th
St. Louis...
5
"
659,645,664
515,964,031
Mlnneapoltsl3
10th Kansas Cityl4
"
"
405,472,446
403,120,749
_
9th
498,657,042
478,181,029
432,920,940
308,392,620
450,451,706
1,044,138,729
446,649,147
367,345,556
328,995,366
686,365,156
690,218,863
—0.6
565,280,466
435,988,425
"
377,664,455
327,046,461
+15.5
290,148,055
1,014,999,452
976,005,281
+4.0
791,696,534
684,419,377
24,701,993,365
24,946,930,148
9,773,412,689
—1.0
22,955,219,861
10,249,080,019
+4.9
8,496,304,511
20,046,992,727
6,686,048,482
1,674,806,258
1,653,725,688
+1.3
1,536,279,067
1,292,979,022
165 cities
Canada
City
...32 cities
551
494
1,873
1,480
416
633
561
492
343
129
109
85
668
577
579
348
38
36
31
211
182
170
143
349
79
57
45
406
329
268
211
126
116
98
647
585
650
460
97
101
81
61
481
460
408
269
107
St. Paul
73
128
Buffalo
103
90
72
548
477
382
325
287
238
189
69
65
54
40
131
129
116
101
662
627
571
68
58
51
44
329
306
281
183
136
134
95
83
655
549
454
370
58
51
46
35
282
251
208
168
53
52
41
35
252
222
182
155
22,608 23,020 21,321 18,691 121,737 113,277 104,813
2,094
1,927
1,634
1,356 *10,412
9,193
7,907
85,436
6,259
24,702 24,947 22,955 20,047 132,149 122,470 112,720
9,773 8,496
6,686
51,651
45,741
39,962
91,695
31,280
Seattle
Salt Lake City
Hartford
Total
Other cities
327
Total all
Outside New York. 10,249
228,937,231
"
Total
638
2,102
73
474
295,727,261
10
Outside N. Y.
55
33
96
39
Milwaukee
93
323
113
131
Omaha
Providence
108
398
121
...
331,259,119
1,537,133,251
12thSan Fran..21
Uth Dallas
819
1,056,522,423
1,011,564,091
919
•
131
Louisville
Memphis
1,551,343,961
785
423
Detroit
Richmond
15,634,247,845
$
60,416
837
Indianapolis
Philadelp'la 12
1933
$
72,758
792
1933
New York..13
1934
76,729
1,008
1934
3rd
976
80,497
864
Dec.
2nd
$
1,290
1935
906,623,994
1935
$
885
May
997,347,915
1,123
1 to May 30-
1936
1,487
May
A.
Jan.
1933
$
$
888
1936
14 cities
5
1,456
Boston...
Inc.or
Boston
-May1935
1934
14,453 15,174 14,459 13,361
Philadelphia
May
1st
subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN MAY
May
$
clearings at leading cities of the country
four years is shown in the
Denver
Federal Reserve Dists.
9,314,327,817 + 15.8
9,773,412,689 +4.9
May and since Jan. 1 in each of the last
omitted)
We also furnish today a summary of the clearings for the
month of May.
For that month there is a decrease for
+8.9 10,787,158,485
—1.0 10,249,080.019
We
now
for each
years,
add
our
detailed statement showing the figures
city separately for May and since Jan. 1 for two
and for the week ended May 30 for four
We also furnish today a summary of the
month of
May.
years:
clearings for the
Financial
Volume 142
CLEARINGS FOR MAY,
Chronicle
3787
SINCE JANUA RY 1, AND FOR WEEK ENDING MAY 30
Five Months Ended May 31
Month of May
Week Ended May 30
Clearings at—
Inc. or
Inc. or
1936
2,473,387
8,634,678
2,193,514
1,045,010,940
1,034,250,050
Mass.—Boston
888,307,252
2,374,003
1,562,976
Fall River
Holyoke
Lowell
1,613,115
2,936,785
12,543,949
7,560,258
52,570,290
16,839,733
6,656,000
38,845,000
...
New Bedford.-
Springfield..
Worcester...
Conn.—Hartford
New Haven
Waterbury
R. I.—Providence
N. H.—Manchester...
Total (14 cities)
Second Federal Res
N. Y.—Albany
Buffalo
Elmira
Jamestown
New York
Rochester
Syracuse
Conn.—Stamford.
1,733,673
J.—Montclair
84,149,141
122,736,685
4,589,531
Newark
Northern N. J
Oranges
Total
Third Federal Rese
Pa.—Altoona.
District—
1,774,523
a
*2,000,000
1,461,062
9,265,623
5,567,461
Chester
Harrtsburg
Lancaster
Lebanon
i
—
Philadelphia..
1,694,882
2,197,569
1.456,000,000
Reading
5,677,054
Scranton
9,627,689
4,782,062
6,014,620
Wilkes-Barre
12,257,393
44,108,323
+ 0.4
4,796,494,605
—13.4
—0.9
13,500,573
7,640,577
7,648,798
14,084,049
64,140,693
35,884,398
252,085,008
83,080,809
29,507,000
210,588,000
11,417,690
7,207,442
6,601,489
12,974,264
56,243,517
27,974,127
222,364,305
68,805,867
24,739,700
182,045,700
9,974,979
+ 1.0
5,582,437,916
+ 2.6
+ 6.7
+ 18.2
+ 8.2
+ 6.0
+ 39.1
+ 0.7
+ 12.2
+ 12.3
Fourth Federal Res
477,043
4,939,871,638
+ 13.0
191,477.626
186,225,381
+ 2.8
199,101,051
207.342,134
215,676,609
21,416,102
584,720,558
12,697,703
10,428,357
76,728,507,543
138,481,932
76,557,493
—25.4
4,821,357 + 118.4
—14.4
5,444,909
786,795
25,191,430
568,708
—11.7
380,917
+4.0
160,960,276
25,305,735
647,130,843
13,887,001
11,735,315
80,497,200,571
157,518,320
85,460,020
+ 5.7
74.294,006
59,937.875
—1.2
+23.7
8,523,544
399,565,899
716,903,860
17,590,713
8,043,381
382,464,517
695,387,900
17,897,355
—1.7
1.7
82,815,976,103
78,952,217,325
+4.9
9,023,054
7,820.980
+27.2
+ 1.6
+ 11.4
+ 4.6
—4.7
+ 7.8
+ 9.6
—17.9
+ 19.5
b
1,191,282
7,908,150
4,343,299
1,613,107
2,168,531
1,487,000,000
5,956,434
9,002,956
4,127,529
a9,050,800
+2*266
6,661,864
42,516,839
26,173,169
+ 17.2
+28.2
+ 5.1
8,051,105
10,272,082
+ 1.3
—2.1
—4.7
7,487,775,000
25,595,694
+ 6.9
52,337,644
22,665,828
+ 15.9
6,973,223
213.901,512
290,947,641
44,571,100
1,916,211
903,924
428,122
378,162
2,350,898,723 2,668,013,900
+ 11.6
+24.0
3,509,151
3,974,486
+6.0
232,912
+ 4,5
16,084,317
308,139
15,889,979
+3.1
19,602,429
30,528,499
2,438,058,399 2,756,965,921
282,641
+59.2
+35.6
338,826
254,560
+8.8
246,355
282,059
20,765,167
7,056,084
9,232,463
6,846,000,000
25,614,120
+ 26.0
967,520
943,995
+2*.5
854,426
"69*5*703
+ 9.4
270,000,000
269.000,000
+ 0.4
968,221
1,642,096
1,273.295
1,923,529
—24.0
+ 16.1
769,705
+ 6.2
77,267,400
+ 14.0
817,613
1,161,750
2,580,600
1,130,873
3,773,000
—31.6
266,000.000
894,246
2,079,377
1,245,888
941,455
2,184,000
208,000,000
—0.1
45,081,932
19,643,912
25,693,658
278,864,842
279,351,608
—0.2
274,784,573
218,889,171
+ 15.5
+ 11.3
+ 15.4
+ 19.3
b
41,647,408
7,908,400
+ 10.3
8,566,100
6,134,100
1,421,380
872,733
+62.9
876,834
674,962
b
b
+ 23.9
b
b
+ 12.8
5,567,767
+ 22.7
2,507,412.955
2,024,282,347
—0.1
26,970,915
32,040,056
+ 16.9
+ 15.4
5,619,432,853
4,734,072,987
+ 18.7
4,939,655
50,203,000
662,051,122
21,883,617
3,013,169
49,006,000
+ 63.9
229,752
+ 2.4
b
33,216,263
_
—0.4
+ 20.6
26,863,659
37,445,654
+ 12.6
105,036,315
86,843,425
+20.9
83,287,584
74,102,059
225.600,456
190,916,464
+18.2
188,777,093
155,774,792
111,508 + 106.0
—0.2
1,880,000
—5.7
25,639,078
+0.2
900,000
171,927
1,877,000
24,171,789
901,637
23,996,584
631,865
114,784
1,897,000
15,591,591
651,499
46,624,325
48~,104*552
—3.1
48,*59*2*,454
33,165^797
+ 23.9
15,68*0*171
14,35*0*572
9*3
13*.*8*8*1*116
11,*39*0*766
89,484,674
90,985,710
—1.6
89,187,946
62,811,371
2,226,690
2,442,663
11,740,468
33,400,000
—8.8
+ 10.3
2,014,909
10,941,133
29,700,000
732,502
3,089,765
6,503,632
20,500.000
"4666210
446,055.076
478,181,029
+4.3
2,487,916,797
2,247,332,512
+ 10.7
-
68,805,092
312,404,749
59,392,741
286,654.421
879,600,000
+ 15.8
+ 9.0
•
+0.1
+ 28.8
+ 13.6
37,874,409
—0.1
1,258,414,802
+ 10.7
6,495,116
+ 5.5
+ 17.8
+ 23.8
+ 9.2
+ 10.3
+
1,914,000
District— Atlanta—
3,525,285
3,209,329
63,362,462
5,008,404
73,344,653
5,998,849
2,828,705
3,122,000
...
b
40,198,513
55,848,062
+ 29.2
+21.0
2,882,138
Mobile
b
+6.6
—3.6
627,468,528
18,573,443
30,590,933
1,152,751,748
5,886,913
360,041,779
Macon
Tampa
+ 2.7
934,274
1,564,064
1,372,969
891,710
4,872,100
+22.9
3,651,820
1,810,683
4,945,745
129,266,653
3,606,080
6,382,633
248,821,039
1,180,476
77,957,951
Columbus
Fla.—Jacksonville
—14.6
41,459,392
54,573,814
7,167,100
+ 27.2
+ 4.9
+ 1.3
11,353,007
61,345,112
176,500,000
4,232,150
2,701,412
Ala.—Brimlngham
b
b
+ 18.1
+ 6.9
+ 10.3
+82.2
14,252,365
Augusta
276,292
b
+ 14.1
634,197
10,332,000
63,705,439
207,200.000
4,727,637
Ga.—Atlanta...
-11.6 2,908,003,249 3,384,479,340
a258,144
498,657,042
ve
658,539
*450,000
130.931,051
4,645,367
7,250,072
248,733.066
1,306,658
94,295,112
Nashville
17,928,701
26,317,880
District— Richmond-
1,155,716
10,340,000
Tenn.—Knoxvllle—
359,223
15,476,140
24,963.789
+ 1.2
—35.8
a*350,000
277,042
24,794.657
1,011,564,091
8 cities)
2,340,374
+ 12.6
41,026,098
1,166,847,209
D. C.—Washington...
3,988,446
+ 59.1
—24.4
+ 24.2
(14 cities)
Frederick
—10.4
—11,9 2,822,676,657
+ 4.6
6,825,861
+ 15.4
b
3,842.117
W. Va.—Wheeling
Columbia
891,277
5,916,897
36,796,486
+ 5.5
4,545,868
8,336,019
1,260,089
520.538,744
Md.—Baltimore
8,201,168
20,216,190
645,100
318,817
3,296.344,916
7.573,661
3,257,622
2,125,470
+ 7.1
2,339,133
S. C.—Charleston—
5,256,256
3,914,400
2,498,015
5,491,106
+ 19.4
468,828
1,117,504
424,286,693
4,552,661
6,914,196
467,777
Franklin
+ 25.5
+ 3.8
+ 17.4
+ 11.7
963,200,000
23,145,306
+ 6.7
14,291,104
+9.8
16,367,461
+ 9.5
12,950,548
44,200,000
950,472
853,658
+ 11.3
*705*605
"68*6*053
+2*8
13,632,000
12,463,000
+9.4
478,630
10,519.000
8,679,000
16,112,012
1,274,548
12,777*064
+2*6*1
13,*7*2*7*,396
7*."236628O
998,393
+27.7
950,677
692,493
—1.4
+ 5.5
21,947,439
11,879,874
+ 20.3
15,518,106
+ 6.5
55,165,110
+ 14.9
327,504,425
275,303,123
+ 19.0
4,201,319
68,992,952
4,831,482
2,943,541
3,576,000
+ 19.2
22,649,410
333,290,306
23,803,497
15,923,391
19,100.000
+ 17.6
—12.7
26,628,361
349,225.395
27,558,151
16,138,601
19,077,000
+ 6.3
+24.2
—3.9
+4.8
+ 15.8
+ 1.4
+32.3
807,296
—0.1
5,905,660
1,061,791
498,570
107,864,787
—23.8
24,937,207
27.354,279
—8.8
+8.6
—0.1
6,432,817
2,834,962
5,545,491
497,890
130,511,365
+ 16.0
+ 9.7
88,362
+21.0
638,137,411
2,583,218
551,274,265
+ 15.8
26,800,305
89,584
21,959,652
+22.0
79,476
22.323.115
67,903
13,899.711
586,620,420
514,382,222
+14.0
2,836,688.042
2,551,819,561
+ 11.2
118,940,542
97.410,535
+22.1
91,466,838
61,370,290
8,450,134
2,102,069,363
11,129,507
1,872,742,159
—24.1
209,168
584,388
—64.2
583,549
491,593
+ 12.2
93,377,944
82,997,115
+12.5
73,851,555
25,353,093
23.396,287
57,820,662
17,233.753
+35.8
41,565.392
+ 39.1
2,096,904
1,773*767
8,053,908
24,887,083
15,801,104
43,987,240
286,952,000
18.625,359
83,962,003
14,088,328
328,754,649
7,843,434
18,049,831
+ 13.0
*4,500.000
1,153,228
—
Meridian
'
Vicksburg
La.—New Orleans
(16 cities)
Seventh Federal Re
serve
District
—Chicago—
1,078,674
423,392,063
Flint
Grand Rapids
Jackson
Lansing
—49.4
3,705,771
+ 12.9
11,547,809
1,823,985
6,733,102
Detroit
2,130,815
397,901,675
4,185,635
Mich.—Ann Arbor
8,873,487
1,487,620
5,944,505
3,831,162
10,759,097
64,705,000
4,356,034
17,985,223
+ 30.1
3,440,801
+ 6.3
72,723,190
+9.1
4,596,033
Ind.—Ft. Wayne
Gary
Indianapolis
14,281,122
69,411,000
South Bend
5,813,095
19,992,808
3,656,218
79,320,455
Terre Haute..
Wis.—Madison
Milwaukee
Rockford
4,152,067
Springfield
5,428,805
1,615,472
4,848,522
44,408,387
12,989,130
1,486,626
2.018,684
1,122,757,970
2,762,887
12,157,243
3,176,719
4,539,545
1,941,002,600
1,810,605,565
1,642,278
4,801,617
Oshkosh
.
Des Moines
39,340,381
Sioux City
14,372,166
1,897,289
HI.—Aurora
2,010,719
Bloomington
(24 cities)
+4.9
+ 13.7
9,551,209
—0.2
Total
+ 12.5
214,087,400
3,521,858
Iowa—Cedar Rapids
436,649
+ 9.4
1,316,666,739
—8.7
Peoria
+ 9.6
1,572,540,571
+ 12.8
Decatur
—22.1
24,000,000
510,192
+ 2.0
+29.8
Chicago
797,062
26,300,000
44,180,000
67,054,370
+ 3.9
840,876
Total
620,960
+ 10.7
+ 15.4
4,807,676
9,362,046
Sixth Federal Reser
10,529,514
+ 18.2
-Cleveland-
768,122
Richmond
7,939*400
563,652
6,242,185
10,559,475
Pa.—Beaver County..
ve
7,077,700
+0.7
+ 25.8
W. Va.—Huntlngton..
7,816*906 —10*8
487.423
31,630,941
998,772,260
Va.—Norfolk
952,950
11.640,288
3,095,462
+ 1.3
*201*,638
490,882
39,792,287
1,101,672,165
7,893,326
Greensburg
+30.7
—12.2
468,572
2,972,557
714,775
8,109,537
3.343,484
6,976"3O6
+ 13.2
District
erve
Pittsburgh
2,531,743
+ 15.7
+9.6
Ky.—Lexington
—1.8
+ 19.3
7,126,889,099
Youngs town
+48.1
+
+ 14.5
+ 1.4
225,819.200
10,227,978
4,771,560
29,277.500
52,180,566
Jackson
+ 13.4
416,482
1,011,166
181,223,701
463,779
600,028
465,368
2,323,276
1,083,258
9,183,899
3,662,343
+ 28.3
511,167
1,308.546
170,132,308
249,398
537,809
689,132
+ 20.7
+4.0
18*7
2,281,978
1,415,768
9,301,163
3,214,519
7.809.831,575
Mansfield
1933
—9.0
504,458
+ 8.6
—2.3
Lorain
1934
"
+ 14.0
1,551,343,961
Cleveland
—5.4
—20.8
248*890
30,662.196
88,097,100
Hamilton
475,223
2,179,688
157,794,655
"295*364
—1.1
222,153,253
335,622,182
45,463,800
2,048,067
948,302
Fifth Federal Reser
449,532
1,725,495
164,178.377
459,116
+ 6.0
—40.4
Columbus
Montgomery.
Miss.—Hattiesburg
—3
+ 15.9
6,080,750
Cincinnati
Total
14,022,781
—0.8
+26.9
+ 12.6
20,177,400
Ohio—Canton
Total
12,358,696
34,768,376
.259,790,395
+ 9.6
—8.4
1,516.439,147
cities)
or
Dec.
%
%
12,031,200
York
N. J.—Trenton...
1935
Philadelphia
...
Bethlehem
Total (12
1,754,999
76,755,090
149,501,674
3,708,922
2,119,925
rve
Inc.
1936
York-
14,903,268,834 15,634,247,845
(13 cities)
Norristown
District —New
erve
36,053,177
35,126,248
5,003,142
3,933,677
127,839,685
125,800,000
2,971,415
2,668,446
2,275,582
2,175,241
14,452,913,346 15,173,517,459
30,331,522
28,146,583
16.739,476
16,091,374
15,932,459
15,068,132
Binghamton
Dec.
Boston—
2,699,127
7,787,452
884,542,619
2,742,447
1,464,439
1,364,529
2,715,391
11,831,658
5,434,988
52,194,537
15,008,920
5,926,900
38,323,900
2,213,143
,
Portland
1935
%
District-
ve
Me.—Bangor
N.
$
1936
Dec.
$
First Federal Reser
1935
1,198,929,047
3,260,100
19,336,132
+ 6.4
+ 22.6
+20.0
9,097,012
30,130,025
21,677,192
+ 32.7
55,030,152
+ 7.3
326,653,000
24,074,648
+ 13.3
*
+ 33.4
+ 11.2
+ 1.7
—1.0
—11.4
+ 10.6
+ 27.6
—0.4
96,649,944
18,532,357
406,339,274
8,540,638
20,640,792
169.208,112
66,842,296
7,105,576
+ 19.6
8,439,170
6,098,496,054
16,041,342
84,944,178
19,309,551
23,134,295
+7.2
9,702.612,054
+ 6.8
+ 18.0
+ 59.1
+ 30.7
159,632,872
57,690,086
6,014,087
7,538,102
+ 18*2
1,373,774
"7966347
1,127*177 —26*2
945,907
""3496262
687,518
+ 14.9
652,080
453,460
12,992,000
775,672
4,089,831
11,6*46*666
+"li".6
742,962
+4.4
10,755,000
691,332
3,407,304
+20.0
3,612,685
8,382,000
395,141
2,409,683
17,5*0*2*951
14,262*665
+22*7
12,289,418
8,906,834
*774*536
+20*5
"416*619
2*2*86632
6,658.023
2,448,333
+ 5.9
5.011,569
+ 13.7
2,076,714
4,304,933
2,361,941
832,004
789,826
+ 21.1
+ 37.2
+ 25.1
+ 13.8
+ 29.3
+ 15.1
+ 31.5
+23.6
+8.9
"
*
+ 14.4
9*32*969
+6.0
7,049,181
+ 15.9
2,784,060
'
+ 18.1
+ 12.0
322,569
325,763
—1*6
340,798
"254638S
5,230,019,892
12,878.851
+ 16.6
196,670.591
+4.1
752.204
+ 47.3
+66.0
2,055,594
15,359,526
19,499,591
+ 25.7
+21.6
+ 18.6
992,726
213,294,707
622,098
2,287,555
674,620
810,903
+5.6
57,670,401
225,233,051
647,626
3,797,409
820,032
+ 22.4
600,251
810,546
177,185.470
431,522
2,278,031
560,161
865,089
8,359,979,113
+ 16.1
375,245,923
345.125,434
+8.7
313,489,586
236,006,97;
+24.6
3788
Chronicle
Financial
June 6, 1936
CLEARINGS—(Concluded).
Month of May
Week
Five Months Ended May 31
Ended, May
30
Clearings at1936
1935
Dec.
1936
%
$
$
Qulncy
5 cities)
Total
Ninth Federal Rese
342,585,898
113,220,999
58,055,237
200,897
1,901,000
515,964,031
1935
erve
+ 11.1
+ 21.6
1,130,662
10,152,000
1,572,246,346
561,137,924
306,396,411
967,131
8,940,000
+8.5
2,720,648,298
+ 7.9
+ 2.0
-f 7.3
+ 7.2
+ 17.4
+8.4
1,747,328,803
632,812,944
329,223,889
b
299,000
4,449,687,812
+ 11.1
114,758,187
111,871,032
+2.6
93,217,715
82,859,229
44,563,044
1,104,409,636
+ 14.7
2,472,620
2,159,979
+ 14.5
2,287,333
+ 7.2
47,688,201
47,696,579
—0.1
44,824,711
1,723,995
44,645,424
+ 12.9
+ 4.5
17,523^063
14,8*29*829
12*.*3*4*4*294
1,477,665
20,162+55
1,485,418
—1*3*1
+ 14.8
—0.5
1,282,820
1,207,086
District— Minneapolis
rve
—1.3
32,017,618
Mont.—Billings
11,373,398
Great Falls
+ 14.4
Helena
9,756,296
205,921
+ 21.0
403,120,749
+0.6
1,901,444,759
1,778,691,187
—3.6
2,344,553
2,433,481
2,157,688
1,906,984
46,522,519
577,413,550
28,989,788
48,340,744
54,462,117
8,208,094
1,710,371,153
61,504,306
135,523,417
11,242,742
477,401,344
11,540,000
District
rve
Omaha
Topeka
Pueblo
-
Tex.—Austin
Beaumont
—
Dallas
El Paso
Worth
eserve
Distric
4,821,546
3,572,771
171,111,451
16,303,205
24,126,599
9,255,000
131,712,170
Galveston
Houston
1,472,877
Port Arthur
2,876,581
12,412,255
Wichita Falls
La.—Shreveport-
377,664,455
(10 cities)
Twelfth Federal Re
serve
District
2,380,359
136,482,814
34,804,000
3,276,710
4,539,009
768,000
107,802,016
2,341,885
58,197,163
13,184,796
5,459,100
18,288,162
16,266,733
2,558,000
13,429,342
3,540,244
Wash.—Bellingham
Seattle
Spokane
Yakima
Idaho—Boise.
Ore.—Eugene
Portland
Utah—Ogden.
Salt Lake City
Ariz.—Phoenix
Calif.—Bakersfield
Berkeley
Long Beach
Modesto
Pasadena
Riverside
31,587,776
Sacramento
538,155,839
8,835,139
5,271,644
7,830,721
Francisco
San Jose
Santa Barbara
Stockton
1,014,999,452
cities)
+ 20.0
+ 18.4
175,000,813
13,045,201
548,239,201
13,622,505
—0.6
3,504,126,361
7,902,454
2,578,605
106,681,840
2,773,585
686,365,156
(14 cities)
Eleventh Federal R
667,601,602
37,809,039
44,613,525
60,810,038
9,872,573
1,809,434,353
62,298,766
690,218,863
11,745,524
34,596,505
Denver
+ 1.4
—12.6
28,823,203
2,407,108
102,623,491
2,343,221
349,149,608
Colo.—Colorado Spgs
57,000,711
6,222,695 + 118.7
1,983,995
St. Joseph--.-.
+25 8
9,462,372
9,753,631
1,687,025
374,712,024
12,596,969
10,959,245
Okla.—Tulsa
+ 46.7
9,676,405
129,082,564
cl3,605,943
8,270,773
Wichita.
Mo.—Joplin
Kansas City
21
City
485,266
362,889
12,146,703
130,872,822
Kan.—Kansas City—
—39.0
3,092,441
149,339,974
+ 14.6
+ 12.4
+ 17.6
—6.8
—6.8
+ 7.1
+4.0
10,249,080,019
+ 15.9
552,871
—6.3
381,717
"sbuoo
418*557
+ 1*9*7
"291+92
269,807
1,*8*6*8*260
2*0*2*3*534
—7*7
1,950+80
1,69*9*691
+6.9
72,048,688
74,499,393
—3.3
65,848,082
62,299,533
+ 8.7
86,901
73,882
2,089,300
24,107,516
68,953
+ 7.1
2.354.579
22,984+61
—11.3
—7.7
1,372", 255
1,370*822
+ 11.7
2,256,008
2.012.580
517,779
+ 6.1
+32.0
+ 22.6
409,236
"
"
+ 18.5
—9.8
+ 27.0
+ 27.6
+ 22.5
+ 15.6
82,534
+ 4.1
72,142
95,676
49,448
b
1,804.036
21,922,488
+ 4.9
1,471,739
16+57,184
1,106,932
1,628,541
+30.4
0.1
1+8*0*736
+ 12.1
2,423,337
+
+ 20.3
+ 5.8
+ 1.3
500+91
2,406,313
68,722^551
+*2*6
2,260,640
+6+
58,340,449
2,103,939
*400,000
"340" 000
+ 1*7*6
+ 16.0
45*.*55*5*786
""179",582
70"
+ 29.1
2,416,458
"
+ 14.8
358*636
"
"
6*4
815*802
3*51*892
100,579,735
+3.2
88,915+87
69,419.310
+ 18.0
"498" 276
"382*615
3,175,584,446
+ 10.3
103,789,942
31,935,365
17,591,653
762,261,453
—24.4
+ 5.3
24,159,005
19,411,252
891,284,207
80,566,188
126,967,549
106,913,094
+ 18.8
+22.7
46,474,000
40,661,000
+14.3
+ 21.0
+ 3.6
545,779,619
6,795,745
15,674,191
43,778,433
+ 24.9
+
-Dallas—
i
+ 15.5
14,031,074
22,909,060
7,541,000
108,853,153
1,421,589
3,187,496
+ 16.2
8,768,220
+41.6
681,943,302
7,663,882
16,015,780
62,276,450
+ 15.5
1,956,761,615
+23.9
11,561,439
654,574,200
167,376,000
15,964,059
—3.3
21,982,491
+3.8
3,801,000
544,688,399
12,684,994
282,480,072
—9.8
327,046,461
-San
Franci
67,777,903
798,925
3,429,028
—76.7
747,830
558,280
31,999*770
28*.298*897
+ 13.1
25,471*027
16,546*570
5,006,290
1,292,000
4~,566*082
+ 10.3
+ 16.9
+ 18.9
9*6
3,932*922
4,105*987
998,000
+29.5
1,506,000
1,144,000
+
+ 12.8
+ 2.2
a579,886
a705,722
—17.8
+ 42.3
2,721,247
1,688,957
+ 61.1
1,752,089
1,534+08
1,639,168,456
+ 19.4
41,818,232
38,980,964
+7.3
33+09,868
23,889,245
9,180,347
548,851,574
161,719,000
11,802,254
20,904,510
3,051,466
477,398,550
11,365,457
250,684,463
54,299,597
21,228,335
73,265,147
67,961,459
10,810,473
57,749,772
15,043,346
131,678,601
+ 25.9
26,756,710
6.548,000
24,417,043
6,291,000
+9.6
+ 3.5
571,825
615,296
—7.1
18,095,759
5,716,000
396,268
16,176,930
3,588.000
+ 35.3
19,996,305
19,340,975
+ 3+
16,685,009
13,681,580
11,551*373
10*.310,778
1*2*6
8*.61+259
7*,*3*9*9+34
3,618,251
5*.*8*63",752 —3*8*3
2+19,506
2*.*389*,811
2,130*091
2*.*037*,786
+4*5
1,8*3*7* 653
2*2*43*662
b
b
SCO
1,877,299
+ 26.8
134,052,900
35,226,000
2,643,608
—1.2
+ 1.8
4,694,659
740,000
103,208,097
+ 4.5
—5.3
2,473,105
50,950,925
+ 14.2
11,132,335
+ 18.4
66,538,924
4,246,288
15,061,972
14,395,372
2,095,000
11,470,165
+ 28.6
25,312,337
92,444,889
85,456,997
13,352,000
+ 21.4
+ 13.0
+ 22.1
+ 19.3
+ 4.1
+ 14.1
+ 11.6
+ 12.7
+
+ 22.5
+ 19.2
+ 26.2
+ 25.7
+ 23.5
4,456,199
6,464,164
+ 18.3
+ 21.1
976,005,281
+4.0
5,210,659,280
4,514,444,198
+ 15.4
178,094,877
+2.2
-1.0 132,148,535,653
122,469,758,334
+7.9
4,232,097,832 4,451,007,054
1.9
45,741,250,791
+ 12.9
1,881,199,109 1,782,993,154
+ 12.5
3,146,580
35,859,613
523,932,975
7,878,025
—11 9
+ 2.7
+ 12.1
+4.9
9,773,412,689
51,651,335,082
CANADIAN CLEARINGS FOR MAY,
2,495,708,291
38,985,715
22,871,090
29,884,751
+ 27.7
+ 24.7
7*3
1,9*5*7*295
1,*6*8*5*638
+0.5
90,371,140
+ 6.1
1,297,326
84,604,099
1.254,475
+ 23.1
696,623
784,046
907,525
148,570,884
134,992,261
+ 26.2
5,867*339
5,467*251
+ 13.7
100,784,000
+ 27.9
+ 21.2
1,525,485
891,783
100,249,305
1,437,561
724,192
+ 28.7
1,769,159
1,339,938
+ 32.0
182,010,321
+
792,260
4,494,772,372 4,700,633,653
+5.5 1,672,095,715 1,404,288,738
SINCE JANUARY 1, AND FOR WEEK ENDING MAY 28
Five Months Ended May 31
Month of May
269,747
+ 5.2
+ 24.6
73,732,672
18,757,460
166,159,915
2,837,765,541
49,847,851
27,721,439
38,456,601
+ 17.1
Grand total (165 cities) 24,701,993,365 24,946,930,148
Outside New York
+ 14.2
Kansas
467,815
532,193
Lincoln—
Total
630,773
13,930,674
47,315,319
1,087,219
Hastings
San
+8.5
+ 14.3
—13.8
Neb.—Fremont
Total
+ 7.0
249,131
Tenth Federal Rese
Ft.
—4.8
405,472,446
(13 cities)
Total
+ 6.0
2,761,205
11,318,863
Lewlstown
Total
9,609,925
b
b
+ 13.3
—
+ 10.9
62,000,000
12,889,669
7,670,560
315,000
+21.8
-
+0.4
63,600,000
19,692,790
—2.0
5,513,307
2,122,837
—
$
+2.0
478,000
2,630.483
S. D.—Aberden
+ 7.5
76,800,000
22,823,395
11,769,637
461,000
6,717,849
Mlnot
1933
+ 13.6
2,404,455
3,159,668
Grand Forks
1934
b
Sioux Falls
St. Paul
%
b
4,774,392
460,251,585
36,041,524
16,474,000
2,794,377
10,786,261
24,248,407
9,274,992
11,756,461
52,461,030
855,838
N. D.—Fargo
Dec.
+ 16.9
51,121,966
1,183,446,485
5,390,739
480,908,192
41,363,837
18,807,000
3,239,475
11,442,837
Rochester—
+12.8
78,332,411
22,907,534
13,057,242
'
10,290,296
253,308,594
1,113,447
101,480,903
7,648,120
4,096,000
-
Minneapolis-.
1935
$
1936
%
11,101,402
258,329,629
1,180,590
96,628,687
8,183,446
4,445,000
721,160
2,595,133
Minn.—Duluth
Dec.
or
-St. Louis—
559,645,664
Ky.—Louisville
Tenn.—Memphis
111 .—Jacksonville
District
367,524,757
121,409,947
68,181,187
217,773
2,312,000
Eighth Federal Res
Mo.—St. Louis
Inc.
Inc. or
Inc. or
Week Ended May
28
Clearings at—
Dec.
1935
1936
%
1936
$
*•*
Canada—;
Toronto
Montreal
Winnipeg.
Vancouver.
Ottawa
*
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London.
Edmonton.
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
566,532,068
440,365,457
261,122,157
74,931,474
133,415,677
18,210,768
10,035,835
19,007,870
28,259,721
7,742,637
6,978,515
12,429,516
16,199,274
18,146,983
1,253,714
1,863,984
6,159,537
2,366,340
4,031,890
4,447,093
2,617,142
1,000,249
2,630,902
2,585,508
4,616,293
12,919,665
1,472,186
3,020,806
2,369,394
2,049,640
2,070,050
3,953,913
559,668,057
402,393,824
283,532,048
65,790,618
161,836,590
16,427,890
10,054,660
16,823,832
22,544,254
7,864,749
6,721,949
11,770,252
18,973,285
14,282,188
1,275,211
1,795,734
6,286,380
2,046,945
3+25,209
2,681,110
2,323,657
1,674,806,258
1,653,725,688
'
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury...
Total
a
...
(32 cities)....
Not included in totals,
+ 1.2
+ 9.4
—7.9
+ 13.9
+ 17.6
+10.9
—0.2
months.
* Estimated.
+ 1.3
7,512,838,058
+ 3.8
+ 5.6
—14.6
+ 27.1
—1.7
+ 3.8
—2.0
+ 15.6
+ 17.7
+ 65.9
+ 12.6
940,297
+ 6.4
2,725,099
2,448,982
4,833,003
10,542,365
1,433,458
2,910,696
2,284,310
1,815,917
1,989,829
3,283,170
—3.5
+ 5.6
—4.5
+ 22.6
+ 2.7
+ 3.8
+ 3.7
+ 12.9
+4.0
b No clearings available,
c
1935
2,346,125,790
%
+ 12.2
1936
98,657,286
80,295,269
30,850,311
51,921,861
83,883,883
+ 11.2
58,807,445
+ 14.9
5,726,454
8,279,508
25,829,595
9,077,591
15,853,930
11,521,824
10.530,288
4,137,519
12,105,192
10,739,877
20,072,523
48,424,199
6,363,364
13,161,109
10,026,061
—1.8
229,959
+ 22.6
+ 32.2
44,100,817
75,281,510
100,931,633
33,068,271
+ 4.0
'
+ 11.9
+ 26.0
+ 19.8
+ 7.5
+ 13.8
—8.1
+ 8.4
+ 4.3
+ 16.5
+ 10.0
+ 16.2
+ 14.9
+ 13.3
+ 5.4
+ 7.8
+ 7.7
+ 22.6
+ 2.1
+ 5.9
314,188
1,212,030
416,956
728,144
895,237
588,198
192,218
489,295
369,877
761,031
2,551,610
280,690
9,090,918
+ 7.5
8,666,303
14,748,540
+ 15.2
576,948
444,916
378,738
381,771
953,079
6,483,157,548
+ 15.9
290,602,574
+ 6.4
+ 9.8
1935
or
Dec
1934
90,169,274
78,823,543
43,909,627
13,084,811
18,144,868
3,356,235
1,783,333
2,986,433
4,382,274
1,679,091
1,231,056
1,914,536
2,941,472
2,838,525
230,544
1933
$
%
46,721,698
15,301,650
13,111,024
3,482,686
1,885,044
3,835,920
5,202,819
1,271,066
1,315,607
2,226,897
2,832,620
2,698,103
303,566,202
345,696,903
75,437,772
Prior to May 1936 the
directly to them.
checks
Dec.
1,811,883,22 5 +15.
877,247,130 + 22.0
372,236,719
457,086,037
84,382,758
45,866,827
+ 20.4
—1.6
the accounts of two of the larger banks and delivered the
2,632,725,931
2,088,096,367
1,070,630,158
94,817,224
120,942,663
35,552,460
34,212,754
59,069,892
77,075,018
67,584+59
5,621,979
8,978,700
26,950,857
10,578,447
17,446,231
13,393,663
12,101,869
4,687,236
12,760,584
11,578,421
21,624,820
59,350,413
6,497,509
13,942,243
10,663,576
9,775,136
9,513,589
16,993,518
+ 13.0
+ 25.4
Inc.
Inc. or
Inc. or
+ 9.4
110,562.123
112,296,258
+ 1.9
95,832,937
87,594,948
63,793,798
3,844,039
3,835,297
3,010,969
3,585,361
5,033,051
1,682,809
6,380,679
2,630,881
3,387,667
3,409,804
90,405,607
45,777,176
15,210,101
+ 6.4
+ 16.9
—27.7
+ 3.8
3,683,035
4,567,396
720,409
+ 5.6
322,227
1,218,918
328,834
660,436
553,055
478.832
178,834
666.833
574,051
938,872
2,113,883
+20.7
2,370,932
254,906
637,745
410,986
315,900
+ 10.1
334,137
+ 14.3
727,033
+ 31.1
1,209,079
732,867
491,684
432,419
338,088
717,666
2,217,645
3,419,271
5,070,166
1,442,845
1,512,030
2,253,749
3,229,310
2,696,743
258,998
324,180
1,058,932
491,739
883,214
505,344
494,026
153,847
565,843
553,676
887,652
2,030,082
204,618
538,300
473,201
372,621
318,872
591,028
277,476,790
+4.7
407,135,042
304,487,505
+ 5.7
+28.4
+ 18.7
—24.3
+ 6.9
+ 16.3
—3.7
—4.9
—0.3
337,052
350,450
—10.3
1,110,661
382,830
598,428
486,587
489,304
184,008
+ 9.1
492,627
391,274
+8.9
+ 21.7
+ 84.0
+20.2
+4.5
—0.7
—5.5
—9.5
+ 8.3
+ 19.9
Federal Reserve Bank did not clear all of its items on member banks but charged
They now clear all items. Hence the increase in the figure for May over previous
Volume
STATEMENT
TREASURY
3789
Chronicle
Financial
142
APPROPRIATIONS AND EXPENDITURES FOR RECOVERY AND
SHOWING
RELIEF AS OF MAY 29,
1936
Federal Government, it is shown in a tabulation given in the Treasury's "Daily Statement"
of May 29, appropriated $17,760,391,843 for recovery and relief up to the end of May, which compares with $17,777,014,101
appropriated as of April 30, 1936.
The figure for May 29 does not include amounts advanced under the Kerr-Smith Tobacco
Act, the Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws were repealed by Congress in Febru¬
ary, after the United States Supreme Court had held the Agricultural Adjustment Act unconstitutional.
A report of the
Treasury covering appropriations up to April 30 was given in the "Chronicle" of May 9, page 3108.
According to the tabulation for May 29, $12,863,871,120 of the amount appropriated was expended—$9,828,458,273
during the fiscal year ended dune 30, 1935, and previous year, and $3,035,412,847 thus far during the fiscal year ending
June 30, 1936; $4,896,520,723 remains unexpended.
Of the appropriations, $2,300,579,809 are listed in the tabulation as
specific allocations to the various governmental agencies; $6,195,450,392 as having been made available by the Reconstruc¬
tion Finance Corporation, $3,230,635,000 under the National Industrial Recovery Act, $1,361,527,500 under the Emergency
Appropriation Act, 1935 (approved June 19, 1934), and $4,672,199,143 under the Emergency Relief Appropriation Act,
1935 (approved April 8, 1935).
The Treasury's tabulation for May 29 follows:
The various agencies of the
FUNDS APPROPRIATED AND ALLOCATED FOR
UNEXPENDED BALANCES
RECOVERY AND RELIEF. EXPENDITURES THEREFROM. AND
AS
1936
OF MAY. 29
Expenditures a
Sources of Funds a
A vvrovrialinns
Statutory and Executive
Allocations
Emergency
Emergency
Relief
Act
19
1934
Appropriation
Act
A
1935,
pproved
April 8 1935
1933
$
S
80,000,000
r''-
352,554,000
133,629,959
60,000,000
35,000,000
f465,985,100
315,748,397
200,000,000
Corporation...
40,878,365
159,610,800
152,064,833
468,985,100
624,378,356
200,000,000
d
37,554,000
3,000,000
Farm Credit Administration _e
Federal Farm Mortgage
16
1935,
Approved
June
Approved
June
Commodity Credit Corporatlon.e
Prior Years b
Corporation
Act
c315,000,000
1935 and
1936
Finance
Appropriation
Recovery
Agricultural aid:
Agricultural Adjustment Administration
Fiscal Year
Total
National
Industrial
Specific
Unexpend
Fiscal Year
Reconstruction
Organizations
149,021,165
104,197,869
423,395,524
200,000,000
215,766,064
233,063,394
124,958,815
74,493,662
19,506,931
1,087,370
41,509,832
10,378,651
484,995,904 2,449,657,124
116,624,322
10,312,493
816,450,155
629,377
19,609,452
115,357,920
1,991,850
£32,080,561
Federal Land banks:
Reduction in Int. rates on mortgages.
£1,046,185
125,000,000
145,000,000
125,000,000
145,000,000
58,950,000
Capital stock
Paid-in surplus
28,996,504
29,064,417
58,950,000
Relief:
1
Federal Surplus Com mo dies Corp
h605,000,000
480,590,512
152,078,158
h337,700,000
93,101,630
Federal Emergency Relief Admin
911,040,000 3,081,199,296
932,490,625
400,005,000
J
Civil Works Administration
Emergency conservation work
826,665,000
88,960,000
320,295,000
85,320,000
318,682,315
Department of Agriculture, relief
454,603,781
767,449,494
85,320,000
2,766,899
80,561,249
71,932,960
913,128,190
192,139,506
1.193,143,321
477,444,936
8,934,929
43,265,888
123,565,577
216,303,647
£124,158,093
190,794,005
137,027,020
136,969,752
585,238,957
220,375,133
1,064,549
14,890,812
1,449,352,744 1,086,585,302
362,178,927
1,200,677,740
460,640,352
Public Works (Including Work Relief):
13,339,960
Boulder Canyon project
Loans & grants to States, munlc., &c.e.
Loans to railroads.e
1255,488,217
Public highways
192,139,506
438,031,000
11,500,000
344,756,196
2,239
93,907,485
255,0^4,484
1
River and harbor work
3,000,000
133,000,000
44,093,000
435,371,994
Works
Progress Administration
AH other
499,621,865
128,512,966
14,890,812
1,449,352,744
Rural Electrification Administration...
172,000,000
...
74,397,551
758,989,832
9,585,466
1,337,411,196
605,332,251
295,290,356
16,820
19,732,142
573,258,965
179,327,846
417,110,358
120,042,783
13,809,441
362,767,441
377,858,450
Aid to home owners:
Home-loan system:
Home-loan
bank
125,000,000
200,000,000
103,763,244
32,058,500
Federal Housirtg Administration
1,000,000
23,435,359
Resettlement Administration
d44,000,000
3,389,487
226,400^000
6.724,224
Subsistence homesteads
19,677,099
24,285,913
13,397,408
50,000,000
135,821,744
k50,000,000
Federal savings and loan associations.
Emergency housing
16,896,300
125,000,000
200,000,000
stock
Home Owners' Loan Corporation
45,000,000
253,224,846
6,724,224
120,781,678
428,264
104,686,644
15,638,718
130,681,504
6,034,250
261,710
897
16,628,985
Miscellaneous:
Export-Import Banks of Washington.e.
Federal Deposit Insurance Corporation.
Administration for Industrial Recovery-
25,000,000
d3809716,S93 3,809,716,893
75,000,000
1
m
loans and expenditures.e
1
Tennessee Valley Authority
50,000,000
4,001,795
1,819,624
Unallocated funds
150,000,000
129,671
19,129,222
£166,699,223 2,269,893,118 1,706,522,999
27,814,668
47,185,331
appropriations Included in the 1936 Budget estimate of $300.-
The following
000,000 for general public works annual program and expenditures therefrom are
not Included In
the above statement:
Boulder Canyon Project, $14,000,000;
$40,000,000: River and harbor work,
Public highways,
$10,000,000; other public
works, $118,409,000; Tennessee Valley Authority. $36,000,000; total, $218,409,000.
the period prior
year 1934 Include only expenditures on account of the Reconstruction
Corporation, and subscriptions to capital stock of Federal Land banks
under authority of the Act of Jan. 23 1932.
Expenditures by the several depart¬
ments and establishments for public works under the Emergency Relief and Con¬
struction Act of 1932 were made from general disbursing accounts, and, therefore,
emergency
expenditures Included in this statement for
6,195,450,391 17760391,843 3,035,412,847 9,828,458,272
acquired
securities
31,109,504
31,109,504
25,288,084
2,300,579,80S n3230635,000 o!361 527,500 p4672199,143
Grand total
b The
81,316
4,865,411,218
2,300,579,808 3,228,815,375 1,357,525,704 4,646,911,059 6,195,450,391 17729282,338 3,035,412,847 9,828,458,272
Total
a
5,113,174
VT
19,583,186
24,371,468
35,000,000
19,378,000
Corp.—direct
Finance
Reconstruction
36,250,000
150,000,000
4,993,468
1,250,000
150,000,000
26,458,000
81,645,700
200,000,000
30,241,584
6,849,186
15,963,873
1,761,663
by
the
Federal Emergency
but the amount which the Reconstruction
Administration
4,896,520,722
of Public Work
Finance Corporation may have Invested
in such securities may not exceed $250,000,000.
Moneys paid
for such securities are available for loans (but not grants) under Title II of the
National Industrial Recovery, Act.
The amount of obligations which the Recon¬
at
one time
any
struction
one time
exceed $250,000,000.
Finance Corporation Is authorized to have outstanding at any
to the fiscal
Is Increased
Finance
by the sums necessary for such purchases, not to
The
are
ments
c
susceptible to segregation from the general expenditures of such depart¬
and establishments on the basts of the dally Treasury statements
not
The sum of
$315,000,000 includes appropriations under the Acts of May 12,
1933, May 25, 1934, June 19, 1934, and Aug. 24, 1935, totaling $360,000,000, less
the surplus fund from the appropriation of $100,000,000
provided by the Act of June 19, 1934.
d There are no statutory limitations on the amounts of funds which may be
made available by the Reconstruction Finance Corporation for carrying out the
purchase of such securities by the Reconstruction Finance Corporation Is
reflected as expenditures of the Reconstruction Finance Corporation and as credits
against expenditures of the Federal Emergency Administration of Public Works.
The amount by which the available funds on account of such transactions has been
increased Is, therefore.
by
5 of the Agricultural Adjustment Act, and for the purchase by
Finance Corporation of preferred stock or capital notes of
1933.
The Reconstruction
of Sec.
purposes
the
Reconstruction
Finance
trust
companies under the Act of March 9
Corporation Is required to make available to the Federal Housing Admin¬
deem necessary for the purposes of carrying out the
istrator such funds as he may
National Housing Act.
The amounts included In this column
specified are based upon checks Issued therefor from time to time
provisions of the
for the purposes
by the Reconstruction Finance Corporation.
The authority of the Reconstruction
Finance Corporation to issue Its bonds, notes, and debentures has been increased
by such amounts as may be required to provide funds for such purposes.
e Expenditures are stated on a net basis
I.e., gross expenditures less repayments
and collections, details of
f
which are set forth in the supplementary statement below,
Net, after deducting repayments to the Reconstruction Finance Corporation.
deduct.
hThe appropriation of $950,000,000 provided
£
Excess of credits,
allocated
by
the
President as follows:
in
the Act of Feb
15 1934
was
Federal Emergency Relief Administration.
$605,000,000: and Civil Works Admin. $345,000,000 of which amount $7,300,000 has
been transferred
to the Emergency Relief appropriation.
1 See note a above.
j Under the provisions of the Emergency Appropriation Act. fiscal
Reconstruction Finance Corporation Is authorized to purchase
the
year 1935,
marketable
loan
promotion
ration
Deposit Insurance Corporation to the Reconstruction Finance Corporation.
mThe appropriation of $500,000,000 lor subscription to capital stock is included
the figures shown in the column for Reconstruction Finance Corporation,
n Exclusive of the $69,365,000 transfer referred to in note (p).
o Exclusive of the $25,600,000 and $39,047,500 transfers referred to in note (p).
In
p
Includes $4,000,000,000 specific appropriation under the Act of April 8, 1935,
unexpended balances as follows: From the Reconstruction Finance
and transfers of
Corporation, $500,000,000: from the
appropriation of $3,300,000,000 for National
from the appropriation of $525,000,000 for
agricultural areas provided in the Emergency Appropriation Act of
Industrial Recovery, $69,365,000:
in stricken
IN THE TABLE ABOVE
Fiscal Year 1936
This Month
Repayments and
Loans and grants to States,
Loans to railroads
municipalities, &c
-
Export-Import Banks of Washington
Reconstruction Finance Corporation—direct loans & expenditures
a
Excess of repayments
and collections (deduct).
Net
Collections
Expenditures
Repayments and
,
Payments
Net
Collections
Expenditures
$149,021,165.74
a32,080,561.95
123,565,577.28
al24,158,093.22
19,583,186.67
al 66,699.223.89
$215,052,455.74
67,138,185.10
308,139,923.78
19,136,549.44
$66,031,2900.0
83,759.45
a$30,907,647.73
3,613,304.13
31,926,306.95
2,654,344.78
118,658.71
52,348,582.91
a213.39
3,145,829.77
25,180,100.90
876.205,775.38
5,596,914.23
1042,904,999.27
7,116,815.24
40,334,041.19
$36,185,384.40
3,503,511.11
8,407,734.24
2,738,104.23
118,445.32
55,494,412.68
$5,277,736.67
relief
1935,
approved June 19, 1934, $25,600,000: from the appropriation of $899,675,000 for
emergency relief and public works provided In the Emergency Appropriation Act of
1935, approved June 19, 1934, $39,047,500; from the appropriation of $950,000,000
for emergency relief and civil works provided in the Act of Feb. 15,1934, $7,300,000;
from unobligated moneys referred to in Sec. 4 of Act of March 31, 1933, $17,965,140.54; and moneys transferred pursuant to Sec. 15 (f) of the Agricultural Adjust¬
ment Act,
$12,921,502.64.
Organizations
Commodity Credit Corporation
Farm Credit Administration
authorized
Corporation in a face amount of not to exceed $250,000,000, and the amount of
obligations which the Reconstruction Finance Corporation Is authorized to have
outstanding at any one time Is Increased by $250,000,000.
The amount to be
Included in this column will represent the proceeds deposited with the Treasurer
of the United States on account of the sale of such obligations by the Federal
DETAILS OF REVOLVING FUNDS INCLUDED
Payments
as
11 of the Act of April 27 1934.
Sec. 3 of the Act of June 16 1934 the Reconstruction Finance Corpo¬
is authorized to purchase at par obligations of the Federal Deposit Insurance
Sec.
1 Under
$45,000,000 carried to
banks and
Included in the funds of the "Reconstruction Finance Cor¬
poration—direct loans and expenditures."
k Includes
$700,000 allocated for savings and
99,218,747.05
184,574,346.50
143,294,642.66
3790
Financial
TREASURY CASH AND CURRENT LIABILITIES
Chronicle
June 6, 1936
General & Special
-Month of May-
Funds
holdings of the Government
May 29, 1936,
set out in the following.
are
taken entirely from the
are
States
the items stood
as
The figures
daily statement of the United
Treasury of May 29, 1936:
CURRENT ASSETS AND LIABILITIES
GOLD
Gold
ctf.
Fed. Res. notes
Exch. stablliza'n fund-
Silver dollars
508,783,399.00
$
Silver ctfs. outstanding.1,106,428,531.00
Treasury notes of 1890
outstanding
Assets—
Federal Reserve notes._
Subsidiary silver coin
471,474.50
2,543,037.00
5,487,268.25
Minor coin
2,690,615.76
Fed.
and
credit of
urer of U.
To
credit
To
credit
of
36,573,399
2,186,813
24,285,913
5,925,006
1,088,414;
13,397,408
15,095,393
26,538,184
1,374,067
120,781,679
1,374,067
378,132
428,264
3,644,649
b213
bl,283,590
19,583,187
b2,655,836
3,419
"l,254,569
"V,113^175
11,287,196
bl27,124,106
Export-Import Bks. of Wash.
Fed. Deposit Insur. Corp
AQ7
+571
"
RRn
)ODU
Reconstruction Finance Corp.
8,028,459
bl66,699,224
4,129,190
27,814,668
32,549,553
291,224,984
347,034,594
3,035,412,847
3,231,512,061
564,696,380
611,127,020
6,532,693,896
6,470,205,136
308,579,769
365,010,169
2,945,952,434
3,133,471,295
308,579,769
365,010,169
6,907,600
69,312,500
2,945,952,434
392,636,650
3,133,471,295
408,267,200
301,672,169
295,697,669
2,553,315,784
2,725,204,095
+7,011,259
—347,537,558
+250,286,320
-514,874,301
—51,839,889 +2,803,602,104
+2,210,329,794
3,145,830
Total expenditures
—
—
Summary
Less public-debt retirements.
lawful
reserve,
60,800,000.00
30,523,248.71
(exclud
ing public debt retirements)-Trust acc'ts, increment on
gold
Ac., excess of receipts (—) or
expenditures (+)
69,305.936.73
+308,683,428
Less nat. bank note retire't
550,611.20
Total excess Of expenditures..
10,037,497.54
items,
14,132,430
385,128,315
..........
+294,550,998
—51,839,889 +2,418,473,789
+2,210,329,794
+517,076,702
—625,085,985
—29,721,168 +2,935,550,491
+1,585,243,809
Increase (+) or decrease (—) in
ex¬
general fund balance
11,507,973.87
—83,548,278
+22,118,721
177,057,883.43
Increase (+) or decrease (—) In
the public debt
41,242,975.72
Balance of increment
re¬
+211,002,720
sulting from reduction
in
1.317.663.41
weight of
dollar.
other
1,255,145.14
Public debt at begin, of month
the gold
Seigniorage (see note 1)
Working balance
_
or year
31,425,440,396
28,668,106,391
28,700,892,625
27,053,141,414
31,636,443,116
28,638,385,223
31,636,443,116
28,638,385,223
15,528,603
140,678,413.46
307,954,778.01
1,909,789,050.12
14,910,301
220,364,749
202,879,740
credit of Treas¬
U. S
1.890.151.42
2,535,480,125.02
Balance today
Total
I
2,358,422,241.59
2—The
amount
to
the
credit
of
Trust
2,535,480,125.02
Note 1—This item represents seigniorage resulting from the issuance of silver
certificates equal to the cost of the silver acquired under the Silver Purchase Act
of 1934 and the amount returned for the silver received under the
President's procla¬
mation dated Aug. 9, 1934.
today
72,561,795
4,441,059
1,316,998
Excess Of expenditures-
other
_+Total.—
Note
298,397,636
8,514
Excess of expenditures
changes, &c._
officers.
urer of
►
362,178,928
Miscellaneous:
Excess of expenditures
Uncollected
Philippine Treasury:
To
..........
28,066,089
1,281,238
Emergency housing
Federal Housing Admin—
Resettlement Administra'n.
Excess of receipts
lawful money)
U. S
Govt,
..........
1,086,585,302
26,855,314
Home-loan system
of Nat.
banknotes (5 % fund,
credit of Treas¬
urer of
1,064,549
222,593
173,220,343
Aid to home-owners:
Redemption
975,772,000.00
Foreign depositaries:
To
136,832,304
3,563,871.09
courts,
disbursing
officers, &c
bank
Govt, officers
,
298,035,408
137,027,021
Deposits for:
Treas¬
of
59,865,053
190,794,005
of
money
554,033,198.86
S
bl24,158,093
17,642,305
10,807,374
2,276,718.16
Other deposits
depositaries:
To
bl4,447,408
5%
4,533,217.68
other
2,654,345
12,637,326
Works Progress Admin
Postmasters, clerks of
sales of Govt, secur.
21,917,953
123,445,587
15,106,856
Trustees,
Postal
Savings..
System:
Special depos. acct. of
Nat.
8,934,929
123,565,577
Rural Electriflca'n Admin.
out¬
officers:
377,688.43
Reserve banks..
1,474,169
34,455,339
$
checks
Post Office Dept
Unclassified—
Collections, &c
Deposits in:
930,774
31,926,307
._
&c
Total recovery and relief
Board
Silver bullion (cost value)' 317,012,308.79
Silver bullion (recoinage
value)
rel'f);
States,
—direct loans A expend's..
Deposits of Government
16,220,250.00
Fed. Reserve bank notes
National bank notes
11,210,007
79,968,866
Tennessee Valley Authority..
standing
2,640,720.00
1,608,923,538
384,080,526
1,197,729,594.76
Treasurer's
506,360,144.93
90,124,291.26
495,308,397
2,766,900
Admin, for Indus. Recovery..
Liabilities—
above)
Silver (see above)
United States notes
136,255,452
River and harbor work
GENERAL FUND
Gold (see
43,292,820
663,735
1,176,772.50
90,124,291.26
Total
1,197,729,594.76
57,014,737
Public highways—.
10,401,423,125.46
Silver in general fund
Total.
132,796,613
16,808,843
87,806
All other
Liabilities—
688,946,195.76
bll7,574,563
629,377
Subsistence homesteads
Ss
149,021,166
b32,080,562
454,603,781
Loans to railroads..
SILVER
i.
6,552,058
41,889,304
'
Note—Reserve against $346,681,016 of United States notes and $1,176,772.50
notes of 1890 outstanding.
Treasury notes of 1890 are also secured
by silver dollars in tUe Treasury.
Silver
137,164,746
177,136
municipalities.
of .Treasury
A ??/*/*?■-
3,113,983
$
40,878,365
40,428,956
Loans and grants to
506,360,144.93
reserve
Total
10,401,423,125.46
11,909,414
4,664,129
37,981
Boulder Canyon project.
13,059,978.00
156,039,430.93
1,800,000,000.00
Gold in general fund..
Total...
3,613,304
1934-35
$
17,267,578
Public Work (incl. work
fund—Bd.
ofGovs.,F.R.Sys_ 5,008,578,912.60
Redemption
fund—
Gold
b9,745,262
b30,907,648
1935-36
Civil Works Administration
Outstanding (outside
of Treasury)
2,917,384,659.00
Gold
$
Emerg. Conserva'n work—
Dept. of Agricul., relief
Gold certificates:
.10,401,423,125.46
1935
$
and relief:
Agricultural aid:
Agricul. Adjust. Admln_._.
Commodity Credit Corp—
Farm Credit Admin, (incl.
Fed. Farm. Mtge. Corp.)
Federal Land banks
Relief: Fed.Emer.Relief Admin,
(incl. Fed. Surplus com.
Corporation)-Reovery
Liabilities—
Assets—
-July 1 to May 29
1936
Receipts—
The cash
disbursing officers and certain agencies
Accounts, Increment
on Gold, &c.
Receipts—
Increment resulting from reduc¬
tion in the weight of the gold
dollar
42,102
96,103
742,608
1,632,247
Seigniorage
1,528,691
5,054,995
167,843,337
134,689,131
Unemployment trust fund
1,198,938
10,448,938
$3,638,991,329.96.
was
339,201,118
20,061,399
399,399,632
21,751,850
•4,913,306
194,667,839
137,308,690
bll,756,687
b333,245,378
53,274,772
b333,245,378
568,573
136,972
5,614,453
20,126,532
18,298,334
Expenditures—
^GOVERNMENT RECEIPTS AND EXPENDITURES
Transactions in
Through the courtesy of the Secretary of the Treasury
enabled to place
we are
of Government
and
before
our
readers today the details
1935, and the 11 months of the fiscal years
-Month of May-
1936
1935-36
Internal Revenue:
$
Income
tax
Miscell.
internal revenue
$
34,954,509
on
1935-36
$
1,116,365,082
845,411,211
136,850,284
1,845,776,132
1,519,476,493
11,254
42,951,719
67,314,202
486,041,703
30,267,916
30,338,881
354,690,080
315,176,320
Miscellaneous receipts:
Proceeds of Govt.-owned sees.
Principal—for'n obligations
67,449
64,355
Interest—for'n obligations.
All other
315,548
438,016
Panama Canal
24,857,657
455,828
87,229,736
37,275,875
2,078,279
tolls, Ac
25,309,593
1,996,294
23,412,395
891,488
36,542,647
56,850,362
55,029,191
53,088,005
are
10,432,000
b327,476,159
649,685,952
7,011,259
bl75,673,184
514,874,302
347,537,558
250,286,320
Additional expenditures on these accounts for the months and the fiscal years
Included under Recovery and Relief Expenditures, the classification of which
will be shown in the statement of classified
receipts and expenditures
page 5 of the daily Treasury statement for the 15th of each month.
appearing on
b Excess of credits
or
(deduct),
c Payable from processing taxes on farm products
advances from the Treasury to be deducted from processing taxes.
22,911,501
9,451,611
Excess of receipts or credits
Excess of expenditures
a
385,128,315
1,182,000
Total.
$
23,180,746
855,913
14,132,430
trust fund—In¬
vestments
1934-35
158,176,954
farm prod'ts
Customs
gold
For retlrem't of Nat. bk. notes
—July 1 to May 29
1935
on
Payment to Fed. Res. banks
(Sec. 13b, Fed. Res. Act as
amended)
Unemployment
I General & Special FundsP <•* Receipts—
Processing tax
Chargeable agst. increm.
Melting losses, &c
receipts and disbursements for May, 1936
and 1934-35.
checking acc'ts
of governmental agencies (net)
Seigniorage
1,714,732
Other miscellaneous
4,055,309
•
MONTHLY
REPORT
ON
GOVERNMENTAL
CORPO¬
RATIONS AND CREDIT AGENCIES AS OF APRIL
Total receipts
256,116,611
246,116,851
3,586,741,462
3,336,733,841
34,083,680
22,352,353
408,279,316
328,549,682
1,617,921
1,298,850
12,878,491
24,349,761
Expenditures—
General—Departmental
u
Public buildings a
Public highways-a
2,656,753
River and harbor work
Panama Canal
Postal
•
23,743,435
5,391,725
a
5,283,478
65,954,984
916,263
a
442,687
60,143,456
10,753,422
7,863,324
5,000,000
60,038,862
35,077,690
93,484
deficiency
Railroad Retirement Act
Social Security Act
167,052
15,038,782
Retirement funds (U.S. share)
Dist. of Col. (U. S. share)—
24,450,747
-
40,662,400
21,009,100
5,707,500
4,364,295
National defenses
Army
43,918,307
20,490,055
339,898,631
198,572,892
Navy
42,234,087
26,646,933
356,525,772
293,677,812
48,398,530
46,900,955
Veterans' pensions & benefits:
Veterans' Administration a
Adjusted service ctf. fund—
Agrlcul. Adjust. Adrnln.a C—
Agricul. Adjust. Admin. (Act
Aug.
24,
1935)
1,065,050
43,070,978
527,446,501
509,957,303
100,000,000
50,000,000
344,657,189
522,897,816
6,794,930
Agricultural Contract Adjusts.
84,032,383
Soil Conservation A Domestic
Allotment Act
10,933
Farm Credit Administration
a
bi,475,590
Valley Authority a
Debt charges—Retirements..
10,933
5,290,283
Tennessee
3,135,343
10,948,589
17,226,441
on
farm prod
Total, general
392,636,650
408,267,200
24,463,699
617,869,091
702,378,057
1,526,423
13,907,632
19,719,695
3,265,468
Internal revenue
69,312,500
689,229
Refunds—Customs
6,907,600
8,220,642
Interest
Processing tax
bi,947,243
April 30, 1936, of governmental
agencies, financed wholly or in
part by the United States, was contained in the Department's
"Daily Statement" for May 29.
The report is the 23rd
such to be issued by the
Treasury; the last previous one,
for March 31,
1936, appeared in our issue of May 9, pages
corporations
and
credit
3108-3111.
The report for April 30 shows in the case of agencies
financed wholly from Government funds a proprietary in¬
terest of the United States as of that date of
$3,180,742,925,
which compares with
$3,163,788,734 March 31.
In the case
of these wholly-owned Government
agencies, the proprietary
interest
10,034,273
44,113,159
30, 1936 !
The monthly report of the Treasury Department, showing
assets and liabilities as of
1,783,605
27,183,270
21,883,793
b759,842
2,467,151
10,080,730
29,032,611
273,471,396
264,092,426
3,497,281,048
3,238,693,075
represents the excess of assets over liabilities,
exclusive of inter-agency items.
The Government's proprietary interest in agencies financed
partly from Government funds and partly from private
funds
of
shown to be $1,166,489,902.
This
In the case
of these partly-owned Government agencies, the Govern¬
ment's proprietary interest is the excess of assets over lia¬
bilities exclusive of inter-agency items, less the privatelyas
compares
April 30
was
with $1,164,266,380 as of March 31.
owned interests.
The statement follows:
Volume
Financial
142
3791
Chronicle
a"Non-stock (or includes non-stock proprietary interests).
H
G
H
I
i
2
E
.
m
b Excess inter-agency assets (deduct).
Deticit (deduct).
c
d Exclusive of Inter-agency assets and liabilities (except bond Investment),
Also Includes real estate and other property held for sale.
e
0
E
a
3
3
^f Adjusted for lnter-agency items and items In transit.
G
"O
g Excludes contingent assets and
teed loans, &c. v
'
c
n
§S99 B^s|jr
3 tffefrh ff&2 sal
*-4
e
"
Is
supplies.
_
!|i llliltl
S^i
"
gill
o»h I
s « r •
cui
s"
isgg
§
^ ■
,
h Includes U. S. Housing Corporation, U. S. Railroad Administration, U. S.
Spruce Production Corporation, and notes received on account of sale of surplus war
glBSS
r? o
_
liabilities amounting to $228,607 for guaran¬
o
S
>1
e
p
~
—
—
i Includes Electric Home and^arm""Authority; Farm Credit Administration
(crop-production and other loans); Federal Housing Administration; Federal Prisons
Industries, Inc.; Resettlement Administration; Inland Waterways Corporation;
Rural Electrification Administration; The RFC Mortgage Company; Tennessee
Valley Associated Co-operatives, Inc.; Tennessee Valley Authority; loans to rail¬
roads, and inter-agency interests held by the United States Treasury.
c>
§
o
1
,s
0*;.'
_
£ta
Net after deducting estimated amount of uncollectible obligations
J
Farm
8g
n
Credit
held by the
Administration.
U. S. Treasury for
k Includes
$5,671,671 due to Federal Land banks from the
subscriptions to paid-in surplus.
I Preliminary .statement.
m
Includes unissued bonds covering loans
n
Less
o
Assets not classified.
than
in process,
$1,000.
Includes the amount of capital stock
States; also $38,121,600 subscribed by the Home Owners' Loan
p
Includes~assessments paid
amount of
in"by-member
held by the'United
Corporation.
_
banks and trust companies to the
$23,358,289.
q
,
COM
,
00 M M
02 O ^ to
to
In liquidation.
r
Represents capital stock, paid-in surplus, and other proprietary lnter-agency
are not deducted from the capital stock and paid-in surplus of/ the
Interests which
to
to
to
corresponding organizations.
to to
M
,
,
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oi
co co m co ©
,
i
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PRELIMINARY
i
i
i
31, 1936
00
.
of the public debt of the United
made up on the basis of the daily
Treasury statement, is as follows:
Tlie preliminary statement
i £4
! i
THE
OF
STATEMENT
DEBT
UNITED STATES, May
I
I
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I
I
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I
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to
i
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States May 31, 1936, as
Bonds—
tO!
OlM
ifkMO
OS
M
00
j
to ©no mm
00
00 CO
cui
<1 Ol I
moon©oicoto
4k N N 4k 4k CO I
MM©0©Mk©
4iMCnOiOOOI
4k 00
coooo
4k N I
N to rfk M © M tO
asoias to © oo i
© oo m
M Co to
7-i
Oi
J
CO 4*
M
o[
N ©
|
00 CO I
©o
"rfk*M
CO
CO I
-0 1
WhOihi
©rfk
N tO I
tO 4k I
CO i
rfk©M©i
Ol ©
N CO i
M 4k i
|
J
M
J
OM|
4k m i
as to i
k
k
J °!
M
4k !
oo-a'
I
J
001
COCO I
co
I
©
;
M
M
|>k
'
N to CO
I
.
N 4k 00 I
M© M o N •
N
MOM© Ml
f
MM©
I
Ol
I
CO I
I
4k I
NNQONOMrfk
©Mrfk©00©rfk
00 CO CO Oi 00-4 Ol
M
4k© 4k 4k©© i
M ©01 © N 00 I
NNM©©4kl
1,214,453,900.00
1,223,496.850.00
$195,652,467.75
:
k
tO M tO
©©M
©MM
2,611,155,700.00
UmtM States Savings bonds:
*
&§§§
©©'
|
755,476,000.00
834,474,100.00
1,400,570,500.00
1,518,858,800.00
1,035,884,900.00
491,377,100.00
3% bonds of 1946-48
3H% bonds of 1949-52
2K% bonds of 1955-60
2% % bonds of 1945-47
2H% bonds of 1948-51
i
© I
M
$758,955,800.00
1,036,762,000.00
489,087,100.00
'
454,135,200.00
352,993,950.00
544,914,050.00
818,646,000.00
3% bonds of 1951-55
334% bonds of 1941
3H % bonds of 1943-45
3M% bonds of 1944-46
tO i
to
I
!
Scries
"i5"0"'
93,717,764.50
:
I
-
a
s
_
$199,575,520.00
;
4Yi % bonds of 1947-52
4% bonds of 1944-54
3% % bonds of 1946-563%% bonds of 1943-47
3Vi% bonds of 1940-43
3Vi% bonds of 1941-43
3y8 % bonds of 1946-49
L
SM
'
v
k
!
1
—
Treasury bonds:
o!
$49,800,000.00
28,894,500.00
120,881,020.00
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
% Postal Savings bonds (11th to 49th ser.)
Him
M|
289,370,232.25
___.$16,030,187,702.25
Total bonds
Treasury Notes—
o>
O
4k
I
B
o
©
I
I
CO I
I
OI
rfk
I
00
Qi'
'
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©
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to
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I
!
© © m O N © I
N 4k © © © © I
tO CO
tOtOO
M
i-1
CO
00
©rfk©©tOtO«©rfk
4k 4k o -J to to O to to
i
.CO
'
©
©
-4 CO M Ol
I
i
|
I
CO
5s
I
I
© ©
m&il
§P
*!
co
M
h
©
N MN M
CO
©M4k©
tOOOM
©4kM©tOM00©
.
% series E-1936, maturing June
MM M M OS 10 4k
4k
M
MM
M
M
M
4k 00 O Oi CO Ol Ol OS N
4k
ON CO to oo to as n to
OS ©©Mm 4k ©00 ©
© M © rfk co 4k to as to
00 OS 4kNCO N OI 00 4k m
M CO 4k CO CO CO tO 4k Ol O
I
© 4«.t04k4kMONj
*©
00
CO
*©
©
4k CO OS tO © *M
4kM©©©tO©O0©4k
MNQ0©O©4k©4k©
r
to
Oi Oj
r.-, w
I
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.
Ol
I
to I
I
I
I
00 I
I
to I
I
I
I
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15,1936-.
15,1937-.
15,1937-_
15,1937-1,1938-15,1938_.
15,1938-15,1938__
15,1939-.
15,1939-.
15,1939__
15,1940__
15,1940-.
15,1940__
15,1941--
I
.
series A-1937, maturing Sept.
series B-1937, maturing Apr.
series C-1937, maturing Feb.
series A-1938, maturing Feb.
2J4 % series B-1938, maturing June
3%
series C-1938, maturing Mar.
2)4 % series D-1938,maturing Sept.
2)4 % series A-1939, maturing June
l%% series B-1939, maturing Dec.
IJij %-series C-1939, maturing Mar.
1 Ys % series A-1940, maturing Mar.
1)4 % series B-1940, maturing June
1)4 % series C-1940, maturing Dec.
1)4 % series A-1941, maturing Mar.
Hi m
co
M
tO
I
-
$364,138,000.00
357,921,200.00
514,066,000.00
686,616,400.00
817,483,500.00
502,361,900.00
428,730,700.00
276,679,600.00
618,056,800.00
455,175,500.00
596,416,100.00
1,293,714,200.00
526,233,000.00
941,613,750.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707,700.00
3H% series A-1936, maturing Aug. 1,1936__
2M % series B-1936, maturing Dec. 15,1936-1
% series D-1936, maturing Sept. 15,1936..
3M %
3%
3%
%
M
Ol
00
CO to
pi©
.
$11,909,868,450.00
4% Civil Service retirement fund, series
1936
265,600,000.00
to 1940
5
to!
00
NM
COM
[
00 Ol 4k
M'
M
'
<
p\ y>
to OS N
tOl
«!
!
4k O tO tO ON to
©I
© © M © I
I
MOO
00 M © M M © ©
to l
M M © to I
I
00 N
Omi
4k 4k tO tO CO m tO
©i
N © M © I
i
©M
1
o!
M
4% Foreign Service retirement fund, series
K 1936 to 1940
4% Canal Zone retirement fund, series 1936
h®
© I
MHI
^
S2§!*
Ml
00
1-1*0
to M
OIM
'
rfk ©rfk
I
-
© '
rfk
o'
MO
oo m co co os oi as
©I
tO I
I
m m i
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00 M
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4k CO tO to to M to
©IN© M © '
I
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CO
m to
tO to N to
co<
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•
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to
-
©© M© I
HMtOMCO
4k
M
00 O to to Oi O O CO
to N M N N to to M N
M
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M
M
bs com oo "as too oo co
NOi4kCON00tOtOCO4k
ON4k4kCONOMCON
Mjo. M GO
M
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund
maturing Jan. 1, 1937—
tc^
&
!
10
MMtOOOMO©OONtO
©N00©04k©0000
Jk
Jo
w
OS I
I
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Ol I
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I
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Oi OS i
m
M
of 1932-47
tO M tO
© *C0 M *C0 N *M "o as N
N04kCON4kMtOCOCO
©O4k4k00t0C0MC00i
4k
-
COOS'N
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M ©O © ©o© © OO
to©o © O © 4- O OO
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0
,
,
w
n m
MOM
al
36,041,000.00
Treasury savings certificates.
1
N 4k
i
i
Mcntocsi
con
'tONMCOOOi
i
© © © m i
4k 4k O00 •
oo ©
NOS
i
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i
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,
I
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II
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mi
4k M 4k©
CO
—
,
00
r"
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4k © 4k ©
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293,475.00
^
i
m'
CT
-
156,039,430.93
m
© i
cottk
nS
18.257,45U.UU
8,850,050.00
Debt Bearing No Interest—
i
^ i
j
1
i
i
$190,641,585.07
to.
M
as i
;
.
1,581,650.00
United States notes
E
coo
M© © MM
;
45,015,050.00
2,559,650.00
6l,666,4o0.00
Less gold reserve
,
bonds of
Treasury bills
dp'
as cocoes to © M
M M tO 00 M O © 00 N tO
© N© O © O 4k © 00 00
2,153,000,000.00
$4,806,060.26
4)4 % Third Liberty Loan bonds of 1928
4)4 % Fourth Liberty Loan bonds of 1933-38_
3M% and 4M% Victory notes of 1922-23—Treasury notes, at various interest rates
Ctfs. of indebtedness, at various interest rates
o©4
M
to
4k »
to to© M
CO 4k©
00 OO NO© ©00 MO
—
—-$30,822,528,152.25
bonds
-
1927-42
MOO
M
M
© 4k tO 4k 4k M
© ©© to M M © 00
p
4k
OlOOOOCOCOONtO
© N © © 00 © O © M
10.432,000.00
Ceased—
Apr. 1,1917
4% and 4)4 % Second Liberty Loan
Mi
12i381008>450 00
$247,900,000.00
-
3)4 %, 4% and 4)4 % First Liberty Loan
OiOOOtOCOOsO©4k
© N CO N 00 © tO M Ol
nn
^
Total Interest-bfearing debt outstanding
Old debt matured—issued prior to
CO M I
4k O I
I
series,
Treasury bills (maturity value)
Matured Debt on Which Interest Has
J
I
-
I
nnn
100,000,000.00
Op© tO mm©00©©
CO OS N© CO M© tO OS M
'
00 to
I
nn
100,000,000.00
2)4 % Unemployment Trust Fund series, maturlng June 30. 1936
--
k
I
nnn
n
2,741,000.00
Postal Savings System series, maturing
June 30, 1939 and 1940
2% j Federal Deposit Insurance Corporation
series, maturing Dec. 1, 1939
to
M
© © N
2,799,000.00
-
2%
to
4k
CO
*M
to
to 1940
to to
M
©'
•
i
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency.__
Thrift and Treasury savings stamps, unclassl-
438,155,435.60
2,034,376.51
3.275.031.29
&c
©O*
„
-
ha i
Total gross
debt
$31,636,443,115.88
3792
Financial
THEIENGLISH GOLD AND SILVER
We
reprint
Chronicle
MARKETS
Dividends
first
290,743
day.
May 13,
on
we
of England
as
gold reserve against notes amounted to £204,compared with £203,660,401 on the previous Wednes¬
grouped in two separate tables.
In the
bring together all the dividends announced the
we
the
show
plentiful, prices showed a
gold exchange parities, that over the dollar being
over
slight.
Quotations during the week:
very
Equivalent Value
of £ Sterling
Ounce
140s. 3d.
140s. 2d.
___
12s. 1.38d.
12s. 1.46d.
__140s. 3d.
_
12s. 1.38d.
140s. Id.
139s. lid.
139s. ll%d.
___,
12s. 1.55d.
12s. 1.72d.
12s. 1.68d.
12s. 1.53d.
140s. 1.25d.
_____
The
following were the United Kingdom imports and exports of gold
registered from mid-day on May 11 to mid-day on May 18:
Imports
British
Exports
South_Africa-
£2,766,516
Tanganyika Territory
Kenya.
6,689
6,046
408,186
British India
Australia
3,298
413,820
Germany
Netherlands
388,038
2,286,229
9,145
63,670
252,724
43,704
39,950
10,925
France
Belgium
Belgian CongoL
Switzerland
Austria
Venezuela
Other countries
British India.
£13,500
Finland.
22,622
Germany
16,958
42,508
94,924
Netherlands
France
Belgium
1,539,100
24,380
Switzerland
Other countries
6,221
Union of South Africa
British "West Africa
Imports
$9,813,459
418,150
73,472
26,715
585,224
1,854,946
17,398
"
Tanganyika Territory
Kenya
Southern Rhodesia
British India.
British Malaya
Hongkong
Exports
110,200
212,914
Australia
New Zealand
663,107
102,375
100,000
32,167
863,563
212,217
11,875
57,650
Canada
British West India Islands and British Guiana
Germany
Netherlands
_
__
____
France
Switzerland
United States of America
Venezuela.
China.
106
506,670
278,117
117", 762
11,800
93,493
125,149
20,170
78,630
30,773
_
Other countries
65", 600
1,927,407
8,279
£3,034,049
£17,956,126
The report that the United States Treasury had made
a
further purchase
silver from the Chinese Government stimulated
demand from the Indian
and speculators and prices advanced
Bazaars
sharply, 20 %d. for both
cash and two months
delivery being reached on May 15.
This level,
however, was not maintained, buyers being disinclined to follow the rise,
and on free offerings on China account
and resales by speculators, prices
quickly receded to 20 5-J6d. for cash and 20 %d. for two months delivery
quoted today.
*
«
*.♦
t&t**
An announcement was made on
May 18 by Mr. Morgenthau that, at
the end of a fortnight's conference of
Treasury officials with representatives
of the Chinese
Ministry of Finance, the United States had agreed to buy
from the Central Bank of China
substantial amounts of silver and alsp to
make available to that institution dollar
exchange for currency stabilization
purposes.
.As the market made no
recovery following the news, the effect
of the agreement, the nature of which
had been anticipated in some quarters,
would seem to have been discounted.
The
following were the United Kingdom imports and exports of silver
registered from mid-day on May 11 to
mid-day on May 18:
Imports
Exports
£21,444
Other countries
£203,960
16,461
2,250
1,775.
1,156
Arabia.
France
Sweden
Norway.
Denmark
1.287
Other countries.
2,417
£32,288
Quotations during the week:
IN
Silver per
Oz. Std.2 Mos.
20 %d.
Cash
.20 9-16d.
May
May 15.. -20 %d.
May 16
20%d.
May 18.-.20 9-16d
May 19
20%d.
May 20.-.20 5-16d.
Average
20.573d.
_
_
£229,306
20 %d.
20 ll-16d.
20%d.
20%d.
20%d.
20.615d.
_
(quarterly)
(quar.).
Manufacturing Co. (quar.)
IN
NEW
YORK
(Per Ounce .999 Fine)
May
May
May
May
May
May
13
14
15
16..
45c.
45%c.
46c.
t
18
19
45 He.
1
45%c.
t No quotation.
The highest rate of exchange
from May 14 to May 20 was
Aluminum Co. of America (Pa.), 6% pref
Aluminum Industries (quarterly)
New York recorded during the period
$4.97% and the lowest $4.95%.
10c
The
as
FINANCIAL MARKET—PER
Beech
Creek
reported by cable, have been
CABLE
as
follows the past week:
Sat.,
Consols, 2 %%.
Mon.,
Tues.,
Wed.,
Thurs.,
Frt.,
June 1
June 2
June 3
June 4
June 5
19%d.
139s. 2d.
Holiday
Holiday
84%
19 15-16d.
138s.
lOd.
84 3-16
3%%
The
States
Bar N. Y.
"W
19 15-16d.
the
(for.)
105%
105%
105%
116%
WTI
price of silver
on
19 15-16d.
138s. 3%d.l38s. 6%d.
84
84%
105%
British 4%
1960-90
116%
116%
116%
(in cents)
days has been:
same
per
ounce
in the United
Holiday
44%
44%
44%
44%
U.S. Treasury.
U. 8. Treasury
44%
50.01
50.01
50.01
50.01
50.01
50.01
(newly mined)
77.57
I
$1%
$1%
50c
$1%
77.57
77.57
77.57
,
77.57
Holders
June 15 June
5
1 June 15
June 30 June 15
July
1 June 15
15 June 30
June 30 June 16
June 30 June 15
1 June 19
July
July
July
July
July
July
July
July
1 June 20
1 June 15
1 June 19
1 June 16
1 June 13
June 30 June 10
Aug. 31 Aug.
7
31 July
31 July
$1%
$1%
July
1 June 10
$i%
July
1 June
15
15c
July
July
July
1 June
19
1 June
19
1 June
2
$iy*
$i%
25c
15c
10
10
1 June
11
1 June
11
June 30 June
15"
June 30 June 15
$1%
S1H
July
1 June
July
80c
1 June 20
1 June 15
$1%
July
July
July
5%
July
July
40c
25c
62%c
$1%
$1%
$1%
$1%
40c
20c
$1%
$2
Ltd.,
25c
25c
50 c
$1%
75c
$1%
40c
common
7% cumulative participating preferred (quar.)
Canadian Cottons Ltd. (quarterly)
Preferred (quarterly)
;
Canadian Foreign Investment (quarterly)—:__
—
Capital Administration Co., class A (quar.)....
Cariboo Gold Quartz Mining (quar.)
Central Aguirre Association (quar.)
Central Hanover Bank & Trust Co. (quar.)
Cincinnati Gas & Electric, 5% pref. (quar.)
Cincinnati New Orl. & Texas Pacific Ry. (s.-a.)_
—
Extra
When
Payable of Record
July
July
July
July
$1%
75c
;
Building Products, class A & B (quar.)
Burt (F. N.), Ltd. (quarterly)
Preferred (quarterly)
Camden & Burlington City Ry. (semi-aim.)
Canada Bread, A preferred
;
■
Cincinnati & Suburban Bell Telephone (quar.).
City Auto Stamping Co. (quarterly)
Coca-Cola Bottling, class A (quar.)
15
1 June
15
1 June
15
1 June 12
1 June 15
1 June 15
July
1 June 15
July
1 June 20
July
1 June 20
July
2 June 15
July
1 June 20
July
2 June 16
July
1 July 17
Aug.
July 15 June 30
1 June 15
July
1 June 20
July
June 30 June
16
June 30 June 16
2 June
11
2 June
10
2 June
10
July
July
July
July
July
1 June
15
2 June
15
June 30 June 23
June 30 June 23
2 June 13
July
$1%
40c
$2
50c
75c
2%c
37 %c
$1
$1 %
$5
$2%
July
July
July
July
July
July
July
July
July
2 June 13
1 June 15
1 June
15
1 June
18
1 June
15
2 June
6
1 June
18
1 June 17
1 June 15
June 24 June
10
June
10
24 June
15c
July
July
1 June 18
1 June 15
62%c
July
1 June
$1.12
15
Columbia Gas & Electric Corp.—
$1%
6% cumul. preferred series A (quar.)
$1%
5% cumul. preferred (quarterly)
$1 %
5% conv. cumul. preference (quar.)
25c
Columbia Pictures Corp., common (quar.)
Compania Hispano-Amer. de Electricidad (S. A.)
"Chade," series A, B & C (supplementary).. 25 pesos
(supplementary).
(supplementary).
Connecticut River Banking (quarterly)
1
1
50c
$1%
June
$3%
$2%
(s.-a.)
75c
Endicott-Johnson
(quarterly)
New 5% preferred (initial)
Equity Trust Shares in America (reg.)
41 2-3c
7c
7c
Bearer
Fanny Farmer Candy Shops (quar.)
Faultless Rubber (quarterly)
Federated Department Stores (quarterly)
Fifth Ave. Bank (quarterly)
Special
Filene's (Wm.) Sons (quarterly)
6%% preferred (quarterly)
Finance Co. of Penna. (quar.)
Fisk Rubber—No action on $6 preferred
20c
25c
6%c
12%c
50c
_
25c
_
$10
30c
$1%
$2%
25c
common
$1%
General American Investors, $6 pref
87 %c
50c
50c
$1%
h% 5
Preferred (quar.)
Granby Consol. Mining, Smelting & Power
Granite City Steel Co. (quar.)
Grant (W. T.) Co
Green (Daniel) Co., pref. (quar.)
-
-
—
t—--
w-»
<■*
.-
(monthly)
1 June
18
1 June
18
July
July
July
July
July
July
July
July
June
15
1 June
1
19
1 June 20
1 June
15
1 June
15
1 June 22
1 June 30
1 June 30
June 30 June
1 June
July
July
19
19
1 June 20
June 15 June 10
1 June 19
July
July
July
July
July
1 June
12
1 June
17
1 June
17
1 June
17
15
15
1
25c
June
'30
July
July
July
July
July
July
July
July
July
$1%
$1%
$2%
3%
el0%
25c
Plantation (monthly).
July
July
June
45c
Quarterly
Gas
10
June 30 June 26
June 30
—
2%c
May 26
June
10
June
16
1 June
12
$2
Harba/U6r (jo
Halifax Fire Insurance Co. (N. S.) (s.-a.)
(monthly)
10
1 June 10
June 30 June 20
35c
—
(quar.)
Electric (monthly)
1 June
June 30 June
50c
Goodall Securities Corp. (quar.)
Extra-
July
July
10 May 20
4.85 1-3 June 30 June
General Public Service Corp., $6 pref
$5%
preferred
Hoskins Mfg. Co. (quar.)
Extra
1 June 20
July
June 20 June
3c
2
June 30 June 15
1 June 15
July
50c
—
7% preferred (quarterly)
Agricultural
June 30 June
50c
—
—
Elizabethtown Water Consol.
Guarantee Co. of N. Amer.
6 May 16
June 30 June
2
10c
(quarterly)
Detroit Gray Iron Foundry
Malleable Iron Co
Ecuador Corp___
Eastern
Extra.
Hawaiian
Hawaiian
Honolulu
Honolulu
June
$1%
$1%
Extra...
Continental Diamond Fibre Co
Courier Post, preferred (quarterly)
Co..
Aug. 15 July 20
Aug. 15 July 20
Aug. 15 July 20
July
1 June 18
5 pesos June
5 pesos June
Series D
Series E
....
77.57
$1%
50c
Guaranty Trust Co. of New York (quar.)
War Loan
15c
$1%
$1%
—
May 30
British
50c
h$ 3%
RR
Bickford's, Inc.(quarterly)
Preferred (quarterly)
Brazilian Traction, Light & Power, pref. (quar.)
Bridgeport Machine Co., preferred (quar.)
British Columbia Telep., 6% 1st pref. (quar.)..
6% preferred (quarterly)
British Columbia Power, class A (quar.)
Broad Street Investing Co. (quar.)..
Brunswick-Balke-Collender Co., pref. (quar.)__
Budd Wheel, participating preferred (quar.)
Canadian Celanese
which
25c
General American Transportation (s.-a.)
General Printing Ink Corp. common (quar.)
daily closing quotations for securities, &c., at London,
Silver, per oz..
Gold, p. fine oz.
75c
Beatrice Creamery
Preferred (quarterly)
Extra
ENGLISH
25c
87 %c
Agricultural Chemical Co
American Capital Corp., $3 preferred
American Chain, 7% preferred
American Crystal Sugar, 6% pref. (quar.)
American Cyanamid Co., common A & B (quar.)
American Express (quarterly)
American Felt Co., 6% preferred (quar.)___
American Optical Co., 7% pref. (quar.)..
American Safety Razor (quar.)
American Smelting & Refining
First preferred (quarterly).:
Second preferred (quarterly)
American Snuff (quarterly)
;
Preferred (quarterly)
!
American Superpower Corp., 1st pref. (quar.)..
American Water Works & Electric Co., Inc.,1
$6 first preferred (quarterly)
V
Anchor Cap Corp., common (quarterly)
$6 % convertible preferred (quarterly)
Appalachian Electric Power Co., $7 pref
Apponaug Co. (quarterly)
Associated Breweries of Canada (quar.)
Preferred (quarterly)
Atlanta Gas Light Co., 6% preferred
Axton-Fisher, class A common (quar.)
Class B common (quarterly)
Preferred (quarter] y)
Bankers Trust Co. (quarterly)
Flintkote
on
$1%
43 %c
American
Eureka Vacuum. Cleaner (quarterly)
Evans Products Co. (quar.)
Famise Corp., common class A (quar.).—
LONDON
-Bar
Alexander & Baldwin, Ltd.
Cream of Wheat
British India
7,925
1,405
1,514
Australia
Share
Preferred (quarterly)
Cannon Mills (quarterly)
SILVER
Belgium.
Per
AUis-Chalmers
but
are:
Name of Company
Extra
19,908
France
second table in which
a
previously announced,
—
2,550,879
Norway
Spain
or
follow with
—
£6.698,940
£1,760.213
The SS. Viceroy of India which sailed from
Bombay on May 16 carries
gold to the value of about £424,000.
The following are the details of United
Kingdom imports and exports of
gold for the month of April, 1936:
Belgium
Belgian Congo
we
Allied Products Corp., class A common
Per Fine
May 14
May 15
May 16
May 18
May 19
May 20
Average-
Then
dividends
have not yet been paid.
The dividends announced this week
Purchases of bar gold as announced by the Bank
during the week
amounted to £1,072,317.
In the open market offerings at the daily
fixing totaled about £2,400,000.
There was a general demand, but with supplies
declining premium
are
week.
current
GOLD
Bank
1936
DIVIDENDS
the
following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 20 1936:
The
June 6,
16
15 June 30
1 June
15 June 30
1 June
5
1 June
17
2 June
10
1 June
17
1 June
17
15c
June 30 June 25
June 20 June 15
15c
20c
June
19 June 15
15c
July
10 June 30
50c
June 26 June 11
25c
June 26 June
11
Volume
Financial
142
When
Per
Name of Company
Share
7% pref. A (quar.)
Hershey Creamery Co., 7% pref. (s.-a.)>
Homestake Mining (monthly)
June 20
June
June 20
June
June 20
Hutchinson Sugar Plantation (monthly)
July
June 30
Hygrade-Sylvania (quar.)
Preferred (quar.)
k
Imperial Tobacco of Canada, ordinary
Ingersoll-Rand Co., preferred
International Nickel, preferred (quar.)
International Power, 7% preferred.
International Shoe (quar.)
Investors Corp. of It. I., $6 pref. (quar.)
Investors Royalty
Irving Trust Co. (quarterly)
Jamaica Public Service (quar.)
Preferred (quar.)
Jersey Central Power & Light, 7% pref, (quar.)_
6% preferred (quar.)
imm,
5H % preferred (quar.)
July
July
June
June
„
n%
$i h
June
15c
July
June
July
July
July
July
June
sik
July
July
June
15
June 15
June
10
10
10
June
June
4c
June
Aug,
June
July 15
May 30
July 30
June 15
July
June
37Hc
June
12
June 15
15c
May 25
June
June
July
June
15
30
July
July
July
July
June
15
June
June
15
June
15
June 20
June
16
June
June
10
June
16
30c
July
July
July
July
July
12Hc
$1H
July
15
June
12
June
15a
30
18
American Bank Note
15c
July
June
16
20c
July
June
15
25c
June
4
June
10
$1H
July
July
July
June
10
a
June
May 23
July
July
July
July
Sept.
June
15
June
15
Dec.
June 30
June 30
Aug. 15
Nov. 15
15
16
American
15
American
June
15
American
June
15
IJuly
June
15
June
June
10
July
June
15
June
June
5
'July
July
June
30
June
15
American
20c
$1H
$1H
American Rolling Mill
30
June
15
10
75c
Paraffine
50c
June
June
75c
Pratt & Lambert (quar.)
June
June 20
July
July
June
50c
20c
June
$1J*
2 June 20
1 June 15
50c
75c
15c
$15*
$15*
41 2-3c
New extra
$15*
$15*
20c
10c
Reliance Mfg. of 111. (quar.)
Extra
15c
10c
Preferred (quar.).
Reynolds (R. J.) Tobacco Co., (quar.)
Class B (quarterly)
75c
el 00%
Reynolds Spring
25c
Quarterly
Rice Stix Dry Goods, 1st & 2nd pref. (quar.).
$15*
Rochester Telp., pref. (quar.)
$15*
5% 2d pref. (quar.)
St. Louis, Rocky Mt. & Pacific Co
25c
Scranton Electric Co., $6 pref
$1H
Selected Industries, Inc., $5H div. prior stock._
$15*
Silver King Coalition Mines (quar.)
10c
Smith (L. C.) & Corona Typewriter—
Preferred (quarterly)
$15*
Southern Calif. Edison Co., orig. pref. (quar.)..
37 He
Preferred series C (quar.)
34 He
Southern New England Telep. Co
$15*
Southwestern Gas & Electric Co., 7% pref
$15*
Southwestern Light & Power, $6 pref
$1,125
Springfield Gas & El. Co., pref. series A (quar.).
$15*
55c
Square D Co., class A (quarterly).
Class B
125*c
Starrett (L. S.) (quarterly)
35c
Sunset McKee, Salesbook, class A (quar.)
375*c
Class B (quar.)
25c
Sunshine Mining (quarterly)
50c
25c
Taylor Milling (quarterly)
10c
Teck-Hughes Gold Mines
.
Bonus
5c
Telephone Investment Corp
Third Twin Bell Syndicate
Thomson Electric Welding
(bi-monthly)
(quarterly)
Toledo Edison Co., 7% pref. (quar.)
6% preferred (monthly)
5% preferred (monthly)
Trie-Continental, 6% cum. pref. (quar.)
Twin Bell Oil Syndicate (monthly)
United Carbon (quarterly)
United Corp., $3 cum. pref. (quar.)
United States Gauge Co. (semi-annually)
7% preferred (semi-annually)
United States Petroleum (s.-a.)
(quar.)
Extra
United States Tobacco Co., common
9
Sept. 25
July
July
July
July
July
July
July
July
July
July
July
July
50c
Public Service Co. of Texas, 7% preferred—
Puget Sound Power & Light, prior pref
Reed Roller Bit, new initial (quar.)
June
Oct.
30c
(mo.). 58 1-3 c
6% preferred (monthly).
5% preferred (monthly)
10
17
$15*
25c
Public Service Co. of Colorado, 7% pref.
June
275*c
l'June 10
lJune 15
1 June
2 June
15
1 June
1 June
15
1 June
1 June
15
15
15
15
15 June 20
June 30 June 19
June 30 June 19
Aug.
Aug.
July
July
July
1 July
lJuly
21
21
1 June 20
1 June 18
1 June 18
June
15
July
July
July
June
2
June
15
June
16
Avon Genesee
July
July
July
July
July
July
July
June 26
June
June 20
June 30
June
15
June
15
June
15
June
June 20
June
June
18
June
June
4
July
June
4
June
June
15
July
July
July
July
June
10
June
10
June
10
-i
Bayuk Cigars new
15
$2.5*
$15*
lc
June
June
5
July
July
July
July
June
19
June
19
June
15
June
15
$15
$10
$15*
$15*
15
June
15
June 20
■■
-
t
rhi
rn
-tri
r~n
tl
rtf —r
$15*
Aviation
15
1 June 15
5
2 June
5
2 June
1
June 15 June
July
1 June 15
July
July
July
15 June 15
1 May 29
1 June 10
2a
June 15 June
July
2 June 20
July
June
2 June 20
10 June
1
20 June 13
June 15 May 15
June 12 May 30
July
July
July
July
1 June 10
1 June 10
1 June 10
June 22 June
11
1 July
20
2 Oct.
Febl'37 Jan.
20
20
June 30 June 20
June 30 June 20
June 30 June 20
Aug.
1 June 26
July
July
1 June 12
1 June 16
— —
t
15 May 21
50c
— —
June
June
10 May
25c
June
12Hc
$1.45
July
July
July
10 May 29
1 June 20
25c
$1H
62c
15*%
$15*
$1 H
75c
;
185*c
$15*
(initial)--
75c
50c
$1
$15*
25c
25c
r$lH
$1 %
25c
(quarterly)
7% preferred (quarterly)
$15*
25c
h% 15*
5% preferred (initial)
B-G Foods, Inc., 7% preferred
Biltmore Hats, Ltd., 7% preferred (quar.)
New
$15*
$1 H
2Hc
Birmingham Water Works Co. 6% pref
Bishop Oil Corp. (quar.)_„
Black & Decker Mfg., 8% preferred
Bloch Bros
Tobacco (quar.)
50c
37 He
37 He
Quarterly
$1H
$1 H
$1 H
(quar.)
6% preferred (quar.)..
6% preferred (quar.)
6% preferred
Bloomingdale Bros
Bohn Aluminum & Brass (quar.)
Bon Ami, class A (quar.)
Class B (quarterly)
1
10
25c
Preferred (quar.)
Belding-Heminway (quar.)
.
__
Bellows & Co., Inc., class A (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone of Penna., 6H% pref. (quar.)._
15
June
■»'
July
July
July
Aug.
$15*
Belding-Corticelli, Ltd. (quar.)
June
June 20
u-
15 July
June 30 June
June 30 June
Nov.
c$2 H
$2 h
—
June
30
ii-
Light & Power
Extra
July
July
July
July
July
July
July
July
July
June
20c
$15*
$1H
fc$lH
35c
preferred (quar.)
Beech-Nut Packing Co. (quar.)
58 1-3 c
15
25c
37Hc
1st
Bethlehem Steel,
15
lc
25c
15c
Hydro-Electric 7% pref. (quar.)
(quar.)
Bendix
June
fc$ 1
75c
$2H
July
35c
6% preferred
June 20
June
$15*
$2 H
12 He
1h%
8
1 June
June 30 June 10
July 15 June 15
35c
---
Barcelona Traction.
May 28
75c
25c
—
Preferred
June
$2
60c
50c
(quar.)
Bangor & Aroostook RR. Co., common
June
$15*
50c
$15*
Babcock & Wilcox
Baldwin Co., 6% pref.
June
41 2-3 c
8
50c
(quar.)
& Mt. Morris RR., 3H% gtd-__
10c
50c
1 June
$1H
$1H
& Santa Fe, pref. (s a.)
Atlanta Birmingham & Coast RR., pref
Atlantic & Ohio Teleg. Co. (quar.)
Atlantic Refining (quar.)
Atlas Powder Co. (quar.)
25c
18
5
July
July
10c
Atchison Topeka
Bangor
16 Dec.
7i62hc
Automatic Voting Machine
June 20
5
Dec.
h75c
Extra
June
June 20
6
Sept. 16 Sept.
$15*
25c
19
19
15
91%,
,—
7% preferred
Art Metal Works (quar.)
Asbestos Mfg. preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Associates Investment Co. (quar.)
June
19
1 June 15
June 16 June
30c
7% preferred (quar.)—__
1 Sept.12
1 Dec. 12
1 June 15
June 30 June
1 June
---
June
1 Nov. 25
July
July
—
& Telegraph (quar.)
American Thread, preferred (semi-ann.)
American Tobacco Co., pref. (quar.)__-»^
American Woolen Co., preferred (quar.)_
Amoskeag Co., common..
Preferred (semi-annual)
——------Amparo Mining Co
Anaconda Copper Mining Co
Anaconda Wire & Cable
—
Anglo-Huronian, Ltd
Armour & Co. of Del., 7% preferred (quar.)
Armour & Co. of 111., $6 prior pref. (quar.)
15
15
10
1 June 17
1 Aug. 25
Oct.
American Telephone
15
12
2
Jan.
(quarterly) Refining, (quar.)
Preferred (quarterly)
American Sumatra Tobacco (quar.)
June
June 17a
June
11
July
American Stores
July
July
July
10
June 10 May 29
July
1 June 13
American Sugar
June 29 June
June 29 June
10
Dec.
(quar.)
American Surety Co
15
June
July
Sept.
6% preferred (quar.)
American Safety Razor (quar.)
..
American Steel Foundries, preferred
Page-Hershey Tube, Ltd. (quarterly).:
June
June
June 30 June
June 30 June
Republics
20
June
June 15
15 June
June
Home Products
June
1 June 27
Dec. 31 Dec. 15
June 20
Steamship ^quarterly)
Hide & Leather, 6% pref. (quar.)
June
July
July
1
1 June 20
1 June 27
Sept. 30 Sept. 15
Hawaiian
Metals
American Paper Goods 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.).-------- — American Power & Light Co., $6 pref
$5 preferred
16 June
July
July
July
July
July
July
July
—•
American Machine &
June
1 June 18
1 June 18
Sept. 30 Sept. 15
Co., common
(quarterly)
----- American Credit Indemnity Co. of N. Y
American Enka Corp
American Envelope Co., 7% pref. A (quar.)
7% preferred (quar.)
American Factors, Ltd. (monthly)
American Hardware Corp. (quar.)
Quarterly
June
$1H
15*%
10c
Holders
Dec. 31 Dec. 15
June 30 June 15
Preferred
June
41 2-3c
3
3
Julv
1 June 19
June 30 June 15
American Cigar
July
50c
July
50c
July
58 l-3c .July
50c .July
2c
...
June
Preferred (quar.)
American Can Co., pref. (quar.)
American Chicle (quar.)
(quar.)
17
15 May 29
1 June 17
When
Tuly
July
July
Quarterly —
Quarterly
7% preferred (quarterly)
—
7% preferred (quarterly)
7% preferred (quarterly)
American Asphalt Roof, preferred (quar.)
American Bakeries Corp., 7% pref. (quar.)
American Baking Co., 7% pref. (semi-aim.)
June
(quarterly)
(quarterly)
Penney (J. C.) Co., common, (quar.)
Penna. Central Light & Power, $5 pref. (quar.).
Perfect Circle (quarterly)..
Pepeekeo Sugar Co. (monthly)
Peterborough RR. Co. (semi-annually)
Pfieffer Brewing Co. (quar.)
Phoenix Insurance (quar.)
Phoenix Securities Corp., pref. (quar.)
Pioneer Mill Co. (monthly)
Ponce Electric Co., 7% preferred (quar.)
Porto Rico Power Co., preferred (quar.)
Albany & Susquehanna RR. (semi-ann.)
Allegheny Steel (quar.)
—
Allegheny & Western Ry. (semi-ann.)
Allied Laboratories (quar )
$3H convertible preferred (quar.)
Allied Stores. 5% pref. (quar.)___
Aluminum Manufacturing, Inc. (quarterly)
June
(quarterly)
Cos.
15
June
pref. (quar.)
June
s/
1 July
1 July
July
1 June 20
July
2 June 15
Aug. 15 July 13
July
1 June 13
July
1 June 13
Aug.
1 Tuly 15
July
1 June 15
(quar.)
July
North American Co., common
Preferred (quar.)
Agnew Surpass Shoe, pref.
50c
33 l-3c
1 June 20
June 30 June 20
$6 preferred (quar.)
$5 preferred (quar.)
43 He
20c
15
Payable of Record
July
July
Alabama Great Southern RR. preferred
Alabama Power Co., $7
June
_
(quar.)
Share
Abraham & Straus, Inc
Adams Royalty (quarterly)
1
SI
•
July
Extra
15
40c
Novadel-Agene (quar.)
Ohio Service Holding Corp., pref
Ohio Public Service Co., 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)..
Onotnea Sugar Co. (monthly)
Ontario Loan & Debenture Co. (quar.)
Ontario Silknit, pref.
(quar.)
Paauhau Sugar Plantation (monthly)
June
Abbott Laboratories (quar.)_
15
hSOc
July
July
1 June
1 June 15
4
15 June
15 June 30
Aug.
Aug.
Per
June
50c
June
June 30 June
Name of Company
June
$15*
(semi-annually)
10c
20c
July
July
July
we
June
75c
-
$1H
87 He
give the dividends announced in previous weeks
and not yet paid.
This list does not include dividends an
nounced this week, these being given in the preceding table.
Below
June
35c
(quar.)
Walgreen, 6h% pref. (quar.)
West Jersey & Seashore RR. (semi-annually)
Westvaco Chlorine Products, pref. (quar.)
Wisconsin Power & Light, 7% pref
Westland Oil Royalty Co., class A
Weston (Geo.) Co._
;
West Penn Electric, class A (quar.)_
West Penn Power, 6% pref. (quar.)
7% preferred (quar.)
Wisconsin Michigan Power, 6% pref. (quar.)
Young (L. A.) Spring & Wire (quar.)
June
$2
15c
(semi-ann
United States Trust Co.
1 May 15
1 June 20
June
$1H
Extra
Memphis Natural Gas Co., $7 pref. (qu.)
Merchants & Miners Transportation (qu.)
Midland Oil Corp., $2 conv. pref
Milwaukee Electric Ity. & Light Co
6% preferred (quar.)
Monongaheia West Penn Public Service, pref
Montgomery Ward & Co., Inc
Mountain Producers Corp. (semi-annual)
National Cash Register Co
National Enameling & Stamping Co
National Tea (quarterly)
Natomas Co. (quar.)
New England Gas & Electric, $5H preferred
New England Power, $2 preferred (quar.)
6% preferred (quar.)
New Method Laundry Co., 6H% Pref
Pacific Investors.;
Pacific Telephone & Telegraph
Preferred (quarterly)
1 May 15
June
lc
(s.-a.)___
Mayer (Oscar) & Co., Inc. 8% 2nd pref
McBryde Sugar Co
McColl-Frontenac Oil Co., 6% pref. (quar.)
Mead Johnson Co. (quar.)
6% preferred (quar.).
Northwestern Telegraph
June
10c
$5
Mascot Oil (quar.)
Massachusetts Fire & Marine Ins.
North Oklahoma Gas Co., 6% pref.
June 30 June
50c
June 25
10c
Marine Midland Trust (quar.)
Extra
Northern Ontario Power Co.
June
$15*
(quar.)
19
25c
June 20
is.-a.)
Holders
When
Payable of Record
Vick Chemical Co. (quar.).
Extra.
13
July
July
Aug.
June
25c
Loew's, Inc., $6H cum. pref.
Mack Trucks, Inc.
Marine Midland Corp. (quar.)
Share
Company
10
July
si«
$1h
75c
Louisville Provision Co., 8% partic. pref.
.Preferred
2
37 He
50c
e50%
$15*
pref. (quar.)
Lone Star Gas
6% preferred
July
20c
Kalamazoo Stove
Kansas Utilities Co., 7%
Lehman Corp. (quar.)
Preferred
July
Aug.
July
10
June 10
June 12
June
8
15
June 15
June 20
June 15
$1h
lHc
Name of
Universal Products
July
Extra
Per
Holders
Payable of Record
June
Hearst Consol. Publishers,
3793
Chronicle
29
1 June 22
1 June 20
June 15 May 29
July
July
July
July
1 May 29
1 May 29
1 June 10
1 June 10
June 29 June
June
19
15 May 29
15 June 30
July
July
1
July
1
July
2
Tuly
2
Tuly 31
June
12
June
12
June
15
June 15
July
3
June 15 May 29
Tuly 15 June 23
July 15 June 20
June 12 May 20
5
July
1 June
5
July
1 June
July
1 June 20
June 15 May 15
June
15 June
1
July
15 July
1
June 30
Aug. 14 Aug. 11
Nov. 15 Nov. 11
June 31 June 25
Sept. 30 Sept. 25
Dec
31
Dec.
24
10c
—
June 27 June
17
75c
1 June
15
$1
50c
July
July
July
31 July
15
1 June 19
3794
Financial
Per
Name of Company
Share
Borg-Warner (quar.)
Preferred (quar.)
Boston & Albany RR. Co
Boston Elevated Ry. (quar.)
Boston Storage Warehouse (quar.)
75c
--
Boston Wharf Co. (semi-ann.)
Boston Woven Hose & Rubber Co., pref
Bower Roller Bearing (quarterly)
17c
r30c
(C.)_& Co. (monthly)
Co.
Bridgeport Brass Co (quar.)
Bridgeport Gas Light Co
Briggs & Stratton Corp. (quar.)——
Brillo Mfg, Co., Inc., common (quar.)
Class A (quar.)
Bristol Brass (quar.)
British American Tobacco, ordinary
(interim)
Brooklyn & Queens Transit, $6 preferred--.—Brooklyn Union Gas..
Buckeye Pipe Line Co
Buffalo Niagara & Eastern Power, pref. (quar.)
1st preferred (quar.)
a
Bullard Co. (resumed)
Bullock's, Inc.. 7% preferred
Bulolo Gold Dredging.
Butler Water Co. 7% pref. (quar.)
Calamba Sugar Estate (quarterly)
7% preferred (quar.)
Calaveras Cement 7% preferred
California Ink Co., Inc. (quar.)
—
—
-—
--------
—
10c
50c
75c
15c
50c
50c
lOd
75c
cum.
—
preferred (quar.)__
1st pref
June 15 May 29
June 30
75c
40c
June 15 May 29
June 15
July
$12&
SIM
—
Extra
June 30 June
SIM
June 15 June
40c
35c
Chicago Flexible Shaft (quar.)
Extra--.-
.
—
—
6% preferred (quarterly)
Chicago Rivet & Machine Co. (quar.)
Extra
Chickasha Cotton Oil (special)
37 Mc
30c
SIM
SIM
S2M
15%
SIM
SIM
60c
TiSlM
til
SI-20
SIM
S3M
h$2
SIM
SIM
10c
10c
SIM
51
10c
$2M
SIM
37 Mc
12Mc
Preferred
(quar.)
52
SIM
SIM
SIM
50c
—
Registered guaranteed (quar.)
Climax Molybdenum
(quar.)
Clinton Trust (N. Y.)
(quar.)
Cluett, Peabody & Co.. Inc., pref.
(quaf.)-----Coast County Gas &
Electric, preferred (quar.)
Coca-Cola Co. (quar.)
$1,125
87 Mc
87 Mc
20c
50c
SIM
preferred
(quar.)-——
Colt's Patent Fire Arms
(quar.)
Columbia Broadcasting, class A & B
(quar.)
Columbus & Xenia RR. Co
|Aug.
1 July
July 31 July
Quarterly
Quarterly
Cosmos Imperial Mills
(quarterly)
SI
40c
$3
25c
SIM
25c
25e
90c
SIM
SIM
$1.65
SIM
50c
55c
50c
25c
SIM
20c
-——
20
21
July
June 20
Oct.
Sept. 19
Jan 1*37 Dec.
l'June
19
30
15 May 27
15 May 27
June 30 June 20
1 June 20
1 June 20
1 June 10
1 Aug. 10
1 Nov. 10
June 30 June 13
July
1 June 15
July
1 June 20
June 15 May 25
Dec.
12
$1
Continental Steel, preferred
(quarterly)
Oopperweld Steel (quar.)
1 June 10
June 30,June
1
3
June
—
Crosley Radio
July
(June 30 June
SIM
(quar.)
Congoleum-Nairn, Inc. (quar.)
Connecticut & Passumpsic Rivers RR
Consolidated Divers Standard
Securities, pref.
Consolidated Edison. $5 pref.
(guar.)
1Consolidated Edison Co. of N. Y., Inc.
(quar.).
Consolidated Film Industries, preferred
Consolidated Gas of Baltimore
(quar.)
Preferred A (quar.)
Consumers Glass Co.
(quar.)
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 Oil
Crane Co., preferred
June 30 June 20
1 June 15
llJune 15
June 16 June
1
June 16 June
1
July
July
20c
20c
SIM
ftSIM
50c
June 12
June
5
June 30 June
6
June 26 Tune 12
June 10 May 25
June 30 June
10
June 30 June
10
June
5a
June
5a
June
5a
June 24
June 30 June
1
Aug.
Aug.
July
July
July
15
14
June
12
June 15 May 31
June 30 June 25
July
July
July
July
Sept. 30 Sept. 19
50c
SIM
SIM
SIM
$2
35c
SIM
7% preferred, $50 par (quarterly)
Dome Mines, Ltd. (quarterly)
87Mc
50c
$2
Extra
Dominion Coal, preferred (quarterly)
Dominion Glass (quarterly,
38c
liH
Preferred (quarterly)
Dominion Textile Co., Ltd. (quar.)
Preferred (quarterly)
r$lM
SIM
SIM
—
Dow Chemical, preferred (quar.)
Draper Corp. (quar.)
Driver-Harris, preferred (quar.)
Duke Power Co. (quarterly)
Du Pont de Nemours (E. I.) (quar.)—
-60c
SIM
75c
90c
70c
-
Extra
Debenture (quar.)
SIM
Duquesne Light Co., 5% preferred (quar.)
SIM
10c
Eagle Picher Lead Co
iuc
Preferred (quarterly)
SIM
Eastern Gas & Fuel Assoc., prior pref. (quar.)— $1.12
6% preferred (quar.)
SI
East Mahanoy RR. (semi-ann.)
SI
Eastman Kodak (quar.)
SIM
Extra
25c
(quar.)
Preferred (quarterly)—:
SIM
$1.44
40c
SIM
30c
SIM
75c
50c
Preferred (quar.)
Electrolux Corp. (quar.)
50c
40c
Extra
10c
Electromast, Inc. (initial),-Elgin National Watch
VV
XI VUWU
«
V/V.
12Mc
50c
1
(semi-ann.)
mm
■*.
— —
5% preferred (semi-ann.)
El Paso Electric Co. (Texas) $6 pref. (quar.)—
Emerson Dry Co., 8% preferred (quarterly)
Empire & Bay State Teleg. Co., 4% guar, (quar.)
4% guaranteed (quar.)
Empire Power Corp. participating stock
$6 cum. preferred
Emporium Capwell (semi-ann.)
Emsco Derrick & Equipment
Equitable Office Building Corp
Erie & Pittsburgh RR. Co. 7% gtd.
(quar.)
7% guaranteed (quar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.)
Guaranteed betterment (quar.)
European & North American Ryi (semi-ann.)—
Falconbridge Nickel Mines, Ltd
Fansteel Metallurgical Corp. $5 pref. (quar.)-$5 preferred (quar.)
$5 preferred (auar.)
-
Farmers & Traders Life Insurance (quar.)
Motor
$1
-
SIM
$1 M
50c
SI
SI
40c
SI M
25c
25c
10c
87Mc
87 Mc
87 Mc
80c
80c
§2M
f7Mc
(quar.)
Fidelity & Guaranty Fire (semi-ann.)
First National Bank (N. Y.) (quar.)
First National Stores, (quarterly)
Preferred (quarterly)
First State Pawners Society (quar.),.
Florsheim Shoe, class A (quar.),,
—
Extra
(quarterly)
Extra
Foresight Foundation, Inc., class A, initial spec'l
Fortney Oil Co. (initial)
Quarterly
Freeport Texas, preferred (quar.)
Fuller Brush Co. 7 % pref. (quar.)
7% preferred (quar.)
General Baking Co., preferred
General Candy, class A (quar.)
Extra.
—-—
General Mills, Inc., 6% cum. pref. (quar.)
25c
50c
$25
62 Mc
SIM
SIM
25c
12Mc
12 Mc
10c
2Mc
2Mc
SIM
SIM
SIM
$2
15c
15c
$1M
Sept. 30 Sept. 25
General Motors Corp. (quar.)
Extra
Dec. 31 Dec.
June 15 June
SIM
1
Preferred (quar.)
General Public Utilities, Inc., $5 pref. (qu.)
1
General
25c
SIM
Aug.
_
July
25*
June 15 May 15
June 26
Aug.
June 15 May
8
June 10
July
June
July
July
June
15
15
June 15 May 31
June 15
July
June 15
July
June
15
15
15
June 15
June 30 June 15
July
July
July
July
June
June
July 31 July
6
June 15
July
May 31 May 15
Aug. 31 Aug. 15
Nov. 30 Nov. 15
July 15
June 15 June
1
_
July
l'June
15
50c
75c
SIM
Railway Signal
Preferred (quarterly)
General Refractories Co
50c
Georgia Power Co., $6 preferred (quar.)
$5 preferred (quarterly)
Gillette Safety Razor Co., $5 pref. (quar.)
Common (quarterly)
Glens Falls Insurance (quar.)
Glidden Co. (quar.)
Prior preferred (quar.)
7% preferred (quar.)
Globe Wernecke Co., pref. (quar.)
....
—
Preferred (quarterly).
Preferred (quarterly)
Godchaux Sugars, Inc., class A (resumed)
$7 preferred
Goebel Brewing Co. (quar.)
Extra
Gold & Stock Teleg. Co. (quar.)
Goldblatt Bros., Inc. (quar.)
Golden Cycle (quar.)
Extra
Goodyear Tire & Rubber, 1st pref. (quar.)
$1M
SIM
$1 M
25c
-----
-
—
8 June
1
15 June 20
June 25 June
20
June
15
1 June
15
July
July
Sept.
1
Dec.
1
June 20
July
1 June 20
July
July 20 June 30
July 20 June 30
1 June 15
July
2 June 15
July
2 June 15
July
2 June 15
July
July 15 June 30
1
Aug. 15 Aug.
July
1 May 29
July
1 June 20
June 15
July
June 15 May 27
June 15 May 27
July 25 July 10
July 15 June 15
l'June 15
July
l'June 15
July
June 15
July
June 15
July
June 15 June
5
June
5
June
5
July
July
July
July
1
1
1
1
June
5
June
16
June
15 May 29
June 15 May 29
July
1 June 15
July
1 June 15
July
1 June 20
June 30 June
8
June 30 June
8
June 15 May 15
June 15 May 15
July
1 June 15
June 15 June
5
1 Sept. 20
Oct.
Oct.
1 Sept. 20
July 15 June 26
1 June 15
July
Aug. 21
Sept.
Dec.
July
July
Nov. 21
1 June
15
1 June
15
Oct.
5 Sept. 26
June 20 June
3
1 June 15
10 May 29
Sept. 10 Aug. 31
July
June
Dec.
10 Nov. 30
Sept.
1 Aug. 31
Dec.
1 Nov. 30
Oct.
3 Sept. 14
June 25 June
4
15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
July
1 June 10
Oct.
1 Sept. 10
July
1 June 20
25c
Class B
11
June 30 Tune
SIM
10c
Ferro Enamel
June 20
§1 M
$2M
Truck
15
June 20
SIM
$2 M
Quarterly
Federal
.
3
15
June
Sept. 30
Dec. 31
July
1 June 20
June 10 May 29
June 10 May 29
June
Quarterly
July
June
Dec. 21 Dec.
June 30
July
35c
Doehler Die Casting, $7 preferred (quar.)
Elizabeth & Trenton RR. Co.
15
7
1
1
June 30
SIM
37Mc
62 Mc
Electric Controller Mfg. (quar.)
Electric Storage Battery Co., common (quar.)—
20
July
1 May 29
5
June 15 June
5
July
1 June 30
June 30 June 20
June 15 June
50c
50c
Doctor Pepper Co. (quar.)
Preferred
June 30 June 16
June 30 June 20
June 15 June
1
$1
$1
75c
5c
Dixie Vortex (initial)
Class A, initial (quar.)
13
13
July
$2
—
Electric Auto-Lite (quarterly)
July
July
July
July
" *
25c
6y£
8
12
$1
Detroit Paper Products (quar.)
Extra-
8
June
50c
25c
8
July
July
July
July
31c
SIM
1 June
1 June
12
Commercial Credit (quarterly)
75c
5M% preferred (quarterly)
Commercial Investment Trust common
&90c
Conv. preference $4 M series of 1935
$1.06 M
Conv. preference optional series of
1929
dim
Commercial National Bank & Trust
$2
(quar.)—
Commercial Solvents Corp., com.
30c
(s.-a.)
Commonwealth Edison (quar.)
Commonwealth Investment Co.
4c
(quar.)
Commonwealth & Southern, $6 preferred
75c
Compressed Industrial Gases (quar.)
50c
Confederation Life Association
$1
Quarterly
Quarterly
5
5
15
June
(quar.)
25c
25c
Danahy-Faxon Stores (quar.)
Darby Petroleum. —
Dayton & Michigan RR. Co., 8% pref. (quar.).
Delaware RR. Co. (s.-a.)
De Long Hook & Eye (quarterly)
Dentist's Supply Co. of New York (quar.)
Quarterly
Quarterly —
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
1 June
June 29 June
June 29 June
June 30JJune
July
July
July
Sept.
$2
SIM
7l$l M
Dakota Central Telep. Co.. 6M% pref. (quar.),
East Tennessee Teleg. Co. (s.-a.)
Edison Bros. Stores (quar.)
Preferred (quar.).
l! June
July
(semi-ann.)
Colgate-PalmolivepPeet,
Aug. 15 Aug.
Nov. 16 Nov.
50c
(semi-ann.).
Coca-Cola Internationa
1 June 20
1 June 16
June 30 June 16
June 12 June
2
June 29
June 29
June
SIM
10
July
July
June
5c
—
June 30
1 June 10a
June
6 May 22
June 15 May 29
July
1 June 13
25c
68c
Detroit. Toledo & Ironton
June 15
June 24'June
June 24 June
AS1M
h$1
Extra
Diamond State Telephone, 6M% Pref. (quar.)
Diversified Investment Trust
"
1 June 20
1 June 20
1 June 12
July
1 June 12
June 10 May 22
SIM
-
1
15
July
July
July
20c
—
50c
25c
25c
Extra--
Crown Cork International Corp. class A (quar.)_
Crown Cork & Seal Co., Inc., com. (quar.)
Preferred (quar.)
Crown Willamette, 1st preferred
Crucible Steel of America, preferred—
Crum & Forster. preferred (quarterly)—
Cuneo Press, Inc., 6M% preferred (quarterly).
Curtis Publishing, 7% preferred
Cutler-Hammer (quar.).-
June 15
June 15 June
July
—
1936
Company
June
July
30c
Clayton & Lambert Mfg
Clearfield & Mahoning RR.
(s.-a.)
Cleveland Electric
Illuminating (quar.)
Preferred (quarterly)
Cleveland & Pittsburgh Ry.
reg. gtd. (quar.)
15
10
July 25 June 30
July 15 June l5
July
2 June 15
July
1 June 13
July
1 June 20
June 30 June 20
July
1 June 20
Oct.
1 Sept. 20
Jan2'37 Dec. 20
July
1 June 24
June 26 May 27
75c
70c
SIM
(quar.)_
Clark Equipment (quar.)
15
June 30
15 May 29
June 26 June
6
June 15
S3M"
Cincinnati Inter-Terminal RR—
1st guaranteed preferred
(s.-a.)
Cincinnati Northern RR.
(semi-ann.)
Cincinnati Union Terminal Co.—
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
Citizens Water Co.
(Washington, Pa.), 7% pref.
1
1
1
1
1
July
July
July
50c
(quar.)
1
June
50c
Chicago Junction Rys. & Union Stockyards—
Chrysler Corp
Churngold Corp.
July
July
July
July
July
h$l
50c
Name of
Crowell Publishing (quar.)—-
Detroit Hillsdale & Southwestern RR
June
50c
—
15
Aug.
July
$1.40
$2
7% preferred (quar.)
7% preferred (quar.)
Carolina Telephone & Telegraph
(quarterly)
Carreras, Ltd., Am. dep. rec., A and B_
Carter (Wm.) Co., preferred
(quar.)
Carthage Mills, preferred A (quar.)
Preferred class B (quar.)
Case (J. I.) preferred—
Preferred (quar.)
Catelli Macaroni Products, class
A, pref
Cayuga & Susquehanna RR. (semi-ann.)
Celanese Corp. of Amer., 7% cumul. prior
pref
7% cumul. 1st preferred
Celluloid Corp., 1st preferred
Central Illinois Light, 7%
preferred
6% preferred
Centrifugal Pipe Corp. (quar.)
Quarterly
Champion Paper & Fibre, preferred (quarterly)
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry. (quar.)
Preferred (semi-annual)
Chesebrough Mfg. Co. (quar.)
June
June
Aug.
SIM
SIM
Carnation Co. 7% pref. (quar.)
5
1 June 15
1 June 15
July
July
75c
1M%
rSIM
SIM
Canadian Canners Ltd., 6%
Class A
June 15 June
July
July
25c
...
Canadian General Electric (quar.)
Canadian Oil Cos., preferred (quar.)
Canfield Oil, preferred (quar.)
Class A
June 25 June 19
June 30 June
4
June 30 June 16
37 Mc
(quar.)
1
1
July 25 July
1
June 30 May 27
5
July 15 June
12Mc
Extra
California Packing (quarterly)
Campbell, Wyant and Cannon, extra
Canada Malting (quarterly).
—
Canada Northern Power Corp., com.
7%
1 June 12
1 June 12
June 30 May 29
July
1 June 10
June 30
July
July
June 15 June
25c
June 6,
Holders
Payable of Record
June 30 June
Brandywine Shares
Brazilian Traction, Light & Power
Brewer
$2M
SIM
$1M
I
When
Chronicle
40c
50c
SIM
SIM
50c
50c
50c
50c
SIM
5c
10c
SI M
37Mc
40c
$1.60
SI
June 20 June
July
July
July
July
1
1
1
1
10
June 22
June
15
June
4
June
4
June 30 June 20
July
July
July
July
1
1
1
1
June 15
June 15
June
June
15
15
June
15 May 29
June 12 June
2
July 12 July
2
Aug.
July 15
June 24
July
Oct.
Sept. 25
June 20
July
June 20 June 10
June 20 June 10
July
1 June 10
June 12 May
June 12 May
Aug.
July
July
July
1
1
1
1
July
14
14
6
June 20
June
10
June
10
June 30 June
1
July
July
Aug.
1 June 15
1 June 15
1 July
1
June 30 June
June
July
July
July
July
July
Oct.
8
15
June 18
June 18
June 18
June 20
Sept. 20
Janl '37 Dec. 20
July
1 June 18
July
1 June 18
19
June 30 June
June 30 June
July
July
July
9
1 June 30
1 June 10
June
1
Volume
Financial
142
Per
Name of Company
Share
1
June
19
June
June
1
July
July
June
July
June
June
June
8
June
June
12
July
July
July
(quar.).
Greene Cananea Copper (quarterly)
Greene R. R. (semi-annual)
Greenwich Water & Gas System 6% pref_
Greyhound Corp. (initial)
Preferred A (quar.)..
Group No. 1 Oil Corp. (quar.)
June
June
Preferred
June 20
20
June 15
15
Gulf Oil
June
20
June
21
June 30 June
10
15
July
July
July
June
Gulf States Utilities, $6 preferred (quar.)
$5 H preferred (quarterly)
Hackensack Water Co.,class A pref. (quar.)..
Haloid Co., preferred
Hammermill Paper (quar.).
June
June
May 29
May 29
June
June
June
June
1
6% preferred (quar.)
Hanes (P. H.) Knitting Co., 7% pref. (quar.)..
Harbison-Walker Refractories Co., pref. (quar.)
Harrisburg Gas Co., 7% preferred (quar.)
July
July
July
July
June
15
Gulf Power Co., $6 preferred (quar.)
Gulf States Steel, preferred
June 20
June
15
17
July
June 20
July
6
June 30
Hartford & Connecticut Western RK.
2% preferred (semi-annual)
Hartford Times, Inc.. participating preferred—
Hazel-Atlas Glass Co. (quar.)
Hazeltine Corp
Helme (Geo. W.) Co., common (quar.).
Preferred (quar.)
Hercules Powder Co., common (quar.).
Hibbard. Spencer. Bartlett & Co. (mo.)
Holland Furnace $5 conv. pref. (quar.).
Hollinger Consol. Gold Mines
Aug. 20
Aug.
June
17
July
June
June
June
1
July
July
June
10
June
10
June
June
12
June
June
16
July
June
19
Amer. dep. rec. for 7H% partic. pref
Lone Star Gas, 6% preferred (quarterly)
x
3H%
$1H
$1.63
$15*
$1H
12
1 June
16
1
July
June 25 June
July
2 June
2
June 30 June
15
Aug.
July
July
Aug.
July
1 July
1 June
15
1 June
15
1 July
1 June
17
$1
SI
6H% preferred (quarterly)
Long Island Lighting Co., 7% pref., series A.
6% preferred, series B
Loose-Wiles Biscuit Co., common
5% preferred (quarterly)
5% preferred (quarterly)
Lord & Taylor (quarterly)
Lorillard (P.) (quarterly)
Preferred (quarterly)
Louisiana Land & Exploration Co
Louisville Gas & Electric Co. (Del.)—
Class A and B common (quar.)
Lunkenheimer Co., preferred (quar.)
Preferred (quar.)
Oct.
1
July
July
July
1 June
17
1 June
15
1 June
15
50c
12
.
30c
$15*
10c
June
15
18a
Sept. 18
15 June
8a
June 25 May 29
July
1 June 20
.
Preferred
June 30 Tune
Oct.
1 Sept. 21
Jan.2'37 Dec. 21
(quar.)
July
1 June 15
1
Aug. 15 Aug.
Lynchburg & Abingdon Teleg. (s.-a.)
Magnin (I.) & Co., $6 preferred (quar.)
$6 preferred
(guar.)
Mahon (R. C.) & Co.. new preferred (quar.)
Mallory (P. R.) & Co., Inc
Manischewitz (B) & Co., 7% pref. (quar.).
Marconi Wireless Teleg., ordinary
Marsh (M.) & Son (quar.)
Maryland Fund (quar.)
Stock dividend
Nov. 15
Nov.
1
July
15 June 30
10 May 25
1 June 20
July
1 June 20
July
June
June 15 May 31
June 15 May 31
Masonite Corp., common (quarterly)
Mathieson Alkali Works (quarterly)
Jum>
15 June
June 30 June
11
Preferred (quarterly)
May Department Stores (quar.)
June 30 June
11
June 15 June
June
Sept.
1
1 Aug. 15
1
June
15 May
15
May 29
McKenzie Red Lake Gold Mines
June 15 June
1
July
June
June
June
May 29
McKesson & Robbins, $3 preferred (quar.)
Memphis Power & Light, $7 pref. (quar.)
$6 preferred (quarterly)
Merck & Co. (quar.)
June
15
Honolulu Plantation (monthly)
Houdaiile Hersbey, class A (quar.)._—
June
May 29
Class B
(quarterly).'.
Hudson Bay Mining & Smelting
Humble Oil & Refining (quar.)
Idaho Maryland Mines Corp. (quar.)
Ideal Financing Assoc. A (quar.)
$8 preferred (quar.)__
$2 conv. preferred (quar.)
Illinois Bell Telephone (quar.)
Illinois Central RR. Co., leased line
Imperial Chemical Industries, Ltd., Amer. dep.
res. for ord. reg. f final)
xw
Imperial Life Assurance of Canada (quar.)
Quarterly
Quarterly
Indiana Hydro-Electric Power, 7% pref
Indianapolis Power & Light, 6H % pref_
Indianapolis Water, preferred A (quar.)
International Business Machines Corp
International Cement (quar.)
International Harvester (quar.)
International Mining
International Nickel Co
15
June
15
June 20
June
11
June
$3 *A
87 He
June
July
ii
June
June
Apr.
17
July
June 30
Oct.
Sept. 30
Jan2 '37 Dec.
June
15 May 29
June
5
July
June
$15*
July
10 June 20
37Hc
June 30 June
July
15c
June 20 May
June 30 June
Interstate Hosiery Mills (quar.)
50c
Inter type Corp. common
25c
June
10c
2Hc
$2
$3
25c
12a
11
15 June 20
30c
July
July
July
July
July
Aug. 15
:
31
July
$15*
1st
15
$1;
$1.33H
Extra
1
July
37 He
—
20
July
July
30c
International Teleg. Co. of Maine (s.-a.)
International Vitamin Corp. (initial)
29
2
June 30
June
15a
June
15
June
5
June
5
Aug.
1
15 June
1
July
July
June
15
Sept.
Aug.
6
June 15
25c
Jeannette Glass Co. 7% pref. (quar.)
Nov.
5
June
15 June
1
50c
Extra
Dec.
50c
Quarterly
Investment Corp. of Philadelphia (quar.)
June
15 June
1
$15*
50c
July
July
July
July
7% cumulative preferred (quarterly)
preferred
Johnson Publishing, 8%
Julian & Kokenge (semi-ann.)
60c
15
15 June 23
June 16
15 July
.
Common
Klein (D. Emil) (quarterly)
Extra.
Koppers Gas & Coke preferred (quar.)
Kresge (S. S.) (quar.)
Preferred( quar.)
Kroehler Mfg. Co., class A preferred (quar.)
Class A preferred (quar.)
Class A preferred (quar.)
Kroger Grocery & Baking, 6% pref. (quar.)
7% preferred (quarterly)
Krueger (G.) Brewing (quarterly)
Lackawanna RR. of N. J. 4% gtd. (quar.)
Lake Shore Mines Ltd. (quarterly)
Landers, Frary & Clark (quarterly)
Quarterly
Quarterly
;
Landis Machine Co. (quar.)
Quarterly
Preferred
(quarterly).
Preferred (quarterly)..
Preferred (quarterly)
Leath & Co
new, preferred (quarterly)
Lehigh Portland Cement, 4% preferred (quar.).
Lessing's, Inc
Libby, McNeil & Libby, preferred (semi-ann.)
Libby-Owens-Ford Glass (quarterly)
Liggett & Myers Tobacco, pref. (quar.)
Lily Tulip Cup (quar.)
Lincoln National Life Insurance (quar.)
Quarterly
Lindsay Light & Chemical Co., pref. (quar.)..
Link Belt, preferred
(quarterly)
Little Miami RR., spec. gtd. (quar.)
Original capital
Special guaranteed (quarterly)
Special guaranteed (quarterly)
O iginal capital
Original capital
Lock-Joint Pipe Co. 8% preferred (quar.)
8% preferred (quar.)-.
8% preferred (quar.).
15c
1
June 30 June 20
15c
(quar.)..
Quarterly
Kansas City Power & Light Co., 1st pref. B—
Kansas Electric Power, 7% pref. (quar.)
6% preferred (quarterly)
Katz Drug Co. (quarterly)
Preferred (quarterly)
Kaufmann Dept. Stores, Inc., preferred
Keith-Albee-Orpheum, 7% preferred
Kekaha Sugar Co. (monthly)
Kelvinator Corp. (quar.)
Kennecott Copper Corp
Kimberly-Clark Corp. (quarterly)
Preferred (quarterly)
King Oil (initial)...
Kings County Lighting Co., 7% pref., series B.
6% preferred, series C
5% preferred, series D
Sept. 30 Sept. 20
15c
Dec.
31 Dec.
21
$1H
$1 V\
July
July
July
June
15
15
June
15 May 29
June 15
$1H
S1K
$1H
July
Preferred
June
June 15
June 30 June
10
-
.
Oct.
—
—
Dec.
Extra
July
July
July
National Breweries (quarterly)
Preferred
(quarterly)
National Can Co., Inc.. common (quar.)
National Casualty Co. (quarterly)
20c
30c
1st preferred (quarterly)—
preferred (quarterly)
National Lead, new, initial (quar.)
Preferred A (quarterly)
Preferred B (quarterly)
National Standard (quar.)
.
2d
National Sugar Refining Co. of N. J
June
16
(quar.)
—
Nevada-California Electric
Newark Telephone Co. (Ohio)
Newberry (J. J.) (quar.).
...
New England Telephone & Telegraph (quar.)..
New Jersey Power & Light, $6 pref. (quar.)
85 preferred (quarterly)
Ner Jersey Water Co., 7% pref. (quar.)
Newmont Mining Corp
New York & Hanseatic Corp. (quar.)
New York & Harlem RR. (semi-ann.)
Preferred (semi-annual)
New York Lackawanna & Western Ry.—
5% guaranteed (quarterly)
New York Mutual Telegraph Co. (s.-a.).New York Steam, $7 pref. (quar.)
86 preferred (quarterly)..
New York Telep. Co., 6H % pref. (quar.)
Niagara Share Corp., B
Preferred (quarterly)
Nineteen Hundred Corp., class A (quar.)
Class A (quar.)
15 June
1
1
Oct.
1
Janl'37
Aug. 15 Aug.
Nov. 16 Nov.
June
15 June
Sept. 15 Sept.
Dec.
15 Dec.
July
July
1 June 15
1 June 13
June 10 June
4
July
June
July
June
Aug.
Nov.
June 19
15 May 29
June 10
15 June
2
July
25
Oct.
27
June
15 June
July
June 15
10 May 25
10 May 25
June
June
6
Extra
-
-
-
National Transit (semi-ann.)
Neisner
Bros,
Norfolk & Western Ry. (quar.)
Northern Central Ry.
Dec.
(semi-annual)
Northern Pipe Line
Dec.
10 Nov. 25
10 Nov. 25
July
July
1
Oct.
Oct.
1
Jan2 *37 Dec. 31
(quar.)
guaranteed (quarterly)
Northwestern Telegraph Co. (semi-annual)
Novadel-Agene Corp., common (quar.)
Oahu Ry. & Land Co. (monthly)
Northern RR. Co. of N. J., 4% gtd.
4%
$13*
$13*
25c
12Hc
$13*
$1H
62 He
1 June 24
1 June
15
15 June
17
15 June 30
2 June
15
15
1 June
15
2 June
June 15 May 29
1 Junet 3
July
July
July
July
1 JuneT 3
1 June 13
1 June 13
June 30 June
12
June
15 May 29
1 July 17
1 June 15
1 June 15
1 June 1 1
50c
Aug.
July
July
July
40c
June
37 He
h$ 3 3*
June
15 May 29
15 May 29
June
15 May 25
$w
June
10 May 30
1 June 16
25c
40c
July
$1H
June 30 June
$1
July
July
July
$13*
50c
$1
$2H
$2H
$15*
$1H
$15*
10
1 May 29
1 May 29
1 June 30
June 15 May 29
July 15 July 10
July
1 June 15
July
1 June 15
July
July
July
June 12
June 30
1 June
15
50c
1 June 15
July
July 15 June 20
July 15 June 22
June 15
July
Aug. 15 July 31
50c
Nov. 14 Oct.
31
June 30 June
10
10c
$1H
$15*
Noranda Mines
Sept. 10 Aug. 25
Sept.10 Aug. 25
15
July
July
July
July
—.—
1 June i9
31 July
7
June
15
Nashua Gummed & Coated Paper Co.—
31 Dec. 23
July
17
10
June 30 June
Myers (F. E.) & Bros, (quarterly)
28 Dec.
June 30 June
Dec.
5
5
18
June 20 June
(monthly)
National Gypsum,
1 June
1 June 15
29
29
June 27 June
pref. (qu.)_
July
July
July
20
10 May 20
1
Sept. 28 Sept. 17
June 20
2
Nov. 26
June 15 June
Mutual Chemical Co. of Amer., 6%
National Dairy Products (quar.)
Preferred A & B (quar.)
June
Aug. 27
1
2 June 15
July
Muskogee Co., common
June 15
June 20
Sept. 30 Sept 21
1
June 30 May
June 30 May
Extra
15 May 15
June 15
June 15
30 June 10
1 Oct.
June 15 June
June
10
June 30 June 24
13
1
June
July
July
July
July
July
July
July
June 30 June
13
June
June 30 June
2c
June
June
Dec.
Sept.
pref. (s.-a.)
Motors Products, new stock (quar.)
Motor Wheel Corp. (quarterly)
Muncie Water Works Co. 8% pref. (quar.)
Munsingwear, Inc
Muskegon Piston Ring (quarterly)
$15*
$1H
$15*
$15*
Tune 12
15
July
—
Morris town Securities Corp., $5
National Bond & Share Corp
25c
15
June
June 15 May 29
5
July
1 June
Society (quar.) _;
Quarterly
June 12
15
2
June
1
2
1
1
.Tn.2'37 Jn.2'37
June 12
June
10 June
15
15
15 June 12
1 June 19
June 15 May 30
July
2 June 10
July
2 June 10
July
1 July
1
—
July
July
30c
12Hc
$1H
1
1
1
July
July
Montgomery Ward
Class A (quarterly)
Montreal Cottons, Ltd., preferred (quar.)
Moore Corp., Ltd., common
7% preferred A & B (quarterly)
Moore (Wm. R.) Dry Goods (quar.)
Quarterly
Quarterly
Morrell (John) (quarterly)
7% preferred (quar.)
Nassau & Suffolk Lighting Co., 7% preferred—
National Biscuit (quarterly)
5
1 June
June 30 May 29
29
29
29
29
29
29
30
1
June 15 May
June 15 May
1 June 15
1 June 25
12Hc
16
May
May
May
May
May
May
May
Aug.
July
July
July
July
(quarterly)
(quarterly)
July
July
July
20c
15
June
June
Monsanto Chemical
Extra
6% preferred (quarterly)
6% preferred (quarterly
Mutual Telep. Co. (Hawaii)
15
June
Aug. 15
July
1 June 20
July
1 June 20
1
July
1 June
Knitting Co. 7% pref. (quar.)
Monroe Chemical
13
June
June 10
Mobile & Birmingham RR., pref. (s.-a.)
Mock, Judson & Voehringer
Preferred (quarterly)
Monarch
June
July
July
July
July
July
July
Midvale Co
Morris Plan Insurance
June 30 June
July
July
July
July
15 May 20
June 13
July
Morris & Essex RR
July
July
50c
Nov. 30 Nov. 30
Metropolitan Edison Co. $7 pref. (quar.)
86 preferred (quar.)
85 preferred (quar.)
:
$7 cum. preferred (quar.)
86 cumulative preferred (quar.)
85 cumulative preferred (quar.)
Michigan Steel Tube Products
Midco Oil Corp. (quar.)
Midland Grocery Co., 6% pref. (s.-a.)
June 20
20c
Aug.
P July 15
May 30 May 30
Aug. 31 Aug. 31
Preferred (quar.)
Mesta Machine Co., common
June 20
(initial)
Jefferson Electric (quarterly)
Johns-Manville Corp., common
12Hc
7H_% partic. pref. (s.-an.)__z w3%%
June 20
June
,
50c
Loudon Packing Co. (quarterly)
London Tin Corp.
June
5
Kalamazoo Vegetable Parchment Co.
Holder*
of Record
July
1
June
Common
Loew's, Inc. (quar.)
When
Payabl
July
June
June
preferred (quar.)
2d preferred (quar.)
Iron Fireman Mfg. (quar.)
Per
Share
Name of Company
Mayflower Associates (quar.)
Maytag Co., $6 1st preferred (quarterly). J
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
McColl Frontenac Oil (quarterly)
June
Home Fire & Marine Insurance (quar.).
Honolulu Oil
International Ocean Teleg. Co. (quar.)
International Salt Co.
:..
3795
Holder*
When
Payable of Record
June
Gorham Mfg. Co.. common
Gorton-Pew Fisheries (quar.)_„
Grand Valley Brewing Co
Great Western Electro-Chemical pref. (quar.)_.
Great Western Sugar (quar.)
Chronicle
82
June 19
May 29
$2
15c
$1
July
15 June 30
July
Sept
June 12
$1
Dec.
Nov
$1H
June 15
50c
July
July
June
16
15c
June 15 June
11
Aug. 22
21
3796
Financial
Per
Name of
Company
Oahu Sugar (monthly)
Share
$7 preferred (quarterly)
$7.20 preferred (quarterly)
Ohio &
_
Mississippi Telegraph Co
Ohio Oil
June
5
July
July
July
July
July
July
(quarterly)
$6 preferred (quarterly)
$6.60 preferred (quarterly)
June
15
June 15
June
15
June 15
June 15
June 16
June
Preferred
(quar.)
May 18
June
June
Oklahoma Gas & Elec. Co. 6% cum. pref. (qu.).
June
7% cumulative preferred (quarterly)
Old Dominion Co. (Me.)
Omnibus Corp., preferred (quarterly)
Onomeo Sugar Co. (monthly)
Otis Elevator (quar.)
June
June
May 29
May 29
May 25
July
Preferred
Preferred
(quar.)
(quarterly)
..
June 15
June 30
June
6a
__
15
55c
55c
55c
$1H
$1H
$1H
$19*
12Hc
$1
$1H
25c
.
Aug.
5
Nov.
5
Feb.
5
June
_
15
1 June 20
1 June 10
June
15 May 27
25c
15 June
June 15 June
50c
July
1 June
July
1 June
July
1 June
Sept.
1 Aug.
July 10 June
July 10 June
Oct.
10 Sept
50c
Jan
50c
50c
r20c
Oct.
$19*
$19*
$19*
$19*
$19*
$m
10*37 Dec.
July
75c
July
50c
$19*
$19*
$19*
5
June 30 June 15
Oct.
2 May
1 Sept.
1 June
1 Sept.
Tan 2*37 Dec.
July
Oct.
Dec
June 30 June
25c
July
20c
June
New
Corp., class A (quar.)...
5M% preferred initial (quarterly)
139*c
$19*
$19*
$19*
July
June
12
July
July
June
12
June
15
$19*
June
Oct.
Mar. 31
June
June
$19*
July
June 20
May 25a
5
June
May 29
July
June 20
37 He
60c
June 30 June
1
$2
June 30 June
1
SIM
SIM
June 30 June
1
June 30 June
1
50c
June 30 June
1
SIM
SIM
June 30 June
1
12Mc
SI*
h% 5
SIM
*
30c
el%
15c
SIM
31 Mc
r,
SIM
$1H
si h
40c
1
1 July
15
1 July
1 July
15
15
1 June 20
1 June 20
10
1 June 10
1 June 10
1
July 15 July
1
Aug. 31 Aug.
1
1 June 15
July
1 June
8a
July
1 June
1
July
June 15 June
1
Sept. 15 Sept.
1
Dec.
15 Dec.
June
15 May 29
1
June 22 June 17
June
1 June 20
May 21
9 June 18
2 June 27
15 May 29
June
15 May 29
July
15 July 15
15 May 30
15 May 25
1 Juhe 10
June
June
July
July
July
July
July
July
July
July
July
July
1 June 10
1 June 15
June
15 May 20
1H%
1%
S1H
37 He
22 He
July
15 June 20
June
15 May 29
50c
$2
$10
40c
$19*
Standard American Trust Shares
Standard Brands. Inc., common (quar.).....
6.7c
20c
25c
5c
(quarterly)
Extra
Kentucky (quar.)
Oil Co. of N. J., $25 par (s.-a.)
$25 par (extra)
$100 par (semi-annually)
$100 par (extra)
Standard Oil of Ohio preferred (quar.)
Stein vA.) & Co.. preferred
'quarterly)
15 June 30
June 30 June 15
July
June 30 June 15
1 June
July
July
July
12
1 June
12
1 June
15
June 30 June 15
1 July 15
Aug.
1
May
8
July "I June
8
1 June
July
July 15 July 15
1 June 12
1 June 20
6
June 30 June 20
S2
June 30 June 20
11 May 28
2 June 12
June
30 June
June
15 May 15
15 May 15
15 May 15
June
June
15 May
June
Strawbridge & Clothier preferred
75c
Sun Oil
25c
(quar.)..
Sunray Oil Corp., 6% preferred
Sussex RR. (semi-annual)
Sutherland Paper (quar.)
$3
50c
15 May 25
15
15
July
July
1 June
13
June 30 June 18
5c
Swift & Co. (quarterly)
Swiss Oil (quar.)
June 30 June 18
25c
5c
Extra
5c
Sylvania Industrial Corp. (quarterly)
Sylvanite Gold Mines (quar.)
25c
Tacony-Palmyra Bridge, class A & B (quar.)..
7M% preferred (quarterly)
25c
5c
SI*
68 He
5% preferred (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)
7.2% preferred (monthly)
Texaon Oil & Land (quarterly)
Texas Corp. (quar.)
Texas Gulf Sulphur
(quarterly)
Thatcher Mfg. (quarterly)
Thompson Products (resumed)
Tide Water Assoc. Oil, 6% pref.
(quar.)
Tilo Roofing Co., Inc., cum. conv. pref. A
Todd Shipyards (quarterly)
Transue & Williams Steel Forging
Greenbush
RR
Assn
-a.)
-
1
1 June 15
1 June 15
June 15 June
5
June 30 May 23
June 30 June 10
1
Aug.
Sept.
1
July
1 June 15
1 June 15
1 June 15
.
Tune
1 June
15
15
1 June
15
1 June
15
June 30 June 10
1 June
5
July
June
July
July
July
July
June
July
iune
.
Tubize-Chat.illon, preferred (quar.)
July
July
July
Tuckett Tobacco Co. preferred (quar.)
Tunnell RR. of St. Louis (semi-ann.)
Twentieth Century-Fox Film Corp.—
Preferred
1 June
July
July
July
July
July
July
July
July
July
$1
preferred
Talcott (James) 5M% preferred
(quar.)
Tennessee Electric Power Co.—
Trov &
1 June
1 June 15
25c
Extra
7 H %
16
15 June 30
June
$19*
$1%
9
15 May 15
15 May 29
July
July
July
15 June
1
1 June
15
1 June 25
1 June
10
1 June 20
20 June
5
1 June 15
15 June
1
1 June 10
15 June 30
1 June 15
(quarterly).
37 He
Underwood Elliott Fisher
Preferred (quar.)
75c
30 June 13
June 30 June 12a
$15*
June 30 June 12a
Unilever, Ltd., ordinary (final)
Unilever (N. V.) ordinary (final)
Union Gas Co. of Canada, Ltd
Union Pacific
Union Tobacco, class A
(liquidating)
Common
(liquidating)
United Biscuit Co. of Amer., pref. (quar.)
Union Carbide & Carbon Corp..
United Carr Fastener (quarterly)
Preferred
(quarterly)
United Dyewood, preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
United Elastic Corp. (quar.)
8d.
May 26
rlOc
June
$1H
•
1
25c
12 He
Aug.
July
60c
July
June
5
30c
June
June
5
25c
June
June
5
$15*
$15*
July
June
11
Oct.
Sept. 11
$15*
Janl'
Dec.
11
June
June
July
June
5
15
June
May 29
May 29
$'i 9*
10c
15*%
25c
7% preferred (monthly).
6.36% preferred (monthly)
■
•.
6% preferred (monthly)
United Molasses, Ltd. (interim)
United New Jersey RR. & Canal (quar.)..
United States Foil Co. com. class A & B (qu.)__
Preferred (quar.)
United States Gypsum (quar.)
Preferred (quar.)
United States Pipe & Foundry Co. common (qu.)
Common (quar.)
Common (quar.)
Tune
2%
United Gas & Elec. Corp. pref. (quar.)
United Light & Rys.
15
$19*
$19*
$2H
preferred
10
15
July
...
10
15 June
June
1
37 He
(quar.)
1 June
$2
25c
50c
Extra
1 June
2 June 10
June 30 June
June
1
1
1 Nov.
Ltd—
United Gas Improvement Co., (quar.)
Preferred (quarterly)
1 June 10
1 June
15c
$1H
1 July
1 Aug.
Nov.
15 May 16
June 30
11
$1
15 May 16
15 May 16
lc
June
Aug.
Aug.
June
15
July
July
2 June 15
15 May 30
July
June
June
June
SI
5c
$2
$1
June 30
(semi-ann.)___
■
25c
in
July
July
h$19*
2
1 June 10
June
July
July
tfjjc
$1 %
July
17 H%
June
1
15 June
1 Sept. 19
19
20 June
50c
Nov. 20
June
Oct.
Jan 2*37 Dec.
June
Standard
Dec.
1 June
July
June
June
....
1
15 May 15
15c
Sept.
Aug.
Aug.
Aug.
July
July
July
July
July
13c
15 June
15 May 29
1 June 20
25c
May 20
Aug. 20
June 30 June
June
25c
June
50c
June
20c
(quarterly)
South Porto Rico Sugar
Preferred (quar.)..
June
50c
.....
South Penn Oil
June 30 June 20
25c
(quarterly)
Sears. Roebuck & Co. (quar.)
Second Twin Bell Syndicate (monthly)
Servel, Inc., 7% cum preferred (quar.)
16
1 June 15
30 June 20
Standard Oil of
1
6% preferred (quarterly)
SI H
7% preferred (quarterly)
SIM
Public Service Co. of Oklahoma,
7% prior lien
SIM
6% prior lien (quarterly)
SIM
Pure Oil Co., preferred, 5H%
(quar.)
rlM%
6% preferred (quarterly)
8% preferred (quarterly)
Pyrene Mfg. Co. common (special)
2%
Quaker Oats (quar.)
$1
Preferred (quar.)
SI H
Queens Borough Gas & El. Co. 6% preferred...
SIM
Radio Corp. or Amer., $3 H cumul. conv. 1st
87 He
pf_
Railway Equipment & Realty, new 1st pref. (qu.)
SIM
Rapid Electrotype (quarterly)
60c
Quarterly
60c
Quarterly
60c
Raybestos-Manhattan (quar.)..
Ray-0-Vac_.
8% preferred (quarterly)
50c
Reading Co., 1st preferred (quarterly)
50c
2d preferred (quarterly)
50c
Dividend obligation
(semi-annual)
45c
Seaboard Commercial
Standard Oil of Indiana (quar.)
Extra
June
Public Service of Northern Illinois
(quar.)
15 May 29
15 May 29
10
June 12
cum. pref. (quar.)
cum. pref. (quar.).
$5 cum. pref. (quar.)
6% cum. pref. (monthly)
Public Service Electric & Gas Co. 7% pref.
(qu.)
$5 cum. pref. (quar.)
June
10
Juen 15
7%
1 June 16
June
10
June
10c
1 June 15
1 June 15
1 June 15
1 June 15
Standard Oil of Calif,
July
8%
Common voting and
non-voting (s.-a.)
50c
$19*
,
30
15
June
lc
July
July
July
July
July
$7 cumul. preferred series A (quarterly)
Standard Coosa-Thatcher, 7% pref. (quart.)._
$1§
Rensselaer & Saratoga RR. (s.-a.)
Republic Steel, 6% prior preferred (quar.)
Reynolds Metals Co., 5H % preferred (quar.)...
Rich's, Inc., 6H% preferred (quar.)
Richardson Co
Richmond Fredericksburg & Potomac RR.—
$1H
$19*
Standard Oil Export Corp..
1 June 10
June
1
15 May 30
15 May 30
June
30
30
25c
Properties (A. P. W.), Inc., class B
Publication Corp., 1st pref. (quarterly)
Original preferred (quarterly)
2.
July
15
31
7 iune 10
6 Sept. 10
Tan 5*37
July
10
31 Dec.
June
Spencer Kellogg & Sons, Inc. (quar.)
Spiegel May Stern
preferred
r3c
....
Dec.
Scott Paper Co. (quarterly)
Scovill Mfg. (quarterly) —
Seaboard Oil of Delaware
15
Sept. 30 Sept. 15
Schiff Co. common (quar.)
Preferred (quar.)
1
12a
31
June 30 June
—
Quarterly
—
Quarterly
Sangamo Electric Co., 7% preferred
San Joaquin Light & Power Co. 7% pref. (qu.).
6% preferred A (quar.)
Savannah Electric Power, deb. A (quarterly)
Debenture B (quarterly)
Debenture C (quarterly)
Debenture D (quarterly)
Schenley Distillers Corp. pref. (quar.)
South West Penn Pipe Line
37 He
12 He
r
Remington-Rand
Resumed (quarterly)
6% preferred (quarterly)
5% preferred (quarterly)
Reno Gold Mines
(quarterly)
Dec.
1
30
1 June 15
1 June 15
June 30 May 29a
June 15 June
2
6% cumul. partic. preferred (quarterly)
Southern Colorado Power Co. 7% cum. pref
Southern New England Telephone (quar.)
Tune 15
June 15
Holders
Sept. 30
—
Assoc., Inc. (s.-a.)..
San Carlos Milling Co. (monthly)
San Francisco Remedial Loan Assoc. (quar.)
Salt Creek Producers
Southern Canada Power Co.,
15
5
37 He
6 H % preferred (quarterly)
July
July
1
June
When
Payable of Record
June 30
8
1 July 20
1 Aug. 20
1 Aug. 20
1 June 15
June
$1H
$1H
$1 H
Extra
Reliable Stores
first preferred
Reliance Grain Co., 6H% pref.
(quar.)
Reliance Insurance of Philadelphia
Preferred
Preferred
6, 1936
July
1 June 15
June 30 June 15
June 15 June
5
July
1 June 15
June 20 June
9
—...
June
1 June 20
July
July
rlH%
Public Investing Co. (special)
Public National Bank & Trust (quar.).
Public Service Corp. of N. J. common (quar.)..
(quarterly)
Safety Car Heating & Lighting
St. Joseph Lead
St. Louis Bridge Co., 6% 1st pf. (s.-a.)
3% 2nd preferred (semi-ann.)
St. Louis, Rocky Mt. & Pacific Co., pref
Ruud Mfg.
June 15
July
July
July
Aug.
Sept.
Sept.
July
July
July
July
July
July
July
1 June 20
1 June 15
25c
...
Pressed Metals of America
Procter & Gamble 5% pref. (quar.)
Rochester & Genesee Valley RR. (s.-a.)
Ruberoid Co.. common (quarterly)_
7% cum. preferred (quar.)
cum
preferred (quar.)
Shattuck (Frank G.) (quar.)
Shell Union Oil, convertible preferred
Shell Transport & Trading
Sherwin-Williams, Ltd., pref
Siscoe Gold Mines (quar.)
Skelly Oil Co., 6% preferred (quar.)
Smith (S. Morgan) Co. (quar.)..
Quarterly
Sonotone Corp. preferred (quar.)
South Carolina Power Co., $6 1st pref. (quar.).
Southern California Edison Co., Ltd.—
6% preferred, series B (quar.)
25c
Extra
Preferied (quarterly)...
...;
$19*
Power Corp. of Canada Ltd., 6% cum. pref...
rVA%
partic. preferred
Premier Gold Mining (quarterly)
1
15
Share
June 15 June
$19*
$19*
...
non-cum.
Per
Name of Company
7%
10c
•
June
June
Feb.
.
10
Nov.
!
Phelps Dodge
Philadelphia Baltimore & Washington
Philadelphia Co., $6 cumulative pref. (quar.)..
$5 cumulative preferred (quarterly)
Phila. Electric Power, 8% cum. pref
Philadelphia Suburban Water Co.. pref. (quar.).
Philadelphia & Trenton (quarterly)
Phoenix Finance Corp., 8% pref (qu.)
Preferred (quarterly)
Preferred (quarterly)
Pioneer Gold Mines of British Col. (quar.)
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 Plate Glass (quarterly)
Pittsburgh Youngstown «& Ashtabula Ry. Co.—
7% preferred (quarterly)
7 % preferred (quarterly)
7% preferred (quarterly)..
Plymouth Fund, special
Plymouth Oil (resumed)
Powdrell & Alexander (quar.)
Rike-Kumler (quar.)
rsid
Silk Mills, $2 class A
Aug
July
Aug.
—
—
Real Estate Loan Co.
(Canada)
Reeves (Daniel) (quarterly)...
June 19
May 27
—
*
June
June
-
Telegraph Co
7% preferred (quar.)—___
7% preferred (quar.)
7% preferred (quar.)
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)
$6.60 preferred (monthly)
$6 preferred (quarterly)
Pennsylvania Power & Light, $5 pref. (quar.)._
$6 preferred (quarterly)
$7 pre!erred (quarterly)
.;
Pennsylvania Valley Crude Oil, class A
Pennsylvania Water & Power Co., common—
Preferred (quarterly)
Peoples Drug Stores (quar.)
Preferred (quar.).
Peoria Water Works, 7% preferred (quar.)
Pet Milk (quarterly)
Petroleum Exploration, Inc. (quar.)
6%
15
15
15
15
Sept
....
Peninsular
■
June
July
July
July
June
»
Pelzer Mfg., voting trust certificates
Penick & Ford. Ltd. (quar.)
Extra
June 26
June 15
June
Parke Davis & Co
.
10
July
Aug.
Aug
Aug.
July
July
July
:
Pacific Indemnity Co
Pacific Lighting, $6 preferred (quarterly)
Packard Motor Car
Paraffine Cos.
15
June
June 26
June
Preferred O (quar.)
Preferred D (quar.)
Parker Fen (quar
June
June
(quarterly)
A
3
July
July
July
Pacific & Atlantic Tlegraph Co. (s.-a.)..
Pacific Consolidated Oils
Pacific Finance Corp. of Calif. (Del.) (quar.)
June
Holders
Payable of Record
June
*
Ohio Edison Co., $5 preferred
When
Chronicle
$15*
58 1-3
54c
50c
xio 4%
$2H
15c
50c
$15*
37 He
37 He
37 He
June
15
July
July
July
June 15
June 15
June
May 26
July
July
July
July
July
July
June 20
June
15
June 15
June
15
June
15
June
15
June 30
Oct.
Sept. 30
Dec.
Nov. 30
1
Volume
142
Financial
United
States Industrial Alcohol Co
States Petroleum
June
United
(s.-a)
States Playing Card
June
15a
5
15 June
June 20
1
1
July
July
(quarterly)
Extra
United Stores, preferred
United Verde Extension Mining Co. (quar.)__
June
1
July
United
June 20
15 May 27
3a
Aug.
Upper Michigan Power & Light Co.—
6% preferred (quar.)
6% preferred (quar.)_
6% preferred (quar.)
Upressit Metal Cap Corp., 8% preferred
Aug.
July
26
Nov.
$14
$14
$14
1 July
Oct.
26
Feb 1'
Jan.
26
July
June
June
May 29
July
July
July
June
1
June
1
$14
June
June
1
Sept.
Sept.
Dec.
Dec.
July
June 15
50c
58 l-3c
Preferred (quarterly)
l\%
Preferred (quarterly)
Venezuelan Oil Consolidated, com. (final)....
June 12
July
June
x
—
June
w30% June
w 3% June
10c
July
5c
July
25c
July
15c
July
10
May 15
May 15
x
Extra
Wrigley (Wm.) Jr. (monthly)
Yale & Towne Mfg. Co. (quar.)
Quarterly
Youngstown Sheet & Tube, preferred-_
Zellers, Ltd., 6% preferred
15c
$14
$14
10
June
10
June
June 20
10
June
Oct.
Sept. 10
July
Aug.
July
June 20
28
Transfer books not closed for this dividend.
a
June
June
5
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
June
1
Investment Trust Corp., payable June 1 to
1
60c
June
June
June
May 29
July
Tuly
Oct.
June
10
July
10
Oct.
10
& Worts (quar.)
50c
June
June
20c
July
1
June
25c
June
May 25
May 25
75c
July
July
June 30
June
May 25
June
li'ti
July
Aug.
July
July
July
July
10c
June
July
June
$14
$1^
$14
July
July
July
July
15c
Waukesha Motors
$14
12.4 c
37 4c
Co., preferred (quar.)
Wesson Oil & Snowdrift Co., Inc...
Extra.
Tablet & Stationery Corp., 7% pref
West Jersey & Seashore RR. (s.-a.)
Westland Oil Royalty Co.. class A (monthly).
(quarterly)
Co., $6 pref. (quar.)..
West New York & Penna. RR. (semi-ann.)
5% preferred (semi-annual)
Weston Electrical Instrument. A (quar.)
Inc.
Westmoreland Water
Weyenberg Shoe Mfg., 7% preferred
Wheeling Steel, preferred
—
Whitaker Paper, preferred (quarterly)
Whitman (Wm.) & Co., 7% pref. (quar.)
Will & Baumer Candle Co., Inc., pref. (quar.)
Winstead Hosiery Co. (quarterly)
as
of record June 19; previously reported
Allied Stores, preferred, holders
June 9.
50c
June
15
15
Tune
15
19
June
15
15
June 30
f Payable in common stock,
g Payable in scrip,
mulated dividends.
) Payable in preferred stock.
June
16
June
15
July
July
June
o
stk.
$1
July
June
Extra
*1#
50c
$14
Extra
of Amer. Tobacco Co.
B stock on each share of its own stock.
1929, l-32d of one sh. of com.
Blue Ridge Corp., opt. $3 conv. pref. ser.
or at the opt. of the holder 75c in cash.
Electric Shareholdings Corp., S6 conv. pfd. opt. div. ser. ww)
«*,oooenths of one sh of com. stk., or at the opt. of holder $14 in cash.
Payable in Canadian funds, and in the case of non-residents of Canada
a tax of 5% of the amount of such dividend will be made.
r
a
reduction of
13
Payable in special preferred stock.
t
15
Nov.
50c
June
July
Aug.
Aug.
)uart
June 20
h On account of accu¬
q
12
$14
Cigar Co. stock div. of l-40th sh.
I American
common
June 30
$14
50c
Payable in stock.
e
15
June
.
regular quarterly dividend on the convertible preference stock,
optional series of 1929, of Commercial Investment Trust Corp. has been
declared payable in comm j*i 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 SI .50 for each
share of convertible pre< rence stock, optional series of 1929, so held.
Aug. 15
June
*
.
d A
June 20
$34
$14
(semi-ann.)
Washington Water Power preferred (quar.)..
previously reported as
j
common.
May 30
30c
preferred (quar.)
Ward Baking Corp., preferred
holders of rec. May 18.
The following corrections have been made:
c
Atchison Topeka & Santa Fe pref. div. of $24,
June 20
50c
Ware River RR., guaranteed
Westmoreland,
June
25c
June
$14
$14
$14
$1*4
Western
75c
15c
Walker (Hiram) Gooderham
■
5
May 29
May 29
May 29
25c
2Hc
Viking Pump (special)
Preferred (quar.)
Virginia Electric & Power pref. (quar.)
Virginia Public Service Co., 7% preferred—
Vulcan Detinning, preferred (quarterly)
Preferred (quar.)
Wagner Electric
—
Waldorf System, Inc.. common
Welch Grape Juice
1 June
June
Is. 6d.
Ventures, Ltd., initial
Vick Financial
Cum.
July
874c
814c
7% cum. preferred
64% cum. preferred
6% cum. preferred
Wiser Oil Co
(quarterly)
Woolworth (F. W.) & Co., Ltd.—
Amer. dep. rets. ord. reg. (interim)
Amer. dep. rets. 6% pref. reg. (s.-a.)
Wright-Hargreaves Mines, Ltd
1
65c
Utah Copper
Utah Power & Light, $6 preferred
Vapor Car Heating Co., preferred (quarterly).
10c
Holders
Payable of Record
1
$2
$7 preferred
Valley RR. of New York (semi-ann.)
Wisconsin Investment Co. (initial)
Wisconsin Public Service Corp.—
15
$24
.
When
Per
Share
Name of Company
Payable of Record
Share
Company
Holders
When
Per
Name of
3797
Chronicle
Nov.
.
New
weekly statement issued by the
Clearing House is given in full below;
ASSOCIATION
*
York
Net Demand
Average
Chemical Bk. <& Tr. Co..
20,000.000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co.
32,935,000
Cent. Hanover Bk. & Tr.
5,646,000
156,277,000
21,000.000
32,692,000
10,806,000
37,899,000
85,461,000
12,965,000
177,277,300 61,375 ,983,000
478, ,350,000
12,788,600
62,597,400
726, ,598,000
Corn Exch. Bank Tr. Co.
15.000,000
16,109,900
239, ,692,000
First National Bank
10,000,000
91,781,400
Irving Trust Co
50,000,000
59,017,400
505, ,104,000
504, ,873,000
Continental Bk. <fc Tr. Co
150,270.000
500.000
$
d825, 002,000
66,213~ 000
10,000,000
5,249,700
16, ,579,000
5,000,000
8,067,800
12,500,000
22,242,300
310, 553,000
Com'l Nat. Bk. & Tr.Co.
7,000,000
7,907,000
77, 275,000
1,191,000
Public N. B. & Tr. Co-
5,775.000
8,176,200
82, ,184,000
42,835,000
612,480,000
743,339,100
9,673,708,000
Total reserves
New York Trust Co
official reports:
3,077,000
'
24,377,000
(d) 529,281,000.
Secured
are
by
U.
S. Govt, obligations
fully guaranteed
2,018,000
1,531,000
1,448,000
1,503,000
2,349,000
3,549,000
2,951,000
4,366,000
1,094,000
7,365,000
1,585,000
7,396,000
6,383,000
68,473,000
477,660,000
68,473,000
106,394,000
Treasury notes
480,307,000
473,828,000
Treasury bills---
183,250,000
180,603,000
164,096,000
729,383,000
729,383,000
744,318,000
741,391,000
741,315.000
756,874,000
direct and (or)
Total bills discounted
Bills bought In open
market
Industrial advances
United States Government
"
2,017,000
Government securities..
Total U. S.
1,807,000
securities:
Bonds
Other securities-—
Foreign loans on
Total bills and
York "Times" publishes regularly each week
returns of a number of banks and trust companies "which
are not members of the
New York Clearing House.
The
following
3,135,987,000 3,229,514,000 2,283,079,000
—
Other bills discounted
^
New
The
1,553,000
66,588,000
National, March 4, 1936; State, March 27, 1936; trust
companies, March 27, 1936.
Includes deposits in foreign branches as follows: (a) 5240,276,000; (6) 575,005,000;
(C) 585,994,000;
1,033,000
87,958,000
Bills discounted:
552,431,000
Marine Midland Tr. Co.
As per
1,875,000
80,042,000
Redemption fund—F. R. notes
417,000
89, ,759,000
*
4a
3,054,070,000 3,140,523,000 2,214,938,000
Other cash t
1,712,000
45,183,000
45, ,678,000
"25,000,000
Title Guar. & Trust Co__
Total
1936 May 27, 1936 June 5, 1935
422,000
3,435,200
68,456,900
Fifth Avenue Bank
Bankers Trust Co
3,
hand and due from
United States Treasury.%
21,758,000
3,500,000
56, 856,000
3,812,700
67.625.800 cl,899, 978,000
4,000,000
Chase National Bank...
comparison with the previous "week and the corresponding
date last year:
Gold certificates on
$
143 ,965,000
10,929,400
127,500,000
Bank
Per 100 shares.
York
June
375 ,623,000
25,431,700
40,707,000 al,445 ,654,000
474 ,002,000
51,725,400
6,000.000
20,000,000'
Bank of Manhattan Co..
t
Deposits,
Average
and
$
National City
in
Time
Deposits,
Surplus
Members
Bank of N. Y. & Tr. Co.
Less depositary expenses.
the condition of the Federal Reserve
New York at the [close of business June 3 1936,
Bank of
Undivided
Capital
to
A deduction has been made for expenses,
The following shows
City
Profits
•
y
Condition of the Federal Reserve Bank of
MEMBERS OF THE NEW YORK CLEARING HOUSE
FOR THE WEEK ENDED FRIDAY, MAY 29,
1936
Clearing House
Less tax.
New
The
OF
Payable in U. S. funds,
x
York City
Weekly Return of the New
Clearing House
STATEMENT
u
the figures for the week ended May 28:
—
gold
securities.——
"i
—
"
'
Gold held abroad
Due from
foreign banks
Federal Reserve notes
of other banks—
Uncollected items
Bank premises.—
—
-
All other assets
INSTITUTIONS NOT IN THE CLEARING HOUSE
OF BUSINESS FOR THE
NATIONAL AND
91,000
5,514,000
145,075,000
10,851,000
31,795,000
95,000
4,344,000
3,503.000
125,200,000
10,851,000
112,588,000
11,791,000
30,514,000
34,816,000
278,000
WITH THE CLOSING
WEEK ENDED THURSDAY, MAY 28,
STATE BANKS—AVERAGE
1936
Total assets—
4,070,704,000 4,141,833,000 3.202,929,000
—
FIGURES
Liabilities—
Loans,
Disc, and
Investments
5
Manhattan—
Other
Cash,
Including
Bank
Notes
Dep. Other
Y. and
Banks and
Gross
Trust Cos.
Deposits
Elsewhere
$
$
S
Grace National
25,969,500
87,500
4,111,400
Sterling National
21,175,000
649,000
4,859,249
212,805
3,962,000
987,630
Trade Bank of N. Y.
2,287,700
1,817,000
126,619
776,519,000
788,866,000
672,878,000
actual circulation
Deposits—Member bank reserve acc't— 2,580,355.000 2,675,480,000 2,122,295,000
201,184.000
183,098,000
48,245,000
U. S. Treasurer—General account—
19,423,000
19,624,000
8,181,000
Foreign bank
222,901,000
225,971,000
111,887,000
Other deposits
F. R. notes in
Res. Dep.,
N.
$
28,773,300
24,645,000
5,202,122
Total deposits
People's National—
3,079,000
92,000
1,470,000
TRUST COMPANIES—AVERAGE
655,000
4,731,000
FIGURES
3,009,048,000 3,118,988,000 2,290,608,000
—
Deferred availability
Brooklyn—
130,001,000
Items
50,866,000
50,825,000
7,744,000
8,849,000
24,505,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for
contingencies
All other liabilities
Loans
Disc, and
Res. Dep.
Cash
N.
Y. and
Elsewhere
Invest.
Empire
Banks and
Trust Cos.
Federation
Fiduciary
Fulton
Lawyers
United States
$
$
57,708,300 *5,624,000
203,365
8,800,224
11,620,582
*1,193,974
20,055,200 *2,635,000
29,127,000 *10,762,600
68,604,505 13,345,684
7,287,800
791,120
1,331,435
297,000
2,940,900
18,847,839
Gross
Kings County
2,947,000
2,469,589
25,664,000
9,552,738
*
91,244,000
32,448.261
3,166,400
1,871,661
183300
$
.•
63,468,200
9,780,051
11,827,187
18,843,800
41,659,500
71,246,956
193,000 112,723,000
39,118,740
Includes amount with Federal Reserve as follows: Empire,
ciary, 1865,298; Fulton, $2,421,600; Lawyers, $10,028,200.
7,744,000
8,849,000
4,061,000
6,190,000
59,355,000
49,964,000
7,500,000
Total liabilities
-
6,106,000
4,070,704,000 4,141,833,000 3,202,929,000
Deposits
Brooklyn—
Brooklyn
110,328,000
Dep. Other
Ratio
$
Manhattan—
123,978,000
50,869,000
50,825,000
$4,105,800; Fidu¬
F.
of
R.
to deposit and
combined
make industrial ad¬
total reserves
note liabilities
Commitments
to
vances
t "Other cash" does not
82.6%
82.9%
10,285,000
10,342,000
77.0%
7,606,000
Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
given by the United States Treasury for the gold taken
banks when the dollar was on Jan. 31, 1934, devalued from
these certificates being worth less to the extent of tne
difference, the difference Itself having been appropriated as profit by the Treasury
nder the provisions of the Gold Reserve Act of 1934.
x
These are certificates
over
from the Reserve
100 cents to 59.06 cents,
3798
Financial
Chronicle
June 6, 1936
Weekly Return of the Board of Governors of the Federal Reserve System
The following is issued by the Board of Governors of the
Federal Reserve
showing the condition of the twelve Reserve banks at the close of business
for the System as a whole in comparison with the figures for the seven
week last year.
The second table shows the
resources
and liabilities
Reserve Agents and the Federal
Reserve banks.
in
for the latest week
appear
our
System
Wednesday.
on
Thursday afternoon, June 4
The first table presents the results
preceding weeks and with those of the corresponding
separately for each of the twelve banks.
Reserve note statement (third table following) gives details regarding
returns
on
The Federal
transactions in Federal Reserve notes between the
The comments of the Board of Governors of the Federal Reserve System
upon
the
department of " Current Events and Discussions "
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 3 1836
June
3,
1936 May 27, 1936 Moy 20. 1936 May 13, 1936 May 6,
ASSETS
1936 Apr. 29 1936 Apr. 22 1936 Apr. 15 1936 June 5, 1935
$
Gold ctfs. on hand & due from U.S.Treas.x 7,840.037,000 7,824,035,000 7.759,336,000 7,729,834,000 7,703,337,000 7,703,833,000 7,663,838,000 7,664,835,000 5,909,299,000
13,261,000
290,695,000
Redemption fund (F. R. notes)
Other cash *
—-----
Total reserves..
13,062,000
310,451,000
12,532,000
316,329,000
12,451,000
324,928,000
13,377,000
322,087,000
12,942,000
339,651,000
13,741,000
342,255.000
13,736,000
341,744,000
22,248,000
222,982,000
8,143,993,000 8.147,548,000 8,088,197.000 8,067,213,000 8,038,801,000 8,056,426,000 8,019.834.000 8,020,315,000 6,154,529,000
.......
Bills discounted:
Secured
by
U.
direct and (or)
S. Govt, obligations,
fully guaranteed
| 3,611,000
2,240,000
Total bills discounted
securities—Bonds....
U. 8. Government
Treasury notes
Treasury bills
.........
2,436,000
2,313,000
2,292,000
2.489,000
4,828,000
4,749,000
3,076,000
30,166,000
.....
Bills bought in open market..........
Industrial advances
2,646,000
2,182,000
5,851,000
Other bills discounted
4,299,000
30,462,000
4,544,000
30,487,000
2,097,000
2,487,000
2,858,000
2,465,000
4.781,000
4,584,000
5,323,000
5,270,000
6.193.000
8,083,000
4.677,000
29,963,000
4,676,000
30,170,000
4,684,000
30,319,000
4,682,000
30,039,000
4,690,000
30,313,000
4,700,000
27,022,000
3,021.000
2,249,000
3,713,000
2.480,000
4,690,000
3,393,000
265,691,000
265,680,000
265,723,000
265,708,000
265,699,000
316,852,000
265,785,000
265,693,000
265,687,000
1,536,227,000 1,045,908,000 1,547,839,000 1,547,849.000 1,549,461,000 1,554,889,000 1,554,889,000 1,554.895,000 1,552,980,000
628,337,000
616,717,000
618,648,000
615,167,000
560,374,000
609,667,000
609,667,000
616,717,000
609,667,000
Total U. S. Government securities— 2,430,244,000 2,430,255,000 2,430,247,000 2,430,259,000 2,430,336,000 2,430,279,000 2,430.341,000 2,430.249,000 2,430,206,000
Other securities
181,000
...—.
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Foreign loans on gold—
2,469,518,000 2,470,025,000 2,470,208,000 2,469,861,000 2,469,947,000 2,470,786,000 2,470,513,000 2,471,626,000 2,470,011,000
Total bills and securities.
Gold held abroad
237,000
20,243,000
613,591,000
48,052,000
42,689,000
Due from foreign banks
Federal Reserve notes of other banks..
Uncollected items
Bank premises—
AU other assets
237,000
19,002,000
518,009,000
48,051,000
41,126,000
240,000
20,368,000
574,289,000
48,051,000
40,288,000
240~6O6
22,936,000
595,188,000
48,050,000
39,764,000
640,000
19,813,000
519,305,000
48,048,000
38,495,000
631,000
19,664,000
522,097,000
48,031,000
38,093,000
633,000
22.870,000
564,780,000
48,017,000
30,731,000
700,000
633,000
22,125,000
696,196,000
48,006,000
499,881,000
49,711,000
36,286,000
47,620,000
15,888,000
11,338,323,000 U,243,998,000 11,241,641,000 11,243,252,000 11,135,049,000 11,155,728,000 11,163,378,000 11,295,187,000 9,238,340,000
Total assets.
LIABILITIES
3,793,959,000 3,758,973,000 3,760,729,000 3,762,028,000 3,778,880,000 3,741,690.000 3,748,576,000 3,781,762,000 3,182,049,000
R. notes in actual circulation...
.
Deposits—Member banks' reserve account 5,713,315,000 5,747,228,000 5,694,009,000 5,611,072,000 5,531,998,000
513,104,000
U. S. Treasurer—General account
504.733,000
544,183,000
621,759,000
577,985,000
85,482,000
53,607,000
54,493,000
81,851,000
Foreign banks
-—
84,226,000
267,384,000
295,406,000
Other deposits—.—
271,122,000
263,437,000
266,517,000
594,315,000
130,796,000
145,501,000
26,513,000
34,114,000
46,064,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Ratio
.
679,209,000
83,356,000
278,147,000
712,424,000
86,116,000
269,214,000
829,731,000
53,826,000
280,758,000
4,914,241,000
95,442,000
21,996,000
174.468,000
6,567,061,000 0,617,026,000 6,559,979,000 6,539,800,000 6,499,045.000 6,547,026,000 6,509,372,000 6.497,363,000 5,206,147,000
Total deposits
Deferred availability Items
Total liabilities
5.506,314,000 5,441,618,000 5,333,048,000
.
26,513,000
34,111,000
8,998,000
574,822,000
130,745,000
145,501,000
26,513,000
34,109,000
9,243,000
595,878,000
130,721.000
145,501,000
26,513,000
34.114,000
8,697,000
511,668,000
130,652,000
145,501,000
26,513,000
34,110,000
8,680,000
621,228,000
130,657,000
145,501,000
26,513,000
34,108,000
9,005,000
560,830,000
130,697,000
145,501,000
26,513,000
34,104,000
7,785.000
691,750,000
130,707,000
145,501,000
26,513,000
34,102,000
7,489,000
496,046,000
146,628.000
144,893,000
20,065,000
30.781,000
11,731,000
11,338,323,000 11,243,998,000 11,241,641,000 11,243,252,000 11,135,049,000 U,155,728,000 11,163,378,000 11,295,187,000 9,238,340,000
_
of total reserves
522,081,000
130,795,000
145,501,000
to
deposits and
78.6%
78.5%
78.4%
78.3%
78.2%
78.3%
78.2%
78.2%
73.4%
25,095,000
25,297,000
26,014,000
25.842,000
25,576,000
25,607,000
25,670,000
19,688,000
2,956,000
718,000
226,000
588,000
340,000
2,910,000
612,000
221,000
703,000
303,000
3,044,000
615,000
782,000
254,000
2,877,000
32,000
709,000
740,000
226,000
3,670,000
28,000
756,000
723,000
146,000
3,639,000
38,000
695,000
276,000
622,000
4.530,000
128,000
47,000
920.000
568,000
6,675,000
197,000
355,000
5,851,000
4,828,000
4,749,000
4,781,000
4,584,000
5,323,000
5,270.000
6,193,000
8,083,000
50,000
1,934,000
482,000
610,000
561,000
2,145,000
986,000
607,000
432,000
275,000
815,000
3,022,000
574,000
315,000
506,000
394,000
671,000
280,000
3,339,000
775,000
380,000
2,998,000
3,062,000
368,000
777,000
483,000
1,121,000
1,648,000
3,282,000
556,000
445,000
401,000
3,274,000
3,076,000
4,299,000
4,544,000
4,677,000
4,676.000
4,684,000
4,682,000
4,690,000
4,700,000
1,513,000
403,000
593,000
1,526,000
224,000
629,000
675,000
27,408,000
1,600,000
241,000
573,000
749,000
27,324,000
1,852,000
255,000
521,000
760,000
26,775,000
1,669,000
232,000
557,000
767,000
26,945,000
1,716,000
267,000
424,000
584,000
27,328,000
1,676,000
251,000
440,000
581,000
27,091,000
1,580,000
1,256,000
343.000
372,000
537,000
27,481,000
224,000
320,000
349,000
24,873,000
30,166,000
30,462,000
30,487,000
29,963,000
30,170,000
30,319,000
30,039,000
30,313.000
27,022,000
44,307,000
33,514,000
107,780,000
54,415,000
Commitments to make industrial advances
24,878,000
4,501,000
F. R. note liabilities combined
20,080,000
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
166,000
761,000
68,000
31-60 days bills discounted.
61-90 days bills discounted
Over 90 days bills discounted.
Total bills discounted.
1-15 days bills bought in open market...
16-30 days bills bought in open market
31-60 days bills bought in open market...
61-90 days bills bought in open market-..
Over 90 days bills bought in open market
Total bills bought in open market
1-15 days industrial advances
16-30 days industrial advances
31-60 days industrial advances
61-90 days industrial advances
Over 90 days industrial advances
634,000
27,023,000
Total industrial advances.
1-15 days U. S. Government securities—
16-30 days U. S. Government securities—
31-60 days U.S. Government securities—
61-90 days U. S. Government securities-.
71,497,000
67,882,000
133,070,000
Over 90 days U. S. Government securities 2,190,228,000 2,137,726,000
Total U. S. Government securities
1-15 days other securities.—
16-30 days other securities
31-00 days other securities
86,000
529,000
317,000
644,000
250,000
1,197,000
734,000
20,400,000
25,806.000
27,106,000
21,710,000
137,442,000
24,000,000
21,010,000
67,263,000
63,810,000
20,400,000
24,000,000
27,106,000
20,080,000
25,806,000
68,489,000
94,376,000
186,005,000
87,663,000
115,847,000
103,586,000
44,080,000
138,728,000
71,082,000
82,679,000
135,762,000
144,744,000
74,488.000
119,037,000
2,135,367,000 2.134,570,000 2,134,500,000 2.215,015.000 2,219.374,000 2,220,316,000 1,960,290,000
2,430,244,000 2,430,255,000 2,430,247,000 2,430,259,000 2,430,336,000 2,430,279.000 2,430,341,000 2,430,249,000 2,430,206,000
—
61-90 days other securities
Over 90 days other securities
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Total other securities.
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent-... 4,049,745,000 4,036,457,000 4,033,793,000 4,042,174,000
4,037,150,000 4,012,215,000 4,031,692,000 4.041,109,000 3,451,338,000
Held by Federal Reserve Bank—
273,064,000
277,484,000
269,289,000
255,786,000
280,146,000
270,525,000
283,116,000
279,347,000
258,276,000
In actual circulation——
3,793,959,000 3,758,973,000 3,760,729,000 3,762,028,000 3,778,880,000 3.741,690.000 3,748,576.000 3.761,762,000 3,182,049,000
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs. on hand A due from U. S. Treas.
By eligible
paper
U. S. Government securities
Total
*
z
an.
-
collateral
4,049,523,000 4,038,523,000 4,040.140,000 4,056,140,000 4,042,903,000 4,029,903,000 4.045.343.000 4,045,343,000 3,288,479,000
3,428,000
3,483,000
3,488.000
4,575,000
6,524,000
4,485,000
3,846,000
3,272,000
3,928.000
57,000,000
46,000,000
55,000.000
69,000,000
225,500,000
49,000,000
57,000,000
60,000,000
48,000,000
4,103,008,000 4,097,011,000 4,100,568,000 4.105,623,000 4,094,175,000 4,090,831,000 4,109.189,000 4,118,918,000 3,526,503,000
"Other cash" does not inolude Federal Reserve notes,
These
are
t Revised figure.
certificates given by the U. S. Treasury for the gold taken over from
the Reserve banks when the dollar
31t 1934, these certificates being worth less to the extent Of the difference, the difference itself having been appropriated
f the
Gold Reserve Act of 1934,
was
as
devalued from 100 cents to 59.06 cents en
profits by the Treasury under the provision*
Volume
Financial
142
the Federal Reserve System (
Weekly Return of the Board of Governors of
Two Ciphers
(00) Omitted
Total
RESOURCES
Gold certificates
on
New York
%
%
%
Cleveland Richmond
PhUa.
%
Boston
)
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Federal Reserve Bank of—
3799
Chronicle
%
Atlanta
Chicago
%
Dallas
St.
%
$
*
San Fran*
%
Louis Minneap. Kan. City
%
*
3 1936
*
hand and due
574,396,0 249,566,0 207,734,0 1,609,784,0 228,346,0 161,298,0 225,074,0 138,098,0 485,346,0
7,840,037,0 500,925,0 3,054,070,0 405,400,0
453,0
2,224,0
1,051,0
904,0
261,0
413,0
979,0
1,873,0
611,0
327,0
1,875,0
Redemption fund—F. R. notes..
2,290,0
13,261,0
4,692,0 11,279,0
7,618,0 15,523,0
18,778,0
9,782,0
36,622,0
12,655,0
Other cash *
80,042,0 39,712,0 27,240,0
290,695,0 26,752,0
from U. S. Treasury
Total
241,648,0 143,243,0 498,849,0
8,143,993,0 529,967,0 3,135,987,0 445,439,0 602,540,0 268,757,0 219,389,0 1,647,017,0 241,980,0 169,177,0
reserves
Bills discounted:
■\ '
Sec. by U. S. Govt, obligations,
direct & (or) fully guaranteed
315,0
180,0
40,0
1,531,0
31,0
50,0
252,0
74,0
29,0
10,0
10,0
63,0
87,0
175,0
12,0
413,0
2,018,0
51,0
3,611,0
2,240,0
Other bills discounted
119,0
391,0
262,0
150,0
294,0
465,0
180,0
87,0
61,0
86,0
86,0
217,0
1,671,0
1,594,0
5,851,0
366,0
3,549,0
413,0
52,0
60,0
60,0
3,076,0
224,0
1,094,0
316,0
293,0
120,0
108,0
30,166,0
2,935,0
7,365,0
5,155,0
1,784,0
3,752,0
788,0
2,130,0
568,0
1,431,0
993,0
17,956,0
265,680,0
1,636,227,0 102,575,0
628,337,0 37,146,0
68,472,0 20,755,0 23,973,0
477,660,0 115,255,0 142,462,0
183,250,0 41,110,0 51,590,0
12,834,0
76,264,0
27,618,0
11,019,0
65,478,0
23,712,0
28,415,0
168,859,0
123,890,0
13,492,0
80,674,0
29,034,0
14,485,0
44,987,0
13,013,0
16,103,0
27,605,0
21,918,0
55,540,0 130,247,0
20,113,0 47,166,0
2,430,244,0 157,677,0
181,0
729,383,0 177,120,0 218,025,0 116,716,0 100,209,0
75,575,0 116,844,0
95,000,0 199,331,0
2,469,518,0 161,202,0
741,391,0 183,004,0 220,154,0 120,648,0 101,165,0
Total bills discounted—
Bills bought In open market
Industrial advances
384,0
U. 8. Government securities:
Bonds
Treasury notes
Treasury bills
Total U. 8. Govt, securities.
Other securities
Total bills and securities
Due'from foreign banks
5,514,0
60,814,0
3,113,0
145,075,0
10,851,0
299,0
31,795,0
3.674,0
48,052,0
42,689,0
,ci..
resources
6,525,0
1,602,0
47,906,0
5,080,0
Bank premises
All other
62,609,0
577,0
613,591,0
Uncollected Items
2,919,0
2,284,0
1,060,0
1,428,0
8,0
2,101,0
943,0
54,594,0
18,190,0
3,0
4,0
28,0
2,792,0
86,062,0
4,830,0
538,0
10,0
97,222,0 201,322,0
77,217,0 118,398,0
323,678,0 124,117,0
22,0
1,436,0
23,0
91,0
18,0
399,0
Fed. Res. notes of other banks...
76,226,0
181,0
237,0
20,243,0
j.
321,164,0 123,200,0
19,347,0
16,0
7,0
7,0
297,0
2,085,0
30,056,0
3,360,0
22,684,0
1,526,0
352,0
853,0
370,0
1,717,0
810,0
32,770,0
16,871,0
1,572,0
35,960,0
2,453,0
1,531,0
278,0
440,0
3,580,0
401,297,0 265,832,0 736,278,0
11,338,323,0 755,812,0 4,070,704,0 685,703,0 894,888,0 450,089,0 343,407,0 2,064,945,0 403,319,0 266,049,0
Total resources
LIABILITIES
F. R. notes In actual circulation.
77,374,0 297,370,0
877,964,0 162,772,0 115,351,0 143,755,0
788,866,0 283,933,0 368,589,0 170,285,0 162,047,0
3,793,959,0 345,653,0
Deposits:
Member bank reserve account.
U. 8. Treasurer—Gen'l acc't..
Foreign bank
Other deposits
Total deposits.
96,037,0 173,082,0 122,137,0 336,375,0
23,477,0 23,943,0 28,601,0 32,752,0
3,693,0
1,552,0
1,549,0
1,284,0
1,683,0
12,192,0
4,741,0 12,093,0
5,713,315,0 270,245,0 2,580,35510 289,533,0 387,845,0 173,964,0 113,874,0 1,019,812,0 150,056,0
32,833,0
28,287,0
183,098,0 25,351,0 33,662,0 31,942,0 30,716,0
504,733,0 30,071,0
1,606,0
4,924,0
2,355,0
1,873,0
6,208,0
4,978,0
19,624,0
3,961,0
53,607,0
11,579,0
4,848,0
4,100,0
4,414,0
3,936,0
4,056,0
225,971,0
5,793,0
295,406,0
210,667,0 153,973,0 385,012,0
6,567,061,0 310,070,0 3,009,048,0 323,918,0 431,279,0 212,197,0 150,563,0 1,058,721,0 196,074,0 125,539,0
__
Deferred availability Items
594,315,0
60,386,0
130,001,0
Capital paid In
Surplus (Section 7)
130,796,0
145,501,0
9,373,0
50,866,0
9,902,0
2,874,0
50,825,0
Surplus (Section 13-B)__
26,513,0
Reserve for contingencies
34,114,0
46,064,0
All.other liabilities
1,413,0
7,744,0
8,849,0
16,141,0
3,804,0
1,142,0
844,0
1,252,0
1,463,0
197,0
495,0
501,0
754,0
4,231,0
1,007,0
3,000,0
567,0
3,111,0
546,0
16,370,0
2,977,0
3,149.0
1,003,0
2,519,0
200,0
1,272,0
1,080,0
313,0
30,724,0
10,154,0
9,645,0
23,817,0
3,951,0
3,613,0
34,266,0
3,765,0
4,655,0
7,573,0
1,314,0
893,0
348,0
4,231,0
5,616,0
3,783,0
1,121,0
1,849,0
403,0
1,328,0
20064945,0 403,319,0 266,049,0 401,297,0 265,832,0 736,278,0
11.338,323,0 755,812,0 4,070,704,0 685,703,0 894,888,0 450,089,0 343,407,0
Total liabilities
36,830,0
84,608,0
12,024,0
21,350,0
1,391,0
17,477,0
52,676,0
4,712,0
12,624,0
14,371,0
5,186,0
3,448,0
24,505,0
'
62,827,0
44,333,0
12,315,0
13,406,0
res. to
78.6
80.8
82.6
73.3
75.3
70.3
70.2
85.0
67.4
70.2
68.2
61.9
73.1
24,878,0
Ratio of total
2,814,0
10,285,0
307,0
1,464,0
2,368,0
297,0
78,0
1,812,0
94,0
449,0
547,0
4,363,0
dep. & F. R,
note liabilities combined
advances.
*
"Other cash"
does
not
include Federal Reserve notes.
STATEMENT
FEDERAL RESERVE NOTE
Two
Ciphers (00) Omitted
Federal Reserve Agent at—
Total
Federal Reserve notes:
4,049,745,0 362,373,0
16,720,0
255,786,0
880,268,0 297,412,0 382,032,0 180,294,0 178,993,0
16,946,0
91,402,0 13,479,0 13,443,0 10,009,0
911,218,0 169,789,0 118,463,0 155,182,0
3,112,0 11,427,0
33,254,0
7.01J.O
83,348,0 330,373,0
5,974,0 33,003,0
788,866,0 283,933,0 368,589,0 170,285,0 162,047,0
877,964,0 162,772,0 115,351,0 143,755,0
77,374,0 297,370,0
4,049,523,0 376,000,0
366,0
4,485,0
In actual circulation..
held
$
$
$
$
San Fran
Dallas
Louis Minneap. Kan. City
$
$
S
3,793,959,0 345,653,0
Issued to F.R. Bk. by F.R. Agt
Held by Fed'l Reserve Bank..
Collateral
St.
Chicago
Atlanta
S
S
S
$
$
Cleveland Richmond
Phila.
New York
Boston
%
890,706,0 298,000,0 384,500,0 183,000,0 147,685,0
60,0
31,0
413,0
52,0
2,244,0
35,000,0
920,000,0 160,632,0 120,000,0 152,000,0
84,000,0 333,000,0
180,0
439,0
892,950,0 298,413,0 384,552,0 183,031,0 182,745,0
920,000,0 170,894,0 120,151,0 156,287,0
by
Agent as se¬
curity for notes Issued to bks.
Gold certificates
on
hand and
due from U. S. Treasury
Eligible
paper
U. S. Government securities..
Total collateral
49,000,0
4,103,008,0 376,366,0
262,0
151,0
287,0
4,000,0
10,000,0
84,439,0 333,180,0
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 principa
items of the resources and liabilities of the reporting member banks in j.01 leading cities from which weekly returns are obtained"
These figures are always a week behind those for the Reserve blanks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions
immediately preceding which we also* give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6, 1935, covers reporting banks In 101 leading cities, as It did prior to the banking holiday in 1933, Instead of 91 cities, and has
In "Other loans."
partly In "Loans on securities—to others" and partly
demand deposits standing to the credit of Individuals, partnerships, corporations,
The amount of "Loans to banks" was Included heretofore
also been revised further so as to show additional Items.
The Item "Demand deposits—adjusted" represents the total amount of
associations, States, counties, municipalities, &c., minus the amount of cash items reported as on hand or in process of collection.
The method of computing the item "Net
demand deposits," furthermore, has been changed In two respects in accordance with provisions of the Banking Act of 1935:
First, it includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug. 23,1935.
The item "Time deposits" differs in that It formerly included a relatively small amount of time deposits of other banks,
which are now included In "Inter-bank deposits."
The item "Due to banks" shown heretofore included only demand balances of domestic banks.
The item "Borrowings"
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account," "Other
assets—net," and "Other liabilities."
By "Other assets—net" Is meant the aggregate of all assets not otherwise
specified, less cash Items reported as on hand or in process
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES,
Cleveland Richmond
Federal Reserve District—
Total
Boston
New York
Phila.
ASSETS
%
%
$
%
1,239
9,462
1,168
Loans
aD
Loans
"
1,801
$
BY DISTRICTS, ON MAY 27 1936 (In
Chicago
Atlanta
•582
535
2,807
Millions of
Louis Minneap. Kan. City
626
378
645
Dollars^
San Fran.
Dallas
%
%
$
S
$
$
S
$
St.
441
2,130
14
tobrokers and dealers:
21,814
divestments—total
904
10
76
17
12
3
6
49
5
2
3
2
153
893
145
214
66
51
201
61
31
44
41
322
45
143
22
6
7
6
30
9
7
23
2
22
1,146
84
248
65
185
23
22
67
41
6
16
22
367
1
10
8
.......
4
1
1
136
422
108
121
131
126
361
1,455
232
148
246
165
677
(except
banks).
Acceptances and com'l paper bought.
on
12
25
2,070
Loans on securities to others
Loans
3
2
9
940
214
In New York City
Outside New York City.
real estate..
170
65
3
31
2
4
3,542
8,920
312
181
210
418
1,327
3,964
842
262
1,290
3,305
18
576
100
67
39
35
158
54
14
45
34
150
Other securities
169
1,300
315
261
75
78
406
108
49
131
48
365
Reserve with Federal Reserve Bank-
4,690
215
2,398
189
279
59
849
102
54
77
245
Loans to banks
Other loans.
U. S. Govt, direct obligations
Obligations fully guar, by U. S. Govt.
311
107
112
200
111
389
Other assets—net.
70
15
33
18
11
62
12
5
12
10
19
124
175
152
229
178
143
429
113
86
261
177
252
77
655
89
112
38
42
112
24
19
25
27
259
14,562
5,028
Balance with domestic banks
122
2,319
1,379
Cash in vault
982
6,811
749
997
382
300
2,143
356
250
448
336
808
297
953
272
718
194
171
818
175
119
144
119
1,048
747
16
226
57
58
40
43
136
9
3
18
27
114
5.449
218
2,344
287
329
196
182
767
243
108
352
169
254
1
......
......
......
......
.......
......
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits
__
'•
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital aosount
10
350
3
1
1
5
884
26
377
22
16
27
7
41
10
5
2
4
347
3,543
231
1,599
223
335
89
86
349
84
56
90
77
324
378
......
7
.........
......
3800
June 6,
Stock and Bond Sales—New York Stock
DAILY, WEEKLY AND
1936
Exchange
YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the
day's range, unless they are the only transactions of the day.
of suob sales in computing the range for the
United
States
Government
York
Below
we
furnish
Stock
Securities
the
on
Transactions at the New York Stock
New
Exchange
daily record
a
the
of
Quotations after decimal point represent
point.
'
Stocks,
Saturday.
Monday
Tuesday
Wednesday
Treasury
4Mb. 1947-52
one
or
32ds
June I
117.30
[High
June 3
117.28
June 4
117.30
117.28
117.27
117.28
117.28
'.•V-
117.28
Total sales in $1,000 units...
3
High
108.6
4
108.1
108.6
_
108.6
108.5
108.11
108.6
108.5
21
High
112.31
113
113.1
Low.
112.31
112.30
113.1
112.31
113
113.1
High
111.15
Low.
111.15
-
&As, 1946-56
113
1
18
13
-
$6,247,000
$4,829,000
$47,642,000
Week Ended Jcne 5
1936
Jan. 1 to June 5
1935
1936
242,905,903
107,029,060
$4,829,000
6,247,000
36,566,000
$12,365,000
5,328,000
33,980,000
$135,733,000
153,474,000
1,326,257,000
$390,854,000
170,415,000
902,006,000
$47,642,000
——
Total...
$51,673,000
$1,615,464,000
$1,463,275,000
111.13
111.13
5
111.15
(High
108.17
108.17
Low.
108.17
108.16
108.16
108.16
108.17
16
37
1
104.19
High
1935
4,517,100
54
108.17
KB, 1943-47
7,961,000
3,580.010
State and foreign
Railroad and industrial
113
Close
_;
108.17
—' '
Stock and Bond Averages
•
53
-
104.16
104.18
104.15
Low.
104.16
104.14
104.14
104.10
104.16
104.14
104.14
104.10
13
31
44
63
are
the
daily closing
stocks and bonds listed
on
averages of representative
the New York Stock Exchange
104.12
Total sales in $1,000 units...
Below
104.9
Close
12
3s, 1951-55
—
105.11
High
104.12
105.8
105.12
105.14
105.9
105.8
105.12
105.8
105.8
105.12
Total sales in $1,000 units...
4
Stocks
Bonds
105.10
105.10
compiled by Dow, Jones & Co.:
as
105.10
Low.
Close
3s, 1946-48
1
105.8
151
108.27
108.27
108.23
Total sales in $1,000 units...
■;
'
10~9~6~
109.7"
109.3
109.6
Close
109.6
Total sales in $1,000 units.-..
"■■■
109.7
8
109.6
101
2
106.7
106.8
106.11
106.7
106.6
106.8
106.9
106.7
Close
i
106.7
106.9
106.8
5
106.7
13
2
106.6
106.5
106.4
106.3
106.3
106.4
106.6
106.3
106.4
4
250
50
109.7
109.10
109.10
109.4
109.9
109.8
109.7
109.10
109.8
109.9
DAY
11
998
447
26
107.23
107.26
107.31
107.30
107.29
Low.
107.20
107.23
107.28
107.28
107.28
Close
Total sales in $1,000 units...
107.23
107.25
3
High
102.3
Low.
;
Close
Total sales in $1,000 units...
107.31
107.28
36
27
24
107.28
20
14
102.4
102.4
102.2
102.1
102.1
102.1
102.1
101.31
101.30
102.3
'
102.2
102.4
101.31
102.1
26
27
16
46
17
rHigh
103.18
103.20
103.22
103.21
103.20
Low.
103.15
103.18
103.22
103.19
103.17
Close
103.18
103.18
103.22
103.19
103.20
Total sales in $1,000 units...
8
17
136
62
4
High
102.1
102.2
102.2
103.31
101.29
Low.
102.1
101.31
102.2
101.27
101.28
Close
102.1
$1,000 units...
102
102.2
101.27
26
116
101.29
605
15
1
High
104.10
104.12
104.12
104.10
104.12
104.12
Close
104.10
104.12
104.12
2
3
I
'
1
High
103.8
103.8
4
Low.
103.7
103.6
103.3
103.7
103.7
103.3
30
12
103
103.29
103.30
104
103.29
103.29
104
103.29
103.30
104
103.31
26
52
Total sales in $1,000
units...
High
106.21
102.37
85.36
106.19
151.97
102.38
46.39
31.30
54.98
106.21
111.76
85.46
106.19
102.41
152.84
46.49
31.39
55.22
106.28
111.65
85.58
106.21
102.43
5
United States
June
17 1936
June 24 1936
July
1 1936
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
8 1936
15 1936
22 1936
29 1936
5 1936
12 1936
19 1936
26 1936
2 1936
Sept. 9 1936
Sept. 16 1936
Sept. 23 1936
Sept. 30 1936
Oct.
7 1936
14 1936
21 1936
102.13
102.11
Total sales in $1,000 units...
1
1
....
Rate
June 15 1936...
Dec. 15 1939...
IX %
m%
1X%
IX %
ix %
IX %
IX %
IX %
1^%
2X%
June 15 1941...
Mar. 15 1939...
High
102.31
102.29
102.30
102.28
Low.
102.29
102.25
102.27
102.23
102.20
102.31
June 15 1940...
102.25
102.30
102.23
102.24
Sept. 15 1936...
Dec. 15 1940...
$1,000 units...
102.24
19
19
57
118
32
101.20
High
101.18
101.20
101.16
101.16
Mar. 15 1941...
Mar. 15 1940...
Low.
101.17
101.14
101.17
101.12
101.18
101.17
101.19
101.15
34
53
33
130
101.19
101.18
101.23
101.20
9 1936
16 1936
Dec. 23 1936
Dec. 30 1936Jan.
61937
Jan.
13 1937
Jan. 20 1937
Jan. 27 1937
Feb.
3
1937
Feb. 10 1937
Feb. 17 1937
Feb. 24 1937—
Mar.
3 1937
one
or
more
101.16
101.20
101.16
101.16
[Close
$1,000 units...
101.19
101.18
101.22
101.20
101.17
6
24
39
7
10
*
15 1939...
Asked
100
Maturity
Rate
Bid
table
includes
only
1945-1947
—
_
sales
of
coupon
were:
—.103.16
r
2X%
104.14
Feb.
2H%
2*4%
2H%
104.3
104.5
102.3
102.5
105.5
105.7
101.12
101.14
100.25
100.27
1 1938Dec. 15 1936-
101.24
101.26
June 15 1938-
101.12
101.14
Feb.
101.17
101.19
101.4
101.6
101.13
101.15
15 1937Apr. 15 1937Mar. 15 1938-
Aug.
1 1936—
101.3
102.5
Sept. 15 1937-
103.17
103.19
June 15 '51-54.
Bid and asked
prices; no sales
Deferred delivery
New stock,
Cash sale.
x
to
103.16
Ex-dlvldend.
V
Ex-rlghts.
Asked
Sept. 15 1938-
on
this day.
t Companies reported In
receivership.
n
above
Transactions in registered bonds
32ds of
Int.
Bid
3%
102.10
.,
104.16
102.12
3%
102.26
102.28
3%
105
105.2
34%
34%
24%
104.8
104.10
101.2
101.4
101.17
101.18
a
Treasury
2 1936
.
100.12
FOOTNOTES FOR NEW YORK STOCK PAGES
f High
\ Low.
Note—The
Dec.
14
2XB, 1942-44
bonds.
Dec
101.13
$1,000 units...
June
101.12
Home Owners' Loan
Total sales in
Nov. 25 1936
Dec.
Int.
Close
sales in
4 1936
Nov. 10 1936
Nov. 18 1936
point.
Close
Tola
Nov.
Asked
0.20%
0.20%
0.20%
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%
Indebtedness, &c.—Friday, June 5
a
51
2Ms, series B, 1939-49—
28 1936.
....
102.10
102.13
Home Owners' Loan
Bid
Oct.
Quotations for United States Treasury Certificates of
Maturity
102.11
•
Asked
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%
102.11
102.11
Total sales in
102.27
Treasury Bills—Friday, June 5
Bid
June 10 1936
1
102.13
102.11
Low.
3s, series A, 1944-52
106.14
Figures after decimal point represent
103.31
Close
Home Owners' Loan
85.23
111.73
40
103.31
Close
\
■
106.06
111.79
106.24
103.1
4
I High
Low.
Federal Farm Mortgage
r 2%s. 1942-47
85.10
106.26
54.74
—
103.3
103.3
Close
$1,000 units...
Federal Farm Mortgage
3s, 1942-47
111.76
53.99
31.11
104.11
Total sales in $1,000
units...
Total sales in
53.91
30.76
Oct.
104.11
i
3s, 1944-49
30.72
45.43
Oct.
104.11
i Low.
Federal Farm Mortgage
149.26
Total
109.9
High
Mortgage
3^8, 1944-64
Bonds
109.8
109.5
HOLI¬
Total sales in $1,000 units...
Federal Farm
ties
15
109.5
108.31
Close
Total sales in
Rails
Bates quoted are for discount at
purchase.
Low..
2%b, 1948-51
Rails
45.28
13
High
■
trials
46.08
106.
Total sales in $1,000 units...
2MB, 1945-47
Stocks
149.39
106
ICllse
2KB, 1955-60
40
ties
151.73
106.2
Low.
3X.B, 1944-46
Utili¬
roads
106.7
6
High
3Ks, 1941
10
Grade
106.6
Total sales in $1,000 units...
3XB, 1949-52
Second
Grade
106.7
Low.
First
Indus¬
June
3
(High
3^8.1946-49
10
70
June
109.6
109.6
109.8
June
Total
June
I
109*8"
109.8
■
20
Utili¬
June
<
1
'.V"\
High
Low.
20
Rail¬
trials
108.23
....
10
30
Indus¬
108.23
Close
3ysa, 1941-43
Date
2
108.27
[Low.
3^s, 1940-43—..
10
105.10
6
High
1
$36,566,000
111.13
50
—
26
111.16
—
111.16
111.16
«.
1
Total sales in $1,000 units...
<
10,694,000
Bonds
Government
141
Close
Total sales in $1,000 units...
vV.
1,319,000
273,000
113
Close
Total sales in $1,000 units...
'
$7,935,000
9,886,000
11,166,000
Stocks—No. of shares.
113.3
4s, 1944-54
;
$249,000
1,670,000
1,318,000
10
108.5
Total sales in $1,000 units...
3
$741,000
1,063,000
1,428,000
1,606,000
1,409,000
Exchange
108.7
108.6
Sales
day
New York Stock
108" 10
108.11
108.3
Close
m
m
3
108.6
Low.
■
Bond
$6,945,000
7,153,000
8,420,000
7,769,000
6,279,000
Sales at
117.28
117.30
Total
States
Bonds
3,580,010
117.28
117.29
Close
United
For'n Bonds
786,240
756,430
635,100
767,290
634,950
—
Total
June 5
State,
Municipal &
Miscell.
Bonds
Holi
Thursday
June 2
and
,Shares
Friday
]Low_
34B, 1943-45
more
Railroad
Number of
Week Ended
June 51936
V';-:.1'' Vf-s
Daily Record of U. S. Bond Prices May 30
Exchange,
transactions in
Exchange.
a
taken
Daily, Weekly and Yearly
Home Owners' Loan, Federal Farm Mortgage
Corporation's
bonds and Treasury certificates on the New York Stock
of
No account Is
year
•
Proctor
Abbott,
consolidation of
Members
York Stock
New
and other
Commission
orders executed
ABBOTT, PROCTOR & PAINE
in
Exchange
and
leading exchanges
NEW YORK
Paine
&
for institutions and individuals
LIVINGSTON & COMPANY
CHICAGO
CLEVELAND
MONTREAL
Stocks, Bonds, Commodities
INDIANAPOLIS
RICHMOND, VA.
NORFOLK, VA.
*
Volume
HIGH
New York Stock
142
AND LOW SALE PRICES—PER SHARE,
NOT PER
Record—Continued—Page
Sales
CENT
STOCKS
for
NEW YORK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
May 30
June 1
June 2
June 3
June 4
June 5
$ per share
$ per share
50
50
$ per share
$ per share
$ per share
Range Since Jan. 1
STOCK
Shares
On Basis
Week
$ per share
50
50
*113% 115
*113% 11484
65
65%
65
65%
11
11%
11
11%
22%
22%
22%
25
25
25
*48
50
114
114
*63%
*46
50%
*11338 114
65
Lowest
50%
*113% 114
6334
6334
20
800
Par
Abraham & Straus
No par
Preferred
100
Acme Steel Co
65%
*63%
11
11%
10%
11%
10%
10%
6,000
22%
22%
2234
21%
22%
20%
21%
2,000
Adams Millls
25
25
25
2434
25
24%
24%
1,000
Address
1,100
Advance Rumely
No par
Affiliated Products Ino.No par
15,100
Air Reduction Inc new.No par
Air Way El Appliance.No par
Adams
25
Express
No par
Preferred.
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
59%
60%
59%
60%
60%
63%
62%
64%
3%
3%
3%
3%
62%
4%
62%
3%
4%
4%
4
4
*92
96
*91
14
*3%
*92
14%
3%
*92
14
14
3%
3%
2%
3
2%
96
14
96
3
*92
96
14%
96
14
4
100
2%
3
3,600
1,900
Pref A with $30
warr
100
200
Pref A with $40
warr...
100
4
*3%
4
3
3
2%
21%
21%
2%
20%
22
22%
21%
20%
*18%
20%
21%
*18
2134
*18
20%
*1934
*31
33
*31
21%
32%
30%
30%
30%
33%
30%
24%
30%
30%
*101
*100
199
-
200%
9-%
75
44%
45%
23
23
3%
44%
*22
4%
3%
44%
23%
3%
49%
51
49
95
95
*93%
9434
50
50%
50
50%
44%
44%
44
44
67
*46%
67
67
46%
46%
128% 128%
Stock
129
129
35%
67
47
129
24
9
196
"
24%
20%
21
19%
193s
*19
21%
31
31
*28
31%
100
29%
1,200
2H% prior conv pf__No par
Allegheny Steel Co. ..No par
19434 195
25%
24%
2,300
6,200
Allied Mills Co Inc
No par
Allied Stores Corp
No par
195
24%
24%
8%
9%
76%
77%
45
4534
23%
3%
48%
4334
45%
*65
46%
23
*21%
3%
3%
48
94%
50%
40,700
3,600
44
44
*65
5,100
*21%
2234
3%
3%
*92
3,100
1,400
400
9484
50
50
4434
43
43
67%
46%
4534
129
129
129
128
12834
127% 12834
163% 163%
35% 3584
129
1,500
700
Memorial
Day
14%
*1334
14%
*28%
*16%
6%
29
*28%
29
39
39
39%
39%
14%
17
*16%
6%
3
6%
17
6%
*36
*39%
39%
3
3%
38
3
3
19
19
19
1834
10%
29%
10%
10%
28
28%
28%
10%
27%
*18%
9%
4,200
126% 127
500
5,200
2,300
1,800
100
900
1,200
4,800
140
400
18%
18%
934
78
78
22%
22%
2,400
12
12
12%
12%
123s
12
12%
3,300
29%
12%
2834
123s
29%
12%
28%
28
2834
~27%
*102
21%
*28
79%
108
143
lia4
11%
11%
10%
1138
10%
61%
60
60%
58
60
x58
59
5234
21%
51
52%
213s
49%
20%
51
x48
49
11,900
20%
21
20%
34,300
~27%
164%
2784
104
21
164
*__,
164
22
21% 21%
31
30% 30%
79%
78%
77% 78
150
148% 148% *145
108
63%
62
62
*136% 140
30
31%
140
140
27%
56
56
27%
55%
*54
137
137
137
*136
2234
123
*22%
23
165
16584
*91%
92%
94
93%
142% 143
11%
10%
*91
92%
94
94%
142%
142
165
92%
93%
142
165%
92%
93%
142
10%
11
1034
10%
22%
23
22%
22%
10
2634
8,300
300
21
30%
21%
30%
2,400
30%
77%
75t4
76
5,400
145
146
28%
64
-
-
130
146% 146%
*107
28%
600
108
*61
*139
-
30%
300
64
400
'
«.
-
70
-
29~"
22,000
'
123
123
2634
*121
26%
5434
*135% 136%
*136% 137
22%
22%
22%
22%
165% 166%
164%
101%
"26%
100
2134
Z5434
55
20,700
7,200
76
2138
*61%
*26%
*120
200
*28
*139
30% 31%
1221? 122%
2634
2634
55%
123
164% *____
10784 108
*107% 108
42
20%
27%
~26% 27
278s
104
*102
*101% 104
31
62
3034
26%
22%
*4034
*107
65
143
*120
41%
22
30S4
*64
29%
41%
*102
*148% 150
*107
41%
51
100
6% 1st pref
Sees..No par
Amer & For'n Power—No par
preferred
$6 preferred
Amer Hawaiian SSCo
165% 166%
91%
91%
93%
9334
6%
American Ice
23%
105
105% 105% *105
123
30
2634
2634
1,100
53%
53%
400
136% 137
300
22% 22%
164% 165%
700
8,000
*90%
92
200
93
94
3,600
14184 14134 *139% 14134
10%
10%
10%
10%
9%
I6434
%
9%
6584
5
5
3%
8%
63
%
4%
9%
106
%
838
883
62%
64
%
21%
*105
62%
*34
%
*4%
5
*4%
*334
4
334
5
334
223s
106
21%
106
900
2,900
22
25,500
106
400
9
*8%
9
62%
*8%
62
62%
6234
h
%
*4%
%
%
*4%
334
5
3%
1,000
5
100
4
4
1,500
55
*50
55
*50
55
*50
55
*50
55
*26
27
26
26
27
*25%
27
*25%
27
"""166
33%
34%
*25%
33%
*37%
1934
3284
23,400
33%
34%
39%
19%
19%
*98% 100
1134
*10%
37%
*118
37%
120
*37
19%
100
*10%
37%
*118
3834
1934
100
*100
11
11
37%
120
*3784
*118
33%
32%
38%
*37%
19%
19%
101%
11
39
120
107% 107% *106% 107
*10634 107
5
4%
4%
4%
4%
434
73
73
7234
72%
73%
73%
*108
115
53
53
12
12
*108
52%
1134
For footnotes see page 3800
115
*108
112
333g
39%
19%
32%
38
38
19%
19%
200
2,900
*9934 100
100
100
30
*10
*10
11
100
37%
11%
37%
37%
37%
*118
120
*118
107
107
*107% 108
434
4%
434
73
73
73
*108
112
108
5234
52%
52%
52%
52%
1134
12
12
II84
1134
51%
*11
5% Jan 27
195
5
39% Feb 11
45% Feb
500
120
73%
1,000
108
100
52
1,600
11%
900
Deo
100% Deo
37% Nov
24% Deo
2038 Deo
8% Feb
173
2%
Nov
Deo
74
Sept
i20% Jan
4
Deo
187
Apr
3%
Deo
14% Deo
14% Dec
14% Dec
33% Dec
Jan
32
Deo
125
Mar
173"
Sept
65
Jan
3
Apr 28
2
May
31
Jan
3
114% Jan 14
1
No par
Amer Zinc Lead & Smelt—1
Preferred
25
$5 prior pref
-25
Anaconda Copper Mining..50
Anaconda W & Cable.-No par
Anchor Cap
No par
$6.50 conv preferred.No par
Andes Copper Mining
20
Archer Daniels Mid'ld.No par
Preferred
—
$6 conv pref
Preferred
Armstrong Cork Co
Arnold Constable Corp
Jan 20
2
.100
Armour of Illinois new
13
5% Jan 7
36% Apr 22
Jan
preferred
fAm Writing Paper
6% Apr 30
2934 Jan 2
12
Apr 30
25
Apr 30
3
Am Water Wks &
1st
22%May 28
16% Jan 9
Apr 8
3% Apr 30
9% Jan 2
89
No par
100
100
5
No par
100
No par
5
28% Mar
934June
7784 rune
50% Apr
28% Mar
5% Jan
51
June
1
26
55% Apr 15
2
Corp-No par
Amer Power & Light.-No par
$6 preferred
No par
$5 preferred
No par
Am Rad & Stand San'y .No par
Preferred
100
American Rolling Mill
25
Amer Safety Razor
No par
American Seating v t c-No par
Amer Shipbuilding Co .No par
Amer Smelting & 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
100
Preferred
Am Type Founders Inc
10
7% preferred
8,900
1% Mar
Apr
6%
11%
2
26
5
5
6
11
24
42%May 20
Jan
"260 Armour&Co(Del)pf 7 % gtdlOO
434
Mar
Oct
7484 Nov
21
Apr 20
50
37
Elec.No par
No par
1,600 American Woolen
No par
4,500
Preferred
100
*40
39%
17% Jan 23
125% Mar 29
63% Feb 11
1
Amer News, N Y
Prpfprred
22%
105
10
1
50
Locomotive.-No par
Preferred.
100
Amer Mach & Fdy Co.No par
Amer Mach & Metals..No par
Amer Metal Co Ltd—No par
6% conv preferred
*4034
106
22
2,300
'
41%
164%
27%
80
700
11%
6
87%May 11
American
77
*128%
Jan
33% Mar 30
8% Jan 2
10
Am Comm'l Alcohol Corp—20
American Crystal Sugar
10
Amer Color type Co
6% non-cum pref
100
Amer Internat Corp—No par
23
*
75
1
Apr 20
No par
American Chicle
1,400
22%
2034
100
5,200
9%
26
*76%
5234
No par
Chain
7% preferred
1,600
78
51%
2%May
162%May 29
30
Apr 30
57% Apr 27
100
Preferred
American
3
25%
Jan 31
100
Preferred
American Car & Fdy—No par
600
23%
20%
69
115% Feb 24
No par
23%
*
23% Mar 12
6% Jan
7
25
No par
No par
78
59%
50
Preferred
*39%
28%
10
Preferred
7734
11%
American Bank Note
40
28
29% Feb 18
34
conv pref
Amer Home Products
*127%
2
Apr 28
7% preferred
50
Amerada Corp
—No par
Am Agrlc Chem (Del).No par
2d
24
293s
Jan
27
19%May 13
Amer Hide & Leather
3
Apr
Sept
2
35% Jan 21
900
29
%
74
2% Mar
No par
700
13%
13%
77
*129%
Mar 25
30% Feb 18
Jan
Alpha Portland Cem„No par
Amalgam Leather Co
1
Amer European
24
*129%
*4034
11%
11%
60
61%
Allis-Chalmers Mfg
900
5,300
24
•«.
100
5% pref
Amer Encaustic Tiling New.l
78
«
91
per share
52% Nov
116
Feb 14
500
77%
4034
1
29% Feb 18
Mar 25
Am Coal of N. J (Alleg Co) .25
-
24
29%
*129%
40%
5
Apr
100
10
2
6% Apr
9
103
100
19%
6% Sept
104% Mar
Mar
64%June
208
2,000
27%
4% Mar
7
6%
*934
8
8
1634
25%
21% Jan
Jan
38%
*18%
Jan
Feb
6%
19%
103g
June
8
98
*36%
28%
28
157
638
3%
Feb 14
Feb 28
Allied Chemical & Dye-No par
38%
3
28
5
6%
3
Fune
4% Mar
84% Jan
2
2
40
*16%
39%
51
29%June
_
*36%
40
Feb 10
Feb 21
Jan 10
74*4
13%
100%
3534
Jan
124
*25%
40
Jan
% Mar
100
1634
Apr
110
Mar 25
Fdy-No par
38
Mar 25
32
1
F*b
4% Jan 31
5 M% conv pref
American Can
*36
2
Apr 20
Apr 28
Am Brake Shoe &
13%
Jan
50
118
Highest
share $
per
2%
12%
12%
12%
195
130
29
Mar31
i
13% Oct
1% June
186
Apr
320
*26
$ per share
13i4May 22
318 Jan 2
1,500
*13
40
91
66%
163% 163% *162% 163%
35%
3438
34% 34%
*16%
2
45%
13%
6%
100
42
share
llli2Mar 18
59
Apr 28
938 Apr 30
10088 Jan 2
20%June 5
2218 Jan 21
ills Jan 14
7% Jan 2
58
Apr 28
66%
29
16%
warr
per
45
*26%
16%
6%
137g
Pref A without
$
127% 127%
70
68
67%
68
67%
68
67%
66%
66%
65%
49
49
49%
50%
49%
48%
49%
48% 49
49%
127% 127% *127% 129
*127% 130% *127% 130
*127% 130
88
88%
8884
88%
8884
883s
88% 8884
88% 88%
57
57
57
*32%
*3284
*3234 57
*3284 57
*3234
9
9%
*8%
9%
*8%
8%
*8%
*8%
*8%
9%
23
2234
22%
22%
22%
223s
22%
2234 2284
22%
23
23
23%
23%
23
23
23%
2234
2234
23%
92
91%
91%
91%
91% 92% *92% 93%
92% 93
4%
4%
*4
4%
*4%
4%
4%
4%
4%
4%
12
12
12%
12l->
12%
12%
*12
*11%
12%
12%
7%
7
7
7%
7%
7%
634
684
6%
7%
34
32
32
32
33%
33%
33
32
33%
33%
Closed
200
\
50
*47
163% 163%
35% 3534
36%
934
7734
50%
50
Year 1935
Lowest
Highest
Alleg & West Ry 6% gtd._100
8%
9434
*43%
68%
46%
300
76
50%
*93%
45%
29%
*mi
195"
9%
94%
50%
*4234
par
*18
77%
*3%
48%
No
Albany <fc Susque RR Co._ 100
1 Allegheny Corp
No par
*20%
75%
*22
A P W Paper Co
10
20%
128% 129%
129%
*161% 163%
Exchange
50
195
Alaska Juneau Gold Min
21
*101
*101%
195% 19834
24%
24%
9
9%
7534
75%
25
9%
74%
30%
Vlcksburg RR CO—100
*3%
*3%
2234
30%
2,700
10
1334
21
20%
Ala &
*•
100
No par
Multlgr Corp
14%
21%
*32
2,800
14
Range for Previous
of lQO-share Lots
EXCHANGE
40
*46
3801
2
Apr 30
Apr
2
3
7% Feb 20
18
Apr 30
2
7
3
104
Jan
9
57% Mar
6
1333s Jan
7
20% Apr 30
107% Jan 4
26
May 29
48% Apr 30
129
Jan
6
20% Mar 21
149% Apr 30
87
Mar 13
149%
151%
Jan
Feb 21
10
Mar
33%
25% Mar
( 65
33%
41
73% Feb 19
5834 Apr 16
127%June 1
95% Mar 6
8
Jan
38
Jan
66
Feb
3
30
Mar
34
Jan
13% Feb 13
32% Mar 6
24% Mar 2
May
2
84 May
14% Feb 17
2s4 Apr
9% Mar 26
43
Feb 17
18%
37%
18%
8%
Apr
46
7
Jan 28
Mar
Mar
3
6
Jan 27
7
5% Jan 14
41% Mar
Jan 14
13% April
2
24
May 18
28
Jan 20
35
Jan
8
15% Jan 2
97
May 13
10% Apr 30
37
Apr 30
118
May 11
105% Jan 3
434 Jan
66%
108
2
14
Mar
Mar
3% Mar
12
18% Mar
4% Apr
13% Mar
72
x24
165
34
Apr
27
6
Feb 19
Mar
5
5
33% Apr 8
91% Mar 20
152% Mar 11
108%May
73% Jan
143%May
33% Feb
123
36
June
28
22
28
19
4
Jan 29
60% Mar
3
141% Jan 29
26% Jan 28
178
Feb 14
Feb
Mar 17
1%
10%
8%
10%
134%
1584
66
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
4% Mar
20
96
June
34% Aug
9% Deo
3534 Nov
19% Deo
9234 Deo
3% Deo
9% Deo
9% Aug
42
17
Aug
Aug
Nov
38% Nov
4% Jan
37% Feb
11% Nov
27% Nov
75%
33%
12%
32%
130%
36%
9%
49%
Deo
Nov
Dec
Dec
Nov
Nov
Nov
159
Sept
Aug
41% Aug
25% Deo
32% Nov
95% July
21%
Mar
26%
31% Apr
64%
Deo
Jan
Deo
May
121
Feb
144
101%
Dec
117% Aug
Jan
76
June
125
Feb
143
July
12
Mar
88
Feb
113
32% Dec
50% Dec
43
63
124
Dec
18% Jan
98% Mar
72% Apr
74% Mar
129%
Jan
25% Nov
70%
140%
27%
160%
104%
Deo
Jan
Feb
May
Nov
Nov
Nov
107
Nov
141
Nov
ll%May 25
35
Jan 10
25% Apr
106
June
11% Feb
70s4 Feb
2
10
Feb
9
3
Mar
38%
2284
94%
10%
6834
2%
lis4
5%
31
Mar
49
Aug
8
Deo
1
1
4% Mar
35% Man
% Mar
2% Mar
5
Jan 10
2
73% Mar 2
31
Apr 2
39*4 Apr 16
Feb 15
26*4 Mar
Mar
7% Mar
48
7% Mar
46
9"
5
5
111
Jan 30
15
Feb 17
50
Jan
Mar
Mar
30
16% Apr
37
10% Sept
96% Oct
3% Mar
17%
7
36
Jan
Jan 13
117
Aug
110% Jan 20
7% Jan 25
97
122
Apr
3% Apr
Jan
2
84
Jan 28
55% May
June
5
125
Jan 28
85
47% Feb 24
7% Jan 9
Nov
40
6
116% Mar
Deo
Dec
115
Oct
42% Mar 13
13% Mar 26
Feb
Deo
Oct
/29% Apr
1% Oct
14% Oct
4% Mar
Mar
35% Mar 20
Oct
May
3
8% Apr
Mar
133
Deo
28
9
Feb 13
168
Nov
38% Aug
15% Oct
6% Nov
Mar
32
6
Jan
2
95% Feb 27
29% Jan 14
104
44
72
36% Feb 28
150
13
28
3
28
30
19
30
20
Feb
Aug
5
2
20
May
19% Apr
9234 Jan
734 Apr
5434 Apr
34May
4% Apr
3%May
6%
3
88% Mar 13
9%May 21
22% Mar
Mar
6
Jan
2% Mar
95
102% Feb
136
70
" ~Jan
7
4
25% Jan
5634 Jan
136% Jan
Feb
4732 Nov
110
52% Apr
27% Jan
7
Jan
42%
36% Feb 20
18% Apr 30
Jan
Deo
13%
57%
Jan
2
25%May 22
893s Jan 21
Deo
80
Mar
61%June
157
40
48% Jan
41%June
21
Feb
Feb 20
43
4% Deo
June
43
15
27
Mar
Nov
4
10'
124
Mar
2% Mar
Deo
9
75% Oct
37% Oct
2284 Nov
50% Mar 28
72
24
x35% Jan
12
14
24%
130%May 20
134% Jan 2
166% Jan 14
17% Apr 23
9% Apr 30
23% Apr 28
66
Apr 28
21
May 9
Apr 28
22% Dec
3% Mar
/49
June
62% Mar 23
15
Mar
4
Jan
25% July
4
Mar
109
Deo
Deo
Nov
Sept
Nov
Deo
Deo
Deo
Deo
Jan
Apr
12% Dec
52
Aug
122% July
109
6%
70%
110
5034
9%
Deo
Jan
Jan
Jan
Dec
Deo
New York Stock Record—Continued—Page 3
3802
HIGH
LOW
AND
SALE PRICES—PER
SHARE,
NOT PER
CENT
STOCKS
Sales
Monday
Tuesday
Wednesday
.
Thursday
Friday
the
May 30
June 1
June 2
June 3
1
June 4
June 5
Week
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
15
1538
15%
15%
*100% 105
*100% 105
*100%
17
17%
16%
17%
1634
15%
$
15
per share
$ per share
15
*103
109
*103
105
*103
105
104
14%
14%
14%
*100% 105
*100% 105
16%
16%
16%
16%
105
105
*100
105%
104
*104
109
*104
109
*104
109
103
*37
42
*37
70
7034
104
104%
15%
70
68%
103% 104%
24
2334
17%
17%
19
*18%
*37
72
103
25l4
*37
4134
7338
*37
72%
104
7134
103% 104%
24
24%
15
16%
104
25
2638
16%
4134
71%
104
....
25%
16
17
17%
*5%
17%
17%
*16%
19
27
27%
27%
27%
112% 113
113% 114
*58%
59%
58% 59%
123% 123% *121
123%
17%
17% *17
1734
29% 30%
28% 29
6%
638
6%
6%
*35
35
35%
35%
534
5%
5%
534
4134
71%
*16
2334
15%
1734
26%
19
27
27%
113% 113%
58
58
123
123
17
113
17
29
*58
16%
28
6%
*6%
*32%
35%
5%
5%
Lowest
Artloom Corp
100
"7" 166
16%
28%
634
35
5%
*57
59
16%
26%
16%
2734
8% Jan
Feb 21
May 21
Santa Fe__100
59
—100
270
At G & W I SS Lines..No par
100
Preferred
Atlantic Refining
25
4% conv pref ser A
500
Preferred
500
100
Atlas Powder
120
Atlas Tack Corp
No par
48
100 £112
No par
4,500
1,400
Austin Nichols
5%
5%
7,200
No par
6
No par
34
Aviat Corp of Del (The) new. 3
70
3
Prior A
_
Jan
2
2
Jan 17
16%June
26%June
Auburn Automobile—No par
6%
3434
Jan
9034 Jan 2
21% Apr 24
11
Apr 22
13% Apr 24
26%June 4
112%May 22
Atlantic Coast Line RR—100
3434
6
3
Jan 20
98
3,500
1,300
$ per share
36
Preferred
500
$ per share
25
Atch Topeka &
3,900
Highest
$ per share
12% Apr 30
103%May 19
100
100
Oil
Associated
Lowest
95
1
6% 1st preferred
7% 2d preferred
400
42%
124% 124%
—100
Associated Dry Goods
6,300
59
No par
Preferred
1,500
Highest
$ per share
Par
~~5~2O6
19%
Year 1935
EXCHANGE
Shares
27%
26%
27%
113% *113
113%
124% 124%
29
*6%
*35
24
104
Range for Previous
On Basis of 100-share Lots
STOCK
NEW YORK
for
Saturday
June 6, 1936
June
4
5
5
Apr 30
Apr 9
22% Feb 27
May 13
384 Mar
Apr
7% Mar
80% Apr
109
Sept
106
48
Mar
100
Dec
51% Feb 10
86% Apr 13
104%June 6
3534 Feb 21
2984 Feb
3534 Mar
44
Dec
60
Dec
108
1734Mar
6
10934 Apr 2
Apr 24
19%May 28
21%May 28
35% Apr
114
73
June
1
9%
70
90
66% Mar
92% Dec
37% Jan
17% Deo
19% Dec
28
May
19% Apr
3
Mar
6
Mar
20%
Oct
Nov
1834 Nov
Oct
2
Feb 18
126% Apr 18
30% Feb 14
54% Mar 5
10% Jan 15
3234 Apr
10634 Jan
4
15
48% Nov
Sept
19% Dec
45% Oct
115
Mar
Mar
14
5% May
46% Jan 24
35% May
734 Mar 18
234 July
Jan
63
Jan
5%
Dec
-
3%
3%
40
3%
3%
3%
40%
3%
41
*39%
18%
26%
42%
18%
25%
*43
44
*113
3%
3%
40%
41%
18%
*39%
18%
26%
3%
40%
*38%
*43
116%
25%
26
43
43
*43
*114
115
114
16
*15
16
*15
94%
*91
94%
*90%
16%
26%
43%
116% *114
1778
3%
3%
40%
40%
18%
3%
*15
16
*15
16
*91%
94%
16%
*91%
15%
94%
16%
18%
16
18
18%
18%
110% 110%
22%
*36
38
*91%
94
14
22%
22%
14
*82
*92
14
*82
28%
21%
21%
*8238
27%
21%
54
54%
54
54
53%
53%
54%
52%
53%
51%
17%
1734'
35
16%
*18%
*112
*77
117%
35%
16%
20
88
93
*77
43%
114
30
51%
167S
5
Bayuk Cigars Inc
No par
200
157g
*18%
*18%
*18%
"""406
6
33
Nov
20
85
Feb
Belding Heminway Co.No
Belgian Nat Rys part pref
100
3,200f
2,200
500
1,500
Aviation.
new
Blaw-Knox Co
Preferred
78
78
79
78
78
21%
20%
21%
20%
20%
20%
48%
48%
47%
48
47%
47%
47
47%
90
90
90
90
92
92
40%
40%
41%
41%
41%
41%
41
41
28%
28%
76%
6%
41%
28%
76%
91%
40%
20%
47%
91%
28%
76%
2778
28%
27%
Borden Co (The)..
74%
2778
74%
9,100
76%
74%
3,400
Borg-Warner
*6
6%
6%
6%
6%
28%
7578
6%
28%
76
400
Boston & Maine
1%
1%
1%
Stock
2,000
47%
46
1434
45%
14%
45
4438
45
45
9,200
*134
14%
45%
Exchange
2
*6
14%
44%
5
89%May
5
3134 Apr 15
24% Mar 5
79
7
57% Apr
34
4534 ADr 30
6334 Apr
91%
100
410
5
Bon Ami class A
Class B
120% Mar 26
48
Apr 6
20% Feb 19
9% Mar
17
21% Feb 11
114
Dec
Feb 28
16% June
103% Jan
28% Mar
90
Deo
26% Jan 29
6% Mar
22%
39% July
59%
Jan
June
3
16% Apr 30
46% Apr 30
1
No par
3938 Jan
3
45
15
25% Jan
2
10
64
Jan 21
100
6
Apr 27
13% Apr 30
43% Apr 30
30%
83%
11%
338
18%
64%
Bridgeport Brass Co...No
par
Briggs
1% Jan
par
Manufacturing.No
9
56
*53%
56
*54
55%
*53
55
53
53
100
Briggs & Stratton
No par
48
Jan
*43
43%
*43
43%
77S
43%
*7%
*36%
43%
43%
7%
43%
300
41
Jan 17
7%
200
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
Memorial
Day
377S
*37% 39%
46% 47
46%
46%
102% 1033s *102% 103
~5~666
40
46%
46%
*103% 104
8
*7%
*37% 39%
45% 46%
103% 103%
*45%
52%
45%
45
52%
*51%
9
9
10%
15%
*106
14%
105
3%
11%
25%
15%
105
*101
26
*25%
25%
26%
*4%
*12
5%
14%
*16%
*55%
25%
107
3%
11%
*25%
25%
25%
4%
26
12
12
25%
26
4%
16%
16%
4
4
*17
18
58%
*55%
14%
*99
*3
11%
25%
25%
25%
4%
*11%
*16%
4
31%
*31
10%
,32%
12%
12%
26%
17%
*55%
26%
31%
*7g
10%
33%
57
109
26
1
12%
15%
4%
1
32%
10%
*1434
15%
11
26%
31%
*53
9
18%
31%
10%
523s
9
10%
3%
17
4%
18
26%
45
5238
109
14%
3%
11%
4434
9
15
*107
39%
46% 47%
10278 1027S
52%
10%
15%
110
*37%
45
*8%
10%
778
10%
3278
1378
58%
1
*53
57
*78
10%
32%
14
*53
8%
10%
15%
10%
15
110
110
15%
14%
3
1138
10%
11%
25%
25
25%
25
25%
4%
147g
25%
4%
4%
11%
11%
16%
3%
16%
16%
4%
17%
*95
99
162
142
75
23%
*24
61
7%
7%
164% 160% 162
142
*140
14078
75
23%
74%
22%
74%
23%
2278
24
24
23%
62%
60
59%
74%
1
32
14%
140
74
74%
23%
2334
22%
23%
60
50
*95
140
2178
*23%
60
28%
*5934
28%
28%
*27%
28%
*39
41
*39
4078
104
54
55
53%
10%
12
9%
100
*101
102%
99
103% 103%
103
104
54
10%
100%
103%
*101
5434
8%
97%
103
8
104
20
53
53
*50
5578
*48
5378
66
66%
57%
58%
2%
3%
1%
5%
10%
29%
1%
*538
*7%
*29
1%
3%
2%
*8
14%
46%
*134
4
3%
*23%
23
65%
57%
*1%
3%
*1%
66%
68%
58
5778
58%
2
*1%
2
3%
1%
3%
13g
*5%
*7%
534
10%
29%
1%
37g
*3%
1%
*5%
*29
1%
3%
2%
3%
3
8%
14%
46%
66%
8
14%
*46
1%
438
*1%
4%
*378
24
2234
For footnotes see page
3800.
No par
.
1,900
Caterpillar Tractor
Celanese Corp of Am
240
2,000
200
7%
{Celotex Co
5%
preferred
57
Apr 28
6% Apr 29
4
5%
5%
5778
1%
1%
*3%
1%
*5%
3%
1%
534
100
2,300
13,100
100
100
300
200
Checker
2,100
4,300
{Chic
3
1,700
Chicago & North
8%
700
14%
700
46%
1%
27g
83g
*14%
14%
1%
3%
*27g
8%
*14%
46
*45
46
3%
1%
1%
1%
4%
4%
4%
37S
4%
24%
23
37g
1%
378
*3%
23%
23%
*22%
22%
22%
22
1%
4
300
700
1,500
4%
400
24%
22%
800
300
Chicago
Conv
{Chic
100
Pneumat Tool .No par
preferred
No par
Rock Isl & Pacific.. 100
7%
preferred
100
6%
preferred
100
Chicago Yellow Cab...No par
Chickasha
Cotton Oil
10
102%June
1
104% Mar
2
2
61
4
6
Jan
2
May 12
1% Apr 30
2% Apr 27
,
2% Apr 29
6S4May 1
12% Apr
4034May
1% Apr
3% Apr
3% Apr
1934 Jan
30
4
23
24
28
2
20%May 26
Nov
10
Mar
Mar
30% Aug
% July
2% Mar
7% Mar
8% Sept
50
Apr
8%
30
Oct
June
56%
13%
40%
Oct
Jan
Oct
14
Nov
Feb
48
Nov
4% Mar
32%
82%
634 Oct
33% Nov
17% Deo
Feb
88
Aug
85
Mar
95
July
7
Dec
4534
83%
36%
19%
16%
Mar
55
Nov
22%
34
Apr
Jan
Apr
Nov
Feb
Mar
6% July
96% Mar
38% Jan
3% Mar
23
Mar
8%
Dec
111% Nov
126% Nov
60
Nov
35% Jan
21% Nov
6284 Nov
29
May
62% Aug
12% Jan
109% Jan
65% Dec
15% Deo
7
Jan
25%May 13
28
88% Deo
£21
Jan
1% Apr 28
100
Preferred
7
Apr 14
Apr 29
69% Apr 17
74% Feb 4
l%May 19
2% Jan 4
100
Ind & Louisv pref. .100
Mail Order Co
5
Milw St P & Pao.No par
Western. 100
Mar
19% Mar 24
51
Chicago
Preferred
58
59
Cab
Preferred
{Chic
107
Mar 13
Feb 21
934 Jan 17
2
19%May 14
22% Jan 2
Chesapeake Corp
No par
Chesapeake & Ohio
25
{Chic & East 111 Ry Co
100
6%
preferred
100
Chicago Great Western...100
1%
3%
1%
3%
278
8%
101
6
31% Feb 19
71% Feb 18
35% Mar 13
Jan 21
97%May
4734
No par
""BOO
24%
*22%
35
80% Feb
5578
17234 Apr 16
142
Apr 22
7834 Apr 15
32% Jan
7%
preferred
100
Champ Pap & Fib Co 6% pflOO
11
*4
Jan 16
1,370
67
Feb 19
5434
4
*48
16
43% Jan 11
18% Feb 24
52% Apr 18
2134May 22
19
Apr 30
54 May
1
25% Jan 6
8%June
28%
46
7
1484 Nov
24% Nov
Feb
Jan
1% Feb 10
14
934 Feb 19
6
Nov
Dec
96
Apr 1
100% Feb 21
Jan
Apr
3
14% Nov
42%
1%
No par
Common
Deo
934 Nov
97% Dec
66
4
Certain-Teed Products.No par
200
Dec
Dec
32
Jan 10
27%June 3
37% Jan 13
No par
par
100
74
4
92% Jan
Central Aguirre Assoc.No par
Central RR of New Jersey. 100
11% Dec
1% Mar
113s Mar
6% Mar 20
Jan
116
...No par
100
Aug
25% Feb 13
24% Mar 23
Jan
Preferred
100
Cerro de Pasco Copper.No
par
180
i
3% Jan
10% Jan
22% Jan
3% Nov
20% Jan
634May 22
100
Century Ribbon Mills.No
104
£57%
1
87
100
13% Mar
5% Apr
8
8
2% Mar
3s4 May
8% Mar
Mar 24
91
1
Mar
% Sept
Mar 23
1234May
4534 Jan
100
Preferred certificates
6
10% Jan 20
Apr 30
10
Carriers & General Corp
Case (J I) Co
Jan
37
1
Preferred A
*8
1%
*4%
25
No par
23
9
57% Mar 24
Canadian Pacific
3% Mar
19
6
2,500
£66%
28% Apr 27
31% Feb 4
33% Feb 13
Jan
10,300
5578
67%' 68
58%
58%
2
*1%
*3%
3%
*1%
1%
5
103s Apr 30
21,700
*48
Mar
54
73%
20
14
30
100
Stamped
300
100
5
Apr 13
40% Apr 2
16% Jan 2
Carolina Clinch & Ohio Ry.100
59%
*19%
Apr
2
5
9%
19%
6384 Aug
3%May
55%
19%
71% Aug
Mar
6
22
95%
96%
103% 103%
Mar
53
5% Mar
8%
97%
43
Jan
28%
8%
14%
1
Capital Adminis cl A
140
Dec
4634 Aug
56% Jan 31
65% Jan 15
6
100
6,900
38
Deo
Jan
Calumet & Hecla Cons Cop_25
Campbell W & C Fdy. .No par
Canada Dry Ginger Ale
5
11
*8%
14%
*45%
100
No par
28%
8%
1434
22%
Preferred
California Packing
Callahan Zinc-Lead
*8
1%
Jan
2034 Apr 28
25
Apr 27
2% Jan 2
8% Jan 2
14% Apr 29
2% Jan 2
16% Apr 29
55%June 6
22
Apr 30
30% Apr 30
% Jan 2
No par
Byron Jackson Co
28%
1%
37g
24
Byers Co (A M)
13%
1,100
May
Oct
7
Apr
114
Bldg gu pf ctfs.100
Butte Copper & Zinc
5
Cannon Mills
50
14
Dec
90
2% Apr 15
8% Apr 30
11% Jan 10
54%
103
36% Mar
8
85
9
103
5
50% Mar 25
51% Mar
104
5%
2
100
400
28%
*101
138 Apr
9% Jan
Bush Term
534
11%
3
23
104
Debenture
29
378
4%
24%
22,300
59
*6%
5
8%
No par
38%
41
12% Mar
Canada Southern
5,600
2,000
28%
*39
Oct
Dec
113% Feb 24
15%May 5
...No par
27~300
24%
55
42
7
No par
Bulova Watch
*8
3
4%
4%
8
73%
23% Jan
303g May
Mar
2% Jan 20
1st paid rights
Budd Wheel
12%
140
553s
Apr 4
48% Mar 11
Feb 13
234 Dec
17% Nov
Mar
No par
.100
7% preferred
Rights
29
3
46%
1%
400
6
% June
8% Apr
24% Feb
00
100
56
96
98%
*1934
20
Feb 14
1784
8%
103
20
preferred
Budd (E G) Mfg
Dec
334 Mar
8% Mar
6284 Mar
54%
938
*19%
*1%
*3%
*1%
*101
55
20
*19%
*6%
*137
23%
41
*101
900
57
*99% 100%
7%
7%
156% 158
74%
2278
28
*6%
170
3,300
99
99
41
7%
31%
13%
50
28
61%
10%
13%
39%
*99% 100%
7%
7%
156% 161
161
*78
97g
31%
1
5078
12%
41
*6%
16%
3%
13%
*54%
12%
38%
*12%
57
41
7%
16%
3%
*16%
70%
8%
Jan 30
4% Mar
Buliard Co
4
2734 Nov
Jan
14% Feb 14
20% Feb 14
Burroughs Add Mach__No par
{Bush Term.
No par
17
4734 July
Mar
28%
7
1,000
16%
Dec
21
4
2
5,000
300
38
6
8% Jan
2578
200
Jan 15
Feb
Mar
13%May
24%
10%
*95
7%
Dec
Jan
July
6
Preferred
25
5
100
10
Bucyrus-Erle Co
25%
*4%
13
Jan
33s July
25
*11%
90
Mar 23
25%
12,100
1,200
May 19
100% Apr 13
13
25
10%
7
Nov
23% Aug
8%May 19
25%
28
*6%
4,600
900
50%
14078 141
26
100
3
7,400
*13
*99% 100%
73S
7%
160
107
4
44%May 11
x50
par
278
10%
24%
31
40
*96% 99
*99% 100%
99
7%
24,400
26
12%
39%
13%
*98% 101
7%
220
31
13
50%
*95
1,000
55%
13
*50%
14%
1,300
26
12%
*13
110
31%
*54%
13%
50%
50%
No par
Bruns-Balke-Collender.No
7
2
9734 Feb
No\par
Brown Shoe Co
400
57%
£32
143s
*13
50%
*99
Brooklyn Union Gas
200
27
57
13
13
14
1,000
4
33% Jan
40% Jan
No par
8%
10%
15%
4
4% Jan
Bklyn Manh Transit..No par
$6 preferred series A-No par
5378
10%
10%
32%
*39%
10%
15%
110
45
31%
*78
1
40
8%
17%
55%
*55%
27%
31%
*39
45
*53
Preferred
700
26
58
39
*50%
1478
107
39
13%
10%
15%
110
3
3%
12%
12%
45%
5378
8%
*98
107
12%
,
45
*53
8%
6
69
Corp
43
8%
Jan
63% Mar
June
43
*7%
*37%
99
90
*54
Closed
113
No par
i
Feb 281
3
78
5
Bohn Aluminum & Br
15% Mar
18%May 8
10934 Jan 24
100
Boeing Airplane Co
19
Sept
11% Mar
1434 Apr 28
23
{Botany Cons Mills class A.50
£14%
45%
1%
14%
100
14%
*1%
14%
*1%
14%
*1%
1438
6%
1%
*6%
48%
Blumenthal & Co pref
27% Sept
11% Mar
2
8
Dec
May
14% Mar
72
4
Jan
1434
Jan
4
Jan 20
Nov
33% Sept
95
Sept
1434 Nov
117% Mar
24% Oct
2234 Dec
57% Nov
June
16% Mar
Jan 18
Dec
15% Nov
88
20% Nov
108% June
Jan
94
June
116
Oct
14
100%
8
48
100
80
20
Mar 11
2
20
par
20%
8,600
3,500
26
lll%May 29
18
Sept
25% Deo
49% Aug
115
Feb
21%
No par
21
76
8
Deo
Jan
83
20%
*91
2
Jan
10734
13% Jan
par
5
Bloomtngdale Brothers.No
113
5% Mar
May
Beech-Nut Packing Co
500
20
36
Feb
37
Jan
16% Apr 28'
110
Apr 30
*15%
Mar
June
Feb 28
18
5% preferred
20
7% preferred
100
Blgelow-Sanf Carp Inc.No par
20
Mar
35
(Del)-No par
20
8
32
Mar
Mar
107
Beth Steel
114% 114%
Apr
1834May 26
114% Jan 15
7%
9%
36%
106%
3%
50
2,200
19.10C
16
19
100
Beech Creek RR Co
8
40
28
21
Preferred
1,300
May
Jan
Feb'
7% Apr
110
54
17
28
49% Feb 28
117% Feb 3
2034 Mar 19
102
Apr 11
£20
1%
22
100
25
preferred
Beatrice Creamery
Bendix
5078
6% Feb 24
334 Apr
54% Feb
40%May
24% Feb
34% Feb
1st
Beneficial Indus Loan..No par
Best & Co
No par
35%
*78
Barnsdall Oil Co
7,600
16
*112
100
3,600
35%
113
No par
preferred
27%
16
36
100
conv
21
36
*112
Preferred
6
50
83
50
Barker Brothers
2,200
83
100
Bangor & Aroostook
~7J)66
2678
2078
53%
497g
100
Preferred
200
16%
53%
113
Baltimore & Ohio..
3,800
17%
17%
3
Apr 3CT
2%May 12
29% Apr 30
40%May 28
15% Apr 30
21
Apr 30
41% Jan 3
112% Apr 3
13% Jan 6
82% Jan 10
14% Jan 6
17%May 22
par
100
Pref assonted
11~600
110% 110%
22%
22%
111% 111%
*36%
377S
15%
*112
Preferred
100
86%
277g
21%
53%
17 >
17% £l67g
116% £114% 114%
600
16%
94%
50%
m
27
*35
114
14%
2J
116
*113
94
21%
53%
52%
1738
43
14%
28
f
43
94
21%
8,200 Baldwin Loco Works.-No
Assented
1,100
39%
17%
24%
*82%
<
„
*37%
17%
24%
14%
27%
113
177S
25
3%
3%
38
94
21%
17%
17%
116% 117
*34% 35%
16%
16%
*18% 20
41
3%
3%
38
*14%
14%
28%
r
112% *112
93
14%
28
117
17%
24%
16%
16%
16%
18
18
17%
17%
110% 110% *110
110%
22% 22%
2238
22%
111% 111% *111% 112
3778
*36%
*36%
3778
*111% 112
*36% 37%
*91% 93
14
*37
3%
3%
38%
16
110% 110%
22%
*111% 112
16
*91
3%
3%
38%
Feb 19
3% Jan 13
6% Jan 15
2% Feb 5
8% Feb
12
7
4% Mar
36
37% Mar
1
Mar
Apr
7« June
%
1%
1
Feb
Feb
21
Dec
61% Nov
53%
2%
3%
2%
5%
Dec
Jan
Dec
Jan
Dec
Mar
9
Dec
£35
Nov
2% Feb 11
19% June
% Mar
3
Jan
5% Feb 11
4% Feb 21
34 Mar
1% June
4%
Jan
12% Feb 21
20% Jan 2
3% July
4% Mar
10%
Jan
20%
Deo
5484
Deo
Jan 31
3138 Jan
6
20
Jan
56
Feb
6
3
Feb
8
34 July
2%
Jan
8
Jan 11
1% Mar
1% July
4%
Dec
7% Jan 10
3184 Apr 1
30% Jan 6
Mar
5%
9% July
Sept
25
4
Jan
1984 Deo
31*4
Dec
Volume
HIGH
New York Stock Record—Continued—Page 4
142
AND LOW
SALE PRICES—PER
SHARE,
Sales
NOT PER CENT
STOCKS
for
NEW YORK
Jw*
Saturday
May 30
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 1
June 2
June 3
June 4
June 5
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
8
8
*28%
9514
3H4
1714
80
■
'
81
6i2
3512
*96%
8
734
*28i2
9414
1714
79i2
6I4
34i2
9634
1714
65s
3512
97
1738
*87
38i2
98
*57l2
1414
10318
4414
109i2
17
3414
2734
2634
32i4
3314
34
34
34
27l2
27i2
*25
2714
3178
*19
29
*24
*119
53g
122
*3134
4212
'
19
*100
119
425g
19i2
6334
116
69
11258 *112
109
1634
3*8
314
34i2
8
25
*6812
7934
69
Stock
700
3634
3634
400
*86%
88%
50
88%
1*86
'*48
1534
16%
5%
2578
3234
5%
27
347g
*7%
343s
20
28
*23
*19%
30
*19%
77
1,400
19,100
1,300
8,700
200
1,400
*65
79
*78%
434
*105
1,300
47g
300
17
3238
31%
18,000
1,600
106% 107
47g
47s
4,400
11%
5
1178
106
20
*167g
106% 106%
1134
120
434
17
32%
...
79
1134
27,500
734
*758
8%
7%
7%
400
%
5,600
%
3g
234
16%
*258
16%
16%
15
%
2%
15%
18%
18
17%
18
13%
15g
18%
13%
15g
17%
13i2
134
234
16%
18%
13%
134
%
27g
13%
13%
134
76
76
76
76
76
7758
75
7678
74%
7534
765s
775g
9
8234May
1105s Jan
9
11534 Mar
$4.25conv pi ser of '35No par
Solvents..No par
13
15g
2%
134
No par
Preferred
Preferred
Consol Laundries Corp.No par
Consol Oil Corp
No par
1,100
230
12,200
2,600
1,700
400
7,300
No par
Consol RR of Cuba pref
100
Consol Coal Co (Del) v t
c.25
Class B
Dec
35i2 Mar
31
Mar
39i2
110
Jan
Oct
1534 Oct
B012 Dec
83
Dec
58
Oct
11912 Aug
72
Aug
11512 Jan
Oct
11
Dec
4534 Nov
9
Feb
21l2 Nov
16
2584 Mar
Jan
10
2
5
May 19
May
June
3
Jan
12U Feb 27
44% Jan 8
4
235g
Oct
Jan
Nov
1458 Nov
49
33i2 Jan
133s Jan 22
24
Nov
7
Mar
5812 Sept
11% Nov
20
Jan 10
July
2
78
Jan 15
62
Mar
74
Jan 27
85
Mar 24
69
Nov
82
Feb
85
Mar 25
72l2 Oct
3% May
1414 May
80
Mar
7i8 Feb 13
Apr 30
Apr 30
20i8 Feb 13
2714 Apr 30
38% Feb 17
3
108i2 Mar 11
102
Jan
37s Apr 28
IH2 Apr 30
101
Jan
6
Jan
2
SsMay
5
25gJune
5
678
15
105
Feb 13
June
5
1534May 14
1038
Jan
6
100
6714 Jan
67i2May
3
7
20
50
48i2 Dec
338 Mar
Mar
2
Continental Can Inc
Dec
27
15s Jan
2>32May 19
Rights
Day
497g
71
...No par
Preferred
Dec
2918 Jan
578 Mar
82
f Consolidated Textile..No par
5% preferred v t c
100
Container Corp of America.20
Continental Bak CI A..No par
40%
Feb 17
5914 Apr 28
7i2 Apr 20
325sJune 5
72i4
73i2
43s
1514
1
IOH4
Nov
3
67
No par
Dec
Jan
84 Mar
100
Consol Ed Co of N Y..No par
$5 preferred
No par
Dec
1712
7
65s Mar
5% Feb 17
100
.100
Jan
Dec
110i2May
2458 Feb 21
8
-
29
2U Apr 30
1578June
19
Prior pref ex-warrants
Consol Film Indus
5i2
5
Jan 10
97
100
Prior preferred
i2 Mar
Dec
Nov
Jan
56U Feb
llOU Dec
9778 July
16i2 Oct
No par
Consolidated Cigar
Preferred
Preferred
106
*105
234
765s
Jan
preferred
Conde Nast Pub Inc
110
*75
47g
17
3134
5%
12
69'
69
110
47g
5
106
*75
55
5Vi%
Connecticut Ry & Ltg....l00
38
76
Comm'l Invest Trust.-No par
Conv preferred
No par
230
17
*75
100
8
*17
%
17i2
1314
1&8
9
Jan
Congoleum-Nairn Inc. .No par
Congress Cigar
...No par
*1634
17
32% 33%
1063s 1063S
734
Jan
2,600
*75
2158 Apr 8
Apr 13
93
Apr 15
647gJune
11658June
102
Jan
8
33%
*78%
April
44
Commonw'lth & Sou ...No par
$6 preferred series...No par
10
4
z45% Jan 22
5114 Jan 23
8084
59,600
1,400
Mar
110
Credit
3%
8%
2
6
684
Dec
21
Jan 11
10
Commercial
Commercial
21%
8
100
preferred
2
109
Feb
31
Jan
6984 Mar
Dec
7
No par
Jan
50
10714 Dec
3778Mar 11
No par
14
Mar
22l2 Dec
36
9012
Jan
9
Feb
134
42i2May 26
101
Mar
7
100
Dec
21
585g Deo
5
2
Preferred series A
93
1518 June
1034
Jan
No par
Columbia Gas & Elec__ATo par
126
72i2 Nov
533s Apr
938 Feb 19
Jan
May 20
Aug
Dec
May
3614 Feb 20
49
16
2
Jan 15
2434 Mar 24
94
100
v t c
16,300
8%
112
2
16%
18%
8I4 Jan 6
35s Mar 16
24 May 2
5
20i2 Jan 6
106i2 Feb 28
5158 Feb 3
2112 Jan
1918 Jan
5%
1,000
3912 Apr 30
107U Jan 3
4
5778June
100
Col Pict Corp v t c
$2.75 conv pref
21%
*105
4% 1st preferred
4% 2d preferred
1,100
27
106
100
4,000
25,800
par
100
Columbian Carbon
*20%
5
Preferred..
Colorado & Southern
*7%
*65
77i2
470
32%
75
234
*163s
76
40
440
No par
8
343g
18%
75
27g
tColorado Fuel & Iron.No
27
38
17i8
1714
13i2
184
Colonial Beacon Oil
1,200
*21
1134
100
2,060
11%
*478
Preferred
*7%
34%
76
110
Collins & Aikman
1,300
76
June
52S4
1,500
67
8%
Oct
48
July
1,700
67
79
87
June
20
13i4May 22
1023sMay 19
68
69
Dec
48
Colgate-Palmolive-Peet No par
6% prel erred
100
68
79
80
10078June
27g
8%
8
Feb 20
Jan 31
11%
5
50
Jan 15
12
17
87
Apr 28
5558 Jan 16
590
Aug
May
Feb 26
Mar 30
No par
89
48i2 Dec
48
(The)
Dec
May
6% Nov
275g Dec
275s July
48
Class A
80
100
2
82
Coca-Cola Co
12U May
Dec
Nov
937g Deo
247g May
Mar
50
69%
8
34%
*8%
6984 Sept
3% Apr
9
26
46
4% bet'm't stk.60
guar
157g
*17
Oct
19
5
24
18
14
84
7,800
110
109
Feb 10
12
86i2 Feb
73gMar
46is Mar
97 May
11084 Feb
124
25
*7i2
76
5%
257g
90
IO714 Jan 4
35
Apr 27
Feb
Mar
No par
12
478
Cleveland & Pittsburgh
29%
30
*32%
*23
100
2334 Jan 21
9
31
No par
200
14
33
3214
IO6I4 106i2
434
434
1134
1178
C C C & St Louis pref
Clev El Ilium Co pref ..No par
Clev Graph Bronze Co (The).l
2034
5%
2578
34%
177g
18%
5%
2578
33%
No par
.
13,700
18%
*1634
Equipment
2
2
7
3% Mar
Mar 25
36
70i2 Feb 7
127i2 Feb 26
*11%
91S
Clark
Spec
*17
8
City Ice & Fuel
1184 Jan 24
10378 Apr 13
1978 Feb 14
Cluett Peabody & Co ..No par
Preferred
100
537g
*51
54
27%
*65
%
1,100
*48
*52%
55
80
*105
1312
1&8
Memorial
10834 10884
69
8I4
38
Closed
*75%
10834 10834
3634
3634
80
106
*234
17ig
1634
*85
*68i2
7934
77i2
514
1612
16%
33
32i4
IO6I4 10638
434
434
12
1134
8
34%
33%
12
*8i2
8i2
68
8
11%
*21is
*105
Jan
35i8
18i2
*17
12
*20is
8%
Exchange
64%
11658
6912
11214
*714
34i2
18i2
*5
Jan
484
117
11734
*117% 118%
11834 119
35
35%
32
34
3534
3434
43
43%
4278
43% 44%
43%
18%
18%
18%
1878
1834
19
1017g 102
10178 10178
101% 10134
*90%
97
*90%
97
*90%
97
62%
63%
63%
64
637g
64%
*113% 115%
116% 116% 115% 116
69
69
67%
6778
69% x68
11034 11034
112% 112% *11034 11178
70
12
*75
'
97
69
70
*714
343g
*
Jan
72?8
5
109l2 109l2 *109% 10934 xl09% 10934
16
17
16%
1658
1658
16%
3
3
3%
3i8
3%
31s
17
70
*17
4212
1938
*90i2
71
108
33
101
101
97
*9012
6478
63l2
11534 H612
*112
1514
__100
City Stores
3038
27%
*24
119%
32l2
42i2
1834
3234
101
z69
No par
Preferred
500
88%
*5238
16%
5%
2534
53g
8
250
*48
16i2
53g
2612
27
3
Jan
8512 Jan 21
6%
33%
10858 109
16l2
53fi
Jan
25
5
17%
6%
34%
134%
..^ *127
134% *127
134l2 *126l2 134l2 *127
98%
99
99
10078
97i2
9878
98i8
98% IOOI4
58
57%
57%
57i2
*5758 5734
5712
*5712
5734
14
1334
14%
14%
1458
1438
14i2
1414
1412
102%
10334 103L 103i2
10358 10358 1102% 1025g 102%
43
43
42%
4284
42%
425g
4458
43i2
43%
111
110
110
109% 109% *109% 111
10912 *107
17
7
25
80
*87
—
No par
...
Corp
*6%
87
•
$ per share
17
3834
56
$ per share
79%
*36i2
*523s
$ per share
17%
80
38%
*48
56
Chrysler
Highest
$ per share
17%
*79%
*6%
34%
87
■mmmm
*126
«.
48,400
1,700
Lowest
92%
6i2
97
•
933g
Chllds Co
Chile Copper Co
31%
*29
Highest
94%
80
*6
97
Par
500
8
*7%
734
31%
Lowest
97
80
34l2
734
*29
Year 1935
On Basis of 100-share Lots
EXCHANGE
9234
38is
*48
*5214
3U4
9558
17%
658
*109
3812
734
*28i2
9434
17%
80
*9612
*108
734
3114
9512
Range for Previous
Range Since Jan. 1
STOCK
Week
$ per share
3803
6j8 Feb 10
15i4Mar
105%
lli2
158
438
6
Mar 11
Feb 5
Jan 16
Apr 18
20% Apr 17
26% Mar 9
1918 Mar 3
234 Feb 21
7734 Jan 11
8714 Jan 13
3'
32May 23
1578 Feb
72is Feb
li2 Mar
6i2 Mar
100i2 Dec
2i2 Jan
38 Aug
22
Dec
7%
22%
Jan
Jan
Feb
3484 Nov
10518 NOV
638 Dec
I214 Dec
10H8 Dec
814 Dec
13g Nov
Apr
2318
1178
178
Dec
58
46%
6234
Jan
69
Dec
Jan
9914 Nov
7
Jan
20i2 Dec
447g Dec
234 Nov
4i2 Mar
Dec
Dec
4
19ig
3834
19i8
185s
19
19
1978
19%
20%
1938
193g
5,000
Continental Diamond Fibre..5
3878
*3834
40
3878
387g
39
39%
39
39%
1,500
Continental Insurance
258
2%
25g
2%
7,000
Continental Motors
1
28%
9,100
Continental Oil of Del
5
33
2%
28%
*31%
60
60
2l2
2812
32i2
29
2814
2%
2834
3234
32
5934
6OI4
60
78%
♦163
79i8
79ls
7734
165
163
163
4%
4l2
4%
458
35%
25U
35%
35%
3538
2512
25
25%
5358
78%
*160
4%
353g
25
2%
28%
2878
*31
33
60
597g
75%
78%
165
*161
23g
2&8
28%
2878
32%
*3034
32
500
60
*5934
60
250
76%
9,000
164% 164%
300
76%
78
165
4%
4%
434
35%
434
35%
434
35%
25%
35%
3534
24
25
24%
24%
54
53
52%
53%
52%
53
535s
54
46
46
45%
45%
45%
4538
*4512
*45%
46
10834
10834 *102
10834 *101
106% *102
10834 *102
734
734
8%
778
*734
8
8%
75g
778
8%
31
33
33
33
*31
3284
31%
327«
32% *30
*106
107
107
107
107
107
10678 107
*106i4 10678
1%
1%
*15g
134
112
1*2
1*2
1%
1%
1%
1312
12%
1234
12%
12%
*12%
1338
*121S
12%
12%
10
10%
lOSg
10%
10%
10&8
10%
IOI4
10%
10%
95
97
97
96
96
*96
96%
*96
95%
96%
37
37
37
36%
36%
36% 36%
3678
373s
37%
17
1834
18
17%
1734
1678
1734
18U
1778
177g
5318
*10278 103
65g
6i2
10234 10234
10234 10234
102% 1027g
6
6%
15
15%
163s
15i2
16i8
1578
10278 103
6%
638
15%
15%
*61
68
60
61
*57
68
*57
68
*57
*36
45
*36
45
*36%
45
*36%
45
*36%
*8i4
5512
834
54
76
78
7534
29i2
29i2
2338
29i2
55
2314
4U4
16%
*578
140
*334
2314
40i2
42
17
1612
*57g
6%
141
54i2
834
76i2
2934
23%
4034
1634
*8%
*139
6i2
141
9
*4
8%
6%
15%
535g
6%
54
*8%
75%
29%
51%
*8%
7438
*29%
2234
834
76%
29%
23
x51%
834
23%
40%
16%
*6
*138
*4
39
40%
155g
16%
*57g
6%
141
*135
155s Mar 16
500
102
3,100
$2.70 preferred
No par
Cr W'mette Pap 1st pf.No par
Crown Zellerbach v t c.No par
1,700
Crucible Steel of America.-100
28
*4
8%
18
*10%
18
*10%
18
52
525s
*51
53
52
52
*10%
*50%
36i2
36l2
*35%
*10i8
a40
•
2214
5934
*814
5758
32
36
40
61
59U
8I4
834
583s
*li4
518
32
1,000
70
2,400
410
700
3,700
1,600
178
5%
14
*115
5I2
15
75%
7534
3,100
2934
23
2234
29% 2934
2234
1,800
6%
6%
139
*4
8%
*10%
*638
658
6I4
163
16212 162l2
*169
327S
734
36l4
112
1284
166
33
*
36%
*35
52%
36%
~32i"2
33i8
784
77g
3612
8
153g
13i8
6i8
1578
69
70i4
6412
36
♦1117s 113
1258
12i2
6%
6i8
1478
15l2
6812
69%
65
6
For footnotes see page
6%
163l2
63
3800.
64
6% pref
Cuban-American
Sugar
100
Preferred
Cudahy
-
-
-
-
500
50
Packing
Curtis Pub Co (The)...No par
Preferred
No par
Curt iss-Wright
1
1
Class A
Cushman's Sons 7%
preferred
pref--100
...No par
Cutler-Hammer
Inc__.No par
Deere &
5
400
Delaware & Hudson
Delaware Lack & Western. .50
pref .100
Denv & Rio Gr West
100
Detroit Edison..
5%
*1334
5%
*1334
15
5%
5
*114
*12
6%
163
22
*12
32%
8%
3534
357g
111% 11134
1234
13
164
104
32
32
900
10
3178
7%
323S
8
*7%
734
1,800
34%
3584
343g
3434
3,600
112
111% 111%
112
1,400
200
Ltd No par
No par
Dres8er(SR)MfgconvANo par
75
Nov
Mar
47
Deo
984 Mar
6
6
June
488
Jan
4
128
May 12
52
Feb 20
23is Feb 20
93s Feb 7
153
Feb 17
I8I4
41i2
784
505s
29
Jan
Apr 30
Jan
2
Apr 28
Jan
Jan
6
6
10
Jan
3
23i2 Mar
19ig
Jan
Feb
5
Deo
65
Mar
130
Dec
2
Aug
11
1378May 19
100
114
I)&Co.20
133
6% non-voting deb
100
Duquesne Light 1st pref
100
Durham Hosiery Mills pf_100
129
Du P de Nemours(E
Mills....—5
Feb
8
Apr 30
Feb
7
112
Mar 23
18
Mar 11
6I4 Apr 30
Apr 28
Eastman Kodak (N J) .No par
156
100
158
6% cum preferred
Eaton Mfg Co
Eitingon Schild
Elec Auto-Lite (The)
Preferred
Jan 27
No par
No par
5
28i2 Jan 6
584 Apr 28
3034 Apr 27
100
llOU Jan 23
10
Apr 30
684 Apr 29
683 Jan 2
3234 Jan 2
6
6
4,100
147g
26,600
Electric Power & Light.No par
68
69
66%
3,300
$7
preferred
No par
64
68
63
66%
635s
66%
60%
62
62%
2,300
$6
preferred
No par
Electric Boat
2912
Jan
2
Mar
li2
6
Jan
19
Deo
35i2 Aug
503g
Jan
5%
Oct
41
Nov
6
26i2
343s
Jan
Jan
41% May
2
33
Dec
38% Dec
61%June 4
1178 Jan 23
7584 Jan 30
37
Mar 26
?4% Jan
684 May
17% Mar
44&S
13i2 Mar
688 Mar
32
184 Jan 15
No par
Sept
Mar
1878 Mar 26
Eastern Rolling
10i2 Deo
6884 Nov
345s Jan
5sMay 20
Us Jan 6
6 May
14%
8,600
Nov
June
16
5i2 Jan 10
15%
1234
x95
61
6
100
—100
14%
123g
Jan 6
75s Apr 27
Mar
6I4 Mar
Mar
Convertible class B__No par
Duluth S S & Atlantic
6%
..
7012 Jan 27
65
42
1538
6
May ?9
8
6%
1234
Mar
43
2
1478
6
73
3378May
3
Elec & Mus Ind Am shares...
12%
2
Jan 21
38
Preferred
"i',266
2484 Nov
105U Jun
45g Dec
12i4 Dec
90
Participating preferred--.25
Duplan Silk
164
Dec
Mar
9i4Mar 11
2H8 Mar 9
4314
Dec
8OS4 May
47i2 Jan
15
6
May 28
Jan 15
Deo
8i2 May
37
10i2 Jan
4
Dec
14
89i2 Mar
60
213a Jan 31
58
Apr 8
40i2 Jan 25
100
22
4
Jan 10
800
6%
6%
6%
6%
6%
*160% 161%
163% Xl61% 162
*
323g
77g
*12
22
Feb
Apr 29
Apr 7
15
300
44i2 Jan 14
2414 Apr 13
104
4
Dunhill International...--..1
"5" 300
Mar
15
Preferred
•
102
Sis July
40i2 Jan
42
5
*1334
15
*114
Jan
Co—100
Douglas Aircr Co Inc. .No par
5
5
5% non-cum preferred-.100
Raynolds A..No par
Diamond Match
No par
Devoe &
5,300
17g
18i2 Feb
1414 Mar
Deo
218
28
55%
*1%
Jan
24i2 Dec
43i2 Jan
55%
17g
1
Jan
57%
*1%
278 Feb
Dec
105U
Dec
56%
178
47i2 Apr
Dec
38
1878
Dominion Stores Ltd..No par
*1%
6
Mar
19
Dome Mines Ltd
900
Mar
14
Nov
918
6
200
300
115
Feb 18
48
100
7
8,300
......
41
4
Feb
60
8%
1
1084 Mar
23i2 Mar
43i2 Jan
74i2 Mar
3i2 Mar
Dec
Mar
59%
*83s
15
Jan 30
75g
3978 Mar
193)} Dec
4878 Nov
26
8%
3034
99i2 Mar 13
105
U84 Sept
Dec
783s July
May
165
31
61%
*84
Jan
3778 Jan 10
27i4May 5
6334 Apr 15
4778 Apr 28
Oct
60
148U Oct
4i8 Mar
357g Jan
2
8%
3034
63i2
79% June
10812 Apr 15
73gMar 6
Jan
6034
884
*13
Jan
Deo
19i2 Apr 28
3684 Jan 20
1478 Apr 30
*83g
1
618
69«4
27
Corp.10
100
60%
3134
13%
4
li2 Jan
101s Apr
35
4I84 Mar
20
Preferred
Deisel-Wemmer-Gilb
Distil Corp-Seagr's
*84
167sJune
Apr
95i2 Apr
1518 Mar
Jan 14
69
2284 Mar
4,000
313g
13%
35i2May
4
30
29
2
28
7
7
26
38% Feb 11
Apr 8
46
6
21%
14
1
7%May
Jan
89i4 Apr
40
31%
7
4
Jan 27
34
7
21%
57
Jan
45i4June
2878 Mar
Mar 20
Jan
40
56
435s
5
Feb 11
4
52
22
300
Mar 27
243gMar
46
No par
Co
Det & Mackinac Ry
500
100
10
40
164
3678
112
22
5,400
m
18
*51%
Cuba RR
No par
21%
59%
*114
*12
22
2,200
8%
18
52%
144
140% 141%
14312 144l2 142
14378 144
14138 14278
12934 12984
129l2 129i2 *1293g 12934 *129% 12934
12934 12934
*llll2 114
*llll2 11312 *112% 113% *112% 113% *112% 113%
*12
800
157g
*57g
*137
(The)
Davega Stores Corp
39
15%
16
Cuba Co
8%
1,200
100
Preferred
40
31%
*115
40
No par
22
*13%
*34
178
10,000
Crown Cork & Seal
40
14
1
30,400
No par
2134
32
*1312
*34
*114
*5%
*1334
1
36%
*39
2212
6O84
8%
58%
565s
32
*35%
40
22
1512
14
36%
*39
2318
*13i2
*s4
,
400
75
140
414 Apr 30
35
884
38%
3
Jan 14
162
Crosley Radio Corp...No par
*8%
40
2:68% Jan
Cream of Wheat ctfs...No par
......
51
6%
25
100
Preferred
6
Coty Inc
45
50
6I4
Corn Products Refining
Jan
4,600
4,800
68
16
•
Continental Steel Corp .No par
Corn Exch Bank Trust Co .20
18
3512 Apr 30
218 Apr 30
28%June 2
29
May 19
5514 Apr 30
2,200
1,400
*45
*103
2.50
3
8i4Mar
9
I8I4 Jan 17
115i2 Jan 31
153
Apr 8
13318 Apr 1
11584 Feb 14
25
Jan 13
978 Feb 11
170i2 Apr
160
1
Mar 13
37
Apr 6
914 Jan 30
4458 Feb 19
114
14 June
14 June
Jan 15
Feb
6
173s Feb
4
2
June
1234 May
103
Mar
125g
Jan
Nov
17*2 Dec
1
Dec
18g Dec
19
Dec
Aug
116
Nov
8U
865s Mar
12678 Feb
146i2 Nov
132
Oct
104
Feb
115
Aug
12
Nov
384 Mar
27i2 Dec
8
Jan
110i2
Jan
172U Nov
141
Jan
164
1658 Jan
314 Mar
193s June
107
Jan
3058
July
Oct
83s Nov
38*4
Oct
113i2 Sept
1484
784 Feb 21
163s Mar 17
71i4May 26
378 Mar
55s Sept
1% Mar
3
Mar
345s
66
2i2 Mar
3I84
May 26
Dec
5838 Dec
838
Dec
Feb
7i2 Aug
Deo
Dec
i
New York Stock Record—Continued—Page 5
3804
AND
HIGH
LOW
SALE PRICES—PER
SHARE,
NOT PER " CENT
Sales
STOCKS
VOP TC
Ulvi\
ATT?W
for
*
JNJdW
Saturday
Monday
Tuesday
Wednesday
Thursday
the
June 1
Friday
May 30
June 2
June 3
June 4
June 5
$ per share
Shares
$ per share
$ per share
4578
$ per share
45
4578
*5S
34
*1*2
45
58
2
*112
67
65
*11314 114
15
1434
45
*>8
15g
*64
$ per share
4584
45l2
*5S
15g
58
1*2
1*2
65i2
11314 114
*14
1414
65
*64
11314 114
45*2
x45
34
15g
*64l8 65*2
11314 11314
14
14
*67
71
7034
71
*74
80
76
76
*76
80
*76
*76
81
81
*81
83
*81
84
13
2OI4
1314
6I4
6i8
1278
6i8
127s
2014
20
20
1314
*1212
•
1312
6I4
34
700
1&8
400
65i2
113*2 113i2
100
*12l2
*1912
*12l2
1278
1434
13*4
73
110
13*2
73
73
76
1,500
500
76
300
■
*81
*12i8
13&S
*13i2
135g
6% part preferred
3034
3114
6
*55S
234
6
5% Pref
1
$5 conv preferred
No par
3
25«
3
3
14
*1314
*4914
*13
50
*146
13l2
4914
48l2
14934 *143
*2014
21
*9412
95
149i8
*3714
3758
*2Q14 21
94i2 94l2
*45
47
*45
3734
38i4
79
93s
76
81
June
Erie
11
758 Feb 21
1758 Feb 21
2734 Feb 21
1,000
Fairbanks Morse & Co.iVo par
100
6% conv preferred
100
Fajardo Sug Co of
0 Rico_20
Federal Light & Trac._
15
100
33g
V --V'
:
33s
3*8
26I4
4012
*2314
314
26i2
40i2
1378
12l2
49
*4514
*28
73S
36
49
49l2
48l2
*93
94
*44i2
47
8034
914
*78
82
*78
83
9
9
37
203s
9l8
*33s
3i8
3l2
314
26l2
26
2038
918
35
36
29
*29
73g
35
36
*10914 114
*10914 114
28l2 28l2
283S
2812
*106
107i2 *106
107
J07*2 *106
3034
3134
305s
3034
3034
307S
29io
*64
68
*64
68
*35
39
514
35
35
5
512
1234
13l2
*12is
93«
912
93g
*10378 106
*1037S
4912
50i4
48i2
25
25i8
2578
IH4
1H8
lllg
*147
149
*147
514
1314
938
106
4938
25is
IDs
149
Flrt preferred
100
16
Second preferred
100
1134 Jan
1,000
4,300
Evans Products Co
Exchange
Closed
*64
30
*147
149
8
10i2
1H8
25
25
25
*23i2
851s
5634
*81
89
*82
5634
3778
Memorial
39
3914
Day
30
2
*30
/ *J.
;■
2
*29
29
55
500
Erie & Pittsburgh
Eureka Vacuum Cleaner
50
9
*87g
334
26
68
26
*145
8
*734
10
149
100
1,600
1,300
100
2,300
105
20
3058
3,200
68
30
734
25
24
24
40
90
600
190
2,600
200
400
734
*81
10
3,800
2478
85*8
5734
*141l8 14278 *141*8 1427g *141*s 14278
38
3778
37&s
37i8
3734
3738
37*s
393g
3878
39
3938
385g
39*4
3938
2
2
2
2i8
2
2i8
2*8
85i8
57
57
*81
57*2
57*2
32
*2814
49
*30
*30
55
,
32
500
■«.
-
5734
*30
*30
-
50
*30
*30
60
25,800
14,300
3,300
50
55
64
64
*1191s
63
6214
12012 12012
*3012 3178
*7
64
120
120
4912
*108
120
6134
6234
12012 12012
3014
30l4
55
*34
-
29
3512
4U2
1534
7
49 s8
4912
*108*4
37g
82
3?s
38
37i2
*116i2
2l2
23g
38
*35
35
2*4
*28*2
*34*2
4U2
*37
42
*38
23g
8212
11
16
157s
*115
122
20
20i2
'32
'is
4l2
83s
1578
434
*115
8i2
16
122
1912
IO6I4 1063s
'$2
'l6
434
434
83s
8i2
16
16i8
*115
25i2
24
2OI4
90i2
2434
93
91
91
*85
9
9
*9
91
*85is
24&s
*91
9
95g
*941,
96
2i2
*3i8
*358
*1658
*85
9412
25s
9412
258
2l2
338
3's
3i2
334
338
193g
*86
24i4
9412
212
*314
3l2
*1612
122
1978
90
2412
1063g 10638
3
64
'l6
434
*4*2
8*4
83S
1578
*115
19
*87
2334
24l2
2313
91
90
9
94i2
258
33s
3i2
167g
95
3578
144
25g
3*4
3i2
167s
27
3078
1734
*30*4
4018
17i2
3934
17
3938
3012
1712
3938
307s
*17i2
3534
361i
36
3638
14512 *144
63
*5012
2478
25
*68
25
*834
200
72
145
63
*50i2
2434
2512
*68
72
68
68
5814
*2i4
*27
5814
2i2
3534
*27
*1458
16
*14
*40
43
*41
42
40
*34
40
*35
40
*338
334
1,500
17*2
26*2
1,700
26*2
31
30
30*4
17*4
17*4
38*2
17*4
39*4
383S
3834
2,400
1,900
26,500
36*4
36*2
36
*140
17
500
145
*50*2
25*4
145
63
*33
11512
34U
*36
37
8ia
5658
57i8
*218
258
3534
1578
115
115l2
*33
3414
36
8i2
*111
8
3512
*15
*15
112
25*4
10212
3412
34i2
*'225s
-
-
-
-
page
No par
Gen Public Service
No par
Gen Railway Signal...No par
100
Gen Realty & Utilities
1
86 preferred
No par
Gimbel Brothers
3
50
5
47i8 Mar 21
7012 Jan 6
Mar
5934 Mar 17
117i2 Jan 13
5378 Jan
6
Jan 27
185s Jan
Feb 17
50
Mar 21
105
Jan 17
108
Mar 14
312 Apr 28
3212 Apr 28
50
Jan 10
28
4412 Apr
60i2 Feb
8
7
185s Jan 16
8184June
3
90
684 Jan
100
100
15l2
14
40
*38
41
*38
2*4
6
lU4May 27
69
Jan
6
86i2Mar
4158June
5
5514
100
10538 Apr
'64June
4
4
378 Jan
2
Prior preferred..
Rights
Preferred
100
Goodyear Tire & Rubb.No par
1st preferred
No par
Gotham Silk Hose
Preferred
No par
100
Graham-Paige Motors
1
7
Apr 30
15i4May 21
116
Feb 10
1358 Jan 21
78
Jan
6
2184 Jan 21
87
Jan
2
8I2 Apr 28
77
Jan
6
212 Apr
9
3
Mar 27
3i8 Apr 30
16
25
Apr 29
Apr 30
3014 Jan 29
2812 Jan 16
3934
100
200
Gulf States Steel
112
112
I02l2
*97
102*2
8
*97
3334
35
8t8
34
*734
*14
35
8
15*4
35
*110
*97
*32*2
33*2
32*2
*124*s
*124*8
*1478
1434
147g
*145s
1087s 1087s
10834 10834 *107
578
578
534
534
558
15 >8
1,000
15*4
100
112
30
I02l2
34
*124
270
778
3212
-
-
-
«,
•
-
-
•
1,100
-
15*8
--
558
400
Jan
2
3214 Jan 6
178 Apr 28
5012 Mar
22
65
Jan
Preferred
9
Apr 28
May 21
114i2 Jan
s16May
7i2 Feb
lOU Feb
213s Jan
116
6
Jan 14
27
Oct
Mai
Aug
•76
Nov
6 14 July
145i2 Oct
407s Nov
3778 July
H2 Aug
15i2 Aug
18
Oct
6134
5978
Feb
Jan
10
Mar
3
Aug
175S Feb
80
109
Jan
84 Apr
1434 Mar
1684 Jan
14
Apr
12
Mar
70*2 Jan
2i8 Mar
18
Mar
2358 JFeb
104?s
Jan
lis
Apr
6
Feb 19
Mar 20
Jan 15
Jan 15
35i2 Apr 2
333s Mar 25
33i2Mar 9
20i2 Feb 19
44
Feb 21
3
1438 May
104
Dec
7i2 Mar
40
Mar
1534 Mar
Apr
2i2 Apr
20
Apr
70
1*4 June
514
2*4
143s
18i8
2234
May
26
Mar
Mar
Mar
Mar
Oct
39
Mar
9
145i2May 20
55
Feb
9
283s Mar
2
95
Jan 23
265s
119
Jan
Jan
21
22
105
Nov
Dec
1412 Dec
82
Dec
2678
Jan
92
Jan
IOI2 Deo
85
Dec
412 Oct
13&S Nov
5
Jan
2934 Jan
3538 Nov
3314 Nov
3814 Sept
Dec
Apr
Jan 24
118
Mar
6
48
Mar
May
6
2H4
Dec
Dec
6i8 July
74i2 Nov
1
Feb
19
Feb
4
Mar
234
4314
lli2
3414
3312
30
Jan
4
34
June
4
36's
6
Jan
9
14
Jan
2
lli2 Apr
2138 Feb
109
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac. No par
Preferred
,100
120
4
Feb
Dec
Dec
Jan
3034
Dec
Jan
35
Dec
4
Mar
8
4
6I2 Apr
8
163s Mar 25
Mar
Dec
Nov
30
105i2Marl8
4158 Apr 1
Apr 23
Jan
108
May
May
6
Jan 16
126
9
May
7
34
115
50
Mar 19
312 Feb
119
3478 May
140
95
Feb
Mar
458 Apr 30
Jan
34
6
2
Oct
434
2858 Dec
12
Hayes Body Corp
111
Apr
255s Nov
3
1,500
Nov
19l2 Aug
Aug
884 Dec
7534 Dec
49i2 Dec
93
16
6
Jan 20
51
35*8 Dec
Mar
104*8 Feb 17
Oct
3*s Dec
3918 Dec
33i2 Dec
Mar 16
Mar
..100
Oct
4i2 Nov
4H4 Dec
95s Mar
55
6Yi% preferred
Dec
914 Mar
48
20
Dec
6I4
109
7
3
21
42&s Nov
93*2 Jan
li8 Mar
1558 Mar
2
May 19
30i8 Jan 3
Feb
72i2 Oct
xl20*2 Dec
265s Mar
593s NOV
Nov
xl07*2 Jan 120
116
2838 Jan
102
Aug
Apr
Jan
1984 Mar
May 19
18
1584
32
2
12
146
17
12i8 Mar 11
95
Apr 4
4i2
IH4
63s
2358
11
914 Jan
3012 Jan
1
Dec
Dec
Sept
Dec
Nov
Oct
22
2378 Apr 15
9812 Apr 15
3178 Apr 15
9934 Feb 17
25
Hat Corp of America cl A
13U
1078
10018
48i2
22i2
a:133s
Mar
100
Jan
Deo
Mar
28
Feb 10
Hall Printing
10
Hamilton Watch Co ...No par
Preferred
.100
7% preferred class A
55
47*2 Dec
53s Nov
4
8OI4 Jan 27
105
Nov
Nov
19
46i2 Nov
127*2 Jan
20i2 Jan
30
Sept
*4 Feb
39
25
70
305s Nov
125
638 Nov
18i2 Nov
7
100
Dec
Deo
3618 Nov
103s Nov
4834May 11
184 Jan 7
.100.
30
111
Mar
2612 Jan
No par
Hackensack Water
35
77g
*14
16
Mar
100
Preferred.
50
100
Greyhound Corp (The)
5
Guantanamo Sugar
No par
3912
*35*2
39*2
35*2
35*2
115io 11512 *115
115*2 *115
115*2
*33
34
*33
*33
34*4
3414
112
34
Greene Cananea Copper
Gulf Mobile & Northern
Preferred
*110
*124
*27
Jan 24
No par
100
7
14
16
*2l8
Feb 21
5
6
2*8
3534
3534
*14
118i2Mar 14
378 Jan 21
30
30
Jan
2*8
*27
4
June
15
Jan
80
5
Feb
43
31
2,700
638 Feb
25
136
56*2
May 16
333s Apr 25
834 Mar 5
38
Preferred
.100
Green Bay & West RR Co. 100
Green (H L) Co Inc
1
6878
122
3
40
2,600
121i2May 13
71
Apr 6
2
534 Jan
2
Apr
26i2May
3314 Apr
3212 Apr
July
25*2 Dec
10278 Dec
5878 Aug
2
8
1912 Jan
106
114
514 Mar
43s Feb
No par
;
Glidden Co (The)
Mar
Jan
Mar
Mar
115
Feb 13
39
118
Aug
r
36*2
63
Mar 10
3912 Apr 23
3
I45l2
x6878
56*2
258
3534
*14
57
15
111
3800
72
*2i8
*27
56*4
15
102l2
33
*68
35
15
15l2
147g
*107
10Si8 *107
1087s
534
578
534
534
see
10
No par
Gen Outdoor Adv A...No par
Common
No par
General Printing Ink..No par
140
Great Western Sugar..No par
2534
56s4
8is
15l2
*97
*1478
For footnotes
17
Mar
1134 Jan 11
1558 Feb 11
3334 Feb 10
2
2.400
25*4
5634
36
,
111
*97
534 Jan
Grant (W T)
No par
Gt Nor Iron Ore
Prop. No par
Great Northern pref
100
Rights wi
*50*2
150
6
Grand Union Co tr ctfs
1
Conv pref series
No par
Granite City Steel
No par
Part paid rets
No par
334
17*2
267s
Jan 23
7^jMay 20
Feb
Gr'by Con M Sm & Pr stpd 100
3*2
141
I:
(
600
165g
267s
5
6
1438 Jan
Feb
5,200
40
Feb
3434 Feb
50
9478
258
3*2
2l3
*3*4
63
2
Jan
Jan
...100
General Motors Corp
$5 preferred
7
5*2
8434
3258
1134
738
Jan 27
1034 Apr 28
Mar
484 Mar
78 May
1212 Feb 19
104i2 Apr 21
19
1,600
*35l2
*115
Preferred
15
Jan 23
Feb
9*4
*94
Feb 20
Feb 29
22
17,900
*144
63
27
95
2*2
27i8
144
*5012
2434
100
90
9
27i8
3014
8834
*89
*1gi2
3018
1734
4138
2i2
357«
90
1912
8884
3014 Api
17U Mar
112i2 June
Feb
Feb
48
7,700
19*8
Apr 14
Jan
9,500
1978
978 Mar
603s Mar
1984 Mar
14,
Gold & Stock Tel'ph Co...100
Goodrich Co (B F)
No par
16
122
3
1
Feb
4178 Feb 17
No par
3,200
5,700
16
*115
Jan
17
Feb 17
5 &38
3412 Apr 30
333s Feb 18
78 Jan 2
No par
No par
General Foods
Gen'l Gas & Elec A
8*4
'8*8
16
6
145i2May 12
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold Dust Corp vtc...No
par
1,100
May
Jan 21
63,000
122
3*4
7% preferred
General Electric
Preferred
63s Jan
934 Dec
25
45*4 Deo
25
Sept
21
95
'32
434
938
91
17
2912
1712
40i8
23s
900
24
28
28
'61
*4*2
10,000
303s Deo
5812 Jan 14
680
415g
Feb
5
106*4 10638
45*4
19
2U Mar
20U Jan
9
2
5
2
9,800
82
45
700
May
11
2
44*4
82
82*4
1038
82*2
5,500
6
8
6
Jan
General Refractories...No par
817g
1034
82l2
4514
1,800
Mar
May
Apr
Nov
11
7012 Jan
Gen Steel Castings pf.-No
par
Gillette Safety Razor..No par
Conv preferred
No par
817g
10*2
1034
106i8 10612
2*s
106*4
1318
84i2
443s
22
5378May
260
8134
8212
200
Apr
100
34*2
41*2
15*2
8234
105g
8212
8134
45
No par
Preferred
*37*2
83
32
38
xl5
4519
800
16
_
Feb 28
No par
100
preferred
General Cigar Inc
300
16
10i2
5
$6 preferred
334
2
No par
900
40*2
45
800
25
*
4
8i2 Dec
4i2 Jan
Si8 Aug
4912 Feb 14
4i2 Feb
26*2June
42U Apr 30
No par
General Bronze
29
1534
8258
1,100
-
16
11
11
---
1534
16
46
3
37*2
*116*2
29
«.
300
J,
_
334
*35*4
34i2
-
84
812
*108
29
-
1,000
4934
353s
»
1078
458
*4834
29
*3414
4112
1534
—
84
8i2
49*2
4
5
General Cable
Class A
cum
Jan
384 Mar
July
78 Feb
16*s Mar
28*2 Mar
2
8i2May 20
5
$7 pref class A
No par
$8 pref class A
No par
Gen Ital Edison Elec Corp...
General Mills
No par
58,700
7
*116*2
23g
2*8
29
*28*2
3434
3438
-W
4514
'.6
4l2
7
2
97
10
Conv pref series A...No par
70
30*2
378
4
82
1063s 1063s
30*2
7
*108
4
29
16
82
30
7
7
*36l2
*116i2
23g
*214
35i2
3934
»
4958
-
29
30
7
38
-
6U2 62l8
12012 12012
*2912 3U8
1214 Mar
67s Mar
9
Apr 28
64
Jan 20
77i2
27i2May 21
355s
xl35
118i2June
75
4738 Jan 17
3H2 Apr 30
53l2
334 Jan 6
6*2
lli2May 11
18U
Gen Amer Investors...No par
Preferred
No par
1,700
*63
64l2
120
120
*119*s 120
6058
6158
6058
61*4
120*2 12034
12078 121
4934
378
*11612
218
120
63
7
*108
378
63
49i2
714
49i2
64
63i2
Aug
Apr
May
127
70
;'
64
72
95
30*sJune
Gabriel Co (The) cl A ..No par
Gamewell Co (The) ...No par
7%
-
1,000
29
*30
55
*30i4
29
*30
49
32
x85
105
Fuller (G A) prior pref. No par
$6 2d pref
1
No par
General Baking
$8 preferred
"
Dec
215s Nov
Jan
34
10
2,200
_
125
53s Mar
Apr
Apr
4i8 Jan
100
Gen Amer Trans Corp
General Asphalt.
Dec
48
25i2Mar21
7%pfl00
Preferred
15
39t2 Deo
54
IOOI2 Feb 26
4J
Apr 30
1
Freeport Texas Co
Dec
40
No par
4,100
1,700
*21
85*8
60
Jan
Det
Aug
358 Dec
Mar
115
Nov
Feb
109i2 Apr 30
24i8 Apr 30
w w
4
Nov
Mar
No par
Preferred
6
Dec
Mar
z247g Jan
10
new-.lOl
Foster-Wheeler
Apr
Feb
Dec
92
110
100
Fourth Nat Invest
May
Apr
1137s Apr
33i8 Feb
10434 Feb
48U Jan
29*2 Jan
1134Mar
47*2 Mar
llli2 Apr
3834 Feb
conv pref
F'kin Simon & Co Inc
"3156
149
10
4H %
Jan
19*2
13i2
8684
1478
40i8
97
No par.
Food Machinery Corp
14
Mar
Mar
Mar
17
Apr 1
4H2Mar2
38
100
t Follansbee Bros
Nov
55i2 Nov
7i2 Dec
101
2012 Jan 9
Apr 30
2014 Jan 27
50
6% % preferred
55
3
Jan
212 Jan
Preferred series A
100
First National Stores..Wo par
Florsheim Shoe class A. No par
*7
10
84
Feb
Mar
Aug
4012 Apr 30
6978 Mar 30
Pilene's (Wm) Sons Co. No par
Firestone Tire & Rubber
30
25
Federated Dept Stores.No par
Fidel Phen Fire Ins N Y
1,200
1,300
*29
*145
1884 Apr 30
Nov
58 Mar
18i8 Mar 25
5378 Apr 8
12212 Jan 1
31&8 Feb 24
73g Jan
3,400
30*s
3
Dec
8*4 Nov
50
10i2 Mar
155
3
20
4578
3
8I2 Apr 29
3434 Jan 7
No par
28
265g
8
*734
Preferred
20
45l2
10
100
Federal Motor Truck. .No par
300
104U 10412
1058
Preferred
112
*64
30*4
43g Jan
25gJune
25
134
2
Jan 15
Federal Screw Works. .No par
Federal Water Serv A..No par
1,100
2,100
41l2
2512
112
Exchange Buffet Corp.iVo par
Fairbanks Co
19
15i2Mar 4
4078 Jan 8
8i4 Mar 19
534 Mar 25
7
Jan
Sept
15
Jan 10
Apr 24
400
3
*403g
*23*4
29
Feb 15
800
334
3
12
5
19
3
78
178 Aug
66
Mar
14i2
15i2
412
7*8
8i2
684
69i2
2
Jan
68
5
Federal MIn & Smelt Co—100
Preferred
—100
"""566
83
105
3058
30
141
3714
387S
218
30
*28i4
1
5634
141
3713
8
900
'
36
106
305s
30
8
*
106
68
107«
143
400
2958
7*2
*35*2 36i2
109l2 109io *109i2 114
2734 28*4
2734
2734
30
IOI4
24i8
*83i2
*56i2
143
200
118i2 121
*11834 124
*118*4 124
58
58
58
56i2
*5734
*57*2
34
34
32
3512
32
34l2
514
514
*5is
5*4
*5*8
5*4
13
*121«
13i8
12
*12ig
117s
93S
9
93g
834
938
*858
102
103
*10378 106
*101*2 102
48 *8
4834
48i4
48*2
4734 48
24
24
2478
2478
2458
243g
11
1H8
Ills
IDs
11*8
11*8
8
Stock
2958
7*4
7*4
35i2
*64
30
2934
2934
30J4
*11812 121
*11914 121
57
57
5712 5712
*77
358
3*2
35g
3
3i8
3*4
26
26i2
26*8
40U
*4014 40*2
24l2
*23i4
25*2
113
*111*8 112
29
2838 28*2
10414
10414 10412
45
4512
4578
*10914 114
29
3
47
*9i8
33g
*3*8
36
13
149I8
3714
26i4
4012 40*2
40U
*2314 24l2
24l2
*llUs 113
*11Us
29
2834
29*s
2834
104
10378 104
104U
46
45l2 4534
z4512
29
29
*28i2 29
7l2
73s
7*2
738
104
12l2
*55s
2&s
123g
4912
*144
2512
*11U8
2812
•
3
Apr 30
Apr 29
700
6884 Nov
li8 Mar
14
May 29
4
Mar
14 Mar
s8 Apr
5234 Jan
12534 Jan
4
6
1234
48*2
133g
30
39
May 29
June
Highest
I per share
per share
1558 Apr 17
73
7
3,310
13*2
3058
55g
114
Jan
1358
30*8
57g
234
13*2
30*s
558
234
6
7
Feb
Jan
300
149*s 149i8 *141
14934
3634 37
37*4
37*4
203s 20*2
1934
1934
94
94
9334 9334
*44
46
*44l2 47
79
79i2
938
1334
3U2
69
5U Apr
187S
1234
19*2
12l2
7
5
55
187s
1234
19
1212
900
6
48
12
y
$
$5H preferred
No par
$6 preferred
No par
Equipable Office Bldg.ATo par
12
100
2,100
Lowest
5514 Jan
is8 Feb
378 Feb
2
1*2 Jan 4
62ig Jan 31
113*4June 2
712 Jan 3
4512 Jan 14
100
Engineers Public Sem
82*2
6*4
13i2
3058
*55g
*2 Jan
50
50
*6
20
1358
32
4434May 29
t Elk Horn Coal Corp. No par
Endlcott-Johnson Corp
....
135s
*3H4
*534
$ per share
Elec Storage Battery..No par
6*4
12*4
*6
Highest
$ per share
Par
*58
14
612
Lowest
1&8
73
73
Year 1935
exchange
1,300
*65
80*s
83
6i8
1258
*71
45
Range for Previous.
On Basis of 100-share Lots
Week
$ per share
Range Since Jan. 1
STOflK"
DIUvlX
X
June 6, 1936
9
5
63
Jan
IOOI2 Sept
16
Mar
Oct
14i2 Nov
112
Deo
105
Nov
3038 Deo
9984
Jan
121
5i2
Feb
14i8 Dec
113i2 Dec
6i2 Oct
81
Feb
15s Mar
Dec
aiaagamrasagttimsataaaa
Volume
HIGH
AND
LOW
SALE PRICES—PER
NOT PER
SHARE,
STOCKS
Sales
CENT
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
May 30
June 1
June 2
June 3
June 4
June 5
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
118
118
Shares
120
118
*28
99*8
'
;>
100
28
1,000
Hercules Motors
.No par
500
Hercules Ponder
...No par
84
100
128
.No par
73
May 26
No par
113
Apr 29
2
119
28
2934
128*2 128*2
98
97
*129
130
74
129/
*450
2334
07434
24*4
23l2
8*4
8*2
5078
3978
40*8
500
237g
23*4
23%
23*4
23%
4,200
*74
7434
7434
7434
*7434
75*2
8*4
8%
8*4
51
*9
334
*74
7434
8*4
50*4
*33s
10
8*4
31*4
65
65
64
*9*2
263g
10
115
114
115
26
2634
*132
*132
-k
-
94
~
93
9334
93
93"
91%
10*4
57g
10
10
10
10
1258
13
*534
13*8
83g
6*8
6*8
6*4
36*4
37*2
3538
3634
8
8
8%
3
3
11*8
1078
3*8
3*8
3%
*26*2 27
*16534 167*2
26*2
26*2
*25*4
167
167
167
*7
7*2
*584
6
6
3534
*27g
3
10%
107g
10*4
3%
26%
*278
107g
3
3*8
*13
3
3%
*27g
*35
27g
47%
86*2
85
Ingersoll Rand
No par
3,200
Inland Steel
10
1,700
Inspiration Cons Copper
20
1
500
Insuranshares
1334
400
t Interboro Rap Tr v t c..100
850
Internat Rys of Cent Am.
6%
930
Certificates
35%
420
400
_
Preferred
27g
1034
Inc
*154
*154
3
3
5*4
*5
*47g
747
47*2
2
5*8
*47g
5*4
47%
4658
467g
47%
126
128
5*4
5
5
3
212
2*2
*12578 128*2
5*4
*2i2
*154*2 156
*154i2 156
*3
3
3
3%
156
3*8
156
3
Intercont'l Rubber
29%
253g
25%
48%
49%
25*4
*14%
53*2
55
*53l2
13i2 '1334
13*8
87*2
*87*2
*19*4
13*4
87l2
19*4
71
27
71
*70%
97
*70%
96
97
98
125
*122
124% *122
*
153
*
153
96i2
"
77*"2
775g
*118*2 120
*118*2
27
777g
120
*
87%
40
*18*4
19%
500
Intertype Corp
*2634
27
500
Island Creek Coal
*2684
27
71
*70%
*70%
71
*
153
"77%
777g
*
119
21*4
215g
20*2
21*4
20*2
2034
20
20
34
3412
3384
34*2
34
34
33%
34*2
*118
,
19%
*31
178 June
22U Jan
12378 July
Jan
Jan
54U Feb 19
129% Mar
73s Feb
3s July
38May
Jones & Laugh
19*2
2,200
34
1,100
19% Feb 17
2
87s May
70i2 June
618 Mar
24i2 Oct
14i2 Mar
Apr 29
58i2 Jan 18
88 May
7
123
Feb 24
5
77% Feb
129
75i8May 27
1,300
$12.50
27
1,100
27
91*2
91*2
*91
*91
92%
*91
92*2
*91
20
5
Kelth-Albee-Orpheum pf._100
Kelsey Hayes Wheel conv cl A1
20
May 20
283s Jan
18*2
*18
1
18
1934
91
92
*91*4
9412
*91*4
92
*91*4
92
38*8
18*4
39
38
3834
38%
18*2
18
18*8
*17%
27
27
*4
34
*26*4
21*2
104
*5*4
2IS4
104i2
6*8
26*2
*4
5
*3l7g
2I84
3434
5
*32
22
104i2 104%
684
*5*4
*26*4
20*2
18
18
20
20
*17
2,700
18
400
18*2
19
10,400
*91*4
92
100
38%
18%
37%
38*4
37%
38
14,400
1784
1778
1734
18
800
26%
26%
26*2
*26%
2678
300
*4
5
*4
*32
34
*32
22
22
105
105
217g
105
*5*4
6%
*5*4
*75
100
4%
34
22%
105
6%
*4
*32
22%
105
*5*4
4%
"3",700
200
105
6*8
80
*75
*65
69
2478 Jan
255s Mar 20
par
87
Feb 28
par
28'4 Jan
par
1734 Tune
par
I8I2 Jan
l03i2Mar 16
4% Apr 29
100
7478 Feb 26
*75
80
*75
*61
69
*65
22*2
2234
22%
22%
4,200
*21
2734
*21
25
*21
25
*21*4
24*2
21%
21%
10
*27
3478
*28
3478
*3334
34%
3334
3384
*27%
33%
10
2078
20
20*2
207g
207g
20*2
21
20*2
20*2
1,100
5% preferred
Lambert Co (The)
No par
8*2
*8%
8*2
*8%
10*2
*8*4
9*2
Lane Bryant
No par
2078
*8
*1258
22%
*8*g
12%
8*2
13
2284
12%
19
19
19
19*2
*96
97
96
96
10
934
97g
*934
*2*4
2*o
2*4
1034
11
*10
2*4
1078
96
96
*94
96
I47«
1478
1434
1434
433g
4358
42%
5334
53
43*2
53S4
53
7*4
73s
7*4
26*2
2712
2684
7%
27
*106
108
*106
108
107
108
107
108
23%
12*4
19
2384
12*4
19
12%
19
12%
19
*12*4
19
9%
9%
9%
9*2
9%
1,600
*2*4
10%
2%
2%
2%
2%
2%
400
95*4
14i2
42%
30
*28
29
10%
95
93*2
107g
93%
400
*92*2
600
Lehman Corp (The)
1434
14%
14*2
14%
14%
600
Lehn & Fink
Prod Corp
43
42%
42%
42%
42*2
1,500
Lerner Stores
Corp
5I84
4,900
Libbey Owens Ford Gl. No par
7
1,800
Libby McNeill & Llbby No par
7
27%
1,100
Life Savers Corp
5
25
Tobacco—25
97
5234 :
7*4
27*2
108
5134
7
27%
10%
52%
*10*4
51%
7%
7
27%
27
*106*2 107*2
107*2 107*2
40
39*2
39*2
35*4
4638
34l2
34l2
45*2
*28
*39
3212
106*2 106*2
106
106
200
10634 107*2
2S78
*28*4
287«
3934
3934
3934
3334
33%
33%
28
1,200
3978
3234
41
3334
37*2
22
22
22
22
68*2
68*2
67*2
68*4
25*4
2534
25
25
36
*30*4
43
*12
3934
*178
12*4
36
36
37
30%
43*4
12%
30*4
4234
*12
40
234
12*4
39*2
*2
*117g
For footnotes see page
3800
600
600
70
36*2
3,760
22%
22%
400
»
-
-
-
30%
30%
43
12
12
3934
2%
*2
2%
1278
11
1178
69%
24*4
24*4
35%
35*2
*129
30
42*2
43%
*11*2
12*4
*2
11%
237g
69*4
2,200
24%
3,600
36
800
3934
2%
11%
2834
29"
~1~,266
42%
42%
6,600
12%
100
*11
39*2
*2
*11%
39%
Jan
2
4
2
May 19
May
7
Mar 16
9734 Mar 13
162
May 29
19
37
Apr 29
8
8
2
1103s Feb 10
96
Mar
1384 Mar
Mar
10
Oct
25g
23
Mar
1934 Mar
103i2 Apr
Oct
80
Nov
337s Jan 31
12
47% Jan 31
2684 Feb 6
1914 Mar
213s Oct
27i2 Dec
46
Aug
10% Apr
7
I6I4 Mar 17
23
Mar 24
102% Apr
Mar
5
May
8i2 Mar
10% Mar
5
Mar
10034 Apr
1578 Apr 27
4338Jnne
63i8Mar
6
lli8 Jan
6
6718 Mar
10i2 Oct
31% Jan 29
115
Jan 16
116% Jan 15
165
Feb 28
23% Feb
5
4414 Apr
5478 Jan
6
8
21i2 Mar
63s Sept
21
Mar
9414 Apr
9384 Apr
Ludlum Steel
MacAndrews & Forbes
100
Mack Trucks Inc
Macy (R H) Co
Madison Sq
1
10
No par
Inc...No par
Gar v t c..No par
Magma Copper
"~90
t Manati Sugar
Preferred
10
100
100
9
Jan 30
Aug
Aug
Oct
2884 Nov
275s Nov
10734 Nov
151
122
13i2 Mar
17is Mar
24i2 Mar
3H4 Feb
Jan 17
45
29% Nov
120
16712 May
26% Jan 27
12712 Jan
Jan
49% Oct
103s Nov
Jan
151i2
1512
11278 April
57i2 Jan 2
2238 Apr 28
35 May 14
1714
1
May 19
4
Jan
314 Aug
1534 Nov
9534 Nov
21l8 Apr 28
3
Jan
1H2
H2 Mar
Long Bell Lumber A—No par
Loose-Wiles Biscuit
25
Jan
173s
5i2 May
Feb
May
Jan
Jan
Dec
Feb
4
Mar
13
9
14i2
163s Feb
H4 Mar
33
Apr
20
28i2
9
143s Mar
1
7
6i2 Nov
3218 Aug
102
Jan
Apr
Apr
838 Mar 24
142
Dec
5618
8
35s Feb 11
7% preferred
100
t Louisiana Oil pref
100
Louisville Gas & El A.-No par
Louisville & Nashville
100
113
2214 May
Jan
5078 Feb 19
107
Dec
2784 Nov
80
108% Jan 15
10
6i8
41
Jan
2
40i2Mar 13
100
Dec
Nov
May
104i2 Feb 28
2
Apr 23
Lorlllard (P) Co
21
2
39% Feb 21
33s Jan
July
42
No par
No par
No par
Loft Inc
303s
3
678 Mar
2
3212J ins 3
43
Apr 21
Oct
3% Mar
10U Aug
Jan
81% Apr 23
77i2 Jan 3
May 12
257g Jan
Dec
84
Mar
6
Loew's Inc
2,500
2%
1234
May 11
12
3878May
4714 Jan
Dec
90i8 Oct
3U4 Nov
28i4 Nov
I8I4 Jan
34
No par
6% preferred
*129
29%
39%
68
*35
89
Nov
Liquid Carbonic
5% preferred
2,700
31
68*2
Works.-No par
No par
Preferred
2,800
34
43%
12*4
3934
11,000
22%
30*8
43%
39*2
4,200
22%
36%
36*4
*129
*129
*129
600
1
Lily Tulip Cup Corp—No par
Link Belt Co
31
69%
2434
100
Lima Locomot
37
68*2
2434
25
Series B
400
22%
34
*21%
5
No par
400
397g
33
Liggett & Myers
—No par
Preferred
28
4334 45*8
45%
43%
44*2
45%
4534
45%
107% *106
1073j *106
10784 *106
107%
*107*4 10778 *107
2
2
2
2
2
2
2%
2*8
2*8
2*8
*5%
5*2
5%
*5%
5%
5%
5*2
5%
5l2
5*2
42
42
41
41
4178
4l7g
41%
4U2
41*2
4112
*108
112*2 *108% 112*2 *108*4 112% *108*4 112% *108% 112*2
22%
22%
2234
2234
22%
22'4
22%
223s
22%
22*4
146
144
*144
147
147
144% 144*2
*144
144% *144
3312
50
Preferred
10%
*160*4 162
*160*4 162
*160*4 163
*160*4 163
*160*4 163
21
21*4
*20%
20%
21*4
*20*8
*20*4
20%
20*2
720*4
2934
*39*2
*34l2
No par
Lehigh Valley Coal
95*4
7*8
*106
100
50
4% conv preferred
Lehigh Valley RR
2
13
30
30
2
30
29
Jan
25% Jan
3334June 4
19i2 Apr 29
Lehigh Portland Cement—25
20
912
73g Jan
43
20i2 Apr 27
718 Jan
12i8May
15i2 Apr
94l2 Apr
8i2 Jan
21s Apr
9% Apr
1
29i2 Apr 24
100
5
Feb
93
120U
1934May 18
Lacelde Gas Lt Co St Louis 100
1,000
97*4
Mar 16
June
4158 Apr 14
28
1,900
*96*4
66
92
223s Apr 30
19
97%
52%
No pai
No par
13
*96*4
*27
Co
Kroger Groc & Bak
Kress (S H) &
Lee Rubber & Tire
97*4
*96
378May 11
Apr 28
30
10
78
2284
7
4
7
7% preferred
100
Kresge Dept Stores...No par
(S S) Co
1
2
2
2
2012 Apr 28
Kresge
91%June
4
69
"360
7
Jan
*60l2
225g
687g
Jan
130
30
June
*75
687g
80
Feb
Apr
Jan
1434
par
Aug
99i2 Nov
126i2 Dec
1584
par
No par
Preferred
80
69
No
Kendall Co pt pf ser A. No
Kennecott Copper
No
Keystone Steel & W Co No
Kimberly-Clark
..No
Kinney Co
No
Preferred
34
22%
Class B__._
Kelvinator Corp
37
38i2 Mar
117i2 Mar
14i2 Dec
33% Feb 25
217g
27
20%
Jan
20U Nov
May 13
217g
27%
X19
Mar
Nov
36
22
Mar 24
22%May 29
22%
18%
49
16
120i2 Apr
Feb
39
22%
20
Jan
165s Sept
90
Aug
7i2
26
2
27
2034
110
Jan
384 Mar
2
Jan 27
22
1934
Dec
6% Mar
Jan
2734
20%
110
115% Mar
1914 Jan
13
2734
20*8
Dec
Dec
2878 Dec
4234 Dec
6
2
Apr
Apr
Jan 11
22
18*2
1984
Dec
50
90l2 Feb 21
121
118
22
20
5
Feb 21
126% Feb 24
28
18*2
5
3i8
23s
130
12134 Feb
22
30
Dec
Oct
12i8 Apr 30
103s Apr 30
*2734
92*2
Oct
4714
130i2 Nov
Dec
22
Kayser (J)&Co
6i2
14
26i2May22
Steel pref. .100
Dec
434 Aug
78
2984 Feb 19
City P & L pf ser B No par
Kansas City Southern
100
Preferred
100
3678 Nov
6558 Nov
154
28
8878 Jan 18
2284 Apr 2
Kan
Jan
Nov
July
Jan 30
67
Joliet & Ch RR Co 7% gtd 100
670
78
119
8
16
23i2 Jan 30
2
100
Jan
49i2 Nov
2
No par
5
190i2 Dec
36U May
Jan
No par
133s Dec
4234
Jan
Jan
Johns-Manville
Jan
4214 Mar
5658 Dec
558 Mar
113
Jan
3
53i2 Feb 21
4718 Jan 2
15
Apr 29
52%May 6
.
Jan
5
Dec
15
1
Jan
43s
20i2 Dec
98i2
2734
20*2
2H2
Oct
7i2 Dec
235s Sept
25
22
20*2
4i2 Mar
83s
29% Feb 27
2784
18*2
li8 Mar
Mar 18
17
20
2
8
Jan
3is Feb 10
363s Feb 8
4
Kaufmann Dept Stores
92*2
20%
135
82
1
Preferred
153
~78~
78
*118
119
"3", 700
114 Mar
7
100
Jewel Tea Inc
71
8
Feb 21
8
Apr
3418 Mar
5% Jan
2
8
6
30
6
9
Feb
2278 Mar
3
No par
Preferred
Preferred
*120
94
9434
92%
94%
96*2
124*2 *122
124%
124% *122
153
*76~
*118
*87%
*120
*120
*122
100
7% preferred
100
Inter Tel ep&Teleg
No par
Interstate Dept Stores.No par
19%
Jan
89i2 Apr
Apr
160
Feb 10
87%
June
149i2
Mar 26
*18
19%
2% July
44
International Silver
2,500
Oct
414 Mar
111
No par
15,800
Oct
26
Mar 23
Apr 27
Apr 28
*12%
Nov
H2 May
May 22
13*2
108
Feb
Mar
134
23
13
July
914 May
4984 Mar 24
2
8
Oct
130
2
185% Apr 11
Apr 28
Dec
Jan
834 Mar
578 Mar 11
41
5
Dec
514
Nov
2i2
1878 Jan 11
8%May 28
65s Feb 14
37% Tune
1
5i4 Feb 14
1534 Mar 4
9
15
363S
121
4
778 Jan 18
9
Oct
22U Dec
38i4 Dec
5914 Dec
46I4 Mar
114i2 Feb 20
1334 Apr 13
37
500
13
60i2 Mar
107
*87%
87*2
19*2
27*4
13%
147
Apr
100
International Shoe.
60
7
Feb 14
34 %
No par
Preferred
Mar
414 Mar
2i8 Mar
23i2 May
Int Printing Ink Corp..No par
International Salt
m±mm
40
13i2 Apr 17
2012 Apr 30
100
Preferred
12*2
13
*120
13%
No par
900
49
15*2
52%
cl A..No par
13*4
13
88
*27
27
*120
•
Inter Pap & Pow
No par
180
Feb 18
I8I4 Feb 24
12514
334
214
1%
100
Preferred
Class C
600
Feb 19
70
412 Jan
43*4May
Int Nickel of Canada..No par
Class B
11,700
25%
*1434
52%
15%
53*2
*14%
55
25
200
39
*4834
49
*4834
16
16
*52%
20*4
25
Int Hydro-El Sys cl A
2,100
109% 109%
25%
48%
*14l2
1378
*38*2
39
109% 109*2
25%
*48*2
20
"77"
3 834
39%
109
16
13
*70*8
al09
5412
13*2
27
Day
39%
39%
49l2
14
1278
2884
2
28*8
87*2
^Memorial
27%
2
25
135s
Closed
2
29%
109
54
2%
2
1,000
47g
2%
2
25
*14f2
47g
27g
287g
39
21,200
Jan
14812 Jan 23
234 Apr 30
100
Int Mercantile Marine.No par
300
47g
2
109
46%
17i2
378
Apr
s4
45
3512 Jan
565s Jan
No par
Preferred
127
4*2
30%
10912
49
Stock
4534
127
*2%
27g
2
109
Exchange
*47g
5*8
46%
2884
*39
*24
Internat Harvester
2
2*8
307g
39l2
295s
*47g
46
6I4 Mar
35s Mar
International Cement..No par
1,200
6
1
5,500
5%
Jan
Dec
5
160
3,700
3
5i2
1384
6
June
Dec
Feb
Jan
25
Prior preferred
100
Int Business Machines.No par
Nov
1934 Mar
212 Jan 2
97g Apr 30
3 May 21
No par
Nov
7
6038
6i2 Mar
234
May 12
Jan
73
6
578 Jan 23
June
3
47*2
3
Jan
9i2 Mar
15
Apr
1914 Jan
100
83*2
82*2
*154% 156
47
126% 126*4
*126*4 128
5
*434
*2%
100
No par
400
84*2
Jan
li2 Mar
315s Dec
173s Feb
90i2May 25
618 Jan 6
SljJune 5
1H2 Apr 30
334 Jan 7
No par
Ctfs
5%
No par
4778
43
109
No par
83*4
49
100
Internat Agricul
47%
Apr 17
Jan 15
1214
4is Jan 2
25%May 21
106 May 12
Interlake Iron
85%
75
5778 Feb 19
11
400
4778
July
58
2,000
85
Dec
42
30
No par
Jan
495
100
Industrial Rayon
Deo
11
223g Dec
Feb
100
10
Jan
July
3084
6i2 Mar
100
Indian Refining
118
3078 Mar
338
RR Sec ctfs series A
Jan
8184
4
Mar
Leased lines
6,300
47*2
47*2
8534
47*4
853s
8
36i2 Dec
1
Feb
6% pref series A
1657s 166% *162% 168
167
Apr
314 Feb 19
3
25
25*2
Jan
1918 Dec
2878 Feb 19
25
25*4
Deo
4
2
Preferred
8
Oct
131
104
5
185s Apr 30
10
Internat Carriers Ltd
47*4
1
90
Feb
33
4
13i2May
Jan
Mar
73% Apr
100
9134
35%
6%
900
120
5%
534
7*2
3,000
91
1378
8*4
257g
36%
3*4
107g
36
11*2
3*8
*234
1058
*5%
14
400
97g
*12%
5%
5l2
170
*132
10
*55g
10*8
578
*12%
8*4
6*4
210
9*2
92*2
10*4
13
2,400
12*4
934
*116
—
93
*55s
31%
65*4
25%
117
117
115
115
114
2534
Illinois Central
11
71
122
44U Feb 20
5
4
14
7
21
314 Apr 30
8I2 Apr 27
No par
Hupp Motor Car Corp
10,100
12*4
26
Hudson Motor Car
4,200
18,400
65*4
934
934
9%
26*2
9*2
100
100
2%
30
13
& Manhattan
Preferred
14%
2*4
2*2
Hudson
63s Jan
5
20*2
14%
14%
*12
13
13
12%
*131
*131
934
64%
34%
27
4
*9
31
34*2
6412
1258
10
*3%
934
33%
65%
3534
200
4
20
2U2
31*4
12l2
4884 Jan
21%
2*4
21%
12i2
*9l2
2634
6514 Jan
14%
2*4
2014
14l2
2*8
2l3g
22^May
Howe Sound Co
14%
2%
2134
14*4
23s
2218
..No par
Household Fin partlc pf
50
Houston Oil of Tex v t c new 25
14%
2*4
1434
2*4
Class B
June
534 Mar
65s Mar
544
3978June
6,800
4
1438
Feb 17
Apr 28
_
4,100
*9
10*8
108
,
162
May 13
470
.
Jan
1334June
36
100
7% pref
June
142i2
Feb
100
Houdallle-Hershey cl A No par
Homestake Mining
Deo
141
Jan 13
112
8*8
4
2
Jan
51%
10
*3%
9
120
Jan
4478 Feb 19
19*4 Jan 13
No par
Jan
105i2 Feb 17
135
Apr 17
n30
8
*9
*9*2
65
50*8
50%
50%
37g
J
51
8*4
51
200
Jan 23
3018 Jan
5
Holly Sugar Corp
20
40*8
2512 Apr 30
No par
Hollander & Sons (A)
100
475
40*8
preferred
Holland Furnace
3,300
4078
24
7484
11,600
*40%
40%
Conv
200
3,600
23%
403S
preferred
cum
Hershey Chocolate
73*2
475
480
*461
480
*450
480
41
$7
100
129
*72
73*2
*72
997g
*957g
99
130
*72
73
28
28
28
2934
98
130
98
share
per
85
127
163i2Mar 24
3534 Jan 2
156*4 Jan 27
share S
per
6
Mar
80
29
*72
480
65
Preferred
*14934 163
*403s
2U2
35I2
133
141
*119% 125
74
50*4
334
8
May 14
*14934 163
117
*117*4 120
117
116*4 116*4
116*2
117*2 *115
33
34
32%
34
34
3234
3412
3458
*33% 34%
13%
13%
1334
13%
13%
1278
127g
12l2
1278
12l2
32%
3134
33
32*2
33
32%
33*2
33%
327g
32l2
112
*111
112
*111
111
112
*110
112
111*2 *111
*460
May
117
*119*2 125
*9534
12984
*72
'
115
26
160
*115
•
25
Helme (GW)
125
293g
*98
*127
Hazel-Atlas Glass Co
100
$
Jan 27
400
100
162
Highest
Lowest
Highest
$ per share
200
*151
162
119
119
118
Lowest
$ per share
Par
118*2 118*2 *120
*1163S 118*2
*151
118
118
Range for Previous
Year 1935
Ranoe Since Jan. 1
On"Basis of 100-share Lots
STOCK
NEW YORK
for
*116
3805
New York Stock Record—Continued—Page 6
142
43
37%
55*8
IO884
258
438
Oct
Dec
Nov
Oct
Oct
Dec
4158 July
112
26*2
18i2 Mar
124
Apr zl49%
Dec
Nov
Dec
5H2May 25
2338 Jan 28
412 June
103s Mar
15
Dec
23
Aug
77% Apr
34
64
Dec
Sept
9
Mar
35
Feb 19
1234 Mar
26
42
Jan 21
3778 Nov
46
Feb
130
May
130% Mar 16
113
Feb
3034
Dec
Apr
6
185s June
4018 Apr 30
8% Jan 2
49% Mar
4
30%
Apr
14% Apr 18
11*4
Dec
42
5%
18%
Jan
34i2 Jan
1% Jan
714 Jan
Jan
3734
Dec
Feb
214 May
10
May
2738
Jan 30
6
2
2
37
Feb 17
378 Feb
7
17% Feb
7
78
4
Jan
57 '4 Nov
New York Stock Record—Continued—Page 7
3806
HIGH
AND
LOW
SALE PRICES—PER
SHARE, NOT PER CENT
STOCKS
Sales
Range Since Jan. 1
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 1
June 2
June 3
June 4
June 5
Week
$ per share
3 per share
*8%
$ per share
*8
9%
9i2
*34
35
15l2
*1834
378
834
15%
19%
*15l2
1834
1834
37g
878
334
878
334
*2
35
9
*2i4
3I4
43
*2l4
43
*40
1638
*7%
16l2
30
30%
159
1584
8
*1512
*18%
334
8%
li4
2
9
*155
50
1638
4958
42i2
*39
*214
8
15%
734
2934
50i4
16i2
*155
*49
15%
15%
400
19%
334
19
334
9
3,200
*1%
*6%
26%
*2%
2%
9
26%
3%
*18%
*358
878
*138
2%
260
334
9
1%
27
3%
42%
2934
159
50
*49
50
*49 lg
*45
50
*45
*155
*110
10934110
30
30
12U
2934
1214
1212
*92
*92
9812
1914
45
110i2
30
110
2934
16
12U
105
6934
8
77fi
6934
734
49%
3,200
16
600
4934
500
50
*45
50
105
"""116
111%
2934
12%
*29%
12%
94
*92
*92
30
1234
9334
600
100
2,500
4978
4,300
834
1834
37% 38%
12534 12534
1,300
4,300
125
97
*96
30
1,400
130
97
600
"
2,600
800
4
85g
24l2
2I2
2i2
2&S
25i8
258
5
Stock
838
5
5ls
2234
88I4
4358
3
25
89i2
8%
2434
234
5
5
24
*44%
46
6834
*68
70%
*66
1
32%
33%
1
3312
1934
3212
1914
*13
15
278
1
3314
1938
15
1
33
33%
19%
1658
23
*47
49i8
1678
24
1334
*11
40
*103
858
ll'S
*36
13%
74%
*26
19%
2334
2334
160
23%
2338
160
23%
2334
*111
112
33
2912
23
23%
112
13%
13%
28
28%
*30%
29%
14
11%
3478
160
23%
2334
1234
112
13%
28
27%
30%
30%
29%
29%
158
158
14H2
14134 142
160
158
160
*141% 142
10%
10%
10%
134
*1%
1%
*58
34
*%
34
6312
3838
6434
63%
3734
64%
39%
*103
104
102l2 103
85S
858
8%
*8%
1138
1112
11%
11%
85g
H3g
3712
10%
1038
*1%
1%
*%
34
63%
64%
383g
38%
10234 103%
8%
834
11%
1134
*36
104
*36
46
112
*106
*30
38
*30
*44i4
IOI4
40
934
40%
3712
*36
37
5,900
*11
34
3438
13%
100
260
2,900
100
5,900
*156% 160
2284
23
23%
*108
12%
27%
*29
27%
*158
300
378
*59
3i8
3ig
838
*458
8i2
478
.
64
9,700
38
38
4,700
102% 102%
834
834
11%
11%
900
900
5,000
37
M
~
1~7O6
700
38,900
*234
*20
1278
4534
278
23
1314
46i2
60
No par
Neisner
No par
Bros
Newberry Co (J J)
No par
5% preferred series A.—100
t New Orl Tex & Mex.—100
Newport Industries
1
N Y Air Brake
New York Central
No par
_
-»
41
Apr 15
I04i2 Apr
IOI4 Feb
9
7
4
Apr 30
32i2 Jan
No par
N Y Chic & St Louis Co.—100
2734 Jan
8
2
1734 Jan
2
Preferred series A
New York Dock
36i2 Jan 2
3i2May 28
10%May 16
100
100
Preferred
100
N Y & Harlem
-
50
119
Jan
6
t N Y Investors Inc.—No
par
1
Jan
2
N Y Lacka & Western
1.700
••
74i8 Jan 6
83sMay 4
1034May 28
3234 Apr 29
100
90
Jan 10
Apr 24
4%
4%
3%
*3%
10%
4%
334
4%
4%
100
334
*3%
4% Apr 29
2% Jan 7
x2% Jan 17
104i2 104l2
134
*li4
23512 236
104% 104%
*1%
134
104% 104%
235
235
234
234
108
108
108
108%
2638
*5534
8
102
*99U
2934
53
234
108
27%
56%
8I4
102
30%
53
234
*1%
26%
27
25%
56%
56%
57
8
8
778
102% 102% *101
*99%
29%
53
*22
23
13
13
2%
*21%
1234
46
46
44%
For footnotes see page 3800.
80
100
No par
458
108
53
1,400
1,300
Preferred
National Tea Co
Natomas Co
2
738 Apr 28
92
134
26%
57
8
103
*997g
30%
53
2%
23
28%
*51%
2%
*20
2984
53
2%
23
*50
92
104
438
3%
334
10%
57%
92%
300
4,300
N Y
800
N Y
40
120
104
80
Railways pref
Preferred stamped
No par
Shipbldg Corp partstk—1
7% preferred
N Y Steam $6 pref
$7 1st preferred
9i2 Apr 27
Aug
4%
Deo
Jan
34% Nov
32i2 July
56%
56%
8
10134 101%
—
15,200
500
7,100
500
28%
53
234
31,500
Central
Northern Pacific
29
9
Mar
13
17
36
Mar
38% Mar
5
z8% Mar
7% Jan
21% June
59% Jan
3
43%
105
24
Apr 1
Apr 14
Jan
84 Nov
4134
6D4 Dec
Oct
42% Apr 13
5% July
438 Mar
18% Mar
1214 Mar
35i2 Feb 21
63% Mar 6
Mar
19
Dec
978 Mar
39
Dec
43
1334 Feb
6
••42% Mar
4
6% Mar
4
17% Feb 17
135
Feb 28
2% Feb
98
6
2
Mar
4
Mar
112
5
Mar
% May
~ii%
Dec
1078
Deo
3612 Nov
2934 Dec
6%
Dec
1678 Dec
139
June
114 Dec
Mar
4
558 Feb
6
2%
Oct
14% Feb 7
7% Feb 24
538 Feb 24
5%
Oct
16% Aug
2% Mar
6% Nov
512 Feb 24
96
Nov
% Mar
% May
6i8 Mar
15% Mar 13
73i2 Feb 5
51
Oct
99
8i2
May
Jan
334 Dec
2% Nov
16%
Jan
87
Jan
107
Jan 31
79
May
102% Dec
2i2 Dec
50
—100
50
Northwestern Telegraph-..50
600
Norwalk Tire & Rub..No par
Preferred
50
23
4034May
108
Apr
1178 Jan
13% Jan
1% Nov
8334 Nov
2078 Aug
7738 Aug
lis8 Jan
13i8 Dec
93% Apr 23
1% Apr 21
North Amer Aviation
1
No Amer Edison pref. .No
par
No German Lloyd Amer shs__
North
2
92i2 July
105
—
Jan
June
210
26%
wm
75
69
100
25%
«.
3
Feb 17
Adjust 4% pref
100
North American Co ...No
par
Preferred
50
134
5
96
t Norfolk Southern
*2%
108
Deo
Mar 17
Norfolk & Western
*20
Sept
ll2 Mar
23% May
21
May
Nov
Deo
83
140
*99%
28%
15% Mar 11
33% Mar 6
37% Apr 14
313sMay 26
Mar
Sept
S638 Nov
158%
23i2
22i8
11314
No par
700
*51%
June
Mar
May 21
234
7%
Feb 11
Oct
19% Jan
27% Jan
14% Dec
1414 Dec
57
107% 108
*1%
30
Feb
Apr
Mar
47i2
100
No par
100
a234
162% Jan 24
1978 Jan
3
92
4i2 Mar
25
100
*55
9
Jan
5714 Apr 29
100
92
Mar
25
Conv preferred
N Y Ontario & Western
58
Feb 19
Mar
14
% Mar
4038 Mar
* N YNH&Hartford
92
6
% July
1,900
*56
Apr
Apr
Feb 11
1,800
92
30%
1712
15%
3834
Jan
11
li2 Feb 11
3%
58
2138 Nov
30
147„ Feb 17
8
9H2
2234 Mar 6
5H4Mar 11
21% Feb 19
i2 Jan 10
3%
58
434 Mar
May 14
May
5
103
958May 11
78 jan 8
8
92
1534 Nov
8134 Nov
26% Dec
100
preferred
National Steel Corp
National Supply of Del
3%
58
3H4
«.
300
June
8%
58
3OI4
101
10
2d
63%
*338
9% Aug
Sept
13% Mar
62
1438 Aug
200
34
*10
Dec
Dec
478 Mar
1%
*%
par
3%
*9H2
*52
Apr 28
2738 Apr 30
2884 Jan 2
27 May 19
Feb
May
16212 May
140% July
Stamping.No
8%
334
Mar 27
48
66
Jan
Nat Enam &
National Lead
3%
-
4
Dec
xl06
8%
334
10%
57%
4
Jan
4
3%
384
Oc^
1778 Mar
112
8%
10
16%
6
3%
10%
Mar
Aug
22% Mar
1734 Mar
108
8I4
334
Apr
65%
1%
33i8
1538
May
%
3134
7%
914
178 Feb 10
3778 Mar
2
8I8
378
Dec
Jan
9%
39
34%
10%
60
Feb 25
4
3i8
35g
4078 Dec
71
150
35
1058
943s Nov
May 29
121%
9%
*37%
33%
*338
Feb
2134 Mar
4178 Dec
3
6
10 f
Nov
45% Apr
5934 Feb
25% Mar
11234 Mar
9
Jan
4% Dec
Mar 17
1%
*414
*3%
Mar
3
23
55
8
July
Mar
*30
37g
*100
No par
July
168
35
4
2634 2714
5534
5534
8>8
838
*10014 103
Nat Distil Prod
108i2 Jan
107i2 Jan
1
li2 Mar
1034 Mar
634
22%
141l2
13%
1278
Apr 30
Apr 30
21
4
143
9%
39
3434
29%
1034
*107
21
Mar
Nov
34 Nov
2% Dec
2
9%
*38%
3lo
10412
*H4
1S4
23512 23512
No par
No par
Jan
1
1% Mar
1038 Apr
68
158
5,100
*30
*314
1034
*104
153
100
_
12i2 Apr 30
9i2 Apr 30
31i8 Apr 30
100
Mar
i8 Mar
34 Apr
13734 Jan 21
10%
*97
pref
31
National Pow & Lt_—-No par
Nat Rys of Mex 1st 4% pf.100
10%
38
101
cum
Dec
7% Nov
100
*30
*97
7%
Nat Cash Register
Nat Dairy Prod
378 Mar
16% Dec
28
16i8 Arp 24
20i2May
10
150
105 " Jan *111% June
100
38
101
Jan
4478May
l0278May 13
14
Apr 30
43
No par
Mar
*J Jan
684 Oct
20% Dec
2478 Sept
116i8 Oct
2i2 July
~~
84
No par
Biscuit
Mar
Preferred A
46
*98
Apr 30
May
No par
National
Nov *85^ Nov
„
Mar
Preferred B
112
*97
4
Myers F & E Bros
Nat Aviation Corp
Mar
160
378
*97
Jan
Jan
2%
9%
8%
60%
578 May
Feb
734 Feb 11
Nash Motors Co
Nashv Chatt & St Louis.—100
National Acme
1
Jan
300
29
29
29
29%
29%
*57%
5834
60%
58%
60%
59%
4%
3%
37g
3%
*3%
3%
3%
*12
13
*12
*12i2
107g
12
133g
13%
*10%
13%
*13314 139
*13314 139
*133% 139
*133% 139
*133% 139
H4
H4
ll4
ll4
1%
1%
1%
1%
1%
1%
61
10
6034 Oct
33% Dec
42% Dec
24%
9% Feb 21
4
60i2 Jan 6
84 Jan 2
283s Apr 30
15i8 Jan 2
III4 Apr 30
21
65% Nov
838 Nov
4% Dec
1784 Dec
683 Nov
.
26i8 Apr 14
May 19
70
Dec
Dec
1538 Jan
115% Dec
1434 Dec
97% Dec
162
46
34
Mar 24
Feb 10
Feb
Feb 10
Feb
Nov
1084
40
100
*106
3534
1238 Mar 23
1934 Dec
45i8 Sept
131
7,500
45
3434
10978 Mar 16
35% June
33
112
36%
29l2
60%
Murray Corp of Amer—
Oct
29
45
35l8
100
*7% pref class B_.
.100
t Nat Depart Stores—No par
*106
9%
No par
No par
30
12%
2,700
2734 .10,600
46
39
—No par
7% pref class A
112
44
-
Nov
26i8 Apr 14
Jnue
178May 19
3534 Jan 7
11
Preferred
10
141% 141%
*36
Class B
23%
112
9%
5
7.50
—
*45
97S
Wheel
4,500
8,800
*106
39
29
37
1,800
5,500
46
40
Motor
Mulllns Mfg Co class A
—1
16%
22%
13%
1138
112
40
3678
30
6178
378
1,900
16
14%
49
*111
29%
*118
1
4,000
Mother Lode Coalition.No par
Motor Products Corp.-No par
5% preferred
33
1038
34
~~5~66o
50
Munsingwear Inc
Murphy Co (G C)
*111
*107% 111
13i2
2838
160
10
Rights
Mont Ward & Co Inc. No par
Morrel (J) & Co..No par
Jan
Mar
58
103
20
Apr
Mar
2OS4 Mar
22
Apr
85
76i8
138
234
514
6i2
Dec
Dec
Feb 20
79
-.100
11
Apr 13
x2838 Apr
100
Morris & Essex
■
_
2
May
75 *
5i2 Jan
14i2 Jan
2i8May
378 Jan
20i2 Jan
100
Conv preferred
Mohawk Carpet Mills
Monsanto Chem Co
300
_
234 Jan
578
38%
8%
85i2
97
No par
100
34
160
46
234 Mar 27
100
Preferred series A
100
34%
14
34%
100
6
131i2Mar 30
Mo-Kan-Texas RR
100
*21
par
Jan
3
47% Apr
17
48
22%
Apr
Apr
714 Mar
3334 Nov
90%
97i2 Dec
12% Apr 13
23
Mar
41
6834Mar 17
3734 Apr
5034 Apr 11
No par
27
21%
137g
11%
*11
7% preferred
4% leased line ctfs
*26
23%
14%
11%
9
Mar 24
Apr
74i2 Apr
10% Mar
Mission Corp
90
16%
Mar
8
106i2May 14
6i2 Jan 6
5714 Jan 17
par
No par
13%
22%
11%
Preferred
Feb 21
88
Minn Moline Pow Impl No par
74
23l2
14
x65 *
13%
1634
0:1714 Apr 30
21% Jan 9
Minn-Honeywell Regu. No
6% pref series A
No
74
16%
35
10
No par
110
13%
74%
2634
47%
47%
*47%
10278 10278 *10238
14%
15%
1458
47%
47%
*47%
19
108
8 %cum 1st pref-..*100
Milw El Ry & Lt 6% pref. 100
*13
1634
*44
10
32%
19%
6
Mid-Continent Petrol-
16%
4834
*106
39l8
357g
28l2
3134
19%
5
t Missouri Pacific
2,300
1
*47%
16%
*11
1034
134
6534
405g
1938
*13
2
30
Merch & Min Trans Co.No par
Feb 17
15% Mar 26
108
Apr 23
7
678May 22
May 13
31% Jan 9
40% Jan 6
534 Jan 3
Midland Steel Prod
46
1238 Jan
5514 Jan 31
—
4938 Jan 24
9738 Jan
1
Mesta Machine Co.
Miami Copper. J
28
118% Jan
IIS4 Feb 14
97% Jan 10
No par
700
70
1634
1334
12
7,400
34,900
24,000
1
Apr 29
7
89
*66
3
-No par
No par
800
—
1
Jan
2
23,000
70
23
14
-
Apr 30
38 Jan
5,000
42%
1658
3434
3434
35l8
*153l8 160
*153i8
23l2
2378
2314
2358
2378 x233g
111
111
*109i2
111
111
*10714
13l2
14
13l4
2838
28l2
28i8
*30i2
33
*30l4
2914
30i4
287g
158
*15514 159
*141
14134 14112
1012
*ll8
*r,8
64l2
59
-
Jan 31
Mar 27
li2 Jan
24%
2%
4%
23%
415g
*4434
24
1734 Apr 28
3958Mar25
100
5734 Nov
May 27
J Minneapolis & St Louis-.100
10
•
16%
13
1278
13
133g
1334
13%
75
74
73
74i2
74l2 *74
*2512 27
2618
26ig
*25% 27
*47
48
*46l8
48
*4578 48
*10278 104
*10278 104
*102% 104
15
15
1538
1558
1538
15%
*47
*j.
95
Minn St Paul & SS Marie. 100
400
'
1
19%
*13%
233g
2%
4%
*22%
87%
4%
23%
89%
8834
3%
1738
8%
8
8%
24%
234
,*23
24%
89%
88%
213162,S16
4234
43%
*3
1738
32i4 Jan
1338May
3
June
103i8
858
3734
11%
100
5%
110%June
9
9
700
4
*3
3%
17%
4438
*68
33
8%
24%
234
4
33g
*1634
8%
2334
*2%
4%
21316 278
4134 4258
*4434
46
Hg
1938
*1234
4
44
7058
Day
*3
4
17
45
*6712
Memorial
*3
*2%
17
234
4234
44i8
46
1
514
24
*45
Closed
4
17
88
2412
90i2
213,6
Exchange
*338
17
2
Feb 24
200
-
*3
pref
7% preferred
36
4
conv
May
Mar
94
McLellan Stores
6%
110
8
12i4May
No par
Mead Corp
$6 pref series A
2
29
5
pref
conv
Jan
109
1st pref called
McCall Corp
$3
Feb 28
103
No par
Mengel Co (The)
68
68
68
68
*68
68l2
69
67
67%
*10634 IO8I4 *10634 IO8I4 *107
108% *107% 108% *107% 108%
9
9i8
9
914
9ig
8%
834
834
8%
8%
65
65
65
*64l2 66
64%
64%
64%
64%
64%
h
h
*la
58
%
%
%
%
*%
%
2
2
2
*178
2
*178
*17S
2
*178
2
4
June
160
36
17i4
87g
25i2
Oct
103
Prior preferred
900
*68
*3
55
8
49%
834
1834
*314
54
54%
36%
1714
838
24i4
20
*7%
*52%
*96
Dec
Nov
Jan
Jan
Melville Shoe.:
50%
126
11
3378 Nov
156
32%
84%
300
50
*94i2
Jan
50% Apr
70
*36
125
*9414
2334 Mar
136
45% Dec
14% Nov
Feb 13
*69
9
June
45
69
19%
38%
12534
Feb 28
Mar
684 Mar
4
ex-warrs—iVo par
30
834
36% Feb 19
160
20
1
Jan
107
19
5
Jan
*105
38%
5
Dec
2334 Dec
378 Dec
33
McKesson & Robblns
9
19%
5
Mar
Mar
3578 Mar
3,200
1,100
1,700
36%
50%
3834
*125
12534
*95% 96%
Mar
1
55
Mclntyre Porcupine Mines..6
McKeesport Tin Plate.No par
9
19
6
53% Jan 3
21i2 Feb 28
McGraw-Hill Pub Co-.No par
*35%
49%
3834
Apr
Mar 18
10
Apr 28
100
36
1912
2% Oct
334 Mar
978 Dec
178 Dec
38 June
Mar 18
Mar
12
5% Apr
Mar 19
49
9,700
1,500
5034
914
3914
2% Jan 6
May 5
IDs Jan22
3%
10%
3034
4%
5034
19%
43i4May 4
13i2 Apr 30
19
50i4
19
3
May
No par
45
834
834
4258
4234
*1238
1234
101% 101%
1434
1434
7%
Jan
Sept
3
Preferred
44
54
1034 Jan 14
12% Deo
66% Oct
Feb
May Department Stores
10
Maytag Co
No par
105
7%
19% Nov
Mar
100
69
8
23
1
6i2 Apr 28
27i2 Apr 27
15378 Jan 17
Preferred...
30
Apr
10
1884 Jan 10
No par
*18
110% 112
54
39I4
Marshall Field & Co
Apr
1314 Mar
Mar 17
41
Martin-Parry Corp
No par
Mathleson Alkali Wks-lVo par
105
6934
100
100
No par
100
36
1958
4012
12634
preferred
No par
JMcCrory Stores Corp new_.l
6% conv preferred
100
2,200
54%
9
Prior
29
634 Mar 17
7
100
Marlin-Rockwell
10% Jan 3
57% Jan 10
23i4 Feb 3
3
3
2% Jan
-—100
Highest
$ per share $ per share
8i2 Apr 30
1% Jan 7
1
Marine Midland Corp (Del)_6
Market Street Ry
5
Preferred
16
54
9
9
6934
105
10
56
5034
50
107
1,600
4934
29%
1238
94
758
54
55%
36i2
*3512
*125
*69
8
*54
19i8
3914
*105
6934
29%
16
*18
*1812
*18
1812
19
19%
45%
4414
46
4414
44% 46
*110% 11378 111
111
IIH4 11U2 112
111%
878
8%
834
878
8%
8%
8%
834
43i2
43%
4234 4338
42% 42%
42% 42%
13
1278
1314
1258
1278
12%
12%
12%
*9612 10312 *100
103i2 *100
103% *100% 101%
1458
1578
15
*1434
1514
15
*1434
15%
105
500
3,900
4934
110% 110% *110
12%
94
734
159
49
--.26
Lowest
$ per share
June
32i2May 27
14% Apr 30
17%May 4
100
2d preferred
"""166
*45
2934
12i2
29%
*155
49%
60
3%
7%
Mod 5% guar
Manhattan Shirt
Maracalbo Oil Explor
42%
15%
15
t Manhattan Ry 7% guar. 100
Preferred
*4933
110
9812
18i2
4538
*2%
29%
100
800
9
*39
159
50
26
15%
734
49
50
*6
26
42
15%
*7%
29%
734
50
9
*39
16
*45
*16
40
15%
8
Year 1935
Highest
$ per share
No par
Mandel Bros
200
40
*4914
*16
*35
Par
Shares
8
*35
49%
16%
4934
16
8
1538
*18%
3%
8%
9
30i4
159
$ per share
9%
17%
19
*6
*24%
16
*8
Lowest
40
24i4
314
*7i2
30
159
48%
*35
9
$ per share
9%
16
*6U
24
25l2
*8
35
2
218
*7
*24
$ per share
Range for Previous
On Basis of 100-share Lots
YORK STOCK
EXCHANGE
NEW
for
Saturday
May 30
June 6, 1936
13
1284
1278
12%
12%
7,300
Ohio Oil Co.
45%
43%
45
43%
43%
2,800
Oliver Farm Eq new..No
par
....No par
Jan
2
May 12
23% Apr 30
5234 Feb 6
6% Jan
98
Jan
6
2
4% Jan 17
97% Apr 7
24i8 Jan 2
51
May 25
2
Jan
6
22%May
4
L1 %
Apr 30
24% Jan
6
278 Jan 14
237i2May 27
108i2 Apr 21
30% Jan 8
57
June
4
IO84 Mar 19
105% Apr 7
12% Feb 21
101
Mar
3
3634 Feb 20
57
Mar 24
4i2 Mar
30
6
Jan 22
17% Jan 15
54%May
5
84 Aug
158
Mar
218
Dec
99
Jan
108
June
9
Mar
28
Nov
35i2 Mar
2,
57
Mar
Jan
3% Nov
86i2 Mar
13% Mar
3578 Jan
1% July
x20
Mar
9% Mar
I6I4 Oct
55
738
102
Dec
Dec
Nov
10% Nov
99
Aug
25% Deo
52i2 Dec
2% Jan
32% Jan
1414 Dec
27U Dec
Volume
HIGH
AND
LOW
SALE PRICES—PER
NOT PER
SHARE,
Sales
CENT
STOCKS
for
Monday
Saturday
Tuesday
Wednesday
NEW YORK
Friday
Thursday
the
May 30
June 1
June 2
June 3
June 4
June 5
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
1934
207s
*10714110
110
20
2012
1934
110
*105
11*8
11
11
*10*4
11
27
2678
27
26*2
27
1478
*76i4
134*4 *13414
1458
155g
82
*51
—
—
-
53
*14914 154
153s
1558
6I4
6*2
1234
1334
758
734
6
*1234
*6
53
15
8U4
53
*51
53
14334 144*8
147i2
15
1,600
15*4
1,500
6*4
80
15*4
1512
15
*5U
6
*5i2
6
13
1234
1234
*6
7*4
3678
*6
36
7*4
3638
3578
36
5,600
Pacific Gas & Electric
517s
51
51i2
*5078
52
1,000
Pacific Ltg Corp
Pacific Mills
8
36i2
51
52
*51
15%
124
125
*149
150
149
149
3638
125
*12
1234
IOI4
*13l2
*2l2
*6U4
1012
17
*12
10*4
*149
1038
10*4
8I4
64i2
9
*13i2
*258
1?
*13i2
3
2%
62
61
61
713g
72
278
8
812
65
61*2
87g
9*4
*18
6OI4
7U4
•
8*8
59
9
834
18
19
312
42i4
4214
42
4234
25
2412
678
24i2
67g
*24%
6V
738
11
*312
312
73g
718
7i2
11
IDs
2
2
*2
69i2
70i4
*69l2
80
20i2
*18*2
378
3i2
42*4
24U
2*8
8OI4
80
70i2
8OI4
4
4
*4
4*4
658
65g
612
3514
218
*69
35
35
6*2
35*4
31
3U2
307g
313g
40
39
39
797g
33s
6%
*3978
*33
10
IOI4
10l2
15i2
2%
60*4
7114
xlO
10*4
*13i2
1512
*13*2
258
25g
*25g
3l2
4234
*55*8
*70
60
60
834
834
2*4
6934
79%
6 934
638
*39*8
3934
31*8
3934
*39
81
*78*4
65
*64
*2058
21*8
3434
48
48
12l2
15
*87
*618
*978
178
8134
*858
*65
4014
*614
Memorial
♦
*134
31
200
35
*33
3014
3058
*3834
3934
10
2,300
300
78
100
*56
64
300
*2034
21
12%
13
2,400
15*4
15*4
15
15*4
1478
15
3434
48%
3214
34
32
33
2,700
5,900
48*2
48i2
*4778
48*2
9034
8978
8978
*86
7
*6*8
*978
107g
178
8214
178
48*4
1212
*87
90
*89
*6
7
*6
978
97fi
*978
1058
2
2
178
178
8312
82
95g
9
7
1078
2
83
83
83i2
7
*6
7
39*8
700
100
------
40
39*2
7*2
*6*4
*6*8
7
11*4
"II"
*ll"
100
9
83
*
80
------
7,500
------
------
1 1138
700
134
134
I84
134
1»4
134
1,300
*3078
31
3078
3078
*31*8
31*4
31*4
31*4
500
*48*4
75
*48i4
75
*4814
75
*7i2
8
712
7*2
*34i2
3712
is4
178
*48l4
75ig
*778
8*4
*7i2
38
38
11
134
8*8
38
*35
1138
37*2
1138
*11
75
*48*4
------
7*2
7l2
200
37*8
37*8
300
Penney (J C)
9
*67
70
*118
*1334
17
834
734
67
9
9
67
*65
*1*4
2
*1334
16
178
734
734
914
66
*U4
1534
77fi
134
16
77g
77g
*75
79
9
9
65
65
*U4
*1334
75
75
3434
35
2*8
137g
*184
2234
13i2
*22*4
1678
1534
634
*534
634
1534
*534
21.1
2*8
2*8
*2
2*8
2
*7*4
*234
712
278
258
2234
2214
*2
714
234
*23
4U8
118
443S
*106i4
1205s
*133i2
*150i2
113l2
3412
2*8
*134
2*8
I84
1334
1338
2234
137g
1334
16
714
7*8
712
27g
234
278
25
*2212
41
4Ug
119
118
4478
107i4
4414
24
11*8
11%
5534
*10314 105
7534
7712
6
57g
34
3358
*40
4034
*14
7
41*4
40i2
118
118
44
42
1063s 1063s
106
1£078
135l2 *133
*15U?
155
11434 *1125g
4778
1738
107i2
9612
ll's
11
15
15
19
2OI4
92
*79
*2
15
19
203S
81
234
*14l2
15*2
20
203s
92
►
Preferred series A
25l2
2534
*108
110
50
52
53
5338
*61
6134
*
14
I614
.
*37
3U2
39
*24
25
2512
IO8I4 108*4
51
5H2
53*4
5318
62
14
3U2
37l2
32
37l2
*2312
108*8 108*8 *108
50
53
62
*10
25
*92
50
53*4
48
5234
*
~3D2
39
111
Apr 20
Apr 27
!
3800
1
38
Pere Marquette
Prior preferred
100
25i8 Apr 28
49% Feb 17
7i2 Feb 19
3534 Feb 19
100
6412 Jan
88
100
56
Jan
7234 Feb 27
....Wo par
16
Jan 13
24
Preferred
4
Jan
2
Feb 19
Mar 28
Feb
5
11
49i2 Jan 11
23
8D8 Jan
93
Feb 17
12
Mar 13
1% July
1678 Mar 13
3% July
$6 preferred
Wo par
t Phila Rapid Tran Co
50
7% preferred
50
314 Jan
8i8 Jan
10
No
Phoenix Hosiery
5
Pierce
Petroleum
Pillsbury
Flour
134 Mar
87i4May 11
15i2 Feb 7
35% Mar
734 Apr 29
8
No
par
25
Pirelli Co of Italy Am shares..
Pittsburgh Coal of Pa
100
Preferred
100
50
par
Pitts Steel 7% cum pref...100
Pitts Term Coal Corp
1
6% preferred
Pittsburgh United....
100
25
Preferred
100
Pittsburgh & West Va
100
Pittston Co (The)
No par
Plymouth Oil Co
5
Mar
July
Jan 15
Jan
2% Feb
37U Jan
Feb 21
Feb
11%
2%
15i2
20
53
No
40% Feb 5
Apr 29
May 2
172
~
180
No par
100
100
100
Jan
2
Jan
2
lis8 Jan 31
85% Mar
3
Pure Oil
Jan
2
2
2
80
*2
*14
195g
200
—
76"
17,400
5%
7,600
*92
113i8Apr 3
J28
Apr 4
146
Apr 14
Jan
l6i2Apr
26% Mar
1934 Feb
934 Mar
8
4
6
2
3
19
4
24% Apr
678 June
14 Feb
438 June
6% May
No par
49
Jan
2
107i2May 26
12234May 22
136% Jan 27
1638June
1
Mar
6% Mar
6% Mar
158 Mar
58 May
4238
115
Jan
Jan
2038 Mar
623s Feb
73
Mar
85% Mar
100
Mar
1
99
Jan
1
29%
Oct
156
Feb 27
114
Apr
4878June
7
Mar
1% Mar
91% Apr
4i8 Jan
li4 Jan
1
10% Apr
9% Apr 11
Jan
41% Apr
334 Feb
1178 Jan 6
May 18
5
Jan 17
7
Jan
367s Jan
(The)
Feb
5t2 Mar
22is Mar
8
21
2
112
26% June
160
Feb
No par
14,000
-
par
Pub Ser El & Gas pf $5 .No par
25,000
1678
210
107*2 107*2
800
96*8
9638
9,400
117g
11*2
11% 143,200
11*8
1,300
*552532 5534
457s
45U
16%
578 Mar
May
2478 Mar 20
13334 Apr 17
4958 Mar
6% preferred
100
No par
Corp of Amer—No par
91i4May
117% Mar 27
65
Purity Bakeries
958May
50
54i2 Feb
83% Jan
8%
conv
Radio
100
preferred
Preferred
No par
Preferred B
$3.50 conv
1st pref.Wo par
t Radio-Keith-Orph...No par
103
173s Jan
934May 12
3
2
68% Apr 28
5
Jan
2
6
834
June
Feb
14% Jan 17
4
Mar
9
50
Mar
June
2
35% Mar
7778June
2
56% Mar
105
914 Feb 19
1% Mar
32%
600
Raybestos Manhattan.Wo par
2878 Jan
6
38% Apr 14
4034
200
Reading
35i2 Jan
3
4838 Feb 24
16% Mar
2978 Mar
4912
200
4034
500
2d
preferred
preferred
50
50
50
200
Real
Silk Hosiery
10
13
40
80
100
2i2
200
15%
20
95
4838
48%
5234
5314
62
*11
14
*11
7,500
900
900
32*2
315s
*38iS
3134
------
6,900
38%
1st
100
Preferred
Reis (Robt) &
Co
1st
No par
100
preferred
Remington-Rand
56 preferred
25
Prior preferred
25
Rensselaer & Sar'ga RR Co 100
5
Reo Motor Car..
23,800 Republic Steel Corp—No par
—
-
—
""500
100
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper
5
& Brass
10
Class A
"30
600
Preferred
100
Reynolds Metals Co...No par
100
5H% conv pref
2,500 Reynolds Spring
7,100 Reynolds (R J) Tob class B.10
Class A
10
10
200
14
38%
Gamble
Pub Ser Corp of N J
Inc
25
24l2
24%
112
11218 *108
483s
Procter &
Pullman
92
97
100
Preferred
Apr
Mar
7
Mar 25
112 Apr 24
12
No par
Class B
58 July
31
65% Aug
5
5818 Jan
Poor & Co class B
234 July
5
6
61
12
4
20
No par
3
50
17
21
Pond Creek Pocahon..No par
Porto-Ric-Am Tob cl A.Wo par
1334 Mar
978 Jan 10
2
Jan
li4May 4
1534May 12
3
2
88
Feb 21
712 Apr 30
49
5
4938 Apr
84
35i2 Apr 28
155
Mar
5% Mar
53t2 Apr
Jan 31
738May
176
Screw & Bolt.-Wo
6
li2 Jan
3078June
100
Pitfcsb
May 29
634May 22
72
Mills
38% Mar
Mar 13
66
.100
Pierce Oil Corp pref
Feb
358 Jan 13
100
Preferred
Oct
1234 Mar
134May 29
7% preferred
8% preferred
300
Mar
1312 Oct
7% Mar
19% Mar 4
40% Apr 11
May 12
6% preferred
11258 1125s
13
14
100
114l2
Feb
914 Mar
4512 Jan
600
------
2%
16i2 Mar
123sJune
135l2
*151lo 155
Mar
2558 Jan
121
154
Oct
I734
Phelps-Dodge Corp
25
Philadelphia Co 6% pref.._50
106*2 106*2
*120
135*2 *133
Feb
10838
Petroleum Corp. of Am
5
Pfeiffer Brewing Co
Wo par
10312 Feb 21
121
30
18
$5 preferred
320
17% Mar
IIU4 Apr 25
People's G L & C (Chic)... 100
Peopria & Eastern
100
Westphalia El & Pow_.
Ritter Dental Mfg
No par
Rhine
~i~500
500
Roan
Antelope Copper Mines
Royal Dutch Co (N Y shs).
For footnotes See page
June
700
*60
385g
Mar
122i2 Feb 26
4834 Jan 15
62
39
115
110
40i4May 12
11734 Apr 7
39
Apr 29
*60
32
5
100
Preferred
5% pf (ser of Feb 1 '29). 100
No par
62
3134
Mar 27
5,100
14
*60
43
30
2,900
99
97
Feb 19
par
42i2
*97
95
Feb 21
42
22l2
99
Mar
39
41*4
40l2 41i4
1185s *118
11858
*22
109
*97
Mar
28U Apr 29
100
2%
*24
5*8
1934
*8U2
*83i2
*1158
3
18
50
2338
*7
9334
90i2
9112
9334
9334 9334
2238
22i2
*22*8
22%
22*8
2212 22%
22*8
*10712 10934 *107i2 110
*106i2 110
*107i2 110
5%
514
5*8
5*8
514
538
514
5*8
5*8
19
19*4
18*4
1834
183s
203s
19%
1934 20*4
*81
*82
83
83i2
*80i2 83i2 *8012
835s
8334
85
*84
85i4
84%
8412 8412
85*4 85i4
87i2
*11
12
*11%
12i2
12I2
11% 113s *1U2 12
*24
29
2614
*23i8 26*4 *23l2 26*4
2912 *24
22l2
*104
10% Mar 24
48*4 Mar 24
100
538 Jan 16
36
Jan 16
80
.
80%June 5
678 Jan 28
2i4 Apr 29
18
Apr 30
107l2 107l2
96
96*4
19*4
9134
3
634May 21
1714
*14
300
Feb
s4 July
2
2
Mar 13
t Pressed Steel Car. __No par
47
*178
100
2*8
8%
3%June
t Postal Tel & Cable 7% pf 100
1634
80
1,800
6
*134
*80
278
15*2
6
s4 Apr
478 Oct
412 Jan
2834 Jan
1,300
12
84
100
64i2 Feb
57% Apr
2% Mar
2,400
5534
*2
3,800
23
15l2
,
23g
100
Feb 21
73
714
46
1078
70
530
1%
1334
214 Mar
2%
7*4
234
22*4
43*8
10634
120
1,200
7*2
May
514 Jan 23
47% Mar 10
2638 Apr 22
10
Apr 1
1178 Apr 2
1714 Jan 24
278Mar 17
338 Jan 11
1214 Feb 6
2
7*8
20
75
*21
84
47
40
23g
1558
12l2
47
1212
23
153g
------
33
135s
III4
1178
1178
12*8
*5534 55*3,6 552532 5 52532
*100
107
*10214 108*4 *10012
10434 105
76
773s z74%
76*2
7778
7778
77*8
6
534
512
5*2
57g
534
534
*32
33
*32
33
33
3258
3312
3934
3934 *39i2
4112
397g
3978
*397g
46
46
*46
*45
*46
49i2
49l2
*40
40
40
*3978
4034 *403s
4034
13
1278
1212
*12i2
*1212
12% *1212
40
*80
1U4
14
*584
43
11*8
5534
*20
134
16
*158
634
118
447S
134
1534
41
4U4
118
10658 10658
11
2234
*22
120
120% *11978 I2D4
135
*133
135
136
*151*8 154
*151*8
155
11319 *11214 114l2 *112*4
48
47
4838
47*s
487g
17*8
17i2
1738
17is
17*8
106*4 107
*106*4
106is 106ig
*95
96
96
96*4
96i4
11*8
ll's
5534
33
3334
40
65
7*2
74i2
3234
77
77
36
2234
7%
33i2
712
*75
77
34l2
*134
1334
*2214
1614
*534
134
16
5,800
87g
834
*6358
*114
*1334
Nov
9% Aug
10
Common
834
12
par
Wo
Pitts Ft Wayne & Chic pf.100
*17934
*17934
*17934
*17934
*17934
"II"
80
3
Penick & Ford
68
*66*4
40
*
Co...2.50
38i8 Jan
S3
39i2
80
69
Wo par
Proof
100
*6614
40
*
No par
1
Parke Davis & Co
par
83
3934
80
Wo par
Park Utah CM
par
*8%
*6538
40*4
*
11
7% preferred
Phillips Petroleum
95g
86i2
7*2
1
Phillip Morris & Co Ltd
Phillips Jones Corp
No
3934
*6i2
*6
67
17% Jan 13
338 Apr 28
4034May 4
23
Apr 28
4% Jan 2
7 May 27
10%May 20
li8 Jan 2
6412 Mar 13
2,300
*65i2
7*2
7
3
1
82%
86l2
*9
6
1234 Jan
28
Apr
June
Phila & Read C & I....Wo par
407s
7*2
9%
Feb
8734 Feb
Park-Tilford Inc
Parker Rust
2058 Jan
634 July
3
59
4,200
82%
Jan
858 Apr 20
1
100
97g
178
978
134
81i2
*8%
10
14%May 15
10
First preferred
Second preferred
Pet Milk
34*4
48*4
893s
Jan
100
Preferred called.
...
123s
48*4
11U2
Wo par
12,200 Pennsylvania
100 Peoples Drug Stores...Wo
*77
125s
8% conv preferred
Paraffine Co Inc
Penn Coal & Coke Corp
21
1258
Jan
Paramount Pictures Inc
Penn-Dixie Cement
15i2
3478
31
38
2,400
15*4
1258
Jan
140
Panhandle Prod & Ret-No par
1,200
78*4
*59*2
*2034
21
70
100
6% preferred
2,000
B
62
78i4
64
*20%
Feb 27
Peerless Motor Car
1238
3434
8912
80
*11'
Day
80
64
65
2Ug
12i2
15i2
3434
*78*4
80*s
65
*205g
130
500
115
*79
3
3,800
11634
11634 *115
*114l2 11634 *114l2 11634 *115
♦1105s 111% *11058 11134 *110% 11134 *110% 11134 *11058 11134
42
43
43
45
41i4
4234
447S
4378
4478
44l2
534
*4%
534
*4%
534
*458
534
*458
584
*45s
35
33
*33
33
*34
35
34
34
*3212
34l2
115
12
Jan
258
6*4
Mar
June
6
118
70*2
3l2
35
19
Mar
19
100
No par
Pacific Telep & Teleg
Parmelee Transporta'n.No par
80*2
30l2
4
Pathe Film Corp
No par
Patino Mines & Enterpr No par
6*8
*33
31%
5678 Feb
2,000
3*2
1
934 Feb 10
3958 Apr 6
2,300
80*2
13% Mar
4% Jan
3034 Jan 11
4,000
638
3% Apr
475s Apr 30
7*4
7978
334
Mar
Feb 11
25
7
*69
Mar
17
No par
No par
10*4
334
4
1,700
3*2
*6i4
80*4
3512
300
21
800
2*8
7012
3078
50
500
8,700
5,400
7
Aug
1
3t2 Mar
3,700
678
14
1034 Jan
i2 June
6% Mar
7U8 Dec
8
Aug
834
10*4
2%
80
934 Feb 11
Feb 19
1,400
7i8
7i4
9% Jan
2
4
3
9
414 Apr 6
74% Apr 4
97% Feb 13
24
1058
214
164i2Mar 4
1778Mar 25
2
Jan 20
13
42
7
Jan
3% Jan
678 Jan 2
13i4May 16
138 Jan 7
18% Jan 3
67
Apr 28
758 Apr 20
23 5g
10i2
14
Packard Motor Car...Wo par
Pan-Amer Petr & Trans
5
—
300
42
7*8
128
23,100
—
2312
75 p
No par
Mar
114i2 Mar
Feb 10
43
11
1st preferred
2d preferred
Jan
38
8
Apr 27
60%
3i2
Feb
18
*4238
358
53
7
150
*1834
3i2
23i2
7i8
Jan
Jan
4% Mar
2234
8
21
24*4
47
106
134% Apr 27
2034 Mar 2
95i8 Feb 19
2
13
Apr 30
7278May 14
Jan
434 Apr
lli8 Apr
Mar 25
1134 Apr 30
8
*18l2
14
3234 Feb 24
Pac Western Oil Corp..Wo par
30
71*4
734
6OI4
834
778
Jan
3i2 July
75
400
59
7114
734
6178
87g
2078
15*2
234
59
59
*70
89
12*4
12is
7
7*8
10%
714
11
1214
12
8
700
150
*149
1212
734
63i4
150
*149
150
*12
1234
72
72
Closed
60
14*2
14*2
14i2
1412
1412 *14*4
125l2
125l2 *120
125*2 12512 *120
124
Exchange
120
7»8
*6
357s
52*4
*14%
Glass Co.__25
Pacific Amer Fisheries Inc
5
Pacific Coast.
10
6
36
1538
Owens-Illinois
13
13
*
Highest
share
per
-
100
6
52
153g
No par
13
*11
123
100
Preferred
2
24U Apr 27
100
Outlet Co
2
Jan
$
25% Mar 30
115i2 Feb 24
4
Jan
8
No par
Prior preferred
*115
17%May
No par
Preferred
Otis Steel
200
$ per share
107
par
Otis Elevator...
30
79
36
Stock
Oppenheim Coll & Co..No
4,600
1478
79
*115
*15*8
400
*135
1434
150l2 152I2 X144
149*4 140l4
15
— -
*79
8OI4
*115
*115
—
15
*51
*79
7912
*51
—
-
1434
15
1434
*51
*7614
53
*115
134U 13414 *135
"l5~*8
Omnibus Corp (The) vtcWo par
Preferred A
__100
10,200
26
25i2
26*8
26
11*4
*10i2
11
*1038
Year 1935
-■
Lowest
Highest
$ per share
Par
100
*107*4 110
*10714 no
11
265s
Lowest
7,700
19*8
19i8
1958
19*8
20*8
110
Range for Previous
Range Since Jan. 1
On Basis of 100-share Lots
STOCK
EXCHANGE
Week
134
3807
New York Stock Record—Continued—Page 8
142
.
39
Jan
7
47
June
1
36
37
Jan
4
41
May
5
33
978 Jan
2
1634 Jan 30
3% Apr
Feb 17
20i8 Apr
4
88
178 Apr 28
12&8May
22
19
70
Jan
Apr
Apr
334 Jan 14
1
Jan 14
8
Mar
June
2334 Jan 15
7
June
85i2 Jan
22i8June
9934 Apr 15
69
Aug
2434 Jan 23
Apr 15
21% Oct
98t2June
109
May 28
114
Mar
478 Jan
1678 Apr 30
8% Mar 25
2634 Feb 19
2% Mar
77
99
Feb 19
95
Jan 13
285s Mar
78i2 Oct
May
4
78i4May
10
Apr 20
2534May 21
90
Apr 28
22i2May 25
105
Apr 27
27
Feb 17
50
Apr 29
60
16% Feb 17
Jan 10
13
Jan 23
75
34
117
Feb
Jan 13
Apr
June
3
57%May
6
29t2 Mar
1358 Jan
19i2 Feb
2
35
485s Jan
101
June
3
Jan
Apr
17% Apr
1214
43%
55%
1U2
5%
2178
5514 Apr 14
585s Feb 28
1034 Jan
32
5
Mar
5i2 Apr
36
120
6558 Feb 10
Jan
9
39
9
MarlO
Mar
Mar
Apr
Dec
Mar
Feb
New York Stock Record—Continued—Page 9
3808
LOW SALE PRICES—PER
AND
HIGH
NOT PER
SHARE,
CENT
STOCKS
Sales
YORK
NEW
for
Saturday
May 30
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 1
June 2
June 3
June 4
June 5
$ per share
$ per share
81
81
$ per share
Range Since Jan. 1
Shares
8H4
81%
538
»
,
.
414
95s
22
1034
*3U8
*110
*558
24l2
*2i8
414
10%
22
20
538
2434
24i2
*2%
'
212
414
3178
un2
*11212 113l2
1134
1184
43
43i2
101
101
I84
158
87S
6112
914
62
13s
1%
1
1
*2lS
3134
2%
3134
*4I2
per
*81
5
share
84
612
24I2
per share
81
81
*5%
414
1034
*4
10
20
10
*20
*5%
243s
6%
24%
2%
4%
23
*24
2i4
2%
*218
412
72%
*278
6338
2158
212
31i2
4i2
*2%
31
*5%
2334
6%
2
900
4%
4
10
19%
31%
20
*19
32
31
111% 111%
112% 112%
*11%
4134
101
1%
1178
4234
101
758
1%
8%
63%
65%
1%
134
78
2%
78
*2%
3034
4
31
63%
6434
*63 38
2214
22
22%
14
*1334
14i4
1334
1334
2034
1334
22
*1378
24l2
*9414
6i2
51%
2512
9512
24i2
*9514
25
24%
23
23
31%
6%
51%
31%
17
17
638
5058
*30i8
1678
612
5U2
31%
17%
24%
96%
6%
73
74
*2?8
3
65
22i8
22l2
73%
3
9634
*94
71
73%
3
3
65
125
*122
5912
59
59
59
59
85
85
85
85
*80
85
*80
*4412
*2312
1278
46
*44%
*43%
*23%
1234
46
*43%
24
23%
12%
2414
23i2
4578
23%
13i8
1278
13
*11U2 113
5
434
27
*130
27i2
158
26
2638
3334
343g
*11U2 113
4%
434
27l2 27%
*130
26%
3278
1534
I6I4
1658
2714
28
27
50
*41
*41
*8i4
9
6878
6878
*103
6i2
9is
Stock
107
*105
2638
34
I6I4
28%
50
9
687g
107
Day
28%
*41
*8%
26%
3134
15%
16%
25%
*41%
*8%
6934
50
9
70
70
*105
107
*73%
31%
1934
*31%
1878
*19%
2U4
2012
20%
*4934
50
4978
50
7114
*103
103l2
263s
J558
6%
*834
49%
15%
15%
1538
128i2 12834 *124
*10
*10
10%
9
19%
10
97g
4,600
2734
10,600
*478
5
13
834
70
26%
31%
1434
2534
*41
*8%
*69
34
27
36%
33%
3678
3378
3434
3%
500
18%
22,300
68
1,100
200
4,100
128
13,600
10%
25
25
110
900
700
600
4,600
10,200
8,100
100
593s
5834
5934
58%
59%
5734
58%
2738
*26l2
2678
27%
26
26
6914
67%
2%
6734
68
67%
67%
1,100
2%
26%
67%
*2%
2634
68
*2%
234
100
*8%
9
*8%
9
50
*46%
1834
18%
IDs
*79%
1834
185S
11%
82
122
*47
18U
1734
11%
79%
49
18%
1838
11%
79%
121
121
32%
3212
32
32
4%
III4
414
1U4
4%
10%
2834
2834
4%
10%
28%
834
*734
21l2
30%
1%
21 lg
934
714
8
3212
33l2
3514
36
934
10
97g
10
41
*60
3712
6012
*9
934
92
*9
914
*6
*23%
2958
*112
914
*7i8
714
32i2
35i2
958
978
2884
834
2138
30
1%
*47
1838
1778
11
1078
11
78
121
7%
21%
*2934
*678
738
3278
3578
738
32%
3534
lOSg
978
39%
36
*60
60%
9%
*35%
60%
*9
92
9
9
878
7
*6
7
4%
10%
2834
7%
21%
30%
1%
9
6%
7%
3234
36
10%
10
4%
10%
28%
*7%
21%
29%
*1%
*8%
*778
7%
£31%
35%
107g
978
4%
10%
28%
10%
4
28
2,000
200
40
28
800
100
87g
8%
29%
678
8%
67g
"uoo
7
7%
7
7
2,600
13,500
5,300
33,800
3,200
32
35%
12
*37
3534
*35%
60%
*59%
60%
9%
*834
9%
*834
9%
8934
100
36
60%
36
*35
92
89
4178
90
*71%
9
8%
8%
8%
9
*638
67S
6%
638
6%
6%
200
60
1,300
500
2538
*23l4
253s
*23%
*934
24
11
25%
11%
2334
*10
*23%
*10%
253g
11
10%
*9%
10%
30
30%
30
29%
3078
29%
293g
29
4,900
9,100
534
6*4
27
32
15
1538
6
6%
*29
31%
*27%
15
15%
15
6
6%
30
15%
*26
29%
*25
29%
5?g
28%
15
1538
15
15%
578
6%
534
104l2 10434 *10412 10558 al04% 104% *10434 106
105
*51
*51
163s
623»
55
*51
16%
16%
15%
1638
15%
61%
62
60%
61%
1234
12%
1234
20%
*19%
12
20%
12%
8%
10578
12%
18%
12%
8%
59%
12%
19%
11%
1234
2058
1212
12l2
*72
8
838
10578 *105
534
106
558
534
2314
*7i8
22i2
•2278
333g
33
8l8
1018
74
45s
458
83
*80%
*12634 1271*
*37%
57%
1638
1258
*7%
22%
3234
*938
*51
62%
1238
538
55
1658
20%
*105
55
63
61%
1258
1978
8
55
16
40
9%
72
4%
83
*38
5%
*7%
105
534
578
8%
1234
1938
11%
8
105
57S
8
734
200
8,300
900
700
10
200
34%
3,400
9%
72%
9%
9%
*9%
97g
*9
9%
300
40
4%
4%
83
12634 12684
3978
*38
4%
83
4%
83
127% 127%
397g
*38
4%
83
72
4%
83
127% 127%
*38
397g
par
Preferred
No par
$6 cum prior pref
$7 cum prior pref
No par
No par
Stand Investing Corp. .No par
Standard Oil Export pref.. 100
4,600
130
2,600
400
990
Jan
14 June
68 Aug
2084 Mar
418 Nov
20i8
91
Jan
Nov
1U Deo
3
Deo
367a
Sterling Products Inc
Sterling Securities 6l A.No
par
10
No par
Convertible preferred
Stewart-Warner
60
5
No par
Sun Oil
1
25
Jan
7
Feb 20
2
1234 Apr 27
10U2 Mar 18
534 Apr 30
678 Jan 4
75
June
1
2934May 1
1578 Apr 30
la-ig Jan 2
44
Jan 22
63
Mar 13
99
Mar 12
21«4 Apr 27
1438 Apr 19
I207g Jan 10
10
Apr 27
Sis Apr 30
9% Jan 3
2434 Apr 28
2634 Apr 30
2
Feb 26
llFgMay
7
16i2 Apr 30
14% Jan 2
9% Jan 6
72
3
Jan
2
Jan
2
Jan 11
Jan
2
9»4 Apr 30
23
Jan
3
Telautograph Corp
5
65s Jan 4
2OI4 Apr 28
28i2 Apr 28
1% Jan 3
678 Jan 2
634May 14
Tennessee Corp
5
5% Apr 27
26
Swift Internat Ltd
No par
No par
Class A
Texas Corp
Texas Gulf
No par
(The)
Sulphur
25
No par
Texas Pacific Coal A Oil
Texas Pacific Land Trust
Texas A Pacific Ry Co
10
1
100
2878 Jan
6
33
Jan
6
7% Jan
6
93s Apr 27
28
Jan
2
Jan
13
Mar
Mar
Jan 31
4638 Nov
®68%
80
Nov
72
Feb
Jan
20
Jan
160
132
Mar 26
2834
38%
20*8
327g
Feb 20
Feb 20
Feb 17
Feb 19
Feb 21
6
Feb
75
Jan 2'.
June
4
5
3
Thompson Prods Inc..No par
Thompson-Starrett Co.No par
2458 Jan
2
$3.50 cum pref
No-par
Tidewater Assoc OH...No par
26
Preferred
100
Tide Water Oil
No par
10
Bearing. No
Transamerica Corp
No
52
6
3
Jan 20
12ia Jan
6
Apr 27
par
11
Apr 30
Jan 2
No par
Truscon Steel
10
20th Cen Fox Film CorpNo par
Preferred
No par
City Rap Trans.No
1434 Jan
1005s Jan
56
Tri-Continental Corp..No par
6% preferred
No par
Twin
Jan 21
Apr 30
par
Transcon A Western Air Inc.5
Transue A Williams St'l No par
Truax Traer Coal
4?s
147S
10% May 19
7i8 Jan
93
478
3
Jan
6
Jan
6
7i8 Apr 30
22i2June 1
313s Apr 27
IOI84 July
Oct
36% May
18>8
151*
Deo
Oct
48
Nov
84
Oct
105i8 Nov
30
4is
19i«
130
Jan
Apr
12% Deo
9% Aug
118g Aug
20%
Dec
2878
Deo
Jan 24
Mar
78 July
111
Jan
Feb
Feb
8
2734 Mar
6
23
Feb
6
20
Mar 19
Jan 28
Mar
Oct
2i2 Nov
116
Apr
407g Deo
333g D^
32
Feb
62%
Dec
3584
12i2
5834
U8
3%
Mar
Mar
Jan
68
Nov
Mar
Mar
4
Deo
10
Deo
36
Mar
60
Dec
Deo
3212 Nov
1234
63i2
24i2
2U4
14&S
Apr 16
Apr 8
Mar 4
65g Mar
187a
2i2 Mar
214 Apr
1518 Deo
1034 Nov
91
Mar 12
60i2 Mar
115i2 Jan
8
Jan 28
Jan
12434May 15
40i2 Mar 18
634 Mar 12
14% Feb 19
297g Apr 20
9% Feb 14
25
Jan
6
3578 Jan 30
2*4 Feb 11
1134
93s
IOI4
-39i2
3834
1514
14%
42
Feb 19
Jan 8
Mar 11
Apr 7
Feb 3
Feb 29
Mar 6
Apr 13
1414 Mar
110
125s
9i2
29's
12U
8
5
Feb 28
Mar
6
Feb 18
Feb 13
Feb 14
32i2Mar 6
8i2Mar 23
3934 Feb 25
19i8 Feb 4
106i2 Mar 3
60
1734
72i2
1434
275s
16i2
12
Mar 11
Feb 19
Feb 18
Feb 25
Apr 4
Jan 2
Feb
4
107i8 Mar 11
7
Feb 29
*11
15s
5
3i2 Deo
12«4 Aug
1778 Oct
314 Mar
25
Dec
9
Sept
2284
Deo
Sept
32i2 Dec
14 Apr
U4 Apr
6U Sept
4
Mar
1612 Mar
2834 Apr
314 Jan
8i2 Jan
14
Apr
13i8 May
Deo
978
884
3014
Dec
3634
9%
Feb
Oct
Jan
Dec
12i* May
28i2 Dec
443s Dec
61
100
12»8
Nov
Oct
Oct
10i2 Dec
2
June
5
Jan
16
Mar
29
Nov
5i8
Jan
133g Mar
15s Mar
17
Apr
75g Mar
84
2634
4%
283s
478
Jan
5
Deo
Deo
1578
Dec
I04ia Nov
Mar
Mar
13i8 Dec
72if Nov
Mar
14
Apr
Oct
83
Ulen A Co..
...No par
05% Jan 22
4%June 5
83
2
99
Jan 13
125i2 Apr 23
38i2May 21
183
Jan 17
125
Dec
5234 Feb 19
29
May
2i2 June
18
2634 Nov
28
48
714 Mar
5i8 Mar
178 Mar
69
87S Nov
Mar
100
85s Jan 20
6U
May
50
Preferred.
6
33i2 Deo
li2 Nov
5U Apr
6U8 Jan
2i2 Mar
245g
Mar
Dec
15
41
1234 Jan 31
Mar
Jan
Mar
1078 Feb 18
3238 Mar 2
2
Nov
305s
35s Oct
312 Mar
13
Aug
Mar
77
121
Apr
834May 20
June
Dec
6
Jan 17
par
Under Elliott Fisher Co No par
Preferred
100
Union Bag A Pap Corp. No par
Dec
Jan 27
89
Jan
8I4
8i2
Feb 17
...100
814
107
li2 Mar
I84 Mar
434 Mar
Jan
2334June
714 Mar
8i2 Mar
3314 Feb
4378 Mar
212 Mar
Jan 30
Jan 15
1
Nov
Mar 17
Feb 17
1334
978
17U
30%
3978
334
113i2
47&S
40>8
Apr 30
...25
31
12i2 Sept
9
Third Nat Investors
3384 Deo
884 Nov
70i2 Nov
1225s June
No par
100
Mar
Feb 24
44
Third Avenue
July
5
Feb 24
62
8i2May 23
3U Jan 2
15
18
Mar 25
l
Nov
25i2 Dec
16% Jan
215s Dec
129
59
Thermoirt Co
Dec
27
313s Apr 13
3378 Apr 27
4
152
June
24i2Mar 20
5334 Mar 20
7734 Apr 13
104
OC1
283g May
Feb
3i8 Mar
314 June
3634 Jan 25
2378
112
1284 Mar
5i2 July
7
July
Apr
69i2 Apr
109U Feb
934 Mar
1218 Apr
1534 May
1058 Mar
42
No par
June
Apr
107i2
No par
Preferred
Jan
112i2May 1
7i2 Feb 29
3434 Mar 3
Thatcher Mfg
R3 60 conv pref..
Fair
Apr
24
7
Jan
Deo
Nov
60
65
23sMay 21
8%May 8
48 May 18
111
Apr 17
3334 Feb 10
7134 Mar 19
27
Sutherland Paper Co...
10
Sweets Co of Amer (The)...50
Mat 27
Julv
I6i2 Deo
Apr 17
9
118
Swift A Co
Mar
34%
Apr 11
70
100
1
Deo
Mar
584 Nov
50
75
6
No par
100
20%
Oct
25»4 Nov
95
5Ha Jan
2434May
uperheater Co (The)..No par
Preferred
193s
Mar
484
6l2
Dec
1514
25
par
Feb
6
Nov
105s Aug
23% Jan
Deo
1278 Deo
Mar
4
4
Nov
17
314
4012
2958
5i2
63i8
6
Mar
4% Nov
70
Mar
17
4i2June 5
Apr 27
4% Juu
697g Nov
9
28i2 Jan
3578 May 20
32>4 Jan 2
(The) L S__No
Oct
Mar
U8 May
40
Apr
758 Mar
714 Mar
12i2May 20
Standard Oil of Kansas
10
Standard Oil of New Jersey .25
Starrett Co
278
31
Apr 27
22i2 Feb 18
Standard Oil of Calif..No par
Standard Oil of Indiana.-.25
4,800
34
*80%
t Stand Gas A El Co..No
8
34%
4%
No par
Stand Comm Tobacco
1
1,200
24
83
...No par
Preferred...
8,600
2,500
34%
72
Standard Brands
11%
*7%
23%
72
Spencer Kellogg A Sons No par
Sperry Corp (The) v t o
1
Spicer Mfg Co
No par
Conv preferred A
No par
8piegel-May Stern Co..No par
6preferred
100
Square D Co
No par
12%
1934
23
72
No par
Tim ken Detroit Axle
3384
72
85.50 pief
Tim ken Roller
23
72
Spang Chalfant A Co Inc pflOO
Sparks Withington
No par
Spear A Co
I
7,100
33%
134 Apr
Apr
132
78
4,400
500
Deo
Jan
Dee
Dec
Dec
Nov
Dec
31«4 Mar 30
4
100
6034
6,200
135s
56I4 Nov
I884
20i*
II6I4
65i2
70i2
1134 Feb
57%
15%
*103% 10534
6%
534
7%
7%
2584
24%
Jan 15
49
Thompson (J R)
33%
12634 127l2
For footnotes see page 3800
8%
8
*105
11%
778
105
634
3
1st preferred
6
The
"""300
*978
2834
2
2
14i2 Jan 25
3234 Apr 2
3
par
f Symington Co
1%
60%
4178
5
Jan 16
Mar
Jan
Superior Steel
10%
4134
*37
.100
Superior Oil
21%
29%
*1%
978
Mar
120
Jan 21
1,100
4,500
2,700
12
58
657b Jan
4
1914 Feb 20
77a Jan
6434 Jan
3,600
884
10
112
Jan
19
4%
10%
21%
3578
934 Apr 28
19s4 Jan 2
83s Feb
34
800
*7%
11314 June
114i2 June
97i8May 29
100
3178
834
31%
35%
11%
1434 Apr 30
110% Jan 2
160
25
Railway....
Preferred
21%
29%
1%
32%
34
100
t Studebaker Corp (The)
*76
4%
10%
2834
5U2May 29
100
Preferred
3
8
26
14,200
*120
31%
Southern
Mar
30t4 Apr
No par
Sugar
11
78
32
So Porto Rico
32
par
100
Stone A Webster
121
*3178
3
3
May 12
Jan 16
22i2 Mar 26
16®4 Apr 4
3
3
100
7% preferred
21,800
78
32
lli8 Jan
2084 Jan
73
5
434 Jan
4318 Jan
..No par
18%
*120
7%
92
19
80
39i8
*35i2
*7034
1778
18
121
*31%
*37
*9
18%
11%
600
49%
121
9%
10
18
23,800
9
*78
*1%
*8%
10%
18%
49%
18%
Jan 17
May 27
458 Feb
94
81oss-Sheff Steel & Iron.. 100
150
5834
50
Simmons Co
Spalding (A G) <fe Bros.JVo
31%
112% 112%
36%
367g
33%
3334
*8%
*46%
1734
1734
1034
7
74
'
27
234
9
234May 25
6U4May 13
15% Jan 7
Mobile & Ohio stk tr ctfs 100
80
£15
334 Jan
par
preferred
Preferred
20
Mar
7
*ar
100
Silver King Coalition Mlnes.5
49
104%
2534
15%
134 Feb
4i2 Feb 7
43% Mar 12
par
No par
Southern Pacific Co
200
*21
Conv
Southern Calif Edison
4,500
37
Shell Union Oil
25,400
8,700
13,800
31%
35%
3%
112%
$5 conv pref
No
Sharpe & Dohme
No
Conv preferred serA .No
Sheaffer (W A) Pen Co.No
"3~ 300
19
15%
Apr 23
595s Jan 21
110
~
7
4
South Am Gold & Platinum. _1
50
2534
2
Solvay Am Invt Tr pref...100
70
22
Jan
Jan
7
3034June
100
834
Jan
46
May 13
7,700
1,500
19
67%
Feb 29
Oct
6
2
42
*48
*100
52
10134 Mar
414 Feb
20i2 Feb
109
l%May 21
78 Jan 2
Smith (A O) Corp
No par
Snider Packing Corp
No par
Socony Vacuum Oil Co Inc.. 15
20
68
Jan 20
8
31,100
50
26
No par
No par
Preferred..
600
104
1
1
Shattuck (F G)
Sharon Steel Corp
30
3~O66
31%
18%
23i2 Nov
55
3
6%
19%
Preferred
32%
15%
75
Mar
7
19i2 Jan
8%
31%
1
Servel Inc
26%
107%
12
Mar 31
25
6%
75
No par
Sears, Roebuck & Co.. Vo par
158
26%
Nov
31% Dec
10434 Mar
76
Skelly Oil Co
30%
34
■
33%
2678
49
*130
Jan
3
14
6
53i2 Jan
5
31%
31%
35%
3678
*3%
3%
112% 112%
3%
*17
32%
15%
2
Apr
Apr
114i2Mar 11
1638 Jan 13
l38May 26
7%June 4
Deo
84 June
1
113
•
Dee
10
2584 Dec
6
2
1
102
4
Mar
2
97% Feb
Nov
12'4 Feb 11
2212 Feb 6
35i2 Jan 8
Jan
4%June
""500
3
Apr
IOI4 Mar
Feb 28
Mar 4
Jan
ll%May 22
3838 Apr 30
10
8%
*73%
67%
3734
1121132
36%
26%
Seagrave Corp
*122
12%
82
Feb 19
109
Slmms Petroleum
""130
Feb 19
111
900
21%
217g
123%
58%
58%
80%
80%
46
*43%
23%
23%
..100
Jan 24
Mar 25
400
5978
*46
*70U
97g
27%
7,500
3%
9
*35
119%
2,300
3634
*8i2
41
4,900
1,100
6%
338
*238
7i2
119
10
12?8
33%
9
958
31%
16%
6%
37%
212
*7i8
*30%
16%
600
1234
*3i4
*8l2
*u2
2~600
52
10
3634
*23s
*712
2U2
2934
"
6%
*50%
700
6%
33
2634
68%
258
*121
-
13%
3812
3U
*68
1,000
•
10
3734
3%
5834
2738
96%
15,500
18
H7&8
10i2
2934
3&8
6%
■
""IIo
64%
21
13%
247g
No par
Preferred
Seaboard Oil Co of Del. No par
8econd Natl Investors
6%
13
34%
37%
6%
16,400
3
834
2534
15%
6%
27
*94
4%
72
6%
104
13%
34
*4%
70%
*27g
63%
20%
13%
*22%
100
1,900
200
100
.No par
2
2
30
1
...
Rights
t Seaboard Air Line..
4,800
2%
32%
10
6%
13%
3634
2%
10
658
1334
34
"% ""%
Stores,
2
2% Jan
77g Jan
par
Preferred
Scott Paper Co
450
*124
6l2
*33
158
Schulte Retail
3,900
5,230
31
No
1
1% Jan
.
24,000
128
13i2
*21
1%
9
64%
*124
678
27
138
8%
64
50
15%
1414
3414
*21
600
128
634
112"32ll2"3a
1278
3,000
*19%
207s
4978
13%
112"3zlI2"32
37
36%
34
3414
46
2334
42
5% June
.100
6% preferred
100
7% preferred
100
Savage Arms Corp.
.No par
Schenley Distillers Corp
5
5preferred..
100
300
6%
6%
6914
69%
6834
69%
103l2 10312 *103% 105%
26
26
25l2 263s
128i2 12812
11
58%
85
41%
*100% 101
preferred
Safeway Stores
30
11%
834
*73%
31%
18%
317g
195S
9
125
1st
170
112
11%
*105% 107% *105
75
31%
1538
2634
*130
26%
33%
75
1914
25i2
*
158
26%
32%
1534
878
*7358
31%
1878
*70
Memorial
*130
6i2
6%
1334
112
% per share
t St Louis Southwestern. ..100
100
Preferred
40
111% 111%
$ per share
Joseph Lead
10
J St Louis-San Francisco-.100
1,900
111% 111% *111% 113
*111% 112
4%
434
4%
478
434
4%
27%
27%
27%
27%
27%
27%
918
75
*20
Closed
58%
13
684
75
31%
Exchange
*8i4
6878
158
7234
*278
*94
96%
6%
6%
6%
50%
50%
50%
50%
*30%
31%
*30%
31%
16%
17%
16%
16%
119% 119% *118% 120
10
10
10%
10%
28%
2834
2778
28%
5
434
478
*478
22%
22%
21%
21%
1191^ 119i2
I18l2 11812
10i2
1038
10i8
IOI4
29
2934
28i4
2834
434
434
47g
478
22
22i2
22l2 22l2
*122
125
*122
12334 *122
5912
4
23
317®
$ per share
22%May 20
430
*334
*8%
Highest
$ per share
74*4 Apr 28
300
9%
Lowest
St
1,100
2
4
5
Par
Highest
Ruber'dCo (The) cap stkJVo par
Rutland RR 7% pref
100
100
2334
2
9
2%
31%
Lowest
600
24%
*4%
7234
*278
*6338
*6338
80%
Year 1935
EXCHANGE
2
32
32
32
3178
IIU4 1IH4 *110% 111%
*112l2 113l2 *112% 113
*11%
1134
11%
11%
43
42l2
4218
42%
101
101%
1003s 100%
158
134
1%
1%
9
8%
*8%
8%
62
63
63i4
63%
138
1%
1%
1%
1
1
1
78
3114
6
80
Range for Previous
On Basis of 100-share Lots
STOCK
Week
$ per share
June 6, 1936
Mar
1'8 June
5384 Mar
Deo
Dec
15U Nov
16
Deo
8I4 Nov
97'a Nov
678 May
8i4
247g
33%
125a
73
Nov
Deo
Dec
Nov
Deo
51* Nov
87 U
133
50i2
Dec
Apr
Jan
New York Stock Record—Concluded—Page 10
Volume 142
HIGH
AND
LOW
SALE PRICES—PER
SHARE, NOT PER
Sales
CENT
STOCKS
NEW
for
Monday
Tv Parian
A
May 30
June 1
June 2
$ per share
35 per share
$ per share
$ per share
85
85i2
2134
2I84
12778 128
86
8434
2178
215g
12734 12784
the
June 5
$ per share
84
83k
86
85i8
2112
2178
127i2 127%
oUfLLy
x83k
847g
2U4
21
124
96%
97
1,600
9634
97
96%
97-
2434
25i2
25
25
2414
2234
24
24%
2434
2378
24
235g
24Bg
235g
24l2
25
23l2
22%
23U
17ig
I6I4
16%
16%
16l2
16
1612
16
16
*20
21
*112
21
*20
*27
27%
115
765S
*112
7634
*27
13
5%
Si8
34
13
2314
2314
105
105
5
34
78l2
78
77%
6%
43%
127g
23
*20
21
2714
115
5
*337g
27i8
*112
7634
27i2
63g
44i8
1318
2334
765g
Z2638
21
1212
5i8
34 ig
77i2
78i4
15U
1538
115
7634
7634
2634
6
4314
27
2714
115
*25
43
23
105
5
22%
*102
20
77
1,900
27k
200
63g
32,400
1518
3,900
1212
1,300
225g
105
.
20
1,800
Union Tank Car
No par
United Aircraft Corp
5
Un Air Lines
Transp v t c..6
United Amer Bosch-.No par
United Biscuit
No par
Preferred
$ per share
$ per share
13
Jan
3
883g Apr
Apr 30
Jan
31% Feb
161* Apr 27
24% Mar 18
7
Jan 21
7
20% May
Aug
78
Nov
17%
Oct
24% Deo
734 Nov
45*4 Nov
2
1% Feb
2034 Mar
834 June
4% Mar
2
65
6
9% Feb 17
47*4 Feb 17
United Drug Inc
United Dyewood Corp
Preferred
5
16% Feb
1034 Apr 27
10
15
Jan
100
93
Jan 15
United Electric Coal
United Eng & Fdy
No par
100
2,700
United Fruit--
No par
15
United Gas Improve
No par
4% Jan
9
25% Apr
105
June
7% Apr
3
4
Mar
3% July
1
3378May 28
2
35%May
5
79
Feb
4
1438 Apr 30
109
Jan 7
19% Jan
8
9% Mar
No par
113
Feb 10
100
0% Apr 30
87% Mar
2% Jan
3% Apr
46
Apr
1
66% Jan
Jan
118
22% Jan
No par
26%
Nov
Oct
53g Apr 30
40% Apr 29
No par
Dec
13s4 Dec
20
Jan
United
-
303g
46
Unlted-Carr Fast Corp No par
Corp
Dec
111
76% Apr 14
297g Apr 13
Preferred
Mar
7534 Nov
24
111% Jan
90% July
26% July
Jan 11
117
Jan 18
68
Jan
1484 Feb
82% Mar
79% Mar
20% Oct
978 Mar
4% Mar
32% Feb 18
21% Apr 4
2834Mar 6
28% Jan 6
2
113
44
8
28% Feb 7
138% Mar 6
9734 Feb 26
7
2
2
Apr 30
Jan
Jan
Jan
100
34i8
1514
Highest
$ per share
No par
United Carbon
7734
5
Lowest
716s
2078
108ij
90ig
22i%
20%
100
77%
478
34i8
78i8
4,000
43
Preferred
*3378
5
*337g
7714
1,200
27i8
12l2
127g
23
3,300
115
6l8
614
44
105
*10212 105
518
34'g
*337g
7634
*27
6l2
44
127g
24
105
77i2
28
63g
27%
*112
7634
4334
13ig
23
*102
2714
*27
634
4414
44
*20
115
765g
28
638
'
21
1,600
18,500
Union Carbide & Ca.rb.No par
Union Oil California
25
Union Pacific
100
Hiohest
$ per share
Par
1,300
96i2
Year 1935
Lowest
4,800
125
Range for Previous
On Basis of 100share Lots
EXCHANGE
10,000
2H2
2U2
125ig 127i2
97
*9658
9534
245s
16i2
*2012
2738
Range Since Jan. 1
STOCK
Shares
JL ItUI
vtAfftwdU/iiy
YORK
Week
$ per share
June 3
YV
tAfVO\JU\Ay
Vridau
June 4
SaJurrtmi
UfUJ/
fiJlArfrl♦ /
3809
m
m
1384
20%
Dec
96
Dec
7%
Deo
Jan
m m
60%
Oct
92% May
'
153g
1512
111
111
151*
1514
1113g Hl3g
8I4
*6812
66i2
*7i2
534
*7i2
5%
5%
7434
11U2 llll2
712
512
*65
67%
66
7l2
538
72
70
67i2
66
9,700
700
758
100
5%
558
2,500
8
*7i2
512
15i8
llli2 111%
*7i8
llli2 11 Us
512
70
*65
6634
*65l2
158
*154
158
154
158
154
10134 103
102
1%
17
105
105
10478 105
*100
100
72
1,800
66l2
20
154
10434
130
13g
*135g
1%
13fi
lk
13g
1%
H4
5,100
15
155g
155s
15i2
155s
*14%
15U
60
3734
38
3778
38l4
37i8
38
37*8
37i8
3,800
3l2
■•rnm'm-m.-
3914
3734
72
67
*154
158
*100
5%
*6812
6712
*154
138
*135g
8
13g
Preferred
t United Paperboard
United Stores claBs A
5
No par
Preferred class A ....No par
Universal Leaf Tob
Preferred
No
Universal Pictures 1st pref.100
t Universal Pipe & Rad
1
60
*3
37g
334
*3
35g
*3
*3
358
'i6May
U S Distrib
Corp
2
No par
Jan
9
Feb
115
7
7
7
6
4
21% Jan
20
Rights
*3
Jan
1% Apr
7
8
69% Jan 10
159% Jan 24
Mar 23
13% Apr
100
U S Pipe & Foundry
80
1
57% Apr 29
153
Feb
7% Mar 26
Apr 30
6734May
par
..100
Preferred.
1278
Apr
51
7g
Oct
9%
Oct
1434 Mar
39%May 27
1414
1414
1412
135s
210
25
24U
2412
*24
2414
600
15
*135g
*24i2
*14i4
14l2
15
*14U
1478
96
*92
95l2
95l2
*91
95l2
14i2
1584
135g
13%
25ig
15ig
2412
25ig
*88
96
*90
92
94
94
94
145g
9314
*16114 1647s *16H2 16234
1138
IH4
11%
11%
373g
38l4
3714
3734
8
77g
*714
*714
*127g
13i8
1278
13ig
*83
84%
9ig
287g
7H4
8884
*8212
9
2878
6912
89%
7234
89l2
73
8312
9
27is
914
297g
71%
89i2
*72
73
74
15
*91
92
94
1358
900
Preferred
92i2
1,600
16234 16234
1134
11%
92
30
2,100
367g
6,700
91%
16234 16234 *16212 15234
11%
1112
113g
115s
3634
3714
3738
3712
8
738
*714
73g
13
13
12%
1214
3658
*7U
7i2
100
*12%
1234
800
300
83i2
*8212
834
2734
83l2
*8212
834
2838
8i2
834
8%
8i2
1,900
27ig
2734
26%
273g
41,600
70
71l2
6912
70
68I4
6934
8,200
89
89l2
8912
88'2
88i2
1,400
74
73i2
73i2
88l2
*72%
83%
83i2
300
74
*73
593g
58%
80.400
125
125
125
126
125
126
6OI4
5938
12434 125
124i8 125
2,600
*136
142
*136
142
*136
142
140
140
140
400
6H4
607g
6234
62l4
60U
61l2
140
♦162&8 167
*162% 167
*1625g 167
162&8 1625s *1625g 167
5
5
4l2
412
4%
47g
434
412
478
4i2
114
13g
1%
H4
1%
1®8
114
114
114
U4
37
37
37
38
*35%
*35i2
*3512 37
*35i2
*35l2
18
19
19
185g
17k
183,
1914
1834
18i8
193g
Stock
36 lg
Exchange
43
Closed
*.
5%
*34
-
44i8
42i2
*75
-»■*.
36i8
♦111
113
*111
44
*75
36
35%
36ig
113
*111
•*
*•
m
514 r
5i2
3334
3334
5i2
3534
44%
44ig
36
113
*4212
75
*75
5U
33i2
36
*111
36l4
113
514
34i2
113
3234
1,700
1,100
1,100
1,600
32
32i4
900
11312
10
5
40
Memorial
Day
113
*14l2
22%
7712
*14%
*125
*1245g
77V,
75
*130% 145
*130ig 145
3
*234
*71
5
*434
75
*1412
75
*284
3
*234
3
234
234
*65g
678
*6%
7
6%
7
*3U
7
14
1334
14
*314
14
313*
313g
3138
1165g 116»* *11612 117
71 *
7
73g
7i8
*27g
30
*63s
_L
2834
181"
*18
137fi
31l4
117
714
—_-
200
600
67g
I8I2
*18
18%
11%
*11%
12l2
Ui2
11%
*1H8
12U
"""566
23g
2%
2%
*23g
2%
*238
258
2&8
258
1,200
6214
200
978
35,600
497g
100
*61
*61
62
10
103g
10
lOli
10
10ig
4712
4712
*45
4978
*43
4978
1*8
8I4
*1914
2414
Us
*22
357g
80
80
101
102
108
108
94l2
120
*H8
1%
*H8
1%
H8
lk
1,100
8io
9
934
9l8
9%
9
9k
16,500
21%
22
2414
24
24
2134
2134
200
*23l2
24U
*2312
2284
24i2
23i2
23l2
23l2
23i2
500
21
2112
21
2134
1,000
*6i2
77g
6i2
200
23
23
678
*6i2
-
~T%
*34»4
3578
80
96
96
120
«.
120
*114
.»
-
-
87g
9
834
87g
*14i2
17
*14l2
1612
2i8
2i8
*2
2i4
6
584
8OI4
39i2
6%
6I4
78i2 80%
40
3914
11234 11634
8112
40ig
U634 118
136
135
136
*79%
*103
*6l8
80
104
10912 10978
967g
97i2
1197g 120
*114
-
*li4
*3478
~T%
*li4
H2
3578
35i8
35ig
80i2
*7978
104
10514 105l2
10912 10978
96
119
*114
9734
9612
120
W
-
-
250
*114
-
«
-
87g
834
834
8i2
16i2
*14i2
2's
2's
634
612
803s
787g
3934
40U
11134 11334
*14l2
16i2
*1412
«
135
134
134
612
*2
2%
6%
J
300
578
614
3,800
80
77%
787g
12,800
38iS
39
37i2
38i8
6,600
109
134
134
*
111
27,700
133l2
*23%
24
*24
25
*24
25
~23%
23%
38l2
*38
38%
*38
3812
*38l4
38%
*38i4
38l2
21
*20%
21
21
*2058
21
21
21
*75
85
*65
85
*75
85
*75
85
*75
100
*90
100
*90
95
90
90
95
95
27
27
*26
2712
*26
2712
*26i4
27i2
*26
*85
87
*82
87
*83
87
.
100
.
500
2314
4
*334
187g
37g
4
77g
77g
*73
227g
15
*1434
15
22U
*1478
2234
1434
*334
1734
Jan 23
5
5
% June
July
11
Mar
175g
63
22%
6%
5
Jan
2
4% Jan
4
9% Jan
7
100
100
Walk(H)Good & W Ltd No
Ward
900
6458
645g
190
56
*54i8
55
*82
88
*82
88
*82
88
37
*36l2
183g
128
49
62%
6684
67i8
6634
6634
6634
6684
37
35
36i2
36
36
30
Apr
Apr 30
115% Apr
5%
26%
177g
107g
2%
1734
183g
1834
183s
*128l2 130
12912 130
*48i4
6OI4
49
48
48
6134
60
6078
118i2 *116
11812
2234
22&g
2214
6I4
3800.
638
63g
63s
175g
18%
128l2 128%
*47
48
Jan
Warner Bros Pictures
118i8 118i8 *118
120%
300
21
63g
22
63g
2078
•6I4
21
6%
11,400
2,200
May
438
33%
2
118
Jan 16
10
1
114
Feb 2s
Jan 24
9% Apr 30
1%
44
Apr 29
70
5
No par
100
Apr 30
19% Apr 28
6%May
83
1
May 26
1
l%May 25
Wesson Oil A Snowdrift No par
34% Apr 30
No par
West Penn El class A..No par
100
100
577g Feb
28% Feb 19
29% Jan 2
32
Sept
30%
Dec
Mar
Apr
1
Jan
30%
Jan
55% Nov
84% Oct
91% Deo
99% Nov
2*4
Jan 13
46% Jan
2
82% Feb
7
72
Jan
7
105%June
4
34
Mar
Jan
2
110
87
Feb 20
Apr 21
397g Mar
36
68% Apr 23
121
Feb 21
116
Mar 23
50
50
Aug
96
Feb 25
Jan
8% Apr 27
15
Apr 30
Mar
Dec
Deo
7
20% Mar
Mar
3
1227g Feb 10
32% Mar
145% Apr 18
90
Feb
33*4 Jan 25
10
Mar
39
29
Jan
Westvaco Chlor Prod_.No par
21
Apr 30
28% Jan 10
70
May 9
No par
50
White Rk Min Spr ctf.No par
4
23% Apr 3u
85%May 25
18% Feb
3
Sewing Mach—No par
$6 preferred
Woolworth (F W) Co
Worthington PAW
Preferred A
100
100
Preferred
100
Young Spring A Wire.-No par
S A T—-No par
5H preferred
100
Zenith Radio Corp. ...No par
Youngstown
Zonlte Products Corp
1
100
Jan
June
3
16
7
5%
3584 Deo
9884 Nov
126
33%
38%
Deo
Deo
Dec
25% Nov
18
Jan
35% Sept
Mar
50
Nov
14% Mar
6
32% Nov
46% Jan
678 Mar
24% Jan 10
Apr 28
2*4 Jan
Mar
Deo
3% Jan
778 Jan
77% Nov
25
37% Jan 10
106% Feb 19
28% Mar 4
17
Deo
16*4 Mar
1
14% Apr 2/
3% Apr 28
Nov
1934
22*4 Apr 28
36% Jan 14
Weston Elec Instrum't.JVo par
92
11434
10%
Feb 13
18
Nov
120%
97g Feb
48% Mar
Feb
3
Jan
7
95
Dec
784 Nov
90
Jan
Feb
72%May 4
3484 Jan 13
6
7
95
5% Mar
7% Mar
1% July
23g Feb
4
94% Jan
123% Jan
104%
12% Feb 21
2034 Feb 2 4
Apr 25
5% Jan 2
2
Jan
17
91*4 Jan
78
Dee
Mar
4
6
100
Dec
Mar
85
6
..100
Dec
1%
6%
25%
110% Jan
100
Deo
62
Mar
Mar
6
111*4
100
Dec
10*8
May 26
11% Feb
100
100
Deo
3
Mar
20% Aug
25*4 Apr 11
83
11
14%
%
2%
77g
8
100
Westingb'se Air Brake.Ao par
Conv
Dec
Apr
6*8 Nov
47
1%
14% Feb 19
21
White Motor
120
Feb
5
Jan 24
No par
Class A
Deo
978 Nov
28% Jan
2% Mar
3% Jan 24
No par
1st preferred
Jan
Feb
117*4 Dec
3% Nov
534 Dec
Feb 25
Jan
Convertible pref
Warren Fdy & Pipe
Westinghouse El & Mfg
120% Oct
112% Deo
734 Nov
4% Mar
26% June
10% Mar 31
Preferred
Deo
7*4 M ar 6
157g Feb 11
34*4 Jan 8
Mar 11
4% Feb
10% Mar
2
7
Western Union Telegraph.
Deo
Dec
5
3
135
4% Jan
157g Jan
Western Pacific
37
Dec
Nov
No par
Western Maryland
47g
May
Warren Bros
pref
Nov
63
83
27g Feb 29
6% preferred
Nov
44%
33
2
Preferred
33
114
Feb
1% Jan
Conv preferred
Nov
15
7
Feb 19
No par
Waukesha Motor Co
Jan
4% Aug
2
56% Nov
2I84 Jan
May 29
86
No par
Webster Eisenlohr
Jan
50% Nov
119% Nov
14084 May
165
Aug
63% Mar
109% Feb
1
Apr
1*4 Mar
30% Feb
126
pref
t Warner Quinlan
conv
Deo
June
3
102% Nov
19% Deo
24% Jan
434 Deo
20% Deo
3% Dec
9% Nov
12% - Oct
1% Mar
Jan 13
6
Jan
1
5% Mar 30
Mar
11
Jan 14
87
Jan 15
58
56% Feb 5
35% Mar 23
51
37g Apr
Apr
79
Jan
11*4 Mar
65% June
25% Nov
25% Mar
61
Nov
58
Apr 30
76
Mar 23
47
Jan
4
66
Mar 23
20
62% Jan
6
106
Mar 11
35% Mar
68
May 15
33% Apr 28
79
Feb 10
7334 Mar
45
Jan 23
1734 Apr
2% June
8234 Apr
35% Nov
9% Deo
66
25,000
2% Mar
17% June
8
5
Preferred.
48
2
9% Feb
18
Wrigley (Wm) Jr (Del)-No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B. 10
6034
Dec
19
..No par
1,500
60
63
100
Class B
Sept
34% Feb 21
Preferred B...
220
4
4
Apr 29
47% Jan 2
Wright Aeronautical ...No par
400
June
Aor 17
30
1,200
32,600
75
Apr 17
par
No par
Baking class A..No par
$3.85
130
71% Apr 23
4434 Apr 23
23% Apr 30
66
17i2
page
Preferred A
100
10
100
65
22
23g Jan
100
t Wabash
7% Apr 29
2534
*4818
6114
63g
100
100
Preferred
3
6
7
70% Feb
No par
37
23i2
wee
100
14
May 4
100 *1141* Jan 16
Wilson & Co Inc
*54i8
128
100
Vulcan Detinnlng
5,500
56
116ig *116
116
For footnotes
49U
5% preferred
Virginia Ry Co pref
8
65
May
85
734
64%
Feb
34
72%
778
*54l2
91
ft
114%May 15
734
57%
887g
67%
2
Feb
133%May 27
8
2584
Mar
40
Jan 23
77g
65%
37%May 23
114
Apr 27
5
1,000
Feb 19
19% Apr
11% Apr
11% Feb
Mar 24
No par
13,500
Mar
Jan
% Mar
4
preferred
26
Feb
1
Jan 18
27%
119%
14934
105
White
7234
50
73
11% Deo
17% Jan
7334 July
109
Wilcox Oil & Gas
49i8
163% Mar 20
6% Mar 2
23g Jan 18
9% Sept
16% Sept
124% Apr
100
"166
72l2
Apr 9
April
Jan 21
1018 Nov
50% Nov
Dec
9ia4
9
Va El & Pow $6 pf
No par
Virginia Iron Coal & Coke. 100
2,600
26
Apr
48*4 Mar 19
4%
48%
75%
72*8
13234
14334
Mar
Nov
627g Jan
27% Mar
73% Mar
Jan 24
96%
6
1734
73
8034 Apr
Jan
3
4
Jan
*37g
26
63
Mar 12
8% Mar 16
*334
4878
Jan 28
7
*17U
67
18ig
128
4914
6H2
32
35% Mar
3% Mar
7% Mar
2
Jan
37g
73
*82
128
4%
Apr 30
May 6
4
48i4
378g
17% Apr 29
28*4 Jan 16
18
27
67
6
2
37g
73
37
Jan
1% Apr 29
3434 Apr 22
*334
495g
66I4
160*4 Feb
3%
7
*17i8
73
89
Jan 21
Apr 27
Wheeling Steel Corp.—No par
Preferred
100
26
88
403g
100
4834
6684
5734
24% Mar
2
Jan
74
6684
9
Jan
8
49%
2534
65i8
*5512
Feb
9% Mar
Jan 14
4
Dec
5
Jan
414
4
165
Apr 15
1734
*17i8
Jan
13
50
600
Nov
143
35
34
"4",000
Nov
87
85
6% non-cum preferred. .100
4984
27
100
15
96
8
84% Feb 25
68% Jan 3
3% Oct
20*8 Oct
393g Dec
Mar
7% Apr 30
2
47
Nov
2% Jan
193g Mar
22% Deo
4% Mar
71
Jan
73
Dec
4%
5
Jan 27
72
6% preferred
7% preferred.
Mar
97g
18%
16% Jan
Oct
73% Nov
65% Mar
Feb 17
99
638 Apr 30
ll%May 21
Vicks Shr & Pac Ry Co comlOO
No par
20
110% Feb 15
169% Feb 18
14% Feb 21
Apr
40
Va-Caroiina Chem__
197g Jan 23
39% Jan 2
59
4
4
73
74
497g
27
5
4%
4i8
784
495g
*55
15
2
87g
Wheeling & L Erie Ry Co. 100
87
23
14%
*334
1734
14i2
*18
*84
22S4
*8378
2234
87
233g
1458
'23
237g
14i2
2712
Jan
36%June
"30
85
100
120
May
160
100 zllO% Feb 17
2d preferred
238
29
21
1,000
7734
109U llli2
100
;
6% preferred
•.
4
8
6
5
West Penn Power
—
16i2
*2
1
Vlck Chemical Inc
150
•
8%
878
100
No par
Vanadium Corp of Am.A'o par
Van Raalte Co Inc
5
290
9612
.
*38
>
250
119% 119U
~
*24l2
21
200
80U
105
109'8 1097g
Jan
131
Wells Fargo & Co
"400
Apr 30
115% Jan
Preferred.
4
80%May
...100
Preferred
*80
80i2
*H4
35i8
104
6l2
6i2
*80
"lh
10912 10912
97
2234
*80
*U4
347g
*793g
*103
120
*114
*43
497g
81g
67g
~T%
95g
Us
*80
*ll4
*35ig
10
...100
Apr 29
No par
Preferred
*19
8i2
*612
*43
62
1,100
1'8
21iz
24%
2314
*80
934
62
Corp
Preferred
U S Tobacco
No par
1812
62
U S Steel
50
6M% preferred
t Walworth Co
1112
238
*60
100
Smelting Ref & Min___50
Preferred
160
6,400
*1818
62
1st preferred
U S
No par
I884
*60
Prior preferred v t c
100
U S Realty & jmpt
No par
U S Rubber...
.....No par
No par
11%
29
No par
Walgreen Co
*1014
2812
t c
Waldorf System
*18%
29
v
700
2,100
7i8
2884
*18i8
2834
U S Hoff Mach
Corp
5
U S Industrial AicohoI.Ao
par
U S Leather v t c
No par
Preferred B
7
7
*278
*27g
13i2
13l2
1334
13l2
31i4
3114
*3078
*3078
*11658 117
1167g 117
7
7
7i8
678
28%
283s
28i2
28U
7
1384
31
117
100
75
*13014 145
*2%
27g
6%
313g
12 51 A
*71
7
7
20%
125b
126b
*130l4 145
*130l4 145
*1412
2012
*125U
*71
*14i2 2012
20i2
126% *125
126i4
*71
113
5
*112l2 113i2 *112l2 11312 *11212 113
5
5
5
*43g
*43g
*4U
.1.100
7% 1st pref
...
512
33l2
91
20
Preferred
...
10
*5%
514
13
No par
7% preferred
Class A
10
24%June
No par
_
Gypsum
Vadsco Sales
*113
5ig
_
No par
Utilities Pow & Lt A
*75
75
U 8
3,000
4312
43%
443g
100
100
3,300
36i2
35k
*111
Preferred
U S Freight
U S & Foreign Secur
78
»16May 18
'
25ig
*14l2
Nov
11% Deo
7% Jan
Feb *159%
Aug
29
7
3% Mar 24
2234 Mar 23
,
Mar
133%
18% Nov
110
884 Jan
3
83% Jan
6
44% Jan 21
41*4 Jan
105
Jan
6
6
11% Jan 28
57g Apr 28
20% Mar 26
138
Apr
May
5
31% May
96
55
Apr
6
18
Mar
83
June
1
13
Mar
53%
467s
118%June
23%June
4
38%
Apr
9% Jan
4
1% May
1
•
2%June
Nov
51% Nov
105
Dec
Nov
Deo
Dec
Deo
1434 Nov
734
Deo
5?
Bond Brokerage Service
Complete
RICHARD WHITNEY & CO.
Member*
15
New
York
Stock
Member*
New
York
Curb
Exchange
Exchange
BROAD STREET,
NEW YORK
A. T. & T. Teletype
Telephone BOwllng-Green 9-4600
3810'
TWX,
N. Y. 1-1793
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quoting
bonds was changed and prices
"and interest"
are now
June 6, 1936
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
egular weekly range are shown in a footnote In the week In which they occur.
No account la taken of such sales in computing the range for the year.
Friday
BONDS
N. Y.
STOCK EXCHANGE
Week Ended June 5
If
Nfl,
Week's
Last
Range or
Friday's
Sale
Price
U. S. Government
Bid
&
Low
O 117.28 117.27
108.1
O 108.5
112.30
Treasury 4s
Deo
15 1944-1954 J D
111.13
Treasury 3*8—Mar 15 1946-1956 M S
Treasury 3*s._.June 15 1943-1947 J D 108.17 108.14
Treasury 3s
Sept 15 1951-1955 M. S 104.12 104.9
Friday
Since
Asked
High
No.
94
High
15.3 H8.8
05.24108.11
11
113.10
111.16
56
09
15 1947-1952 A
117.30
?0
Treasury 3*s-_Oct
15 1943-1945 A
108.11
294
15 1946-1948 J
D
108.17
106
104.19
163
105.10 105.8
105.14
164
D
Treasury 3*s_.-Mar 15 1941-1943 M S
Treasury 3*8—.June 15 1946-1949 J D
Treasury 3*s.._Dec
15 1949-1952 J D
108.23 108.23
108.27
2
Treasury 3*s
109.9
Treasury 3s
June
Treasury 3*8__.June 15 1940-1943 J
Aug
1 1941 F
A
109.6
109.3
108.31
109.10 1506
107.31
106
102.4
132
103.20 103.15
103.22
227
101.29 101.27
102.2
763
01.7
Treasury 2*s___Sept
15 1945-1947 M S
Sept 15 1948-1951 M S
Treasury 2*3
Federal Farm Mortgage Corp—
3*8
Mar 15 1944-1964 M
May 15 1944-1949 M N
3s
Jan
15 1942-1947 J
2*s
—_Mar
1 1942-1947 M
Home Owners' Mtge Corp—
102.1
101.30
102.13
104.10
S
3S
39
319
111.19
06.17108.20
02.20104.30
02.29 105.20
07.19109
08
109.9
03.24106.13
03.19106.15
08.5 109 12
05.12107.31
00
102.12
00.31103 26
107.28 107.20
Treasury 2*s___Mar
114
106.11
106.6
15 1944-1946 A O
15 1955-1960 M S
Treasury 3*8—_Apr
109.8
106.6
106
106.7
Low
103.1
104.12
10
02.20104.20
103
103.8
86
00.26 103.14
01.20104.1
00.15102,17
J
103.29
104
84
S
102.10
102.13
53
fca
Sr
N. Y. STOCK EXCHANGE
Week Ended June 5
Jan. 1
Treasury 4*8—Oct
113.3
BONDS
Range
Range or
Friday's
Sale
Price
Foreign Govt. &Mun. (Concl.)
♦Colombia Mtge Bank 6*s
1947 A
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
25-year gold 4*s
Week's
Last
Bid
*2
Range
Asked
«)<£
Jan. I
High
&
No.
Low
O
18*
1946 M N
*18*
1947 F
A
1952 J D
1953 M N
Cordoba (Prov) Argentina 7s. .1942 J
J
mm
18*
19*
mm
Low
17
12
2*8 series B-.Aug
2*s series G
1 1939-1949 F
A
1942-1944
102.31
245
101.13 101.12
101.20
264
99.16101.29
101.17 101.16
1 1944r-1952 M N
May
101.23
86
20*
99*
97
92*
98*
94*
28
23
88*
26
70*
80*
23
34*
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupoPon.._1951
31*
57
1944 M
S
30*
99*
99*
3
1949 F
A
100*
100*
6
1949 If'
A
*96*
99*
Sinking fund 5*s___Jan 15 1953 J
♦Public wks 5*s_..June 30 1945 J
Cuba (Republic) 5s of 1904
External 5s of 1914
External loan 4*s
ser
A
Czechoslovakia (Rep of) 8s
Sinking fuDd 8s ser B
Denmark 20-year extl 6s
30*
J
-51"
D
"55"
1951 A
O
99*
99
100
1952 A
O
98
98
98
1942 J
J
105*
A
101*
105*
100*
O
98*
98*
99
37
38
69*
70*
External gold 5*s
1955 F
External g 4*s
Apr 15 1962 A
Deutsche Bk Am part ctf 6s.-.1932
{♦Stamped extd to Sept 1 1935... M S
Dominican Rep Cust Ad 5*8—1942 M S
1st ser 5*s of 1926
1940 A O
"60*
672
17
2
10
105*
13
101*
175
99* 103
99* 100*
92
96*
100
101*
37*
60*
98* 105*
98
105*
104* 106*
100* 102*
93*
99
7
37
28
67
71
68
70*
100.17103.7
18*
*17*
19*
20*
100*
10*
10*
10*
10*
10*
8*
1945 J
♦External s f 7s series B
1945 J
♦External
s
f 7s series C
1946 J
10*
♦External
s
f 7s series D
1945 J
*9*
♦External
s
f 7s 1st series
1957 A
♦External
sec s f
♦External
sec s
J
*10
8*
7s 2d serles.1957 A
8*
*8
"~8*
f 7s 3d serles.1957 A
Argentine 6s of June 1925..
1958 J
100*
1960 A
"99*
1959 J
Extl S f 6s of Oct 1925
1959 A
External s f 6s series A
1957 M
100
External 6s series B
1958 J
Extl
s
D
f 6s of May 1926
1960 M N
s f 6s (State Ry)___1960 M
External
Sanitary Works
1961
Extl 6s pub wks May 1927
Public Works extl 5*s
100
99*
99*
4*s of 1928
100
99*
100
99*
99*
99*
1961 M N
7*
7*
11*
11*
11*
7*
10
8
10
8*
9*
8*
1
100*
5
100*
100*
27
16
100*
100*
100*
59
88
97* 100*
97* 100*
24
97* 100*
100*
45
42
97* 100*
97* 100*
28
100*
100*
114
97* 100*
97* 100*
97* 100*
s
106*
106*
106*
70
105*
101*
105*
106*
19
100*
101*
94*
83
94*
104*
104*
98*
93
"l07*
13
90*
97
22*
94*
..
23
4
22*
32
107*
108
26
J
105*
104
105*
43
105* 110
101* 109*
D
112*
112*
113*
16
109
1956 M N
107*
107*
107*
20
105* 109*
98*
98*
19*
98*
1
20
20
8
19
19*
19
19*
20
19
1949 M S
f 6s.—1960 M S
118*
102*
28*
27*
1941 J
D
30*
30
32*
38
27*
35*
f 6*s of 1926... 1957 A O
♦External s f 6*s of 1927...1957 A O
♦7s (Central Ry)
1952 J D
26*
25*
26*
67
22*
26*
26
26*
80
22
26*
26*
27*
17
21*
f 6*s__..1950 A
s
Brisbane (City) s f 5s
1957 M
Sinking fuDd gold 5s
20-year
s
A
1950 J
Buenos Aires (City) 6*8 B-2..1955 J
External s f 6s ser C-2
..I960 A
External s f 6s ser C-3
1960 A
♦Buenos Aires
(Prov) extl 6s.__1961 M
♦6s stamped
♦External
s f
s
Extl
s
3% external
Bulgaria
1975
s f $ bonds
(Kingdom
10-year 2*s
25-year 3*s
1960 A
1961
23*
100
167
182*
169* 177*
22*
29*
21
22*
20*
21
38
20
29
30*
30
30*
32
29*
39*
25
25*
8
25
34
27*
28*
25*
37*
5
26
31*
22*
10
104
♦7s
unstamped
1949
German Prov & Communal Bks
♦(Cons Agric Loan) 6*s
1958 J
♦Greek
Government
Haiti
27*
30*
ser
*34
1968 F
A
*
r32*
....
*
extl 7*s '50 J
r32*
34*
26
1
23*
28*
96
3
97
O
19*
19*
19*
1
93*
19*
16*
18
7
16*
24*
J
18
O
105*
17*
17*
1946 J
Hungary (Kingdom of)—
*7*s February coupon on...1944 F
5
17*
20
....
2
17*
26*
104* 110
17
30
20
32*
25*
17*
*15
19*
24*
26
*41*
112*
A
48
38
45
2
112*
115
74*
74
90
77*
90*
213
90
3
60*
83*
97
9
53
72
65
1960 M N
Italy (Kingdom of) extl 7s
I60I J D
Italian Cred Consortium 7s
A—1937 M S
2
105*
*16*
External
45*
95*
J
f 5s
....
26
J
s
-
96
♦Hungarian Land M Inst 7*8.1961 M N
♦Sinking fuDd 7*s ser B
1961 M N
Irish Free State extl
•»
-
O
.1968
A...1952 A
1946 A
♦7s unmatured
coupon on
11
30*
.
*34
1964
113
77*
,84*
82
78
89*
32*
4
25
32*
95
100
101* 104
97*
16
82
82
67*
67*
82*
84
30
sec s f 7s ser B
♦7s with all unmat
coup._.1957 A
♦Leipzig (Germany)
A
*18
D
*94
♦Medellin (Colombia)
6*s
D
1
70
82
36
55
67*
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small...
71
84
♦4s of 1904
36
55*
58
64*
65*
28
57*
65*
65
65*
5
1945 Q
...
14
16
6*
-
-
J
10
5
mo'largel
of 1910 small.
68
67*
68*
20
59*
61*
J
J
46*
45*
47*
67
39*
47*
A
O
61*
13
16
F
A
103*
13
16*
A
O
F
A
F
A
J
D
'5 Small
8
*5*
....
-
-
-
«
48
63
61*
10*
7*
10*
10*
12*
12*
7*
7*
6
4*
4*
4*
7*
6*
5*
«
7*
31*
101
4
5
5
98
4*
....
8*
*
D
J
65*
68*
of
10
*6*
8*
*4 *
J
♦Assenting 4s
♦Assenting 4s
*3*
D
24
25
104*
9*
6*
9
9*
i
J
68*
59
1954 J
♦Mexican Irrlg assenting 4
*s._ 1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 G J
99
64*
O
s f 7s
1947 F
Lower Austria (Province
of)—
♦7*s June 1 1935 coup on...1950 J
92*
63*
64*
68
D
f ser 7S..1964 M N
s
♦7s part paid
♦Sink fund secured 6s
♦6s part paid....
32*
97*
6s..July
O
A
2
15
15*
208
108
108*
46
113*
112*
113*
69
98*
100*
100*
14*
99
100*
1954 J
38
60
7*
7*
9*
9
64
Jan 1961
J
1957 J
D
1961 J
1961
♦Guar
8
f 6s
1962 M N
102*
50
3
38
45
M
S
102
102*
98
6
29
97
4
101*
96*
102*
102*
7
18*
18*
81*
2
15
75*
22
mm
-
"m
mm
mm
mm
60
97
37*
A
O
36
1
D
34*
F
A
30*
14*
14*
31
28
37
M
S
21
14
16
M N
66
13*
15*
M N
102
102
102*
14
15*
i
105
105
105
13*
15*
18*
80
80
74*
74*
11
102
104
2
104
106
67
90*
7
58
81
5
12*
17*
14*
10*
19
14*
14*
14*
14*
13
13
13
6
12*
13*
M
S
14*
14*
14*
8
12*
12*
12*
2
12*
13*
J
D
11
11*
120
12*
15
12*
13*
A
O
11*
11*
11
11*
87
12*
12*
8
12
13*
A
O
67*
67*
3
12
12
4
11*
12*
82
88
45
45
1
43
52
20
27*
14*
12*
14*
9
14*
30
14*
7
14
15*
14*
3
13*
15*
17
14
15*
♦
Extl
s
f 5s ser A
D
M N
73*
73*
65
♦Stamped
73*
65
67*
15
15*
Pernambuco (State of)—
M
S
21
19
19
25*
O
J
D
18
J
J
17
82
r
60*
<
60*
31
113
72*
11
16*
16*
61*
80*
79
60*
111*
96
Porto Alegre (City of)-
25*
21*
A
J
J
I5"
97
96*
102* 102*
27
18*
78*
86*
72*
82*
10
14*
14*
14*
14*
14*
1960 M S
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 6*8.1950 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
101*
-
27
O
f 6s
3815.
102*
27*
D
s
see page
S
20
14*
♦Guar
♦Chilean Cons Munlc 7s
M
99
30
14*
99«32 103*
100* 104*
99* 102*
96*
94* 101*
28*
14*
105* 108
93
30*
30*
101
103*
104* 107*
97
29*
14*
6s__.Sept 1961 M
A
107*
30*
♦External sinking fund 6s
1962 M S
♦External sinking fund 6S...1963 M N
♦Chile Mtge Bank 6*s
♦Sink fund 6*8 of 1926
38
107*
107*
106*
26
103
100* 103*
12
103*
106*
30
3
103
102*
107*
27*
♦Chile (Rep)—Extl s f 7s
1942 M N
♦External sinking fund 6s...1960 A O
♦Ext sinking fund 6s
Feb 1961 F A
s f 6s
38
QQ
105* 109
111* 115
30*
15 1938 A
A Apr
14*
30
1950 M
15 1960 J
♦Farm Loan 6s
14*
15*
108*
15 1960 A
For footnotes
19
80*
97*
J
♦Farm Loan s f 6s..Oct
♦Ext sinking fund
38
100
O
1952 M N
Aug 15 1945 F
♦Carlsbad (City) sf 8s
♦Cent Agric Bank (Ger) 7s
♦Ry ref ext
172
170*
80*
95
38*
♦Sink fund 7s July coup off_.1967 J
J
♦Sink fund 7 *s May coup off 1968 M N
ser
170*
170
of)—
Canada (Domof) 30-yr4s
5s
♦Farm Loan s f
170*
170*
1949 J
27
94*
99*
100*
J
D
7s unstamped
1949
German Govt International—
♦5*s of 1930 stamped..
1965 J D
*5*8 unstamped
1965
♦German Rep extl 7s stamped.. 1949 A O
18
149* 183
151
172*
Extl sinking fund
5*s
1965 M N
Jugoslavia State Mtge Bank—
93
"65"
14
29*
30*
95
....
1984 J
5
30
O
23
159
91* 100
1
1976 A
4*-4*s
f 4*-4*s
9
19*
160
97*
104*
51*
5
A
18*
153*
158*
93
105* 108*
101
13
34
1976 F
19*
153*
_
5
21
79
97*
64
D
102
98
99*
"68"
J
1
96*
108*
101*
65
30*
S
M N
96*
108*
101*
94
97*
A
S
64
99*
"67*
S
M
64
30
S
1941
J
M
30
99*
S
7*s unstamped
External 7s stamped
J
71*
97*
A
1967
1945
External sink fund 6*s
1956
♦Frankfort (City of) s f 6*s...l953
French Republic 7*s
stamped.1941
30*
70
30
1977 M
Extl re-ad]
41*
68*
70
J
..1961 F
f 4*-4*s
s
9
J
1
1947 M S
Italian Public
J
Utility extl 7s...1952 J
Japanese Govt 30-yr s f 6*s...l954 F A
O
D
1961 M
f 4*-4 *s
Refunding
103*
1961 F
6*8
♦6*s stamped
Extl
"99*
D
Budapest (City of)—
♦6s July 1 1935 coupon on___1962 J
100
100
100
S
..1958 F
f 6s
3
66
Helsingfors (City) ext 6*3
1960 A
Hungarian Cons Municipal Loan—
♦7*s unmatured coup on...1945 J
1958 J
♦External
23
65
106*
106*
101*
1955 J
♦External sinking fuDd 6s
♦Brazil (U Sof) external 8s
21*
1948 J
100*
O
D
s
♦Dresden (City) external 7s... 1945 M N
1940 A
(Republic) s f 6s
♦Hamburg (State) 6s.
♦Heidelberg (German)
..1955 J
Stabilization loan 7s
Bergen (Norway) ext
"loo""
J
1945 F
External 30-year s f 7s
62*
48*
97* 100*
100
35
10
7*
95* 101*
A
...1957 J
21*
100*
8
1962 F
195b M N
Austrian (Govt) sf 7s_
♦Bavaria (Free State) 6*s
Belgium 25-yr extl 6*s
External s f 6s
(Germany)
99*
100*
100
21
11*
1957 M S
External 5s of 1927
♦Berlin
A
18*
98
1955 J
Australia 30-year 5s
External g
F
17*
100
8*
100
Extl 68
62*
2d series sink fund 5*s
Estonia (Republic of) 7s
Finland (Republic) ext 6s
18*
♦Artloquia (Dept) coll 7s A
Antwerp (City) external 5s
Argentine Govt Pub Wks 6s
O
61*
61*
21*
65
*62*
99.17101.29
102.24 102.20
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupod on. 1947 F A
♦Sink fund 6s Apr coup on
1948 A O
Akershus (Dept) ext 6s
1963 M N
19*
20
17*
El Salvador 8s ctfs of
dep
3s series A
High
17*
71*
93*
70*
94*
3
.
19
18*
97*
70*
Since
Prague (Greater City) 7*s...
MN
17*
17
99*
18*
♦
9
18
12
100
4
16
22
15
19*
99* 101*
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended June 6
If
•-•ft.
Queensland (8tate) extl
25-year external 08
♦Rhine-Main-Danube
8
f 7B-.1941 A
F
1947 ■
7s A
O
Rio de Janeiro (City of)—
♦8s April coupon off
1946
1966
18
29%
20%
26
18
28%
1952
18%
18%
9
63%
63%
1946
1955
f 5%s
5s loan of 1912
s
1971
Tokyo City
External s f 5%s guar
1952
1961
1960
19
1952
1958
Yokohama (City) extl 6s
1961
2
65
77
114
73
10
104%
"78 %
104
104%
104
5s assented
1940
Bait A Ohio 1st g 4s
July—1948 A
Refund A gen 5s series A
1995
1st gold 5s
Ref A gen 6s series C
20%
17
10
14
44
81%
D
28%
2
25%
28%
28%
28%
28%
D
28%
2
26
25
25
26%
17
23%
24%
14
23%
23%
29%
29
44
57%
17
44
75
33
51%
23%
44
«•*
mmi
22%
16%
5
15%
*33
"13
155"
150
151
*91%
91
96
F
104
104
104%
J
75
75
76%
13
M
*67
"76"
"47"
45%
45%
47
"17
11
47
*63
M N
A
90%
45%
81%
D
45%
90%
73
57%
83
O
—1948
1960
3
1959
94%
71%
89
«>
®
£ A
M
M
™
A
{♦Boston A N Y Air Line 1st 4sl955 F
{ {♦Botany Cons Mills 6 %s
1934 A
50
J
A O
O
O
■*
^
g
5
N
O
A
O
AND
COMPANIES
1st cons 4s ser B
1943 J
♦Albany Perfor Wrap Pap 6s—1948 A
♦6s with warr assented
Alb & Susq 1st guar
Coll & conv 5s
♦Coll &
D
3
69
1953 J
Amer I G Chem conv 6%s
Am Internat Corp conv
5%s—1949
4%s.l945
Teleg coll tr 5s.—1946
J
Am Rolling Mill conv deb
M
J
.—1965 F
Debenture 5s-_
—
1950 J
"46%
47%
100%
Iio'%
100%
*99%
110%
100%
101
32
130
130
133
96
73%
112
113
31
101
Cal Pack conv deb 5s
1962 A
113%
83
112
130
111%
113%
65
21
112% 115
109% 119%
112
114%
115%
354
107% 116%
S
J
1995 A
O
109%
J
Adjustment gold 4s
Stamped 4s
Conv gold 4s of 1909-
1995 Nov
Conv 4s of 1905
1955 J
1960 J
1995 M N
111%
113%
111%
109
40
109%
al02',s al02i,6
35%
36%
*34%
40%
104%
104%
104%
28%
27%
28%
27
27%
72
*70%
1
"35%
103
"104%
97%
106%
114%
...
w.
-
-
111%
1955 J
104%
5
104%
30%
—
31
141
97%
106%
114%
106%
4
114%
178
110%
110%
1
111
111%
35
*108%
_
109
111%
1948 J
109
15
107
.
107
7
111%
*106%
111%
107%
112
S
112%
112
112%
112%
1946 J
D
J
109
16
*106
J
-
2
*118—
1944 J
1944 J
52
...
109
129
125
129%
"25"
23
11
22
24
23
1
106
113
33
43
71%
93%
73
94
22
22
19
19%
6
18%
17%
7
21
88
99
99%
105% 105,3i6
104% 104,3,6
1055,6 105%
120%
105%
112%
120%
127%
104%
108%
105%
89%
31%
26%
26%
25
100%
105% 108%
104% 108
1055is 107%
103%
*103932
U3~"
30
102% 106%
109% 110
5
"79""
69-
92
75
113
109
106
85
95%
115
119% 122
124% 128%
105%
121
127%
105
104
108%
108
110
105%
105
106%
2
26%
70%
96
103%
103
103%
109
108%
111
103%
77%
103
J
76
104%
84%
30%
20%
*19%
20%
*86
20%
87
35
57
4
98
J
112%
O
105
14%
8
115%
2
11
26
119%
118%
116%
115%
114%
M S
115%
114%
115%
115%
126%
126%
12
"93%
92%
103%
115%
107%
103%
93%
242
104%
37
F
A
J
D
F
A
104
1944 J
Dec 1 1954 J
D
107%
1960 J
J
104
J
117
116
18
107%
33
104%
61
J
*50
60
D
108
108
"~3
D
110
110
2
108
108
65
25%
25
12%
O
12%
12%
12%
-
*81%
*26
{♦Cent New Engl 1st gu 4s
1961 J
Central N J gen g 5s
1987 J
Members
-
A.
—
-
-
Teletype
Indianapolis and St. Louis
102% 108
73
27
90
36%
62
68
25
65
36%
12%
12%
20
13
12
20
23
29
J
*20
22
20
24
18
15
23
24
28
*5
*20
S
24%
107%
107%
107%
103%
103%
103%
59%
100
NEW YORK
NY 1-911
49%
54%
106% 108%
108% 110%
24%
New York Curb Exchange
T. & T.
108% 112%
113% 117%
115
119%
115% 119%
112% 117
110% 115%
110% 115%
122% 126%
87%
94%
102% 105
113% 116%
105% 108
100% 104%
*21
1987 J
General 4s
17%
9%
111% 118%
D
♦Mid Ga A Atl Dlv pur m 58.1947 J
♦Mobile Dlv 1st g 5s
1946 J
Cent Hud G A E 1st A ref 3%s.l965 M
Cent 111 Elec A Gas 1st 5s
1951 F
86%
29%
90
68%
48%
67
66%
92% 101%
105% 107%
103% 105%
1051,6 108%
Vilas & Hickey
Private Wires to Chicago,
31
1938 J
4s
1959 A
♦Chatt Dlv pur money g 4s. .1951 J
♦Mac A Nor Dlv 1st g 5s
1946 J
114
—
8
3
30
1949 J
guar g
♦Ref A gen 5s series C
105% 107%
110% 113%
110% 112%
118
118%
103% 106%
105% 110
HAnover 2-7900
66
119%
119%
{♦Central of Ga lstg 5s—Novl945 F A
♦Consol gold 5s
1945 M N
♦Ref A gen 5 %s series B
1959 A O
109
—
"II
Carriers A Gen Corp deb 5s w w 1950 MN
Cart A Ad 1st gu g 4s
1981 J D
♦Cent Branch U P 1st g 4s
1948 J D
Cent Dlst Tel 1st 30-yr 5s
1943 J D
27%
84%
-
8
106%
O
*105%
104%
104%
14%
115%
J
29
80%
59
59
60
100
100%
91
91%
Railroad, Public Utility and Industrial Bonds
49 WALL STREET
20
28
56%
66%
97%
56%
1st A cons g 68 ser A—Dec 15 1952 J
102% 107
New York Stock Exchange
65%
19%
117%
{♦Car Cent 1st
103% 105%
94% 98%
105
106%
110% 115%
104% 113%
104% 113%
100% 109
109
77
112%
Caro Clinch A O 1st 5s
103
105
103%
108%
103%
BOND BROKERS
23
22
For footnotes see page 3815.
Telephone
29
68
*90
32%
23%
22%
20%
62
79
100%
43
137
118%
Collateral trust 4%s
23%
2
98
121%
98%
112%
117%
5s equip trust ctfs
Coll trust gold 5s
99%
11
104%
119
72
10557s
75
121%
119%
49
32%
—
68%
100% 101%
101% 101%
117%
32%
102332 118%
77
m.
109% 118
J
Canadian Northern deb 6%s
1946 J
J
Canadian Pac Ry 4% deb stk perpet J
Coll trust 4%s
1946 M S
111
162
—
13
J
1957 J
July 1969 J
Oct 1969 A
Guaranteed gold 5s
1970
Guar, gold 4%s
June 15 1955
Guaranteed gold 4%s
1956
Guaranteed gold 4%s..Sept 1951
48%
103
113% 115%
103% 109%
3
O
Canadian Nat guar 4%s
Guaranteed gold 5s
Guaranteed gold 5s
114
97
1955 J
Canada Sou cons gu 5s A
113%
113%
24
69%
1937 M S
♦Camaguey Sugar 7s ctfs
112%
112%
112%
90
109%
112%
75%
81
J
79
113%
J
74
76
A
83%
32
A
1938
1981
Bush Term Bldgs 5s gu tax ex.-I960 A O
By-Prod Coke 1st 5%s A
1945 M N
Cal G A E Corp unf A ref 6s
1937 M N
104
66%
69%
44
Armstrong Cork deb 4s
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st 4%s A
1st 30-year 5s series B
7
63
Atch Top A S Fe—Gen g 4s
Conv deb 4%s
239
115%
.1995 Q
Rocky Mtn Dlv 1st 4s
1965 J
Trans-Con Short L 1st 4s—-1958 J
Cal-Arlz 1st A ref 4%s A——1962 M
~"~9
71
1950'F A
1940 J
1942 A
109%
113%
111%
1957i^ N,
f deb 3%s
♦Consol 5s
97
90%
73%
160
74%
-
108% 110%
99% 101%
118% 143%
106
112%
A
Conv g 4s Issue of 1910
100%
105%
113%
1955 F
1950 J
f 4s ser B (Del)
2
94%
102
71%
70%
90
80%
84%
115%
74%
"79"
98
74%
73
~
1957 M N
{{♦Burl C R A Nor 1st A coll 5s 1934 A O
♦Certificates of deposit
{♦Bush Terminal 1st 4s
—1952 A O
60
36%
90
109
—
s
101
101
51
109
Ark A Mem Bridge A Ter 58—1904 M S
Armour A Co (111) 1st 4%s
1939 J D
1st M
"46%
110%
3
Consol 4%s
81
48%
68
*90%
78
105%
113%
J
Certificates of deposit
Anaconda Cop Mln s f deb 4%s 1950 AO
♦
Anglo-Chilean Nitrate 7s
1945 M N
♦Ctfs of deposit
g 4s.—
*
,
S
♦
{♦ Ann Arbor 1st
32
D
Amer Water Works A Electric—
Deb g 68 series A
1975 M N
10-year 5s codv coll trust
1944 M
{♦ Am Writing Paper 1st g 08—1947 J
87%
a
BrunsA West 1st gu g 4s
Buffalo Gen Elec 4%s ser B
Buff Roch A Pitts gen g 5s
104%
97%
95%
111% 117%
101% 106%
112
134%
107% 110%
J
35-year s f deb 5s
1960 J
20-year sinking fund 5%s_—1943 M N
J
Convertible debenture 4 %s—1939 J
Am Type Founders conv deb
86%
87%
60
D
1949 M N
Am Telep A
93
O
♦Alpine-Montan Steel 7s
1955' M S
Am Beet Sugar 6s ext to Feb 1 1940 F A
Am A Foreign Pow deb 6s
—2030 M S
f deb 5s
101
92%
86%
D
♦
s
7
£ A
88
61%
*15
99
92
76
4
71
103%
1950
1st lien A ref 5s series B
Brown Shoe
73
55
92%
58 stamped
1950
Allegh A West 1st gu 4s
—1998 A O
Alleg Val gen guar g 4s
1942 M S|
Allied Stores Corp deb
A O
4%s
1950
Allls-Chalmers Mfg conv deb 4s 1945 MN
American Ice
63%
103%
53
3
75
108% 114%
84% 100%
100% 105
99% 105
75
105%
107%
102% 108
73%
®
1945j|™ N
1947i'y N
Debenture gold 5s
103% 107%
8
70
1950
1st Hen A ref 6s series A
69%
110
109
69
69
101
53
1941 J
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
102
97
33
99%
69
*106%
O
F
1950 A
conv 5s
97
4
100
*110
A
—1949 J
-
97
*66%
40%
36
44%
99%
98
1948
3%s
1940
{Alleghany Corp coll tr 6s.—1944
43
44%
100
105%
*109%
*20
1st 6s stamped
49
18
*19%
ger 5s A
1949 3
••
Gen mtge 5s series E
1952 3
3
Bklyn-Manh R T sec 6s A
1968 3 j*
15-year sec 6s, series A
1949 3
^
Bklyn Qu Co A Sub con gtd 58-1941 M N
{{Abltlbl Pow A Paper 1st 5s. 1953 J D
Adams Express coll tr
M S
g 4s
1948
Coll trust 4s of 1907
1947 J D
Adriatic Elec Co. ext 7s
1952 A O
Ala Gt Sou 1st cons A 5s
D
1943 J
128%
*101%
*23%
22%
21%
Stmp as to pay of $435 pt red
™I
Brooklyn City RR 1st 5s
1941 J
INDUSTRIAL
♦
120%
23
'105%
100% 104%
101%
♦Certificates of deposit
1 {♦Bowman-Bllt Hotels 1st 78.1934
Bklyn Edison Inc
RAILROAD
22
73
113
85
*101%
121%
128%
72
318
73
J
1950
Boston A Maine 1st 5s A
C---1967
1st M 5s series II
1955
1st g 4%s ser JJ
1961
62%
89%
45%
32
47
112
Bing A Blng deb 0%s
49%
50
39%
37%
37%
78
47
115%
108%
*72%
1955 A
♦Berlin Elec El A
Underg 6%s,1956 A
Beth Steel cons M
4%s ser D.-I960 3
Big Sandy 1st 4s
1944 3
102
100
53%
46
47
68%
73%
"15
77
103%
84%
1936
♦Debentures 6s
83
76%
82%
83%
71%
83%
*
1951 A
B
46
97
1951
1st A ref 5s series C
93%
73%
73
76
*101%
(VI N
F
Telep of Pa 5s series
48
104%
'108%
Belvldere Delaware cons 3%s—1943 3
♦Berlin City Elec Co deb
0%S—1951 J
100% 104%
10
J
Bell
103%
83%
1936 J
51
206
96
1989
2d guar g 5s
Beech Creek ext 1st g
3%s
311
83%
1951
4a stamped
Battle Crk A Stur 1st gu 3s
Beech Creek 1st
gu g 4s
85%
114%
103%
71%
61
104% 106%
103
103%
103%
103%
High
95% 100%
88%
81%
89%
99%
95%
40%
57%
33% 47%
76
103% 104
46
97
1943
Con ref 4s
♦Deb sinking fund
6%s
F
A
1995
Bangor A Aroostook 1st 5s
166
150
11
167"
95
Tol A Cln Dlv 1st ref 4s A—1959
Ref A gen 5s series D
2000
Conv 4%s
1960
Ref A gen M 5s ser F
1996
19%
«.
113
95
P L E A W Va
Sys ref 4s—1941 M N
Southwest Dlv 1st 3%-5s,.
J
1950 J
87
«.'«•
114
23
19%
6
83%
84%
O
27
19%
16%
—
D
105%
107
D
July. 1948 A
17%
14%
3
7
11
*103
O
25
21
26
104
30
26%
81
1940 MN
28%
15%
72
104%
{Baldwin Loco Works 1st 5s
22%
21
26%
86
(VI N
♦External s f 6s
1964
Venetian Prov Mtge Bank
A
7s—1952
Vienna (City of)—
♦6s Nov coupon on
Warsaw (City) external 7s
70
J
21
15
20%
54% 67
112
122%
86%
«,
_
O
Trondhjem (City) 1st 5%s
1957 |M N
♦Uruguay (Republic) extl 8s —1946 F
f 6s
14
70
1941 J
29%
23%
21%
20%
90%
35
32%
Silesia (Prov of) extl 7s
J
1958
♦Slleslan Landowners Assn 6s._1947 F
M N
Solssons (City of) extl 6s
1936
Styrla (Province of)—
f 5 Ha
47%
Austin A N W 1st gu g 5s
14%
21
g 0%s
1946
Serbs Croats A Slovenes
(Kingdom)
M N
♦8s Nov 1 1935
coupon on—1962
♦7s Nov 1 1935 coupon on._1962 (VI N
♦7s Feb coupon off
25%
17%
25%
25%
M S
J
♦Sinking fund
"15%
J
A
45%
1937
14
35
45%
Atlantic Refining deb 5s
16
104
1948
19%
7
*18%
15%
85
Low
60
97%
51%
14
28
26
133
78%
85%
49
M N
1959
17%
.
No
97
96
15%
19
High
96%
77%
84%
96
Atl Gulf A W ISS col tr 5s
24
Jan. 1
Askedl
49
21
15%
~
A U
J
Oct—1952 MN
May 1 1945
—1948
15
24
*20
♦External 8s July coupon off-1950
♦External 7s Sept coupon off-1956
♦External 6s July coupon off-1968
♦Secured s f 7s
1940
♦Saxon State Mtge Inst 7s
1945
L A N coll gold 4s
10-yr coll tr 5s
Atl A Dan 1st g 4s
Auburn Auto conv deb 4%s—1939
^ J:
1967 3
38
18%
15%
18%
r.
J
♦Saarbruecken (City) 6s
.--1953
Sao Paulo (City of
Brazil)—
M N
♦8s May coupon off..
-1952
M N
♦Extl 6%s May
coupon off--1957
San Paulo (State of)—
{♦8s July coupon off
1936 J
s
111
27%
A
Low
112%
109
24
o
1968 *
*110
♦External
109
1
27%
_
1946 A
1964 «" ^
Roumanla (Kingdom of
Monopolies)
♦7s August coupon off
A
1959
Taiwan Elec Pow
1
109%
*17%
15%
Rotterdam (City) extl 6s
s
111%
Since
Friday's
Bid
Atl Coast Line 1st cons 4s July_1952 M S:
D
1
General unified 4 %s A
1964
2d 4s
1953 F
♦7s May coupon off
♦7s June coupon off.—
Rome (City) extl 6%s
3
111%
109%
*24%
A
"
£
♦6Ha Aug coupon off
Rio Grande do Sul (State
of)
♦8s April coupon off
♦6s June coupon off
20%
20
%
20%
Range
Range or
Sale
Hloh
Low
20
20
1950 M °
No
High
Low
Foreign Govt. &Munic. (Concl.)
♦Prussia (Free State) extl 6
1951 M S
♦External e f 08
1952 A O
Last
Price
Week Ended June 5
Jan. 1
Asked
A
N. Y. STOCK EXCHANGE
Since
Friday's
Bid
BONDS
Range
Ranoe or
Sale
Price
Week's
Friday
Week's
Friday
Sydney (City)
3811
New York Bond Record—Continued—Page 2
Volume 142
105% 107%
99% 103%
77%
43%
98
103%
87
93%
New York Bond Record—Continued—Page 3
3812
June 6, 1936
Week's
Friday
BONDS
N.
Last
Y. STOCK EXCHANGE
c.Bennett'Bros. &
jflLf.—L—
Members
Johnson
York Curb €xchangt
1977
O
1945
Dlgby 4-5200
J
f 4 %s
series C
Debenture 5s_.
133 So. La Salle St.
Connections
r. 1-761 ■+ Hell System Teletype 4-
Apr 16 1952
Col A H V 1st ext g 4s
Range
Sale
N. Y. STOCK EXCHANGE
A
Since
Asked
Jan. 1
Low
1949 F A
4s,-.1954 A O
Guaranteed g 5s..
1960 F A
CeDt RR A Bkg of Ga coll 5s—1937 IVI N
Central Steel 1st g a f 8s
1941 M N
Through Short L 1st
Certain-teed Prod 5%s A
IVI
S
M
1948
109%
*108%
S
'"98 %
High
No.
109%
75
High
103% 110
loo" "iI6
124
124
90
93
85
....
1951
of Upper
1956
100
117%
56
110% 120%
110%
125%
111
15
126
38
111
110316
111%
110^32
15
1995
110% 112%
118% 126%
110% 113%
110316 113%
Ref A Impt 4%sser B
126
Craig Valley 1st 5s..May._.1940
1946
*109
1989
*115
,.1989
*112
15
*109
Potts Creek Branch 1st 4s
R A A Dlv 1st con g 4s
2d consol gold 4s
Warm Spring V 1st g 5s
1941 IVI
50
Chic & Alton RR ret g 3s
.1949
Chic Burl & Q—111 Dlv 3Hs—1949
Illinois
Division 4s
General
4s
50
112 H
1958
1st & ref 4 Ha ser B
1977
113
1971
116H
A
Chicago & Erie 1st gold 5s
1982 IVI N
J
1937 J
Ch G L & Coke 1st gu g 6s
{♦Chicago Great West 1st 4s
{♦Chlc Ind A Loulsv ref 6s
1959 M S
1947 J
1956 J
.1969 J
♦Chic M A St P gen 4s ser A
♦Gen g 3 Ha ser B May 1
'57%
A
O
19%
7H
34H
34%
37
42
*
365
17%
641
9%
48%
39'
13
39%
54%
9
D
13%
130
45
19%
63
33
58
17%
16
18%
15%
8%
16
June 15 1951
D
*109
D
33
75%
34%
18
8%
""9
8%
D
1960 IVI
*85
D
1960
S
91%
77%
1053,6
4Ha A...1963
91%
5
103
1053,6
105732
107%
1963
Guaranteed g 5s
Guaranteed 4s
D
1944
t
32%
80
46%
31%
43%
15
20%
19%
7
16%
14%
22%
74
24
7
20%
11%
77%
5
61
84
105%
20
106%
67
106
108
106%
9
106
108
5
73
1962 M S
106 H
1962 M S
106 H
Chile Copper Co deb 5s
1947 J
{♦Choc Okla A Gulf cons 5s
Cln G A E 1st M 4s A
1952 IVI N
1968 A
O
103"
103%
Cln H A D 2d gold 4H8
CI St L A C 1st g 4s
1937 J
J
con gu
|t
Aug 2 1936 Q F
4s
1942 M N
Cln Union Term 1st 4 Ha A
1st mtge 5s series B
1st guar 5s series C
2020 J
J
..2020 J
J
1072332
1957 IVI N
Clearfield A Mah lstgu 4s
1943 J
Cleve Cln Chi A St L gen 4s
General 5s serial B
1993
D
1993
D
1941
J
1963
J
Ref A Impt 6s ser C
Ref A Impt 5s ser D
Ref A impt 4 Ha ser E
Cairo Dlv 1st gold 4s
1977
1939
Cln Wabash A M Dlv 1st 4s. 1991
St L Dlv 1st coIltrg4s.
1990
Spr A Col Dlv 1st g 4s
1940
W W Val Dlv 1st g 4s
1940
J
J
102%
100%
J
1072532 1072532
10723j2 107%
110%
110%
*104
104%
102%
118%
*104%
100
100% 103%
35
"27
86%
47
101% 106
101% 103%
100% 102
106%
106
1072532 110%
1072332 111
110% 113
102%
118%
105%
103% 105%
100%
92%
*105%
94
Qft
"98"
96%
89
78%
105
104%
101%
95
106%
J
*101%
102%
94% 101%
104
104%
104
107
107
107%
101% 107%
110%
110%
111%
110%
111%
108%
Ul%
111% 111%
*104
1948 M N
*106%
Series D 3%s guar
1950 A
F
*106%
Geo 4Hs
1977 F
A
Gen A ref mtg 4H8 ser B
1981 J
Cleve Short Line 1st gu 4Hs._1961 A
O
*106%
*109%
*109%
ser
A
*112
J
...
3815.
1
S
as to
—-
-
31%
14%
102^
Elglr Joliet A East 1st g 5s
107^
20
—
O
109
------
..1940
J
4s 4s prior.. 1996
1st corsol gen lien g 4s
1996
J
J
-
«
-
1957
J
J
Ernesto Breda 7s
1954 F
Federal Light A Tr 1st 5s
5s International series
1942 IVI
s
-
-
-
„
-
— -
-
1974
♦Gen Elec
111% 113
ioe"
loe"
io5%
110%
s
f deb 6s
100
•
-------
Gen Pub Serv deb 5%s
----
8%
{♦Ga A Ala Ry 1st
cons
4%
Gotham Silk Hosiery deb 5s
w
wl946
{{♦Gould Coupler 1st s f 6s....1940
Gouv A Oswegatchle 1st 5s
1942
1941
----
1.
_
105
"
47
71
86%
-----
—
-
35"
52%
107
72%
107% 108%
23%
16%
21%
104% 104%
103% 111
107
108
128% 131
110
112%
101% 109
100%
—
—
—
-
-
-
i
—
147
118%
7
2
-----
107
107
107
105%
89%
106%
89%
75
89%
74
88
69%
117
86
85%
119
116% 119%
104% 104%
42%
*
60%
99%
74%
70
363
112%
105%
105%
99%
77%
105%
-
78%
78%
118%
59
*_
e
11
100
7
72%
54%
5
1
60
98
103
99
....
-----
8%
7%
101%
97% 103
101% 104
95
100%
60%
77
52%
57
56%
66%
13
8
11)
18
9%
8%
7
10?
11
9%
4%
*3%
*104%
106%
107
"79%
37
78%
*80%
2
4%
4
-----
-
---
1
106%
107
5
80%
87%
3%
6%
6%
105
17
-
-
-
105
105
106%
106
110%
35%
80%
75%
90%
-
*120
------
34%
------
103%
104%
34%
*32%
33%
102%
103%
105%
34%
1
101
9
29
34%
30
34%
34
----
34
11
102%
101%,T04%
72
30%
105%
34
3
102
37
76
98
104
79%
79
81
23%
23%
24
12
19
23%
30%
23
24
142
19
30
12
20%
20
32
13
1945
5s
59
50%
15%
15%
112% 116
102% 105
4
1939
{{♦Ga Caro A Nor 1st ext 6s.. 1934
♦Good Hope Steel A Ir sec 7S..1945
Goodrich (B F) Co 1st 6%s___1947
Conv deb 6s
1945
Goodyear Tire A Rub 1st 5s. ..1957
-----
■"
*7%
8%
-
5%s with warr. 1949
{{♦Gen Theatres Equip deb 63.1940
♦Certificates of deposit
99%
72%
54%
"35*
8
"
1948
Gen Steel Cast
3
103
------
116
----
102%
Fort St U D Co 1st g 4%s
Ft W A DeD C 1st g 5 %s
Gas A El of Berg Co cons g 5s.. 1949
Gen Amer Investors deb 5s A.. 1952
Gen Cable 1st s f 5% A
...1947
----
—
-
103
1982
Galv HousAHend 1st 5 %s A.. 1938
-
102
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
.1941 y
1961 j
Framerican Ind Dev 20-yr 7%s 1942
{♦Francisco Sug 1st s f 7%S—.1942
-
103
♦Certificates of deposit
2-4s
1
109
102%
Fonda Johns A Glov 4%s.
1952
{{♦Proof of claim filed by owner.. M N
cons
12
133
*111
*100%
1942
1942
s f g 7s
1946
{♦Fla Cent A Penln 5s
.1943
{♦Florida East Coast 1st 4%s..l959
-----
88
99%
113
108% 110%
108% 111%
12%
85
*53
7
71
105%
*102
Fiat deb
(Amended) 1st
3
110%
107%
76%
118%
118%
------
23
38%
20%
31%
--
9
85
A
.1954
♦1st A ref 5s series A
— -
—
14
85
------
--
10
*81%
77%
-
—~
s
1942 ivi
—
77%
77%
118%
O
N Y A Erie RR ext 1st 4s... 1947 IVI N
3d mtge 4%s
1938 IVI S
1st lien 8 f 5s stamped
1st lien 6s stamped
30-year deb 6s series B
— -
*84
------
O
--«
—
'•
85%
O
1967 IVI N
<
....
*106%
O
1953 A
f 6s
-
—
20
104
85%
A
1953
s
--
20
*106
105
13
—
-
107%
*106
———
—
38
20%
— --
"70"
*107%
J
-
----
103'32
109
1965
Genessee River 1st
-
117%
107%
*130%
*112%
30
31%
13%
50
----
40
110%
-
"167 %
------
1955 J
4
------
-
110
105% 108%
105% 108%
---
3
107%
*17%
18%
------
1941 IVI N
1975 A
—
£0
69%
102%
4
111%
102%
98
105
106%
100% 105
66
108%
-
102% 104%
104% 106%
78%
90%
108% 110
108%
—
61
—- —
116
*105
69 H
——
Series B
76
—
*109%
J
conv 4a series D
Ref A impt 5s of 1927
Ref A Impt 5s of 1930
Erie A Jersey 1st s f 6s
12
6
*25
O
J
Gen
2
6
69%
*116
1956 M N
1953
100
16%
15%
26%
*25
------
1995 J
-
— -
32%
32%
*35%
Dul A Iron Range 1st 5s
Dul Sou Shore A Atl g 5s..
1951
3
107%
*35
103%
105
105
116
------
Penn coll trust gold 4s
Conv 4s series A
1
108%
111%
D
J
17
----
107
*108%
111H
O
*7
103
*
116
45
101%
105%
*4
------
----
83
31%
32%
16%
14%
25%
32%
------
----
103%
------
1995
cons g
75%
70%
3
64%
62
107
Detroit Term A Tunnel 4%s_.196l MN
Donner Steel 1st ref 7s
J
1942 J
Erie RR 1st
49%
49%
46%
*107
J
♦Detroit A Mac 1st Hen g 4s... 1995
♦
1st 4s assented
1995
1965 A
65%
7
54
101%
------
1940
55%
*102%
1965
5s stamped..
102
105%
1952
El Paso AS W 1st 5s
5
40
106%
107
{♦Des M A Ft Dodge 4s ctfs.._1935
{♦Des Plalnes Val 1st gu 4%s..l947 IVI S
Detroit Edison gen A ref 5s ser C '62 F A
Gen A ref 4%s series D
1961
Erie A Pitts g gu 3%s ser B
Series C 3%s
102%
.57%
*101
J
1939 J
102
103% 106%
104
106%
82
A
Ed Elec (N Y) 1st cons g 5s
105
96
6
105%
105%
J
East T Va A Ga Dlv 1st 5s
Ed El 111 Bklyn 1st cods 4s
31%
3
*102%
-
106%
82%
101%
-
1937 J
9
0■
20
105%
64%
1937 A
5
30%
105%
54
J
1995 J
100% 103%
3
*59
♦Assented (subj to plan)
♦Ref A Impt 5s ser B
Apr '78
♦Second gold 4s
♦2d 4s assented
52
101
56
1951 IVI N
Gen A ref 5s series E.
Gen A ref M 4s ser F
103
103%
21
31
24
----
20
102%
w —-
J
{♦Den A R G 1st cons g 4s
1936 J
{♦Consol gold 4 %s—
1936 J
{♦Den A R G West gen 5s..Augl955 F
22
56%
f 5S...1951 IVI N
s
Penna tax
105
2
----
105
..1936 J
1969 J
Den Gas A El 1st A ref
17
49%
62
102% 103
107
109%
104
107%
54
1969 J
32
20
20%
102%
105%
D
1971 J
1st A ref 4%s
1st mortgage 4%s
22%
30
106% 109%
108,332106
105%
J
1937 J
Gr R A I ext 1st gu g
4%s
For footnotes see page
.
11
21%
34%
21%
51%
102%
109%
105%
108%
1936 J
1st lien A ref 6s ser B
1
55
104%
-
102%
1952 J
1st ref 7 %s series A
♦20-year
J
J
Cuba RR 1st 5s g.._.
96
101
1942 J
...1942 J
93% 100%
100%
*104%
4Ha guar...
Series C 3 Ha guar..
Cuba Nor Ry 1st 6%s
Stamped
-
..1950 M N
(Germany) 7s Jan 15 1945
♦Sinking fund deb 6%s
1940
S
.
f 4s
—
-
111% 118%
93%
101
69
M
M N
Cleve-Cllffs Iron 1st mtge 4% s. 1950 M N
Cleve Elec Ilium 1st M 3%b._.1965 J
J
Cleve A Pgh gen gu 4Ha ser B.1942 A O
Series B 3 Ha guar'
1942 A O
A
...
98~"
J
J
81
103%
47%
*106%
109
99% 105%
1st A ref 5 Ha series C
Chllds Co deb
5s...,_._
103%
105%
105% 108%
108% 112
103%
106%
106%
80%
102%
103k
5
65
110%
103 %
J
10
1053,6 108%
105^32 108
"l6
110%
J
O
83%
105%
111%
103%
J
J
1952
A
110
94
95%
1963
1943
105
74
1944
s
Crown Willamette Paper 6s
1951 J
Crown Zellerbach deb 5s w W..1940 IVI
27
11
1st mtge 4s series D
Chic A West Indiana con 4s
1st ref 5 Ha series A
Crown Cork A Seal
-
A
61%
13%
"88""
1059,6
107%
D
66
70
111%
110% 112%
104% 104%
107% 110%
105% 108
105
105%
-
17
47
110
92
1943 J
1954 F
warr
Copenhagen Telep 5s Feb 15
23
49%
102%
D
43
*90
1951
15-year deb 5s with
...1946 J
42%
17
"1
13
*20%
-
------
May 1 1965 IVI N
1st mtge 3%a
Container Corp 1st 6s.
East Ry Minn Nor Dlv 1st 4s.. 1948 A
25%
110%
108
107%
106%
103'3,6 103%
49%
Consumers Power 3%s.-May 11965 IVI N
56
10%
111
1^4
----
—
101
-
-
57%
16
-
20%
J
64%
25%
—
98%
*20%
*20%
J
42
16
105%
110% 112%
1
110%
D
J
Duquesne Light 1st M 3%s...l965 J
♦{East Cuba Sug 15-yr s f 7%s.l937 M S
♦Ctfs of deposit
39
43
43
f 5s
1960
s
44
39
56
*15%
25
34%
20
S
69%
35%
19%
1960 IVI N
6
21
19%
15H
Memphis Dlv 1st g 4s
Chic T H A So East 1st 5s
lnc gu 5s
Dec 1
Series
68
18
16 H
58%
68
17%
12%
O
65%
47%
49%
D
33%
32%
16%
15%
46%
47%
18%
1988 J
29
a®
""7
"44%
N
28
43
56
June 15 1951
Cln Leb A Nor 1st
47
N
♦Certificates of deposit.
Chic Un Sta'n 1st gu
1st 5s series B
16%
D
♦Certificates of deposit
Gold 3Ha
8
48%
46%
92%
111%
58% "~l7
21%
75%
M
24
100%
61
28%
49
28%
15%
25%
19%
7%
{{♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
1934 A
44
55%
53%
21%
121
104% 105%
26%
39%
—
23
-
29
46%
58
*35%
*30%
1987 M N
{♦Seeured 4Ha series A.....1962
3
"59"
1987 M N
{♦Secured g 6%s.u
1936 IVI
♦1st ref g 5s
'...May 1 2037 J
♦1st A ref 4Ha stpd..May 1 2037 J
♦1st A ref
4HaserC..May 1 2037 J
♦Conv 4%s series A
..1949 M
♦Conv g 4 Ha
Ch St L A N O 5s
319
*
Stpd 4s non-p Fed lnc tax 1987 M N
♦Gen 4%s stpd Fed lnc tax.. 1987 M N
{♦Refunding gold 4s
33
43
57%
J
{♦Chlc A No West gen g 3Ha-1987 M N
♦General 4s
1987 M N
{♦Chic R I A P Ry gen 4s
♦Certificates of deposit
14
116
54
J
1..1989
♦Gen 4Ha series F._May 1..1989
{♦Chlc Mllw St P A Pac 5s A-.1975
♦Conv adj 5s
Jan. 1.2000
♦Gen 68 stpd Fed lnc tax
♦4 Ha stamped
7
5
*47
♦Gen4H3serle8E-.May
97
23
18
23%
100%
*111%
117%
14
121
23
54
J
112
82
"~22
105
*40 "
J
1989
106% 113%
19
15
*
D
1989
♦Gen 4 Ha series C..May 1..1989
17
99% 105%
111%
-
105%
99
13
107%
23
1937 IVI N
38
16%
1956
Consolidation Coal
Consumers Gas of Chic gu 5s.. 1936
Gold 5%s
Del Power A Light 1st 4%s
113%
64
65% 85%
98% 105
48%
70%
80%
59%
130
1
*102
-
106%
1943 IVI N
116%
97
-
J
Del A Hudson 1st A ref 4s
113
30%
J
110
108% 113
107% 113%
43
♦1st A gen 5s series A
..1966 IVI N
♦1st A gen 6s series B.May..l966 J
J
Chic Ird & Sou 50-year 4s
Chic L S & East 1st 4 Ha
9
-
103'
Dayton PowALt 1st A ref 3%s 1960 A
121
31%
J
41
55%
104% 108%
105
105
J
1947 J
112
15%
14%
J
1947 J
♦Refunding g 5s ser B
♦Refunding 4s series C
4
*95
{{Chicago & East III 1st 6s
1934
{♦C & E 111 Ry (net/) Co) gen 58.1951 IVI N
♦Certificates of deposit
D
{♦Consol Ry non-conv deb 4s. .1954
Cumb T A T 1st A gen 5s
23
108%
111%
112%
112%
116%
"Ink
1st A ret 5s
ser
110
51
111
112% 116%
108% 109%
113%
108
...1949
..
108%
*110
S
J
1961
1957
Wuertemberg 7s
Consol Gas (N Y) deb 4%s
88
110%
8
— —
-
108
67
90
27
.
105%
*110%
110%
------
♦Debenture 4s
117%
D
-
-
1951
100
102% 106
115% 137
3
105
High
105% 110%
100% 108%
95
102%
♦Consolidated Hydro-EIec Works
89
132
J
104%
104%
J
105%
.1992 IVI
104%
-
O
116
1939 IVI N
5s.,
72%
105%
--
1955
1993
con g
General gold 4 Ha
Ref A Impt 4 Ha
-
1955
105 H
34
71
—' -
-
-
4
90
----
♦Debenture 4s
129
235
68%
71
-
I
--
* 1 1 9 5/£
♦Debenture 4s
105H
IVI N
67
—
105
105%
108
121% 126%
47
105
104%
O
102
98 H
*80
91
Low
130
Champion Pap A Fibre deb 4%sl950
Chesap Corp conv 5s
1947
10-year conv coll 5s
1944
Ches & Ohio 1st
109 %
gu
141
-
67
1943
Debenture 5s
Cent Pac 1st ret gu g 4s
102%
85
A
Comm'l Invest Tr deb 5%s„—1949
Range
Friday's
Bid
Price
Week Ended June 5
A
21
85
1955
Stamped guar 4%s
or
F
18
108
102
1948
Col A Tol 1st ext 4s
%andolph 7711
Cgo. 343
Week's
Last
NO;
109%
105
A
Jan 15 1961
Deberture 5s
Conn Ry A L 1st A ref 4%s
Friday
High
Since
*110
*---
--
1980 IVI N
May 1952 IVI N
Conn A Passum RIv 1st 4s
BONDS
Jan. 1
108%
107%
D
s
Columbia G A E deb 5s
Chicago, III.
'Private Wire
109
107%
102%
^1938
s f 6s. .1943
{{♦Col Indus 1st A coll 5s gu..l934
1st
Colo A South 4%s ser A
Y.
O
O
{♦Colon Oil conv deb 6s
{♦Colo Fuel A Ir Co gen
%AlLROAD -BONDS
l^ew York,
Range
«;<§
or
A
Low
1972
1973
1st s f 5s series B guar
Coal River Ry 1st gu 4s
One Wall Street
-3
Asked
Friday's
Bid
Price
Cleve Union Term gu 5%s
f *Ke1? York Stock Exchange
[
Range
Sale
Week Ended June 5
...
*21%
35
108%
105%
2
11
108
105
105%
36
104
103% 106
104% *104
98%
98%
76
13
29
35%
108%
7
104%
53
99%
83%
21
74%
*103%
104%
*108
49
30
35%
107% 108%
105%
98% 100
56
88
100
104%
108
110
Volume
New York Bond
142
bonds
N. Y. STOCK EXCHANGE
Week Ended June 5
if
N&.
Last
Since
Friday's
4
101M
101M
Jan. 1
Asked
Bid
Low
Grand Trunk Ry of Can g 6s..1936 M S
Grays Point Term 1st gu 6a...1947 J d
Gt Cons El Pow (Japan) 7s... 1944 f A
1st & gen b f 6 Ms
j
i
1960 J
Great Northern gen 7s ser A—1936
1st A ref 4%s series A......1961
fftoh
No.
10
BROKERS IN BONDS
High
Low
101M 103M
94
94
5
90
93 m
83
1
88%
99
1
82 M
FOR BANKS AND DEALERS
95
93 M
91
83
j
100 m
100 M
100%
144
j
111%
112%
111%
112M
112M
40
100 M 102%
107 M 113
J
46
107 M 116
1973
J
107 m
107
113%
107 m
16
1976
j
100 %
100 M
103% 112M
96 M 105
1977
j
100 M
1946
j
112%
3
1946
Units (equal amts of G & H).1946 J
j
♦Green Bay 4 West deb ctfs A
Feb
♦Debentures ctfs B
Feb
100 %
99M
111%
100 M
General
General
General
General
5%s series B
1952
6s series C
4 Ms series D.
4 Ms series E
Gen mtge. 4s ser G
Gen mtge 4s ser H
_
Greenbrier Ry 1st gu 4s
Gulf Mob 4 Nor 1st 6 Ms B...1950 A O
1st mtge 6s series C
1960 A O
Gulf 4 S11st ref 4 ter 5s.Feb 1952 j
J
Stamped
91
100%
159
100 m
113m 2039
101
1560
106
107
317
*51
75
7M
96 M
92 M
97"
90
92%
81M
75M
1942 j
D
1952 J
J
.....1949 J
J
j
124 M
102 %
103 m
*107M
102 %
19
108 m
Friday
bonds
77 M
N. Y. STOCK EXCHANGE
Week Ended June 5
Week's
ii
Lart
is
98M
94M
75M
69
*30
Gulf States Steel deb 5 Ms
14%
106 M 107
*75 M
*75 M
J
NEW YORK
Telephone Whitehall 4-2900
70
60
10%
j
Members New York Stock Exchange
63 Wall St.
99 M 101%
104 M 107 M
'
92 m
D. H. SlLBERBERG & Co
96 M 105
109 M 115
*9M
*107 M
1940 mn
3813
Range
Range or
Sale
Price
Record—Continued—Page 4
Week's
Friday
Range or
Friday's
Price
Sale
Bid
A
4Ms.—1999
g
♦Hoe (R) 4 Co 1st mtge
{♦Housa tonic Ry cons g 5s
H A T C 1st g 6s lnt guar
O
1944
1937 m n
j
1937 J
Houston Belt 4 Term 1st 5s... 1937 J
j
Houston Oil sink fund 5Ms A.. 1940
Hudson Coal 1st s f 6s ser A... 1962
Hudson Co Gas 1st g 5s
1949
Hud 4 Manhat 1st 6s ser A
1957
IVIN
j
D
mn
f
A
♦Adjustment Income Sa.Feb 1957 A O
Illinois Bell Telep 3Ms ser B..1970 A o
Illinois Central 1st gold 4s
1951 3
J
1st gold 3Ms
......1951 J
J
Extended 1st gold 3Ms
1st gold 3s sterling
Collateral trust gold 4s
54
74
74
103 % *103%
103 %
103%
102 %
42 m
....1951 Wl
S
*102 M
102 %
a90m
1952 A
1955 M n
Purchased lines 3%SCollateral trust gold 4s
1952 J
3
1953 M n
1955 M n
Refunding 5s
16-year secured 6 Ms g
.1936 J
40-year 4Ms.........Aug 1 1966 F
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s...1951 3
3
Gold 3 Ms
83%
95
100 m
81
High
79 m
75%
101M
O
78M
28M
102%
c90m
81M
84 m
82 %
76
95
1
39%
87 M
79M
104
81M
69M
86
68%
85%
72%
146
48
84
1
127
75 M
77%
107%
67
"95
48
10
101M
56
94 %
175
92 m
21
Wl N
mn
J
J
1941 A
"38
1947 f
g 4MB—1952 j
1939 j
71%
67 %
92 %
103 M 105
89M 96
95
135%
106
115M 141%
47 M
14 %
Metrop Ed 1st 4mb ser D
1968 Wl 8
Metrop Wat Sew A D 5M8
1950 a o
{{♦Met West Side El (Chic) 48.1938 F a
35M
36
16
35%
11
11%
34 m
34 m
41m
30
9M
33M
♦Mex Internat 1st 4s asstd
45
69
Michigan Central Detroit A Bay
City Air Line 4s
1940 j
7
67|
90 M
79 M
89
75M
90
fi
88 M
96
9
86 M
79 M
49
98M
86M
80
94 m
81M
73
73M
91M
92 m
274
86 M
83 m
83 %
84%
110
79
95
2%
2m
2
1M
James Frank 4 Clear 1st 4s...1959 j D
Kan 4 M 1st gu g 4s
1990 A O
93 m
37
84%
{♦K C Ft 8 4 M Ry ref g 4s...1936 A O
♦Certificates of deposit..
A O
46%
J
Ms—1961 f A
1950 a O
79 m
92 M
44
112m
85 %
45 %
42 %
112
J
89 m
Kansas City Term 1st 4s
1960 3
J
Kansas Gas 4 Electric 4Ms... 1980 J D
♦Karstadt (Rudolph) 1st 6s...1943 M n
108 m
108 M
w
104 %
Kendall Co 5Ms
...1948
Kentucky Central gold 4s
1987
Kentucky 4 Ind Term 4mb...1961
Stamped—
1961
m
102
46%
44
113
86 m
90 m
109
104 m
"25
31
15
63
68
31
7
40
33
4
35
33
"~4
*34
92 %
M S
92%
*103
40%
37 M
111
74 M
67
107
4
96 M
105 M
67 M
53 M
113%
86M
90M
109 M
102% 106M
Q3
"14
40
42
37 M
33
39
27
40
*25
stmp (par
$645)..1943
♦Ctfs w w stmp (par $925)..1943
♦Ctfs with warr (par $925).. 1943
Keith (B F) Corp 1st 6s
1946 Wl S
93
*105M
85 %
88 M
Apr 1950 J
81
32
38M
92
96%
102
104 M
107
103 m
115
115
j
3
J
99 M
j
J
102 M
1961 J
Plain
Kings County El L 4 P 5s
J
J
106%
*105M
*166M
105 M
*116%
117
112M 115M
*122
119
122
100
102 M
104 M 112
*112
1937 A O
Purchase money 6s
1997 A
Kings County Elev 1st g 4s...1949 F
Kings Co Lighting 1st 5s
..1954 J
O
A
89
100
98
103 M
106 %
105%
102
106 M
162
155
105%
103 M 108 %
99 m
103
1954 J
j
j
Kinney (G R) 4 Co 7M % notes 1936 J
d
100
100
Kresge Foundation coll tr 4s.. 1945 J
{♦Kreuger 4 Toll cl A 5s ctfs—1959 Wl
j
107
107
105 M 106 M
123 m
100
107 m
First and ref 6 Ms
s
36 m
Laclede Gas Light ref 4 ext 5s. 1939 A
100
1953 f
Coll tr 6s series B_.
67 m
1960 f
1942 F
Coll 4 ref 5Ms series C
Coll 4 ref 5Ms series D
Coll tr 6s series A.
66%
1937 j
Lake Sh 4 Mich So g 3 Ms
1997 j
1941 J
♦Lautaro Nitrate Co Ltd 6s...1954 J
Lehigh C 4 Nav s f 4 Ms A
1954 j
s
f 5s
s
f 6s
....1964
1st 4 ref
s
f 5s
For footnotes
see page
1938
3815.
1979 J
1940
Ref A lmpt 4mb series C
Mid of N J 1st ext 5s
104 M
"56
12
"""4
3
137
111
96%
97%
63
46%
104% 106
104% 105%
101
103%
98
"57
102
21
27 %
103
12
98
102
3
98
100 M 104
Con ext 4mb
"§
97 m
1
100
1
64
62
62 m
9
60
61m
3
58
99 M
99 m
26
98
82 M
96
79
100 %
104%
*
.... .
69
4%
*3
4M
36
38
32
39 M
39 M
j
27M
1949 M
1978 J
8
27 M
26 M
26 M
32%
40%
27 M
27 M
90%
j
90
1941 mn
A
*87 M
J
j
37 M
90
J
J
67 M
67 M
J
70 %
70 M
69%
72 M
O
57%
57
59
{♦Mo Pao 1st A ref 5s ser A
1965 f A
♦Certificates of deposit..
30 M
30 M
*28
12%
1975 M
8
1977 M
8
—1978 MN
80 M
12%
30 M
"30M
30 M
30 M
92 M
11
M S
♦10M
89
84 M
f 6s series A.....1955
68
Gen A ref
s
100
Gen A ref
s
5s series B
1955
f 4Mb series C...1955
f 68 series D.....1955
31%
89
109 M
104 %
104 M
104
31M
30 M
92%
95
"l5M
A
M S
Montecatlnl Mln A Agric deb 7s '37
Montreal Tram 1st A ref 5s....1941
92
n
107 M
s f
11
31
1943
1962
s
30
*28
Mont Cent 1st gu 6s
Gen A ref
29%
31%
9M
10
31 %
*28 M
M 8
36
107
104
15%
11%
12%
90%
109%
104%
104%
107%
104%
74
83
73%
36%
36
96
92
103
102
105
108
110%
100% 103
12%
18%
1%
3%
102% 104%
90
94
104% 109%
98% 106
67%
95
101% 104%
101% 105
"27
7
32
95
88
49%
70
1
35
70%
60%
79
5
9
1%
2%
6
4
41
32%
28
29
23
38
62
23%
18%
81%
39
30%
93%
5
13
14
46%
42%
126
28
49
154
57
157
9
41
26
94
33
""68
83
83
36
126
49%
76
91
69%
49%
52%
30%
27%
26%
10%
81%.
70
72%
69
36
33%
16%
27
26%
27%
26%
7%
27%
26%
27
33%
85%
32%
12%
35%
32%
35%
27
33%
"""7
82
93%
"""»
14%
3
9
9%
""ii
85%
19
105%
16
103%
4
26
25
14%
15%
96
109%
105%
104%
103%
106% 107%
20
97% 104%
66% 88
100% 104%
85
18
101M
6
83%
85%
82%
"84""
100
79
100
102
84
^
50%
100
61
"16
84M
84
71%
91
"13"" "73
29 %
♦Certificates of deposit
Gen A ref
31%
28 M
30 M
♦Certificates of deposit.
Deb 6s series A
81%
30
♦Certificates of deposit..
F
68
5
...-
37 M
91
90 M
81
♦Conv gold 5 Ms
1949 M N
♦1st A ref g 5s series H
1980 A O
♦Certificates of deposit.......
♦1st A ref 5s series I
1981 FA
7
3%
32 M
j
44
44
68%
66%
88
34%
99
102% 104%
22
7
86
81
88
111% 112
86
96%
108% 113
31
104%
6
Montana Power 1st 5s A
101M
72 %
69M
32 M
81
106
111%
110%
107%
103%
108%
23
104 M
95
32 %
103%
107%
103%
104%
101%
28
104%
104M
95
113
107% 109%
88
20
104
f
J
....
109
8
D
"24
*90 M
*
81
j
"40
*1%
*104 M
*85"*
J
1
15
37
•1st A ref 6s series F
4
102 M
j
♦1st A ref 5s series G
7
108%
102 %
*11
j
♦General 4s
84
97 M
108 M
103%
108 M
111%
133%
122%
107% 109
103% 107
100 %
104
j
{♦Mo-Ill RR 1st 5s series A
1959
Mo Kan A Tex 1st gold 4s
1990
Mo-K-T RR pr lien 5s ser A
1962
40-year 4s series B
....1962
Prior lien 4mb series D
1978
♦Cum adjust 5s ser A
Jan 1967
7
80
100 %
103 M
1938 J
1946 J
25-year 5Ms
1st ref 6Ms series B
1st Chicago Term s f 4s
84
43 M
104 M
M
82 M
M St P A S3 M con g 4s lnt gu.1938 J
1st cons 5s
1938 J
1st A ref 68 series A—
118
*74M
104M
97
104
58
*
{♦Mil Spar A N W 1st gu 4s
1947 M
{♦Mllw A State Line 1st 3Ms_.1941 j
{♦Minn A St Louis 5s ctfs
1934 mn
1st cons 5s gu as to lnt
131
1
98 M
*93
109 M
104% 105 M
57
80M
93%
113
36
1939
♦1st A refunding gold 4s
1949 M
♦Ref A ext 50-yr 5s ser A....1962 q
31
105
87%
36
"56%
Monongahela Ry 1st M 4s ser A.'60 M N
J
...1937 J
1st guar gold 5s..
.....1937
99 M 105 M
111
60M
| {♦MllwANor lstext4 Ms (1880) 1934
1st ext 4Mb
1939
♦Montgomery Dlv 1st g 5s.. 1947
♦Ref A lmpt 4Mb.....
1977
♦Sec 5% notes
1938
Mohawk A Malone 1st gu g 4s. 1991
13
107 M
103 %
99% 102%
129
109 M
104 M
59 m
104 M
77
181
112
103 M
87
27%
132
121M
94M
41
86
Milw El Ry A Lt 1st 6s B—.1961
1st mtge 5s
..1971
77
101% 104
102 M
43 %
43
J
66
68
61
"99m
101M
41
J
80%
80M
102%
104m
104%
,67
105 M
41
1951 M S
1952 MN
Jack Lans A Sag 3 Ms
1st gold 3 Ms
64M
67
67 m
67
.
♦Mo Pao 3d 7s ext at 4% July..1938 MN
{♦Mobile A Ohio gen gold 4s...1938 M S
97 M
62
41
102 M
66
67
...1974
Secured 6% gold notes..
99
100 m
67 m
*105 M
..1954
1st 4 ref
102
161
27%
37%
*66
102%
*103 M
103 m
103 M
26 M
26 M
103
102%
Cons sink fund 4Mb ser C...1954 j
Lehigh 4 New Eng RR 4s A...1965 a
Lehigh 4 N Y 1st gu g 4s
1945 m S
Lehigh Val Coal 1st 4 ref 8 f 58.1944 f A
1st 4 ref
66%
66%
66
1942 F
Lake Erie 4 West 1st g 5s
2d gold 5s
36 %
103^
*112M
98 m
103 m
1977 M S
46 M
34
36%
65%
2
86 M
*113m
Tr Co ctfs of partlc In
A I Namm A Son 1st 6s
133 M
88
97%
61%
135
Mfrs
91m
w
♦Certificates of deposit
....2013 J D
Manila Elec RR A Lt s f 5s
1953 Wl 8
60M
11
80
97
121% 126
108
103 %
♦2d 4s
90
93M
65 M
36
94%
131
102 m
4s. 1990 AO
Mead Corp 1st 6s with warr...1945 Wl N
87
7
8
16
Manila RR (South Lines) 4s...1939 WIN
1st ext 4s
1959 WIN
J
{♦Man G B A N W 1st 3 Ms—.1941 j
87 M
48
.1955 f
{♦Iowa Central Ry 1st 4 ref 4s. 1951 M 8
...
♦Ctfs
\
cons g
102%
82 m
M
132
41
♦Certificates of deposit
{♦Manhat Ry (N Y)
15
81
40
96%
58%
64%
70%
103% 107
120%
124 %
109 M
105
00
Atl Knoxv A Cln Dlv 4s
1955 Wl N
♦Lower Austria Hydro El 6 Ms. 1944 F a
McKesson A Robblns deb 5ms.1950 wi N
{{♦Manatl Sugar 1st s f 7Ms.-1942 a o
88
21% 45
103% 106 M
106% 108
"87%
.1980 Wl
99%
71
34
High
115
*107 m
99
95 %
82%
81%
33%
2
105
Mob & Montg 1st g 4Ms....1945 M
South Ry joint Monon 4s...1952 J
106M 108M
110M
108 m
103m
1943 j D
Marlon Steam Shovel s f 6s
1947 a o
Market St Ry 7s ser A.April...1940 Q J
2
103 m
1946 F
Paducah & Mem Dlv 4s
St Louis Dlv 2d gold 3s
107m
109 m
97 M
100
*103 %
107 M
IIOM
1941 a
2003 A
ser D
97
87
j
94
O
94 M
A
Debenture 5s
Kan City Sou 1st gold 3s
Ref 4 lmpt 5s
WIN
J
131m
121M
111%
*108m
S
86 M
99
94M
*105m
105 m
101m
~94 m
mn
Wl
87%
70 M
105m
60 m
132
j
15
94%
97
61
a
48
O
~97 m
O
J
94 m
34 M
38 M
4
11
*110
1944 A
93%
34
123
54%
s
93 %
99
39 m
106
120 M
1949 Wl
93
133 m
54
m
2
29
50
120 m
132
*103 %
102 m
101 %
45M
4
50
95
122
106
1951 F
1st & ref 48
99 M 101H
6
50
45 %
54
132m
124
Low
14
106
S
93 m
4 B..1947
K C Pow 4 Lt 1st mtge 4
1937 Wl N
deb 5s
p m
Gold 5s....
75
90M
82
91%
100M 101
82 m
*46 M
95
1949 Wl
1st refund 5mb series A.....2003 a
1st & ref 5s series B
....2003 a
1st A ref 4mb series C
..2003 a
98 M
85
72M
90%
105
1950 a o
1938 j D
6s
94
91M
98 m
81
44
D
Louisiana A Ark 1st 5s ser A...1969
Louisville Gas A El (Ky) 5a...1952
Louis A Jeff Bdge Co gu 5 4s... 1945
Louisville & Nashville 5s
1937
Unified gold 4s
1940
84 M
64 M
103 M 105
87
79%
101M
A
LorUlard (P) Co deb 7s
91M
71M
96%
1946 f
1952 J
Guar ref gold 4s
100 M
81
O
1951 F a
1962 mn
No
95%
92%
89
"21
48 m
20-year
89 M
29
48 h
Unified gold 4s
102 M 102 M
101M 102 M
1
92 h
43 m
Long Dock Co 3%s ext to
Long Island gen gold 4s
89 M
91%
91%
99 M
Int Telep 4 Teleg deb
Conv deb 4mb
6s
108
104
1944 A
Liggett A Myers Tobacco 7s
105M 112
108%
Wl N
j
Ref s f 6s series A
.1955 Wl
Int Rys Cent Amer 1st 5s B..1972 Wl N
1st coll trust 6% g notes
1941 Wl N
1st lien 4 ref 6%s—
34
*106%
104 M
94%
92 m
92 M
1932 M S
f 6s
ser A
107%
103 m
...
Paper 5s
72
94 m
92 m
44
Little Miami gen 4s series A
Loews Inc s f deb 3Ms —
Lombard Elec 7s ser A
102 M
104%
94m
A..July 1952 A
♦1st 6s series B
1956 J
♦1st g 5s series C
1956 J
Interaat Hydro El deb 6s
1944 a O
Internat
127
103%
J
J
ser
s
79 m
30 m
90
44
3
♦Certificates of deposit.,
Int Merc Marine
79
....
1961 f
Interlace Iron 1st 5s B_
1951
Int Agric Corp 5s stamped 1942
Internal Cement conv deb 4a.. 1945
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s
32
43 %
108 m
100
106 M
1950 J
7% notes
102%
94 m
j
General cons 5s
2003 Wl N
Leh Val Term Ry 1st gu g 5s__.1941 A O
Lex & East 1st 50-yr 5s gu
1965 a o
103% 105
103% 105 M
100M 103
38 M
48M
119% 123
1
84
tlnterboro Rap Tran 1st 5s...1966 3
♦Certificates of deposit
conv
4
34
*89 M
1st 4 ref 4mb series C
1963 J
Illinois Steel deb 4Mb.—
1940 a
Ind Bloom 4 West 1st ext 4s..1940 A
}♦ 10-year 6s
....1932 A
♦Certificates of deposit
4
A
2003 Wl N
2003 Wl N
Lehigh Val (Pa) cons g 4s
General cons 4mb
116
124%
44 M
64 M
89
64 M
100 m
*100 M
96 M
1963 J
Inland Steel 8mb series D
5
74
103 %
104
37 H
100 M
98 M
1951 J
{♦Ind 4 Louisville 1st gu 4s... 1956
Ind Union Ry gen 5s ser A
1965
Gen 4 ref 5s series B
1965
94 M
4
*93 M
3Ms... 1951 J
4s
1951 F
Ind III 4 Iowa 1st g 4s
83
2
*99%
g
Western Lines 1st g
111 Cent and Chic St L 4 N OJolnt 1st ref 5s series A
a90M
79 M
*77%
75%
71m
Loulsv Dlv 4 Term g 3Ms—1953 J
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv 4 Term g 3s... 1951 J
Springfield Dlv 1st
102
42 M
*107%
78 M
78%
28%
28%
107 M
107m
*109M
1951 A O
Refunding 4s
{♦10-year
55 m
Leh Val Harbor Term gu 6s...1954 f
Leh Val N Y 1st gu g 4 Ms
1940 J
107% 110%
31M
124%
55 m
Since
102 M 104 M
Low
Hackensack Water 1st 4s
♦Harpen Mining 6s.
Hocking Val 1st cons
Range
Jan. I
Asked
87
88
83
June 6, 1936
New York Bond Record—Continued—Page 5
3814
Week's
Friday
BONDS
RAILROAD
Bought
Sold
-
Last
N. Y. STOCK EXCHANGE
Week Ended June 5
BONDS
Price
1974
series A
1974
{♦North Ohio 1st guar g 5s—1945
Members New York Stock Exchange
St., New York
♦Ex
123 S. Broad St., Phila.
Kingsley 1030
HAnover 2-1720
A. T. & T.: NY 1-735
Friday
BONDS
Week's
Last
Range or
Friday's
i*
N. Y. STOCK EXCHANGE
Week Ended June 5
Sale
Price
Bid
Range
ll
Since
CQCQ
Asked
&
Jan. 1
.
.
.
Low
Morris & Co 1st
1939 j
2000 j
f 4%s
s
104%
104%
93 H
93
Constr M 6s series A—.....1955 MN
97%
97
Constr M 4 %s series B
1955 MN
Mutual Fuel Gas 1st gu g 5s... 1947 M N
Mut Un Tel gtd 6s ext at 5%..1941 MN
......
Morris A Essex 1st gu 3 Ha
Namm (A I) A Son—See Mfirs Tr—
Nash Chatt & St L 4s ser A
1978 F
Nash Flo A S 1st gu g 5s
1937 F
87%
87%
*116
90 H
......
1951 J
1942 J
103%
Nat Distillers Prod deb 4%s— 1945 MN
Nat Ry of Mex pr lien 4%s
1957
104%
J
103%
......
A
•3
D
n-c lnc 5s.. 1935
J
1945 J
1944 MN
1998 F
125%
......
83%
•
......
96%
*32%
36%
36%
33%
36%
*110%
113
112%
96%
97
86%
93%
101%
105
86%
96%
93%
103%
95%
1998
93%
1937
103%
95%
85%
N Y Lack A West 4s ser A
4Hs series B_
D
N Y L E A W Coal A RR 5HS.1942 M N
N Y L E A W Dock A lmpt 58.1943 J
J
N Y A Long Branch gen 4s
t*N Y A N Eng (Bost Term) 4sl939
5
92%
72
38
....
37
13
19
30
41
32 H
43
5
98
10
100
112
23
26
6
1
38
1
....
38
23
....
....
....
27%
....
26%
....
26
27%
1956 i
27
25
1948 J
J
28%
♦Collateral trust 6a
1940 A
O
♦Debenture 4s
1957 M N
D
1967 J
28%
35%
15%
16
29
30%
*96
96%
1965
Prior lien 6s series A
Prior lien 6s assented
N Y A Rlchm Gas 1st 6s A
N Y Steam 6s series A
1st mortgage 5s
1965
39
*103%
87%
106%
106%
.....
48
48
j""j
105
105
1965
*107%
..1947 M N
......1951 MN
...1956 M N
109%
107%
107
1946
_
J
{♦N Y Westch A B 1st ser 14%s.,46
O
Niag Lock A O Pow 1st 5s A—.1955
Niagara Share (Mo) deb 5HS..1950 MN
Nord Ry ext sink sunf 6HS....1950 A
{{♦Norfolk South 1st A ref 5s..l961 F
O
A
♦Certificates of deposit
{{♦Norfolk A South lstg 5s...1941 MN
_
*13
.....'
For footnotes Bee page 3815.
4
39%
.....
....
87%
1
107%
109%
107%
107%
73%
101%
111%
32
71
135
5
12
....
8
H
103
49 H
103 H
82 H
93%
104 H 107
31%
31H
50 %
99 % 105H
99 H
107
105%
108 H
108 H 111
2
106
107H
107H
9
54
89H
....
45
83
...
46
72
100
102
.
....
24
110H 111%
80
93
80%
""7
80
96
14%
56
13
22%
*106
106%
...
.
26
105%
105
106
105%
106%
19
106
.....
66%
13
"80%
101%
127%
13%
*62%
121
*106%
100
123%
108 H
103%
10
102 h
101
104
55
73
100
65
102 h
102 h
50
102 H 104 H
109 h
109
100h
74
106 H 109 H
100h
100 h
100 h
ioOh
102h
102 h
102h
*107h
102 h
46 H
46 h
46 h
5
45
45 h
25
..
.
J
J
M
S
J
O
..<•».
M 8
♦Paullsta Ry 1st ref s f 7s
1942 M 8
Penn Co gu 3Hs coll tr A
1937 M S
Guar 3Hs coll trust ser B...1941 F A
Guar 3 Hs trust ctfs C
1942 J
D
110
....
63
46H
45
61H
59 H
6
124
83
61H
97H
11
112
151H
*101h
106
*103 h
104
55
5
32H
42
21
49 H
72
37
65h
h
1
122
76 h
....
.....
....
*70
..
102
102 H 103
109
105
87 h
122
106
99% 101H
93
102 H 104 H
59 h
122
36
"64k"
3
67
85
117
117
8
.
103
51
""86""
J
A
.
23
100 h
1
106
119H 122 H
73 H
60
101
102 %
104H 106
.....
106 H 108
96H 102%
35
120
5
12
....
....
27
....
36
16
H
12H
165
22 %
21H
63 H
121%
106 H 107 H
103% 106 H
102 H 105%
103 H 106
101% 107
51
115
1944 J
D
104
1952 M N
..
.
*106 h
1
1963 F
Hs A. 1977 A O
4Hs series B
J
iggi J
Pennsylvania P A L 1st 4%s—1981 A O
Pennsylvania RR cons g 4s..__ 1943 rvi n
Consol gold 4s
1948 M N
4s sterl stpd dollar
May
Gen mtge 3%s ser C
II1948
M N
104
104 H
69
109
114
119h
103 h
119h
119h
66
104
109
115H
99 H
105 H
105 H
115H
120 H
103h
1981
O
April 1990
J
Pirelli Co
(Italy)
V
104
104 %
94 h
94 h
98
"98 h
*110h
......
104 H
111H
111H
120
106H 112H
80
4
76
92
9
... .
110
D
J
12
10h
110
"164"
13
88
*122h
115h
115h
105 h
D "105 H
J
2
*9h
17
108% 111H
98% 104 H
89
95 H
98 H
153
89
....
111
113
....
120
124
4
113
3
110
115H
115H
98 h
112
123 %
115h
115h
105 h
63
103 % 106
M N
106
106
107
22
105
F
105 H
38 h
104 h
38 h
105h
39
42 h
89
103 % 108H
38 H
55
21h
145
J
A
A
J
30 h
106 h
107
31
18
107
5
*71h
30 h
J
O
20
20 h
S
1952 M N
conv 7s
112h
J
A I ref 58—1973 J
...1949 M
Philippine Ry 1st s f 48—I—I 1937
Embury Flour Mills 20-yr 6s„ 1943
34
119
87 h
A
J
J
1971
56
109h
111h
Apr
109 h
......
Il977
115
108 X
S
J
10
119
109
109 h
........
D
1981
A
1967
ref 4Hs—1967
4Hs series C
_
O
1st g 4Hs series C
11—1980 M 8
Phlla Bait A Wash 1st
g 4s
1943 M N
General 5s series B
—1974 F A
General 4Hs series
££Ha 2? 860 68 861168
Phlla
102 h
O
Peoria A Pekln Un 1st
5HS...1974 F
Pere Marquette 1st ser A
5s... 1956 J
1st 4s series B
1956 J
Reading C
101% 102 H
118% 122 %
102
General 4%s series D
Conv deb 6s
110H 112%
111H 114%
111H 114
113h
Gen mtge 4%s ser E
—1984
Peop Gas L A C 1st cons 6s
1943 A
Refunding gold 5s
1947 M
Peoria A Eastern 1st cons 4s
-.1940 A
Elec Co 1st A
2
102 h
122 h
D
1st A ref 4s
102
17
114
99
108 H 108 H
106
107 H
112h
O
Phlla A
114
....
114h
90%
103 H 107 H
121h
1968
g
67
107
113h
114h
114
....
"112 H
O
1970
General
"U4H
-_...
A
4Hs......
„
106h
*111
8
j05h
102% 106H
101H 105%
D
General 5s series B
Is
"106h
15
95
94h
105
*108 X
65
105
1965
1970 A
Debenture
t>
.....
1960
Consol sinking fund
4Hs
General 4Hs series A
g
104h
104
85
20
25%
109
32 H
34
106 H 109
70
70
41
51%
26 H
40 %
106
10
.....
42
35
37 %
11
105
106%
Nov 151969 MN
40
104%
1961 F A
No Am Edison deb 6s ser A——1957 M S
Deb 5He series B
Aug 151963 F A
38H
101
89
81
*13
.....
121%
37
29
105%
.....
39
26 H
25
33
102%
129%
13%
13%
64%
121%
107%
106%
102%
128%
N A W Ry 1st cons g 4s..._.
1996 OA
Poeah C A C Joint 4s
..—1941 J D
North Amer Co deb 5s
110%
26H
35H
15%
70
*
105H 105%
100 H 100H
28 H
60
111%
100 H 102 H
104 H 105 %
10
*63
D
94 H 100%
103
108
13
*55
MN
104
53
J
...1946 J
102
30%
A
*101
106% 109 H
37
105%
105%
102h
121
119
13
102 h
118
105
6
100
"l02h
105%
112H 113H
111
113%
101% 101%
103 %
102
111% 114H
111% 116
109
113H
28
107h
A
94H
37 H
A
72
88
25
50%
50%
♦1st M s f g 3s loan ctfs
Paramount Pictures deb 6s
105 H 109
106 H 108 H
20
107
J
D
96 H
86%
101H 104%
82
97%
70H 87 H
27
43%
9
105k
7
106 %
100
64 h
*•
25% j39%
45
s f g 4H8—1955 J
{{♦Pan-Am Pet Co(Cal)conv 6s '40 T
♦Certificates of deposit
Paramount Broadway Corp—
\
98
21
F
.....
90
90
37 %
F
M N
74H
26 H
26
..1937 J
1937
General gold 5s
..1940
Terminal 1st gold 5s
1943
N Y Telep 1st A gen s f 4Hs—1939
Deb 5s series C
48
.....
1951 M N
1st mortgage 5s
N Y Susq A West 1st ref 5s
2d gold 4 Hs
N Y Trap Rock 1st 6s
6s stamped
42%
3
....
122
"i06h
'
Paducah A 111 1st
1955 F
""26
8
121h
102 h
—1966 A
1955
Paris-Orleans RR ext 5 %s__—1968
{♦Park-Lexington 6 Hs ctfs
1953
Parmelee Trans deb 6s
...1944
Pat A Passaic G A E cons 5s.. 1949
7
121
1937 J
3%s series B
*120
95
113H 116%
92 H 100H
26
43,
Ref mtge
......
Pa Ohio A Det 1st A ref 4
22
3
-----
♦2d extended gold 5s
Pacific Tel A Tel 1st 5s
113h
112h
112h
Penn-Dlxle Cement 1st 6s A—1941 M S
122 % 125 H
4
29
J D
J
J
J D
F A
—.1938 J
J
114
113
35
...
112
102h
113h
..
95 H
8
27
36
112
113h
90
102%
106 H
75
3
26
Jan 1965 Apr
74 H
80 H
32
26%
.....
99% 103
....
105 h
ii55
J
J
11
100
*26
.....
.
A
77 H
.....
7
i02h
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El gen A ref 5s A.1942
1st A ref 4s series G
...1964
Pac RR of Mo 1st ext g 4s
1938
89
103%
-----
com g
5G
154
106
104 H 107H
107% 109
......
..1943 F A
Ontario Transmission 1st 5s.. ..1945 M N
119
58
*106%
*107%
*99%
108
25
102
105 h
"105
65
*100%
99% 109
108
104 H 107
6
.....
"112"
D
Ontario Power N F 1st 5s
Guar 3 Hs trust ctfs D
Guar 4s ser E trust ctfs
1
.....
109 H
....
27h
..1937 A
28-year 4s
256
99
..1936 J
Ohio River RR 1st g 5s
General gold 5s.....
110
87%
125%
115%
99%
106%
103 H
111H
100
19
108h
*u2h
Ohio Public Service 7%s A—. -1946 A
1st A ref 7s series B
..1947 F
109
109
94%
102%
105%
87%
96%
94
42
93
107
103H 106
.....
25 h
105%
Ohio Edison 1st mtge 4s
..1965
Ohio Indiana A West 5s..Apr 11938 Q
"209
112
113%
97%
26
♦lnc 6s assented
36
42
34%
37%
26%
1*N Y Rys Corp lnc 6s
93
32%
33H
1955 J
1956 M N
N Y A Putnam 1st con gu 4s
1993 A O
N Y Queens El Lt A Pow 3%s_1965 MN
97 %
80 H
24 H
19
♦Non-conv debenture 4s
♦Non-conv debenture 4s
♦Conv debenture 3 He
♦Conv debenture 6s
N Y O A W ref g 4s.. ....June 1992 M S
General 4s
1955 J D
{♦N Y Providence A Boston 4s. 1942 A O
98
37
*25%
♦1st A ref 4 He ser of 1927
♦Harlem R A Pt Ches 1st 4s. 1954 M N
74
17
.
.....
J
52
88 H
89
64%
106%
.....
A
4
50
105 H 107%
75
88%
140
115%.
'fm
99%
*104%
98%
98%
105%
105%
{♦N Y N H A
H n-c deb 4s
..1947 M
♦Non-conv debenture 3 He. .1947 M
♦Non-conv debenture 3He.. 1954 A
86
98
102
93%
108%
108%
65%
.....
1941 M
5
63
97%
125H
100
185
115%
.
106%
34
122
119% 122 %
....
318
125
m .
...
...
25 h
S
96%
106%
1973 M N
1973 M N
-
—
S
77%
107 h
*106h
101h
*109 h
Oslo Gas A El Wks ext! 5s... .1963 M
Otis Steel 1st mtge 6s ser A.. -1941 M
83H
77%
105 h
108
108
J
6%
86%
60
60%
1946 M N
2000 M N
.
106 h
73
104% 112H
74 H 85%
■MM m
..1948 J
Og A L Cham 1st gu g 4s
Ohio Connecting Ry 1st 4s... ..1943
J
92%
108%
108%
65%
....
......
A
21
123
Ref mtge 4%s ser B
1961
Ref mtge 5s
1964 MN
J
Northwestern Teleg 4Hs ext..1944 J
Norweg Hydro-El Nit 6%s_—1957 MN
Ore Short Line 1st cons g 5s.. ..1946 J
Guar stpd cons 5s
..1946 J
Ore-Wash RR A Nav 4s
..1961 J
6%
4H
6H
164'"
106 h
....1941
High
120
121%
112H 115
65H 72H
65
....
"l03h
D
6H
65
110h "'40
40
81H
19
101H
111h 253
21
107h
19
107h
104 h
.
Low
—
103h
101h
11 oh
107h
4s.. ..1946 J
2%
6
72h
106 h
106 h
81
Oregon RR A Nav
85%
92%
.
125%
**6h
110h
80h
100h
110h
"iiok
..1941
1st A ref 68 ser B
....
♦*6h 70h—
4H
120 H 121
45 H
91%
86%
1949 F
66
.
....
105
103 H 107H
5
97%
91%
......
N Y A Erie—See Erie RR.
N Y Gas El Lt H A Pow g 5s___1948 J
3H
4%
2%
66%
97
...
1938
2%
2%
2%
2%
58
98
102
1974
.
103
1
106%
83%
58%
86%
93%
1978
.
92H
104H
57% 73H
102
103%
102"32l04K
101% 103H
74
*102
N Y Edison 1st A ref 6Ha A... 1941
Purchase money gold 4s
N Y Greenwood L gu g 5s
N Y A Harlem gold 3%s
....
29
124%
*122%
......
A
1998
...
T
86
103
65
66%
2013 A
3-year 6s...
Oct 1 1938
N Y Connect 1st gu 4Hs A
1953
1st guar 5s series B
1953
N Y Dock 1st gold 4s
1951
5% notes
3%
90
98%
84
92 H
109% 116
108 H 110H
74
...
Serial
1
107%
75%
*65
2013 A
:
3
*120
______
N Y Cent A Hud River M 3 Hs. 1997
Debenture 4s
1942
Ref A lmpt 4Hs ser A
2013
Ref 4 He series C
....
2
.......
1954
N Y Chic & St L 1st g 4s
Refunding 5 He series A
5%
"2%
......
1956
Lake Shore coll gold 3Hs
Mich Cent coll gold 3Hs
3
106%
107
1956
Consol 4s series A
Ref A lmpt 4 Hs series A
Ref A lmpt 5s series C
3
3
1954
N A C Bdge gen guar 4Hs
N Y Cent RR conv 6s
3
2%
New Orleans Term 1st gu 4s__. 1953
♦1st 5s series C
40
2%
*2%
J
New Orl Great Nor 5s A
1983 J
J
NO A NE 1st refAlmpt 4Hs A. 1952 J
New Orl Pub Serv 1st 5s A9__. 1952 A O
First A ref 5s series B
1955 J D
♦1st 4Hs series D
105
*2%
1st g 4 Hs series B
1961 M N
N J Junction RR guar 1st 4s__. 1986 F A
N J Pow A Light 1st 4Hs
1960 A O
♦1st 6Hs series A
1
103%
*2%
1965 J
♦1st 5s series B
27
3
......
1954 M N
{♦Naugatuck RR 1st g 4s
Newark Consol Gas cons 5s... 1948 J D
J
♦New England RR guar 5s
1945 J
J
♦Consol guar 4s
1945 J
New England Tel A Tel 5s A—. 1952 J D
{{♦N O Tex A Mex
15
....
67
10
1951
f 4s
22
....
217
Assent cash war ret No 4 on
s
94H
103%
103%
104%
NatRR Mex pr Hen 4H8--.__.1926
♦Assent cash war ret No 4 on
Nat Steel 1st coll
90
2%
♦4s Apr coupon on...
1977
♦Assent cash war ret No 5 on..
♦4s Apr 1914 coupon off
104
18
102" 32 1022332
J
♦Assent cash war ret No 4 on..
.....
66
1951 M N
on.
2
54
90%
90%
*104%
66
Nat Dairy Prod deb 5%s_Debentures 3%s w w
♦July 1914 coupon
.....
Low
High
105H
*110
Nassau Elee gu g 4s stpd...
Nat Acme 1st s f 6s
1948 F
No.
High
104%
93%
97%
88%
No.
High
70
72h
Apr'33-Oct'33-Apr'34 cpns.
♦Stmpd as to sale Oct 1933 A
♦Apr 1934 coupons—
...
North Pacific prior Hen 4s..—1997
Gen lien ry A Id g 3s Jan
2047
Ref A lmpt 4Hs series A....2047
Reg A lmpt 6s series B.....2047
Ref A lmpt 5s series C
2047
Ref A lmpt 5s series D
.2047
Nor Ry of Calif guar g 5s
1938
Nor States Pow 5s ser A
Since
Jan. 1
*120h
♦113h
......
Gen A ref 4 Hs
Range
Asked
a
Low
North Cent gen A ref 5s A
48 Wall
Bid
Quoted
LOBDELL & CO.
2
Range or
Friday's
Sale
Pitta C C A St L
4Hs A
Series B 4Hs guar
1940 A
1942 A O
1942 M N
Series D 4s guar
Series E 3%s guar
.....1945 M N
gold
1949 F A
Series F 4s guar gold
Series G 4s guar..
1953 J
—1963 F
4Hs
Series J cons guar
4Hs
i'"8 vf W Char 1st 4s
A
A
Va 1st
1st M
4%s
4Hs series B
1st M 4Hs series C
Pitts Y A Ash 1st 4s
1st gen 5s series B
1st gen 5s series C
1970 J D
..1975 A O
J
1977 J
guar...1943
"iioH
112h
*112h
110h
"iiik
♦110h
111h
*
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63
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106 H 108 H
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Volume
New York Bond
142
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended June 5
Price
A
w w.
Rensselaer A Saratoga 6s gu
Republic Steel Corp 4 J^s ser A-1950 M S
Gen mtge 434s series B
1961 F A
Purcb money 1st M conv 6)4s *54 M N
Revere Cop A Br 1st mtge434s.l956 J
♦Rheinelbe Union s f 7s
1946 J
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1953 J
112
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1952 M N
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1952 J
1955 F
101
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1941 J
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1937 M N
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1996 J
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1944 A
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1943 J
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1949
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D
♦{July coupon off
♦Vertlentes Sugar 7s ctfs
1334
1959 A
♦Series B certificates
1st 6s dollar series
1953 J
Tol A Ohio Cent ref A
Imp 354 s 1960 J
Tol St L A W 1st 4s
1950 A
Tol W V A Ohio 4s ser C
1942 M
7034
1734
1834
122*"
A
♦Certlfs of deposit stamped
♦Adjustment 5s
Oct 1949 F
♦Certificates of deposit
♦1st A cons 6s series A
J
69
10454
O
Scioto V A N E 1st gu 4s
5 {♦Seaboard Air Line 1st g 4s„ 1950
♦Certificates of deposit
{♦Refunding 4s
1937 j
3934
2834
45
1946 A
1989 M N
A O
{♦Gold 4s stamped
Ave RR 1st g 5s
Tokyo Elec Light Co Ltd—
50
105
*106
Stamped
♦AdJ lnc
15
4354
f 634s series B
Sou A Nor Ala
1734
62
'Stamped.
s
6
*105
J
J
SAAAr Pass 1st gu g 4s
1943
San Antonio Pub Serv 1st 6s. ..1952 J
Santa Fe Pres A Phen 1st 5s
1942 M S
J
Schulco Co guar 634s
1946 J
Guar
18
21
8834
D
86
26
1834
2234
8934
5134
75
r2034
1734
1634
3534
35
52
1554
1434
1834
1734
1634
1937 J
—1972 J
1734
22
"18*34"
1943 J
1940
53
3534
8434
2034 *
10154
10134
J
4s.. 1968 J
8434
21
"54"
♦1st terminal A unifying 5s—1952 J
♦Gen A ref g 5s ser A
1990 J
St Paul City Cable cons 5s
:1937 J
Guaranteed 5s
35
3534
J
♦Ctfs of deposit stamped
St Paul A Duluth 1st
7834
—
Friday
Low
Third
634s A—1951
1933 M N
4s
h
ho.
Week's
49
104
*10334
3
1949
2234
10234 105
34
2734
3334
3334
3334
O
RutrCanadan 1st gu g 4s
16
40
10754 126
9634 10034
106
10934
23
3634"
1977 M S
{{♦R I Ark A Louis 1st 4348—1934 M S
♦Ruhr Chemical s f 6s
1948 A O
104
52
High
110
*23
D
J
1962 M
10834
107
*2234
A
Roch G & E 4^8 series D
Gen mtge 5s series E
117
98
2154
J
♦Rio Grande June 1st gu 5s
1939 J
{♦Rio Grande West 1st gold 4s_1939 J
♦1st con A coll trust 4s A
1949 A
114
9734
10734
♦27
A
O
1944 M N
♦Certificates of deposit
Low
ink"
2234
♦Cons mtge 6s of 1928...-.-1953 F
♦Cons M 6s of 1930 with warr '55 A
{{♦Richfield Oil of Calif
No
63
10334
J
J
High
109
97%
108
3815
£*S
STOCK EXCHANGE
Week Ended June 5
Jan. 1
Asked
108
1956 M S
1941 M N
N. Y.
Since
Friday's
Bid
Low
Remington Rand deb 4 )4s
6
BONDS
Range
Range or
Sale
Nfl,
Record—Concluded—Page
Week'*
Friday
103
45
94
U0J4 11134
116
11834
10534 11134
8734 10434
10234 105
9934 10334
11734 12634
98
10534
97
e
10534
97
10534
10534 10934
6754
7134
2234 43
Cash Sales transacted during the current week and not Included In the yearly
range.
102
No sales.
r
Cash sale only transaction during ourrent week,
transaction
during current week,
ourrent week.
n
Under-the-rule
{ NegotlabUity impaired by maturity,
a Deferred
sale only
deUvery sale only
transaction during
t Accrued Interest payable
at exchange rate of $4 8665
{ Companies reported
as
being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price.
No sales transacted during current week.
* Bonds
selUng flat.
f Deferred
Delivery Sales transacted during the ourrent week
in the yearly range
No sales.
and
not
Included
3816
New York Curb
Exchange—Weekly and Yearly Record
June
6, 1936
NOTICE—Cash and deferred delivery sales aredlsregarded 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 we furnish
a
complete record of the transactions
the New York Curb Exchange for
on
the week beginning on Saturday last (May
30,1936) and ending the present Friday (June 5,1936).
from the daily reports of the Curb
Exchange itself, and is intended to include every
It is compiled entirely
security, whether stock
which any dealings occurred
Sales
Friday\
Last
STOCKS
Par
Acme Wire
Week's
Sale
v t c com.
Price
Low
Class B
pref
AjjeKbeny Steel 7%
pref
A len Industries com...
Alles <& Fisher Inc com.
ed
ance
May
106
June
0
15
Jan
0
2X
0
4434
2 34 June
0
27
35
28
28
X
234
11
.
Goods
2134
115
115
11434
114
17
*
Buckeye Pipe Line
Jan
Buff Nlag & East Pr pref 25
Jan
12134
1734
15
Feb
70
72
ion
1
1
*
34
loc
oc
in
Amer Diet Tel
N J
45 k
45 h
Pow
^
^
Feb
25
ok
Maracalbo Co
"
l
*»
gssssssSS:
"
36
111 ^
3
334
37 X
27 m
"ix
29
36
3734
11134 11334
3
234
37 h
434
~~6X
118
Jan
534
Jan
3354
Apr
108
Jan
Jan
4334
Mar
3734
3
29
Apr
46
2434
3
1934
1734
2534
Jan
2734
Mar
Jan
25
Mar
Feb
3034
Jan
14
Jan
2434
Mar
Jan
134
3934
Feb
134
»i«
18
31
2
Jan
134 May
2134
Apr
634
2434
10734
1
May
6334
Feb
Conv pref
op ser '29.100
4X
Feb
234
Jan
6 34
June
Centrifugal Pipe
•
Corporation
~~Io
Chesebrough Mfg.
"26
Chicago Flexible Shaft Co f
Chicago Rivet 4 Mach. _.*
734
Mar
Chi Ida Co pref
Chief Consol
Cities Service com.
Jan
754
934
Mar
734
1134
1034
u34
Jan
1,200
1034
warrants"".
Amerl*
'l6
Assoc Laundries of
V t c
common.
*
41
41
4134
1,250
10
1,000
CoS88' Llne Co--50
Corp common.
*
*3 preference A.
*
934
934
1134
5334
53
54
234
*
8
8
i
Mines
134
134
934
1034
4534
com
1
234
2034
2034
1734
1734
234
4534
1
*
"
Preferred
Brill Corp class
Class A
7%
"•
"fnn
B.I,"""
»
17
534
534
34
434
"2134
1134
1534
»
"l34
3234
8
Apr
103
234
70
May
Jan
1134
1534
434
Mar
46
1734
4434
Jan
53
1534
Apr
634
3434
534
June
2534
934
8
4
3234
2234
~~~
Secur S3
Jan
Jan
1434
1934
39
Feb
Apr
30
Feb
Jan
27
May
Jan
34
334 May
434
50
1234
Feb
'
1134
234
134
Apr
Apr
1534 June
234
Jan
22
Jan
21
Jan
Feb
Mar
434
Feb
Feb
234 May
1834
Jan
5
Mar
24
June
Jan
98
Feb
20
75
Apr
90
Feb
8j4
500
Apr
1234
Jan
"il'x "1234
Apr
Jan
4334
1634
May
31166
9934 May
10734
Feb
1034 May
31
May
11634
Jan
110
Jan
200
7J4
50
25
20
934
Mar
1634
Jan
65
Jan
92
Jan
1434
Apr
Apr
1734
Jan
74
Feb
425*
Feb
0234
Apr
134
134
Apr
334
Feb
4.500
Jan
Jan
334
3134
Feb
50
1834
3134
Jan
54
Feb
Jan
44
Feb
3034
Feb
400
5934
6034
2
2
134
150
1,100
110
"19"
40
*19~"
"~50
434
1634
400
434
1634
110
114
300
300
17
May
xiX May
1634 May
105
May
38
Jan
102
634
43
4434
150
1
134
1,600
22,800
3,100
434
4834
434
51
12434
38
Jan
3434
Jan
59
Jan
1734
Feb
Jan
5934
Feb
334 May
634
3
4134
100
40
40
40
10
40
4634
4634
47
150
42
~1634
T.666
,3t6
1316
44
400
934
934
11
800
500
34
"Ik "im
"""500
Feb
Jan
58
Mar
6634
1934
Mar
11
134
Feb
Jan
H
Jan
May
9 34 June
41
Feb
134 May
May
7
734
734
234
2 34
4534
""Boo
-
Feb
54
May
3 34
""l34
Jan
June
43
1534
Apr
Mar
May
4
4334
Feb
Mar
134
4
"1534
Jan
Jan
3434
34
4
"4334
Jan
Jan
22
24
43
334
6234
1634
6
Apr
Jan
Feb
Feb
334
834
Jan
Apr
12
Mar
Jan
4
Mar
May
734
73
Jan
114
Feb
Apr
Jan
2034
1334
Mar
Jan
97
Jan
Feb
$6 preferred
Feb
Apr
134
Jan
3
Jan
834
Jan
5334
Preferred
Feb
734
2634
1634
Mar
834
2934
Jan
2734
Jan
2434
Feb
^rane Co
Feb
112
Mar
Jan
800
2
34
1434
43,100
Apr
13* May
Jan
34
Feb
134
May
34
13
Jan
134
Jan
32
334
134
Apr
Mar
Jan
14
600
34 May
1134
Jan
16
Feb
49
1,400
3,500
4634 May
1634
Apr
434 May
Apr
Jan
034
Apr
1,100
84
Jan
9234
May
113
1434
16 34
434
1634
434
9034
1734
434
92
Jan
100
new
5
Is
5534
434
4
5634
325
434
5534
1,200
I"»
15
5534 June
334
May
90
Jan
100
2
May
100
88
100
234
234
9934 100
34
"l3X ~13X
"lOO
300
4134
7
"434
4 54
734
5
2334
116
5734
634
105
334
Mar
May
Mar
Mar
Jan
Jan
100
June
34
May
2
Feb
634
934
10
Apr
Jan
19
Mar
Jan
4934
Mar
100
.34
5
5
69
1
34
Jan
200
634
Jan
9
Apr
1,400
434
Apr
8
Mar
69
200
100
4 Ji May
65
8
Jan
7734
234
2
234
9,100
134
Jan
434
'..."""lOO
1134
10
1134
800
634
Jan
34
34
200
2934
2834
2934
10,900
2534
1034
34
2734
1134
1
4,400
1,400
2,000
com
Preferred
25
1234
100
100
2534
Elec!Ill *
1034
1
X
*
1
17
Feb
Feb
Fen
Feb
"2"
""234
"2,700
1134 May
X June
15
24
Apr
31
Apr
12034
12 34
.5
Crocker Wheeler
Apr
Apr
534
45
Jan
II
Mar
434
5i6
Courtauld's Ltd
Am dep rets ord
reg
£1
Cramp Shp & Engine -.100
Feb
29
6,600
"2734 "28"" """725
134
aIIIIHH*
Cosden Oil com
Mar
Jan
Mar
97
Reynolds—
Common
Mar
50
1
Continental Securities.
*
Cooper Bessemer com....*
$3 preferred a
"*
Mar
500
Apr
A
Copper Range Co
Cord Corp
2934
1534
2734
Consol Royalty Oil
10
Cont G 4 E
7% prior pf 100
Continental Oil of Mex
1
Mar
34
*
Corroon 4
Jan
i
1
Stores
8% preferred
Feb
34
36
Coke^-
Consol Min &
Smelt
Consol Retail
Feb
334
*
p Bait com*
5% preferred
Jan
10334 105
si6
Feb
18
*
10334
334
134
4 Southern
Feb
Apr
May
400
Mar
EdisorflOO "9934 ""99k look
134
934
200
Mar
1534
Jan
634
1234
2034
8
32
1434 Mar
7 341 June
93
pref
GEL
Mar
Jan
1,200
23
Jan
1,325
2,600
Consolidated Aircraft
1
Consol Copper
MlnesIIIIs
Jan
'2I6OO
"l34 "134
Feb
42
Connecticut Gas 4
Feb
434
34
1,600
334
3234
Feb
Apr
'""IOO
Jan
9i«
534
300
Compo Shoe
Machinery.
Feb
Jan
1334
234
1534
134
Jan
7,300
Como Mines
May
20
1234
May
Feb
May
2434
Jan
2 34
Community P 4 L $6 pref" *
Community Water Serv..*
Jan
123
1334
3534
"2134 "2334
Mar
4634
Commonwealths "b'istrib
Mar
148
1454
3834
2234
19
3
900
Mar
234
100
5% preierred-.lOO
Commonwealth
Commonwealth
Warrants..
Jan
Jan
2034
III"*
""*
Brit Amer Oil coup.
Registered
Jan
Mar
""334 "434
1034
734
Columbia Oil 4 Gas
vtc.
Columbia Pictures
Jan
Jan
97
III""*
Preferred.IllU'ioo
Brlllo Mfg Co com.
Class A
6534
Conv
Feb
142
Borne-Scymser
Bridgeport Machine
May
134
334
1134
1434
3834
Coll
25
Bower Roller
Bearing"" 5
Brazilian Tr Lt &
Pow."'*
11
1234
Jan
com.I""7"*
pref"!
*
Mfg Co""*
& Co com. II*
pref
434
11
May
Apr
147
200
200
.
Rosenberger
Feb
334
121
conv
conv
*
I*
.II *
Oil Corp
com..III*
Patent Fire Armsl25
Cohn 4
1634
34
6534
234
234
Blckfords Inc
$3 opt
Feb
June
55
Jan
70
1234
Blumenthal (S) «fc Co
*
Bohack (H c) Co
com"I*
7% 1st preferred
loo
Botany Consol Mills com.*
Bourjois Inc
*
Club Alum
Utensil Co
Cockshutt Plow Co com
Feb
34
Feb
Jan
43
147
Jan
Jan
Columbia Gas 4 Elec—
46
1234
com
Cleveland Tractor com
*
Clinchfield Coal
Corp..100
Feb
Colon
88
*
Black & Decker
IncIIl
com....*
_
Canada...
ioo
634% pf.ioo
Benson <fe Hedges
com ~
*
pref
Stamping """•
Claude Neon
Lights
Cleve Elec Ilium
Colt's
4434
warr
4,300
»
Jan
85
Bell Tel of
Corp
L~i7p~ref~*
Feb
4134
134 May
834
Apr
Bell Tel of Pa
g0
Cities Serv P 4
$6 preferred..
Feb
Axton-Flsher Tobacco-
Class A
common
10
Babcock & wilcox
cSIII.*
"»
BB__
.
8
Products!!!"*
1
19
"l634
Preferred
Apr
May
734 May
A?^wVtVoJj,tog MachI*
Feb
Apr
3
Mar
86
38
Apr
1634
3834
Apr
2 X
234
Apr
34
80
134
"lx
1234
1134 May
"1134 ~12X
Jan
20
60
5034
93
9
34
234
__
Atlas Plywood
Corp
Austin Silver
Mar
334
68
"434
34
85
40
10934 10934
1034
1034
*
61
com...*
Atlanta Gas
Light Dref inn
Atlantic Coast Fisheries
»
Jan
534
Jan
i,2
X June
316 May
Jan
2634
Jan
134
92
Apr
Feb
0234 May
Jan
Jan
Jan
1
40
1134
♦
Feb
7
900
Mar
92
8334
834
*
34
♦
334
24
2334
9134
83
Preferred
City Auto
$5 preferred mil
234
Preferred B
Feb
Jan
Jan
Jan
107
6
7
16
Jan
Mar
234
334
1434
Jan
1
2,700
96
'
1
100
Mining Co.
Feb
134
Si
Feb
1234
1
$2.50
Feb
Jan
134
Convertible
May
4
1
Aircraft
.
109
IX
Bellanca
Charts
Jan
8334 June
Jan
934
700
2
1634
'
334
100
Jan
834
734
134
1534
234
100
Jan
1034
ssoclates Investment Co *
1
7% preferred
34
6
734
134
100
Conv preferred
;
Jan
334
334
87
734
1634
ware
10434
8334
1034
Jan
5134
134
3334
34
234
734
34
700
300
95
South West Util.l
6
5x
103
1,600
t6
7% pflou
2
'87~"
1,100
32
Jan
25
8,300
134
16
Apr
Mar
934
95
pref...100
6% Pref without
Feb
13
100
1
32
Cent States Elec com
434
9934
Jan
"375
834
"*
Jan
Jan
IX
Baldwin Locomotive
Cent Maine Pow
Feb
Apr
434
134
434
100
1
._...*
GiEvt
Feb
29
32
100
234
dill*
$7 div preferred
1st preferred
Cent Hud
£ent ^ A L 7%
Cent &
2
j
2534
834
Corp of America
7% 1st partlc pref... 100
7% prior preferred..100
Celluloid Corp com.....15
Jan
82
J
Automatio
234
50
Apr
Celanese
3934
)
3934
2334
Jan
700
3
Feb
Jan
2034
1634
Mar
"266
500
92
Feb
Feb
Jan
2734
1534
"4134
234
24
com
Carrier Corporation. ."*
Castle (A M) 4 Co
10
Catalin Corp of Amer.. 1.1
Jan
2134
Mar
234
_."»
Carnation Co
Feb
38
12
Mar
1034
48
Carolina P & L $7 pref 11*
$6 preferred
.._._*
Feb
734
3034
i
Warrants.
4334
114
31
Jan
Mar
234
Class B
Feb
Feb
3
A.."
A m
Atlas
5
Mar
Jan
Apr
16 34
*
25c
134
6
Common..
At?flnlat^d Rayon
24J4
May
Jan
634
Convertible class A
12534 May
3 34
Apr
2734
»
1
Carib Syndicate
534
534
Awclated Eleo Industries
Amer deposit
rets.
£i
Option
non-voting
Marconi
Capital City Products
Jan
2954
Carman & Co-
3
3734
434
8
Art Metal Works
com
Class
B
Feb
Feb
7
"41"
25
Am dep rets B ord shs £1
Amer dep rets pref shs £l
Calamba Sugar Estate-.20
Canadian Car & Fdy Ltd—
Preferred
25
Canadian Indus Alcohol A*
334
Jan
100
Cables & Wireless Ltd—
Am dep rets A ord sbus_£l
Feb
3
37
106
*
p"ref
Assoc Gas &
Eleo—
Burma Corp Am dep rets.
Butler Brothers
10
Cable Elec Prod v t c
♦
Mar
834
234
8834
434
9
116
19
Mar
700
29
934
Warrants
IK
*
A
3634
4034
Jan
Feb
3034
28
•
554
Preferred...
L $7
Jan
Jan
3434
4034
234
8734
24
*
Appalachian EI Pow pref *
Arcturus Radio Tube
i
Arkansas Nat Gas com" *
29
2
*
com
3134
2334
2034
2734
1934
134
3
"2334 "2334
*
WuppeiWn;;i
Mfg Co
Jan
2934
3
1934
334
834
5
Amer Thread Co
pref
Anchor Post Fence
4834
115
3
2034
.
com.""'Ioo
Amer Meter Co.
4434
534 May
334
La*Vry Mach...20
com
Mar
3134
.
34
6% Preferred.
4534
12534 12534
i
Amfl rIarfl Rubber comlBo
3
3
40
preferred"
Common class
Feb
Mar
-
$2.50
Arkansas P &
Feb
2
9134
3
6,200
**
Apex Elec
9
Jan
3634
534
gfnrt? Ge°eraiCoVp'i6c
preferred
Preferred
Jan
Jan
3534
warr.
com...*
#
a
Amer
Jan
Jan
534
Co com*
,
7734
8634
34X
_
o
June
27
534
cornl.*
£?nv Preferred. 100
1
Amer Mfg Co
Jan
9
3434
34 y8
J?Q"ltles Co com
Fork & Hoe
^rGfcrrod. Elec
Amer
Mar
Mar
434
com
Canadian
rlLS^mld class A "io
^
75
101
-
—»..*o
Foreign
Jan
434
»16
3
Mar
Mar
70
-
1334
Apr
May
Jan
234
32 34
934
29
934
$3 convertible pref
Mar
£t—
Class B n-v
Amer
9
18
Jan
45
Amer
Feb
109
87
°
2534
0
9
Jan
Mar
1534
3434
"7334 "75
Bulova Watch $334 pref..*
Bunker Hill & Sullivan.. 10
Burco Inc
9
9
28
234 May
'7334
Feb
Feb
11434
[)
19 36
High
734 May
10634
1
234
152
3%
20
28
..*
$5 1st preferred
Apr
Apr
434
Jan
3X
3034
2434
25
10634 10634
Jan
87
934
3034
2834
50
Jan
0
55
Z
2354
124
89
a
Feb
Jan
54
A
Mar
21
-
71
134
4834
0
2234
3034
*
Feb
89
Class B
Brown Fence & Wire B
Feb
Feb
234
34
234
Low
100
76
com..I""*
*5.50 prior pref...
6% pref
8234
Aluminum Ltd
{3 Preferred......
Brown Co
115
-
flange Since Jan. 1
Week
Shares
Am dep rets ord reg--10s
British Col Pow cl A
*
Feb
Feb
6% preferred
Illioo
American Beverage coin 1
American Book Co.
100
American Capital—
"
Am Cities Pow
«fe
Class A
Mar
Mar
Jan
*
com
1534
Feb
-
High
Am dep rets ord reg__£l
6234
434
Jan
Apr
Apr
Low
British Celanese Ltd—
58
com
Common class B
Am dep rets ord bearer £l
Mar
4?4
)
19
Price
for
British Amer Tobacco—
Jan
Mar
May
Jan
Aluminum Ind
Class A
Par
D
75 h
68
*
Mfg
of Prices
Class A preferred
»
Brown Forman Distillery. 1
Bruck Silk Mills Ltd
*
0
7334
6734
68
A lied Products cl A
com 26
Aluminum
Week's Range
Sale
3734
6734
45
.
Aluminum Co common
*
6% preference
"loo
Apr
Apr
May
Apr
0
X
41 %
100
com
22
3%
Internatl Invest
Investment
4634
11334
2H
»
~*
$6 preferred
40
0
20
Last
High
3%
Conv preferred ...I I""*
A
Low
.
3 %
bond, in
Sales
STOCKS
(Continued)
10734
20
Warrants.....
"
Alabama Gt SouthernlllBo
A
Range Since Jan. 1 1936
High
106
20
*
Power $7
Friday
for
Week
20
.
7% 1st pf" 100
Supply Mfg cl A
*
Agfa Ad8co Corp com
1
Ainsworth Mfg Corp..Ill0
Air Investors com.......*
Ala
Range
of Prices
Adams Minis
Aero
or
during the week covered:
Jan
130
Mar
19J4
Jan,
9
Apr
34
Jan
5
May
134
Jan
234
3434
16
134
7
234
Jan
Feb
Feb
Feb
Feb
Mar
Jan
1
For footnotes
see page
3821
I
Volume
142
New York Curb
Exchange—Continued—Page
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Crown Cork Internatl A..*
Crown Drug Co com—25c
Preferred
Price
15}*
4%
15%
4%
15%
4%
3.300
4%
*
38%
Davenport Hosiery Mills. 5
Dayton Rubber Mfg com.*
13}*
'""400
40
37%
100
"l% *~1%
4^66
5%
25
Jan
11%
Feb
Mar
%
42%
109
1%
Mar
x9
""200
15%
Jan
23
1%
Class A
Jan
June
11%
4%
Mar
12
Jan
13%
11%
12
100
...35
11
Apr
16%
14%
22%
13%
11%
Apr
25
Par
Mar
Feb
Feb
Feb
Mar
Guardian Investors
Preferred
19%
Mar
Mar
Mar
"066
600
25%
8%
Mar
Mar
May
Mar
*
Detroit Paper Prod
1
Diamond Shoe Corp com.*
Dictograph Products
2
m
Distilled Liquors Corp—5
Distillers Co Ltd—
Amer deposit rets
£1
Draper Corp
25%
Common
100
30
100
23% Mat
27% May
102
101% 102%
900
69
"26"
09
10
26
27
200
19
24
June
12%
25%
Jan
35%
Feb
Mar
7%
Feb
Jan
Jan
22
25
Apr
124%
Mar
Jan
ex
74
Eastern Malleable Iron-.25
Eastern States Corp
*
10%
6%
73%
64%
6%
76
65
900
725
200
Elec Bond A Share com..5
S5 preferred
76
Jan
84%
Jan
6%
6%
Jan
8%
Apr
Jan
8%
Feb
70%
70%
50
08
Apr
72%
Mar
1%
4%
1%
4%
100
1
Apr
2%
Jan
600
6%
Mar
13%
13%
1%
13%
200
Feb
14%
700
14%
17%
1%
100
13%
*
Heyden Chemical
1%
10
Hires (C E) Co cl A..
Jan
11%
Jan
Jan
Mar
100
Jan
83
Mar
Apr
42%
Feb
3%
Jan
43
Jan
43%
Jan
12}*
12%
14
3,600
Jan
14
16
16
"42}*
41%
3%
18%
3%
18%
81
42%
3%
20%
73%
82%
1% May
June
Common
7% pref stamped
100
7% pref unstamped..100
Hydro Electric Securities.*
Hygrade Food Prod
Imperial
Chem
Imperial Oil (Can) coup..*
Registered
._»
16
May
23%
Mar
Jan
42%
Apr
4%
Apr
Mar
Indiana Pipe Line
10
Indiana Service 6% preflOO
40,500
2%
15%
25%
Mar
700
64%
Apr|
79
Ma
Jan
87
Mar
10%
8%
1.000
Apri
12
Mar
51%
225|
9%
6%
18%
1,400
Feb
Apr
Jan
9%
52
Jan
5
9%
Feb
250
88
May
May
10
Jan
15
Jan
Elgin Nat Watch Co—15
30%
Jan
Empire District E10%_1OO
Empire Gas A Fuel Co—
42
Jan
51%
Feb
5%
90%
16%
7
5%
91%
"""266
"l7"
100
48
49%
100
49%
48%
49%
50
400
17%
2%
18
2%
200
3,400
Apr
Feb
43
Jan
02
Feb
44
Jan
43%
Jan
Feb
Jan
57%
65%
07%
21
Jan
24
15
Jan
Apr
2
Jan|
21%
3%
39
Jan
44
Feb
Feb
Feb
May
Feb
11
»,6
%
600
5
16%
13%
*24%
33%
Fiat Amer dep rcets..—
15%
7%
6%
13%
13%
23%
33%
21
X
*2~306
13%
400
_
100
500
15
700
24%
300
36
400
21
%
3ie
76
16%
7%
e
»16
%
100
1,500
1,300
76
77
110
*114
£114
20
Jan
Jan
Jan
14%
Apr
6% May
4%
Jan
13%
Jan
12
May
23% June
28%
Jan
19
May
%
Jan
% May
75
May
%
1%
21
Feb
7% 1st preferred....100
$0
preferred
Flintkote Co com
4%|
100
4%
46%
5
35
35
49%
37%
Florida P A L 57 pref....*
Ford Motor Co Ltd—
41%
41%
42%
Am dep rets ord reg_.£l
Ford Motor of Can cl A._
7%
21%
*
Class B
7%
20%
7%
22%
24
Fe
23%
10%
7%
16%
Class B
*
Vtccommon
17%
2%
2%
7% preferred
100
Insurance Co of N Amer. 10
International Cigar Mach *
Pref $3.50 series
17%
2%
International Petroleum..*
Registered
...
International Products
200
39
6%
6%
100
39
% May
10% June
13% June
2%
40%
30
Apr
9%
Feb
2%
Jan
Jan
May
7%
Feb
Feb
Jan
40
Jan
36%
Jan
53%
Feb
Jan
55
Feb
Feb
Jan
53%
Feb
9%
Apr
Feb
20
1
Jan
24%
20%
Jan
24%
Feb
Apr
14%
Mar
Jan
39%
9%
Feb
Feb
20
Apr
37
5%
900
7%
10
16
Mar
May
Jan
18% May
3%
100
3%
42%
Jan
6%
Jan
Jan
0%
Jan
Jan
3%
20%
Jan
Jan
Feb
9
70%
71%
1,550
May
69
Apr
84
29
71
Apr
34
1%
100
7
""600
11
7%
3%
Jan
Feb
Feb
14%
7%
Jan
Jan
14%
Feb
Apr
5%
3%
36%
37
36%
4%
5%
Feb
Jan
39%
Apr
36% May
3% May
38%
Feb
64
3%
36%
64
3%
36%
37
1,600
3%
Apr
3,900
33%
4%
300
300
Jan
7%
Jan
Jan
Jan
2%
Jan
Jan
1%
1
Feb
Jan
14%
2%
Jan
'n
Jan
%
Feb
6% June
9%
Apr
800
1%
'ex
Iron Fireman Mfg v t O.10
Irving Air Chute
1
40%
Mar
6%
28%
7%
28%
21
21
1,700
300
50
27%
20
Jan
1%
23% May
31%
Feb
15
Jan
26%
Mar
1%
Feb
%
22%
1,600
200
%
May
%
H
Apr,
1,575
70%
Jan
1
Warrants
Feb
5%% preferred
100
6% preferred....... 100
7% preferred...
100
%
Feb
Feb
Jersey Central Pow A Lt—
Feb
Jan
33% Mar
X May
May
% May
25
21
Italian Superpower A
32
Jan
200
24%
22%
Feb
Feb
1,300
%
Iron Cap Copper com...10
Jan
Jan
June
Apr
Apr
7%
"Ii% "ii%
*
Jan
June
45
Apr
60
Feb
Common
84
81%
89
"I62"
3%
100
84 '
91%
84
June
30
3%
1
76
Jan
93
May
140
102
3%
v t c
5,300
36
86
May
102
June
600
350
700
50
36
11,
*
4%
Vtc preferred A
%
400
4%
600
7% pref.100
7% May
20% June
9%
28%
Feb
Ken Rad Tube & Lamp
Feb
Kingsbury
24
4,100
32
Feb
1%
Jan
4%
*io% '16%
100
30
Jan
%
1%
111%
Mar
Jan
44
Feb
Apr
1%
Mar
6%
Mar
113
Jan
Apr
11% May
3% Mar
Jan
74
Jan
Kings County Lighting
June
Jan
10
Jan
2%
4%
30
Feb
Jan
A*
Jan
19
Mar
4%
Feb
200
Kirby Petroleum
74
3%
1
%
X
19%
Klein (Emll)
Kleinert Rubber
4
33J6
19%
20% May
Jan
18%
Jan
49% May
Feb
2%
Lackawanna RR of NJ
Lake Shore Mines Ltd
1
Apr
Jan
71
71
25
71
June
73
80
140
67
Jan
"l6~
16
May
%
85
May
Jan
24
Mar
Jan
11%
Apr
Mar
%
Jan
Jan
100
18%
6
3%
100
49
% May
Jan
%
2%
800
8
Jan
5%
1,200
10
Jan
Jan
40
10% June
1%
Breweries
7% preferred B.....100
5% preferred D
100
18%
12%
700
42%
3%
3%
1%
3%
Interstate Power $7 pref.*
Investors Royalty new...l
Feb
1%
1%
Feb
Jan
*i«
1
Vitamin
17
21
97
92%
Knott Corp common—...1
Mar
90%
Apr
May
107
Jan
x25
Koppers Gas A Coke Co—
0%
101% 104%
preferred.
100
Kress (S. H.) A Co pref.100
Kreuger Brewing
...1
Feb
Lakey Foundry A Mach-.l
Jan
Lane Bryant
225
10%
'2"666
23%
"23%
78
78
10
59%
5%
59%
5%
60
3,200
1,000
£25
5%
16%
50%
2,700
12%
Jan
200
47
Jan
Feb
81%
Jan
2%
18% Mar
52% Mar
70
74%
450
69
Apri
93
Jan
Lehigh Coal A Nav
95
95%
50
85
Api
102
Jan
Leonard
85%
85%
200
79%
90%
Feb
45
Feb
45
2,700
13%
Apr
700
2%
Jan
18% Feb
Feb
3%
39% Mar
18% Apr
•i« Feb
4% Feb
25% Feb
Feb
12%
Mar
June
74%
Jan
78
Mar
51
Jan
60
May
5% June
Mar
8%
78
Mar
May
Lerner Stores
5
Apr
Apr
Apr
14
70
7% pref-.lOO!
50%
1
300
$5 preferred
Gilbert (A C) com
1
08%
Preferred
2
14%
2%
Godchaux Sugars class A.*
Class B
32%
15%
Goldfield Consol Mines. 10
Gorham Ino class A com.*
15
%
2%
32%
15%
316
3,500
3%
3%
200
Jan
100
24
Jan
200
8
Jan
%
2%
Jan
$3 preferred
Gorham Mfg Co—
20
......
Jan
May
73
8%
Jan
Langendorf United Bak-
16%
13%
17%
16%
13%
18%
500
16% May
200
10
800
17% June|
Jan
*
Realty
com
Preferred
0%%
Oil
12%
1
Class A
Lefcourt
2% May
16% May
....*
8
preferred
8%
%
Develop...25
Lit Brothers com
11
1
11%
"20% "20%
Loblaw Groceterias cl A..*
1
Rights
Lone Star Gas Corp.....*
Jan
Jan
11%
Jan
107%
7%
Feb
111
Apr
800
Jan
15
Mar
Mar
25
*!
Lockheed Air Corp
Jan
4%
6%
%
*
Class B
15%
25
2,700
7,500
100
Lion Oil Development...*
Feb
Jan
3
*
Feb
6%
116
6%
'l6
6%
*16
11%
10%
11%
4%
84%
84%
1,000
8,300
4,900
Jan
Jan
18%
Jan
17%
Apr
6% May
116 May
9%
Jan
2
Feb
5%
Apr
20% June
18%
Feb
10%
Jan
%
May
14%
Mar
Long Island Ltg—
Common.
7%
13%
17%
Mar
New warrants
40% May
600
Vtc agreement extended
Feb
70%
%
35
200
14%
28%
4
1
400
16
"95"
Apr
Jan
57
Warrants
2,800
20%
General Tire 4 Rubber. .25
Jan
110
Kansas City Pub Service-
14%
1
Grand Rapids Varnish..-*
Gray Telep Pay Station-
9,100
Class A
31%
Feb
80
—*
21%
21%
100
Feb
20%
*
35
Jan
13%
20%
21%
20%
*
0% preferred
Feb
fit
Globe Underwriters
Teoo
Internatl Safety Razor B.*
Internat'l
Utility—
9
14%
1S16
0% preferred A
100i
Georgia Power $6 pref..
"39% ~42%
*
70
4%
Warrants
$3 convertible pref
Jan
Apr
9%
1
Apr
May
20%
0% pflOO
Feb
38%
52%
60
Intl Metal Indus A
Internat Mining Corp
Warrants
13
General Telephone com.20
"39%
Internat Holding A Inv..*
Internat Hydro-Eleo—
Interestate Hos Mills
89
Gen Gas 4 Elec—
*
Feb
10
22%
June
22%
32
Klrkland Lake G M Ltd_l
17%
Gen Pub Serv $6 pref—
Gen Rayon Co A stock..
"4
.1
Jan
Jan
Feb
117
2% May
$0 conv pref B
Gen Investment com.....
10
Mar
Industrial Finance—
International
Apr
112
80
15
$6 conv pref class B
50
A...*
46
25
..*
Am dep rets ord re«._£l
Gen Fireprooflng com
•
class
700
2,425
Fort Worth Stk Yds Co..*
Froedtert Grain A Malt—
Conv preferred
Non-voting
Kansas G A E
*
700
100
Jonas A Naumburg-.-2.50
Jones A Laughlin Steel. 100
Ford Motor of France—
American dep rets
100
General Alloys Co
Gen Electric Co Ltd—
preferred
Feb
First National Stores—
Flsk Rubber Corp....—.1
7%
Class B
2,100
Faneteel Metallurgical—
Fldello Brewery
Film Inspection Mach—*
Fire Association (Phlla).lC
19%
37
75
.100
Fedders Mfg Co com.
»
Ferro Enamel Corp com..*
Jan
Feb
47
Evans Wallower Lead—*
3
98
29%
125
100
Falstaff Brewing
...1
Fanny Farmer Candy—.1
Jan
23% June
17%
Jan
Indian Ter Ilium Oil—
8
Falrchild Aviation... ....1
6,200
2,600
Ind'polis P A L 0%% pflOO
74%
300
preferred..
Ex-cell-O Air A Tool.
29%
105
6
""4"
Britain and Ireland. __£l
36
8%
7%
30
Imperial Tob of Canada.5
Imperial Tobacco of Great
50
Jan
Equity Corp com..
10c
Eureka Pipe Line
50
European Electric Corp—
Option warrants
125
£1
1,900
70
17%
2%
32%
108% 108%
Jan
Feb
Industries,
Amer deposit rots
500
2
Empire Power Part 8tk__
Erasco Derrick A Equlp..6
108%
Jan
3
14% May
Illuminating Shares cl A—*
85
Jan
Jan
Jan
100
100
'"""so
32%
*
preferred
Mar
400
0% preferred
0%% preferred
7% preferred
8% preferred
6%
9%
*
Feb
Mar
55
Feb
"16% "l6%
(Henry) A Co cl A—*
Hormel (Geo A) A Co
Horn A Hardart
Hygrade Sylvania Corp..
Illinois P A L $0 pref
»
6% preferred
100
Jan
90%
21%
""766
1%
10%
15%
Jan
24%
6%
6%
*
3%
Jan
10%
Jan
11%
Jan
1%
Apr
42% May
13% Mar
6% June
4%
Jan
Mar
23
1
w
2,400
1,200
100
Elec Shovel Coal $4 pref..*
Electrographic Corp com.l
'""266
16%
%
15%
13%
100
2,300
~23%
16%
6%
916
10%
13%
"""loo
1
"23"
*
Hollinger Consol G M...5
Holophane Co com
12
Jan
1%
10
Common
1%
25
Helena Rubensteln
5%
400
7%
Hartman Tobacco Co....*
Harvard Brewing Co
1
Hazeltine Corp
Hecla Mining Co
82
58%
30
Option warrants
Electrlo Shareholding—
Glen Alden Coal
100
*
26%
May
Mar
Gen Outdoor Adv
91
57
29%
Elec P 4 L 2d pref A
pref w
98
Apr
49
Elec Power Assoc com..
Class A
conv
Jan
81
25
30
...
$0 preferred
$0
72
57%
1%
29%
Economy Grocery Stores.*
Edison Bros Stores com..*
Elsler Electric Corp new .1
Feb
Mar
25
25
81%
|0 preferred series B
»
$7 preferred series A
*
Easy Washing Mach "B"_*
1%
3,300
*
Feb
69%
41%
Jan
Mar
___.*
$5.50 preferred
7%
Apr
%
Jan
Jan
31%
10%
3%
79
86%
*
Mar
30
128
75%
86%
80%
75%
Hud Bay Min A Smelt
0
4
130%
Feb
24% Apr
6% May
2
Humble Oil A Ret..
80
7%
110% Mar
Huylers of Delaware Inc—
7
1,800
11
High
100
Jan
110
""7% "T" "i'ooo
200
7
Jan
1
8
10}*
6%
73%
Jan
%
60
73%
Low
124
39
Jan
Feb
106
150
73%
130
"750
Jan
26
Range Since Jan. 11936
H
Gulf Oil Corp of Penna..25
Gulf States Util $0 pref..*
Holt
113
June
z94%
65%
'"'3% "3% """600
*
4 % % prior preferred. 100
0% preferred
.100
25%
Jan
4%
7% preferred
100
Dublller Condenser Corp.l
Duke Power Co
10
Durham Hosiery class B..*
Duval Texas Sulphur—-.*
Eagle Plcher Lead
10
East Gas A Fuel Assoc—
5%
MOO
30
-*
Driver Harris Co....—10
9%
*18% "24
11
Doehler Die Casting
*
Dominion Steel A Coal B 25
Douglas (W L) Shoe Co—_
7% preferred
100
Dow Chemical
*
8%
15
"20
Apr
Apr
Apr
Apr
111
"26% "20%
Handley Page Ltd—
Am dep rets pref...8 sh
Hartford Electric Llght.25
14%
4%
49%
10%
for
Week
Shares
%
Hall Lamp Co
70
of Prices
High
...1
Mar
Jan
Jan
60
Week's Range
Low
__25c
com
Mar
Feb
""166
113
stock.-
com
Grocery Sts Prod
8%
1%
16% May
"67% "67%
Detroit Gray Iron Fdy_..5
Derby Oil A Ref Corp eom*
Non-vot
7% 1st preferred... .100
Gt Northern Paper
25
Greenfield Tap A Die
*
Apr
Apr
Apr
Price
Great Atl A Pac Tea—
Apr
De Havlll Aircraft LtdAm Dep Rec ord Reg £1
Dennison Mfg 7% pref.100
Sale
High
Low
_
6%% preferred
100
Cusl Mexican Mining._50c
Darby Petroleum com...*
Last
(1Continued)
Shares
25
Cuban Tobacco com vtc
Cuneo Press com
STOCKS
1936
Range Since Jan. 1
400
Sales
Friday
Sales
Friday
STOCKS
{Continued)
3817
2
*
..........
100
preferred
21%
Jan
16
Apr
Loudon Packing
82%
Jan
Louisiana Land A
Preferred class B
.100
4
73
4%
85%
73%
1,000
1,100
325
7%
Explor.I
7%
100
12%
12%
13%
7,400
39
39
3%
Apr
5%
Feb
72%
Jan
88
Mar
04
Jan
76
Mar
Apr
Jan
8%
15%
Feb
Mar
6%
9%
Louisiana LPAL Co—
$6 preferred
94
•
Lucky Tiger Comb G M.10
Lynch Corp common
Mangel Stores Corp
6H% pref ww
For footnotes see page 3821.
5
•
100
2%
4%
49
2%
40
4%
50
100
200
100
120
May
2% May
34%
Jan
4
42%
95
2%
Apr
55%
9%
Apr
66
Jan
Mar
Feb
Jan
Feb
New York Curb Exchange—Continued—Page 3
3818
Sales
Friday
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Ma pea Consol Mfg
Low
High
Shares
Low
Jan
27%
Feb
7%
£1
*
May
9%
22%
8%
Jan
Mar
Jan
14
5%
3%
.1
Maryland Casualty
Masonlte Corp common
Mass Utll Assoc v t c
Mayflower
May
Associates
Hosiery Mills—
3%
3%
5
400
500
$4 pref w w
*
*
*
50
Q
Q
100
79
550
5%
6
300
79%
5%
30%
"~0%
30%
Michigan Gas A Oil
Michigan Sugar Co..
93
6%
7%
41%
Mining Corp of Can.....*
89 %
Moh & Hud Pow 1st pref_*
2d preferred
*
'~8%
'loll
Jan
Jan
Apr
Feb
102
Penn Mex Fuel Co
Mar
Jan
1%
Feb
6%
100
3
1,100
41%
43
75
Mar
Pa Pr & Lt $7
"§6"
114%
~85~
~89%
55
8%
Jan
111
Jan
107% June
Jan
130
Mar
Mar
44
Mar
*
90
90
90
100
87
Jan
100
62
62
63%
110
55
May
31%
~~(T
8%
4%
Feb
Philadelphia Co com
Phlla Elec Co $5 pref
*
Phlla El Pow 8% pref—.25
12
34%
34%
Phillips Packing Co
11 **
11
Jan
Jan
114% June
29% Apr
Jan
81
Jan
93
Jan
70
Jan
2,700
May
600
May
June
ii
13%
x5
19%
June
Pierce Governor com
142
Jan
31%
100
30
May
34
Feb
40
35%
Apr
Feb
Apr
Pittsburgh Forglngs—
Pittsburgh & Lake Erie. 50
Pittsburgh Plate Glass..26
Pleasant Valley Wine Co.l
Potrero Sugar com
6
Apr
8% June
Apr
4%
600
T066
30
6
Jan
138
3,400
35%
Apr
150
4%
May
8%
Feb
150
Feb
23%
"2% "2%
Apr
35%
Feb
Jan
15%
Mar
35
100
Apr
47
Mar
Feb
1%
Jan
1%
May
42%
13", 100
18%
600
48%
49%
300
1%
1%
*
1%
600
6%
Apr
2%
Jan
%
Jan
31
Apr
39%
17% May
47% May
1% June
60
May
600
1%
Jan
49% Mar
14% May
700
nie June
Jan
1%
Jan
2
"84
National P & L $0 pref...*
National Refining com..25
Nat Rubber Mach
_.*
"is
1%
'82% "84
7%
7%
7%
4%
4%
5
""600
9%
Nebraska Power 7% pf.100
Nehl Corp com
♦
26%
"9% "9%
U
%
l
15
'11%
9
Neptune Meter class A...*
300
May
80
3%
"§2"
Mining Corp. 10
14%
100%
Jan
Feb
Feb
Feb
17%
Jan
30
Apr
9
Jan
9
20
""16
'""300
81
3%
"84%
""600
113
Jan
115
Apr
Jan
May
19
Feb
Apr
8%
May
16
Feb
Jan
4%
Feb
11
Jan
74
Mar
21%
75%
4%
Apr
Feb
2%
2%
Jan
Apr
Feb
128
Mar
Jan
Jan
92%
6%
Mar
Apr
9%
Jan
2",700
6%
74%
Jan
May
96%
25%
Jan
Jan
Feb
3%
Jan
Feb
Jan
110% June
104
10
96%
Jan
6%
14%
116%
May
Jan
6%
Feb
53% June
75%
Feb
11%
Feb
53%
100
9%
7,400
7%
Apr
500
May
% May
1%
400
1
May
2%
Feb
10%
400
7%
Jan
13%
Feb
36%
2%
5%
37
300
500
1,900
28%
2%
3%
Apr
2%
6%
44%
3%
7%
3%
41%
4%
42%
2,200
8%
Feb
300
30%
Apr
6%
49%
Feb
55% May
Jan
-
Mar
Jan
Mar
Nor Amer Lt A Pr—
$0 preferred..
North American Match
No Amer Utility Securities*
3%
Nor Cent Texas Oil Co...5
Nor European Oil com
1
3%
"% ""%
100
2*500
Nor
Pennsy RR
50
Nor Ind Pub Ser 0% pfd 100
7% preferred
3%
Jan
3%
Jan
% May
98%
77%
1
Feb
Feb
1%
Jan
37% May
19%
Jan
.....
40
316 May
% May
8% Apr
9% Apr
8% May
98% Apr
1,800
Feb
9%
11
June
Jan
2%
Mar
May
30%
Apr
Feb
*16
Feb
1%
8%
102
600
100
11%
Feb
102%
Mar
May
Apr
53
Feb
Jan
27%
Feb
48
Apr
60%
Feb
48
Apr
60
111
Apr
114
Apr
115
Apr
117%
Apr
100
103%
37%
14%
10
21
21%
20
57
21
39%
57
150
Feb
Pub Service of Okla—
0% prior lien pref—.100
97
96%
97
Jan
98
97
Feb
Jan
92
60
100
110
Feb
2%
$5 preferred
6%
Feb
925
50%
Jan
72%
31%
650
22
Jan
34%
June
Jan
14
68
$0 preferred
Pyle-National Co
Apr
Jan
"7%
i"io6
.*
28
—_
67
72%
27%
...6
"7"
Pyrene Manufacturing-.10
Quaker Oats com
*
6% preferred
122
141
»
16%
18%
16%
17%
18%
Class A
Apr
18%
Feb
Jan
21%
2%
Feb
1%
Feb
%
Jan
% May
%
Jan
300
16
Jan
149
Jan
17
250
•
Apr
Mar
Jan
*
Class B
9
137%
14%
1,175
18%
15%
Jan
May
Ry & Utll Invest cl A....1
Rainbow Luminous Prod—
Jan
%
Feb
Feb
19%
Apr
Raymond Concrete Pile—
Common
13%
.1
13%
(Daniel)
Relter-Foster Oil
6
8%
8%
21
5%
Feb
30
2%
Jan
600
3
Jan
400
21
June
6%
15%
26%
22%
"""106
7%
200
0%
Jan
"16
F1,600
•i«
16%
7%
*16
2,100
Jan
Jan
8%
1%
20%
5%
5%
5%
300
12%
4%
Jan
7
2%
2%
7%
2%
7%
3,200
1%
Jan
3%
16%
10
Rice Stix Dry Goods._._.*
7%
pref—..
20
1%
2,200
18%
3%
3
14%
18%
..*
'16
1%
19
13
Apr
2
1,700
Ap
Jan
4%
14%
400
800
200
64%
.*
16%
.....
Safety Car Heat & LlghtlOO
St Anthony Gold Mines.
65%
16%
16%
10
4%
1,000
3
...»
Rustless Iron & Steel
3%
300
78
80%
575
4
Jan
Savoy Oil
7% preferred..
Apr
87%
Schulte Real Estate com.
Scoville Manufacturlng_25
Mar
Feb
105% May
Feb
4%
19% Apr
23
Apr
1%
Mar
Feb
Jan
70
Ma
19
Apr
Mar
Jan
6%
Feb
4%
Apr
Jan
Apr
92
Feb
Jan
Feb
3%
Jan
71«
5%
73%
10
Feb
70
"5*666
56%
260
55
May
""7%
7%
7%
1,000
7
Jan
3%
400
1%
Jan
%
30%
%
31%
200
Schlff Co com...
Jan
Jan
Mar
8
26
Jan
Jan
6%
39%
"3% "1%
55
....
Feb
,
•i«
80
"3%
716
Feb
Apr
Mar
Jan
3%
St Regis Paper com
Mar
3%
1%
38%
'
Jan
Apr
Mar
Mar
*16
35
Royai Typewriter
Russeks Fifth Ave
Jan
Feb
Apr
Mar
2%
Apr
4
800
15%
11
6% May
300
4%
104%
3
14%
Rossia International
Royalite Oil
300
1%
1
Root Petroleum Co
16
4
25
Rochester Gas «fc Elec Corp
6% preferred ser D..100
Roosevelt Field, Inc
6
conv
8%
"16
....
Richfield Oil pref
Richmond Rad com
$1,20
6
*
com
25
25
$3 convertible preferred*
Raytheon Mfg
100
Salt Creek Producers...10
98%
5%
.100
Quebec Power Co..
Ry & Light Secur com
Jan
105
30%
150
Mar
Spring Brook
Water Co. $6 pref
*
Securities Corp General--*
Seeman Bros Inc
__*
26%
Apr
Segal Lock & Hardware. _*
48
Feb
Jan
Seiberling Rubber
Selby Shoe Co
Feb
Feb
Selected Industries Inc—
Common
103
Jan
108%
300
5
May
9%
26%
29%
500
21%
24
26%
25
5%
24
300
'H"
41
42
1,000
105%
108%
111%
5
pase
3821
104% 105%
108% 108%
111% 111%
13%
13%
38
15%
Jan
Jan
35%
Jan
26%
Ohio Power 6% pref...100
Feb
105
Jan
5%
Ohio Brass Co ol B com..
Ohio Edison 56 pref
*
Ohio Oil 6% Dref...... 100
see
Jan
18%
37
May
7
84$
Jan
Jan
Apr
Feb
Jan
1%
Feb
Apr
41%
Feb
Jan
55
5%
46%
Feb
1%
Jan
Apr
Jan
Mar
2
Jan
4%
4%
16
30
Scranton
105
.__*
com
Jan
Jan
34%
Jan
Jan
105
6%
8%
Northern N Y Utilities
7% 1st preferred
100
Northern Pipe Line
10
Nor Sts Pow com class A100
Northwest Engineering
*
Novadel-Agene Corp
Jan
Feb
Apr
3%
6%
Jan
79
Jan
Apr
71
100
2%
39%
Ryan Consol Petrol
3%
....
77%
140
Jan
Reliable Stores com
Jan
20%
122
May
Jan
Feb
Mar
Reybarn Co Inc
Reynolds Investing
35
5%
Feb
14%
Jan
100
6% preferred
7% preferred
Jan
10
365*
2%
175
.....
Public Serv Nor 111 com..*
Common
00
Jan
11%
Niagara Share—
*
Jan
39
June
3%
23%
11%
400
100
Reeves
Apr
Jan
10%
Jan
100
7% 1st preferred
Jan
175
14%
4%
6% 1st preferred....100
■
Pub Serv of Indiana$7 pref*
$6 preferred
Feb
400
5
30%
2,800
30
1
500
102
52
15%
500
1%
"166
38
121%
Mar
410
1
8%
Jan
105
Feb
3%
12%
72% 75%
116% 121
"l%
....
Apr
2%
'16
..5
Jan
18%
36% Apr
7%
Jan
06% May
98%
Jan
100
36
7
Noma Electric
Jan
June
Jan
'"800
200
30%
1%
50
7%
900
110
Class A opt warr
5
Jan
7%
%
150
Niagara Hud Pow—
Class B opt warrants
85
1*666
%
400
9
June
4,500
8%
28%
50
34%
15
9%
85
Apr
Feb
13%
Puget Sound P & L—
69%
1%
121
—16
40
Jan
9%
""9% "9%
%
109% 110%
100% 100%
53%
7%
2%
Apr
8% May
3is
Jan
800
l
Corp com
*
N Y Telep 6%%
pref.. 100
N Y Transit
5
N Y Wat Serv 0% pfd..100
Jan
Mar
9%
'"366
28%
Feb
Jan
9
"12%
Propper McCallum Hos'y *
Prosperity Co class B
"
3%
Shipbuilding Corp—
N Y Steam
50
Pressed Metals of Amer..*
Producers Royalty
1
2
4%
♦
1,600
85
86
100
11
14%
v t c._-50c
Red Bank Oil Co
..*
Reed Roller Bit Co
*
48%
33%
Apr
37
2%
7% prior Hen pref
Pub Utll Secur $7 pref
12%
100
"74%
Premier Gold Mining
Feb
15%
Mar
24
50
15
Prentice-Hall, Inc
Apr
5
4%
110%
'""266
....
'109%
1%
2%
Jan
9% June
%
Jan
%
Jan
400
com
._
May
4%
Pub Serv of Colo—
Feb
123
80
11
2,100
30% May
Feb
Feb
8%
T066
"T
20
7% preferred
100
New Bradford Oil.
5
New England T A T Co 100
New Jersey Zlno
25
New Mex A Ariz Land
1
New Haven Clock Co..
*
400
6%
Pratt & Lambert Co
Feb
4%
89
8%
%
2%
Jan
9
Prudential Investors....
$0 preferred
Mar
*
Nestle-Le Mur Co cl A.._
Nev Calif Elec com
100
Mar
10
"30%
Powdrell & Alexander...
Power Corp of Can com.
Providence Gas
8%
23
500
14%
36
"10% "11%
9%
:
Jan
4% May
%
Jan
2,200
Meter
Apr
111%
7
Nelsner Bros 7% pref.. 100
Nelson (Herman) Corp...5
Feb
Feb
.5
57
Jan
5%
12%
12.50
5%
"12
*
Pines Wlnterfront Co
23
Feb
'it
26
May
86%
*
10
Feb
74% May
200
1
National Steel Car Ltd...*
National Sugar Refining
*
Jan
116%
34
Pitts Bessemer & L E RR50
10% May
0*
1
„_*
Jan
Pitney-Bowes Postage
Jan
18%
Warrants
Mar
Jan
18
50
Pioneer Gold Mines Ltd—1
Feb
152% May
33
48 %
41
Apr
Apr
Apr
140
85
"n
7% preferred
100
13
_..*
National Gypsum cl A
5
National Investors com
1
Common
*
com
...100
Piedmont & Nor Ry
100
24%
National Fuel Gas
1% May
93%
70%
35
11%
37
$3 conv pref ser A.... 10
Pie Bakeries Inc
210
......
... .
5%
...
19%
National Container Corp—
Common
..*
$2 conv pref
*
Niles-Bement-Pond
Nipisslng Mines
*
Common
Feb
May
11%
2%
112%
Apr
Phoenix Securities—
Feb
41%
Nat Bond A; Share Corp
*
National Candy Co com..*
Class B common
1% May
52
91%
"~6%
35%
$6 preferred.
44
2.50
31%
Jan
Apr
114%
Perfect Circle Co
15%
Feb
22%
103
Pepperell Mfg Co
91%
Jan
5%
100%
Feb
109
Mar
8%
25
Apr
~"~30
112
May
Jan
20
'"260
13
Jan
Mar
107%
28%
Mar
Mar
123
Jan
1%
Jan
6
20
123
Penn Traffic Co
33%
37
a
107
Pennsylvania Sugar Co.-20
Jan
Feb
109% 110%
Jan
May
141% 143%
27
30%
6%
t c
Founders shares
17
Jan
1%
Feb
Apr
60
Mar
3%
6,700
Mar
28%
123
Feb
150
National Baking Co cornel
Natl Bellas Hess com
1
7% pref... 100
4%
May
7%
107%
6
22
100
6%
Jan
5%
*
Feb
25
4% June
17% Feb
110
4%
Jan
Apr
no"
2%
150
'""575
51%
*
151%
19%
8%
l
RosariolO
200
Apr
*
pref
$3 preferred
Jan
41% June
NaChman-Sprlnfllled Corp*
N Y Merchandise
4%
1
Jan
"ii
4%
Pennroad Corp v t C.....1
Pa Gas & Elec class A
*
Jan
100
ootnote*
•
28
"31%
Mtge Bank of Col Am shs_*
Mountain
ProduL, :s
10
Mountain Sts TeT& Tel 100
Mueller Brass Co com
1
Ollstocks Ltd
.♦
Class B
Peninsular Telep com—»
Preferred
.....100
Apr
62
Apr
Jan
Jan
20
50
*
Patchogue
Mar
4
23
Mar
85
May
Jan
8%
31%
10%
Jan
*
New Process 00m
42.700
32
1%
*
Nat Union Radio Corp
Nebel (Oscar) Co com...
6%
Apr
May
5%
23
May
66%
Feb
5%
1
Jan
Feb
Feb
7%
23%
Apr
35
1
50
Mar
Feb
83
June
45%
3%
Plymouth
Pender D Grocery A
June
Pantepec Oil of Venez
Paramount Motor
35
*
Nat Tea Co 6 % % pf
National Transit
600
93
"i6
150
*
Nat Service common
Conv part preferred
'""ISO
57%
56
35
85
"35%
"35"
29%
107
Apr
Feb
6%
4%
Montana-Dakota Utll.. 10
com
20
Mar
32% May
5% May
24
300
55
Molybdenum Corp
1
Monroe Loan Society cl A *
$5.50 preferred
'""266
Parker Rust-Proof new 2.50
200
114
pfd 100
(Tom)!.p JctlJ)
'"6% "T%
Mar
1%
"29"
Mock Judson Voehrlnger.*
Preferred A
"6%
19
Minnesota Mining & Mfg *
Minn Pow & Lt 7% pf 100
Moody's Invest Service
Moore Corp Ltd com
150
10%
*
Common
Pacific Tin spec stk
1,000
8%
0%
Jan
Jan
Jan
May
30%
6
2,200
*
Montreal Lt Ht A Pow
2,400
Jan
3%
.*
Montgomery Ward A
32%
a28% a28%
106% 107
32
Apr
77
Page-Hersey Tubes Ltd..*
Pan Amer Airways
10
Pa Water & Power Co
Mid vale Co.
3%
29%
26%
104%
2,400
Parker Pen Co.
Apr
4%
3%
1%
4%
Jan
Mar
105%
8%
3%
1%
1
4%
May
3%
17%
Jan
5%
'"£800
3%
4%
*
*
Penn Salt Mfg Co......50
*
Midland Steel Prod
N Y
Apr
Apr
Mar
6
—*
Class B v t o.......
11
500
82%
Feb
1%
*
100
15%
9
Jan
Jan
May
Apr
Apr
40
3%
May
13%
89
,r.'
Midland oil Corp—
?2 conv pref...
N YPr ALt
♦
High
89%
1,200
"8% ~~8%
49
Jan
100%
...10
Middle States Petrol—
N Y A Honduras
64
Jan
27
"8%
*
N Y Auction Co
Pacific Pub Serv
20%
*
Newmont
107""
Apr
300
6%% A preferred... 100
Metrop Edison $0 pref
*
Mexico-Ohio Oil
Nat Leather com.
Nat Mfg A Stores
26
*
6%% 1st pref
50
29%
93
♦
9
Low
7% June
1%
Jan
1,500
Pacific P & L 7% pref—100
Jan
Apr
Participating preferred. *
v
32%
Pacific Ltg $0 pref
70
Merritt Chapman «fc Scott*
Nat Auto Fibre A
1
Pacific G & E 6% 1st pf.25
Jan
Feb
8%
8%
6
Pacific Eastern Corp
Feb
June
59
7%
Range Since Jan. 1 1930
Shares
Overseas Securities......*
Mar
4% May
76%
7% preferred
100
Merchants <fc Mfg cl A
1
Moore
9
15
7%
1%
*
com
Miss River Pow 6%
2*
15%
4
100
200
42
"T
Memphis Nat Gas com..5
Memphis P & L 7% pref—*
Class A v t o..
Outboard Motors B com..*
Class A conv pref
*
100%
450
5X
50
7%
Jan
2
50
Price
1
Oldetyme Distillers
5%
87
50
Week
Apr
Jan
Jan
3%
62%
5%
50
for
of Prices
Low
High
$1.301st preferred
McCord Rad & Mfg B
Preferred
Apr
2
»
McWllllama Dredging
Mead Johnson A Co
Mercantile Stores
0%
Mar
86
80
*
1
Massey-IIarrls common—*
Week's Range
Sale
Par
24%
Marlon Steam Shovel—*
Last
High
Marconi Internat Marine—
Margay OJ1 Corp
STOCKS
(Continued)
Range Since Jan. 1 1930
*
American dep receipts.
Sales
Friday
Week
Price
June 6, 1936
May
35
125
101
Jan
106%
300
104%
Jan
109%
110
Feb
112%
Jan
Jan
15%
Feb
30
500
13%
com
$5.50 prior stock
Allotment certificates
42
2%
41 %
2%
*
3,300
2%
2%
3
2%
700
2%
3%
2,000
30%
*
3%
25
Jan
2%
Jan
40
4%
90
89
i
90
500
81
Jan
90
90%
89%
92
650
78
Jan
95
Mar
Jan
Feb
Mar
Feb
Mar
Mar
New York Curb
Volume 142
1936
Range Since Jan, 1
Last
Week's Range
Sale
Week
of Prices
Low
High Shares
Price
3819
Sales
Friday
STOCKS
{Continued)
Par
Exchange—Continued—Page 4
for
High
Low
Specialists in Curb Bonds
Selfrldge Prov Stores—
Amer dep reo
£1
Sentry Safety Control
Seton Leather
»
com
Shattuok Denn Mining
5
Shawlnlgan Wat «fc Pow
*
Shenandoah
Corp
_
20
\
com.
_25
X
11%
ox
20
20
200
2
49%
300
VA
49%
25
..
'124%
200
X
11%
ox
17A
1
com
$3 conv pref_
Sherwin-Williams
OX
122
125
100
1,700
200
600
2%
%
7%
4%
19%
1%
47%
Jan
Apr
Jan
Feb
Jan
Apr
Jan
117
May
110% Mar
6% cum preferred.-.100
Sherwin-Williams of Can.*
112%
16
16
16
25
16
June
Singer Mfg Co.
100
Singer Mfg Co Ltd—
Amer dep reo ord reg.£l
Smith (L C) A Corona
Typewriter v t c com
Sonotone Corp..
l
346
345
349
60
331
Apr
112% 112%
30
2%
1%
Mar
Feb
15
Apr
8%
23%
4%
55
20%
22
2%
2%
37
22%
2%
300
2,300
19
1%
5%
34%
3%
Mar
Jan
34%
Feb
27%
25%
Mar
Jan
Feb
3%
100
1,200
7%
7%
38%
37%
69%
1%
8
38%
59%
200
1,200
1,400
50
2% May
141
May
3% June
41%
Apr
28% May
27
Apr
5%
Jan
149
6%
82%
Jan
Jan
64
Jan
%
'16
400
31%
31%
150
%
%
29
Feb
Jan
Jan
2%
X
36%
%
37
Apr
%
Jan
200
150
33
Jan
preferred..
*
Stand Investing 35.50 pf_*
Standard Oil (Ky)
10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
5% preferred
..100
13%
85%
17%
11%
21%
Jan
18%
49%
38
17%
11%
28
2,700
800
3%
3%
3%
1,100
'16
"26
38
17%
11%
25%
3%
17%
%
6,000
50
100
1,400
97
1
3M
Preferred
....*
Standard Silver Lead
1
29
31
20
6
6
Sullivan Machinery......*
8un Investing common...*
Sunray Oil
.....1
Sunshine
Mining
5%
Co...10c
Swan Finch OH Corp
Swiss Am Elec pref
3
4%
18%
5%
17%
Technicolor Inc common.*
29
%
23%
14%
36%
105
4%
4%
Apr
Apr
Apr
Apr
Jan
Feb
Apr
Jan
41
63
Feb
Feb
Jan
Jan
18%
Apr
Jan
7%
Feb
Apr
125
29
May
50
6
June
100
Jan
84
7%° Apr
17
Jan
18
Feb
1%
15%
6%
2%
17%
Jan
Jan
Jan
5
Apr
Apr
Apr
Feb
Feb
Apr
Apr
24%
Jan
Mar
3%
18%
1,700
"4% ""4%
1~7~6O6
18%
19
300
9,600
4%
June
Feb
Mar
Jan
7
6%
3H
OX
5%
5%
6%
28%
7%
37%
3%
5%
30
5%
5%
37%
3%
50
5,600
900
300
3,500
3,100
2,000
13,700
"ox
%
4%
T
%
5%
600
4,900
"6%
1*,700
8%
Mar
Jan
39%
Jan
4% Mar
6% May
32% Mar
5% June
Jan
Mar
May
%
4%
Jan
Apr
Apr
79
1%
7%
Feb
Feb
Feb
105% May
9%
Feb
68% Mar
3%
3%
39
38
39
"16
4%
25
100
100
25
100% 100%
2%
3%
9
preferred.......*
6%
6%
32%
6%
32%
200
100
Wolverine Portl Cement 10
7%
.1
700
8%
Woolworth (F W) Ltd—
Amer deposit rets
6s
8%
Yukon Gold Co..__.._..5
6%
100
9%
13%
12%
2%
9%
1,400
13%
13%
2%
1,900
""200
Mar
Mar
.1946
1st A ref 5s
200
100
Amer Com'lty Pow 5 %s '53
Am EI Pow Corp deb 6s
104%
"108""
Am Pow A Lt deb 6s. .2016
100%
Amer Radiator 4%s..l947
103%
104
Amer Seating
103%
6s stp ..1946
Appalachian El Pr 58.1956
Appalachian Power 5s. 1941
9%
Mar
23%
Jan
8%
Apr
12%
Apr
11%
Apr
2%
Apr
25% May
8%
Jan
87%
14%
16%
16%
4%
30%
12%
Mar
Arkansas Pr A Lt 5s.. 1966
Feb
Feb
Associated Elec 4%s..l953
Associated Gas A El Co—
Mar
Feb
Feb
Conv deb 5%s_....1938
7%
Mar
101%
59
51%
Conv deb 4%f C...1948
1949
""§8%
...1950
Debenture 5s......1968
40%
Conv deb 4%s
Conv deb 5s
Conv deb 5%s
1977
40%
43%
Assoc Rayon 6a......1950
15%
100
12
1%
700
7%
35%
1%
8%
11,200
15%
United Chemicals com...'
1
1%
9%
7%
7%
103
102
2
2
104
2%
1,900
1,500
"5% "ex
"MOO
United G A E 7% pref.100
"ox
Common class B
7%
7%
400
46%
47
48%
3,800
33 preferred
United Molasses Co—
4
81%
%
86%
8%
5%
29%
6%
5%
257
257
10
»
22
Mar
10
Jan
Feb
42%
2%
Jan
Apr
Mar
Jan
Jan
Jan
Jan
Jan
9%
104% May
2%
Mar
01%
Feb
7%
9%
Mar
Mar
Assoc T A T deb 6%s A '55
85%
Atlanta Gas Lt
4%s—1955
Atlas Plywood 5%s..l943
6s stamped w w—1938
6s without warrants 1938
1938
Bell Telep of Canadar—
1st M 6s series A...1955
1st M 6s series B...1957
5s series O.
.1960
Bethlehem Steel 6s...1998
6s stamped x w
.
.
.
257
Mar
14
Mar
55
May
Binghamton L H A P 5s '46
Birmingham Elec 4%s 1968
Jan
Birmingham Gas 5s...1959
Boston Consol Gas 6s-1947
Broad River Pow 5S..1954
Buffalo Gen Elec 58..1939
June
8
Jan
6%
257
1%
10
June
Jan
Feb
10
108
99
105%
71,000
22,000
21,000
10%
2,000
23
108%
69~666
101
311,000
4,000
52,000
103% 104%
103
103%
4,000
5,000
106% 106%
103
103%
108
9.000
115% 115%
5,000
61,000
100% 101%
58% 59% 125,000
51%
38%
38%
40%
52%
14,000
39
8,000
39
129,000
41% 103,000
40
40%
97,000
43
43%
16,000
88
88
1,000
85
85%
13,000
101% 101%
5,000
99% 99%
1,000
91%
190
1938
6s with warrants
64
Jan
92%
88
88
87%, 89
115
120%
89%
115%
9,000
6,000
91%
80
103""
1106%
90%
80
For footnotes see page 3821,
Jan
Jar
11
Mar
Jar
32% May
104
Apr
107
102%
96%
Jan
Feb
Mar
Feb
105%
100%
96
Feb
100
Apr
84
Mar
95
Feb
Mar
106
Jan
Feb
91%
108% Mar
105% June
Feb
10%
Feb
28%
108% Mar
92%
102%
103%
Jan
101
79% May
105% May
103%
Feb
3%
Jan
13%
Jan
102
104%
Jan
105%
Jan
105
May
107%
113%
Apr
Feb
Feb
98
Feb
56
Apr
35%
28%
27%
Jan
Mar
Mar
80
Jan
29
Mar
June
Jan
Mar
Feb
107%
106% May
Jan
108%
117
102%
65%
Apr
Mar
Feb
63
May
89
June
39% Feb
41% May
41% May
30%
Jan
44
May
75
Jan
88
June
78
Jan
91%
Mar
100% May
96%
Jan
101%
101
Apr
Apr
Apr
Apr
108
Mar
Apr
Apr
100%
93
Apr
Jan
117
Mar
105% 105%
100% 103%
106% 106%
6,000
43,000
1,000
Jan
Canada Northern Pr 5s '53
104
104%
i4~66O
Canadian Pao Ry 6s..1942
111
111%
* 6,000
Apr
Carolina Pr A Lt 6s...1956
Jan
2%
1%
Feb
Cedar Rapids
% May
1%
Jan
Cent Arts Lt A Pr 5s I960
16
6% May
6%
24%
Mar
"966
M A P 5s *53
121
123% May
145
Mar
107
Apr
105% June
100% 101
112% 113
106
106%
109
Feb
Feb
Jan
Jan
103% June
105%
Apr
109
Jaa
Apr
Mar
108
Feb
102%
109%
Apr
64,000
98%
Jan
6,000
8,000
111%
105%
Jan
*
94%
87%
Mar
89%
104
1107
100%
Jan
Jan
May
100
Apr
Mar
Jan
Feb
Jan
42
1956
90
Jan
116
76
90
Gen A ref 6s
114%
89%
Jan
Jan
Jap
7
67 000
Jan
17%
Feb
Jar
3%
5%
25,000
88%
16%
15%
105%
91%
83%
83
4% May
16%
Feb
116%
120
Feb
Apr
June
3
134
120% 120%
1122% 123%
141
1140
300
%
IO
14
Mar
75
875
ts,
Feb
40
24,000
1-
16
May
70
104% Mar
OH¬ Feb
83
79
2%
...
Mar
Fet
73%
41
U S Dairy Prod class A...*
Class B
....„*
Jan
23% May
7% May
9% May
30% May
77%
86%
3% May
78
Jan
Apr
6% June
14,000
2%
85%
2% May
Apr
1
96"66O
93
88%
41
86%
..26
May
Baldwin Locom Works—
Jan
Jan
Jan
,5i» May
.10
10%
Jan
Mar
Mar
88
Jan
43
....
Am dep rets ord reg___£l
United N J RR A CanallOO
Apr
Apr
83% 84%
106% 107%
108
2024
Debenture 6s
100
122
Jan
Jan
Mar
100
Feb
Apr
7
104% 105
105
"16"
'67
May
7
15%
46
101%
1,000
99%
Feb
Mar
Jan
104
104
Aluminum Ltd deb 5s 1948
Feb
Feb
Jan
6% June
$
6
13
100
Feb
BONDS—
Abbot's Dairy 6s
1942
Alabama Power Co—
Feb
23% June
11% Mar
Feb
Feb
107
21%
11%
Apr
10%
9%
f deb 5s '62
600
Jan
32%
Jan
4%
84
23%
Jan
Mai
1967
5%
5%
Feb
Feb
1% June
1st A ref 4 %s
Jan
Mar
7%
Feb
Apr
Apr
Jan
10%
5%
3,600
250
8%
1%
Feb
Feb
3,500
25,000
1,700
Feb
87
27
8%
99
1,800
Feb
Feb
Mar
2
8%
1%
89
4%
3
Jan
Jan
Jan
29
88
3%
3
32%
3%
Jaa
Jan
80
100
98%
%
1%
2%
6%
4%
37%
2% June
99
113
Feb
5%
19
7%
Apr
10% May
88%
Apr
Jan
Feb
2%
100
1,600
Jan
4
1% June
Mar
1,900
9'
1951
50
United Aircraft Transport
Warrants
200
1968
*
*
Ke££
400
1956
*10% '10%
10
U 8 Foil Co class B......1
9,800
1st A ref 6s.....
Mar
Jan
Jan
10%
2%
64
1%
Wright-Hargreaves Ltd..*
May
Jan
May
May
3
2%
May
Jan
66
1%
10
12%
U S Finishing common...*
Preferred
.100
22%
29%
1st & ref 5s...
Union Traction Co (Pa)—
Preferred
7%
Feb
Jan
6%
*
United Shipyards com B..1
United Shoe Mach com..25
7%
38%
100%
6%
22%
30
400
1%
30%
8%
39%
100%
6%
1%
21%
6%
48%
%
%
,
1%
Mar
Mar
Jan
1
.....
7%
1
Petroleum
Jan
Apr
1%
Jan
81
Apr
18
May
6% May
4% May
8
Am Roll Mill deb 58—1948
Tung-Sol Lamp Works...1
36 conv 1st pref.......*
United Milk Products..
7%
100
19%
5%
82%
4%
23
Tri-State T A T 6% pref 10
Truna Pork Stores
...._*
Tublze Chatlllon Corp
1
A.-*
"l"l66
""166
71,000
38,000
39.000
3
Triplex Safety Class CoAm dep rets for ord reg..
warrants
"1% "1%
Jan
100
18
400
4
107
,S16
1%
3,300
14
1%
s
66% June
3
300
3%
1%
22
12%
Amer G A El deb 5s-.2028
1
3%
1%
21%
"12%
Aluminum Co
Jan
%
46
83
Mar
106
Mar
32
101
2%
Jan
Jan
12%
May
3% May
1,700
103
17
22%
73% May
"18% "l8%
1%
Williams (R C) A Co....*
Woodley
Jan
25
Wise Pr A Lt 7% pref..100
Apr
Feb
Mar
Jan
Apr
Jan
2%
Wilson-Jones Co........*
Feb
Trans Lux Plot Screen-
*
1%
1001
*1
Feb
Mar
Feb
*
preferred
Conv
Jan
100
3%
73%
1st A ref 5s
3%
Am
Unltea Profit-Sharing
Preferred
7%
Jan
3%
7%
275
West Texas Util $6 pref—*
Weetvaco Chlorine Prod
Apr
100%
Tobacco Securities Trust
Am dep rets ord reg..£l
com
Westmoreland Co
Apr
93
3%
73%
Western Tab & Sta v t c..*
Westmoreland Coal Co...*
5
85%
2%
4%
17%
4%
Jan
United Lt A Pow
Wayne Pump common...!
Western Air Express.....1
Western Auto Supply A..*
Western Cartridge pref.100
Western Grocery Co
20
Western Maryland Ry—
7% 1st preferred
100
Jan
4%
1%
1%
4%
6%
2% May
1
Wil-low Cafeterias Inc
Apr
Option
Walker Mining Co
Jan
7%
41%
3
300
1%
66%
*
Mar
1
Pref non-voting
Class B
102
66
4%
1
65
Wahl (The) Co common..*
Waitt A Bond class A....*
Mar
66
Union American Inv'g
Union Gas of Canada
1%
66%
..._*
Williams Oil-O-Mat Ht._*
Jan
United Elastic Corp
United Gas Corp com
Waco Aircraft Co
Feb
Apr
May
% May
%
Jan
300
35%
Feb
4%
22%
*
West Va Coal A Coke
65
33 cum A part pref
United Corp warrants
Vogt Manufacturing.
Mar
Jan
80c dlv pref new
1,500
4,400
Va Pub Serv 7% pref.. 100
6
Apr
Twin Coach Co
"l6
3%
5
Feb
Feb
18
100
6%
Jan
70% June
May
Class A
4%
*
preferred
Jan
4%
1
(317.50 paid In)
7%
Jan
52
6
Unexcelled Mfg Co
preferred
Venezuela Mex Oil Co. .10
Venezuelan Petrol new...!
Mar
%
Conv
Feb
54
Common.
1
Tri-Continental warrants..
,316
3%
4%
1
500
3%
8*
3%
Jan
4%
19
%
Util Pow & Lt common..1
..100
dep rets def reg_.£l
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev..l
3%
*
Feb
Jan
Tlshman Realty A Const.*
Tobacco Allied Stocks....*
*
3%
Jan
29% June
100
"166
29%
3%
102
37%
Tobacco Prod Exports
29%
"21% "21%
29%
U S Rubber Reclaiming.
U S Stores Corp com..
Utility Equities Corp..
Priority stock.
Utility 4s Ind Corp.....
50
17
"70% "70%
Syracuse Ltg 6% pref100
Taggart Corp common —_*
Tampa Electric Co com..*
Tastyeast Ino class A
1
Taylor Distilling Co
.1
Thermold 7% pref
10
Utlca Gas A Elec 7% pf 100
*27% "28% """150
4%
Texas PAL 7% pref.. 100
Texon Oil A Land Co
*
800
1%
Corp com.
7% preferred
..100
High
1%
Jan
70
May
600
2%
76%
U S Radiator
Feb
6%
25%
2%
29%
4%
22%
9%
2%
17%
15
100
1
Tenn El Pow 7% 1st pf.100
Tenn Products Corp com.*
Texas Gulf Producing....*
73
Low
Shares
.....*
Feb
5%
17
"27%
Swiss Oil Corp..
Teck-Hughes Mines
2%
1st pref with warr....„
U S Lines pref..
U S Playing Card
Universal Products
Utah Apex Mining Co...5
Utah Pow A Lt 87 pref..
Utah Radio Prod
1
1
.....*
*
Feb
Feb
Feb
Jan
3%
*
*
U S Int'l Securities
Price
Universal Consol Oil....10
Universal Insurance
8
100
Stetson (J B) Co com....*
Stlnnes (Hugo) Corp.....5
Par
*
United Stores v t 0......*
United Verde Exten
50c
United Wall Paper......*
13%
60
Stroock (S) A Co
Stutz Motor Car
Jan
Jan
69
Stein (A) A Co common..*
Jan
Apr
Jan
2% May
2% Apr
25
.*
1st preferred....
2d preferred
Range Since Jan, 1 1936
Week
.......
Conv
Sterling Brewers Ino
for
of Prices
Low
High
Mar
May
%
%
83%
4%
IX
41%
6%
6%% preferred
Sterchl Bros Stores..
Week's Range
Sale
Universal Pictures com_..l
Mar
Steel Co of Can Ltd
Last
Feb
Feb
Mar
60
Jan
3%
»
Feb
7%
2%
11%
40%
1
....*
Standard PAL new
Common class B
Sales
STOCKS
Feb
100
900
28%
26%
3%
1%
Spanish A Gen Corp—
Am dep rets ord bear.£l
Am dep rets ord reg._£]
Square D class A pref....
Stahl-Meyer Inc com....*
Standard Brewing Co..
*
Standard Cap A Seal com.6
Standard Dredging CoCommon
NEW YORK
-
-
Friday
Feb
Jan
120
37%
28%
26%
"3% "~5%
26%
»
Southland Royalty Co...6
South Penn Oil
.25
So'west Pa Pipe Line
50
-
Dlgby 4-7140
Jan
865
Jan
3%
10
Southern Union Gas
39 BROADWAY
(Concluded)
Southern Colo Pow ol A.25
Southern N E Telep.,.100
Southern Pipe Line
Members New York Stook Exchange
Members New York Curb Exchange
Apr
Apr
Apr
145%
116
Southern Calif Edison—
5% original preferred.25
6% preferred B
25
5%% pref series C
25
Peter P. McDermott & Co.
Apr
Feb
Jan
Jan
104% Apr
116% Mar
102% May
Feb
113%
107% Mar
Last
Week's Range
Sale
{Continues)
Price
of Prices
Low
High
for
Week
$
1956
1045*
F.1976
.....1968
1st ds rel
99?*
ser
5s series Q
4)*% series H
1981
Cent Maine Pr 4 5*8 E1957
1025*
99?*
------
103?* 1045*
99?* 100?*
102?* 103
22,000
85,000
99?* 100
1035* 104?*
8,000
8,000
Cent Ohio Lt A Pr 58.1950
99?*
99?*
Cent Power 5s ser D..1957
895*
88?*
665*
685*
69?*
895*
885*
895*
895*
665*
68
Cent Pow A Lt 1st Ss.1956
1948
Cent States Eleo 5s
55*s ex-warrants... 1954,
Cent States P A L 65*s '53
Chic Dlst Elec Gen 4?*s '70
6s series B
1961
685*
100
70
695*
705*
104?* 1045*
27,000
Low
106
100«
94
995*
935*
1025*
12,000
96
Jan
Jan
Jan
Jan
Apr
May
May
12,000
89
73,000
53,000
825*
83,000
58,000
18,000
63
Apr
May
65
Apr
106
110
Chic Pneu Tools 5 He. 1942
Cities Service 5s
1966
Conv deb 5s
1950
Cities Service Gas 55*s '42
Cities
Service
Gas
Pipe
Line 6s......_.___1943
74?*
92
------
111
1,000
1st M 5s series B
1954
1st 45*s series C...1956
1st 45*8 aeries D
1957
1st M 4s series F
1981
85*8 series H_
1965
Com'wealth Subsld 6 Ha *48
4 5*s series C
1956
61
Jan
1055*
1005*
1035*
1005*
ser
77
75
765*
Cont'l Gas A EJ 5s
1958
Crane Co 5s
Aug 11940
Crucible Steel 5s
1940
Cuban Telephone 75*s 1941
Cuban Tobacco 5s
Mar
70
70
Mar
Idaho Power 5s
1947
108
108
Feb
Illinois Central RR 6s 1937
Mar
111 Northern Utll 5S...1957
1045*
Apr
HI Pow A L 1st 6s ser A '53
105"
101
Feb
1st & ref 55*b ser B.1954
1st A ref 5s ser C...1956
102%
995*
95.
Feb
895* June
Feb
755%
Jan
785*
Feb
805*
75
113
113
112
16,000
10,000
77
240,000
775* 114,000
1045*
106
Apr
June
iOflJ*
106
113
1125*
1115* 112
till?* 1125*
1075* 108
1075*
1055*
1055* 106
103?*
1035* 1035*
2,000
3,000
4,000
------
------
69
69
70
tl24
------
52,000
14,000
55,000
83,000
1275*
1015*
1035*
Mar
865*
Apr
Apr
Jan
93
Jan
695*
695*
975*
67
80
1075*
1115*
Jan
1225*
102
Jan
1025*
Apr
Indianapolis Gas 5s A. 1952
655*
665*
1955
105
May
7s series E
1105*
1105*
1105*
1105*
1055*
1035*
1025*
635*
Jan
77
June
7s series F
1952
Jan
775* June
465* May
Apr
Mar
Jan
Jan
Jan
Jan
1055*
113
June
Jan
1135*
1135*
Mar
113
Mar
1085* May
Jan
1065*
59
Debenture 6s
..1952
5s series D.
...1956
45*8 series F
5s series A w
.1958
"605*
Feb
755*
70?*
875*
825*
109
Jan
109
Jan
1125* May
1235* June
Isotta Frascblnl 7s
1942
Italian Superpower 6«.1963
Jacksonville Gas 5s... 1942
106
Mar
7,000
88
Jan
1,000
295*
Jan
96
Jan
855*
Jan
1055*
"104
"515*
110
Jamaica Wat Sup 55*s '55
Feb
------
94
95
33
33
tlOl
92
------
103
102
76
------
105?*
1065*
105 5*
------
915*
925* 488,000
1015* 101?*
17,000
1025* 103
21,000
100
1025*
21,000
76
1065*
1075*
106?*
1035*
107?*
76
3,000
1065*
108
1,000
1005*
48
1005*
93
49
104
Jan
104
Apr
Mar
885*
Jan
70
Jan
1065*
Mar
1025* June
835*
Apr
107
Feb
Jan
May
1065* 106?*
12,000
105?* 105?*
17,000
1,000
75*
12,000
23,000
5,000
------
102
875*
1145*
101?* 102
855*
51
87?*
120,000
46,000
22,000
91,000
51
2,000
7,000
1055* 105?*
J365*
102
------
{
------
1045*
-
---
tl5*
845*
100
40
38,000
------
102
15*
2,000
------
85
13,000
100
1,000
1035* 1045*
1045* 105
493
95
6,000
11,000
_
_
_
103?* 104
103?*
93?*
5s ex-warr stamped. 1944
Gatlneau Power 1st 5s 1956
965*
955*
965*
35,000
96?*
965*
915*
97?*
96,000
------
905*
------
101
865*
------
------
Gen Wat Wks A El 58.1943
Georgia Power ref 6s. .1967
90
Georgia Pow A Lt 5s.. 1978
865*
99
------
...1977
1947
93?*
905*
98
20,000
945* 141,000
915*
915*
98?*
1005* 101
865*
875*
4235*
4235*
895*
98?*
24
-------
24
------
1025* May
1075* May
995*
Jan
1055*
Jan
1025*
Jan
45*
Jan
45* May
5*
Jan
1065*
Apr
109
Feb
5s series B
1st mtge 5s ser H..1961
65*s series D
55*8 series F
5s series I
Kimberly-Clark 5s
------
104?*
1055*
1025*
------
------
21?*
------
104
99?*
1st 5s series A.....1953
1st 45*s series D
1978
1st 45*s series E...1981
Hydraulic Pow 5s....i960
1951
For footnotes see page
Jan
Jan
Feb
09
Jan
95
Jan
86
Jan
105?* May
1035* May
1005* Mar
95?* Apr
96
Jan
102
Jan
100
Jan
104
Feb
Jan
97
Feb
86?*
May
91
Jan
1045* May
109?* May
18,000
65
Jan
13,000
5,000
12,000
10,000
63
Jan
89
May
1085*
1015*
Apr
107
Feb
1115*
755*
74
96?*
1065*
Feb
Feb
Feb
Feb
Jan
104?*
Jan
45*
Jan
17
Feb
5,000
15,000
3,000
Feb
50
Jan
76
Mar
64
Feb
75
Mar
635*
Feb
76
Mar
107
29". 000
Jan
1095*
Feb
103
Feb
88
Feb
795*
Jan
92
Feb
76,000
985*
745*
93,000
675*
Apr
Apr
Apr
32,000
815*
Apr
15,000
78
Apr
875*
Jan
1,000
7,000
29,000
100
Mar
1025*
Apr
99
Apr
101
Feb
~5~666
28,000
4,000
1065*
1045* May
104?*
Apr
106
Jan
1065*
Feb
1015*
Jan
49
11,000
107
1,000
3,000
44
Jan
65
~3~9~666
Jan
1045* June
May
395*
Jan
475* May
Jan
1065*
105?* Mar
605* May
90
635*
01
Feb
Mar
Jan
108
Jan
Apr
106
Mar
.1969
5*
1015*
74
995*
1025*
Jan
106?*
95
1943
1045*
1065*
1055*
985*
805*
405*
1055*
86
429
105?*
Manitoba Power 55*8.1951
Mass Gas 55*8
1946
785*
1035*
Feb
905*
June
1115*
104
1055*
June
105
Feb
Memphis P A L 5s A.. 1948
Metropolitan Ed 4s E.1971
Jan
125
June
Mar
117
Apr
Middle States Pet 65*s '45
Midland Valley 5s
1943
Jan
102
Feb
Jan
92
Jan
335* May
102
15*
755*
May
Apr
Jan
995*
Feb
1025*
Apr
1035* May
56
May
1075*
Mllw Gas Light 45*s..l967
Mlnneap Gas Lt 45*s.l§50
Minn P & L 45*8
1978
8a
.1955
100
91
104?*
104?*
1035*
103?* 1035*
1005* 1015*
104
1045*
85?*
87?*
93?* 94?*
1065* 1065*
100?*
104
1065*
655*
Jan
Missouri Pub Serv 5s. 1947
Montana Dakota Utilities
May
55*s
1944
Narragansett Elec 5s A *57
91
100
905*
885*
925*
Jan
1055*
Mar
Apr
Jan
Jan
835*
Jan
82
Jan
965* May
98
May
79
Jan
30
Jan
27
Apr
94
Feb
1055*
1025* 1025*
4109?* 1105*
41065* 107
86
89
34,000
85
1,000
90
May
Apr
May
12,000
90
Jan
4,000
1,000
15,000
29,000
915*
915* June
1025* Mar
1025* Mar
Feb
895*
65
May
27
Apr
Mar
29
67
Feb
Mar
June
22
30
525* 525*
66?*
67
1045* 105
965*
995*
Feb
Mar
Apr
11,000
98
225*
Mar
------
101
Jan
79
90
89
Feb
Feb
Jan
955*
------
Jan
106
Apr
1065* May
65
May
995*
Jan
93
Feb
885*
Mar
905*
103
Mar
1025*
Mar
Jan
108
Feb
1085*
Jan
825*
Mar
44
Jan
60
Mar
565*
Jan
75
Feb
Feb
5,000
------
May
215* June
1025* May
1035* May
975*
Jan
825*
1045*
107.
1015*
Feb
Mar
1045*
3,000
------
1075*
1065*
103H
1095*
1075*
93J*
435*
Mar
108
Mar
103
Mar
104
Mar
1075*
1065*
Mar
Mar
1045* May
1045*
Apr
1025*
Jan
1085*
Jan
1055*
Jan
72
Jan
25
32
29,000
Feb
Mar
Apr
Jan
Feb
------
21?*
235*
102?* 102?*
10,000
3,000
Jan
104
12,000
11,000
105
99?* 100
41055* 1065*
4103?* 1045*
1065* 1065*
41125* 112?*
1065*
1065* 1065*
------
------
3821.
------
5,000
------
2,000
1125* May
1065*
Apr
Jan
Jan
114
Jan
108
Jan
5s series B
1957
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A
2026
Deb 5s series B
2030
Nat Pub Serv 5s ctfs. 1978
1025*
103"
N E Gas A El Assn 5s.1947
Conv deb 5s
1948
Conv deb 5s
1950
New Eng Pow Assn 5s. 1948
Debenture 55*8....1954
New Orl Pub Serv—
5s stamped
93
265*
95
~69 H
695*
69
97
995*
103
\865*
88
Income 6s series A.. 1949
N Y Central Elec
65*s '60
78
'76
78
100?*
995* 100?*
108?*
1065*
1035*
108?* 108?*
1065* 106?*
103
1035*
tl07?* 108
103?* 103?*
NY& Westch'r Ltg 4s 2004
Debenture 6s.
.1954
Niagara Falls Pow 6s. 1950
6s series A
1959
Nippon El Pow 65*s._1953
No Amer Lt A Pow—
65*8 series A—
1956
Nor Cont Utll 55*s...l948
No Indiana G A E 6S.1952
112
112
112
1065*
106
1065*
'86 k"
107?* 1075*
86
865*
95
95
555*
555*
95
1075* 1075*
Jan
105
103?*
106?*
765*
Apr
Apr
Jan
Mar
Jan
96
Jan
59
3,000
Mar
Jan
May
Apr
1025* May
106
Jan
1115* May
Apr
Feb
105?*
Apr
104?*
1075* Mar
1065* May
Feb
107?*
104M
83?*
1065*
62
Mar
Mar
Mar
101
Feb
4,000
103?*
Feb
1015* Mar
104?* Mar
107?* May
4,000
36,000
915*
Jan
103
78
Jan
935*
106?*
1055*
1025*
12,000
6 000
31,000
15.000
38,000
46,000
9,000
i7~666
93
73,000
925*
255* 265* 150,000
6,000
1085* 1085*
1,000
1205* 1205*
107
8,000
1075*
95
74,000
1,000
1145* 1145*
165,000
655* 70
65?* 695* 45,000
65
695* 155,000
96
975* 107,000
'
98?* 995* 149,000
875*
N Y PAL Corp 1st
45*s '67
N Y State E A G 45*1.1980
lat 55*8
1962
11,000
5,000
39,000
2,000
1942
New York Penn A Ohio—
Ext 45*s stamped—1950
2,000
18,000
14,000
11,000
2,000
4,000
25,000
102
Apr
5,000
41,000
6,000
13,000
107?* 1085*
1065* 106?*
655*
65?*
1025* 1025*
106
*104
90
102?* May
103?* May
Feb
1085*
Jan
1025*
Jan
103?*
Feb
1025*
1005* 1005*
1025* 1025*
Nebraska Power 45*8.1981
6s series A
2022
Neisner Bros Realty 6s '48
Nevada-Calif Elec 5s. 1956
New Amsterdam Gas 5s '48
105
Feb
1035*
102?*
33,000
104
955*
6,000
30,000
2~7~66o
89
Mississippi Riv Fuel 6s '44
Miss River Pow 1st 5s 1951
Missouri Pow A Lt 55*s *65
Apr
Feb
5V$
104
99
935*
395i
36,000
1075*
1055* 105?*
107
1075*
785* 79
1055* 105?*
4595* 62
99
1005*
1055* 106
865*
1045*
103?*
1045*
99
1957
1055* June
1045*
1115*
895*
Mississippi Pow 6s... 1955
Mar
1055*
1065*
955*
995* 172,000
87
14,000
88?*
105
Jan
95
104
107
McCallum Hosiery 65*s '41
McCord Rad A Mfg 6s 1943
Jan
Jan
88
65
------
755*
94
105*
Jan
Jan
Feb
107
Jan
Jan
Apr
107
Jan
Jan
975*
Jan
1075*
Apr
1025*
Jan
97?*
104?*
Apr
104?* May
80
Louisiana Pow A Lt 5s 1957
Louisville G4E 45*8 C *61
Jan
1035*
101
1947
Sink fund deb 55*s_1950
Lehigh Pow Secur 6s..2026
Lexingtdn Utilities 58.1952
Llbby McN & Libby 5s '42
119
5,000
9,000
1035* 103?*
104?* 1045*
Mar
Jan
Feb
9,000
Feb
Jan
45,000
8,000
5,000
955*
1045*
Apr
May
25*
Mar
102
1055*
Long Island Ltg 6s...1945
1055*
1035*
1035*
1155*
100?*
95
Feb
108
Jan
865*
428
885*
1935
Hood Rubber 7s
1936
Houston Gulf Gas 6s.. 1943
65*s with warrants. 1943
Houston Light A Power—
101?*
107
3,000
3,000
515*
995* 1005*
1955
11
1035*
Hamburg El Underground
1938
109
105
955*
1948
Koppers G & C deb 5s 1947
5s called
102
1045*
1115*
103?*
1045*
3
17,000
90
995* 1005*
4105?* 107
1065*
1065* 1065*
------
6,000
15,000
31,000
67
90
885*
9,000
17,000
464
100
Guardian Investors 58.1948
45<s series B
1961
Hackensack Water 5s. 1938
485*
107
Miss Pow A Lt 5s
106?* 106?*
Corp 65*8.1979
Gulf OH of Pa 5s
1947
Gulf States Utll 6s...1956
Jan
Kentucky Utilities Co—
1015* June
102
110
Florida Power & Lt 5s 1954
Gary Electric & Gas—
Great Western Pow 5s 1946
Grocery Store Prod 6s 1945
Guantanamo A West 6s '58
50
1055* 1065*
118
1185*
108
2,000
1025* 1025*
89?*
90?* 388,000
1055* 1055*
1055*
4,000
tl03?*
European Mtge Inv 7a C'67
Grand Trunk West 4s. 1950
Gt Nor Pow 5s
stmp.. 1950
105?*
1055* 1055*
104
1045*
675* 58
90
160
106
Apr
905*
1965
Glen Alden Coal 4s... 1965
Gobel (Adolf) 45*s...1941
99?* 100
1045* 1055*
118
European Elec Corp Ltd—
1953
100
45*s series C
1961
Kansas Gas A Elec 68.2022
Kansas Power 5s
1947
Jan
Mar
------
Ercole Marelll Elec Mfg—
65*s series A
1953
Erie Lighting 5s
1967
Corp 6s. 1937
Certificates of deposits..
82
87?*
82?*
Feb
Apr
106
11,000
108
Gen Pub Utll
65*s A.1956
General Rayon 6s A..1948
Gen Vending
865*
1045* 105
106
39,000
1195* 125
General Bronze 6s
1940
General Pub Serv 6s.. 1953
59
615*
605*
107?*
99?*
76
71
105
1,000
107?*
1025* 103
112
Deb gold 6s June 15 1941
Deb 6s series B....1941
8
...194V
Mar
12,000
106?*
103?*
123
Finland Residential Mtge
Banks 6s-5s stmpd.1961
Firestone Cot Mills 5s 1948
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s *57
106
Jersey Central Pow & Lt—
94?*
65* with warrants.. 1943
Fairbanks Morse 5S..1942
Federal Sugar Ref 6s.. 1933
Federal Water Serv 55*s'64
25,000
1105
1961
Iowa Pow & Lt 45*s..l958
Iowa Pub Serv 5s
.1957
Isarco Hydro Elec 7S.1952
14,000
98?*
74?*
69?*
100
Without warrants
Iowa-Neb L & P 5s...1957
Jan
60
J107 5*
1947
w
Feb
120
Feb
97?* June
Invest Co of Amer—
77
8,000
Jan
Feb
815*
109
Interstate Public Service—
105
Jan
58?*
60
International Sec 6s.. 1947
Jan
Mar
10,000
6,000
965*
1105* 1105*
68
675*
675* 675*
89
895*
105
1055*
8
International Salt 5s.. 1951
Apr
124
1,000
89
.1957
Feb
825*
82
International Power Sec—
Mar
1115*
Deb 65*s
675*
Intercontlnents Pow 6s '48
June
El Paso Natural Gas—
Ref & lmpr 5s
675*
5s
Stamped
_
Ry 55*8
1950
1st Hen & ref 5s....1963
Indiana Service
Ind'polls P L 5s ser A.. '67
15,000
15*
15*
& St
995* 100
101
1015*
1015*
885*
885* 89
41075* 1085*
1957
68
81
1115* 111?*
122?* 1235*
15*
tl
Hall Print 6s
stmp
Hamburg Elec 7s
1953
6s series C
Jan
15,000
107?* 107?*
107
1075*
Deb 7s... ...Aug 11952
5s series A
65*s series B
Jan
106?* 1075*
------
65*
Gesfurel 6s.
1947
965* Mar
985*
Apr
985* June
1275*
55*
65<s
6s series A
Lone Star Gas 5s.....1942
Empire Dlst El 5s
1952
Empire Oil A Ref 55* s 1942
Jan
Mar
1055* 106
Apr
High
Jan
68
496
1115*
May
1065* Mar
106
May
6?*
1938
99
925*
55*8 -May 1957
5s series B
65*8
...Aug 1 1952
Certificates of deposit.
Elmlra Wat Lt A RR 5s *56
El Paso Elec 5s A
I960
102
Low
665*
107
1,000
4,000
97?* 171,000
1,000
106?*
36,000
1055*
29,000
103
100
128,000
15,000
935*
Indiana A Mich Eleo 5s '55
Detroit Internat Bridge—
Certificates of deposit
Dixie Gull Gas 65*s..l937
Elee Power A Light 5s_2030
955*
106?*
104?*
5.000
70
June
Jan
Range Since Jan. 1 1936
108
..1951
Indiana Gen Serv 5s.. 1948
Jan
1095*
34
112
Cumberld Co P A L 4 5*s'56
Dallas Pow A Lt 6s A. 1949
5s series C
1952
Delaware El Pow 55*81959
Derby Gas A Eleo 5s. .1946
Det City Gas 6s ser A. 1947
5s 1st series B
I960
8 f deb
965*
695*
$
Indiana Electric Corp—
Interstate Power 5s.. 1957
1944
Denver Gas A Elec 5s. 1949
------
446
A..1943
Conv deb 6?*s w w.1943
Consol Pub 75*8 stmp. 1939
695*
Hygrade Food 6s A...1949
6s series B
...1949
65*s series C
Consol Gas El Lt A P (Bait)
1st ref s f 4s
1981
Consol Gas Utll Co—
1st A coll 6s
81
18,000
23,000
1045* 104?*
1951
5s series D
...1962
Consol Gas (Bait City)
5s
1939
Gen mtge 45*8
1954
79?*
795*
925*
975*
1045*
Community Pr A Lt 6s *57
Connecticut Light A Power
7s series A
915*
497
815* 696,000
1015* 102
78,000
1949
Commerz A Prlvat 55*8 *37
Commonwealth Edison—
1st M 5s series A...1953
1025* 102?*
74?*
75
3,000
13,000
805*
805*
101?*
Cities Serv P A L 5 5*s 1952
65*a
for
Week
Price
of Prices
Low
High
Indiana Hydro-EIec 5s '68
104?*
1940
Chlo Rys 5s ctfs
1927
Cincinnati St Ry 55*s A *52
6s series B
1955
Week's Range
Sale
(<Continued)
High
Chlo Jet Ry A Union Stock
Yards 5e
Last
bonds
Range Since Jan. 1 1936
Central 111 Pub Service—
5a series E
Sales
Friday
Sales
Friday
BONDS
Fla Power
June 6, 1936
New York Curb Exchange—Continued—Page 5
3820
57,000
33,000
2,000
1,000
63,000
41,000
"I'ooo
3,000
18,000
4,000
945*
102?* May
103?* May
Jan
985*
102?* Mar
105
Jan
Feb
Mar
Jan
Apr
Jan
Apr
95?*
Feb
Mar
965*
Jan
105
Jan
107?*
107
Feb
845*
895*
1065* June
575*
Jan
935*
Jan
1025* May
1025* May
1025* May
97
Apr
855*
Apr
18
Jan
May
1085* May
1085* May
685*
Feb
1015* May
106
Jan
1075*
Jan
106
Feb
103
June
935*
27?*
Feb
122
May
May
May
109
Feb
1085* June
Jan
1175*
1055* May
Jan
865*
112
1095*
1145* June
Feb
795*
Feb
79?*
79?* Feb
995* Mar
1025* Mar
Jan
64?* May
645* May
64?*
Apr
85
Jan
885*
Jan
745*
Jan
95?*
885*
Feb
Feb
69
Jan
81
Jan
97
May
104
Feb
107?*
Jan
105
Apr
Jan
102?*
105?* Mar
1015* Mar
1115*
Apr
105J*
Apr
105?* May
3,000
845*
26,000
28,000
2,000
1065*
905*
63
Mar
Jan
Apr
Mar
1105*
1075*
1035*
1085*
105?*
1125*
1085*
Mar
Apr
Jan
Jan
Feb
Mar
Jan
109
Jan
90
Feb
97
Mar
64?*
108
Jan
Jan
New York Curb Exchange—Concluded—Page 6
Volume 142
Last
Week's Range
for
Sale
Price
5s series C__
-1966
105*
---..1969
6s series D
-—1970
105*
102 X
1940
104 *
105* 106
104* 105*
102* 103
104
104*
1946
103
103
4*s seriesE
No States Pow 5*s
N'westera Elec 6s
N'western Power 6s A. 1960
Certificates of deposit...
66*
N'western Pub Serv 6s 1957
I62"
Ogden Gas 5s
1946
107*
Ohio Edison 1st 53
1960
1st A ref. 4 * s ser D 1956
Ohio Public Service Co—
series
C
D
5*8 series E
series
(Concluded,)
%
High
Low
...1940
Oswego Falls 6s
1947
Pacific Coast Power 5s 1940
13,000
53,000
36,000
16,000
21,000
6,000
1,000
16,000
23,000
21,000
Jan
Jan
102*
102*
106
Jan
103
103*
Feb
100*
Mar
104*
104*
98
51
Jan
50*
Jan
98*
103*
Jan
Jan
Mar
105*
June
105* June
June
108
Mar
Feb
Apr
Apr
Feb
Apr
107
Jan
68*
68*
102*
1941
1st A ref 4*8 E
1st & ref 4*s F
1948
xw
..1950
Mar
Texas Elec Service 58.1960
Jan
112
Feb
Jan
107
May
~i"666
106
Jan
Tberqsoid Co 6s stpd.lSS?
~qq"~
33,000
104
Apr
May
107*
104* 104*
107
Feb
105
Feb
Tide Water Power os.. 1979
Tietz (Leonard) 7*s.l946
Apr
99
7,000
25,000
86
100
4,000
2,000
120* 120*
100
$116
"84"
104
107
D
1954
Penn Water Pow 5s...1940
4*s series B.r
13,000
9,000
85*
93",000
103* 104
102* 103*
$105* 106*
100* 100*
9,000
84
38,000
14,606
105*
103*
106*
$107*
105*
112*
106
1968
106*
22,000
13,000
104*
107
108*
106
"3",660
112*
1,000
5,000
series
B
1981
95 *
106
1,000
6s
series C
1957
105*
1979
11*
111%
109%
Peoples Lt & Pr 5s
Phlla Electric Co 5S..1966
Phlla Elec Pow 5*8—1972
Phlla Rapid Transit 6s 1962
Jan
100
Jan
Apr
107
Jan
121*
Mar
68 3d stamped.....1944
Union Amer Inv 5s A. 1948
107*
Jan
119*
105*
105*
Jan
May
98
May
Apr
Jan
80
Mar
107*
Jan
5s series A
5s series B
1957
Apr
100
Jan
105
Apr
Jan
107*
101*
Mar
Apr
Feb
101*
98*
105
Mar
Mar
'
Jan
106*
Feb
104*
Jan
112* May
105*
Feb
106* June
104* June
107*
Feb
108* May
106*
Jan
114*
Jan
Piedmont A Nor 5s...1954
Pomeranian
106*
108
17,000
5,000
108
$99
100*
106
$85
6s series C
99*
104
"93"
88*
85*
106
Queens Boro G A E 4*s '58
5*s series A.—.1952
89
Ruhr Gas Corp 6*8—1953
Ruhr Housing 6*s
1958
Safe Harbor Water 4*8 '79
St. Louis Gas A Coke 6s '47
104
103* 103*
1st A ref 5s series C.1950
Reliance Managemt 5s 1954
Rochester Cent Pow 5s 1953
Rochester Ry. A Lt 5s 1954
111
105* 105*
Puget Sound PAL 6*s '49
Quebec Power 5s.....1968
95*
99*
107
103* 103*
104* 105*
102* 102*
93
93*
88* 89*
86
85*
105* 106*
$105
105*
105
105*
$100
101*
90
88*
$110* 112
25*
25*
25
$—106* 107
13
13
San Antonio P S 5s B—'58
104*
104* 105
San Joaquin L A P 6s B '52
126*
126* 126*
Sauda Falls 5s
—1955
Saxon Pub Wks 6s
13,000
7,000
108* 108*
Jan
105
106
96*
69* June
105*
106*
66*
90*
Mar
Jan
97*
Jan
Apr
132*
Jan
Jan
Feb
104
Feb
107
Jan
8,000
14,000
12,000
2,000
58,000
13,000
38,000
6,000
102
Jan
102
Jan
103*
Apr
Apr
104*
Apr
104* Mar
104*
Jan
105*
Feb
103*
Apr
96*
Feb
93*
Jan
89*
Feb
106* Mar
106*
Jan
105* May
100
86*
83*
78*
Jan
Jan
Jan
103
Apr
106*
Jan
103
Jan
Jan
Mar
12*
101*
Apr
124
108*
ins*
19*
J10
$18
19
105*
104*
104*
108*
105*
106
106*
104*
103*
Sou Calif Edison Ltd—
Debenture 3*s_ —1945
Ref M 3*s May 1 1960
Ref M3K8B July 11960
1st A ref mtge 4s...I960
Sou Calif Gas Co 4*s 1961
Sou Counties Gas 414s.'68
Sou Indiana G A E 5 *s '57
Sou Indiana Ry 4s
1951
Southern Nat Gas 6s. 1944
S'western Assoc Tel 5s.'61
S'western Lt A Pr 5s.
.
1957
S'western Nat Gas 63.1945
So'west Pow A Lt 6s .2022
S'west Pub Serv 6s...1945
Jan
Jan
Jan
Jan
Jan
~4~O6O
Jan
19,000
130,000
97
Apr
101
Feh
103*
Mar
108
105*
105*
105*
70
Feb
Feb
Mar
Mar
Mar
Mar
100* Mar
107* May
105*
Apr
May
May
101
100*
106*
Mar
105*
Apr
107
Jan
103
Feb
104*
Jan
Jan
105
Jan
105
107
107
75*
103*
16,000
106* May
Jan
56*
108
74*
102*
97*
102*
101*
97*
102*
37,000
101
Jan
104
Jan
92*
Jan
99
Feb
99
Jan
103
92*
Jan
91
Jan
103*
99*
105*
83*
109*
98
102*
103*
99*
102*
79*
75
77
77
Certificates of deposit.
1951
Mar
103
Ja«
Feb
55,000
76
Debenture 6s.Dec 11966
106*
100*
100*
100*
Ap"
72*
Feh
104*
Certificates of deposit.
Convertible 6s
1935
Standard Investg 5*sl 939
68
«0
104
Mar
13,000
3,000
2,000
8,000
1,000
104
10,000
16,000
18,000
41,000
8,000
110
Feb
1,000
$105* 107
114*
114* 115*
49"6oo
57
23,000
57
$ 25*
87*
92*
104*
93*
111*
85*
58*
101* May
109* May
Jan
Feb
Apr
Mar
June
34
Mar
Apr
108
Mar
Feb
Jan
26*
$25*
87*
89* 119,000
17,000
91*
93*
104* 105*
10,000
94
193,000
91*
111* 113
85*
86
104*
113*
Apr
107* May
107*
Feb
Jan
116*
45*
Jan
105
Mar
25* May
23
103* 103*
104* 104*
99
100*
97*
97*
18,000
27,000
2,000
1,000
55,000
6,000
6,000
3,000
1,000
2,000
28,000
15,000
93*
93*
91
89*
91*
36,000
19*
17
19*
26,000
107""
59
l"06*
103*
Wise Pub Serv 6s A—.1952
Yadkin Rlv Pow 5s... 1941
105*
York Rys Co 5s
1937
27
Apr
76
Jan
80
Jan
100*
81*
104*
75*
Jan
Jan
59* May
32*
33*
89*
93*
Jan
Jan
Apr
Apr
106* May
Jan
94
June
Jan
Jan
113
May
86*
103* June
104* May
Feb
105*
106*
100*
90*
Jan
Feb
92*
Mar
105
June
105* Apr
Jan
96*
100* May
Jan
95*
Jan
91*
Jan
83*
98
Feb
Feb
Jan
106* May
107
Jan
100
Feb
104
101*
Apr
Mar
97*
Mar
94
Jan
June
27
Jan
5,000
13,000
104*
107
107
104*
Aor
107
105*
Mar
107
103*
108*
93*
59
60*
105* 106
$107*
106* 106*
103* 103*
103* 103*
105* 105*
$107*
104* 104*
17
107*
107
Jan
Feb
Mar
106
"
7~6oo
28,000
30,000
95,000
27,000
7,000
Jan
105
Feb
107* May
99
103*
88*
33*
Jan
103*
Mar
Jan
108*
Mar
Jan
94*
Jan
66
Mar
Apr
105
Mar
106*
Mar
107
Feb
107*
Feb
"e'ooo
106
Jan
107
Feb
10,000
9,000
11,000
101*
Jan
105
Feb
101
Jan
Feb
105*
Jan
104*
107*
107*
104*
106
~33~66o
102*
Mar
Apr
Feb
Jan
Jan
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
Agricultural Mtge Bk (Col)
20-year 7s..—1934-1946
20-year 7s
..1947
1951
7*s stamped
...1947
Mar
105
Stand Gas A Elec 6s..1935
Debenture 6s
16* May
101* Mrv
61
Apr
58
7,000
Jan
106*
$108* 109*
105* 105*
103*
1*17* May
1935
16,000
7,000
Apr
1958
5s series F
Prov Banks 6s B—.1951
Jan
6s ex-warrants
98*
Wash Water Power 5S.196Q
West Penn Elec 5s
2030
Feb
Jan
Jan
June
«0*
103*
103*
102
6s series A
1955
5s
68*
70*
8*
35,000
2,000
55*
Jan
57*
Jan
7* May
69
70
29
21.000
24* May
33*
8*
29
"166*
28
28*
28*
100* 100*
$96
97
70 *
20*
20*
19*
20*
$21
20
70*
20*
20*
27
20
11,000
1,000
10,000
1,000
16,000
2,000
~3~66o
May
34
Feb
Mar
Jan
Jan
100*
Apr
Jan
97*
Mar
69*
Jan
18* May
18* May
21
May
19* May
9
May
8*
Jan
13*
Jan
9*
Jan
71*
Feb
73
Apr
28*
Feb
28*
Feb
32*
26*
12*
Feb
Jan
Jan
10*
"2~66o
12*
14
49~66o
90
3,000
78
79*
28,000
63
Feb
79* June
18*
Mtge Bk of Bogota 78.1947
Issue of May 1927
18*
1,000
18
Jan
20
Mar
22
$18*
Issue of Oct 1927
—
17*
21
12
17*
Mar
Jan
14
Mar
90
June
Apr
Apr
13
97
"15*
.....
13
"MOO
12
Jan
14*
Jan
97
97
Jan
21*
16*
1*
2,000
24,000
6,000
92*
20*
15*
10*
12*
Jan
98*
23*
17*
2*
2*
Mar
Apr
$1*
1
1*
1*
1*
1
1
$60
Santa Fe 7s......——1945
50
50*
12
12
1961
$12
50*
12*
Jan
May
* May
1* May
1
10:666
2,000
5,000
2*
Jan
Jan
Jan
Jan
Jan
"MOO
3,000
I
May
58
68
1949
7s
95*
89*
11
90
14
Mendoza 7*8—.....1951
4s stamped
.1951
Santiago 7s..
25
May
70* June
$9
10*
1958
7s Stamped..—....1945
Feb
68*
Lima (City) Peru 6*s..'58
Certificates of deposits..
Mtge Bk of Chile 68—1931
Mtge Bk of Denmark 5s '72
Parana (State) 7s
1958
Rio de Janeiro 6*8—1959
Russian Govt 6*s—1919
6*9 certificates
1919
5*s—
1921
5*s certificates..—1921
Jan
26*
70
Hanover (City) 7s..—1939
Hanover (Prov) 6 *8—1949
Medellln 7s series E..1951
Jan
21*
May
68*
1953
Maranho 7s...
21*
Jan
20
20
Danzig Port A Waterways
External 6*s
1952
German Cons Munlo 7s '47
Secured 6s..—.
1947
Jan
17
1,000
20
1952
Danish 5*s_
18*
$18*—
$18*
21
20
Cauca Valley 7s...—.1948
Cent Bk of German State A
105
*3
68
Wash Gas Light 5s... 1958
Wash Ry & Elect 4s_. 1951
Feb
Ja
107
7s with warrants... 1954
Ward Baking 6s
1937
Feb
Ap*
Southeast PAL 6s...2025
1950
..1946
27
18*
Sou Carolina Pow 5s. 1957
1st ref 5s ser B
6a
83
105*
107*
Mar
106*
May
Waldorf-Astoria Corp—
Mar
8*1656
107*
103*
103*
$103*
67*
98*
106*
100
1937
Vamma Water Pow 5*s'67
Va Public Serv 5*s A. 1946
Apr
May
2,00027,000
10,000
1,000
3,000
8,000
4,000
84*
1944
25
28
1948
4*8
25
19
Servel Inc 5s
1973
Buenos Aires (Province)
7s stamped........1952
27
Shawlnlgan WAP 4*s '67
4*s series B
1968
1st 4*s series D
1970
Sheridan Wyo Coal 6s. 1947
6s series A
Jan
110*
13,000
87*
25
U S Rubber Co—
112
$18
99*
...1952
Baden 7s
$22*
99*
68 series A
Jan
1935
1948
Apr
1959
Un Lt A Rys (Del) 5*s '52
United Lt & Rys (Me)—
Feb
198
Second Int'l Sec 5s
1974
95
6s with warrants
102* 103
62*
62*
6*s
5*s
104
74
Schulte Reai Estate—
Scripp (E W) Co 5*8.1943
Seattle Lighting 5s...1949
United Elec N J 4s
1949
United El Serv 7s ex-w 1956
United Industrial 6*s 1941
1st s f 6s__
1945
United Lt A Pow 6s... 1975
Jan
98* May
~
Jan
June
Wiso-Minn Lt A Pow 5s '44
Wise Pow A Lt 6s E—1956
101*
"l'.ooo
76*
145* May
111*
Feb
58
Wheeling Elec Co 5s.. 1941
32
Mar
101*
52,000
Feb
100*
100
Jan
75,000
106
91*
96*
Feb
Mar
Jan
June
98*
63*
104
West Newspaper Un 6s '44
West United GAE5*s'5*
102*
91
82*
Apr
Jan
108*
Jan
Mar
58
$101
Mar
107
Jan
Jan
108*
"4",000
6,000
110
81
West Penn Traction 5s '60
West Texas Utll 5s A. 1957
83*
May
Jan
Apr
Mar
Jan
Jan
106*
Jan
58*
104*
106*
$106*
106*
103*
103*
108*
107*
92*
92*
27*
40
Apr
81*
98*
98*
102* 102*
99*
98*
20* May
Feb
103*
Mar
104*
ls'ooo
107
22,000
1,000
1.000
~4~,66O
8",606
QQ
Valvollne Oil 7s
June
29
Feb
100* 100*
28
$.„.
106*
106* 107*
Mar
57
41*
99*
104
107
25*
I3"66O
91
40,000
7,000
34,000
105*
100
25*
110
104*
1,000
87
142* 144
Pub Serv Subsld 5*8.1949
1st A ref 4 3^s ser D.1950
99*
$
.1966
4* series D_.
1978
4 *s series E
1980
1st A ref 4Hs ser F.1981
4*s series I
i960
95
95*
1956
Mar
105
Mar
106
1st A ref 5s..
105
Utlca Gas A Elec 5s D.1956
5s Series E
1952
Mar
1961
Pub Serv of NJ 6% pet ctfs
Pub Serv of Nor Illinois—.
Jan
Mar
Mar
108
Potomac Elec Pow 5s. 1936
Prussian Electric 68—1954
June
15*
113*
106*
70*
Power Securities 6s... 1949
58
Jan
Jan
Portland Gas A Coke 5s '40
Potrero Sug 7s stmp.. 1947
Power Corp (Can) 4 *8 B *59
Jan
6
May
20*
20*
$104* 105
*s series F.
31,000
Feb
105
1939
Potomac Edison 5s... 1956
Feb
58
106*
103
Feb
56
Jan
1,000
103* 103*
Elec 6S..1953
Poor A Co, 6s
107* May
Jan
Jan
Jan
90
86*
103*
2,000
3,000
2,000
Apr
98
6*% serial notes... 1940
Utah Pow & Lt 6s A..2022
106
Apr
Apr
Mar
Jan
Jan
106
104
105*
65
60*
106*
106*
110*
109*
77* May
Mar
106
Jan
Apr
89
108
106
106
Pittsburgh Coal 6s...1949
Pittsburgh Steel 6s
1948
Feb
45
5,000
100
Apr
Jan
49
104
8~6oo
Jan
112*
94*
108*
Feb
Apr
93
6 * % serial notes...1939
!U* May
109* June
Jan
86*
105* Mar
Jan
41*
62
80
102* 102*
31*
32*
105*
105* 105*
$109
109*
1967
4*s
101*
97*
57*
102*
—.1954
Mar
116* May
94*
Feb
104
May
76 *
Union Elec Lt A Power—
102*
95* 50,000
95*
105* 105* .62,000
12
11*
30,000
111* 112* 27,000
109* 109* 66,000
92*
92*
1,000
107
107
2,000
57
55*
15,000
Phil Sub Co G A E 1 *s '57
Piedm't Hydro-El 6*s '60
—..2022
93*
Jan
104*
120
6s
105*
114
100*
1945
Texas Power A Lt 5s__ 1956
Toledo Edison 5s
1962
Twin City Rap Tr 5*s *52
Ulen Co—
94*
Peoples Gas L A Coke—
4s
107
13,000
3,000
32.000
15,000
1,000
100*
Mar
102* 102*
High
Low
62* May
46*
Jan
92*
105
100
105*
178,000
5,000
80
109
102
Range Since Jan. 11936
$
$107* 108
1,000
120 *
loo*
60
59*
53
54*
104* 105
104* 104*
107
107
106* 106*
Penn Pub Serv 6s C—1947
5s series
53*
1957
Mar
Penn Ohio Edison—
6s series A
5s series B
60
Apr
99*
1979
Deb 5*s series B
1959
Pennsylvania Power 5s *50
61
Apr
104
88
103 *
F.IIIl971
60
103*
102 *
103 *
5s
60
7,000
104*
1938
Penn Electric 4s
7-4% stamped
1936
7-4% stamped
J 946
Super Power of 111 4*s *88
1st 4*s
1970
Syracuse Ltg 5*s
1954
Texas Gas Utll 6s
Penn Cent LAP 4*s 1977
Palmer Corp 6s..
73
19,000
1960
ser A.
Pacific Ltg & Pow 5s.. 1942
Pacific Pow A Ltg 5s. .1955
71
105* 106*
105
105*
1957
Pacific Invest 5s
71*
for
Week
Stinnes (Hugo) Corp—
Tennessee Elec Pow 5s 1956
Tenn Public Service 5a 1970
Tern! Hydro Elec 6*s 1953
Pacific Gas A El Co—
1st 6s series B
Standard Pow A Lt 6s. 1957
Standard Telep 5*s„ 1943
107*
Okla Power A Water 5s '48
4
Price
of Prices
Low
High
109* 109*
$105* 106*
106* 106*
1961
A
66
101* 102
107* 108
105* 106
105
1954
Okla Gas & Elec 5s_._1950
66*
66
1953
5s series
103*
66*
Ohio Power 1st 5s B..1952
6s
Week's Range
Sale
1 1936
Northern Indiana P 8—
6s
Last
BONDS
Range Since Jan.
Week
(iContinued)
of Prices
Low
High
Sales
Friday
Sales
Friday
BONDS
3821
Feb
71
50
Feb
60
11*
Jan
Jan
12* May
12* Jan
11*
2*
Ma
Apr
Feb
69
67* May
69
May
81
79*
22,000
34,000
25,000
84*
Feb
75
76*
14,000
66
81
Feb
73
76
77,000
64
80
Feb
75
68,000
63* May
72*
100
100*
2,000
97
Jan
May
May
Jan
76
102*
Feb
Feb
Feb
Feb
*
No par value,
o
Deferred delivery sales not included in year's range,
n Under
r Cash sales not included in year's
the rule sales not Included in year's range,
range,
z
Ex-dividend.
$ Fridays' bid and asked price.
Abbreviations
No sales were transacted during current week.
Used Above—"cod," certificates of deposit; "cons," consolidated
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting Btock
"v t 0," voting trust certificates; "w 1," when Issued; "w w," with warrants: "xw,"
without warrants
Financial
Chronicle
Sales
Friday
Last
New York Real Estate Securities
Unlisted Bonds
Unlisted Bonds
(Concluded)
(Concluded)
Par
Shawmut Assn tr Ctfs
Closing bid and asked quotations, Friday, June 5
Week's Range
for
Sale
Exchange
of Prices
Week
Price
Low
Range Since Jan. 1 1936
Shares
*
Stocks
High
Stone & Webster—-—.*
Suburban EI Secure com—*
61 Bway Bldg 6^8—1950
Unlisted Stocks—
Texla Oil Corp
1
City & Suburban Homes—
Torrington Co
Union Twist Drill
*
Dorset ctfs of deposit
Lincoln Bldg
United Gas Corp
1
Drake (The) 6s
39 Bway Inc units
Tudor City—
1939
Corp
v t c.—
United Shoe Mach Corp_25
Utah Metal & Tunnel
1
Natl Tower Bldr 6 Hs.1944
4th Unit Ino units
Waldorf System Inc.-—*
Oliver Cromwell ctfs
9th Unit Ino units
Warren Bros Co
*
Warren (S D )
*
Co
Bonds—
Eastern Mass St Railway—
Orders Executed
on
Baltimore Stock Exchange
Series A 4%e—-.—1948
Series D 6s
1948
STEIN BROS. &> BOYCE
Established 1853
6. S.Calvert St.
39 Broadway
NEW YORK
BALTIMORE, MD.
Hog erst own, Md.
Members
New
York
Louisville, Ky.
and
Baltimore
v
York, Pa.
Last
Week's Range
for
Sale
of Prices
Low
High
New York Curb (Associate)
,
Chicago Stock Exchange
Chicago Curb Exchange
Week
Price
Range Since Jan. 1 1936
Shares
Chlcago Stock Exchange
Corp
*
May 30 to June 5, both inclusive, compiled from official sales lists
Bait Trans t Co com v t c_*
1st preferred v t c.
*
*
Black A Decker com
Preferred
Sales
Friday
Last
*
Week's Range
for
Sale
25
Consol G E L A Pow
6%
New York Stock Exchange
10 So. La Salle St., CHICAGO
Sales
Friday
Stocks-
§ Vml RDavis &@o.
Members;
Exchange
May 30 to June 5, both inclusive, compiled from official sales lists
Arundel
SECURITIES
Listed and Unlisted
Stock Exchanges
Chicago Board of Trade and Commodity Exchange, Inc,
Baltimore Stock
CHICAGO
of Prices
Week
Price
Low
High
100
preferred
Eastern Sugar Assoc com.l
Preferred
1
Fidelity A Deposit
20
Fid A Guar Fire Corp.—10
Finance Co of Am cl A
Guilford
*
Realty—
*
Preferred
Houston Oil pref
Mire Finance—
10
1st preferred.
Second pref--
25
...25
1
Mar Tex Oil
Mercantile Trust Co
60
Merch & Miners Transp—*
Monon W Penn PS7% pf25
Mt Vern-Woodb Mills—
Common
100
Preferred
100
New Amsterdam Cas
5
Northern Central Ry
50
Owings Mills Distillery
1
Penna Water A Pow com.*
Preferred
Seaboard Com'l
5
com
A. 10
U S Fid A Guar
2
Western National Bank_20
Bonds—
4s Jones Falls
1951
Bait Transit Co 4s flat 1975
A 6s flat
1975
B 5s flat
1975
Friday
Last
Sale
Price
Amer Pneumatic Serv Co—
Common
25
Amer Tel A Tel
100
Bigelow-Sanf Carpet pf 100
Common
*
Boston A Albany
100
Boston Elevated
100
Boston A Maine—
Prior preferred
Cl A 1st pref stpd
100
100
Class C 1st pref stpd.100
C1C 1st pref
100
Class D 1st pref stpd.100
Boston Personal Prop Tr_*
Boston A Providence.. 100
Calumet A Hecla
25
Cliff Mining
25
Copper Range
25
East Gas A Fuel Assn—
Common
6%
cum
*
pref-.-.
100
*%% prior pref
100
Eastern Mass St Ry—
Common
100
1st preferred
100
Preferred B
Eastern 8S Lines
100
*
com-
2nd preferred
*
Edison Elec Ilium
.100
Employers Group
*
Georgian Inc cl A pref.. .20
Gilchrist
Co
*
Gillette Safety Razor
*
15%
15 %
Helvetia OilTC
1
28
29
27%
28%
8%
1214
28%
Isle Royal Copper
Loew's Theatres
32 '
25
25
Mass Utilities v t o
8
»
12
Mergenthaler
Linotype..*
New Eng Tel A Tel
100
28%
12
33
12
N Y N H A Hartford-100
17
17%
North Butte
23%
24%
*
Old Colony RR
100
Pennsylvania RR
105% 105%
..50
24%
Qulncy Mining
25
18%
19%
Reece Folding Mach
10
34
34
For
toot no tea
see
page
3825
25
Shares
Range Since Jan. 1 1936
Volume
Financial
142
Week's Range
of Prices
Low
High
for
of Prices
Low
High
Week
Week
Price
Stocks (Concluded)
High
Low
Shares
Price
Par
Kalamazoo Stove com
*
61
59%
62
770
43
Jan
70
Mar
Crystal Tissue
Katz Drug Co oom
1
41
41
41%
600
32
Feb
42
May
5
5
5
Apr
10%
Dow Drug pref
Eagle-Picher Lead
100
Kellogg Switchboard comlO
88
86
Early & Daniel pref
100
4%
100
Mar
115
Jan
54
Feb
6
*
50
10%
11
600
10
Apr
14
Jan
Gibson Art
38
38%
120
34%
Feb
43
Jan
Goldsmith
May
90
Feb
Hobart "A"
*
Julian & Kokenge
100
2%
La Salle Ext Unlv com—.5
Leath & Co
2X
200
Jan
3%
Mar
1%
4%
1%
com
Cumulative preferred._*
1%
60
May
3%
4%
180
7
Feb
Kroger
1%
Jan
3%
21
10
24
35%
11%
Apr
Magnavox
Meteor
P& G__
7X
1,050
7
May
11%
650
7
Jan
11%
Apr
46
47 X
180
Jan
47H
June
4%
11%
300
15
Mar
7
$3% preferred
Lindsay Light com
*
10
46 X
4X
11
*
com
Loudon Packing Co com..*1
Lynch Corp com
7
6%
35%
4
40
40 X
37 X
Jan
*
McGraw Electrio com
5
Feb
29%
54
54
Manhatt-Dearborn com..*
"IB"
Masonite Corp com
300
27
Jan
80
54
June
1%
10
15
16
87%
6%
Prior
preferred
*
Metrop Ind Co allot ctfs..
105%
10
Mar
112
June
31
10.421
28
Jan
31
June
87
7
Jan
158
40
Feb
45
Jan
10
23
Jan
28
Feb
22%
2%
80
22% May
170
2
Jan
27%
4X
12
237
6
Jan
12
8%
43
23%
8%
Apr
87%
6%
'
87%
7X
28
25
Feb
4%
Mar
5%
48%
Jan
55
41
May
220
10
215
Mar
220
May
7
7
20
Jan
9
Jan
36
37
30
36
May
48%
Jan
30
30
103
30
May
35%
Feb
5
5
202
5
May
Feb
14%
15
21
8%
28%
31
31
25
Rapid
Wurlitzer 7%
41%
40%
*
Apr
41X
30
10
,_*
50
pref
100
14%
20%
June
Mar
31
Feb
June
Apr
Jan
3%
11%
Jan
19
Mar
62%
50
15
5
5
Jan
Feb
June
Mar
61
1% May
1,150
27
*
Mer <fc Mfrs Sec cl A com.l
Mar
*
33
Apr
30 X
54X
1%
Marshall Field common..*
Mar
15
220
Randall "B"
43
8%
54%
33
120
29%
McQuay-Norrie Mfg com.*
115
Jan
112
5%
41
*
US Playing Card
US Printing.:
JaD
6%' June
*
Preferred
McCord Rad & Mfg A—_*
Jan
8
100
8% pref
Feb
34
150
37
40
5
7%
150
400
7
Jan
6%
Apr
22%
2.50
Moores Coney "A"
—
42%
*
Jan
Jan
11X
Lincoln Printing CoCommon
110
Jan
24
Llbby McNeil it Libby—10
Lion Oil Ref Co
80
79
1
Feb
3
22%
2%
*
0% preferred
Kingsbury Brew cap
6%
29%
8%
42%
23%
*
76
June
31
11%
112
110
*
38%
80
6
10
88
11
Ky Utll Jr cum pref...-.50
IOC
High
Low
100
110
10%
11%
Shares
6%
110
20
Ken-Rad T & Lamp com A*
Preferred
Range Since Jan. 1 1936
Week's Range
Sale
for
Sale
Last
1 1936
Range Since Jan.
Last
Par
Sales
Friday
Sales
Friday
Stocks (Concluded)
3823
Chronicle
Jan
100
Mar
Jan
8
1,500
5%
Apr
110
25%
May
34
Jan
Ohio Listed and Unlisted Securities
Jan
25
June
50
25
18
Members Cleveland Stock Exchange
Mlckelberry's Food ProdCommon
3%
8%
3%
9
4
9X
4%
X
2X
314
Middle West Corp cap
6
Stock purchase warrants
Jan
4%
Feb
Apr
10%
7%
Feb
Feb
Mar
%
3%
Feb
2%
2%
3,900
7
25,550
3,050
3%
May
X
2%
1,740
%
Jan
1
IX
20
2X
5%
4
2X
5%
10
Feb
Midland United Co—
Common
....
Conv preferred A
*
1
220
GILLi SlrJWOODA
Jan
Union Trust Building, Cleveland
Midland Util—
100
7% prior lien
..100
Miller & Hart Inc conv pf.*
Modine Mfg com
*
IX
7% preferred A
%
Jan
11%
55
Feb
41%
41%
100
8%
8%
50
7
May
10%
Jan
50
49
May
52
Jan
350
17
Jan
25%
Jan
Cleveland Stock
Monroe Chem Co—
*
Common
8X
50
Muskegon Mot Spec cl A.*
Nachman-Sprgfilled com.*
National Batsery Co pref_*
Natl Gypeum d A com..6
National Leather oom—10
50
19%
Preferred
20X
12
12
50
11
Jan
15%
32
30
28
Apr
33
49
38%
1%
Jan
65
Feb
48
800
IX
IX
Jan
2%
Jao
National Rep Invest Trum
National Standard com..*
Nat'l Union Radio com._l
%
42%
X
50
32%
Jar
300
42X
1
%
JaD
42% May
Feb
1%
Api
35
26
27 X
900
•
5
5X
950
3%
Northwest Bancorp com..*
9
9X
700
9
27 X
Noblitt-Sparks Ind com..*
North Amer Car
com
27 X
23 X
Northwest Eng Co com..*
25
11%
28X
14
33
140
Jan
6%
JaD
14
May
Jan
100
100
7% preferred
Prior lien pref
Ontario Mfg Co com
Oshkosh Overall
12%
33
18
*
*
com
.....
2
Peabody Coal Co B com..*
Penn Gas & Elec A com..*
18 X
Feb
40
Feb
Feb
Jan
23%
11%
Apr
27%
Jan
Jan
3%
22%
Feb
490
18X
1%
Mar
17
150
Apr
Apr
Jan
3%
Mar
Pines Winterfront com—6
3
3
3%
4,450
2%
Potter Co (The) com
4
4
4X
400
2%
Jan
5%
3X
3X
3X
150
2%
Jan
6
*
Prima Co com
Apr
Mar
57%
59%
1,050
124%
200
122
May
50
142
50
22
Rath Packing Co com
122
146%
100
146X 147
v
Reliance Mfg Co
com—10
27%
20
27% June
32%
Mar
26
26
50
15%
Jan
28%
Apr
Apr
5%
Jan
104%
June
15
Sangamo Electric Co
450
Jan
6%
Apr
Jan
2%
1%
3%
Feb
1,250
11
May
600
35
Jan
Jan
15%
Mar
55
30
Preferred
Slvyer Steel Castings
South Colo Pow
com
com
A
*
.25
50
3X
2%
104 X 104 X
10
76 X
130
89X
90
*
St Louis Natl Stkyds cap.*
Standard Dredge—
Common
I
99
75
Sou'west G & E 7% pfd 100
S'west Lt & Pow pref
3X
3%
Feb
61
Feb
76% June
30
79%
Jan
91
Mar
300
Mar
7
Apr
4k
4X
18%
30%
550
Apr
35%
21X
1,850
20%
Apr
25
10X
3%
8%
Jan
12%
Feb
550
2%
Mar
4%
Feb
IX
300
%
May
2
25
Utah Radio Product com.*
10X
2X
2X
Utll & Ind Corp
Convertible pref
1
*
1
600
14%
3%
3%
200
2%
May
5%
Jan
5
5
5%
950
4
Apr
6%
Jan
31
31
31
550
30
Apr
34%
Jan
16%
17
12
13%
67%
314
20
1,339
Jan
Feb
71%
110^
Feb
67
June
69
Feb
24%
Feb
35
110
Apr
45
May
70
75
28
May
Feb
123
20
Jan
55
Jan
11
35
10
Jan
15
Mar
50
36
Jan
50
June
19% Mar
102% May
105
Jan
350
200
62
Jan
*
Mar
17%
Mar
Apr
15
Mar
Apr
26
13%
30
20
20
35
61%
2%
63
33
50
10%
90
9%
10%
Feb
18%
28
...
May
5% May
11
2%
27%
13%
61%
.._*
17%
26
15
76
Seiberling Rubber
Mar
29
73
"26"
Patterson-Sargent
3%
335
16
33
Packer Corp
Apr
May
27%
*
55
10
14%
21%
7%
*
Jan
20
19%
6%
*
Mar
11
13
7%
25
100
26
220
870
5%
Jan
Jan
34%
59
20
23
18
215
76
Murray Ohio Mfg
Richman
Feb
16
21
Ohio Brass B
41
5%
"l4%
Miller Wholesale Drug.
Nestle LeMur cum cl A.
Jan
5
20
5%
National Refining
35%
43
20
20%
102% 102%
19
20%
47% 47%
17
16%
Medusa Portland Cement *
*
Walgreen Co common
Wieboldt Stores Inc com.*
Wllliams-Oil-OMatlo com*
"l2%
Wisconsin Bankshares com*
5%
21%
com..*
Vlchek Tool.
1,307
1,576
5
147
55
135
2%
2%
Feb
Mar
8%
Mar
Jan
77
Jan
JX
Feb
Apr
35
Jan
Jan
15
Mar
19% May
27
Jan
Jan
68
Feb
27
165
9%
161
56%
425
2%
Jan
'
2
•
Jan
4%
Feb
32
Jan
35
Apr
9
May
12
Mar
Watling, Lerchen a Hayes
Members
Jan
22%
13% June
Wahl Co com
Zenith Radio Corp
17
Lams on & Sessions
Jan
preferred—*
Thompson (J R) com
107%
Jan
61%
Jan
59%
18% May
82
67
Feb
80
Jan
100
Mar
June
Jan
21%
Jan
May
Feb
*29%
13%
29X
x21%
Jan
15
3%
13%
28%
.25
Convertible
Swift International..
*
Stouffer cl A
4%
Swift & Co
102%
_
Preferred
SIgnode Steel Strap Co-
Jan
54
Jan
25
105%
19%
49
—5
Kelley Isi LIm & Tras.. ._*
2,500
Jan
80
70
111% 112%
58
58%
28
30%
50
Greif Bros Cooperage A..*
Halle Bros
Jan
6X
2%
15X
53
2%
15%
10
66%
18%
Fnnt.ft-Rnrt
26
5%
2%
14X
52 X
6X
5
v t c
Jan
26
61% 62
108% 108%
43
Interlake Steamship...
22
Mar
24
43
28
Jaeger Machine
27%
..50c
t c
6% preferred
"58%
90
195
18
-
66
Federal Knitting Mills.
_
90
45
79
—
High
Apr
18%
11%
11
Faultless Rubber
Jan
Raytheon Mfg—
Common
17%
•.
67%
18%
*
Apr
22
10
105
79
-
108%
Electric Controller & Mfg. *
147
May
122
...
Preferred
-
100
Dow Chemical pref
140
Quaker Oats CoCommon...
~
100
Feb
61%
Apr
49%
—
17%
.
Certificates of dep... 100
Harbauer
Jan
56 X
..
—
30
20%
24%
105%
79
100
Preferred
Hanna (M A) $5 cum pref *
Public Service of Nor Ill-
Common
m~
*
City Ice & Fuel
Apr
9
12
24
100
Prior preferred
Cliffs Corp vtc
19
10
2
18%
20
20%
Low
Shares
High
Low
*
Apex Electric Mfg
Cleveland Ry
JaD
Apr
7%
25
Week
..1
Apr
50
10
22 X
..
26%
100
18
10
22X
10
.10
Parker Pen Co com
90
Allen Industries, Inc
for
of Prices
Price
Par
Stocks—
Week's Range
Sale
-_*
Cleve-Cliffs Iron pref
Cleve Elec 111 $4.50 pre!
Northwest Util—
Range Since Jan. 1 1936
Last
JaD
15%
1,050
Feb
Sales
Friday
May
500
Exchange
May 30 to June 5, both inclusive, compiled from official sales lists
Mar
32
48
A. T. & T. GLEV. 565 & 566
Telephone GHerry 5050
Jan
Jan
3%
38%
50
Jan
Mar
5
Mar
1
200
16
Apr
2,450
10
Mar
8%
5%
300
23%
11,700
11
Jan
SI,000
70
Apr
79
Jan
DETROIT
Buhl Building
23% June
5%
Chicago Stock Exchange
Detroit Stock Exchange
Jan
5X
20%
New York Curb Associate
New York Stock Exchange
Telephone, Randolph 5530
Bonds—
Chicago Rys 5s ctfs... 1927
Jan
Detroit Stock
May 30 to June 5,
Exchange
both inclusive, compiled from official sales lists
Sales
Friday
BALLINGER & CO.
Members
Cincinnati
UNION TRUST
Stock
Range Since Jan. 1 1936
Last
Exchange
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Shares
High
Low
BLDG., CINCINNATI
1
Baldwin Rubber com
1
Burroughs Add Mach
*
Burry Biscuit Corp com 50c
Capital City Prod com...*
Consolidated Paper com. 10
Continental Motors com.l
Det & Clev Nav com
10
Det Cripple Creek
1
Detroit Edison com
100
Detroit Forging com
*
Detroit Paper Prod com.. 1
Detroit Steel Prod com... *
Auto City Brew com
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System—First Boston
Corporation
A.T. & T. Tel. Cin. 291
Cherry 6711
Cincinnati Stock Exchange
May 30 to June 5, both inclusive, compiled from official sales lists
2%
9%
25%
2%
10%
26
18
2%
9%
18
845
Jan
1%
9% June
May
25%
200
13
Apr
2,575
3,193
16
16
100
16
June
19
20
385
19
Apr
2%
2%
2%
Jan
3%
14
Feb
Apr
32%
Feb
18% May
24%
Jan
23%
Jan
3% Mar
4%
Feb
2%
8X
24%
2%
2%
150
214
525
4
Apr
140% 140%
2
210
2i2
2%
2%
74
128
Jan
152%
Feb
200
2
Apr
4%
10%
26%
Apr
Apr
2
2
8%
24%
9
24%
16%
14%
4%
21%
5%
5%
16%
62%
8%
2%
7%
13%
14%
4%
22
5%
5
18
18
1,520
315
7%
23
Jan
June
Jan
Mar
Jan
•
Sales
Friday
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Week
Price
*
Aluminum Industries.
Amer. Laundry Mach. ..20
.100
Champion Coated
.100
1st preferred
*
Cin. Ball Crank pref.
Cin. Gas & Elec pref.. .100
.
t»or
tootuole*
nee
oage
High
11
24%
19%
103%
104%
Cincinnati Street Ry_. ..50
Cincinnati Telephone. —50
Low
90%
3825.
11
23%
19%
24%
20%
103%
104
3%
3%
104% 105%
6%
6%
89%
90
Range Since Jan. 1 1936
Shares
Low
High
25
9%
Jan
13%
Mar
19%
19%
Jan
27
Mar
Apr
25
Feb
51
102
40
1%
100%
5%
460
230
260
16%
62
General Motors com
88
165
_*
10
Goebel Brewing com
1
Graham-Paige com
1
Hall Lamp com
*
Hoover Ball & Bear com. 10
Hudson Motor Car com.
*
Kingston Prod Corp
1
Kresge (SS) Co com
10
Lakey Fdy & Macb com.-l
Federal Mogul com
85
Mar
105
Jan
Jan
4%
Feb
Jan
105%
8%
June
Jan
Jan
92
Jan
Mar
"8%
13
.
*
Mich St Tube Pd com 2.50
McAleer Mfg com
5%
8%
2%
6%
13
685
9%
Jan
1,029
1,330
Jan
Apr
115
54%
6%
2%
5%
310
11
Jan
300
14
Apr
550
7,620
1,149
Jan
Jan
4X May
20%
870
Apr
5% June
425
3%
652
16
Jan
Apr
15%
Mar
19% Mar
4% May
25
8%
6%
20
Feb
Mar
Feb
Apr
3824
Financial
Last
Michigan Sugar
Week's Range
for
Sale
Par
of Prices
Low
High
Price
Preferred
1
1%
Low
685
6
6
555
15
15
155
•
1%
6%
534
2234
Jan
5
600
4
»16
Jan
'
10
com
Natl Auto Fibres vtc
36
36
*
10
42%
1034
42%
Parker Rust-Prf com.2.50
23%
15%
s%
534
5%
191
15
Apr
36
June
1,573
*
3% May
Packard Motor Car
Parke-Davis
36
*
com.
-
com
Pfelffer Brewing com
Reo Motor com
*
23%
1534
5
m
Rickel H W
2
com
534
River Raisin Paper com.. *
Standard Tube B
Scotten-Dillon
3%
20%
Tivoli Brewing com
10%
1
*
B
"m
*
*
com
Warner Aircraft
21
150
16%
150
11
734
4,924
3%
2,040
24
'"1%
1
com
3%
2734
16%
10%
7%
3 34
10
Universal Cooler A.
Univ Products
334
26%
*
com..
1%
1
com
6%
3,735
513
100
118
834
"ts
Jan
Mar
1534
11)4
1534
1134
100
11)4
Jan
400
19
19
100
834
1834
Jan
19
Jan
19)4
1334
24)4
Holly Development Co..
Jade Oil Co
10c
9234c
3,300
46c
Jan
1.50
65c
95c
10c
10c
10c
250
9c
Jan
5234c
55c
Apr
95c
Feb
lie
13o
8,200
16,150
48c
13c
8c
Feb
29c
Feb
Lockheed Aircraft Corp.
634
634
634
400
634
Jan
1134
Jan
10c
8,100
6c May
Mar
10c
Mar
116)4
Jan
4
Feb
2834
1834
834
734
Apr
Mar
Mar
9c
—--
115
Feb
Feb
Mr Diablo Oil M & Dev._l
5734c
Feb
7
Jan
334 June
Jan
Rights
Log Ang Gas & E 6% pflOO
Los Ang Industries Inc...2
Mascot Oil Co..
1
Menasco Mfg Co
1
Merchants Petroleum Co.l
Mills Alloy IncB
*
24
80
114
115
334
334
334
70c
70c
70c
434
434
434
Jan
Jan
May
Oceanic Oil Co
Apr
Pacific Finacce Corp
31
Feb
3
Mar
15i6 Jan
June
1134
134
Jan
Mar
Mar
1
10
—10
10
_
_
Preferred A
Preferred C
Pacific G & E 6% 1st
.
_
pref25
Pacific Indemnity Co
.
_
.10
*
*
*
*
Pacific Public Service
Pacific Western Oil.
Signal Oil & Gas A com._. *
Sou Calif Edison Co
25
NEW YORK
30 Broad Street
2)4
17c
600
32c
25c
25c
75c
75c
100
50c
21)4
1434
1134
2,000
1834
1334
*
...
100
Bell Tel Co of Pa pref—100
Budd (E G) Mfg Co
*
2634
164%
122M
1434
1134
2134
5134
107
25c
6
200
500
5134
100
6
6
14
3
Rights 1st paid
Budd Wheel Co
*
Chrysler Corp
5
3
1034
9234
3
496
86
1934
46
2534
240
Jan
15c
1,166
10c
Jan
11834 11834
5134 5134
53
53)4
1734
17)4
2634 26)4
10
11434
Mar
45
Jan
5434
350
50 34
Jan
60
Jan
100
15)4
1134
Jan
Jan
19
Mar
600
2534
2734
Jan
Mar
500
26
7o
429
6234
1,389
1034
834
15
1034
834
Mitten Bank Sec Corp..25
Preferred
25
Natl Power & Light
*
Pennroad Corp v t c—w—*
50
50
Phila Elec of Pa $5 pref.—*
Phi la Elec Pow pref
25
Phila Rapid Transit
50
7% preferred
50
Pennsylvania RR
Penna Salt Mfg
Phil & Rd Coal & Iron
Salt Dome Oil Corp
Scott Paper
434
3034
12334
*
—1
,_——*
1934
61
64
65
134
7734
Rights
Sun Oil Co
234
234
334
334
1034 1034
334
434
3034 3134
12234 12334
11434 11534
3434 3434
534
634
934
1034
434
134
1834 2034
*
303
Jan
2534
2634
2634 2634
.10834 10834
3234 34
3634 37
*
3634
*
*
17
17
17
1234
1234
1234
2134
2134
Universal Cons Oil Co—10
1834
1634
19
24
24
24
Jan
Feb
3334
34
1
Union Traction
434
434
6
50
*
6
*
United Gas Imp com
Preferred
*
4334
1534
11034
*
Westmoreland Ins
*
Westmoreland Coal
280
75
Jan
734
*
8
116
2,925
224
8
Jan
Apr
Jan
13
15
$4,500
Peoples Pass tr ctfs 4s
1943
25
2634
Phila El (Pa) 1st s f 4s_ 1966
1st 5s1966
107
16,000
1,000
4,000
_
Members
Municipal and Corporation Bonds
107
11234 U234
New
Chicago
Chicago
Los Angeles
NewYorkCoffee & Sugar Ex.
Commodity Exchange, Inc.
Honolulu
Stock
Exchange
Beverly Hills
San Francisco Stock Exchange
Mar
Jan
May 30 to June 5, both inclusive, compiled from official sales lists
Apr
May
Friday
Week's Range
Last
Sale
Par
Price
of Pr ices
Low
High
Sales
Range Since Jan. 1 1936
for
Week
Shares
Jan
2134
434
21
2134
4)
560
22%
5%
Atlas Imp
Diesel Eng A. .5
22
22
23
946
34
Feb
5
22
22
24
200
27
May
134
Feb
834
934
4734
1934
Apr
Feb
Mar
113
Feb
Apr
15
Apr
Calaveras Cement com...*
834 May
California Copper
10
Calif Cotton Mills com. 100
Feb
Jan
20
Mar
2434 Mar
10634 May
11034 Mar
27
May
B
Byron Jackson Co
*
Calamba Sugar com
20
20
7% pref
California Packing Corp..*
Calif Water Service pref 100
Caterpillar Tractor
11234
Jan
*
Claude Neon Elec Prods..*
113
Feb
Clorox Chemical Co
*
144
2534
2734
2534
2734
28
325
22
22
22
60
200
1
1
200
30
30
110
45
31
31
418
37%
10
10434
Jan
Apr
78)
Apr
16
Feb
103%
7434
1234
3934
102%
534
103%
7434
1234
3934
100%
3134
103%
7434
1234
3934
102%
138
256
17
160
30
30
274
104
105
70
*
Bolsa Chica Oil A
10
Broadway Dept St pref .100
Buckeye Union Oil pref._l
534
103
334
400
534
400
103
10c
10c
1,000
He
11c
11c
500
*
2634
2634
4134
40
2634
41%
200
27
27
27
100
...25
Citizens Natl T&W Bk.20
Consolidated Oil Corp
*
Consolidated Steel com—*
1234
1134
1234
1134
1254
4
15
15
1134
434
1534
5
Emsco Der & Equip Co
4
*
Preferred
18
1734
18
l
....
Foster & Klelser Co
10
General Motors Corp
General Paint Corp B
10
*or footnotes see
10
10c
Claude Neon Elec Prod..*
Exeter Oil Co A
103
334
1
Preferred vtc
Byron Jackson Co..
California Bank
334
531
45c
334
35e
334
62
1134
ohkp
62
1134
3825.
46c
334
150
200
100
1,100
300
600
3,500
50
62
100
1134
600
Mar
May
97% May
195
334
3234
18
645
14
17%
100
14%
25
97
97
10
3%
1534
6234
3%
1534
6234
17%
9834
434
1534
62%
470
*
38
38
38
538
70% Apr
38% May
*
1134
11%
11%
962
12
com
*
10
com
Corp A
com
Golden State Co Ltd..
*
Hale Bros Stores Inc
*
Hawaiian Pineapple
Honolulu Oil Corp Ltd
5
*
15
Island Pine Co Ltd com.20
High
5
25
Jan
Jan
Langendorf Utd Bak A.
10434
10c May
30c
Feb
Libby McNeill & L com..*
11c
30c
Feb
Lockheed Aircraft-.-
Jan
Apr
Jan
Feb
L A Gas & Elec pref-
Apr
163$
Jan
31J4
Jan
27
May
Apr
1134 Apr
334
Jan
1434 May
14J4
Feb
Feb
434 May
5434
Jan
834 Apr
834
2634
4434
3234
1634
9
1634
29%
2034
2334
9
32
9
0
9
1634
29%
1634
30
26
|2634
2134 2334
834
9
31% 32
12
12
25
26%
1
634
114%
534
234
35
97
555
I
250
1434
Jan
8%
Mar
Jan
4734
Mar
Mar
18%
Feb
May
21
Apr
Apr
112
Feb
3% June jg 4% May
Apr
18
11%
194
280
14%
Jan
18
466
26
Jan
465
280
21%
Jan
21% June
634 Mar
3034
31%
225
27
65
24%
9%
Jan
32
Apr
May
Jan
Feb
Apr
Feb
Mar
Apr
June
7
6%
6%
11434 11434
534
634
234
2%
140
11
Apr
2,433
25
June
16%
29%
120
7
June
11
Jan
11%
116%
Jan
10
Feb
1,932
95
6% May
111
Mar
120
5%
Apr
817
234
Jan
6c May
3%
Jan
Apr
Jan
Feb
10c May
9c
com.
Natomas Company
Apr
N Amer Inv
Feb
North Amer Oil Cons
10
*
534 % pref-100
Occidental Insur Co
Oliver United Filters A
B
Paauhau Sugar
Pacific Amer Fish.
7
7
100
Lyons-Magnus Inc A__—*
234
Lockheed rights
Marchant Cal Mch
Mar
Mar
12
2534
Magnavox Co Ltd
1534
Apr
2034
6734c Mar
434 Mar
7034 Apr
*
*
-.
Letourneau
534
1934
12
6
Jan
334
Jan
534 May
98
Apr
20c
169
a
41%
Hutch Sugar Plant
Low
12
98
70
140
18
Preferred
Bandini Petroleum Co.-.l
0
10%
1,274
Feb
4034
100
B common
Range Since Jan. 1 1936
for
93
Feb
18
Gen Paint
Week
Shares
834
9334
92
Jan
31%
Fireman's Fund Insur
Sales
of Prices
High
7%
9234
93
Giorglio Fruit com.—10
$3 preferred.
Angeles Stock Exchange
Week's Range
734
9234
*
*
2334
109
4134
Di
LOS ANGELES
Low
17
Feb
Feb
Emporium Capwell Corp.*
Emsco Derrick & Equip..5
Angeles Stock Exchange
May 30 to June 5, both inclusive, compiled from official sales lists
Sale
17
Mar
39% May
11034 June
10
30
Galland Merc Laundry
Last
1%
284
104
General Motors
Price
7
5%
1
534
*
-
Jan
30
*
Preferred A
Feb
26% June
3234
Feb
22% Mar
1,810
Crown-Willamette pref
Crown-Zellerbach vtc
Foster & Kleiser
Par
High
Anglo Calif Nat Bk of S F20
Assoc Insur Fund Inc—10
Jan
Dobbs-Crowe-Wagenseller & Durst
Stocks-
Low
Mar
1
Preferred B
Friday
of
Stock
Mar
Mar
Listed and Unlisted
Los
Board
Oakland
Portland
Seattle
Honolulu
Taooma
Sacramento
Stockton
Fresno
San Francisco
New York
Cons Chem Indus A
Spring St.,
Exchange
May
LOS ANGELES SECURITIES
626 So.
Stock
New York Curb Ex.
Cst Cos G & E 6% IstpflOO
Consolidated Aircraft
1
Member Los
York
San Francisco StockExchange
San Francisco CurbExchange
Trade
Exchange
(Asso.)
New York Cotton Exchange
PRIVATE LEASED WIRES
Feb
Apr
Apr
Apr
Apr
10
45C
Dean Witter & Co.
Apr
3834
Jau
51c
Feb
Bonds—
Elec & Peoples tr ctfs 4s '45
Feb
15c
234 May
9034 Mar
Jan
534
4034
1434
10834
934
63c
Jan
Jan
725
Apr
6c
75
Jan
May
034
4334 4434
1434 1534
11034 1U34
1034 H34
Jan
9)4
10c
117
Jan
334
24
Jan
7c
13034
Jan
962
June
10c
1634 May
498
19
1.40
57
1
51c
4)4
Mar
2 34c
Apr
2934
12
100
Feb
2834
Feb
734
3,800
Feb
Apr
Jan
Jan
244
48
20)4
2,500
7,100
150
Jan
Feb
400
Jan
Feb
Feb
Apr
434
16
United Corp com
Preferred
>4
120
lc
975
34
110
22c
Stocks-
Tacony-Palmyra Bridge—*
Tonopah-Belmont Devel.l
Tonopah Mining
1
1434
1.00
Apr
7134
Apr
9,900
Feb
Jan
1
11
4,000
7,000
3534
1234
1634
334
3034
7734
Feb
7,000
11,000
1434
534
13?
Feb
19)4
1.40
39
250
47
200
134c
Jan
131
Feb
36)4 May
14)4 May
1,800
1.30
Mar
3334
234
834
Apr
Apr
Mining—
Mar
112
27
109
Jan
134c
8
66
24
1.30
834
174
Jan
Feb
10634
134c
Jan
945
3034 May
2834 May
2834 May
Imperial Development.25c
Zenda Gold Mining Co __1
Jan
65
Apr
38)4
834
834
Feb
034 May
40o
Apr
11834 June
Cardinal Gold Mining Co.l
13
934
334
2834
11334
27
600
17)4
Blk Mammoth Cons M 10c
262
1,243
145
2134
Jan
Jan
310
100
Jan
Jan
Feb
Mar
50
3,658
145
25
10334
Apr
2434
Apr
5534
Jan
3434 Mar
7034 Apr
1034 May
1134
Jan
Jan
634
2,728
2
Apr
54
30
1,100
26
834
100
1534 Mar
334 May
1431 Mar
1734 June
4434 May
Jan
2234
6034
Lehigh Coal & Navigation *
36
17734
12534
Apr
$
1,580
1134
*
com
100
1134
10
Gimbel Bros
589
2634 May
14934 Apr
Jan
11934
Jan
934
9534
"4534
General Motors
436
Feb
5)4
1234
2)4
Taylor Milling Corp.
Transamerica Corp
Bakeries..*
Wellington Oil Co
1
High
10
Electric Storage Battery 100
General Asphalt10
*
com
615
458
Low
923
1734
4434
2534
Curtis Pub Co
Week
15
11)4 M&y
May
22)4 Mar
55)4
Feb
107)4
Feb
7)4
Feb
32
1834 Mar
48)4 May
10534
Jan
100
Feb
Apr
1,300
Van de Kamps
Range Since Jan. 1 1936
15
Feb
85c
23
6
1234
534
145
10 34
24)4
200
107
1234
6
2634
2634
2634
200
2134
107
1234
1,100
32
3234
Union Oil of Calif
Sales
2634 2734
16434 16634
122.
12234
14
1534
Mar
43c
Jan
Jan
Jan
Jan
32
25o
108 34
Union Bank & Trust Co.50
American Stores
Feb
82)4c
Jan
2034
1434
11)4
3134
2134
51)4
Standard Oil of Calif
May 30 to June 5, both inclusive, compiled from official sales lists
American Tel & Tel
Mar
39c June
1.00
Jan
75o
2134
6% preferred
25
534% preferred
25
Sou Cos Gas 6% pref--100
Philadelphia Stock Exchange
Shares
634
Jan
Apr
Jan
35o June
5734c 5734c
1.00
Jan
500
400
Southern Pacific Co—100
High
800
39c
11834
5134
5334
1734
2634
_
Security-First Natl Bank20
Shell Union Oil Corp
*
1415 Walnut Street
of Prices
Feb
37c
7% pr pref..100
Secur Co units of hen Int. *
PHILADELPHIA
Low
Jan
65C
39c
7c
S J L & P
Philadelphia Stock Exchange
Sale
234
100
35c
1
Rice Ranch Oil Co
Members
Price
1,100
:
37c
Republic Petroleum Co—1
New York Stock Exchange
Par
111
39c
Occidental Petrol Corp—l
Apr
Apr
934
334
Jan
DeHaven & Townsend
Stocks—
267
Feb
16c
Feb
Established 1874
for
Feb
Apr
Apr
5234c
^
Week's Range
Mar
1
Airpl & Motor
Preferred-.-
Last
High
1534
1134
Pacific Lighting Corp
Friday
Low
Gladding MoBean & Co__*
Globe Grain & Mill Co..25
Hancock Oil A com
_*
Lincoln Petroleum Corp_.l
Jan
"i6
Range Since Jan. 1 1936
Shares
Klnner
17
1,000
High
Feb
1234
5%
634
234
8
Low
Price
Feb
June
29
24
for
Week
1234
Jan
555
Vs
Feb
Par
of Prices
50
334 May
25
Feb
36
Jan
4134 May
23% June
14
May
4 34
Jan
534 June
4% May
1,450
8
Wayne Screw Prod com..4
Wolverine Brew
330
4,423
24
10
Stearns (Fred'k) com
Timken-Det Axle
192
604
21
com
com
5
5%
150
522
(Concluded)
Stocks
High
Week's Range
Sale
Shares
4
-10
Mid-West Abrasive com50c
Murray Corp
Last
Range Since Jan. 1 1936
1%
Sales
Friday
Week
*
com
June 6, 1936
Sales
Friday
Stocks (Concluded)
Chronicle
8c
10c
25,864
1734
1134
1734
11%
17%
11%
771
13
660
70
70
70
10% May
6534
Jan
82
14
14
745
14
June
19%
Mar
40
28
Jan
33%
31%
Feb
25
3134
31%
1434
31%
*
24
23
24
670
*
7
7
7
1,326
-10
10
15
1634
1534
1634
1534
1634
15%
25
580
Jan
23% June
6% June
12%
Jan
15
Apr
20%
13
14%
Apr
Jan
Feb
Jan
Jan
17
Mar
17%
Mar
Volume
Stocks (Concluded)
Par
Week's Range
for
Sale
of Prices
Price
Low
High
25
36
35 V8
6% 1st preferred
5**% preferred
Pacific Lighting com
25
25
*
313*
315*
28**
32
preferred
6%
*
(Non-voting) pref
*
Pacific Tel & Tel com..100
28 **
51**
106**
ey8
22%
124
123
Jan
Jan
130
Jan
Jan
848
Mar
50
181
51**
106** 107
6**
6**
22** 22**
39** Apr
Apr
32**
29** May
Feb
56**
107** May
Feb
7**
Apr
24**
Feb
31
1,737
1,753
28**
51**
60
Jan
967
Jan
1,179
35
126
Stocks (Concluded)
High
Low
Shares
36**
Pae Pub Ser (non-vot)com*
Jan. 1 1936
Week
Pacific G & E com
119
Feb
Globe-Democrat
Roos Bros
7**
Feb
Apr
Laclede Steel
25
25
113
Apr
Feb
McQuay-Norris
JL&P7% prpref... 100
%
Schleslnger & S (B F) com *
100
Preferred
Shell Union Oil
*
com
Preferred
100
Signal Oil Gas A
*
sH
4
16**
H9M
510
930
16**
17**
119** 119**
26
26
10
35
Mar
120
June
*
*
Laclede-Chr Clay Pr com.*
Soundview Pulp Co
5
52
52
52
230
42
Southern Pacific Co
100
32
32
34
342
23**
6**
Spring Valley Water Co.
Standard Oil of Calif.....*
Telephone Inv Corp
*
Tide Water Assd Oil com. *
6%
preferred
100
Transamerlca Corp
*
Union Oil of Calif
25
Union Sugar Co com
7%
25
preferred
..25
United Air Lines Trans...5
Universal Consol Oil
10
Western Pipe & Steel Co. 10
Yellow Checker Cab A..50
8%
36 H
40 **
15 **
105**
12**
21X
17%
8**
36**
40**
15**
105**
12**
21%
17**
20
8**
36**
40**
15**
105**
12**
21**
17**
17,755
11
21
29
16**
18**
31**
16**
16**
31**
41**
Mar
10**
Jan
Jan
127**
Mar
10**
Mar
Feb
34**
Feb
123
9**
32**
599
28**
Apr
$3,000
22
Jan
37
28%
Jan
35**Jan
1941
35**
35**
1934
33
33
Bonds—
1,000
Mar
Jan
Feb
15**
Jan
20**
Jan
19
26**
23**
Jan
34**
STRASSBUROER & CO.
Jan
43
June
STREET
MONTGOMERY
133
June
Apr
175
119
Feb
31
31**
Jan
50
tUnited Rys 4s
31**
May
7** June
65
tScullin Steel 6s
15
com
Feb
15
116
272
Mar
Jan
43
7%
126%
7**
Apr
Feb
9**
30
118
118
31**
Jan
484
14%
14**
*
6**
74
10
10
292
13%
10
23
8,157
19
June
125
520
16**
10
Stix Baer & Fuller com...*
19
Apr
29
75
130
Rice-Stix Dry Gds com
*
S'western Bell Tel pf._.100
41
Apr
724
10%
10
100
106** Mar
Feb
14**
Feb
28**
May
18%
Jan
Feb
Mar
61
Feb
9
Jan
Apr
30**
June
Feb
*47%
Jan
14**
101
50
Feb
June
10%
June
54
Wagner Electric
Jan
40
15
650
Nat Candy com
1st preferred
Jan
23
59
Feb
20
29
43
Jan
Apr
Feb
3 %
20
♦
119** June
30*4 May
Apr
58**
Feb
38**
May
36
790
Feb
55
1%
Jan
34 %
23
54
54
*
com
8
Apr
23**
Feb
June
8**
28
10
9%
9%
23
20
com
19
Jan
115
348
27
Mar
Feb
Jan
**
2% May
15** Apr
179
**
14%
13%
25
31**
53**
28
91**
29**
113
18
Jan
Jan
13**
24
85
Apr
28
Key Boiler Equip com
Knapp Monarch pref
Jan
100
15**
47**
2**
Feb
Jan
31**
25
315
100
Jan
120
11%
16H
110
31**
Jan
49%
790
119
6**
16**
470
31**
175
49
com
com
6
120
12
*
Intern at Shoe
20
*
Jan
10%
Mo Portl Cement com. .25
S
June
9%
10
85**
Safeway Stores
Apr
2
*
Hyde Park Brew
June
116
114
90
25
110
116
116
High
Low
Shares
12
19
com
High
Low
2
85
5%
Price
pref..100
Common
1 1936
Week
12
19
5%
for
of Prices
com
1
6%
Week's Range
Hussman-Ligonier pref...*
85
*
5%
Par
Hamilton-Brown Shoe
*
100
Ry Equip & Rlty com
Range Since Jan.
Last
Sale
Range Since
Last
Sales
Friday
Sales
Friday
I
3S25
Financial Chronicle
142
FRANCISCO
SAN
May
(Since 1880)
Apr
Members: New York Stock
Exchange—San Francisco Stock
Curb
Exchange—Chicago
Board of Trade—New York Curb
Exchange (Associate)
Francisco
Exchange—San
Direct Private Wire
H. S. EDWARDS & CO.
A/r«mh0«
Members
UNION
j
May 30 to June 6, both inclusive, compiled from
yCrk Curb Exchange (Associate)
PITTSBURGH, PA.
BANK BLDG.,
Tel
San Francisco Curb Exchange
/ Pittsburgh Stock Exchange
Sale
BROADWAY, NEW YORK
120
Stocks-
100
164**
1
54c
Argonaut Mining
5
Amer Toll
Par
Stocks—
for
of Prices
Week
Price
Low
High
100
224
Preferred
Armstrong Cork Co
25
Columbia
Gas
Jan
100
Elec...*
&
Devonian Oil..,
10
Duquesne Brewing Co...5
Class A
...5
Electric
II %
16**
7%
7**
Jan
20
12
May
Jan
13
May
170
40
60
31
Jan
70
97
Jan
Apr
Feb
2,610
10
Jan
41**
106**
14**
Koppere Gas & Coke pf 100
11
Mar
Jan
50**
Apr
483
4**
Jan
7%
Feb
Fireproofing com..*
20
50c
Mar
441
2%
5**
Apr
100
Fuel
Mountain
Nat'l
41
391
5
Supply...
Preferred
Pittsburgh
154
Glass.25
Plate
595
8**
Pittsburgh Screw & Bolt *
Oil Co
5
30
Plymouth
Renner Co
Shamrock
Standard
&
Gas
1
450
1
Oil
1**
Jan
98**
Jan
7** May
12**
Jan
850
*
Steel
Spring...*
Engine & Fdry...
Vanadium Alloy Steel-..*
"22**
140
3**
Apr
11**
Apr
1**
5**
Jan
Jan
16**
Jan
Jan
Jan
Apr
26
Jan
22** May
40
Mar
31
35
Feb
21
345
165
United
Apr
10
Jan
1
540
60c
Jan
90c
Jan
Weetinghouse Air Brake.*
270
34**
Jan
Mar
Westlngh Elec & Mfg..50
100
97
Jan
47**
122**
Victor Brewing
Co
Apr
Lone Star Gas
6**%
105
106
131
100
113
113
20
*
4
4
17
6% pref. 100
preferred
Pennroad Corp vtc
Jan
106**
108**
3**
Feb
113
7%
Feb
85c
300
65C
Jan
11%
100
1%
15**
Feb
Mar
52
285
4%
Jan
9**
Mar
300
80c
Jan
1.10
Apr
20
58
Fibreboard Prod pref..100
"~90c
Idaho Maryland
LOUIS MARKETS
Mot-.l
Apr
22**
50c
Feb
1.55
Apr
Apr
Feb
10**
Mar
4.60
39c
2%
2.85
1,200
2,200
1,704
1,792
3.15
1.45
52c
52c
55c
25c
25c
27c
30c
22
22
75c
Feb
1.60
Jan
3.90
Feb
50c May
95c
Feb
2,850
1,000
2,700
15c
Jan
58c
Feb
13c
Jan
35c
Feb
21%
28
Apr
2.65
450
4.65
700
4.10
Jan
36**
80
27**
Jan
21c
Jan
29c
27c
29c
1,500
10**
10**
6%
10**
6%
225
zOccidental Pete
Olaa Sugar
20
3%
410
45
4**
43**
Packard Motors
10
10
4**
45
10%
20
31
31
10
12
1,606
.1
11**
5**
11**
6
1,180
Pioneer Mill
Radio Corp Del
Republic Petroleum
5**
11**
Riverside Cement A
5**% preferred
6% preferred
...
26**
42
.
Jan
9
Jan
31
May
Warner Bros Pictures
5
1
Mar
36
Jan
Feb
28**
Feb
25**
27**
Feb
27
Apr
Jan
28**
52**
Feb
Jan
55c
Feb
Apr
Apr
153
Mar
37
21
25c
2,150
3.10
100
3.10 June
11
445
51
95
9 J*
17**
7**
20
Apr
Jan
Mar
24**
10**
51
Feb
100
35c
10
200
10** May
Jan
42**
9** May
23
15
Jan
20
25
5
Jan
Jan
4**
11**
54**
14**
3.10
Western Air Express
3
14**
6**
13**
50
"lo**
5
West Coat Life Insur
33
Apr
Mar
1,778
42
30c
30c
Jan
10
95
26**
26**
28**
26**
28**
25
25
100
12**
27
Feb
50
Jan
100
34
26
6**
Apr
6J*
420
11**
32
25
Feb
6% June
Feb
41
178
Feb
44c
14
Jan
6**
6% June
10
Pacific Port Cem pref.. 100
Pacific Eastern Corp
,
17**
7**
♦
No par value,
r
all
24**
Jan
6** Mar
6% Apr
36** May
Jan
4.65
6
Feb
Jan
5%
36%
O'Connor Moffatt
Business Established 1874
2.95
22c
20
Mountain City Copper
Oahu Sugar
S P Gold Gt pref 6 %
5.00 May
Jan
1.00 May
—1
zMenasco Mfg Co
Feb
21
4**
1
Apr
67
40
54
10
26**
Jan
May
7**
2%
Mar
106
May
17
61
35c
1
Waialua Agrlcult
I. M. SIMON & CO.
105
35
7,500
Marine Bancorp
|JMay
FeD
30
750
1.20
T.20
1
Kleiber Motors
Jan
4.45
1
zKinner Airplane &
44
95c
1
Preferred
55
25** Mar
58** May
Jan
65c
20
Italo Petroleum
17
7**
1
zlnternatl Cinema
100
19%
58**
105** 105**
23**
23**
61*| 61**
21**
21**
61**
20
Honokaa Sugar Co
25c June
20c June
25c
EWA Plantation
zHolly Development
U% May
1
19**
Preferred
1.40 May
6%
10
Preferred
on
Jan
20c
Victor Equipment com
Enquiries Invited
Feb
-
110
6
United States Pete
ST.
Jan
1
3
.5
Mar
5**
Jan
52
Elec Bond & Share
Southern Cal Edison
101
Mar
Jan
Apr
1,448
.1
Shasta Water
Unlisted-
6**
6,045
Dumbarton Bridge
M J & M & M Oil
Mesta Machine Co
85
Feb
85c
General Metals
Mar
Jan
77
4%
4
2**
Curtiss Wright Corp..
Gr West El-Chem com..20
Jan
Jan
Mar
Mar
1.35
1.30
85c
1
Jan
5** June
Apr
Jan
14**
7**
9**
435
865
4
Apr
1**
Harb-Walker Refrac com *
*
Feb
Apr
20
8%
75**
Apr
t
Feb
20
100
Lone Star Gas Co
Apr
15**
1**
pref-.100
Bros
Feb
Apr
3
200
*
Products
Jan
Feb
71c
Jan
15**
74
1.35
1
Claude Neon Lights
Feb
Jan
439
Fort Pittsburgh Brewing. 1
Follansbee
9
Jan
14
5,225
3**
39c
90
5**
8**
74
10
Containers Secur
Mar
Apr
Apr
364
30
1
38**
7**
Apr
Jan
62**
20**
4**
21**
148
*
Blaw-Knox Co
Carnegie Metals Co
High
Low
30**
3**
7%
47**
14**
2**
95
2,300
12
Consolidated Oil
Shares
Allegheny Steel com
*
Arkansas Nat Gas Corp..*
57c
11**
Bunker Hill-Sull...
Cities Service
Range Since Jan. 1 1936
Week's Range
Sale
177%
Apr
16**
12**
5%
8%
Cardinal Gold
Last
High
Low
150
182
54c
12
Bancamerica-Blair
Sales
Friday
Range Since Jan. 1 1936
Week
Shares
164** 165**
Ark Natl Gas A
official sales lists
May 30 to June 5, both inclusive, compiled from
Low
16**
Amer Tel & Tel
Pittsburgh Stock Exchange
of Prices
High
Price
Bridge
Anglo Natl Corp
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Par
for
Week's Range
Last
A. T. & T. Tel. Pitb-391
Court-6800
official sales lists
Sales
Friday
Apr
Feb
Jan
9**
Feb
Cash sale—Not included in range for year.
c
t In default.
Cash sale, x Ex-dividend, y Ex-rights, z Listed,
Mid'Wemtern and Southern Securities
MEMBERS
New York Stock Exchange
St.
Louis
Stock
York Curb
Board
New
Chicago
Exohange
315 North Fourth St., St.
CURRENT
(Associate)
of
Trade
NOTICES
—Baar, Cohen & Co. announce the opening of a department trading in
Louis, Mo.
ghts and all delisted reorganization and obsolete securities.
Telephone Central 3350
.
—Sanderson & Porter announce that Prank W. Lawrence has retired
consulting capacity.
from the firm and will continue in a
St. Louis Stock
Last
Sale
Stocks—
Par
Price
Week's Range
of Prices
High
Range Since Jan. 1 1936
for
Week
Shares
Low
Amer Credit Indemnity. 10
61**
*
8%
Brown
Shoe common
Mfg com
33
*
*
13**
Jan
61H June
28** Mar
52
29
43
Feb
30
Apr
29
2
29
June
29
June
27
2
27
June
27**
52**
53
125
50
May
64**
Feb
67
67**
135
48**
77
Feb
8**
550
Century Electric Co—100
Columbia Brew com
5
42**
6
43
28
6
15
*
15
15
Ely & Walker D G 2d pf 100
1
100
100
Faistaff Brew com
&
Willett,
6**
6**
5
25
188
27
8
Jan
June
42** June
3
Jan
9**
43
6%
Apr
June
Mar
13%
Apr
15
June
97
Feb
100
June issue of their
—Eastman,
McKenna
—Ely
as a
Jan
7**
Feb
companies.
New
York, are distributing the
Over-the-Counter Review.
Dillon
&
Co.
announce
the
admission
of
Norbert
A.
general partner.
Margolis
has
become
associated
with
Allen
&
Co. In their
municipal bond department.
—Edward
now
Lowber Stokes & Co. announce that
Joseph A.
Overton is
associated with them.
June
4**
that
with them.
115 Broadway,
Mar
8
Chicago Sou Air L pref
Elder Mfg common
Feb
29
preferred
preferred
Burkart
21
39
27
A...
7%
61**
21
28 J*
American Inv B
have
—Estabrook & Co., 40 Wall St., New York, have prepared a statistical
analysis of fifteen fire insurance
High
—Bristol
144
New York Stock Exchange,
—Estabrook & Co., members New York Stock Exchange, announce
James H. Potter is now associated
Sales
Low
Co., members
removed their Boston Office to 49 Federal Street, t
May 30 to June 5, both inclusive, compiled from official sales lists
Friday
Fahy &
—Lapham,
Exchange
—Weeden & Co., Incorporated, have
14 Wall
Street.
moved their New York office to
June 6,
Financial Chronicle
3826
1936
Canadian Markets
AND UNLISTED
LISTED
Provincial and
Bid
Province of Alberta—
1 1948
1 1956
Jan
6s
Oct
4
12 1949
July
3 1937
Oct
1 1942
112
68
Sept
15 1943
117
5a...
May
1 1959
97
95
92 34
94
Province of Manitoba—
1 1941
434s
Aug
68
June 15 1954
5a
Dec
2 1959
103
102
June 15 1936
Apr 15 1960
Apr 15 1961
434s
434s
100
Sept
15 1952
6s
Mar
11960
Jan
111
10034
Par
112
Province of Quebec—
Price
Low
High
Range Since Jan. 1 1936
Shares
20
128
103
40
2134
Coal B 25
25
434
1554
434
1534
834
834
1134
234
8
13
11334 11454
Distillers-Seagrams
4s
Feb
1 1958
110
111
Dominion Steel &
May
11961
114
11454
Dominion Coal pref
Dominion Stores
6a
June
15 1943
97
99
Eastern Steel Products.
534s
Nov
Oct
15 1946
1 1951
96
98J4
92
9334
_*
..*
Easy Washing com
English Electric A
Fanny Farmer
111
127
2134
2 1950
*
*
*
*
Frost Stl & Wire 1st pref 100
Ford A
11634
203
*
Mar
Prov of Saskatchewan—
200
20234
434s
434s
Week
Gas—.—100
Cosmos Imperial
*
Preferred
100
Consumers
112 J*
110
for
of Prices
Low
High
119"
10534 10634
151965
(Concluded)
112 J*
Province of Nova Scotia—
434s
1 1962
June
Stocks
Week's Range
Sale
113
434s
10634 10734
107
10834
Prov of New Brunswick—
434s
4s
11734
Sales
Last
10234 102 H
7234
70
Jan
5a
Exchange
Friday
Ask
534s
434s
11953
Oct
434s
Bid
Province of Ontario—
75
72
Prov of British Columbia—
5s
Toronto Stock
Municipal Issues
Ask
1934
103
13
2334
434
2,265
1634
185
944
Jan
189
Jan
1734
102
Apr
Apr
1834
434 May
14
May
370
8
May
550
10
Mar
35
234
134
Jan
20534
Apr
Feb
2234
103
Apr
Jan
3434
8
Feb
Mar
1734
Feb
1134
1334 May
Feb
234
20
2034
1334
2034
1334
2034
14
1,079
1034
1334
Jan
1634
2234
8,757
2034 June
2834
89
89
89
5634
60
5
Jan
89
June
23
Feb
Feb
Feb
100
Feb
7234
Mar
59
Mar
6934
6934
110
6434
56
56 34
224
5334
Gen Steel Wares com
*
3
334
10
3
June
Great West Saddlery
*
2
2
50
1
Jan
3
Feb
100
22
22
10
13
Jan
30
Feb
Goodyear Tire
Canadian
*
Preferred..-
50
Preferred
Wood,
Bonds
Harding Carpets
*
*
Hinde & Dauch
*
Imperial Tobacco
Internatl Milling pref—100
Internatl Nickel com
*
*
B
1334
*
67
Loblaw Groc A..
*
2034
1834
B
Maple-Gar. Preferred...10
Massey-Harrls com..
Railway Bonds
Bid
4s
6s
M cColl-Fr ontenac
Bid
Ask
Ask
Canadian Pacific Ry—
Canadian Pacifio Ry—
perpetual debentures.
Sept 15 1942
4348
Deo
15 1944
6s
July
1 1944
9334
111
9334
11134
10034
100
434a
Sept
Dec
1 1954
July
10434
10734 10734
104
10434
1 1946
5a
434s—
104
11960
11534 11534
*
100
Preferred..
Monarch Knitting
Moore Corp com
534
*
100
Preferred
...»
Bid
Bid
1434
10234
"36"
1 1951
434s
Sept
434s
4348
June 15 1955
Feb
1 1956
4348
July
1 1957
July
11434 11534
117
11734
11534 11534
11234 113
.Oct
1 1969
1 1969
11734 11734
5s
119
11934
5a
Feb
1 1970
119
1 1946
July
6348
12634
Grand Trunk Pacific Ry—
48...
Jan
11962
101
10134
3s
Jan
11962
99
9934
6a
11936
Sept
10134 10134
Par
Stocks—
WA. 3401-8
1.45
100
6% preferred
Beatty Brothers
Range Since Jan. 1 1936
Low
._*
Russell Motors pref-—100
100
Bell Telephone
100
pref .60
Brantford Cord 1st pref. 25
Brazilian
*
Brewing Corp of Can
2
148~
145
32
3034
1134
234
Preferred..
1634
3134
3034
1134
234
16
High
1.25
Jan
234
Feb
734
305
634
Jan
1254
101
234
148
934 May
110
93
Jan
447
2
May
519
141
Apr
15
Jan
105
Mar
334
Jan
150
Feb
32
June
...»
3434
35
33
Jan
42
10
3734
Jan
4754
*
5
5
140
35
35
106
634
70
Feb
2034
Jan
27
Mar
26
30
10
10
25
9
Feb
42
43
19
42
May
434
1
534
534
7
Canadian Locomotive
*
3
Canadian Oil
*
434
99
534
7
734
634
334
12
12
12
1234
1234
234
1334
*
101
100
♦
Smelters..25
May
Feb
15
48
Consolidated
Feb
93
Apr
634
*
Feb
75
634
4434
Consolidated Bakeries
8
Jan
205
7
Carnation.Co pref
Cockshutt Plow
Jan
58
80
520
734
47
Canadian Wineries
6
431
734
*
25
Jan
Apr
Cndn Industrial Alcohol B*
Canadian Pacifio
Feb
134
Canadian Ind Alcohol A, .*
Canadian Dredge
6
44
55
1534
25
Apr
May
85
98
1634
5534
3
15
4
Mar
21
8834
Jan
660
534
June
534
Apr
335
334
Feb
1234
Jan
57
Feb
634
100
834
8
Feb
May
Feb
Feb
Feb
290
1334 May
1754
802
3734
Jan
4934
Apr
June
1234
Feb
11
Jan
4
Mar
3,455
10
15
175
6,124
315
10134
155
634
790
16
1634
346
5534
5634
2,236
634
34
Jan
"62"
15
115
1134
Jan
1834
Feb
29
100
19
Jan
2934
113
Apr
May
80
Feb
6734
6034
Apr
May
25
100
Jan
76
170
73
May
10934 10934
62
63
683
57
Jan
56 34
57
390
4934
Jan
834
10
220
105
105
60
9
9
9
5
1034
234
1034
234
1034
959
234
2834
380
28 34
*
1834
1834
1834
931
534
534
25
976
Jan
106
May
1234
Feb
Jan
1234
Feb
234 May
2634
Apr
1754 Mar
4>4 Apr
434
3434
Feb
19
Feb
10
Jan
9
Jan
36
May
65
Jan
May
51
June
1334
Apr
May
1734
102
Mar
234 May
3
Feb
1634
99
9834
99
200
3
234
3
859
57
152
*
Jan
834 May
50
51
1434
100
102
Apr
11
10
47
51
15
834 May
Jan
30
44
*
*
27
22
76
10934
Feb
Apr
654
100
23
2834
Canada
3,783
98
Jan
Imperial
100
58
Apr
104
149
Jan
170
Feb
16
190
Jan
22234
209
64
198
May
221
Feb
192
13
18234
Apr
213
Feb
282
190
239
190
100
....100
58
209
57
152
..100
153
20034 205
50
100
Commerce
282
1
271
Jan
300
Feb
5134
Jan
Feb
31
164
Jan
182
Feb
2
225
Jan
235
Mar
Jan
160
Feb
May
90
Mar
100
16834
16634 170
...100
Toronto
22634
226 34 226
Loan
and
150
149
151
103
75
76
59
75
1034
1034
12
1034 June
34
Trust-
Canada Permanent
100
Huron & Erie
—.100
*
13734
14»4
Jan
7
634 June
Jan
134
12
May
Jan
1054
234 May
100
May
634 May
1534
Apr
51
May
18
Jan
1534
354
Feb
Feb
10134 June
Feb
834
18 34 Mar
5754 May
Exchange—Curb Section
Toronto Stock
May 30 to June 5, both inclusive,
compiled from official sales lists
Sales
Friday
Jan
8334
134
15
_*
Preferred
434
30
>
Jan
154
534
634
1534
Canadian Car
June
634
3734
50
*
"22
0
June
1834
Apr
42
.
May
95
334
120
16?4
3334
_*
75
Jan
*
.
Mar
Conv preferred
Apr
79
*
*
...;
Feb
Canadian Cannerslst pref
40
4,315
Mar
4
Canadian Canners
85
160
634
Jan
115
11
26
June
3
4
26
Feb
20
Feb
Apr
"42"
40
Jan
534
Mar
Mar
Can Wire & Cable B
*
Canadian Bakeries pref 100
Feb
6
95
120
434
1.40
Canada Wire & Cable A..*
25
20
120
1534
Jan
13
32 34
"734
10
245
50
Jan
234
960
2834 May
8234
Jan
35
20
Toronto Mortgage
934
263
169
8334
Feb
Feb
4,068
30
*
Canada Steamships pf.100
Mar
Feb
2934
Canada Steamships
Apr
20
June
30
634
135
Jan
95
*
6734
Jan
1634
205
Brit Col Power A
69
130
130
Apr
2734
*
Mar
734
May
Jan
100
Mar
230
June
84
Mar
Preferred
165
Jan
5
196
85c
Canada Cement..
Jan
175
5
1634
Canada Packers
146
12
4
1,330
Bread
10
625
85
4,212
preferred
Mar
205
95c
B
Mar
85
2334
Canada
Jan
5
39
Jan
205
23
25
105
Jan
Jan
3
2734
100
3134
90c
Burt (F N)
Feb
1754
100
Jan
Mar
2334
v
Mar
Toronto Gen Trusts
27
30
*
Building Products A
Jan
734
40
20% preferred
National Trust
167
881
*
4
Feb
4
Feb
32
3034
1234
234
British American Oil
B__
97
10
1,714
Feb
1834
Feb
Brewers & Distillers
90c
Mar
250
734
100
_
June
20
25
com.
Mar
21
1634
734
1634
28
Photo Engravers
Power Corp
Nova Scotia..
350
10
100
*
130
69
Jan
245
263
75
Montreal
1.55
*
100
Preferred
Beauharnola Power
Blue Ribbon 6 34%
7
534
Jan
185*
1734
994
410
Feb
65
Ma
234
434 May
2934 May
Jan
1234
70
434
36
90
Royal
Abltlbl
103
75
Dominion
Shares
434
3534
1,016
Feb
Mar
Banks—•
Week
Price
102
130
Western Can Flour pref 100
Sales
for
1434
334
534
3434
1534
8834
534
2234
1334
Western Grocers...
Westons (Geo) com..
Toronto Stock Exchange
of Prices
Low
High
334
534
5
75
1,642
156
Western Canada Flour...*
May 30 to June 5, both inclusive, compiled from official sales lists
Week's Range
107
75
New preferred
Sale
10534 June
10534 10534
67
6734
2034 21
18
1834
8834
Zimmerknlt
Last
9
216
1
....
Walker (Hiram) com
Preferred
Membert Toronto Stock Exchange
Friday
Jan
5
Tip Top Tailors.
*
Tip Top Tailors pref...100
Twin City
—*
Canadian Commodity Exchange, Inc.
New York Curb (Associate)
King Street West, Toronto.
Jan
156
100
Preferred
15
Jan
40c
634
20
United Steel
Feb
1434
2.25
334
Orange Crush 1st pref—100
2d preferred
Union Gas
Feb
30
Ontario Equitable
Orange Crush
Steel of Canada....
STOCK BROKERS
Apr
Feb
200
100
Simpsons Ltd pref
Duncanson, White & Co.
1434
54
v':,-; 5
215
Pressed Metals.
Grand Trunk Ry—
11934
Feb
10554
634
Page-Hersey
Pantepeo Oil
Ask
Canadian Northern Ry—
Canadian National Ry—
58
Bonds
Ask
25
Feb
4
1.00
•
National Grocers
Preferred
4334iMay
95
100
•
B
10
6,081
330
Jan
834
1534
1.00
33
33
National Sewer Pipe A..
Dominion Government Guaranteed
4734
534
234
1234
May
Jan
May
1334
Apr
101
May
100
103
4534
100
A
521
240
Jan
534
654
Laura Secord...
Private wires to Toronto and Montreal
6
334
1334
1434
95
~i~6o
..100
Preferred
Inc.
534
334
1234
103
"4634
*
Kelvlnator
Co*.
&
New York
"l234
*
Internatl Utilities A
14 Wall St.
"6
5
Gypsum
Jan
Mar
Range Since Jan. 1 1936
Last
Par
Brack Silk
for
Sale
Stocks—
Week's Range
of Prices
Low
High
Week
Price
1034
*
Canada Bud.—
...*
Canada
*
*
Malting
Canada Vinegars
Canadian Wire Box A
*
934
DeHavlland Aircraft
Dominion Bridge
Dom Tar & Chemical
32
740
20
1934
2434
2034
235
33
33
80
8034
26
Hamilton Bridge
Hamilton Bridge
High
June
634
Mar
3034 May
1934
May
1,266
21
Jan
25
33
June
10
1634
934
35
2734
Mar
Apr
Feb
Jan
2634 June
35
May
77
Apr
90
Jan
5
2
Jan
7
Mar
3734
1,066
32
Jan
4034
Feb
534
220
4
7334
3654
76
*
*
2634
Low
1034
3634
4
*
100
Preferred
670
3134
100
.-.*
934
225
32
Consolidated S & G pref 100
Corrugated Box pref
9
11
Shares
""434
4
4
434
Jan
40
56
Jan
305
4
734
Feb
79
Apr
May
Jan
Pref.100
34
34
20
30
Jan
37
Feb
Honey Dew
*
50
50
13
40
Apr
70
Feb
Humberstone Shoe
*
60
2934
Mar
Imperial Oil
*
8,677
2031
Int Metal Induat
Apr
4
Jan
734
Apr
42
105
30
Jan
42
Jan
3634
30 34
37
5,587
3334
Jan
3934
Apr
30
Apr
3434
Feb
Jan
1334
4334
1734
Mar
30
21
2134
534
International Petroleum..*
3634
.*
32 34
10
Montreal Power
Feb
2434
150
38
*
100
Preferred
35
Jan
6
30
21
3234
312
10
10
20
9
National Breweries
*
43 y2
4334
70
39
Jan
National Steel Car
*
14
1434
10
13
May
Mercury Mills
♦No
par
value,
*
f Flat price.
Apr
Feb
Volume
Financial
142
3827
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Week's Range
Sale
Par
(Concluded)
North Star Oil
...5
...
1.55
*
Ontario Silknit
Low
9
9
100
Preferred
Rogers-Majestic
Standard Paving
22 Ho
May
:
4%
320
Apr
6H
Jan
20 %
715
19%
Jan
23%
Mar
Sherritt Gordon
1H
2%
200
1.15
Jan
3.00
Mar
Sladen Malartic
12
11
Jan
Feb
18
18
4
22
*
7c 125,476
45c 101,135
Feb
3 Ho
Mar
18Ho
Jan
48Hc May
Jan
38Hc
28c
35,400
18c
63,370
21,029
75c
Apr
1.00
Jan
8Ho
Feb
1.15 May
93c
93c
1.05
1.05
1.10
1
44c
43c
47c
Sudbury Basin
*
3.75
3.60
3.80
Sudbury Contact
1
May
1
1.19
1.19
1.30
28,600
56,014
19c
Sullivan Consolidated
83o
Mar
1.41
May
Sylvanlte Gold—
1
2.65
2.55
2.70
17,090
2.25
Mar
2.90
Feb
53c
50c
58c 108,100
28o
Jan
68c
May
June
H
35H
135
30
Jan
38
Feb
38%
10
32
Jan
40
Mar
Jan
6
Feb
May
119
Apr
29
Feb
Taabota Goldflelds
1
Feb
Teck-Hughes Gold
16,650
3,990
43c June
Jan
3.00
6o
Jan
1.40
Apr
52c May
Feb
4.95
Feb
34
2
2
2
50
112
112
10
25
Toronto Elevators pref. 100
100
United Fuel pref
High
Low
Shares
1.05
1
38H
34H
*
Thayers
42c
23c
1H
*
Superteet Pete ord
42 c
1
4%
.100
Tamblyns (G)
*
Anthony Gold
Shawkey Gold Mlnea
19%
*
Preferred
80
40
84
Stadacona-Rouyn
St
4%c
Range Since Jan. 1 1936
for
Week
of Prices
High
Feb
4%
*
WeekslRange
Low
Feb
14%
90
9
Price
5c
May
Jan
Par
*
Mar
1
{.Concluded)
Soutn Tlblemont._
1%
215
10
1.55
9
82
Sale
Stocks
High
Low
Shares
19%
*
Shawlnigan
High
1.55
Last
1 1936
Range Since Jan.
for
Week
of Prices
Price
Section
Sales
Friday
Sales
Last
Stocks
Toronto Stock Exchange—Mining
Exchange—Curb Section
Friday
25
115
1%
109
20
.
15c
15c
16c
Toronto Stock
2H
2H
2H May
120
3%
Exchange—Mining Section
Last
Sale
Par
Stocks—
Price
5.00
5.65 127,444
4.30
Mar
5.65
2.00
2.00
2.20
42,120
2.00
May
2.50
Apr
1
1.35
1.35
1.56
Jan
1.56
June
Exploration-1
37c
36c
40c
5,700
13,816
14,245
2,953
1.20
20o
Jan
1,60
Jan
2,50
Feb
1.00
Jan
1.37
Apr
110 May
20$£o
Feb
Towagamac
Ventures
May 30 to June 5, both inclusive, compiled from official sales lists
»
for
of Prices
Low
High
Acme Gas & Oil
11c
11c
13,600
11c
May
Alton Gold
1
5 He
5c
9 He 164,850
4c
May
AJax Oil & Gas
Alexandria Gold
40c
40c
1
3Hc
2Hc
45c
1,300
3%c 156,500
lHc
Jan
4%c May
5.10
4.10
Jan
5.45
May
97c
Arnt.f Iflld
45c June
1,244
79c
79c
500
65c
Apr
1.35
1.55
12,200
1.15
Apr
Argosy Gold Mines Ltd—
1
Ashley Gold
1.40
12c
12c
Astorla-Rouyn
1
5%c
5c
Bagamac Rouyn
1
8Hc
8Hc
Barry-Hollinger
1
7c
6Hc
17Hc
17c
*
Base Metals
Jan
11 He
Mar
10c
June
17Hc June
40c
Jan
Big Missouri...
1
61c
—1
17c
16c
18c
8.00
7.75
8.60
*
Bralorne Mines
61c
Toronto Stock
65c
28c
97,400
18,400
16,491
33,650
8,922
6,200
14,050
Mar
1.20 June
55c
May
13c
Apr
5.55
Jan
55c June
Stocks—
Par
Price
21c
Brett-Trethewey
Central Manitoba
1
8Mc
1
26c
1
7c
1
25H
26
18c
Feb
_.l
22c
Jan
1.39
Feb
Lake Maron
•
10HC
Hudson Bay
*
Klrkland Townslte
26
9c
2,500
5c
Jan
Feb
Malroblo Mines
1
4Hc
•
1.10
1.10
1.20
Mar
1.40
Feb
Mandy Mines
*
24 He
1.55
1.43
1.55
21,400
3,650
95He
...1
1.15
Jan
1.60
1
1.45
1.41
1.52
25,625
4Hc
1
3.50
3.32
3.55
44,530
""16c
..
Central-Patricia
...*
9c
95
l—o
2.15
2.13
59%
t
59H
...1
6C
6
Dominion Bank of Canada.
1
Falconbrldge
"92"
*
...
7.90
1
Federal-Klrkland
.
Franklin Gold
...1
God's Lake
Goldale
Gold Belt
...I
Graham-Bousquet
Granada Gold
1
Grandoro
—
1
Gunnar Gold
1
Holinger Consolidated ...5
—
1
.
1.43c
22 H
Jan
28%
Feb
14H0
3Hc
Jan
31c
May
Jan
10 H
June
Feb
Feb
10c
17c
15,150
7c
Jan
Jan
3.55 June
Parkhlll Gold
1
19Hc
22c
18,900
Jan
2.75
Pawnee-Ktrkland
1
Jan
61% June
Pend-Oreille
1
Apr
6Hc
6c
75o
Jan
1.20 May
8H
4H
2.16
15c
16
17c
16H
45 Ho
2o
•
10H 285,600
2.89 607,150
Jan
10Hc June
37c
Jan
3.20 May
7c
Jan
18 Ho May
85,900
13 H
11,091
Mar
17 H
Jan
76c 111,900
1 lc
Jan
77c 89 He 159,400
55 He
Mar
29o
Jan
65c
30c
Jan
65o May
41o May
94c May
60
Mar
63c
28,375
12,400
2,752
48,725
26,950
61%
25c 100,215
61,500
5,705
2%o
6.05
59%
4c
4Hc
6.50
6.90
7c
7c
8Hc
3.85
3.80
4.30
...1
4.40
3.95
*
21c
Jan
81c May
93c May
May
5o
Jan
19c
Apr
1.38
May
12c
Jan
Mar
Mar
29Hc
6H0
Mar
7.75
Feb
7c June
Feb
3,000
62,692
3.60
64,755
3.12
20HC 24Hc 222,000
20C
24c
29,050
46
44%
5,815
1.60
1.70
76,005
3 He
5c
76,900
26c'
29c
19,000
5Hc
5Hc
Jan
26c May
1.35
4.65
1.53
40
14He
Feb
May
5,05
May
Jan
4.73
Feb
Jan
25c
May
Mar
1.22
Mar
2Ho May
21c
1.19
70,935
Jan
Apr
49%
Jan
1.73 May
15c
Feb
42c
Jan
1.65
Jan
24c
Feb
*
14c
14c
15c
2,300
13c
Jan
1.60
1.50
1.50
160
50c
Feb
1.50 June
--.*
1.20
1.15
1.25
2,963
1.11
Apr
1.50
Jan
"*
66c
66c
70c
6,800
7 Ho
Jan
1.00
Mar
24c
63c
60c
5c
4%C
3MC
3c
2.45
*
Northern Canada Mining *
72,850
15,500
6%o
58o
Jan
33o May
80c
Feb
6 He 209,700
Ho
Jan
7Hc May
2o
Jan
4Hc May
28c
65c
3 He
33,000
2.35
2.50
1,500
58%
56%
59%
4,959
55c
55c
63c
50,000
2.35
11c
11c
68c
65c
4.65
4.05
1.00
2.70 131,760
13c
1
2.40
Apr
3.05
44%
28Ho
Jan
59 % June
63c May
34o
32,131
5.20
89,707
1.15 209,630
Jan
Jan
8c May
Mar
57,900
68c
Jan
40c
Jan
2.90 May
15c May
Y9c
Feb
3.50
Mar
5.20 June
50% 0
Jan
1.25 May
1.74
Feb
1
1.40
1.40
1.50
13,375
1.12
Jan
2Hc
...
2 He
3Ho
17,500
2%o
Jan
4Ho
Feb
65c
65c
558
60c
Jan
70c
Feb
6.00
6.60
24,266
3.95
Mar
6.95
Apr
*
""l
6.10
1
9.15
9.10
9.35
16,20
9.00
May
12.00
Jan
-.1
2.45
2.38
2.47
4,500
1.80
Jan
2.48
Mar
Prospectors Airways.. ...*
2.40
1.85 634,010
...
2.25
2.25
Preston (new)
III*
1.80
1.48
Quebec Gold..
Read-Authler
—.1
85c
85c
—.1
2.22
2.18
2.36
64,487
85c May
1.44
Jan
Reno Gold
...1
1.34
1.29
1.35
12,500
1.00
Mar
*
1.53
1.45
1.62 134,375
50o
Jan
22 He
Roche-Long Lac
90c
20c 24Hc
2,445
20,200
77,300
2.10 May
21c Mar
5%o
Mar
Royalite Oil
*
27 K
2.22
254
-.1
27 H
2.25
28 H
San Antonio
2.40
12,545
2.15
Mar
Sheep Creek
.50c
73c
73c
76o
56c
Jan
1
...1
3.43
3.41
3.53
7,800
26,150
4.65
4.65
900
27
2.87
4.40
May
3.25
2.05
Jan
May
1.40 May
2.36 June
1.35 May
1.62 May
28o May
39 H
3.45
.
Montreal Stock
May 30 to June 5, both inclusive,
Jan
13Ho May
Feb
Exchange
Feb
Jan
82o May
Jan
3.58
Apr
Jan
6.25
Jan
compiled from official sales lists
Sales
Friday
Range Since Jan. 1 1936
Last
Par
Stocks-
Acme Glove Works Ltd-.*
Week's Range
for
Sale
of Prices
Low
High
Week
Price
15
*
Agnew-Surpass Shoe
*
Preferred
'102%
High
76
7H
7%
102% 102H
10
Jan
10
100
Jan
107
Mar
15
Apr
7% June
15%
June
*
10
4
Jan
6
Jan
—*
Amal Electric Corp
Ang-Canadian T—
Pref 7% Can reg
3
3
25
2
Jan
3
Feb
50
Bathurst Power <fe Paper A *
*
100
Brazilian Tr, Lt & Pr
*
British Col Power Corp A. *
Bawlf (N) Grain
Bell Telephone
14
20
11
165
109
30
53
13%
160
148
267
11H
11H
12 H
8,340
28%
29 H
4
29%
1,011
4%
11%
34%
6%
55
♦
10
10
Building Products A
*
*
33M
33%
100
Preferred
A
*
Corp...*
Canada Steamship—.—*
Preferred
100
Canadian Bronze
*
New preferred
100
Canadian Car <fc Foundry
6%
69
68
3
Can Forgings class
Can North Power
1,606
2
145
Bruck Silk Mills
Canada Cement
14%
2
148
*
B
53
10
108
......
*
...100
Associated Breweries
"24H
24
70 H
3
24 H
51%.
Jan
9% May
104
May
10 H
Mar
1H May
141
Mar
3H
10
Jan
Feb
17 H
Feb
4H June
150
Feb
Jan
15H
32 H
Feb
May
5%
Feb
June
110
33
Jan
433
6
May
881
58
Jan.
3
June
200
Mar
15
Jan
9%
28
1,085
54%
110
642
22 H
Jan
16
37 H
8
Feb
Jan
Jan
Feb
74
Feb
7
Feb
25H
Jan
1.50
"7H
1.60
35
1.25
Apr
3%
Feb
7H
7H
286
6%
Apr
15%
Feb
31
Jan
41
Apr
102H May
105
June
30
38
105
—
105
20
6
7
13
10
5%
Apr
8
Feb
—25
15
14H
15H
2,865
2,310
Celanese——*
27
27
27 H
740
25
—100
*
118
116
120
105
112
May
128
Jan
20
20
20
18
Feb
21
Mar
28
28
5
Jan
30
Preferred
Canadian
Low
15
15%
15%
4
Alberta Pac Grain A
Preferred
Shares
4
Feb
1.03
5
.
4c
Feb
18,050
6.70
Peterson-Cobalt
-
56c May
26Ho
112
1.02
May
1
105
2.45
9c
Wood-Kirkland.
72o May
4 He
*
Jan
4 %c
13Ho May
1
Olga Oil & Gas New.
Omega Gold
—.*
Pamour-Poreupine
Paymaster Consolidated..]
4c
lie
103
1.38
O'Brien Gold
May
17c
30Ho June
—.*
Noranda
Mar
23o
1
Jan
10 He
Nlplsslng
7Ho
Jan
1
Temlskamlng
Jan
22c
*
Jan
2o
Sudbury Mines...
Feb
17c May
1.29
Newbec Mines
3Ho
Mar
10c
21c
26c
5%c 164,000
200 276,900
17,700
8Hc
4Hc
9.50
Jan
5%c
22c
...1
9c
Jan
3,500
72,325
59%
M orris-Kir kland.
Apr
3c
12
59 H
Murphy Mines
4c
6.90
64
1.42
26,500
5%c
4%c
20c May
1.31
..
Mar
Jan
5Hc
9%c
Jan
9Hc
Merland
1/>C
lo
5c
9Hc
1
30 H 190,407
26c
Feb
1
10
4Hc
May
1.20
1
58
1.61
10 Ho
May
Robb Montbray..
20
44%
Jan
75c
Porcupine-Crown.
59
Mclntyre Porcupine.. ...5
1
McKenzle Red Lake..
2 Ho
Ritchie Gold
3%o
Feb
69,400
1,400
9Ho 10Hc 89,400
9c llMc 204,300
Feb
92,850
Jan
31Ho
8c
Feb
May
Apr
7o
17c June
75c
Mar
45c
26c
6c
7c
7c
I80 June
6H0 May
75c
1.38
27 H
20c
'6 He
Jan
Jan
16
.III
15c
92c June
4 He
Jan
64c
*
1
4Hc
86c 231,990
.
Osisko Lake
Jan
1
McWatters Gold
May
Jan
1
McMillan Gold
14c
6c
65c
1
Jan
32c
1
Manitoba & Eastern-
8,700
4,100
14Ho
60c
.
Jan
5c
26c 236,600
56c
Lowery Petroleum
MacLoed Cockshutt..
Mar
18c
4Hc
Jan
Lava Cap Gold
.
Jan
14c
16Hc
*
Feb
Lebel Oro
..
lHo
4Ho
5
13
,
6c 305,900
3Hc
1
Nordon Corp
48c
54c
3,050
Oil Selections
20C
16
24Hc 24Hc
Night Hawk
Jan
lie
70c
Lamaque-Contact
So American G & P
Jan
Apr
1.45
9c
Siscoe Gold
72 Ho
Feb
Mar
58c
1
Read Lake-Gold Shore
May
1.80
5,400
95
17,150
8.10
3,970
8H 133,700
91,900
5H
1
Lake Shore Mines.
Premier Gold..
Feb
9c
1.60
42
5,400
71c
Kirk Hudson Bay
Klrkland-Lake
Pioneer Gold
13Ho
2.80
4,545
1
J M Consolidated
Pickle Crow
Jan
Apr
1.69
15
78c
Howey Gold
Perron Gold
6 Ho
4c
3.55
Mar
15c
Hard Rock
Harker Gold
Petroleum Oil & Gas.
Mar
78c
Jan
75c
2.45
,
,
3Hc
Jan
Jan
95
31H
—
-
20Hc
♦
Greene-Stabell....... —.1
,
Jan
40o
3c
1,875
104,300
3.55
3,250
2.37
9,381
61 %
6 He
14c
21,750
41% 240,500
51c
12,600
4H
90
36
1
.
6%
94
•*
Goodflsh Mining
7.90
4'H
1
Moneta-Porouplne
Feb
lHo
Mar
90c
6H
92
7
•
Mining Corp...
4.50
1.24
9
3.50
*
Coniaurum
Dome Mines
Mlnto Gold
22c
5 He 10HC 1482300
4c
5c 168,200
9Ho May
May
2.41
95
7
......
*
.
Mentor Explor
7c
Mar
.-1
Canadian-M alar tic
„
Mar
1.02
Jan
McVlttie-Granam
Feb
34o
1.02
73c
Maple Leaf Mines
7o
Jan
*
400
Mac ass a Mines
Jan
12c
Home Oil
1.01
,
lHo
8c
1.00
Little Long Lao...
27,700
8c
6Hc
*
Lee Gold Mines
1,110
31c
6Hc
Jan
Homestead Oil
12
2,800
4,650
22,900
6,575
6Hc
2c
Halcrow-Swayze
37,000
42c
1
6c
Eldorado
2Mc
*
8,000
Explorers. I
2o
Grozelle-Kirkland
72,350
Dom
2.25
East Crest Oil
12Wfi
Conlagas
175
Mar
"2 He
lie
Clericy Consolidated
2.25
5
*
Chemical Research
Jan
*
Bunker Hill
Castle Trethewey
May
3Ho
Dalhousle Oil
Buffalo Canadian
Calmont Oils
May
8Hc
67,100
32,450
32c
Jan
*
Cariboo Gold
130
Jan
23c
16c
.
Jan
8.60 June
7.85
Calgary & Edmonton
2o
HHo
Coast Copper
Cobalt Contact..
12c
8c 10HC
June
60,300
9Hc
8Hc
22Hc 28Hc
Jan
8.00 May
13c May
High
22c
76o
1
Low
Jan
Churchill Mining
7.05
8HC
Range Since Jan. 1 1936
Week
22C 481,515
Feb
25Hc
10c June
7c
17c
1.84
12c
Jan
Jan
41c
*
7.40
Jan
30
2.25
Aldermac Mines
1
9c
5Hc June
Sales
Friday
Isoc
3.80
Jan
Exchange—Mining Curb Section
Buffalo Ankerite
B R X Gold Mines
3o
May 30 to June 5, both inclusive, compiled from official sales lists
for
3 Ho
14,750
55c
Shares
5He
55c
Jan
48c
Feb
1.35
Feb
71c
8.00
49c
of Prices
Low
High
Feb
Feb
40c
9.00
Mar
8.25
Week's Range
25c
1.20
Mar
38c
*
*
Sale
6Ho
49c
7.55
6,200
1
Last
Jan
1.25
6Ho
5%c 195,400
10c
92,400
8.30
7,235
4Hc
7Hc
1.60 May
May
1
Bobjo Mines
Feb
6 He
*
.
70c
2Hc
19c
4c
*
Feb
88c May
18,440
Beattle Gold Mines
Bear Exploration
18Me
6Hc 149,500
9Hc 119,100
10c 404,174
15c
14c 110,943
White Eagle
Jan
Anglo Huronlan
5.00
1.12
Wright-Hargreaves
High
Low
Shares
*
*
1.97
1.05
12 He
Wlltsey-Coghlan
Range Since Jan. 1 1936
Week
12c
1.82
13c
1.82
Ymlr Yankee Girl
Week's Range
44c May
1.09
Walte-Amulet
Wayside Consolidated .60c
Sales
Friday
5.40
*
Toburn Gold
2H
„_*
Texas-Canadian
*
Walkervllle Brew
Preferred 7%
Rights
6
20
Canadian Converters.-100
May
H
23H
175*
Feb
May
31H
Feb
Jan
.100
50
50
20
48
Jan
50
Jan
Canadian Cottons pref. 100
100
100
19
97
May
105
Jan
Fairbanks pref... 100
99
99
5
98%
Apr
100
Jan
29
29
29 H
3,025
32%
32
36
Canadian Cottons
Can
Candn Foreign Investm't-*
Candn Hydro-Elec
pref 100
Candn Industrial Alcohol.*
Class B
*
*
Canadian Paclflo Ry—.25
Cockshutt Plow
*
Con Mining & Smelt new 25
Crown Cork & Seal Co—*
Dominion Bridge—_.— *
Dominion Coal pref
Dominion Glass
100
100
Coal B 25
Dominion Textile
*
Preferred
100
Mar
48
Jan
12H
11H
Feb
7
7H
3,735
7
June
6
6H
990
6
June
2%
2H
35
2%
Jan
12%
6H
13H
5,313
10 H
Jan
15H
Feb
6H
375
6H May
9H
Feb
55 H
15
56%
3,208
51
May
75
15
Mar
37%
21%
36 H
23%
37 H
16
15%
16
"l2%
6H
56
112
15
112
140H 140%
100
Preferred
Dominion Steel &
34
Apr
6
21%
Seagrams
Jan
26
7
Canadian Locomotive
Dlst Corp
23%
583
4H
4%
5
32
400
14
16
Jan
Jan
57% May
17
Feb
106
H
Jan
Apr
34%
Jan
18H
1,275
2,051
4
40%
Feb
Apr
17%
Feb
Jan
115
Feb
6
136H
Jan
146
Feb
1,415
4%
May
8
Feb
69 H
146 % 148
173
65
May
79
Jan
32
144
Apr
148
June
4%
4H
305
4H May
7
Feb
22 H
14 H
23%
620
19H
Foundation Co of Can—*
14%
145
13
*
3%
3H
210
56%
56 H
38
Dryden
-*
Paper..
1
Electrolux Corp
General Steel Wares
G'year T Pfd Inc
*No par value.
1927.100
65
148
"23"
56 %
65
55
•
Jan
28 H
Mar
3%
18%
May
5%
Jan
Jan
58%
Mar
Feb
Apr
3828
Financial
Chronicle
June 6, 1936
Canadian Markets—Listed and Unlisted
Montreal Stock
Sale
(Concluded)
—-»
Gurd, Charles..
Gypsum, Lime A Alabast. *
Hamilton Bridge
*
Hamilton Bridge pref-_100
Hollinger Gold Mines-.--6
Holt Renfrew pref
100
Howard Smith Paper
♦
of Prices
High
Low
Price
Par
7
for
554
6
252
4
16)4
......
4)4
1554
1654
35
4
9J4
13)4
Int Nickel of Canada
•
46
46
10)4
91)4
,14
4754
100
30
30
30
4
4
81
81
137
136
International Power pf. 100
Lake of the Woods
♦
Preferred
mm
Massey-Harrls
*
*
15
Montreal Cottons pref. 100
Montreal L.HAPr Cons.*
40
100
Montreal Telegraph
Montreal Tramways
.
.
20)4
137
1454
1554
.
3,871
»*•
Feb
Feb
Goldale Mines
Jan
6
Feb
Feb
J-M Consol Gold
Lake Shore Mines
Jan
16)4
Jan
22
Feb
Jan
135
Apr
90
5
Apr
10)4 May
93
7
86
7,773
30
56
56)4
25
93
93
5
1,560
4254
44
42
42
14
14
42)4
1454
Niagara Wire Weaving.—♦
..---—
55
55
56)4
59)4
59
88)4
1
Jan
1754
Lee Gold Mines Ltd
Jan
100
34
Jan
100
56c
63c
15,050
28%o
5954c
9)4c
60c
335
10c
4,000
6e
60c
60c
\
18o
Feb
1,900
13c
Jan
29o
Mar
2,000
3c
Apr
6c
Feb
4454
4554
350
Mar
46%
Jan
39
5.10
1
19)4c
34
Jan
55
Jan
,
59)4 June
Mar
21c
31)4
Feb
1.42
1.50
3,050
1.12
Jan
1.75
Feb
6.55
3.95
Mar
6.95
Apr
75c
May
1.40 May
1.43
Jan
2.36 June
2.88
Mar
3.60
83o
Mar
1.37 May
520 May
19c
85c
91c
1
2.23
2.20
2.36
—1
3.45
3.44
3.50
Sullivan Consol
1
1.20
1.20
1.31
28,089
Sunloch Mines
*
45c
44c
47c
1
5.50
5.50
Quebec Gold Mining Corpl
Read-Authier Mine
57
199)4
Jan
240
Mar
162
11
152
Jan
162
June
Feb
95
Mar
Feb
110
Jan
Thompson-Cad.
Mar
57
Jan
Ventures Ltd
Jan
18)4
Feb
Wayside Con G M Ltd. 50c
Jan
18
Feb
Wright-Hargreaves
......
White Eagle Silver M Ltd *
Feb
15
14
15)4
1 280
1654
16
1654
140
Power Corp oi Canada...*
Quebec Power
*
Regent Knitting
Preferred
4)4
Rolland Paper pref
100
8t Lawrence Corp.
A preferred
*
60
......
1.60
9)4
15
Mav
140
100
100
79
6)4
12)4
Feb
15
Jan
104
Mar
__1
Arno Mines.
8
Jan
2)4
11)4
Feb
625
Apr
Cndn Malartto Gold
18
40
Jan
50
Apr
Central Patricia Gold
20)4
Jan
32
Jan
23)4
28
29
1.50 May
437
~~28~~
Shawlnlgan W A Power..*
1954
1954
20)4
Sberwln Williams of Can.*
16
16
16
100
115
114
19)4
4,305
35
16
May
1
.1
Duparquet Mining
Howey Gold Mines Ltd-.l
Jan
Klrkland Lake Gold
115
10
114
June
11
11
12
693
11
June
*
61
61
63
536
57
Jan
67 H
Apr
San Antonio Gd M Ltd.
5654
56)4
5654
623
49)4
Jan
60 H
Apr
Sherritt-Gordon Mines
23
23
115
20
May
32
50
51
99
48
Feb
51
3
37
13
13
2)4
11)4
Jan
5
50
50
10
......
—*
Winnipeg Electric
"254
*
13
100
100
254
50
Jan
May
127)4
14
5c
5)4c
8.56
8.10
8.30
7)4c
Canadlenne
100
Commerce
100
57
142
58
4)4
18
2o
Jan
12c
Apr
600
98o
Mar
1.42
Feb
2.43
Mar
3.65 June
5)4o
4c
6c
93c
93c
96C
85c
87c
2,200
..
.
...
Jan
51)4
65c
1.38
Mar
91c
Jan
55c
4.60
2.25
1
1.06
1.05
1.09
Jan
Stadaoonna-Rouyn Mines *
42c
42c
44c
Apr
Sylvanite Gold
2.63
2.62
2.72
1.45
1.60
665
6)4
7)4
230
105)4 105)4
2)4
254
10
1
Mar
930 May
43%e May
2,600
8,535
1,300
2,425
3.95
2.20
3.18
Jan
4.73
2.20
Mar
3.40
Jan
1.00
Jan
1.40
Apr
55,850
18^0
Jan
860
.
2.38
Mar
1.30
May
Feb
48 He May
2.89
Feb
Mar
Mar
67)4
Jan
Unlisted Stocks—
Abltlbl Pow A Paper Co..*
1.50
68
Mar
100
7
....
Brewing Corp of Can..
*
..
2)4
Jan
140
Feb
._*
16)4
16
170
Feb
Canada Malting Co Ltd..*
31)4
31)4
192)4
115
184
214
Feb
Canadian Light A Pow. 100
......
2054
284
271
Jan
300
Feb
Can Pow A Paper inv pref *
Claude Neon Gen Ad Ltd.*
1
93c June
65c
Apr
May
19
Jan
750
85c
1054c
2.20
148
283
36,100
4c June
4.40
.
133
284
9,300
1
_
42
100
Mar
4,900
108
Nova Scotia
Mar
7.65
1.20
139
190
3%c
5%c June
8.90 Feb
3.55
154
100
Feb
June
1.15
152
Montreal...
Feb
21c
3.40
138
189
2.60
1154c May
654c
152)4
"
73%o
7c
mm
1
Macassa Mines Ltd
Cum 6% pref
57
5.65 June
Mar
~~3~50
.
Atlantic Sug Refln pref 100
50
4.30
Apr
37 %o May
1.60
Jan
8,000
1,100
1
Mar
Banks—
Canada
13c
-
Eldorado Gold Mines Ltd 1
Jan
*
*
.
1
Apr
Mar
20
Southern Can Power
Wabasso Cotton
—
...»
Steel Co of Canada
25
1.85
44o June
6,200
5.65
6,780
73)4c 254,460
1.95
3,400
14c
2,900
Unlisted Mines—
475
50
St Lawrence Paper pref.100
Preferred
57c
1.85
*
954
9)4
68c
•
Jan
Mar
97
Teck-Hughes Gold
1.60
1.60
47
St Lawrence Flour Mills 100
11H
14)4
190
4)4
15
25
48
\8%o
1,280
13,500
18,083
7,875
220
88
5.10 June
6.05
162
101)4
2.90 May
Jan
1.42
215
6
Jan
6.05
162
51
35o
3.75
1
47
44)4
40
..1
Parkhlll Gold
Pickle-Crow Gold
20
Jan
13,470
4,175
11,100
Perron Gold
Feb
52
650 May
60c May
24c
2.70
Feb
93
Jan
Jan
52
454c
4.65
Feb
109
Jan
22c
22c
2.90
17)4
52
430 May
730 May
454c
9)4c
4.65
44
93
Woods Mfg pref
Feb
60c
22 %0
23c
Apr
Apr
440
2,200
35c
2.42
43
109
Preferred
190
42c
21c
*
Jan
93
Western Grocers Ltd
Feb
24c
21c
O'Brien Gold Mines Ltd-.l
Mar
109
Preferred
Mar
June
Pamour-Porcup M Ltd
220
*
Apr
Jan
61
Jan
May
100
Preferred
1.10
150 May
9.60
Jan
*
Penmans
1.69
2.30
60
13
Ottawa L H A Power—100
Jan
43
100
103
100
Preferred
Jan
Jan
1
Blscoe Gold
Ogllvie Flour Mills
2o
Jan
.
3954
9,719
Jan
,37
6.90
mwtmmmm.mrn
Mclntyre-Porcup M Ltd_5
220
80
Apr
1.27
10,050
61
8.15
He
31
1,160
7.90
5954c
Mar
Jan
1,880
8,175
59
56
Jan
22o
13C 227,650
2.00
Jan
40c
lie
925
1.49
High
75o
Apr
15c May
Feb
May
Apr
6554
85
Apr
1.75
1.75
Lamaque Contact Gold M*
Lebel Oro Mines Ltd
1
Feb
10c
1.46
Low
55o
1,479
2,000
1,000
34
8.00
1
1
754
33)4
lie
Greene-Stabell Mines..-.1
14)4
57
32)4
4354
.*
54
33
123
1,050
16c
......
Faloonbrldge Nickel.....*
Francoeur Gold—
*
308
.
.
.
14)4
Cartier-Malartic Gold
Jan
3)4
89
20c
15c
34
5
1
Apr
27
355
16c
15c
Dome Mines..-------...*
Mar
65c
......
Range Since Jan. 1 1936
Week
Shares
High
61)4c
63)4c
Consol Chlb Gold Fields—1
Mar
93
25
Noranda Mines.
Mar
119
Mar
13)4
43)4
3054
-
-
—
mm
...*
Preferred..
Castle-Trethewey M Ltd.l
.
-
-
32)4
National Steel Car Corp..*
National Breweries
Jan
88
119
5
5
5
McColl-Frontenao Oil
562
3,534
8354
19
100
40
9)4 May
Apr
30
.
-
Jan
30
20
-
Big Missouri Mines—...1
Brazil Gold A Diamond.. 1
B R X Gold Mines
50c
for
e
of Prices
Low
Price
Par
Bulolo Gold Dredging
Mar
90)4
Jan
(Concluded)
3654 May
Jan
17)4
13.60
10
14
.
Jan
5,490
10
♦
6)2
May
Feb
91
Int Paper & Power pref
International Power
Mar
25)4
100
Preferred
8)4
8)4
5
Imperial Tobacco of Can.5
Stocks
High
6)4 May
554 June
45
35
Week's Ran
Sale
Low
180
35
Market
Sales
Last
Range Since Jan. 1 1936
Week
Shares
7
35
Curb
Friday
Sales
Week's Range
Last
Stocks
Montreal
Exchange
Friday
Preferred
5)4
6% June
105)4 Mar
2 50
Feb
13
Feb
106
Feb
Jan
4)4
485
13V4
Jan
18 H
345
3054
Apr
35
20
Jan
23
Feb
Jan
6
Apr
470
1654
32)4
2054
5)4
2%
13
4 %
48
Feb
Mar
Feb
HANSON BROS
ESTABLISHED
255 St. James St., Montreal
56
Sparks St, Ottawa
25c June
60c
Jan
3
621
2
Jap
354
Feb
*
5)4
115
454
Apr
9%
Feb
5)4
5)4
5)4
554
*
5)4
95
2J4
Jan
May
7%
Feb
B
Loblaw Groceterias Ltd a *
Massey-Harris pref
100
McColl-Frontenao Ollpf 100
Industrial Bonds
330 Bay St., Taraota
Jan
25
19
Jan
2054 June
230
30
May
11
2254
50
50
50
75
23
23
5
2054
2054
33)4
34)4
103
-
.
.
-
-
33)4
—...
102
1,523
value
96%
Jan
254 May
68
3
119
25
24)4
25
1,755
•
Royallte OH Ltd
Montreal Curb Market
Feb
65
11
20%
28
28
28)4
3
100
Preferred
par
Feb
28 %
11
.1100
Price Bros Co Ltd
♦No
1634
20% June
48 % May
18 %
Jan
11
5
21
General Steel Wares pf 100
Int Paints (Can) Ltd pfd 30
Public Utility and
1883
120
254
Eastern Dairies pref.-.100
Ford Motor of Can A
*
Municipa
INCORPORATED
30c
2)4
Donnaconna Paper A
Canadian Government
i
25c
Consolidated Paper Ltd..*
22
May
26%
360
Jan
29%
Mar
40
Jan
104)4
6% May
Mar
40
Feb
89)4
Apr
/Flat Price.
May 30 to June 5, both inclusive, compiled from official sales lists
Last
Sale
Stocks—
Par
Price
» * * * * *
^
i
Sales
Friday
Week's Range
of Prices
High
Low
Range Since Jan. 1 1936
for
Week
Shares
Low
Government
High
SECURITIES
CANADIAN
Municipal
•
•
Private wire connection between New York,
Asbestos Corp voting tr._*
Bathurst Pow A Pap cl B.*
Beauharnois Power Corp.*
Bright (T G) A Co Ltd- .*
Brit Amer Oil Co Ltd
*
Brit Col Packers (new)
*
27
.......
2)4
"23%
9
Canadian Vickers Ltd
*
Canadian Wineries Ltd
Preferred A
_
_
*
15
City Gas A Elec Corp Ltd *
2
23
9
110
......
20
......
546
47
1,805
152
57
37
2%
......
......
2)4 June
1334 June
14
100
1.75
1.75
105
275
74
6
6
1.75
*
"13%
*
12%
Home Oil Co Ltd
*
1.02
Imperial OH Ltd
*
8
Feb
Apr
12
Jan
Asbestos Corp of Can 5s '42
BeauharnoisLHAP 5)4s '73
Beauharnois Pr Corp 5s '73
Bell Tel Co of Can 5S.1955
Feb
Brltlsta-Amer Oil Co 5s '45
Brit Col Power 5)4s..l960
5s
Mar 1 1960
115)4 116
102%
105% 106%
10254 103)4
106
Feb
7%
21
......
36%
1.00
50
85c
Jan
2%
Apr
Brit Columbia Tel 5s. 1960
1334
12%
1,317
9
Jan
19%
Feb
Burns A Co 5 )4s-3 )4s. 1948
645
8
Jan
19
6)4 a
1 1942
f57%
1 1947
10054
70c
Jan
1.46
Feb
Calgary Power Co 5S..1960
20%
234
33%
Jan
24%
Apr
Canada Bread 6s
Jan
Canada Cement Co 5)4 8 '47
3954
Apr
Cana Canners Ltd 6s. 1950
15%
Mar
97%
108)4
105% 106%
10534
86
85)4
10354 104
-
254s to '38—5)4s to *49
1.15
21
21%
3,695
4,491
3
3%
200
1.02
36%
37
13%
15%
25
1,665
Apr
Jan
13)4 June
6
1941
79%
107
98
par
value) 3s
....
67
66
67
105
107
2.60 May
9)4
9%
9%
395
9%
Apr
1354
Feb
Can Lt & Pow Co 5s..1949
101
102
Ottawa Lt Ht A Pr 5S.1957
6
6
6
590
5
Apr
8
Jan
88
89
2
2
15
2
Apr
2
Apr
Canadian Vlckers Co 6s '47
Cedar Rapids M & P 5s '53
Ottawa Traction 5)4s.l955
Ottawa Valley Pow 5 )4s '70
Jan
Consol Pap Corp 5)4s.l961
79
9
4)4
8
99%
1.65
9
Jan
Jan
Mar
9
94%
101
5%
Feb
11
Apr
98
Jan
100
Mar
1.65
10
4)4 June
1.50
Jan
3.00
Feb
81
Apr
25
Mar
234
105
2)4
Apr
105
26%
Apr
354
34%
Feb
28%
84%
11134
18%
18%
50
17%
Jan
19
Feb
23
23
9
20
Feb
95%
...
Shawlnlgan W A P 4)4s '67
Simpsons Ltd 6s
1949
Smith H Pa Mills 5)4s '53
...
97%
2%
28%
2%
100%
85%
90
9054
104)4 105%
7
19
9454
1 1957
Saguenay Power 4)4s_1966
104
75
...
74
82
Feb
35
...
124% 125
124% 125
101%
105% 106%
98%
98%
103)4 10354
104% 105%
105)4 106%
113
8
...
9954 10054
of Can 4 )4s '59
Price Bros A Co 6s
Feb
434
99%
Power Corp
Deo
Feb
89
66
Certificates of deposit—
Nova Scotia LAP 58.1958
Jan
112% 113%
f35% 36%
—-
5054
10154 102%
50o
United Securities Ltd.. 100
48
Northwestern Pow 6s. 1960
200
4%
46
1939
1.00
......
79%
104
82
950
Sou Can P Co Ltd pref. 100
Thrift Stores Ltd
*
---
79
88%
8934
104% 105
f30% 30%
1.00
......
5754
78%
Canadian Inter Pap 6s '49
Can North Power 5s..1953
......
-
Feb
12
97%
...
1943
Certificates of deposit...
Provincial Pap Ltd 5)4s '47
Quebec Power 5s
1968
...
1
1
......
~~39c
8%o
10c
38c
40c
15,400
36,400
Southern Can Pow 5s. 1955
105)4
Steel of Canada Ltd 6s '40
113
United Grain Grow 6s. 1948
9754
99
83%
80%
84
105%
Gatlneau Power 5s..
i
97%
10054 10134
.*
•
Mines—
...
11%
15
Gold
...
Feb
34
Beaufort
29
Ask
Bid
Feb
Feb
6)4s
87%
2954
Mar
46
Barry-Hollinger Gold
8634
16
9
•
104 34
36
...
80
90
Preferred
Feb
Jan
98
Jan
99
Walkerville Brewery Ltd.*
Walker-Good A Worts...*
1.35
f44
44%
Mar
98
*
Feb
Utility Bonds
Ask
5
4)4
89
...
3.00
Bid
Abltlbl P A Pap otfs 5s '53
Alberta Pao Grain 6s... 1946
60
99
Sarnla Bridge Co Ltd A..*
May
16
89
Rogers-Majestic Ltd A
15
115
Power of Can
pref. 100
Jan
65c May
26%
Voting preferred
*
Page-Hersey Tubes Ltd..*
oum
Apr
1.00
Foreign Pow Sec Corp Ltd*
Mitchell A Co Ltd (Robt) *
Montreal Ref A Stor vot tr*
Industrial and Public
2)4 June
5)4
76%
*
INew York • HAnover
System! Tele. NY 1-208
wwwwwmmwwwwwwwwwmwwwww'ww'wwwwwww
Feb
90
2)4
5)4
5%
76
E Kootenay Pow cum pf 100
•
Bell
www wrw
Apr
Feb
330
Melchers Dist Ltd A
4854
3%
8%
A__*
Inter Util Corp class B ..1
Jan
4
20
Inter-State Ray Corp
Jan
Royal Securities Corporation
2»6363
30 Broad Street
Apr
27%
2% May
100
*
1.11
May
75
75c
Int Petroleum Co Ltd
Jan
600
35%
(Can) Ltd A—. *
13
3
75c
Int Paints
Apr
2
2)4
13%
1.50
27%
2
35%
8)4
Voting trust ctfs
Feb
60
Feb
3
....
75c
Fraser Cos Ltd
Jan
9
20
35%
8%
100
3%
105
Corporation
Montreal and Toronto
May
5%
2
60
30
Mar
3
534
Dorn Eng Works Ltd
*
Dominion Stores Ltd.....*
Cum pref
Jan
May
5% June
16%
Jan
8
May
107 54
Feb
133
2%
5%
23%
9%
110%
20%
Commercial Alcohols Ltd. *
Dom Tar A Chemical Ltd *
17%
4
44)4
*
Catelli Food Products B
28%
3)4
5%
Can Nor P Corp Ltd pf 100
Canada Vinegars Ltd
*
Cndn Dredge.A Dk Ltd..*
27
96%
...
4%o
Apr
10c June
/4934
50
United Becurs Ltd 5)4s '52
30o
Jan
47c May
103% 104
Winnipeg Elec 6s.Oct 2 '54
...
81)4
Volume
Financial Chronicle
142
Over-the- Coun ter
3829
We
Buy and Sell
Coca-Cola Bottling
Masonite Pfd.
(New York)
South Coast Corp,
STOCKS & BONDS
Coastland Oil
Missouri Kan.
Cache La Poudre
HouRqse SHrqster
Texas
Pipeline
Taggart Pfd.
Climax Molybdenum
Oil
Robert Gair Pfd.
Remington, Arms
Established 1914
74
Trinity PL, N, Y.
Members New
Quotations
Philadelphia.
Bid
a3)*s July 11975
d3J$s May 1 1954
City Bonds
04s
May
1 1957
a 4s
Nov
1 1958
1119* 11254
a4s
o4s
May 1 1959
May 1 1977
111?* 1125*
11254 11254
o4s
Oct
112 j*
1 1954
1 1980
a45*s Sept 1 1960
aiXB Mar 1 1962
115
aiXB Mar
115
115
1 1964
Ask
Bid
Ask
102?* 1035*
106
10654
106
10654
105
10554
10494 105
1073* 108
111?* 11254
o354s Mar 1 1960
a354s Jan 15 1976.
a3?*s July 1 1975
Private wires to principal cities in United States and Canada.
Over-the-Counter Securities—Friday June 5
on
Now York
a354s Nov
Inquiries Invited
Dealers Association
Oven-end telephones wire to Boston. Newark and
•
mm
Whitehall 4-3700
York Security
u35*
11554
11554
11554
a45*s April 1
a45*s Apr 15
a45*s June 1
a45*s Feb 15
a45*sJan
i
a45*s Nov 15
a45*s Mar 1
a454s May 1
a4 54s Mar 1
a454s June 1
a4 54s July 1
11554 11654
116
11694
-
Bank and Insurance Stocks
Bought, Sold and Quoted
11654 11754
ii m 11754
11754 11754
1977
1978
1981
NIIINDS, WINSLOW & POTTER
11794 11854
11654 11754
A Nov 11957
40 Wall Street,
11754 11854
1963
11854 119
1965
1967.
o4 54s Dec 15 1971
a454s Dec 1 1979
o6s
11554
115
1966
1972
1974
1976
ii m
1
...'
Jan 25 1937
Members New
120
12054
121J4 12254
10354 10354
Bid
Highway Imp 454s Sept '63
Canal Imp 454s Jan 1964..
Can A Imp High 454s '65..
Ask
Bid
Ask
World War Bonus—
2.90
_
13254
13254
mm.
.
12954
_
...
York, Chicago and other Stock and Commodity Exohanges
New York Bank Stocks
New York State Bonds
Canal A Highway—
5s Jan & Mar 1946 to *71 b
Par
Bid
Port of New York—
Ask
2854
Merchants
50
59
National Bronx Bank
Bensonhurst
50
85
National Safety Bank. 12 54
13.55
38
40
Penn
10
9
1254
33
35
Peoples National
50
52
25
40
42
325*
33?*
18
21
100
Bank
80
90
50
20
25
National..50
1454
1654
...
Chase
Exchange
10
...
City (National).
...
...
Commercial National.. 100
168
174
Public National
Fifth
950
975
Sterling Nat Bank A Tr_25
Trade Bank
1254
100
Avenue
Flatbush National
Ask
100
1915
27
National...100
Kingsboro
60
George Washington Bridge
Gen A ref 4s Mar 1 1975.
Gen A ref 2d
ser
354s '65
10694 107
10454 10454
Gen A ref 3d
ser
354b '76
102
1029*
Inland Terminal 454s ser D
MAS
108 J* 10954
105
106
Holland Tunnel 45*8 ser E
1936-60
MAS
11254 1139*
4s
ser
B
1936-50..JAD
4 54s ser B
1939-53.MAN
1936-60
Bayonne Bridge 4a series C
1938-53
Bid
27
Bank of Yorktown__66 2-3
...
First National of N Y..100 1S75
Bid
Ask
Par
Ask
Bank of Manhattan Co. 10
April 1940 to 1949.. b 2.10
Highway Improvement—
4s Mar A Sept 1958 to '67
125 34
Canal Imp 4s JAJ '60 to '67
12554
1145*
Barge CT 4s Jan 42 to *46
11594
Barge CT 45*s Jan 1 1945.
4 5*s
Port of New York Authority Bonds
Bid
New York
Whitehall 4-5500
11954
JAJ3
10194
...
11254 11354
New York Trust
Par
Bid
Companies
Par
Ask
Bid
Ask
Banca Comm Italiana.100
Bid
48 1946
454s Oct
1959
454a July
1952
5s
Aprl
1955
5s
Feb
1952
554a Aug
10154
10654 10754
10654 10754
10154 10354
1941
108
....
110
Empire
10
23
24
494
Fulton
100
208
215
GuarantyIrving
Kings County
100
10
283
288
5654
Bank of Slcllly
Ask
Bid
Ask
100
115
487
Bankers
United States Insular Bonds
Philippine Government—
105
Bk of New York A Tr. .100
Honolulu 5s
3.50
U 3 Panama 3s June 11981
Bronx
58 54
12
-.20
10
100
115
120
..20
113
116
754
County..
854
i
Brooklyn
Central Hanover
Govt of Puerto Rico—
112
Clinton Trust..,
BIS
Lawyers
-25
New
80
Title Guarantee A Tr
York
Conversion 3s 1947
13
1754
19
Underwriters.
59 54
60 54
United States
49
124
9
10
70
80
15
Continental Bank A Tr.10
47
121
20
100
5554
75
50
Corn Exch Bk A Tr._ ..20
11454 11654
20
25
Manufacturers
5554
Chemical Bank A Trust. 10
in
1129^
112M
July 1958
5s July 1948
11354
109
4 548
U S conversion 3s 1946
11254 114
Hawaii 454s Oct 1956
1454
1554
1720
..100 1680
45
48
25
11854 11954
3 00
Colonial Trust
.100 1930
1980
Federal Land Bank Bonds
Bid
3s 1955 opt 1945
3s 1956 opt 1946
3s 1956 opt
1946
354s 1955 opt 1945
4s
*8
1946 UP(|
1#TO
opt
4s 1957 opt
Bid
A 8k
10054 10054
JAJ
JAJ /10054 lOO^te
MAN /10054 1009,6
MAN 10234 10234
1944
JAJ
1UU74
10994
110
Ask
4s 1958 opt 1938
10554 10554
4348 1956 opt
100", 6
MAN
1936...JAJ
454s 1957 opt 1937
JAJ
4548 1957 opt 1937.-MAN
454s 1958 opt 1938
MAN
101
10754 10754
MANl 10454 10454
1937
Chicago Bank Stocks
10254 10254
10354 10354
Par
Bid
Ask
100
Trust
JOINT STOCK LAND BANK BONDS & STOCKS
210
230
163
33 1-3
Bid
100
253
258
370
395
725
775
Ask
167
Continental Illinois Bank A
Trust
Par
Harris Trust A Savings. 100
Northern Trust Co
100
FirstTNatlonal
American National Bank A
MUNICIPAL BONDS
Bought—Sold— Quoted
Insurance
Bid
municipal bond dealers-counselors
Ask
9654 10054
120 So. La Salle
St., Chicago
State 0540
Teletype CGO. 437
5254
3254
Companies
5454
Par
Home Fire Security
Homestea<d Fire
10
10
Bid
5
2454
Ask
6
26
Joint Stock
5s...
Land
Bank
Atlantlo
5s...
100
101
5s.
100
101
Chicago 5s...
/12
14
Dallas 5s
100
101
69
71
Denver 5s
First Carollnaa
985*
Louisville 5s
9954 10054
Burlington 5s.
California
Bid
Lincoln 5s
.
985*
North Carolina 5s
995*
995* 100
Ohio-Pennsylvania 5s
Oregon-Washington 5s
9854
/59
86
89
Pacific Coast of Portland 5s
99
Wayne 5s..
First of Montgomery 5s...
100
101
Pacific Coast of Los Ang 5s
100
89
Pac Coast of Salt Lake 5s.
90
93
Pac Coast of San Fran 5s.
98
100
Pennsylvania
100
102
Phoenix
First Trust of
Chicago 5s..
Fletcher 6s..
88
Greenbrier 5s.
....
5s
100
100
-
.
102
73
76
Illinois of Montlcello 5s...
98
100
Iowa of Sioux City 5s
Kentucky of Lexington...
La Fayette 5s
100
9954
93
58
9954
/30
...
...
96
101
33
68
/26
National
...10
95*
1754
19
National Fire
10
7154
7454
National Liberty
National Union Fire
2
9
10
20
125
129
9854
9954
101
985*
Fire
Par
Bid
Ask
Par
15
25
Lincoln
30
40
North
65
70
Pennsylvania
1
4
Dallas
Denver
Des
...
Moines
75
80
First Carolines
2
6
Fremont
4
8
For footnotes see page
3832.
Bid
Ask
7
10
20
24
.....100
16
18
...100
53
Virginia..
5
Virginia-Carolina .....100
32
57
54
H
37
754
10
2654
42
45
465*
New York Fire
195*
22
2754
Northern
45
954
...
5
.12.50
North Rlvor
2.50
Northwestern
Natlonal.25
Pacific Fire
25
Phoenix
10
49
97
100
76
78
5
10
1154
Providence-Washington .10
Republic (Dallas)
...10
Preferred
Accident.
5
10
10054 10554
26
2754
121
126
12354 12654
8954
8554
20
2254
3854 4054
235*
245*
31
3054
2054
3254
Rochester American
22
Rossia
10
24
26
St Paul Fire A Marine. .25
.....6
40
42
Seaboard Fire A Marine. .5
13?*
4154
6654
15?*
Seaboard Surety
45
Security New Haven
7154
Southern Fire
...10
25
27
27
2854
Springfield Fire A Mar..25
Stuyvesant
5
129
131
5
6
—5
1
Georgia Home—
2d preferred...
5
.15
5
.1
Halifax Fire
10
Hamilton Fire
10
Hanover Fire
10
Harmonla..
10
Hartford Fire
.10
Hartford Steam Boiler.. 10
-
......
—
139*
355*
46
45
Home
1254
335*
44
—10
Franklin Fire
115*
Hampshire Fire...10
New Jersey
20
454
Great American—
24
.......
New Brunswick Fire
2
New
3?*
43
New Amsterdam Cas
2254
25
.....5
Casualty
29
445*
2554
Great Amer Indemnity
22
..100
San Antonio
2054
2754
854
99
645
10
5
Globe A Rutgers Fire...15
.......100
...
754
9454
10
Continental Casualty
Globe A Republic
Carolina.......100
Potomac
,
633
10
Glens Falls Fire
Atlanta
25
100
5
Carolina
General Alliance..
995*
Bank Stocks
Atlantic
..234
Shippers
Firemen's of Newark
100
394
54?*
Fidelity A Dep of Md...20
Fire Assn of Philadelphia 10
100
Joint Stock Land
27
4
37?*
Federal
29
Tennessee
Virginia-Carolina 5s
Virginian 5s
56
75
33*
2854
Excess
70
Southern Minnesota 5s
Union of Detroit 5s
52
72
Eagle Fire
254
Employers Re-Insuranoe 10
101
100
5s
51
City of New York
Connecticut Gen Life
San
5s
3
48
Mass
52?*
Camden
...
110
Southwest
5
1
Bonding A Ins..12 54
Maryland Casualty..
35?*
Baltimore Amer
101
108
Antonio 5s
Lincoln Fire
12
16
10
Boston
9954 10054
Potomac 58
90
Illinois Midwest 5s
...
_
5s.
33
9
25
Bankers A
St Louis 5s.
104
Fremont 6s
Greensboro
86
159*
Automobile
99 54
100
First Texas of Houston 6s.
133*
Merch Fire Assur com.2 54
Merch A Mfrs Fire New'k 5
62
100
First of New Orleans 5s__.
5s
First of Fort
72
5
1454
10
.254
American Re-insurance .10
.
American Reserve...—10
100
70
Knickerbocker
American Surety.
100
5s._
New York 5s
5
American Home
American of Newark
100
Maryland-Virginia 5s
Mississippi-Tennessee
Equitable
Ask
995*
8
Ins Co of North Amer..10
25?*
30
Bonds
Ask
995* 1005*
6
245*
American
Bid
Atlanta
Importers A Exporters...5
80
3454
8254
5
9
11
6
34
119*
135*
21554 22154
11
13
..10
22
24
10
36
38
2154
23
Sun Life Assurance—100
450
486
20
30
Travelers..
100
565
575
37
39
2754
29
U S Fidelity A Guar Co..2
U S Fire
.4
505*
7354
7654
U S Guarantee.........10
52
55
72
75
Westchester
335*
355*
3454
3654
Fire
...2.50
14
155*
525*
Financial
3830
Chronicle
June 6, 1936
Quotations on Over-the-Counter Securities—Friday June 5—Continued
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
3o$epb Walker $ Sons
DUNNE & CO.
timbers New York Sfoch Exchange
Member$ New York Security Dealers Ass'n.
"3.
Dealers In
120 Broadway
Tel. REctor
20 Pine Street, New York
JOhn 4-1300
GUARANTEED
NEW YORK
2-6600
STOCKS
Since1855.
RAILROAD
Bought
Guaranteed Railroad Stocks
BONDS
Sold
—
—
Quoted
Earnings and Special Studies
(Guarantor in Parenthesis)
JOHN
Dividend
Par in Dollars
Bid
E.
on
SLOANE & CO.
Asked
Members T^ew Tor\Security Dealers Association
Alabama A Vloksburg (Illinois Central)
—100
6.00
92
95
Albany A Susquehanna (Delaware A Hudson)
Allegheny & Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)
—100
10.50
188
193
—100
6.00
—
Request
104
41 Broad St., New York
HAnover 2-2455
■
•
'
•
Bell System Teletype NY 1-684
108
2.00
36
38
8.75
134
137
8.60
135
140
—100
3.00
63
57
Carolina Cllnohfleld A Ohio (L A N-A C L) 4%— -.100
4.00
96
99
Common 6% stamped..
Chicago Cleve Cine A St Louis pref (N Y Central) —100
...60
Cleveland A Pittsburgh (Pennsylvania)..
6.00
99
101
6.00
96
100
Boston A Providence
(New Haven)
Canada Southern (New York Central)
Better man
stock
3.60
86
51
46
2.00
Delaware (Pennsylvania)..
48
5.60
86
90
10.00
188
193
Michigan Central (New York Central)
50
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)— -100
50.00
—
4.00
80
950
3.875
—
«...
67
69
6.00
96
100
4.00
Northern Central (Pennsylvania)
102
103
-100
7.00
23
60
4.50
65
70
—50
Old Colony (NYNH&Hartford)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
1.50
3724
40
3.00
76
86
—
Preferred.
—
Pittsburgh Fort Wayne A Chicago (Pennsylvania) —100
Preferred
77
25
7.00
170
180
183
6.90
107
6.00
Rensselaer A Saratoga (Delaware A Hudson)— -100
-100
St Louis Bridge 1st pref (Terminal RR)
Second preferred
165
7.00
-
146
110
150
3.00
74
3.00
146
150
10.00
253
257
6.00
90
94
5.00
100
105
(Terminal RR)
Canal (Pennsylvania).. -.100
100
(D L A W)
—100
Valley (Delaware Lackawanna A Western)
-100
Vloksburg Shreveport A Pacific (Illinois Central)
United New Jersey RR A
Utica Chenango A Susquehanna
......
6.00
77
82
80
85
Warren RR of N J (Del Lack & Western)
3.50
50
53
West Jersey & Sea Shore (Pennsylvania)
3.00
65
68
•
99
....
•
100
105 54
67
10454
63
.....
82
85
—...........
82
84
85
95
Convertible 5s,
1940-45
Buffalo Creek 1st ref 5s, 1961
....
10224
.....
83
Chateaugay Ore A Iron, 1st ref 4s, 1942
101J4
10724
107
Choctaw A Memphis, 1st 5s, 1952.
6724
/6 5
98 M
Cincinnati Indianapolis A Western 1st 5s, 1965
98 X
106
10554
Cincinnati Union Terminal 324s, series D, 1971..
95
Cleveland Terminal A Valley 1st 4s, 1995....
96
58
59
102
105
Georgia Southern A Florida 1st 5s, 1945..
Goshen A Decker town 1st
86
101
Chesapeake A Ohio 324s, series D, 1996
Chicago Union Station 3Mb, series E, 1963
524s, 1978—....
.....
86
Hoboken Ferry 1st 5s, 1946
8724]
10154
...
102J4
103
Kanawha A West Virginia 1st 5s, 1955..
Kansas Oklahoma A Gulf 1st 5s, 1978.........
5.00
.
Preferred
79
9124
....
104
/ 40
43
103
104
70
Little Rock A Hot Springs Western 1st 4s, 1939
Macon Terminal 1st 5s, 1965—
.......
..
77
76
6s, 1946
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 424s, April 11943
Boston A Maine 3s, 1950....
Prior lien 4s, 1942
Prior lien 424s. 1944
...
,
Asked
75
524s. 1945
...
100
-100
Georgia RR A Banking (L A N-A O L)—
Lackawanna RR of N J (Del Lack A Western).. —100
Fort Wayne A Jackson pref (N Y Central)
Tunnel RR St Louis
Bonds
Bid
Akron Canton & Youngs town
88
48
2.00
—
Railroad
72
Maryland & Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955-........—............—*
93
m m
Minneapolis St Paul A Sault Ste Maris 2d 4s, 1949..........
60
68
Montgomery A Erie 1st 6s, 1956
95
New York Central secured
...
98
97 24
324s, 1946
New York A Hoboken Ferry general 5s, 1940....
77
Portland RR 1st
70 24
72
9024
92
90
9224
324s, 1961
Consolidated 5s, 1945
.....
Rook Island-Frisco Terminal
...
424s, 1967....
92
St Clair Madison A St Louis 1st 4s, 1951
EQUIPMENT TRUST CERTIFICATES
Shreveport Bridge A Terminal 1st 5s, 1955....
Somerset Ry 1st ref 4s, 1955
Southern Illinois A Missouri Bridge 1st 4s, 1951
Toledo T rmlnal RR 424s. 1957
Toronto Hamilton A Buffalo 4248, 1966
Union Pacific debenture 3 24 s, 1971
i
Washington County Ry 1st 324s, 1954....
Quotationa—Appraisal* Upon Request
Stroud & Company Inc.
9754
87
...
m
m
63
68
90
....
92
111
9654
9754
99}4
9954
67
.....
69
Philadelphia, Pa.
Private Wiree to New York
ROESER & PENDLETON, INC.
Railroad
Bid
Atlantlo Coast Line 424s-.
Baltimore & Ohio 424s
(a producing oil company)
Equipment Bonds
Analysis upon Request
Bid
Ask
Ask
Boston A Maine
61.76
1.00
64.35
2.00
5s
64.00
2.50
2.00
534s
64.00
2.50
65.00
4.00
Missouri Pacific
434s
63.90
2.75
5s
63.90
2.75
3248 Deo 1 1936-1944-.
63.50
2.00
Canadian National 424s..
63.10
2.00
63.10
2.00
Canadian Pacific 424s—_!
Cent RR New Jer 424s—.
63.00
2.00
62.25
1.25
Northern Pacific
Chesapeake & Ohio 524s..
61.50
1.00
61.00
0.50
5s__
2.00
4s series E due
424s
New Orl Tex A Mex
434s__
New York Central 434b.__
_
624a
424B
-
...
6s
62.75
62.00
5s.
Ohio Milw & St Paul 424s.
6s
4.25
4.25
66.75
6.00
66.75
6.00
5s
3.75
Par
434s
62.00
1.25
Pennsylvania RR 424s
62.00
1.00
Alabama Power $7 pref__*
Arkansas Pr & Lt $7 pref_*
62.00
1.00
Assoc Gas A El orlg
63.00
2.00
5s
Jan & July 1936-49
224 s series G
non-call Dec 1 1936-50
Pere Marquette 434s
62.75
2.00
63.00
2.00
62.75
66
71
Reading Co 434s
68
71
St Louis-San Fran 4s...
62.75
83
\l
87
424sDenver A R G West 424s_.
83
87
5S
83
87
65.50
4.50
65.50
4.50
65.50
4.50
63.00
2.50
6s
62.00
1.00
424s
63.25
2.75
5fl
63.00
2.50
5s
61.75
1.00
524s
61.75
1.00
6s
524s
Erie RR
524s
Great Northern 424s—.
5s
Hooking Valley 5s
61.75
Illinois Central
1.00
63.10
2.00
5s.
62.75
2.00
5248
62.00
1.00
65.00
4%
63.00
2.00
62.50
1.75
434s
Internal Great Nor 424s..
Long Island 434s
6s
Loulsv A Nashv
Public
St Louis
1.75
1.75
2.00
63.00
Virginian Ry 424s
1.00
62.00
5s
1.50
62.00
424s
2.00
62.50
i.
Union Paclfio
1.00
62.00
6s
Wabash Ry
2.75
63.00
63.00
424s
6s
1.75
63.00
Texas Pacific 4s
1.75
63.50
...
4.60
62.75
Southern Ry 434a..
4.50
62.75
6s
65.50
65.50
Southwestern 5s.
624s
Southern Paclfio 434s
624s
66
25
Newark Consol Gas...100
9324
83
85
New Eng G & E 524% Pf-*
N E Pow Assn 6% pf..l00
Cent Maine Pow 6%
37 preferred
pf 100
62
100
Cent Pr & Lt 7% pref..100
Columbus Ry Pr & Lt—
1st 36 preferred A...100
67
70
5824
6024
4.00
99
Bid
Empire Title A Guar
100
For footnotes see page 3832.
Ask
H
8
M
12
Par
Lawyers Mortgage..
20
Lawyers Title A Guar.. 100
1.00
Derby Gas A Eleo 37 pref.*
101
65.50
4.50
Bid
24
~
54
—
•
1
Hudson County Gas... 100
Idaho Power 36 pref
*
193
198
107
108
7% preferred.......100
Illinois Pr A Lt 1st pref..*
11024 H124
3954
4054
27
2054
53
29
2254
mo
mm
Jer Cent P A L 7% pf..l00
Kan Gas A El 7% pf_._100
Ask
124
2
100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pf.100
94
96
73
7454
84
86
7%
preferred
100
Los Ang G A E 6% pf__100
Memphis Pr A Lt 37 pref.*
Mississippi P A L 36 pf.—*
37
11124
122
2224
11124
76
102
...
T
...
2324
6924
7024
41
42
105
50
10024
107
51
102
10924 111
10324
8724
104
9024
106
10824 11024
11024 112
97
9824
10524 10724
109
95
5
35
100
122
t c
14
39
Western Power 17 pref. 100
55
198
2.00
354
78
11024
52
2.00
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf—100
12
36
11324 115
85
8324
110
193
v
*
New Jersey Pr & Lt 36 pf.*
New Orl pub Serv 37 pf—*
N Y Pow A Lt 36 cum pf.*
7% cum preferred...100
N Y A Queens E L P pf 100
Nor States Pr 37 pref—100
Ohio Edison 36 pref..
*
$7 preferred
*
113
7% preferred
100
7% pref... 100
Paoiflo Pow A Lt 7% pf 100
Penn Pow A Lt 37 pref...*
Philadelphia Co 35 pref—*
Pub Serv of Colo 7% pf 100
Queens Borough G A E—
6% preferred
100
Rochester G A E 7% B 100
6% preferred C
100
Sioux City G A E 37 pf.100
Sou Calif Edison pref B.25
South Jersey Gas A El. 100
Tenn Elec Pow 6% pref 100
7% preferred
100
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
UnitedG4B(NJ) pf.100
Utah Pow <fc Lt 37 pref
*
Utloa Gas & El 7% pf—100
Virginia Ry
—100
100
Gas
New Eng Pub Serv Co—
$7 prior lien pref...
Okla G A E
Essex-Hudson
63.00
1
4924
112
1.00
Dallas Pr & Lt 7% pref. 100
Dayton Pr& Lt 6% pf.100
Realty, Surety and IVflortgage Companies
Par
4724
10624 10724
7% preferred..
Interstate Natural Gas..*
Interstate Power 37 pref.*
Jamaica Water Sup pref .50
Bond A Mortgage Guar. 20
„
10924 111
106 • 10724
100
63.00
Western Paclfio 6s.......
_
6.60% preferred
100
Continental Gas A El—
Hamilton Gas Co
65.00
434s
,
65
106
Foreign Lt A Pow units..*
Gas A Elec of Bergen.. 100
5s
95
105
10224
Western Maryland 424s...
24
105
103
4.00
24
-
104
10024
100
-
Consumers Pow 35 pref. *
6% preferred
100
101
3.25
5
9124
524s
65.00
324
64
6s_
64.00
Minta St P & S S M 4s....
77
Carolina Pr & Lt 37 pref*
6% preferred
*
Cent Ark Pub Ser pref. 100
1.00
5a
70
7324
—
Birmingham Eleo $7 pref.*
Buff Nlag A E pr pref_._25
3.25
1.00
67
$7 preferred
Miss Rlv Pow 6% pref. 100
Mo Pub Serv 37 pref... 100
Mountain States Pr com.*
-
_
Ask
Mississippi Power 36 pref..
7% preferred..
100
Nassau A Suff Ltg pf._100
Nebraska Pow 7% pf._100
36.50 preferred B...100
Consol Traction (N J). 100
Bid
76
8824
102
99
Par
Ask
74
8624
36.50 preferred
*
724
624
$7 preferred
*
724
824
Atlantic City El $6 pref—*
11124 113
BangorHydro-El 7 % pf 100 2116
61.75
61.75
Bid
102
62.00
424s.
pref._*
64.00
434s
6s
Maine Central 5s
Utility Stocks
3.75
64.60
424s
66
Chicago RI & Pao 424s...
2.00
64.50
1.00
65.25
65.25
Chicago A Nor West 4>4s.
2.00
N.t'SoS
2.00
63.00
INC.
HA™6ShSe282 52 Wllllam Street- N-Y-
2.00
63.00
434s
5s
N Y N H & Hartf
63.00
63.00
6s
N Y Chlo & St L
6s
robinson, miller & co.
3.00
63.00
63.00
6s
105
108
8124
8324
10924 11024
8724
8424
107
8024
110
8124
107
105
86
28
193
106
89
2854
198
6524
6624
7324
7424
10424 10624
11024 11124
9124
9324
68
6554
9454
66 24
9024
111
Volume
Securities—Friday June 5—Continued
Quotations on Over-the-Counter
Specialists in —
Securities of the
Associated Gas & Electric
Members New York Curb
COrtlandt 7-1868
Public Utility
Kansas Eleo Pow 1st 6s
*37
434s '65
5348-1955
Kan Pow A Lt 1st
10034 102
84
86
Keystone Telep
91
93
Long Island Ltg 5s—1955
62
64
Los
Ark Missouri Pow 1st 6s '63
Tel.: HAnover 2-0510
Water Bonds
1948
1st 6s series A
Angeles G A E 4s. 1970
Associated Electric 5s_1961
6834
6934
Metrop Edison 4s ser G '65
Assoo Gas A El Co
38
39
1978
1978
3134
32
Mtn States Pow 1st 6s 1938
315*
1978
35
3534
Income deb
1978
37
38
Conv deb 4s
Conv deb
10534
1083* 10834
Bid
104%
9734
Alton Water Co 5s
1st A gen
Assoc Gas & Eleo Corp—
Income deb 334s
Income deb
33*s
434s
I960
434s
10534
Newport N A Ham 58.1944
New Eng G & E 5s—1962
New York Cent Eleo 5s '52
106
96
99"
D—1965
102
1023*
10734
69
6334
6434
N Y Edison 33*8
70
71
Northern N Y Utll 58.1955
1023*
Conv deb 534s
1973
74
75
Okla Nat Gas 6s A—1946
10234 10334
36
Sink fund lnc434s--
405*
Sink fund lno53$8--
44J*
5s
385*
Sink fund Income 5s
10034
102
10334
10934 11034
100
Participating 8s
Bellows Falls Hy El 5s 1958
series
1948
B
Old Dom Pow 5s May 15'51
....
102
1023*
100
...
Pacific Gas A El
3$*s h '61
102
103
7134
6934
10434 105
Parr Shoals Power 58.1952
103
Pennsylvania Elec 5s. 1962
10434 10534
Penn
1063* 1073*
Telep Corp 1st 4s '65
Peoples L & P 634s ...1941
Public Serv of Colo 6s. 1961
/71
*60
1053* 10534
1043* 10434
Cent Ark Pub Serv 5s 1948
97
98
Pub Serv of Okla 4s A.1966
Central G A E 5348—1046
1st lien coll tr 6s
1946
77
78
Pub Utll Cons
Cent 111 Light 3^8.-1966
Cent Ind Pow 1st 6s A 1947
8134
5348—1948
1953
Colorado Power 5s
73
1053* 1063*
7534
7634
8234
...
1053* 1063*
103
1043$
New York Wat Serv 6s '51
Chester Wat Serv 434s '58
Citizens Water Co (Wash)
6s
1951
102
Ohio Valley Water 5s.
10654
San Diego Cons GAE 4s
90
9134
Sioux City Gas A El 6s
'65
'47
Sou Calif Gas 1st 4s..1965
1055*
Sou Cities Utll 5s A.. 1958
1055* 10634
S'western Gas & El 4s. 1960
10934 1093*
105
10634
10434 10434
573*
563*
10334 10334
1941
102
—
City W (Chat) 5s B...1954
101
Penna Water Co 5s
10534
1st 5a series C
Ore-Wash Wat Serv 5s 1957
1957
—
1023*
...
1947
Community Water Service
5 34s series B
1946
6s series A
99
100
102
104
105 34
1950
Consol Water of Utica—
93
95
Roanoke W W 5s
9734
1958
1st mtge 5s
1958
Davenport Water Co 5s '61
993$
Roch A L Ont Wat 5s. 1938
923*
10034
St JosephWater
104
105 34
—
5s series A...
1942
6s series B
1942
5s series D
1960
104
Hackensack Wat Co 5s '77
106
1977
J08
Huntington Water 6s B '54
102
6s
1954
102
6s........
1962
10434
---
74
72
103
Green Mountain Pow 5s '48
102
Iowa Sou Utll 534s—1950
Western Pub Serv
90
534a '60
8834
West Penn Pr 3 34s ser I '66
1063*
G A El 3J*s'66
Wisconsin Pub Ser 5 34s '59
10234 103
10534
10034 10034
Indianapolis Water 4 34s '40
1st mtge 4s
1961
10634
10034 102
Kan
City Pub Serv 3s. 1951
1st lien & ref 5s
1967
Sedalla Water Co 634s
'47
South Bay Cons Wat 6s '50
Sou Pittsburgh Wat 5s '55
100
100
99
---
79
5s series B
1960
10434
101
1949
103
Texarkana Wat 1st 5s. 1958
102
Union Water Serv 5 34s '51
102
---
Water Serv Cos lnc 5s. 1942
West Virginia Water 5s
'51
104
4
1013* 1025*
Western N Y Water Co—
9734
1958
99
102
...»
1950
96
1951
1950
101
102 34
Westmoreland Water 5a '52
102
1033*
Wichita Water Co 5s B_ '56
993$
5s series B
1st mtge 5s
...
Interstate Water 6s A. 1940
102
1st mtge 534s
96
Jamaica Water Sup 534? '55
Jopiin W W Co 5s
1957
106
10434
5s series C
1960
10434
6s series A
1949
10334
Lexington Wat Co 534s '40
101
1952
103
99
10434
Kokomo W W Co 5s.. 1958
inquiries for copies of our compre¬
real estate issues.
81*"
102
6s series A
Indianapolis W W Secure—
We invite
101
102 34
1960
Terre Haute Water 5s B *56
...
1970
10134
10134
5s series A
10534
10534
10334 105
10334
1st lien A ref 6 34s. .1954
Real Estate Securities
943*
106"
10234 10334
1053*
1st lien A ref 534S..1953
6s
Scranton Spring Brook
Water Serv 5s
1961
10134 1033$
1960
1st lien A ref 5s
45
43
---
1st A ref 5s A
Illinois Water Serv 5s A '52
Wisconsin
1958
434s
103 34 105
106
104
98
10734 10734
/40
4ssel9A66
Scranton Gas A Water Co
E St L A Interurb Water—
1952
334s *65
107
108
—
6s series B
5348-.1957
104
Plainfield Union Wat 6s '61
100
1063*
Federal Pub Serv 1st 6s '47
1948
Pittsburgh Sub Wat 6s '68
Virginia Power 5s
1942
WashA Suburban 53481941
Western Mass Cos 4s. 1939
Federated Utll
101
Prior Hen 5s
883$
9834 100
Edison El III (Bos)
10034 102 34
99J4 10134
1948
1950
Richmond W W Co 58.1957
Connellsville Water 5s. 1939
634s series B
1948
1st consol 5s
8634
1946
1952
97"
95
106
Pinellas Water Co 534a *69
6s serels A
95
92
10234 104
853$
Greenwich Water A Gas—
1013* 10234
*52
1940
83 34
12434 12534
1035* 104
95
983* 1003*
Phlla Suburb Wat 4s..1965
10534
Utica Gas & El Co Ss.1957
5834
93
108
1st consol 4s
101
Commonwealth Wat (N J)
5e series C
1957
534s series A.
Penna State Water 534s
1st A ref 5s
Clinton W Wks Co 58.1939
10434 10454
10334 10334
5734
10234
102 34
10434
102J4 104
9034 92 34
9234 9434
963*
983*
9934 101
Peoria Water Works Co—
6s
Consol Edison NY 33*s'46
87
1954
Ohio Water Service 5a. 1958
—
Tel Bond A Share 5s—1958
85
Newport Water Co 5s. 1953
Ohio Cities Water 534s '53
10334
10434 1053*
1956
1951
California Wat Serv 5s '58
Conn River Pr 33*s A. 1961
Debenture 334s
Water 5s_x950
634s
Columbus Ry P A L 4s '66
Consol E & G 6-68 A. .1962
New Jersey
New Rochelle Wat 5s B *51
104
10434
434s
106
1033* 10354
Cent Maine Pr 4s ser <
102
534s series A
1951
City of New Castle Water
Pub Serv of N H 3 Me C
Blackstone V G & E 4s '65
I960
Butler Water Co 5s... 1957
62
Sink fund Income 4s
100
99
1973
-
10734
10134
634s
10434 105
1973
—
343' 67
Monongahela Valley Water
Morgan town Water 5s 1965
Muncle Water Works 5s '65
10234 104
1973
..
1043$
1073* 10834
98
106
105 34
Long Island Wat 5348-1955
Middlesex Wat Co 5
1053*
103
Ask
104
Monmouth Consol W 5s '56
993*
10334
10734
Cony deb 5s
434s
Bid
Ask
105
10134
106
3234
Income deb 4s.
Ask
Monongahela W P Pub Ser
434s '58
PLACE, NEW YORK
Teletype: New York 1-1073
EXCHANGE
Bonds
1945
Ariz Edison 1st 5s
INCORPORATED
40
Bid
68
^
York and Boston
1074
Ask
66
Invited
Swart.Brent&Co.
Exchange
Direct Private Telephone between New
Bell System Teletype—N.Y.
Amer Wat Wks & El 6s '75
Complete Statistical Information—Inquiries
75 FEDERAL ST., BOSTON
Hancock 8920
BROADWAY, NEW YORK
Bid
Water Works Securities
System
& CO.
S. A. O'BRIEN
150
3831
Financial Chronicle
142
W'msport Water 5s
103
105
hensive statistical reports on
AMOTT,
BAKER
& CO.
Surety Guaranteed Mortgage Bonds and Debentures
INCORPORATED
BArclay 7
2360
150 Broadway,
Bell System'Tel.
N Y 1-588
N.Y.
Bid
Bid
Jan 1 1941
Alden 1st 6s
Broadmoor (The) 1st 6s
'41
B'way Barclay 1st 68.1941
Certificates of deposit._.
/42
/4934
31
34
5434
325*
63*s__1944
Chrysler Bldg 1st 6s. .1948
Court A Remsen St Off Bid
Apr 28 1940
1st 6s—1941
East Ambassador Hotels—
1st 6s
Dorset (The)
1947
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 Legended
.
50 Bway Bldg 1st 3s lnc '46
/38
4134
58
Munson Bldg
1st A gen 6s
N Y Eve Journal 63*8.1937
/49
52
/30
3234
/634
83*
73
75
7334
75
5034
5134
1947
'43
1958
1939
Film Center Bldg 1st 6s
...
stamped
/2234
/4934
70
1948
43
July 7 1939
Nov 15 1939
1st 6s
45
/43
(Mtge Security series)..
/2634
11
1945
5934
94
/54
56
May 151948
60 Park PI (Newark) 6s *37
52
616 Madison Av lat 634s'38
5034
1936
1st 59*s
General 7s—
84
Lefcourt Manhattan Bldg
62
34
Lewis Morris Apt Bldg—•
Apr 15 1937
Lincoln Bldg lnc 5348.1963
Loew's Theatre Realt Corp
1947
/5034
6034
'40
9134
/43
1942
1936
7434
London Terrace Apts 6s
6s
Ludwig Bauman—
7434
63
929*
—
deb
4234
4434
*234
/54
/54
4434
Mortgage
1953
2-6s
Universal Mtg Co 6s '34-'39
443$
Bid
50
...
144
91
/34
36
/1934
/1934
2134
/23
Roch Telep $6.50 1st pf.100
So A Atl Telegraph
25
Tel—100
63
100
pf.
Int Ocean Telegraph...100
Lincoln Tel A Telegraph..*
Mtn States Tel A Tel..100
New England Tel A Tel 100
43
9434
102
115
142
-
-
9634
25
Ask
29
19
21
19 34
20 34
1103* 114
112
20
24
Sou New Engl Telep...100
143
145
S'western Bell Tel
12434 126
pref.100
Tri States Tel A Tel—
105
••
Bid
11734 119
-
-
145
10
Preferred
Wisconsin Telep
7% pf.100
103*
1134
115
12334 12534
255*
/2034
Peninsular Telephone com*
Preferred A
100
4534
Franklin Telegraph
Emp A Bay State
51
N'west Bell Tel pf 6 34 % 100
Pac A Atl Telegraph
25
123
89
pref__100
Gen Tel Allied Corp $6
/4934
New York Mutual Tel. 100
149
121
of Canada..100
Pa pref.._100
Telep.50
Cuban Telep 7%
Par
Ask
11734 120,
12534 127
(N J) com.*
100
2234
Sherry Netherland Hotel
61 Bway Bldg 1st 534s 1950
Keith-Albee Bldg (New
1st 4-5a extended to 1948
Am Dlst Teleg
Preferred
Savoy Plaza Corp—
62 34
4434
67
75
4234
2-6s_1953
Clncin A Sub Bell
92
423$
Atlantic
Debenture Corp 2-6s '53
Union Mtge Co 5 34sA 6s'37
Bell Telep of
573*
1953
Corp 2-6s
Potomao
Realty
Realty Bond A
Par
/8
8734
Bell Telep
60
1953
2-6s
ture
Telephone and Telegraph Stocks
69"
'42
Lexington 1st 6s '43
St George 4s
1950
4434
4434
33
47
1st 5348-1945
33
/33
66
Rea ty ext
75
423$
423$
52
Co
534s doublestpd—1961
..1953
2-6s
43
1034
1st 6s (Bklyn)
/28
45
Prudence
Realty Assoo Sec Corp—
5s Income
1943
703*
l?t 6s
(Mtge Guarantee series).
Nat Bondholders part ctfs
Nat Deben Corp
—
35
/41
Roxy Theatre—
1st fee A l'hold 63*8.1940
89*
Hearst Brisbane Prop 6s
1st 634s (L I)
/4134
/51
69
683*
Rochelle) 1st 6s
/30
19th A Walnut Sts (Phlla)
Graybar Bldg 5s
Harrlman Bldg 1st 6s_1951
1st 634s
1005* 103
/3334
C-2
534s series F-l
534s series Q
1st 6s
part ctfs
(Central Funding series)
part ctfs
Nat Cons Bd Corp 2-5s '63
...
/40
1944
1949
1946
534s unstamped
Hotel
34
355*
355*
77
(all
1953
Potomac Maryland Deben¬
Nat Bondholders
165 Bway Bldg 1st 534s '51
52 34
72 34
Oct 1 1941
Fuller Bldg deb 6s
Hotel
—
103 E 57th St 1st 6s.. 1941
Fox Theatre & Off Bldg—
1st 634s
534s series BK
1 Park Ave 6s_.Nov 6 1939
1400 Broadway Bldg—
1st 6 34s
---
77
Oliver Cromwell (The)—
52d & Madison Off Bldg-
42 Bway 1st 6s
/54
N Y Title A Mtge Co—
6 34s series
33
40 Wall St Corp 6s
1934-43
343*
Corp
Potomac Franklin Deb Co
534s A
Nat Bondholders
Bond
Potomac Deb Corp 2-6s '53
45
Mortgage Bond Co of Md
lnc 2-5s
1953
N Y Athletic C ub—
9034
43
mm-
97
72
8734
Cont'l InvDebCorp 2-6s '53
6s
1954
Series B 2-5s
Potomac
513$
Potomac Cons Deb Corp—
46
95
32
Areg'55
1946
75
Mtge Co
1954
Issues) 2-5s
44
2-6s
Cont'I Inv Bd Corp 2-5s '53
Home
7034
1st mtge 28 stmp
...
96
/303*
6734
Debenture
m-m
.
94
1945
70 34
42
N'W
303*
1st 63*8.1939
6834
1949
6s
1947
5 f deb 5s
502 Park Ave 1st 6s__1941
unstamped
Ask
Metropol Playhouses lnc—
/56
6434
/285*
Metropolitan Corp (Can)—
500 Fifth Avenue—
634s
1948
6s
6s
Broadway Motors BIdg—
6a stamped
1948
Chanin Bldg Ino 4s
1945
Chesebrough Bldg 1st 6s '48
1st A ref 534s
Majestic Apts 1st 6s..1948
Metropolitan Chain Prop—
325*
/3154
B'way A 41st Street-—
1st leasehold
Bid
Ask
44
78
55
2-5s
Arundel Deb Corp 2-ds '53
Associated Mtge Cos ]
Ask
Corp—
Series A 2-6s._
76
Arundel Bond Corp
Real Estate Bonds and Title Co. Mortgage Certificates
Bid
Ask
Nat Union Mtge
Allied Mtge Cos lnc—
All series
2-5s
1
1945
Syracuse Hotel (Syracuse)
1st 6 34s
Oct 23 1940
Textile Bldg 1st 6s
1958
Trinity Bldgs Corp—
1st 534s
—1939
2 Park Ave Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
1st 634s
Oct 19 1938
Westinghouse Bldg—
1st lee A leasehold 6s '39
Federal Intermediate Credit Bank
54
47
/934
1234
Debentures
49"
Bid
/58
Bid
Ask
47"
.30%
F I C
/45
1003* 10134
6434
6634
5 .30%
FIC 1343—Aug
6 .30%
FIC 134s_. -Dec
FIC 1348.. -Jan
.40%
15 1936 b .40%
15 1937 6.50%
b .30%
FIC 1348.. .Feb
15 1937 6.50%
b
FIC 134s- -Apr
F I C 134s- -Apr
15 1937 6.50%
1343—June 15 1936
1348—July 15 1936
15 1936
FIC 1348—Sept 15 1936
FI 0134a—Oct
15 1936
F I C
.35%
/28
/7234
For footnotes see page
I
3832.
Ask
16 1936 b
FIC 134s.. .Nov
b
m
m
15 1937 6.50%
—
1
Financial
3832
June 6y 1936
Chronicle
Quotations on Over-the-Counter Securities-Friday June 5—Continued
HAMILTON GAS CO. V T C
Specialists in all
Bought, Sold & Quoted
Investment
QUAW & FOLEY
30
Members New York Curb Exchange
63 Wall
Telephone HAnover 2-9030
Incorporated
BOwling Green 9-1420
Street, New York
Correspondent
Kneeland 8C Co.—"Western Trading
REORGANIZATION SECURITIES
Investing Companies
ISSUED SECURITIES
WHEN
GROUP,
DISTRIBUTORS
NEW YORK
BROAD STREET
Company Securities
RIGHTS
Rid
Ask
*
16.08
17.11.
M. S. Wien & Co.
Affiliated Fund Inc com..
1.77
1.95
Amerex Holding Corp...*
22%
Established 1919
Amer Business Shares... 1
1.09
23%
1,19
Amer & Continental Corp.
11%
12%
Investment Tr of N Y
Amer General Equities Inc
1.00
1.12
3%
4%
Keystone Cust Fd Inc B-3.
Major Shares Corp
*
6%
Maryland Fund Ino
Par
Fund
Administered
Members of
HAnover
the New York Security Dealers Assn.
25 BROAD ST., N. Y.
Am Insurance Stock
Corp*
Assoc Stand Oil Shares
2
Bancshares Ltd part shs50c
Bankers Nat Invest Corp *
Teletype N Y 1-1397
2-8780
Cal.
Angeles,
Los
5%
Par
.45
.70
3%
4%
4.44
Basic Industry Shares...*
....
1
.33
Broad St Invest Co Inc—
Co.
28.74
30.74
Bullock
Fund
Ltd
Central Nat Corp cl A
C. E. UNTERBERG & CO.
'
_,
61 Broadway,
1.83
N Y Bank Trust Shares.
1
1%
10%
.
2.65
....
3.18
3.18
Class B
110
9X
115 Broadway, N. Y.
Bell System
Representative Trust Shs.
11.99
12.49
4.50
4.80
.50
.60
Selected Amer Shares Ino.
1.50
1.64
Selected American Shares.
3.51
....
2.55
....
4.00
....
Selected Cumulative Shs.„
Selected Income Shares
4.77
Selected Industries
pf
16%
*
19.12
20.33
Standard Am Trust Shares
3.65
3.90
conv
Spencer Trask Fund
4.65
Standard Utilities Inc
7.30
State Street Inv
1.70
28.44
30.56
*
11.47
*
9.53
B
39%
Amer Air Lines Inc
American
Book
Par
Ask
*
100
12
27%
30 X
70
73
103%
8% cumul preferred
25
29 %
30 X
*
20 %
22 X
20
22
Amer Maize Products
American
Mfg
100
Preferred
2X
3X
31X
33 X
preferred
6%
100
70
100
102
48
51
Art Metal Constructlon.10
13
14
Beneficial Indus Loan pf_*
51 J*
52%
4X
*
45
100
2
Canadian Celanese com..*
26
52
3%
77
5
37%
20
100
118
.
46
42 %
10
43 X
21
23
$7 1st preferred
Remington Arms com
54
55 X
Scovlll Mfg
Columbia Baking com
$1 cum pref
Columbia Broadcasting A *
Class B
*
Pathe Film 7 % pref
Publication Corp com
*
*
...
100 X103
4
*
25
Singer Manufacturing..100
Sparta Foundry common..
Standard Cap & Seal
5
54
55 X
*
55
57
108
Dentists' Supply Co of N Y
52
55
Standard
Dictaphone Corp
53
56
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
$7
preferred
*
Preferred
100
119%
Dixon (Jos) Crucible100
40
Doehler Die Casting pref. *
101
Preferred
■m'imm*
.
.
.
51
Douglas Shoe preferred. 100
Corp
*
14
17
69
71
Driver-Harris pref
100
Flour Mills of America.. *
.
"%
*
American
*
shares
Galr (Robert) Co com
*
IX
102
10
*
47
100
43
46
Preferred
Great Lakes SS Co
Great Northern
Jacobs (F
4%
...
*
pf.10
30 X
1
Lawrence Portl Cement 100
100
25%
132
2.75
2.85
Voting trust ctfs
1.04
1.12
1.49
1.60
Un N Y Bank Trust C 3..
1.19
1.30
Un N Y Tr Shs
1.06
1.16
Wellington
1.43
JL .DO
1.26
1.37
IX
1%
shares
Preferred
Huron Holding Corp
Xl5
44 X
-
-
.
50
6
2%
19
200
Chain
3X
...
112
...
...
Am Wire Fabrics 7s..1942
95
97
Bear Mountain-Hudson
102
1st 3%s
Deep Rock Oil 7s
104
44
conv
preferred
Preferred
100
White (S 8) Dental Mfg.20
White Rock Min Spring—
$7
15X
175*
101 x 1015*
14
15
Berland Shoe Stores.
»
7% preferred
100
B G Foods Inc com
...
...
104%
$2.50
55
60
125
131
fl5X
17%
4%s
Journal of Comm
1X8
Aug
15*8
Aug
Aug
l%s
N Y
15 1936
15 1937
15 1938
June
1 1939
2s
1946
Shipbuilding 5S..1946
No Amer Refrao
1961
ioo x
6%s.l937
77
100
100%
82
102
4%
*
13%
38%
39
4%
Kress (S H)
6% pref.. __10
Bid
100
Lerner Stores pref
11%
109%
100
113
Ask
12%
Melville Shoe—
14%
*
pref
7%
4%%
preferred
.
115
*
8
100
37
39
Murphy(G C) $5 pf... .100
Neisner Bros pref
100
102
104
111
112
(Daniel) pref.. .100
105
Miller (I) Sons com
30
35
100
104
108
Edison Bros Stores pre! 100
116%
Fishman (M H) Stores...*
Preferred
100
Green (H L) 7% pref.. 100
16%
6%%
5%
100
preferred
Diamond Shoe pref
preferred
9%
...
17%
Reeves
Rose 5-10-25c Stores.. ...5
101
100
...
*
105
*
8
100
87
Par
Bid
...
i
.
Schlff Co preferred... .100
United Cigar Sts 0 % pf. 100
6% pref ctfs
m
—
..
.
.
U S Stores preferred.. .100
95
106%
...
...
-
19
19
.
22
3
.
22
6
100.8
1941
Std Tex Prod 1st 0%s as '42
Struth Wells Titus OX s '43
Sherman 6s *44
Woodward Iron 5s
1952
100.11
101.23 101.26
101.2
101.5
/34%
95%
36%
,
■
■
....
97%
...
_
91
3%s
1951
Par
As*
Cache La Poudre Co. ...20
23
24
Eastern Sugar Assoc.
15%
17
26
28
Preferred
_
102% 102%
•
Haytlan Corp Amer.
%
7%
preferred
Bid
*
115
100
Savannah Sugar Ref_.
114
West Indies Sugar Corp__l
2%
Ask
-
..
118
3%
1%
93
106% 107%
98%
11
No par value,
99
/9
A
Coupon.
a
Interchangeable, b Basis
/ Flat price,
w i
When issued,
x
prioe.
e
Registered coupon (aerial).
Ex-dlvtdend.
y
Now selling on New
York Curb Exchange,
73
16%
/14
mx
63
105X
106
t Now listed
t Quotations
Youngstown Sheet & Tube
Conv deb
Sugar Stocks
102.24 102.27
6%s_1944
Otis Steel 6s ctfs
Wltherbee
Merchants Refrlg 6s__1937
...
Ask
Bid
Penn-Mary Steel 5s.-.1937
Jones & Laughlln Steel—
...
Home Owners' Loan Corp
Reynolds Investing 5s 1948
Scovllle Mfg 5%s
1946
Standard Oil (N J) 38.1961
101.5
Par
Ask
C) common..*
conv
Bohack (H
Katz Drug preferred
Kobacker Stores..
101% 1025*
Federal Farm Mtge Corp—
7%
90
3%
_
Blckfords Inc
127
mx
71X
Bid
-
-
120
100
Par
...
32
100
preferred
1955
101.2
Securities
Store
...
Young (J S) Co com...100
Worcester Salt
1937
1Mb
Sept 1 1939
Haytlan Corp 8s
1938
Boston
-
100
$3
Nat Radiator 5s
100
NEW YORK
-
Chain Store Stocks
*
Welch Grape Juice pref .100
West Va Pulp & Pap com.*
Ask
/99
1953
7%
4%
...
/99
River Bridge 7s
6%
com
8%
48%
8
Warren North am—
7%
1939
Chicago Stock Yds 5s. 1961
Cudahy Pack conv 4s_1950
Pomeroy Ino
7%
47%
_.
3X
30
110
Type Founders 6s. 1937
22.94
Chicago
7% preferred
Debenture 6s
21.33
Bancamerica-Blair Corp
First Boston Corp
Schoellkopf, Hutton <fe
57 William St.
6
25
Am
.55
Investm't Banking Corps
46
100
American Tobacco 4s. 1951
3%
2%
19.09
9X
2X
1st preferred
100
common..50
Bid
17.39
Fund
BURR & COMPANY INC.
115
105
WJR The Goodwill Station
104X
24
17
8%
118
1946
rF
Kfi
.40
Incorporated Investors..*
se
3%
1%
8%
Miscellaneous Bonds
American Meter 6s
1
22
26%
Wllcox-Gibb8
112
18%
B__
1.30
20 X
25%
165*
100
18%
1.43
shares....
315*
7X
27%
100
preferred
2d 8% preferred
U S El Lt A Pr Shares A__
1.22
1.31
1.19
138
38
234s
3.09
1.12
37 X
36
26
17
1.68
2.78
1.61
United Gold Equitles(Can)
Standard Shares
1
350
345
15%
Lord & Taylor com
1.48
1.93
5
36
com..
Paper..25
L) Co
Klldun Mining Corp
1st 6%
35X
pf.100
Graton & Knight com
cum
Unexcelled Mfg Co
10
Un Piece Dye Wks pf__100
U S Finishing pref
100
Y.l 2
1.34
^3%
ox
32 X
Corp
Tublze Chatillon
.
ox
*
Preferred
Gen Fireproofing $7
Golden Cycle Corp
4%
100
Taylor Milling Corp
*
Taylor Whar I & S com..*
Trlco Products
-
Foundation Co—
Foreign shares
Screw
1.00
1.48
1.52
1.48
shares
44 X
60
Draper
42X3
'
12
100
Crowell Pub Co com
1015* 103%
39 X
5.84
RR Equipment shares..
Steel shares
—
5X
23 X
122
41
Preferred
6.73
Trusteed Industry Shares.
Trusteed N Y Bank Shares
2.19
1.78
__
Guardian Inv Trust com.*
Carrier Corp 7% pref..l00
Climax Molybdenum
*
B
Petroleum
22
Pharmacal
Leather
2.48
Trustee Standard Oil Shs A
6.26
14.07
2.53
Merchandise
39 X
*
Norwich
12.94
new
D
1.40
Food shares
80
Ohio
30
Supervised Shares
Trustee Standard Invest C
~
Investing shares
55 X
Yeast...100
6.84
Tobacco shares
21
87
6.84
D
Mining shares
110
—
2.52
C
2.02
Agricultural shares
Automobile shares
Chemical
*
3X
....
5.70
3.82
BB
Trusteed Amer Bank Shs B
Building shares
100
New Haven Clock pf
100
North Amer Match Corp.*
preferred
5.52
_
Group Securities—
51
Casket
Nat Paper & Type com
5%
Hotels
B
General Investors Trust._
1.03
....
2.52
B
6.38
106
Preferred
74
*3%
4.90
23.43
5.82
•
Mock Judson & Voehringer
Preferred
4.65
"
18
3.63
AA
....
21.33
116
114
.95
93.59
....
Fundamental Tr Shares A.
51X
Northwestern
,100
1st preferred
49 X
National
American Republics com.*
Andian National Corp...*
Bowman-Blltmore
*
1
Preferred
Merck & Co Inc com
7X
*
27.17
Fundamental Investors Inc
Ask
ox
Maytag warrants
American Hard Rubber—
American Hardware
Bid
Macfadden Publlca com..*
11
Y t o
Arch
American
Bid
9.19
Corp
*
Super Corp of Am Tr Shs A
42%
25.22
Foundation Trust Shares A
Par
3%
Republlo Investors Fund_5
Royalties Management
1.57
Industrial Stocks
13%
1.67
Eqult Inv Corp (Mass)..5
Equity Corp cv pref
1
Fidelity Fund Inc.
*
Tel. BArclay 7-0700
Teletype NY 1-1493
41%
13
1.06
6.60
25c
40%
2%
4.35
j
-
••
1.51
....
3.60
C
-
—
64
Quarterly Inc Shares. _25c
39
5.60
D
-
—
.95
31
3.83
Dividend Shares
'.m
60
Plymouth Fund Ino A. 10c
....
Diversified Trustee Shs B.
3.26
Pacific Southern Inv pref.*
Class A
*
....
37
100
3.22
Securities.__ 100
....
2.29
1920
..
.
3.26
Fixed Trust Shares A
Established
.
77%
....
115
10
Northern
....
28%
100
Deposited Inaur Shs A
Deposited Insur 8h ser B.
Members New York Security Dealers Association
3%
_.
Series 1958
Cumulative Trust Shares. *
Bristol & Willett
4.26
1.69
Series 1956
Deposited Bank Shs ser A.
Market
4.16
Voting trust certlflcates.
Series 1955
2.55
7% preferred
Ovei^-the-Counter
1.54
Nation Wide Securities. .1
2.49
Series AA mod
In the
19.22
26.27
73%
Accumulative series
COMPREHENSIVE SERVICE
A
.
....
1.41
No Amer Tr Shares 1953..
10
Common B shares
^
.
17.77
6
Series ACC mod
95.62
25.10
24.76
com..
No Amer Bond Trust ctfs.
2.55
8% preferred
2%
....
1
43
Crum & Forster Ins com 10
1.08
42
Mutual Invest Trust....1
27.99
Corporate Trust Shares..
BOwllng Green 9-3565
Teletype N. Y. 1-1660
6
22.95
4.45
Series A A
New York
93.72
*
Mass Investors Trust
4
Continental Shares pref
Exchange, Inc.
40%
40%
18%
40
Commercial Nat'l Corp..
/New York Security Dealers Association
Members\ commodity
*
Investors Fund C
26.03
*
Century Trust Shares...*
Ask
.98
4.05
*
Class B
Bid
.
17
1
Canadian Inv Fund Ltd.l
Sylvania Industrial Corp.
.
10
com
7% preferred
.63
British Type Invest A
Climax Molybdenum
Investors Fund of Amer_
Invest Co of Amer
on
New York Stock Exchange.
per 100
gold rouble bond equivalent to 77.4234 grams of pure gold.
Volume
Financial
142
By R. L. Day & Co., Boston:
Over-the-Counter Securities
Friday June 5—Concluded
Quotations
on
Shares
Anhalt 7s to
/24
f 19
22
Hungarian Cent Mut 7s '37
1946
/31
33
Hungarian Discount A Ex¬
/18H
20
/18H
20
/27H
Hungarian defaulted coups /20 40
/24
Hungarian Ital Bk 7 Hs '32
/24
ILseder Steel 6s
1948
25 H
38H
%. 1947
Bank of Colombia 7%. 1948
Barranquilla 8a'35-40-46-48
/15H
Batavia Petroleum 4Hs '4'2
100
Bavaria 6Hs to
1945
16H
101
/23
25
Jugoslavia 5s
1956
/17
21
Coupons
Koholyt 6HS
1943
16
17 H
Brazil funding 5% .1931-51
/14H
/16
fSM
/5H
f5H
f8
/20H
/68H
Brazil
/69
Palatinate
Cons
Clt 7% to
1945
Bogota (Colombia) 6%b '47
8s
1945
Bolivia (Republic)
8s_1940
1958
78-.7s
1969
6s
.
i&„ .1940
Brandenburg Elec 6s.. 1953
funding scrip
Bremen
(Germany) 7s '35
British
Hungarian
7 Ha
Brown Coal
Ind
Ceara (Brazil) 8%
1947
Chilean Nitrate 5s
1968
26
1,000 Gold Circle Cons. Mines,
1952
6Hs
1959
7s
—
Cordoba 7s stamped-.1937
7s stamped
1957
/22
23
/19
22
/21H
/23
24 H
26
(A A B)_
1946-1947
Hungary
1962
7 Hs
68"
Ind
Mtge 7%
1948
North German Lloyd 6s '47
Oberpfals Elec 7% —1946
/19
22
Oldenburg-Free State 7%
1945
/19
/55
22
65
1968
/15H
16H
to
53 H
Panama 5% scrip
Porto Alegre 7%
11H
Protestant
25
Church
22
many) 7s
1946
Westphalia 6s '33
/21
Prov Bk
/40
50
22
Prov Bk Westphalia 6s *36
/28
34
S33
/15
/22H
/21
38
24
Rom Catb Church 6Hs '46
/23
1953
7Hs
24
R C Church Welfare 7s '46
1966
1945
1937
Saarbruecken
/31
S22
French Govt 5Hs
140
25"
m
1
140
145"
Gelsenkirchen Min 6s. 1934
/64
66 H
German Atl Cable 7s.. 1945
/24
26 H
Nat Mall 88 6s *52
German
Building A Land-
bank 6H%
1948
German defaulted coupons
July to Deo 1933
Jan to June 1934
July 1934 to May 1936—
German scrip
German called bonds
German
Dawes
Dec 1934
stamped...—
Young
12-1-34
stamped
/45
/35
/24
/7
/20 40
m
4s
1960-1990
Guatemala 8s 1948
6%
Bk 6s
8
—
*47
1957
Salvador 4% scrip
Santa
Catharlna
9H
/9H
/18H
16
25
23
152 H
150
/18
/40
39 H
/38
/10
12H
(Brazil)
8%
1947
Santa Fe 7s stamped..1942
Scrip..
—........
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7s..1945
1946
6Hs
Saxon 8tate Mtge 6s__1947
1956
Serbian 5s
19H
/56H
58 H
/73H
/11H
12k"
/15
/23H
/22
15«
25 H
23 H
26 H
/23H
/38H
/44
39 H
55
.1940
7s
/14H
15H
94
j-
24
n22
24
Stinnes 7s
93
unstamped. 1936
1946
7s unstamped
+ +
116H 117H
45
/40
1953
/21H
Stettin Pub (Jtll 7s...1946
97
107 H
—
June 3
June 4
June 5
Francs
Francs
Francs
Francs
Francs
Toho Electric 7s
1955
Tollmn 7s
1947
Tucuman City
7s
1951
Tucuman Prov 7s
/65
22
Unterelbe
35H
Vesten Eleo Ry 7s
/2 3
Electric 6s. 1953
1947
205
207
205
207
19,800
19,800
20,100
698
668
685
1,010
1,020
374
"362
366
Comptolr Nationals d'Escompte
805
785
797
Coty 8 A__
130
130
Courrieres
183
181
181
Credit Commercial de France
Credit Lyounalse
412
455
445
1,360
1,160
380
550
1,310
1,140
1,320
1,370
1,130
1,150
386
382
550
557
511
500
Transatlantlque
Eaux Lyounalse
Energie Electrique du Nord
Energie Electrique du Littoral—
-
Kuhlmann
L'Air Liquide
Wurtemberg 7s to
1945
18
130
820
800
810
day
690
679
677
735
Orleans Ry
Pathe Capital
"388
396
385
12
Rentes, Perpetual 3%
12
1,117
67.40
67.80
66.40
68.10
-
388
13
1,105
68.00
4%, 1917
4%, 1918
Rentes 4H%. 1932 A
Rentes 4H%. 1932 B
850
725
1,135
Pechiney
Rentes
130
505
Holi-
Closed
Lyon (P L M)
Nord Ry
67.00
67.50
69.10
67.30
69.00
67.50
/
69.10
72.00
70.90
71.30
73.10
71.00
69.80
70.10
72.00
Rentes 5%, 1920
91.60
89.20
89.50
91.10
Royal Dutch
2,880
2,890
2,860
2,900
1,167
1,140
1,165
925
885
914
'
Saint Gobaln C A C
Schneider A
Cle
Societe Francaise Ford
42
35
34
1,136
42
34
1,165
1,128
522
522
-
Tubize Artificial Silk,
Union d'Eelectricltie
42
42
Societe Generate Fonciere
Societe Lyonnaise
522
69
67
67
394
374
374
43
42
42
pref
-
Ex-coupon.
THE
95
BERLIN STOCK
EXCHANGE
96"
95
99 H 101
25 H
/24
/19H
/23
23 H
Closing prices of representative stocks
day of the past week:
received by cable
as
each
May
25
June
30
Housing A Real Imp 7s '46
*980
1,070
18
Cle Generate
11
1950
25
753
318
Citroen B
93
91
United Steamshlo 6s. .1937
/18
/34
752
315
19,500
Cie Dlstr. d'Electricitle
Cle Generate d'Electricitle..—
*
H
/10H
6,000
5,600
765
323
Canal de Suez
Wagon-Lits
/70
5,700
5,900
-
Societe Marseillaise
/59
Silesia Electric 6Hs... 1946
12H
June 2
Rentes
/18H
Siera A Halske deb 6s.2930 /270
19H
Water Wks
6%
1957
Hansa SS 6s stamped.1939
M
7%
Salvador 7% ctf of dep '57
Serbian coupons
1954
Gt Brit A Ireland 5Hs '37
Salvador
25
/12
Graz (Austria) 8s
Hanover Harx
26
Coupons
June 1 and Dec 1 1935..
Haiti
/23
Coupons
Apr 15'35 to Apr 15'36.
German
1945
Royal Dutch 4s
Frankfurt 7s to
French
7% '36
1933
Rio de Janeiro 6 %
24
Mortgage & In¬
vestment
(Ger¬
/21
/23
Electric Pr (Germ) 6Hs '50
95 H
51
55
53
by cable
June 1
Canadian Pacific
/27H
/93
45
25
received
as
Banque de Paris et Des Pays Bas
Banque de 1'Union Parislenne—
/26
48
Rhine Westph Elec
East Prussian Pow 6s. 1953
6Hs
Bank of France
1947
4s
49 H
BOURSE
Francs
/81
Nat Central Savings Bk of
6
68H
PARIS
THE
Quotations of representative stocks
each day of the past week:
/84
1948-1949
/22H
/19
/19
1945
1945
European
H
May 30
CC A D7
11H
10K
10c
Panama 6H%
/ 10H
6HS..1959
Duesseldorf 7s to
Bank
$ per Share
.
53 H
1945
/51
Dortmund Mun Utll 6s '48
Slocks
50
Municipal Gas A Elec Corp
Natl
$35
-
15 Angel International Corp
Munlc Bk Hessen 7s to '45
51H
/23
1949
Dulsburg 7% to
Shares
47 H
11H
ny<
SI
By A. J. Wright & Co., Buffalo:
18H
18H
26 H
Recklinghausen 7s.. 1947
Nassau Landbank 6 Hs '38
par
60 H
59
/24
/17H
/ 17H
/48
/52H
6Hs—1958
1959
Minas Geraes
National Hungarian A
Costa Rica funding 5% *51
Costa Rica Pao Ry 7 Ha '49
Cundinamarca
25
23H
/26
/65
/48
/50
/44
27 Rhode Island Public Service
preferred, par $27.50
10
/22
Merldionale Elec 7s—.1957
-
City Savings Bank, Buda¬
pest, 7s
1953
Columbia scrip Issue of '33
Issue of 1934 4%...1946
$ per Share
—50c
$100 lot
—
32%
15
53c
14H
12c
;
/23
Mlag Mill Mach 7s...1956
—
S9%
S3
S07
1946
Stocks
10 Plymouth A Brockton Street
Ry___
7,250 Securities Realization Co. v. t. c., par $10
Mannheim A Palat 78.1941
Munich 7s to
Cauca Valley 7Hs
/27
34 flat
By Crockett & Co., Boston:
Springfield Gas Light Co., par $25——.
25 International Match Corp.
participating preferred, par
10 New England Public Service $7 plain preferred
...
69
/10H
/10H
3%
32%
-
common
28~"
Montevideo 6s
Call (Colombia) 7%..1947
Callao (Peru) 7H%~ 1944
...—
.
/25H
22 H
/24
/46
Burmeister A Wain 68.1940 /109
Caldas (Columbia) 7Hs'46
/10H
5s
75
6H
1953
...
Luneberg Power Light A
Water 7%
1948
Corp—
6Ha
24H
Leipzig O'land Pr 6 Ha '46
Leipzig Trade Fair 7s. 1953
11
Buenos Aires scrip
------
PerCent
Shares
/44 45
/65
9H
f27
c
$1,500 Arizona Edison Co., Inc. 2d mtge. inc. 6s, series A registered
Land M Bk Warsaw 8s '41
Bank
1962
-
Bonds
/22H
6H
/20H
35 Eastern Utilities Associates
1936
change Bank 7s
78 H
3%
$25 lot
—-—
3%
3
39%
14
29%
-
25 Saco Lowell Shops
common, par $100
4 Regal Shoe Co.
pieferred, par $100
30 W. L. Douglas Shoe Co.
preferred, par $100
10 Puget Sound Power A
Light Co. preferred
52 2-4 Eastern Utilities Associates conv...
39H
Bank of Colombia 7
Bavarian
Ask
1946
8%
Antioquia
$ per Share
!
Manufacturing Co., par $100
10 American Woolen
Co., common
98 Wings
Transportation, Inc., par $100
15 Arizona Edison
Co., Inc., common v. t.
Bid
Ask
,
Stocks
2 West Point
Foreign Unlisted Dollar Bonds
Bid
3833
Chronicle
1
June
June
June
2
3
4
June
5
37
Per Cent of Par
Allgemeine Elektrizitaets-Gesellschaft
^Soviet Government Bonds
Ask
Union of Soviet Soo Repub
7% gold rouble
1943
Bid
ASk
Union of Soviet Soo Repub
87.61
91.35
10% gold rouble..-1942
118
151
94
122
121
122
96
(4%)
96
96
95
132
Holi- 125
132
sold at auction
on
Wednesday
96
124
96
174
146
173
145
170
145
142
142
142
day
Farbenlndustrie IG (7%)
Gesfuerel (6%)--
SALES
132
96
144
day
132
125
143
Holi-
96
> 174
.
Deutsche Reichsbahn (German Rys) pf 7%.
Hamburg Electric Werke (8%)
Hapag..
$ per Share
350 The Hempel Grocery Co. (Conn.) 7% preferred, par $100
152 Piggly-Wiggly Northwest, Inc. (Del.) 7% preferred, par $50
..$13 lot
12
-
15
102
101
17
17
194
Rheinische Braunkohle (8%)
Salzdetfurth (7H%)
15
102
17
Lloyd
Reichsbank (8%)
15
101
-
Norddeutscher
Slocks
124
15
Mannesmann Roehren
By Adrian H. Muller & Son, New York:
Shares
117
150
94
(7%)
Deutsche Erdoel
were
118
151
94
-
Dresdner Bank
The following securities
of the current week:
119
151
93
(6%)
Deutsche Bank und Disconto-Gesellschaft—
For footnotes see page 3832.
AUCTION
37
Llcht (8%)
Commerz'und Prlvat-Bank A. G
Dessauer Gas
87.61
37
125
Berliner Handels-Gesellschaft
Berliner Kraft u.
Bid
38
194
239
183
195
238
-
181
Siemens A Halske (7%)
193
16
194
195
240
240
180
179
192
192
152 Piggly-Wiggly
Northwest, Inc. (Del.) common, no par
$390 lot
250 James A Hawkins, Inc. (N. Y.) v. t. c., par $100
10c
66 2-3 12 East 22d Street Corp. (N. Y.), no par; an interest of $81,100.52
CURRENT
NOTICES
in
a second
mortgage covering premises known as Nos. 12-16 East 22d
St., Borough of Manhattan, N. Y. City, subject and subordinate to a
first mortgage of $306,000, plus arrears and interest amounting to more
than $22,000
$115 lot
50 Greenpoint Metallic Bed
51 Healwood Corp.
50 Greenville
Co., Inc. (N. Y.) preferred,
(N. Y.) class B, no par
Compress Co. (Miss.),
par
$100
...$113 lot
$100 lot
—....
par $100
65H
Bonds
Per Cen1
$2,000 Newark
1940.
—The establishment of the firm of
Factory
Registered.
Sites,
Inc.
(N.
J.)
5%
deb.
cum.
40% paid
Due
Jan.
1,
—.$80 lot
—
Power
$ per share
A
Light
common;
10
Universal
Chain
par;
10 Electric Public Service Corp. 7% preferred,
par
100 The Consumers Ice A Coal .Co.,
Chester, Pa.,
par $50
Frenchtown, N. J., common, par $25
15 Union National Bank of Frenchtown, N. J., common, par $25
100 Philadelphia Co. for Guaranteeing Mortgages, par $20...
100 Land Title Bank A Trust Co., par $5
$4 lot
5%
101H
42 Central-Penn National Bank, par $10
33H
6 Philadelphia National
Bank, par $20—.
480 Recreation Service Corp., par $50.
Bonds
$500 Cambridge Bldg. Corp., 4% refunding mortgage (interest M. A S.
Due Sept. 1 1943
general
Manager of the successor firm,
investment business
dealing
Senior members of
was
Bancamerica-Blair
Mr. Cavan¬
Los Angeles
Corporation,
Since that time Mr. Cavanaugh has been active
1931.
in local investment circles in an executive
F. Gleed,
25
Co., par $10
a
capacity.
Mr. Morgan has been
with the bond departments of Stock Exchange firms and Cali¬
Also associated with the firm
Charles M.
are
Pierce R. Garrett, Kenneth
Gooding, Richard W. Grigg, Fred H. Stanton and
Helen K. Morrison.
25
-
2 Girard Trust
in
lot
15
15 Union National Bank of
engage
augh was formerly associated with Blair & Co., Inc. and
fornia banks.
$100; 50 Rail¬
chiefly former executives of other leading investment
firm will
the firm are Robert D. Cavanaugh and Emerson B. Morgan.
associated
road Shares Corp. common, no par; 21 Standard Public Service Co. class B:
10-50 Standard Public Service Co. class A participating shares
$30
important new
in Government, corporation and municipal securities.
Theatres
7%
preferred, par $100; 15 United Public Utilities Corp. B common, par $1;
55 21-40 Central Public Service Corp. A, par $1; 5 Hugo Stinnes
Corp.,
no
The
houses.
until December,
Stocks
Utilities
an
of the firm comprises
resident
By Barnes & Lofland, Philadelphia:
Shares
5-40
formation of
Cavanaugh, Morgan & Co., marks the
house in Los Angeles.
The membership
102%
$25 lot
Per Cent
1).
40 flat
—Robert
Stevenson,
who has operaced his
own
firm for the past five
has become associated with Farwell, Chapman & Co., it is announced.
years,
Mr. Stevenson dates his entrance on La Salle Street back 30 years when he
joined Lee, Higginson & Co.
A connection with Kissel, Kinnecutt A Co.
followed, and he remained with that firm for a number of years.
Kixsel,
Kinnicutt & Co. to become
Deputy Federal
He left
Food Administrator
for the State of Illinois, and after the war helped to organize the firm of
Stevenson
Co.
Bros.
& Perry, which later became Stevenson,
Perry, Stacy &
In 1928 he again joined Kissel, Kinnicutt & Co. as a partner, retiring
from that firm at the close of 1930.
Financial
3834
General Corporation
RAILROAD—PUBLIC
The
Securities and Exchange Commission on June 3 an¬
additional registration statements
The total involved is $245,983,073.21, of which $215,885,575 represents new issues.
One
statement involving $299,985 was received as a refiling.
The securities involved are grouped as follows:
nounced the filing of 21
under the Securities Act.
No.
Total •
Type—
of Issues
$215,885,575.00
30,097,498.21
Commercial and industrial
Securities in reorganization
19
2
following issues for which releases
The total included the
published:
have been
Associates
Investment
Co.—60,000
shares
of $100
par
value
5%
stock, 63,750 shares of no par value common stock,
60,000 warrants to purchase the common stock.
(See details in V.
142, p. 3663.)
(Docket No. 2-2185, Form A-2, included in Release No.
804.)
and
Co.—$10,000,000 of 1st mtge. 4% bonds,
due May 1, 1961, and $550,000 of serial notes maturing serially
from May 1, 1937, to May 1, 1946.
(See details in V. 142, p. 3666.)
(Docket No. 2-2187, Form A-2, included in Release No. 805.)
Wisconsin Power & Light Co.—$32,000,000 of 1st mtge. bonds, series
A, 4%, due June 1, 1966, and $3,700,000 of 4% serial debentures, due
serially June 1, 1937-June 1,1946. (See details in V. 142, p. 3701.)
(Docket
No. 2-2188, Form A-2, included in Release No. 806.)
Commercial Credit Co.—$25,000,000 par value of cumulative con¬
vertible preferred stock ($100 par value a share), and $4,600,000 par value
of common stock ($10 par value a share).
(See details in V. 142, p. 3661.)
(Docket No. 2-2189, Form E-l, included in Release No. 808.)
Water
Service
series B,
Corp.—$50,000,000 of 1,5-year convertible 3J4%
sinking fund debentures, due June 1, 1951, and 2,000,000 shares of no
par value common stock for conversion of the debentures.
(See details in
V. 142, p. 3670.)
(Docket No. 2-2193, Form A-2, included in Release
Consolidated
Oil
No. 811.)
debentures, due June 15, 1951.
(Docket No. 2-2197, Form A-2, included
Corp.—$60,000,000 of 3}4%
Texas
(See details in V. 142, p. 3695.)
•in Release No. 813.)
Co.—$12,000,000 of 15-year 3sinking fund
(See details in V. 142, p. 3671.)
(Docket
in Release No. 816.)
Crane
due June 1, 1951.
Form A-2, included
Beatrice
Creamery Co.—100,000 shares of no par
debentures,
No. 2-2199,
value $5 cumulative
preferred stock with attached common stock purchase warrants and 100,000
par value common stock to be reserved for exercise of the
warrants.
(See details on subsequent page.)
(Docket No. 2-2201, Form
A-2, included in Release No. 817.)
shares of $25
Other securities included in the total are as
a
Package Corp.—(2-2181, Form A-2) of Aurora, 111.,
registration statement covering 78,000 shares ($5 par) common
stock of which 68,000 shares are
The
for the exercise of an
presently held by two stockholders.
remaining 10,000 shares are reserved by the company
option given to A. H. Harrison, of A. H. Harrison & Co., of Chicago, who
is the principal underwriter.
J. W. Hunt, of Oswego, 111., is President.
Filed May 21, 1936.
(2-2182, Form E-l) of Chicago, 111., has filed a reg¬
covering 59,000 shares (no par) common stock.
The
Inland Steel Co.
istration
stock is
statement
to
be
presently held by voting trustees, 19,800 shares are
the warrants, 20,000 shares are to be subject to an
option, 2,200 sharas are to be sold to employees.
The proceeds from the
sale of the stock are to be used for working capital.
John J. Batterman,
of Cleveland, is President.
Filed May 26, 1936.
(2-2192, Form A-2) of Chicago, 111., has filed a reg¬
covering $400,000 of 1st mtge. and collateral trust 5%
Illinois Zinc Co.
istration statement
convertible five-year bonds, due 1941,
$200,000 of 6% six-year convertible
due 1942, and 24,000 shares (no par) common stock to be
conversion of the bonds and notes.
Both the bonds and
convertible into common stock on the basis of 40 shares for each
notes, series A,
for
reserved
notes are
$1,000 principal amount.
The proceeds from the sale of the bonds and
notes are to be applied to the retirement of lo^ns, the purchase of land,
the development and equipment of property and to working capital.
L. E.
Wemple, of Chicago, is President.
Filed May 26, 1936.
Corp. (2-2195, Form A-l) of N. Y. City has filed a registra¬
covering 200,000 shares ($1 par) common stock, all of which
presently outstanding.
The stock is to be offered at $6 a share.
J.
Hathaway Pope, of N. Y. City, is the principal underwriter.
Maxwell M.
Bilofsky, of Brooklyn, N. Y., is President.
Filed May 27, 1936.
Duro Test
tion statement
offered under an exchange plan
for 89,693 shares of out¬
standing no par value common stock of Milcor Steel
of Chicago, is President.
Filed May 21, 1936.
Sunray Oil Corp (2-2183, Form A-2) of N.
Co.
Philip D. Block,
Y. City, has filed a reg¬
istration statement covering 50,000 shares ($50 par) 5}4% cumulative con¬
vertible preferred stock, and 500,000 shares ($1 par) common stock, to be
reserved for conversion of the
preferred.
George H. Frederick Distilleries, Inc. (2-2196, Form A-l) of Harrison,
Ohio, has filed a registration statement cohering 2,000 shares ($100 par)
6% cumulative preferred stock and 4,000 shares (no par) common stock.
The stock is to be offered in units consisting of one share of each at $101 a
The proceeds from the sale of the stock are to be applied to the
erection and equipment of a new plant and for operating expenses.
George
H. Frederick, of Cincinnati, Ohio, is President.
Filed May 27, 1936.
unit.
Inc. (2-2198, Form A-l) of Prescott, Ariz.,
registration statement covering $125,000 of 1st mtge. four-year
to be offered at par.
The pro¬
Comstock Dexter Mines,
has filed
a
convertible 7% bonds, due June 1, 1940.
ceeds from the sale of the bonds are to
of
erection
be applied to tne purchase
and
110-ton flotation mill and necessary auxiliary equipment.
of Prescott, is President.
Filed May 27, 1936.
a
T. F. M. FitzGerald,
King-Seeley Corp. (2-2200, Form A-2) of Ann Arbor,
Mich., has filed
registration statement covering 10,500 ($20 par) 5H% cumulative con¬
stock and 70,000 shares ($1 par) common stock.
All of
the preferred stock being registered is presently outstanding, it is stated.
Of the common stock being registered, 24,500 shares are being issued by
a
vertible preferred
conversion of the preferred, and
The proceeds from the sale of the
will be used for new equipment,
additional inventory, and for the reduction of bank borrowings, it is stated.
John C. Grier & Co., Inc., of Detroit, is the principal underwriter.
Roy
R. Seeley, of Ann Arbor, is President.
Filed May 28, 1936.
The Temblor Oil Co. (2-1991, Form A-l, a refiling) of Boston, Mass.,
has filed a registration statement covering 59,997 shares ($5 par) common
stock to be offered at a proposed price or $5 a share.
The proceeds from
the sale of the stock are to be applied to organization expenses, notes
payable, development of property and general corporate purposes.
Ken¬
neth D. Van Allen, of Boston, is President.
Filed May 21. 1936.
the
corporation,
24,500 shares are for
21,000 shares are presently outstanding.
stock to be received by the corporation
Prospectuses were filed for
eigh^ issues under Rule 202
registration certain classes of offerings
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
new filings is given below:
which exempts from
follows:
Pictorial Paper
has filed
stock of the company
reserved for exercise of
is
cumulative preferred
California
and Investment News
UTILITY—INDUSTRIAL—MISCELLANEOUS
REGISTRATION STATEMENTS UNDER
SECURITIES ACT
FILING OF
June 6, 1936
Chronicle
The stock is to be offered for a
period of 15 days after the effective date of the registration statement
common stockholders of record May 25, 1936, in the ratio of one share
to
of
preferred for each 38 shares of common held, at $50 a share.
Transferable
warrants evidencing the right to subscribe for the preferred stock are to be
issued to common stockholders.
Any shares not taken by the stockholders
will be sold to the underwriters.
The proceeds from the sale of the stock
not
Tulloch Gold
Minss,
Inc.
Robbins Bros. & Co.
North Rampart St.,
shares of common stock ($1 par) at par.
St., Portland, Ore., is President.
No
(File 3-3-659) 330%
Los Angeles, Calif, .offering 109,000
N. F. Gilkey, 1315 S. W. Salmon
underwriter is named.
(File 3-3-651) Ottawa, 111., offering
500 shares of
preferred stock ($100 par) and 100 shares of common stock ($100 par) at
par.
C. M. Robbins, Ottawa, 111., is President.
No underwriter is named.
California Cafeterias Corp. (File 3-3-652), no address, offering 5,000
.shares of 7% cumulative preferred stock ($10 par) at par.
L. F. Lamont,
507 Spring Arcade
Building, Los Angeles, Calif., is President.
No under¬
writer is named.
Pennsylvania Container Corp. (File 3-3-653) Oil City, Pa., offering to
security dealers, brokers and investment distributors 20,000 shares class A
common stock (no par) at- $5 per share.
F. L. Hammond, 116 Central Ave.,
Oil City, Pa., is President.
No underwriter is named.
Sunray
wells and to
are
,
/
Co. (File 3-3-654) 67 Third St.,
100,000 certificates of interest
of $1 par value at par.
Andrew Gauthier, Richard A. EUiott, John New¬
man, Hector Waller and George Corris, of Kirkland Lake, Ontario, Canada,
applied to the payment of $725,000 of 1st mtge. 6% notes of the
Oil Co., to pay expenses incident to the drilling of oil and gas
working capital.
C. H. Wright, of Tulsa, Okla., is President.
Filed May 22, 1936.
are
to be
Roofing Co. (2-2184, Form A-2) of Stratford, Conn., has filed a
registration statement covering 45,000 shares ($1 par) common stock.
Of the stock being registered, 20,000 shares are to be issued by the com¬
pany and the remaining 25,000 shares are presently outstanding.
The
proceeds from the sale of 20,000 shares are to be applied by the company
against bank loans, to furnish working capital and to purchase real estate.
Distributors Group, Inc., of Jersey City, N. J., is the principal under¬
writer.
R. J. Tobin, of Stamford, Conn., is President.
Filed May 23,
Tilo
1936.
Consolidated Aircraft Corp. (2-2186, Form
A-2) of San Diego, Calif.,
registration statement covering 24,000 shares (no par) $3 con¬
vertible preferred stock, 22,976 warrants to purchase the preferred stock,
and 73,600 shares ($1 par) common stock of which 48,000 shares are re¬
served for conversion of the preferred stock.
The remaining 25,600 shares
of common stock are to be offered to certain officers and employees of the
has filed
a
at about $20 a share.
The corporation will offer 22,976 shares
of the preferred stock to common stockholders on the basis of one share for
each 25 shares of common stock held, at $50 a share.
The warrants will
be issued to the common stockholders and will entitle them to subscribe
company
for the preferred stock for a period of 30 days.
The remaining 1,024
of preferred stock are to be reserved for optional subscription by
shares
officer
12,000
Newman-Dick Mining & Development
Kirkland Lake, Ontario, Canada, offering
No underwriter is named.
trustees.
Royalty Co. (filed May 18, 1936) (File 3-3-655), no
Oil States
Warren McArthur Corp. (File 3-3-656) 1 Park Ave., New York, N. Y.,
offering 250 shares of preferred stock ($100 par) at par and 500 shares of
common stock (par $1.50) at par.
Warren McArthur, Room 500, 1 Park
Ave., New York, N. Y., is President.
No underwriter is named.
Stone Mountain Corp. (File 3-3-657) Atlanta, Ga., offering 7,500 shares
preferred stock ($10 par) at par and 3,750 shares of common stock (no par)
at $5 per share.
Charles James Metz, Atlanta, Ga., is President.
No
underwriter is named.
The
following registration statement also was filed with
details regarding which will be found on a subse¬
the SEC,
quent phge under the company
mentioned:
Niagara Falls Power Co. (No. 2-2214, Form A-2) covering $32,493,000
bonds 3%% series of 1936.
Filed June 1, 1936.
Broad River Power Co. of Columbia, S. C. (No. 2-2220, Form A-2),
1st & ref. mortgage
and employees of the corporation.
All of the preferred stock up to
shares not taken by the stockholders will be purchased by the underwriters,
covering $10,000,000 1st mtge. bonds, due
of Calif.,
the stock
purchase
of additional machinery and equipment, and for working capital.
R. H.
Fleet, of San Diego, is President.
Filed May 23, 1936.
L. C. Smith & Corona Typewriters, Inc. (2-2190, Form A-2) of
Syracuse, N. Y., has filed a registration statement covering $1,750,000 of
15-year 4H% sinking fund debentures, due June 1, 1951, with attached
shares
Hammons & Co., Inc., of N. Y. City, and Hammons & Co., Inc.
of Los Angeles, at $50 a share.
The proceeds from the sale of
are to be used for construction of additional plant buildings, for
stock purchase warrants; subscription certificates evidencing rights
to
purchase the debentures; and 21,8t4 shares (no par) common stock
for issuance upon exercise of the warrants.
The debentures are to be offered
through the subscription certificates to common stockholders on the basis
of a $1,000 debenture for each 95 shares of common held.
Any debentures
not purchased by the common stock holders will be offered publicly.
The
common stock purchase warrants will entitle the holders to purchase 12
shares of common on or before June 1, 1941.
The warrants will be void if
detached.
The proceeds will be used as follows: about $1,000,000 to
reimburse the company for the redemption of its 1st mtge. 6% sinking fund
gold bonds; about $600,000 for reduction of bank loans; $30,300 for the
retirement of funded debt of Miller-Bryant-Pierce Co., a subsidiary; and
the balance will be used for general corporate purposes.
Hurl but W.
Smith, of Syracuse, is President.
Filed May 25, 1936.
common
Gabriel Co. (2-2191, Form A-2)
of Cleveland, Ohio, has
102,000 shares (no par) class A
warrants to purchase the class A stock.
Of the stock
40,000 shares will be exchanged for all the outstanding
tion statement covering
filed a registra¬
stock and 19.800
being registered,
shares of class B
address!
offering 950 shares of preferred stock ($100 par) at par and 5,000 shares of
common stock (no par) at the stated value of $1 per share.
The offering is
to be made through Sidlo, Simons, Day & Co., First National Bank Build¬
ing, Denver, Colo.
Crown Cork & Seal
1966.
Filed June 3, 1936.
covering 225,000
Co., Inc. (No. 2-2223, Form A-2)
cumul. pref. stock (no par), with warrants to purchase
common stock; 56,250 shares
(no par) common stock to be reserved for
exercise of warrants, and warrants for purchase of 56,250 shares of common
of $2.25
stock.
In
In
Filed
June
3,
1936.
making available the above list the
no case
does the act of filing
Commission said:
The last
in
our
security
the merits of
with the Commission give to any
its approval or indicate that the Commission has passed on
the issue or that the registration statement itself is correct.
previous list of registration statements was
May 30, page 3660.
given
issue of
Alberta Pacific Consolidated Oils, Ltd.—Initial Dw.
initial dividend of 2 cents per share payable
July 15 to holders of record June 15.—V. 129, p. 3328.
The directors have delcared an
Allegheny
Steel
Co .—To
Vote
on
Merger and Change
Directorate—
27 on approving a proposed agreementof
and West Leechburg Steel Co. They will
The stockholders will vote July
merger
between this company
also amend the by-laws so
V. 142, p. 3495.
that the board
o
shall consist of 11 directors.
Volume
Allis-Chalmers
Co.—Resumes Common
Manufacturing
Dividends—
'
The directors
June 4 declared
on
a
Specialists
the
dividend of 25 cents per share on
value, payable June 30 to holders of record June 15.
This will be the first payment made since May 16, 1932, when a dividend of
12cents per share was distributed.—V. 142, p. 2813.
common
stock,
All
a
1
quarterly dividend of 37 M cents per
share
additional dividend of 50 cents per share on account of accumula¬
tions on the 6% cumulative preferred stock, par $100, both payable July 1
McDonnell & Co
an
to holders of record June 15.
Similar payments were
made on April 1
and
against accumulation dividends of 25 cents per share paid
in each of the four preceding quarters.
A dividend of 37y, cents per share
has been distributed on the above issue each quarter since and including
April 1, 1933 and 75 cents per share was paid in each of the four preceding
quarters.—V. 142, p. 3495.
1, last;
Rights and Scrip
America—Preferred Dividends—
The directors have declared
Jan.
1
as
/New York Stock Exchange
Curb Exchange
,
Member^ NewYork
Aluminum Goods Mfg.
RECTOR
1935
1934
1933
1932
$7,467,127
6,362,218
$6,557,457
5,891,238
$5,914,141
5,539,336
$1,434,254
$1,104,909
89,216
$666,219
181,344
$374,806
195,798
$1,630,052
187,150
456,961
$1,194,125
144,732
478,518
$847,562
61,666
433,161
$606,076
8,097
53,717
19",709
Cost of sales & expenses.
Other income.
Depreciation
231,270
46,354
452,017
and retire.
sale
on
'
2-7815
Co.—Earnings—
$8,524,115
7,089.861
Calendar Years—
Net sales.
Total income
Income taxes
NEW YORK
120 BROADWAY,
TEL.
Loss
in
no par
Aluminum Co. of
and
3835
Financial Chronicle
142
of plant equipment
Wise, unemploy. comp.
American Box Board Co.—Stock
Offered—-Hegarty, Con-
& Co., Inc., New York, on June 3 offered 39,397 shares
of common stock ($l,par) at $16.50 per share (or market).
Of the shares offered 11,397 shares represent new financing,
the balance (28,000 shares) having
been acquired from
certain stockholders. v A prospectus dated May 26 affords
the following:
roy
Transfer Agent:
Harriman &
Registrar: Brown Brothers
Manufacturers Trust Co.
Co.
The 11,397 shares to be sold by the company are
$924,126
611,754
Surplus
Shs.
com. out.
Earnings
(no par)_
share
per
$105,902
1,112,990
$0.49
$107,705
629,255
$352,735
$551,165
445,263
$312,372
1,112,135
$0.83
Dividends paid.
445,706
def$92,971 def$521,550
1,113,550
1,114,920
$0.31
$0.10
Balance Sheet Bee. 31
1935
Assets—
S
Notes & accts.
696,477
2,367,839
54,211
3,916,014
4
Invest,
commissions
Income taxes pay.
Accrued local taxes
Prov. for other tax
54,820
54,483
308,800
308,800
c
322,412
396,482
Treasury
4,424,579
63,339
for
Common
6,000
69,710
stock..13,052,415 13,052,415
Surplus
and
un¬
divided profits..
com¬
pany stock
Employees'
157,690
4,718,378
87,317
Reserves.
allied
companies at cost
Int.
in
purchase
agree,
132,766
209,862
264,898
empl.
in
119,226
144,816
24,610
78,507
Accrued labor and
263,694
&
122,036
111,299
141,928
187,150
Dividends payable
200,700
officers
183,649
163,210
Accounts payable.
rec.
$
$
Liabilities—
$
1,550,930
1,547,256
Accts. & notes rec.
732,038
Inventories
3,064,929
Accrued int. rec__
46,531
Invest, (at cost).. 3,848,312
1934
1935
1934
.
Cash
stock
907,777
1,138,752
Drl2,262
Dr3,169
mtge.
loan
Real estate
equipment
Other assets
...
225,367
Deferred charges..
Total
c
15,102,777
49,459
...15,102,777 14,675,750
Total
a After
depreciation of $6,775,658 in 1935 and $6,43^,290
Represented by 1,113,350 no par shares.—V. 141, p. 3850.
in
1934.
Aluminium, Ltd. (& Fully-Owned Subs.)—Earnings—
1935
$2,480,330
1,632,375
$2,770,505
1,522,649
Cr361,320
aCr691~
zCr789",233
xCr203,3 89
1,457,778
1,594,759
5,914
3,310
55,000
20,629
208
See b
Res. for income taxes—
Res. for doubtful acc'ts.
Divs.
accr. on
$1,897,728
1,445,079
205,706
xCr291,598
1,468,676
87,600
20,847
38,141
326,347
Interest
Exchange losses
Sundry adjustments
Res. for depr. & deple—
1932
1933
1934
$1,910,267
1,293,642
all exp.incident to op.
y227,500
pref. stock
Directors' remuneration.
Legal fees
Executive salaries
Amort, of patents & exp.
in connection with is¬
sues
77,823
of bds. & pref .stk.
Res. in respect of losses
of sub.
folding boxes and containers.
Capitalization—The capitalization of the company, after giving effect to
11,397 shares of common stock, will be as follows:
the issuance and sale of
Authorized
Outstanding
113,966 shs.
None
125,363 shs.
reserved for conversion of the 5H%
115,000 shs.
16,500 shs.
*207,500 shs.
preferred stock ($10 par)
% cum. conv. pref. stock ($100 par)—
Common stock ($1 par)
7%
cum.
*
A maximum of 75,000 shs. are
preferred stock.
Listing—Company has agreed that at the request of the underwriter it
will make application to list its common stock on the New York Curb
Exchange.
Purpose of Issue—The minimum net proceeds to the company of the sale
of 11,397 shares of common stock are estimated at $137,161, after deduc¬
tion of estimated expenses of $11,000, and are to be used for the following
purposes:
(1) $99,720 for the payment of dividends in arrears on the
company's 7% cumulative preferred stock; (2) the balance, estimated at
$37,440 for improvements and additions to the company's property.
The proceeds of the sale of the remaining 28,000 shs. of common stock
will not be received by the company, as said shares are being sold by certain
cumulative convertible
stockholders.
210,000
cos
The products of the company are sold
approximately 18J^ acres of land in Grand Rapids,
Mich., on a part of which the company's plant is located.
Company has
approximately 405,000 sq. feet, of floor space.
There are three paper mills
for the production of the various types of board manufactured by the
company, and four box plant divisions for the cutting and finishing of the
The company owns
14,675,750!
Calendar Years—
Gross earns, after deduc.
plant and principal offices are located at Market and Godfrey Avenues,
Grand Rapids, Mich.
Company has no subsidiaries.
The company is now engaged in the manufacture and sale of box board,
container, fibre and straw board; and corrugated and fibre shipping con¬
tainers, specialties and folding boxes fabricated therefrom.
Company's
box plant divisions utilize approximately 90% of the products of its board
mills, fabricating such products into various types of folding boxes for the
retail trade, corrugated and fibre shipping containers and also fibre plywood
cases
fastened with wooden cleats which are used for the shipment of
refrigerators and similar products.
to varied lines of industry.
aBIdgs. mach. and
to be offered for sub¬
scription to the holders of common stock, on the basis of 1 share for each
10 shares presently owned, for a period of 10 days, and only the unsub¬
scribed portion thereof will be offered to the public.
The 28,000 shares which are issued and outstanding are severally owned
by the following stockholders in the amounts indicated:
John W. Goodspeed, 15,000 shares; Harrison L. Goodspeed, 2,000 shares; Walter S.
Goodspeed, 3,000 shares; John W. Goodspeed Jr., 2,000 shares; S. A.
Morman, 3,000 shares; Helen Dix, 1,000 shares; Florence Steele, 1,000
shares; F. H. Bither, 1,000 shares.
History—Company was incorp. in Mich., Dec. 18, 1923, as the continua¬
tion of a business which had its inception in 1903 as the American Paper
Box Co.
The interests which initiated the business started their first paper
mill and incorporated it in 1909 under the name of American Box Board
Co.
In 1914 these two properties, together with the American Corrugating
Co. and the Illinois-Michigan Fibre Box Co., also commonly controlled,
were consolidated into one corporation,
American Box Board Co.
The
Earnings for Stated Periods
in prior years for
$100,468
173,091
$628,761
Balance, surplus
Previous surplus
Sundry adj. not affecting
years' operations
Trans, to surp. from un¬
used raserve provided
273,559
$130,806 df$l,157,634
defl07,714
1,110,027
def60,107
Jan.25,'36.
$55,031
22,204
5,877
$353,171
181,023
45,103
$273,559
$173,091 def$107,715
and retirement of preferred stocks and bonds,
1932 on preferred stock, $292,500; less $65,000 for
z Includes income
from other
of investments of
$149,562, and gain from purchase and redemption of bonds and stocks
x
y
Gain
from purchase
Dividends paid in
amount
Consolidated Balance Sheet Dec. 31
1935
1934
1935
Liabilities—
Assets—
32,196,662
pl'ts, &C.32, 397,348
14,541,389
1,269,254
140,013
23,158
145,485
1,037,081
10,599,4901
4, 673,400
4,865,4341
14, 548,583
714,115
Indem. deposits..
132,982
24,746
Sinking fund bal_.
Pats. & tr. marks.
168,361
Unamort. expenses
966,685
b Inventories
10, 407,110
to other cos
Accts. & notes rec.
contract
Notes of asubsid..
Marketable
sees..
Cash
Common stock. 25,669,139 25,639,919
5% gold bonds... 17,243,000 18,118,000
1,725,263
2,045,456
c Notes—
1,500,000
1,500,000
Accts. pay. to subs.
117,683
Accrued items
367~531
331,193
.
Accts. & bills pay.
6,666,040
Def. exch. gain...
Tax reserve
154,028
228,461
363,740
902,319
reserves
Earned surplus!...
289,393
810,000
331,845
1, 940,899
$
12,504,600
Bonds of subsid's.
Other
Adv. pay. on pur.
1934
$
Preferred stock— 12,504,600
e
Invest, in & ad vs.
Deferred charges..
taxes
Net
6,499,138
227,888
145,381
521,930
273,558
profit
The
annual
67.405,466
Total
.67,405,466 67,843,403
Amalgamated Sugar Co.—Preferred Stock Called—
called for redemption on Aug.
1 2,274 shares of its
cum. sinking fund 1st pref. stock ($100 par value) at a price of $120
share, plus all unpaid accrued dividends at the redemption date amount¬
ing to $74 per share.
Payment will be made at the office of Bankers
Trust Co., New York.
8%
per
that after Aug. 1 certificates for this preferred
only the right to receive the cash redemption price.
The company announced
stock will represent
—V. 142, p. 2813.
$301,683
$307,877
$23,693
cumulative
7%
150
applicable to the 113,966 shares of
preferred stock outstanding is $79,776.
Earnings per
be outstanding after allowance for the dividend
to
$99,720, are to be paid out
stock.
of the proceeds of a part of the shares of
common
Policy—The directors had expressed their intention, by resolu¬
tion, that, after payment of dividend arrearages on the preferred stock, the
common stock will be placed on a dividend basis by the declaration of a
quarterly dividend of 20c. per share, or at the annual rate of 80c. per share,
such dividends to be continued so long as in the judgment of the board
the general business condition of the company shall warrant such payments.
Dividend
Balance Sheet Dec. 28, 1935
Liabilities—
Assets—
Cash
on
hand
and
Accounts
demand
securities...
Accrued liabilities
113,901
deposits
28,422
136,625
2,799
receivable
Inventories
—
513,222
Notes payable
(1937)
7% preferred stock
Common stock (113,966 shs.)
Earned surplus
56,687
12,555
1,139,660
113,966
415,413
1,020,759
Fixed assets (net)
patents,
$105,897
27,633
Reserve for Federal income tax
policies
Goodwill,
payable
$42,684
Customers' notes & accts. rec.
1,767,878
or
The company has
3,858
dividend requirement
Value of life insurance
1,257,557
market, whichever is the lower,
c Given for acquisition of
a subsidiary company, due
1936, 1937 and 1938.
d After depreciation,
depletion and amortization of $17,075,087 in 1935 and $15,449,069 in 1934,
e
Represented by 593,853 no par shares in 1935 and 592,879 in 1934.
V. 142, p. 3330.
b At cost
54,100
'51,300
75a
requirements on the 7% cumulative preferred stock, were equivalent to
$0.10 for the year ended Dec. 31, 1933, $1.77 for the year ended Dec. 29,
1934, and $1.81 for the year ended Dec. 28, 1935.
Dividends in arrears on the 7% cumulative preferred stock, amounting
U. S. Govt,
67,843,4031
$27,702
share of common stock to
Other accounts
Total
$365,467
6,290
available
for dividends
of $307,757, interest on advances,
&c., of $355,376, and gain irom purchase and redemption of bonds of
$28,075.
b Provision for depreciation and depletion for the year amounted
to $1,483,905, of which $1,102,210 was charged to cost of production and
$381,694 directly against profits.
$359,774
5,693
$386,026
30,243
253,597
Prov. for Federal income
Dec. 31, 1931; balance as above,
investments of $505,986, gain from sale
accrued at
of $133,683.
a
Includes income from investments
d Land,
Misc. income deductions
$376,351
9,675
$130,158
26,408
$92,450
Total income
$26,948
3,114
Operating profit
Other income
$902,319
57,602
$691,449
259,580
72,094
$127,044
before depr.
Selling and adm. expense
Provision for deprec
$687,551
11,300
Gross profit
150,000
exch.
P. & L. surp. Dec. 31.
Dec.29,'35 to
Years Ended
Dec. 31,'33. Dec. 29,'34. Dec. 28,'35.
Period—
&c
Other assets
Total-
1
13,398
$1,871,812
Total
$1,871,812
-V. 142, p. 3495.
American Capital
Corp.—Accumulated Dividend—
declared a dividend of 50 cents per share on account
$3 cum. pref. stock, no par value, payable June 30
to holders of record June 15.
A like payment was made on March 31,
last, and compares with 25 cents paid on Dec. 30, Oct. 1 and July 2, 1935,
and with 75 cents paid on March 25, 1935, Dec. 24, Sept. 25, June 4 and
March 15, 1934, and on Dec. 28, 1933.
The latter payment was the first
made since Oct. 1, 1933.—V. 142, p. 1624.
The directors have
of accumulations on the
Financial
3836
Comparative Balance Sheet March 31
Co.—Accumulated Dividend—
American Chain
Co.—Earnings—
American Gas & Electric
3876.
See statement on page
American Seating Co.—Listing—
New York Stock Exchange has authorized the listing of 202,875
The
shares of common stock (no par) on official notice of issuance
for presently outstanding voting trust certificates upon the
of the trust, and 33,360 shares to be reserved for
of the 10-year 6% convertible gold notes, making
A
Acer. Int.
on
[
debs. J
598,996
58,820
32,000
3,580,500
4,847,250
1,250,000
Capital surplus. —13,791,648 14,374,482
Deb. retire, fund261,380
Cash
992,163 2,170,088 Earned surplus.— 9,938,226 9,651,137
Accts. receivable.
50,938
61,670 Appr. earned surp.
for deb. retire.
261,380
b Mktable
secur.39,870,794 43,460,246
Deferred charges.
22,061
4,808
Accrued
taxes
Deferred
sub
-
69,251,212 70,800,840 |
termination
Total
market
liabilities
69,251,212 70,800,840
Total
b At cost or market, whichever is lower, aggregate
$52,195,800 in 1936 and $45,111,223 in 1935.
c Repre¬
sented by no par shares, stated value $25 per share; 1936, 491,647 shares;
1935, 486,319 shares.—V. 142, p. 2814.
At cost or lower,
a
value,
American Home Products Corp.—New Secretary—
monthly meeting of the board of directors W. H. Wulffleff
elected Secretary.
His former position of Treasurer was filled by the
election of Randall Nauman to that post.—V. 142, p. 2655.
Merged—
See United States Steel Corp.,
2,500,000
2,500,000
June 6, 1938.-Demand
loan to
Com.
in exchange
Co.—President Resigns—
Plate
loan
issuance upon conversion
the total amount applied
236,235 shares.—Y. 142, P- 3496.
American Sheet & Tin
22,000,000 22,000,000
604,128
invest'ts 2,303,874
due
Sundry
Secured
1935
$
$
stock..12,291,175 12,157,975
Common B stock. 3,000,000
3,000,000
Debentures
25,728,000 26,138,000
Accounts payable-1
601,463/
1,000
c
subs. co.
(cost)
a
Liabilities—
$
Assets—
Stock of
1936
1935
1936
declared a dividend of $3.25 per share on account of
accumulations on the 7% cumulative preferred stock, par $100, payable
July 1 to holders of record June 19.
A dividend of $1.75 per share was
paid on April I. last, and compares with a dividend of $3.50 paid on Jan. 1,
1936, and one of $1.75 per share on Oct. 1, 1935, this latter payment being
the first distribution made on the preferred stock since Dec. 31, 1931,
when a regular quarterly dividend of $1.75 per share was paid.—V. 142,
p. 3495.
The directors have
for
June 6, 1936
Chronicle
At the recent
below.—V. 142, p. 1973.
was
American
Crystal Sugar Co.—Earnings—
[Including Wholly Owned Subsidiaries]
(No Portion of Results from Amalgamated Sugar Co. Operations
Included)
1935
1936
Years Ended March 31—•
$11,086,483 $14,362,814
726,523
1,247,536
Net sales
$10,359,960 $13,115,278
-—
8,357,974
10,894,326
$2,001,986
$2,220,952
226,945
313,590
19,539
& adminis. exp.)
Gross profit from sales-Net oper. inc. from other sources
inc. co. farms,
other by-products, &c
20,395
Otherincome—-Interest, discount, &c
Total.
Interest and discount
.
56,233
785,421
Miscellaneous taxes, &c
—
-
$2,554,080
239,011
47,286
867,654
200,000
$2,249,325
172,410
....
Depreciation of property-_
Provision for Federal income taxes
180,000
'
140,000
Provision for contingencies.
$915,261
12,656,394
.
$1,200,130
297,806
conversion of no par value
value
capital stock purchased
11,095,855
72,434
85,370
on
on preferred stocks
Sundry adjustments. &c. (net)
on
—
4,981
i.
$7,947,513
393,511
$7,347,674
x365,146
subsidiaries
$8,341,025
$7,712,821
3,465,630
161,886
637,500
8416
3,449,374
161,484
637,500
x9.797
$4,067,890
$3,454,664
Total income of
Interest, amortiz. and pref. divs.
Interest on bonds, notes, &c
Amortization of bond discount
9,833
Proportion of earnings attrib. to
$
.
30,000
Inventories
4,203,281
983,610
Advances
153,132
4,001
1,807
Land sale contracts
Sinking fund
Deferred charges..
44,850
Common stock
Funded
4,596,000
3,639,660
2,051,200
90,900
7% pref. stock
c
1,781,373
4,451,014
1,018,825
177,253
2,167
687
80,993
Accts. receivable-_
1935
6,389,260
6%pref.stock
30,000
1,505,018
-
debt
3,639,660
1,240,000
American Power &
Period End.
April 30—
assenting to
ex¬
tensions
Accounts payable-
106,463
1,800
64,970
Bank acceptances-
150,000
a600,000
Net revenues from
Other income (net)
on
fund
12,400
income.-.$ll,257,571 $10,246,330 $41,679,622 $37,971,263
3,979,564
4,102,891
Cr527
16,166,336
Cr6,231
16,510,570
Crl,150
1,649,778
Int. charged to constr'n.
Property retirement and
depl. reserve approp,.
1,433,412
6,260,396
5,707,340
$5,629,379
Balance
Pref. dividends to
31,462
curr.
452*333
994
24*043
5,826
345,977
liab
Res. for insurance-
1,792,658
1,792,157
7,170,351
7,166,470
18,152
18,189
88,591
76,020
$3,818,569
$2,900,208 $12,000,179
$8,511,197
$3,818,569
$2,900,208 $12,000,179
20,988
$8,511,197
48,351
$2,910,480 $12,021,167
57,918
317,214
$8,559,548
210,833
equity
in income of subs,.
Amer. Pow. A Lt. Co.—
Net equity of Amer. Pow.
& Light Co. in income
313,160
Notes pay. to bks.
of
subs,
(as
shown
above)
350,000
8,826,094 11,256,704
Capital surplus
Res. forconting
140,000
Earned surplus
1,895,681
1,399,690
$3,823,254
Total income
76,136
Expenses, incl. taxes
Int. to public and other
726,151
774,247
2,944,166
3,102,321
$3,020,967
$2,078,315
$8,759,787
$5,246,394
deductions
have
all
been
-...24,493,222 25,577,174
Total
the fiscal year,
b After depreciation of $8,376,513 in 1936 and $7,924,271 in 1935.
c Re¬
presented by 363,956 shares of $10 par value,
d Invested in common stock
(99%) of Amalgamated Sugar Co., value, based on the Amalgamated
Sugar Co.'s statement is $1,715,881, March 31, 1935. and $2,148,445,
March 31, 1936, after adjustment for equities of preferred stock, on which
dividends and sinking fund requirements have been paid to May 1, 1927.
paid
since
the
close
Preferred Stock Called—
The company has notified the New York Stock
for redemption bn July 1, 1936, all of its
Exchange that it has
outstanding shares of
2d pref. stock and that the privilege to exchange this stock for 6%
cum. 1st pref. stock of the company on the basis of 1.6 shares of 6% cum.
1st pref. stock for each share of 7 % 2d pref. stock has been continued to
June 20, 1936, on which date, however, the said exchange privilege shall
cease and terminate, so that any contemplated changes must be perfected
and completed on or before June 20, 1936.
7%
*
■
James Q. Newton has been elected a director to succeed H. A. Benning,
resigned.—V. 142, p. 3661.
American Smelting & Refining
on
June 2 declared
no par
a
Co.—Dividend Increased
dividend of 50 cents per share on the
value, payable Aug. 31 to holders of record Aug. 7.
This compares with 40 cents paid on May 29 and
Feb. 28, last, this latter
payment being the first dividend distrubted on the common stock since
Feb. 1, 1932 when 12]^ cents per share was paid.—V. 142, p. 1804.
American I. G. Chemical
Years End. Mar. 31—
Income
adminis.
exps_.
Fed. tax & other deduc.
Interest.
Corp.—Earnings—
income
Dividends
sol.
been eliminated from the
above statement.
Interest and preferred dividend deductions of subsidiaries
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 available for
minority holdings by the public of common stock of subsidiaries.
The
"net equity of American Power & Light Co.
in income of subsidiaries"
includes interest and preferred dividends paid or earned on securities held,
plus the proportion of earnings which accrued to common stocks held by
American Power & Light Co., less losses where income accounts of individual
subsidiaries have resulted in deficits for the respective periods.—V. 142,
3662.
p.
American Water Works & Electric
Period End. Apr. 30—
Grossearnings
Oper.exp.,maint. & tax.
1933
1936
1935
1934
$4,308,377
188,262
129,231
1,463,017
$3,405,112
169,904
163,908
1,497,705
253,268
$3,302,939
2,754,470
$2,527,868
1,572,470
$1,320,326
$1,245,621
$548,469
$955,398
$1,320,326
$1,245,621
,
$3,107,344
161,220
70,327
1,630,176
Co.—Earnings—
*1936—Month—1935
*1936—12 Mos—1935
$4,206,147
$3,891,337 $48,801,236 $46,712,156
2,274,113
2,067,252
25,201,133 24,560,083
Gross income
$1,932,033
$1,824,085 $23,600,102
Interest, amortization of discount, &c.f of subs—
8,892,761
$22,152,073
8,822,966
5,714,434
5,713,088
Interest, amortization of discount, &c., of Ameri¬
can Water Works & Electric Co., Inc
Reserved for renewals, retirements and depletion.
1,416,669
3,717,219
1,502,128
3,346,439
Preferred dividends
1,200,000
1,200,000
$2,659,018
$1,567,450
Preferred dividends of subsidiaries
*
common
—
stock and surplus
All figures subject to
year
audit insofar as they contain earnings for the
1936.
Note—In
February and
March,
1936,
$12,043,000 of collateral trust
converted into common stock of the company,
increase of 602,150 shares outstanding.
As the full amount
of the annual savings in fixed charges resulting from such conversion is not
reflected in the above earnings statement for the year ended April 30,
1936, the per share earnings on the common stock have been computed
bonds of the company were
resulting in
on
an
number of shares outstanding during the period,
1,841,587, rather than the actual number of shares outstanding
period, namely, 2,343,158.
the basis of the average
namely,
Surplus..
earned surplus.
Notation—All intercompany transactions have
Balance for
$5,155,959
202,836
218,241
1,431,943
Netlossonsaleofsecurs.
Balance carried to con-
of
called
New Director—
10.272
4,685
Otherincome
(not curr.)
24,493,222 25,577,1741
$4,710,554 $19,259,121 $15,753,687
of Amer.
Power & Light Co.
25,607
1,137,767
27,768
489,703
95,804
669,467
Addit. beet paymts
Due to affil. co
Other
Cr334
public
applicable to respec¬
tive
periods whether
earned or unearned)
Portion
applicable
to
minority interests
Net
payable
Net
1936—12 Mos.—1935
$20,497,070 $85,115,697 $77,984,706
10,346,725 43,711,113 40,427,712
op.$11,198,702 $10,150,345 $41,404,584 $37,556,994
58,869
95,985
275,038
414,269
__
Acer. int.
Unpaid divs._
&
Light Co. (& Subs.)—Earnings—
(full div. requirements
Accrued taxes
Gen.
.
1936—3 Mos.—1935
Operating revenues
$22,508,823
Oper. exps., incl. taxes. 11,310,121
Due to bondh'ders
debt
stock,
$3,110,529
$1.43
$1.12
Adjusted to reflect reversal of Detroit City Gas Co. rate reserve.—
V. 142, p. 3661.
Salaries and wages
common
$3,915,015
804,486
$3,958,625
—
Gross corp.
1936
Cash
U. 8. Treas.sec
The directors
74,683
$4,763,111
804,486
share of common stock...
per
deductions
Liabilities
c
14,885,139 15,337,079
2,682,384
2,697,784
notes
101,149
deductions
consolidated surplus
preferred stock
Dividends on
285,957
$3,989,699
Int. to public and other
1935
1936
A
Bank
244,778
$4 864 260
Traction Co
Balance transferred to
Consolidated Balance Sheet March 31
[Excluding Amalgamated Sugar Co.]
a
820,991
$4,275,656
1935.
Note—Operations of the Amalgamated Sugar Co. as shown by its annual
reports resulted in decreases of $294,503 and $745,340 in its operating deficit
for the years ended March 31, 1935 and 1936, respectively.
After changes
in capital surplus and preferred stock equities, there would be a decrease
of $252,310 and an increase of $432,563 for respective years in equity of
common stock owned by American Crystal Sugar Co.
Total
1,041,148
$5,109,039
Balance
x
—$10,721,775 $12,656,394
$1.38
$2.39
a Including $11,256,704 capital surplus April 1, 1935 and $88,414 April 1,
1934.
b Including $8,826,094 capital surplus March 31, 1936 and $11,-
d Investments
min. com. stock. _
Equity of A. L. & T. Co. in earnings of subs...
Income of American Light & Traction Co. (excl. of
income received from subsidiaries) —
Earnings
2,515,980
Surplus, end of the year
Earns, per sh. on common stock
b Fixed assets
and expense
Dividends on preferred stocks
Balance
i
surplus through exchange of 2dI
.
256 704 March 31
of subsidiaries:
819
debentures purchased
Reduction in capital
Net earnings from operations of subsidiaries...
Non-operating income of subsidiaries
Holding company interest
$13,657,025 $12,666,226
413,471
Dividends
Premium
$37,561,075 $34,567,223
20,003,895
18,408,604
Maintenance
2,682,066
2,335,567
Provision for retirement of general plant
2,282,467
1,958,251
General taxes and estimated Federal income taxes
4,645,132
4,517,124
Expenses of American Light &
L
common
stock to $10 par
Discount
1935
(after
Total income
Increase in capital surplus:
Through
1936
Ended April 30—
operating earnings of subsidiaries
eliminating intercompany transfers)
General operating expenses
Gross
allowances:
Refined sugar and dried pulp
Less processing and floor stock taxes
Gross sales less returns and
Cost of sales (incl. sell., gen.
& Traction Co. (& Subs.)—Earnings—
American Light
12 Months
at the end of the
Volume
Weekly Output
Output of electric energy for the week ended May 30 totaled 43.061,000
kilowatt hours, an increase of 17.6% over the output of 36,505,000 kilowatt
hours for the corresponding period of 1935.
.
.
Comparative table of weekly output of electric energy for the last live
years follows:
1000
Week Ended—
1936
1935
1934
1932
May
9
44,766,000 38,207,000 35,691,000 31,880.000 2/.665.000
May 16
44,605,000 38,269,000 35,528.000 31,866,000 26,635 000
May 23
44,105,000 37,878,000 35,634,000 32,274,000 26,164,000
May 30
43,061,000 36,505,000 33,692,000 31,356,000 24,932,000
—V. 142, p. 3663.
..
„
American Writing Paper
Co., Inc.—Plan—
the fact that it has been
e to
acquaint many of the holders of the company's 6% bonds due in 1947 witn
the plan of reorganization and urgently requests all bondholders wnose
whereabouts are unknown to the company to communicate with u.vv.
Ewing, Secretary, in care of American Writing Paper Co., Inc., HoijmKe,
Mass., so that all holders may receive copies of the reorganization plan to¬
gether with assent blanks.
On June 25, 1934, pursuant to action by its board of directors, company
filed its petition under Section 77-B of the Bankruptcy Act.
The company is calling attention to
.
Further
,
Steps in Reorganization—
Two steps
„
<
in furtherance of the plan of reorganization
will come betore
for approval on
the U. S. District Court for the District of Massachusetts
June 18, according to a notice issued by the company.
The first involves the sale, as provided in the plan,
,
of the properties
.
„
into effect.
.
.
Officials of the paper company report that, in spite of
establishing contact with its security holders, due to their wide
progress in obtaining assents is continuing at a steady pace.—V.
difficulty in
distribution,
142, p. 2982.
Amoskeag Mfg. Co.—Hearing Postponed to June
10—^
Hearings to take place before Arthur Black, as master, to determine the
feasibility of the reorganization plan of the company have been postponed
until June 10.
Counsel of interests opposing the plan presented new re¬
quests for information, which the company will require several days in
answering.
By agreement of counsel, postponement to June 10 was there¬
upon determined.—V. 142, p. 3155.
Anaconda Copper Mining
The
directors
have
declared
a
dividend of 25
cents per share on
the
par
was
Atlanta Birmingham
Gross from
1934
1,001,433
54,433
992,232
38,282
820,286
def6,429
def7,682
Net after rents
3,084
def22,939
1,118,296
120,915
From Jan. 1—
Gross from railway
Net from railway
def9.615
def66,711
def74,214
defll5.339
$239,917
defl0,998
3156.
RR.—Earnings—
Railway oper. revenues. $1,586,807
Railway oper. expenses.
1,393,034
Railway tax accruals...
80,551
Uncoil, railway revenues
334
1 932
$1,411,665
1,324,189
87,313
146
$1,280,053
1,258,297
88,030
1,351
$1,263,274
1,342,343
101,705
254
def$67,625 def$181,028
33,788
5,469
130,570
136,923
$17
21,329
132,324
$50,433
$153,636
$231,983
$323,421
24,308
21,459
23,198
28,160
$26,125
$132,177
$208,785
$295,260
Total interest accrued..
303
943
Other deductions.
300
428
784
331
929
240
240
$26,729
$133,548
$209,900
$296,669
oper.
income.
Equipment rents
Joint facility rents
Net ry. oper. deficit..
Other income
Total deficit
Rent for leased roads...
Net deficit
—V.
142,
p.
2983.
Co.—Solvency Issue Trial of
System Transferred from Ithaca to New York City—
Federal Judge Julian W.
Mack
on
May 29 transferred jurisdiction of
the trial of the issue of solvency of the company from Ithaca, N. Y., to
the Southern District, N. Y. City, rejecting a cross motion by the com¬
pany's counsel to transfer the case to Wilmington, Del.
Although the petition for reorganizing was filed in Ithaca two years
ago, Judge Mack pointed out that the preliminary hearings have been
held in New York by agreement of counsel on both sides.
The actual
financial headquarters of the company is in Manhattan and its officers
managed the system from New York, the court ruled.
The refusal of Federal Judge Julian W. Mack to dismiss a tentative
petition filed against the company for reorganization under Section 77-B
of the Bankruptcy Act was upheld May 28 by the U. S. Circuit Court of
Appeals.
This is the second time the court has upheld Judge Mack in
his refusal to dismiss the petition.
The company has made two motions
for a dismissal based on the claim that the petition lacked good faith;
it
failed
company
to
have
a
substantial
stockholder
support,
and
that
the
did not need reorganization.
Appeals Decision Shifting Solvency Trial—
The company got permission June 2 from the
Circuit Court of Appeals
appeal the decision of District Judge Julian W. Mack transferring trial
of the system's solvency from Ithaca, N. Y. to N. Y. City.
Pending the
outcome of the appeal Circuit Judge Martin T. Manton held up the taking
of testimony.
to
Weekly Output—
For
the"
on
Associated Gas & Electric Co., as owner of all of
Gas & Electric Corp., gave its consent to
week ended May 23, Associated Gas & Electric
System reports
of 75,080,344 units (kwh.) which is 11.6% above the
corresponding figure for last year.
Improvement continues to be most marked on those properties serving
textile and steel mills and other heavy industries.
Residential use continues
to show its customary steady improvement.
net electric output
of American
the Associated
and exchanges
of securities in the hands of the public, and finally the plan of reorganiza¬
tion, which is now pending before the Federal Court in Delaware, the long
needed reorganization will, if the favorable decision which is expected from
ment
thereto dated Oct.
29, 1935.
The financial difficulties
Utilities Co., date back to the period prior to acquirition by
Gas & Electric System in the fall of 1929.
By purchases
the Court is received, be finally accomplished.
Eastern Utilities Investing Corp., a subsidiary
had interest arrears of $139,950 on $933,000 of
investing company, also
publicly held bonds at
order to simplify the relationship existing between
Associated Gas & Electric Co. and Eastern Utilities Investing Corp., which
31,
1935.
In
owns securities of Associated Gas & Electric Co., there was authorized an
exchange of holdings of each of the companies in securities of the other,
resulting in the extinguishment of $7,658,100 of convertible obligations,
series A and preferred and preference stocks with liquidation value of
$13,045,000 of Associated Gas & Electric Co.
Additional holdings of each
company in securities of the other were deposited in escrow, pending com¬
pletion of an exchange of such holdings.
A donation was also made to
Eastern Utilities Investing Corp. of a substantial amount of stock of that
company, formerly held by a wholly owned subsidiary of Associated Gas
&
Electric Co.
It
was
last year to make additional rate reductions which will
$2,400,000 from Associated revenues and give it to cus¬
necessary
take, annually,
tomers.
In view of the uncertainties
affecting price levels and the value of invest¬
ments, Associated Gas & Electric Co. transferred a total of $130,000,000
from capital surplus to reserve for contingencies in 1931 and 1932.
Prior
to 1935, the reserve had been used to the extent of $42,000,000 to write
down investments in subsidiaries, and dining 1935 there was authorized a
further write-down of $10,300,000 by a charge to the reserve for contin¬
gencies.
transfer
During 1935, the officers of the company were also authorized to
$28,000,000 from the reserve for contingencies to capital surplus.
The balance of $49,700,000 in the reserve for contingencies at Dec. 31, 1935
has been applied in consolidation against investments in subsidiaries.
Consolidated Income Account Years Ended Dec. 31
[Including acquired properties only since dates of acquisition]
Operating
1935
1934
$73,190,931 $65,993,443
12,106,353
11,381,493
Steam heating, water, ice, transportation, &c__
7,918,432
6,598,152
revenues:
ElectricGas._
$93,215,717 $83,973,088
40,347,499
36,019,626
7,972,402
6,882,246
Provision for retirements, renewals and replace¬
ments of fixed capital
8,081,816
7,329,680
Provision for taxes (including Federal income taxes)
9,799,411
8,589,952
Maintenance.
Operating income
$27,014,588 $25,151,584
1,822,441
1,258,731
Z>r131,699
Dr 117,890
___
Other income
Non-operating
expenses
--$28,705,331
$26,292,424
19,270,137
851,406
108,865
1,321,864
2,663,934
16,490,077
662,079
$4,706,853
$5,849,098
4,279,112
68,124
50,804
on
funded debt
Interest
on
unfunded debt
Interest
5,891,142
charged to construction (credit)
-
.
7.--
Amortization of debt discount and expense
Dividends on preferred stocks paid or accrued..
Balance
-
63,282
1,296,462
2,057,989
Fixed interest of Associated Gas & Electric Co.:
Fixed interest debentures
Sinking fund income debentures
Interest-bearing scrip, &c_
Balance
56.039
81,818
$308,813 loss$179,903
Consolidated Corporate and Capital Surplus for the Year Ended Dec. 31, 1935
Corporate
Surplus
$6,413,953
Balance, Jan. 1, 1935
Balance
of
income
for
Preliminary Annual Report 1935—J. I. Mange, President,
in part:
says
Despite the political harassments and legal difficulties which the com¬
pany experienced during the past year, the System was successful in making
considerable progress, both from the operating and financial points of view.
The remorseless increase in taxes continued during the past year, bringing
the total to $11,142,207 on an "earning power" basis.
This is the equiva¬
lent of $2.43 a share on the 4,572,506 shares of class A stock of the comof the greatest obstacles to business recovery.
Eany outstanding at Dec. 31, 1935. The burden of taxation continues to
the
year
Capital
Surplus
$5,259,193
ended Dec. 31,
•
1935 from income statement
Net operating
income of subsidiary engineering co_
Capital surplus arising as a result of the inclusion in
consolidation of subsidiaries acquired during 1935
Cancellation of reserve for contingencies
Net increase in discount on bonds of subsidiary cos.
held intercorporately in excess of the unamortized
308,813
154,411
■
13,598,510
28,000,000
debt discount and expense
1.387,000
Discounts
on reacquired securities of subsidiary cos.
profit on sales—
Discount on reacquisition and exchanges of securi¬
and
866.241
ties of Associated Gas & Electric Co.
Miscellaneous.
6,233,657
1,449,372
465,300
Total
$8,208,719 $55,927,733
Deductions—
Expenses of plan of rearrangement of debt capitali¬
zation of Associated Gas & Elec. Co. ($1,150,273)
and other out-of-the-ordinary exps. ($1,810,245)
Unpaid int. and cum. pref. divs. of General Gas &
Elec. Corp. and Eastern Utilities Investing Corp.
(dependent upon income from investments in
securities of Associated Gas & Electric Co. on
none
of which is any income being currently
received)
Adjustment of rnin. int. in surplus of subsidiaries.
2,960,519
.
•
429,856
__
Crl67,994
1,506,350
37.235
7,872,832
268,230
_
9,057,821
401,380
Unamortized debt discount and expense on bonds
retired in connection with readjustment of debt
of Florida Public Service Co., under Section 77-B
of the Bankruptcy Act, as amended-
Additional
amount of surplus,
1,029,643
eliminated against
intercompany investments in stocks
•
Surplus of subs, formerly incl. on consol. basis and
reduction of carrying value of inv'ts in these subs.
Reduction of book value of miscell. investments._
Restoration of portion
e
the capital stock
the plan of reor¬
ganization of American Utilities Co. dated Sept. 27, 1935, and the amend¬
Additions—
Associated Gas & Electric
that
arrears
1935.
of Associated
Interest
1933
$112,887
16,683
146,637
Railway
going reorganizations under Section 77-B of the National bonds at Dec. 31,
ad interest
of $54,517
$300,000 of publicly held Bankruptcy Act,
Subsidiary companies deductions:
1934
1935
Calendar Years—
in meeting
by the fact
that, in a number of instances, payments on account of principal may not
be anticipated except on payment of premiums.
<
Only two subsidiary companies were in arrears of interest at Dec. 31, 1935.
American Utilities Co., a subsidiary sub-holding company which is under-
Gross income.
Atlanta & West Point
$1,353,550, while the 1937
The management antici¬
pates no substantial difficultues in meeting these maturities or
bank loans of subsidiary companies.
Support of this is attested
Operating expenses
1933
.$229,310
20,932
1935
$260,260
25.240
1,203
railway
Net from railway
Net after rents
—V. 142, p.
& Coast RR.—Earnings.—
1936
$272,688
25,839
April—
maturities of funded debt for 1936 amounted to
maturities as of the same date were $1,115,575.
Co.—To Pay 25-Cent Div.—
$50, payable July 20 to holders of record June 13.
A
paid on April 20, last, this latter being the first payment
made on the issue since Aug. 17 1931 when a dividend of 37Yi cents per
share was distributed.—V. 142, p. 3496.
capital stock,
The most important financing during the year was the sale of $11,710,900
Metropolitan Edison 1st mtge. 4% bonds, due 1965, for the purpose of
retiring other issues paying 5% interest.
Rochester Gas & Electric Corp.
also sold $4,152,000 of 4% mtge. bonds, due I960..
The proceeds were
used to retire 5j^% bonds and to provide for rural line extensions.
I
All maturities to date have been taken care of.
As of March 31, 1936,
Dec.
comprising the Holyolce and Dickinson divisions of the company and. tne
second an agreement of compromise between the company and the HoiyoKe
Water Power Co., the aggregate claims of which as listed in the plan amount
to approximately $300,000.
.
The company has received a firm bid of $55,000 cash for the Holyoke and
Dickinson properties, comprising the land, mill buildings, water powers,
steam plants and water wheels but excluding the paper making machinery.
Disposal of the properties is subject to Court approval of the bid or of otner
bids which may be presented at the hearing.
The sale of the Pr°Pertl®s
will provide immediate relief from fixed charges, the proceeds of the sale
being held under the first mortgage pending consumption Of the plan ana
then becoming available as part of the cash requirements for carrying it
like dividend
3837
Financial Chronicle
142
of
reserve
for conversions
applicable to securities formerly held inter¬
corporately
Capital stocks of Associated Gas & Elec. Co. re¬
acquired and (or) retired (including former interpany
673,050
holding previously eliminated from stated
capital at liquidation value, $18,242,100)
Reversal of accrual in prior years of interest receiv¬
able on income notes of affiliated company
Adjustment of Fed. inc. tax applicable to prior yrsT
18,281,024
750,000
194,256
424,242
Miscellaneous
583,429
one
served by operating subsidiary companies totaled 1,474,258
at Dec. 31, 1935, of which 1,122.602 were electric customers, and 351,656
Customers
and steam customers.
This was a gain of 36,312 customers of
during the year, and includes during both years customers of
new properties acquired in 1935.
These new companies increased by about
240,000 the number of customers served.
gas, water
all classes
Remainder-
$3,312,372 $16,522,203
-
Transfer to capital surplus of corporate deficit of
Associated Gas & Elec. Co. for the year ended
Dec. 31.
1935--
Balance, Dec. 31, 1935-
*
-
4,027,179 Pr4,027,179
$7,339,550 $12,495,023
Financial
3838
Chronicle
1934
|M* 1935
Assets—
Fixed capital
75,519,197
$742,698,589
70,480,073
3,775,009
2,324,342
538,047
$867,440,853
Investments
Deposits for matured bonds and bond interest,
&c.
15,839,546
6,016,503
7,458,442
9,819,612
4,236,756
12,448,292
5,915,298
1,957,056
454,913
22,571,147
2,352,794
"374,866
7,938,790
1,198,600
$844,743,778
1934
1935
„
„
Electric
Capital stock of Associated Gas & Electric Co.
consolidated capital surplus and consolidated
corporate surplus
$122,383,353
Cap'lsurp. reserved for conversion of debs., &c.
47,293,700
Capital stock and applicable surplus of General
Gas & Electric Corp. and Eastern Utilities
Investing Corp
24,649,502
Other subsidiary companies' capital stocks:
Preferred
66,084,518
Common and participating (incl. applicable
surplus or deficit)
309,651
Obligations of Assoc. Gas & Elec. Co. conv.
into stock at company's option and obliga¬
tions of sub. company of equivalent rank—
51,821,783
Funded debt and interest-bearing scrip
571,583,117
Bonds called for redemption
15,712,005
Matured bonds and bond interest, &c. (contra)
3,775,009
Guaranty of appliance accts. rec. sold (contra)
Reserve for retirements, renewals and replace¬
ments of fixed capital
Reserve for prior years' Federal income taxes-Reserve for doubtful accounts receivable
Miscell. reserves and unadjusted credits.
24,150,004
5,395,604
3,392,227
776,495
205,566
749,012
467,603
-$78,716,970 $66,159,008
9,611,040
8,805,746
1,755,999
1,573,817
1,214,092
1,041,042
182,297
86,549
Total electric revenue
Gas revenues—residential
Commercial
Industrial
-
Miscellaneous revenue
$12,763,430 $11,507,155
8,235,945
7,217,850
Total gas revenue
$99,716,346 $84,884,015
42,992,276 36,369,133
Total operating revenues.
Operating expenses
8,527,642
10,333,391
Maintenance
Federal income taxes)
Net operating revenue
Prov. for retire., renewals & replace, of
fixed
7,033,007
8,415,055
.$37,863,035 $33,066,818
8,704,507
7,465,112
cap.
.
33,342.323
325,172
Operating income
Non-operating revenue (net)
52,843,234
464,663,852
5,570,599
3,030,473
4,629,782
7,844,804
4,280,620
1,957,055
1,208,456
6,962,880
58,475,130
5,780,266
1,018,789
6,350,343
$844,743,778
64,563,910
3,511,317
Year Ended Dec. 31, 1935 (Company Only)
Divs. from sub. co.—Associated Gas & Elec. Corp..
Provision for taxes-
$1,750,273
18,676
$29,158,528 $25,601,706
1,742,253
935,519
,
„
.$30,900,781
$26,537,226
14,883,355
Interest on unfunded debt
998,083
Interest charged to construction
Cr95,028
Amortization of debt discount & expense
1,310,178
Dividends on preferred stocks paid or accrued..
3,217,015
11,969,002
648,543
Cr75,088
1,224,223
2,034,482
Gross income
$1,016,614,953
Income Account for the
18,210,762
12,988,205
6,161,830
3,953,045
Railways
Miscellaneous revenue
— —
Fixed charges & other deductions
Interest on funded debt
Balance
of Subsidiaries:
$10,587,176 $10,736,063
-
-
Int., &c., of Associated Gas & Electric Corp.— '
8% bonds due 1940
Convertible debentures due 1973—
j.—
x Income debentures due 1978—'.
.'-J
Amortization of debt discount & expense
681,008
596,335
2,306,084
2,347,382
3,061,468
63,205
1,902,898
70,078
$4,475,408
Balance
$5,819,368
junior to the interest on the 8%
1973 has increased materially
in 1936 over 1935 because of the issuance of additional debentures in
exchange for the company (Associated Gas & Electric Co.) debentures
under the plan of rearrangement of debt capitalization of the company.
x
Income:
21,414,284
15,696,712
-
Municipal
Electric corporations
Prov. for taxes (incl.
5,846,627
7,669,788
5,419,698
Consumers' service and line deposits
their respective dates of acquisition only]
1936
1935
$30,274,481 $25,190,146
Water, transportation, heat and miscellaneous revs
596,311,783
76,126,600
11,047,193
4,815,386
Notes payable
Accounts payable
Accrued taxes
Interest and miscell. accruals
Total
revenues—Residential
Commercial
$1,016,614,953
Total
[Includes results of subsidiaries from
•12 Months Ended March 31—
Power
(contra)
Deposits for sinking funds, construction, &c—
Deposits for redemption of bonds called and for
premium and accured interest thereon
Cash (including working funds)
Notes and accounts receivable
Materials and supplies
Appliance accounts receivable sold (contra) >.
Prepaid expenses
Unamortized debt discount and expense
Miscellaneous unadjusted debits
Liabilities—
June 6, 1936
Associated Gas & Electric Corp.—Earnings—
Consolidated Balance Sheet Dec. 31
Interest on these debentures, which is
bonds due 1940 and convertible debentures due
Balance Sheet March 31
Balance of income before int. and expenses of plan of rear¬
Inv. in& ad vs.
$4,583,994
and
sinking fund income debentures
Interest on interest-bearing scrip
Liabilities—
$
Assets—
y
4.634,798
companies
1,296,766 633,176,841
620
5,085,772
912,783
2
189,221
,691,972
Surp.
conversion
other
been
&
conting.213,658,600 216.000,000
Notes payable to
debt,
245,799
disc. & expense
*
345,961
Gas
Assoc.
&
84,200,300
Electric Co
pany's option on which no interest was paid during the year $2,903,201
Note—No provision has been made
tion of debt discount and expense.
281,299,127
for
res.
Cash & spec, dep
Unamort.
$
168,602,961
Int. receivable--
Loss, exclusive of expenses of plan of rearrangement of debt
capitalization ($1,150,273), which was charged to surplus
and interest on obligations convertible into stock at com-
$
Cap. stock &
surplus
to sub. & aflil.
50,804
1935
1936
1935
1936
$1,731,598
rangement of debt capitalization
Int. on fixed interest debentures, income debentures
Acct.
in the above statement for amortiza¬
All such discount and expense has
to
pay.
Gas
assoc.
&
101,581
148,122,040
790,231
Accrued interest
2,224,908
Electric Co
Funded debt...
charged to capital surplus.
507,758
128,901,845
164,208
Matured interest
Statements of Corporate
and Capital Surplus for the Year Ended Dec. 31, 1935
(<Company only)
Capital
Surplus
$3,796,533
Corporate
Surplus
Balance, Jan. 1, 1935Additions—
Disct.
on
miscellaneous.
paid out of capital surplus.
Adjustment of int. applicable to prior period—
114,554,145
....
___
$26,039
—
256
—
$26,295 $156,331121
Total..
Deductions—
Loss for the year
book figures and may be more or less than sums which could
the sale thereof,
y Capital stock $7,398,000, surplus
($273,901,127 in 1935).
Note—Subsidiary companies, exclusive of the company which operates
the employees' saving and investment plan, owned securities of Associated
Gas
& Electric
Corp., included in the capitalization above: $176,910
8% bonds, due 1940; $1,232,500 convertible debentures and $587,495
income debentures.—V. 142, p. 2488.
be
These
Telegraph Co.—Earnings—
Dividends
Interest
;
------
Miscellaneous
—;
def$4,027,179 $39,862,323
Transfer to capital surplus of corporate deficit of
Assoc. G. & E. Co. for the year ended Dec. 31, 35
4,027,179 Dr4,027,179
$35,835,144
-
—
595
—
116,994
Income from other companies, &c
755
-
Remainder
Note—All debt discount and expense has been charged to capital surplus.
$1,057,335
57,453
Salaries and wages
Otner operating expenses-
73,114
30,549
Taxes
Interest
on
only)
from
Associated
Gas
$467,878,864
&
Elec.
Securities
Co.
[The accounts of associated companies
1,035,455
203,868
117
exchange offer
Special deps. for matured int. and divs. payable (contra)
Other special deposits
,—
Cash
i
Miscellaneous unadjusted debits.
Contra to liability for assumption of bonds of subsidiary com¬
pany,
1,535
441
1,000.000
due 1953, included in funded debt
1935
Assets—
Total.
$470,120,281
.
companies
1
28.648
count & expense
1,140,868
1,185,719
1
Funded
Due from associated
Matured bond int., unpresented div. checks, &c. (contra)
Taxes accrued
..
Interest
accrued
„
Reserve for taxes
Miscellaneous
53,454
458,783
292,642
Special deposit
Working funds
6,909
3,750
25,000
7,300
Accounts receiv
39,381
196
586,795
companies
Due from affil.
cos.
5,000
232,159
23,628
1,227,173
Class A
cum.
1,193,800
4,050,805
1,193,800
pref.
2,231,482
2,231,482
Com. stk.(par $1) 1,038,308
1,038,308
5H % debentures -11,438,000 11,388,000
Demand notes pay.
2,135,000
stock
(no par)__
7,473
104,848
529,684
1,705
285,348
128,860
10,229
106,836
1,885,831
949,952
1,066,683
657,735
143,205
438,795
7,020
Accounts payableDue to
assoc.
36,106
119,022
cos-
cos
Accrued
taxes
Accrued
interest-
Reserves
Res.
for
-
probable
loss
-
Capital surplus
Surplus.
.$470,120,281
—
(no par)..
Dueto affil.
569,199
158,686
reserves.
Total
203,868
;
^
179,986
rec
Cash in banks
3,296,700
54 pref. cum. pref.
stock
Long-term acct.
77,854,512
1934
7% cum. pref. stk.
(?100 par)
3,296,700
$6 cum pref. stk.
4,050,805
(no par)
-
Stated capital
$189,258,410
Capital surplus
35,835,144
Capital surplus reserved for conversion of debentures and for
other contingencies
98,194,050
Obligations convertible into stock at company's option.
66,765,783
debt
consolidated herein]
1935
23,518,852 27,237,762
43,804
45,341
Misc. invests
Office furniture
.
195,161
58,314
Liabilities—>
$
S
Invests, in assoc'd
Patents, patent
rights, &c
are not
1934
Unamort. debt dis¬
Liabilities—
$9,016
643,581
Balance Sheet Dec. 31
(Del.)—
receivable in securities of Associated Gas & Elec. Co. under
$906,072
$143,206
Net income
Assets—
Investments in subsidiaries
$1,084,792
80,832
69,939
27,948
$896,217
628,633
65,727
58,651
funded debt
General interest
Amortization of debt discount and expenseBalance Sheet Dec. 31, 1935 {.Company
$874,221
149,671
47,666
13,233
$621,658
318,086
——
Miscellaneous
1,874,973
38,924
open account
Capital stock reacquired and (or) retired)
Due
1934
1935
Calendar Years—
Income for associated companies—
114.554,145
Charge arising from exchange between the company
and a subsidiary of securities for cancellation,
Balance, Dec. 31, 1935—
upon
[Accounts of associated companies are not consolidated]
—
on
are
realized
1,150,273
and loss
6,430,444
5,116,938
622,817.559 635,127,558
Total
$161,204,961
Associated Telephone &
2,903,201
Exps. of plan of rearrangement of debt capitalizat'n
Reduction in carrying value of investment in com¬
mon stock of Assoc. Gas & Elec. Corp., equiva¬
lent to divs. received from it out of capital surp
622,817,559 635,127,558
Total...
x
9,980,442
28,000,000
acquisitions & exchanges of co.'s debs.,&c
Cancellation of portion of reserve for contingencies
Divs. received from Associated Gas & Elec. Corp.
Miscellaneous
1,824,174
Res. for taxes &
—V. 142, p. 3663.
Total
Atlantic
Gulf
&
West
Indies
SS.
Lines—Directorate
Changed—
The stockholders at their annual meeting held May 26 voted! to change
the company's by-laws by limiting the board from 12 to not less than 3 nor
more than 15.
Franklin D. Mooney, of New York, Chairman of the Board, presided and
the following nine were elected as directors:
Frederic C.
E. Dunlap, Charles Hayden, Vincent K. Hull, Andrew J.
Dumaine, Charles
Miller, Harvey C.
Miller, Franklin D. Mooney, Hubert E. Rogers and Robert G. Stone.
Arthur E. Sewall, of York Me., was chosen as clerk of the corporation.
—V. 142, p. 3664.
25,804.144 29,258,385
25,804,144 29,258,385
Total
New Directors—
H. L. Gary and F. S. Spring have been elected
directors.—Y. 140, p. 4063.
Babcock & Wilcox Co.—-25-Cent Dividend—
The
directors
have
declared
a
dividend
of 25
cents
per
share
on
the
capital stock, par $100, payable July 1 to holders of record June 20. A like
payment was made on April 1, last, and compares with 10 cents per share
paid in each quarter from Oct. 1, 1934 to and including Jan. 2, 1936;
25 cents paid each three months from April 1, 1933 to July 1, 1934, inclusive;
50 cents disbursed on Jan. 2, 1933, Oct. 1, 1932 and on July 1, 1932, and
$1 per share paid on April 1, 1932 and on Jan. 2, 1932.—V.142, p. i457.
Volume
Financial
142
Autocar Co.
Jan. 1, 1937.
(& Subs.)—Earnings-
Year Ended Dec. 31—
*$2,281,381 *$2,069,399
Profit from operations
2 [207,247
2,113,880
$127,779
z84,992
184,953
$74,134
loss$44,481
179,610
225,331
$142,166
22,646
$105,476
34,264
$269,812
Selling & administrative expense
Depreciation
y
_
Loss from operations
Interest, &c
Loss for year-..
After taxes,
x
other income,
...
47.406
$317,219
companies' charges, &c., net of
Consolidated Balance Sheet Dec. 31
1935
Assets—
Cash
Inventories
2,160,399
182,972
Prepayments
Land, buildings
3,084,306
Investments
57,621
Unamort.bd. disct.
1934
1935
Liabilities—
1934
Notes & accts. rec.
$404,368
2,125,851
$923,161
$544,618 Notes & accts.pay .$1,232,351
367,859
1,984,041 Accrued liabilities.
907,000
1,950,632 1st mtge. bonds
107,750
186,041 Mortgages
1,561,900
3,128,381 Pref. stock
2,000,000
57,620 Common stock
19,258
9,439
Cash in sink. fund.
22
5,134
103,981
Paid
22
Cash in closed bk_
in
&
248,937
907,000
112,750
1,561,900
2,000,000
capital
2,122,046
5,181
x
U. S. income tax
Total-.
1,957,233
surplus
..$8,134,094 $7,875,793
Total
.$8,134,094 $7,875,793
3664 of the
those of Baltimore &
The table of earnings appearing in the first column on page
Ohio
issue under Bangor &
142, P. 3497.
Aroostook RR. are
RR.—V.
under this company in the first column
3664 of the May 30 issue should have been under the name of
Baltimore & Ohio RR.
The table of earnings at head of the second column
are those of Bangor & Aroostook RR.—V. 142, p. 2983, 3664.
[Spanish Currency]
$5,489,377
$5,880,799 $27,714,846 $27,020,946
Income Account for Calendar Years
$185,183
51,773
def3,518
$136,440
53,948
4,094
853,028
331,643
114,020
From Jan. 1—
Gross from railway
$156,292
36,507
def7,230
611,004
160,520
def21,713
638,292
179,112
defl5,516
464,510
126,094
def53,777
—V. 142. p. 2984.
Black & Decker Mfg.
Co.—SEC Permits Withdrawal of
Registration—
The SEC has issued
tration statement
the regis¬
($50 par) 5%
undetermined number of shares
including scrip certificates for fractional shares and
an
order consenting to the withdrawal of
of the company
covering 25,000 shares
common,
non-transferable interim receipts.
The request for withdrawal of the statement was made
—V. 142, p. 3664.
1932
$2,943,319
$5,070,560
192,340
144,545
63,595
183,603
48,667
880,196
516,856
305,269
357,283
888~8H
511,968
312,640
1,007,217
516,354
311,612
[Including Bohack Realty Corp.j
Cost of sales and operating expense.-
367.106
400,000
400",000
$297,278
151,380
900,000
899,427
1,500,000
899,427
2,000,000
$228,546
def$l,732
$84,419
carried
to
$948,917
176,334
$947,431
499,311
101,003
4,110
108,342
4,110
$1,125,252
581,468
123,892
136,219
4,523
loss$150,590
$234,664
$279,148
2,375
2,375
49,875
_def$152,965
1,438,821
28,409
$232,289
$229,273
1,401,242
Sundry deductions.
of Bohack Realty Corp.
1,364,310
45,185
-
sus¬
pense account
Common dividends
Balance, surplus..___
$792,041
155,389
$448,659
417,042
93,916
84,180
Depreciation
on mortgages.
Interest
400",666
Amount
1936
1935
1934
$28,277,633 $30,768,547 $30,103,358
27,980 355
29,976,506 29,154,441
Other income.
807,341
384,415
209,002
1,000,000
Surplus credits.
Total.
$910,291
by the company.
(H. C.) Bohack Co., Inc.—Earnings—
Years Ended Jan. 31—
Net sales
Total income.-.
1933
$4,527,741
Total receipts
$5 ,354,409
Gen. adm. & reorg. exp.,
incl. fees & taxes, &c.
266,830
Int. on 7% pr. lien A's
—
reserve account.
1933
1934
$233,291
94,403
38,312
Net from railway
Net after rents
(co. and Subs.)
1934
1935
General
Ry.—Earnings.—
1935
1936
Gross from railway
Light & Power Co., Ltd.—Earns.
Period End. Apr. 30—
1936—Month—1935
1936—4 Mos.—1935
Gross earns, from oper.. $9,628,696
$9,607,826 $43,216,842 $42,476,972
Operating expenses—.4,139,319
3,727,027 15,501,996
15,456,026
Int.on6>4%pr.lienbds.
Int. on 6% 4£ryr. bonds.
Int. on 1st mtge. bonds.
Sinking fund provisions.
of 25 cents per share on the
dividend
Beaumont Sour Lake & Western
April—•
(no par)
Bangor & Aroostook RR.—Correction—
The table of earnings appearing
Barcelona Traction,
a
cumulative convertible preferred and an
of page
Net earnings-.
directors have declared
stock, par $25, payable July 1 to holders of record June 15. A
special dividend of 50 cents was paid on April 1, 1935, this latter being the
initial payment on the $25 par common stock.
Prior to April 1, 1935, no
dividends were paid since July 1, 1932, when 50 cents per share was dis¬
tributed on the old $50 par stock.—V. 142, p. 3664.
142, p. 3156.
Baltimore & Ohio RR.—Correction—
Ma^ 30
25-Cent Dividend—
The
common
Net from railway
Net after rents..
Assessment paid for year 1928 now pending on appeal.—V.
x
is stated.
Field, Glore & Co., it is stated, is expected to be one of the underwriters.
The price to the public, the names of other underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to the
registration statement.
$139,741
Interest and finance
Excluding sales taxes approximately $90,000.
y
z
exchange will be sold to the
According to the registration statement, the net proceeds from the sale
of the new preferred stock together with such funds of the company as are
required will be applied to the redemption on Oct. 1, 1936, at $110 a share
plus accrued dividends, of all of the then outstanding 7% preferred stock.
Cash premiums to be paid in connection with the exchange will be charged
to capital surplus, it
$164,812
-
Any shares not required for the
underwriters.
1933
1934
1935
Profit before depreciationTaxes—
3839
Chronicle
$1,314,264
15,000
Dividends
$1,641,784
"2",640
97,963
$1,630,515
157,500
6,750
79,152
22,802
$1,296,623
$1,438,821
$1,364,310
105,000
6% second pref. stock
on
Balance Sheet Dec. 31
1934
1935
1934
1935
I
I
Surplus charges.
'
Assets—
Capital
Liabilities—
$
account. .75,055,160
75,137,525
Indebt. of sub. col
adv.
on
rent
&
Floating
cur¬
4,905,422
15,000
4,092,411
Shs. in other cos._
Sink,
1,752,804
1,312,837
8,864
$
$
Surplus ending of fiscal year
Share
capital--.39,555,900 39,555,900
Funded debts...-34,805,060 34,890,033
x
liabilities
384,497
357,989
Suspense accountSurplus
7,240,558
4,400,000
2,321,248
Note—Equity of H. C. Bohack Co., Inc., in the surplus of Bohack Realty
Corp. as holders of 100% of the common stock of that corporation, is subject
to cumulative undeclared dividends on the preferred stock of Bohack Realty
Corp. amounting to $15.25 per share as of Jan. 31, 1936.
2,092,702
Reserves
6,181,181
7,846
account...
fund invest-
Debtors and
3,500,000
and divs.
1,622,846
Cash at banks and
Total
x
Total.--
88,707.264 86,577,805
88,707,264 86,577,805
Represented by 1,798,854 shares of no par.
Common Dividend Increased—
declared a dividend of 75 cents per share on the
value, payable June 29 to holders of record June 19.
This compares with 50 cents paid on June 29, 1935, June 30, 1934, March
14, 1931, and on June 30 and Nov. 30, 1930.
The
directors
common
stock,
Barlow &
have
no par
1935
$
S
Notes pay.—banks
472,955
Inventories
2,124,520
30,000
Mtges. receivable.
Investments
6,402
x Property,
plant
and equipment. 3,130,759
374,266
2,526,513
36,000
6,570
bldgs.
Realty
Bohack
Corp... 3,282,186
Deferred charges..
159,563
559~052
Accts. pay.—trade
Dlvs. payable
Accrued
350,000
755,056
54,875
1,777
25,106
85,532
payroll.-
Accrued Interest.
23,557
_
Accrued taxes
3,207,168
Net real estate and
3,468,742
244,032
77,159
Employees' depos.
9,215
Lease deposits
1,693
7% 1st pref. stock
($100 par)
3,000,000
6% 2d pref. stock
...
($100 par)
y Common stock..
150,000
3,752,775
Realty
Corp.pf.7%stk.
950,000
Surplus—H. C. Bo¬
hack Co., inc. 1,019,347
Bohack
Realty
Corp
277,276
10,473
3,308
3,000,000
150,000
3,752,775
Bohack
Seelig Mfg. Co.—Offering—
An
offering of 95,000 shares of $1.20 cumulative convertible class A
stock ($5 par), will be undertaken shortly by a banking syndicate
headed by H. M. Byllesby & Co., and including Paul H. Davis & Co.,
Bancamerica-Blair Corp. and Hemphill, Noyes & Co.
The initial public
offering price is expected to be $19.75 per share.
The company is an important producer and distributor of household
washing machines and also markets ironing machines and other equipment
produced by its subsidiary. The American Ironing Machine Co.
The company succeeds to the business of a predecessor company of the
same name, the predecessor having earned a net profit every year from 1927,
when the present management of the company took charge of the business.
During the last five years net sales of the business rose from approximately
$967,525 in 1931 to $2,957,347 in 1935, and net profits from approximately
$31,532 in 1931 to $354,581 in 1935.
It is reported by the company that
both sales and net profits of the business for' the first five months
of 1936 were substantially in excess of those for the corresponding period
—
1936
Liabilities—
$714,432
receivable,
less reserve
4,389,340
with cos.' agents 2,589,211
1935
$613,688
Accts.
4,380,802
cos__
1936
Assets—
Cash
due
and accrued from
subsidiary
Consolidated Balance Sheet Jan. 31
debit
balances
Int.
15,000
common
Total.
x
Total
$9,820,076 $10,577,726
950,000
1,215,729
223,091
$9,820,076 $10,577,726
After reserve for depreciation of $1,541,958 in 1936 and $1,474,771 in
1935.
Represented by 105,537 no-par shares.—V. 141,
y
p.
3068.
Brewing Corp. of Canada, Ltd.—Earnings—
1936—3 Mos. —1935
Period End. Apr. 30—
1936—12 Mos.—1935^
$3,041,623
$2,665,484
2,411,500
2,097,257
Profit
$568,898
511,761
loss$12,989
26,418
$57,136
14,434
$13,429
18,981
93,657
$71,571
19,571
91,785
$39,785prof$213,284prof$167,564
_
—
Other income
$554,940
567,930
$99,210
Profit from operations.
Taxes
—
$630,123
29,733
$568,227
37,554
$659,856
$605,781
74,636
363,580
of 1935.
According to the registration statement which has been filed with the
Securities and Exchange Commission, the class A common stock is to be
convertible Into the common stock on a share-for-share basis until June 1,
Total income
Interest
Prov. for
1939, and thereafter on the basis of 1 share of class A common stock for
common stock.—V. 142, p. 3664.
Loss.
4-5ths of 1 share of
Bathurst Power & Paper
elected at the stockholders' annual
meeting.
Control of this company was recently acquired by Nesbitt,
Thomson & Co., bankers, from Newsprint Bond & Share Co., owned by
various major Canadian newsprint companies.
Of the old board, only J. B. Woodyatt, of the Nesbitt Thomson firm
continues as a director.
New directors are A. J. Nesbitt, P. A. Thomson,
P. J. Campbell, H. P. Robinson, M. A. Thomson and D. K. Baldwin.—•
V. 140, p. 4226.
Beatrice Creamery
to
Co.—Files with SEC—New Preferred
Replace Existing Issue—
The company on May 28 filed witn the Securities and
mission
a
Exchange Com¬
registration statement (No. 2-2201, Form A-2) under the Securities
1936
Investments
Accts.
1935
$83,265
300,645
Assets—
Cash.
$24,349
91,010
227,734
1,867,673
248,869
1,893,042
res.
Inventories
affll.
The
302,685
142,699
6,105,798
$453,896
liabilities.
780,794
688,131
payable
&
36,753
agreement
3-yr.
7%
35,000
guar.
debs. 1936 series
5)4%
ser
debs
546,840
A
due
s.
365,000
f.
April
1, 1946
5% notes due Apr.
1, 1936
1,200,000
Min. int. in subs,
Capital stock— 4,908,744
Capital surplus &
distributable sur 1,896,409
y
—$9,344,779 $9,052,607
Total
x
in
y
total
450,000
16,664
4,895,240
2,146,921
$9,344,779 $9,052,607
depreciation of $3,594,447 in 1936 and $3,403,359
Represented by 163,428 shares cumulative sinking fund
After reserve for
1935.
1935
$523,830
_
—secured—.—
plant & equip. 5,769,836
460,526
Other investm'ts-
Prepaid expenses,
x Land,
buildings,
1936
(secured)
payable &
lien notes
Purch.
new
Mtge.
332,411
cos
stock to be reserved for exercise of the warrants.
preferred stock is being offered in exchange to holders of the
outstanding 7% preferred stock on a share-for-share basis plus a premium
of $5 for each share of 7% preferred exchanged.
The common stock purchase warrants, exercisable untilJluy 1, 1941,
will evidence rignts to purchase one share of common stock for each share
of $5 preferred stock at $25 a share, to and including July 1, 1938, and at
<*27.50 a share thereafter.
Tne warrants may not be detached before
draft
accr.
Inv. in & ad vs. to
April 30
Liabilities—
for
accts.)
70,132
376,439
Bank loans & over¬
Accts.
& bills rec.
(less
doubtful
Act of 1933 covering 100,000 shares (no par) $5 cumulative preferred stock
with attached common stock purchase warrants and 100,000 shares ($25 par)
common
\
Condensed Consolidated Balance Sheet
Co.—New Directorate—
A complete new slate of directors was
depreciation-_
Financial
3840
convertible preference
142,
p.
1975.
filed in the U. S. District Court for the District of Maine,
of May 14, their first report upon the business operations of the
for the seven months from Sept. 8, 1935 to March 21, 1936.
The trustees
under date
Blaw-Knox Co.—Director Resiqns—
the board of directors, effective May 22.—V.
company
Income Statement
J. P. Allen resigned from
142,
Sept. 8, 1935 to March 21, 1936
Consolidated
3664.
p.
Brown Co.
Inter co.
British American Oil Co.,
Ltd.—Earnings—
$2,884,675
7,996,420
Net income
Previous surplus
$4,378,521
234,623
1,201,155
388", 000
340,000
$2,756,024
7,338,510
139,459
515,180
Dominion income tax.
$4,451,529
226,562
1,176,650
428,203
315,737
1,292,374
Depreciation.-
1932
$4,767,150
221,766
1,351,605
9,550
$5,147,426
Directors' fees
1Q*}**
1934
1935
Calendar Years—
Profit for year
Debenture interest
$2,660,317
6,810,805
$2,602,743
8,631,176
$935,339
49,677
$326,526
$985,016
$396,493
$588,523
171,763
168,348
140,546
49,534
112,043
467,464
3,415
13,034
Other income.
Shut-down
"exp" "(carrying charges
Current interest
Depreciation and depletion
off to
reduce goodwill to $1.
Tax adjustment
Adjust, of prior years
2,098,114
2,098,114
2,098,114
10,876
2,098,114
$8,732,194
$7,996,420
$7,338,510
Adjusts, of accts.: Write-down of
plants, inventories, rec., &c.:
Chargeable to period from Sept. 8,
1935 to March 21, 1936
56,810,805
accounts
Balance, Dec. 31
—-
of accts. & def. inti
Loss bef. adjusts,
50,787
Dividends paid
.
$575,643
12,880
153,580
49,534
170,726
685,949
58",683
218,485
2,314,124
-
—---
69,967
on
plants)
development expenses _
Reorganization & special expenses—
>,436,624 $11,233,919
$10,881,095 $10,094,534
Total surplus
written
___
Research and
Amount
Sub.
$2,616,350
24,181
1,910,343
53,123
53,060
$7,248,972
153,853
6,211,326
399.283
157,984
income
Dr34,498
Brown Corp.
and
Subs.
$9,254,701
176,940
& repairs. 7,512,143
419,235
Administrative and general expenses.
211,044
Gross sales
Deductions from sales
Mat'Is, labor, exp., maint.
Selling expense.
idle
tax
U.S.
&
Items Elim.
[Including Canadian Subsidiaries]
Add—Dominion
6f 1936
Co. (Me.)—First Report of Trustees—
Brown
stock in 1936 (162,627 shares in 1935) and 664,463
1936 (663,047 shares in 1935) both of no par value.
shares common stock in
—Y.
June
Chronicle
period but
chargeable to prior periods
$541,442 prof$294906
$246,536
23,330
25,799
Cr2,469
61,879
86,464
Cr24,585
Entered on books in this
Consolidated Balance Sheet Dec. 31
y
15,198,575 14,783,253
401,654
318,731
equipment
1
1
701,668
715,867
Goodwill
Mtges. receivable.
Invests, in and ad¬
Amt.
assoc'd
vances to
2,668,551
2,786,628
1,598,160
and other co.'S-.
Cash
Capital stock...10,618,117 10,618,117
Surplus
8,732,195
7,996,420
15-year 5% conv.
sink, fund gold
debentures
4,283,500
8,103,500
Mtges. payable—
36,000
73,500
802,641
Loss for
532,877
113,162
$977,784
period
'
$1,186,582
pf$208,798
Consolidated Balance Sheet
Mar.21 *36
$
in U.S. A
51,776
49,737,892 50,074,835
Timberlands ...15,611,226
25,631
524,528
32,830
524,528
2,150,000
1,286,839
121,725
1,563,944
71,391
Res .for Dom. tax.
482,338
2,808,258
Sees., affil. cos.
_
29,982,649 28,093,016
Total
y After depreciation reserve
$9,750,295 in 1934 —V. 142, p. 2985.
Represented by 2,622,642 no par shares,
of $10,745,095 in 1935 and
British Columbia Power Corp.,
Period End. Apr. 30—
Ltd.—Earnings—
1,919,528
Invents.—manuf'd 1,886,802
267,926
547,364
1,687,611
Taxes
Operating expenses
1,325,326
Accr.
1,055,703
705,172
337,465
-
taxes, &c
177,924
209,025
payable.
gen.
int.,
337,024
Def d under Court
sup¬
3,401.058
250,467
51,972
173,001
80,469
Deterred chgs--
order:
176,250
Notes payable--
Accr. gen.
176,250
254,356
540,632
1,220,896
1,169,115
1,290,399
534,884
138,306
Pulpw.pur. acct.
Accts. payableAcer, bond int..
1936—Month—1935
1936—10 Mos.—1935
$1,080,504 $11,629,918 $10,884,317
601,316
6,358,458 • 5,764,168
$1,165,957
670,281
Gross earnings
750,000
674,706
(see'd)
Notes pay. (sec.)
480,000
15,717
Loans pay.(sec.) 1,493,585
14,881
Pulpwood purch'e
9,505
acct.
(secured) .b2,146,666 1,461,016
40,370
plies, &c
2,324,408
Prepays., pulpw'd 2,148,882
Prepays., insur'ce.
43,734
a
pay.
Accts. pay. & payr
Iselin & Co
Pulpwood,
750,000
(secured)
Notes
2,808,258
Accts. rec.—Wm.
Others
29,982,649 28,093,016
note
Com'l Credit Corp.
48.204
7,505
52,111
Notes receivable.-
400,000
15,673,747
16,489
Secs.of oth.corps
Cash
Securities—other
accrued charges.
Int. accr. on debs.
Liabilities-
Long-term
Plants
378,783
Mar. 21 '36 Sept. 7 '35
Sept. 7 '35
$
Assets—
Reserve for sinking
2,330,538 Dividend payable.
6,236,404 Bank loan.
154,106 Accts. payable and
2,609,995
6,596,502
Deferred charges..
172,390
receivable
Inventories
x
646,039
Perm, investm'ts:
due to subs.
fund deb. purch.
Discounts and bills
Total
$653,705 prof$321960
$331,745
interest
def. int
x
Refinery plant &
Trucks & autos
Bond int. & other
Liabilities—
$
Loss before deferred
1934
1935
1934
1935
Assets—
129,978
int. &
expenses
21,415,500 21,415,500
Bonds
24,121,786
4,339,580 4,093,283
Reserves: Plants—24,029,667
$479,188
$495,676
Net earnings—
$5,271,460
$5,120,149
Timberlands
-V. 142, P. 2985.
River Power Co.-
Broad
-Files with SEC—Seeks to Issue
—% series, due 1966.
The proceeds from the sale of the
with other funds as follows:
To redeem on or about Aug. 10, 1936, $8,361,900 1st and refunding
1st mtge bonds,
issue are to be used together
(a)
mtge. 5% gold bonds,series A, due Sept. 1, 1954, at 104H and int.
(b) To redeem on Oct. 1, 1936, $1,921,000 Parr Shoals Power Co. 1st
mtge. 5% sinking fund gold bonds, due April 1, 1952, at 105 and int.
(c) To provide for payment at maturity of $1,044,500 Columbia Railway
Gas & Electric Co. 1st mtge. 5% sinking fund gold bonds, due July 1, 1936.
The bonds are to be redeemable as a whole or in part at any time upon
4 weeks' published notice at par and int., plus the following premiums:
5% if redemeed on or before June 1, 1941; 4% if redeemed thereafter and
on or before June 1, 1946:3 % if redeemed thereafter and on or before June 1,
1951; 2% if redeemed thereafter and on or before June 1, 1956; 1% if
redeemed thereafter and on or before June 1, 1961; and without premium
if redeemed after June 1, 1961.
No underwriting agreement has as yet been entered into, but it is ex¬
pected that the principal underwriters will be Halsey, Stuart & Co., Inc.,
of Chicago, and others.
The names of other underwriters, the underwriting
discounts or commissions, the offering price of the issue and the interest
rate are to be supplied by amendment to the registration statement.
Prov.
for
219,501
431,650
renewals
on
unfunded debt
Amortization of debt discount & expense.
Interest charged to construction
$195,238
63,777
Cr5.374
15,000
10,000,000
8,000,000
1,127,779
149,995
8,000,000
76,778,042 74,924,179
Total
Sept. 4, 1935, .amounting to $424,930, is
deferred liabilities, b Includes estimated
balance to be paid under agreement providing for additional payment of $1
per cord on all city wood after Nov. 1, 1935.—V. 142, p. 3665.
a
Sinking fund
accrued
to
omitted from deferred charges and
'
Budd Wheel Co.—$2
Preferred Dividend—
29 declared a regular quarterly
participating dividend of 25 cents per
cum. 1st preferred participating stock, par $100, payable
of record June 16.
A like payment was made March
The directors on May
per
p.
share and
a
dividend of $1.75
share on the 7%
June 30 to holders
31 last.—V. 142,
2819.
Bunker Hill & Sullivan Mining
& Concentrating Co-
—Earnings—
Period End. Apr:30—
Oper.
profit incl.
come
but
1936—4 Mos.—1935
1936—Month—1935
other
de-
before
prec.,depl. .Seine, tax.
$231,616
$675,653
$57,404
$193,820
—V. 142, p. 2820.
$958,824
609,157
96.025
$183,732
funded debt
Interest
$940,009
18,814
$944,671
570.308
131,319
64,082
Cr4,771
Other income.
on
199,254
395,255
& replacements
;
Provision
Interest
$2,662,289
995,616
132,153
$907,911
36,760
retirements,
of fixed capital
for taxes
31—
76,778,042 74,924,179
Total
1935
224,430
March
1936
$3,215,870
1,432,377
Ended
stock
Deficit
The company on June 3 filed with the Securities and Exchange Commis¬
sion a registration statement (No. 2-2220, Form A-2) covering $10,000,000
Months
15,000
Common
$10,000,000 Bonds—
12
—
Other
Preferred stock...10,000,000
Burlington & Rock Island RR.—Earnings.—
1936
April—
Gross from railway.
$64,740
def9,138
..
Net from railway
Net after rents
def25.126
1933
1934
1935
$73,929
def6,043
def21,674
'
$61,273
def4,739
def 14,978
$57,923
def12,658
def26,083
From Jan. 1—
Gross from railway._.
Net from railway
Net after rents
—V. 142, p.
—
—
266,012
def37,737
def102,665
267,093
def47,587
def109,298
257,715
defl6,018
def69,916
249,651
def 15,110
def75,614
2987.
Bush Terminal Co.—Wins
Judge Inch signed
an
Stay—
order May 28 staying until July 1
execution of
his order of April 30 for discharge of company on June 1 from the juris¬
diction of the U. S. Court, Brooklyn.
The stay order was granted to the
stockholders' committee of Bush Terminal Building Co.,
subsidiary, on consent of Lowell M. Birrell, attorney for the parent
142, p. 3666.
Bedford preferred
Balance of income
—V.
;
Butterick Co.,
Brooklyn Edison Co., Inc.—Bonds Called—
All of the outstanding general
mortgage 5%
gold bonds, series A, due
Jan. 1, 1949 have been called for redemption on
July 1 at 105 and interest.
the Central Hanover Bank & Trust Co., New
Payment will be made at
York City.
All of the outstanding general mortgage 5% gold bonds, series E, due
Jan. 1, 1952 have been called for redemption on July 1 at 104 and interest.
Payment will be made at the City Bank Farmers Trust Co., New York City.
—V. 142, P. 3665.
Brown Shoe
Co., Inc. (& Subs.)—Earnings—
6 Months Ended April 30—
Gross sales
Costs, expense, bad debts, &c_;
Depreciation
Prov. for liab. and compensation
Profit
Other income
Total income
Interest
Federal and State income tax
Net profit
1936
Common dividends
„
Deficit
share on 247,000 shares
(no par)
—V. 141, p. 3529.
per
common
stock
1934
1935
$11,235,809'
10,773,936
106,842
12,275
$342,756
3,203
NOT
AVAILABLE
$345,959
72,000
43,000,
$488,395
110,516
370,500
$556,339
111,172
370,500
$139,541
sur$7,379
sur$74.667
$0.93
$1.53
$1.80
$230,959
Preferred dividends
Earnings
a
firm.—V.
142, p. 2490.
370,500
This company was
Inc.—Balance Sheet—
organized Jan. 10, 1936 in New York as successor to
Butterick Co. per reorganization plan dated May 10, 1935, as amended.
Arthur Henderson & Co., Accountants, in submitting the balance sheet
states that the statement of the Butterick
panies, is
as
Co., Inc.. and subsidiary com¬
it would appear as of the beginning of Jan.
effect to the following
2, after giving
transactions:
(1) The acquisition of the assets, subject to the liabilities, of Butterick
Co., debtor, predecessor company, as of the beginning of Jan. 2, 1936,
pursuant to a court order dated Jan. 7, 1936.
(2) The issuance of 34,556 98-100 shares of 5% preferred stock (par $50)
and 46,075 98-100 shares (no par) common stock, of The Butterick Co.,
Inc. to general creditors and debenture holders of the company on account
of claims as of Jan. 9, 1935 (date of filing petition for corporate reorganiza¬
tion under Section 77-B of the Bankruptcy Act) against The Butterick
Co., debtor, predecessor; the issuance of 36,000 shares (no par) common
stock of Butterick Co., Inc., and $300,000 three-year 6% notes payable
to be dated April 6,
1936, in settlement of payables in the amount of
$300,000 advanced to The Butterick Co., debtor, predecessor, subsequent
to Jan. 9,
1935; and issuance of 9,158 85-100 shares (no par) common
stock of Butterick Co., Inc. in exchange for the shares of common stock of
The Butterick Co., debtor, predecessor company, all as provided in the
plan of reorganization dated May 10, 1935, as amended.
(3) The issuance of $200,000 five-year 6% notes payable (to be dated
April 6, 1936), in settlement of certain liabilities arising subsequent to
Jan. 9, 1935, in accordance with an agreement dated Feb. 29, 1936 between
the Butterick Co., Inc., Cuneo Press, Inc. and Oxford Paper Co.
(4) The issuance of $8,775 six-month 6% notes payable .to be dated
April 6, 1936, for interest to Dec. 31, 1935, on liabilities aggregating
$500,000 for which three-year and five-year notes payable are to be issued,
in accordance with court order dated March 6, 1936 with respect to the
$300,000 three-year notes and as advised by the management with respect
to the $200,000 five-year notes.
Volume
142
Financial
(5) The assignment of a stated value ($196,164,
subject to adjustment) to
91,234 83-100 shares (no par) common stock, and the creation of a reserve
for anticipated losses in
1936, in accordance with resolution of the board of
directors dated Feb. 5,
(6)
1936.
The dissolution of
two inactive subsidiaries in
March, 1936.
The accountants state that
they have been advised by the management
that final determination has not been
made by the court with respect to
certain liabilities of The
Butterick Co., debtor, predecessor; the liabilities
of The Butterick Co.,
Inc., and preferred and common stock to be issued, as
shown on the
accompanying statement of assets and liabilities, are subject
thereto.
3841
Consolidated General Balance Sheet Dec. 31
Assets—
1935
Plants, properties, &c
a
Cash
615,235
656,517
-
1
Accounts receivable:
From Inter. Paper Co. for sales of
newsprint
From
Marketable
market
hand
on
$86,023 Accounts payable
securs.
(quoted
$87,954) at
value
cost
Notes & accts.
receivable
Accrued
—
Res. for replacing agents' pat¬
tern discards
85,117
x372,990 Accts. pay. arising prior to
receiv.—employees
713
Inventories
1
April
6,
1936,
are
30,450
be
to
issued:
per contra..
11,984
Mach., equip., turn. & fixts.. yl82,379
Butterick Bldg., land & bldg.
See z
Publications, copyrights, &c.. 3,384,203
3-yr.
6%
notes, In accord¬
plan of reorgan.
ance with
5-yr.
6%
notes,
300,000
in accord¬
ance with agreement
v»
r\
/\,rvv
J
—
Total.
dated
Feb. 29, 1936
200,000
$85,261 ,050 $86,160,072
1,724 ,000
2,274,000
Note payable
Accounts payable
Accrued interest
6% notes, in ac¬
cordance with court order
funds
on
others,
collected
8,775
for
Deferred income
11,984
86,327
634,216
Reserves
867,074
per contra
Newsdealers' deposits
5% preferred stock (par $50). 1,727,849
Com. stk. (91,234 shs. no par
at
Total
..$4,687,522
assigned value)
196,164
Total
1,670 ,519
632 ,892
53 ,358
mortgage thereon. The
mortgage is in default and foreclosure proceedings
by the mortgagee are in
process.
Upon the termination of the proceedings, it is
anticipated that
title to this property will
pass from the company.
The mortgagee, in con¬
formance with a court order, has waived
any right to a deficiency judgment
or any other claim
against the company in connection with this mortgage.—
V. 142, p. 1460.
_
Total
Corp.—Registers with SEC—
See list given on first
page of this department.
California Water Service
Co.—Earnings—
12 Months Ended April 30—
Gross revenue
1936
—V. 142, p. 3666.
1935
$2,049,445
993,856
_
5,611,032
11,134,552
10,000,000
33,840,000
10,191,364
$152,096,171$151,534,950
_
After property reserves of $18,629,327 in 1935 and
$16,737,507 in
a
Canadian Locomotive Co.,
Year End.
Period—
Dec.
Operating loss
Interest from investm'ts
Portion
of
payment
on
Year End.
2,000
5,503
20,025
$63,323
1,650
30,125
Directors' fees
Legal fees
of
Ltd.—Earnings—
Year End.
3 Mos. End.
31, *35 Dec. 31, '34 Dec. 31, '33 Dec. 31, '32
$87,572
$70,131
$69,291
$27,291
4,224
8,758
11,176
3,609
re
Executive salaries
Prov.
1934.
re¬
option
patent rights
Prof, on sale of invests._
Total loss
$2,172,640
1,076,429
Net earnings before depreciation
5,000,000
2,576,967
820,094
—
-
-V. 141,p. 1763.
ceived
California Cafeterias
6,614,581
860,482
563,985
Reserves
:
Preferred stock Int. Pow. & Paper Co. of New¬
foundland, Ltd. (2,080,000 shs., par value £l)._ 11,601,200
Capital stock ($100 par)
10,000,000
Paid-in surplus
33,840,000
Deficit
8,465,950
$4,687,522
reserves of $180,770.
y After reserve for depreciation of $1,022,The Butterick
Building is recorded on the books of the company at
$1,069,200 which is the amount of the outstanding
z
5,000 ,000
■_
Due to Canadian International
Paper, Ltd
After
x
069.
1,894,467
438,683
1,300,327
388,744
283,840
430 ,645
currently due..
53^ % sec. notes of Can. Int. Paper Co. due various
dates to June 24, 1936,
given to Int. Paper Co.
for advances & assigned
by them
;
6% sec. notes of Can. Int. Paper Co. given to this
co. for advances &
assigned by them
Due to International
Paper Co
;
3,537
L
2,309 ",408
Accrued payrolls ,&c
Accrued taxes.
Serial obligations
_
6-month
Liab.
,183,910
,879,885
,811,720
199,880
147,890
140,063
956,800
308,497
4,836,66)
i:
$152,096 ,171$151,534,950
Bank loans secured
ity, disposition subject to
11,335
determination by court
35,404 Payables for which notes dated
investments
_
Liabilities—
Funded debt
Jan. 9, 1935, claiming prior¬
Cash held in trust for
others,
..
217,638
517,369
Post office & other
deposits
Prepaid exps. & def. charges..
Miscellaneous
expenses
$363,517
43,524
652,381
714,593
2,458,314
2,459,619
15,983,451
194,808
319,965
169,631
978,948
170,013
4,463,528
others
Inventories
Sinking funds and restricted deposits.
Accounts and notes receivable not
currently due.
Prepaid insurance and taxes
Depletion on pulpwood still in inventory
Def. assets, prep. & def.
exp. appl. to future oper__
,_JL
T\ia/»/\nv»4
si
Discount and expense on securities issued
_
Liabilities—
Cash in banks &
1934
$123,626,140$125,702,718
Securities and investments
(book value)
.
Consolidated Balance Sheet Jan. 2, 1936
Assets—
Accts.
Chronicle
4,205
686
$53,910
$53,870
1,650
$22,996
32
Ontario
corp.
tax
California Water & Telephone
Earnings for 12 Months Ended—
Apr. 30 '36 Dec. 31 '35
Gross revenue.
Net income before fixed charges & Fed. taxes
but
after depreciation
Canada Bread Co.—Clears
The directors have declared
cumulative class A preferred
of record
a
15.
Of
the
562,355
$517,098
the event of
142,
$95,130
134,100
p.
3334.
dividend of $1.75 per share
Patent
payable July 2
the 5%
to holders
p. 1632.
costs
Operating
expenses
Net earnings
$228,801
—V. 142, p. 2988.
Canadian
The
1936—4 Mos.—1935
$1,498,132
$1,429,507
563,250
535,038
$934,882
$894,469
1936
1934
Gross from railway.....
Net from railway
Net after rents
$82,210
defl6,727
def63,701
$62,658
def30,312
def82,711
447,497
def70,472
def231,569
360,914
def93,340
def287,842
358,225
def65,355
def253,814
318,087
def72,378
def272,902
—V. 142, p. 2988.
Canadian International Paper Co.
(&
Calendar Years—
Gross sales.
Profit
on
1935
1934
Subs.)—Earns,
1933
1932
—$38,538,395 $36,006,956 $31,881,847 $30,227,722
on
Profit
1933
$78,256
def,36,863
def87,432
bonds & debs.
redeemed
159,032
192,390
337,112
exchange
299,307
misc.
93,524
37,897
3,791
Inventories
33,143
ac¬
x
(net)
y33,214,134
Interest
on
first mtge.
bonds and prior liens.
Other interest
Int.
obligation of subs
Depletion
Depreciation
on
Amort,
on
of disct. &
funded debt
1,385,800
2,003,304
2,039,896
584,787
2,178,360
on
27,540,422
26,864,478
1,426,514
1,981,845
1,991,662
584,786
2,034,397
1,459,016
1,979,126
2,082,385
565,107
1,828,194
1,495,932
2,061,565
2,232,239
525,228
373,133
7,357
356,765
9,610
6,648
134,100
by
38,896
$3,600,395
invest,
$3,792,433
exps.
applic.
to
Surplus, Jan. 1
Total loss
1936
y
April—
1936
Gross from railway
Net from
1935
1935
$191,017
21,775
def8,297
$194,957
971,694
182,668
57,523
railway
Net after rents
three
Increase
$312,999
Earnings.—
1934
1933
22,542
$209,975
51,038
17,570
$135,151
18,360
def 11,460
844,462
184,304
69,094
962,901
268,904
143,669
727,739
204,126
84,626
49,247
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 2988.
Canadian Pacific Lines in
April—
From Jan.
Vermont.—Earnings.-
1936
$82,078
def38,516
def64,581
$88,972
def9,306
def30,936
$90,120
def5,588
def30.798
$65,920
defl3,225
def36,084
312,275
defl54,650
def254,906
305,187
def88,687
defl75,941
317,809
def68,762
defl57,597
245,044
def93,086
defl84,263
Gross from railway
Net from railway
1 935
.1934
1933
1—
Net from railway
Net after rents
—V. 142, p. 2988.
Period End. Apr.
Gross earnings
Working
30—
expenses
Ry.—Earnings—
1936—Month—1935
1936— 4 Mos.—1935
$10,580,235
$9,986,542 $39,864,228 $36,424,814
9,242,778
8,573,945
35,699,067
32,910,521
$1,337,457
$1,412,597
$4,165,161
Earnings of System for Fourth Week of May
1935
$3,380,000
$3,298,000
$3,514,292
Increase
$82,000
142, p. 3667.
& Co.,
5,341,504
$5,730,930 sur$646,982
600,000
$8,465,950 $10,191,364
$5,730,930
After deducting other income of $167,456.
on soap
sales, &c
Gross profits & comm.
Sell., gen. & admin, exps
Prov. for bad debts
Int.
1935
1934
Not
Not
Reported
Gross profits on sales.
46,982
Inc. (& Subs.)—Earnings—
12 Mos. End. Dec. 31—
Comm.
and
$4,580,818
Canadian Pacific Lines in Maine.
Cost of sales
$8,465,950 $10,191,364
Deficit Dec. 31
Loss,
$4,694,522
668,001
Dividends
x
$3,912,831
1,865,080
defl0,191,364def5,730,930
value
506,116
&
-
par
140, p. 4228.
Rys.—Earnings—
Gross earnings
prior
years
$2,220,588 $2,072,293
no
$4,893,817
Net sales.
Transfer from reserves._Cr5,325,809
Amort, of debt disct.
of
par value.—V.
1936
in
_
no
shares
142, p. 3667.
175,066
Newsprint Bd.
& Share Co
Total—
common
Gross earnings
—V.
Carman
Net loss
Res. against
55,000
Earnings of System for Fourth Week of May
—V.
506,116
143,646
1,854,291
5% pref.
504,400
50,352
miscell. balances
229,231
Canadian Pacific
92
171,424
1,044,800
pay.,
other
Bank loans secured
management preferred shares of
Net profits
of subsidiaries
stock of
31.099,991
exp.
Prov. for doubtful accts.
Profits tax of subs. cos..
Unpaid divs.
$36,199,346 $32,218,959 $30,514,276
1,044,800
&
wages
10,910
Gross from railway
Total income
$38,697,427
Cost of sales & expenses
$977,141
9,126
32,456
.....$2,220,588 $2,072,293
Represented
1934
$977,141
168,897
Investm'ts at cost.
Deferred charges..
Profit & loss defict
Total
1935
Capital stock—
1st mtge. 6% sink.
fund inc. bonds.
x
Trade accts.
Net after rents
286,554
Liabilities—
11,258
Canadian National
$116,022
def20,670
def68,419
Net after rents
From Jan. 1—
1934
6,490
Trade &
England.—Earnings.
1935
$23,697
Land, bldgs. & eq.$1,611,416 $1,611,333
Patents
Celanese, Ltd.—40-Cent Dividend—
have declared a dividend of 40 cents
per share on the
stock, no par value, payable June 30 to holders of record
June 23.
An initial dividend of like
amount was paid on March 31
last.—V. 142,
p.1632.
April—
$80,081
Crl,500
1935
directors
Gross from railway
Net from railway
$134,100
Balance Sheet Dec. 31
Assets—
common
Canadian National Lines in New
"$23^697
$229,230
Profit & loss deficit
Cash....
Corp., Ltd.—Earnings—
$225,498
$23,697
$80,081
charged to
counts receiv'le.
1936^-Month—1935
$369,603
$359,092
140,802
133,594
$56,383
23,697
$135,601
expenses in 1933 trans¬
on
current
Canada Northern Power
$55,520
80,081
$229,230
Previous deficit
ferred to patent & de¬
velopment account—
payment 50 cents is on account of
accumulations, thus clearing up all back dividends on this
issue, and the
balance of $1.25 per share is for the current
quarter.
Previous payments
were as follows: $1.25 on
April 1 last, and $1 per share on Jan. 2 last and
on Oct. 1, 1935, this latter
being the initial dividend on the issue.—V. 142,
Period End. Apr. 30—
Gross earnings
2,474
Net loss.
Deficit.
Up Arrearages—
stock, par $100,
June
x$l,330,548
consumers in
Includes $30,773 which may be refunded to
x
adverse court decisions in
pending litigation.—V.
702
Balance of reorganiz .exp.
Co.—Earnings—
Reported
1933
1932
$2,760,771
2,033,919
$3,193,850
2,415,389
$726,851
6,836
$778,461
7,968
$733,687
525,151
77,818
$786,430
653,182
207,107'
$750,532
1,810
$703,274
$752,342
637,404
$705,075
620,286
16,861
14,758
29,889
15,377
10,684
$83,321
$39,524
$115,057
1,801
paid & miscell. inc.
and deductions, net..
Prov. for Fed. inc. tax..
sur$46,982
Net profit.
4.977
15,658
loss$89,518
Financial
3842
Central West Public Service Co.—Securities Heady for
Consolidated Balance Sheet Dec. 31
1935
Assets—
80,944
14,532
432,318
622,165
636,035
58,261
26,107
tax
53,255
25,216
policies
taxes, &c
losses
employees.
stock
7,719
miscell. invest't.
7,108
26,136
5,000
5,670
304,926
324,403
in
&
cap.
surplus
K.
Henry
of
y
Class A stock
7,190
1,117,382
z
Class B stock
192,035
Davies & Co. Inc
5,670
Invest.in Wecker
80,948
Capital surplus-
mach'y & equip.,
152,982
36,607
100,000
252,554
Earned surplus...
161,253
34,681
Ac.
in
int.
Min.
CI. A stk. repurch.
Expend,
12,232
1,117,382
192,035
80,948
142,189
land & buildings
18.456
21,275
_
mat'l and
CI. B stk. repurch.
x Fixed assets
a
5,765
Instalm't mtge. on
officers
100,000
con¬
nection with pat.
chem. mfg. prof.
Goodwill tr.-mks.,
&c-
_
$2,039,499 $1,878,074
Total
.$2,039,499 $1,878,074
Total
$220,759 in 1935 and $210,667 in 1934.
y Rep¬
34,381 shares (no par),
z Represented by 76,814 shares
(no par),
a After depreciation of $17,440 in 1935 and $8,346 in
1934.
—V. 142, p. 2660.
x
After depreciation of
resented
by
&
Rail
Canadian
Harbour
Ltd.
Terminals,
(of To¬
it is reported, has given approval to the recentlyAmerican interests.
Under the approved
sale of the Fleet Street property, bondholders will receive approximately
$65.13 for every $100 of bonds outstanding, including accumulation of
cash and other assets now in the company s treasury.
The new interests
have until July 15 to complete the transfer of funds, but due to speeding
up of court action it is anticipated that payment will be made before due
date,—V. 142, p. 1632.
reorganization plan.
Attention is called to the record date so that, insofar as possible, stock
certificates may be registered in the names of actual owners prior to such
date.
The check for $5.50 cash, per $1,000 principal amount of present
bonds, and the check for past due semi-annual interest on "bond trust
certificates" will be delivered with the new securities.
Officers of Central Electric & Telephone Co. advise that the pro forma
consolidated gross earnings for the year 1935 for that company and its
Virginia subsidiary were $1,702,889 and the pro forma consolidated net
earnings (before provision for depreciation, interest deductions and pro¬
vision for Federal income taxes) were $703,003.
After provision for depre¬
ciation of $319,350 and interest deductions of $181,435 the pro forma
consolidated net income, before provision for Federal income taxes, is
$202,217.—V. 142, p. 3159.
$1,293,069
42,843
$1,266,785
38,334
$1,247,743
68,575
Depreciation
Prov. for obsolescence.-
Balance
Interest received
Reserve
decline
for
668,198
25,000
x$620,504
82,394
39,343
tal assets
-
x$660,609
3,735,174
$1,078,511
2,519,399
$4,213,075
$3,597,911
$3,074,565
129",773
141,792
609,698
141",792
300,000
70,423
227,682
609,611
300,071
$3,156,048
$3,461,584
$2,448,503
70,896
$3,461,584
$3,156,048
$2,519,399
609,701
$1.50
600,142
$1.56
607,747
out¬
609,586
$1.65
1935
1934
Nil
Notes pay.
2,710,770
2,358,538
2,212,996
2,514,886
payrolls..
1,000,000
1,784,197
110,926/
Other accts. pay. &
for local
Res.
48,503
147,588
and
188,531
taxes
incl traveling ex¬
41,595
50,457
Reserve
income
Marketable securs.
4,029,522
522,121
332,231
Fed'l
for
5,261,529
442,906
taxes
...
240,771
Reserve
for
Divs.
advances to affil.
45,339
337,863
payable
340,299
604,382
companies
976,695
942,536
Reserves
665,441
684,743
723,556
3% notes payable.
800,000
8,373,915
8,208,938
265,782
231,193
/.
Pats., trade-marks
and
Sub.
co.
6%
1
goodwill
Deferred charges..
1st mtge.
20-yr.
sink.
912,000
fund bonds
Min. stockholders'
int. In sub.
co..
203,397
19,916,398 20,734,536
x After reserves for
doubtful items and discounts of $205,073 in 1935
and $282,229 in 1934.
y After reserves for depreciation and general ob¬
solescence of $9,556,631 in 1935 and $9,263,044 in 1934.
z Represented
by 609,586 no par shares in 1935 and 609,701 shares in 1934.—V. 142,
p. 2820.
.19,916,398 20,734,536
Total
Carnegie-Illinois Steel Corp.—Merger—
See United States Steel Corp.,
Central
Illinois
below.—V. 142, p. 2820.
Electric
&
Gas
Co.—To
Discontinue
Trolleys—
The company has notified the New York
to an ordinance adopted by the city council
Stock Exchange that pursuant
of the City of Rockford and an
order of the Illinois Commerce Commission, the company will shortly
discontinue the operation of its electric street car system (excluding its
trolley bus system) in the City of Rockford, III., and substitute therefor a
system of motor busses. In connection with such change in operations, the
company has agreed, upon such substitution of service, to convey to the
City of Rockford its property in the streets of Rockford (excluding all over¬
head construction) pertaining to said street car system.—V. 142, p. 3334.
153,092
152,650
$3,407,724 $3,297,607
Total
$3,407,724 $3,297,607
Total
Represented by 439,084 no par shares stated value $5.—V.
141, p. 429.
Corp.—Recapitalization Plan Pro¬
posed to Eliminate Preferred Stock Dividend and
Arrearages—
Sinking Fund
approving a recapitalization plan.
to eliminate the present consolidated
accumulated arrears
accumulated arrears
for its preferred stock and future re¬
The stockholders will vote June 24 on
general the aim of the plan is
In
deficit of the corporation and its subsidiaries, to fund
of dividends on its preferred stock and to eliminate
the sinking fund requirements
quirements for such sinking fund.
Briefly, the plan contemplates the following:
(1) A new prior preference stock ranking prior to the present 7 % pref.
stock and entitled to cumulative dividends at the rate of 6% per annum
from July 1, 1936, will be created.
The provisions for redemption of the
new prior preference stock and the amounts to which it shall be entitled
upon liquidation are to be substantially similar to those now provided
for the present preferred stock.
(2) The new prior preference stock is to have no sinking fund.
(3) To the extent that the present preferred stock shall be exchanged
under either of the options mentioned below, the accumulated unpaid
dividends thereon, which will amount to $52.50 per share on July 1, 1936,
in
be eliminated.
(4)
The
common
stock of the corporation is to be changed from
the par value of $1 each.
shares
without par value into shares of
(6) The capital of the corporation represented by the presently out¬
standing common stock is to be reduced from $5,734,500, to $382,300,
thereby eliminating the deficit in the consolidated balance sheet of the
company and its subsidiaries, which at Dec. 31, 1935, was $1,167,847.
(7) If all of the present preferred stock shall be exchanged under the
plan, the accumulated arrears in the sinking ftmd for such stock and all
future sinking fund requirements therefor will be eliminated.
(8) If all of the present preferred stock shall be exchanged under the
Slan, voting control for the election of directors of the corporation will
returned to the
stockholders.
common
e
113,181
7% cum. sk. fund
pref. stock (par
$100)
1,888,900 2,025,600
10,060,066
z Common stock..10,058,169
10,777
Capital surplus...
89,736
3,461,584
Earned surplus... 3,638,918
Total..
at cost
stock.
pro¬
Other assets
Capital assets
733
securities,
The number of shares of common stock to be outstanding will be
increased by the issue of common stock upon exchanges of present preferred
181,414
employees
cessing tax
Investments in and
y
17,513
(5)
Due to officers and
49,750
at cost
8,745
will
Fed. capital stk.
Due from employ's,
fund
1,409,615]
accrued expenses
Sundry debtors (less
Insurance
trade.
Accrued
Accts. & notes re¬
Inventories
(bank)
Accts. pay.,
1934
$
$
Liabilities—
_
Cash in banks and
pense advances.
Curr. comm. rec..
Invests, in market¬
Certain-teed Products
Consolidated Balance Sheet Dec. 31
$1,477)
75,507
223",492
Approximately 16% of the total profit from operation repre¬
earnings of affiliated company accumulated in prior years.
reserves
144,767
110,675
able
y
ceivable—trade.
937
237,580
x
1935
x
937
_
27,956
standing (no par)
Earnings per share
hand
53,620
1,088,323
176
receiv..
Royalties
co.'s
Bal., surplus, Dec. 31- $3,638,919
on
53,620
1,193,910
Surplus
Misc. assets..
for pref.
Assets—
2,771,892
Engineer'g
stock,
Cash in banks
stock dividends
sents
2,771,892
shares, at cost.
$3,638,919
xLoss.
$79,986
Co
$1,057,027
3,156,048
1934
1935
Capital stock.._$2,165,420 $2,165,420
5,510
2,164
Federal taxes accr.
42,883
41,699
Accounts payable.
cost
at
Ferric
Treas.
obsol.
stock
$0.40
and advances to
pref. stock not owned.
com.
433,084
433,084
$0.67
Liabilities—
1934
871,180
25",000
$1,140,212
3,461,584
Miscell. deductions (net)
Shares
def$87.611
DeLavaudMfg.
Corp., Ltd
33,375
pref. stock
com. stk.—cash
approp.
$173,163
433,084
$0.96
x
rights
10.409
of property
Surplus
$416,313
433,084
$0.77
1935
Invest.,
$4,601,796
sub.
$172,133
259,744
Investment in Int.
.
Total
on
$290,877
117,714
patent
19,287
78,211
3,683
Net profit
Surplus at Jan. 1
on
$416,313
$336,193
Surplus.
common
stock
outstanding (no par).
Earnings per share
x$538,110
for
for insurance.
Dividends
$336,193
Shares
5,509
charges
Divs.
2,038
6,913
for amort, of patents
141,772
to min. int. in sub. co.
for
\
Dividends
23,507
74,245
154.208
50,000
Propor. of profits applic.
on
128,170
Profit before providing
$1,413,847
Prov. for contingencies.
Divs.
$250,226
7 69,142
securities sold--
on
10,634
61,593
165,456
Prov. for income taxes._
Appropriated
$376,269
85,391
_/
Federal tax..
$1,305,119
37.999
Miscell.
23.255
$542,734
126,422
\
Expenses, &c
Patents and
$1,358,923
29,749
Total income
Interest paid
Bond interest & discount
reserve
17,609
$464,364
Total income
Assets—
23,012
approp.
$226,971
16,497
Balance Sheet Dec. 31
Miscell. income—
Additional
1932
1933
$358,660
$526,237
18.527
Other income
58,187
ofcapi¬
disposal
1934
1935
$445,837
Royalties
50,000
on
Canadian exchange
on
$400,253
970,757
.,940,941
25,000
$1,958,550
666,765
25,000
operations._y$l,997,573
679,504
Profit from
1932
1933
1934
1935
Calendar Years—
Profit
Centrifugal Pipe Corp. (& Subs.)- -EarningsCalendar Years—
Loss
(& Subs.)- -Earnings-
21 were available on
certificates.
asking that funds be provided
at the rate of 0.5% for obtaining deposits of bonds.
22 for a hearing on allowances to the reorganization
committee, counsel and trustees and on various fees and expenses.
It
also has ordered the trustees to file with the Clerk of the Court by June 13
a final report of the carrying out of the plan.
The plan calls for the split up of the company into two units, namely,
Central West Co. and Central Electric & Telephone Co.
The Central Electric & Telephone Co. will pay the full dividend of $3
per share on the new preferred stock on June 30, 1936 to holders of record
June 22.
This dividend is applicable to the year 1935 as provided in the
petition has been filed with the court
A
to pay security dealers
The court has set June
McEvoy,
authorized sale or the company to
Carnation Co.
advised June 1 by the reorganization committee headed by
Ward, Chicago, that new securities deliverable under the plan ap-
3 for exchange for outstanding securities and
Sroved by the Federal Court in Delaware on Feb.
ronto)—Ad¬
judge
of securities and certificates of deposit for securities of the
All holders
company were
une
Res. for contingent
Prep, insur., int.,
Exchange—
P. O.
Prov. for Fed. inc.
Value of life insur.
and
75,000
4,037
Accrued liabilities.
Receiv.
20,950
75,000
590,369
Merch. inventories
from
13,451
14,875
$89,818
Accts. & notes rec.
payable
Accts. payable
Due
$175,000
43,121
$200,000
Notes
$72,141
Cash
1934
1935
Liabilities—
1934
June 6, 1936
Chronicle
(9) To accomplish the foregoing objects holders of the
preferred stock are to be offered the right to exchange their
ferred stock under either of the following options:
present 7%
present pre¬
Option A—For each share of the present 7% preferred stock (par $100)
shares of the new 6% cumulative prior preference stock (par
(dividends cumulative from July 1, 1936), scrip certificates to be
1 7-10ths
$100)
issued for fractions of shares.
Option B—For each share of the present 7% preferred stock
share of the new 6% cumulative prior preference stock (par
$1).
one
five shares of the new common stock (par
If and when the plan shall be declared
cation will be made to list the new 6%
and the additional shares
(par $100)
$100), and
operative by the directors, appli¬
cumulative prior preference stock
of common stock to be issued
under the plan
and to register such stocks under the
Exchange Act of 1934.
The directors believe that the proposed plan is fair to both the preferred
and common stockholders.
It is also their opinion that it is important
to improve the capital structure of the corporation at this time.
The preferred stockholders who desire to retain their preferred position
and are not interested in the common stock can elect Option A.
Phoenix
on
the New York Stock Exchange,
Securities
Securities Corp., owning or controlling approximately 50% of the out¬
standing preferred stock, has already indicated its intention to accept
Option B in respect of the larger part of its holdings.
Therefore, the
annual dividend requirements on the new prior preference stock should
not be greatly increased over the annual dividend requirements on the
present preferred stock.
Analysis of Proposed Plan
A summary of the pros and cons of the plan as
tors in determining the soundness of the plan is as
considered by the direc¬
follows:
Volume 142
Financial
Chronicle
Items to Be Corrected
The trustees
Deficit—As at Dec. 31, 1935, the deficit in the consolidated balance
sheet of the corporation and its subsidiaries was
$1,167,847.
The board
deems it essential to eliminate that deficit before dividends can be paid
the preferred stock or the common
stock.
The reduction of capital
proposed under the plan will eliminate that deficit.
Accumulated Preferred Dividends—As at July 1,
1936, the accumulated
unpaid dividends on the outstanding preferred stock will be $52.50 per
share, or a total of $3,307,710 which must be eliminated before any divi¬
on
,
,
,
dends
can be paid on the common
stock.
Sinking Fund Requirements—The sinking fund requirements for the
existing preferred stock, which became effective Jan. 1, 1930, have not
been met and the total arrears as at Jan.
2, 1936, amounted to $882,056.
No dividends on the common stock can be
paid until these accumulated
sinking fund requirements have been eliminated.
Unfavorable Factors—Accumulated unpaid dividends to July 1, 1936,
amounting to $52.50 per share, on the present preferred stock that shall
be exchanged under the
plan will not be paid in cash.
The annual dividend rate on the new
prior preference stock will be
$6 per share (cumulative from July 1,
1936) instead of $7 per share (cumu¬
lative) on the present preferred stock.
There will not be any sinking fund for the new
prior preference stock.
Holders of the present preferred stock who exchange such stock under
the plan will not be entitled to
any benefits from the present preferred
stock sinking fund.
If all of the present
preferred stock shall be exchanged under the plan,
voting control in the election of directors will be returned to the common
stockholders.
Holders of the new prior preference stock will hot be entitled
vote for directors of the
company or
for
any
other purpose,
except as
specified.
Favorable Factors—Preferred
stockholders
who
elect
Option
A will
receive, for each 100 shares of their present 7% preferred stock, 170 shares
of the new 6% prior preference stock.
The dividend rate on 100 shares
of the present 7% preferred stock is
$70 per year.
The dividend rate on
the 170 shares of new prior preference stock which would be received
in exchange under Option A would be $102
per year
(cumulative from
July 1, 1936), or a substantial increase for preferred stockholders making
exchange under Option A.
Preferred stockholders who elect Option B will
receive, for each share
of their present 7 % preferred
stock, one share of the new 6% prior preference
stock (dividends cumulative from
July 1, 1936) and five shares of common
stock of the par value of $1 each.
the
Effect of Proposed Plan with Respect to Common Stock
Unfavorable Factors—It is estimated that the number of shares of
standing
shares
approximately
315,000
out¬
by between approximately 160,000
shares, or from 382,300 shares out¬
standing at the present time to between approximately 542,000 shares
and approximately 697,000 shares,
depending upon the number of shares
of the present preferred stock that shall be
exchanged under Option A
or
Option B.
It is estimated that the annual dividend
requirements on the new prior
preference stock will be from approximately $63,000 less to approximately
$69,000 more than the annual dividend requirements on the present pre¬
ferred stock, depending upon the number of shares of the
present preferred
stock that shall be exchanged under Option A or
Option B.
Phoenix
Securities Corp., owning or controling
approximately 50% of the out¬
standing preferred stock, has already indicated its intention to accept
Option B in respect of the larger part of its holdings.
If all the other
preferred stockholders elect
to take Option A the dividend charges ahead
stock would be increased by approximately $69,000 an¬
If, on the other hand, all the other preferred stockholders elect
to take Option B, the dividend
charges ahead of the common stock would
be reduced by approximately $63,000
annually.
Favorable Factors—The consolidated deficit of the corporation and its
subsidiaries, amounting to $1,167,847 as at Dec. 31,1935, will be eliminated.
If all of the present preferred stock shall be
exchanged under the plan,
voting control in the election of the directors of the corporation will be
of the
common
nually.
returned to the common stockholders.
On the basis of the past
of the principal on the instalment of
on June 1, 1935.
As
20% also was paid and the June payment will thus leave
60% of the instalment unpaid.
The trustees also paid 20% of the prin¬
cipal of the series J certificates
maturing on June 1, 1936, and the regular
equipment trust interest falling due on that date.—V.
142, p. 3668.
Chicago & North Western Ry.—Abandonment—
The Interstate Commerce
Commission on May 26 issued a certificate
permitting the trustee to abandon that part of the so-called
Boyer Valley
line extending from Deloit
southwesterly and southerly to Denison, ap¬
proximately 6.162 miles, all in Crawford County, Iowa.—V. 142, p. 3668.
Chicago Rock Island &
Gulf
1936
Gross from railway
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
1 933
$250,235
,29,952
def51,491
$263,992
74,270
def31,214
1,170,936
259,169
def69,685
1,092,645
206,685
defl06,024
1,028,640
254,484
defl24,730
65.630
—V. 142, p. 3160.
Chicago
1934
$302,597
84,817
def8,212
1,347,019
340,607
Net from railway—
Net after rents
Order
Ry.—Earnings.—
1935
$331,717
56,648
def20,940
Rock
Island
Pacific
&
Ry.—Court Amends
Plan—
on
Federal Judge Wilkerson at Chicago has amended his
February order
covering extension of time in which the road must file a plan of reorganiza¬
tion to the end that trustees are
not required to file a plan of their own in
the absence of
presentation of one of the debtor until five days before
expiration of the time set by the
original order, which is Aug. 27.
Pre¬
viously the order required the
trustees to present a plan by July 15 in the
event the debtor failed to offer one
by that date.
The debtor or other interested
parties have until Aug. 27 to file a plan.
The object of the order in
demanding a program from the trustees by a
specific date was to assure the
appearance of some plan before the expira¬
tion date of the time extension.
Counsel for the company told the Court
it was believed the debtor could
have a plan by July
Earnings for April and Year to Date
„
April—
1936
$5,876,673
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 3668.
*
1935
$5,251,999
984,821
302,871
1934
1933
386,873
def455,024
$4,920,153
572,202
defl32,176
$4,714,682
1,055,351
304,779
22,564,749
1,443,540
1,479,528
Gross from
railway—f__
Net from railway
common stock will be increased
and
June 1 paid 20%
equipment trust certificates series J which matured
of Pcb. 1,
1936,
April—
Effect of Proposed Plan with Respect to Preferred Stock
to
3843
on
19,743,514
1,942,546
def709,342
19,925,064
2,969,717
231,520
17,987,220
2,493,773
def511.672
Chicago Surface Lines—Lines Sold for $33,100,000—
Entire Street Car System Is
Bought by Security Holders of Four
Companies—Step in Unification Plan—
The entire Chicago street-car
system, comprising 1,111 miles of track,
3,920 passenger street cars and buses and other equipment, was sold
May 29
for $33,100,000 by Thomas J.
Peden, special master, to representatives of
the security holders of the four
companies making up the Chicago Surface
Lines.
The sale, ordered by Federal
Judge James H. Wilkerson, marks another
step in carrying out the Abbott plan for reorganization and unification of
the Surface Lines into a
single company.
The security holders submitted
the only bids for the
properties, which were auctioned in four parcels.
The
bids were accepted
by Mr.
Peden,
subject
to
confirmation
by
Wilkerson.
The
new
Judge
concern, to be known as
Chicago Surface Lines, Inc., will have
$72,718,350 of first mortgage 5% bonds, 931,139 shares of preferred stock,
entitled to $50 a share in
liquidation, and 526,572 shares of no par com¬
earnings record of the corporation it would
probably be several years, under its present capital structure, before the
corporation would show earnings applicable to the common stock.
If
all of the present preferred stock shall be
exchanged under the plan, any
earnings of the corporation above the dividend requirements on the new
securities
prior preference stock will be available for dividends on the common stock,
when and as the board of directors shall consider that such
earnings warrant
the declaration of such dividends.
it is said.
The
arrears
elimination
on
of the deficit and of the dividend and
sinking fund
the present preferred stock from the balance sheet of the cor¬
poration should
most helpful
prove
to its credit.—V.
142,
p.
2989.
Other
interest
Amort iz.
Profit
\
Surplus....^
Profit
67,271
19,370
6,268
loss
for
13,511
13,432
9,944
$1,810,209 y$l,871,886
1,349,809
1,115,842
$1,568,518
899,872
$448,504
before
sales
on
sale of securities.—V.
458,963
223,817
142,
$460,400
of securities,
p.
y
the
new
consolidated
The first property auctioned was the North Side street-car
system owned
by the Chicago Rys., which went for $19,000,000 bid.
There followed in
auibtioning of the Chicago City Rys., which brought a bid of $11,000,000; Calumet & South Chicago Ry., for which $1,400,000 was offered,
and the Chicago City & Connecting Ry. Collateral
Trust, which was sold
$1,700,000.
The value placed on the Chicago street-car system is about
$169,000,000.
This is the price at which the city may
purchase the properties under the
terms of the 1907 ordinance.
There is outstanding against the four com¬
panies
$1,798,313
1,349,809
Dividends
x
1933
$2,545,125
538,865
427,798
62,697
22,039
11,250
General expenses
Capital stock tax
on
1934
$2,581,609
j
disct.
of bond
& expense..
x
1935
$2,576,783
673,665/
holders are paid
participating in the reorganization will receive
company on terms previously agreed
upon.
More than 90% of the first mortgage bondholders and a
majority
of the other security holders have
approved the terms of the reorganization,
in
turn the
Chesapeake Corp.—Earnings—
3 Mos. End. Mar. 31—
1936
Interest & divs. received $2,497,043
Int. on long-term debt_l
602,743
stock.
If the sale is confirmed by the Federal Court the
price paid for the proper¬
mon
ties will form the basis on which the
dissenting security
off.
The security holders
a
bonded indebtedness of $121,593,000.—V. 142, p. 2662.
Chicago & Western Indiana RR.—Bonds Authorized—
The
$756,044
$668,646
Excluding $98,921 profit
3334.
Interstate Commerce Commission on May 29 authorized the com¬
pany to issue not exceeding $24,462,000 1st & ref. mtge. bonds, series D,
$22,727,000 to be sold at par and int. and the proceeds used toward the
redemption of a total of $22,134,000 of 1st & ref. mtge. bonds, series A
and C, to furnish part of the premium to be
paid thereon, and to provide
additional working capital; $489,000 to be delivered to or for the account
of its proprietary tenants to pay an indebtedness for
advances; $345,000 to
be pledged with the City National Bank & Trust Co. of
Chicago, as trustee
a collateral-trust indenture, and
$901,000 to be held by the company
subject to further order or approVal.
under
Chesapeake & Ohio Ry.—Seeks $9,530,000 Equipments—
The company has applied to the Interstate Commerce
Commission for
authority to issue $9,530,000 of equipment-trust certificates, the proceeds,
with
other funds,
$11,912,500.
The
to
be used to
certificates,
buy equipment
paying
June
estimated cost
of
2^%
15, 1936.
An aggregate of $953,000
June 15, beginning in 1937.
The sale of approximately $9,500,000
at an
interest, would be dated
would be retired annually on
2H% equipment trust certificates
originally scheduled for June 5, has been deferred until June 8.
1936
1934
1933
$9,862,357
4,187,146
3,055,285
$8,139,586
2,882,981
1,901,221
$8,856,286
3,847,831
2,839,198
$7,330,160
3,056,989
2,122,547
41,170,205
18,021,664
14,664,880
Net after rents
From Jan. 1—
railway
35,546,279
14,577,812
11,132,975
36,105,703
15,780,095
12,114,322
30,022,963
12,088,607
8,795,348
Net after rents
—V. 142, p. 3159.
to
Norman B. Pitcairn and Frank C. Nicodemus Jr., to assume,
severally, and jointly and severally, obligation and liability, as lessees in
respect of the bonds, by entering into a proposed joint supplemental lease
dated March 1, 1936.—V. 142, p. 3501.
The directors have declared a special dividend of 50 cents
per share on the
capital stock, par $10, payable July 1 to holders of record June 10. the same
as paid in each of the 10
preceding quarters. On May 1, July 1 and Oct. 16,
1933 the company paid special dividends of 25 cents per share.—V.
142,
p. 2823.
,
Gross from railway
Net from
1935
receivers,
Chickasha Cotton Oil Co.—50-Cent Spedial Dividend—
Earnings for April and Year to Date
April—
Gross from railway
Net from railway
Authority was granted also to Charles M. Thomson, trustee of the estate
Chicago & Eastern Illinois Ry., the Chicago & Erie RR., Chicago
Indianapolis & Louisville Ry., H. R. Kurrie and Holman D. Pettibone,
trustees, the Grand Trunk Western RR., and the Wabash Ry. and its
of the
Cincinnati
The New York Curb Exchange has admitted to
listing and registration
the 1st mtge. gold bonds, series B, 6%, due Nov. 1, 1961.—V.
142, p. 2661.
Gross from railway—
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1934
1 933
$241,160
67,052
62,273
$188,033
27,084
29,371
$223,752
77.127
1,147,603
368,703
307,284
1,131,210
336,544
299,426
944,778
245,599
224,807
918,406
285,343
260,195
—V. 142, p. 2990.
73,838
Chicago Milwaukee St. Paul & Pacific RR.—Interest—
mtge. 4 V£ % bonds, due Juno 1,1934 (unassented), is being paid
June 2 declared
an
Ry.—Extra
extra dividend of $2.50 per share in
Subs.)—Earnings—
x$180,660
credited
to
Also excluded is the company's proportionate share of net losses
of subsidiaries not consolidated amounting to $130,000
represents propor¬
tionate share of operating loss of subsidiary railroad
company.—V. 142,
p.3669.
surplus.
Cliffs
Corp.—Earnings—
Years Ended Dec. 31—
1935
received
Interest accrued and paid
Taxes, legal and other expenses.
1934
1933
$38,018
225,000
16,068
24,158
Interest accrued and received
Dividends
The interest due June 1, 1936, on the Milwaukee & Northern
RR.
tion of bonds for stamping.
on
Earnings for Quarter Ended March 31, 1936
$267,767
86,884
73,938
.
Net from railway
Net after rents.
Pacific
Net loss after interest, depreciation, depletion, &c
x Exclusive
of profit of $108,479 on security transactions
Earnings for April and Year to Date
1935
Texas
Cleveland-Cliffs Iron Co. (&
Chicago & Illinois Midland Ry.—Acquisition—
1936
&
addition to a semi-annual dividend of $5 per share on the common
stock,
par $100, both payable June 24 to holders of record June 10.
Previously,
regular semi-annual dividends of $4 per share were distributed.
In addition
extra dividends of $3 per share were paid on Dec.
26, 1935 and 1934.
—V. 142, p. 3668.
See Springfield Havana & Peoria RR. below.
April—
Orleans
Dividend—Larger Semi-Annual Dividend—
The directors
Chicago District Electric Generating Corp.-—Admitted
Listing and Registration—
New
$42,601
50,000
34,306
20,905
$34,451
$222,791
$37,390
loss$56.461
72,882
18,030
cons,
on presenta¬
Net
profit,
actions
excl.
of
security
trans¬
r
Financial
3844
Statement of Investments
Dec. 31, 1935
Shares
408,296
100,000
144,000.3
30,000
100,500
Cleveland-Cliffs Iron Co., common
Inland Steel Co., common.
Republic Steel Corp., common
Wheeling Steel Corp., common
—
Youngstown Sheet & Tube Co., common
Liabilities—
283,385
Notes recelv.
y
111,097
100,000
Cash on deposit-
27,699,176 27,699,176
-
3,646
16,953
16,953
Interest
Prepaid
Notes pay. to
800,000
(net)
Investments
Deferred tax claim
8
V
■
$
bks.
750,000
(collateral loans).
Accts.
pay.
and
accrued Items.
993
_
2,458
2,683
Unearned interest.
24, 172"020 24,172,020
Cap. surplus (paid5,540,392
in)
5, 540,392
Profit & loss deficit 1, 613,891
1,836,682
x
Capital stock
28,630,872*
28,099,514
Total
28,099,514 28,630,872
Total
1934
1935
1934
Assets—
Represented by 805,734 shares of no par
$50,000,000 reserve.—V. 141, p. 3374.
value,
x
After deducting
y
Clorox Chemical Co.—Dividend Increased—
directors have declared a dividend of 65 cents per share on the
stock, no par value, payable July 1 to holders of record June 20.
Previously regular quarterly dividends of 50 cents per share were dis¬
tributed.
In addition an extra dividend of 12 Yz cents per share was paid
in each of the five preceding quarters and one of 50 cents was paid on
Dec. 28, 1934.—V. 142, p. 1462.
The
common
Colorado & Southern
Ry.—•Earnings.—
1935
1936
April—
$452,886
40,351
def23,655
$372,116
31,927
def39,997
$330,998
def4,829
def74,347
2,088,038
348,345
38,692
1,723,601
115,848
defl53,956
1,546,398
199,036
def90,217
1,451,846
119,579
defl66,992
Net from railway
Net after rents
1—
From Jan.
Gross from railway
Net from railway
Net after rents
—V. 142, p.
....
3503.
Columbia
Broadcasting
Profit from operations, after
Miscellaneous income (net)
(& Subs.)—
Inc.
System,
Consolidated Income Account, Year Ended
Dec. 28, 1935
provision for deprec. of $466,582.. $3,124,951
103,242
Total income
-
Provision for Federal income tax.
Net
1933
1934
$560,604
129,915
45,314
Gross from railway
$3,228,194
418,115
-
—
$2,810,078
profit for the period
Dec. 29, 1934
2,148,928
Earned surplus at
Together
$4,959,007
divs. of 40c. plus extra of $1 per share)2,216,071
Dividends (cash quar.
-
-
-
Dec. 28, 1935
$2,742,936
852,335 shares class A and B capital stock. .
$3.30
Earned surplus at
Earns, per share on
Consolidated Balance Sheet as of Dec. 31.
1935
Assets—
Liabilities—
193
Accts. payable
Cash in banks and
$793,638
U. S. Treas. notes.
2,900,000
2,175,000
Notes & accts. rec.
1,628,630
1,475,006
Prepd.wire chges.,
insur., taxes,&c.
Bonds deposited to
211,182
175,006
hand..
secure
Reserve
for
1934
$810,094
income taxes
5,797
357,287
3,152
Res. for tax claims
66,840
149,126
4,743,175
Earned surplus... 2,742,936
4,743,175
b Capital stock ($5
contract
7,000
6,600
49,667
Other accts. rec'le.
par)
c
in & advance
to affil. company
1,754
70,569
Deferred charges..
64,403
1,055,176
Goodwill
1,150,171
Treasury
2,148,929
stock
(at cost)
.Drl ,055,671 Drl055,671
44,385
Fixed assets
1,223,752
1,151,171
a
...$7,811,954
Total
$7,156,0921
Total
$7,811,954 $7,156,092
Representing premiums paid for capital stocks of consolidated sub¬
b Issued, 474,298 shares class A and 474,337 shares class B
c 1,425
class A shares and 94,875 class B shares reacquired at cost.—
—V. 142, p. 1462.
Columbia Oil & Gasoline Corp.—Trust Agreement
Ended
•—Reorganization—.
Philips, as voting trustees for the
stock of the company, have notified holders of voting trust cer¬
the voting trust agreement dated June 30, 1930, has been
terminated and that the par value of common shares was changed from
common
tificates that
value to $1 par value on May 28.
result, voting trust certificates may be exchanged for common
stock of the company at the office of the Corporation Trust Co., 15 Exchange
Place, Jersey City.
The reorganization plan of the company has become
effective as a result of this and other measures.
Under the plan the company was to issue $22,000,000 of new 20-year
debentures to Columbia Gas & Electric Corp. for its remaining demand
indebtedness, which stood at $32,232,652 on Dec. 31,1935, after transferring
to Columbia Gas & Electric $14,574,500 of Panhandle Eastern Pipe Line
Co. 20-year mortgage bonds and all capital stock and notes of Indiana
Gas Transmission Corp., carried by Columbia Oil & Gasoline at $1,892,072.
The new debentures will bear annual interest of 6% from Feb. 1, 1940,
and at lower rates until that date, beginning at 3%, and will have a sinking
fund beginning in 1941.
In addition, Columbia Gas & Electric was to surrender to Columbia Oil
& Gasoline the entire issue of the latter's 1st and 2d preferred stocks which
it held, together with all claims for unpaid accumulated dividends amounting
to $22,106,250 on March 31, 1936, in exchange for 400,000 shares of Colum¬
bia Oil & Gasoline non-cumulative participating preferred stock without
no
par
As
panies continued their successful efforts to reduce annual fixed charges
through the refunding of bonded indebtedness at lower interest rates.
Consumers Power Co. sold $18,594,000 30-year 3 H% bonds and $19,172,000 30-year 3M% bonds in 1935 and $55,830,000 3H% bonds, series
of 1936, due 1970, in March, 1936, or a total of $93,596,000.
Of this
$85,850,600 replaced a like amount of bonds retired bearing
of 6%, 5% and 4K% and the remaining $7,745,400 were
amount
interest rates
or
par
value.
preferred stock, as a class, are entitled to elect by cumu¬
lative voting the largest number of directors which shall constitute a
minority of the whole board.
(•Columbia Gas & Electric provided on April 1, 1936, the funds necessary
to enable Columbia Oil & Gasoline to take up 80,000 common shares
of Panhandle Eastern Pipe Line Co., at $25 a share, and the $2,000,000
is included in the demand indebtedness to be funded by the issuance of
$22,000,000 of new debentures.
Holders of the
Trustee—
City Bank Farmers Trust Co. has been appointed trustee
20-year debentures due Feb. 1, 1956.—V. 142, p. 1283.
Commonwealths
for $30,000,000
of 87,235 shares of 6% preferred stock and 24,229 shares
for redemption at 105 on June 29, 1936, and has
4K % preferred stock.
/
During the past year and a half, a total of $162,282,300 principal amount
of bonds of subsidiary companies has been sold, bearing coupon interest
rates ranging from 4 H % to 3 H % and averaging 3.733 %.
Of this amount
of bonds $154,536,900 replaced like principal amounts of bonds refunded
bearing coupon interest rates ranging from 6% to 4^% and averaging
4.985%.
The average public price at which the bonds were sold was
101.26% and the companies received an average of 99.16%.
The savings
on^sthese refunding operations amount to over $1,300,000 per year after
arffoptization charges for premiums paid on bonds refunded and discounts
and expenses incurred in the refunding operations.
However, no reduction
in total interest charges was realized during the year 1935 owing to dupli¬
cate interest charges during redemption periods of bonds refunded and
to the sale of bonds previously owned by Commonwealth &
Southern
Corp., but this saving will be reflected in future earnings statements.
It is expected that, with exception of the southern companies, whose
affairs are immediately influenced by the operations of the TVA, the
other subsidiary companies also can take advantage of favorable financial
conditions to reduce their capital charges by refunding their outstanding
bonds and preferred stocks at lower rates.
The presence of Government
competition has created such market uncertainties that the preferred stocks
of our southern companies are selling at 30 to 40 points below par and it is
impossible for them to refund their bonds and preferred stocks or to publicly
finance their construction requirements.
The money for such construction
requirements has, therefore, of necessity been supplied by this corporation,
the holding company, and it has thus been rendered unable to restore the
full dividend payment to its preferred stockholders.
Had Alabama Power Co., Tennessee Electric Power Co., Georgia Power
Co., and Mississippi Power Co. been able to effect refunding on the
same basis as our northern companies, savings of over $5,000,000 a year
would accrue to them.
This penalty which is being levied against our
southern companies by the Government incursion into the field of private
enterprise, will, unless brought to a halt, of necessity be paid for by either
you as security holders or by the rate payers—and probably by both.
The southern companies thus compelled to continue to pay high interest
stock, consisting
of
7% preferred stock,
sold said shares as
requirements are having great
reductions.
difficulty in bringing
about further residential rate
,
„
„
1935 Commonwealth & Southern Corp. acquired $136,000 of
its assumed debentures, which have been canceled.
It made additional
loans to its subsidiary companies—to the amount of $1,373,300 to Tennessee
Electric Power Co.; $775,000 to Georgia Power Co.; $28,500 to Gulf Power
Co.; $110,900 to Mississippi Power Co.; iand $367,500. to South Carolina
Power Co.
The total amount due the corporation on Dec. 31, 1935, on
demand notes of subsidiary companies was $4,899,900.
In addition to the sale of the $9,376,300 of Central Illinois Light Co.
4M% bonds due 1963 (mentioned in the 1934 annual
poration sold during 1935 $519,500 of Tennessee Electric
report), the cor¬
Power Co. 1st &
the trustee under the sinking fund,
price and the cost of such bonds to
corporation was paid over to Tennessee Electric Power Co. The cor¬
poration also surrendered $1,670,000 South Carolina Public Service Co,
gen. mtge. 6% bonds due May 1,
1936, to South Carolina Power Co.
which had assumed such bonds, and received in exchange a like principal
amount of its 1st lien & ref. mtge. 5% bonds due 1957.
The corporation during 1935, invested $720,831 in the purchase of 9,600
shares of stock in subsidiary companies, consisting of 325 shares $5 Pref.
stock of Consumers Power Co.; 163 shares 6%, 32 shares 6.6% and 102
shares 7%
pref. stock of Southern Indiana
of 6% and
520 shares
South Carolina Power Co.
for Years Ended Dec.
1935
1934
Income Account
Inc.from
Divs.
subs.
„
$7,130,177
2,017,236
148,259
2,561,743
2,118,831
156,255
530,080
_
$9,630,405
Total income
543,943
General expenses
86,284
Taxes
$15,623,099
3,189,678
3,286,850
Wendell L. Willkie, President, says in part:
Earnings—Consolidated gross earnings for the year 1935 showed an
increase of $7,292,319, or 6.35%, over the previous year.
This gain is
due principally to a substantial recovery in electric sales.
Operating
expenses, maintenance, provision for retirement reserve, and taxes increased
$4,591,964, or 6.84%, over 1934.
After interest and other charges, con¬
solidated net income for 1935 was $9,406,798, an amount equivalent to
$6.27 per share on the corporation's outstanding preferred stock.
The
consolidated net income includes the entire net income of the subsidiary
companies applicable to securities owned by this corporation.
The sub¬
sidiary companies did not distribute in dividends, the entire amount of
their net income.
Including dividends received from subsidiaries, the
net income of the corporation for 1935 was $5,923,693, equivalent to $3.95
per share on its outstanding preferred stock.
380,696
94,202
3,076,485
3,103,557
56,309,744
7,858,413
$8,035,063 $11,861,350
7,666,874
5,314,085
752,863
bonds assumed.
Sub.
co. earned surplus
acquired
Surplus credits (net)
399,795
16,251
$10,597,012 $14,168,157 $16,854,594 $17,191,686
8,996,697
8,996,181
8,995,304
4,498,450
Total surplus
Cum. pref. dividends
498,142
Direct surp. items (net) _
def'd since date of
Net
control of sub.
cos.
dis¬
429,508
solved during year
Excess of cost over amt.
rec.
from
of sub.
sale
100,000
bonds
Surplus, bal. Dec. 31.
registration
Corp.—Annual Report—
2,416,403
760,494
19,848,174 $11,687,882
350,004
369,792
84,869
93,350
$5,923,694
4,673,318
Net inc. carried to sup
Previous surplus
on
„
funded & un¬
on
funded debt
Disc,
„
$9,038,971 $12,446,201
$7,464,909
bonds, notes &
advances..
Inc. from outside sources
Interest
1932
1933
pref. & com.
on
on
31 (Company Only)
cos.—
stocks
Int.
to List¬
par.—V. 142, p. 3337, 2991.
Gas & Electric Co.: 762 shares
of common stock, 1.189 shares
1.340 shares of 7% pref. stock of Tennessee Electric Power Co.;
$6 and 1.538 shares $7 pref. stock of Alabama Power Co.;
157 shares $5 and 2,505 shares $6 pref. stock of Georgia Power Co.; 143
shares of $6 pref. stock of Gulf Power Co.; 406 shares $6 and 244 shares
$7 pref. stock of Mississippi Power Co.; and 106 shares of $6 pref. stock of
$6 pref. stock of Ohio Edison Co.; 68 shares
$6,098,562
1935
Special deposits.
Liabilities—
25,732
Accrued int.
Cash
S.
Govt,
curities,
613,000
Accrued
168,366,640 168,366,640
52,010,500
debt... 51,874,500
int.
on
funded debt..
1,002,929
1,005,649
4,615,304 Acer, dividends.
5,691,000 Accrued taxes..
63"529
63,529
Misc. curr. llab.
se¬
&c__
10,955,000
3,595,500
Conting. reserve
Capital surplus .
Earned surplus.
Total
380,443,400 379,573,203
Represented by 33,673,328 shares
by 1,500,000 shares of no par value.
x
$
Com. stock
8,664
10,056,398
Bank ctfs. of dep
U.
3,299,393
8,259
1934
$
150,000,000 150,000,000
Pref. stock
Funded
5,683,719
rec
y
x
362,363,342
Due from subsid.
companies
1935
$
Inv. in sub. cos.353,101,290
$7,666,874
(Company Only)
1934
$
jASS€tS~~~~"
$7,858,413
$4,673,318
Balance Sheet Dec. 31
admitted to listing and
Commonwealth & Southern
underlying bonds retired through
debt structure of these two companies is thus simplified
to having only 1st mtge. bonds outstanding.
In April, 1936, Central Illinois Light Co. sold $7,178,500 30-year 3H %
bonds and refunded a like amount of its 1st & ref. mtge. 5% bonds due
April 1, 1943.
This company has called all of its outstanding preferred
The funded
ing and Registration—
the capital stock, $1
a
5H% and 5%, including $848,000 of
sinking fund operations prior to 1935.
company
Distribution, Inc.—Admitted
The New York Curb Exchange has
of
of the retirement
a
nominal
capital expenditures previously made.
sold $43,963,500 30-year 4% bonds on account
like amount of bonds bearing interest rates of 6%.
issued in reimbursement of
In 1935 Ohio Edison Co.
the
a
Monroe and William P.
Financial—With the principal exception of the southern companies,
Authority operations, the operating com¬
threatened by Tennessee Valley
ref. mtge. 5% bonds, due 1956, to
and the difference between the sales
sidiaries.
Charles A.
property.
During
418,116
& contingencies,
retired during the year amounted to:
$4,671,827 of
$1,979,247 of transportation, $920,343 of gas, and $816,278 of
Property
1936.
electric,
rates on their capital
Fed'l
Deferred Income._
(at par)
Inv.
1935
$890,761
and
sundry accruals.
$784,936
on
Plant and Properly—Capital expenditures in 1935 amounted to $14,387,136, of which $12,104,939 were for additions and improvements to the
electric systems.
Work on the installation of a 12,500-kw. turbo-generator
at the Evansville, Ind., steam-plant was begun during the year and this
additional generating capacity is expected to be available for use by July 1,
other
Consolidated Balance Sheet Dec. 31
1935
June 6, 1936
Chronicle
33,437
32,335
108,707
2,896,197
2,876,661
6,098,562
4,673,318
543", 469
Total
380,443,400 379,573,203
of no par value,
y Represented
Volume 142
Financial
Chronicle
3845
Consolidated Income Account for Years Ended Dec. 31
[Commonwealth & Southern Corp. & Subs.
'
Cos.]
'
*
1935
Gross earnings—
Sub. operating cos.: Electric
Gas
1933
1934
Philadelphia Electric Co.
Total income---
tax
Net earnings—
Deduct—Int.
pref. divs.
companies, &c.—
Interest on funded & unfunded debt
of the
corp. & its subs
26,006,532
Divs. on pref. stocks of sub. cos
14,247,539
Amortiz. of debt disc. &
expense
1,098,548
Misc. incl. minority common
stock¬
holders' interest
25,493.227
14,293,182
1,007,786
16,546
17,191
18,191
-
Less—Int. charged to construction.__
$41,370,810 $40,525,825 $40,811,386
318,228
210,576
158,853
$41,052,582 $40,315,249 $40,652,533
Balance before prov. for retire.
res_$19,785,603 $17,311,256
Provision for retirement reserve
10,378,805
9,867,479
x
Net income
Dividends on pref. stock
sur
Applicable
to
$8,214,968
8,996,181
$1,552,920
$4,908,348
$17,751,777
9,536,809
$7,443,777
8,996,697
$9,406,798
4,498,450
Deficit..
x
$781,213
Commonwealth & Southern Corp.
[Commonwealth
& Southern
Corp. and Subsidiary Cos.]
1934
1933
$
$
$
& advances
to affll, & other cos.
3,846,656
38,358,946
exp. in process of amort
Def. chgs. &
prep'd accts.
Cash
3,674,981
612,569
11,143,572
11,210,593
968,855
261,967
20,604,048
...
18,330,537
2,507,189
16,426,909
4,160,581
8,009,953
26,315,230
2,198,214
16,133,604
Bank ctfs. of deposits
U. S. Govt, securs. and
ctfs. of deposit
9,824,109
16,899,988
2,549,335
693,000
1
10,752,000
14,337,500
19,341,000
19,011,111
8,666,555
16,548,048
11,868,000
12,440,000
8,286,196
13,431,597
415,568
7,560,387
143,126
13,860,624
468,268
8,257,287
Accounts receivable
Notes receivable
J
Materials and supplies
A1 is cell, current assets
Total
8,033,424
199,762
1,173,802,555 1,119,287,227 1,128,501,779 1,136,542,942
Liabilities—
x
Preferred stock
yiCommon
stock
Subs. cos.—pref. stock
Min. com. stockholders
Corporate
funded debt
Subsid.
cos. funded debtdebt of subs. cos.
called for red. or matur¬
Fund.
ing subsequent to Dec.
31, 1935.
Equip. & purch. money
obligations
Divs. accrued
Int. & other
accrued
Payable
or
on
...
or
247,348
51,874,500
448,845,500
150,000,000
168,366,640
225,142,047
247,650
52,010,500
436,493,100
250,872
52,848,500
436,172,000
150,000,000
168,366,640
225,737,005
213,033
55,161,500
439,083,400
1,009,533
4,796,616
4,202,853
1,167,050
4,871,299
3,320,282
11,22*9",069
1,300,388
4,802,045
2,945,626
5,800,166
8,180,147
2,542,222
1,071,242
a6,403,540
Other reserves
544,439
Earned surplus
Total
x
Represented
218,280
713,039
631,298
48,186,738
1,489,490
1,095.926
1,749,476
574,098
Contribution for ext. and
|
prem. on pref. stock
Capital & special surplus.
2,859,846
1,170,342
8,925,321
46,781,828
6,073,324
:
To Reduce
'
539,507
538,229
43,831,067
9,937,410
1,871,983
1,844,125
2,490,356
905,331
2,382,633
e2,265,426
2,237,844
d2,365,259
4,486,899
9,770,651
9,603,700
amounts
de¬
year
Community Power & Light Co. (& Subs.)—Earningsrevenues
1936—Month—1935
$302,195
$292,133
1936—12 Mos.—1935
$3,804,600
$3,823,256
1,912,265
1,911,868
194,969
178,495
353,695
344,643
150,353
15,186
30,542
155,434
17,381
28,283
Non-oper. income—net-
$106,112
1,703
$91,032
1,426
$1,343,670
$1,388,249
22,672
14,493
Balance
Retirement accruals
$107,816
$1,366,343
291,519
850,297
$1,402,742
70,210
$92,459
20,253
71,149
$15,279
$1,056
$224,526
Taxes-
Net oper.
revenues
Int.i& amortization, &cNet income
—V.
142,
p.
35,785
$1,045,014
508,269
37,160
$464,560
$495,790
$499,585
Balance
for
reserve,
divs. & surpli s
—V. 142, p. 1116.
22,326
$482,118
Consolidated Aircraft Corp.—Registers with SEC—
See list given on first
page of this department.
3164.
311,013
854,000
$237,727
W. L. Hampton, President of this
corporation owning Davidson Biscuits
Co. of Mount Vernon, 111., and
Hampton Cracker Co. of Louisville, Ky.,
has announced that tne
company will make application to list common stock
of tne company on the
Sales last year were
New York Curb and Chicago Stock Exchanges.
approximately $5,000,000 and net income in excess of
$250,000.
A banking group headed by F. S. Yantis & Co.
recently sold 108,000
shares of the common stock.—V. 142, p. 2312.
Consolidated Edison Co. of New York, Inc.—New Law
Merger of Units in New York—
Allows
Governor Lehman of New York has signed a bill
permitting merger of
gas and electric
corporations in cases where there is 95% stock ownership.
The old law required 100%.
The measure, recommended by the Joint
Legislative Utilities Investigat¬
ing Committee, provides for the payment to any objecting stockholder of
the appraised value of his stock.
A merger, however, must have the
approval of the Public Service Commission.
The signature by Governor Lehman of the new law to facilitate
utility
mergers will
permit consolidation of all gas and electric companies now
affiliated with the Consolidated Edison Co. of New
York, Floyd L. Car¬
lisle, Chairman of the Board of the company, said June 1.
Floyd L. Carlisle, Chairman of the Board, issued the following statement:
"We are much pleased that the Legislature
passed and the Governor
Senator Dunnigan s bill permitting merger of public utilities
when not less than 95% of the
voting stock is owned.
This will permit a
merger of all gas and electric companies now affiliated with Consolidated
has signed
Co.
soon
of
New
York
with
real
advantages both
to
customers
^ The ordinary general meeting held May 26, resolved to
distribute a
supplementary dividend for the fiscal year 1935, exempt from Spanish
taxes
of 25 pesos Argentine National
currency per share on the series A, B and C
shares, and 5 pesos Argentine National currency on the series D
and E
shares, payable from June 1, 1936, against presentation of
coupon No. 30
at the office of the company in Buenos
Aires, Balcarce, 184.
Coupons 30 will be payable at the option of the bearer either in a
check on
Buenos Aires or in other foreign exchanges calculated on
the basis of
one
out
company
of the present
operating
utilities in the
only one bill instead of two and other phases of
our customers transactions
simplified.
a
great reduction in
bookkeeping and other economies of
administration, which will contribute towards future reductions in rates.
I look to this as a genuine step forward in
supplying gas and electric service
3504.
in the metropolitan area."—V. 142, p.
Consolidated Gas Utilities
Corp.—Annual Report—
Logan W. Cary, President, says in part:
The reorganization of Consolidated Gas Utilities Co..
pursuant to the
provisions of Section 77-B of the National Bankruptcy Act, was con¬
summated on Oct. 14, 1935.
As a result of the reorganizztion, the funded
debt was reduced from $12,755,500 to $9,135,267. Tne
changes in the out¬
standing funded debt (viz., the cancellation of the 6M% convertible debs,
of Consolidated Gas Utilities Co., the reduction in the interest rate of
the Larutan Gas Corp. 1st mtge. bonds, and the creation of the
five-year
6% notes) will effect a reduction in the annual interest requirement of
approximately $250,000.
As of Jan. 1, 1936, maximum annual interest
requirements (not taking into account reductions arising from operations
of the sinking funds) are as follows:
Interest on 1st mtge. & coll. 6 % bonds,
series A, of Consolidated Gas Utilities Co., $497,100; interest on Larutan
Gas Corp. 1st mtge. (extended) 5}$ % sinking fund bonds,
$29,920; interest
on five-year
6% notes, $18,376; total, $545,396.
In the reorganization
the fixed sinking fund requirements of the 1st
mtge. & coll. 6% gold bonds,
series A, of Consolidated Gas Utilities Co., assumed
by the corporation,
were
eliminated and a percentage sinking fund substituted therefor.
Furthermore, the $544,000 of 1st mtge. 6K% sinking fund bonds of
Larutan Gas Corp. outstanding at their maturity (Dec. 1, 1935) were
extended to Dec. 1, 1940, the interest rate thereon reduced to
5H%,
the sinking fund requirements reduced from $25,000 per month to
$10,000
per month, and the payment of these bonds, as so extended, assumed
by the corporation.
As of Nov. 29 and Nov. 30, 1935, the corporation acquired the assets
of all its subsidiaries
(the former subsidiaries of Consolidated Gas Utilities
Co.) except those of Tonkawa Ice. Co.
These subsidiaries have since
dissolved, and directors believe that economies will be effected
through the operation of the properties as one company.
been
Income Account, Year Ended Dec. 31, 1935
[Incl.
Consolidated
Gas Utilities
Co.
during the
period in
$2,094,002
Amount
of rate reduction ordered by the Corporation Com¬
mission of Oklahoma—order appealed to Federal Court
Net
operating revenues
Operation
Taxes
Net earnings from operations
$1,052,067
Other income-----
1,115
Total-
$1,053,183
Interest deductions:
Consol. Gas Util. Co. 1st mtge. & coll. 6% bonds, series A-_
Larutan Gas Corp. 1st mtge. (extended) sinking fund bonds
Five-year 6% notes
Other interest
Provision for depreciation
York,
140
Broadway,
New
Net loss-*
45,270
$2,048,731
818,553
59,517
118,593
Provision for depletion
Loss on retirement of capital assets
dividend payable on E shares of the company, as
represented by
"American Shares" certificates issued by Guaranty Trust Co.
of New
trusteeship,
and its subsidiaries!
Operating revenues
current rates for checks on Buenos Aires
as of the date of
presentation of the
In order to collect the above dividend, shareholders
may on and
after June 1, 1936, present and surrender
coupon 30 at the coupon
depart¬
ment of the
Guaranty Trust Co. of New
group.
When that has been
coupons.
The
and
as
Maintenance
Compania Hispano-Americana de Electricidad, S. A.
('' Chade")—Dividend—
York, N. Y.
$3,730
will be much
Corporate Powers—
Operation
Maintenance
1933
$1,092,274
560,510
35,974
3,190,591
After charges during year of
$99,833.
Period End. April 30—
1934
$1,085,856
585,511
accomplished it will be possible for gas and electric
customers to transact all their business at one of our offices.
There will be
.The stockholders will be asked at their annual meeting June 17 to approve
elimination from company's by-laws of certain
powers not exercised for
time, but which permitted company to engage in
financing operations,
engineering business management and supervision
functions, &c.
1
The provisions to be eliminated are of
type included in most holding
company by-laws, but which, in the light of the
times, many companies
have ceased to exercise.—V.
142, p. 3503.
Operating
1935
611,693
33,080
make
some
I
1936
Oper. exp. & taxes
Int. chgs. & lease rentals
1,506,942
charges during
e
Consolidated Statement]
2,936,942
5,682,502
7,909,445
2,632,505
by 33,673,328 shares of no par value,
a After
deducting
posited for interest and dividends payable,
d After
totaling $77,183.
a
$1,126,892
5,211,568
1,173,802,555 1,119,287,227 1.128,501,779
1.136.542,942
1,500,000 shares of no par value,
y Represented
by
[Not
3 Mos. End. Mar. 31—
Gross earnings
possible it is our purpose to apply to the Public Service
Commission for permission to begin the merger process which will
ultimately
85,557,667
50,226,489
reserve
Contingency reserve
Casualty & insur. reserve-
Connecticut Power
Co.—Earnings—
"There will be
subscr. to pref.
Miscell. current liabilities
Comstock-Dexter Mines, Inc.—Registers with SEC—
See list given on first
page of this department.
"As
stock
Retirement
depositary under deposit agreement dated Sept. 21, 1928, will be
Paid^June 6^936, by checks mailed to holders of record May 16, 1936.—
Edison
divs.
payable-
A. T. & T. Teletype—Phila. 22
as
stockholders.
payable.
pref.
150,000,000
168,366,640
225,243,866
35,672,300
10,614,843
Deferred liabilities
Accounts payable
Accrued interest
Accrued taxes
150,000.000
168,366,640
224,229,381
Walnut Street
Philadelphia
Consolidated Biscuit Co.—To List Stock—
1132
$
Property, plant & equip..1,045,358,686
1,040,085,043 1,040,035,731 1,044,303,751
Investm'ts in
Sink, fund & special
deps.
Debt,
disc., prem. and
-
—Y.142,
1935
_
^Assets—
QUOTED
Earnings for 3 Months Ended March 31, 1936
Net income after provisions for income
taxes, charges, &c._—
p. 3670.
Consolidated Balance Sheet Dec. 31
.
1528
York
25,134,253
14,283,256
1,091,769
&
YARNALL & CO.
--$60,838,185 $57,626,505 $58,404,310
charges,
of sub.
Total
BOUGHT —SOLD
$122,182,637$114,890,318$109,091,736
39,357,077
35,835,486
32,101,891
7.874,839
7,329,282
6,255,040
14,112,535
14,099,045
12,330,496
—
Operating expenses
Maintenance.
Taxes, incl. Federal income
Common Stock
Consolidated Gas Utilities 6s, 1943
Deep Rock Oil 7s, due 1937
-$97,267,862 $90,546,916 $87,234,727
10,081,988
9,651,243
7,896,235
Transportation.
11,891,030
11,654,712
10,403,871
Water, ice, heating & miscellaneous
2,291,520
2,329,248
2,297,389
Non-operating revenues.446,599
523,143
705,341
Other income
203,638
185,055
554,173
----
497,100
49,157
3,430
6,746
341,949
144,960
63,304
$53,465
Note—Unamortized debt discount and expense on the 1st mtge. bonds
Utilities Co. and Larutan Gas Corp. was
charged
of Consolidated Gas
Financial
3846
against surplus in prior years, thus relieving the income account of annual
charges that would otherwise have been included therein.
The proportion
applicable to the year 1935 was $75,541.
This comment applies only
to the period prior to reorganization, and does not affect the income
account of the
corporation.
Balance Sheet Dec.
a
Plant, property &
equip—$12,783,676
6,419
Investments
e
25,000
111,772
Deposit with trustee
b
Impounded funds
344,393
263,476
Cash,.
c
31, 1935
Liabilities—
Assets*"**
Accounts receivable
—
37,705
Unbilled gas revenue
Materials and supplies
134,619
Funded
Accounts
$9,135,267
debt
123,431
151,885
Ill,772
750,705
3,231,907
89,281
Consumers' deposits
Reserve for rate reduction
Common
...
($1 par)
Capital surplus at organlza'n
d Earned surplus
$13,724,871
Total
$13,724,871
depreciation of $1,839,859.
b Charges for gas in
ordered by the Corporation Commission of Okla¬
homa—ordered appealed to Federal Court,
c After reserve of $25,265.
d Net income from Oct. 14 to Nov. 30, 1935, as a holding company, and
of the entire properties for the month of December, 1935.
e 1st mtge.&
coll. 6% bonds, series A, of Consolidated Gas Utilities Co. for property
released (incl. $20,000 note receivable from purchaser).—V. 142, p. 2824.
After reserve
for
of reduced rates
Consolidated
Gas
Electric
Baltimore—To Issue $4,850,800
of
Light & Power Co.
Additional Pref. Stock—
Formal application was made June 4 to the P. S. Commission of Maryland
by the company for authorization to issue $4,852,800 additional, series "A"
5% preferred stock.
This authorization covers capital expenditures pre¬
viously made.
The company has made no arrangements for the disposition
of this stock and does not plan to dispose of it at this time.—V. 142, p. 3504.
Consolidated Oil
Corp.—Tenders for Preferred Stock—
will until June 20 receive bids for the sale to it of suf¬
cumulative dividend sinking fund no par preferred stock to
exhaust the sum of $40,348 at prices not exceeding 105 and dividends.—
V. 142, p. 3670.
The
company
ficient
$5
Continental Gas & Electric
12 Months Ended April 30—
Gross operating earnings of subs,
intercompany
Corp. (& Subs.)—Earnings
1935
1936
(after eliminating
--$33,701,502 $31,251,578
13,358,087 12.410,377
transfers)
General operating expenses
1,572,978
4,254,545
3,407,612
Provision for retirement
Federal income taxes
Net earnings from operations of
Non-operating income of subs
subs—
1,501,309
4,213,259
3,387,046
$11,108 279
Maintenance
Gen. taxes & estimated
of the presently
for other purposes.
The
prospectus states
$9,739,585
808,086
855,485
------$11,963,764 $10,547,672
Total income of subs
Int., amortiz. & pref. divs. of subs.—
Interest on bonds notes, &c
Amortiz. of bond discount & pref. stock expense-
missions, rhe
are
to be
min. com. stk_
15,475
8,248
Equity of Cont. Gas & El. Corp. in earns, of subs
Gas & Electric Corp. (excl.
of income received from subs)
$6,708,485
$5,192,254
41,630
39,083
Total income
$6,750,116
156,684
$5,231,338
157,722
$6,593,432
$5,073,616
2,600,000
164,172
2.600,000
164,172
300,141
1,070,219
Income of Continental
Expenses of Cont. Gas & El. Corp.
the registration statement.—Y.
142,
,
Corp.—Proposed Reorganization Plan Filed by
Reorganization Committee—
Jay
\ plan of reorganization dated May 25, 1936, proposed by James
Kann Henrv Offerman and A. Barclay Ulman, constituting a bondholders'
reorganization committee for the general lien 6% bonds due 1938. was
filed May 28 with the U. S. District Court for the Northern
Texas, Fort Worth Division, pursuant to Section 77-B of the
District of
Bankruptcy
Act.
Copies of the plan may
Ulman, Secretary,
be obtained from A. Barclay
597 Madison Ave., N. Y. City.
Cosden Oil Co. (Del.) and its
subsidiary companies, J. S. Cosden, Inc.,
of Oklahoma; Cosden Oil Co. (Ark.); Cosden Pipe Line Co. (Texas); and
Cosden Oil Co. (111.), were reorganized in a proceeding had in tne U. S.
District Court for the District of Delaware in 1932.
As a result of the
reorganization Cosden Oil Corp. (Maine), was organized, and the secured
Delaware company received first mortgage 6% serial bonds
$1,609,519, maturing as to one-fourth thereof, respectively,
three years, four years and five years from the date
The holders of unsecured obligations received general lien 6% bonds
due five vears after date in the amount of $1,624,355.
Tne holders of the
preferred'snares in the Delaware company exchanged tnese share-for-share
for preferred shares in the Maine company; and the holders of common
stock received one share of common stock in the Maine company for each
share of common stock in tne Delaware company.
Under this arrangement the fixed charges of the neAV corporation were
increased, and no new working capital was supplied.
The object of the present plan is to reduce the fixed charges, to afford
capital with which to retire the bonded indebtedness of the company,
to increase working capital, at the same time preserving the present equities
of the creditors and security holders.
New Company—A new corporation is to be organized under such name and
under the laws' of such State as the bondholders reorganization committee
shall determine.
It is expected that the name of the new company will be
"Cosden Oil Corp. of Del." and the State of the incorporation will be
creditors of the
in the amount of
thereof.
two years,
and
Delaware.
The
new
company
either directly or
will become vested,
partially owned,
and its
through subsidiary or sub-subsidiary corporations wholly or
existing or to be organized, with the assets of the Maine company
trustees.
The new company will be authorized to issue the following:
First mortgage
5% bonds, due
General lien 5% income
3,976,808
Dividends on preferred stocks
Proport'n of earns., attributable to
preferred stock, the price at which
the exchange offer
exercisable, and the expiration date of
supplied by amendment to
3504.
P.
Webber &
the underwriting discounts or com¬
offering price of the new
the warrants are
Common stock (par
3,893,487
276,986
1,069,328
that it is contemplated that Paine,
Co will be the underwriters.
The names of other underwriters,
Cosden Oil
Total
a
use the cash pro¬
redemption and re¬
outstanding shares of $2.70 preferred stock as are
not surrendered for exchange.
The balance of the cash proceeds will be
used in connection with the development of the property of Acme Can
Co., a wholly-owned subsidiary, recently acquired by the company, and
tirement
15,834
1,975
Prepayments
Deferred charges
excess
exchanged will be redeemed at
$2 70 cumulative preferred stock as are not
$45 a share and accrued dividends.
According to the prospectus, the company intends to
ceeds from the sale of the new preferred stock for the
130,621
'
payable
Accrued liabilities
June 6, 1936
Chronicle
'H'oeR'RRR
1941
1 '250,090
3,500,000
bonds, due 1946.
$5), 700,000 shares
Treatment of
Creditors of the Present Company
Bondholders—The first mortgage bondholders are to receive
first mortgage 6% bonds now outstanding in the face
amount of $1,609,579.85, a new first mortgage 5% bond, due Nov. 15,
1941, bearing interest from Nov. 15, 1936.
These bonds will be secured
by a mortgage and deed of trust covering all of the physical and other
properties and assets of the new company, which are now included in the
present mortgage or deed of trust securing the present first mortgage bonds.
Provision will be made in the mortgage and deed of trust to set aside 50%
First Mortgage
each $1,000
for
of the net earnings
of the company, commencing Nov. 15, 1936, and to
bonds therewith at the termination of each period
The first mortgage bonds shall be callable, at
retire the first mortgage
Balance
Holding company deductionsInterest on 5% debentures, due 1958
Amortization of debenture discount & expense.
$3,829,260
$2,309,444
—
1,320,053
1,320,053
-
$2,509,207
$989,391
$11.70
consolidated surplus
prior preference stock
$4.61
Balance transferred to
Dividends
on
of six months thereafter.
par, on any
interest date, or by purchase in
first mortgage
The holders of the present
tne market, or otherwise.
bonds shall also be entitled
to
15, 1936, payment
share, said interest
$193,142, and being equivalent to 19,314
receive for past due interest on the bonds, as of Nov.
thereof in the common stock of this company, at $10 per
amounting in the aggregate to
stock.
Bondholders—The general lien 6% bonds now outstanding
$1,624,355.
As of Nov. 16, 1936.. tnere will ha^e
accrued on the bonds interest in the sum of $194,923, making obe aggregate
claim on the bonds, as of that date, $1,819,278.
The holders of these
bonds shall be entitled to and shall receive 50% of their total clam* in
snares
of said
new common
,
„
General Lien
Balance
Earnings per share
—V. 142, p. 3338.
Continental Motors Corp. (&
3
Subs.)—Earnings—
6
Mos.
Mos
—V. 142, p.
&c
2495.
$48,003
$57,174
$105,177
Continental Shares, Inc.—Court Approves
investment
June 2
by Judge Robert Stanton at
The settlement calls for the
$471,659
Inc., an
approved
Baltimore.
dropping of a suit for $50,000,000 brought
by the receivers against the Chase National Bank. New
payment of a compromise amount on the bank s claim
York, and the
against the in¬
vestment concern.
out of a loan of $30,000,000
secured by collateral then valued
Claims involved in the compromise grew
by the Chase Bank in 1930 which was
$58,000,000, but which brought only $28,000,000 when sold in
at
1933
to cover the loan.
judge pointed out in his decision that the bank's claim against
Continental Shares amounted to $5,100,000, including interest of about
The
$1,900,000 still due after the sale of the collateral.
The suit against the
was based on claims involving the validity of the loan.
Under the settlement plan, the suit against the bank would be dropped
bank
upon
payment of $3,600,000
by the investment company's receivers in
for $5,100,000.
settlement of the bank's claim
Judge Stanton said in his opinion that the bank's claim was a settled
and known liability, while the suit was based on a claim which many
advisers informed the court was not likely to be pressed successfully.
Of
the
$3,600,000 settlement, $1,000,000 is to be paid in cash.
the instance of the court, the original settlement plan proposing
At
that the receivers post securities as collateral against the balance of the
indebtedness has been modified and the receivers will continue to hold
the securities and make part payment against
V. 142, p. 2824.
Crown Cork & Seal Co.,
Inc.-
the balance of the debt.—
-Capitalization Changes-
Directorate—
stockholders will vote June 15 on approving a proposed reduction in
by 145,500 shares $2.70 preferred stock; creation
cumulative preferred stock of no par value, and
increase by 40,487 shares common stock.
They will also consider amending the certificate of consolidation to pro¬
vide that number of directors shall be not less than four nor more than 12.
The
authorized capital stock
of 225,000 shares $2.25
Files
with
SEC—To Issue New Preferred Stock—
with the Securities and Exchange Com¬
(No. 2-2223, Form A-2) covering 225,000
no par value, with warrants
for the purchase of common stock; 56,250 shares of no par common stock
to be reserved for the exercise of the warrants; and warrants for the pur¬
chase of 56,250 shares of common stock.
The new preferred stock is to be offered in exchange on a share-for-share
basis to holders of the outstanding $2.70 cumulative preferred stock.
Holders of the old preferred stock' will be afforded the opportunity to ex¬
change the old preferred stock for the new preferred stock, with five-year
warrants attached, expiring June 30,1941, for the purchase of common stock
on the basis of one-quarter of a share of common stock at a price of $
per share for each share of old preferred stock exchanged.
Such shares of
the new $2.25 cumulative preferred stock which are not necessary for the
exchange will be offered to the public, and such shares of the outstanding
The company on June 3 filed
mission a registration statement
•
shares
of $2.25 cumulative preferred stock,
bonds to
general lien 5% income bonds, maturing Nov. 15, 1946, said
stock of the new company at the rate of 100
for each $1,000 bond.
These bonds shall be secured by a new
mortgage and deed of trust which shall embrace, subject and
to the first mortgage, all of tne properties and assets presently
by the mortgage and deed of trust securing the present general lien
bonds.
The new general lien 5% income bonds will not bear interest for
the period prior to Nov. 15, 1936.
Interest thereafter is to be
only to the extent earned in the preceding calendar year and only as and
when declared by the board of directors in its discretion, but such interest
shall be cumulative.
All unpaid cumulative interest shall be payable, in
any event, at the maturity of said bonds.
No dividend shall be paid on the new common stock prior to Nov. 15,
1936, and no such dividend shall be paid thereafter unless all arrears in
interest and interest payable during the current year shall have been
declared payable on tne bonds as required by the income mortgage.
The new general lien 5% income bonds shall be callable, at par, on any
int. date, or by purchase in the market, or otherwise.
The balance of 50% of claims of the present general lien 6% bondholders
shall be payable in new common stock at the rate of one share of
common stock for each $10 of claims, or a total of 90,964 shares.
Unsecured Creditors—The total amount of unsecured creditors at the
date of the trustee's appointment was $334,941.
These creditors shall be
entitled to receive 50% of their claims in new general 5% income bonds,
amounting to $167,471, and tne remaining 50% thereof in new common
stock at the rate of one share of such common stock for eacn $10 of claims,
be convertible into common
Settlement—
of claims in connection with Continental Shares,
trust in receivership in Maryland and Ohio, was
Settlement
face value of
shares
Net loss after taxes, de¬
preciation,
a
new
—
Apr. 30 '36 Jan. 31 '36 Apr. 30 '36 Apr. 30 '35
Period—
have
subordinate
embraced
b%
payable
such
making a total of 16,747 shares.
Preferred Stockholders—The holders of the present 7% preferred stock
(par $100), of which 36,204 shares are now outstanding, shall be entitled
to and shall receive three shares of new common stock for each share present¬
ly held by them, making a total of 109,467 snares of new common stock,
and warrants to purchase an additional three shares of common stock,
making a total of 109,467 warrants to purchase said new stock.
Common Stockholders—The holders of tne present common stock out¬
standing in the amount of 409,095 shares shall be entitled to and shall
receive a warrant to purchase one-half share of new common stock for each
share presently held by them, making a total of 204,548 warrants to purscock.
Warrants—Warrants will be authorized for the purchase of a total of
314,015 shares of new common stock at $5 per share until May 15, 1937;
thereafter, at $6 per share until Nov. 15, 1937; thereafter, at $7 per share
until May 15, 1938; thereafter, at $8 per share until Nov. 15, 1938; there¬
after at $9 per share until May 15, 1939; thereafter at $10 per share until
Nov. 15,1939, at which time all warrants theretofore unexercised shall expire
The cash proceeds of warrants shall be applied to the purchase or redemp¬
tion of the first mortgage bonds, at prices not exceeding the principal
amount thereof together with unpaid interest thereon.
Said bonds, when
purchased or redeemed, shall be
canceled and no first mortgage bonds
cnase new common
.
shall be issued in lieu thereof.
new company will
The first board of directors
Management—The
members.
have a board of directors of nine
shall consist of three members to
be nominated by a majority of the first mortgage bondholders; two
to be nominated by a majority of the general lien bondholders;
members
and four
members to be nominated by a majority of the stockholders.
Said directors
shall serve until the next annual meeting, or until their successors have been
bondholders and
director
remaining
directors shall be nominated by the stockholders, it being the intention
that as and when the first mortgage bonds of a face value of $500,000 are
purchased or redeemed and canceled, the number of directors which the
first mortgage bondholders will then be entitled to nominate shall be
reduced to two, &c., and that if and when the general lien bonds are conduly selected and qualified; thereafter, the first mortgage
the general lien bondholders shall have the right to nominate one
each $500,000 of bonds remaining outstanding, and the
for
I
Volume
verted into
Financial
142
Chronicle
stock, or purchased, or redeemed and canceled, in
the face amount of
$500,000, the number of directors which the general
lien bondholders shall have the
right to nominate shall be reduced to
common
4^% series, was made June 3
composed of W. E. Hutton & Co.; Brown HarriCo., Inc.; Bonbrlght & Co., Inc.; White, Weld &
Co.; Kidder, Peabody & Co.; Goldman, Sachs & Co.; Stone &
Webster and Blodget, Inc.; Lee Higginson Corp., and J. & W.
Seligman & Co.
The shares were offered at $102.50 and int.
A prospectus dated June 3 affords the following:
by
and &c.
one,
Working Capital—The new first mortgage bonds and the new general
5% income bonds are not to bear interest until Nov. 15, 1936, and
payment of the interest
on the new general lien
5% income bonds thereafter
on earnings.
It is felt, therefore, that the existing working
capital, together with such increase as will accrue thereto to Nov. 15, 1936,
will be sufficient for the
purposes of the new company.
Consolidated Statement of Income Year Ended Dec. 31, 1935
Total operating revenue
$3,954,287
is contingent
of
products sold, operating costs
exclusive of depletion & depreciation
&
general
3,444,671
Gross income
$531,333
Amortization
'
Earned deficit, Dec. 31, 1935
Consolidated Balance Sheet
a
Company has covenanted in its indenture, dated Oct. 1, 1935, with
Irving Trust Co., as trustee, that it will not permit any 1st & ref. mtge.
gold bonds of Dayton Lighting Co. to be issued in addition to the $1,029,000
$2,166,209
as at
now
Dec. 31, 1935
Accts., notes, &c.
rec.
$40,654
225,042
545,342
41,945
(net)-.
Inventories
$320,154
Current, trustee's obligations.
Oblig'ns
at
date
of
trustee's
334,941
Tank car purch. oblig. (1937).
mileage rec.
669,881
Adv. on crude oil purchases.
39,258 a Bond int. to July 1,1935
120,694
Securities & deposits
36,102 1st mtge. 6% serial bonds
1,609,520
Capitol Oil Corp. (stock &
General lien 6s
1,624,355
► advances, net)
5,440 7% preferred stock
3,648,900
Fixed assets
b5,515,056 Common stock (par $1)
409,095
Prepaid exp. & deferred chges.
270,714 Surplus—Res. for ctfs. of dep.
outstanding
41,382
Reorg. surplus, June 1, 1933
106,839
Earned deficit
2,166,209
Accrued tank
car
_
Total
....$6,719,552'
appointment
Total..
$6,719,552
outstanding.
b Bonds may be issued without limit as to amount subject to the restric¬
tions of the indenture under which the bonds are issued.
Liabilities—
Cash
c On
May 14, 1936, an amendment to the articles of incorporation of the
company was filed, increasing the authorized number of shares of common
stock from 320,000 to 500,000; decreasing the authorized number of shares
of 6% preferred stock from 120,000 to 78,000; providing that any shares of
6% preferred stock redeemed or paid off shall be canceled; and creating a
new
class of cumulative
preferred stock,
shares with
Management Also Proposes Reorganization Plan—
proposed
plan
of reorganization presented by the management has
been filed also in the U. 8. District Court at Fort
Worth, Tex.
The management plan would leave unchanged the position of holders
of 6% serial bonds and would issue to such holders a similar amount of
1st mtge. 6% 10-year bonds convertible into class B stock on the basis of
$10
a
share.
To holders of general lien five-year 6%
bonds, the management would
issue
162,200 shares of class A common stock, $10 par, carrying a
dividend of 50c. per share after payment of interest on the 1st mtge. bonds
and setting aside 10% of the
remaining net profit as a sinking fund to
retire 1st mtge. bonds.
Preferred stockholders would receive new class B common stock on the
basis of three shares of such common for each share of
preferred or an
aggregate of 109,467 common B shares.
General creditors would be paid 25c. in cash for each dollar of indebted¬
ness and 75c. in class B common
stock, on the basis of $10 per share, which
would call for an aggregate of approximately 10,000 shares.
The common stockholders would receive one share of new class B common
for each two shares of present common or an aggregate of 204,547 shares.
The management, for proposing and
promoting the plan, would receive
50,000 shares of
new class B common stock.
In its plan of reorganization the management states that there has been
improvement in the liquid position of the company, and,
considerable
before depreciation, depletion and reserves, an audit shows a net gain in
such liquid position of $358,057 as of May 30, 1936.—V. 142,
p. 3339.
Crescent Public Service Co.—Interest—
Interest for the six months' period ended April 1, 1936 on the coll. trust
6% income bonds, series B in the amount of li^% was paid June 1.
■(►Net earnings for the six months' period as (computed under the formula set
forth in the trust indenture) were $135,552, one-half of which amount is
required, pursuant to the trust indenture, to be used for the retirement of
coll. trust 6% bonds, series A, leaving available for interest on the Series B
bonds, $67,776.
This amount is approximately 1.8%.
In accordance
with the provisions of the indenture, interest is
paid only in multiples of
H%, any excess to be added to the next succeeding interest distribution.
Interest on series B income bonds is payable semi-annually on June 1 and
Dec. 1.
After the disbursement of funds in the sinking fund there will
remain outstanding approximately $22,300 of series A bonds.
Last year an interest payment of 1 % was made on June 1 and there was
no payment on Dec. 1.
The six months' period ended April 1 contains the
better earning months of the year, in that during such period sales of elec¬
tricity and natural gas are normally higher.
Consolidated earnings as shown by the books of the company and its sub¬
sidiaries for the first quarter of 1936, on a comparable basis (subject to
audit)
show operating revenues of $622,782, an increase of
$57,360 or 10.1% over
the corresponding quarter of 1935, and consolidated net
corporate income
before provision for renewals and replacements (depreciation), fixed
charges,
Federal income taxes, &c., of $211,812, an increase of $49,506 or
30.5%.
—V. 142, p. 3339.
Crown Willamette
Paper Co.—Accumulated Dividend—-
The directors have declared
a dividend of $1.75 per share on account of
the $7 cum. first preferred stock, no par value, payable
July 1 to holders of record June 13.
Dividends of $1 per share were paid
accumulations
on
on
April 1, Feb. 15and Jan. 1 last, Dec. 14, Oct. 1, Sept. 14, July 1, April 1,
Feb. 1 and Jain. 1, 1935, and each quarter from July 1, 1931, to and
incl.
Oct. 1, 1934.
Prior to the July 1, 1931, dividend the company paid regu¬
lar quarterly dividends of $1.75 per share.
Accumulations as of July 1 after the payment of the current dividend
will amount to $11 per share.—V. 142, p. 1637.
CurtissThe
Now
Wright Corp.—Listing—
York
additional shares of
for cash.
The directors
Stock
Exchange has authorized the listing of 802,109
stock (par $1)
upon official notice of issuance
common
shares.
x Upon
completion of present financing and redemption of outstanding
preferred stock (6%).
Company intends to redeem all its then outstanding 6% preferred stock
at $110 a share plus accrued dividends on
July 1, 1936.
Earnings—Years Ended Dec. 31
$10,851,901 $10,296,530
5,077,423
5,344,523
517,638
484,429
Provision for retirements
803,651
877,419
Taxes other than Federal income taxes
890,984
889,034
Provision for Federal income taxes—
258,719
238,118
$9,988,115
4,790,577
Net operating re venues
Miscellaneous income
$2,803,874
12,693
$3,097,203
9,365
$2,816,566
$3,106,567
Operation
Maintenance
$2,962,618
212
Gross income
$2,962,830
Interest on funded debt, amortization
of debt discount and expense, &c
1,134,830
Net income.
$1,828,000
—
481,361
494,273
903,025
221,676
1,072,111
1,062,147
$1,744,455
$2,044,421
The total of fixed charges on funded debt outstanding on Dec. 31, 1935,
and amortization of debt discount and expense in respect thereto, amounts
to
approximately $779,000 per annum.
Upon the completion of the sale
preferred stock, 414% series, and the redemption on
July 1, 1936, of the outstanding 6% preferred stock, annual total dividend
requirements on preferred stock will amount to $450,000.
Application of Proceeds—Of the $9,940,740 estimated net proceeds from
the sale of the cumulative preferred stock, 4)4 % series, $7,800,000 is to be
applied by the company toward the redemption on July 1, i936, of all of its
then outstanding 6% preferred stock at $110 per share.
The premium on
the stock redeemed, amounting to $780,000, and the dividends accrued
on such stock, amounting to
$39,000, will be paid out of treasury funds.
The balance of the proceeds of the sale of the cumulative preferred stock,
4)4 % series, will be used to reimburse the treasury of the company for and
on account of certain uncapitalized capital expenditures
previously made,
which reimbursed treasury funds will provide in part the cash required by
the company for the enlargement of its Millers Ford generating station.
The additional cash necessary for these purposes (estimated at not more than
$1,500,000) will be supplied from the sale of common stock to Columbia
Gas & Electric Corp., parent of the company, if such sale can lawfully be
effected.
If such sale cannot lawfully be effected, such cash will be supplied
from earnings, by loan from the parent corporation, or in some other man¬
ner not as
yet determinable.
Cumulative Preferred Slock, 4)4% Series—Is entitled to receive, after divi¬
dends on the 6% preferred stock (which is to be redeemed July 1, 1936),
cumulative dividends at the rate of $4.50 a share per annum and no more,
payable quarterly, March, &c.
Holders of the cumulative preferred stock,
4)4% series, will have no voting rights.
If any four quarterly dividend
payments are in arrears on the cumulative preferred stock of any series,
which payments in arrears need not be successive, each share of such cumu¬
lative preferred stock in arrears shall have the same voting rights as each
share of common stock until all dividends in arrears are paid.
Holders
shall be entitled to receive, after payment to the holders or 6% preferred
stock of the full par value of their shares and the dividends accrued thereon,
but before any distribution to holders of the common stock, upon involun¬
tary dissolution or liquidation, an amount equal to the par value thereof,
together with dividends accrued thereon, and upon voluntary dissolution,
liquidation, winding up or reduction of the capital stock of the company,
resulting in a distribution of assets to the stockholders, an amount equal to
the redemption price thereof.
Cumulative preferred stock, 4}4% series,
is redeemable in whole or in part by lot or pro rata at any time on at least
30 days' notice at $107.50 a share plus dividends.
Underwriters—The underwriters
have
severally agreed to purchase
from the company the number of shares set opposite their respective names;
of the cumulative
W. E. Hutton & Co., New York
25,000
17,000
15,000
9,000
9,000
8,000
7,000
5,000
5,000
Brown Harriman & Co., Inc., New York
Bonbright & Co., Inc., New York
AVhite, Weld & Co., New York..
Kidder, Peabody & Co., New York
Goldman, Sachs & Co., New York
Stone & Webster and Blodget, Inc., New York
Lee Higginson
J. & W.
Corp., New York
Seligman & Co., New York
shs.
shs.
shs.
shs,
shs.
shs.
shs.
shs.
shs.
Balance Sheet Dec. 31,1935
Liabilities—
Assets—
on
Property, plant and equip.,
Including intangibles$42,794,480
preferred stock
480,178
Accounts
Cash in banks and on hand..
244,649
Accrued
1,518
Accrued
Tax
anticipation certificates.
Accts. & notes receiv. (net)..
Due from officers and
empl's.
Inventories
Deferred charges...
payable
payrolls
be surrendered to the Bank of the Manhattan Co. for
payment
and after July 1, when interest will cease to accrue.—V.
141, p. 3688.
Due to affiliated companies.
184,295
642,823
Dividends declared
Consumers'
Retirement
Res.
for
192,150
$45,860,914
Total
37,600
damages._
deps. & contribu'ns.
contingencies
Total
/
200,000
33,549
3,116,767
$45,860,913
*
142, p. 3505.
Deere
William
a
100,595
6,357,242
404,011
166,897
reserves
Surplus
—V.
319,336
_
service deposits.
Other reserves
Offered—
Public offering by means of a prospectus of 100,000 shares
472,115
Accrued bond interest
1,101
304,381
Res. for
should
$7,800,000
5,480,000
21,029,000
103,293
48,353
taxes
961,099
Res. for injuries &
The company is notifying holders of its 1st mtge. 6% bonds, due 1941
(second series), that there have been drawn by lot for redemption on
July 1, 1936, $22,500 principal amount of these bonds, of which $3,000
will be redeemed at 10314% of face value, and $19,500 at
103%, with
accrued interest in each case to the redemption date.
Drawn bonds
_
Common stock (317,500 shs.)
Funded debt
246,388
Dallas Gas Co.—Bonds Called—
Dayton Power & Light Co.—Preferred Stock
6%
Construction work in progress
Investments
Unamort. debt disc. & exp..
1933
1934
1935
Total gross revenues
,
May 22 authorized the offer for subscription of a total
of not more than 802,109 shares of the common stock on the basis of one
share for every 10 shares of class a or common stock to the stockholders of
record of class A and common stock on June 12, at a price of $4
per share,
and in the event that the stockholders do not purchase all the stock offered
to them for subscription may sell all or part of the unsubscribed shares for
a period of 30 days only after stockholders'
right to subscribe nas expired
at a price of not less than $4 per snare.
The proceeds of the 802,109 shares of common stock will be used for
general corporate purposes in the discretion of the directors.
See also
V. 142, p. 8672.
on
of 150,000
issuable in series,
a par value of $100 each.
On May 14, 1936, a second amend¬
ment to the articles of incorporation of the company was filed, creating
the 414 % series of such cumulative preferred stock in the amount of 100,000
a No bond interest accrued from
July 1, 1935 to Dec. 31, 1935.
b After
deducting depreciation, depletion and amortization reserves of $5,521,403*
A
Capital Stock
a
$521,738
21,709
1,622,762
Surplus adjustments, prior years
Earned deficit, Jan. 1, 1935
Funded Debt and
Authorized xOutstand'g
Dayton Lighting Co. 1st & ret. mtge. gold bonds,
5%, due March 1,1937
$3,500,000
$1,029,000
Dayton Power & Light Co. 1st & ref. mtge. bonds,
314% series due I960-.
bUnlimited 20,000,000
Cumul. preferred stock, 4]4 % series ($100 par) _.c 150,000 shs. 100,000shs.
Common stock (no par)
c 500,000 shs. 317,500shs.
289,654
606,937
131,119
25,361
.
Assets—
derived from the sale of electric energy.
revenues was
loss
stock,
of the
Company—Company was organized March 23, 1911, in Ohio.
Company,
a
wholly owned subsidiary of Columbia Gas & Electric Corp., is engaged
principally in the production, purchase, transmission, distribution and
sale of electric energy and the
purchase and distribution of natural gas
in the City of
Dayton and in 18 adjacent counties in Ohio.
For the year
ended Dec. 15, 1935, approximately 65% of the total gross operating
$509,616
21,717
Rental, $414; abandonments & dry holes, $4,302; provision for
bad debts, $26,881; interest expense,
long term debts to July
1, 1935, $95,046; other interest expense, $16,328; cash dis¬
count, $22,509; loss on retirements & disposition of capital
assets, $89,102; taxes, $35,068
Depreciation
Depletion
&
Company has agreed to apply for listing of the cumulative preferred
43-6 % series, on the New York Stock Exchange, and for registration
issue under the Securities
Exchange Act of 1934.
expenses,
Operating income
Interest, rents, cash discounts, &c
Net
a group
man
lien
Costs
3847
of cumulative preferred stock,
&
F.
Co.—Obituary—
Butterworth, Chairman of the board, died
142, p. 2824.
heart attack.—V.
,
on
May 31
of
Financial
3848
Denver & Salt Lake
r
a
Ry.—Earnings.—
1935
$117,974
33,136
19,552
63,646
3,418
From Jan. 1—
Gross from railway
Net from railway
950,658
318,267
542,388
218,084
Net after rents
380,427
327,041
$68,573
2,952
def2,822
390,664
128,666
83,396
409,013
122,006
88,713
1936
1935
$931,926
292,911
73,483
$506,759
Net profit
Preferred dividends
$565,532
$533,309
225,000
525,000
Common dividends
Deficit
225,000
175,000
$568,241
700,000
$0.40
Shs.com.stk.out.(nopar)
Earnings per share
Includes $225,000
1933
1934
$796,796
169,202
94,284
x375,000
700,000
Depreciation
x
Subs.)—Earnings—
$807,157
231,863
68,535
Quar. End. Mar. 31—
Operating income
Federal taxes, &c
accrued
on
$789,326
169,012
109,688
$510,626
229,500
175,000
$184,468 sur$133,309 sur$106,126
700,000
700,000
700,000
$0.49
$0.44
$0.40
,
Driver-Harris Co.—To Issue New
The
Co.—Earnings—
12 Mos.
Preferred Stock—
representing 61,724 common shares, or more than
shares outstanding, at a special meeting held
June 2, authorized the issuance of 192,000 shares of a new $10 par 5%
preferred stock.
A minority group representing 8,600 shares voted against
stock.
Proceeds from the sale will be used to retire the company's out¬
standing 6% bonds due June 1, 1942, and the outstanding 7% $100 par
cumulative preferred stock.
This will leave the company free of any
4 Mos.
8 Mos.
Dec. 31, '35 Dec. 31, '35 Aug. 31, '35
misc. oper. rev.).
$661,116
$232,840
$428,276
285,889
56,376
70,615
116,841
17,120
41,212
169,047
39,255
29,402
$248,235
4,866
$57,665
2,576
$190,570
2,289
Gross inc. (before property retire¬
ment & depletion expense)
$253,101
$60,241
$192,860
Prop, retire. & depletion exp., based
on tons of sulphur sold
174,878
38,415
136,462
$78,223
206,809
$21,825
228,500
$56,397
206,809
$285,033
$250,326
$263,207
$250,326
$228,500
freight, allowances, &c
sold, incl. selling, ship¬
less
Cost of sulphur
Net rev. from oper.
(before
prop¬
erty retire. & depletion expense).
Other income
Net income-
Surplus at beginning of the period
Surplus charge—-adjustment for sul¬
phur on consignment, applic. to 1934I
stockholders
two-thirds of the
Duval Texas Sulphur
Period Ended—
Sales of sulphur (incl.
pref. stock payable Sept. 1,1936.—V. 142,
2152.
p.
Represented by 30,000 no par shares, b Represented by 41,067 no par
c Represented by 17 no par shares.—V, 142, p. 1288.
ping, & loading expenses
Administrative & general expenses..
Taxes, incl. prov. for Fed. inc. tax..
—V. 142, p. 3341.
Diamond Match Co. (&
1936
1933
1934
$79,388
15,177
Net after rents
June 6,
shares,
1936
$162,019
def569
April—
Gross from railway«.
Net from railway
Chronicle
34,707
34,707
$250,326
Surplus at end of the period
common
funded debt.
Frank L. Driver
$611,408
4,973
Earnings for 3 Months Ended March 31, 1936
Net income after expenses, Federal taxes and other deductions.
on
89,i70
common
$53,390
$0.40
_
shares
Duluth Missabe & Northern Ry.1935
1934
1933
$168,264
def356,415
def410,300
Gross from railway
Net after railway
Net after rents
From Jan. 1—
$156,735
def311,738
def408,436
$116,709
def383,144
$93,193
def260,490
def556,721
def264,146
Gross from railway
Net from railway."
388 773
378,164
257,118
"defl ,537*,432 def1,390*,505 defl ,622,652 defl ,173,880
Net after rents
-defl,711,928defl,556,659defl,832,508
defl97,985
—V. 142, p. 2993, 3166.
474 702
Duluth South Shore & Atlantic Ry. —Earnings.—
April
Net after rents.
From Jan. 1—
Gross from railway
1933
$172,760
29,270
10,653
$138,429
7,588
defl8,035
616,130
31,226
def63,402
501,291
def40,218
defl47,102
$174,068
25,694
12,691
618,276
33,546
685,419
72,249
6,023
Net from railway
Net after rents
1934
1935
1936
$178,631
25,476
1,787
Gross from railway
Net from railway
def33,248
Acc'ts receivable..
—
Prepayments
981
Aug. 31 '35
Capital stock. ..$1,000,000 $1,000,000
25,074
-71,916
40.979
58,511
Miscellaneous
ac¬
crued liabilities.
23,821
20,000
8,452
Reserves
102,091
41,413
Surplus
250,326
228,500
Tcital
$1,526,665
$1,344,420
Contracts
payable
4,875
3,515
Misc. curr. assets.
Dec.31'35
Liabililiesx
Accounts payableAccrued taxes....
Adv. royalties col¬
lectible from pro¬
30,000
duction
Accts.
receiv., not
current
47,507
...
2,250
Def. debit item...
x
143,709
$1,526,665 $1,344,420
Total
Represented by 500,000 shares (no par).—V. 141, p. 3224.
Eagle Picher Lead Co.—Declares 10-Cent Common Div.—
The directors on May 28 declared a dividend of 10 cents per share on
the common stock, par $10, payable July 1 to holders of record June 15.
This will be the first payment made by the company on the common stock
since April 10,1930, when a dividend of 20 cents per share was distributed.
The company stated that the current payment does not establish a defi¬
Earnings.—
1936
April—
12,425
25,000
290,903
76,295
219,611
170,964
80,054
561,107
2,387
Cash.
Inventories
$570,618
12,500
Inv. in affil. cos—
Jr., President, appointed a committee representing
the minority stockholders to confer with the directors and underwriters,
Wright, Bergen & Pistell, upon a suggested modification of the plan pro¬
posed by certain minority stockholders.
The committee is composed
of D. Bennett Somans, Chairman; Julius Grudinsky and Arthur J. Levine.
The principal amount of the 1st mtge. 6s outstanding is $703,500, and
par value of the old 7% preferred outstanding is $1,023,200.
Dividend
and interest requirements on the securities which are to be retired total
about $113,800.
An annual saving of $17,800 will be effected.
Premiums
required in connection with the retirement of the bonds and stock total
approximately $123,000.
The new $10 par preferred will be entitled to cumulative dividends at
the rate of 50 cents a share annually, after which the issue as a class will
participate equally with the common stock after the latter has received
dividends equal to the regular payments on the new preferred.
Earnings per share
—V. 141, p. 2274.
Balance Sheet
Dec. 31 '35 Aug. 31'35
Assets—
Property
Equip, at Palangana plant site..
—V. 142, p. 2993.
nite dividend policy.—V.
East
142,
p,
2152.
Kootenay Power Co., Ltd.—Earnings—
1936
$34,980
12,400
Net earnings
1935
$36,955
12,055
$22,580
Month of April—
Gross earnings
Operating expenses
$24,900
—V. 142, p. 2497.
Eastern Massachusetts Street Ry.1936—Month—1935
oper. revenues.
$574,280
$537,340
oper. expenses.
366,907
336,526
Taxes
36,465
27,755
Earnings—
1936—4 Mos.—1935
$2,478,353
$2,292,799
1,539,658
1,486,707
144,936
118,287
Period End. April 30—
Railway
Railway
$170,908
8,408
Other incomeGross corp. income
on funded debt,
$173,059
10,461
$793,759
32,399
$687,805
40,664
$179,316
$183,520
$826,158
$728,469
64,193
108,287
66,348
106,754
257,359
447,457
266,128
441,569
$121,342
3167.
$20,772
Interest
Duro-Test
Corp.—Registers with SEC—
rents, &c
See list given on first page of this department.
Deprec. & equalization-
—i
Durham Duplex Razor Co.—Earnings—
Net income*
$6,836
.
$10,418
*Before provision for retirement losses.—V.
142,
p.
Earnings for Year Ended Bee. 31, 1935
Income from operations....
$180,224
21,284
-
Repairs and maintenance
Depreciation and amortization
Federal, State & other taxes, except Federal income tax
Interest on debentures from Dec. 1,1935
'Net income from operations
Recovery of advances to foreign sub. written off in prior years
Credit from 1935 transactions of Du Sales, Inc
Loss
on
Operation
$121,992
1,053
382
L
$123,428
144,203
investment in & advances to the Norsec Co
Net loss for the year charged to surplus
Surplus, Dec. 31,1934—Durham Duplex Razor Co
Deficit to Dec. 31,1934 of Du Sales, Inc..
Utilities Associates
Gross earnings
11,349
3,35*
3,770
Other interest
Total income
Eastern
Period End. April 30—
18,473
$20,774
98,563
12,184
_
Taxes (incl. inc. taxes)__
Int. and amortization
Balance
$65,605
share in cash
20,773
Surplus—Dec. 31, 1935
$44,831
Comparative Balance Sheet Dec. 31
Assets—
Domestic
on
$148,263
pay. & accruals.
2,471
23,372
74,490
Accts.
value of
life insur. policy
15,325
13,775
x Land,
bldgs. &
equipment
Prepaid insurance,
191,479
181,596
&c
$29,898
Applicable to minority interest
1936—12 Mos.—1935
$8,268,072
$8,536,619
3,943,248
4,174,159
326,385
339,658
725,000
725,000
990,146
965,788
562,334
569,471
$1,762,541
77,652
23,105
$1,720,957
77,652
30,547
49,500
48,958
$1,631,236
$1,544,846
.
Applicable to Eastern Utilities Associates.
142, p. 2993.
_
..
-V.
Inc.—Weekly Input—
For the week ended May 28, 1936, the kilowatt-hour system input of
the operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1935, was as follows:
jTtickcclsc
Operating Subsidiaries of—
1936
American Power & Light Co
107,178,000
Electric Power & Light Corp... 46,554,000
National Power & Light Co
71,476,000
—V. 142, p. 3673.
$15,634
6%
10,248
1935
88,254,000
35,615,000
67,060,000
Amount
%
18,924,000 21.4
10,939,000 30.7
4,416,000 6.6
April
May
30,496
The company had 94 stores in
month last year.—Y. 142,
conv.
same
649,175
27,172
$750,000, outst'g
35,612
Prior pref. stock
Partic. pref. stock.
300"560
Class A
com.
stock
205,335
Class B
com.
stock
1,200,000
a
not consolidated
845,921
1,169,050
Surplus
Prior
pref.
b410.675
85
cl70
86,379
Total
Dr40,330
$1,219,492 $1,688,834
x After reserve for depreciation of $153,562 in 1935 and $143,076 in 1934.
Durham Duplex Razor Co. only, z Durham Duplex Razor Co. and Du
Sales, Inc., consolidated.
(Du Sales, Inc., a wholly-owned sub., was
liquidated May 27, 1935, and assets acquired by the parent company).
y
Electric Household Utilities Corp.—New Directors—
of stockholders held on May 28, Edward
Hurley Jr., "William A. Ryan, Maurice H. Bent and Myer Hurley
and
serve for a term of three years.
John T. Hume
G. Chamberlain were elected to serve as directors for one
filling vacancies created by resignations.—V. 142, p. 2316.
elected directors to
were
Richard
year,
The Government
fight to
subsidiary, from transport¬
The Govern¬
begun in 1930, charged that such transportation violated
on
May 25 in the U. S. Supreme Court lost a
restrain the road, a United States Steel Corp.
ing commodities of other United States Steel
pref. stock
treas., 8,066
shs. at par
$1,688,8341
operation in May, against 88 during the
p. 3167.
Elgin Joliet & Eastern Ry.—Government Loses Suit—
Dr34,26S
Partic.
$1,219,492
1935
$733,092
867,050
1,368,964
1,829,871
1,485,785
At the regular annual meeting
N.
44,831
stock
purch. & in treas.
4,033 shs. at cost
in
1936
$874,140
1,051,674
1,603,565
2,124,966
1,968,054
______
March
deb. due Dec. 1,
13,029
Inc.—Sales—
Month of—
January...
February
1955, authorized
cos., not consol.
Advs. to affil. cos.,
Total....
$122,542
Preferred dividend B. V. G. & E. Co.
Preferred dividend P. G. Co. of N. J.
Edison Brothers Stores,
Sheffield, Eng..
Note payable, Dur¬
ham Duplez Razor
Co., Ltd., Shef¬
field, Eng., due
affil'd
Goodwill, patents,
trademarks, &c.
yl935
accepts.
Durham Duplex
Razor Co., Ltd.,
20-yr.
16,987
in
&
Feb. 1, 1939
royalties, adver¬
tizing, razor stk.
Invests,
zl934
$683,650
347,160
28,927
60,416
78,137
46,466
Adv. by affil. co.,
102,030
rec.
Inventories
surr.
zl934
$20,322
2,478
24,947
&
Foreign deposits..
Accts. & notes
Cash
Liabilities—
yl935
deps.
hand
$713,982
361,433
26,201
60,416
83,287
44,155
$138,488
Maintenance
Retirem't res. accruals.
Ebasco Services
Surplus.
Net divs. paid during the year on prior preference stock, 80c. per
(& Subs.)—Earnings—
1936—Month—1935
subsidiaries.
ment, in a suit
the Interstate Commerce Act.
It is stated that 60% of the road's tonnage
comes from United States Steel subsidiaries and 40% from other shippers.
The Government contended that the road had such an interest in the
commodities of the other United States Steel subsidiaries
portation under the commerce clause
was unlawful.—V.
142, p. 3674.
of the
Interstate
that their trans¬
Commerce Act
Volume
142
Financial
Electric Power & Light
Corp.
Period End. Mar. 31—
Subsidiaries—
(& Subs.)—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
Operating revenues
$24,365,443 $20,426,468 $81,943,210 $75,432,361
Oper.exps.,incl. taxes.. 12,025.229
10,633,054
44,361,576
41,296,859
Net
from oper
Other income (net)
revs,
$12,340,214
Dr29,360
),793,414 $37,581,634 $34,135,502
16,905
Dr33,027
74,480
income...$12,310,854
$9,810,319 $37,548,607 $34,209,982
Chronicle
3849
The Empire Telephone
Co., on March 16, 1935, filed in the U. S. District
Court for the Northern District of
Illinois, Eastern Division,
a
petition for
relief under Sections 77-A and
77-B of the Bankruptcy Act, as amended,
and submitted with the
petition a plan of reorganization, dated as of March
15f 1935.
On Nov.
16, 1935, the Court approved and confirmed the plan.
The plan
provided for relieving the
company of fixed interest charges by the can¬
cellation of its then
existing note obligations and outstanding funded debt
and capital stocks, and for
recapitalization of the
by the issuance
following described
company
Gross corp.
Int. to public & other
deductions
Int. charged to construe.
Property
retire.
pletion
&
3,874,886
Cr9,412
res. approps..
plic.
to
resp'tive
whether
2.215,391
stks.
1,980,874
1,980,892
<
re¬
909,052
44,958
116,698
144,730
$3,004,624
$1,706,531
$4,956,063
$1,907,717
$1,706,531
1,239
$4,956,063
3,160
$1,907,717
627
of
$3,005,251
39,534
$1,707,770
101,537
397,243
$4,959,223
206,035
1,588,974
$1,916,280
397,243
$2,568,474
$1,208,990
$3,164,214
loss$83,679
Elec.
Pow. & Lt. Corp.
income of subs
in
Elec. Pow. & Lt. Corp.—
Net equity of Elec. Pow.
& Lt. Corp. in income
subs,
(as
shown
above)
Other income
Total income
....
Exps., incl. taxes
Int. & other deductions.
Balance carried to consol. earned surplus.
8,563
410,985
1.588,974
Note—All intercompany transactions have been eliminated from the above
statement.
Interest and pref. dividend deductions of subs,
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 stock of subs.
Minority interests have
been
not
charged
deficits where income accounts of subs, have so
resulted.
The "net equity of Electric Power &
Light Corp. in income of
subsidiaries" includes interest and pref. dividends
paid or earned on securi¬
ties held, plus the proportion of earnings which accrued to common stocks
held by Electric Power & Light Corp., less losses where income accounts of
with
individual subs, have resulted in deficits for the
respective periods.
The
statement for each period is entirely independent of the ststement for
any
other period.
Comparztive Statement of Income (Company Only)
Period End. Mar. 31—
Gross income: from subs.
1936—3 Mos.—1935
$325,901
Other...
Total income
Int. & other deductions.
$1,660,416
3,160
$1,633,588
8.563
$324,177
$326,528
39,534
397,243
Expenses, incl. taxes
$1,663,576
206,035
$1,642,151
410,985
1,588,974
101,537
397,243
1,588,974
Balance (loss) carried
$110,249
$174,603
$131,433
$357,808
Summary of Surplus for the 12 Months Ended March 31, 1936
Earned surplus April 1,1935
$3,685,363
Balance (loss) from statement of income for the 12 months ended
March 31, 1936 (as above)
131,433
Earned surplus, March 31,1936
Balance Sheet March 31
1936
1936
3
Liabilities—
x
&c.—stocks,
notes,
Long-term
182 ,599,105
182,636,107
,430,858
1,513,696
,100,000
1,550,000
Cash in banks—
Cash in banks—
time deposits.
U. S. Govt.
sees.
199,869
$
Accounts receiv.
10,900
2030
Accts. payable..
Accrd.
accounts
31,000,000
13,960
53,944
297,464
300,997
156,501
156,551
3,553,930
3,685,363
674,000
75,833
67,558
shares
stock)
101,833
Deferred charges
,661,670
101,824
3,700,436
190,076,896 190,251,8951 • Total
190,076,896
190,251,895
x Represented
by: $7 pref. cum. (entitled upon liquidation to $100 a
share); pari passu with $6 pref. and $5 pref.; authorized, 800,000 shares;
issued, 515,135 shares, $6 pref., cum. (entitled upon liquidation to $100 a
share); pari passu with $7 pref. and $5 pref.; authorized 1,000,000 shares;
issued and outstanding (incl. 4 2-3 shares of
scrip), 255,430 2-3 shares.
2d pref., series A ($7), cum. (entitled upon liquidation to $100 a
share);
pari passu with 2d pref., series AA ($7); authorized, 120,000 shares; issued
and outstanding, 82.964 shares.
Common, authorized, 4,000,000 shares;
issued, 3,422,089 shares.—V. 142, p. 3674.
Paso
see
Elmira
Natural
page
Gas
Co.—Securities
Light, Heat & Power Corp.—Earnings—
for
retirements,
capital
Operating income.
income
income..
Interest
on
Interest
on
Interest
on
$2,576,330
1,421,842
264,254
To
common
capital stock
To capital surplus
Total.
$877,358
_
Consolidated Income Account Year Ended Dec. 31, 1935
Exchange service
$164,860
77,773
3,180
Toll service—'Net
Miscellaneous
Total
revenues.
$245,814
104,452
35,032
16,756
4,486
Maintenance
General taxes
_
Federal income and capital stock taxes
Net operating income
Non-operating revenue
$85,087
1,969
-
Total
$87,057
j.»,
40,188
Cr396
Interest charges (net)
Donations in aid of construction previously credited to
surplus
Net income for the year
Earned deficit, Jan. 1
3,126
$44,139
277,561
:
Net deficit-.
$233,422
Surplus credit—Deficit of Empire Telep. Co. as of
Nov. 30, 1935 (effective date of plan of reor¬
ganization) transferred to capital surplus:
Deficit, Jan. 1, 1935
$301,840
Less net inc. for the period from Jan. 1 to Nov. 30. '35-18,513
,
283,326
Total.
Surplus charge—Earned surplus (net) of sub. cos., Jan. 1, 1935,
taken up by parent company in the valuation of investments
therein as determined by the board of directors
Earned surplus, Dec. 31, 1935
$49,904
24,279
$25,625
deduction has been made for bond interest of
$55,000 from
1935, on funded debt of Empire Telephone Co., or for
$10,779, computed for the same period, on note indebtedness of
Empire Telephone Co. to American Utilities Service Corp.
The funded
debt and note obligations of Empire Telephone Co. together with the ac¬
crued interest on such funded debt from Aug. 1, 1934, and that accrued on
such note indebtedness from Nov. 1, 1934, were canceled and declared null
and void by the final decree of the District Court of the United States for
the Northern District of Illinois, Eastern Division, entered on Nov.
29,
1935, in the proceedings for the reorganization of Empire Telephone Co.
under Sections 77-A and 77-B of the Bankruptcy
Act, as amended. Cumu¬
lative dividends in arrears on the preferred capital stock, classes A and
B,
of Empire Telephone Co. from Aug. 1, 1934 (as provided in the
reorganiza¬
tion plan), to Dec. 31,1935, amounted to $45,502.
1 to Nov. 30,
Consolidated Balance Sheet, Dec. 31, 1935
Assets—
Liabilities—
Plant, prop., franchises, &c_
$1,084,204 Accounts payable
45,708 Accrued liabilities
a Notes & accts. receivable—
32,085 Due to affiliated companies.—
Materials and supplies
29,461 Deferred liability
Prepayments
3,185 Deferred credits
Due from Central Telep. Co.
Res. for retirement of plant
Cash
$562,583
$567,929
250,000
125,273
192,686
18,091
30,000
$564,035
250,000
125,273
149,292
28,720
30,000
Cr207
Crl92
loss$47,913
loss$19,058
1935
w
first mortgage bonds
1
5H % 3-yr. notes (owned by affil. cos.).
unfunded debt
Amortization of debt discount and expense
Amortization of miscellaneous suspense
Interest charged to construction
1,451
1,187
property
—V. 142, p. 1288.
Empire Telephone Co.—Annual Report—
The assets of the company consist chiefly of all of the issued and
outstand¬
ing stocks of its three subsidiaries, Southeastern Telephone Co., South¬
eastern Telephone Co. of America and Southeastern
Telephone Co. of
Georgia, together with the unsecured note of Southeastern Telephone Co.
in the amount of $188,000, dated Dec. 1, 1933, due Dec.
1, 1950, com¬
pany's only source of income consisting of dividends upon such stocks and
interest upon such note.
179
746
249,081
6,244
—
Inv. in Amer. Utll. Ser. Corp-
225
Donations for telep. plant
Miscellaneous assets
314
6% preferred stock—
Class A, 10,580 shs
264,500
270,825
214,130
120,599
25,625
Class B, 10,833 shares
Com. stock, no par
Capital surplus
Earned surplus
Totala
After
-
reserve
$1,196,3711
Total
—$1,196,371
for uncollectible receivables of $5,308.—V.
141, p. 3689.
Empire Gas & Electric Co. (& Subs.)
Twelve Months Ended March 31—
1936
Operating expenses
Maintenance
Provision
for
retirements,
capital
renewals
and
291,250
225,199
Other income
Gross income
on funded debt
Interest
Interest on unfunded debt
Amortization of debt discount and expense
Interest charged to construction
-
248,928
223,422
$385,149
8,368
Operating income
—Y. 142, p. 952.
1935
$3,146,562
1,989,907
287,053
replace¬
Provision for taxes
Balance of income
-Earnings—
$3,350,678
2,184,621
264,457
Total operating revenues
ments of fixed
Balance of income
$24,218
18,510
1,712
:
84,215
243,434
$561,452
6,477
Provision for taxes
Gross
.
$264,500
270,825
214,130
127,903
4
Class B
renewals and replace¬
ments of fixed
Other
To 6 % cumulative preferred capital stocks:
Class A
of Georgia
1936
$2,803,540
1,670,514
282,500
93,024
196,048
expenses..
Maintenance
Provision
offered.—For
3876.
12 Months Ended March 31—
Total operating revenues
Operating
follows:
as
Note—No
of S7 pref. stk.
of
Details
Empire Telephone Co. in issuing new capital
stocks under the plan of
reorganization was approved by the directors at a
special meeting held on Dec. 11, 1935.
At the same time the board of
directors adopted a resolution to the effect that amounts be allocated to
capital with respect to the new capital stocks issued, and to capital surplus,
Interest of
& 835
el
In order to carry out the
provisions of the plan, the articles of incor¬
poration of Empire Telephone Co. were amended on Nov. 16, 1935.
The
amendment was approved by the Court on Nov. 29,1935. Also on that date
the Court by its final decree directed the debtor and all
parties in interest
to put into effect and consummate the terms and
provisions of the plan.
The action of the officers of
Jan.
stock (961 shs.
Total
The remaining note
indebtedness, and interest accrued or to be accrued
thereon, to receive no participation.
(4) Common class A stock and common stock outstanding to be accorded
no participation whatsoever.
Deficit, Nov. 30, 1935
31,000,000
Reacquired cap.
com.
stock without par value of the reorganized
company.
to be accorded participation in the plan
of $70,650 held by American Utilities Service
Corp.,
accepted by it in payment of interest on the $471,000 first lien bonds held
by it, which interest became due on various dates from Aug. 1, 1932, to
For each $50 of $70,650 note indebtedness there be
issued: (a) One share of class B 6% cumulative
preferred stock of the
reorganized company, dividends to be cumulative from Aug. 1, 1934; and
(b) One share of common stock of the reorganized cotnpany.
debt
debs.,
ser.,
due
Earned surplus.
916,000
S
155,044,139
10,900
Reserve
Loans receivable
from subs
amount
and incl. Aug. 1, 1934.
—gold
5%
demand
1935
Capital stock. 155,044,139
Cap. stk. subscr.
&c
on
$3,553,930
1935
Invests. In subs.
bonds,
the
Provision for retirements
surplus...
Assets—
common
The only note indebtedness
be
Operation
1936—12 Mos.—1935
$322,938
1,239
627
to earned
shares of
(3)
$3,004,624
equity
(1) For each $500 of first lien & refunding 6% gold bonds, series A, held
by the public, together with all interest coupons
appertaining thereto
maturing on and after Feb. 1, 1935, there be issued: (a) 10 shares of class A
6% cumulative preferred stock of the reorganized company (par $25
each)
dividends to be cumulative from
Aug. 1,1934; and (b) 10 shares of common
stock (no par) of the
reorganized company.
(2) For each $500 1st lien & ref. 6% gold bonds, series A, held
by
American Utilities Service
Corp., together with all interest coupons apper¬
taining thereto maturing on and after Feb. 1, 1935, there be issued: (a) 10
shares of class B 6% cumulative
preferred stock of the reorganized company
(par $25 each), dividends to be cumulative from Aug. 1, 1934; and
(b) 10
to
spective periods)
of
7,923,560
7,923,496
of subs, at
of each of the
Net
8,668,710
$9,976,007
pe¬
unearned)
Portion applic. to min.
ints. (based upon hold¬
ings by the public of
end
8,946,725
earned
or
com.
15,636,810
Cr31,185
$3,732,381 $12,996,257
2,550,830
Balance
$5,894,550
Pref. divs. to public (full
div. requirements apriods
15,615,000
Cr49,735
3,879,901
Crl7,354
de¬
of preferred and common
capital stocks only, all on the
bases of distribution:
$397,250
1,867
$393,517
268,985
99,909
26,383
Cr357
$399,118
268,990
93,103
26,490
loss$l ,403
'
Cr507
$11,042
Financial
3850
Receivership
Subs.)—Earnings—
Empire Power Corp. (&
1934
1933
1932
$2,001,524
$2,096,534
$2,154,555
$2,371,169
7.567
Calendar Years—
Equitable Office Building Corp.—Earnings—
Int. & divs. from secure.,
incl., bank interest—
Other
revenues
Gross
Oper.
26,142
1,885
unfunded debt__
loss
Loss
2,844
$1,816,023
$1,933,775
21,594
15,353
82
88,855'
—
1935
1934
$3,215,717
291,513
$3,582,817
$4,392,001
294,494
operating income
Maintenance and repairs
Depreciation
$3,507,230
78,391
$3,867,060
74,922
275,782
807,533
Ended April 30—
(incl. rent on corp.'s
own
Total
284,242
114
equipment
Prov, for doubtful notes
& accts. receivable—
40,000
75,000
250,000
400,000
Net income for year-_
$1,513,710
$1,517,014
$1,550,669
$1,533,693
605,197
46,490
40,286
63,806
145,274
64,649
55,332
159,855
$1,462,697
9,572
$1,807,769
$2,610,209
19,803
int. on fund. dt., &c. $1,472,270
funded debt—
1,151,695
Provision for Federal income-tax
45,000
$1,813,273
1,173,102
252,382
806,200
577,004
21,883
Real estate taxes
operating expenses
Other
doubtful accounts
Provision for
Taxes (other than real
eral income taxes)
estate and Fed¬
35,225
91,058
Alterations for tenants
182,391
general expenses
Other
operating income
Net
Other income
5,504
Net inc. before
Divs.
pref. stocks of
cos.
in hands of
on
sub.
in
,
413,449
451,206
467,028
477,710
3,051
3,046
2,211
2,516
$1,097,209
public...
Min.
$1,062,763
$1,081,430
$1,053,467
—
stkhldrs. int.
com.
Balance
Consolidated Balance Sheet Dec. 31,
1934
1935
23,386
5,963,001
7,772,558
725,936
Notes receivable._
and
Interest
>
756,641
3,389
3,694,468
3,071,452
Minority interest in
common
capital
stock and consol.
875,300
949,200
128,710
141,943
surplus of sub-_
Securities owned-_30,861,930 31,937,445
Pref. capital stocks
Special deposit with
(issued)
14,828,200 14,828,200
subsidiary corp. 9,275,927
8,871,806
Prepaid expenses.
73
7,267 Participating stock
(issued)
3,150,000 3,150,000
Organization exp.,
1,000,000
&c
154,439
154,236 Com.stock (issued) 1,000,000
Surplus
29,714,662 29,416,088
(at par)
_
-
52,115,179 53,517,394*
Total
52,115,179 53,517,394
Total
Year Ended Dec. 31 (Company Only)
Income Account
$1,533,579
Total interest and dividend income
$1,255,496
Net operating
provision for
141,069
97,058
Netprofit-J.
$949,092
Dr 13,254
$1,301,920
— —-- — ----
179,166
127,238
$1,295,451
Cr6,552
83
,'i
income
Net profit on sale of investments
Loss on sale of office equipment
Participating dividends
$935,838
Invests, in subsidiary cos
Securities owned
145,010
Organization expenses, &c
9,082,982
Special deposit
$6,596
115,500
97
1,240,000
186,796
notes
51,159
and accounts receivable
7,133,000
Preferred capital stock issued
Capital surplus
Earned
surplus
Earned
surplus reserved
12,000,000
$42,931,105
Total
$42,931,105
—
Represented by 400,000 no par shares.—V. 142, p.
Endicott-Johnson
3,150,000
1,000,000
12,450,000
5,597,956
for
contingencies
3342.
Preferred Dividend—
Corp.—Initial
dividend of 41 2-3 cents per share
on the new 5% series pref. stock payable July 1 to holders of record June 18.
The company states that this dividend is for the period from June 1, 1936.
—V. 142, p. 3674.
The directors have declared an initial
Engineers Public Service Co. (&
Subs.)—Earnings—
Gross earnings.
Operation
Maintenance
—
Inc. from other sources.
$1,572,327
58,878
1$1,432,408 $19,364,767 $18,043,112
626,800
653,218
52,233
$1,631,205
665,457
!$1,484,641
Interest & amortization
_
689,891
$20,017,986 $18,669,912
8,375,555
8,299,557
Balance
$965,747
$794,750 $11,718,429
Appropriations for retirement reserve
5,103,502
Dividends on preferred stocks, declared
2,251,907
Cumulative pref. divs. earned but not declared-.
1,387,539
Amount applicable to minority interests
8,593
35,000
18,328,817
35,000
fund debenture-
6 ,542,000
6,825,000
727,192
669,205
57,951
373,161
144,907
448,184
Accts. pay., taxes,
Res.
1
6,936
394,426
Other investments
Inventories
_
for
&c
inc.
Fed.
taxes
Other current liab.
Rents
received
in
45,169
6*542 Employ,
4,904,809
2,232,906
721,111
11,192
$2,966,886
$2,424,335
sub. cos. not earned--
770,762
1,467,358
European Electric Corp., Ltd.—Bonds Called—
called for redemption on Aug. 1 all of its outstanding
35-year 6H % gold debentures, series due 1965, at 105% of their principal
amount and accrued interest to the redemption date.
Payment will be
166,006
retirem't
fund reserves...
Surplus
887,560
1,558,969
Total
...37,709,067 38,100,925
After deducting $7,048,083 depreciation reserve in
1935.
d Represented by 862,098 no-par shares.
37,709,067 38,100,925
Total
b
Market value,
a
50,631
170,477
910,417
,720,399
advance, &c
"
377,533
1936 and $6,604,811 in
—V. 142, p.3674.
Federal Water Service Corp.—New Director—
N. Greene has been elected a director, succeeding W. Wilcox Jr.
J.
—V. 142, p. 2665.
Co.—Acquisition—
Transit Commission has approved the acquisition
Omnibus Corp. stock by the Fif Jh Avenue Coach Co. as
The New York Sta^e
A petition sub¬
Railways Corp. reorganization plan.
mitting the reorganization plan to the Transit Commission was dismissed
on the grounds that tne Commission did not have jurisdiction in the case.
The New York City Omnibus Corp. is the proposed successor to New
York Railways Corp. which is being reorganized under Section 77-B of the
Bankruptcy Act.—-V. 139, p. 1867.
Committee—
Avenue, N. Y. City—Protective
55 Fifth
formed for the protection of the participating
$1,550,500 1st mtge. 20-year 6% sinking fund gold
loan due 1944, covering premises at 55 Fifth Ave., New York City.
The
committee was formed after the owners (Nivelle Corp.) of the property
stated their inability to meet the requirements of the indenture covering
the 1st mtge. bonds.
The members of the committee are: T. Tasso Fischer (Pres., Bronx
Savings Bank). T. A. Nosworthy (Green, Ellis & Anderson), and Charles
C. Hood (Chairman for committee), 160 Broadway, New York, with
Charles B. Game, Secretary, 160 Broadway, New York.
committee
A
been
has
certificate holders of the
(M. H.) Fishman Co., Inc. —Sales—
1936
$184,107
212,166
Month of—
1935
March.
212,259
April
May
282,947
337.261
229,742
298,662
265,007
286,932
—V.
142, p.
1934
$154,799
161,205
$165,027
192,684
214,193
January
February
226.586
1933
$101,306
123,869
126,196
197,556
228,879
3169.
Fisk Rubber
Corp.—N& Action
on
Preferred Dividend—
of the dividend on the 6%
pref. stock, par $100, ordinarily due at this time.
distributions of $1.50 per share had been made up to and
cum.
Regular quarterly
incl. April 1 1936.
—V. 142, p. 2994.
Florida Public Service
Co.—Earnings—
1936
1935
$1,721,827
$1,674,882
1.047.282
959,594
226,955
162,413
207,339
149,600
Other income.
$285,176
25,527
$358,348
15,733
on
$310,703
240,000
$374,082
Interest
Interest
on
Twelve Months Ended March 31-
Maintenance
and
provision
for
retirements,
newals, and replacements of fixed
re¬
capital
Provision for taxes.
$10,294,356
Bal. applic. to E. P. S. Co. before allow, for
unearned cum. pref. divs. of certain sub. cos.
Cum. pref. div. of certain
—Y. 142
p. 3506.
Soc. mortgage..18 ,140,656
6% goldmtge. bds.
35-yr. 5% sinking
The directors took no action on the payment
1936—Month—1935
1936—12 Mos.—1935
$3,827,564
$3,618,866 $45,920,924 $44,266,162
1,554,617
1,514,311
18,948,310 18,238,373
219,365
216,002
2,636,443
2,544,495
481,253
456,143
4,971,403
5,440,181
Apr. 30—
Taxes
Market,
part of New York
doubtful
for
Reserve
8,986,645
166,006
400,000
Only)
Participating stock issued—
x Common capital stock Issued
Period End.
_
_
stock— 8
d Capital stock... 8,986,645
Equit. Life Assur.
~
1,369,047
65,137
a2,702
Fifth Avenue Coach
—
Interest and divs. accrued
x
receivable
securities
Accts.
170,477
1,460,554
92,332
employ.
of New York City
$510,967 Accounts payable
47,754 Dividend declared on pref.
stock
4,987,700
295,610 Unpresented dividend checks
24,151,184 Notes payable to sub. co
3,709,897 Reserve for taxes
receivable
receivable
Total.
count of
Cash.
4,390,000
268,445
d
interest,
462,000
Liabilities—
Assets—
Cash
Notes
185,271
500,000
-
Balance Sheet Dec. 31, 1935 (Company
Accounts
4,390,000
value
Sinking fund deps.
Invest, held for ac¬
1935
Liabilities~-
ancies and going
462,000
Preferred dividends
$
Additional dep. rec.
$893,456
362,040
Dividends received or accrued
1936
1935
$
.17 ,816,156 17,816,156
b Building.
13 ,164,007 13,607,279
28,906
32,077
Misc. equipment.Rights, priv., ten¬
Land
1934
$828,024
705,555
i
Operating expenses and taxes (incl.
Federal income tax)
Interest deductions, &c
Comparative Balance Sheet April 30
1936
Assets—
Deferred charges.
1935
Interest earned
principal due on the funded debt.
1,050,000
3,893
Reserves
2,327.353
Pref. stocks of sub.
cos.
$275,576
$546,671 $1,224,160
86,210
862,081
862,098 shares
capital stock (no par)
$0.32
$0.63
$1.42
Notes—In addition to depreciation, amounting to $252,382, charged
against operations for the current fiscal year in accordance with rates
allowed by the U.S. Treasury Department, the corporation has provided
as additional depreciation an amount of $213,747 which has been charged
directly to earned surplus. The total of $466,129 is equivalent to the annual
instalments of
reserve
2,744,512
-
$2,630,012
1,194,852
211,000
Net income
In
held
Dividends
Empire Pow. Corp.
pref. and partic.
stocks
93,500
Earnings per share on
227,385
or
accrued, &c
Notes payable
divs.
accrued
5,920
217,578
payable
Divs
$
682
Accounts payable.
791,400
55,219
Accounts receiv
$
Liabilities—
f
1,384,939
Cash.
1934
1935
I
$
$
Assets—
Interest on
Dividends paid
inc.of sub.cos
curr.
$4,686,495
82.131
290,886
769,667
576,320
77,446
-
office
of
sale
on
99.311
in
trading
on
$2,035,930
$1,914,819
96,587
2,209
,613,609
$1,642,679
Balance
securities
342.806
239,735
!$1,688,906
73,365
1,933
5>1,670,707
Oth. contractual deducts
Net
407,628
330,817
Net after taxes
on
1936
offices)
Other operating income —-
Years
Rental income
& taxes, incl.
Fed. inc. & State
franchise taxes
Int.
$2,378,736
$2,154,555
!$2,096,534
3>2,001,524
revenues
exps.
est.
granted on application of Webster W. Holloway,
was
Mo., who filed the bill of complaint April 10. 1935.
Kansas City,
1935
June 6, 1936
Chronicle
4% first mortgage bonds
Int. on conv. income debs, due 1958 (represents
available net income for interest to Oct. 31,1935)
unfunded debt
Interest charged to
—
construction
24,215
11,509
Cr2,296
$37,274
Balance
price, without
requirements for the full year
on all
1st mortgage bonds issuable under the amended plan of readjustmentof debt, which is now in effect.
Interest on convertible income debentures accrues only as there is income
available therefor as determined by the board of airectors.
No provision
has been made in this statement for such interest since Oct. 31, 1935. which
was the date of the latest determination of the amount
of available net
debentures to the corporation at $922.50 flat per
income.
The company has
made
on
of City Bank Farmers
that date at the corporate trust department
Trust Co., 22 William Street, New York.
Directors of the company have authorized
payment of the
redemption
accrued interest, to all debenture holders who sold their
$1,000 debenture under
the company's offer which expired on May 19.
Additional payment of
$127.50 for each $1,000 debenture sold under the offer will be made by the
bank on Aug. 1.—V. 142, p. 3342.
• ■
.
„
Federal
Reserve
Life
Insurance
Kansas
Co.,
City,
Federal District Judge John C. Pollock at Kansas
was
William
were
R.
Baker
temporary
named attorney for the receiver.
Mr. Baker and John F. Rhodes,
Later
appointed
as
City, Kan., on May 25
receiver.
Jerome
S.
Koehler
Kansas City, Mo., attorney,
ancillary receivers for the company's
$137,000 of expense
items, all of which
Operating expenses for 1936 include approximately
relative to the plan of readjustment of debt and other
are of a non-recurring nature.—V. 142, p. 3508.
Florsheim Shoe Co.—Earnings—
6 Mos. End. Apr. 30—
Kan.—Receiver—
appointed
Notations—This statement reflects interest
affaire in Missouri.
Net income after deprec.,
Federal taxes, &c
1936
1935
1934
1933
$306,724
$280,483
$178,338
x Equal under the participating provisions of the shares, to $1.07 a share
on 236,293 no-par shares of class A common and 54 cents a share on 327,414
no-par shares of class B common stocks.
This compares with 76 cents a
x$428,467
Volume
share
on
3851
Financial Chronicle
142
class A and 38 cents
share
a
on
Fort Smith & Western
April—
Gross from railway
Net from railway
Net after rents
1933
1934
$45,323
def3,198
def9,204
1935
$49,607
defl,325
def8,129
$43,911
def 2,893
def 9,884
From Jan. 1—
Gross from railway
Net from railway
'
Net after.rents
218,239
10,217
defl7,198
257,953
45,895
11,759
Co.—Registers with SEC—Correction—
See list given on first page of this department.
In our issue of May 30 it was incorrectly stated that
quarter of 1936 was exclusive of company s subsidiary
Ry.—Earnings.—
1936
$55,771
2,709
def5,600
Gabriel
stocks for the
class B common
6 months ended April 30, 1935.—V. 142, p. 3508.
203,346
4,532
defl7,176
214,825
11,753
defl2,046
—V. 142, p. 2995.
$13,748.—V. 142,
April—
Gross from railway
From Jan.
1933
1934
1935
1936
$460,560
132,533
67,408
_
Net from railway
Net after rents
$401,489
131,028
75.615
$343,216
1,655,254
544,601
310,279
1,477,873
$402,023
83,389
27,749
81,798
30,480
1—
Gross from railway
Net from railway
1,546.593 ^
266,572
41,699
1,841,935
548,374
300,139
-
Net after rents
—V. 142, p. 3169.
420,141
219,684
of reorganization
Net after rents
123,486
def76,497
def 110,879
$33,017
$28,965
def21,817
def30,584
134,111
def24,188
-
def22,620
Period End. Apr. 30—
Operating
Operation
154,572
def56,691
Net after rents
defl02,029
def69,919
126,216
def96,290
defl05,235
def 139,811
—V. 142, p. 3169.
Foundation Co.—No Action
Due to
a
lack of
two-thirds vote of stockholders of the company, no
a
action was taken on the company's proposed capital reduction at the meet¬
ing held May 25.—V. 142, p. 3343.
Corp.—Bonds Called—
Halsey, Stuart & Co., Inc., as sinking fund agent, is notifying holders of
6% sinking fund gold bonds due Jan. 1, 1942, that $8,600
principal amount of these bonds have been drawn by lot for redemption
for the sinking fund on July 1, 1936, at 101 ^ % of their principal amount.
The drawn bonds will be payable at the offices of the sinking fund agent in
New York or Chicago.—V. 124, p. 3075.
Franciscan
$891,176
50,000
50,000
b
reserve
$796,471
2,400
Interest
secured income bonds (to June
on
1,1935)
-
$844,757
16,800
$793,271
Balance
$841,176
$798,871
5,600
Balance
Net direct credits.
$827,957
Fathers, Order of Friars Minor, Province
New York City—Bonds Offered—
Kenneth H. Bittirig & Co., Inc., St. Louis, are offering at
100 and int. $1,000,000 1st & ref. mtge. serial 3%, 3M%,
a Interest
on 1st mtge. 8% income bonds due May
15, 1955, will be
deducted from surplus when declared and paid,
b These amounts have
been appropriated to provide a reserve against which property retirements
The amounts so appropriated are less than
depreciation deductions claimed or to be claimed on Federal income
are based on a straight line method, and the resulting
will be charged as they occur.
reserve
is less than
a
depreciation reserve would be if based on such straight
line method.
Comparative Balance Sheet April 30
Assess—
Property,
4M% bonds.
1st
income
mtge.
210,000
8s—1955
—1935
•
6,044
756,274
14,647
793,271
Taxes accrued
6
100
100
Retirement res.b.
150,000
Operating reserves
notice at 100 and interest.
Maturities
3% Bonds
Apr.
Oct.
Apr. 1, 1938
Oct. 1, 1938
1937i$25,000_
1937' 25,000
1,
1,
Bonds
$26,000
26,000-
Apr.
Oct.
$29,000
29,000
-30,000
30,000
31,000
32,000
33,000
33,000
34,000
34,000
36,000
Apr. 1,
Apr. 1, 1940
Oct. 1, 1940
19391 $27,000
19391 28,000
1,
1,
4K%
Oct.
1,
Apr. 1,
Oct. 1,
Apr. 1,
Oct. 1,
Apr. 1,
Oct. 1,
Apr. 1,
Oct. 1,
Apr. 1,
Bonds
Total
—
210,000
7,232
6,060
706,274
10,930
827,957
$3,137,324 $3,268,455
Total
$3,137,324 $3,268,455
•
7,086
payable—
Accts.
6
deposits..
Surplus
Dated April 1,1936.
Coupon bonds in denom. of $1,000, $500 and $100.
Principal and int. payable (A. & O.) at St. Louis Union Trust Co., St. Louis,
Mo., corporate trustee.
Bed. all or part on any int. date on 30 days'
—
Secured income 8s
investments
Special
1935
Cap.stk.($100 par)$l ,350,000 $1,500,000
$3,020,086 $3,020,086
Cash
76,077
a98,309
Accts. receivable.
2,547
2,753
Mat'ls & supplies17,495
14,876
Prepayments
1,191
2,142
Misc.
1936
Liabilities—
1935
1936
plant &
equipment
Cap. stk. in treas.
$25,000
25,000
3,581
tax returns which
first mortgage
of the Most Holy Name,
$13,342
877,834
$846,471
Total
Retirement
the
Fox Film Realty
$18,513
827,957
$1,159
$2,166
a
Surplus (end of period).a
Capital Cut—
on
1936—12 Mos.—1935
$226,974
$225,174
159,283
159,797
31,869
33,049
17,307
18,984
1936—Month—1935
$19,271
$18,377
12,965
13,125
2,594
2,538
1,545
1,554
revenues
Maintenance
Taxes
def33,891
From Jan. 1—
Gross from railway
Net from railway
of
of March 1, 1935, as
and consummated pursuant to orders of the U.
District of Massachusetts in the reorganization
1933
1934
1935
$34,252
defl7,194
def25,973
$42,170
def 11,321
,
as
Surplus (beginning of period).
Ry.—Earnings.—
1936
AprilGross from railway
Net from railway
Co.—Earnings—
Galveston-Houston Electric Co. and
amended, has been confirmed
S. District Court for the
proceedings, although the
court still retains certain limited jurisdiction.
Figures appearing in this
report, except as otherwise noted, give effect to consummation of the plan.
plan
Net income
Fort Worth & Rio Grande
company
3675.
p.
Galveston Electric
The
Ry.—Earnings.—
adjusted
the sub¬
1936
1935
$8,022
$21,623
reports a loss of
Earnings for Three Months Ended March 31
Net loss after interest, depreciation, taxes, &c
For the four months ended April 30, 1936
its subsidiaries dated
Fort Worth & Denver City
the loss for first
and an
comparative figure of $20,927 was given as net loss, excluding
sidiary, for the 1935 period.
Corrected statement follows:
a The above income statement and balance sheet do not give effect to:
(1) expenses incident to the plan, not yet determined; (2) the contemplated
application of $40,000 to the purchase of secured 6% income bonds of
Galveston-Houston Co. within such period as shall be determined by the
board of directors of Galveston Electric Co.
b These amounts have been
appropriated to provide a reserve against which property retirements will
be charged as they 00010*.
The amounts so appropriated are less than the
depreciation deductions claimed or to be claimed on Federal income tax
returns which are based on a straight line method, and the resulting reserve
is less than a depreciation reserve would be if based on such straight line
method.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
1, 1946
1, 1947
1, 1947
1, 1948
1, 1948
1, 1949
1, 1949
Apr.
Oct.
Apr.
Oct.
1941 $36,000
1941
37,000
38,000
1942
39,000
1942
40,000
1943
41,000
1943
41,000
1944
42,000
1944
43,000
1945
42,000
1945
43,000
1946
1,
1,
1,
1,
1950
1950
1951
1951
The full faith and credit of Franciscan Fathers, Province of New York is
unconditionally pledged to the punctual payment of these bonds. Upon the
completion of this financing the bonds will be further secured by first
mortgage on properties representing an aggregate investment of $2,535,000.
Contingent Liability—The court, in the reorganization proceedings,
a Government claim of $213,282 plus interest of $39,162 to April 6,
1935, plus interest at 6% thereafter for additional Federal income tax
for the year 1931, assessed against the consolidated group, for which this
company, as a member of the group, has a contingent liability.
The
Government, however, has taken an appeal.—V. 142, p. 1467.
denied
Galveston-Houston Electric
The plan of
Ry.—Earnings—
reorganization of Galveston-Houston Electric Co. and its
subsidiaries, dated as of March 1, 1935, as amended, has been confirmed
and consummated pursuant to orders of the U. S. District Court for the
District of Massachusetts in the reorganization proceedings, although
the court still retains certain limited jurisdiction.
Figures appearing in
this report, except
the plan.
Certain
as otherwise noted, give effect to consummation of
adjustments have been made in prior figures for com¬
parative purposes.
H.)
(George
Frederick
Inc.—Registers
Distilleries,
See list given on
first page of this department.
Froedtert Grain & Malting Co.,
Period End.
Operating
Operation
with SEC—
Apr. 30—
Maintenance
Taxes
Inc.—Earnings—
Int.
__
on
1936—12 Mos.—1935
1936—Month—1935
$16,798
$16,829
10,026
10,224
3,557
3,921
1,447
1,582
5,108
5,108
1st mtge. bonds.
$206,240
127,123
40,992
15,985
61,300
$39,160
169,366
Net sales
(shipments) of malt
Cost of malt sold
$10,247,873
(incl. prov. for deprec. at usualrates, $61,852)
8,613,232
Gross profit from malt sales
Selling and administrative
notes and accounts
$1,634,641
(incl. provision for doubtful
and capital stock tax)
i
expenses
Net profit from malt sales
income (interest, purchase
Other
counts
Gross income
$1,051,026
(interest paid, net cost of corporation life in¬
discount and exchange, &c.)
Income taxes
Net direct credits.
Deficit (end of period).
$1,032,274
Income charges
53,720
189,100
(estimated)
Net income for the year-Dividends on preferred capital stock
$808,205
150,000
-
Net income added to surplus
$658 205
816,896
Earned surplus, Jan. 31, 1935
Gross surplus
$1,475,102
Surplus charge (underwriting commissions and expense on sale
of additional issue of 60,000 shares of pref. capital stock)
$1,355,102
-
Balance Sheet
Cash
on
on
July 31 '35
$211,725
1,014,005
1,552,448
1,439,494
Stockholders' accts
862
110^308
1,862,932
Accrued accounts.
246,468
218,858
Notes payable
Notes & accts. rec.
—trade
Inventories-
Cash surr.
on
K. R.
val.
of
Cum.
Froedtert
74,358
45,833
56
16,366
23,146
2,926
94,495
Wise, unempl.
Dep.
fd.
with State
Wisconsin
of
Fixed
assets
Deferred charges—
July 31 '35
$150,000 $1,100,000
171,875
88,021
42,000
14,281
1,434,705
82,711
2,926
conv.
partlc.
pref. stock.,
Common
stock
Earned surplus
Cap.
al00,692
4,340
3,135
Notes receivable..
Accts.
receivable.
2,304
1,812
94
Mat'ls & supplies.
Prepayments
Sinking
funds
1936
1,864
94
26,000
Misc. spec, depos.
343
344
36,002
$1,650,000 $1,650,000
1,226,000
1st mtge. 5s
Secured income 8s
Notes
1935
($100
payable
1,252,000
1,600,000
af¬
198,050
Accounts payable6,545
Interest accrued..
66,408
Taxes accrued
5,562
Retirement res—b2,006,895
filiated cos
511,445
8,474
219,658
11,783
67,225
12,454
169,366
1,176
Unadjusted debits
Deficit...
Total.
$5,172,344 $5,333,040
Total
12,883
Operating reserve.
The above income statement and
$5,172,344 $5,333,040
.
balance sheet do not give effect to
(1) expense incident to the plan, not yet determined; (2) the contemplated
application of $60,000 to the purchase of secured 6% income bonds of
within such period as shall be determined by
of Galveston-Houston Electric Ry.
b Created
principally through the cancellation of debt incident to the plan of re¬
organization.
Contingent Liability—The court, in the reorganization proceedings, denied
a Government claim of $213,282 plus interest of $39,162 to April 6, 1935,
Galveston-Houston Co.
the board of directors
.
.
plus interest at 6% thereafter for additional Federal income tax for the
1931 assessed against the consolidated group, for which this company,
a member of the group, has a contingent liability.
The Government,
as
2,100,000
420,000
1.112,451
appeal.—V. 142, p. 1467.
General Mills, Inc.—New
Director, &c.—
Chairman of the Board, on May 29 announced the election
the board of directors of the company.
Mr Bell also announced the election of Arthur M. Hartwell and Walter
R. Barry and L. N. Perrin as Vice-Presidents, and Walter Mills as a member
of the operating board.—V. 142, p. 1467.
James F. Bell,
of J. S. Hargett to
14,281
1,451,523
84,336
$4,486,308 $5,152,564
Total
To
7,749
2,358
2,215
Bonds in escrow.-
however, has taken an
2,100,000
420,000
1,355,103
$4,486,308 $5,152,564
guarantee payment of additional income taxes for prior
V. 141. P. 2116.
x
16,500
81,754
stock
par)
$5,023,618 $5,023,618
equipment
Cash
General Printing
Total.
D/-340
year
reserve
and W. A.Telpel
Investments
Accounts payableDividends declared
Wise, unempl. ins.
of
lives
Notes & accts. rec.
x
Jan. 31 '36
$219,247
deposit &
hand
ins.
Liabilities—
$169,366
Liabilities—
1935
plant &
Inv. in affil. co—
120,000
Jan. 31 '36
Assets—
$169,026
61,300
Comparative Balance Sheet April 30
1936
Assets—
Property,
a
Earned surplus, Jan. 31, 1936
period)
Total
ac¬
18,751
$4,007
$3,342
1
Deficit (beginning of
602,366
-
discount, collections of
previously written off, &c.)
surance,
Net deficit
$27,211
141,815
$36,002
Earnings for the Year Ended Jan. 31, 1936
$221,383
124,178
44,312
18,808
$208,527
172,524
revenues
...
years
stock, no par
Ink Corp.—Extra Dividend—
declared an extra dividend of 50 cents per share in
quarterly dividend of like amount on the common
value, both payable July 1 to holders of record June 17.
An
The directors have
addition to the regular
3852
Financial
paid on Dec. 31, 1935, 30 cents extra paid on Dec.
31, 1934, and 10 cents per share on Oct. 1, 1934.
The regular quarterlydividend was increased from 40 cents to 50 cents with the April 1, 1936
payament.
See also V. 142, p. 1290 for detailed dividend record.—V. 142,
p. 3345.
Chronicle
June
4
of earned surplus
declared out
Company Only)
Assets—*
in two wholly owned subsidiary
companies (at company's valuation):
Common stocks:
Southeastern Electric & Gas Co
Southern Electric Utilities Co
Investments
Corp.—Accumulated Dividends—
General Public Service
The
June 6, 1936
Balance Sheet Dec. 31, 1935 (Parent
extra of 50 cents was also
(non-operating)
$13 ,430,190
1,000
security profits a dividend of $5 a share on account of accumulations on the
$6 cum. pref. stock and a pro rata dividend of $4.58 1-3 a share on account
of accumulations on the $5-50 cum. pref. stock, both payable June 30 to
holders of record June 15.
The last previous dividend on the preferred
6% interest-bearing convertible obligations:
Southeastern Electric & Gas Co
Southern Electric Utilities Co
Accounts receivable from subsidiary (non-oper.) companies
Deposits for matured notes and note interest (<
(contra).
stock
Cash
directors
on
derived from
paid on Feb. 1, 1932, and, including the dividend normally pay¬
able on May 1, 1936, the cumulative unpaid dividends on that date
amounted to $25.50 a share on the $6 dividend series and $23,373^ a share
on the $5.50 dividend series.—V. 142, p. 2667.
was
—
—
— -
-
-
-
19 ,000,000
50 ,500,000
113,431
45,710
1,447
6,999
— -—
Accounts receivable—miscellaneous
Total.
—
$83,098,778
•-
—
Liabilities—
General Gas & Electric Corp.
(& Subs.)—Earnings—
1936
12 Months Ended March 31—
1935
Capital stock (including stock to be issued)
'
$21,210,404 $20,077,445
Total operating revenues
8,072,075
Operating expenses
1,294,159
Maintenance
Prov. for retire., renewals & replace,
Federal income taxes
1,825,220
187,141
of fixed cap..
2,251,408
Other taxes
$7,580,400
54,658
Operating income
Other income (net)
Gross income
7,420,461
1,337,609
1,572,555
101,509
2,169,224
$7,476,084
Funded debt...
Accounts
on
Reserves and miscellaneous
Capital surplus
Corporate surplus
Gross oper.
Maintenance
for
Prov.
Years (Incl. Subs.)
1933
1934
1932
769,808
$5,134,411
632,171
537,732
$5,228,288
627,173
517,878
$5,249,744
702,344
636,667
$6,304,314
2,360,102
332,163
$6,373,339
2,254,429
332,082
$6,588,755
2,027,549
292,234
retirement—
576,938
882,189
559,571
883,173
$2,152,922
Drl09,751
$2,344,084
12,006
$2,704,846
2,327,844
$3,539,159
$2,043,171
$2,356,090
$5,032,689
1,248,381
247,005
Cr7,156
1,266,483
247,406
Cr4,704
1,475,712
142,916
CV8.637
33,665
155,066
161,520
143,905
funded debt
Int.
on
unfunded dt
Int. during construc'n
Divs. on pref. stocks.
Amort,
of debt
2,135,918»
301,727
Crl2,512
348,234
disc't
and expense
Accr'd
divs.
183,518
pref.
on
stk. of sub. co. held
35,400
35,882
35,882
44,665
$546,874
by the public
$363,993
$649,503
476.547
471,011
72,657
320,774
103,629
.
and expense
35,966
stock and surplus.
3.242
38,910
38,910
$15,781
_
$17,384
$343,442
$293,083
Telephone Allied Corp.—Bal. Sheet Dec. 31 *35.
Assets
Investments in pref. stocks of operating telephone cos. (stated
at values, approved by the board of directors, as of July 17,
1935, based on an appraisal made in 1934 by independent
engineers):
14,450 shares ($100 par) 6% cumulative preferred stock of
Michigan Associated Telephone Co
$1,170,450
14,800 shares (no par) $6 cumulative preferred stock of South¬
western Associated Telephone Co
518,315
9,400 shares (no par) $6 cum. pref. stock of Interstate Tel. Co.
940,000
Invest. in com. stock of General Telephone Corp. (parent co.):
82,175.4 shares ($20 par)—stated at book value as of July 17,
1935, after adjustments necessitated by exercise of purchase
rights, &c., as recorded on the books of that corporation..
2,965,722
Cash in bank—General account
33,067
Special account
;
14,100
Divs. receivable on pref. stock of Michigan Associated Tel. Co.
14,450
—
$5,656,105
$6 pref. stock (38,580 shares, no par), at stated value
Common stock (100 shares, no par)
Excess
66,905
68,914
50,858
of the
July 17,
$15,241
common
$199,378 prof$36.921 pf$2709,155
1935
$
Assets—
Fixed capital
In v. in Assoc. G. & E. Co., incl. sees, to be received
Investments in other affiliated companies
176,360,514
50,540,414
140,922
Miscellaneous investments
50,540,414
14,848
14,185
241,353
500,603
577,678
__
1,031,388
51,019
3,101,063
1,301,651
Notes receivable
Accounts receivable
Materials and supplies
Interest and dividends receivable
238,327
12,354
840,491
206,670
833
Appliance accounts receivable sold
Prepayments
157,056
172,261
93,772
368,156
expense
Total
28,360
37,196
64,997
799,189
7,249,434
Balances in closed banks
Miscellaneous unadjusted debits
Abandoned property
Unamortized debt discount and
1934
$
74,164,553
82,826
Sinking funds and other deposits with trustees, &c_
Deposits for matured bond interest, &c. (contra)
Other special deposits.
Cash (including working funds)
2,621,162
242,770.137 128,783,558
Capital stock (including stock to be issued)
Corporate surplus.
Capital surplus
Capital stock (preferred) of subsidiaries
Sub. cos.' common stock and surplus applic. thereto
Funded debt—General Gas & Electric Corp
Subsidiary companies
Notes and accounts payable to affiliated cos
Matured bond interest, &c. (contra)
Matured int. unpaid on bonds of Fla, P. S. Co
Advances from affiliated companies
Notes payable
Accounts payable
Dividends declared or accrued on pref. stks. of subs
Taxes accrued.
Interest and miscellaneous accruals
Consumers' service and line deposits
Guaranty of appliance accounts receivable sold
10,069,501
2,586,537
83,853,082
20,002,200
853
1,788,834
91,461,950
12,406,702
500,603
Reserve for doubtful accounts receivable
Reserve for balances in closed banks
73,509
270,828
Reserve for unpaid cum. pref. divs. of subs
reserve and unadjusted credits
414,385
331,886
Contribution for extensions, non-refundable
Total
2,993
207,205
186,333
412,586
363,270
157,056
393,618
Miscellaneous
3,126,865
23,384,200
10,215,833
145,302
275,850
reserve
10,069,258
2,462,661
73,741,781
512,600
401,297
920,478
1,183,976
199,718
772,047
1,827,498
1,179,679
11,698,046
reserve
Federal income tax
$4,108,770
3,304,692
165,467
141,563
34,246
116,011
98,652
92,040
....242,770,137 128,783,558
Income Account (Parent Company Only) for the
Years Ended Dec. 31
1935
Income from subsidiary (non-oper.) companies:
Interest on accounts and convertible obligations
1934
recorded
1935,
over
value
of the
1
assets
acquired as of
the stated value of the preferred and
stocks issued therefor
rec. or accr. on
pref. stks. of
1,499,914
oper.
tel.
cos.
applicable to—•
Period prior to date of acquisition of such stocks
Period subsequent to date of acquisition of such stocks
Consolidated Balance Sheet Dec. 31
47,466
38,533
Dr38,580
Less—Dividends paid on preferred stock
Total
$5,656,105
—V. 142, P.
1642.
General
Telephone Corp .—Annual Report—
The General Telephone Corp. is the new company created by the plan of
reorganization of Associated Telephone Utilities Co., which was confirmed
May 13,1935. On July 17, 1935, it acquired all of the assets of the estate of
Associated Telephone Utilities Co., debtor, except the preferred stocks of
three companies and a small amount of cash, which were acquired by
General Telephone Allied Corp., a subsidiary of General Telephone Corp.,
as provided by the plan.
Upon receipt of the assets of the estate of Associated Telephone Utilities
Co., debtor, the corporation issued for distribution to the former stock¬
holders, debenture holders and general creditors of Associated Telephone
Utilities Co., in accordance with the provisions of the plan of reorganization
of that company, its common stock, purchase rights and stock warrants;
and General Telephone Allied Corp. issued its $6 preferred stock to the for¬
mer secured
note holders -of Associated Telephone Utilities Co.
Of the
purchase rights issued, 73,513 were exercised, calling for the issuance of
73,513 shares of $3 convertible preferred stock and 73,513 additional shares
of common stock for which the corporation received cash in the amount
of $3,675,650.
As a result of these distributions, the corporation and its subsidiary,
General Telephone Allied Corp., had outstanding as of March 31, 1936,
the following amounts of securities:
General Telephone Corp.—Common stock
$3 convertible preferred stock
a700,681 shs.
73,513
Warrants
shs.
b257,548 shs.
General Telephone Allied Corp.—$6 preferred stock
38,580 shs.
a Includes
82,175 shares held by General Telephone Allied Corp. and
13,836 shares held by United Telephone Co.
b Includes 2,494 shares owned
by General Telephone Corp.
General Telephone Corp. is a holding company which owns, directly or
indirectly, the common stocks and certain other securities of lo operating
telephone companies and one telephone directory publishing company.
The entire General Telephone System, including the five subsidiaries of
one holding
company which is in reorganization, serves approximately
380,800 telephone stations.
The subsidiary operating companies of General Telephone
Corp. are
as
follows:
Associated Telephone Co., Ltd., a California corporation, conducts its
operations in various territories in the southern part of California.
This
company
also
owns
Telegraph Co.,
phone Co.
the
Reedley
common
stocks
Telephone
Co.
of Lindsay
and
Fowler
Commonwealth Telephone Co., a Wisconsin
various parts of the State of Wisconsin.
a
Home Telephone &
Independent Tele¬
corporation,
operates in
Illinois Commercial Telephone Co., an Illinois corporation, operates in
large number of communities in various parts of the State of Illinois.
Indiana Associated Telephone Corp., an Indiana corporation, provides
telephone
service
to
27
communities
and
surrounding
territory
in
the
__
Provision for taxes
Balance
funded debt and interest-bearing scrip
unfunded debt
Amortization of debt discount and expense
Net loss..
!■
State of Indiana.
$319,371
110,043
18,052
$295,422
108,003
30,139
Lexington Telephone Co., a Delaware corporation, provides telephone
service in Lexington, Ky., and in certain cities and towns suburban to
Lexington. The company's subsidiary is Woodford Telephone Co.
Ohio Associated Telephone Co., an Ohio corporation, provides telephone
$191,275
(to extent earned)
General expenses
on
3,242
29,469
459,039
—V. 142. p. 3169.
Divs.
on
'875,602
34,479
funded debt
Surplus, representing:
37,253
Net loss for year
Interest
$1,696,105
60,652
422,360
871,653
Total-.
of debt disc't
Interest
$1,737,018
2,667
36,719
72,966
Tjahi It/ifi.s*—*
serial g. notes
Other interest
on
Retirement
$132,980
$3,200,463
430,247
94,614
$1,672,279
23,826
Bal. avail, for common
deductions:
Amort,
on
on G. P. U., Inc.,
$5 preferred stock
Gen. Gas & Elec. Corp.
Int.
4,110
$1,699,419
37,599
ft,787
Divs.
631,006
933,120
Sub. cos.' deductions:
on
Int.
General
899,548
1,307,997
$3,587,364
Dr48,204
Int.
$130,450
-
Exp. & taxes of G. P. U.
Inc. (excl. oper. divs.)
Charges of sub. cos
'
renewals & replacem'ts
$129,192
1936—12 Mos.—1935
$4,685,612
$4,524,384
2,986,193
2,852,105
72,835
Total
$10,475,272
4,039,143
641,218
Operating expenses
230,307
$123,528
6,922
income
Net oper.
$272,863
$8,844,329
861,133
256,868
Non-oper. income
454,287
Consolidated Income Account for Calendar
revenues.
1936—Month—1936
$380,396
$359,499
.
revenues—
Operating expenses._—
1,262,822
Balance
Gas revenues
.$83,098,778
1290.
Period End. Apr. 30—
525,905
Crl6,224
397,504
interest-bearing scrip, &c
Miscellaneous
i
General Public Utilities, Inc. (& Subs.)—Earnings-
General Gas & Electric Corp.—Int. on 5% notes,
1935
unadjusted credits.
Total
4,737,900
unfunded debt
Interest charged to construction
Amortization of debt discount & expense
Dividends on preferred stock—
payable.
Interest accrued..
Miscellaneous accruals
Annual int.& Div. require, on outstanding securities
Interest
-
Notes and accounts payable to affiliated companies
Matured notes and note interest (contra)
-V. 142, p.
$7,635,058
subsidiary companies—Interest on funded debt-
$10,069,501
1,788,834
6,964,635
45,711
46,035
18,498
39,622
257,434
63,035,043
833,464
$157,280
service in Ohio.
430,247
476,547
94,614
37,253
35,966
50,858
$370,840
$406,091
Pennsylvania Telephone Corp., a Pennsylvania corporation, provides
telephone service to areas in the State of Pennsylvania.
Upstate Telephone Corp. of New York, a New York corporation, fur¬
nishes telephone service in the cities of Johnstown and Gloversville, N. Y.,
and throughout the Adirondack region of northern New York.
Volume
General Telephone Corp. also owns the Tel-Ad Publishing Co., which
publishes telephone directories for certain of the companies in the system
and some other independent telephone companies.
General Telephone Corp. owns all of the unsecured debt of Indiana
Central Telephone Co., part of its first lien collateral trust bonds and all
of its common stock.
Indiana Central Telephone Co. is in reorganization
proceedings under Section 77-B of the Bankruptcy Act in the Federal Court
of the District of Delaware. This company is a holding company owning
the common stocks of the following:
(1) Interstate Telephone Co., an Idaho corporation, which, with its
subsidiary, Farmers Independent Telephone Co., operates in the States of
Washington, Idaho and Montana.
(2) Michigan Associated Telephone Co., a Michigan corporation, oper¬
ating in the State of Michigan.
1
(3) Southwestern Associated Telephone Co., a Delaware corporation,
which, with its subsidiary, Haskell Telephone Co., operates in the States of
Texas, Oklahoma, New Mexico and Louisiana.
Voting Control Held.—The following' indicates the respective percentages
of voting power of each of the subsidiaries held by General Telephone Corp.
as of March 31,
1936, either directly or indirectly through subsidiaries:
,
...
Per Cent
PCT Cctlt
c
Fowler Independent Tel.
Co..
Lindsay Home Tel. & Tel. Co.
99.28
100
c
Interstate Telephone Co
dlOO
97.12
c
c
64.30
—
100
100
99.98
Woodford Telephone Co
Commonwealth Tel. Co. (Del.)
United Telephone Co.Trl-State Associated Tel. Corp.
Tel-Ad Publishing Co
General Telephone Allied
100
Corp.elOO
General Telephone Corp. owns 122,511 shares of the
total of 136,485
of preferred
shares of common stock and eight shares of its 106,312 shares
stock.
Both classes of stock have equal voting power.
b General Telephone Corp. owns all of the 121,237 shares
stock and 3,131 shares of its 21,336 shares
of stock have equal voting power.
of preferred stock.
1936—Month—1935
$82,762
$79,533
def6,645
def4,612
14,689
9,372
1,417
1,268
Non-operating income..
Gross deficit
Deductions
Def.
~
"
applic. to int
$14,295
Period—
1936—4 Mos.—1935 2
$353,059
$335,147
6,898
9,866
23,303
13,602
5,499
4,850
$17,804
3,827
~~
$9,165
$8,752
4,221
$21,631
$8,103
1,061
$13,271
1,023
....
Third Week
$12,974
Jan. 1 to May 21—
of May
1935
1936
1935
$19,925
$406,983
$389,998
1936
$293,669
51,665
50,987
1935
$280,195
54,382
59,801
1934
$266,969
41,625
42,690
1,137,693
173,407
183,632
1,022,160
152,671
172,488
1,084,657
182,797
182,448
1933 1
$271,511
57,292
59,406
sM
964,966
1936
Gross earnings-
$17,450
—V. 142, p. 3676.
Georgia RR.—Earnings.—
April—
Gross from railway
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
124,406
127,422
—V. 142, p. 2996.
Glidden Co., Cleveland (&
100
100
100
Corp..
General Telephone Service
Apr. 30—
oper. revenue..
Net rev. from ry. oper..
Net ry. oper. deficit....
99.89
Farmers Independent Tel. Co.
a
Georgia & Florida RR.—Earnings—
Period End.
Railway
Co.dlOO
Lexington Telephone Co
100
b87.23
100
c Ohio Associated
Telephone Co. 100
Pennsylvania Telephone Corp...
99.99
Upstate Telephone Corp. of N. Y. 100
Indiana Central Tel. Co. (inreorg.) 100
Co.dlOO
Southwestern Assoc. Tel.
Haskell Telephone Co
Union Telephone Co
100
Reedley Telephone Co.
Commonwealth Telephone Co...
Illinois Commercial Telephone Co.
Indiana Associated Tel. Corp....
Michigan Associated Tel.
c
Associated Telephone Co., Ltd.. a50.46
c
3853
Financial Chronicle
142
of common
Both classes
when divi¬
respective
charters, and under the provisions of the respective charters such preferred
stocks of these companies now have voting rights. If such voting rights are
counted, the percentages of voting power held directly or indirectly by the
corporation in said companies are as follows: Ohio Associated Telephone
Co., 93.2%; Interstate Telephone Co., 98.7%; Michigan Associated Tele¬
phone Co., 99%; Southwestern Associated Telephone Co., 99.2%; Union
Telephone Co., 96.7%; Commonwealth Telephone Co. (Del.), 94.6%;
Subs.)—Earnings—
GMos.End.Apr.30~
1936
1935
1934
1933
Net sales
$19,897,937 $17,579,012 $13,760,704
Operating income
1,333,345
1,797,4961
Not
Other deductions (net)..
CV35.865
1,325/
available
Profit
$1,369,210
257,959
104,995
138,500
Federal taxes
Net profit
$1,796,171
257,714
126,305
195,000
$1,267,185
240,928
110,177
110,000
$390,463
236,894
123,359
$867,756
Depreciation
Interest
$1,217,152
$806,080
$30,210
—V. 142, p. 3676.
The preferred stocks of these companies have voting rights
dends thereon are in arrears to the extent specified in their
c
United Telephone Co., 78.9%.
/
d The common stocks of these companies are pledged under the agree¬
ment of assignment and pledge securing the first lien collateral 10-year
5M% gold bonds, series 1928, of Indiana Central Telephone Co., which
bonds are now in default under the terms of the agreement.
The trustee
of the agreement, in accordance with the terms of the agreement, has
caused the stocks to be registered in its name or in the name of its nominee
and holds voting power of such stocks.
If the voting rights thus held by
the trustee of tne agreement are excluded from the voting power of the
corporation and only the voting rights carried at the present time by the
preferred stocks'of the companies (see c above) are iiycluded in such voting
power, the percentages of voting power held directly or indirectly by the
corporation are as follows: Interstate Telephone Co., 28.6%; Michigan
Associated Tel. Co., 45.2%; Southwestern Associated Tel. Co., 25.9%.
e Owned by 12 subsidiary operating companies.
Gorton-Pew
Fisheries
(Corporation and, Subsidiaries)
The stockholders have
officers
as
approved the issuance of 800 shares of stock to
compensation.—Y. 142, p. 2159.
Graham-Paige Motors Corp.—Shipments—
Shipments to date of 1936 model Graham superchargers are243% above
shipments of the 1935 model supercharger for the entire model year, accord¬
ing to Robert C. Graham, Executive Vice-President.
The Graham 1936
model equipped with supercharger sells in the $865 to $1,170 list price
range, while last year's supercharger model was a larger car selling in the
$1,095 to $1,215 list price range.—V. 142, p. 3171.
Granby Consolidated Mining, Smelting & Power Co.,
Ltd.—Dividend—
The directors have declared
on
July 17 to
■
Toll
Total
Dec. 31
July 16
i
Operating revenues—•
Exchange revenues
revenues
Miscellaneous operating revenues.
$4,102,977
983,340
205,372
934,025
187,315
A
capital distribution of $5 per share was made on
1932, when
a
dividend of 12)4
$8,869,553
1,917,365
392,688
$5,224,319 $11,179,608
16,569
45,313
Balance
$5,926,545
Maintenance
1,007,990
Provision for depreciation
1,029,295
Traffic
743,606
Commercial
404,707
General & misc. exp. of oper. cos (net)
416,234
Operating expenses of holding cos
140,776
Operating rents
75,132
Taxes (incl. Federal income tax for
year of $48,256)
421,179
$5,207,749 $11,134,294
1,902,287
894,297
922,277
1,951,572
635,068
1,378,674
364,315
769,023
367,730,
783,966
63,894/
204,670
67,435
142,568
428,107
849,286
Net operating income
Other income—net
$1,687,623
27,426
$1,464,621
12,335
$3,152,245
39,761
Net earnings
Interest on funded debt
$1,715,049
844,518
7,786
45,453
Cr4,749
$1,476,957
675,103
7,676
42,902
Cr5,917
$3,192,006
1,519,621
15,462
229,576
193,221
422,798
52,136
43,877
96,013
-
-
General interest
Amortiz. of debt discount and exp
Interest charged to construction
Dividends
preferred stocks of sub¬
sidiary cos. held by public
Prov.
for
88.356
Cr 10,666
on
sub.
undeclared
cos.
cum.
pref. dividends in arrears
Minority common stockholders' inter¬
est in net income of sub. cos
25,382
Net income
-
17,188
20,410
11,489
42,570
31,899
$494,534
$491,415
$985,949
Misc. deductions from income
-
Note—The statement of consolidated income from July 17 to Dec. 31,
1935, is for the corporation while the statement of consolidated income
1 to July 16, 1935, is of the estate of Associated Telephone
Utilities Co., debtor (the assets of which were acquired on July 17, 1935)
and subsidiary companies.
from Jan.
Consolidated Balance Sheet Dec. 31, 1935
Common
stock
of
General
Telephone Allied Corp
Other Investments
8pecial funds
Debt discount and expense in
amortization
Prepaid accts. and def'd chgs.
process of
Cash
Working funds.
-
-
Notes and accounts receiv.Materials and supplies......
115,353
643,930
1,373,646
and surplus of subsid. cos..
Funded debt
....
Demand note payable
Accounts payable..
on
funded debt-
Accrued taxes
Accrued divs.
pref. stockService billed In advance....
Misc. current liabilities
on
Reserves..
Total
$79,378,709
419,576
29,066,800
Deferred liabilities
Accrued int.
40,097
90,000
629,627
242,897
572,131
32,459
196,102
88,153
10,490,333
Total
——-$79,378,709
a Stated at book value as of July 17,1935, after adjustments
necessitated
by exercise of purchase rights, less accumulated undeclared dividends on
preferred stock at that date.
Thl3 subsidiary company, in turn, owns
82,175.4 shares of common stock of General Telephone Corp.. carried on
its books at $2,965,722.-—V. 142, P. 3345.
-
Genessee River RR.—Bonds Called—
A total of $54,000 1st mtge. 6%
50-year
s.
f. gold bonds, due July 1,1957,
have been called for redemption on JUly 1 at 115.
Payment will be made
at the Guaranty Trust Co. of New York.—Y. 142, p. 2500.
Dec. 2,
1935, this
1,
p. 1291.
paid.—V. 142,
Films, Inc.—Listing Approved—
stock, $1 par.—V. 142,
p.
3345.
Month of—
1936
March
April
May
-
$5,753,923
6,475,347
7,648,879
8.328,257
1935
$5,578,375
6,953,195
7,662,787
7,429,574
1934
1933
$4,492,044
5,136.563
6.267,376
$4,550,096
6,774,303
5,951,919
7,179.255
6,552,836
142, p. 3171.
Great Lakes
Paper Co., Ltd.—New Company Formed—
Personnel—
C. H. Carlisle was on May 26 elected President of the new Great Lakes
Paper Co., Ltd.
The new company was incorporated under the laws of the Province of
Ontario on April 3, 1936, for the purpose of acquiring all the assets and
undertaking of the old company known as Great Lakes Paper Co., Ltd.
E. G. Long was elected Vice-President, while R. G. Meech was made
Secretary. Other directors include: A. D. Cobban, L. E. Aldrich, John W.
McCurdy, Harry Murphy and Ray Lawson.
A ninth director is to be appointed at an early date, according to an of¬
ficial notice from the company, and will be named by American publishers
a\ ho have entered into 10-year contracts with the new company.
Election of officers practically winds up affairs of the company in so far
as the reorganization struggle and other changes made necessary under re¬
incorporation and once more starts the company out into regular channels
of business.—V. 142, p. 1643.
Great Northern
Ry.—$94,000,000 of Bonds Subscribed—
1 of subscription rights to $99,422,400
4% convertible bonds, series G and H, maturing July 1, 1946,
Following the expiration June
gen. mtge.
the First National Bank, New York, as agents for the company,
announced
$94,000,000 of these bonds had been subscribed for
subscriptions for exchange received from holders
of the company's maturing gen. mtge. 7% gold bonds, series A, were
substantially in excess of the difference.
The company had offered its stockholders of record on March 16, 1936,
the right to subscribe at par to the new convertible bonds in equal amount
of each series, on the basis of $40 aggregate principal amount of bonds for
that approximately
by the stockholders and
held.
Holders of the company's gen. mtge. 7s later were
their holdings for a like amount of
convertible bonds to the extent not taken by the stockholders.
The new issue, together with funds otherwise in the company s treasury,
will provide for meeting the maturity on July 1, 1936, of the gen. mtge. 7s.
each
share
offered the privilege of exchanging
such
new
July 1, 1936 on all general mtge. 7% gold bonds, series A, matur¬
ing July 1, 1936, except such as may be deliverable pursuant to subscrip¬
tions to exchange for the company's new general mtge. 4% convertible
bonds, series G and series H.
interest to
$3conv.pref.stk. (73,513shs.) $3,675,650
Common stock (par $20)
13,744,463
1,103,827 Paid-in surplus
11,247,358
682,772 Earned surplus...
372.960
427.478 Pref. stocks of subsidiary cos.
held by public
8,470,103
1,924,199 Minority Int. in common stk.
540,570
7,521,758
was
tion at
Liabilities—
Telephone plant, equip., &c_ $65,045,176
a
share
The company has arranged to pay immediately and on proper presenta¬
the office of First National Bank, New York, principal of, and
[Excluding General Telephone Allied Corp.]
Assets—
cents per
(W. T.) Grant Co.—Sales-
—V.
Total operating revenues
$5,955,288
Less—Prov. for uncollectible accts..
28,743
second interim distribution of $2 per share
latter being the first payment made on the common stock since Feb.
February
$4,766,575
a
the $100 par common stock, payable immediately on stamping of cer¬
on June 10.
An $8 liquidating dividend was paid March 10 last.
tificates
standing shares of common
-Year Ended Dec. 31, 1935
Jan. 1 to
to
(
The New York Curb Exchange has approved the listing of 200,000 out¬
[Excluding General Telephone Allied Corp.]
'
Stock
Issue
Ltd.—To
.
Grand National
Income Account
Co.,
Officers—
$4,935,000 Bonds Offered by RFC—Bids Asked by June 18—
received
June 18 at its offices in Washington on 45 issues of securities
municipalities, counties and school districts aggregating $4,254,300, and on one issue of Great Northern Ry. secured serial bonds of $4,935,000. All the securities were bought by the Reconstruction Finance
Corporation from the Public Works Administration, and each pays 4% int.
The railway issue will mature as follows: $309,000 semi-annually from
Oct. 1, 1936, to Oct. 1, 1939; $308,000 semi-annually from April 1, 1940,
to April 1, 1944.
The bonds are not redeemable.
They are secured by
$7,000,000 Great Northern Ry. gen. mtge. 6% bonds, series F, due July 1,
1953.
Any tax on the transfer of the bonds from the RFC to the successful
bidder must be paid by the latter.—V. 142, p. 3677.
The Reconstruction Finance Corp. called for bids on June 1 to be
until
noon on
of States,
•/•
Abandonment—
The Interstate Commerce
Commission
on
May 23 issued
a
certificate
permitting the company to abandon lines of railroad called (1) the St. John
segment, extending northerly from St. John to the international boundary
line between the United States and Canada,
3.55 miles, all in Rolette
County, N. Dak., and (2) the Walhalla segment, extending northerly from
Walhalla to said boundary line, 5.32 miles, all in Pembina and Cavalier
counties, N. Dak.—V. 142, p. 3677.
Great Western Sugar Co.—New President■—
elected Frank A. Kemp President and reappointed
General Manager.—V. 142, p. 3676.
Directors on May 27
Mm
%
3854
Financial
Chronicle
June 6, 1936
Consolidated Balance Sheet Jan. 31
(H. L.) Green Co., Inc.—Sales-
1936
Month of—
February
March
April
May
_
The
company had 130 stores in operation during
with 132 stores in May, 1935—V. 142, p. 3676.
Green Bay & Western RR.April—
From Jan. 1—
Gross from railway
May,
compared
as
Cash
U. S. Govt. sec...
Market securities-
1935
1934
1933
$92,746
$80,305
7,949
1,364
9,412
2,543
Accrued liabs
381,944
&
Bals. rec.,
deferred
472,636
102,763
67,781
509,553
126,917
69,456
362,586
33,742
5,575
326,072
34,932
6,544
machinery, &c__ll,980,552
& accts.
Notes
on
Purchase Bid—
12,700,611
Treasury stock—
376,793
301,831
14,315
521,680
26,403
26,403
32,512
Other investments
Prepd.&def.chgs.
Capital
ted that proofs of claims and interests of creditors and stockholders shall be
filed with the trustees at their office, 425 N. Delaware Ave., Camden,
N. J., on or before July 31, 1936, and that no claim or interest which shall
not have filed by said date shall be allowed to participate in any plan of
reorganization except on order of the Court for cause shown.
The debtor is directed to file
debtor.
Individual
a
proof of interest on behalf of stockholders
may, if they so desire, file in¬
stockholders
dividual proofs of interest.
The trustees will file with the Clerk of the Court
on or before Aug. 15,
1936, a report of all such claims and interests filed with them on or before
July 31, 1936.
The trustees are: William G. Moore, George M. Flint and David Baird Jr.
—V. 98, p. 1996.
and
paid-
in surplus
37,978
615,872
b875,729
1,976,192
2,472,582
16,035,578
16,796,401
Surp. arising from
16,035,578 16,796,4011
After depreciation
320,003
800,000
4,000,000
__T
Total
of $10,800,388 in
1936
and
$8,697,562 in
1935.
b Deficit in earned surplus as at Jan. 31, 1935, $542,841, applied against
paid-in surplus.—V. 140, p. 3389.
Hamilton
Guanajuato Reduction & Mines Co.—Filing of Claims
stock
appraisal
a
6,827,500
390,517
800,000
4,000,000
mortgage
Common
cos.
-
6,827,500
money
Preferred stock
directly
Total
215,566
Funded debt
Purchase
Contr. & rec'les.
of
425,000
of sub
surp.
purch.
Empl. stk.
109,043
250,000
...
Re8.forcontlng.__
a
The trustees give notice (see advertising pages) that the U. S. District
Court for the District of New Jersey by order entered May 25,1936 has direc¬
23,000
oblig.
money
Min. int. in cap. &
6,684
not consolidated
bid by Zenith Radio Corp. for all of the property of Grigsby
west of Austin Ave., Chicago, which consists principally of all of the new
plants of that company.
In his petition the trustee asked that an order
be entered requiring all creditors of Grigsby-Grunow to show cause why th<&
Zenith bid should not be accepted.
Zenith's latest bid is $410,000, or
$35,000 more than the last bid submitted by the company which was
rejected.—V. 142, p. 1817.
obllg. deferred
Pur.
of
11,026
controlled
Grigsby-Grunow Co.—Hearing
34,029
Notes pay. & other
(current)
Stock
Referee in Bankruptcy Streeter has set for hearing on June 17 a petition
filed by Frank R. McKey, trustee in bankruptcy for the company sub¬
profs.
excess
taxes
1,457,222
17.6C3
876,058
298,532
683,140
754,370
$
Prov.for Fed. inc.
«
receivable 1,327,500
22,225
accts.
—V. 142, p. 2996.
of the
10,363
'
Customers' notes &
Inventories
$129,013
34,339
23,655
Notes payable
603,761
200,000
314,786
268,958
100,000
33,374
10,363
51,123
1935
$
Accounts payable.
493,746
118,000
Value of life ins—
1936
Liabilities—
S
641,569
-
officers & empl.
Net from railway
Net after rents
mitting
1935
$
Assets—
Sundry accts. rec.
—Earnings.
1936
$126,954
35,212
19,388
Gross from railway
Net from railway
Net after rents
1935
$1,609,115
1,981,446
2,383,537
2,157,556
1936
$1,867,874
2.043,153
2.521,571
2,514,305
.
By-Products
Coke
Ovens,
Ltd.—Bonds
Offered—Public offering of $750,000 6% 20-year general
mortgage bonds was made recently in the Canadian market
at 99.50
by a syndicate composed of W. C. Pitfield & Co.;
Thomson & Co.; Dominion Securities Corp.;
Wood, Gundy & Co., and Midland Securities Corp.
Nesbitt,
The purpose
of the issue is to replace previous issue of $1,000,000 6%
bonds, due July 1, 1936, and held by Union Gas Co. as security
Of the former issue of 6H% gen. mtge. bonds the company
redeemed $250,000 and issued present bonds in exchange for balance.
—V. 141, p. 4016.
gen. mtge.
for
loans.
Handley Page, Ltd.—Extra Dividend—
The company
has authorized the full fixed 10% dividend
on its preference
year.
Di¬
£116,965 reserves, and pay a bonus to
shareholders of five shillings in common stock for each two shares of eight
shillings preference stock owned.—Y. 141, p. 2117.
shares for 1935, plus an additional 10%, making 20% for the
Guarantee Co. of North America—Extra Dividend—
The directors have declared an extra dividend of $2.50 per share in
of $1.50 per share on the common
stock, par $50, payable in Canadian funds on July 15 to holders of record
June 30.
Similar distributions have been made each quarter since and
including Jan. 16, 1933.
Non-residents of Canada are subject to a 5%
addition to the usual quarterly dividend
Guardian Investors
Corp.—Bal. Sheet March 31, 1936-—
Assets—
Liabilities—
Cash
$77,499
3,558,999
_____
receivable
Accounts
Dividends
receivable
1,559
and
fixtures,
589
676
235
Accrued debenture interest.
Reserve for
5%
gold
295
debentures
series A
2,057,000
_
$7 dividend series
1,373
.
1,106
46,058
$6 dividend series
Second preferred, $3 div. series
Common stock (par $1)
63,000
Surplus
509,915
917,445
Total
$3,640,738
______
Total
$3,640,738
have declared
a
dividend
of
25
cents
share
the
common stock, par $25, payable July 1 to holders of record June 15.
A
like payment was made on April 1, last, this latter being the first dis¬
bursement made since Oct. 1, 1931 when a quarterly dividend of 37M cents
per share was distributed.
This rate had been maintained since and
including Jan. 1, 1923.—V. 142, p. 3510.
per
The directors have declared a dividend of $3.50 per share on account of
on the 7% cumulative preferred stock, par $100, payable
July 1 to holders of record June 15.
A like payment was made on April 1
and Jan. 15 last, this latter being the first payment made on the preferred
stock since April 1, 1931, when a regular quarterly dividend of $1.75 per
share was distributed.—V. 142, p. 2828.
Hamburg Electric Co.—Offer Extended—
The company announced the extension to June 15, 1936 of its offer to
holders of its 10-year sinking fund 7 % external gold debentures to extend
the maturity of the debentures to Nov. 1, 1938, at a reduced interest rate
6%, or to accept payment in blocked Richsmarks as the only medium of
payment permitted by the Reich's foreign exchange regulations.
The
debenture loan matured Nov. 1, 1935.
The embargo on the transfer of
funds from Germany prevents the company from paying debenture holders
Bank of the Manhattan Co. is depositary under
the offer.—V. 142, p. 3346.
Gross profit from oper__
Gen., admin., selling &
shipping expenses.
___
Depreciation
Sundry charges (net)
Disc,
on
1935
1934
1933
$2,636,848
$2,040,812
$1,289,383
$2,079,721
792,507
950,015
1,098,723
927,315
57,208
973,392
966,875
See
304,692
Hillcrest Natural Gas Co.—Bonds Called—
All of the outstanding 1st mtge. 6% gold notes
demption
on
earns,
(R. M.) Hollingshead Corp.
$894,325
91,490
loss$42,433
dl53,437
a$ll,299
c518,781
$530,080
397,680
$751,025
420,067
$970,916
816,917
Net profit on operations (standard costs).
income
$76,086
13,858
$153,999
8,342
Net profit (standard costs)
$89,945
Dr2,120
44,949
$162,342
$42,875
$129,315
Real estate operations
Net unabsorbed factory burden.
Net consolidated income from operations
Items set up Dec. 31, 1934, as development exp. of
new
sales units and now written off through
surplus
89,078
$13,200
$304,582 pfa$132,400 pfa$330,957
42,000
48,000
$13,200
367,857
$304,582
373,833
Nil
Nil
Preferred dividends
Balance, deficit---...
Shs .cap .stk .out. (par$ 10)
Earned per share
___
sur$90,400 sur$282,957
374,333
379,223
$0.24
$0.74
a Net profit is after
depreciation of $853,343 in 1934 ($834,565 in 1933).
b After deducting credits, incl. $108,952 discount on bonds
acquired for
sinking fund,
c Sundry credits, incl. $106,606 discount on first mortgage
bonds acquired for sinking fund and a dividend of $24,180 from
Chicago
Rotoprint Co., a directly controlled company not consolidated,
d Including
equity of $39,651 in current earnings of Chicago Rotoprint Co., a directly
controlled
company
not
$129,315
$24,481
Consolidated Balance Sheet Dec. 31, 1935
Liabilities—
Assets—
Cash
___
$49,183
____
Notes and trade acceptances
Accounts receivable
4,574
145,230
2,935
Miscellaneous
439,742
Total
to
bondholders'
78,772
167,892
4,587
payable—trade
Accounts payable—employees..
Accts.
receivable—credit bals__
_
Res. for Fed. inc. & cap. stk. tax
205,864
-
,
Res. for Fed. & State excise taxes
26,202
investments
Advances
$20,000
Accounts
20,154
10,112
assets.__
Fixed assets (net).
Deferred charges
Notes payable—banks.
Trade acceptances payable
51,118
_
Deferred
25,000
1,501
liabilities
Res. for fluctuation in for. exch.
M ortgage
pro¬
tective committee
Accrued payroll, &c
payable—real estate
2d pref. stock
(par $25)
Class A common stock
Class B common stock
.
.
3,170
3,378
35,045
19,032
2,502
2,188
30,800
337,050
a800
b200
276,196
consolidated.
$981,615
Total
a
Represented by 2,000 shares (no par),
(no par).
$981,615
b Represented by 500 shares
(R. M.) Hollingshead Co.—Report—
76,464
partly-owned sub__
Dr73'2
32,294
18,393
account
Net credit to surplus
Total
in net income
Net loss
1934
$971,629
895,543
Operating expenses
a$751,025
$111,003
415,585
Company-
1935
Gross profit on sales
108,951
ex¬
profits taxes
Min. int.
-Succeeds Old
below.
Consolidated Income Statement Years Ended Dec. 31
Goodwill, pats., tr.-marks, &c__
$985,815
441,170
392,302
_
(net)
Prov. for Fed. inc. &
have been called for re¬
Payment will be made at the Colo¬
York City.—V. 135, p. 2175.
July 1 at par and interest.
nial Trust Co., 57 William St., New
Surplus
Prov. for credit losses
of
a
b252,869
-
Gross earnings.
Interest charges
cess
See
a
bonds acquired
Net profit from oper_
$214,812
Includes interest accrued for period on 5M % gold debentures, series of
1926, interest on which has not been paid subsequent to March 1, 1931.—
V. 142, p.3172.
Value of life insurance
1936
for sinking fund
Misceli.
$41,357
173,455
$231,825
Deficit (before deducting depreciation)
121
$53,419
178,406
Interest and other charges.*.
Debit balances—acc'ts payable.
Inventories
(W. F.) Hall Printing Co. (&Subs.)—Earnings—
-
$41,478
162
Operating deficit
of
31—
$551,365
592,843
$53,581
Other
accumulations
Years Ended Jan.
$589,861
643,442
Net operating loss
Non-operating revenue
on
Gulf States Steel Co.—Accumulated Dividend—
in New York in dollars.
1935
1936
See R. M. Hollingshead Co.
Corp.—25-Cent Dividend—
directors
The
3 Months Ended March 31-
Operating expenses, including taxes-
*
John Nickerson, President, says:
The following has occurred within the period from Dec. 31, 1935 to
April 1, 1936:
Indicated market value of investments has increased
$853,406; within $20,000 of the increase which occurred during the entire
year
1935.
The cover behind the capital obligations increased from
$981.43 to $1,377 for each $1,000 principal amount of 20 year gold deben¬
ture.
The value for each share of 1st pref. stock has increased to $16.44.
It had no asset value Dec. 31, 1935.—V. 137, p. 1249.
Gulf Oil
Co.—234-Cent Extra Dividend—10% Stock Div.
have declared an extra cash dividend of 2K cents per
stock dividend of 10% and a regular quarterly cash dividend of
25 cents per share on the common stock, no par value, all payable July 1
to holders of record June 17.
An extra dividend of 25 cents was paid on
Jan. 2,1935.
See also V. 138, p. 2093 for detailed dividend record.—V. 141,
p. 2278.
directors
a
42,854
__
contingencies
First preferred—
charges and prepaid
expense
Harbauer
$2,829
1935-1936
20-year
less
depreciation
Deferred
payable.
to capitalize the
Provision for capital stock tax
41
Due by wholly-owned sub. co.
Furniture
Accounts
propose
The
share,
tax.—V. 142, p. 1987.
Investments
rectors
The bondholders' protective committee for the 1st mtge. 15-year 7%
sinking fund gold bonds due Feb. 1,1938. has submitted a report on matters
concerning the company since the plan of reorganization was submitted
and approved in the early part of the year 1934.
The committee says in
part:
Pursuant to the terms of the plan, the R. M. Hollingshead Corp. was
incorp. in New Jersey and took over all of the unmortgaged assets of the
R. M. Hollingshead Co.
All of the other provisions of the plan were carried
out and the business was continued under the management of the officers
and directors as in the plan provided.
Under the plan of reorganization for the R. M. Hollingshead Co., a period
of three years from Jan. 1, 1934, was provided within which the exchange of
securities for the deposited bonds might be made.
This period was neces¬
sary in order that the new company might accumulate from earnings new
working capital necessary for its operation, as no new money was provided
in the reorganization plan.
Considerable progress in the rehabilitation has been achieved, although
there have been discouraging conditions from time to time.
The amounts
Volume
3855
Financial Chronicle
142
owing the banks on Jan. 1, 1934, have since been paid, substantial addi¬
tions to the machinery and equipment have been made and the accounts
receivable and inventory have been considerably increased.
This committee is keeping in close touch with the operations of the busi¬
ness and has made numerous
suggestions which have been adopted by tne
a
These amounts
provide
they
a
appropriated in Dec. 1934 and in Dec. 1935 to
against which property retirements will be charged as
The amount appropriated for the calendar year 1934 was less
were
reserve
occur.
management.
than the allowable depredation agreed upon with the Internal Revenue
Bureau for income tax purposes for that year; the appropriation for the
calendar year 1935 is anticipated to be somewhat greater than the corre¬
plan, for the use of
buildings and equipment covered by the mortgage, security for tne
This fund has been applied by the committee toward the payment
of taxes and expenses.—V. 139, p. 1404.
sponding allowable depredation for 1935.
The aggregate of the amounts
appropriated during recent years is less than depreciation deductible for
Federal income tax purposes on a straight line basis and the resulting
reservq.
is less than a depreciation reserve would be if based on such straight line
The company has paid all rental determined in the
the
bonds.
method.
Homestake Mining Co.—$2 Extra
Dividend—
Comparative Balance Sheet April 30
in addition
to the regular monthly dividend of $1 per share on the capital stock, par
$100, both payable June 25 to holders of record June 20.
Similar distri¬
butions were made in each of the 23 preceding months.
The company
paid extra dividends of $1 per share and regular dividends of $1 per share
each month from Jan. 25, 1934, to and including June 25, 1934.
In igni¬
tion a special extra of $20 per share was paid on Dec. 5 last.—V. 142, p. 3172.
The directors have declared
an extra
dividend of $2 per share
Hoskins Mfg. Co.—2h-Cent Extra
Dividend—
raised to 50 cents from 25 cents with the Sept.
was
ment.—V.
142,
p.
Hotel Taft, N. Y.
11,186,995 11,189,566
b773,152
575,979
Cash
Notes receivable.-
302
Accts. receivable-_
20,934
88,678
17,503
Misc.
investments
of mortgage and mortgage certificates outstanding is $4,Taxes for 1932 and the first half of 1933 were delinquent in
Taft Hotel Corp. was not
subject to the lien of the
mortgage.
Bank of Manhattan, the depositary to which the mortgage on
the hotel had been assigned, instituted foreclosure proceedings on or about
July 5,1933, and thereafter, in order to hold together the building and the
hotel furnishings and thus preserve the continued and uninterrupted opera¬
tion of the hotel, an assignment of rent agreement, effective as of June 1,
1933, was accepted by Bank of Manhattan without prejudice, and the
amount
088,300.
the amount of $249,530, plus interest penalties.
on the mortgage bond and the furniture was not
property has continued under such assignment of rents to the present time.
Bing & Bing, Inc., were retained as managers.
A summary of the oper¬
ating experience under the assignment of rent agreement is presented as
Unamortized
1934
1933
debt
taxes)—
Jan. 1 to May 31 (prior
to assign't of rents)-
12,147,894 12,319,895
1st mtge. ser. A 6s
Secured inc. 8s, *35
Equipment notes.
Accounts payable.
3,92~3~206
—
300,000
108,171
68,753
96,580
68,078
13,482
2,171,253
61,274
509,101
—12,147,894 12,319,895
Total
Contingent Liability—The court, in the reorganization proceedings denied
a government claim of
$213,282 plus interest of $39,162 to April 6, 1935,
plus interest at 6% thereafter, for additional Federal income tax for the
year 1931 assessed against the consoidated group, for which this company
as
member of the group,
a
however, has taken
an
has a contingent liability.
appeal.—V. 142, p. 1471.
The government,
Houston Oil Co. of Texas—Bonds Called—
The Maryland Trust Co., as trustee, announced that $592,000 principal
amount of
10-year secured 5)4% sinking fund series A, bonds, due 1940,
have been drawn for redemption at 101H on Aug. 1, 1936.
Payment will
be made at Maryland Trust Co., Baltimore, Bankers Trust Co., New York,
or
Boatmen's National Bank of St. Louis.—V. 142, p. 3346.
Hupp Motor Car Corp. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1935
1934
1933
1932
$6,868,052
8,586,549
$7,196,373
9,656,288
$6,118,929
7,253,021
$8,750,565
11,309,077
Gross loss..
^,718,497
Other income.
53,514
$2,459,915
159,599
$1,134,092
118,047
$2,558,513
147,630
$2,300,316
$1,016,044
$2,410,882
542,997
177,953
635,153
126,391
802,299
440,036
Cost of sales...
$134,985
197,287
June 1 to Dec. 31
$398,011
163,200
$411,773
150,660
$181,6124.44%
Total for entire year.
$234,811
5.74%
$248,213
6.07%
$332,272
Real estate taxes
(before depreciation).
Ratio of net profits to mtge.indebt.
tax arrears at the present
are no
$
5,000,000
a
See note (a) on preceding page,
b The above income statement and
balance sheet do not give effect to: (1) Expenses incident to the plan, not
yet determined.
(2) The contemplated application of $200,000 to the
retirement of bonds within one year from May 1, 1936.
Sales
estate
There
b59,380
1st mtge. ser. A 6s
1935
(before real
Net profits
726
discount & exp.
1935
$
Cap.stk. $100 par) 5,000,000
1st mtge. ser. B 6s 3,863,200
116,863
66,891
Interest accrued..
96,580
1 Taxes accrued
54,074
219 Misc. liabilities
13,826
1,174 a Retire, reserve-- 2,380,503
Operating reserves
74,928
3,347 Surplus.—
481,026
420,000
219
follows:
inc.
2
17,299
98,493
13,812
1
Sinking funds
Special deposits..-
Total
City—Reorganization—
for the protection
5H% mortgage
certificates guaranteed by the Prudence Co., Inc. has been announced.
On July 1, 1933, the Taft Hotel Corp., holder of the title to the mort¬
gaged property and owner of the furniture used in the operation or the
hotel, defaulted in payment of the semi-annual interest due on that date.
Oper.
Liabilities—
$
3346.
The formation of Hotel Taft Reorganization Committee
of the holders of Hotel Taft (formerly Hotel Manger)
The
equipment
Prepayments
26, 1935, pay¬
1936
1935
$
Property, plant &
Materials & supp.
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 50 cents on the common stock,
no par value, both payable June 26 to holders of record June II.
An extra
of $1 per share was paid on March 26 last, as against extra dividends oi
25 cents paid in each of the six preceding quarters.
The regular quarterly
dividend
1936
Assets—
163,560
time.
Loss
,664,983
15,116
2,938
438,610
119,985
Interest paid
Discounts allowed
Res've for depreciation.
Idle plant expense
Extraord.
For the early months of 1936 both gross revenue and operating
charges from
inventory adjustment
profit are
holding up to 1935 figures, with a tendency to increase.
Late in 1933 and early in 1934 the committee (below) was formed with
862,263
Losses of subs
120,236
the
cooperation of certificate holders holding approximately 25% of the out¬
standing certificates.
The committee conducted negotiations with the
owner looking toward reorganization, but because of the substantial amount
of delinquent taxes then remaining to be cleared up through operating
profit, it appeared unwise to put forth a reorganization plan at that time.
By the summer of 1934, a plan had been prepared and was about to be put
forward when Prudence-Bonds Corp. filed a petition in Federal Court in
Red.of carry, val. of dies,
Section 77-B of the United States Bankruptcy Act and claimed the right
Loss
on
reorganize the Hotel Taft mortgage in that proceeding.
The Circuit
Court of Appeals later overruled this contention but meanwhile Prudence
Loss
on
to
Inc., which had guaranteed payment of the Hotel Taft mortgage
Bankruptcy Act
reorganize the Hotel Taft mortgage under such
proceedings.
A subsequent decision of the Circuit Court of Appeals in this
latter proceeding overruled the contention of Prudence Co., Inc., but it
was not until March 1, 1936 that the foreclosure proceeding against Hotel
Taft was allowed to proceed.
During April the committee completed
negotiations with the owner looking to the adoption of a reorganization plan
to be consummated in the foreclosure proceeding.
Thereupon the com¬
mittee adopted a deposit agreement dated April 7, 1936 and intervened in
the foreclosure proceeding for the purpose of reorganization.
tools, jigs & patents.
271,827
891,288
12,808
_
305,058
Prov. for loss in respect
of loans & commitm'ts
Losses
on
sales of aband't
of surplus
equip., &c.
Foreign exchange losses.
Losses
on
sales of
63,385
1,265
16,199
sec
sale of cap. assets
notes receivable.
Co.,
16,059
44,537
$2,607,115
certificates, also filed a petition under Section 77-B of the
3 Mos. End. Mar. 31—
and also sought the right to
Plan of Reorganization
$4,398,445
$1,777,588
1935
$4,515,482
1934
1933
$191,116
384,987
Depreciation
Idle plant expenses
Sales
$1,576,071
1,892,397
$533,620
42,915
$590,851
52,284
$316,326
6,470
$490,705
116,742
52,936
$538,567
127,995
75,964
$309,856
179,007
34,134
$265,965
—.
$712,042
1,302,893
$190,957
58,842
16,166
Operating loss
Other income
$1,658,805
2,192,425
$193,871
2,914
Costs and expenses
Certificate holders who consent to the plan and deposit their certificates
deposit agreement will receive new bonds bearing 4% interest payable
ni-annually maturing 15 years from date of issue, and also will receive
scrip certificates representing interest arrears computed at the rate 2%
from Jan. 1, 1933.
[The recent payment amounting to 3% of the out¬
standing certificates was not specified by the Bank of Manhattan as apply¬
ing either to interest or principal.
The proposed reorganization plan desig¬
1936
$688,253
$742,526
$522,997
27,870
Corp.
the
sa
nates this as an interest
payment.]
One-third of the surplus earnings over
the 4% interest rate, will be used to pay the scrip certificates representing
interest arrears and one-third of such surplus earnings will be used to retire
When the scrip certificates are paid and until the mortgage
$3,000,000, two-thirds of the surplus earnings will be used to
retire bonds.
After the scrip certificates have been paid and after the
mortgage has been reduced to $3,000,000, then one-half of the surplus
earnings will be used to retire the new bonds.
The mortgage securing
new
Current assets
as
$1,002,455 and current liabilities were $622,153.
$720,879 include $214,230 for inventory of
service parts being repurchased under agreement, amount owing per
contract, $150,313.
Total assets as of March 31, 1936, aggregated $6,087,404 and deficit from operations was $7,837,154.
Consolidated Balance Sheet Dec. 31
bonds.
payment of the new bonds will be a lien upon
both the real estate and hotel
George V. McLaughlin, Chairman
(Pres., Brooklyn Trust Co.); Walter L. Pate (attorney), Ivor B. Clark
iPres., H. Lanman (Pres., trustee, series B-l, N. Y. Title & Mortgage Co.),
)avid Ivor B. Clark, Inc., Brooklyn Savings Bank), Edward C. Delafield
(Vice-Pres., City Bank Farmers Trust Co.), Sherman S. Rogers (formerly
Corporation Counsel, counsel to trustees series C-2, N. Y. Title &
Mortgage Co.), with John R. Walsh, Sec., 215 Montague St., Brooklyn,
N. Y. and Cullen & Dykman, counsel, 215 Montague St., Brooklyn, N. Y,
Asst.
1934
1935
is reduced to
furniture and furnishings.
The members of the committee are:
of March 31,1936, including $161,166 cash and market¬
able securities, amounted to
Inventories amounting to
Assets—
x
7,380,568
274,957
zl
Investments
1
&c
Cash. U.S.ctfs.,&c
purch. Of Invent,
1,035,010
310,654
63,616
yl64,542
Notes & accts. rec.
of
26,135
ordered.
Co., will until 12 noon June 9, receive
5% bonds due July 1, 1937 to
of $50,783 at prices not exceeding 105 and interest.—V.
The Central Hanover Bank & Trust
bids for the sale to it of sufficient 1st mtge.
exhaust the sum
on
settle,
claim
under
consolidated
179,000
1,125
1,495,172
837,560
Prov.
241,809
144,312
119,390
115,167
.
1,537
...
The plan of
Capital surplus—
Deficit
reorganization of Galveston-Houston Electric Co. and its
subsidiaries dated as of March 1, 1935, as amended has been confirmed and
consummated pursuant to orders of the U.S. District Court for the District
of Masschusetts in the reorganization proceedings, although the court still
jurisdiction.
Figures appearing in this report,
except as otherwise noted, give effect to consummation of the plan. Certain
adjustments have been made in prior figures for comparative purposes.
retains
limited
certain
Period End. April 30—
1936—Month—'1935
$202,547
96,140
Maintenance
Taxes
-
-
Interest on bonds
Other interest, &c
Amort .of debt disc.&exp.
Net income--
Surplus, beginning of
25,248
15,572
19,316
584
3,347
$29,520
----
reserve.a-
—
x
.
^
,
Accounts receivable only.
Investment in subsidiary not consolidated:
The investment in a sub¬
sidiary not consolidated represents the ownership of the entire outstanding
z
capital stock of the Commonwealth Alcorn Co.
Except for all small bank
$249,936
609,164
$831,026
350,000
$859,101
350,000
small amount owing by the parent company the only assets
is land a a building thereon subject to a mortgage, in the
principal amount of $210,000, which matured on Jan. 30, 1935 and in
respect of which the company is in default.
Hupp Motor Car Corp. and
its other subsidiaries desclaim liability on the mortgage.
Hupp Motor Car
Corp. was lessee of the property under a 20-year lease dated Aug. 1, 1930,
the rental payable being $32,000 per annum plus property taxes.
As of
Jan. 28, 1935 the lease was canceled by mutual agreement between Hupp
Motor Car Corp. and the Commonwealth Alcorn Co.
The mortgagee,
however, has commenced an action seeking to enforce performance by Hupp
Motor Car Corp. of the original terms of the lease.
During the year 1935
a cash dividend of $18,000 was received by the parent company from the
Commonwealth Alcorn Co.
$481,026
$509,101
company
$321,925
balance and
a
of this company
a
Surplus, end of period
3,145~995
10,883,609
62,387
29,263
After reserve for depreciation of $6,820,317 in 1935 and $7,301,349 in
1934y
Total
120,533
46,411
10,635
a76,125
7,571,189
509,101
period
Total--
Retirement
$183,554
89,965
25,952
19,368
19,316
620
351
$40,798
Operating revenues
Operation.
1936—12 Mos.—1935
$2,204,019 $2,133,049
1,098,632
1,078,788
316,335
308,045
220,576
216,884
231,792
231,792
9,678
7,435
5,077
40,166
6,469,940 10,883,609
Total
148,783
6,469,940
__
Co.—Earnings—
104,156
for undeter¬
mined expenses.
Accruals
Dealers' dep., &c.
Accrued wages.
140, P. 3899.
Houston Electric
12,500
for undeter¬
mined taxes
Prov.
depos. In
closed banks—
Deferred charges.
191,621
former
Owing to sub. not
thereon
in 1936.
Cash
__
a
on
employ, contract
Mtge. rec. at amt.
Inventories
Ry.—Tenders—
service parts.
Owing to
officer
Adv.pay. on mat'ls
Accrued int. rec..
Houston Belt & Terminal
$
13,186,280 13,291,280
Accounts payable.
181,351
369,816
Taxes payable
214,138
23,919
Amt. owing on re-
G'dwill, tr. names,
realized
1934
$
Capital stock
4,964,526
chinery, &c
1935
Liabilities—
$
Land, bldgs.,ma¬
Excess of par
value over cost of 10,500 shares of capital stock of the
acquired during the year 1935.—Y. 142, p. 3511.
3856
Chronicle
Financial
tective Committee—Files
will be
Under 77-B—
In view of the filing on June 3,1936 by the
company in the U. S. District
Court for the Southern District of New York of a petition under Section
77B of the Bankruptcy Act, stating that it is unable to meet its debts as
they mature, and that it desires to effect a plan of reorganization, and in
view of the fact that a similar petition was filed on the same
day, in the
same
Court, by Schulte Retail Stores, Corp., the guarantor of dividends
the above preferred stock, the undersigned have constituted themselves a
committee to protect the interests of the holders of said preferred stock.
on
No deposits of stock certificates are requested at this
time, but the com¬
mittee requests all holders of preferred stock to authorize the committee
to
them.
June 6, 1936
contested by the State in the higher court the liability is allowed to
stand as contingent,
y Shares of no par value $6 dividend, cumulative
after Jan. 1, 1937—Authorized and issued 11,700 shares,
z Represented
by 16,700 no par shares.
Huyler's of Delaware, Inc.—Preferred Stockholders' Pro¬
■
India Tire Co .—Ordered to
Liquidate—
The company has been ordered to liquidate by Federal Judge Samuel
West, sitting at Cleveland. The company had sought to reorganize under
the Federal Bankruptcy Act.
A special master appointed to investigate
the case reported that reorganization seemed impossible and recommended
liquidation. The report was accepted by the Court.
J. T. Fisher, Secretary of the company, has been appointed trustee under
liquidation.—V. 140, p. 3045.
represent
Stockholders are requested to send their name, addressas and the amounts
of their respective holdings to the
secretary of the committee so that he
can send them the form of authorization to the committee
and may be able
to communicate with them
when, in the committee's opinion further action
is required.
k The members
of the committee are:
S. K. Young, Chairman (Hemp¬
hill, Noyes & Co); Samuel T. Jones (Chemical Bank & Trust Co.); Bernard
McCloskey (Hibernia Bank & Trust Co.) with J. P. Clark, Sec. 15 Broad
St., New York, and O'Connor & Farber, Counsel.
Gregory, Jones & Co., 70 Pine St., New York, who state that they
represent holders
of a substantial block of the preferred stock announce
that they have retained counsel and are forming a protective committee for
of preferred stock.
Preferred Dividend Passed—
The company stated that no consideration will be given to the payment
7% cumulative preferred stocks, par $100,
of the July 1 dividends on the
stamped and unstamped. A dividend of $1 per share was paid on each issue
on April
1, last, and each three months previously.—Y. 141, p. 116; V.
139, p. 118.
Hydro-Electric
Corp.
of
Virginia—Tehde^s—
The City Bank Farmers Trust Co. is inviting tenders for the sale to it
of 1st mortgage 5% gold bonds, series A in an amount sufficient to exhaust
the sum of $7,921, available in the sinking fund.
Tenders will be received
on or before 12 o'clock noon, June 12. 1936.—Y. 139, p. 3643.
1935
1934
$618,170
1932
$681,782
val.
as
at
prevailing
divs.
15,519
41,840
55,418
invests. &
mkt.
on
prices
dates
Other income
533,431
823,583
416,672
773,685
45,107
425,027
560,465
634,464
45,135
3,6.38,098
92,982
239,674
Transportation
Miscell.—stockyards
General
—
_
3,394,402
172,131
219,509
47,502
117,855
...
789.321
38,363
3,053,777
105,759
210,101
2,891,840
150,996
240,899
265
573
148
6
Railway tax accruals—
$5,373,634
3,149,110
(63.05)
514,460
$5,020,935
3,368,107
(59.85)
589,969
$4,622,200
3,143,519
(59.52)
608,361
$4,523,795
2,774,826
(61.98)
527,044
Uncollectible ry. revs—
729
135
248
341
Railway oper. income- $2,633,920
492,299
Equip. rents, net debitJoint facility rents, net
debit
333,117
$2,778,002
239,959
$2,534,910
269,495
$2,247,441
294,031
Trans, for inv.—credits
-
Total expense
Net rev. from ry. oper—
Per cent of exp. to revs - _
_
259,244
371,409
426,095
income- $1,808,503
Non-Operaling Income—
$2,278,799
$1,894,006
$1,527,315
$898
14,172
$770
19,196
$770
15,173
21,249
Net ry. oper.
Inc. from lease of road--
$770
non-oper.
3,638
4,877
848
11,039
1,933
1,194
385
1,038
2,010
7,028
1,968
12,538
1,172
$37,746
$31,767
1,925,773
$42,720
1,570,035
39,910
32,593
43,887
34,338
3,539
Dividend income- ./.
_
_
45
_
secur.
_
Inc. from unfunded sec.
and accounts
Miscellaneous income
Total non-oper. inc---
$21,693
1,830,196
Gross income
5,770
27
18
1,805
__
received.
were
1932
$7,298,620
46,130
Inc. from funded
whereof sold for cash
1933
$7,765,719
physical property
$845,610
Divs. received in stock,
Retained
1934
$8,389,042
Traffic
Miscellaneous
1933
$577,255
1935
i,522,744
Railway oper. revenuesExpenses—
Maint. of way & struc.Maint. of equipment—
Miscell. rent income
Hydro-Electric Securities Corp.—Earnings'
Calendar Years—
Divs. & int. rec. in cash.
Indiana Harbor Belt RR.- -EarningsCalendar Years—
2,316,546
Dedcclions—
Total income
Int. paid or accrued.
.
-
*•
$618,170
63,994
-
Admin. & gen. exps. and
differences of exch.,, &c
$592,773
$723,622
............
—
M
«.
$1,066,386
Rent for leased roads
50,277
34,242
Net profit
33,413
$519,934
39.388
$559,360
1,976,493
1,897,083
Previous surplus
92.956
Int.
5,417,017
$684,234
1.764,060
$2,535,853
$973,430
1,486,417
$2,448,294
on
Amorc.
223,683
directors
of
discount
401,517
415,087
15,653
456,146
$2,015,500
$1,897,083
$1,976,495
,764,060
1935
$
Gold
Purch.
852,272
dep 1,128,934
bullion....
1,027,116
854,760
919,781
5,120
30,968
14,294,360 15,160,175
Loan
Sundry debtors
Investments
Syndicate partic.. 3,779,705
1934
$
$
conslder'n.
2,000,124
Sundry creditors..
3,961
5%
class
$506,099
1,419,674
(10)760,000
$516,192
1,053,843
(10)760.000
B
3~924
20,062,880 17,990,313
$
22,640,054 22,738,201
railway
104,488
1,560,668
286,774
300,929
Other investments
18,766
2.777.597
104,319
Traffic &
73,844
109,710
223,237
548,871
384,701
Loans & bills rec._
7,381,965
9,720
296,423
430,932
8,082,890
Special deposits.
624,451
19,579
surplus... 2,015,500
20,062,880
Represented by 1,476,393 shares, no par.—V. 140,
p.
17,990,313
par common shares which are to be exchanged for all the properties and
of the Economic Lamp Co. including the company s lamp license
assets
agreement with the General Electric Co. not shown on the balance sheet of
the Economic Lamp Co.—V. 142, p. 1292.
411,450
23,264
assets,
Working fund advs
1,967
131,465
1,967
Other def. assets..
183,011
699
603,459
wages payable..
582,106
115,334
777,579
25,725
197,360
197,135
1,521
Misc. accts. pay..
Int. matured unpd
Unmatured
203,600
214,395
116,047
Rents & ins. prems
on
1,189
109,009
liabs_.
230,841
170,343
252,300
277,947
Tax liability
709,648
Ins. & casualty res.
103,831
812,181
90,863
2,672,263
2,557.934
435,567
455,653
curr.
Accrued
deprec'n
(equipment)
Other
...
unadjusted
credits.
Add'ns to property
paid in advanceDisct.
1,166
rents
Other def. Iiabs.__
699
186,274
9,590,000
928,398
207,385
curr.
9,505,000
accrued
_
Misc. accts. ree'le.
Other
Co. of Maiden, Mass.
un¬
balances payable
Audited
accts.
&
Other
&
agents
conductors
debt
matured
Traffic & car-serv.
receiv'le
from
$
7,600,000
47,969
Unmat. int. accr'd
bals. receivable-
Material & supplies
Rents receivable.-
4236.
Hygrade Sylvania Corp.—Acquisition—
The company has acquired the Economic Lamp
360
_.
car-serv.
Net bals.
1,897,083
19,051
2,629,955
25,528
6,671
1934
$
7,600,000
Gov't grants
Funded
1,514,880
prop
Common stock..
Total....
3,021
1935
Liabilities—
Capital stock
Cash
cum.
7,381,965
Capital reserve...
646,019
x
1934
$
&
Invs. in affil. cos._
~
Stockholders of Hygrade at a recent meeting voted to issue 12,000 additional
no
$506,616
1,809,929
Misc. phys. prop..
Investment reserve
x
■
road
In
partic. pret. stk.
($10 each)
7,995,730
Earned
Total.
$508,105
1,322,090
Improves.on leas'd
1935
Liabilities—
with
on
11,987
1935
Invest.
equipment
1934
$
call
at
bankers &
11,589
3,069
Comparative Condensed Balance Sheet Dec. 31
147,639
Balance Sheet, Dec. 31
Cash
11,192
3,119
96
45,047
Assets—
Assets—
10,795
3,092
-
(20 %) 1,520,000 (20)1,520,000
503/. 100
shares
on common
343
on
_—
Dividends
& advisory committee
Divs. on preferred shares
Surplus, Dec. 31
422,521
667
funded debt..
Total deductions
Net income
I
Divs.
418,271
76
unfunded debt—
"if^
$2,459,847
writing
off investments
Remuneration
414,021
41
funded debt
on
Miscell. income charges
i
31,373
6,848
Miscell. tax accruals
Int.
Total surplus
Amt. allocated to
39,987
27,787
6,341
409,771
Miscellaneous rents
......
funded
through
inc.
&
surplus
debt---.
Other unadj. debits
106,450
69,513
Profit & loss—bal.
67,237
5,794,635
6,010,649
Illinois Commercial Telephone Co.—Accumulated Div.
The directors have declared
a dividend of 75 cents per share on the $6
preferred stock, no par value, on account of accumulations
payable July 1 to holders of record June 15.
Similar distributions were
made on April 1 and Jan. 2 last, Oct. 1, July 1 and April 1, 1935, and on
Oct. 15, July 14 and April 14, 1934, prior to which regular quarterly divi¬
dends of $1.50 per share were disbursed.
Accumulations after the above
payment amount to $7.50 per share.—V. 142, p. 1818.
cumulative
Illinois Zinc Co.—Registers with
See list given on
first
page
SEC—
of this department.
Imperial Chemical Industries, Ltd.—Final Dividend—The directors have declared
a final dividend of 8 7-10th cents per share
depositary receipts for orfinary shares payable June 8
April 17. An interim dividend of like amount was paid
Nov. 9, 1935.—V. 141, p. 3074.
the
on
Indiana Gas & Chemical
This
Corp.—Earnings—
Total
29,247,123 29,347,237
Indianapolis Water Co.—Plans 5% Preferred Financing
The company has filed a petition with the Indiana Public Service Com¬
mission for
authority to sell 1,810 shares of series A 5% cumulative pre¬
($100 par) at not less than $100 a share, to finance part of
expenditures for improvements made from Dec. 1, 1930 to March 31, 1936.
ferred stock
The company also plans to issue $722,000 1st lien and refunding
5% gold
bonds, series 1930, to be certified by the Fidelity-Philadelphia Trust Co.,
trustee, and delivered to the company, but not to be sold until further
order by the Commission.
The petition states that $903,095 was spent on
improvements from current funds.—V. 142, p. 1123.
is successor to Indiana Consumers Gas &
company
By-Products
Jan. 1 '36 to Sepf.13'35 to
Mar. 31 '36 Dec. 31 '35
Period—
Production sales
$271,215
242,009
2,390
2,525
Taxes—Property
Indiana gross sales
Federal payroll
$313,631
285,656
2,732
3,051
699
Cost of sales incl. administrative & selling expenses
Insurance
814
375
Net income before depreciation.
$23,214
$21,377
Assets—
Notes & accts.
rec.
(less
$60,516
Notes
79,790
121,133
3,967
14,581
100,000
x
Prepaid insurance
Deferred charges
Com. stk. of Universal Gas Co
Miscellaneous
investments
Cost of
in
work
progress
299
7,016
Lands, buildings & equipment. 2,017,561
$2,404,8671
Includes accrual
which the lower
of
$3,368
Accrued
gross
19,331
Reserve for maintenance
3,575
Reserve for contingencies
3,986
Mtge. note of Wabash Coke &
Warehouse Co
12,000
1,170,000
capital surplus 1,051,644
y
Preferred stock
Com. stock &
Surplus from operations before
providing for depreciation..
Total
sales
courts^ofjlndianajiave held
$19,750
72,636
liabilities
z
not
allocated
Total-
payable
payable
Accounts
reserve
for doubtful accounts)
Inventories
taxes
as not
51,942
$2,404,867
on
interstate
taxable.
p.
2998.
1936
1935
1934
1933
$929,967
122,568
1,233
$1,074,108
283,319
117,280
$1,075,992
332,296
153,313
3,776,977
4,167,586
1,162,762
497,959
3,771,751
1,023,431
417,610
$1,005,697
Net from railway
Net after rents
176,460
18,666
From Jan. 1—
Gross from railway
3,826,441
569,760
def2,815
Net from railway
Net after rents
—V.
142,
p.
615,238
94,889
3511.
International Power Co., Ltd.—$1.50 Preferred Div.—
The directors have declared a dividend of $1.50 per share on account of
accumulations on the 7% cum. 1st pref. stock, par $100, payable July 2,
to holders of record June 15.
A like payment was made on April 1, last,
paid
on
Nov. 1, July 2 and April 3, 1935,
1, 1931, when a regular
paid.—V. 142, p. 958.
this latter being the first payment made since Oct.
Liabilities—
hand
of this department.—V. 142,
and compares with $1 per share
Consolidated Balance Sheet March 31,1936
on
April—
Gross from railway
Consolidated Operating Statement {Including Subsidiary Co.)
Cash in banks &
Inland Steel Co.—Registers with SEC—
See list given on first pgae
International Great Northern RR.- —Earnings.
Co. through reorganization.
x
29,247,123 29,347,237
American
to holders of record
on
Total
-V. 142, p. 3347.
shipments
As this ruling
quarterly dividend of $1.75 per share
was
International Rys. of Central America—Earnings—
Period End. Apr. 30—
Gross revenues
Oper. exp. and taxes—
Inc. appl. to fixed chgs
—V. 142, p. 3347.
International
1936—Month—1935
$517,563
$455,976
247,996
225.705
$269,567
Power
$230,271
Securities
1936—4 Mos.—1935
$2,080,670
$1,763,589
973,042
919,678
$1,107,628
$843,911
Corp.—Accumulated
Dividend—
The directors have declared
accoumulations
on
the
no
par
a dividend of $2 per share on account of
$6 cumulative preferred series A stock, pay¬
This compares with $3 paid on
able June 20 to holders of record June 5.
Volume
Financial
142
Dec. 30,
1935; $2 on June 15, 1935; $3 on Dec. 31, 1934; $2 on June
1934; $3 on Dec. 15, 1933 and $2 on June 15, 1933 —V. 141, p. 4018.
International Telephone & Telegraph Corp. (&
Chronicle
3857
15,
Subs.)
Jersey Central Power & Light Co.
Income Account for Quarter Ended March 31
[Excluding Postal Telegraph Corp. and Subsidiaries]
Oper. revs, of telephone, cable and radio cos., and
gross profit on sales of manufacturing companies.$11,936,541 $10,881,450
Interest, dividends, &c.:
5j/2% Preferred Stock
,
BOUGHT
SOLD
QUOTED
Companis Telefonica Nacional de Espana (incl.
fees for
services)
799,484
342,825
262,502
336,362
687,403
564,446
Other companies
Int.frommiscell. invest'ts .deferredrec'les, &c__
Miscellaneous and non-operating income
Total
Operating, selling, general
Net earnings after depreciation
$4,030,960
335,739
70,766
15
177,161
2,988
177,089
74,009
254,345
290,478
declared)
by Int'l Tel. & Tel. Corp. to bks.
General int. charges of Int'l Tel & Tel. Corp., incl.
amortization of bond discount and expense
138,772
$2,671,195
1,442,437
$1,608,750
common
stock,
both payable July 1 to holders of record
paid on April 1 last, and one of 75 cents was
seven preceding quarters the company
distributed extra dividends of 25 cents per share.—V. 142, p. 1820.
paid
on
no
value,
par
A similar extra
Jan. 2 last.
was
In each of the
$1,228,758
Net income.
such currencies have been converted in terms of U. S. dollars at average
rates of exchange for the period.
Open market rates have been used for
all countries which exercise no exchange control.
For countries which do
exercise exchange control but allow for both an official and free market, the
lower free market rates have been used.
In countries having various ex¬
change categories, rates have been used approximating the rates at which
transfers of funds can be effected.
Such exchange rates have been used
for conversion in terms of U. S. dolars of all items of revenues and
expenses,
except that depreciation has been calculated at the rates of exchange at
time of acquisition of the properties.
This, in the aggregate, results
the
in the conversion in terms of U. S. dollars of that expense item at
higher
than current exchange rates and in depreciating the full dollar investment
in plants as at dates of acquisition.
No profit or loss
resulting from con¬
Stove
stock, payable in
June 13.—V. 142, p. 2999.
is set forth of the policy
followed by the corporation with respect to depre¬
ciation, which states that with certain specified exceptions, a straightline composite rate of at least 4% was applied for 1935 for telephone
oper¬
ating subsidiaries consolidated.
There are no such exceptions for the
year 1936.
The accounts of the Compania Telefonica Nacional de
Espana (Spanish
Telephone Company), as heretofore, have not been consolidated.
The
Corporation's equity in the net income of that Company, after provision
for depreciation and amortization at the minimum rates as set forth in the
contract with the Spanish Government, was in excess of dividends accrued.
The contract with the Spanish Government provides for a
gradually ascend¬
ing scale of minimum rates for depreciation and amortization which, at
present, are less than straight-line depreciation rates.—V. 142, p. 3512.
1}4 cents
per
share
the
on
stock, par $1, payable June 30 to holders of record June 15. An
initial payment of like amount was made on March 31 last.
Prior to this
latter date the par value of the common stock was reduced from $25 to $1
common
and the
stock
exchanged for the old stock on a ten-for-one basis.
The old common stock had paid regular quarterly dividends of 10 cents
per
share up to and including Dec. 20, 1934.
In addition an extra dividend of
10 cents was paid on the common stock on this latter date.—V. 142,
p. 3174.
new
Kansas City Gas Co.—Bonds Called—
amount of these bonds for account of the
Kansas City Power & Light
Period End. Apr. 30—
Gross earns
1936—Month—1935
1936—12 Afos.—1935
1,310,546
$1,252,877 $16,056,619 $14,997,610
621,339
584,367
7,711.157
6,971,781
134,050
147,044
1,629,698
1,766,767
Operating expenses
Interest charges
Amortiz.
of
disct.
Period End. Apr. 30—
Ltd.
and
premiums
9,115
184,161
63,850
Fed'l and State inc. tax.
Balance
Oper. exps. and taxes—
Interest & amortization.
Balance
$22,139
$873,372
518,284
103,927
$20,817
$837,074
496,669
105,089
$251,160
Calendar Years—
Net
Gross income
1935
April 18
$1,470,582
1,522,355
1,534,026
1,497,019
$1,395,225
1,450,684
1,439,369
1,436,962
May 16
1,499,772
1,422,600
-
22
Mar. 21
$788,610 def$190,487
23,744
24,270
Net profit
Depreciation
$1,494,175
173,315
$1,226,873
164,974
$812,354 def$166.217
167,067
170.740
Net inc. from oper
Other charges (net)
$1,320,860
$1,061,898
25,808
127,074
90,224
$645,287 loss$336,957
124,050
32,217
153,489
186.784
Federal income taxes
76,626
203,000
$1,041,234
9,819,023
$818,793
9,400,776
Interest
Disc,
on
Refund
tax of
pref. stk.
Fed.
on
prior
$1,214,762
1,276,473
1,335,685
1,276,651
1,265,773
$1,095,551
1,061,842
1,052.312
1,073,939
1,034,522
1934
$144,533
37,475
62,979
$38,653
Net loss
$132,364
$84,822
57,484
65,991
Depreciation
prof$44,079
12,169
1935
1934
hand and
$140,841
86,898
$286,309
394,697
199,802
4,552
6,206
74,302
dep. with tr.
rec.
89
& adv.
8,497
4,180
5,114
Prepaid
8,672
4,561
cost..
768,692
694,356
dies, tools &
101,046
Treasury bonds
103,011
3,890
Sees, at cost, First
National Bank of
and
$19,605
9,316
4,000
advtg. to dealers
Prov. for grat. serv.
refrig. units.
Def'd
34,318
5,000
finance
Balance at Dec.
Shs.
com.
1,400
2,357
559
1st mtge.
6% s. f.
bonds, due Dec.
$9,819,023
$9,400,776
$9,234,220
566,463
$1.34
566,363
566.363
566,463
$1.75
1, 1937
Capital stock
Capital surplus
154,500
512,225
Treasury stock...
$0.49
Nil
Consolidated Balance Sheet Dec. 31
$
1934
1935
S
.
Liabilities—
Pf. stk.
7,432,271
515,771
5,500,000
228,004
3,379,202
3,100,400
5,500,000
184,275
3,728,284
Inventories
3,303,641
Cash
632,038
47,232
Prepaid accounts.
rec.
Comon stock
750,000
7,080,787
1,200,000
300,000
7,080,787
(par
$12.50)
Mortgages
Notes payable
21,154,436 21,075,642
1,600,000
500,000
Res. for insur. and
825,464
94,529
depreciation.—Y. 142, p.
$
664,800
contingencies—
Dividends
76,548
payable
73,702
153,258
127,730
1,124,398
9,819,023
payable, &c. 1,546,035
Surplus.—
10,133,008
After
1934
$
(par $100)
Acc'ts
I
Total
.21,154,436 21,075,642
1645.
The directors have declared a dividend of $1.75 per share on the 7%
cumulative convertible preferred stock, par $100, payable July 1 to holders
of record June 15.
A like payment was made on April 1 last, this latter
being the first payment made on the preferred stock since Oct. 1, 1931,
quarterly dividend of like amount was paid.—V. 142, p • 3174.
when a regular
Ken-Rad Tube &
Lamp Corp.—Admitted to Listing and
Registration—
Exchange has admitted to listing and registration
Kimberly-Clark Corp.—Bonds Called—
The company announced that it will redeem on July 1, 1936, $1,702,000
principal par value of its first mortgage 5% gold bonds series A due July 1,
1943, at their principal amount and accrued interest, together with a
premium of 1H % of their principal amount.
Called bonds may be redeemed
on that date at the offices of Hallgarten & Co. in New York, at First
Wisconsin Trust Co., corporate trustee, in Milwaukee, or at the First
National Bank of Chicago in Chicago.—V. 142, p. 3175.
King-Seeley Corp.—Registers with SEC—
first page of this department.
Kingston Products Corp.
Three Months Ended
768,651
.Drll8,027
£>r4,737
160,500
824,450
333,525
sur2,905
£>r4,717
goodwill...
Total
31—$10,133,008
stk. outstand¬
ing ($12.50 par)..
Earnings per share
See list given on
bonds.
Deficit
1,400
2,155
inc.
and discount on
treasury
patterns at cost.
Waukegan, 111..
Licenses, tradem'k
$3,736
155,860
32,340
.
Accrued items.-..
Allow, for discts. &
net curr. assets.
Plant & equipment
Jigs,
226,479
68,014
_
1934
prem. on Canad.
Empl. Assn.
Adv. to off. & empl
at
1935
Res. for amount of
expenses.
62,720
80.685
Preferred
the class A common stock, no par.—V, 142, p. 2999.
Liabilities—
Notes pay., tradeAccounts payable
on
—Johnson Mot.
Co.
$9,528,712
113,273
594,786
51,777
The New York Curb
Consolidated Balance Sheet Sept. 30
Notes
$9,576,768
339,878
57,750
16,925
Common
Keith-Albee-Orpheum Corp.—Resumes Pref. Div.—
$72,140
12,682
Total income
Other deductions
of bond sink. fd.
14,008
$10,860,257 $10,233,576
Divs. paid or declared:
a
1935
Other income
Restricted funds
pur_-
Total
Accts. & notes
QQO
(& Subs.)—Earnings-
Years Ended Sept. 30—
Net income from operations before depreciation
and other income and other deductions
a
25,600
$342,148 loss$555,958
9,234,219
10.076.780
400
7,890
income
year
Total
Johnson Motor Co. Del.
Cash
1932
$1,201,551
25,321
Goodwill
1
1934
142, p, 3174.
rec.
Subs.)—Earns.
1933
$1,451,685
42,490
—
Investments
1936
in banks
1934
Inc. from leased depts._
Property account 7,258,956
Outside property-500,009
Co., Inc.—Sales—
Inventories
$3,325,474
1935
1935
Four Weeks Ended—
Jan. 25
Notes & accts.
$3,754,079
$20,152,652 $18,465,293 $16,150,096 $16,197,820
Cost ofsales& oper. exp. 18,700,967
17,263.742
15.361.486
16,388,307
a
See Public Service Corp. of N. J. below.—V. 141,
p. 1100.
on
$278,099
sales
Assets—
Assets—
131,609
2,208.071
593,905
Kaufmann Department Stores, Inc. (&
$234,595
Jersey Central Power & Light Co.—Offer for Stock-
Cash
111,161
2,214,631
635.891
-V. 142, p. 2831.
1936—12 Mos.—1935
-V. 142, p. 3174,
—V.
10,967
184,838
47,561
$298,030
Depreciation
Miscellaneous charges.
(& Subs.)—Earnings—
1936—Month—1935
$74,959
$71,380
44,187
42.090
8,632
8,472
Gross earnings.
Feb.
sinking fund.—V. 141, p. 2437.
Co.—Earnings—
was
Jamaica Public Service
Jewel Tea
stock dividend of 50% on the new $10 par
stock on June 22 to holders of record
Net profit for year
Previous balance
Investors Royalty Co., Inc.—1 ]4rCent Dividend—
dividend of
a
common
The City Bank Farmers Trust Co., as successor trustee, is notifying
holders of first mortgage gold bonds, 5% series due 1946, that there has
been called for redemption on Aug. 1, 1936, at 102%, $17,000
principal
S. dollars of net current assets of subsidiary com¬
panies doing business in foreign currencies has been included in the fore¬
going statement.
The provision for depreciation
(excluding the accounts of Compania
Telefonica Nacional de Espana not consolidated herein) for the first three
months of 1936 amounted to $2,554,924, as compared with $2,077,226
for the same period of 1935.
In the annual report for 1935 a full explanation
Co.—50% Stock Dividend—
The directors have declared
common
version in terms of U.
a
liquidating trustee of domestic
138,945
deb. bonds $3,051,188
1,442,437
Note—A substantial part of the operations is carried on in currencies
other than U. S. dollars, and in preparing the foregoing income statement,
have declared
York
T. & T. Teletype N. Y. 1-752
(Mead) Johnson & Co.-—Extra Dividend—
Kalamazoo
The directors
EXCHANGE
New
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 75 cents per share on the
June 15.
cos. endorsed
on
Street
a In
foreign banks and claim against
bank.—V. 141, p. 3382.
Min. com. stockholders' equity in net inc.—(net)
Int. charges in respect of inter-co. notes of sub.
Net income before deducting int.
Interest on debenture bonds
Broad
A
361,318
133,550
discount and expenses
Other int. charges (less int. charged to constr'n).
Divs. on pref. stk. outstanding in hands of public
not
MEMBERS NEW YORK STOCK
$3,846,584
Charges of subsidiary companies;
Int. on funded debt (incl. amortization of bond
(incl.cum.pref. divs. accrued but
Eastman, Dillon 8 Co.
$13,662,226 $12,622,623
9,651,266
8,776,038
&c
expenses, taxes,
473,836
(& Subs.)—Earnings—
March 31—
Net profit after depreciation, Federal taxes, &C-.
Earns, per sh. on 721,931 shs. com. stk. (par $1)„
—V. 142, p. 3513.
1936
$44,267
$0.05
1935
$42,298
$0.05
Kirby Lumber Co.—Would Reorganize—
A petition for the reorganization of the company was filed in the Federal
Court at Houston, May 20, proposing a new Delaware corporation having
The petition states the proposed reorgani¬
approved by over 50% of bondholders and 80% of stock¬
50,000 shares of common stock.
$1,521,224 $1,377,300'
zation has been
Total
Note—After giving effect to conversion
on
$1,521,224 $1,377,300
Oct.
13, 1935, of $100
of convertible notes into 20,000 shares of
capital stock of
$5 per share.
a
000
par value
of
holders and
holders of notes and claims.
Under the plan, stock in the new company may be acquired by stock¬
holders for $15 a share and the exchange of stock on a share for share basis.
—V. 137, p.
151.
Financial
3858
June
January
February
1936
$8,597,317
9,570,689
10,043,390
1934
10,328,161
$7,706,388
8.053.868
8,491,512
10,228,412
9,941,023
11,518,500
10,871,686
May 31, 1936, the company had 726 stores in operation, including
12,011,258
11,925,061
On
in Canada, against 688 American stores
of May 1935.—V. 142, p. 3175.
678 in the United States and 48
and 47 Canadian stores at the end
Oper.
filed Nov. 6. 1935, under the
Securities Act of 1933, covering $6,000,000 first mortgage bonds and 30,000
shares of preferred stock.
The company points out that the issue was approved by AJssouri P. S
Commission last Nov., but an order was secured in Circuit Court in Missouri
in April setting aside the Commission order as arbitarary and unreasonable
and remanding the case for further action.
In view of delay that would
result from carrying the case to a nigher court, the company has decided
to delay financing for the present.—V. 142, p. 463.
^and taxes.T—
1935
1936
April—
9,306,851
9,131,466
8.864,079
9,338,373
$7,131,620
1,773,838
$6,934,507
1,742,304
$8,070,614
1,739,235
$5,884,898
792,814
$5,357,782
397,450
$5,192,203
236,212
$6,331,379
173,232
!6,677,712
1,392,857
$5,755,232
1,501,801
55,428,415
1,646,388
56,504,611
1,843,680
$3,782,027
944,208
$4,660,931
803,792
811,200
2,584,543
from oper.
Non-oper. income
Gross income
charges-.-- —
Interest
in closed
1934
1933
$33,962
def30,335
def45,541
$20„465
def26,210
def39,536
Gross from railway
Net from railway
152,422
defl66,278
127,667
defl26,220
87,842
defl04,034
Net after rents.
def233,145
184,642
defll2,086
defl71,826
defl87,860
defl57,474
Net after rents
From Jan. 1—
—V.
..
51,756
44,626
133,369
banks, &c—
charges.__
Misc. income
Pref. divs. of subs
'
199,088
$5,055,104
902,580
xl,613,143
$4,054,342
881,791
$2,539,381
12,137,294
$2,311,470 idef$606,214
10,656,565
9,836,129
258,801
$461,396
10,276,909
$14,676,675 $12,406,400 $10,050,351
269,106
214,221
27,994
$11,168,305
511,739
stock
divs., cash—
Common divs., stock...
$82,916
848
defl3,937
Net from railway
funds
Prov. for losses on
Common
$39,138
def42,515
def59,107
Gross from railway
231
x86T,08i
Surplus credit.
Adjustments
142, p. 2999.
Judge William H. Kirlcpatrick, of the U. S. District Court at Philadelphia
allowing the company to pay semi annual interest totaling
$243,.375 due June 1 on several outstanding bond issues, and the Easton
Transit Co., a subsidiary, to make a $5,000 sinking fund payment to the
Girard Trust Co. for tne refunding of $205,000 of tne bonds of the Easton
& South Bethlehem Transit Co., its predecessor.
has signed orders
Earned per
x
share
Consolidated Balance Sheet Dec. 31
Liabilities—
with
Funded
2,604,126
2,371,983
3,361,115
3,250,000
February
2,902,327
2.707,333
March
April
May
-
142,
—V.
1934
1933
$1,581,368
1,587,856
2,584,812
2,225,702
2,524,854
$1,174,761
1,240,948
1,391,889
1,949,997
1,899,851
3176.
p.
12 Months Ended
Operating revenue,
Operating expenses
Maintenance
1936
1935
$1,954,329
432,374
21,292
262,330
312,440
$1,803,605
210,859
14,943
262,330
298,408
$925,891
March 31—•
electric
$1,017,063
—
& replace, of fixed capital.
Prov. for retire., renew.
Provision for taxes
Operating income
Customers' deps
580,638
233,750
30,358
39,734
on
Balance of income
-V. 142,
$1,017,063
586,504
255,310
11,679
41,382
$45,444
5% first mortgage bonds
5)4% debentures
Interest on unfunded debt
Amortization of debt discount and expense
on
Interest
--
$122,186
p.1475.
Lincoln Printing Co.
1934
$267,026
Selling & admin, exp
$175,623
1,708,500
1,733,072
,139,587
Material & supp.
1,306,884
1,747,383
turing
Acer,
1935..
for
divs.
reserves
1,324,398
88,558
1,447,839
Deferred liabil..
382,944
employees
4,570,696
2,676,952
for deprec.
and depletion 24,195,916
8,386,420
Capital surplus.
Earned surplus
14,648,679
23,371,005
8,615,608
Miscell.
403,585
Advs. for dev. of
427,120
92,998
1,304,860
406,100
properties
96,334
,085,216
accts
Deferred charges
88,542
pref. stock
on
Due from officers
and
ma¬
Res.
Total
x
158,503,8241
158,541,173
12,137,294
...158,541,173 158,503,824
Total
Represented by 5,368,548 shares no
no par).—V. 142, p. 2505.
in
par
1935
$5,376,623
(1934,
shares
Long Island RR.—2c.-a-Mile Fare Ordered—
Supreme Court Justice George Furman of New York, in Brooklyn, June 4,
a temporary injunction compelling the road to adhere to a two-centsa-mile fare stipulated by the Interstate Commerce Commission June 1.
The road has been charging three cents a mile for trips within the State.
The suit had been filed by the Transit Commission.—V. 142, p. 3681.
Louisiana & Arkansas Ry.April—
—Earnings.—
1935
1934
1933
$389,554
123,652
80,591
$349,520
109,720
73,996
$317,107
113,485
71,207
1,424,234
1936
$472,439
176,711
111,911
Gross from railway
Net from railway
1,388,502
465,754
310,812
1,255,804
461,525
285,696
From Jan. 1—
1932
1933
170,891
Gross income
8,324
Net after rents
(& Subs.)—Earnings-
1935
$437,917
Years Ended Dec. 31—
1,767,996
2,004,328
2,837,443
7,816
ployees for exps
co.
issued
$929,926
Gross income
Interest
649,971
59,660
of
debt
.
4,035
Other income
1,650.000
737,540
payable.
subs.
77,108
,114,347
Advances to em¬
Prepaid
Co.—Earnings—
20,968,500
2,249,250
Accts.
Funded
Accts. receiv'le.
gas
Lexington Water Power
19,693,500
Acer, taxes & int
188,271
3,089,089
179,949
,383,255
—
debt...
Notes payable..
supersed's
receivable
1935
$1,789,622
1,837,678
8,000,000
6,436,750
64,399,455
stock..
x
bond
Corp.—Sales-
7,998,500
6,415,954
Common stock 64,348,116
6% conv. pf. stk.
dep.
Cash
S
2,872,936
6)4% cum. pref.
connection
in
$
111,336
Stock of subs
acct__143 ,427,591 142,547,107
Securities owned
6 ,240,231
6,168,940
692
Sink, fund, cash
69,542
Property
Indemnity
1934
1935
1934
S
Notes & warrants
1936
$1,862,543
2,048,109
$0.53
of subsidiary company.
1935
subsidiary, the Easton Transit Co.
At the same time, the Commission
withheld judgment on a contract between the Transit company and the
Pennsylvania Power & Light Co. providing for the sale of power and rental
of transmission lines to the Power Company.
The reorganization plan still must be passed upon by the Federal court.
—V. 142, p. 2505.
$0.59
5.382,723
$0.71
5,380,723
$165 in 1934, dividends on common stock
Includes $1,056 in 1935 and
Assets—
The Pennsylvania P. S. Commission on June 4 reversed its own decision
of March 1 and approved the reorganization plan of the company and its
5,376,623
5,368,548
$0.77
(no par)
Reorganization Plan Approved—
Month of—
430,000
>,836,130 $10,656,565
$12,137,294
Profit & loss surplus..$14,648,679
January
3,443,803
Shs. of stock outstanding
Lehigh Valley Transit Co.—To Pay Bond Interest—
Lerner Stores
1932
1933
1 XJKjnJ
Operating income.... $8,247,199
2,362,301
Deprec. & depletion
Divs. on pref.
Superior & Ishpeming RR.—Earnings.—
Lake
purch.
gas
exp.,
1934
XC7U1
1935
XUXJKJ
,554,(
408,9
$17,554,050 $16,263,086 $15,798,586 $17,408,987
earnings.
Net earns,
Exchange Commission to permit
The compauy has asked the Securities
to withdraw a registration statement
Gas Corp. (& Subs.)—Earnings—
Lone Star
Calendar Years—
Gross
Co.—To Delay Financing—
Laclede Power & Light
it
rights will expire
1933
$8,824,821
8,797,055
12,320,725
10,146,128
11,680,348
1935
$8,488,424
8,975,051
March
April
May
The
$1 par, upon notice of issuance.
9.—V. 142, p. 3681.
capital stock,
(S. S.) Kresge Co.—Sales—
Month of-—
June 6, 1936
Chronicle
143.092
$87,582
153,875
$241,215
298,535
$32,531
11,267
loss$66,293
20,843
loss$57,320
41,134
$43,798
14,167
14,237
loss$45,450
25,675
21,049
loss$16,186
20,126
25,611
Gross from
railway
railway
Net from
1,791,537
660,875
421,708
Net after rents
429,582
264,003
—V. 142, p. 3176.
Net profit
from oper.
Other income
_
54,514
..
$321,539
21,238
Total income
Other deductions
11,011
Depreciation
Dividends of sub.
cos—
Cash
...
of
loss$92,174
$10,111
loss$72,000
50,940
26,953
.
Net from
Net from
1933
1934
5109,049
31,154
10,766
railway
Net after rents
$75,685
10,901
def3,004
$77,615
17,277
883
$61,250
7.921
def4,323
385,323
92,257
16,823
railway
Net after rents
—V.
Ry.—Earnings.1935
1936
From Jan. 1—■
Gross from railway
5,283
$237,237
Net income for year..
Dividends paid—Stock.
Shs.
10,077
"
52,053
Est. Fed. income tax
Louisiana Arkansas & Texas
April—
294,972
39,506
16,357
319,180
77,610
8,541
226,372
5,946
def44,338
142, p. 3000.
stock out¬
com.
164,219
164,119
Nil
(Warren) McArthur Corp.—Registers with SEC-
159,145
Nil
161,972
$0.80
standing (no par)
Earnings per share..—
Nil
See list given on first page of this department.
Consolidated Balance Sheet Dec. 31
on
Notes
&
$114,513
207,719
Cash dep. in escrow
$290,802
3,247
195,512
payable
Accrued liabilities.
Reserve
311
925
58,654
16,359
5,000
1,535
rec._
1,889
Deferred liab
1,790
to capital stock.
1,980
9,448
$3.50
18,642
Cash surrender val.
life insur. net
72,870
76,195
111,701
100,457
12,395
Investments
zMach., equip., &c
136,231
109,861
234,277
McLellan
stock (par $50).
b Common stock
.
.
-
-
161,972
657
Cap. stk. subscr..
Goodwill
-----
Total...
'
629,825
$824,487 $1,506,409
Corp. cap. surplus
264,008
33,621
Paid-in surplus
Deferred assets
445,550
Earned deficit
Includes
Little
1,288,150
164,219
1,507
420,658
40,769
291,304
bills
Schuylkill
Navigation
RR.
&
Coal
Co.—
Dividend Reduced—
The directors have declared
a
stated that the reduction in the rate to $1 was due to
increased taxation.—V. 141, p. 756; V. 138, p. 4129.
Corp.—Listing—
The New York Curb Exchange has admitted to
shares held.
—V. 142, p. 3349.
McMillan Gold Mines,
Ltd.—Balance Sheet Dec. 31, 1935
Liabilities—
Assets—
Cash
on
hand and in bank...
Settlement receivable
Bullion
Misc.
on
hand..
accounts
receivable
Accrued interest receivable..
Invent, of mat. &
supplies
$19,209
2,745
10,023
Accounts
Accrued
.
1,206
liability
114
y
280
Discount on shares
9,232
$5,510
3,094
payable
Salaries and wages payable.
3,586,074
Capital stock
Deficit
allotted..Dr1,730,122
58,910
2,375
Prepaid insurance
Power Commission for con¬
The Exchange will also list
struction
of
electric trans¬
share for each
63,535 additional shares of
13,577
mission line
x
Buildings, plant and equip.
Mining property
Deferred charges
x
After
170,163
1,176,625
402,507
$1,806,8521
Total.
unlisted trading privileges
share to addi¬
the rights of holders of capital stock to subscribe at $6 per
tional shares of capital stock in the ratio of one additional
seven
$1,056,813
1,068,570
1,346,646
1,539,118
1,542,407
1,312,992
1,620,954
1,775,527
March
April
May
semi-annual dividend of $1 per share on
company
Lockheed Aircraft
1935
1936
$1,094,442
1,154,648
Recover, from Hydro-Electric
the capital stock, par $50, payable July 15 to holders of record June 12.
This compares with dividends of $1.10 per share previously distributed
each six months.
The
Co.—Sales—
January.
February
$824,487 $1,506,409
Total
Stores
Month of—
payable,
y After reserve for bad debts of $21,346 in
1935 and $19,244 in 1934.
z After reserve for depreciation of $418,260 in
1935 and $405,065 in
1934.
a Represented
by 30,564 no-par shares,
b Represented by 161,972 no-par shares in 1935 and 164,219 no-par shares
in 1934—V. 142, p. 2505.
x
March...
a305,640
Dref
cumul.
1933
$8,598,303
7,650,743
7,742,201
7,539,051
—V. 142,p.3682.
div.
pref. stock
7%
'
M
cumul.
February
April
eral income taxes
Inventories
8,190
Inc.—Net Sales-
1935
1934
1936
$11,605,621 $10,532,634 $11,549,832
10,071,120
9,753,342
11,475,413
10,917,744
11,585,545
12,701,173
10,973,631
9,928,061
12,193,691
Month
January
Fed¬
for
McKesson & Robbins,
x$110,642
$33,641
26,953
21,495
Unci, wages & divs.
accts.
receivable.
Unpaid subscrip'ns
Accrued int.
Dividends
1934
1935
Liabilities—
Accounts payable-
hand and
in banks
y
1934
1935
Assets—
Cash
reserve
for depreciation of
Total
$30,011.
The'income account for year ended Dec.
icle" of May 23, page 3514.
IHei?'nil
y
Represented by 3,586,074
31, 1935, was given in
Chron¬
Volume
Michigan Bell Telephone Co.—Earnings—
Use of Name
(R. H.) Macy & Co., Inc.—Injunction Against
Attempt by Irving H. Bernett and Irvin Rosenfeld, Philadelphia drug¬
gists, to operate a Philadelphia store under the name of "Macy's Drug
Store" was blocked May 29 by the opinion of Justice Buffington of tne
U. S. Circuit Court of Appeals, Third Circuit, granting a permanent in¬
junction to R. H. Macy & Co., Inc.
This is the first case of many of a
similar type which has reached a decision in an Eastern appellate court,
and it is expected to have far-reaching effect upon
merchants in other
cities attempting, by misappropriation of the Macy name, to create tne
impression that they are connected with the New York store, which happens
to be the largest of its kind in the world.
.
l"*/rhe opinion of the court vacates an order of the District Court for tne
Eastern District of Pennsylvania which had denied a motion by the New
York store for a preliminary injunction, and grants a permanent injunction.
—V. 142, p. 2506.
Mangel Stores Corp. (& Subs.)—Earnings—
Net sales
Operating profit
;
Depreciation of fixed assets..
^'Profit
1934
1935
$8,665,717
W Years Ended Dec. 31—
8,543,879
387.476
9,807
234,781
27,381
________
Operating
6,775
8,568
$214,175
$386,237
**
___________
x20,000
^Consolidated
Earnings
per
5,778
50,000
11,848
Other charges
Provision for Fed. income taxes & contingencies.-
$330,459
$1.73
$182,327
$0.55
net profit transferred to surplus. _
share on 125,000 no-par shares
xJFederal income taxes only.
Consolidated Balance Sheet Dec. 31.
on
Accts.pay.—mdse.
$764,399
26,717
633,719
19,675
Other assets
xReal estate
y
—expenses,
177,537
18,120
224,356
17,110
Ac-
Customers' credits
1st
177,854
mtge.
payable
real
estate—
on
due June 23,
Furniture A fixt.,
leasehold impts.
$158,933
payable
Accounts
accts. rec.
(less reserve)
Mdse. inventory__
i
$445,932
less discounts.
$630,415
25,165
793,961
7,521
175,249
hand
Sundry
1934
1935
Liabilities—
1934
1935
Assets-
Cash in banks and
55,000
'35
Mtge. Install, pay.
272,442
45,935
and truck
Deferred charges._
165,623
34,872
1
Goodwill
mS..-
1
6,500
4,500
68,360
76.584
within one year.
Res.
for
Fed.
inc.
taxes & contlng.
Mtges. payable on
real estate, less
83,000
49,500
1,750,000
Operating expenses
Operating taxes
Net oper.
625,000
1,089,777
cum.
z
1,272,104
$2,084,673 $1,688,879
x After reserve for depreciation of $9,121
in 1935 and $6,515 in 1934.
y After reserve for depreciation on additions subsequent to June, 1932, of
$31,376 in 1935 and $9,117 in 1934.
z Represented by 125,000 no-par
shares.—V.
(& Subs.)—Earnings—
1934
1933
1932
$717,927
$830,585 b$l,072.929
333,342
353,525
396,462
cl55,697
cl71,147
316,640
Manufacturers Finance Co.
1935
Calendar Years—
Earnedcompensa'n (net)
Exps. (incl. taxes, &c.)_
Interest paid.
income
dividends
Preferred
,
$609,149
302,382
* 163,800
22,677
25,270
$120,290
75,439
Prov. for credit losses—
Net
$203,618
75,439
_
,
;■
($118,808 in 1933) charged to surplus, mortgage
and instalment
Consolidated Balance Sheet Dec. 31
1935
1,371,500
100,000
1,700,000
y31,918
Reserve for losses.
& acceptances..
4,771,145
750,000
officers
147,400
Final
employees on
119,144
purchase of stock
Impound'd bal.,&c
Mfrs.Mtge. Co.__
733,656
17,863
Mfrs. Finance Tr_
and
Furniture
120,390
155,189
733,726
17,863
Stock
Exchange.
Net Inc. After
Year—
$146,685 1931178,078
383,929
345,212
All Charges
Year—
1926
1927.
1928
1929.
1930
—V.
41,746
70,838
.7,382,912
7,541,350
280,850
Preferred stock...
1,240,475
2,155,600
made.—V. 142, p. 2674.
Midland Oil
of accumulations
' 295,655
295,655
customers
preferred stock.
80,000
80,000
360,364
Common stock..
468,885
50 cents per share was
known as the
y
Includes accrued interest.—
Minneapolis Gas Light Co.—Bonds Called—
Inc. (& Subs.)—Earnings—
Gross
Net income, before income taxes
Federal and Canadian income taxes
i
Net income
$1,275,173
142,007
$1,133,166
$931,565
income
Deductions from income
$1,208,276
$1,073,178
141,613
income
$3,567,944
2,359,668
$1,239,054
165,876
Operating income
$3,785,610
2,623,120
$1,162,490
76,564
Gross profit
Selling, administrative & development expense
Other
1934x
1935
$983,272
66,896
149,893
401,307
Dividends—Merck & Co., Inc.—Preferred
125,845
120,000
Common
269,400
Dividends—Merck Corp.—Preferred
x Combined statement of operations and surplus of Merck & Co.,
Inc.,
subsidiaries, and Merck Corp.
(predecessor companies), including
adjustments re consolidation.
and
Consolidated Balance Sheet Dec. 31
1935
Assrfs—
1934
on
$834,557 $1,349,388
hand
952,700
count
499,930
bills
affil.
cos.
5,412
A for joint acc'ts
3,748,912
254,790
3,436,043
266,534
122,888
2,457,919
Deferred charges._
101,938
Accruals
227,981
318,437
6% cum. pref. stk.
(par $100)
4,661,000
Com. stk. (par $1)
300,000
Initial surplus....
$337,863
,
Reserves
1,113,130
U.S.Treasury dis¬
Adv. to
1934
1935
$424,386
Due to affil. cos. A
for joint acc'ts..
Acc'ts A notes rec.,
less reserve
Liabilities—
Acc'ts payable
Cash in banks and
2,081,729
148,581
183,969
360,296
5,139,500
300,000
2,153,139
2,009,767
103,569
Inventories
Investments
Jan.
Land, bldgs., ma¬
chinery A equip.,
less deprec. res.
Earned surp., after
1
1935—I
374,828
Goodwill, trade¬
marks, Ac
Total
-V.
$8,511,251
142, P. 1993.
$8,623,348!
Total
.$8,511,251 $8,623,348
gold bonds, 4 lA°7o series, due 1950, have
July 1 at 10334 and interest.
Payment will
Trust Co.—V. 142, p. 3514.
Minneapolis St. Paul & Sault Ste. Marie
Ry.-—Earn¬
ings of System—
1936
April—
Gross from
railway
1935
$1,976,707
329,157
62,398
$1,832,936
183,204
def72,903
7,437,680
679,109
387,387
def937,838
1934
1933
$1,859,577
322,226
59,303
$1,730,957
305,810
125,733
6,636,879
636,793
5,769,128
def58,763
1—
Gross from railway
Net from railway
Net after rents
Years Ended Dec. 31—
This company was formerly
All of the outstanding first mtge.
—V. 142, p.
Merck & Co.,
made on May 15, 1934.
Midland Royalty Corp.—V. 142, p. 2166.
been called for redemption on
From Jan.
Represented by 80,000 no par shares,
V.142,P. 1822.
x
loss235,542
11,117
86,616
403,238
declared a dividend of 50 cents per share on account
the $2 cum. con v. preference stock, no par value,
Net after rents
$7,382,912 $7,541,350
_loss$114,112
-
-
Corp.—Accumulated Dividend—
on
Net from railway
Total
Net Inc. After
All Charges
payable June 16 to holders of record June 10.
A like payment was made
on March 16, last, and on Dec. 23, 1935, and compares with 25 cents paid
on Nov. 15, Sep. 16, June 15, and March 15, 1935; 50 cents paid on Feb.
15, 1935, and on Dec. 15, 1934, and with 25 cents per share distributed
on Sept. 15, June 15, and March 15, 1934, while on Feb. 15, 1934, a pay¬
ment of 50 cents per share was made.
In addition, a regular payment of
1,167,860
2,155,600
2d
x
Outstanding
200,000 shares
Midvale Co.—50-Cent Dividend—
directors have declared a dividend of 50 cents per share on the
capital stock, no par value, payable July 1 to holders of record June 20.
A similar payment was made on April 1 last and compares with $1 per
share paid on Dec. 7, 1935, and on Nov. 7, 1934.
A dividend of 50 cents
was paid on Jan. 1, 1933; 75 cents on Oct. 1, 1932, and from Jan. 1, 1930,
to and including July
1, 1932, quarterly distributions of $1 per share
be made at the Bankers
43,718
24,629
items
Total
41,377
-
142, p. 3179.
The
23,000
paym'ts due
Surplus
fix¬
tures (less depr.)
Deferred
Accounts
193425
Authorized
200,000 shares
1935, the authorized capital consisted of 100,000 shares
(no par), all of which were outstanding.
Pursuant to action of the stock¬
holders Feb. 4, 1936, articles of association were amended to provide for
an authorized capital of 200,000 shares of common stock (par $2.50), and
each share of no par stock then outstanding was changed into two shares of
common stock par of $2.50 per share.
Business—Company, organized in 1916, is one of the leading manufac¬
tures of electrically welded steel tubing, selling a large part of its products
to the automotive and allied industries.
Company also manufacturers
automobile tire pumps and mufflers and other finished products fabricated
from steel tubing.
Company's customers include, in addition to leading
manufacturers of automobiles and automobile accessories, manufacturers
of agricultural implements, air conditioning equipment, bicycles, business
machines, metal furniture, oil burners, scales, vacuum cleaners, washing
machines and numerous other products.
Dividends—Dividends were inaugurated on common stock in 1921, and
with the exception of 1923, were paid in varying amounts in each year to
and including 1931.
No dividends were paid in the years 1932 to 1934,
inclusive.
On Sept. 10 and Dec. 10, 1935, the company paid dividends of
25 cents per share on its then outstanding no par value stock (equivalent
to 12M cents per share on its present common stock).
On March 10,
1936, the company paid an initial dividend on its present common stock of
19 cents per share.
The directors have declared a quarterly dividend of
25 cents per share on the common stock, payable June 10, to holders of
record May 30.
Listing—The common stock has recently been approved for listing by
the New York Curb Exchange.
Common stock is now listed on the Detroit
As of Dec. 31,
trust notes
(1938)
4,621,278
750,000
from
Common stock ($2.50 par)
2,969,500
payable.
trust notes..
Collat.
1st mtge. notes.__
&
1934
1935
Liabilities—
1934
$878,520 $1,074,557 Coll.
Open accts., notes
Due
A prospectus dated June 1 affords the
covering their sale.
following:
The directors have
accounts.
Assets—
Michigan Steel Tube Products Co.—Stock Offered—
Eberstadt & Co., Inc., of New York, offered June 2
were
95,306
$210,607
$206,951
b Includes $133,781 for interest on mortgage company advances and
instalment investment, charged to surplus in order to show correct net
earnings from accounts receivable business,
c After deducting $89,024
Cash
$2,276,087
$2,944,941
20,214 shares of common stock at $19 per share.
The offer¬
ing does not represent new financing by the company, all
of the shares being owned by certain stockholders who have
entered into an agreement with F. Eberstadt & Co., Inc.,
$359,826
152,875
$305,913
$128,179
$44,851
Balance, surplus
in 1934
F.
1936.
141, p.
$606,325
Earnings for Calendar Years
Total
$2,084,673 $1,688,870
$799,832
income
pf. stk.
(par S100)
Common stock--
Deficit
Total.
$3,018,540
2,730
1,863,031
352,947
-V. 142, p. 3349.
1,750,000
625,000
current install--
revenues
Uncollectible oper. rev__
Capitalization—
$377,669
$207,399
:
___________
Other income
1936—Month—1935
1936—4 Mos.—1935
$2,724,697 $11,675,290 $10,586,222
128
18,343
36,900
1,797,862
7,305,566
7,034,469
320,382
1,406,440
1,238.766
Period End. Apr. 30—
.
Total
3859
Financial Chronicle
142
6,365,550
28,346
def399,512def1,072,858
3683.
Minneapolis & St. Louis RR.- -New Plan Submitted to
RFC—Bondholders* Group Proposes : 3,000,000 Loans to Save
Road—
A
bondholders'
plan
for reorganization of the road through a loan of
$5,000,000 from the Reconstruction Finance Corporation and a private
loan of $1,000,000 was proposed June 1 to Jesse H. Jones, Chairman of the
RFC, by Philip Roosevelt of New York, Chairman of a bondholders' com¬
mittee, it was made known by Senator Shipstead of Minnesota, Chairman
of a Senate Interstate Commerce subcommittee which has been investigating
proposal to sell and dismember the road.
The plan, as outlined by Senator Shipstead, calls for issuance of $17,000,000 in new securities, $5,000,000 of which would be in first-mortgage
4% bonds to be issued to the RFC as security for its loan.
The holders
of $44,286,000 of old bonds would receive $12,000,000 of the new bonds in
place of the old.
In addition, Mr. Roosevelt wrote, Frederick H. Prince of Boston, an
investor in the road, had agreed to lend $1,000,000 on 10-year notes at
a
The RFC loan would go toward lifting the receivership under which
operating since 1923 and the Prince loan would be turned
operating company for equipment and operating needs.
The
plan contemplates formation of separate owning and operating
companies, the former to be known as the Minneapolis-St. Louis RR.,
and the latter as the Minneapolis-St. Louis Ry.
The $6,000,000 obtained from loans, Senator Shipstead said, would be
the only fixed charges the road would have to carry until the loans were paid.
After that there would remain $12,000,000 in bonds on the entire system.
Pointing out that the road had carried bonded indebtedness of $46,000,000 from 1912 to 1923 and had paid all interest charges during that
period, the Senator asserted that "it should be evident to every one that
under the present management and present increased business, the road
ought to be able not only to repay the $6,000,000 of borrowed money but
after that to pay a reasonable return on the $12,000,000 additional bonds
-and continue to render service to the communities of Minnesota and keep
the men now employed on the road in continued employment."
The road also serves parts of Iowa, South Dakota and Illinois.
The Shipstead committee last wreek concluded hearings on the resolution
by Senator Benson of Minnesota asking a Senate investigation of the plan
to dismember the road.
The dismantling proposal, advanced by a group
of competing carriers organized into the Associated Railways, was predicated
on receipt of a loan of $7,200,000 from the RFC for purchase of the line.
It was planned then to partition the road to the competitors and abandon
approximately one-third of the present trackage.
4H%.
the road has been
over
to
an
Financial
3860
"It became apparent at
the hearing," Senator Shipstead said, "that the
p2FC had no reliable information about the road since the inspection they
made in 1933.
Mr. Jones has promised that he will have an examination
made by impartial engineers and that he will have it done very soon.
"I am confident that when he has done so he will have no hesitancy in
deciding that the proposed bondholder's plan is far more in the public
interest than the plan proposed by the competing railroads, whose plan
put 1,800 to 2,600 men out of work."
L
C
Sprague, co-receiver of the road
and a witness before the Shipstead committee, said he believed the plan of Philip Roosevelt the "best
that could be put forward."
ghany and Midamerica Holding Companies, Mr. Thornton said the general
public holds $115,000,000 of MOP common, preferred and convertible stock.
142, p. 3684.
—V.
Missouri Illinois RR.—Earnings.—
Proposed Plan—
June 3 flatly refused to
participate in the plan for reorganizng the company
Roosevelt, chairman of a reorganization committee.
The
plan,
St. L.
M. <fe
proposed by Philip J.
under which RFC would furnish $5,000,000 to lift the
receivership and F. H. Prince of Boston would underwrite a
000 loan to a new company to operate the properties, "makes
entirely too easy practises employed all too often with respect to some of
our railroads in times past," Chairman Jones of the FRC said in a letter to
Mr
Roosevelt.
He said the plan "is a delusion in that it holds out false
interested in the road."
outlined his objections as follows:
(1) It gives control for 99 years to an operating company with no capital
except $1,000,000 it proposes to borrow at 4H%, interest on which will
be a first charge on any profits after actual operating expenses.
hopes to everyone
Chairman Jones
The operating company will have no responsibility except to operate
as best suits the pruposes of those in charge for this very long
the road
Net after rents.
point.
(3) The device of giving RFC first mortgage on the railroad, and Mr.
Prince a first lien on income of the road for interest on his loan of $1,000,000
to the operating company, makes the first mortgage in effect a second
mortgage.
(4) The $1,000,000 loan to the operating company, underwritten by
Mr. Prince, not only gets a
interest as a first charge on earnings
ahead of the first mortgage held by RFC, but it also gets a bonus of $1,000,000 4 ViVo income bonds of the railroad company, and all stock of the
operating company, a rather heavy toll for a loan of $1,000,000."
Stating that the RFC will assist any railroad in "any sound reorganization
plan," Mr. Jones said it appeared desirable that the Interstate Commerce
Commission continue hearings on the dismemberment plan now pending
that some constructive suggestions will come from the
have been completed."
The ICC, he said,
can be relied to act "wisely and fairly toward the property" if a better
plan for all concerned is presented.
"in
expectation
commission when the hearings
F. II. Prince
Replies to RFC Head—
F. H. Prince has written a letter to
properties of the Minneapolis & St. Louis.
"The question of the Minneapolis & St. Louis is not one which so especi¬
ally interests me as it is to adopt a system which I believe to be the easiest
and best method of reorganizing our railroads and one which would take us
out of the difficulties in which we are today," Mr. Prince said.
Shipstead Offers Plan for Road—
A substitute proposal was advanced June 4 by Senator Shipstead of
Minneapolis for the bondholders' plan to reorganize the company, which
serious defects."
In a letter to Philip J. Roosevelt, the Senator said, however, he considered
the bondholders' plan "far better" than the dismemberment proposed by
I^ailways
*
-
*
chairman of a Senate Interstate Comiperce sub¬
the road's affairs, indicated that hearings might be
resumed as a result of the rejection of Mr. Roosevelt's plan.
He suggested that a reorganization could be effected "without a bonus in
additional bonds to any one, without stock ownership and control in one
individual, and very likely without a complex dual corporate set-up
(separate owning and operating companies), the exact necessity for which
is not readily apparent, although their purposes are not altogether obscure."
The Senator wrote to Mr. Roosevelt that the bondholders' committee
should have no trouble in borrowing the entire $6,000,000 from the RFC
"and thus eliminate paying a bonus of $1,000,000."
It addition, he said,
"such a plan would have the advantage of keeping control of the railroad in
the hands of its owners.
The bondholders, if necessary, could issue the
120,000 shares at $10 a share to raise $1,200,000 more if needed."
The Senator expressed the opinion that the road could be reorganized in
bankruptcy for less than $6,000,000.—Y. 142, p. 3 683.
Senator Shipstead, as
committee inquiring into
Mississippi Central RR.—Earnings.—
1936
April—
13,966
3,107
279,825
62,920
215,687
16,112
219,123
30,903
168,157
419
35,122
Net after rents
def8,892
7,851
def23,401
def2,685
.
be
renewed.
The road,
Net after rents
142, p. 3179.
for maintenance
against $1,971,500 spent in 1935.
Maintenance of ways and structures
l,207,322 against $1,379,759 last year.
expenditures were estimated at
'~~
—V. 142, p.
Missouri & Arkansas
Net after rents
1934
$81,109
17,045
5,716
13,624
3.155
41,092
12,310
7,459
322,989
48,372
1,607
def40,508
1936
$85,646
20,731
8,845
From Jan. 1—
railway
after rents.
—V. 142, p.
1933
$72,596
v
Gross from railway.
.237,006
defl,196
3179.
Missouri
RR.—Trustee
Files
Suit—Loss
Put
at
11,447
38,718
z243,640
$3,222,631
48,464
372,594
393,467
$2,045,859
38,373
201,848
249,073
$2,408,105
415,026
a$l,556,566
415,030
$1,993,079
$1,141,536
$90,003
$32,906
415,026
$5.80
X415.465
X415.465
$1.21
x415,465
$1.00
Dividends received
Other income items
Total income
Interest paid_
Sundry expense items.
Federal income tax—
Net income.
Dividends.
_
standing
Earnings per share_.
x
Guy N. Thompson, trustee for the road, filed suit in Federal
Cleveland, May 21, against five Clevelanders for $3,200,000,
Court at
allegedly
through interlocking directorships of the Alleghany Corp.,
and Terminal Shares, Inc.
The five named are O. P. Van Sweringen,
Leonard P. Ayres, Alva Bradley, John Sherwin Jr. and George A. Tom-
lost to the road
linson.
Alleghany Corp., the petition states, acquired the railroad through a
control plan that caused losses to Terminal Shares and the latter
company saddled the losses on the Missouri Pacific RR.
This was done,
the petition said, by forcing the railroad to buy property for which it had
no use, and causing payment of $3,200,000 to depositors of the Guaranty
Trust Co. of New York in instalments of $400,000 each.
The Federal Court at St. Louis ordered Missouri Pacific trustees to take
stock
legal action to invalidate a contract between Missouri Pacific and the
Alleghany Corp. for the purchase of properties through Terminal Shares
and to recover the $3,200,000 payment made therefor.
The five men are directors of Alleghany Corp.
Protest
Made
to
ICC—Stock
Group
Opposes
Features
of
Including shares in
plan suggested by the Stedman Bondholders' Com¬
reorganization of the Missouri Pacific System was contained in a
letter to the Interstate Commerce Commission May 25, by a representative
of stock interests.
Charles H. Thornton, of Fond du Lac, Wis., attacked
features of a plan suggested by the Committee.
Mr. Thornton recently sought unsuccessfully to obtain authority from
the ICC for the creation of a committee to represent the holders of the road s
junior securities in connection with the reorganization.
The Stedman plan would wipe out stock interests in the railroad, givmg
shareholders only the right to make certain purchases of new stock.
Writing to O. E. Sweet, Commission Finance Director, Mr. Thornton
Criticism against a
mittee for
,
$508,619
$503,661
413,658
•
$417,957
385,051
40,661
50,000
$3.75
treasury for
After depreciation of $48,525.
resale to customers and employees,
Includes profit on securities of affiliate
z
sold of $225,645.
a Includes $27,078 net profit of wholly owned subsidiary
for the period from Nov. 18, 1934 (date as of which there was acquired
95.2% of its outstanding shares) to March 31, 1935.
b After deducting
cost of sales, shipping, selling, general and administrative expenses (after
provision for depreciation of $98,872) and after reduction of $222,116 for
processing tax, deposited into court from July, 1935, to January, 1936,
inclusive, and released thereafter by order of the court, less expenses.
Consolidated Balance Sheet March 31
1,249,937
836,004
1,479,928
5,287,280
558,083
1,480,295
1,664,806
66,756
146,942
1,062,850
67,791
8,231,559
supplies, &c
918,579
Cash
Investments
Accts. receivable..
Prepaid
expenses .
Good-will
Due affil. cos..
50,000
50,000
marks, &c
1,290
101,555
986,664
658,885
701,594
4,529,530
78,861
701,279
2,536,450
13,661,565
ances,
9,489,244
doubtful
accts.,
deprec.,
Stock
acquired for
to
em¬
Earned surplus
9,489,244
2,550,000
227,129
allow¬
ployees, &c
Capital surplus
.13,661,565
139,061
103,757
payable
Reserve for
resale
Total...
2,494,732
4,480
advertising, &c_
trade¬
$
Capital stock... 2,494,732
Accts. payable
1,040,808
Notes pay. banks.x3,800,000
Tobacco purchases
y
Divs.
Cap. stock purch.
for employees..
1935
$
Liabilities—
$
S
Assets—
Mach'yand equip.
1936
1935
1936
Total
27, 1936.
y Represented by 276,000
139,465 shares at $10 per share less 439 shares.in
treasury at cost of $3,918.—V. 141, p. 2743.
x
Reduced to $3,200,000 as of May
shares at $4 per share and
"Montecatini"
Mineraria
Generale
(Societa
l'lndust^ia
per
Ed Agricola)—Earnings—
LAll figures in Italian lire]
Gross profit
Divs. on par tic. &
1933
1934
1935
126,401,532 114,128,113
int
1932
64,004,286
46,562,312
63,332,963
40,808,733
110,566,599 104,141,697
8,252,016
8,711,549
12,431,242
18,147,247
126,401,532
12,399,590
16,655,883
114,128,113
9,080,462
12,808,841
See x
25,000,000
4,863,350
20?000*000
5,272,262
17,000,000
7,211,309
14,000.000
10,183,176
67,482,707
51,000.000
66,966,547
48,000.000
65,672,031
40,000,000
53,099,724
40,000,000
749,654
672,364
813,440
561,994
15,733,053
Gross income.
Taxes
18,294,183
24,858,590
12,537,730
Allotment to
employees'
pension fund
Deprec. & depletion
on
funded debt
Dividends.....
Directors'
participation.
Surplus for year
x
Included in general
See
See
x
x
expenses.
Balance Sheet Dec. 31
1935
337,540.222
Assets—
39,578,478
10,798,852
Minerals, raw & finished mat'l.
Supply warehouses & sundries.
Floating goods and goods with
1934
337,052,227
43,072,051
10,975,787
1933
305,151,282
30,629,097
10,606,353
3,414,800
3,658,314
3,451,733
614,288,629
Bills receivable
651,520,952
78,074,025
14,008,940
632,461,591
65,230,203
21,131,042
Treasury bonds
Sundry debtors
Sundry fidelity guarantees
338.472,916
451,294
Pro-contra accounts
third parties.
Securities owned.
Banks and cash
15,779,534
273,124,808
614,520
211,106,505
127,534,928
227,911,812
659,961
332,712,478
1,684,966,988
1,713,645,727
1,481,308,101
Capital stock
600,000,000
Reserves
489,697,317
7% American bonds
Sundry creditors
115,858,438
199,309,461
Unclaimed dividends
Profit for distribution
1,512,558
67,482,707
211,106,505
600,000,000
424,789,437
131,936,090
148,715,664
727,332
74,764,724
332,712,478
500,000,000
454,296,438
146,945,419
151,679.577
1,146,463
88,332,737
138,907.466
1,684,966,988 1,713,645,727
1,481,308,101
Total
138,907,466
Liabilities—
Pro-contra accounts
Total
Proposals—
said:
83
$632,219
6,995
49,564
72,000
stock out¬
Shares capital
_
13,200,000—
Bondholders1
19.33
$387,355
16,524
54,084
50,656
3,998
2,602
9,393
Interest received
Fixed assets
Pacific
(& Subs.)—
1934
$545,850
28,205
58,081
b$3,206,638 y$l,752,054
Operating profit
Net avail, for distrib—
1935
1935
$41,092
12,310
7,459
20,393
railway
Net from railway......
Va.
1935
1936
Years End. Mar. 31—
Ry.—Earnings.-
319,907
63,560
April—\
Gross from
Net
3684.
(Philip) Morris & Co., Ltd., Inc.,
Int.
Net from
in its application, estimated 1936 net income of $382,851, and
of $1,195,715 at the end of Dec. 1936. Expenditures
of equipment during the year were estimated at $2,144,578.
forecast a cash balance
General expenses
From Jan. 1—
Gross from railway
Net from railway
—V.
has asked the Interstate Commerce Commission to renew,
Reconstruction Finance Corporation loan of $877,599, due
The loan is evidenced by receivers' certificates which would
Calendar Years—
1933
$49,940
4,592
1934
1935
$60,261
9,560
$58,368
10,413
4,788
$75,590
21,626
Gross from railway
Net from railway
241,187
22,543
def32,853
30,058
The company
July 7, 1936.
Leaf tobacco, oper.
latter he said had "some
Associated
2.614
for three years.
y
Jesse Jones, chairman of the RFC,
protesting against the criticism advanced by Mr. Jones on the proposed
plan of reorganization.
In his letter, Mr. Prince maintained that the RFC
would receive better security on the $5,000,000 proposed to be advanced
under the reorganization plan than it would be for the $7,200,000 which
the RFC has offered to lend to various western railroads to divide the
Senator
295,682
71,058
Mobile & Ohio RR.—Asks RFC Loan Renewal—
with him in lending
a
338,340
81,927
27,130
14,594
3002.
—V. 142, p.
subject to abuses and manipulations. We
not'question the motives of Mr. Prince or those who may be associated
$1,000,000 to the operating company, but 99 years is
long time, and our memories need not run very far back to illustrate my
railway
from railway
Net
period, making the road a pawn,
do
$58,672
11,179
def4,475
317,461
58,379
2,348
after rents
Gross from
$1*000
(2)
$74,371
1935
From Jan. 1—
Reconstruction Finance Corporation on
The
1933
$92,751
25,54312,287
1936
railway
railway
Gross from
Net from
1934
$89,965
20,817
5,675
April—
Net
RFC Turns Down
1936
to shareholders of the Missouri Pacific RR., as proposed by
the Stedman committee, the right to hope that some day their piece of paper
might have a value would be a crime."
Besides stock held by the Van Sweringen interests, including the Alle¬
"To deny
competitor, leave 47 communities without rail service and
would remove a
June 5,
Chronicle
—V. 140, p. 3723.
Munson
June 1,
Steamship Line—Dealings Suspended—
1936
was
the final date within which holders of the 6H% gold
permitted to file proof of claim in connec¬
debentures due Jan. 1, 1937 were
tion with proceedings for the reorganization of the company.
Dealings in
the debentures were suspended, effective at the opening of business,May 28.
In a report to the U. S. District Court for the Southern District of New
York, the trustees, Edward P. Farley and Morton L. Fearey, had the
following to say regarding the prospects of reorganizing the company:
It is the desire of the trustees that the reorganization of the entire estate
be completed at the earliest possible date.
In the meantime, the trustees
Volume
3861
Financial Chronicle
142
build up such of the operations as can be continued at a profit,
improve and develop the conditions of those that are maintained and to
or to dispose of the remainder.
It seems apparent that two factors must be known before any reorgani¬
Balance Sheet Jan. 31
propose to
to
discontinue
the many interests with reason¬
known to what extent the Gov¬
of the South American
service and, second, what security the Government is willing to take for
its present claim, or to what form of reorganization it would be willing to
agree.
Until these fundamental factors are known, bondholders, debentureholders and other creditors are in no position to know what part of the estate
will be left and, therefore, what, if any, reorganization can be effected.
As regards the former item, there are several bills now pending before
Congress, and no one can say what form the Government aid will take and
to what extent.
As regards the second essential condition to a reorganiza¬
tion, the trustees have discussed with the Shipping Board Bureau of the
Department of Commerce the question as to a form of reorganization that
would be acceptable to it and the form of securities it would be willing to
take.
The information received to date has been to the effect that the
Government would not agree to any form of reorganization which did not
provide for the construction of new vessels for this service.
There is no evidence before the trustees that any type of new ships
could earn on the investment involved in their construction and, on the
contrary, it appears quite clear that no ships in this service will be selfsupporting if operated under the American flag without subsidy.
All of
the evidence points to the fact that no new ships could be built which,
after allowing for even the minimum capital costs, could make as favorable
a showing as the vessels now in the service,
which are adequate for both
the passengers ancPcargo available in the trade.
These ships, as previously
mentioned, were built by the Government and were certified by the Govern¬
ment as being suitable for the service for a period which has not yet been
completed.
They are the largest and fastest ships in the trade, and it
would seem that, if on account of the national interest involved the Gov¬
ernment is determined to have operated in this service ships which cannot
be economically justified, the additional cost involved should be borne
by the Government, without the sacrifice of the interests which have built
up and maintained this service for so many years, and without the sacrifice
of the experience and good-will which is the property of the creditors of
Munson Steamship Line.—V. 142, p. 3516.
zation plan can be effected that will treat
able fairness.
These are, first, it must be
is prepared to share in the maintenance
ernment
Assets—
1936
Cash in banks
Cash
postage
Accounts
less
20,279
Inventory
Prepaid
costs
C 5% due June 1, 1958,
Dec. 1 next at 105 and interest.
Payment of the above bonds will be made at the Rhode Island Hospital
Trust Co., Providence, R. I.; the Old Colony Trust Co., Boston, Mass.;
the Chase National Bank, N. Y. City, or the Harris Trust & Savings Bank,
Chicago.
1 '■
.</•
'-V;,
All of the outstanding first mtge. bonds series
have been called for redemption on
Accts.
666,750
79,592
subsidiary of the New England Power Association,
a registered holding company, for exemption from filing a declaration in
connection with the issuance of 834,000,000 of three-year 3% notes to
be used as collateral for bank loans preliminary to refinancing the retire¬
tion by the company, a
outstanding obligations.
Under the Public Utility Holding Company Act of 1935 such
ment of
exemption
be granted by the Commission to the issue or sale of any security by
subsidiary of a registered holding company if the operation is solely
to finance the business of such subsidiary and has been authorized by a
State commission.
The issue has been authorized by the Division of Public Utilities of
may
a
The only condition was that the applicant company
Rhose Island.
file with the Commission, within 10 days
a
with the terms
shall
National Power & Light Co. (&
15,270
593,641
Net
from oper_.
revs,
$8,421,469
93,998
Total
-V.
3,100,668
Cr4,812
1,470,308
chgd. to construe..
Prop, retire, res. approp.
Nash
1,357,354
12,423,570
016,571
6,082,919
12,705,174
021,012
Motors
Co.—Shipments—
National Refining Co
diy. require, applic. to
resp. periods whether
earned or unearned)_.
1,515,830
1,515,842
6,063,345
6,063,405
applic. to min. int.
3,772
3,969
12,056
16,162
equity
Net
Co.
Other
$514,937
$51,083
529,962
16,125
a548,373
855,823
931,074
prof$112,150
$1,164,919
bl99,456
$340,886
$879,991
456,822
sur$112,150
$1,364,375
$340,886
$1,336,813
deple¬
&c
deductions
Net
loss
Prof. &
com.
divs
Deficit
Depreciation
a
and
depletion only,
$2,344,147
of subs
income
$2,253,757
$7,849,850
Scrip.
Bills & accts. rec__
&
Lt.
Co.
in
inc.
of
$2,344,147
$2,253,757
$7,849,850
2,359,362
.
Prep'd State gas &
kerosene
35,841
61,390
marks,
$2,385,578
public
$2,289,598
$7,911,240
40,994
26,761
189,494
$7,861,705
194,672
$2,344,584
$2,262,837
340,340
340,354
and
$7,721,746
$7,667,033
1,355,934
1,356,062
earned surplus
Note—All
$2,004,244
$1,922,483
$6,365,812
$6,310,971
intercompany transactions have been eliminated from the
Interest and preferred dividend deductions of sub¬
full requirements for the respective periods (whether
statement.
20,648,383 20,391,034
?ortion &of earnings which accrued to income accounts of individual sub¬
Light Co., less losses where common stocks held by National
ower
have resulted in deficits
for the respective periods.—V.
142.
p
3684.
National Public Service
See Public Service Corp. of
Corp.—Offer for Stock—
of
National Tea Co.—Sales—
$5,135,421
4,662,014
4,733,906
1935
$4,387,876
4,929,167
4,898,378
1934
$4,344,288
4,735,402
4,747,235
1933
$4,928,125
4,650,848
5,062,463
4,582,700
4,349,416
4,816,420
4,885,980
4,608,491
4,659,679
5,022,922
4,843,404
1936
Four Wwwks Ended—
Feb. 1
Mar. 28—.
April 25
May 23
-
May 23 last, had 1,221 stores in opera¬
the previous month and 1,225 a year
The National Tea Company, on
tion, compared with 1,219
previous.—V. 142, p. 3353.
in
National Transit Co.—Earnings—
1934
1933
1932
lines. <&c- $1,609,153
93,830
Divs., int. & misc. inc..
$1,603,584
$2,027,416
99,888
311,762
$2,016,334
238,312
$1,702,983
1,273,322
$1,703,473
1,186,447
$2,339,178
2,117,007
$2,254,646
2,208,776
$429,661
381,750
$517,025
381,750
$222,171
381,750
$45,870
458,100
1935
Calendar YearsBex. from pipe
Oper. exp., depr. tax, &c
income
paid
$47,911
Balance, surplus
$135,275 def$159.579 def$412,230
$0.44
$1.01
$0.84
$12.50)
$0.09
BalanceSheet Dec. 31
x
Inv. in
1934
1935
$2,823,485
y1,948,123
2,293,147
Invest,
in
2,544,750
.
421,496
115,000
Other reserves
Res.
for
oper.
zl28,124
248,670
136,444
.
114,304
176,662
156,252
421,495
Empl. annuity fd_
Inventories
1934
$6,362,500 $6,362,500
annuities
583,995
115,000
&
Surplus
Current liabilities.
Cash
Accts. receivable
2,544,750
&
assets
Res.
contingencies
wholly-
subs
owned
Deferred
1935
Liabilities—
Capital stock
plant and
equipment
$2,530,918
Res. fund & other
Other deferred cred
783,059
89,227
230,394
223,455
698,351
139,353
14*052
43,151
Sales, less returns and allowances
Cost of sales, oper., adm. & sell. exp.
charge—interest
$8,001,676 $8,122,654
Total
x
1934.
1935
1934
$3,878,667
3,812,629
22,781
$3,427,502
3,484,789
3,614
$3,188,484
3,110,479
y
Interest,
!
discount, &c
Total income for
period
Surplus beginning of period
Surplus
end
of period
Brothers, Inc.—Sales—
$43,257
48,521
loss$60,901
$78,005
32,138
$91,778
loss$58,364
April
May
2,537
194,325
176,865
$110,144
5,586
$286,103
$118,501
$115,730
New
1936
$1,086,449
1,207,599
1 334,294
1,780.122
1935
$993,887
1,053,897
1,937,089
....
February
March
1
—V. 142, p.
Profit from operation
$8,001,676 $8.122,654
Naval Stores Investment Co.—5-Cent Extra Dividend—
The company paid an extra dividend of 5 cents per share in addition
to a regular quarterly dividend of 15 cents per share on the common stock
on June 1 to holders of record May 28.
A similar extra was paid on March 2
last.
An extra dividend of 15 cents was paid on Dec. 2, 1935, and an
extra of 2H cents was distributed on Sept. 3, 1935.
The regular 15-cent
dividend paid on Dec. 2, 1935, was an increase over the 123^ cents per
share previously distributed each three months.—V. 142, p. 1478.
January
1936
Total
depreciation of $7,055,311 in 1935 and $6,135,653 in
Other investments only,
x Deferred debits only.—V. 142, p. 3181
After reserves for
Month of—
Inc.—Earnings—
Months Ended Jan. 31—
Income
1776.
Corp.—Obituary—
Williams, Vice-President of this company, and President
subsidiary, died on June 1.—V. 142, p. 3685.
C.
Neisner
N. J. below.—V. 142, p. 305.
National Bellas Hess,
6
20,648,383 20,391,034
Total
depreciation and depletion reserves.—V. 141. p.
After
represent
paid or not paid) on securities held by the public.
The "portion applicable
to minority interests" is the calculated portion of the balance of income
applicable to minority holdings by the public of common stock of sub¬
sidiaries.
Minority interests have not been charged with deficits where
income accounts of subsidiaries have so resulted.
The "net equity of
National Power & Light Co. in income of subsidiaries" includes interest
and preferred dividends paid or earned on securities held, plus the pro-
sidiaries
...
255,188
adjusted debits.
Bal. carried to consol.
above
782,417
713,980
Pf. stk. (par $100) 4,986,400
4,986,400
Com.stk.(par $25)11,582,300 11,582,250
3,061
Scrip
3,010
Surplus
2,263,334 2,190,017
&
notes
accounts receiv.
investments
t
other deductions..
sidiaries
83,203
tax.
1,670,000
1,670,000
&c___._
Miscell.
100,059
applic. to int. &
to
for
contingency
88,601
tax
Assets—
Interest
Reserve
Goodwill, trade¬
$7,761,646
41,431
other deductions...
Res. for workmen's
compensation._
2,640,037
Investments
1,469,598
1,209,498
a Fixed assets
11,442,009 11,700,736
Treas. com. stock
9,646
9,646
Deferred charges
98,053
163,820
transit
1
Expenses, incl. taxes—
Bal.
Accrued taxes.—_
Inventor's & goods
in
599,982
246,908
636,662
379,491
payable-
Earns, per sh. on 509,000
shs.
cap.
stock (par
Other income
Total income
Accounts
$
$
Liabilities—
S
1,904,710
12,910
885,344
1934
1935
1934
$
2,347,731
12,661
1,089,864
Cash
$7,761,646
equity of Nat'l Pow.
subs, (as shown above)
b Preferred dividends.
Consolidated Balance Sheet Dec. 31
Assets—
Dividends
in
Nat'l Pow. & Lt. Co.—
Net
1932
$658,237 loss$616,546
Gross earnings
Res. for deprec.,
Net
Nat'l
of
Lt.
&
Pow.
—Earnings—
Consolidated Income Account for Calendar Years
1933
1935
1934
Calendar Years—
6,103,628
$13,841,213
Pref. divs. to public (full
Port,
..$2,150,018 $1,865,085
the Weirton Steel Co., a
$3,773,568 $13,925,251
$3,863,749
Balance
16,987
1,368,101
118,501
co.
Shipments in May fell off sharply from April.
In the month just closed
shipped 4,043 Nash and LaFayette cars compared with 7,012 in
April.
Company currently is turning out about 250 cars a day and expects
to increase its production rate in the near future.
Nash total shipments of 16,637 cars for the three months ended May 31,
the second quarter in its fiscal year, were the largest for any quarter in the
last five years, comparing with shipments of about 12,000 cars in the like
1935 period.—V. 142, p. 3180.
$73,897,003 $71,535,647
41,467,695 39,005,698
$8,233,577 $32,429,308 $32,529,949
83,997
370,272
423,236
3.118,667
010,920
1,373,601
286,102
old
company
$8,238,669 $32,415,169 $32,629,003
other deductions
45,531
3184.
p.
National Steel
corporate inc.. $8,429,913
Interest
to
public and
Int.
14,108
59,947
checks..
stock
Total
$2,150,018 $1,865,085
142,
1936—12 Mos.—1935
$8,317,574 $32,799,580 $32,953,185
78,905
384,411
324,182
Gross
1,356
Surplus
Total
$8,515,467
85,554
Total income
45,397
21,614
taxes
interest
for
refund
Feb. 29
Other income deductions
50,501
23,912
outstdg.
payable
Capital
John
Other income.
22,631
41,658
refund
income
Res.
a
Operating revenues
$19,254,954 $17,927,908
Oper. exps., incl. taxes. 10,833,485
9,694,331
Fed.
without
Subs.)—Earnings—
1936—3 Mos —1935
56,257
36,506
accruals
Note pay .to receiv.
Comparative Statement of Consolidated Income
Period End. Apr. 30—
Subsidiaries—
cata¬
Due to customers-
Other assets
after the sale of any of the notes,
and sale have been effected in accordance
under which the application was made.—V. 142, p. 3351.
their issue
that
statement
checks
43,175
54,916
715,852
rent,
1935
Commission granted on May 29 an applica¬
Misc. exp.
Customers'
$34,000,000 Issue Exempted by SEC—
The Securities and Exchange
100,000
pay.,
logue costs
of
investments, &c.
tion, tax,
Narragansett Electric Co.—Bonds Called—
All of the outstanding first mtge. gold bonds series A and B 30-year 5%
due Jan. 1,1957, have been called for redemption on July 1 at 102 and int.
47,528
645,227
catalogues
ins.,
mdse.
payable to
bank
15,424
295,331
receiv.,
$170,556
$161,834
Accts. pay.,
Note
reserve
Prep'd
$504,818
1935
1936
Liabilities—
1935
$318,298
hand and
on
1,612,224
1,335,358
1.565.392
1934
$984,596
988,901
1,562,651
1,300,759
1,707,159
1933
$793,048
831,719
924,977
1,278,039
1,363,375
3352.
England Gas & Electric Association—Suit
Against
Hopson Dismissed—
Mass on June 1 dismissed a bill in equity
of the New England Gas & Electric Co.,
New England and the Maritime Provinces.
Judge McCoole at Dedham,
seeking removal of 14 officials
controlling 125 subsidiaries in
3862
Chronicle
Financial
The bill, brought by John J. Powers of
Braintree, included
Howard C. Hopson, John J. Mange, Daniel
as
respondents
New York
Starch, Stanford Magee and
Ralph Jennison.
of accumulations
Abandonment
a
the
dividend of 25 cents per share
on
account
Corp.
$5.50 cumulative preferred
stock, no par value,
payable July 1 to holders of record June 4.
This compares with 37
Y% cents
paid on Oct. 1, July 1 and April 1, 1935; 75 cents
paid on Jan. 1, 1935,
and
regular quarterly dividends of $1,373^ Per share previously.—V.
142,
Nevada
on
1936
Gross from
Net from
railway
railway
Gross from railway
after
rents
1934
988
$30,675
8,380
5,736
1933
$19,492
def2,910
def5,885
116,870
16,983
5,901
178,789
74,753
55,166
Net from railway
—V.
during reorganization
proceedings
under the Bankruptcy Act.
H. J. Sheeran, President of the Omnibus
corporation, said he expected
be abandoned on June
8, provided a declaration
to that effect can be filed With the New York
Secretary of State in time.
He said a fleet of 28 buses awaited the
signal to take the places of the obsolete
that the last line would
1935
$28,732
3,813
$43,728
18,184
13,071
Net after rents
From Jan. 1—
Net
Although all but the 86th St. line of the
company has been motorized,
it was compelled to continue the operation of a
single trolley car every day
on all its lines to preserve franchise
rights
Nortjiern Ry.—Earnings.-
April—
103,495
15,316
5,931
78,258
defl8.802
def31,158
142, p. 3685.
86th St. trolley cars.
The filing of the abandonment
declaration, which will be done after the
Transit Commission gives its
endorsement, will enable the city to tear
up
the trolley tracks and repave many
thoroughfares.
In the reorganization plan it was said
that motorization of the
surface
lines would cost about
$11,200,000. This was to be made
up by $7,550,000
equipment obligations, about
to be raised from
of New York
Railways, other cash, securities
of materials.
New
England Power
Association—Preferred
Dividends—
The directors have declared dividends of $1
per share on the 6% cumu¬
preferred stock, par $100, and 33 1-3 cents per share on
the $2
cumulative preferred stock, no par value, both
payable July 1 to holders
of record June 10.
Similar payments were made in each of
the five pre¬
p.
Gross oper. earnings
Oper.&
gen.
exps.& taxes
12 Months Ended March 31—•
$439,553
202,818
$386,585
$236,734
3,006
111,991
49,741
8,043
$186,748
9,054
Interest-.:
Depreciation.
Disct. & exp. onsecs.sold
Profit arising from retire>*'ment of bds. and debs.
OthOr miscell. additions
and
1936—12 Mos.—1935
$2,923,080
$2,265,470
123,333
1,458,813
626,729
102,556
61,239
1,391,186
614,330
99,364
146,449
121,826
25,033
25,678
Provision
for
-
retirements,
and
replace¬
$66,979
$6,487
Mining
$1,000,854
$296,850
^;v-^.i;
Development Co.—Registers
&
$3,712,029
$3,365,743
1,596,322
$3,863,460
1,586,986
214,283
113,330
70,563
111 ,476
Cr7,120
Cr6,958
$1,378,364
Gross income
Interest on funded debt.
Interest on unfunded debt
Amortization of debt discount and
expense
Amortization of miscellaneous
368,996
301,272
903,095
$3,188,808
176,934
Operating income
Other income
$1,915,348
^
,
New Orleans Texas & Mexico
Ry.— Earnings.—
April—
1935
1934
1933
$224,723
$145,358
38,503
46,163
$203,261
98,142
108,261
$134,966
38,232
55,840
86,505
.
Net after rents
From Jan. 1—
66,406
Gross from railway
Net from railway
Net after rents
811,187
280,723
223,655
614,619
178,726
212,373
—V. 142, p. 3685.
650,403
230,521
272,571
472,463
81,141
144,282
$7,944,608
below)
.__
Selling,
gen. & adm. exp.
Prov. for doubtful accts.
1934
1933
$7,959,495
$6,084,395
7,813,458
$771,271
323,026
$138,467
327,615
$860,948
43,780
314,730
83,793
28,384
3,343
8,385
320,492
77,363
30,994
234",070
532",328
38.093
42,098
66,406
81,197
l"7~374
16",666
"9",105
Cr619
Cr668
Cr2,087
Cr753
4,312,695
prof.$2,691
4,458,813
$517,989
4.874,771
$190,951
6,254,475
26,868
149,132
prop, retired
ity stockholders—
1932
j
$3,840,146
3,833,198
32,502
6,052,736
159,339
43,402
4,549
484,098
111,868
460,785
117,941
425,583
111,647
389,115
$494,746
$644,192
$714,609
$696,963
5,177
4,173
185.073
(other
than Fed.
or State income
taxes)
Provision for deprec'n..
$540,147
322,675
charges
Prov. for doubtful accts.
Prov.for Fed. & State tax
Net loss
Previous surplus.
Profit
7.837,921
174,588
19,747
$860,948
deductions
Portion applic. to minor¬
-Earnings-
1935
150,757
52,390
on
_
bonds and de¬
bentures retired
Refund of Fed. inc. tax,
prior years.
Cancellation of liab. for
extracting.
_
royalties & other exps.
accrued in prior years.
Credit adjustments
12,700
363,615
12,972
18,194
24,654
29",642
153,986
60,075
[, 091,219
Total surplus
Dividends on preferred.
Discount on funded debt
$4,491,147
$4,537,635
$6,285,703
_
15,017
1932
------
Net loss from trading,
Income from other than
operations
Subs.)—Earnings—
1934
1933
$76,744
61,722
bonds and debentures.
Prov. for deprec. & depl.
on
72 313
46,855
Gross income
Interest
184,294
$724,416
Other
Newton Steel Co. (&
Subs.)
and allowances)
Cost of goods sold (excl.
of expenses specifically
1935
151,431
$506,596
33,551
Prov. for add'l pay'ts to
holders
of
stamped
Loss
Calendar Years—
Gross sales (less returns
Trap Rock Corp. (&
Calendar Years—
Net operating profit
Other income
1936
Gross from railway
Net from railway.
—
Balance of income
—V. 142, p. 3685.
New York
1935
656,851
220,985
903,341
Interest charged to construction
SEC—
or
renewals
ments of fixed capital
Federal income taxes
Other taxes
suspense
See list given on first page of this
department.
mfg.
1936
$13,891,754 $13,293,421
7.803,178
6,975,097
1,118,587
1,032,929
-
8,598
,.
Taxes
Corp.—Earnings—
-
expenses
Maintenance
$5,110,763
2.845,293
121,095
51,169
8,451
2,726
Newman-Dick
set forth
Operating
3355.
—
def258
deductions
Surplus avail, for re¬
demption of bonds,
dividends, &c
—V. 142, p. 3685.
with
p.
'
Total operating revenues
Subs.)—Earnings
$5,554,433
2,631,353
199,386
I
Operating profits
Non-oper. earnings (net)
142,
New York State Electric & Gas
3685.
Nevada-California Electric Corp. (&
Period End.
1936—Month—1935
Apr. 30—
$1,280,000 from the resources
and proceeds from the
salvage
Holders of the trolley company's income
bonds will get under the
plan
10 shares of new stock for each $1,000 of their
bonds and the
right to buy
12 additional shares at $10 each.—V.
lative
ceding quarters.—V. 142,
72,520
697,500
638,244
Prov. for doubtful accts
Distribution from treas.
in settlement of
_
Total gross loss
Bond interest
Otner
$179,729
233,180
69,736
interest
$631,492
expense..
Other
■_•
...
deductions
Net
64,867
22,511
75,531
......
12,944
loss
$827,139
Assets—
Cash
on
35 aJ ne 30
$
demand..
xNotes & accts.
95 877
Dec.31 '35 aJ'ne 30 '35
144,786
336,068
10,056 903 10,092,043
Pat. participation.
_
299,351
137,111
due Jan. 1, 1935 4,000,000
250,483
3,000,000
Mtge. indebtedness
of
subsidiary
Notes & acct. pay.
56,975
toaffil.—secur'd
Accrued liabilities.
59,766
1,799,821
168,331
Oth. current liabil's
Reserves...
z
cum.
pref. stk.
Common stock..
Oper. deficit, &c_.
Total-
.12,025,866 11,896,069
Total
1,731,743
184,889
4,912
60,000'
156,109
2,585,000
5,670,220
2,728,217
204,196
2,585,000
5,670,220
1,682,004
12,025,866 11,896,069
After reserve for doubtful notes and
accounts, &c., of $162,373 in Dec.
1935 and $125,537 in June
1935.
y After reserve for
amortization of
$9,490.
z Represented
by 261,550 no-par shares,
a Not
consolidated.
—V. 141, p.1776.
x
New York Central Electric
Operating
retirements,
ments of fixed
and
receivable,
not
Amount deposited with State
insurance fund under
workmen's compensation
insurance
Estimated
cess
amount recoverable from carriers
of ex¬
insurance
on
Cash in
100,864
due
workmen's compensation
sinking funds
Company's bonds and debentures
50,280
33,340
149
149
11,340
54,785
3,850
53,737
156,462
14,468,690
167,237
14.798,951
88,545
63", 541
_
Miscellaneous investments
Securities deposited with Industrial
Commissioner,
N. Y. State Department of
Labor
Property, plant and equipment
Restricted balance due from bank
Deferred debit items
,
Total
$16,675,465 $16,886,857
Liabilities—
Notes payable.
$7,000
_
$254,825
18,901
101,000
_
10-year 7 % sinking fund gold debentures
H275.650
i"8,665
18,000
137,032
107,718
Est.
stamped bonds and debentures
Funded debt
funded debt
unfunded debt
Amortization of debt discount and
expense
Amortization of miscellaneous
suspense
Interest charged to construction
43,780
$279,319
238,297
141,045
17,121
17,500
.
Balance of income
(.loss).
CY543
$134,102
142, p. 964.
18,399
141,983
$487,302
Dr163,387
$323,914
238,297
140.324
17,121
19,000
CY227
who was retired at his own
request.
partner on the board.—V.
142, p. 3685.
_____
of J. P.
Morgan & Co., was on
He succeeds George F. Baker,
Mr. Whitney is the only Morgan
of
c
Preferred stock.
d Common stock
Capital surplus
Profit and loss
surplus
e
Preferred treasury stock at cost..
g Common stock in
treasury at cost
c
Represented by 20,000
78,322
5,159,000
5,260,000
93,357
25,237
2,000,000
5,875,925
31,726
2,000,000
5,875,925
3,961,249
876,580
4,312,694
1,006,550
600
Reserves
Equity of minority stockholders
Lime Corp
$90,600
New York Central RR.—New
Director—
comp. ins. claim under
&c.
liability for workmen's comp. ins. claims
arising during corp.'s term as self-insurer
Liability for additional payments to holders of
Total
George Whitney, a member of the firm
May 27 elected a director of this railroad.
19,653
16,404
N. Y. State franchise tax
terms of contra,
$451,349
Drl72,030
...
accounts
*34
48,803
247",270
and repair parts
and
year
Mortgage on real estate
Est. liability for workmen's
846,491
replace¬
Gross income
-V.
one
65,562
3,093
144,466
renewals
Other income
on
notes
31
$300,606
720,249
47,748
229.381
400,541
$1,738,927
capital
Operating income
on
Trade
'35 Dec.
398,824
Crushed stone and lime dust
Materials, supplies
31
$307,822
809,155
$1,828,689
988,991
175,225
Other taxes
Interest
Dec.
1935
Federal income taxes
Interest
$4,874,771
1936
expenses
Maintenance
Provision for
2,670
$4,458,813
Accounts and accrued interest
payable.
Federal income taxes
Corp.—Earnings—
Twelve Months Ended March 31—
Total operating revenues
78.822
$4 312,695
Comparative Consolidated Balance Sheet Dec. 31
•
Other liabilities.__
6%
$3,961,250
Cash
f Notes and accounts
receivable
Marketable securities
within
75,248
y5,752
13 ,398
34 ,545
178,453
Profit & loss surplus..
Assets—
Accounts payable.
1st mtge. 7% bds.,
950,194
129,970
charges
$949,850
Liabilities—
502 976
Deferred charges..
Other assets
$998,534
unpaid
preferred dividends
Other
16,500
22,627
35
12 ,140
Fixed assets
7.9(53
Balance Sheet
$
1,310 028
rec
Inventories
Investments
$692,790
210,000
20,625
17,551
$1,004,402
Consolidated
Dec. 31
$709,431
210,000
40,927
210.000
Amortiz. of debt disc. &
1936
trolley lines of the corporation and their
replace¬
ment by buses became a fact June 3 after more
than a year of litigation
when Federal Judge Goddard signed final orders
for the reorganization of
the company as the New York City Omnibus
25-Cent Preferred Dividend—
The directors have declared
June 6,
Railways Corp.—Reorganization
Approved—
of the
600
Carbonate of
.
$16,675,465 $16,886,857
no par shares,
d Represented by 180,000 no
e
9,570 shares in 1935 and 10,900 shares in
1934.
f After
$91,470 in 1935 and $76,183 in 1934.
g 60 shares,
h Includes
accrued liabilities,
including workmen's compensation insurance awards
payable within one year and insurance
premium of $32,013 applicable to
1935.—V. 140, p. 4243.
par
shares,
reserve of
Volume
Financial
142
3863
Chronicle
$15,415; and that the cash deficit anticipated by the
New York
Telephone Co.—Earnings—
Mos.—1935
$62,019,043
269,609
321,256.
44,789,482 44,414,844
8,158,224
6,637,877
1936—4
Period End. April 30—
1936—Month—1935
Operating revenues
$16,592,118 $15,777,504
Uncollectible oper. rev._
57,629
75,465
Operating expenses
11,287,968
11,156,440
Operating taxes
2,221,028
1,654,689
$65,863,633
$2,890,910 $12,646,318
operatingHncome_l'$3,025,493
-V. 142, p. 3182.
Net
$10,645,066
Traffic Statistics Years Ended Dec. 31
920.11
932.20
1933
932.40
1932
932.66
No. of passengers carried
No. pass, carried 1 mile.
No. pass, carried 1 mile
371,213
7,597,215
358,078
7,867,854
347,615
7,853,490
296,271
5,128,717
mile of road
Average
miles
carried
8,267
8,440
8,423
5,488
20.47
21.97
22.59
17.28
32.399
34.283
34.498
36.167
1.527
2.093
1934
1935
each passenger
...
'
(cts.)__
receipt for pass.
1.560
per mile (cts.)
1.583
Freight Traffic—
1,867,697
1,897,834
No. of tons carried
No. of tons carried 1 mi_278,946,015 260,898,507
No. of tons carried 1 mile
303,166
per mile of road
303,166
279,874
Avge.
1,614,015
1,764,181
253,554,170 226,949,622
271,937
243,336
143.72
140.61
hauled,
miles
Average
each ton
139.69
146.98
__
Average amount received
2.255
1.601
81.57
52.87
per
oper. revenues
train mile (cents)
_
Income Account Years
1.704
_
22.16
1932
1933
$3,867,374
122,762
138,010
83,298
119,920
121,701
84,172
107,151
128,133
86,140
$4,621,833
865,335
635,843
$4,763,117
$4,385,592
749,153
$4,188,799
260,288
224,179
Passenger revenue
235,452
1,689,045
301,258
$3,720,310
901,523
276,337
285,921
13,837
$3,623,131
1,139,986
315,417
314,064
20,852
$325,428
$489,652
140,746
81,166
Mail and express
All other transportation.
Total oper. revenue._
Maint. of way & struct.
Maint. of
_
equipment
Traffic
803,186
594.190
1,734,663
Transportation
Miscellaneous
Total oper. expenses..
Net rev. from ry. oper__
Tax accruals, &c
Equip, rents (net)
(net)
Joint facility rents
_
Net ry. oper. income.
Olher Income—•
■
708,444
765,952
248,854
667,564
223,595
1,671,940
270,185
1,840,101
;$3,582,437
J$3,819,010
369,789
490,899
121,825
27,566
803,155
314,413
164,633
20,878
$303,231 loss$270,501
20,069
17,163
8,441
funded securs.
from unfunded
Inc. from
124,757
10,920
5,846
124,850
34,880
6,079
120,179
Income
securities & accounts.
22,312
5,879
,
7,241
6,858
6,116
4,738
other reserve funds—
560
280
696
1,203
Total non-oper. inc—
$155,563
480,991
$165,826
655,478
$181,062
484,293
$163,165
lossl07.336
and
sinking
from
Gross income
83,500
156,198
176,802
167,102
348
300
474
613
6,136
779,984
6.996
798,538
9,456
6.971
782,074
15,390
6,996
782 796
11,364
20,859
19,873
19,873
608
54
4,830
19,873
6,634
$421,810
.
$335,935
$522,114
$1,103,406
Miscellaneous rents.
Miscell. tax accruals
debt.
debt..
Amortization of discount
on funded debt.
Interest on funded
Int. on unfunded
Miscell. income charges.
12,057
Balance Sheet Dec. 31
1935
Road &
Impts.
1935
$
leased
on
Traffic,
&c., bals.
Vouchers & wages.
50,123
3,704,949
Other investments
387,182
Cash
792,429
Time drafts & deps
154,059
3,768,685
360,905
Inv. In affil. cos
1,098,168
Miscell.
Interest
debt
26,618
Deferred
80,673
80,071
Tax
25,174
214,557
143,332
Bal. from agents..
Surplus
71,621
70,778
326,260
&c_
_
Unadjusted
258,289
debits
The
original offering of 300,000 shares of New York Woman, Inc. voting
by Brown Young & Co., Inc., priced at $1.25
See also V. 142, p. 1129.
trust certificates was made
a
share.
Niagara Falls Power Co.—Files
1,938,425
company
a
unds
?;ether used in the redemption of to be used to outstandingthe company
with treasury funds, are the following reimburse bonds:
677,938
\
1
Name of Issue—
Hydraulic Power Co. of
Niagara Falls:
Date of
Redemp¬
Proposed
tion
Cost of
Outstanding
Redemption
Price
Redemption
$3,811,500
6,684,825
1
1
1937
110
1936
105
Jan. 1
Sept. 1
1937
105
1936
105
Jan.
Oct.
1st & ref. mtge. bonds..$3,465,000
Ref. & impt. mtge. bds. 6,366,500
Niagara Falls Power Co.:
1st & consol. mtge. bds.:
Series A 5s, 1959
13,712,000
Series AA 6s, 1950
8,014,000
Niagara Gorge coll. trust
5% gold bonds *
936,000
936,000
$34,244,625
called for redemption on June 1,1936.
which the bonds are to be offered, the names of the principal
discounts or commissions and the redemp¬
tion provisions are to be supplied by amendment to the registration state¬
ment.—V. 142, p. 3355.
*
This entire issue of bonds has been
The price at
underwriters, the underwriting
North
Continent
Utilities Corp. (& Subs.)—Report—
Years Ended Dec. 31
1935
1934
$3,476,598
2,389,416
$3,385,713
2,338,052
208,718
31,115
172,316
$649,491
105,041
Operating revenues
Operation and maintenance.
_
Retirement expense
$635,513
106,201
$754,532
$741,714
293,596
6,394
30,544
6,851
20,662
298,963
6,437
30,954
4,063
36,603
213,259
22,843
201,588
—-
— - —
Uncollectible bills
Taxes, general---—-----—-----Net operating income.
Non-operating income..
Gross income
-
Subsidiary utility
companies-
debt-—Miscellaneous interest deductions (net)
Amortization of debt discount and expense.
Miscellaneous deductions from gross income.----Provision for Federal income tax
Provisions for net losses, since date of acquisition,
of subsidiary companies not consolidated—___
Dividends declared and paid during year on cumu¬
lative preferred stock of subsidiaries
Provision for dividends in arrears, accrued during
10,073
178,538
Cr7,831
Cr6,808
210,433
2,965
35,473
2,120
215,130
6,533
36,173
1,955
$69,586
Corp.—
and convertible gold notes
Miscellaneous interest deductions
Amortization of debt discount and expense
Miscellaneous deductions from gross income
32,366
200,760
cumulative preferred stocks of subs
Portion of year's losses (net) of subs, applicable to
minority common stockholders
$99,191
North Continent Utilities
Interest on bonds
Net loss for year
Comparative Consolidated Balance Sheet Dec. 31
1935
1934
Liabilities—
$
$
A qq/>/Q-_—.
Plant, prop, rights,
franchises, &c..21,472,045
42,968
97,995
1,168,942
67,147
1,983,098
1,100,209
Inventories
336,173
2,503,447
21,434,955
(convertible)
18,066
549,963
Common stock
7% cum. pref. stk
582,368
539,776
527,794
596,708
adv.
non-util.subs.
Inv. in Capital Ice
Refrigerating Co
Class A stock
Misc. assets
..39,687,154 39,122,387
19,042
18,061
205,892
134,888
462,625
462,625
655,323
75,351
816,772
80,000
410,018
at cost
stk.
189,025
189,025
100,000
curr.
Retire.
liabil.-
for
21,000
21,000
536,005
588,717
1,500,315
1,655,021
reserves
contrib.
extensions
8,314
7,274
32,883
62,137
Maint. & purifica¬
tion reserves-..
Res. for loss on inv.
May 21, 1936, shows that the anticipated cash available for paying rentals
3,939,000
5,602,500
112,500
5,514,000
Res.
Early abandonment of the road was indicated May 28 in a hearing in the
U. S. District Court at New Haven, Conn., when Winthrop M. Daniels,
one of the three New York New Haven &
Hartford RR. trustees, told
of $373,500 and equipment trust installments of $154,140, both admittedly
due in 1936 to the New Haven and amounting to $527,640, will be only
3,011,900
6%conv.gold notes
Prop, purch. contr.
obligations
Total
Asked—
Judge Carroll C. Hincks that "continuance of this unremunerative property
is an injustice to the security holders of the New Haven."
"The reorganization of the Westchester is impracticable," Mr. Daniels
added, "and the trustees of the New Haven urge that steps should be im¬
mediately taken to liquidate the property."
W. W. Meyer, counsel for the trustees of the New Haven, told the court
that "$49,380,000 has come out of the New Haven estate in protection of
the Westchester property in an attempt to make something out of it."
The net income in the peak year, he said, was $616,000 short of the road's
interest obligations.
Counsel for the Westchester bondholders' protective committee alleged
that the New Haven's rentals, power charges and equipment trust obliga¬
tions are exorbitant, and should be subject to review, but Mr. Meyer
brought forth statistics to prove that were the New Haven to furnish these
services entirely without charge the Westchester still would be unable to meet
its interest obligations.
Mr. Daniels in a statement to the court said in part:
"The trustees of the New York New Haven & Hartford RR. are advised
that the cash forcast submitted by the trustee of the Westchester, dated
3,011,900
3,939,000
5^s
Fund, debt of subs.
Discount & selling
exp. on cap.
RR.—Abandonment
hands of public.
1st lien coll. & ref.
Co.'s o wn securities
& Boston
1,522,109
2,287,848
Common stock
Pref. stks. of subs.
75,801
rents, &c.__-_-
3,444,000
554,600
6% series
Accts .& notes rec.
(net)
$
bl70,485
645,226
Prepaid insurance,
Cash
1934
a3,958,614
Invest. in and
Total
$
Non-cum. pref.stk.
721,675
Organization exp.
741,631
York Westchester
12,077
year on
533,196
44,931
4,149
14,397,600
8,414,700
$32,493,500
207,582
70,869
39,687,154 39,122,387
for
Prin. Amt.
119,600
-V. 142, p. 3686.
New
with SEC—
on June 1 filed with the Securities and Exchange Com¬
registration statement (No. 2-2214, Form A-2) under the Securi¬
ties Act of 1933 covering $32,493,000 1st & ref. mtge. bonds, 3H % series of
1936, due March 1, 1966.
The proceeds from the sale of the issue, to-
The
mission
Deferred charges..
Total
Inc. is held and voted by
G. Rinehart and William E.
consisting of Arthur J. Morris, Alan
trust
Wheeler.
to
4,149
.
a
69,788
382,869
vances,
ing
Treasurer.and Secretary.
The common stock of the New York Woman,
297,650
deprec...
credits.
Unadjust.
Int. & divs. receiv.
260,812
314,498
interest,
liability
Accrued
15,756,341
46,971
mat'd
accounts
34,822
1
Materials, &c___.
Working fund ad¬
Deferred assets
organiza¬
Vice-President and Advertis¬
Manager; Syd J. Hughes, Vice-President, and Melville M. Groig,
J. Wilfrid Megargee,
The other officers are:
37,000
Accrued
36,464
Misc. accts. receiv.
and printing during the next two years.
1935
2,708,875
rents, &c
Sinking funds.
paper
and an agreement effected
J. Mora Boyle has resigned as advertising counsel of the Hearst
tion to becomb Vice-President and publisher of "The New York Woman.
matured,
unpaid
261
51,902
183,614
150,113
239,804
unpaid....
21,367
.
Traffic & car serv.
recelv
on
Paper Co.
accounts
payable
Fund,
12" 300
253,894
Special deposits
.
16,000,000
Loans & bills pay.
777,489
50,533
bal.
debt
353,092
54,221
773,763
Deposit in lieu of
mtgd. prop, sold
Loans & bills rec
16,000,000
16,548,458
Capital stock
Funded
phys. prop.
$
Liabilities—
equipm't.31,907,055 31,038,795
property
1934
$
1934
$
'
Misc.
with Alco Gravure,
Inc., assuring the New York Woman, Inc., partial but substantial credit
International
Interest on funded
Deducts. from Income—
Rent for leased roads..
A.SSCtS"""**
escrow agreement, will be released to the publishers on June 30, Mr. Wheeler
said, and publishing operation will begin on July 1.
This amount is onehalf of the authorized public offering of the corporation s stock.
Mr. Wheeler also announced that a contract had been signed with the
8,854
124,088
1,872
1,732
cal property
Dividend income
Inc.
Sept. 9, according to an
255,659
physi¬
Miscell. non-oper.
published in the
publish its first number
announcement made on June 1 by William E.
Income Account
Miscell. rent income
Operations—
Start
Inc.—To
Woman,
Woman," new weekly magazine to be
of Bonds
$4,059,799
$4,419,047
$4,279,653
120,268
York
New
"The New York
interests of the women of Greater New York, will
Ended Dec. 3
1934
1935
All Lines (Incl. Elec.)
Freight revenue
2.396
2.301
1.694
63.34
Net
2.366
1.534
from each ton._
Average receipts per ton
per mile (cents)
a
...
Avge. amount rec. from
each passenger
improbable event
the resultant net
it will incur in 1936
Wheeler, President and General Manager.
The proceeds from the sale of 150,000 voting trust certificates representing
the common stock of the corporation, which has been held in escrow by the
Commercial National Bank & Trust Co. pending the completion of the
Report—
Average miles operated.
Passenger Traffic—
per
and reducing its wage-bill or other expenses,
cash deficit of $512,225."—V. 142, p. 2333.
revenue
on
Norfolk Southern RR.—Annual
trustee of the West¬
chester for 1936 is $512,225; that even in the extreme and
that the Westchester succeeds in raising its fares and
Misc.
Min.
02,754
unadjusted
credits
100,725
int.
stock
&
in
108,187
com.
surplus
of subsidiaries
Total
25,021,641 25,861,3881
509,856
316,926
Capital surplus... 4,947,169
Earned surplus
13,911
2,502,512
Total
__
279,860
25,021,640 25,861,388
Represented by 45,726 shares (no par) of declared value as shown,
b Represented by 170,428 shares (no par).
The stockholders on Aug.
1, 1935 approved a recapitalization plats
under which the total number of shares of the authorized capital stock was
decreased, and reclassified, so that the total number of shares of authorized
capital stock (which then was 650,000 shares, of which (a) 100,000 shares
were classified as preferred stock par $100—34,440 shares whereof, entitled
to cumulative dividends at the rate of 7% per annum, and 5,546 shares
whereof, entitled to cumulative dividends at the rate of 6% per annum
were issued, (b) 150,000 shares were classified as class A stock (no par)—
61,758.5 shares whereof were issued, and (c) 400,000 shares were classfied
as common stock (no par)—398,481 shares whereof were issued, with the
a
and rights, and the qualifications, limitations
the certificate of incorporation of the corpora¬
300,000 shares, of which 50,000 shares are classified
respectve powers, preferences
or restrictions now set forth in
tion), was changed to
3864
as
Chronicle
Financial
(new)
non-cumulative preferred stock (no par) and 250,000 shares are
classified as (new) common stock (no par).
The shares of 7% preferred stock were changed and reclassified
into
shares of new non-cumulative preferred stock and new common
stock at
The shares of class A stock
new
common
stock
Non-operating income...
new
common
were
changed into shares of the
new
common stock
new common
for each share
$23,903
1935
Assets—
Corp.—Proposed Merger—
"In
Co.,
means
Cusli
the
submitted
report
to
a
new
at
the
818
less res
277,274
Materials
&
on
March 24, 1936, it was announced that the directors were
cooperating with
the management of Ohio Match Co.—a holding
company—with the object
6,389
affiliated
5,928
Reacquired
far
as
Ohio corporation (operating company) and Ohio Match Co., a
Delaware corporation (holding company), became effective at the close
of business April 30, 1936.
All of the outstanding stock of Ohio Match Co.
(Del.), the surviving company, consisting of 60,000 shares (no par) com¬
mon stock, is owned by North American Match
Corp.
"As a further step in the simplification of the
caputal structure of the
company, a plan has been developed whereby Ohio Match Co. and the
North American Match Corp. will be consolidated into a new
company to
be incorporated in Delaware.
The name of this company will be the Ohio
Match Co.
In this company will be vested title to all the
properties,
business and goodwill of the consolidating companies.
The authorized
capitalization of the new company will be 300,000 shares (no par) common
stock.
Directors of Ohio Match Co. have approved the
plan.
Directors
of North American Match Corp. have also
approved the plan, and in
accordance with the general corporation law of the State of Delaware
have
called the above special meeting for the purpose of
considering and voting
upon the adoption of this agreement of consolidation.
"The agreement of consolidation as approved
by the directors provides
for an exchange of stock in the ratio of four shares of stock in
the new
company for each share of stock in the North American Match Corp."
In the annual report to stockholders, President Meade also
stated:
"The net cash earnings for the year 1935 were
$61,779, as compared with
$83,208 for the preceding year.
The earned surplus, after giving effect to
stock dividend adjustment of $127,980 in Smokers Match
Corp., was $91,349 at the year end.
A dividend of $1 per share was paid March 2, 1936,
The net cash earnings for the year were $1.30 per share on the
capital stock
outstanding, as compared with $1.75 per share for the preceding year and
$1.21 per share in 1933.
During the year directors have been working on a plan of simplification
of the capital structure of company. The
capital stock of Smokers Match
Corp., a subsidiary, was increased, and on Dec. 12, 1935, following certain
acquisitions, a dividend was declared payable Dec. 27, 1935, in the no par
value shares of the capital stock of Smokers Match
Corp. at the rate of onehalf share of stock for each share of stock
outstanding of North American
Match Corp.
Marketable securities
Accounts receivable
Investments
64,458
7,052
74,050
103,154
24,400
24,400
$3,481,4301
after
Lloyd—Earnings—
1935
Electric
1936
Net after rents
From Jan. 19
—
Gross from railway
Net from railway
1.054,320
21,328
def48,216
..
Net after rents
1935
..
1934
1933
revenue..
$354,257
4,012
47,887
$2,261,743
15,052
103,974
6,221,356
9,798,491
Withdrawal from special
2,624,772
reserves
revenue
J
Social welfare charges for
shore employees
1932
$5,296,809
15,348
55,217
1,405,905
def38,333
plant.
_
Other allow, for deprec'n
Interest
Property taxes
Other expenditures
Assets—
1,410,801
634,095
5,925,726
464,126
749,539
192,451
431,937
2,138,542
2,198,011
S6,773,280
2,234,820
803,262
10,101,798
5,004,578
1,333,064
227,555
2,963,021
740,175
9,718,998
665,388
3,240,963
328,884
217,810
April 1,
1933.—V.
Ohio Bell
141,
p.
4024.
Telephone Co.—Earnings—
1936—Month—1935
1936—4 Mos.—1935
$3,245,311
$2,975,200 $12,648,006 $11,608,828
revenues
Uncollectible oper
5,762
1,938,150
448,884
Operating expenses
Operating taxes
Net operating income.
8,642
27.565
34,878
1,839,780
372,451
7,632,654
1,814,003
7,293,031
1,481,387
$852,515
rev..
Oil States
$754,327
$3,173,784
$2,799,532
Royalty Co.—Registers with SEC—
See list given on first page of this
department.
Years End. Dec. 31—
1935
Gross earnings.
-—$11,372,683
49,610,909 52,228,918
3,425,625
5,162,685
62,452
52,525
906,001
2,666,164
290,470
on acct.
Bills
Accts. receivable..
Accts.
receivable
93,429
63,898
73,345
436,516
1,190,616
from affiliated &
companies-
Other debtors-
5,785,291
5,349,084
5,497,881
$5,153,560
24,888
$5,113,988
62.536
$5,369,206
56,925
$5,178,448
2,200,983 f
$5,176,524
1,772,082
433,020
62.537
$5,426,131
1,739,193
433,020
87,101
Cr2,499
Cr4,368
Cr3,531
200,000
1,025,000
200,000
950,000
200,000
950,631
$1,849,556
1,159.248
690,308
$1,697,025
$1,763,253
1,160,289
602.965
$2,019,717
1,159,717
860,000
$3,640,432
Dr22,700
$3,677,363
Dr36,930
$3,684",848
$3,684",848
Dec. 31 $3,617,732
$3,640,432
$3,677,363
Total earnings
Bond interest
$5,330,202
831,128
6,429,635
hand incl.
stock
450,000
Other interest
Other income deductions
Int. charged to construe.
Other creditors
739,578
2,859,115
8,503,506
1,976,635
3,047,782
9,808,542
2,677,580
57,939
res.
1,025,000
.
Common stock dividends
1,158,944
538,081
Balance
Sundry adjustments
Balance,
surp.
Balance Sheet
Cash
on
$
$
18,845
1,523,094
20,963
Accounts & notes
rec.
(customers)
626,908
637,781
Materials & supp.
(at cost)
978,587
1,026,201
Indebt. of officers.
23,403
19,528
Indebt. of affiliates
Accts. & notes rec.
209
13,948
86,922
114,203
518,538
1,196,525
(other)..
Fixed assets.
Other assets
Deferred charges—
Total
x
After
74,827,336 74,641,864
53,508
8,944,044
47,926
9,132,001
89,672,109 88,892,5741
reserve
1935
Liabilities—
The company has filed
76,211,521
80,922,162
$
Accounts payableAccrued liabilities.
221,091
2,552,653
1934
$
185,838
2,005,864
Indebt to affiliate.
9,014
5,163
840,837
804,765
Long-term debt--.42,438,100 42,515,600
Reserves
3,923,180
3,688,111
7% cum. pref. stk.
(par $100)
14,647,800 14,647,800
6% cum. pref. stk.
(par $100)
2,231,700
2,231,700
Deferred liabilities
(par
$100)
Prem.
on
19,190,000 19,190,000
&
expenses
treasury stk.
(net)
Dr22,700
Earned surplus...
Total
3,617,732
3,640,432
89,672,109 88,892,574
of $98,663 in 1935 and $106,704 in 1934,—V.
142, p. 3518.
Exchange Commission
Total
$3,684,848
31
Common stk.
Unbilled elec. (est.)
518,538
Investments
1,247,755
Dr7,485
1934
hand and
Cash deposited for
bond interest...
Dec.
Oklahoma Natural Gas Co.—Files
380,950
1,658,058
3,637,916
Total
76,211,521 80,922,162
-V. 142, p. 3686.
32,644
28,705
Cr3,370
200,000
Net income
Pref. stock dividends
x
132,000 votes..
Legal reserve
Special reserve
postal-check¬
ing account
with
with
Transitory items..
Other bk. balances 3,421,606
Transitory items.. 3,275,257
/
demand deposits 2,346,051
votes..18,086,816 18,108,652
stock
Bank loans
and
\ 2,197,668
Debenture interest
$
668,008
667,202
1,875,402
1,877,666
9,433,106 12,072,435
Insurance reserve. 2,437,659
98,246 Reserves
8,455,103 10,207",424
66,816 Pension reserve
1,004,823
1,006,036
97,452 Loans..
15,459,018 16,324,907
411,031 Mortgage loans
483,762
351,841
3,567,561 Payments on acct. 2,125,493 2,331,195
Accounts payable. 2,262,742
1,624,823
Accts. payable to
affil. & sub. cos.
3,730,520
552,122
775,050
4,220,816 Acceptances liabils.
29,015
40,220
330,121
1,274,377
4,056,694
balances with the
Reichsbank
Com.
1932
6,044,968
1935
1934
Report—
1933
$10,463,072 $10,867,087
i,327,715
2,487
Assets—
1935
Pref.
paid up (75% of
R.. 1,093,800)
Supplies
1,283,532
Securities
5,337,066
Payments
1934
$10,938,851
maint.
$3,100,462
Liabilities—
Preference shs. not
Guarantees
Ltd.—Larger Div.—
a dividend of $1.25
per share on the common
110 par value,
payable July 1.
This compares with dividends of
75 cents paid each three months from
July 3, 1933, to and including April 1
last, and $1 per share paid each quarter from Jan. 2,
1930, to and including
3,661,309
$849,907
1934
$
Real estate mtges.
697,925
def163,884
def297,064
Nova Scotia Light & Power Co.,
Balance Sheet Dec. 31
1935
Participations
884,628
def8,989
defll2,956
def99,025
defl78,469
The directors have declared
and expense
59,808,676 $17,324,692 $16,260,322
Net loss.
Fixed assets
defl7,174
def6,777
def40,986
881.370
Amort, of debt discount
4,081,063
>,247,131
on
$201,041
stock,
10,697,180
Salaries & wages for shore
\
employees
Depreciation
1933
$236,646
9,954
—V. 142, p. 3008.
Approp. for retire,
Total
1934
$242,525
defl8,001
adjust,
reserve
169,129
260,038
112,407
22,254
—Earnings.—
1936
_
$6,176,864
13,143
49,870
944,027
1935
$535,014
51,368
$271,018
9,482
defl2,847
—
Net earnings.
Other income.
Other capital revenue
Distribution
Corp.—Earnings$543.180
165,260
Northwestern Pacific RR.April—
Gross from railway
Net from railway
expenses,
and taxes
Revenue from particip'n
on
&
257.178
142.675
Oper.
ment
on
Water
$3,481,430
under the pool'g agree¬
Exraordinary
.11,277,366 11,188.798
Balance after preferred divisions
3,388,017
91,350
repairs & wkg. of the
Cash
Total.
—V. 142, p. 2838.
1,000
shipping bus. after de¬
ducting the direct ex¬
pend. for the upkeep,
&
96,874
281,639
Oklahoma Gas & Electric Co.—Annual
North German
shipfe
94,48,9
735,668
96,782
335,984
Total income
60,000 shares Ohio Match Co. (Del.), $3,000,000 and all
outstanding
capital stock of Midlands Chemical Co. and American Foreign Match
Corp., $2,001 —V. 142, p. 794.
Years Ended Dec. 31—■
Rev. derived from the
2,117
95,017
774,954
Net income
595
Total
retailers'
2548.
p.
Northeastern
a
sub.
Accrued
occupational tax
Accrued interest..
-V. 142, p. 3686.
Total
303
55,848
Acer, taxes—gen_.
Period End. April 30—
Cap. stk. (47,500 no parsbs.)
Surplus
303
Acer. Fed. inc. tax
3 Mos. End March 31—
Gross revenue
Net earnings after depreciation
$468
Accounts payable
„
Notes receivable
10,000
liab.
25,003
11,277,366 11,188,798 I
140
Operating
Accrued fiscal expense
Due to associated companies.
$98,851
80,038
539
300,000
3,002,001
.
30,288
480,369
first
Total
-Y.
Liabilities—
;
hand
curr.
33,063
30~564
Misc. unadj. cred.
Earned surplus
Balance Sheet Dec. 31, 1935
on
54,692
25,287
Reserves.
'
a
4,194
an
Assets
330
4,000,000
48,912
Real estate mtge..
Consum. meter dep
21,064
mtge. bonds
4'
Cash
2,795,600
3,000,000
Shore Coke
450,467
Deferred debits—
Match
Co.,
No.
Trade
Miscell.
cos...
possible, of all handicaps associated with the operation in the future of cer¬
tain allied operating and holding companies.
The directors are now pleased
to anounce that as a result of these negotiations a
merger of
Ohio
as
71,003
&Chem. Co..
Miscell. assets
elimination,
7,500
73,874
Inv. in and adv. to
in view of attaining some satisfactory, practical and economic
simplifica¬
tion of the capital structure of this company and the
$
2,795,600
1st mtge. 5s
4,000,000
Accounts payable:
1,151
207,172
sup¬
plies at cost
Prepaid insurance,
rent, &c__
1934
$
cum.
9,876,905 1 Com. stk.($25 par) 3,000,000
387,943 Cap. stock subscr.
330
Notes & warr. rec.
Acer. int. rec
Meade, President,
stockholders
loss$30,186
1935
Liabilities—
7%pref.stouK
480,677
Accts. rec.,
of such consolidation.
says:
annual meeting
1934
$
Pl't, prop., rights,
franchises, &c__ 9,862,422
A special meeting of the stockholders will be held June
16, for the purpose
of considering and voting upon the adoption or
rejection of an agreement
of consolidation, dated as of May 15, 1936,
providing for the consolidation
of the corporation and Ohio Match Co. into the Ohio Match
letter to the stockholders L. H.
5,254
4,490
Comparative Balance Sheet Dec. 31
the amount of such reduction of capital, was transferred from
the capital
ccount to the
surplus account.—-V. 140, p. 2871.
a
$195,841
199,141
2,515
22,396
1,974
22,396
1
Net income.
$3,679,457, being
North American Match
$257,186
198,700
2,441
Interast on funded debt
Miscellaneous interest deductions
Amortiz. of debt discount & expense
Miscellaneous deductions
Provision for Federal income taxes
stock for
The capital of the corporation was reduced from
$7,808,557 to $4,129,099
by reducing the amount of capital represented by (a) its issued shares of
class A stock from $1,522,109 to $30,879, and (b) its issued
shares of
common stock from $2,287,848 to $99,620 and the sum of
In
$135,488
60,352
133,140
income
Gross
changed and reclassified into shares of
were
stock at the rate of one-fourth share of
of common stock issued.
corporation to be formed by
1,206,363
$124,045
6% preferred stock issued.
stock at the rate of one-half share of
common
1934
$1,341,851
...
Net operating income..,
each share of class A stock issued.
The shares of
1935
—
new
stock for each share of
1936
Co.—Earnings—
Calendar Years—
Operating revenues.
$1,339,270
Oper. exps., maint. & gen. taxes (incl. retirement
provision, 1935, $108,159; 1934, $107,817)-.^.
1,215,224
the rate of 1 l-6th shares of new non-cumulative
preferred stock and one
share of new common stock for each share of 7% preferred stock
issued.
The shares of 6% preferred stock were changed and
reclassified into the
new non-cumulative preferred stock and new common
stock at the rate of
one share of new non-cumulative preferred stock and
one share of
common
June 6,
North Shore Gas
to
Offer Preferred Issue
a registration statement with the Securities and
under the securities act covering 22,200 shares of
6% convertible prior preference stock and 133,200 shares of common stock
to be reserved for conversion
purposes.
The shares of prior preference
stock are to be issued to Gas Utilities Co. in
exchange for $2,220,000 5%
notes of Oklahoma Natural Gas Co., which are to be canceled.
Gas Utilities
Volume
Financial
142
Webster and Blodget,
the public.
Co. will sell the prior preference stock to Stone &
Inc., and their associates who is turn will offer the shares to
The offering price will be filed by amendment.
Company also filed an application covering an unstated amount of com¬
stock to be offered to the public.
Underwriters for these shares and
offering price to public will be filed by amendment.—V. 142, p. 3686.
mon
Oklahoma Power & Water
Co.—Earnings—
54,327
39,084
48,238
19.707
33,858
14,797
13,089
30,841
—
Maintenance.
Provision for retirement
Provision for amortization of leasehold
Provision for amortization of power-sales contract.
Taxes
$750,000 reserved for loss on possible
future abandonment on consolidation of properties.
hNet loss for the
year ended Dec. 31, 1935.—V. 142, p. 306.
$10,882,889.
g
Including
Orange & Rockland Electric Co.—Earnings—
Period End. Apr. 30—
Operating revenues
Operating expenses
Depreciation
54,307
14,797
13,089
27,093
$90,043
222
Operating income
$13,341
3,194
$214,500
35,199
$15,603
3,950
Gross income._______
on funded debt
Other interest
Amortization deductions
Other deductions
Int.
$16,535
5,208
$249,699
52,082
i
1,765
\
Divs.accrued
82
525
$116,267
61,795
15,543
on
...
-
long-term note
$90,204
62,687
15,993
752
Net earnings before interest
742
5.781
Other interest
Amortization of debt discount and expense
pref.stk.
6,694
$2,666
4,000
5,660
$5,000
*
Dividends on tne outstanding 6% cumulative preferred stock, all of
which is owned by the Middle West Corp., nave been omitted entirely
$32,515
...
since March 1, 1933.—V. 142, p. 2839.
Old
2,000
in oper. expenses
first mortgage bonds, due 1945, was not
paid, no funds for this purpose having been provided by the New York
New Haven & Hartford RR., lessee.
There is a grace period provided under
the indenture before the bonds are technically in default.
In a statement sent out to the stockholders, President Arthur P. Russell
follows:
of the dividend rental due
"In view of the recent default in the payment
March 31, 1936, under the lease from your company to the New York
New Haven & Hartford RR., which made it impossible for your company
on
to pay
dividend
on
April 1,
your
directors have concluded that they should
advise you as to the present situation.
"The New York New Haven & Hartford RR., on
Oct. 23, 1935, filed its
petition in the U. S. District Court for the District of Connecticut for
reorganization under the provisions of Section 77 of the Bankruptcy Act.
Since their appointment the trustees of the New Haven have continued to
operate all the property of that system, including the properties leased to
it by Old Colony RR.
The dividend rental due Dec. 31, 1935, from the
New Haven was paid to your company on Jan. 15, 1936, and all other
payments due under the lease up to March 31, 1936, were paid when due.
"The dividend rental due March 31, 1936, amounting to $438,858 was
not paid when due, and, prior to the expiration of the 30-day period of
grace, provided in the lease for the payment of that rental, the trustees of
the New Haven were advised by the Court to withhold such payment until
further order of the Court.
The payment has accordingly not been made.
"Non-payment of this rental by the trustees of the New Haven is attri¬
butable to a study, made at the direction of the trustees, of the revenues
and expenses arising from the operation of the Old Colony RR.'s properties.
This study segregated revenues and expenses as between the Old Colony's
properties and the balance of the New Haven system, and intimated that
the lines of the Old Colony RR. are being operated at a loss.
Your trustees
propose thoroughly to analyze the study, as it is obviously of tremendous
importance that it be known whether the report reflects the true earning
power of your company's properties."
The directors, through counsel, have already filed in the U. S. District
Court at New Haven claims against the New Haven as a result of failure to
live up to terms of the lease.
Specific claim is asserted to the rental pay¬
ment of $438,858 which was due March 31 and was not met and other
general claims are contained in the bill, designed to
rights under the lease.
New Haven
save
the Old Colony
Disaffirms Lease—
The New York New
Pacific Greyhound Corp.—Earnings—
Files Petition
&
v
Hartford
for Reorganization—
Feb.
Net profit after all
—V. 142, p. 3686.
chgs.
29
of trustees.
New Director—
Wilson Gordon Wing on May 27 applied to
the
Interstate
Commerce
Commission for authority to serve as director of this company, in addition
to his position as director of the Albany & Susquehanna RR. Co.—V. 142,
'35 Feb.
28
28
'35
$108,560
$166,670
$48,241
new
directors, Wallace M. Alexander, Herbert Fleischacker, and
annual meeting held May
Paramount Pictures,
Inc.—Earnings—
Consolidated Earnings First Quarter 1936
Operating earnings, after applying $800,000 of the inventory
reserve set up as of Dec. 28, 1935
_.
Dividends from non-consolidated subsidiaries.___.
Foreign exchange adjustments
—
Total
$1,058,627
174,749
21,766
$1,255,143
Estimated Federal income taxes
143,677
Interest
392,544
debentures of Paramount Pictures Inc
on
Balance transferred to surplus.
$718,921
The above, results
do
not include results of operations of Olympia
Theatres, Inc'., and its subsidiaries in receivership throughout the period,
and whose operations, therefore, do not affect the current earnings of
Paramount Pictures Inc.
Operations of partially owned companies not
consolidated are included only to the extent that dividend income has been
received therefrom.
Paramount's net interest as a stockholder in the com¬
bined undistributed earnings of such partially owned companies, available
if, when, and to the extent that dividends are paid to it therefrom,
to it
amounted, for the quarter, to approximately $480,000.—Y. 142, p. 3687.
Pennsylvania Bridge Co.—Withdraws Application—
The Securities and Exchange Commission has permitted the company to
withdraw
its
registration
filed under the Securities Act for
The application was filed with the SEC
statement
$3,000,000 6% mortgage bonds.
on Sept. 9, 1935.
Pennsylvania Co. for Insurances
on
Lives & Granting
Annuities—Balance Sheet—
Mar. 31, '36
Assets"-"-*'
Dec. 31,'35
$
Cash and amount
on
dep. with Fed. Res. Bank..
United States Government securities
...
State, county and municipal securities
Call loans to brokers
.
Commercial paper
Reserve fund for protection
trust accounts"
S
80,957,316
44,206,106
10,089.541
41,566,174
27,468,089
13,269,000
23,098,967
85,025,730
47,092,744
41,690,352
36,339,435
10,260,000
18,369,044
of "cash balances in
6,685,514
3,775,183
7,986,749
Real estate
Miscellaneous assets
1,001,439
1,890,216
4,798,971
821,451
1,893,405
475,839
120,414
769,464
Interest accrued
Bank building, vaults and equipment
Customers' liability account letters of credit issued
executed
—
Total
255,252,846 254,398,296
Liabilities—
8,400,000
12,000,000
2,129,135
336,000
175,471
8,400,000
12,000,000
2,070,461
Reserve for dividends
336,000
Reserve for building, taxes and expenses
233,883
Miscellaneous liabilities
18,642
12,729
Letters of credit and accept, exec, for customers..
475,838
120,414
Deposits
230,444,245 230.655,503
Reserve for contingencies
1,273,515
569,307
Capital
Surplus
Undivided profits...
2512.
p.
Oliver Farm
Calendar
Net
Equipment Co. (& Subs.)—Earnings1934
1 uaa
1932
$12,288,831
$7,690,875
$4,506,696
$4,450,833
12,102,998
446,087
8,921,241
5,765,468
1,075,979
7,168,670
1,145,622
Years—
1935
sales..
Cost
of sales, expenses,
deprec., &c., accts
Deprecia tion
998.219
Total...
—V.
142,
p.
$260,254'
_
232,671
$2,228,585
385,111
$2,334,751
418,817
$3,863,459
657,711
Pennsylvania Container Corp .—Registers with SEC—
See list given on
first page of this department.
Peoria & Eastern
Ry.—Annual Report—
1935
$1,843,474
482,543
a5,057,879
$1,015,934
a991,172
$3,205,748
959,227
$7,383,896
$2,907,106
1934
1933
$220,736
$152,533
$227,870
13,840
200,000
17,300
200,000
401
17,300
200,000
$434,897
467,169
$370,234
465,405
26
5,281
Income from operation
Dividend income
__
Inc. from funded securs.
$27,583
454,423
Interest & other charges-
Special charges
5,299
$445,586
465,436
28
5,293
Gross income
$482,006
$4,164,974
Special charges consist of $1,926,005 for receivables, $1,069,988 for
inventory, $1,190,343 adjustment of properties not used, and $871,543
a
accrued interest written off.
$37,553
$100,496
$25,171
1936
Assess—
1934
$
.
$
7,356,993
7.248,647
Patents, good-will,
&c
1
Cash
571,505
4,987,782
Inventories
7,071,020
d Unused property
545,471
Receivables
Export
after
acct.
1,499,980
5,961,178
4,821,803
579,222
_.
1935
1934
$
Liabilities—
s
Preferred stock
18,861,000
Common stock. ._f10,882,889 b9,244,180
Notes payable
737,702
7,100,000
Accounts payable.
623,175
232,808
1,217,690
96,516
1,492,346
93,286
payrolls,
taxes, &c
Notes pay. to bks.
403,343
6,600,000
Sub. co.'s stk. held
by others
4,000
a
After deducting reserves for depreciation,
$167,407
447,880
186
5,159
$285,818
Calendar Years—
Railway oper. revs
Railway oper. exps
1935
1934
1933
1932
$2,2/8,717
$2,217,744
1,764,443
$2,310,713
$2,090,584
1,804,897
1,770,215
$453,300
130,893
13
$577,929
107,597
70
$400,834
135,536
69,618
$322,395
134,318
62,404
$420,232
118,076
104,715
$118,750
107,546
85,104
Net ry. oper. income.
Miscell. rent income
$195,680
$125,673
33,799
36,655
$197,441
40,369
loss$73,900
41,826
4,005
4,237
4,845
3,130
3
664
1
842
753
Dr61
719
$234,152
9,808
1,452
166
1,990
$167,409
11,193
1,345
192
2,147
$243,407
11,627
1,448
321
2,141
def$28,286
$220,736
$152,533
$227,870
def$43.389
Net rev.fromry.opers.
Railway tax accruals—
$508,502
1,732,783
157,698
$285,687
166,499
437
4,000
1,500,000
surplus.-_g3,077,876 9,406,814
Earned deficit
h482,006e25,001,228
Total.
'
Deficit for year
416
.
Railway oper. inc
Equip, rents, net debit..
Jt. facil. rents, net debit
Paid-in
21,846,980 21,696,463
Sinking funds
416
348,889
Surp. allocated to
capital accounts
Total
funded debt.._.
Miscell. income charges.
def$43,389
10,380
200,000
Uncollectible ry. revs—
Accrued
due Nov. 30 *38.
rec.
reserve
Deferred charges
on
...
1932
*
Results of Operation {Under Agreement with the Cleveland Cincinnati Chicago &
St. Louis Ry. (Agreement Assumed by New York Central RR.)
Consolidated Balance Sheet Dec. 31
Fixed assets
322
Inc. from sinking funds.
Int.
Net deficit
—255,252,846 254.398.296
—
134.
Calendar Years—
Net loss from oper.
Other income..
c
*36 Feb.
$73,214
John W. Hanes were elected at the stockholders
21.—V. 141, p. 2746.
and accepted,
The company, following notice of disaffirmance of the lease of the road
by the New Haven, filed a petition for reorganization under Section 77
of the Bankruptcy Act.
Federal Judge Hincks at New Haven approved
the petition.
The order of Judge Hincks authorizes the New Haven to
continue to operate the property, but to keep accounts separate.
A hearing
will be held June 18 before Judge Hincks on the question of appointment
a
2 Months
29 '36 Feb.
;—Month
Period—
Loans upon collateral
Investment securities
RR, on June 3 filed with the
U. S. District Court, New Haven, notice of disaffirmance and rejection
of its unexpired lease with the Old Colony RR., dated Feb.
15, 1893.
The trustees of the New Haven asserted that operation of the Old Colony
division,which runs from Boston to Cape Cod, "is unprofitable" and that
rental payments under the terms of the lease are not being earned.
Last month Judge Hincks permitted the trustees to withhold rental
payments to the Old Colony, amounting to $438,858 quarterly.
Haven
102,878
'
$ 96,310.j .i $87,156
*•
<
17,100 Wi 32,400
Pan-American Airways Corp.—New Directors—
The June 1 coupon on the 5%
as
781
8,930
3,975
—V. 142, p. 3008.
Three
Colony RR.—Interest not Met—Claims Filed—
outlines the situation
96,176
8,573
$4,352
on
_____
Net income before preferred dividends.*
$266,220
i 62,500
;
3,366
88
Balance
Fed'l income taxes incl.
.......
Interest
$222,997
43,223
$13,043
2,560
Other income
161
.
Interest and funded debt
1936—12 Mos.—1935
$719,710
$732,236
416,429
417,849
88,781
81,390
1936—Month—1935
$54,392
34,354
6,697
$ 56,510
34,884
8,583
16.126 1
$116,044
Net earnings from operation.
total,
$308,870
$339,826
63,249
...
_
Operation..
Power, gas and water purchased
Otner income (net)
1935
1936
3 Months Ended March 31—
Total operating revenues...
3865
Chronicle
21,846,980 21,696,463
b Represented by 621,805
par shares, less 686 snares held in treasury,
c After reserve for collec¬
tion losses of $1,526,313 in 1935 and $3,069,366 in 1934.
d Not used in
Miscell. non-oper.
cal property
physi¬
Income from unfunded
securities and accounts
Miscellaneous income—
'
no
after reserve for depreciation and reserve for reduction to
liquidating values,
e After
deducting $644,146 balance of
reserve for fluctuation of foreign exchange returned to surplus,
f Common
stock, no par, stated value, $40 per sharo. authorized, 800,000 shares:
outstanding, 269,352.4125 shares, $10,774,096.50.
Reserved for con¬
version of 271,982 dividend certificate units, 2,719.82 shares,
$108,792.80;
Gross income
rents
operations;
Miscellaneous
estimated
Miscell. tax accruals
Int. in unfunded debt—
Miscell. income chargesNet income
11,750
1,242
39
2,o7o
3866
Financial
Comparative Condensed, General Balance Sheet Dec. 31
1935
1934
$
Assets—
$
equipment
20,670,829 20 ,867,474
10,586
Sinking funds
15,868
Deposits in lieu of
-
18,372
18,372
1,307
>,215,116
1,307
1,042,247
930.341
5,209,205
Retirement and de¬
prec. of equip-.
cos
debt
2,411,384
1,000
Total
in
surplus
91,043
1,624,390
Total
—26,957,829 27,043,983
618,754
820,213
Pictorial Paper Package
26,957,829 27,043,983
Corp.—Registers ivith SEC—
1936
1935
1934
1933
888,116
22,474
14,944
889,454
7,719
869,620
8,686
2,564
357,439
61,414
26,930
Net after rents
347,115
52,271
18,444
382,934
74,312
41,816
276,679
30,612
3,738
Net from railway
Net after rents
—V. 142, p. 3011.
Earnings.—
Pittsburgh & West Virginia Ry.-
C, due June 1,
Philadelphia Co. (& Subs.)—Earnings—
1936
(before approp.
Net after rents
1935
for retirement
Other income (net)
$23,046,614
222,209
6,977,442
5523,268,823
7,023,901
817,106,363
989,925
6,455,634
492,510
6,244,922
992,016
7,061,095
403,002
69,192
500,000
312,088
69,192
125,000
296,052
88.287,012
39,298,128
Plough, Inc.—Listing—
The New York Curb Exchange has
Portland Electric Power Co. (&
Gross
Total surplus
847,585,141
Duquesne Light Co.—Approp. from surplus for
special reserves.
-
848,200,355
1,000,000
.
Surplus, end of period
142, p. 3519.
.828,607,106
1,375,000
186,250
2,343,675
147,009
3,840,192
10,100
Philadelphia Rapid
Transit
Co.- -Trustees Made Per-
manent—
The appointment of the six trustees for the company was made perma¬
Supreme, Court Denies Rent Appeal of Underliers—
The U. S. Supreme Court on May 18 checkmated the final effort of
R. T. underliers to collect rents while P. R. T. is being reorganized.
In a unanimous decision the nine Justices refused to
grant the underliers
$3,528,379
on
f
Federal income tax of minor subs._
of approximately 812,000,000 owed them in back rents under
leases.
The decision probably will throw the matter back into the U. S. Circuit
Court for an interpretation of two seemingly conflicting rulings on the rights
old
1,400,043
5.102
before
Balance
y762,496
Drl9,672
16,800
$774,418
Interest
on
$855,506
958.200
958.200
7,886
9,443
11.000
13,500
47,426
z41,737
*41,737
$239,094
of Portland Electric Power Co..
Portland Electric
on
&
$709,774
$164,874
$313,621
Power Co.:
6% coll. trust inc. bonds
General interest—
Federal
32.377
237,898
4,800
4,800
5.686
deductions
income
State, taxes
on
debs.
958,200
9,958
&
deb. interest
Amortiz. of debt disc. & expense—
Net loss (subject to the adequacy of
the prov. for depreciation)
Exclusive of Willamette Valley Ry. Co. now
in process of reorganiza¬
The basis of computing the annual provision for depreciation
(major companies) is stated as follows: Portland Electric Power Co.—pro¬
vision for the calendar years 1933 and 1934 limited to automobile equipment
and no provision has been made thereafter.
Portland Traction Co.—6%
of gross operating revenues for each year.
Portland General Electric Co.—
for the calendar years of 1933 and 1934, 9-10 of 1%, and for the calendar
year 1935, 1 1-10%, of the book value of properties used and useful in
public service; to such provision an annual interest accrual (based on 4%
of the balance in the reserve for depreciation as of the end of each calendar
year) has been added,
y Restated for comparative purposes.
y
Consolidated Balance Sheet Dec. 31
term
Liabilities—
$
receivables
2,504,373
4,196,364
Special deposits.—
7,510
9,013
4,714,459
count & expense
stock
5,679,900
6,364,300
6% cum. 1st pref.
stock ($100 par) 6,186,750
7.2% cum. 1st pref
stock ($100 par) 3,049,135
3,060,845
c
69,887
1,595,677
receivable
—
1,182,288
650,781
(S100 par)
6,229,750
1st pref.
cum.
stock
3,042,349
3,388,626
254,251
1,358,771
55,000
Com. stock ($1 par)
176,800
Capital surplus... 2,833,504
176,800
3,451,396
1,320,287
Min. int. in capital
b Notes & accounts
Materials & supls.
$6
$6
Prepaid accts. and
deferred charges
Cash
$
?
7% cum. pr. pref.
3,931,996
Unamort. debt dls-
1934
al935
1934
al935
Assets—
Plant,
property,
rights, &c
81,972,257 82.412,847
Non-oper. property 5,891,534
5,893,206
Invests.
&
long-
639,779
non-cum.
2d
pref .stk. ($1 par)
stock
of
&
55,000
surplus
sub. of
Ptld.
Gen. Elec. Co--
11,566
Funded debt
69,086,000 70,111,700
528,516
425,406
Notes payable
14,123
5,831
Accounts payable392,243
348,449
Accrued interest-- 2,360,670
1,417,568
Accrued taxes
1,242,196
1,279,795
Real estate, loan &
Deferred
equip,
the underliers.
account
2,610,907
171.043
actually using their property and they must prove the value of that property.
The Supreme Court took exactly the same stand and refused even to
grant the underliers a review of the Circuit Court decision.
The practical
Underliers' Claims Rejected—
2,600,729
28,069
181,404
y794,299
1,463,498
22.081
-
The Circuit Court at that time held the underliers' 999-year leases do
entitle them to rents, now that the P. R. T. is in Federal Court.
If
the underliers want to collect anything it held, they must show P. R. T. is
Judge George A. Welsh of the U. S. District Court at Philadelphia on
May 21 rejected the claim of P. R. T. underliers for a 83,000,000 payment
2,538,935
funded debt & coll. notes—
G eneral interest
not
revenue to
:$3,595,756
Amortiz. of debt discount & expense
Taxes on bonds & on bond interest.
appeal from the important decision handed down by the U. S. Circuit
Court of Appeals last December.
Technically, the underliers still have the legal right to collect money as
"use and occupancy payments" if they can show both the Federal District
Court and the Circuit Court that P. R. T. is
using underlier property of
definite value.
$3,676,194
194.820
3,291,154
848,728
198,353
Int. & other deductions of subs:
an
effect of this is to shut off all
$3,672,138
4,056
:$3,615,428
Dr3,565
from operations—
tions
P.
$3,531,944
_—
Other income (net)
nent
May 27 by Federal Judge Welsh after he had considered the objec¬
of the underliers.
He ordered the trustees to file a joint bond of
8500,000, which is 8350,000 more than he required of them as temporary
trustees.
His decree specifically provides that Mayor S. Davis Wilson
of Philadelphia is not to receive any compensation for his services and the
remuneration of the others will be fixed by the Court from time to time.
A
second decree dismisses the exceptions of the underliers to the trusteeship.
The new development ousts permanently from office the three trusteedirectors named by Judge Harry S. McDevitt in 1931 and keeps the com¬
pany's stockholders, dominated by the Mitten Bank Securities Corp., from
regaining control.
The trustees, besides Mayor Wilson, who has been made Chairman,
are Albert M. Greenfield, John A.
McCarthy, former Representative James
J. Connolly, Edward W. Wells (Sec'y) and David E. Kaufman.
3,663,235
958,409
General taxes
x
839,298,128
1933
4,041,262
1,012,629
176,286
y930,249
1.509,671
i
Prov. for depreciation
tion.
—V.
1934
811,202,041 810,746,399 810,116,202
earnings
Prov. for uncollectible accounts
Dividends—Cash:
Duquesne Light Co. pref. stock
1,375,000
Kentucky West Virginia Gas Co. pref. stock
186,249
Philadelhpia Co. pref. stocks
2,343,677
Kentucky West Virginia Gas Co. com. stock
incl. minority interest
192,999
Philadelphia Co. common stock
3,840,219
Miscellaneous charges (net)
34,059
Adjust, of charges pre v. made against surplus
arising from reval. of prop., representing un¬
amortized debt disct. & exp. & prems. on bonds
redeemed, & comm., net prems., exps. & divs.
on red. & sale of
pref. stocks
11,005,829
Subs.)—Earnings—
xl935
Operation
Int.
Net income
Surplus beginning of period
approved the listing of 300,000 out¬
standing shares of common stock, no par, and will list 70.000 additional
shares of common stock, no par, upon notice of issuance.—V. 141, p. 1779.
Net earnings
Other income deductions
670,043
150,526
125,796
—V. 142, p. 3689
87,298,562
40,901,792
Amortization of debt discount & expense.
Guaranteed divs. on Consolidated Gas Co. of the
City of Pittsburgh pref. capital stock
Appropriation for special reserve
943,820
304,996
340,699
441,766
Net after rents
Maintenance.
Gross income
Rents for lease of properties
Interest charges (net)
953,847
283,237
311,475
CalendarYears
Net oper. rev. & other income (before approp.
for retire. & depletion reserve)
'$24,083,805
.
53,195
8195,210
65,679
62,210
44.387
From Jan. 1—
848,401,248 847,013,012
24,541,367
23,966,397
$23,859,881
223,924
1933
8258,067
68,776
82,832
1,168,115
398,062
Net from railway
Net from railway
[Not including Beaver Valley Traction Co. (in receivership) and its subs.l
12 Months Ended March 31—
1934
8200,008
1936
Gross from railway
Gross from railway
Operating revenues
Operating expenses, maintenance & all taxes
1935
8330,684
126,780
132,652
April—
(818,659,000) 1st & ref. mtge. 6% gold bonds,
1957, have been called for redemption on July 2
at 105 and interest.
Payment will be made at the Continental Illinois
National Bank & Trust Co. of Chicago.—V. 142, p. 3687.
on
12,033
From Jan. 1—
Gross from railway
All of the outstanding
the
8237,682
884,852
10,759
3,454
Net from railway
Peoples Gas Light & Coke Co.—Bonds Called—
rev.
3.371
8248,149
815,914
Pittsburgh & Shawmut RR*—Earnings.—
April—
Gross from railway.
3687.
oper.
347,495
See list given on first page of this department.
91,043
1,619,936
Pennsylvania Electric Co.—Acquisition—
Net
8520,346
407,162
8501,431
390,600
358,788
30,341
190
Deficit
1,649,557
135,894
The approval of the sale of the Erie Lighting Co. to the Pennsylvania
Electric Co. was recently announced by the Federal Power Commission.
Both concerns are subsidiaries of Associated Gas & Electric Co.—V. 142,
series
28,496
1936—12 Mos.—1935
35,060
—V. 142, p. 3359.
—V. 140, P. 3226.
P.
32,147
approp. for invest.
physical property.
Inc.
income
Deficit
1936—Month—1935
840,431
849,487
Oper. exps. and taxes
Deductions
debt retired
through
and
1,000
Philippine Ry.—Earnings—
Period End. Mar. 31—
Gross oper. revenue
deprec.—
equipment528,817
Add. to property
through income
and surplus
1,649,598
Sinking fund res__
141,175
Fund,
2,408,470
mat'd
unpaid
Accrued
affiliated
companies..
Deferred assets.
toaffil.
Fund,
properties
in
$
9,994,200
9,994,200
Stk. llab. for conv.
5,000
5,000
Fund.debt unm'td 13,760,000 13,760,000
Non-negotiable dt.
786
mtgd. prop, sold
Miscell.
physical
Inv.
1934
$
Capital stock
Invest, in road and
June 6, 1936
suggested that city officials would attempt to utilize the unused
authorizations for the proposed P. R. T. purchase.
Whether this procedure
would be legal may be decided in court."—V. 142, p. 3359.
has been
1935
Liabilities—
Chronicle
liabilities
purchase
obligations
Deferred
credits..
Reserves
Total
98,588,766 100,016,514
82,034
189,321
3,787,822
102,436
252,136
3,217,313
98,588,766 100,016,514
Total
a Exclusive of Willamette Valley
Ry. Go. now in process of reorganiza¬
tion.
b After reserve for uncollectible notes and accounts,
c Represented
by 32,499
no
par
shares in 1935 and 36,198 in
Portland General Electric Co.
Calendar Years—
Total oper. revenues
1934.—V.
140, p. 3398.
(& Subs.)-—Earnings—
1935
1934
1933
1932
$8*213,074
Dr2,774
$7,792,572
10,728
$7,426,224
Dr7,740
$7,645,285
27,309
$8,210,300
2,128,346
348,116
Prov. for uncollect, accts
176,286
Provision for deprec
741,486
General taxes
1,327,305
$7,803,300
1,748,410
287,153
191 820
606,456
1,277,392
$7,418,484
1,509,498
221,918
186,704
588,239
1,191,027
$7,672,594
1,738,064
164,907
108,027
607,513
1,062,835
P. R. T. underliers had agreed on
884,000,000 from the city for its proper¬
ties
The agreement, it was said, was reached at a conference of Mayor
Net earnings
$3,488,761
Interest on funded debt
Wilson and P.
(incl. coll. note)
Miscellaneous interest--
of the underliers to payment.
Judge Welsh adheres to his original position
that the underliers must prove the real worth of their properties before
they
are entitled to receive
anything for their use and occupancy or on account
Non-oper. revs.—net...
of delinquent rents, and holds that their
presentation of an inventory of the
property, contract, leases, franchises and other documentary evidence is
not sufficient justification for
any payment.
Operation
Maintenance
Underliers Agree to $84,000,000 for P. R. T. Sale to City—
It
was
reported in press dispatches from Philadelphia on May 9 that the
.
R. T. officials with Federal Judge George A. Welsh.
The
deal, it was reported, was made along suggestions by Albert M. Greenfield,
who proposed that underliers get 849,000,000
directly for their franchises,
leases and physical properties and
835,000,000 to clear outstanding P. R. T.underlier bonds.
.
Total gross earnings..
„Th.e dispatches added: "Underliers would receive
payment in 50-year
4% city bonds, according to the plan, and this raises a question of just what
type of security the city would offer.
Philadelphia is now over its debt
limit, although there are some bonds authorized but as yet unissued.
It
$3,692,069
$3,721,098
$3,991,248
2,538,935
5,888
2,568,107
8,680
2,578,285
11,397
2,435,229
14,042
171,043
179,221
235,630
276,705
16,800
4,800
4,800
17,700
Cr135,667
$756,095
$931,261
$890,986
$1,383,239
Amort, of debt discount
and expense.
Federal & State taxes
on
bonds & on bond int._
Int. charged to construct
Net income
I
Volume
Comparative Consolidated Balance Sheet
1935
shares no
rights, franchises
term
Min.
4,862,280
int.
par)—17,331,840 18,414,287
• 115,132
in
receivables 2,015,463
com.
11,566
1,972
Funded debt
4,023,836
3,923,922
Current liabilities.
Special deposits-—
Deferred liabilities
Unamort. debt dis¬
count and exp__
Deferred
Prepaid accts. and
deferred charges
Cash
53,975
1,173,562
Ndtes & accts. rec. 1,136,899
Matls. & supplies641,472
76,044,819
credits
53,116,000 53,598,000
152,361
142,830
—
Reserves
148,744
1,005,280
1,262,685
2,014,388
2,007,028
111,141
3,220,848
166,786
2,743,722
Traffic bal.
Net bal.
rec
from
rec.
agencies
4,059,411
691,370
Accts. receivable-.
Mat'ls
&
77,101,110
.76,044,819
affil.
431,674
3,387,995
910,158
390,094
8,798,978
55,775
4,022,946
3,807,575
Traffic bal. pay—
wages
unpaid—
Matured funded
7,000
4,000
1,715,765
1,695,196
5,198,198
Misc. accts. &adv.
payable
5,417
3,397
14,010
71,648
818,313
curr. assets.
UnadJusted
88,020
companies-10,011,222
debt unpaid
receivable
Total.
21,600,000 23,200,000
bonds
Non-negot. debt to
supplies
(at cost)
Int., div. & rents
Other
3,570
58,972
100,000
100,000
stock—
gold coup.
com.
5% ser.
$
$
Liabilities—
Cap.
Audited accts. and
Working fund adv.
,629,471
77,101,1101
$
2,575
73,097
1934
1935
1934
$
Property & equip.20,576,672 21,424,471
Other investments
436,706
522,728
Cash
19,985,896 20,919,030
625
Special deposits
648
Loans & notes rec.
of subsidiary
3,653,087
2,396
1935
Assets—
$
stock and surplus
long-
Total
1934
$
Earned surplus.—
62,131,840 61,613,245
&
of Dec. 31
Liabilities—
Cap. stock (236,819
Non-oper. property 4,865,800
Invests.
General Balance Sheet Dec. 31
1935
$
property,
•fee
as
1934
$
Assets—
Plant,
3867
Financial Chronicle
142
debits
14,584
53,422
941,250
269,367
Est. tax liability—
&
3,639
2,600
560,245
385,426
562,672
439,668
1,335463
3,299,430
unpaid—
int. and
rents
1,140,756
327,447
1,188,861
checks, &c
Mat'd int., divs.
—V. 142, p. 3011.
5,877,763
Express prlv. liabUnpd. mon. orders,
Unmat'd
Potrero Sugar
Co.—To Be Added to List—
The New York Curb Exchange
mon
will list 69,920 additional shares
of com¬
p.
Prudence Corp.—Payment on
entitled to receive payment in cash of 3 % of the principal amount
upon presentation of the bonds at the corporate trust department of the
bank, 40 Wall Street.
are
Public Service Co. of New
Hampshire—Acquisition—
Finding the acquisition by the company of securities of New Hampshire
Power Co. to be a step toward the economical and efficient development
of an integrated public utility system, the Securities and Exchange Com¬
mission has issued an order approving the acquisition.
The securities to be acquired are:
(1) All of the common stock (5,214
shares)', no par value; (2) 1,800 shares of 8% cumulative preferred stock
(par $100), comprising approximately 46% of the preferred stock out¬
standing; and (3) $100,000 of 1st mtge. 6% sinking fund gold bonds
maturing Dec. 1, 1943, of which $724,600 is outstanding.
The securities are to be acquired for cash, and the consideration to be
paid is $697,000.
The purchase money is to be raised through effecting
temporary bank loans at a low rate of interest.
No fees or commissions
are to be paid in connection with the acquisition.
All of the securities proposed to be acquired are now owned by the
Middle West Corp. and Electrical Securities Corp., the latter company
being controlled by General Electric Co.
The securities are held by the
two owners in equal proportions except that three bonds held by the
Middle West Corp. have been called by the operation of the sinking fund.
—V. 142, p. 3521.
Public Service Corp. of New
Offer for Jersey
$5,000,000—
Central
Power
Jersey—Makes Conditional
& Light Co.—Would Pay
47,165,417 48,632,317
Total
47,165,417 48,632,317
142, p. 3185.
Negotiations on rapid trans ft unification are proceeding satisfactorily
and conferences between city officials and members of the Brooklyn-Man¬
hattan Transit unification committee have gone far toward clearing away
seeming misunderstandings, according to Charles Hayden, Chairman of the
committee.
He announced the committee had agreed to a further 60-day
extension of time for completion of unification from
—V. 142, p. 135.
ingness to submit a bid of $5,000,000 for 68% of the common stock of the
Jersey Central Power & Light Co., the only important collateral seciuing
the debentures, in the event that the committee decides to offer it at auction.
The Associated Gas & Electric System previously acquired from the
Central Hanover Bank & Trust Co., 32% of the Jersey Central Power &
Light shares which the bank had reduced to possession following default
on their bank loans by the Insull utility companies.
At the time the protective committee for National Public Service deben¬
tures advised holders that it had been "negotiating with important public
utility interests who have been seeking control of Jersey Central Power &
Light Co." and urged deposits of debentures as it was "more important
than ever that the 68% of this stock, representing control of the property
be held together, and that the committee be in a position to to exercise
such control as soon as possible."
The protective committee has been meeting regularly, but no statement
was available June 2 beyond a reference to the plan of May 10, 1933, under
Reading Co.—New Directors—
Carle
C.
Conway was on May 28 elected a
Reed Roller Bit Co.—Initial & Extra Div. on
fill a vacancy
New Stock—
The directors have declared an extra dividend of 10 cents
and an initial
quarterly dividend of 20 cents per share on the new no-par common stock,
both payable June 30 to holders of record June 19. The stock was on May
16 last split on a three-for-one basis. The old stock was receiving quarterly
dividends of 25 cents per share.
In addition an extra dividend of 25 cents
was paid on March 30 last and an extra of 50 cents was paid on Dec. 26,
1935.—V. 142, p. 3690.
(Robert) Reis & Co. (& Subs.)—Earnings—
$435,156")
186,514)
Gross profit on sales
Selling expenses
1933
1934
1935
Calendar Years—
.
Not Available
156,451 /
General and administrative expenses.
$77,838
24,241
37,940
,161
$92,190
23,493
36,388
24,309
36,281
428
56,323
19,338
13,517
$24,442
Depreciation
Interest paid less interest received
$161,399
prof$2,141
Federal taxes
Miscellaneous deductions
Net loss.
310
Consolidated Balance Sheet Dec. 31
hand,
on
Notes
in
17,778
333,464
$55,789
24,882
13,074
370,064
5,015
22,161
25,674
31,354
Receivables
Due from factor,
a
Mdse.
Other
7,500
46,766
accrued expenses
28,277
48,327
833
—
286,269
260,025
280,124
& fixtures
299,438
14,623
fixtures
Deferred charges
liab.
pay.
and
(not
current)
furn. and
ment,
payable—
Notes
machry. & equip¬
Furn.
10,000
58,777
Credit Corp
trade
Sundry
less
reserves.:
b Land, buildings,
c
payable to Tex¬
Industry
tile
Accts.
cos
lassets,
1934
5135,000
Res. for Fed. taxes
inventory
Deps. with mutual
insur.
$78,756
payable
1st mtge. 6% notes
5,297
544,061
transit & in bks.
a
a
1935
Liabilities—
1934
1935
Assets—
Cash
17,271
12,926
9,229
__
Goodwill
d 1st
stock
$7
property.
mtge.
notes
"If collateral is
cum.
stock
acquired, it will be transferred to a new company organ¬
the purpose and of which this collateral shall be the sole asset,
and whose directors and officers in the first instance the committee shall
6%
_
135,448
142,500
2,108,700
2,108,700
75,000
2,644,974
75,000
620,725
2,620,126
8757,812
payable.
$824,417
7% cum. 1st pref.
1
1
ized for
which new company shall have an authorized capital stock
.
.
.
which shall be issued in the first instance to voting trustees, who in turn
will issue to debenture holders voting trust certificates for the whole pro rata
director, succeeding the
S. Blagden was elected a director to
On June 2 Augustus
—V. 142, p. 3690.
the committee is
operating.
Under this plan the committee pro¬
posed, upon deposit with it of 80% of the outstanding debentures, "to
direct the trustee to sell the collateral at public auction and to agree with
the trustee on the terms of sale."
The plan continued.
"It proposes to bid for 'Jersey Central' stock a price which in its sole
judgment and discretion would constitute an advantageous purchase of
June 1 to Aug. 1. 1936.
late William A. Law.
Profit from operation
The corporation has addressed a letter to the protective committee for
holders of National Public Service Corp. 5% debentures expressing a will¬
which
Total...
—T
Rapid Transit in N. Y. City—Unification Outlook Im¬
proves—60-Day Extension for Study—
Bonds—
Bank of the Manhattan Co., as trustee, is notifying holders of bonds of
the Prudence Corp., fifth series, guaranteed by Prudence Co., Inc., that
they
Unadjust. credits.
Redeem Pref. Stock—
2682.
22
liabilities
Deferred
Joseph W. Powdrell, President of the company, announced that the
remainder of the company s 7% preferred stock outstanding, 2,145 shares,
will be redeemed July 1 at 115 plus accrued dividend of 1M%.—V. 142,
—
Other current liab-
stock, $5 par, upon notice of issuance.—V. 142, p. 2840.
Powdrell & Alexander, Inc.-^—To
payable.
rents
e
($100 par)
2d
pref.
(no par)__
620,725
Common
Deficit.
...
name;
to debenture holders'
holdings of debentures as modified by adjustment of
expenses and cost of minority interest.
..."
The committee has on deposit $14,500,000 of the $20,000,000 debentures,
or 72.5%
of the total.
Some weeks ago it extended to Sept. 1 the final
time for the deposit of debentures.
One of the conditions of the Public Service Corp. of New Jersey's offer
was that the collateral be put up for sale before Oct,. 1.—V. 142, p. 3521.
Puget Sound Power & Light Co.—Accumulated Div.—
The directors have declared a dividend of $1.25 per share on account of
accumulations on the $5 cumulative prior preference stock, no par value,
payable July 16 to holders of record June 20. This will be the first dividend
paid since October 1932 when a regular quarterly dividend of like amount
was distributed.—V. 142, p. 3185.
goodwill of the Ford Mfg. Co.,
mortgaged to the Textile Industry
the
no
Initial
The
Preferred Dividends—
directors
declared
have
initial
quarterly
dividends
on
the
Railway Express Agency, Inc.—Earnings—
'
1933
1934
1935
€
$
iQ;
r
1932
$
Charges for transport'n.138,750,744 130,953,289 118,673,355
Other revenue & income2,640,984
2,643,644
2,492,709
137,703,061
3,061,169
133,596,933 121,166,064
140,764,230
Total
revenues
& inc--141,391,728
Operating expenses.:
Express taxes--.-..
Int. & disct. on fund. dt_
79,755.461
1,517,531
73,416,053
32,812
1,738,167
56,135
1,725,906
32,631
84,512,535
1,379,540
1,745,878
41,017
53,169,611
50,529,639
44,467,750
53,085,260
84,899,132
1,547,603
1,742,570
Other deductions
1,523,724
shares.—V.
x
Payments to rail and other carriers—express privileges.
Period End. Mar. 31—
common
Preferred Stock Called—
authorized officials to call 750 shares of the 7% preferred
share pi ts accrued dividends.
Redemption date
15, 1936.
This will leave 15,000 shares of pre¬
ferred outstanding.—V. 142, p. 3361.
Directors
at
call price of $110 a
been fixed as Aug.
has
Reynolds Spring Co.—100% Stock Dividend—
2 declared a stock dividend of 100% in addition
quarterly dividend of 25 cents per share on the common
$1, both payable June 29 to holders of record June 15.
Regular
quarterly dividends of 25 cents per share have been distributed since
and including Sept. 30, 1935, prior to which dividends of 10 cents per
share were paid each three months from Dec. 29, 1934, to and including
June 29, 1935.
In addition an extra dividend of 10 cents was paid on
June 29, 1935.—V. 142, p. 3521.
The directors on June
to
the regular
stock,
par
Robbins Bros. &
See list
Operating expenses
Express taxes..
Int. & disc, on funded dt.
Other deductions
»
132,742
1,383
,
21,634,723
766,391
19,800,0/3
387,695
409,419
9,418
436,286
5,160
1,618
,
'
.
.
$5,112,160
$4,715,367 $11,256,837 $10,98< ,475
Payments to rail and other carriers—express privileges.
Rail transport, rev.x.
x
6,769,905
124,118
145,786
7,419,120
386,247
Co.—Registers with SEC—
given on first page of this department.
St. Louis
Brownsville & Mexico Ry.—Earnings.—
1936
April—
Gross from railway
Net after rents.
1935
$472,237
.
1934
1933
$507,669
137,043
45,326
155,465
100.590
182,337
95,035
$436,100
170,949
80,629
2,219,449
750,470
433,942
1,871,977
653,452
408,886
1,859,468
735,180
438,205
1,597,781
599,287
309,672
$515,783
From Jan. 1—
1936—3 Mos.—1935
$11,756,794 $34,076,788 $31,616,689
1936—Month—1935
Revenues and income—$13,051,652
Co. of Illinois—Extra Dividend—
have declared an extra dividend of 10 cents per share
the regular quarterly dividend of 15 cents per share on
stock, both payable Aug. 1 to holders of record July 21.
to
"
Rail trans, revenue-
and the right to use its name, have been
Credit Corp.
e Represented by 99,145
directors
addition
Net from railway
x
Total
142, p. 2841.
Reliance Mfg.
new
as follows:
$1.25 on the 514% stock, $1.50 on the 6%
stock, and $2 per share on the 8% stock.
All dividends are payable July 1
to holders of record June 10.—V. 142, p. 2683.
preferred stocks
r*n Jen fin
par
The
in
A total of $2,500,000
15-year 4H% s. f. notes due July 1, 1950, have
been called for redemption on July 1 at 102.
Payment will be made at
the City National Bank & Trust Co., Chicago, 111., or the Chase National
Bank, New York City.
8824,417
b After reserve for depreciation of $265,800 in 1935
The fixed assets are subject to a 1st mtge. securing
the notes payable to the Textile Industry Credit Corp.
c After reserve
for depreciation,
d Also payable to Textile Industry Credit Corp. secured
by fixed assets, due Aug. 22, 1937—payable, subject to the terms of certain
agreements, in semi-annual installments equal to not less than one-half of
the net profits of the Ford Mfg. Co., before depreciation.
All trademarks
and trade names of the Ford Mfg. Co., including the trade name "Reis,"
After reserves,
a
the
Pure Oil Co.—Notes Called—
5757,812
Total
and $245,084 in 1934.
Gross from railway
Net from railway
Net after rents—
—V. 142, p. 3012.
St.
Louis Southwestern Ry.—Trustee
Warns Bondhold¬
ers—Court Guilder Ruling May Affect Their Rights—
Trust Co. of New York, as corporate trustee under
terminal and unifying mortgage bonds is communicating with
The Guaranty
first
the
the
3868
Financial
bondholders, calling their attention to a situation which may substantially
affect their rights in any possible reorganization of the road.
Each coupon bond payable at $1,000, is also payable in
guilders, pounds,
pre-war francs and marks in their respective European countries.
Recently
a foreign holder of matured coupons, by the decision
of the Federal Court
in the Southern District of New York, became entitled to the
guilder value
specified in the coupons, the rate of exchange in that case resulting in a
judgment against the railroad company of approximately $1.60 for each
$1 nice amount of coupons held.
The United States Supreme Court early
Chronicle
holders to the fact that there is considerable doubt whether it will be
allowed to exercise the guilder option as, technically, it is not actually a
bondholder.
It has asked all bondholders to advise it
immediately if it
is their wish to elect to receive any other currency than
guilders.
It has
suggested to the bondholders the importance of immediately considering
what steps they should take in their own behalf with
respect to making
demand for payment and signifying what currency they
desire; also whether
they should not file individual proofs of claim.
There is considerable doubt
ment in
as to whether any one
desiring to elect pay¬
guilders does not have to transmit his bonds to Amsterdam for the
making a demand in guilders in that city.—Y. 143, p. 3690.
purpose of
April—
Ry.- -Earnings.-
1935
$87,122
def9,359
def37,617
1934
1933
$78,647
def5,518
def34,240
$85,980
5,691
def22,473
353,520
282,487
def85,204
defl92,791
314,864
def30,699
defl51,151
294,852
def48,321
defl67,673
From Can. 1—
Gross from railway.
Net from railway
Net after rents
—V. 142, p.
_—
def82,315
def228,697
3186
San Antonio Public Service
Co.—Earnings—
Period End. Mar. 31—
1936—3 Mos —1935
Grossrevenue.
$2,235,610
$3,938,054
Net inc. after all charges
359,517
244,199
1936—12 Mos.—1935
$7,236,762
685,154
i. 897,107
681,898
—V. 133, p. 955.
San Antonio Uvalde & Gulf
April—
RR.—Earnings.—
-
Net from rents
$89,675
18,138
def6,497
$99,832
24,636
3,399
$58,380
4,795
def20,582
314,796
41,992
def54,294
438,289
167,827
67,146
250,714
41,404
def64,344
From Jan. 1—
Gross from railway
Net from railway
Net after rents..
1935
1934
1933
—V. 142, p. 3186.
San Carlos
as
follows:
50 cents
on
Jan.
15 last and
on
3702.
1, 1941, when the
stock registered, 50,000 shares were reserved for
con¬
bonds and 30,000 shares were deliverable
upon exercise of
the common stock purchase warrants which
accompany the 6% preferred
stock.
Each of these warrants entitle the holder to
Of the
purchase
Schulte
cash
proceeds are to be used by the company for the
portion of the predecessor company's 7%
preferred stock, expansion of its business and working capital.
The Securities Acceptance Corp. is one of the
largest locally owned and
controlled automobile finance companies
operating between Chicago and
the Pacific Coast.
Its principal executive office is in
Omaha, Neb., and a
number of branches are maintained in and around this
vicinity.
The
Securities Investment Corp. of Omaha, predecessor
company,
was
in¬
corporated in 1924 as the successor to the National Finance Co.
During the period of the company's existence, it has handled over 115,000
contracts with a total volume in excess of
$50,600,000.
The volume of
receivables purchased by the company has shown consistent
growth during
the last three years.
Receivables purchased in 1935 amounted to $8,800.779. which compares with $5,267,584 in 1934, and $2,900,227 in 1933.
Corresponding increases were recorded in net income available for divi¬
dends.
Such earnings amounted to $137,598 in
1935, $81,665 in 1934,
and $43,498 in 1933.
The predecessor company has uninterruptedly paid
The
on
the preferred stock since issuance
commencing in October, 1927.
Securities
Acceptance Corp. was incorporated under the laws of
May 15,1936 for the purpose of acquiring the assets of Securi¬
Corp. (Neb.).
This change was deemed advisable in that
it would allow the company,
whose character remains unchanged, to
expand its earning capacity through increased volumes which it is unable
to enjoy under the laws of its original State of
incorporation.
The company has agreed to make application in due
course, for the listing
on the Chicago Stock
Exchange of the 132,550 shares of common stock to
be outstanding upon completion of this
offering.
Delaware
on
ties Investment
Ry.—Earnings—
Calendar Years—
Income from lease of road
1935
Stores
Corp.
Interest on funded debt.
Maintenance of investment organization
Amortization of discount on funded debt
com¬
A committee has been formed to
protect the interests of holders of the
cumulative preferred stock ($100 par), with Richard L. Morris of
Hayden, Stone & Co. as chairman.
Other members of the committee
8%
Hearn W. Streat of Bancamerica Blair
Corp. and
of Cassatt & Co., Inc.
This announcement comes as a result of the
are
T. Johnson Ward
filing of
company June 2 in the U. S. District Court for the
of New York, under Section 77-B of the
Bankruptcy
petition by the
a
Southern
279
$70,463
23,427
$95,031
69,450
$93,890
69,450
$25,581
Total surplus.
Dividends
Surplus Dec. 31.
$24,440
1935
Maintenance
General taxes
reserve
from oper.
1933
1932
54,745,727
1,199,334
170.000
$4,744,343
1,058,087
231,192
136,719
170,000
$4,975,537
1,138,326
241,586
155,805
170,000
$2,827,377
770
expenses
1934
$4,678,710
1,244,917
273,986
162,429
170,000
revenues
$2,932,835
4,009
$3,148,345
2,713
$3,269,819
29,865
$2,828,148
$2,936,844
$3,151,058
$3,299,684
1,713,412
1,607,100
113,355
1,664,590
76,890
1,750,080
18,183
Other income
Interest paid or accrued
on funded debt
Miscell. interest charges
Reserved for retirements,
28,848
321,394
122,164
1935
Liabilities—
Common
1935
1934
stock...$1,389,000 SI,389,000
414,000
29,517
Long-term debt.414,000
7,120
Rents receivable..
7,120
10,409
2,319
175
175
Unadjusted credits
11,599
Corporate surplus.
25,581
11,599
24,440
Deferred assets
8,848
Disct.
1,159
on
fund. dt_
Total
-V
1934
SI,789,849
33,379
SI,840,356 SI,839,215
Current liabilities.
Total
SI,840,356 SI,839,215
141. p. 2904.
Shamrock Oil & Gas Corp.—Stock Increase, &c.—
a
At a special meeting held April 27 the stockholders
unanimously approved
plan to create an issue of $1,145,000 6% cumulative pref. stock
(par $10)
convertible into common stock at the rate of two shares of common stock
for each share of preferred stock at
any time on or before July 1, 1939,
and callable at any time after
July 1, 1939, at 105 and divs.
Holders of
Ereferred stock are to have equal voting rights, sharesale of this issue will
for share, with the
olders of the
stock.
The proceeds from the
common
be used
(1) to retire company's outstanding bonds; (2) to pay in full all of
company's outstanding note indebtedness; (3) to reimburse company's
treasury for expenditures recently made for the acquisition of additional
properties; (4) to provide for anticipated expenditures in connection with
an
industrial gas contract which management
expects to close shortly;
(5) to provide additional working capital; (6) to fortify company with a
substantial cash fund for use in obtaining
additional outlets for the sale of
natural gas.
The corporation began operations Sept.
1, 1935.
Net earnings after all
charges, including estimated Federal income taxes, for the five months'
period ending Jan. 1, 1936, were $122,945 or at the rate of
approximately
4.3 times the dividend requirement on this issue.
The stock will be offered to the common stockholders of
record May 1,
for subscription at par on or before
July 1, in the proportion of nine shares
of preferred stock for each 100 shares of
common stock held.
The directors
will offer for sale at not less than
par such
of the
new
preferred stock
is not subscribed for by the stockholders.
John J. Sfaeerin, President, in letter to the stockholders dated
May
says in part.
replacements & Fed'l
income tax & miscell.
deductions
Assets—
Inv. inroad &eq_.SI,789,849
Cash
as
Scranton-Spring Brook Water Service Co.- -Earnings—
Calcndar Years—
Balance Sheet Dec. 31
District
Act, stating that
they mature and that it desires to effect
a plan of
reorganization.
Three subsidiaries joined in the petition.
These
were D. A. Schulte, Inc., of
Del.; D. A. Schulte, Inc., of New York, and
the Schulco Co., Inc.
The committee is not requesting
deposits of stock certificates at present,
but urges preferred stockholders to send their
names, addresses and amounts
of holdings to the
secretary of the committee, George M. Gillies, 25 Broad
St., New York, and authorize the committee to represent them.
Wickes, Neilson & Riddell, 60 Broadway, New York, are counsel for
the committee.—V. 142, p. 3691.
it is unable to meet its debts
earns,
289
3523.
p.
Schulte Retail Stores Corp.—Committee
for 8% Preferred
Stock—Company Files Under Bankruptcy Act—
Contingency
$105,710
11,438
20,270
2,100
1,159
$70,591
24,440
Previous surplus.
reorganization of the
pany.—V. 142,
1934
$105,710
11,300
20,270
2,100
1,160
Taxes
Net income
The New York Stock Exchange issued the
following notice: Schulco Co.,
an order has been made approving the petition filed
under Section 77-B of the
Bankruptcy Act for
Net
available
retirement of the unexchanged
Co., Inc.—Files Under 77-B—
Retail
common
stock from and after June 1, 1936 to June 1,
1940, the price varying from
Inc., reports that
Operating
Operating
common
version of the
Miscellaneous income charges
Schulco
See
before June 1, 1938; into 80 shares thereafter but on or before June
1, 1940;
and into 65 shares thereafter up to and including June
privilege expires.
Sharon
Aug. 15, 1935: 80 cents
on May 15,
1935, and on April 14, 1934; 30 cents on Feb. 15, 1934, and
50 cents per share paid on Oct. 15, Aug. 15 and May 15, 1933.—V.141,
p.
Co., principal
underwriter.
Holders of the predecessor company's 7% preferred
stock, outstanding
in the amount of $250,000, have been granted the
privilege of exchanging
their shares for the new preferred on a par for par basis.
The debentures are convertible into 100 shares of common stock
on or
Milling Co., Ltd.—Pays Extra Dividend—
The company paid an extra dividend of 30 cents per share in addition
to the regular monthly dividend of 20 cents
per share on the common stock,
par $10, on May 15 to holders of record May 2.
Previous extra payments
were
5% convertible debentures,
dividends
1936
$131,229
59,389
27,803
474,326
174,631
49,995
Gross from railway
Net from railway
Acceptance Corp.—Files with SEC—
and $300,000 of 6% cumulative preferred stock ($25 par)
carrying common
stock purchase warrants.
The debentures will be offered at
99% of par
and the preferred stock at $25 a share, by Barney Johnson &
The
1936
$93,168
defl7,895
def58,106
Net after rents
Securities
The corporation, successor to the Securities Investment
Corp. of Omaha,
Securities and Exchange Com¬
mission covering an offering of $500,000 10-year
.has filed a registration statement with the
$10 to $15 a share.
St. Louis-San Francisco Texas
Gross from railway
Net from railway
1936
The Interstate Commerce Commission on May 22 issued a certificate
authorizing Legh R. Powell, Jr. and Henry W. Anderson, receivers, to
construct a branch line of railroad diverging from the main line at Plains
and extending in a southwesterly direction
approximately 10 miles to the
southeast corner of section 36, township 36 south,
range 30 east; all in
Highlands County, Fla.
The object of the proposed line is to serve and
develop agricultural lands southeast of Lake Istokpoga.—V.
142, p. 3691.
in April refused the
railroad a writ of certiorari, and therefore this decision
presumably stands.
As the holder of a $1,000 bond has the option to
demand 2,490 guilders, the thought is that if the bondholders are successful
in proving their bonds in the reorganization in
guilders, that they would
be entitled to $1,700 face amount of new securities in place of $1,000.
The Court has fixed Aug. 1, 1936, as the last day on which proofs of claim
in the reorganization proceedings can be filed, and it is the intention of the
corporate trustee to file proofs of claim on behalf of all bondholders and
to signify in their behalf the election to receive payment in
guilders.
The
trustee, however, particularly desires to call the attention of the bond¬
June 6,
Seaboard Air Line Ry.—Construction—
352,464
379,492
372,823
391,894
$733,423
$836,897
$1,036,754
$1,139,528
as
23,
During the year 1935 company was reorganized.
The net result of this
cancellation of $2,122,040 worth of bonds and back interest.
This necessitated an increase in the amount of common stock
move was the
Consolidated Balance Sheet Dec. 31
1935
1934
Assets—
Miscell. investm'ts
Misc. special depos
Def'd consmers'
working funds.
Due from affll.
221,345
Wat. Serv. Corp
1,446,502
48,255
38,535
Note payable bks.
Pur.-money oblig.
76,549
4,915,422
1,017,580
103,918
101,891
1,565,346
co—
52,558
6,798
409,716
114,942
Accrued items....
1,168,601
937,714
879,036
64,?03
4,359
242,641
Consumers' dep. &
accr. int. thereon
Reserves
4,656,594
122,675
4,483,353
232,688
$5 cum.pf.stk.(12,075 no par shs.).
1,207,500
1,207,500
feet.
130,550
130,550
5,862,500
410,620
436,066
$6 cum.pf.stk.(58,'
675 no par shs.)
5,862,500
Com. stk. (100,000
415,321
544,920
production of 700 barrels.
The McKee gasoline plant has been
enlarged until it now has a daily
capacity of 70,000 gallons of natural gasoline.
Gas at the discharge end
of this plant is available for sale for the
manufacture of carbon black or
industrial uses.
At the present time corporation has contracts for the
sale of 60,000,000 cubic feet of
gas daily for the manufacture of carbon
black.
These plants should be in full operation
by the end of July.
By
the middle of October
corporation also expects to be selling 5,000,000 cubic
feet of gas daily to an industrial
plant.
rev
cos.
Mat'ls & supplies.
Commission on pf.
capital stock
process of amort
Def'd chgs & pre¬
Accounts payableDue to affil.
64,710
5,172
Debt disct. & exp.
122,893
36,347
1,142,033
acres, ana 34
.
shs.
a
After
61,750,701 61,228,824
reserve
p. 2340
for
uncollectible
5,000,000
5,000,000
Capital surplus...
576,274
Earned surplus—
paid accounts--
Total..
outstanding
of 780,210 shares.
In addition, by authority of a special stockholders'
meeting held Dec. 6, 1935, 200,000 shares were issued, to be sold to officers
and employees.
As a result of these changes corporation now has issued
and outstanding: Bonds
(par value), $222,950; common stock, 1,270,410
shs.
The bonds have been called for payment June 20, 1936.
From Jan. 1, 1935 to the present time the efforts of
corporation have been
largely centered on increasing and developing its natural gas holdings and
finding outlets for this gas.
The sour gas acreage now consists of leases on
18,353 acres, on which are 12 producing gas wells with a daily open flow
of 437,000,000 cubic
feet, and of a one-half interest in 5,400 acres, on which
there are located seven
producing gas wells, with a daily open flow of 216,000,000 cubic feet.
The corporation has gas purchase contracts on
3,460
acres in addition, on which there are
located 15 gas wells with a daily open
flow of 281,000,000 cubic feet.
The total, therefore, through lease owner¬
ship and gas purchase contracts, available as a reserve, amounts to 27,213
1,744,517
_
Notes & accts.rec
Accrd. unbilled
$
37,193,500 33,242,000
Spec, loan fr. Fed.
228,165
ac¬
counts receiv'leCash in banks and
Funded debt
1934
$
Liabilities—
Plant, prop.,rights,
franchises, &o. .57,113,938 56,995,514
a
1935
4,380,429
576,274
3,417,329
no
par)
Total
accounts
61,750,701 61,228,824
and
allowances.—V.
142
producing gas wells, with an open flow of 970,000,000 cubic
Three of the above wholly-owned wells
produce a total of about
280 barrels of oil daily.
Three half-interest wells
produce
a
total daily
Financial
142
Volume
for
Earnings this year to date are substantially in excess of earnings
of 1935, and when the plans referred to above are compietea
these earnings should be increased still further.
Cash, Dec. 31, 1935
Sept. 1 to Dec. 31, 1935
Income Account
account of contingent portion of
of Simms Oil Co. stock
on
sale price
from
fixed
of
sale
1UJ ,oUo
4,459
depl. and intangible development costs._
j'g
lb.ldu
applicable to minority interest
Federal income taxes (estimated)
Income
Net profit for
130,067
3,888
264,997
able
(principally deferred payments on prop¬
erty sold)
Reduction in current payables and reserve for
rental obligations
Miscellaneous adjustments in sale price of Simms
Liabilities—
$28,777
Notes and accts. receivable
141,862
61,056
Inventories
Accrued
Lease
recoverable
receivable
only from future production
399,145
Stocks in other corporations.
Fixed assets
1,600
_
3, 281,602
(net).
Other contingent
production
items
Funded and long-term
debt—
Refinery notes & accts.
pay'le.
interest
Common stock (par $1)
78,933
contra
47,669
Prepaid and deferred charges..
Earned surplus
Surplus resulting from reorgan.
Paid-in surplus
78,933
18,640
222,950
42,985
9,503
1,270,410
135,993
1,856,813
200,000
have declared an initial
dividend of two cents per share
30.—V. 139, p. 3165.
>
Less—dividend in liquidation of $1 per
Cash, March 31, 1936
—V. 142, p. 3187.
paid on
current liabilities
(i. e., excluding interest on
funded debt) and other financial revenues
10,163,809
84,053
134,468
Net loss
959,123
205,211
969,005
772,791
directors' fees, incl. bonuses to
Wages, salaries,
—
staff.
91,856,878
After expenses and losses
Depreciation of property and plant
Other depreciation and write-offs
on
4,886,044
7,629,336
2,808,959
funded debt
net worth and income
on
Other taxes
and legally imposed charges—
All other expenditure with the exception
for raw material and supplies
a
Property acct-_-21,769,366 22,807,992
Cash
a
2,716,186
5,082,183
4,384,178
2,162,491
Balance Sheet Sept.
Common stock
After
*>
payable-
163,900
1,000,000
81,215
Accrued accounts.
122,966
105,200
16,165
Reserves
1,253,759
Deferred income..
23,174
17,787
1,278,578
18,419
6,083,318
6,108,538
Notes payable—_
Accounts
378,886
20,510
—.—
awards & claims
Surplus
24,363,283 25,309,737
depreciation and depletion and after deducting underlying liens
Total
purchased property maturing May 1, 1938, not assumed,
b Includes
treasury stock 1,767 shares preferred and 682 shares of common stock
—V. 142, p. 3013.
on
Viscosa (Societa Nazionale Industria ApplicaViscosa)—Earnings—
Snia
35,820,923
zione
6,863,563
2,764,419
Profits
11,621,387
Total surplus
416,874
82,879
24,363,283 25,309,737
Total
1934
®
6,700,000
6,700,000
10,000,000 10,000,000
Preferred stock
W'kmen's compen.
Deferred charges..
8,255,050
3,366,337
Net profit
1,255,094
579,582
18,596
trade accept, rec
52,745,734
2,500,000
Previous surplus
347,503
Notes, accounts &
of outlays
Allocation to special reserve
355,003
818,480
729,796
92,459
Other assets
1935
Liabilities—
$
b Securities owned
4,734,847
4,498,577
1,360,479
Amortization of investments
Interest
$15,838
6,108,538
1934
1935
Assets—
70,542,484
6,156,048
5,178,352
2,155,618
6,473
charges—Legal
Voluntary
$363,242
$956,313
6,124,377
6,487,619
incidental to Alabama coal strike.
$25,221
6,083,318
Total profit & loss surp..
$67,844
200,521
823,636
179,295
1,019,508
127,468
Deprec. & depletion
Loss on prop, retired
Inventories
11,299,751
750,633
184,178,494 138,165,915
income
1932
1933
$785,058
$1,282,964
Balance Sheet Dec. 31
1935
1934
supplies used.162,691,553 119,044,339
10,550,341
7,071,190
Excess of interest received over amounts
Total
$424,694
1934
1935
x$l,205,809
[In German Marks]
Extraordinary income
share paid Jan. 27,1936
Sloss-Sheffield Steel & Iron Co.—Earnings—
G.—Earnings—
Siemens & Halske A.
$888,344
463,650
-—
Calendar Years—
Gross income
x
Years Ended Sept. 30—
Sales after deducting raw material &
Income from investments
10,146
88,918
Sheep Creek Gold Mines—Initial Dividend—
The directors
payable July 15 to holders of record June
45,635
Sd/ld/IIC6
Interest
$4,144,153
Total
$4,144,153
Total
21,963
Oil Co. stock
purchase obligations pay¬
M inority
obligations—
purchase
charges
able out of future
103,506
Other accts. and notes receiv'le
$59,807
200,592
47,525
payable
Accounts payable
Notes
$11,173
Excess of expenses over income for three months.
Increase in notes, accounts and accruals receiv¬
(Including Subsidiaries)
Assets—
$977,262
Deductions—
$101.153
period
Cash in bank
Taxes
$131,042
(in¬
Total
.
Balance Sheet Dec. 31, 1935
Social
property
cluding sale of Dallas refinery)
Reduction in deferred charges
2,t>oo
Interest on funded debt
Lease
months
Realization
®^2o'q«r
-
Reserves for deprec.,
Accts.
Co. for three
Instalments from Tide Water Oil
(Including Subsidiaries)
Total
$712,265
—-
Additions—
the like period
Operating income before deducting reserves
Non-operating income
3869
Chronicle
9,627,982
(All figures given in Lire)
30
1935
merchandise,
divs. on stock, &c
90,844,630
Expenses, taxes, &c
31,705,770
Depreciation & various
amounts set aside
25,000,000
34,138,859
1934
1933
1932
76,644,402
26,491,484
69,734,598
23,686,678
58,904,062
15,098,422
24,000,000
23,000,000
21,500,000
26,152,918
23,047,920
22,305,640
i oqq
1 Q**9
Calendar Years—
on
[In German Marks]
1935
Land.
Buildings
New buildings
'
1934
14,223,548
28,698,400
219,746
Assets—
13,996,371
29,245,971
561,042
1
1
1
1
1
1
Machinery
Plant, heating & lighting equipment
Tools, factory and office equipment
Concessions, patents, licenses, trade marks and
other
Inventories,
150,545,830 149,318,172
37,867,083
29,506,341
104,394,464
82,747,385
7,062.540
7,062,540
342,679
655,305
116,844,762 123,324,741
1,134,378
1,323,620
147,192
42,354
_
l
Marketable securities
Shares in treasury
Mortgage loans receivable
Accounts receivable
Bills
Checks.
hand,
on
incl.
Reichsbank and
with
cash
Post Office.
Deferred
1,298,663
12,504,389
406,666
—
Cash with other banks
.
charges
shares
Preference shares..
....
50,193,189
30,000,000
8,000,000
9,500,000
75,840,000
4,412,145
27,906,980
12,183,555
120,109,182
36,210,920
12,402,527
16,992,433
1,496,689
1,496,688
4,244,221
4,244,221
3,456,691
9,627,982
30,000,000
10,500,000
Statutory reserve
Special reserve
Premium received
on
Premium received
on
9,500,000
75,840,000
.4,412,145
stock issues
debenture issues
Welfare fund
Specific reserves & accrued liabilities..
Reserve for adjustments of asset
Funded debt
valuations..:—
payable
Employees' savings
and
deposits
by
Sparbank
Siemensstadt G. m. b. H
Deposited by pensions' widows
28,547,019
13,742,359
114,301,905
Accounts
for
1,049,934
27,488,366
748,652
475,690,348 467,070,802
1934
1935
--100,590,000 100,590,000
6,500,000
6,500,000
Total..
Liabilities—•
Common
& orphans' fund
employees
Deposited by pensions' widows' & orphans' fund
for
workmen
Accrued
expenses
—
1,798,905
11,621,387
and interest
Surplus
.475,690,348 467,070,802
Total
—V.
141,
p.
1109.
Skelly Oil Co.—Meeting Again Adjourned—
The
adjourned special stockholders
Balance Sheet Dec. 31
(In Italian Lire)
A PP1
Freehold
buildings
Furniture and fittings.
Freehold
similar rights
Investments.
Cash
Profit
meeting called to authorize a new
issue of preferred stock to be used to refund the outstanding 6% preferred
stock was adjourned again on June 1, this time to July 1.—V. 142, p. 3187.
(L. C.) Smith & Corona Typewriters,
Inc.—Registers
_
land
Producing factories
Subsidiary factories
Workmen
x
s
1 QQA
QQ]%
5,000,000
5,000,000
5,000,000
5,000,000
1
1
1
1
10,436,051
10,378,872
10,118,893
10,118,893
236,510,509 220,737,531 208,992,338 204,669,654
12,502,619
13,665,626
16,106,957
15,139,447
houses, dor¬
14,515,000
14,515,000
14,515,000
28,596,206
26,071,845
31,932,307
30,280,493
& depots_y85,313,806
y55,008,202
23,923,034
37,952,021
mitories, &c
14,515,000
Shareholdings and in¬
terests
in
associated
Italian and
cos., &c.,
foreign
Stocks of finished goods,
raw materials & stores
at factories
and
Customers
sundry
44,806,329
Current accounts
5,132,157
Cash in hand & at banks 81,891,964
debtors..
Govt,
24,375,588
16,937,282
39,541,774
3,869,752
4,556,275
3,569,500
75,156,472 141,304,200 127,954,775
and debs.,
securs.
81,252,232
42,044,697
78,202,094
44,166,184
61,429,636
Italian and foreign—
21,819,375
7,119,537
41,750,000
11,116,616
16,885,398
Debs, of "Snia Viscosia"
purchased on the mark
Bills
4,007,937
receivable
Viscosa"
Securities deposited
5,600,180
Shares of "Snia
65,811,669
659,241,066 649,795,539 726,812,185 722,955,634
Total
51 ,445,701
Mortgage debentures—
Profit brought for
Reserve for taxes
for indem.
<vard
to
payable
.
586",931
487",617
11,500,000
48,925,153
68,240,400
248,359
8,500,000
1932
47,809,870
74,735,400
693,711
8,500,000
em¬
on
11,500,000
11.500,000
20,000,000
dismissal
for
50,138,055
11 ,500,000
Reserves
ployees,
1933
345 ,000,000 345,000,000 350,000,000 350,000,000
Capital stock
Res.
1934
1935
Liabilities—
Res.
98,084,462 113,088,527 130,814,500
20,000,000
90,000,000
66,000",666
43,000",066
970,620
2,367,476
1,603,326
reconstruction
of plant
Res. for contingencies.
Depreciation
_
reserve—115 ,000,000
Sundry creditors—Assoc.
companies
Supplies
and
sundry
27 ,052,186
Accrued charges, &c_
7 ,697,963
Profit & loss account— 34 ,138,859
Unpaid dividend
1 ,007,754
Depositors of securities. 65 ,811,669
creditors
7,413,109
19,209,277
7,455.791
6,818,422
4,087,526
7,437,829
23,047,920
22,305,640
26,152,918
815,360
662,820
449,868
98,084,462 113,088,527 130,814,500
with SEC—
See list given on first page
of this department.—V. 142, p. 3692.
x
Simms Petroleum
Co.—Quarterly Statement—
Alfred J. Williams, President, says in part:
Referring to the balance sheet, it will be noted that the sum of $150,000
has been added as of March 31, 1936, to the "reserve for contingent loss in
litigation, income and excess profits taxes, &c.," and this
charged against profit and loss surplus.
This addition to
in view of certain recent adverse
developments in litigation against Simms Oil Co., for which company is
responsible under its agreement with Tide Water Oil Co.
It should also be noted that, although the fixed property held on March 31,
1936 had no net value on the books after deducting reserves, there should be
a substantial realization when this property is sold, currently estimated at
about $125,000.
Likewise, although the preferred A stock of Pantepec
Petroleum Co, held on March 31, 1936, had no net book value after reserve,
it has since then been sold for $65,000, of which $50,000 was represented by
notes maturing at various dates to Dec. 31, 1936.
title and other
amount has been
the reserve was authorized by the directors
Following is an analysis of the change in the consolidated cash position
during the three months' period:
....659,241,066 649,795,539 726,812,185 722,955,634
Total
V.
After reserve of 10,000,000 lire,
y
After reserve of 7,500,000 lire.—
140, p. 3735.
Southern Pacific Co.—Issue Expected—
plans materialize, it is reported that Kuhn, Loeb & Co. are
expected to underwrite an issue of 3 ^ % securities running from $45,000,000
to $60,000,000.
Public offering is not contemplated, it is stated, as the
issue is to be placed entirely with banks.
The securities are to consist of
If present
notes, due in
five to 10 years.
would be used to fund short-term obliga¬
$16,500,000 demand bank loans, $17,000,000 Reconstruction
Corporation debt and $18,000,000 St. Louis Southwestern loan the
road has guaranteed.
Proceeds of the sale of the notes
tions including
Finance
Reconstruction Loan—
Commerce Commission on May 29 found the company
in need of financial reorganization in the public interest at this
approved the extension of time of payment for a period ending not
later than Nov. 1, 1936, of loan by the Reconstruction Finance Corporation
The Interstate
not to be
time and
/
Financial
3870
the
to
of $5,200,000,
in the amount
company
maturing June X, 1936.
Chronicle
June 6, 1936
Jeffries & Thorndike, Inc., respectively, pursuant to the terms of an under¬
writing agreement.
Earnings for April and Year to Date
1934
1,252,641
1,025,074
42,764,709
9,696,795
36,055,266
8,090.857
3,298,354
Net after rents
1933
$8,529,531
2,105,735
963,976
1935
$9,745,694
2,279,478
1936
$11,310,449
2,746,521
April—Gross from railway
Net from railway
$6,979,594
1,252,805
72,572
From Jan. 1—
Gross from railway
Net from railway
4,173,353
Net after rents
32,342,978
26,124,306
6,922,880
3,068,517
2,348,909 def1,791,433
—V. 142, p. 3524.
Snider Packing Corp.
(& Subs.)—Earnings—
Year End.
Year End.
July 19 '32 to
'36 Mar. 31 '35 Mar. 31 '34 Mar. 31 '33
$6,242,498
$5,559,100
$4,377,800
$3,563,670
Year End.
Mar. 31
Period—Net sales
Cost of sales
before
de-
4,662,701
pr eclat ion
Sell.,
adver.,
4,004,874
3,166,116
3,229,248
640,003
618,956
540,464
Transfer Agent—Guaranty Trust Co., New York, for the common stock.
Purpose—Of the shares of stock offered, 18,750 shares already issued and
outstanding are being sola by five of the present stockholders, 62,500 shares
authorized but unissued are being sold by the company and all of the 10,000
shares which may be borrowed by the principal underwriters and offered
are already issued and outstanding and are beneficially owned by John J.
Daly.
The principal underwriters are, however, under obligation to return
the number of such shares so borrowed on or before Dec. 31, 1936.
The
estimated net proceeds from the sale of the 62,500 shares of common stock
when sold by the company will amount to approximately $485,158.
Ap¬
proximately $121,200 of the net proceeds will be applied to complete the
retirement at par ($100) by July 1, 1936, of the outstanding class A stock.
The remainder of the net proceeds will be used to increase working capital.
All of the net proceeds from the sale by the company of 62,500 shares of
stock included in this offering will be credited to capital account.
No part of the proceeds from the sale of 28,750 shares of common stock
owned by stockholders will be received by the company.
535,520
Underwriters
adminis.
Principal Amt.
& gen. expenses
Underwritten
■
-
Profit before other in-
$935,270
$939,793
income, int. & deprec.
inc. s(net)
after
charges
on
inactive properties
$671,220 loss$201,098
Other
carrying
83,149
$961,533
57,578
174,807
98,903
$1,018,419
137,431
185,972
103,388
$723,758 loss$194,647
152,544
111,726
154,230
90,844
14,237
$630,244
$591,627
$402,746 loss$397,217
52,538
6,451
Profit before int. & deInterest
Depreciation
Prov. for Fed. inc. tax__
with
Underwritten
John J.
Daly and
Associates
Stores. Inc.
50,000 shares
15,000 shares
12,500 shares
Hammons & Co., Inc., New York__
Childs, Jeffries & Thorndike, Inc.,
Boston
21,740
Principal Amt.
with
Spencer Chain
3,750 shares
Hammons & Co., Inc., and Childs, Jeffries & Thorndike, Inc., are
jointly and severally liable on each of the blocks of stock set opposite their
respective names, except that the aggregate liability of Hammons & Co.,
Inc., is limited to $520,000, and the aggregate liability of Childs, Jeffries
& Thorndike, Inc., to $130,000.
Income Statement
Years Ended Nov. 30
(Incl. All Sub. Cos.)
1935
Assets—
1936
586,604
acceptances rec_
d Due fr. farmers
for seeds, &c
Inventories
equipment,
Deferred
Reserve
for
158,307
127,593
980,000
109,800
338,093
43,415
1,642,966 Sundry reserves.,
d Common stock. 1,094,967
44,592 Capital surplus
179,679
Earned surplus
1,300,521
1,613,054
charges,
44,874
prepaym'ts, &c_
2,109,000
con¬
tingencies—
&c_
$77,837
136,584
__
1
Real est., plants,
1935
'$62,189
other expenses
Prov. for Federal
income tax
10,483
1,298,630 Funded debt
5,820
1,194,909
_
1936
Accounts payable.
Accrued interest &
490,016
Inv. in affil. co„...
c
Liabilities—
1935
$817,777 $1,295,017
Accts. and trade
a
a
After
$4,263,042 $4,781,705"
reserves
Total
$4,277,202
3,589,219
577.050
$297,675
2,599
5,543
$119,442
1,294
$305,818
35,494
39,408
Selling, general & admin, expenses....
$142,070
36,331
15,424
$117,300
$90,314
$83,545
Other operating revenue.
Other income
Total gross income
deductions
Income
338,093
44,250
1,094,967
157,583
691,867
Provision for Federal income tax
Net income
Consolidated Balance Sheet
Assets—
Total..
1933
$5,806,542
4,925,066
discounts, returns and
Consolidated Balance Sheet March 31
Cash
1934
$6,646,694
5.499,473
849,546
$230,916
Gross sales, less
$4,263,042 $4,781,705
for doubtful accounts and allowances of $23,500 in 1936
as
at Nov.
$26,609 in 1935.
b After reserves of $15,943 in 1936 and $11,119 in
1935.
c After reserves
for depreciation, &c. of $5,373,520 in 1936 and
$5,369,128 in 1935.
d Represented by 210,000 no par shares.—V. 140,
p. 4081.
Southern Pacific SS.
April—
$83,774
Accounts receivable
Gross from
railway
Net from railway
Net after rents
1935
$466,919
18,414
17,713
1934
1933
$368,640
def49,338
def48,792
$293,117
def80,853
def82,287
Accounts
Common
Gross from railway
1,774,457
def88,750
defll7,165
Net from railway
1,581,075
defl91,084
defl94,392
1,391,291
dcf248,090
def250,275
1,171,959
def346,973
def354,320
—V. 142, p. 3013.
Period End.
Operating
Apr. 30—•
revenues
Uncollec. oper. rev
Operating
expenses
Rent for lease of op.prop.
Operating taxes
Net oper. income
-V.
Earnings—
225,834
51,470
12,350
Other current liabilities
9,575
Class A stock
190,800
stock
Capital
Earned
537,586
220,725
522,192
_
surplus
200,500
surplus
14,956
Total
$2,120,533
Total
.$2,120,533
Spokane International Ry.—Earnings.—
April—
1936
$55,983
9,994
373
Gross from railway
From Jan. 1—
Gross from railway
$1,632,604
$1,440,956
$6,306,230
$5,680,992
1935
$38,989
def4,463
defl0,426
$37,614
defl,646
def7,492
$30,051
defl0,469
defl7,462
204,460
37,846
6,623
145,396
defl3,299
def34,411
140,749
def9,215
def33,064
114,315
def47,146
def73,802
1934
1933
Net from railway
Net after rents
______
Spokane Portland & Seattle Ry.—EarningsApril—
1936
Net after rents.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
________
1935
1934
1933
$617,746
$622,777
$496,861
207,119
79,665
206,888
108,559
241,025
155,441
$328,591
111,674
26,942
2,230,452
603,722
2,052,081
555,218
192,870
1,649,011
702,624
3 86,734
1,117,450
238,618
def88,595
112,762
—V. 142, p. 3014.
against dividends of 50 cents paid in each of the 10 preceding
quarters, 75 cents on July 1, 1933, and $1.50 per share previously each three
months.—V. 142. d. 3525.
Spencer Chain Stores,
Inc.—Stock Offered—Hammons
Co., Inc., and Childs, Jeffries & Thorndike, Inc., are
offering at $10 per share 91,250 shares of common stock
(no par).
A prospectus dated April 8 affords the following:
&
Business—Company and
wholly-owned subsidiaries,
namely,
Tri-Plex
Shoe Co. and Daly Bros. Shoe Co., Inc., are engaged in the manufacture
A chain of 54 retail stores, 41 of which are
operated directly by Spencer Chain Stores, Inc., and 13 of which are oper¬
ated by its subsidiary, Tri-Plex Shoe Co., handles a complete line of men's,
and sale of low-priced shoes.
women's and boys' shoes as well as rubber footwear, slippers, hosiery and
allied products.
The chain maintains a uniform retail price on each of the
three classes of shoes handled, i. e., men's,' boys' and women's, and has
thus established its business in a definite price field.
The manufacturing plants
(operated by company's subsidiary, Daly
Bros. Shoe Co., Inc.) produce low-priced men's and boys' shoes.
About
90% of Daly Bros. Shoe Co. Inc.'s production is sold direct to large retail
organizations (including one of the largest mail order companies in the
United States) and to large jobbers.
Generally, from 5% to 10% of the
output of these plants is purchased by Spencer Chain Stores, Inc., for dis¬
tribution through the Spencer and Tri-Plex chains.
The principal field of operations is in the New
England States, New York
and Pennsylvania.
Of the 54 stores in the chain, 19 are located in Mass.,
2 in Rhode Island, 11 in Conn., 1 in New Hampshire 1 in Maine, 7 in New
York, 10 in Pennsylvania, 1 in New Jersey and 2 in Virginia.
Company was incorporated Feb. 20, 1928, in Massachusetts, to acquire
the assets of a chain of retail shoe stores
formerly operated by Isaac Prouty
& Co., Inc.
It subsequently acquired all the stock of Daly Bros. Shoe Co.
Inc., the present manufacturing subsidiary, which was organized in 1922
to engage in the
development, manufacture and wholesale distribution of
boys' and men's shoes.
In
1930 the company acquired from Rice &
Hutchins, Inc., and others all the stock of the Tri-Plex Shoe Co.
Capitalization
.
Class A stock ($100 par)
Common stock (no par)___
as
of April
8,
1936
Authorized
$325,000
350,000 shs.
Outstanding
x$184,200
187,500 shs.
x Part of the
proceed* of the present financing will be applied to the re¬
tirement of the class A stock, which,
together with the sinking fund and the
amounts to be set aside under a
repurchase agreement, should result in the
redemption of this issue on or before July 1, 1936.
Note—Subsequent to Nov. 30, 1935, the following actions were taken
by the company, in the following order:
(1) The authorized amount of common stock (no par) was reduced from
5,000 shares to the amount of such stock issued and
outstanding at the time
of such
reduction, namely, 3,305 shares.
(2) The 3,305 shares of authorized common stock were, without increas¬
ing the capital and without amending or
impairing the capital stock pro¬
visions, changed into 187,500 shares.
(3) The authorized common stock was increased from 187,500 shares
(no par) to 350,000 shares (no par).
(4) 50,000 shares and 12,500 shares of unissued common stock authorized
but unissued
$350,000
(trade)....
Due officers
479,917
Gross from railway.
Net from rail way.
The directors have declared a dividend of $1.12 y% per share on account
of accumulations on the $6 cum. pref. stock, no par value, payable July 1
to holders of record June 15.
A dividend of 75 cents per share was paid on
.
payable
liabilities
—V. 142, p. 3014.
Southwestern Light & Power Co.—Accumulated Div.—
as
(net)
Accrued
Intangible assets
1936—4 Mos.—1935
1936—Month—1935
$6,613,491
,171,703 $26,003,256 $24,245,357
30,315
26,327
123,335
110,952
4,246,395
4,003,517
16,685,908
15,637,461
4,177
6,903
15,783
27,952
700,000
694,000
2,872,000
2,788,000
142, p. 3363.
April 1 last,
54,000
Net from railway
Net after rents
Southwestern Bell Telephone Co.
11,639
30, 1935
Deferred charges
From Jan. 1—
Net after rents
22.115
Notes payable—banks
181,894
1,771
Other accounts receivable
9,944
Inventories..
1,086,488
Miscellaneous notes receivable
7,288
(net)
Due from officer
Fixed assets
Lines.—Earnings.—
1936
$501,491
10,526
def2,240
$110,933
3,284
3,083
21.334
Liabilities—
Cash.
Investments
and
762,034
are
reserved for sale to Hammons & Co.,
Inc., and to Childs,
Springfield Havana & Peoria RR.—Sale—
The Interstate Commerce Commission on May 27 approved the
acquisi¬
tion by Chicago & Illinois Midland Ry. of the railway properties, rights, and
franchises of the Springfield, Havana & Peoria RR.
The report of the Commission says in part:
"The entire capital stock of the Midland Company,
except directors'
qualifying shares, is owned by the Commonwealth Subsidiary Corp.
The
entire capital stock of the latter is owned by the Commonwealth Edison Co.
The Midland Company, incorporated in Illinois in 1905, owns a line of rail¬
road extending easterly from Compro to Taylorville, a distance of approxi¬
mately 28 miles.
By certificate and order (105 ICC 459), we authorized
(1) the Springfield Co. to acquire and operate that portion of the line of
railroad formerly owned and operated by the Chicago, Peoria & St. Louis
RR. extending southerly from Pekin, through
Havana, to Springfield,
77.02 miles, and to issue $1,960,000 of lst-mtge. bonds and $500,000 of
common stock; and (2) the Midland Co. to (a)
acquire control of the Spring¬
field Co. by purchase of its capital stock, (b) issue $4,600,000 of
lst-mtge.
bonds and $600,000 of common stock, and (c) operate under
trackage
rights over the Illinois Central RR. between Springfield and Pawnee Junc¬
tion, approximately 15 miles.
By supplemental report and order (105 ICC
567), we authorized the Midland Co. to acquire control of the Springfield
Co. and to operate its railroad properties under the terms of a
30-year lease
which became effective early in 1926.
The Midland Co. operates under
trackage rights over the Peoria & Pekin Union Ry. between Pekin and
Peoria, approximately 9 miles.
The total length of all lines operated by
the
Midland Co. is 131.64 miles.
Connections are
trunk lines.
All the securities of the Springfield Co. are owned
made
with
various
by the Midland Co.
"The Midland Co. now proposes to
acquire the entire properties, rights,
and franchises of the Springfield Co.
The proposed acquisition is to be
consummated by delivery to the Midland Co. of a deed, or other instrument,
from the Springfield Co. to the Midland Co.,
conveying all such properties,
rights and franchises.
In consideration thereof, the Midland Co. will cancel
the stock and bonds of the
Springfield Co. and discharge all of the latter's
indebtedness.
The Midland does not propose to dissolve the Springfield Co.
at the present time,
owing to certain legal technicalities involved.
It is
said that the proposed acquisition will simplify the
capital structure of the
carriers in question and result in economies
arising from the elimination of
unnecessary accounts, records, reports, &c.
"There is pending before us an application for
authority to recapitalize
the Midland Co.
The financial plan contemplates the issue of new bonds
and debentures in lieu of the
outstanding bonds to be retired, and the issue
of additional capital stock."—V.
122, p. 1452.
Square D Co.—Class B Dividend—
The directors on June 3 declared a dividend of 12)4 cents per share on the
class B stock, no par value, payable June 30 to holders of record June
20.
A dividend of 25 cents
plus an extra dividend of 10 cents per share was paid
on March 31, last.
This stock has since then been split up on a three-for-one
basis. The March 31, 1936 payment was the first made since Dec.
31, 1930
when the company paid a dividend of 50 cents
per share on the class B
stock.—V. 142, p. 3528.
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
& Electric Co. system for the week ended
May 30, 1936, totaled
93,377,437 kwh., an increase of 22.6% compared with the corresponding
week last year.—Y. 142,
p. 3693.
Gas
Volume
3871
Financial Chronich
142
Consolidated Balance Sheet Dec. 31, 1935
Standard Oil Export Corp.—To Redeem
Pref. Stock—
are
requested to surrender them for redemption to Guaranty Trust Co. or
York on or after June 30, when dividends will cease to accrue.
New
V.
Liabilities—
Assets—
The company will redeem on June 30,1936, the next semi-annual dividend
payment date, as an entirety the outstanding 764,935 shares of its 5/fc
cumulative non-voting guaranteed preferred stock, par value $100, at $11U
per share.
Dividends have been paid currently on this stock since it was
issued, and payment of the June 30, 1936, dividend will be made on or
before that date to holders of record June 9, 1936.
Holders of these shares
Cash
Accounts
$314,191
M arketable bonds
receivable
Accounts
1,186,600
1,351,235
65,337
Inventories.,
Investments & other assets.
Deferred
_
,
int. & other
expenses
Income
35,331
-
77,734
10,000
taxes..
obligations.
1,780,213 Minority int. in sub. co
884,868 Surp. applic. to minority int.
106,887 7% preferred stock
_
Property, plant & equipment
Trade-marks
$100,164
payable
Taxes, royalties,
205,011
assets
Purchase money
1,650,513
stock
Common
142, p. 3363.
70.080
5,567
1,206,500
2,738,452
Surplus...
Standard
Oil
Co.
(New
Holding a
Jersey)—Profits
1935% Level—
Earnings of the company for the first four months of this year are about
on a parity with the similar period a year ago, Walter C. Teagle, President,
told stockholders at the annual meeting, June 2. He added that the volume
has increased somewhat so that from a standpoint of that increase
it
might be that we earned slightly more than we did in the same period last
year."
The statistical position of the industry isn't as sound as it might be at the
present time, Mr. Teagle stated.
"There is too much crude around ana
there is too much gasoline in storage. We hope that there will be some let-up.
Stocks of gasoline are up about 10,000,000 barrels since the first of the year.
Regarding refinery capacity, Mr. Teagle said that there was too much
throughout the entire industry.
"The refining branch of the business for Standard Oil of N. J. for 193o
did a little better than in 1934.
My impression is that refining at present
is on about the same basis as last year," said Mr. Teagle.
"The Rodessa situation has possibilities of being a very worrisome
situation. At two different times during the past two months it seemed as
though it might possibly get out of hand. Fortunately, there has been, with
the exception of one or two operators, there a very sincere desire to co¬
operate and I feel that unless something unexpected develops and that if
they keep on as they have in the last 10 days or two weeks that situation
will not be
a menace.
(Irak) situation is satisfactory.
Something over 80,000
barrels a day is being moved there at the present time.
Production is
well maintained.
It isn't necessary to do any extensive drilling because
of the very large wells to keep reserves sufficient so that 80,000 barrels will
come along for an indefinite period."—V. 142, p. 3693.
"The
Mosul
(A.) Stein & Co. —Earnings—
Statement for
Common Stock Offering—
J. S. Reid, President of the company, announces that the company hawith the Securities and Exchange Commission a registration states
$945,113
1,020,207
$331,177
$352,378
65,720
loss$75,094
54,931
$468,298
18,056
57,641
$398,617
15,570
45,438
$418,098
90,924
loss$20,163
76,996
$392,601
$337,610
$281,453
loss$97,159
$281,453
91,503
loss$76,381
101,206
60,000
$237,587
Net profit
Total income
Other deductions
Prov. for Fed. taxes (est.)
Net
profit
surplus)
67,441
45,720
(carried to
Divs. from sub.
20,778
cos
combined
net
$392,601
70,759
$337,610
87,554
Common dividends
174.225
116,114
Balance, surplus
$147,617
$133,942
$189,950
$1.04
$0.79
profits.
Preferred dividends....
Earns, per sh. on 240,000
shs. com. stk. (no par)
$1.34
Nil
Comparative Balance Sheet Dec. 31
586,055
secur.
506,917
984,720
rec.
Inventories
Unlisted
stocks
em pi.,
on
68,087
25,820
756,786
35,028
14,459
6,008
59,436
889,700
1,200,000
1,901,887
payable
Employees* dep—
Dividends
Fed.inc.taxes, est.
1
1
16,232
&c
31,302
6M% pref. stock.,
Common stock..
Surplus
!--.
y
Co.'s capital stock
& adv. to em pi.
x
$65,039
60.226
Due to subs
&
bonds owned
Due from
1934
$73,946
Liabilities—
Accts.
$723,214
744,594
472,876
992,519
800,310
$644,262
Accts. & notes
1935
payable—
Accrued expenses.
1934
1935
Assets—
Cash
filed
anticipating a public offering of 101,000 common shares to be made
by F. Eberstadt & Co. and Prescott, Biggar & Co.
The company is one of the leading manufacturers of window channel
used in automobiles, having produced more than 75% of the amount used
by the automotive industry in 1935.
With an original investment of
approximately $30,000 in 1929 and 1930, the business has grown to net
worth of more than $1,000,000 at present, according to a statement by
1933
$1,231,491
879,112
Other income
Invest, in sub. cos.
ment
1934
$1,339,606
1,008,429
$417,082
51,216
Operating expenses
Total
1932
1935
$1,483,852
1,066,770
Calendar Years—
Gross profit from oper._
Marketable
Standard Products Co.—Files Registration
$5,894,342
Total
$5,894,342
Total
—V. 142, p. 2004, 3363.
84,242
655,129
13,149
23,846
5,528
1,328.800
1,200,000
1,754,996
110,204
618,083
12,711
25,153
79,627
5,165
45,937
6,325
co.'s stock
Land,bldgs., ma¬
chinery,
&c.
Invent, of supplies
eq.,
the company.
Prepaid insur., &c.
Capitalization consists of 300,000 common shares authorized and out¬
standing.
The offering contemplated would not represent new financing,
including only shares acquired from present holders.
The company proposes
to make application for listing the stock on the New York Curb Exchange.
Net imome is reported as $16,379 for the company's fiscal year ended
June 30, 1933, $168,808 for 1934, $300,000 for 1935 and $644,321 for the
first 10 months of the current fiscal year to April 30, 1936.—V. 128, p. 2650.
Advances to sales¬
Tube
$871,182 reserve for depreciation in 1935 (1934, $831,~
Represented by 240,000 shares (no par).—V. 142, p. 2845.
After deducting
x
Co.—Earnings—
Earnings for 4 Months Ended
$4,240,689 $4,573,471
Total
$4,240,689 $4,573,471
Total
139).
Standard
&c
men,
Goodwill, patents,
trade-mks., &c_
y
Sterling, Inc.—Transfer Agent—
April 30, 1936
Earnings per share on 270,000 shares class B stock
142, P. 2518.
Manufacturers
The
$41,115
$0.13
Net income after all charges
Co.
Trust
Stone Mountain
—V.
of this department.
prospectus affords the following:
Storkline Furniture
The Chicago
Corp.—Listing—
application of the corpora¬
stock ($10 par).—V. 142, p. 637.
Stock Exchange has approved the
tion to list 100,000 shares of common
Sullivan Machinery
Co.—Earnings—
The company is
manufacturing end of the business had grown to a point where it was
deemed wise to separate it from the retail business and a manufacturing
laboratory was opened.
The business was constantly expanded and on
May 29, 1882, it was incorporated in Michigan.
Its charter was extended
on Dec. 27, 1911, for a period of 30 years from that date.
The charter
may be further extended by appropriate stockholders' action pursuant to
the
Michigan Corporation Law.
In 1884 the company's operations
extended into Canada and on Oct. 11, 1910, the Canadian business was
incorporated as Frederick Stearns & Co. of Canada, Ltd., under the laws
of the Dominion of Canada.
The manufacture and distribution of Nyal products, which are sold
only to selected agents, grew to a point where it was deemed advisable
to handle the business with a separate organization and the Nyal Co. was
incorporated in Michigan on Dec. 31, 1913.
In 1924 it was deemed
advisable to consolidate the operations of the several
companies and
Frederick Stearns & Co. acquired all the outstanding stock of Frederick
Stearns & Co. of Canada, Ltd., and approximately 88.7% of the common
stock of the Nyal Co.
This ownership in the Nyal Co. has been gradually
increased so that at the present time Frederick Stearns & Co. owns 97 H %
of the outstanding common stock of the Nyal Co.
The business consists of the manufacture and distribution of pharma¬
ceutical
and
medicinal specialties.
Company also manufactures the
Selling and administrative expense.Net operating
$1,234,500)I
1,145,236]1
'
Unavailable
$89,2641
profit.
57,8021
20,502 J
Other income...
Other deductions
Net
1933
1934
1935
Calendar Years—
offering to the holders of the outstanding preferred stock
—7% cumulative (par $100)—so many of the shares of participating
preferred stock, 5% cumulative, as are required therefor, included in
this offering, in exchange on the basis of share for share together with the
redemption premium at the rate of $3 per share on the preferred stock
so surrendered in
exchange.
The underwriter is offering to the public
shares not so utilized and a sufficient additional number of such shares
to make the total issue of participating preferred stock outstanding upon
the completion of such exchange aggregate the full number of shares offered
hereby, viz.: 13,250 shares.
History and Business—Company was founded in 1855 by Frederick
Stearns, who opened a wholesale and retail drug store in Detroit and
commenced the manufacture of drugs and pharmaceuticals.
In 1871 the
of
Corp.-—Registers with SEC—
See list given on first page
(Frederick) Stearns & Co. (Mich.)—Stock Offered—As
previously announced, Watling, Lerchen & Hayes, Detroit,
offered on May 4, at $100 per share, 13,250 shares of par¬
ticipating preferred stock, 5% cumulative (par $100).
A
agent for 40,000 shares
stock.—V. 142, p. 2845.
transfer
is
preferred and 750,000 shares of common
$ 126,564 loss$ 143,578
206,665
212,183
profit before depreciation
Provision for depreciation
loss$309.386
x281,294
$80,102 loss$355,761 loss$590,680
Net loss for year
provision for depreciation for the year 1933 includes $77,106 for
patents.
Since 1933 these items have not been
capitalized, but have been charged currently to expense.
The
x
patterns, drawings, and
•.
Balance Sheet Dec. 31
"
1935
1934
1935
Bank loans
Cash in banks and
hand
on
249,781
144,069
...
Against
Govt, treas.
Inventories of raw
c
work
3,437,983
71,236
72,716
2,357,001
66,256
7,771,482
7,770,986
96,204
2,474,349
Deferred charges._
Buildings,
50,000
23,842
6,637,352
416.358
3,328,128
Other assets
b
383,145
25,000
Sundry
39,098
Capital stock— 6,637,352
Surplus
in
process,
and
finished product
550,000
22,274
in
inventories—
For contingencies
847,532
1,085,812
receivable
S
238*015
possible
shrinkage
107,797
certificates
Accounts & notes
material,
payable.
taxes
1934
100,000
331,188
22,588
Reserves—
3,250
L. C. bonds
a
Accounts
Accrued
U. S. Govt. H. O.
U. S.
$
Liabilities—
Assets—
67,781
ma¬
chinery & equip.
Real estate as ap¬
Nyal line of remedies and cosmetics which are distributed to the retail
Co., a subsidiary.
Underwriter—Watling,
Lerchen & Hayes, Detroit, have agreed to
underwrite and pay cash for 13,250 shares of participating preferred stock,
5% cumulative (par $100), less such shares as shall be exchanged with
holders of outstanding preferred stock.
Purpose—Net proceeds received will be used by the company for the
retirement of the preferred stock, 7% cumulative, now outstanding.
The
remainder if any is to be used as additional working capital and for other
Patterns and draw¬
corporate purposes.
Patents
1
1
Total
7,771,482
7,770,986
trade by the Nyal
Consolidated Income Account Years Ended
Dec. 31
1934
2,635,953
1,656,472
$3,683,189
2,022,538
1,482,801
56,695
53,706
54,945
55,452
62,967
101,434
$324,232
$153,369
184,412
184,412
Dies, Jigs & fixtures
250,000
250,000
100,000
65,000
100,000
1
1
ings
Water power
Office
1935
a
Gross sales, less disc., returns
Cost of
& allow. $4,728,805
goods sold (net)
Sell., adv. & general expenses
&
repairs,
deprec.,
Maint.
(other than income taxes)
deductions
taxes
& rents
Income
Balance
12,362
Other income
Total
income
Prov. for U. S. & Australian
inc. taxes
Net income-
Portion of income of Nyal
to minority interest
$336,595
56,899
$171,523
25,251
$43,210
20,451
$146,271
$22,758
1,296
lossl,288
$144,974
90,948
$24,046
Co, applic.
Consolidated net income
Dividend paid on preferred stock—
18,154
$21,470
21,740
$279,695
-
2,601
$277,093
166,024
rights
Total.
of $100,251 in 1935 and $120,718 in
for depreciation,
c Represented by 186,774.3 no
After reserve for doubtful accounts
1934.
par
65,000
furniture &
equipment
1933
$4,349,788
2,431,531
1,648,214
praised in 1913,
plus subsequent
additions, at cost
b After reserve
shares.—V. 142, p. 2845.
Sunray Oil
Corp.—Rights—
Holders of common
stock of record May 25 were offered the right to
of 5K% cumulative convertible preferred stock,
subscribe to a new issue
value $50, at $50 per share in the ratio of one share of such stock for
each 37.9 shares offcommon stock held (subject to effective registration under
the Securities Act of 1933 of the shares of 5H% cumulative convertible
preferred stock offered for subscription).
The rights to subscribe will
expire 15 days after the effective date of the registration statement filed
with respect to the 5H% cumulative convertible preferred stock.
par
Registers with
See'list given
on
SEC—
first page of this department.
Consolidated Earnings for 3 Months Ended
Net income after taxes and other charges
—V. 142, p. 1304.
March 31, 1936
$136,749
3872
Financial
Chronicle
June 6, 1936
(K.) Taylor Distilling Co., Inc.—Earnings—
Earnings for 4 Months Ended April 30,
Net
profit after amortization of reorganization
crued bonus. Federal and State income taxes
Earnings
—V.
per share on
142,
General Ba
Inv. In rd.
ac¬
$190,323
$0.55
340,000 shares capital stock (par $1)
3529.
p.
1935
Ass€ts~~~m
1936
expense,
1934-
& equip$2 ,433,998 $2,250,538
Liabilities—
1935
Capital stock
1934
1,992
Sink, fund for retire
600
$5,000
$5,000
1,455,000
1,000,000
bals. payable
Audited accts. and
Deposit in lieu of
mtgd. prop, sold
of bonds
(The) Temblor Oil Co.—Registers with SEC—
Sheet Dec. 31
ance
66,227
63,280
wages payable.-
117,200
95,257
21,551
30,174
7,935
176,708
Funded dt. unmat.
Traffic & car serv.
Texas Pacific Land
Calendar Years—
Cash on hand Jan. 1__
1935
Total
Cash Dec. 31
$333,311
$778,568
*687,435
$7,332
427,498
$441,417
*348,200
$91,133
$434,830
*347,069
$93,217
$87,761
*
April—
1936
1935
1934
$109,054
41,159
31,091
428,332
117,623
72,447
...
Gross from railway
Net from railway
Net after rents
—V. 142, p. 3015.
444,878
157,949
112,507
Texas & New Orleans RR.
April—
From Jan. 1—
Gross from railway
defl2,939
207,468
defl6,059
def45,801
12,812,469
2,893,688
1,198,759
__
Apr. 23 '36
$1,295,773
from
5,839,635
514,642
185,860
incl.
chgd.
$2,272,956
337,645
def97,672
356,855
def87,855
10,026,711
1,438,002
8,614,653
674,909
407
285
285
Add'ns to property
thru. inc. &surp.
46,568
48,073
Fund, debt retired
Unadjust. debits..
Apr. 25 '35
through
and
Apr. 26 '34
$835,800
Apr. 27 '33
$3,179,666
85,661
From Jan.
738,674
217,178
109,213
Total deficit
Transactions applic.
prior years (net)
Participation
$85,661
$123,484
112,928
523,051
82,483
8,602
442,960
87,705
38,240
22,701
Teck-Hughes Gold Mines, Ltd.—Extra Dividend—
The directors
have declared an extra dividend of 5 cents per share in
to the regular quarterly dividend of 10 cents per share on the
stock, par $1, both payable July 2 to holders of record June 10.
See V. 139, p. 3337, for detailed dividend record.—V.
142, p. 2342.
common
&
Western
Air,
Inc.—Earnings—
Earnings for 4 Months Ended April 30, 1936
Total operating revenue
Net loss after expenses and taxes
x
x$l ,690,857
125,568
p. 3530.
Including $1,068,650 from passenger operations only.—V. 142,
in
415,269
Cr25,809
221,367
Cr20,290
$358,174
$402,053
sur66,970
024,430
$10,556
surl59,993
to
Cr7,989
3,579
100,000
100,000
mort¬
security
Miscellaneous deducts.
34,049
_
other
$26,025
$392,223
on
Cash
$415,269
$221,367
Miscellaneous credits or debits
Divs. declared on 7% cum. pref. stock
sur$66,970
Apr. 25*35
Liabilities—
Apr. 23'36
37,480
Notes payable
Accts. payable and
accrd. liabilities
55,435
Res.
139,126
209,086
157.024
225,293
$259,007
for
456,421
Def. contr. costs..
Invest, in Mason-
10,736
331.025
c
income
stock.
1,000,000
stock.
Deficit
Partlcip. in mtges.,
86,889
144,313
,
617,159
711,424
1,397,725
584,945
485,041
392,223
20,902
1,397,725
584,945
467,078
1,422,751
879,848
863,685
receivables
due
$578,552 loss$262,068
2,726,289
3,019,692
Crl20,649
Dr31,334
43,654
$309,566
2,695,797
Crl4,329
$2,726,289
$3,019,692
after
Dec.
7%
cumul.
60,562
Deferred charges..
690,056
79,494
Plant and village
properties
6,219,228
pref.
13,138,1751
2,494,500
2,494,500
135,221
293,036
135,222
293,036
3,352,493
3,381,836
5,473,999
2,726,289
cl. Astk.(par $1)
Com. stk. (par $1)
&
paid-in
surplus
Earned surplus
10,056,744
97*,983
528,000
non-cum. con v.
Capital
9,202,340
95,914
vil¬
stock (par $100)
415,269
accts.
61.089
175,354
13,792
43,653
$7
1
Total
198,999
payable
mtge. 7%
lage bonds
1,350,001
$
1,200,000
Divs.
1st
intangible
1934
$
Accts. due others.
66,000
assets
y
1935
Liabilities—
Notes pay.—banks
Accts. pay.—trade
Accrued liabilities-
Patents, licenses &
200,000
Total
..10,056,744 13,138,175
After reserve for doubtful accounts of
$50,000.
y After reserve for
depreciation of $4,979,003 in 1935 and $9,402,735 in 1934.—V. 142, p. 3530.
x
and sundry
investments
149,054
Inv. in Gen. Rlty.
& Util. Corp
312,176
88,068
93,068
157,438
4,790
267,577
6,615
267,577
1
1
90,282
95,945
rec.
Employees' stock.
expenses..
Land
1,032,367
rec
Inventories
other
200,000
Preferred
deposit
Notes & accts.
Investments
127,108
Surplus paid in
1,000,000
x
capital
d Common
Walsh-Ajkins'n-
S
31, 1936
juries
Deferred
$333,226
in¬
loan
79,311
Apr. 25*35
claims
personal
Working
(Colo.
Aqueduct)
137,604
1934
$
hand and
on
Other
146,186
.
for
billed
96,567
87,635
338,244
$3,381,836
1935
Assets—
$69,994
Securities
27,555
133,956
Net income for the year
Previous earned surplus
Cash
186,686
25,749
Accts. rec., miscell.
Contract work un-
34,165
$86,591
818,196
79,478
Condensed Balance Sheet Dec. 31
$111,638
tomers) (owners)
1933
$1,646,542
1,048,337
54,468
Research and development expense..
Interest on bonds
on
Accts. receiv. (cus¬
1934
$1,089,040
Amortization of intangible assets
Write-off of capital assets not fully
depreciated at time of disposal or
retirement—net loss
Earned surplus Dec. 31
loan and notes.
Apr. 23*36
1935
$1,299,744
466,480
13,216
Consolidated Balance Sheet
Buildings
b Construe,
equip,
and materials...
Total
and
Corp.—Earnings—
Years Ended Dec. 31—
Net income after deduc. of all charges
32,320
Deficit-.
Includes interest
Kier Co. at cost.
depletion
Extraordinary charges
$97,037 sur$170,549
market
Assets—
Lignite Coal Co.—Earnings—
Earnings for Nine Months Ended Jan. 31, 1936
Depreciation
$31,286 loss$200,976 loss$188,437
gage written off
Loss sustained on sale of
...$2,807,789 $2,819,809
Tulloch Gold Mines,
Underwood Elliott Fisher
Total
$2,807,789 $2,819,809
After
16 Weeks Ended—■
Sales.
1936, warrants to be designated "subscription certificates" evidencing the
right of such stockholders to subscribe to such additional shares at the
price of $75 per share, payable in three instalments,
Apr. 25, '36. Apr. 20,'35.
Net loss after all
charges before provision for pref.
stock dividends for the period but after reserves
$387,237
$321,600
33,935
31,760
142, p. 3529.
at the time of
viz., $25 per share
subscription, $25
in full.
1935
revenues
expenses
Taxes and rents (net)
Net ry. oper. incomeOther income
Gross income
Interest
on funded debt.
interest
4
Other deductions
common
-Earnings-
J
Net income
1934
1933
1932
$1,841,547
1,383,673
240,913
$1,715,625
1,332,814
223,045
$1,690,429
1,258,768
245,820
$1,497,341
1,258,892
154,043
$216,961
18,462
$159,765
15,563
$185,841
13,021
$84,406
13,737
$235,423
74,756
10,246
9,249
$175,328
60,000
11,893
2,988
$198,862
60,000
15,767
2,804
$98,143
60,000
22,825
3,844
$141,173
$100,447
$120,290
$11,474
Income applied to sink¬
ing & other res. fundsi
7,500
Inc. transf. to P. & L.
$133,672
$100,447
$120,290
$11,474
per share on
Sept. 4,1936, and $25
per share
Nov. 4, 1936.
Holders of such fractional subscription certificates
aggregating one or
more integral shares will be entitled to subscribe
to such integral shares.
No interest will be
paid by the company on any instalment.
Payment of
on
the second and last
Toledo Peoria & Western RR.
Co.—Listing—
The New York Stock Exchange has authorized the
listing of not exceeding
66,644 additional shares of common stock (no par) on official notice of
issuance upon the exercise of rights by holders of common
stock or sale
to underwriters, making the total
applied for to date 763,479 shares.
The directors on May 28 authorized the
proper officers to offer to the
holders of common stock of record on June 15 the
right to subscribe to
additional shares of common stock in the ratio of one additional share for
each 10 shares of such stock
outstanding at the price of $75 per share.
There will be issued to holders of common stock of record on June
15,
Roofing Co.—Registers with SEC—
See list given on first
page of this department.
Calendar Years—
Inc.—Registers with SEC—
See list given on first page of this department
reserve
for depreciation
of $90,205.
b After depreciation of
$376,492 in 1936 and $398,146 in 1935.
c Represented by 63,896 no par
shares,
d Represented
by 584,945 no par shares.—V. 142, p. 1659.
Other
536,212
113,481
42,902
1933
$124,999
28,663
13,783
i
Tubize Chatillon
274,097
.
Operating
Operating
1934
$122,026
7,426
def5,479
26,848
1—•
Gross from railway
Net from railway
16,910
Earned deficit at begin
ning of year
—V.
1935
$154,260
profit after expenses depreciation,
charges including Federal taxes
24,803
Tilo
1,060,672
$3,806,884 $3,208,810
$197,089
59,376
28,581
Net
$31,2861oss$176,173
a
1,195,947
20,000
construction fees.
a
7,500
loss—
Total
1936
Gross from railway
Net from railway
Net after rents
set¬
Other income
Prepaid
and
Earnings for April and Year to Date
April—
123,484
34,031
year
notes and
2,515
income
credit balance._
$3,806,884 $3,208,810
152,321
2,515
surplus
Profit
Truax-Traer
173,333
claims
during
rec.
150,948
def293,779defl,026,099
hereto)
death
River
189
inc.
tled
Accts.
172,434
Other curr. assets.
91,256
60,000
154,197
287,943
operations..Iossxl58,9571ossx230,204
inc.,
for
'
47,567
Material & suppl's
115,023
60,000
179,026
386,265
depr. equip.
1933
$2,593,757
10,972,284
2,042,092
681,706
Restoration of provision
x
Acer.
Acer. depr. road..
Other unadj. cred.
Net after rents
con-
from investments
(prev.
10,699
Transcontinental
Years EndedWork executed
struction
15,196
39,290
226,118
—V. 142, p.3015.
1934
Thompson-Starrett Co., Inc. (& Subs.)—Earnings-
Miscell.
agents & cond'rs
Deferred liabilities
addition
—V. 142, p. 3015.
income
Tax liability
Operating res'ves.
bals. receivable.
Net bal. rec. from
$54,737
def5,983
296,822
82,605
50,201
1935
$3,268,888
742,607
316,572
Net after rents
1
25,590
liablls.
curr.
1933
$92,244
31,168
22,639
-Earnings.—
1936
Gross from railway
Net from railway
Net
36,108
18,000
...
Total
$114,460
30,934
18,374
From Jan. 1—
Net from railway
Net after rents
12,296
5,901
Ry.—Earnings.—
Gross from railway
Net from railway
Net after rents
Other
1932
$87,761
353,656
Includes $244,915 for treasury notes in
1934; $35,000 for time cer¬
tificate of deposit and $115,089 for
treasury bills and certificates in 1933,
and $55,000 for certificates of deposit and
$60,052 for treasury blils and
certificates in 1932.—V. 142, p. 3015.
Texas Mexican
44,040
34,285
508,468
Traffic & car serv.
1933
$93,217
685,351
$596,500
263,189
3,994
Int. mat'd unpaid.
44,040
Special deposits
1934
Expenses, taxes, &c
18,000
90,481
Misc. accts. pay..
426,362
Deferred assets.
Trust—Report—
520,127
Misc. accts. receiv.
department,
$91,133
505,367
Receipts
phys. prop.
Inv. in affil. cos..
Cash
See list given on first page of this
Misc.
The
instalments may be
anticipated, and certificates for
stock paid for in full will be issued promptly after such
payment
subscription privilege will be given
July 6, 1936.
to
stockholders of record June 15
and will expire
The net proceeds from the sale of the
the general funds of the
common
stock will be added to
company and $3,381,250 of such general funds
will be used to redeem, as soon as
practicable, 27,050 shares of the preferred
stock
(par $100) 7% cumulative, of the company.
The redemption
price of such preferred stock is $125 per share, plus dividend accrued to
the date of redemption.
Hayden, Stone & Co. has guaranteed to the company the purchase by
a syndicate to be formed by
Hayden, Stone & Co., of the
the members of
unsubscribed portion
—V. 142, p. 3530.
Union
of such
Compress
66,644 shares
& Warehouse
so
offered
to
stockholders.
Co.—Bonds
Offered—
Formal offering of a new issue of $1,100,000 1st mtge. series A
bonds was announced June 2 by Equitable Securities
Corp.,
Volume
K.
L.
The
1937 to
5%, with the prices
Thompson & Co. and Federal Securities Co.
bonds
are
dated July 1, 1936, and due serially from
1951.
at
Coupon rates vary from 2% to
level to yield from 1.50% to 4.85%,
according to ma¬
turity.
Proceeds of the issue will be used for redemption
on July 1 of $1,126,000 of first
mortgage 6% bonds.
a
These bonds constitute a first mortgage on all of the company's 12 cotton
properties, located in Alabama, Arkansas, Louisiana,
Mississippi and Tennessee, and are redeemable at 104 for the first two
years, at 103 for the next two years, at 102 for the next four years, at 101
for the next four years, and at 100 thereafter,
The company, with its 12 warehouses having a storage capacity of 364.000
bales of flat cotton, is engaged in storing cotton pending final shipment to
the consumer, and in compressing the loose bales that come from gins into
a size that can be
economically shipped. This business is a necessary adjunct
to the handling and marketing of cotton, since the commodity must be
stored to protect it from the weather and must be compressed before it can
be shipped economically by either rail or water.—V. 142, p. 3530.
compress warehouse
^Union Sugar Co.- —Earnings—
Calendar Years—
Operating
1935
profits
covering
sale
$24,770
sur5,110
$9,651
53,201
Fairless, President of Carnegie-Illinois, announced.
Important plants of
American Sheet in this district are at Vandergrift, New Castle, Monessen
and McKeesport.
Combined assets of t he merged companies are estimated to exceed
$500,000,000.
The principal officials of the new company will be:
B. F. Fairless, President; G. C. Kimball, Executive Vice-President;
L. H. Burnett, Vice-President; C. V. McKaig, Vice-President and General
Manager of Sales; J. H. McKown, Assistant Vice-President and Assistant
General Manager of Sales; W. I. Howland Jr., Vice-President Western
sales; J. W. Hamilton, Secretary; F. C. Harper, Treasurer; William Donald,
Comptroller; J. E. Lose, Vice-President in charge of operations; D. A.
Barrett, Vice-President.
Appoints Publicity Officer—
The
company on May 29 announced that J. Carlisle MacDonald had
an assistant to Myron C. Taylor, Chairman of the Board, in respect
public relations.
The corporation never has had a public relations department, nor has
any executive been charged exclusively with public relations duties in the
past, although the Carnegie Steel Co. had a press representative before the
United States Steel Corp. was formed in 1901.
Several months ago the
corporation adopted a more aggressive advertising policy and appointed
Batten, Barton, Durstine & Osborn, Inc., as its advertising agents.—
V. 142, p. 3365.
become
to
United
Gas
Improvement Co.—Weekly Output—
Week Ended—
May 30 '36
of
May 23 '36
June 1 '35
77,844,214
Electric output of system (kwh.)
—V. 142, p. 3697.
1933 beets
79,215,875
66,887,255
39,043
United Light & Power Co.
Sugar beet benefit pay'ts
applic. to prior years.
Misc.
1932
$12,047
sur73,084
1933
1934
$186,641
122,287
Previous deficit (adj.)..
Add'l earns, under contr.
with Am. Crystal Sug.
Co.
3873
Financial Chronicle
142
9.502
prior years' operations
Miscellaneous credits...
Gross operating earnings of sub.
2,428
407
1,624
2,219
9,531
$115,733
76,845
26,298
*
def$41,926
79.880
481
$32,099
83,949
1,352
$94,662
87.011
2,541
$12,589 def$122,287
def$53,201
$5,110
—
Total surplus
Depreciation
Miscellaneous
debits
Profit & loss surplus..
(& Subs )—Earnings—
1936
Twelve Months Ended April 30—
items applying to
1935
and controlled cos.
$81,217,318 $74,573,976
38,004,858
34,919,713
Maintenance
4,746,682
4,286,142
Provision for retirement
7,788,842
7,222,395
General taxes and estimated Federal income taxes.
9,091,381
8,346,433
(after eliminating inter-company transfers)
General operating expenses
_
Net earnings from oper. of sub. & controlled cos_$21,585,552 $19,799,291
Non-operating income of sub. & controlled cos
2,676,792 xl ,569,898
Condensed Consolidated Balance Sheet Dec. 31
Assets—
1935
Cash
rec.
Refined sugar, &c.
Farms products...
427,578
6,313
66,833
Merchandise acct.
11,318
Deferred
assets
prepaid
Preferred stock
&
Capital
assets
Investments
Total
47,208
63,709
96,918
33,619
2,687,213
25,958
exp
Def'd accts. rec...
Common
$46,355
26,404
2d install, taxes...
Notes payable to
banks
Deferred credits..
1934
$51,188
Accounts payable.
Rents payable
825,860
9,505
44,287
10,445
191,080
Mat'l & supplies..
1935
Liabilities—*
1934
$25,228
67,985
$136,453
Notes <fc accts.
22,076
12,705
12,945
602,524
68,501
400,000
2 ,509,375
854,105
Surplus
stock
12,589
Total income of subsidiary and controlled cos
$24,262,345 $21,369,190
Int., amort. & pref. divs. of sub. & controlled cos.:
Interest on bonds, notes, &c
11,422,600
11,436,574
Amort, of bond discount and pref. stock expense.
646,033
668,748
Dividends on preferred stocks
4,258,142
4,258,685
Proportion of earns, attributable to min.com. stock
1,828,139
xl,429,836
64,018
Equity of the United Light & Power Co. in earn¬
ings of subsidiary and controlled companies—
i,107,428
Income of the United Light & Power Co. (exclusive
of income received from subsidiaries)
14,325
9,295
>,121,753
250,060
$3,584,640
274,273
company deductions—Int. on funded debt
Amortization of bond discount and expense
$5,871,692
2,318,073
205,299
$3,310,367
2,319,925
242,924
Balance transferred to consolidated surplus
$3,348,320
$747,517
400,000
2,509,375
defl22,287
2,691,295
1,063
Total Income
$3,683,286 $3,786,588
Total
$3,683,286 $3,786,588
Expenses of the United Light & Power Co.
-V. 141, p. 1608.
Balance
Union Electric Light & Power Co. of
The
Chase
111.—Bonds Called
National Bank, as successor trustee, is notifying
first mortgage gold bonds, 5H% series "A," due Jan. 1, 1954, that there
have been drawn for account of the sinking fund for redemption at par and
accrued interest on July 1, 1936, $125,000 principal amount of these bonds.
Drawn bonds will be redeemed
on
that date at the
partment of the bank, 11 Broad St,—V. 142, p.
Corporate Trust De¬
3696.
Union Pacific RR.—New Public Relations Man—
The appointment
of Edgar C. Schmidt as Assistant to the President,
in charge of public relations, was announced by President Carl R. Gray.
—V. 142, p. 3531.
United Gas & Electric Corp.
Years
Interest
Ended
Dec.
earned
or
$900,349
503,080
$921,740
$1,403,429
$1,292,534
173,054
30,890
40,000
90,757
income
212,731
75,133
75,000
8,340
93,354
104,189
100,000
128,873
Prov. for doubtful notes & accts.
Loss
on
$1,032,225
31
equipment
Net income for period
$1,080,966
Divs. on pref. stocks (after eliminating
inter-company dividends):
United Gas & El. Co. 5% pref. stk.
48,287
United G. & El. Corp. 7% pref. stk.
406,098
Divs.
on common
& Electric
Adjusted to reflect
—V. 142, p. 3365.
52,645
415,058
543,312
United Light & Rys.
124,673
x35,887
Subsidiary
Total income of subsidiary and controlled cos—$21,351,466 $18,983,822
Int., amort. & pref. divs. of sub. & controlled cos.:
Interest on bonds, notes, &c
10,058,742
10,086,162
Amort, of bond discount & pref. stock expense.
603,045
625,797
Dividends on preferred stocks
3,027,229
3,028,120
Proportion of earns, attributable to min.com. stock
1,831,289
xl,433,188
_
Equity of the United Light & Rys. Co. in earn¬
ings of subsidiary and controlled cos
$5,831,158
Light & Rys. Co. (exclusive
of income received from subsidiaries)
574,705
Total income
-
Balance
$3,810,553
92,236
176,945
$3,641,714
1,375,000
1,375,000
42,988
42,988
$4,813,431
$2,223,726
dividends—
7%
275,002
275,002
346,212
619,248
346,212
$3,572,967
prior preferred—first series
6.36% prior preferred—series of 1925
6% prior preferred—series of 1928
preferred stock only.
8,106
$3,818,660
174,444
Balance transferred to consolidated surplus
Prior preferred stock
$6,405,863
$6,231,419
-
Holding company deductions—
Interest on 5J^% debentures, due 1952.
Amortization of debenture discount and expense.
$23,323,950 $23,204,794 $22,748,447
company
cos.
Net earns, from oper. of sub. & controlled cos..$19,373,520 $17,462,864
Non-operating income of sub. & controlled cos—
1,977,945 xl,520,958
acquired during cm-rent year over
x
Co. (& Subs.)—Earnings—
Expenses of the United Light & Railways Co
$387,637
22,268,573
Excess of par value of pref. stocks of
United Gas & Elec. Corp. and subs,
Balance, surplus
rate reserve.
1936
1935
and con¬
(aftereliminatinginter-co. transfers) $71,740,493 $66,253,025
General operating expenses
33,372,146
30,831,284
Maintenance
4,255,425
3,837,166
Provision for retirement
6,671,010
6,293,760
General taxes and estimated Federal income taxes.
8,068,389
7,827,950
trolled
55,097
423,382
232,848
$331,674
22,748,447
cost thereof
City Gas Co.
Income of the United
$83,269
23,204,794
Balance.
of Detroit
,
Twelve Months Ended April 30—
Gross operating earnings of subsidiary
stock of United Gas
Corp.
reversal
x
$866,118
rec.
sale of investments
sale of office
370,793
incl.
Interest deductions
on
1933
$869,628
546,070
accrued
Operating expenses and taxes,
prov. for Fed. income taxes
Loss
1934
$1,415,699
Dividends received
Total
Earnings—
(& Subs.)
1935
31
Holding
holders of
$3,575,345
$983,051
619,460
Consolidated Balance Sheet Dec. 31
505,855
10,322
7,895
Notes receivable..
808,301
Int. & divs. accr..
461,920
United
Gas &
1,977,108
475,792
Accounts
payable.
Divs.
payable or
accrued, &c
Accr. Int.
164,200
242,000
Securities owned..33,993,125 34,558.874
Organiz. exps., &c.
9,431
9,428
7,267
Prepaid expenses
73
Reserves
.
x
$
100,000
•
771
V.
136,419
3,389
1,050,000
payable
833
Year Ended—
stock
.
Common divs., cash
2,819,030
3,111,005
($100 par) 6,499,400
6,499,400
Surplus net credit
Addit. prov. for conting.
1,195,800
....$15,930,857 $15,459,487 $16,192,261 $14,519,488
$4.28
$3.65
$3.92
$2.42
certain associated companies from accumulated
surpluses, 1935, $2,700,000 (1934, $5,525,000) less mark-down in invest¬
ments of this corporation in associated companies, 1935, $1,500,000 (1934.
$1,400,000).
y Includes $2.50 per share regular and $2.50 per share special,
iIncludes $2.50 per share regular and $2 per share special.
7%
&
Co. 5% pref.stk.
($100
par)
1,195,800
Common capital
Surplus
Total
x
37,083,444
38,406,8501
Total
37,083,444 38,406,850
Represented by 310,464 no par shares.—V. 140, p. 3568.
United
Corp.—SEC Exempts Corporation
Holding Company Act—
The Securities and
Exchange Commission has exempted the corporation
and several associated companies from the Public Utility Holding Company
Act of 1935.
The Commission found that the power and gas business of
these companies was only "incidental" to their other operations and that
they were not important in the utility industry.;
The other companies included in the exemption were the American Sheet
& Tin Plate Co., Carnegie-Illinois Steel Corp., Tennessee Coal, Iron & RR.
Co. and Illinois Steel Co.
Merges Subsidiaries—
x
I
$171,530
14.519,488
4,125,000
14,691,018
prior years taxes—Prl ,750,000
Dividends received from
Comparaiive Consolidated Balance Sheet
Feb. 29 '36
Real estate
-
Stock
of
Liabilities—
$
Preferred stock... 10,597,700
Common stock...58,239,726
Accounts
payable
& accrued taxes.
Reserves
Surplus
$
10,597,700
58,239,726
6,095,757
4,691,247
5,498,021
4,887,853
15,930,857 15,459,487
United
Shoe Mach.Corp
,
Inventories
Total
x
Feb. 29 '36 Feb. 28 '35
Feb. 28 *35
$
$
10,294,236 10,300,998
Machinery
1,580,506
1,507,378
Patent rights
400,000
400,000
Cash
7,436,042
3,152,038
Govt. & mun.loansl5,996,602 16,725,481
Accts. & notes rec. 2,703,397
2,736,376
Investments
43,883,894 45,672,658
Deferred assets—
341,259
321,148
Assets—
x
American Sheet & Tin Plate Co. retired
on May 27 from that position, as plans were completed to merge that sub¬
sidiary of this company with another subsidiary, the Carnegie-Illinois
Steel Corp.
The merger became effective on June 1.
The name of American Sheet & Tin Plate will be dropped, and all mills
will be known as plants of the Carnegie-Illinois Steel Corp., Benjamin F.
C. W. Bennett, President of the
$2,452,227
16,192,261
xl,200,000
Total surplus
Steel
States
and Some Units from
$1,932,775
Earns, per sh. on com..
3,104,643
3,104,643
23,323,950 23,204,794
stock
$487,407
15,459,487
2,708,778
Deficit
Previous surplus
pref.
United G. & Elec.
x
(&Subs.)—Earnings—
Feb. 29. '36 Feb. 28, '35 Feb. 28, '34 Feb. 28, '33
$8,825,515
$9,458,016
$6,023,482
446,759
456,822
469,467
*10,308,962 zl0,311,530 yll,453,421
5,725,545
Net income after taxes..$10,267,643
Preferred dividends
446,088
United Gas & Elec.
Corp.
Adjusted to reflect reversal of Detroit City Gas Co. rate reserve.-—
142, p. 3531.
565
United Shoe Machinery Corp.
135,956
3,893
698,000 Notes payable
698,000
Pref. stock of sub¬
sidiary company
1934
$
Long-term debt—
Divs. held In res've
El.
Corp. pref.8tock
Liabilities—
$
$
862,701
Acc'ts receivable..
1935
1934
1935
Assets—
Cash
Balance
5,227,003
8,499,122
5,218,359
7,841,577
96,362,062 93,876,0131
Total
126,531 shares preferred and 38,651
—V. 141, p.
3876.
96,362,062 93,876,013
(37,525 in 1935) shares common.
3874
Financial
United Gas Corp.
Period End.
Apr. 30—
1936—3 Mos.—1935
1936—12 Mos.—1935
$7,903,942
gas
Sulphur
$6,699,133 $25,860,065 $23,566,719
1,505,733
293,865
241,369
Gasoline
_
278,568
149,996
196,110
2,881,239
1,124,869
817,435
963,506
664,535
991,216
59,944,909
4,046,518
incl. taxes..
$7,323,807 $30,683,608 $26,185,976
3,587,067
15,041,366
13,940,213
Net
Other
revs,
from oper..
$5,898,391
22,526
(net)
income
,920,917
$3,756,921 $15,737,474 $12,337,844
Gross corporate income
20,181
Int.
to public &
other
deductions
Int. chgd. to construe..
Prop, retire. & depletion
298,299
Cr2,092
appropriations
1,302,574
reserve
316,468
Crl5,268
1,291,759
012,690
1,285,903
Cr48,015
932,394
3,881,037
Net from railway
$7,558,354
37,450
65,734
out of
$2,501,361 $10,507,777
©
United Gas Corp.—
(& Subs.)—Earnings—
1936
1935
1934
p.
3192.
The directors have declared a dividend of 50 cents per share on the com¬
stock,
$15, payable June 20 to holders of record June 1.
par
Corp in inc. of subs.
(as shown above)
$4,297,684
25,250
26 Weeks Ended—
Feb. 29,
Profit before charges.__ 1
$4,322,934
79,724
752,625
$7,455,170
35 Feb. 24, 34 Feb'. 25, 33
IS15.071.821 $14,491,046 $11,652,823
a9,736,665
d8,288,876
d7,995,528
82,337
\
Profit after film amort $7,300,179
98,070
Amort. & deprec. of prop b2,600,484
$2,523,384 $10,605,847
60,032
289,947
699,762
2,953,675
$7,537,507
256,753
2,869,812
Interest, &c
Prov. for inv. in affil.
1491.
36 Feb. 23,
Not
available
$10,507,777
1,501,361
22,023
p.
Pictures, Inc. (& Subs.)—Earnings—
Am ortiz. of film costs—I
Other income
$5,335,156
b2,790,658
$6,202,170
3,560,296
2,440,962
158,510
2,590,010
115,215
2,420,204
129,026
cos
$3,657,295
4,305,910
c2,868,737
21,456
Provision for loss in cos.
17,193
in
equity receivershipMiscellaneous charges.
44,000
_
Bal.
carr'd
to
consol.
earned surplus.....
;
$3,490,585
$1,763,590
$7,362,225
Profit
$4,410,942
Note—All intercompany transactions have been eliminated from the
above statement.
Interest and preferred dividend 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 have
not been charged with deficits where income accounts of subsidiaries
have
so
resulted.
The "net equity of United Gas Corp. in income of sub¬
sidiaries" 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 subsidiaries have resulted in deficits for the
respective periods.—
V. 142, p. 3531.
$2,150,465
267,061
430,000
Net
$71,383
53,841
$67,382
47,564
Insurance
281
266
Taxes—Property
721
865
177
168
Total cost of sales incl. administrative expenses
Indian gross sales
IntangiblesInterest, depreciation & other deductions
7
10,838
11,764
$5,522
$6,748
Assets—
$
14,813,736
137,069,620
4,182,604
45,268
1,410,336
12,201,775
1,341,431
993,308
3,575,491
Notes receivable
Accounts receiv.
-
Notes
1,702,386
unproduced
.
159
franchises
of
within 1 yr. &c
progress
b Autos, trucks, &c
618
Pipe lines
3,633,723
3,713,849
208,718
648,529
1,189,408
253,252
&c_.
776,944
1,889,776
Deferred Income
1,576,266
486,654
1,956,624
Remit .from for'n
743,885
541,782
accruals
Res. for Federal
Mtge. & special
87,941
accts. reserve.
91,628
taxes
Adv.
tract and sink,
pay.
deprec.,
1,513,868
1,344,599
& adv..
8,227,483
1,268,649
8,234,020
Deferred charges
1,284,339
902,802
film,
held in
subs.,
abeyance
Notes pay. (now
1,489,160
current)
Purch. money or
conting.
obli-
gat'n, &c.,ma¬
turing after 1
80
year
....
895,089
664,663
Mtge. and fund.
79,604,059 c86.425,331
debt
100,000
Capital surplus
Surplus from operations
493,392
378,254
201,978
100,000
(par $100)
d6,312,606
1,286,079
298,000
6% mortgage bonds
6% cum. preferred stock
Common stock
2,419
402,580
3,686,325
3,210,373
38
10 year
d
not
2,073,690
Royalties pay..
15,043
alty adv
Sundry
634
bonds
on
payroll
$
19,006,723
Funded debt due
249
Accrued compensation insur..
1
in
work
Notes payable..
Accts. payable..
Min. Int. in cap.
2,160
stock
8,425
&
surp.
574,206
1,241,017
56,650,505
Capital surplus
Operating deficit 12,275,678
587,763
of subs
Total
$531,1351
Total
a
to stand
as
for
reserve
contingent,
b After reserve for depreciation of $62.
depreciation of $43,865.
d Represented by 1,000
c
After
par
no
shares.
Total...
171,004,211
168,304,829
171,004,211
Total
56,325,484
16,178,723
168,304,829
After
depreciation and amortization,
b Represented by 103,107 no
shares,
c Represented
by 3,801,344 shares, par $5.
d Includes
$43,287 past due interest on funded debt of subsidiaries,
e Includes
$112,800 sinking fund payments and instalments in arrears, $14,309,000
standing demand and other mortgages, and $2,955,000 instalments matur¬
ing within one year, subject in part to renewal.—V. 142, p. 3366.
a
par
Union Water Service Co.
(& Subs.)- -Earnings-
12 Months Ended March 31—
$469,405
120,726
$481,182
122,381
Cr2,993
9.257
Cr5,051
8,802
21,893
59,710
19,906
59,421
$270,933
$265,600
991
384
$271,925
142,092
1,876
$265,985
1-42,092
262
2,541
Provision for uncollectible accounts
Maintenance
General taxes
before
earns,
1935
1936
Operating revenues
;
Operation
General expense charged to construction
Net
669,429
Res. for conting.
$531,135
Includes accrual of $162 for gross sales taxes on interstate shipments
which the lower courts of Indiana have held as not taxable.
As this ruling
will be contested by the State in the higher court the liability is allowed
23, *35
5,670,885
Purch.money ob.
1,500
Accrued
1,058
allocated
c
Accrued interest
500
Feb.
$
5,670,885
Common stock 19,006,723
Due to affil. cos.
.
Producers & roy¬
3,607
1,833
Deferred charges
Gas
Accrued taxes, prop'y, current
a Accrued tax., Ind. gross sales
Fed. inc. & excess profits
c
Rights & scenes
Good-will
$16,440
payable
243
receivable
Prepaid expenses
Special deposits
Corporate trustee service fund
Cost
Accounts
$8,463
22,446
receivable
Liabilities
bPreferred stock
137,112,937
Inventories
Feb. 22, '36
Feb. 23, '35
$
Property acct.,
Invest.
Liabilities—
Cash in bank
Accounts
$38,8551oss$3442326
Consolidated Balance Sheet
Feb. 22, '36
Assets—
fund deposit..
Balance Sheet March 31, 1936
$74,8491oss$3440932
1,394
Cr4,006
40,000
$1,976,245 loss$133,515
profit
Dep. to sec. con¬
Net income.
loss$63,351 loss$3600001
138,200
159,069
a Includes
depreciation of studio properties,
b Exclusive of $352,250
($240,651 in 1935) in respect of studio properties charged to film costs,
c Includes discount expense,
d Exclusive of studio depreciation.
Cash.
Jan. 1 '36 to Sept. 13 '35 to
Mar. 31 '36 Dec. 31 '35
Period—
Total gas sales
$122,594
2,857
253,252
Profit
Minority interest.
Federal taxes
&c
Co.—Earnings—
loss$54,974
177,568
[,417,526
11,281
Other income
a
Universal Gas
This
with 25 cents paid on March 20, last; 50 cents on Dec. 20, 1935;
25 cents on July 20, 1935, and 50 cents on Dec. 20, 1934.
Prior to this
latter date no payments were made since Sept. 1, 1932, when a regular
compares
$7,455,170
Net equity of United Gas
Interest
1934 income.—V. 142,
Warner Bros.
$4,297,684
Exps., incl. taxes
Inc.
after taxes, depreciation
and other charges..
$1,016,784
x$719,015
$790,799
Earnings per sh. on 700,280shs.outst.
$1.45
$1.02
$1.12
x After crediting to expense $225,000 of the
advertising reserve set up
quarterly dividend of 12*4 cents per share was paid.—V. 142,
equity of United
Corp. in income
Total income..
417,752
170,295
78,314
profit
mon
subs....
Chemical,
3 Months Ended March 31—
Net
Gas
of
219,755
41,331
3017.
—V. 142, p.
3,541,602
$2,523,327 $10,577,368
9,367
37,380
12,599
32,211
$4,322,136
Pref. divs. to public
•
9,345
Port, applic. to min. ints
15,107
Net
92,081
def32,960
def381
Wagner Electric Corp.—Dividend Doubled—
Balance...
.
95,232
defl9,959
345,923
104,027
33,167
1933
$49,416
8,273
def8,Q02
$38,503
1—•
From Jan.
Gross from railway
$3,736,740 $15,642,242 $12,245,763
1934
$66,991
12,265
defl,746
430,596
143,998
79,301
Net after rents
Vick
1935
$69,800
9,623
3,125
Net after rents..
Total oper. revenues.
exps.
1936
n
Net after railway
Crude oil
Oper.
■Earning s.1936
April-—
Gross from railway
revenues:
Natural
June 6, 1936
Utah Ry.—
Subsidiaries—
Operating
Chronicle
(& Subs.)—Earnings—
pro vs.
for
Fed.
inc.
tax
&
retirements & replacements
Other income
Gross corporate income
Interest on funded debt.
Miscellaneous interest
3,171
Amortization of debt expense
Interest charged to construction
Cr 87 3
Cr406
Provision for Federal income tax
11,067
Prov. for retires. & replaces in lieu of deprec
31,300
11,289
30,000
Net income.
$77,296
$86,199
Weirton Steel
See National Steel
Co.—Obituary—
Corp. above.—V. 140, p. 1679.
Western Dairies,
Inc.—Accumulated Dividend—
The company paid a dividend of 75 cents per share on account of ac¬
cumulations on the $3 cumulative preferred stock, no par value, on June 1
to holders of record May 30.
A like payment was made on Dec. 20, 1935.
—V. 142, p.
3699.
Western Ry. of Alabama.April—
Gross from railway
Net from railway
.
Net after rents
From Jan. 1—•
Gross from railway
Net from railway
1936
$124,902
12,243
6,964
494,689
25,030
5,292
Net after rents
-Earnings.
1935
$112,716
def4,609
def7,468
428,679
def21,389
def39,002
1933
1934
$106,568
def7,173
defl 1,024
$103,007
defl .980
def7,543
452,748
4,511
def9,615
defl 4,424
399.465
def26,238
—V. 142, p. 3700.
Consolidated Balance Sheet March 31
Assets—
1936
1935
1936
Liabilities—
1935
1st lien
Plant, prop., rights
franchises, &c..$5,270,492 $5,249,371
Invest, (at cost)..
1,200
1,200
915
Special deposits
Notes payable
Cash in banks and
Accounts payable-
►
due May 1,
4,000
104,929
Due to affil. cos.
warr. rec.
1 39
380
Accrued Items—
Accts. receivable
102,703
Acer, unbilled
_
5,804
rev.
108,533! Miscell. liabilities.
6,357
Matls & supplies—
stated at average
Unearned
Deferred
revenue
liabilities
14,203
34,072
14,466
13,115
15,069
Def'd
chgs & pre¬
paid accounts
4,011
9,194
2,015
118,296
3,671
79,147
261,633
Telegraph Co., Inc.- -Earnings—
x
Operating income
Non-operating income.
Deductions
$6 cum. pf. stock
600,000
z
Commonstock..
820,000
767,386
600,000
820,000
84,632
243,869
Gross income
$866,426
93,268
$2,677,535
353,875
$1,931,690
685,464
$959,693
692,524
$3,031,410
2,066,725
$2,284,237
2,080,137
$604,866
$267,170
$964,686
$204,100
!51,196,110
_
94,220
! $1,290,330
in 1935..
no
par
reserve
Earned surplus
84,632
$5,602,639 $5,535,294
Total
$8,697
Represented by 9,900
for uncollectible accounts of $11,815 in 1936 and
Represented by 6,000
shares.—V. 142, p. 3016.
y
Wabasso Cotton
no par shares,
z
Net income
—V. 142. p. 3367.
April—
Gross from railway
Net from railway
Net after rents..:
From Jan. 1—
Co., Ltd. (& Subs.)—Earnings—
Earninas for Ten Months Ended Map 2, 1936
Net profit after depreciation, Federal taxes and other charges.
—V. 142, p. 639.
352.547
191,099
796,686
Capital surplus
-.$5,602,639 $5,535,294
After
^
2,220
Wichita Falls & Southern
Total
1936—3 Mos.—1935
$7,289,273 $22,706,988 $20,848,959
6,038,489
18,884,682
17,921,326
51,025
158,949
145,943
283,333
985,821
850,000
1936—Month—1935
Teleg. & cable oper. revs. $8,080,866
Teleg. & cable oper. exps
6,499,974
Uncoil, oper. revenues__
56,566
Taxes assign, to oper
328,216
131,749
3,954
78,378
264,360
y
Reserves-
32,437
cost
Sec. & organ, exps
Western Union
Period End. Mar. 31—
1951$2,583,500 $2,583,500
162,550
working funds.
Notes &
x
5>£ % gold
bonds, series A,
_
$83,020
Gross from
railway
Net from railway
Net after rents
—-V. 142, p. 3018.
RR.—Earnings.-
1936
1935
1934
1933
$43,189
10,872
$39,713
7,138
2,078
$47,112
$44,248
11,530
5,009
178,619
24,849
150,924
17,981
4,842
def997
5,184
157,587
12,839
6,827
42,093
17,144
163,650
34,602
10,963
Volume
Financial
142
Western Pacific RR.
Chronicle
3875
elimination of $902,649
owned subsidiaries.
Co.—Earnings—
General Statistics and Equipment
for Calendar Years
1935
1934
1933
x
1932
1,164
^
Ml. of road oper.
Locomotives
1,207
1,213
169
169
Pass, train cars__
89
89
89
9,379
45,296
9,425
55,064
24,236,631
18,411,569
9,416
44,574
15,800,204
y
1934 ($617,827 in 1933) interest accrued, not
Includes $427,478 in 1934 ($68,921 in 1933) interest accrued,
paid.
89
9,349
56,753
not
Freight train
cars
Rev. pass, carr'd
Pass. carr. 1 mile
Rev.
per
pass.
Per mile
1,210
19,031,624
1.53 cts.
1 mile
1.57 cts.
1.77 cts.
3,211,013
2,756,672
1935
Assets—
Undiv.
114,411,442 114,389,745
half int.
in note
2,670,612
Salt
in
Rev. per ton per
mile
0.86 cts.
0.87 cts.
Income Account for Calendar Years
Operating Revenue—
1935
Freight
Passenger
Mail
1934
$12,200,245 $11,292,542 $10,011,782
371,758 r
288,513
279,937
46,377
47,694
49,332
76,425
64,806
44,869
-
Express
Miscellaneous
102,169
104,398
Incidental
Joint facilities
105,934
499,219
4,195
5,699
99,228
377,376
5,789
$9,656,224
•
382,055
59,357
104.809
74,342
485,098
$2,369,169
2,147,458
666,457
Transportation
4,991,322
Miscell. operations
86,270
General
344,755
Transp. for invest.—Cr_
10,490
$1,898,165
1,906,951
643,267
4,332,186
$1,658,774
1,895,711
650,962
3,901,746
333,245
419,025
41,155
$1,331,849
1,866,730
698,967
4,331,602
411,570
449,866
58.663
$8,818,306
2,050,006
851,195
700
$9,031,922
1,736,791
998,027
2,077
$797,770
1,724,340
$851,895
1,198.112
$685,977
397,294
3,556
19,260
$708,995
3,538
26,019
$672,236
398,532
3,538
31,138
$724,617
405,972
3,538
46,413
69,882
68,271
69,911
.$10,594,942
2,312,129
678,878
7,076
Uncollectible ry.
rev
Total
$685,954
Operating income.1,626,176
$9,780,792
2,522,111
792,348
5,422
Joint facil. rent income._
Inc. from lease of road._
Miscell. rent income
104,364
rec.
"4",048
Pref. stock
1,126,860
1,126,860
681,077
385,631
Total deductions
Net deficit
mtge.
Cash
dep.
35
$1,876,307
3,600,647
$1,828,967
3,027,079
$1,890,832
2.627,520
$1,317,492
143,329
9,945
39,711
$1,144,360
218,693
3,600
47,122
38,045
3,385,979
69,435
146,182
22,423
39,047
$1,123,205
225,954
3,600
43,230
27,400
3,128,574
73.734
144,214
18,049
69,736
$5,200,114
1,599,467
$5,114,887
2,087,808
$4,857,697
2,230,177
234,053
3,600
45,138
46,313
3,318,319
42,214
Notes, accts., &c.,
receivable
1935
Liabilities—
Common
17,477.674
3,854,073
$
28,300,000
stock¬
47,500,000
ist mtge. bonds. 49,290,100
Equip, tr. ctfs__
2,305,000
Baldwin
1934
$
Preferred stock.
28,300,000
47.500,000
49,290,100
2,960,000
Loco.
Works—Lease
Notes payable.
377,598
7,962.800
_
440,531
8,062,800
68,310
Traffic, &c., bals
589,213
2,524,907
529,080
2,551,267
6,951,441
6,572,873
755,713
326
326
104.173
Loans & bills pav
Due to affil. cos.
Special deposits-
4,787
125,617
Accts.
1,729,635
288,360
874,020
666,600
884,401
Matured interest
5,770,384
Misc. accts. rec.
5,665
869,155
1,467,347
233,925
863,825
Accrued interest
Traffic, &c.""bah
Misc. accts. pay
Int. & divs. reo.
53,452
413,680
172,755
222,799
Unmatured rents
4,198
195,917
246,501
140,093
assets
fd. debt
17,841
1,393,271
1,518^332
Oth.
Mat'Is & suppl's
1,719,907
1,775,648
156,898
871,132
125,016
Sur.
814,516
& wages
.
Tax
Agents and
Other
accrued
con¬
ductors
UnadJ. debts...
deferred
assets
curr.
liabs.
liability
Accrued deprec.
inv.
eq.
UnadJ. credits
129,501
119,641
10,707,746
296,703
9,950,043
7,171,169
77,408
7,171,169
692
__
2,864,048
Oth. def'd liab__
to
4,242
&
oth. prop, pur
Add'ns
85,191
prop.
thru inc.&sur.
10,922,012
10,213,888
649,674
649,674
326
326
Fund, debt ret'd
thru,
and
income
surplus._
Sinking fund
Deficit
Total
166,960,038
Conting.
Earned
312,568
1,029,687
159,333
566,109
141,884
687,537
$3,384,877
res.,
$3,455,093
&c.
166,078,349
Total
970,953
200,956
25,093
Co., Ltd., &c___
Sundry deps., &c.
180,809
174,529
(not current)...
23,844
25,086
Pats. & goodwill.-
2
2
Deferred charges__
66,614
41,639
Total
a
.$3,384,877 $3,455,093
After depreciation,
c
13,233,100
166,960,038
166,078,349
Total
Represented by 27,376 (34,376 in 1935) shares of
142,
class A and 160,583 shares of common stocks, both no par value.—V.
p. 3533.
(George)
Weston,
directors
have
Ltd.—Larger Common
Dividend—
.
declared
a dividend of 20 cents per share on the
value, payable July 1 to holders of record June 20.
This compares with 15 cents paid in each of the three preceding quarters.
Prior to Oct. 1, 1935 the stock was split up on a two-for -one basis; dividends
of 25 cents per share had been distributed each three months on the old
stock.—V. 142, p. 2851.
■
common
stock,
no par
Wickwire Spencer Steel
Co.- -Earnings-Month-
—4
Mos.—
Period—
Net sales.
April 1936 March 1936
April 1936
$968,473
$746,168
$3,104,810
Profit before depreciation and interest
71,768
8,890
x74,355
x After charges there was a loss of $80,814.—V.
142, p. 3018.
Wiedemann
Brewery,
Newport,
Ky.—Sale—
The property will be sold on June 18, 1936 at Newport Court House for
cash to the highest best bidder.
The entire plant, together with all real
estate, machinery, equipment and supplies will be sold at a going concern.
The sale will not suspend its operation.
The brewery was completely
rehabilitated after repeal with modern machinery.
Its capacity is at least
301,000 barrels yearly.
Conservatively appraised, its assets aggregate
$1,116,419.
Its
goodwill, the trade marks and trade
purchaser.
names
now
used in
the business will pass to the
Wisconsin
Hydro-Electric Co.—Accumulated Dividend—■
The directors have declared
of accumulations
on
a dividend of 25 cents per share on account
the 6% cumulative preferred stock, par $100,
payable
June 1 to holders of record
May 21.
A dividend of 75 cents was paid on
10 last, this latter bemg the first payment made since Oct. 2, 1933,
a regular quarterly dividend of $1.50 per share was distributed.
Accumulations after the payment of the current dividend will amount to
Feb.
when
$14 per share.—Y. 142, p. 976.
Wisconsin Power &
16,270,235
surplus
280,793
Munic. county bds.
The
101,349
on
237,229
275,355
Invest, in W. E. I.
102,960
curr.
1935
at cost and accr.
Other investm'ts
Oth.
1936
Capital stock
$2,500,000 $2,500,000
54,692
82,969
19,519
32,858
Accrued accounts.
43,609
51,461
and
29,117
Sinking fund...
Disc,
Liabilities—
1935
Interest
5
of
P«q h
$47,298
147,437
of
accrued
11,323
prop'ty
sold
sur$26,579
Accounts payableFederal taxes
124
1934
3,856,128
$5,957
c
5,392
Miscell. physical
properties
Dep. in lieu
loss$47,298
1936
120
137,307,127
17,615,364
$43,979
17,400
Land, buildings,
611,110
Balance Sheet Dec. 31
cos.
$11,231
17,188
1933
loss$9,392
3,630
34,276
4,083
34,775
8,691
machinery, &c._$l,423,360 $1,424,411
a
30
$
Road & equip, .137,689,739
Invested in affil.
$46,299
17,060
40,146
$10,907
$5,309,889
1,792,725
1935
Asstfs—
1934
$91,528
Deficit.
Assets—
$1,430,049
263,084
3,600
36,805
48,582
3,301,478
38,922
143,316
9,741
34,308
-
Subs.)—Earns.
1935
$53,515
1,919
37,119
3,246
Net profit
Class A dividends
$1,890,988
3,517,163
_.
118,517,217
1936
Common dividends
Inventories
props.—Loss.
.116,327,793
Total
$102,583
3,910
41,774
10,600
Federal taxes
643,893
Deductions—
oper.
5,195,002
Weston Electrical Instrument Corp. (&
3 Mos.End. Mar. 31—
Profit after expenses
Other deductions (net).
interest
Sep.
2,684,488
2,629,866
The stockholders will on July 14 hold an adjourned special meeting to
consider a proposed plan of reorganization.—V. 142, p. 2177.
25
Misc. income charges
2,684,488
Earned surplus.
116,327,793 118,517,217
463
unfunded debt..
Amort, of disc, on fd.dt.
donated stock,
of
revaluation
Special Meeting—
60
and accounts
on
Surp. aris'g from
681,077
stock._
676,665
Miscellaneous income
Int.
2,525
22,138
prior yr
In vest's., &c_.
15
Miscellaneous rents
Miscell. tax accrued
Interest on funded debt.
tax of
Treasury stock—
706,981
Equipment rentals.
Joint facility rents
Rental of leased lines
4,828
197,065
2,050,644
4,498
Depreciation
sees.
Non-oper. income
Gross income.
tax.
Prov.for Fed.inc.
Cash..
Cert,
sec
Inc. from unfunded
State
franchise
62,500
Furn. & fixtures
Com.
for
Consolidated Balance Sheet March 31
Miscell. non-oper. phys.
property
Dividend income
Inc. from funded
504,279
5,598
Cap. stk. tax liab
Prov.
Non-Operating Income—
Equipment rentals
788,000
902,030
payable
scrip purch
$1,000,104
736,687
77,417
expenses._
Net from ry. operations.
Railway tax accruals
409,201
602,216
11,193
9,339,850
786,894
_
Realty Co
Accrued interest
by
Total
Traffic
9,299,850
stock.
6,827
Operating income.___$12,907,071 $12,302,903 $10,868,312 $10,768,713
Operating Expenses—»
Maint. of way & struc—
Maint. of equipment—
60,000,000
held
trust
Accrued int.
60,000,000
tern
Deposits for stk.
1932
1933
Common
Due to The Wes¬
bondhdrs. pro¬
tective comit.)
0.95 cts.
0.88 cts.
collat.
$
40,000.000
&
UtahRR.(note
&
$
40,000,000
Notes payable.
receiv.,
Lake
1934
1935
Liabilities—
$
6% pref. stock__
advances
-1,418,068,675 1,293,669,670 1,132,531,024 1, 014,818,753
Operating
1934
$
Investments and
2.01 cts.
3,127,385
Rev. tons carried
Rev. tons carried
Comparative Balance Sheet Dec. 31
173
173
intercompany interest) reported net losses of wholly
Includes $1,050,542 in
received,
Light Co.—Exempt—
The Securities & Exchange Commission has issued an order
exempting
the company from the provisions of the Utility Act for its $1,100,000 5%
first lien and refunding mortgage bonds.—V. 142, p. 3701.
(H. F.) Wilcox Oil & Gas Co. (& Subs.)—Earnings—
Earnings for 4 Months Ended April 30, 1936
Earnings for April and Year to Date
April—
Gross from railway
Net from railway
1936
$1,040,148
def73.669
Net after rents
def236,788
From Jan. 1—■
Gross from railway
3.830,176
184,492
def360,745
Net from railway
Net after rents.
1935
1934
1933
$861,523
5,788
defll6,496
$915,685
$755,802
216,278
122,177
94 886
3,403,291
3,282,504
238,496
574,609
232,273
2,566.238
def4,108
def310 974
def268,949
—V. 142, p. 3366.
1 545
Net profit after depreciation, depletion, and other changes
—V. 142, p. 3701.
$51,705
(F. W.) Woolworth Co. —Sales—
Month
of—
January
February
March
April
May..
142, p. 3193.
1936
1935
1934
1933
$16,983,089 $17,147,967 $18,137,412 $15,844,684
19.015,779
18,218,915
17.860,960
16,244,993
19,676,695
20.482,640
24,035,139
17 509,833
23,072,478
22,382.040
19.788,230
20.159,295
22,621,875
21,052,337
22,004,068
19.801,192
—V.
Western Pacific RR.
Calendar Years
Interest
1934
1933
1932
$6,516 x$l,177,399 x$l,177,763
$1,495,296
$6,516
56,346
5,196
$1,177,399
60,192
13,415
$1,501,466
468,765
y504,998
Miscellaneous income—
Total income-.-.
General expenses
Taxes
Interest
Miscellaneous
Wisconsin
Corp.—Annual Report—
1935
-
charges._
Net income—
6,170
$1,177,763
59,8762,611
y507,655
Crl4,321
loss$509,471
66,873
2,584
628,881
28
$598,793
$607,595
$803,128
Note—The income account for 1935 does not include accrued interest of
$902,649 receivable by the corporation on bonds and other indebtedness of
the Western Pacific RR. Co. and its affiliate, and $262,550 on
obligations
of the Denver Rio Grande Western RR. Co. inasmuch
as
the named
com¬
panies are now in process of reorganization under Section 77 of the Federal
Bankruptcy Act as amended, and the collectibility of such interest is largely
dependent upon the plans of reorganization finally adopted.
No deduction
has been made in the above income account for 1935 for
$2,568,873 (before
Public
Service
Corp.—Bonds Offeredhe—T
final step in the corporation's plan for the consolidation of
certain properties located in Wisconsin, simplification of the
corporate structure and reduction of interest charges
taken June 4 with the public offering of $25,000,000
was
1st
price of 99lA and int;
The group offering the issue consists of First Boston Corp.,
H. M. Byllesby & Co., Inc., Bancamerica-Blair Corp.,
W. C. Langley & Co., A. C. Allyn & Co., Inc., Emanuel
& Co., Halsey, Stuart & Co., Inc., Securities Co. of Mil¬
waukee, Inc., F. S. Moseley & Co., Harris, Hall & Co.,
Inc., Edgar, Ricker & Co., Morris F. Fox & Co., and Granbery, Safford <fc Co.
mtge. bonds, 4% series due 1961, at
Dated
June
Co., trustee.
a
1, 1936; to mature June 1, 1961.
First Wisconsin Trust
Principal payable either at office of the trustee in Milwaukee,
«
3876
"Wis.,
Financial
of the company in New York or Chicago, and interest
payable J. & D. either at the office of the trustee in Milwaukee or at agen¬
or at agencies
cies of company in New York or Chicago in lawful
money of the United
States of America,
Bonds will be in coupon form in denoms. of
$1,000,
as to principal only and interchangeable with
fully registered
bonds of $1,000, $5,000 and $10,000 or such multiples of
registerable
$10,000 as the
company may determine to issue.
Redeemable (other than for sinking
fund) as a whole or in part on any date at the option of the company on
30 days' notice, at par and int., plus a premium as follows:
7\i% if red.
prior to June 1, 1941; the premium thereafter decreasing K of
1% per
annum prior to June 1, 1952; the premium thereafter
decreasing
of 1%
per annum prior to June 1, 1956.
There shall be no premium if redeemed
on or after June 1, 1956.
Company will on June 1 of each year commencing
June 1, 1937, deposit with the trustee, as a sinking fund, a sum in
lawful
money of the United States equal to the amount required to redeem for
sinking fund purposes $250,000 of bonds of the 4% series due 1961 on the
first day of August next following.
Indenture will further provide that
bonds delivered by the company to the trustee for the
sinking fund shall be
deemed equivalent to an amount equal to the amount
required to redeem
for sinking fund purposes the bonds so delivered on
Aug. 1 next following
such delivery and that if any bonds of the 4% series due
1961 have been
redeemed
bonds have theretofore been
issued, cash with¬
drawn or credit taken under any of the provisions of
the indenture on
account of the redemption or retirement of such
bonds, the
retired and
or
no
Chronicle
June 6, 1936
annual interest requirement of the $25,000,000 first mortgage bonds,
4% series, due 1961, to be outstanding upon the retirement of the presently
outstanding funded debt will be $1,000,000.
Management and Control— Corporation is a unit in the Standard Gas &
Electric Co. system.
Undenvriters—The name of each underwriter and the respective principal
amounts of the bonds severally to be purchased by each, are as follows:
First Boston Corp., New York.
$3,500,000
H. M. Byllesby & Co., Chicago.
3,500,000
Bancamerica-Blair Corp., New York
3,500,000
W. C. Langley & Co., New York
2,500,000
A. C. Allyn & Co., Inc., Chicago—-.
2,500,000
Emanuel & Co., New York—
1,250,000
Halsey, Stuart & Co., Inc., Chicago
1,000,000
Securities Co. of Milwaukee, Inc., Milwaukee....
1,000,000
F. S. Moseley & Co., New York
900,000
Harris, Hall & Co., Chicago.—-----500,000
Edgar, Ricker & Co., Milwaukee
500,000
Morris F. Fox & Co., Milwaukee
' 350,000
Granbery, Safford & Co., New York
500,000
Edward B. Smith & Co., New York
1,000,000
Leadenhall Securities Corp., Ltd., London, E. C. 3, Eng
2,500,000
—V. 142, p. 3534.
V/-).'
The
,
—
_
—
-
—
.
company
deduct from any payment for the sinking fund an amount equivalent
required to redeem a like amount of bonds for the sinking
fund on Aug. 1 next following.
Indenture will also provide that the trustee
shall apply the moneys in the sinking fund to the purchase of
bonds of the
4% series due 1961 in the open market at the lowest price or prices obtain¬
able not exceeding the redemption price then in effect for
redemption of
bonds for sinking fund purposes and if, after 20 days, the sum
remaining
in the sinking fund shall exceed $25,000 the trustee shall
apply such sum
to the redemption of bonds of the 4% series due 1961 on
Aug. 1 next follow¬
ing.
Bonds of the 4 % series due 1961 may be called for redemption for the
may
Yellow & Checker Cab Co.
to the the amount
sinking fund
on 30 days' published notice at par and int. to dates of
redemp¬
plus a premium on the principal amount thereof as follows- 2
if red. prior to June 1, 1940, the
premium thereafter decreasing
}4 of
1% for each two-year period thereafter elapsed prior to June 1
1956.
*There shall be no premium if redeemed on or after June
1, 1956.
Company,
as provided in the indenture, will reimburse to
any owner of bonds of the
4% series due 1961, any taxes, other than estate, succession, income and
inheritance taxes that are or may be imposed and paid under the
laws of
Pennsylvania upon such bonds or upon such owner as a resident of Penn¬
sylvania, not exceeding, however, in any year five mills upon each dollar
(& Subs.)—Earnings—•
Consolidated Earnings for the Year Ended Oct. 31, 1935
(After elimination of unrealized profits on intercompany transactions)
$2,539,006
Revenue from cab operations
Cab operation and maintenance
General expense
1,997,091
210,145
47,897
—
Taxes and licenses
—
Cab operating profit
$283,872
43,387
Other income.
tion,
of the taxable value of such bonds.
Company will also reimburse to any
of bonds of the 4% series due 1961, any income or
corporation taxes
in respect of or measured by the interest on such bonds
(or, in case of savings
banks or trust companies having savings departments, measured
by the
amount of deposits invested in such bond or bonds), which such
owner may
lawfully pay under any present or future law of Massachusetts on account
of the ownership of such bonds or on account of the
interest thereon not
exceeding in the aggregate in any year 6% of the interest thereon.
Issuance—Authorized by the Public Service Commission of Wisconsin.
Total income
$327,259
22,298
24,443
Interest
Losses from uncollectible notes and accounts
Losses
on
investments
9,636
Federal income and State franchise taxes for current year.
17,150
158,592
Depreciation of cab and other property and equipment.
Consolidated net profit
reserves and contingencies
Deduction for
$95,136
49,986
Net surplus gain—
Surplus as recorded Nov. 1, 1934
$45,150
21,955
owner
Total
Deficit Oct. 31, 1935
Purpose of Issue—All of the net proceeds of the issue
$24,050,725 (esti¬
without including accrued interest from June 1,
1936, and after
allowance for $199,275 estimated expenses), together with other
funds of
the company in the estimated amount of $1,886,264, will be used
to redeem
all of the company's funded debt now
outstanding.
The principal amount
of each issue and proposed redemption dates and
prices, including accrued
interest to redemption dates, are set forth below:
mated
Issue—
Outstanding
Redemption Date & Price Prin. &
Int
1st lien & ref.mtge.gd.bds.:
Aug. 8, 1936
Aug. 8, 1936
B—5 H%, due Jan. 1/58 4,438,000
at
at
105%
105%
$7,275,364
4,807,032
1st lien & ref. mtge. bds.,
C,5J^%,dueMar. 1/59
7,000,000
Aug. 8, 1936 at 105%
7,517,903
2,438,000
July
2,620,850
A—5%
B—5^%
C—5%__
Wis. Valley Pow. Co. 1st
-
1, 1936 at 105%
Nov. 1, 1936 at 102%
Nov. 1, 1936 at 102%
Nov. 1, 1936 at 102%
both such services in
a
of
activities.
The company has one wholly owned subsidiary, Menominee & Marinette
Light & Traction Co., which owns and operates electric properties serving
Marinette, Wis., Menominee, Mich., and contiguous territory.
It also
owns gas properties serving Marinette and Menominee.
In addition the
subsidiary merchandise electric and gas appliances and is empowered by
its articles of incorporation to engage in other activities and
may elect in
the future to engage in some or all of these activities.
The company furnishes one or more classes of utility service to 2i0
communities in Wisconsin, including 6 municipalities to which it sells electric
energy at wholesale for redistribution by the municipalities.
The territory
served has an estimated population, based upon the 1930 Federal census
of 382,000.
In addition, the company furnishes electric service at retail
to industries located in the cities of Manitowoc and
Kewaunee, Wis., where
all other electric service is furnished by municipal plants.
The Subsidiary
serves 1 community in Wisconsin and 9 in
Michigan, having an estimated
aggregate population, based upon the 1930 Federal census, of 30,000, in¬
cluding 2 municipalities in Michigan to which it sells electric energy at
wholesale for redistribution by the municipalities.
Property—The plants and important units of the company include steam
and hydro-electric power plants, sub-stations, electric transmission and
distributing facilities, gas-generating plants, gas transmission and distri¬
bution mains and railway and bus properties, all located in the northand
northeastern
part
of
the
State
of
Wisconsin.
As of May 31, 1933, the company
acquired the properties of Wisconsin
Valley Electric Co. and its former subsidiaries which had shortly before been
merged
with
that
company.
The company owns 17 hydro-electric and 4 steam electric power plants.
The hydro plants have an aggregate installed capacity of 38,616 kw. and
the steam plants have an aggregate installed capacity of 42,000 kw., making
a
total
of 80,616 kw.
of installed electric capacity.
Capitalization After Giving Effect to Present Financing
Authorized
1st mtge. bonds, 4% series due 1961
—
6% cu.—C
Common stock (par $10)
Summary
_
of Earnings
Year
—
Ended
200,000 shs.
I
2,000,000 shs.
Dec.
Operating revenues
$6,775,780
Oper. exps., incl. taxes other than
income taxes, but excluding approp¬
riation for retirement reserve
3,761,444
before
/
$5,397,500
\
[
3,429,900
4,370,300
9,000,000
31
1934
1935
$6,974,133
$7,232,534
4,159,068
4,141,457
$3,014,336
33,601
$2,815,065
33,046
$3,091,077
29,628
$3,047,937
581,617
$2,848,111
600,000
$3,120,705
910,000
-
Balance
Inc.
$25,000,000
"
xl933
Other income
Outstanding
Not limited
Preferred stock (par value $100)—7% cum.—A_1
63^% cum.—B
-•
inc.
taxes, appropria¬
tion for retirement reserve, int.
& other income charges
Appropriation for retirement
Net inc.
before inc.
taxes,
reserve
int.
&
other inc. charges.
$2,466,320
$2,248,111
$2,210,705
the earnings of the properties of Wisconsin Valley Electric
Co. and its subsidiaries for .the five months ended May 31, 1933, the date
.
x
as
Includes
of which said properties were acquired by the company,
$214,447
$341,200
75,530
67,401
17,238)
3,668/
1
expense
ital
ins.
payable
payroll.
current year
Due to
:■
------
22,116
/
'
,
■
?
157,605
</
42,084
7,745
92,962
notes
34,398
credits—
Unred. cab scrip
Reserves
lease,
25,747
mtge.
Deferred
.113
645
purch.
contracts..
Dep.
21,395
"•
1934
contract
instalments
225,000
& others
items.
officers.
Equipment
dep. with
garage
& accr.
Purchase
24,508
stock
cos.
Accounts
Other accr.
49~, 720
on
lease contract._
1935
Notes payable
Capital stock
Deficit...
—....
7,763
49,986
2.695,060
12,257
1,704,441
373,633
sur21,956
Cash val. of officers
7,450
Franchise costs
2,170
Leasehold contr. &
organiz. exps
Goodwill
483,549
589,708
territory extending
approximately 10,400 square miles located in north-central
and northeastern Wisconsin.
In addition, the company is
engaged, to a
limited extent, in the operation of street railway and bus properties.
Com¬
pany supplies steam to one customer, merchandises electric and gas
appli¬
ances, and is empowered by its articles of incorporation to
engage in other
activities and may elect in the future to engage in some or all of these
central
Def'd
l^^OO
.
$373,633
Fed. & state taxes
23,554
expense._
at cost.
600,000
Dec. 1, 1936 at 102%
628,500
Business—Incorporated
as
a
Wisconsin corporation on
Company is engaged principally in the production, trans¬
sale of electricity and the manufacture, transmission and
sale
area
37,059
736",902
on
1925, 5^%, 1950--
an
14,733
14,376
Prop' & plant equip
624,219
Intangible assets * 1,847,309
Due from of fleers.
life insurance.__
of gas and furnishes either or
over
Mat'ls & supplies.
1,203,840
836,000
'
-
Liabilities—
135,966
stock dep. as coll.
1,152,000
1,000,000
800,000
Company tfe
July 17, 1883.
mission and
1934
$108,235
34,586
Stand. Oil of Calif,
mtge. gold bonds, ser.
of
1935
$78,403
Return,
Wis. Valley Elec. Co. 1st
mtge. gold bonds, 1942—•
■
AssetsCash
Accts. & notes rec.
Commissiononcap-
Wis. P. S. Co. 1st mtge.
&ref. 5s, Jan. 1, '42--
-
Consolidated Balance Sheet Oct. 31, 1935
Prepaid
A—6%, due Oct. 1 ,'52 $6,792,000
$67,106
440,739
Adjustment charges to surplus
Total
$2,941,276 $2,207,511
*
Franchise costs, goodwill and
amortization.—V. 140, p. 4253.
Total
other
$2,941,276 $2,207,511
intangibles after
American Gas & Electric Co. (&
provision
or
Subs.)—Earnings—
Subsidiary Companies Consolidated (Interco. Items Eliminated)
Period End. Apr. 30—
Operating
Operating
1936—Month—1935
1936—12 Mos,—1935
$5,612,759
$5,182,897 $66,199,404 $62,692,924
3,588,823
3,323,727
42,183,037
39,648,634
revenue
expenses
Operating income
$2,023,935
55,997
Other income
Total income
—
Deductions
Balance
—
—
—...
$1,859,169 $24,016,366 $23,044,289
44,482
707,229
719,951
$2,079,932
1,351,009
$1,903,652 $24,723,596 $23,764,241
1,347,405
16,167,553
16,187,535
$728,922
$556,246
$8,556,043
$7,576,705
American Gas A Electric Co.
Total income
Expense
Deductions
Balance
$1,181,338
59,537
391,378
$730,422
$998,014 $13,972,623 $12,954,015
39,854
510,592
464,162
391,378
4,696,539
4,696,539
$566,781
$8,765,490
$7,793,313
-V. 142, p. 3330.
El Paso Natural Gas Co.—Securities
Offered—Public
offering of new issues of $7,500,000 of 1st mtge. bonds, series
A, 43^%, and $3,750,000 of 4%% convertible debentures
was made June 5
by means of a prospectus by White, Weld
& Co.; Stone & Webster and Blodget, Inc.; Lehman Brothers;
Kidder, Peabody & Co.; Aldred & Co.; Hay den, Stone & Co.,
and others.
The 1st mtge. bonds, dated June 1, 1936, and
due June 1, 1951, were priced at 98K and int., and the de¬
bentures, dated June 1, 1936, and due June 1, 1946, were
priced at 100% and int.
A prospectus dated June 4 affords
the following:
First mtge. bonds, series A 4}i%.
Dated June 1,1936; due June 1,1951.
Interest payable J. & D. in New York.
Chase National Bank, New \ ork,
and Carl
E. Buckley, trustees.
Issuable as coupon bonds in denom. of
$1,000, registerable as to principal only, and as registered bonds without
thereof.
Redeemable at the
option of the company as a whole or in part at any time upon at least
30 days' notice at the following percentages of the principal amount thereof
with accrued interest in each case:
105% to and incl. May 31, 1939;
104% thereafter to and incl. May 31, 1942; 103% thereafter to and incl.
May 31, 1945; 102% thereafter to and incl. May 31, 1947; 101% thereafter
to and incl. May 31, 1949; 100H% thereafter to and incl. May 31, 1950;
and 100% thereafter to maturity.
Also redeemable for the sinking fund
during the first five days of February and August in each year upon at
least 30 days' notice at the following percentages of the principal amount
thereof with accrued interest in each case:
102% to and incl. Feb. 5, 1947;
101% thereafter to and incl. Feb. 5, 1949; 100Mi % thereafter to and incl.
Feb, 5, 1950; and 100% thereafter to maturity.
Company has agreed to make application to list and register the series A
bonds on the New York Curb Exchange.
Tax Refunds—Company will agree to reimburse the holders of series A
bonds for Pennsylvania personal property taxes not exceeding five mills,
Maryland personal property or securities taxes not exceeding 4\i mills,
and Connecticut personal property taxes not exceeding four mills, each
coupons in denom. of $1,000 and multiples
Volume
Financial
142
Ser annum on each dollar of taxes based value ormeasured amount of such
the taxable on or principal by income not
onds, and Massachusetts
exceeding 6% per
Less portion of amounts returnable to the company through
payment of debt of and under contract with El Paso
Mortgage Corp. (estimated)
—
(5)
j
annum on the interest payable thereon.
Security—Series A bonds will in the opinion of counsel be
secured by a
portion in
Mexico, and certain other assets including the stock of the subsidiary
owning the portion in Mexico, subject only to certain liens, and by the
pledge of the company's interests in certain contracts for the purchase
Net total-...-
first mortgage on the present pipe line system, other than the
and sale of gas.
Additional bonds ranking equally with the series A bonds may be
the mortgage to the extent of 66 2-3% of the cost or fair
whichever is less, of property additions, if consolidated net earnings,
contracts
on
debentures
on the New York Curb Exchange.
I
Refunds—Company will agree to reimburse the holders of new
Pennsylvania personal property taxes not exceeding five
mills, Maryland personal property or securities taxes not exceeding 4H
mills, and Connecticut personal property taxes not exceeding four mills,
each per annum on each dollar of the taxable value or principal amount
of such debentures, and Massachisetts taxes based on or measured by
income not exceeding 6% per annum on the interest payable thereon.
Conversion Features—-Convertible into common stock at any time on or
before May 31, 1944 (if called for redemption, at any time on or before the
tenth day prior to the date fixed for redemption), as follows:
No. of
Basic Conversion
Shares of
Tax
debentures for
before May 31, 1937.
Thereafter and on or before May 31,
Thereafter and on or before May 31,
or
Thereafter and
on
or
before May 31,
Thereafter and
on or
before May 31,
Each $ 1,000
Debenture
20
19
18
17
16
—Walton
Federal
R.
Land
York, and
firm
will
under
$2,327,209
712,450
93,373
$2,029,769
596,822
51,106
112,153
105,999
111,763
91,477
$1,528,402
—
$1,362,829
378,139
94,800
Gross operating revenue-
Operation.
indenture
$1,415,387
255,360
$1,270,078
224,257
$868,033
$2,451,091
715,736
Maintenance.
Taxes (including provision
for Fed. inc. taxes)...
25,180
deal
Mackey,
273,139
res.
161,934
on new sees,
$1,255,263
$706,099
$1,045,821
$1,160,027
firm
and
being
by
connected
337,500
178,125
—Nichols,
Gregory &
49 Wall Street,
investment
reserve
provision
William
Incorporated, with Offices at
business in
institutions, trusts and dealers.
Ernest T.
securities
with
B.
Nichols
Bernard
and
and management.
Co., members New York
—Engel &
as
and the other in the Nautilus
manager.
Quincy & Co., 24 Broad St., New York have
—Chas. E.
interest table for U. S. Treasury issues
1936,
on
prepared an
accrued during the month of June,
together with an interest
Owners' Loan Corporation and Federal Farm Mortgage
each different
table for Home
$1,000 bond or note,
bonds.
has
Buffalo office of Gertler & Co., Inc., prior to
been manager of the
which he
the Buffalo representative
was
For the past three years he
Buffalo representative.
its
as
appointment of~F.
Corporation announces the
Securities
—Dominion
Taylor Root
of L. F. Rothschild & Company
for about four years.
—Lebenthal
that
Huerstel has
&
Company,
specialists
Municipal Bonds*
Lot
Odd
in
background of 14 years in the municipal bond business,
a
& Mayer and the former
Seasongood
Detroit Company.
—Following the announcement of the dissolution of the firm of
Hughes and John F.
Hughes, John
Stock Exchange.
York
New
firm of Hughes & Co.,
new
The new company will have its
this city.
offices with Harriman & Keech at 11 Broadway,
—E.
50
J.
Coulon
containing
well
as
a
as an
&
Stock Exchange,
Members New York
Company,
City, have issued their monthly stock digest
New York
Broadway,
Barry &
Hughes, member New York Stock
Exchange, announce the formation of the
members
Mr.
Edmond Huerstel has become associated with them.
having been associated in the past with the New York offices of
partial statistical description of important common stocks,
analysis of the Domestic Air Transport Industry.
with Joseph Walker & Sons, has become
—Alfred J. McGowan, formerly
associated with B. W. Pizzini & Co. as manager of their Trading Depart¬
Bradstreet
Don
ment.
a
new
taxable bonds,
on
a
wide range of tax
associated
in the New Jersey
being
the
Walker
which, computed in the form of the con¬
the equivalent money prices on taxables over
brackets, coupons and time elements.
collateral
short-term
with
territory.
Co., 50 Broadway, N. Y. City, have prepared
C. Wainwright &
table
become
also
has
firm and will represent them
offices in the Rand Tower, Minneapolis. Minn.,
trust
North Dakota and South Dakota Sales
of Jackson, Mich., to
notes.
Mining Industry is
Still in its Infancy" is the title of a
distributed by Cameron, Pointon & Merritt, 44 Adelaide
This booklet reviews, in brief form, a number of
Toronto.
Frank-Guenther
New
-$2,145,000
1,500,000
1,000,000
750,000
750,000
350,000
$1,073,000
750,000
—
500,000
375,000
375,000
175,000
112,000
85,000
85,000
85,000
85,000
50,000
—
-
225,000
170,000
—
170,000
170,000
170,000
-
Debs.
100,000
Redemption on or about Aug. 11 of $2,454,000 of 6J4%
1st mtge. sinking fund gold bonds, due Dec. 1, 1943,
(2)
Redemption on or about Aug. 11 of $499,000 of 6M%
10-year conv. gold debentures, due Dec. 1, 1938, at 105
(except to the extent converted into pref. and com. stk.)
Payment on or about June 11 of $2,975,000 1st mtge.
5>^% bonds, due Jan. 1, 1944, of Western Gas Co.
(estimated amount required)
Redemption on or about July 7 of $5,150,000 2d mtge.
6% bonds, due Jan. 1, 1944, of Western Gas Co. at 100
—The June 1st issue of The
tax collection data
St.,
New York, has
wording and
New Jersey Municipal Bond Market including
786 Broad St., Newark, N. J.
—McAlister, Smith & Pate, Inc., 67 Broad St., New
a
study showing the receipt and
York, has prepared
disbursements and other pertinent facts
regarding the financial structure of the City of Montgomery, Alabama.
E.
Inc.,
Company,
&
—Gertler
Wilbur
will
Johnson
become
resident vice-president in charge
—Harriman &
announce
Richard
that
vice-presidents.
Mr.
Stearns
Johnson
and
will be
of the company's Pittsburgh office.
Keech, members New York Stock Exchange, announce
that Edwin J. Barry, a member
has been admitted to
of the firm of Barry & Hughes, dissolved,
general partnership in their firm.
—Campbell, Phelps & Co., Inc., 70 Pine St., New York City, are dis¬
tributing
circular discussing the bonded indebtedness of the State of
a
West Virginia.
—Pask & Walbridge, members
New York Stock Exchange, announce that
Christopher Street has become associated with them in their investment
department.
*
&
Co.,
distribution
Inc.,
40 Exchange Place, New York,
its fortnightly circular on the
has prepared
high-grade railroad bond
market.
—Bernard, Winkler &
523,950
Cedar
and complete financial figures as of March 31 is now
readyfor distribution by J. B. Hanauer & Co.,
for
$2,576,700
-
131
presented as a guide in the selection of treatment,
—Homer
(1)
Law, Inc.,
24-page booklet of various types of announcement advertise¬
a
typography.
of the several underwriters and the respective
Purpose of Issue—Company intends to use the net proceeds from the
of the new securities (exclusive of accrued interest), estimated at
$10,629,425 after deduction of the expenses incurred in connection with
the issuance thereof, for the following purposes:
announce the
Long Island.
One office will
Guthrie as resident
resident partner and Vining Miller
Beach Club with David F. Engel, as
—Albert
sale
Total
Stock Excnange,
partner and Herbert N. Rawlins as manager,
prepared
2.43
Ser. A Bds.
(4)
The company is
Incorporated, who are engaged
be located in the Atlantic Beach Club with Robert R.
St., West,
White, Weld & Co., New York
Stone & Webster and Blodget, Inc., New lork
Lehman Brothers, New York
Kidder, Peabody & Co., New York
Aldred & Co., New York
Hayden, Stone & Co., New 1 ork
Laurence M. Marks & Co., New York
Chas. D. Barney & Co., New York
Hornblower & Weeks, New York
Lawrence Stern & Co., Inc., Chicago-Whiting, Weeks & Knowles, Inc., Boston-Washburn & Co., Inc., Boston
(3)
Its directors are Mr. Gregory,
Rensselaer.
Van
mining developments in Canada.
principal amounts of new securities which they severally have agreed to
purchase are as follows:
-
S.
Nichols & Co.,
opening of two offices at Atlantic Beach,
ments
at 105
Rensselaer,
Van
in corporate reorganization
2.96
Capitalization (Company and Subsidiaries), Giving Effect to Present Financing
Authorized
Outstanding
1st mtge. bonds, series A4^%
—
$7,500,000
$7,500,000
4M % convertible debentures
3,750,000
3,750,000
7% cumulative preferred stock ($100 par)
50,000 shs.
9,997 shs.
Common stock (no par)275,000 shs.
96,883 shs.
names
Mackey will be
K.
in New York and Allen
New York, has been formed to do a general
affiliated with William B.
for
retirement reserve
Underwriters—'The
Philadelphia, the two offices
Kenneth
telephone.
Gregory is president of the new company.
booklet
(as above) times earned
Before provision for
After
Dunn,
McCone and Samuel Fleming in Philadelphia.
sell
$515,625
Donald D.
president,
vice-president and
Messrs. Mackey and Dunn will be resident
private
—J. P. Arms & Co., with
int. require'ts
retirement
Bouse,
Mr.
associated with the firm in its trading department
—"Canada's
Total..
L.
treasurer,
Representatives for the Continental Credit Corp.
New debentures...
ann.
Broad Street, Philadelphia.
So.
Robert
be
will
vice-president
have been appointed Minnesota,
upon comple¬
tion of present financ'g:
Series A bonds
Total
New
The
State, municipal, and Land Bank bonds.
123
in New York and Messrs. Bouse and Diver in
to be out¬
standing
Fiscal Agent for the
Dunn,
R.
officer in the new investment firm of
an
exclusively in
the
ventional yield table, shows
Net operating income.
Ann.
int. requirements
NOTICES
of Charles
son
J. Brooks Diver, secretary.
—H.
Balance
Pro v. for retirement
Dunn,
Banks, will be
branch office at
a
of
announce
which the debentures are
to be issued is to contain provisions limiting the issuance by the company
of additional funded debt and the creation by the company of mortgages
and other liens on its properties.
Business and Property—Company and its subsidiaries are engaged in the
business of purchasing natural gas from producers in the Lea County
gas field in southeastern New Mexico, transmitting it through a pipe line
system and selling it at wholesale to public utility and industrial customers
located principally in or near El Paso, Texas; Douglas, Bisbee, Tucson,
Superior, and Phoenix, Ariz.; and Cananea, Mexico.
Company and its
subsidiaries own and operate over 800 miles of pipe line.
Earnings—The following table showing net operating income after
provision for retirement reserve has been prepared by Main & Co. from
the consolidated income statements of the company and its subsidiary
companies.
12 Mos.End.
Years Ended Dec. 31
Feb. 29 '36
1935
1934
1933
Provisions—The
-$10,629,425
Mackey, Dunn & Co., Inc., with the main office at 1 Wall Street,
Thereafter not convertible.
Protective
291,275
...
-
CURRENT
Officers
certain conditions described under said heading.
Price per Share
of Common Stock
$50.00
.
193952.63
1941.
55.55
1943.
58.82
1944.
62.50
Balance for other corporate purposes
Total-
802,500
$10,338,150
.
—V. 142, p. 3674.
Sinking Fund—Under the provisions of the mortgage the company is
required to pay to the corporate trustee semi-annually the sum of $337,750,
to be applied to the extent necessary to the payment of interest on the
series A bonds, and any balance to be applied as a sinking fund for the
retirement of such bonds, but the company may surrender series A bonds
at 100% and interest in lieu of the portion of such payments not required
for interest.
The company has the right to anticipate such payments
to the extent and in the manner provided in the mortgage.
It is calculated
that the sinking fund will be sufficient to retire approximately $6,592,000
or about 88% of the $7,500,000 series A bonds before maturity.
4%% Convertible Debentures—Dated June 1, 1936; due June 1, 1946.
Interest payable J. & D. in New York.
Manufacturers Trust Co., trustee.
Issuable as coupon debentures in denom. of $1,000, registerable as to
principal only.
Red. at the option of company as a whole at any time,
or in part on any int. payment date, upon at least 30 days' notice at the
following percentages of the principal amount thereof with int. in each
case:
105% to and incl. May 31, 1938; 104% thereafter to and incl.
May 31, 1940; 103% thereafter to and incl. May 31, 1942; 102% thereafter
to and incl. May 31, 1944; 101% thereafter to and incl. May 31, 1945;
and 100% thereafter to maturity.
Company has agreed to make application to list and register the new
Period in Which New Debentures Actually
Received for Conversion by Trustee—
_
issued
provision for retirement reserve,
a period of 12 months within the
least three times annual interest requirements upon all outstanding bonds,
including the additional bonds, and certain other obligations.
Additional
bonds may also be issued for refunding purposes.
The amount of bonds
outstanding under the mortgage may not exceed $8,500,000 at any one
time.
The mortgage will contain provisions for the release of portions of
the mortgaged property and for the cancellation or modification of pledged
On
(6)
value,
before
of the company and its subsidiaries for
preceding 15 months period have been at
under
3877
Chronicle
New
York
City,
Co., members of New York Stock Exchange,
announce
that Joseph Billings is now associated with
them.
2,890,000
—William M.
Bellamy and Bernard W.
Groening have become
ciated with Stranahan, Harris & Company, Inc., in
5,150,000
$11,140,650
—William Happersett,
oa^
asso¬
their sales department.
formerly with Dunne & Co., is now associated
& Sloan and will specialize in New Jersey municipal
bonds.
Financial
3878
day totaled only 99 lots, or 1,327 tons.
Cash cocoa in
London was lHd. to 3d. lower.
Futures there were 3d. to
COMMERCIAL EPITOME
Friday Night, June 5, 1936.
Coffee—On the 1st inst. futures closed 3 to 4
points lower
Santos contracts with transactions of 3,500 bags.
for
contracts closed 1 to 4
Rio
points lower with sales of 1,250 bhgs.
Rio de Janeiro futures closed 25 to 50 reis higher
while the
official No. 7 price was
200 reis higher at 13 milreis per 10
kilos.
freight offers from Brazil were 10
Some
and
cost
points lower but
8.60c.
The
the
still remained about 8.30 to
range
market
Havre
was
closed
On the 2d inst. futures closed 4 to 6 points
contracts with
the
for
holiday
lower for Santos
transactions of 12,000 bags
Rio contracts
ended 2
points lower with sales of 1,750 bags. YjRio de Janeiro
futures
were
from Brazil
75 to
were
Cost and freight offers
100 reis lower.
unchanged to 5 points lower with Santos
Bourbon 4s at from 8.30 to 8.60c.
1
to
Sao
%
francs
Paulo
would
mean
Institute
slightly
first
The
lower.
estimating
over
Havre futures
official
were
estimate
14,500,000
bags,
of
Y
the
which
20,000,000 for all of Brazil, against
private estimates of 22,000,000.
During the present 1935-36
season 13,494,000 bags moved from Sao Paulo plantations,
11,020,000 during 1934-35 and 19,742,000 bags during the
record 1933-34
season.
On the 3d inst. futures closed 3 to
4
points lower for Santos contracts and the same declines
were
registered for the old Rio contracts, with sales of
16,750 bags of Santos and 2,250 bags of old Rio.
New Rio
contracts climbed 8 to 13 points on commission house buying,
with transactions
totaling 4,500 bags.
Rio de Janeiro
futures were 100 to 125 reis lower and the No. 7 price was
300 reis lower.
Cost and freight offers from Brazil were
about unchanged with Santos 4s at from 8.30 to 8.60c.
Havre futures were H to 1 franc higher.
On the 4th inst. futures closed 2 points lower to unchanged
with transactions totaling 10,000 bags for the Santos con¬
tract.
Old Rio contracts closed 1 to 2 points lower with
sales of 2,250 bags.
New Rio contracts started 7 points
higher and closed 1 to 3 points lower with transactions
totaling 2,000 bags.
Rio de Janeiro futures were 25 reis
higher.
Santos 4s in the cost and freight market were
unchanged to 5 points higher with the general range 8.25
to 8.60c.
Havre futures were again active and unchanged
to 1 franc higher.
Today futures closed 2 points up for the
July contract and unchanged to 1 point down for the rest of
the list for Santos coffee.
Sales of Santos contracts totaled
32 contracts.
Old Rio contractewdosed unchanged to 1
point down with sales of 22 contracts.
The new Rio con¬
point up with sales of six contracts. Braziliane
exchange was also slightly easier.
Rio de Janeiro futures
were 25 to 75 reis higher.
The open market exchange rate
was 40 reis weaker at 17.240.
Cost and freight offers from
tracts closed 1
Brazil
unchanged with Santos 4s at 8.25 to 8.60c.
were active but prices were 1% to 2 francs
lower with sales of 25,000 bags.
were
Havre futures
Rio coifee
prices closed
July
September
as
follows:
4.84
4.90
4.561 December
4.70
Santos coffee
prices closed
(March
as
—■
follows:
March
8.57
8.44
December
8.181
Cocoa—On
the
1st
inst.
futures
closed 2
to
3
points
higher.
This market continued its upward trend of the
past couple of weeks.
Manufacturers found spot offerings
very scarce, except at much higher than current prices.
It
was
reported that importers found it difficult to solicit
offerings from producing countries.
In the market for
futures prices were very sensitive, and buyers were forced
to bid the market up.
New York warehouse stocks con¬
tinued to dwindle, with a decrease for the day of 3,272 bags.
Total sales of futures contracts were 207 lots, or 2,774 tons.
Local closing: Sept., 5.61; Dec., 5.70; Jan., 5.71; Mar., 5.78;
May, 5.83.
On the 2d inst. futures closed 2 to 3 points up.
Transactions totaled 358 lots, or 4,529 tons.
The market
continues to maintain a firm undertone, with the Wall
Street speculative interest broadening.
London cash cocoa
was 6d.
to 3d. higher.
Futures there were unchanged to
lYd. up.
Local closing: July, 5.54; Sept., 5.63; Oct., 5.65;
Dec., 5.73; Jan., 5.74; Mar., 5.81; May, 5.86.
On the 3rd
inst. futures closed 4 to 5 points lower.
Profit taking was
the feature of the session.
Primary markets remained firm
in their offerings prices, and London was also steady.
Sales on the local exchange were 133 lots, or 1,782 tons.
Local closing: July, 5.49; Sept., 5.59; Oct., 5.60; Nov., 5.69;
Dec., 5.68; Jan., 5.70; Feb., 5.69; Mar., 5.76; May, 5.81.
On the 4th inst. futures closed 2 points lower.
There was
further light liquidation by longs and hedge selling.
Manu¬
facturers
were
reported the principal buyers.
4^d. lower with sales of 350 tons.
Local closing: July,
5.47; Sept., 5.57; Oct., 5.58; Nov., 5.63; Dec., 5.66; Jan.,
Today futures closed
1937, 5.67; March, 5.74; May, 5.79.
points up for the
with July selling at
4
Sales for the
entire list.
Trading
was
fairly active
pound.
The market absorbed
profit taking from many sources with apparent ease on a
scale-up.
Warehouse stocks decreased 3,820 bags and now
are down to 766,000 bags, the lowest in two years.
Offer¬
ings from primary markets continued limited. Local closing:
July, 5.51; Sept., 5.61; Oct., 5.62; Dec., 5.70; Jan., 5.71;
March, 5.78; May, 5.83.
5.51c.
a
Sugar—On the 1st inst. futures closed 3 to 4 points higher,
July at 2.88c., within 2 points of the year's top. Sales
were 3,250
tons.
In the market for raws nearby Puerto
Ricas, which have been offered at 3.75c. and less for the past
few weeks, were withdrawn, and
Cuban sugars were not
on offer.
Duty freees were at 3.80 and 3.85c., with refiners
showing little interest.
The Agricultural Adjustment Ad¬
ministration reported that on April 30 stocks of raw sugar in
refiners hands were 146,678 tons lower than on the same date
last year, while stocks of refined were 71,195 tons more,
indicating the backlog of refined built up to care for a heavy
demand in the event of a tax being put on sugar.
London
was
closed for Whit-Monday.
On the 2d inst. futures
closed 1 to 2 points down.
Sales were 1,250 tons.
There
appears to be no disposition to trade until action is taken on
the pending Jones-O'Mahoney resolution and the possible
accompanying tax.
In the market for raws there was little
change, and no interest displayed on the part' of refiners.
One parcel lot of Puerto Ricos was on offer at 3.75c., while
other duty frees started at 3.80c.
Cubas, for July ship¬
ment, might be available at 2.88c., it was reported.
In
London the demand for raw sugar picked up and sales were
made at 4s. 9d., or about .91c. f. o. b. Cuba.
This followed
a reduction on refined of 1 Yd. per hundredweight.
Futures
there were H to Id. higher.
On the 3d inst. futures closed
1 point lower to 2 points higher.
Sales were 6,850 tons.
In the raw market two sales were reported, the first since
May 25.
McCahan of Philadelphia paid 2.85c. (up 3 points)
for 3,000 tons of Cubas, prompt; and an operator bought
23,000 bags of Puerto Ricos, due late June, at 3.74c.
Offers
after the sales were believed to include duty frees at 3.80c.
and better, and Cubas for July shipment at 2.90c.
The
trade has been studying the effect of the new sugar measure,
with possibly a processing tax of He. per pound on with¬
drawals of refined and operators are loath to make com¬
mittments in a substantial way until this prospective legis¬
lation is out of the way.
London futures closed Y to Yd.
lower.
It was estimated that about 20,000 tons of raws
sold at 4s. 9d. equivalent to .91c. f. o. b. Cuba.
On the 4th inst. futures closed 2 to 3 points lower.
Sales
totaled 4,450 tons.
Refiners still show no disposition to
make commitments, apparently until legislation at Wash¬
ington is out of the way.
Offers included Philippines,
June-July and July-August shipment; Puerto Ricos, June
and July shipment, and 1 lot of St. Croix at from 3.80 to
3.85c.
A New Orleans refiner was reported shopping for
bargain lots, while prompt sugars could probably be obtained
with
at 3.75c.
8.32
8.52 I September
May
July
June 6, 1936
Chronicle
Cubas
were
not
on
offer.
Refined withdrawals
reported slightly better.
Resale sugars were reported
being done at 4.80c., which compares with last refiner
contracts at 4.85c. and the present quoted price of 5.00c.
London futures closed H to Yd- lower, while raws were
offered at 4s. 8Yd. or about 0.90He., f.o.b. Cuba.
Today
prices closed unchanged to 1 point down.
The market was
relatively quiet, with the undertone steady.
With the
deadlock in the raw market continuing, and Washington
news
lacking, there was no incentive to trade.
The raw
market was inactive, with refiners also in a waiting mood.
In London only 1,000 tons of futures were traded; prices
were
there
at
were unchanged at
Yd. higher.
0.90He., f.o.b. Cuba.
Prices
were as
Raws
were
wanted
follows:
July
March
2.82
2.53
September
2.53
-2.54
2.79
The Sugar
January
May
Section of the Agricultural Adjustment Ad¬
on May 28 its monthly sugar statis¬
ministration, in issuing
tical statement covering the first four months of 1936,
consolidating reports obtained from cane refiners, beet sugar
processors, importers, and others, said that total deliveries
of sugar
during the four-month period amounted to 2,252,368
short tons raw sugar, value.
The data, the Sugar Section
said,
were
obtained
in
the
administration
of
the
Jones-
Costigan Sugar Control Act, which requires the Secretary of
Agriculture to determine consumption requirements and
establish quotas for various sugar producing areas.
The following is the report issued by the Sugar Section
of the AAA on
May 28:
Volume
Financial Chronicle
142
SUGAR STATISTICAL REPORTS
receipts
1—RAW SUGAR:
AND
DELIVERIES
APRIL, 1936
REFINERS'
FOR
DIRECT
CONSUMPTION
FOR
JANUARY-
a
(In Short Tons, Raw Sugar Value)
Deliveries
Source of
Stocks
Stocks on
Direct Lost by
Consump¬ Fire, &c April 30,
1936
tion
on
for
Jan l,
Supply
Receipts
Meltings
1936
,
Cuba
91,039
819,181
Hawaii..
28,900
300,955
324,329
255,628
Continental, b
3,194
67,308
67.778
728,954
301,986
317,204
224,018
125,988
0
179,201
26,855
52,995
34,283
8.644
Virgin Islands
0
0
0
0
0
13,610
21,657
0
0
11,536
36
1,138
1,174
0
0
0
0
313,514
Western
were
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
0
19,583
run
markets.
Total '/marketings for the
56,100, against 37,400 for the same day
last year.
The bulk of sales as reported ranged from $9.60
to $10.50.
There were no export clearances of lard from
the port of New York reported.
Today futures closed
unchanged to 10 points down.
The heaviness of the market
was attributed
largely to the heavy run of hogs, and lack
of any appreciable support to prices.
MELTINGS,
STOCKS, RECEIPTS,
at
Western
Vol. 3, Report 4, Period: January-April, 1936
TABLE
3879
Puerto Rico....
Philippines
Other countries..
2,065
0
1,014
0
3
0
0
521
454
Miscellaneous
(sweepings, &c.)
Total
255,933
1,782,619
Holi-
October
4,057
Mom.
9.90
9.97
Tues.
9.85
9.90
Wed.
10.05
10.15
Thurs.
10.15
10.20
Fri.
10.15
10.17
9.90
9.80
9.30
9.97
10.10
10.07
9.55
9.60
9.50
day
December.
9.37
Cottonseed
Oil
sales, including switches, 65 contracts.
Crude, S. E., 7^c.
Prices closed as follows:
December
1,720,981
8.80@8.84
8.80@8.86
9.00@
__9.00@9.02
Jannary—
June
Compiled In the AAA Sugar Section, from reports submitted
a
Sat.
July.,..
September
Form SS-15A
July
by 16 companies representing 22 refineries.
The companies are: American Sugar
Refining Co.; Arbuckle Brothers; J. Aron & Co., Inc.; California & Hawaiian Sugar
Refining Corp., Ltd.; Colonial Sugar Co.; Godchaux Sugars, Inc.; William Hender¬
son; Imperial Sugar Co.; W. J. McCahan Sugar Refining & Molasses Co.; National
Sugar Refining Co, of N. J.; Ohio Sugar Co.; Pennsylvania Sugar Co.; Revere Sugar
Refinery; Savannah Sugar Refining Corp.; Sterling Sugars, Inc., and Western
Sugar Refinery.
9.02 @
August
September
October
November
8.97@8.99
8.94@
_8.80@
...
—
per
on
b Includes sugars received at refineries in Louisiana from their own sugar
and not chargeable to continental quota until marketed as refined sugar.
TABLE
mills
2—STOCKS, PRODUCTION, AND DISTRIBUTION OF CANE AND
SUGAR BY UNITED STATES REFINERS AND PROCESSORS,
BEET
JANUARY-APRIL, 1936
(In Terms of Short Tons Refined Sugar as Produced)
Initial stocks ol refined, Jan. 1, 1936
Production
Final stocks of refined, April 30,1936.
.
Refiners and
Factories
Beet
Factories
250,165
1,614,923
al,440,258
424,830
Deliveries
b859,779
23,539
C426.237
457,081
1,109,944
1,638,462
1,866,495
881,911
Compiled by the AAA, Sugar Section, from reports submitted by refiners,
a Deliveries
Include sugar delivered against sales for export.
Department of
Commerce reports of exports of refined sugar amounted to 16,646 tons during
January-April, 1936.
b Revised.
c Larger than actual deliveries
by
through reprocessing, &c.
TABLE
3—STOCKS,
SUMPTION
a
RECEIPTS,
SUGAR
FROM
small amount representing losses in transit,
AND
DELIVERIES OF
SPECIFIED
AREAS,
DIRECT-CON¬
JANUARY-APRIL,
1936
(In Terms of Short Tons of Refined Sugar)
Stocks
Source of Supply
Jan.
Stocks
on
1,
Receipts
1936
Cuba
Deliveries
or
al22,748
171,570
6,547
54,736
on
April 30,
1936
Usage
29,674
50
449
110
0
49
49
0
0
Puerto Rico
..
1,908
6,817
.
Philippines
England
China and Hongkong
Other foreign areas
Total
al38,910
0
19,303
16,258
a2,239
903
2,505
a637
134,221
—
263,529
222,532
175,218
Compiled in the AAA Sugar Section, from reports and information submitted
Forms SS-15B and SS-3 by importers and distributors of direct-consumption
on
sugar.
a
Includes sugar In bond and in customs custody and control.
TABLE
4—DELIVERIES
OF
DIRECT-CONSUMPTION
SUGAR
FROM
LOUISIANA SUGAR MILLS
Deliveries of direct-consumption sugar by Louisiana mills amounted to 49,221
tons In terms of refined sugar, during the period January-April, 1936.
A
was
previous report covering the first quarter of the
given in our issue of May 23, page 3425.
year
Lard—On the 1st inst. futures closed unchanged to 7
points higher.
Lard supplies during the month of May
increased 12,067,525 lbs.
This increase was considerably
larger than expected by the trade generally.
Total stocks
were
40,613,483 lbs., against 34,230,782 last month and
44,490,427 on May 31, 1935.
Total hog receipts for the
Western run were 73,700, against 43,700 for the same day
a
year ago.
Closing hog prices at Chicago were unchanged
to 10c. higher.
The demand for hogs the past few days
increased somewhat.
The foreign demand for lard con¬
tinues slow.
Liverpool lard market was closed in observance
of Whit Monday.
On the 2d inst. futures closed 5 to 10
points down.
The statistical position of lard is held account¬
able in large measure for the sagging tendency of prices.
The top price for hogs at Chicago was $10.10, and the bulk
of sales ranged from $9.60 to $10.
Total receipts for the
Western run were 62,000 head, against 58,300 for the same
day last year.
Export shipments of lard from the Port of
New York Tuesday were 229,700 lbs. for Liverpool and
Southampton.
Liverpool lard futures were unchanged to
3d. higher at the close.
On the 3d inst. futures closed firm
at 17 to 30 points higher.
This pronounced strength was
attributed to short covering for foreign account and new
buying by speculative interests.
Packers were conspicuous
on the selling side.
Hog prices closed 10c. higher at Chicago
and the demand for fresh meats is reported to be
slightly
better.
The top price was $10.25, and the bulk sales
ranged from $9.70 to $10.15.
Receipts at the principal
Western markets were moderately heavy and totaled 52,900,
against 46,300 for the same day a year ago.
Liverpool lard
futures closed irregular, 3d. lower to
3d. higher.
No
improvement in the foreign demand for spot lard was
reported.
Clearances from the Port of New York as reported
yesterday were 16,800 lbs. for Glasgow.
.
On the 4th inst. futures closed 5 to 10
the
points higher
on
months, and unchanged on the distant deliveries.
and covering by speculative shorts were
held responsible for the strength displayed in lard.
Final
hog prices were mostly 15c. lower owing to the liberal
near
Trade
interests
to 23c.
this improvement being
perilla tax and weather in the Northwest.
Quotations: China wood—Tanks, forward, 18.0c.; drums,
spot, 183^c.
Cocoanut: Manila, tanks, April-June, 4c.;
coast, 3^c.
Corn: crude, tanks, West mills, 8c., nominal.
Olive: Denatured, spot, Spanish, 75 to 76c.; shipment for¬
ward, 73 to 74c.
Soy bean: Tanks, mills, 6c.; C.L., drums,
Lard, prime,
7.6c.; L.C.L., 8.0c.
Edible, 76degrees, 9
llj^c.; extra strained winter, 10 ^c.
Cod, crude, NewTurpentine,
foundland, nominal; Norwegian yellow, 35%c.
38c. to 45c.
Rosins, $4.85 to $5.90.
'
Oils—Linseed oil markets firmer,
attributed to the
Rubber—On the 1st inst. futures closed 1 to 4
155,408
6,547
37,341
20,233
509
Hawaii
Pork—Quiet.
Mess, $30 per bbl.; family, $29, nominal,
bbl.; fat backs, $19.50 to $24 per bbl.
Beef: quiet.
Mess, nominal; packer, nominal; family, $15 to $16 per bbl.,
nominal; extra India mess, nominal.
Cut meats: firmer.
Pickled hams, picnics, loose, c.a.f., 4 to 6 lbs., 15c.; 6 to 8
lbs., 143^e.; 8 to 10 lbs., 14c.
Skinned loose, c.a.f.: 14 to
16 lbs., 21^c.; 18 to 20 lbs., 21^e.; 22 to 24 lbs., 19^c.
Bellies, clear, f.o.b., New York; 6 to 8 lbs., 21 %c.; 8 to 10
lbs., 21c.; 10 to 12 lbs., 20c.
Bellies, clear, dry salted,
boxed, N. Y.: 14 to 16 lbs., 14Mc.; 18 to 20 lbs., 14c.; 20
to 25 lbs., 13^c.; 25 to 30 lbs., 13%c.
Butter/creamery,
firsts to higher than extra and premium marks, 25%c. to
283^c.
Cheese, State, whole milk, held, 1935, fancy, 22 to
22Eggs, mixed colors, checks to special packs, 18M
,
Domestic Beet
Refiners
—
points lower.
Transactions totaled 250 tons.
Spot ribbed smoked sheets
in New York remained unchanged at 15.62.
London and
,
holiday.
Certificated stocks of
rubber in warehouses licensed by the Exchange decreased
330 tons to a total of 23,430 tons.
Local closing: June,
15.54; July, 15.58; Aug., 15.63; Sept., 15.68; Oct., 15.73;
Nov., 15.75; Dec., 15.78; Mar., 15.89.
On the 2d inst.
futures closed unchanged to 3 points higher.
Sales totaled
640 tons.
Spot ribbed smoked sheets remained unchanged
at 15.62.
London and Singapore closed unchanged.
Local
closing: July, 15.60; Sept., 15.71; Dec., 15.80.
On the 3d
inst. futures closed 9 to 13 points higher.
Transactions
totaled 1,950 tons.
Spot ribbed smoked sheets advanced
to 15.75 from 15.62 on Tuesday.
London and Singapore
closed unchanged.
Local closing: July, 15.71; Sept., 15.80;
Dec., 15.91; Mar., 16.01.
On the 4th inst. futures closed 6 to 8 points lower.
Trans¬
actions totaled 620 tons.
Spot ribbed smoked sheets
declined to 15.68 from 15.75.
London and Singapore closed
unchanged.
Local closing: July, 15.64; Sept., 15.73; Oct.,
15.75; Dec., 15.83; March, 15.93.
Today futures closed 3
to 4 points up.
Trading was fairly active and transactions
totaled 93 contracts.
Certificated stocks of rubber de¬
creased 1,420 tons to a total of 21,710 tons.
The London
and Singapore markets closed quiet and easier.
It was
estimated that the United Kingdom stocks decreased 1,300
tons.
Local closing: July, 15.67; Sept., 15.76; Oct., 15.79;
Dec., 15.86; March, 15.96; May, 16.04.
Singapore
were
closed for
a
Hides—On the 1st inst. futures closed 4 to 6
points lower.
During the session there
were
120,000 pounds tendered for delivery against June
contracts.
The stocks of certificated hides in warehouses
licensed by the exchange remained unchanged at 865,913
hides.
Domestic spot market was
quiet and without
feature.
Local closing: June, 11.36; Sept., 11.70; Dec.,
12.01; Mar., 12.30; June (1937), 12.60.
On the 2d inst.
futures closed 6 to 9 points higher.
Transactions totaled
400,000 pounds.
Stocks of certificated hides remained
unchanged at 865,913 hides.
Nothing of interest happened,
in the spot hide market.
Local closing: June, 11.43; Sept.,
11.76; Dec., 12.08; Mar., 12.39; June, 12.69.
On the 3rd
inst. futures closed 5 to 9 points higher.
Transactions
totaled 1,200,000 pounds.
In the domestic spot markets
sales totaled 46,400 hides, with May light native cows
selling at 11c. to 11 ^[c. against the last sales at 11c.
Heavy
native steers sold at 123^c.
Local closing: June, 11.52;
Sept., 11.85; Dec., 12.14; Mar., 12.44; June (1937), 12.74.
On the 4th inst. futures closed 1 to 3 points lower.
Trans¬
actions
totaled 80,000 pounds.
In the domestic spot
markets June light native cows sold at 113^c.
Sales totaled
47,700 hides for the various grades.
In the South American
spot market 4,000 Uruguay frigorifico steers sold at 123^c.
Local closing: June, 11.49; Dec., 12.12; Sept., 11.83; Mar.,
12.43; June (1937), 12.73. Today futures closed 5 to 8 points
Sales totaled
1,040,000 pounds.
Financial
3880
down,
in storage.
a
Cer¬
$36,375 per ton to $40 for third quarter, it is believed in
certain quarters that this step will not be taken until it is
seen how the railroads fare out under the new reduced fares
pounds.
Local closing: Sept., 11.75; Dec., 12.07.
Freights—Relatively quiet.
There were some
substantial scrap metal and sugar requirements which were
met.
Otherwise, there was nothing worthy of special
Ocean
comment.
Charters included: Grain booked—This included three loads New York-
Mediterranean, June, 14c,
Scrap iron—Giilf,.last half June, to Japan,.
14s.; June, two North Atlantic ports-Japan, 13s. 6d.; South Atlantic,
June-July, to United Kingdom, 12s. 9d.
Sugar—Second half June, Cuba
to United Kingdom, 12s. 6d.; Cuba, July 1-15, United Kingdom-Continent,
12s. 6d.
Trips—Prompt West Indies, 80c.
Coal—Output showed a further drop.
Bituminous pro¬
last
week was 6,690,000 tons, compared with
6,811,000 the week before and 6,769,000 tons a year ago.
This week has shown further falling off in demand before
advancing heat waves.
New York bituminous dumpings
on
Wednesday were about 375 cars.
It is reported that
many bituminous operators are refusing to make long-term
contracts at current spot prices, feeling that prices will
very likely be .much firmer and higher in the near future.
duction
Consumer and
dealer stocks of soft coal
are
low in most
sections of the country because of the heavy consumption
last
winter.
Fear
that
the
Interstate
Commerce
Com¬
mission will cancel the emergency freight surcharges on coal
at the end of the month has retarded buying to replenish
these stocks.
Copper—Trading
was
reported
as
quiet in all markets.
The current month to date gives every indication of following
month of May as far as volume of local business is
the
concerned.
The
reopening of the European markets after
holidays failed to show any real activity.
Sales were made abroad at both 9.12 3^c. and 9.15c. per
pound, which two prices constituted the recent range.
In
the local market books are opened for September, and it is
presumed that at least 80% of the sales made in June will
specify delivery that montn. The domestic price of copper
is holding well at 93^e. per pound.
There is nothing on the
horizon at the present time that could encourage any hope
of an appreciable change soon from the dull conditions that
prevail both in foreign and domestic markets. Unless some¬
thing of an important nature develops, it would seem that
quiet markets are to prevail for some little time.
the Whitsuntide
Tin—Prices declined again to new lows for the year in
all
this being regarded as a reflection of increas¬
ing world supplies.
This increase was due in part to a
speeding of production on the part of Boliva to cover her
accumulated underproduction, which amounts to some 7,000
tons, and in.part to smaller American deliveries to the
world markets,
United States.
June 6, 1936
total of 866,966 hides
totaling 240,000
transactions
with
tificated stocks increased 79 hides to
Chronicle
In view of this substantial increase in world
effective June 1.
Further, it is thought this
the price of rails would hardly be likely before
the fourth quarter when purchasing for 1937 should normally
that became
advance in
begin on a large scale.
Usually October marks the beginning
of the rail buying season for the ensuing year.
Iron—The general feeling in the trade is that business
getting better and sellers in this district rather expect
that total sales in June will surpass those for May by a
substantial margin.
However, the failure to announce any
Pig
is
price advance for the third quarter deprives the trade of an
incentive that could very likely bring about a decidedly
appreciable change, this view being based on the reported
activity among consumers in the steel trade as a result of
the advance in prices for the third quarter, to take effect
July 1.
As long as pig iron prices seem destined to remain
unchanged for the third quarter there is not the incentive to
buy during June that there is in finished steel.
However,
it is expected that natural demands for pig iron will result
in
a
brisk trade the current month.
Wool—The situation is getting to a point now where 90c.
wool is predicted by July 1.
However, the rise in the
contracting field seems a little too fast for many consumers.
Although top-makers show an interest in medium fleeces,
the response to decisively higher rates on fine wool is not
at the moment favorable from large wool consumers.
A
stable market at approximately 88c. to 90c. for the best
top-making wool would accord with the strong statistical
position of the raw material is the belief in well-informed
circles.
No wool shortage seems imminent, they say—nor,
on the other hand,
is there any likelihood of a surplus.
About 50% of the wool to come out of the 13 Western
States is under contract, but shearing in general is about
three weeks later than usual.
Much wool has been sold
to arrive.
Contracting prices are now coming near to a
foreign parity and this should act as an effective restraint
on
climbing prices.
Further, the new Australian season
will open just about the time when dealers in Boston and
other wool centers are likely to be well supplied with the
domestic raw material.
On the other hand, the new wool
season abroad may do more than confirm the previous rise,
and advance prices to higher levels.
However, much can
happen between now and the end of August to bring about
an appreciable
change in the world wool situation.
Fol¬
lowing the rather sharp advance in wool during the latter
half of May, opinion as to future values is becoming more
conservative.
1st inst. futures closed unchanged to 2c.
exception of January, which was J^c. higher.
Transactions totaled 1,360 bales.
Spot declined 6c. to
$1,463^2.
The outside Japanese markets broke 173^ to 25
yen from last Friday's levels, bringing grade D down to 630
and 62o yen.
At Yokohama futures dropped 11 to 24 yen,
and at Kobe futures were 5 to 20 yen lower.
Local closing:
June, 1.45M; July, 1.43; Aug., 1.41; Sept., 1.40; Oct., 1.40;
Nov., 1.40; Dec., 1.38.
On the 2d inst. futures closed
unchanged to lc. lower.
Sales totaled 750 bales.
Spot
advanced J^c. to $1.47.
Only Kobe advices were received,
the cable from Yokohama failing to come through.
Grade D
was unchanged at 625 yen.
Futures closed 5 to 12 yen lower.
Silk—On the
supplies, the International Tin Committee at its meeting at
Paris on June 25th may decide to cut its quota for third
quarter from the present 85% rate, it is generally thought.
There appears to be a general lack of confidence in the
market.
The realization that American consumption may
decline rapidly during the summer, and the prevailing belief
that Boliva will make up for lost time on her under-producttion, are some of the factors contributing to the feeling of
depression in this industry.
Tin afloat to the United States
is 7,508 tons.
Tin arrivals so far this month have been:
Atlantic ports, 949 tons; Pacific ports, nil.
Commodity
Exchange warehouse stocks dropped 85 tons to 1,050 tons.
lower with the
Lead—Demand continued brisk, with every indication
that the week's sales will be fully as good as those of the pre¬
Cash sales there
ceding week, which showed an improvement of 75% over
the week before. Shipments in May are estimated at 33,000
tons, as against 40,000 tons in April, but all indications point
to larger shipments this month.
In May of last year ship¬
ments had been 32,000 tons, while June
dropped to 28,000
tons, but June this year is expected to be much better.
Zinc—Sales of prime Western slab zinc last week came to
4,649 tons, larger than for preceding weeks, due to being the
last week of the month.
Sales of brass
special were 200 tons.
Unfilled orders of prime Western dropped 520 tons last week
to 27,612 tons, indicating shipments for the week of 5,169
tons.
All sales of prime Western were made at the prevail¬
ing price of 4.90c per pound, East St. Louis, it was so indi¬
cated.
Most of the sales were made for shipment through
June and July, with just a little business for later delivery.
Unfilled orders on books, including brass special, stood at
28,305 tons, a decrease of 545 tons, indicating shipments of
nearly 5,300 tons.
Steel—The seasonal recession failed to occur, steel opera¬
week being scheduled at 68.2% of capacity,
tions for the
according to the American Iron and Steel Institute.
This
were
400 bales and futures at Kobe
were
Local closing: June, 1.45; July, 1.42; Aug.,
1.40Sept., 1.40; Oct., 1.39; Nov., 1.39; Dec., 1.383^.
On the 3d inst. futures closed 34 to 2c. higher.
Sales totaled
430 bales.
Spot declined 34c. to $1.4634.
Japanese cables
1,600 bales.
were
firmer for futures both at Yokohama and Kobe bourses,
yen.
Grade D stood at 625 yen in
both markets, which was a loss of 5 yen for Yokohama.
Cash silk sales there were 1,125 bales while the trade in
showing gains of 1 to 11
futures reached
5,225 bales.
Local closing: June, 1.4534;
July, 1.44; Aug., 1.4134; Sept., 1.41; Oct., 1.4034; Nov.,
1.40; Dec., 1.40.
On the 4th inst. futures closed 134c. lower to 34c. higher.
Sales totaled 460 bales.
Spot advanced 234c. to $1.49.
Japanese cables reported Graae D 1234 yen higher at Yoko¬
hama, and 15 yen lower at Kobe, making the price 63734
and 640 yen.
On the Yokohama Bourse futures closed 10
to 18 yen up.
Sales of spot silk were 950 bales and transac¬
tions .in futures totaled 5,625 bales.
Local closing: June,
1.46; July, 1.433^; Aug., 1.4534; Sept., 1.4034; Oct., 1.3934;
Nov., 1.3934; Dec,, 1.40. Today futures closed unchanged
to 134c. down.
Transactions totaled 84 contracts.
The
price of crack double extra silk in the New York spot market
declined lc. to $1.48.
The Yokohama Bourse closed 13 to
represents another advance of 0.3 point over the previous
19 points lower.
week.
market declined 234 yen to 635 yen a
During the corresponding week last year the rate was
39.5% of capacity.
The continued upward trend of steel
production is attributed largely to consumers meeting their
needs as rapidly as possible to forestall the price advances
for the third quarter, which become effective July 1.
New
York sellers of iron and steel find that demand is holding
up extremely well and expect the present rate to be main¬
bale. Local closing:
June, 1.46; Aug., 1.3934; Sept., 1.3934; Oct., 1.39; Nov.,
1.3834; Dec., 1.3834; Jan., 1.3834COTTON
grams
rate
week
tonnage basis, heavy steel is reported holding up
to light steel in what is regarded as a normal ratio.
Though
rumors
a
were
current of
I
a
price advance
on
steel rails from
June 5, 1936.
indicated by our tele¬
the South tonight, is given below.
For the
this evening the total receipts have reached
against 52,470 bales last week and 45,482 bales
week, making the total receipts since Aug. 1,
Friday Night,
tained the balance of this month.
A well diversified demand
is reported.
Though light steel is still moving at a greater
on
The price of grade D silk in the outside
The
Movement of
from
ending
47,072 bales,
the previous
the Crop,
as
Volume
Financial
142
1935, 6,565,660 bales, against 3,958,582 bales for the same
period of 1934-35, showing an increase since Aug. 1, 1935,
Chronicle
NOTE—Exports to
concerning the
districts
Receipts at—
Sat.
Texas
Mon.
Wed.
Tues.
Total]
Fri.
Thurs.
1,265
1,488
989
214
849
1,412
6,217
"519
"351
1,523
"315
'721
1,497
4",926
7,597
2,601
12",854
2",026
131
28
483
959
1
3", 575
"632
27,006
3,968
9
120
65
455
185
"360
"219
225
18
38
184
803
1,534
1,739
8,601
Corpus Christi-Mobile
Savannah
53
Charleston
86
249
'338
Norfolk
Baltimore
12,410
3,503
16,205
exports were 21,329 bales.
2,937
3,416
following table shows the week's total receipts, the
Aug. 1 1935 and stocks to-night, compared with
On
Leaving
Great
Galveston
1,000
6,078
5,000
Houston
New
Orleans.
Other
June 5
This
Since
Week
Galveston
This
Aug
1 1935
Texas City
Corpus Christi.-.
Beaumont
New Orleans
Since Aug
1 1934
Week
6,217 1,546,175
44,483
4,926 1,713,570
187
271,479
38,036
27",006 1,729,949
,
Houston
_
6,536
902,224
62,885
1,069,042
274,693
4,693
1,018,525
131",498
75,074
6,862
814
active,
6,737
2,237
171,972
36
"102
955
24l
160,393
3,693
311,427
472
114.760
459
212,189
55,835
23,171
42,216
'459
143,103
57,182
18,156
52,757
9
Brunswick.
"338
Charleston./
Lake Charles
1,647
Wilmington
Norfolk
414,734
803
21
84
555
75,865
10,844
3,266
98.778
28",610
38,595
12,145
18,892
12,661
20,604
29,059
19,766
N'port News, &c.
"3",980
New York
Boston
8,789
2,481
1,756
723
Baltimore
1,739
298
29,817
26,669
1,875
Philadelphia
Totals
47,072 6,565,660
t
18,907 3,958,582 1,591,891 1,551,263
In order that comparison may
be made with other years,
give below the totals at leading ports for six seasons:
—!—.
1935-36
Receipts at—
Galveston
Houston
New Orleaas
1934-35
6,217
4,926
1933-34
6,132
3,228
6,536
27.006
_
Mobile
3,968
1932-33
3,395
3,590
19,132
2,651
102
241
472
Savannah
962
'""338
Charleston
""*459
1931-32
18,337
23,821
15,225
3,033
2,867
1,276
6,264
1,647
84
29
430
803
Wilmington
555
796
Newport News
1930-31
6,951
2,969
10,419
1,303
2,294
1,374
3,574
23
~
—
993
Norfolk
1.211
3,091
9,329
938
1,166
"
*1,247
245
176
25
317
*
5,000
255
249
800
10,000
7,851
9,125
32
33,800
15,718
15,861
"3,158
.15", 071
"l",286
l",276
47.072
Total this wk_
1,339
18.907
34,989
86,064
30,591
18,600
Since Aug. 1__ 6,595,660 3,958,582 7,099,409 8,265,852 9,489,228 8,379,265
The exports for
the week ending this evening reach a total
of 82,590 bales, of which 16,701 were to Great Britain,
8,457 to France, 18,103 to Germany, 12,295 to Italy, 7,395
to Japan, 750 to China and 18,889 to other destinations.
In
the corresponding week last year total exports were 99,209
bales.
For the season to date aggregate exports have been
5,608,067 bales, against 4,339,357 bales in the same period
of the previous season.
Below are the exports for the week:
Week Ended
Exported to—
June 5, 1936
Exports from—
Ger¬
Great
France
Britain
Galveston
5,946
1,864
Houston
9,666
many
751
Beaumont
Italy
Japan
4,004
China
5,019
4,587
9,609
1,376
750
•
5,842
846
Lake Charles—
7,533
....
Mobile
mmmm
Jacksonville
«.
-
-
mm
-
mm
201
-
-
-
89
5,398
22,154
846
121
121
201
----
250
mmmm
573
'
........
243
Total
33,383
23,220
89
----
-
323
760
Angeles
«...
mm mm
Savannah
Norfolk
«...
-
6,090
---
-
3,381
----
Total
6,941
-
New Orleans
Other
-mm
-
m
m'mm
1,000
760
1,243
16,701
8,457
18,103
12,295
7,395
750
18,889
82,590
Total
1935
19,772
2,830
5,324
12,225
181
Total
1934
1,946
4,224
5,419
9,372
28,927
17,677
29,950
25,834
83,056
From
18,584
99,209
Exported to—
1935 to
June 5,
1936
Exports from—
Great
Britain
Ger-
France
Galveston
178,131 144,017
Houston
273,616 144,721
62,948 55,222
Corpus Christi
Texas City...
.
Lake Charles.
Mobile
Jacksonville
Pensacola, &c
Savannah
Charleston...
China
417,628
449,005
71,175
10,547 237,363 1275,126
14,323 309,881 1512,451
many
Italy
250
*
*6*976
Beaumont
Japan
203,313 84,127
206,007 114,898
31,682 20,188
965
745
2,109
916
108
150
200
155,506 111,713
3,931
7,477
50,951 23,982
207,496
3,062
278,257 272.411
5,455
9,301
114,964 27,825
2,192
81,298
111,701
150,129
36,423
1,171
2*222
Wilmington...
38,085
38,903
2,937
50
1,224
1,384
2,622
4,026
1,292
Boston
210
"""213
""■45
77
32,856
14,710
5,426
314
35,123
3,506
6,694
144,673
177,053
188,071
300
4,351
1,130
20,072
13,235
12,887
11,201
3,659
10,500
10,452
7,376
250
1 700
1,656
8,967
"14
Baltimore
Philadelphia..
Los Angeles..
3,413
16~024
792
1,668
290,432
6,838
8,983
8,784 217,034 1251,201
13,337
42,563
3*750 27,650 285,545
633
3*385
1,086
3" 394
Gulfport
48,136
2,769
5,497
2" 897
Norfolk
Total
50
31,248
4,051
12,794
New York....
1,078
Other
14
6*750
552
6,108
7,637
281,477
58,556
2,727
70,529
315
Francisco
192*680
315
Settle
Total
1934-35
Total
1933-34
1313,009 675,266
828,407 373,1651473,937
38,482 905,801 5608,067
721,007 359,809 578,442 441,292 1485,139 106,076 847,592 4339,357
1208,276 722,470 1330,945 635,696 1664,871 272,757 984,507 6819,522
1934.-
3,016
200
14,894
4,429
9,746
Speculation
with
19,989
7,238
7,146
cotton
in
for
863
68,426 1,523,465
2,456 56,379 1,494,884
3,013 130,772 2,569,088
5,504 27,176
5,171 37,085
9,386 101,481
prices
generally
425,245
292,853
357,337
171,972
28,579
108,227
29,059
110,193
future
delivery
showing
an
was
upward
fairly
trend.
The feature of the week
was the sharp
Tuesday's session, when prices
advance of $1.55 per bale.
The Wall
conspicuous on the buying side during
in
rise that took place
scored a maximum
Street element was
this upswing.
All
highs for the movement.
The bullish
last
months touched
weather
new
particularly as concerns
the prolonged r
drought in the Eastern belt, and the strong statistical po¬
news,
sition of
for this
cotton,
sudden
were
given
as
the chief factors responsible
upward swing.
On the 1st inst. prices closed 2 to 9 points higher.
Even
though markets abroad were closed on account of the
holiday, trading here was moderately active during the early
part of the session, and though the market later lapsed into
a quiet state
prices held firm throughout the day and closed
at about the highs of the session.
A feature was the action
of the Producers' Pool in beginning its liquidation of
July
holdings.
It was estimated that brokers with Government
connections sold between 2,000 and 5,000 bales of July at
bids of 11.60c.
The Pool's long interest in July was 317,000
bales.
Despite the holiday abroad, foreign buying was in
evidence here.
The Far East, Liverpool and the Continent
were buyers, these purchases
being confined largely to the
distant positions.
Quite a little selling of October and
came
from brokers with spot
house connections.
This selling was thought, to be in large part hedging opera¬
tions.
The weather map showed virtually no rain over the
belt.
Droughty conditions in the eastern belt still prevail,
and this accounts in
no
small
measure
prices." Average price of middling
spot markets
was
4 to 31
up,
points
broadest
rienced
and
this
for the firmness of
the 10 designated
11.69c.
On the 2d inst. prices closed
the high level of the day.
In one of the
most
active
sessions
at
the
market
has
expe¬
prices scored substantial gains, with
March closing at 10.83c. and May at 10.85c., both up 31
points, of $1.55 a bale.
These prices were new highs for
the movement.
The continued drought in the eastern
belt was held responsible in large measure for this sudden
spurt upward.
There is apprehension in not a few quarters
that it might be too late to make a crop in the East, even
though rains may occur soon.
Despite the clearing weather
reported in the western part of the belt, it is believed that
a number of areas have suffered quite a setback as a result
of
excessive
year,
moisture.
In
view
of
these
rather
bullish
weather and crop reports
and steady cables from abroad,
together with a good demand from both foreign and domestic
sources, prices responded in a most substantial way and held
firm throughout the session, closing at the highs of the day.
A feature of the trading was the activity of the Wall Street
element on the buying side, evidently influenced by the
prolonged drought in the eastern belt.
Pool brokers were
not very active, the sales from this source being estimated
at 3,000 to 4,000 bales of July on bids of 11.61c.
However,
in New Orleans it was reported that brokers who sometimes
act for the Pool sold about 10,000 bales of July on bids of
11.55c.
Average price of middling based on the 10 desig¬
nated spot markets was 11.73e. on Tuesday, compared with
11.69c. Monday.
On the 3rd inst. prices closed 2 points
up to 8 points down.
As a result of heavy realizing, sales
prices at one time showed maximum losses of 9 to 17 points.
In the late afternoon, however, the market rallied on sub¬
stantial covering by shorts and moderate buying from the
outside.
Trading at the start was fairly active, with
futures
2
points higher to 2 points lower.
However, as
under way a wave of selling developed, this
coming from both foreign and domestic sources.
These
offerings were taken fairly well up to the early afternoon,
when selling pressure became stronger.
It was believed
that some of the selling was influenced by private advices
reporting rains or forecasts of precipitations in the east
and central belts.
The weekly weather report confirmed
the session got
the
Total
""31
*"3i
December
"
1,926
All others
San
17,000
1,502
1,487
Total
ports—
Total
111",243
20
3,228
383",227
_-J
New Orleans
wise
Stock
Coats-
2",816
312,824
7.0S3
483,881
40,750
459,045
2,385
308,571
29,170
29,821
373,198
6,132
3",968
__
aeksonvijle.-
1
Other
Foreign
..
Total 1936-Total 1935--
1935
1936
Gulfport
Mobile
Aug.
Ger¬
many
Britain France
Norfolk
Stock
1934-35
Receipts to
Los
Shipboard Not Cleared for—
June 5 at—
Charleston
1935-36
Brunswick
1936, there were
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Mobile
we
For the nine months ended April 30,
against 182,053 bales for the nine months of 1934-35.
Savannah
last year:
avannan_
as
1,647
total since
Pensacola
from week to week, while reports from the customs
are always very slow In coming to hand.
In view,
same
338
205
Totals this week.
241
89
"428
Wilmington
The
187
187
New Orleans
practice to Include in the
our
inquiries we are receiving regarding the matter, we will
say that for the month of April the exports to the Dominion the present season
have been 8,598 bales.
In the corresponding month of the preceding season the
181,820 bales exported,
..
been
numerous
47,072
City
Houston-
never
the Canadian border
on
however, of the
Galveston
Canada—It has
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
returns
of 2,607,078 bales.
3881
unfavorable
eastern
belt
conditions.
Rainfall
was
reported substantial in much of the western half of the belt.
Average price of middling in the 10 designated spot markets
was
11.66c.
Financial
3882
On the 4th inst prices
closed 3 points down for the July
Rains
were reported in the eastern portion
of the belt, especially
in
Georgia
and
the Carolinas.
Despite these bearish
weather reports, the market held steady, with prices ad¬
vancing for all months excepting July, which ruled heavy
throughout the session, closing at 11.62c., 3 points under
yesterday's close.
October registered the greatest gain.
Trading was considerably quieter, with activity confined
largely to July and the distant deliveries.
In the last half
hour a moderately good demand for October developed.
Commission houses, the Far East and local professionals
purchased this position.
Offerings were not liberal, and
buyers were forced to bid up the market in order to secure
their
contracts,
especially the October delivery, which
Saturday
Monday
Tuesday
May 30
June 1
There was also a good demand for Decem¬
ber.
Pool
from
this
bids
brokers
of 11.65c.
not
were
in
much
offerings
evidence,
totaling only 600 to 700 bales of July
source
on
Average price of middling, based on the 10
designated spot markets, was 11.72c.
Today prices closed 3 points up on the July option, but
points up on the rest of the list.
On a general wave
buying orders from trade interests, shorts, Wall Street
commission houses, the active months showed substan¬
and
tial
gains.
bids
July
The advance in
of 11.65c.
by sales
checked
was
on
October reached the high¬
est level since Dec. 11, 1935.
On the advance there was
considerable profit-taking, but offerings were well absorbed,
prices closing at virtually the liighs of the day.
There was
no
rain predicted for the Carolinas and Georgia, and the
situation
result
in
by pool brokers.
of the prolonged
drought.
markets
for deliveries
on
serious
as
a
on
11.63
11.65
11.62
11.65
11.44n
11.4877
11.5077
11.47/7
11.50/1
ll.lOn
11.2777
11.2477
11.31/1
11.40/1
Closing.
Sept.—
Range.*
Closing
.
Oct.—
10.60-10.66 10.68-10.85 10.73-10.89 10.71-10.88 10.86-10.97
Range..
HOLI¬
Closing.
10.82-10.84 10.79
10.65
10.51-10.51
Range—
10.48/1
Closing
10.55
Closing.
.64
55
do
.39
do
Strict Middling
do
Middling
do
Strict Low Middling...
do
Low Middling
do
.45
45
36
29
♦Strict Good Ordinary
♦Good Ordinary
do
.22
.44
Good Middling.
.44
Strict Middling
do
do
.22
.44
Middling
do
do
do
do
do
Extra White
.17
.35
.28
Strict Low Middling...
Low Middling
21
.42
Good Middling..
.21
.42
Strict Middling
.16
.33
Middling
.55
do
Closing.
10.53-10.54 10.81
on
.30
.30
Range..
.15
.30
Strict Middling
do
Closing.
April—
Range—
Closing
do
Closing
.
Nominal.
77
Range of
prices
future
do
10.33 Aug. 24 1935 12.07 May
10.58 Sept 30 1935 11.38 Oct.
1 11.65 June
do
39 off
July
26 1935
9 1936 11.45
Dec.
3 1935
3 1936 10.35
May 22 1936
9 1936 10.69
Jan.
2 1936
25 1936 10.53
Apr.
22 1936
18 1936
5
June
10.51
June
2 10.12 Mar.
1936- 10.49
June
10.90
June
5
9.76
Jan.
1937- 10.48
June
10.91
June
5
9.94
Feb.
1937-
June
10.92
June
5 10.20 Mar. 27 1936 10.60 Apr.
10.92
June
5
Mar. 1937- 10.52
The
foreign figures
do
Total Great Britain
do
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
do
Stock at Genoa
do
Stock at Venice and Mestre
do
Stock at Trieste..
do
do
do
.68 off
1.31
1.96
1.27 off
1.83
do
do
2.39
Gray
♦Good Middling..
do
The official
1.29 off
do
do
1.90
do
do
do
2.37
do
future contract.
.
quotation for middling upland cotton in the
New York market each day for the past week has been:
May 30 lo June 5—
Middling upland....
—
Sat.
Hoi.
-
Mon.
11.79
Tues.
11.80
Wed.
11.80
Thurs.
11.77
Fri.
11.80
Quotations for 32 Years
middling upland at New York
June 5 for each of the past 32 years have been as follows:
for
Liverpool stock
Bremen stock
Havre stock
on
Other Continental stock
American afloat for Europe
U. S. ports stock
1928--....21.15c.
1920......40.00c.
1912-..-.11.45c.
U. S. interior stock
1927--.--16.75c.
1919—.-.31.40c.
1926-..-.18.70c.
1918...-_29.90c.
-.15.90c.
1911
1910...-,14.90c.
U. S. exports today
—12.10c.
9.30c.
1925—
.24.70c.
1924.. -_29.55c.
1923
...28.45c.
19x.7
1909...-.11.50c.
1932
8.60c.
—
1930...-.16.00c.
18.95c.
1929
1922.....-20.75c.
1921
12.65c.
1916
1915
—
—
—
-.22.70c.
-_12.75c.
.—
9.75c.
1914......13.65c.
11.90c.
1913
.
1908-..-.11.40c.
1907—
12.90c.
1906...
11.25c.
1905
8.40c.
356,000
393,000
259,000
205,000
59,000
46,000
38,000
36,000
145,000
155,000
125,000
96,000
902,000
781,000
109,000
114,000
172.000
335,000
195,000
172,000
,759,324
1,591,891 1,551,263 2,699,860 3
__1,554,313 1,269,564 1,312,579 1 ,478,208
25,610
14,537
17,842
12,075
Total American
East Indian, Brazil, &c.—
Liverpool stock
Manchester stock—*.
Bremen stock
Havre stock
Market and Sales
The total sales of cotton
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
which show at
973,000
bales.
Manchester stock
.-11.80c.
_
917,000
5,955,741 5,419,669 7,794,514 8 ,873,142
above, totals of American and other descriptions are as follows:
1935...—11.80c.
—
499,000
531,000
Total visible supply
Of the
New York
quotations
6,000
758,000
544,000
216,000
22,000
81,000
110,000
1,244.000 1,179,000 1,924,000 1,731,000
69,000
96,000
132,000
118,000
335,000
172,000
172,000
American cotton afloat for Europe
195,000
98,000
112,000
121,000
Egypt, Brazil ,&c. .afl't for Europe
132,000
Stock in Alexandria, Egypt
428,000
327,000
205,000
219,000
772.000 1,139,000
949,000
Stock in Bombay, India
887,000
Stock in U. S. ports
1,591,891 1,551,263 2,699,860 3,759,324
Stock in U. S. interior towns
1,554,313 1,269,564 1,312,579 1,478,208
U.S. exports today
25,610
12,075
17,842
14,537
do
do
on
107,000
Total European stocks
India cotton afloat for Europe
do
♦Middling
Not deliverable
1933
651,000
do
♦Strict Middling
BlueStained
1934
908,000
99,000
680,000 1,007,000
209,000
497,000
111,000
241,000
19,000
17,000
76,000
74,000
52,000
74,000
22,000
6,000
10,000
8,000 "
i6,000
Total Continental stocks
do
1 24
do
75,000
do
.49 off
.74
do
605,000
713,000
204,000
152,000
15,000
67,000
77,000
Stock at Bremen
do
do
Strict Middling
51936
do
do
do
1935
1936
614,000
99,000
-bales-
1.32
do
June
show the
2.57
do
do
do
Yellow Stained
10.92
are
the total
2.04
do
10.48" June" l"" 1936
Visible
do
♦Middling
...
Nov. 25 1935
3 1935 11.40
June
do
.30
1931-.
9 1936 11.55
Sept
10.97
Stock at Liverpool
Stock at Manchester
do
♦Middling
Good Middling
.30
—
Jan.
June
.62
Light Yellow Stained.
17 1935
1 8 1935
May 25 1935
9.80 Jan.
1936- 10.60
do
♦Middling
Good Middling
.30
1933
9 1936 11.97
Jan.
10.39
June
3 10.21
10.42
1936- 11.57
June 5—
do
♦Strict Middling
..
Range Since Beginning of Option
Range for Week
do
♦Strict Middling...
1934
New York for week ending
each option:
at
June 5 1936 and since trading began on
do
Good Middling
10.91/7
10.4810.54 10.54-10.85 10.72-10.84 10.69-10.80 10.79-10.92
10.80 —
10.92
10.77 —
10.85 —
10.54 —
Range
♦Low Middling...
.30
10.79/1
10.7677
10.8477
10.53/7
.
May—
brought down to Thursday evening.
complete figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
do
do
10.90/7
10.52-10.55 10.54-10.83 10.67-10.85 10.69-10.78 10.77-10.92
10.78 —
10.91/7
10.75 —
10.5271
10.83 —
Range—
♦Strict Low Middling
1936
10.79/1
10.7677
10.8277
10.53W
Closing.
March—
To make
do
do
Strict Good Middling..Yellow Tinged
Good Middling
do
do
♦Middling.
10.90
all
do
08 off
do
Middling
—
do
do
57 off
.15
The
10.77-10.78 10.80
do
do
.14 on
.11 off
.59 off
1.32
2.07
.15
♦
10.74-10.75 10.77-10.79 10.88-10.90
10.48-10.54 10.57-10.81 10.65-10.83 10.67-10.80 10.76-10.91
Supply of Cotton to-night, as made up
by cable and telegraph, is as follows.
Foreign stocks as
well as afloat are this week's returns, and consequently
Mid.
1.29
do
♦Low
do
.39
.02
Spotted
do
do
♦Strict Low Middling
15
—
Range—
Apr. 1937May 1937— 10.48 June
do
2.07
...2.60
do
.16
Mid.
on
Basis
59 off
1.32
.22
.15
10.79
—
Jaw.(1937)
Nov. 1936— 10.51
.74
do
Middling.,
10.927i
10.49-10.55 10.56-10.79 10.67-10.83 10.66-10.79 10.76-10.90
Range—
Oct.
do
Good Middling
.15
10.82/7
10.7777
10.73/7
Dec.—
Sept. 1936-
White
Middling r'dr.
Strict Good
.15
10.86-10.88 10.95
DAY.
Nov.—
Jan.
45
.16
11.59
_
Range—
Aug. 1936-
re.
45.
.17
Closing
Feb.
.45
11.657i
Aug.—
Dec.
22
.22
11.62/7
11.57-11.60 11.59-11.63 11.63-11.65 11.61-11.65 11.63-11.65
July
contract to June. 11 1936
22
.22
11.6577
11.63W
Range—
June 1936-
grades established
average
Agriculti
longer
.22
11.59/i
Closing.
Option for-
Quotations of the ten
markets designated by the Secretary of
I-Inch a
Inch
the
are
June 111036
Ifi
Range—
Jul!/—
War talk in the Far East
Differences between
quoting
for deliveries
June 5
Junei1936)
May 1936-
staple Premium60% of average of
15
regarded as quite
likely played its part in the advance today.
very
six
is
areas
some
Friday
June 4
June 3
Feb.—
9 to 13
of
Thursday
Wednesday
June 2
option, while other months were 3 to 7 points up.
reached 10.88c.
June 6, 1936
Chronicle
on
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloatStock in Alexandria, Egypt
Stock in Bombay, India-
4,031,741 3,616,669 5,416,514 6,915,142
515,000
400,000
53,000
39,000
54,000
15,000
136,000
65,000
96,000
132,000
112,000
121,000
327,000
205,000
772,000 1,139,000
355,000
61,000
49,000
27,000
76,000
118,000
132,000
219,000
887,000
295,000
43,000
71,000 x
69,000
9S.000
428,000
949,000
on same
SALES
Futures
Spot Market
Closed
Saturday
Monday
Tuesday
WednesdayThursday
Friday
___
__
Market
Closed
Spot
Contr 'ct
Total
HOLI DAY.
Steady,
Steady,
Steady,
Quiet 3
Steady,
,
2 pts. adv—
1 pt.adv_—
unchangedpts dec
3 pts.adv—
.
highest, lowest and
New York for the past week have been
5,955,741 5,419,669 7,794,514 8,873,142
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Tinnevelly, good, Liverpool—.
The
-
-
-
6.12d.
6.68d.
6.83d.
6.56d.
11.80c.
11.80c.
12.15c.
9.25c.
8.99d.
5.37d.
8.55d.
5.84d.
6.31d.
9.15d.
5.28d.
6.13d.
9.06d.
5.29d.
5.80d.
.
'
bales.
above
figures for 1936 show a decrease from last
week of 68,828 bales, a gain of 536,072 bales over 1935, a
decrease of 1,838,773 bales from 1934, and a decrease of
-
2,917,401 bales from 1933.
Total week.
Futures—The
1,924,000 1,803,000 2,378,000 1,958,000
4,031,741 3,616,669 5,416,514 6,915,142
Continental imports for past week have been 83,000
Steady
Very steady
Steady
Very steady
Steady
Since Aug. 1
Total East India, &c
Total American
Total visible supply
closed
glance how the market for spot and futures
days.
a
57,619
32~666
89",619
closing prices
as follows:
at
At the
Interior Towns the movement—that is,, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
Volume
Financial
142
corresponding period of the previous
-is
year-
for
detail below:
3883
New Orleans Contract Market—The
in
out
set
Chronicle
the past week have been
Movement to June 5, 1936
Towns
Receipts
Ship¬
Receipts
Monday
Tuesday
May 30
June 1
June 2
June
Thursday
Friday
June 4
Wednesday
June 5
7
Season
Week
cotton market for
follows:
Saturday
Stocks
Week
June
5
Ship¬
ments
Stocks
Week
Season
as
1935
Movement to June 7,
ments
Week
closing quotations
leading contracts in the New Orleans
June 3
June('36).
293
Ala.,BirmIng'm
564
58,666
15,532
Ark., Blythville
Forest City..
27,440
36,867
31,826
1,118
397
""31
162,396
31,262
3,369
113,978
34,463
2,055
81
3,666
July
8.823
39
5,304
August
42
24,016
44,278
21
75
122,953
1,312
1,212
18,199
36,642
13
27,692
160
17,816
47,119
200
13,593
January'37
19,394
February
9,515
19,185
20,967
36,140
11,147
57,226
55,947
73,775
11,995
Eufaula
Montgomery.
4
Selma
3
Hope
Jonesboro
81,278
1,796
85,669
371
109,781
Helena
892
388
Little Rock..
449
1
Newport
Pine Bluff.
I
422
-
Walnut Ridge
7
Ga., Albany
"""9
Athens
Atlanta
1,957
Augusta
572
Columbus
600
24,335
66,085
299,146
182,806
45,639
54,029
15,448
1
34
16,279
353
338
55
620
29.133
9,695
49,185
14,340
41,175
11,860
16,701
37,299
28,082
81,327
_
~"n
24,559
45.300
334
86,315
66
3,782
14.350
"875
7,873
95
99.937
2,599
94,315
500
11.711
55
654
16,270
23,234
19,258
100
21.743
501
20,465
"~2
57,688
200
20,937
Miss.Clarksdale
594
124,048
2,589
9,886
540
1,448
27.507
112
41,396
741
100
132,583
23,466
803
14.449
176,701
57,415
8,795
31,308
2,150
417
136,569
1,916
35,865
147
25,253
936
14,796
37,203
Yazoo City..
5'
37,798
476
Mo., St. Louis.
N.C.,Gr'nsboro
3,769
229,
216,006
8,508
3,934
128
2,710
126
386,956
Greenwood..
690'
Jackson
358
Natchez
4
136
Vicksburg
453
491
848
"691
4,610
4,517
664
12,815
3,907
"160
2,959
22,210
28.351
188,049
3.451
1.426
86
3,855
564
5,696
118
240.842
373 107.217
125.229
1,633
12,377 1,382.007
24,007
21,159
15,218
2.747 45,835
21,398 357.641
1
4
Oklahoma—
15 towns*
B.C., Greenville
Tenn., Memphis
Texas, Abilene.
Austln
Brenham..
2,536
159,121
21,0656,972,983
I
54,770
18,553
16!
12,177
1,309 91,410
3,989 49,984
31,693 488,499
1,409
~~26
721
135
3,637
5,749
4,526
Dallas
146.
57,574
590
Paris
167
34,598
698
Robstown.
10,527
8.054
"~37
2.359
4,476
43
47,660
6,095
35,740
1,064
112
57
11,336
1,347
6,747
"_52
5,864
"266
374
16.700
""94
3,556
22!
24,844
145
7,911
26,945
277
15,278
6
San Antonio.
79,948
633
3,346
57,186
25
8,414
74,780 1554313
21,189 3,439.824
Texarkana.
Waco
10.75
10.84
10.84
Bid.
1075&1076a
10.75
Bid
10.87
10.47
Bid.
10.75
Bid.
10.76
Bid.
10.87
bid
Tone—
Steady.
Options.._
60.472
300
23,403
16,384
13,762
2,276
5,739
4,977
3,331
10.75
Steady.
Steady.
Steady.
Steady.
Very
Steady.
stdy.
Steady.
28,415
77,143
400
Columbus
10.73
10.49
May
71,432
333
10.47
DAY.
.
Spot
""29
10.80-10.81 10.89-10.90
10.72
April
14,276
27,223
11,231
1,621
6,705 134,192
3,144 112,552
500 33,200
11.58
HOLI¬
10.48
March
4
"~9
104
DAY.
1,647
La., Shreveport
Rome
HOLI¬
24,857
4,630
5
11.58
11.56
10.57-10.58 10.76-10.77
November
December-
17.085
28,750
13,638
Macon
October
79,427
259
11.53
September
Decrease
April
in
World
Stock
of
All
Cottons
End
at
of
Reported
by New York Cotton Exchange—The
total stock of all growths of cotton in all hands in the world
at the end of
April
approximately 1,200,003 bales smaller
date last year and about 4,100,000
on the corresponding date two
years ago,
according to the New York Cotton Exchange Service. The
reduction occurred chiefly on American cotton, the world
stock of foreign cotton showing a moderate increase from a
year ago but a moderate decrease from two years ago.
The
Exchange Service, under date of June 1, stated:
than that
the
on
was
same
bales less than that
The total stock of all growths of cotton in the world at the end of April
approximately 18,734,000 bales, compared with 19,941,000 on the
corresponding date a year previous and 22,831,000 two years previous.
The large reduction in the stock this year as compared with last year is due
was
Erimarily to t-ae factthan last season through April. As of run substantially
that world all-cotton consumption has the beginning of
eavier this
season
the season, the total supply for the season, including the carryover and the
entire new crop, was approximately the same tnis season as last season, b\it
the supply has been run down faster this season than last season
by the
increasing coasumptlon.
Tne total stock of American cotton in all hands in the world at the end
of April was 10,069,000 bales, compared with ll,677,0n0 on tne correspon-
ing date last
Total, 56 towns
*
34,859 5,087,153
53,5241269564
The
above-totals
show
that
interior
the
have
stocks
decreased
during the week 39,921 bales and are to-night
284,749 bales more than at the same period last year.
The
receipts at all the towns have been 13,670 bales more than
the
same
week last year.
Overland Movement for the Week and Since Aug. 1
-1935-36June 5—
Week
Aug. 1
Via St. Louis
3,934
212,808
Via Mounds, &c
Via Rock Island
75.511
862
75
Since
Week
3,451
1,300
77
4,834
5,000
3.908
14,968
510,342
.14,922
1,095.704
23,678
985,639
1,739
298
246
29,875
10,188
244
7,063
.278,301
8.164
26.335
13,296
289,488
9.048
318,364
8,706
329,119
217
Via Virginia points
Via other routes, &c
Total gross overland
"51
13,046
168.172
Shipments—
Overland
to N.
Between
interior
Y., Boston, &c._.
.
towns
.
Total to be deducted
.
is due
*
5,874
777,340
14,972
Election
York
656,520
Including movement by rail to Canada.
on
Receipts at ports to June 5
47,072
5,874
Southern consumption to June 5.125,000
1934-35
Since
Aug. 1
Week
committees
Vice-President, is
who
Son.
Three
new
was
is
Aug. 1
18.907
14,972
100,000
3.958.582
656,520
4.125,000
177,946 12,138,000
*39,921
433,975
133,879
*32,335
8.740.102
122,086
421,758
consumption to May 1
138,025
*81,274
101.544
12,993,733
14,180
1,053,825
8,780,914
18,159
942,392
Movement into
sight in previous
Bales
114,243
146,737
86,642
8
1933—June
9
1932—June 10
years:
Since Aug. 11933
Bales
12,466,496
-.13,286,172
1932._
1931
.15,275,196
—
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Below
of the week:
Closing Quotations for Middling Cotton
Week Ended
June 5
Galveston
on—
Monday
Tuesday
HOL.
11.59
11.59
11.61
11.61
11.64
11.86
11.88
11.75
11.95
Saturday
Wed'day Thursday
New Orleans
11.83
11.83
HOL.
11.88
Mobile
11.63
11.69
11.73
11.75
11.72
Savannah
11.89
11.89
11.93
HOL.
11.92
12.00
11.90
Norfolk
HOL.
HOL.
12.00
Montgomery—
Augusta
Memphis
11.57
11.59
11.63
11.65
HOL.
12.13
12.15
11.55
12.09
11.60
11.65
11.65
11.62
12.12
11.60
Houston
HOL.
11.60
11.65
HOL.
11.54
11.65
11.58
11.65
Little Rock
11.60
11.57
Dallas
HOL.
11.28
11.31
11.33
Fort Worth
HOL.
11.28
11.31
11.33
11.26
11.26
New
York
Friday
12.00
11.65
12.15
11.65
11.65
11.60
11.27
11.27
Cotton
commissions and
on
and
New
memberships.
He is
a
a
Coker
member of the firm of Fenner &
a
Beane, and
re-elected Treasurer, is of the firm of George F.
were
elected to the Board of
Exchange, these being:
and
P.
Manfred
Schwarz.
Managers
Frank G. Brown,
Mr.
Coker
is
a
Co., and Mr. Schwarz
member of the firm of Corn, Schwarz & Co.
of the board who were
reelected are
members
The other
as
follows:
Eric Alliot, Richard T. Harriss Jr., William J. Jung, Frank
J. Knell, Jerome Lewine, George F. Mahe, John H. McFadden Jr., Perry E. Mooro, Homer W. Orvis, Joseph A.
Russell, Alvin L. Wachsman, and Philip B. Weld. Thomas
was
reelected trustee of the Gratuity Fund, for a
period of three years, and E. Malcolm Deacon, James B.
Irwin, and Byrd W. Wenman were elected Inspectors of
F. Cahill
Election.
The New York Wool
Top Exchange also held its annual
Philip B. Weld was re-elected
President, Arthur R. March, First Vice-President, and
Clayton B. Jones, Treasurer. H. Clyde Moore was elected
to the post of Second Vice-President.
Three new members
were elected to
the Board of Governors of the Exchange,
these being:
Marshall Geer Jr., James C. Royce, and
election of officers
Decrease.
Week—
on
members
Cotton
the
of
Since
Week
6,656,660
777,340
4,795,000
Net overland to June 5
1934—June
of
member of the firm of E. A. Pierce &
In Sight and Spinners'
*
tne
Jones,
James
1935-36
North, spinn's' takings to June 5.
Officers
partner in Jenks, Gwynne & Co. Previously, he was connected with several
commission houses.
He is a native of Jackson, Tenn.
Mr. Beane, tne newly
aggregate net overland exhibits
of 120,820 bales.
over a year ago
of
Mr. Botts, the new President, is well-known throughout the cotton trade.
a member of the Exchange since 1911 and for
many years has
Mr.
over
season.
He has been
Jones &
Takings
last
Top Exchanges—The New York Cotton
Exchange on June 1 elected John C. Botts, President, and
Alpheus C. Beane, Vice-President.
Mr. Botts has been
Vice-President during the past two years, and Mr. Beane
has been a member of the Board of Managers for several
years.
Clayton B. Jones was re-elected Treasurer.
An
announcement by the Exchange said:
elected
increase
for
tnat
Wool
The foregoing shows the week's net overland movement
this year has been
5,874 bales, against 14,972 bales for
the week last year, and that for the season to date the
an
than
The world stock of foreign cottons as of the end of April was approximately
8,665,000 bales this year, compared with 8,264,000.last year, and 9.105,000
two years ago.
The increase in the stock this year over last year is due
primarily to the record-breaking production of foreign cottons this season,
which was only partially offset by a heavy decrease in the carryover at the
beginning of the season and by a small increase in consumption this season
over last season.
The decrease in the stock of foreign cottons as compared
with two years
a^o is due to the very large increase in consumption of
foreign cottons this season as compared with the season before last, which
has more than offset the increase in foreign production.
served
Leaving total net overland*
smaller
somewhat
Aug. 1
198,571
95,431
3,197
11,339
184,158
608,691
Via Louisville
Deduct
-1934-35-
Since
Shipped.—
year and 13,726,000 two years ago.
The decrease in the stock
cotton as of the end of April this year compared with last
chiefly to tne fact tnat world consumption of American cotton
has run much heavier this season than last season, but it is also partly due
to the fact that the total supply of American cotton for this season was
of American
year
Includes the combined totals of 15 towns in Oklahoma.
on
Arthur 0. Wellman.
reelected
June 1.
The other members of the Board who
follows:
William A. Boger, Frank J.
Knell, Joseph R. Walker, Gordon S. Smilhe, Max W.
Stoehr, Alvin L. Wachsman, Herbert K. Webb, and J.
Victor di Zerega.
E. Malcolm Deacon, James B. Irwin, and
Byrd W. Wenman were reelected Inspectors of Election.
were
are
as
Two Elected Members of New York Cotton
Exchange
meeting of the Board of Managers held June 4,
Allan S. Lehman and Harmon Whittington were elected to
membership ,in the New York Cotton Exchange.
Mr. Leh¬
man is a partner of Lehman Brothers of New York City,
who do a banking and commission business.
He is also a
member of the New York Commodity, Exchange and was
—At
on
a
June 3 elected a member of the
New York Coffee and
Mr. Whittington is President of the Texas
Cotton Association of Houston, Texas, and is also a member
Sugar Exchange.
Financial
3884
of the Houston Cotton
son,
Exchange, and a member of Ander¬
Clayton & Co., Ltd., Sao Paulo, Brazil.
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening indicate that as a whole the week has been
unfavorable for cotton, due to cool nights and continued ex¬
cessive drought in the eastern part of the cotton belt.
Rain
is needed in the central part.
Warmer and dry weather is
needed in the western belt so the crop can even up and stop
insect development.
Rain
1.99
dry
0.14
dry
1 day
0.26
2 days
0.38
Galveston, Tex-___
_._1 day
in.
—
1 day
in.
dry
dry
2 days
0.08
dry
Henrietta, Tex—
—
dry
Kerrville, Tex_dry
Lampasas, Tex
■;—-—
dry
Long view, Tex
dry
Luling, Tex_1 day
1.66
Nacogdoches, Tex
1 day
0.02
Palestine, Tex
___1 day
0.02
Paris, Tex
1 day
1.16
San Antonio, Tex
1 day
0.08
Taylor, Tex
1 day
0.02
Weatherford, Tex__
dry
Oklahoma City, Okla__
1 day
0.02
Eldorado, Ark
1 day
0.03
Fort Smith, Ark
1 day
1.60
Little Rock, Ark
dry
Pine Bluff, Ark
day
0.06
Alexandria, La
dry
Amite, La
dry
New Orleans, La
dry
Shreveport, La
-_-l day
0.23
Greenwood, Miss—
---1 day
0.60
Meridian, Miss.---.
1 day
1.00
Vicksburg, Miss
1 day
0.01
Mobile, Ala.-dry
Birmingham, Ala_1 day
0.22
Montgomery, Ala
dry
Jacksonville, Fla
3 days
1.96
Miami, Fla_
6 days
3.94
Pensacola, Fla
1 day
0.01
Tampa, Fla
3 days
0.75
Savannah, Ga
4 days
0.40
Atlanta, Ga
-1 day
0.01
Augusta, Ga.—.. —
--2 days
0.42
Macon, Ga
1 day
0.14
Charleston, S. C
4 days
1.35
Greenwood, S. C_
dry
Columbia, S. C---_—."
1 day
0.16
Conway, S. C--_
2 days
1.70
Ashevilie, N. C
.^..1 day
0.04
Charlotte, N. C-1 day
0.02
Newbern, N. C__
3 days
0.68
Raleigh, N. C-1 day
0.02
Weldon, N. C_1 day
1.73
Wilmington, N. C
— 1 day
0.36
Memphis, Tenn
dry
Chattanooga, Tenn
2 days
0.05
Nashville, Tenn
1 day
0.14
Corpus Christi, Tex
Dallas, Tex—_
_
Del Rio, Tex
El Paso, Tex_--_
•>
in.
in.
_
in.
—
— —
,—
—
-
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in,
in.
—Thermometer
—
high 86
high 84
high 92
high 96
high 88
high 90
high 106
high 96
high 100
high 94
high 96
high 94
high 96
high 96
high 96
high 90
high 86
high 92
high 92
high 94
high 92
high 88
high 95
high 92
high 86
high 91
high 90
high 93
high 94
high 93
high 94
high 92
high 88
high 92
high 90
high 94
high 90
high 88
high 88
high 90
low
low
low
low
low
low
70
56
64
58
62
68
low
low
low
low
low
low
low
low
low
low
low
low
low
70
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
64
64
60
62
50
52
58
62
56
56
54
62
58
56
56
54
60
62
55
57
52
58
61
49
54
60
60
58
60
68
72
66
mean
mean
mean
78
70
78
77
75
79
mean 88
mean
mean
mean
mean
80
82
77
79
72
74
77
79
73
71
78
77
mean 76
mean 74
mean 72
mean 80
mean 76
mean 74
mean 73
mean 74
mean 73
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
81
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
77
77
73
74
76
74
77
79
80
77
80
70
low 62
mean
91
mean
76
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
96
94
92
88
90
94
98
90
96
95
96
96
88
91
96
90
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
mean
75
mean 75
mean
mean
mean
73
77
70
mean
75
74
mean
mean
mean
mean
mean
mean
mean
67
76
74
75
73
73
74
75
mean
71
mean
mean
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
The
Jane 5
,
1936
June 7, 1 935
Feet
Feet
Memphis
Above zero of gauge-
Shreveport
Vicksburg
u_-
Dallas
Cotton
9.1
13.6
9.6
16.7
28.2
43.0
Exchange Weekly Crop Report—The
Cotton
Dallas
Exchange each week publishes a compre¬
covering cotton crop conditions in Texas,
Oklahoma and Arkansas.
The current week's report, dated
June 1, is as follows:
hensive
report
TEXAS
West Texas
Abilene {Taylor County)—We have had three bright sunshiny days, just
what we want.
Crop in perfect condition, very few grassy fields, and with
few
more
days of open weather they will be cleaned out.
Have not seen
a
promising outlook in 30 years at this time of year.
County)—During the past three days we have had
abundance of rain over our entire county, which will give us ample moisture
for the next three weeks.
Estimate 70% cotton planted, 60% up to
stand.
Appears at present that we are off to an excellent start on cotton
Ballinger
(Runnels
crop.
Big Spring {Howard County)—Our entire trade territory has received
generous and highly welcome rains in past two weeks.
A small per cent
of the crop is planted and up.
A great deal has been planted this week,
but some replanting will be necessary and we should say 40% is yet to
be planted.
Seed are somewhat scarce, but we believe enough are in stock
for one planting at least.
Warm dry weather, of course, is what is needed
now
for
a
time.
Clarendon
{Donley County)—75% planted, 50% up to good stands.
Some grass and weeds, but anticipate no serious difficulty in cleaning
crops.
Weather now is ideal, warm and sunshiny.
Best moisture in
years.
Cotton in this section will be divided into two classes, early and
late.
The early cotton is three weeks to a month earlier than last year,
while the late cotton is just about likb last year.
All in all, we consider
the cotton crop prospects for Donley and surrounding counties as good.
20% acreage increase.
Quanxh (Hardeman County)—Good rains every day this week.
Sufficient
moisture to carry the crop well into June.
Planting will begin as soon
as
weather
clears.
With
moisture
conditions
favorable from
now
on
we
make splendid crop.
Snyder {Scurry County)—Cotton prospects very favorable for the coming
can
Sear. We have plenty ofof it is upfor the time fine. and all we the cotton
moisture and doing being What of need now
planted.
About 65%
is about two weeks of hot weather to
give the farmers time to get in their
fields and clean them out.
Clarksville
{Red River County)—Cotton all planted.
Plant is growing
nicely, almost perfect stand, about 85% of crop has been plowed, 45%
chopped.
Numerous showers have delayed chopping in parts of county,
Will need about two weeks of warm fair weather to put crops in good
(Dallas County)—Only one day's farm work has been done this
Fields are getting grassy.
Need two to
week, due to rains and showers.
three weeks dry
as it should.
weather with warm nights to get the crop clean and growing
{Cooke County)—Too much rain past week, fields becoming
Need dry hot weather for next 10 days.
Cotton up to a good
Gainesville
stand.
in this territory is all planted
Most of the fields are grassy and dry weather
can clean them out.
No report of insect on
Garland {Dallas County)—The cotton crop
and
up
to
is needed
aside from the delay in getting it cleaned
Also quite a bit will have to be planted
especially in the bottoms, due to washes.
We need two weeks of
dry weather in order to give the farmers an opportunity to get this grass
cleaned out and to replant the spots.
over,
Central Texas
;
County)—Due to continuous heavy rains in this
days the crop prospect is very gloomy.
Fields
are washed and creek bottoms overflowed.
The acreage was about 15%
greater than last year, but it is hard to determine now wnat the final figure
will be.
It may not be any more than last year.
Many will sign the
Government program who had not intended to do so on account of the
outlook.
Fields are grassy and water-soaked.
Weather clear today,
and the rainy spell may be over.
If so, the outlook will brighten.
Cameron {Milam County)—Past week has been very unfavorable account
of six days' rain and all lowlands inundated for five days.
We have hopes
that 50% will survive.
Uplands are very grassy but with 10 days dry
weather we still have a chance for a good crop.
Acreage at this time
will be about the same as last year since the heavy rains and overflows.
Glen Rose {Somervell County)—Has rained all week.
About 25% of
cotton planted and about 15% up to a stand.
Acreage about the same
as last year.
Planting will be general as soon as the ground is dry enough
Brenham {Washington
section for the past 10
to plow.
Taylor {Williamson County)—Rains to the amount of 7.22 inches was
damaging to fields and crops.
Considerable replanting will have to be
done, partly caused by overflows, and in other cases tEe grass has such
start that it will be cheaper to replant than to work the cotton out.
How¬
fully 80% of our cotton can be put in good shape just as fast as the
ground dries sufficiently for them to plow over.
Temple {Bell County)—Rain every day for past week stopped all farm
work.
Yesterday first day without rain.
Rivers have overflowed con¬
siderable cotton lands.
Aoout 85% planted, and probably 15% to 20%
of this will have to be replanted.
Stands are fair to good.
Good many
fields are grassy.
Two or three weeks dry weather badly needed.
Very
little cotton chopped out.
Waxahachie {Ellis County)—It has rained every day for past week until
today (Friday) for a total of about four inches.
Very little chopping has
been done and no farm work of any kind has been done during the past
week.
The crop is about 15 days late and we need planty of warm dry
ever,
weather now.
East Texas
Jefferson {Marion County)—Conditions in this county at present are
very promising.
Plenty of moisture, growth good.
Cultivation good.
No increase in acreage.
County)—Too much rain the past week.
Some lowlands
be replanted.
Nights are too cool.
Fields
Need about two weeks of warm dry weather.
San Augustine {San Augustine County)—Cotton about 90% planted
and practically all up to a good stand, not over 50% chopped.
Increase
in acreage about 15% over last season.
This does not mean a larger pro¬
duction as some of the additional acreage was brought about by our Govern¬
Longview {Gregg
overflowed and will need to
getting grassy.
are
ment Resettlement
Administration.
by the Texas Rural Committees,
due to lack of effort.
Most of these farmers were financed
Inc., last year and made very little cotton
Tyler {Smith County)—This section has
entire week, and in some
had excessive rains through the
sections of the territory replanting will be neces¬
late.
from
Corpus Christi {Nueces County)—There has been no letup of showers to
heavy rain in some parts of this and surrounding territory since last report.
Grass and weeds have consequently made great progress since farmers
have been unable to work the fields, and it is impossible even if the weather
clears.
It will be 10 days before they can work.
Considerable cotton
acreage has been damaged and is going into Government, even from farmers
who had no intention of signing up.
Some reports of fleas and lice, but
no
damage to date.
This section cannot;stand another week of the recent
loss; we must have sunshine and plenty of
weather without serious crop
At present it is fairly clear and sun shining.
Gonzales {Gonzales County)—Cotton acreage about
10% to 15% increase.
70% chopped, size plant irregular.
Have had good rains promising good
Some complaint of cutworms and fleas and weevil, the latter from
farmers with early planted cotton where squares have formed.
Crop
promising at the present.
Seguin {Guadalupe County)—Very heavy rains in our section all past
week.
Need dry weather and lots of sunshine for a few weeks now to
save the cotton crop in this section.
Fields grassy and farmers unable
to work on account of excessive rain.
crop.
OKLAHOMA
{Jackson County)—Approximately 65% of Jackson County has
been planted:
Light rains the past week have helped considerably.
Very
little replanting thus far.
General conditions are fair to good.
Ardmore {Carter County—All cotton is planted and up to a good stand,
25% or 30% chopped and plowed.
The past week have had both good
Alius
rains and warm sunshine.
Prospects are favorable.
25% or 30% increase
last year's acreage.
*
{Grady County)—Condition in this county and Chickasha
territory at this time very promising.
Good stand reported over most
of our territory.
Plenty of moisture.
Growth fair to good for the week.
Good rains over entire territory.
No heavy washing rain or hail storms
reported in this territory.
Consider fields in fair condition.
No re¬
planting reported.
Frederick {Tillman County)—There has been very little planting done
the past week, if any, since we have had three rains totaling 1.30.
This
makes a total of 4.30 inches for April and May to date registered locally,
though parts of the county have had as much as 5^ inches.
In localities
where heavier rains fell the first part of the week there will be a good deal
of replanting to do.
All fields are in a very good state of cultivation.
At this time conditions are favorable.
Hugo {Choctaw County)—Have had rains in the form of showers up to
heavy precipitation over entire territory again this week.
This has pre¬
vented work in fields almost entirely with exception of fuw upland farms.
in acreage
over
Chickasha
,
,
Some cotton crops are getting very grassy
and weedy and work in them
Growth is good, the plant has healthy appearance
where
have
is not foul, and in few instances squares are showing up.
We
prospect for a little more actual acreage this year.
All the cotton
crop
needs to be
can
be
promising is a full week of dry
crop
weather so lots of needed work
done.
,
,
Mangum {Greer County)—Past week was one of daily showers to heavy
localities, with an average of three inches, which leaves us
optimistic for cotton situation.
Some 65% planted and mostly up to
good stands, and completion depends on week of dry weather.
Would
consider condition about normal in this section, and 10 days sunshine
rains in given
condition.
grassy.
gotten very bad in places, and
out it is crowding the cotton.
is needed badly.
North Texas
Dallas
fair stand.
a
it.
•
a
{Grayson County)—Cotton this section all planted, 80% up
Some grass and weeds, which could be expected after
have had.
Weather now hot and dry and in few days the
fields will be cleaned.
General prospects good.
No insects.
Sulphur Springs {Hopkins County)—Approximately 75% of cotton crop
planted in this territory, with 65% up.
Nights too cool, and rains have
prevented work somewhat, but conditions as whole good.
Terrell {Kaufman County)—Crop does not look near as good at this time
as it did a week ago, due to the rains the first of the week.
The grass has
Sherman
due to high water.
The crop will be from four to five weeks
From a general survey we find that production will be increased
20% to 30%.
South Texas
30.8
9.0
Above zero of gauge--Above zero of gauge-
-
Nashville
plant as yet.
Plant is on an average about four inches high.
Crop
a whole is about two weeks late.
Greenville {Hunt County)—Estimate of acreage increase 20%.
Recent
rains too numerous, causing delay in chopping.
Weeds getting heavy
start in some sections, but 60% to 75% of crops fairly clean, not more
than 25% chopped.
Cotton has good start and the stand is almost perfect.
Honey Grove {Fannin Cdunty)—Due to so much rain during the week
farmers only got in one day's work.
Cotton is looking good but needs dry
hot weather.
Practically all fields grassy and weedy.
Paris {Lamar County)—Cotton is looking fine but fields are getting very
grassy.
No damaging hard rains this week but showers most every day
keeping farmers out of the fields.
Need two weeks dry weather.
50%
of cotton is chopped.
as
sary
16.2
Above zero of gauge-
-
2.6
Above zero of gauge-
New Orleans
1936
the rains we
high
54
56
54
66
50
56
50
44
56
53
54
49
58
57
54
52
June 6,
the
to
Rainfall
Amarillo, Tex.
Austin, Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Chronicle
a
so
good stand.
that the farmers
desired.
.
,
-
{Jefferson County)—Have had more than two inches of rain
which was very beneficial.
Cultivation somewhat retarded
by continued heavy showers, but taken as whole is very good.
Planting
is completed and about 50% up to a fairly good stand.
No insects or
any kind reported.
Increase in acreage over last year between 15% and
20%.
Clear warm sunshine needed the coming week.
Waurika
past
week,
Volume
Financial
142
Chronicle
3885
ARKANSAS
Ashdoion (Little River County)—Ideal weather this week;
parts
of county
had beneficial rain.
70% to 75% chopped,
twice.
Plant growing and commencing to
95% plowed out once, 50%
County agent advises
the farmer cooperating soil conservation
plan 90% or better.
Blytheville (Mississippi County)—Acreage in this county increased 15%
and in southeast Missouri
25%.
Stands are perfect and practically all
chopped.
Crop is about two weeks early.
Plenty of labor with no labor
disturbances.
Cultivation perfect with crops clean.
Weather a little
too cool at present and
beginning to need rain.
Conway (Faulkner County)—Have had two weeks of clear weather.
All
cotton planted and most of it
up to good stands.
Very little or no grass.
Chopping and cultivation ahead of an average year.
We are needing a
1936
32s
conditions
d.
28
Upl'ds
d.
s.
d.
s.
d.
Cotton
32s Cop
ings, Common
Twist
to Finest
MiddVg
Upl'ds
9H®11
9 2
@94
d.
d.
d.
d.
s.
d.
s.
9 2
0.04
@
9 4
d.
7.09
Mar.—
6
954@11
9
1
@93
6.12
10^@11$4
9^@11H
9H@HH
9
2
@94
6.30
10
9
1
@93
6 34
9
13
2
@94
6.44
27
favorable past
very
MiddVg
8)4 Lbs. Shirt¬
Feb.—
20
(Pulaski County)—Weather
ings, Common
to Finest
Cop
Cotton
Twist
good rain.
Little Rock
1935
8)4 Lbs. Shirt¬
square.
week and cotton made excellent
growth.
Light showers occurred middle
of week and more rain would have been welcome.
Crop is all up to almost
perfect stands.
Plants are medium sized but are healthy and taking on
17
2
9
0
9
4
®
9
2
@
9 1
6.30
9
0
@
9
2
6.36
6.35
@
7.10
6.59
April—
good tap root.
Uplands will need rain within 10 days, but bottom sec¬
tions can do without for three or four weeks.
Squares have been reported
from many sections.
Growth is normal to 10 days early.
9
8 7
@115t
954 @11
9J*@11H
Pine Bluff (Jefferson
County)—Local rains have done much good.
3
24
for the last two
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
of
out
gone
1935-36
Week
1934-35
Week
6,024,569
5
9
0
2
6.81
9
@93
6.40
@93
6.46
1
@93
0.56
9
1
@93
6.57
9
1
@93
6.64
10H@1154
ioH@nn
10H@11%
i0H@u*A
10
@1154
9
0
@92
6.68
914®U)4
9
1
from
28..
Aug. 1
Week
39,000 2,738,000
6.90
9
0
@
9
2
7.01
9
0
@
9
2
6.92
8
6
@
9
0
6.83
6.88
following
1935
Stocks at Interior Toions
1934
1936
{Receipts from Plantations
1934
1935
1936
1935
13..
38.439
24,287
Nil
8,322
42,301
20..
47,370
30,138
1,713
2,103
27..
48,797
24,491
1,687.665
1.662,788
22.525
39
43,060
39,702
35.770
25,927
68,255 1 902,472
1,620,120
Nil
Nil
10..
35,607
25,529
6,763
25,687
32,699
15.829
70.948 1 871,482 1,474,028 1.581.871
74,294 1, 833.913 1,451,845 1.546,878
79,174 1 814,47511.423,178 1,506,117
4,617
34,922
Nil
Nil
39.301
1,469,400
509,000
China
5.419,669
24.
34.771
21,251
20,044
39,157
40,509
15,791
8.
15.
_
21,595
21,061
45,482
52,470
18,627
21,846
29.
5,000
26,000
35.00C 2,342,000
Conti-
,
Britain
nent
29,000 2,147,000
Nil
36,803
15,228
Nil
19,561
1,201
4,060
1,106
8,501
33,148 1 ,594,234'!,301,899 1,351,401
Nil
Nil
6,280
7,151
Nil
Nil
Nil
i
June
5-
47,072
18,907
34,989 1,554,31311,269,564 1,312,579
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1 1935 are 6,998,758
bales;
in 1934-35 were 4,140,563 bales and in 1933-34 were
7,126,170
bales.
<2) That, although the receipts at the outports the
past week were 47,072 bales, the actual movement from
plantations
was
7,151
bales, stock at interior
towns
having increased 39,921 bales during the week.
Shipping
News—As
shown
a
on
previous
up
from mail and telegraphic reports,
GALVESTON—To Bremen—May 28—City
page,
105,000
64,000
12,000
8,000
335,000
233,000
249,000
3,000
57,000
are as
follows:
1—Bockenheim, 5,705
Hamburg—May 28—City of Omaha, 50
Gdynia—May 28—City of Omaha, 1,629—
Ghent—May 29—Gand, 141
Havre—May 29—Gand, 1,410
To
Dunkirk—May 29—Gand. 454.
To
Japan <fc,
|
China
To
Total
To
370,0001,191,000 1,666,000
304,0001,175,000 1,536,000
307,000
760,000 1,131,000
41,000
30,000
26,000
70,000
48,000
36,000
1,410
454
532,OOo'
867,000
To
756,000
826,000
To Venice—June 1—Lucia C., 213
To Barcelona—May 29—West Cobalt,
Fiume—May 29—West Cobalt, 836
-
884,000
To Porto Colombia—June 2—Stella
760,000 1,957,000
2—Asdjom,
IU
OJLIUW
ctli
increase
compared with last year in the week's receipts of
Exports from all India ports record an increase
22,000 bales during the week, and since
Aug. 1 show an
increase of 241,000 bales.
4,000 bales.
of
Alexandria
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and
shipments
for the past week and for the
corresponding week of the
a
years:
1,
Magrician,
1,330
4,475
Lykes, 50
50
Lykes, 100
100
To Manchester—June
1—Magrician. 1,471
,
HOUSTON—To Liverpool—May 29-—Tripp, 4,109
June 1—
Asbjorn, 3,794
To Manchester—May 29—'Tripp, 1,763To Japan—May 30—Hanover, 1,376..
To China—May 30—Hanover, 750
To Copenhagen—May 28—Maine, 1,099—June 2—Tortugas,
—
-
—
350
To Oslo—June
1,087..
-
To Gothenburg—June 2—Tortugas, 608
To Trieste—May 29—Lucia C., 1,234—June 2—West Cobalt,
464
-
June 2—Tortugas, 877-
1933-34
541—June
Since Aug. 1
8,000
7.348.580
„
19,000
8,385,943
-
-
To
Week
—
Since
Aug.
This
1
Week
Since
Aug.
This
1
Week
Since
Aug.
1
-
Liverpool
Mancnester, &c
To Continent and India.
To America.
Total exports.
_
3,000 190,898
144,420
10",000 607,965
1.000
35,564
14.000 978.847
3,000 124,357
137,232
11",000
663.821
248,336
6",000 172,591
751
50
7,433
100
100
5,775
3,181
900
35,559
additional, 536
To La Paz—May 16—Santa Marto, 400
To Pt. Colombia—May 30—Tivives, 100
14,000 960,969
18,000 1098530
To Buena
200
To
120
To
3
report received by cable to¬
night from Manchester states that the market in yarns
and
cloths is steady on account of the
holidays.
We
today below and leave those for previous weeks
last year for comparison:
1,698
1,924
1,077
12,000 609,630
67,973
Egyptian bales weigh about 750 lbs
This statement shows that the
receipts for the week ended June
1,000 cantars and the foreign shipments 14,000 bales.
Manchester Market—Our
200
1,812
608
1,859
Negro, 751---To Porto Colombia—June 1—TUlie Lykes, 50
NEW ORLEANS—To Bremen—May 29—Frankenwald, 4,445
June 2—City of Omaha, 2,988
To Antwerp—June 2—Waban, 100To Hamburg—May 29—Frankenwald, 100---,
To Havre—June 2—Waban, 5,775To Genoa—May
29—Frankenwald,
650—May
28—Monstella, 2,531
To Oporto—June 2—Carlton, 900
To Barcelona—June 2—Carlton,
800—May 23—Cardonia,
-
»
This
1,376
750
1—Mar
Negro. 1,318--.
To Marseilles—June 1—Mar
1,000
8.193,641
7,903
1,763
1.449
„
2—Tortugas, 200
C., 725---June 2—West Cobalt,
To Gdynia—May 28—Maine, 1,047-.
Receipts (cantars)—
1,471
To Venice—May 29—Lucia
To Genoa—June 2—West Cobalt, 1,077
To Barcelona—June
2—West
Cobalt,
1934-35
2—Mar
5,023
5,017
3,145—June
To Buena Ventura—June 2—Stella
cupjjcai O
June
-
313,000
vx*v
836
213
2,855;
To Japan—May 29—Hanover, 5,017
To Liverpool—June
824
2.131
,
1
902,0001,191,000 2,533,000
827,0001,175,000 2,292,000
1935-36
141
1,781
440,000
290,000
June 3
50
1,629
1
.
523,000
577,000
KJiAijf
9,559
To Genoa—May 29—West Cobalt, 824
To Trieste—May 29—West Cobalt, 350—June 1—Lucia C.,
Negro, 2,168.--.-.
all—
This week
the
of Omaha, 3,854
To
\
33,000^
8,000
2,000
Alexandria, Egypt,
38,413
Nil
June
58,000
40,000
12,000
7,000
Nil
Nil
75,235 1 ,779,07611,396.198 1,467.685
46.544 1 ,732,37911.370.838 1,436,369
51,676 1 ,693,071! 1,345,933 1,404,254
34,486 1 ,651,649il,328,412 1,378,269
exports of cotton from the United States the past week have
reached 82,590 bales.
The shipments in detail, as made
Aug. 1
1
41,000
30,000
18,000
15.333
f
,
1—
22.
Since
Week
Great
Total
10,000
22,000
8,210
Bales
nent
10,000
24,391
Apr.
J
Jap'n&
Oth.India—
To
1934
1933-34
Aug. 1
Bombay—
Exports (Bales)
table
Nil
Since Aug. 1
Conti¬
previous two
2
8,103
Exports
weekly
dria, Egypt.
9
1,667
Since
For the Week
ceive
@
42,943
328,439 15,317,364
204,839 9,858,964
123,600 5,458,400
1934-35
Since
Bombay
W
9 2
0
1,759.566
1,720.902
,
3*666
9
@
9
Plantations—The
the
Receipts at Ports
May
268,053 17,037,251
226,853 11,749,251
41,200
5,288,000
Week
AA.vvv/4.
@
9 0
17-
5,955,741
1935-36
1934-35-_
6.65
Mar.
June 4
1933-34-.
6.78
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
5,748.108 20,737,033
Receipts—
7,000
2
70,903 2.103.576 1.639.950 1.815,174
Cottoin Movement from All Ports—The receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1935-36.-
9
63,824 2,057.037 1.603.937
80,965 2,012.824 1,587,972
76,297 1,967,167 1,559,937
64,579 1,944,895 1,535,485
India
Total
@
45,509
5,419,669
__
1*666
0
28,622
of India cotton at
1934-35.-
9
64,035
b Estimated.
1935-36--
6.62
48,205
consumption by
Southern mills, 4,795,000 bales in 1986-36 and 4,125,000 bales in
1934-35—
takins not being a vailable—and the
aggregate amount taken by Northern
and foreign spinners, 12,242,251 bales in
1935-36 and 11,192,364 bales in
1934-35, of wnich 6,954,251 bales and 5,733,964 bales American.
1933-34-.
@93
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Embraces receipts in Europe from Brazil,
Smyrna, West Indies, «fec.
This total embraces since Aug. 1 the total estimated
2* 000
6.63
1
6..
5,955,741
Of which other
1933-34._
2
1
Receipts
3..
Total takings to June 5_a
Of which American
7,000
2
9
756,000
35,000
8,000
1,600
9,000
6,223,794 22,992,992
Visible supply June 5-i
1934-35._
9
@
8,780,914
2,342,000
101*544
_.
Total supply.....
Deduct—
1935-36-.
@
0
Ended:
6,879*719
4,295,259
12,993,733
2,738,000
867,000
200
1,630,000
10,000
469,000
Alexandria receipts to June 3.
Other supply to June 3 *b-.
Britain
2
0
9
9H@ll
June—
5,592,964
39,000
12,000
Other India ship'ts to June 4.
Great
9
9
@1154
Season
138",025
Bombay receipts to June 4
From—
@
@1154
10
6.50
9
1936
Season
0
10
6.58
FeD.
Visible supply May 29
Visible supply since Aug. 1
American in sight to June 5--
a
amounts
or
9
6 67
@93
9%®1\H
29
Week
Cotton Takings,
Week and Season
*
from which statistics
@93
@93
1
9H@11 H
22
crop
good stand.
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
1
1
9M@11 54
97A@11H
9%@nx
9H&11X
8
15
has all been planted and is up to
Increase in acreage about 15% over last year's crop.
10%
to 15% more fertilizer has been used as
compared to last year.
Labor is
plentiful and weather conditions are good except in a few localities where
more rain is needed.
Cultivation is good
9
9y4.®nvi
i
would
do good.
Searcy (White County)—Cotton
11H
May—
Some
sections could go without rain two weeks or more.
A general rain
Cotton is simply fine and still promises good yield.
9X
9
9
9*A®nH
10
give prices
of this and
1,336
400
100
Ventura—May 30—Tivives, 200
Havana—May 30—Tivivies, 120
Gdynia—June 1—Maine, 400
June 2—City of Omaha,
800---
1,200
-
To Dunkirk—June
2—Waban, 67
Ghent—May 29—Boschdijk, 100
To Rotterdam—May 29—Boschdijk,
To
67
June 2—Waban, 442.
100—June 2—Waban,
_
200
300
To Naples—May
To
28—Monstella, 200
Tallin—May 29—Boschdijk, 200
-
LAKE CHARLES—To Liverpool—May 30—Counsellor, 672
To Manchester—May 30—Counsellor, 174
MOBILE—To Barcelona—May 27—Mar Negro,
542
200
200
672
174
121
121
Financial
3886
Bales
BEAUMONT—To Barcelona—May 30—Mar Negro, 89
NORFOLK—Bremen—June 5—City of Newport News, 402
To Hamburg—June 5—City of Newport News, 358
SAVANNAH—To Gdynia—June 3—Rydbohlm, 250
i-
89
402
358
250
-
wTo Genoa—June 4—Monrosa, 323
323
LOS^ANGELES—To Liverpool—May 23—Damsterdijk,
May 29—Pacific Enter prize, 84
^ To Japan—June 1—President Adams, 1,000
JACKSONVILLE—To Bremen—June 4—Murjck, 201
159
243
1<000
-
!
201
82,590
Total
Liverpool—Imports, stocks, &c., for past week:
May 15
May 22
59,000
600,000
258,000
59,000
7,000
172,000
64,000
64,000
610,000
277,000
Forwarded
Total stocks
Of which American
43,000
Total imports-Of which American
19,000
154,000
48,000
Amount afloat
Of which American
May 29
63,000
601,000
255,000
66,000
19,000
177,000
71,000
June 5
41,000
614,000
259,000
54,000
24,000
166,000
64,000
Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
Spot
Thursday
Wednesday
Tuesday
Monday
Saturday
Friday
A lair
Market,
12:15
Good
business
Moderate
P. M.
Inquiry.
doing.
demand.
HOLI¬
6.68d.
6.72d.
6.67d.
HOLI¬
DAY.
Mld.Upl'ds
DAY.
7
to
pts. 2
4
to
pts. 1
3
to
concerning weather conditions in the spring wheat
both in Canada and the American Northwest.
Minneapolis exceeded the Chicago market in price advance,
wheat scoring gains of iy2 to 2%c. at that center.
Con¬
tinued dry weather in the spring wheat area brought in¬
creasing complaints of the necessity of rainfall in the very
near future, otherwise very heavy damage would be wrought
in substantial areas.
Overseas markets reflect the pre¬
territory,
advance.
advance.
strong, and
moderately
Steady,
this
Manitobas.
Sales were estimated at 800,000
The Winnipeg market advanced to new highs for
bushels.
this
movement.
closed easy, % to %c. down. Late reports
started at some points in North Dakota, the
Today prices
that rain had
spring 'wheat
principal
State,
had
7
4
CLOSING
DAILY
PRICES
WHEAT
OF
Man.
Sat.
OF
PRICES
CLOSING
DAILY
pts. 2 to 4 pts. 5 to 6
P. M.
Prices of futures at
decline.
advance.
advance.
Man.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
June 5
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
1
d.
97 3^
98%
July (1936)
October
October
5.81
5.82
5.86
5.85
5.83
5.80
December.
day.
DAY.
M
«
-
-
5.76
-
-
5.71
-
DAY.
5.71
5.72
5.77
5.76
5.73
5.71
5.71
5.72
5.76
5.75
5.73
5.70
May._
5.70
5.71
5.76
5.75
5.73
5.70
—
July
5.69
October
5.54
5.73
....
--
....
5.67
5 50
5.56
86%
85 £
8634
86%
86%
88%
87
Season's Low and
When Made
78341
81
88%
July
6, 1935
July
6, 1935
Aug. 19, 1935
Mon.
Wed.
Tues.
Thurs.
Fri.
77%
78%
78%
77%
77%
79 %
....
day
76%
76 %
78%
78%
79%
79 J
79
HOLI¬
March
January (1937)--
84%
75%
6.15
5.72
85
84%
Sat.
6.18
«...
Fri.
85%
84%
Holi-
6.20
HOLI¬
CHICAGO
Thurs.
84%
July-
6.22
Holi¬
IN
Wed.
84%
OF WHEAT FUTURES IN WINNIPEG
DAILY CLOSING PRICES
6.18
December
Tues.
Apr. 16, 1934 September
July 31,1935 December
Aug.
1,1935 May
102 %
September
6.17
<a
108 H
8434
,
When Made
High and
Season's
May
Fri.
Thurs.
Wed.
Tues.
Mon.
Fri.
10834
day
December
Sat.
May 30
Thurs.
WHEAT FUTURES
„
December
Liverpool for each day are given below:
Wed.
10734
107^
Holi-
July
September
pts.
influence.
NEW YORK
IN
Tues.
10654
Hoi.
Quiet,
8
to
bearish
a
inclined to await more exten¬
sive precipitation in the Northwest before assuming that
crop danger from drought has been averted.
Dry weather
and rising temperatures in the Northwest—conditions hardly
making for the welfare of the spring crop—continued to
prevail.
Open interest in wheat was 65,466,000 bushels.
traders appeared
However,
Sat.
Market,
country.
Liverpool
good export demand de¬
a
veloped for
decline.
Steady,
opened
in
conditions
weather
vailing
closed
No. 2 red.
pts.
The pro¬
hension
DAY.
4
Market
HOLI¬
4th inst. prices closed 1 to l%c. higher.
On the
nounced strength of wheat was due to the growing appre¬
Steady,
Steady,
Steady,
Futures.
June 6, 1936
Chronicle
December
BREADSTUFFS
Corn—On the 1st inst.
prices closed J^c. to %c. lower.
Trading in this grain comparatively quiet, with tone easier.
Carlot corn arrivals (for two days) totaled 378 cars.
Hedge
selling was evident against these receipts.
Shipping busi¬
ness was fair, while purchases to arrive were light.
Charter¬
ing of vessel space was confirmed for 200,000 bushels of
An item of interest was the
and Kansas will
seed 24,000,000 acres to corn, compared with 21,700,000
harvested last year, and a five-year average of 27,200,000
acres.
On the 2d inst. prices closed unchanged to y8c.
higher.
The spot situation was the principal factor in the
firmness of futures, there being a good demand for spot
corn and a slight upturn in premiums for the cash cereal.
Arrivals from the country have dropped off.
On the 3rd
inst. prices closed unchanged to
up.
There were a
number of items concerning this grain that were rather
cheerful from a bullish standpoint.
There was an excellent
shipping demand reported, also a stronger cash market and
an
advance in bids in the country.
Local shippers sold
nearly 200,000 bushels of spot corn, while purchases to
arrive were small.
Vessel space was chartered for 120,000
bushels for Buffalo shipment.
Receipts at primary points
fell to 674,000 bushels, compared with 720,000 bushels a
to go
corn
to Georgian Bay.
Atchison RR. estimate that Iowa, Illinois
Friday Night, June 5, 1936.
in important areas of the
advanced the price of flours.
Spring patents sold at 10c. per barrel higher, and family
grades 15c. up for advertised brands.
Semolina was 10c. up.
Winter flours, however, were moved only 5c. up.
Despite
the stronger market for flours, there was no appreciable
change in the attitude of consumers.
They still persist
in their waiting attitude, feeling, apparently, that the whole
complexion of things could be easily changed by a sudden
Flour—Reports
of
drought
spring wheat belt substantially
substantial rainfall in those regions affected
by drought.
Wheat—On the 1st inst. prices closed lAc.
down to Yc.
There was nothing in the news of a particularly stimu¬
lating nature.
Foreign markets were closed for a holiday
and weather reports were rather routine, offering no incentive
for operations either way.
The important markets were
closed Saturday with the exception of Winnipeg, which
showed gains of nearly lc.
In Monday's market, however,
these gains were pretty well erased.
Arrivals of wheat at
the southwest terminals are beginning to attract attention'
to the impending movement of new winter wheat to market.
Domestic visible supply of wheat the past week decreased
1,290,000 bushels to a total of 28,444,000 bushels, against
29,795,000 bushels a year ago.
Chicago stocks, however,
increased 442,000 bushels to a total of 5,009,000 bushels,
reflecting the recent movement of wheat from the Southwest.
up.
Stocks last year aggregated
inst. prices closed ^c. up.
3,871,000 bushels.
On the 2d
During the early part of the
trading was listless with prices inclined to sag.
But
during the afternoon there was a sudden transition, the mar¬
ket showing pronounced strength and scoring substantial
gains.
This sudden strength was attributed to heavy short
covering on rumors of war between Japan and China.
The
Winnipeg market also appeared to reflect the effect of this
news, showing an advance of 2c. around the noon hour.
Subsequently it was learned that these rumors were without
foundation in fact, and prices thereupon fell back consider¬
ably, most of the early gains being erased.
Latest reports
indicate that the progress of spring wheat is being hampered
some by dry weather, especially in North Dakota.
There
are claims of irreparable damage because of drought.
No
rain is in sight.
On the 3d inst. prices closed Yc. lower
to Yc. higher.
Trading was light with prices confined to a
narrow range.
There was nothing unusual in the news.
Private crop estimates were in line with expectations.
Traders appear to be taking a cautious attitude in view of
what could happen in the way of deterioration as a result
of absence of proper moisture for the spring wheat crop in
certain important areas.
Other than temperatures, which
were
somewhat lower than normal, the weather in the
Northwest remained
unfavorable.
The forecast is for
session
generally fair.
Private predictions that Canada may prouce
250,000,000 bushels in excess of its needs, plus a
probable carryover of around 125,000,000 bushels from last
year's crop, are not at all helpful to bullish sentiment.
week ago.
14 to l%c. up.
Shipping
good, and this, together
with firmness in the spot carlot market and light country
offerings, were the chief influences contributing to the
advance in the price of July corn.
This delivery closed 3%c.
over the September option.
Vessel space was chartered for
260,000 bushels to go East. The pronounced strength in the
wheat markets also had a Wholesome influence on all other
On
4th inst.
the
demand
cash
for
prices closed
corn
continues
the line.
Today
There was no particular
outside of a sympathetic movement
grains, which showed advances all along
prices closed
reason
with
14
%c. down.
to
for this decline
The
wheat.
open
interest
in
was
corn
21,212,000
bushels.
DAILY
CLOSING PRICES
OF CORN IN
Sat.
No. 2 yellow
Mon.
Hoi.
7554
NEW YORK
Wed.
Tues.
76^
76
Thurs.
77%
Fri.
76%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs. Fri.
July
Holi-
September.
December
day
5934s
57
52%
59%
5734
52%
60
57%
52%
61%.
5834
52%
6054
57%
52%
Made
1
Season's Low and When Made
5, 1935'September
67%
Mar. 25. 1935
6, 1935! December
60 %
June 1, 1935
July 29, 19351 May56
Aug. 13, 1935
Season's High and When
September
84%
Jan.
December
65
June
May
—
6854
prices closed %c. to %c. lower.
sympathy with the heaviness in other grains, oats ruled
heavy during most of the session, closing at the lows of the
day.
There was nothing especially noteworthy in the news
concerning this particular grain.
On the 2d inst. prices
closed kgc. to y8c. down.
There was nothing worthy of
comment in the news or trading.
On the 3d inst. prices
closed
to h£c. up.
There was nothing of particular
interest in the news concerning this grain.
Oats—On the 1st inst.
In
closed % to *4c. up. The response
pronounced strength in most other
On the 4th inst. prices
in
this
market
grain markets
was
was
on
very
to
was
light.
nothing
this grain.
of
the
relatively slight.
Trading in this grain
Today prices closed % to %c. down.
real
importance
in
the
There
trading or news
Volume
142
DAILY
Financial
CLOSING
PRICES
Sat.
l
No. 2 white
DAILY
OF
OATS
Mon. Tues.
38%
37%
Hoi.
Wed.
Sat.
July--September.
Mon.
December
day
Season's
24%
25%
26%
27
38%
CHICAGO
Wed.
Thurs.
Fri.
25%
24%
25%
25%
25%
25%
27%
27%
27
Tues.
24%
25%
Holi-
Fri.
38%
Thurs.
38%
CLOSING PRICES OF OATS FUTURES
December
May
DAILY CLOSING PRICES OF OATS
FUTURES
Sat.
_
,
Jul/October
Mon.
Holiday
31%
29%
Rye—On the 1st inst. prices closed
The fact that
WINNIPEG
Wed.
Thurs.
Fri.
31%
32%
32_
29%
30%
30%
IN
Tues.
30%
29%
%c. to
3^c. lower.
winter wheat is
new
beginning to move, and
spot grain markets generally showed a sagging tendency,
naturally affected rye.
On the 2d inst. prices closed %c.
to
%c. up.
This grain was apparently affected by the
strength displayed in the wheat market.
On the 3d inst.
prices closed y±o,. higher.
Trading quiet, with the tone firm.
On the 4th inst. prices closed
% to %c. higher, the Septem¬
ber option scoring the
largest
gain.
The strength in wheat
together with a better spot demand brought about these
gains in rye.
Today prices closed V8 to %c. down.
Trading
was light and without feature.
DAILY
CLOSING
PRICES
OF
RYE
Sat.
July..
September
December.
FUTURES
Mon.
Tues.
53%
53%
Holi-
CHICAGO
IN
Wed.
53%
54%
Thurs.
54
54%
55%
day
Fri.
54 %
54%
54%
56%
55%
56%
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%
June
3, 19351 December
48%
June 13,1935
May
52%
DAILY
Aug.
1, 1935|May
RYE
Sat.
DAILY
PRICES
OF
42
42
43%
43%
WINNIPEG
Wed.
Thurs.
42%
43%
42%
44
Fri.
42%
43%
FUTURES
Sat. Mon.
Holi39
September.
IN CHICAGO
Wed.
Thurs. Fri.
39
39
39
day
PRICES
OF
JulyOctober
Closing quotations
Tues.
39
BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
Holi36%
36%
36%
37%
37%
day
-
35%
35%
35
35%
35%
follows:
were as
Wheat, New York—
No. 2 red, c.i.f., domestic
108%
Manitoba No. l.f.o.b N.Y. 86%
No. 2 yellow, all rail
249,000
Albany
59,090
iYo'coo
"l'ooo
"l'ooo
2,000
831,000
2,490,000
*114,000
7*7*666
New Orleans
Sorel
Montreal
Fort William
5.15 @5.35 Barley goods—
5.35@5.551
Coarse
Fancy pearl,Nos.2,4&7 4.00@4.75
2.85
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &e.—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 aod since Aug. 1 for each
of the last three years:
385,000
320",000
a660,000
432,000
301,000
333,000
828,000
69,000
~1~3~666
Total week 1936..
Same week 1935
Argentina,
3,693,000
1,766,000
77,000
152,090
70,990
Includes 10,000 U. S. barley.
a
The destination of these
exports for
July 1 1935 is
the week and since
below:
as
Flour
Wheat
Corn
Exports for Week
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
May 30
July 1
May 30
July 1
May 30
July 1
1936
1935
1936
1935
1936
1935
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
United
Kingdom.
74,405
Continent
2,328,001
528,741
400,000
17,570
So. & Cent. Amer.
16,000
West Indies
32,000
770,000
Brit. No.Am. Cols
49,711,000
42,851,000
585,000
8,000
1,000
10,000
*7*7*666
149,000
3,000
4,000
7,000
12"; 115
174,340
152,090
70,990
4,208,082
3,392,794
Other countries
Total 1936
Total 1935
The
2,153,000
1,527,000
12,000
•
2~54~666
3,693,000
1,766,000
93,409,000
77,000
67,537,000
1,660,000
28,000
visible
supply of gram, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, May 30, were as follows:
at
granary
GRAIN STOCKS
United States—
Corn
Boston
2,000
49,000
New York
Rye
Barley
Bushels
Bushels
Bushels
12,000
115,000
20,000
35,000
194*000
afloat
Philadelphia
Oats
Bushels
Bushels
225,000
27,000
15,000
39,000
Galveston
74,000
45,00^
2,000
140,000
361,000
237*000
Wichita.
84,000
195,000
408,000
"
"7,600
7~66O
18*666
"16666
78,000
2,000
2,000
3,000
13,000
1,000
Baltimore
New Orleans
Hutchinson
St. Joseph..
Kansas City..
120.000
241.000
9,000
1,668,000
139,000
58,000
173,000
3,854,000
35,000
576,000
335,000
212,000
14,000
26,000
75,000
69,000
512,000
734,000
8,000
1,572,000
....
Chicago
~8~5~666
163,000
432,000
63,000
615,000
419,000
...
10,000
29,000
207"6O6
5,314,000
1,347,000
5,009,000
241,000
5,3*1*5*666
1,801,000
892,000
64,000
53*666
1,177,000
4,931,000
1,934.000
50,000
848,000
321,000
151,000
5,824,000 30,792,000
6,344,000 31,569,000
29,793,000 10,417,000 10,493,000
6,756,000 11,231,000
6,361,000 11,740,000
9,094,000
6,839.000
On Lakes
384,000
Milwaukee
Minneapolis
Duluth
90"666
714,000
6,212,000
2,974,000
Detroit...
6.20@6.501 Rye flour patents.
$4.05@4.15
5.85@6.15ISeminola, bbl., Nos. 1-3- 7.60@7.65
4.85@5.101 Oats, good
2.30
4.45@4.801 Corn flour
2.00
58*666
47",000
Halifax
*
13,000
*77*666
8,000
Boston
Peoria
4.25@4.45l
-.
.
Barley
Bushels
New York
Indianapolis
38%
Rye, No. 2, f.o.b. bond N. Y_. 61%
Barley, New York—
47% lbs. malting
48%
Chicago, cash
48-92
76%
-
Rye
Bushels
St. Louis....
FL<
OUR
-
Oats
Bushels
Sioux City...
Oats, New York—
No
2 white
Corn, New York—
Hard winter patent*
Hard winter clearr
Flour
Barrels
Omaha
GRAIN
Spring pats.,high protein 5
Spring patents
Clears, first spring
Soft winter straights
Hard winter straights...
Corn
Bushels
Fort Worth
BARLEY
July
DAILY CLOSING
Wheat
Bushels
Aug. 19. 1935
IN
Tues.
day
CLOSING
46%
FUTURES
Mon.
Holi-
October
Exports from—
Wheat
CLOSING PRICES OF
July-
3887
IN
High and When Made
I
Season's Low and When Made
44%
Jan.
7, 19351 September
31%
June 13. 1935
35%
June
4, 19351 December
33%
June 13. 1935
37
Aug.
1, 19351 May
29%
Aug. 17. 1935
September
Chronicle
YORK
NEW
IN
"
75,000
47,000
6,000
969,000
172,000
36,000
135,000
Buffalo
3,369,000
-
afloat
856,000
On Canal
-—j.
Total May 30, 1936
Total May 23, 1936
Total June
1,1935
462,000
9,966,000
7,049,000
5,000
701,000
28,444,000
29,734,000
2,046,000
1,706,000
7,000
754,000
Note—Bonded
grain not included above: Wheat, New York. 154,000 bushels;
afloat, 207,000; Boston, 41,000; Buffalo, 7,563,000; Buffalo afloat,
Duluth, 333,000; Erie, 86, 000; Albany, 3,967,000; Chicago, 74,000; on
Lakes, 493,000; Canal, 459,000; total 14,275,000 bushels, against 7,120,000 bushels
York
New
898,000;
,
in 1935.
Wheat
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
7,118,000
695,000
252,000
481,000
Arthur.40,811,000
820,000
1,993,000
1,624,000
...
Ft. William & Pt.
Corn
Bushels
Canadian—
Montreal
Other Canadian and other
Receipts at—
Flour
Wheat
Chicago
Minneapolis.
762,000
343,000
Duluth
16", 606
Milwaukee..
118,000
14,000
23,000
414,000
3,000
190,000
135,000
11,000
60,000
6,000
1,120,000
Detroit
Indianapolis.
Louis
99,000
33,000
14,000
Peoria
Kansas City.
Omaha
St.
Joseph..
Wichita
Sioux
Oats
Rye
City-
Buffalo
Total wk.1936
12 000
53,000
395 000
326,000
26, 000
474,000
404,000
112, 000
405,000
286,000
44,000
5,000
48,000
38, 000
354,000
128,000
138,000
7,000
1,000
8,000
9,000
534,000
142,000
387,000
26,000
42,000
25". 600
TV.ooo
70,000
54, 000
45,575,000
2,130,000
374,000
1,277,000
93,504,000
Total May 23, 1936... 95,988,000
3,645,000
3,771,000
3,632,000
2,619,000
2,448,000
3,214,000
3,382.000
3,206,000
3,211,000
Total June
American
28,444,000
93,504,000
Canadian..
Total June
"2" 000
412,000
717, 000
2,261,000
3,143,000
1,035,000
1,327,000
4,000
11,000
440,000
1,097,000
628,000
779,000
shipment of wheat and corn, as furnished by
Exchange, for the week
ended May 29, and since July 1 1935 and July 2 1934, are
1,742,000
976,000
846,000
5,000
shown in the following:
Wheat
May 29,
receipts of flour and grain at the seaboard ports for
the week ended Saturday,
May 30, 1936, follow:
Oats
Rye
Argentina...
Oth. countr's
bbls.195lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs.
bushA8lbs.
York
Philadelphia.
129,000
.
Baltimore
Orleans*
New
22,000
13,000
19,000
Boston...
831,000
2,490,000
77,000
21,000
Halifax
252,000
5,000
17,000
16,000
Sorel
Montreal
336,000
2,000
3,000
27,000
4,000
7,000
12,000
47,000
385,000
*3*1*666
13.000
Total wk.1936
294,000
Since Jan.l '36
Week 1935.
Since Jan.l '35
*
on
May 29,
1934
1936
1935
1934
Bushels
Bushels
Bushels
Bushels
Bushels
5,183,000 169,007,000 151,941,000
36,426,000
5,977,000
548,000
73,411,000 173,700,000
1,780,000 104,019,000 105,845,000
256,000
328,000
776" 000 36,497,000 44,672,000
Weather
Report
for the
77,000'
July
1,
121.000
July
2,
39,000
391,000
9,984,000 16,551,000
5,418,000267,454,000 203,846,000
553*66j 39,3*2l",000
39,431,666
6,439,000316,880,000259,867,000
Week
Ended
June
3—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
At the beginning
114,000
6,417,000
3,776,000
38,483,000
1,606,000
2,159,000, 1,676,000
266,000
5,280,000
1,022.000
18,233,000
408,000
4,849,000
189,000
7,189,000
290,000
482,000;
351.000
47,000
2,811,000
720,000
1,697,000
70,000
885.000
Receipts do not include grain passing through New Orleans for foreign
ports
Includes 10,000 U. S. Barley.
,
The exports from the several seaboard ports for the week
ended Saturday, May 30, 1936, are shown in the annexed
statement:
at
some
some
excessive, occurred
high elevations in the West,
normally
About the middle of the week ab¬
cool weather prevailed in the Northeastern States with some
frost in exposed
reporting minima in the high 30's, with considerable
places. The latter part of the week was warmer and high
temperatures prevailed generally over the Northwestern States.
The temperature averaged below normal in the Cotton Belt and in most
central and northern districts east of the Mississippi River.
The weekly
means
.
of the week considerable rain,
in parts of the Sothwest, and near its close showers were widespread and
substantial in the Lake region, parts of the upper Mississippi Valley, and
first-order stations
through bills of lading.
a
Since
July 2,
weather for the week ended June 3, follows:
1
William..
Ft.
a660,000
Since
1935
8,287,000419,616,000 482,463,000
Total
"2* 000
58*666
3*2*0*666
—
India
Barley
1,
Week
Bushels
North Amer.
Black Sea...
Australia
Corn
July
Corn
Since
1936
15,558,000175,812,000162,536,000 45,232,00013,574,000 55,377 000
65,971,00011,185,000 47,238 000
Wheat
Since
Week
000
Total
New
1936...121,948,000
5,824,000 34,437,000
9,375,000 14,613,000
6,344,000 35,340,000
8,809,000 14,946,000
1, 1935_..140,299,000 10,417,000 14,125,000 12,308,000 10,050,000
Broomhall to the New York Produce
298,327,000!l63,245,000122,003,000 23,200,00086,315
Flour
6,756.000 11,231,000
2,619,000
3,382.000
Total May 30,
1933...... 15,175,000204,601,000174,671,000
Receipts at—
5,824,000 30,792,000
3,645,000
Total May 23, 1936.-125,722,000
Exports
15,998,000
1934
1,1935...110,506,000
Summary—
Since Aug. 1—
1935
points
Total May 30,1936...
The world's
20, 000
4,379,000
2,396,000
,
water
Barley
62, 000
6, 000
7,236,000|
362,000
Same wk.1934.
379, 000
159, 000
4.100.000
4.015.0001
325,000
Same wk.1935
217,000
30,000
156,000
4 000
Toledo
St.
Corn
bbls,196lbs. bush. 60 lbs. bush. 56 lbs bush. 32 lbs. bush.56lbs.
bushA8lbs.
163,000
897,000
1,519.000
279, 000
723,000
123,000
much above normal from the middle Mississippi Valley and
Plains northwestward, the plus departures ranging from about
were
Southern
3 deg to as much as 19 deg.: the
from the northern Great Plains.
was
relatively warmest weather was reported
West of the Rocky Mountains the week
rather warm in much of the North, but
and southern sections.
relatively cool in most central
Chronicle
Financial
3888
fair.
Broomcorn made rapid growth; alfalfa now being harvested.
Livestock fair to good; stock water mostly plentiful. Panhandle had general
Substantial rains occurred in Michigan, central and southern Wisconsin,
the extreme northern portions of Indiana and Illinois, eastern Iowa, and
corn
Grains—From
Kentucky—Louisville: Dry soil; light rains in north and central; none in
and damaging upland pastures, seed bluegrass and
Progress and condition of corn mostly very good, except fair in
southeast; planting nearly finished, except where land too dry.
Tobacco
transplanting half to three-fourths done; plants yellowing and drying in
beds. Condition and progress of winter wheat fair on dry uplands; mostly
good elsewhere.
Barley harvest beginning.
south; retarding crops
oats.
THE DRY GOODS TRADE
New York,
featured the retail trade during the past week.
weather conditions and by the pro¬
motional efforts apropos of National Cotton Week, demand
for cotton goods was especially active.
Good interest was
also shown in all kinds of sporting goods and travel equip¬
ment, with the cut in railroad fares giving promise of a
last year
Aided
favorable; wheat has
fields show improvement, but the general condition remains poor.
Wheat is heading short in northern Texas.
In the Spring Wheat Belt, where May was decidedly dry and warm,
raise this figure
Corn—The eastern half of the Corn Belt was too cool and dry for good
Planting has been about completed
some corn is up to good stands, but there is much complaint of un,satisfactory germination of later seedings, due mostly to dryness, but in
part to poor seed.
In Missouri conditions are favorable in about half the
State and poor to only fair elsewhere.
In the central and southern Plains
the situation is favorable.
In Iowa planting is practically completed, but
considerable replanting is necessary in the southeast due to dry soil; half
the crop has been cultivated once.
In the South conditions are generally
favorable west of the Mississippi River and unfavorable to the east, espe¬
cially in the Atlantic area from Maryland southward.
and
goods continued unabated.
Rising prices and a
tight delivery situation in some divisions gave impetus to
active buying to replenish stocks. Wholesalers, too, for the
first time in many weeks, bought goods quite freely.
The
steady rise in gray cloth quotations appeared to convince
many merchants that the bottom had probably been reached.
Percales moved in good volume. Business in silk goods was
extremely dull, with prices continuing to recede. Scattered
interest existed for chiffons and sheers.
Trading in greige
summer
Cotton—In the Cotton Belt the temperature averaged somewhat below
normal, especially from the lower Mississippi Valley westward.
Rainfall
Was substantial in much of the western half of the belt, but little or none
Gulf sections. In the eastern belt
droughty conditions were intensified and have become very unfavorable.
In most of the Mississippi Valley area, and also in the western belt, progress
of cotton was mostly satisfactory.
occurred in the eastern half, except in
goods continued quiet.
Some inquiry developed for fall
goods, but the prices offered were below mills, quotations.
made fairly good advance rather generally, though
considerable local damage by overflows in several counties and
cultivation is now needed badly in most places.
In Oklahoma planting
was
Business in rayon yarns
and is mostly completed in south and east; fields show
good stands.
In Arkansas progress was mostly good to excellent, except
where too dry locally; stands are unusually good. In most of the eastern belt
the situation has become decidedly unfavorable, because of persistent dry¬
ness.
There are many reports of late-planted fields not germinating and
stands are very irregular, with actual deterioration in the early planted.
Some counties in Georgia show less than one-fourth of normal stand, while
reports of irregular to poor stands are general in the Atlantic States.
made good progress
the following
resume
on viscose yarns were again heard,
of the announcement of a cut in prices of staple
price advance
Virginia—Richmond: Temperatures slightly subnormal; little rainfall.
rain except local showers
Progress of cotton fair where up, but many poor stands
and much not yet planted; most other crops at standstill or deteriorating.
Some fair stands of tobacco in east, but many plants dying and very difficult
to secure stands, especially in middle and upper sections.
Pastures failing.
South Carolina—Columbia: Dry, except moderate rains on south coast.
Wheat and oat harvest in north fair to poor. Cotton and other crops mostly
irregular
localities.
stands; condition
deteriorating,
except
fair in some southern
Some cotton replanting, but soil dry with chopping and culti¬
fair progress in south.
Drought serious;
Stands not good and much remains to be planted.
vation
making
all
late.
crops
Georgia—Atlanta: Temperatures about normal, cooler at close; dry in
north and middle where almost no rain last seven weeks; heavy rain in
southwest favorable for cotton and corn which are suffering keenly in north
with germination failure in some areas and much land not planted; less than
one-fourth stands in some central counties. Wheat and oats harvest well
advanced; some threshed. Truck crops and potatoes near failure in many
places, but tomatoes, beans and cabbage good in south.
Week rather
favorable in sugar cane, tobacco and peanut areas; about half of State now
nearly without any pasture. Water supply still adequate.
Florida—Jacksonville: Generous rains very beneficial. Progress of cotton
good; condition fairly good; squares beginning; chopping made fair progress.
Corn improved; truck good.
Ranges improved. Setting sweet potatoes
continues.
Citrus improved; some dropping, but fruit sizing nicely.
Alabama—Montgomery: Dry in north; light rain elsewhere; cool with
several cold nights.
Progress of cotton poor; conditidn fair to fairly good
in west and locally in central; poor in east; chopping fair to good progress
in south.
Rain needed badly in east.
Corn, pastures and miscellaneous
crops fair to good in west, variable in central, suffering severely in east.
Mississippi—Vicksburg: Cool nights favoring slow growth of cotton;
chopping made fair to good advance; nearing completion in south; occasional
squares on early planted; progress of cultivation fair to good.
Progress of
corn poor to fair; needing rain; progress of cultivation fair to very good.
Progress of forage crops and pastures mostly poor: gardens and truck fair.
Louisiana—New Orleans: Heavy rains first half hindered farm work
and delayed harvesting oats and potatoes.
Excessive rains in southwest
flooded rice, cotton and corn locally. Progress of cotton fairly good; condi¬
tion good, but fields grassy. Progress of corn very good; condition fair, but
needs cultivation.
Cane, rice and truck doing well.
Texas—Houston: Heavy to excessive rains first of week; dry sunshiny
weather thereafter.
Favorable for crops, though some local damage by
overflow in lowlands.
Corn improved and in good to excellent condition;
tasseling well to north. Condition of winter wheat mostly fair; some locally
good. Ranges and cattle good to excellent. Truck mostly good. Cotton
grew rapidly in Rio Grande Valley and made fair to good progress in most
other sections, except Nueces, San Patricio and Jim Wells counties and
adjacent areas where the crop deteriorated considerably; planting well
advanced to north.
Fields need cultivation badly.
Oklahoma—Oklahoma City: Light to excessive rains first half; streams
high in west with some overflows, but damage light; more rain needed in
east-central.
Cotton planting made good progress and this work Com¬
pleted in much of soutn and east where up to good stands; chopping made
good progress. Oats improved, but still poor to very poor condition; some
smut damage in few northern localities.
Progress of winter wheat fair, but
condition still poor; harvest will begin soon.
Progress and condition of
.
irrespective
fibre which
Goods—Trading in print cloths con¬
buyers at first were somewhat
orders, later in the week interest
in forward deliveries broadened considerably, largely under
the influence of the increased activity and the stronger trend
developing in the raw cotton market. Stocks in a number of
constructions were reported to be very light, and mills were
said to have been able to build up a reasonable backlog of
unfilled orders.
While purchases were mostly made in
smaller lots for quick delivery, their total reached fairly large
figures. Trading in fine goods remained quiet. A fair amount
of fancies was sold, comprising, in part, re-orders on fall
goods. Moderate inquiry developed for staple fine goods for
fall, but very few actual sales were made. Closing prices in
print cloths were as follows:
39-inch 80's, 7% to 7M<v,
39-inch 72-76's, 6%c.; 39-inch 68-72's, 6c.; 38H-inch 64-60's,
5Kc.; 38^-inch 60-48's, 4% to 4%c.
Domestic
Cotton
tinued fairly active.
While
reluctant in placing shipment
.
plain.
opened
generally ascribed to a desire to meet the growing
competition of low-priced Japanese importations.
Demand
continued best for 150 and 100 denier bright viscose for use
in satins, as well as for acetate yarns for use in viscose-filled
crepes for fall.
Drought seriously damaged crops; some ground too dry and hard for
plowing and planting. Meadows and pastures searing; wheat filling pre¬
maturely; tobacco plants at standstill, irrigation necessary. Late-planted
cotton and peanuts poor germination.
Early corn looking good, late slow
coming up.
\
coastal
were
was
of
North Carolina—Raleigh; Drought continues; no
remained active. Books
July, and large producers were reported to have received
substantial orders for that month. Rumors of an impending
for
conditions in the different States:
on
materially.
Trading in the wholesale dry goods markets continued
brisk, reflecting the satisfactory flow of goods in retail
channels as well as the rather depleted stocks in retail estab¬
lishments.
The good demand for cotton and all classes of
Minnesota.
Weather Bureau furnished
Department store sales for the month
although the anticipated spending of the soldier bonus may
heading short in much of Iowa where rain is needed. Considerable flax is
in North Dakota; the crop is reported in fair condition in
not yet sown
The
season.
May were estimated to show an increase of about 12 to
13%, notwithstanding the fact that this month had one
business day less than May last year.
Early estimates for
June forecast an increase in the sales volume of. about 10%,
of
cipal producing sections weekly progress was poor to only fair, and general
rains are now badly needed.
However, additional showers in the Pacific
have improved the situation there, but moisture is needed
locally on some light soil in Washington. Oats are heading short rather
generally east of the Mississippi River; in Ohio Valley sections some fields
are too short to cut.
Oats improved in the southern Great Plains, but is
In Texas the crop
by favorable
record travel
In most of the prin¬
Northwest
there
Friday Night, June 5, 1936
Continued gains in sales over the corresponding period of
some
results, and general rains are needed.
■
Tennessee—Nashville: Drought serious in most of State. Setting tobacco
potato plants at standstill; some plants dying in beds. Pastures
headed in the eastern two-thirds of the State and is progressing favorably.
In Nebraska the general condition of the crop is fair, while in Oklahoma
conditions have become progressively less favorable.
*
drying; hay short, except limited areas. Progress of corn poor; condition
poor to fair.
Winter wheat ripening; cut severely by drought. Progress of
cotton fair; condition fairly good.
Potatoes poor to fair.
the central
Kansas conditions have become exceptionally
•
■
and sweet
wheat made only fair progress
In
'
Arkansas—Little Rock: Progress of cotton good to excellent, except
locally, where soil too dry for young plants; chopping made rapid advance;
well cultivated due to favorable weather; stands good; growing slowly,
but strong and healthy.
Progress of corn very good, except fair in some
portions, where too dry; clean and well cultivated; condition very good in
most sections; some laid by.
Weather favorable for all other crops, but rain
Mississippi Valley eastward winter
generally and in some localities poor; there
were many complaints of heading on short straw because of the prevailing
dryness.
In Michigan and southern Wisconsin timely rains the latter
part of the week were beneficial and grains are expected to improve.
In
the principal producing counties in Missouri wheat averages very good,
while in Iowa it is still fair, but needs rain.
Small
-
,
generally in Wyoming and from eastern Colorado and western Kansas
southward. The heaviest rails occurred in northeastern Texas, where some
stations reported from three to more than five inches of precipitation;
elsewhere east of the Rocky Mountains there was very little rain, except
for heavy falls in Gulf sections.
Another week with little or no rain in eastern portions of the country
intensified the drought, especially in the Southeastern States, where con¬
ditions have become serious, following heavy rains earlier in the season;
seven weeks of general dryness from northern Virginia to central Alabama
have resulted in a very unfavorable condition for crops; May was the
driest of record in many places in this area.
In addition, outside the Gulf
sections, there was very little rainfall from the central and lower Mississippi
Valley eastward and this entire area is in need of general and substantial
rains.
East Gulf districts and the Lake region had timely and very bene¬
ficial rains, which have materially improved the outlook.
(
West of the Mississippi River there has been no material change in the
situation. A large southwestern area, extending from western Nebraska,
Kansas and eastern Colorado southward, has mostly ample soil moisture
and crops are responding rapidly to the improved conditions; the situation
in Kansas, western Oklahoma, eastern Colorado and eastern New Mexico,
especially, shows marked improvement.
Most of the Northern Plains is becoming decidedly dry,
especially
northwestern Minnesota, North Dakota and much of Montana.
Further
showers, however, were helpful in Idaho, the Pacific Northwest and central
Rocky Mountain districts.
more
>
June 6, 1936
•
Woolen Goods—Trading in men's wear fabrics continued
moderately active. While mills were still receiving a number
of duplicate orders on fall goods, generally, a seasonal dull¬
ness was
apparent.
Fancy patterns as well as serges and
oxfords were in fair demand.
Clothing manufacturers
reported sustained activity on tropical worsteds, gabardines
and flannels, for which consumer demand has been stimu¬
lated by favorable weather conditions. Business in women's
wear goods continued active, with producers remaining busy
on fall
cloakings and suitings, as well as dress goods, and
with garment manufacturers displaying increased interest in
coatings and fancy fleeces.
Reports from retail centers
again made a good showing, with consumer demand centering
on white and
pastel coats and on all classes of beach wear.
Foreign Dry Goods—Trading in linens showed sustained
activity, although during the past week the growing popu¬
larity of linen garments for summer apparel was somewhat
eclipsed by the promotion of cotton goods in connection with
National Cotton Week.
Trading in burlaps continued very
light. The reported decline of Calcutta stocks during May
failed to stimulate trading, and interest was again limited to
spot and afloat goods.
Prices held steady.
Domestically
lightweights were quoted at 4.00c., heavies at 5.45c.
Volume
Financial
142
State and
3889
Chronicle
1,284,000 Middlesex County, N. J., improvement bonds purchased
by the Bancamerica-Blair Corp. of New York and associates
as 3.10s at a price of 100.15,
a basis of about 3.08%.
Re-
City Department
fr°m 1.25% to 3.10%, according to maturity.
i
1,400,000 Milwaukee County, Wis., corporate purpose bonds awarded
to the Harris Trust & Savings Bank of Chicago and associates
as lWa at a price of 100.139, a basis of about 1.207%.
Due
serially from 1937 to 1940 incl.; callable after July 1, 1938.
,
Specialists in
1,254,000 Yazoo-Mississippi Delta Levee District, Miss., refunding
bonds purchased by a syndicate headed by the Whitney
National Bank of New Orleans on a bid of par for $530,000
3%s, due from 1937 to 1943 incl.; $280,000 3Hs, due from
1944 to 1947, and $444,000 3Ha, due from 1948 to 1956 Incl.
Interest cost basis about 3.40%.
1,044,000 Houston, Texas, bonds awarded to Lazard Freres & Co.,
Inc., of New York and others as follows:
$874,000 2Hs, due
from 1939 to 1956 incl., sold at a price of 100.14, a basis of
about 2.74%; $170,000 3Ks brought a prcie of 100.14, a
basis of about 3.24%.
These latter mature from 1940 to
1956 incl.
Public reoffering of all of the bonds was made
at prices to yield, according to coupon rate and date of ma-
Bonds
Illinois & Missouri
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIRECT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
,■
turity, from 1.50% to 3%.
„
1,000,000 Fort Collins,
Colo., water works refunding bonds sold
privately to an account headed by the International Trust
Co. of Denver.
MUNICIPAL BOND SALES
Education.
notwithstanding the very
low yields carried on such obligations. The ease with which
the more highly rated liens have been asborbed by invest¬
ment quarters was demonstrated on more than one occasion
during the month of May. The Port of New York Authority,
N. Y., for example, was able to borrow $17,500,000 on
3Y2% bonds at the lowest net interest cost at which the unit
has ever effected long-term financing. The underwriting
syndicate, headed by Speyer & Co. of New York, reported
the re-sale of virtually the entire issue within a few hours
following announcement of the award. Disposal of that issue
and several other loans of more than ordinary size helped swell
the aggregate of State and municipal bond sales for the month
of May to a figure of $98,694,141.
The Reconstruction
Finance Corporation contributed heavily to the month's
total, having sold $9,097,100 bonds taken over from the
Public Works Administration.
The award of $98,694,141
bonds in May compares with an output of $102,028,154 in
previous month.
The most important
development in the municipal
bond
May was the invalidation by
the United States
Supreme Court of the so-called Municipal
was held unconstitutional in a 5-4
decision rendered
market during
The Act
Bankruptcy Act.
May 25. The ruling, as was to be expected, occasioned
untoward effect on the market generally as only a small
number of relatively unimportant water districts and other
on
no
had either already composed their debt
contemplated doing so pursuant to the terms
of the invalidated law.
Detailed comment on the ruling
by the Court and the immediate effect of the decision on
specific units appeared in the "Chronicle" of May 30 on
page 3716.
The issues of $1,000,000 or more awarded at public sale
during May are summarized herewith:
$17,500,000 Port of New YorkfAuthority, N
Y.,
third series
general and refunding bonds awarded to Speyer & Co. of
units of that type
structures or
New York and associates at a price of 99.714, the interest
cost of 3.507% being the lowest at which the unit has ever
effected long-term financing.
The bonds mature in 1976 and
are optional at a sliding scale of prices ranging from 103 on
March 1,1941, to par on and after May 1,1955.
The bankers
reoffered the bonds at a price of 101, to yield 3.45%.
10,000,OOOXoIorado
The
large
High-grade State and municipal bonds continue in
demand by investment interests,
the
Independent
School
District, Texas,
purchased at par by the State Board or
1,000,000 Wichita
Falls
refunding bonds
IN MAY
of issues
number
which prove
unsuccessful
sale
of
in each month continues small.
According to our records,
such failures during the month of May comprised eight
issues with an aggregate par value of $9,992,500.
The issues
in that category are listed herewith together with the page
number of the "Chronicle" where
account of the abortive
an
offering is given; also the rate of interest, if any, named
the issue and the
on
I
.
for the non-sale:
reason
RECORD OF ISSUES THAT FAILED OF SALE DURING MAY
Int. Bate
Brazoria County Road
trict No. 3, Tex
3551
Report
$650,000
150,000
3,358,000
900,000
4,850,000
Bids rejected
Bids rejected
Dis¬
Buchanan County, Mo
x
Buffalo Sewer Auth., N. Y_not exc.4
3220
3720
3551
3220
3392
3394
Butte, Mont
not
Mississippi (State of)
not
North vale, N. J
not
Plains Twp. Sch. Dist., Pa.not
Stevens County School Dis¬
trict No. 80, Wash
Bidder
x
Amount
x
Name—
Page
was
exc.4
exc.4
exc.4 M%
exc.4%
No bids
Postponed
No bids
No bids
60,000
16,000
No bids
Not sold
8,500
x
asked to name the rate of interest.
Keen
competition among investment bankers
low interest rates continue to feature the sales by
governments
New
very
and other evidences of temporary
of that character disposed of
of notes
indebtedness.
and
municipal
issues
during the month of May aggregated $15,417,157.
The
total includes $5,000,000 of interim financing negotiated
by the City of New York.
Among the larger of the issues
brought out during the month was that of $4,000,000 by the
City of Boston, Mass.
The Canadian municipal bond market was rather active
during the month of May, awards in that period having
aggregated $21,071,500.
This total represents in large
measure
the flotation of issues by the Ontario HydroElectric Power Commission, the Province of Nova Scotia
and the City of Toronto, Ont.
The Dominion of Canada
accounted for the $20,000,000 of temporary Canadian financ¬
ing in May, having sold that amount of Treasury bills.
There was no United States Possession financing under¬
taken during May.
In the following table we furnish a comparison of all the
various forms of obligations put out in May for the last
five years:
1935
1936
(State of) highway fund anticipation warrants,
1939 to 1954 incl., purchased as 2 Ha at a
maturing from
$
grice of 101.02, a basis ofof Cleveland. by a syndicate managed
y Otis & Co.,
Inc., about 2.64%,
Public reoffering was
Perm, loans (U.
made at prices to yield from
maturity.
'
1934
1933
$
$
$
-1
1932
$
44,790,533
73,925,627 112,282,030
87,334,298
47,643,000
65,616,182 a58,046,639
98,694,141
15,417,157
78,274,868
21,071,500
79,788,577
Can. loans (perm.)—
1.20% to 2.70%, according to
S.).
"Temp. Ln's. (U. S.)
30,830,000
2,813,949
20,939,936
None
None
None
None
None
series C bonds
Bds. of U. S. Poss'ns.
None
None
None
None
None
cisco
Gen. fd.
None
None
None
None
None
Placed in Canada
Bridge and Highway District, Calif., 3 H%
purchased by Blyth & Co., Incof San Fran¬
and associates and marketed on a scale of prices to yield
2.25% to 3.50%, according to maturity.
The issue is
5,000,000 Golden Gate
from
due
serially from 1942 to 1971
inclusive.
(State of) series A highway notes, due serially
composed
100.24 for
interest cost of about 3.97%.
Reoffered to yield from
1938 to 1955 incl., purchased by a syndicate
of A. O. Aliyn & Co., Inc., of Chicago on a bid of
4s, an
1% to 4.92%.
3,838,750 Cook County Forest Preserve District, 111., 4% series B
refunding bonds, due in 1951 and optional starting Jan. 1,
1946, purchased privately by A. C. Allyn & Co., Inc., of
Chicago and Stifel, Nicolaus & Co. of St. Louis, jointly.
Reoffered to yield 3.40 % to optional date and 4 % thereafter.
2,700,000 Orleans Levee District, La., 5% refunding bonds due in
1961 sold to Donald O'Neil & Co. of Dallas at a price of
101.27, a basis of about 4.95%.
2,622,000 Rochester, N. Y.. bonds, comprising $1,500,000 1Mb, due
from 1937 to 1941 incl., and $1,122,000 2s, due from 1937 to
1956 incl., awarded to George B. Gibbons & Co., Inc., of
New York and associates at a price of 100.05, a net interest
costof about 1.87%.
Reoffered to yield from 0.40% to2.10%,
according to interest rate and maturity.
2.250.000 St. Louis,
o., 2 X % Jefferson Memorial bonds sold privately
at par as follows:
$1,800,000 to Stifel, Nicolaus & Co. of
St. Louis and the balance of $450,000 to the Water Depart¬
ment sinking fund.
The entire issue matures serially from
1947 to 1956 incl.
The city failed to receive any bids on the
loan at the competitive offering on April 14 because of rumors
of prospective litigation concerning the issue.
2.100,000 Albany, N. Y., bonds, including $1,770,000 2Ha, due serially
from 1937 to 1976 incl. and $330,000 2s, maturing from 1937
to 1946 incl., awarded to an account headed by the Bancamerica
Blair Corp. of New York at 100.015, a basis cost of about
,
2.229%.
Reoffered on a
according to maturity.
yield basis of from 0.40% to 2.60%,
,
,
_
reoffered to yield from 1.40%
Metropolitan District, Mass., 2H% bonds, due
from 1937 to 1961 incl., purchased by the First National Bank
of New York and associates at a price of 98.75, a basis of
1 519.000 Boston
about
2.61%.
1.500.000 Maryland (State of) 3% emergency reconstruction bonds,
due serially from 1939 to 1951 incl., awarded to E. B. Smith
<fc Co., Inc., of New York and associates at a price of 109.78,
a basis of about 1.87%. Placed on the market to yield from
0.90% to 2%, according to maturity.
*
-
135,182,798 174,721,050 211,760,843 159,886.512 155,917,234
Including temporary securities issued in N. Y. City:
$5,000,000 in May 1936,
May 1933, and
$17,100,000 in May 1935, $34,530,000 in May 1934, $18,016,530 in
$18,400,000 in May 1932.
a Includes $50,000,000 Dominion issue sold in London, England.
municipalities emitting permanent bonds
issues made during May 1936
were 334 and 392, respectively.
This contrasts with 343
and 386 for April 1936 and with 319 and 375 for May 1935.
For comparative purposes we add the following table,
showing the aggregates of long-term domestic issues for
May and the five months for a series of years:
The number of
and the number of separate
Month
of
May
Month of
For the
Five Months
May
For the
Five Months
$34,166,614
$303,153,440
$517,284,359 1914
$98,694,141
83,234,579
179,493,040
535,274,577 1913
1935
78,274,868
98,852,064
196,803,386
404,443,913 1912
1934
79,788,577
33,765,245
195,791,550
123,025,591 1911
1933
44,790,533
18,767,754
143,476,335
439,675,147 1910
1932
a87,334,298
27,597,869
145,000,867
730,576,915 1909
1931
bl74,998,521
25,280,431
137,476,515
613,897,001 1908
1930.
144,872,096
15,722,336
93,957,403
519,680,721 1907
1929
cl76.356.781
14,895,937
80,651,623
648,612,959 1906
1928
154,707,953
16,569,066
92,706,300
723,958,401 1905
1927
d216,463,588
55,110,016
113,443,246
608,255,147 1904
1926.
137,480,159
14,846,227
62,649,815
612,184,802 1903
1925
190,585,636
20,956,404
59,211,223
546,293,435 1902
1924
117,445,017
14,562,340
47,754,962
423,089,026 1901
1923
95,088,046
9,623,264
58,273,539
536,116,865 1900
1922
106,878,872
7,897,642
33,996,634
356,003,428 1899
1921
63,442,294
7,036,926
34,373,622
277,548,512 1898
1920
37,280,635
8,258,927
56,890,312
205,273,378 1897
1919
46,319,625
10,712,538
30,384,656
123,945,201 1896
1918
33,814,730
11,587,766
41,084,172
193,068,268 1895
1917
23,743,493
14,349,410
50,067,615
235,908,881 1894
1916
29,006,488
4,093,969
30,774,180
213.952,380 1893
1915
42,691,129
a Includes $6,200,000 bonds of New York City,
b and c each include $52,(KKLOOO
bonds of New York City, while d includes $60,000,000 New York City bonds.
1936
...
1.825.000 Monroe County, N. Y., bonds were purchased by Blyth &
Co., Inc., and associates as 1.70s, at a price of 100.23, a
basis of about
1.63%.
The bonds mature serially from
19.37 to 1946 incl., and were
bds.,N.Y.C.
Total
_
5,000,000 Mississippi
from
.
Placed in U. S
table we give a list of May loans in the
$98,694,141, issued by 334 municipalities.
In
the case of each loan reference is made to the page in the
"Chronicle" where accounts of the sale are given.
In the following
amount
of
Financial
3890
Chronicle
page
June 6,
Name
•
& Highway
—.3%
Maturity
Amount
1942-1971
Rate
3548 Golden Gate Bridge
Dist., Calif
1936
5,000,000
Price
Basis
2.13
.3723 Greenville,
\2%
13
3219 Great Falls, Mont
1937-1946]
1947-1951J
Camisteo. and
S. D. No.
Andover
3.10
3)4
j
Maturity
4%
3%
1936-1956
49,000
1937-1947
2
4)4
(2 X
1937-1941
11,000
14,000
100.661
1.80
1937-1966
30,000
100.933
4.13
1937-1946
1937-1946
r670,000
r330,000
1937-1976
1,100,000
3216 Acworth S. D., Ga.
3549 Adair County, Ky_>'
Amount
$5,000
3548 Adams Co. S. D. No. 25, Colo
3547 Alameda County, Calif
3218 Alcorn County, Miss
A2
3553 Albany, N. Y. (8 issues)
12 X
3558 Amarillo, Tex
3218
Anoka County, Minn
3559 American Fork,
Basis
Price
3217 Guthrie Center, Iowa
100.006
2.23
3388
2.71
100
5.00
100
3.75
100.50
3.18
100.77
1938-1946
1937-1947
16,000
100.303
3217
1937-1956
125,000
7-86,000
7,000
81,000
100.028
1.99
100
3.50
100.22
1946-1947
1937-1961
3388 Bartlett S. D., Neb
3390
Belmont County, Ohio
3384
3
3)4
1-20 yrs.
3)4
Bland Sanitary Dist. No. 1, Va.._5
d 15-30 yrs.
1947-1951
Blawnox, Pa
3
1938-1962
Bluffton, Ind
-4
Bolivia Co. R. D., Miss
1937-1946
4)4
1937-1964
Boonville, N. Y___
1
Boston Metropolitan Dist., Mass.2)4
1937-1961
10 yrs.
Brazil, Ind
5
Brazoria Co. R. D. No. 6, Tex
1938-1957
5
Bremer County, Iowa
1937-1945
2
Bridgeport, Conn.
2.10 1938-1946
3557 Heidelberg,
3552
Bruno, Neb
3393
3724
3384
3720
3220
3550
3718
3725
3549
3551
3386
3553
Carmel, N. Y
3724
3383
3216
3719
3.40
3383 Castle Rock S. D., Colo
3720 Carlton County, Minn
3549 Canyon Co. Ind. S. D. No.
3.50
20,000
100
5.00
19,000
101.13
2.66
74,000
101.75
100
1.00
98.75
2.61
7-17,000
100
5.00
150,000
100.32
4.96
75,000
500,000
100.14
1.98
70,000
100.218
7-175,000
1951-1952
1.96
1957
2.30
11,000
100.68
1937-1966
250,000
102.16
200.000
66,000
100.322
1.14
101.05
3.36
37,Ida/3
3)4,
3)4
3)41
3224
Charleston County, S. C
3559
Chehalis, Wash
>35,000
3394
Chippewa County, Wis
7-15,000
2
1939-1946
740,000
1937-1944
100.067
2.84
1938-1942
Clark County, Wis. (2
issues).../1)4
1937-1943
1938-1941
Clarksdale, Miss
Clinton, Ind. (2 issues)
1944-1955
3549
Clinton County, Iowa
2
3719
Clinton, Mass—
2.30
3226
3387
100.574
1.90
100.57
1.96
100.57
2.10
100.17
1.70
100.552
1.34
52,000
100.414
100.13
26,000
1938-1946
102.21
3549
Coggon Indep. S. D., Iowa
1940-1949
75,000
10,000
3218
Colon Twp. S. D. No. 4, Mich...4
3219
Conway, N. H
2)4
1937-1948
3216
Cook Co. Forest Preserve Dist,, 1114
Colorado (State of)
2)4
(Z1946-1951
7-3,838,750
3717
3556
Coos Co. S. D. No. 12, Ore
5
3553
Corning, N. Y
2
1942-1946
5
1948-1951
2.28
7-37,000
2)4
3557
Couderspart, Pa
3719 Crisfield, Md
1939-1954
10,000,000
dl937-1946
2,000
4
2)4
1937-1946
3387 Dawson S. D., Minn
3384 Deerfield, 111
3
3559
Douglas Co., Wis.
3222
Dover City S. D.,
3557
Doylestown Twp. S. D., Pa.
Ohio
3216
1939-1955
2y2
3)4
1939-1942
1937-1947
1938-1962
_.._2
Dutchess Co., N. Y
Earl Parle, Ind
1.70
1940-1944
4
1938-1952
1)4
3217 Easthampton, Mass
3384 East Haven, Conn
1937-1941
3
East McKeesport, Pa
3)4
Eden, N. Y
3
1937-1956
3552
Elizabeth, N. J
3549
Elkhart
1937-1951
..4
County, Ind
El Paso, Tex
4
3391
Enid, Okla
2
1939-1945
3553
Evans, N. Y
3.20
1941-1968
3.75
102.10
2.17
101
'
100.125
100
107.37
100.365
101.91
2.49
2.50
3.30
2.44
3.09
Kokoma, Ind
Kossuth Cons. S.D., Miss
3559
Lafayette Co., Wis
3217 Larchwood, la
3
3558
Lauderdale Co., Tenn
3%
Laurens Com. S. D. No. 3, N. Y..4
1938-1950
1937-1956
1938-1958
3720 Leflore Co., Miss
3384 Leesburg, Ind
1.64
103
3.60
100.06
1.23
3.48
2.95
100.13
2.99
100
2%
Malone.N.Y
Mahanoy City, Pa
Manila S. D., Iowa
3386
Mandeville, La
1937-1951
3)4
3551 McKnight Vill. San. Sew. DIst.Mo2%
1938-1956
1937-1946
3719 Medford, Mass.2
3554 Mechanicville, N. Y
2.70 1937-1946
3559 Menasha, Wis
2)4
3388 Middlesex Co., N.J
-3.10 1937-1949
3723 Mlddlefield, Ohio
1937-1944
5
3721 Mlddlefield, N. Y
1937-1941
1)4
-
21,000
1937-1944
1938-1940 dl,400,000
2
3721
3216
3
18,000
101.51
City, Ind
County, Ind
3385 Franklin Co., Neb.
3)4
3391
Franklin Twp. Eural S.
3549
Franklin Twp. Sch.
D., Ohio..3)4
Twp., Ind
4"
3726
Fredericksburg, Va
3552 Fromberg, Mont
3393
7*36,000
1941-1948
3
2
....
I
15,000
54,000
108.000
3549
Garnett, Kan
3391
Garvin Co. Cons.
S.
Okla
D.
No.
3724
Gloucester, Mass
3554 Gloversville, N. Y
1.90
100.734
2.06
100.13
1.20
100.2325
1.96
100.69
1.85
100.24
3.97
97.50
1,825,000
100,000
127,000
10b"23"
1.63
100.453
2.17
2.17
1941-1956
100,000
101.537
1937-1956
10,000
100.777
Newcastle,Pa
-
3223
Branch
Frac.
Twp.
3390
Old Forge Fire Dist.,
3387
N. Y
Orange Co., N. Y
Orange Co., Tex
Orleans Levee Dist., La
3554
Orwell, N.Y
Oswego, N.Y
3721
Otero Co. S. D. No. 1, N. Mex
{3)4
1946-1949
Oyster Bay, N. Y
3554 Oyster Bay, N. Y
3725 Paris, Tenn
3720
Park Co. S. D. No. 53, Mont
3553
Passaic Co., N. J
Patton S. D., Pa
3224
3390
Peekskill, N. Y._
3720 Pender, Neb
2.42
2~66
r8,000
1937-1944
500,000;
1007315
L94
1939-1950
23,000
100.28
2.67
33,000
100
4.00
S. D.
Olivia Indep. S. D., Minn
3554
25,000
1938-1945
Norwood, Ohio (2 iss.)
2.07
1937-1939
1.45
100.176
2.46
101.25
4
5.00
101.90
20,000
1937-1946
3.08
100
100.14
100.77
1937-1941
1%
2.68
100.27
3550
1.63
100.096
loo". 15"
385,000
3390
101.68~
2.99
2.99
100.202
1937-1962
2.82
100.621
548,365
1,000,000
200,000
100,000
5,000,000
740,000
100.06
100.06
1938-1951
2)4
2,14
....
1.87
1937-1946
Owensboro S. D., Ky
__
2.48
109.78
25,000
1948
4
3
3.10
4
3)4
4)4
3
2.10
1936-1965
1940-1949
1937-1945
1937-1941
1939
1939-1944
1937-1946
1937-1955
100,000
1942-1951
—
5
1-90
1-90
4
1938-1947
4
2.90
4.20
3%
5
2)4
4
1937-1961
1941-1959
1949-1956
1946-1956
2M
3
100.787
2.91
100
3.10
100.325
3.38
20,000
100
4.50
132,000
100
3.00
240,000
100.46
2.06
10L27"
4795
128,000
17,445
30,000
6,000
110,000
72,700,000
1961
45,000
1937-1941
160,000
1937-1946
Ottumwa, Iowa
Gettysburg S. D., Pa
3550
100.166
2)4
2 )4
3)4
2H
3719
Glary S. D., Okla
3557
3.15
2)4
3718
8,000
7,000
12,800
20,000
65,000
31,447
2*08
100.25
New Britain, Conn. (2 iss.)
4.00
1950-1952
2.08
100" 20"
Myerstown S. D., Pa
100
3
3.50
100.20
Neenah, Wis
2.50
10,000
100
3384
60,000
1941-1945
1758
3726
1937-1976
4
1.75
1667067
3224
104.41
3,000
Tex.
3.92
101.30
2.65
100
Galveston Co. Cons. S. D. No. 17,
100.425
101.046
3393
108.891
3.52
3H9
500,000
37,000
235,000
3390
40,000
1937-1951
1937-1951
1937-1945
2.84
100.75
102.62"
iob"57~
44,000
Ocontc Co., Wis.
3223 OkeeneS. D., Okla
103.25
3.99
3.93
1936-1965
3226
10,000
J3)4
(5
43A
-2)4
Muhlenberg, Ky
L
Muncie Sch. City, Ind
3225
3221
3.74
1937-1946
1938-1947
20 yrs.
No. 2, Mich.
North Palinfield, N. J
North Salem, N. Y
Farmington, Mo
Fountain
1.70
2)4
Iss)
Montgomery Co., Ind
North
3720
2~97
98
100.64
Munday Indep. 8. D., Tex
4
3391 Muskingum W.8. Cons.D., Ohlo.A)4
3216
1.99
1.99
lbb'io"
15,000
Monahan S. D., Tex.
Monroe Co., N, Y. (2
3220
ibo.bs"
100.03
7-109,000
1.75
2.50
100.68
25,000
275,000
1,284,000
4,000
1)4
2
10 yrs.
103.86*
100
100,000
.•
2)4
1937-1956
100.728
100.762
Mlllburn Twp., N.J
3393
100.17
40,000
15,500
16,000
733,000
87,500
3552
3225 Missi8quoi Bay Bridge Comm., Vt4
3225 Missisquoi Bay Bridge Comm., Vt2)£
3551 Mississippi (State of)
---4
3717 Mobile Co., Ala
4
100.04
14,900
9,000
1,500,000
35,700
3726 Milwaukee Co., Wis
3551 Minneapolis, Minn
3218
18,300
Fort Wayne School
25,000
60,000
10,000
35,000
1937-1938
1941
103.18
100.17
40,000
2
Niagara Falls, N. Y
1.90
Niskayuna Un.Fr.S.D.No.5, N. Y2.70
19,000
3718
750,000
Miford, Ohio
3389
1937-1943
3549
4.00
Milam Co. Road Dist. No. 21, Tex...
3554
1938-1944
rl,000,000
1945-1946
100,000
136,000
2.03
100
3393
1937-1946
2.03
3.35
25,000
16,500
18,000
Minnesota (State of)
101.114
105
65,000
719,000
1937-1951
3
McKeesport, Pa
3.11
4
Collins, Colo
-
3394 MazomanieU.F. H. S. D., Wis
3392
2.00
2
Fort
Maplewood, Mo
loo""""
2
3215
1937-1946
3551
3721
-
100.499
102.51
1937-1946
3549 Marshall Co., Kan
3217 MassenaIndep. 8. D., Ia.
3719 Maryland (State of)
Malone.N.Y
Madeira Village S. D., Ohio
New Philadelphia. Ohio
3223 Newton Falls' Ohio
Fairfield, Iowa
Fairfield Co., Ohio
119,000
...
1937-1961
1.60 1937-1941
3)4 d1936-1966
2
1937-1946
3*4
1938-1957
2.10
1946
3)4
1936-1941
1941-1945
6
1939-1959
2)4
1937-1946
2)4
1938-1949
3
1939-1951
3223
100.12
Ewing Twp., N. J
1937-1956
1941-1951
Lindsay, Calif
Livingston Twp. S. D„ N. J--..—4
Lloyd Harbor, N.Y
2
Ohio
100
101.13
11,000
4,750
15,000
732,000
35,000
14,500
30,000
30,000
1938-1947
3)4
Lewis ton, Mont
Lima City S. D.,
3224
3723
4
3
4
4
4.00
151,000
10,000
280,000
27,000
718,000
12,500
100,000
10,500
1940-1943
1937-1949
3725 Lamb Co. R. D. No. 1, Tex
100
160,000
30,000
772,000
723,000
1956
2)$
2)4
4%
3386
100.37
3718
3722 Farmviile, N. C. (2 isues)
3725 Foard Co. S. D. No. 12, Tex
4
6
4.00
50,000
—
---
3.94
2.59
100
2.88
25,000
18,000
68,250
1937-1946
1937-1939
3547 Morgan Co., Ala
3552
1952-1956
1937-1946
1937-1940
1941
100.20
100.90
70.0001
70,000/
1937-1951
3
106.55
3551
10b~.47~
100.202
28,000
1938-1946
3)4
2%
2)4
Calif
3.24
100.105
5,500
10,500
13.000
3223
100.599
99,000
7-22,500
215,000
140,000
2)4
3725
101.76
57,000
1940-1956
3389
3.85
8,220
15,000
72,000
33,000
1951-1956
3224
112.52
37,500
80,000
110,000
43,000
167,000
43,000
17,000
7*40,000
17,000
125,000
1937-1952
1940-1941
___5
3725 Dublin S. D., Tex...
3549 DundeeCons. S. D., Iowa
3721
1946
4)4
2)4
2)4
Iowa
1.98
47,000
3,000
150,000
5,000
32,000
3
Denison Ind. S. D.,
100.158
10,000
1937-1939
Cumberland, Md
3387 Darfar, Minn
3549 Des Moines, Iowa
3718 Des Plaines, 111.
2.64
101.02
7*36,500
3719
3217
2.25
101.75
80,000
4
3725 Crockett County, Tex.....
3721 Croton-on-Hudson, N. Y
3726 Kenosha Co., Wis
2.74
100.14
120,000
725,000
1947-1956
3217 Mason City, la
2
3394 Mazomanie Gd.Jt.S.D.No. 2, Wls3
10b"§4"
50,000
1937-1950
(2 iss.)
Co., Mass.
3718
7-58,000
3549
11)4
3)4
--4)4
157,800
27,423
7-175,000
223,000
2)4,
2)4
4
4
Co., Kan
Jackson Twp., Ind
3224
162,000
12)4
3
|3 )4
3721
100,000/
1937-1955
issues)...J2
3556 Clark County, Ohio (2
1946-1950
3)4
3224 Jackson, Tenn
3391
36,000
12)4
1938-1956
3223 London, Ohio
3220 Lynbrook, N. Y. (2iss.)..
3218 Lyon Co. Cons. S.D., Minn
7-8,000
125.0001
4
4
3721
>22,000
3)4-3)4
1937-1945
3
Isle, Minn..
3388
7-8,000
3)4J
Chandler, Okla
3551
3383
r 18,000
1941-1957
1937-1946
3388
/24,000
1941-1957
2%
3723
7*65,000
1941-1957
3)4\
3541
3)41
Catawba County, N. C.
2.28
3.88
100.14
107,870
3389
100.13
3.18
101
874,000
170,000
40,000
1940-1956
Ireton, la
3387 Lakefield, Minn
40,000
40,000
1941-1957
1939-1956
3549
3216
1937-1941
3.09
100.57
11,000
2
3387
2.75
100.14
60,000
1937-1956
Kern Co. S.D.,
2.50
4.00
142,000
1938-1942
Jones
104.359
100
47,000
3)4
3724 Klamath Falls, Ore
100
3)4J
3723
100.05
54,000
75,000
1937-1951
4
3551
3.70
1939-1958
3
3724 Klamath Falls, Ore
1937-1947
1938-1946
Hutchinson, Kan
Jefferson Co., Kan.
3.85
100
10,000
3718 Indianapolis S. D., Ind___
3215
103". 87"
7*43,000
76,000
1938-1966
"{Ty
Humboldt Co., Nev
3217 Jefferson
100.73
1937-1956
3)4.
(2 issues)
3549
3.00
35,000/
..
3549
3.95
100
1936-1955
3555 Horace Com. S. D. No. 5, N. Dak_4
3393 Houston, Tex.
1.93
100.24
&
Ischua
3387 IttaBenaS.D., Miss
7-50,000
1,519,000
Hopedale S. D., Ohio
6.00
.
100.386
1937-1956
Clarksville
Cent. S. D. No. 1, N. Y
3.10
2.25
2.99
100
10,000
300,000
3725 Ipswich S. D. No. 14, S. Dak
38,000
354'
3722
100
102.616
28,000
Hinsdale,
3549
30,000
1936-1966
3725
1937-1946
1938-1939
3
4
3390 Hillsboro, N. Dak
3389
107.86
100.13
10,000
10,000
125.0001
1955
issues)./4
2.95
150.000
25,000
1937-1946
Heron Lake S. D., Minn
3388
9,900
4
2.14
Cache County S. D., Utah..
4
California, Pa
3
California (State of)
2)4
Calumet School Township, Ind—5
Cambridge, Md
3 ,
Cambridge, Mass
1)4
5,000
75,000
302,000
750,000
7125,000
26,000
1937-1946
2
4
3
4
3725 Houston, Tex
60,000
3215 Butler County, Ala.
3726 Cabell County, W. Va
2.46
1937-1956
Pa
3390 Henderson Co., N. C. (2
3723
34,000
*
3.70
100.22
1937-1946
1937-1944
3219 Hillsborough Co., N. H
.
5,000
3393 Berrybille, Va_„___
3225 Blackstone, Va
100.05
1950-1965
3217 Haverhill, Mass
2.98
1939-1966
100.25
3720,Hastings, Neb
2.94
3384 Attica, Ind
3M
3553 Avon Un. Free S. D. No. 1, N. Y.3
3393 Barre, Vt
2)4
(J
15,000
50,000 /
1940
1941-1950
....
445.0001
6
3720 Hebron Lake S. D., Minn
101.82
8,000
100.405
1939-1964
3
Harvey Cedars, N.J
3549 Hays, Kan
102.889
3.07
50,000/
3385 Haven, Kan
3724 Arona S. D., Pa
„___4
3555 Ashley S. D. No. 9, N. Dak
Barnstable, Mass
2
3225 Bartlett, Tex
4)4
3385 Bartlett Cons. Indep. S. D. Iowa.3)4
3220 Bath, N. Y
3
100.41
50.0001
1950.1957
^4
(2 issues)
3393 Harris Co., Tex.
30,000
7,000
5,000
36,500
16,500
57,750
2)4
3216 Hall Co., Ga
120,000
13,500
1939-1946
3
5
1938-1947
4)4
3% dl941-1946
Utah—
3383 Apache County, Ariz
3388 Araphoe, Neb
750.000
1941-1950
1965-1966
[3%
3222 Guilford County
Rate
1939-1963
1937-1946
.3
3560 Greybull, Wyo
Name
*1
170,000
30.000
100.45
1938-1946
Cent.
1, N. Y.
3560 Grey bull High S. D., Wyo
Page
7140.571
1936-1942
Co., N. C
2)4
3387 Greenville, Miss
3)4
3554 Greenwood, Jasper, West Union,
3558 Greenville
1937-1946
1937-1946
1937-1956
5-10 yrs
100.076
1.88
100.449
1.82
100.25
3.95
50,000
75,000
lbf.so"
3.88
18,750
100.52
2.95
8,000
100.15
4.19
20,000
7,500
101.50
3.53
lbb" 57"
2739
10,000
237,000
18,000
102
3.63
45,000
100.28
2.73
dr30,000
101.66
Volume
Page
3720
Financial
142
Name
Rate
Maturity
4J^
1938-1955
13,500
1937-1951
15,000
1937-1947
10,000
Pentwater, Mich
3225 Petersburg, Tenn
5
3384 Pipe Creek Twp. Sch. Twp., Ind__3
3551
100.10
4.49
3560
100
5.00
3726 Ontario
100.21
2.96
4
1939-1949
1936-1947
1936-1946
r2,0001
3658
PottsvillfcS, D., Pa
3554
4.25
100,000
105.479
1.40
100.809
100.18
3.69
1937-1941
2.46
2X
3386
Quincy, Mass
2
3546
Reconstruction
1941-1961
3
3215
S. D. No. 1, N. Y
Pueblo Co. S. D. No. 1, Colo
Pueblo Co. S. D. No. 2, Colo
Finance
1939-1963
72,000
100.291
2.98
100:923
1.83
27,000
3X
r8,000
1937-1946
200.000
Corpora¬
tion (33
3391
45,000
4
iss.)
3552 Red Lodge, Mont
3548 Reidsville, Ga
3551 Renville, Minn
1952
.4
r26,000
100.25
100
4.00
100.67
2.62
100.11
3.09
12,000
4
1-10 yrs.
1937-1949
4
4,579,000
98.27
3.37
1944
10,000,000
98.91
2.65
I.3
1937-1946
ZX
66.000
1956
100.58
63,000
100.58
2
1937-1941
2.872,000
100.41
2 X
1937-1946
2,283,000
100.41
3
1937-1956
989,000
100.41
•»«»«
—
'
^
30,000
3.10
1937-1956
3560
RECONSTRUCTION FINANCE CORPORATION
Offering of $4,254,300 Municipal Bonds Taken Over from
PWA Holdings—The following is the text of the official an¬
nouncement by the above Corporation of an
offering sched¬
uled for June 18, of 38 issues of
municipal bonds, aggregating
a
railroad
bond
issue
in
the
Notice is given that the corporation will receive sealed bids
of H. A.
40.000
amount
$4,935,000, all of which were taken over from the
of the Public Works Administration:
10,400
"
Richmond, Ky
3221 Richfield Springs, N. Y
----
Temporary loan; not included in total for month.
100.80
4,500
2%
Rich wood, Ohio
1956
2X
.
3560 Toronto, Ont
3560 Toronto, Ont
$4,254,000, and
9,097,100
3719
Basis
3x
12,000
lbb".516
Price
Power
~
Toronto, Ont.
3.51
9,000
1939-1940
Prattsburg,
Pulteney,
Wheeler,
Urbana, Italy & Jerusalem Cent.
3384
Commission, Ont
Saint John, N. B
Saint John, N. B
Amount
Maturity
2.11
99.714
1937-1942
3
Folk Co., Ia
2X
3390 Port of New York Authority, N. Y3J^
3392 Potter Twp., Pa...
3
3385 Poweshiek Co., Ia
2%
100
1937-1946
618,000
dl941-1976rl7500,000
Polk Co., Wis
3385
Hydro-Electric
3560
rl84,000\
Rate
Nova Scotia (Province of)
3726
19,000
(4X
3891
Name
3726
\4X
3560
Page
Plainfield, Alpine & Walker Twps.
Frac. d. D. No. 9, Mich
3220 Point Pleasant Beach.N. J.(2 iss.)
Chronicle
Basis
Price
Amount
at
of
holdings
the office
Mulligan, Treasurer, 1825 H Street, N. W., Washington. D. C.,
1.31
until 12 o'clock noon, Eastern Standard Time, on June 18, for the
purchase
of all (but not less than all) of any issues of securities described below.
2:97
by.an exact
3
1940-1941
3224
Richland Co., Wis
Ridgeway S. D., Mo
Ridley Twp. R. D., Pa
20,000
40,000
3
1937-1941
r50.000
3218
River Rouge, Mich
2
1937-1938
<225,000
3722
IX
1937-1941
1,500,000
3722
2
3Vi
1937-1956
1,122,000
100.05
1 87
which the bid is entered.
1938-1943
T120.000
100.311
3.68
3388
Rochester, N. Y
Rochester, N. Y. (2 iss.)
Rocky River, Ohio...
3549 Rockwell, Ia
3223
3387
Ross
3551
3384
3723
Sandusky Co., Ohio
3717
San Francisco, Calif
1939-1955
Said securities are offered and will be sold on the condition that the suc¬
cessful bidder will not expressly or by implication indicate to anyone that
2.09
12,000
32,000
391.000
1937-1944
r27,000
35,000
1937-1952
315.0001
1937-1946
300,000/
2X
1938-1941
104.000
3
1937-1939
6,900
100.11
2.93
3724
Seminole S. D., Okla
3385
Shawnee Co., Kan
Sheffield Lake, Ohio
Shawswick Twp. Sch. Twp.,
1937-1946
24,500
5
1939-1944
rll,750
100
5.00
for sale in accordance with the terms thereof:
Ind..4
1937-1944
9,000
103.077
3.38
5.000
100
3.00
65.000
100.78
2.95
15.000
100.10
108.14
2.91
100
4.00
$12,000 County Board of Education of Jefferson County, Ala., 4% school
warrants, maturing $12,000, July 1, 1951.
Ernest Mathews, Bir¬
mingham, Ala.
Federal Reserve Bank of Atlanta, Atlanta, Ga.
66,000 Town of Williams, Coconino County, Ariz., 4% waterworks im¬
provement bonds, maturing Jan. 2 as follows: $4,000, 1940; $3,000,
1941; $4,000,1942; $3,000, 1943: $4,000, 1944: $3,000, 1945; $4,000,
1946; $3,000. 1947: $4,000, 1948; $3,000, 1949; $4,000, 1950; $3,000,
1951; $4,000,1952; $3,000, 1953: $4,000, 1954; $3,000, 1955; $4,000,
1956; $3,000, 1957-58, incl.
Chapman & Cutler. Chicago, 111.
Federal Reserve Bank of San Francisco, Los Angeles, Calif.
34,000 Special School District of Little Rock, Ark., 4% Bchool bonds,
maturing March 1 as follows: $5,000, 1937-42, incl.; $4,000, 1943.
John G. Pipkin, Little Rock, Ark.
Federal Reserve Bank of St.
Louis, Little Rock, Ark.
127,000 City of Laguna Beach, Calif., 4% Act of 1927 Municipal Improve¬
ment District
No. 1 sewer bonds, maturing Feb. 1 as follows:
$7,000,
1937-43. incl.; $8,000,
1944-52,
incl.; $6,000,
1953.
O'Melveny, Tuller & Myers, Los, Angeles, Calif.
Federal Reserve
Bank of San Francisco, Los Angeles, Calif.
7,000 School District No. 12. County of Teller, Colo., 4% school bonds,
series 1934, maturing Oct. 1 as follows: $500, 1936-49, incl.
Foard
Brothers,
Colorado Springs, Colo.
Federal Reserve Bank of
Kansas City, Kansas City, Mo.
111,000 The City of Pensacola, Fla., 4% water revenue certificates, ma¬
turing Nov. 1 as follows: $6,000, 1936-49, incl.; $7,000, 1950-52,
incl.; $6,000, 1953.
Ernest E. Mason, Pensacola, Fla.
Federal
Reserve Bank of Atlanta, Atlanta, Ga.
22,000 Village of Alameda, Ida., 4% municipal coupon water works bonds,
maturing Jan. 1 as follows: $1,000,1937-42, incl.; $1,500,1943-50 incl.;
$2,000, 1951-52, incl.
Pershing, Nye, Bosworth & Dick, Denver,
Colo.
Federal Reserve Bank of San Francisco, Salt Lake City,
5,000
3552 Sidney, Neb
3558 Slatington S. D., Pa
3724 Snyder, Okla
1-10 yrs.
3
1947-1966
3
6
South Corning, N. Y
1941-1958
4
2.50
100
103~. 16~
3226
Spokane Co. S. D. No. 21, Wash..4
Staples, Minn
3X
3393 Staunton, Va
3
2-10 yrs.
18,000
12,000
3218
1939-1966
30,000
101.41
3.15
1937-1956
44,000
100.593
2.93
3551
1937-1941
40,000
100.286
20,000
100
4.00
4
1939-1958
103.60
3.63
2X
1937-1950
Stoughton, Mass......
3556 Stringtown, Okla.
_w..l}£
4
3392 Summjrvllle S. D., Pa
3549 Tama, Iowa
3390 Tannersvllle, N. Y. (2 Issues)
3726 Tekoa, Wash
3385 Tipton, Ind
3221
3.60
1938-1953
20,000
35,000
33.000
3>*
4
1938-1947
5,000
3393
Jasper, & Woodhull
Cent. S. D. No. 1, N. Y
3X
Tuolumne County, Calif
4}$
Tuscaloosa County. Ala
3%
Union Sch. Twp., Ind
4
Utica N. Y. (7 issues).2
12
Vassar S. D. No. 1, Mich
4
Ventura Co. S. D., Calif
4
Vergennas, Vt
2X
3226
Vernon Co., Wis
3383
3547
3216
3221
3218
3215
1962
1.13
101.487
100.16
3.58
100.20
3.46
75,000
100
4.00
79,000
100.614
3.45
104.15
3.15
100.481
1.92
4.00
Troupsburg,
1939-1956
1937-1955
30,000
1937-1956
207,000
1937-1945
30.000
1937-1946
450,0001
1937-1956
70,000/
1936-1955
20.000
1948-1952
1948-1952
100
r20,000
101
1939
1939
100,000
100.576
1.30
100
4.00
4
Vermilion, Ohio
3222 Wahpeton, N. Dak
3218 Waltham, Mass
10,000
1937-1946
1937-1946
IX
4
3723
3224
1941~
1941 ~
18,000
.3
30.000
100:685
2:i5
60,000
102.888
2.67
385.000
100.80
1941-1951
d20.000
105.057
1937-1956
1937-1956
1944-1966
1944-1966
1937-1955
1937-1955
1938-1947
1938-1947
1937-1956
1937-1956
3216
1936-1947
1936-1947
3721
3390
Whitestown,
Marcy,
3392
1938-1952
1938-1952
50,000
104.90
Utah.
3.47
r70.000
530,000
10L225
2:§3
100,000
100.079
2.49
3,500
100.328
2.72
100.57
2.84
100
4.25
101.4399
2.34
36,000
631,000
&
2,N.Y.2.90
4X
Whitaker, Pa
3725
4
..4
Deerfield
r36,000
1936-1965
1936-1965
1937-1946
1937-1946
Watervliet, N. Y. (2 Issues)
2.60
3720 Washington, Mo
...3X
3224 Watertown, S. Dak. (3 issues) ...4
3550 Wayne Co.. Ky
5X
3555 Westchester Co.. N. Y, (5 issues).2X
3384 West Hartford, Conn
IX
3385 What Cheer. Iowa
2%
White River Sch. Twp., Ind
West New York, N. J
2.31
1942-1950
2%
Warren. Pa
3722
Trenton Cent. S. D. No.
1939-1956
Wichita Falls,
1945-1951
650,000
7,000
r1,000,000
Ind. S. D., Tex
WilkesbBarre S. D., Pa.
2X
1941-1950
3718
WINoh Co., Kan
2X
1937-1945
9,500
3219
Wolfeboro, N. H
2X
4X
1937-1948
r38,000
3558
3391
1939-1943
1944-1954
4
Woodward, Okla
3
1955
3X
3218
Yazoo-Mississippi
Delta
Dist., Miss
1937-1943
Levee,' 3X
3X
1944-1947
1948-1956
400,000
10,000]
101.43
1.96
100:015
3:92
22,000
3.000
r530,000
r280,000
r444,000
100
3.40
3225
Ysleta Com. S. D., Tex
25,000
Total bond sales for May (334 municipalities, covering
392 separate issues)
598,694,141
d Subject to call in and during the earlier years and to mature in the later year.
Including $15,417,157 temporary loans or funds obtained by States and
municipalities from agencies of the Federal Government,
r Refunding bonds.
k Not
The
following items included in
totals for the previous
same.
We give the
paper in which reasons for
our
months should be eliminated from the
page
number of the issue of
our
these eliminations may be found.
Name
Page
Rate
3220
3395
Norton Co., Kan. (March)
Maturity
Alamagardo, N. Mex. (April)
have
We
for
also
....
the
of
Rate
Name
Joseph
S. D.,
Basis
...
20,000
following additional sales
New
Maturity
Amount
Price
Basis
Ohio
(Feb.)
3718
Price
$100,000
...
learned
Amount
previous months:
Page
3723 Edgeton-St.
3X
1937-1959
Plymouth, Idaho....
$26,000
14.500
.....
All of the above sales
(except as indicated) are for April.
These additional April issues will make the total sales (not
including temporary or RFC and PWA loans) for that
month
Page
SOLD
3726
BY
Name
Antigonish Co., N. S
CANADIAN
Rate
...4
MUNICIPALITIES
Maturity
20 yrs.
Amount
$30,000
IN
MAY
Price
100.52
Basis
3.96
3726
Bath-Bristol-Florenceville
4X
20 yrs.
3560
Canada (Dominion of)
3226
Forest Hill, Ont
3X
1-20 yrs.
*20,000.000
112,000
101.51
3.32
3560
Kingston, Ont
2X
5
1-5 yrs.
57,500
101.03
2.10
1-20 yrs.
12,000
Electric Dist., N. B
3226 Low South Twp., Que
138,000 City of Edwardsville, 111., 4% sewerage revenue bonds, maturing
Sept. 1 as follows: $2,000, 1938; $5,000, 1939-41, incl.; $6,000,
1942-49, incl.; $7,000, 1950,56, incl.; $8,000, 1957-59, incl.
Perry
H. Hiles, Edwardsville 111.
Federal Reserve Bank of St. Louis,
St. Louis, Mo.
20,000 City of Goshen,"Ind., 4% waterworks revenue bonds, maturing
April 1 as follows: $4,000, 1952; $8,000, 1953-54, incl.
Matson,
Ross, McCord & Clifford, Indianapolis, Ind.
Federal Reserve
Bank of Chicago, Chicago, 111.
27,500 Town of Oldenburg, Ind., 4% waterworks (revenue) bonds, ma¬
turing April 1 as follows: $1,000, 1937-56, incl.; $1,500, 1957-61,
incl.
Smith, Remster, Hornbrook & Smith, Indianapolis, Ind.
Federal Reserve Bank of Chicago, Chicago, 111.
46,000 City of Midway, Woodford County, Ky., 4% waterworks revenue
bonds, maturing June 1 as follows: $1,000, 1937-43, incl.; $2,000,
Richard Godson, Midway,
1944-52, incl.; $3,000, 1953-59, incl.
Ky.
Federal Reserve Bank of Cleveland, Cincinnati, Ohio.
.28,500 The Mayor and Council of Grantsville. Md.. 4% bonds (one bid
to cover bo(h issues) water bonds, maturing June 1 as follows:
$1,000, 1938-61, incl.; total, $24,000.
Water bonds, second series
1934, maturing Oct. 1 as follows: $500, 1952-60; incl.; total, $4,500.
Neil C. Fraley, Oakland, Md.
Federal Reserve Bank of Richmond,
Richmond, Va.
179,000 City of Allegan, Mich., 4% first mortgage serial revenue bonds
(issued to construct an electric light and power system), maturing
May 1 as follows: $6,000, 1937; $7,000, 1938-39, incl.; $8,000,
1940-41, incl.; $9,000,
1942-43, incl.; $10,000,
1944-45, incl.;
$11,000, 1946; $12,000, 1947; $13,000, 1948-49, incl.; $14,000,
1950; $15,000, 1951; $16,000, 1952; $11,000, 1953.
Leo W. Hoff¬
man, Allegan, Mich.
Federal Reserve Bank of Chicago, Chicago,
19,000 Washington County Road District of Washington County, Miss.
4% Washington County Road District bonds, series of 1934
maturing Feb. 1 as follows: $19,000, 1955.
H. P. Farish, Green¬
ville, Miss.
Federal Reserve Bank of St. Louis, Memphis, Tenn,
100,000 City of California, County of Moniteau, Mo., 4% electric plant
bonds, maturing April 1 as follows: $5,000, 1937-41, incl.; $6,000,
1942-51, incl.; $5,000, 1952-54, incl. Bowersock, Fizzell & Rhodes
Kansas City, Mo.
Federal Reserve Bank of St. Louis, St. Louis•
Mo.
37,000 Town of Bridger, Carbon County, Mont., 4% water bonds, series
1935, maturing Jan. 1 as follows: $2,000, 1937-54, incl.; $1,000,
1955.
E. B. Merrill, Bridger, Mont.
Federal Reserve Bank of
Minneapolis, Minneapolis, Minn.
24.000 City of Wayne, Wayne County, Neb., 4% municipal auditorium
bonds, maturing Oct. 1 as follows: $1,000, 1936-48, incl.; $2,000,
1949-53, incl.; $1,000, 1954.
James E. Brittain, Wayne, Neb.
Federal Reserve Bank of Kansas City, Kansas City, Mo.
665 000 City of Bayonne, Hudson County, N. J., 4% bonds (one bid to
cover the three issues) water bonds, maturing, Sept. 1 as follows:
$102,028,154.
DEBENTURES
In the case of each issue, there is given the name of the attorney approving
bonds and the particular branch of the Federal Reserve bank where
delivery of the securities will be made to the purchaser.
The following are the issues referred to in the above notice and offered
the
80,000
Shelbyvllle, Ind
3556
101.384
1937-1940
2X
2X
3216
ties.
200,000
100,000
RFC, or the United States of America, or any agency thereof, has any
obligation or responsibility whatsoever with respect to such bonds, or refer
or use the name of the RFC, or the United States of America or any
agency thereof, as an inducement to anyone to purchase any of said securi¬
to
'
1X
2X
Sedgwick Co.. Kan
3722
4:b0
1C0.059
1.88
1952-1963
Schenectady Co., N. Y. (4iss.)..12.10
12.10
3385
3549
100
3:42
100.60
2,250,000
+-4X
3385 Scott Co., Ia
3722 Sea Cliff, N.Y
3559 Seattle, Wash
2.10
2.77
101.166
100.28
3215 San Juan Co. S. D. No. 1, Colo__.4
3393 Savannah, Tenn
4
3221
100.65
116.03
15.000
12,000
5
2X
must be accompanied by
copy of the official notice, must be unconditional, and must
be accompanied by a certified check payable to the order of "Reconstruction
Finance Corporation" for 2% of the principal amount of the issue for
The successful bidders for said securities will be required to
accept de¬
livery of the securities at the Federal Reserve Bank or Branch named below
and to pay for the same in cash or in other immediately available funds at
any Federal Reserve Bank or Branch thereof, within 15 days of acceptance
of bid
at the bid prices plus accrued interest to the date of payment, less
the amount of the checks accompanying the bids.
Signed or certified copy
of the approving legal opinion of counsel, where indicated, as to the
legality
of the issue will be furnished the purchaser without cost.
70,000
2X
Sale City Cons. S. D., Ga
1~87
1937-1944
3X
2
Co., Ohio
St. Louis, Mo
lbb".05"
Bids must be made separately for each issue,
1936-1943
...3
Romeo, Mich
3723
106.6925
100.082
Hydro8.000
99
95
5.64
$4,000, 1936-40, incl.; $5,000, 1941-57. incl.; $6,000, 1958; $5,000,
1959; total, $116,000.
Street impt. bonds, maturing Jan. 1 as
$13,000, 1937-44, incl.: $15,000, 1945-54, incl.; $1,000,
1955: total, $255,000.
School bonds, maturing Jan. 1 as follows:
$1,000, 1954; $34,000, 1955-62, incl.; $21,000, 1963; total, $294,000.
Hawkins, Delafield & Longfellow, New York, N. Y. (Covering
school bonds.)
Reed, Hoyt & Washburn, New York, N. Y. (Cov¬
follows:
ering water and street improvement bonds.)
of New York, New York, N.Y.
Federal Reserve Bank
3892
Financial
24,500 Village of Almond, N. Y., 4% water bonds, series of 1934, maturing
May 1 as follows: $500, 1937-43, incl.; $1,000, 1944-64, incl.
Lyle
W. Jackson, Almond, N. Y.
Federal Reserve Bank of New York,
New York, N. Y.
87,000 Central School District No. 12 of the Towns of Brookfield, Madison
County, and Plainfield, Otsego County, N. Y., 4% school building
bonds, maturing Sept. 1 as follows: $3,000, 1936-64, incl.
Clay,
Dillon & Vandewater, New York, N. Y.
Federal Reserve Bank
of New York, New York, N. Y.
School District No. 3 of the Town of Cortlandt, West¬
N. Y., 4% school building bonds, maturing Nov.
1936-44, incl.; $2,000, 1945-59, incl.; $5,000,
1960-65, incl.
Clay, Dillon & Vandewater, New York, N. Y.
Federal Reserve Bank of New York, New York, N. Y.
76,000 City School District of the City of Lackawanna, N. Y. (sometimes
known as Union Free School District No. 6 of the City of Lacka¬
wanna), 4% school building bonds maturing Feb. 1 as follows:
$3,000, 1937-47. incl.; $4,000, 1948-57, incl.; $3,000, 1958.
John
J. Sullivan, Buffalo, N. Y.
Federal Reserve Bank of New York,
69,000 Central
chester County,
1
as
follows: $1,000,
New
York, N. Y.
'
•
85,000 Village of Woodridge, Sullivan County, N. Y., 4% sewer bonds,
maturing Sept. 1 as follows: $2,000, 1936; $3,000, 1937-39, incl.;
$4,000,
1940-42, incl.; $5,000, 1943-46, incl.; $6,000, 1947-49,
incl.; $7,000, 1950-51, incl.; $8,000, 1952; $2,000, 1953.
Benjamin
Cosor, Woodridge, N. Y.
Federal Reserve Bank of New York,
New York, N. Y.
Chronicle
June 6,
PUBLIC
WORKS
Progress of Construction Program—The following
an official statement (Press Release No.
1922)
just made public by the above named Federal agency:
Report
on
is the text of
Public Works Administration's current construction
program, embracing
than 4,000 useful public works, is rapidly approaching peak operations
more than 95% of the projects under construction, under contract
more
with
or completed and in use.
A report received today by Public Works Administrator Harold L. Ickes
showed that as of. June 3 the number of projects completed was 78, valued
at $2,872,837; the number under construction 3,421, valued at
$651,856,719;
number wherein contracts have been awarded was 347, valued at
$37,578,082, and the number wherein bids have been advertised wasi86,
$13,573,587.
/
Progress has been made on all of the 4,031 projects financed by PWA
loans and grants, or grants only, under the works-relief
program.
Except
for power projects held up by litigation and a few of the
larger engineering
structures, it is believed that PWA's entire program authorized! by the
Emergency Relief Act will be completed this winter.
PWA allotments
amounting to $465,555,862, of which approximately $135,000,000 inlloans
will be repaid to the Government, are enabling cities, towns and other
public bodies to build schools, waterworks, sewersjand other serviceable
public projects, the total estimated cost^of which will be in excess^of
$805,000,000.
the
valued at
102,000 County of Catawba, N. C., 4% bonds (one bid to cover both
issues) school building bonds, maturing May 1 as follows: $1,000,
1937-41, incl.; $2,000, 1942-51, incl.; $1,000. 1952; total, $26,000.
School bonds, maturing Aug. 1 as follows: $2,000, 1937-44, incl.,
$2,500, 1945-54, incl.; $3,500, 1955 64, incl.; total, $76,000.
J. L.
Murphy, Hickory, N. C.
Federal Reserve Bank of Richmond,
Richmond, Va.
,
,
232.000 County of Guilford, N. C., 4% school bonds maturing Aug. 1 as
follows:
$7,000,
1937-41. incl.; $8,000. 1942-51, incl.; $9,000.
1952-64, incl.
B. L. Fentreea. Greensboro, N. C.
Federal Reserve
Bank of Richmond, Richmond, Va.
54 000 The Board of Education of the City of Larimore, N. Dak., 4%
school construction bonds, maturing April 1 as follows: $3,000,
1937-54,
incl.
Junell, Driscoll, Fletcher, Dorsey & Barker,
Minneapolis, Minn.
Federal Reserve Bank of Minneapolis, Minn.
592,000 City of Akron, County of Summit, Ohio, 4% bonds (one bid to
cover both issues), street improvement bonds (1935). maturing Oct.
1 as follovs: $19,000, 1937; $20,000, 1938-46, incl.. total $199,000.
Sewer bonds, maturing Oct. 1 as follows: $15,000, 1937-43, incl.;
$16,000, 1944-61, incl.; total, $393,000.
Wade Dewoody, Akron,
Ohio.
Federal Reserve Bank of Cleveland, Cleveland, Ohio.
20,300 Deer Creek Consolidated School District No. 6, County of Okla¬
homa, Okla., 4% building bonds of 1935, maturing July 1 as follows:
$1,100, 1938-54, incl.; $1,600, 1955.
Shirk, Danner & Earnheart,
Oklahoma City, Okla.
Federal Reserve Bank of Kansas City,
Kansas City, Mo.
40,500 City of Klamath Falls, Klamath County, Ore., 4% armory bonds,
maturing Jan. 1 as follows: $2,250, 1937-54, incl.;
T. R. Gillenwaters, Klamath Falls, Ore.
Federal Reserve Bank of San Fran¬
cisco, Portland, Ore.
460,000 State of South Carolina, 4% bonds (one bid to cover all four
issues) South Carolina School for the Deaf and Blind bonds,
maturing July 1 as follows: $1,000, 1936-40, incl.; $2,000, 1941-50,
incl.; total, $25,000.
South Carolina Sanatorium bonds, maturing
July 1 as follows: $2,000, 1936-40, incl.; $3,000, 1941-52, incl.;
$4,000, 1953; total, $50,000.
State Training School for the FeebleMinded bonds, maturing July 1 as follows: $3,000, 1936-40, incl.;
$4,000, 1941-50, incl.; $6,000, 1951-55, incl.; $8,000, 1956; $10,000,
1957-58, incl.; $12,000, 1959; total, $125,000.
State Hospital for
the Insane bonds, maturing July 1 as follows: $9,000, 1936-40, incl.;
$11,000, 1941-46, incl.; $12,000, 1947-50, incl.; $15,000, 1951-53,
incl.; $18,000,
1954-55. incl.; $20,000, 1956; total, $260,000.
F. Ehrlich Thomson, R. E. Carwile, Columbia, S. C.
Federal
Reserve Bank of Richmond, Richmond, Va.
30 200 City of Hot Springs, S. D., 4% sewerage disposal bonds, maturing
Feb. 20 as follows: $1,200, 1937; $1,000, 1938^0, incl.; $2,000,
1941-53,
incl.
Junell,
Driscoll, Fletcher,
Dorsey & Barker,
Minneapolis,
Minn.ju Federal Reserve Bank of Minneapolis,
Minneapolis, Minn.
58 000 Arlington Independent School District, Tarrant County, Texas,
4% schoolhouse bonds, series 1934, maturing Oct. 1 as follows:
$2,000,
1936-64, incl.
Glover Johnson, Fort Worth, Texas.
Federal Reserve Bank of Dallas, Dallas, Texas.
332 000 Board of Regents of the University of Texas, 4% dormitory revenue
bonds, maturing March 1 as follows: $7,000, 1938-39, incl.; $8,000,
1946-48, incl.;
1940-42, incl.; $9,000, 1943-45, incl:; $10,000,
$11,000, 1949-50, incl.; $12,000, 1951-52, incl.; $13,000, 1953-54,
incl.; $14,000, 1955-56, incl.; $15,000, 1957-58, incl.; $16,000,
1959; $17,000, 1960-61, incl.; $18,000, 1962-64, incl.; $3,000, 1965.
Chapman & Cutler, Chicago, 111. Federal Reserve Bank of Dallas,
^
San Antonio.
Texas.
City, Utah County, Utah, 4% waterworks
improvement
bonds, maturing Aug. 1 as follows: $1,000, 1936-63, incl.
O.
DeVere Woolton, Lehi City, Utah.
Federal Reserve Bank of San
Francisco, Salt Lake City, Utah.
28.000 Lehi
112,000 Price, A Municipal Corporation, County of Carbon, State of Utah,
4% waterworks improvement revenue bonds, maturing Feb. 1 as
follows: $4,000, 1939-64, incl.; $8,000, 1965.
A. S. Horsley, Price,
Utah.
Federal Reserve Bank of San Francisco, Salt Lake City,
Utah.
of Henrico, Henrico County, Va., 4%
Dec. 1 as follows: $1,000, 1936-37,
incl.; $2,000, 1938-39, incl.; $3,000, 1940-52, incl.; $4,000, 1953-55,
incl.; $5,000, 1956-58, incl.
H. M. Ratcliffe, Richmond, Va.
72,000 Sanitary
District
waterworks
No.
3
bonds, maturing
Federal Reserve Bank of Richmond, Richmond, Va.
82,000 City of Adams, Adams County, Wis., 4% bonds (one bid to cover
both issues), sewerage system (tax) bonds, maturing
Sept.
1 as
follows: $1,000, 1936-44, incl.; $2,000, 1945-54, incl.; total, $29,000.
Water revenue bonds, maturing Sept. 1 as follows: $1,000, 1937-39,
incl.; $2,000, 1940-64, incl.; total, $53,000.
Fulton Collipp, City
Attorney,
Adams, Wis.
Federal Reserve Bank of Chicago,
34 800
Towngof
series
G.
R.
Medicine Bow, Carbon County, Wvo., 4% water bonds,
1934, maturing Sept. 1 as follows: $1,200, 1936-64, incl.
McConnell, Laramie, Wyo.
Federal Reserve Bank of
Kansas City,
Kansas City, Mo.
RAILWAY
OFFERING
$4 935 000 Great Northern Railway Co. Secured 4% Serial Bonds, maturing
$309,000 each Oct. 1 and April 1 from Oct. 1, 1936 to and incl.
Oct. 1, 1939; $308,000 each April 1 and Oct. 1 from April 1,
1940 to and incl. April 1, 1944.
F. G. Dorety, Vice-Pres. and
Gen. Counsel for the Great Northern Railway Co.
Federal
Reserve Bank of New York, New York, N. Y.
1. Issuer: Great
Railway Co.
2. Amount: $4,935,000.
3. Designa¬
4% serial bonds. 4. Coupon rate: 4% per annum.
6. Date of bonds:
April 1, 1935.
7. Maturity dates and amounts: Oct. 1, 1936,
$309,000; April 1, 1937, $309,000; Oct. 1, 1937, $309,000; April
I,1938, $309,000; Oct. 1,1938, $309,000; April 1,1939, $309,000;
Oct. 1, 1939, $309,000; April 1, 1940, $308,000; Oct. 1, 1940,
$308,000; April 1,
1941, $308,000; Oct. 1, 1941, $308,000;
April 1, 1942, $308,000; Oct. 1, 1942, $308,000; April 1, 1943,
$308,000; Oct. 1, 1943, $308,000; April 1, 1944, $308,000; total,
$4,935,000.
8. Form of bonds: Bearer coupon; registerable as
to principal only or as to principal and interest.
9. Denomina¬
tion: $1,000.
10. Interest payment dates: April 1 and Oct. 1,
II. Place of payment of principal and interst: At the office, or
Northern
tion: Secured
5.
Authorized amount of issue: $4,935,000.
Railway Co., New York, N. Y.
12. Funds in
Legal tender. 13. Redemption: Not redeemable
14. Legal opinion: Signed or certified copy
of the legal opinion of F. G. Dorety, General Counsel of the
railroad,
will
be delivered with the bonds.
15. Collateral
security: $7,000,000 par value Great Northern Railway Co.
general mortgage 6% bonds, series F, due July 1, 1953.
16.
Transfer taxes: Inasmuch as transfer taxes can not be paid by
government agencies, any tax on the transfer of the bonds from
the RFC to the successful bidder must be paid by the latter.
agency of the
which payable:
prior to maturity.
1936
ADMINISTRATION
News Items
California—-Special
Session
Adjourns—The
[State's
monthly old-age pension payments were increased to a $35
monthly minimum, $2,500,000 was appropriated for relief
purposes and numerous other measures were approved by
the Legislature, which completed Its 2-day
special session
on the evening of
May 26, according to press advices from
Sacramento.
H
The other
reported
1.
as
measures
approved in thejshort sessionjwere
follows:
Fish and game law amendment extending the steelhead trout
fishing
in Klamath and Eel Rivers to correct error in
legislation passed in
season
1935.
2. Validation of bonds of all school districts, high school districts and
junior college districts of every kind and character.
3. Technical amendment eliminating and reducing certain standards for
gravenstein apples in order that such apples might be marketed abroad.
4. Extension for 10 years of periods of redemption, reduction and re¬
mission of penalties, &c., in case of
delinquent taxes upon real property
sold to the State on or before July 6, 1936.
5. Providing for
10-year installment payments of land sold prior to
Sept. 30, 1935, to any irrigation district for delinquent taxes or assessments.
6. Act to provide for the revival and restoration of corporate powers to
corporations whose rights and powers have been elapsed because of non¬
payment of taxes, &c.
7.
8.
Validation of water conservation district bonds.
Technical amendment to State aid to needy blind legislation to make
it conform
to
Federal law.
9.
Validation of bonds of sanitary districts.
moves relative to production for
use, unemploy¬
ment, &c., were turned down by the Assembly.
Several EPIC Democratic
New
Jersey—U. S. Supreme
Dorrance
Estate
Tax
Court
Case—Revenue
Denies
to
Be
Rehearing
in
Used to Balance
Budget—Governor Harold G. Hoffman and the legislative
were gratified to receive news from
Washington on
June 1 that the Supreme Court of the United States had
denied a rehearing to executors of the estate of John T.
Dorrance, late President of the Campbell Soup Co., thus
easing the situation in New Jersey in regard to the imminent
deficit and the necessity of providing m&re revenue for the
State, according to Trenton advices on June 1.
The estate,
which had paid transfer inheritance taxes
aggregating $17,000,000 to Pennsylvania rebelled at paying the $16,768,477
in principal, interest and penalties demanded
by New Jersey.
The United States Supreme Court refused to review a deci¬
sion of the New Jersey Court of Errors and
Appeals which
held that the levy was a just one and the executors
applied
for a rehearing in the matter, saying that the
point at issue
was of unusual importance as
"many persons have places
leaders
or
residence in
more
than
one
State."
We quote in part as follows from a Trenton
the high court action:
Fortified with
dispatch
on
opinion by Attorney General David T. Wilentz that
about $15,000,000 due New Jersey from the estate of the late Dr. John T.
Dorrance may be considered as anticipated revenue for the State's
coming
fiscal year, beginning July 1, the joint appropriations commitee of the
Legislature completed tonight work on the annual Appropriations bill and
the separate budget for the Highway Department.
The annual bill will total about $37,441,746, while that for the
Highway
Department will authorize an outlay of $36,400,594.
In the former
measure will be an item of $4,500,567 for New
Jersey participation in the
Federal social
security program.
Provision also wUl be made for the $500,000 required to cover dependent
children's aid and old-age pensions during the current quarter of the
present
fiscal year.
A bill appropriating this latter sum was virtually vetoed by
Governor Hoffman today when he filed it in the State Library without his
signature because, he said, the money was not available.
The situation was changed
when the United States Supreme Court
refused the petition of the executors of the Dorrance estate that it reconsider
its denial last week of their application for a review of the decision of the
New Jersey Court of Errors and Appeals upholding this State's claim to
inheritance taxes.
The estate already has paid such taxes to Pennsylvania.
The question of whether Dr. Dorrance, wealthy soup manufacturer, was a
legal resident of New Jersey or Pennsylvania at the time of his death has
been in litigation nearly five years.
This State levied taxes to the amount of
$12,500,000, but interest and penalties for non-payment have increased the
sum to nearly $3,000,000 more.
Availability of the Dorrance money also will make new taxes unnecessary
for emergency relief this year.
It is planned to set up a $5,000,000 equalizafund in the general
Stajte Treasury to aid any municipalities that require
assistance in caring for their unemployed.
Burlington County is entitled to 5% of the Dorrance taxes because his
home was situated there.
Tonight Senator Clifford R. Powell of that
county made an unsuccessful effort to have passed a bill providing that
Burlington also should receive 5% of the interest and penalties.
an
(The above decision is also commented
ment of "Current Events and
page
of this issue.)
.
•.
on
Discussions,"
in
depart¬
preceding
our
on a
.
Executors Pay Dorrance Estate Tax—The payment of the
above inheritance tax and interest was made by the executors
of
the estate on June 4 to representatives of State Tax
Commissioner J. Thayer Martin, at the offices of the Camden
Trust Co., Camden, N. J.
It represents $12,183,459.96 as
the principal tax assessed against the estate, which was
Volume
valued
in
Financial
142
of
excess
$150,000,000, and
interest, accumulated since the litigation
started in 1931.
H.
Chronicle
$3,437,333.49 in
the payment
over
The check will be turned
over
to
contract
William
Albright, State Treasurer.
New
City—Emergency Taxes Extended to July 1,
Municipal Assembly, consisting of the Board of
Estimate and the Board of
Aldermen, on June 2 voted a re¬
newal of the two-cent
city sales tax, the 3% public utility
levy, the business tax of l-20th of 1 % and personal property
taxes of 2%, for another
year, from July 1 to June 20, 1937.
The action is said to have been taken without
notice, by the
Board of Estimate at a
meeting that had been unexpected
and at which Manhattan
Borough President Samuel Levy
and Bronx Borough President James J.
Lyons, were absent.
The Board of Aldermen at a
meeting later in the day acted
under the spur of an
emergency
message from
Mayor
LaGuardia.
Rejecting the usual procedure of referring such
meeting,
the
due
a
clause of
Constitution.
process
Federal
the
was generally felt, was to
anywhere to regulate wages
for adult persons,
except on contracts for public work.
(This decision is discussed in greater detail in our department
of "Current Events and
Discussions," on a preceding page
of this issue.)
power
Municipal Bond Bills Approved—Governor Lehman has
signed the N. A. O'Brien bill as Chapter 813, Laws of 1936,
adding a new section, numbered 11-a, to the General Munic¬
ipal Law, in relation to authorizing the reconversion into
coupon bonds of fully registered bonds of any
municipal
corporation or political subdivision in the State.
Another bill signed by the
Governor, as Chapter 815,
Laws of 1936, amends the General
Municipal Law, by adding
local laws for action at the next
on
by
Amendment to the
The effect of the decision, it
leave no constitutional
York
to the committee
guaranteed
Fourteenth
1937—The
measures
3893
New York State minimum
wage law in so far as it effects
adult women on the ground that it violated the
freedom of
favorable vote was had on the renewals.
The
estimated to bring in about $67,000,000 and the
State will make
up the difference between that sum and
$100,000,000.
The sales tax alone mil bring in $42,000,000,
It is said.
a new
section, numbered 3-a, restricting special assessment
improvements to those portions of a municipality which do
not have
20% or more of the parcels of property to be af¬
fected delinquent in taxes or
having an unpaid assessment.
City Upheld on Right to Tax Public Utilities—The Appellate
Division, by a unanimous decision, upheld on May 29 the
right of the city to tax public utilities and rejected a test
motion by a
subsidiary of the Consolidated Edison Co.,
which w«uld, in effect, have forced the
city to refund about
$30,000,000 in utility taxes collected and used for emergency
was
taxes
are
relief purposes.
The decision
upheld Justice Joseph M.
Callahan, who
County Government Reform Bill Approved—The Fearon bill
approved on June 2 as Chapter 828, Laws of 1936.
new law
provides for optional forms of government to
This
be
known
pointive
the elective
as
county
county_executive form, the
executive
form
with
full
ap¬
administrative
the appointiye county executive form with restrictive
the board of district supervisors form, and the board
of supervisors form.
It is believed that this anabling meas¬
ure will
permit considerable simplification of government in
powers,
powers,
decided last Dec. 9, that the
enabling Acts passed by the
Legislature in 1933 and 1934 to aid the city to collect relief
funds to balance its
budget specifically provided that the
the five counties embraced in the
City of New York.
An Albany
dispatch to the New York "Herald Tribune"
of June 4 commented as follows on the
above Fearon bill:
taxes
Herbert H. Lehman today announced his
approval of the
Fearon bill providing
optional forms for county government reforms in
counties outside New York
City, under the provisions of the county homerule amendment, which was
adopted by the people at last fall's election.
The bill approved was the
only one of threie county reform bills to pass
both houses
the
imposed under the enabling act should "be in addition
to any
-
and all other taxes."
Ti
Tr~~T~Z
New York State—Bill
se
-
Restricting Municipal Bond Issues
Signed—Governor Lehman signed on June 1 the Miller bill
which is designed to improve the financial condition of cities
and villages by
restricting the issuing of bonds for permanent
improvement, according to Albany advices.
"This bill,"
the Governor wrote in a
memorandum, "was sponsored by
the New York State Conference of
Mayors as part of its
program of legislation, which, it believes from the elaborate
studies it has made will
place cities and villages of the State
on
a
more,
sound financial basis, relieve real estate of
an
undue burden of taxation, and eliminate certain
weaknesses
in
the present financial
practices
municipalities financially
ance
without embarassing
jeopardizing the full perform¬
or
of their service."
The
Governor's memorandum continued
follows:
as
"This bill requires
a municipality to make an
appropriation from current
during the first year whenever the municipality undertakes the
financing of a permanent improvement through the sale of bonds.
This
revenues
appropriation must be sufficient to pay at least
5% of the entire cost of the
project proposed to be funded.
"This restriction seems to me a
reasonable one,
"The provisions of the bill are not
applicable to the contracting of a
debt for welfare work or
unemployment relief, nor to provide for New
York City rapid transit
projects, nor to a water system or other revenueproducing improvements.
Exception is also made for bonds sold to pay
for an improvement partially
financed with money furnished by the Federal
Government from the public works or Works
Progress Administration."
The bill was introduced in the
Legislature by Senator Edwin E. Miller,
.
Schenectady-Saratoga Republican.
Mortgage Law Continued, by Governor-—The Governor
signed on May 28 the bill by Assemblyman Carl Pack,
Bronx Democrat,
continuing the prohibition against the sale
of guaranteed
mortgage certificates until July 1, 1937. The
Governor expressed regret,
however, that the Republican
Assembly had refused to pass the bill which he recommended
to prohibit the sale of
non-guaranteed mortgage investments
when coupled with a
repurchase agreement.
"The failure to prohibit the sale of
non-guaranteed mortgage investments
when coupled with a repurchase
agreement merely serves to
permit special
groups to circumvent the policy that guaranteed
mortgage certificates should
not be sold," Mr. Lehman
wrote in a memorandum.
"I am signing this bill since the
protection it gives is absolutely essential.
At the same time I am much
disappointed that the more comprehensive
features recommended
by me were not adopted by the Legislature."
Another bill approved
by Governor Lehman on May 28
repeals an emergency law enacted a few years ago which
permitted the Public Service Commission to suspend gradecrossing elimination orders under the $300,000,000 bond
issue.
Sponsored by Assemblyman Thompson, Republican,
of Orleans, it was
urged by leaders of his party to help
relieve unemployment.
They contended that only a small
Governor
of
Legislature.
It was introduced by Senator George R.
Fearon (Rep.), minority leader of the
Senate, author of the county home-
rule amendment, while the other
L. Buckley, New York
two were introduced by Senators John
Democrat, and Thomas C. Desmond, Newburgh
Republican.
In his memorandum on the Fearon bill the
Governor wrote that it "falls
far short" of what he believed
necessary for effective reorganization, and
that he preferred the
the
Buckley and Desmond bills, which failed to pass
Republican-controlled Assembly, after having passed the Democratic-
controlled Senate.
Describes Five Optional Forms
Describing the Fearon bill, the Governor
wrote that it provided five
optional forms of county government.
"And in accordance with the
county home-rule amendment," he went on, "none of these forms
can
become effective except by the
approval of the people of a county.
Such
approval must be by a majority of the total votes cast in
(1) the county,
new
(2) every city containing more than 25% of the population of the
county,
and (3) that part of the
county outside of such
city.
"Moreover, this bill provides that the adoption of one of these alternative
can only be had at a general election in
odd-numbered
years beginning in the year 1937.
forms of government
"This bill is a step forward but I wish to make it
clear that it falls far
short of what I believe necessary for an effective
reorganization of county
its simplification and modernization.
It falls short of what
local taxpayers who are interested in the
reduction of the cost of local
government are anxious to adopt."
government,
our
Attorney General Certifies to Validity of Old Age Aid Bill—
insure $14,000,000 of contributions
annually for the
from the Federal
Government, Attorney General
John J. Bennett Jr. on May 29 certified to the
Federal
Social Security Board at
Washington that the Wadsworth
old age assistance bill,
recently signed by Governor Lehman,
To
State
as
noted
in
these
stitutional and is
in these columns.
The bonds were offered for sale
subject to a
ruling by the high cour t and under the said decision
the question of the unlimited tax
security basis of the bonds
has been definitely answered.
favorable
OFFERINGS
MUNICIPAL BONDS
Francis, Bro.
ESTABLISHED
merger
would
or
would
not
be
in
the
New
York
Minimum
State—United
States
Wage Law for Women—By
the United States Supreme Court
on
a
five-to-four decision
June 1 invalidated the
Co.
TULSA
Negotiations
ALABAMA
public
Supreme, Court Voids
LOUIS
Bond Proposals and
however," the Governor
bill, "It will be necessary to obtain the
approval of the Public Service Commission.
The Commission, of
course,
is authorized to make an
investigation and to hold a public hearing to
a
&
1877
Investment Securities
ST.
and electric corporations with 95%
100% having been required heretofore.
such
WANTED
Arkansas—Illinois—Missouri—Oklahoma
"Before any such merger can be
effectuated,
noted in his memorandum on the
95% represents more than a substantial
identity of owner¬
ship, and it is only fair in such instances to permit the
merger upon the
express approval of the Public Service
Commission,"
con¬
This was a test case brought
by the
City of Cincinnati in connection with its sale on June 3 of
the $8,128,000 refunding bonds,
reported in detail elsewhere
merger of domestic gas
of the stock
ownership,
whether
3715—"is
advices of that date.
inability to share the costs of these projects.
Utility Merger Bill Approved—The Governor announced on
May 31 his approval of the Dunnigan bill permitting the
"I believe that
p.
Ohio—Supreme Court Upholds State Uniform Bond Act—
Supreme Court on June 3 handed down a decision
upholding the State Uniform Bond Act, relating to issues of
municipal refunding bonds, according to Columbus news
of
interest.
142,
in full force and effect."
The State
Eart been held inissue money had been spent and that projects
ad of the bond
abeyance because railroads had complained
determine
columns—V.
now
CHEROKEE COUNTY
The citizens will vote
on
(P.
O.
June 9
Center),
on
Ala.—POND ELECTION—
the question of issuing $35,000 court¬
house improvement bonds.
TUSCALOOSA COUNTY (P. O.
Tuscaloosa), Ala.—PRICE PAID—
It is now reported by the Superintendent of Schools that the $207,000
%
semi-ann. Board of Education warrants purchased by Watkins, Morrow &
Co. of Birmingham, as noted here recently—V. 142, p. 3547—were sold for
a
premium of $2,500, equal to 101.207, a basis of about 3.61%.
15, 1936. Due from Jan. 15, 1937 to 1956.
Jan.
Dated
3894
Financial
ARIZONA
MOHAVE
COUNTY
(P. O. Kingman), Ariz.—BOND SALE—The
$45,000 funding bonds offered on June 1—V. 142, p. 3547—were awarded
to the J. K. Mullen Investment Co. of Denver as
3%s for a premium of
$121.50, equal to 100.27, a basis of about 3.70%.
Second high bid was
submitted by Brown, Schlessman, Owen & Co. of
Denver, who offered
a premium of $282.15 for 4% bonds.
Dated June 1, 1936.
Due on June
1 as follows: $2,500. 1937 and 1938, and $5,000 from 1939 to
1946, incl.
Chronicle
Markets in all State,
BONDS
1936
MERCED
COUNTY (P. O. Merced) Calif.—BOND OFFERING—
11 a. m. on June 8, by P. J.
Thornton,
Clerk, for the purchase of a $5,000 issue of Elim Union School
District bonds. Interest rate is not to exceed 5%, payable F. & A. Denom.
$1,000.
Dated Feb. 1. 1936. Due $1,000 from Feb. 1, 1957 to 1961 incl.
Prin. and int. payable in lawful money at the County Treasurer's office. A
certified check for $500, payable to the Chairman of the Board of Super¬
Sealed bids will be received until
County
must accompany the bid.
visors,
ARKANSAS
June 6,
bonds offered on June 4—V. 142, p. 3717—were rejected as being too low.
Donnellan & Co. of San Francisco offered a premium of $57 for 4%%
bonds and Stephenson, Lydecker & Co. of Oakland bid a premium of $180
for 5s.
Dated June 1, 1936.
Due annually for 28 years.
OAKLAND, Calif.—BOND OFFERING—Sealed bids will be received
until 8:15 p. m. on June 4, by W. W. Chappell, City Clerk, for the purchase
of an issue of $100,000 harbor improvement bonds.
Interest rate is not to
exceed 5%, payable J & J.
Rate to be stated in multiples of \i of
County & Town Issues
1%.
as it will not be necassary that all
same rate of interast.
Denom. $1,000.
Due on July 1 as follows: $26,000, 1940 to 1942, and
$22,000 in 1943. Prin. and int. payable in lawful money at the office of the
City Treasurer. These bonds are part of a $9,960,000 issue authorized at an
election held on Nov. 10, 1925, of which $9,122,000 have been sold.
The
Split rate interest bids will be accepted
bonds offered for sale shall bear the
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST. LOUIS, MO.
.
Dated July 1, 1926.
approving opinion of Orrick, Palmer & Dahlquisfc of San Francisco, will be
A certified check for $1,500, payable to the City Clerk, must
accompany the bid.
(This report supplements the offering notice given here recently—V.
142, p. 3717.)
furnished.
ARKANSAS
ORANGE COUNTY (P. O. Santa Ana), Calif.—BOND SALE—'The
$8,000 issue of Olive School District building bonds offered for sale on
142, p. 3548—was awarded to Redfield, Royce & Co. of Los
State & Municipal Bonds
June 2—V.
Angeles, as 3s, paying a premium of $6.56, equal to 100.082, a basis of
2 99%.
Dated July 1, 1936.
Due $1,000 from July 1, 1939 to
1946 incl; sive.
abovit
WALTON, SULLIVAN & CO.
LITTLE ROCK, ARK.
ST.
SAN DIEGO COUNTY (P. O. San
Diego). Calif.—BOND VALIDITY
reported that the $2,600,000 not to exceed 6%
Oct. 29, 1935, for retiring and (or) ad¬
justing 5% Mattoon Act and road improvement bonds of 56 special assess¬
ment districts in the county, are now being tested as to
constitutionality
in the State Supreme Court, and a decision is expected shortly.
UP FOR TEST—It is
LOUIS, MO.
ARKANSAS
KEISER CONSOLIDATED SCHOOL DISTRICT
(P. O. KeUer),
Ark.—BONDS SOLD—It is stated by the Secretary of the Board of Edu¬
cation that
have
$95,500 refunding bonds approved by the voters last December,
been
sold.
MORRILLTON, Ark.—BOND SALE—The $55,000 issue
annual
hospital bonds offered for sale
of 4%
semi¬
May 29—V. 142, p. 3547—was
awarded to the Public Works Administration, at par.
Dated June 1, 1936.
Due from Oct. 1, 1939 to 1965 incl.
LITTLE
on
ROCK,
Ark.—BOND PURCHASE OPTION EXERCISED—
Bancamerica Blsir Corp. and Stranahan, Harris & Co. have closed an
option with the above city to purchase $2,500,000 water revenue bonds,
proceed•< of which will be used to finance a $3,080,000 water supply project
for wnich
Public Works Administration
a
giant
has been made available,
according to report.
Initial block of $1,260,000 will be delivered in New
York, it is said.
Bancamerica-Plair Porn. and Stranahan, Harris & Co.
recently purchased
the city s $4,090 000 issue, proceeds of which were used for the
acquisition
of the
Arkansas
Water Co.
properties.
SAN FRANCISCO
BOND OFFERED FOR INVESTMENT—A block of
$1,260,000 4% water
bonds is being offered by a group composed of the BancamericaBlair Corp., Stranahan. Harris & Co., Inc., and B. J
Van Tngen & Co.,
Inc., all of New York, for public subscription at prices to yield from 2 to
3.80%. according to maturity.
Dated Feb. 1, 1936.
Due from Feb
1,
1939 to 1976, incl., without option of prior payment.
Principal and
interest (F. & A.) payable at the Guaranty Trust Co. of New York, in
legal
tender.
Legal approving opinion to be furnished by Masslich & Mitchell
of New York.
(The official advertisement of this public offering appears on pag" V
of this issue.)
-These bonds represent part of the construction bonds which PWA had
agreed to purchase unless otherwise disposed of by the city.
With this offering, $5,350,000 bonds will be
outstanding out of a total
authorized issue of $7,090,000.
These bonds, dated Feb. 1, 1936, will
provide part of the cost of constructing an impounding reservoir and
proposal to vote $52,700,000 in bonds to finance a municipal subway
system.
The recommendation is understood to carry the endorsement
of Mayor Angelo Rossi.
SAN LEANDRO SCHOOL DISTRICT (P. O.
Oakland), Alameda
County, Calif.—BOND OFFERING— Sealed bids will be received until
10 a. m. on June 9, by G. E. Wade, County Clerk, for the purchase of a
$49,000 issue of school bonds.
Interest rate is not to exceed 4%, payable
Denom. $1,000.
Dated Dec. 15. 1935. Due on Dec. 15 as follows:
J. & D.
$4,000. 1949. and $5,000, 1950 to 1958 incl. Rate of interest to be stated in
multiples of K of 1%.
Split rate Interest bids will be accepted.
These
bonds are part of a total authorized issue of $110,000.
For the convenience
of the Board of Supervisors, bidders are requested, but not required, to
submit
a
calculation of the total net interest cost to the district
for
rates
the
use
of
water
the basis
respective bids, which estimate, however, shall not be conclusive
the bidder or the school district.
Prin. and int. payable in lawful
money.
A certified check for $1,500, payable to the Chairman of the Board
of Supervisors, must accompany the bid.
(This notice supersedes the offering report given in these columns re¬
cently—V. 142, p. 3717.)
on
SANTA CLARA
COUNTY
(P. O. San Jose), Calif.—BOND OFFER¬
ING—The County Supervisors will receive bids until 11a. m. June 22 for
the purchase of $360,000 school building bonds being issued
by Palo Alto
School District.
TEHAMA COUNTY (P. O. Red Bluff), Calif.—BONDS NOT SOLD—
The $8,000 4% bonds of Gerber Union Elementary School District which
were offered on May 25—V.
142, p. 3548—were not sold, as no bids were
received.
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONTANA
NEW
will
always provide an amount
sufficient to pay interest and principal of these bonds and all operation
and maintenance charges and depreciation of the waterworks
system.
as
on
of their
supply mains to provide the city with a new source of water supply.
In
the opinion of counsel, they will be valid
obligations of the city, payable
solely from the gross revenues of the waterworks properties.
The City of Little Rock irrevocably pledges itself to establish and main¬
such
(City and County), Calif.—VOTE ON SUBWAY
SYSTEM FINANCING BONDS RECOMMENDED—'The Board of Super¬
visors of the city and county is said to have received from the Public Utilities
Commission a recommendation for early submission to the voters of a
either
revenue
tain
now
bonds approved by the voters on
MEXICO—WYOMING
DONALD F. BROWN & COMPANY
DENVER
Telephone:
Keystone 2395
—
Teletype: Dnvr 51
California Municipals
COLORADO
DONNELLAN
111 Sutter St.
BOONE, Colo.—BOND SALE—It is reported that $10,000 water works
& CO.
bond? have been purchased by Mr. N. E. Christ, of Pueblo.
San Francisco, Calif.
Telephone Exbrook 7067
Teletyp"e-8 F 396
DEERTRAIL, Colo.—BONDS AUTHORIZED—Ordinances have been
passed authorizing the issuance of $34,000 series A refunding bonds and
$27,500 series B refunding bonds.
GUNNISON, Colo.—BONDS TO BE PURCHASED—'The $55,000 4%
semi-ann.
light
and
water
Council
in April, as noted
to have been contracted for
CALIFORNIA MUNICIPALS
KIT CARSON COUNTY SCHOOL DISTRICT NO. 37 (P. O.
Burling¬
ton), Colo.—BOND CALL—Nos. 1 to 50, of 6% school bonds, dated June
15, 1921, are being called for payment at the office of Oswald F. Benwell
of Denver on June 15, on which date interest shall cease.
Denom. $500.
Due on June 15, 1951
optional on June 15, 1936.
$5,000 Long Beach Gas 4J4s, 6-l-58@3.45%
CBootfi e, dillette & Co.
111
WEST
LOS ANGELES
7TH ST.
r
TELETYPE
LA
BRIDGEPORT, Conn —NOTE OFFERING—Perry W. Rodman, City
Comptroller, will receive sealed bids until noon (Daylight Saving Time) on
June 12 for the purchase of $1,000,000 not to exceed 3% interest current
Dated June 15, 1936.
Denoms. as purchaser may desire.
Due June 15, 1937.
Principal and interest payable at the City Treasurer's
CALIFORNIA
BEARDSLEY
a
expense notes.
SCHOOL
recent election a
DISTRICT, Calif.—BONDS DEFEATED—
proposal to issue $80,000 bonds was defeated by the
voters.
EL
CENTRO.
$100,000 for
a
Calif.—BONDS DEF EA TED—Pro posed bond issue of
city hall and library and $65,000 for storm drains were
defeated by the voters at a recent election.
HEMET, Calif.—BOND SALE—The City Council has sold $25,000
4% sewer bonds to Banks, Huntley & Co. of Los Angeles, at par, the
purchasers to print the bonds and assume legal fees.
Denom. $1,000.
Due $1,000 yearly on June 1 from 1937 to 1961.
HUENEME
SCHOOL
ANGELES
SALE—The
$15,000
offered
on
of San
Francisco
(P. O. Los Angeles),
Calif.—BOND
Enterprise School District which were
taxing bodies in the State, announced on June 3 that owners of the various
securities included in the Association's plan of readjustment announced on
Dec. 16 last, who deposit their bonds before June 15 will receive the Lrst
of about
Staats
for
bonds
of
June 1—V.
as
142, p. 3383—were awarded to the Bankamerica Co.
3 Ms for a premium of $19, equal to 100.126, a basis
3.23%.
Dated May 1, 1936.
Due June 1, 1946.
Co. of I
Los Angeles, second high bidders, offered a
The Wm. R.
$16 premium
3^s.
LOS
ANGELES
COUNTY
(P.
O.
Los
Angeles),
VOTED—It is said that the voters approved recently
$61,000 in Monrovia School District building bonds.
Calif.—BONDS
the issuance of
MENLO PARK SANITARY DISTRICT (P. O. Menlo Park). Calif.
—BONDS NOT SOLD—The bids received for the $28,000 not to exceed 5%
FLORIDA
Calif.—BOND ELECTION— An
voting on the question
DISTRICT,
COUNTY
office.
The Bridgeport City Trust Co. of Bridgeport will supervise the
preparation of the notes and certify as to the genuineness of the signatures
of city officials and the seal impressed on the instruments.
A certified
check for 2%, payable to the order of the City Treasurer, is required.
The approving opinion of Ropes, Gray, Boyden & Perkins of Boston will
be furnished the successful bidder.
The notes will be delivered to the
purchaser about June 15, 1936.
BROWARD
COUNTY
(P.
O.
Fort
Lauderdale),
Fla.—FIRST
INTEREST PAYMENT
ON
BONDS
EXP EC TED—Broward
County
Bondowners
Association, representing various municipal subdivisions in
election will be held on June 16 for tne purpose of
of issuing $25,000 3H% school bonds.
LOS
CONNECTICUT
566
MEMBER LOS ANGELES STOCK EXCHANGE
At
plant revenue bonds authorized by the City
here at that time—V. 142, p. 2542—are said
by Brown, Schlessman, Owen & Co. of Denver.
Florida, and which if grouped together constitute one of the most important
interest payment under the refunding provisions.
The plan is not affected
by the recent court decision on the Federal municipal bankruptcy Act, and
calls for the refunding of about $15,000,000 par value of obligations which
have been in default for an average of about five
years%
Welsh & Green,
Inc of Chicago are administrative agents for the Association.
Robert M.
Hart, Secretary, announced that more than $7,500,000 par
or over 50% of the securities have been committed.
The Associa¬
plan of readjustment includes securities of the cities of Fort Lauder¬
dale and Hollywood, Fla., the Broward County Port Authority, five school
districts, three road and bridge districts of Broward County, and the
value
tion
s
obligations of Broward County itself.
Volume
Financial
142
Chronicle
3895
Works Administration has not as yet given approval on the
building project
for which $370,000 school bonds were voted on Oct, 18, 1935.
FLORIDA
BLAINE COUNTY (P. O. Hailey), Ida.—BONDS SOLD—It is stated
by the County Auditor that $36,000 4% tax anticipation bonds have been
purchased by local banks.
BONDS
BURLEY,
Ida.—BOND CALL—Fred C. Thompson, City Treasurer,
he will pay upon presentation at his office or at the Cassia
Bank, Burley, the following bonds: Nos 16 to 24, of water well
bonds, dated March I, 1925; Nos. 1 to 50, of refunding bonds, dated
Jan. 1, 1926, and Nos. 5 to 10, of airport bonds, dated Jan. 1, 1930.
In¬
states that
PIERCE-BIESE CORPORATION
JACKSONVILLE
Tampa
terest to
.
Orlando
National
cease
IDAHO
on
dates called.
COUNTY
UNION HIGHWAY DISTRICT (P. O. OrangeIdaho—BOND OFFERING—Sealed bids will be received until 2
June 12, by the Clerk of the Board of Commissioners, for the
purchase of a $33,000 issue of refunding bonds.
Interest rate is not to
exceed 5%, payable semi-annually.
Miami
ville)
p.
m.
on
LATAH
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
6
(P. O. Moscow), Ida.—'BOND OFFERING CALLED OFF—In connection
with the $65,000 not to exceed 2 M % semi-annual refunding bonds scheduled
for sale on May 18, as noted here—V. 142, p. 3216—it is stated by Edward
E. Poulton, District Clerk, that the State Department of Public Invest¬
refused
ments
district
Orlando, Fla.^^^■Jacksonville, Fla.
B«If
Orlando
System
was
to
relinquish the outstanding bonds held by them.
The
by the State's Attorney General that the issue
the
advised later
be made since the surrender of the original bonds is within
discretion of the said State Department of Public Investments.
cannot
Teletype
MALAD CITY, Ida.—-BOND OFFERING—Sealed bids will be received
until 8 p. m. on June 12, by John J. Evans, City Clerk,
of two issues of special improvement bonds aggregating
10
for the purchase
$8,600, divided
Interest
or about
Oct. 11, 1931.
Due and payable before Oct. 1, 1940, redeemable at ma¬
turity or at the pleasure of the city, on 30 days' notice.
A certified check
for 5% must accompany the bid.
follows: $3,400 District No. 1, and $5,200 District No. 2 bonds.
rate is not to exceed 6%, payable semi-annually.
Dated on
as
FLORIDA
Previously the Association has been requesting deposit of bonds, but
according to C. E. Harrington, Chairman, the refunding plan has proceeded
so far that this is no longer necessary.
The Association has now prepared
a
special "Letter of Consent," which enables the holder to register his
approval of the plan without actually depositing his bonds.
Interest
NAMPA SCHOOL
&
DISTRICT, Idaho—BOND SALE—Sudler, Wegener
3% school bonds, and have taken
additional $40,000 issue at 3)4%.
Co. of Boise have purchased $40,000
option
an
on an
Eayments will be madeholders the at least deposit- or excnange of any taxing
upon of actual 75% of the bonds of securities,
Consent of
ILLINOIS
owever.
body must be obtained before the exchange of securities can be effected.
The requisite percentage has already been reached in several of the taxing
bodies whose securities are included in the plan.
DADE
COUNTY
O.
(P.
Fla.—SCHOOL REFUNDING AP¬
Miami),
PROVED—Final approval of the above county school refunding bonds has
been voted by the School Board, according to report.
The bonds refunded
totaling $605,000,
were
(P. O. Chicago), III.—$600,000 BONDS OFFERED
block of $600,000 4% series B refunding bonds
is being offered at 10534 and accrued interest by Kelley, Richardson & Co.,
Inc. and Mercantile-Commerce Bank & Trust Co.
which
approximately $150,000 represents principal.
The refunding
out the default, and gives the board ten years from 1934
before the first of the refundig bonds fall due.
The interest rate for the
a
CRETE
&
Sons
For the secod five years the
5%, with 6% prevailing thereafter.
The refunding plan also contains
purchase and redemptive features whereby the board can buy in bonds
at the lowest price obtainable.
rate is
FLORIDA,
State of—POSSIBLE EFFECT OF MUNICIPAL BANK¬
RUPTCY ACTS
INVALIDATION ON LOCAL
UNITS— The
following
the possible effects in the communities of the above
State because of the recent invalidation of the Municipal Bankruptcy Act
by the United States Supreme Court, which was reported at some length
in these columns—V. 142, p. 3716, is taken from a press dispatcn out of
Jacksonville on May 27, furnished to us by Hopkins Brothers, New York
City investment house:
"Invalidation of the national Municipal bankruptcy Act by the Supreme
timely comment
Court
a
was
return
on
'a severe blow to Florida cities and towns but
to the financial chaos of
Florida League of
"
does not
mean
1932,' E. P. Owen Jr., secretary of the
Municipalities, said to day.
'Tn my opinion,' said j\1r. Owen, 'in cases where the bondholders' com¬
a large majority of
the outstanding bonds, or where a
majority of the bondholders are willing to accept readjustment, they will
go ahead with refunding plans and let the dissenting majority fight to the
on
the dollar.'
"But we are not through with this fight.
There is a possibility that
Congress will promptly enact another law that will be helpful and that will
not be objectionalbe to the Supreme Court.
Mr. Wilcox has already an¬
nounced he will introduce such
a
bill'."
FLORIDA, State of—SIXTH CENSUS ISSUED—The Pierce-Biese
Corp., investment dealers, having offices in principal Florida cities, has
prepared a booklet from the findings of Nathan Mayo. Commissioner of
Agriculture, on the sixth census of the State; taken in 1935, in accordance
with the provisions of Chapter 17269, Laws of Florida.
In addition to the
population figures, interesting notes and comments are given on the forma •
tion of the component parts of the State and the origin and names of the
counties.
.
SCHOOL
DISTRICT, 111.—BOND SALE— The H. C. Speer
Chicago purchased on April 1 an issue of $12,000 434 %
addition bonds at a price of par. Due serially from 1942 to
Denom. $1,000. Interest payable J. & D.
Co.
of
1945 incl.
MASSAC COUNTY ROAD DISTRICT NO. 7 (P. O. Metropolis),
111.—BOND SALE—The Brookport National Bank of Brookport purchased
on April 6 an issue of $4,700 5% funding bonds at a price of par.
Due
serially on July 1 from 1940 to 1944 incl.
Interest payable J. & J. Three
bonds of $1,000 each; one bond for $800 and another for $900.
ill.—BONDS DEFEATED—At a recent election the
a proposal to issue
$65,000 bonds for the erection of a
disposal system.
RUSHMLLE,
defeated
voters
sewage
INDIANA
GREENVILLE TOWNSHIP, Ind.—PRICE PAID—The City Securities
Corp. of Indianapolis paid a price of 100.199 for the $10,800 3% % school
bonds purchased in March.
HOWARD COUNTY (P. O.
Kokomo), Ind.—NOTE OFFERING—
Raymon Gilbert, County Auditor, will receive sealed bids until 10 a. m.
June 8 for the purchase of $150,000 not to exceed 6% interest tax an¬
ticipation notes.
Dated June 8, 1936.
Denom. $5,000.
Payable Nov. 15,
1936 at the County Treasurer's office.
A cert, check for 3% of the issue
must accompany each proposal.
on
mittees control
bitter end for their 'hundred cents
are part of an original offering of $11,510,910 which
like amount of bonds that matured prior to June 2, 1936.
coupon school
program wipes
first five years is 4%, against 6% originally.
Tne bonds, due Jan. 1,
1951, optional 1946,
refunded
included in four separate bond issues dated from
1919 to 1927.
The bosrd had defaulted on some of the bonds since 1931.
It was estimated a total of $311,000 principal and interest now is in default,
of
COOK COUNTY
FOR INVESTMENT—A
*
INDIANAPOLIS, Ind.—PLANS REFUNDING ISSUE—'The city has
announced its intention to issue $300,000 of not to exceed 3% interest
refunding bonds to provide for the redemption of an issue of that amount
maturing July 1, 1936.
The new bonds will mature serially in about
16 years.
The city reports a net assessed valuation of taxable property of
$504,595,330 and a total bonded debt, exclusive of the proposal issue, of
$9,627,820.58.
Ind.—BOND OFFERING—Mel
KOKOMO,
Good, City Clerk, will
12, for the purchase at not less than par or
Bidders are to name rate of interest, in a
multiple of J4 %, but not to exceed 434 % •
Denom. $1,000. Dated May 1,
1936.
Interest payable Jan. 1 and July 1.
Due Jan. 1 as follows: $6,000,
1938 to 1946, and $7,000, 1947.
Approving opinion of Matson, Ross,
McCord & Clifford, of Indianapolis, will be furnished by the city.
receive bids until 2p.m. June
$61,000 improvement bonds.
ORLANDO SPECIAL TAX SCHOOL DISTRICT (P. O. Orlando),
Fla.—BONDS SOLD—It is stated by the Auditor of the Board of Public
Instruction that $24,000 4% semi-ann. school bonds voted at an election
last December, were purchased at par by the Public Works Administration.
Charles A. Grossart, County Auditor, will receive sealed bids until 10 a. m.
on June 24 for the purchase of $178,520 not to exceed 6% interest refunding
GEORGIA
Bidder to name one rate of interest on the issue, expressed in a multiple of
CLAYTON,
water works
&
Ga.—BONDS SOLD—A
DEMOREST,
r
$12,500 issue
of
4%
semi-ann.
Hilsman
H.
,
Ga,—BOND SALE—The
$12,500 issue of 5% coupon
for sale on June 2—V.
142, p. 3718—was
Lane, Space & Co. of Atlanta, paying a premium of
$800, equal to 106.40, a basis of about 4,20%.
Denom. $500.
Dated
Feb. 1, 1935.
Due on Feb. 1, 1945.
Interest payable F. & A.
water
bonds
works
HAWAII
HAWAII, Territory of—BOND OFFERING—The Territory of Hawaii,
through Treasurer W. C. McGonagle, has issued a formal call for bids on an
issue of $1,750,000 of Territorial refunding bonds.
Bids will be received
until June 12 at the office of Bankers Trust Co., New York.
Bidders will
be required to name an interest rate not to exceed 3 %, with one rate of
interest for all maturities which are to run from 1941 to 1945.
No price
than
will be considered.
The bonds, which are serial and nonto be tax-exempt and will be payable from the consolidated
Proceeds will be used to redeem a like amount
par
callable,
are
revenues
of the Territory.
of 4% Territorial bonds, due 1946, which are callable at par.
(Reports
on the above offering have appeared in these columns
recently.—Y. 142,
pp.
34 of 1 %.
as
July
follows:
1, 1936.
One bond for $520, others, $1,000 each.
$35,000 from 1937 to 1940 incl. and $38,520 in 1941.
Prin. and int. J. & D. payable at the County Treasurer's office.
of the bonds bid for, payable to the order of the
County Commissioners, must accopmany each proposal.
No
conditional bid will be accepted and offers must be made subject to the legal¬
A cert,
Board
check for 3%
of
ity of the issue, with the opinion to be furnished by the successful bidder.
offered
awarded to Johnson,
less
Dated
bonds.
Due Dec. 1
bonds is reported to have been purchased by J.
Co. of Atlanta,
MARION COUNTY (P. O. Indianapolis), Ind.—BOND OFFERING—
3549 and 3718.)
HAWAII, Territory of—BALANCED BUDGET EXPECTED—'The
Territory of Hawaii hopes to end its present biennial fiscal period on June
30, 1937 with a balanced budget, said W. C. McGonagle, Territorial Treas¬
urer, upon his arrival in New York on June 1.
Mr. McGonagle will spend
some time in New York completing arrangements for the sale of a
$1,750,000
refunding bond issue, on which bids will be opened June 12.
"In spite of a deficit of $1,368,000 carried over in the 1935-37
biennium,"
he revealed, " a recent estimate shows an excess of income over expenditures
sufficient, barring unforeseen emergencies, to end the period at June 30,
1937 with a balanced budget.
Furthermore, this will be accomplished after
restoring all Territorial salaries on July 1, this year, to the 1932 basis."
Indicative of improvement in the financial position of the
Territory,
Mr. McGonagle said that bank deposits increased during 1935 from $75,952,944 to $83,903,334.
Federal income tax payments for 1935 were
$4,245,595 against $3,270,412 in 1934, while such payments for the first
nine months of the present fiscal year ended March 31, 1936, show an in¬
crease of 20%
over the previous year.
The Territory's principal crop,
cane sugar, increased in value from $56,997,913 to approximately $62 000,000 in 1935.
IDAHO
BANNOCK COUNTY INDEPENDENT SCHOOL
DISTRICT, Class
A, No. 1 (P. O. Pocatello), Ida.—BOND OFFERING NOT SCHEDULED
is stated by Lee A. Blackmer, District Treasurer, that the Public
—It
NINEVEH
TOWNSHIP
SCHOOL
(P.
O.
Nineveh),
Ind.—BOND
OFFERING—Lester Snow, Trustee, will receive sealed bids until 2 p.m.
on June 19 for the purchase of $27,900 not to exceed 5% interest school
building bonds.
Dated July 1, 1936.
Denom. $775.
Due $775, July 1,
1937; $1,550, Jan. 1 and $775, July 1 from 1938 to 1948 incl. and $1,500
on Jan. 1, 1949.
Bidder to name one rate of interest on the issue, expressed
in a multiple of 34 of 1 %.
The bonds are general obligations of the town¬
ship. payable from ad valorem taxes on all its taxable property.
(The city originally proposed to sell $26,900 bonds on May 9.)
OREGON
SCHOOL
TOWNSHIP (P. O. Marysville), Ind.—BOND
Trustee will receive bids until June 12, for
OFFERING—The Township
the purchase of
$10,000 school building bonds.
POSEY TOWNSHIP
(P. O. Corydon), Ind.—BOND SALE—The
$12,700 school bonds offered on May 25—V. 142, p. 3216—were awarded
the City securities Corp. of Indianapolis as 434s for a premium of
>ated May 1, 1936.
Interest payable January
$513.75, equal to 104.045.
Da
and July.
Due in 20 years.
to
SCHOOL TOWNSHIP, Vigo County, Ind.—
Advisory Board will receive bids at
National Bank, in Terre Haute, until 11a.m. June 12,
for the purchase of $7,500 heating system bonds.
PRAIRIE
CREEK
BOND OFFERING—The Trustee and
the Terre Haute First
STAFFORD TOWNSHIP SCHOOL TOWNSHIP
(P. O. Marco),
Ind.—BOND SALE—A. S. Huyck & Co. of Chicago are making public
offering of the issue of $18,000 434% school bonds offered last March.
Dated Nov. 15, 1935 and due as follows:
$600 July 1, 1937; $600 Jan. 1
and July 1 from 1938 to 1951, incl. and $600 Jan. 1, 1952.
Legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis.
SUGAR CREEK SCHOOL TOWNSHIP
BOND OFFERING—The
until
(P. O. Boggstown), Ind.—
Trustee and Advisory Board will receive bids
7p.m. June 16, for the purchase of $1-2,000 school building bonds.
IOWA
ANTHON SCHOOL DISTRICT (P. O. Anthon), Iowa-MATURITY
—It is stated by the Secretary of the Board of Education that the $15,000
refunding bonds purchased by Jackley & Co. of Des Moines, as 3 3is, as
reported here recently—V. 142, p. 2707—are due $1,500 from Nov. 1,
1907 to 1946 incl.
DUBUQUE, Iowa—BONDS AUTHORIZED—A resolution authorizing
issuance of $134,000 judgment bonds has been passed by the City
the
Council.
Financial
3896
Chronicle
June 6, 1936
Name—
Iowa Municipals
Polk-Peterson Corporation
Des Moines
Building
DES MOINES
Ottumwa
Waterloo
Cedar Rapids
A. T.
Davenport
Iowa City
& T.
Sioux City
Sioux Falls, S. D.
Teletype: DESM 31
IOWA
DUBUQUE, iowa—BOND EXCHANGE—We
are
informed by the City
Clerk that $134,000 judgment bonds have been exchanged in payment forthe said judgment.
on
June 1 and Dec. 1.
Due
as
follows:
100.916
-
-
------
-
-
_
100.891
100.879
.100.668
100.583
100.511
MUNICIPAL UNIVERSITY OF WICHITA (P. O. Wichita), Kan.—
BOND OFFERING-r-Sealed bids will be received until 12:15 p. m. on June 10
at the Wichita Club, Wichita, by S. C. Brennan, Secretary of the Board of
Regents, for the purchase of two issues of bonds, aggregating $74,000,
divided as follows:
$30,000 improvement bonds.
Due $3,000 from Aug. 1, 1938 to 1943, and
$4,000, Aug. 1, 1944 to 1946, all incl.; or $2,000, Aug. 1, 1938 to
1949, and $3,000 on Aug. 1, 1950 and 1951.
44,000 refunding bonds.
Due on Aug. 1 as follows: $4,000, 1938, and
$5,000. 1939 to 1946, incl.; or $3,000, 3938 to 1949, incl., and
$4,000 in 1950 and 1951.
Denom. $1,000.
Dated June 15, 1936.
Interest rate is not to exceed
3H%, stated in multiples of H of 1%.
Prin. and Int. payable at the
State Treasurer's office in Topeka.
The successful bidder will be furnished
with the printed bonds, certified transcripts of the proceedings and the
legal opinion of Elcock & Martin, attorneys of Wichita. A certified check
for 2% of the total amount of the bid, payable to the Treasurer of the Board
of Regents of the Municipal University of Wichita, is required.
FAIRFIELD, Iowa—BOOT SALE DETAILS—The $18,300 refunding
bonds recently awarded as 2s to the Carlton D. Beh Co. of Des Moines—
V. 142, p. 3718—are coupon in form, will be in the denomination of $500
each, except one bond of $300, and will be dated June 1, 1936.
Interest
payable semi-annually
Bid
Stern Bros. & Co., Kansas City
Estes-Payne & Co., TopekaSmall-Milburn & Co., Wichita
Lathrop-Hawk-Herrick Co., Wichita
Baum-Bernheimer Co., Kansas City
Vernon H. Branch Co.. Wichita
$2,000.
1937 and 1938; $3,000, 1939 to 1942; and $2,300, 1943.
WELLINGTON, Kan.—BONDS TO BE SOLD—It is stated by the
City Clerk that the $25,000 swimming pool bonds approved by the voters
April 7, as reported here—V. 142, p. 2871—will be purchased by the
Sinking Fund Commissioners.
GUTHRIE COUNTY (P. O. Guthrie Center). Iowa—BOOT ELEC¬
TION DEFERRED—We are informed that the election originally scheduled
on
for June 1, to vote on the proposed issuance of $40,000 in county home bonds,
reported here—V, 142, p. 3549—has been indefinitely postponed.
as
IOWA
CITY
SCHOOL
DISTRICT,
Iowa—BONDS DEFEATED—
vote of 1,870 "against" to 1,625 "for," the voters of the district
election defeated a proposal to issue $600,000 high school
building bonds.
By
at
a
a
KENTUCKY
recent
Municipal Bonds
JAMES TOWNSHIP SCHOOL DISTRICT, Pottawattomi* County,
Iowa—BOND SALE—The $3,000 School bonds offered on May 19—V. 142,
P. 3385—were awarded to the Oakland Savings Bank of Oakland.
IOWA CITY,
May 26—V. 142.
Iowa—BOOTS DEFEATED—At the election held
EQUITABLE
on
Securities Corporation
2870—the voters rejected the proposal to issue $600,000
in bonds for the construction of a new high school in the Independent
School District.
An election on the same question last fall, but for a lesser
amount of bonds, was also unsuccessful.
p.
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Macedonia), I own—BONDS VOTED—At the election held on May 28—
V. 142, p. 3385—the voters approved the issuance of $56,000 in scnool
building bonds by a wide margin.
)
Nashville
New York
Knorville
Chattanooga
Birmingham
Memphis
MACEDONIA
MANILLA INDEPENDENT SCHOOL DISTRICT (P. O. Manilla),
Iowa—BOND SALE DETAILS—It is now reported by the District Secre¬
tary that the $10,000 school building bonds purchased by the Ida County
State Bank of Ida Grove, as noted here recently—V. 142, p. 3718—were
sold as 2Hs, at par.
Due $2,000, May 1,1941 to 1945 incl.
NASHUA
INDEPENDENT
SCHOOL
Iowa—BOND
DISTRICT,
OFFERING—A. W. Lehmkuhl, District Secretary, will receive bids until
7:30 p. m. June 10, for the purchase of $40,000 school bonds. Dated May 1,
1936. Due May 1 as follows: $2,000,1938 to 1953; $3,000,1954 and 1955;
and
will
$2,000,
Certified check for $1,000 required.
1956.
Legal opinion
be furnished by the city.
BOND ELECTION—The Secretary of the Board of School Directors
reports that an election will be held on June
issuance of $40,000 in school bonds.
NEW
9 in order to vote
on
the
Iowa—BOOT OFFERING—It is stated by B. O.
Mason, City Clerk, that he will receive sealed bids until June 18, for the
purchase of a $55,000 issue or light and power bonds, that was approved
by the voters at an election held on Feb. 11.
*
MARKET,
OSCEOLA; Iowa—BOND SALE—The two issues of bonds, aggregat¬
ing $35,500, offered for sale on May 29—V. 142, p. 3549—were purchased
by Shaw, McDermott & Sparks, of Des Moines, as 3 Hs, paying a premium
or $16, equal to 100.045.
The issues are divided as follows: $17,500 sewer
outlet and purifying plant, and $18,000 sewer fund bonds.
RED OAK INDEPENDENT SCHOOL DISTRICT (P. O. Red Oak),
Iowa—BOND SALE—The $65,000 issue of refunding bonds offered for
sale on June 2—V. 142, p. 3718—was purchased by the Carleton D. Beh
Co. of Des Moines, as 2Xs, at par.
Coupon bonds dated July 1, 1936.
Denom. $1,000.
Due in from 1H years to 12 years.
Interest payable
M. &N.
ROCKWELL CITY, Iowa—BOOT ELECTION—It is reported that
election will be held on June 24 in order to vote on the issuance of $175,000
light and power plant revenue bonds.
KENTUCKY
,
ASHLAND SENIOR HIGH SCHOOL CORPORATION (P. O. A.hland), Ky.—BOND SALE—'The Bankers Bond Co. of Louisville has pur¬
chased and is now offering to investors $50,000 4X% first mortgage bonds.
Denom. $1,000.
Dated April 15,1936.
Principal and semi-annual interest
(April 15 and Oct. 15) payable at the Second National Bank of Ashland.
Due serially on April 15 from 1937 to 1956.
KENTUCKY, State of—BOND SALE—The two issues of bridge revenue
refunding bonds aggregating $5,465,000, offered for sale on May 29—V.
142, p. 3385—-were awarded late that day to a syndicate composed of
Blyth & Co. of New York, Stranahan, Harris & Co., Inc. of Toledo, the
Security Trust Co. of Lexington, the Fidelity & Columbia Trust Co., the
Bankers Bond Co., Almstedt Bros., J. J. B. Billiard & Son, W. L. Lyons &
Co., Elam Huddleston & Co., all of Louisville, Graham, Parsons & Co. of
New York, Stein Bros. & Boyce of Baltimore, Lawrence Stern & Co. of
Chicago, W. E. Hutton & Co. of Cincinnati, Hayden, Miller & Co. of
Cleveland, Roosevelt & Weigold of New York, the Equitable Securities
Corp. of Nashville, the Wells-Dickey Co. Of Minneapolis, Granberry & Co.
of New York City, J. D. Van Hooser & Co. of Lexington, Henning Chambers
& Co., Dunlap Wakefield & Co., and O'Neal, Alden & Co., all or Louisville,
as 3s, at a price of 100.57, a net Interest cost of about 2.945%.
The bonds
are divided as follows: $4,240,000 Bridge Project No. 1, and $1,225,000
Bridge Project No. 2 bonds.
Dated July 1, 1936. Due on July 1, 1950,
optional on any interest payment date on 30 days' notice.
(This bid is said
to have specified that they would furnish the printed bonds.)
KENTUCKY,
State
of—BOND
REDEMPTION
NOTICE—It
Is
announced by Ben Johnson, Chairman of the State Highway Commission,
that in accordance with the provisions of Article II of the Trust Indenture
securing such bonds, the following outstanding Commonwealth of Kentucky
bridge revenue refunding bonds are being callod for redemption on July 1,
1936, on which date interest shall cease, at the Chemical Bank & Trusv Co.
Oiey:
$4,340.00b of 4% Bridge Project No. 1 bonds; $1,255,000 of 4% Project No. 2 bonds; $25,000 SH% Project No. 3 bonds;
$95,000 of Project No. 8 3M% bonds, and $35,000 3H% Project No. 9
in New York
bonds.
•
an
in electric
SHELL
ROCK
CONSOLIDATED
SCHOOL
DISTRICT,
Iowa—
bids
Due
BOND OFFERING—Mrs. B. Ensley, District Secretary, will receive
15, for the purchase of $17,000 refunding bonds.
serially from 1937 to 1945.
/
until 8 p. m. June
SIOUX COUNTY (P. O. Orange
City), Iowa—BOND ELECTION—
Supervisors have called an election for June 19 at which a
proposal to issue $1,000,000 primary road bonds will be voted upon.
The County
TAMA, Iowa—MATURITY—It is reported by the City Clerk that the
$35,000 sewer bonds sold to Jackley & Co. of Des Moines, as 2%s, at a
price of 101.48, as noted here recently—V. 142, p. 3718—are due as follows:
81,000, 1937 to 1944; $2,000, 1945 and $5,000, 1946 to 1950, giving a
basis of about 2.58%.
.
KANSAS
FORD COUNTY (P.
Dunne-Israel Investment
O.
Dodge
Co.
City),
of Wichita
Kan.—BOOT SALE—The
the successful
was
bidder for
the $30,000 2X% poor relief bonds offered on June 2—V. 142, p. 3549.
The successful bid was 99.201, a basis of about 2.40%.
The Columbian
Securities Corp. of Topeka was second high with a bid of 99.112.
May 15,1936.
Due $3,000 yearly on MLay 15 from 1937 to 1946.
HAYS CITY, Kan.—BOOT REFUNDING
CONTRACTED—The City
Commissioners have signed a contract with Stern Bros.
Bernheimer Co. of Kansas City for refunding $65,000
HUTCHINSON,
bonds offered
on
Dated
Kan.—BOOT SALE—The
& Co. and the Baum,
bonds.
$107,870
June 5 were awarded to a group composed
2%
drainage
of Stern Bros. &
Co., Kansas City, the Columbian Securities Corp., Topeka, and the
Lathrop-Hawk-Herrick Co. of Wichita at par, plus a premium of $350,
equal to 100.324, a basis of about 1.93%.
The Harris Trust & Savings
Bank of Chicago, second high bidders, offered a premium of $230.
Dated
May 1, 1936.
Due $11,870 May 1, 1937; $10,000, in even years and
$11,000 in odd years from 1938 to 1943; and $11,000 in 1944 and 1945.
HUTCH INSON,
COUNTY (P. O. Louisa), Ky.—MATURITY—It is
stated by the Clerk of the County Court that the $26,000 4% semi-annual
school building bonds purchased at par by the Public Works Administration,
as noted herein April—VI; 142, p. 2544—are due as follows:
$2,000, 1936
to 1941, and $1,000 from 1942 to 1955.
LAWRENCE
LOUISVILLE, Ky.—BOND OFFERING—Sealed bids will be received
m. on June 10 by John R. Lindsay, Director of Finance, for
purchase of two issues of 4% serial street improvement bonds, aggregat¬
ing $13,406.86, divided as follows:
$3,948.30 Series F bonds.
Denom. $100, one bond for $148.30.
Due on
April 18 as follows:
$400, 1937 and 1938; $500, 1939; $400,1940
and 1941; $500, 1942; $400, 1943; $500, 1944, and $448.30 in
1945.
Callable in whole or in part on or after April 18, 1940.
A certified check for $500 is required with bid.
9,458.56 Series G bonds.
Denoms. $1,000, $100, and one for $158.56.
Due on May 27 as follows:
$i,000, 1937; $1,100, 1938; $1,000,
1939; $1,100, 1940; $1,000. 1941; $1,100, 1942; $1,000, 1943;
$1,100, 1944, and $1,058.56 in 1945.
Callable in whole or in
part on or after May 27, 1940.
A certified check for $500, pay¬
able to the above Director of Finance, is required with this bid.
until 10 a.
the
^
.
MADISONVILLE,
by the
PARIS,
Public
April—V. 142,
p.
with the purchasers consent. The bonds are
now being offered at public sale.
Willard Welsh, City Clerk, will receive
bids until 10 a. m. June 5, for the purchase of the bonds.
Denom. $1,000,
except one for $870. Dated May 1,1936.
Due May 1 as follows: $11,870,
19371 $10,000,1938; $11,000. 1939; $10,000, 1940; $11,000, 1941; $10,000,
1942; $11,000,1943,1944,1945 and 1946. Certified check for 2% of amount
of bid, required.
LABETTE COUNTY (P. O. Oswego), Kan.^-BOND SALE—County
relief bonds in the amount of $13,800 have been sold to the Small-Milburn
Co. of Wichita, at a premium of $306, equal to 102.217.
Kan.—BOOTS AUTHORIZED—An ordinance has
authorizing the issuance of $30,000 city hall refunding bonds.
HONS,
$4,000 from May 1,
RICHMOND, Ky .—BOND SALE DETAILS— It Is stated by Green
Clay, City Clerk, that the $40,000 sewer improvement bonds purchased on
May 20 by W. P. Clancey & Co. of Cincinnati, as reported here recently—
V. 142, p. 3719—were sold as 4s, for a premium of $310. equal to 100.775,
a basis of about 3.92%.
Coupon bonds dated July 1, 1936.
Due serially
from 1937 to 1956 incl.
Denom. $1,000.
Interest payable J. & J.
COUNTY
(P.
O.
Immediate Firm Bids
Scharff
The purchaser is to bear the cost of the bonds, their printing and the
legal fees.
Due $1, 00 June 1, 1937, and $1,500 yearly on June 1 from
1938 to 1946.
Other bidders were:
Jones
incorporated
A.T.T.TEL. N. O. 180
TELEPHONE RAYMOND 1189
New Orleans
LOUISIANA
Marysville), Kan.—BOOT SALE—
The $14,900 2H% county bonds offered on June 1—V. 142, p. 3718—
awarded to tne Dunne-Israel Co. of Wichita at a price of 100.918.
on
LOUISIANA MUNICIPALS
been
were
3038—were sold at par, and mature
1937 to 1948 inclusive.
Kan .—BOND SALE CANCELED—BONDS OFFERED
has been canceled by the city,
MARSHALL
is reported by the City
Ky.—BOND SALE DETAILS—It
Clerk that the $48,000 4% semi-annual electric light revenue refunding
bonds purchased by the Security Trust Co. of Lexington, as noted here in
—Sale of the $107,870 2% drainage bonds to the Lathrop-Hawk-Herrick
Co. of Wichita, which was reported in these columns—V. 142, p. 3549—
passed
Ky.—BONDS SOLD TO PWA—A $22,000 Issue
school bonds is reported to have been purchased at
Works Administration.
Due on Oct. 1 as follows:
$2,000, 1936 and 1937 and $1,000, 1938 to 1955 inclusive.
of 4% semi-annual
par
CALDWELL PARISH SCHOOL DISTRICT
No. IS (P. O. Columbia),
La.—BOND OFFERING—Sealed bids will be received until June 24 by the
Secretary of the Parish School Board, for the purchase of a
of school bonds,
according to report.
$25,000 issue
Volume
Financial
142
JACKSON PARISH (P. O. Jonesboro),
La.—PROPOSED ROAD BOND
provision for some
REFUNDING—Reduction in the cost of its financing and
public buildings is the object of a road bond refunding program being under¬
taken by the above parish.
Details of the plan were announced by A. M. Smith Investment Co.,
which company is handling the technical features of the refinancing.
Altogether, the refunding program involves $628,000 outstanding bonds.
By extending the maturities of such a large volume of securities, the parish
police jury expects to cut drastically the cost of servicing the loans and at
the same time pave the way for a new courthouse at Jonesboro and make
other improvements.
Two issues will be refunded.
The outstanding amount of parishwide
6% road bonds issued in 1924 amounts to $225,000.
The bonds originally
amounted to $250,000 and were to mature serially from 1924 to 1964.
The
maturities on the outstanding portion are being changed to make maturities
from
1939 to 1970.
The second issue for refunding is $403,000 of 5% Parishwide Road Dis¬
trict No. 1, which is the amount still outstanding of a $500,000 issue with
the maturities originally set serially up to 1959.
The new maturities will
run
extend up to 1966.
Both issues are not seriously in default and the police jury aims at helping
both the Parish and the bondholders by making the securities current and
marketable.
The refunding program became necessary, it was said, be¬
sharp cut in property assessments and tax collections.
The
being advertised by the police jury and the ordinances
have received legal approval.
It is expected that the bonds will be teady
for exchange in 30 to 40 days.
cause
of the
operation is
3897
Chronicle
Discounts for prepayment and when applied:
the months of January, February, March, April.
H of 1% a month for
Interest starts May 1 at
rate of
6%.
Specific penalties for delinquency after Oct. 1, 1936.
Tax sale period has not been extended in last two years.
Tax Collection Report
1934
1935
1936
$482,511.40 $486,888.13 $508,058.00
$3,007.35
2,001.79
25.03
356.39
243,427.58
Total general property or ad valorem tax for current year composed of:
School, $197,000.00; State, $93,400.83; county, $311,058.00; total, $601.Year—
General property tax
.
Uncollected at end of fiscal year
Uncollected May 1, 1936
458.83.
Bank
Deposits (All Funds)—Amount as of May 1, 1936, $75,385.69.
Operating fund, $13,555.43.
In
nine banks.
Md.—BOND OFFERING—
G. E. Leary, President of the Board of County Commissioners, will receive
sealed bids until noon on June 17 for the purchase of $45,000 4% funding
bonds.
Dated July 1, 1936.
Denom. $1,000.
Due Jan. 1 as follows:
$10,000 from 1948 to 1951 incl. and $5,000 in 1952.
Principal and interest
(J. & J.) payable at the First National Bank, Chestertown.
A certified
check for 2% of the amount bid must accompany each proposal.
The
bonds will be issued subject to the favorable legal opinion of Niles, Barton,
KENT
COUNTY
(P.
O.
Chestertown),
Morrow & Yost of Baltimore.
now
LOUISIANA, State of—HIGHWAY BOND BILL INTRODUCED—A
is said to have been introduced in the Legislature recently, calling
$30,000,000 in highway bonds, which must be submitted
measure
for the issuance of
WICOMICO COUNTY (P. O. Salisbury),
Md.—BOND OFFERING—
Commissioners
the purchase of $250,000
1 of $450,000 bonds was
Sealed bids addressed to the Clerk of the Board of County
will be received until 7:45 p. m. on June 8, for
school bonds.
The offering announced for June
canceled.
the voters in the form of a constitutional amendment.
It is reported
that $5,000,000 of the above amount will be used to retire series H and J
road bonds, maturing in 1937, 1938 and 1940.
to
Another legislative bill introduced would authorize a $5,000,000 bond
issue for the purchase of the Pontchartrain Toll Bridge and paving of the
lake shore highway around Lake Pontchartrain.
NEW
ORLEANS, La .—REPORT ON PROGRESS OF PAVING CERTIFI¬
CATE REFUNDING—In connection with the official reports given in these
columns recently of the institution of a program to refund all outstanding
paving certificates, aggregating $7,854,080, we are now informed by S. S.
Carothers, of Moore & Hyams, New Orleans investment firm, as follows
regarding the said program:
1. The refunding plan was initiated by this firm, together with Dane &
Weil,, Inc., New Orleans, La., and the Bond Department of the Whitney
National Bank.
2. All proceedings, including the amendment to the city charter permit¬
ting the issuance of the refunding certificates and the ordinances of the city
carrying such amendment into effect, have been approved by Thomson,
Wood & Hoffman, whose preliminary opinion is in hand.
3. The entire new issue of refunding paving certificates, amounting to
$7,854,080, was deposited with the Trustee-Exchange banks in the City of
New Orleans and exchange
begun on May 18.
At the close of busi¬
ness on
Saturday, May 30, $4,680,740 of old certificates had been pre¬
sented for exchange.
NEW
ORLEANS, La .—BOND REFUNDING PLANNED—'The City
Public Debt Commission plans to call for redemption $5,482,000 5% bonds
held by the Reconstruction Finance Corporation, and refund the issue
now
with 4% bonds, it was announced by Thomas Cunningham, President of
the Commission.
The bonds were originally issued to help finance the
Mississippi River bridge.
*
OPELOUSAS, La.—BOND OFFERING—It is reported that sealed bids
will be received until June 30, by the City Clerk, for the purchase of a
$10,000 issue of sewage disposal bonds.
PORT ALLEN AND BRUSLY SCHOOL DISTRICTS (P. O. Port
Allen), La.—BONDS VOTED—It is reported that $125,000 school bonds
were approved by the voters at a recent election..
WESTON
HIGH
SCHOOL
NO.
DISTRICT
(P. O. Jonesboro),
until July 13, by
W. H. McLaurin, Superintendent of Schools, for the purchase of a $10,000
issue of school bonds.
Interest rate is not to exceed 6%, payable semianni ally.
These bonds were approved by the voters at an election held
on j lay 28, according to report.
La.—BOND
OFFERING—Sealed bids
will
25
be received
MARYLAND
CAMBRIDGE, Md.—BOND ISSUE DETAILS—'The issue of 3% sewer
bonds brought out recently by ITalsey. Stuaro & Co.. Inc. of New York
is payable in Cambridge and has been approved as to legality by Semmes,
Bowen & Semmes of Baltimore.
/
MASSACHUSETTS
AMHERST, Mass .—TEMPORARY LOAN— The Second National Bank
of Boston has purchased an issue of $35,000 notes at 0.20% discount.
Due
Nov. 12, 1936.
Other bids were as follows:
Discount
0.29%
0.31%
Bidder—•
Jackson & Curtis
First
Corp
Boston
CHELSEA,
Mass.—BONDS AUTHORIZED—The Board of Aldermen
recently adopted a loan order authorizing the issuance
of $225,000 public
welfare bonds.
RIVER, Mass.—NOTE OFFERING—Eugene J.
Cote, City
Treasurer, will receive bids until noon (Eastern Daylight Saving Time)
June 8 for the purchase at discount of $500,000 revenue anticipation
temporary loan notes.
Denominations to suit the purchaser.
Dated
June 10, 1936.
Payable Nov. 23, 1936 at the National Shawmut Bank of
Boston, in Boston.
Delivery to be made at that bank on or about June 10.
Notes will be authenticated as to genuineness and validity by the National
Shawmut Bank of Boston, under advice of Ropes, Gray, Boy den & Perkins,
and all papers incident to this issue will be filed with said bank, where they
may be inspected.
FALL
LENOX,
Mass.—TEMPORARY LOAN—The issue
of $50,000 notes
Boston
follows:
on May 29—V.
142, p. 3550—was awarded to the First
Corp. at 0.29% discount.
Due Oct. 15, 1936.
Other bids were as
offered
Discount
0.319%
Bidder—
Second National Bank of Boston
Merchants National Bank of Boston
0.33%
Faxon, Gade & Co
0.37%
Mass.—NOTE SALE—The $500,000 revenue anticipation
notes offered on June 3 were awarded to the First National Bank of Maiden
on a
.48% discount basis.
The Bank of Manhattan Co. of New York
was next best bidder at .49%.
Dated June 3, 1936 and payable $250,000
on each of the dates April 23 and May 28, 1937..
MALDEN,
Mass.—TEMPORARY LOAN—The National Shawmut
0.44% discount, $300,000 notes due Dec. 16,
March 15, 1937.
Other bids were as follows:
First National Bank of Boston 0.44%
and 0.575% for the respective
maturities; Faxon, Gade & Co. 0.48% and 0.63%, respectively.
MEDFORD,
Bank of Boston purchased at
1936 and $300,000 maturing
MEDFORD, Mass.—BONDS AUTHORIZED—'The Board
of $85,000 sewer bonds.
of Aldermen
has authorized the issuance
MEDFORD, Mass.—MATURITY—The $100,000 relief bonds sold
recently to the National Shawmut Bank of Boston as 2s, at a price of 100.68,
as previously reported in these columns, mature $10,000 annually from
1937 to 1946 inclusive.
METHUEN, Mass.—NOTE SALE—An issue of $100,000 temporary loan
awarded on Jufxe 5 to the Second National Bank of Boston on a
discount basis.
Whiting, Weeks & Knowles of Boston were
second high, bidding 0.58%.
Notes are scheduled to mature $50,000 on
each of the dates May 27 and June 3, 1937.
notes was
0.534%
FREDERICK, Md.—BOND ISSUE DETAILS—Bidders will be required
4%, expressed in a multiple o8
to name an interest rate of not more than
H of 1%, for the $250,000 sewer bonds being offered for sale on June 8, a
previously reported in these columns.
The bonds will be dated July 1'
1936.
Denom. $1,000.
Due as follows:
$3,000, 1937 and 1938: $4,000'
1939 to 1946, incl.: $5,000, 1947 to 1954, incl.; $6,000, 1955 to 1959, incl.:
$7,000, 1960 to 1964 incl.; $8,000, 1965 to 1969 incl.; $9,000 from 1970 to
1972 incl., and $10,000 from 1973 to 1976 incl.
Provision will be made for
registration of the bonds at the City Register's office.
Principal and
interest will be payable at the Citizens National
Bank, Frederick.
A
certified check for 5% of the amount bid, payable to the order of the City
Register, must accompany each proposal.
The approving opinion of Niles,
Barton, Morrow & Yost of Baltimore will be furnished the successful bidder.
HAGERSTOWN, Md.—BOND OFFERING—Sealed bids will be received
by Mayor Irwin M. Wertz until noon (Eastern Standard Time) on June 17,
for the
purchase of $345,000 series A coupon refunding water bonds. Dated
July 1, 1936.
Denom. $500.
Due Jan. 1 as follows:
$20,000 from 1957
to 1972, incl. aDd $25,000 in 1973.
Bidder to name one rate of interest
on the issue, expressed in a multiple of
M of 1 %.
Principal and interest
(J. & J.) payable in lawful money of the United States at the Tax Collector's
office.
The bonds are payable from unlimited taxes and the proceeds will
be used in the redemption of Washington County Water Co. bonds legally
assumed by the city, which have been called for payment July 1, 1936.
Proposals must be accompanied by a certified check for $6,900, payable to
the order of the Mayor and Council.
The appro ung opinion of Armstrong,
Machen & Alien of Baltimore will be furnished the successful bidder.
HARFORD COUNTY (P. O. Bel Air), Md.—BOND SALE—The $220,000 3% coupon school and road bonds offered on June 1—V. 142, p. 3719—
were awarded to a syndicate composed of Mackubin, Legg & Co., Mer¬
Baker, Watts & Co., Strother, Brogden & Co. and Stein
all of Baltimore, at a price of 105.77, a basis of about 1.98%.
Dated June 1, 1936 and due $20,000 each June 1 from 1937 to 1947, incl.
Other bids were as follows:
NEW BEDFORD,
Mass.—BONDS AUTHORIZED—The City
recently authorized the issuance
Council
of $500,000 municipal relief bonds.
NEWTON, Mass.—BOND SALE— The $250,000 coupon, fully registerable bonds described below, which were offered on June 5 were awarded to
H. C. Wainwright & Co. and Spencer Trask & Co. of Boston on a bid of
101.452 for 2s, a basis of about 1.83%:
$50 000 water bonds.
Dated April 1, 1936.
Due April 1 as follows:
$4,000, 1937 to 1941, and $3,000, 1942 to 1951.
100,000 street improvement bonds.
Dated May 1, 1936. Due $10,000
yearly on May 1 from 1937 to 1948.
100.000 sewer bonds.
Dated May 1, 1936.
Due May 1 as follows: $4,000,
1937 to 1946, and $3,000, 1947 to 1966.
Denom. $1,000.
Principal and semi-annual interest payable at the First
National Bank of Boston; interest on registered bonds will be paid by
check from the City Treasurer's office.
Blyth & Co. and Tyler, Buttrick & Co. of Boston, was second high,
offering 100.8599 for 2s.
PEABODY, Mass.—RELIEF LOAN
APPROVED—The city has voted to
$150,000 for public welfare purposes.
The new
announced after the financing has been arranged.
borrow
tax rate will
be
PLYMOUTH COUNTY (P. O. Plymouth), Mass.—NOTE SALE—
On June 1 an issue of $80,000 9 H months tuberculosis hospital maintenance
notes was disposed of,
$20,000 notes going to the Whitman National
Bank of Whitman at .25% discount, and $60,000 to the National Bank of
Wareham at .31% discount.
Notes mature March 18, 1937.
OUINCY, Mass.—BOND OFFERING—Harold P. Newell, City Treas¬
will receive bids until 11 a. m. (Daylight Saving Time) June 11 for
not less than par of $50,000 coupon sewer bonds.
Bidders
are to name rate of interest in a multiple of M % •
Denom. $1,000. Dated
June 1, 1936.
Principal and semi-annual interest (June 1 and Dec. 1)
payable at the National Shawmut Bank of Boston in Boston.
Due $5,000
yearly on June 1 from 1937 to 1946.
Bonds are engraved under the supervision of and authenticated as to
genuineness by the National Shawmut Bank of Boston; their legality will
be approved by Storey, Thorndike, Palmer & Dodge, who opinion will
be furnished the purchased.
All legal paper incirent to these issues will
be filed with said bank, where they may be inspected.
Bonds will be delivered to the purchaser at the National Shawmut
Bank of Boston in Boston.
Financial Statement May 30, 1936
cantile Trust Co.,
urer,
Bros. & Boyce,
the purchase at
Rate Bid
105.579
Bidder—
W. W. Lanahan & Co
Phelps, Fenn & Co
105.14
;
105.099
105.037
Alex. Brown & Sons
Harris Trust & Savings Bank___
Report on Finances
1936
1935
Property valuation—Actual or full valuation
$82,728,252
Assessed or taxable valuation
55,182,168
U. S. Census—1930, 31,000; present estimate, 35,000.
Bonded Debt as of May 19. 1936—Total general obligation
$82,728,252
55,182,168
bonds out¬
standing, $287,500.
$200,000 of these bonds are being refunded by
county's share of State gasoline tax at rate of $100,000 each year on Oct. 1.
$100,000 will be retired on Oct. 1, 1936.
Principal Requirements for Next Five Years
1936
County's share State gasoline tax._
1938
$32,500
Authorized source of payment:
General taxation
1937
$32,500
$32,500
100.000
100,000
Cash Balance at Beginning of Year
1935
1934
$72,795.41
$130,781.09
1936
$41,557.96
Tax Data
Taxes for fiscal year
come
beginning Jan. 1, 1936 are due Jan. 1, 1936 and be¬
Not payable in instalments.
delinquent Oct. 1, 1936.
1936 (real estate and personal) —
debt (including this issue).
Net valuation for year
Total gross
Water
bonds
-—
under Chapter 44, General
Population, estimated, 78,000.
Borrowing capacity
Laws
$124,138,475
5,202,500
391,000
599,578
TAUNTON,
Mass.—NOTE OFFERING—Lewis A. Hodges,
City
Treasurer, will receive bids until 3.30 p. m. (Daylight Saving Time), June 9
for the purchase at discount of $100,000 revenue anticipation temporary
loan notes.
Denoms.:
2 for $25,000, 3 for $10,000 and 4 for $5,000.
Dated June 16, 1936.
Payable Nov. 27, 1936.
Notes will be engraved under the supervision of the First National
Bank of Boston, which will guarantee the signatures and will certify that
the notes are issued by virtue and in pursuance of an order of the Munic¬
ipal Council, the validity of which order has been approved by Storey,
Thorndike Palmer & Dodge of Boston.
The legal papers incident to this
3898
Bsue
Financial
will be filed with the First National Bank of
Boston, where they may
be inspected.
Notes will be delivered on or about June 16, at the First
National Bank of Boston, Boston, for Boston funds, and are
payable in
Boston at maturity.
Bids by telephone or telegraph will be accepted.
Tax Collections
TaxLevy
„„„„
1936
Uncollected June V 36
$313,942.80
83,173.58
$1,539,313.31
1,532,452.22
1934-
Total uncollected taxes for all years prior to
1934, $20,000.
SPRINGFIELD,
Mass.—BOND OFFERING—G.
W.
Rice,
City
Treasurer, will receive bids until 11 a. m. June 11, for the purchase of
$700,000 coupon or registered municipal relief loan bonds.
Bidders are to
name a single rate of interest on the entire
issue, in a multiple of M%.
Denom* $1,000. Dated April 1., 1936. Interest payable April 1 and Oct. 1.
Principal and interest on coupon bonds payable at the First National Bank
of Boston, in Boston; on registered bonds at the office
of the City Treasurer,
who will make payment by mail.
Due $70,000 yearly on April 1 from 1937
to
1946, incl.
Legality of bonds will be approved by Storey, Thorndike,
Palmer & Dodge of Boston; certification
by the First National Bank of
Boston.
Delivery will be made at the First National Bank of Boston for
Boston funds.
WALTHAM, Mass.—LOAN AUTHORIZED—The city has been
by the
June 6,
1936.
Due yearly on June 1
1948 to 1958.
State Emergency Board to
borrow $100,000
titles
author¬
against its tax
Public
on local
property.
The city will also borrow $175,000 for
Works Administration projects and public welfare needs.
WORCESTER.
Mass.—BOND
SALE—The $960,000 coupon,
fully
register able, ^bonds described below, which were offered on June
3, were
awarded to a group comprised of Brown, Harriman &
Co.; Kidder, Peabody
& Co.; F. S. Moseley &
Co., and Stone & Webster and Blodgett, all of
Boston, on a bid of 100.2799 for lMs, a basis of about
1.45%:
$60,000 trunk
1937
sewers
to
loan
bonds.
Due
$6,000 yearly
on
April
1 from
1946.
150,000 water loan bonds.
Due
$15,000 yearly
on
April 1 from
1937
to 1946.
750,000 municipal relief loan
from
1937 to
bonds.
Due
$75,000 yearly
on
April
1
1946.
1936
follows: $40,000, 1938 to 1947, and
$5,000,
as
MILLE LACS COUNTY (P. O. Milaca), Minn.— WARRANT OFFERING—Florence Moore Munier, County Auditor, will receive bids untl
10 a. m. June 8, for the purchase of $10,000 3% old age assistance warrants.
Denom. $1,000.
MOORHEAD, Minn.—BOND SALE—The $35,000 issue of 3 % semi-ann.
bridge bonds offered for sale on May 29—V. 142, p. 3387—was awarded
to the American State Bank of Moorhead, at a price of 101.42, a basis
of about 2.70%.
Dated July 1, 1936.
Due on July 1 as follows: $4,000,
1938 to 1945, and $3,000 in 1946.
SPRING VALLEY, Minn.—BOND SALE—The
$45,000 electric dis¬
tribution system bonds offered on May 29—-V. 142, p. 3551—were awarded
to the Allison-Williams Co. of Minneapolis on a bid of par for 4
Ms.
The
sale is made subject to dissolution of a restraining order issued by the Court
Commissioner of Fillmore County, in a case entitled C. H. Smith vs. Village
Dated June 1, 1936.
Due on June 1 as follows: $2,000,
1939 to 1943, and $5,000, 1944 to 1950.
of Spring Valley.
MISSISSIPPI
Certified check for 2% of amount of
bonds, payable to the
City of Springfield, required.
ized
Chronicle
BENOIT SPECIAL CONSOLIDATED SCHOOL DISTRICT
(P. O.
Rosedale), Miss.—BONDS SOLD—It is now reported by the Clerk of
the Board of Supervisors that the $30,000 4% semi-annual school bonds
offered for sale without success on Jan. 13, as noted here at that time—
V. 142, p. 997—have been purchased by the Public Works Administration.
Due as follows: $1,000, 1936 to 1940; $1,500, 1941 to 1950, and
$2,000,
1951 to 1955.
COAHOMA COUNTY (P. O. Clarksdale), Miss.—BOND SALE—The
of refunding bonds offered for sale at public auction on
142, p. 3387—was awarded jointly to the Bank of Clarksdale,
the Coahoma County Bank, both of Clarksdale, and the Delta National
Bank of Yazoo City, as 3s, at a price of 99.02, a basis of about 3.13%.
Dated July 1, 1936.
Due from Jan. 1, 1941 to 1947.
$80,000 issue
June 1—V.
LAUDERDALE COUNTY (P. O. Meridian), Miss.—NOTES SOLD IN
on June 2—V. 142,
3387—the county disposed of $4,500 to the Merchants & Farmers Bank
of Meridian on a 6 % interest basis.
The warrants will mature in Feb., 1937.
PART—Of the $12,500 tax anticipation notes offered
Denom.
p.
and
Lazard Freres & Co. and the Bank of the Manhattan Co. of
New York,
Preston, Moss & Co. of Boston, jointly, were second high, bidding
for lMs.
PUBLIC—The First National
100.226
investment a
$1,000.
Dated April 1, 1936.
Prin. and semi-annual int.
(A. & O. 1) payable at the First National Bank of Boston, in Boston.
k Public re-offering was made by the bankers at prices to
yield 0.25 to
about 1.61 %.
The bonds, in the opinion of the bankers, meet the require¬
ments as
legal investments for savings banks in New York, Massachusetts
and Connecticut.
PIKE
COUNTY
(P. O. Magnolia), Mise.—BONDS OFFERED TO
Bank of Memphis, is offering for general
$22,500 issue of 4M % agricultural high school refunding bonds.
Dated April 1, 1936.
Due on April 1 as follows: $500, 1941 to 1946; $1,000,
1947 to 1956; $1,500, 1957 to 1961, and $2,000 in 1962.
Principal and
interest (A. & O.) payable at the First National Bank in McComb.
Legality
to be approved by Charles & Trauernicht of St. Louis, Mo.
MISSOURI
We Buy
for Our Own Account
FULTON SCHOOL
DISTRICT, Mo.—BOND ELECTION—1The Board
has called a special election for June 9, for the purpose of
voting on the question of issuing $146,000 school building bonds.
of Education
MICHIGAN MUNICIPALS
Cray, McFawn & Company
DETROIT
Telephone CHerry 6828
A. T. T. Tel. DET347
MICHIGAN
r BAY
CITY SCHOOL
The issues are described
DISTRICT, Mich.—
The $660,142, p. 3387—were
a syndicate
composed of Watling, Lerchen & Hayes, Guy G.
Wedthoff & Co., Crouse & Co., Detroit, w. O. Clift &
Son, Bay City,
and Braun, Bosworth & Co., Toledo.
The successful bidders offered a
premium of $20, equal to 100.003, stipulating that the $220,000 bonds
coming due in the years 1937 to 1941 bear interest at
234%, the next
maturing $100,000 bonds 2% and the final $240,000 bonds
234%.
Dated
July 1, 1936.
Due $44,000 yearly on July 1 from 1937 to 1951, incl.
000
refunding
coupon
awarded to
bonds
offered
on
June
3—V.
HIGHLAND TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O. Clyde),
Mich.—BOND OFFERING—Mrs. Bertha
Baker, Secretary of the Board
of Education, will receive sealed bids until
7.30 p.m. on June 9 for the
purchase of $25,000 not to exceed 434% interest school bonds, due July 1
as follows: $2,000 from 1937 to
1941 incl. and $3,000 from 1942 to 1946 incl.
„
MARYVILLE
SCHOOL
DISTRICT, Mich.—BOND ELECTION—
At an election to be held on June 5 a
proposal to issue $175,000 school
building bonds will be submitted to the voters for approval.
MIDLAND, Mich.—BOND SALE—The $155,000 water works system
bonds offered on June 1—V. 142, p. 3551—were awarded to
Martin, Smith
& Co. of Detroit for the issue as follows:
$122,000
2%s, due Oct. 1 as follows: $10,000, 1942 and 1943; $11,000,
1944 and 1945; $12,000, 1946 and 1947;
$13,000, 1948; $14,000
1949 and 1950, and $15,000 in 1951.
as
in
33,000
3s, due Oct. 1
as
in 1940 and
All of the
bonds
as
follows: $7,000,
1938; $8,000, 1939; $9,000
1941,
are
dated April
1,
1936.
MUSKEGON, Mich.—BOND OFFERING—R. F. Cooper, City Clerk,
2 p. m. (Eastern Standard Time) June 9 for the
purchase of the following refunding coupon bonds, which are to bear in¬
terest at no more than 5 %:
$50,000 bonds, dated May 1, 1936.
Due $2,000 yearly on May 1 from
will receive bids until
1938 to 1962.
70,000 bonds, dated Aug. 1, 1936.
Due Aug. 1 as follows: $2,000, 1938
to 1942; and $3,000, 1943 to 1962.
Denom. $1,000.
Principal and semi-annual interest payable at the City
Treasurer's office.
Purchaser is to furnish bonds.
Approving opinion of
Miller, Canfield, Paddock & Stone of Detroit will be furnished by the
city.
Certified check for $2,000, required.
MUSKEGON, Mich.—NOTE
OFFERING—R. F. Cooper, City Clerk,
will receive sealed bids until 2
p.m. on June 9 for the purchase of $55,000
not to exceed 6% interest tax
anticipation notes.
Dated May 1, 1936.
Denom.
$1,000.
Due
May
1,
1938.
A
KANSAS CITY, Mo.—BOND SALE—The four issues of bonds, aggre¬
gating $1,400,000, offered for sale on June 1—V. 142, p. 3720—were awarded
to a syndicate composed of Brown. Harriman & Co., Inc., Eldredge & Co.,
both of New York, Stranahan, Harris & Co., Inc., of Toledo, the City
National Bank & Trust Co. of Kansas City, the Illinois Co. of Chicago, and
Crouse & Co. of Detroit, at a price of 100.0699, a net interest cost of about
2.73%, on the bonds divided as follows: $520,000 as 3s, maturing on June 1:
$20,000, 1938 to 1945; $40,000, 1946 and 1947, and $35,000 from 1948 to
1955; $350,000 as 2 Ms, maturing on June 1: $35,000, 1956 to 1958; $40,000,
1959 to 1963, and $45,000 in 1964; the remaining $530,000 as 2%b, maturing
on June 1:
$45,000, 1965 to 1968, and $50,000, 1969 to 1975.
certified
check
for
$500 must
accompany each proposal.
WHITEHALL, Mich.—OFFERING—H.
A.
Gustafson, Village
Clerk, will receive sealed bids until 7.30 p.m. (Eastern Standard Time)
on June 10 for the purchase of
$30,000 not to exceed 4% interest sewage
disposal system revenue bonds.
Dated May 15, 1936.
Denom. $1,000.
Due $1,000 on May 15 from 1937 to 1966 incl.
Interest payable M. & N.
The bonds will be payable
only from revenues derived through operation
of the system.
A certified check for $500 must accompany each proposal.
as
follows:
$400,000 trafficway improvement bonds. Due on June 1 as follows: $5,000,
1938 to 1945; $10,000, 1946 to 1963, and $15,000, 1964 to 1975,
all inclusive.
675,000 city hall, 2d issue bonds.
Due on June 1 as follows: $5,000, 1938
to 1945; $20,000, 1946 to 1968, and $25,000, 1969 to 1975, all incl.
275,000 park and boulevard improvement bonds, 4th issue.
Due on
June 1 as follows:
$5,000, 1938 to 1958, and $10,000, 1959 to
1975, all inclusive.
50,000 safety zone bonds.
Due $5,000 from June 1, 1938 to 1947, incl.
Denom. $1,000.
Dated June 1, 1936.
BONDS
OFFERED
FOR
INVESTMENT—The
and
100
for
1970
the
re-
to
1975
maturities.
These
bonds
are
said
to
be
OTHER BIDS—The following is an official statement on the other bids
received *
Lazard, Freres & Co.; Blyth & Co., Inc.; Stern Bros. & Co. of Kansas
City; Wells, Dickey & Co.; R. H. Moulton & Co.; bidding for $400,000
trafficway impt. bonds. $400,199.60; for $675,000 city hall bonds, $675,336.83; for $275,000 park and boulevard impt. bonds, $275,137.23, and for
$50,000 safety zone bonds, $50,034.95.
All bids plus accrued interest to
date of delivery.
Interest rates to be 3% on all bonds maturing prior to
1968 and 2M% on all maturities 1969 and subsequent.
Phelps, Fenn & Co.; Graham, Parsons & Co.; F. S. Moseley & Co.;
Goldman, Sachs & Co.; R. W. Pressprich & Co., and Braun, Bosworth &
Co. bidding par for all issues, plus accrued interest.
Interest rates to be
4% on all bonds maturing 1938 to 1943 incl. and 2%% on all bonds maturing
1944 and subsequent.
E. B. Smith & Co.; B. J. Van
Ingen & Co.; The First Michigan Corp.
H. Rollins & Sons, bidding
$400,000 trafficway impt. bonds, $400,019.60; for $675,000 city hall
bonds, $675,201.83; for $275,000 park and boulevard impt. bonds, $275,082.23; and for $50,000 safety zone bonds. $50,014.95.
All bids plus
accrued interest.
Interest rate3 to be 3% on all bonds maturing to and incl.
1954 and 2%% on all bonds maturing 1955 and subsequent.
Lehman
Bros.; Keen, Taylor & Co.; Prescott, Wright & Snider Co., Kansas City,bidding par and accrued interest for all issues; interest rates to be 3 M% on
all bonds maturing 1938 to 1942 incl.;
3% on all bonds maturing 1943 to
1957 incl.; and 2%% on all bonds maturing 1958 to 1975 incl.
Commerce Trust Co. and Harris Trust & Savings Bank, bidding for $400,000 trafficway impt. bonds, $400,548; for $675,000 city hall bonds, $675,924.75: for $275,000 park and boulevard impt. bonds, $175,376.75 and for
$50,000 safety zone bonds, $50,068.50, all bids plus accrued interest.
Interest rate to be 3% on all bonds.
Schoell Kopf; Hutton & Pomeroy, Inc., and E.
for
MONTANA
BIG
HORN
COUNTY SCHOOL
DISTRICT NO. 2 (P. O. Pryor),
Mont.—BONDS NOT SOLD—The $8,500 issue of not to exceed 6% semiann.
bids
school bonds offered
were
on June 1—V. 142, p. 3219—was not sold as no
received, according to the District Clerk.
CASCADE
Minnesota, North and South Dakota, Montana,
Oregon, Washington
group
general obligations of the city, payable from unlimited ad valorem taxation.
COUNTY
(P.
O.
Great
The
Northwestern Municipals
successful
offered the above bonds for public subscription.
The 3% bonds are
priced to yield from 1.00 to 2.65%, the 2Ms are priced to yield from 2.55%
to 2.65% and the 2 Ms are offered at 100.50 for the 1965 to 1969 maturities
Falls),
Mont.—BOND CALL—
County Treasurer is said to be calling for payment on July 1, on which
date interest shall cease, the
following bonds:
Nos. 212 to 227, of 5% First Ave., North Bridge bonds.
Dated July 1,
1918.
Payable at the Irving Trust Co. in New York City.
Nos. 441 to 450, of 5M% public highway bonds.
Dated July 1, 1921.
Payable at the Irving Trust Co. in New York City.
Nos. 116 to 125, of School District No. 1-0 bonds.
Dated July 1,
1917.
Payable at the County Treasurer's office.
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlantic
4201
Teletype—Mpls287
MINNESOTA
W FERGUS
FALLS, Minn.—BOND
SALE—The $95,000 2M% coupon
intercepter sewer system construction bonds
142, p. 3387—were awarded to the Justus F. Lowe
Co. of Minneapolis, and associates.
Second high bid was submitted by
Piper, Jaffray & Hopwood of Minneapolis and associates.
Dated June 1,
sewage
offered
disposal plant
on
June 1—V.
and
GLENDIVE,
Mont.—BOND SALE— The $34,000 6% coupon Oiled
Paving District No. 10 improvement bonds offered on June 1—V. 142, p.
3219—were disposed of to three different purchasers.
A block of $25,000
bonds was sold to the First National Bank and the Exchange State Bank
both of Glendive, jointly, at
parplus a premium of $343, equal to 101.372,
$4,000 were awarded to D. C. Warren, trustee of the Volckert Trust Fund
at a price to net 5M
%, and $5,000 went to the Firemen's Disability Associa¬
tion at par.
Bonds are dated Nov. 1, 1935, and will mature on Jan. 1,
1944, subject to redemption at the option of the city at any time.
LEWIS
AND
CLARK
COUNTY
(P.
O.
Helena),
Mont.—BOND
ELECTION—An election is to be held on July 21 at which a proposal to
issue $80,000 hospital building bonds will be submitted to the voters.
Volume
Financial
142
POLSON, Mont.-—BOND SALE—The $40,500 refunding bonds offered
June 1—V. 142, p. 3388—were awarded to the State Board of Land
Commissioners, the only bidders, at a price of par for 4s.
on
Chronicle
DOVER
3899
SCHOOL
DISTRICT, N.
J .—BOND
SALE—The
issue of
coupon school bonds offered on June 2—V. 142, p. 3720—was awarded to
Lehman Bros, of New York, J. 8. Rippel & Co. and Vandeventer, Spear &
Co. of Newark, jointly.
The successful bidders offered to take $283,000
bonds to bear interest at 3% % for a price of $285,069.33,
equal to 100.731,
basis of about 3.69%.
A group comprised of H. L. Allen & Co. and B.J.
a
NEBRASKA
MUNICIPALS
Van Ingen & Co. of New York and Suplee, Yeatman & Co. of Philadelphia
second high, offering a price of $285,331.96 for $284,000 3%% bonds.
were
OFFERING
Dated
WANTED
AND
OTHER
NEBRASKA
June
15,
1936.
Due
June
15
as
follows:
$9,000,
1938 to 1942;
$10,000, 1943 to 1965; and $8,000, 1966.
OMAHA, DOUGLAS COUNTY, LINCOLN
ISSUES
LODI, N. J.—BONDS AUTHORIZED—The Borough Council has given
final approval to an ordinance authorizing the issuance of $98,000 general
The National company
OF
improvement refunding bonds.
MIDDLESEX
OMAHA
Fir.t National Bank Bldg-
Neb.—BONDS
SOLD—The
$125,000 refunding
bonds
3388
purchased by the Mortgage Investment Co. of Hastings, according
to report,
&
LINCOLN, Neb.—BOND OFFERING—Theo. H. Berg, City Clerk, will
receive bids until 10
refunding bonds, to bear interest at no more than 3 %.
Dated July 1,
Interest payable semi-annually.
Prin. and int. payable at the office
of the Treasurer of Lancaster County, in Lincoln.
Due one-tenth yearly
beginning July 1, 1937.
Cert, check for 2% of amount of bonds, payable
to J. Cass Cornell, City Treasurer, required.
1936.
LOOMIS, Neb.—BONDS SOLD—It is stated by the Village Clerk that
$10,000 3% % refunding bonds have been sold.
Due in 10 years.
and $5,000 in 1943.
WAHOO,
Neb.—BOND SALE—The $120,000 municipal light plant
revenue bonds
offered on May 29—-V. 142, p. 3562—were awarded to
Wachob. Bender & Co. of Omaha, as 3^8 for a premium of $2,300, equal
to 101.916.
Brown, Schlessman, Owen & Co. of Denver were second high
with an offer of 98 for 3 Ms.
Dated July 1,1936.
Due serially in from 1 to
optional after five
years:
years.
H. L. AllAc Company
New Jersey
Financial Statement May 1, 1936
193652
N. Y. 1-528
™
$395,493,641
(1935)
1.2,137,000
Total bonded debt (including this issue)
Bonded debt 3.06% of the 1935 total
indebtedness.
Population, 1930 census,
assessed valuations.
No floating
301,359.
does not include the debt of other political sub¬
The above statement
divisions
having
to
power
levy taxes upon
any
all property within
or
the county.
Tax Collections to May 21,
1936
Levy
Uncollected
$1,219,261.28
$64,665.31—5.31%
2,438,522.55
93.056-87—3 81%
2,512,527.94
2,479,793.17
57,058.69—2.27%
None—0.00%
Year—
1936 (1st half only)
1935
1934
1933
-
—
-
COMMISSION, N. J —NOTE OFFERING—Sealed bids will be received by the Commission until 3 p.m. (Day¬
light Saving Time) on June 16 for the purchase of $200,000 not to exceed
6% interest water revenue notes, payable only from receipts for fees,
rentals and changes made or to be made by the Commission for sale of
water.
They will be dated June 20, 1936, and issued in den'oms. re¬
quested by the purchaser.
Due $50,000, July 20, 1936; $50,000, Aug. 20,
1936, and $100,000, Sept. 20, 1936.
Rate of interest to be expressed
in a multiple of M or 1-10 of 1%.
Prin. and int. payable at the Second
National Bank of Paterson.
A certified check for 2% of the notes bid
for must accompany each proposal.
The approving opinion of Hawkins,
Delafield & Longfellow of New \ ork will be furnished the successful bidder.
PASSAIC
VALLEY
WATER
BONDS
New York
within which is subject to the levy of ad valorem taxes
bonds and interest thereon, without limitations as to rate or
the taxable property
to
pay the
amount.
MUNICIPAL BONDS
New
WILLIAM
A.
T.
Sc.
The Township of Piscataway, incorporated in 1693 and one of the oldest
municipalities in New Jersey, is situated in Middlesex County between
and adjoining the cities of Plainfield and New Brunswick, and the boroughs
of Dunellen, Middlesex, South Plainfield and Highland Park.
The bonds of this issue are exempt from all present Federal income taxes
and tax exempt in the State of New Jersey.
Jersey and General Market Issues
B. J. Van
57
Total assessed valuations
—Offering of a new issue of $355,000 Township of Piscataway 4% serial
funding and refunding bonds dated May 1, 1936 and due May 1, 1937 to
1961, incl., is being made by H. L. Allen & Co., New York, and J. S. Rippel
& Co., Newark, at prices to yield from 3 % to 4.20%, according to maturity.
These bonds, issued under Chapters 60 and 233 of the Laws of 1934, are,
in the opinion of counsel, valid and binding obligations of the township, all
Telephot^^^ip'or 2-7333
100 Broadway
J.—BONDS
PISCATAWAY TOWNSHIP, N. 3.—PUBLIC OFFERING OF
Miittifipal Bonds
A. T. & T.
N.
COUNTY (P.
O. Paterson), N. J.—BONDS OFFERED
INVESTMENT—MacBride, Miller & Co. of Newark are offering
$190,000 2}4% county building bonds, dated May 1, 1936, and due on
May 1 from 1939 to 1946 incl., at prices to yield from 1.75% to 2.50%,
according to maturity.
The bonds were authorized pursuant to Chapter
77, P. L. of New Jersey of 1935.
Neb.—ADDITIONAL
INFORMATION—In connection
with the $23,000 refunding bonds, the sale of which is being negotiated with
Wachob, Bender & Co. or Omaha, as noted here recently—V. 142, p. 3720
—it is stated by the City Clerk that the bonds bear 3%% interest, and
mature on May 1 as follows:
$3,000, 1938 and 1939; $4,000, 1940 to 1942,
20
Brunswick),
PASSAIC
ment
ORLEANS,
New
FOR
June 29 for the purchase of $60,000 special assess¬
a. m.,
O.
on
authorized early in May by the City Council, as noted here—V. 142, P—were
(P.
NEWARK, N. J.—PLANS BOND ISSUE—The City Commission agreed
June 2 to sell $400,000 bonds to cover relief costs during the month.
NEBRASKA
HASTINGS,
COUNTY
AUTHORIZED—The Board of Chosen Freeholders recently authorized the
issuance of $350,000 road and county buildings improvement bonds.
A. T. & T. Teletype OMA 81
Ingen & Co. Inc.
STREET, N. Y.
T.: N.
Telephone: John 1-6364
Newark Tel.:
Y. 1-730
Market 3-3124
ROCKAWAY TOWNSHIP (P. O. Rockaway), N. J .—BOND OFFERJ. Howell, Township Clerk, will receive sealed bids until
ING—Frank
8 p. m. (Daylight Saving Time) on June 25 for the purchase of $60,000 not
to exceed 5% interest coupon or registered improvement bonds of 1936.
Dated June 1., 1936.
Due June 1 as follows; $8,000 from
1942 and 1943.
Bidder to express the
Denom. $1,000.
1937 to 1941, incl. and $10,000 in
multiple of
or 1-10 of 1 %.
Principal and interest
(J. & D.) payable in lawful money of the United States at the First National
Bank, Rockaway.
A certified check for 2% of the bonds bid for, payable
to the order of the township, must accompany each proposal.
The ap¬
rate of interest in a
NEW JERSEY
MUNICIPALS
proving opinion of Hawkins, Delafield &
Longfellow of New York will be
furnished the successful bidder.
Colyer, Robinson $ Company
TEANECK TOWNSHIP SCHOOL
—BOND SALE—The State
INCORPORATED
DISTRICT (P. O. Teaneck), N. J.
1180 Raymond
New Yor
Blvd., Newark
Wire:
MArket 3-1718
A. T. & T. Teletype
REctor 2 2065
MEXICO
NEW
JERSEY
BERGENFIELD, N. J.—BONDS NOT SOLD—The issue of $49 000
4 H% coupon or registered general refunding bonds offered on May 25—V
142, p. 3219—failed to attract bids.
Dated Nov. 1, 1935 and due Dec"
1940; $4,000, 1941; $2,000
„
NWRK 24
NEW
}iL9?
purchased
bonds at a price of par.
from 1937 to 1956 incl.
Teachers Pension and Annuity Fund
May 22 an issue of $100,000 4M% registered
Dated Aug. 1, 1936 and due $5,000 each year
Interest payable F. & A.
Denom. $1,000.
on
in
$9,000, !937; $5,000, 1938; $6,000, 1939
1942 and $4,000 in 1943.
and
CURRY COUNTY SCHOOL DISTRICT NO. 61 (P. O. Clovis),
N. Mex—BOND SALE—The $7,000 general obligation school bonds
offered on June 1—V. 142, p. 3389—were awarded to the Clovis National
Bank of Clovis as 4s at a premium of $25, equal to 100.357, a basis of
Dated June 15, 1936.
Due $500 yearly on June
The Treasurer of the State of New Mexico
about 3.96%.
1939 to
1952 incl.
CAMDEN, N. J .—ANNOUNCES OFFERING OF $5,010,000 BONDS—
Funding bond ordinances providing for the eventual issue of $8,985 000
refunding bonds to retire all of the city's floating indebtedness and callintr
for the public sale on June 16 of the initial block of $5,010,000 were
adopted
in final form on June 4 at the regular session of the Board of
Commissioners
Sale of the first emission wUl permit the retirement of $972,000 serial
and
voters
bonds as well as all rax revenue notes and
temporary improvement
1, 1937, and all scrip, warrants and overdue
county taxes aggregating about $3,412,000.
The offering of $5,010,000
bonds will include general, school and water
refunding obligations, to
mature serially from 1945 to 1970 incl,, the
average maturity being about
26 years
The purchasers will be required to resell to present holders of the
York City on July 1, on which date interest shall cease, Nos. 98
of Territory of New Mexico, Territorial institution bonds, dated
term
bonds maturing prior to Jan.
PORTALES
SCHOOL DISTRICT
(P. O. Portales), ~N. Mex.—
election held on May 22—V. 142, p. 338(1—the
BONDS VOTED—At the
approved the issuance of the $50,000 in 4% school
by a wide margin, according to the County Treasurer.
these bonds will be offered for sale at onqe.
NEW
MEXICO,
Treasurer
1907
city's obligations approximately $230,000 of the bonds on the same basis
the successful bid, thus leaving about $4,780,000 of the
bonds for public distribution.
According to George E. Brunner, Director of Revenue and Finance, the
sale on June 16 wdl provide the basis for the financial rehabilitation of
the
is
Due on July 1, 1937.
bids
until
Wanted
—
County—City—Town—School District
Gordon Graves & Co.
MEMBERS NEW YORK STOCK EXCHANGE
DISTRICT, N. J.—BOND OFFER¬
District Clerk, will receive sealed
July 1,
optional on July 1, 1927.
New York State Municipals
1937.
ING—Charles G. Wittreich,
State
New
to 125,
State of—BOND CALL—James J. Connelly,
payment at the Chase National Bank in
Offering a
city by enabling it to clear away all indebtedness maturing prior to Jan 1
1937, abandon the use of scrip, adopt a cash-basis of operation, and arrange
an orderly schedule of maturities to be paid off from each
year's budget
The balance of the authorized issue of $8,485,000 will not be offered until
CHATHAM TOWNSHIP SCHOOL
building bonds
It is said that
calling for
price named in
late in
15 from
bid par
for 4s.
1
WALL ST.,
Whitehall 4-5770
'
N. Y.
(Daylight Saving Time), on June 15 for the purchase of $40,000
3, 3J4, 3H. 3% or 4% coupon or registered school bonds.
Dated July 1
8 p. m.
1936.
Denoms. $1,000 and $500.
Due July 1 as follows: $1,000 from 1937
1946 incl. and $1,500 from 1947 to 1966 incl.
Prin. and int. J
& J
NEW
to
payable at the First National Bank, Madison.
A certified check for 2%*
payable to the order of the Board of Education, must accompany each
proposal.
Legal opinion of Hawkins, Delafied & Longfellow of New York
will be furnished the successful bidder. *
BUFFALO,
Financial Statement
Total bonded debt (incl. present issue)
$i 10,500
Tax Collection
Report
Collected in
•
Levy
Year—
Year of Levy
$38,089.96
1934--
— -
-
Tax rates:
y
Collected
as of
June 1,1936
45,213.32
41,904.97
28.601.12
29,248.66
$59,171.83
45,191.80
38,518.46
$1,678.81
32,074.83
34,128.97
47,247.51
12,182,07
1933, $2.92; 1934, $2.76; 1935,$3.40; 1936, $3.09.
Tax title
township a, sof Dec, 31 1935 amounted to $7,493.56.
YORK
BINGHAMTON, N. Y —BONDS AUTHORIZED—On May 8 the City
Council adopted an ordinance authorizing the issuance of $200,000 flood
control bonds.
N.
Y.—CERTIFICATE
OFFERING—Wm.
A.
Eckert,
City Comptroller, will receive bids until 11 a. m. (Eastern Daylight Saving
Time) June 9 for the purchase of not less than par of $2,7OO,O0O tax an¬
ticipation certificates of indebtedness.
Bidders are to name rate of interest,
not in excess of 6%, and to state the denominations desired, in multiples
of $1,000.
Dated June 15, 1936.
Due Dec. 15, 1936.
Prin. and int.
payable at maturity at the City Comptroller's office or at the Central
Hanover Bank & Trust Co., in New York, at holder's option.
Certified
check for $54,000, payable to the City Comptroller, required.
Delivery
to be made on June 15, or as soon thereafter as possible, at the City Comp¬
troller's office or at the Central Hanover Bank & Trust Co., in New York.
Approving opinion of Caldwell &
to the purchaser.
Raymond, of New York, will be furnished
-V-& '
3900
DIANA UNION
ville),
Chronicle
Financial
FREE
SCHOOL
DISTRICT
NO.
N.
6
Harrisregistered school
Y.—BOND SALE—The .$43,000 coupon or
bonds offered on May 29—V. 142, p. 3553—were awarded to
Corp. of New York as 3s, for a premium of $65,
equal to 100.151, a basis of about 2.98%.
J. & W. Seligman & Co. of
New York were second high bidders, offering a premium of $73.10 for 3.20s.
Dated June 1, 1936.
Due June 1 as follows: $2,000, 1938 to 1958, and
$1,000, 1959.
as
valuation for 1935 of $1,929,359.
indebtedness of the district, which reports
Bancamerica-Blair
DRYDEN AND HARFORD CENTRAL SCHOOL DISTRICT NO.
6,
1936
of
May 18, 1936, shows assessed
This issue constitutes the sole bonded
building
the
June
The fin ancial statement of the district
(P. O.
no
uncollected
taxes
for
the
past three years.
TONAWANDA (P.
O. Kenmore), N. Y.—BOND OFFERING—Sealed
bids will be received by Roscoe L. Rosser, Town Clerk, until 3.30 p. m. on
June 15 for the purchase of
$137,500 municipal building bonds.
1
(P* O. Dryden), N. Y.—BOND OFFERING—John Noro, District Clerk,
will receive sealed bids until 2
p.
m.
(Eastern Standard Time)
on
June 9
for the purchase of $168,000 not to exceed 4% interest coupon or
registered
school bonds.
Dated June 1, 1936.
Denom. $1,000.
Due June 1 as
follows: $5,000, 1938 to 1943 incl.; $6,000, 1944 to 1948 incl.;
$7,000, 1949
to
Southern Municipal Bonds
1952 incl.;
$8,000, 1953 to 1957 incl.; $9,000 from 1958 to 1962 incl.,
and $4,000 in 1962.
Bidder to name one rate of interest on all of the
bonds, expressed in a multiple of M or 1-10th of 1%.
Prin. and int.
(J. & D.) payable in lawful money of the United States at the First National
Bank of Dryden or at the Marine Midland Trust Co., New York
City.
A certified check for $3,360, 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.
DUNKIRK, N. Y.—GRANTS OPTION ON BONDS—After
bids
had
received for the
been
$130,000
coupon
no
McALISTER, SMITH & PATE, Inc.
67
BROAD
NEW
YORK
Telephone WHItehall 4-6765
GREENVILLE.
S. C.
CHARLESTON, S. C.
definite
registered deficiencv
or
STREET
NORTH
bonds offered
on June 1. the city granted the Dunkirk Trust Co. of Dunkirk
three-day option on the issue.
The bonds were offered to bear interest
to exceed 6%.
Dated May 1, 1936, and due $26,000 on May 1
from 1937 to 1941, incl.
Redeemable insofar as funds are available in the
sinking fund in excess of the amount required to meet the current year's
maturity.
CAROLINA
a
ASHEVILLE, Buncombe County, N. C.—BOND REFINANCING
APPROVED—Approal of plans for refinancing $38,800,000 of
at not
PLANS
bonds and notes of the above city and county, including obligations of the
Board of Education of Buncombe County, was announced by the bond and
noteholders'
committees
June
on
3.
The
bond
committee,
headed
by
DUTCHESS COUNTY (P. O. Poughkeepsie), N. Y.—LIST OF BIDS
—The $125,000 home relief bonds awarded on May 29 to the Harris Trust
Frederic W. Ecker and including Thomas F. Daly, John S. Harris, Henry
Hart
Fred P. Hayward and William C. O'Keefe, reports that under the.
& Savings Bank of New York as 1.70s, at par plus
equal to 100.378, a basis of about 1.64%—V. 142,
bondholders' deposit agreement dated Sept. 14, 1931, the plan has been
adopted witlvthe assent of 91.38% of the bonds eligible for refunding by
the City of Asheville local tax school district, and 90.30% of bonds eligible
for refunding by Buncombe County.
The noteholders' committee, consist¬
ing of Nolan Harrigan, E. H. Alden and F. J. Rue, reports that under the
noteholders' deposit agreement dated March 28, 1931, as amended, 98.5%
of the notes eligible for refunding by the City of Asheville, and 100% of the
notes eligible for refunding by Buncombe County, have assented to the plan.
A distribution of interest will be made as of July 3, 1936, on Asheville
and Asheville school bonds now on deposit as well as bonds of that descrip¬
tion deposited by that date.
Copies of the plan as adopted may be obtained from W. D. Bradford,
Secretary of the bondholders' committee, 115 Broadway, New York.
for
as
a
p.
premium of $472.50.
3722—were also bid
follows:
Bidder—
Rate of Int.
Halsey, Stuart & Co., Inc.
First National Bank, Poughkeepsie
Charles H. Drew & Co
A. G. Becker & Co.,
Co
.Bacon, Stevenson & Co. & A. M. Kidder & Co.-
Stranahan, Harris & Co., Inc
The Marine Trust Co
—
*
Fallkill Natl. Bank & Trust Co.,
Poughkeepsie--
39.88
1.75%
1.75%
1.75%
1.75%
1.75%
1.90%
Goldman, Sachs & Co
Dick & Merle-Smith
Berry Corp
First of Michigan Corp__
$120.00
99.62
1.70%
Inc
B. J. Van Ingen & Co., Inc
Manufacturers & Traders Trust
HAVERSTRAW,
Premium
1.70%
1.70%
Geo. B. Gibbons & Co
200.00
375.00
1.90
352.50
1.90%
2%
2%
2.10%
3%
223.75
400.00
325.00
236.25
Par
170.90
106.88
75.00
72.50
N. Y.—BOND SALE—The First National
Bank
&
Trust Co. of Pearl River has purchased $20,000 4% street improvement
bonds, dated July 1, 1936, and due $4,000 annually from 1937 to 1941 incl.
ITHACA, N. Y.—NOTE SALE DETAILS—'The $65,000 0.50% bond
anticipation notes sold recently to the Marine Trust Co. of Buffalo at par
plus a premium of $7.25—V. 142, p. 3721—were also bid for as follows:
Bidder—
Int. Rate
Demorest & Co
0.48%
0.80%
0.80%
0.85%
B. J. Van Ingen & Co
Estabrook & Co
George B. Gibbons & Co., Inc
NEW
BERLIN,
BROOKFIELD
COLUMBUS,
CENTRAL
PITTSFIELD,
SCHOOL
DISTRICT
Premium
Par
$5.00
Par
Par
EDMESTON
AND
NO. 1 (P. O. New
Berlin), N. Y.—BOND OFFERING—Sealed bids for which will be received
by Jay B. Amsden, District, Clerk, until 2 p. m. (Eastern Standard Time) on
June 16 for the purchase of $195,000 not to exceed 5% interest coupon or
registered school building bonds.
Proposals will be received at the law
office of Morse & Wallace in New Berlin. The bonds will be dated June 1,
1936.
Denom. $1,000. Due June 1 as follows: $4,000, 1937 to 1941 incl.;
$5,000, 1942 to 1946 incl.; $6,000, 1947 to 1951 incl.; $7,000, 1952 to 1956
incl.; $8,000, 1957 to 1961 incl. and $9,0000 from 1962 to 1966 incl. Bidder
to name one rate of interest on all of the bonds, expressed in a multiple of
}4 or l-10th of 1%.
Principal and interest (J. & D.) payable in lawful
money of the United States at the National Bank of New Berlin.
A certi¬
fied check for $4,000, payable to the order of John T. Ball, District Treas¬
urer, must accompany each proposal.
The approving opinion of Clay.
Dillon & Vandewater of New York will be furnished the successful bidder.
NEWFANE
(P. O. Newfane), N. Y —BOND SALE—The $135,000
coupon or registered bonds offered on June 3—V. 142, p. 3722—were
awarded to Rutter & Co. of New York as 2.70s, at a price of 100.27. a
basis of about 2.67%.
The award comprised:
$75,000 Newfane Sewer District No. 1 bonds.
Due June 1 as follows:
$3,000 from 1938 to 1942 incl. and $4,000 from 1943 to 1957 incl.
60,000 Newfane Water District No. 1 bonds.
Due $3,000 on June 1 from
1938 to 1957 incl.
Each issue is dated June 1, 1936.
NEW
ROCHELLE, N. Y.—CERTIFICATE SALE—A
contract has been
entered into between the city and the Bank of Manhattan Co. of New York
for the sale of $400,000 Department of Public Welfare certificates of in¬
debtedness.
According to the agreement $200,000 certificates will be
dated between June 2 and June 10, $100,000 will be dated July 15, and $100,000 Aug.
NEW
15.
The certificates will bear interest at
YORK,
N.
.48%.
Y.—TRANSIT
UNIFICATION COMPLETION
DAKS—-Charles Hayden, Chairman of the B. M. T.
Committee on Unification, announced on June 1 that in response to the
City's request the committee had consented to a further 60-day extension of
time for the completion of unification, from June 1 to Aug. 1. 1936.
Mr.
Hayden added that conferences between the Mayor, Chamberlain Berle
and Judge Seabury, on one side, and members of the Unification Com¬
mittee on the other side, had gone far toward clearing away seeming mis¬
understandings and that negotiations were proceeding satisfactorily.
EXTENDED
NEW
PWA
60
YORK, N. Y.—LOWER INTEREST CHARGES SEEN IN NEW
AGREEMENT—The
Public
Works
Administration
has
agreed to
permit the city to provide its share of the cost of various public improve¬
ments through the public sale of bonds.
The agency will continue to furnish
grants toward such projects.
By financing its own portion of the cost of
projects undertaken in cooperation with the PWA, the city will be able
to effect a large saving in interest charges, as the bonds can be sold in the
open market at a rate of far less than the 4% coupon which have been paid
in the past on issues taken by the Federal
agency.
Announcement of the
change in policy was made recently by City Comptroller Frank J. Taylor.
PUTNAM
COUNTY
(P. O. Brewster), N. Y.—BOND OFFERING—
Stannard, County Treasurer, will receive sealed bids until
(Eastern Standard Time) on June 18 for the purchase of $50,000
not to exceed 6% interest
coupon or registered county building bonds.
Dated July 1, 1936.
Denom. $1,000.
Due $5,000 on July 1 from 1946
Edward
11
a.
D.
m.
1955 incl.
Bidder to name one rate of interest on all of the bonds,
expressed in a multiple of )4 or l-10th of 1%.
Prin. and int. (J. & J.)
payable at the First National Bank, Brewster, with New York exchange.
A certified check for $1,000, payable to the order of the County Treasurer,
must accompany each proposal.
The approving opinion of Clay, Dillon
& Vandewater of New York will be furnished the successful bidder.
to
HENDERSON COUNTY
(P. O. Hendersonville), N. C.—REFUND¬
ING PLAN SUBMITTED TO BONDHOLDERS—The Board of Commis¬
sioners of the above county,
is offering to bondholders a plan under which the
present $430,062 principal and $536,892 accrued interest on the county debt
will be refunded into new bonds, due 1938-68.
The new issue will carry
interest at 2% from July 1,1936, to 1939; 2H% to 1942; 3% to 1947; 4% to
1952 and present contract rates thereafter.
All past due coupons and
interest accrued on matured and unmatured bonds and State building and
literary loans to July 1, 1936, will be paid in cash on
1%% annual interest.
a
basis representing
CATAWBA COUNTY (P. O.
Newton), N. C.—BOND REDEMP¬
TION—The County Commissioners are said to have passed a resolution
authorizing the redemption of the following bonds on July 1: $89,000
county refunding and $26,000 school refunding bonds.
•r
CHARLOTTE, N. C.—BONDS AUTHORIZED—It is stated by J. B.
Marshall, City Manager, that the issuance of $100,000 in street improve¬
ment bonds was authorized recently by the City Council.
CRAVEN COUNTY
(P. O. New Bern), N. C.—DEBT REFINANCING
PLAN TO BE INSTITUTED—A plan for refinancing the above
indebtedness of $4,008,654 has virtually been worked out.
county's
State Treasurer
Johnston, director of the Local Government Commission, has announced.
County has been in default on payments of principal for three or four
years, but has been able to pay some interest.
The average interest rate
on present maturities is
5H % and would be reduced to 3 % or 4% under the
refinancing.
New bonds will be mostly 40-year term securities.
The
county's indebtedness is made up of $3,053,000 in bonds, $600,000 bond
anticipation notes, $215,000 revenue anticipation notes, and $140,054
owned the State of North Carolina for special building and literary fund
loans.
GRANVILLE COUNTY (P. O. Oxford), N. C.—BONDS AUTHOR¬
ordinance authorizing the issuance of $45,000 bonds for construction of colored schools.
IZED—The County Commissioners recently passed an
LEE
COUNTY
issue of tax
(P. O. Sanford), N. C.—NOTE SALE—A $12,500
anticipation notes is said to have been purchased by the National
at 4%, plus a premium of $16.
Bank of Sanford,
NORTH WILKESBORO, N. C.—NOTE SALE—A $3,000 issue of tax
anticipation notes is reported to have been purchased recently by the
Bank of North Wilkesboro, at 4Yi%.
PERQUIMANS
COUNTY
(P.
O.
Hertford),
N.
C.—BOND RE-
OFFERING NOT SCHEDULED— It is stated by W. E. Easterling, Secre¬
tary of the Local Government Commission, that no plans have as yet been
formulated with respect to the re-offering of the $494,000 coupon refunding
bonds that were offered unsuccessfully on April 28, as noted here at that
time—V. 142, p. 3044.
He states that it is hoped to offer some part of tjie
bonds within the next six months if market conditions are favorable.
STANLEY COUNTY (P. O. Albemarle), N. C —BONDS AUTHOR¬
IZED—The County Commissioners have passed two ordinances authorizing
the issuance of $60,000 refunding bonds.
WILKES COUNTY (P. O. Wilkesboro), N. C.—BONDS AUTHOR¬
IZED—The Board of County Commissioners has passed an ordinance
authorizing the issuance of $65,000 school building bonds.
WILLIAMSTON, N.
C.—BONDS AUTHORIZED—An ordinance has
of $84,500 refund¬
been passed by the Town Board authorizing the issuance
ing bonds.
WINSTON SALEM, N. C.—NOTE SALE—An issue of $125,000 tax
anticipation notes is reported to have been purchased recently by Oscar
Burnett & Co. of Greensboro, at .75%, plus a premium of $1,93.
NORTH
DAKOTA
DRESDEN SCHOOL DISTRICT NO. 9 (P. O. Wales), N. Dak.—
BONDS SOLD— It is reported by the District Clerk that the $20,000 4%
semi-ann.
school
building bonds approved by the voters on Dec. 17, as
last February—V. 142, p. 1331—have been pur¬
by the Public Works Administration.
Denom. $1,000.
Dated Jan. 1, 1936.
Due on Jan. 1 as follows:
$1,000, 1938 to 1952;
$2,000. 1953 and 1954, and $1,000 in 1955.
noted in these columns
chased
at
par
JAMESTOWN, N. Dak.—BOND SALE—-The $69,000 refunding bonds
offered
on
June 1—V.
of Jamestown
as
142, p. 3555—were awarded to the National Bank
3Ks, the purchaser agreeing to furnish the legal opinion.
The Allison-Williams Co. of Minneapolis, and associates, submitted a bid
for 3Ks, which was rejected because of restrictions specified by the bidders
RIGA, OGDEN AND SWEDEN UNION FREE SCHOOL DISTRICT
NO. 4 (P. O. Churchville), N. Y.—BOND SALE—The $181,000 coupon,
fully registerable, school building bonds offered on June 1—V. 142, p.
OHIO
3555—were awarded to the Bancamerica-Blair Corp. and Adams, McEntee
& Co., both of New York, on a bid of 101.06 for 3s, a basis of about 2.91 %.
Dated June 1, 1936.
Due June 1 as follows: $5,000, 1937 to 1941; $6,000,
receive
1942 to 1945; $7,000, 1946 to 1949; $8,000, 1950 to 1953, and $9,000, 1954
1961.
annually.
to
h The bankers made public reoffering of the bonds at prices to yield from
1% to 3%.
These bonds, issued for school building and equipment pur¬
poses, will constitute, in the opinion of counsel, valid and legally binding
obligations of the school district, which has power and is obligated to
levy ad valorem taxes on all its taxable property for the payment of the
bonds and interest, without limitation as to rate or amount.
are
The bonds
legal investment for savings banks and trust funds in New York State.
ASHLEY, Ohio— BOND OFFERING— Edith Myers, Village Clerk, will
until June 15 for the purchase of $12,000 4% water works
$500.
Dated June 1,
1936.
Interest payable semi¬
Due $500 yearly on Jan. 1 from 1938 to 1961, incl.
Certified
check for $120, payable to the tillage, required.
bonds.
bids
Denom.
BELLEVUE, Ohio—BONDS APPROVED—At the recent primary elec¬
tion the voters gave their
Main St. subway bonds.
approval to the proposed issuance of $45,000 East
CINCINNATI, Ohio—BOND SALE—The $8,128,000
tered bonds offered on June 3—V.
coupon or
142, p. 3555—were awarded to
regis¬
a syn-
Volume
Financial
142
Chronicle
3901
Due $1,100 April 1, 1944, $2,000, Oct. 1, 1944; and $2,000 on April 1 and
Oct. 1 in each of the years from 1945 to 1949.
Cert, check for 2% of amount
of bonds bid
OHIO
MUNICIPALS
ROSS
for, payable to the Village Treasurer, required.
COUNTY
following is
(P.
CANTON
CUYAHOGA BUILDING, CLEVELAND
AKRON
CINCINNATI
COLUMBUS
SPRINGFIELD
OHIO
icate composed of the
Co., all of New York; Kelley, Richardson & Co., Chicago; First of Michigan
Corp. and Reynolds & Co., both of New York; Hayden, Miller & Co.;
Mitchell, Herrick & Co., and MacDonald. Coolidge & Co., all of Cleve¬
land, at a price of 100.384 for the obligations, as follows;
$7,810,000 Cincinnati Southern Ry. bonds sold as 2 J^s.
Due July 1, 1952.
318,000 water works bonds sold as 13^8.
Due Sept. 1 as follows:
$36,000 from 1937 to 1939 incl. and $35,000 from 1940 to 1945
bids
'BIDS—The
Ohio—LIST OF
submitted for the
$70,000
poor
Halsey, Stuart & Co., Inc., Chicago
*
Stranahan, Harris & Co., Toledo.
*
Seasongood & Mayer, Cincinnati
Grace & Co., Inc., Cincinnati
Saunders, Stiver & Co., Cleveland
Johnson, Kase & Co., Cleveland
First National Bank, Chillicothe
First Cleveland Corp., Cleveland
Field, Richards & Shepard, Inc., Cleveland
Braun, Bos worth & Co., Toledo
Prudden & Co., Toledo
Breed & Harrison, Inc., Cincinnati
*
$213.50
103.68
423.85
2%
2%
2%
2M%
2Yx%
2%
2%
2M%
266.00
550.00
166.00
49.00
541.00
2%
2%
2%
2%
189.00
508.00
191.00
56.00
_
Successful bidder.
ROSS
TOWNSHIP
SCHOOL
DISTRICT,
Wood County,
Ohio—
BONDS DEFEATED—The proposal to issue $80,000 school improvement
bonds which was submitted at May 12 primary election failed of approval,
a favorable vote of 270 to 156 being seven short of the required 65%.
SENECA COUNTY (P. O.
Tiffin), Ohio—BOND SALE—The $20,500
relief bonds offered on June 4—V. 142, p. 339l—
Stranahan, Harris & Co., Inc. of Toledo as 2s, at par
plus a premium of $26.65, equal to 100.13, a basis of about 1.97%.
Dated
May 1, 1936 and due March 1 as follows:
$2,100, 1937; $2,200, 1938;
$2,300, 1939; $2,500, 1940; $2,600, 1941; $2,800, 1942; $2,900, 1943 and
$3,100 in 1944.
coupon emergency poor
incl.
All of the bonds
are
were
dated July 1, 1936.
SUPREME COURT VALIDATES REFUNDING LEGISLATION—'The
State Supreme Court, in a decision rendered on June 3, upheld the constitu¬
tionality of the statute under which the city issued the above $8,128,000
refunding bonds.
The ruling was made in a test case brought in connection
with the scheduled sale by the Cincinnati School District on June 15 of
$411,000 refunding bonds.
The Court, it is said, held that "the refunding
issue being representative of indebtedness
originally incurred and not
increasing the original amount or extending time of payment, occupies the
same position in relation to exemption from tax and debt limitations and
carry the same obligations in respect to annual levy and collection of taxes
to pay the same as the bonds replaced and constitute
binding and enforce¬
able obligation of issuing authority."
The bankers, as shown in their advertisement on page VI, reoffered the
$7,810,000 Southern Railway 2 Ms at a price of 101.50, to yield about
2.14%. and the $318,000 waterworks 1 Ms on a yield basis of from 0.35%
to 1.70%.
The proceeds of the loan are to be applied toward redemption
of $7,810,000 Cincinnati Southern Ry. 3M% bonds due 1952 and $995,000
water works 3M and 3.65% bonds, maturing 1938 and 1946.
These refuningibonds, in the opinion of counsel, are general obligations of the City of
Cincinnati, payable from ad valorem taxes which may be levied upon all of
the|taxable property within the city without limitation as to amount or
rate.
They are also payable respectively, from the earnings of Cincinnati
Southern Ry. and of the water works, both of which are reported to be selfsupporting.
COLUMBIANA COUNTY (P. O. Lisbon), Ohio—BONDS REJECTED'
—At the May 12 primaries the voters of the county withheld
proposal to issue $164,000
poor
approval of a
relief bonds.
W
CONNEAUT, Ohio—BONDS SOLD—The Sinking Fund Trustees have
purchased an issue of $10,000 work relief bonds at 2M% interest.
Due
$2,000„yearly from 1937 to 1941.
♦
DELAWARE, Ohio—BOND OFFERING—F. D. King, City Auditor,
June 25 for the purchase of $3,500 5% fire
department bonds.
Denom. $500.
Dated June 1, 1936.
Interest pay¬
able semi-annually.
Due $500 yearly on June 1 from 1937 to 1943.
Certi¬
fied check for $50, required.
will receive bids until 2 p. m.
ENGLEWOOD, Ohio—BOND OFFERING—Charles E. O'Neil, Village
Clerk, will receive bids until 10 a. m. (Eastern Standard Time) June 20
purchase at not less than par of $13,500 5% coupon water revenue
bonds.
Denom. $900.
Dated July 1, 1936.
Interest payable March 1
and Sept. 1.
Due $900 yearly on Sept. 1 from 1938 to 1952 incl.
Cer¬
tified check for $200, payable to the village, required.
for the
HURON
COUNTY
(P. O. Norwalk), Ohio—BOND SALE—The
$10,000 poor relief bonds offered on June 1—V. 142, p. 3223—were awarded
to Saunders, Stiver & Co. of Cleveland as 2s, at par plus a premium of
$23, equal to 100.23, a basis of about 1.94%.
Dated April 1, 1936, and
due March 1 as follows: $1,000, 1937; $1,100, 1938 and 1939; $1,200, 1940;
$1,300, 1941; $1,400, 1942 and 1943; $1,500 in 1944.
JEFFERSON COUNTY (P. O. Steubenville), Ohio—BONDS VOTED
which was submitted to
—The
proposal to issue 4,164,000 poor relief bonds
the voters at the May 12 election was approved.
LAKE
of the
on
-
National City Bank of New York; First Boston
Corp., New York; Harris Trust & Savings Bank, Chicago; Goldman,
Sachs & Co., New York; Mercantile Commerce Bank & Trust Co., St.
Louis; L. F. Rothschild & Co.; F. S. Moseley & Co., and Paine, Webber &
,
Chillicothe),
list
May 25 to Seasongood & Mayer of Cincinnati,
as previously reported in these columns—V.
142, P. 3723:
Bidder—
Int. Rate
Premium
MITCHELL, HERRICK & CO.
700
O.
complete
a
relief bonds awarded
COUNTY
f
LEIPSIC, Ohio—BOND SALE—The $8,000 municipal water works
extension bonds offered on May 23—V. 142, p. 3223—-were awarded to the
Bank of Leipsic Co. of Leipsic as 3s, for a price of par plus a premium of
$5.05, equal to 100.063, a basis of about 2.99%.
Dated March 1, 1936.
Due $500 yearly on Sept. 1 from 1937 to 1952, incl.
Bids were also sub¬
Bowman & Co., Toledo; Saunders, Stiver & Co., Cleveand, and Ryan, Sutherland & Co., Toledo.
mitted by Bliss,
LORAIN COUNTY (P. O. Elyria), Ol?io-—BOND SALE—The $39,000
poor relief bonds offered on June 2—V. 142, p. 3391—were
emergency
awarded to Johnson, Kase & Co. of Cleveland as 2s, at par plus a premium of
$32, equal to 100.082, a basis of about 1.98%.
Dated June 1, 1936 and due
March 1 as follows: $3,900, 1937; $4,200, 1938; $4,400, 1939; $4,700, 1940;
$5,000, 1941; $5,300, 1942; $5,600 in 1943 and $5,900 in 1944.
MARION, Ohio—BOND SALE—The $10,377 fire and service depart¬
ment bonds offered on June 1—V. 142, p. 3556—were awarded to the Weil,
Roth & Irving Co. of Cincinnati as 2Ms, at par plus a premium of $11,
equal to 100.106, a basis of about 2.70%. Dated May 1, 1936 and due as
follows:
$377 March 1 and $2,000 Sept. 1, 1937; $2,000 March 1 and
Sept. 1,1938;$2,000March 1 and$1,000 Sept. 1,1939and$1,000March 1,
1940.
MOGADORE,
Ohio—BOND
which
were
SALE—The $18,100 refunding bonds
offered on June 1—V. 142, p. 3556—were
of Cleveland as 4 Ms for a premium
awarded to the First Cleveland Corp.
equal to 100.38, a basis of about 4.18%.
$13,600 bonds.
Denom. $850.
Due $2,550 on Oct. 1 in 1942, 1943, 1944
and 1945; and $3,400. Oct. 1, 1946.
4,500 bonds.
Denom. $500.
Due $500, Oct. 1, 1942; and $1,000 on
Oct. 1 in each of the years 1943, 1944, 1945 and 1946.
Dated April 1, 1936.
Principal and semi-annual interest payable at the
Mogadore Savings Bank, in Mogauore.
Bliss, Bowman & Co. of Toledo, second high bidders, offered a premium
of $30.77 for 5M*.
of $68.78,
NORWOOD, Ohio—BOND SALE—The $20,000
SUMMIT
COUNTY
(P. O. Akron), Ohio—BOND OFFERING—
Wynne, Clerk of the Board of County Commissioners, will receive
noon (Eastern Standard Time) on June 19 for the pur¬
chase of $166,000 not to exceed 4% interest poor relief bonds.
Dated
June
1,
1936.
Denom. $1,000.
Due March 1 as follows:
$17,000,
1937; $18,000, 1938; $19,000, 1939; $20,000, 1940; $21,000, 1941; $22,000.
1942; $24,000 in 1943 and $25,000 in 1944.
Rate of interest to be ex¬
pressed by the bidder in a multiple of M of 1%.
Principal and interest
(M. & S.) payable at the County Treasurer's office.
A certified check
for 2 %, payable to the order of the Board of Commissioners, must accom¬
pany each proposal.
Each bid must be on the basis of Akron delivery.
Final approving opinion will be furnished by the county.
"W. B.
sealed bias until
TOLEDO, Ohio—BOND CALL—The city has issued a call for payment
Dec. 15, 1936 of $3,287,000 4M% refunding bonds, dated Dec. 15,
those called will be issued
on
1934.
It is expected that new bonds to replace
at about 3% interest.
VINTON COUNTY (P. O. McArthur), Ohio—BOND OFFERING—
George A. Knox, Clerk of Board of County Commissioners, will receive bids
noon July 6 for the purchase of $19,000 6% poor relief bonds.
Dated
June 1, 1936.
Interest payable semi-annually.
Due March 1 as follows:
$2,000, 1937 and 1938; $2,100, 1939; $2,300, 1940; $2,400, 1941: $2,600,
1942; $2,700, 1943, and $2,900, 1944.
Cert, check for $500, payable to the
Board of County Commissioners, required.
until
WELLSTON, Ohio—BOND OFFERING—W. A. Lausch, City Auditor,
purchase at not less than par of
will receive bids until noon June 13 for the
$35,000 5% coupon street improvement bonds. "Denom. $3,500.
Dated
April 1, 1936.
Interest payable April 1 and Oct. 1.
Due $3,500 yearly on
April 1 from 1939 to 1948. incl.
Certified check for $350, payable to the
city, required.
*
'
,
Barton,
Director of Finance, will receive bids until noon June 26 for the purchase of
$1,193,000 4% delinquent tax bonds.
Denom. $1,000.
Dated May 1,
1936.
Principal ana semi-annual interest payable at the office of the Sink¬
ing Fund Trustees.
Due Oct. 1, 1945; provided that $238,000 bonds will
become subject to redemption on Oct. 1 in each of the years 1941, 1942 and
1943, and $239,000 on Oct. 1, 1944.
Cert, check for $25,000, payable to
the Director of Finance, required.
Purchaser must pay for and take up
YOUNGSTOWN,
the bonds
coupon
or
on
Ohio—BOND
OFFERING—Frank
W.
before July 9.
OKLAHOMA
Okla —BOND SALE—The $4,500 issue of electric
distribution system bonds offered for sale on June 1—V. 142, p. 3723—
was
purchased by the Farmers Exchange Bank of Cherokee, according
to report.
Due $500 yearly beginning three years after date.
BURLINGTON,
SCHOOL
DISTRICT
NO.
2
(P.
O.
Okla.—BOND OFFERING—J. V. Hampton, District
CONSOLIDATED
DALE
(P. O. Painesville), Ohio—BONDS DEFEATED—
relief bonds was voted down by the electors
A proposal to issue $61,200 poor
at the May 12 primaries.
described below,
awarded to
Shawnee Rt.
1),
Clerk, will receive bids until 2 p. m." June 10 for the purchase at not less
than par of $20,000 school building bonds, which will bear interest at rate
named in the successful bid.
Due $1,500 yearly beginning three years
after date,
except that the last instalment will amount to
of amount of bid required.
$2,000.
Cer¬
tified check for 2%
Okla.—BOATD OFFERING—Fay L. Crossett, Town Clerk,
June 11 for the purchase at not less than par
hall bonds and $2,700 waterworks extension bonds, to bear
interest at a rate named in the successful bid.
The town hall bonds will
mature $2,000 in two years after date, and $1,000 yearly thereafter, except
that the last instalment will amount to $300; the waterworks extension
bonds will mature $1,000 in two years after date, $1,000 three years after
date and $700 in four years.
Certified check for 2% of amount of bid re¬
DAVIS,
will receive bids until 8p.m.
of $5,300 town
quired.
'
OKMULGEE, Okla.—BOND ELECTION—An election will be held on
according to report, to have the voters pass on the issuance of
$125,000 in county fair buildings, municipal auditorium and playgrounds
June 9,
bonds.
TULSA SCHOOL DISTRICT,
Okla.—BOND SALE—The $1,700,000
school bonds offered on June 3—V. 142, p. 3724—were awarded
syndicate comprised of the First National Bank & Trust Co. of Okla¬
homa City, the Harris Trust & Savings Bank of Chicago, F. S. Moseley
& Co. and Goldman, Sachs & Co. of New York, Harola E. Wood & Co.
of St. Paul, the Anglo-American National Bank of San Francisco, and the
Commerce Trust Co. of Kansas City, Mo.
The successful bidders offered to
coupon
to a
total and accrued interest for bonds bearing interest at 2 % % and
Say par of $356,000 bonds maturing from 1939 to 1942 will carry a33M%•
M%
.
due from 1942 to 1956 2H%Due
1939 to 1955, and $102,000 in 1956.
The next best bid
interest rate and $1,344,000 coming
$94,000 from
submitted by a group composed of the First Boston Corp. of New York,
the National Bank of Tulsa, the First National Bank & Trust Co. of Tulsa,
E. H. Rollins & Sons of Chicago, the First of Michigan Corp. of Detroit,
was
and the Illinois Co. of Chicago, which offered a premium of $10 on
$1,-
000,000 3s and $700,000 2Mb.
The net interest cost on the successful bid is about 2.81%.
^
waterworks
bonds, series A, which were offered on June 1—V. 142, p. 3390—were
awarded to the First National Bank of Norwood as 2Ms, for a premium
of $220, equal to 101.10, a
Due $1,000 yearly on Dec.
basis of about 2.38%.
Dated June 1,
1 from 1937 to 1956, incl.
1936.
Oregon Municipals
OLMSTED FALLS SCHOOL DISTRICT, Ohio—BONDS VOTED—
an election held on May 13 a proposal to issue $45,000 school building
was approved by a vote of 353 to 155.
At
bonds
PAULDING,
Ohio—BOND SALE—The
$2,525 3% coupon special
May 22—V. 142, p. 3223—
CAMP & CO., INC.
assessment sewer construction bonds offered on
awarded to the Farmers Banking Co. of Paulding at a price of 101.07,
basis of about 2.59%.
Dated March 1, 1936 and due March 1 as follows:
were
a
Porter
Building,
Portland, Oregon
$525 in 1937 and $500 from 1938 to 1941, inclusive.
PERRY COUNTY (P. O. New Lexington), Ohio—BONDS VOTED—
At the recent primary elections the voters of the county gave their approval
to
a
OREGON
proposition to issue $55,000 Carey Act poor relief bonds.
Ohio—BOND OFFERING—Alvin Norris, Village Clerk,
BAKER COUNTY UNION HIGH SCHOOL DISTRICT NO. 2 (P. O.
will receive bids until 8 p.m., June 22 for the purchase at not less than par
of $23,100 coupon general refunding bonds, to bear interest at no more than
Richland), Ore.—BOND SALE—The $1,000 5% refunding bonds offered
for sale on May 29—V. 142, p. 3556—was purchased by the State of Oregon,
at par.
No other bid was received.
Dated May 1, 1936.
Due on May 1,
POMEROY,
6%.
Denom. $1,000, except one for $1,100.
Dated April 1, 1936.
Prin.
payable at the Village Clerk's office.
and semi-annual interest A. 1 and O. 1
1945.
3902
Financial
COQUILLE,
Ore.—BOND SALE—E.
have purchased $74,500 4%
standing 5 % and 5 M % bonds.
M.
Adams
&
Co.
refunding bonds being issued
The refunding bonds will
run
of
Portland
to retire out¬
10 to 12 years.
LINN COUNTY SCHOOL DISTRICT NO. 5
(P. O. Albany), Ore.—
BOND SALE—The $30,000 school bonds offered on June
2—V. 142, p.
3724—were awarded to E. M. Adams & Co. of Portland on a bid of
100.181
for 2Ms, a basis of about 2.73%.
Blyth & Co. were second high, bidding
100.0777 for 2Ms.
Dated June 1, 1936.
Due $2,000 yearly on June 1
from 1938 to 1952, incl.
MALHEUR COUNTY UNION HIGH SCHOOL DISTRICT No. 3
(P» O. Vale), Ore.—BOND SALE—The issue of $10,000 4% coupon school
bonds offered on May 29 was awarded to the Federal Securities Co. of
Portland at 100.51, a basis of about 3.94%.
Atkinson-J ones & Co. of
Portland bid 100.287.
Dated Jan. 2, 1936.
Due $500 on Jan. 2 from 1937
to
1956.
Chronicle
June 6> 1936
KINGSTON SCHOOL DISTRICT, Pa.—BOND SALE—The $125,000
coupon operating revenue bonds offered on May 28—V. 142, p. 3392—
were awarded to Singer, Deane & Scribner, Inc. of
Pittsburgh as 2Ms, at
par plus a premium of $1,817, equal to 101.45, a basis of about 1.87%.
Dated June 1,1936 and due June 1 as follows: $10,000,1937; $15,000,1938;
$20,000, 1939; $25,000, 1940 and 1941 and $30,000 in 1942.
The bonds
maturing June 1,1939 and thereafter are callable at par and accrued interest
on June 1, 1938 or on any interest payment date thereafter.
LEBANON
SCHOOL
DISTRICT,
Pa.—BOND
ELECTION—The
School Directors have decided to call a special election for June 30 at which
proposal to issue $700,000 high school building bonds will be submitted
to the voters.
i
a
.
MEDIA, Pa.—BOND OFFERING—Edward Minton, Borough
•will receive sealed
bids until 7
for the purchase of $25,000
p.
m.
(Eastern Standard Time)
2,2M,2M.2M.3,3M
or
Secretary,
June 23
on
3M%
coupon street
Due Aug. 1 as
bonds.
Dated Aug. 1, 1936.
Denom. $1,000.
$7,000 in 1939 and $6,000 from 1940 to 1942 incl.
Bidder to name
single interest rate on all of the bonds.
Interest payable F. & A.
A cer¬
tified check for 2% of the bonas bid for, payable to the order of the Borough
Treasurer, must accompany each proposal. The bonds will be issued subject
to the favorable legal opinion of Townsend, Elliott & Munson of Philadel¬
phia.
•
impt.
follows:
City of
a
PHILADELPHIA
NEW KENSINGTON SCHOOL DISTRICT, Pa.—BOND OFFERING
—Elizabeth Morgan, District Secretary, will receive bids until 7:30
p. m.,
June 8 for the purchase of $115,000 4% coupon school bonds.
Denom.
Moncure Biddle & Co.
1520 Locust
Dated June 1, 1936.
Interest payable June 1 and Dec. 1.
Due
$10,000, 1937; $15,000, 1938; $20,000, 1939; $10,000, 1940 to
Cert, check for $1,000, required.
$1,000.
St., Philadelphia
as
follows:
1946.
BARKER
PENNSYLVANIA
JJFARONA
SCHOOL
DISTRICT,
Pa.—PRICE
PAID—The
First
National Bank of Greensburg, which was awarded
on May 25 an issue of
$5,000 4% bonds—V. 142, p. 3724—bid par plus a prem ium of $25, equal
to 100.50, a basis of about 3.59%.
Dated May 1, 1936, and due $500
each year from jl941 to 1950 incl.
£■
W BEAVER
COUNTY
(P.
O.
Beaver), Pa.—BOND OFFERING—
Ralph C. Bennett, County Comptroller, will receive sealed bids until
11 a. m. on June 8 for the purchase of $500,000 not to exceed
3% interest
coupon refunding bonds, divided as follows:
$400,000 series of 1936-B bonds.
Due July 1 as follows: $15,000, 1938 to
1940 incl.; $20,000 from 1941 to 1944 incl., and $25,000 from
X945
to
100,000 series
1055 incl#
of
1936-A
bonds.
Due July 1 as follows: $5,000 from
1938 to 1953 incl. and $10,000 in 1954 and 1955.
Each issue is dated July 1, 1936.
Denom. $1,000.
Bidder to name
a single interest rate on all of the bonds,
expressed in a multiple of M of
1%.
The bonds will be registered at holder's option and payable as to
prin. and int. (J. & J.) at the County Treasurer's office.
Bids must be
for the entire $500,000 bonds and accompanied by a certified check for
$3,000, payable to the order of the County Commissioners.
The ap¬
proving opinion of Burgwin, Scully & Burgwin of Pittsburgh will be fur¬
nished the successful bidder.
The bonds will be sold subject to
of the
Pennsylvania Department of Internal Affairs.
(This report of the offering supplements that given in
a
approval
previous issue.)
(P. O. Parkers Landing), Pa.—BOND SALE—The $5,000
1—V. 142, p. 3392—were
4M% water supply bonds offered on June
awarded to Gertrude McLaughlin of Parker.
PENNSYLVANIA (State of)—LOCAL BOND ISSUES APPROVED—
The following is a record of the most recent of the issues to be approved by
Pennsylvania Department of Internal Affairs, Bureau of Municipal
Affairs.
The information includes the name of the municipality, amount
the
and purpose
of issue and the date of approval:
Date
Municipality and Purpose—
Approved
Plymouth Borough, Luzerne County—Payment of fire
truck; two dump trucks; one motor vehicle; street
paving; repaving streets
May 25
Pottsville City School District, Schuylkill County—
Refunding bonded indebtedness^
May 26
Wilkes-Barre City School District, Luzerne County—
Purchase and build playgrounds, erect, construct,
equip and furnish school building; purchase site,
erect, construct and equip, furnish an addition to.
school building—
May 26
Whitaker
Borough,
Allegheny
County—Construct
sanitary sewers
May 26
Jefferson Township, Fayette County—Funding float¬
ing
indebtedness,
$28,000;
improving
township
roads. $7,000
May 27
Martinsburg Borough, Blair County—Funding float¬
ing indebtedness
May 27
Middletown
Borough
School
District,
Dauphin
County—Erect, equip and furnish addition to high
school building and repair same
May 27
Amount
$20,000
45,000
400,000
7,000
35,000
11,000
—
BLAIN SCHOOL DISTRICT, Pa.—BOND SALE—An
issue^f $12,000
3% bonds has been sold to the Bank of Blain.
BLAWNOX, Pa.—OTHER BIDS—The $19,000 bonds awarded on May
Trust Co. of Pittsburgh as 3s, at par plus a
premium of $214.70, equal to 101.18, a basis of about 2.66%—V. 142,
25 to the Peoples Pittsburgh
3724—were also bid for
p.
as
follows:
Bidder—
Premium
Singer, Deane & Scribner, Inc.
PHILADELPHIA,
24,000
Pa.—BOND OFFERING DETAILS—Proposals for
the $5,000,000 3 M % bonds being offered for sale on June 15, as previoisly
reported in these columns, must be accompanied by a certified check for
5% of tne issue bid for.
PHILADELPHIA,
$133.00
Pa.—BOND OFFERING
POSTPONED—Because
original call for bids, the city has changed the date of sale
15 to June 24.
Stroud & Co
109.00
of
Glover & MacGregor.
S. K. Cunningham & Co
106.40
of the $5,000,000 3M% subway bonds from June
100.70
97.85
E. H. Rollins & Sons
in the
errors
PINE GROVE TOWNSHIP SCHOOL TOWNSHIP
(P. O. Pine
Grove), Pa.—BOND SALE—The Pine Grove National Bank & Trust Co.
PaulE. C. Fike, Secretary of the Board of Directors, will receive sealed bids
of Pine Grove purchased $13,000 4% coupon high school bonds at a price
of 102.
Dated Dec. 1935.
Denoms. $1,000, $500 and $100.
Due in 20
until 7 p. m. on June 24, for the purchase of
years;
CONFLUENCE
SCHOOL
DISTRICT,
Pa .—BOND OFFERING—
$20,000 3% coupon refunding
bonds.
Dated July 1, 1936.
Denom. $500.
Due July 1, 1956: callable on
or after July 1, 1937.
Bids may be made for "all or none" or for a portion
of the issue.
The bonds may be registered as to principal only and proposals
must be accompanied by a certified check for 3% of the amount
bid, pay¬
able to the order of the District Treasurer.
CUMBERLAND TOWNSHIP SCHOOL DISTRICT, Greene County,
Pa.—BOND ELECTION—At an election to be called for June 23 a proposal
to issue
$55,000 floating debt funding bonds will be submitted to the
DUNMORE SCHOOL
School Board
on
voters.
DISTRICT, Pa.—BONDS AUTHORIZED—'The
May 26 decided to issue $200,000 school building bonds.
ELLWOOD CITY, Pa.—BONDS AUTHORIZED—The Borough Coun¬
cil has passed an ordinance authorizing the issuance of $52,000 bonds.
ERIE SCHOOL
DISTRICT, Pa.—BOND OFFERING—A. M. Tanner,
Acting District Secretary, will receive sealed bids until 8.15 p. m. (Day¬
light Saving Time) on June 25 for the purchase of $200,000 IM, 1M, 2,
2M,2M.2M,3,3Mor3M% coupon or registered refunding bonds.
Dated
July 15, 1936.
Denom. $1,000.
Due July 15 as follows: $5,000, 1939
to 1942 incl.; $25,000, 1944 to 1946 incl.; $30,000, 1947; $40,000 in 1948,
and $35,000 in 1949.
Bidder to name one rate of interest on all of the
bonds.
Interest payable J. & J.
A certified check for 2%, payable to
the order of the district, must accompany each proposal.
The bonds
will be issued subject to the approval of the Pennsylvania Department of
Internal Affairs.
FOUNTAIN HILL SCHOOL DISTRICT, Pa.—BOND SALE—The
$40,000 coupon operating revenue bonds offered on May 29—V. 142,
3392—were awarded to Dougnerty, Corkran & Co. of Philadelphia as
2%s, at a price of 100.677, a basis of about 2.62%.
Dated June 1, 1936
and due $4,000 on June 1 from 1937 to 1946, incl.
Other bids were as
p.
follows:
optional after five
coupon, registerable
to principal, municipal building bonds offered on June 1 were awarded
Halsey, Stuart & Co., Inc. of New York as 2Ms, at par plus a premium
of $292.86, equal to 100.289, a basis of about 2.47%.
Dated May 1, 1936
and due May 1 as follows:
$4,000 from 1937 to 1960. incl. and $5,000 in 1961.
to
SPRINGFIELD TOWNSHJP (P. O.
bonds offered on June 2—V. 142,
3392—was awarded to E. W. Clark & Co., of Philadelphia as 2Ms, at a
price of 101.358, a basis of about 2.64%.
Dated June 1, 1936, and due
$5,000 on June 1, from 1937 to 1966, incl.
Other bids were as follows:
p.
Bidder—
Int. Rate
Dougherty, Corkran & Co
E. H. Rollins & Sons.
M. M. Freeman & Co
Bancamerica-Blair Corp
UPPER
MERION
Stroud & Co
W. H. Newbold's Son & Co
1953.
UPPER
MOPELAND
Coupon bonds of $1,000
JOHNSTOWN, Pa —BOND SALE—The $204,000 2'X% bonds offered
p.
8392—were ourehased at
par
by the sinking fund.
are:
$159,000 refunding bonds.
Dated July 1, 1936 and due July 1 as follows:
$17,000,
1938; $20,000,
1939; $21,000, 1940; $24,000,
1941,
$25,000 in 1942 and 1943 and $27,000 in 1944.
45,000 improvement bonds.
Dated June 1, 1936.
Due $15,000 on June 1
from 1915 to 1947, inclusive.
JOHNSTOWN, Pa.—BONDS AUTIIORT7ED—An ordinance providing
for the issuance
of $36,000 floating
debt fund and refunding bonds was
approved recently.
JONES TOWNSHIP SCHOOL DISTRICT
(P. O. Ridgway), Pa.—
rejected for the issue of $8,000 4% bonds
offered on June 1—V. 142, p. 3557.
Dated April 1, 1936 ana due $1,000
annually from 1956 to 1963 incl.
Optional after 10 years.
BONDS NOT SOLD—Bids
were
(P.
O.
Willow
recent
Grove),
Pa.—
Denom.
$1,000.
Dated June 1, 1936.
Interest payable semi¬
Due $6,000 yearly on June 1 from 1937 to 1946 incl.
Certified
trick will receive sealed
delphia as 3s, at par plus a premium of $382.50, equal to 100.765, a basis of
about 2.47%.
Dated June 15, 1936 and due Dec. 15 as follows:
$5,000,
1938; .*6,u00, 1989 to 1942, incl. and $7,000 from 1943 to 1945, incl.
Callable in whole or in part at par and interest on any interest date on or
after Dec. 15, 1937, on 30 days notice.
142,
TOWNSHIP
a
WINTON, Pa.—BOND OFFERING—Joseph Ricci, Secretary of Borough
Council, will receive bids until June 20 for the purchase of $60,000 4M%
bonds.
100.39
100.669
100.539
100.18
HEMPFIF.LD TOWNSHIP SCHOOL DISTRICT (P. O. Hunkers),
Pa.—BOND SALE—The issue of $50,00° emergency bonds offered on
1—V. 142, p. 3392—was awarded to E. H. Rollins & Sons of Phila¬
June 1—Y.
DISTRICT, Montgomery
check for 5% required.
June
There
SCHOOL
101.609
101.60
101.42
100.788
BOND SALE—The $30,000 coupon bonds offered on June 1—V. 142, p.
3558—were awarded to Halsey, Stuart & Co. of Philadelphia as 2Ms.
Yarnall & Co. of Philadelphia were.second high bidders.
Dated June 15,
1936.
Due $10,000 on June 15 in 1946, 1951 and 1956.
Rate Bid
GETTYSBURG SCHOOL DISTRICT, Pa.—BOND SALE DETAILS—
on
TOWNSHIP
100.78
County, Pa.—BONDS AUTHORIZED—The Scnool Board at
meeting authorized tne issuance of $55,000 refunding bonds.
YORK SPRINGS,
Pa.—BOND OFFERING—Burgess George E. Deabids until 2 p. m. on June 24 for the purchase of
bonds.
Dated Jan. 1, 1936.
Denoms. $500
and $250.
Due as follows. $500 from 1942 to 1944 incl.; $250 from 1945 to
1956, incl. and $500 from 1957 to 1965 incl.
$9,000
3%
coupon
The issue of $20,000 bonds sold on May 11 to M. M. Freeman & Co., Inc. of
Philadelphia at a price of 101.68—V. 142, p. 3557—bear 3% interest, are
dated May 15, 1935 and mature serially as follows:
$1,000 from 1939 to
1951 incl.; $3,000 in 1952 and $4,000 in
each.
Interest payable M. & N. 15.
Rate Bid
2% %
3%
3%
3%
3%
Stroud &Co__
2% %
3M%
314%
314%
Bioren & Co
Springfield), Pa .—BOND SALE
—The $150,000 issue of coupon sewer
Int. Rate
E. H. Rollins & Sons
Interest payable J. & D.
as
annually.
Bidder—
years.
POTTSVILLE, Pa.—BOND SALE—The $101,000
water
RHODE
PASCOAG
AND
HARRISVILLE
ISLAND
FIRE
DISTRICTS,
Providence
County, R. I.—BONDS VOTED—The taxpayers of the Pascoag and the
Harrisville Fire Districts jointly voted in favor of the issuance of $215,000
bonds to finance the purchase of the properties of the Pascoag Water
District.
WARWICK, R.
I.—BOND SALE—Estabrook & Co. of Boston have
$150,000 2M% coupon school and equipment terminal bonds
reoffering them for general investment at prices to yield from
0.60% to 2.80%, according to maturity.
Dated June 1, 1936.
Due
June 1 as follows:
$6,000 from 1937 to 1946 incl.; $7,000 from 1947 to
1956 incl., and $5,000 from 1957 to 1960 incl.
Legality to be approved
by Storey, Thorndike, Palmer & Dodge of Boston.
The bonds, in the
opinion of the bankers, are legal investment for savings banks in the States
of Rhode Island, Massachusetts, New York, Maine, New Hampshire and
purchased
and
are
Vermont.
SOUTH
CAROLINA
ANDERSON COUNTY (P. O. Anderson), S. C.—BONDS AUTHOR¬
IZED—A bill is said to have been passed by the Legislature, authorizing
the county to issue a total of $450,000 in road impt. and court house bonds.
CHEROKEE COUNTY (P. O. Gaffney), S. C.—BOND SALE—'The
$144,000 issue of road bonds offered for sale on June 2—V. 142, p. 3725—
awarded to Johnson, Lane, Space & Co. of Savannah, paying a premium
of $5,625, equal to 103.90, accoring to the Clerk of the Board of County
was
Commissioners.
Volume
Financial
142
Chronicle
3903
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND
TEXAS BONDS
MUNICIPALS
Bought
KIRCHOFER
ARNOLD
&
A. T. T.
SOUTH
W
RLGH 80
CAROLINA
S. C.—BONDS VOTED—At
the issuance
of 860,000 in
an
(P. O. Hartsville),
June 1, the voters approved
wide margin, according to
NO.
election held
on
school bonds by a
32
AUSTIN, Tex.—BOND SALE—It is stated by Geo. G. Grant, Director
of Finance, that $350,000 3% semi-annual school bonds were purchased
on
March 26 by the American National Bank of Austin, paying a premium
of $3,750,
BEE
County Bookkeeper.
Dated June 1, 1936.
Due on Jan. 15, 1937.
The Bank of Jonesville, .Toues\ille, bid 2.94%, and the Citizens
Southern Bank, Spartanburg, 3%.
and
on
S. Dak.—BOND ELECTION—
of voting on the question
June 16, for the purpose
town), S. Dak.—BOND SALE—An issue of 81,500 4% semi-annual school
by the Farmers & Mer¬
EDMUNDS COUNTY (P. O. Ipswich), S. Dak.—WARRANT CALL—
J. A. Strom, County Treasurer, is said to be calling for payment county
general warrants up to registered No. 4660.
$225,000 refunding bonds at a premium of $12,195, equal to 105.418, a
basis of about 3.40 %
Dated June 1, 1936.
Due yearly on .Tune 1
as follows:
$11,000, 1938, 1939 and 1940, and $12,000, 1941 to
•
1956
90,000 waterworks improvement bonds at a premium of $5,679, equal to
106.31, a basis of about 3.40%.
Dated July 1, 1936.
Due $6,000
yearly on July 1 from 1942 to 1956.
Denom. $1,000.
Principal and semi-annual interest payable at the
City Treasurer's office.
Second high bid was submitted by a group represented by the Rapid City
National Bank, offering a premium of $17,403.75 for the two issues.
Associated with the above named firm in the purchase of these bonds
Wheelock & Cummins of Des Moines; Brown, Schlessman, Owen &
Co. of Denver: and Seasongood & Mayer, of Cincinnati.
were:
BONDS OFFERED FOR INVESTMENT—The successful bidders reoffered the above bonds for public subscirption at prices to yield from 1.50%
3.50%, according to maturity.
SCHOOL DISTRICT
(P. O. Rapid
Dak.—WARRANT CALL—Kathryn Keough, District Treas¬
said to be calling for payment school warrants registered up to and
including No. 17982.
S.
urer, is
SIOUX
FALLS,
S.
'
COUNTY
voters for
INDEPENDENT
Dak.—BONDS AUTHORIZED—'The
Board
of
Commissioners of the city has passed an ordinance authorizing the issuance
of $35,000 refunding bonds.
approval.
PARK, Texas—BOND ELECTION—An election is
GEORGETOWN, Tex.—BOND ELECTION—It is said that an election
on June 23 in order to have the voters pass on the issuance of
$60,000 in
power
plant improvement bonds.
HILLSBORO, Tex.—BONDS TO BE SOLD— It is stated by the City
Secretary that $75,000 4% semi-annual coupon refunding bonds will be
sold locally.
Principal and interest (M. & N.) payable at a local bank.
Legality to be approved by Chapman & Cutler of Chicago.
KILGORE, Tex.—BONDS VOTED—By
at
a
recent
a
vote of 207 to 8, the
election favored the issuance of $200,000 paving
LAMPASAS, Tex.—BONDS SOLD—It is stated by the City Secretary
that the $20,000 water works bonds approved by the voters on Jan.
as noted in these columns, were handled by Bain, Emerson & Co. of
Antonio.
LA PORTE INDEPENDENT SCHOOL DISTRICT (P. O.
York
Nashville
Chattanooga
LONGVIEW INDEPENDENT SCHOOL DISTRICT (P. O. Longview), Texas—BONDS VOTED—It is stated by the Secretary of the Board
approved the issu¬
of Education that at an election on May 28 the voters
ance of $35,000 in 4% school construction bonds.
McCULLOCH
COUNTY DEFINED ROAD DISTRICT NO. 2 (P.
O.
Brady), Tex.—BOND CALL—George C. Parker, County Clerk, is said to
July 1, on which
road bonds, dated
Feb. 12, 1917.
Due in 1956.
be calling for payment at par and accrued interest on
date interest shall cease, a total of $30,000 5% semi-ann.
citizens at a recent
park land purchase bonds.
NEW BRAUNFELS, Tex.—BONDS VOTED—The
election voted in favor of the issuance of $80,000
The vote
was
841 "for" to 300 "against."
DIEGO, Tex.—BOND ELECTION—An election has been
Knoxvllle
Memphis
TENNESSEE
MEMPHIS, Tenn.—BONDS AUTHORIZED—It is stated by D. C.
Miller, City Clerk, that the City Council has passed an ordinance author¬
izing the issuance of $3,000,000 in electric power distribution system bonds,
to be connected with the Tennessee Valley Authority transmission lines.
He states that these bonds will not be offered for sale immediately, as it is
necessary that the consulting engineer prepare plans and specification for the
construction of this distribution system.
MEMPHIS, Tenn.—BOND SALE—The $75,000 coupon city hospital
bonds offered on June 2—V. 142, p. 3392—were awarded to the city o*
Memphis Special Levee Sinking Fund on a bid of par for 2 Hs.
The Boatmens National Bank of St. Louis and Leftwich & Ross or Memphis were
second high, bidding a premium of $795 for 2%s.
Dated May 1, 1936.
Due on May 1 as follows:
$5,000, 1937 to 1946; $4,000, 1947 to 1952, and
$1,000 in 1953.
SULLIVAN COUNTY (P. O. Blountville), Tenn.—BOND ELECTION
—June 27 has been set as the date for holding an election at which a proposal
$235,000 school construction bonds will be voted
upon.
TEXAS, State of—FINANCES REPORTED IN GOOD
Governor until 11 a. m. on June 15 for the purchase of a $371,000 issue of
refunding bonds.
Interest rate is not to exceed 4%, payable J. & J.
Rate
to be stated in multiples of H of 1%.
Denom. $1,000.
Dated July 1,
1936.
Due on July 1 as follows:
$250,000 in 1944 and $121,000 in 1945.
Principal and interest payable at the fiscal agency of the State in New
York City, or at the State Treasurer's office.
Delivery of the bonds and
payment therefor may be made in either Nashville or New York.
The
approving opinion of Thomson, Wood & Hoffman of New York, will be
furnished.
The bonds will be awarded to the bidder offering to take
them at the lowest rate of interest, at a price not less than par and accrued
Interest to date of delivery, delivery to be made on or about July 1.
A
certified check in an amount equal to 2% of the face value of the bonds
bid for, payable to the State Treasurer, is required.
These bonds are
said to be general full faith and credit obligations of the State.
continued.
.
"Had it not been for the Centennial
pur¬
chased by A. S. Huyck & Co. of Chicago, as 4s, at a price of 102.889, as
noted here recently—V. 142, p. 3558—are the bonds that were sold bv the
Reconstruction Finance Corporation on April 23 to the said firm at that
price, as reported at that time.
Denom. $1,000. Dated Feb. 1, 1934.
Due
serially from 1935 to 1959, without prior payment.
Interest payable F. & A.
These bonds are part of a total authorized issue of $147,000.
,
figure was reached in 1933, when unemployment was at its height.
Commenting on the relief situation, the Governor declared Federal aid
was discontinued on Dec. 1, 1935, and for about the past six months the
State has maintained its direct relief program alone.
SCHOOL DISTRICT (P. O. Waelder), Texas —BONDS
$44,000 4% semi-ann.
approved by the voters last December, as noted here at that
time, have been purchased at par by the Public Works Administration.
WAELDER
SOLD—It is stated by the District Secretary that the
school bonds
DISTRICT,
SCHOOL
Tex.—BOND SALE—The State
$75,000 school bonds of the
Board of Education has agreed to purchase
district at par.
OFFERINGS
WANTED
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
MUNICIPALS
FIRST SECURITY TRUST CO.
SALT LAKE CITY
Bell Teletype:
Phone Wasatch 3221
TEXAS
bonds
,
appropriation and for additional rural
appropriations, the deficit on Aug. 31 would have been reduced to
approximately $3,800,000.
If it had not been necessary to set up $2,731,000
for the payment of relief bonds, the general revenue fund would have had
a deficit of only about $1,000,000," Governor Allred reported.
The Governor pointed out that during the last decade the total bonded
indebtedness incurred by the State has never exceeded $20,000,000.
This
aid
SL K-37
UTAH
AMARILLO, Texa*—BOND SALE DETAILS—It is stated by the City
water works improvement
SHAPE—Not¬
and Confederate
pension funds, financial position of Texas is satisfactory, according to a
statement by Governor James V. Allred.
Despite increases in appropria¬
tions charged against the general revenue fund, the State now anticipates
a
deficit on Aug. 31 next of approximately $8,800,000, the Governor
YOAKUM
TENNESSEE, State of—BOND OFFERING—It is announced by the
Funding Board that sealed bids will be received at the office of the
State
the $120,000 coupon
called
bonds.
withstanding the large deficit in the State's general revenue
La Porte),
SHAMROCK, Tex.—BOND ELECTION—It is reported that an election
will be hpld on June 9 in order to have the voters pass on the proposed
issuance of $183,000 5% refunding water revenue bonds, to be exchanged
for outstanding 6% bonds.
Due in 30 years.
Securities Corporation
that
28,
San
Texas—BONDS NOT VOTED—It is stated by the District Secretary that
the $50,000 school bonds passed on at the election held on Jan. 18, as
reported in these columns early in January, were not voted and the Dis¬
trict's application for Public Works Administration funds was rejected.
bonds and $40,000 sewer improvement
Auditor
residents
and sidewalk
bonds.
SAN
EQUITABLE
to issue
said to
for June 13 at which two propositions to issue bonds will be voted upon.
The voters will decide on the issuance of $85,000 water works improvement
Municipal Bonds
New
DISTRICT
PECOS COUNTY (P. O. Fort Stockton), Tex.—WARRANT SALE—
H. C. Burt & Co. of Houston have purchased at par an issue of $50,000
4J4 % road and bridge fund refunding warrants.
Due serially for 10 years.
TENNESSEE
Birmingham
SCHOOL
will be held
CITY, S. Dak.—BOND SALE—The $315,000 4% bonds offered
June 1—V. 142, p. 3392—were awarded to A. S. Huyck & Co. of Chicago
as follows:
and associates
RAPID CITY INDEPENDENT
Brady),
O.
would be for the former, and $40,000 for the latter.
bonds is said to have been purchased on May 13
chants Bank of Watertown at a price of 101.06.
City).
(P.
be scheduled for June 13 in order to vote on the issuance of $100,000 in bonds
to finance the construction of water and sanitary systems, of which $60,000
CODINGTON COUNTY SCHOOL DISTRICT No. 61 (P. O. Water-
to
DISTRICT
SCHOOL
(P. O.
Odessa), Tex.—BOND ELECTION—An election is to be held on June 6
at which a proposal to issue $86,000 school building bonds will be submitted
ECTOR
GALENA
of issuing 830,000 school refunding bonds.
RAPID
INDEPENDENT
Administration.
DAKOTA
CLEAR LAKE SCHOOL DISTRICT,
An election is to be held
O. Beeville), Texas—BONDS DEFEATED—At
May 23—V. 142, p. 3047—the voters are stated to
Tex.—BONDS SOLD—It is reported by the District Secretary that $50,000
4% semi-annual school bonds have been purchased by the Public Works
to the
SOUTH
(P.
on
have defeated the proposed issuance of the $225,000 in road bonds.
BRADY
Union), S. C.—NOTE SALE—The $72,000
issue of county notes offered for sale on June 1—V. 142, p. 3046—was
awarded to the First National Bank of Clover, at 1?4 %, according to the
on
equal to 101.071.
COUNTY
the election held
report.
UNION COUNTY (P. O.
Houston, Texas
TEXAS
The only offer received on April 30 was a bid of 95.00 for 4%s.
DISTRICT
Quoted
Sterling Building
D. E. Ellerbe that the 8300,000 refunding bonds offered for sale without
success on April 30, as noted in these columns at that time—V. 142, p. 3046
—still remain unsold.
Dated May 1, 1936.
Due from 1941 to 1965.
SCHOOL
—
Incorporated
TELETYPE
FLORENCE, S. C —BONDS STILL UNSOLD—It is stated by Mayor
HARTSVILLE
Sold
H. C. BURT & COMPANY
INCORPORATED
RALEIGH, N. O.
—
LAKE CITY SCHOOL DISTRICT (P. O. Salt Lake City),
Utah—ADDITIONAL INFORMATION—In connection with the sale of
SALT
the $150,000 tax anticipation notes to the First National Bank and the
Walker Bank & Trust Co., both of Salt Lake City, jointly, reported in
these columns recently—V. 142, p. 3559—it is stated by
the District Clerk
$175,000 from
that the Board of Education has arranged to borrow up to
the said banks at 1M %, maturing on July 3, 1936.
Financial
3904
We Are
June
6, 1936
May 1, 1936.
Due on May 1 as follows:
$87,000, 1941, and $80,000 in
1942.
Principal and interest (M. & N.) payable at the office of the County
Treasurer.
Bids to be for not less than par and accrued interest to date of
Specialists in
delivery.
The successful bidder is to pay for the printing of the bonds.
The successful bidder will be furnished with the approving opinion of
HAMPSHIRE-VERMONT
MAINE—NEW
Chronicle
Chapman & Cutler of Chicago.
These bonds are issued pursuant to
Section 67.14 of the Wisconsin Statutes, as amended.
A certified check
Municipal Issues
of the par value of the bonds, payable to the County Treasurer,
the bid.
for 2%
must accompany
E. H. Rollins & Sons
KENOSHA, Wis.—BOND SALE—The two issues of refunding bonds
aggregating $45,000 offered for sale on May 29—V. 142, p. 3394—were
awarded to the Bancamerica-Blair Corp. of New York, as 2Ms, paying
a premium
of $127.75, equal to 100.28, a basis of about 2.72%.
The
issues are divided as follows: $35,000 school, series of 1923, and $10,000
school, series of 1930 bonds.
Dated June 1, 1936.
Due on June 1, 1949.
Incorporated
Devonshire
200
St.,
Boston,
Mass.
VERMONT
RICE
LAKE,
Wis .—BONDS
City
AUTHORIZED—'The
Council is
bonds.
said to have voted recently to issue $59,000 in grade school building
W
SWANTON, Vt.—BOND OFFERING—A. B. Anderson, Village Treas¬
urer, will receive bids until 7 p. m. (Eastern Standard Time) June 16 for the
purchase at not less than par of $100,000 coupon refunding bonds. Bidders
to name rate of
interest, in a multiple of )4 %•
Denom. $1,000. Dated
July 1, 1936. Principal and semi-annual interest (Jan. 1 and July 1) payable
at the First National Bank of Boston, in Boston.
Due July 1 as follows:
$7,000, 1941 to 1944; and $6,000, 1945 to 1956.
The bonds will be engraved under the supervision of and authenticated
as to their genuineness by The First National Bank of Boston, and their
legality will be approved by Storey, Thorndike, Palmer & Dodge of Boston,
a copy of whose opinion will accompany the bonds when delivered, without
charge to the purchaser. The original opinion and complete transcript of
are
Sroceedingsbe filed with The First National the proper issuance of these
onds will
covering all details required in Bank of Boston, where they
may
be inspected.
&
"V
Financial Statement, June 1, 1936
Assessed valuation, 1935
Total debt
(grand list $8,550)
;
LA CROSSE COUNTY (P. O. La
(F. & A.) payable at the County Treasurer's office.
No limitation upon
levies to meet bond maturities and interest.
Authority for issuance:
No certified check is required with bid.
tax
Section 67.13, Wisconsin Statutes.
WYOMING
WASHAKIE COUNTY (P. O. Worland), Wyo.—BONDS VOTED—
At a recent election the voters of the county approved a proposal to issue
$75,000 court house bonds.
Village population, 1,558; town population, 3,433.
The village owns and operates a municipal electric light plant and trans¬
Its gross income for the year ending Feb. 15, 1936, exceeded
$64,000, with expenses for operating, maintenance, interest and taxes
amounting to approximately $31,000.
The actual cost of this plant was
slightly in excess of $400,000 with the original debt havingr been reduced to
$170,000 through income from operation. The water debt is represented by
a distributing system, under gravity pressure, from a large natural pond.
The incorporated portion of the village includes only part of the resi¬
dential area, and a large amount of the electrical income is obtained from
outside places.
Information and Markets
BRAWLEY, CATHERS & CO.
25 KING ST.
Irom 1937 to
A. T. T. Tel. Rich. V«. 83
Va.—BOND ISSUE TENTATIVELY APPROVED—A
liquidate loans on work relief projects in the city
VIRGINIA, State of—CERTIFICATE SALE—The $950,000 issue of
registered certificates of indebtedness offered for sale on June 4—
coupon or
V. 142, p. 3559—was awarded to a syndicate composed of Edward B. Smith
& Co., the First Boston Corp.,
G. M.-P. Murphy & Co., all of New York,
as 1 %s, paying a premium of $16,814.05, equal to 101.7699, a basis of about 1.56%.
Dated July 1, 1936.
Due on July 1, 1946.
The second highest bid for the bonds was an offer
of $13,869.05 premium on lMs, tendered by Brown Harriman & Co., of
New York, and A. G. Becker & Co. of Chicago.
Baltimore,
INDEBTEDNESS—The
successful
bidders reoffered the above bonds for public subscription priced to
yield
1.50%, accrued interest to be added.
They are interest exempt from all
present Federal income taxes and are tax free in the Commonwealth of
Virginia.
NORTHWESTERN MUNICIPALS
Oregon
—
Idaho
—
Montana
Ferris & Hardgrove
SPOKANE
'
SEATTLE
Teletype—SPO 176
announced that
the
Committee on
Securities has ruled that
beginning June 16, 1936, only permanent bonds
BRUNSWICK
(Province
of)—BOND
will be a delivery.
SALE—The
$5,342,000
registerable as to principal, bonds offered on June 2—V. 142,
3726—were awarded to a syndicate headed by the Dominion Securities
Corp. of Toronto which paid a price of 98.569 for $2,000,000 10-year 3s
and 98.37 for $3,342,000 20-year 3l^s.
Of the proceeds. $2,792,000 will be
used in the payment of that amount of bonds maturing June 15, 1936;
$2,150,000 for capital highway expenditures and $400,000 for permanent
bridge construction.
The bonds are dated June 15, 1936.
coupon,
during 1935 is said to have been approved by the Finance Committee of the
City Council and forwarded to the Council for ratification of this action.
—
1
NEW
bond issue of $375,000 to
Washington
1961 inclusive.
delivery of Dominion 25-year 3H% bonds, due 1961, up to and including
June 15,1936, may be made either with temporary or with permanent bonds;
that
VIRGINIA
FOR
ELGIN 54S8
WEST, TORONTO
CANADA (Dominion of)—STOCK EXCHANGE RULING ON BONDS
—Ashbel Green, Secretary of the New York Stock Exchange, under date
of June
Richmond, Va.
OFFERED
-
CANADA
F. W. CRAIGIE & COMPANY
CERTIFICATES
,
ARVIDA- Que.—BOND SALE—The $450,000 4% improvement bonds
offered on May 27—V. 142, p. 3560—were awarded to the Banque Canadienne Nationale, Montreal.
Dated June 1, 1936 and due serially on June 1
due July 1941, at 1.40% basis and int.
and Alex Brown & Sons, of
,
Canadian Municipals
$15,000
RICHMOND, Virginia, 4i/4s
RICHMOND,
•
$855,000.00
311,500.00
-
mission lines.
Phone 8-9137
Crosse), Wis.—BOND OFFERING—
by Esther M. Domke,
Sealed bids will be received until 2 p. m. on June 25
County Clerk, for the purchase of an issue of $184,000 2% highway bonds.
Dated Aug. 1, 1936.
Due on Aug. 1 as follows:
$80,000 in 194~ and 1943,
and $24,000 in 1944.
Principal payable from State highway revenues
available and accruing July 1, 1942, 1943 and 1944.
Principal and interest
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
p.
HYDROELECTRIC POWER COMMISSION
(P. O.
Ont.—BOND SALE DETAILS—Associated with the Bank
$10,000,000 8-year refunding bonds
as 2Ms, at a price of 98.91, a basis of about 2.65%—V. 142, p. 3726—
were the following:
McLeod, Young, Weir & Co.; Mills, Sponce & Co.;
Bell, Gouinlock & Co.; Bank of Nova Scotia; Dominion Bank of Canada;
Bank of Toronto; Imperial Bank of Canada; McTaggart, Hannaford,
Birks & Gordon; Midland Securities Co.; Fry & Co., and Cochran, Murray
& Co. The bonds mature June 15, 1944. Payable in Canadian funds. As
a result of there'financing, the Power Commission will save about $285,000
annually in interest charges.
The purchasing group made an alternate
offer of 94.78 for 3% 15-year bonds.
A group composed of Wood, Gundy
& Co.; A. E. Ames & Co.; Dominion Securities Corp.; Royal Bank of
Canada, and the Canadian Bank of Commerce bid 95.739 for 2M% 8-year
bonds and 94.149 for one-quarter of the issue as 12-year 2%&, with an
option on the balance at the same terms.
ONTARIO
Toronto),
of Montreal in the recent purchase of
SASKATCHEWAN (Province of)—PLEDGES PAYMENT OF DEBTS
RATES—According to word received by Dominion Se¬
AT CONTRACT
curities Corp., New York, from its
was
issued May 28 by Hon. W.
Toronto office, the following statement
J. Patterson, Premier and Provincial
Treasurer of Saskatchewan, in Regina:
"In my budget speech delivered on March
of the Government with regard to
rates
on
3 this
year,
I outlined the views
proposals for the adjustment of interest
security issues by Saskatchewan.
After reviewing the possible
savings which might be effected by some form of conversion, I pointed out
that any
arbitrary reduction of interest on outstanding securities would be
regarded by the investing public as repudiation, would destroy the credit
of the province and, in the final result, would increase rather than decrease
the problems of Provincial financing.
"Since that time the Province has arranged for the payment of debenture
WASHINGTON
CHELAN, Wash.—BOND OFFERING—T. J. East, Town Treasurer,
until 8 p. m. June 19 for the purchase of $10,600 not
to exceed 6% coupon park bonds.
Interest payable semi-annually.
Due
within 20 years; optional after 5 years.
Certified check for 5% of amount
issues maturing on May 1 and June
1 and has no further public maturities
will receive bids
until
of bid required.
drought and low prices for agricultural products have
created serious difficulties in this Province, and the last few years have been
trying ones, but, having maintained our credit through this difficult period,
and with distinct signs of improvement, I see no reason to change the views
expressed in the budget."
STEVENS COUNTY SCHOOL DISTRICT NO. 80 (P. O. Colville),
Wash.—BOND OFFERING—Sealed bids will be received until 2'p. m. on
June 16 by G. E. Gilson, County Treasurer, for the purchase of an $8,500
issue of school bonds.
Interest rate is not to exceed 6%, payable semi¬
annually.
Due in from 2 to 15 years, optional after 5 years.
Prin. and
int. payable at the County Treasurer's office.
These bonds were offered
for sale without success on May 11, as noted in these columns at that time
—V. 142, p. 3394.
"It
July 1,
is
true
1938.
that
VANCOUVER, B. C.—BONDHOLDERS TO CONSIDER REFINANC¬
ING PLANS ON JULY 6—Holders of the city's bonds are to be invited to
meet civic officials at Vancouver July 6 to discuss a proposal for refunding
of the citys debenture debt of $74 millions, reports the "Financial Post"
of Toronto.
dealers
as
city will obtain the advice of bond
eight schemes suggested to the City Council should be
Prior to the meeting the
to which of
presented to bondholders.
Three of the schemes, prepared by Acting Comptroller Frank
the Council's request, provide for refunding the entire debt at a
WEST VIRGINIA
CABELL COUNTY (P. O. Huntington), W. Va.—BOND SALE DE¬
TAILS—It is now reported by the County Clerk that the $175,000 2M%
semi-ann. refunding bonds purchased by Braun, Bos worth &
Co. of Toledo,
at a
price of 100.057, as noted here recently—V. 142, p. 3726—are dated
July 1, 1936, and mature on July 1 as follows:
$18,000, 1937; $17,000,
1938; $18,000, 1939- $17,000, 1940; $18,000, 1941; $17,000, 1942; $18,000,
1943; $17,000, 1944; $18,000, 1945, and $17,000 in 1946, giving a basis of
about 2.24%.
Principal and interest payable at the National City Bank
in New York.
WISCONSIN
ANTIGO, Wia.—BOND OFFERING—Sealed bids will be received until
a. m. (Central Standard Time) on June 10 by S. B. Byrne, City Clerk,
for the purchase of an $82,500 issue of 4% vocational school addition and
equipment bonds.
Denom. $1,000, one for $500.
Dated Dec. 1, 1935.
Due on Dec. 1 as follows: $8,000, 1941 to 1949, and $10,500 in 1950.
Prin.
and int. (J. & D.) payable in lawful money at the Fidelity Savings Bank in
Antigo.
Legal approval by the Attorney-General.
A certified check for
2% of the total face value of the bonds must accompany the bid.
10
CLARK
COUNTY
(P.
O.
Neillsville),
Wis.—BOND
OFFERING—
Sealed bids will be received until 10 a. m. on June 12 by Calvin Mills,
County Clerk, for the purchase of an issue of $167,000 2 % highway improve¬
ment county bonds, series G.
No bids other than sealed bids will be
considered, and there will be no auction bidding.
Denom. $1,000. Dated
Jones at
3% rate.
25-year basis and one on a 30-year basis.
Five other
plans, drafted by Alderman G. C. Miller, provide for a five-year reduction
in interest rates, after which they would be restored to the original basis.
The refunding schemes drawn up by . he Comptroller provide for ma¬
turity of the entire debt at the end of the period fixed in the refunding
arrangement—25 or 30 years.
As maturities are progressively reached,
under the present set-up, over a period of 35 years, it world mean an ex¬
tension of maturities in most cases as well as a reduction in the rate of in¬
terest.
Under the first of the Comptroller's proposals provision is made for
refunding on a 25-year basis with no cassation of payments into sinking
fund.
The existing fund of $18.5 millions compounded at 3% would reach
$38.9 millions at the end of 25 years.
This would leave $35.5 millions to be
obtained by annual levies of $974,350 until the end of the terra.
The second scheme is also on a 25-year basis, but makes no provision
for sinking fund for the first five years.
Although this means a large sav¬
ing for th9 city during the first five years, it results in a heavier load of
sinking fund instalments in ensuing years.
Over the entire period the first scheme would mean a saving in total
debt charges of $3.2 millions and the second scheme a saving of $1.1 million
The third scheme, however, wnich is on a 30-year basis, would result in an
increase in total debt charges over the period of over $2 millions as compared
with the charges under the existing set-up.
Under all three schemes the city would be able to liquidate the amount
owing to sinking fund.
At the end of 1935 this amounted to $8.5 millions,
and by the end of 1936 will be increased by $1.5 million, as no provision
was made in the 1936 budget for sinking fund cnarges.
Two of them
are on a
@FedFRASER