The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
J UN 2
1935
IV
dmmeffia
COPYRIGHTED IN 1936 BY WILLIAM B. DANA COMPANY, NEW
VOL. 142.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1 J79.
YORK.
NEW YORK, MAY 30, 1936.
^
BROOKLYN
TRUST
THE
COMPANY
Chartered
NO. 3701
CHASE
NATIONAL
Kidder, Peabody
1866
NEW YORK
George V. McLaughlin
President
&
Go.
BOSTON
OF
THE
CITY
The
OF
BANK
NEW
chase
YORK
is
tra-
PHILADELPHIA
)
ditionally a bankers* bank.
For
NEW YORK
many
it
years
has
BROOKLYN
served
large number
a
of banks and bankers
as
New York
Wells Fargo Bank
Government
FRANCISCO
Securities
Member Federal Deposit Insurance Corporation
OVER
RESOURCES
Deposit Insurance Corporation
United States
UnionlrustCo.
SAN
depository.
reserve
Member Federal
b
and
correspondent
and
COMMERCIAL BANKERS SINCE 1S52
United States
Government
$200,[jEE .000
r=
Securities
1
FIRST BOSTON
Hallgarten & Co.
Brown Harriman & Co.
CORPORATION
Established 1850
NEW YORK
NEW YORK
Incorporated
* BOSTON
PHILADELPHIA
London
Street, New York
Telephone: BOwling Green 9-5000
CHICAGO
Chicago
63 Wall
SAN FRANCISCO
AND OTHER PRINCIPAL CITIES
Boston
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States
Wertheim & Co.
120
The
Broadway
State and
New York
London
Amsterdam
NewTorkTrust
Company
CARL Me LOEB & CO.
61
BROAbWAY
Capital Funds
NEW YORK
Berlin
Amsterdam
.
$32,500,000
Barr Brothers & Co.
INC.
New York
Paris
London
Municipal Bonds
Chleago
ioo broadway
57TH
40TH
ST. & FIFTH AVE.
ST. & MADISON AVE.
United States Government
NEW YORK
EDWARD B. SMITH & CO.
31 Nassau Street
SECURITIES
New York
State
PHILADELPHIA
Cleveland
New York
•
.
Pittsburgh
(5th Ave.)
•
BOSTON
•
Allcntown
European Representative's Office:
Railroad
-
-
Municipal
Public Utility
London
•
8 KING WILLIAM STREET
Easton
BONDS
LONDON. E. C. 4
Correspondent
Edward
Minneapolis
B. Smith &
CHICAGO
*
R.W.Pressprich&Co.
Co., Inc.
St. Louis
Member Federal Reserve System
N.
Y.
and
Clearing House Association
MEMBERS NEW YORK STOCK EXCHANGE
New York
fhlcano
Philadelphia
San Francisro
May 30, 1936
Chronicle
Financial
BAKER, WEEKS
A. G. Becker
& HARDEN
& Co.
J. & W. Seligman & Co.
Investment Securities
Incorporated
Members
Established 1893
54 Wall
No.
New York Stock Exchange
Street
New York Curb Exchange
'
Chicago Board of Trade
Commercial Paper
52 WALL STREET,
NEW YORK
Graybar Building, New
Commercial Trust Bldg.,
Chicago
New York
NEW YORK
Philadelphia Stock Exchange
Securities
Investment
SELIGMAN BROTHERS
Buhl Building, Detroit
6 Lothbury,
Bourse
And Other Cities
Correspondents
London
York
Philadelphia
London, E. C. 2
Building, Amsterdam
52, Avenue des
Champs-Elysees, Paris
BIRMINGHAM
Foreign
NEWARK
MARX & CO.
New Jersey
Municipal Bonds
State &
Newark Bank &
Insurance
Royal Bank of Scotland
BIRMINGHAM, ALABAMA
Stocks
1727
Incorporated by Royal Charter
£3.780,192
Capital (fully paid)
MUNICIPAL AND
SOUTHERN
J. S.
£3,867,143
fund
Reserve
Deposits
CORPORATION BONDS
RIPPEL & CO.
18 Clinton
Over
Newark, N. J.
St.
200 Years of Commercial Banking
Foreign
CHIEF
8
ST.
£64,009,174
....
...
FOREIGN
LOUIS
HEAD
Australia and New
DEPARTMENT
Bishopsgate, London, England
Zealand
OFFICE—Edinburgh
General Manager
William Whyte
BANK OF
WALES
NEW SOUTH
Securities
St. Louis
St/x & Co.
Total number of offices, 254
Paid Up Capital
Reserve Fund
Reserve Liability
£23,710,000
Stock Exchange
Aggregate Assets
A. C.
NATIONAL BANK OF INDIA, LIMITED
30th Sept., 1936. £116,669,000
DAVIDSON, General Manager
in the
Papua,
Mandated Territory of New Guinea, and London
The Bank transacts every description of Aus¬
tralasian
Banking
Business.
Wool and other
747 BRANCHES AND AGENCIES
Australian States,
New Zealand, Fiji,
Produce Credits
.arranged.
London Office:
George Street,
29 Threadneedle
Street, E.C.2
SYDNEY
Southwestern
Stocks and
Agents Standard
Bankers to the Government in
and Uganda
Kenya Colony
Head Office: 26,
London, E. C
Bishopsgate,
in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Branches
Subscribed Capital........
£4,000.000
Paid Up
£2,000,000
Capital
£2.200,000
Reserve Fund
Head Office:
Missouri and
Deacon's Bank. Ltd.
£8,780,000
6,160,000
8,780,000
-
of Proprietors
ga/nt Laura
909OUVC st
Members St. Louis
Associated Bank. Williams
(ESTABLISHED 1817)
(With which are amalgamated the Western Australian
Bank and The Australian .Bank of Commerce, Ltd.)
The Bank conducts every description
and exchange business
of banking
Trusteeships and Executorships also
Bank of South Africa
undertaksn
New York
Bonds
Smith, Moore & Co.
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
Exchange
NATIONAL BANK
EGYPT
of
Head Office
NATIONAL BANK OF NEW ZEALAND. Lit
Established 1872
Cairo
.
Chief Office In New Zealand: Wellington
Sir James Grose. General Manager
DETROIT
FULLY PAID CAPITAL
RESERVE FUND
£3,000,000
3,000,000
.
....
Bead Office: 8 Moorgate, London,
Subscribed
Paid up Capital
»2.000,000
....£1,000.000
Reserve Fund
LONDON AQENCi
MICHIGAN MUNICIPALS
and .7, King
and
William Street, E. C.
The
Bank
conducts
every
description of banking
business contacted with New Zealand.
Correspondents throughout the World
London Manager, A. O. Norwood
principal Towns in
EGYPT and the SUDAN
WATLING, LERCHEN & HAYES
£500,000
Currency Reserve
Branches in all the
CORPORATION BONDS
E. C. 2. Eng.
Capital........£6,000,000
Members
Stock Exch.
Detroit Stock Exchange
New York
334 BUHL
BLDG.,
New York'Curb Assoc.
Chicago Stock Exch.
DETROIT
Hong Kong &
Shanghai
BANKING CORPORATION
The
and
prescribed by Ordinance No. 0 of 1929
THE "EXPANDIT" BINDER
Incorporated In the Colony of Hongkong.
liability of members is limited to the extent
MICHIGAN MUNICIPALS
Successive or Intervening Issncs may be
m manner
sr
Authorised Capita) (Hongkong
Paid-up Capital
Reserve Fund
Reserve Fund
Charles A. Parcel Is & Co.
Stock Exchange
(Hongkong Currency). _HJ20.000.000
In Sterling
In Sliver (Hongkong
Issies
Reserve
£6.600,000
Liability of Proprietors
Currency)
...
72 WALL
PRICE $2.00 each
Plus the Postage
Cur¬
HJIO.OOO.OOO
C. DE C.
PENOBSCOT BUILDING, DETROIT, MICH.
Currency) HI50.000.000
rency)
kong
Members of Detroit
Inserted
removed wlthoit disturbing the other
of the Colony.
(Hong¬
HS20.000,000
HUGHES, Agent
STREET, NEW YORK J
THE "EXPANDIT" BINDER
25 Sprnce SI.,
New York C
/^financial
M
omm^rriH
l\|hranirle
Vol. 142
MAY 30,
No. 3701
1936
CONTENTS
Editorials
page
Financial Situation
Pre-Convention
3561
Republican Platforms
3573
The Immediate Future of British and Italian
alism
Imperi¬
3575
.
Comment and Review
Text of
Majority Opinion of the United States Supreme
Court Holding Invalid Municipal Bankruptcy Act of
1934—-Views of Minority
3576
Book Reviews:
The
Gold and Silver
Monetary Problem.
3578
Trade and Trade Barriers in the Pacific.-
Week
3578
the
European Stock Exchanges
Foreign Political and Economic Situation.
on
3565
3566
_
Foreign Exchange Rates and Comment
3570 & 3614
Course of the Bond Market
3579
Indications of Business
Activity
York Stock Exchange
Week
on
the New
Week
on
the New York Curb
...3580
3563
Exchange.
.3613
News
Current Events and Discussions
3592
Bank and Trust
3612
General
Company Items
Corporation and Investment News
Dry Goods Trade...
State and
3660
3713
.
Municipal Department
3714
Stocks and Bonds
Foreign Stock Exchange Quotations..
.3659
Dividends Declared
3618
Auction Sales.
...3659
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations..3626 & 3636
...3627
New York Curb
Exchange—Stock Quotations
3642
New York Curb
Exchange—Bond Quotations
....3645
Other
Exchanges—Stock and Bond Quotations..
Canadian Markets—Stock and Bond Quotations
3648
3652
Over-the-Counter Securities—Stock & Bond Quotations.3655
Reports
Foreign Bank Statements
Course of Bank
3569
Clearings
.....
Federal Reserve Bank Statements
3614
.3623
General Corporation and Investment News,
3660
Commodities
The Commercial Markets and the
Crops..
3703
Cotton
Published
3705
Breadstuffs
3711
Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board and Editor: William Dana Seibert, President and Treasurer; William D. Biggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Bepresentative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers* Gardens, London, E. O.
Copyright, 1936, by William B Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50
per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year; $11.50 for 6 months.
line.
Contract and card rates on request.
per agate
Transient display advertising matter, 45 cents
Financial
Tin
This it not
ONLY
or disapproved by the Securities and Exchange
which does not pass on the merits of any registered securities.
registered, is not approved
OF THESE DEBENTURES ARE
ISO,000,000
May 30, 1936
The offer of these Debentures is made only by means of the Offering Prospectus.
Offering Prospectus.
an
This issue, though
Chronicle
Commission,
UNDERWRITTEN AND OFFERED TO THE PUBLIC BY THE OFFERING PROSPECTUS.
$85,000,000
Standard Oil Company
{Incorporated in New Jersey)
Twenty'Five Year 3% Debentures
Dated June 1, 19S6
THE CHASE NATIONAL BANK OF
Due June 1, 1961
.
#
Interest payable June 1 and December
1 in New York City
THE CITY OF NEW
YORK,
Trustee
Coupon Debentures in denomination of $1,000, registerable as to principal.
Registered Debentures in denominations of $1,000,
$5,000, $10,000 and other authorized multiples of $1,000.
Coupon and registered Debentures, and the several
denominations of registered Debentures, interchangeable.
Redeemable, at the option of the Company, at any time, in whole on 30 days* notice or in part on 60 days* notice, at the following
prices with accrued interest: to and including June 1, 1941, at 103%; thereafter to and including June 1, 1946,
at 102%; thereafter to and including June 1, 1951, at 101%; thereafter to and including June 1,
1956, at 100%%; and thereafter at 100%.
The following ia merely a brief outline of certain information contained in the Offering Prospectus and is subject to the more detailed statements
Statement, which also include important information not outlined or indicated herein.
The Offering
Prospectus, which must be furnished to each purchaser, should be read prior to any purchase of these Debentures.
in the Offering Prospectus and the Registration
The Company, which was incorporated in New Jersey on August 5, 1882, is a holding company solely,
owning stocks in subsidiaries and other corporations both domestic and foreign, bonds and other
are engaged and intend to engage principally
in producing from lands owned, leased or
held under concession, refining transporting, buying and selling crude petroleum and products derived therefrom at
wholesale and retail and in producing, buying, selling and transporting and distributing natural gas.
Subsidiaries own
oil pipe lines, ships, refineries, bulk plants, service stations and other marketing facilities, and natural gas lands, wells
and gas pipe lines.
Outstanding as of
THE COMPANY
;
The
securities.
subsidiaries
CAPITALIZATION—The Company and its
December 31, 1935
Subsidiaries—Consolidated:
Long Term Debt of Subsidiary Companies, due 1936 to 1959
Long Term Debt of Company (exclusive of $10,450,000 Serial Debentures held
due 1936
to
1941
Oil Export
Standard
value
$100
per
Corporation 5%
share
9,427,802.90
$
by
a
Subsidiary)
73,344,927.68*
....
-
Cumulative Non-Voting Guaranteed Preferred Stock—par
76,493,500.00
**
13,260,377.79
Companies held by the Public
Companies held by the Public {exclusive of minority interests in
Other Preferred Stocks of Subsidiary
Common
Stock
of Subsidiary
surplus of subsidiaries)
Capital Stock {25,856,081 shares, par value $25) of the
*
Includes
a
154,104,570.46
646,402,025.00
Company
$16,795,997.68 Purchase Obligation liquidated by delivery of 844,744 newly issued shares of Capital Stock of the Company on
**Divtdends and, upon liquidation, payment of the par value guaranteed jointly and severally
Standard Oil Company of Louisiana, and The Carter Oil Company by agreement of guaranty
April SO, 1936.
by the Company, Standard Oil Company of New Jersey,
dated November 6, 1929, and contract of assumption of
guaranty dated December 26, 1934.
As of December 31,1935, there were
Note:
to the
outstanding $80,858,388.62 of loans {$6,445,929.61 of which were secured by pledge of marketable, securities)
Company and its subsidiaries from Trustees of Annuity Trusts, which loans are callable on demand by the Trustees,
but under the practical
operation of the annuity program funds are called on only as and when required for pension fund disbursements.
The proceeds from the sale of the Debentures {$82,700,000 exclusive of accrued interest) without deduction
f°r expenses, will be made available to Standard Oil Export Corporation and used together with other funds
to be supplied to that corporation
by the Company to retire the $76,493,500 aggregate par value of 5%}
Stock of that corporation on June 30, 1936 at 110% of its par value {$84,142,850).
PURPOSE
OF
ISSUE
Preferred
Reference is made to the Offering Prospectus for information as to earnings for 1933, 1934 and 1935.
The
Consolidated Income Accounts therein for the Company and its subsidiaries for such years {not certified
accountants' certificate, {b) the notes which are integral parts of the Income Accounts and of
the information in the Surplus Accounts, all of which must be read in connection with the
figures and which set forth, among other things, the treatment of foreign exchange, the substantial surplus adjustments,
the inclusion of intercompany profits in inventories, and the lack of comparability of the figures from year to year, show
that the income of the Company and its subsidiaries, after eliminating intercompany items and after deducting operating
charges, fixed charges of subsidiary companies,
dividends on preferred stocks of subsidiary companies, provision for
taxes, and earnings applicable to minority interests in common stocks of subsidiary companies, but before deducting
fixed charges of the Company, amounted to $34,190,263 in 1933, $54,498,810 in 1934 and $69,319,306 in 1935.
Interest and
debt discount and expenses of the Company {excluding interest paid to subsidiaries eliminated in the Consolidated Income
Accounts) amounted to $9,105,953 in 1933, $8,879,850 in 1934 and $6,456,114 in 1935.
These accounts also show that net
profit carried to Unappropriated {Earned) Surplus amounted to $25,084,310 in 1933, $45,618,960 in 1934 and $62,863,192
in 1935.
The Offering Prospectus also sets forth Income Accounts of the Company for the years 1933, 1934 and 1935 {not
certified for 1933) and the relationship of the dividends received by the Company from subsidiaries in such years
to the
amount of the Company's proportionate share in subsidiaries' earnings or losses.
EARNINGS
for 1933), subject to (a) the
the Balance Sheet, and (c)
The Twenty-Five Year 3% Debentures, due June I, 1961, will be issued under an Indenture dated
1936.
The Indenture does not authorize the issuance of any additional securities thereunder.
not limit the amount of other securities, secured or unsecured, which may hereafter be issued by
the Company, but provides that, except in the case of purchase money mortgages and liens, except in the case of pledges '/>
in the usual course of business as security for temporary loans or indemnity for terms not exceeding one year, and except
pledges to secure borrowings of the Company from the trustee or trustees of any annuity, thrift or other fund or funds
created for the benefit of the employees of the Company or of its subsidiaries, the Company will not mortgage or pledge
any of its property without thereby securing the due and punctual payment of the principal and interest of the Debentures
issued and outstanding under the Indenture, ratably with any and all obligations secured by such mortgage or pledge
and that, if and when the Company shall create any such mortgage or pledge, the Debentures will be so secured thereby.
DEBENTURES
June 1,
The Indenture
does
Subject to certain terms and conditions the Underwriters named in the Offering Prospectus have
severally agreed to purchase from the Company $30,000,000 principal amount of Debentures at 96%,
plus accrued interest. Such Debentures are to be offered to the public at 98%, or a total of
$29,400,000 plus accrued interest. The underwriting discounts are 2% or $600,000. The Company has agreed to sell with¬
out underwriting discounts or commissions, and The Rockefeller Foundation,
The Rockefeller Institute for Medical
Research, China Medical Board, Inc., Spelman Fund of New York and a subsidiary of the Company have agreed to purchase
severally an aggregate of $55,000,000 principal amount of Debentures at a total price of $53,900,000 {98% per unit, the
public offering price) plus accrued interest, simultaneously with or prior to payment by the Underwriters for the De¬
UNDERWRITING
or
a
total
bentures
of $28,800,000
underwritten.
Price 98% and
The undersigned
and the other
Accrued Interest
Underwriters named in the Offering Prospectus have agreed to purchase $30,000,000 principal amount of
these
Debentures when, as and if issued, and subject to the approval of Messrs. Davis
Mr. Edward F. Johnson, counsel for the Company. It is expected that delivery of
of Messrs. J. P. Morgan & Co.,
on or
Polk Wardwell Gardiner & Reed, counsel for the Underwriters, and
Debentures in temporary or definitive form will be made at the office
about June 6, 1936, against payment therefor in New York funds.
As more fully set forth in the Offering Prospectus, the Underwriters have authorized the
Debentures for their several accounts,» either for long or short account within the limits and during
Further
purchase and sale, in the open market or otherwise, of
the period set forth in the Agreement between themselves.
particularly financial statements, is contained in the Registration Statement on file
and in the Offering Prospectus which must be furnished to each
purchaser and is obtainable from the undersigned or from any other Underwriter of this issue.
information,
Securities and Exchange Commission,
MORGAN STANLEY & CO.
Incorporated
Doled May 27, 1936.
with the
The Financial Situation
About the best that the business community can
UNCERTAINTY concerning theincreased during
proposed new
has, if anything,
tax
the
past week and at
to be at least
date.
is
The
President is
Senate
the
late hour yesterday seemed
a
great as it had been at
as
and
evidently not willing to let
Committee
Finance
its
have
way,
apparently rather determined in the matter.
He
bill
with the
further
use
of the taxing
power
it
influence
in
reason
to
of the
in the
adjourn
profits.
The
Other Bills
pres¬
that he has exerted
sure
the
however,
has,
apparently
not
brought it into
sub¬
a
Committee insists upon
drafting
it,
remain
will
the
House
of
There
the latest
news
is
now
from Wash¬
test
of
tions
the
latter
com¬
mittee, probably with the
expectation
that
of
one
promise
a
or
himself.
ther
This
delay.
ously
leaves
situation
in
wise
exceedingly
of
Various other money
have
its
initial
a
as
to
to
on
a
scale
never
before
ing"
We
are
Finance
"It is
was
to
is
likely to
grow
Certainly
enthusiastic
no
over
sensible
what
are
reported to be the desires even of this committee,
but
the
only hope, of the business community to
measure.
escape
of the monstrous House
Of course, no bill has at this
writing been
actually drafted by the committee, and if and when
draft is
such
a
more
that is
made it
may
objectionable than
the
scope
of
eligible for such
to
require
ex¬
periodic reports
of
cor¬
portant of all, to broaden still further and in sub¬
stantial
change
be found to contain
now appears
probable.
measure
the powers of the
Commission has been
Securities and Ex¬
passed and is
now
in force.
There
they have seemed to be the hope, and about
the inevitable consequences
broaden
ex¬
country,
porations, and, most im¬
emerged from the House.
man
stock
the
from certain groups
report a more reasonable measure than the one
that
what
"unlisted trad¬
the
of
tended
far."
prefer
Senate
the
as
on
de¬
measure
continue
trading,
rather too cautious
not
pro¬
securities
Com¬
mittee would much
when he said:
past
ex¬
afraid that the investment banker
quoted at the outset
The
to
changes
to
the
determination to
a
is known
perienced in this country.
that
in
time
fessed
past
inflation
the New Deal
even
authorities have from time
government which
un¬
gov¬
very
"regular expenditures'1
which
accumulations under a
constantly boasts of pro¬
viding "social security" for us all.
The technique chosen for effecting this de¬
struction of capital is, in addition, giving
our
for regular
thus
and
curtail.
of
ex¬
substantially enlarging
signed
part
bills
as
of the
departments
maintain,
ability to
to
of money
ernment,
part of this
utilization at least,
way
been enacted
pected, often carrying huge
sums
small
a
say
a
or more now
it has been apparent
in
only
employed in such
rise
week
say,
tweedle-
dee and tweedle-dum.
nothing of increasing, our
provide for the future, or in other words for
Hope in Senate Committee
a
to
The difference is
between
that
social security.
It is quite possible, indeed,
that we as a people are even today consuming
legislation great.
For
succeed
we
now
to
great uncertainty, with the
hazard of
but if
revenues,
be
whole
state
is
will,
sum
obvi¬
the
a
tax
as
these
directly in the
of the President
hands
no
That
much fur¬
journ without
of
Senate version places
"relief."
ad¬
to
Progress Ad¬
income
current
employees,
the
manufacture
of
military
goods, loans and grants to local govern¬
ments for non-productive purposes, and for
rather
enabled
spending to the Director
of the Works
matter whence it comes, this
$9,000,000,000 will be expended in much the larger
part for salaries of essentially non-productive
quickly reached there, and
Congress
a
powers
But
com¬
sort
another will be
that
huge sum we shall be
expected.
On this basis the borrowing of the
govern¬
ment during
this period would amount to
the
staggering sum of some $4,500,000,000,
most of which, if the past is
any guide, will
be raised by inflationary deficit
financing.
real
the
funds
ministration, while the
raising half this
doing better than is
Hill
in the delibera¬
come
(1)
taps
may
of
sources
large discretionary powers
in
Capitol
have
to
funds
relief
point of becom¬
Expenditures of the Federal Government
during the coming fiscal year apparently will
exceed $9,000,000,000.
At the present writing
it is impossible to arrive at any
dependable
much in
ington to suggest that the
on
three
are
estimate
strategy
the
inflation.
both
they
is
on
through taxation, (2) current savings through
borrowing, and (3) the creation of bank de¬
posits (or actual money) by the process of
Committee,
course
must.
as
is
of
government
reach
measure
providing nearly $1,-
500,000,000
ing law. The House grants
There
happen when it and
the Conference
Deficiency Appropriations
bill
getting.
what
to
as
open
measures ex¬
The so-called
pected of it.
of one of our very largest investment
banking enterprises, touch on a subject that
is well worth more careful thought than it is
question will still
the
schedule to pass
dent
of its
measure
a
and the Senate adopts
own
on
Con¬
has proceeded
various other
than has been given.
It is not far."
These words, taken from an address before
the Ohio Bankers Association by the Presi¬
if the Finance
even
go
diminish the aggregate wealth of the country.
How far off that point is, requires more study
missive frame of mind.
But
dangerous to
gress
about
when it
further in increasing
our
(national) debt?
That point will be
reached when by increasing the debt further
the resulting excessive taxation will actually
committee
upon
M1
It Is Not Far"
"When will the point be reached
so
is too
far
will at best be
The struggle
strong.
EANWHILE
it
sition of
But the
premises.
against odds.
dispo¬
their
bring to bear to
can
government to control cor¬
porations
to
can
improvement is indicated,
strength of the President is still great and the desire
proposed by them would produce, and also
as
insistent upon
the
mittee to listen to
that the
revenue
all
use
as
persuade both the Senate and the Conference Com¬
and
is said to be dissatisfied
of the bill itself, then do what it'
pearance
improve its contents
earlier
any
do
apparently is to hope for the best, await the ap¬
measure
of
more
in
one or
most
are
or
various
measures
with
sponsors
the other branches of Congress, but
for the
part they seem to be doomed unless a prolonged
controversy
arises
over
the tax
measure
to make
early date impossible.
During
past few days it has been reported that the
adjournment at
the
other
less influence under active consideration
an
/
Financial
3562
President
is
considering
seriously
demand for
a
legislation designed to take the place of the invalidated
Guffey coal
We should
measure.
however,
suppose,
Chronicle
May 30, 1936
preventing excess reserves from becoming larger
they already are. The danger lies in continu¬
than
ing Federal deficits and the deficit financiering of
that, all things considered, the President would hesi¬
ernors
the Chairman of the Board of Gov¬
the Treasury, as
tate to launch
In any event
where
it is probable that the business
within
will
munity
stands
it
It
concerned.
court
course,
the
be much
know
will
stand
what the Administration, which
or
will do.
powers,
This time it
the Municipal
was
Bankruptcy Act that was declared unconstitutional.
This law
when
passed, it will be recalled, in 1934,
was
numerous
pressed
proposals for moratoria
were
being
Congress from all sides, not the least
upon
them of
among
being suggestions that
course
mu¬
period of
a
years.
Accordingly
nancial leaders who had but scant
the law
it
as
number of fi¬
a
sympathy with
actually adopted joined with oth¬
was
who did believe in it per se to support
ers
the Mu¬
nicipal Bankruptcy Act, in the belief that it would
forestall
have
other
and
more
harmful
legislation.
always viewed the enactment
as
our
judgment
ruled it
opinions
invalid.
ex¬
of
It
more
be true,
may
whose
some
as
difficult to cope with the prob¬
insolvent small municipalities
hopelessly
and other
that the Supreme Court has
worthy of respect believe, that it will
are
henceforth be
lems
now
taxing units, but the danger of serious in¬
justice to the creditor by
of such
means
There would be much
removed.
more
a
is
this, among other things, to
law is
land
any reason
enactment
to
about
now
the part
situation
if
there
were
anything else that is being done tended
careful financial management
more
of
many
heard
have
municipalities.
cause
about
it
few—and I might say no one—really knows
much about it.
Taking the official document Re¬
port No. 615 of the House of Representatives on this
subject, the best that can be said of it is that it is
colossal
undertaking that has not been thoroughly
It may be that the Act will be de¬
thought out.
clared unconstitutional.
trust that it will
doubtedly
will be
its
statute
our
on
It may be, and I
be, modified. In
certainly
any case
it is
un¬
type of legislation that in some form
a
entirety is
a
book, and to disregard it in
mistake."
Eugene G. Grace, president of the American Iron
Steel
and
Institute,
would have cost
of the steel
inclusive.
of these
of
Thursday submitted to his
on
estimates
organization
what
of
this
enactment
enterprises constituting 70
per
cent
industry during the years 1931 to 1935
During this period, when the net deficit
companies amounted to the
enormous sum
1179,000,000, the taxes that would have been re¬
quired, according to Mr. Grace's estimate, would
have fallen but
is
tion
We
it
much
is
or
it
than
was
at
of the
gratification
man
measure
that this
length receiving the at¬
at least much more atten¬
receiving
only regret that
can
ness
of
measure
deserves,
anomolous
tention
slightly under $100,000,000.
source
a
looking business
Bonus Distributions
comparatively little
merely because its effect has not been felt and be¬
to feel
reason
to believe that the invalidation of this
or
encourage
on
the
about this
say
Wednesday:
on
"We
It
encouraged
Allan M.
Pope, President of The First Boston Corporation,
We
of
one
tremely doubtful wisdom. The country is better off
in
MORE being studied,so-called Social Security Act
and more the discussed and condemned
by practical business men of influence.
a
nicipal debtors be excused from paying their debts
for
Studying "Social Security"
enactment at the Ohio Bankers Association in Cleve¬
and
legislation.
yet to indicate elimination of either.
as
had
Municipal Bankruptcy Act
THE Supremedevastating once more regard to New
Court has effect in spoken plainly
with
Deal
cently asserted,, and unfortunately there is nothing
difficult
more
they
granted greatly extended
The
com¬
days
provisions of recently
whether
mean,
few
of the Federal Reserve System himself re¬
legislation at present is
as
of
some
scrutiny,
has been
far
as
statutes
relatively
a
will, of
to know what
enacted
such undertaking at this time.
any
even
even
six months
ago.
the alert and forward-
did not realize the iniquitous-
at
a
much earlier
date, when it
THE time forThe Treasury during the is almost
cash bonus distributions past few
might have been possible to prevent its adoption or
days has sought to
is most
upon
us.
reassure
the financial community
at least to effect
major modifications in it.
by letting it be known that it intended to make
timidity that practically all
these payments
show in
cial
from Treasury deposits at
banks, being careful to maintain
about half
tions
is to avoid having the bonus distribu¬
unduly enlarge
called
that the
Treasury for
some
making
than
formerly with the Reserve banks
keeping
a
It will be
excess reserves.
been
of
balance of
billion dollars at the Eeserve banks.
a
The purpose
a
commer¬
re¬
time past has
practice of keeping larger balances
excess reserves
as one
method
at somewhat lower fig¬
ures
than otherwise would have been the
had
never
case.
We
supposed that the necessity of making
tives
seem
on
numerous
It is
the banker of
believe if he
conditions.
tator
sort
ability,
a menace
to
one
pay
feel
"some sort of social
whether
tance.
the
matter
is
of
and three and
a
very
but it
a
half billion is
difference between
a
really first-rate impor¬
The difference between three billion
that matter two billion and
doubt
half)
(or for
excess reserves
hardly
more
two infinite numbers.
than
a
We have
solvency,
under
place themselves
on
rightly.
the
less hazardous by
seems
to
every commen¬
of
some
Most of them take
record
can
the statute book
favoring
as
nor
Neither
any
other
by any stretch of the imagination provide any¬
thing whatever in the nature of "social security."
Quite the contrary.
any
security"
Why not be frank in the matter?
measure now on
fully demand outright repeal?
made
so
they condemn the Social Security Act roundly and
will
be
could
security legislation," even when
dangerous credit situation in this country,
never
or
compulsion
lip service to it.
pains to
we
practical
believe the measure other
conjure with. Practically
to
similarly
experience, particularly
Yet the term "social
large bonus payments during the next few months
But
can
be
any
to inform himself of its terms and
would in any way
alter this practice.
occasions to
to the Nation's
were
seems
to
in political life
hardly possible that
business executive of wide
be
men
discussing the subject. Even business execu¬
affected.
than
What
disappointing about the whole matter is the
Why not candidly and force¬
Financial
Volume 142
capital stock, payable June 20, and com¬
par
Federal
Reserve^BankJStatement
3563
Chronicle
with 10c.
pares
June
paid each quarter from
share
a
20, 1934, to and including March 20, 1936.
THE successiverevealed Reserve Bank changes in
Federal fundamental condition
reports have
National Lead Co. declared
an
recent weeks and the current combined statement of
dend of
the
no
12 institutions is in
the
Gold still is moving toward the United
predecessors.
States
keeping with its immediate
from France and other European
and the credit summary
American
added
production
countries,
discloses that imports and
$13,000,000
stocks in the week to Wednesday
night, raising the
The Treasury reim¬
aggregate to $10,388,000,000.
bursed itself for these and
to 'our
previous gold acquisitions
by depositing $64,699,000 gold certificates with the
The funds thus made avai
Federal Reserve banks.
able,
together
fresh money
only
a
$50,000,000
the
a
12
Treasury
banks, but the heavy disbursement of
funds
member bank
$40,000,000 to
a
other needs
relief and
for
raised
in
up,
total of $2,900,000,000.
for the belief that the
like
Treasury
reserve
a range
tainly would produce.
level will
of something
still higher figures
It is not
a
$2,500,000,000
cer¬
matter of great
practical difference, however, whether
are
some
$2,500,000,000 to $3,000,000,000, chiefly in order
avoid the agitation that
to
excess
being in
by
consequence,
manipulation of its various accounts affords
be held for the time
Ex¬
depos ts by $53,219,000.
reserve
deposits moved
reserve
reason
in
borrowed
sale of discount bills, added
little to the general account of the Treasury
with the
cess
with
through
-
excess reserves
relatively
on
proved
of gold
deposit
certificates
of the 12 banks to $7,824,035,000
on
May 20, but cash
increased
reserves
only to $8,147,548,000 from $8,088,197,000.
A small
decrease of Federal Reserve notes in actual circulation
place to $3,758,973,000 from $3,760,729,000.
Total
deposits
moved
up
$6,617,026,000 from.
to
$6,559,979,000, gains being recorded
as
follows: $53,-
each
quarter
the old common stock, which was
on
recently split 10 for
declared
a
stock of
$10
last,
Commercial Credit Co.
one.
dividend of 75c.
share
a
31
Dec.
and
share were made on this
a
An announcement from the company
stock.
stated that the directors
ommend to stockholders that if it should be neces¬
the certificates of incorporation be amended
sary
and
stock be increased
dend of
of shares of
number
authorized
the
that thereafter
so
payable to
fixed
date to be fixed by the
stockholders
common
demption
on
dent current dividends
be
continued
action of
directors.
the dividend
creased
from 75c.
on
on
The increase in total
overshadowed the gain in deposit
rate
the
no
note
liabilities
were
ratio moved up to
May 20.
were
not much
78.5%
on
more
were
Crowell Publish¬
extra dividend of 25c. a share,
an
share
a
the
on
no
par common
on
also
on
paid
Dec. 24, Sept. 24 and June 24, 1935.
Equitable Office Building Corp. on May 28 declared
a
dividend of 10c.
a
share
stock, payable July 1.
first
distribution
when
a
to
like amount
stock
on
the
$4,299,000, while holdings of United States
$8,000 to $2,430,-
paid.
The U. S. Industrial
Corporate Dividend Declarations
Corp. increased the divi¬
a
continually and
yesterday
earlier.
price
considerably
were
Virtually
did
all
classes
not
was
levels
the
at
of
share,
came
a
stocks
Joseph
on
the
were
in
now
in effect,
into
more
Also significant is the fact that buyers
the market despite the continued debate
Washington
on
the taxation
program,
pending political campaign and the
a
close
week
relatively small aggregate of speculative
of
St.
only
progress
better than
by the stiff margin regulations
the
in
The volume of trading was held to small
demand.
dividend of 20c.
Business
sessions, but quiet buying
a
share
from
New York Stock Exchange was exceeded
two
Lead Co. declared
a
quarter
the
distributions of 50c.
made.
each
to
developments of
were
made
share,
a
with distribu¬
on
payable July 1 next; in the two preceding quarters
share
share
compares
increase
in
a
This
operations makes the gain of the week all the
most
stock to 60c.
a
uncertainties.
Union Carbide & Carbon
par common
par com¬
great degree, for the 1,000,000-share mark
other
CORPORATE for the declarations this week
dividend part favorable. The
continued
no
no
30, 1935, to and including April 1 last.
impressive.
its
its
any
and
on
on
The New York Stock Market
totals
255,000.
dend
par common
since July 2, 1934,
be made
was
no
The above represents the
by declaring a dividend of 25c.
50c.
of
March
almost
Open market
allowed to drop $245,-
Government securities increased
pay¬
24; extra dividends of like amount were
advances fell
000 to
stock, both
able June
system gained $79,000 to $4,828,000, but industrial
were
made in each
holiday atmosphere and the numerous political and
Discounts by the
$25,000 to $30,462,000.
stock
par common
together with the regular quarterly distribution of
50c.
in
holdings of bankers' bills
in¬
reserve
May 27 from 78.4%
than nominal.
Co.
A SUBSTANTIAL improvement in despite the
market trend occurred this week, the stock
Other variations in the banking statistics
hardly
further
as
liabilities, and
changed, the
until
share, payable June 25;
eight preceding quarters.
re¬
reserves
stock shall
common
Hercules Powder
share to $1.25 a
a
the
increased
the
at
the
June 1 of Norwegian Government bonds
called for retirement.
date to be
a
1936, and that after the payment of said stock divi-
tions
deposits, which clearly reflects preparations for
on
by the directors, but not later than Sept. 30,
balances to
Offsetting such increases
common
stock divi¬
directors, but not later than Sept. 10, 1936, and be
payable July 1 next.
drop of $30,989,000 in foreign bank
a
20% will be declared on the common stock
issued and outstanding on a
$544,183,000, and $3,738,000 in non-member bank
$271,122,000.
further
May 28 decided to rec¬
on
mon
was a
distributions
1935,
30,
Sept.
amounting to 62%c.
Alcohol Co. took adverse action
degree
common
value, payable June 30; on March 31
$31,079,000 in Treasury general account balances to,
a
the
on
par
219,000 in member bank balances to $5,747,228,000;
to
stock,
$10, payable June 30; the above declaration is
equivalent to $1.25 a share previously distributed
par
ing Co. declared
large
quarterly divi¬
new common
of the
have been
lowered somewhat and total
took
initial
distributions at the former rate
May 27 from $7,759,336,000
was
on
$3,500,000,000, for either figure
dangerous in the past.
The
share
a
levels that
or
enormously exceeds
raised such holdings
12%c.
a
many
disquieting nature.
the im¬
foreign
Indications
relatively small seasonal decline in trade and
industry,
and
hopefulness
regarding
the
future,
Financial
3564
on the New York Stock Exchange remained unchanged at 1%.
upward movement of quotations was in evi-
the half-day session on Saturday last were 438,780
some
while
of the huge
the
pressure
also remains
The
dence
last
The
On the New York Stock Exchange the
when small gains
trading
although
list
the
scale.
modest
mass
important factor.
an
Saturday,
throughout
appeared
was
advances
ponderous
a
on
were
re-
sumedon
Monday, with specialties in greater demand
than the
usual market favorites.
whole
a
of the
by
marked
was
which carried
final hour,
a
quo-
with the
higher in all groups
materially
utility
carrier and
Tuesday
on
sharp rally in the
exception
for
noted
was
Trading
tations
Industrial stocks
better, however, and modest in-
were
likewise
quiry
shares.
Steel issues led the
oil stocks.
rise, and high-priced specialties also were in excelTurnover in the session
lent demand.
was
well
over
1,000,000 shares and the trading thus was the most
Some
active in
several weeks.
oped
Wednesday, but it was absorbed readily
on
and
small
net
gains
were
week.
The session
The
already
partly
toward
was
holiday in-
because
and gains
trend
the
Air-
Trading yesterday
shares; on Thursday, 762,810 shares, and on Friday,
On the New York Curb Exchange
740,410 shares.
last
sales
the
Saturday
169,850
Monday,
120,825 shares;
were
shares;
on
Tuesday,
shares; on Wednesday, 239,180 shares;
on
on
219,160
Thurs-
day, 175,270 shares, and on Friday, 160,880 shares,
While
great activity
no
occurred in
the stock
market this week, prices in the main displayed a
better tone, due presumably to continued favorable
reports regarding trade and industry.
of the week
holiday influences caught
At the close
up
with trad-
ing and some equities suffered small recessions.
As
compared with Friday a week ago, closing prices of
many
ment.
issues
showed
yesterday
decided* improve-
General Electric closed yesterday at 37%
against 36%
Friday of last week; Consolidated
on
Edison Co. of N. Y. at 32% against 32%; Columbia
Gas & Elec.
at
19% against 19; Public Service of
N. J. at 44% ex-div. against 41%; J. I. Case Thresh-
ing Machine at 161% against 153; International
Harvester at 86 against 84%; Sears, Roebuck & Co.
at 72% against 68%; Montgomery Ward & Co. at
43% against 42; Woolworth at 49% against 59%,
was
very
a
on
day suspension.
Fairly good advances were regis-
stered,
with almost all groups of issues
however,
shares; on Monday they were 694,130 shares; on
Tuesday, 1,143,100 shares; on Wednesday, 1,220,010
not
were
might be expected just before a two-
as
sales at
although losses
other departments,
predominated.
scale,
the most active of the
making themselves felt.
were
stocks resisted
in
higher, while gains
Thursday
on
lower figures,
fluences
small
was
tendency
slightly
infrequent
day.
for the
common
various market leaders in other
also in
industries.
profit-taking devel-
closed
Most of the steel issues
appeared
craft
May 30, 1936
of idle funds
of the stock acquisitions,
probably prompted
as
Chronicle
sharing in the movement.
were
small
on a
small
In the listed bond market movements
and American Tel. & Tel. at 165% against 162.
Allied Chemical & Dye closed yesterday
at 199
against 189% /on Friday of last week; Columbian
Carbon at 121 bid against 117%; E. L du Pont de
Nemours at 143% against 143; National Cash Register at 23% against 22%; International Nickel at
financing
47% against 46%; National Dairy Products at 23%
against 22%; National Biscuit at 35 against 34%;
Treasury will exceed all previous
Texas Gulf Sulphur at 35% ex-div. against 35%;
operations since the Victory loan was floated after
Continental Can at 77 against 73%; Eastman Kodak at 161% against 162%; Standard Brands at
15% against 15%; Westinghouse Elec. & Mfg. at
and
diverse, and trading here also
scale
of the United States
the end of the
World War
Government issues
asked
will
depressed United States
The
little.
a
amount
liquidation of
was
Disclosure that the June
whole.
as a
to
new
money
to be
and
some
$1,000,000,000
dealer and
other
accounts
was
in
progress
preparatory to applying for the new loan.
Declines
in
long-term Treasury bonds were small,
however, while best rated corporate issues also held
close
to
previous
against
112;
Lorillard at 22% against 22;
United States Industrial Alcohol at 37% against
38%; Canada Dry at 12% against 12%; Schenley
Distillers at 42% against 42%, and National Dis-
tillers at 28% against 29%.
and semi-
Speculative
figures.
117
The steel stocks show
a
marked improvement over
speculative bonds reflected moderate biuyng, with
the
movements
Steel closed yesterday at 61% against 57
paralleling
closely
Foreign dollar bonds
markets
firm in most sessions,
were
drop in May wheat
in the contract
level
yesterday,
Gold
and
markets
was
a
sharp
Sterling ruled firm in the
but the
European gold units
pressure.
despite
Tuesday, just before trading
on
ceased.
foreign exchange
Commodity
uncertain.
were
equities.
of
those
$5.00
touched the
Fernch franc and other
were
under almost constant
engaged almost
every
day for
shipment from Paris to New York, as capital
con-
from France in apprehension of un-
tinued to
move
fortunate
experiments when the Leon Blum regime
takes
power
Netherlands
raised
2%%,
from
its
touched
New
new
stocks touched
Curb
and
York
Stock
high levels
new
a
yesterday to
precautionary
Exchange 48
for
the
touched
new
year
stocks
while 47
On the New York
Exchange 24 stocks touched
51 stocks
ago.
United States
on
Friday
Republic Steel at 19% against 18%, and Youngstown Sheet & Tube at 61% against 53.
group,
29
on
In the motor
Auburn Auto closed yesterday at 30 against
Friday of last week; General Motors at 62%
against 61%; Chrysler at 95% ex-div. against 94%,
and Hupp Motors at 2% against 2%.
group,
In the rubber
Goodyear Tire & Rubber closed yesterday at
25 against 24%
on
Friday of last week;
United
States Rubber at 29% against 29%, and B. F. Good-
rich at 20 against 19%.
The railroad shares like-
close yesterday
as
low .levels.
week
of last week; Bethlehem Steel at 53% against 59;
week.
new
low levels.
high levels
Call loans
were
higher than
Pennsylvania
against 29%
the
a
wise enjoyed advances the present week, and at the
measure.
On
Friday
rate
discount
probably
on
The Bank of The
early next month.
3lA%
close
on
RR.
on
Friday of last
closed yesterday at 31
Friday of last week; Atchison To-'
peka & Santa Fe at 71% against 70%; New York
Central
at 35%
against 34%; Union
127% ex-div. against
124%;
Pacific at
Southern Pacific at
33% against 31%; Southern Railway at 16 against
14%,
and
Northern
Pacific
at
30
against 27%.
Financial
Volume 142
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 59% against 58%
Friday of last
on
week; Shell Union Oil at 17% against 16%, and
Atlantic
Anaconda Copper closed yesterday at
copper group,
33% against 33%
cott
In the
Refining at 27% against 28%.
Friday of last week; Kenne-
on
Copper at 38% against 36%; American Smelt¬
Chronicle
3565
quarters that
by the
to be in
a
radical program will be proposed
regime. The French Treasury is known
new
pressing need of funds, and there was talk
in Paris
of
attempting to obtain
loan in the United
possibility of
Act.
The
any
such financing under the Johnson
vasion of
Dodge at 34% against 33%.
still
are
and
Great
Britain
the
foremost
Trade and industrial reports
optimism
bution
bonus
These bonds
erans
activity, and
spirit of
bonds
be cashed
can
World
to
War
veterans.
immediately, if the vet¬
desire, and it is expected that demand for
so
goods will reflect the distribution.
duction
a
engendered by the impending distri¬
was
of
suggest only a mod¬
for the
week
Steel ingot pro¬
ending today
was
estimated
by the American Iron and Steel Institute at 67.9%
of
from
rather
Electric
production for
power
Ethiopia is far from dispelled,
tinued
The London
less in the
This
figure
caused
hours
in
the
corresponding week of last
array
an en¬
of political
a con¬
The German
difficult to gauge, but the official
more
reports there also
hours, the Edison Electric Institute reports.
kilowatt
remain
Europe
recently has been noted in France.
position is
watt
preceding week and with 1,696,051,000
of
countries
good rate of activity, and some improvement
all groups
hours in the
Industrial reports
frosty.
are
problems. British industrial statistics reflect
funds
with 1,961,694,000 kilowatt
sanctions
favorable, however, and they supply
the/week to May 23 amounted to 1,954,830,000 kilo¬
compares
as
being applied, while relations between Italy
couraging offset to the gloomy
capacity against 69.4% last week and 42.3% at
this time last year.
$1,000,000,000
political tension caused by the Italian in¬
ing & Refining at 78% against 76%, and Phelps
erate seasonal recession of
a
States, despite the obvious im¬
optimistic.
are
Stock
Exchange
was
dull and list¬
opening session of the week, and almost
of securities
weakened,
marked lower. British
were
of
while fears
labor
disputes
liquidation of home railway stocks.
industrial issues
were
marked
Most
lower, although a few
advances occurred in that section.
Anglo-American
year.
Car loadings of revenue freight for the week
trading favorites showed best results, in reflection
ended
May 23 amounted to 683,406
of
to the Association of American
a
gain of 1,959
85,010
As
cars over
same
indicating the
yesterday at 59%c.
July
mar¬
in Chicago closed
corn
on
at Chicago closed
against 59%c. the close
as
Friday of last week.
of the commodity
Wheat
on
July oats at Chicago closed
yesterday at 25%c. as against 25c.
the
close
on
The spot
price for cotton here in New York closed
against 11.69c. the close
as
Friday of last week.
yesterday
15.62c.
was
Friday of last week.
on
The spot price for rubber
as
against 15.75c. the close
Domestic
day at 9%c., the same, as
on
copper closed yester¬
on
Friday of previous
weeks.
on
on
the
price of bar silver yesterday
pence per ounce as
against 20
was
pence per ounce
Friday of last week, and spot silver in New York
closed
yesterday at 44%c., the same
as
the close
the
matter
transfers
on
of
the
foreign
London closed
against $4.97% the close
cable
and
funds.
of the
transfers
on
yesterday at $4.99%
as
Friday of last week,
on
Paris
extended
was
more
of
the international
cheerful
activity.
industrial
on
Wednesday, despite
stocks
The
the
funds
held
to
bright tone
on a
small scale in view
impending Whitsuntide holidays.
gained
on
Gains in
some
sessions
were
issues
soft
their
held
and the net changes for the week
small at
were quite
London, Paris and Berlin. The usual Sum¬
dulness
already is making itself apparent in
markets, for trading
was
But investors and traders also
on
were
a
small scale.
inclined toward
ground.
yesterday, owing to
resumed for
on
the Paris Bourse
the week.
caused
few
buyers and
better
even
industrial
by Leon
Blunl
now
only a few days distant, and it is feared in
is
many
power
early in
There
small offerings sufficed
Rentes, bank stocks
receded, while support
foreign
group.
was
The tone
Tuesday, when rentes and bank stocks
enjoyed handsome advances.
issues
also
were
French utility and
better, while modest
liquidation appeared in the international section.
But the downward trend of French securities was
resumed
strikes
on
were
Wednesday, partly because sporadic
reported in various industrial plants
in Paris and its suburbs.
Rentes lost all their
gains
preceding session, and French equities
were
affected
Socialist Cabinet in France
on
trading was
quiet but steady liquidation.
depress levels materially.
was
as
Uncertainty! regarding the
policies of the regime which takes
the financial and
a
were
reception of another
gained.
Prices receded
of the
Formation of
Gilt-edged issues
poor
city loan, but industrial stocks and gold mining
cautiousness because of the many uncertainties in
political spheres.
Gold mining
profit-taking, but international
extended most issues in the
offset by losses in oth¬
British
indications that municipal borrow¬
issues suffered from
to
centers
Small
maintained Thursday,
was
and industrial issues all
some
previous levels.
ing "would diminish, while industrial stocks of all
were
ALL cial marketsmoved leading European finanstock
in the irregularly this week.
lack
a
registered in most Anglo-American is¬
although business remained
/Friday of
European Stock Markets
The tone
owing to favorable overnight reports from New
sues,
York.
of
section.
British funds recovered slightly, and
were
June
on
held respon¬
gilt-edged securities. Some
manufacturing stocks showed gains, hut the
was
yesterday at
closed
last week.
mer
was
a
majority again declined, while only modest support
exchanges, cable
6.58%c,, unchanged from the close
ers,
Fresh borrowing on
large scale by municipalities
sible for the recessions in
issues
Friday of last week.
In
British
In
Tuesday further losses ap-
on
descriptions reflected quiet buying.
In London
19%
quiet session
peared in
gains
Friday of last week.
yesterday at 11.77c.
optimistic week-end reports from New York.
another
rather
against 86%c. the close
as
Friday of last week.
Railroads, this being
week in 1935.
course
kets, the July option for
yesterday at 84%c.
according
the previous week and of
cars over
the
cars,
similarly.
The international
group
vanced, in accordance with the usual custom of
cent months.
In
a
dull session
on
ad¬
re¬
Thursday, prices
(
Financial
3566
again
marked lower at Paris. Strike activities
were
increased and seemed to involve
Rentes
produce armaments.
chiefly plants that
hard hit in these
were
circumstances, but industrial and utility shares also
International
declined.
Small gains
steady.
opening
lived and material recessions
and other securities
of that
on
on
Monday, the British authorities argued that the entire Russian fleet should be limited, at least quali-
particularly weak,
tatively, and the conversations will be resumed next
week. Land and air armaments of the leading Euro-
were
After
an
uncertain start
small. Most stocks regained their
Wednesday
lative securities in
also
dustrial
good demand, while
some
showed
stocks
utility
and
strong.
Little business
was
done
to
almost
were
problem likewise appears to be hopeless. The British
4
other war supplies are being placed with British
specu-
demand
3
or
Thursday, but
on
the gains in naval strength, and this aspect of the
equally
The
Heavy in-
gains ranging
issues
points,
nations are being increased at rates that dwarf
pean
Government revealed a little of its extensive rearmament plan late last week, in the course of a
debate in the House of Commons.
Sir Thomas
Inskip, the new Minister for Coordination of Defense, declared that huge orders for airplanes and
firm, with almost all
for fixed-income issues.
noted
was
was
Government
In protracted discussions at London, last
short-
was
early losses, but some closed slightly lower.
tone
expire clearly is making the Soviet
nervous.
affected by the liquidation
were
prominent issue.
the day were very
difficulties with regard to the Russian strength in
developed at the end.
Tuesday, prices advanced and net changes for
on
their fleet in due relation to the British strength,
building after the Washington and London pacts
the Ber-
trading session of the week,
I. G. Farbenindustrie shares
German and Japanese fleets.
already have agreed to limit
lack of any restrictions whatever upon Japanese
firm, but the optimism
was
Since the Germans
recorded yesterday at
Rapid changes in sentiment developed
The
that will limit the
Atlantic waters probably can be adjusted, but the
were
Paris, despite further disquieting strike reports.
lin Boerse in the initial
May 30, 1936
quiet and
securities
were
Chronicle
of capacity and
firms
The British
experience.
some
motor industry, in particular, is being enlisted in
this move, and some of the concerns have been asked
instances, while other stocks drifted slightly lower,
to build new plants at government expense in order
The main trend
to speed production.
the
gains of the preceding session
Small
advances
fractional
recorded
were
yesterday again
maintained,
were
was
improvement, but little business
in
toward modest
done.
was
V
'
International Trade Conflicts
Armaments
POME
sharp reminders were afforded over the last
HARDLY a week goes by without freshnational O week-end of the deep-seated conflicts in interindicaincreases of
that developed in various parts
tions of the tremendous
armaments
countries of
the
few
Dumping
world and many
and underselling on the basis of depreciated curren-
smaller nations
problem of naval construction by sig-
natories of the
commerce
of the world during the depression years.
the
The
well.
as
national
being effected by all the leading
now
Washington and London treaties in
months
those
accords
still
have
to
run
cies have diminished in importance of late, it is
true, but many of the disparities thus brought about
still need
adjustment.
Unfortunately, currency sta-
currently is under debate, and the trend of the in-
bilization remains far distant, and it is evident that
British
resumption of normal trade relationships will have
discussions
ternational
Government is
aggregating
Inquiries
and Tokio
It
agreement.
40,000
preserve
a
rapid rate
be
addressed to Washington
were
indicated
was
should
tons
the quantitative lim-
to retention of the
as
The
treaty old vessels of the same
some
scrapped in order to
itation.
indicative.
building destroyers at
and under the London
type
is
excess
tonnage, by
Washington,
in
Wednesday, that this could be done only by invoking
the escalator clause in the
existing treaty, presum-
to await that desirable consummation.
Little
sur-
prise need be occasioned, in the meantime, by such
incidents as the general increase of United States
import tariffs
shipped
Japan,
to
or
on
this
various types of cotton textiles
country
exclusively
almost
,
by
by impending changes in the Australian
tariff schedules which will affect American interests adversely.
Also significant is the officially-
encouraged smuggling of goods into northern China
ably because that would free the other signatories
from
from the limitation.
sioned protests from Great Britain and the United
parently prefers
The
Japanese Government
bargain, for London reports
to
state that the Tokio authorities
to
the
were
British
in
Whatever the
be
excess
of
the
20,000 tons of
existing limitations,
method, it is evident that the
excess
by the speedy construction of
and Japanese submarines will
a
manner
a
are
proceeding, in
treaty limiting the Russian
resembling the Anglo-German
ac-
cord, but serious difficulties have been encountered.
Russian
construction
and the
desirability of
enough.
has
an
been
proceeding
understanding is obvious
The Soviet Government, however,
predicate
any
apace
seems
to
agreement with Britain upon accords
Mr. Hull de-
by Secretary of State Cordell Hull.
livered
an
address in New York
on
May 22 in which
he explained his trade philosophy simply and well,
all
effort to arrange
fleet in
aging trade by lowering artificial barriers adopted
The
program.
All these occurrences
stand in sharp contrast with the policy of encour-
building
Anglo-Russian conversations
an
the South American country.
arguments in Washington for increase of
own
To these developments must be added a
Brazil which necessarily will curtail our trade with
some
retained, and that circumstances apparently will
our
already has occa-
which
suggestions, provided they in turn
destroyers
occasion
States.
sources,
virtual barter arrangement between Germany and
tonnage occasioned
British
Japanese
might be amenable
granted the right to retain
submarines
ap-
essence
others
of his speech was that this country and
throughout the world must co-operate
commercially in order to relieve the economic distress and
political chaos which
are
sweeping the
world toward military adventures,
With obvious reluctance, the United States Tariff
Commission announced
on
May 21
import duties averaging 42%
on
an
increase of
cotton textiles of
types recently imported chiefly from Japan.
action
was
This
not exactly in consonance with the gen-
Volume
Financial
142
era! aim of
reducing trade barriers, but it was ex¬
plained in Washington that there seemed to be no
other
for
recourse
meeting
situation that did not
a
yield to diplomatic treatment.
this
country made their
manifest
early this
revealed the
mills,
and
concern
official statistics
when
year,
displeasure
heavy inroads being made by Japanese
which operate
labor costs.
a
Textile interests in
An
"gentlemen's
unbelievably low
almost
on
attempt then
was
with
agreement"
made to obtain
whereby
Japan,
Chronicle
3567
Anglo-Italian Rift
MORE Europe this week by indications of
than a little uneasiness was occasioned
in
ever
widening differences between
Great
Britain
The animosity felt toward Great Britain bymany Italians as a result of the lead taken by the
London
sode
Government
in
the
League sanctions epi¬
apparently is not easy to dispel.
seemed, indeed,
not in
At times it
that the Italian Government
the least
anxious to
such
voluntarily.
standing official British explanations that
and
the
duty increases
June 20.
Another trade
States has against
announced, effective
were
grievance that the United
Japan is the practice of the mili¬
impressions probably
British firms
incorrect.
are
tricked
were
into
lets of British manufacture
permitting widespread sumggling of goods into
Japanese-controlled territory.
Such merchandise
mier Mussolini's soldiers in the
is
eral
and it is
proper,
that
Japanese
in control.
of the
over
good part of China
a
repeated at Geneva.
youthful followers.
favored by the militarists
as
an
The effect
the finances and
on
prestige
Nanking Nationalist Government of China is
imminent and
fense of the Italian
highly deleterious, while trade of other countries
be
situation
Government
protested
sions, and it
day that
the
was
on
several
occa¬
disclosed in Washington last Mon¬
American protest had been lodged with
an
Japanese Government
mated that retaliation
the form of
from the
Tokio
to
The British
May 12.
on
was
inti¬
be found necessary, in
may
virtual exclusion of
a
It
Japanese textiles
Philippines.
The Australian
invincible.
British
May
on
was
broadcasts
ernment
of the
of
official
change
the United
seems
States,
concerned.
are
British
Commenwealth
of Na¬
dictated, according to the
was
explanation, by "very pressing national in¬
terests," but it
A
so
to be directed mainly against
far
the immediate effects
as
tariff
new
schedule
was
intro¬
duced, fixing higher rates
on cotton, artificial silk,
tobacco, Oregon timber, electric refrigerators, type¬
writers and many other items that the United States
normally supplies.
It
indicated also that
was
licensing system would be
introduced
to
a
control
these and other
from British
the
imports, but as a general rule goods
Empire countries will be exempt from
licensing arrangement.
were
lish
raised in
an
Motor chassis
particular, in
Australian motor
an
duties
endeavor to estab¬
industry, and the effect
of that action will be
particularly adverse to Amer¬
ican
of
interests.
Also
great interest
was
an
an¬
nouncement in the Brazilian
last
have
capital, Rio de Janeiro,
Saturday, that Germany and Brazil virtually
completed
arrangements for
products valued at $46,000,000.
standing, Brazilian
cotton
an
exchange of
Under that under¬
and coffee will be
ex¬
changed for German coal, steel, railroad equipment
and
machinery.
The Brazilian authorities appear
to feel that this accord will not conflict with "most-
favored-nation" clauses in treaties with the United
States and other
countries, but doubt exists
point in Washington.
It
was
considered,
on
American interests will be
and it also
tralian tariff increases
in United States duties
or
was
on
this
on
he
intimated
carefully
that Aus¬
products supplied chiefly
on
the
Anglo-Italian
Monday, when the
and
Palestine
in
Italian
British
Repre¬
was
Sub¬
stated.
interviews to
gave
sev¬
correspondents, and in each in¬
desires
he
practical
more
amicable
the
the
recently to the Italian Gov¬
insisted that
A
relations
only
in
peace
move
taken
was
in the direction
Thursday, when
Ambassador, Dino Grandi, visited the
Foreign Office in
an
endeavor to adjust the
differences.
Now
Addis
that
Ababa,
Italian
the
press
forces
cuted
Italian
ers.
It
was
in
control
of
are con¬
admitted in Rome
Ethiopians
numerous
after their
soon
are
reports from Ethiopia
spicuous by their absence.
early this week that
were exe¬
capital fell before the invad¬
spokesmen insisted that there
signs of native revolts against the
new
from
were
neighboring countries reports
are no
rulers, but
circulated
to the effect that local chieftains in the southwest¬
part of the former Ethiopian Kingdom
ern
tent
repelling the
on
Italians.
Selassie, who fled his country,
British
terranean
on
a
was
were
Emperor
in¬
Haile
taken aboard
a
warship and transported through the Medi¬
as
far
passenger
difficult
as
The immensely
question of the sanctions against Italy
mains for the
League of Nations to face
when the Council
clear that
ing the
Gibraltar, where he embarked
ship for England.
some
on
again meets, but it is
means
measures,
re¬
June 16,
now
fairly
will be found for terminat¬
which
are
quite useless.
The
League made figures available, last Sunday, which
showed that the
foreign trade of Italy
was
sadly
depleted in March by the sanctions, in which almost
all
League States joined.
British Cabinet
Germany
might be met by advances
entirely by that country.
of
against anti-British radio
India
made
were
indicated last Monday
that the effect of the agreement between
and Brazil
to
British press
stance
unit
gravity
regarding the practice, it
Europe.
The
The
best illustrated
sent
sentations
eral
war
for the de¬
languages of those countries from Italy.
abrupt alteration of the trade policy
tions.
groups
future
Foreign Secretary, Anthony Eden, protested
Treaties,
of that
a
sev¬
empire and declared they would
sequently, Premier Mussolini
Government announced
war were
threatening certainty, Signor
in the House of Commons
22, through Sir Henry Gullett, Minister of Trade
an
Speaking of
Mussolini urged his hearers to
prepare
with China is not
precisely benefited.
few
against Pre¬
Ethiopian
swaggering speeches last Sunday before
of
wares are
used
were
The Italian dictator made
not unreasonable assumption
a
a
supplying samples
bullets, allegedly for use against wild
animals, Italian charges that such soft-nosed bul¬
tary agents of the latter country in northern China
readily
Notwith¬
of dum-dum
of
distributed
was
improve relations, but
shipments from that country would be restricted
But the negotiations proved fruitless,
and
Italy.
SCANDALS involvingindeed, but of the British
members
Cabinet
incident of
are
this
nature
rare,
developed
"leak" of information
which
was
an
as
a
result of
an
alleged
regarding the British budget,
presented in the House of Commons
on
Financial
3568
Insurance against advances in the income
April 21.
tax rates and the
import duty on tea was written
large scale by Lloyd's, and the budget presenta-
on a
tion disclosed these
the main fresh items in the
as
beginning
An official inquiry was held,
budget.
May 11, in the course of which it appeared that relafriends
and
tives
Thomas
and denied
budget
J.
Secretary
stand
occasions
several
on
While still denying that he was
responsible for
the
revelation of budget secrets in
any
Secretary
Colonial
announced
Saturday, and it
resignation last
promptly
is
not
helpful
to
Baldwin
the
his
was
accepted by Prime Minister Stanley Baldwin.
incident
H.
stoutly that he had disclosed any of the
secrets.
advance,
the
took
Thomas
Mr.
Colonial
of
chiefly concerned in the insurance,
were
The
regime,
especially since a good deal of talk has developed
lately regarding the likelihood of retirement by the
It
Minister.
Prime
'•
1
11
.
j
•
»1
indicated
was
•
«i*1
1
last
soldiers were killed in such encounters. Both Jews
and Arabs steadily have accused the British Ad-
ministration of favoring their adversaries, which is
good evidence that a fair balance has been maintained. It is possible that Italian radio broadcasts
in Arabic, directed against Great Britain, have increased the difficulties, and that aspect of the prob¬
lem is undergoing consideration
Secretary
was
The portfolio of Colonial
given, Thursday, to W. Ormsby-Gore,
former Postmaster-General and
that
announced
was
tribunal which
Conservative.
a
the findings
It
of the special
investigated the budget leak will be
The
Arabian objections to Jewish immigrants figure
largely in the matter.
T
'
however, that there is not likely to be any drastic
shake-up of the Cabinet.
in London.
tension in Palestine already has prompted the British Government to announce that a royal commission will be sent for investigation of the Arab-Jewish grievances, but since three previous commissions
failed to furnish a solution, not much hope is entertained of an early adjustment of the troubles,
i9
*1
May 30, 1936
have been especially pronounced at the towns of
Nablus, Gaza and Tulkarem, and two British
Monday,
1
J
Chronicle
, v
A
.
-
^1.ct.
ETKESH difficulties have developed in recent
weeks in Eastern Asia, as a direct conse-
*
of the persistent Japanese incursions upon
Chinese territory. The expansionist aims of the
Japanese militarists apparently have been transquence
ferred for the time being from Outer Mongolia to
published next week.
the northern Provinces of Old
Belgian Elections
China which are con-
tiguous to the puppet-State of Manchukuo.
Thou-
NATIONAL elections in Belgium, last Sunday, sandsaround Peiping and have been and a lively the
interesting and disquieting
area of Japanese troops Tientsin, poured into derevealed
some
extremists
towards
trends
Union
but the National
of the
group
Right and Left,
of Socialists, Cath-
olics and Liberals will continue to
of the
control
who
Zeeland,
new
hold
his government
formed
an
ample
Premier Paul
Parliament.
in
van
March,
1935, presented the resignation of the entire Cabinet
to
King Leopold, Tuesday, and it is held likely that
a new
velde
government will be formed by Emile Yander-
by Henry de Man, who are both prominent
or
The three dominant factions
in Socialist councils.
all lost votes and seats in the
resignation of the
that circumstance.
gained 21 seats,
A
even
German fascist lines
ish
Parliament, and the
Zeeland regime was based on
van
new
group,
called the Rexists,
though it was organized along
only
a
few months ago.
Flem-
Nationalists, who also have fascist leanings, ob-
tained 16 seats in the
munists
The
nine seats.
at the expense
new
Parliament, while Com-
by winning
representation
their
tripled
gains of the extremist groups were
of the other and
more
moderate par-
ties which controlled the destinies of the country
recent years.
in
Socialists will have the largest repre-
sentation, however, with 70 seats, while the Catholics will retain 63 and the Liberals 23.
bate now is in progress between Tokio and the Nanking Nationalist Government as to the propriety
of the Japanese military movements. The stock explanation of the Japanese Foreign Office was that
the troop increases are due to an increase of Communism in northern China, but that declaration
deceives no one.
Exceedingly serious from the viewpoint of Great
Britain, the United States and other countries with
large trading interests in northern China are indications that huge quantities of goods are being
"smuggled" into the Japanese-controlled area and
distributed thence to sections still under nominal
Chinese control. The British Government lodged a
protest at Tokio a month ago against &uch practices,
which naturally favor Japanese wares, and representations also have been made by the United States
Government. So extensive is the "smuggling" that
a shortage of railway cars is reported for transportation of the goods to other areas. The Chinese
authorities tried to curb these activities, which are
curtailing the revenues of the Nanking Government
materially, but the Japanese countered with an
official protest on the specious ground that a curb
would be tantamount to
Palestine
I
an
anti-Japanese boycott.
Thoroughly in keeping with the dubious Japanese
RIOTS increasing scale in Palestine during the Thursdayisin response toreported to have been Propand other disorders have taken place on methods a statement the British protest. made
an
last two
months, owing to the apparently irrecon-
cilable differences between the Arabs and the Jewish
residents, and the problem of adjusting these
is
troubles
causing
great
concern
to the British
erly speaking, there is no smuggling in north China,
and the "complaints of foreign Powers betray a lack
of appreciation of the situation in Eastern
the Japanese officials are said to have
Asia,"
stated.
Government, which holds a League mandate over
the
territory.
The disturbances are not new, for
British commissions
Jewish differences
have assumed
an
began to investigate the Arab-
as
early
as
1921.
exaggerated and
But they
even
now
threatening
form, since the sentiments of the Arabs are occa-
sioning
trol.
a
virtual rebellion against the British con-
Clashes
between
Arabs
and
British
police
Discount Rates of Foreign Central Banks
discount
2^ to 3^%.
The 23^ rate had been in effect since Feb. 3, 1936,
at which time it was reduced from 3%.
Present
rates at the leading centers are shown in the table
T,HE Bank of The Netherlands raised its
T
1
rate
on
which foliows:
Friday, May 29 from
Volume
Financial
142
DISCOUNT RATES OF FOREIGN CENTRAL
BANKS
81,401,404,295
\
Rate in
Effect
Date
vious
May29
Established
Rate
Country
Austria
3 H
Batavla
4
July
July
Belgium
2
Pre¬
Rate in
Pre¬
Effect
May29
Country
Date
Rate
1 1935
the
and
francs
francs.
before
year
decrease
A
79,-
in
bills
appears
bought abroad of 3,000,000 francs and in advances
Nov. 29 1935
4H
3 H
against securities
June 30 1932
3H
furnish
Hungary...
4
Aug. 28 1935
4H
2H
May 15 1935
992,301,710
vious
Established
4
10 1935
3569
Chronicle
India
3
Ireland
3
4H
May
3.29
Apr.
18 1936
6 1936
Bulgaria...
6
Aug. 15 1935
7
Italy
Canada
2H
Mar. 11
Chile
4
Jan.
24 1935
4~H
Java
*H
June
21935
Colombia..
4
July
18 1933
5
Jugoslavia.
5
Feb.
1 1935
3H
6H
Lithuania..
6
Jan.
2 1934
of 86,000,000 francs.
Be'ow we
comparison of the different items for three
a
5
7
1935
Japan
Czechoslo¬
3.65
May 28 1935
1 1936
3H
Morocco
6H
Oct.
21 1935
6
Norway
3H
3H
Aug. 21 1935
2H
Poland
5
Oct.
England...
2
June 30 1932
2 H
Portugal...
5
Deo.
Estonia....
B H
Rumania..
5
4
Dec.
6
Germany
4 1934
Changes
BH
13 1934
4 H
Deo.
7 1934
6
3H
May
15 1933
10 1935
4
July
—56,473,045 57,459,027,733 76,595,581,341 77,465,582,262
13,593,242
207,983,814
17,619,054
+8,000,000
Gold holdings
Credit bals. abroad,
a
BH
-
French commercial
■bills
6 1936
Spain
5
4
Sept. 30 1932
5
Sweden....
2 H
Deo.
1 1933
3
7
Oct.
13 1933
7H
Switzerland
2H
May
2 1935
2
Adv. agst. securities
Holland
3H
May 29 1936
2H
+422,000,000 17,928,573,580 4,828,543,117 5,011,438,653
1,286,904,597 1,171,488,752 1,079,941,757
—3,000,000
—86,000,000 3,358,120,023 3,177,849,034 3,060,242,722
—197,000,000 83,338,284,680 81,401,404,295 79,992,301,710
+ 78,000,000
8,787,730,343 16,398,567,847 18,676,523,910
b Bills bought abr'd
Greece.....
.
May
May 25, 1934
May 24, 1935
May 22, 1936
for Week
5
.
STATEMENT
COMPARATIVE
FRANCE'S
6
South Africa
Sept. 25 1934
Finland
OF
4
Jan.
5
Denmark..
France....
BANK
4H
May 23 1933
25 1933
3
Danzig....
vakia
years:
discounted.,
Note circulation
Cred.
curr.
accts...
Propor'n of gold on
hand to sight liab.
Foreign Money Rates
a
IN'bills
LONDON open market 9-16@^%, as for short
discount rates against
Friday
on
9-16%
on
months'
week.
Friday of last week, and %% f°r three-
bills,
against 9-16%
as
Money
A%.
Bank of
were
call in London
on
At Paris the
Friday of last
on
Friday was
on
market rate remains at
open
b Includes bills discounted abroad.
Germany Statement
THE statement for the third quarter of May shows
gold and bullion of 1,906,000
increase
an
in
marks, bringing the total
Gold last year
previous
§lA% and in Switzerland at 2J^%.
year
to 71,950,000 marks.
up
aggregated 82,317,000 marks and the
An increase is also
146,951,000 marks.
shown in silver and other coin of
Bank of England Statement
in other assets of
THE statement of the Bank increase weekbullion,
for the in ended
May§27 shows another
Bank's
a
Gold a
year ago aggregated £193,410,931.
As the gain in
gold was attended by an expansion of £2,932,000 in
note circulation, reserves fell off £1,857,000.
Public
culation record
record high of £207,263,000.
other
deposits £1,837,000.
Of the latter amount £1,806,257 was from bankers' accounts and £30,976
decreased £1,261,000 and those
deposits
The
from other accounts.
30.57% from 31.23%
42.82%.
was
increased
off
ratio dropped to
reserve
week
ago;
last year the ratio
securities,
other securities fe 1
government
on
£585,000 and
oans on
Circulation
total
a
vances,
which
"securities"
and
advances"
currency,
rate
2%.
remains unchanged at
Below
furnish
we
namely
comparison of the different items for severa years:
BANK OF ENGLAND'S COMPARATIVE
STATEMENT
respectively.
May 30
May 31
June 1
1935
1934
1933
1932
426,061,000 390,406,348 378,111,025 374,063, ,420 355,413.751
18,552,692
14,014,976
33,246, 958
19,766,000 23,076,563
115,008,569 124,030,662 135,477,204 117,009, 101 124,106,439
99,407,766 77,472, 660 89,956,577
78,275,245 88,041,300
Bankers' accounts.
36,069,438 39,536, 441 34,149,862
Other accounts
36,733,324 35,989,362
72,506, 127 73,914,656
Govt, securities
91,758,310 85,421,044 76,894,807
22,198, 831
16,403,319
37,601,752
19,618,191 16,495,404
Other securities
11,249, 948 12,481,965
5,253,940
5,648,585
6,694,719
Disct. & advances.
10,948, 883 25,119,787
10.754,734
12,923,472 11,241,464
Securities
73,977,532 73,339, 353 48,927,975
41,201,000 63,004,583
Reserve notes & coin.
Coin and bullion
207,263,000 193,410,931 192,088,557 187,402; 773 129,341,726
Public
deposits
marks,
Changes
May 23, 1936 May 23, 1935 May 23, 1934
71,950,000
19,520,000
5,363,000
+ 1,906,000
Gold and bullion
Of which depos.
abr'd
Reichsmarks
Reichsmarks
Reichsmarks
No change
—65,000
82,317,000
21,993,000
4,038,000
Reichsmarks
146,951,000
32,059,000
7,526,000
—54,366,000 4,084,232,000 3,327,435,000 2,905,687,000
+ 15,582,000
213,019,000
239,975,000
307,407,000
*
1,532,000
13,742,000
14,486,000
35,406,000
50,434,000
74,458,000
—6,117.000
538,603,000
667,701,000
—15,000
645,495,000
+ 39,192,000
312,746,000
658,356,000
568,939,000
Res've in for'n currency
Silver and other coin...
Notes on oth. Ger. bks.
Other assets
Liabilities—
Oth. daily matur. oblig.
Circulation
54,366,000
below:
for Week
Notes in circulation
£
marks,
COMPARATIVE STATEMENT
REICHSBANK'S
Investments
May 29
1936
Reserve
A comparison of the different items
for three years appears
Advances
May 27
3,363,494,000 marks.
bills of exchange and checks, ad¬
65,000
Bills of exch. & checks..
a
3,987,535,000 marks.
stood at 3,410,793,000 marks
6,117,000 marks, 15,000 marks and 1,749,000 marks
declined
The discount
Notes in cir¬
investments and other liabilities register de¬
creases,
Assets—
£448,112 and £1,330,192 respectively.
against 2.53%
before.
year
down to
year ago
and two years ago at
foreign
as
1.94%,
contraction of 99,279,000 marks,
a
Other securities consist of "discounts
£1,778,304.
and
a
Loans
on
bringing the
The
marks.
97,145,000
now
and 4.6% the
year ago
in
of
ratio is
reserve
15,582,000 marks,
39,192,000 marks and in other daily
obligations
maturing
amounting this time to £1,075,209, which raises the
total aga n to a
78.51%
78.32 %
62.37%
+ 0.02%
Includes bills purchased in France,
Other
liabilities
—99,279,000 3,987,535,000 3,410,793,000 3,363,494,000
+ 97,145,000
747,446,000
809,565,000
521,868,000
169,792,000
202,456,000
162,790,000
—1,749,000
Propor. of gold & for'n
cur
Other deposits
*
1.94%
+0.09%
to note circula'n.
2.53%
4.6%
Validity of notes on other banks expired March 31, 1936.
...
.
Proportion of reserve
to
42.82%
2%
30.57%
liabilities
2%
Bank rate
49.48%
2%
48.80%
2%
New York
TITTLE business
1—4
market this
was
Money Market
done in the New York money
week, and rates for accommoda¬
34.29%
2 H%
tion
on
Bank of France Statement
were
unchanged in all departments.
the New York Stock
time loans were offered
THE weekly statement dated May of22 shows a
decrease in
d holdings
56,473,045
further
go
francs, making the
total loss
of the Bank's gold
for the nine weeks from March 20 to May 22
reserves
The total of go d is now
57,459,027,733 francs, in comparison with 76,595,581,341 francs a year ago, and 77,465,582,262 francs
two years ago.
The reserve ratio stands now at
8,241,393,675
62.37%,
francs.
compared
with
78.51% the previous year.
French
commercial
current accounts
francs,
bills
78.32% last year and
Credit balances abroad,
discounted
and
422,000,000 francs, and 78,000,000 francs,
Notes in circulation show a loss of
197,000,000 francs, bringing the total down to 83,-
respectively.
Circuat:on
a year ago
at
l1/4%, with few takers.
Bankers' bill and commercial paper rates were car¬
ried
over
from last week, and these
even more
loans.
of
The Treasury sold last
discount
due in
due in
One issue
bills.
202 days,
count of
departments
were
lethargic than Stock Exchange collateral
was
Monday two issues
of $50,000,000
awarded at
bills,
an average
dis¬
0.175%, while another series of $50,000,000,
273
days,
were
awarded at
an
average
of
0.200%, both computed on an annual bank discount
basis.
creditor
record increases, namely, 8,000,000
338,284,680 francs.
Call loans
Exchange held to 1%, while
totaled
New York Money
Rates
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
the
Stock
was
ruling quotation all through the week for both new
loans and renewals.
There has been
no
change this
3570
Financial
Chronicle
week in the time money market and no transactions
been
have
1 %%
reported.
Rates
maturities.
for all
commercial paper
continue
The
nominal
at
market for prime
choice
has
been
and the
good.
Rates
%% for extra
are
less known.
names
are
slightly larger volume the supply is still in¬
sufficient to meet the
requirements.
Rates
Council for bills
to and including 90 days
up
are
3-16% bid and %% asked; for four months, %%
bid and
3-16% asked; for five and six months, %%
bid and
5-16% asked.
York
New
Bank is
Reserve
from 1 to 90
The bill-buying rate of the
%% for bills running
days, %% for 91- to 120-day bills, and
1% for 121- to 180-day bills.
banks'
holdings of acceptances decreased from $4,-
544,000
nominal in
are
concerned,
as
market
far
so
the
as
for
rates
dealers
they continue to fix their
own
The nominal rates for open market accept¬
rates.
ances
Open
$4,299,000.
to
acceptances
are
The Federal Reserve
are
follows:
as
-180 Days
—150 Days
Bid
Prime eligible
Asked
Bid
Asked
H
bills
*i«
%
90 Days
Asked
»„
Bid
Asked
si«
H
>ti
—30 Days
Bid
Asked
H
DELIVERY WITHIN THIRTY
FOR
H
60 Days
Bid
Prime eligible bills
—120 Days
Bid
Asked
5u
34
•is
Eligible non-member banks
34% bid
H % bid
.....
I
$35.00
Monday,
May 25.
35.00
Tuesday,
May 26
STATES
(FEDERAL
Wednesday, May 27
35.00
the
While
| Thursday,
$35.00
May 28.
35.00
May 29
Friday,
35.00
foreign exchange market is extremely
dull, sterling is
practically the
which there is any
demand.
only
currency
Tor
The greater firmness in
sterling results largely from the flight of funds from
the Continental
countries,
French franc is
torium
gold
on
investors feel that the
as
to be devalued
soon
be
may
forced
that
or
a
the
upon
mora¬
French
Aside from transactions in Europe,
government.
sterling is seasonally firm in terms of the dollar, and
that tourist demand is
now
the
becoming
active,
more
pound is favorably affected with reference to the
It is reasonable to believe that
dollar.
sterling will
continue firm and in demand until the approach of
September, when the autumn drain
London
a
there is
as
on
sterling begins.
flow of foreign funds to
a
seeking safety and investment, there is also
similar flow of such funds to the New York market
which offsets to
the
pound.
In
r
address
recent
a
annual
extent the seasonal firmness in
some
,
the
to
shareholders
the
at
meeting of Rand Mines in London, Mr. John
Martin, Chairman
Discount Rates of the Federal Reserve Banks
.75.895
.
PRICE
Wednesday, May 27...139s. 7^d.
Thursday,
May 28... 139s. 6d.
Friday,
May 29
139s. 3^d.
139s. 8d.
Saturday, May 23
DAYS
Eligible member banks
..75.801
May 29
FOR GOLD BY THE UNITED
Meanwhile,
SPOT DELIVERY
..75.666
May 28
RESERVE BANK)
are un¬
Quotations of the American Acceptance
changed.
Thursday,
Friday,
139s. 8d.
139s. 7d.
May 25.,
Tuesday, May 26
THE demand this prime and while acceptances has
been quiet for week, bankers' bills
coming
| Wednesday, May 27
MARKET GOLD
OPEN
LONDON
PRICE PAID
out in
—75.613
75.657
75.647
May 25
Tuesday, May 26..
Monday,
Saturday, May 23
Bankers' Acceptances
market gold price,
LONDON CHECK RATE ON PARIS
MEAN
Saturday, May 23
Monday,
London check
mean
open
price paid for gold by the United States:
running from four to six months and
names
1% for
Paris, the London
on
has been fairly brisk this week.
Paper has been available in good volume and the
demand
following tables give the
The
rate
May 30, 1936
of the
Rand,
pointed out the
extraordinary stability of sterling which,
THERE have been of changes this week banks.
no Federal Reserve in the
rediscount
the
rates
The
following is the schedule of rates
the
for
various
classes
of
paper
now
in effect
the
at
different
Reserve banks:
he said,
had not varied in the last 14 months
much
it
still
was
Date
May 29
Rate
2
Feb.
8 1934
New York
134
Feb.
2 1934
2
Philadelphia
2
Jan.
17 1936
Cleveland
134
May
11 1935
Richmond
2
May
9 1935
are
Atlanta
2
Jan.
14 1935
2J4
2
Chicago
2
Jan.
19 1935
Jan.
3 1935
234
Minneapolis
2
May 14 1935
234
Kansas City
Dallas
2
May 10 1935
234
2
May
San Francisco
2
Feb.
8 1935
16 1934
234
234
was
in
ment
It
in the entire
a
increased
traders
as
caution the plans
to be taken
The
ties.
of the
generally
new
trading there is
a
chiefly from Paris
cabinet
a
The
range
on
action
meets
range
June
on
On
3.
Whitmonday, all major markets
Despite the dulness in
by
has
been
The
between
4.99% for bankers' sight, compared
cable transfers
$5.00,
compared
and
between
$4.96% and $4.97%
a
has
been
with
week
a
ago.
between
range
of
Mr.
J.
M.
consent extremely
common
constituted
an
confidence
in
proving
important experi¬
and
management
has
likelihood
the
successful
as
of
greatly
exchange
permanent
a
I have assumed throughout that gold will
the
basis
of
international
exchange.
only alternatives would be sterling,
or
The
some
kind
of Bank for International Settlements bank
money.
But neither of these is
of
a
world
Bankers
however
there
expect that
the
will
The rate is
practicable today
the
be
a
active
more
expected to
currency
gold bloc countries.
in
sterling
the basis
within the next few weeks,
situation
French
immediate
respecting
as
system."
pass
may
demand
$5.00.
in
week
$4.97%
has
and Continental centers.
this
deter-
are
of the British exchange equali¬
possible that the French situation
of $4.96 7-16 and $4.97% last week.
for
stability.
noticeable demand for sterling,
sterling
4.97 11-16 and
with
waiting with
are
French cabinet
except New York are closed.
for
remain
The Business
March. pound is
respecting the French financial difficul¬
French
Monday, June 2,
range
policy.
foreign exchange market has declined to
minimum
situation, they
maintain
to
exchange
management
than at any
world
quoted by Mr. Martin to this effect:
successful.
Exchange
STERLING exchangetime since
is dull.
firmer
British monetary
unwilling to stabilize in face of the
zation fund has been
2J4
2
This, Mr. Martin
although the
"The management
234
St. Louis
control,
Keynes
234
Course of Sterling
gold standard.
said, showed that
their
234
Boston
as
mined, within the limits set by circumstances beyond
Previous
Established
Effect on
the
on
uncertainties of the
Rate in
Federal Reserve Bank
as
might have done within gold points when England
authorities
DISCOUNT RATES OF FEDERAL RESERVE BANKS
by
as
tinue to send
future
as
to
matters there
It
be
resolved,
for
may so
allay
or
sterling.
seems
hardly
develop
uneasiness
in the other
Hence activity may be expected
investors
money
on
the Continent will
to the London market.
con¬
The
abundance of investment wealth in Holland, Switzer¬
land and
Belgium
can
hardly expect to find profitable
employment at home, but must
York
London.
or
either to New
move
-
Meanwhile it is generally believed that
last year,
as
this
year,
the major part of tourist exchange reLondon.
With the exception
few Continental countries,
political and internal
quirements will be
of
a
conditions
on
such
are
traffic,
diminish tourist
to
as
Currently the dulness in the foreign exchange market
reflects to
a
considerable extent
in the British
attitude of caution
an
market, which is currently crystallized
by statements made last week by Chancellor of the
the outlook for taxation.
Exchequer Chamberlain
on
After
referring to the
very
level
of
of
currently brought about
the year was established at 139s.
that
stated
high and undesirable
at
present,
he
no
saw
An important decision yet
rates.
w
^
by the Government concerns the amount
expenditure for rearmament which
be met
can
$3,629,000 from Holland
2,198,000 from Mexico
1
33?
levels,
87,000 from Nicaragua
hardly
changed
almost
certainly
distant
date,
H
three
in
be
fractionally
advanced
$9,266,000 total
Net Change in Gold Held Earmarked for Foreign Account
have
purposes
will
Bill rates
years.
6,000 frQm Guatemala
some
be kept at the present
which for all practical
at
no
Note—We have been notified that
approximately $370,000 of gold
was
received at San Francisco from China.
though the great abundance of
even
None
385,000 from England
31,000 from Russia
time that money rates can not
low
cl™
000 from
1,331,000 from Canada
necessary.
The London market has been convinced for
Exports
Imvorts
MflOAnAA,
....
be
On Saturday last
the lowest since Nov. 22, 1934.
the Bank of England bought £1,125 in gold bars, on
Monday £420 and on Thursday £635,218.
gold movement at new york, may 2i-may 27, inclusive
taxation
by taxation and the amount of borrowing which
Will
On Friday a new low for
3%d. per ounce,
market gold price.
open
decline inithe London
a
His remarks seemed also to foreshadow
money
J
to be made
day last there was available £134,000, on Monday
£17,600, on Tuesday £338,000, on Wednesday
£162,000, on Thursday £303,000, and on Friday
£460,000. The firmness of sterling exchange has
At the Port of New York the goldfmovement for
the week ended May 27, as reported by[the Federal
Reserve Bank of New York, was as follows:
Chamberlain
rise in
open market continues to be taken for unknown
destination, chiefly for foreign account. On Satur-
Chancellor
prospect of
British
early relief.
a
3571
Financial Chronicle
Volume 142
The above
figures
for the week ended
are
on
temporary funds in London might seem to indicate
Wednesday.
On Thursday $10,803,600 of gold was
the
received,
which
impracticability
of
It
increase.
any
seems
probable that the Bank of England and the London
clearing banks
of
played
for
which
functioning
century have
a
departments of finance the British investor
of the
curities.
as
houses
for months shown
has
cause
advance in bill
outstanding part in British foreign trade.
an
In other
an
maintain the essential
discount
the
bring about
may
rates in order to
return
meager
However,
Chancellor
disinclination to
a
should
rate
se-
money
firm
rates
intimates
they
There
were
exports of the metal or change in gold
were no
held earmarked for foreign account,
Canadian exchange during the
at
a
last
was
firm,
up
Bankers' sight
steadily
upward.
production
confirms
for
this
data.
continues
Trade
of
Board
of
quarter
index of
1936
amply
The productive activity is
previous
any
Britain
Great
first
the
in
in the fourth
first
The
progress.
greater than
available
in
activity
Production
by
quarter covered
is
1.9% greater than
quarter of 1935 and 8.9% above the
quarter of 1935.
The respective index numbers
for the three periods are 123.1, 120.8, and 113.
There
be
can
doubt that
no
England since
March 7 has been due to hoarding demand.
theless, the greater part of the
during the past few
dustrial
activity
British
authorities
creases
in
in
years
and
are
circulation
Never-
Bank's/ circulation
is accounted for by in-
trade
improvement.
The
looking for still further indue
to
this
cause
and
it
is
anticipation of such demand that the Bank of
is
England
Since
the
steadily
increasing
first of the year the
its
holdings,
Bank has
gold bars to the extent of £6,113,421.
that the
gold
was
bought
It is expected
year's peak in circulation will be reached
according to custom during the August bank holiday
season.
quoted
from Friday's
On Monday the pound
relatively active and inclined to firmness
was
on
close,
$4.97 11-16@$4.97 13-16; cable
European demand.
The
range
on
$4.97 13-16®
was
$4.98% for bankers' sight and $4.97%@$4.98% for
cable transfers.
On Tuesday steri
Bankers' sight
and steady.
was
ng
continued firm
$4.97%@$4.98%;
cable transfers $4.97 15-16@$4.98 3-16.
day exchange
on
$4.98@$4.98%
London was firm.
for
bankers'
$4.98% for cable-transfers.
large part of the
a
increase in circulation of the Bank of
was
Referring to day-to-day rates sterling exchange
Saturday
transfers $4.97%@$4.97%.
Industrial
week
discount of 5-16% to 5-32%.
to
impendiment to active business financing,
India,
exports of the metal, but gold held
no
they will doubtless remain at levels sufficiently low
cause no
from
came
On Friday $43,500 of gold was received from Russia,
There
up,
must,
$2,061,100
earmarked for foreign account increased $1,176,200.
be-
most first
on
Chamberlain
lend
of
$7,566,300 from France, and $1,176,200 from Mexico,
continued upward.
for
bankers'
transfers.
range was
sight
On
The
sight and
range was
$4.98%®
On Thursday exchange
$4.98%@$4.99%
range was
$4.99@$4.99%
and
Friday
On Wednes-
The
sterling
was
for
cable
firm.
The
$4.99%@$4.99% for bankers' sight and
$4.99%@$5.00 for cable transfers.
Closing quota-
Friday were $4.99% for demand and $4.99%
for cable transfers.
Commercial sight bills finished
tions
at
on
$4.99%, 60-day bills at $4.98%, 90-day bills at
$4.98,
documents
for
payment
at
seven-day grain bills at $4.9813-16.
$4.98% and
Cotton and
grain for payment closed at $4.99%.
'
.
*
,/%
1
t-
.
1
Continental-and Other Foreign Exchange
r| *HERE is nothing essentially new in the situation
1 of the French franc. Anxiety concerning the
are
future of the franc whichjdeveloped with the success
of the Popular Front in the elections of/April 26 and
9-16%, four-months' bills 9-16% to %%, and six-
May 3 continues to have a depressing influence on all
Money rates in Lombard Street continue unchanged
from last
months'
week.
bills
Two- and three-months'
%%.
Gold
on
bills
offer in the London
Continentalfmarkets.
There can be no resolution of
Financial
3572
Chronicle
May 30, 1936
this uncertainty
for at least several weeks from June 2,
market, however, it is
when
government is organized under the
with
the
new
Throughout the past week the French franc has
following table shows the relation of the leading
The
leadership of M. Leon Blum, the Socialist premier.
understood, has countered
reduction in its quotations to about 18.60.
a
currencies still
gold to the United States dollar:
on
gold point for shipment of
gold from Paris to New York.
However, for the
part the unit has been held just at or slightly
most
Old Dollar
above the lower point, so
that the extreme outward
France
New Dollar
Range
Parity
been close to the lower
Parity
This Week
(franc)
3.92
6.63
13.90
5.26
16.95
8.91
32.67
68.06
-
Belgium (belga)
Italy (lira)
movement of
been
gold which began
be
will
fund
exchange
Continental markets
major
closed,
are
will find
franc
the
believed that
equalization
Whitsun Monday, all
Monday,
On
today.
British
the
of
but it is
of
sort
some
co¬
operative official support in the New York market.
Thereafter the fate of the unit will depend upon the
The action of the franc during the
indicates that European
in
lows
discount of 26 points under spot, which
a
with 17 points
compares
day francs hit
43%
on
large
as
a new
Saturday last.
on
basis
Ninety-
low of 52 points discount, against
Saturday last. The present discounts are so
put out fresh
to make it unattractive to
annual interest
30-day francs at 25 points under spot represent
On
speculative short positions.
a
or
recorded new
30-day francs
when
market,
Thursday's
dropped to
past week
banking sentiment is
futures
Franc
bearish.
thoroughly
discount of
than 45%.
more
to New York since
an
Wednesday $153,-
to
up
Of the total approxi¬
300,000 had been received.
The
mark situation continues
German
extremely doubtful course.
mark ranges
conducted
is
blocked
fohow
to
Currently the gold
around 40.27 (parity :"s 40.33), but the
gold mark is purely
on
fiction.
a
All German business
the basis of various registered and
marks, which
at severe discounts, while
are
Germany's foreign trade is to all practical purposes
a barter basis.
It is clear that in banking and
on
industrial circles in
Germany confidence is steadily
reflected in recent balance sheets
porations.
in
1935
a
plant valuations
return
increase
profits
The excessive writing down
to have been confined to
seems
were
contributing to
program.
German rearmament
the
The substantial
conditions.
of industry as
such branches
boom
is interpreted showng fear of
of depression
in
cor¬
considerably, the disposition of
lack of confidence that the
in stocks will continue.
a
ndustrial
of
While doubtless profits of corporations
increased
them indicates
of
of business is
unsatisfactory trend
The
waning.
A steadily in¬
creasing number of German business leaders regard
legal devaluation
Hungarian
as
both
exchange
necessary
is
and probable.
customarily
limited in the New York market.
to the pengo
New York
at
quiet
and
Interest attaches
at present as local banks have lowered
quotations from 29.53 to 20 cents in response
recent
official Hungarian act on to meet the
werp
official rate remains unchanged at the
former level,
free and not blocked.
$30
rate,
formerly
they
In other words, whereas
bought
100
pengoes
buy
150
pengoes.
now
at
the
The
official
bootleg
In
the French center finished
Friday of last week;
on
Ant¬
40.24 for bankers'
transfers,
Final
closed
Austrian
schillings
with
Berlin
40.25
marks
and
for bankers'
40.26.
sight
bills
transfers, against 7.85 and 7.86.
18.75, against
closed at
18.75;
Czechoslovakia at 4.13%, against 4.14%;
on
Bucharest
at
2.19%.
bankers'
0.74%
against
0.74,
18.80, against 18.80, and
against
for
sight bills and 40.25 for cable
7.87
at
and at 7.88 for cable
exchange
quotations
comparison
in
lire
Italian
Greek exchange
sight
bills
and
on
Poland
Finland at 2.20%,
on
closed at 0.92%
0.93%
at
for cable
transfers, against 0.93 and 0.93%.
4
EXCHANGE on the countries neutral dur ng the
irregular trends. The Scandinavian
shows
war
currencies
firm
are
excessively
in
sympathy wth steriing
and
guilders
Holland
Sw'ss
ex¬
francs
are
owing to the widespread fears that
easy
the French franc is
facing
aroused considerable
a
crisis.
The situation has
in Amsterdam and
nervousness
frequent gold shipments have recently left Holland
for Brussels and New York
Aside
from
in
anxiety
n
support of the guilder.
Holland
markets,
security
which
It is
has
no
effect
the
commercial account.
be taken in Paris to support the franc,
Holland may
be compelled to abandon the gold bloc.
Thursday
large amount of Dutch gold
a
reported engaged for shipment to New York
guilder
several
dropped
theoretical
points
67.56 and
guilder
dropped
was
on
guilder is 68.06.
ment for the
as
was
the
further under the
gold point, which is around 67.70.
the week the
the
of
corresponding
thought in foreign exchange circles that whatever
action may
On
a
London and New
weakening the guilder when there is
demand for Holland currency on
French
t me been
some
movement of Dutch funds to the
York
the
over
situation there has for
currency
During
frequently quoted around
Par of
Thursday to 67.51.
The Netherlands Bank state¬
week ended
May 25 showed
a
loss in
gold holdings during the week of 14,200 000 guilders,
the
total
gold
reserve
standing
682,800,000
at
guilders.
On
Friday the
Netherlands
rediscount rate to 3%% from
Bankers'
at
67.52
sight
are
Friday
16.91% for cable transfers, against 16.90%
cluding dollars, are being allowed 50% more pengoes
pengoes
on
com¬
closed
sight
on
at
67.53
at
67.50
at
32.29
for
against
on
increased
its
on
Friday
Friday of last week; cable
against
bills
transfers
Bank
2%%, effective May 30.
Amsterdam finished
against 67.56
transfers
The additional
7.88
to 32.32f£
belgas closed at 16.90% for bankers' sight bills
purchasers of pengoes against certain currencies, in¬
foreign currencies.
to
to 67.61
6.58%, against 6.58%, and
were
for
7.84 H
32.30
67.51
Friday of last week.
on
on
16.90%.
on
6.58^
sight bills at 6.55%, against 6.55%.
and at
at
to
,
to 16.91^
Paris closed
on
6.57%, against 6.57%
mercial
Although the
competition of the "bootleg" market.
for their
sight bills
cable transfers at
their
to
against 75.55
change.
mately $149,780,000 was French gold.
an
75.92
The gold movement
April 24 has reached approximately
of which
$183,680,000,
The London check rate
at
and
policies pursued by the new government.
more
(guilder)
March 7 has not
on
supported officially and through the
intervention
19.30
40.20
It is expected that the
greatly accelerated.
franc
Switzerland (franc)
Holland
6.58^
16.90
67.57; and
against
checks
32.29%
67.54.
and
and
at
commercial
Swiss
32.30
32.30%.
francs
for cable
Copen¬
hagen checks finished at 22.32 and cable transfers
at
22.33
against' 22.22
and
22.23.
Checks
on
Volume
Financial
142
Sweden closed at 25.75 and cable transfers at
25.76
against 25.65 and 25.66; while checks on Norway
finished at 25.10 and cable transfers at 25.11 against
and
25.00
for bankers'
13.63
13.64 for cable transfers
Spanish pesetas closed at
25.01;
sight bills and at
3573
Chronicle
respective dates of most recent statements,
to
shown for the
are
1935
Business in the South
of sterling.
republics continues to expand, especially
American
trade, and only the unsettle me nt in the
the export
major foreign exchanges prevents the South Ameri¬
cans
from lifting the
The regular
control restrictions.
fortnightly statement of the Central Bank of Argen¬
tina for
May 15 showed total gold at home of 1,224,-
417,645
pesos
paper
and gold abroad and fore;gn
gold to notes in circulation stands at 131.00%.
Its
ratio of gold to total sight liabilities stands at 82.86%.
^Argentine paper pesos closed on Friday, official
quotations, at 33,29, against 33.14 on Friday of last
week; cable transfers at 33^, against 33J4The
market
free
or
cable
or
close
27.70@27%,
was
Brazilian milreis, official quo¬
against 27.60@27.65.
tations
8% for bankers' sight bills and 8.44 for
are
The unofficial
transfers, against 8and 8.44.
free market close
was
Germany b.
Chilean
5.75, against 5.60.
2,621,000
89,106,000
Spain
Netherlands
58,167,000
Nat. Belg_.
100,724,000
Switzerland
48,791,000
23,915,000
Sweden
Denmark
54,399,000
88,593,000
44,832,000
18,040,000
7,394,000
6,554,000
6,604,000
__
Norway
192,088,557
619,716,658
6,154,150
90,508,000
73,962,000
66,900,000
77,022,000
61,117,000
15,064,000
7,397,000
6,577,000
90,779,000
63,024,000
a42,575,000
Italy
6,601,000
Prev. week. 1,043,729,700 1,206,204,890
a
Oct.
Amount held
year is
-
70,483,000
69,744,000
76,458,000
73,388,000
12,031,000
7,397,000
6,569,000
129,341,726
635,761,886
38,196,300
90,108,000
60,895,000
78,121,000
72,341,000
76,777,000
11,443,000
8,032,000
6,561,000
b Gold holdings of the
which the present
20, 1935; latest figures available,
Bank of Germany are exclusive of gold
£
187,402,773
647,606,207
17,752,200
90,374,000
1,216,506,365 1,259,205,180 1,207,577,912
1,213,701,722 1,259,469,974 1,195,857,243
Total week. 1,045,992,925 1,182,855,532
held abroad, the amount of
£976,000.
Platforms
Pre-Convention Republican
It is
The bank's ratio of
exchange of 110,929,953 pesos.
unofficial
£
193,410,931
612,764,651
3,017,950
459,672,222
1932
1933
£
£'
207,263,703
France
trend
1934
£
1936
Banks of—
England
with the
corresponding dates in the previous
four years:
against 13.633^ and 13.64^.
EXCHANGE on the South firmness incountries is
steady and inclined to American
sympathy
reported
by special cable yesterday (Friday; comparisons
us
significant of the confusion and uncertainty
prevail in official Republican
which
continue
circles
that, with the national nominating conven¬
to
tion of the party
has been
a
short distance away, no hint
likely to adopt. In most previous campaigns
tion is
possible to guess, with considerable ac¬
it has been
what the substance of the principal
curacy,
would
only
given of the kind of platform the conven¬
planks
which
be, for the party used to have principles
it could be counted upon
to reiterate, the only ques¬
importance being what principles should
tion of
be
exchange is nominally quoted at 5.19, against 5.19.
emphasized the most or what phraseology should be
Peru is nominal at
employed to reconcile personal or factional views.
25.00, against 24.95.
So many
♦—
Republican members of Congress, however,
EXCHANGE firm the Far Eastern countries is
on and steady in harmony with
generally
have voted for
sterling, to which most of these currencies are allied
traditional party
either
legally
or
controls such
as
through operations
that of Japan.
of exchange
It will be recalled
that last week announcement was made in
that
ton
of the
and
ministry
reached
representatives
agreement
an
become
would
Japanese
the
finance
Chinese
United States Treasury had
whereby the Chinese yuan
independent
currency,
not to be
United States dollar, sterling,
the
allied to
an
of
Washing¬
the
or
Dispatches from Shanghai further
yen.
stated that the Central Bank of China would become
a
central
reserve
bank in about
Recent
month.
a
dispatches from Shanghai state that a threat to the
government's control of currency in China is con¬
tained in
an
Provincial
issuing
It
Charar,
and
Hopei
order issued by the political council of
Bank
has
which states that
been
designated
the
as
Hopei
the
sole
of bank notes for Charar and Hopei.
agency
understood, however, that the order does not
is
actually prevent the circulation in North China of
notes
of
the
three
government.
It
Charar notes are
is
official
understood
the
central
that
the
Hopei-
already appearing in Peiping.
The
national government is
implication is that the
yet
of
banks
as
far from being in a position to organize the
finances of China
on
a
modern basis.
29.30, against 29.86 on Friday of last week.
were
Hong¬
kong closed at 32.35@323^, against 323^; Shanghai
29.97@303^,
against
29.86@30.00;
decidedly embarrassing.
out
come
Manila
at
straddle the issue in the
sectional
or
in advance.
a
exchange) in the principal European banks
a
use
popular phrase, the platform
than
taches to
drawn
of
ordinary
of
interest,
accordingly,
at¬
the statements of principles and beliefs,
in
of platforms, which a number
the form
Republican groups have recently put out.
The
Association of New York State Young Republican
Clubs, for example, at a meeting at Jamestown on
May 16, adopted as "an affirmative alternative to
the New Deal" a
platform which advocated,
as
the
government's contribution to reemployment, the re¬
moval of restrictions on
the
anti-trust
confidence
laws,
production, enforcement of
and "restoration of business
by placing government on a sound finan¬
and
basis
with
private business."
removing government
competition
"Adequate relief to all un¬
employed," the platform declared, must be provided
by government, but the centralization of relief at
Washington was denounced as "bureaucratic, waste¬
partisan"
as
well
as
administration
ineffective, and a de¬
"non-partisan
through
authorities," with Federal aid
a census
as
them, and the
easier.
More
of the
of
To
presidential candidate does not make the task
any
local
par
hope of thereby avoiding
other conflicts would be to court defeat
prospect of a sharp struggle over the selection of
centralized
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
Administration
makers have their work laid out for
ful and
Gold Bullion in European Banks
against
policies from which large numbers of Republican
voters have benefited financially, while merely to
58.40; Bombay at 37.71, against 37.57; and Calcutta
37.71, against 37.57.
It will require courage to
unequivocally
49.90, against 49.90; Singapore at 58.65, against
at
lines at so many points, that the
question of what to say about it in the platform is
cial
Closing quotations for yen checks yesterday
at
part or another of the New Deal
one
and the New Deal itself has cut across
program,
on
the basis of
and in proportion to "the actual relief needs
States,"
was
advocated.
The solution of the
agricultural problem is to be
found, according to the platform, in "the free pro-
3574
Financial
duction of agricultural commodities and the
orderly
marketing of surpluses in foreign markets/' but the
retirement
and
of
submarginal land for reforestation
recreation, together with
basis
of
information
scientific
Department of Agriculture,
variation
crop
furnished
were
over
in
a
program was
and maximum hours, the
abolition of child labor and
unhealthy working
con¬
ditions," the guaranty of collective bargaining, and
"the
creation
of
from
reserves
which
to
pay
un¬
employment, sickness and death benefits and old
pensions."
age
Low-cost housing and slum clear¬
undertaken by private enterprise
ance,
and local
May 30, 1936
and the demands
sonnel of the
best
and
In
enlarging
be
called for by the Demo¬
currency
cratic
platform of 1932. A vague declaration of be¬
lief in
planning
cism of
ered
was
New Deal
and
made in connection with criti¬
legislation
inconsistent"
and
"hasty, ill-consid¬
as
its
administration
as
"uncertain and confused."
workable
with
Federal
laws and interstate
of
minimum
sweatshops
and
belief in the
to
adequacy of the Constitution, subject
amendment if the
the problems of the
tempt to curtail
exercised
a
or
people
so
desired, for solving
Nation, and opposed "any at¬
abolish any of the powers
now
by the Supreme Court"; called for the
immediate abandonment of the
spoils
eral reduction
of restrictions
of government
on
production,
system,
a gen¬
expenditure, removal
a
tariff which should
"wise
and
of direct taxation,"
a
honest
State
working
condi¬
by the withdrawal
competition and the removal of
ex¬
restrictions, by voluntary trade
associations, regulated by the Federal Trade Com¬
mission, "to permit organized business to
agree on
standards of
employment and fair competition," and
by the establishment of "an adequate bank credit
system based
A
the recommendations
on
expert non-political commission."
an
comparison of these various
programs
features.
shows,
There is general
agreement in denouncing the extravagance of the
Roosevelt Administration and
ment and
balanced
a
makers want
for
calling for retrench¬
budget. The advance platform
sound currency
a
foreign trade.
They
and
a
better outlook
government
oppose
com¬
petition with private business and unnecessary
strictions upon
re¬
industry and trade, and would check
Federal centralization
by leaving to the States the
eral Government has taken
special interests," sensible taxation
sound
cessive government
enrichment of
greater proportion
of
Business should be aided
regulation of
"a
to
maximum hours, abolition of
protect American wage standards "but not for the
with
commu¬
"an honest and
aid
improvement
of course, some common
other things, asserted
re¬
compacts for the establishment
wages,
a
among
af¬
party
measures," "cooperation with the States in provid¬
ing opportunities for youth," and "uniform State
of
which,
past
enterprise,"
May 24 the fifth conference of New England
Young Republicans, in session at Boston, adopted
program
of
plan of old-age pensions and unemploy¬
insurance
ment
and currency
On
per¬
these general demands the
upon
individual
of government
budgetary bal¬
economy,
regardless
planned and carried out by States, local
nities and
cated, together with the
sound
groups," with the
port endorsed Federal aid for low-cost housing "to
tions."
and
selfish
qualified,
governments but with Federal aid, were also advo¬
ance
of
public service limited to "the ablest
filiation."
the
plank which favored "the establish¬
of minimum wages
ment
by
also endorsed. A
large section from the Administration
taken
the
on
Chronicle
number of matters which the Fed¬
a
under its control.
more
or
less
completely
They believe in the Constitution
regulation of public utilities,"
bargaining for labor with the right of free
organization, and relief administered by State and
they
local
ousted from the civil service.
collective
authorities
with
Federal
Unemployment and old
endorsed, but with the
aid
where
needed.
insurance systems
age
recommendation
and
the
are
of the
that
chosen.
a
forms is marred
foreign currencies
should be fixed.
report of
clubs
or
a
public
if
on
pro¬
May 25 in the form of
a
committee representing five Republican
organizations, two of them in New
and the others of
was
a
prepared after
national character.
a
York
The report
series of public hearings, and
approved by the organizations concerned is to be
sent in letter form to the
convention.
New Deal is
The report
delegates to the national
bluntly declares that "the
dishonest," that "it is
not liberal
ex¬
cept in word and in reckless spending of the peo¬
ple's money," that "it is leading us into national
bankruptcy" and is "setting
ary
foreign, reaction¬
government under which opportunity and free¬
dom will cease."
should,
among
The
up a
Republican national
other things, emphasize
damental issue "individual and State
to
as
platfoi|n
the fun¬
independence
prevent Federal centralized control," urge home
rule in relief and other local
production, insist
upon
projects, call for free
economy
and
a
balanced
budget in contrast to unlimited Federal spending,
and pledge a government "freed from
partisanship
not
so
by compromises,
appears to
the limitation that it shall
communities
and there is
in
are
well
points, however, the
clear. Every one of these plat¬
vital issues of the New Deal.
local
they go,
as
general statements which do not
ing, for example,
The most elaborate of these
pre-convention
grams was made
are
far
as
number of other
proposals
relative values of American and
shall be respected,
impairment of the authority
positions,
At
systems should be worked out "with extreme care."
vocacy of an international conference at which the
provisions
any
Supreme Court, and they want partisanship
The demand for sound
currency was
joined to ad¬
its
against
All these
were
that
insist
a
or
by
or
come
to
vague or
grips with
Federal aid for hous¬
be favored, with only
supplement what States,
private enterprise
may
do,
similar endorsement of Federal aid
unemployment. Federal regulation of public util¬
ities
seems
obviously to have proved
a
tender sub¬
ject, the inquisitorial activities of the
and
tions Commission and the Senate
are
Securities
Exchange Commission, the Federal Communica¬
not
lobby committee
challenged, and railway and transportation
problems
are passed over.
There is nothing in the
platforms to discourage organized labor in its cam¬
paign for further economic power, and the crucial
question of agriculture,
statements about
save
for
some
foreign markets, is left pretty much
There is
should
no reason
embody
program,
or
every
list
why
and
a
a
up
in the air.
national party platform
detail of
every
party may have made.
however,
generalized
freeing production and recovering
a
proposed legislative
mistake that
an
opposing
On questions of principle,
platform should be both comprehensive
unequivocal, while in the crucial issues with
which it deals it should be
clear, exqct and uncom-
Volume
Financial
142
been
considering represent anything like a majority opin¬
ion in Republican circles, the only conclusion to be
If the statements which we have
promising.
is
drawn
Republican opinion is not yet very
that
It
political
game to attack the Administration's errors and
shortcomings, but an attack which is freely sprin¬
kled with compromise or evasion, or which dodges
clear
is
the
nor
Republican temper very courageous.
quite in accordance with the rules of the
concrete statements of what is wanted
its
by phrasing
proposals in generalities, is not well
win
There is
votes.
reason
no
adapted to
to expect that
the
explicit
in championing New Deal policies, for Mr. Roosevelt
and his party have gone too far to retreat without
danger that the retreat may become a rout. The
Republican platform of opposition cannot well be
any less explicit if it is to carry conviction and win
Democratic
platform will be anything but
The Immediate Future of British
war
nexed to
of
Imperialism
Ethiopia has been formally an¬
and
over
are
and
major operations of the Ethiopian
Now that the
Italy, it is coming to be seen that the course
European politics, and to some extent that
African and Asiatic
politics
as
ships patrolled the Channel with
mastheads.
She has suffered it, more¬
II's time and their
brooms at the
at the hands of a nation that most
over,
upon
Bluff failed
as
a
against this stubborn and
Not all of the
dent
chagrin, to be sure, this correspon¬
of
well, is likely to be
strength has gone," he wrote, "because
has been able to do to British
and under the threat of what another
year,
Anglo-Italian sympathy did not prevent the
in general at least, of friendly and
understanding relations between Italy and France,
considerably
more
important.
the perils
because they
are a negation of their own British principles. . . .
Bluff did not succeed partly because the British
these days are too pacifically minded to fight for
anything but their own hearthstones; still more be¬
slumber, the people are now awakening to
British
cause
naval
and
Not until Mussolini
begin to multiply, and only with the emergence of
Ethiopian controversy was anything approach¬
the
ing the dimensions of a rift particularly discernible.
months
Seven
were
of war,
however, attended as they
with much bitter criticism of Italy
and
circles
worked
nance
formal
imposition
of
sanctions,
inevitable change, and while the
an
of
the
in League
diplomatic relations has not,
mainte¬
of course,
jeopardized and the routine of diplomatic ex¬
been
in
no
taneously stir up things in the
do had its effect upon
British policy, but the danger
quarters was nevertheless
The immediate danger
mote.
what the Italian success means
it
with
are
the
anxiously pondering.
.
be
it will
to
protect the route to India from
ence,
Great
of
The
success
Ethiopia has been
British
a
especially striking in
bitter disappointment to
hopes and a severe blow to British pride. In
months, part of it at Gibraltar, part at
a
number of the capital ships were
a
ranean
from a
possible Italian air attack.
not
is
not
only shattered League prestige
but has also struck a hard blow at the British in¬
fluence which was
A
the main stay of League policy.
correspondent of the New York "Times," in a
remarkable
contrast
ago.
one
dispatch of May 24, drew sharply the
between British
feeling
now
and
a
year
"That conviction of strength and security that
noted last
missing.
suffered
...
a
year," this correspondent wrote, "is
Since the last jubilee Britain has
blow to
her pride such as she has not
Mediterranean has passed to Italy.
point in the Mediterranean which can¬
airplanes. Malta
either an important or a
naval base, Alexandria lacks facilities
longer regarded as
safe British
is
an
easily be reached by Italian
no
for
With
surpassed only by that of France,
air force which is
has
has
as
policy of provocation, but to the belated realiza¬
longer safe in the Mediter¬
ing by the League and planning to make it more
Mussolini
regarded
tion that the fleet was no
effective, there is no longer any illusion about what
In defying the League and its sanc¬
intervening weeks the fleet
Mussolini's protest at what was
There is no
going ahead victoriously in spite of them,
hurriedly
heavily reduced. The withdrawal was not
the control of the
happened.
Malta,
part in the neighborhood of Alexandria and the
Suez Canal.
Before the Italians had taken Addis
spite of all that has been said publicly about stand¬
tions and
Mediterranean for
and
due to
of the Italian invasion
Italian interfer¬
but primarily as a reminder to Italy that
Britain intended to support the League. The
assembled fleet remained in the
some
in the
imposing naval force, ostensibly
an
has been
Great Britain.
to have im¬
recalled, the British assembled
Mediterranean
withdrawn, and in the
from seeing eye to eye.
appears
pressed is that the British fleet can no longer domi¬
nate the Mediterranean. At the outbreak of the war,
tries
The evidences of tension are
and how best to cope
.,.
which the war
One lesson
relatively re¬
spot was Italy, and
questions which Britain is now
perial affairs at least, if not in others, the two coun¬
for many years
might simul¬
East." There is no
Germany and Japan might
time, with the possibility that Japan
Ababa
today much farther than they have been
called they were
position to tackle two dictators at the same
changes has been observed, it is clear that in im¬
are
military leaders realized
only too well that if the bluff were
the whole,
on
firmly established in power did signs of change
was
and
feverishly rearming
may be able to do in the immediate future.
The
sense of security has gone because, after years of
powerful neighbor now
more
State, Italian and British diplomacy in important
was inclined to find itself much in accord.
matters
British influence at Rome was,
"The sense of
of what Italy
prestige in the last
maintained, is due to Italy.
from these
but
hard-headed
antagonist."-
doubt that fear of what
maintenance,
Britons
second-rate Power, but which
nevertheless has successfully defied 51 other na¬
tions that Britain marshaled and led at Geneva.
looked
profoundly affected by the relations between Italy
and Great Britain.
Until the rise of the Fascist
The
the Thames in Charles
felt since the Dutch sailed up
they face from dictatorships they hate
support for the party's candidates.
Italian
3575
Chronicle
docking and repairing large vessels,
no
suitable point at
and there
which oil and other necessary
supplies can safely be stored.
The realization of this situation has faced Great
Britain
with the
problem of
changing fundamen¬
If the rise of an imperialist
Italy is to jeopardize in any way the route to India
by way of the Suez Canal, communication with In¬
dia and British possessions in the Far East will
have to be safeguarded by some other route.
This
tally its naval policy.
„
3576
Financial
Chronicle
May 30, 1936
explains the recent suggestion of fortifying Cape
Town and establishing a naval base
there, and the
ing
further
prepared to withdraw
development of naval defense between Cape
great naval base at Singapore. The
Town and the
whole
problem of imperial communication by water
Italy, it is reported, lias repeated its
on.
that it has no designs
ances
assur-
Egypt, that it is
on
considerable part of its
a
forces in Libya, and that the water supply of Lake
Tana upon which Egypt depends will not be inter-
needs to be reconsidered if the short route via the
fered with.
Mediterranean is to be less safe than it hitherto has
talked over,
been.
good.
All
this, of
is
course,
imperial Italy holds
perial Britain.
some
If Italian
be
French
an
There remains, however, the question of accord-
ing diplomatic recognition to Italy's conquest by
allowing Ethiopia, as a nominally independent
assurances
are
claims
situation, in other words, is being
and that of itself is something to the
serious threat for im-
on
cepted, the British fears
British and
the assumption that
The
in
to be
are
needless.
ac-
Just how the
Ethiopia itself will
adjusted is not yet apparent, but Mussolini has
State, to be removed from the
recognized
admission that the
open
If Ethiopia is
map.
Italian possession, it will be
an
as
repeatedly let it be known that he does not propose
sanctions will have to be dropped. As long
to interfere either with the Suez Canal
tions are maintained, if only
with any
or
British possession in Africa or the Far East.
difficult for the
the
Italian
British, chagrined
to
successes,
"with
entire
that
imperial
confidence.
accept these
be followed
It is
are at
assurances
They know only too well
ambition feeds
and that encroachments in
to
they
as
upon
its conquests,
direction
one
likely
are
by encroachments in another.
The
will be
the
as sanc-
formal gesture, it
as a
hopeless to think of reconciling Italy and
League, and the possibility
of
Italian
with-
drawal from the League will be increased.
is
an
League has failed, and
There
considerable body of opinion in England which
a
would be willing to
thinking
sober
Italy withdraw, but
see
perceives
the
dangerous
more
political
complications which such action might entail. The
flamboyant speeches of the Italian dictator, and his
situation will
insistance that he will brook
gards the action of the States which have cooperated
his
plans,
interference with
no
not things that tend to quiet British
are
alarm.
in sanctions
being planned in Britain to
strengthen the national defense and maintain
un-
East, there
are reasons
for hoping that the
resources
of
diplomacy will also be explored. The outspoken
warning given by Prime Minister Baldwin in the
House of
Commons,
adhering to
regard
a
declaration made in 1922,
unfriendly act
as an
in
the
affairs
would consider any
Egypt
her
at
May 21, that Great Britain,
on
of
any
"would
attempt at interfer-
Egypt by
any
Power, and
aggression against the territory
to be repelled with all the
as an act
means
command," and the added statement that
British
responsibility
Palestine
under
the
for
the
administration
League of
Nations
of
mandate
would be
discharged "to the full," had a provocative
ring, but diplomatic exchanges are nevertheless go-
repudiation of their
a
re-
corn-
Italy, and thereby leaves
the whole field of commercial arrangements to be
with
dealt
interrupted communication with India and the Far
of
in effect
as
mercial agreements with
Aside from what is
ence
be further complicated if Italy
The
anew.
diplomatic knot is obviously
hard
a
to
one
untie, and if it cannot be untied it will have to be
It is too early yet to conclude that diplomacy
cut.
will fail.
The
of the
course
Government which
new
"will begin to function in France next week is yet
to be learned, and negotiations with Germany await
Hitler's response to the British questionnaire.
less the Italian
with
ever,
Un-
to be rejected, how-
assurances are
Anglo-Italian
war as
the ultimate out-
diplomacy must find
come,
a way
to reconcile Ital-
an
ian ambitions with the claims of British vested interests.
It will be
allow the
Powers
rift
a
tragedy if the two great Powers
between them
share
must
to
widen, and both
responsibility if attempts at
reconciliation fail.
Text of Majority Opinion of the United States
Supreme Court
Holding Invalid
Municipal Bankruptcy Act of 1934—Views of Minority
As
we
note
elsewhere in this
ruptcy Act of 1934
was
cision of the United States
SUPREME
issue, the Municipal Bank¬
held unconstitutional in
a
5-to-4 de¬
Supreme Court, handed down
on
May 25. The majority opinion was written by Justice James
C. McReynolds, whose views were concurred in
by Justices
Willis Van Devanter, George
Sutherland, Pierce Butler and
COURT
[Number
C.
L.
Ashton, et al.,
OF
THE
UNITED STATES
859—October Term,
petitioners,
Cameron
vs.
1935]
County
Water
of certiorari to the United States
Fifth
Owen J. Roberts.
The dissenting opinion, holding the law
constitutional, was written by Justice Benjamin N. Cardozo,
and he was joined in his views
Hughes
State.
Circuit.
Circuit Court
of
Stone.
and
The
Justices
decision
bondholders
of
District No.
1
Louis
was
D.
Brandeis
given
in
the
and
Harlan
F.
action
brought by
Improvement
the
Cameron County Water
Texas, who challenged the right of the
District to take advantage of the terms of the law which
authorized cities, counties and other
political subdivisions
of
to refund debts in the Federal
bankruptcy courts.
reversing the decision of the United States Court of
Appeals for the Fifth Circuit, which had upheld the validity
of the Act, Justice
McReynolds, in declaring the law to be
invasion
by
the
Federal
Government
of
State
rights,
or
their
to the interference here
attempted,
own
the
political
they
subdivisions may be subjected
are no
affairs; the will of Congress prevails over them; although inhibited,
right to tax might be less sinister.
And really the sovereignty of the
so often declared necessary to the Federal
system, does not exist.
"The
challenge to the validity of the statute," said the
majority opinion of Justice McReynolds, "must be sus¬
as
given
We give herewith the text of the
majority opinion
in
a
Washington
"Times":
district
43,000
embracing
acres
in
laws
of
that
debts
as
they
the
its
presented
to the United States District Court, Dec. 5, 1934,
petition with plan for adjusting its obligations—$800,000 6%
This proposed final settlement of these
obligations through pay¬
bonds.
of
ment
49.8c.
struction
24,
U.
S .C.
of
the
thirds
that
the
on
dollar out of funds to
Finance Corporation
The petition
follows
at
and seeks
be borrowed from the
Recon¬
4%.
relief
under
the Act of
Congress approved
1934, c., 345 Sections 78, 79 and 80, 48 Stat. 798; Title 11
A., Sections 301, 302 and 303.
(a) It alleges that more than 30%
bondholders had
would
do
accepted
The
so.
non-assenting bondholders
Owners of
more
jurisdiction,
than
denied
the
prayer
plan
asks
and ultimately more than
confirmation
be required
to
of
accept
the
proposal
two-
and
it.
5% of outstanding bonds appeared, said there was
the
existence
of
asked
thajt the
lack of jurisdiction.
It held:
insolvency
and
petition be held insufficient.
longer free to manage their
State,
tained."
improvement
amended
an
no
obligations of States
McReynolds delivered the opinion of the court.
water
a
County, Texas, was organized in 1914 under
Claiming to be insolvent and unable to meet
matured, it
said:
If
Justice
Respondent,
May
In
an
Mr.
Appeals for the
(May 25, 1936.)
Cameron
by Chief Justice Charles E.
Improvement
District Number One.
On writ
dsipatch
to
the
New
York
Dismissed in Trial
The trial
court dismissed the
petition
Court
for
The petitioner is a mere
agency or instrumentality of the
for local exercise of her
sovereign power—reclamation of arid
irrigation.
only.
and
to
authorize
Act.
It
owns
The bonds
secured
by
no
are
taxes
private
contracts
levied
property
of the
upon
and carries
State,
public
business
executed through this agency,
local property.
Congress
Federal court to readjust
obligations,
Also, the allegations of fact are insufficient.
a
on
State, created
land through
as
lacks power
provided
by the
Volume
Court
Circuit
The
of
the
took
Appeals
considered the points
cause,
presented, and held that the allegations were adequate to show jurisdiction
and to warrant introduction of evidence.
Also that Congress had exer¬
granted by Section
the trial
reversed
The Act'of
Public
remanded the cause.
and
of July 1, 1898,
(three sections, 78, 79, 80),
for the Emergency Temporary Aid of Insolvent
Preserve the Assets Thereof, and for Other Related
Debtors
and
to
Purposes."
•
78
Section
asserts
an
rendering
emergency
further exercise
imperative
directs that "in addition to the
jurisdiction exercised in voluntary and involuntary proceedings to adjudge
persons bankrupt, courts of bankruptcy shall exercise original jurisdiction
in proceedings for the relief of debtors, as provided in this chapter."
of
the
Section 79
Powers.
Bankruptcy
interference
or
Cites Previous Ruling
that 'the people
of each State compose a State, having its own government, and endowed
with all the functions essential to separate and independent existence,' and
that 'without the States in union, there could be no such political body as
the United States.'
Not only, therefore, can there be no loss of separate
and independent autonomy to the States, through their union under the
Constitution, but it may be not unreasonably said that the preservation of
the States, and the maintenance of their governments, are as much within
the design and care of the Constitution as the preservation of the Union
and
the maintenance of the national government.
The Constitution, in
all its provisions, looks to an indestructible union, composed! of indestruct¬
(a
paragraphs,
ambiguities—in 12
80—long and not free from
for
fice
the
prescribes
present
and
mode
purposes.
District Court and submit
30% of the obligations
to be affected; also complete list of creditors.
If satisfied that the petition
is in good faith and follows the statute, the judge shall enter an approving
order; otherwise, it must be dismissed.
Creditors holding 5% of the
indebtedness may appear in opposition.
"A plan of readjustment within the meaning of this chapter shall include
provisions modifying or altering the rights of creditors generally, or any
class of them, secured or unsecured, either through the issuance of new
securities of any character or otherwise; and may contain such other pro¬
visions and agreements, not consistent with this chapter, as the parties
The
petition for relief must be filed in the
plan for readjustment approved by creditors holding
is
the
district executory in whole or in
allow reasonable
compensation; stay suits; enter an interlocutory decree declaring the plan
temporarily operative, &c.
"But [he] shall not, by any order or decree,
in the proceeding or otherwise, interfere with any of the political or govern¬
ment powers of the taxing district, or any of the property or revenue of
the taxing district necessary in the opinion of the judge for essential gov¬
ernmental purposes, or any income-producing property, unless the plan of
of contracts of the taxing
rejection
part."
require the district to open its books;
He may
readjustment
is
those
provides."
so
Must
Meet
Requirements
shall confirm the plan, if satisfied that it is
of the creditors, does not unduly
discriminate, complies with the statute, and has been accepted by those
After
hearing, the judge
equitable,
fair,
the best interests
for
Also, that
holding two-thirds of the indebtedness.
expenses
incident to the
readjustment have been provided for, that both plan and acceptance are in
provisions of the plan, after order of confirmation, shall be binding
the
discharge
plan,
except
district
from
all
debts
and
no
otherwise provided.
as
impair the
of
power
any
political subdivision thereof in the exercise of its political or governmental
including expenditures therefor, and including the power to require
powers,
the
approval
any
petition hereunder and of any
shall
exist
by
or
any
shall
the State of the filing of
plan of readjustment, and whenever there
governmental
hereafter
be
agency
the
of
one
the
law of
any
State
any
of such State authorized to exercise supervision or control over the
agency
fiscal affairs of all
division,
or
political subdivisions thereof, and whenever such
any
assumed such
has
agency
then
supervision
such
of
petition
no
hereunder unless accompanied
or
control
may
by the written approval of such
plan of readjustment shall be put into temporary effect
firmed without the written
consider
not
need
agency,
or
and
finally
con¬
approval of such agency of such plan."
this
Act
establishment
of the judicial
Motorcycle Co. vs. United States, 283 U. S. 570, 575,
are collected and the following conclusion announced1:
Indian
In
relevant
Subject to Federal Tax
et seq.,
cases
from the independence
implied
principle is
of the national and
the provisions
governments within their respective spheres and from
the Constitution which look to the maintenance of the dual
State
Notwithstanding the broad grant of
power
system."
"to lay and collect taxes,"
opinions here plainly show that Congress could not levy any tax on the
issued by the respondent or upon income derived therefrom.
So to
do would be an unwarranted interference with fiscal matters of the State—
bonds
States
United1
In
Many opinions
existence.
essentials to her
Company,
Railroad
vs.
explain and support this view.
17 Wall 322, 329, this court
said:
municipal corporation like the City of Baltimore is a
"A
representative
only of the State, but is a portion of its governmental power.
It
of its creatures, made for a specific purpose, to exercise within
not
is
a
State.
The State may withdraw these
local powers of government at pleasure and may, through its Legislature
or
other appointed channels, govern the local territory as it governs the
State at large.
It may enlarge or contract its powers or destroy its
existence.
As a portion of the State in the exercise of a limited portion
of the powers of the State, its revenues, like those of the State, are not
the
sphere
of the
powers
subject to taxation."
Pollock
also
See
U.
S.
The
power
157 U. S. 429, 586; 158
Company,
Farmers, &c.,
vs.
601, 630.
Trial
Court
Is
Upheld
establish
.
.
.
uniform laws on the subject of
have no higher rank or importance in our scheme of
"to
can
power to "lay and collect taxes."
Both are granted
of the Constitution, and we find no reason for saying
impliedly limited by the necessity of preserving independence of
government than the
by the same section
that
is
one
while the other is not.
the States,
Accordingly,
application of the statutory provisions now before us
as
materially restrict respondent's control over its fiscal affairs, the
rightly declared them invalid:
If Federal bankruptcy laws can be extended to respondent, why not to
the State?
If voluntary proceedings may be permitted, so may involuntary
might
court
trial
course,
inhibition of the Eleventh Amendment.
If the State were proceeding under
with terms broad enough to include her,
to any
Quarles, 158 U. S. 532, 535.
Matter of
a
of
subject,
ones,
the present one,
like
statute
different.
apparently the problem would not be materially
Our
special
of the power claimed—not
what has already been attempted.
And
importance that due attention be given to the results
with the existence
is
concern
merely the immediate outcome of
Over
Passes
We
political sub¬
be received
any
over
political subdivision
the creation of their sovereign
its existence."
could long preserve
Not
of
under
created
the
the appointment of officers to administer their laws.
and the exercise of it, we risk nothing in saying that
States under the form of government guaranteed by the
bankruptcies"
in this chapter 6hall be construed to limit or
State to control, by legislation or otherwise, any
is
and
Constitution
Final decree shall
liabilities dealt with by the
"(k) Nothing contained
which
of
one
the district and all creditors, secured or unsecured.
upon
no
rights,
department,
good faith and the district is authorized by law to take all necessary action.
The
and instrumentalities which are
means
limited
Plan
so
as
Without this power,
one
/,
recognized by the Constitution, and the
indispensable, that, without them, the general
reserved
and
The judge, with its approval, "may direct
Hearings must be accorded.
condition of the States in our
existence of
government
itself would
disappear from the family of nations, it would seem to
follow, as a reasonable if not a necessary consequence, that the means and
instrumentalities employed for carrying on the operations of their govern¬
ments, for preserving their existence and fulfilling the high and responsible
duties assigned to thetn in the Constitution, should be left free and unim¬
paired ; should not be liable to be crippled!, much less defeated by the
taxing power of another government, which power acknowledges no limits
but the will of the legislative body imposing the tax, and, more especially,
which
of
seasonably accepted, extension may be granted, &c.
not
Day, 11 Wall 113, 125, 126.
vs.
being the separate and independent
"This
creditors must be notified; if the plan
Upon approval of the petition,
Collector
States."
complex system,
desire."
may
had! occasion to remark at this term
have already
"Such
conditions under which, when unable to
pay its debts as they mature,
"any municipality or other political sub¬
division of any State, including any county, city, borough, village, parish,
town or township, unincorporated tax or special assessment district,
and
any
school, drainage, irrigation, reclamation, levee, sewer, or paving,
sanitary port improvement or other districts" may effect a readjustment.
A brief outline of the salient provisions, with some quotations, will suf¬
1)
through Mr.
pertinent doctrine, now firmly established, was stated
Chief Justice Chase in Texas vs. White, 7 Wall 700, 725:
ible
to
unless the right so to do is
The
Held Ambiguous
Statute
Section
government,
by the national
definitely accorded by the Federal Constitution.
"We
IX
544, by adding Chapter
"Provisions
captioned
1 of the Constitution.
cl. 4, Art.
8,
court
May 24, 1934, amended the Bankruptcy Act
541, 30 Stat.
c.
bankruptcies,"
Accordingly, it
"to establish uniform laws on the subject of
cised the power
3577
Financial Chronicle
142
Objections
detail
in
definitely
to
which
first
the
of
is
it
undertake
or
The evident intent was to authorize a Federal court to require
objecting creditors to accept an offer by a public corporation to compro¬
power
in the
future.
The
of such a
be brought about by the exercise
might
classify it.
mise, scale down,
any
it
sense a
the power
beyond
the
law
also because
of Congress;
Amendment.
it conflicts with the Fifth
i"
other objections, we assume for this discussion that
adequately related to the general "subject of bankrupt¬
Passing these and
enactment
the
is
cies."
See Hanover National
Illinois
N.
B.
& T. Co.
vs.
Joint Stock Land Bank vs.
The
respondent
District
it
organized
was
the
Cameron
648; Louisville
Radford, 295 U. S. 555.
in
1914 as
and domestic
Irrigation
uses;
County Water Improvement District No.
in 1919,
1,
all
as
Section 63, Article 3, Constitution of
Texas, which permits creation of political divisions of the State, with
power to sue and be sued, issue bonds, levy and collect taxes.
An amend¬
authorized
by
statutes passed under
ment to the Constitution—Section
the
and
conservation
remainder
By Act
Article 16—(Oct.
in
question
2, 1917)
resources
and their preservation,
Most of the bonds now in
and duties."
the
59a,
development of all the natural
reclamation of lands
including
were
declares
of the State,
"public rights
issued during 1914;
are
1919.
27, 1935, the Texas Legislature declared1 that
political subdivisions, taxing districts, &c., might proceed
under the Act of Congress
approved May 24, 1934.
political subdivision of the
State, created for the local exercise of her sovereign powers, and that the
right to borrow money is essential to its operations.
Houck vs. Little River
Drainage District, 239 U. S. 254, 261-262; Perry vs. United States, 294
It
U.
S.
is
plain
330.
enough
Its fiscal
which
that
affairs
respondent
are
those
is
a
of the State, not subject to control
See Perry vs. United States, 294 U. S.
the court.
apply to
may
353.
330,
../
Would
Impair State Freedom
obligations of States or their political subdivisions may be subjected
interference here attempted, they are no longer free to manage
If
the
to
Congress prevails over them; although
be less sinister. And really the sovereignty
system, does not
Maryland, 4 Wheat. 316, 430.
Farmers Bank vs.
will
the
affairs;
own
of
inhibited, the right to tax might
the State,
of
exist.
so
often declared necessary to the Federal
McCulloch
vs.
232 U. S. 516, 526.
Constitution was careful to provide
Minnesota,
The
law
form
4
of
a
122,
Wheat.
bankruptcy
191.
Act
that "no State shall pass any
Contracts."
impairing the Obligation of
the
or
otherwise.
This she
Sturgis
may
vs.
not do under
Crowninshield,
Nor do we think she can accomplish the
same
by granting any permission necessary to enable Congress so to do.
Neither consent nor submission by the States can enlarge the
of
approved April
municipalities,
Federal
their
Cameron County
The statute before us expresses this
It undertakes to extend the supposed power of the
Government incident to bankruptcy over any embarrassed district
of their contracts.
obligation
design in plain terms.
Moyses, 186 U. S. 181; Continental
vs.
1, to furnish water for irrigation
No.
became
Bank
C., R. I. & P. R. Co., 294 U. S.
especial purpose of all bankruptcy legislation is to interfere with
between the parties concerned—to change, modify or impair
relations
the
The Act has been assailed upon the ground that
on the subject of bankruptcies and therefore is
property whatsoever.
is not in any
its indebtedness without the surrender of
repudiate
or
States
vs.
State
powers
those which are granted.
United
Butler, decided Jan. 6, 1936, 297 U. S. 1.
The sovereignty of
essential to its proper functioning under the Federal Constitution
Congress;
the
end
none
can
cannot be surrendered ;
See United
States vs.
exist except
it cannot be taken away by any form of legislation.
Constantine, 296 U. S. 287.
Challenge
Like any
to Act Sustained
sovereignty, a State may voluntarily consent to be sued; may
permit actions
against her political subdivisions to enforce their obliga-
3578
tions.
Financial
Such
tained
that
in
proceedings against these subdivisions have often been
Federal
courts.
Federal
the
Government,
impose its will and
idea
of
impair
nothing in
acting
State
this
under
tends
the
to
support the view
bankruptcy
laws
powers—pass
power
to
regulate
and, to
be
successful,
the State.
But,
is
commerce
must
clause,
exclusive
obstructive
over
in
regulate
certain
regulations
by
the
internal
situation
The
before
is
commerce
of
a
State, as such, but that it does
foster and protect interstate commerce."
No similar
arising
out
of
dual
our
form
of
government,
and
the
opportunities for differing opinions concerning the relative rights of State
and national governments are many; but for a
very long time this court
has
steadfastly adhered to the doctrine that the taxing
does
extend
not
basic
to
reasoning
limitation
the
which
the
upon
United States
States
leads
which
power
Butler,
vs.
their
or
to. that
of
power
political subdivisions.
conclusion,
springs
think,
we
from
the
Congress
The
same
like
requires
bankruptcy
clause.
supra.
The challenge to the validity of the statute must be sustained.
The
judgment of the Circuit Court of Appeals is reversed.
The cause will be
returned
to
the
District
Court
for
further
action,
consistent
with
this
opinion.
Reversed.
(a)
Originally,
April 10, 1936,
this
it
From the
we
limited
was
extended
was
to
two
Jan.
to
1,
By
years.
Act
approved
1940.
dissenting opinion, written by Justice Cardozo,
quote:
Cameron
Water
Improvement District No.
has
1
assets
no
to
surrender.
If it shall turn out
in
hereafter that there are any not exempt, the creditors
Cameron Water Improvement District No. 1 is a debtor
have them.
may
amount
an
holders
of
beyond
its
its
capacity
bonds, who
redound to their
their
approval
advantage.
of
Thirty
proposed!
a
for
payment,
persuaded
are
plan
that
and
has
creditors,
the
reduction of the debt will
a
cent, of the creditors had signified
composition before the filing of the
per
of
petition, and 66 2/3% must give approval before the judge can act.
(8.)
Even then the plan will count for
nothing unless the judge upon inquiry
shall
hold
it
fair
and
good.
clearly
for the exercise by
diction
if
there
the
debtor
anything
different
in
were
the
A
situation
court
a
of
natural
a
position
such
person
of
or
governmental
a
for
is not here whether
the
involuntary bankruptcy,
that there would be
assume
balance
between
the
in
call
unit
statute would be
that
vs.
Cleary,
To
read
S.
U.
proviso to
or
Federal
175.
the
effect
U.
the
there
the
if
it made
S.
the central
of
powers
system.
296
into
that
valid
Cf. Hopkins Federal
315; United States
bankruptcy clause
shall
be
an
disturbance
no
known
of
of
The
all
McCulloch
men.
statute
Maryland,
vs.
in question does
now
not
4 Wheat.
316.
Impairment
It
effected
from the
by the States
filing of
private
corporation
Act
is
not
their
of
190.
the
Stellwagen
rule
No
is
question
of
power
has been
as.
all.
well
the
State
is
a
U.
U.
as
to the local
605,
under
the
Moyses,
vs.
613.
to such
law
of
the
at
supra.,
Capacity
existing,
units.
Even if the power exists,
There
is
at least
room
for
there
argument
meaning of the Constitution the bankruptcy
unit,
though
In
least
at
or
the
governmental
a
S. 529 ;
unit
Hopkins
the
a
State
concept does
public law of the United States
quasi-sovereign.
have
may
Not
invested
be brought into
may
it
so,
local
a
with
Town, 23
subdivisions
F.
221 U.
govern¬
its
against
See,
e.
history, but
print and for the most part unavailable
except in libraries, notwithstanding the fact, as President
Butler remarks in his Foreword, that the questions which it
"discusses with such marked ability he at the
very bottom
of the prevailing economic crisis which now confronts the
it has been long out of
civilized world."
Mr.
brief but informing introduction, points
regarding monetary and financial
policies have been less affected by politics in England than
in this country, the "broad outlines" of
English policies
"have been the subject of virtually continuous
debate,"
and that "what are now known as orthodox financial
policies
developed gradually, in the face of vigorous and powerful
efforts to have some other course pursued."
On the other
hand, where the main point of controversy over money and
credit in this country during the past century was the role
to be played by silver, the primary controversies in
England
"were in connection with credit policies," and
specifically
"with the course the Bank of England should follow in order
to prevent monetary panics and commercial crises."
The
chief reason for this difference of
emphasis, Mr. Robey
thinks, is the difference between the banking systems of the
two countries, the United States
possessing, save for two
brief periods, no banking institution "which was in a
posi¬
tion to accept the responsibility of
controlling the credit
policies of the commercial banks."
Beginning with the report of the Bulhon Committee of
1810, Mr. Robey reviews the history of English currency
and the Bank of England note issue through the crisis of
1825 caused by excessive speculation in securities, the re¬
newed speculative pressure in 1836, the passage of the Bank
Act of 1844, the financial crisis of 1857 and those of 1866
and 1873, and the resumption of a downward business and
price trend in 1881-84. By the latter date bimetallists "could
still maintain, citing contemporary conditions in
support
of their contention, that there was not
enough gold to carry
the current volume of business except at a reduced
price
out
g.,
District, 248 Federal 369, 372; Tyler County
"Neither public corporations nor political
this
to the merits of any plan of composition is before
us
at
time.
Abrams vs. Van Schaick, 293 U. S. 188.
Attention, however,
be directed to the fact that by the terms of the statute [subdivision
c(ll)(6)] the judge "shall not, by any order or decree, in the proceeding
may
otherwise, interfere with
or
of the
of
property
the
judge
or
for
(a)
of the
any
political
of the taxing district
revenues
essential
governmental
district,
or
purposes,
(c)
or
(b)
any
the opinion
necessary in
any
income-
producing property, unless the plan of readjustment so provides," and that
"the taxing district shall be heard on all
questions."
These restrictions
remedies
do
not take from the statute its quality as one
affecting
bankruptcies," which, as already pointed out, includes a
readjustment of the terms of the debtor-creditor relation, though there are
upon
the
"subject of
to
assets
no
portant
the
as
State
The
As
be
and
its
statute
was
President
distributed.
indicating
is
the
On
care
subdivisions
the
with
are
constitutional and
indicated
Roosevelt
in
on
our
other
hand, the restrictions
which
the
maintained
the
11
of
April
signed
18,
the
ruptcy Act from May 24, 1936, to Jan. 1, 1940.
the present week's decision
appears in this
of
be affirmed.
2704,
page
Wilcox
(H. R. 1049O), extending the life of the Municipal
State and City Department.
im¬
are
powers
inviolate.
decree should
issue
April
governmental
bill
Bank¬
Reference to
issue in
return to bimetallism
was
essential if the
vs.
By
our
Philip
G.
Wright.
With
an
Introduction by
Stanford
University,
Stanford University Press.
$4.
Holland.
(2d) 371, 373.
as
a
to be saved from the distress of the business read¬
Trade and Trade Barriers in the Pacific
It may
Norris
clothed with that immunity from suit which
belongs to the
by virtue of its sovereignty."
Hopkins vs. Clemson College,
question
was
a
decisions
will
530
pages.
W. L.
Calif.:
This book, prepared and issued under the auspices of the
supra.
No
while
justments necessitated by lower prices."
The Royal Commission, whose final report is now
repub¬
lished, was appointed in 1886 and made its first report in
November of that year.
A second report, containing the
testimony taken, appeared in January, 1888, and the final
report in the following October.
The final report, the text
of which is reproduced verbatim, is divided into three
parts.
Part I, signed by all the Commissioners, is an
analysis of
the monetary problem to which the inquiry was directed.
Part II presents the views of the upholders of the
gold stand¬
ard, and Part III the arguments and opinions of the bi¬
metallists.
Regarding Parts II and III the Commission
was not
unanimous, and a number of individual notes, some
of them long, accompany the
portions which a majority of
the members signed.
The report is a mine of information
for whoever is seriously concerned with the future of Ameri¬
can
monetary policy, and Mr. Robey has performed a dis¬
tinctly useful service in making it available.
are
alone
Robey, in
that
world
Luning,
vs.
S. 636, 645.
to equitable remedies.
or
Montezuma Valley Irrigation
court
County of Lincoln
Clemson College,
vs.
be subjected to mandamus
State
the
power.
Such
vs.
not
applicable only
Bank
S.
without violating the Eleventh Amendment.
133
public
a
court,
us
now, and no opinion is intimated, as to the
enlarge the privilege of bankruptcy by extending it
sovereign
governmental
mental
The
Ibid.
not embrace the States themselves.
a
discharge, whether
capacity
National
attempt to exercise it.
no
within
bank¬
before
is
Congress to
to the States
that
for
.
release.
requisite
Clumb, 245
.
change in obligation results
a
uniformity because
the
Hanover
vs.
uniform
in
have
as
creation.
No
jurisdiction.
the
of
cause
lacking
public corporations
the
.
Impairment is not forbidden
seeking
one
invokes
petitioner, is the efficient
The
themselves.
petition by
a
been
has
to the structure of the Federal system.
central government through laws concerning
by the
S3.50.
Press.
The final report of the British Royal Commission which is
here reprinted is a classic of British monetary
level, and that
dislocate the balance.
ruptcies is not forbidden by the Constitution.
p.
the
by any bankruptcy proceeding is to do no more than
already with reference to the power of taxation by decisions
done
framed with sedulous regard
place
vs.
excep¬
framework
has been
a
a
For present purposes one
a
dislocation of that
and
Federal
our
Savings & Loan Association
or
Is
exacts
conditions
States
California, 297
unless
very
distinctive juris¬
dispensing with the consent of the
such
of the
powers
government which is essential to
tion
would
its
private corporation.
a
State and with that of the bankrupt subdivision.
may
this
as
bankruptcy of
conclusion?
The question
provision
Parliament, 1888.
Reprinted by Permission of the British Government. Edited
by Ralph Robey.
With a Foreword by Nicholas Murray
Butler.
369 pages.
New York: Columbia University
us.
difficulties
Gold and Silver
Final Report of the Royal Commission Appointed to
Inquire
into the Recent Changes in the Relative Values
of the Precious
Metals.
Presented to both Houses of
as
the power to
possess
Monetary Problem.
the
pointed out in Houston, &c., Ry. vs. United States, 234
342, 353, "this is not to say that Congress possesses the
authority to
S.
The
may
inconsistent with
necessarily
prevail
May 30, 1936
BOOK REVIEWS
enter¬
sovereignty.
The
fields
U.
But
Chronicle
Institute of Pacific Relations, is a comprehensive survey of
the trade situation throughout the Pacific area.
Originally
planned and to a large extent written by Mr. Wright, it
has been completed since his death by
bringing the statistical
material
up
authorities.
to date and adding five chapters by other
The successive chapters deal with the trade of
Australia, Canada,
China, Japan, New Zealand, the
Philippine Islands, the United States, Netherlands India,
Hongkong, Manchuria, Korea and Formosa, British Malaya,
Indo-China and. Siam and the Soviet Union.
The exami¬
each case extends to the primary trade of the
country in general and its trade relations with other Pacific
countries.
The narrative text is supplemented by elaborate
statistical tables, 225 in number, and by 7 charts.
nation in
Commenting upon the relation of the United States to the
Pacific trade, Mr. Holland points out that "it is important
to remember that any American achievements in the direction
of
a more
American
liberal tariff policy must be set off against the other
economic
policies which have almost certainly
contributed to the collapse of international trade—specifi¬
cally the refusal to stabilize, and the subsequent devaluation
of, the dollar, together with the price-regulating schemes of
Volume
Financial
142
the
at
survey
a
Agricultural Adjustment Administration.
All in all, a
of developments in trade and tariff policy during the
last five years gives but scant encouragement to the belief
that international trade in the Pacific area is likely to be
Economic
blocs, barter agreements, the hoarding of precious metals—
all are curiously, sadly reminiscent of the mercantilism of
the seventeenth and eighteenth centuries and even of the
economic preachings of the Middle Ages.
There is no
Adam Smith of the twentieth century to deride the follies
of the rulers bent on establishing their backyard economic
universes."
The book is, in effect, an elaborate comment
upon the effect of tariff restrictions and other hindrances in
impeding the operation of natural economic forces.
The
action of Australia, late in 1934, in making considerable
reductions in its tariff rates is pointed to as 4'probably unique
in the recent commercial history of the Pacific area."
freed of many of its shackles in the
future....
near
.
.
.
3579
Chronicle
90%
2; Illinois Central 5s, 1963, closed at
were up
Resumption of
offerings has been the principal de¬
new
velopment in the utility bond market in the past week for
listed
issues
have
been
fairly
narrow
been in
some
demand, but lower grades milled about rather
listlessly, with
top, has characterized
which
the bond
not at record
are
The only groups
market.
high levels
the second-grade and
are
speculative rails, which have made only moderate upward
the best liens among the rail bonds are at
they
selling
are
strictly
on
a
"money"
States
Electric
1948, advanced 2
5s,
Gas & Electric 5s, 1968, rose
bonds
encountered
have
called, making about
a
possible
one
one
billion of
to be borrowed.
*4 to 113*4; Louisville & Nashville 4s, 1940, at 107% were
Virginian Railway 3%s, 1966, lost
%;
*4 to close at
Lower-grade railroad bonds have enjoyed increased
104%.
demand
with
moderate
price improvement.
Erie
RR.
5s,
1975, advanced 1% to 76%; Kansas City Southern 5s, 1950,
MOODY'S BOND
1% to close at 116.
Paper
There has
advancing 1 to 95.
by spurting 9% points to 84%.
5s, 1947, featured the paper section,
Paramount Pictures 6s, 1955, declined
3% to 87, and Allis Chalmers con v. 4s, 1945,
advanced 2
131%.
Foreign bonds have been irregular, though a majority of
the
price changes have been recorded on the upward side.
The
obligations of Cuba and El Salvador, Italy and Poland
to
French
evidence of strength, as did Colombian issues.
bonds
have
been
distinctly lower, losses ranging from one
five points.
yield averages
Moody's computed bond prices and bond
are
given in the following tables:
MOODY'S BOND
(Based
on
YIELD AVERAOESt
Individual Closing Prices)
120 Domestic Corporate*
Domes¬
by Ratings
Corporate* by Groups
tic
Averages
**
Corp>
All
120 Domestic Corporate
120 Domestic
120
by Ratings
Corporate by Groups
Domes¬
120 Domestic
Govt.
Bonds
1936
Daily
120
1936
Aaa
Aa
A
Baa
RR
P.
U.
Indus.
been
steels, with more issues higher
tion to the equipment group
PRICESt
Daily
S.
Chile Cop¬
The oils have
Building supply company obligations have
Gould Coupler 6s, 1940, attracted atten¬
(Based on Average Yields)
U
at 103%.
1%
movement in the
International
gave
off
up
shown little action.
to
Chicago Burlington & Quincy 4s, 1958, declined
general among the food and
firm market for the metals,
Oil of Calif. 4s, 1947, adding
High-grade railroad bonds have changed but little during
the week.
to
Group action
quiet with the exception of a few convertible issues, Union
otherwise.
June
a
were
than
The
billion dollars to be refunded, plus
new money
1947,
5s,
per
In
their highs, and
August maturity will also be
now appears, as an
issues.
some
financing by the Treasury will be in extraordinary large
volume, it
retail
resistance
little
light volume of trading.
a
Associated
67%;
to
% to 39%.
pronounced trend for the most part, although
a
been
basis.
% point since a week
Interstate Power 5s, 1957, declined % to 75*4; Central
ago;
Only
since their decline from the February highs.
progress
Indiana
apparent changes of importance.
no
Electric 5s, 1951, closed at 89, down
has lacked
fluctuations, close to the year's
High-grade bonds have
1961, both for refunding purposes.
fractional advances have been
of
$55,000,000 Brooklyn Edison
3%s, 1966, and $22,000,000 Peoples Gas Light & Coke 4s,
Industrial
Another week
definite
without
and
dull
New issues consisted of
trend.
higher prices in
The Course of the Bond Market
82*4,
gain of %.
Aaa
tic
Averages
tt
30
For
Baa
A
Aa
RR
4.14
3.56
3.72
4.23
5.06
4.40
U.
Indus
eigne
4.25
3.78
5.91
P
May 29— 110.01
110.61
122.24
118.86
108.94
95.18
105.89
108.57
117.63
May 29—
28— 110.00
110.61
122.24
118.86
108.75
95.33
105.89
108.57
117.63
28—
4.14
3.56
3.72
4.24
5.05
4.40
4.25
3.78
27—
110.07
110.61
122.24
118.86
108.94
95.48
106.07
108.57
117.84
27—
4.14
3.56
3.72
4.23
5.04
4.39
4.25
3.77
26- 110.08
110.42
122.24
118.66
108.75
95.33
105.89
108.39
117.63
26
4.15
3.56
3.73
4.24
5.05
4.40
4.26
3.78
X
25— 110.16
110.42
122.24
118.66
108.75
95.18
105.72
108.57
117.63
25—
4.15
3.56
3.73
4.24
5.06
4.41
4.25
3.78
X
23— 110.19
110.42
122.03
118.66
108.94
95.18
105.72
108.57
117.43
23—
4.15
3.57
3.73
4.23
5.06
4.41
4.25
3.79
22— 110.20
110.23
122.03
118.66
108.75
94.88
105.54
108.57
117.43
22—
4.16
3.57
3.73
4.24
5.08
4.42
4.25
3.79
4.15
3.57
3.73
4.23
5.08
4.41
4.25
3.79
—
X
X
X
6.92
X
110.28
110.42
122.03
118.66
108.94
94.88
105.72
108.57
117.43
21..
20- 110.22
110.42
122.24
118.66
108.75
95.03
105.72
108.57
117.43
21
4.15
3.56
3.73
4.24
5.07
4.41
4.25
3.79
X
19— 110.09
110.42
122.03
118.66
108.94
95.03
105.72
108.57
117.43
19—
4.15
3.57
3.73
4.23
5.07
4.41
4.25
3.79
X
18- 110.07
110.42
122.03
118.45
108.94
95.48
106.07
108.57
117.22
18..
4.15
3.57
3.74
4.23
5.04
4.39
4.25
3.80
X
95.33
3.80
21
—
—
16- 109.96
110.42
121.81
118.45
105.89
108.57
117.22
16—
4.15
3.58
3.74
4.23
5.05
4.40
4.25
15— 109.98
110.42
121.81
118.45
108.94
95.18
105.72
108.57
117.22
15—
4.15
3.58
3.74
4.23
5.06
4.41
425
3.80
14— 109.95
110.23
121.60
118.45
108.75
95.33
105.89
108.57
117.02
14..
4.16
3.59
3.74
4.24
5.05
4.40
4.25
3.81
X
13— 109.87
110.05
121.60
118.25
108.57
95.03
105.37
108.57
116.82
13—
4.17
3.59
3.75
4.25
5.07
4.43
4.25
3.82
X
l2
109.80
110.05
121.60
118.45
108.39
94.73
105.20
108.57
116.82
12..
4.17
3.59
3.74
4.26
5.09
4.44
4.25
3.82
X
11
3.74
4.27
5.09
4.44
-
108.94
109.77
110.05
121.60
118.45
108.21
94.73
105.20
108.39
116.82
4.17
3.59
4.26
3.82
9_.
109.72
110.05
121.60
118.45
108.39
94.88
105.20
108.39
117.02
9..
4.17
3.59
3.74
4.26
5.08
4.44
4.26
3.81
8—
109.70
109.86
121.60
118.04
108.39
94.73
105.20
108.39
116.82
8—
4.18
3.59
3.76
4.26
5.09
4.44
4.26
3.82
3.75
11
—
—
X
5.89
X
X
5.84
7— 109.75
110.05
121.81
118.25
108.39
94.73
105.20
108.39
117.02
7..
4.17
3.58
4.26
5.09
4.44
4.26
3.81
:
6— 109.74
110.23
122.03
118.25
108.57
94.88
105.37
108.39
117.02
6—
4.16
3.57
3.75
4.25
5.08
4.43
4.26
3.81
t
5— 109.70
109.86
122.03
118.04
108.21
94.58
105.03
108.39
117.02
5—
4.18
3.57
3.76
4.27
5.10
4.45
4.26
3.81
4„ 109.61
109.68
121.60
118.04
108.03
94.14
104.51
108.21
116.82
4—
4.19
3.59
3.76
4.28
5.13
4.48
4.27
3.82
X
2„ 109.68
109.49
121.60
117.22
108.21
94.14
104.68
108.03
116.22
2—
4.20
3.59
3.80
4.27
5.13
4.47
4.28
3.85
X
1
109.69
109.31
121.38
117.22
108.03
93.09
104.51
108.03
116.01
1—
4.21
3.60
3.80
4.28
5.14
4.48
4.28
3.86
5.96
Apr. 24„ 109.80
109.68
121.38
117.22
108.21
94.88
104.85
108.21
116.42
Apr. 24..
4.19
3.60
3.80
4.27
5.08
4.46
4.27
3.84
5.86
17„ 109.96
110.05
121.38
117.43
108.57
95.78
105.89
108.21
116.62
17..
4.17
3.60
3.79
4.25
5.02
4.40
4.27
3.83
6.83
9— 109.75
110.42
121.60
117.63
108.57
96.23
106.42
108.39
116.62
9—
4.15
3.59
3.78
4.25
4.99
4.37
4.26
3.83
5.83
3-
109.64
110.23
121.60
117.73
108.57
95.93
106.25
108.21
116.62
3..
4.16
3.59
3.78
4.25
5.01
4.38
4.27
3.83
6.83
Mar.27— 109.66
110.05
121.17
117.43
108.75
95.63
106.07
108.03
116.42
Mar. 27..
4.17
3.61
3.79
4.24
5.03
4.39
4.28
3.84
5.85
4.16
3.60
3.77
4.23
5.04
4.39
4.26
3.83
5.80
—
X
Weekly—
Weekly—
20- 109.51
110.23
121.38
117.84
108.94
95.48
106.07
108.39
116.62
20—
13— 109.11
110 05
120.75
117.63
108.75
95.63
106.07
108.03
116.22
13—
4.17
3.63
3.78
4.24
5.03
4.39
4.28
3.85
5.94
110.98
121.17
118.04
109.49
97.62
108.57
108.39
116.22
6—
4.12
3.61
3.76
4.20
4.90
4.25
4.26
3.85
5.87
6
109.46
—
Feb. 29— 108.98
21
—
108.95
110.61
120.54
117.84
108.94
97.16
107.67
108.39
115.81
Feb. 29—
4.14
3.64
3.77
4.23
4.93
4.30
4.26
3.87
6.00
110.79
120.96
117.43
109.12
98.09
108.57
108.57
115.81
21—
4.13
3.62
3.79
4.22
4.87
4.25
4.25
3.87
6.92
4.90
4.29
4.24
3.87
6.05
15- 108.52
110.61
120.96
117.43
108.94
97.62
107.85
108.75
115.81
15—
4.14
3.62
3.79
4.23
8- 108.22
110.23
120.96
117.02
108.39
96.70
106.60
108.57
115 61
8—
4.16
3.62
3.81
4.26
4.96
4.36
4.25
3 88
6.10
108.03
95.78
105.54
1
4.19
3.63
3.82
4.28
5.02
4.42
4.25
3.89
6.15
31—
4.19
3.63
3.82
4.28
5.03
4.43
4.25
3.89
6.13
1„ 107.96
109.68
120.75
116.82
108.57
115.41
Jan. 31— 108.03
109.68
120.75
116.82
108.03
95.63
105.37
108.67
115.41
24„ 107.89
109.68
120.54
116.62
108.21
95.78
105.37
108.57
115.41
24..
4 19
3.64
3.83
4.27
5.02
4.43
4.25
3.89
6.11
17— 108.34
109.31
120.11
116.62
107.85
95.18
104.68
108.39
115.02
17—
4.21
3.66
3.83
4.29
5.06
4.47
4.26
3.91
6.17
10„
108.39
119.90
115.41
107.14
93.99
103.48
108.21
114.04
10—
4.26
3.67
3.89
4.33
5.14
4.54
4.27
3.96
6 26
3 93
4.39
5 24
4 63
4.29
4.03
6.23
3.73
4.20
4.87
4.25
4.24
3.79
5.80
108.02
Jan.
—
3„ 107.94
107.31
119.27
114.63
106.07
92.53
101.97
107.85
112.69
4.32
3.70
High 1936 110.28
110.98
122.24
118.86
109.49
98.09
108.57
108.75
117.84
Low 1936
4.12
3.56
3
—
Low 1936 107.77
107.14
119.07
114.43
106.07
91.96
101.64
107.85
112.31
High 1936
4.33
3.71
3.94
4.39
5.28
4.65
4.29
4.05
6.31
High 1935 109.20
106.96
119.69
114.43
105.72
91.67
101.31
107 67
112.11
Low 1935
4.34
3.68
3.94
4.41
5.30
4.67
4.30
4.06
6.78
Low
1
1935 105.66
99.20
116.82
108.57
98.73
77.88
90.69
94.14
106.78
High 1935
101.64
118.45
109.68
101.31
82.74
94.29
103.65
107.85
May29'35
98.25
113.85
106.78
96.39
81.07
98.88
91.81
105.03
Yr. Ago
2 Yrs. Ago
level
3.82
4.26
4.83
0.40
6.37
6.13
4.35
6.97
3.74
4.19
4.67
5.98
5.12
4.53
4.29
5.81
4.86
3.97
4.35
4.98
6.12
4.82
5.29
4.45
7.29
2 Yrs. Ago
May29'34 105.16
*
4.80
4.65
1 Yr. Ago
-
May29'35 108.37
May29'34
yields on the basis of one "Ideal" bond (4M % coupon, maturing In 31 years) and do not purport to show either the average
actual price quotations.
They merely serve to illustrate In a more comprehensive way the relative levei3 and the relative movement of
These prices are computed from average
or
the average movement of
yield averages, the latter being the truer picture of the bond market.
For Moody's Index of bond prio&s by months back to 1928, see the Issue of Feb. 6, 1932, page 907.
**
Actual average price of 8 long-term Treasury Issues,
t The latest complete list of bonds used In oomputing these Indexes was published In the issue of May 18, 1935,
ttAverage of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds,
page 3291.
X Dally averages discontinued, except Friday
of each week
Moody's Daily Commodity Index Declines
The average price of
this week.
Moody's
Prices
was
basic commodities declined moderately
Daily Index of Staple Commodity
163.3 this Friday, as compared with 165.1 last
week.
The
principal cause of the decline was a sharp drop in
wheat prices, which was only partly offset by a rise in hog
prices.
There were also declines in silk, rubber, corn and
wool; and advances in cocoa, cotton and coffee.
The prices
of hides, silver,
unchanged.
steel,
copper,
The movement of the Index
lead
and
sugar
remained
during the week, with com¬
parisons, is as follows:
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
May
May
May
May
May
May
May
22
23
25
26
27
28
29
165.1
164.6
165.2
163.8
163.0
163.2
163.3
2 Weeks ago, May 15
Month ago, April 29
Year ago, May 29
1935 High—-Oct. 7 and
Low—March 18
9-
1936 High—April 18 and
Low—May 12-
163.6
169.3
158.7
175.3
148.4
23.-172.1
162.7
3580
THE
Financial
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, May 29, 1936.
V- Business
continued
its
upward
high of 92.2, as compared with
the
swing,
reaching
Chronicle
falling to 120.4 from 123.8 for April and 126.0 for May,
1935, the "Annalist" said, presenting as follows its monthly
index:
new
a
May 30, 1936
ANNALIST
THE
MONTHLY
revised figure of 91.7 for
a
INDEX
PRICES.
OF
WHOLESALE
COMMODITY
(1913=100)
previous week and 70.2 for the corresponding week of
last year.
Indications
are
It
is expected that the rate of steel production operations will
rise to the best levels of the year during June, in view of
the
May, 1936
that June business activity may
May levels, reversing the usual seasonal trend.
surpass
exceptional demand anticipated
prices which take effect July 1.
result of the higher
as a
Many
consumers
of steel
Farm products
Food
April, 1936
111.5
May, 1935
117.3
121.9
120.2
123.5
131.6
X104.7
yl06.7
104.7
products
Textile products
Fuels
170.7
172.0
162.4
Metals
110.6
110.6
110.0
Building materials..
111.8
111.8
111.5
97.3
97.6
■f"
Chemicals
Miscellaneous
98.7
86.0
85.7
81.6
120.4
yl23.8
126.0
71.6
All commodities
y73.4
75,0
are
expected to anticipate their third-quarter needs to avoid
zAll commodities on old dollar basis
the
higher prices.
Preliminary,
y Revised,
z Based on exchange quotations for France, Switzer¬
land and Holland; Belgium included prior to March, 1935.
bonus
is
money
Some
Another strong stimulus in the form of
observers
expected
the year late in June or
major
have
forces
enliven
trade
early in July.
responsible
for
a
considerably.
much
sharper than usual.
expected to
However, when these
sustained
business
The
downward
late in July
trend
most
Steel
Elec¬
output also shows
tailers
in
early August.
come
or
decline for the week, but
a
15.3% ahead of the corresponding week of last
are
Re¬
anticipating further substantial sales gain dur¬
steady
a
under
This
way.
week
showed
comparable figures.
18%
last
in
purchasing
consumer
a
further
than that
more
year.
683,406
cars
Car
Wholesale volume
booked
loadings
last week.
in
touched
the
a
15%
was
the
over
from
12
and
cars
high
new
record
This represents a gain of 1,959
is estimated at 108,346 units
previous week and 65,675 in the
corresponding week last year.
There was nothing note¬
worthy concerning the weather the past week outside of
the
fact
the
to
that
eastern
in
half
of
belt
cessive
and
weather
less
or
rains
not
for
the
cotton
growers
their growing crops.
of the
are
to prevail
in
belt, and are now getting
becoming uneasy concerning
In the western and southwestern part
reported to have been generally ex¬
were
altogether favorable for
wheat
favorable.
and
other
New
major
York
has
the
crops.
crops
has been
had
unusually
The
more
cool
weather the past week.
Today it was fair and warm here,
with temperatures ranging from 43 to 63
degrees. The fore¬
cast was for partly cloudy
tonight,
Overnight at Boston it
46
to
was
44
Saturday and Sunday.
degrees; Baltimore,
Portland, Me., 44 to 62;
to
68;
64
Pittsburgh, 40 to 54;
Chicago, 48 to 56; Cincinnati, 48 to 70; Cleveland, 44 to 54;
Detroit, 40 to 60; Charleston, 70 to 84; Milwaukee, 44 to
58; Savannah, 68 to 80; Dallas, 68 to 80; Kansas City, 60
to 82; Springfield, Mo., 60 to
82; Oklahoma City, 64 to 82;
Salt
peg,
in its "Monthly Rieview"
say
The
and
10-cent
the
The
decrease
There
a
year
and shoe chains
grocery
March.
in
chain
variety
comparisons in sales with
the
was
volume
reported
of
had
store
systems
than
ago
smaller
in
the smallest in
was
three
favorable
more
previous month,
advances
candy chain sales
was
reported
the
in
sales in
while
April
slight increase in the total number of chain stores in
a
between April
for
sales
per
the
total
1935
and
April 1936,
that the
so
than
lower than last year,
but
months.
opera¬
percentage increase
sales.
store
PERCENTAGE
of
all
CHANGE
chains
APRIL,
combined
1936
somewhat
was
COMPARED
WITH
less
than
APRIL,
for
1935
Number of
Stores
Total
Sales
Store
—1.4
Type of Store
+4.2
+4.0
+5.7
+2.7
Grocery
Ten cent
-1-1.3
_
Shoe
0.0
Variety
+ 11.0
+8.3
Total
+ 11.0
+7.8
—0.3
—16.0
+ 5.3
+0.4
+ 18.6
Candy
Sales per
+5.1
+0.2
the
droughty conditions continued
point where
a
following to
of June 1:
of
cars
trucks this week
109,821
bank also has the
corresponding week
the preceding week and
85,010 cars over the corre¬
sponding period in 1935.
Most of the steel plants in the
Youngstown district are employing more men than in 1929.
Auto financing is reported up 60% over 1935.
Production
of
York Federal
Reserve Bank reports that total
April of reporting chain store systems in the
Second (New York)
District were 5.3% higher than last
year, "a larger percentage increase than in March."
The
is
in¬
over
against
The New
sales during
tion
substantial
in retail sales for the country of 10 to
crease
1935
improvement
April Sales of Chain Stores in New York Federal Reserve
District 5.3% Above Year Ago
still
was
year.
June, since current store volumes confirm predictions
that
to
activity-
output for the week showed slight declines.
and coal
ing
peak for
new
spent themselves, it is believed the downturn may be
lines is
tric
to
expect business to reach
x
Lake City, 56 to 86;
54 to 86.
Revenue Freight Car
Loadings 14.2% Above Like Week
14.2%,
over
the
total
for
the
In the week's
advance the rise in hog, beef and pork
quotations was
conspicuous, but steers, lambs, flour, potatoes, butter, cheese,
cocoa,
coffee, oranges, cotton and cotton goods, and silk were also higher.
Rye,
oats, corn, lard, eggs, apples, bananas and tin showed losses.
THE ANNALIST WEEKLY INDEX OF WHOLESALE
COMMODITY PRICES
(1913—100)
May 19, 1936 May 28, i935
111.8
110.8
119.2
Food products..
120.5
119.4
130.1
Textile products
Fuels
X104.2
yl04.3
and
an
The first 18 major railroads to report for the week ended
on
their
own
a total of 315,969 cars of revenue freight
lines, compared with 315,312 cars in the pre¬
ceding week and 276,111 cars in the seven days ended May
1935.
A comparative table follows:
25,
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
on
Own
Lines,
Received from Connections
Weeks EndexLr—
Weeks Ended—
May 23 May 16 May 25 May 23 May 16 May 25
1936
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
19,963
30,990
22,504
14,145
19,343
15,743
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry
Gulf Coast Lines
2,539
International Great Northern RR
2,351
Mlssourl-Kaasas-Texas RR
4,279
Missouri Pacific RR
New York Central Lines
14,259
40,348
New York
4,869
19,353
60,941
6,321
6,932
25,606
5,483
Chicago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake
Erie
Southern Pacific Lines
Wabash Ry
May 26, 1936
1935,
May 23,1936 loaded
Loaded
most
of
were 16.9% above those for the like week of 1935,
11.3% over those for the corresponding week of 1934.
Loadings for the week ended May 9 showed a gain of 16.3%
when compared with 1935 and a rise of
11.0% when com¬
parison is made with the same -week of 1934.
Weekly Index of Wholesale Commodity
Prices
Up Slightly During Week of May 26—
Average for May Reported Below April
responsible for
a further moderate rise in the
"Annalist" Weekly Index of
Wholesale Commodity Prices to 120.6 on
May 26 from 120.0
May 19.
The index is, however, still 4.1 points below the
level of a year ago, due
primarily to lower quotations for
farm and food products, the "Annalist"
said, continuing:
week
and
"Annalist"
meats were
like
loadings
Montreal, 46 to 56, and Winni¬
Higher prices for livestock and
Ago
increase of 57,416 cars, or 9.2%, over the total loadings for
the corresponding week of 1934. For the week ended May 16
—+
Farm products
Year
a
Loadings of revenue freight for the week ended May 23,
1936, totaled 683,406 cars. This is a gain of 1,959 cars, or
0.3% over the preceding week, a gain of 85,010 cars, or
Total.
x Excludes
cars
New Orleans RR.
1935
17,355
26,725
6,405
5,410
6,885
27,059
4,783
22,456
5,437
4,846
19,032
11,971
16,319
13,208
2,499
1,912
3,828
11,661
36,610
4,438
17,436
55,622
1936
1936
1935
4,782
4,947
16,667
10,525
7,469
7,770
9,943
1,229
1,850
2,802
8,816
37,857
8,952
4,262
41,803
5,147
5,906
X7.569
8,170
15,923
10,182
7,522
7,291
4,434
13,350
8,440
5,836
6,722
8,566
1,160
1,850
9,757
1,484
2,037
2,918
8,898
37,713
8,743
4,206
42,388
4,978
5,455
x8,430
x5,691
7,709
7,141
2,132
7,004
33,374
7,647
3,470
36,675
4,117
5,158
315,969 315,312 276,111 191,519 190,581 162,767
Interchanged
between
S.
P.
Co.-Pacific
Lines
and
Texas
&
104.7
162.5
1936
20,006
30,931
21,923
13,749
18,863
15,110
2,351
2,245
4,298
13,819
39,904
5,434
19,479
61,414
170.7
170.7
Metals
110.6
110.6
111.8
111.8
TOTAL LOADINGS AND
110.3
Building materials
-
111.5
Chemicals
97.3
M iscellaneous
zAll commodities
x
Preliminary,
97.3
98.7
86.0
on
old dollar basis
Revised,
86.0
82.8
120.6
All commodities
120.0
124.7
71.9
71.5
74.3
Weeks Ended—
May 23, 1936
Based on exchange quotations for France, Switzer¬
land and Holland; Belgium included prior to
March, 1935.
y
*
z
Reflecting the decline
past two months, the
RECEIPTS FROM CONNECTIONS
(Number of Cars)
in the
weekly
figures
over
the
average for May declined sharply,
Chicago Rock Island
& Pacific Ry.
Illinois Central System
St. Louis-San Francisco
Ry
Total
May 16, 1936
May 25, 1935
22,929
29,499
13,084
22,918
29,235
12,900
19,940
25,618
11,323
65,512
65,053
56,881
Financial
142
Volume
of American Railroads, in
The Association
of revenue freight for the week
This
cars.
was an
11.3% above the corresponding
ing week in 1935 and 69,116 cars, or
in
totaled 681,447
16.9% above the correspond¬
ended May 16
increase of 98,497 cars, or
Forest
the
cars
and
21,574
of
12,512
cars,
freight
revenue
the week of
for
May 16 was an
increase
1.9% above the preceding week.
freight loading totaled 282,581 cars,
Miscellaneous
cars
the preceding
above
an
week, 54,361 cars above the
the
increase of 2,260
corresponding week
less than carload lot freight totaled 162,269
below the preceding week, but an increase
of 4,149 cars below the corresponding week in 1935.
It was, however, a
decrease of 2,009 cars below the same week in 1934.
Loading
of
500
decrease of 3,939 cars below
6,867 cars above the corresponding
above the same week in 1934.
cars, a
week, but an increase of
in 1935,
and 1,876 cars
decrease of 616
cars
below the
cars above the
corresponding week in 1935 and 1,939 cars above the same week in 1934.
In the Western districts alone, grain and grain products loading for the
week ended May 16 totaled 18,828 care, an increase of 15 cars above the
preceding week this year and 3,086 cars above the same week in 1935.
Live stock loading amounted to 11,672 cars, a decrease of 1,470 cars
below the preceding week, 844 cars below the same week in 1935, and
4,552 cars below the same week in 1934.
In the Western districts alone,
loading of live stock for the week ended May 16 totaled 9,191 cars, a
decrease of 1,344 cars below the preceding week this year and a decrease
Grain
of 603
products loading totaled' 30,557 cars, a
preceding week, but an increase of 5,373
and grain
REVENUE
Loading
in
1934.
of
freight
revenue
FREIGHT LOADED AND RECEIVED FROM
'
.
5 weeks in February
2,544,843
671,154
668,935
681,447
4 weeks in April
Week of May
2
Week of May
9
Week of May 16
Freight Loaded
separate roads and systems for the week ended
May 16, 1936.
During this period a total of 115 roads
showed increases when compared with the same week last
The most important of these roads which showed
were the New York Central Lines, the Baltimore &
year.
increases
Southern System,
Atchison Topeka & Santa
System, and the Illinois Central System:
the Pennsylvania System, the
Ohio RR.,
the
Chesapeake & Ohio RR., the
986
Group B (Concluded)—
Georgia
Georgia & Florida
914
442
572
698
1,173
1.576
7,808
1,141
1,805
7,757
1,099
414
384
10,345
2,052
9,954
1,743
Central Indiana*
16
20
16
68
60
Central Vermont
1,105
6,544
8,060
1,050
5,258
1,023
4,553
2,082
6,984
1,920
6,544
Macon Dublin & Savannah
6,653
5,695
Mobile & Ohio
Boston A Maine
Chicago Indianapolis & Louisv
Delaware & Hudson
Delaware Lackawanna A West
278
Detroit & Mackinac
2,851
Detroit Toledo & Ironton
225
254
133
101
2,242
1,229
1,335
2,405
11,400
357
248
248
12,637
5,164
12,342
4,342
13,361
3,960
2,766
14,230
7,513
284
176
171
1,867
1,901
9,297
2.847
3,828
1,597
39,904
10,277
1,587
5,434
6,915
6,405
1,398
7.577
2,675
3,523
1,863
1,247
8,043
1,346
35.116
10.117
2,029
Detroit A Toledo Shore Line..,
Erie
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
Monongahela
Montour.
Central Lines
b New York
9,525
9,449
2,604
■->
N. Y. N. H. A Hartford
Central
Louisville A
System
Nashville
372
16,469
16,929
9,121
16,877
17,164
4,703
3,522
143
6,337
1,559
1,035
Grand total Southern District
6,559
Northwestern
2,693
2,415
3,335
275
197
2,050
34
37
163
265
207
1,614
1,769
1,260
2,606
2,744
1,563
2,214
309
338
539
539
47,070
46,896
29,202
23,889
94,081
84,084
84,340
60,122
49,456
2,103
37,342
37,723
11,514
1,881
32,111
10,991
1,78b
Duluth Missabe & Northern—
8,743
5,425
7,179
4,434
Duluth South Shore & Atlantic.
4,978
3,909
770
804
941
18,158
2,368
16,874
9,757
1,570
8,448
2,343
Chicago Milw. St. P. & Pacific-
18,863
15,036
2,150
15,861
Chicago St. P. Minn. & Omaha
3,718
13,578
1,236
7,816
2,854
7,291
3,386
2,292
6,502
2,618
Chicago A North Western
504
23
21
Pittsburgh Shawmut & North.
320
444
373
204
165
Green Bay & Western
Pittsburgh A West Virginia—
1,148
1,330
1,258
1,659
989
Lake Superior &
629
625
604
1,088
952
Minneapolis A St. Louis
Elgin Joliet A Eastern
Ft. Dodge Des Moines & South.
3,161
8,377
17,100
3,305
8,675
122
252
963
831
419
377
5,590
5,564
5,121
3,480
410
301
287
161
131
18,345
13,602
12,411
3,332
2,715
547
Great Northern
584
499
545
422
1,367
76
87
2,447
Isbpeming
1,395
1,290
1,730
1,764
1,341
4,934
4,954
2,365
2,049
6,395
8,193
Wabash..
5,437
4,762
5,306
7,062
Minn. St. Paul & S. S. M
3,856
3,489
3,168
2,597
Northern Pacific
8,501
Wheeling & Lake Erie
7,709
3,470
1,899
6,167
150,361
136,765
140,831
153,438
132,862
3,361
2,578
147
134
252
283
222
1,103
1,874
1,597
1,212
942
106,073
82,451
86,923
44,293
35,885
20,006
2,840
17,659
2,681
18,652
4,947
2,618
2,161
4,724
1,663
326
219
212
76
25
13,749
12,194
13,737
7,522
6,414
1,262
1,308
1,112
795
481
11,886
9,892
11,030
7,275
6,042
2,517
2,235
2,184
2,174
1,875
850
653
807
1,047
2,467
2,100
1,882
3,027
1,004
1,876
413
282
110
43
1,046
1,904
1,184
1,474
80
66
815
812
583
328
239
241
59
119
101
97
17,145
5,720
3,590
Spokane International
Spokane Portland A Seattle
Total...
Allegheny District—
1,960
Chicago Great Western
Belt Ry. of Chicago
237
Total
366
372
146
1,850
2,779
District—
194
Rutland
119
736
54,642
Total
1,937
4,779
Pittsburgh & Shawmut
361
1,021
10,994
405
Nashville Chattanooga & St L.
5,682
5,111
Pere Marquette
277
1,428
135
Tennessee Central
5,055
5,422
Pittsburgh A Lake Erie
1,186
1,346
366
1,560
177
Mississippi Central
4,292
New York Ontario & Western.
N. Y. Chicago & St. Louis...
663
356
7,375
2,482
10,687
755
1935
1936
1,761
18,919
20,386
Gulf Mobile A Northern
Illinois
from Connections
1934
1935
1936
1,859
7,915
1,273
.
Bangor & Aroostook
Total Loads Received
Total Revenue
Freight Loaded
Railroads
Eastern District—
Ann Arbor
612,331
11,726,003
undertake to show also the load¬
In the following table we
1935
1936
1934
11,533,916
2,183,081
2,920,192
2,461,895
2,340,460
605,246
602,798
ings for
from, Connections
1935
568,927
575,020
582,950
12,473,593
Total
Total Loads Received
1936
2,169,146
2,927,453
2,408,319
2,302,101
2,353,111
3,135,118
2,418,985
4 weeks in January
4 weeks in March
1934
1935
1936
'
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MAY 16
Total Revenue
Railroad-
loaded with revenue
and 1934.
compared with the two previous
1936
in
follow:
years
Fe
1935.
below the same week in
cars
week
reported increases in the number of cars
cars
loading amounted to 106,679
Coal
the preceding
week
merchandise
of
decrease
a
in 1935, and 1,148 cars
2,134 cars above the same week
same
districts
above the
amounted to 8,004 cars, an increase of 158 cars
freight compared with the corresponding weeks in 1935
corresponding week in 1934.
and 41,003 cars above the
in 1935,
cars,
cars
Coke loading
All
or
of 15,360 cars above
week in 1935,
week, 18,532 cars above the corresponding
above the corresponding week in 1934.
preceding
preceding week,
Loading
of
above the Bame week in 1934.
loading amounted to 46,559 cars, an increase
Ore
above
8,925 cars above (the same
preceding week,
the
week
1934.
increase of 1,259 cars
week in 1935, and
33,126 cars, an
loading totaled
products
above
8,137
16, reported as follows:
week ended May
Loading
reviewing the
3581
Chronicle
608
459
474
709
621
30,931
5,261
25,266
3,475
28,158
3,486
15,923
2,575
12,444
1,314
317
255
201
5
9
Alton
974
626
896
15
8
Bingham & Garfield
5,439
6,142
5,647
10,604
9,093
Cornwall
749
573
621
51
50
Chicago & Illinois Midland
Cumberland & Pennsylvania..
236
201
Chicago Rock Island & Pacific.
Akron Canton & Youngstown.
Baltimore A Ohio
Lake Erie
Bessemer &
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New Jersey—
214
37
20
54
57
58
29
27
926
821
776
823
1,052
2,613
1,390
2,675
1,117
42,388
14,155
15,438
37,141
13,221
Union (Pittsburgh)
12,507
53,464
12,899
6,055
56,552
Reading Co
1,081
61,414
14,354
8,709
4,527
2,918
LIgonier Valley
Long Island.
Penn-Reading Seashore Lines.
Pennsylvania System
72
37
58
1
1
3,151
3,357
3,166
6,213
5,120
West Virginia Northern
Western Maryland
Central Western District—
Atch. Top. & Santa
Fe System.
-—
Chicago Burlington A Quincy..
Chicago & Eastern Illinois
Colorado &
Southern
Denver & Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver City
Illinois Terminal
Nevada Northern
North Western Pacific
Peoria & Pekin Union
138,074
Total.
114,510
124,223
102,518
85,779
Included
Island
18,440
16,276
20,510
10,182
17,931
1,107
3,558
989
1,035
4,206
1,137
8,061
3,737
1,039
2,573
3,262
927
399
46,067
38,278
42,738
16,452
21,923
Norfolk & Western
19,479
Norfolk & Portsmouth Belt Line
Virginian
697
1,040
System
269
360
1,220
930
10,101
10,795
8,236
7,560
238
193
148
8
8
1,461
1,301
1,361
2,037
1,482
94,794
82,003
85,610
48,935
39,832
181
166
170
4,637
3,567
150
122
114
178
104
95
136
207
146
2,351
2,245
2,472
2,933
1,484
1,155
2,036
2,708
2,037
1,888
Utah
Western Pacific..
Total
Southwestern District—
Alton & Southern
Burlington-Rock Island
Southern District—
Fort Smith & Western
Group A—
4,278
1,238
Gulf Coast Lines
8,769
8,398
Cllnohfield
992
989
8,171
1,076
4,731
1,600
Charleston & Western Carolina
477
398
361
870
751
International-Great Northern.
Kansas Oklahoma A Gulf
Durham & Southern
148
134
132
216
281
Kansas City
42
37
47
89
79
1,132
1,103
1,035
1,035
863
Louisiana Arkansas & Texas—
409
383
430
917
668
Litchfield & Madison
Atlantic Coast Line
Gainesville
P.
19
i
13,236
Chesapeake & Ohio
Total.
U.
a
805
1,333
299
Union Pacific System
District—
16,856
in
911
1,844
10,876
Toledo Peoria A Western
Pocahontas
808
20,414
Southern Pacific (Pacific)
St. Joseph A Grand
907
Midland
—
Norfolk Southern
Piedmont <fc Northern
336
359
3,965
7,858
17,247
7,354
18,351
3,834
12,916
10,159
166
131
128
747
627
.
Seaboard Air Line
Southern System
Winston-Salem Southbound -
354
7,724
19,226
Richmond Fred. & Potomac.
.
3,916
2,707
_
213
101
171
895
825
2,180
1,476
1,461
1,548
1,836
1,260
1,285
1,516
1,256
772
358
108
96
385
309
317
116
337
916
671
353
450
423
253
110
Southern
Louisiana & Arkansas
111
79
320
233
4,298
13,819
3,797
4,284
2,149
12,072
12,567
2,918
8,898
Midland Valley
Missouri A Arkansas
Missouri-Kansas-Texas
Lines..
Missouri Pacific
39,439
37,014
37,444
30,920
25,567
St.
Louis Southwestern
Alabama Tennessee & Northern
328
229
161
147
114
Texas & Pacific
Atlanta Birmingham A Coast..
666
584
653
696
591
Terminal RR. Ass'n of St.Louis
Central of Georgia
Columbus &
—
630
518
3,671
3,099
1,244
2,695
2,249
294
246
212
216
Note—Figures for 1934 revised.
1,149
865
659
826
557
Central RR.
*
Previous figures,
a
41
9
96
101
82
96
7,345
2,119
6,645
4,708
2,600
6,163
7,036
1,721
3,311
2,222
2,019
1,723
5,771
4,111
1,524
3,922
2,421
2,710
4,326
17,650
225
254
210
67
94
45
38
67
32
33
44,859
47,666
57,439
46,302
Wichita Falls A Southern
Weatherford M. W. & N. W.
Total.
Not available, b Includes figures for the
11
35
6,077
4,064
200
Greenville—
Florida East Coast
909
718
3,805
Atl. A W. P.—W. RR. of Ala..
7,209
43
51,997
Quanah Acme & Pacific
St. Louis-San Francisco
Texas & New Orleans
Group B—
133
112
Natchez & Southern
Total
253
Boston A Albany RR., the
2,097
3,418
14,450
C. C. C. A St. Louis RR., and the Michigan
3582
Financial
Chronicle
Increase of
3.2% Noted in Wholesale Trade in New York
Federal Reserve District During April as
Compared
its
June
1
"Monthly
Bank of New York
Federal
the
Reserve
states that "total April sales of the re¬
porting wholesale firms in the Second (New York) District
averaged 3.2% higher than a year ago, the smallest increase
since last
June."
•Smaller increases
by
reported
were
comparisons
bank
than in the
goods
the
than
lines, however.
silk
The
diamond, and jewelry
paper,
shoe
in
January,
The
of
the end
of the grocery
averaged
sizable declines
clothing
reported
and
above
a
the
goods
a
over
from
a
year
remaining
and
year
wholesale
yardage | sales of
in
ago
six
toj nine
by the largest percentage
year ago
April
by
concerns
approximately the
the
larger this
was
and diamond
held
drug,
hardware,
smaller.
The rate of collections
this year as last
same
jewelry
while 6tocks
than last year,
year
were
and
and
sweet
lemons
14
The
vegetables
Beverages and
The
chocolate
The
lower
for
level
the
to
A
period
any
increase of
0.3%,
slightly lower
the
1935
49.5
—11.8
North
West
declined
of
6.9%,
cabbage
showed
andl
decreases
both the
and
canned
the
A
increase
net
in
was
21
of
cities
0.5%
in
the
0.3%
and
lower,
lower
but
prices
cocoa
The index
for this
was
1935.
The price
of lard
weeks
Vegetable
ago.
the only item in the
in
for
the
of
cost
in
and
sweets
strawberry
0.3%
the
on
(plus
to
area
decreases
Pacific
of
with
an
in price.
resulted
from
preserves.
0.4%, regional changes
was
1.3% in the East South Central
Central
Louis
St.
and
sugar
molasses
sugar,
rose
is
decreased
shortening,
which
group
group
0.1%
Coast.
and
area
for cities
Increases
in
1.2%
in
cost
the
were
2.5%), Louisville
(plus 2.4%), and Memphis
fresh vegetables, eggs, and meats
Louisville, sugar rose 3.6%.
Food
Cleveland, 1.5%, where there was a 4.9% decline
In these cities, prices of
than
more
most
the
in
In
average.
42.9
40.4
rose
0.4%.
January,
four
of
and
area
declined
costs
1936
95.7
and higher
lettuce
increase
for
prices
chocolate
oils
0.1%
prices
(plus 2.2%).
the
in
Men's clothing
Cotton goods
0.2%.
higher
of
since
was
of
decrease
greatest
94.1
-13.4
10.6%,
of
unchanged.
rose
price
and
fats
of
cost
advanced
of Month
+7.4
Potato
0.1%.
up
March 31
Collected in April
due
was
of
price
The
cost
average
was
coffee resulted from
cities.
Mountain
Stock End
Groceries
The
5.3%.
potatoes
lower.
were
and
fruits
price of
in
Net
increase
average
cities.
vegetables
of fresh vegetables.
beans (minus 15.7%), carrots (minus 2.2%), and spinach
0.6%).
Oranges advanced 1.6%, but prices of apples, bananas
of Accounts
Outstanding
Sales
an
40
and
The only fresh vegetables which
ranged from increases of
Commodity
fruits
Although the net advance in retail food costs
Per Cent
April, 1936
Compared with
April, 1935
of
cost
green
dried
year.
Percentage Change
the
from
marked.
less
was
(minus
in
in
advance with
reported
4.1%,
celery
0.5%
merchandise
of
were
ago
favorable
More
concerns.
by
cotton
increases
were
in sales of drug,
1935.
amount
firms at
and
men's
were
largest
months, and hardware sales
since
firms,
of groceries
the
the
lead
were
3.7%
entirely to the continued rise in prices
onions
and
adds:
preceding month occurred
and
March
Sales
showed
almost
prices
Review"
May 30, 1936
of
increase
prices
with April, 1935.
In
The
+20.4
+ 18.7*
38.4
Rayon and silk goods.
59.3
—14.8
49.1
decrease
a
of
lc.
quart
a
in
the
price
of
36.4
39.4
and
milk.
47.2
27.0
potatoes
61.4
Shoes
fresh
price of
40.8
Drugs
+8.2
Hardware
+ 19.4
+ 12.4
17.4
t 11.4
Stationery
Paper
Diamonds
Jewelry
Weighted average.
Three-Year Average 1923-25=100
1936
58.4
25.7
—25.5
56.0
20.7
2
RegiouAArea
i
Current
+ 100.8
58.6
United States
TVJfcs.
4
Ago
April 21
May 5*
+3.2
Corresponding Period in
53.6
47.3
+ 6.2
+ 6.7
+33.9
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
80.1
IFArs.
Ago
1935
1933
1929
April 7
May 7
May 15
May 15
79.7
78.9
81.5
62.5
102.4
New England
79.2
78.8
77.9
79.2
61.4
100.8
Middle Atlantic
81.3
81.0
79.7
82.2
63.9
102.8
East North Central
80.3
79.9
79.2
82.2
61.6
104.0
West North Central
82.9
81.9
81.3
85.3
62.1
103.4
South Atlantic
79.6
79.0
78.4
81.4
61.2
100.9
0.4% During Two Weeks Ended
May 5, According to United States Department of
East South Central
75.1
74.2
73.4
77.3
59.1
102.9
West South Central
76.8
77.2
76.7
79.5
60.6
101.6
Mountain
82.7
82.8
81.8
86.9
63.4
99.8
Labor
Pacific
76.8
77.0
77.0
79.3
63.8
100.3
*
Quantity figures reported by the National Federation
included in weighted average for total wholesale trade.
58.4
of Textiles,
Inc., not
f
Retail Food Costs Rose
*
The index of retail food costs
rose 0.4% during the two
May 5, Commissioner Lubin of the Bureau of
weeks ended
Labor
Statistics of
announced
the
United States Department of Labor
May 20.
on
principally to
'This advance in food costs
index,
lower in 13 cities, and in two there was no
Average prices rose for 36 of the 84 foods for
prices are collected.
Forty-four foods showed price
declines
four
and
remained
From Mr. Lubin's announcement
The composite index for
This
is
1.8%
commodity
the
for
15,
during the
when
1933,
May 5 stands at 80.1% of the 1923-25
than
for
the
fresh
except
groups
decline
May
lower
Food
year.
the
The
of
cost
ended
price,
four
which
fell
and
of
index
advanced1,
and
0.7%,
the
costs
was
vegetables
are
62.5.
now
They
last
of
the
items
in
remained
one
28.2%
higher
21.8%
are
largest
price
than
below
on
coBts
prices in
10
the
during the two
eight
group,
unchanged.
cities and
The
declined in
price
of
flour,
higher prices
in four
Rice showed the
0.3%.
Meat
costs
the price
in
rose
0.3%,
rose
an
average
chuck
advanced
showed
the
for
0.4%.
decrease
All
of
and
of
0.4%.
1.0%.
the
higher prices, with
an
Whole
bread
wheat
in¬
advance of 6.2% in
average
showed
one
pork items
increases
no
The price
Round
due chiefly to
was
1.8% below
last
steak
except
change.
The beef items
0.8%,
strip
bacon
ranging from 0.2%
and
and
sirloin
salt pork
for sliced bacon
The current index
below the corresponding week of
year.
In
addition
farm products,
to
foods and building materials advanced
Hides and leather products, textile products, fuel and light¬
ing materials and miscellaneous commodities declined during the week.
Metals and metal products, chemicals and
drugs, and
housefurnishing goods
remained unchanged.
finished
hand,
level
products
were
0.1%.
rose
0.3% lower.
raw
materials group advanced 0.5% and
Semi-manufactured articles,
on
the
other
The index for each of these groups is below the
for the corresponding week of April.
terials,
2.1%; finished products,
1.6%,
The decreases
are:
Raw
ma¬
and semi-manufactured articles,
0.5%.
The
large
groups
of "all commodities other than farm products" and "all
commodities other than farm products and foods," representing non-agri¬
cultural
commodities
and
industrial
during the week ending May 23.
commodities,
Compared with
declined
each
a year ago,
the industrial commodity group shows an increase of
1.2%
cultural commodities show a decline of 1.5%.
0.1%
the index for
and non-agri¬
The following is also from the announcement made avail¬
able
of plate beef fell 1.6%,
rose
of the 1926 average
rising prices in farm products.
month ago and 2.6%
a
fractionally.
Twelve of the 21 meats included in the index
declined!,
declined
roast
0.6%.
group,
due primarily to
of the lamb items.
price, eight
showed
and
advance
is
cities.
increase of 2.3% in Springfield, 111.,
an
In his announcement Mr. Lubin stated:
The increase brought the general index to 78.2%
During the week interval the
greatest relative changes in white bread prices.
creased
All
contributed to
have
lower in 21 reporting cities, unchanged in 23,
The price of white bread showed an average decrease
3.3% in Newark and
of Labor Statistics.
102.4.
was
13
commodity prices advanced 0.1% during the
May 23, according to an announcement made
May 28 by Commissioner Lubin of the United States Bureau
average.
year.
was
seven.
with lower
A decrease of
and
date
bakery products declined 0.3%
Of
of
0.3%,
and
5.
higher in
were
cereals
May
corresponding
fruits
May 15, 1929, when the index
weeks
also quote as follows:
we
Wholesale
week ending
and
unchanged.."
0.1% in Wholesale Commodity Prices During
Week of May 23 Reported by United States Depart¬
ment of Labor
continued rise in the price of fresh vege¬
a
change.
which
Increase of
due
was
tables and to higher prices for eggs and meats," Mr. Lubin
said.
"Costs were higher in 36 of the 51 cities included in
the
Preliminary.
May 23 by Commissioner Lubin:
The farm products group rose 0.8%
1.6%
during the week.
and livestock and poultry advanced
ported for corn,
rye,
Grains
were up
Higher prices
1.3%.
were re¬
wheat, cattle, heavy hogs, cotton, fresh milk and
1.2%
than
for pork
two
weeks
chops.
The
price of
roasting chickens
0.9% lower
was
1936
Commodity Groups
Current
All foods
4
April
80.1
1
1935
May 7
79.7
78.9
1929
May 15
81.5
62.5
91.0
91.2
91.3
92.4
71.0
98.0
94.4
94.1
93.7
96.9
64.1
122.6
102.1
Dairy products
76.1
77.8
77.8
76.8
63.7
Eggs
59.0
57.4
56.9
64.9
44.0
80.6
Fruits and vegetables...
Fresh
68.9
66.5
63.3
67.5
59.3
93.1
68.6
65.8
66.2
59.5
Canned—
78.3
78.3
78.4
84.4
66.0
57.7
57.7
57.8
63.1
51.2
110.8
67.7
67.5
67.7
71.0
67.7
Fats and oils.
74.9
75.2
75.1
81.0
48.0
63.8
63.8
63.8
64.2
60.0
milk.
of
The
price
of
than
a
reported
cheese
from all
showed
an
The price of butter decreased
cities.
average
A
decrease
increase
of
0.6%,
of
lc.
elsewhere.
cities.
2.8%.
Increases in
Decreases
were
the Southern
reported
from
areas
only
were
as
year ago.
were
fractionally lower.
the index for the group of hides and leather
products falling 0.5%
lowest level reached since
October, 1935.
a
and
milk declined 0.1%.
Egg prices advanced
scattered
compared with the corresponding week of a month ago and 8.1%
Average prices
dairy products fell off 2.2%.
prices
marked
meal, bananas, lamb, fresh pork, veal, Rio coffee, copra
Prices of oat meal, wheat flour, canned and dried apricots,
other leather products
lower
evaporated
corn
Sharp decreases in average prices of hides, skins and leather resulted in
•
with
Despite the increase in farm
month ago and 8% below the corresponding week
group to 85.6.
Paint materials
Cement and structural steel remained steady.
72.6
Preliminary.
a
building materials
93.5
Sugar and sweets.
wethers,
Strengthening prices for brick, lath and gravel raised the index for the
91.8
Beverages and chocolate
ewes,
ago.
compared with
102.4
62.2
year
and coconut oil.
as
97.8
Dried
light hogs,
canned pears, cured beef and pork, dressed
poultry, Santos coffee, cured
fish, oleomargarine, ole oil, edible tallow, corn oil and cottonseed oil aver¬
aged lower. The index for the foods group—77.5—shows a decline of 3.6%
102.4
Cereals & bakery prods.
Meats
a
hominy grits,
1933
May 15
-
oats,
Wholesale food prices advanced 0.1% because of rising prices for dairy
products and fruits and vegetables. Important individual food items, which
increased during the week, were cheese in the New York market, rye flour,
IF*s.
Ago
April 7
Ago
*
of
Corresponding Period in
2 W/fcs.
May 5
cost
lemons, hay, hops, seeds and onions.
corresponding week of
Three-Year Average 1923-25=100
The
live poultry,
barley,
products prices, the current index for this group—75.0—is 3.6% below the
GROUPS
6.2%,
Lower prices
reported for
ago.
INDEX NUMBERS OF RETAIL COSTS OF FOODS BY COMMODITY
*
apples in the Chicago market, oranges, potatoes and wool.
were
eggs,
to
more
three widely
were
to the
of shoes and
firm.
The
textile products group declined 0.4% due to continued weakness in
wholesale prices of cotton goods, silk and rayon, cotton
hosiery, burlap
and
jute.
The clothing and woolen and worsted goods
remained unchanged at the level of the
preceding week.
A
raw
sub-groups
sharp decline in prices of Pennsylvania gasoline resulted in a net de¬
of 0.1% for the fuel and
lighting materials group. Wholesale prices
crease
of coal and coke were
stationary.
Volume
8.7% for bran and 7.3% for middlings resulted in a net
Decreases of
de¬
cottonseed and lin¬
The price of Penn¬
and pulp and automobile tires
of 4.4% in the sub-group of cattle feed, although
crease
seed meals were higher.
Paper
unchanged.
A slight
index for the
85.7 % of the
vehicles and plumbing and
increase in the price of pig tin did not affect the
1926 average.
whole. It remained at
as a
Agricultural implements, motor
heating fixtures were steady.
changes
Wholesale prices of most animal fats and oils
The
reported in prices of furnishings.
were
index of the
784 price series
Statistics includes
of Labor
Bureau
weighted according to their relative importance in the country's
and is based
on
The
stores
the average for the year
the
other
1926
as
ties for the past
smaller
Capital
hand,
Sales
Stocks
of
of
than
in
the
Jersey,
sales
1935
for
larger
and Westchester and Stamford
River
advances
hand
on
Reserve
the
in
stores
in
all
in
District
last
The Buffalo, Rochester
the previous
in
District
department
last year
than
and
Per Cent
Percentage Change from
100.
Net Sales
Locality
Stock
standing Mar. 31
Collected in
on
May
May
May
April
23,
May
16,
9,
2,
25,
25,
26,
27,
1936
1936
1936
1936
1936
1935
1934
1933
Commodity Groups
New York
1935
1936
+8.1
+9.4
+8.1
+ 12.1
—0.8
48.5
49.0
+9.4
45.3
48.0
-6.4
45.4
47.5
—5.2
36.8
40.0
+8.6
I!
-9.3
Rochester.
-8.3
+ 10.1
+7.3
+6.3
Syracuse
78.2
All commodities
78.1
79.1
78.6
63.3
73.7
80.3
79.6
+4.5
+2.1
41.1
42.3
36.7
Northern New Jersey
39.4
—1.9
30.1
32.8
+2.7
+6.7
+5.5
—4.6
—1.0
Southern New York State.
—0.6
+2.1
Hudson River Valley Dlst.
Capital District
+ 11.2
+7.3
+8.3
+ 6.3
+ 7.3
Bridgeport
-
April
-6.1
Buffalo
Farm products
75.0
74.4
76.2
77.1
77.8
81.5
60.1
52.4
Foods
77.5
77.4
78.0
79.1
80.4
84.3
67.4
60.3
94.3
94.8
94.9
94.9
95.2
89.5
88.0
78.9
69.2
69.5
69.6
69.7
69.7
69.4
73.1
56.2
74.1
73.4
61.0
88.7
78.1
Westchester and Stamford.
—6.4
Hides & leather
products.
Textile products
Fuel & lighting materials.
76.8
76.9
77.2
77.3
77.4
Metals & metal products.
85.7
85.7
86.0
86.0
86.0
85.6
Building materials
85.6
85.5
85.6
85.5
85.5
84.9
87.2
77.3
77.3
77.5
77.8
78.2
81.0
75.3
82.8
82.8
82.8
82.8
82.8
82.0
83.9
71.9
69.7
•
Northern New York State.
73.2
Housefurnishing goods
Elsewhere
71.5
Chemicals and drugs
April
End of
Month
April
May
of
Accounts Out¬
Year Ago
a
(1926=100.0)
May
averaged
previous.
a year
Hand
May
for the
also
collections
store
higher
was
markets
index numbers for the main groups
.
in
department stores
higher
localities
all
in
stores
March
slightly
Feb. to
I
12.7%
were
The rate of collections
1933:
►
than
this
in
stores, on
Valley District
sales
reporting
were
October.
dpartment
whereas
slightly lower than
and the Northern
months,
than last.
year
Hudson
leading apparel
month since
stores,
this
and
stores
Syracuse department
and
in several
but that represents the smallest gain since December.
year,
Federal
first
apparel
sales
District,
merchandise
Second
the
for
New
in
registered
higher than last
the
Northern
State, Southern New York State,
recorded
Bridgeport,
of commodi¬
five weeks and for May 25,1935, M!ay 26,1934, and May 27,
The following table shows
York,
the smallest gains
York
bank's "Monthly
also from the
1:
of June
New
reported
month.
77.3% of the
decreased and
vegetable oils increased.
Mixed fertilizers averaged fractionally higher.
Drugs and pharmaceuticals and fertilizer materials were unchanged.
The index for the housefurnishing goods group remained at 82.8%,
although a slight increase was reported in prices of office furniture.
No
drugs group remained at
The index for the chemicals and
1926 average.
The following is
Review"
New
of metals and metal products
group
months."
Crude rubber advanced 1.6%.
sylvania neutral oil also advanced.
were
3583
Financial Chronicle
142
58.8
Miscellaneous
69.1
69.2
68.4
68.6
68.6
69.0
Raw materials
75.5
75.1
76.0
76.6
77.1
x
x
x
x
+6.4
x
+8.2
+0.2
44.8
46.0
+ 12.7
+ 17.1
+ 10.8
43.2
46.0
department stores.
Apparel stores
x
74.5
All
stocks in the principal
April sales and
Seml-manufac'd articles..
74.1
74.3
74.4
74.5
Finished products
80.5
80.4
80.8
81.2
81.8
X
78.8
78.9
79.1
79.5
80.0
80.0
76.6
78.8
78.9
78.9
79.0
77.8
79.0
67.0
compared with
are
65.8
78.7
departments
X
those of
a
year
previous in the following table:
All commodities other than
farm
products
Stock
Net Sales
All commodities other than
on
Hand
Percentage Change
Percentage Change
April, 1936
Compared toith
April 30, 1936
Compared with
April, 1935
farm products & foods..
I
April 30, 1935
Not computed.
x
Advanced During
Wholesale Commodity Price Average
Reversing Downward Trend
Previous Five Consecutive Weeks, According to
Furniture—
Week Ended May 23,
Toilet articles and drugs
in
Luggage and other leather goods
Fertilizer Association
National
commodity price index compiled by the National
75.1% in the preceding week.
1926-28 average from
of the
Fertilizer
ended May 23 to 75.4%
the week
advanced in
Association
However, with the exception of the week ended May 16, the
since January,
index last week was still at the lowest level
Silverware and Jewelry
Cotton goods
Musical instruments and radio
Home furnishings
Women's ready-to-wear accessories
Women's and Misses' ready-to-wear
Hosiery
Men's and boys' wear
Men's
furnishings
A month
ago
the index
76.7% and a year ago
was
Advances
registered
and
groups—foods
farm
last
during the
12 declin¬
heavily weighted items resulted
Food prices
products.
but increases in several
in
moderate rise
a
cattle
and
rising
from 69.5%
hogs
of the
in the group
more
mixed
were
Higher quotations for corn, wheat,
index.
responsible
were
to 70.1%.
for
the
index
of
farm
since
last
product
prices
September.
A
index
week
while
and
40
was
30
decline;
declines;
in
in
the
the
second
preceding
week
there
were
21
advances
preceding
week
there
were
14
advances
and 40 declines.
+0.9
review, also has the following to say re¬
During the first half of May, sales of the reporting department stores in
the
metropolitan
sponding
in
as
April,
of New York
area
period
year
a
and
ago,
the usual
whereas
10.9% higher than in the corre¬
were
approximately the same level
is downward!.
at
were
seasonal
movement
from all
rent review
Preced'g
Month
Week
Week
Ago
Group
May
23, May
1936
Total Index
1936
of
"Chain
Store Age," which further went on
volume
Total
the
best
the
to
rose
the
from
highest
level
the current year,
for
standpoint of comparison with
a
year
and was
ago.
Con¬
which
} Year
state
whole for
the largest for the month
were
business
of
April,
activity in
in several
years.
the chain store field! considered as a
measured by the "Chain Store Age"
as
index,
which is
■*
Ago
16, Apr. 25, May
1936
gains throughout the month were
to say:
The
Per Cent
Generous and
reported
important business centers, according to the cur¬
well-sustained
sales of
1926-1928=100
Latest
Bears to the
Gains in April
trade forged ahead in April.
store
spicuously good showings were made by the grocery and drug chain groups,
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
Store Sales Extend
Chain
Chain
also
Each Group
+6.2
—1.3
—10.1
prices falling to the
slight decline in the metals
caused by a continued downward' trend of steel scrap
prices combined with lower quotations for silver and tin.
Twenty-three price series included in the index advanced during the
price
+ 11.0
garding department store sales in the metropolitan area of
New York during the first half of May:
was 9.4% under the
Slight declines in the prices of cotton,
cotton textiles and silk resulted in the index of textiles
level reached
+ 19.5
This index last week
corresponding week of last year.
lowest
—1.8
+5.3
+20.4
+7.2
+4.1
The bank, in its
heavily weighted
by the two most
week
week, with 12 commodities included in the group advancing and
ing,
4.8
+ 10.1
+6.4
—14.1
Woolen goods
went on to say:
were
+ 5.8
—0.3
by the Association, under date
The announcement
of May 25,
+ 1.4
—1.5
—13.2
-
Miscellaneous,-.
77.6%.
—0.3
—4.3
Shoes
Silks and velvets
1935.
•<
Books and stationery
Linens and handkerchiefs
declining for five consecutive weeks the wholesale
After
+2.6
+ 16.7
+ 16.4
+ 14.4
+13.8
+ 11.1
+ 10.1
+ 10.1
+ 9.8
+9.4
+8.4
+ 6.6
+6.2
+4.8
+3.3
+3.3
Toys and sporting goods
25,
1935
based
advanced to 102.1 of the 1929-31
sales of 20 leading organizations,
on
for the month, as compared with a level of
average
in March.
101.2
In
April, 1935, the index was 95.6, unchanged from the previous month.
28.6
Foods
76.3
Fats and oils
75.9
77.2
79.8
66.4
Farm products
68.0
72.0
70.8
83.1
Cottonseed oil
86.4
88.3
Industrial
102.2
trade.
floods
69.5
74.2
77.4
64.6
65.0
65.2
68.9
despite
Grains
67.7
66.8
74.4
80.7
the
70.2
75.7
78.5
Livestock
71.1
16.4
Fuels
10.3
Miscellaneous commodities
79.6
.
_
79.6
79.6
77.1
72.0
71.6
72.6
69.9
7.7
Textiles
66.4
66.8
67.2
67.6
6.7
Metals
82.9
83.0
83.0
Building materials..
80.1
80.2
79.4
78.7
1.3
Recent
occasion
The
as
94.4
94.4
94.4
94.4
94.4
Fertilizer materials
65.6
65.6
65.7
65.3
115.4
Fertilizers
70.7
70.7
70.4
Farm
92.6
92.6
92.6
developments
75.1
76.7
77.6
than
in
the
April
had
were
been
normally
generally favorable to
made
heavy
from
Easter
the week preceding Easter,
some
the effects of
business,
and
the record for
had! hoped for.
seasonal lines
hopeful expectations
of
of
industry
summer
indicate there is
no
trade.
index figures by groups, showing comparison with March,
Five-and-ten department group, 106.5 vs. 105.0; grocery,
follows:
120.0
110.0;
91.9
75.4
better
in
recovery
for
prepare
76.4
.3
conditions
complete
for revising
vs.
Chemicals and drugs
.3
to
was
April
were
.3
weather
erratic climate during
month
83.0
5.8
time
in
70.1
Cotton
22.3
and
Practically
100.0
machinery
All groups combined
vs.
94.0;
drug,
vs.
shoe,
114.1
vs.
116.0;
apparel,
119.0.
4.
Electric Output
Declines from Preceding Week
The Edison Electricflnstitute in its weekly statement dis¬
New York Federal Reserve Bank Reports Higher Sales
by Department Stores During April than During
April Last Year—Sales in Metropolitan Area of
New York During First Half of May Up
10.9%
"In
the
April total sales of the reporting department stores in
Second
last year,"
(New York)
says
District
were
6.4%
higher than
the Federal Reserve Bank of New York,
"a smaller percentage
increase than in the previous three
closed that the production of electricity by the electric light
and power industry of the United States for the week ended
May 23, 1936, totaled 1,954,830,000 kwh.
Total output
gain of 15.3% over the corre¬
sponding week of 1935, when output totaled 1,696,051,000
for the latest week indicated a
kwh.
Electric output during the week ended May 16, totaled
1,961,694,000 kwh.
This was a gain of 15.4% over the
1,700,022,000 kwh. produced during the week ended May 18,
1935.
The Institute's statement follows:
Financial
3584
PERCENTAGE INCREASE OVER PREVIOUS YEAR
May 23, 1936
May 9, 1936
1936
16,
May
Week Ended
May 2, 1936
13.3
12.8
11.6
Middle Atlantic.
12.1
13.4
12.1
Central Industrial
17.3
16.9
14.5
16.6
16.3
14.3
Central
West
Southern
9.7
9.7
16.9
16.0
21.8
15.6
17.6
15.3
15.4
14.5
principal cities reporting to the Bureau of Labor
Statistics," she said, "indicate that the total value of per¬
mits issued during the month was 10.0% above the March
level.
The improvement was shared by all types of con¬
struction."
Secretary Perkins continued:
22.1
16.2
Reported by Secretary of Labor Perkins
from the
15.0
20.0
13.2
Total United States.
15.3
23.3
States
Rocky Mountain
Pacific Coast..
13.6
DATA FOR RECENT WEEKS
7..
1.893,311
1,900,803
1,862,387
1,867,093
1,916,486
1,933,610
1,914,710
1,932,797
1,928,803
1,947,771
1,961,694
1,954,830
Mar. 14..
Mar. 21..
Mar. 28..
4..
11..
18..
25..
2..
9..
16..
23..
DATA
1,724,131
1,728,323
1,724,763
1,712,863
1,700,334
1,725,352
1,701,945
1,673,295
1,698,178
1,701,702
1,700,022
+9.8
1933
1,658
1,666
1,617
1.642
1,673
1,669
1,633
+9.0
+ 12.7
+ 12.1
+ 12.5
+ 15.5
1932
1,391
1,375
1,410
1,402
1,399
1,410
1,431
1,428
1,436
1,468
1,483
1,494
1,647
1,650
+ 10.0
+8.0
+ 13.6
+ 14.5
+ 15.4
1,696,051 + 15.3
RECENT
FOR
home
1.643
1,650
1,655
1931
1,538
1,538
1,515
1.480
1,465
1.481
1,470
1,455
1,429
1,437
1,436
1,425
1,676
1,682
1,689
1,680
1,647
1,641
1,676
1.644
1,637
1,654
1.645
OF
1.703
1.687
1,683
1,680
1,663
1.697
1,709
1,700
1.688
1.698
1.704
1.705
increase
rise
the
over
residential
A
the
construction
building
amounted
to
15.5%,
last
all
year,
classes
gain
a
is shown in the value of permits
alterations and repairs.
following is from
The
The total value of
building
announcement issued
an
These
figures below are based on reports received by the Bureau of Labor
Statistics
l,47l
from
The
identical
percentage
change
cities
from
having
population
a
March to April
permits
issued
of
the
in
each" of the different
struction is indicated in the tabulation below:
building
of
1931.
by the
States Department of Labor:
United
over.
of
For home building the
or 96.8%;
new non¬
of $13,300,000, or 51.7%.
permits issued in April is greater than for any month since May,
cost
KWH.)
non-resi¬
new
$22,400,000,
than $5,000,000, or 25%,
more
for additions,
issued
corresponding month of
showed impressive gains.
year
building ranked next with
of
increased
permits
and the value of permits for additions, alterations
existing structures 12.4%.
and repairs to
1929
1,750
1,736
1.722
1.723
1,708
1,715
1,733
1,725
1,698
1,689
1,717
1,723
1,602
(THOUSANDS
MONTHS
1930
building
building 2.6%,
Compared with
1934
1935
1936
Apr.
Apr.
Apr.
Apr.
May
May
May
May
P. C.
Ch'ge
Week of"
Mar.
Weekly Data for Previous Years
in Millions of Kilowatt-Hours
of
value
The
dential
(/» Thousands of
Kilowatt-Hours)
1936
30,
April was featured by a further rise in the number and
value of buildings for which permits were issued, Secretary
of Labor Frances Perkins announced May 23.
"Reports
14.4
14.9
New England
May
Building Operations in United States During April—
Further Increase in Number andValue of Buildings
Week Ended
Week Ended
Week Ended
Major Geographic
Regions
Chronicle
for
2,500
or
number and
types
of
con¬
P. C.
Month
1935
1936
of
1933
1934
Ch'ge
1932
Change from March to April 1936
1931
Type of Building
Feb
March.
8.375.493
April...
May...
June...
July
August.
—
Sept
Oct
Nov
...
Dec....
Total
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7,538,337
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
Jan....
6,480,897
5,835,263
6,182,281
6.024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331,380
6,971,644
7,288,025
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6.310,667
6,317,733
6,633,865
6,507,804
6,638,424
Number
+ 10.4
New non-residential
+26.8
+2.6
Additions, alterations, and repairs
+20.4
+ 12.4
Total
—
The percentage
shown
is
the
in
following
population of 10,000
or
tabulation
768
for
same
+ 10.0
month of last
identical cities
year
having
a
over:
Ch'ge from April 1935 to April 1936
Type of Building
Note—The monthly figures shown above are based on reports covering approxi¬
Est. Cost
Number
mately 92% of the electric light and power industry and the weekly figures are
based on about
+ 15.5
+ 19.6
.......
change in comparison with the
85,564,124 80,009,501 77,442,112 86,063,969
93,420,266
Est. Cost
New residential..
70%.
New residential
+ 107.0
New non-residential
+51.7
+7.2
......
...
+96.8
+20.9
+25.0
+ 19.3
.
+ 59.2
...
Additions, alterations and repairs
Trend of Business in Hotels According to Horwath &
Total
Horwath—Continued Upward Trend Noted
In their
monthly
of the trend of business in Hotels,
survey
Horwath & Horwath state that "while the increases
the
over
corresponding month of the year before were almost the
same in April as in the three months preceding, nevertheless
the hotel business continued its upward trend."
With
1929 considered as 100, the firm said, the index numbers for
this April compare as follows with those a year ago:
There
was
comparing
provided,
collected
data
private
April,
in the number of family-dwelling units
1936,
the
with
by the Bureau of
construction,
Labor
same
Statistics
month
of
1935.
include,
in
addition
The
to
buildings for which con¬
by Federal and State governments in the cities
included in the report.
For April, 1936, the value of public buildings
amounted to $1,396,000; for March, 1986, to $4,187,000, and! for April,
tracts
1935,
were
the number
value
and
were
,
issued
during April for the following important
In Waltham,
projects:
of
awarded
$6,437,000.
to
Permits
Room
increase of 72.6%
an
Mass.,
for
building to cost
hospital
a
building
$400,000;
Total
Restaurant
Occu¬
Sales
Sales
Sales
pancy
100
100
100
100
100
67
61
82
84
71
N. J., for a public utility building to cost $1,750,000; in
City, in the Borough of the Bronx for apartment houses to cost
nearly $1,300,000, and in Brooklyn for apartment houses to cost nearly
76
68
93
91
73
$1,200,000;
in
Philadelphia,
$2,000,000;
All Groups
Room
in
Pittsburgh,
in
Rate
Newark,
New York
Same month,
1929
April, 1935
April, 1936
continued:
The firm, in its survey,
Of the hotels
reporting for April, 87%
increased restaurant sales, 75%
New York, Chicago,
month in 1930 and this is the first to equal it.
Detroit and Cleveland all reported excellent business
Cleveland benefited by
small conventions in addition to the general improvement in local
and unusually large increases over
many
had increased room sales, 78%
higher occupancy, and 68% higher rates.
the same as that of April, 1930. so far no month
The total occupancy was
has exceeded the same
$1,000,000; in Scranton, Pa., for
business conditions.
a year ago.
Texas as a whole recorded no exceptional gains in
anticipation of the coming celebration, and the group, "all
no
change in its
occupancy
trend, the total
recent
sales
others," showed
12% and the
increasing
reaching 68%.
in
Chicago, 111.,
school
buildings
buildings
to
cost
nearly
to
cost
nearly
for
for
a
school
buildings
school building to cost
Pa.,
Pa.,
factory
for mercantile buildings
to
cost
to
cost
over
over
$1,000,000;
$250,000,
and for
nearly $900,000;
in Peoria, 111., for warehouse
buildings to cost over $600,000; in Springfield, 111., for an office building
to cost $1,100,000; in Rock Island, 111., for a school
building to cost over
$625,000; in Streator, 111., for factory buildings to cost $250,000; in
Washington, D. C., for apartment houses to cost over $700,000; in Louis¬
ville, Ky., for an institutional building to cost nearly $350,000; in Dallas,
Texas, for store and) mercantile buildings to cost over $800,000, and in
Los
Angeles, Calif., for school buildings to cost nearly $700,000.
TABLE
1—ESTIMATED
COST
OF
BUILDING
CONSTRUCTION,
TO¬
GETHER WITH
from seven years ago.
Decreases in total sales during the last six months
Dec.
Nov.
Jan.
Feb.
Mar.
April
Aver.
29%
32%
29%
29%
30%
21
35
28
28
36
21
Philadelphia
57
41
45
52
49
49
Washington
17
24
9
9
35
29
40
40
45
39
39
30
New Residential Buildings
21
Cleveland........
1936
28
51
AND APRIL,
28%
Chicago
THE NUMBER OF FAMILIES PROVIDED FOR IN
NEW DWELLINGS, IN 1,471 IDENTICAL CITIES IN NINE REGIONS
OF THE UNITED STATES, AS SHOWN BY PERMITS ISSUED. MARCH
39
20%
New York City
15
32
25
22
17
33
22
30
31
27
All others
21
25
24
29
23
24
20%
27%
26%
27%
30%
24%
26%
of
Cities
Estimated
Families Provided for in
Cost
April, 1936
New Dwellings
March,
1936 April, 1936
March, 1936
27
20
No.
24
Pacific Coast.
Geographic Division
Detroit
20
27
—
Total...
New England
Middle Atlantic
Horwath & Horwath also issued the following analysis by
cities:
HOTELS IN APRIL, 1936, COMPARED WITH
APRIL, 1935
West North Central.
135
South Atlantic
171
East South Central.
West South Central..
.
,
66
103
58
.
Pacific
137
Total
Percentage change.
Percentage of Increase (+)
or Decrease (—)
Occupancy
1,471
1,209,343
8,760,665
401
375
2,555
2,455
$52,990,603
$45,887,106
12,881
11,719
Restaur't
This
Month
New Non-Residential
Month
or
Cities
Estimated
62
67
58
—2
+5
48
43
—2
—5
87
90
+1
+9
72
66
--3
East North Central.
West North Central.
327
+ 12
+27
70
64
--8
South Atlantic
171
67
59
--8
East South Central..
66
74
69
+4
West South Central..
103
68
64
--3
Mountain
Philadelphia
Washington
Cleveland
—3
+ 11
Detroit
+22
--18
Pacific Coast.
+ 16
--23
Texas
+10
+ 12
+ 12
ts
--10
+13
...........
Year to Date
+ 13
+12
+12
1,337
1,113
+13
68
8
New England
Middle Atlantic
121
353
.
63
67
62
135
'
58
137
March,
1936 April, 1936
$2,214,827
11,191,763
12,359,770
2,477,968
4,129,471
1,637,756
2,757,040
693,819
4,955,400
$3,820,565
8,450,592
7,648,701
2,647,537
5,434,924
1,291,143
4,935,759
827,812
$42,417,814
$41,399,237
6,342,204
$8,100,998
33,995,767
26,984,338
7,027,021
14,728,608
3,185,989
7,610,197
3,083,928
17.067,151
March,
1936
$8,575,481
26,745.256
20,968,016
6,737,388
14,072,146
3,208,003
9,531,552
2,713,770
18,194,870
+3
Total
+14
Total Building Construction
1
t3
Pacific.
+ 13
279
Last Year Dee. (—)
69
+18
+1
Total.
736
1,732
302
Estimated Cost
Cost
+17
+ 14
—.........
878
1,890
CIncluding Alterations
and Repairs),!
Buildings,
Geographic Division
+18
New York City........
Chicago
All others.............
2,939
1,459
Rate
age of
inc. (+)
April, 1936
+ 11
+19
407
3,296
1,807
+9.9
+ 15.5
..
Percent¬
Same
Rooms
327
$2,433,685
11,509,347
8,864,409
2,673,835
6,139,100
740,314
3,556,408
Room
Sales
Total
.
639
$3,380,164
14,593,085
10,098,336
3,029,451
7,699,494
755,429
3,298,309
1,221,185
8,915,150
353
East North Central.
Mountain
TREND OF BUSINESS IN
121
+2
Percentage change.
1,471
..
+2.5
$21,783,997 $110,746,482
+ 10.0
Volume
Financial
142
Monthly
Indexes
Board
of
Governors
of
Federal
of
date of May 27 the Board of
Governors of the
Federal Reserve System issued as follows its monthly
of industrial
of Board of Governors,
this
value from
in
value.
1923-1925- =100)*
Exports,
Without
Seasonal Adjustment
Apr.
Mar.
Apr.
Apr.
Mar.
Apr.
1936
1936
1935
1936
1936
1935
General Indexes—
p99
95
47
22
All other.
p64
33
p 71
64
84.9
Freight-car loadings
Department store sales, value
Production Indexes by Groups
69
66
p81
73
■
■
•
'
_
38
r84.1
7-82.6
77.9
61
88
r84.2
62
85.1
r82.4
Factory employment (&)
Factory payrolls (&)
7-76.3
70.8
59
occurred
p85
77
79
100
83
67
111
94
98
p 102
102
101
90
87
80
85
86
76
124
rl09
rl04
149
7-124
7*134
pl07
105
115
1 pl05
109
112
58
138
Minerals—Bituminous coal
42
61
70
p84
69
p66
40
pl49
145
85
75
95
90
49
99
60
57
69
Indexes of production, car loadings and department store sales based on
daily
Revised.
INDUSTRIES*
with
Without
Seasonal
Variation
Without
Adjustment Seasonal
of
textile
$8,095,000
agricultural
(goods
imports
to
entered
consumption
for
in April, 1935.
arrival
increase
in
unmanufactured
spirits.
at
imports
wool,
of
from
plus
warehouses,
the
United
March
in
plus
States)
and
(goods enter¬
for
withdrawals
amounted to $199,436,000 compared
for
Imports of
cane
lumber,
increased
sugar
increased
1935,
from
due
was
and
pounds,
$19,427,000.
at
pounds,
$14,472,000,
at
whiskey
555,234,000
valued
92,192,000
valued
and
cocoa,
pounds,
from
102,630,000 pounds,
April,
over
crude rubber, hides and skins, furs,
728,847,000
to
rubber
crude
consumption
base stocks,
valued
and hides
at
and
24,375,000 pounds, valued at $3,353,000, to 27,909,000 pounds,
$5,317,000.
Imports of furs increased;
from
$4,718,000 to
at
paper
base stocks from
$3,998,000 to $5,594,000, and sawmill
Apr.
Apr.
Mar.
Apr.
products from
1936
1935
1936
1936
1935
1936
1936
1935
$1,784,000 to $3,444,000,
7*84.2
7-82.4
85.1
7-84.1
7-82.6
77.9
r76.3
70.8
77.1
72.2
73.7
r69.9
59.4
unusually large during the past few post-drought
85.1
86.2
82.2
67.6
declined
77-7
76.1
71.1
Machinery
96.9
94.9
86.0
96.1
93.6
98.8
796.3
108.0 7-106.3
99.1
104.4
rl00.3
104.8
110.3
7*96.1
102.7
113.5
114.1
7*111.1
119.9
121.7 rl05.4
117.1
7-60.4
52.6
59.9
7-60.1
52.9
87.6
7-87.2
7-82.4
88.7
7*88.9
56.3
7-55.9
52.4
55.6
7*54.5
57.1
55.2
52.7
57.7
54.1
equip
...
RR. repair shops..
Nonferrous metals
Lumber & prod'ts.
Stone, clay & glass
59.4
<
60.6
7*63.1
50.7
7-83.4
74.0
7*73.9
46.3
7-44.6
37.5
53.2
47.0
7-43.5
39.3
imports increased
seeds
The
value
ports)
94.6
96.0
96.3
97.2
97.2
80.1
7-84.3
82.4
91.6
92.7
92.1
93.3
93.3
78.4
7-80.0
78.0
balance
99.1
Wear, appar'l
Leather products.
from
whiskey
Imports
and
of
r97.4
99.2
101.7
rl01.9
101.8
78.7
r 87.6
86.4
amounted
value
which
imports
exports
for
the
92.2
86.3
89.0
91.5
75.5
79.1
rl02.4
94.1
92.0
7-95.4
87.7
87.5
7*85.9
57.7
55.4
55.9
56.8
42.6
44.9
43.1
sharply compared with $2,315,000 in March,
Paper and printing
99.0
97.9
97.3
98.6
98.2
96.9
91.1
90.5
84.6
of
107.5
110.3
108.1
110.5
112.1
111.5
101.0 7*102.4
95.9
106,000
in
April
compared
1935.
with
$148,670,000 in April
110.7
108.0
110.7
113.2
112.3
100.9
7*102.2
95.6
109.6 7*108.6
108.3
109.6 7*107.5
108.3
110.3
7*103.0
96.9
7-83.6
74.3
7-63.0
71.2
107.0
ref'g.
82.7
T-73.7
82.7
7*83.4
7*72.7
Indexes of factory employment and payrolls without seasonal adjustment com¬
Imports
$7,795,000 in
1935.
to
refining
four
This
months
im¬
the
was
imports.
Exports of gold, which totaled $51,000 in April of this
$62,000
been
have
(general
$8,947,000.
first
86.9
Rubber products..
which
The
of
the
'
with
compared
$535,000
of
but
gold,
March,
Silver exports
$237,000
in
were
in
year,
were
amounted
far
below
March
and
with
to
$28,-
imports
April this year
1935.
Imports of silver amounted to $4,490,000
$8,115,000 in March and with $11,002,000 in April, 1935.
down
below exports
still
were
which
April
of
amounted
$1,593,000
compared
in
with
TRADE
BY
MONTHS—EXPORTS, INCLUDING
EXPORTS, GENERAL IMPORTS, AND BALANCE OF TRADE
MERCHANDISE
Index of factory employment adjusted for
of Governors.
Underlying figures are
for payroll period ending nearest middle of month.
April 1936 figures are pre¬
piled by Bureau of Labor Statistics.
net
year
$12,414,000.
56.4
except pet'm
few
exceeded
102.2
Cbem. group,
a
during April
by
exports
56.2
petrol.
from
$2,614,000
However, expressed oils and
86.9
products
from
$8,487,000.
100.5
69.9
increased
cocoa
spirits
were
into the country
of total
in
month
merchandise
to
decline
a
$5,798,000 to
from
goods coming
consecutive
of
show
Tobacco products.
Food products
of
other
$3,306,000 to $2,724,000.
exceeded the
third
to
imports
oil
91.5
2.
and
years.
Imports of butter
$1,364,000 to $152,000; tallow from $1,499,000 to $122,000,
fats
95.1
Textiles & prod'ts.
1. Fabrics
the
from
and
r64.7
51.7
$1,547,000 to $2,657,000.
$4,190,000.
Among
*
in
arrival,
upon
Mar.
84.9
Petrol,
to
products,
meat
Imports for consumption
cane sugar,
paper
$11,776,000,
$8,231,000;
to
2.
from
$2,221,000
$198,686,000
with
immediately
semi¬
machinery
from
in bonded
storage
upon
compared
mineral
steel
only slightly larger, while a few
were
channels
$202,437,000,
including
apparatus,
refined
and
iron
industrial
;
Apr.
78.9
1.
at
electrical
machinery
Apr.
Iron and steel
&
of
Exports of fodders
Exports of
$13,963,000;
to
to
Mar.
Total
Chem'ls
at
valued
products,
machinery,
1936
Automobiles
valued
Exports
pounds,
non-agricultural
manufactures.
$10,605,000
$3,967,000
chiefly to larger imports of
valued
Adjustment
compared
April,
pounds,
vegetables and preparation
;
Apr.
Trans porta'n
in
run
substantial
$22,764,000.
17,815,000
manufactures,
$14,737,000;
$10,512,000, to
Payrolls
1935.
$194,280,000 in March and with $166,070,000 in April, 1935.
The
Imports
Adjusted for
im¬
exports, compared with April of last year,
consumption from bonded warehouses)
skins
Seasonal
and
from
$170,500,000
valued
(1923-1925=100)
Employment
metal
from
entering
other
FACTORY EMPLOYMENT AND PAYROLLS—INDEXES BY GROUPS
AND
in
exports
ing consumption channels
5 Indexes of factory employment and payrolls without seasonal
r
of
Exports of automobiles
with
Based on three-month moving averages of F. W. Dodge data centered
Preliminary.
from
$489,000 to $581,000
gains
case
products,
amounted
adjustment compiled by Bureau of Labor Statistics.
Index of factory employment
adjusted for seasonal variation compiled by Federal Reserve Board of Governors.
V
larger
increased
goods
49
58
'
70
increased
from
products,
General
78
90
59
91
cotton
at
were
exported in smaller amounts, including
dairy products, fish, coal and coke, and office appliances.
130
.
tobacco
April
shown
180,922,000
valued
in
commodities
72
130
—
from
pounds,
to
51
70
p71
48
146
Silver
Lead
and
have continued to
have
exports
unmanufactured
increased
$4,187,000.
50
p63
Zino
of
ago,
$10,370,000
127
70
140
pl49
Anthracite.
$164,151,000
such
of
range
190,963,000
the
in
manufactures
153
132
153
140
■
168
51
168
71
152
crude.
oil
74
100
refining.
year
to
the
petroleum
p99
Cement
Exports
a
Most of
62
chemical
Tobacco manufactures
12%
from
$832,000
to
$1,008,000;
fruits and
nuts
from
$4,039,000
to
$5,499,000, and lard from 7,193,000 pounds, valued at $863,000, to 9,419,000
pounds, valued at $1,244,000.
66
and Industries—
a
April
and feeds increased
30
28
at second month.
with
wide
a
with
$3,955,000, to 24,198,000 pounds, valued at $5,747,000.
p 55
averages,
year,
improvements.
and
few agricultural products
79
p 34
-
1936
a
91
18
Leather and shoes
March
89
27
*
last
97
47
Petroleum,
behind!
p94
26
Automobiles
compared with
year,
gained
unmanufactured
p48
Food products
have
exports
89
p29
—
1935,
this
96
Total
Textiles
of
:
18% and imports 19%
were
months
pl03
pl04
86
Residential
Manufactures—Iron and steel
exports
four
86
93
-
'
year,
first
of
month
the third
was
exports.
87
93
Construction contracts, value:(a)
Petroleum
in
Although the exports of
$21,796,000,
pl04
the
April
larger.
including re-exports, amounted to $193,490,000 compared with
1,790,000
Minerals
2%
were
period
reces¬
ports 17%.
Adjusted for
plOO
For
corresponding
6% seasonal
a
1% smaller, while general imports, which
were
Compared with April of last
larger
Seasonal Variation
Industrial production, total
Manufactures
March,
in which imports have exceeded
year
the
BUSINESS INDEXES
(Index numbers
in
normally recede about 3%,
indexes
production, factory employment, &c.:
3585
During the month exports, which normally show
year.
sion
Reserve System
Under
Chronicle
RE
seasonal variation compiled by F, R. Board
liminary, subject to revision.
4 Months Ending April
April
r Revised.
Exports nad Imports
Increase
(+)
Decrease^—)
1936
Increase in Business During April Reported by National
Industrial Conference Board
Industrial activity
the
to
high
Board.
for
point
the
recovery
The increase
was
car
Retail
but
688,408
202,437
170,500
781,376
667,179
"8" 947
6" 349
12,414
Excess of imports
Excess of im ports....
21,229
1936
1935
1934
1933
1932
1931
1,000
1,000
1,000
1,000
1,000
J,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Including Reexports
January
198,654
176,223
182,030
194,790
163,007
a
highest
of
zinc,
point since October,
on
a
1930.
193,490
lees-than-seasonal
decline
in
high level
bituminous
as a
of
coal
result of increased
The gain in loadings of miscellaneous freight
movements
were
mixed.
with
the
March
level.
150,022
101,515
108,015
153,972
164,151
179,427
105,217
135,095
165,459
160,197
114,203
131,899
170,519
172,126
November
198,803
221,296
269,838
223,469
170,654
131,473
160,119
193,069
184,256
192,638
108,599
September
161,672
171,984
191,313
206,413
194,712
119,790
144,109
114,148
July
170,244
173,230
February
March
April
May
advanced.
declined moderately from the
was
slightly
seasonal.
trade
120,589
185,026
172,220
162,752
190,938
December
also
the
to
Sales
in
rural
Wholesale
and
areas
retail
+80,554
+ 114,197
Month or Period
in
increased,
prices
were
June
October
4
mos.
end. April...
as
10
mos.
end. April...
sub¬
12
mos.
end. Dec
department store sales rose by less than the usual seasonal amount
compared
Dollars
768,962
Exports
occurred
Output
industries.
loadings increased; substantially, largely
shipments.
than
1,000
Dollars
Dollars
164,151
August
also
petroleum
crude
There
Total
coal
1,000
Dollars
Dollars
193,490
May 20, adding:
production.
more
1,000
below the
led by expansion of activity in the steel,
was
rose
production
power
Output of
March.
basis,
adjusted
seasonally
on
building and machine tool
automobile,
Electric
during April
which
period,
December, 1935, the Board said
1,000
Exports
Industrial
still
was
1,000
1935
according
of the National
survey
Activity, however,
1936
Imports.
advanced sharply in April,
regular monthly
Conference
1935
stantially unchanged.
132,037
249,598
224,346
235,899
215,077
203,970
187,077
180,772
164,808
180,228
153,090
204,905
138,834
131,614
184,070
154,876
106,830
193,540
768.962
688,408
705,337
435,336
593,964
924,920
2,027,725 1,785,156 1,711,001 1,206,340 1,702,287 2,692,383
2,282,874 2,132,800 1,674,994 1,611,016 2,424,289
General Imports—
January..
The Bureau of Statistics of the Department of Commerce
at
Washington
trade
of
the
ended with
The report
on
States
for April
and the
•
April marked1 the fourth consecutive month of this
States
foreign
on
the foreign
10
months
April, with comparison by months back to 1931.
is as follows:
.
135,520
132,753
83,748
130,999
174,946
158,105
94,860
131,189
210,202
202,437
146,523
154,647
88,142
126,522
185,706
June
156,754
136,109
176,631
year
August
169,030
127,229
119,513
161,647
131,658
October
July
in which United
183,148
106,869
112,276
179,694
122,197
142.980
110,280
154,918
146,643
173,455
174,460
166,679
170,384
168,708
149,480
79,421
189.357
129,635
150,867
91,102
98,411
105,499
November
169,385
150,919
128,541
104,468
December
187,023
132,258
133,518
97,087
153,773
667,179
573,087
363,026
524,230
754,002
April..
4
trade has exceeded that~0f the corresponding months of last
96,006
152,491
177.356
170,500
170,533
September
May 22 issued its statement
United
135,706
198,686
May
Exports
166,832
192,771
March
April....
Country's Foreign Trade in April—Imports and
187,482
February
mos.
end.
10
mos.
end. April..
12 mos. end. Dec...
781,376
1,834,449 1,458,391 1,430.554
939,104 1,507,714 2,078,925
2,047,540 1,655,055 1,449,559 1,322,774 2,090,635
3586
Financial
MERCHANDISE TRADE
BY MONTHS—EXPORTS
MERCHANDISE
AND
IMPORTS
FOR
OF UNITED
Chronicle
STATES
CONSUMPTION
Increased
Indiana, Standard Oil
South
4 Months Ending April
April
West
the
for
Exports and Imports
1935
(+)
Decrease(—)
Expors (U. S. mdse.)
Imports for consumption
—
1936
1935
1,000
1,000
1,000
Dollars
Dollars
Dollars
1,000
Dollars
190,293
160,511
199,436
166.070
757,543
770,696
the
676,050
+81,493
+ 108.414
662.282
Pipe Lines,
corresponding period of last
Co.
Oil
addition
to
in
N.
of
the
J.
regular
or
Period
Exports
U. S. Merchandise
1935
1934
1933
1932
1931
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
195,781
173,560
169,577
245,727
160,312
159,617
118,559
99,423
146,906
179,387
151,048
192,081
190,293
181,667
187,418
106,293
231,081
Standard
220,660
March
160,511
176,490
103,265
May
159,791
157,161
111,845
June
167,278
167,865
169,683
196,040
218,184
167,902
159,128
117,517
141,573
151,403
132,268
123,553
109,478
104,276
169,851
129,315
106,270
157,490
190,842
181,291
129,538
151,035
136,402
177,382
201,390
189,808
128,975
July
August
September
October
November
267,258
December
203,536
220,931
4 mos. end.
10
April
end. April
mos.
192,156
168,442
199,225
182,797
177,025
190,330
180,801
757,545
676,050
693,101
427,540
581,625
907,529
1,997,504 1,758,022 1,683,421 1,184,035 1,670,056 2,649,545
2,243,081 2,100,135 1,647,220 1,576,151 2,377,982
12 mos. end. Dec
186,393
189,587
February
168,482
152,246
175,485
166,070
194,280
199,436
April
128,976
92,718
134,311
125,047
84,164
153,396
91,893
129,804
130,584
141,247
May
166,756
147,467
June
155,313
135,067
88,107
109,141
123,931
July
124,010
141,018
August
173,096
180,381
117,262
152,714
September
168,683
149,893
189,806
/,
183,284
177,483
205,690
123,176
182,867
176,443
170,747
112,611
112,509
79,934
93,375
147,599
174,559
168,735
102,933
104,662
171,589
162,828
137,975
149,470
149,288
November
125,269
105,295
179,760
126,193
127,170
95,898
152,802
149,516
4 mos. end.
10
mos.
April—
end. April
769,696
662,282
548,666
1,825,250 1,467,085 1,391,724
356,882
517,875
749,324
938,979 1,509,816 2,055,827
2,038,905 1,636,003 1,433,013 1,325,093 2,088,455
12 mos. end. Dec
GOLD
AND
SILVER
BY
MONTHS—EXPORTS,
IMPORTS,
AND
NET
of
Exports and Imports
".V.
•
Increase
'
'
1936
1935
1936
(+)
Decrease(—)
1935
1,000
1,000
1,000
1,000
1,000
DoUars
Dollars
Dollars
Dollars
51
62
26,341
1,011
148,670
88,884
434,786
middle of
or
25c.
will
This
share previ¬
a
75c.
share
a
on
that
of
other
any
year.
paying
quarterly dividend's
in the current quarter declared
1931,
total
share
a
share.
a
outstanding at the
than
more
been
share in addition to
a
share
a
the first
addition
in
distribute
the regular
$6,086,270,
and
This
payment.
when
added
the
to
half-year to $9,890,189.
California, which declared
to
the
$3,904,420
1935.
throughout
Ohio Oil Co.
25c.
share
a
its
to
stockholders
from
15c.
this
the semi-annual
share
a
25c.
quarter.
only
a
share, will
a
A
similar
the regular
dividend
between
the
the
first
its
on
previously paid.
during
company
divided
equally
tins
while
of
rate
extra
paid
was
■
...
increased
by
extra dividend of 5c.
an
regular quarterly dividend
paid in the preceding quarter,
was
company's
cash
dividends
this
of
stock to
common
Total
half
of
be
will
year
and
common
preferred
stockholders.
South
the
Oil
Penn
Co.
declared
when
quarter,
of
$1.10
first
two
in
Indiana
with
out
quarters
the third
in
when
will
30c.
increased
The total
to
in
35c.
in
the
share paid
a
the
and
first
40c.
a
quarters.
this time
at
and
for the
distributed
$1.35
share each
a
Bhare
a
paid.
was
have
with
compares
payments of
221/£c.
total of 60c.
share in the preceding
a
share
a
Co.
successively
fourth
share paid
a
Pipe Lines has
of
Oil
current year
were
and
a
or
Pipe Line Co.'s semi-annual dividend
15c.
vania
1935,
year
second
share
of
12 %c.
South Penn
the
of
of
a
with 50c.
compares
dividend
extra
quarters
full
the
and
This
year.
an
share which
a
dividend
share,
extra
an
regular quarterly dividend of 37%c.
June quarter this
declared'
last
of
20c.
while South
year,
special dividend of $10
a
share
a
compares
West Pennsyl¬
share, payable
a
capital stock reduction account.
annual
Oil,
Ltd.,
controlled by
dividend
extra
an
dividend
controlled
of
25c.
of
the
37M>c.
the regular
to
Standard Oil
share
a
Co.
of
addition
in
share, while International
a
by Imperial Oil, has declared
addition
+25,330
28,106
of
50c.
The current dividend of
$19,392,061,
the
Standard Oil Co. of
share
in
Dollars
of
$3,803,919 paid in the first quarter will bring total dividends of Standard
Imperial
4 Months Ending April
since
40c.
of Indiana for
declared
;
share
a
dividend
BALANCE
April
dividend
dividend)
Indiana, which has
25c.
174,740
December
extra
an
during the first six months of this
of
extra dividend of 15c.
about
March
Co.
of
$3,285,076
Imports for
Consumption
January
October
210,061
Oil
account
Co.
compared with
year.
declared
Standard of New Jersey stock
total
an
161,494
188,860
April
will
1935
of
member of the group
Dollars
January
February—
25,856,981 shares of
close
Line
when
of
Penn Oil Co.,
with only the regular semi-annual dividend of 50c.
compares
the
1936
Indiana Pipe
this quarter
semi-annual
ously paid in the June period.
Month
and
disbursements
Oil Co.
Standard
of California, Ohio Oil Co., South
Co.
Pennsylvania
Standard
1.000
Dollars
Standard Oil Co. of N. J.,
larger aggregate
Increase
1936
May 30, 1936
payments by
75c.
of
J.,
the
Petroleum
extra dividend
an
semi-annual dividend of
N.
to
Co.,
50c.
Ltd.,
share
a
Similar
share.
a
has
semi¬
—345,902
Gold—
dividends
paid by
were
these
two
companies
in
June
and
December
last
year.
Exports
Imports
The record of
quarterly disbursements during recent
is
years
follows:
as
First
Excess of exports
Excess of imports
148",608
28.055
62,543
Third
Fourth
Totals
Quarter
Year
433",775
Second
Quarter
Quarter
Quarter
for Year
Silver—
Exports
Imports
535
1,593
4,490
11,002
1,165
88,625
7,630
—6,465
67,281
+21,344
1936
$19,932,088 $74,552,751
*18,122,737 63,821,486 $17,653+61 $71,911+69
24,312,981
58,908,391
18,582,065 67,289,092
32,406,332 34,527,547
19,546,576 42,457,920
46,801,053 46,278,873 43,858,468 44,112,501
63,101,797 57,843,467 51,263,688 48.530,230
1935
1934
1933
Excess of exports
Excess of imports
~~9~409
3,956
;
87+59
1932
59~651
1931
*
Gold
Silver
1935
1934
1933
1936
1935
Does
not include
1934
128,938,375
181,050,895
220,739,182
1,399,345 shares of Mission Corp. distributed by Standard
1933
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Exports
January
Dollars
Dollars
Dollars
Dollars
Dollars
DoUars
Dollars
363
4,715
14
253
1,248
859
1,551
February
23,637
46
51
21,521
141
1,661
734
209
2,315
540
44
28,123
237
665
269
51
62
37
16,741
535
1,425
193
1,638
235
2,404
343
2,572
Summary of Business Conditions in United States by
Dollars
338
March
169,092,529
Oil Co. of New Jersey.
Month or Period
1936
$171,508",553
Board
of
Governors
Increases
Noted
of
in
Federal
Reserve
Industrial
System—
Production
and
Employment During April
49
August
1,780
22,925
4,380
1,717
114
85,375
1,547
102
July
6,586
59
June
3,128
1,593
2,885
166
April
May
81,473
2,009
1,789
1,741
7,015
"Industrial production increased in April, reflecting prin¬
larger output of steel and of automobiles," said
the Board of Governors of the Federal Reserve System in
1,472
1,424
3,321
its
260
2,281
512
1,162
1,698
conditions
September
86
14,556
22,255
October
76
2,173
58,282
34,046
November
242
310
2,957
December
170
140
10,815
769
1,014
590
1,011
4,846
66,399
1,165
7,630
3,682
2,222
40,558 277,795 108,088
1,960 52,759 366,652
7,734
16,457
18,801
19,924
7,803
16,551
19,041
4 mos.end. Apr.
10 mos.end. Apr.
26,341
27,075
12 mos.end. Dec.
464
cipally
monthly
the
1,947 128,479
February
7,002 122,817 452,622
30,397
March
7,795
April
May
issued
mary,
19,085
16,351
3,593
2,128
May
on
1,823
1,955
1,693
adjusted
1,520
to
4,435
5,431
2,458
21,926
20,831
14,425
5,275
15,472
June
July
16,287
August
46,085
52,460
51,781
3,585
13,010
September
156,805
October
315,424
210,810 121,199
190,180 92,249
November
December
11,002
13,501
10,444
30,230
30,820
45,689
48,898
60,065
1,696
2,174
1,687
15,011
47,603
8,711
67,281
9,498
1,763
Volume of
At
3,494
4,106
4,083
4,977
69%
previous
88,884 434,786 746,735 180,593
88,625
5,830
14,727
61,225
capacity
steel and
for
In
output
the
the
declined.
tobacco
Bituminous
at
anthracite mines there
Output
Similar Period Since 1931
in
although
of
crude
Factory
59%
to
three
was
weeks
average
the
for
503,000
of
March
preceding, month.
and
cars
larger than in any
was
May
in
in
mills in April
passenger
activity
maintained at about
and
at
goods
Activity
showed
was
petroleum
earlier.
durable
factories.
considerable decrease
a
employment and
month
a
the
mills
with
amounted
production
coal
April,
than
by the Board's seasonally
1923-1925
April
both
in
the levels
the
reported
slightly larger
was
March, due chiefly to increases at cotton textile mills, meat packing
establishments, and
Payments by Standard Oil Group for First
Half
of 1936 Approximately 16% Above Corre¬
sponding Six Months of 1935 and Largest for any
the
Output of nondurable manufactures
to
Dividend
measured
of
spring months of 1929,
first
automobile industries
April.
as
93%
compared
as
factories
month.
from
The average rate of production at steel
trucks and, except for
than in
4 mos.end. Apr.
10 mos.end. Apr. 1024474 769,069 756,418 396,058 351,930 150,642
43,146
12 mos.end.Dec.
1740979 1186671 193,197
354,531 102,725
of
production,
increased
automobile
5,386
11,602
industrial
index,
100% in April.
was
27:
Production and Employment
855
20,842
4,490
financial
statistics for
"Employment and
payrolls in the durable goods industries showed advances,"
Board noted.
The following is from the Board's sum¬
8,115
1,785
1,136
1,497
1,085
1,545
and
upon
the
58,483
17,536
14,948
6,769
13,543 237,380
28,106 148,670 54,785
140,065 35,362
230,538
70,291
business
States, based
April and the first three weeks of May.
^
45,981 149,755
general
United
-
Imports—
January
of
summary
in
a
payrolls
which
mated at
woolen
silk
and)
change
at
to
this
mills
March
from
while
season,
increase.
larger
were
in
the
number
in the
of
machinery,
middle
workers
industries, with the most marked
plants producing
Aggregate cash dividend payments by the companies of
the Standard Oil group for the first half of 1936 are esti¬
at
little
usual
sharp rise from the low level of March.
continued
Increases
is
automobiles,
of
were
advances
April
general
at steel
building
and
ma¬
ployment declined.
$94,484,839 compared with $81,944,223 in the first
an increase of $12,540,616, or approximately
15%, and the largest for any similar period since 1931,
according to figures compiled by Carl H. Pforzheimer & Co.
Total disbursements for the second quarter, it is stated, are
estimated at $74,552,751, compared with $63,821,486 in the
second quarter of 1935, while first quarter payments this
year totaled $19,932,088 compared with $18,122,737 in the
corresponding quarter of last year.
Further details regard¬
ing the compilation (made available May 27) follow:
half of
terials.
in
Value
1935,
The large
There
F.
W.
was
March
of
had
members of the
group are on a
semi-annual
dividend basis with payments being made in the second and fourth quarters.
increase
in
been affected
construction
contracts
employment
by
a
amount.
larger volume,
tinued
to
Contracts
and
for
rubber
according
somewhat
residential
privately-financed
at
tire
factories,
strike, while at woolen mills
awarded,
Dodge Corp. increased in April by
seasonal
figures
to
than
more
of
em¬
the
the usual
building
were
in
projects other
than
residential
considerably
con¬
increase.
Distribution
Retail trade showed1
advance
seasonal
in
March.
a
seasonal increase
Department
store
in
April, following
a
considerable
sales
rose
by less than the usual
amount, while at variety stores and mail-order houses there were
further increases.
Freight-car loadings increased from March
difference between first and second quarter payments reflects
the fact that several of the larger
an
to
April.
Commodity Prices
Wholesale prices
declined
of commodities showed little change during April and
during the early part of May, reflecting decreases in the prices
Volume
of
farm
products and foods,
continued
to
show
little
while
part of March
in
and
by
but total wages
banks
May
20
The
steadily since the latter
increased
amounted
to
in
three
creased 0.1 of
raised
have
charged
May
on
call
on
11 by New
time loans
on
continued
from
low
at
loans
York
with
stock
City banks
1% to 1%%.
and female workers
Rates
%
other
on
1%
of
In
the
Total hours worked by male
1.6%.
during April increased 2.2% and 1.3% respectively.
manufacturing
1,924
of industries,
group
ments the total hours worked were
Hours worked in
was
1%
to
period.
same
enterprises
reported
man-hours for male and female workers combined, and in these establish¬
hours
collateral
exchange
from
representing 1,749
group,
For male and female workers combined, in all reporting establishments,
siderably in March and April, declined in the first half of May.
that
1% during the
the total number of hours increased
years.
rate
a
Changes in Man-Hours During April in Comparison with March
Holdings of United States Government obligations by
the reporting banks have increased
further, while holdings of other securi¬
ties and loans to customers have remained at the levels reached
early in
April.
Loans to brokers and dealers in securities, which increased con¬
The
as
and
to the highest figure
rose
non-manufacturing industries taken
showed
increases of 2.7% in the number of male
3.9% in the number of female workers employed during the MarchApril period.
Total wage payments to both male and female workers de¬
$2,860,000,000.
high level and time deposits
new
1.5%
reporting enterprises,
Treasury disbursements and gold imports have also been reflected in a
sharp increase of deposits at reporting member banks in leading cities
since the beginning of April.
Adjusted demand deposits at these banks
a
Total wage payments to males increased
paid female workers declined 0.9 of 1% during April in
comparison with March.
Credit
have
May to continued disbursements together with substantial imports of gold.
increased to
3587
0.9 of 1%, respectively.
group
a
as
The growth
April to Treasury disbursements from accumulated balances and
due in
was
of member
reserves
of other commodities
pries
change.
Bank
Excess
Chronicle
Financial
142
for
workers and
and
In the
open-market loans
1.5% greater in April than in March.
1,862 manufacturing establishments, reporting man-
male and female
workers, separately, increased 2.6% for male
1.3% for female workers.
non-manufacturing
1,478 enterprises reported an increase
group,
of 2.0% in total man-hours worked by male and female workers
levels.
Within this classification of industries,
combined.
1,294 concerns showed an increase
of 0.8 of 1 % and 1.1 %, in the total number of man-horn's worked by male
Conditions
in
Chicago
Increases
Noted
and female workers, respectively.
Federal
Reserve
District—
Wholesale and
Department
in
Average actual hours worked by 396,709 wage earners in the 3,402 in¬
dustrial enterprises reporting man-hours decreased from 40.4 in March to
Store Trade During April
40.3
During April, reports the Federal Reserve Bank of
Chicago, department store sales in the Seventh (Chicago)
District expanded seasonally from the month
previous, and
sales
of
lines
most
Chain store sales
month.
of
of
wholesale
trade
The
bank, in its
May 31, said:
"Business
gains
recorded
were
during April
groups
of
The increase of 5% in groceries
period, the rise of 18% over March in elec¬
trical supply sales compared with a gain of
only 3% in the average, while
14% in the hardware trade
The
of
recession
Smaller
gains
shown
were
grocery sales
electrical
1J^%
was below average for April,
April than in the yearly comparison for March
groceries and drugs.
totaled 1%
In
Stocks
of April than
four
of
months
1936,
period of 1935, but drug,
same
larger
were
of all but electrical
month previous.
a
the first
less than in the
supply and hardware sales
spectively.
slightly greater than seasonal.
in the drug trade
last
over
in
was
by 4,
supplies
16 and
lower
were
at
trade
store
in
expanded
seasonally
recorded
the
heaviest
increase
trade declined 1H % in the
gating 7%
period; stores in smaller cities had sales
Of the
Chicago again showed the heaviest gain
little changed between
slightly greater than
the
over
above those of March.
ing
larger cities in the
over
a
year
aggre¬
District,
Stocks
ago.
March 31 and the end of April, and totaled
only
April 30 last year.
The rate of stock turnover
1.38 times for
...
10%, respectively, above the preceding week, orders
being heaviest of any 1936 week to date, according to re¬
chains
operating 2,721
in
stores
strument
chains,
registered
sales of groceries and men's
cigar,
men's
increases.
clothing
As
8%
Drug and grocery
preceding month,
including five-and-ten-cent store,
totaling
but
other
groups,
clothing and musical in¬
compared
were smaller this
with
last
April,
of
of
what
further
in
automobiles at wholesale
April
the month last
over
new
new
over
those of the latter showed
former.
retail
as
a
and used
smaller
cars
excess
rose
over
a
shipments
some¬
in the period, although
ago than did the
Deferred payment sales in April amounted to
48% of the total
of dealers reporting the item, which ratio is about
year
sales
the
same
38% for April 1935.
+
Industrial
Employment in Illinois Increased Further
During April According to Illinois Department of
Labor—Payrolls Also Up Slightly
During the week ended
feet
of
hardwoods
week
orders
data contained in reports of
4,686 manufacturing and non-manufacturing enterprises in
Illinois, states Peter T. Swanish, Chief of the Division of
Statistics & Research of the Illinois
Department of Labor,
shows increases from March to April of
1.9% in employ¬
1% in total
wage
Mr. Swanish
payments.
pointed out:
For the
of
597
softwood
May
16,
due to the tie-up
is
gain
1935,
564 mills produced 253,147,000
combined;
feet.
shipped
Revised
production,
;
244,641,000
figures
256,527,000
the
for
regions
but
production
pine
233,-
West
and
Coast
Southern
reported
cypress
during the week ended May 16; all but Southern
cypress
reported shipments below output.
Hardwood
West Coast, Western
pine and cypress reported orders above corresponding week of
Southern
feet;
preceding
shipments,
feet;
regions reported orders and shipments above output.
and
excess
63% above last year's
were
of the
in the
in
229,073,000 feet.
pine, West Coast and
26
reported
softwood
days'
above
shipments
days' and 117 days'
Forest
above
of
products
last
1935; these
week;
year's
but
all
unfilled orders
May 16 the equiva¬
on
production and stocks of 127 days' compared with
a
year ago.
loadings totaled 33,126
car
This
corresponding
was
1,259
week
of
cars
during the week ended
above the preceding week;
cars
1935,
8,137
and
above
cars
8,925
similar
cars
week
1934.
Lumber
orders reported for
wood
mills
same
mills.
totaled
the week ended May 16,
241,772,000
Shipments
feet,
1%
or
reported
as
the
for
below
same
1936, by
the
496 soft¬
production of
week
the
234,881,000
were
4% below production.
Production was 243,924,000 feet.
Reports from 87 hardwood mills give new business as 9,969,000 feet,
8% above production.
Shipments as reported for the same week were
feet,
or
mills reported
average
May 16, 1936.
or
9,760,000 feet,
or
6% above production.
Production
9,223,000 feet.
was
Unfilled Orders and Stocks
Reports
of
from 489 softwood mills
845,374,000
identical
feet
softwood
May 16, 1936,
with
or
675,635,000
similar
on
and
Research
show that the average
March-April changes
in employment and 0.7 of 1% in payrolls.
The
current March-April increases of 1.9% and 0.7 of 1% in
employment and
decreases of 1.0%
payrolls, respectively,
exhibit
contra-seasonal
gains,
as
well
as
date
a
and
stocks
gross
mills
on
report
May 16,
of
unfilled
3,342,392,000
orders
the equivalent of 32 days'
feet,
year
or
the
equivalent
1
1936, give unfilled' orders
as
average
of
26
feet.
The
832,151,000
457
feet
on
production, compared
days'
average
production
ago.
Canadian
Illinois, during
April, issued May 27, Mr. Swanish continued:
Compared with April, 1935, the April, 1936, indexes exhibit and increase
of 4.6% in the number employed and 10.5% in total
wage payments.
employment for all reporting industries
rose
from 74.2 in
April, 1935, to 77.6 in April, 1936, while the index of payrolls advanced
ada, was issued on May 26 by the Dominion Bureau of Sta¬
tistics, at Ottawa.
distributed
tion
on
over
The Bureau said that 50 correspondents
agricultural area supply the informa¬
the
which the reports are
is from the report issued
mary
Reports from 3,874 industrial enterprises, which designated the sex of
working forces, showed increases of 2.2% in the number of male,
and 2.0% in the number of female workers during the
March-April period.
payments to males increased
1.1%, but total
during the
same
wages
paid to
period.
manufacturing classification of industries, 2,125 reporting
enterprises, the number of male and female workers increased 2.0% and
based.
on
The following
sum¬
May 26:
Summary
The
their
the
by Dominion
Shortage Reported
reports cov¬
ering crop conditions in the three Prarie Provinces of Can¬
Changes in Employment and Wages Paid, According to Sex
female workers decreased 0.6 of 1%
Situation
in Several Localities
from 58.0 to 64.1, respectively.
Total wage
Crop
Bureau of Statistics—Moisture
The first of a series of 15 weekly telegraphic
In his review of the industrial situation in
The index of
Summary of
further
improvement in industrial activity in Illinois.
Within
Production
output.
13-year period, 1923-1935, inclusive, the records of the Division
Statistics
were
below
Some
softwoods
251,741,000
feet; orders,
below
orders
and
of
Mills,
were;
further
Association
because of strike.
year
The statistical summary of
ment and 0.7 of
The
9%
were
business, 35% above.
Coast mills last
booked
increased substantially
that for identical dealers in March and
compares with
30.
16 was shown by reporting softwood mills 95%
May
Identical
gained
The trend in used-car sales followed that in
new
June
business during the previous week, ended May 9, was 11%
new
new
West
lent of 32
consumers
month previous and
a
year.
Stocks of both
cars.
and to
after
corresponding week of last year; shipments
week;
operations of im¬
Some of the ship¬
business activity is due to anticipated higher
production;
ended
week
Association
Manufacturers
Northern pine reported production above.
year.
The following is also from the bank's review:
Sales of
Lumber
associations covering the
new
Reported
below
764,000
had sales
National
freight rates
reported:
All
April
of those in March and 3% above a year
ago.
showed a decline from the
excess
chains
the
portant hardwood and softwood mills.
Chain Store Trade
Twelve
the 16th
ended
and
were
on
for the four months of 1936 of 1.45
times, compared with
the same period of 1935.
in
the week
Reported production dur¬
of 6% fewer mills was 1%
below the previous week, indicating a total weekly produc¬
tion the highest since 1930.
Shipments and orders were 5
to
preceding month—16%—
Chicago 7% larger, while Indianapolis
sales in Milwaukee were 12% and in
68%,
respectively, the previous week.
regional
April, aggregate sales of reporting stores rising 9% over those of March,
as compared with a gain in the 1926-35
average for April of 8%.
Detroit
stores
71% of the 1929 shipments, compared with 72% and
ports
during
Heavy—Shipments and
Preceding Week
industry during the week ended May 16, 1936,
71% of the 1929 weekly average of production and
ment and
District
over
The lumber
from
...
the
New Business Gain
re¬
Department Store Trade
Department
In the non-manufacturing
0.7 of 1% less than in March.
or
close
19%
the
Ratios of accounts outstanding to net
sales continued to decline in April.
In the manufacturing plants the average
Lumber Production Continues
-
reporting
counter to trend for the
the increase of
41.1,
stood at
most
wholesale trade in the Seventh District.
was
was
Report'*
™
in
0.2 of 1%.
or
40.0 in April as well as in March.
higher.
Conditions
Wholesale Trade
Sales
also
were
April,
were
enterprises, the average number of hours worked per week during April
shown to be 8% higher during the
were
in
hours
ing
early
season
of 1936 has been
very
similar to that of 1935.
Seed¬
is late but has not been so frequently interrupted by showers as in
Rainfall since April 1 has been less than in the same period of 1935
1935.
all reporting stations, but residual supplies were higher and
absorption better.
Strong winds during the past week and high
temperatures over the week-end have brought complaints of moisture short¬
at
nearly
spring
age
from
Alberta.
southwestern
Slight
Manitoba, west-central Saskatchewan and couthern
damage
from
soil-drifting
is
reported!
from
each
of
the
Financial
3588
three
Year
put in.
dicted
for the southern
in the Durum
reduction in
Increases
in
wheat
acreage
prairie area of the three provinces.
wheat acreage is reported from
wheat acreage.
common
Durum
of
amount
Alberta.
north-eastern
and
central
seed
available
Manitoba, offset by
This is mainly
the rust
after
are
are
a
similar
scourge
1935.
of
Grass¬
Cutworms
are
speaking, surface moisture is sufficient almost everywhere
the seed-bed is probably the best since 1932, but there will be the usual
Generally
and
dependence
warm
upon
weather and timely rains to
growth.
/
:
.
,
promote and hasten
•
,
\
.
V' v1'
Unclassified
Month
Number
Volume
Number
Volume
of Cars
pre¬
result of the greater
a
Used Cars
and
in Dollars
of Cars
in Dollars
A sharp increase
beginning to hatch but little damage is reported.
causing trouble south of Lethbridge, Alberta.
hoppers
1936
30,
Retail Financing
expressed whether all the "intended" acreage in northern districts
Delayed seeding probably diverted acreage to coarse grains in
northern Manitoba, east-central and northwestern Saskatchewan, and west-
was
May
Seeding of wheat is now practically complete and some
provinces.
doubt is
Chronicle
Summary for 456 Identic al Organizat tons
a
1936—
137,780
1,494
$497,563
1.487
605,267
203,523
$34,617,964
34.128,106
52,235,748
2,319
806,548
472,969
$120,981,818
5,300
$1,809,378
87,177
$20,650,382
24.107,645
34,267,163
3,453
3,702
$1,260,431
144,843
333,314
February.
March...
251,259
January
February
131.666
;
March
Total (3 months)......
1935—
January
February...
101.294
'
1,355,033
1,855,782
$79,025,190
12,308
$ 4,471.246
71,607
75,283
Total (3 months)
5,153
$15,864,436
16.510,453
2,699
1-04,369
...
March
23,274,757
3.947
$827,212
889,816
1,406,993
$55,649,646
9,393
$3,124,021
1,494
Automobile Sales in April
1934—
The Bureau of the Census has issued the figures in the
table below of factory sales of automobiles manufactured in
the United States (including foreign assemblies from parts
made in the United States and reported as
complete units
January..
Total (3
vehicles) for April 1936.
Canadian production figures
have been supplied by the Dominion Bureau of Statistics.
or
months)....
Summary for 282 Identi cal Organiza tions
(INCLUDING CHASSIS)
126,720
Canada
United States (Factory sates) a
(Production)
months).
31,431,785
1.487
48,044,447
2,319
$497,563
505,267
806,548
434,994
—
Total (3
Total
$31,867,593
121,185
187,089
February..
March
Year and Month
c
1936—
January
NUMBER OF VEHICLES
2 747
$111,343,825
5,300
$1,809,378
$1,260,431
1935—
(All
Passenger
Trucks,
Vehicles)
Cars
Total
Ac.
Passen¬
ger
Trucks
79,937
93,275
$18,954,622
3,453
22.284.535
3,702
1.355.033
133,473
31,606,788
5,153
1,855,782
306,685
$72,845,945
12,308
$4,471,246
January
64,575
$14,420,432
2,699
February
Cars
68,830
15.197,698
2.747
889,816
March..
95,477
21,367,713
3,94?
1,406,993
228,882
$50,985,843
9,393
$3,124,021
January
February
March
1936—
364,004
February
-—
-
65,730
287,606
2-24.816
62.790
13,268
420,971
January
298,274
343.523
77,448
13,302
11,261
2,041
10,853
2,415
3.486
14,488
502.775
417,133
85,642
17,974
24,951
20,247
4,704
1,575,356
1,283,746
291,610
69,495
56,849
12,646
January
289,728
227.554
62,174
10,607
332,231
273,576
68,655
18,114
425,913
359,410
66,503
452,936
387,158
65,778
21,975
24,123
8,269
13,885
18,179
20,688
3,435
1,500,808
1,247,698
253,110
74,819
61,021
Total (3 months)
2,338
February
13,798
March
April.
—
Total (4 months)
1
1935—
March
-
AprU
Total (4 months)
1934—
Total (3 months)
4,229
3 796
1934—
January...
155,666
230,256
42.912
43,482
March
338,434
112,754
186,774
279,274
59,160
6,904
8,571
14,180
4,946
7,101
12,272
1,958
February
April
352,975
288,355
64,620
18,363
15,451
— ...
$827,212
Of these organizations, 37 have discontinued automobile financing,
a
b Of this
number, 45.6% were new cars, 53.8% were used cars, and 0.6% unclassified,
c Of
the 282 organizations, 24
have discontinued automobile financing,
d Of this
number, 46.9% were new cars, 53.5% used cars, and 0.6% unclassified.
•
•
*
Refined Sugar Deliveries
During April by United States
Beet Sugar Companies Less Than in Record Month
2,912
1,470
1,908
of March
Deliveries of refined sugar by all
1,077,331
Total (4 months)
a
Data for January,
867,157
210,174
48,018
39,770
1935, to March, 1936, have been revised as a result of corre¬
spondence.
lished
a
record total during March, the New York Coffee &
The dollar volume of retail financing for
March. 1936,
increase of 64.5% when com¬
pared with February, 1936; an increase of 50.7% compared
with March, 1935; and 108.0% compared with March, 1934.
The $158,555,634 shown for wholesale financing for March,
1936, is an increase of 35.4% as against February, 1936;
an increase of 6.4% compared with March, 1935, and an in¬
crease of 51.6% compared with March, 1934.
Monthly statistics on automobile financing for January to March, 1936,
1935 and 1934, are presented in two tabulations
below; one is based on data reported by 456 identical
the other by 282 identical
current week by
organizations, and
organizations. These statistics were released the
Director William L. Austin, Bureau of the Census, Depart¬
Figures for months prior to those shown below were
ment of Commerce.
refined
against
informed by the United States Beet
was
Sugar Association.
Automobile Financing for March, 1936
and for the same months of
April deliveries
189,490
tons
Total
New Cars
Volume
Number
Volume
Number
Volume
of Cars
in Dollars
in Dollars
of Cars
in Dollars
Identical Orga nizations
Summary for 456
a
four
months of
422,461
1936
deliveries
242,444
232,106
$123,195,888
117,133,986
158,555,634 b378,230
103,170
172,388
$58,199,684
57,038,172
97,778,634
398,885,508
852,780
335,807,686
374,511
by the Exchange
May 21, it
on
raw
months).
159,094
187,566
270,099
59,105,614
69,873,418
100,076,895
68,464
82,570
120,103
44,410.740
353,773,472
616,759
229,055,927
271,137
145,559,491
109,997
132,485
195,196
$36,533,359
47,623,890
72,520,725
35,691
86,880
$19,841,711
30,223,621
47,838,975
203,726,038
437,678
156,677,974
177,026
97,904,307
98.953
1935—
January..
February.
—
March
Total (3
months).
37,194,801
63,953,950
for distribution
February.
March...
29.2% of the 1,550,000 short
Jones-Costigan Act
during 1936, while during the 1935 similar period, deliveries
represented 34.2% of an identical quota.
Based on the April 10 figure of
1,342,179 tons estimated by the Agricultural Adjustment Administration
the maximum amount
as
companies during this
which will be
year,
marketed by United States beet
the distribution
so
far is equivalent to 33.7%.
Sugar Distribution Dropped During First
Months of
54,455
1936
Distribution of sugar in the United States during the first
four months of 1936 totaled 1,978,531 long tons, raw value,
compared with 1,986,312 tons during the corresponding
period last year, a decrease of 7,781 tons, or approximately
0.4 of 1%, according to Lamborn & Co., who said:
as
1,574,931 tons
1,512,686 tons in the January-April period of 1935,
tons of
4.1%.
an
as
contrasted with
increased of 62,245
Beet sugar distribution totaled 403,600 long tons
a
as
against
decrease of 70,026 tons, or approximately 14.8%.
♦
Petroleum and Its
state
Products—Injunction Against Inter¬
Movement of Rodessa Crude Made Permanent
—Judge
Pelican
June
1934—
January..
tons
value quota fixed under the provisions of the
473,626 tons,
Total (3
to
also stated:
was
Deliveries during the first quarter represent
ton
213,016,490
$36,577,358
62,551,490
104,597,190
March
$93,315,211
91.671,545
150,820,930
$96,059,710
108.656,597
149,057,165
February
amounted
against 495,728 tons during the similar 1935 period, a de¬
crease of 73,267 tons or 14.8%.
In an announcement issued
Cane sugar distribution amounted to
1936—
January
159,247
For the first
Four
Retail Financing
Financing
and
during April, 1935, the Exchange said.
United States
Wholesale
and
109,268 short tons
+
AUTOMOBILE FINANCING
Month
were
during March
tons
reported in the "Chronicle" of March 21, 1936, page 1897.
Year
sugar
companies fell off sharply during Apr 1 after having estab¬
Sugar Exchange
amounted to $150,820,930, an
United States beet
8,248
Also
Oil
Rules
Special
Invalid—Texas
Production—Ickes
Permit
and
Holds
Granted
Oklahoma
Elk
Hills
to
Pare
Case
Closed—Production Again Above 3,000,000 Barrels
Daily
Federal
Total (3months).
Summary
for 282
Identical Org anizations
c
1936—
228,094
218,520
154,147,411 d356,432
$88,648,793
87,169,493
99,880
95,848
$56,283,637
143,515,240
167,024
94,664,245
386,850,012
303,046
319,333,526
362,752
206,180,323
$93,830,358
149,583
66,193
79,608
115,913
$35,936,838
261,714
140,437,979
$118,872,106
January
February
113.830.495
March
Total (3 months).
55.232.441
ruled that the
1935—
February.
106.054,455
176,585
March
145.574,233
254,539
$56,151,891
66.418,983
95,184,296
345,459,046
580,707
217,755,170
January
Total (3
months).
Judge Randolph Bryant, in District Court in
Tyler, Texas, on May 28, made permanent the injunction
granted against the East,Texas Pipe Line Co. from moving
interstate oil produced in the Louisiana portion of the
Rodessa field on the ground that it was illegally produced
in violation of the Connally hot-oil Act. Judge
Bryant also
special permit granted to the Pelican Oil and
Gas Co. by the Louisiana Conservation Commission under
was allowed 20,000 barrels
production dailv was
42.779,415
which it
61,721,726
invalid.
Crude oil
production in Texas and Oklahoma will be held
by the United States Bureau
an effort by the two
leading members
of the Inter-state Oil Compact Commission to bring output
down from the record 3,000,000-barrel levels scored in the
past two weeks.
below the levels recommended
1934—
$35,879,064
61,513.896
102,775,967
January
February
March
Total (3 months)
.
183,724
$34,437,380
45.377,552
69,202,632
84,300
$19,189,736
29,290,038
46,427,926
200,168,927
409,773
149,017,564
171,498
94,907,700
101,700
124,349
34,426
52,772
of Mines for June in
Volume
Texas
Financial Chronicle
142
officials
previously had announced their decision
production below the recommended figure, and
Oklahoma joined the move during the week when the State
Corporation Commission announced that the June allowable
will be 524,875 barrels daily, off 13,425 barrels from May
and 27,625 barrels under the June levels of 552,500 barrels
recommended by the Bureau of Mines.
Oklahoma operators have tentatively approved the general
plan for a reduction of about 8% in the daily allowables of
the prorated fields, with the exception of the wildcat pools
where the wells are held down to 100 barrels daily..
Con¬
to
REFINED
servation officials of the Commission stated at the
meeting
The
BY
BUREAU
Bureau
of
Mines
Texas.
May
1.132.500
538,300
544.000
-----
Oklahoma
California..
Louisiana
—_
170.500
Kansas
150,100
65.900
43,000
35,600
38,200
New Mexico
Pennsylvania..
Wyoming...
Michigan
recommended
t^g/daily
as follows:
June
I
1.125.7001 Arkansas......
552,500 Kentucky
535,500
175,700
153,100
68,300
42.600
37,800
37,000
Montana
Illinois
New York
Ohio
West
Virginia.
Colorado
Indiana
average
June
May
31,000
13.900
12,900
31,800
14,000
13,000
12,300
11,900
10,500
9*900
4,700
2,000
11,700
11,800
10,500
9,900
4,400
2,100
The Texas Bankers Association, after hearing Axtell J.
Byles, head of the American Petroleum Institute, tell them
that State cooperation was the only protection against over¬
production and corresponding weakening values for crude
oil, voted to cooperate with the industry in an effort to cope
KET
June
Association, by unanimous vote, urged the appoint¬
ment of a special committee "to confer, collaborate and
cooperate with a like committee of the Louisiana Bankers
Association, to render such aid and assistance as may be
required to effectuate a cooperative policy between the
responsible public officials of Louisiana and Texas in con¬
serving and preserving the oil and gas industry with the
States of Louisiana and Texas, and in fully discharging the
responsibility of these two States in the matter which is of
paramount national importance."
Praising the work of the Texas Railroad Commission,
Mr. Byles told the bankers that cooperation between oilproducing States was the only feasible method of maintaining
orderly production and orderly crude and refined price
The refusal of the Louisiana officials to
offset
Substantial
increases
Louisiana
in
and
Texas
dips in Oklahoma and California.
were no crude oil price changes.
Crudes
per
motor
Illinois
Western Kentucky
are
to
the
United
for month
A
States
-
...
1.23
1.23
Mid-Cont't., Okla., 40 and above— 1.18
Winkler, Texas
—.........
.85
75-.80
Smackover. Ark., 24 and over
1,423,000 barrels
set at
was
material
estimated actual, according
or
Bureau
Total
Mines.
of
demand
42,690,000 barrels.
decline
in
gasoline exports next month
compared with the like month
as
forecast by
a year ago was
tbe Bureau, which set indicated demand at 2,050,000 barrels,
slightly under tbe May level.
Stocks of finished and
finished gasoline at the close of
000,000 barrels,
date.
un¬
May would be above 71,-
around 9,500,000 above tbe like 1935
or
Estimated withdrawals for June
were
estimated at
4,010,000.
Stocks of finished
gasoline showed
a
small reduction for
the week ended May 23 as seasonal factors lifted consumption
sharply, the American Petroleum Institute's weekly report
disclosed.
Stocks
were
off
39,000 barrels to
Stocks of finished and unfinished
however,
65,508,000.
gasoline for the period,
Daily average production of
barrels was up 5,000 barrels.
Refinery operations mounted to the highest level recorded
since last summer, reporting units running at 80.7% of
capacity, an increase of 1.7.
Daily average runs of crude
oil to stills reflected the abnormally high operating rate,
rising 55,000 barrels to 2,975,000 barrels.
Gas and fuel
oil stocks showed a slight gain to total 100,212,000 barrels.
There was little doing in the local refined products market
with the exception that the price structure steadied some¬
what as consumption showed its normal seasonal expansion.
Cut-rate competition still exists in certain areas in the
metropolitan section, but expansion of the "war" levels
for gasoline at the "pump" has been halted, it is believed.
With the exception of routine adjustments, there were no
price changes in the refined gasoline retail markets.
unchanged.
were
cracked gasoline of 650,000
I North
New York
..$.04%
(Bayonne)
'
Texas.$.03H-.03J4. New Orleans.$.03%-.04
,04>£-.05
J Tulsa...
.04$£-.04$4
Los Angeles..
Fuel Oil, F.O.B. Refinery or
Terminal
New Orleans C
California 27 plus D
N. Y. (Bayonne)
Bunker C
$1.15-1.25
$1.05
Diesel 28-30 D
$.90
Phila., bunker C
1.05
1.65
Gas Oil, F.O.B.
N. Y. (Bayonne)
Refinery
or
Terminal
| Chicago,
-.04**
27 plus....$.04
I
J-.$,07M
.07H
Tide Water OH Co.-
.07H
Richfield Oil (Calif.) .07H
Warner-Qulnaln Co. .07H
$.02$$-.02$4
1 Tulsa
32-36 G0-.$.02H-.02K-
U. S. Gasoline (Above 65 Octane), Tank Car Lots,
Standard Oil N.
Sooony-Vacuum—.
F.O.B. Refinery
Chicago..
New York—
Colonial Beacon._$.07
New
Texas
$.06
-.06J£
.06
-.06M
Los
.07$
Orleans.
07
Gulf
Republic OH
Ang., ex. .05H-.04$4
Gulf ports... .06
-.06$4
07
-
Shell East
Tulsa
.06
-.06$*
.07
zNot Including 2% City sales tax.
Gasoline, Service Station, Tax Included
New York
Cincinnati—
$.192
$.175
Minneapolis.
.
....$.184
.192
-
Boston
.175
New Orleans
Denver..........
.21
.168
Detroit.
.16
Philadelphia
Pittsburgh.......
.145
Camden..
Cleveland
.168
Brooklyn
Newark
Jacksonville
.20
San Francisco.....
.195
.16
.19
St. Louis
.177
Buffalo
165
Houston
Chicago—.
175
Los
Daily Average
...
Angeles......
.23
.175
.175
Crude Oil Production
Off 900 Barrels
in Past Week
The American Petroleum Institute estimates that the
average gross
1936,
was
daily
crude oil production for the week ended May 23
3,007,150 barrels.
barrels from the output of
week's figure was,
This
was
a
decline of 900
the previous week.
The current
however, above the 2,826,300 barrels cal¬
culated by the United States Department of the Interior
to
be the total of the restrictions
oil-producing States during May.
for
the
four
2,975,650 barrels.
details,
as
imposed by the various
Daily
weeks ended May 23,
ended May 25,
The daily
1935, totaled
average
production
1936, is estimated at
average output for
2,60^,300
barrels.
the week
Further
reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended May 23 totaled 1,109,000 barrels, a
daily average of 158,429 barrels, compared with a daily average of 154,571
barrels for the week
ended May 16 and 147,571 barrels daily for the four
weeks ended May 23.
Receipts of California oil at Atlantic and Gulf ports for the week ended
May 23 totaled 151,000 barrels, a daily average of 21,571 barrels, compared
with
a
daily average of 44,000 for the week ended May 16 and 25,607 barrels
daily for the four weeks ended May 23.
Reports received from refining companies owning 89.6% of the 3,869,000
basis,
not shown)
$2.45 Eldorado, Ark., 40
1.25 Rusk, Texas, 40 and
1.42 Darst Creek
demand of
fuel
estimated
daily potential refining capacity of the
United
States
indicate that the industry as a whole ran to stills, on a Bureau of Mines
Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa—
Lima (Ohio Oil Co.)
Corning, Pa
OPERA¬
CONSUMPtlON—LOCAL MAR¬
STEADIES
only 9% above the "normal"
barrel
There
Prices of Typical
REFINERY
13%
SEEN
daily is 13% above the corresponding 1935 month but
meet
method of
solving
the problems inherent in the 'fact that the Rodessa field is
half in Louisiana, and half in Texas was deplored by Mr.
Byles.
The annual tax bill of the petroleum industry now prac¬
tically equals its annual payroll, W. R. Boyd Jr., Executive
Vice-President of the American Petroleum Institute, told
the Houston Kiwanis Club May 27.
The industry's yearly
taxes now exceed one billion dollars, and, he pointed out, "as
the unpaid collector of gasoline taxes, which comprise about
three-fourths of the annual tax bill of more than a billion
dollars, the petroleum industry is in the unique position of
seeing the Government derive from taxes on its principal
income product more revenue than it is itself able to make
by manufacturing and marketing the commodity."
Secretary of the Interior, on Wednesday denied the motion
for a rehearing of the Elk Hills oil case, and reaffirmed his
original ruling of Jan. 24, 1935, upholding the title of the
United States to the lands.
An increase of 582,000 barrels
in stocks of domestic and foreign crude oil during the week of
May 16 reported by the Bureau of Mines lifted the total to
315,481,000 barrels.
An increase of 658,000 barrels in
stocks of domestic crude more than offset a dip of 76,000
barrels in stocks of foreign oil.
Daily average crude oil production was above the 3,000,000
barrel level for the second successive week, and at 3,007,150
barrels for the period ended May 23 was only a few barrels
below the all-time record of 3,008,050 scored a week earlier,
the American Petroleum Institute pointed out.
The total
compared with recommended allowable of 2,826,300 barrels,
and actual production in the like 1935 period of 2,605,300
some
EXPORTS
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
The
structures.
DEMAND
FUEL
GASOLINE
MINES—INCREASED
OF
domestic
with the situation which has arisen in Louisiana.
with the Texas authorities to seek
MOTOR
AGO—LOWER
on
production by States
barrels.
YEAR
TIONS OFFSET HIGHER GAS
proration
May 22 that Texas was cutting back, and other
member States in the Compact planned similar action.
The reduction in Texas, effective June 1 when the new
allowable goes into effect, will mean a slash of more than
50,000 barrels from the current level of 1,132,500 barrels
daily, and compares with the recommended level of 1,125^,700
barrels set by the Bureau of Mines.
What action wilhbe
taken by Louisiana—which does not beldng to the Compac
to cope with the State's rising oil outpiS is problematical.
Governor Leche, of Louisiana, has refused to
confer/with
Texas oil control authorities on the ground that his
legislative
program will occupy his time for the next two months.
The normal seasonal rise in consumption of /efinm products
necessitates an increase in daily average crime on production
of 12,000 barrels to 2,838,300 barrels for June, which is
187,300 barrels above the total for the corresponding 1935
month, the Bureau of Mines ruled on May 23.
PRODUCTS—JUNE
ABOVE
pare
3589
$1.10
over.—.....
1.15
.97
....
Midland District, Mich
2,975,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 72,490,000 barrels of finished and
unfinished gasoline and
100,212,000 barrels of
gas and
fuel oil.
1.02
Cracked gasoline production by companies owning 95.9% of the potential
Sunburst, Mont...
1.23
Huntington, Calif., 30 and over
.95
Kettleman Hills, 39 and over...... 1.43
whole, on a Bureau of Mines basis, produced an average of 650,000 barrels
Petrolla, Canada................ 1.10
daily during the week.
...
...
charging capacity of all cracking units indicates that the industry
/
as
a
Financial
3590
May 30, 1936
Chronicle
OIL PRODUCTION
DAILY AVERAGE CRUDE
Week Ended
(Figures In barrels)
May
State
M ay
B. of M.
Actual Production
Average
Dept. of
Int. Cab
Week Ended
4 Weeks
Ended
1936
culatlons
May 23,
May 16,
May 23,
May 24,
(May)
1936
1936
1936
1935
Kansas.
150,100
547,250
523,650
160,500
185,850
162,900
63,050
62,800
60,550
65,250
60,300
60,050
59,900
58,550
25,200
25,100
25,750
185,150
184,350
150,900
52,800
259,200
55,300
447,200
81,400
254,800
253,300
48,700
450,750
58,650
181,300
1,177,450
1,172,150
1,167,700
1,035,150
North Texas
25,300
185,950
52,550
West Central Texas.
West Texas
East Central Texas..
448,300
East Texas
80,600
..
Coastal Texas
448,500
80,950
Coastal Louisiana..
82,550
79,050
23,150
144,150
145,600
111,550
236,700
170,500
Total Louisiana.
134,700
224,650
31,000
Michigan
29,950
30,000
31,150
108,550
108,450
107,250
105,850
38,200
Eastern
30,000
102,900
Arkansas
33,750
34,900
34,100
39,100
37,750
14,200
4,450
73,950
33,000
Wyoming
Montana
35,450
15,850
12,900
39,750
4,550
74,950
35,600
4,550
4,400
Colorado
65,900
New Mexico
2,282,300
Total east of California.
15,900
74,900
50,850
2,400,150
2,120,700
484,600
2,605,300
544,000
574,100
579,800
2,826,300
Total United States
3,800
575,500
3,007,150
3,008,050
2,975,650
California
do not Include any estimate of any oil which
might have been surreptitiously produced.
Note—The figures indicated above
GASOLINE AND GAS AND FUEL OIL, WEEK
ENDED MAY 23, 1936
Dally Refining
Finished and
Unfinished Gasoline
to Stills
Stocks
of
Unfin'd
Dally
P.
Oper¬
At Re¬
age
ated
fineries
and
P. C.
Aver¬
Reporting
tial
Gas
in
Finished
District
Total
C.
Fuel
Terms, Nap'tha
dec.
Oil
Distil.
8,179
495
80.9
7,389
11,772
1,067
Appalachian.
154
146
94.8
105
71.9
1,398
484
Ind.,111., Ky.
424
95.9
414
97.6
7,264
1,049
2,660
254
442
928
3,406
453
384
84.8
299
77.9
4,366
2,306
679
612 100.0
612
East Coast..
Okla., Kan.,
Inland Texas
330
160
48.5
107
66.9
1,149
156
248
2,717
1,756
Texas Gulf..
680
658
96.8
627
95.3
5,976
188
1,989
6,976
La. Gulf
169
163
96.4
129
79.1
874
405
212
1,975
Missouri
__
388
72
90.0
49
68.1
136
112
97
60
61.9
44
73.3
1,434
98
733
852
789
92.6
528
66.9
9,636
2",582
1,062
71,327
3,468
89.6
2,797
80.7
80
No. La.-Ark.
Rocky Mt.
.
California
233
39,719
21,254
6,649
97,941
401
178
2,728
1,807
333
2,271
3,869
2,975
2,920
42,447
42,922
23,061
3,869
Reported
Estd.unrep'd
xEst.tot.U.S.
3,869
3,869
May 23 '36
May 16 '36
50
57
66
69
49
136
1
1
1
1
Georgia and North
Carolina
s
398
66
168
s
s
590
615
555
475
883
1,292
240
244
245
189
299
394
42
Illinois
44
53
41
65
87
131
— -—
Iowa
Kansas and
89
81
81
77
64
724
722
524
512
860
679
Missouri—
Kentucky—Eastern
88
94
110
226
183
27
17
25
43
47
3
6
8
7
14
12
42
44
48
29
49
42
23
Michigan
104
24
Western
Maryland
23
24
19
41
57
—
Montana.
...
New Mexico
—
—
sl4
sl6
13
20
22
15
340
333
364
315
392
860
1,403
1,678
2,669
3,578
78
121
Dakota
Ohio...
—
1,955
1,910
61
74
84
104
13
13
12
13
21
31
25
32
24
65
74
174
bituminous
Tennessee
186
147
183
231
250
18
40
44
—
Texas
-
Virginia
Washington
—
24
20
1,514
1,506
1,161
1,455
1,902
1,380
510
465
421
509
677
862
78
Virginia—Southern, a
West
22
23
84
83
57
98
110
1
1
s3
s5
5,640
9,310
1,207
10,878
1,932
10,517
12,810
Northern.b
Wyoming.
....—
*
1
Other Western States.c
coal.
Pennsylvania anthraciteGrand total.
6,845
1,433
935
6,099
1,084
8,010
Total bituminous
6,855
1,155
8,278
6,575
7,183
the N. & W., C. & O., Virginian, K. & M., B. C. & G.,
and on the B. & O. in Kanawha, Mason, and Clay counties,
b Rest of State, includ¬
ing the Panhandle District and Grant, Mineral, and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada, and Oregon,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina and South Dakota Included with "Other Western
States."
* Less than 1,000 tons.
a
Includes operations on
6,982 100,212
99,120
6,943
22,625
of Mines in its monthly cement
The United States Bureau
Stocks of
Crude Runs
Capacity
Rate
339
8
April Production of Portland Cement Reaches 8,519,000
Barrels—Shipments Total 9,089,000 Barrels
each)
(Figures In thousands of barrels, 42 gals,
•
218
16
STOCKS OF FINISHED AND UNFINISHED
CRUDE RUNS TO STILLS AND
Poten¬
167
15
s
10,550
2,428,250
2,433,050
213
13
—
...
Utah
226,700
2
and Oklahoma
Pennsylvania
89,500
147,200
Northern Louisiana.
2
-
North and South
1,132,500
Total Texas.
2
204
Alabama—
Indiana....
Panhandle Texas...
p
Alaska
Arkansas
560,500
558,700
157,100
538,300
.
1923
1929
1934
r
2
Colorado
Oklahoma.
Southwest Texas.
1935
1936 p
Week
Ended
Avge.
May 11 May 12 May 11
May 2
9
statement said that
industry in April,
the Portland cement
1936, produced 8,519,000 barrels, shipped 9,089,000
from the mills, and had in stock at the end of the
barrels
month
20,556,000 barrels.
Production and shipments of Portland
cement in April, 1936 showed increases, respectively, of
38.8 and 46.6%, as compared with April, 1935.
Portland
cement stocks at mills were 3.1% lower than a year ago.
The mill value of the shipments—14,183,000 barrels—in
^
the first quarter
Ac¬
$21,695,000.
of 1936, is estimated as
cording to the reports of producers
the quarter include approximately
the shipments totals for
461,000 barrels of high-
early-strength Portland cement with an estimated mill value
of $870,000.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 162 plants at the close of
close of April, 1936:
April, 1935 and of 160 plants at the
(PER CENT)
RATIO
OF PRODUCTION TO
CAPACITY
U.S. B. of M.
May
x
Z34.725 z20,471
2,594
1935
Bureau of Mines basis currently estimated,
'z6,287 Z100177
April,
z
April,
March,
1935
1936
The 12 months ended
Production of Coal Lower During Latest
The United States Bureau of Mines,
Week
in its weekly coal
declined slightly
in the week ended May 16.
The total output is estimated at
6,758,000 net tons, a decrease of 97,000 tons, or 1.4%, from
the preceding week.
Production during the week in 1935
corresponding with that of May 16 amounted to 5,848,000
1936
1936
16.4%
16.1%
29.2%
29.0%
23.4%
29.6%
39.2%
27.9%
27.9%
The month
30.5%
PRODUCTION, SHIPMENTS AND STOCKS OF
CEMENT, BY DISTRICTS, IN APRIL
[In Thousands of
January,
February,
1936
As of May 31. 1935.
FINISHED PORTLAND
1935 AND 1936
Barrels]
report states that production of soft coal
Stocks at End
Production
District
1935
of Month
Shipments
v
1935
1936
322
298
288
481
Wis., 111., Ind. and Ky
600
696
539
914
Va., Tenn., Ala., Ga., Fla. & La.
701
790
671
790
1,627
Minn. & S. Dak.
368
643
540
758
Mo., Neb., Kan., Okla. & Ark
430
709
634
812
2,679
1,499
Texas..
347
655
331
583
682
Colo., Mont., Utah, Wyo. & Ida.
125
289
161
280
377
375
California
565
1,199
634
1,192
1,406
1,194
277
316
191
406
551
529
6,136
8,519
6,198
9,089
21,219
20,556
1,728
1,309
1,666
New York and Maine
444
531
386
407
542
665
514
800
Eastern Pa., N. J.
and Md._
Michigan
Anthracite
production in Pennsylvania during the week
Com¬
ended May 16 is estimated at 1,007,000 net tons.
pared with the preceding week, this shows a decrease of
148,000 tons, or 12.8%.
Production in the corresponding
week of 1935 amounted to
During the calendar
1,123,000 tons.
year
to May
East. Mo., Iowa,
W.
Oregon and Washington
16, 1936, a total of
157,441,000 tons of bituminous coal and 21,227,000 net tons
Pennsylvania anthracite were produced.
This compares
145,273,000 tons of soft coal and 20,494,000 tons of
hard coal produced in the same period of 1935. The Bureau's
statement, follows:
of
Total
PRODUCTION, SHIPMENTS, AND STOCKS
CEMENT, BY MONTHS IN 1935 AND
-
Shipments
Production
Month
COAL'ANDjBEEHIVE
1936
1935
1936
c
May 9
February
1935
June
1936
1935
1929
e
Pa. anthra.: b
Tot. for per'd 1,007,000
167,800
1,155,000 1,123,000
187,200
192,500
21,227,000
183,800
20,494,000
177,400
27,954,000
242,000
Beehive coke:
Daily
aver..
19,100
3,183
17,400
2,900
11,800
1,967
534,300
4,528
380,200
3,222
2,413,800
20,456
coke, local sales, and colliery fuel, b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal shipped
by truck from authorized operations, c Subject to revision, d Revised, e Adjusted
to make comparable the number of working days in the three years.
a
8,021
July
per'd 6,758,000 6,855,000 5,848,000 157,441,000 145,273,000 200,326,000
1,712,000
1,250,000
1,355,000
975,000
Daily aver.. 1,126,000 1.143,000
Tot. for
Tot. for per'd
8,725
April
Bitum. coal: a
Daily aver..
May
4,299
6,136
8,222
March
May 18
1936 d
May 16
Includes lignite, coal made Into
ESTIMATED
WEEKLY PRODUCTION OF COAL, BY STATES
and
and State
(The current estimates are based on railroad carloadings and river shipments
are
subject to revision on receipt of monthly tonnage reports from district
final annual returns from the operators.)
.
2,918
1,510
636
1936
1935
Stocks at End of
Month
2,846
1935
2,951
4,878
6,198
7,428
7,632
7,813
8,105
7,799
8,794
1936
3,889
3,156
7,138
21,785
21,899
22,686
22,971
21,289
a2l,126
9,089
21,219
20,556
21,991
23,083
23,287
22,415
21,783
20,501
November
7,235
7,173
7,510
7,093
5,976
21,613
December
5,803
4,514
22,908
76,472
74,934
August
September.
_
October
Total
XV
WOO
-
X Eic
O LO-LE5 LI Co
ftlVCU
a
"V*"
ttUUVO ftlC V»V
the Bureau of Mines, from all
manufacturing plants except one.
Revised
April Exports of Tin Under
ment
(IN THOUSANDS OF NET TONS)
sources, or of
3,630
3,454
5,263
8,519
3,202
3,053
January
Calendar Year to Date
1,819
2,118
1,415
OF FINISHED PORTLAND
1936 (IN THOUSANDS OF
COKEKINiNET TONS)
Week Ended
2,709
BARRELS)
with
ESTIMATED UNITED STATES PRODUCTION^OF
3,803
1,530
3,835
1,522
2,556
1,873
2,612
1,415
Ohio, Western Pa. and W. Va—
tons.
1936
1935
1936
International Tin Agree¬
Above March
During April the five countries
national
Tin
Agreement
participating in the Inter¬
exported 11,444 tons of tin, it is
Volume
Financial
142
made known in
Inter¬
of the
This
11,399 tons in March and 10,200
communique issued May 26 by the
a
national Tin Committee through
the New York office
International Tin Research and Development Council.
with exports of
compares
tons in
February.
The communique also discussed plans
for the continuance
of the Tin
Agreement, which expires on Dec. 31, 1936.
following is the communique as issued on May 26:
International
The
1.
day,
International
May
The
2.
Tin
Tin
Committee
Committee
met
The
monthly statistics
699
627
1,437
Malaya
4,754
5,923
977
977
810
decided
quota until its
of the
determination
defer
to
the
Siamese
the
claims.
committee
Siamese
The
to
been
has
It
Bangkok
decided
31, 1936, unless an
send
to
Compared with a week ago,
Government
decision
this
Siam.
of
afford all
will
and
American
World
the last quarter
95,033 tons, against 96,367 tons in
monthly average of 100,975 tons for all of
of 1935 and a
production of the world,
Copper
basis,
ex
United States, by months, on smelter
about as follows, in short tons:
was
January
94,300
July
105,500
March
113,300
92,200
98,600
September
122,800
96,300
1
Research
and
Council's
Development
"Bulletin," published by The Hague Statistical Office, world
August
r.
94,300
94,700
92,700
99,000
October
93,000
November..
December..
94,200
_.
1936
1935
1936
1935
107,000
_
..
97,100
_
Lead Firm at 4.60c.
week amounted to about 5,100 tons,
Sales of lead during the last
which
week and less than 2,000 tons
two weeks ago.
A fair tonnage of prompt shipment lead was included
in the week's transactions.
Battery makers and pigment manufacturers
were the largest buyers.
Inquiry for lead was good as the week closed
and producers feel
quite optimistic over the immediate future.
The
with 3,750 tons in the previous
compares
According to statistics contained in the May issue of the
Tin
The monthly average for the
quarter of 1935.
last year.
Compared with Previous
12-Month Period
International
This compares with
quarter of the current year was
Consumption of Tin During Year
as
outside of the
first quarter of 1936,
Statistics reports.
Metal
of
Bureau
289,100 tons in the last
first
June
in
in the world from ore originating
United States amounted to 285,100 short tons in the
the
May
Ended March 31 Noted
again
thef foreign
quotation for copper was about unchanged.
April
welcomed
facilities to the two representatives.
Increase
confidence of business men and has
has shaken the
representatives of
two
the
with
negotiate
to
has
Government
end Dec.
the strong play of
believed to be down from the recent high, owing to
Production of copper
agreement
is reached for its renewal.
The four signatory countries, Bolivia, Malaya,
Netherland East Indies and Nigeria, are willing to continue control for a
further period oiif a basis to which they all agree, provided Siam, Belgian
Congo and other tin producing countries participate on satisfactory terms.
Siam and Belgian Congo claim substantial increases in the tonnages allotted!
to them under the present Scheme.
Negotiations with the Belgian delega¬
tion have reached a point which
offers reasonable expectation that the
delegations of the four signatory countries may be able to recommend a
proposal to their governments provided that agreement can be reached on
Control Scheme will
The Tin
at all
against
copper
The London market steadied on Tuesday,
meeting to be held June 25.
4.
of
Actual consumption of copper in Europe
covering by shorts.
on
diverted attention to rearmament.
committee
Deliveries
spell.
quiet
present
largely
is
politics that
The
Except for the
refiners, the industry is not
rather wide range almost daily.
Tentative.
3.
the
over
copper
Foreign buying was in fair volume, but prices were irregular, showing a
*2,388
5,303
*
continued on a reduced
The quotation continued at 9He., Valley.
542
1,694
Siam
holding
existing contracts are probably a little larger than at this time last month.
April
2,435
of scrap to
movement
disturbed
Bolivia
.
average.
been
scale, sales for the week amounting to about 2,600 tons.
2,401
2,076
Nigeria
have
New purchases of copper in the domestic market
larger
March
February
Netherland East Indies
Though shipments of copper
up well, new business of
consequence is not expected before August.
Inquiry for
zinc has improved.
The tin market steadied in London on
postponement of action at this time on production quotas
for the third quarter.
The move to raise steel prices for
the July-September period attracted wide interest in nonferrous metal circles.
The publication further stated:
slightly above
consumers
Copper Quiet Here
England, on Tues¬
London,
to exports are as follows:
as
sidered
to
Communique
at
1936.
26,
3591
Chronicle
market was firm.
apparent consumption of tin in the year ended March 31,
1936,
147,877 tons, representing an increase of 25,529
was
tons
in
World produc¬
compared with the previous 12 months.
tion
the year
issued
announcement
1936,
to March,
27 by
May
145,164 tons.
was
In an
office of
the New York
York, the contract settling basis
Sales
of its own brands in the East were reported by St. Joseph Lead at a premium.
The refined-lead statistics for April were satisfactory, stocks on hand
Quotations continued at 4.60c., New
of the American Smelting &
showing
consumers
which compares with 136,113 tons in the same
144,876 tons,
The
total
of
consumption
tin
March,
in
1936,
13,424
was
this
tons,
figure being the highest reached singe the peak month of 1935 (September,
1936
of
Out
in
were
showed
a
15.6%
dom,
the
in
decrease
the
for
28.5%
slovakia,
being 38,400 tons and
March,
23.7%;
1,000
Substantial
16.7%;
Switzerland,
the
The
figures
consumption
in tons of
for
Czecho¬
United
King¬
13.6%, and Sweden, 11.8%.
the principal
countries
shown
are
In the first
low.
cable makers totaled
four months of 1936 the shipments of lead to
9,644 tons, against 8,657 tons in the same time
and 10,337 tons in the
last
January-April period of 1934.
Zinc Holds Firm
increases
38.9%;
Holland,
Statistics of Consumption
following table
rather
alone
Germany
tons,
1936.
37.2%;
States,
Belgium, 14.9%; India,
;
than
more
ended
year
United
Russia,
;
used1
time last
The industry is following the rate of activity in cable plants with
interest, for it is in this field that consumption of lead remains
year.
unusual
year
countries which
15
recorded
are
the figures
close agreement,
very
respectively.
tons,
38,139
in the first quarter
The production and consumption of tin
tons).
13,693
of
to consumers exceeded
Shipments
since last December.
Domestic shipments
during the first four months of the current year totaled
40,000 tons for the first time
to
the Council it was also stated:
of 2,397 tons.
reduction
a
Refining Co., and at 4.45c., St. Louis.
in
the
improved, but this has not yet been trans¬
Producers sold about 2,000 tons of zinc
in the last week, all on the basis of 4.90c., St. Louis.
The shipments to
consumers during the seven-day period increased to 5,000 tons, indicating
that the demand for zinc products is holding up well.
So-called unfilled
orders in prime Western zinc are now down to 28,132 tons.
Buying interest in zinc has
important business.
lated into
2,240 pounds:
Defers Action on Tin Quotas
Year Ended
Percentage
March
March
1936
1935
66,391
United States
United Kingdom
Germany.
Decrease
+ 37.2
8,713
6,236
9,585
France
or
48,376
20,341
10,096
23,517
.
—
Increase
+ 0.8
+ 23.7
8,785
+ 15.6
—5.1
7,714
5,109
26,776
4,297
+ 18.9
24,289
+ 10.2
147,877
122,348
+ 20.9
Total use in manufacture
139,200
•129,100
+ 7.8
Change in consumers' stocks
+ 8,500
—7,000
Italy
—
—
Other countries
Apparent total consumption
No
"use
figures
available for Italy since the beginning of 1936.
These
figures are only approximate, but may be taken as
are
manufacture"
in
indicating general trends.
held in London
The
as
production
820,000
tons
against
712,000
in the first
industry
increased from
52,300 tons
is
Consuming Industries
of tinplate
818,000
the
first quarter
in the
tons
first
of
1936
is
of
quarter
recorded
1935,
and
The quantity of tin used by this
the year ended March, 1935, to
ended March, 1936.
The output of motor vehicles
quarter
in the year
in
of
48,500
of tin
1,694 tons in February.
The
signatory
four
provided
the
beyond Dec. 31, 1936, on a basis to which they
Siam, Belgian Congo,
claims."
Siamese
Demand for tin was quiet
within narrow
time to
tons
the
45.125c.; 23, 45.125c.;
8,500
approximately
increase
in
the
tons against a
year
1936,
were
16,956
Consumers' stocks continue
ended
March,
1936,
being
decrease of about 7,000 tons in the
previous 12 months.
Lead Sales
in
"Metal
states
last
and
Advances
of
$2
a
Ton
Affect
Principal Steel Products
•
that price
for third quarter have been announced by leading
"Iron Age," in its issue of May 28, stated
producers of semi-finished
steel, bars, plates and shapes,
grades of sheets and hot-rolled strip steel.
The increase
amounts to $2 a ton on all products except cold-finished
carbon steel bars, which will go up $3 a ton.
Third-quarter
all
on wire products, tubular goods, rails, track
accessories and cold-rolled strip have not yet been named.
quotations
Larger Volume—Action
on
Tin
Quotas
Mineral Markets"
in
its
issue
of
May 28
buying of lead showed further improvement in the
week, the sales moving
up
The
"Age" further stated:
Cold-rolled strip
Postponed—Copper Inactive
I
May 21, 45.125c.; 22,
25, 45.125c.; 26 , 45.250c.; 27, 45.375c.
Price
Third-Quarter
advances
stocks of tin at the end of April,
total
because of the uncertainty over the outcome
negotiations for the renewal of the agreement.
Chinese tin, 99%, was nominally as follows:
The
against 17,336 tons at the end of March.
increase,
The price fluctuated
expected for
of the
throughout the week.
limits, and an unsettled market is generally
come
in
World Stocks of Tin
visible
world
it was stated officially, are willing to
countries,
all agree,
and other tin-producing countries, par¬
ticipate on satisfactory terms.
Negotiations with the Belgian delegation
have reached a point which offers reasonable expectation that the dele¬
gations of the four signatory countries may be able to recommend a pro¬
posal to their Governments "provided that agreement can be reached on
continue control
given as 1,418,000 in the first quarter of 1936 against 1,361,000 in the
The
The figures for April were declared to be "ten¬
tative."
1934.
tons
corresponding period of 1935.
to
for the third quarter until the next
At the same time it was
June 25.
tons
International Tin Committee,
defer determination
May 26, at which it was decided to
meeting of the group on
disclosed that Bolivia exported 2,388
during April, which compares with 1,437 tons in March and
of the quotas
some
World
centered in the meeting of the
Interest
to a level that might be
con¬
may
be
merchant
has
will
marked
wire
is slated
up
to
$40
for
a
an
ton.
advance
of at
Certain
least $2
revisions
are
ton.
a
products, but pipe is not expected1 to be changed.
already been reaffirmed at 1.80c. a pound, all basing points.
not
be changed
in the midst
of the canning season.
Rails
expected
on
Skelp
Tin plate
Financial
3592
The
formally published by at least
which have been
schedules,
new
in
weeks remaining in this quarter,
the five
into
July
considerably
still
are
delayed,
their needs
and
many
from day to
Tin
mills
steel
Raw
This is particularly true in the
nearly all engaged at capacity and
are
output
is
well
very
case
are
are
of tin
turning
sustained,
ingot
production
this
week
point to 68% of capacity.
Operations are off
Philadelphia and Cleveland, but have gained at
Buffalo and St. Louis and are unchanged at Pittsburgh and Wheeling.
Automotive requirements
are
definitely declining, but are still sub¬
being
half
enough to maintain sheet and strip mill operations at
that its sheet orders
producer reports
large
machine
washing
larger than
its
air-conditioning
and
tub
8
July
15
22
July
29
July
a
high rate.
from refrigerator,
equipment
makers
stove,
are
now
aggregate automotive takings.
11,900
locomotives.
tons
compare
The
with
The New Haven has
fabricated structural steel awards of
in the preceding period, but new
week's
34,720 tons
projects increased from 10,865 tons to 27,400 tons.
Scrap prices
have again
declined, the
drop
Philadelphia.
at
The
steel
finished
a
gross
ton because of
which
composite,
by price advances until July 1, remains at 2.097c.
"IRON AGE"
will
1
50c.
a
be
not
pound, while
a
One year ago
The
on
steel bars, beams, tank plates,
wire, rails, black
pipe, sheets and hot
rolled strips.
These products represent
85% of the United States output.
High
of
Jan.
7
2.084c.
Oct.
1
2.124c.
Jan.
1934
2.199c.
Apr.
24
2.008c.
1933..
2.015c,
Oct.
3
1.867c.
1.926c.
Feb.
1.945c.
Dec. 29
1930
2.273c.
Jan.
7
2.018c.
Deo.
1929
2.317c.
Apr.
Oct.
Dec.
2.217c.
July
17
2.402c.
Jan.
4
2.212c.
Nov.
9
on average
furnace and
of basic Iron at Valley
foundry Irons at Chicago
Buffalo,
Valley
and
Jan.
7
$18.84
Nov.
Jan.
7
5
17.83
17.90
May
1
16.90
Jan.
27
16.90
Dec.
5
13 56
Jan.
14.81
Jan.
5
13.56
Deo.
Jan.
6
14 79
Dec.
15
18.21
-
Jan.
May 14
15.90
May 14
18.21
Deo.
17
18.59
Nov. 27
17.04
July
24
1927-
19.71
Jan.
17.54
Nov.
-
-
1929
—
4
Dec.
16
7
18.71
1928.
1930
1
Based
May 26. 1936, $13.08 a Gross Ton
One year ago
No.
1
melting
heavy
steel,
and Chicago.
14.54
—
on
quotations at Pittsburgh, Philadelphia
.$13.25
-
One month ago
week
the
month
awarded.
This brought the total
10,500 last December, and
were
cars
largest since
9,750,
to
steel,
rolled
tons of
107,250
requiring
freight
6,900
the
for
number
and
of wheels and
Pere
St. Louis South¬
39,000 tons
Chesapeake & Ohio ordered 5,400; Norfolk & Western, 1,000;
axles.
Southern Pacific is inquiring for 2,800.
Marquette, 500.
is
market
the
in
for
their
surplus
consider
freight
50
coaches
five
cars,
too
under today's
margin
a
narrow
of freight cars,
five
and
conditions;
10.83
delays in handling steel, as well as other products.
Fresh rail
commitments have been lacking for some weeks though a secondary buying
is anticipated
movement
After
this
fall.
bulge in the preceding week, awards of structural
again to 13,205 tons, near the average for the year.
temporary
a
dropped
Harbon, T. H., and
A
survey
this
year
Low
1936
$14.75
1935
13.42
Dec.
10
10.33
1934
13.00
Mar. 13
9.50
Sept. 25
1933
12.25
Aug.
8
6.75
$13.08
May 26
23
Apr
3
1932
8.50
Jan.
6.43
Jan.
July
1931
11.33
Jan.
6
8.50
Dec. 29
1930-
15.00
Feb.
18
11.25
Jan.
29
12
5
Dec.
9
14.08
Dec.
3
1928
16 50
Deo. 31
13.08
July
2
1927
15.25
Jan.
11
13.08
Pearl
City, New York.
tons for a building in Radio
12,000
that $1,000,000,000 will be spent
other industries for material, including large tonnages of
oil industry indicates
of the
with
principally structures.'
steel,
Scrap
reductions,
further
show
prices
"Steel's"
lowering
scrap
com¬
in evidence.
peak in March scrap prices generally have dropped $2 a ton.
Though scrap has offered severe competition to pig iron, prices of the
latter are expected to be reaffirmed
for third quarter.
Pig iron ship¬
25c.
of
offset
in
measure
a
Pittsburgh
to
to
tendencies
are
more
by
Supplies
than last month.
average
experiencing lighter operations, but this is
better demand for railroad equipment parts,
sanitary
district
higher
a
are
ware.
operations
steelworks
last
declined
week
points
2
70%; eastern Pennsylvania 1% to 43; Detroit
88; New England 2 to 75; Cleveland 1% to 74.
Buffalo was up 3
61%;
to
steadying
remain at
castings for automobiles
machine tools and
6
but
$13.13,
to
the
From
%
Chicago
to
78, and others unchanged.
"Steel's"
Steel
and
iron
in scrap,
ingot
steel
composite
is
7c.
down
to
the
$32.87, due to
while the finished steel index holds at $52.20.
production
for
the week
25,
May
ended
is
placed at about 68*£% of capacity, according to the "Wall
Street Journal" of May
High
Feb. 25
numbering 179,000, as
in some instances there
have been
recession
Steel Scrap
One week ago
prices.
adjust their costs and selling
6
15.90
1932
expected this week,
third quarter is
would now synchronize with the automobile manufacturers' prepara¬
for the change-over to new models, affording them an opportunity to
tions
3
18.84
in the steel¬
been given the fact that price changes in mid¬
has
consideration
Some
year
ments, nevertheless,
Low
High
—-
66%%
to
books
open
posite
Phlladelplta,
Birmingham.
1934
points
2
June 1.
While some spokesmen for the industry have
pointed out that the trend must be upward, in view of rising manufac¬
turing costs, social security legislation, and vacations with pay for wage
earners, no definite statement was made by any producer
regarding next
1
Pig Iron
1935
of
prices for
steel
of
Announcement
to
29
2.286c.
2
11
2.273c.
1928
—$18.84
reduction
a
2
4
17.83
was
Inquiry came out for 35,000 tons for a floating dock for the Navy at
13
Based
result
net
The
shapes
Oct.
$18.84
18.84
down slightly, reflecting the reduction
automobile assemblies, and lowering sheet
were
in
109,800
to
operations.
2
Jan.
May 26, 1936, $18.84 a Gross Ton
of sus¬
gav^ evidence
18
1.977c.
-
manufacturers
equipment
Apr.
2.037c.
1931
and steel
Jan.
1931
1933
69.1%
69.4%
67.9%
8
1932
1936
49.4%
3
Feb.
works rate.
Mar. 10
2.130c.
One year ago
5
11
requirements
units
8,300
mill
Low
-2.130c.
One month ago
70.1%
May 11
50.0% May 18
50.9% Feb. 10.—52.0% May 25
51.7%
52.6% Feb. 17
allied
and
tool
Automotive
Railroads
1935.
One week ago
64.5%
67.9%
70.4%
71.2%
6
demand.
tained
western
Based
Lb.
1936
1927..
53.7%
62.0%
Mar. 30
locomotives.
COMPOSITE IPRICES
2.097c.
2.097c.
—2.124c.
One month ago
Mar. 23
Apr.
for railroad cars, car material and tin plate, with tin
operating at capacity, featured the week.
heavy equipment industries, farm tools and tractors, as well as the
machine
Finished Steel
May 26, 1936, 2.097c. a
One week ago.
Mar. 16
orders
Large
In
No.
pig iron is holding at $18.84 a gross ton.
THE
51.9%
9
"Steel" of Cleveland, in its summary of the iron
,
"Iron Age" composite for
heavy melting steel having settled to $13.08
affected
51.8% Jan. 27
28
53.5%
55.8%
60.0%
2
Mar.
quarter.
Marquette and 1,000 for the Norfolk & Western.
bought 10
13
50.4%
Mar.
Apr. 13
*.49.2% Apr. 20
49.4% Apr. 27
4
49.9% May
20
Jan.
14
21
52.9%
53.7% Feb. 24
55.4%
56.4%
55.7%
54.6%
49.5%
46.7%
markets, on May 25 stated:
Freight car orders include 5,400 for the Chesapeake & Ohio, 500 for the
Pere
32.8% Oct.
35.3% Oct.
39.9% Oct.
-42.2% Nov.
44.0% Nov.
1
July
a
Chicago,
at
stantial
One
only
off
slightly
June 24
users
day
casual customers who characteristically shop around for their needs.
away
39.0% Sept. 23
38.3% Sept. 30.
7- —-49.7% Jan.
37.7% Oct.
June 17
July
46.0% Nov. 18
48.1% Nov. 25
48.8% Dec. 2
47.9% Dec. 9
45.8% Doc. 16
49.7% Dec. 23
48.3% Dec. 30
1936—
48.9%,
6
50.8% Jan.
Sept. 16
39 tW
3
June 10
of business
some carryover
for tonnage.
pressed
plate.
today
May 27
June
1936—
1935—
44.6% Aug. 5
43.1% Aug. 12
42.2% Aug. 19
43.4% Aug. 26
42.8% Sept. 2
42.3% Sept. 9
Apr. 22
Apr. 29
May
6
May 13
May 20
plate mills now
accustomed to meeting
become
had
hard
and
scarcely be avoided.
can
deliveries
Steel
who
one
May 30, 1936
1935—
one
important innovation in that ali
quotations and sales will be made f.o.b. place of delivery.
Place of
delivery is defined as the railroad freight station at or nearest the place
at
which the product • is to be used.
If the place of delivery is at a
basing point a switching charge of 2%c. a 100 pounds is added to the
base price to obtain the delivered price.
Chicago and Gary are exceptions,
the switching charge at those points being 3c.
a 100 pounds.
At other
points of delivery, prices will be determined as under the code.
As the new prices are not effective on shipments before July 1, con¬
sumers
will be given opportunity to cover all their needs which can be
shipped before that date.
If this deadline is rigidly observed, June
shipments should be very heavy; in fact, June should be the best month
of
the year for the steel industry.
However, it is felt that it will be
physically impossible to satisfy customer requirements of low-priced steel
important producer of steel, contain
Chronicle
28.
two
The "Journal"
preceding weeks.
S.
U.
and
Steel
is
estimated
63% two weeks
The
74%
with
compared
with
the
following table gives
the
nearest
63%,
previous
week,
stated:
further
62%%
against
Leading independents
ago.
in
at
This compares with 69% in the
credited with
are
and
73%%
before,
week
the
in
two
72%%,
weeks
ago.
comparison of the percentages of production
a
corresponding week
of
previous
years,
together
with the
Nov. 22
1929
17.58
The
American
Iron
Steel
and
Institute
on
May 25
received indi¬
cated that the operating rate of
steel companies having
98% of the steel capacity of the industry will be 67.9%
of the capacity for the current week, compared with 69.4%
last week, 71.2% one month ago, and 42.3% one year ago.
This represents a decrease of 1.5 points, or 2.2%, from the
for the week of May 18.
of steel operations since
Weekly indicated
in points, from the week
an¬
nounced that telegraphic reports which it had
estimate
approximate changes,
rates
April 22, 1935, follow:
immediately preceding:
U. S. Steel
Industry
1936.
68%
-%
63
1935
43
—1
39
1934
57%
42
1931
43
—1
44%
1930
73%
—1%
79
1929
95
—1
99%
82%
87%
Independents
46
1933
-1%
+ 2%
1928
79
80
—i%
%
—1
35
—3
1927
72%
-1%
46
—1
67
+
—2%
48
+3
-1%
42
—1
—1
69
—1
%
—4
—1%
92%
—
76
—2
73
—1
+2
—
%
1932 not available.
The Week with the Federal Reserve Banks
and
accounts
$22,000,000
in
Treasury
cash
and
deposits
with
Federal
I
Reserve
;
The daily
average
volume of Federal Reserve bank credit
outstanding during the week ended May 27,
the Federal Reserve banks,
of
as
reported by
$2,474,000,000,
a
decrease
$7,000,000 compared with the i preceding week and of
$1,000,000 compared with the corresponding week in 1935.
After noting these facts, the Board of Governors
Federal Reserve System proceeds as follows:
On May 27
decrease
of
decreases of
total
Reserve bank credit amounted to
$4,000,000
for
the
week.
This
decrease
of the
$2,466,000,000, a
corresponds
with
$29,000,000 in non-member deposits and other Federal Reserve
and $6,000,000
on
was
banks, and
an
increase of $13,000,000 in monetary gold stock,
offset in part by increases of $53,000,000 in member bank reserve balances
May 27
were
in money in circulation.
Member bank
reserve
balances
estimated to be approximately $2,900,000,000 in excess of
legal requirements.
Relatively small changes
purchased
bills
and
were
industrial
reported in holdings of discounted and
advances.
holdings of United States Treasury bills
An
was
increase
offset by
of
a
$2,000,000 in
decrease of $2,-
000,000 in holdings of Treasury notes.
The statement in full for the week ended May 27, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 3624 and 3625.
Volume
Financial
142
Changes in the
May 27, 1936,
during the week and the
were as
3593
Increase
outstanding
amount of Reserve bank credit
and in related items
Chronicle
ended
year
$
Loans and Investments—total._
(+) or Decrease (—)
Increase
or Decrease
Since
May 13, 1936
May 20, 1936
Assets—
follows:
(+)
(—)
May 22, 1935
$
.$
—21,000,000 +2,024,000,000
..21,799,000,000
♦
.
«
SitiCB
$
Bills discounted
Bills bought
$
Loans to brokers and dealers:
In New York City
May 29, 1935
$
May 20, 1936
May 27, 1936
.
—1,000,000
—3,000,000
—1,000,000
—4,000,000
1,000,000
+3,000,000
—1,000,000
2,466,000,000
Monetary gold stock
10388,000,000
Treasury & National bank currency-.2,494,000,000
1,000,000
+13,000,000
+1,000,000
+1,553,000,000
—32,000,000
Money in circulation
+ 6,000,000
+ 53,000,000
U.
5,000,000
4,000,000
S. Government securities-—
-
2,430,000,000
Industrial
advances
(not
including
S25.000.000 commitm'ts—May 27)
30,000,000
Other Reserve bank credit
Total Reserve bank credit
Member bank
5,902,000,000
reserve
balances
5,747,000,000
—1,000,000
+ 391,000,000
+920,000,000
.
Treasury cash and deposits with Fed¬
eral Reserve banks
—22,000,000
+146,000,000
—29,000,000
+ 62,000,000
.3,116,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
582,000,000
964,000,000
securities
on
(except banks)
Accpts. and com'l
Loans
paper
1,147,000,000
62,000,000
3,556,000,000
8,855,000,000
Other loans...U. S. govt, direct obligations
fully
guaranteed
by
United States government
Other securities
1,285,000,000
3,306,000,000
—4,000,000
+ 5,000,000
+ 484,000,000
+235,000 000
Reserve with Fed. Reserve banks.
Cash in vault
4,623,000,000
369,000,000
+86,000,000
—14,000,000
+749,000,000
Balances with domestic banks
2,319,000,000
+ 69,000,000
14,390,000,000
5,043,000,000
754,000,000
+ 118,000,000
Demand
deposits—adjusted
Time deposits
United States govt, deposits
Borrowings.
—13,000,000
+1,889,000,000
+77,000,000
+2,000,000
—85,000,000
-17,000,000
.........
+ 748,000,00
-1,000,000
5,475,000,000
381,000,000
Foreign banks
Chicago—Brokers* Loans
+62,000,000
+273,000,000
Liabilities—
Inter-bank deposits:
Domestic banks
Returns of Member Banks in New York City and
+44,000,000
—49,000,000
—63,000,000
—4,000,000
+ 31,000,000
+ 1,000,000
—38,000,000
—72,000,000
+ 37,000,000
+285,-00.000
—17,000,000 + 1,011,000,000
—1,000,000
2,079,000,000
bought-.
332,000,000
Loans to banks
Obligations
+ 118,000,000
+ 5,000,000
others
to
real estate
on
—5,000,000
213,000,000
Outside New York City
Loans
+ 163,000,00
—8,000,00
...
Below is the statement of the Board of Governors of the
Federal Reserve System for the New
York City member
Statement
of
banks and also for the Chicago member banks, for the cur¬
rent
ber
week, issued in advance of full statements of the
mem¬
banks, which latter will not be available until the coming
Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
Condition
Assets of the Bank
for
Bank
of
Settlements
as
of
for
International
April 30
International
Settlements, Basle,
Switzerland, as of April 30, amounted to 651,976,255 Swiss
francs, it is noted in the Bank's statement of condition for
that date, which compares with 660,783,255 Swiss francs on
March 31.
Cash
on
hand and
current account with banks
on
IN CENTRAL RESERVE CITIES
also lower at the end of April at
was
(In Millions of Dollars)
-
New York City
The following is
May 27, May20, May 29, May 27, May 20, May 29,
1936
1936
Assets—
1935
1936
1936
1935
in
$
8,595
8,561
7,690
894
918
828
74
72
58
""43
45
31
748
750
731
140
148
166
134
Loans and Investments—total..
$
141
183
14
15
23
$
S
1,852
1,859
1,492
In New York
|
City
Outside New York City
Loans on securities
to
others
(except banks)
Accepts, and com'l paper bought
Loans
real estate
on
133
133
Loans to banks
*
127
23.200,203.73
Cash—On hand and
15
15
29
108
6
6
1,204
1,158
279
272
233
U. S. Govt, direct obligations..
3,734
*3,655
3,225
969
979
9.601,338.86
12,960.221.65
on
Total
684
325,916.722.84
Time funds at Interest—Not exceeding
Sundry bills and investments:
1.
United States government
Other securities
546
543
247
94
92
79
1,116
*1,116
1,025
292
287
2.
2,313
2,294
1,806
691
664
645
(b) Sundry investments
Between three and six months:
3.
Cash in vault
49
37
35
71
71
207
205
605
76
73
(a)
(b)
243
482
80
51
55
(a)
(b)
Treasury bills
27,157,577.99
21,384,851.93
63,682,987.26
Sundry investments
6,309
6,162
5,330
1,459
1,438
1,266
561
582
608
462
462
440
194
198
383
101
101
25
2,278
2,323
1,883
571
567
495
348
347
266
4
4
4
Domestic banks
Foreign banks
226,843,585.08
6,213,323.20
Treasury bills
50,291,773.15
34,530,192.31
227,496,321.28
-
13,411,487.91
30,607,025.01
51,583,471.52
1,694,303.39
Sundry investments
Total
deposits—adjusted....
United States govt, deposits
Inter-bank deposits:
36,302,504.18
61,700,602.52
61,993,129.19
Treasury bills
Liabilities—
Time deposits
338,528,960.47
36,032,633.33
Over six months:
(a)
35
73
485
Balances with domestic banks..
Other assets—net
three months 38,951,665.75
150,250.355.81
188,278,604.66
Maturing within three months:
250
Reserve with F. R. Bank
24,197,930.37
Sight funds at interest
14,094,288.06
Rediscountable bills and acceptances:
1.
Commercial bills and bankers* acceptances—187,125,203.91
2. Treasury bills
..188,791,518.93
Obligations fully guaranteed by
Demand
current account with banks.
9,537,666.21
16
31
1,185
Previous Month
April
Gold In bars
Other loans
(figures in
Swiss francs at par):
Assets—
Loans to brokers and dealers:
the statement of the Bank as contained
Associated Press advices from Basle, May 4
S
S
9,537,666 Swiss francs,
against 9,601,339 March 31.
Chicago-
-
6,235.386.67
Other assets:
1.
Guarantee of central banks
2.
Sundry items
on
bills sold
6,566,064.11
12,618,585.50
651,976,255.18
660,783,255.26
125,000,000.00
Total assets
6,383,198.83
12.779,387.31
Total
125,000,000.00
3,324,345.55
3,324,345.55
5,844,908.94
11,689,817.85
Liabilities—
Borrowings
363
"379
282
34
"~32
"41
1,468
1,468
1,469
232
232
224
Other liabilities
Capital account
Capital paid up
Reserves:
2.
Revised figures.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
Legal
Dividend
3.
*
1.
General reserve fund
the statements of the New York and
Chicago member banks
are
given out
Thursday, simul¬
on
taneously with the figures for the Reserve banks themselves
and covering the same week, instead of being held until the
cannot be
of reporting member banks in
154,340,000.00
296,106,209.72
295,470,584.72
108,074,818.43
23,605,990.62
113,277,046.41
26,019.716.10
.131,680,809.05
139,296,762.51
2,989,184.08
7,678,804.82
2,984,831.20
11,334,223.40
L
Total
(a)
(b)
Not exceeding three months..
Sight
Total
(b)
Not exceeding three months
Sight
Total
10,667,988.90
14,319,054.60
(a)
Not exceeding three months
683,597.20
(b)
3.
Sight
521,828.11
83,355.00
812,526.73
Other depositors:
May 20:
Total
1,205,425.31
895,881.73
19,309,411.53
19,087,670.06
6,265,278.21
40,882,060.12
6,278,346.51
39,575,882.79
47,147,338.33
.651,976,255.18
660,783,255.26
Sight deposits (gold)
Miscellaneous:
cities on May 20 shows a decrease for the week of $21,000,000 in total loans
1.
Guarantee
and investments, an increase of $118,000,000 in demand deposits-adjusted,
2.
Sundry Items
and
an
increase of $86,000,000 in
reserve
balances with
on
commercial bills sold
Federal Reserve
Total
banks.
Loans
Total liabilities
to brokers
and dealers in New York City declined
loans to brokers and dealers outside New York increased
Holdings of
France
acceptances and commercial paper bought declined $4,000,000, real estate
New
increased
$1,000,000,
York district,
loans
to
banks
declined
$38,000,000
in
000,000 the New York district and $8,000,000 in the Kansas Oity district,
and declined $21,000,000 in the Chicago district, $20,000,000 in the Rich¬
Holdings
of obligations fully guaranteed by the United States Government declined
Holdings of "other securities" increased $13,000,000 in the
New York district and $5,000,000 at all reporting member banks.
Demand deposits-adjusted increased
$76,000,000 in the New York dis¬
trict, $39,000,000 in the Chicago district, $16,000,000 in the San Francsco
banks.
Time deposits
declined $13,000,000
A summary
of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year
ended May 20, 1936, follows:
25.52
Francs
Per
on Two Bond Issues at
Dollar—Payment to be
Option of Holder
Holders of two issues of
Holdings of United States Government direct obligations increased $22,-
district and $118,000,000 at all reporting member
Pay June 1 Coupons
of
Made at
and "other loans" increased $24,000,000 in the New
mond district and $17,000,000 at all reporting member banks.
to
Rate
the
York district and $37,000,000 at all reporting member banks.
$4,000,000.
45,854,229.30
$5,000,000.
$5,000,000, and
loans on securities to others (except banks) declined $1,000,000.
loans
61,930,084.72
Central banks for account of others:
System respecting the
The condition statement of weekly reporting member banks in 101 leading
77,170.000.00
2,03a. 500.00
Short-term and sight deposits (various currencies):
1. Central banks for their own account:
the Federal Reserve System for the week ended with the
close of business
20,859,072.34
154,763,750.00
77,381,875.00
2,030,500.00
61,930,084.72
French Government guarantee fund-
following will be found the comments of the Board
of the entire body of reporting member banks of
20,859,072.34
4.
2.
of Governors of the Federal Reserve
returns
5,844,908.94
11,689,817.85
3.
(a)
In the
fund
Annuity trust account deposits
German Government deposit
French Government deposit (Saar)
101 cities
compiled.
reserve
...
Total
1.
following Monday, before which time the statistics covering
the entire body
fund
Long-term commitments:
2.
As explained above,
reserve
bonds of the Government of the
French
Republic—the 20-year external gold loan 7H%
bonds, payable June 1, 1941, and the external loan of 1924
35-year sinking fund 7% gold bonds, due Dec. 1, 1949—
are
being notified today (May 30) that coupons on these
loans, maturing June 1, 1936, payable at the office of J. P.
Morgan & Co., New York, may until further notice also be
paid at the option of the holder:
(a)
Upon presentation and surrender
on
and after June 1, 1936, at the
office of Messrs. J. P. Morgan & Co., 23 Wall Street, New York City, in
United States currency at
per
the dollar equivalent of French
dollar of face value of coupon,
exchange
(b)
on
upon
Fracns 25.52
the basis of their buying rate for
Paris at time of presentation.
Upon presentation and surrender
on
and after
June
1,
1936, at
the office of Messrs. Morgan & Cie., 14 Place Vendome, Paris, France, in
3594
Financial
Chronicle
May
French Francs at the rate of French Francs 25.52 per dollar of face value of
and there he will board
coupon,
the journey to
provided in each
case
that such coupons have been stamped pursuant to
the published notice dated July 27, 1935, with respect to the Decree of the
French Government dated July 16, 1935.
The notice, which was sent to the bondholders by Jean
Appert, Financial Attache to the French Embassy, also said:
Unstamped coupons maturing June 1, 1936, of the above Loans
may,
until further notice, also be paid, upon presentation and surrender, at the
option of the holder, at the places and rates specified above, but, in
cordance with the requirements
ac¬
of the aforesaid Decree, only after deduc¬
tion, in each case, of 10% of the amount of such payment.
a
1936
30,
private vessel for the final stage of
England.
In a note to the League of Nations on May 22 Italy
charged that Ethiopian troops had used dumdum bullets
supposedly made in Great Britain. Associated Press Geneva
advices of May 22 described these charges as follows:
The League of
Nations published a long, illustrated communication from
It alleged that several thousand of the soft-
Government.
Fascist
the
nosed, mutilating bullets were found on prisoners captured in the south by
Marshal Rodolfo Graziani, and that they were so marked
to make it
as
reasonable to suppose they came from British firms.
Early this week the British Foreign Secretary, Anthony Eden, charged
before the House of Commons at London that similar evidence of British-
Comparative Figures of Condition of Canadian Banks
In the following we compare the condition of the Canadian
banks for March 31, 1936, with the figures for Feb. 29,
1936, and March 30, 1935:
made dumdum bullets was "fabricated" by one
reported former
Embassy in London had continued nevertheless.
dums were made by British firms, was withdrawn from Geneva last week.
"There is
Mar.
Current gold and suhsldiar
In Canada
i
oto—•
$
6,959,780
16,223,598
—
...
5,875,032
9,823,286
15,698,318
16,441,273
Dominion notes.....
3~2,55b"266
Deposits with Bank of Canada
Notes of other banks
.....
United States & other foreign currencies.
Cheques
9,481,493
200,190,733
Notes of Bank of Canada
*■
$
5,991,769
10,231,839
.....
Total
31,1936 Feb, 29, 1936 Mar. 30,1935
$
Elsewhere..
on other banks
"30,880",491
188,202,912
7,008,273
22,413,880
96,325,124
186,934,473
6,493,543
23,112,885
78,511,020
20,712,024
77,759,823
5,370,254
5,605,274
3,757,152
53,178,973
44,161,770
29,611,616
71,259,433
80,195^298
60,948,866
government securities
-;
1,070,592,366 1,041,284,465
Canadian municipal securities and Brit¬
797,731,644
ents elsewhere than in Canada and the
United Kingdom......
Dominion government and
151,125,490
132,070,281
84,996,702
72,707,740
40,313,437
sufficient
marketable
value
...
140,357,521
80,515,080
94,118,143
819,133,461
137,530,214
24~,943"i95
*22,380*,562
28,187,254
105,079,620
14,517.462
7,900,608
5,509,142
76,920,514
69,472,594
732,657,582
Loans to the Government of Canada...
Loans to Provincial governments
Loans to cities, towns, municipalities
and school districts
Non-current loans,
estimated loss pro¬
vided for
real estate sold by bank..
Bank premises at not more than cost,
less amounts (If any) written off.
8,698,763,
5,318,089'
13,566,599
8,614,445
5,308,677
75,806,717
76,130,983
unless
61,318,860
58,008,873
6,879,684
6,724,046
"lO,598",111
10,676,314
"l3",288",683
2,019,700
1,896,742
2,748,494
on
Deposits with the Minister of Finance
for the security of note circulation...
Deposit In the central gold
reserves
Shares of and loans to controlled
cos...
Other assets not Included under the fore¬
going heads..
—
Total assets
3,143,046,348 3,072,858,310 2,844,830,999
123,665,982
124,385,537
124,675,833
55,501,237
65,214,342
14,345,717
40,141,423
35,726,594
32,793,116
568,918,406
533,784,608
512,504,847
Balance 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 publlo, payable
First
the
public, payable
1,532,157,747 1,517,261,281 1,446,695.027
396.281.436
322,946,063
414,367,961
Deposits elsewhere than In Canada
from
other
banks
In
Canada,
Elsewhere
than
In
Canada
and
Bills payable
Letters of credit outstanding
Liabilities not lncl. under foregoing heads
Dividends declared and unpaid
Rest
or reserve
fund..
Capital paid up......
12,013,689
10,025,761
9,064,476
8,514,066
6,636,101
30,484,536
1,107,850
61,318,860
26,823,057
25,996,878
1,198,881
although that
the
was an excuse
that misled nobody.
The real reason for the fleet reinforcement was the pouring of Italian
slimly held British Mediterranean headquarters at Malta.
It
was
understood
withdrawn.
then
58,008,873
2,908,938
2,948,654
132,750,000
145,500,000
53,828,339
2,268,182
807,040
132,750,000
145,500,000
that
some
But it did not
propaganda ceased.
would
ships
cease
be withdrawn
if the
and the ships were not immediately
They came home later because it became extremely incon¬
venient, not to
say
hazardous, to keep them there any longer.
June 1 Coupons of American Tranche of Young Loan
to
be Purchased in
Same Manner as Those of
Dec. 1, 1935—Payment at Rate of $20
Coupon
per
$27.50
The German Consulate General in New York announced
May 23 that the June 1 coupons of the American tranche of
the Young Loan (German Government 5K% International
Loan of 1930) will be purchased in the same manner of
those of Dec. 1 last—the purchase price to be $20 per $27.50
face amount of the coupon.
The announcement made available
by the German Con¬
May 23 follows:
on
With reference to the purchase of coupons of the American tranche of the
Young Loan
(German Government
5M%
International Loan of 1930),
June 1, 1936, the following is communicated herewith:
on
Coupons maturing June 1, 1936 of the American tranche of the Young
Loan stamped
as
1, 1935.
Domicile 1,
"USA
1935" will be purchased in the same
those coupons of the same tranche which
became due
on
Dec.
Holders of such bonds and coupons will therefore have the op¬
portunity to seU their coupons falling due on June 1, 1936 against dollars
Morgan & Co., New York,
of maturity.
or at any
of the American offices of the
Hamburg-American Line,
on or
after the date
The purchase price will be $20.—per $27.50 face amount of
the coupon.
Young marks
2,759,281
804,442
132,750,000
145,500,000
Foreign Secretary Eden Charge* Italians with Broad¬
cast
of Anti-British Progaganda
to
India and
Palestine—Emperor Haile Selassie of Ethiopia Em¬
barks for England—-Italy Tells League Ethiopian
Troops Used Dumdum Bullets
Foreign Secretary Anthony Eden of Great Britain on May
protested in the House of Commons against anti-British
propaganda radioed by Italy each week to the inhabitants
of India and Palestine in their native languages.
He said
that representations have recently been made to the Italian
Government regarding, these broadcasts.
Meanwhile, Em¬
peror Haile Selassie of Ethiopia on May 23 had sailed from
Haifa, Palestine, for England aboard the British cruiser
Capetown, after a fortnight in Jerusalem recuperating from
the strain of his struggle against the Italian invasion of
Ethiopia.
(Our most recent reference to the Italo-Ethiopian
war was in the "Chronicle" of May 23, pages 3429-30).
The
Emperor will disembark from the Capetown at Gibraltar,
may
be acquired at the customary rate of exchange ac¬
cording to the regulations in effect.
New York Stock
Exchange Requests Data from Mem¬
Margin Accounts—Information Sought for
Board of Governors of Federal Reserve System
bers
3,131,617,703 3,063,320,009 2,832,244,486
as
for sending the British Home Fleet into the Mediterranean,
472,525
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.
,
25
reason
German steamship company
13,075,452
the
United Kingdom
impugning
autumn,
These attacks were advanced
prestige in North Africa.
at J. P.
secured, Including bills rediscounted..
Deposits made by and balances due to
other banks In Canada.
Due to banks and banking correspond¬
ents In the United Kingdom..
under the British skin and making difficult conditions
Italian newspaper attacks of last
British motives in resisting the Italian invasion of Ethiopia and assailing
manner
after
notice or on a fixed day In Canada
Loans
the
came
falling due
on de¬
mand In Canada
single word from Italy's all-powerful leader would
a
have been getting
sulate General
Liabilities
Notes In circulation
Deposits by
although
There are three varieties of Italian propaganda that, for a year or more,
53,828,339
6,886,788
Mortgages
The remedy must come from the
something is done to remedy it.
suffice to end the annoyance.
77,498,772
Liabilities of customers under letters of
credit as per contra.
Real estate other than bank premises...
a
embittered Anglo-Italian rela¬
tions throughout the past year and threatens to become still more serious
117,430,183
13,709,619
'
78,259,633
62,130.021
741,591,724
145,623.539
106,345,727
Elsewhere than In Canada
Nevertheless, it is well known that behind all this is
situation of serious importance, which has
position in which the Italian military and naval movements had left the
to
Other current loans & dlso'ts In Canada.
Elsewhere..
follows:
This episode in the Commons may seem to make light of Italian propa¬
troops into Libya, with the consequent threat to Egypt, and the perilous
tures, bonds and other securlties-of
a
Britain in part as
official
159,870,661
cover
A London dispatch of May 25 to the New York "Times"
discussed the charges of Italian propaganda against Great
British
ish, foreign and colonial publie securi¬
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
loans In Canada on stocks, deben¬
This could not
Ethiopian
worse.
Provincial
ties other than Canadian.-...-
dumdum bullets
the
Government, which, therefore, should bear the responsibility."
applied,
due
from other banks In Canada
evidence that
Italian side, it is argued here, and at present there is no sign of its being
.....
Due from banks and banking correspond¬
ents In the United Kingdom....
Due from banks and banking correspond¬
of uncontrovertible
chain
a
have been systematically employed by Ethiopian soldiers.
have been unknown to the Ethiopian commanders and
ganda efforts.
"6",364" 153
Loans to other banks In Canada, secured,
including bills rediscounted
Deposits made with and balance
Italian protest, containing specific allegations that the dum¬
Today's communication stated:
CANADA
Assets
Italy of "Lopez," but that his relations with the Italian
ment had warned
A previous
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
"Colonel Pedro Lopez,"
Mr. Eden said the British Govern¬
musicj hall magician.
on
The New York Stock Exchange yesterday (May 29) re¬
quested registered firms carrying margin accounts to submit
to the Committee on Business Conduct, not later than
June 15, data on the status of their margin accounts as of
March 31, April 30 and May 29.
The Exchange explained
that the information was sought for the Board of Governors
of the Federal Reserve System and also of the Committee
on Business Conduct.
The request was in the form of a
letter, dated May 28, sent to the firms by Ashbel Green,
Secretary of the Exchange.
In the New York "Post" of
last night (May 29) it was stated:
Since the
new
margins became effective, the Business Conduct Com¬
mittee of the Exchange and the technical staff of the Reserve
Board have
been in constant touch with each other and have been closely watching
any
effects of the margin requirements on the general market situation.
Charles R. Gay, Exchange President, discussed the situation
bers of the Reserve Board in Washington, about three
with mem¬
weeks ago, and is
reported to have expressed the opinion that the new margins were too high.
He
was
said to submit
a
memorandum.
The expectation of Exchange members
is that the collected data will
support their contention that the higher margin requirements tended to
create thin markets
category.
by throwing numerous accounts into the restricted
Volume
142
Financial
r
Associated Press advices from Washington, yesterday,
the following to say:
Federal
York
Reserve
Stock
Board officials today described as
Exchange
questionnaire
to
members
had
board
the relation
trading activity and margin requirements.
k The practice
change
asked
initiated
was
member
accounts.
•
The Reserve Board
a
year
brokers
to
represented
the
condition
also
gathered
the
to
was
margin
of their
approving the questionnaire on
as
the ground that it furnished valuable information not
only to the
but
Board's
division
security loans.
on
brokers,
The information so
used by the Board in promulgating margin requirements.
The letter of the Stock
requested
to.fill out the enclosed questionnaire forms and file them with the Exchange
injaccordance
with the instructions contained in this letter.
This information is to be furnished
as
dates.
All
on
March
reports should be forwarded to the Com¬
mittee not later than June 15, 1936.
value
of securities
of
offer to
an
may
offer to sell
an
or a
solicitation
buy the securities described. 0 A further statement will be
legend
across
the face of the summary that orders will
prior to the effective date, and will be considered there¬
after only if given by a person who has
previously received a copy of the
prospectus.
The summary will also contain a statement calling the atten¬
tion of underwriters and dealers to the fact that
any use of the summary
in connection with any
offering for sale of the described securities prior to
the effective date of the
registration statement will be unlawful, and that
subsequent to the effective date the summary of information may be so
by the prospectus.
The clientele to whom the
summary will be sent may include other under¬
dealers,
brokers,
corporations,
institutional
and
individual
in¬
The summary is not to be used
subsequent to the effective date
vestors.
the registration statement unless
accompanied or preceded by a copy
You request
prospectus.
an
form, content and proposed
expression of
of
of the
opinion as to whether the
my
of this summary comply with the require¬
use
ments of Section 5 of the Securities Act of
1933,
as
amended.
was pointed out in the
opinion of the General Counsel set forth in
Securities Act Release No. 464, this and similar summaries of information
contained in
a
registration statement may, without violation of Section 5
of the Act, be circulated
through the mails and in interstate commerce prior
the effective date of the registration statement covering the described
to
Include only customers' margin accounts
having both debit balances and
long security positions.
Exclude (a) Accounts having both long and short positions.
(b)
Accounts having both security and commodity positions or only
commodity positions,
•
(c)
Accounts having positions in foreign currencies.
(d)
Guaranteed accounts and accounts of guarantors.
(e)
General partners' accounts.
(f)
Accounts carried by you for Registered Firms of the New York
Stock Exchange who themselves carry margin accounts.
Market
superimposed legend in
a
As
of the close of business
31, 1936, April 30, 1936 and May 29, 1936, separate forms being used for
each of these three
purposes only and that it is not to constitute
writers,
Business Conduct of the Exchange, you are
described, will contain
used if accompanied or
preceded
In order to obtain data in
regard to the status of margin accounts, for
the information of the Board of Governors of the Federal Reserve System
on
3595
the securities
made in the red ink
Exchange addressed to its firms
yesterday follows in part:
and the Committee
to
not be considered
officials recalled, when the ex¬
ago,
report
v.
was
lative
red ink stating in substance that the
summary is furnished for informative
"routine" the New
on
Chronicle
be computed by whatever method is
securities, provided that the summary does not itself constitute an offer
of the securities
cumstances as
described and is not
to Section 2
circulated
might in fact involve its
the described securities.
a
used under
or
such
cir¬
in connection with any sale
of
You will appreciate, of course, that, pursuant
(3) of the Act,
attempt to dispose of,
use
any
solicitation of
offer to buy, and any
any
security, are, for purposes of the Securities Act,
included within the definition of the term "sale."
As is indicated in Re¬
lease No. 464, it is a question of fact in each case whether or not any such
being utilized in
summary is
customarily used by the reporting firm; prices used need not include frac¬
ity described.
tions;
not
or
segregated
an
attempt to sell or to offer for sale the secur¬
as
Unregistered,
Non-Exempted
ordinarily accepted for collateral
Securities,
purposes,
as
well
as
securities
securities available for
use
as
informative summary involves a sale are discussed in
an
considerable detail in that release, and I cannot give any general opinion
should not be valued.
The total market value reported should include the value of
The factors which would be of weight in determining whether
not the use of
margin.
to whether the use which may be made
by brokers, salesmen, dealers,
&c., of the summaries to be prepared by your company, will involve a vio¬
lation of Section 5.
♦
SEC Eases
Requirements of Issuers Registering Additional Securities—Financial Requirements of Form
Where, however, the
summary
interstate
8-A also Amended
as
defined in the Act, its transmittal through the mails or,
would not involve
commerce
a
under the Securities
necessary analysis of all summaries of information which may be circulated
by underwriters
ties.
I may,
or
other persons interested in the eventual sale of the securi¬
however,
say
that if
a summary
contains no recommendation
Exchange Act of 1934, to make it un¬
necessary in certain cases for a person registering an addi¬
tional block of securities on an exchange to prepare and file
stress or
financial statements
aspects of such security, and if the use of such
which
in
violation of the Act.
You will appreciate that I cannot undertake to examine and make the
Announcement was made by the Securities and Exchange
Commission on May 22 that it has amended Form 8-A,
as
is in fact not used in
connection with any "sale" of the described securities, within the meaning
of that term
of
a
date
loiter than the statements
filed in registering the same securities under the
Securities Act of 1933 in connection with a public offering.
were
The Commission has also amended the financial require¬
to make clear that in cases where one
issuer furnishes the financial statements of another issuer
ments of Form 8-A
whose business it is to
acquire, such financial statements,
except as otherwise provided, are to be in the same form
as would be
required if the second issuer were itself applying
for registration of its securities on an exchange.
opinion
or
as to
the merits of the security, is a fair summarization of the
salient information
contained in the registration statement, and does not
in any way emphasize
substance
confined
within the
the favorable
limits
as
against the unfavorable
a summary
is in form and
indicated above and more fully set
forth in Release 464, it is my opinion that such a summary may be circu¬
lated in the
manner
able factors
or any
which suggest.
Of
course, any
such emphasis of favor¬
recommendation or expression of opinion as to the merits
of the security would characterize the summary as an attempt to dispose
the security, and therefore as an offering of the security for
meaning of the Act.
of
sale, within the
In this connection I must again refer to the opinion
expressed in Release No. 464, which contains
a
more
complete analysis of
this problem and to which the views herein expressed are
I should be very glad to receive from you a final copy
subject
of
any summary
of the character considered in this letter.
SEC
Adopts
Form
Certificates
The
of
Securities
for Annual Reports Relating
Deposit Issued by Committees
and
to
An annual report on Form 14-K is to be filed for each one-year period
on an
Treasury Bills in Two Series to Amount
$100,000,000—To Be Dated June 3 1936—$50,000,000 of 195-Day Bills and $50,000,000 of 273-Day
of
Commission on May 23
adopted Form 14-K for annual reports relating to certifi¬
cates of deposit issued by a committee.
The form is to be
used by committees which originally registered certificates
of deposit on Form 14, the Commission said, adding:
ending
New Offering of
Exchange
anniversary of the date
on
which the committee filed its appli¬
cation for registration of the certificates of deposit.
The report is to be
filed within 60 days after the close of such period, unless an extension of
time is granted pursuant to Rule KA1.
Advance Use of
Data in Registration Statements Per¬
mitted by SEC—Counsel Rules Summaries May Be
Circulated if No Effort Is Made to Sell or
Buy
Bills
the branches thereof, up to 2 p.m., Eastern Standard
Time, Monday, June 1,1 were invited on May 28 by Henry
Morgenthau, Jr., Secretary of the Treasury, to a new
offering of two series of Treasury bills to the aggregate
amount of $100,000,000, or thereabouts.
Bids will not be
received at the Treasury Department, Washington.
Both
series of the bills, which will be sold on a discount basis to
the highest bidders, will be dated June 3, 1936.
There is
a
maturity of similar securities on June 3 in amount of
$50,046,000.
or
Each series of the
Securities
An
opinion by John J. Burns, General Counsel of the
Securities and Exchange Commission, as to the applicability
of the Securities Act of 1933 to the circulation by under¬
writers and dealers of summaries of information contained
in
a registration
statement which is not yet effective, was
promulgated by the SEC on May 23.
In making the opinion
public the Commission said:
The
problem considered in this opinion is essentially the
same
as
that
analyzed in Securities Act Release No. 464, dealing with the legality of the
circulation by underwriters and dealers, both prior
and subsequent to
effectiveness of
registration, of summaries of information contained in the
registration statement.
The present opinion of the Commission's Genera-
offered
than by
and dealers of summaries prepared by them rather
independent statistical services.
Briefly, the opinion released today is to the effect that such summaries
may
be circulated by underwriters and dealers only if they in fact do not
constitute and are not used in connection with
or
an
offer to sell the
security
the solicitation of an offer to buy.
opinion of Counsel Burns, contained in the
Commission's Release No. 464, was issued on Aug. 19, 1935;
reference to this previous opinion was made in our issue of
Aug. 24, 1935, pages 1199-1200.
The text of the opinion
issued on May 23 follows:
It is
a
my
understanding that your firm is
a
prospective underwriter of
security for which a registration statement already filed has not yet be¬
effective under the Securities Act, and that you propose to prepare a
come
summary
of certain information contained in such statement for circulation
among your
clientele prior to the effective date of the statement.
I note
that the summary, which apparently contains no expression of opinion re¬
amount
new
bills announced this week will be
of
noted:
The bills will be issued in bearer form only, and in amounts or
nations of $1,000,
denomi¬
$10,000, $100,000, $500,000, and $1,000,000 (maturity
value).
urged that tenders be made on the printed forms and forwarded in
It is
the special envelopes
which will be supplied by the Federal Reserve banks
branches upon application therefor.
or
No
earlier
The
in
$50,000,000, or thereabouts.
One
series will be 195-day bills, maturing Dec. 15, 1936, and
the other 273-day bills, maturing March 3, 1937.
Bidders,
Secretary Morgenthau said, are required to specify the
particular series for which each tender is made.
The face
amount of the bills of each series will be payable without
interest
on
their respective maturity dates.
With the
195-day series, approximately $250,000,000 of Treasury
bills will mature on Dec. 15,1936, inasmuch as four previous
offerings are also due on that date.
In his announcement of the offering Secretary Morgenthau
Counsel applies the principles discussed in Release No. 464 to the circula¬
tion by underwriters
;
Tenders, to be received at the Federal Reserve banks,
tender
for
tender must be in
on
an
amount
less than
multiples of $1,000.
$1,000 will be considered.
the basis of 100, with not more than three decimal
Fractions must not
Each
The price offered must be expressed
places, e.g., 99.125.
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.
of 10%
Tenders from others must be accompanied by
a
deposit
of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by
an
incorporated bank
or
trust company.
Immediately after the closing hour for receipt of tenders on June 1, 1936,
all tenders received at the Federal
to the closing hour
Reserve banks
or
branches thereof up
will be opened and public announcement of the acceptable
3596
Financial
prices for each series will follow
the
following morning.
possible thereafter, probably
as soon as
The Secretary of the Treasury expressly
the right to reject any or all tenders or parts
on
reserves
of tenders, and to allot less
Chronicle
what
will
Any tender which does not specifically refer to
be
subject to rejection.
bills
allotted must be
cash or other
particular series
Those submitting tenders will be
of the acceptance or rejection thereof.
Treasury
a
advised
Payment at the price offered for
made
at
Federal
the
immediately available funds
Reserve
banks
in
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale
taxation,
or other disposition thereof will also be exempt, from all
estate and inheritance
except
taxes.
(Attention
Treasury Decision 4550, ruling that Treasury bills
the gift tax.)
bills
shall
be
of
purposes
No loss from the sale
allowed
a
as
or
deduction,
is
are not
invited
to
exempt from
other disposition of the Treasury
or
otherwise
recognized,
for
hereafter imposed by the United States
any tax now or
the
Effective
prescribes the
of the Treasury
terms
as
of Fenruary
15,
1936,
certain regulations
governing the
These regulations were issued in compliance with a duty im¬
ler's office.
posed by Congress in Section 5136 which reads:
purchase for its
own account investment securities
under such limitations and restrictions
as the Comptroller of the Currency
.As used in this Section, the term
'investment securities' shall mean marketable obligations evidencing in¬
debtedness of any person, co-partnership, association or corporation, in
by regulation prescribe.
may
.
.
the form of bonds, notes and/or debentures,
commonly known as invest¬
under such further definition of the term 'investment
be regulation be prescribed by the Comptroller of the
securities,
ment
securities'
as
may
Currency."
It will also be noted that it was by virtue of the Act of Congress and not
by regulation of the Comptroller's office that the limitation
amended, and this notice
as
bills and govern the conditions
is
of
their issue.
we
purchase of Investment securities by banks, subject to the provisions of
Section 5136 of the Revised Statutes, were promulgated by the Comptrol¬
or any
of its possessions.
Treasury Department Circular No. 418,
last week from the Comptroller's address,
gave
"The association may
June 3, 1936.
on
May 30, 1936
quote there from the following:
than the amount applied for, and his action in any such respect shall be
final.
we
investment
on
imposed in Section 5136, which provides that:
"In
event shall the total amount of the investment securities of any
no
obligor or maker, held by the association for its own account, exceed
time 10% of its capital stock actually paid in and unimpaired and
10% of its unimpaired surplus fund."
one
at any
Decrease
of
$15,310,208
Reported
Bankers Acceptances During
of $343,694,299 Compares with
in
Outstanding
April—Total April 30
$359,004,507 March 31.
Bankers acceptances declined
$15,310,208 in volume as of
April 30 compared with the volume outstanding at the end
March, it was announced on May 28 by Robert H. Bean,
Executive Secretary of the American Acceptance Council.
The monthly report of the Acceptance Council shows the
total of all types of acceptances on April 30 to be
$343,694,299 which was $69,678,472 less than the volume on
April 30,
1935 and $1,400,000,000 below the all time high on Dec. 31,
1929. In issuing the report Mr. Bean also said:
of
With
exception
one
all
types of acceptance
financing felt
the
effect of
the decline
during April. Acceptances created for the purpose of financing
imports went off $2,177,219, export acceptances declined $5,215,730, the volume of bills created to finance goods stored in domestic ware¬
American
houses
less
were
by $8,095,924 and acceptances
ments within the United
to
finance
domestic
ship¬
States went off $858,444.
State Federal
A few
Reserve member banks have not understood that
the reason that both the
10% limitation and the provisions of the regula¬
tions of the Comptroller's office apply to them is due to the fact that Con¬
enacted as part of the Banking Act of
gress
1933,
of investment securities and stock
as
are
applicable in the
Having in mind the great extent to which the healthy condition of
banks
is
early
is
In
nothing surprising
every
year
in
the drop
the volume
of bills
of acceptance volume
off in
goes
at
this
the late spring and
months and in this particular year there is the added diffi¬
continuing lack of demand for commercial credit of this type.
reduction in the total seasonal
volume, before the fall demand begins,
low as $250,000,000 would not be
as
surprising, particularly as the
summer
culty of
A
to
portion of the banks failed to exercise such sound policies,
a
for
namely,
several
The
to
own
for
the
two
imports
months
to
and
important
exports,
classifications
shows
promise
no
of
acceptance
of
improving
come.
banks
accepting
ceptances.
their
credit
for
financing
remain as the principal holders of bankers ac¬
As of April 30 these banks held off the market $142,627,690 of
and reported a volume of bills of other banks
amounting
bills
$166,970,576,
a
total
of
$309,598,266.
The following is the report for April 30 as made available
by Mr. Bean
protracted and comprehensive study of the situation with
OF
on
May 28:
BANKERS*
ENTIRE
BY
view to pre¬
better
institutions.
managed
dollar bank are
Manifestly,
not the same as those of
the
a
problems
of
the
billion-
two-hundred-thousand dollar
bank, and to frame a regulation that will in every case operate equally and
As you may have
a
difficult task.
observed, the motif running through the regulations
The reason therefor is based on causes which
of anti-speculation.
one
have been admirably expressed by the Commission on Banking Law and
Practice of the Association of Reserve City Bankers in its "Summary of
of Arguments on
Permit
Title II of the Banking Bill of 1935" issued in May, 1935.
to quote
me
flrom that phamphlet:
The disastrous period of bank liquidations is getting further and further
behind us and it is probable that even bankers are becoming somewhat
forgetful of the true
causes of the trouble, although at one time there
have been little disagreement as to the factors involved.
Most
public, unfortunately, never knew fully the causes of our banking
troubles because the facts were not available to them, and they might
be easily convinced that the whole trouble can be charged to so simple
a thing as strict eligibility requirements.
It is contended that a study of the assets of failed banks would com¬
pletely dispel the view that the troubles of these banks were due chiefly
to a lack of borrowing power.
No one can peruse the facts without ar¬
riving at the absolute conviction that the troubles of the banks were due
in considerable part to assets which should never have been in the banks
at any time, under any conditions.
In the years prior to the depressions
would
of the
1921 and 1929 the banks became involved in the speculative fever
assets which
No artificial
methods of liquidity and no attempt to have the Federal Reserve System
of both
DOLLAR
COUNTRY
a
a
office made
scribing, with the effect of law, the investment policies which must here¬
of
TOTAL
my
after be followed—policies which were in the main already in force in the
a
demand
our
dependent upon the exercise of sound investment policies, and
being acutely conscious of the disasters precipitated in the past because
is
There
Statutes,
amended."
bills
time.
of national
case
banks under paragraph 'Seventh' of Section 5136 of the Revised
as
equitably on both the large and small institution is
unimportant.
amendment to Sec¬
"State menber banks shall be subject to the same limitations and con¬
ditions with respect to the purchasing, selling, underwriting and holding
A slight gain of $1,318,988 was seen in the volume of acceptances based on
goods stored in or
shipped between foreign countries and a small reduction in dollar exchange
was
an
tion 9 of the Federal Reserve Act, providing that:
ACCEPTANCES
FEDERAL
OUTSTANDING
RESERVE DISTRICTS
FOR
the
were
age, and many of them filled their portfolios with
bound to show losses with the turn of the economic tide.
hold
the inflated balloon could
up
possibly have avoided
ultimate
the
consequences.
Federal Reserve District'
1.
(Boston)
2.
(New York)
3.
April 30, 1936
(Philadelphia)
(Cleveland)
(Richmond)
(Atlanta)
(Chicago)
(St. Louis)
(Minneapolis)
(Kansas City)
(Dallas)
(San Francisco)
4.
5.
6.
March 31,
1936
$32,807,279
$31,975,267
254,648,941
267,840,118
11,206,276
2,482,131
AprU 30,1935
12,273,935
•
•
$29,917,542
320,033,056
12,552,961
2,314,604
3,032,504
490,247
466,452
1,180,780
530,031
1,299,776
18,453,038
714,428
3,020,375
20,224,178
470,610
664,476
663,259
20,978,289
1,084,495
21,309,715
21,172,360
Grand total
$343,694,299
$359,004,507
$413,372,771
Decrease for month, $15,310,208.
Decrease for year $69,678,472.
7.
8.
9.
10.
11.
12.
17,494,432
471,557
1,294,903
CLASSIFIED
530,984
ACCORDING TO NATURE
OF
2,472,578
It may be of interest at this point to present a few simple facts which
were revealed
by a detailed analysis of the assets of failed banks.
Of
the banks failing in
of the country, and
1931, 105 were picked at random from all sections
the 50 bonds contributing the greatest depreciation
portfolios of the 105 banks were listed and tabulated.
The two
bonds which contributed the greatest depreciation to the portfolios of
this group were convertible bonds which had been bought at prices sub¬
stantially above par.
In other words, they were speculations.
There
were several other convertible bonds in the list which also caused
heavy
losses.
Of the first 50 bonds in point of depreciation, only five had ratings
of the first three grades in 1929; four of these five were convertible issues
in which the banks' losses were due to having bought them at too high
a price.
The remainder of the issues were of the fourth grade or lower.
These banks were sacrificing security for high yield.
Only four of the
50 issues were brought out before 1923 and 42% of them were brought out
in 1928 or later.
In other words, the bonds causing the greatest amount
of depreciation were unseasoned issues, largely the product of boom con¬
the
to
in
ditions
CREDIT
the
bond
market.
...
Paragraph (5) in Section II of the regulations prohibits the purchase of
securities convertible into stock at the option of the issuer.
April 30, 1936
Imports
Exports
March
31, 1936
$110,671,914
$112,849,133
85,622,060
AprU 30,1935
90,837,790
9,757,481
Domestic shipments
8,899,037
Domestic warehouse credits
48,467,035
1,515,827
Dollar exchange
Based on goods stored in or shipped
between foreign countries
88.518,426
56,562,959
nection
question has been raised
by stock purchase warrants
$102,876,255
113,833,338
7,647,566
1,797,706
88,182,383
2,094,513
87,199.438
98,738,716
quoted
ble
a
few mpments
bonds
equally
MAY
Dealers'
Days—
Buying
3-16
60
3-16
90
3-16
26, 1936
Dealers'
Dealers'
Rate
Days—
Dealers'
Buying Rate
Selling Rate
securities
carrying
stock
The statement
purchase
constitute
a
prohibited investment
a
in stocks
because the
right, and such purchase is to that extent not
security.
an
investment
rights.
such, they
price
premium which in part reflects the conjectural
value of the stock
Inasmuch
as
the
a
purchase
bank is prohibited
tion of the bank funds
by law
as are
allocable to the original purchase of the warrant,
would have been expended on no justifiable basis under the law.
Some
banks
have
misunderstood the
amortization requirements
X
X
3-16
150
X
5-16
regulations
180
X
5-16
should be made clear that the premium need only be gradually
at
Comptroller of Currency O'Connor on
Regulations Governing Investment
Poli7
as
regular intervals
"investment" rather than speculation.
ity is callable at
to
be
such
as
of the
respects securities purchased at a price exceeding par.
a
over
the life of
a
to
It
amortized
security to the end that at its maturity
If the secur¬
given price above par, the rate of amortization will have
have
gradually extinguished the premium down to call
price by the call date, regardless of whether the security is in fact called
possible for us to make room last week (page
3433) for only a portion of the remarks of Comptroller of
the Currency J. F. T. O'Connor,
bearing on the Federal
regulations governing investment policies of banks we are
giving at this time the further comments of Mr. O'Connor on
the subject as contained in his address before the California
Bankers' Association at Sacramento, on
May 22.
As was
noted in our issue of a week ago,
Comptroller O'Connor
stated that the regulations are based upon the desirability of
was
as
X
X
cies of Banks
true
to
the security will not be carried at an amount in excess of par.
By
Federal
Since it
investing in stocks.
relative to the danger of investment in converti¬
ago
applies
120
♦
Remarks
It is unnecessary to remind you gen¬
of
ACCEPTANCES
con¬
from exercising the purchase warrant after it has been acquired, such por¬
Rate Selling
30
rights.
They are speculations—and in addition to being objectional
in effect
In this
to purchase of securities accompanied
tlemen of the prohibition against banks
paid by the bank involves
CURRENT MARKET RATES ON PRIME
BANKERS*
or
as
In addition to
on
that
date.
Thereafter, if not called, amortization shall continue from
that point to maturity on the same basis as though the security
purchased
on
had been
the call date at the call price.
Stock of Money in the Country
The
Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount of circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
Volume
are
for
142
Financial
April 30, 1936 and show that
the
in circu¬
lation at that date
(including', of course, what is held in bank
vaults of member banks of the Federal
Reserve System) was
$5,885,516,595, as against $5,876,801,119 on March 31, 1936
and $5,477,960,773 on
April 30, 1935, and comparing with
$5,698,214,612 on Oct. 31, 1920. Just before the outbreak
of the World
War, that is, on June 30, 1914, the total was
only $3,459,434,174. The following is the full statement:
money
Chronicle
Board of Governors of the Federal
Reserve System.
Federal Reserve banks must
maintain a reserve In
gold certificates of at least 40%, including the redemption fund
which must be deposited with the
Treasurer of the United
Reserve notes In actual circulation.
"Gold certificates"
credits with the Treasurer of the United States
Reserve bank notes and National bank notes
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or
thereabouts,
the
total
was
0.150%
per annum, to
99.893, equivalent to
a rate
of about
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basis.
273-Day Treasury Bills, Maturing Feb. 24, 1937
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in process of retirement.
Secretary of the Treasury Morgenthau announced on
May 25 that tenders aggregating $280,030,000 were received
to the
offering of $100,000,000, or thereabouts, of Treasury
bills dated
May 27, 1936, which were offered in two series
of $50,000,000 each.
Of the tenders received, Mr. Morgen¬
thau said, $100,110,000 were
accepted.
One series of the
bills was
202-day securities, maturing Dec. 15, 1936; the
other was
273-day bills maturing Feb. 24, 1937.
The tenders to the
offering were invited on May 21 by
Secretary Morgenthau, as noted in our issue of May 23,
page 3435.
They were received at the Federal Reserve
banks and the branches thereof
up to 2 p.m., Eastern
Standard Time, May 25.
Details of the bids to the two
issues of bills, as issued
by Mr. Coolidge, follow:
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Received
to
Offering
of
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at
Rate of 0.175% and
$50,060,000 for 273-Day
Bills at Rate of
0.2%
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States, against Federal
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eligible under the terms of the Federal Reserve
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by a majority vote of the
was
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$50,000,000, or thereabouts, the total
amount
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Treasury's June 15 Financing to Reach Record Peace
Time
Proportions—Will
Involve
$2,050,700,000
Secretary Morgenthau Announces—$1,000,000,000
in "New Money" to be
Sought—Two Maturities of
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83
letter to the Presidents of the 12
but
Mr.
Morgenthau revealed that bidders
purpose
of the subscription restrictions outlined in the letter, it
an equitable allotment and distribution
explained, "is to provide for
of securities to
all
classes of subscribers,
and the cooperation of banking
to this end is requested."
The Secretary of the Treasury
orally said that the Treasury hoped to aid the legitimate bond buyer in
obtaining his proper share of the securities and prevent the speculator from
using the extensive market demand for government
Does not Include gold other than that held by
under gold, standard silver dollars, and silver bullion, respectively.
c This total includes credits with the Treasurer of the United
States payable In
certificates in (1) the Gold Certificate Fund-Board of Governors, Federal
Reserve System, In the amount of $4,888,378,911, and (2) the redemption fund for
Federal Reserve notes in the amount of $12,875,529.
gold
The following is also from the "Herald Tribune" advices
quoted regarding the Secretary's remarks in respect to the
Treasury's June 15 financing plans:
Payment of the bonus to the World War veterans
with
the
genthau
$1,800,000,000 Exohange Stabilization Fund,
Includes $60,078,546 lawful money deposited as a reserve for Postal
Savings
new
f The amount of gold and silver certificates and Treasury notes of 1890 should
be
deducted from this amount before combining with total money held in the
Treasury
to arrive at the total amount of money in the United States.
held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
paper
currency
held outside the
as
a
reserve
for United
June 15, together
explained,
makes
necessary
the
seeking
of
Mr.
Mor¬
$1,000,000,000
of
In addition, the Treasury will refinance $1,050,754,000 of
falling due
on
June 15 and August 1 of this year.
Daniel W. Bell, Acting Director of the Budget, said the
financing would
increase the public, debt to another new high,
$32,600,000,000, exclusive
of the bonus bonds.
Formal announcement of the June 15 financing will be made on June 2,
and Mr. Morgenthau declined to reveal the type of securities that will be
con¬
tinental limits of the United States.
Note—There is maintained in the Treasury—(i)
on
requirements of deficit operation of the Treasury.
money.
notes
deposits.
obligations for his
profit.
own
the Treasury,
b These amounts are not Included In the total, since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 is included
In circulation Includes any
on
institutions
Is El I
h The money
overbidding,
prevent
was
i|s|4
g Includes money
a
a direct and public responsi¬
tho banking system to prevent subscription padding in the bidding.
large blocs of the securities would have to deposit 10% cash, instead of the
Revised figures.
e
..
present 5%.
a
§
a
designed
reporting this, Washington advices, May 27, to
"Herald-Tribune" of May 28, said:
I
*
"d Includes
operation, the;
amount
The letter offers principally a recapitulation of oral
understandings designed
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15
Secretary Morgenthau made public
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Refunded—Rules
quarterly financing will issue
of $1,000,000,000 and will
also refund two maturities of notes
amounting to $1,050,700,000, it was announced on May 27 by Henry Morgenthau,
Jr., Secretary of the Treasury, at a special press conference.
The two maturing issues are $686,614,000 of
llA% Treasury
notes due June 15, and $364,138,000 of
334% notes due
Aug. 1.
Secretary Morgenthau also made public to the conference
on
May 27 a letter addressed to the Presidents of the 12
'
b
for
securities
,
©
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,
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Will
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States
notes and Treasury notes
of 1890—$156,039,431 in gold bullion; (ii) as security for
Treasury notes of 1890—an equal dollar amount in standard silver dollars (these
are being canceled and retired on receipt); (ill) as security for
outstanding
offered.
It has been usual for the Treasury to issue a 10- to 12-year
bearing interest in the neighborhood of 2% %, and
a
bond,
shorter term note, bear¬
ing interest in the neighborhood of m%.
Largest Issue Since 1919
notes
silver certificates—silver in bullion and standard silver dollars of
a
monetary value
equal to the face amount of such silver certificates; and (lv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
Federal Reserve notes are obligations of the United States
such gold certificates.
and
a
first lien on all the assets of the Issuing Federal Reserve Bank.
notes are secured by the
Federal Reserve
deposit with Federal Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper as is
The forthcoming issue was classified as the largest total financing since
the Victory note issue of April,
1919.
amount of
refunding involved, for
announced
a
on
This record is occasioned by the
March 2 of this
year
the
quarterly fianncing calling for $1,250,000,000 of
This flotation totaled approximatlly
$559,000,000 of notes
on
April 15.
Treasury
new money.
$1,809,000,000, including refunding of
The March issue was the largest cash
designed to raise bonus
offering since the World War period and was also
debt of $32,600,000,000, with the announced
prospective public
The
with recommendation as to the reduction
such applications, which recommendations will be
which appear to be excessive,
any
of any
rejection
or
and deficit funds.
1936
30,
May
Financial. Chronicle
3598
Federal Reserve banks as fiscal
United States are also authorized and instructed to take
be necessary to assure compliance with the pro¬
outlined in this letter and the provisions of any offering circular.
promptly acted upon by the Secretary.
flotation, Mr. Bell explained, is exclusive
agents of the
of bonus bonds to be issued, as
such other action as may
but the cash received
used to redeem the bonus bonds and
public debt to almost $35,000,000,000,
the
raise
of the bonus bonds. The total
of June 15, is $2,300,000,000.
This would
through the new securities will be
thus the two sets of securities will
The
with
The
right
a
.,
the
and
$26,596,000,000
of
debt
post-war
lowest
amounted
HENRY MORGENTHAU JR.
Secretary of the Treasury.
of
(1930)
Approximately a year ago, on May 25, 1935, the public
to $28,617,000,000.
As of May 25, 1936, before the
,
Sincerely yours,
of $1,282,000,000; the highest post-war debt
debt (1917)
pre-war
(1919)
amend or supplement this letter at
is reserved to withdraw,
time or from time to time.
any
$32,600,000,000 minimum debt is the highest in history, comparing
$16,026,000,000.
debt
be partially balanced against each other.
cedure
Previous reference to the plans
of the Treasury for its June 15 financing
of May 23, page 3434.
operation was made in our issue
financing, it is $31,590,000,000.
Federal Reserve banks,
Morgenthau explained that conferences had been held between Mr.
Discussing his letter to the heads of the twelve
Mr.
he
said,
applications for an
been received concerning
have
complaints
than the applicant desires to buy.
amount of securities much larger
.
.
no
10% cash deposit instead of a 5% Mr. Morgenthau
had been placed on subscriptions of banking
restrictions
new
institutions.
They
limited
are
one-half of their
to
capital
combined
and surplus.
announced on May 25 that $21,672,938.02
received during the week of May 22 by the
various mints and assay offices.
It is reported that of this
amount $18,656,941.63 represented imports, $462,136,70
secondary and $2,553,859.69 new domestic gold. According
to the Treasury the gold was received as follows by the
oo.
gold
was
.
J
Week Ended May
The whole
\
9
distribution of Treasury issues,
New York
Francisco
San
179,446.16
180,500.00
6,037.00
79,900.00
370,513.74
56,382.03
35,605.03
23,539.21
25,843.05
1,640,450.93
638,230.79
189,160.54
462,136.70
2,553,859.69
-
3,111.17
TREASURY DEPARTMENT
Office of the Secretary
,
I
s
9
2,734.60
18.224,200.00
17,203.25
The following is the text of the letter sent by Secretary
Morgenthau to the Presidents of the various Reserve banks:
,
New Domestic
Secondary
Imports
22, 1936—
"orderly"
of the letter to the banks, it was explained, is to seek an
purpose
_
obtaining more than their
available, Mr. Morgenthau said.
share of Treasury issues was
j
connection with past issues
estimate of profits made by speculators
nor any
During
The Treasury
•
No estimate of the amount of "free-riding" in
Mints and Assay Offices
22—$18,656,942 Imports
by
Receipts
Week of May
of
.
Although the subscriptions for more than $5,000 of securities must now
be accompanied by a
said
Gold
With every government offering,
12.
Bell and the banking officials on May
Total for week ended May 22,1936—
18,656,941.63
480.43
Washington, May 27, 1936.
,
My dear Sir.
In advance of the June 15
June
on
financing, which I
expect will be announced
now
1, it seems desirable to call the attention of subscribing banks
and any others
offerings and the submission of subscriptions.
Accordingly, I am addressing
this communication to you with the request that you
to each
On
the
of
occasion
banking
and
press,
institutions
in
its
each
Federal
district,
full
offering, together with application forms for
Effort
will
received
made
be
each
at
opening day.
to
institution
bank will mail,
concerning
information
the
use
in entering subscriptions.
so
that information will be
the mailing
arrange
banking
Secretary of the
Reserve
addressed
the
on
of the
morning
In case a banking institution which may be interested in
subscribing is
that
a copy
public offering of interest-bearing obligations of
a
States, announcement will be made by the
Treasury through the
to
will transmit
banking institution in your district, and others concerned.
the
United
$293,845 of Hoarded Gold Received During Week
May 20—$11,415 Coin and $282,430 Certificates
concerned to the provisions made for announcements of
In
not
are
ordinarily received
the
on
$293,845.36 of gold coin and certificates.
Since the issuance
of the order on Dec. 28, 1933, requiring all gold to be re¬
turned to the Treasury, and up to May 20, total receipts
have amounted to $142,096,145.59.
Of the amount re¬
ceived during the week of May 20, the Treasury's state¬
ment shows, $11,415.36 was gold coin and $282,430 gold
certificates.
The following is the Treasury's statement:
The subscription books for any offering may be closed by the
Treasury
without advance notice, and therefore each subscribing bank, upon receipt
to the terms of a
as
Treasury offering, either in the
press,
can
be given as to the period the subscription
and
subscribing
blanks,
banks,
Reserve banks.
Any subscription
by subscribing
Received by
provided
for
necessary,
give the
when
each
so
filed by telegram
or
mail in advance
confirmed immediately by mail, and
such
blanks
subscribing
shall
bank
or
been
have
trust
the
the subscription by the
bank for its
own
Note—Gold bars deposited with the New
the
generally
than
Treasury
Department,
submit
subscriptions
may
banking
institutions
except for their
Cash
will
Washington.
for
be
not
institutions
Banking
of customers.
account
permitted
to
Others
enter
subscriptions
their
own
own account.
subscriptions
from
banking
institutions
for
account
will be received without deposit, but will be limited on each issue to an
amount which will be stated in the
Treasury offering.
Recently the limit
placed has been one-half of the amount of the combined capital and surplus.
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must
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purpose
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legitimate requirements,
if unsecured loans,
or
loans
and it
without
tends
collateral
to
than
the
Banking
institutions will greatly assist if they will cooperate in avoiding this practice.
institution is requested to certify that,
belief, its customers' applications
are
offerings, each banking
to the best of its knowledge and
made in good faith for the customers'
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no
beneficial interest
therein.
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is
invited to
following certificate which
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all subscription blanks furnished by Federal Reserve banks for cash offerings,
for the
use
of subscribing banking institutions:
We hereby certify that we have received applications from our customers
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The purpose of
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to this end is requested.
Federal Reserve banks as fiscal agents of the United States
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authorized
and instructed to examine applications for cash offerings of interest-bearing
securities of the United States and to report to the Secretary of the Treasury
page
Nationaliza¬
During Week of May 22 Amounted to
11,194.70 Fine Ounces
Execu¬
tive Order of Aug. 9, 1934, nationalizing the metal, was in
amount of 11,194.70 fine ounces during the week of May 22,
was made known in a tabulation issued by the Treasury
Department on May 25.
Total receipts since the order of
Aug. 9 (given in these columns of Aug. 11, 1934, page 858)
was issued amount to 112,804,208.26 fine ounces, the Treas¬
ury announced.
The tabulation made available on May 25
by the Treasury follows:
it
SILVER TRANSFERRED
TO UNITED
STATES
(Under Executive Proclamation of Aug. 9, 1934)
Week Ended May
22, 1936—
Philadelphia
New
San
1,564.00
785.82
Francisco
Denver
New
Fine Ounces
7,720.00
1,124.88
<
-
York—
....
..
Orleans
Seattle.,
-
Total receipts through May 22,
—
11,194.70
Total for week ended May 22, 1936
112,804,208.26
1936
In the "Chronicle" of
the
of hoarded gold was
3435.
the receipts
to
May 23,
Transfer of silver to the United States under the
The
defeat this
other
securities subscribed for, are made to cover the initial deposit.
In receiving applications from customers for cash
issue of
Order
of this initial payment is to limit the amount, of customers' sub¬
scriptions
purpose
reference
our
York Assay Office in the amount of
reported.
Silver Transferred to United States Under
account and for account of
Subscriptions will be received at the Federal Reserve banks and branches
at
previously
Previous
made in
its customers.
and
$2,457,720.00
Total to May 20
$200,572.69
and the amount subscribed by each, and to make certification with respect
to
$1,400.00
2,456,320.00
107,542,170.00
Treasurer's Office—
Week ended May 20
Received previously
is
and addresses of its customers subscribing to the offering
names
—
required to
is
company
on
This
received.
-
$107,823,200.00
$268,256.00
Total to May 20
Gold Certificates
$281,030.00
open,
of official subscription
receipt
THE
$200.00
268.056.00
Received previously
bank or subscription blanks furnished for the
particular issue, should be
blanks
the
remain
may
file their subscriptions by telegram or by mail to the Federal
may
of receipt
before
even
books
No assurance
AND
1933)
$31,546,969.59
Week ended May 20
through the mail, or by telegram, should promptly file with the Federal
Reserve bank any subscriptions for itself and its customers.
BANKS
Gold Coin
$11,215.36
31,535,754.23
Received by Federal Reserve Banks—
graphic advice of all offerings.
of information
RESERVE
FEDERAL
TREASURER'S OFFICE
(Under Secretary's Order ot Dec. 28,
the Federal Reserve bank that it be listed to receive tele¬
may request
BY
RECEIVED
GOLD
day, it
opening
by the Treasury Department
May 25 it is noted that during the week of May 20 the
Federal Reserve banks and the Treasurer's office received
on
far distant from the Federal Reserve bank of its district
so
announcements
announcement issued
an
of
3435, reference was
made to the silver transferred during the previous week
ended May 15.
Receipts
of
Offices
May 23,
page
Newly-Mined Silver by Mints and Assay
Treasury Totaled 1,399,471.93 Fine
from
Ounces During Week of May 22
Silver amounting to 1,399,471.93 fine ounces,
the
purchased by
Treasury in accordance with the President's proclama¬
tion of Dec. 21, 1933 (which authorized the Treasury De¬
partment to absorb at least 24,421,410 fine ounces of newlymined silver annually), was turned over to the various mints
during the week of May 22.
A statement issued by the
Treasury on May 25 indicated that the total receipts from
the time of the issuance of the proclamation and up to
May 22 were 83,954,639.86 fine ounces.
Reference to the
President's proclamation was made in our issue of Dec. 31,
1933, page 4441.
Below is the statement issued May 25
by the Treasury Department:
Volume
Financial
142
RECEIPTS OF SILVER BY THE MINTS AND ASSAY
(Under Executive Proclamation of Dec. 21,
Week Ended May
1933,
San
Charges by Liberals
amended)
as
3599
OFFICES
The breach
Fine Ounces
985,271.61
408,363.38
5,836.94
22, 1936—
Philadelphia.
Chronicle
_
Francisco
Denver
Total for week ended May 22, 1936.Total receipts through May 22, 1936
1,399,471.93
83,954,639.86
The
receipts of newly-mined silver during the week of
May 15 were noted in these columns May 23, page 3435.
the relief question came into the open at a
over
the
national
the
meeting of
conference.
coordinating committee of social service,
liberal
a
wing of
Aubrey Williams, Deputy Administrator of the Works Progress Ad¬
ministration, charged that the American Association of Social Workers,
the
organized group of professional social workers, "has become a power
in the conservative camp and has lent
respectability to those who would
reduce relief expenditures."
"The issue is simply this—how much
money are the American people
willing to spend," he declared.
President
Roosevelt
Make Western
to
Trip Beginning
June 8—Will Visit Arkansas, Texas and
Indiana—
Says Speeches Will Be Historical and not Political
A
trip which President Roosevelt will make to i^kansas,
Indiana, beginning June 8, is not a political tour,
despite the fact that it will coincide with the Republican
National Convention, the President said at his press confer¬
ence on May 26.
He added that the dates set for the trip
were chosen solely as a matter of
convenience, and he said
that historical topics would be the subjects for the
speeches
he plans to deliver.
The President will probably make the
trip only if Congress adjourns by June 6, the date set by
Texas and
Administration leaders.
The President said that
he must
either make the
trip at this time or postpone it indefinitely.
Washington dispatch of May 26 reported his remarks at
A
the press conference
follows:
as
journey, which has its basis in historical celebrations to be held at all stop¬
ping points.
These plans were discarded once but revived in the last two
weeks
as
indications
were that Congress either would
adjourn by June 6
Republican convention period, thus leaving him freee to
the
travel at that time.
Would See the Alamo
With
said
prospective freedom for the second week in June, the President
he
decided to
summer
for
took in
West then in order to leave time free late in the
go
1932.
Mr.
speak
cruise up the New
a
England coast with his
such
sons,
as
he
Roosevelt said that when he went to Little Rock, Ark., he would
on
topics related to the centennial
being celebrated by that
now
He did not refer specificaUy to reports that his
projected Arkansas
State.
speech would be designed to aid the candidacy of Senator Robinson for
re-election.
In
Texas, the President went
Texas
when
he
helps
that
open
on,
he plans to speak
the history of
on
State's centennial celebration at Dallas.
He wishes to go to San Antonio to visit the Alamo, which he has never
seen,
and possibly go to the battlefield of San Jacinto.
he will visit his
On his visit to Vincennes,
with
Mr.
a
direct relief could not
reduced expenditure," he said.
4
President
Roosevelt Tells
Senate
Finance
r-
Committee
Compromise Tax Plan Will Not Produce Sufficient
Revenue—Committee Approves Compromise Bill
The Senate Finance Committee
yesterday (May 29)
ap¬
its
proved
compromise tax plan, after amending it by
individual surtaxes, except in the lowest
surtax bracket.
The Committee's compromise plan is in¬
sufficient to meet the demands for new revenue, President
increasing the
conference
White House
a
May 26.
As then proposed the compromise
program included a flat tax of 18% on corporation in¬
come and a
7% levy on undistributed coiqiorate surpluses,
as was described in detail in the "Chronicle" of
May 23,
pages 3439-3440.
President Roosevelt suggested instead
a
15% flat tax on all corporation income, a scale of graduv
ated levies on undistributed corporate earnings, and a
$15,000 exemption of all corporations from the latter.
He also proposed that the 4% normal income tax be
applied
to all corporate dividends and the retention of the
capital
stock and excess profits taxes.
Taxes on undistributed sur¬
pluses, under this proposal, would be 25% on undistributed
earnings not in excess of 20%, 35% on that in excess of 20%
but not greater than 40% and 45% on that in excess of 40%.
It was reported in Washington that the
plan was somewhat
similar- to one offered by Marriner S. Eccles, Chairman
on
of the Federal Reserve Board.
Democratic
Ind., to the George Rogers Clark Memorial,
he will again make historical remarks dealing
will visit
a
He already has announced
Clark, the Battle of Vincennes, and William Henry Harrison.
If possible, he also
that relief could be added to the
so
work and security measures, but whether
present
replace them and permit
Elliot at the latter's home at Fort Worth.
son
President Roosevelt added,
there in
"The issue with respect to direct relief has not been whether
Congress
should appropriate additional funds
Roosevelt told members of the Committee at
Mr. Roosevelt explained that plans were made several months
ago for the
or recess over
He said that while work relief is more
expensive, "only a work program
gives the highest benefit to the unemployed person with the least cost to
his self-respect."
Kentucky and perhaps speak at
some
point
similar vein.
with
leaders
of
the
Senate
Finance
Committee
view to
bringing about the adjournment of Congress
on June 6 decided on
May 28 to speed the Committee's bill
to the Senate floor, despite the fact that it fails to conform
to President Roosevelt's requirements, it was indicated in a
Washington account May 28 to the New York "Times"
a
which added:
President
Roosevelt
Not Be
Says
Human
Personalities
"Submerged"—Message is Read
Must
to Confer¬
of Social Work
ence
His
economic and social units," instead of
which
message,
as
persons.
read by
Stanley Reed, Solicitor
the United States, is given below:
General of
was
Hyde Park, N. Y., May 23, 1936
My Dear Monsignor Keegan:—It is with sincere regret that I find myself
unable to be at the 1936 meeting of the National Conference of
Social Work.
I have great concern for the work of social welfare
agencies and the efforts
of social workers to make this country a more
live.
The
National
Conference
Social
social
conscience of America.
to the
bringing about of
have greater
Many of
Its
is
members
indeed
have
and women
as
economic and social units.
animals
or
plants
as
individuals, just
as
dealing with "units,"
men
their
No accurate estimates of the yield were available.
the latest
Treasury computations, which
would produce
But
it
funds,
as
The
cause
looking
upon men
"economic
we
men."
are
things and wedding itself to spiritual ideals.
Our social order is worthy of human beings only in so far
the inherent value of human
personality.
Our cities,
men
would
our
be satisfied with any form of society in which human
it recognizes
States and
in
only
an
surtaxes
estimated
was
$82,000,000 of temporary
estimated
to
produce
upward of
To you as President of the conference and to all who
participate I send
deepest and most heartfelt congratulations.
Very sincerely yours,
a
flat
basis.
Today it voted to make the rates 15M% on income up to $2,000, 16%
on
the next $13,000,
ROOSEVELT.
Conference of
Social Work, Ambassador Hotel, Atlantic City, N. J.
From Atlantic
City, May 26, the New York "Times"
reported that the President's message came after a day of
discussion that had revealed a sharp cleavage between New
Deal and conservative groups in the ranks of the
organized
over the relative need for direct and
work
relief.
From the same advices we quote:
17%
on
the next $25,000, and 18%
Accompanying that alteration
was an
on
all
agreement to remove
over
a
$40,000.
$1,000 tax
exemption which would have been granted corporations with net income
exceeding $15,000.
was
Chairman King said the result,
so
far
as revenue
concerned, would be unchanged.
The Committee rejected by a 13-to-5 vote a final attempt by Adminis¬
tration forces to swing the Committee over to higher graduated levies on
undistributed corporate earnings.
with
a
The
a
Senator Black, Democrat, of Alabama
system for retaining the present 12M to 15% corporate levy,
surtax
graduating
Committee
up to
30%
on
undistributed income.
agreed, however, to stand by its flat 7% levy on
un¬
distributed earnings.
The bill
as
approved also would subject corporate dividends to the 4%
normal income tax.
Meanwhile
the
Treasury submitted estimates on four
which are in line with the latest system
by the President.
These were discussed as
follows in Associated Press Washington advices of May 28:
new
FRANKLIN D.
of
income.
personality is sub¬
my
in
income
The bill would place the normal corporate income levy on a graduated
instead
our
We cannot
merged.
social workers
bring
amount
Roosevelt.
against $517,000,000 sought by Mr. Roosevelt.
boost
proposed
as
and women.
Rt. Rev. Mgr. Robert Fulton Keegan, President National
the basis of
on
Another change was made in a lengthy closed Committee session.
We
are
dealing with persons.
Human personality is something sacred.
It
enjoys the light of reason and liberty.
It grows by rising above material
nations exist not only for themselves but for
But
subject to revision, the bill
The Committee originally contemplated a flat 18% on total corporation
of
should keep sight of the fact that
with
are
around $620,000,000 of permanent revenue—the
requested by President
lives
and women shall
Logically, therefore, they speak
they would of other things—of
or
funds solely from a levy on the undistributed profits of
new
Regarding the Committee's action yesterday, Associated
advices from Washington, as given in last night's
"Sun," said:
not
we
"individuals"
than $500,000,000
Press
expression of the
or atoms.
In matters of social welfare
more
and temporary revenue requirements outlined by
corporations.
to
humanity.
Let
humanity is not society; humanity is just plain folks.
of men and women
as
that
$50,000,000.
an
consecrated
better social order wherein
accustomed to appealing for the
that
so
It contains only a vestige of his original proposal to raise
the bulk of the
opportunity to enjoy the blessings of life.
us are
remember
a
Work
Some of our so-called leaders have made the mistake of
not
the President.
convened.
you are
us
neighborly place in which
your deliberations and proceed¬
of my deep interest in the high purposes for which
you
Senate
In keeping with this decision, the Finance Committee will meet tomorrow
prepared to report the compromise plan, which falls
short of the permanent
Cognizant, therefore, of the value of
ings, let me assure
only to send the bill formally to the
possible, but to rush it through to passage with little change
its final form might be worked out in conference with the House.
Human personalities are
"sacred" and must not be
"submerged," President Roosevelt said in a message to the
63d annual meeting of the National Conference of Social
Work on May 26.
"Some of our so-called leaders," the
President said, "made the mistake of looking
upon men and
women as
The strategy was not
soon as
tax programs
advocated
Today's Treasury estimates ranged from $485,000,000 to $650,000,000
for taxing corporations.
All contemplated retention
for four varied plans
of the present 12
to 15% corporate income tax and graduated levies
on
undisturbed corporate earnings.
Senator
as
King said the Treasury, which has been asked to submit estimates
to how much revenue would be lost
by providing "cushions" similar to
those in the House bill for corporations with debts and deficits, would not
be
able
to supply
figures until tomorrow.
3600
Financial
Senator King said today's discussions ranged over a wide field .touching
Such matters as the treatment of liquidations of corporations, investment
trusts and insurance
The four
of
Kentucky,
and
were
Black,
requested by Senators Barkley,
Democrat,
of
Alabama,
who
are
aligned with the administration faction in the committee.
it
program
tentatively chosen
has
committeemen
"hopeless."
that
some
stirred such
described
controversy among the
situation
the
"in
as
mess"
a
and
But others disagreed and predicted quick action.
income,
7% levy
a
on
the present exemption
Treasury officials
"
•revenue and
an
18% tax
corporation net
on
undistributed profits of corporations, and repeal of
A
part
on
White
the
as
Senator
conference
of
that
com¬
date
ill at his
home, said it
of
evident that the
was
He said that
no
mention
was
by additional levies on corpora¬
made at the conference of raising the
amount by increasing the individual income tax, or by restricting the exemp¬
tions to the estate and gift taxes, as had been suggested in the committee.
Secretary Morgenthau and Herman Oliphant, General Counsel of the
;
Treasury, attended the meeting.
Others present besides Senator Bobinson
included Senators King, George Walsh, Barkley, Connally, Dailey, Clark,
Byrd, Lonergan, Black, Gerry and Guffey.
Bobinson
Senators
and
King
only
ones
who
Under
an
now
is taxable in the
amendment proposed by
Gerry (Dem., B. I.), employees will not be taxable for
their investment until it is actually realized.
Regarding tlie issue of the "tax
on taxes" to which refer¬
made in these columns last week (page 3439) we
quote the following from the Washington advices, May 23,
was
ence
The Committee met in a brief
discussed
morning session for
a
"mopping up"
process
In further perfecting the program it sought to make
its compromise.
on
certain that the 7% supertax on undistributed corporate profits would be
applied after the 18% corporation income tax had been paid.
Because of
an
explanation of the plan made yesterday by certain experts,
applied to all income withheld from distribution to stockholders,
if it
the
withheld to
were
promise plan in order that this issue might be fought out.
Senator Harrison answered that no such issue was involved,
had
never
been
the
profits levy should operate
this
taken
fully
fact
of the Commititee
intention
as a
into
even
Certain Committee members insisted
pay taxes.
today that they had been misled and sought to reopen the whole
"tax
taxes."
on
he
account,
that
the
Estimates
said; otherwise
com¬
that
it
undistributed
as
to yield had
the
prospective
from the 7% supertax would have been placed $40,000,000 higher.
revenue
Drafting clerks were instructed, however, to make it clear in the revised
bill,
the
were
corporation
a
the statement had been circulated and even published that the 7% would
President wanted the deficiency made up
tions.
Senator Peter G.
be
was
by employees from
The form of these agreements differ.
in
King, acting Chairman of the Committee in the absence
Harrison who
Senator
House
follows:
as
in the hands of the recipients.
hands of the former upon receipt under trust agreements with the employers.
it would raise about $585,000,000 of permanent
$82,000,000 in temporary taxes,
Washington dispatch of May 26 to the "Times"
mented
corporate status and make distributed earnings subject to individual taxes
to the "Times":
of dividends from the normal 4% income tax.
against presidential requests
$620,000,000 and $517,000,000, respectively.
lor
,
The plan includes
say
sub¬
jected to the appropriate corporate tax rate.
the appreciation in
A powerful group of Senators, generally classed as
conservatives, sought
to have the committee stand by its own plan, and report it to the Senate
floor without change.
1936
30,
turn is treated by the Government as a corporation and its earnings
Stock received
White House insistence that the Senate Finance Committee change the
,
May
Effect of the amendment adopted today is to relieve the trusts of such
Treasury estimates
new
Democrat,
companies.
Chronicle
it had always been intended, that the 7% was to apply to the amount
as
retained by a corporation after all other taxes were paid.
Whether the others, all of whom voted for the compromise
conference.
would return to the grist as the President suggested could not be learned
Some of them made it evident, however, that they did not like
tonight.
President
stockholders,
As
was
as
President tonight,
to the
it
than $500,000,000 short of the total in permanent and temporary
demanded by him to place the budget in repair.
Except for the additional provisions for
revenue which he asked
tonight,
the measure had been practically completed in committee today.
Far
It carried
a
new
Apart
Yield Desired
on
corporation income rate of 18%,
on
undistributed
cor¬
porate profits supertax of 7% and full application of the normal individual
tax to dividends in the
income
hands of shareholders.
by the Committee last week into a substitute for the
All
more
were
merged
sweeping sugges¬
tions of the President as translated into the bill passed by the House.
In its amended form, and taken in connection with the "windfall" levy
to recoup
formerly impounded or unpaid agricultural processing taxes, the
compromise program promised a revenue yield for the first
After the first year, the yield, it
000,000.
was
year of
$643,-
calculated, would drop
The President asked for a bill that would produce at least $793,000,000
annually for the first three years, and $620,000,000 permanently thereafter.
The total difference between what the Senate compromise promised and
what the President asked was conservatively figured at between $500,000,-
Split Over Tax
Senate Committee, as well
as
on
$400,000,000 of the current deficiency in the budget.
Committee
a
referred
the
Senate,
elsewhere in this issue of the
to
leaders
reaffirmed its
processing tax of
that it was generally
H
own
cent
a
pound
on
sugar.
The levy
was
favored by agricultural
groups,
and that
a
They
are
the issue and that an attempt at this time to impose the tax
might result in endless complications.
that
body in rapid fashion.
belief that the
Senate and
the
measure
Since
the
testified that his organization was opposed to any tax oh sugar unless it
coupled with a quota restriction and benefit payment program.
Senator
Vandenberg and several Michigan House members
as
as
only in connection with other pending legislation, which is
designed to restore the Jones-Costigan quota system in conformity with
the Supreme Court's
After
ruling in the Agricultural Adjustment Act
hearing this and other
opposition testimony,
unanimously rejected the sugar processing tax.
concurred.
Treasury experts
on
be accepted by the House.
as
to
A Washington dispatch of May 25 to the New
as
follows:
The Capper amendment proposing a tax upon the first domestic processing
'use of sago, sago crude and sago flour, tapioca, tapioca flour and
at a rate of 2Hc. per pound was rejected.
or
casava
Steiwer, amendment to include in the present lumber duty rough
It appears that the State Department voiced
lumber also was disagreed to.
on
the ground that it would dis¬
its reciprocal trade arrangements.
It is also believed that this
caused the defeat of the Capper amendment which might run counter to
agreements with the Netherlands, and it may operate to the disadvantage
of the Bailey amendment, causing rejection of the latter.
Present Law's
The rewriting of Sections
Changes Ready
102 and 351 of the present law, providing
penalty taxes for the withholding of earnings from distribution for the
purpose
of aiding large stockholders in evading the surtax provisions has
been completed, it was explained, but publication of the text is being with¬
held while being studied by Committee members.
Banking institutions consolidating trust funds for the
purpose of sim¬
plifying their investment activities on behalf of others will be relieved
liability upon such ventures except as to the extent which they
of tax
Under the present law the Treasury has ruled that all
of the participants in such a trust are members of an association which in
directly benefit.
in the
the bill.
Bill
ocean
air mail contracts, is not entirely satisfied with
and
It is understood that he will vote against it and possibly offer
enactment
weekly
of the principal features
(Dem., Ala.), chairman of the Senate committee which
amendments
some
any
which
was
he
deems
first indicated
by
desirable.
subsidy legislation to final
Secretary of Commerce
Boper at his
conference.
press
have definite
news
Boper said in reply to
a
this morning that we will get a bill,"
question
Secretary
prospects for the legislation.
as to
Asserting that he did not believe he could amplify this statement, the
Secretary
added,
however,
made it clear that he
was
that
"the
President
wants
this
bill."
He
referring to the compromise measure which is
largely the work of two of his aides—John W. Mann of the Shipping Board
case.
the subcommittee
York "Journal of Commerce" outlined that action
arrange
appearance
Bureau and
O.
P. M.
Brown, veteran attorney of that bureau.
The full committee later
May 25 told the Committee that the
objections to that proposal presumably
It was expected that
made its
materially affect their major objectives.
Black Opposes
Senator Black
President
Roosevelt
Vetoes
Bill
Providing for Sale of
Newark
Army Supply Base to City of Newark—
President Says Price at $2,000,000 Is a "Donation
is $82,000,000.
The Committee on the same date rejected
several proposals tantamount to tariff increases on specific
The
print
Copeland-Guffey-Gibson
by various Senators but it is not believed that
latest estimate of returns from the so-called "windfall" tax
products.
have resulted
would go to conference between the two houses.
of the bill will be altered so
"I
well
Senator Murray of Montana, joined in the plea to permit the sugar tax
to be considered
House shipping leaders
compromise bill, if passed by the Senate without
substantial change, will
The Administration's plans to push the ship
Charles M. Kearney, President of the National Beet Growers Association,
was
print has so effectively met the
opposition likely to lead to lengthy Senate debate that the measure will
investigated
short subcommittee hearing it developed that opinion was sharply
on
the issue
on
understood to believe chat the compromise
effected in the Copeland-Guffey-Gibson
satisfactory
bill.
a
A
Senate several minor changes have been proposed in amendments offered
feeling about this today when it
plan for administering it could be worked out and inserted in the pending
At
"Chronicle."
distinctly optimistic of ultimate favorable action
are
before adjournment.
tentatively approved by the Committee last week under the assumption
divided
is
Washington dispatch of May 27 to the New York "Journal
of Commerce" discussed the measure in part as follows:
in the
might be done for a period of one to three years to make up more than
rejected
before
now
Conferences between
Sugar
the House, has set its face against
reviving the agricultural processing taxes which the President suggested
The
Copeland-Guffey-Gibson
compromise ship subsidy
approved by President
Roosevelt and will probably be passed before Congress
adjourns, Senator Copeland said on May 27.
The bill is
an amendment to the measure
sponsored by Representative
Bland and passed by the House last August.
The Senate
bill would displace existing ocean mail contracts with direct
construction and operating differential subsidies.
It will
probably be considered by the Senate immediately after
final disposition of the relief appropriation bill, which is
bill,
be passed by
000 and $600,000,000.
The
The
Action
Irrespective of when the bill is called before the Senate, ship subsidy
$560,000,000.
to
Backs
Compromise Ship Subsidy
by Congress Before Adjournment Is Forecast by Senator Copeland
proposed originally and reiterated tonight by the President.
the compromise stood when reported
more
revenue
Roosevelt
Bill-—Favorable
the proposal to raise all of the new revenue from corporations and their
After 20 Years"
On
May 26 President Roosevelt vetoed the bill passed by
Congress which authorized the sale of the government's
war-time army supply base at Newark, N. J., to the City of
Newark.
The measure passed by Congress provided for a
$2,000,000
price with annual payments of $100,000
20 years without interest on unpaid balances.
In his veto message the President stated that the land was
spread
sale
over
acquired from the City of Newark in 1918 "at its then value
of
$1,330,000," and added that "the original outlay of the
for construction was more than $10,000,000."
The bill, he said, "extends a very liberal option to the City
of Newark to acquire the base for what purports to be
$2,000,000, but which is in fact a donation after 20 years,
with annual payments by the city of no more than reason¬
able rent, or 5% interest on the arbitrary valuation."
"In
general," the President stated, "the bill, in addition to being
unduly liberal to the city,
establishes
an
undesirable
government
precedent."
a Washington dispatch, May 26, to the New
"Times," the veto surprised members of the House
Military Affairs Committee, who had urged passage of the
According to
York
Financial
Volume 142
bill
the ground that it
on
desired by
was
President Roose¬
velt.
Mayor Meyer C. Ellenstein of Newark
the bill passed the
stated,
he
was present when
May 4, at which time, it was
Senators W. Warren Barbour,
House,
conferred
on
with
Republican, of New Jersey, and A. Harry Moore, Democrat,
of New Jersey, about the
possibility of having the measure
amended
in
the
Senate
to
reduce
$1,000,000
spread over 10 years.
On May 5, however, the Mayor was
said to have decided against
any effort to reduce the price.
On
that
date
Associated
Press
the
to
amount
advices
from
Washington
stated:
After
any
to
White
a
to
move
Ellenstein
endorse the
Mayor
said
House
bill
Mr. Ellenstein
price to
$1,000,000,
final action
he
would
and
he hoped
to
to
move
in
the
said he
advised that
was
the city has
which
the bill.
on
advise
that
said
quick
and
Barbour
Senators
for
offered1
*
The bill
was
President
the House
I return
the
next
The
passed by the Senate
sale price might
the
be
May 12.
on
Sale
of
the
Port
on
which
approval, H. R. 9042, "An Act to Provide
Newark
Army
Supply
Base
in
1918
for
Newark
then
value
of
construction
Since
the
plant in
H.
base
it has been
salable
a
located
and
The
than
more
is
storage
$1,330,000.
was
1924
this
the
the
to
City
acquired from the
was
shipment of
of
original
supplies at its
overseas
outlay
of
the
City of
for
government
lease, chiefly for the
of preserving
purpose
donation
than
after
20
This is
with
years,
reasonable rent, or
annual
5% interest
payments
by the city of
no
more
a
been
sold at
public sale,
exacted, with interest
That
ing
from
the
furnishing
effect,
and
Section
of
part
city
ingress
the
as
in
city
does
exercise
the
is intended
its
of
option,
of the purchase price.
additional
an
maintenance
the
to
previously
inure to
portion
implies
form
egress
has
which
4,
not
unpaid
which
the
and
such work will
Section
1
down payment of 25% has generally been
a
the
on
base
bound
is
itself
the
of
not
to
authorize
to
open
the
of
mov¬
channel
legal
maintain this channel,
to
sale
several
inshore
regarded
city if it becomes the
is
consideration
the
of
owner
to
any
others
if
objections, the
base.
the
city
im¬
more
portant being:
It does not
of
give the Secretary of War any discretion in the
the purchase price to be paid in cash,
competition to a limited number of bidders.
sale, but
fining
Repeated
ditions
is
seriously
In
with
the
at
property
creating
success
sale
of
of
use
under
identical
preceding efforts
uncertain
an
temporary
any
public
situation
the
property
con¬
the
or
which
would
pending its
to
him, in
response to a request, by D. W. Bell, Acting Director of the
He deducted from Mr. Bell's estimate of $9,915,709,874 as the
total expenditure for the fiscal
year ending next June 30, the $2,237,000,000
Budget.
1934
to
pay the veterans'
$7,768,709,874
bonus after June
render
15,
to reach
addition
in
to
being unduly
liberal
to
the
city,
precedent, and its restrictions, in the event
advantageous disposition improbable.
an
House, May 26,
net
a
figure
the actual estimated expense of the government during
as
Says Bell Omitted Some Costs
The Bell letter estimated the
expenditures for the year ending June 30,
1937, at $8,272,554,370.
not
and
Mr. Byrd pointed out that Mr. Bell's est'mates
take into account
the
$320,000,000 omnibus Flood-Control Bill
other spending authorizations
that
the
predicted
increase
of
enacted
within the past few
expenditures
next
year
days,
so
would
this
over
probably be greater than the $600,000,000 he specified.
reduction in the
colossal
I and nearly all other citizens expected a
spending
program,"
the
Virginia Senator said
"For the current fiscal year our deficit will be
approximately $6,000,000,000," he said.
"For the appropriation year starting next July, the
Federal
Government
"This
that
means
proposed
will
we
spend
to
$8,272,554,370,
of
a
spend
nearly
$1,000,000,000
than
more
in
1935 and $3,000,000,000 more than in 1933; yet conditions
today are
greatly improved and the need for relief and governmental expenditures
is much
less than
"Even
after
in those previous
including the
years.
expected from the House bill,
revenue
deficit in 1937 is estimated by the Budget Director to be
"The Budget Director also advises
public
works
we
$750,000,000
had
unexpended
not
was
another heavy relief bill
"In 1937
that,
on
Congress
yet
April 30, for relief and
and
is
of this
being
to
pass
hand.
on
will collect in taxes $1,600,000,000 more than in
we
amount
asked
notwithstanding the huge balance
still the deficit continues in
1936, and
alarming amount."
an
Comparative Figures Offered
In
on
me
$2,488,000,000,
obligated,
the
$2,675,636,720.
reading Mr. Bell's letter Senator Byrd offered the following figures
recepts and expenditures:
Receipts
19351936
(estimated)
(estimated)
1937
Expenditures
$5,142,953,627
7,105,050,085
7.375,825,166
9,915,709,874
8,272,554,370
$2,079,696,742
3,115.554,050
—: 3,800,467,202
3,949,043,634
5,596,917,650
-
253,885;
240;
1934, $3,989,496,035;
1937, $2,675,636,720.
1935, $3,575,357,964;
The deficits for 1936
1933, $3,063,-
1936, $5,966,666,-
based upon estimates
are
contained in the 1937 budget, adjusted to cover the loss of
processing taxes
and to increase the entire cost of the veterans' bonus, amounting to
1936.
FRANKLIN D.
of
increase
an
the present year.
over
With these figures were estimates of deficits as follows:
bill,
undesirable
an
sale,
White
con¬
disposition.
general,
public
the
thereby
interfere
establishes
of terms
thereby
are encouraged to attack any sale.
of
irrespective of the
market,
permanent
dispatch to the New York "Times"
reporting this added:
Mr. Byrd babied his calculation of
rising expenditures on a letter written
Fiscal Year—
bidders
offering
required,
prevailing
way
requires
Disappointed
was
under consideration Senator Byrd stated that the Federal
Government would spend $600,000,000 more for ordinary
expenses and relief during the coming fiscal year, than wil
be spent this year.
The
nearly $600,000,000
the arbitrary valuation.
on
departure from previous legislation under which States, counties
and municipalities have been
given preferences to acquire surplus military
reservations by paying the appraised value in cash.
When 6uch properties
have
this purpose.
after he had read Mr. Bell's letter into the record.
condition.
R.
9042 extends a very liberal
option to the City of Newark to
acquire the base for what purports to be $2,000,000, but which is in fact
a
eliminated funds for
day"before the Senate, while the bill
same
"With improving conditions,
$10,000,000.
under
the
This is the type
by Rexford G. Tugwell's Resettlement Administration.
on
Appropriations Committee had
On
did
land
advices stated:
same
type of project for which money can be spent.
of work carried
The
The
to vote 38 to 28 to restore rural rehabilitation
was
this year.
Newark, N. J."
The
one
needed
follows:
message
of Representatives:
my
The Senate's last act
as
of
Roosevelt's veto
herewith, without
ship canal projects into the bill.
to
by the Senate.
action
Congress
3601
During consideration of the bill in the Senate on May 28
Senator Robinsbn (Dem., Ark.)
(according to United Press
advices from Washington) offered an amendment
injecting
the controversial
Passamaqoddy tide harnessing and Florida
in
,
Moore
$1,000,000.
reduced
for
the
might jeopardize
pay,
Mr.
To
House conference,
reduce
Chronicle
$2,237,-
000,000.
ROOSEVELT.
.
The
Congress
Completes Action on Naval Appropriation
Bill Providing for Largest Peace Time
Expenditures
for Navy
Following the approval by the House yesterday (May
29)
the conference report on the
$526,546,532 naval appro¬
priation bill for 1937, the measure was sent to the White
of
House.
May
The
25.
Senate
Associated
adopted
Press
the
conference
accounts
from
report
on
Washington,
yesterday (May 29), said:
This
is
the
largest
naval
establishment,
ceded
it
The
other
several
Navy
treaty
destroyers,
weeks
bill
outlay
in
also
the War
for
the
the country's history for the
Department measure which pre¬
ago.
provides
nations
six
was
start
submarines
and
building
ship
333
of
two
construction;
more
new
battleships
authorizes
airplanes,
and
12
increases
if
new
the
explained
successful
Relief Act."
tied down
He
more
to
Senate
Would
Give
President
Sole
of
$1,425,000,000 Relief Fund Provided
Deficiency Appropriation Bill—Committee
Rejects House Grant to Harry L. Hopkins—For
In
PWA
Amendment
to
Provide
For
Passamaquoddy
Project—Senator Byrd Presents Budget Directors'
Figures Indicating Increased Relief Costs Next
Year
Committee's
added
that
followed
under
decision
by earmarking
tration,
an
hearings,
to
transfer
"the
new
Emergency
appropriation
is
the 1935 fund."
was
reported that Senators feared the courts might
organization created by executive order.
published today, revealed that neither
Resettlement
was
1935
the
find to be illegal the allocation of funds to the Works
Administrator,
nor
Secretary
Progress Adminis¬
Testimony
Rexford
Ickes,
on
Guy
PWA
Senate
Tugwell,
Administrator,
hopeful of getting funds for his organization under the House bill.
reported
on
May 27 favor¬
the
$1,425,000,000 relief bill.
Under the
the measure approved by the Committee
President
Roosevelt would be made administrator of the rebef
funds.
The bill as passed by the House put sole control of the
fund
in the hands of Harry L. Hopkins, head of the Works
Progress
Mr. Hopkins on May 25 had
reported to
Congress that the Government .would be forced to spend
$6,000,000,000 in the 1936-37 fiscal year to make jobs for
all of the 6,385,740 listed employable.
Present plans are
for a $3,071,000,000 program for 3,000,000
persons during
the year beginning July 1, although this total
may be
increased by a public works program.
Administration.
,
committee increased
Senate
by
provided
amount
the
by $4,350,331
entire
Deficiency
to $2,368,580,044
Bill,
and
the
appropriated
$1,200,000 for the construction of another TVA dam at Gilbertsville, Ky.,
and $35,000 for the next Presidential inauguration.
/
Other major changes in the House bill, so far as the relief appropriation
is concerned,
were
listed
as
follows:
Instructing the President to make
persons on
relief, with
an
a survey
of all the lists of employable
idea of keeping off job lists all those who have
not filed a declaration of intention to become citizens of the United States.
War
The Senate Appropriations Committee
terms of
the
Changes in the House Bill
Reported
For
that
procedure
tightly than
3270.
Control
ably
the
was
The
Bill
Adams
Senator
In other quarters it was
capital
Navy's enlistment strength from 93,500 to the treaty limit of
100,000 men.
A reference to the bill appeared in our issue
of May 16
page
make
control of relief funds from Mr. Hopkins to the President was made "because
this
peace-time
as
Deficiency Bill as reported to the Senate May 27
possible $800,000 000 of new Public Works
Administration heavy construction by authorizing the use of
$250,000,000 from the present PWA revolving fund for out¬
right grants for projects and limiting the amount of these'
grants to 30%, instead of 45% as heretofore.
A Washington dispatch of May 27 to the "Times" dis¬
cussed the bill reported to the Senate as folllws:
would
to be
veterans
eligible
The
without
which
enough
on
receiving
the
a
bonus not to be dropped from relief rolls but
basis
same
as
other applicants.
undertaking of additional projects like that
specific Congressional
stated
that
money
should
none
was
set
authorization,
be
was
undertaken
of Passamaquoddy,
restricted by
with
aside for their completion.
a
clause
relief funds
unless
The
allocations
for
'Quoddy to date total only $6,000,000, while the cost has been put at
$36,000,000.
The
House
earmarked
$85,500,000
or
"rural rehabilitation,"
but
the
Senate bill provides that this sum shall go for loans and relief to farmers,"
indicating that only that portion of Mr. Tugwell's resettlement
program
should be continued.
Status of
Like the House bill,
prevailing
wage
scale.
in actual payments but
PWA Funds
the Senate measure provides for payment of the
This, it is understood, will not
a
restriction
on
cause an
increase
the number of hours worked to
36Q2
Financial
bring hourly payments into line with the prevailing
of the country
by the
have at one time in the revolving
can
Senator Joseph T. Robinson, Democrat of Arkansas, its sponsor, frankly
accepted all amendments offered with the statement that the bill would
Reconstruction Finance Corporation is limited to
made available for
was
new
PWA grants, there would remain about
$150,000,000 in the revolving fund which could be used for loans.
In
to
amount
be used for
PWA
The draft
grants to the President,
merely
have to be "fixed-up" in conference.
Whether a conference committee of the House and Senate will be able to
iron out these differences before adjournment was a matter of conjecture,
Among amendments which the Senate committee voted down
were
the
requirement that localities provide 18% of the cost of all
a
WPA projects.
•
how much
among
handling relief,
now
members of the committee
and
there
transferred from
was
conflict
a
opinion
15% of the total fund
earmarked fund to another, whereas
one
of
this point.
on
The Senate and House bills provide that
20%
can
be
The
of the Bill by the House
May 16 issue, page 3271.
May 11
on
was
Nuys bill, which in itself is
After
Limit
Trades
on
been
Pro¬
(May
29)
passed
the
Commodity
Exchange
Regulation Bill.
The House, as was noted in these columns
April 25, (page
2757) passed the bill at the last session. It is stated that its
passage in the Senate was expedited through the withdrawal
Smith Cotton amendments, chief of which
proposed
a trader's
open position on the futures market to
to limit
600,000 bales a year. United Press advices from Washington
yesterday in indicating this added:
Senator
a
Ellison D.
of
meets
Smith
"these
enactment before
be
full-fledged amendment to the Clayton Act.
a
Among' the
a
Judiciary Committee
series of amendments,
opponents of the bill in the form in which it
Peyser,
was
presented to
Democrats,
and
Francis
Culkin,
Republican, all of New York.
Various amendments presented by one or the other of this group and voted
down would have changed the bill in the following respects:
Permit
price discriminations to meet the competition of imported
mer¬
Shift the burden of proof for alleged violation of the Act so that the Federal
Trade Commission would have to prove the person guilty rather than compel
(D., S. C.)
the
himself innocent.
of outlaw
scope
controversial
withdrew the amendments after
issues"
Congress adjourns.
"I'll
probably
renew my
discriminations
price
between
different
purchasers of commodities of like grade, quality "and design."
Permit
the
making of
advertising allowances
where
such
allowances
earned.
' vy:
.
■:
•
.
Allow certain exceptions from the operation of the Act as regards milk
are
.
Additional
form of
an
of Texas,
efforts
on
the
Chairman
individual farmers
associations, also
vote of 89 to
of the
in
were
the
of farm interests,
part
amendment offered by
would
final
assure
notably
one
in
the
Representative Marvin Jones, Democrat,
House
Agricultural
Committee,
to
include
exemptions provided for wholesale cooperative
rejected by the House.
It went down by a teller
81, the nearest members went to going on record throughout
the day
r
-
On
May 27, Representative Patman denied that the meas¬
ure was an anti-price fixing bill; he contended that it would
result in better prices for the consumer.
A special rule giving the bill right-of-way in the House this
week was approved by the House Committee on Rules on
May 22.
♦
letter from Agriculture Secretary Henry A. Wallace, saying that
elimination
will
producers.
Following the withdrawal of controversial cotton amend¬
ments, inserted in the bill this week at the instance of Senator
Smith of South Carolina, the Senate, by a vote of 60 to
16,
reading
brokerage
the House today were Representatives Emanuel Celler, Sol Bloom, Theodore
Broaden
Dropped—Had
tested by New York Cotton Exchange
of the
as an
the amendments offered by the
adopting
the person to prove
Commodity Exchange Regulation Bill Passed by Senate
—Smith Cotton Amendments Proposing 600,000
yesterday
discounts,
merchandising
today, members of the House steadily voted down
♦
Bale
in
chandise.
passage
our
which will put teeth into the
quantity
allowances
amendment the Borah-Van
could be
transferred last year.
noted in
measure
a
unreasonable
advertising
They make this prediction
discretion the President would
have in transferring funds to the Resettlement Administration and other
organizations
false
all of which, partisans of the bill said, would "take the heart out of it."
.
.
The bill did not make clear
eliminate
to
and
approved at the present session of Congress.
Republican proposal that relief be turned back to the States for adminis¬
and
Act
Clayton
allowances
despite the fact that the Senate accepted
setting forth the maximum that might be spent.
tration
as
but friends of the bill insist that
addition, he said, PWA has about $50,000,000 left, which can be
grants.
Senator Adams remarked, however, that the bill left
used*for
the final
1936
approved by the House also differs substantially from the
Robinson bill passed by the Senate some weeks ago after a debate in which
$250,000,000, PWA in actual practice has about $400,000,000 in securities
set aside, Senator Adams explained.
After $250,000,000 of this latter
sum
May
in various parts
wage
.
While the amount which PWA
fund provided
Chronicle
Following
Concurrence
By Senate in House Amend¬
ments President Roosevelt Signs Bill to Continue
Exchange Trading in Unlisted Securities—SEC
Begins Survey of Dealings in Such Issues
fight when Congress
again next year," he asserted.
The amendments
were placed in the bill
by the Senate
Agriculture on May 25, shortly before the
Senate began consideration of the bill.
The Legislative
Committee of the New York Cotton Exchange, of which
Perry E. Moore is Chairman, sent a telegram to Senator
Walsh of Massachusetts on May 27, indicating its
opposition
to the amendments; the telegram said in
part:
President Roosevelt on May 27 signed the bill, sponsored
by the Securities and Exchange Commission, to continue
trading on exchanges in unlisted securities under supervision
of the SEC after June 1.
Passage of the measure by the
House was described in the "Chronicle" of May 23, page
3440.
The Senate on May 25 without discussion concurred
We reiterate to you the restrictions proposed will in our
judgment produce
in the House amendments and sent the bill to the White
Committee
on
the inevitable result of lowering the price paid to the
producer and raising
the cost of the consumer, we do not oppose constructive well
thought out
House.
drawn and ill conceived, for your information and
guidance we also wish to
advise you that spinners and nplls through their great
Immediately after it was signed by the President
began plans for a survey of trading in unlisted
issues.
It was indicated that at an early date the Com¬
mission will determine whether exchange trading in such
American
issues is desirable.
legislation but
urgently request
we
you
not to support legislation
hastily
organization the
Cotton
Manufacturers
Merchants through the
gone on record as
Association,
American Cotton
and
Cotton
Shippers
and
the SEC
A
Shippers Association, have all
being opposed to the legislation
The bill sould extend and broaden Federal Control
over
follows:
the
commodity futures exchanges.
From Associated Press
advices from Washington yesterday (May 29) we
quote:
It would amend the grain futures act of
mill feeds,
which
1922
so
as
trading is already regulated under the provisions of that
measure.
The commodities included in the 1922 law were
corn, wheat, rye, oats,
barley, flaxseed and grain sorghums.
Chief
among
the
broader
Commission under the
commodities
to
Trade
contains
when futures have
practices, such
a
Under
have
as
provision
the
Commodity
on
No limitations, however,
been
cross
purchased
trades
cheating,
SEC, the Commission has been placed in
ideas of the exchanges and
market.
position
a
as
arbiter
between1
of brokers and dealers in the over-the-counter,
Representatives
o;f
brokers
over-the-cunter
quently protest unlisted trading of certain issues
on
and
dealers
fre¬
the ground that the
or
as
the sale
the sale of
Besides laying the groundwork for control of unlisted trading, the SEC,
because of enactment of the
the 1933 securities act
operation
The measure also
making false
reports
bill, must also prepare regulations for using
of gathering periodical information
means
a
companies
which
have
no
securities
registered
on
on
an
In its announcement
May 27 of the signing of the bill,
the SEC said:
or
any means.
from
as
exchange.
and accommodation
would bucketing orders.
against
Through the granting of discretionary control of the departments to the
Futures
futures trading in
been purchased.
wash sales,
as
prohibited,
general
deceiving by
to
fix limits
Stock Exchange,
have unlisted trading departments.
trading activity is not sufficient to make exchange transfers desirable.
hedging which the bill defines
of futures when actual commodities
trade would be
to
one
prevent excessive speculation.
could be placed upon "bona fide"
commodities
given
powers
bill is
new
Headed by the New York Club Exchange practically all stock exchanges,
except the New York Stock Exchange and the Chicago
to add cotton, rice
butter, eggs and Irish potatoes to the list of commodities in
futures
Washington dispatch of May 27 to the New York
on the signing of the bill as
"Herald Tribune" commented
pending.
now
The
Securities
and
Commission
Exchange
announced
that
an
Act
amending the Securities Exchange Act of 1934 to provide for the continua¬
the provisions of the new bill the
Secretary of Agriculture
deal with individual violators of futures
trading regulations.
The
may
com¬
mission is composed of this Secretary and the
Secretary of Commerce and
the Attorney-General.
The power to deal with contract markets would still be reserved to the
commission, but because of the number of small violators the Secretary of
Agriculture would be empowered to deal with them.
One of the chief Senate amendments which the House must consider
tion of trading on exchanges in unlisted
President.
to
Section
a
Bill
securities
resulted from the
report
was
signed today by the
made by the Commission
12(f) of the Act.
This section directed the Commission to make
study of trading in unlisted securities upon exchanges and to report the
results
of this
study to Congress.
It
also provided that such unlisted
1, 1936.
trading privileges should expire on June
was
the addition of potatoes to the list of commodities affected.
The
Congress early this year in accordance with the original provisions of
The amendments which became law to-day will permit trading in three
categories of unlisted securities.
They
are
as
follows:
1.
House
Passes
Robinson-Patman Anti-Price Discrimin
ation
or
then.
"Chain Store" Bill
The House of Representatives
on
May 28, by
a
standing
16, passed the Robinson-Patman Anti-Price
discrimination Bill, also known as the "Chain Store" bill.
The measure, as was reported in our May 2
issue, (page 2924)
passed the Senate on April 30 without a record vote.
In
advices from its Washington bureau,
May 28, the New York
"Herald Tribune" said in part:
As rewritten in the House Judiciary Committee and amended on the floor
of the
House today in two major details—elimination of the anti-basing
point and classifications provisions—the bill differs considerably from the
introduced
a
crat, of Texas.
year ago
The amendment makes it unnecessary for exchanges to make
applications for the continuance of trading in such securities.
Securities already listed and registered on another national securities
exchange.
3. Securities as to which there is available from a registration statement
new
vote of 290 to
measure
Securities which were admitted to unlisted trading privileges prior
to March 1, 1934, and have enjoyed these privileges continuously since
by Representative Wright Patman, Demo¬
2.
...
periodic reports under either the Securities Exchange Act of 1934 or the
Securities Act of 1933, information substantially equivalent to that required
for fully listed and registered securities on national securities exchanges.
or
Any exchange seeking to
admit
any
security in the second or third
category to unlisted trading would have to prove to the
there existed in the vicinity
Commission that
of the exchange suggiciently widespread public
distribution and suggicient public trading
Section 15 of the
any
activity in that security.
Securities Exchange Act has been amended to require
issuer registering under the Securities Act of 1933 to file an under¬
taking to keep the information in the registration statement up-to-date by
the
submission
of
periodic
reports
similar to those required under the
Volume
Financial
142
Securities Exchange Act.
This provision is applicable in all cases where
the aggregate offering price of the issue registered plus the
of all
other
securities
of the
class
same
of the offering price, amounts to
basis
in effect
bais, is
long
so
as
computed on the
outstanding,
Subject to certain conditions, securities
$1,000,000.
as
banking firm.
the
3603
When the Gold Reserve Act
directed the
company
passed March 9, 1933,
was
York bankers
New
to
apply for a license
to
export the gold.
The Secretary of Treasury refused to issue the license or place it to the
$2,000,000 or more, and remains
the value of securities outstanding, computed on this
as
much
aggregate value
Chronicle
credit of the
Banque National Suisse.
Court had decided the gold cases,
In June, 1935, after the Supreme
Ladenburg, Thailman
ordered to
was
falling under this provision in the amendment, which is now Section 15(d)
turn the gold over to the Reserve Bank.
of the Securities Exchange Act of 1934, will be eligible for
into trucks the Swiss corporation obtained an order restraining the transfer.
privileges
on
national securities
exchanges
unlisted trading
but issued
An additional amendment to Section 15 of the
Securities Exchange Act
deals with the registration of over-the-counter brokers and dealers.
main, this amendment incorporates into statutory law the
In the
administrative
by the Commission under Section 15 in its old form.
program put into effect
Copies of the amendments may be obtained from the Commission upon
being loaded
was
The Federal District Court held that the gold was subject to forfeiture
application of the
the
upon
exchange to the Commission.
While the coin
a
restraining order against its delivery until the case was finally
determined.
Another United Press Washington dispatch of May 25
described the Government's petition in the Taft case as
follows:
The certified questions were challenged on the grounds that they failed
request.
to comply with the rules of the court because they did not contain a state¬
New
Guffey Coal Control Bill Ordered Favorably
Reported by House Ways and Means Committee —
President Roosevelt Reported as Favoring Legis¬
ment of the case
The suit
It
Ways and Means Committee voted 18 to 6 on
May 26 to favorably report the Guffey-Vinson coal control
bill to the House.
The bill
introduced in the Senate
was
May 20 by Senator Guffey and in the House by Repre¬
sentative Vinson; it is designed to restore the marketing
provisions of the Guffey Coal Act invalidated by the United
States Supreme Court on May 18, as was noted in our
issue of May 23, page 3412.
The substitute measure was
referred to on page 3437 of the same issue.
Regarding the
report presented to the House by the Ways and Means
Committee, United Press advices from Washington on May 28
presented to the Court of Claims nor any state¬
was
form.
brought by Taft,
was
Cincinnati lawyer,
a
behalf of Dixie
on
Terminal Co.
lation
The House
it
as
ment of facts in the proper
involved
Taft
asserted
directly the
the
at
interest
time
the
due
originally
suit
filed
was
in terms of the old
on
that
Government to meet millions of dollars of interest
$50
a
it
gold bond.
might
the
compel
gold clause securities
on
gold ratio.
on
said:
order
demands
regulation
Republican
that the
committee
legislation
in
members
a
charged
dissenting report
"unwholesome" and would give "special interests
was
own
minimum prices which the public
will be required to pay."
The majority report said that, as a result of the Supreme Court decision,
"unless
to the chaotic conditions" which
dispatch May 28 from Washington to the New
we take the following:
a
The bill, the
free hand in fixing its own minimum prices and forces recalcitrant oper¬
proposed bituminous coal code under the pressure
15% penalty in the guise of
a
an
excise tax, 90% of which is to be refunded
code members."
to
a
recovery
a
section
tional.
the
Coal
Commission from
of direct
five
representation for
to
seven
members
operators and miners,
with
the
the report
they had not passed
his
but
In
of
to
give special
interests the monopolistic
power
to
fix their
any
special
not
have it."
reason
why one group should have this privilege and another
in
May 27 President Roosevelt
United
visit
on
was
indicated
as
favoring
viewpoint that while the Giffey-Vinson bill
may not
rightfully be considered as "must" legislation, he is definitely of the opinion
that
a
bill of this character is necessary to maintain the temporary stability
of the coal industry and to prevent its disintegration
out of
In
a
pending the working
permanent reform for the industry by Congress.
addition, the President is of the opinion that
a
definite limitation
should be placed on the effectiveness of the bill, and he suggested tentatively
that the bill be extended until
no
desire on the part
July 1, 1938, having in mnid that there is
of the Administration
of America to look at
price-fixing
as
such
or
as
the United Mine Workers
a
permanent solution of the
industry's ills.
It
was
had
processors
begun
the
It provided that
only if they could prove
recover
the tax burden to their customers.
on
mind',
Section
this
not
all-controlling feature of the section, referred
one
21(D)(1)
directly
"That
amendment
deprived of life,
"Section
on
is determinative of the question.
provides
conflict
in
that
if any
of
part
the
with
Fifth
the tax
is
recover¬
Amendment
held
has
contains the
be
to
'No
the
to
provision that
he
if
shall be
person
of law.
taxpayer has passed
a
minute, of the tax collected under
cannot
an
assess¬
the balance
recover
paid to his detriment.
the taxpayer
law that I feel constrained in this
of
is pertinent:
as
unconstitutional,
clearly deprives
so
far
as
property without due process
or
matter how
no
already
he
provides,
liberty
21(D)(1)
part,
any
ment
of property
case
without due
process
hold."
to
so
It
indicated in the "Times" that
was
up
under the bill during
will be protective of the public interest and that the
participation of the commission with two representatives of the
United
the Court's opinion
is not appealable, as he merely used it as a basis for refus¬
ing to dismiss the recovery action brought by the Edwin
Cigar Co., Inc., James B. Hall Jr., Inc., and the Edwin Leaf
Cigar Co., Inc., for $29,436.
If
be
should
it
The "Times" continued:
paralleled, however,
trial,
and upheld by the higher
•more
than
have
by opinions
courts,
various
$800,000,000, which
it might
rendered
actually been
in
cases
on
that taxes totaling
mean
paid to
collectors
in
districts, would have to be returned.
The
has
government
brought
by
the
15
cigar
days
in
companies,
which
and
file
to
it
an
to
answer
advance
may
other
the
suit
arguments
against refunding the taxes.
E.
Bennett
regarded that the ccommission to be set
this two-year period
after
Supreme Court.
John L. Lewis, President of the
Mine Workers of America, after a White House
May 27, making the following statement as to this:
It is the President's
Congress
proceedings.
any
"This
On
conditions
itself unconstitu¬
and not absorbed by the taxpayers, no part of such tax is
on
which
the enactment of the bill.
by
urged by the plaintiffs, which
substance,
"Is
defining
was
Constitution ?
own
Nor is there
law
opinion Judge Hulbert wrote:
not
passed
minority said:
minimum prices which the public will be required to pay.
the AAA
invalidated, taxpayers could
was
in¬
"We think it is unwholesome and not in accord with democratic govern¬
ment
to
adopted
was
"There is, to my
to
Referring to the proposed increase in the membership of the National
clusion
section
if the law
In
of
The "Times" added:
This
that
York "Times"
action begun by three cigar companies, held
added
under which taxes could be recovered
able
Bituminous
the New
In
stated that Judge Hulbert, declining to dis¬
was
miss
Republican report said, "gives the bituminous coal industry
ators to subscribe to the
of
Judge Murray Hulbert.
litigation that later had its test in the
prompted the passage of the original Act.
York "Herald Tribune"
a
Supreme Court held unconstitutional, was handed down
that
legislation is enacted immediately, the soft coal industry will revert
From
decision which,
May 22 it
monopolistic power to fix their
Unconstitutional
May 21 in the United States District Court in New York
by
imperatively
Held
AAA
Murray
it is said, may pave the way for the
by taxpayers of more than $800,000,000 paid to the
government under the Agricultural Adjustment Act, which
remedy evils which seriously endanger the industry itself," the
to
industry
majority report said.
the
A
Judge
recovery
on
the
Federal
Hulbert—Declines to
Dismiss Recovery Action Brought by Three Cigar
Companies
in
of
condition
Five
by
the
;
"The
Tax Refund Provision in
the
hearings
behalf
Siegelstein,
several
tobacco
of
counsel
months
for
who
processors
plaintiffs,
his
had
that his clients had been
indicated
Mine Workers and the coal operators would be protective of the elements
the
that
ago
suits
paid
said
were
$25,000,000
the
at
time
of
proceedings
test
in
in
He
taxes.
obliged to absorb the taxes.
involved in the wage structure of the industry.
Refund of $750,000 to Farmers and Livestock
Buyers at
United
Firm
ment
Asks
Supreme Court Rules Against Swiss
Denying Review of Case Where Govern¬
in
Seized
Gold
Tribunal
to
Held
Here—Solicitor
Dismiss
Taft
in
Gold
The United States Supreme Court on May 25 refused to
an unsuccessful suit brought by the Uebersee Finanz-
Korporation Aktien Gesellschaft of Switzerland to enjoin
Ladenburg, Thalman & Co. from turning $1,250,000 in
gold over to the Federal Reserve Bank of New York.
It
was inferred in Washington that the Court's action meant
that foreign holders of gold held in the United States
by
domestic banks at the time the Gold Reserve Act
was passed
obliged to surrender the metal to the Government.
On the same day (May 25) the Government asked the
Supreme Court to dismiss the gold clause suit instituted by
are
Taft.
Solicitor General Reed asked the Court
to dismiss two certified questions sent it by the Court of
Claims, requesting the higher tribunal's instructions regard¬
ing the case.
were
cases
25, page 2759.
referred to in the "Chronicle" of
April
United Press Washington advices of May 25
discussed the Swiss suit
The
before
Swiss
the
company's
New
gold
Deal took office
follows:
as
was
obtained
and
was
Commission
Farmers and country livestock buyers served by commis¬
sion men at the Chicago stockyards will get a refund of
than
more
27,
1933,
shortly
deposited with the New York
$750,000 which
impounded during litigation
was
lower commission rates ordered at the
over
Chicago market
The Supreme Court, in a
upheld the Secretary's order.
by the Secretary of Agriculture.
unanimous decision,
This
decision
recently
referred
to in our May 23 issue, page
the refund the Department of Agri¬
culture at Washington said:
3441.
was
In announcing
The
refund
commission
represents the
men
difference
but
effect,
April
on
a
enforcing
19,
order.
the
the
rates
charged by
new
1934,
members
temporary injunction
When
a
of
the
Chicago
restraining the
three-judge Federal
After the
to
schedule
the
could
competent
the
appeal
become
on
was
be
made
jurisdiction,
validity of
taken the commission
effective
Nov.
1,
1935.
ground that since rates
except
and
by
that
his
a
from
Court
men
order
This
or
was
fixed
by
action
by him
action
then
of
new
no
a
at
appealed
set
The Secretary rejected this
had been
litigation
his outstanding order.
published
men
Livestock
Secretary
District
Chicago sustained the action of the Secretary, the commission
to the Supreme Court.
rates
the
8, 1934, by the Secretary.
the Chicago market put the lower rates
Cooperative commission firms at
into
between
and the lower rates ordered Jan.
Exchange obtained
therein
February
Men
Clause
review
Robert A.
ture
General
Suit
Both
Chicago Market Ordered by Secretary of Agricul¬
Following Decision of United States Supreme
Court Ruling Against Higher Rates
Charged by
States
of
new
change
court
of
pending challenging
by the Secretary was
Financial
3604
also
upheld by the Supreme Court in
separate decision given along with
a
the recent decision upholding the order for
The
Supreme
"involve any
found
that,
held
Roberts,
with
lower
charged by
was
did
rates
the commission
said that the Secretary
getting and maintaining business,
of
cost
been extravagant and wasteful.
in
Required
Within Quotas for 1936
Beginning June 1,
from
Sugar
Imports—
Entries Are
that
all sugars entering the United
for
source
consumption,
States
except
under bond for subsequent re-export,
1936
the
Agricultural Adjustment Administra¬
The procedure is similar to that
quotas, the
announced
tion
adopted
last
May 20.
The
year.
of
announcement
the
AAA
con¬
tinued :
The
lectors
of
further
and
Customs
also
direct
not
States
until
of
be
When
Sugar
such
Section
Virgin
refined,
or
certified
within
are
to
the
all
Islands and
entered
the
from
Cuba,
United
Collectors
respective
quota
sugar
for
Cuba,
the continental
1936
Col¬
entered
sugars
for
the
the
should
consignee
number
Sugar Section
state
of
the
pounds
of
the steamer,
of
name
the
sugar,
polarization of such
type
borrowers.
$16,347,275
aggregating
Corporation
loans
1,634
June
19,
canceled
or
In addition,
the borrowers.-
to
Act,
1934,
to industry aggregating
withdrawn
was
and
date
kind
or
of
of
sugar.
been
have
and
the
industry
has
Corporation
$107,312,610;
$23,724,702
$33,926,193 remains avail¬
the Corporation
has authorized,
has
or
purchases of participations aggregating $15,032,611 of 291
businesses, $3,746,366 of which was withdrawn or canceled and $6,208,099
agreed
to,
available.
remains
The
Corporation has purchased from the Federal Emergency Administra¬
Works 1,263
Public
of
tion
sold at
the
to
close
of
business
value of $27,227,475 purchased
lected
having
premium of $7,759,307, but $257,500
a
delivered
and
issues of securities
par
value of
$405,-
Of this amount securities having par value of $234,800,459
608,034.
at
still
$580,100
are
chase
par,
at
of
securities
in
a
held.
an
addition,
In
to be held
having
from
the
and
the
collected
aggregate
par
were
30,
not
Securities
par
Corporation
has
sold at
a
having
subsequently col¬
were
having
or
were
actually paid for
1936.
PWA
$25,556 and securities
premium of
a
April
later
value of $53,586,200
value of
agreed
date,
as
$143,to
pur¬
such part
the PWA is
position to deliver from time to time.
The
report issued May 7 listed
and repayments
as
to April 30 for all
follows disbursements
purposes:
Disbursements
request is made to the Sugar Section for certification the letter
approximate
The
has
sugars
and the approximate
sugar,
raw
instruct
to
1936,
permitted entry for consumption into
the
of
arrival,
1,
Hawaii,
Rico,
sugars,
requested
June
loans
sixty-two
area.
a
wire
after
Puerto
consumption
been
has
and
on
from
that
Customs
respective
or
that
processing
should
Customs
of
1936
30,
the
mortgage loan companies to assist business
Finance
amount
this
of
par
Commissioner
to
the National Recovery Administration program.
$10,was withdrawn or canceled, $5,626,835 was dis¬
has been repaid.
provisions of Section 5(d), which was added to the Recon¬
the
authorized
able
sugars entered
will require prior cer¬
tification by the Sugar Section that such sugars are within
any
available
amount
of this
Under
Certification
remains
and $1,081,753
struction
Prior
$67,788,340
cooperation with
720,440
bursed,
Governing
and
and
hundred
authorized through
♦
Procedure
Revises
AAA
May
canceled
or
One
not
delivering the decision,
in
respect to the
expenditures had
as
the
over
drawn
$54,872,640 was disbursed.
lower commission rates.
litigation
that
of confiscation,"
question
Justice
men.
Court
Chronicle
.
Repayments
Loans under Section 5:
Banks and trust companies (lncl.
receivers).$1,937,155,562.86 $1,659,772,499.08
Railroads (including receivers)
494.745.824.11
100,578.154.07
Federal Land banks
387,236.000.00
352.871,185.45
Mortgage loan companies
317,261,987.62
191,915,472.12
Regional agricultural credit corporations
173,243,640.72
173,243,640.72
Building & loan associations (lncl. receivers).
116.506,180.02
111.273,384.79
-
also announced the procedure which will be followed
by the Administration with respect to the priority in
admission of
Cuban
Insurance companies
over-quota sugar in the event that the quota for the current year should
increased after the existing 1936 Cuban quota has been exhausted, and
89,519.494.76
Joint Stock Land banks
be
Livestock credit corporations
15,809,372.29
13,101,598.69
also the procedure
State funds for insurance of deposits of public
in
Customs'
for the handling qf
during
custody
the
full duty
current
which
sugars
awaiting
year
be held
may
the
issuance
of
the 1937 sugar quotas.
After
will
of
the
other
sugar
the
of
the
authority
current
arrival
the
the
Department
have
at
event the
the
Sugar
given to
certify such
sugars
quota should
Section
of
with
time
the
of arrival
quantity
that
the
in
sugars
shown
as
the
AAA
order
from
of
data
consignees
by
the
time
reported
to
of the sugar
telegraph
letter
or
to
occur.
within the
as
Credit
quota,
and when
if
increase
an
in
the
Application for
Section
the
such
unless
a
certification will
the
tion
before
The
letter
at
steamer
wire
or
belonging
certification
the
to
Separate
letters
wires
or
valid
the
States
by the
interested
at
quaranine,
Customs'
jurisdic¬
be made.
of
the
of
pounds
name
the
by
of the steamer
United
number
consignee,
polarization of such
considered
transmitted
may
the
state
approximate
be
not
is
the arrival
after
should'
quarantine,
approximate
wire
or
actually be under
for
request
a
letter
arrival
must
sugars
14,718.06
Total loans under Section 5
for
each
--.$3,573,671,116.81 $2,725,736,700.52
Loans to Secretary of Agriculture to purchase
cotton
3,300,000.00
-
type
steamer,
gation districts
Loans to public school authorities for payment
of teachers' salaries
-
Loans to
aid in
-
kind
or
the
time
of
of
on
the
and
the
sugar
sugar,
of
application
for
certification
should
be
483.88
on
loans for repair and reconstruction
of property damaged by
earthquake, fire and
tornado)
212,173,019.88
report issued on May 7 by Jesse H. Jones, Chairman of
the Reconstruction Finance
Corporation, shows that author¬
izations and commitments of the Corporation in the
recovery
April 30, including disbursements of $754,172,358
program to
to other governmental agencies and
$1,799,977,093 for relief,
Of this sum, it is noted, $1,100,and $958,627,181 remains avail¬
$10,877,463,169.
been
canceled
able to the borrowers
stock
and
and
to banks in the purchase of
pre¬
capital notes.
The
relief
disbursements,
according to the report, include $299,984,999
advanced
directly to States by the Corporation, $499,992,094 to the
States upon certification of the Federal
Emergency Relief
Administrator, $500,000,000 to the Federal Emergency Relief
Administrator under provisions of the
Emergency Appro¬
priation Act, 1935, and $500,000,000 under the provisions of
the Emergency Relief
Appropriation Act, 1935. Of the total
disbursements, $6,070,597,280 was expended for activities of
the Corporation other than advances to
governmental agen¬
cies and for relief, and of this sum
mately 59%, has
been
repaid.
$3,588,577,176,
or
approxi¬
The following is also from
the report:
Loans
surpluses in foreign markets
Loans to industrial and commercial businesses.
Loans to mining businesses (Section 14).
Of
$75,838,288
this
to
disbursed.
Of
7,464 banks and trust companies aggregate $2,453,$428,386,617 was withdrawn or canceled and
amount
remains
available
this
latter
Loans
to
54,739,860.77
1,103,000.90
(Section 5e)11,881,052.«0
carrying and orderly
finance
the
the
amount,
borrowers
and
$1,670,439,099,
$1,949,036,616
86%,
or
was
been
has
repaid.
Authorizations
notes
and
were
debentures
$1,270,780,414 and
297,755
ferred
to
of
drawn,
and
of
Loans
was
have
canceled
have
been
been
banks
and
of
trust
authorized
were
preferred, stock,
companies
in
districts
this
to
the
or
been
was
the
capital
aggregating
amount
of
$25,-
marketing of agricultural commodities and
Loans
on cotton
on corn
on
452,282,623.01
128,369.273.38
canceled
banks
authorized
for
distribution
to
depositors
$1,208,556,408; $247,863,522
withdrawn
and
$65,625,909 remains
was
disbursed
and
authorized to refinance
aggregating
when
with¬
or
conditions
$127,266,838.
of
of
this
available
2,678
the
$740,139,106 has been repaid.
drainage, levee and irriga¬
590
of
which
$4,605,858
was
2,169,445.11
9,223,573.85
Total loans, exclusive of loans secured by
preferred stock
-
Purchase of preferred stock,
debentures
banks
of
$4,559,643,059.10 $3,139,133,808.73
-
capital notes and
and
trust
companies
(including
$20,044,730.00
disbursed
and
$4,074,250.41 repaid on loans secured by
preferred stock)
$1,063,877,053.23
Purchase of stock of the RFC Mortgage Co...
10,000,000.00
Loans secured by preferred stock of insurance
companies
30,375,000.00
Emergency
Administration
of
406,702,168.01
Total
-
to
$186,578,799.66
Public
Works security transactions
Allocations
292,500.00
$1,104,252,053 23
Total
Federal
$186,286,299.66
(including $100,000.00 disbursed
for the purchase of preferred stock)
governmental
agencies
—
262,864,568.01
-$6,070,597,280.34 $3,588,577,176.40
under
provisions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan
Corporation
Capital stock of Federal Home Loan banks
Farm Loan (now Land Bank) Commissioner
$200,000,000.00
98,542,000.00
for loans to:
Farmers
145,000.000.00
2,600,000.00
Joint Stock Land banks--
Federal
Farm
Mortgage
Corporation
for
loans to farmers
55,000,000.00
v
1
Federal Housing Administrator:
To create mutual mortgage Insurance fund
For other purposes
Secretary
of
Agriculture
-
for
crop
loans
10,000,000.00
29,000,000.00
to
L
115,000,000.00
Governor of the Farm Credit Administration
for revolving fund to provide
capital for
production credit corporations.
Regional agricultural credit corporations for:
Purchase of capital stock (inr -ldlng $15,000,000 held in revolving fund)-Expenses*
-
-
Prior to May 27, 1933
40,500,000.00
44,500,000.00
3,108,397.63
10,921,960.63
Since May 26, 1933
Total allocations to governmental agencies
$754,172,358.26
For relief:
To States directly by Corporation..
To States on certification of the
$299,984,999.00
—1935
with¬
on notes
$1,799,977,093.20
$3,548,528.00
Issued for funds for allocations
and relief advances
Grand total
499,992,094.20
500,000,000.00
500,000,000.00
Total for relief
Interest
$3,548,528.00
Federal
Relief Administrator
Under Emergency Appropriation Act—1935.
Under Emergency Relief Appropriation Act
amount
to
168,208,584.90
125,238.478.41
6,925,985.16
17,799,900.75
-
-
turpentine
pre¬
com¬
met.
aggregating
$895,066,977
Loans have
tion
loans
purchase
$1,296,078,169; $109,740,886 of
$122,460,230 remains available
banks
borrowers;
6,726
1,121
the
secured by preferred stock, a total authorization for
capital notes and debentures in 6,850 banks and trust
authorizations
closed
of
for
be
stock,
panies
made
125,000.00
10,666,599.69
Commodity Credit Corporation for:
-
to
20,177,690.67
4,546,216.82
of closed banks
on assets
farmers (net)
authorized
261,521.
47.281,551.70
20,224,586.66
-
Loans to aid In financing the sale of agricultural
Loans
steamer.
A
ferred
22,300,000.00
livestock:
sugar.
Period—Cancellations Totaled $1,100,426,070—$6,070,597,280 Expended for Activities of Corporation
426,070 has
159,967.06
22,300,000.00
financing self-liquidating con¬
Other
been
54,872,639.78
projects (including disbursements
$9,846,055.90 and repayments of $762,-
Loans
of
Report of Operations of RFC Feb. 2, 1932, to April 30,
1936—$10,877,463,169 of Loans Authorized During
have
3,300,000.00
Loans for refinancing drainage, levee and Irri¬
Loans
executed
14,718.06
600,095.79
-
distributors for payment of pro¬
struction
parties to the Sugar Section
since
599,119.77
5,562,890.94
cessing tax
of
Sugar
or
11,044,943.20
9,250,000 00
4,861,590.92
290,085.63
9,333.32
9,250,000.00
—
unions
Fishing industry
Processors
of
of Agriculture, acting
increase the Cuban quota for
be
Agriculture, provided
exact
Secretary
should
quarantine,
the
together
sugar,
him,
will
steamer
of
requested
in
priority
year,
of
In the
vested
exhausted, Collectors of Customs
Sugar Section
Cuban
carrying
each steamer.
on
under
quota has been
to report to the
steamers
Federal Intermediate Credit banks
Agricultural credit corporations
Cuba
current
be requested
13,064,631.18
moneys
84,288,963 07
14,176,535.17
12,146,194.92
17,410,245.40
$8,642,156,977.20 $3,592,125,704.40
Volume
The
Financial
142
the report,
shows the
and authorizations canceled or
withdrawn
following table,
loans authorized
contained in
the war, the post-war
sion in
amount disbursed to and
for each railroad, together with the
repaid by each (as of April 30, 1936) :
3605
Chronicle
readjustments and the recent depres¬
greatly modified and more realistic form."
a
Reporting
Goldenweiser
Mr.
"in
gold
the
that
stating
as
standard is not likely to return except
form that will
a
Authorizations
Canceled
Disbursed
Repaid
$
$
$
127,000
will
19,500
127.000
275.000
2,500,000
634,757
400,000
275,000
Aberdeen & Rockflsh RR. Co_
Alton RR. Co
Ann Arbor RR. Co. (receivers)
Ashley Drew & Northern RR. Co._
2,500,000
Carlton & Coast RR .Co
41,300
13,550
7,569.437
464.298
14,153
230.028
464,298
5,916.500
46,588,133
4,338,000
13,200
3,124,319
35J02
500,000
Co.
5,916,500
Co. 46,589,133
Chicago Great Western RR. Co
1,289,000
Chicago
Milwaukee St. Paul
&
Pacific RR. Co
15,840,000
Chicago North Shore & Milwaukee
~
i~6o6
Chicago & North Western RR
Co
that
prerequisite to the restoration of the gold standard
a
is the restoration of international trade and of international
solvency of all the leading nations.
Goldenweiser
"Herald Tribune" further quoted Mr.
1,298,000
5 »w.i 00
12,020,000
538
......
1,150,000
the
countries
The
13,718,700
10,398,925 2,098.925
13.718,700
8,300,000
28,978,900
60,000
53,600
60,000
28,925.300
53,500
8,081,000
500,000
3,182,150
16.582,000
71,300
-
Copper Range RR. Co
53,500
8,300,000
1,481,000
standard,
ordeal
depression in
There
as
of
8,300,000
Co
3,182,150
16,582,000
Erie RR. Co
Eureka-Nevada Ry. Co
717,075
227,434
15,000
Fredericksburg & Northern Ry .Co.
Gainesville Midland Ry. Co. (rec.).
Houston
227.434
10,539
Henderson
&
1,061,000
1,061,000
Great Northern Ry. Co
354,721
105,422,400
6,000.000
Greene County RR. Co
13,915
RR.
Co
Georgia <& Florida RR. Co. (rec.)..
Gulf MobUe& Northern RR
Co...
Illinois Central RR. Co
Litchfield & Madison Ry. Co
Maine Central RR. Co
Co.
.
Meridian & Bigbee River Ry.
6,000.000
7,915
13,915
520,000
17,840,333
8,500,000
22,667
9,500,000 1,000,000
800.000
2,550.000
Maryland & Pennsylvania RR
520.000
85,000
800,000
2,550,000
6,843.082
2,300,000
23,134,800
Co
571,391
62,500
5,851
23,134,800
99,200
99,200
""206
785,000
785,000
785,000
1,070,599
1,070,599
25,000
27,499,000
27,499,000
15,600,000
Co
Mobile & Ohio RR. Co. (receivers).
Murfreesboro-Nashvllle Ry. Co
18,200,000
2,688,413
7,700,000
221
7.699,779
34,200
29,500,000
3,000,000
600,000
28,900,000
28,900.000
2,000,000
3,000
18.200,000
Co
Pennsylvania RR. Co
Pere Marquette Ry. Co
3,000,000
10,000
10,000
4,475.207
Pioneer & Fayette RR
Pittsburgh & We3t Virginia RR. Co.
Puget Sound & Cascade Ry. Co
Salt Lake & Utah RR. Co. (rec.)..
Sand Springs Ry. Co
200,000
19,610,000
264,336
100.000
55,020
100,000
147,700
108,740
700,000
Texas Oklahoma & Eastern RR. Co.
Texas & Pacific Ry. Co...
108,740
7oo"666
Tuckerton RR. Co
45,000
18,672,250
15,731,583
4,366,000
117,750
Western Pacific RR. Co
4,366,000
400,000
Wichita Falls & Southern RR. Co..
1,403,000
in
principal
loans
50,000
22,525
22,525
above loans authorized, the
in the amount
Corporation has approved
of $36,694,000 upon the performance of
standard that
diminish¬
is also gradually
prevails
Mr. Goldenweiser are taken from
should
Modified
in
the
stressed
accomplished the
be
be
the
that
fact
"Journal
York
in
practice the
of
standard
gold
Theoretically, under a
desired of it.
purposes
international
same;
trade and
encouraged and extraordinary booms
be
would
division
labor between
of
depressions in
or
country
any one
prevented.
effect,
continued,
he
been
has
gold
the
in
standard
so
grades
recognized
well
it relates
far as
to
to a limited number of
operative only with respect
having
commodities
staple
a
accordance with the character of their resources would
countries in
different
limitations
"These
function
the
of
and)
in
markets
all
he
standard,"
in recent years
controls
protect
national
in
effect
the
of
interference of this sort are
a large development of ex¬
seen
quotas and other devices to
drains from foreign countries.
import
financial
Even
standard.
gold
such
countries
as
are
listed
not gold standard countries
they do not' permit the free movement of goods and of
adherents of the standard are
as
long
so
of
from
economies
have
we
of these restrictions and barriers to trade is inconsistent with
operation
technically
on
Inconsistent
restrictions,
and
change
accentuated
imports or
greatly
"are
governments
persistent and common form of
tariffs, but
the
by
transactions on the exchanges.
Held
most
explained,
imposed
are
measures
exports of goods, or in
"The
the principal
price uniformity and, therefore, on
on
gold
restrictive
as
out of the country."
Rogers, in addressing the gathering, stated that "to
threat of inflation and to maintain even the
Dr.
minimize the
facto international currency stability of
continued intelligent management of the
de
approximate
the last two years,
dollar
Standard
New
the
to
gold standard in full operation prices of commodities throughout the world
Note—Loans to the Baltimore & Ohio RR. Co. outstanding amounting to $66,-
Gold
gold
account
Goldenweiser
capital in and
959,923 are evidenced by collateral notes of the railroad in the total face amount
of $67,094,823.
Part of the outstanding loans was refunded by acceptance of
the railroad's five-year 4H% secured note due Aug. 1, 1939, in the amount of
$13,490,000 at a discount of 1% equivalent to $134,900.
of
the
in
few countries left that profess to be on the gold standard,
Washington
The existence
specified conditions.
Return
another
of gold
degree
never
the
614,946,795 6,968,156 494,745,824 100,578,154
the
had
790,000
400,000
22,525
Wrightsville & Tennille RR
addition to
there is a gold bloc, but
bloc has restricted commodity and
Commerce":
30,000
39,000
6,000
18,790,000
15,731.583
7ob"66o
30,000
39,000
30,000
In
line with each
countries and out of
different
Dr. Goldenweiser said,
Further observations by
the
when
147,700
Texas South-Eastern RR. Co
Totals
the different countries
out of line with the realities of cost
many cases
of the
maintain the gold standard,
to
at which
currency
ing," he said.
5,000.000
Sumpter Valley Ry. Co
Wabash Ry. Co. (receivers)
in
feasible
not
countries.
162,600
22.000.000
Tennessee Central Ry. Co
St. Louis-Southwestern Ry. Co
were
after
commodities
2,805.175
27,059,667
Southern Ry. Co
was
movements.
the
In
300,000
7,995,175
23.200.000 1,200,000
-
it
present time,
nation
one
4.475.207
300,000
7,995,175
200,000
162,600
St. Louis-San Francisco Ry. Co
Southern Pacific Co
war,
has been
As
,
the
At
gold
positions
other."
Dr.
New York New Haven & Hartford
RR.
to
debt
and
25,000
RR.
Co
the
following
abandoned.
be
to
193,000
Missouri Southern RR. Co
New York Central RR. Co
equilibrium
only when international
gold standard in operation during the
a
maladjustments
had
it
continuing
exchange
100,000
2,300,000
Missouri-Kansas-Texas RR. Co
New York Chicago & St. Louis
returned
but
Mississippi Export RR. Co
the
all
particularly since the levels of
944,252
......
6,843,082
100,000
had
we
said.
Gold Bloc
function
can
"When
"Not only are
744,252
1.729,252
Marie Ry. Co
with
badly that
Co.
(trustee)
Mobile & Ohio RR
that
system
a
that can bring about
such
as
Goldenweiser
it functioned eo
aptly said', the gold
during that decade was in office but not in power.
Efforts to
return
to
the gold standard by the
different countries during the '20s
110
doubt bore fruit in helping the world improve the chaotic monetary
condition which it had inherited from the war, but with many of these
'20s,
8ob",66o
2,550,000
100,000
100,000
Minneapolis St. Paul & Sault Ste.
Missouri Pacific RR
is
conditions
354,721
520,000
17,863,000
Lehigh Valley RR. Co
standard
gold
Dr.
standard
627,075
90,000
15,000
10,539
Florida East Coast Ry. Co. (rec.)..
Fort Smith & Western Ry. Co. (rec.)
4,690
3,000
3,000
the
in
equilibrium,
exists," he said.
Denver & Salt Lake Western RR.
Galveston
"It
will
institutions,
economic
other
,
the post-war readjustments, and the
war,
greatly modified and more realistic form."
a
nothing
many
so
the
Tells of
Denver & Rio Grande Western RR.
Co
is
international
economies will not again be toler¬
serious loss to domestic
gold
~5~3~506
219,000
Co
the prin¬
relationships between
exchange
for the
necessary
from the
recent
Cincinnati Union Terminal Co
is
of
expense
emerge
Colorado & Southern Ry Co
Columbus & Greenville Ry. Co
definite
of
rebuilding of international trade," he
said, "but it is clear that inflexible rigidities in the standard preserved at
cipal
ated.
Chicago Rock Island & Pacific Ry.
follows:
as
"Reestablishment
155,632
838
1,150,000
dislocations,"
catastrophic
The advices to the
535",800
3,124,319
Chicago & Eastern Illinois RR
RR.
12,150.477
advices to
emphasized
53,960
549,000
Central of Georgia Ry. Co
Central RR. Co. of New Jersey
75,000
79,110,400
14,600
82,125,000
Birmingham & Southeastern RR.Co
41,300
Boston & Maine RR
7,569,437
Buffalo Union-Carolina RR
53,960
134,757
400,000
Washington
ing for
605.367
634,757
Baltimore & Ohio RR. Co. (note)..
permit readjustments in monetary values without wait¬
the New York "Herald Tribune" stated that he
Alabama Tennessee & Northern RR.
Corp
and
protect the gold supply from hoarders and speculators
or
Withdrawn
Authorized
gold is necessary."
on
From the account from Washington, May 23, to the New
Form Forecast
take the following regarding
by E. A. Goldenweiser of Federal Reserve System—
York
Prof.
Rogers of Yale University Favors Intelligent
Management of Dollar on Gold Necessary to Avoid
Rogers's remarks:
Inflation—Opposed to International Agreements
sion," he said, "the United States was the first to return to gold, it would
"it is probable that some form
that
of
gold
of
"While
be
Declaring
"Times,"
the
mistake
a
to
Goldenweiser, Director
Statistics of the Board of
of the Division of Research and
Governors of the Federal Reserve System, on May
that "this will not be
the
fundamental
Gold
can
then
and
possible, however, until such time
trade positions of
have been rectified."
balance
need
He went
exchange
only
mately
even
•enough
gold in the world,
23 added
on
slight
to say:
temporary
can
adjustment.
be, to enable
any
There is
country
Mr.
from
abroad.
Goldenweiser
before
the Academy
of
World
Economics, in Washington, at which, also, Professor James
to
the Roosevelt
so
our
lead
other
as
the
In
felt
to
standard
to
to
hand,
if both
these classes
impossible
make
a
Administration,
former monetary ad¬
was
a
speaker.
that
dollar
the dollar
present
the
at its
chaotic
approximate
currencies,
its
continuance,"
tional
the other
other economic institutions, will
stability
from the ordeal of
great gold
our credit
of
undue
an
reserves
credit
are
.
carefully
expansion,
it
con¬
seems
in
monetary
policy and at the same
relationship with goldl"
money
present fixed
situation
throughout
the
world,
he
de facto stability between the sterling and the
combined
with
the
growing
stability
of
certain
other
be hoped for."
Professor
Rogers
said.
hand, to attempt to
bolster such stability with interna¬
agreements between the major countries would seem more likely to
bring such
emerge
on
'fSo long as the currency management in the two major monetary
groups is wise and no undue credit expansion is permitted in either, the
mutual advantages of such stability are likely to assure sincere efforts for
"On
Ac¬
very
highly undesirable inflationary price rise.
a
to
To drop back
and allow the
their full effect
to have
system
money
the depres¬
be allowed
can
future without
continue complete freedom
maintain
time
cording to Mr. Goldenweiser, "the gold standard, as so many
gold standard during
gold
new
our
currencies with respect to them, was "about as much as can
spoke
Harvey Rogers, of Yale University,
viser
that
assume
the
probable that for a long period in the future the United States will be in a
not
con¬
that left
countries
near
would
the
"On
trolled,
position
approxi¬
tinuously to pay out more to foreigners for goods and debt service than it
receives
behind
structure
as
the adhering countries
payments only when they are
and never
in
Professor
;
considerable control.
into the
easy,
semi-automatic operations of that system
present huge excess reserves of our member banks and the
the
operate
reserves
standard will be reestablished," E. A.
we
agreements
itself."
into
further
disrepute than
to
increase
monetary
3606
Financial
$100,000,000 "Windfall" Tax Proposed in Revenue Bill
Declared "a Penalty and Not a Tax"
by National
Association
of
Chronicle
Manufacturers
Heber
be pointed out
may
the
legislation
enacted
by the
It says
of
Announcing these appointments, Frank Bane, Executive
Security Board, said:
Each
regional director will be the
Alfred
be the
will
and
within the
House of
responsible
representative of the
director
of
all
Social
activities
of
Security
the
Board
region to which he is assigned.
P. Sloan
Be
Huge
Denies
Assertion There
Permanent
Must
Unemployment
Always
in
United
States—General Motors Head Sees Vast
Opportun¬
ity in Rebuilding Industry—Says Lower Costs of
so-called excise tax in the
Guffey Act was "clearly not a tax, but a penalty,"
believe the proposed windfall tax is clearly a penalty and not a tax.
in substance to a taxpayer that he might as well pay a tax which
is imposed regardless of its
San
Director of the Social
is
so we
of
tentatively
Francisco.
entirely unsound in principle.
Individuals may justly be penalized
by failure to observe Federal tax laws, but the taxing system should not be
used as a penalty measure. Just as the Supreme Court has
declared that the
just
Powell,
Antonio
XII—California, Nevada, Oregon and Washington—Richard1 M.
San Francisco, Calif., Director; regional headquarters, San
Region
Representatives is not confined to processing taxes, but affects all excise
taxes, and is to continue permanently.
We believe that any such windfall
tax
M.
San
Colo.
Denver,
Board
that
Mexico—0.
headquarters,
Harper,
Neustadt,
letter states:
news
New
regional
XI—Colorado, Arizona, Idaho, Montana, Utah and Wyoming—
of
New
York
City,
Director; regional
headquarters,
Region
proposed $100,000,000 "windfall" tax as passed by
the House on April 29 and accepted by the Senate Finance
Committee is called "clearly a penalty and not a tax" in the
weekly news letter sent to its members on May 24 by The
National Association of Manufacturers.
Individuals, the
statement points out, may justly be penalized for failure to
observe Federal tax laws but the taxing
system should not
be used as a penalty measure, says the Association. In
part
It
Director;
Texas,
under consideration.
The
its
Louisiana and
X—Texas,
Region
Antqnio,
May 30, 1936
Manufacture Should Not Mean
There is
constitutionality because if he challenges the
no
Lower Wage
justification whatever for the view held by
unconstitutionality of the tax and is successful in sustaining that challenge
Administration and other leaders that millions of Americans
in the courts, he will then be assessed the amount of the
unconstitutional
tax in the form of a new tax. A
taxpayer who challenges the
will
always be permanently unemployed, Alfred P. Sloan,
Jr., President of the General Motors Corp., declared at a
constitutionality
of
tax is
entirely within his rights and should not be penalized as
compared
with the taxpayer who pays the unconstitutional tax
without
a
challenging
its
validity.
Not only is the windfall
tax unsound
in principal,
but
proposed it
as
would be almost impossible to administer.
For the purpose of
determining
taxpayer is said to have shifted to others the burden
processing tax the House Act sets up a standard which states that
the extent to which
of
a
a
there shall be deducted from the
selling price of each article the cost of such
article plus the so-called average
margin of the article.
Any balance is
said to be the extent to which the
taxpayer shifted to others the burden of
Federal excise tax with respect to such article.
The act then proposes
arbitrary definitions of the
term
"average margin of cost," establishing
prima facie rule to determine the extent to which the taxpayer is
alleged to
have shifted the
ing records which
contain
the
a
firm does not maintain extensive account¬
desired
data
the
dinner of the San Francisco Chamber of Commerce on
May 25. Previously, Mr. Sloan had addressed the Los
Angeles Chamber of Commerce on May 22, when he said
that
chasing
duty of determining the
cause enormous delays and
costly disputes on the
involved, and would further complicate the problems con¬
Internal
Revenue.
impossible for the Commissioner to obey the law
as
but if he did not obey the law and established
determination of such
It
would
be
almost
it has passed the House,
arbitrary rule for the
complex consideration, it would be unfair to the
a
an
taxpayer.
The
whole
problem of determining selling price is so complicated by
changes in all factors entering into such selling price, including not only the
cost of materials, but also the cost of
labor, insurance, taxes, &c., that it is
entirely unsound to base
any tax upon
bitrarily define selling price in such
some
particular factor.
tax or any
"average" selling price,
a way as
The question of determining whether
any particular
on
any sound
fairly be determined by
The Senate has
an
to ar¬
to magnify the importance Of
other element of cost has been passed
sible to determine
or
any
on to consumers is
impos¬
accounting basis, and certainly can not
arbitrary rule.
and as
tending to work
enormous
Twelve Regional Offices
Designated by Social Security
Board—Directors Named to Head Various Offices
in Administration of
Unemployment Compensation
Old-Age Benefits
and Federal
Announcement of the
names
of 12
Regional Directors and
the locations of the 12 regional offices which it will
set up
throughout the country was made at Washington on May 21
by the Social Security Board.
No specific date for the open¬
ing of these offices was announced, but the Board plans to
have
them
regional
fully
functioning
by
the
first
of
June.
The
directors
in the various
ministration
will head staffs which will represent
regions the Social Security Board in the ad¬
of
the
public-assistance,
unemployment com¬
pensation, and Federal old-age benefits provisions of the
Social Security Act.
The regions, the regional headquarters,
and the regional directors for the 12
regions are as follows:
Region
Island
I—Maine,
and
New
Hampshire,
Connecticut—John
regional headquarters, Boston,
Region II—New York
Vermant,
Pearson,
of
Massachusetts,
Concord,
N.
H.,
Rhode
Director;
Mass.
State—Mrs.
Anna
City,
Director;
of
regional headquarters, New York City.
Region III—Pennsylvania, Delaware and New Jersey—Judge W. L. Dill,
Paterson, N. J., Director; regional headquarters, Philadelphia, Pa.
Region IV—District of Columbia, Maryland, North Carolina, Virginia
and West Virginia—G. R.
Parker,
headquarters, Washington, D. C.
Region
land,
V—Ohio,
Ohio,
Region
Kentucky
Director;
regional
VI—Illinois,
and
of New York
City,
regional
and
Wisconsin—H.
Crowell,
of
Cleve¬
Ohio.
L.
McCarthy,
of
Chicago, 111., Director; regional headquarters, Chicago, 111.
Region VII—Alabama, Georgia, Florida, Sississippi, South Carolina and
Tennessee—Steve Nance, of Atlanta, Ga.,
Director; regional headquarters,
Birmingham, Ala.
Region
VIII—Minnesota,
Dakota—Fred M. Wilcox, of
Iowa,
Nebraska,
North
Dakota
and
South
Madison, Wis., Director; regional headquarters,
Minneapolis, Minn.
Region
of
IX—Missouri,
Oklahoma
Arkansas, Kansas and Oklahoma—Ed McDonald,
City, Okla., Director; regional headquarters, Kansas City, Mo.
May 25 said that if American industry were
a "more intelligent system of
taxation"
justification
today that there is
hours of constructive employment.
expand, is
a
That
defeatist attitude.
a
limit to the number of
we must
divide up, that
man
we can
It is the
phioosophy of scarcity.
It
willing to see.
The second, that today there
practical opportunity of great importance—Let us rebuild America.
I also want to impress upon you the fact that there are
many problems
is only for those who are not
a
confronting industry
today,
previous occasions that
now,
and
as
for industry to search with
urge
in its
advance
to
never
the
thought
expressed
before, there exists the
most
on
vital
mind for the fundamental truths
Industry can no longer limit itself to the
an open
relationship with society.
physical production and distribution of goods and services, irrespective of
how efficient it may be.
It must expand its horizon of thought and action.
It must promote the broadest possible
understanding
people as to the effect of these fundamental truths
on
on
the part of all
our
industry's ability to
Industrial lead¬
accelerate human progress and promote human
security.
ership must
assume
the role
To the extent that it
of
an
enlightened industrial statesmanship.
accepts such broadened responsibilities, and intelli¬
gently and aggressively discharges them, to that degree does it insure
the
maintenance of private enterprise, the exercise of free
initiative, as the sole
creator—just
of wealth.
More
as
it must always be the most efficient and prolific creator—
Hence, "More and Better Jobs" with More and More
Things
and More People.
Thus are advanced the causes of human
happiness and security—the most fundamental of all fundamentals.
Mr. Sloan said
on
May 22 that many industrialists believe
employment and more wealth can be created by
always lowering prices.
A reduction in cost of manufacture,
he added, should not mean a reduction in the
wage scale.
that
more
Mr.
Sloan referred to the President's statement that
duction of costs of manufacture does not mean
more
chasing power and more goods consumed. It
opposite". He continued:
1
means
just the
I sincerely hope that we may have a
very broad discussion of that
astounding pronouncement before
we
cannot believe that this means what it
belief that
a
wage scale.
be
reverse
really
rather
industrial technique.
our
It must be based
says.
reduction in the cost of manufacture
"re¬
pur¬
on
I
the
reduction in the
That is not necessarily so; in fact, it should not be so.
It can
demonstrated
means a
beyond reasonable doubt, that
those
industries
which
have been most successful in
reducing the costs of goods and services and ex¬
panding their markets have, at the same time, paid the highest
wage and
have continually raised that
wage
follow from what
through evolution.
It would naturally
President stated that if the reduction of costs decreases
consumption, then an increase of costs should increase consumption.
It is
impossible to reconcile that philosophy with the past record and
our
today's
experience.
The President also stated that costs of industrial
production
could be reduced by the
development of
machinery, new technique and
by increased efficiency—all, of course, true.
He does not think that de¬
velopment should be discouraged, neither does he intimate that it should
be encouraged.
means
new
He is evidently concerned with
the
quite general belief
fewer workers employed
and, therefore, more unemployed.
so.
I believe that if we reduce the cost of
goods
Now I do not think that is
and services by greater
efficiency,
to make lower
Hence
been
more
our
prices,
we
jobs and
by better technique, and thus
shall stimulate the market, because
more
things for
more
people.
are
able
more can
buy.
That, at least, has
past experience and it is still the fact today.
+
Michigan—Benedict
ehadquarters, Cleveland,
Indiana
Director;
by
for the national belief of
that it
Rosenberg, of New York
and fewer goods consumed.
on
What I hope I may do is to impress upon your consciousness
two funda¬
The first, that there is no practical or economic
for
opportunity not only to eliminate the proposed tax,
but if it is retained to abandon its unworkable
administrative provisions.
We believe that the windfall tax should be
abandoned as unsound in
principle, administratively unworkable
injustices upon many business concerns
recent
less pur¬
mean
mental facts.
This would
of
Roosevelt's
a vast number of
unemployed by launching
rebuilding program in which present obsolete equipment
would be replaced by modern technology.
The belief that
there must always be large permanent
unemployment he
characterized as "the philosophy of
scarcity." He added:
exists
Commissioner
President
at
it could absorb
presentative concerns" and would then have to determine what
companies
are "similarly circumstanced" to
each particular company under investi¬
amount of tax
power
encouraged
not
gation.
"astounded"
was
Mr. Sloan
so-called average margin is put upon the Commissioner
of Internal Revenue.
He would have to determine what is the
average margin of so-called "re¬
fronting the
he
assertion that reduced manufacturing costs
a
a
burden of Federal excise tax.
No prima facie rule can
possibly take into account the multitude of factors existing in individual
companies, and the rule established in the House Act is entirely
inadequate,
complicated, and would be extremely costly in operation.
The Act then provides that if
r
Continued Excessive
Government Taxation Will Soon
Diminish Nation's Wealth, Allan M.
Pope Warns—
Discusses Factors Which Might Increase Yield
Federal Securities
on
Prices of United States Government securities will
continue at
a
probably
high level unless the Government itself follows
certain policies which would
automatically advance
money
rates, Allan M; Pope, President of the First Boston Cor¬
poration, told the Ohio Bankers Association at Cleveland
on May 27.
Mr. Pope warned against excessive Federal
spending, accompanied by increased taxation.
The object
3607
Financial Chronicle
Volume 142
K>
fact
of excessive taxation, lie said, is an attempt to redistribute
wealth.
There is a point in this attempt, he continued,
when it is too dangerous to go further in increasing Gov¬
Third, investment of capital abroad or flights of capital
Fourth, waste
credit
It is impossible for any one to say how
It is
A
to the extent that they
drop in the mark, government bonds bit par.
of the country eventually may be halted
The taxing power
fofffiPT
necessarily
mean a
It
might
greenbacks but the
not necessarily mean currency inflation Por does it
drop in Government bond prices.
On the other hand,
and in increase in bank deposits.
from the Central
eventually dangerously high borrowings
mean
by the law
could be
The debt service under such conditions
it might mean a decrease in excess reserves
Bank.
long-term securities.
It is problem¬
commercial bank should ever own long-term securities
Banks today are being driven into
atical
to whether a
as
problematical as to whether for as long a time as
than
there
securities today
look ahead there is more danger in long-term
you can ever
ten
was
The government
ago.
years
has forced banks into
borrowing and
securities
minus
long-term securities by virtue, in part, of governmental
It has forced them into longer term
Federal Reserve purchasing.
in part because of the
trolled
Little Probability of Uncon¬
United States—Stephen M.
Says Abundance of Materials and Gold Will
Foster
Inflation
Aid in Averting
While
Danger
States
United
the
in
is no reason
experiencing a
to fear that
disastrous in the future than it has been
will be any more
monetary an¬
alyst of the City Bank Farmers Trust Co. of New York
City, told a meeting of Group III of the New York State
Bankers Association at Binghampton, N. Y., on May 23.
past three years, Stephen M. Foster,
in the
There
operate to avert uncon¬
factors which will
two
are
said. He discussed these influ¬
ences in greater detail as follows:
Why is there no good reason to fear for the United States an inflation
more terrifying
than that which we have been living through during the
trolled inflation, Mr. Foster
last three
There
materials,
raw
of
First, in this country we have a great wealth of
two reasons.
superabundance of manufacturing
a
facilities, a superfluity
of the monetary gold stock of the world with
labor, and possibly 40%
develop in this
country.
These factors practically eliminate the possibility of a scarcity
of things in this country.
Until, then, our fields are no longer plowed,
which
to
until
order
to
develop
far
are
shut
are
that we have in this country must
In
operate upon
got to
our
it appears
monetary
the past.
The second reason why the
unlikely to be reenacted in the United
acting
because
is
States
in
monetary debacles
the forces
European
have
forces
operated
have
than
system
factories
our
in this country, therefore,
radical inflation
a
powerful
more
and until
worked,
scarcity of things but by a superfluity of money.
not by a
caused
that
longer
no
are
scarcity should
a
case
it would1 seem that any inflation
down,
be
mines
our
in
products
buy foreign
our
upon
system
monetary
are
paratively mild.
com¬
survey
a
useful
no
harmful."
of the
tary and investment outlook.
He said, in part:
While I believe that long-term highest-grade bonds are likely to con¬
tinue to have a slow upward trend in price for a considerable period of
lack of conservatism
banks in loading themselves up too much with that type
security, and I say this in spite of the fact that both an upward eco¬
time, I would nevertheless be the last one to counsel a
of
the
part of
nomic trend
mentally,
heavily
very
to
increased
an
earnings.
And
bank assets
to bank liabilities
I will mention
in this connection
a
tilings that occur to me.
the
strongly recommend
would
I
First,
your
in other words, you cannot look to
if,
of revenue, perhaps you can look
source
supply increased
few of
bonds.
If, then, you cannot invest
obligations, if you cannot find a reasonable
of long-term
long-term
in
to favor, funda¬
downward trend of interest rates seem
a
position
bank loans,
of
volume
as
and
the
that in progressive
moves
cut
you
interest rates on time deposits to the bone.
Second,
suggest that in return for the great services that you
I would
depositors, services which even you yourselves do not fully
appreciate, you be quick to pile on heavy service charges.
•
Third, I suggest that you be alert to instal what forms of labor-saving
give to
devices
your
you
think will assist.
Fifth, and I offer this as a suggestion from a theorist and not as a piece
advice
seems
from
a
hankers
somewhat
were
credit
record
several
of
years;
feel
granting
that
their
am
not
after the depression had
too
prone
borrowers
to
extend
had
been
a
banker—it
practical
gotten well under
credit
merely
excellent
way,
because
during
the
the
past
and they extended this credit in spite of the fact that the
economic trend
to
banker—for I
practical
to me that in 1930,
at
credit
was
the
at that time
present
merely
demonstrably
time
because
some
during the
record of their borrowers has been bad.
downward.
bankers
past
are
I
am
somewhat
several
will
by
Government
Congress that all silver purchases
stopped immediately, and
years
inclined
chary
the
of
credit
But if you will bear in mind the
repealed" is made by 82 members of the
Committee on Monetary Policy.
The
National
given to the Presi¬
repealed."
In
Congress (made public May 25) the
bimetallism "be promptly
nor
the mone¬
by
States has been benefited
purpose, but pn thp contrary is both wasteful
The committee's recommendations follow:
and
<
June 19,
be stopped immediately and that the Act be repealed.
1934,
proclamation of
of such
international silver agree¬
ment of
1933, which has already, in certain respects, been violated by
various parties to the
agreement.
Since one of the announced purposes
of the agreement was to stabilize the price of silver, the United States
itself can hardly be said to have lived up to this phase of the agreement.
(3) That all authority" given the President to reestablish bimetallism
(2) That
silver
silver
all
purchases
under
(4) That
President's
subsidize the silver industry be promptly
period of
a
over
years
disposed of as advantageously as
In
the
to the signers of the
be sent
otherwise to
or
purchases
1933, be discontinued1 and that notice of the abandonment
21,
its
silver
possible.
the
recommendations are set
in which its
statement,
repealed.
held by the Treasury
now
out, the committee also says:
On
April
about
or
also based
Dec.
of
Amendment
May
1933,
12,
buy
to
the
set at his discretion.
terms
on
the President's use, beginning with his procla¬
under the Thomas
annual product of American
This proclamation also repre¬
attempt to put into effect the London Silver
an
the
at
on
1933, of the authority granted him
21,
of
mined silver
into
record in opposition to all the current proposals,
.
.
the introduction of bimetallism or sym-
the purchase of silver for the purpose of increasing our silver
circulation of silver or silver certificates."
These appre¬
hensions were
sented
".
the
or
reserves
mation
on
they involved
metalism,
Committee on Monetary
National
public statement to the effect that it was "gravely con¬
the various silver measures
introduced and! proposed in
a
Congress," and went
whether
the Economists'
1934,
20,
Policy issued
of
time
World
the
Economic
and
Agreement entered
Monetary
Conference
on
and a related1 allotment agreement entered into between
the representatives of the United States and certain other countris.
This committee stated in April,
1934, "that the lessons of monetary
1933,
20,
July
show that the purchase of silver
but, on the contrary,
will add to the liabilities of the government and reduce confidence in the
Nation's currency
." and ".
.
that a rise in the price of
silver benefits materially neither domestic industry nor the foreign trade
and
principles of
the
States,"
and
"doing something
of
advocates
The
.
.
.
of the United
further
money"
artificial prices will not promote recovery
bullion at
forced through
Congress a
for
silver"
nevertheless went even
most objectionable Silver Purchase
This Act declared it to be the
proportion of silver to gold in the
monetary stocks of the United States shall be increased, with the ultimate
objecives of having and maintaining one dollar of silver for every three
dollars of gold; and to attain this end, the law authorized and directed
the Treasury to buy silver at home and abroad at such rates, times, and
Act, which became law
on
June 19, 1934.
policy of the United1 States that the
terms
as
of
the
The
Secretary
law also
United States,
and
of the
Treasury deems advantageous to the public
of all silver within
authorized the nationalization
an
embargo
on,
put into
effect;
or
regulation
of, the importation
silver.
The
new
law
was
soon
silver
was
nationalized at
an
the Secretary of the Treasury issued regulations
controlling the exportation and importation of silver; and he proceeded
to purchase huge amounts of silver at home and abroad as directed by law.
Although the London Silver Agreement obligated the United States to
absorb annually only
24,421,410 ounces of the silver produced in the
United States during the four years beginning January, 1934, the Presi¬
dent
price;
high
artificially
proclaimed the purchase of all the silver the American mines could /
period-.
(The newly-mined silver taken over
1935 was 30,863,349 ounces.)
The result was a
stimulus to American production of silver, with a much greater benefit to
American producers than perhaps even they had anticipated.
While the London Silver Agreement did not specify the price at which
the silver should be bought, and such price may have been assumed to be
the market price, the President in his proclamation
of Dec. 21, 1933,
assured American producers of a return of approximately 50% above the
produce during the four-year
during
then
the fiscal
prevailing
American
year
market
producers
as
a
price.
Owing to the increase in the return to
result of the proclamations of April 10 and 24,
1935, American producers
to
a
market price of
The
Fourth, in a general way, watch your expenses.
of
you
(1) That all silver purchases under the Silver Purchase Act of
policies which banks might best adopt in view of the mone¬
on
of
policy," and it adds that "it should be
amply clear by this time that the program not only serves
the
address with
one
this silver purchase
interest.
.
Foster concluded his
Mr.
to
situation in the United
history
years?
are
Purchases
committee states that "neither the economic
tary
cerned
currently
is
"mild" form of inflation, there
Silver
of
its recommendations to
be
Analyst Sees
Monetary
to be in an improving
appear
borrowers who,- although their
few
during the past few years, are, nevertheless,
bad
dent to reestablish
practice of forcing short-term securities into a
This latter situation can easily be corrected.
yield.
a
committee likewise urges that authority
Dec.
of any kind but it is also
past
position where their credit requirements should be met.
be
Act
the
Economists'
the issuance of Pew securities or
iflet only through
a
been
the
during
be that each
it may
communities
recommendation
that
continue
Government securities and for that reason they will
of diminishing returns.
situation,
we
under the Silver Purchase Act "be
long the Government can
debt will necessarily scare people
records have
that
Called for
abroad.
of a war.
will not
recede in
price.
Temporary fright may halt purchases but in the long run Govern¬
ment bonds will be purchased as long as they have any value whatever.
This was true in Germany where in a number of instances, during the
ment
purchase
economic
Respective
your-
bad
been
has
entirely beyond their control, and if you
fact
by Economists'
National Committee on
Monetary Policy—Repeal of Authority Given to
the
President
to
Reestablish
Bimetallism
also
fallacy to say that the increase in the Govern¬
a
and
the
Urged
discussing the fifth factor, Mr. Pope said in part:
to increase its debt.
mind
Abandonment
Fifth, artificial tampering with natural economic laws.
In
in
definitely in
very
destruction of capital such as the result
or
in
find
of funds for current needs of industry.
use
individuals
of
further
of funds for capital improvements.
use
Second, increased
record
influences
bear
industrial
"That
First, increased
credit
will
point," he said, "will be reached
when by increasing the debt further the resulting excessive
taxation will actually diminish the aggregate wealth of the
country."
He added that the point is not far off.
The change in the present low yield on Government
securities could proceed from the following five general
causes, Mr. Pope said:
debt.
ernment
the
that
three years because of
consequences
today are receiving over 77c. per ounce compared
approximately 45c.
of the Administration's silver program,
in both
its
phases—that is, under the London agreement and the Silver Purchase Act—
fulfill the predictions made by this committee two years ago.
The Amer¬
adding to the uncertainty as to the value of the
prospects for currency stabilization and the
benefits which would accrue therefrom, has been damaging to international
trade and finance.
Neither the economic nor the monetary situation in
the United States has been benefited by this silver purchase policy.
After
ican
silver
dollar
and
policy,
by
thereby limiting
approximately 835,000,000 ounces of silver (as of Jan. 16,
artificially high prices, thus diluting our currency base with a
cheap metal, our government is hardly any nearer than before to its
goal of a 1:3 ratio between the monetary silver and gold.
acquiring
1936),
at
3608
It
Financial
should
serves
be
amply
useful
no
by
clear
this
but,
purpose,
time
the
on
that
the
is
contrary,
not
program
both
only
wasteful
and.1
harmful.
Chronicle
done
few
a
University;
We
those signing the statement.
the
Currency Inflation Still Con¬
tinues in Congress, Says
Guaranty Trust Co. of
New York, Which Points Out
Necessity of Resisting
Proposals Threatening Impairment of Confidence
and Integrity of Established Values
Despite the defeat of the Frazier-Lemke farm mortgage
refinancing bill in the House of Representatives, it is evi¬
dent
that
sentiment
in favor
of deliberate
infla¬
currency
tion still commands considerable support in
the Guaranty Trust Co. of New
Congress, says
"The Guaranty
York, in
Survey," its monthly review of business and financial
ditions in the United
The
"Survey"
If
real
mand
are
and
unhealthy
of the
aware
direction in which
lie,
they will resist with every resource at their com¬
and the proposals that threaten to create a
temporary
business
destructive
a
are
boom at
the
industrial
cost
and
of
untold
financial
losses
collapse,
in
and
hard-earned
permanent
a
not
to
have
banks .are
the
Federal
can
have
and
the
work
must
interested
various
toward
May I impress
problems
bank.
It
shall
of
the
bill
the
showed
measure
that
the
declared
Congressional
that
district
the
the
at
farm
problem
November
House
current
will
elections
is
be
inflationary
issue
an
and
"eliminations" in the personnel of the next
Congress.
Quite aside from the present or possible future
not
that
in
there
attitude
every
of
Congress
toward
deliberate
recovery,
or
benefiting agriculture, it is evident that, as
budget remains far out of balance, the danger of inflation
Federal
inflation
as
a
of
means
raising
prices,
be
will
stimulating
long as the
will
persist.
Sistory supports the view taken by the American Federation
opposing the Frazier-Lemke bill, namely, that, although no
in
persons
can
the people with low
There
are
many
extent for
of
Labor
group
of
permanently benefit from the disruption of
moderate
or
in which the rich
ways
while, such
a
incomes
a currency system,
the greatest sufferers from it.
are
protect
can
their wealth
by investing in real estate,
as
common
to
some
stocks, and
commodities.
But
find
those
that
who
inflation
the rewards
savings
monetary
sort
of
value
no
value
claims,
that
the money
the
in
for
the
in
future
expanded
the
leads
other property
Up
to this
factory.
It
a
of
process
of
in
assets
the
form
that
property.
destroys
or
in extreme
or,
by
of
represent
It
is
this
lowering
of
In
to
men
schedules
the
rise,
and
both,
or
buy larger
the
greater profits
credits
quantities
to
of
speculative purchases
encouraged.
business conditions usually
purchasing
of
finance
goods
at
securities
the
future
therefore, that
this
in
that
the
cost
of
living is
be
to
but
satis¬
very
wages
have
in¬
creased, there is little unemployment, and business is
booming.
phase of
inflationary
an
"controlled"
movement that is
so
It is this
tempting to those who favor a
inflation.
Difficulty of Control
A "controlled"
expectation
of
inflationary
inflation is almost
higher
prices
movement
fidence
in
fidence
that
tends
to
a
contradiction in terms.
characterizes
degenerate
the
The general
earlier
into
quickly
stages
loss
a
of
of
an
con¬
appears,
the
future
value of the
currency.
And once this loss of con¬
it spreads with almost explosive
rapidity and soon assumes
the proportions of a panic.
It is this psychological aspect of the infla¬
tionary process that makes the idea of a "controlled" inflation
appear so
dangerous in the light of actual experience.
The
of
existing situation in
this
country represents
influences, economic and political, that
cations.
are
The significance and
a
curious combination
a
security.
FCA Before Illinois Bankers
Convention,
Tom Smith of A. B. A.
Says Bankers Should See to
It that It Continues to
plant
Banks
and
Supplement and Not Sup¬
Credit Agencies—At Arkansas
Bankers Convention Refers
Postal Savings System
Tom
K.
Smith,
Association
Louis,
on
A.
Bankers
the
May 26 in
Association
an
Boatmen's
Farm
B.
A.
Study of
National
Credit
Bankers
Bank,
Administration
his
remarks
dealing
eral
Government.
In
part,
under
ment
supported
partisan
party in
May 21,
on
convention
a
lobby.
a
politics.
What¬
be,
power may
we
of
Mr.
the
Smith, speaking
Arkansas
exhaustive study
an
of
Bankers
the Postal
answer the
question as to whether there
today is being made by the American Bank¬
He pointed out that "this is not a
political
come to its greatest
develop¬
Administration in 1936.
Mr.
Democratic
a
eral authorities in an
impartial
manner and
not in the heat
of
political controversy.
We will give the Federal authori¬
ties, the public and each member bank, as well as the State
associations, the benefit of our findings. We have faith in
the American people and
in the government representatives
and believe that they will act fairly
when they have the facts before them."
In part, he added:
they
have
In
the
selected,
the
of
course
various. States
Postal
in
this
the
Savings
study
Union,
we
making
are
series
a
of
of
maps
the
indicating the present-day practice regarding
with the idea of showing where it can be
System,
helpful and where it is unnecessary in that it duplicates the service
being offered by regular chattered banks, either State
other
questions
1.
Is
its
there
Should
and
willing
tions,
such
now
our
the
of
survey
that
It
areas.
deposits,
System today along the lines
small
Postal
obvious
system.
to
the
meet
demands
deposits and continue to do
savings
Savings
that
the
the
for
us
Our scientific
to
public?
ready
are
in
the future
banking institu¬
would
banks
where
areas
of
so
in
accounts
System
if
it would be foolish
the
Savings
hope to find out where the banks
we
over
the
is
was
adequate
are
now
Among
established
27 years ago?
Savings System be continued in those
to take
now
National.
or
answering the following:
Postal
desiring to establish
assuming
the
3.
for
Postal
facilities
those
certain
us
the
result of
a
for
need
a
desirous
are
original purpose when it
banking
As
we
be
curtailed
in
not
are
willing to take
Congress to curtail the
urge
approach to this problem will give
answer.
Is
the
Postal
Savings System making it difficult for members of the
pay the corporation assessments and maintain
earnings sufficient
keep them in a sound position to serve the needs of their
community in
various sections of the
country?
FDIC to
to
Before the joint convention of the Tennessee and
Missis¬
Bankers Associations at Memphis, on
May 20, Mr.
Smith
discussed
the
fundamental
sippi
changes
problems
of
bank
management
which
affecting
have
been
the
brought
about during
the past four years through the organization
of agencies of the Federal
Government affecting every bank,
whether chartered
he liad the
The
President
chartered
banks
desire
urge
our
and
loaning
emergency
to
and
means
along the
the
they
supposed
operation.
laws
bankers
with
to
We shall
of
we
bankers
this
to
laws.
have
that
In
part,
said
curtailed
undertake
up
the
problem
must
and
task.
unsound
based
Here
on
the
wherever
We have
loans.
be
of
many
whenever
no
again
narrow
no
reason
in
obtain
We
of
upon
shall
them,
operate,
and
well
as
this
place
important
before
as
the
fulfilled
useless
shall
were
file it
associations,
their
function
problem to all the
tne
you
the time
extent
and
not
or
and
to continue
emergency
in
so
loose leaf
that
it
form
will
be
within
be
these
which
of
scope
some
should
established has passed
of
names
limitations
study the question of whether
now
for which they
State
be
of this
that
we
back
believe that it is
emergency
authority
agencies
country.
the
are
national
we have
undertaken a study of the
Washington.
We are studying the
by which these agencies operate, with the idea of
passing
agencies,
we
For
lending
information
of
in
would
banks
the solution
partisan conception.
ways
or
willing and able to take
chartered
Federal
State
say:
others
agencies
were
approach to
banks
under
following to
information
their
emergency
liquidated,
organizations if the
As
away.
with
the
we
obtain
Secretaries of
available
for
all
the
country.
+.
Purchasing Agents Regard Industry
as
Having Made
Sufficient Headway as Not to Be Affected
by Elec¬
tion Year—Annual Convention of
Organization
he said:
corporations, has
in
the
be
not
Chairman,
our
The very able Governor of the FCA
has said that it is to
supplement and
to
supplant other credit agencies in the field of farm credit.
We
admit that the FCA,
through its various banks and
whatever
not
should
Banking Studies Committee, of which
"is making an exhaustive study of this
question at the present time.
When we arrive at our con¬
clusions," he continued, "wTe will present them to the Fed¬
is
the
not
has
be enmeshed
or
National
a
strong national organiza¬
a
This organization
Association
character,
with
or
banking
our
national
a
State bank
a
of
many
of
Smith stated that the
he
at
must
problems
Administration in 1909 and has
St.
changes brought about in the field of bank
management
through the organization of permanent agencies of the Fed¬
impress upon
a partisan sense of the word," adding that the
Savings System was established by a Republican
Postal
for
American
address before the Illinois Bank¬
Convention,
annual
organizations have
First Vice-President
President
Mo., discusesd
St. Louis
ers
and
to
wish® to
we
must have
you
Springs, Ark.,
the
Association.
various
Discussing
of
we
question in
inflationary in their impli¬
possible effects of these influences have been
considerable extent by the fact that thus far
they have been
almost totally ineffective in
raising prices.
It would be unfortunate if
the failure of these
various factors to
bring about an immediate and
pronounced rise in prices should create a false sense of
obscured' to
to
and
government
business question.
Hot
services of
appear
high;
words,
are
Washington.
organization
need for it
a
ers
are
true
other
the fundamental fact that
you
in
Savings System to
the
stimulates
promise of
acquire additional
to
time,
same
credit,
or
and the
increased
The
taxes
of looking at this problem as a
affecting banking must be coordinated and
objectives.
political competition
before
2.
the
governments.
like
banks
these
their
always treat
any
of
inflation,
banks,
paying
our problems as business problems of an conomic char¬
affecting all the people, and it has been long established in business
that scientific study and research are the
only sane approach to a solution
of Inflation
currency
Prices
business
At
stage
is
other
physical
impairs
Early Stages
form
production
higher prices.
and
largely
are
and
in
discover that their
former value,
savings
equities
inflation
commodities.
the
salaries
or
in which it is expressed.
beginning of
either
power,
demand
They also
severe.
insurance,
than
The
In
very
Those
life
rather
investment
of
all.
at
deposits,
wages
cost of living far beyond
any gain in
if the process is carried to great lengths,
labor, and,
hardships become
bank
on
their
reduced to only a fraction of their
are
have
cases,
increases
for their
the resulting
savings
dependent for their livelihood
are
permanent agency
in
acter
At
session, the sponsor
and
necessity
is
of
such movement would fail at the
a
in maintaining the soundness
Corporation, and the more sound banks
the
that
any
if
chartered
sound
Federal
Association, stated that
the defeat
of
position
the better it will be for the Federal Government
American
should
the
ever
from
happen to be connected with
The
existed
the work
better
fundamentally
common
representing you
lobby.
of
a
to supple¬
legitimate credit agencies in
other
away
large.
upon
means,
in
are
agencies
today and
whether you
tion
State and
Government
The
and
in remaining
public at
Federal
whole.
business
that system
result
a
seeing to it that the FCA continues
banks
Is Inflation?" is the topic under which the "Sur¬
vey's" comments are made, and, in part, it says:
Although the Speaker of the House was quoted as expressing the opinion
and that
emergencies which
As
evident to all that
Deposit Insurance
in
for
is
take
both
the
the
It
difficulty
support
in
supplant
should
FCA
help
impairment of confidence in the integrity of established values.
"What
interested
now
Neither
the United States
interests
the conditions
savings,
States and abroad, published May 25.
says:
the people of
their
con¬
meeting the
in the field of farm credit.
agricultural credit.
would
Favor of
in
many
and
ment
Sentiment in
work
banks and insurance companies
today than they were formerly.
Colonel Leonard P. Ayres, of the Cleveland Trust
Co., and
Dr. H. Parker Willis, of Columbia
University, are
among
piece of
years ago
that agency,
Professor Edwin W. Kemmerer, of Princeton
30, 1936
spiendid
a
A
firm trend in
commodity prices is forecast for the com¬
ing six to 12 months in the summary of national business
Volume
conditions
available
made
24 for
Orleans on May
New
at
members of the National Association
Purchasing Agents, gathered in New Orleans for the
the guidance of 1,200
of
twenty-first annual international convention of the organ¬
ization which opened May 25.
The report, prepared by a
committee of buyers headed by Frederick J. Heaslip, of the
Co., Chicago, recommends that indus¬
maintain a policy of "being well
Morse &
Fairbanks,
trial buyers of the country
covered"
essential materials.
on
year," Mr. Heaslip said
have no decided
"The fact that this is an election
releasing his committee's report, "will
in
3609
Financial Chronicle
142 N
Earning Prospects for Railroads Held Brighter in
Report of Railroad Securities Committee of I. B. A.
—Little Improvement, However, Seen in Relation¬
ship of Industry and
Governmental Agencies
Exercising Power over Their Competition with
Other Transportation Lines
brighter earnings prospects for the railroads
in an interim report issued by the Railroad
Securities Committee of the Investment Bankers Association
Distinctly
held
are
out
of the
improvement in credit for many
A substantial
of America.
important systems reflects the improvement in
their
Purchasing executives, and most
economists of the Nation, are convinced that the upturn in
situation, the report says.
be impervious
to political agitation."
It is stated that the purchasing
agents' regular report on business conditions is looked for¬
1935, have been maintained to date, and
present car loadings furnish a basis for belief that some
hesitation since Jan. 1 may be merely a normal pause in
effect
business.
upon
industry has gathered sufficient headway to
ward to each month since
influ¬
policies suggested have an
The Committee states that gains in
The records since
distorted due to blizzards and
floods, but have recently indicated further improvement.
the general
industrial buying executives
who spend
upwards of $20,000,000,000 annually for raw
materials, mechanical equipment and other products used
the
by productive manufacturers.
According to the committee's
on
ence
the purchasing done by
on
business
May
summary,
all sections of
maintained the levels established in April in
West, where a decided improvement
the country except the
Commodity prices showed
Inventories were kept
to the preceding month's levels and companies showed
a
decided tendency to cover in advance on requirements.
In
the East orders covered requirements for two to four months
in
a
general conditions was noted.
steady trend through the Nation.
in
advance.
Mid-West
the
In
to three
one
was
coverage
first
The
if
lenged
In
contrast
whole,
a
recession
seasonal
industry is on a
should show
expected through possibly the June-August period, but that
both production and distribution
improvement by the time this year-end arrives.
stable basis and
definitely
be
is to
considerable
Real
for
Real
According
Estate Securities, Best in Several Years,
Survey of Committee of I. B. A.
to
According to a national survey just completed by the Real
Estate
Securities Committee of the Investment Bankers
Association
of
the 1936
America,
for real estate,
outlook
real estate securities, is the brightest
and inferentially for
in several years.
it has been
should
construction
Residential
1936
during
increase
1935, based on estimates obtained by the
Committee, which reported that residential building is lead¬
about 100%
over
ing practically every other line of industrial activity at the
The report states:
present time.
Given
increase of
an
from
expect further improvement in real estate values, especially
is reasonable to
and
properties should
The greatest rise in income should take place in
apartments and homes.
Rentals should also be
greater occupancy.
lower
medium
and
stantial
priced
modernizing
by
improved
residential 1 property.
increase, due both to higher unit rentals
priced suburban
from
Income
business activity, the
15% in general
to
and no material changes in real estate taxes, it
continuance of easy money,
moderately
10
will
values
estate
However,
property.
improving
and1
real
in
increase
be
probably
New
various
Booneville Dam
and
definite
a
market.
Minneapolis
the
and
to the activities of
as
causes
Real estate income in California has shown
projects.
due to
higher
and
occupancy
outlook from
an
operating
relationship of the railroad indus¬
various governmental agencies exercising power
over their expenses and revenues and over their competition
with other forms of transportation.
From the Committee's
It
is
the
that
to
to
Commission
On the other hand, the bill to regulate
out the Act.
the
and
trucks and buses has been passed,
is now
actively engaged in
regulate
Commerce
carry
carriers,
bill
the
Interstate
measures
bill,
Pettengill
which would
permit
railroads to
regard to rates with unregulated transportation agencies, have
compete in
not
quote:
we
true
yet been
passed.
in connection with the
serious unfavorable implications.
problem is distinctly one of management, namely, of merchandising
passenger travel so as to obtain the most satisfactory results.
It
is quite obvious
.that merchandising passenger traffic varies con¬
siderably in different sections of the country.
The Commission, in its
decision, seems to have invaded not only the field of management, but has
attempted to solve an extremely complicated merchandising problem by a
uniform order covering all the varying types of passenger traffic in the
In
decision
the
addition,
the
of
Commission
Eastern roads has
rates of the
higher
moderately
country.
whole
The
of
future
regulation, not only in
regard to railroads but in
would seem to depend upon a proper
segregation of the sphere of regulation from the sphere of management.
It is to be hoped that a court decision on the Commission's order for a
reduction in passenger fares may lead to a clarification of this difficult
regard
to
regulated
all
industry,
problem.
From
standpoint
a
hopeful than
more
in
been reflected
of traffic and railroad
earnings looks very much
year ago, and this improvement has
advance in prices of railroad securi¬
of
situation
the
efficiency,
a
an
volume
as
to
"Credit is relative, of course, and
to obtain satisfactory investments
very substantial effect on the prices of bonds of
that are believed able to continue to pay interest,"
ties, the report stated.
the tremendous pressure
has
a
roads
the Committee, whose membership includes:
says
Dick, Dick & Merle-Smith, New York, Chairman.
Fairman R.
Earle Bailie,
to stimulation by the Grand Coulee
agencies and
improvement
the
and
much to normal
so
governmental
Louis,
St.
by
improvement in occupancy and rentals.
many other Pacific Northwest cities
report
Spokane
due not
to be
appears
the
in
improvement
Chicago,
Detroit,
district
Mountain
Rocky
The
Boston,
York,
sub¬
any
checked
large amount of distressed real estate still overhanging the
favorable
the
to
The
Inferentially,
and,
Estate
of the situation
with
try
passenger
+.
Outlook
industry brings
point of view, however, the Committee found
little improvement in the
water
as
the depression may be chal¬
construction
the
in
recovery
and earnings
statement that:
that,
a
is permanently
railroad traffic
belief that
anticipate, according to the Committee.
employment is up in the West and generally unchanged in
other sections.
Comments on general business include the
be
were
year
the business to railroads that some students
and
to
the
common
remarks
seems
upward trend, it continued.
of
lower basis than prior to
a
iponths, in the West two to three months, and in Canada
one to two months.
The report just issued indicates that
Concensus
traffic volume which
started in August,
J. & W.
Seligman & Co., New York.
New York.
Louis.
Pierpont V. Davis, Brown Harriman & Co., Inc., New York.
George Bovenizer, Kuhn, Loeb & Co.,
L.
Lee
Nevil
Daly, Daly & Craib, St.
Boston
Ford, First
DeWitt
Corp., New
Speyer & Co.,
Millhauser,
York.
New York.
Morgan Stanley & Co., New York.
Henry S.
Morgan,
Henry S.
Sturgis, First National Bank of the City of New York.
rentals.
improved
the
Reflecting
have
securities
registered
price, which
average
$408
was
at $218
York
advanced
issues
issues
were
selected1 issues,
rose
Pacific
the
market
An
index
the
two
Dec.
from
Coast,
estate
reached
the
issues,
to
Philadelphia issues to $376,
$398,
price
$466,
leaders
of
this
Boston
rising
housekeeping apartments
next;
were
index,
Eastern
to
were
50
from
low of $194 in February,
a
Pacific
and
particularly
of
Coast
real
in
estate
California,
issues
January and! February,
group
was
$538
been
of this
1933, to $398
few
important real
as
and
compared
on
with
the
a
advance
in
encouraging.
very
advanced
6.1%
March
1
price
of
the
during
average
$367
as
of
31, 1934.
have
year,
estate
security
offerings
activities being largely confined to securities that
in
the
emerging
are
Arthur
C.
Prevost
Boyce,
Brush,
Wendell
T.
Stein Bros. & Boyce, Baltimore.
Brush,
Burns,
Slocumb &
Co.,
San
Dittmar,
Northwestern National
Bank & Trust
Edward
Burdick
^Mahan, Dittmar & Co., San Antonio.
Minot Jr., Jackson
William Moore,
& Curtis, Boston.
and insurance functions by dividing the
He proposed a
law providing for such a separation as had been adopted in
New York and Pennsylvania, providing a Banking Commis¬
separate banking
State
Banking and Insurance Department.
sioner with
his time
tion,
O'Connell, Murphy, Favre & Co.,
Sidlo,
Simons,
Day
Spokane.
& Co., Denver.
term of office of
as we
Mr. McDouall also addressed the convention on
at which time he
past year,
He
and stressed the improvement in banking
depth of the depres¬
revision of Federal and State relief ad¬
In discussing taxes, he said:
urged
one's table.
every
years
of
May 23,
discussed the Association's activities during
a
The most menacing spectre in all
1
Co.
five
years, who would devote
The New Jersey Associa¬
note in another item, endorsed Mr. McDouall's
a
exclusively to banking.
suggestion.
Minne¬
this land is the *'tax eater" who sits at
The men whom we have elected to office in these recent
have all been elected on pledges of economy
all denounced the extravagance
scraps
in government. They have
of their predecessors and promised to reverse
But once in office they have torn up their promises as so many
of paper and increased the extravagance,
reelection.
McDonald, Moore & Hayes, Inc., Detroit.
Simons,
Taxation
President of the New Jersey Bankers
May 22 urged delegates to the Association's
Atlantic City to ask the State Legislature to
convention at
the process.
Elmer A.
Excessive
on
ministration.
Francisco.
apolis.
James J.
Decries
Leslie G. McDouall,
Association,
sion.
Bitting, Kenneth H. Bitting & Co., Inc., St. Louis.
Spencer
Association
conditions that has occurred since the
Allyn, A. C. Allyn & Co., Inc., Chicago.
H.
Kenneth
T.
Bankers
the
reorganization.
The Committee making the report included:
Jean C. Witter, of Dean Witter' & Co., San Francisco, Chairman.
C.
Separation of State Banking and Insurance Functions
in New Jersey Urged by L. G. McDouall—Head of
$1,000 at the end of 1933, reached
per
real estate securities has also been
price of
of
months
There
last
real
levels
increase of 105%.
March, 1936—an
the
price
of
low
200 Eastern
An index of 42 Chicago real estate bonds, picked at random
next, at $365.
On
the
from
index of
$287.
the
$619; office building, at
in
prices
situation,
gains
an
and Waste in Relief Administration
$572 and Pittsburgh to
Theater
from
estate
March, 1936.
in
New
to
real
substantial
According to
during the depression.
Everybody's
represent us in public
money
And the people who
office spend it in that spirit.
If the bankers are going to take
this responsibility in
swayed by their desire fear
is nobody's money.
the lead in anything, they should assume
the matter of curing the evils of taxation.
By virtue
3610
of
Financial
experience and peculiar knowledge
our
all business
men
Taxation is
.
Chronicle
perhaps the best fitted of
we are
for this task.
a national
It is also
begin most effectively right here in
our
State challenge.
a
home
own
State.
We
can
K. Withers:
It is time for
practical minds to be directed toward practical ends.
If we would serve
State, let us take the leadership in putting our tax house in
order.
Time
Tn Ms address
May 22, Mr. McDouall said in part:
on
that
they
fail, will issue charters only for necessary banking institutions and
are issued only to men
capable of operating sound
not to promoters, disqualified borrowers and men
whose chief
qualifications are political influence.
practice
these
employ the best talent available for this supervision.
our
supervision.
Elsewhere in
Dean
deal
Among the gray iron foundries the total increase
steel
foundries
the
since
was
last
even
more
spectacular.
As
November, the volume of
a
steel
castings produced in April exceeded that of any other month since
May 1930.
The gray iron foundries
reported a slight decline in their volume of ship¬
ments and a
further reduction in the
tonnage of unfilled orders.
The steel
foundries, in contrast, increased their shipments
substantially while the
backlog for steel castings increased even more rapidly.
Compared with the activity of last
year, gray
iron foundries showed gains
of approximately 25% in
production,
20% in shipments, but a decline of
nearly 5% in unfilled orders, while the steel foundries showed a
gain of
133% in each of those items.
GRAY IRON FOUNDRIES
,
No. of
April
''
Per Cent
Per Cent
1936
Change
(Short
Firms
from,
Change
from
'
•'
•
-
'
.
'
.
'
Report¬
ing
v
v
'
•.
,
;
:
29
Capacity
29
y.
Production of gray iron castings
Tons)
Mar., 1936 Apr., 1935
11,792
2,748
+0.3
+ 25.7
2,298
—1.8
+ 19.3
450
Jobbing__
For further manufacture
0.0
0.0
+ 20.1
—1.2
—4.9
Unfilled orders
Raw stock;
25
24
Pig iron__l
Scrap
24
Coke..
1,664
1,245
—6.1
+ 5.6
448
*
—1.0
+ 6.0
—14.3
Let
me
No. of
Firms
April
Per Cent
Per Cent
1936
Change
Report¬
Change
(Short
from
from
Tons)
Mar., 1936
Apr., 1935
8
Capacity
8
Production.
8
Shipments
7
Unfilled orders
8,630
4,658
For further manufacture
0.0
+24.0
+ 132.8
4,239
Jobbing
0.0
+20.9
+ 66.3
+ 133.2
6,396
Pig iron
+22.2
440
Coke..
+43.2
—1.6
fessional
you
most
—6.2
closing session
City, the
May 23 of its annual convention
Jersey Bankers Association
adopted a resolution requesting Congress "to have the
Postal Savings laws amended so that that
system will not
compete with banking institutions; that payment of interest
on deposits be in the same manner
as for banks,
and that
Postal Savings facilities be confined to communities where
there
are
no
New
In the report of the Association's Committee
unfair
the
at
Gauss,
our
that
banking has become
modern life.
I
here
cannot
custodian of the
a
in
banking.
That,
I
believe,
A
func¬
custodiajn of
public's welfare.
is
called
are
your
...
all that I have said very briefly.
up
You
be, to extend, to socialize
a
the
If you
true and valid pro-
the
thing
greatest
the
thing
your
colleagues in other States
to
follow
you,
that is
do for banking in America today.
you can
"Inventions and Their
Effect on Industry and Banking,"
Reed, Executive Secretary of the Financial
Advertisers Association at Chicago spoke on "Public Rela¬
tions in Banking."
•
/
According to the Philadelphia "Inquirer" the association
went on record for creation of "two
separate State offices,
a commissioner of
banking and a commissioner of insurance,
to take the place of the one office now
covering the two
departments; the term of office to be five years with com¬
pensation adequate to attract outstanding men of expe¬
rience."
A recommendation
this
to
effect
contained
was
in the address of Mr. McDouall.
In the election
closing the convention, Garrett A. Denise,
who served for the past year as Vice-President, was elevated
to the Presidency.
He is head of the Central National
Bank of Freehold.
The
"Inquirer" also stated:
Ferd I. Collins, President of the Bound Brook Trust
Co., who has been
was
advanced to Vice-President.
S. Crispin,
Benjamin
The
Treasurer
new
elected
Cashier of the Swedesboro National Bank.
Fairbanks,
President
of
the
United
States
Savings
Bank,
Newark; John L. Williamson, Vice-President of the Trenton Banking Co.,
Diament, President of the Cumberland National Bank, of
and George E.
Bridgeton,
were
elected to the
Executive
Committee.
Julius
S.
Rippel,
Chairman of the Merchants & Newark Trust Co. of
Newark, was elected
to the Executive Council of the American Bankers Association.
45th
Annual
Convention
Institute—E.
G.
Interference
ment
Discusses
of
Grace
Sound
American
Decries
with
Iron
Business—E.
Commercial
Grace
&
Excessive
Policies
Re-Elected
Steel
Govern¬
T.
Weir
for
Steel
President
Institute
Leading steel manufacturers discussed problems affecting
industry at the 45th general meeting of the American
Iron and Steel Institute in New York
City on May 28.
Eugene G. Grace, President of the Institute and President
their
of
the
to
the
Bethlehem Steel Corporation, devoted his address
general economic situation of the industry and of
the Nation.
W. A. Irvin, President of the United States
Steel
Corporation, spoke on competition from importation
foreign steel products, while E. T. Weir, Chairman of the
National Steel Corporation, proposed a commercial
policy
of
for steel makers.
Mr. Grace said that the most serious
on
Federal
Reserve Relations (for southern
Jersey) it
as
remarks
Christian
and Preston E.
banks."
"postal savings continues
Dr.
Allan R. Cullimore, President of the Newark
College of
Engineering, at Newark, discussed before the convention
—6.2
on
Atlantic
the
to
must face the fact
we
important activities in
persuade
the greatest
+ 19.8
Jersey Bankers Association Urges that Postal
Savings Law Be Amended so as Not to Compete
with
Banking Institutions—Committee Reports
and Speakers at Convention
At the
at
ac¬
of his remarks said:
Manufacturers—Mr.
'
refer
we
McDouall.
greater degree than you have in the past.
sum
ethic
can
of
New
his
on
bankers can do for New Jersey, and if
you can do for New Jersey, and if
—4.3
282
Scrap
6
G.
public's wealth must also be
+ 133.0
7,454
6
community
check
no
+ 59.0
+ 16.4
Raw stock:
6
of
The dual borrower
one.
+ 144.0
419
4,178
._
size
mere
will learn this lesson you will lay the foundation for
is Carl
ing
a
Treasurer,
STEEL FOUNDRIES
issue
upon, or at least I am afraid you will
—14.5
_
and
having
that is true, you alone are not called
upon to correct it.
+ 72.7
—0.8
469
Shipments
17
+ 12.8
2,834
28
banking,
at
tions to
/
increase
of continuous increases
so
length with the problem whether this indicates that there has
been taking place a serious deformation of our
civilization, for if you think
same
the
of the
one
was in contrast to the declines which occurred
period of nearly every other year since 1926,
says the Survey which adds that "in general the gain in
activity was more pronounced in the foundries operating
outside of Philadelphia than in those located within the
city."
In
course
For better, for worse,
although slight
result
way to the
progressed,
University, addressed the convention
"What the Bankers Can Do for Jersey,"
subject
and in the
according to reports received by the
Industrial Research Department of the
University of Penn¬
The report goes on to say:
banking
Princeton
of
the
on
Federal Reserve District
in the
this
convention of Leslie
Foundry Operations in Philadelphia Federal Reserve
District Based on Reports
by University of Penn¬
sylvania Continued Activity Reported
Foundry activity continued to increase in the Philadelphia
sylvania.
of
The suggestion was made by the committee that the
subject of credit bureaus be given serious thought at future
meetings of county associations with a view to solving the
problem of establishing county or regional bureaus.
the customers
banks and who have been
taught by government to have faith in
government
buggy have given
scope
will exist and continue to prosper so long as he finds
tivities.
safeguards but
are
the
of distance between banks no reason for not
Anything less than
this is the perpetration of a cruel fraud on the
citizens who
has
so
adjunct to safe and progressive
It follows, therefore, that if
government, state and federal, is to supervise
only
aeroplane,
The well-organized and economically managed credit
bureau is the modern
that such charters
banking, it should not
and
automobile
banks,
of
separate unit, sufficient unto itself,
a
check the possibility of dual borrowing.
necessary to
that today candor and confidence in the
progressive banking community
have replaced secrecy and suspicion in the matter of
credit information.
cannot
regulate
it
was
But times have changed; as the horse and
Bank supervision by government
implies a guaranty to the public that the
government will supervise the administration of our banks so
and
when every bank was
was
and seldom
our
see
incorporated in its report the following
by the New Jersey Banking Commissioner, Carl
statement
challenge.
May 30, 1936
The committee also
was stated that
competition and con¬
tinued effort to rid banks of this
governmental competition
should continue except
possibly in remote areas where
banks do not find it profitable to
operate."
The Committee
on Federal Reserve for Northern
New Jersey expressed the
the
problem confronting
industry and the American public today is "the menacing
attempts to exercise a political control of our economic and
personal lives."
He said that progress toward sound and
permanent recovery is being seriously delayed by continued
experimentation.
The Administration,
he declared, has
consistently invaded private rights.
He continued:
An
longer need for the continuation
illuminating example of what happens to personal liberty when the
Government tries to invade the field of private and purely local employ¬
system" and indicated it as their
belief "that it should be terminated as
promptly as possible."
In the report of the Committee on
Act, commonly called the Wagner Act.
Here is a piece of legislation that
professed to protect the individual liberty of the worker and to better his
ciations and Credit Bureaus it was noted that at its
meeting
on Dec. 5, 1935, the
following resolution was
whose
opinion that "there is
of the postal savings
no
Clearing House Asso¬
adopted:
Resolved that the Committee
on
Clearing! House Associations and Credit
Bureaus of the New Jersey Bankers Association
unanimously recommend
that the Executive Committee of the
New Jersey Bankers Association
consider the establishment
service
a
of its
bureau
cooperate
be
members.
of
included in the
with
the
Executive
a
Statewide Credit Bureau as
And be it further resolved that
the
a
part of the
cost
of such
membership dues and that this Committee
Committee
to
that
end.
ment relations is what is
conditions.
country we
by
a
Yet
see
mutual
what
the
taking place under the National Labor Relations
do
we
curious
relations
are
find?
spectacle
In
case
after
case
of employees
and
throughout this
their
employer,
entirely harmonious and satisfactory,
forced
hastily conceived and discriminatory law to join together and fight
for their independence against an
irresponsible group of professional labor
organizers.
Gentlemen,
as
I stand before you today I say with all sincerity that I
believe the hopes and aspirations of the
average citizen are in sympathy
with the views I have expressed.
We want a condition in this glorious
country of ours,
under which everybody, whether
he be farmer, factory
Volume
worker
be
That's my idea of our American system
and the system
We hear it suggested that businessmen
trying to protect.
are
should
pertinent to
I wonder if it would not be more
active in politics.
more
industrious and
businessman, may be able to live an honest,
or
respectable life.
we
Financial
142
3611
Chronicle
He
first
was
vote of confidence
given a
by the "old guard" faction, which bolted
and formed a new party, the
"Social Democratic Federation."
The two factions disagree over
suggest that politics be less active in business.
when the convention seated
They were contested
the New York militants in the 44 seats for that State.
the 1934 Detroit declaration of
of opportunity, in
protecting our institutions and affording them an opportunity to grow and
prosper, under the system of free enterprise that has made ours the leading
which approves massed
nation of the world.
principles
They will be brought back to the floor tomorrow.
path of progress lies in keeping open the doors
The
for steel
inviolable rule
that every transaction shall yield the value of the product
to the producer."
In discussing labor policies, he said in
fundamental
A
of
commercial policy
sound
a
manufacturers, Mr. Weir said, "must be an
effect
The
confusion of the costs of labor
This is probably due to a
The campaign
probably will be centered around the farmers'
a
high
wages,
principles are to be observed.
must be not only
Mass production can not
Mass consumption can be maintained
exist
without
consumption.
mass
possible prices on the
the other.
is to implement the worker
only if purchasing power is supported by the lowest
hand, and the highest possible wages on
The sound
of reducing labor costs
manner
of his working
of
result, while a lower price
improved machinery and to increase the efficiency
material,
given time to turn out a greater amount
that he is able in a
so
The
material,
better
or
or
As a
both.
units
under
be received for each unit of his work, he turns out so many more
for his work is much greater than it was
that the aggregate return
older methods.
In its summary
of the views brought forth at the meeting
the New York "Times" of May 29
said:
increased employment by 20,000,000 jobs from 1900
had
improvements
1930, and had made possible a reduction of $11 a ton in steel, repre¬
$300,000,000 annual
is largely being
saving to the steel buying public which
It called attention to "Fascist trends" in
system.
that under the Roosevelt
toward insecurity, suppression
Foremost
in
a
Institute
T. M. Girdler, Chairman
only the members of the Iron
accord with Mr. Grace's views,
in
were
members of industry present
said
legislation unconstitutional."
power to
Hook
was
absent
Mill Company, largely supported what Mr. Grace
and taxation.
government control
for
were
more
a
generous
and comprehensive system
relief, increased aid to the youth
of the land, drastic
of labor legislation
and pro¬
and inheritance taxes, a program
increases in income
including the 30-hour week, a plan
of assistance to agriculture
tection of civil liberties.
A
conciliatory
made when the con¬
toward the right wing was
move
vention readopted with
at
modifications the declaration of principles approved
1934, which the right wing assailed as com¬
Detroit convention in
the
munistic and in violation of
The
of violence and
use
some the Detroit
adopted disapproving
armed insurrection and emphasizing the need of
To emphasize
declaration.
Socialist and Democratic principles.
today
modifications
designed to
were
soften
them a resolution was
Right wing delegates expressed themselves as
Mr.
not satisfied, maintaining
objectionable features intact.
that the modifications left the
Resistance to War Pledged
A resolution was adopted
of the Republic Steel Corporation; E. T. Weir,
increasing
concerning
demands was amendment of the
of the Supreme Court to declare
It would confer on the government
acquire and operate industries and make future amendment of the
Constitution, to end "the usurped power
but that all
at the meeting were in concurrence.
chairman of the National Steel Corporation, and Charles R. Hook, president
of the American Rolling
and war."
immediate
of
series
this country, and charged
increasingly
Administration, "America has drifted
preserving democracy.
Following Mr. Grace, William A. Irvin, president of the United States
Steel Corporation, said he thought that not
building a Socialist
shaU be socially owned
and democratically managed for the common good."
It was an indictment of the New Deal and the prevailing economic
the
offset by increased taxes.
Viewpoint of Mr. Grace Endorsed
had
the
persuading the
in
pledged the Party anew "to the task of
The platform
Cither demands
Steel
with
action
united
society, under which the industries of the country
regulation to which
industry expected to submit had gone too far; that with mounting costs
and extension of government control lasting prosperity was not obtainable;
that relief expenditures paradoxically were now rising while employment
and payrolls were increasing; that the Social Security Act, if effective for
the 5-year period ending 1935, would have increased the $179,000,000
deficit of the steel industry by nearly $100,000,000; and that technological
and
May 26 after a spirited
Constitution less difficult.
applauded Mr. Grace, who asserted that government
a
of
local affiliates of the Party
of unemployment
senting
on
succeeded
Thomas
Mr.
$5,000,000,000 steel industry frequently
2,000 leaders of the
Nearly
adjourned
the question
on
Communists.
social
to
and to control industry and agriculture.
convention
controversy
and workers'
It empowers Congress to
rights' amendment to the Federal Constitution.
to the New York "Times":
in which labor not only has the
right to share, but must share if economic
methods
wide
but the highest possible wages.
essentially a reduction
expended in labor on each unit of work with a con¬
sequent greater output and greater return
Obviously
the nation's key industries and
Congressional control over agriculture and industry.
keystone of our modern industrial system
in the amount of time
may
ownership of aU
including public
alterations.
delegates to drop this debate. It was agreed that State and
might unite with the Communists
on specific issues, but that there would be no political united
front in the Presidential campaign.
The platform was
summarized as follows in a Cleveland dispatch of May 26
Reduction in the cost of labor per unit is
be true.
and minority
recommended the Party support a broad program
The majority report
is often mis¬
labor of reduced per unit costs of labor
upon
with
the wages of labor.
An economic reduction of per unit labor costs should
never produce a reduction in wages.
In fact, the direct contrary should
construed.
with
After the nominations the convention sent both the majority
platform reports back to the resolutions committee for minor
socialize many industries
part:
one
resistance against war.
pledging the Socialist Party to "mass
resistance!
against war," and to
attempt to "convert any imperialist war into an organized mass struggle
for the overthrow of capitalism and the establishment of a worker's and
to war, "to carry on
farmer's
the class struggle and the fight
government."
account of illness and his address was read by Henry
on
A. Roemer, president of the Sharon Steel
Corporation and Pittsburgh Steel
Company.
Taxes Also
Threaten
Carl W.
Woikers
Fenninger Elected President
of Pennsylvania
Association—Carl K. Withers Commis¬
of Banking in New Jersey Urges that State
Bankers'
Taylor, Chairman of the United States Steel
Myron C.
warned the steel makers at their dinner last evening that
action affecting the steel
holders
and their
Corporation,
any
dependents but 547,000 workers in the industry.
Hugh Morrow, President of the Sloss-Sheffield Steel and Iron Company,
declared
was
that
the
important right guaranteed by the
most
freedom of thought and
Constitution
speech, even when committed to "telegrams."
Dr. Neil Carothers, dean of the College of Business Administration, Lehigh
University,
defended
Mr. Grace
a
term
one
reckless
term of one year
Mr. Grace has
meeting in connection with the meeting.
served
against
May 28 re-elected President of the Steel
by the Board of Directors
was on
Institute for
system
advance or greatly improve it, and
best economic system in existence.
the
was
economic
country's
the
criticism, said legislation would not
that it still
sioner
illadvised
Banking Departments be
industry would harm not only its 552,000 stock¬
head of the Institute.
as
Other officers
Divorced from Politics
Addressing the closing session of the annual convention of
the Pennsylvania Bankers' Association at Atlantic City on
Withers, Commissioner of Banking and
Jersey urged complete divorcement from
political influence of the banking departments of the various
states, according to Atlantic City advices to the Philadelphia
"Inquirer," which in part also stated:
May 22 Carl K.
Insurance of New
Commissioner
Withers
examiners and, in effect,
to assist in
indorsed
the
merit system
of promotion for
deputies
of the country
advocated civil service for examiners and
departments and called upon the bankers
in all State banking
placing his program in effect.
Platform Declares Against New Deal and Demands
and deputies, who generally
Withers went a step further
Commissioner or Superintendent of a
State banking department also should be eliminated from the realm of
politics by having the term extended from four years, as it is at present in
most States, to a minimum of five and preferably seven years, and that
there be demanded definite qualifications of experience and ability.
Commissioner Withers called upon the bankers of Pennsylvania and in
fact throughout the United States to assist in placing the program in effect.
His remarks drew a long round of applause from the four hundred delegates
Constitutional Revision to Curb Supreme Court
present.
also re-elected.
They include: W. A. Irvin, President
of United States Steel Corp. and T. M. Girdler, Chairman
and President of Republic Steel Corp., Vice-Presidents;
H. L. Hughes, Vice-President of United States Steel Corp.,
Treasurer; and Walter S. Tower, Executive Secretary.
were
Socialists
Nominate
Norman Thomas
Thomas
Norman
for
President—
May 25 was nominated for President
by the Socialist convention at Cleveland, which on the
following day adopted a platform condemning both the
Democratic and Republican Parties and urging revision of
the Constitution to enable the government to cope with
economic problems without interference by the Supreme
Court.
Mr.
on
Thomas
was
President in 1928 and 1932.
was
also
the
Socialist nominee
for
George A. Nelson of Wisconsin
nominated for Vice-President.
Most of the speakers at
the convention attacked the
policies of President Roosevelt,
was socialistic in character.
They predicted instead that continuation of present policies
might lead to a Fascist regime.
United Press Cleveland
advices of May 25 described the nominations as follows:
and denied
Mr.
that his
program
Thomas's name was the
Donovan Hapgood and Roy
only one submitted for President. Mary
Burke of Illinois
for the Vice-Presidency, but they both
Mr.
Thomas
was
were
placed in nomination
declined in favor of Mr. Nelson.
placed in nomination by his long-time associate, Dr.
Harry W. Laidler of New York. The chief seconding speech was delivered by
Mayor Daniel T. Hoan of Milwaukee.
Selection of the white-haired leader came during a three-day convention
which
was
"rubber-stamped" for him throughout.
In addition to the
are
in charge
with
a
plans for bank examiners
of closed banks, Commissioner
suggestion that the post of
At the conclusion
of his address Commissioner Withers,
made it clear that he was not
his
own
State,
sound banking
but that his
in an interview,
pointing toward any particular condition in
demand was made in the broad interest of
throughout the country.
Dr. Luther A. Harr, Secretary
Harrisburg when the address was
radical suggestions
of Banking of Pennsylvania, who was in
made, was informed by telephone
made by Commissioner Withers.
of the
He indorsed them in
principal.
Philadelphia, was elected president
Pennsylvania Bankers Association on May 22 succeed¬
ing Frank F. Brooks, of Pittsburgh.
Mr. Fenninger who is
Vice-President in charge of the trust department of the
Provident Trust Co. of Philadelphia, was formerly chairman
of the trust company section of the association and served as
Vice-President the last year.
He is past president of Phila¬
Carl W. Fenninger, of
of the
delphia Chapter, American Institute of Banking, a director
of Robert Morris Associates, a member of the executive
committee of the trust division of the American Bankers
Association and a director of several corporations.
D.
J.
Leopold, Vice-President and cashier of
the
the First
Vice-President of
Association, and Charles W. Both well, President of the
National Bank of
Lebanon, was named
3612
Financial
/
Farmers and Mechanics National Bank of
Pkoenixville,
Chronicle
Irish
Elected President of Kings
(N. Y.) Bankers Association
S.
William
was
May 30, 1936
County
Irish,
of
re-elected Treasurer.
Reference to
vention
address by
an
H. Parker Willis at the Con¬
May 23, page 3445.
made in these columns
was
S.
William
hattan
Co.,
of
Randolph Perkins, Member of
Representatives from New Jersey
Randolph Perkins,
House
of
meeting
officers elected
First
the
of
Roeder, Vice-President and
Officer
Trust
<
Harold W,
Osterhout, of the National City Bank
(People's Trust Branch, Brooklyn).
York
of
Man¬
elected
was
Bank of Brooklyn.
Vice-President,
Secretary and
Bank
Bank
County Bankers Association at its
Mr. Irish succeeds George A. Barneof the Brooklyn Trust Co.
Other
John W.
Peoples National
New
of
the
branches,
were:
Vice-President,
Second
of
Brooklyn
Kings
May 19.
on
Vice-President
wall,
member of the House of Representavies from New Jersey, died in Georgetown Hospital, in
Washington, D. C., on May 25, following an operation two
weeks ago.
He was 64 years old.
A Republican, Mr.
Perkins was originally elected to the House in 1920.
At
his death, he was a member of the House Committees on
the Judiciary, Elections, and Patents.
The following sum¬
mary of his career is from the New York "Herald-Tribune"
of May 26:
a
the
of
President
Death
Vice-President
charge of
in
Henry
Treasurer,
M. Deist, Vice-President of the
Brooklyn.
Citizens
.
Wyatt Elected President of Bank Officers
Stanley P.
of
Association
Boston—Other
Officers
Elected
Mr. Perkins, who was born in Dunellen, N. J.f was admitted to the New
Jersey Bar in 1893.
His political career began in 1903 when he
Mayor of Westfield, N. J.
Assembly,
where
he
Two years later he
served
three
consecutive
majority leader of the Assembly where he
was
was
elected to the State
was
terms.
In
1906
he
was
the author of the Perkins
railroad tax act.
He
the
County and from 1911 to 1916
Republican County Committee.
He
was
was
unsuccessful in obtaining the
Four years later he was elected to Congress from Bergen County.
Last week he
by Republicans of the 7th District.
in Jersey City, and in
was
on
elected President of the Bank Officers Asso¬
City of Boston at the annual meeting of the
May 20.
Other officers elected included the
a
ings
W.
Symons,
Vice-President
the
of
Roger D. Clark, Cashier of the First National
Secretary, George
He
Mr. Perkins maintained his law offices
1921 formed
Thomas
Vice-Presidents,
Savings Bank;
renominated without opposition
P. Nason, Treasurer of the Charleston
Suffolks
Bank.
Five-Cent Sav¬
Bank.
Harold A.
Treasurer,
Yeames, Assistant Cashier of the Webster
& Atlas
National Bank.
partnership there with Joseph P.
Tumulty, former Secretary of President Woodrow Wilson.
The firm
New
was
directors
elected
are:
William
President of lite National Rockland
Perkins & Tumulty.
as
Association
chairman of
State Senator in 191*6.
served until his death.
known
of Boston, was
ciation of the
following:
moved to Bergen
nomination for
Stanley P. Wyatt, Cashier of the National Shawmut Bank
elected
B. Carolan, ViceBank, and Raymond C.
Dexter, Vice-President of the Second National Bank.
S.
M.
Loftin
Serve
Appointed to Senate from Florida—Will
Until
Successor
for
Late
Park
Trammell
is
Elected—Takes Oath
Scott M.
oath
of
Loftin, Democrat, of Jacksonville, Fla., took the
office
United
as
States
Senator
from
Florida
on
May 27. Mr. Loftin, a past President of the American Bar
Association, was appointed to the Senate on May 26 by
Governor Dave Sholtz, of Florida, to serve until a successor
is elected to the late Park Trammell.
on
May 8
was
referred to in
our
Mr. Trammell's death
issue of May 16, page 3281.
M.
Spencer,
named to
C.
Hawkins Appointed to Succeed H. F. Grady as
Chief of Trade Agreement Division of State
Depart¬
ment—Latter Resigns Effective Aug. 1
Secretary of State Cordell Hull accepted
on
much reluctance," the resignation of Henry
Chief of the Division of Trade Agreements
May 8, "with
F. Grady as
of the State
time announced
Department at Washington, and at the same
the appointment of Harry C. Hawkins, Assistant Chief,
as Mr. Grady's successor.
Mr. Grady, whose resignation
will become effective on Aug. 1, will return as Dean of the
College of Commerce of the University of California.
He
has been Chief of the Division since it formed in
June, 1934,
to facilitate the negotiation of reciprocal trade
agreements
under the Trade
Agreements Act of June 12, 1934.
Board
the
of
the
Home
of Trustees,
and
Savings
Bank,
William
D.
Carl
was
MacKin¬
non, of the Merchants National Bank, was elected to the
Auditing Committee.
As President of the Association, Mr.
Wyatt succeeds Raymond Merill, Trust Officer of the Bos¬
ton Safe
Deposit & Trust Co.
Meeting in Washington of Heads of Federal Reserve
Banks
Heads
of
12
the
Federal
Reserve banks, composing the
Reserve System, met in
Washington on May 26 with the Board of Governors of the
President's
H.
President
council
System to
of
the
Federal
discuss
internal operations, it was stated in a
dispatch, May 26, to the New York "Herald
Tribune," which went on to say:
Washington
Reserve
reserves
Board
members of
of
the
officials
reported
canvassed.
not
was
The
Open
that
heads
the
of
the
problem
ABOUT
Arrangements
E.
BANKS,
were
TRUST
banking
was
excess
said, like the
concentrated
operating the banks and avoided monetary policy
ITEMS
of
banks, it
Market Committee yesterday,
on
details
questions.
COMPANIES,
&c.
made May 28 for the transfer of Albert
Goodhart's New York Stock
Exchange membership to
James N. Slee for $110,000.
#
*
Milton Katz
Appointed Executive Assistant
to
Chairman Landis of SEC
Milton Katz, a member of the legal staff of the Securities
and
Exchange Commission, has become Executive Assistant
Landis, Chairman of the Commission, it was
stated in Washington press accounts of
May 22.
Mr. Katz
succeeds Thomas H. Gammack, whose resignation from that
office wasreferredto in our issue of
May 23, page 3448.
to James M.
Arrangements were completed May 20 for the sale of a
membership in the Chicago Stock Exchange at $4,300, off
$200 from the last previous sale.
♦
The sale of
seat
a
the
Chicago Board of Trade was
announced May 18 at $3,650 net to the
buyer, the lowest
price in many years with the exception of two sales at $3,500
and $3,600.
on
4
The New York agency of
President Harvey of
Borough of Queens to Be Guest
Speaker at June 4 Meeting of New York Chamber
of Commerce
the Standard Bank of South
Africa, Ltd., head office London, announced on May 28
receipt of the following telegram from the head office regard¬
ing the operations of the institution during the year ended
Borough President George U. Harvey of Queens will be
the guest speaker at the June
meeting of the Chamber of
March 31,
Commerce of the State of New York to be held at
to the shareholders
noon
June 4 at 65
Liberty street.
Mr. Harvey, who has been a
handling of WPA projects in New York, will
talk on "Localizing Relief."
Winthrop W. Aldrich, newlyelected president, will preside at the
meeting which will be
critic of the
*
the last before the summer recess of the Chamber.
the first full meeting at which Mr.
Aldrich, who
It will be
was
elected
May 7 last, has presided.
The
rate of
1936:
board of directors
10%
a
have resolved,
subject to audit, to recommend
dividend for the half year ending March 31 last at the
together with a bonus of two shillings per share,
payable in British currency, both subject to British income tax, making
a total of
12% for the year, to appropriate £75,000 to writing down bank
per annum
premises and to add £125,000 to the officers pension fund, carrying forward
balance of £142,700.
The bank's investments stand in our books at less
a
than market value
as
at March 31
and all other usual and necessary pro¬
visions have been made.
The general meeting of
the bank will be held
on
July 22.
4
E.
H.
H.
of
Simmons
Re-elected
Chairman
of
Trustees
Gratuity Fund of New York Stock Exchange—
Committee
Chairmen
The New York Stock
Exchange announced May 27 that
Gratuity Fund of the Exchange have
re-elected E. H. H. Simmons
Chairman; William B. Potts
Secretary and Treasurer, and Allen L. Lindley Secretary
the
York.
Mr.
America, in New
Hoffheimer, who has conducted his own textile
business, is well known in the textile industry.
4
Trustees of the
and Treasurer pro tern.
Three more standing committees of the
Exchange this
week elected their chairmen and
vice-chairmen.
Reference
to the selection
by other committees of their chairmen and
vice-chairmen
and
Herman G. Hoffheimer has been appointed Assistant VicePresident of the Trust Company of North
May
was
16,
made in
3282.
page
action this week
our
issues of May 23, page 3448,
committees which took
The
E.
H.
Public
H.
Simmons,
Chairman
(re-elected);
Richard
Whitney
(re-elected).
Relations:
Maurice
L.
Rogers Winthrop, Vice-Chairman
since
Secretary,
was
1905.
Arthur Foulkes, formerly Assistant
appointed Treasurer on May 13; Frank E.
Johnston was appointed
Secretary, Albert Sturcke, Jr.,
Assistant Secretary, and R. H. Browmell,
Real Estate
Officer.
4
Talmage, Chairman: Edward C. Fiedler, Vice-
Chair man.
Law:
the bank
are:
Finance: Edward T. H.
Vice-Chairman
Irving Van Zandt, formerly Vice-President and Treasurer
of the Union Square
Savings Bank of New York City, was
elected President of the bank on
May 13, succeeding Frederic
C. Mills, who has retired.
Mr. Van Zandt has been with
Farrell,
Chairman
(re-elected).
(re-elected);
Henry
Partners and employees of Brown Brothers Harriman &
Co. on May 28 gave a testimonial
banquet at the Biltmore
Biltmore Hotel, in New York, in honor of Harry A. Steven¬
son, custodian of the bank's vault, who is retiring on a
pension after 50
years
of continuous service.
Mr. Stevenson,
Financial
Volume 142
in point of service, came
the bank's senior employee
for
with the
father
as
a
messenger,
head of the bank when Mr. Stevenson was
was
employed, presented
enson
a
will
stock on or
After the new stock has been paid in and issued the bank
$15,000,000 of preferred stock now outstanding.
The bank
$30,000,000 capital, all common, and $25,000,000 surplus,
of $55,000,000 combined capital and surplus, which is the
shares
July 2.
then
have
making
present
first
a
amount
ferred
behalf of the firm.
on
five
will retire the
Mr. Stev¬
silver platter and a check to
each
before
and served in various depart¬
ments thereafter, being appointed vault custodiam in 1912.
Thatcher M. Brown, senior partner of the firm, whose
bank in 1886
3613
Chronicle
total
stock
bank's
Bailey on May 23 sold a New
Exchange seat for $9,000 to Robert J. Murray,
of Wheeler Brothers, for another.
The previous sale was
$9,500.
retired.
to
stock of the Bank of
ford
is
headed
mittee,
Richardson,
John
by
on
Bonner, of Hill, Frederick & Bonner,
stockholders
with reference to
banks, with H. P. Gifwith a stockholders' com¬
a compromise plan for winding
levied
of
tion
the
proceedings against
limitations
of
statute
some
subsequent issue of the "Transcript," May
addition
In
headed
by
22, further
stock, and the
group
banks
of stockholders
holding a substantial block of
Makrauer,
Smerdon & Makrauer, is cooperating in the
of
Barnes,
for a modofied payment on the stock
place of the $10 assessment levied by the Comptroller of the Currency.
working out of a compromise plan
in
/.
The
♦——
The paper
promotion of Byron Smith from the post of Assistant
Wayne, W. Va., to the
successor
order to devote his time
to
Max Lester who resigned in
to the insurance business, was re¬
ported in Huntington, W. Va., advices appearing in "Money
& Commerce" of May 23.
S. E. Adkins of Greenup, the
dispatch stated, succeeds Mr. Smith as Assistant
Bookkeeper.
of
house
founder
Walter,
Walter,
Woody
&
of
the
securities
Heimerginder, of
Cincinnati,
Ohio, died unexpectedly in that city on May 19.
Born in
Walnut Hills 62 years ago, Mr. Walter lived in Cincinnati
few years spent in Covington, Ky.
He was Assistant City Treasurer of Cincinnati in 1906,
but became connected with the bond department of the
all his life except for a
Savings Bank as a bond salesman in 1908.
In
municipal
Provident
1911 he left the Provident Bank and formed the
bonding house of Mayer, Walter & Co., the name of which
changed
to the
Subsequently
1914.
the Walter, Woody & Heimerdinger
(1922)
was
firm
was
Mayer,
Deppe & Walter Co. in
established under Mr. Walter's leadership.
of
the
for
creditors.
Bank in Palm Beach, Palm
home in
4
nounced
Bank
of
Barrington,
Cook
Chicago, and the
County—were
an¬
May 15, we learn from the Chicago "Tribune"
on
of the following day, which went on to say:
The
First
State
Bank
of
Barrington
54 years old, was well
in New York financial circles.
It is stated that in
known
1927, under the auspices of the Central Hanover Bank &
Trust Co. and the National City Bank, he organized the
10%
that time.
dency of the institution since
♦
The Bank of America National Trust
& Savings Associa¬
(head office San Francisco) has been granted permission
by the Comptroller of the Currency to open a branch at
Main and 110th Streets, Los Angeles, according to an
announcement made May 22 by Dr. A. H. Giannini, Chair¬
man of the bank's general executive committee, it was stated
in Los Angeles "Times" of May 23.
1
♦
Superintendent of branches in the Alberta
district of the Canadian Bank of Commerce (head office
B. Corbet,
J.
Toronto, Can.),
will retire on a pension on June 1, it is
May 23.
Mr. Corbet
the Toronto "Globe" of
from
learned
joined the Canadian Bank of Commerce
ster,
from
at New Westmin¬
Ont., in 1901 after an earlier business training, and
1903 to 1911 served as an auditor at the head office
In July 1911 he was
in Toronto.
transferred to Winnipeg
Inspector and was promoted to Inspector in
On the creation of the Alberta district in 1920 he was
Assistant
appointed
Superintendent
of branches in
office from which he is now
that
area,
the
retiring.
4
The
New
York
of
Agency
(Dominion,
London
ended March 31,
Barclays Bank
payment
the half
year
1936, have been declared at the rate of 8% per annum on the
cumulative preference shares and at the rate of 5% per
annum
on the A and
B Shares, subject to deduction of
income tax at the rate of 4s.
are
These rates
corresponding half
5d. in the pound.
identical (with those declared for the
twelve months a^o.
of
THE
CURB
EXCHANGE
$22,424, bringing the total to 17%%.
Curb market transactions have
paid to depositors of the Cheltenham Trust & Savings Bank, amounting to
$13,448,
which brings total repayments to 70%.
ment this
shown moderate improve¬
week, particularly on Wednesday, when the trend
4
of
The stockholders of
the First National Bank of Chicago,
Chicago, 111., at a special meeting on May 26 unanimously
authorized an increase in the capital stock of the institution
$25,000,000, consisting of 250,000 shares of $100 par
value, to $30,000,000, consisting of 300,000 shares of $100
par value.
The bank's announcement went on to say:
from
Transferable
on
had held the Presi¬
First National Bank in Palm Beach and
year
a
after a prolonged ill¬
Jackson, Mich., on May 23,
The Sherman State Bank paid 10%,
Five per cent on deposits was
$28,276, bringing the total to 40%.
or
distributed
National
Beach, Fla., died at his summer
The deceased banker, who was
that interim dividends for
Dividend payments to approximately 5,800 depositors in
three Illinois closed banks—the Cheltenham Trust & Savings
Bank and the Sherman State Bank, both of
..
Shaughnessy, President of the First
Colonial and Overseas) is advised by cablegram from
,
State
The bank's last printed statement showed
of $225,740, and total
surplus and profits
of April 16, 1936.
♦
$280,000 has been authorized by liquidating officers
Fletcher-American National Bank of Indianapolis
immediate payment to depositors and
First
$10,503,355, as
Francis A.
1914.
Indianapolis, Ind., advices on May 20 to the Chicago
"Tribune" it is learned that a second 5% liquidating pay¬
From
ment of
of
resources
$500,000,
of
stock
capital
as
4
"Cap¬
.
.
prietary interest in their work."
tion
investment
follows:
to provide a larger ratio
being increased
is
.
Cashier and
4
P.
Starr
continued:
Blumeyer, President, outlined the purposes as
of capital assets to
deposits, which have more than tripled in the past two years, and now
exceed $6,000,000.
Stock is being split five for one in keeping with the
trend
fo the times,
and employees will be offered the new
stock to cement more closely employee relations, by giving them a pro¬
ital stock
'
of the bank five
capital stock
$100 to $20; to increase the
Arthur A.
ness.
•
Cashier of the Wayne County Bank of
Caskiership, as
the
split
another group
represented by Clarence A. Barnes and S. Lang
firm
law
representing Massachusetts savings
Bank
National
John Richardson,
the bank's stock,
the
the committee
to
Atlantic
hold
to vote on
for one, by reducing par
capital stock $100,000 by selling
5,000 shares of $20 par value at $32 a share, adding the extra $12 per
share to surplus, and to have present stockholders waive their preemptive
rights to buy the new stock, in favor of the employees of the bank.
To
which
stated:
which
special meeting of its stockholders for July 1
recommendations of the directors:
value from
enforce through institu¬
estates holding Atlantic stock on
already been paid under the assessment.
of
a
the following
of the assessment,
A similar stand
was
taken by the Stockholders' Committee.
Despite the position taken
by large holders of the stock, it is understood that a substantial sum has
A
"Globe-Democrat" of May 20
Co. of St. Louis has called
We learn from the St. Louis
first
the
of Dec. 31, 1931
& Savings Bank, of Flint,
that the Industrial Bank & Trust
Savings Bank Committee voted to defer payment
instalment of which was due March 26 last.
The
the condition report as
Mich.
about to expire.
was
executives of
Inc., were acquitted
Group,
Industrial Trust
Union
the
of
is counsel for the group.
Brandon, receiver for the bank, has taken steps to
J.
Detroit Union
May 20 of alleged banking irregularities by directed ver¬
of Federal Judge Patrick T. Stone of Wausau, Wis.
The charges against the two bankers arose, it is stated,
would provide for a payment by
the plan
Public
dict
Atlantic Bank
of substantially less than the $10 a share assessment on the
by Comptroller of the Currency O'Connor and which Edmund
It is understood
serving
on
of the Atlantic National Bank, it was announced today
(May 21).
The committees hope to have a plan ready for submission to
the court and interested parties in the near future.
Associated with Mr. Gifford are A. K. Story and C. C. Handy.
F. D.
stock
and James L. Walsh, former
affairs
the
up
years,
Teller.
a
Guardian
the
cooperation
in
as
4
Mass.:
working
recently
r Robert O. Lord
"Transcript" of May 21 carried the following
the affairs of the defunct Atlantic Na¬
Chairman,
as
for the past seven
with the bank
Mr. Horger is a graduate of the Taylor
Schools, the Wharton School and St. Thomas College.
representing Massachusetts savings
committee
A
been associated
has
He
most
reference to
tional Bank of Boston,
"Money & Commerce" of
city printed in
May 23, which added:
capital from $25,000 to $75,000.
The Boston
Pa., Robert
Bank, Scranton,
patch from that
4
with
directors of the Scranton Na¬
Horger was promoted
Assistant Cashier of the institution, according to a dis¬
recent meeting of the
a
tional
Gowanda,
Gowanda, N. Y., from $100,000 at a par value of $100 a
share to $25,000 at a par value of $25 a share were approved
by the New York State Banking Department on May 15,
which subsequently, on the same date, approved an increase
the bank's
the
2608.
4
At
#
in
in
increase
proposed
the
to
made
was
capital in our issue of April 18, page
The estate of William C.
York Cotton
Plans to reduce the capital
new
$15,000,000 of pre¬
including the
and surplus
of capital
be
to
Reference
*
payment to be made for the
held,
subscription rights will be issued to stockholders of record
May 26, evidencing their right to subscribe for one new share at $200
prices turned toward higher levels.
Trading
was
quiet
but the
the session opened on Monday
market gradually firmed up and, as the week pro¬
gressed,
some
and without
special feature
as
of the public utilities and specialties recorded
substantial gains.
Irregularity was apparent from time to
time but this disappeared as the market strengthened.
The
volume of business was
as
the trading
small early in the week but improved
gathered headway
on
the upturn.
3614
Financial
Public utilities
Chronicle
fairly firm during the two-hour session
Saturday and, while trading was somewhat more active
during the preceding day, the transfers were down to
approximately 121,000 shares with 235 issues traded in.
Taking the list as a whole, the advances predominated,
though the changes were generally within a comparatively
May 30, 1936
were
on
Our booklet
than
narrow
channel.
The
fecting
"Foreign Exchange Regulations
Exports" contains valuable
and
manufacturers
best
gains for the session included
Electric Bond & Share pref., 1^8 points to 79Texas
Power & Light 7 pref., llA points to
105^; City Auto
Stamping, 1 point to 1634, and McWilliams Dredging, 1 point
to 78K.
Specialties were down and so were the mining and
rtterchants
55 BROAD
STREET, NEW YORK
Member Federal Reserve System
Member New York
Member Federal
the specialties and oil stocks.
The volume of business also
a
substantial increase, the turnover for the
day
showed
totaling 239,000 shares,
preceding day.
compared with 219,000 on the
Outstanding among the advances recorded
as
the market closed were
Central States Electric
as
Aluminium, Ltd., 2 points
to 55;
7% pref., 4 points to 40; Masonite
Corp., 2 points to 86; Newmont Mining, 2 points to 83;
Pepperell Manufacturing Co., 2 points to 5734, and Dow
Chemical, 134 points to 10234The volume of trading again declined on
Thursday, and
while the public utilities held
fairly firm throughout the
session, most of the gains were among the preferred shares.
Specialties also were moderately active and substantial gains
were recorded
by Babcock & Wilcox which improved 3 points
to 86, Mead Johnson 2
points to 95, Singer Manufacturing
Co. 5 points to 345, Newmont
Mining 234 points to 49,
Driver Harris 3 points to
34, Fisk Rubber pref. 2 points to
58 and American Meter Co.
134 points to 2834.
Wayne
Pump which has been quite active on the up side reacted
over a point.
Electric Bond & Share com. eased off frac¬
tionally and Dictograph Products registered a small gain
near its top
price for the year.
Stocks moved higher on
Friday but trading was quiet and
COMPANY
HEAD OFFICE AND FOREIGN DEPARTMENT
Trading was dull and little interest was apparent as the
market opened on Monday but there was a moderate
firming
of prices as the day progressed.
The strong feature of the
dealings was the sharp run up of Dictograph Products (a 15c.)
to 18MI, at its top for the
day, closing at 16, with a net gain
of 23^ points.
Public utilities continued firm and specialties
improved.
The advances included among others: Babcock
& Wilcox, 134 points to 81; Ferro
Enamel, 2 % points to
3634; Jones & Laughlin Steel, 234 points to 34; National
Power & Light pref. (6), 234 points to 80;
Royal Typewriter,
234 points to 62J4; Singer Manufacturing Co., 5 points to
340, and Pacific Power & Light pref. (7), 1 point to 81.
Renewed activity was apparent during the
dealings on
Tuesday and a number of the trading favorites showed
modest gains at the close.
Wayne Pump was again active
and forged ahead 1%
points to 31^4; Aluminum Co. of
America moved forward 21/ points to 122, and South West
Penn Pipe Lines went ahead 4
points to 60. Other noteworthy
advances included such trading favorites as
American
Superpower pref., 234 points to 39; Lake Shore Mines,
134 points to 57J4; Montgomery Ward A, 234 points to 152;
National Power & Light pref., 234
points to 8234, and
Babcock & Wilcox, 2 points to 83.
by
who sell abroad.
MANUFACTURERS TRUST
metal stocks and the oil shares.
The trend of prices continued upward on
Wednesday and
substantial gains were recorded by many of the market
leaders.
Public utilities led the upward
swing, followed
Af¬
information for
Clearing House Association
Deposit Insurance Corporation
FOREIGN
EXCHANGE RATES
Pursuant to the
requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
a
We
record for the week just passed:
EXCHANGE
BANKS
TO
MAY
RATES
CERTIFIED
TREASURY
23.
1936.
BY
FEDERAL
UNDER TARIFF ACT
TO MAY 29.
1936,
OF
RESERVE
1922
INCLUSIVE
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
Unit
May 23
Czecjoslo'kia,
May 25
May 26
May 27
May 28
$
Europe—
Austria, schilling
Belgium, belga
Bulgaria, lev
$
$
S
S
May 29
S
.187216*
.187166*
.187216*
.187200*
.187250*
.168992
.168988
.169022
.169026
.169082
.012825*
.012875*
.012825*
.012825*
.012825*
.041421
.041426
.041401
.041362
.041346
.041339
.222200
koruna
Denmark, krone
.187233*
.169069
.012825*
.222312
.222250
.222383
.222783
.223012
.979916
England, pound sterl'g 4.978000
Finland, markka
.021925
France, franc
.065830
Germany, relchsmark. .402535
Greece, drachma
.009318
.979458
.980875
.991166
.021943
.021962
.021993
.021987
.065830
.065838
.065833
.065834
.065826
.402507
.402500
.042561
.402453
.009306
.009287
.675671
.675700
.675632
.293800*
——
.009312
.675664
Holland, guilder
Hungary, pengo
Italy, lira
.995625
.021925
.293800*
.293750*
.29 4250*,
.078416
.078508
.402414
.009306
,
.009300
.675478
.675217
.294250*
.294250*
Portugal, escudo
.078616
i
.250120
.250229
.250177
.250266
|
.250762
.250995
.187400*
Norway, krone
Poland, zloty
.187250*
.187300*
.187275*
.187650*
.187625*
.045250
.078583
.078583
.078633
.045085
.045160
.045125
.045220
.045260
.007266
.007283
.007266
.007283
.007283
.136394
.256568
.136394
.136400
.136405
.136382
.136380
.256676
.256683
.256779
.257300
.257495
Switzerland, franc—
.323057
.323C23
.323089
.323082
.323057
.322971
Yugoslavia, dinar—,.
.022850
,022850
.022850
.022837
.022866
.022833
.297416
Rumania, leu
Spain, peseta
Sweden, krona
-
.007266
A«ia—
China—
Chefoo (yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
.296250
.297041
.296875
.296708
.296416
.296666
.297208
.297041
.296875
.296041
.296875
.296875
.296875
.297083
Tientsin (yuan) dol'r
.296250
.296416
.296666
.297208
.297041
.296875
.297583
Hongkong, dollar..
.322875
.323416
.323041
.322875
.322875
.322875
.296083
.297583
India, rupee
Japan, yen
.375405
.375790
.375770
.376560
.377050
.291650
.291950
.291990
.291950
.292340
.292400
Singapore (S. S.) dol'r
.583125
.584187
.583437
.583437
.584437
.585250
.375850
Australasia—
3 966750* 3.967968* 3.966437* 3 .967000* 3.979375* 3.980077*
Australia, pound
New
Zealand, pound. 3 995250* 4.000000* 3.993250*
Africa—
3 ,995375* 4.007312* 4.013000*
J
South Africa, pound- 4.923541* 4.925830*j 4.925625* 4.926354* 4.936666* 4.940416*
North America—
.996875
Mexico, peso
Newfoundland,
.997955
.998164
.998394
.998216
.999000
.999000
.999000
.999000
.999000
.277625
.277625
.277625
.277625
.277625
.277625
.994375
.994875
.995437
.995625
.995937
.995750
.331737*
.085850*
dollar
.997408
.999000
Canada, dollar
Cuba, peso
.331912*
.331862*
.332100*
.332425*
.332362*
South America—
Argentina, peso
Brazil, milreis
Chile,
*
.085850*
.085750*
.08 5850*
.085550*
.050625*
.050625*
.050625*
.050625*
.050625*
.050625*
.569000*
.796875*
peso
Colombia, peso
Uruguay, peso
.569000*
.569000*
.569000*
.569000*
.569000*
.796675*
.796875*
.796875*
.796875*
.796875*
.086100*
Nominal rates; firm rates not available.
without special feature.
The volume of dealings slipped down
to
approximately 161,000 shares as compared with 175,000
on
the previous
day.
Scattered through the list were a few
active of the speculative favorites which
regis¬
tered gains of from 1 to 3 or more
points, but most of the
advances were small.
Rubber stocks were in demand at
higher prices and some of the specialties recorded moderate
of the
more
gains.
As compared with Friday of last week,
prices were
slightly higher, Aluminum Co. of America closing last
night at 12234 against 119 on Friday a week ago, Common¬
wealth Edison at 100
against 97 34» Consolidated Gas of Balti¬
more at
9034 against 9034> Elec. Bond & Sh. at 2034 against
1934» Ford of Canada A
at
2134 against 2134> Glen Alden
Coal at 1434 against
14, Hollinger Consolidated Gold Mines
at 16 against 15
34» Lake Shore Mines at 5934 against 5834>
National Bellas Hess at
234
against 234> New Jersey Zinc
at 80 against
79, Niagara Hudson Power at 934 against
834, Pennroad Corp. at 434 against 4, and Sherwin Williams
Co. at 12234 against
12234DAILY TRANSACTIONS AT THE NEW
YORK
COURSE
OF
telegraphic advices from the chief cities of the country
today (Saturday, May 30),
exchanges for all cities of the United States from
which it is possible to obtain weekly returns will be 2.0%
below those for the corresponding week last year.
Our
preliminary total stands at $4,360,389,749, against $4,450,indicate that for the week ended
bank
991,054 for the
same
week in 1935.
Clearings—Returns by Telegraph
Week Ended May 30
Value)
Chicago
.._.
Philadelphia
Boston
Saturday
Monday
120,825
169,850
219,160
Tuesday
Wednesday
Thursday
Friday
239,180
175,270
160,880
Total
Foreign
Domestic
81,172,000
1,828,000
2,549,000
2,848,000
2,419,000
2,367,000
1,085,165 813,183,000
Foreign
Government
829,000
113,000
74,000
$14,000
30,000
41,000
41,000
88,000
32,000
27,000
68,000
70,000
$1,215,000
1,971,000
2,664,000
2,921,000
2,534,000
2,505,000
+ 40.0
209,000,000
+ 29.2
+ 20.3
123,000,000
+ 33.5
56,631,305
63,700,000
+ 24.5
100,784,000
76,027,000
+ 32.6
66,471,395
65,199,734
43,024,474
36,217,228
+ 58.0
93,377,944
67,054,370
46,624,325
30,043,000
New Orleans
+ 22.9
+ 43.2
+ 55.9
+ 28.7
+ 25.2
542,372,606
+ 39.8
$4,360,389,749
$3,418,790,032
1,032,201,022
+ 27.5
$4,360,389,749
-
+ 32.3
$2,876,417,416
Holiday
Total all cities, five days
All cities, one day
22,708,000
$3,602,030,219
758,359,530
Twelve cities, five days
Other cities, five days
$214,000 $13,810,000
$4,450,991,054
—2.0
Complete and exact details for the week covered by the
Sales at
Week Ended May 29
Jan. 1 to May 29
New York Curb
Exchange
1936
Stocks—No. of shares.
1935
1936
1935
1,085,165
1,382,900
69,603,559
20,534,768
$13,183,000
413,000
$18,326,000
196,000
$407,272,000
8,777,000
214,000
138,000
5,508,000
$509,649,000
7,904,000
5,212,000
$13,810,000
$18,660,000
$421,557,000
$522,765,000
Bonds
Domestic
Foreign government
$1,953,573,742
160,864,538
105,036,315
-
Total all cities for week
$413,000
$2,350,898,723
225,233,051
270,000,000
Cent
78,300,000
St. Louis
Baltimore
Total
Corporate
1935
164,178,000
70,500,491
i
New York
Cleveland
of
Shares)
compara¬
Per
Detroit
(Number
Week Ended
May 29 1936
Our
1936
Pittsburgh
Bonds (Par
At this center there is
gain for the week ended Friday of 20.3%.
tive summary for the week follows:
a
Kansas City
CURB EXCHANGE
CLEARINGS
upon
San Francisco
Stocks
BANK
Bank clearings this week will show a decrease compared
with a year ago.
Preliminary figures compiled by us, based
..
Foreign corporate
Total
foregoing will
in our issue of next week.
We cannot
today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
furnish
appear
them
of the week in all
cases
has to be estimated.
In the elaborate detailed
statement,
however, which we
able to give final and complete
week previous—the week ended May 23.
present further below, we
results
for
the
are
Volume
Financial
142
3615
Chronicle
For that week there is
an increase of 1.1%, the aggregate
clearings for the whole country being $5,265,476,549,
against $5,207,863,946 in the same week in 1935.
Outside
of this city there is an increase of 11.4%, the bank clearings
at this center having recorded a loss of 5.8%.
We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show
a decrease of 5.5% and in the Philadelphia Reserve District
of 2.4%, but in the Boston Reserve District there is an
increase of 5.4%.
The Cleveland Reserve District enjoys
a gain of 19.3%, the Richmond Reserve District of 15.2%,
and the Atlanta Reserve District of 28.7%.
In the Chicago
Reserve District there is an improvement of 17.4%, in the
St. Louis Reserve District of 21.9%, and in the Minneapolis
Reserve District of 8.2%.
In the Kansas City Reserve
District the totals are larger by 3.7%, in the Dallas Reserve
District by 18.5%, and in the San Francisco Reserve District
by 14.2%. In the following we furnish a summary by Federal
of
Week Ended May 23
Clearings at—
Inc. or
1935
Dec.
1934
$
$
%
$
$
244,412
280,914
73,817,002
1,293,418
6,887,182
769,420
Seventh Feder al Reserve D istrlct—Chic ago—
—11.8
281,038
318,817
Mich.—Ann Arbor
Detroit
Grand Rapids
101,408,358
2,665,255
1,575,253
1,087,799
16,009,000
1,691,803
4,486,907
16,829,836
.
Lansing
Ind.—Ft.
Wayne
Indianapolis
South Bend
Terre Haute
Wis.Milwaukeela.—Ced. Rapids
Des Moines
+ 34.0
1,988,313
+ 38.6
1,136,712
+ 40.1
776,465
+ 26.5
12,660,000
840,255 + 101.3
+20.4
3.727,628
7,709,524
3,210,713
590,812
290,534,141
__
SUMMARY
OF
+4.6
329,152
+ 79.5
+ 20.0
+47.4
1,281,273
580,314
975,518
Total (18 cities)
456,172,170
388,488,358
Reserve Di strict—St. L ouls—
111.—Bloom'gton.
Chicago
Decatur
686,203
Peoria
Rockford___
4,217,441
855,444
__
Springfield
Mo.—St. Louis.
1935
1936
1936
Ky.—Louisville—
1933
1934
Dec.
Tenn.—Memphis
Reserve
Dlsts.
1st
Boston
2nd
New York..12
S
S
12 cities
+ 16.9
425,631
1,733,719
+31.3
2,358,266
509,831
866,896
+ 17.4
320,160.440
217,963,989
52,700.000
+ 60.4
S
S
%
235,098,317
-
+5.4
199,251,178
502,397
663,414
+20.0
23,786,059
+ 23.2
65,500,000
21,196,302
12,823,062
+ 30.2
10,647,235
16,665,489
8,790,509
b
b
+ 37.0
294,000
237,265
112,585,121
+ 21.9
97,637.537
78,393,263
Reserve Dist rict—Minnea
polls—
+ 21.3
1,804,761
1,933,310
44.208,319
b
b
b
515,000
376,000
137,197,994
Quincy
196,056,331
—5.5
223,012,810
75,600,000
90,700,000
29.293,401
16,689,593
III.—Jacksonville
Federal
452,654
6,196,059
2,708,775
313,746
202,503,517
494,242
+ 6.5
242,067,155
587,175
2,630,097
365,828
7,768,000
413,097
262,159
9,691,756
154,881
3,888,297
1,839,364
37,342
181,904,652
3,623,934
11,844,747
+ 32.4
7,237,833
3,069,536
375,936
648.075
10,427,000
859,008
BANK CLEARINGS
Inc.or
Week End. May 23,
998.858
+8.3
15,535,490
794,047
1,051,370
Sioux City.—
+8.8
93,233,851
Eighth Federa 1
Reserve districts:
1933
1936
"
3,047,899,807
3,225,008,261
2,704,681,376
2,853,072,916
3rd
Philadelphia 9
"
356,898,855
365,533,452
—2.4
277,140,799
254,294,882
4th
Cleveland—
5
"
262,031,177
219,695,755
+19.3
200,984,823
143,329,391
6th
Richmond .6
"
117,001,593
101,526,359
+15.2
89,939,229
68,055,714
Ninth Federal
6th
Atlanta
10
"
141,647,748
110,081,053
71,194,383
Minn.—Duluth—
Chicago
18
"
455,172,170
388,488,358
+28.7
+ 17.4
94,013,623
7th
320,160,440
217,963.989
8th
St. Louis...
4
"
137,197,994
112,585,121
97,637,537
78,393,263
Minneapolis 7
10th KansasCity 10
"
94,419,702
67.622,878
62,778,309
"
127,416,714
97,194,688
75,185,501
11th Dallas
"
56,539,318
9th
12th San
5
Fran..12
"
+3.7
47,694,315 + 18.5
204,094,935 + 14.2
39,593,581
29,580,672
161,936,511
132,992,698
5,265,476,549
5,207,863,946
+ 1.1
4,350,156,663
4,182,898,049
2,320,544,321
2,082,140,491
+ 11.4
1,723,832,743
370,498,839
—1.6
253,586,402
224,089,814
.
3,051,339
62,506,966
23,230,148
2,516,440
56,510,661
1,890,752
639,012
1,575,562
644,036
+ 20.0
572,113
482,976
+ 18.5
2,529,372
2,817,956
Total (7cities).
94,419.702
87,267,640
Tenth Federal
Reserve Dis
trict—Kans
99,160
86,800
Minneapolis.Paul.
St
N. 1).— largo
8. D.—Aberdeen
Monn.g-Billings
.
Helena
32 cities
Neb.—Fremont—
We
add
now
our
detailed statement showing last week's
Hastings
Omaha
__
Wichita
Clearings al-
Mo.—Kan. City.
Inc. or
1936
1935
St.
1933
1934
Dec.
Joseph
CoIo.-^Ctilo.Spgs
Puebio
S
Reserve Dist rict-
Me.—Bangor.
541,243
Portland
1,689.760
Mass.—Boston..
202,450,633
Boston
549,262
1,418,702
S
_%
Total (10 cities)
—1.5
494,370
1,371,791
173,965,300
617,286
+ 4.8
631,634
Lowell
412,337
337,341
+ 22.2
New Bedford..
621,704
555,727
+ 11.9
2,836,267
2,556,913
+ 10.9
1,730.225
1,212,280
11,037,897
3,286,142
+42.7
7,877,200
+ 17.0
427,844
223,012,810
River
Springfield
Worcester
Conn.—Hart ford.
N.H.—Manches'r
10,512,508
3,851,800
9,220,100
600,106
Total (12 cities)
235,098,317
New Haven.
R.I.—Providence
Second
+ 2.8
289,892
547,305
2,451,173
1,094,175
—4.8
370,619
1,268,889
171.489,498
588,712
220,316
371,832
2,540,965
1,015,578
7,743,485
Bingham ton
Buffalo
Elmira
4,907,332
1,159,891
31,282,851
722,104
18,315,714
30,804,732
27,800,000
438,685
25,520, 024
+ 64.6
424, 828
+24.8
343, 117
—5.8 2,626,323, 920
5,144, 508
+ 15.6
2,838, 845
2,764, 136
+ 12.8
+ 35.3
274,887
,776,196,004
4,849,151
2,661,883
2,110,213
+ 18.1
500, 000
14,328, 907
—13.3
19,313, 099
13,629,335
20,377,603
—5.5 2,704,681,376
2,853,072,916
+ 5.3
.
Reading
Scranton
Wilkes-Barre..
York
N. J.—Trenton..
Total (9 cities).
356,898,855
275,634
+ 35.8
326,826
+7.7
946,663
+ 32.1
242,744
787,243
354,000,000
1,134,528
—2.3
1,751,945
+ 28.1
1,921,793
919,148
+ 48.3
1,231,662
1,159,450
4,958,000
+ 5.3
—44.5
948,305
1,720,000
365,533,452
—2.4
+ 9.7
269,000,000
962,226
277,140,799
289,199
221,903
702,231
246,000,000
966,695
1,327,858
1,249,209
810,787
2,727,000
254,294,882
b
__
Cincinnati
53,322,929
79,490,976
Cleveland
Columbus
9,202,600
1,739,195
Mansfield
Youngstown...
Pa.—Pittsburgh.
b
45,996,042
71,588,766
11,041,100
1,109,179
b
118,275,477
b
89,961,668
262,031,177
219,696,755
W.Va.—Hunt'ton
Va.—Norfolk
267,462
2,766,000
33,952,828
Total (6 cities).
117,001,593
101,526,359
Reserve
Tenn.—Konx vllle
b
+ 15.9
b
+ 11.0
56.638,492
9,164,100
1,131,951
+ 56.8
b
+31.5
+ 19.3
+ 4.2
+ 17.3
b
93,717,744
200,984,823
133,750
1,758,000
26,952,697
+ 15.0
605,993
+ 7.8
+ 37.0
48,537,008
11,951,781
+ 15.2
89,939,229
30,582,880
39,795,624
5,960,500
720,945
b
66,269,442
143,329,391
81,298
1,945,000
22,748,389
648,452
33,020,782
9,611,793
+ 26.4
2,604,745
13,442,075
+ 14.5
37,800,000
+ 37.0
Augusta
964.085
929.236
Macon
748,127
616,315
Fla—J'ksonville.
Mobile
Miss.—Jackson.
.
Vicksburg
La.—New Orl'ns.
Total (10 cities)
17,553,000
18,132,665
1,460,203
b
99,360
32,204,440
141,647,748
+3.7
97.194,688
75,185,501
604,454
31,340,314
571,983
22,021,990
4,278,422
2,488,990
406,671
District—Da lias—
—61.3
+ 23.9
4,557,353
1,326,000
+ 12.3
+ 18.9
b
—0.7
1,138,255
b
Yakima—...
758.968
568,044
+ 33.6
Ore.—Portland..
30,096,467
+ 28.0
Utah—S. L. City
14,607,569
3,967,767
3,148,144
6,609,190
23,510,867
11,568,151
Calif.—Long B'ch
Pasadena.
....
Sacramento—
San
Francisco
Santa Barbara.
Stockton..
Total (12 cities)
total
1,226,600
1,866,118
233,153,154
2,320,544,321 2.082,140,491
+ 11.4 1,723,832,743 1,406,702,045
Inc. or
1935
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
145,701,637
86,839,093
51,883,124
17.796,691
16,872,062
3,471,679
2,328,050
4,357,233
6,607,344
1,914,353
1,591,393
2,982,738
3,838,763
3,754,336
14,347,513
+ 28.7
94,013,623
71,194,383
%
+ 8.6
134,212,050
89,285,888
65,549,444
15,617,656
24,790,830
—20.8
3,561,448
—2.5
2,279,205
3,911,748
5,702,083
+ 2.1
—2.7
+ 14.0
—31.9
+ 11.4
+ 15.9
+ 8.8
Brandon
292,747
1,760,094
1,473,977
2,570,509
4,371,761
2.811,511
288,267
Lethbridge
429,095
453,337
—5.3
1,483,030
584,281
1,520,748
493,292
+ 18.4
Victoria
-
Saskatoon
Moose Jaw
Brantford
+ 8.0
1934
$
83,636,343
70,319,804
57,943,419
11,263,293
3,548,123
3,306,760
1,880,863
3,145,133
4,132,078
1,290,920
1,099,535
1,871,437
1,682,231
—12.2
2,912,352
2,405,251
249,618
333,664
2,346,269
+0.2
670,247
+ 19.5
375,233
470,226
370,498,839
-1.6
258,586,402
224,089,814
+ 33.5
+1.6
—2.5
982,105
435,318
586,610
479,043
509,450
561,253
—9.2
1,181,027
3,212,445
974,443
+21.2
340,723
154,892
490,024
506,246
958,102
2,521,162
+27.4
2,024,523
Prince Albert—
324,358
322,841
+0.5
Moncton
742,759
532,351
720,281
+ 3.1
494,775
+ 7.6
232,524
542,230
345,912
324,098
229,933
635,231
Sherbrooke
Windsor
Kingston
Sarnia
Sudbury
487,034
499,356
801,024
Total (32 cities)
364,717,726
a
Not Included in totals.
*
Estimated.
i
3,324,958
2,325,454
1,667,816
2,702,108
4,790,390
1,405,418
1,111,488
447,772
498,506
1,313,095
526,998
Kitchener
75,581,982
55,336,359
50,108,015
11,180,076
+ 16.0
+ 27.6
779,596
587,215 + 123.6
+ 10.6
476,436
+0.2
229,443
+ 13.2
561,021
995,016
New Westminster
1933
1,858,180
199,982
217,596
873,944
357,442
644,985
380,567
327,735
138,739
397,634
475,962
725,535
1,671,955
182,489
694,391
374,244
309,150
304,157
392,563
•
84,318
19,724,484
Dec.
§
Canada—
Chatham
+ 36.5
132,992,698
+ 1.1 4,350,156,663 4,182,898,049
1936
9,316,964
795,125
79,655
161,936,511
+ 8.3
+ 31.5
Week Ended May 21
306,689
9,625,000
+ 3.0
+ 14.2
204,094,935
+9 8
+ 21.7
Clearings at-
860.171
b
+ 19.6
11,148,795
2,448,031
2,214,426
2,700,261
91,996,717
1,426,722
829,337
1,043,424
+ 25.7
+ 26.3
.
5,265,476,549 5,207,863,946
Peterborough...
b
17,602,447
(110
Outside N. Y
753.701
b
20,542,908
6,455,000
400,175
20,730,715
3,551,000
231,176
15,544,698
7,734,588
2,614,286
1,991,737
2,423,123
78,548,800
1,100.888
772,449
877,506
+ 26.3
3,157,562
2,492,430
6,018,878
115,891,907
1,711,984
932,779
1,560,653
125,566,000
2,082,654
.
San Jose
448,371
11,678,000
12,342,568
987,222
+41.4
SCO—
+ 10.5
+ 3.8
+ 16.5
Franci
+ 19.8
+21.4
+ 21.9
110,081,053
378,951
122,874,887
7,913,000
3,231,988
7,926,615
24,700,000
15,559,287
1,032,425
96,496
23,600,474
422,021
28,768,680
2,299,007
10,100,615
35,600,000
14,400,000
b
68,055,714
a—
3,293,548
Ala .-Birmingham
+ 24.8
8,745,000
Winnipeg
b
40,332,536
—16.7
15,392,320
51,800,000
Nashville
Ga.—Atlanta
—1.7
476,810
34,478,677
Spokane
Fort William
Reserve Dist rict—Atlant
514,652
2,444,370
Medicine Hat..
Sixth Federal
1,498,381
2,880,490
385,028
29,580,672
Regina
D.C.—Wash'gt'n
Md.—Baltimore.
127,416,714
+ 4.6
39,593,581
.
Edmonton
1,149,873
56,697,098
22,168,332
S. C.—Charleston
—5.6
+ 18.5
-Richm ond-
2,654,000
28,951,244
—999,837
52,610,376
16,187,031
Richmond
49,414,671
2,887,557
47,694,315
123,871 + 115.9
Reserve Dist rict
18,669,701
1,008,216
2,073,657
64,460,617
56,539,318
Total (5 cities)
London
Fifth Federal
23,264,907
1,837,151
+ 32.6
1,570,022
St. John
Total (5 cities).
+ 6.9
—69.5
1,967,105
83,337,372
1,765,460
Montreal
Feder al Reserve D istrlct—Clev land
Ohio—Canton
1,284,371
+ 35.6
Toronto
Fourth
35,549
b
57,263
2,123,595
cities)
380,498
283,220
304,968
48,440
a721,742
Grand
516,580
——
2,879,597
20,998,727
431,049
292,303
Reserve Dist rict—Phil ad elphia
1,250,832
346,000,000
1,244,364
2,244,863
1,363,491
1,220,757
2,753,000
City
+ 14.2
Twelfth Feder al Reserve D istrlct—San
+ 12.5
15,505,759
35,545,432
as
Wichita Falls..
Galveston
Wash.—Seattle..
Third Federal
Philadelphia...
62,778,309
262.321
La.—Shreveport.
10,662,054
606,376
775, 820
3,047,899,807 3,225,008,261
Lancaster
67,622.878
455,051
196,056,331
Total (12 cities)
Chester
+ 8.2
2,608,733
87,185,763
2,725,545
505,905
595,081
6,117,609
1,946,000
Worth
199,2514,78
6,404, 172
422,415
527,137
2,944,932,228 3,125,723,455
6.637,621
5,743,768
Syracuse
3,919,788
3,475,108
Conn.—Stamford
4,290,409
3,170,506
N. J.—Montclair
380,000
*400,000
Pa.—Altoona
1,702,360
36,041,356
5,447,994
1,637,000
a726,907
Ft.
+ 5.4
+ 50.2
Rochester
Northern N. J.
—10.2
1,765,114
946,223
+40.3
—18.6
New York
Newark
1,249,478
+ 35.3
44,649,889
Dallas
3,517,434
6,636,700
6.031,116
772,017
Jamestown
29,587.600
1,157,705
Eleventh Fede ral
Tex.—Austin
7,512,921
3,532,221
6,961,700
413,044
+ 17.2
Feder al Reserve D istrlct—New York—
N. Y.—Albany..
12.967,470
354,742
311,930
1,895,830
.
+ 19.1
193,138,889
614,613
Fall
—0.8
2,083,077
27,672,257
3,799,107
2,817,454
Kan.—Topeka
Week Ended Mag 23
Federal
17,086,295
1,349,794
50,150 + 166.7
133,768
—_
Lincoln
figure for each city separately for the four years:
Flrst
44,819,526
+ 10.6
+ 2.2
22,720,009
1,406,702,045
364,717,726
Outside N. Y. City
Canada
87,267,640
122,874,887
233,153,154
—110 cities
Total
+ 21.9
+ 8.2
Total (4 cities)
b No clearings
+ 8.8
available.
Chronicle
Financial
3616
Condition of National Banks March 4, 1936—The statement
troller's call of March 4, 1936 has
for
May 30, 1936
of condition of the INational banks under the Comp¬
just been issued and is summarized below.
previous calls back to and including March 4, 1935
ABSTRACT OF REPORT OF CONDITION
are
For
OF NATIONAL BANKS IN THE UNITED STATES ON
AND
DEC.
of comparison, like details
purposes
included.
MARCH 4, JUNE 29, NOV. 1,
31, 1935 AND MARCH 4, 1936
Mar. 4 1935
June 29 1935
Dec. 31 1935
Mar. 4 1936
(5,451 Banks)
(5,431 Banks)
(5,409 Banks)
(5,392 Banks)
(5,381 Banks)
$7,489,904,000
$7,365,226,000
3,491.000
6,077,724.000
$7,301,371,000
$7,505,321,000
$7,430,864,000
4,235.000
6,480,438,000
Nov. 1
1935
Assets—
Loans and discounts (including rediscounts)
Overdrafts
United States government securities, direct obligations
Securities guaranteed by United States government
4.543,000
6,283,866,000
to
as
836,425.000
c3,489.381,000
117,486,000
653,842.000
167,113.000
2,772.766.000
391,428,000
Customers' liability account
of acceptances
Banking house, furniture and fixtures
estate owned.
Cash
in
1,260,535,000
3.684,778.000
80.906,000
1,257,342,000
3,665,424,000
89.101,000
647.677,000
Balances with other banks and cash items in process of collection
Cash items not in process of collection
171 ,455.000
3,092 ,178.000
405 ,513,000
b3,370 .530.000
32,797,000
4,592,000
795.000
180,623,000
650,478,000
180,629,000
3,453.672,000
404,379,000
b4,007,999,000
;
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or drafts sold with
endorsement
-
Other assets
183,242,000
3,436,909,000
493,839,000
4,209,574,000
12,058,000
1.305,541.000
3,803,037,000
85,774,000
647,194.000
184,211,000
3,637,060,000
469,042,000
4,092.344.000
7,689,000
12.060.000
1,556,000
1,413,000
194,186,000
vault
Securities borrowed
1.095 ,283,000
c3.543 .379,000
86 .753,000
651 ,463.000
b3.522,577,000
-
Federal Reserve banks.
Reserve with
3.463,000
6,554.770.000
interest
and principal
Other bonds, stocks, securities, &c
Other real
5,190,000
6,233.061,000
7,136,000
8,565,000
537,000
158,630,000
4,647,000
547,000
547,000
158,298.000
140.396.000
$25,959,283,000 $26,061,065,000 $27,430,730,000 $28,224,701,000 $28,293,019,000
Total.
Liabilities—
$9,079,618,000
6.441,740,000
Demand deposits of individuals, partnerships and corporations
Time deposits of individuals,
partnerships, and corporations
1,677,924,000
1,041,263,000
State, county, and municipal deposits
United States government and postal savings deposits
Deposits of other banks, certified and cashiers' checks outstanding, and
cash letters of credit and travelers' checks outstanding
Total deposits
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments
l
Circulating notes outstanding
Agreements to repurchase U.S. government and other securities sold..
Bills payable
3.775.154,000
$627,022,000
5,512,000
10,427,000
340.000
1
endorsement
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid
Dividends declared but not yet payable and amounts set
dividends
23.000
1,556,000
119,096,000
5,202,000
1,413,000
48.751,000
Acceptances executed for customers
Acceptances executed by other banks for account of repoting banks
3,671,371.000
4,163,929,000
4,367,617,000
$222,095,000
4,194.000
3,989.000
654.000
37.000
$2,251,000
3,833.000
1,174,000
44,000
$2,301,000
2,233.000
769.000
41,000
$1,585,000
-4,330,000
843,000
38,000
4,592.000
85.599,000
8,171,000
795.000
8,565,000
75,193,000
7,136.000
84.627.000
11,953,000
537,000
13,066,000
4,647.000
84,289,000
10,282.000
547.000
547.000
42,335.000
58,938,000
42,744,000
50,343,000
21,004,000
62.936,000
1,809,503.000
831,846,000
297.967,000
143.951,000
3,151,000
6.910,000
98.152,000
1,776.591.000
865,955,000
337.452,000
147,282,000
2,664.000
25.686,000
1,758.450.000
887.934.000
302.395.000
151.381,000
5,001.000
8,985,000
137,460,000
1,750,246,000
895,242,000
327,782.000
151,056,000
5,889,000
aside for
5,399,000
49,895,000
1,804.739,000
not declared
Other liabilities
Capital stock (see memorandum below)
834.878.000
Surplus
rpi
Undivided profits, net
Reserves for contingencies
283.557,000
143,728.000
2.046.000
Preferred stock retirement funds.
4,576.829,000
$22,015,699,000 $22,518,246,000 $24,033,236,000 $24,847,733,000 $24,859,455,000
2.122,628.000
2,366,543,000
2,121,816,000
2,115,605,000
2,278,513,000
19,737,186,000 20,402,641,000 21,911,420,000 22,481,190,000 22,736,827.000
Rediscounts
Obligations on industrial advances transferred to the Fed. Res. Bank..
Acceptances of other banks and bills of exchange or drafts sold with
$10,549,984,000 $10,911,717,000 $10,863,696,000
$9,674,923.(0
6.878,346.000
6,816.676.000
6.761.989.000
6.616,982.0UO
1,953.679,000
1,979,040.000
1,924,867,000
1,845,315.000
586.905,000
772.683,000
632,467,000
679.655,000
92,657.000
$25,959,283,000 $26,061,065,000 $27,430,730,000 $28,224,701,000 $28,293,019,000
Total
Memorandum:
value
of capital
Class
A
Class
Par
B
stock:
preferred stock.
preferred stock-
$492,685,000
19,389,000
1,294,374.000
Pledged:
Against
Against
Against
Against
Against
Against
circulating notes outstanding
United States government and postal savings deposits
State, county, and municipal deposits
deposits of trust department
other deposits
borrowings
With State authorities to qualify for the exercise
$1,813,970,000
$1,782,313,000
$1,765,738,000
$1,757,110,000
$2,004,611,000
720,798,000
52,627,000
$1,847,522,000
$2,056,526,000
$1,871,796,000
680.056.000
31,152,000
685.274.000
31.894,000
638,774,000
26,061,000
$2,778,036,000
$2,558,730,000
$2,773,694,000
$2,536,631,000
$655,559,000
1,153.407,000
1,022,472,000
289,009,000
154,086,000
12.804,000
$225,444,000
805,797.000
1,067.782.000
$752,252,000
1,069,257.000
$858,188,000
1.188,515,000
6,358,000
6.673,000
447.324,000
171,022,000
4,490.000
$705,160,000
1,166,324,000
393,639,000
159,676,000
6,680,000
86,722,000
17.110,000
86,944,000
17,403,000
87,393,000
16,762.000
87,181,000
17,281,000
$3,391,402,000
Total.
$481,708,000
21,021,000
1,254,381,000
85,246,000
18,819,000
guaranteed
1,257.034.000
$3,391,402,000
Loans and investments pledged to secure liabilities:
U. S. government obligations, direct and/or fully
Other bonds, stocks, and securities
Loans and discounts (excluding rediscounts)
$503,529,000
21,198,000
1.257,586,000
$2,575,262,000
744,862,000
71,278,000
Total.
$503,914,000
21,208.000
1,288.848.000
$1,806,448,000
Common stock
$2,778,036,000
$2,558,730,000
$2,773,694,000
$2,536,631,000
411,138.000
157.685.000
$487,683,000
21,021.000
470,989.000
155.212.000
of fiduciary
powers
For other purposes
Total.
Details of demand deposits:
$10,911,717,000 $10,863,696,000
Deposits of individuals, partnerships, and corporations.
States government deposits
;—
State, county and municipal deposits
Deposits of other banks in the United States (except private banks
and American branches of foreign banks)
Deposits of private banks and American branches of foreign banks
Deposits of banks in foreign countries (including balances of foreign
branches of other American banks, but excluding amounts
due to
1,668,095,000
3.507,044,000
82,163,000
3,864,604,000
51,646,000
202,413.000
167,986,000
450,622.000
365,238,000
308,676,000
644,178.000
5,905,975,000
12.081.000
254,442,000
187.394,000
285,584,000
654,061,000
5,911,688,000
27,962,000
284,635,000
150,249,000
foreign branches)
checks (including dividend checks), letters
own
436,656,000
585,289.000
1.670,364,000
United
Certified and cashiers'
of credit and travelers' checks sold for cash, and amounts due
to Federal Reserve Bank (transit account)
Details of time deposits:
State, county and municipal deposits
Certificates of deposit
;
Open accounts
.
Postal savings.
Deposits of other banks in the United States (except private banks
and American branches of foreign banks)
\
Deposits of private banks and American branches of foreign banks)
Deposits of banks in foreign countries (including balances of
foreign branches of other American banks, but excluding
amounts due to own
foreign branches)
Ratio of required reserves to net demand plus time deposits:
Central Reserve cities
Other Reserve cities
All Reserve cities
Country banks
Total United States
b Includes
c
Includes
cash
items
Home
not
Owners'
in process
246,326,000
677.721,000
5,685,539,000
40,969,000
242,753.000
242,834,000
249,791.000
637.126,000
5,799,725,000
55,611,000
269,527,000
193,699,000
106,974,000
105,685,000
104,798,000
121,736,000
206,000
114,990,000
8,163,000
4,320,000
4,157,000
3,433,000
4,202,000
11.78%
7.31%
9.03%
4.98%
11.81%
7.41%
9.13%
7.49%
Deposits evidenced by savings pass book
Christmas savings and similar accounts
236,092,000
660.613,000
5,509.152,000
24,286,000
247,689,000
313,660,000
7.079,000
.
7.60%
11.90%
7.51%
9.27%
4.77%
7.76%
11.97%
7.51%
9.30%
4.80%
7.80%
4.99%
of collection the amount of which was not called for separately prior to
Loan Corporation
4%
Dec. 31 1935.
only
bonds, which, are guaranteed by the United States as to Interest
12.01
7.51
9.34'
4.80'
7.84'
Volume
Financial
142
COMPLETE PUBLIC DEBT OF THE UNITED STATES
THE ENGLISH GOLD AND SILVER MARKETS
reprint
We
the
under date of
The statement of the public debt and Treasury cash hold-,
ings of the United States, as officially issued as of Feb. 29,
1936, delayed in publication, has now been received, and as
£203,660.401
interest attaches to the details of available cash and the gross
the weekly circular of
following from
Samuel Montagu & Co. of London, written
May 13 1936:
GOLD
The Bank of England gold reserve against notes amounted to
May 6
on
Purchases
of
amounted to
Business
bar
bar
gold
in
was
the open market
has been active and a large amount
However,
became easier, as a consequence
parity of that
the premium
over
Quotations during the week:
,
...
Equivalent Value
of £ Sterling
i2s. 0.90d.
12s. 1.16d.
12s. 1.42d.
12s. 1.12d.
12s. 1.42d.
12s. 1.64d.
12s. 1.28d.
Per Fine
I
Ounce
May
7
May
8
May
9
May 11
May 12
May 13
Average
140s.
140s.
140s.
140s.
140s.
140s.
-140s.
following
were
8%d.
5%d.
2%d.
6d.
2%d.
4.17d.
the United Kingdom Imports and Exports of Gold
registered from mid-day
May 4 to mid-day
on
May 11:
on
British India.
6.187
British India
--
Belgium
2,166,212
_
France
12.808
6.850
Australia
New Zealand.-
470,456
Switzerland
Other countries
687,758
British Malaya
Hongkong..
142,645
10,193
41,056
43.133
.......
....
Trinidad and Tobago
Netherlands
8.736
29,530
161,388
21,137
1,790,505
Belgium
Belgian Congo..
France....
Switzerland...
Other countries
65,146
16,901
£3,387,857
£5,469,868
The SS. Strathaird which sailed from Bombay on May 9
carries gold to
the value of about £272,000 consigned to London.
Transvaal
1936 amounted to 912,639 fine
for April
gold output
compared with 933,776 fine ounces for March 1936 and 869,956
ounces
for April, 1935.
After declining to 20 %d. for cash and
20 3-16d. for two months' delivery
by May 9, prices recovered %d. on May 11, the next working day, when
was
by
was
and 20 7-16d.
fixed for the respective deliveries.
were
due mainly to China speculative forward buying,
The rise
possibly influenced
that some agreement on monetary affairs
report from Washington
a
believed to have been reached at the conversations between the United
States Treasury and Chinese Bankers.
The
Indian
somewhat
1-16d.
on
China account
Bombay; with more enquiry
premium of
was
also some reselling by the Indian
speculators.
as
sellers
%d. for two months' delivery.
were
the United Kingdom imports and exports of silver
on
May 11:
Imparts
Exports
British India
£28,322
British South Africa
4,510
2,033
1,825
5,259
3,333
2,655
Australia
New Zealand
.
*
Belgium
France...
Colombia
Other countries
..
£21,000
13,836
11,312
Germany
France
Netherlands
Portugal
.....
Channel Islands
Other countries
1,480
1,699
*3,500
1,739
926
.
£48,863
*
£54,566
Coin at face value.
Quotations during the'week:
IN LONDON
IN NEW YORK
-Bar Silver per Oz.Std.Cash
2 Mos.
20%d.
20 %d.
„.20%d.
20%d.
-20%d.
20 7-16d.
-..20.302d.
May
7
May
8
May
9
May 11.
May 12
May 13
Average
Discount secured
Settlement
......
731,837,131
3,731,255
1,911,981
-
War Savings Certificates
on
checks
on warrant
Total
'
or
25,814.413
280,208,073
3,864,350
4,274,518
314,161,374
759,434,612
Balance, deficit (—•)
surplus (+).———— +987,928,810 +1758,499,542
INTEREST-BEARING DEBT OUTSTANDING
Interest Feb.
Title of Loan—
Payable
Q.-J.
..Q.-F.
-Q.-F.
2s Consols of 1930
—
3s of 1961
—
49,800,000
28,894,500
258,050,000
Certificates of indebtedness
Treasury notes
Treasury bills
——
-
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
Total debt
28,894,500
161,100,000
1,392,226,250
—-
5,002,450
532,489,100
—.———
758,955,800
1,036,762,000
489,087,100
454,135,200
352,993,950
544,914,050
818,646,000
755,476.000
834,474,100
1,400,570,500
1,518,858,800
1,035,884,900
491,377,100
2,611,155,700
1,214,453,900
196,146,713
120,881,020
12,269,711,050
2,404,722,000
3,492,150
c3,177,359,650
758,983,300
1,036,834,500
489,087,100
454,135,200
352,993.950
544,914,050
818,646,500
755,478,850
834,474,100
1,400,570,500
1,518,858,800
824,508,050
491,377,100
——
101,943,340
9,582,443,400
1,978,804,000
—29,645,950,383 27,969,042,470
685,805,397
505,190,873
187,866,560
52,028,405
-
—
$
699,724,050
48,954,180
25,947,400
49,800,000
—
Q.-J.
3%s First Liberty Loan, 1932-1947
J.-D.
4s First Liberty Loan, converted 1932-1947
J.-D.
4%s First Liberty Loan, converted 1932-1947.-J.-D.
4%8 First Liberty Loan, 2d conv., 1932-1947.-J.-D.
4%s Fourth Liberty Loan of 1933-1938
A.-O.
4%s Treasury bonds of 1947-1952
A.-O.
3s Treasury bonds of 1944-1954..
J.-D.
Treasury bonds of 1946-1956..
M.-S.
Treasury bonds of 1943-1947
J.-D.
3%s Treasury bonds of 1940-1943
_.J.-D.
3%s Treasury bonds of 1941-1943.
M.-S.
3%s Treasury bonds of 1946-1949
J.-D.
3s Treasury bonds of 1951-1955
M.-S.
3%s Treasury bonds of 1941
F.-A.
4%s-3%8 Treasury bonds of 1943-1945
A.-O.
3%s Treasury bonds of 1944-46
A.-O.
3s Treasury bonds of 1946-1948
J.-D.
J.-D.
3%s Treasury bonds of 1949-1952.
2%s Treasury bonds of 1955-1960..-...—.—M.-S.
2%s Treasury bonds of 1945-1947
M.-S.
U. S. Savings bonds, series A
2%s Postal Savings bonds
J.-J.
Feb. 28, 1935
29, 1936
$
Q.-M.
3s convertible bonds of 1946-1947
-
add Treasury deficit
a30,519,622,340 28,526,261,748
+987,928,810 +1758,499,542
Net debt
-
20%d.
20 %d.
20 3-16d.
20 7-16d.
20 7-16d.
20 %d.
{Per Ounce .999 Fine)
6
.45 cents
7.
45 cents
8
45 cents
May
May
May
May
9
May 11
May 12
——b29,531,693,530 26,767,762,206
-
-
a Total gross debt Feb. 29, 1936, on the basis of dally Treasury statements was
$30,519,660,949.63, and the net amount of public debt redemption and receipts
in transit, &c., was $38,610.00.
b No reduction is made on account of obligations
of foreign governments or other investments,
c Includes amount Of outstanding
bonds called for redemption on April 15, 1934.
LIABILITIES
OF
THE
UNITED
Amount
Principal
Detail—
Guaranteed by the
registered from mid-day on May 4 to mid-day
Japan
—7,983.175
21,954,245
Disbursing officers' checks
were
The market is rather uncertain and the present level may be difficult to
following
Deduct outstanding obligations:
Matured Interest obligations
both prices advanced l-16d. to 20 7-16d. for cash
maintain should there be hesitation on the part of the Indian Bazaars.
The
2^072,660,916
CONTINGENT
Quotations remained unchanged yesterday, but to-day,
and 20
a
again forthcoming, offerings being made
were
freely at the advance and there
inclined to hold back,
1,747,363,422
but the demand for shipment eased
delivery, the two months' quotation moved to
Bazaars and
1935
$
Deduct Treasury surplus or
compared wtih that for cash.
as
Sales
have bought,
Bazaars
owing to the reduced offtake in
for forward
more
28,
1936 Feb.
2,080.644.091
—
SILVER
20 %d.
29,
"
2s of 1918-1938...
£597,896
455
Uniteid States of America.
£2,468,084
110,649
Tanganyika Territory
The
Feb.
Balance end of month by daily statements, &c_.
1,766,751,454
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated items..
—19,388,032
2s of 1916-1936
Ezvorts
Imports
British South Africa
British West Africa
ounces as
thereof,
a summary
date in 1935:
same
uncertain,
gold parties subsequently
tended to decrease.
fine
append
we
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
of
French statesmen made
by
reassuring statements
the week-end had their effect and the situation, though still
The
date,
good demand from the continent, nervousness regarding the
a
exchange.
that
on
making comparison with the
hands at the daily fixing.
£2.890.000 changed
franc persisting and prices showed a large premium over the
over
the week
during
the Bank
announced by
as
£630,341.
gold, namely about
There
and net debt
compared with £202,734,272 on the previous Wednesday.
as
3617
Chronicle
STATES FEB.
29,
1936
of Contingent Liability
a Interest
Total
United States:
$
Federal Farm Mortgage Corp.:
3% bonds of 1944-49
3% % bonds of 1944-64
3% bonds of 1942-47
1%% bonds of 1937
2% % bonds of 1942-47
1%% bonds of 1939
—
862,085,600.00
98,028,600.00
236,619,800.00
22,325,000.00
88,064,100.00
100,122,000.00
$
7,543,249.00
1,460,217.69
887,324.25
11,627.61
1,204,154.26
738,399.75
869,628.849.00
99,488,817.69
237,507,124.25
22,336,627.61
89,268,254.26
100,860,399.75
*1,407,245,100.00 11,844,972.56 1,419,090,072.56
Federal Housing Administration. _
Home Owners' Loan
Corporation:
bl73,040.21
173,040.21
4% bonds of 1933-51-3% bonds, series A, 1944-52.. .1,114,482,800.00 11,215,154.84 1,125,697,954.84
2,611,620.25 1,267,136,870.25
2% % bonds, series B, 1939-49 .1,264,525,250.00
49,736,000.00
49,767,085.00
31,085.00
1%% bonds, series C, 1936—.
49,843,000.00
49,879,344.36
36,344.36
1%% bonds, series D, 1937-—
49,532,100.00
41,276.75
49,573,376.75
2% bonds, series E, 1938
1,219,705.31
326,474,455.31
325,254,750.00
1%% bonds, series F, 1939. —
116,852,200.00
472,953.50
117.325,153.60
2%% bonds, series G, 1942-44
*2,970,226,100.00 15,801,180.32 2,986,027,280.32
Reconstruction Finance Corp.:
—
3% notes, series G
2% notes, series H
1%% notes, series K._—
-
20.344d.
16,000,000.00
87,353,000.00
149,171,666.67
67,252.75
288,176.92
464,633.06
149,636,299.73
252,524,666.67
45 cents
45 cents
45 cents
820,062.73
c253,344,729.40
16,067,252.75
87,641,176.92,
The highest ratejof exchange on New York recorded during the period
from May 7 to 13, was
Tennessee Valley Authority
$4.99% and the lowest $4.95%.
4,658,462,082.28
Total, based upon guarantees..
ENGLISH
FINANCIAL
MARKET—PER
CABLE
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
.
May 23
Silver, perloz.. 20 l-16d.
Gold, p.fineoz.lHoliday
Consols, 2%%. Holiday
Mon.,
Tues.,
Wed.,
Thurs.,
May 26
May 27
May 28
139s. 7d.
84%
20d.
139s. 8d.
84%
19%d.
139s.
7%d.
84%
19 15-16d.
139s. 6d.
84%
19%d.
139s. 3%
84 13-1
Loan...jHoliday
105%
105%
105%
105%
105%
Holiday! 118%
116%
116%
116%
116%
British 4%
1960-90
States
price of silver
on
—--——
1,201,391,002.20 27,648,151.44dl229,039,153.64
Total, based upon credit of the
United States
1,229,039,153.64
Other Obligations—
Federal Reserve notes
*
(face amt.).
—....
e3717,321,946.01
only bonds Issued and outstanding,
a After deducting amounts of
with the Treasury to meet interest payments,
b Interest to July 1,
1935, on $6,850,325 face amount of bonds and Interim receipts outstanding which
were called for redemption July 1, 1935.
c Does not Include $4,145,000,000 face
amount of notes and accrued interest thereon, held by Treasury and reflected In the
Includes
the
same
(in cents) in the United
days has been:
per
ounce
1936, not avail¬
$286,588,040.84
provided in the Regulations of the
Postal Savings System having a face value of $298,738,262.98; cash in possession
of System amounting to $92,312,952.84, and Government securities with a face
value of $846,110,050 held as Investments, and other assets,
e In actual circu¬
lation, exclusive of $14,901,528.99 redemption fund deposited In the Treasury and
$242,941,235 of their own Federal Reserve notes held by the Issuing banks.
Federal
Reserve notes issued are secured by gold certificates in the amount of $3,893,342,760;
United States Government securities of a face value of $127,000,000, and com¬
mercial papt 'of a face amount of $5,215,225.
BarN.Y.(for.)_ N.A.
44%
44%
44%
44%
44%
U. S. Treasury.
50.01
50.01
50.01
50.01
50.01
50.01
(newly mined) 77.57
77.57
77.57
77.57
77.57
77.57
U. S. Treasury
N.A.—Not available.
d Figures as of Dec. 31, 1935—figures as of Feb. 29,
Offset by cash in designated depository banks amounting to
public debt,
able.
The
.—-—
Funds due depositors
funds deposited
British 3%%
War
Secretary of Agriculture.
May 29
20 l-16d.
of the United States:
Postal Savings System:
Fri.,
May 25
On Credit
which is secured by the pledge of collateral as
Financial
3618
Chronicle
May 30, 1936
BANKS
NATIONAL
Per
The following information regarding
from the office of the Comptroller of the
National banks is
Currency, Treasury
Department:
VOLUNTARY LIQUIDATION
Name of
Fidelity & Guaranty Fire (semi-ann.)
Foresight Foundation, Inc., class A, initial spec'l
Fortney Oil Co. (initial)
Quarterly
AltlOUTlt
May 20—The First National Bank of Hudson, Hudson, S. Dak..
Effective May 11, 1936.
Liq. Agent, E. H. Spiecker, care of
The Toy National Bank, Sioux Gity, Iowa.
Not absorbed
by or succeeded by any other association.
$30,000
Share
Company
General Mills, Inc., 6% cum. pref. (quar.)
General Railway Signal
Preferred (quarterly)
$1H
(quar.).—.
_
—Analysis'just completed of figures for the first quarter of 1936 point
conditions from an angle entirely
apart from sales, Walter LeMar Talbot, President of Fidelity Munuai
to
improvement of general business
Life
of the
of Philadelphia,
Co.
Insurance
"I refer,"
announced in
a
public statement.
Mr. Talbot said, "to the fact that lapsed and surrendered policies
company
during the first quarter of this year amounted to only
reported for the corresponding quarter
decrease of $2,128,000.
This is an unmistakable forward
76% of the voluntary terminations
of last year, a
1st pref.
Goebel Brewing Co. (quar.)
sign."
_______
—
„
Extra
—
(quar.)
60c
$15*
—
Greene Cananea Copper
Greyhound Corp. (initial)
Group No. 1 Oil Corp. (quar.)
Group Income Shares A
.—
$100
8c
25c
Gulf Power Co., $6 preferred (quar.)
Gulf States Steel, preferred
$1H
h$ 3H
$1M
UK
$1K
UK
1%
(quar.)
Preferred
are grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
Then we follow with a second table in which
we show the
dividends previously announced, but which
we
(quar.)
Powder Co.,
(quar.)
Holland Furnace $5 conv. pref. (quar.)
Hollinger Consol. Gold Mines
;
common
Home Fire & Marine Insurance
50c
(quar.)
5c
Idaho Maryland Mines Corp. (quar.)
Ideal Financing Assoc. A (quar.)
121°2
$8 preferred (quar.)
$2 conv. preferred (quar.)
Illinois Bell Telephone (quar.)
50c
*
been paid.
The dividends announced this week are:
have not yet
Indiana Hydro-Electric
Per
Share
Name of Company
Abbott Laboratories
(quar.)
Extra
—
10c
—-
Abraham & Straus, Inc—
—
Adams Royalty (quarterly)...
Alabama Power Co., $7 pref. (quar.)..
American Bank Note
—
1K%
(quar.)_______
Credit Indemnity Co. of N. Y—
Hawaiian Steamship (quarterly)
July
15
July
July
July
July
June
July
July
July
13
13
June
9
June 10
June 10
June 17a
June 10
June 15
June 15
June 15
June 10
June 15
July
July
June
June 10
h75c
July
July
June
8
June
8
lc
June
June
25c
July
July
July
July
July
July
Aug.
July
$2H
1H%
$1K
uk
h$ ik
$2H
25c
1
1
June 13
June
12
June
10
June
10
June
10
June
10
June 26
June 20
June
May 29
75c
June
75c
June 19
June 12
$1H
uk
July
July
July
July
10c
June
June
75c
July
July
July
June 12
$1H
Barcelona Traction, Light & Power
Beech-Nut Packing Co. (quar.)
Extra
July
fc62Hc
—
— — — —
June
$1H
$1H
Atchison Topeka & Santa Fe (semi-annual)
Babcock & Wilcox
Baldwin Co., 6% pref. (quar.)
50c
r
of Canada (quar.)
- - Penna., 6H% pref. (quar.) —
Bloomingdale Bros
Bohn Aluminum & Brass (quar.)
Borg-Warner (quar.)
Preferred (quar.)—
-Boston Woven Hose & Rubber Co., pref
Bower Roller Bearing (quarterly)
Brandywine Shares
Bridgeport Brass Co. (quar.)_
Briggs & Stratton Corp. (quar.)_
Brillo Mfg. Co., Inc., common (quar.)
Class A (quar.)
-------British American Tobacco, ordinary (interim) —
Budd Realty Corp. (quar.)
Bulolo Gold Dredging
—
Cables & Wireless Holding, Ltd.,
Amer. dep. rec., 5H% preferred (final) — ——
Canada Northern Power Corp., com. (quar.) —
7% cum. preferred (quar.)___ —
Canadian Canners Ltd., 6% 1st pref.__
—
Carreras, Ltd., Am. dep. rec., A and B
Carthage Mills, preferred A (quar.)
—
Preferred class B (quar.)
Celluloid Corp., 1st preferred
Chickasha Cotton Oil (special)
Churngold Corp. (quar.)
Citizens Water Co. (Washington, Pa.), 7% pref.
Bell Telephone
Bell Telephone of
—
75c
$15*
$3
June
25c
July
June 12
June 23
June 20
17
June 15
June
12
June
1
17c
June
July
1
May 27
10c
June
June
4
75c
June
June
5
15c
50c
lOd
July
June 15
July
June 15
June
$2
$1.40
June
20c
June
Apr. 21
30c
July
July
June 30
June 15
July
June 15
1 H%
tuk
15%
$1H
May 26
June 10
June
May 27
60c
July
July
June 20
June 20
h%2
June
June
2
City & Suburban Homes (semi-annual)
Clinton Trust (N. Y.) (quar.)
Cluett, Peabody & Co., Inc., pref. (quar.)
Columbia Broadcasting, class A & B (quar.)
Commercial Credit (quarterly)
5H% preferred (quarterly)
—
Commercial Solvents Corp., com. (s.-a.)
Commonwealth Investment Co. (quar.)
Consolidated Edison, $5 pref. (quar.)
Continental Assurance Co. (Chicago, 111.) (qu.)_
Continental Steel, preferred (quarterly)
Cook Paint & Varnish Co., $4 pref—
Crane Co., preferred
Crosley Radio
Crowell Publishing (quar.)
-
—
International Cement
Indianapolis Power & Light, 6H % pref
International Business Machines Corp
(quar.)
$15*
$1H
37Hc
International Salt Co
37 He
Jeannette Glass Co. 7% pref. (quar.)
Common (initial)
20c
Jefferson Electric (quarterly)
50c
Johns-Manville Corp.,
50c
common-
7% cumulative preferred (quarterly)
Kansas City Power & Light Co., 1st pref. B
Kansas Electric Power, 7% pref. (quar.)
6% preferred (quarterly)
Keith-Albee-Orpheum, 7% preferred
Kresge (S. S.) (quar.)
Preferred ( quar.)
—■
Lackawanna RR. of N. J. 4% gtd.
(guar.)
Lindsay Light & Chemical Co., pref. (quar.)..
Little Miami RR. Co., special
gtd. (quar.)
Special guaranteed (quarterly)
Original capital
Original capital
Loudon Packing Co. (quarterly)
—
London Tin Corp. 7H_% partic. pref. (s.-an.)—.
Amer. dep. rec. for 7 H % partic. pref
Lone Star Gas,
6% preferred (quarterly)
6H% preferred (quarterly)
Lorillard (P.) (quarterly)
Preferred (quarterly)
Louisiana Land & Exploration Co
Mahoning Investment Co
Memphis Power & Light, $7 pref. (quar.)
$6 preferred (quarterly)
Metropolitan Edison Co. $7 pref. (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
i_
«7
cum. preferred (quar.).
cumulative preferred (quar.).
cumulative preferred (quar
r.)Midco Oil Corp. (quar.)
Monroe Chemical
Extra
Danahy-Faxon Stores (quar.)
Diamond State Telephone, 6H% pref. (quar.)
Diversified Investment Trust
Dixie Ice Cream Co. (quar.)
Dixie Vortex (initial)
Class A, initial
(quar.)
Dominion Glass (quarterly)—
Preferred (quarterly).
Preferred
(quarterly)
(quarterly)
44c
National Can Co., Inc., common (quar.)
National Gypsum, 1st preferred (quarterly)-—
2d preferred
(quarterly)
$5 preferred
(quarterly)
June
June 15
UK
June 26
July
June 15
$1
June
May 22
hUK
June
June
50c
July
June 15
50c
June
June 13
June
June
13
July
June 13
June
June 20
July
June 20
$2
June
June
UK
July
June 20
5c
June
June 20
12 He
June
May 25
37Hc
62 He
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June 15
UK
75c
10C
30c
UK
Electric Controller Mfg. (quar.).
75c
(initial)
Equitable Office Building Corp..
12Hc
1
10c
10c
1
June 15
June 15
June 15
May 30
June 15
June 15
June 15
June 15
June 15
June 20
June 15
June 15
June 20
1 June 20
1 June 20
June 30 June 15
July 15 June 23
July
July
July
July
July
1
1
June 16
June 15
1
Jupe 15
1
June
15
1 June
15
June 30 June 10
June 30 June 10
1 June
5
June 15 June
6
July
Sept. 10 Aug. 25
Dec.
10 Nov. 25
Sept. 10 Aug. 25
Dec. 10 Nov. 25
1 June 16
July
June 25 June
2 June
July
2
June 30 June
15
1
1
Tuly
15
1 June
15
June 15
15 June
8a
1
1 May 25
1 June 13
July
1 June 13
July
1 May 29
July
1 May 29
July
1 May 29
July
1 May 29
July
1 May 29
July
1 May 29
July
Aug. 15 Aug.
1
1 June 20
July
2 June 15
July
June
July
July
July
July
July
July
June
1
3
June 13
1
rune
13
3
une
3
Tune
19
5
Tune
15
C
4
3
June 15
3
day 22
June 3(
June 3(
rune
15
une
15
June 3(
Tune
12
July
17
2 June
15
Aug.
July
July
July
July
July
1
2 June 15
1 June 15
1 June 13
1 June
13
June 15 May 25
July
July
July
July
1
May 29
1 May 29
1 June 30
15 July
July
July
1 June
15
1 June 15
July
July
15 June 20
June 10
50c
July
July
New York Steam, $7 pref.
June 12
UK
1 June 15
June 30 June 20
June 15 May 29
1 June
5
July
July 10 June 20
June 30 June 11
1 June 15a
July
10
29
29
June
1
July
July
July-
1
5
10 May 29
1 June 15
1 June 15
1 May
1 May
June
14
June 16 June
June 15 June
June
June
75c
June
May 30
1 June 15
July
1 June 20
July
1 June 15
July
1 June 10
July
1 June 10
July
June 25 June 12
1 June 19
July
June
50c
June 10
2 June 15
June 15 June
8
1 June 20
July
1 June 21
July
June 30 June 10
New York & Queens Elec. Light & Power
Preferred (quarterly)
5% guaranteed (quarterly)New York Telep. Co., 6H % pref. (quar.)
Noranda Mines
Northwestern Utilities, 6% pref. (quar.)
$1H
Federal Motor Truck
h$3K
UK
Ner Jersey Water Co., 7% pref. (quar.)
New York & Hanseatic Corp. (quar.)
June 15
July
$1
UK
25c
—
Nevada-California Electric
„'
New Jersey Power & Light, $6 pref. (quar.)
June
June
50c
30c
50c
50c
-
July
July
Preferred (quarterly)
Electric Auto-Lite (quarterly)--.
Inc.
im
25c
June
60c
Electromast,
%
12Hc
$1H
15c
p.
Draper Corp. (quar.)_.
Duke Power Co. (quarterly).
—
Eagle Picher Lead Co
(quarterly)
UK
initial (quar.)
Class B Preferred (quar.)__
50c
75c
—
25c
(quar.)
$6 preferred (quarterly)
25c
—
De Long Hook & Eye (quarterly),
Detroit. Toledo & lronton
UK
$1H
$1H
I
9
1
2 June 15
June
$1
$1
$1*
new,
National Breweries
July
July
June
$1
Extra
Lead,
June 30 June
June 15 June
10c
Munsingwear
Murphy (G. C.) Co., common (quarterly)Myers (F. E.) & Bros, (quarterly)
National
2
July 12 July
1 June 10
July
1 June 10
July
1 June 10
July
1 July
1
Aug.
June 30 June
8
1 June 18
July
1 May 26
June
June 30 June
9
50c
Morristown Securities Corp., $5 pref. (s.-a.)
1 June 22
June 15 May 29
2
June 12 June
Aug.
July
July
$1K
Morris & Essex RR
New York Lackawanna & Western
hUK
Crown Willamette, 1st preferred
8
Montgomery Ward, class A (quarterly)
June 30
Aug.
Aug.
m
25c
July
June
$140
30c
.
June
4c
$1.10
12Hc
Preferred (quarterly)
June 10
30c
50c
50c
June
1
$1H
1 K%
50c
July
UK
Knitting Co. 7% pref. (quar.)
Missouri Utilities Co. 7% pref. (quar.)
July
June 20
>$
Monarch
50c
3
UK
UK
$1K
UK
$1.6;
Midvale Co
30c
25c
—
$2
87 He
Power, 7% pref
$15*
(quar.)
Preferred
20
20
10c
6% preferred (quar.)
American Safety Razor (quar.)- — _
American Power & Light Co., $6 pref
$5 preferred
Amparo Mining Co
Anaconda Copper Mining Co.-.. —
Atlanta Birmingham & Coast RR., pref
American Tobacco Co., pref. (quar.)_
Armour & Co. of Del., 7% preferred (quar.)
Armour & Co. of 111., $6 prior pref. (quar.)
.
June
June
June
June
30c
—
(quar.)
7% preferred
June
July
July
July
Aug.
15c
Home
American Republics
American Rolling Mill
June 18
June 18
25c
20c
Holders
July
July
33 l-3c
Products
American Machine & Metals
American
25c
75c
Preferred (quar.)—s.
American Can Co., pref.
American
45c
5c
%1K
uk
uk
uk
preferred (quar.)
$5 preferred (quar.)
Allied Stores, 5% pref. (quar.)
$6
American
75c
When
Payable of Record
$1H
80c
---».
Gulf Oil
Hercules
Dividends
first
75c
(quarterly)
Greenwich Water & Gas System 6% pref
Helme (Geo. W.) Co., common
DIVIDENDS
5c
10c
25c
Gorham Mfg. Co., common
Great Western Sugar (quar.)
Preferred
UK
25c
$1K
$1H
(quar.)
(quar.)
Glidden Co. 7% preferred
Godman Shoe,
NOTICE
CURRENT
10c
25c
<
Gillette Safety Razor Co., $5 pref.
Common (quarterly)
P»»
50c
2Hc
2Hc
$1H
Holders
When
Payable of Record
Novadel-Agene Corp.,
common
Ry.—
12
10
1 May 28
1 June 16
July
May 25 May 20
1 June 15
July
July 15 June 26
July 15 June 26
June
(quar.)
Oakland Title Insurance & Guar. Co.
Omnibus Corp., preferred (quarterly)
Otis Elevator (quar.)
Preferred (quarterly)
Pacific Consolidated Oils
Pacific Indemnity Co
Pacific Lighting, $6 preferred (quarterly)
Parke Davis & Co
Pelzer Mfg., voting trust certificates
1 June
June 30 June
June 19
I
Pennsylvania Valley Crude Oil, class A
Pennsylvania Glass & Sand $7 conv. pref. (qu.)Peoria Water Works, 7% preferred (quar.)
Petroleum Exploration, Inc. (quar.)
Extra
PfaudlerCo., 6% preferred (quar.)
Phila. Electric Power, 8% cum. pref
Power Corp. of Canada Ltd., 6% cum. pref—.
6% non-cum. partic. preferredProperties (A. P. W.), Inc., class B
Public Investing Co. (special)
Public Service Co. of Oklahoma, 7% prior lien.
6% prior lien (quarterly)
Publication Corp., 1st pref. (quarterly)
Original preferred (quarterly)
Pure Oil Co., preferred, 5K% (quar.).
6% preferred (quarterly)
8% preferred (quarterly)
Radio Corp. of Amer., $3H cumul. conv. 1st pf.
Ray-O-Vac
8% preferred (quarterly)
Real Estate Loan Co. (Canada) (semi-ann.)
Reading Co., 2d preferred (quarterly)
July
July
1 June 15
15 June 30
June 30 June 19
May 27
July
July
July
"l
June 15
1 June 15
1 June 20
5
June 15 June
5
June 15 June
June
July
July
July
Oct.
1 May
1 June
15 June
15 June
20
10
30
30
1 Mar. 31
June 15 May 29
1 June 20
July
July
June
July
July
July
July
July
1 June 20
5
15 June
1 June 20
1 June 10
1 June 10
1 June 10
1 June
June 22 June
July
July
July
1 June
8a
17
26
2 June 27
9 June 18
Volume
Per
Share
Name of Company
$1)4
Republic Steel, 6% prior preferred (quar.)
Richardson Co
40c
50c
25c
_
Riverside Silk Mills, $2 class A
Ruberoid Co., common (quarterly)
St.
Joseph Lead
20c
..
_
San Jose Water Works,
6% preferred (quar.)_.
Sangamo Electric Co., 7% preferred-_
Scott Paper Co. (quarterly)
;
Scovill Mfg. (quarterly)
Seaboard Commercial Corp., class A (quar.)__.
New 5)4% preferred initial (quarterly)
Shell Union Oil, convertible preferred
South Carolina Power Co., $6 1st pref. (quar.).
Southern New England Telephone (quar.)
South Penn Oil (quarterly)
Extra
—•
6% cumul. partic.
common
13Mc
i $1%
$1)4
$1)4
37Kc
22)4c
July
July
July
1 June 10
1 June 15
15 June 30
June 30 June 15
June 30 June 15
Apr. 20
July
1 June 15
20c
25c
July 15 June 20
8
1 June
July
8
1 June
July
9
June 30 June
July
July
15
1 June
5a
15c
25c
June
1
June 30 June 16
1 June 15
July
50c
June 20
$1%
7% preferred (quar.)
(quarterly)
S3
(semi-ann.)
Twentieth Century-Pox Film Corp.—
Preferred
(quarterly) _
37^c
60c
Union Carbide A Carbon Corp—
United Carr Fastener (quarterly)
30c
25c
Preferred
(quarterly)
r
United States Industrial Alcohol Co
25c
$2
Upressit Metal Cap Corp., 8% preferred
Valley RR. of New York (semi-ann.)._
16c
Vick Financial
$1 %
Virginia Public Service Co., 7% preferred
Wagner ElectricWaldorf System, Inc., common
Waukesha Motors
Wesson Oil A Snowdrift Co., Inc—
Extra
-a-
Westmoreland, Inc. (quarterly)
Westmoreland Water Co., $6 pref.
50c
20c
-
—
15c
12Hc
37)4c
a
—_
30c
$1)4
(quar.)
h$ 35
50c
Wheeling & Lake Erie, 7 % prior lien
Wheeling Steel, preferred
Wisconsin Investment Co. (initial)
Wiser Oil Co. (quarterly)
we
1 June 15
June 30 June 20
June 30 June 20
July
1
$1H
$2)4
$3
Thatcher Mfg. (quarterly)
Todd Shipyards (quarterly)
Below
9
June 20 June
1 May 20
June
1
July
June 30 June J6
June
1)4%
(quar.)
Sunray Oil Corp., 6% preferred
.
10c
25c
July
June
5
1 June 15
June 30 June 13
1 June
5
July
5
June 15 June
June
15 June
5
1 June 15a
July
July
July
1 June 15
1 June 12
5
June 20 June
1 June 10
July
1
June 20 June
1 June 20
July
July
July
July
July
July
June
1 June 15
1 June 15
1 June 15
1 June
15
1
June 20
4
May 29
July
1 June
12
July
July
1 June
5
1 June 10
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.
Per
Name
of
Name of
Atlas
Share
Company
When
Holders
Payable of Record
May 15
June 15
July 13
Abbott's Dairies (quar.)
Agnew Surpass Shoe, pref. (quar.)
Alabama Great Southern RR. preferred
Albany & Susquehanna RR. (semi-ann.)
Allegheny Steel (quar.)
7% preferred (quar.)
Allegheny & Western Ry. (semi-ann.)
Allen Industries (quar.)
Allied Laboratories (quar.)
June 15
June
1
May 15
June 20
May 20
June 27
June 27
June 15
...
$3)4 convertible preferred (quar.)
Inc. (quarterly)
..
Sept. 15
Quarterly
.
Dec.
„
15
7% preferred (quarterly),
7% preferred (quarterly).
June 15
7% preferred (quarterly)
Dec. 15
Sept. 15
Amalgamated Leather Cos. preferred.
American Arch Co. (quarterly)
1
American Asphalt Roof, preferred (quar.)....
American Bakeries Corp., 7% pref. (quar.)..
American Baking Co., 7% pref. (semi-ann.).
June
June
1 May 20
1 June 17
July
June
Automatic Voting Machine (quar.)..
......
Automotive Gear Works, Inc.—
•
$1.65 convertible preferred (quar.)
Avon Genesee & Mt. Morris RR., 3)4% gtd
Baltimore Radio Shoe, Inc.
Preferred (quarterly)
June 30 June 19
1 May 14
1
June
1 May 20
1 May 20
June
June
1 May 21
June 16 June
6
Sept. 16 Sept. 5
Dec. 16 Dec.
5
American Radiator & Standard Sanitary
Preferred (quar.) —
June
(quarterly)
American Sugar Refining, (quar.)
Preferred (quarterly)
American Sumatra Tobacco (quar,)..
American Surety Co
...
American Telephone & Telegraph (quar.)
American Thread, preferred (semi-ann.)
American Tobacco Co., common A common B_,
American Woolen Co., preferred (quar.)..
Amoskeag Co., common
....
Preferred (semi-annual)
Anaconda Wire A Cable
Andian National Corp. (semi-ann.)
May 25
British Match Corp, Ltd
Brooklyn & Queens Transit, $6 preferred
Brooklyn Union Gas
Brown Shoe Co., common (quar.)
Buckeye Pipe Line Co
Buffalo Niagara A Eastern Power, pref. (quar.)
1st preferred (quar.)
Bullard Co. (resumed)
Bullock's, Inc
7% preferred
...I...
-
June
June
June
June
Ltd
June
Archer-Daniels-Midland (quarterly)
June
Special
June
Armstrong Cork.
h$\
Artloom Corp., preferred
Art Metal Works (quar.)
June
June
Aug.
Nov.
2 Oct.
Febl'37 Jan.
(quar.).
June
May
20
20
8
June 30 June 20
June 30 June 20
June 30 June 20
June 16
July
June 15 May 21
Sept. 30 Sept. 25
Dec. 31 Dec. 24
June
1 May
July 31 July
1 June
July
June
1 May
June 30 May
1 June
July
5
15
19
15
29
10
June 30
June 30 June
1
June
9
June
June
1
15
25
30
15
1
1
May 29
May 11
May 11
"i
June 15
July
June
June
July
July
June
May
5
June 19
June 16
June
1
l June
l May 20
June 15 May 29
1 June 15
1 July 15
June 30 June 15
July
Aug.
25c
June
1 May 11
Wc
Aug.
1
June
1
June
1 May 15
May" 15
37&c
Canadian General Electric (quar.)
Canadian Oil Cos., preferred (quar.)
Canadian Western Natural Gas, Light, Heat &
Power, 6% preferred (quar.)
Canfield Oil, preferred (quar.)
$1H
$2
July
July
June
July
Oct.
Light, $7 preferred-—
$6 preferred
(quarterly)...
(Wm.) Co., preferred (quar.)
Case (J. I.) preferred
Preferred (quar.)
...
Quarterly
(quarterly)._
Champion Paper A Fibre, preferred (quarterly).
Chesapeake Corp. (quar.)
Chesapeake A Ohio Ry. (quar.)
1 June 12
1 May 22
June 10 May 22
July
1 June 20
July
1 June 16
June 30 June 16
1 May 15
June 29
June
June 29
June
1 May 15
June
1 May 15
Aug, 15 Aug.
5
Nov. 16 Nov.
5
June
1 May 18
July
1 June 15
Extra
8
4
5
5
—
Chicago Junction Rys. A Union Stockyards
6% preferred (quarterly)
Chicago Mail Order (quar.)
Extra
Chicago Rivet A Machine Co. (quar.)
Extra
June
May 15
June
...
$6 preferred
May 20
1 May 15
June
.—
;
8
8
June
Chesebrough Mfg. Co. (quar.)
July
July
July
1 June
1 June
1 June
June 29 June
June 29 June
—
(quar.)
1 June 24
June
Century Ribbon Mills, preferred
Extra
July
June 15 June 10
July
1 June 12
July
Food Products, preferred
Catelli Macaroni Products, class A, pref
Chestnut Hill RR. Co.
1 May 15
1 June 20
1 Sept. 20
Jan2'37 Dec. 20
June
1 May 16
June
1 May 16
(quar.)
Carolina Telephone A Telegraph
13"
1 June 20
1 May 15
June 30 June 20
Carnation Co. 7% pref. (quar.)
7% preferred (quar.)
7% preferred
1 June
June
Carman A Co.. class A
(quar.)
Chicago Flexible Shaft (quar.)
2 June 20
2 June 20
16 May 15
1 May 20
1 May 20
12 May 30
1 May 21
1 May 21
1 May 11
1 May 15
22 June 11
1 July 20
Nov. 15 Nov. 11
June 31 June 25
......
Chicago Corp. $3 preferred—
July
July
Aug. 14 Aug.11
...
Chicago District Electric Generating—
2a
1
May 15
...
1
June 15 June
15 July
June 30
June
1
16*ll
5
1 June 15
15 June 15
1 May 29
June
1 May
9a
July
1 May 25
$1H June
preferred, initial (quar,)......
(final)...
June
5 May
2
Burroughs Adding_Machine Co
1
$1X June 15 June
Butler Water Co. 7% pref. (quar.)
2 Apr. 21
Cables & Wireless Holding, pref. (final)
xw5)4% June
1 June 15
40c
July,
Calamba Sugar Estate (quarterly)
1 June 15
35c
July
7% preferred (quar.)
1 June 15
h$ 1
July
Calaveras Cement 7% preferred
June
1 May 25
7i25c
California Art Tile Corp., class A...
1 June 30
50c
July
California Ink Co., Inc. (quar.)
1 June 30
Extra..
12)4c July
June 15 May 29
California Packing (quarterly)
June
1 May
1
Calumet A Hecla Consolidated Copper
June 26 June
6
25c
Campbell, Wyant and Cannon, extra....
June 1
10c
May 15
Campe Corp
37)4c June 15
Canada Malting (quarterly).
Bunte Bros. 5%
Burmah Oil Co.
5
July
July
1 May 15
15 May 15
1
June 15 June
25c
Mining
2 June
2 June
Jul?
1 May 15
June
June
June 15 June
July
July
Extra
1
June 30 June 15
July
1 June 15
5
1 June
1 June
5
1 June 20
June
.....
Preferred (semi-annual)
preferred
7% preferred (quar.)
May 14
30
15
June
...
Cayuga & Susquehanna RR. (semi-ann.)
Celanese Corp. of Amer., 7% cumul. prior pref.
7% cumul. 1st preferred
Central Arkansas Public Service, pref. (quar.).
Central Illinois Light. 7% preferred
6% preferred..
,
Central Miss. Valley El, Prop. 6% pref. (quar.).
Central Ohio Light A Power Co. $6 pref. (qu.)..
Centrifugal Pipe Corp. (quar.)
June
May 15
29
July
...
1 June 13
1 Sept. 12
1 Dec. 12
June
1
July
July
.
1 May 20
Oct.
Jan.
1 May 29
1 June 10
1 June 10
15
3
July 31 July
June 15 May 29
June 12 May 20
.....
July
May 20
May 15
June 15 May
July 15 June
2 June
July
2 June
July
.
Catelli
1
1 May 15
1 May 29
June
,
Extra
1
June
June
June
pref. (quar.)...
Atlantic & Ohio Teleg. Co. (quar.)
Atlantic Refining (quar.)
June
preferred (quar.)
Belding-Corticelli, Ltd. (quar.)
Preferred (quar.)...
Belding-Heminway (quar.)
Bellows & Co., Inc., class A (quar.).....
Bendix Aviation (quarterly)
Bethlehem Steel, 7% preferred (quarterly)
New 5%
preferred (initial)
B-G Foods, Inc., 7% preferred
B igelo w-Sanford Carpet
Preferred (quar.)
Biltmore Hats, Ltd., 7% preferred (quar.)
Birmingham Water Works Co. 6% pref.
Bishop Oil Corp. (quar.)
Black A Decker Mfg., 8% preferred
Blackstone Valley Gas A Electric, pref. (s.-a.)—
Bloch Bros, Tobacco (quar.)..
Quarterly
6% preferred (quar.)
....
6% preferred (quar.)
6% preferred (quar.).
Blue Ridge Corp., $3 conv. pref. (quar.)
Bon Ami, class A (quar.)
Class B (quarterly)
Borden Co., common (quar.)
Boston A Albany RR. Co
Boston Elevated Ry. (quar.)
Boston Storage Warehouse (quar.)...
Boston Wharf Co. (semi-ann.)
i.i
Brach (E. J.) A Sons (quar.)
Brazilian Traction, light A Power
Brewer (C.) A Co. (monthly)
Bridgeport Gas Light Co
Bristol Brass (quar.)
Bristol-Myers Co. (quar.)
Extra
1 June 20
1 May 20
1 June 22
July
July
July
July
Preferred.
Bangor Hydro-Electric 7% pref. (quar.)
.
6% preferred (quar.)
Baton Rouge Electric Co., $6 preferred (quar.)
Uayuk Cigars new (initial)
......
20
July
July
Bangor & Aroostook RR. Co., common
1st
1 May
June
12^c
-
Carter
Dec.
7% preferred (quar.)...
7% preferred (quar.)
Extra
June
June 10 May 29
June 10 May 29
;
June 10 May 29
June
1 May 20
Co., 6% cumulative preferred.
Asbestos Mfg. preferred (quar.).
Preferred (quar.).
Preferred (quar.,
-.)Associated Dry Goods Corp., 1st pref.
Associates Investment Co. (quar.)
(initial)..
1 May 25
1 Aug. 25
1 Nov. 25
Sept.
American Hosiery Co. (quar.)
American Investment Co. of Illinois (quar.)—.
American Laundry Machinery (quar.)
Anglo-Huronian,
75c
Extra
arollna
Carolina Power A
Quarterly......................
American Hide & Leather, 6% pref. (quar.)
American Home Products (monthly)
American Stores
June 11
June
$2 preferred (quar.)
American Hardware Corp. (quar.)—
American Steel Foundries,
June 12
June
2
June
_
American Paper Goods 7%
May 15
May 15
July
Cigar Co., common
Preferred (quarterly)
American Electric Securities Corp.—
Participating preferred (quar.)
American Enka Corp
American Envelope Co., 7% pref. A (quar.)..
7% preferred (quar.).........
7% preferred (quar.)
American Factors, Ltd. (monthly)
American General Corp. $3 preferred (quar.).
$2)4 preferred (quar.)
American
American Metal
June 20
June 15
June 15
June
June
American Bus Shares, Inc
American Capital Corp., $5)4 pref. (quar.)..
American Chicle Iquar.)
May 20
July
July
July
Holders
When
Payable of Record
50c
25c
Corp., $3 preferred A (quar.)
Atlas Powder Co. (quar.)
Bunker Hill A Sullivan
Aluminum Manufacturing,
Share
Company
_
$7 cumul. preferred series A (quarterly)
Standard Oil Cxport Corp.. preferred
Tunnell RR. of St. Louis
1 June 12
6
June 15 June
2 June 12
July
June 30 June 15
July
$10
preferred (quarterly)
Standard Brands, Inc..
4oc
25c
20c
Per
Holders
When
Payable of Record
50c
Southwest Consolidated Gas Utilities
ooouth West Penn Pipe Line
Southern Canada Power Co., Ltd—
Texas Corp
Texas Utilities Co.,
Texaon Oil & Land
3619
Financial Chronicle
142
June 20
June 20
June
July
July
June 15
June
15.
June
May
May
9
June
June
June
1
June
June
1
9
Chicago Yellow Cab (quar.)
June
May 20
Chrysler Corp
Cincinnati Inter-Terminal RR—
June
June
1st guaranteed preferred (s.-a.)—
Cine. New Orl. A Tex. Pac. 5% pref. (quar.)...
Aug.
Cincinnati Northern RR. (semi-ann.)
Cincinnati Union Terminal Co.—
preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)..
City Ice A Fuel, preferred (quar.)—
City of New Castle Water 6% preferred (quar.).
Clark Equipment (quar.)..
5%
Preferred (quar.)
;———..
Clayton A Lambert Mfg..—
Cleveland Electric Illuminating (quar.)
Preferred (quarterly)
June
1
1 July 20
1 May 15
July 31 July 21
July
June 20
Oct.
Sept. 19
Jan 1*37 Dec. 1ft
June
1 May 23
June
1 May 20
June
15 May 27
June
15 May 27
June 30 June 20
June 20
July
July
June 10
Financial
3620
Per
Share
Name of Company
Clearfield & Mahoning BR. (s.-a.)
Cleveland & Pittsburgh By. reg. gtd. (quar.)
July
(semi-ann.)
Sept.
...
Colgate-Palmolive-Peet (quar.)..
Preferred (quar,)....
...
.
Collins & Aikman
Preferred (quarterly)
Colt's Patent Fire Arms (quar.)
Columbian Carbon Co. (quar.)
1 H%
31c
$1
50c
...
Special
1 June 20
9
1 Aug. 10
1 May
Dec.
1 Nov. 10
June 30 June 13
Coca-Cola international (quar.)..
Class A (semi-ann.)
...
June 15 May 25
July
1 June 12
July
1 June 12
July
1 June 12
July
1 June 12
June
1 May
6
5
July
1 June
June
1 May 19
June
1 May 19
June 30 June 16
June
1 May 15
June
1 May 15
7i25c
June
1 May 22
June 10 May 25
Commercial Investment Trust common.
5a
July
1 June
5a
$1,063* July
1 June
Cony, preference $4 3* series of 1935Conv. preference optional series of 1929
5a
July
1 June
Commercial National Bank & Trust (quar.)—July
1 June 24
Commonwealth Edison (quar.)
ji Aug. 1 July 15
75c July
Commonwealth & Southern, $6 preferred
1 June 12
June
Commonwealth Utilities, 634% pref. O (quar.)
1 May 15
$13*
2 May 20
12Hc June
Compo Shoe Machinery (quar.)
50c
June 15 May 31
Compressed Industrial Gases (quar.)
June 30 June 25
$1
Confederation Life Association (quar.)—
Columbus Auto Parts, preferred
Columbus & Xenia RR. Co__
$1
590c
...
Quarterly..........
Quarterly
.—
Oongoleum-Nairn, Inc. (quar.)
Connecticut Light & Power, 6H% pref. (quar.)
5H% preferred (quarterly)..
Connecticut & Passumpsic Rivers RR..——
...
Connecticut Power Co.
(quarterly)....;
...
$1
Dec.
June
$3
6234c
onsolidated Oil Corp., $5 pref.
Sonsolidated Paper Co. (quar.)..;(quar.)
Continental Oil
Continental Steel
Aug.
1 May 15
1 May 15
1 July
1
June
1 May 15
I May
June
15
June 15 May 15
June 15 May
8
June Id
July
June 15
July
June 15
July
June
May 15
June
May 21
June
May 21
June
1 May 15
June 15 May 31
June 15
July
June 15
July
June 15
July
June 15
July
June
May 15
June 15
July
June
May 15
June 15
July
July 31 July
6
June
1 May 15
May 31 May 15
Aug. 31 Aug. 15
Nov. 30 Nov. 15
Consolidated Gas of Baltimore (quar.)—--—
Preferred A (quar.)-——
6% preferred (quarterly).
6.6% preferred (quarterly)
7% preferred (quarterly)—
6% preferred (monthly)
6% preferred (monthly)
6-6% preferred (monthly)-..-.-.
6.6% preferred (monthly)
June
—
—
—
.....—
Copper weld Steel (quar.).
Quarterly......
Quarterly
Corrugated Paper Box Co., 7% pref. (quar.)—
Cosmos Imperial Mills (quarterly).
Creameries of Amer., Inc., $334 pref. (quar.)
Crown Cork International Corp. class A (quar.).
Crown Cork & Seal Co., Inc., com. (quar.)
Preferred (quar.)
Crown Drug Co., common
Crown Zellerbach preferred A&B
Crow's N©st Pass Coal
...
June
July
—
June
July
June
June
...
June
June
June
June
Crucible Steel of America, preferred
Oram & Forster, preferred (quarterly)
Cuneo Press, Inc., 634%
June
June
preferred (quarterly).
Curtis Publishing, 7% preferred
July
Cushman's Sons 7% pref. (qiiar.)
Cutler-Hammer (quar.)
Extra
June
Cou preferred (quar.). ...
1 May 29
1 May 18
5
5
1 June 3d
1 May 21
15 July
3
7 June 15
1 May 20
1 May 15
1 June 15
30 June 20
June
July
July
June
June
-
July
Per
Name of Company
15 June
Emerson Dry Co.,
Share
8% preferred (quarterly)
Empire & Bay State Teleg. Co., 4% guar, (quar.)
4% guaranteed (quar.).
? ^
4% guaranteed (quar..
Empire Power Corp. participating stock.
$6 cum. preferred
Emporium Capwell (semi-ann.)
...
Emsco Derrick & Equipment
...
Equity Corp. $3 conv. pref. (quar.)
Erie & Pittsburgh RR. Co. 7% gtd. (quar.)....
7% guaranteed (quar.).
*•).
7% guaranteed (quar
Guaranteed betterment
Guaranteed betterment
(quar.)
(quar.)
(quar.)
European & North American By. (semi-ann.)—
Guaranteed betterment
Faber, Coe & Gregg, Inc. (quar.)
Fairbanks, Morse & Co., 6% conv. pref. (qu.)—
Fajardo Sugar (initial)
Falconbridge Nickel Mines, Ltd
........
Fansteel Metallurgical Corp. $5 pref. (quar.)..
$5 preferred
$5 preferred (quar
Farmers & Traders Life Insurance (quar.)
(quar.^.
.
'
Quarterly
Federal Compress & Warehouse
(pref.)..
First National Stores, (quarterly)
Preferred (quarterly).
$2H
50c
Oct.
June *20 June
3
1 May 15
June 10 May 29
June
Sept. 10 Aug. 31
Dec.
10 Nov. 30
June
1 May 29
Sept.
1 Aug. 31
Dec.
1 Nov. 30
3 Sept. 14
Oct.
June
June
June
June 25 June
4
June 30 June 15
$134
$1H
$2H
$2 34
$1H
25c
$1H
$1H
$25
62 He
$19*
Sept. 30 Sept. 15
Dec. 31 Dec. 15
1 June 10
1 Sept. 10
June
1 May 20
June
1 May 15
July
Oct.
June 20 June 10
June
1 May 15
June
July
July
July
June
June
July
July
July
July
1
1
1
1
#0
25c
12Hc
12Hc
(quarterly)
Extra..
preferred——
Freeport Texas (quar.)
Preferred (quar.)
Fuller Brush Co. 7% pref. (quar.)
7% preferred (quar.)
—
—
...
...
...
...
—
Gates Rubber, preferred (quar.)
General Baking Co., preferred
General Candy, class A (quar.)——....—
——
—
(quarterly)
Motors Corp. (quar.)
General Cigar, preferred
Extra
...
—
Preferred (quar.)
Utilities, Inc., $5 pref. (qu.)
General Refractories Co
General Telep. Allied Corp., $6 preferred
Georgia Power Co., $6 preferred (quar.)—......
$5 preferred (quarterly)
Glens Falls Insurance (quar.)
Glidden Co. (quar.)..
Prior preferred (quar.)
Globe-Democrat Publishing Co., pref. (quar.)..
Globe Weraecke Co., pref. (quar.)
—
-
Aug.
July
Oct.l
June 20 Juno 10
June 20 June 10
_
—
Aug.
July
Dictaphone Corp
Preferred (quar.)
Doctor Pepper Co. (quar.)
Quarterly
Quarterly
Doehler Die Casting, $7 preferred (quar.)——
7% preferred, $50 par (quarterly)
Dome Mines, Ltd. (quarterly)
Sept.
Extra..
—.
....
Extra
Debenture (quar.)
6% preferred (quar.)
$6 preferred (quar.).
_
June
-
Eastman Kodak (quar.)
Extra
Preferred (quar.)
East St. Lqjiis & Interburban
2d
3d
3d
15
20
15
3d
1
2d
27
27
10
15
15
15
10
1 May
June 15 June
July
1 June
July
1 June
...
East Mahanoy RR. (semi-ann.)
20
Id
1 June
5
July
5
5
5
Water Co.—
7% preferred (quar.)
6% preferred (quar.)
East Tennessee Teleg. Co. (s.-a.)
Edison Bros. Stores (quar.)
$13*
$134
$1.44
—
Preferred (quar.)
40c
$13*
Electric Shareholdings Corp., preferredElectric Storage Battery Co., common (quar.)—
Preferred (quar.)..
......—
—
Electrographic Corp
7% preferred (quar.)
Electrolux Corp, (quar.)
Extra......
Elgin National Watch
July
July
July
July
1 June 18
1 June 18
1 May 20
1 June 20
1 Sept. 20
'37 Dec. 20
1 June 18
1 June 18
1 June 30
1 June 10
Goodyear Tire & Rubber, 1st pref. (quar.)—...
July
June
Gordon Oil Co. (Ohio), B (quar.)
Gorton-Pew Fisheries (quar.).......—.—..
June
May 20
June
June
June 19
June
June
1
June
June
May
May
May
May
15
15
15
20
Preferred (quarterly)
Preferred (quarterly)
Godchaux Sugars, Inc., class A (resumed)......
$7 preferred
—
Gold & Stock Teleg. Co. (quar.)
Goldblatt Bros., Inc. (quar.)
Golden Cycle (quar.)
Extra
July
July
June
July
Oct.
Janl
......
Grand Union, $3 preferred
Grand Valley Brewing Co
Great Atlantic & Pacific Tea (quar.)
—
.....—..
—
Extra
.
Elizabeth & Trenton RR. Co. (semi-ann.)
5% preferred (semi-ann.)
El Paso Electric Co. (Texas) $6 pref. (quar.)
Ely & Walker Dry Goods (quarterly)
Haloid
Co., preferred
(quar.)—
May
June
June
Preferred
8
May 29
May 29
May 16
June 17
May 15
June
June
June
July
—
_,
(quarterly)
June
May
June
....
—
6% preferred "(quar.)
.......
Hancock Oil of Calif. A&B (quar.)......
—
Hanes (P. H.) Knitting Co. (quar.)
...
Class B (quarterly)
.........
7% preferred (quarterly)
Hanna (M. A.) Co., 5% preferred (quarterly)..
Harbison-Walker Refractories Co., com. (quar.)
Common extra
1
June 20
June 12
June 21
July
L
Hamilton watch, 6% preferred
Hammermill Paper (quar.)
June
June
...
June
1
June 15
July
June
9
June
May 15
May 20
May 20
July
June 20
June
May 15
May 15
May 15
July
6
June
June
June
July
July
Harrisburg Gas Co., 7% preferred (quar.)
Hart-Carter Co., $2 preferred (quar.)
June 30
June
May 15
Aug.
Aug. 20
Hartford & Connecticut Western RR.—
2% preferred (semi-annual)
Hartford Times, Inc.. participating preferred
Hazel-Atlas Glass Co.
Hazel tine Corp
(quar.)..
—
June
....
June 17
1
July
June
Heyden Chemical Corp. (quar.)
...
Hibbard, Spencer. Bartlett & Co. (mo.)
Hires (Chas. E.) Co., class A common (quar.)
Hobart Mfg., class A (quarterly)
;
Holt (Henryi, par tic. A
June
June
June
May 22
June
June 16
qtl&
June
May 15
May 18
May 11
June 15
May 29
May 15
May 12
May 21
Houdaille Hershey, class A (quar.)
Class B (quarterly)
July
July
June 20
June 20
June
June
May 29
May 20'
July
June
June
June
May 20
May 20
May 29
July
June 11
.
...
Honolulu Oil...
Honolulu Plantation (monthly)
Hooven & Allison Co., 7% preferred (quar.)
Horn & Hardart of N. Y., preferred (quar.)
Hoover Steel Ball Co. (extra)
—
July
1 June
June 15 May 29
June 15 May 29
Huntington Water Corp. 7% pref. (quar.)
6% preferred (quar.)—
Hutchinson Sugar Plantation (monthly)
June
1 May
June 30 June
5
Illinois Central RR. Co., leased line
Illinois Water Service, 6% preferred (quar.)
June 30 June
8
8
1 May 20
1 May 20
June 15, May
June 15 June
Oct.
1 Sept.
Oct.
1 Sept.
July 15 June
June
1 May
15
...
Imperial Chemical Industries, Ltd., Amor. dep.
res. for ord. reg. (final)
xw
Imperial Life Assurance of Canada (quar.)
June 15 May .15
June
June
Hudson County Gas Co. (semi-ann.)...—.....
Humble Oil & Refining (quar.)
16
June
June
...
1 May 20
1 May 2d
June
June
June
....
June
June
June
....
6
Hudson Bay Mining & Smelting
Duquesne Light Co., 5% preferred (quar.)
Eastern Gas & Fuel Assoc., prior pref. (quar.)..
Eastern Shore Public Service Co., $6H pf. (qu.)
1
June
July
June
July
July 20 June
July 20 June
June
July
June
1 May
July
2 June
July 15 June
Aug. 15 Aug.
July
- June
June 15 May
June 15 May
July 25 July
July 15 June
July
1 June
July
1 June
June
1 May
—
Dominion Coal, preferred (quarterly)
Dominion-Scottish Investors, 5% preferred
Dominion Textile Co., Ltd. (quar.)
(quarterly)
1
Dec.
....
Dow Chemical, preferred (quar.)
Driver-Harris, preferred (quar.)
Du Pont de Nemours (E.I.) (quar.)
June
June
...
1 July
1 June 20
June 30 June
1
June
5 May 26
July
1 June 15
July
1 June 15
July
1 June 15
Greyhound Corp., preferred A (quar.)
Gulf States Utilities, $6 preferred (quar.)..
$5)4 preferred (quarterly)..
Hackensack Water Co. (semi-annual)
Class A preferred (quarterly)
Hale Bros. Stores, Inc. (quarterly)
May 20
2d
June 10 May 29
June Id May 29
June
May 15
June
May 15
June
May 15
June
May 15
June
May 15
June
May 15
Preferred (extra)
1 July
June
Dec. 31
June 15
June 15
1 May 16
1 May 14
July
June
June 15
June 15
15
1 June 24
1 Sept. 25
June
1 May 15
June
1 May 15
June 1
May 16
July
1 June 20
First preferred (quar.)
...———.——
Great Northern Paper (quarterly).
July
15
21
21
15
15
June
1 May 22
June 12 May 14
June 12 May 14
.,
General Public
June
June
Sept. 30
...
1 May 20
1 June 15
4
1 June
4
1 June
June 30 June 20
Great Western Electro-Chemical pref.
Greene R. R. (semi-annual)
Sept. 3d Sept. 19
11
Extra..
Dexter Co. (quarterly)
Diamond Match Co., interim
Extra
1 May 20
1 May 12a
1 May 15
87 He
——..
——
1 Nov. 21
1 June 15
1 June 15
5 Sept. 26
(quar.)..._.
....
Gas Securities
Preferred (monthly)
Dec.
July
July
1 May
1 May
1 May
1 May
1 May
7% preferred A (quar.)—
Franklin Simon & Co., 7%
1 June 15
1 May 21
1 Aug. 21
June
June
Florsheim Shoe, class A (quar.)..
General
80c
80c
Sept.
12 He
12Hc
Florida Power Corp., 7% preferred
Extra
75c
87 He
87 He
87 He
80c
June
June
...
Class B
25c
July
Dock (qu.)..
Fishman (M. H.) (quar.)
Fitz-Simons & Connell Dredging &
Extra
■Extra—
25c
Holders
$ii
(quar.)
First State Pawners Society
ii
40c
35c
—....
Federal Light & Traction, preferred (quar.)...
Ferro Enamel (quar.)
—
Firestone Tire & Rubber, preferred (quar.)
First Holding Corp. (Pasadena, Calif.)
First National Bank (N. Y.) (quar.)
50c
$1
When
Payable of Record
Dec. 21 Dec.
June 30
June
York (quar.)—.
Detroit Gasket & Mfg. Co., 6% pref. (qu.)
Detroit Hillsdale & Southwestern RR
Detroit Paper Products (quar.)
1 June Ida
6 May 22
15 May 29
1 June 10
1 May 16
' 1 May 15
30 June 16
30 June 2d
15 June
1
15 June
July
Quarterly
Quarterly.......
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Preferred
1 May 10
June
Dayton & Michigan RR. Co., 8% pref. (quar.).
Dayton Power & Light Co., 6% pref. (monthly)
Delaware RR. Co. (s.-a.)
Dentist's Supply Co. of New
1 May 16
15
June
-
Dakota Central Telep. Co., 634% pref. (quar.).
Daniels & Fisher Stores Co., 634 % pref
Darby Petroleum
Deere &
31 Dec. 25
15 June
1
June
\m
Consolidated Cigar 7% pref. (quar.)
Consolidated Divers Standard Securities, pref..
Consolidated Edison Co. of N. Y.. Inc. (quar.).
Consolidated Film Industries, preferred——
Consolidated Rendering Co
Consolidated Retail Stores, preferred—
Consumers Glass Co. (quar.)..
Consumers Power Co.. $5 pref. (quar.)
Sept. 30 Sept. 25
$1
40c
May 30, 1936
Holders
Payable of Record
June
Registered guaranteed (quar.)
.....
Registered guaranteed (quar.)......
...
Climax Molybdenum (guar.)
....
Coast County Gas & Electric, preferred (quar.)
Coca-Cola Co. (quar.)
Class A
When
Chronicle
June
June
June
July
Oct.
1
May 15
8 Apr.
17
1 June 30
1 Sept. 30
Jan2 *37 Dec. 31
luarterly
July
1 May 15
1 May 15
1 June 12a
26
Indianapolis Water, preferred A (quar.).
Ingersoll-Rand—
June
1 May 11
21
Inland Steel
June
1
5
20
20
Imperial Oil Ltd. (semi-ann.)
Special
June
...
...
...
June
May 15
•
Volume
Financial
142
Per
Name of
Company
Share
International Harvester (quar.)
Preferred
June
15 June 20
.
2
July
1 June 30
June
Special
1
June
International
June
Safety Razor (quar.)
International Teleg. Co. of Maine (s.-a.)
International Vitamin Corp. (initial)
May 22
1 May 22
1 May 15
1
July
1
July
1
July
Aug. 15
Extra
Interstate Hosiery Mills (quar.)
Intertype Corp. common
1st preferred (quar.)
2d preferred (quar.)
Iron Fireman Mfg. (quar.)
Quarterly
Quarterly
Investment Corp. of Philadelphia (quar.)
June
July
July
June
15
June
5
June
5
Aug.
1
1
15 June
1 June 15
1 June 15
June
1
Sept.
May
Dec.
1 Aug.
1 Nov.
June
15 June
Extra
June
15 June
Jantzen
June
1 May
1 May
Knitting Mills, preferred (quarterly)—
Jar vis (W. B.) Co. (quar.)
Johnson Publishing, 8% preferred-.
Julian & Kokenge (semi-ann.)_
Kalamazoo Vegetable Parchment Co. (quar.).
Quarterly
Quarterly
Kansas Oklahoma & Gulf Ry. Co.—
Series A 6% cum. preferred
Series B & C 6% non-cum. preferred
Katz Drug Co. (quarterly)
Preferred (quarterly)
Kaufmann Dept. Stores, Inc., preferred—.Kekaha Sugar Co. (monthly);
Monthly
Kelvinator Corp. (quar.)
Kendall Co., cumul. partic. pref. ser. A (quar.).
Cumul. partic. prer. ser. A (partic.)
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
„
-
5
29
1 May
June 20 May
June 30 June
International Ocean Teleg. Co. (quar.)
International Petroleum Co. (semi-ann.)
-
—
1
-
Common
Klein (D. Emil) (quarterly)
Extra
Koppers Gas & Coke preferred (quar.)
Kroehler Mfg. Co.. class A preferred (quar.)__.
Class A preferred (quar.).
Class A preferred (quar.).
Kroger Grocery & Baking (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
Krueger (G.) Brewing (quarterly)
Lake of the Woods Milling, preferred
r.
Lake Shore Mines Ltd. (quarterly)
Lake Superior District Power, 7% pref. (quar.).
6% preferred (quarterly)
Landers, Frary & Clark (quarterly)
Quarterly
Quarterly
Land is Machine Co. (quar.)
Quarterly
Preferred
(quarterly)
Preferred (quarterly)
Preferred (quarterly)
Leath & Co
new, preferred (quarterly)
Lehigh Portland Cement, 4% preferred (quar.).
Lehn & Fink Products Corp., common (s.-a.)__.
Lessing's, Inc
Le Tourneau (R. G.), Inc. (quarterly)
Lexington Water, 7% preferred
Libby, McNeil & Libby, preferred (semi-ann.)Libby-O wens-Ford Glass (quarterly)
Life Savers (quarterly)
Liggett & Myers Tobacco (quar.)
Common B (quarterly).
Preferred (quarterly)
Lily Tulip Cup (quar.)
Lincoln National Life Insurance (quar.)..
Quarterly
Lincoln Stores (quarterly)
Preferred (quarterly)
Link Belt (quar.)
....
.
-----
-.
Preferred
Little Miami RR., spec. gtd. (quar.)
Loblaw Groceterias. A & B (quar.)
...
Manhattan Shirt (quar.)
Manischewitz (B) & Co., 7% pref. (quar.).
Marconi Wireless Teleg., ordinary
June
May 25
May 20
15
15
June
June
1
May 27
Aug. 27
Nov. 26
June
June
July
1
12
12
15
15
15
15
15
Dec. 31 Dec. 23
1 May
8
July
1 June 19
July
31 July
7
June
16 June
2
1
May 15
June
June 30 May 29
June
June
6% cumulative preferred (quar.)
Mutual Chemical Co. of Amer.,
6% pref. (qu.)-
6% preferred (quarterly).
6% preferred (quarterly__
7% preferred (quar.)
Dec.
June
Extra
Nebraska Power 7% pref. (quar.)
June
June
June
June
July
6% preferred (quar.)
15
June 13
May 15
10 June
4
1 May 15
1 May 20
June 19
June 15 May 29
June
1 May
1
June
June
1 May
1 May
June
July
15
15
10
June 15 June
2
Aug.
July
25
Nov.
June
2 Oct.
27
June
May 25
May 25
May 15
June
June
15
Jan2 *37 Dec. 31
June 30 June 12
July
July
Aug.
July
1
1
1
1
June 15
June 15
July
17
June 18a
1 Sept. 18
1 June 17
1
May 16
Neiman-Marcus Co., preferred (quar.).
Neisner Bros, (quar.)
Newark Telephone Co. (Ohio)-—
NewBedford Cordage
-
Class B
7% preferred (quarterly)-Newberry (J. J.) (quar.)
New 5% preferred A (quar.)
New England Telephone & Telegraph (quar.)..
Newmont Mining Corp
New York & Harlem RR. (semi-ann.)
Preferred (semi-annual)
New York Mutual Telegraph Co. (s.-a.)
Niagara Share Corp., B
Preferred (quarterly)
Nineteen Hundred Corp., class A (quar.)
Class A
(quar.)
July
1 June 20
1 Sept. 21
July
1 June 15
June
1 May
8
Aug. 15 Aug.
1
Nov. 15
July
Nov.
1
15 June 30
June
10 May 25
June
1 May 11
July
1 June 20
Oklahoma Gas & Elec. Co. 6% cum. pref. (qu.)_
7% cumulative preferred (quarterly).
Old Dominion Co. (Me.).
Onomeo Sugar Co. (monthly)
(quarterly)
Pacific & Atlantic Tlegraph Co. (s.-a.)
Pacific Finance Corp. of Calif. (Del.) (quar.)
Preferred A (quar.)
June
1
Preferred C
May
July
May
Aug.
22
Preferred D
Aug.
May
Aug.
(quar.)
(quar.)
15
Packard Motor Car
30
31
Paraffine Cos.
Nov.
Nov. 30
May 20
May 15
May
1
Parker-W olverine
June
1
Pathe Film
June
May
May
May
May
20
15
20
15
July
July
June 15
June 15
June
May 26
May 26
June
June
June
June
June
June
Quarterly
.
Parker Rust-Proof Co., common
Preferred (semi-annual)
(quarterly)
Corp
Electric, (s.-a.).
Patterson-Sargent (quar.)
Pender (David) Grocery, class A (quar.)_.
Penick & Ford. Ltd. (quar.)
Peninsular Telegraph Co
7% preferred (quar.).
7% preferred (quar.).
7% preferred (quar.).
Paterson & Passaic Gas &
1 May 21
1 June 15
June
1 May 15
June 15 June 11
June 15 June
5
June
1 May 20
1 June
15
1 June
15
1 June
15
1 June
15
1 June
15
1
1
1
1 June
May
May
May
June 15 May
June 15 May
June 15 May
15
15
15
29
29
25
June
June
—
July
July
Aug.
Aug.
Aug.
July
1 May
1
1 May 20
1
May 20
1 June 15
1 June 15
1
July
1 July
1 July
15
15
15
1 June
6a
June 27 June 10
1 May 15
June
(quarterly).
Parker Pen (quar.)
June
June
1 Nov. 21
1 May 21
June
(semi-ann.)
Overall (quarterly)
Sept.
May 15
12
May 19
1 Aug. 22
1 June
1
June 20 June 10
June
1 May
I
Debenture
June
1
June
6% preferred (monthly)
5% preferred (monthly)
June
May 15
May
9
June
(quar.)
6% preferred (quarterly)
Ohio Public Service Co. 7% pref. (monthly)
May 15
Aug. 15
1
16
June 15 May 18
June 15 June
8
June
1 May
7
-
Oshkosh
Preferred
June
June
1
15 'June 30
June
Telegraph Co
June
1
June 11
June 11
Preferred (quarterly)
May Department Stores (quar.)
Quarterly
Mayflower Associates (quar.)
May Hosiery Mills, preferred
Maytag Co., $6 1st preferred (quarterly)-.
McClatchy Newspapers, 7% pref. (quar.).
7% preferred (quarterly)
7% preferred (quarterly)
McCahan (W. J.) Sug. Rer. & Mol. Co., pf. (qu.)
McColl Frontenac Oil (quarterly)
Mclntyre Porcupine Mines (quar.)
McKenzie Red Lake Gold Mines
McKesson & Bobbins, S3 preferred (quar.).
McKinley Mines Securities
McWilliams Dredging
Mead Corp., 6% preferred
Merck & Co. (quar.)
Preferred (quar.)
Merrimac Hat Corp. (quar.)
Preferred (quar.)
16
July
July
July
July
July
July
Ontario & Quebec Ry. (semi-ann.).
June
June
16
July
(qu.).
$6 preferred (quarterly)
$6.60 preferred (quarterly)
$7 preferred (quarterly)
$7.20 preferred (quarterly)
May 31
May 31
Masonite Corp., common (quarterly).
Mathieson Alkali Works (quarterly)
June
Dec.
June
June
1
June
(monthly)
Ogilvie Flour Mills preferred (quar.)
Preferred
15
29
14
14
30
29
30
13
13
13
June
Oahu Sugar
Ohio Power,
June
June
Sept
Northwestern Public Service, 7% preferred
6% preferred
Northwestern Telegraph Co. (semi-annual)
Ohio & Mississippi
Ohio Oil
15
Nov. 14 Oct. 31
June 19 May 29
July
Nova Scotia Light & Power Co., 6% pref.
Oahu Ry. & Land Co. (monthly)
20
21
1
15
25
July 15 June 22
1 June 15
July
Aug. 15 July 31
June
(quarterly).
(quarterly)
29
June 30 June 10
June 15 May 29
1 June 15
July
1 June 15
July
1 June 30
July
Northern Oklahoma Gas 6% pref. (quar.).
June
25
3
23
Northern Pipe Line
Northern RR. Co. of N. J., 4% gtd. (quar.)—
guaranteed
guaranteed
3
May
June 15 May
June
May
June
May
June
May
June
May
June
May
June
July
June
July
June
July
June
May
June
May
June
May
June
1 May
June 15 May
June 10 May
June
1 May
June
1 May
June)' 1 May
1 June
July
June
1 May
July
4%
4%
June
June
Norfolk & Western Ry. (quar.)
North American Edison Co. pref. (quar.)
Northeastern Water & Electric Corp., $4 pref—
Northern Central Ry. (semi-annual)
Ohio Edison Co., $5 preferred (quarterly)
June 25 May 29
June
1 May
9
May 29
May 15
May 15
July
July
National Sugar Refining Co. of N. J
National Transit (semi-ann.)
15 Dec.
15
May 20
June 17
June 30
June
-
July
July
June
June
June
National Republic Investment Trust
National Standard (quar.)
Sept.15 Sept.
17
June 24
July
July
June
National Pressure Cooker
15 June
28 Dec.
June
(quarterly).
Oct.
June
18
July
July
(quarterly)
National Bond & Share Corp
National Casualty Co. (quarterly)National Container Corp
$2 conv. preferred (quarterly)
National Dairy Products (quar.)
Preferred A & B (quar.)
National Grocers Co. 7% preferred
National Lead, preferred A (quarterly).
July
Nov. 16 Nov.
5
May 15
June 27 June
Dec.
National Power & Light Co.
Aug. 15 Aug.
1
June 20 June 10
National Life & Accident Insurance
National Oats Co. (quar.)
Janl'37
May 29
15 June
Sept. 28 Sept.17
Mutual Telep. Co. (Hawaii)
(monthly).
Nashua Gummed & Coated
Paper Co.-
1 May 15
15
1
June
1 May 22
1 May 26
June 30
1 May
1
13
15 June
June
common
June
15 June
1 May
June
Extra
June
June
1
10 May 20
June
2 May 20
National Biscuit
Sept. 30 Sept. 24
10
June
12
June
1 July
June 30 June 20
-
Nassau & Suffolk Lighting Co., 7%
preferred
National Bearing Metals Corp., com. (increased)
June 30 June 24
1 Oct.
1
Jn. 2' 37 Jn.2'37
June 15 May 29
20
20
2 June
Oct.
Muskogee Co.,
5
July
June
July
July
11a
June 30 June 10
1 May 25
July
1 June 25
June
1 June
June
1 May
June
1 May
June 30 May
July
1 June
June
July
June 15 May
July
1 June
June
July
June
July
June
July
July
1 June
June
July
June
July
July
11a
29
May 23
15 May 29
1 June 15
July
2
15
1
Maryland Fund (quar.)__
-
1
June
June
1
Marsh (M.) & Son (quar.)
Stock dividend
June
June
July
Sept.
Oct.
Jan.2'37 Dec. 21
Lynchburg & Abingdon Teleg. (s.-a.).
Macy (R. H.) <fc Co. (quar.)
Magnin (I.) & Co., $6 preferred (quar.).
$6 preferred (quar.)
Mahon (R. C.) & Co.. new preferred (quar.)
Mallory (P. R.) & Co., Inc
July
Dec.
July
Preferred (quar.
*.)
May 15
May 20
May 20
June
June
Oct.
(quar.).
(s.-a.)
Light, preferred
Minneapolis Gas Light, 7% preferred (quar.)—
6% preferred (quarterly)
Mobile & Birmingham RR., pref. (s.-a.).
Mock, Judson & Voehringer
Preferred (quarterly).
Monarch Machine Tool (quarterly).
Monroe Loan Society, A (initial)
Monsanto Chemical (quarterly).
Society (quar.).
Quarterly
Quarterly
Motors Products, new stock
(quar.)
Motor Wheel Corp.
(quarterly)
Mueller Brass (quarterly)
Mullins Mfg. Corp., $7 preferred
Muncie Water Works Co. 8% pref.
(quar.).
Murphy (G. C.) new (quar.)
Muskegon Motor Specialties, class A.
Muskegon Piston Ring (quarterly).
1 May 23
Louisville Gas & Electric Co. (Del.)—
Preferred
June
June
Midland Grocery Co.,
6% pref.
Milwaukee Electric Ry, &
Morris Plan Insurance
June
June
common (quar.)
Manufacturing Associates (quar.).
Lunkenheimer Co., preferred (quar.)
June 20
June
June
Dec. 31 Dec. 21
1
15 July
1
June 30 June 20
1
Class A and B
July
June
-
Mid-Continent Petroleum Corp
Middlesex Water Co. (quarterly)
Sept. 30 Sept. 20
July
July
1
Ludlow
June
20
20
20
30
1
25
15 May 30
2 June 10
June
1 Oct.
(quarterly)
16
May
May
May
May
May
May
15 June 12
1 July
preferred
June
June
25
15
Oct.
1st
July
June
June
July
5% preferred (quarterly).
>% preferred (quarterly).
Lord & Taylor (quarterly).
Holders
July
8% preferred (quar.).,
8% preferred (quar.)
Loew's, Inc. (quar.)
Long Island Lighting Co., 7% pref., series A—
6% preferred, series B
Loose-Wiles Biscuit Co., common.
When
Payable of Record
June
-___
Participating preferred (quar.)
Participating dividend
Michigan Steel Tube Products
Extra.
Lock-Joint Pipe Co. 8% preferred (quar.).
_
Mesta Machine Co., common
Metak Textile Corp
Share
Montgomery Ward
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)
June 10 May 25
June 10 May 25
June
1 May 12
Original capital
Per
Name of Company
15 May
15 May
July
(guar.)
3621
Holdert
When
Payable of Record
July
(quarterly)
International Mining.
International Nickel Oo
Chronicle
Sept.: 1 Aug. 15
June
1 May 11
1 May 11
June
1 May 15
June
5 May 22
June
1 May 20
June
1 May 15
June
1 May 20
June
June
15 June
1
1 June 15
July
Aug. 15 Aug.
5
Nov. 16 Nov.
Feb. 15 Feb.
5
5
3622
Financial
Per
Name of Company
Share
Pennsylvania Gas & Elec. Corp. (Del.).
7 % and $7 preferred (quar.)
Pennsylvania Power Co., 6% pref. (qu.),
6.60% preferred (monthly)..
$6.60 preferred (monthly)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
$6 preferred (quarterly)
Pennsylvania Power & Light, $5 pref. (quar.)__
$6 preferred (quarterly)
37 He
When
May 30, 1936
Per
Holders
Name of Company
Payable of Record
May 20
Secord (Laura) Candy Shops (quar.)
June
July
June 20
Servel, Inc. (quarterly)
June
May 20
May 20
7% <*um. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar,)
Shattuck (Frank G.) (quar.)
Shell Transport & Trading
Shenango Valley Water, 6% pref. (quar.)
Sherwin-Williams, Ltd., pref
5% preferred, initial (quar.)
Simon (Wm.) Brewery (quar.)
July
1 May
1
1 May 20
1 June 20
Oct.
1 Sept.
June
July
Aug.
Sept.
Sept.
July
July
July
June 20
June
15
June
15
June
15
June
June
(quarterly)
Peoples Drug Stores (quar.)
Preferred (quar.)
Peoples Telephone Corp. 6% pref. (quar.)
Pet Milk (quarterly)
June
July
15
Somerset Union & Middlesex
Phelps Dodge
Philadelphia Baltimore & Washington.
Philadelphia Co., $6 cumulative pref. (quar.)__
$5 cumulative preferred (quarterly)
Phila. Germantown & Norristown RR. Co. (qu.)
June 15 May 27
June 30 June 15
Philadelphia Suburban Water Co., pref. (quar.).
June
July
July
June
Preferred
(quarterly)
Philadelphia & Trenton (quarterly).
Phillips Petroleum (quarterly)
1 June
1 June
(qu.).
Preferred (quarterly)—
Aug.
Aug.
Nov.
June
5 May 20
1 May 12a
1
$2
50c
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, class A
Jan2'37 Dec.
Special
Plymouth Oil (resumed)
July
July
Oct.
July
Oct.
July
May 20
Aug. 20
Sept.
Dec.
Nov. 20
June
May 15
(quar.).
June
1 Juen
15
30|June 12
1 May
15
June
1 May 15
June 15 June
1
June 15 June
1
July
July
July
(quarterly)
(quarterly).
June
Prentice-Hall, Inc. (quar.)
June
Extra
June
(quarterly)
June
15
15 June
12
1 May
15
1
1
1
1
1
1
1
1 July
15
1 July
1 July
15
June
1 May
18
June 15 June
1
15
July 15 July
1
Aug. 31 Aug.
1
1 June 15
July
1 June
1
July
June
1 May 20
June 15 June
1
Sept. 15 Sept.
1
15 Dec.
1
'June 15 May
June 11 May
June 15 May
June 15 May
July 15 July
June 15 May
June 15 May
1 June
July
1 June
July
1 June
July
1 June
July
2 June
July
1 June
July
June
1 May
1 June
July
29
21
29
29
15
30
25
10
10
10
10
10
15
Rolland Paper, Ltd., pref. (quar.)
Royal Dutch Co. (final)
Royalite Oil, Ltd
June
May 15
June
May" 15
1 May
8
1 June 15
May
May
May
1 May
15
27
19
20
Ruud Mfg. (quarterly)
June 15 June
5
Safety Car Heating & Lighting
St. Louis Bridge Co., 6% lstpf. (s.-a.).
3% 2nd preferred (semi-ann.)
St. Louis, Rocky Mt. & Pacific Co., pref
July
July
July
June
June
June
1 June 15
1 June 15
1 June
15
June 30
San Francisco Remedial Loan Assoc. (quar.)..
June 30 June
15
Sept. 30 Sept. 15
Dec. 31 Dec.
15
June 15 May 30
June 15 May 30
50c
MX
July
July
July
July
July
1 June
15
1 June
15
1 June
15
18
June
1
June
15
5c
5% preferred (quarterly)
6% preferred (quarterly)...
7% preferred (quarterly)
|p
681§
27 Mc
7.2% preferred (quarterly)..............
6% preferred (monthly).................
6% preferred (monthly)
7.2% preferred (monthly)...
7.2% preferred (monthly)
Terre Haute Water Works Corp. 7% pref....
Texas Corp. (quar.)
Texas Gulf Sulphur
(quarterly)
Thompson Products (resumed)..
Tide Water Assoc. Oil (quar.)..
6% preferred (quarterly)
I
Tide Water Power, $6 preferred
(quar.)
Tilo Roofing Co., Inc., cum. conv. pref. A
Timken-Detroit Axle, preferred (quar.)
Timken Roller Bearing (quar.)
15 May 15
June 15 May 29
1
May 20
May 20
May 20
Toledo Edison Co.
7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Transue & Williams Steel
Forging.
Tri-State Telep. & Teleg., 6% pref.
_ _
May 15
July
June 15
May 20
July
June
July
1 May
July
1 June 10
1 May
9
liJune 20
July
11
June
l'May 20
June
5 May 18
5 May 18
June
1 May
15
15
June
1 May
9 May 15
1 June 15
June
June
1 May
June
15
I
June
May 21
July
July
...
June 10
June 30
June
June 12a
June
.........
June 12a
I"
June 15 May 26
1
July
1 June
June
June
July
June
Oct.
Sept.11
11
Janl'37 Dec. 11
5
June 24 June
June 15
July
......I
I
June 30 May
June 30 May
$1X
581-3< June
May
June
58 l-3c July
June
July
June
50c
June
May 15
50c
7% preferred (mon thly)...
6.36% preferred (montl
lontnly)
6.36% preferred (monthly)
6% preferred (monthly)..
6% preferred (monthly)
United Molasses, Ltd. (interim)
United New Jersey RR. & Canal
(quar.)
29
29
15
15
May 15
54c
(monthly)
July
June 15
54c
...
.......
class A & B
May
5
July 15
May 21
Aug.
.......
United Gas & Elec. Corp. pref.
(quar.)
United Gas Improvement Co.,
(quar.)
Preferred (quarterly).
United Light & Rys 7% pref<
». 7%
referred
1 May 15
June
1
.1
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
United Elastic Corp. (quar.)
xw4%
$2k
(qu.)_
(quar.)
......
(quar.)
(quar.)
(quar.)
June
15
June
15
June
May
50c
July
July
June 15
lc
37 He
37 He
37 He
(quarterly).
25c
25c
..I......
(quar.)..
June 22 May 26
10 June 20
25c
MX
United States Petroleum (s.-a)
United States Pipe & Foundry Co. common
(qu.)
Common
15
July
July
July
15c
MX
United States Freight Co.
(quar,)....I...11..
United States Gypsum (quar.)
i
5
June
July
Preferred (quarterly)
United States Playing Card
Extra..
United Stores, preferred
June
15 June
1
1 June 25
June
(quar.) 11.1
United Dyewood, resumed...
Common
May 15
June 15
June
.......
Preferred
15
June 15
June
......
Unilever, Ltd., ordinary (final)
Unilever (N. V.) ordinary
(final)....
Union Gas Co. of Canada, Ltd
com.
June
July
11III
Troy & Green bush RR. Assn. (s.-a.)
Tubize-Chatillon
preferred
Preferred (quar.)
Tuckett Tqbacco Co. preferred (quar.)
Underwood Elliott Fisher
Preferred (quar.)
June 15
June 15
June
June
Upper Michigan Power & Light Co
6% preferred (quar/
6% preferred (quar
6% preferred (quar
Utah Power & Light, $6 preferred.
$7 preferred
50c
June
June
June
Extra
United Verde Extension Mining Co.
June 15 June
June
July
July
July
July
...
1 June
16
June
June
...
1 June 15
June 15 May 29
June 15 May 29
25c
20c
June
July
July
July
Tennessee Electric Power Co.—
Preferred
Dec. 31
June 30 May 29a
June 15 June
2
$1%
MX
$1H
MX
18
June
25c
5c
;
Extra'.
United States Foil Co.
Sept. 30
Salt Creek Producers Assoc., Inc. (s.-a.)-.
San Carlos Milling Co. (monthly)
Swift & Co. (quarterly)
Swiss Oil (quar.)
June 13
June
5c
Extra
June
United Biscuit Co. of Amer.
(quar.).......
June
June
July
Union Pacific
July
Quarterly
Quarterly
!i$
Union Tank Car Co. (quar.)
I.I.IIII.II
Union Tobacco, class A
(liquidating)....I"
Common
(liquidating)
June
San Joaquin
15
16
25
11
20
25c
......
June 30 June 20
Preferred
June
50c
20
June 30 June 20
„
15
May
May
May
May
May
June
I
...
June 30 June 15
Preferred
June
June
June
25c
...
July
$1X
15
7% preferred B (quarterly)
Rochester & Genesee Valley RR. (s.-a.)
Schenley Distillers Corp. pref. (quar.).
Schiff Co. common (quar.)
Preferred (quar.)
Seaboard Oil of Delaware (quarterly).
Sears, Roebuck & Co. (quar.)
Second Twin Bell Syndicate (monthly).
75c
$1H
15
June 11 May 28
June
1 May
8
Light & Power Co. 7% pref. (qu.).
6% preferred A (quar.)
Savannah Electric Power, deb. A (quarterly)...
Debenture B (quarterly).
Strawbridge & Clothier preferred
6% prior preferred series A (quar.)
Stromberg-Carlson Teleg. Mfg., pref
Sun Oil (quar.)
Preferred (quar.)
Susquehanna Utilities Co., 6% 1st preferred
Sussex RR. (semi-annual)
Sutherland Paper (quar.)
15
June
Aug.
Aug.
Aug.
..
May 15
May
7
10
June 30 June
—
June
June
Rike-Kumler (quar.)
Rochester Gas & Electric, 6% pref. C & D (qu.)_
Rubinstein (Helena), $3 conv. pref
Russek's Fifth Ave. (quar.)
Corp. (semi-ann.)....
May 23
June 30 June
Royal Typewriter 7 % preferred
June
June
25c
...
Aug.
Sept.
July
June 30 June
June 30 June
June 30 June
June 30 June
Extra
J«ly
June
June 30 June
Remington-Rand
Resumed (quarterly)
6% preferred (quarterly)
% preferred (quarterly)
Reno Gold Mines (quarterly)
Rensselaer & Saratoga RR. (s.-a.).
Reynolds Metals Co., common
5H% preferred (quarterly)
Rich s. Inc., 6H% preferred (quar.).
Richmond Fredericksburg & Potomac RR.Common voting and non-voting (s.-a.)_.
Dividend obligation (semi-annual).
May 20
MX
95c
$:
June
June
June
Reliance Grain Co., 6 H % pref. (quar.).
Reliance Insurance of Philadelphia.
June 30
June
June
June
June
preferred.
July
June
$2
$25 par (extra)
$100 par (semi-annually)
$100 par (extra)
Standard Oil of Ohio preferred (quar.)
Stearns (Fred.) & Co. 7% preferred
(quar.)
Stein tA.) & Co., preferred (quarterly)
June
June
50c
25c
(s.-a.)
5c
1 May 15
1 May 15
Dec.
June
$i
$i
15c
25c
Kentucky (quar.)
Stewart-Warner
15
15
15
15
29
16
16
16
16
May
May
May
May
May
May
May
May
May
June
June
25c
June
6% preferred (quarterly)
7% preferred (quarterly)
Purity Bakeries (quar.)...
Pyrene Mfg. Co. common (special)
Quaker Oats (quar.)
Preferred (quar.)
Queens Borough Gas & El. Co. 6% preferred—
Railway Equipment & Realty, new 1st pref. (qu.)
Rainier Pulp & Paper Co., A. & B. (quar.)
Rapid Electrotype (quarterly)
Quarterly
Quarterly
Raybestos-Manhattan (quar.)
Reading Co., 1st preferred (quarterly).
June
25c
Public National Bank & Trust (quar.)
U.
July
June
Tacony-Palmyra Bridge, class A & B (quar.)..
7H% preferred (quarterly)
7H% preferred
Talcott (James) 5H% preferred (quar.)
Tampa Gas Co., 8% pref. (quar.)
7% preferred (quar.)
I
Telephone Investment Corp
Public Service Co. of Colorado 7% pref. (mo.)..
8% cum. pref. (quar.).
7% cum. pref. (quar.).
$5 cum. pref. (quar.)..
6% cum. pref. (month
Public Service Electric & Oas Co. 7 % pref. (qu.)
$5 cum. pref. (quar.)
Public Service of Northern Illinois (quar.).
$1£
$2
25c
15
Sylvania Industrial Corp. (quarterly)
Sylvanite Gold Mines (quar.)
June 15 May 25a
June
1 May 22
1 June 20
July
—
July 15
May
1
July 15
1 May 20
1 June 15
Procter & Gamble 5% pref. (quar.)..
Public Electric Light 6% pref. (quar.)
5% preferred (monthly)..
June
Aug.
1 May 20
1 May 20
July
6% preferred (monthly)
June
June
15
June
5
15 June 12
Pressed Metals of America
Public Service Corp. of N. J. common (quar.)..
12
25c
Standard Oil Co. of N. J., $25 par
1 June 10
June
Extra.
Preferred
Standard Oil of
,
12
June
5c
Sterling Products, Inc
June
Co., 6% pref.
5H% preferred (quarterly)
Powdrell & Alexander (quar.)
Coosa-Thatcher, 7% pref. (quart.)..
Standard Oil of Indiana (quar.)
Extra
1ft
June
June
May 20
May 20
Extra.
10
7 June 10
6 Sept. 10
Jan 5'37 Dec.
—
Potomac Electric Power
Premier Gold Mining
Extra
a;
Sept. 10
Oct.
-
Preferred
15
30
15
15
15
June 10
July
July
6.7c
Standard Oil Export, 5% preferred
May
May
May
Sept.
May
June
^40c
Standard American Trust Shares
Pillsbury Flour Mills (quar.)
Pioneer Gold Mines of British Col. (quar.).
Pioneer Mill, Ltd. (monthly)
Pittsburgh Bessemer & Lake Erie (semi-ann.) —
6% preferred (semi-annually)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
June
May 15
MX
Standard Oil of Calif, (quarterly)
June
10
May 20
May 29
May 20
June
$4
50c
Spear & Co., 1st pref. initial (quar.)...
Spencer Kellogg & Sons, Inc. (quar.)
Spiegel May Stern, preferred
Standard
July
1
May 15
June
Southwest Consolidated Gas Utilities
June
preferred
June
June
6% preferred, series B (quar.)__
Southern Colorado Power Co. 7 % cum. pref
South Jersey Gas, Electric & Traction (s.-a.)
South Porto Rico Sugar (quar.)
Preferred (quar.)
Tan 10'37 Dec. 31
June
May 18
(quarterly)
Nov.
July
Lighting
15
Southern California Edison Co., Ltd.—
1
Sept.
1 Aug. 12a
July 10 June 30
June
1 May
1
June
1 May
1
July 10 June 30
Oct. 10 Sept 30
Extra
June
_
Sonotone Corp. preferred (quar.)
Sound view Pulp Co
1 June 10
May 15
May 11
May 11
May 30
lJuly 1
Aug.
1
June
Skelly Oil Co., 6% preferred (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
June
8
15 June
1
June! 1 Mayi31
June
June
Siscoe Gold Mines (quar.)
June
May 20
July
June
15
19
19
2
June
__
Extra
May 20
July
July
July
Preferred
Jan 2*37 Dec.
June 20 June
.
July 20
Aug. 20
Aug. 20
Pennsylvania State Water, $7 pref. (quar.)—.
Preferred
Holders
Payable of Record
June
Pennsylvania Water & Power Co., common
Phoenix Hosiery, 7 %
When
Share
June
SI 3^
$7 preferred (quarterly)
Phoenix Finance Corp.. 8% pref.
Chronicle
h$ 3
25c
21
June
15
June
15 June
5
July
20 June 30
20 Sept. 30
Dec. 21 Nov. 30
Oct.
Aug.
1 June 20
1 June 20
27
3a
1 July
Aug.
1 July
26
Nov.
1 Oct.
26
Feb 1*37 Jan.
26
July
July
June 15 May
July
July
June
1
June
1
Financial
Volume 142
Utah Copper
3623
Holders
When
Per
Share
Name of Company
Chronicle
June 30 May 29
1 May 15
June
_
When
Per
Share
•
Name of Company
Payable of Record
Willington Fund, Inc. (quarterly)
Dec.
Veeder Root (quar.);.i
Extra.....
(
Venezuelan Oil Consolidated, com. (final)
Ventures, Ltd., initial
Vick Chemical Co. (quarterly)..
Extra.
Viking Pump (special)
.......
Preferred (quar.)
June
15 June
1
Virginia Coal & Iron (quarterly)
Virginia Electric & Power pref. (quar.)
....
Vogt Mfg. (quarterly)
Vulcan Detlnning, preferred (quarterly).....,
Preferred (quar )..
Walker (Hiram) Gooderham & Worts (quar.)
Cum. preferred (quar.)
Ward Baking Corp., preferred—
Ware River RR., guaranteed
(semi-ann.)
Warren (Northam) Co., $3 pref. (quar.)
Washington Railway & Electric, common
5% preferred (semi-ann.)
5% preferred (quar.)
Washington Water Power preferred (quar.)..,
Welch Grape Juice Co., preferred (quar.)....,
Wesson Oil & Snowdrift Co., Inc.—
Con v. preferred (quar.)..
June
1 May
31
May 15
May 15
Wool worth (P.
June
June
15c
10c
.....
Extra
Wisconsin Public Service Corp.—
7% cum. preferred..
6Hi % cum. preferred
6% cum. preferred
Woolf Bros., Inc., 7% pref. (quar.)
Wool worth (P. W.) (quar.)..
Holders
Payable of Record
Utility Equities Corp. $5 H priority stock
Vanadium-Alloys Steel Co
2 May 20
June
1 May 14
1 May 14
June
1
June 10 June
June
.
Van Raalte
Co., Inc.,
common...
1st preferred (quarterly)
i...
_
Vapor Car Heating Co., preferred (quarterly)
Preferred
Preferred
(quarterly)
(quarterly).
.
...
1
Sept. 10 Sept.
....
_
1
10 Dec.
1 May 20
June
1 May 20
...
...
......
June 15
1 May 15
1 May 15
1
June 15 June
...
.......
June 20 May 29
1 May 15
June
July
Oct.
20 July
20 Oct.
Extra
June 15 May 25
1 June 15
1 June 30
July
July
June
June
June 15 May
25
Aug. 31 Aug. 15
1 May 15
June
....
West Jersey & Seashore RR. (s.-a.)
1 May 15
1 May 15
June
Western Auto Supply class A & B (quar.)
Western Public Service Co., $1K preferred
Western Tablet & Stationery Corp., 7% pref,
1 May
June
1 May 11
1 June 19
1 June 15
July
July
......
1 May 15
June
June 15 May 30
1 June 30
July
1 June 30
July
6% special guaranteed..
5% preferred (semi-annual).
July
1 May 15
June
Extra....
1 June 16
June
Weston Electrical Instrument, A (quar.)
Westvaco Chlorine (quar.)
June
"I May
7
Whitman (Wm.) & Co., 7% pref. (quar.)....
Will & Baumer Candle Co..Inc., pref. (quar.)
July
July
July
1 June 20
1 June 13
Williamsport Water, $3 preferred (quar.)
June
Wilson & Co
Winstead Hosiery Co. (quarterly)...
Extra
June
1 May 20
1 May 15
.....
Aug.
Aug.
...
)uart
Nov.
Nov.
Extra
6 A special dividend
c The
*
Irving Trust Co
Continental Bk. & Tr. Co
Chase National Bank...
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
5,775,000
Marine Midland Tr, Co.
New York Trust Co
Com'l Nat. Bk. & Tr.Co.
Public N. B. & Tr. Co..
Total...............
*
612,480,000
As per official reports:
I American
common
B stock
on
each share of its
The New York "Times"
a
are
stock.
1929, l-32d of one sh. of com.
p
Pathe Film Corp. stock div. of 1 sh. of Grand National Films for each
5 shs. of Pathe Film Corp. common held*
Electric Shareholdings Corp., $6 conv. pfd. opt. div. ser. ww
^joooenths of one sh. of com. stk., or at the opt. of holder $1H in cash.
q
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
Payable in special preferred stock.
t
Payable in U. S. funds,
Less tax.
v
Less depositary expenses.
to
A deduction has been made for expenses.
&
Per 100 shares.
The following shows the condition of the Federal Reserve
Bank of New York at the close of business May 27 1936,
in
comparison with the previous week and the corresponding
date last year:
145,345,000;
373,941,000'
May 27, 1936 May 20, 1936 May 29, 1935
5,646,000
32,682,000
156,278,000
10,806,000
37,899,000
85,296,000
12,983,000
21,721,000
3,500,000
422,000
3,140,523,000 3,133,291,000 2,227,877,000
United States Treasury .x
Redemption fund—F. R. notes
Other cash t--
564,054,000
9,690,606,000
$
A.ssctSm~~m
Gold certificates on hand and due from
$
—
—
1,033,000
87,958,000
1,191,000
91,284,000
1,553,000
63,632,000
3,229,514,000 3,225.766,000 2,293,062,000
Total reservesBills discounted:
S. Govt, obligations,
guaranteed
Secured by U.
1,717,000
1,448,000
1,503,000
2,325,000
2,960,000
4,117,000
1,585,000
7,396,000
1,682,000
7,492,000
6,368,000
68,473,000
480,307,000
180,603,000
68,473,000
480,834,000
180,076,000
105,737,000
476,185,000
162,396,000
729,383,000
729,383,000
744,318,000
741,315,000
Total bills discounted.
1,282,000
1,678,000
2,951,000
direct and (or) fully
Other bills discounted...—
741,517,000
756,612,000
95,000
4,344,000
125,200,000
10,851,000
30,514.000
97,000
5,144,000
144,432,000
10,851,000
29,603,000
3.530,000
113,208,000
11,791,000
34,219,000
1,792,000
44,462,000
79,684"665
411,000
3,089,000
23,602,000
1,131,000
42,725,000
Bills bought in open market.
Industrial advances.
.
1,809,000
United States Government securities:
Bonds..
...
—
Treasury notes
Treasury bills—..
............
Total U. S. Government securities..
Other securities..
as
follows:
a
$237,992,000; 6 $75,005,000;
publishes regularly each week
number of banks and trust companies which
hot members of the New York
following
own
Blue Ridge Corp., opt. $3 conv. pref. ser.
stk. or at the opt. of the holder 75c in cash.
o
Foreign loans on gold
—
Total bills and securities.
are
h On account of accu¬
Cigar Co. stock div. of l-40th sh. of Amer. Tobacco Co.
National, March 4, 1936; State, March 27, 1936; trust
companies, March 27, 1936.
Includes deposits in foreign branches
c
$85,994,000; d $31,056,000.
returns of
July 28
stock at the rate of 1 share for
common
Time
Average
743,339,100
500,000
$1-8
Deposits,
40,707,000 al,409,801,000
457,890,000
51,725,400
177,277,300 61,359,229,000
12,788,600
475,418,000
62,597,400
724,350,000
16,109,900
241,432,000
91,781,400
511,908,000
59,017,400
499,960,000
3,812,700
56,906,000
67,625,800 cl,893,828,000
3,435,200
46,335,000
68,456,900
<1816,923,000
16,852,000
5,249,700
90,646,000
8,067,800
22,242,300
310,484,000
7,907,000
77,564,000
8,176,200
81,794,000
10,000,000
50,000,000
4,000,000
150,270,000
Bankers Trust Co..
20
New York
Average
10,929,400
25,431,700
21,000,000
15,000,000
Title Guar. & Trust Co..
June
Condition of the Federal Reserve Bank of
Deposits,
and
S
90,000,000
32,935,000
Fifth Avenue Bank
10
Sept. 10
July
Aug.
following Corrections have been made:
x
Net Demand
Surplus
$
6,000,000
20,000,000
127,600,000
20,000,000
payable in
u
Profits
Corn Exch. Bank Tr. Co.
June
Payable in stock,
e
1
Undivided
Capital
Members
First National Bank
May 20
20
June
Oct.
$1H
/ Payable in common stock,
g Payable in scrip,
mulated dividends,
j Payable in preferred stock.
1
1
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR. THE WEEK ENDED SATURDAY, MAY 23, 1936
Cent. Hanover Bk. & Tr.
June 10
d A regular quarterly dividend on the convertible preference stock,
optional"series of 1929. of Commercial Investment Trust Corp. has been
declared payable In comm jci stock at the rate of 3-104ths of 1 share of com¬
mon stock per share of convertible preference stock, optional series of 1929,
so held, or, at the option of the holder, in cash at the rate of $1.50 for each
share of convertible pret rence stock, optional series of 1929, so held.
1
weekly statement issued by the- New York City
Clearing House is given in full below:
Manufacturers Trust Co.
.....
15c
15c
June 10
each 5 shares held has been declared on the common stock of Commercial
Investment Trust Corp., payable June 1 to holders of rep. May 18.
1 June 15
The
Guaranty Trust Co
Mfg? Co. (quar.j~IIII_I-I__—I
July
July
May 15
May 15
Transfer books not closed for this dividend.
a
Weekly Return of the New York City
Clearing House
National City Bank
Chemical Bk. & Tr. Co..
June
25c
25c
...
...
„
1 May 15
June 15
Weyenberg Shoe Mfg., 7% preferred
Wheeling Electric, 6% preferred (quar.)
Whitaker Paper, preferred (quarterly)
Bank of Manhattan Co..
June
3% June
July
July
10c
5c
29
29
29
22
20
19
June
Westland Oil Royalty Co.. class A (monthly).
West New York & Penna. RR. (semi-ann.)
Bank of N. Y. & Tr. Co.
X w
Quarterly
Youngs town Sheet & Tube, preferred
Zellers, Ltd., 6% preferred...
1 May 15
1 May 15
June
_
•
xw3Q%
(s.-a.)_
WhjWm.) Jr. (monthly)..
15 May 25
_
...
Clearing House
.
...
Yale & Towne
June 20 May
June 20 May
June 20 May
June
1 May
June
1 Apr.
81?fe
Wright-Hargreaves Mines, Ltd
10
June
-
10
.
reg.
June
87Hc
.....
W.) & Co., Ltd.—
Amer, dep. rets. ord. reg. (interim)
June
June
...
.......
...
_Amer. dep. rets. 6% pref.
~2
July
.......... ........
Clearing House.
the figures for the week ended May 22:
The
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 WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MAY
22, 1936.
277,000
4,141,833.000 4,157,410,000 3,212,699,000
Total assets.
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Liabilities—
Loans,
Other Cash,
Res. Dep.,
Dep. Other
Disc, and
•
Including
N. Y. and
Banks and
Cross
Elsewhere
Trust Cos.
Deposits
Investments
Manhattan—
S
Bank
Notes
$
Grace National.....
26,382,000
Sterling National....
20,308,000
93,600
535,000
Trade Bank of N. Y.
4,801,882
212,807
Brooklyn—
People's National
S
.4,149,000
4,552,000
1,220,110
$
2,093,500
2,736,000
187,098
$
28,999,600
25,222,000
5,470,303
3,071,000
91,000
Loans
Disc, and
1,498,000
644,000
4,754,000
Federation
........
........ .
Fiduciary—.......
Fulton.............
Lawyers..
United States
123,978,000
Capital paid in—
.............
Surplus (Section 7)
.........—..
Surplus (Section 13b)....—..........
Reserve for contingencies.............
50,869.000
50,825,000
7,744,000
8,849,000
4,061,000
All other liabilities....
Res. Dep.
N. Y. and
Dep. Other
Banks and
Cross
Elsewhere
Cash
Invest.
Empire
3,118,988,000 3,115,065,000 2,299,212,000
Total deposits—
Deferred availability items............
TRUST COMPANIES—AVERAGE FIGURES
Manhattan—
776,519,000
F. R. notes in actual circulation
778,893,000
669,462,000
Deposits—Member bank reserve aoo't.. 2,675,480,000 2,668,758,000 2.081,291,000
201,184,000
U. 8. Treasurer—General account—.
191,605,000
25,613,000
19,423,000
31,944,000
33,813,000
Foreign bank
......
—
Other deposits...
222,901,000
222,758,000
158,495,000
......
Trust Cos.
...........
Deposits
$
$
$
57,676,700
8,807,485
11,948,361
19,962,300
29,131,700
70,439,733
*4,494,300
228,322
*1,120,733
*2,823,700
*9,964,400
13,143,351
6,620,700
819,562
1,514,876
319,000
2,893,400
19,085,844
91,973,000
32,459,717
2,814,000
2,337,126
26,976,000
Total liabilities.
Ratio
.
$
3,106,400
1,719,941
403:800
$
61,551,200
9,682.520
12,098,026
18,976,500
40,417,900
72,954,334
140,745,000
50,876,000
50,825,000
fr,744,000
8,849,000
4,413,000
114,619,000
59,365,000
49,964,000
6,190,000
7,500,000
6,387,000
4,141,833,000 4,157,410,000 3,212,699,000
deposit and
combined......
make, industrial ad¬
of total reserves to
F. R. note liabilities
Commitments
to
vances
82.9%
82.8%
77.2%
10,342,000
10,391,000
7,650,000
t "Other cash" does not include Federal Reserve notes or
a
bank's
own
Federal
Reserve bank notes.
Brooklyn—
Brooklyn
Kings County
.......
*
9,986,854
313,000 114,748,000
39,421,109
Includes amount with Federal Reserve as follows:
Empire,
Flducary, $798,505; Fulton, $2,605,600; Lawyers, $9,251,500.
$3,045,200:
x
These are certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
over
these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
nder the provisions of the Gold Reserve Act of 1934.
100 cents to 59.06 cents,
3624
Financial
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System
The
following is issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks
for the
System
whole in comparison with the figures for the
as a
week last year.
at the close of business on
The second table shows the
resources
seven
and liabilities
Wednesday.
on
Thursday afternoon, May 28,
The first table presents the results
preceding weeks and with those of the corresponding
separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details
regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments
returns
for the latest week
appear
in
our
of the Board of Governors of the Federal Reserve System
department of " Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES
OF THE
Gold ctfs.
on
$
6,
1936 Apr. 29 1936 Apr. 22 1936 Apr. 15 1936 Apr.
8
$
$
9
$
$
1936 May 29, 1935
$
hand & due from U.S.Treas.x 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 7,665,346,000 5,868,300,000
Redemption fund (F. R. notes)
Other cash *
5* Total
$
the
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 27 1936
May 27, 1936 May 20, 1936 May 13, 1936 May
ASSETS
upon
_—
13,062,000
310,451,000
12,532,000
316,329,000
12,451,000
13,377,000
322,087,000
324,928,000
12,942,000
339,651,000
13,741,000
342,255,000
13,736,000
341,744,000
13,732.000
336,358.000
22,249,000
219,947,000
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
8,015.436.000 6,110,496,000
reserves
Pi
Bills discounted:
Secured
U.
by
S.
Govt,
obligations,
direct and(or) fully guaranteed
2,646,000
2,182,000
—...
Bills bought In open market
Industrial advances
U. S.
Government securities—Bonds
Treasury notes
4,781,000
4,584,000
5,323,000
5,270,000
6,193,000
5,502.000
8,286,000
4,544,000
30,487,000
4,677,000
4,676,000
30,170,000
4,684,000
30,319,000
4,682,000
30,039,000
4,690,000
30,313,000
4,688,000
30,257,000
4,700,000
26,977,000
29,963,000
2,858,000
2,465,000
3,021,000
2,249,000
3,713,000
2,480,000
2,886,000
4,914,000
2,616,000
3,372,000
.
—
Total U. S. Government securities- 2,430,255,000 2,430,247,000
2,430,259,000
Other securities
2,097,000
2,487,000
2,292,000
2,489,000
265,691,000
265,699,000
265,693,000
265,708,000
265.723,000
265,785,000
265,687,000
265.691,000
314,512,000
1,545,908,000 1,647,839,000 1,547,849.000 1,549,461,000 1,554,889,000 1,654,889,000 1,554,895,000 1,554,894,000 1,561,448,000
616,717,000
618,648,000
616,717,000
609,667,000
615,167,000
609,667,000
609,667,000
554,304,000
609,667,000
—
Treasury bills
4,749,000
4,299,000
30,462,000
Total bills discounted
2,436,000
2,313,000
4,828,000
Other bills discounted
181,000
181,000
-
181,000
2,430,336,000 2,430,279,000 2,430.341,000 2,430,249,000 2,430,252,000 2,430,264,000
181,000
181,000
181,000
Foreign loans on gold
Total bills and securities
181,000
181,000
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
2,470,880,000 2,470,227,000
Gold held abroad
24O~66O
~~~24b"o66
64O~666
631~600
""*633*666
"""633*666
"~"~0~34~666
""""7*o"o"66o
20,368,000
22,936,000
595,188,000
19,813,000
519,305,000
48,048,000
38,495,000
22,870,000
564,780,000
48,017,000
36.731,000
22,125,000
696,196,000
48,006,000
36,286,000
16,762.000
601,570,000
48,004,000
455,926,000
48,050,000
39,764,000
19,664,000
522,097,000
48,031,000
38,093,000
37,396,000
47,086,000
237~66o
Due from foreign banks
Federal Reserve notes of other banks
19,002,000
518,009,000
48,051,000
41,126,000
Uncollected Items
Bank premises
All other assets
Total assets
/
574,289,000
48,051,000
40,288,000
15,743,000
49,701,000
11,243,998,000 11,241,641,000 11,243,252,000 11,135,049,000 11,155,728,000 11,163,378,000 11.295.187,000 11,090,682,000 9,149,879,000
LIABILITIES
R. notes In actual circulation
.
Deposits—Member banks'
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 3,781,039,000 3,171,650,000
_
reserve account
U. S. Treasurer—General account
Foreign banks
Other deposits
6,617,026,000 6,559,979,000 6,539,800,000 6,499,045,000 6,547,026,000 6,509,372,000 6,497,363,000 6,471,277,000 5,163,434,000
Total deposits.
Deferred availability Items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
...
Reserve for contingencies
All other liabilities
of
total
reserves
to
deposits
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
521,228,000
130,657,00(1
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
494.186,000
130,699,000
145,601,000
26,613,000
460,029,000
34,107,000
30,782,000
7,360,000
12,372,000
146,654,000
144.893,000
20,065,000
and
78.5%
78.4%
78.3%
78.2%
78.3%
78.2%
78.2%
78.2%
73.3%
25,095,000
25,297,000
26,014,000
25,842,000
25,576,000
25.607,000
25.670,000
25,664,000
19,425,000
F. R. note liabilities combined
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-term
574,822,000
522,081,000
130,795,000
145,501,000
26,513,000
34,111,000
8,998,000
11,243,998,000 U,241,641,000 11,243,252,000 11,135,049,000 11,155,728,000 U,163,378,000 11,295,187,000 11,090.682,000 9,149,879,000
Total liabilities..
Ratio
5,747,228,000 5,694,009,000 5,611,072,000 5,531,998,000 5,506,314,000 5,441,618,000 5,333,048,000 5.161,317.000 4,826,596,000
513,104,000
544,183,000
621,759,000
577,985,000
679,209,000
712,424,000
829.731,000
964,390,000
74,472,000
85,482,000
54,493,000
81,851,000
84,226,000
83,356,000
86,116,000
71,622,000
53,826,000
47,345,000
267.384,000
271,122,000
263,437,000
266,517,000
278,147,000
269,214,000
215,021,000
280,758,000
273,948,000
9
$
$
$
$
■
5
9
9
$
Securities—
-15 days bills discounted
6-30 days bills discounted...
1-60 days bills discounted
3,044,000
588,000
340.000
2,910,000
612,000
221,000
703,000
303,000
4,828,000
561,000
2,145,000
986,000
607,000
2,956,000
718,000
226,000
2,877,000
1-90 days bills bought In open market
Odays bills bought In open market-
Total bills bought In open market
-16 days industrial advances
f-ct days Industrial advances
•CCdays industrial advances
-DCdays industrial advances
er90 days industrial advances
Total industrial advances
709,000
740,000
254,000
226,000
4,749,000
4,781,000
4,584,000
432,000
275,000
574,000
315,000
556,000
815,000
506,000
3,022,000
4,544,000
1,600,000
241,000
30,462,000
-15 days bills bought in open market...
6-30 days bills bought in open market...
1-60 days bills bought in open market.—
32,000
782,000
86,000
1,526,000
224,000
629,000
675,000
27,408,000
Total bills discounted
615,000
4,299,000
fl-90 days bills discounted
Over 90 days bills discounted...
3,670,000
28,000
756,000
723,000
146,000
3,639,000
38,000
695,000
276,000
4,530,000
3.714.000
6,176,000
128,000
47,000
221,000
60,000
398,000
926,000
583,000
649,000
622,000
920,000
568,000
242,000
5,323,000
5,270,000
6,193,000
5,502,000
8,286,000
775,000
380,000
629,000
3,062,000
639.000
959,000
368,000
777,000
2,798,000
697,000
1,997,000
1,390,000
3,282,000
445,000
401,000
3,274,000
394,000
671,000
280,000
3,339,000
2,998,000
483,000
554,000
354,000
4,677,000
4,676,000
4,684,000
4,682,000
4,690,000
4,688,000
4,700,000
1,669,000
1,716,000
267,000
424,000
27,328,000
1,580,000
343,000
372,000
537,000
27,481,000
1,251,000
26,945,000
1,676,000
251,000
440,000
581,000
27,091,000
1,580,000
749,000
27,324,000
1,652,000
255,000
521,000
760,000
26,775,000
30,487,000
29,963,000
30,170,000
30,319,000
30,039,000
30,313,000
573,000
232,000
557,000
767,000
'584,000
821,000
354,000
180,000
438.000
334,000
582,000
318,000
27,303,000
24,894,000
30,257,000
26,977,000
1-15 days U. S. Government securities._
20,400.000
20,080,000
27,106,000
24,000,000
25,806,000
21,710,000
19,200,000
41,103,000
21,010,000
16-30 days U. S. Government securities—
67,263,000
71,497,000
20,080,000
20,400,000
24,000,000
27,106,000
146,435,000
25,806,000
21,710,000
31-60 days U. S. Government securities._
68,489,000
67,882,000
103,586,000
115,847,000
94,376,000
87,663,000
120,495,000
44,080,000
47,506,000
61-90 days U. S. Government securities138,728,000
133,070,000
135,762,000
144,744,000
71,082,000
74,488.000
179,894,000
119,037,000
103,576,000
Over 90 days U. S. Government securities 2,137,726,000 2,135,367,000 2,134,570,000 2,134,500,000
2,215,015,000 2,219.374,000 2,220,316,000 2,238,260,000 1,942,337,000
Total U. S. Government securities
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 2,430,252,000 2,430,264,000
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
isi~6oo
isi~66o
"""181*666
181,000
i8i~666
Over 90 days other securities
181,000
181,000
""isV.ooo
""*1*81*666
""""181", 000
181,000
181,000
i8i"666
'
Total other securities
181,000
"
181,000
•
181,000
h Federal Reserve Notes—
Issued to F. R. Bank
by F. R. Agent- 4,036,457,000 4,033,793,000 4,042,174,000 4,037,156,000 4,012,215,000 4,031,692,000 4,041,109,000 4,050.111,000 3,429,322,000
273,064,000
277,484,000
280,146,000
258,276,000
270,525,000
257,672,000
283,116,000
269,072,000
279,347,000
Held by Federal Reserve Bank..
_
r
*
In actual circulation
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 3,781.039,000 3,171,650,000
Collateral Held by Agent as Security for
* Notes Issued to BankGold ctfs.
on
By,'eligible
hand & due from U.S. Treas.
paper
"
U.^S^ Government securities
4,097,011,000k 100,568,000
Total collateral
•
z
Jan.
"Other cash" does not Include
These
are
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 4.024,343,000 3,271,979,000
3,428,000
3,488,000
3,483,000
3,272,000
3,928,000
6,741,000
3,846,000
3,859,000
4,575,000
57,000,000
55,000,000
46,000,000
48,000,000
57,000,000
236,900,000
60,000,000
68,000,000
69,000,000
Federal
Reserve notes,
4,105,623,000 4,094,175,000 4,090,831,000 4,109,189,000 4,118,918,000 4.096,202,000 3,515,620,000
t Revised figure.
certificates given by the U. S. Treasury for the gold taken over from the Reserve banks when the dollar
31, 1934, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated
of the
Gold
Reserve
Act of
1934.
was
a3
devalued from 100 cents to 69.06 cents on
profits by the Treasury under the provisions
Volume
of the Federal Reserve System (
Weekly Return of the Board of Governors
LIABILITIES OF EACH OF
WEEKLY STATEMENT OF RESOURCES AND
Two
Ciphers (00) Omitted
RESOURCES
on
New York
$
$
I
27 1936
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY
Cleveland Richmond
Phila.
*
Boston
Total
Federal Reserve Bank of—
Gold certificates
3625
Financial Chronicle
142
Atlanta
Dallas
%
%
I
1
*
San Fran.
%
Louis Minneap. Kan. CUy
St.
Chicago
%
%
%
hand and due
560,756,0 241,971,0 196,272,0 1,577,274,0 215,910,0 157,541,0 210,898,0 139,360,0 509,883,0
7,824,035,0 484,550,0 3,140,523,0 389,097,0
2,246,
460,0
1,059,0
267,0
659,0
945,0
785,0
1,908,0
992,0
386,0
1,033,0
2,322,0
Redemption fund—F. R. notes..
13,062,0
11,650,0
5,608,0
8,107,0 17,085,0
39,095,0
14,061,0
19,699,0 10,081,0
39,939,0 28,009,0
87,958,0
Other cash *
29,159,0
310,451,0
from U. 8. Treasury
Total
1,617,028,0 230,963,0 165,915,0 229,042,0 145,428,0 523,779.0
8,147,548,0 516,031,0 3,229,514,0 429,422,0 589,710,0 262,455,0 208,261,0
reserves
Bills discounted:
Sec. by U. S. Govt,
obligations,
26,0
63,0
9,0
72,0
109,0
119,0
386,0
12,0
172,0
128,0
458,0
185,0
87,0
61,0
122,0
122,0
1,717,0
302,0
1,595,0
19,347,0
21,918,0
25,0
380,0
47,0
1,448,0
1,503,0
427,0
2,951,0
381,0
63,0
26,0
25,0
4,299,0
30,462,0
Total hills discounted
Bills bought in open market
Industrial advances
320,0
1,585,0
436,0
406,0
174,0
150,0
2,942,0
7,396,0
5,215,0
1,878,0
3,772,0
798,0
2,130,0
565,0
1,461,0
993,0
68,473,0 20,755,0 23,973,0
480,307,0 116,012,0 143.412,0
180,603,0 40,353,0 50,640,0
12,834,0
76,773,0
27,109,0
11,019,0
28,415,0
169,985,0
13,492,0
81,209,0
14,504,0
45,276,0
122,764,0
28,499,0
15,806,0
13,013,0
76,735,0
27,096,0
8,0
534,0
U. 8. Government securities:
Bonds
17,956,0
265,699,0
1,545,908,0 103,259,0
36,462,0
618,648,0
Treasury notes
Treasury bills
75,586,0 116,844,0
181,0
95,000,0 199,331,0
323,828,0 123,864,0
77,280,0 118,268,0
97,297,0 201,413,0
21,0
22,0
95,0
17,0
237,0
2,405,0
43,720,0
Bank premises
All other resources
19,002,0
400,0
4,344,0
563,0
1,400,0
54,484,0
125,200,0
48,051,0
41,126,0
Uncollected items
3,113,0
10,851,0
30,514,0
41,280,0
5,080,0
3,669,0
52,690,0
6,525,0
282,0
3,0
1,194,0
14,639,0
1,531,0
1,299,0
27,865,0
3,360,0
327,0
1,543,0
2,513,0
1,103,0
72,676,0
4,830,0
23,172,0
2,452,0
254,0
530,0
442,0
1,833,0
26,575,0
19,505,0
3,580,0
308,0
1,526,0
801,0
261,004,0 380,168,0 264,969,0 757,504,0
11,243,998,0 735,693,0 4,141,833,0 663,188,0 872,266,0 433,259,0 330,870,0 2,021,432,0 381,812,0
resources
LIABILITIES
Deposits:
reserve account.
U. 8. Treasurer—Gen'l acc't..
Foreign bank
Other deposits
5,189,0
...
Deferred availability items
122,806,0 200,751,0 157,364,0 415,597,0
6,617,026,0 315,096,0 3,118,988,0 308,097,0 416,465,0 205,606,0 141,594,0 1,028,739,0 185,923,0
26,513,0
34,111,0
8,998,0
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
12,314,0
13,406,0
1,007,0
3,000,0
3,111,0
594,0
25,198,0
14,950,0
3,952,0
2,516,0
1,391,0
7,573,0
546,0
893,0
2,980,0
3,149,0
1,003,0
593,0
1,463,0
844,0
193,0
1,318,0
361,0
225,0
230,0
5,616,0
754,0
27,532,0
21,630,0
3,802,0
3,783,0
1,252,0
1,328,0
587,0
27,674,0
3,764,0
4,655,0
16,243,0
4,229,0
1,272,0
202,0
14,371,0
4,231,0
74,629,0
12,021,0
21,350,0
42,807,0
4,712,0
5,186,0
3,448,0
52,621,0
12,624,0
39,303,0
4,061,0
1,413,0
314,0
145,501,0
Another liabilities
123,978,0
50,869,0
50,825,0
7,744,0
8,849,0
55,516,0
9,374,0
9,902,0
2,874,0
522,081,0
130,795,0
Capital paid In
4,280,0
1,973,0
2,595,0
1,846,0
222,901,0
89,275,0 168,858,0 121,987,0 365,222,0
32,789,0
32,205,0
27,662,0 28,520,0
3,811,0
1,602,0
1,599,0
1,326,0
13,775,0
1,570,0
1,774,0
4,543,0
986,851,0 144,484,0
32,800,0 31,787,0
6,407,0
1,657,0
7,995,0
2,681,0
5,747,228,0 273,217,0 2,675,480,0 274,540,0 377,878,0 167,016,0 102,420,0
34,187,0 32,961,0
201,184,0 26,574,0 30,911,0
544,183,0
32,603,0
2,430,0
1,933,0
5,081,0
5,137,0
4,087,0
19,423,0
54,493,0
271,122,0
Total deposits
75,223,0 291,286,0
874,411,0 160,472,0 114,428,0 141,962,0
776,519,0 282,243,0 371,474,0 170,026,0 159,725,0
F. R. notes in actual circulation. 3.758,973,0 341,204,0
Member bank
16,0
7,0
405,0
7,0
16,203,0
2,284,0
1,389,0
2,919,0
1,062,0
1,548,0
4,0
27,0
8,0
10,0
518,009,0
Fed/Res. notes of other banks...
46,298,0
19,743,0
741,315,0 183,152,0 220.372,0 120,688,0 101,182,0
2,470,025,0 161,366,0
Due'from foreign banks
55,910,0 131,115,0
321,164,0 123,200,0
181,0
Total bills and securities
Total
65,915,0
23,275,0
729,383,0 177,120,0 218,025,0 116,716,0 100,209,0
Total U. 8. Govt. securities- 2,430,255,0 157,677,0
Other securities
185,0
2,0
10,0
55,0
381,0
2,646,0
2,182,0
4,828,0
direct & (or) fully guaranteed
Other bills discounted
3,6)3,0
1,142,0
10,154,0
9,645,0
1,121,0
1,849,0
320,0
261,004,0 380,168,0 264,969,0 757,504,0
11243998,0 735,693,0 4,141,833,0 663,188,0 872,266,0 433,259,0 330,870,0 2,021,432,0 381,812,0
Total liabilities
res. to
78.5
78.6
82.9
72.7
74.8
69.9
69.1
85.0
66.7
69.9
66.8
62.5
74.1
25,095,0
Ratio of total
2,812,0
10,342,0
326,0
1,515,0
2,388,0
297,0
79,0
1,831,0
94,0
467,0
547,0
4,397,0
dep. & F. R.
note liabilities combined
Commitments to make industrial
advances,
»
"Other cash"
does
not Include
Federal Reserve notes.
FEDERAL RESERVE NOTE
Two
STATEMENT
Ciphers (00) Omitted
Federal Reserve notes:
Agent
17,573,0
83,203,0 328,273,0
36,987,0
7,980,0
as
776,519,0 282,243,0 371,474,0 170,026,0 159,725,0
874,411,0 160,472,0 114,428,0 141,962,0
75,223,0 291,286,0
890,706,0 296,000,0 387,500,0 185,000,0 147,685,0
915,000,0 154,632,0 120,000,0 149,000,0
121,0
171,0
12,0
8,000,0
15,000,0
84,000,0 333,000,0
185,0
431,0
32,000,0
892,352,0 296,381,0 387,563,0 185,026,0 179,710,0
915,000,0 169,644,0 120,171,0 157,121,0
84,431,0 333,185,0
277,484,0
se¬
curity for notes Issued to bks.
on hand and
Gold certificates
due from U. S. Treasury
F.llglhlfl
$
911,972,0 168,858,0 118,032,0 155,551,0
13,589,0
3,604,0
8,386,0
37,561,0
4,038,523,0 376,000,0
In actual circulation
by
San Fran
$
$
$
S
3,758,973,0 341,204,0
Held by Fed'l Reserve Bank..
held
Dallas
Louis Minneap. Kan. City
872,209,0 294,787,0 385,622,0 181,066,0 178,107,0
18,382,0
11,040,0
14,148,0
12,544,0
95,690,0
Issued to F.R, Bk. by F.R. Agt 4,036,457,0 358,777,0
Collateral
St.
$
$
$
$
Chicago
Atlanta
Cleveland Richmond
S
$
$
%
Phila.
New York
Boston
Total
Federal Reserve Agent at—
Total*colIateral
25,0
26,0
63,0
381,0
1,646,0
427,0
3,488,0
paper
U. 8. Government securities..
55,000,0
4,097,011,0 376,427.0
Weekly Return for the Member Banks of the Federal Reserve
System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in i01 leading cities from which weekly returns are obtained.
Governors of
Discussions
York and Chicago reporting member banks for a week later.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and
immediately preceding which we also give the figures of New
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
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to others" and partly
of demand deposits standing to the credit of Individuals, partnerships, corporations,
also been revised further so as to show additional Items.
The Item "Demand deposits—adjusted" represents the total amount
In "Other loans."
reported as on
furthermore, has been changed In two respects In accordance with provisions
associations, States, counties, municipalities, &c., minus the amount of cash items
demand deposits,"
hand or In process of collection. The method of computing the Item "Net
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,
gross demand deposits, rather than solely from amounts due to banks, as was required under the old law.
and, second, amounts due from banks are now deducted from
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
which are now Included In "Inter-bank deposits."
The Item "Due to banks" shown heretofore Included only demand balances of domestio banks.
deposits of other banks,
The Item "Borrowings"
rediscounts, from the Federal Reserve banks and from other sources. Figures are shown also for "Capital account,"
By "Other assets—net" Is meant the aggregate of all assets not otherwise specified, less cash Items reported as on hand or in
represents funds received, on bills payable and
assets—net," and "Other liabilities."
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101
Cleveland Richmond
St.
Chicago
Federal Reserve District—
Total
Boston
New York
Phila.
ASSETS
Loans
$
$
$
$
$
1,221
9,426
1.173
1,801
579
539
2,829
21,799
aDd.investments—total
Loans to brokers and
Dollars)
LEADING CITIES, BY DISTRICTS, ON MAY 20 1936 (In Millions of
Atlanta
dealers:
San Fran.
Dallas
$
I
S
$
%
$
S
Louis Minneap. Kan. City
638
641
376
"Other
process
442
2,134
3
2
9
In New York City.
964
12
928
10
213
23
74
17
14
3
6
50
6
2
3
2
13
Outside New York City...
2,079
153
213
65
41
169
Loans on securities to others
)
•
(except
895
146
51
209
62
31
44
332
44
150
22
6
7
6
32
10
7
24
2
22
1,147
85
248
65
185
23
23
67
41
6
16
21
367
62
banks)
1
10
7
Acceptances and com'l paper bought.
Loans on real estate
4
O
1
1
3
29
2
4
306
1,346
182
209
107
136
418
107
122
131
126
366
3,556
8,855
315
844
261
199
1,477
245
145
245
166
678
U. S. Govt, direct obligations
408
18
571
100
65
38
40
156
14
46
35
149
1,285
3,306
53
Obligations fully guar, by U. S. Govt.
Other securities
169
1,313
314
261
75
77
401
107
49
126
48
366
4,623
226
2 386
189
274
117
59
794
90
53
79
246
Federal Reserve Bank..
121
64
14
31
17
10
58
11
5
11
9
18
369
133
173
152
224
177
144
422
116
84
267
177
250
2,319
89
112
36
39
107
24
18
25
27
257
Loans to banks
Other loans
Reserve with
Cash In vault
Balance with domestic
banks
3,872
mi
»
1,363
77
652
975
6,668
749
992
381
296
2,109
376
247
447
339
811
14,390
297
970
274
717
194
171
817
174
119
145
115
5,043
Other assets—net
1,050
754
16
231
57
58
40
43
138
9
3
18
27
227
106
353
171
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government
deposits..
Inter-bank deposits:
5,475
225
2,388
289
324
381
Domestic banks
7
352
3
1
Foreign banks
198
......
755
187
mm
......
account..
1
......
......
—
114
✓
252
10
------
392
22
15
26
7
38
10
4
2
346
27
4
892
231
223
335
87
86
348
83
56
89
323
1,600
77
3,538
—
Other liabilities
Capital
—
1
5
1
...
Borrowings
110
3626
May
Stock and Bond Sales—New York Stock
1936
30,
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are
computing the range for the year
the only transactions of the day. No account is taken
of such sales in
United
States
Government
Stock
York
Below
we
furnish
bonds and
daily record
a
Home Owners' Loan,
Securities
the
on
Daily, Weekly and Yearly
the
of
transactions in
Treasury certificates
on
Week Ended
and
Number of
May 29 1936
the New York Stock
Shares
point.
1,066,000
769,000
1,216,000
1,213,000
289,000
863,000
306,000
854,000
527,000
$4,476,000
9,152,000
12,310,000
11,431,000
8,916,000
9,988,000
$5,801,000
$3,063,000
$56,273,000
762,810
740,410
7,317,000
10,253,000
9,929,000
7,747,000
8,607,000
4,999,240
$47,409,000
Tuesday
1,143,100
Wednesday
1,220,000
Total
Daily Record of U. S. Bond Prices May 23 May 25 May 26 May 27 May 28 May 29
Sales
$589,000
Friday
32ds
more
Bond
Bonds
$3,556,000
Thursday
or
Total
States
For'n Bonds
694,130
Monday
one
United
State,
Mis cell. Municipal &
Bonds
438,780
Saturday-
Quotations after decimal point represent
a
Railroad
Stocks,
Federal Farm Mortgage Corporation's
Exchange.
of
Transactions at the New York Stock Exchange,
New
Exchange
Treasury
High
118.1
118.2
117.28
117.29
117.28
117.26
Sales at
4 Ms,
Low-
118.1
117.30
117.28
117.29
117.25
117.26
118.1
118.2
117.28
117.29
117.25
117.26
Exchange
841,000
New York Stock
Close
$331,000
1947-52
63
Total sales in $1,000 units...
High
Low.
108.4
Close
SXB. 1943-45
108.4
108.4
1
25
108.2 1
108.4
108
108
108.4
108.1
113.5
54
113.7
107.29
107.31
108
9
113.4
113.5
113.3
113.1
113.5
113.1
112.31
113
50
111.14
111". II
111.14
Low.
111.14
111.11
5,801,000
$7,209,000
5,394,000
$130,904,000
147,227,000
47,409,000
32,372,000
1,289,691,000
$378,489,000
165,087,000
868,026,000
$56,273,000
$45,025,000
$1,567,822,000
$1,411,602,000
Railroad and industrial
Total
111.10
111.14
111.14
111.11
111.10
2
9
1
108.18
108.16
108.16
108.14
Low.
108.16
108.14
108.12
108.13
108.18
108.16
108.12
108.14
4
76
3
3
•
Close
Total sales in $1,000 units—
-
•
_
Stock and Bond Averages
1
.
High
104.25
104.28
104.23
104.22
104.24
104.20
Low.
104.25
104.24
104.20
104.21
104.17
104.25
104.24
104.20
104.22
104.17
Below
are
the
daily closing
stocks and bonds listed
104.20
Close
-
102,511,960
97
High
3s, 1951-55
$3,063,000
239,325,893
111.10
J-
Close
Total sales in $1,000 units...
3^8, 1943-47
6,243,485
112.28
1
111.14
High
1935
1936
Bonds
State and foreign
112.31
28
10
Jan. 1 to May 29
1935
4,999,240
Government
2
113
113.5
Stocks—No. of shares.
5
113
Low.
Total sales in $1,000 units—
3%a, 1946-56
108
107.31
108.3
Close
4s. 1944-54
107.31
52
1936
3
It
108.3
1
Total sales in $1,000 units—
High
5
108.8
Week Ended May 29
on
averages
of representative
the New York Stock Exchange
104.20
Total sales in $1,000 units...
1
58
7
7
6
High
105.16
105.18
105.15
105.14
105.11
105.9
Low.
105.16
105.13
105.11
105.11
105.11
compiled by Dow, Jones & Co.:
as
105.6
105.9
3s, 1946-48
I
Stocks
Bonds
10
Close
105.16
105.13
105.11
105.11
105.11
Total sales in $1,000 units...
1
54
12
27
1
110
[High
108.25
108.23
108.23
108.22
108.20
108.21
Low-
108.25
108.23
108.22
108.22
108.19
108.17
Close
108.25
108.23
108.23
108.22
108.19
108.21
10
•
3^8, 1940-43
Total sales in $1,000 units
1
51
1
13
109.4
109.2
109.2
109.4
109.2
109.1
109
109.4
109.2
109.2
109
109.1
Total sales in $1,000 units
61
3
106.10
106.12
106.11
106.7
106.7
Low.
106.10
106.10
106.6
106.7
106.7
Close
106.10
106.10
106.7
106.7
106.7
Total sales in $1,000 units...
1
30
w
High
3Hs, 1946-49
~
-
High
106.11
Low.
106.9
106.9
18
106.8
Total sales in $1,000 units...
1
2
15
30
106.8
[Cllse
3Ks, 1949-52
106.9
6
w
Second
10
Grade
Grade
Utilir
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
May 29.
152.64
46.28
31.40
55.12
106.14
111.69
85.40
106.23
102.37
May 28.
151.77
45.99
31.23
54.80
106.10
111.66
85.20
106.09
102.26
152.77
46.23
31.51
55.15
106.18
111.76
85.16
106.15
102.31
152.26
46.21
31.65
55.09
106.04
111.80
84.83
106.10
150.83
45.06
30.81
54.21
106.08
111.91
84.50
106.11
102.15
May 23.
150.65
44.81
30.90
54.13
106.06
111.94
84.31
106.30
102.15
102.19
106.6
2
106.3
106.2
106.2
Treasury Bills—Friday, May 29
106.2
106.2
United States
1C6.2
106.6
~
First
Indus¬
106.4
1
106.5
*•
10
70
106.6
106.5
w.
Total
May 25.
109.1
Close
20
Utili¬
May 26.
109.1
Low.
3^s, 1941-43
109.9
20
Rail¬
May 27.
3
2
High
30
Indus¬
Date
11
2
Bates
quoted
are
for discount at purchase.
25
31
'
High
109
109.1"
109.2
108.31
109.1
Low.
3HB, 1941--
109
108.30
109
108.30
108.30
109
109
108.30
109.1
Close
-
-
109
Bid
Asked
Asked
Bid
'
Total sales in $1,000 units
1
28
5
44
13
June
31936
107.28
107.27
107.25
107.26
107.20
June
10 1936
Low-
107.27
107.27
107.24
107.23
107.22
107.20
June
17 1936
Close
107.28
107.27
107.24
107.25
107.22
107.20
June 24 1936
Total sales in $1,000 units...
41
25
75
81
55
2
High
-
3^8, 1944-46
107.25
July
1 1936
High
102.8
102.10
102.6
102.6
102.4
102.3
July
Low.
102.8
102.5
102.3
102.4
102.1
102.1
July
15 1936
Close
2%b, 1955-60
102.8
'102.5
102.5
102.4
102.1
102.3
July
22 1936
July
Oct.
29 1936
8 1936
21 1936
Oct.
0.20%
0.20%
0.20%
0.20%
0.20%
28 1936
4 1936
Nov.
Nov. 10 1936
Nov. 18 1936
0.20%
0.20%
Nov. 25 1936
Dec
2 1936
Dec.
9 1936
106
37
34
73
18
103.24
103.22
103.19
103.17
103.17
103.13
Aug.
5 1936
0.20%
0.20%
0.20%
Low.
103.22
103.18
103.18
103.17
103.14
103.13
Aug. 12 1936
0.20%
Dec. 30 1936
Close
103.24
103.18
103.18
103.17
103.16
103.13
Aug. 19 1936
6 1937
106
50
5
10
2
Aug. 26 1936
0.20%
0.20%
0.20%
0.20%
Jan.
10
Jan.
13 1937
0.20%
0.20%
0.20%
0.20%
0.20%
Feb.
Total sales in $1,000 units...
8
[High
2Jis, 1945-47
Total sales
in"$1,000 units.
.
.
High
2^s, 1948-51
102.10
102.5
102.9
102.5
102
Low.
102.9
102.4
102.3
102.2
102
Close
Total sales in
102.9
102.4
102.4
102.2
102
77
$1,000 units...
Federal Farm
45
87
15
12
Sept. 2
Sept. 9
Sept.16
Sept. 23
Sept. 30
High
104.16
104.14
104.13
104.9
Oct.
LOW.
104.16
104.14
104.12
104.14
104.9
Oct.
Close
Mortgage
3^8. 1944-64
104.16
104.14
104.12
104.14
Mortgage
[High
3s, 1944-49
Federal
20
3
103.10
103.9
103.10
103.8
103.6
103.7
103.9
103.9
103.9
Low.
103.9
103.11
in.$1,000 units...
2
v!
1 -y ji
*■
95
5
1
1936
1936
Dec.
23 1936
Jan. 20 1937
Jan.27 1937
3
1937
Feb. 10 1937
Feb. 17 1937
36
103.4
103.4
103.4
7 1936
_.
14 1936..
103.4
5
18
103.30
103.29
103.31
Feb. 24 1937
103.30
103.28
103.27
103.27
103.31
103.30
103.29
103.31
7
10
25
5
102.12
102.16
a
Low.
102.16
102.12
102.16
102.16
102.12
102.16
102.10
1
1
1
1
Maturity
one
or
Rate
Int.
Bid
Asked
Maturity
Rate
Bid
1^%
1H%
1H%
1H%
1^%
1H%
1H%
2H%
101.11
101.13
Feb.
1 1938...
101.24
101.26
Dec.
15 1936...
101.7
101.9
June 15 1938
2H%
105.5
105.7
101.12
101.14
Feb.
102.11
102.13
101.2
101.4
Apr.
3%
3%
102.26
102.28
101.8
103.4
102.31
102.31
102.28
102.28
Low.
103.1
102.30
102.28
102.29
102.27
102.24
June 15 1940...
103.1
102.30
102.31
102.31
102.27
102.28
•
15
39
73
8
11
118
101.25
101.25
101.20
101.20
101.17
101.19
Low.
101.23
101.20
101.18
101.18
101.14
Close
101.25
101.22
101.20
101.20
101.17
18
48
99
9
21
101.22
101.19
101.19
101.20
101.17
101.21
101.16
101.16
101.20
101.14
101.12
Close
101.21
101.19
101.19
101.20
101.14
11
3
82
5
29
21
101.31
102.1
Aug.
103.17
103.19
Sept. 15 1937...
101.18
Total sales in $1,000 units...
101.15
15 1937...
Mar. 15 1938...
101.18
Low.
15 1937...
2^%
2^%
104.13
104.15
104.2
104.4
2 H%
101.31
3%
3^%
3&%
104.31
27
High
15 1940...
Sept. 15 1938...
101.19
Total sales tn.$l,000 units...
Sept. 15 1936...
Dec.
100.28
101.13
Mar. 15 1940...
June
15 1939...
1 1936...
FOOTNOTES FOR NEW YORK
Home Owners' Loan
2J*s, 1942-44
•
Bid and asked prices; no sales
above
table
includes
only
2%a 1955-60.-
sales
of
coupon
were:
-
Deferred delivery
n
Transactions in registered bonds
New stock,
r
Cash sale.
x
102.1 to
102.1
on
this day.
t Companies reported in receivership.
a
Asked
Dec.
103.2
rHigh
Treasury
32ds of
100.26
rHIgh
2^8, series B, 1939-49—
1
more
1 H%
15 1939—.
Mar. 15 1939...
Mar. 15 1941...
Total sales fn"$ 1,000 units...
Note—The
1
June 15 1936
.Close
bonds.
1
1
102.10
Close
Home Owners' Loan
1
point.
102.10
Total sales in $1,000 units...
3s, series A, 1944-52
1
1
2
'
102.16
•
Home Owners' Loan
•
103.27
Int.
2%b, 1942-47
1
Indebtedness, &c.—Friday, May 29
Figures after decimal point represent
103.28
103.31
[High
Mortgage
1
t
t
Quotations for United States Treasury Certificates of
12
103.31
Total sales in $1,000 units
Federal Farm
1
103.6
Close
[High
-•
1936
1936...
16 1936
1
.
103.9
Low.
Farm'Mortgage
3s, 1942-47
y*-
104.14
103.11
Close
Total sales
1936
.
Dec.
104.9
Total,sales irf $1,000 units...
Federal Farm
0.20%
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%
Ex-dividend.
V
Ex-rights.
•
STOCK
102.1
105.1
100.30
101.
104.10
104.12
PAGES
Proctor & Paine
Abbott,
consolidation of
Members
York Stock
New
and other
Exchange
Volume
for institutions and individuals
LIVINGSTON & COMPANY
INDIANAPOLIS
CLEVELAND
MONTREAL
CHICAGO
May 23
May 25
*45
115
*47
48
48
May 28
May 29
$ per share
*47
49
$ per share
$ per share
Shares
493s
49
49
50
49%
Par
Abraham & Straus
62
er
6i
61
61
61%
11
11
11%
11
11%
11
2212
24%
22&S
23
2338
23%
23%
*23%
23%
22%
23
2,400 Adams Millis
25
25
25
2,000
*2l2
2%
2%
*24%
*2%
25
234
2478
234
25
*212
247g
234
23%
2434
58l2
*384
58%
5878
59
3%
334
60%
4
60%
3%
60%
3%
*11314 115
900
3,900
Acme Steel Co
Adams
No par
Preferred
*2218
24
24i4
234
r2%
2%
100
No par
Address
Multlgr Corp
500 Advance Rumely.
No
2%
10
par
Affiliated Products Ino.No par
*90
384
*90
138s
138s
*3l2
414
3
3
13%
13%
13%
13%
*3%
4
*3%
3%
*3%
3
3
22
*19
21
*21
22
*20
22
*18%
*18%
21
31'4
32
32%
3278
33%
3H4
31%
31
31
31
31
44%
"
190
193""
194%
197"
24%
914
24
247g
9%
737g
45%
233g
24%
9%
*73%
74%
447g
2234
7414
44l2
22l2
73
44%
*3%
3%
41is
417g
41%
94
94
*92
50
50
50
95
23
4
3%
*163
49
89
89
*3234
57
*9
63
4978
22%
23
23%
2214
225g
9012
4l2
9U2
4l2
12l2
7i2
*1112
7%
335s
14%
7%
*15l2
6
6
30ig
1018
27
73
74%
♦223s
2234
74l2
2234
12
1214
12
12%
*2784
2912
*2734
29%
2234
42
1034
~
1078
39
40_~
1034
:
11
56
55l2
48
4714
4734
20
19%
20%
*16134 16484 *16134 164%
26
2612
26%
26%
54l2
46i2
1912
102
*
"26%
*100%
*100% 103
1934
*19%
20%
28
28
2914
29%
102
*1912
*2738
2012
77
78
127
8834
57
22%
22%
91
91
*12%
12%
7%
7%
545S
545g
137
*22l2
162
23
16234
*90l4
92
56
55%
13634 13634
*22%
23
93%
93
93
9212
2,400
600
57
40
3%
220
4%
1,000
34%
14%
14%
14%
14%
14%
30%
29
29
29
29
12%
7%
7%
17
16%
5%
1634
36%
36%
39%
3934
*39%
6%
38%
39%
3%
3%
*3%
3%
1834
*18%
*16%
6
5%
37
19
19
19
10%
27%
10%
934
10
934
28%
28
2734
75
75%
74%
24
24%
117S
12
12%
27%
27%
29%
74%
24%
12%
29%
*38%
56%
49
19%
20
*
164%
12
12%
29%
*130%
29%
....
40
1138
1134
60%
50%
19%
20%
164%
27%
56%
5534
58%
50%
20%
51%
20%
*
23
108
63%
108
165
92
120
26
*55
120
2634
56
11
90
Preferred
Amer Sugar
Refining
4,100
143
*143
143%
200
22,900
Am Type
Founders Inc
2134
22
104
21%
217g
217g
104
*10378 106
22%
22%
22%
*103
104
106
104
2234
104
22%
22%
*104% 106
31,100
400
8i4
8i4
8%
7,400
61%
6434
9%
63%
9%
*58%
*8%
*58%
938
58l4
8%
5934
834
58%
6534
12,200
%
%
*34
%
%
*34
%
*34
%
400
*4%
4%
378
*4%
378
4%
*4%
434
434
*434
4
4
4
4%
4,300
55
*51
55
*50
55
26
*26
26
26
33%
3334
s4
*4l2
334
478
334
334
87g
8%
4
87
61
59
60
4
*50
*40
55
*40
55
*40
55
*23
26
*23
26
*23
26
34%
39
3334
*38%
34%
39
33%
34%
34
39%
39%
*37
2034
20
20%
203
20%
*98% 100
*10S4
34
*38i4
20
2034
*98% 100
*98%
9934
*10
*10
12
20%
1034
38
38
*118
120
*106% 1067g
478
5
7112
72
115
*105
*fl34
1112
54
1U2
3734
*118
38
120
99%
*10%
*37%
*118
9934
12
37%
120
26
343
40
120
53
1178
115
*108
115
52
54
55%
117g
For footnotes see page
11%
3626
117g
*109
52%
11%
27
34
118
115
*108
200
31,500
40
100
20%
*19%
20
1,900
11
37%
118
*98% 100
1134
*10%
37
37
*118
120
115
*108
1st
Wks & Eleo. Wo par
Wo par
preferred
American Woolen..
...
Preferred
tAm Writing
Preferred
Amer Zinc
Paper
10
100
1,300
10
300
8,100
900
115
No par
100
1
Wo par
Lead,& Smelt—1
Apr
9
8
12
Apr 30
25
Apr 30
Jan 20
5% Jan 7
36% Apr 22
37
Jan
2
3
Jan
2
17% Apr 23
9% Apr 30
23% Apr 28
66
Apr 28
21 May
9
10
Apr 28
27
124
Apr 30
Apr
£35% Jan
2
3
7% Feb 20
43
Feb 20
36% Feb 20
18% Apr 30
Apr 30
2
56% Jan 7
136% Jan 3
18
25% Jan
Jan
9
57% Mar
133% Jan
6
7
104
20% Apr 30
107% Jan 4
26
May 29
48% Apr 30
Jan
6
20% Mar 21
149% Apr 30
4,300
12
12
12%
12
12%
2,600 Arnold Constable Corp
5
Mar
25% Mar
Oct
May
33%
Deo
65
Deo
35%
Deo
115
Nov
66
Feb
96
June
3
30
Mar
34
Jan
2% Mar
13% Feb 13
32% Mar 6
24% Mar
2
95
Mar
3
22% Mar
6% Feb
72
Aug
5
May
2
% May
34% Aug
9% Deo
3534 Nov
2
Mar
19% Deo
9234 Deo
3% Deo
9% Deo
9% Aug
14
Mar
42
2% Apr
14% Feb 17
9% Mar 26
Feb 17
18% Apr 7
37% Jan 28
18% Mar 3
3% Mar
12
Mar
Aug
Aug
17
38% Aug
6
3
Oct
15% Oct
6% Nov
Jan 27
28
Oct
40
8% Mar
46
8% Apr
41% Mar 7
5% Jan 14
/29% Apr
Jan 14
14% Oct
4% Mar
24
13% Apr 11
1%
Oct
Nov
38% Nov
4% Jan
3734 Feb
lis8 Nov
36% Feb 28
9
Mar
2734 Nov
95% Feb 27
32
Mar
75%
29% Jan 14
18% Mar
Feb 13
4% Apr
13% Mar
15
35% Mar 20
6
72
42% Mar 13
z24
13% Mar 26
60% Apr 7
52% Apr 7
1%
10%
8%
10%
134%
15%
Mar
66
Mar
133
Feb
2738 Jan
4
Apr
6
Feb 19
116% Mar
27
Mar
5
5
33% Apr 8
91% Mar 20
152% Mar 11
Jan
Jan
Mar
Mar
Mar
Mar
Mar
26% Jan 28
Nov
Nov
Aug
Aug
Deo
Sept
32% Nov
9534 July
21%
26%
64%
121
Feb
143%May 28
33% Feb 19
120 May 29
Jan 29
Deo
Deo
Nov
159
Mar
101% Dec
60% Mar 3
141% Jan 29
12%
32%
130%
36%
9%
49%
41%
25%
31% Apr
4% Mar
20
108%May 28
73% Jan 22
36
Deo
33% Nov
144
Deo
Jan
Deo
May
117% Aug
Jan
76
June
125
Feb
143
July
12
Mar
88
Feb
113
Deo
32% Dec
50% Dec
43
Jan
63
124
Dec
18% Jan
98% Mar
25% Nov
Feb
140% May
27% Nov
70%
72% Apr
160% Nov
104% Nov
104
6
74% Mar
107
Nov
2
150
141
Nov
136
Jan
9%May 21
20
May 13
19% Apr 28
92% Jan 3
7% Apr
54% Apr
%May
4% Apr
358May
28
30
19
30
20
2
Jan 20
53%
151%
Deo
88% Mar 13
Jan
52%
Feb
Nov
6
35
53%
70
102% Feb
Mar 13
28
53
Jan
Jan
25%May 22
89% Jan 21
24
533
43
4
Jan
34
25
Mining—50
pref
473g Nov
8
165
Jan
Cable..Wo par
Anchor Cap...
Wo par
$6.50 conv preferred.Wo par
Andes Copper Mining..
10
Archer Daniels Mid'ld.Wo par
7% preferred
100
Armour&Co (Del)pf 7% gtdlOO
Armour of Illinois new.
5
$6 conv pref
No par
Preferred
100
Armstrong Cork Co...Wo par
$5 prior
Anaconda Copper
Dec
Jan
5734
38
7
157
44
Anaconda W &
Deo
80
13%
73%, Feb 19
58% Apr 16
43
13
Deo
40
48% Jan
41% June
127%May 12
95% Mar 6
3
25
Preferred..
*37
*98% 100
11
100
39
106% 106% *106% 107%
5
5
4%
4%
72%
*72% 7234
72%
10678 1067g *106% 1067g *106%
47g
47g
5
478
5
72
72
72
72% *72
*107
20
37%
37%
*118
33%
*38
5
Am Water
10
100
4%
June
26
168
9% Jan 2
6% Apr 30
29% Jan 2
87
American
Mar
2% Mar
Nov
Jan
41
3% Apr 30
Tobacco
25
Common class B——...25
Preferred
100
500
Preferred
Preferred
104
100
89
129
93%
11%
-25
Snuff...
Preferred
Feb
Mar
14
Deo
9
75% Oct
37% Oct
2234 Nov
10
Jan
-1°0
300 Am Sumatra Tobacco..Wo par
11,900 Amer Telep & Teleg
100
500
93
11
American
—100
Amer Steel Foundries..No par
280
Preferred
—.100
3,000 American Stores.
No par
93
11%
preferred
Wo par
Stand San'y .No par
Am Rad &
—100
15,000 American Rolling Mill
25
100
Amer Safety Razor
Wo par
2,700 American Seating v t o.Wo par
190 Amer Shipbuilding Co.Wo par
5,500 Amer Smelting & Refg-Wo par
300
Preferred
—100
200
2d preferred 6% cum—100
......
3,100
164% 16538
*91
92%
143
22,600
$5
12,300
164% 165%
92%
17,000
143% 143%
29%.
29%
23
91%
..
300
136% 136%
*2234 23%
91%
92%
100
Preferred
6% conv preferred
100
300 Amer News, N Y Corp .No par
56,900 Amer Power & Light—Wo par
10,800
$6 preferred
...No par
...
63%
*136% 137
*23
23%
137
22%
16258 166%
*91% 92
92% 92%
56
56
27
166
137
137
56
No par
American Ice
1,700
40
27
1,400
4,600 Amer Mach & Fdy Co.Wo par
4,200 Amer Mach & Metals. .No par
1,100 Amer Metal Co Ltd—No par
1134
5834
*
No par
No par
400 Amer Hawaiian S S Co
10
5,700 Amer Hide & Leather..——1
700
6% conv pref
50
1,500 Amer Home Products
1
preferred
preferred
75
164%
27%
"26% 27%
*100% 103
*100% 103
103
*100% 104
20%
20% 21%
20%
20
20%
19%
*28
30
30%
30%
*28
30
30
78%
7734 78%.
77%
77%
78%
77%
149
149
14834 148S4
150
*147% 150
164%
267g
$6
24%
50
59%
51%
20%
2d
12
11
24
29
24%
Feb 21
16% Jan
75
57%
11%
1,400
/49
42%
33% Mar 30
8% Jan 2
22%May 28
10
Deo
149%
Co)-25
—100
22% Dec
3% Mar
June
25
29
6
Jan
87%May 11
24
41
*38%
11%
39%
11
11%
56%
29
*128%
*128
4"l""
12
Deo
Sept
Mar
No par
300
28
24
31
6% non-cum pref
100
3,400 Amer Internat Corp—No par
5,600 American Locomotive—No par
10
27%
32
173
21
American Chicle
600
38
Jan
Mar
110
114% Jan 14
New.l
100
Amer European Sees. _No par
10,000 Amer & For'n Power...No par
1,700
Preferred
No par
Dec
Deo
Deo
50% Mar 28
100
6% 1st pref
Deo
130%May 20
134% Jan 2
166% Jan 14
Apr 30
57% Apr 27
Amer Encaustic Tiling
3%
14%
14%
14%
33%
2
May
30
...No par
6,900 American Crystal Sugar
91%
12%
1834
Chain
7% preferred
Deo
Apr
125
6% Apr
Apr
72
3
162% May 29
---100
Preferred
23%
34
3%
Preferred
American Car & Fdy—No par
Jan
4
Feb 14
55% Apr 15
115% Feb 24
25
100
23
*90%
4%
4%
124
---100
£20%
187
Apr 28
40
Am Brake Shoe & Fdy. Wo par
700 Amer
Colortype Co
10
4,700 Am Comm'l Alcohol Corp._20
9%
40
*36%
65
23
1238
7%
16
50
*8%
22%
34
7%
Apr 20
42%May 20
Jan
Deo
Sept
21
Mar
1% Mar
125% Mar 29
63% Feb 11
6
10
Preferred
American
Jan
Am Coal of N. J (Alleg
700
8834
34
92%
93%
144
*143
144
145
*143
al43% 143% *143
11
10%
11%
11%
978
11%
934
9%
93
4,000
51%
24
56
137
66%
127
34
*12
500
6,300
75
*2234
16214 164%
No par
Agric Chem (Del) .No par
800
5X% conv pref
6,100 American Can
35
6
16
38
*4%
4%
7638
7712
77%
150
*147%
14778 1477g *147
108% 108%
*1077g 108% *107% 108%
*107i4 108i4 *10778 109
64
64%
65
*64
65
65
*64%
*6378 65
»63l2
143% 143%
*142
145
143
143
143
143
*14012
29%
29%
29
28
29%
28% 29%
2858
287g
2~9%
*116% 120
113
113
*116% 120
11278 115
*11212 113
26s4
26%
26%
26%
26% 26%
26%
267g
2634
2678
*136
8834
*3234
91
39%
3%
19%
10%
27%
*38%
1034
55%
47%
1934
5514
*3234
51
51%
22%
*128
*128
*35
8834
65
65
127
*90%
4%
6
2278
*1134
2734
27
73
51
*123
35
9
6
75
26i2
65
65%
51%
9
34
500
162% 163%
35%.
22%
14%
*28%
*36%
39%
3%
*19%
97g
27%
3%
164
34%
9%
34%
14%
30%
16%
19%
10%
27%
*163
22%
22%
7%
14
40
128%
23
30%
*15%
36%
128
128
12%
7%
34
6
128
130
22%
6
16lg
6
47
129
129
4%
*12
^.....
46%
*46
35%
57
46%
67%
128
89%
*9
91
*1512
*127
89
23
4%
12%
164
127
*3234
22%
10
50
126% 126%
129% 130%
9%
91
4%
*19
Am
1
Apr 20
278May
34
Nov
2%
74
2
9%May
74%May
50% Apr
28% Mar
5% Jan
48 May
Jan 31
75
*123
91
36i2
39i2
314
19l2
Amerada Corp
47
227g
22%
397g
33s
205s
1,200
*45
91
38
93%
*65
57
*29
3978
3U
9234
67%
91%
30
*35l2
93%.
7% preferred
*65
834
34%
14%
30%
16«4
30
94
*90
1
50
Amalgam Leather Co
67%
23%
22%
33l2
14l2
2,000
*65
22U
34l4
14%
48
2,900 American Bank Note
*3234
714
45
45
*86
*1112
43%
45
9
412
19%May 13
43
2,500
.
% Mar
2% Mar
2
28% Mar 26
35% Jan 21
43
2,200
4%
45%
57
'
9
No par
Alpha Portland Cem.. Wo par
3%
45
89
89
69
44%
23%
173
39% Feb 11
23% Mar 12
634 Jan 7
3%
100% Deo
37% Nov
24% Dec
20% Deo
8% Feb
4% Jan 31
30% Feb 18
—100
45%
186
Oct
74% Nov
11% Dec
29% Feb 18
29% Feb 18
45% Feb 5
No par
23%
Oct
1% June
Apr
5% Jan 27
Mar 25
208
45
% Apr
Sept
13%
17% Jan 23
195
7
*2234
3%
74
Mar 25
91
Jan
46
127
2
157
50,800 Allied Stores Corp
3,000
5% pref
5,900 Allls-Chalmers Mfg
2
Mar
61% Apr 22
6% Apr 1
103
45
129%
9
4% Mar
6% Sept
104% Mar
8
21% Jan
8
23%
3%
24
Jan
Feb
4,000
128% *123
*3234
912
9%
74%
45%
June
8
30
45%
163% 163% *163
35
3434 35%
65
63% 64%
51
50
51%
36
6234
9%
7334
Jan
28
Feb 28
27
50
129
164
49
9%
7334
84%
3534 Feb 14
28
share
52% Nov
116
-4% Mar
100% JantlO
98
*3%
44
44l2
126% 127%
63
24%
9%
June
Alleg & West Ry 6% gtd-.lOO
3,700 Allied Chemical & Dye.Wo par
3,900 Allied Mills Co Inc
No par
50
47
128l2 *123
24%
25
199
51
900
2 Vi% prior conv pf—Wo par
1,000 Allegheny Steel Co
No par
......
50
*44
49
61l2
♦127
197
32%
3034
....
50
68
35
*100
50%
*44%
*1631
£30%
-
50
*65
35l8
100
warr
50%
68
164
34
Pref A without
Jan
Feb
Apr 28
Jan 2
Jan 2
Jan 2
Apr 28
Apr 29
93%
45%
12612 126%
129
129%
100
Apr
110
74% Feb 10
.21
13% Feb
Mar 25
2%
12%
12%
12%
No par
50
*65
128l8
12912
100
J Allegheny Corp
*91
45
45
129
100
Pref A with $40 warr
32
1
"
118
Mar 25
195
42
3%
68
128
Pref A with $30 warr
200
93%
I
50%
43l2
8,400
2,200
Apr 20
50
18
28
30
2
21
21
14
2
28
Jan
Highest
$ per share $ per
$ per share
13%May 22
3% Jan 2
A P W Paper Co
No par
Albany & Susque RR Co-.100
23%
45
43*8
-
2
Lowest
Highest
Mar 31
91
100
6,200 Alaska Juneau Gold Mln... 10
21%
-
_
3
*20%
32%
34%
Ala <fc Vicksburg RR Co.
21%
73%
9%
74
......
21
31
-
4,000 Air Reduction Inc new.Wo par
900 Air Way El Appliance.Wo par
4434
42
I 42
14%
3%
*20
19534 197%
24
334
....
21
31
25
9%
9%
21%
60
22
*31
*100
*99
*99
24
44%
2234
3%
4234
3%
21%
2%
3%
21%
*2034
21
*18
74
*65
3
22%
21
*29%
74
334
*90
-
13%
278
21%
190
.
4%
21
189
.
13%
13%
*3%
3134
18912
♦24
2414
9%
9l4
31s
*90
60
60%
3%
334
*90
1912
303S
189
*40
*90
5934
20%
*18
*100
*21
*334
13l2
4i4
27S
20U
20
21
1912
*2818
*3114
....
13l2
*3i2
3
20
♦18
59
Year 1935
100+share Lots
share
111% Mar
59
Apr
'
9% Apr
100% Jan
22%May
22% Jan
a;l% Jan
7% Jan
58
Apr
25
..
Express
per
42
100
11
......
$
No par
Preferred
*6012
*113% 115
Range for Previous
Range Since Jan. 1
On Basis of
Lowest
*113% 115
*113% 115
63
63
62%
*61%
62
11
11
11%
11%
11%
*113% 115
3627
EXCHANGE
May 27
$ per share
48
STOCKS
NEW YORK STOCK
the
CENT
Friday
Week
May 26
$ per share
48
*113
Sales
for
NOT PER
Thursday
Tuesday
Monday
$ per share
NORFOLK, VA.
RICHMOND, VA.
New York Stock Record—Continued—Page 2
142
RE.
Saturday t
Stocks, Bonds, Commodities
in
and
leading exchanges
NEW YORK
orders executed
Commission
ABBOTT, PROCTOR & PAINE
Jan
May 18
8
2
May 13
15% Jan
97
10% Apr 30
37
Apr 30
118
May 11
178
35
Jan 10
25% Apr
129%
Jan
9
Mar
7% Mar
48
2
10
Mar
38%
2234
4% Mar
Feb
Jan 10
2
73% Mar 2
31
Apr 2
39% Apr 16
7% Mar
1034 Sept
6884 Nov
2%
Deo
3
Mar
11'4
5%
31
Mar
49
Deo
Dec
Aug
8
Deo
2% Mar
Mar
30
Feb 15
16% Apr
37
5
10% Sept
17%
111
Jan 30
15
Feb 17
96% Oct
3% Mar
50
Jan
46
26% Mar
7
36
Jan 13
117
110% Jan 20
97
122
2
84
Jan 14
125
Jan
109
12%
52
Dec
Jan
Apr
Deo
Aug
122% July
Jan 28
Aug
Apr
3% Apr
55% May
Jan 28
85
110
7% Jan 25
62% Mar 23
15
Deo
Dec
94% NOV
35% Mar
% Mar
11% Feb
70% Feb
66% Jan
7% Jan
Mar 17
104%May
3
2
47% Feb 24
Feb
ll%May 25
105% Jan
434 Jan
109
Feb 14
Mar
4
Jan
109
6%
70%
Dec
Jan
Jan
Jan
25% July
5034
Deo
Mar
9%
Deo
4
New York Stock Record—Continued—Page 3
3628
HIGH
LOW
AND
SALE PRICES—PER
SHARE,
NOT PER
CENT
May 30, 1936
Tuesday
Wednesday
Thursday
May 23
May 25
May 26
May 27
May 28
Friday
May 29
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Sales
16
16
1534
*15%
1534
15%
15%
1534
15i2
15i2
*1514
*100% 105
*100% 105
*100% 105
*100% 105
*10012 105
*10012
16
1538
16U
15%
16%
1534
16
16%
16%
1638
I6I4
*101
10634 *102
106
105% *102
*103
*102% 106
106i2 *103
100
100
100
100
*9912 100
*100
104
*100
104
*100
*36
42
36% 36% *37
*37
4134
*37
4134
*37
4184
70%
70l2
71%
71%
73
7034
73%
71%
71
71l4
72
10238 10238
101% 101% *100
101
101% 100% 100%
101
102l2
26
24%
24%
2438
2434
2434
25%
26%
2538
2534
25i2
*12
*12
14
*11
13i2
13%
17
17
13%
1534
19i2
*15%
*15l2
16l2
17
16%
20
16%
16%
2014
2U2
*17%
28
28i2
28%
2834
28%
28%
27%
28%
2714
27i2
27%
11238 11212
112% 112%
112% 112%
112% 112%
112l2 11212 11234
*57
5912
*58% 59
58%
59%
59%
59% £60
60
*58%
12438 12412 *124% 128
*124% 128
*124% 127
12438 12412 *
19
19
18l4
I8I4
*17%
*17%
18%
*17%
*1758
1858 *1758
29% 29%
30l2 30i2
29%
30
30%
30%
31%
30i4
30%
7
7
7%
6%
6%
*6%
6%
6%
6i2
6i2
*6%
*35
36
*35%
35%
3434
3434
*34% 35%
*3434
35i2
35%
5l2
518
538
5%
5%
5%
5%
5%
512
,
55s
338
278
2%
39i2 4034
18
1734
2434
*2414
*4212 43
114l2 114l2
3%
3%
3
24
43
18
40%
18%
24%
43
3%
3%
40%
18%
25
3
40%
1778
3%
*234
2534
40%
*43
*15
1512
114% 114%
1534
1534
*9084
1678
9312
*91
44
114% 11434
15%
15%
91
91%
16%
16%
18%
1834
92
92
*9134
94%
90
*89
90
1334
14i8
*8858
2758
*2784
*1334
*82%
2734
28%
90
143g
90
*1334
*82%
91
14%
-
-
-
27%
28%
20%
21
91
14
91%
14
*82%
M
M
-
*14
-
Shares
15l2
105
17l8
Par
1,200
12~806
106l2
"""266
104
'
4184
20
7134
14,000
1,100
103
2,300
600
70
100
4,300
1,000
7
20
500
*77
*77
19
19l8
19%
47l8
47%
47
88
*77
88
*92I2
40i2
2734
93
92%
19%
47%
92%
92
92
40%
40%
40%
40%
40%
28
27%
28
2734
72
7214
72
7234
72%
*634
*1%
28%
73%
*638
*li2
634
1414
178
1414
47
47
*6%
*1%
14%
47%
*5212
53
53
43
43
*42%
734
8
83fi
37
463s
104
39
4714
104
*37
47%
104
*77
88
19%
1%
14%
19%
20%
47
7%
1934
47%
48
49
*14%
47%
*53%
42%
4734
53
4334
8
8%
39
39
48
4634
104
104
7
1%
14%
4834
*92
4034
28%
7334
*6%
*134
14%
4734
92%
4034
5,300
400
14%
6%
*134
«.
-
-
14%
700
47
48
48%
55
54
54
42%
8%
43%
43%
8%
8%
39
48%
104
39%
39%
46%
47%
103% 103%
4578
45%
4534
45%
46%
46
46%
5078
51
51
8%
10%
8%
10%
15%
51%
*8%
10%
51%
834
51%
834
51%
834
11
11
11
*15i4
1534
109
1478
*105
15%
108
1518
15
HOig
111
314
15%
108
*107
15%
15%
111
314
3%
3%
IOI4
*105
25l2
10%
24%
24%
3%
10%
24%
2514
25l2
25
25
25%
2618
*434
2614
26%
26%
5l2
4%
26%
434
10i8
*24
10%
15%
109
15%
111%
3%
10%
*15
*107
1,400
1534
15%
15%
109% 109%
24%
25%
1034
*2414
2534
26%
26
88
70
6,000
14%
*53%
*42%
8
8
*38%
39%
*7%
*37%
46%
50
6^%
100
conv
No par
preferred
100
5
No par
1st preferred
Beatrice Creamery
6%
200
1%
Aviation
Feb
*11
1478
*11
*16
17
*16%
17
*414
1778
56i2
*2438
32i4
438
1778
5714
24i2
3214
78
1034
3212
3278
13
*4%
*11
13%
*11%
*16%
17
4
4%
1734
18%
56%
24%
3134
57
56%
24%
2434
.20
par
100
100
Boeing Airplane Co
5
Bohn Aluminum & Br
5
10
64
100
6
Corp
800
Preferred
No par
8,300
Bklyn Manh Transit..No par
800
$6 preferred series A.No par
Brooklyn Union Gas...No par
2,700
Brown Shoe Co
400
7%
15%
32,600
109
No par
600
3%
3,700
12%
40,200
26%
2,300
1,600
4,400
200
14%
*11%
14%
16%
16%
70
4%
17%
*53%
4%
17%
2,700
58%
25%
4,400
par
10
Preferred
130
110
5
%
%
11%
1034
10%
33%
32%
33
32
33%
10%
3238
32%
32%
1234
*48%
12%
12%
1258
55%
1234
12
12%
13
12
1214
12
12%
12%
38
38
38
38
38
38
1314
13U
13%
13%
50
50
50
*95
99
*95
55l2
*9914 10012
7i8
718
154
*140
73l2
2178
23i2
57
156i4
141
*53
55%
50
13%
*49%
50
99
*96
99
*99% 100%
*7%
7%
157
*140
99%
7
157
158%
141
74
73%
73%
2214
23i2
22%
2384
*140
22%
2334
57
27
27
57%
*26s4
40
*39
58
*7
8
*7
8
*7
104
*100
104
*101
5478
13
*91
95
103
103
53%
12%
94l2
103
2OI4
*1984
50
50
*48
63i2
5612
6312
*1984
56%
*li4
U2
*3
314
*138
H2
5i2
*5
*6i4
29l2
9i8
2912
*158
314
234
*6i2
1434
134
314
27g
8
1434
46
46i4
6334
5678
41%
7%
104
12%
*37%
*13%
50
*96
13%
50
*50
99
*99% 100%
7%
5
preferred
100
Budd (E G) Mfg
No par
7% preferred
Rights
100
1st paid rights..
Budd Wheel
No par
Bulova Watch
28
13,300
700
*59
61
28
*27%
28%
700
43%
*41
42
300
60
8
*7
8
*101
104
5434
55
53%
54%
53%
54%
13%
1334
12%
13%
12%
12%
95
95
95
103
*103
20%
53
*48
6438
53
9434
103
1934
*48
96
1934
*1978
53
*48
*5
5i2
538
5i2
*7
9i8
2938
*7%
5%
9i8
534
9%
2978
134
57
*29
158
3%
278
134
338
3
8
6434
65
6558
573s
134
57
57%
2938
134
*8
29%
134
35g
3%
3%
3
3
3
8
778
1458
14%
14%
46%
46%
46%
918
134
3%
234
734
-
—
*.
-
-
4,800
8,900
1,430
110
200
100
2,700
2%
300
*314
500
*1%
200
558
5%
900
918
934
29%
134
358
278
8%
20
134
312
3
734
*1S4
178
4%
414
4
4
25i2
2134
*2384
22i2
27
22%
Stamped
Caterpillar Tractor
32
June
5% Mar
Feb
1U8 Mar
Sept
1178 Mar
15'8 Mar
19
34
Jan
12014 Mar 26
48
Apr 6
2014 Feb 19
215s Feb 11
113
Jan
1434 Mar
9&S Mar
165s June
Feb 28
IO314 Jan
28i4 Mar
26% Jan 29
6i8 Mar
99
63% Mar
395g July
100% Apr 13
90
Jan 15
45
Jan
38
Dec
30% Feb
21
Mar
83%
lli2
33g
1878
28i4
Mar
3,200
1,200
700
700
Jan
5%
pref erred
100
Preferred....
par
100
Cerro de Pasco Copper .No par
Certain-Teed Products.No par
7%
preferred.
100
Champ Pap & Fib Co 6% pflOO
Common
Checker
No par
Cab
5
Chesapeake Corp
Chesapeake & Ohio
100
par
178
900
fChic
438
4%
25
600
1,300
7%
6%
22%
900
preferred
No par
Rock Isl & Pacific.. 100
preferred..
100
preferred
100
Chicago
Yellow Cab...No par
Chickasha Cotton Oil
10
2
Jan
6
1234May
4584 Jan
8
87
Jan
4
91
Jan
4
8
634May 22
92i2 Jan 6
116
Jan
7
Apr 30
54
May
253a Jan
1
6
35
Mar
31% Feb
5
4
7
334 Feb
33% Feb 13
2478 Mar 23
65s Mar 20
4
19i2May 14
13gMay 19
278
Jan
4
1% Apr 28
4
178 Feb 10
Apr 13
2
2
5734 Mar 24
16
Feb 19
43% Jan 11
18% Feb 24
52i2 Apr 18
96
Apr 1
10078 Feb 21
934 Feb 19
17234 Apr 16
142
Apr 22
7884 Apr 15
32% Jan 6
3U2 Feb 19
71% Feb 18
35% Mar 13
984
Mar
2i2 Mar
7i2 Mar
8% Sept
50
Apr
8% Oct
Mar
7
Apr 14
19% Mar 24
99% Apr 13
104% Mar 7
£21
Apr 29
69i8 Apr 17
74i2 Feb 4
Feb 19
314 Jan 13
6*4 Jan 15
25S Feb 5
13
3138 Jan 6
2% Feb 11
30
June
438 Mar
Deo
4634 Aug
100
Aug
71% Aug
6334 Aug
11% Dec
878
1734
100
Deo
Deo
Deo
934 Nov
97%
Dec
3
Nov
143s Nov
1434 Nov
24% Nov
234 Jan
28
Nov
3% Jan
10% Jan
22% Jan
3% Nov
2058 Jan
66
Dec
8% Feb
7
Jan 31
578 Feb 11
478 Feb 21
12% Feb 21
20% Jan 2
14
Nov
Aug
85
Mar
95
July
7
Dec
4534 Mar
83i2 Apr
36i2 Jan
19i2 Apr
16i8 Nov
65
Nov
2214
Feb
Mar
358 Mar
23
Mar
438 Mar
36
Mar
37% Mar
1
Apr
78 June
58
1%
1
Feb
Feb
8%
Nov
Dec
JIU4 Nov
126% Nov
60
Nov
353S Jan
21% Nov
6234 Nov
29
May
62% Aug
1238 Jan
109% Jan
6538 Dec
1538 Deo
88% Deo
21
Dec
61% Nov
53% Dec
2% Jan
3% Deo
2% Jan
5% Dec
Mar
9
Dec
19% June
£35
Nov
*4 Mar
s4 Mar
138 June
3
Jan
434
Jan
5%
Jan
358 July
458 Mar
20
3
Feb
8
34 July
24
8
Jan 11
158 Mar
1% July
9% July
6
Oct
88
23
Jan
Jan
48
6
30%
1%
634
333s Nov
17% Dec
56% Oct
1334 Jan
40% Oct
Feb
Feb
7% Jan 10
3134 Apr 1
"42% "Feb
Feb
56
2
26
Deo
8214
4
28
5%
38
Deo
32i2
6% July
96i4 Mar
38% Jan
58
61
3012 Aug
i4 July
Jan 17
12
1
Mar
34
2
30
10
Feb 21
12
29
i4 July
13i4 Mar
1
Apr
514 Apr
32
Jan 10
Jan
30
27
2i2 Mar
384 May
8U Mar
74
375s Jan 13
May
253sMay
ll2 Apr
278 Apr
2i2 Apr
634May
12% Apr
4034May
1% Apr
3% Apr
314 Apr
1934 Jan
20i2May
6
Dec
Dec
2534 Mar 17
107
Mar 13
Mar
i4 Sept
1% Mar
1138 Mar
97i2May 2
4734 Jan 21
80i2 Feb
23
25% Feb 13
57
101
70%
87g
234
5
28% Apr 27
Apr 28
6% Apr 29
12%May 25
314 Mar
5
14
2
Conv
Apr
40*4 Apr
16% Jan
2
Preferred
5
538 Mar
358May
6
2
Chicago Pneumat Tool .No
1578May
Jan
Jan
100
Mar
30
Jan
Western. 100
Jan
Mar1
2
51
Preferred
Chicago & North
May
43
6
25
5
90
53
Jan
59
& Pac.No par
14
36i2 Mar
If'
Mar 23
% Jan
22% Jan
Preferred
100
tChic Ind & Louisv pref. .100
138 Apr
56% Jan 31
655s Jan
6
No par
tChic & East 111 Ry Co .^..100
6%
preferred
100
Chicago Great Western
100
7
Mar 24
19
Central Aguirre Assoc .No par
Central RR of New Jersey.100
Apr
19
1078 Jan 20
Apr 30
July
4734 July
27«4 Nov
Oct
2
37
100
Deo
8%
54
Dec
55
Mar 23
1038 Apr 30
Deo
90
22% Dec
5978 Jan
42
Apr
9
Jan
Nov
17% Nov
5538 Oct
5
14
17
114
Feb 13
5
114
27% Sept
2378 Aug
i2 June
2
5434 Jan 16
178
100
6
Apr 27
2134May 22
No par
tChic Milw St P
2,500
Mar
Nov
334 Mar
2% Jan
No par
Chicago Mail Order Co
35g
1
25
JCelotex Co
1,400
3
8
Sept
Nov
Mar
Oct
Deo
Jan 30
8% Mar
6234 Mar
Jan
95
1434
117%
24%
2234
57%
Feb 14
20% Feb 14
11312 Feb 24
2% Jan 20
2i8 Apr 15
83g Apr 30
1U2 Jan 10
2034 Apr 28
Deo
May
Feb 28
7
85
1434
6334 Apr
13%May
2
Nov
20% Nov
108% June
33% Sept
Jan
Nov
33g July
4U Mar
9% Jan
Deo
15% Nov
88
Oct
14
100i2
33
May
14i4 Feb 14
7
116
115
2
Mar
Dec
Jan
IO734
878 Jan
Celanese Corp of Am..No par
43g
414
*2312
22%
.
...100
Carriers & General Corp
1
Case (J I) Co
....100
Preferred certificates
100
1,200
8*8
1434
134
10
134
46
438
4%
Preferred A
2958
1458
21%
m
*1%
297g
1
Century Ribbon Mills.No
«
134
46
4i4
mm
3%
14i8
*23%
134
m
13,600
46
2712
21l2
3626.
*314
*1%
*5%
mm
57i2
14%
438
For footnotes see page
57i2
53
360
6578
58
46
134
20%
65%
8%
4l2
4i8
2212
*49
14i4
134
*2312
53
6558
45%
*414
26
20
6558
57%
134
29
99
103% 103%
*1934 20
734
178
4
98
98
103%
14%
45i2
134
414
4
94
103% *103
5,300
23%
2534
104
1®4
2178
75
23
*7
134
23
60
74%
50
*24%
24
*101
3%
*22l2
7,200
8
134
25
2,100
13%
103%
1934
1934
80
7
6%
25
Carolina Clinch & Ohio Ry.100
99%
104
3i2
25
99
*7
*1%
334
*23l2
99
*101
1%
4
100
75%
*41
3%
178
51
2534
61%
1%
378
*50
*96
74%
4334
338
414
51
7%
IO6I4 Mar
3% Feb
8i8May 19
'00
Jan
18
Sept
25% Dec
49% Aug
13
1
Capital Adminis clA
2234
*24%
28%
Callahan Zinc-Lead
400
16134
58
No par
.No par
13%
140
28%
*41%
100
,
*13%
140
75
Preferred
Byron Jackson Co
California Packing
13%
99%
19'
258 Jan 2
16% Apr 29
56%May 12
22
Apr 30
30% Apr 30
8,000 Calumet & Hecla Cons Cop.25
4,200 Campbell W & C Fdy. .No par
4,600 Canada Dry Ginger Alp.....5
20,200
May
14i8 Apr 29
5
No par
100
9984
Mar 11
37
50% Mar 25
Butte Copper & Zinc
Byers Co (A M)
---No par
7
26
11158May 29
51% Mar
44i2May 11
£50
Jan
Dec
1834May 26
114U Jan 15
104
Bush Term Bldg gu pf ctfs.100
Canada Southern
160
25io
100
Canadian Paciiic
Cannon Mills
161%
2334
No par
300
1234
142
74
par
JBush Term
40
12%
141
25
No par
Burroughs Add Mach..No
*38
158
22%
No par
No par
39
"12%
162
1%
*4
2,200
141
1%
*35s
1
55
13%
130
10%
32%
12%
54%
12%
5434
1,900
500
160
3%
234
*6t4
9934
Bui lard Co
Debenture
32
*140
1%
3%
*158
3%
*96
7%
*138
29
12%
26%
*53
*53
12%
*38%
*13%
39
64%
5678
*is8
*1414
46%
*184
178
7434
2234
2334
28%
*97
1278
141
56%
41%
54%
99%
7%
161%
28%
41%
57%
28%
39
73%
22%
23%
13%
*53
1
117i2 Feb
2084Mar 19
102
April
£20
Apr 8
12% Mar
33% Jan
40% Jan
9734 Feb
Jan
5%
Mar
Mar
Mar
30% May
26
%
Feb 21
Feb 19
49% Feb 28
900
40
14
63
40
8%
4i2 Jan
19% Dec
45% Oct
Feb
6
*4%
10%
1
Jan 21
Apr 27
ll2 Jan
13% Apr 30
43% Apr 30
Nov
Sept
115
Apr
4
2534
10%
2
May
U2
69
26%
5%
10%
9134May 19
393s Jan 3
28
"48%
7%
7%
9i8
36*8
48% Mar 11
*4%
*11%
*16%
1
Feb 28
6478 Mar
26
25
May 19
1678 Apr 30
46*4 Apr 30
92% Dec
37% Jan
17% Deo
1978 Deo
Apr 22
Jan 17
~5%
*31%
%
80
2558 Jan
Boston & Maine
334
54i2
24%
3414
Jan
26%
58
234 July
41
*25%
31%
Mar
5i2 May
35% May
48
11%
2434
25%
15
4612 Jan 24
No par
26%
58
Mar
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
11
2434
4
Briggs & Stratton
26%
*31%
126% Apr 18
30*8 Feb 14
54% Mar 5
10% Jan 15
200
24%
57%
Jan
15
Borg-Warner
Oct
32% Apr
IO684 Jan
400
11%
25%
Apr 30
No par
Bucyrus-Erie Co
31%
23
No par
1,700
4%
18%
Feb 18
79
1
Class B
10%
15%
4
Mar
Dec
29
72
Borden Co (The)
10%
17%
Mar
6
89i8May
3184 Apr 15
2438 Mar
57% Apr
Bon Ami class A
Bruns-Balke-Collender.No
4%
3
20i2
55%
43%
47%
26
18%
19t2 Apr
9U2May 28
16% Mar
1434 Apr 28
18%May 8
10934 Jan 24
800
10%
12%
55%
12%
*54
16%
4%
18%
56%
24%
31%
28
1
8
13i8 Jan
110
No par
1,200
17
Deo
8t2 Apr
24i2 Feb
2318 Jan
25
14%
73
Dec
60
85% Jan 9
21% Jan 20
Blaw-Knox Co
JBotany Cons Mills class A-50
1,800 Bridgeport Brass Co...No par
10,900 Briggs Manufacturing.No par
3%
11%
24%
17
8
Jan
preferred
9
24%
31%
*%
32
%
10%
3234
4%
1734
57
*31%
7,
1034
1258
4%
1734
434
_
Jan 18
par
Burns Bros class A
4%
14%
Jan
4534 Apr 30
16% Apr 28
55
3%
85
par
Jan
48
*834
3%
Feb 28
18
8
20
(Del) -No
new
*52%
10934 10934
35
5
9
1434
107
May
Beneficial Indus Loan. .No par
Best & Co
No par
52
*99
6
17i8May 22
20
9
*99
6
10
50
52
*15
12
30
30
30
100
Preferred
Bendix
2%May
29i2 Apr
1578 Apr
21
Apr
4178 Jan
112% Apr
13*4 Jan
82% Jan
14% Jan
110
200
47
47%
47%
10334 104
*103% 104
45
4534 46% £45
11
1034
*1434
15%
108% 109
15%
14%
Jan 17
17%May 21
2734May 12
63g Apr 28
34
Apr 30
100
25
Blumenthal & Co pref
7,200
2,900
7534
55%
100
Preferred
130
43%
100
Bloomingdale Brothers.No
15,700
43%
3%
3%
1%
2
7% preferred
100
BIgelow-Sanf Carp Inc.iVo par
400
2834
*53%
9
109
74%
100
Preferred
5%
14%
46%
14%
7%
Jan
Beth Steel
5,100
92%
4034
4034
28%
No par
Belding Heminway Co .No
Belgian Nat Rys part pref
'
74%
6%
1%
6%
14%
*92
No par
Prior A
Beech-Nut Packing Co
12,100
54
48%
28%
No par
Austin Nichols
500
«•
-
20%
1%
7434
*838
109
*92
Auburn Automobile
500
28%
21%
48%
No par
Beech Creek RR Co
"
•
48%
92%
48
100 £112
Atlas Tack Corp
Bayuk Cigars Inc
1,700
93
20
Preferred
Barnsdall Oil Co
30
38
*77
No par
Barker Brothers
12,200
20%
4034
50i2
11
19%
48%
Atlas Powder
Preferred
130
*82%
88
*40%
28%
74%
28%
4534
11
*77
100
Bangor & Aroostook
700
16i2
88
4% conv pref ser A
Baltimore & Ohio
200
II314 11314
*34
35i2
1638
25
Preferred
4,000
20,700
4,500
3,000
17%
Atlantic Refining
Apr 22
13i2 Apr 24
27% Jan 2
1123sMay22
44
678 Feb 24
16%
*14
100
100
Feb
3534 Mar
6658 Mar
Apr 30"
120
*90
Preferred
Mar
2934
13
6
21
28
3
113% 113% *113% 114
115
116
113% 114
*113% 115
*34
36
35
35% *34
36
36
3434
3434
35%
16
16%
16%
1634
1634
16%
16%
16%
16%
16%
*18i4
*18% 20%
20i8
*18%
20%
*18%
20%
20%
*18%
*18%
20%
*112
*112
113
113
*112
11234 *112
113
11234 *112
11234 *112
17%
100
48
10
Baldwin Loco Works.-No par
Assented
2,200
17%
Preferred
2
Jan
Oct
Nov
2
24
17,800
17%
17
59
978
90
1834 Nov
109
Sept
784 Mar 18
17%
17i2
53%
Atch Topeka & Santa Fe.-lOO
384. Mar
Apr
70
7% Mar
8078 Apr
9
17%
17i2
51%
Feb 21
May 21
6
Apr
94%
21
98
36
-
13
3
35,800
51%
54
103%May 19
25
Oil
27
Aviat Corp of Del(The)new_3
53%
5234
17%
28%
21%
53
6% 1st preferred
100
7% 2d preferred—-—100
Associated
2218 Feb
May
1734 Mar
10934 Apr
106
Apr
5D8 Feb
86% Apr
104% Apr
3534 Feb
19%May
2U2May
35% Apr
11234May
108
9,200
52%
51i4
27%
20%
3
Jan 20
12% Apr 30
5,800
53%
5038
53%
52%
17%
8% Jan
95
1
27%
11284
59%
124l2
1858
30i4
27%
*52
100
11
*52%
21%
53%
No par
Atlantic Coast Line RR.-.100
28%
*5238
51%
Artloom Corp
Preferred
Associated Dry Goods
At G & W I SS Lines.-No par
21%
53%
21
53
$ per share
6,300
20%
53%
5134
17%
21
53
$ per share
2,200
28
*2078
$ per share
2,010
*36
----
Highest
$ per share
18
16
91%
Lowest
20
35i2
578
Year 1935
Highest
9034 Jan 2
21% Apr 24
2534
Range for Previous
Lowest
Week
18%
18%
110% 110%
*22% 22%
111% 111%
14%
*82%
On Basis of 100-share Lots
*.9134
17
17
16%
16%
1634
16%
16%
1714
1714
17%
18%
18%
18%
£18%
18%
*110l4 110i2
110% 110% *110
110% *110
110% *110
110%
22
23
21%
*2U4
21% 21%
2234
22%
22% 22%
*109
110i8 *110
110% 110% *111% 112
111% 111%
*35
*35
*35
*35
3778
38
37%
*36
38
37%
*89
Range Since Jan. 1
NEW YORK STOCK
EXCHANGE
the
3%
334
3%
3%
3%
3%
*3
3%
3%
3%
3%
3%
42
41
40%
41%
40% 40%
18%
18%
1834
18%
18%
1834
26
25% 26%
26%
25% 26%
*43
*42%
43%
43%
43% 43%
£113
*113
113
11434 115
116%
15
*15
15
15%
15%
15%
91%
STOCKS
for
Monday
25
Mar
Sept
1058 Jan
20&8 Dec
5434 Dec
2% Jan
4% Dec
4
Jan
1934
Dec
Dec
3134
Volume
HIGH
New York Stock Record—Continued—Page 4
142
AND
NEW
Tf
fOT
JV!
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
May 23
May 25
May 26
May 27
May 28
May 29
$ per share
$ per share
$ per share
$ per share
$ per share
STOCK
On Basis of
Ui VViX
Week
$ per share
YORK
X V/JLVXV
Shares
8
8
8
*7%
8%
*784
8%
*28%
31%
*24%
21%
94%
9538
97%
9638
*17%
*79%
17%
7934
*17%
79%
634
6%
*33%
98
*33
*85
108% 108%
37% 37%
*84
51
103
35%
36
87
54"
53
Preferred
No par
100
City Stores
5
1.400
Clark
35%
35%
-
58
1434
14
103
103%
42%
43%
43%
43%
111
*110
447g
43%
44%
110
110
15
16
*110
111
*110
16
17
4434
4434
in
17
18%
104%
104
104% 104%
45%
4434
104% 104%
17
570
*15%
48% Dec
May
8
80
Dec
87
Oct
Feb 20
48
June
48
June
20
July
110
Jan 31
70% Feb 7
127i2 Feb 26
9934May 27
16
57% Jan 15
22
19
6
106% Feb 28
515s Feb 3
Feb 26
87
60
100
124
Jan 15
84
prelerred
555s Jan
13i4May
1023gMay
3912 Apr
107U Jan
100
No par
100
No par
534
5%
5%
26%
6%
25%
5%
26
29
26%
27%
26%
26%
670
100
24
33
33%
33%
33
25%
33%
26
*32%
*27%
33%
343g
32%
3284
*32%
34
610
Colorado & Southern
100
28%
28%
28%
28
29
2834
29%
28%
28%
27%
27%
270
4% 1st preferred
100
2H2 Jan
1918 Jan
*24
29
*24
26
4% 2d preferred
100
16
36
5%
5%
*25
29
584
53g
5%
*25
*24
26%
Preferred
26%
*24
26%
{Colorado Fuel & Iron .No par
3,900
123
*121
Columbian Carbon vtcNopar
Col Pict Corp v t c
No par
700
33
700
42%
600
*120
123
121
121
32%
32%
32%
3234
33
33
*32
33
43
43
32%
43%
3234
43
42%
42%
42%
*4134
42%
*32%
42%
19
19%
99%
88%
1834
19%
19
42%
1984
19
19%
1834
19%
1834
19%
52,800
*99% 101%
700
*118
123
99%
*87
»
90
89
88%
88%
101
90
101
*90
100% 101%
*99% 100%
99%
99%
*87
124
119
*118% 124
97
97
*90
62%
60
61%
6034
60%
60%
60%
6034
61%
11234 113
11234 113%
113% 113% *11234 113%
80%
80
80
80
80%
7934
7934
80%
111% 1123s *111% 112% *111% 112% *11178 112% *111% 112%
106% 107%
107% 107% 107% 107% 107
107% 106% 1067S
17%
16%
1678
16%
16%
17%
17%
17%
17%
17%
116%
3%
3%
5984
60%
80
80
2% 1
68
2%
70
69
8
*7%
3
2%
3
68%
71
68%
8
*7%
*7%
35
*35%
35%
35
35%
34%
*17
18%
*17%
18%
*1734
18%
10%
2434
10%
10%
10%
23
24
1234
2534
10%
*19
*19
27
27
*21
25
340
600
9
9
*66
69
*66
69
80
80
*79
797g
*75
84%
79%
*75
79%
5%
*1043,4
5
5
*66
69
7934
*79
80
77%
*75
77%
9%
7934
*75
4%
5%
5%
*1634
17
1634
167g
17
17
17
17
31%
33
32%
33%
32%
33
32%
33%
106
106
11%
12%
*1048,
106
106
4%
4%
4%
11%
-12%
10fi
12
12%
8%
~~8%
%
%
%
%
%
*2%
*18%
*2%
3%
234
%
2%
17%
3%
19%
17%
13%
14
834
8%
884
*16%
17%
18
17%
16%
17%
14
14
14
*134
1%
1%
*7434
7334
76%
*7434
74%
74%
,S16
*8%
%
234
11%
12
^
76
*74%
19
I8S4
38%
38%
38%
2%
2%
31
29%
2%
30%
31
31
31%
31%
5984
60
*1834
76%
♦161
*59%
77
7734
166%
434
35%
26
5
35%
26%
*53%
8
8%
800
%
234
%
%
%
%
9,300
234
234
284
234
700
*8
17%
17%
14%
17%
16%
18
17%
17%
17%
16%
16%
16%
I6S4
4,700
14
14%
13%
14
13%
13%
2,000
1%
1%
134
1%
1%
1%
2,500
17
1%
47
53
*46%
30
1%
12%
10%
*30
32
106%
30
*106
106
107
1%
1%
12%
12%
10%
10%
1%
12%
99
95%
36
36
3584
10%
95%
3584
18%
18%
18%
18%
*95%
*103% 103%
6%
77%
600
763g
76
15,800
103% 103%
15%
103
6%
63g
16
103
230
900
6%
1,200
45,400
23,400
*60
68
*45
48
48
*42
48
45
45
43
43
53
53
53%
54
54%
8%
8%
9
*8
77
77%
77%
7784
29%
2984
23%
2384
39%
29%
23%
39%
40%
1534
16%
*584
6%
40%
16%
6%
8%
8
800
Deisel-Wemmer-Gilb
41%
42%
17%
41
41
41
41%
6,200
100
Delaware Lack & Western..50
Denv & Rio Gr West pref .100
Detroit Edison
100
Det & Mackinac Ry Co...100
38%
38%
*38%
24%
23
24
5634
5584
8%
5684
9
23%
55%
*8%
2334
57
57%
5684
58
57%
58%
1634
6%
8%
18
*10%
6
140
*384
*10%
51%
37
8%
52%
3684
6%
140
8%
18
52%
3634
8%
*32
33
*31%
33
33
33
33
33
*12
15
*12
15
*12
15
14
*34
1
*s4
1
*1%
2
*1%
2
*5%
*13%
6
*5%
534
14%
.*114
*13%
1434
mmm
m
144% 144%
6%
*
165
*
165
*31 %
32%
"§1%
6%
6%
6%
35%
35%
35%
*
6%
36%
*112
12%
6
113
13%
6
*112
12%
6
15%
15%
15%
65 ^
681
69
58%
61%
62S4
32
11234
13%
m
—
m
-
200
800
200
3,000
12,900
*32
33%
200
*13%
15%
100
*1%
2
1%
1%
5
5
5%
5%
14
14
•
~
-
-
*114
*13%
22
684
161
*]8
684
161
"266
534
300
18
7
*638
18
*183g
6%
684
160% 160%
*
164
"7",000
1,000
160
22
10
684
1,200
1,600
161% 161%
*
164
32%
32%
327g
"32%
32%
*32%
73s
7%
7%
7%
35%
734
7%
Preferred
Dunhill International
No par
Duplan Silk
Du P
10
7i4May
28
95l2
H2
1018
618
18
Apr
Apr
Jan
Apr
Jan
May
Jan
18% Feb
14% Mar
4
9
5
Jan
102
Mar
5% July
40% Jan
6
37
104
Feb
4
May 29
2
Mar
6% Mar
9
78% July
May
165
7%
Dec
3978 Mar
19% Dec
48% Nov
48
Nov
100
Dec
9%
Deo
38
Dec
105% Deo
2% Dec
14
Dec
8% May
8034 May
47% Jan
2434 Nov
105% June
4% Deo
12% Deo
Jan 21
73
Mar
2-95
Nov
70% Jan 27
61
June
75
Nov
Mar
6
16
Mar
47
Dec
934 Mar
6
June
10% Dec
2234 Mar
5834 Nov
19
Jan
28
1878
Dec
24% Deo
43% Jan
65
4314 Jan 6
7% Apr 27
52
Jan
7
89% Apr
6
6
27
Jan
2
31
Feb
7
19i2 Apr 28
3684 Jan 20
26
Mar
6
1478 Apr 30
4
128
May 12
4
Jan
Mar
89% Mar
9% Mar 11
43
Dec
15
44% Jan 14
24% Apr 13
90
52
Feb 20
23% Feb 20
938 Feb
153
10
7
Feb 17
Jan
3
23% Mar
11
Mar
19%
Jan
Feb
5
Deo
Mar
130
Dec
2
Aug
6
Jan
19
Dec
1%
Apr
2
8
40% Jan 25
8
42
Mar
6
5% Oct
35% Aug
26% Jan
34% Jan
34% Jan
2
33
I8I4 Apr 30
2
784 Apr 28
2138 Jan 31
61%May 29
Sept
65
58
41i2 Jan
6038
41
Dec
?4%
38%
Dec
Jan
44%
Deo
12%
Jan
Dec
1178 Jan 23
50% Jan
6
7534 Jan 30
17% Mar
5838
29
6
37
Mar 26
13% Mar
6% Mar
32
% June
1
Jan
Us Jan
5
May
6
1
137fiMay 19
3
158
166
Apr 30
Feb
7
6I4 Apr 30
Apr 28
Jan 27
28i2 Jan
6
25
Jan 13
9% Feb 11
37
1
Mar 13
Apr
6
534 Apr 28
9% Jan 30
3034 Apr 27
44% Feb 19
11CU Jan 23
Apr 30
534 Apr 29
10
6
6
6
2,100
Elec & Mus Ind Am shares—
15%
16
15%
16%
15%
16
100,800
Electric Power & Light-No par
71%
6834
70%
69
6934
22,200
$7
preferred
No par
638 Jan
3284 Jan
63
66
64%
66
64%
66
64%
64%
10,700
$6
preferred
No par
29i2 Jan
2
2
2
138
June
8%
2
1234 May
103
Mar
86% Mar
Deo
Aug
116
Nov
146% Nov
Feb
132
Oct
Feb
115
Aug
12
Nov
334 Mar
110%
Jan
141
Jan
16%
Jan
3% Mar
19% June
107
Jan
6
4
378 Mar
784 Feb 21
16% Mar 17
5% Sept
71%May 26
3
May 26
Dec
19
12678
Feb
66
Deo
104
17% Feb
114
Nov
17% Dec
% June
Jan 15
8% Mar 9
18% Jan 17
115% Jan 31
153
Apr 8
133% Apr 1
11534 Feb 14
170% Apr
133
Feb
8
18% Mar 26
134 Jan 15
Jan
Nov
41% May
684 May
6978
1
60
1534
3626.
47% Apr
4
21% Mar
438 Jan
Mar
6
6
May 28
71%
For footnotes see page
14
Mar
156
Preferred
4
278 Feb
Jan 15
6%
15%
6
115
Oct
43% Jan
74% Mar
3% Mar
Feb 18
10i2 Jan
69
6
41
99i2Mar 13
4
60
148% Oct
4% Mar
3578 Jan
II84 Sept
23% Mar
Jan 30
1084 Mar
4
30
29
2
28
7
7
26
7
6%
1534
6
Dec
Mills
5
J).No par
Electric Boat
234 Nov
Deo
Hosiery Mills pf.100
100
Jan
6934
Mar 11
No par
No par
5
100
3
84
4184 Mar
18
Eastman Kodak (N
28% Mar
Jan 14
Mar 23
Eastern Rolling
Dec
35
112
Durham
69
15% Mar
105
Jan 27
7084
64%
6%
20% Deo
4478 Dec
129
9,200
28,700
Jan
100
pref—.100
6% non-voting deb
Duquesne Light 1st
36
36%
36%
113
113
*11134 11234 *11134 li284 *ill34 113
13
12%
12%
12%
1234
13%
1234
13%
36%
7
5
Feb 11
Mar 20
114
Eitlngon Schild..
Elec Auto-Lite (The)
36
99% Nov
100
de Nemours(E I)&Co.20
Eaton Mfg Co
3634
4512 Jan 14
102
%May 20
6% cum preferred
"
155s Mar 16
435s Jan 7
512 Jan 10
l",9o6
35%
ANo par
Jan
3778 Jan 10
27%May 5
6334 Apr 15
4778 Apr 28
100
100
1
3,300
33
Mar 27
Convertible class B__No par
734
6%
35
preferred...25
Preferred...—
143%
142% 14334
12934 12934 *129% 129%
11334 114
*110% 114
22
100
14%
*114
143
I6IS4
164
"32"
14%
*114
1%
414 Apr 30
38
Dresser (SR)Mfg conv
6234
78% Feb 20
337sMay
No par
23% Dec
117g Deo
178 Dec
Jan 13
168% Apr 15
73s Mar 6
Jan 10
Participating
Dec
Jan 11
3
Apr 29
Apr 7
Duluth S S & Atlantic
1
162
15
Dome Mines Ltd
22
9
3
Feb 21
Jan 14
z68% Jan
42
Distil Corp-Seagr's Ltd No par
38 Aug
38% Feb 11
Apr 8
5% non-cum preferred.. 100
Devoe & Raynolds A..No par
Diamond Match
No par
Douglas Aircr Co Inc. .No par
15%
*1%
*5%
*13%
Delaware & Hudson
Dominion Stores Ltd.:.No par
33%
*%
Corp. 10
200
*%
1
20
Preferred
10,900
*13%
15
*6%
161
m
mmmmm-
*32
5%
*18
6%
m
1
14334
143% 144
12984 12984
129% 12934
11484 *110% 114
22
700
14
142'
16034 162
300
*78
114
*18
*160% 162
10,100
2
*14
129% 129%
II434 11434
143% 144%
*129% 12934
*11434 115
22
*18%
6%
6%
6,700
1
*84
*1%
*5%
*114
*114
Davega Stores Corp—
5
Deere & Co
No par
2,300
38%
55%
No par
Inc
23%
56%
*8
preferred
Cutler-Hammer
78%
24
56%
pref.-100
No par
29%
57%
8%
300
1
Cushman's Sons 7%
8%
1
Deo
Dec
Dec
Dec
Nov
6%
12%
101%
8%
138
4% Mar
% Apr
46% Jan
Mar
4
69
35i2May
23%
•
24%
56%
30
2,300
J
Class A
Mar
46
5514 Apr 30
63i2 Jan
No par
Preferred
Curt iss-Wright
105% Nov
1% Mar
6% Mar
100% Dec
2% Jan
46
50
Packing
Jan
Feb
7%
Apr 18
Apr 17
243s Mar
May 19
29
100
Preferred
Cudahy
29%
17
*36%
*8
10
Sugar
7884
140
51%
36%
100
pref
23%
78%
39%
52%
18
No par
(The)
Cuba RR 6%
Cuban-American
29%
1
57%
*50%
3584
*14
100
Preferred
23
78%
24
53%
3584
1784
Crucible Steel of America. .100
*29
*4%
8%
*4%
*10%
*51%
Crown Zellerbach v t c.No par
23S4
*38%
136
No par
pf.No par
29%
79%
42
*384
834
136
$2.70 preferred
23%
7784
*29
36%
38%
134% 134%
*538
20
8
16
16%
1634
16%
6%
6%
6%
*534
140
140% 140% *135
8%
8%
*384
*384
18
18
*10%
*10%
*52
*52
52%
52%
37
3634
3634
3634
40%
*38% 40%
*38%
23
23%
23%
22%
58
5634
58%
61%
8%
8%
*8%
8%
58%
57%
5734
58%
16
*134
25
100
Preferred
4134
29%
23%
40%
1638
*534
23%
8
8
Corn Products Refining
24
77
29%
*8
Corn Exch Bank Trust Co.20
Cuba Co
6
28%May 29
par
2,100 Curtis Pub Co (The)..-No par
16%
60
52%
Corp.No
Cr W'mette Pap 1st
Jan
3512 Apr 30
218 Apr 30
5
Continental Oil of Del
Continental Steel
18
Jan
3%2May 23
1
2.50
Continental Motors
Crosley Radio Corp ...No par
No par
3,600 Crown Cork & Seal
200
438
20%
26%
19%
234
7734
87%
16isMay 26
1534May 14
3
7
4,400
1,700
2
5
SsMay
234May 26
2,3zMay 19
No par
5,400
678 Jan
Feb
Feb
72%
105% Mar 11
11% Feb 5
1% Jan 16
6
67i4 Jan
67i2May
20
Rights
Cream of Wheat ctfs
200
Jan
100
Preferred
Continental Can Inc
1,200
1,600
101
6
2
35%
2,000
Jan
1% Jan
No par
300
102
103s Jan
Coty Inc
mmmmmm
Jan
Continental Bak CI A ..No par
Class B_
No par
2,300
60
*8
c.25
5% preferred v t c
100
Container Corp of America.20
35%
16%
52%
8%
77%
29%
{Consolidated Textile. .No par
Consol Coal Co (Del) v t
4%
68
52
No par
4%
*43
*43
No par
1,000
68
51
6% Feb 10
15% Mar 6
No par
Consol Oil Corp
7,800
*42
48
3
37s Apr 28
IH2 Apr 30
$5 preferred...2
Consol Laundries Corp.No par
78
68
51
3434 Nov
77
*42
*44
22%
1578
164% 166
68
5034
3% May
14% May
78%
*47
50
7% Feb 13
77%
103
July
38% Feb 17
108% Mar 11
250
6%
11% Nov
20% Feb 13
60
15%
58% Sept
Mar
1514 Apr 30
60
103
Nov
7
2714 Apr 30
1
60%
6%
24
No par
Preferred
5934
15%
8i4May 21
49
33% Jan 3
13% Jan 22
Feb
1,200
6%
21% Nov
Mar
12,100
15%
Feb
80
31%
103% 103%
9
14% Nov
82
29%
63g
4
Jan 10
74
31%
15%
6%
15
2534 Mar
2
Oct
28%
53%
Deo
Mar
32
2584
Oct
11
Nov
30%
52%
71
72%
32
25%
Jan
Nov
69
29%
52
Oct
3
62
30%
25%
Jan
23%
Jan 15
32%
52%
115%
105
Mar 24
32
25%
3
7
119% Aug
72
Aug
Mar 25
29%
46
Oct
85
Continental Insurance
35%
Oct
Jan
56% Feb
110% Dec
977g July
16% Oct
84 Mar
78
Continental Diamond Fibre..5
35%
58
39%
110
85
1,500
5
Dec
2
1,700
6,200
434
83
Mar
7214 Jan 27
73i2 Feb 13
43s Apr 30
2%
165S4 166
31
67
19
30%
Oct
1534
90% Deo
100
3984
32%
Dec
50
3% Mar
35% Mar
4584 Nov
May 19
23g
1834
Dec
17% Dec
101% Nov
4978 Dec
Mar
19
*3884
19
40% Dec
48% Dec
Feb 17
20
39%
2%
19%
39
2%
Jan
27
Jan
*1834
38%
2%
1834
39
7
8
May
2%
19
2%
6%
15%
76
75%
*45
47
46%
46%
*45i2
46% *46%
*101
10834
10834 *101
IO884 *101
10834 *101
8
7%
8%
8%
7%
7%
8%
8%
*32
33
32
3284
32%
33%
3184
32%
*106
*106% 106%
107% *106% 107% ♦106% 107
1%
1%
1%
1%
1%
*1%
1%
1%
12
12
13%
12%
12%
12%
12% *10%
11
10%
IO84
10%
10%
11%
10%
11%
97
96
96
96
96
96
96
96%
37
36%
*36%
36% 36%
35%
36% *35
18%
18%
18%
1834
18%
18%
18%
18%
103% 103%
6%
15%
6%
15
76
74%
60%
60%
61%
77
78%
7784
78%
166% 166% *16478 165S4
5
5
5
5%
35%
35%
*35%
35%
26
26%
26% 26%
52
52
5234
53%
53%
10834 *101
10834
784
7%
7%
784
76
39
31%
*59%
77%
*101
75
76
7534
*7478
29%
62
47
76
75%
21
1214 Feb 27
10
Consol RR of Cuba pref... 100
834
8%
22% Dec
100
Prior preferred
Preferred
*105
"
490
1834
38%
2%
166% 166%
*5
5%
35%
35%
26
26%
54
*46%
1,900
21,400
1834
38%
2%
30%
74%
1,200
20,800
3,3 2
29
1%
45,200
17
1%
7434
4122
*105
106
12
1134
12%
*105
*105
4%
4%
Deo
Feb
Feb
44% Jan
100
Consol Film Indus
900
1,000
106% 106%
434
4%
106% 106%
106% 106%
434
4%
434
29
Mar
29% Jan
578 Mar
16
.No par
Dec
978 Nov
5% Jan
Jan
6% Mar
April
82
100
Prior pref ex-warrants. .100
mmmmmm
4%
17%
214 Apr 30
5914 Apr 28
712 Apr 20
34
May 8
Dec
109
7
24% Feb 21
5i2 Feb 17
1638May 26
Dec
50
% Mar
4
11534 Mar
110%May
Jan 10
97
107%
Consol Ed Co of N Y..No par
340
31%
Ho par
Consolidated Cigar
Preferred
mmrnmmm
17
10fi
884
69
9%
*66
5
9
9
31
5
*4%
11%
5
5%
9%
Solvents..No par
Connecticut Ry & Ltg
Preferred
2884
80
5%
9
Commercial
2,030
13%
69
32%
10584 10534
110% Jan
$4.25conv pf ser of *35No par
18%
*103g
9
17
17
9
Congoleum-Nairn Inc..No par
Congress Cigar
..No par
*17
84%
*5
8
100
14%
*79
31%
9
Jan
Jan
2,100
2478
*8%
9%
Jan
55
No par
18%
8O84 Jan
2
6
44
$6 preferred series
Conde Nast Pub Inc
13%
*17
18%
*65
*75
700
147g
9012 Jan
110
2,300
8
2
10
preferred...
3,400
34%
Jan
Jan
1034
*45% Jan 22
51% Jan 23
21% Apr 8
102
Apr 13
93
Apr 15
64 May 29
115%May 29
8234May 8
May 20
42i2May 26
14
Mar
134
Jan
31
100
5}4%
No par
69%
94
Comm'l Invest Trust. .No par
Conv preferred
No par
Commonw'lth & Sou
x34%
*7%
100
preferred
3% 111,200
34%
8
No par
Commercial Credit
2,100
26,000
17
70
68%
5%
6,900
13%
*17
9
*75
111% ll23fi
1073g
107
*7%
34%
8
79
78%
37,500
70
3484
69
*8%
*65
3%
7034
70%
34%
7%
7%
3%
3%
3%
64
pref
conv
Columbia Gas & Elec__A'o par
Preferred series A
100
30
11384 115%
82%
81
112% 11234
$2.75
Jan
Dec
58% Dec
Mar
5
Jan 11
49
May
Dec
21
684
36% Feb 20
3778 Mar 11
5%
May
93
6934 Mar
16%
25
126
9
2434 Mar 24
93g Feb 19
8I4 Jan 6
35% Mar 16
Aug
101
Jan 15
112
Dec
15% June
20% Jan
30
3
5284
72% Nov
533s Apr
16%
5%
2534
16%
Aug
27% July
Apr 28
par
89
Dec
2
Mar 30
No par
Colonial Beacon Oil
May 18
May
6% Nov
27% Dec
12% May
Mar
48
Preferred
50
80
100
3% Apr
46
No par
Collins & Aikman
4,900
97
Dec
Nov
937s Dec
2478 May
IIO84 Feb 14
48
Colgate-Palmolive-Peet No
6%
Oct
6934 Sept
82
50
4% bet'm't stk_60
Class A
1,000
12
86i2 Feb 19
73s Mar 5
46*8 Mar 24
4
Apr 27
35
No par
100
110
110
guar
Coca-Cola Co (The)
30
9,400
12,700
14
14
14
1334
Spec
Cluett Peabody & Co
Preferred
800
Feb
Mar
IO7I4 Jan
Cleveland & Pittsburgh
......
56
*53%
9
31
Feb 10
90
100
Clev El Ilium Co pref. .No par
Clev Graph Bronze Co (The).l
400
2,000
10
*47%
<-
No par
C C C & St Louis pref
rnmmmmm
*87
+
55
Equipment
Mar 25
35
I6I4 Jan
72% Jan
484 Jan
9
26
3% Mar
1134 Jan 24
1037s Apr 13
1978 Feb 14
2
2
7
2384 Jan 21
190
1,900
14
104% 104%
8
634
m
55
143s
3
Jan
18
134%
*126
134
134% *126
134% *126
98
97%
97
98
97%
9934
97%
58
58
*57%
58
*57%
57%
57% *57
14
Jan
80%
93
14%
7
8512 Jan 21
684
87
*47%
*47%
$ per share
25
17%
36
87
87
*8638
5*2"
$ per share
5
80%
684
35%
Highest
$ per share
25
Chrysler Corp
City Ice & Fuel
17%
684
634
Lowest
No par
Chile Copper Co
81
17%
*80%
634
Childs Co
Highest
$ per share
Par
62,600
1,500
*126
93
*57
111
*14
18
3534
52
9284
14%
103%
42%
*110
96%
81
684
Lowest
31%
X95%
Year 1935
100-share Lots
EXCHANGE
300
8%
*28%
97%
80%
7984
*86%
*47%
mm
53
126
126
58
13%
mm
*51%
*125% 126
92% 92%
*57
87
*86%
*47%
....
51
38
37%
*784
31%
96%
98
98
*96%
98
98
*96%
*96%
*96%
10934
10934 *108
108% 108% *108
IO984 *108
38%
38%
38
3834
38%
38%
38%
38%
98
108% 108%
87
*47%
34
8
*28%
98
*17%
18
17%
7984
6%
3438
684
6%
34
*85
18
80
8
8
31%
*28%
95%
31%
95%
*25%
94%
Range for Previous
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE.
SALE PRICES—PER
LOW
3629
1% Mar
27%
Dec
8
Jan
172% Nov
164
July
30% Oct
8% Nov
3834
Oct
113% Sept
1484
8%
Dec
Feb
7% Aug
Mar
34%
Dec
2% Mar
3134
Dec
New York Stock Record—Continued—Page 5
3630
HIGH
ANDILOWTSALE PRICES—PER
SHARE, NOT PER CENT
STOCKS
Sales
Friday
the
May 25
May 26
May 27
May 28
May 29
$ per share
$ per share
$ per share
$ per share
46
4558
*58
78
17g
45
45
45*2
$
per share
45*4
4538
34
*5S
a4
*s8
134
*5g
134
134
66*8
*64l2
66*8
l&g
*6412
66*8
*65
45*2
84
134
66*8
*13
14
14
*15g
6934
70
70
1*4
6
*63
1338
*13
13*4
13*8
14
14
*66*4
69
69
70*4
*15S
14
69
*66*4
70*4
69
*71
74
*71
73
7334
*75
80
*75
82
6
6
*7938
6*8
*578
12*2
1834
*12*2
Range Since Jan. 1
4434
45*4
*5g
34
*1*2
134
6*8
*74
6934
65
2,100
""306
114
80
*74
76
75
*76
83
*75
6*4
13
13*2
203g
1334
*12*2
uU
2,300
500
82
6*4
100
76
78*8
6*4
78*8
638
75*8
85
1212
*12l2
13
13
187g
18*2
1834
19
13*4
19*2
1934
1338
1258
1284
13*4
135g
1334
13*2
31*2
13*8
13*8
13*2
13i2
13*2
13*2
3034
313g
31
3134
6l2
558
55g
55g
55g
31*2
534
3*8
3
3
3
3
317g
534
3*8
13*2
4834
658
6*4
Par
Elec Storage Battery..No par
400
100
6% part preferred
50
Endlcott-Jobnson Corp
50
507
Pref
100
_
Engineers Public Serv
1
$5 conv preferred
No par
$5><j preferred
No par
No par
$6 preferred
4,300
65g
Equipable Office Bldg.No par
Erie
13
13
13
13
2,700
19*2
20
1934
20
5,500
13*4
13*2
13*2
*13*4
3134
*534
135g
3134
13*2
3084
*534
13&8
600
31*8
3,300
3
3*4
1434
49*2
900
100
-
100
100
Firt preferred
Second preferred
Erie & Pittsburgh
13*2
31*2
*55s
3*8
13
48
*130
13
1234
48*2
48
145*8 *137
1234
127g
13
13*8
48*2
48
4834
483S
38
*92
*92
9212
*43
48*2
*43
48*2
46
*75
8134
*75
8134
9*4
338
*75
*9*8
3*4
3*4
24
*39*2
*23*4
113
28*8
103*2
4334
*27*4
*738
*35
38
38*2
20*4
20*4
*9*8
*3*8
3*8
9*4
3*4
3*4
48*4
9*4
3*4
3*8
253g
39*2
3*4
24*4
25
2512
40
40
149
149*4 *14434 149*8
38*4
3734
37*4
3734
2Ho
2138
*2038
2078
*92
92t2
92i2
92i2
93
40
28
*116
37*4
38
38
2,500
21
21
21
600
95
94*2
49
*43*8
49
*75
8134
93g
3*4
3*4
*75
8134
93*4
9*4
2534
40
9*4
33g
3*8
25*2
3934
*23*4
338
9*4
3*4
33g
3*8
94*2
36
35
35
35
*34
35
68
*60
28*2
121
28
119
68
64
2884
28*4
119
64
*64*4
40*2
1,300
29
28*2
58*2
*34
35
35
35*4
35
35*2
534
34
'
6
12
.
6
6
12
9
9
106
5*2
*12*4
9
34
5*2
57g
12*2
934
9*4
3,200
2558
11*8
148
47*4
2534
11*8
*145
8
97g
148
*147
148
*147
148
*147
8
8
8
8
8
*8
*75g
934
2434
2434
*25
26*2
81
81
*81*2
5634
89
56*2
56*2
144*2 14412
3634
3638
10
934
10
10*4
10*2
10*8
25
6preferred
100
t Follansbee Bros
Food Machinery
6,700
50
4Ms
conv
Corp
pref
100
Foster-Wheeler
Preferred
1
w w
Gabriel Co (The) cl A...No par
140
'
3,100
"5,660
55
*30
55
*30
Corp
5
10
General Bronze
5
1,000
200
50
*30
Gen Amer Trans
No par
1,300
2,100
55
par
No par
General Asphalt.
8
*30
(The)—No
Gen Amer Investors...No par
General Baking
$8 preferred
8
55
Gamewell Co
100
1,400
10
*30
10
Preferred
2,000
148
40
Freeport Texas Co
Preferred
148
*30
55
1,100
50
5
General Cable
No par
Class A
7%
No par
cum preferred
100
General Cigar Inc
No par
7% preferred
100
----
«.
-m-
—
82
82
*81
82
10*4
1058
103S
80
80
80*2
4534
*45*2
4534
106*2'106*2
tk
m
,.'6
434
Z 8*8
Sr 1558
82
1058
80*2
10*4
*4
*8
45g
8*2
834
1538
81
82
4578
46
46*2
106
1534
*
19l2
*85
1934
91
247g
93*2
*9*4
2538
9312
938
*935g
258
94l2
2»8
3*8
35s
16i2
*3
*33g
16*2
*26
31*2
17*4
3558
1?8
.
35*4
*138
197S
25*8
20*2
90*8
2534
93
*85
20
"I578
203g
90*2
2478
91
*87
91
94
94
3034
173S
31*4
30*4
3034
2934
17*2
4038
17*2
17*2
17*2
38*4
2*8
39*2
39*8
23g
2*8
3534
35*4
*138
35*4
144
*50*2
24*4
*61
63
24*4
68
2*8
353g
144
*50*2
2414
*61
144
63
24*4
68
2*4
36
144
*50*2
24
*61
2i2
36*2
145
63
2412
68
58
*27
35
*27
3434
*27
*13*8
14*4
*13*8
14
15
15*2
*15
*38
44
*38
44
*40
43
*40
43
*33
40
*32
35
*33
35
35
35
*2lg
59l2
2i2
58
*23g
5838
2*2
58
*2*4
*110*2 11512 *110*2 115*2 *111*8 115*2 *112
*33
35
*33
35
*33
*33
3414
9*8
*1434
*110
38
9*4
16l2
111
*36
37
9
9
*1434
*110
15
111
36
87g
*1434
111
36
87g
*36
*834
5834
25g
3434
1534
36*8
*144
*50*2
24*2
*61
58
*2*4
37
87g
15
15
15
111
*110
111
9*2
25g
3*4
36*s
*91
*9*4
*94*2
No par
24*2
68
58*4
25g
94
9*2
96
2434
15*2
40
*14*8
114*2 114*2
34*4
34*4
*33
37
*36
884
15*2
112
For footnotes
3626
400
15,500
400
1,500
90
......
1,700
......
9,100
200
......
300
.......
100
10
......
10
8
3,300
15
15
300
*110
112
20
734
....
see page
15~6o6
37
*97
*102*2 103*2 *102*2 103*2
103*2 103*2 *102l2 103l2
102*2
10212 *97
34
35
35
34i2
34*2
3484
33*4
34*2
33*4
3334
33*8
3334
*1225g
*12258
*12258
*1225S
*1225g
15
15
15*2
15
15
15*4
1512
15
15*4
*14l2
15l2
*106*2 1087g ♦106*2 1087g *106*2 1087g *107
107
107
109
*107
10878
55g
55g
55s
5*8
57g
55g
558
534
534
534
578
57g
*12212
15*2
2,200
160
44
115*2
740
2,900
*34
*110
130
36*4
*40
8
2,600
5,300
145*2
*14*2
*36
300
23g 406,200
44
3434 Feb
Jan 23
De
215g Nov
6
MarlO
140
Jan 21
58*2 Jan
145*2May
4178 Feb
39*2 Apr
14
12
Prior preferred
100
Rights
Gobel (Adolf)
Goebel Brewing Co
1
1
Gold Dust Corp v t c...No par
Gold & Stock Tel'ph Co
100
Goodrich Co (B F)—
Preferred
No
1st preferred
Gotham Silk Hose
10
2,100
......
2,200
10
2,000
Mar
Jan 27
1858 Jan
584 Jan
106
2
3
Jan 10
2
Apr
26*2May
33U Apr
32*2 Apr
15i2May
8178May
684 Jan
28
25
30
30
2
29
Preferred
30
Sept
*4
6
May 16
3338 Apr 25
884 Mar 5
638 Feb
Feb
5
4
118*2 Mar 14
378 Jan 21
43
Feb 21
44*2 Apr
60*2 Feb
1
1
No par
Great Western Sugar..No par
6
2134 Jan 21
87
Jan
2
8*2 Apr 28
77
Jan
6
2*2 Apr
9
3
Mar 27
3*8 Apr 30
Apr 29
Apr 30
30*4 Jan 29
28*2 Jan 16
16
25
Deo
3
Aug
175g Feb
93*2 Jan
1*8 Mar
155s Mar
80
Jan
34 Apr
1484 Mar
Jan
90
70*2
Jan
2*8 Mar
Mar
Jan
1*8 Apr
14% May
Dec
7*2 Mar
40
Mar
3
109
3*8
Oct
Dec
39*8 Dec
33*2 Dec
51
Nov
19*2 Aug
Aug
884 Dec
7534 Dec
49*2 Deo
93
111
434
22
105
Oct
Jan
Nov
Deo
14*2 Deo
82
Deo
Jan
20
85
Apr
1*4 June
5*4 Mar
26
Feb 21
Oct
4i2 Nov
41*4 Deo
Jan
2*4 Mar
33i2Mar 9
20*2 Feb 19
109
92
143g May
18*8 Mar
2234 Oct
44
Dec
425g Nov
267g
638 Jan 15
6
6*4
1584 Mar
Apr
2i2 Apr
70
23&S Jan 15
35*2 Apr 2
3338 Mar 25
2
10*2 Deo
Deo
4*2 Oct
135s Nov
5
Jan
Mar
2984 Jan
3538 Nov
33*4 Nov
38*4 Sept
9*4 Mar
958 Mar
35*8 Deo
Marl6
Greene Cananea Copper
100
65
Greyhound Corp (The)
Guantanamo Sugar
No
par
Preferred
Nov
21
Apr
Jan
16
9
100
120
Mar
32*4 Jan
593g Nov
Jan
1634
12*8 Mar 11
95
Apr 4
4i2 Feb 19
11*4 Mar 20
72i2 Oct
*120*2 Dec
Mar
104
50*2 Mar
100
Mar
18
10
116
Green Bay & West RR Co. 100
Green (HL) Co Inc
1
No par
2658
zl07l2
10478
6
Gulf Mobile & Northern
Preferred
Jan
10538 Apr 4 1414*1 Jan 27
*,6May 27
s16May 22
378 Jan 2
7*2 Feb 28
7
Apr 30
10*4 Feb 17
15*4May 21
2138 Jan 6
7
5
Feb
5978. Feb
116
18
Jan
Aug
Aug
Aug
Apr
12
Feb 10
Nov
July
18
14
116
4078
3778
1*2
15*2
6134
235g Feb
Feb 10
Nov
61*4 July
145*2 Oct
Oct
8
Jan 24
638 Nov
Jan
55*4 Jan 14
6
Jan
100
Mar
ll*4May 27
86*2 Mar 6
Jan
Jan
Preferred
Deo
Sept
Dec
Nov
Zl33s Oct
146
Aug
1038 Nov
1534
6
69
31
100
11
4414 Apr 30
136
Preferred
1078
100*8
48i2
22*2
32
7
178 Apr 28
Rights wi
Oct
1858 Jan 16
98*2 Apr 15
3178 Apr 15
9934 Feb 17
No par
Gt Nor Iron Ore Prop. No par
Great Northern pref
100
Gull States Steel
70*2 Jan
Jan
Feb
8
Feb
78
100
46*2 Nov
17
2378 Apr 15
par
Jan
23
135g Jan 21
No par
73s Mar
115
438 Feb
par
No par
1134 Mar
-
Jan
100
Goodyear Tire & Rubb. No
32*>8 Mar
127*2
20*2
50
100
Mar
18*2 Nov
3i2 Apr 28
32*2 Apr 28
No par
7
5i2 Mar
8434 Jan
Deo
76
Feb 13
Mar 14
.No par
78 May
Nov
55
4712 Deo
53s Nov
13*4 Dec
Mar
95
108
Preferred
434 Mar
305g Nov
125
Mar
2
Jan 17
Glidden Co (The)
Mar
Deo
Nov
4
Jan
105
Gimbel Brothers
70
Deo
36*8 Nov
19
17
70*2 Jan
537gMay
Mar 21
par
30
111
Mar
50
Castings pf._No
63g Jan
'1984 Deo
2
Feb 17
Gillette Safety Razor..No par
Conv preferred
No par
3038 Dec
Jan
155s Feb 11
3334 Feb 10
38
Gen Steel
July
25*2 Dec
10278 Deo
587g Aug
534 Jan
General Printing Ink..No par
86 preferred
No par
Gen Public Service
No par
1
$6 preferred
—No par
General Refractories...No par
114
514 Mar
122
Gen Realty <fc Utilities
Aug
II84 Jan 11
118
Gen Railway Signal...No par
Preferred
100
3*8 Aug
25
45*4 Deo
25
Sept
758May 20
No par
Gen Outdoor Adv A...No par
Common
No par
10
8*2 Deo
4i2 Jan
Feb
15
6
143s Jan
150
121*2May 13
71
Apr 6
100
47,600
40
Jan
1034 Apr 28
5934 Mar 17
117*2 Jan 13
5378 Jan 6
Preferred
40*4
*38
22
141
6
No par
*14*2
.
6
Part paid rets
Grant (W T)
*35*8
125
30*4 Apr
17*4 Mar
112i2 June
77*2 Feb
27i2May 21
355s Feb
119
May 25 zl35
Apr 14
75
Feb 20
473s Jan 17
31*2 Apr 30
53*2 Feb 29
334 Jan 6
6*2 Jan 23
ll*2May 11
18U Jan 27
8i2May 20
12*2 Feb 19
97
Jan
3
104i2 Apr 21
63
Feb
6
42*4 Apr 30
Feb
2,900
15
Deo
39*2 De
978 Mar
Jan 20
Feb
2,500
2*4
Nov
35g Deo
6038 Mar
1984 Mar
Feb 17
Feb
50
17*2
3534
6
15
2*4 Mar
20*4
21
17
47*8 Mar 21
General Motors Corp
$5 preferred..
19
5
5
297g
58
2*4
64
11
9
2
3
No par
58
*27
38
13*8 May
84i2 Apr
4438 Nov
6
19*2 Jan
Grand Union Co tr ctfs
35S4
6
3038May
22
11
39
Conv pref series
Granite City Steel
68
Feb 28
No par
800
*61
25
$8 pref class A
No par
Gen Ital Edison Elec Corp.
General Mills
No par
300
2434
May
8
16*8 Mar
28i2 Mar
16
Apr
106*4 Mar
4912 Feb 14
50
1,000
63
26
334 Mar
2
July
78 Feb
1
May 27
48
Gr'by Con M Sm & Pr stpd 100
*50*2
538 Mar
6
3
Graham-Paige Motors
3*2
Dec
3
8,900
1634
115
Jan
2,500
28
Apr 9
41i2Mar 25
25
Apr 3
Jan
25g
3*2
Jan
19
3-38
1684
17
14
33g
*27*8
8
Apr
155
Conv pref series A...No par
2h
145*2 *144
63
20*4
*27
115*2 *113
*33
34*4
1,700
44,100
25*4
1738
3978
238
3534
2*8
......
11*8
2478
31*2
39
800
1,000
90
17
36*4
600
8178
90
31
17*4
6034
234
*36
'1978
33g
1634
*
......
9,800
28
3i2
1634
300
2.300
16%
2*2
3*4
33g
1,000
8*2
28
95
95
3*8
1,300
122
28
17
95
25S
3534
*212
2558
*92*2
9*2
95
2,900
1578
838
1534
*
28
*338
*16*2
95
9*2
*27
58*2
25
2578
82,850
68,200
2l2
3*8
33g
*163s
36*4
178
68
85g
20*2
9*8
150
106*4 106*2
33z
232
4*2
4&s
25S
3*8
3*2
16*2
27*2
9*8
9412
800
1,100
157g
Mar
$7 pref class A
4,600
122
Apr
4
2
8212
25g
3*8
358
36*s
24*4
*
May
78 Jan
46
258
*3
3134
173g
3634
*61
1612
34
34l2 Apr 30
3338 Feb 18
45?4
332
25i2Mar 21
4*8 Jan 6
No par
1034
82l2
4*2
2
No par
11*4
106*4
4
Gen'l Gas & Elec A
84
9*8
94i2
2l2
3*8
*33g
16*2
2738
3134
63
25
'16
4*2
83g
155g
*8
434
85g
122
~20~
106
106
Jan
100*2 Feb 26
40
Apr 30
General Foods
46*2
93*2
3134
1738
*50*2
24*4
*85
20*4
90*2
25*2
93*2
4578
110
z2478 Jan
General Electric
7,000
8178
9*8
94l2
27
3534
195g
85g
1558
*
*81
3
11,800
82
93
27
144
122
'is
434
1034
11*4
...
9*8
*935g
27
2
1058
106
*4
458
11
80*2
106*2
*8
*8
4*4
434
834
858
15%
16*8
10638I10634
82
82
80*2
4538
46*4
478
8*2
1558
82
82
-
3
36,200
_
6334 6334
64
6338
6338
6334
64*4
64i8
*64*4
643g
64*4
6438
119
119
*119*2 11978 *119*2 11978 *119*2 120
120
119l2
*119*8
62
61*4
62*4
627g
61%
6214
6358
62l2
63*2
6278
617g
62*2
120
12078 121
120*8 12078
120*2 120*4 120*2
12038 120*2 120*2 120*2
31
30*2
*30*2 3134
30*2
31*2
317g
32ig
31*2
31*2 *31
32*8
7
7
7
*7
7
*7
738
7*4
7*4
7*4
7*2
7*8
49
49
*48
49
49*4
49
49
49*4
49*2 *48
*48*4 49
*108
*108
*107*4
*108
*108
*108
4
4
4
4
4
*334
*334
4*8
37g
37g
378
378
38
*35*4
38
39
39
3534
36*2 38
39*2
39*2
3834 3834
*11634
*11634
*11634
*11634
*116*2
*116*2
2*4
214
2*s
2*8
2*8
2*4
23g
23g
238
23g
2*4
2*4
27*2 27iz
30
26*2 2658 *2534 30
*27*2 30
*27*4
*2758
29*8
36
36
35
*35*4 36
35
365g
35*4
35*4
35*4
35*2
35*2
36
36
37
*38
38
37*2
39i2
37*2
38*4
38*2 *36*2 38*2
16
16
15*2
1534
155S
157g
1534
157g
157g
1578
1578
1578
Jan
May
®8 Mar
Mar 25
127
new. .10
1,300
534
12*2
*28*4
122*2 Jan
315s Feb 24
1884 Apr 30
Mar 25
105
No par
150
50
2
8*4
634
18*8
5378
No par
First National Stores—No par
40
*28*4
40*8 Deo
Mar 19
3
284 Jan 10
8*2 Apr 29
3434 Jan
No par
10
100
*32
50
8534 Nov
147g Aug
15
109l2 Apr 30
24*8 Apr 30
Preferred series A
Fuller (G A) prior pref. No par
$6 2d pref
No par
*28*4
69*2 Feb
10*2 Mar
8
11378 Apr
33*8 Feb
10434 Feb
48*4 Jan
29*2 Jan
II34 Mar
47*2Mar
llli2 Apr
3834 Feb
Firestone Tire & Rubber
80
50
4
20U Jan 27
90
*28*4
Jan 15
15l2Mar
4078 Jan
50
4,600
50
69
Jan
4
58
*28*4
Jan 10
Apr 24
Jan
12*4 Mar
578Mar
4i2 Feb
30
50
19*2 Deo
13*2 Dec
738 Jan 9
Apr 28
2*2 Jan 2
20*2 Jan 9
38
Apr 30
121
30
2
14
684 Mar
21
Aug
Apr
30
*27
3858
2
Mar
Mar
Feb 15
May
*56*2
*28*4
3858
Nov
72
*119
5634
14412 144l2
36*2 37
383s 3834
2
2*8
*26*2 30
55
55i2 Nov
7*2 Dec
95
Florshelm Shoe class A.No par
200
2934
8H2
*56*2
21
Feb
Aug
Mar
x85
1,000
107*2
24
24
*20
*23*2
24i8
89
89
89
*83
81*2
*82*4
*82*4
56 &8
56 84
5634
56*2
5634
5684
5684
*140
143
*140
143
14434 *140
14458 *140
365s
37*4
3778
375g
3738
37*8
37*4
37*2
39
38*2 3878
383S
387g
38*2
3834
3834
2
2
2
2
2
2*8
2*8
2*8
30
*29
32
*29
32
♦26*2 30
30*8
22*2
21
19
438 Jan
84
14i2
15*2
4i2
7*8
8*2
27
Jan
500
110
10*2
68
May 29
nov
Apr
Apr
F'kin Simon & Co Inc 7%pfl00
*10
78*8May
7»8 Feb
175a Feb
2734 Feb
Deo
50
54
100
8*4
10*2
245g
76
4
.
40
68
148
6
Jan
6*4 Apr 7
11
Apr 30
16
Apr 29
1134 Jan 3
Mar
48
3,400
*101*2 106
4734
Jan
55
14
Sept
8*4 Nov
6
1,600
3,600
35*4
'
48
134
1*8 Mar
6
Fourth Nat Invest
534
1558 Apr 17
7112 Apr 13
7
700
578
May 29
7*2 Jan 3
45i2 Jan 14
Jan
178 Aug
66
Feb
32
34*2
7
7g
Mar
*64*4
30
30
29l2
119*2 *119*2 121
58
59
58*2
34
20
-
*12
12i2
12*2
12l2
12l2
934
9*4
958
9*2
9*2
93s
93S
*1037g 106
*10378 106
*10378 106
*10378 106
48
4778
4738
48*4
485S
48*s
4838
48*4
49*2
26
2578
26
26*8
2658
2634
2558
25*4
25*2
11
1138
11*8
11*4
11*4
11*4
11*4
*11*8
1138
12i2
'
*100
534
119
114
6
5884 Nov
Mar
32
68
Feb
share
Mar
*4 Mar
h Apr
5234 Jan
12534 Jan
97
Fidel Phen Fire Ins N Y
26
40
*64*4
69
39
92
Federated Dept Stores.No par
25&8
3178
May 29
5
101
Federal Water Serv A ..No par
110
10958 1095S
29
28*2
2934
106
107*2 *105
114
7
158 Feb
37g Feb
6978 Mar 30
Federal Screw Works—No par
35
1*2 Jan 4
62ig Jan 31
55*4 Jan
per
40*2 Apr 30
Federal Motor Truck..No par
26
35
4434May 29
*2 Jan 2
Highest
;
100
700
40*4
68
No par
Federal Min & Smelt Co—100
""900
2534
3178
6% conv preferred
100
Fajardo Sug Co of Po Rico.20
Federal Light & Trac
15
93s
40
*34
Fairbanks Morse & Co. No par
3*4
40
35
100
Preferred
338
—
$ per share
12
*3*8
3*4
-
$ per share
29
*9*4
26
-
$ per share
5
Exchange Buffet Corp.No par
Fairbanks Co—
-.25
Preferred
Lowest
5
-
Preferred
*23*4 25*2 *23*4
25*2
25*2
*23*4
247g *23*4 2478
J
*112i2
*11212
*112l2
*112*2
*11212
28
277g
28*8
28*s
2778
2814
28*2
28*2
2834
28*2
28**2
104
104
104
10414
104
104
10438
104ig 104*4
*10378 104
45
45
45
4334
4358 443g
45*4
4578
45*2
45*2 4534
28
28
28
28
*27*4 28
28
*27*2
28
*27*4
28
734
734
734
734
77g
77g
83g
734
734
7*2
784
2512
50
Eureka Vacuum Cleaner
Evans Products Co
Highest
Filene's (ffm) Sons Co-No par
30
400
2,400
4,900
113
59
934
100
14934
37*4
*43
121
*734
3,700
8134
58
25»8
4938
49
119
*11
460
♦75
58*4
*145
*144
1358
*43
58*4
473g
149
1,520
8134
9*4
33g
3*4
60
*1158
13*8
4834
400
3*4
46
*58*4
6
6
3
21
*109*4 11078 *109*4 11078 *109*4 1107g *109*4 1095g
2734
26*2 2738
27*8
2818
29*4
27*4 2734
*95
*95
107
107
107
*93*2 107
96*2
*31
31
31
31
31
3134
3134
3134
*60
6
13*2
139*4 *143
377s
*20*4
21
3
Year 1935
Lowest
t Elk Horn Coal Corp. No par
65
Range for Previous
On Basis of 100-s/jare Lots
OXUvA
exchange
Shares
1434
34
nll4
133g
lUivJi
Week
46
*58
*1®8
Thursday
•
$ per share
*62
Wednesday
| Monday
May 23
*45*2
Tuesday
QTAriTT
VAD XT
XT TP TXT
ISiiiW
for
Saturday
May 30, 1936
22
Apr 28
May 21
4834May 11
184 Jan 7
26*2 Jan 7
914 Jan
30*2 Jan
2838 Jan
39
Mar
9
26*8
Jan
Deo
3478 May
140
119
Jan
Feb
9
21
Apr
2838Mar
2
2558 Nov
28*% Deo
34
95
145i2May 20
55
95
Jan 23
80*4 Jan 27
46*8 July
7
1
Feb
Mar 19
19
Feb
4
Mar
3*2 Feb
39
Feb
1934 Mar
4
2
55
Mar
3
6
Apr
7
48
Mar
6
12
Mar
Jan 24
Mar
2
16
50
May
Deo
Deo
74*2 Nov
234 May
43*4 May
11*2 Deo
34*4 Deo
33i2 Nov
100
105
118
Mar
6
48
25
30
Jan
4
34
May
6
21*4
Jan
3034
Deo
25
35
Jan
2
36*8 Jan 16
30
Jan
35
Dec
_io
6
Jan
9
ll*2Apr
6
4
Mar
8
Hamilton Watch Co ...No par
Preferred..
100
Jan
2
2138 Feb
4
109
Hackensack Water
7% preferred class A
Hall
Printing
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac. No
Preferred
Hat
Corp of America cl
6H% preferred
Hayes Body Corp
par
14
102
May 19
30*8 Jan 3
100
A
May 19
120
1
12
Jan
3
Jan 20
100
104*8 Feb 17
2
458 Apr 30
119
Feb
8
105i2Mar 18
4158 Apr
126
1
6*2 Apr
63
Jan
100*2 Sept
16
Mar
Apr 23
9984
Jan
163s Mar 25
5*2
Feb
115
9
Jan
Mar
9
5
81
Feb
15g Mar
108
Deo
Oct
14*2 Nov
112
Deo
105
Nov
3038
121
14*8
Dec
Dec
Deo
113*2 Dec
6*2
Oct
Volume
HIGH
New York Stock Record—Continued—Page 6
142
AND
LOW
SALE PRICES—PER
NOT PER
SHARE.
Sales
CENT
STOCKS
NEW
» •
for
Wednesday
Tuesday
May 25
$ per share
$ per share
Friday
the
May 28
May 29
$ per share
% per share
$ per share
122
*116
*11584 125
163
*151
Shares
27
*116
122
*73
28is
29
*86
130
*10i4
1058
*73
163
163
*116
*151
3012
3078
3038
88
88
89 U
94
96%
74
74
73
73
74
73
112
*110
112
*110
111
111
484
*463
484
*463
484
*463
*40l8
2312
2378
233s
7438
8%
5184
7438
812
5134
*7378
4
8%
5078
4
*1014
14l2
11
4i8
*914
14i2
143s
238
212
1914
1984
23s
193s
*2818
*6314
*1112
958
2714
*31
32
63
63
*1U8
13
*10
26U
*113
10i2
26i2
115
♦131
116
4078
24
75l2
812
"9Y84
10
90%
10
558
10
55s
1334
684
33l2
684
3312
3
3
1012
1034
*33s
3l2
14
1418
654
*5l2
512
*27
28U
I68I2 16812
7
*5i2
3312
*3
10%
*40i4
2312
4084
2478
4012
a7434
7434
*737g
814
5H4
83s
8I4
517g
5034
5112
4
74
29
98
110
700
1434
23g
1978
2
13
214
213g
63%
*lll2
934
2714
65l2
33
6312
13
9%
27U
115
9%
27i2
ollSU 115U *112
7%
534
34i2
3%
10%
3is
2834
318
*2658
166% 16612
13
934
277fi
117
92
93""
10i2
1058
1078
5%
6
14
55s
14ig
13i2
714
534
714
3U2
*3
1034
318
3I8
234
1034
*3
3i8
26
26
28
35
11
1034
3i8
*26i4
168
7%
534
343s
3i8
1038
168
*5%
*13%
512
3
3
1312
93%
10%
8
5
3312
634
*5i2
3214
*112
100
I6884 169
*25%
168
71
Mar
90
Oct
122
Feb
131
Dec
84
100
128
Jan 30
73
May 26
No par
113
Apr 29
2
119
4,700
Holly Sugar Corp
7% pref
Homestake Mining
------
400
8,500
No par
5
No par
Class B
Apr 28
Apr 22
1,100
Hudson & Manhattan
5
100
Preferred
100
4612
84l2
4612
4612
47
85l2
85
85l2
153
3
5i8
4658
*12712
4U
*2l2
1?8
251S
*37
109l2
*2334
*48i2
*1418
»5312
1378
1U8
*15234 156
3
3
318
5%
5l2
*518
4718
46% 47%
12914 *127l2 129U
43g
4%
4U
284
234
234
178
178
17S
25i8
24i2 25
3712
3712 37i2
109l2 109U 109U
25
*2334 25
49i2
*485g
4912
16
1612
*1414
55
6312 53%
463s
85%
153
3
45g
465s
1281s
414
*2i2
178
24i2
*38
109l2
*24
4912
--
600
984
*934
10%
2634
27
8,700
115
300
93"%
92%
9~3~"
IO84
10%
10%
6
*558
6
13%
100
100
58
RR Sec ctfs series A
100
11
Indian Refining
Industrial Rayon
10
No par
No par
Ingersoll Rand
125g
12i2
125s
115s
12
12
12l8
*87
8712
865S
87
86
Inland Steel
Inc
1
t Interboro Rap Tr v t C..100
1,310 Internat Rys of Cent Am.. 100
380
3534
3634
1,270
3
*234
3
10%
1034
10%
3%
3%
3%
700
4,200
Certificates
No par
Preferred
100
Intercont'l Rubber
No par
Interlake Iron
No par
20 I2
20
2034
1934
*2612
27
200
*11912
....
*2612
*119l2
5,800
11,700
600
2612
1,200
22,100
2,300
2,700
2,600
1,500
14,800
200
300
— — -
-
90
10
71
500
97
98
4,400
125
*
153
*
153
♦
153
♦
153
*
153
*
153
*118
----
2012
20%
*31U
3212
2118
2734
9212
21
2734
*8512
2034
21
*118
120
2012
32U
2078
28i2
*86
92%
2078
21
19
2012
20
*9U4
95i2
37
3758
*9H4
3758
19
19
27%
*378
19
*2612
478
*378
*32
3438
2114
10412 10412
578
*512
20%
1912
1912
1834
1834
2014
20
18%
19%
35
20%
94%
38%
18%
27%
4%
3534
19
2714
434
21%
21%
*378
3212
33%
213g
10412 10412
21
94l2
*92
38lg
1878
3778
383»
z37%
1834
26i2
*2534
514
32i2
21U
3278
104U 104l2
6
6
6
78
*76
78
*61
6934
*61
6934
*61
695s
24
*2114
35
*26
3484
*75s
9
1234
13
212
2l2
*95s
10
95
95
14%
41
54i2
7i8
*2658
*106
*10612
*160i2
♦20U
*1658
*97i2
23g
10
96
10
2i2
10U
10%
9%
934
2%
2%
10%
10%
96%
2%
10%
96%
1484
*96
*95%
9%
23g
10%
21
1434
147g
42%
42*2
54%
7U
2658
*28
35is
*35U
47
473s
47
40
39
*10678 10784 *10678
2U
*21S
218
534
Si2
512
42
*41
*4118
*108
112l2 *108
21%
*2U2 22
147
*144
4U2
2U2
42
2U2
65
65
66
2334
24
24U
36%
36
*29U
30%
*12858
2934
42 >8
423g
*12812
2U2
42%
295s
*2812
29
2934
*29
30
*28
30
3534
*129
*129
30
301s
4218
4234
*13
13i2
13
41
41
3
*2
13
13
4U8
234
13ig
13
13
*4012
*178
12%
29ig
40
39 I2
40
39%
39%
38%
38%
36
35is
*34% 35%
34% 35%
35U 36
47
4734
473g
4734
47%
47%
4714
46%
46%
10734 *10678 10734 *10712 10734 *107% 10734 10734 10784
2
2
214
2%
2%
2U
2%
2is
2%
534
57g
512
5%
5%
534
53s
5%
5%
42
41i4 41%
415g
*41%
4114 4H4
41%
41%
112% *108
112% *108
112i2 *108i4 112i2 *108
112%
22
22
2238
22%
2218 2238
22%
2238
22%
144
*144
144
143
147
14612 144
144% 144%
46
44%
3834
51%
49l8
4H2 45%
39%
43%
22
22%
2U2 22
22% £22%
211?
*2184
22%
67
66
6612 67%
6578
67% 67%
67%
68%
25
24
24l2
24i4
25%
24U
2538
25% 25%
35
35
36
36
36
*353s 36
3512 36
39
39%
*4118
For footnotes see page
*2
123s
3626
~30%
4278
13
30%
42U
43%
13%
4I84
234
1134
*12
415g
41
234
*2
13
*129
30
1134
*29%
_
2,400
1,600
40
2,700
900
900
Jan 11
Jan
2
19% Jan
2
13
Jan
Co
No par
Kroger Groc & Bak
No par
Lacelde Gas Lt Co St Louis 100
5% preferred
100
Lambert Co (The)
No par
—No par
433g
12%
40
*1%
284
Lehigh Portland Cement...25
4% conv preferred
Lehigh Valley RR
100
50
No par
Preferred
Lehman Corp
50
(The) —No par
Libbey Owens Ford G1 .No par
2,000
Mar
Libby McNeill & Libby No par
5
No par
25% Mar 20
Feb 28
9134 Feb 11
41% Apr 14
Apr 28
20% Apr 28
103% Mar 16
4% Apr 29
7478 Feb 26
Mar 16
66
22% Apr 30
20% Apr 27
34 May 27
19% Apr
7% Jan
12%May
15% Apr
94% Apr
8% Jan
29
2
13
30
30
2
2% Apr 30
9% Apr 29
89 May 11
12
Jan
2
3878May
47% Jan
4
2
7
May 19
5
25
May .7
100
Liggett & Myers Tobacco...25
97
Mar 16
100
25
Series B
100
Preferred
300
Lily Tulip Cup Corp ...No par
500
Lima Locomot Works.-No par
9734 Mar 13
162 May 29
19
Apr 29
2578 Jan
2
1,300
Link Belt Co
No par
37
May 12
1,700
Liquid Carbonic
No par
34
May
6,000
Loew's Inc
No par
43
100
No par
Preferred
No par
1,900
Loft Inc
2,600
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
300
—.100
5% preferred
"4~306
Lorillard (P) Co
10
3% Jan
May 19
21% Apr 28
142
7,100
1,500
Louisville Gas & El A ..No par
3,800
3,300
Louisville & Nashville
Ludlum Steel
400
1,300
10
100
Mack Trucks Inc
No par
Macy (R H) Co Inc
No par
Madison Sq Gar v t c..No par
Magma Copper
t Manati Sugar
""210
.100
—....1
Mac Andrews & Forbes
Preferred
10
.100
100
2
40% Mar 13
107
100
100
800
4
Apr 21
104% Feb 28
2
Apr 23
7% preferred
t Louisiana Oil pref
280
2
283g Jan
2478 Jan
Life Savers Corp
1,100
Dec
Dec
4234
Deo
110
Dec
Dec
Jan
16% Sept
90
Aug
16
Nov
36
Jan
12012 Apr
37
Aug
9912 Nov
12612
Feb
130
Feb
50
Mar 24
2
May 20
300
234
13
5
6,000
11,500
12%
*1%
*11%
Kress (S H) &
Apr
39
1434 Jan
28% Jan
100
26
1838May 20
Copper
No par
Keystone Steel & W Co No par
Lehn & Fink Prod Corp
43
13
118
87
Preferred
Dec
318
23s
2878
130
Kendall Co pt pf ser A .No par
10
5
3812 Mar
11712 Mar
Apr
93
Nov
Mar
2
2
6% preferred
40
49
90% Feb 21
121
Apr 6
88
Kelsey Hayes Wheel conv cl A1
Lerner Stores Corp
2,300
13
Jan
Jan
2,600
30%
4334
110
Mar
2,100
30%
40%
7012 June
618 Mar
24i2 Oct
6
(S S) Co
Oct
47U Dec
13012 Nov
612
Oct
34
Preferred
Dec
434 Aug
Dec
91% MarlO
Kresge
655s Nov
14
7
Kennecott
367s Nov
154
78
20
1
.
28
80
No par
8
July
1
1534
Class B
Jan
4912 Nov
33% Feb 25
Kelvinator Corp
5
16
126% Feb 24
75%May 27
Jan
133s Dec
565s Dec
5% Mar
87s May
5
129
Jan
3
4214 Mar
Feb 21
7
5
5
2012 Dec
36U May
May 13
1,400 Lehigh Valley Coal
*129
43%
13
10
30%
*12%
40%
77% Feb
May
Oct
712 Dec
23% Sept
43s Jan
Dec
27
Lee Rubber & Tire.
11
25
..5
Lane Bryant
23g
.
Kayser (J) & Co
100
19
412 Mar
2H2 Jan
9812 Jan
22%May 29
700
97
3s May
Jan 27
8%
4934
lis Mar
38 July
17
100
Preferred
133g
9634
9614
96%
9638
96%
145s
1434
1458
1434
14%
1434
1434
43
4234
427g
43%
433g
42i2 43
4338
54
55
54
53
£53%
5412 55
52%
5334
7%
714
7%
714
7i8
7%
7%
7%
718
*26
265s
27%
*265s 27i2
2658 26% *26
27%
27%
108
*106
*106
*106
108
108
108
107U 10714 *10512 108
108
108
108
108
107
10734
10734 108% *10734 108%
IO784
*162
164
162
*162
163
162
*160l2 164
*160U 164
164
21
21
20% *20%
2038
20l8
20%
20%
*20U
*2014 21U
1434
2978
*35
10
4112
54i2
7i8
3414
39
18
97
23g
96
*8
*125g
18%
18
2%
"20%
9
97
238
*
13%
18
58% Jan 18
Jan
22U Jan
12378 July
2
12134 Feb
883
Jan
II4 Mar
178 June
Jan 30
Feb 24
Oct
Dec
Nov
34is Mar
2934 Feb 19
123
Dec
4234
2278 Mar
Feb 17
Mar 2
Jan 18
Apr
Deo
514
19012
Kaufmann Dept Stores $12.50
City P & L pf ser B No par
Kansas City Southern
100
7% preferred
100
200 Kresge Dept Stores...No par
10
97
2
15
Jan
135
29% Feb 27
53% Feb 21
67
Jan
June
115U
384
6%
7i2
Kan
220
40
1778
10i8
2
Jan
30
34%
*95i2
934
""934
Jan
15
26%May 22
113
Apr 29
No par
8,900
2734
*7%
*125s
82
No par
70
21%
104%
634
•26
14912
Mar 18
19%
14%
887g
2234
Kinney Co
5
35%
*5%
Oct
U2 May
414 Mar
2% July
23% Jan 30
250
*4
34%
9
Jones & Laugh Steel pref. .100
Oct
134
914 May
3% Feb 10
36% Feb 8
12% Apr 30
1038 Apr 30
No par
104
4
Apr 29
52%May 6
Kimberly-Clark
6,166
13%
15
100
68%
22%
177g
93g
*2812
*3914
*144
1714
*
93g
10
13
No par
100
54% Feb 19
129% Mar 2
7% Feb 8
Oct
378
Nov
Feb 21
Apr 27
23
Apr 28
47% Jan 2
2,700
2258
*20%
9714
17%
98
*778
No par
Johns-Manville
8
17i2
2214 Deo
38U Deo
5914 Deo
108
Mar
2
Feb 10
18%
*61
2034
Jewel Tea Inc
5% Jan
7
3
8
Jan
July
834 Mar
Mar 26
27%
69
21%
1
Apr
44
7
1884May 20
18% Jan 7
378May 11
2234
2734
21
1
89% Apr
Deo
512
13®4 Dec
130
4
4934 Mar 24
160
Nov
Jan
212 Feb
Mar 23
111
2 5" 500
*31%
104
41
185% Apr 11
May 22
3884
...
*61
*28
20% Apr 30
37%
18%
*2534
__
69Zg
24
9
94%
2284
34
9
700
80
21
127g
8,200
*75
34
1278
2",900
20
6
24
*8i4
20%
18%
89
21
8I2
1284
1734
97i2
9%
"
6
347g
21
400
*75
23
*25
21
812
*914
*61
100
No par
Preferred-
8
*92
21
578 Mar
Nov
7
6038
Nov
Keith-Albee-Orpheum pf__100
4,600
1,400
5,900
78
22%
*20%
2084
9712
.78
104
2212
2058
*1684
4
33
21%
2114
104i8 10412
*6
65s
*2534
4%
227g
2012
1234
4
19
27U
21
22
*2812
1878
223g
2278
*21
20
*9U4
*76
223s
2034
94l2
78
2284
50
20
*76
225s
120
118% 118% *118
21
21%
20%
2034
34
34
33%
33%
22%
21%
22%
2I84
28%
2734
2734
*2734
*88
92% *88
92%
19i2
2U4
1534 Mar
73
46U Mar
20
13
18
11
28
14
28
14
4
11
Joliet & Ch RR Co 7% gtd 100
"""530
2038
*9114
3734
1834
26i2
21
*538
21
•
"77%
77
Preferred
Preferred
775g
"76%
20
2U4
*3212
21
76
71
70%
97%
1912
19%
20%
95%
377g
*26
70%
*96
20
21
19
20
*1834
"75ifi
71
97l2
118I8 1181s *11812 120
2U2
2034
2012 21ig
34
33
3314
33U
2U4
2178
2O84 213s
28
28
283S
283g
9212
*8612 92% *88
20%
32%
*2784
71
70ig
77
Interstate Dept Stores.No par
Island Creek Coal
120% 120% *120
1% Jan
37
No par
Intertype Corp
2
107
100
200
160
35% Jan
56% Jan
148% Jan 23
234 Apr 30
4% Jan 2
43%May 8
125% Feb 6
334 Apr 30
2% Jan 6
par
100
7% preferred
Inter Telep & Teleg
300
*122
"76"
International Silver
27
5% Feb
Dec
121
6OI2 Mar
3% Mar
100
20%
125
77%
100
Corp..No
Preferred
*263S
*122
"76"
Preferred
*19%
125
7678
No par
27
95
"761s
No par
Class C
20%
*123
9434
Class B
87%
96
70%
95
Inter Pap & Pow cl A. _No par
*26%
125
70
100
87%
*1934
1,800
*123
9414
Preferred
No par
125
70
94i2
Int Mercantile Marine.iVo par
Int Nickel of Canada..No par
International Shoe
*123
71
25
200
125
9334
Int Hydro-El Sys cl A
No par
*123
*70
Apr 28
International Salt
19,400
6% Feb
3678May
Jan
May 27
900
— —
8%May
9
3
26
100
Int Printing Ink
114% Feb
13»4 Apr
77g Jan
1878 Jan
19% Jan 9
2% Jan 2
9% Apr 30
160
No par
Preferred
26i2
87i2
*120
*120
2,500
6% Jan
315s
23% May
,
Feb 14
147
Mar
414 Mar
2is Mar
109
May 21
International Cement. .No par
2078
•
Feb
6I2 Mar
1
Internat Harvester
1234
87%
87
May 12
par
Prior preferred
26i2
207g
26i2
27
106
3
.No par
1,000 Int Business Machlnes.iVo
50
16
13% Apr 17
34% Apr 7
100
1,300 Internat Agrlcul
27
26% 26%
169
I6884 *163
53%
13%
12%
87%
4% Jan 2
25%May 21
6
6%May 13
11% Apr 30
334 Jan 7
Insuranshares Ctfs
*1934
86
*20
Jan
2»4
18% Feb 24
90%May 25
6%
13%
6
100
2,400
8
53%
Jan
No par
300
*5%
*14%
5418
1414
Jan
li2 Mar
57S Jan 23
17% Feb 6
May 12
2,600 Inspiration Cons Copper...20
13%
8
"3", 100
13%
8%
6%
36%
1584
54%
14%
12%
54i8
1378
14ig
1984 Mar 6
3% Feb 19
2878 Feb 19
2
Leased lines
Preferred
*131
*14%
54%
1334
1284
14l4
137S
49
43
40
140
•i---
2734
16
16
5434
14
Apr 17
12% Jan 15
Feb 18
■
4912
July
Feb 19
13
47
47
47
47%
4634 4714
86
853g 86
87%
8534 86
156
*15312 156
154% 154% *154
3
3%
3%
314
3%
3i8
3%
5
5
5%
*4%
5U
5%
45g
46i2 47i8
4634 47%
4718
46%
47%
127% 127%
12S12
1277g 12778 *127% 128%
5
5
5%
414
414
4l2
434
3
*2%
234
234
234
234
234
2
2
2
2
2
1%
178
27
2938
28%
25U 275g
29%
253s
40
39
38%
38% *39
*38i2 39
109
110
110
109%
109% 110
110
25
25
25
*24
25%
24% 24%
*5418
1378
Dec
42
70
65%
153
*15
495
612 Mar
Mar
45
35
*49
Feb
3078 Mar
338
8
577S Feb 19
4
Jan
Dec
4
Feb
75
Jan
Dec
223s
44% Feb 20
544
6I4 Mar
34 Apr
912 Mar
15
Apr
*65
50
1918 Dec
4834 Jan 21
3% Apr 30
8% Apr 27
1
July
11
33
18% Apr 30
31
Apr 30
...100
Jan
3034
6% Mar
4
65% Jan 14
63g Jan
7
22%May
118
584 Mar
13%May
*11%
*49
Jan
8184
12%May 29
36
May 13
112
Apr 1
19,500 Illinois Central
600
6% pref series A
*33
4914
104
5
Feb
3612 Deo
447S Feb 19
No par
6,600 Hudson Motor Car
17,300 Hupp Motor Car Corp
10
13
49U
*1418
73% Apr
14%
23g
47ifi
87
40
Jan 13
2134
Internat Carriers Ltd
153
19% Jan 13
470
par
No par
4
*112
2
..100
Houdallle-Hershey cl A No
Howe Sound Co
14%
Jan
Feb 17
Household Fin partic pf
50
Houston Oil of Tex v t c new 25
2%
21%
9
108
400
200
30% Jan
100
5,500
10%
Jan 27
80
Conv preferred
6
Mar
3534 Jan
No par
Hollander & Sons (A)
10
133
No par
Holland Furnace
40%
64%
115
June
Jan
3,000
3%
14%
2%
35%
June
162
11
74%
*9%
21%
*131
9212
907S
10%
*5l2
10%
5%
14%
34
*131
*131
"9T84
14%
2%
2034
*33%
64%
*11%
934
27%
2i8
63
97g
9%
2014
33l2
141
Jan
2
105% Feb 17
135
Apr 17
83g
5058
50%
4
9%
147g
145g
4
Jan
14212
25% Apr 30
83g
8%
1034
127
No par
1,300
24
141
preferred
cum
Highest
$ ;per share $ per share
85
120
Dec
Jan
163% Mar 24
Jan 23
$ per share
Hershey Chocolate
$7
Lowest
Highest
156% Jan 27
25
74%
74%
4
*40%
2334
51
23g
*1U2
27%
74%
8%
50%
2012
31
31
65
480
24%
75
*9l2
147g
1412
1978
*470
40%
2378
878
5112
4
11
111
Year 1935
O/iU-f O AJULO
25
7,700
112
480
JLUU
100
Hazel-Atlas Glass Co
Helme (GW)
Preferred
4,300 Hercules Motors
1,500 Hercules Powder
74
%Jj
$ per share
115 May
8
117 May 14
Par
------
98
nf 10O—Tjfitk
Lowest
------
128% 128%
*72
JJUrO W
EXCHANGE
------
30%
*110
4078
40l2
2478
24
4
*10
41g
11
*131
91
120
163
11334 11334 *113
11712 *114% 117% *114% 117%
117l2 *114
35
34% 34%
34i2 3412
353s 353s
*34%
34l2 35
11
11
12%
12%
12%
1078
*103s
105g
11%
1058
33
33
32 I8
32
3234
327g
32i4 33
*32% 33
*461
•
*151
98
*128l2 12934 ♦12812 12984 *128% 12984
*111
41
*116
30%
484
*40i8
163
3078
*3212 33
*11U2 112
*460
122
2934
90
129
74is
122
*151
90
*113l2 11712
3412
3412
*116
*11534 118i2 *11584 118% *11534 118%
*151
163
129l2
*86
122
*11534 125
*151
27l2
*129
*116
*11534 125
Range for Previous
Range Since Jan. 1
Oyl
STOCK
U A VJvJA
Week
May 26
$ per share
Thursday
May 27
Monday
May 23
YORK
JtVJLVXX
Al AJ
JUS
Saturday
3631
Jan
7
13
Jan
3
20
May
4
2
Mar
Mar
120U Deo
1412 Dec
22
Dec
Feb
2014 Nov
Jan
30
314 Mar
IOI4 Aug
84
Dec
Mar
Oct
90i8 Oct
3H4 Nov
2814 Nov
I8I4
96
1334 Mar
303s
29% Apr 24
7% Jan 8
10
21
43
23
Jan
July
Dec
1934May 18
Jan
2%
8
10312 Apr
7
16% Mar 17
23
Mar 24
102% Apr
1438 Mar
4
9
6
Jan
80
Oct
80
Nov
12
Mar
2712
Dec
46
Aug
2812
Jan
9
Jan
5
Oot
May
8I2 Mar
10% Mar
5
Mar
112 Mar
6
512 May
6718 Mar
8
1578 Apr 27
4338May 29
63% Mar 6
2H2 Mar
11% Jan 6
31% Jan 29
21
Jan 16
165
Feb 28
23% Feb
39%
5078
44%
5478
108%
3%
8%
5
Feb 21
Feb 19
6
Jan 8
Jan 15
Feb 11
Mar 24
Apr
IOI2
Oct
63s Sept
Mar
9414 Apr
9384 Apr
15112 Jan
1512 Oct
Jan
314 Aug
1584 Nov
9584 Nov
17U Jan
49U Oct
103s Nov
2958 Nov
Aug
120
122
Aug
167i2 May
2884 Nov
275s Nov
43
3H4
Feb
102
Feb
1
Mar
151
124
Jan 30
IU2
13i2 Mar
11278 April
26% Jan 27
Jan 17
1413 Deo
173s Jan
1718 Mar
24% Mar
114 Mar
33
Apr
10734 Nov
18i2 Mar
45
32is Aug
213s
6
115
6I2 Nov
1914 Mar
•
16% Feb
116% Jan 15
Dec
Apr
May
Feb
10034 Apr
113
5618 Apr
2214 May
3378 Jan 31
10% Apr
Dec
2784 Nov
2
8
47% Jan 31
2684 Feb 6
618
41
Nov
42
81% Apr 23
77% Jan 3
Jan
Oct
Mar
1934 Mar
25% Jan 2
110% Feb 10
678Mar 3
28
Mar
Oct
3712
Dec
5518 Nov
IO884 Oct
258 Oct
43s Dec
4158 July
112
Dec
2612 Nov
Apr £149%
Dec
51%May 25
233g Jan 28
412 June
15
Dec
1038 Mar
23
Aug
57% Jan
22% Apr 28
77% Apr
34
Mar
64
Deo
35
Feb 19
Sept
42
Jan 21
12®4 Mar
3778 Nov
26
35
46
Feb
127%
27%
40%
8%
34%
1%
7%
May 14
Jan
9
Jan 30
Apr 30
Jan
2
6
2
Jan
2
Jan
Jan
9
130% Mar 16
37
Apr 6
49% Mar 4
14% Apr 18
42
Feb 17
378 Feb
17% Feb
7
7
113
Feb
185s June
3012 Apr
512 Jan
18% Jan
78 Feb
4
Jan
130
May
3084 Deo
5714 Nov
ID4
3784
Dec
Dec
214 May
10
May
New York Stock Record—Continued—Page 7
3632
HIGH
LOW
AND
SALE PRICES—PER
SHARE, NOT PER CENT
STOCKS
Sales
NEW YORK
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
May 23
May 25
May 26
May 27
May 28
May 29
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
Shares
9
9
38
38
17%
17%
*1784
*8
*32*2
17%
*18%
384
19
*4
4%
*8%
9
2%
*6
24
2*4
8*2
3%
1584
*7*2
29%
29%
*155
159
45%
16
16%
*7%
8%
29%
*155
46%
46
16%
18*2
3%
2%
9
159
26
43%
16%
7%
*155
46%
3%
30
4634
9%
*8
32%
32*2
*33
16
16
9*2
*19
19%
3%
3%
3%
8%
884
8%
5,200
*2%
734
25%
2%
2
2
340
734
*7
9
270
2584
25*4
240
3%
43%
*2%
43%
44
9
*234
1638
1634
*7*2
8%
30
*155
3%
159
16%
*7*2
8*4
2934
*155
25
*238
159
.
16*8
*7%
16%
7,700
Marshall Field & Co..-No par
100
29%
Martin-Parry Corp
No par
Mathieson Alkali Wka.-No par
*155
8
2,900
159
48
4*600
16*2
50%
16
16
*16
16%
16
16
600
*49
50
*49
50
49%
49%
100
50
*45
50
*45
50
109% 109%
109% 109%
48%
109% 109%
48*4
48
19
19
19
19i8
4234 43 i8
10612 106i2
19i8
•
*105
107
105
*69
70
*69
7
7
*7
*5012
4934
914
1878
395s
*125
52i2
*5012
36
*33
*33
50l4
9i2
19is
40
12638
*94
49i2
87g
9i8
4214 42l2
12i2
12i2
*96i2 103i2
14
69i2
714
14
*105
105
107
6912
7i8
*1812
193g
1258
714
43
42U
10734 109
1314
*9612 103i2
*1312
1414
*105
69i2
*18*2
43
42l2
107i8 1071s
9
834
4234
4234
107
19%
8'
834
*105
6912
714
69i2
*69
70
8
734
83g
*51
5212
54
54
58*2
*33
52i2
37i2
4978
57
36
36
36
*35i2
36i2
50
49%
49i2
9ig
18%
3914
*9
914
18%
1912
3834
3934
*125
12534 126
*94
9%
19
393g
12512
*94
50i8
49%
4978
9
9i2
9i2
834
19
19
19%
19U
39
3914
403g
40i4
125
125i2 *125
12534
*9414
9414
9414
s
*12
2
4214
*45l2
*6614
1%
5
*i?
2
*134
3i2
*3I2
3%
4
*314
4
1838
778
2178
175s
*%
2
18
25g
4%
8
2134
22
458
2U2
8138
82
2i8
4278
4234
2l8
48
*4512
67
6612
30
I884
1834
1214
47
30i8
1918
*12i8
1934
1314
1
4
*338
*17lS
1778
812
23%
2S4
484
478
2H2 2134
8H2 8212
2',6
2i4
4258 433s
*45i2 47
*67
6734
1*8
H8
3034 32i4
19i2 20
66i2
1*8
3078
1%
30
*334
*1258
1338
123g
123g
7378
7358
7334
74
1234
7414
*26
26i2
26
26
26
26
*46
4
6734
*67
1
1*8
3338
1978
1338
22
833s
214
43
4512
3178
1934
*12i2
1212
12%
7414
*25
478
5*8
22i2
86i8
8434
212
29,6
160
*140
160
14134 14134 *141
1038
1038
*138
134
IOI4
*U8
*12
5812
35U
100
8i2
*1H4
3614
44
*l2
59
36l4
100
812
1138
36i4
44
♦106
*30
978
39
34%
*2534
53
*414
10
39
3514
26
53
412
12
12
133
133
1*4
1*4
3i8
3i8
8i8
*414
*2i2
*2i2
105s
*57
60
8ig
434
314
"ll
5934
91
1034
58
84
*99
27%
*234
100
112
6OI4 6114
373s 38i2
10212 104
8l2
85g
11
37%
44
1138
3714
4414
*43
*106
38"
*30
958
*3914
347g
*30
*105
109
May
2
110i4May 15
32% Jan 8
13%May 6
100
1938
500
McGraw-Hill Pub Co..No par
9,000
Mclntyre Porcupine Mines-.5
1,000
McKeesport Tin Plate. No par
87g
2,100
43
""560
10
57*2
*35%
49l2
36*2
140
4978
3,800
9
9
480
3,800
19
19*4
39%
3934
12534 126
800
~
6~600
300
884
8,400
28,200
2%
200
5*4
22*2
8534
5*4
22*2
2,200
1,200
90
14,500
3
105,200
200
6734
10
Us
3,100
10i2
*U8
58
10«
13
5
*1*8
*%
1%
%
10%
*1*8
*%
61
617
61%
61%
61%
3838
39
104i2 1041
8i2
11
1078
37*
*36i2
38%
*43
44
*106
38
*155
*30
8%
8%
1034
10%
*37
44%
*106
38"
1,700
160
300
10
10
10
10
10*.
39%
3478
39l2
36l2
39
39
200
"
7,400
600
10,400
38
10
700
20
10,400
10,300
100
28,100
40
10%
11,400
1%
%
64*4
40%
102% 105%
8*2
8*2
11
11%
3
3
*2%
113s
Ills
III4
58
58
58
11%
57*2
3
*98i4
2784
2758
2778
*98i4
27%
52
51
51
*51
*234
*20
*20
3
25l2
*20
13
13*8
13
3
25i2
13is
48
4914
48*2
49i2
For footnotes
*234
see page
13
48i4
3626.
91
105
134
236
107
3
■
600
6,700
7,500
*57i2
*88is
*104
58
91
105
1*2
23512
*106
90*2
104
278
24
*9834
2834
*51*4
1,800
*234
*20
13i8
13*8
49
49
3
24
133s
49*8
53
2%
*20
Nov
150
Dec
par
106*2May 14
10978 Mar 16
105
par
100
6,500
730
460
50
700
5
Mullins Mfg Co class A...7.50
Class B
16*8 Arp 24
20%May 4
.100
153
No par
21
Nat Dairy Prod
No par
21
.100
No par
Nat Rys of Mex 1st 4% pf. 100
100
2d preferred
National Steel Corp
National Supply of Del
25
25
Preferred..
100
3,600
3%
100
3,200
Jan
6
Jan
2
Apr
14
Mar
6
Feb 19
Mar
9
Jan
9
Feb 11
6
Feb 28
zl06
Sept
15% Mar 11
33% Mar 6
3778 Apr 14
31%May 26
56*2
8%
14,900
600
North Amer Aviation
1
No Amer Edison pref..No par
No German Lloyd Amer shs__
North
41,200
53
120
Central
Northern
Pacific
...50
100
8,300
Northwestern Telegraph
50
Norwalk Tire & Rub—No par
Preferred
50
Ohio Oil Co
.......No par
4,500
Oliver Farm Eq
200
24
new..No par
2
23*8 Apr 30
5284 Feb 6
658 Jan
98
Jan
6
2
4*4 Jan 17
97% Apr 7
24% Jan 2
51
May 25
2
Jan
6
22%May 4
12*2 Apr 30
24*8 Jan 6
Deo
4%
Jan
34% Nov
32*2 July
Jan
Jan
162% May
140*2 July
4% Mar
14% Aug
3
5
Feb 11
*2 July
1% Feb 11
% Mar
34 Nov
40% Mar
8384 Nov
2078 Aug
773g Aug
11% Jan
13% Dec
4134 Oct
61% Dec
75
Jan
2
4034May 29
108
Apr 13
1178 Jan 17
13% Jan 24
38% Mar 5
59% Jan 3
105
Apr 1
43
Apr 14
1384 Feb 6
42% Mar 4
42% Apr 13
35% Feb 21
63% Mar
6*2 Mar
Mar
36
Mar
2:8% Mar
7*2 Jan
21% June
43*2
Jan
3% July
4% Mar
18*2 Mar
12% Mar
6
Mar
19
Dec
39
Dec
2
Mar
4
Mar
6%
1678
112
Mar
5
% May
96
Nov
5%
Oct
16% Aug
6*2 Nov
334 Dec
*8 Mar
% May
6% Mar
Feb 17
69
June
107
Jan 31
79
May
Jan
2*8 Nov
16%
Jan
87
Jan
92*2 July
102*8 Dec
2% Dec
158
Mar
218
Dec
99
Jan
108
June
8
16
9
Mar
28
Nov
35*2 Mar
19
2
Mar
7
57
Jan
21
3
Mar 24
4% Mar
84 Aug
14
8%
27
21
3634 Feb 20
30
Dec
May
2% Mar
96
Mar
1%
99
Dec
Dec
June
Oct
Oct
57
139
2%
51
101
Dec
Dec
Nov
Dec
9% Mar
5
2% Jan
237%May
108% Apr
30% Jan
56
Apr
1084 Mar
105% Apr
12% Feb
11%
1078
36*2
2984
4
Feb 28
2% Feb
98
9
1% Nov
6
17% Feb 17
135
93% Apr 23
1*4 Apr 21
Jan
Dec
113% Nov
108
Aug
121%
Mar 17
May 12
Dec
150
83
105
Dec
Dec
Nov
Mar 17
No par
210
May
Oct
Jan
Jan
Mar
1478 Feb 17
No par
100
21
27*2
14%
14%
36%
158%
23%
22%
168
$7 1st preferred
100
1*2 Mar
23% May
47%
19*2
143
N Y Steam S6 pref
preferred..
12% Mar
Sept
May 21
7%
9% Apr 27
13*2 Mar
108
57
Shipbldg,Corp partstk__l
4% Mar
684 Feb
22% Apr
141% Mar
2
100
Preferred stamped
N Y
21% Nov
Jan
14% Feb
7*2 Feb
5% Feb
5% Feb
15% Mar
73% Feb
4ig Apr 29
2*2 Jan 7
a:2% Jan 17
Adjust 4% pref
100
North American Co...No par
Preferred
50
700
47%
119
t Norfolk Southern
30
47
50
INY Investors Inc ...No
Norfolk & Western
29
47%
100
N Y & Harlem
100
32,700
2%
100
100
27*8
13
100
.100
New York Dock...
Preferred
800
*51
47*2
New York Central .....No par
N Y Chic & St Louis Co
Preferred series A
57*4 Apr 29
1978 Jan 2
74% Jan 6
8%May 4
1034May 28
3284 Apr 29
41
Apr 15
104% Apr 7
10*4 Feb 4
9
Apr 30
32*2 Jan 8
2784 Jan 2
1784 Jan 2
36% Jan 2
3%May 28
10*4May 16
484 Mar
Apr
6
*2 Jan 10
6
11
111
9%May 11
•% Jan 8
1584 Nov
81% Nov
26% Dec
30
4
164*4 Apr 14
13734 Jan 21
33% Dec
15% Dec
16% Oct
13% Mar
Feb 19
25*4 Mar
11234 Mar
10
Apr 28
27% Apr 30
2834 Jan 2
27 May 19
7*8 Mar
9*4 Aug
Mar 11
7
24
24
24
13
*98%
2%
No par
Mar
7% Apr 28
50
12%
N Y Air Brake
108*2 Jan
107*2 Jan
Feb
May 14
162% Jan 24
30
Dec
66
May
2234
51%
2178
30*2
17*2
15%
3884
Conv preferred
100
N Y Ontario & Western
100
N Y Railways pref
No par
520
*20
tNew Orl Tex & Mex...100
Newport Industries
1
9
4078
9% Aug
Sept
Mar 27
6
92
2%
Bros
Jan
Apr 30
Apr 30
2184 Mar
41% Dec
62
Jan
28
4
91
13%
12*2 Apr 30
9*2 Apr 30
31i8 Apr 30
Nat Cash Register
Preferred B
2
4
Mar
91%
23*2
Jan
3
Mar
1778 Mar
84
43
4
Mar
5% Feb
57%
12%
Apr 30
Mar
Jan 10
57%
a.
Jan
Apr 24
220
53
Apr 30
11*4 Apr 30
1
58
29%
1 *8 May
7
3
11*8
103
% Apr
3134 Dec
6
90
10%
8%
Feb 10
No par
National Pow & Lt
94% Nov
May 29
1%
3778
22%
1784
No par
No par
Feb
Jan
Nov
Jan
48
t Nat Depart Stores..-No par
55
<
4% Dec
65% May
Myers F & E Bros
Nat Distil Prod
23
Dec
103
Nat Enam & Stamplng.No par
National Lead
10
Preferred A
100
3
1*2 Mar
IO84 Mar
60
4
100
6
July
Feb 25
447gMay
..100
16% Dec
1
71
10278May 13
14
Apr 30
7% pref class B
6% Nov
5% May
Jan
Nash Motors Co
7% pref class A...
2% July
7
Jan
7
10
July
60*2
84
28%
15*8
Jan
No par
4
4% Dec
1784 Dec
Feb 21
Mar
3
May
1
Mar
44
11
10
1
45% Apr
5984 Feb
70
.100
Nov
84 Nov
2% Dec
Apr 14
par
3*8
*2%
*55%
103
21
No par
68
*8 Mar
84 Apr
1% Mar
10% Apr
784 Feb 11
*28% Apr 8
No par
5% preferred
Murray Corp of Amer
8
Mar
7% Nov
Feb
4
No par
Munsingwear Inc
Murphy Co (G C)
Feb 10
Feb
31
Apr 14
100
3%
103
5*4
6*2
26%
9%
26%
.100
3*8
26%
Jan
t N Y N H & Hartford
400
107
Mar 27
17*8May 28
6i2 Jan
14i2 Jan
Jan *111%June
3% Mar
7
N Y Lacka & Western
2,200
107
284 Feb
79 May 19
178May 19
3584 Jan
50
76*8 Mar 24
188 Feb 10
3,300
4*2
37g
104
Jan
10
Rights
Mont Ward & Co Inc. No par
Morrel (J) & Co
No par
No par
3,500
Jan
20i2 Jan
Neisner
3,800
Jan 17
20
Newberry Co (J J)
No par
5% preferred series A... 100
10
57*4
Ss
1*2
234
284
100
700
*38%
12% Mar 23
6*2 Jan
2*8May
378 Jan
600
8%
—
85
Jan
No par
8
»
Nov
58
No par
11%
m>
85
100
Preferred
684 Oct
20*2 Dec
2478 Sept
116% Oct
Feb 20
No par
Wheel
9*2 Mar
8*4 Mar
60*8 Mar
6034 Oct
33% Dec
42% Deo
Apr 13
Mo-Kan-Texas RR
Morris & Essex
Apr
24*8 Jan
2*2 Mar
75
100
Conv preferred
22
97*2 Dec
65% Nov
8% Nov
97
100
Mohawk Carpet Mills
Monsanto Chem Co
2034 Mar
Dec
Dec
15% Jan
115% Dec
1484 Dec
8
National Tea Co
_
9
Feb 21
Apr 3
April
Apr 13
23
Apr 6
47% Apr 6
131% Mar 30
1034
40
9
37%
38
110
Mar 17
Dec
Dec
Nov
Apr
No par
Preferred series A
2158 Jan
74%
10%
6884
3784
5034
12%
85% Mar
1984
45*8 Sept
131
Mar
Mission Corp
t Missouri Pacific
534 Jan
2:17*4 Apr 30
35% June
88
No par
7% preferred
May 13
Oct
a:65
45*8
104% 104*2
1%
*1%
*1%
1%
*233% 237% *234% 237%
*98%
28%
Preferred
30
31*2 Jan
405s Jan
Nov
par
Natomas Co
4*2
107
30*8
53
...100
1,900
8*8
*106% 107
27
26i8
27*4
26%
27%
55i2 *5534 56*2 *55% 56*2
8
8ig
838
8%
8%
103i2 al02i4 102*4 *101% 103
29%
6234
%cum 1st pref
Milw El Ry & Lt 6% pref. 100
Minn-Honeywell Regu. No
6% pref series A
No
Minn Moline Pow Impl No
6,500
4%
3
6
10
No par
*44%
9%
39%
8*8
4%
434
Miami Copper
7% cum pref
7~600
14,400
64,900
8
100
Nat Aviation Corp
National Biscuit
35l2
368,
3534
35*2
36%
35%
36%
26
26
27
29
30
27*2
28%
28%
29%
5434
55
5534
58
56l2
5734
57%
61*8
59%
4
*414
4
4l2
*4
*314
3%
4%
4*4
I
12
12
*105s
*105g
14
1078
11%
12%
13%
13438 13438 *13118 139
*13H8 139
*131% 139
*131% 139
1*4
*li8
Us
1*8
1*8
1%
1%
*1*8
1%
*98
*98
*97i2
3i8
3i4
338
3
3i8
3*4
3*4
3*8
3%
3*4
434
314
7% preferred-
Merch & Min Trans Co.No par
Mesta Machine Co
5
1,300
13,400
"
160
26
8%
*43S
*258
*234
1058
Mar
National Acme
300
778
478
314
3
Nashv Chatt & St Louis...100
39%
778
*414
*258
*2i2
1U4
*5712
*88i2
5
1,660
14134
39
*30
10
*37
Mar
2,400
*106
*30
678May 22
*36
37
44
Jan
1
Mengel Co (The)
12*2
74*4
26*2
14134 *140
38%
10334 104
41
1212
*25*2
10%
8
Motor
*73
10*2
Apr
5,700
1234
160
11
97% Dec
8,400
25i2
Feb 17
15% Mar 26
2
1958
7414
46
90% Jan
5% May
38% Dec
8*2 Apr
Apr 23
19%
*125g
25i2
*46i8
7% Mar
3384 Nov
Apr
Mother Lode Coalition. No par
Motor Products Corp..No par
100
Jan 31
Mar 24
33
14
24
49% Jan 24
118% Jan 3
II84 Feb 14
19
4% leased line ctfs
24*2
Mar
5784 Nov
May 27
108
t Minneapolis & St Louis..100
*2*2
103*8 Mar 27
858 Apr 30
3784 Jan
11*2 Apr 29
28
95
108
Minn St Paul & SS Marie. 100
600
Feb 24
12*4May 9
95 May 27
1734 Apr 28
395s Mar 25
97*2 Jan 10
55*4 Jan 31
300
""600
29
Mar
5%
No par
Melville Shoe
8
Feb 13
Feb 28
973s Jan
12*8 Jan
300
4
1
100
No par
No par
$6 pref series A
Mid-Continent Petrol
80
17*2
3258
6% conv pref
Mead Corp
Midland Steel Prod
10
8*2
1
6,500
I
5
No par
5,400
*94
23
McKesson & Robblns
$3 conv pref
6,000
*3*4
McCall Corp..
McLellan Stores
83g
*17
Prior
1,100
8*8
57l2
**2
No par
4,300
300
74U
*155
Dec
Nov
1st pref called
No par
JMcCrory Stores Corp new..l
6% conv preferred
100
700
3,200
69*4
1234
160
11
33% Nov
156
Oct
69%
1234
74i4
14134 *140
Jan
June
107
26l2
40
91
91
*8812
104
104
*104
102i2 103
134
*1*4
*ll2
134
*H2
235
*23312 235
235i2 236
107
*10618 107
*106i2 107
26
26
2534
25l2
2534
56
56
*55i8
*5514
55i8
8
77s
8ifi
77«
778
*10334 104
IO384 10334 al03i2
*50
*158
14H2 *140
10l8
*1*8
36l4
3738
100l2 103
8i2
8i2
11%
113s
3534
3714
44
160
141
10%
1*2
%
6OI4
*106
38
*140
141S4
June
103
4618
461g
48
*46i2 47l2
48
47
47
*46l2
*10278 104
*10278 104
*10278 104
*10278 104
*10278 104
*10278 104
1514
15i4
15l2
1534
1514
1534
1512
157g
1534
15U
15*4
15*2
47
47
48i2
49
49
4812
49
47i2 47i2
*48
48
48
17
17
17
I684
1678
1714
1634
17*4
16i2
1678
16*2
1678
22
2234
24
22iz
25
2314
24
24
23i2 24i4
24
23*2
1312
1334
13i2
13i2
133s
1338
13i2
13i2
135g
1358
13l2
1378
1034
1034
1034
*10%
10%
1138
1112
1134
1134
115s
*lli4
1158
3434
3434
3414
3434
345g 353s
34%
35i8
3434
3518
3478
35*8
*153i8 159
*153i8 159
♦1531a 159
*153i8 159
*153is 159
*153*8 159
23
23i8
2312
23
23%
2278 2314
2312
23is
2278
23%
23»4
2278
2278
23i8
2312
23% 2334
2312
2378
23i2
2334
23*4
2378
*11014
111
111
111
*11014
111
111
111
11034 111
111
111" *109
*109i2 111"
111
111
*109
111
110l2 110l2 *109
13
13
13
12i2
1278
14
13is
1314
13i2
1378
13*2
1378
29
2914
29
29i8
29l2
29
2914 29i2
2914
2858
28%
2858
33
33
*30l4
*3014
*30l2 33
*30i4
32l2 *30i4
32%
30*2
30*2
30
29
2978 30
30i2
30
30
3138
30s4
30i8
29%
30*4
*140
4
136
Dec
378 Dec
45% Dec
14% Nov
Jan
13*8
*96*2 103*2
1458
1458
1958
Feb 28
684 Mar
2384 Mar
2334
84%
4534
15
5
Mar
9
*67
19*2
5
Mar
110
6734
*1238
Mar
1
20
2
13
1
5
Jan
111
4234
3314
6
Mar
Dec
103
57,200
1
Apr
Mar 18
Dec
Dec
10
preferred—...No par
"""346
455s
33
2% Oct
334 Mar
»55
43*2
44
Mar 18
Jan
2*2
43*8
*44%
43
178
36% Feb 19
160
May
978
s8 June
Mar
12
3
Mar 19
32*8
4
2212
Jan 17
19% Nov
Feb
5% Apr
8
*3
233g
2%
*2i2
Jan 22
Apr 28
Apr 27
Mar
1
Jan 14
50*2 Apr
87g
8%
23
11*8
6*2
27*2
15378
6
5
10
Mar 17
634 Mar 17
1034
3%
10%
3084
4*2
5084
19%
Dec
Oct
Sept
45
334
*4458
*67
8I4
2234
*2i2
478
May
23
12%
66*8
ex-warrs.-No par
Preferred
Preferred
2
4
2*2 Jan
30
Apr
54
*178
17*8
I884 Jan 10
41
Apr
13% Mar
3
4434
*18*2
*2
3
29
20
2
*178
334
*314
17i8
8*4
m
8i2
2358
25g
5i8
22l2
8512
2i2
4414
45i2
.
47
1238
*2
2
*3
2214
2l2
458
2178
82i2
23ie
4314
212
2
;
♦175s
818
2178
*2i2
8
5
*12
:
*i78
334
7
10% Jan 3
57*4 Jan 10
23% Feb 3
Jan
69
69
70
69
*6838
69
69
68I4
*68*8
68%
68*8
*10658 107l2 *10658 107i2 *10658 107l2 *10634 107i2 *10634 107i2 *10634 107*2
93
93
9
834
9I8
9
93
914
9
9
8%
9ig
*63
66
*6312 65
*6334 64i2
65
65
6412
6412 *6412
65%
*158
*25a
*314
♦175s
778
2078
2%
4l2
*21l2
•>
805s
Jan
30
4
3
30
Jan
110
43
107
7
29
27
3578 Mar
110
111
42i2
42i2
1278
1314
*96l2 103i2
14i4
HI4
8*4 Apr
32*2May
14*4 Apr
17i2May
2*4 Jan
8*2 Apr
1*8 Jan
Highest
$ per share $ per share
33
50
_
$ per share
55
'
19
May Department Stores—10
Maytag Co
....No par
$ per share
Lowest
53*2 Jan 3
21% Feb 28
11058 *110
11058 *110
11058 *100
110% *110
110% *110
llOSg
*2912 2934
2934
2934
29i2 29i2
30
29 78
2912
29i2 *29l2
30
1238
1234
12i2
12ia
12i2 13
1258
1234
1238
12i2
12%
1212
*94
95
*93i2 98i2 *93i2
95
97i2
9712
*92
*92
98i2
98*2
4384
4334
43i8
4314
*103
108
*105i2 108
834
8%
884
87g
4134 4134
*4134 4214
1234
1234
1234
1234
*9612 103i2
*96l2 10312
14
14
14
*1334
-.100
Highest
43*4May 4
13*2 Apr 30
49
Apr 28
*45
109% 109%
No par
Preferred
"
*49
47%
100
100
29%
*45
*16
preferred-...
2d preferred
Marlln-Rockwell
*110
12
Prior
120
500
50%
16
100
3%
50
16
100
Preferred
*49
48
1
(Del) .5
Market Street Ry—
*45
*109% 109%
7378
Maracaibo Oil Explor
Marine Midland Corp
50%
47%
25
Manhattan Shirt
600
44%
*43
16%
2934
19*2
50
*16
*49
*45
1214
t Manhattan Ry 7% guar. 100
Mod 5% guar
100
600
884
..No par
Mandel Bros
1,200
*3%
2%
*42
Par
30
1534
2534
2*8
*8%
*25%
Lowest
300
35
1534
Year 1935
EXCHANGE
19%
9
29%
159
*8
32%
1634
19%
3%
3%
8%
8%
*2%
43%
16%
7%
29%
43%
16%
8%
29%
19
26
3*4
43%
9
1634
2*8
*8%
26
3%
9
32*2
17
*18%
3%
8%
9
43%
*234
*42
9
37%
17
4
8
8
2334
*8*2
*32%
18*2
884
2%
2%
22%
9*2
3734
17%
1936
30,
Range for Previous
On Basis of 100-s/iare Lots
STOCK
Week
$ per share
May
6
Jan 22
17*2 Jan 15
54%May 5
3*4 Nov
86*2 Mar
13% Mar
3578 Jan
1*8 July
x20
Mar
9% Mar
16% Oct
55
738
102
Dec
Dec
Nov
10% Nov
99
Aug
25% Dec
52% Dec
2% Jan
32*2 Jan
14% Dec
27% Dec
Volume
LOW ISALE
AND
HIGH
Monday
Tuesday
May 25
May 26
May 27
11*4
27
Ills
27*s
113s
27
*115
*115
...
3478
*4912
5012
*49
147g
*76i4
82
53
*51
53
*115
35
*6i2
7
36
3578
36
3534
50l2
505g
51
51
51i2
1412
1478
147g
15i2
15*4
147g
125i2
124
149
149
150
*149
13
13
149
1314
IOI4
1034
103s
103s
lOSg
*14
3
234
278
2?s
17
*14
17
*14
7212
83g
*67*4
9*2
*22l2
63
63
62
62
*60l4
72*2
8
69
9*2
24
7234
73i2
72
72
73
8I4
85g
8
914
2212
35g
35s
35s
*42
*65l2
2412
2478
2478
62
7334
7334
77g
734
8i4
6 5i2
9*8
63
6134
66i2
6634
62i8
23
23
20
358
42U
2478
3*2
358
43
4314
4314
43
43
2478
67g
734
2434
2514
2434
758
714
758
7U
1112
2ig
11*4
11*2
IH4
2484
714
7i2
1114
8
6312
9
884
9i8
25
334
7
87fi
85g
•
♦68
695g
68i2
69
6834
2i8
695g
2i8
6934
69i4
6914
*6884
79
795g
7834
79*2
79
7912
79
80
79i2
7978
4&8
79i2
412
*4i8
434
*4i8
484
*418
6*4
29*2
63g
6i4
6i2
6is
33i2
*30
*31i2
295g
295g
*38*s
3434
30
40
*31i4
2978
40
*4*8
*4
4*8
63s
*3212
4i8
658
3412
6
638
33
33
3484
3084
31&8
40
3034
31l2
40
40
305s
*3918
40
*38
34i2
♦39*4
*6i2
*77
♦.—i!80
1114 All's
80
*11*2
12
178
80
...
1112
178
1H2
178
178
*178
2
*3078
32
*31
32
*31
32
32
3078
Penick & Ford
7,100
658
35
3114
2,100
*48*4
65
*51
65
*51*8
65
*51l8
»77S
*7l2
8*4
*7*2
38
38
38
*180t4
160
~~8~
"8
8ig
*6218
♦H4
*1334
7'4
68
1«4
17
*61*2
*1*4
»1384
784
784
72
71
71
31
32l2
31l2
2
2
2
62
*1'4
*1334
178
17
143g
143g
*2112
15
153s
15i2
15i2
"
2*8
73g
278
3
6
2i8
2*8
*7*s
27g
3
2334
237g
2312
6I4
2l8
*7'4
2*8
738
758
3
108
*107
108
*12114 123i2
121i2 12112
*13578 I36i2
*152
153
13612 I36i2
153
153
*113l2 115l2 *113i2 115
4458
18is
4638
18U
45l2
4634
18
18i2
*104i2 10534 *105i2 IO6I4
9534
9534
9434
95l8
IO84
1078
*1034
1078
11
IH4
1078
1H8
*552*32 55«32
*100
106
75ig
6
3258
*3912
44
*39
*12l2
80
*17g
7558
5584
5584
10114 10134
75i8
7534
234
119
*74l2
77
180
3414
33
35
1,890
*6
7
*6
7
400
*2
2l2
*2
2i2
300
7i8
400
t Postal Tel & Cable 7% pf 100
27g
4,100
15*2
*7*8
•
234
1512
7*8
7i2
234
*118
119
1,300
t Pressed Steel Car...No par
Preferred
100
5,800
Procter & Gamble
360
119
•
33
40*4
455s
*39
3934
39
1212
12l2
*12i2
81
81
*17g
*13
28s
14
40
*3934
40
3984
*3934
14
3934
*12i2
14
fl2*2
14
*12i2
13
*79i2
*178
84
*79
84
*80
84
*80
84
*13
14
13
14
3984
238
*178
238
Ns
*14
178
15
*17g
*14
23g
15
13
13
20U
20l2
96
20ig
2038
195g
2038
20
2012
20
2038
20
20i2
93
94
93
94
93
94
92
93
93
93
23
23
23
2278
2278
2284
2234
2212
22i2
22*2
2212
95i2
23
108
*104
109
*104
109
*104
109
558
514
514
518
514
51g
5U
19»4
1914
I884
19i8
18i2
185g
183s
1878
*80
84
*78
84i2
84
*80
*78
84
82i2
*81
82
87l2 *82
82
*83
84i2
12i2
12l2 *1158
12l2 *m2
*lll2
*1112
12
2934
29i2 *2412
*26
2712 *26
*26
2712
95
97
*95
97,
95
95
*95
97
2434
25i8
24l2 25
2212
2358
2234
23
*103
514
111
*108
*108
111
112
1083s 10838 ♦108
48l2
49l2
46
46
4634
4834
*46
4634
53ig
5312
5312 5334
53l2
5378
535g
535s
*61
61
61
6134
*60i8
61
*6018
61
*1112
*27
*3714
14
28i2
38
*11
14
*27
2812
38
38
For footnotes see page
*11
14
28
28
*375s
3626.
38l2
*11
28i2
*373s
109
109
514
512
19i8
195g
*104
518
1914
109
300
100
60
100
*115s
20
1212
*26
29i2
98
*97
99
48
48
53'g
5314
25ig
*108
49
53ig
15l8
110
49
5338
6134
6134
*61
14
*11
14
*11
14
28i2
39
*28l2
*37*8
31*2
*29
30*2
*61
*373s
39
Jan
Jan
No par
2
$3.50 conv 1st pref-No par
li2 Apr 24
1178 Jan 6
May 18
800
Hosiery
100
Preferred
Reis (Robt) & Co
1st
No par
100
1
Rensselaer & Sar'ga RR Co
165g
Jan
4*4
Dec
Jan 16
6*2 M»y
26*2 Dec
Jan
2
26
15
26
22
27
115
Feb 27
Apr
423g
Jan
1684 Jan 30
70
Jan
4
]7S Apr 28
25
.25
22i2May 28
88
Nov
4634 Nov
104i2
Dec
Dec
Mar
117
132
Mar
148
Dec
99
Jan
113
July
Feb 17
Dec
,/
Oct
578 Mar
527g
Jan
17
Dec
495g Mar
1197g
Dec
65
103
Dec
29*2
June
Feb
1734
Oct
4
Mar
1338
Dec
50
Mar
6212
Jan
92
Dec
884
35*4 Mar
1*4 Mar
16*2 Mar
2978 Mar
36
Apr
33
Apr
6
Oct
30*4
43*8
Dec
Jan
43*8 Nov
38
Dec
Apr
11
Aug
20*8 Apr
72
Nov
3*8
334 Jan 14
1
Mar
3
Oct
Jan 14
8
Mar
18
Nov
2334 Jan 15
7
June
9984 Apr 15
69
Aug
22
May 28
2484 Jan 23
114
Apr 15
478 Jan 2
1678 Apr 30
8I4 Mar 25
2634 Feb 19
109
5334 July
121
100
Jan
5
Feb
2*8 Nov
85*8 Mar
73
97g Jan
83i2 Jan
68i2 Apr 28
Jan
623s
37
2
2
1
4
9
12
"
Jan
2038 Mar
39
934May
Dec
21*8 Oct
98*2 June
2*4 Mar
9
Mar
2034
88
110
77
4
99
Feb 19
95
Jan 13
285g Mar
78*2 Oct
97
78i4May 4
10
Apr 20
16i2 Feb 17
512 Apr
16
Preferred
100
No par
3,900 Reynolds Metals Co
200
5H% conv pref
100
1
1,200 Reynolds Spring
3,800 Reynolds (R J) Tob class B.10
-10
Rhine Westphalia El & Pow
'""206 Ritter Dental Mfg
No par
100 Roan Antelope Copper Mines
Royal Dutch Co (N Y shs) —
Class A---------------
May
2584May 21
90
Apr 28
22i2May 25
105
Apr 27
Dec
36
Jan 10
13
Apr
Jan 23
75
Apr
115
NOV
17*2 Apr
32
Dec
34
117
Feb
5
Jan 13
Apr 29
Jan
2
655s Feb 10
1034 Jan
19i2 Feb
3
2
35
32
Jan
3
485r Jan
2
50
60
Feb 17
Nov
9512 NOV
120
55U Apr 14
5858 Feb 28
27
Mar
558 Dec
2084 Nov
6% conv prior pref ser
100
A. 100
& Brass
5
(
10
Dec
Nov
25*4 Nov
6% conv preferred
Class A
10
*4 Feb
43s June
58 May
114
125sMay 7
19i2 Apr 28
85i2 Jan 3
100
5
6*8 Mar
15g Mar
1234 Nov
678 Nov
156
6
Real Silk
13
49
2
preferred
preferred.
6*2 Mar
1
48i2Mar 3
2478 Mar 20
13334 Apr 17
117i2Mar 27
173g Jan 6
14i4 Jan 17
56i8 Mar 9
10434 Apr 8
7578May 29
914 Feb 19
38i4 Apr 14
483g Feb 24
46 May 27
41 May 5
958May
Nov
Nov
23g Aug
122t2 Feb
4834 Jan
107i2May
12234May
136i2 Jan
113i8 Apr 3
128
Apr 4
146
Apr 14
112
Jan 7
May
Mar
25
36
Jan
1st
1
3*2 Sept
62
33g Jan 11
1214 Feb 6
53g Jan 16
2
165g Jan
16*2 Dec
1934 Feb 19
984 Mar 4
2
114 Jan 2
634May 21
214 Apr 29
18
Apr 30
35i2 Jan
Revere Copper
140
Jan
4i8 Jan
10*4 Apr
1*4 Mar
24i2 Apr
67g June
8
16i2 Apr
2878 Jan
2d
Oct
Jan
238 Nov
26i2 Mar
50
50
50
10
Reading
Dec
55
Mar
1
334 Feb
Raybestos Manhattan.No par
t Radio-Keith-Orph...No par
10
22*8 Mar
9i2 Apr 11
9D2Apr 8
4D4 Apr
7
21
103
Feb
172
5
21
2
58i8 Jan
3678 Jan
1278 Aug
4484 Aug
180
Aug
2
Jan 17
3
4
1534May 12
Jan
Jan
Mar
7
5i2 Mar
85i2 Mar
2
D4May
3
76*2
lisg Jan 31
712 Apr 30
49
May
Dec
Nov
38
26*4 June
5
5
Apr 29
180
Nov
I84
6558 Aug
40i2 Feb
160
54i2 Feb
Preferred B
Feb
Nov
8
Apr
31
Feb 21
3
Feb
50
Preferred
78*2 Nov
Mar 25
9D4May
preferred
10,200 Remington-Rand
$6 preferred
1,900
Prior preferred
900
300
100
preferred
400
2912
25
conv
July
12
2
6% preferred
100
Purity Bakeries
No par
Radio Corp of Amer...No par
87i2
*97
110
8%
No par
Republic Steel Corp—No par
*26
25
No par
Inc
Pure Oil (The)
Reo Motor Car
*115s
82i2
Pullman
$5-No par
26,100
82
*82
100
Pub Ser El & Gas pf
50
61
4
No par
100
...100
20,400
8212
1212
Jan
103i2 Feb 21
514
82
May 20
40i4May 12
7% preferred
8% preferred
Dec
10*4 Dec
2
5g July
II734 Apr 7
39
Apr 29
6% preferred....
Dec
40
Mar
5
10
234 July
No par
$5 preferred
85
3
Mar
5
6
5% pf (ser of Feb 1 *29) .100
No par
Pub Ser Corp of N J
195g
83
82
110
No par
Class B
41*4
41
41i8
4034
*118
No par
Porto-Ric-Am Tob cl A .No par
24
27g
24
24
*22
"4300
Apr
Mar
978 Jan 10
493g Apr
Jan 15
12
5,300
Dec
2i2 Feb
37U Jan
Poor & Co class B
300
1378
2284
16ig
Dec
1434
88
20
2i8
1334
£685g
17
Plttston Co (The)
No par
Plymouth Oil Co
5
Pond Creek Pocahon..No par
*184
*2H2
2'8
Jan
Mar
Mar
2
155
25
13?8
438
35*4
5*2
53*2
13®4
Mar 13
2
176
100
2234
1512
85*4 Nov
43s Nov
87UMayll
15i2 Feb 7
6
73sMay
..100
Preferred
45*8 July
Jan
•
Dec
Feb
Mar
July
July
Mar
338 Jan 13
35i2 Apr 28
1
28*8
38*2
1&8
3*2
I84
Feb 21
50
100
Pittsburgh & West Va
23
Dec
19*4 Dec
Oct
84
31
par
14
1234 Mar
li2 Jan
100
6% preferred
Pittsburgh United
4518 £44*8 443g 14,100
4412
45
4312 4434
600
107ig 107i8 £106*8 106*s
107i2 107i2 107*4 107*4
500
1205S
121U 121U *120
*12114 122
12134 12134
100
*134
137
*13512 138
♦135i2 138
*13512 137
*150
155
100
*152
155
*152
155
*151*2 154
*11312 115
*113l2 115
*113i2 115
*11312 115
4714
4734 2i"700
467g
4734
4638
47
46i4
47
1714
1784 16.400
17i2
1734
1734
1812
175g
183s
330
10684 107
IO6I4 107
IO6I4 IO6I4
10512 IO6I4
95
96
95
1,440
95U
96
*9512
9612
107g
11
3,800
1034
11
lOSg
IO84
10i2
10S4
1034
HI4 74,700
1034
11
1078
11*8
1078
llig
5534
5534 552*32 552*32
2,600
5584
5584 S&'iz 55**32
800
*100
103
*10034 10212
105
101
10H2 *100
75
7534
8,700
753g
7578
75
75l2
75
75i2
6
6
57g
7,300
534
578
534
578
6is
34i2
3414
3414
1,400
3412 £34
33i2
33i2 3312
900
3934
40*2
*3978
41i2
4112
*40i2
40U
41
*46
300
46
46
*45*2
4912
49l2
*45
46i8
325s
*3912
*4434
pref
11
684May 22
Jan 31
_
1334
4138
4034
758
77
*1»4
2334
118
2,200
Screw & Bolt. .No
Pitts Term Coal Corp
*U4
*1334
38*8 Jan
4
Dec
193s May
Oct
7&8 Mar
1678 Mar 13
784 Apr 29
68 May 29
100
*2112
278
2334
3
7*2
Pittsb
54
Nov
4
Mar
13*2
5
12
134May 29
Mar 13
100
Pitts Steel 7% cum
13
Feb
49i2 Jan 11
93
Feb 17
3U Jan
8i8 Jan
25
Pitts Ft Wayne & Chic pf. 100
Common
100
180
178
7i2
Mills
Preferred
2,200
758
7*2
2i2
734
714
8'
67
1?8
16i2
16i2
34
Flour
No
Pittsburgh Coal of Pa
*1U
16
*6
*2
734
Pillsbury
300
*13«4
*7412
Petroleum
34i2 Nov
6484 Dec
Mar 28
19i8 Mar
8Ds Jan
No par
43*2 Aug
9*4 Mar
16*2 Mar
40U Apr 11
7
45i2 Jan
8
44*8
325s
42
23s
1512
6
2*s
4H2
6I4
80
157g
1334
245g
6i8
3934
1334
*21*2
118*2 118i2
6I4
44
3234
178
33
178
14i2
2234
41
4084
*107
*li4
*1334
24
2414
4034 4HS
41
118i2
118*2 118*2 *118
4212 43i2
42
423g
2
17
2558 Jan
50
Pirelli Co of Italy Am shares.
39i2
85g
6578
6578
5
par
par
*17984
*65
12i2May 19
14
May 12
18
of Am
No
11684 Mar
1734 Mar
2*s Feb
7234 Feb 27
100
Pierce
8I4
*37
38
8I4
8i2
64I2
2
17
8
75
36
17g
143g
2234
77g
6
614
*584
*8
8i4
6
24
Pierce Oil Corp pref
65
•48*4
65
88
72
500
31
31
3
July
1083s lOct
Feb 19
64i2 Jan
100
1,700
Mar 27
7i2 Feb 19
3534 Feb 19
66
10
73*2
*134
2284
'""600
1?8
43
2
a34 Nov
3
Mar
5*2 Aug
f 18
Mar f 3034 Nov
& 32*2 Dec
f 17*4 Mar
130
Feb A395g Apr
Feb 21
Jan 13
Preferred
1118
*17984
83g
7*2
1418
*2U2
155s
1458
22i2
100
1'4
38
3834
63*2
727fi
3H2
2
1438
8*4
63*2
73g
3212
50
6*2 Aug
114i2 Jan 9
IIII4 Apr 25
49i2 Feb 17
5
Jan
Phillip Morris & Co Ltd
10
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum.
No par
Phoenix Hosiery
5
15,600
8434 Sept
Jan
Phila & Read C & I
100
81
Apr
2*4 Mar
16
7% preferred
5,100
3,300
*160
727g
77g
72
90
lli8
*784
8*4
*180*4
160
8*s
8is
63
*2H«
...
100
Feb
57*4
25i8 Apr 28
Phelps-Dodge Corp
25
Philadelphia Co 6% pref.._50
$6 preferred
No par
t Phila Rapid Tran Co
50
1,000
64i2
56
Pfeiffer Brewing Co
3,400
Feb 21
39
Apr 20
Apr 27
4
Dec
May
May 27
48t4 Mar 24
Mar
Feb
84 July
678 Jan 28
10i2Mar 24
110
38
8*4
15
80
Feb 19
30
438 Dec
34 Apr
478 Oct
2
73
100
Petroleum Corp.
14*4 Sept
2158 Nov
6
Apr
May
2*4 Mar
1714 Jan 24
278 Mar 17
111
3,200
80
3H2
10
50
2,100
10134 Sept
8*4
........No par
Pet Milk..
500
1178 Apr
Apr 30
4i2 Jan 2
2834 Jan 2
28i4 Apr 29
par
Preferred
1,200
17g
*48i4
65
*38
3834
*37
38
♦180U
♦17984
8*4
*7*2
8*4
900
12
Nov
9*4 Aug
263g Apr 22
10
Apr 1
May 27
4
100
Dec
178 Dec
47U Mar 10
7
Preferred called
III4
31
4
Apr 28
2
People's G L & C (Chic)...100
Peopria & Eastern
100
Pere Marquette
100
Prior preferred
100
100
11
4i8 Jan
100
Preferred
1,200
3
1
Apr
5U Jan 23
Peoples Drug Stores...No par
5,500
1234 Jan
Mar 13
Pennsylvania
100
67
28
69
Preferred series A
18,600
40
*39
7
33g Apr 28
3
Penn Coal & Coke Corp
Penn-Dixie Cement
No
400
6
10i8May20
Ds Jan 2
64i2Mar 13
Penney (J C)
100
Feb
12
Dec
7*2! Oct
6*2 Mar
71*8 Dec
8
Aug
8784 Feb
No par
700
79*2
458
17g
32
Dec
Sept
414 Apr
74i2 Apr
No par
6934
11*4
178
8078
Co...2.50
Peerless Motor Car
80
12
*1114
P134
Nov
No par
700
*114l2 11634 *114I2 11634
*11412 11634 *114l2 11634 *11412 11634 *114i2 11634
III84
11134 *111
11134 *111
III84 *111
11134 *111
*111
IIP4 ♦111
44
4434
43i2
44
42
4334 45
42
4378
42i2
41*4
415g
*458
584
5
5
*45g
534
*434
5
*45g
5
*458
5
34
35
*3H2 34
33i2 34
3278
33
3212
3212
30
30
78
78
*7914 81
77
77
76i2
7734
*73>2
78
*73*8
78
64
6434
64*4
647g 6 534 *64
61
61
62i2
633g
*59
6134
21
21
*2058
2178 *205s 217g
2II4
2114
2H2 2178
*21*4 2178
1284
1234
133s *1234 13*4 *125s
125g
125g
125g
13
13
13i8
15
15*8
153g
1538
1484
15
145s
1478
145g
14i2
14i2
1434
343g 3484
3412 3478
34
3334 3434
34i2
3414
3414
335g
34
4778 477g
47
47
477g
4778
47
47
4658
47
465g
57
8712 87*2
*8812 91
91
*88i2
9012 *8814 91
*88l4
*87*2
91
*6
7
*6
7
*6
6*2
8
*6
*5i2
7i2
*6
8
*934
1078
*934
11
11
938
9*2
*9i2
1078
♦lOU
10
11
I84
17g
2
2
17g
218
2
2i8
218
2i8
2
2
82
~
8234 *8134 8212
82
8334
82
8234 8378
82i2
83*2
8378
10
858
85g
*85s
10
*85g
*914
10
*85g
*8*2
10
68
68
73*2
*66
73*2 *68
73i2 *68
*68
7312
*68
73i2
403s
4078
40*4
40*2
40
4184
403s
4078
4II4
4078
405s
41*s
*6*4
7i2
*6*4
73g
7i8
7*8
718
*6*8
7i8
*6i8
*6
7*2
80
20
3,600 Patino Mines & Enterpr No par
7i2
2i8
21
2058 Jan
23
214
lll8
2i8
6834
*2
1034 Jan
i2 June
14
634 July
.
4034May
11*4
lUs
2i8
2i«
9
6
4
97i2 Feb 13
1
*2
75g
218
3*2 Mar
85g Apr 20
11
77g
1034
Feb 19
Parmelee Transporta'n.No par
Pathe Film Corp
No par
734
1078
7
Feb 10
17i2 Jan 13
Park Utah C M._
5,300
142*2 Dec
7&8 Apr 20
1,900
678
Jan
13
60*4 Apr 25
Parker Rust
7
Dec
111*2
Nov
56
18
1
2,200
*678
Jan
123
Apr 27
18i2 Jan 3
67
Apr 28
2,700
634
77g
107g
2is
*65g
778
21
Jan
150
1
Proof
June
8
10
Parke Davis & Co
12
,70
Jan
5
Second preferred
Park-Tilford Inc
500
Mar
6
2
13i4May 16
13g Jan 7
2434
714
75g
43*s
*2414
714
19
Jan
Feb 27
19
.100
9,600
1,000
Dec
5678 Feb
678 Jan
No par
3,600
Dec
3158 Dec
13*8 Mar
6
4
1134 Apr 30
100
First preferred
Dec
538
130
140
3l2
43i8
312
312
3i2
Trans
&
preferred
Paramount Pictures Inc
19,200
20
*19
20
*19
22
Petr
conv
37s
10
Mar
3
No par
Paraffine Co Inc
900
73
734
6238
878
958
22i2
358
8%
1734 Nov
Jan
Panhandle Prod & Ref.No par
100
73
69
43
*42
43*2
*61*2
62
62
7312
77g
Pan-Amer
"'"566
Car
Mar
Nov
1
934 Feb 10
3958 Apr
Aug
1
129
3i2 Apr
Feb 11
17
Dec
115*2 Mar
14i4May 15
118
100
100
Pac Western Oil Corp. .No par
33.500 Packard Motor
278
63
3034 Jan
4758 Apr
No par
6% preferred
17
*212
234
25
...No par
Corp
Pacific Telep & Teleg
400
1234
*14
17
284
3
150
10*2
No par
Pacific Mills
80
IOI4
1058
*14
17
Pacific Ltg
1,300
60
*12
1214
103g
1034
*234
63
*62
1214
1234
*149
149
149
149
*12
1314
1,300
9i2 Jan
414 Jan
14
934 Feb 11
2
4
3
11
30
3i2 Jan
Mar
Dec
55
Mar
80
July
175s Sept
92
Jan
38
8
164i2Mar 4
1778 Mar 25
Jan 20
14
No par
Pacific Gas & Electric
4,400
12512
12512 *120
*120
124
128" "Jan ~2
...10
1st preferred
2d preferred..
230
Feb
53
7
Jan
125
414 Mar
2234
114i2 Mar
Co...25
Glass
Pacific Coast
110
7*2
36*4
52
1538
6*2
50
150
3
*6i2
36
*1412
190
13*2
35i8
4978
35i8
*149
17
12
*lli2
7
3658
*120
lOSg
12
1314
47
2658 Dec
Jan
106
100
Pacific Amer Fisheries Inc...5
2,600
6*4
95i8 Feb 19
2
Jan
13
.No par
.....
Owens-Illinois
1578
6
*1034
Outlet Co
"i',666
148
157g
6
Apr 30
7278May 14
Nov
115g Nov
484 Apr
11*8 Apr
Mar 25
14
3284 Feb 24
134i2 Apr 27
2034Mar 2
123
100
Preferred
7
126
*234
16
*5l2
2
No par
...
148
147
16
7
Jan
2034 Dec
107
Jan
75
share
per
3i2 July
115i2 Feb 24
8
share
per
2518 Mar 30
2
2414 Apr 27
100
Otis Steel
10
4
par
Prior preferred..
53
*51
*6l2
*6i2
*123
10l4
*76*4
*115
—
147
1634
*5l2
11
11
125
*13i2
16l2
15U
$
Jan
173gMay
No par
Preferred
210
*1335g
1558
*115
...
145ig 146i4
14434 14434
16
1658
7i2
*5l2
*11
13*2
7,100
8H2
125
*13
1538
82
*51
1478
*14i4
2712
Otis Elevator
*76l4
50
*1412
*6i2
Oppenheim Coll & Co ..No
53
6
6
12i4
7
35
*11
1,600
4,000
7912
27S4
*115
...
*5l4
11*4
2738
*50
14212 14234 *14212 146
*16
*16
16io
16i4
*518
11
2634
*76
53
*50
50
11
2634
27l2 2758
1335s 1335s *1335g
15
1514
1534
27
110
*107
110
11
1H2
1335s 13358
1478
1538
133&8
133i4 133*4 *133
1478
15
1458
147g
*76
82
*70i2 8H2
50
11
Highest
$ per share
107
Omnibus Corp (The) vtcNo par
Preferred A
100
100
Highest
Lowest
Lowest
$ per share
Par
6,100
19i2
19i2
Lots
On Basis of 100-share
Week
*107
110
*100
11
1078
lUs
27i4
EXCHANGE
Shares
$ per share
1934
1912
NEW YORK STOCK
the
May 29
$ per share
20i8
107
107
110
108*2 *107
*107
20
2058
1958
1934
1938
$ per share
$ per share
$ per share
1934
1934
STOCKS
for
Friday
Thursday
May 28
Wednesday
May 26
Range for Previous
Year 1935
^
Range Since Jan. 1
Sales
CENT
PRICES—PER SHARE, NOT PER
Saturday
$ per share
3633
New York Stock Record—Continued—Page 8
142
1358 Jan 9
MarlO
38*2 Feb 17
5758May 6
101
June
12*4 Mar
37*8
113*4
3134
Dec
Dec
Dec
43*8 Mar
5858 Nov
65*4 Apr
11*2 Dec
67
5*4 Mar
2178 Feb
29*2 Mar
20*2
Dec
33
Dec
Nov
13*2 Mar
48*2'*Dee
New York Stock Record—Continued—Page 9
3634
HIGH
SALE PRICES—PER
LOW
AND
SHARE,
NOT PER
CENT
Sales
STOCKS
for
NEW YORK STOCK
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
May 23
May 25
May 26
May 27
May 28
May 29
$ per share
$ per share
85
*7834
$ per share
*81U 85
$ per share
$ per share
$ per share
Shares
85
*5
*5
6U
23U
23
384
*8U
384
10U
23
*15
6
6U
2412
2i8
23ig
2ls
37g
*8U
2
2
2U
4i2
10U
*8U
*15
23
638
24i2
2S8
4I8
8U
238
4
4
10U
*15
6U
25
2434
85
*81U
23
678
25
23g
4l2
9U
*18
84
*81U
*6i8
2434
*23g
612
2434
212
4i8
9i2
*4
*87g
23
*15
23
*15
"""506
23s
418
10U
2,300
5,800
2,300
270
23
Preferred
24,800
5,300
5
65
65
*63U
21U
14i2
24
2I84
147g
245g
97U
6U
215g
14U
243g
*9412
51
o51
51
31
*30i8
31
71
7058
3i2
72
633s
713S
*278
64i2
*412
2HS
234
63U
21U
2D2
21U
14
14
14
14U
14
2384
24
23«4
2378
96U
6U
23l2
24
*94
*95
96U
6U
6U
*50i2
*30U
234
618
*5H8
5212
31
*30U
1658
31
17
1788
114ig 115
10
978
27
27i2
5U
*5ig
2384
2384
115
10
103s
27U
2684
.
•6U
5U
*23i2 24is
*12112 124U
10
27
5U
*85
48
*2378
12*2
24
4512
24lg
12l2
1234
88
45l2
24U
1284
a:31
17
*85
*412
72U
*27g
*633g
2U2
14U
25U
97U
612
73U
3
6412
2Ug
14U
25l2
97U
63g
6U
167g
17U
115ig no
10l2
10i2
10l2
2734
2758 283S
5U
*518
5U
23
22i2 22l2
123
*12284 123
*63
6512
64i2
22i2
12284 12234 *12284
65
65
6512
*46
618
51
115
88
*80
3U
*95
5
*4i2
7184
*27g
17U
115
6934
*65
74
*278
51
31
3O84
17U
115
96U
6U
6U
g51
'
17
96U
52 I2
5
72U
7234
3i2
64l2
2U2
14i2
65
26U
315g
1412
23
158
*153
158
51
*30ig
17U
U8U
118
26U
26
26U
32
3 Us
323s
15i8
2512
62
1478
2312
1478
24i8
*30
50
*40U
50
*838
*66U
87g
6878
838
*6612
838
6878
*103
684
*7U
31
17i2
*18i2
*103
105
684
105
658
8
1758
*20
21
49i2
4912
497s
6878
6934
1778
33i8
1578
2612
16U
27t>8
*8U
812
105
42~300
73U
130
22U
14U
31,700
25i2
4,500
97U
6i2
5U2
3,000
4,500
200
1,000
31
17
50
62
17U
14,300
2,600
4,200
19,600
17U
175g
21
21
21
50
4934
■'
10
*10
1314
1358
13
1334
13U
3278
33
3234
33
33
35
35U
33U
35U
3U
3434
36U
7
634
3U
314
*112U 11212
37i2
3734
3358
3334
27
*18i2
58i2
59l8
*2512
*68U
7378
258
34io
3U
112U 11214
37
335g
*18
1834
1712
11U
8084
*121
*31l2
26U
834
4834
187S
175g
1138
8034
124
33
438
43g
*11
68U
258
*8U
*46i2
19
337fi
25
5934
26U
58 84
6812
258
834
49
17U
11U
1734
1U2
82
*121
124
*3U2
33
4U
*105g
4i2
11
2738
*7l2
27
27h
*758
2D4
21
834
21U
6814
238
*8U
*46i2
19
17l2
11U
*79
49,700
So cony Vacuum Oil Co Inc.. 15
*153
158
*153
2534
26 U
33ig
1578
3334
26
27U
*41
812
*68
"
6~400
3,500
158
Preferred
163g
21,700
26U
16U
27U
34,200
Southern Railway
Preferred
*41U
*8U
83g
6812
6834
107
*103
6834
30
107
37,500
400
27l2
6812
6884
238
834
68
683,
1,700
23g
400
9
200
49
49
49
49
200
19
2734
*7i2
28
2U2
85s
7
7U
33i2
3578
10i8
97g
8U
3378
36
37
37
3512
3512
60U
*595g
984
9358
8i2
*6
*24
37
978
*9212
9
9
7
*6
25
*9i2
27i2
534
*27
28
*24
*51
55
*758
2U8
10
93g
2538
*938
103g
30
57S
*27
18i2
175g
*3U2
4i8
4U
11
11
2958
u2
u2
912
934
7
7
7
2934
500
734
734
333s
36U
97g
10U
95g
10
5,700
10
934
10
4,100
10
38U
75g
3212
X35
40
*39
3734
*36U
37U
60U
*60
60i2
60U
*9
97g
*9
10
92i2
9212
87g
878
""834
7
15U
*
2538
*10
31
*6U
*2458
1038
*9i2
29U
534
6i8
29
*25
1584
15i8
105
105
55
*51
30U
534
27
1558
30
558
*25
15U
105
105
55
*51
16U
1658
16
64
62l2
1258
*19l2
1234
12l2
20i2
20
1258
2034
12i2
1258
2034 ,2U2
12U
12i2
8l2
834
68i2
*434
5
33lo
97g
9%
68
68ig
24
68
2334
24
34
97g
8
5i2
•
For footnotes see page 3626.
----
40
5,400
"
100
200
Sutherland Paper Co
10
Sweets Co of Amer (The)...50
Swift & Co
25
Swift Internat Ltd
Class A
Telautograph Corp
5
Tennessee Corp
5
conv
100
pref
Tidewater Assoc Oil
9»4 Apr 30
145s Feb 19
3
4
578 Jan
38s4 Feb
6
15U Feb 29
143s Mar
42
Apr 13
9
Apr 30
92t2May 28
8i2May 23
110
No par
1005s Jan
52
3
Jan 20
147s Jan
Transamerica Corp
6% preferred
4,000
Truax Traer Coal
Truscon Steel
*97g
2,000
7U2
72U
434
47g
*45g
72U
478
8412
8412
8334
847g
1273g 1273s *12684 127U
38 s4
3884
397g
397g
150
800
1,600
180
1,600
_
Twin
No par
No par
No par
10
Film^CorpWo
par
.No par
City Rap Trans.Wo
Preferred
par
100
Ulen & Co
No par
Under Elliott Fisher Co No
par
Preferred
..100
Union Bag & Pap Corp .No par
Rights
_
Jan 15
Tlmken Detroit Axle
10
Timken Roller Bearing.Wo par
......
12U Jan 6
56
Apr 27
11
Apr 30
93
2
Jan
6
478 Jan
6
7i8 Apr 30
2238 Jan 2
3138 Apr 27
834May 20
65U Jan 22
4i2 Apr 28
14U Mar
5
6
9i2 Feb 18
2918 Feb 13
12 U Feb 14
33i2 Mar
6
8i2Mar 23
3934 Feb 25
19i8 Feb
4
106i2Mar
3
60
1734
72i2
1484
27&8
1612
12
Mar 11
Feb 19
Feb 18
Feb 25
Apr
4
Jan
2
Feb
4
107U Mar 11
7
Feb 29
1078 Feb 18
323g Mar 2
2734 Mar
Mar
Oct
32
Feb
3584
12i2
5834
U8
3U
Mar
Mar
Jan
68
Nov
Mar
Mar
4
Deo
10
Dec
36
Mar
50
Dec
65s Mar
2U Mar
2U Apr
60U Mar
115i2 Jan
zll
Apr
15s Jan
5
Mar
Dec
523s Dec
32i2 Nov
1878 Dec
15U Dec
1034 Nov
77
Nov
121
Mar
305s
Dec
3i2 Deo
12»4 Aug
16i2 Mar
2884 Apr
3U Jan
8i2 Jan
14
Apr
13U May
50
May
61
5U Apr
6U8 Jan
2i2 Mar
100
6
85s Jan 20
125U Apr 23
133
Jan 13
Oct
Oct
10i2 Dec
5
Jan
29
Nov
l5a Mar
Apr
75g Mar
17
84
Jan
2684 Mar
4&8 Mar
2838 Mar
478
7U
5i8
178
69
358
878 Nov
2634 Nov
5
Dec
28
Deo
1578
Deo
104i2 Nov
48
Dec
13*8 Dec
72i» Nov
Mar
Mar
14
Mar
Mar
16
Apr
97U Nov
Oct
678 May
8U Nov
247g Deo
Mar
1'8 June
5384 Mar
Jan 17
125
Dec
29
May
Apr 24
Dec
Deo
Nov
Mar
5234 Feb 19
1
May
June
5i8 Jan
133s Mar
18
Mar
Jan
2
1234 Jan 31
2
12&8
Deo
Dec
Dec
Feb
Oct
16
83
Mar
6U
97s
884
30U
3634
9U
12i2
28i2
4438
3i2 Mar
13
Aug
245g Oct
2i2 June
41
99
«64May 18
8
Feb 28
1258 Mar
8334May 29
38i2May 21
Dec
Jan
Mar
62
100
111
Deo
2i2 Nov
116
Apr
4078 Dec
338g Deo
4
93(, Jan
Mar 25
No par
Wo par
2878
Deo
Apr
Apr
Sept
6
478 Jan 21
26
Apr 30
1484 Jan 6
Aug
Aug
Mar
12i2
9U
113s
26ig
Mar
Mar
32i2
U
li4
6U
357s Jan 30
284 Feb 11
Jan
2
Jan
Apr
Dec,
7U Jan
May 25
8U Jan 3
245g Jan 2
Mar
19ig
130
Sept
33
3U Jan
Oct
9
3912 Apr
25
Nov
84
25
69
25
48
105U Nov
22»4 Dec
33i2 Deo
U2 Nov
No par
...100
Dec
8U Dec
8i2 Oct
36U May
18U Dec
15i2 Oct
Sept
10U Mar 11
2
Nov
Nov
1778 Oct
3U Mar
_
634May 14
558 Apr 27
287s Jan 6
Jan
Dec
15
Jan
1134 Feb 19
28
Jan
Dec
2978 Apr 20
95g Feb 14
2
95g Apr 27
107
May
25
Jan
Preferred
7U2
4
Mar 12
44
100
cum
Preferred
8
1458 Mar
3378 Apr 27
Preferred
20th Cen Fox
21U Apr
2
1038May 19
7U Jan 3
8lg
4U Jan 28
1284 Jan 8
5312 Jan 28
2412 Apr 16
No par
Thermoid Co
3,200
....
Wo par
Mar 19
40U Mar 18
684 Mar 12
Jan
Oct
~283g
Mar
23
l2434May 15
658 Jan
Feb
July
7g July
20
2
23
6
6
Feb
Jan
20U Apr 28
28i2 Apr 28
1U Jan 3
2i2
U2
134
434
5
91
Mar
Mar
12i2 Sept
1225s June
40U Feb
Wo par
pref.
Third Avenue
Third Nat Investors
2,300
...
25
Texas Pacific Coal & Oil
10
Texas Pacific Land Trust-
10
.
No par
..Wo par
Texas Corp (The)
Texas Gulf Sulphur
33U
im k.
No par
t Symington Co
2312
40
100
Mar
30
Jan 11
Transcon & Western Air Ino.5
*7U
Jan 24
47&8 Feb 8
27
Superior Steel
Nov
7U
8i2
33U
4378
10134
27
17
17
118
Jan
31 "
30
par
Transue & Williams St'l No par
Tri-Continental Corp. _No par
600
Jan
Jan
Feb
Jan
2
3
3U June
Mar 17
Feb 17
100
Preferred
Superheater Co (The)..Wo
Superior Oil
Tide Water Oil
11,600
1334
978
17U
36U
3978
3s4
113i2
Jan
800
584
Feb 24
72
3,500
105
Feb 24
No par
7
Jan
10,500
55s
18
129
.
Apr
59i2 Apr
3i8 Mar
112
13
Sim Oil
65
1234
77g
9
Convertible preferred
50
Stewart-Warner
5
Stone & Webster
No par
t Studebaker Corp (The)
1
33
40
Mat 27
29
20
20
13
238May 21
8i8May 8
48 May 18
16t2 Apr 30
145s Jan 2
9i8 Jan 6
par
—
UlTsMay
3578May 20
3234 Jan
6
2
25
Sterling Securities cl A .No
par
-
Feb 26
5
42
3334 Feb 10
7134 Mar 19
par
Mar
6
2434May
No par
July
July
6
Starrett Co (The) L S..No par
Sterling Products Inc
10
Preferred
7
6
70
$3.50
4-
10
Jan
15
Feb
6Dg Jan
Thompson-Starrett Co .No
1,700
2134 Apr 27
143s Apr 19
1207« Jan 10
2684 Apr 30
7,500
105
133s Jan
2434 Apr 28
Thompson (J R)
Thompson Prods Inc..No
12"700
1578 Apr 30
No par
3,200
534
Feb 20
109U Feb
984 Mar
12i8 Apr
3634 Jan
237g Jan
24i2Mar
6334 Mar
7784 Apr
10358 Jan
313s Apr
2934May
25
17
19
21
20
Feb
Feb
Feb
Feb
11«4 Feb
1278
8U
105
Mar 26
78
21U
23
*W-*' ^ U1^
778 Jan
64>4 Jan
1258
34
8478
Dec
2034
*12
24
12712
Nov
25i2
16i2
21&8
3334
834
70i2
No par
934
847g
Deo
27
cum
934
127
152
6,900
33i2
*84
85
85
85
84U
84i2
*12634 12712 *12634 I273g *12634 12712
40
40j2 4084
40l8
4034 41
Feb
105s Mar
1284 Mar
5i2 July
%7
10U
5
132
13*166
34
7278
^
8
160
16i2
24
5
434
512
Jan
Feb 20
23U Jan
1234 Apr 27
2
Nov
1534 Mar
Jan
No par
prior pref
prior pref
80
20
cum
Stand Investing Corp ..No par
Standard Oil Export pref..100
Nov
1938 Apr
20U Deo
I884 Jan
20U Deo
116U Dec
65i2 Deo
70i2 Nov
68U Deo
Apr 27
$6
978
7278
5
83g
105
..1
lOsjj Aug
111
107i2
Preferred
$3.60
30
55
4
Feb
July
112i2May 1
7i2 Feb 29
3484 Mar
•6338
*7U
2334
484
*434
12U
104
8
*7l8
1234
2138
12U
10484 10434
5U
5l2
3334
70
125g
205g
17
Mar
458 Apr 28
J Stand Gas & El Co..Wo par
The Fair
27
153g
6
12i2May 20
Apr 27
6i8 Apr 30
9ij Jan 3
"400
10
9378
*2458
2538
103g
578
*27
*6i2
No par
Texas & Pacific Ry Co
Thatcher Mfg
1038
9i2
*51
33i2
*9U
800
678
2512
937g
9U
*534
*2458
*934
29U
No par
Preferred
2,000
9U
7
*9212
*9
63 U
93s
68i2
9,200
41
3734
1634
33io
8,900
16,800
36
40
64i2
24
77g
33
*60
1638
33i2
914
1,900
67g
64
24
2978
67g
1634
8
4,200
800
6334
*7i2
2334
335g
2,200
«.
2,500
16l2
8
858
3278
3534
8ig
34
39
*51
*7i2
*23i2
900
134
62 U
9
11
934
1634
*7i8
4,900
*U2
62U
5
300
4U
*9U
'
163g
5
30
3312
2878
62
8U
83g
*1035g 104i2
500
2 U8
161
8i8
10,200
2878
62
1212
12U
8i2
8U
104i2 104i2
5
5i8
22,700
UU
*7l2
a:21U
1638
13
18i2
79i2
85g
Ug
2934
62
12U
4,000
2834
2
1&8
978
3534
18i2
*118i2 124
3312
29i2
38
*51
55
1858
*60
105
55
28
834
8
104l2 104i2
1534
28
2U2
10U
28
534
11
1038
7
*9
*3U2
4U
llSg
7
29i2
15
15i2
1047g 10478
1512
121
10
9378
578
121
10
*6
28
*26
1U8
79
10U
*9212
87g
9i2
28U
U38
81
10
9378
25
912
28
18
79
36U
6012
97g
9
183g
1U2
3338
3578
*60
6U
25
2934
*46
82
lUg
2784
*7i2
2U2
29i2
*U2
912
49
183g
17i2
lllg
175s
7
3534
19lg
23g
*8i2
Standard Brands
Standard Oil of Calif ..Wo par
68
*46
Mar
28U Jan
Mar 12
Standard Oil of Indiana...25
Standard Oil of Kansas
10
Standard Oil of New Jersey.25
600
687g
25g
834
8i2
Mar
99
11,000
*238
834
25g
812
13
Jan 22
Stand Comm Tobacco
Oct
Jan
Jan
24
Mar 13
10,900
27
200
7
3534
*21
2738
7
*60
27
8,400
2738
U8
37
*20
1,700
273S
6812
258
9i2
*35
2,300
12,900
*2634
134
10
16,000
11,700
273S
9ig
10U
97g
634
14
33i2
20,400
2958
*33
260
1,000
5912
29i2
U8
9i2
35i2
23,800
434
«i2
60
4638 Nov
15U Apr
63
No par
Feb
Jan 31
44
Co
Mar
Mar
Apr 17
No par
Square D
6
584 Nov
Mar
Apr 17
49
1
Deo
1278 Deo
2534 Nov
50
75
Jan
par
Nov
17
34U Dec
I6i2 Deo
95
Jan 21
Conv preferred A
—
587S
9
7U
634
135g
Apr 11
19
Sperry Corp (The) vtc
Spicer Mfg Co
No
4i8 Nov
70
Dec
72
Spiegel-May Stern Co..No par
6H% preferred
100
2,600
10
33i2
37U
*3U
-
593g
29U
U8
34i2
3578
10i2
14U
34U
«...
587g
8h
*678
*73s
3378
3534
1038
934
*32i4
7*8
■;67g
100
2,700
35i2 38U
38i2
38U
*3U
33g
3U
33g
112U U2516 112" 32 LI2H32 112"32 112"32
36 U
367g
37i2
36ig
3634
36i2
34
33U
3438
3312 34
3312
60
*29ig
lh
34ig
658
1334
3312
37U
3U
j
14is
34
10
Jan 16
584 Apr 30
67s Jan
193g
10
Mar
14i2 Jan 25
3234 Apr
Apr 27
22U Feb 18
Sparks Withlngton
No par
Spear & Co
1
Spencer Kellogg & Sons No par
21
47S Jan
697g Nov
Mar
657g Jan
400
*48
Dec
Nov
42
1,600
50
10
120
684 Jan 15
3,300
20
Oct
Mar
3U
40U
295g
5i2
6318
88s
3l34Mar 30
9U
50
_
132
684
20
1834
58
Jan
19U Feb 20
Mar
3 Us
65g
834
*3Ug
3
3678 Deo
Mar
9
83s Feb
84
100
Nov
1U Dec
U8 May
40
Apr
75s Mar
7U Mar
Mar
5li2May 29
4t>8May
25
& Bros.No par
27s
31
Jan 16
34
10U2Mar 18
86>
*20
May 12
Spang Chalfant & Co Inc pf 100
3D2
19U
May 27
100
1st preferred
91
2084 Mar
Jan 17
73
20U
U June
58 Aug
16«4 Apr
10
8i2
3U2
18U
*2634
May 13
2834
387s
205s
327s
'"360 Spalding (A G)
9
634
10U
7U
7
Jan
22i2Mar 26
l9ij Jan
112
150
100
4i8 Nov
Jan
Apr
Mobile & Ohio stk tr ctfs 100
50
658
1338
8
45s Feb
9»4 Apr 28
19U Jan
25
...100
56U Nov
is4 Apr
55
74
1434 Apr 30
110U Jan
100
Southern Pacific Co
Jan
97i8May 29
26
Southern Calif Edison
Jan
1 Mar
7
7
434 Jan
43is Jan
SOU Apr
South Am Gold & Platinum.
So Porto Rico Sugar
No par
45,600
23i2 Nov
46
6
Oct
Mar 31
94
110
_4j66
Dec
22
7
32
Solvay Am Invt Tr pref...100
34
183S
*10
100
26U
21
8
3U2
1712
7% preferred
2618
3338
1534
50
83g
7U
8I2
3U2
59
21
100
Deo
10
2534 Deo
113U June
114i2 June
13&8 Dec
109
134 Feb 7
4i2 Feb 7
4358 Mar 12
Apr 23
May 26
102
7
IDs Jan
2034 Jan
10
25
Preferred
1,000
*103
11
No par
13U
5912
1034
Simmons Co
24
120U 121
*118l2 124
33
33
33
32ia
438
4l2
438
412
1034
preferred
100
Silver King Coalition Mines.5
127g
67
*81
No par
Conv
24
27
18is
1U2
Shell Union Oil
13
*17
82
par
Sheaffer (W A) Pen Co .No par
Simms Petroleum
19U
*26i2
par
125g
33
3U
3U
112U U2U
36i2
3738
33i8 3358
25
19*8
*79
>
38
634
27
59
26
*238
*8is
4834
67g
684
$5 conv pref
Sharpe & Dohme.... .No
Conv preferred serA .No
24
1658
*20
10U
7lg
1358
'
No par
No par
No *ar
Sloss-Sheff Steel & Iron.. 100
47
50
10
1
Skelly Oil Co
400
*4818
50
70i2
70U 71U
7U2
70
70U
6958
695g
70i2
*10138 103i2 *102
103i2 *102
10312 *102
103i2 *102i2 10312 *102l2 10312
24
24
2384
2384
24
*233s
*23'8
2334
2458
2378
24U
25U
15U
15U
15U
15'8
1534
1512
1512
1538
15U
15&S
15U
15i2
128
128
*12634 128
128U 12812 128U 128i2 128i2 128i2 *128i2 12912
10
.1
1,000
70
10
Preferred
Shattuck (F G)
Sharon Steel Corp
Smith (A O) Corp
No par
Snider Packing Corp...No par
107
8U
3U2
1
Servel Inc
1,800
50
8
*31
315S Dec
10434 Mar
2
234May 25
6 lUMay 13
155s Jan ~
200
290
2778
634
1
76
3>4 Jan 9
593s Jan 21
Second Natl Investors
3
65
""900
67
7
684
2
Nov
3
Apr
10U Mar
Feb 29
101«4 Mar
4U Feb
20U Feb
13sMay 26
734May 27
53i2 Jan 6
lUMay 21
?8 Jan 2
31
Preferred
Jan 20
52
1
..100
No par
60
8U
97U Feb
Seagrave Corp...
No par
Sears, Roebuck & Co ..No par
Rights
t Seaboard Air Line..
47
*103
67i2
105
par
87
2634
34ig
*42
50
*67
8
313g
26
333s
lUgMay 22
3838 Apr 30
par
60
158
26U
15U
678
3138
1758
8U
31
*153
26%
*40l4
114i2Mar 11
163s Jan 13
*44
13 J8
26U
3134
2
Seaboard Oil Co of Del .No par
5
U8i2 119i2
10i2
10i2
28
287a
5
434
215g 22
122l2 123
1012
10i2
2734 2812
5ig
5U
22 I2
22i2
122l2 12212
24U
158
Jan
*85
125g
*153
111
12,650
2,900
1,000
4,100
*11114 113
*11U2 113
*11U2 113
*11U2 113
*uu2113
*11112 113
434
484
484
458
434
458
458
434
5
478
458
434
28
28
27
27U
2784
2712 2778
2738 2734
27U
26i2 2634
*153
113
87
24U
Mar
2
467g
24U
1278
12
Jan 24
Jan
*86
12i2
Jan
Mar 25
*45
47
Nov
18
47
*85
47
24
Jan
3
14
30
87i2
88
4558
24
2
Apr
Apr
109
100
.No
84 June
6
par
1
Preferred
82
12»4 Feb 11
2212 Feb 6
35i2 Jan 8
5»4 Apr 24
100
100
Schulte Retail Storehr_
Scott Paper Co
$ per share
'
*4i2
5
*4i2
160
Highest
$ per share
1175s Feb 19
10i2 Feb 19
2984 Feb 28
358Mar 4
638 Mar 4
2238May 20
D* Jan 2
23s Jan 2
7?s Jan 2
5
100
Year 1935
Lowest
$ per share
7484 Apr 28
100
Safeway Stores
No
6% preferred
80
7% preferred
300 Savage Arms Corp.
...No
6,100 Schenley Distillers Osrp
1,000
preferred..
280
Range for Previous
Highest
$ per share
Ruber'dCo(The)cap stkWo par
Rutland RR 7% prel
100
St Joseph Lead
10
t St Louis-San Francisco-.100
1st preferred
100
t St Louis South western. ..100
~3~ 100
•
5
Par
684
2484
32
31
3058
3058
3D2
3U2
3 U8
315s 32
315S
3D2 3134
110
110l2 *110
110i2 *110
110i2
110l2 110U uou 110
UOU
113
113
11212 113
*11212 113
*112l2 11312 *U212 113i2 *11212 113U
12
12
12
12
*1184
1134
*1U2
1134
113g
12
1138 *1U2
43U
427g
44U
4318
433fi
43U
4234 4378
41U 4284
4134 42U
*10018 100i2
100i2 100i2
100U 10038
1003s 10034 10012 10012 *IOOU 101
lU
13s
1?8
lh
U8
U8
13s
15g
134
u8
u2
134
10
10
10
10
10
9
87g
784
9U
9
912
8i2
*61
62
62
62
62
62
62
62i2
62
62
6134 62
188
138
13s
ll2
U2
Uz
13g
Uz
13s
u2
13g
Uz
1
1
h
7s
78
78
78
1
78
1
?8
*2
2
2
2
2i2
214
2U
2U
238
2ig
2ig
2i2
32
31
31
3134
3184 3178
313s
3212
3D2 3U2 *31U 32
*4U
6938
*234
*63U
2034
Lowest
84
*81U
*53g
24i2
23g
4i8
*834
*110
,
Range Since Jan. 1
On Basis of 100-share Lots
Week
*7834
May 30, 1936
Dec
15U Nov
Deo
8U Nov
33i2 Dec
1258 Nov
73
Deo
51| Nov
87U Dec
133
60i2
Apr
Jan
New York Stock Record—Concluded—Page 10
Volume 142
HIGH
AND
LOW
SALE PRICES—PER
Sales
CENT
SHARE, NOT PER
STOCKS
for
Wednesday
Thursday
Friday
the
May 27
May 28
May 29
Week
$ per share
I per share
$ per share
$ per share
$ per share
$ per share
Shares
Range for Previous
EXCHANGE
May 26
Range Since Jan. 1
On Basis of 100-share Lots
NEW YORK STOCK
Monday
May 25
Tuesday
May 23
3635
Saturday
82
82i2
22
22
*112
82%
22
12434 124%
*96*8 96%
*24i4
2412
223s 22%
16%
16%
*18% 20%
26% 26%
115
84
83%
22
84%
22%
21%
96
96
9534
9634
95%
2414
24%
2234
2438
24%
22%
16%
20%
2234
24%
22%
20%
26%
27%
22%
1612
*1778
2678
75i2
2634
6i8
43i2
1234
8234
2134
125
*112
*7514
*2614
82%
2214
124
4312
123% 126%
16%
20%
2678
115
75%
27
2714
6%
4412
44
13
4384
1278
1278
115
13
6
63g
16%
*112
75i2
127
75%
1,200
*96
24%
2434
2434
25
23
24%
24
24%
46,000
1634
17%
17
17%
7,900
20%
20%
*20
27%
27%
27%
115
44
13
*112
7634
76%
27%
6%
44%
*20
*26%
13%
6%
13
6%
43
205s
203s 20%
2034
22
2134
22%
.2134
105
102l2 *101
*101
105
*101
105
*101
*514
5i2
5%
5%
5%
5%
5%
5%
5%
34
3412 34i2
34
34%
34%
*33%
3434
33%
76i4 7714
76% 7712
77
77%
78
77%
7884
*101
115
77
28%
6%
44
13%
22%
105
5%
27%
*112
2,700
200
21
27%
3,200
115
76%
77
~~2~606
*26%
6%
28
900
43%
44
13%
22
*101
5%
6%
43,200
2,800
5%
"ijoo
20,900
*7%
7%
100
5%
5%
4,100
*72
75
*72
*68%
62
62
62
72
72
62%
62
62%
156% *156
157%
97
99
98%
1%
1%
1%
15
15
*15
15%
37%
38%
38%
39%
156
156
*95
3734
156
9934 100
1%
1%
17
1434
1%
38%
39
62%
*154
100
75
100
65%
3,200
30
158
101%
560
*1%
1%
4,200
15%
15%
220
38%
39
100
United Biscuit
Preferred
United Carbon
No par
13,600
24%
*14
*92
3%
3
13
*2%
*12%
25%
14«4
*14
*88
3
97
97
3%
*2%
1284
25
2534
14%
14%
15%
96
2%
1284
2534
15%
1234
16
25%
15%
1234
25
3%
25%
14%
2584
14%
95
13
95
95
95
*12
334
*3
800
3%
15%
16
1,340
25%
25%
1,000
*14%
15%
1,200
9584
9534
500
92
92
90'4
91%
9284
9234
9234
92%
92%
16478 *161
16478 *161% 165
*161% 164% *161% 164%
11%
11%
11%
11%
11%
11%
11%
11%
*11%
11%
37
38%
39%
38%
3634
38%
37%
38%
37%
37%
734
8
*684
*634
784
8
*634
8
8
*634
12%
123g
*12%
12%
12%
12%
1234
13%
12%
12%
3,000
25
88
88
161
*88
89
161
*161
*11
39
*634
1214
*82l2
8%
29U
11
_
3934
8
12%
84
82%
8%
2984
7234
8%
30
72
73%
90
91
*72
74
57%
122
58%
123
14012 1401
*162l2 167
5
*1%
*35%
89%
*72
18%
37
113
40
30
8%
*82%
8%
884
9%
29%
71%
30%
89%
72%
73%
88%
72%
58%
89%
74
31%
74%
89
74
89%
84
9%
30
90
8884
*72%
59%
74%
74
*82%
74
*72%
74
74
*82%
8%
29%
71%
88%
*72%
144
*111
*40%
38
113
534
40
*35%
*35%
18%
I884
18%
1934
19
37
37%
36
37
36
*111
113
*111
41
41
41
*111
4034
-
38
*35%
I884
37%
*70
5%
9
2934
72
*70
*130%
*2%
*6
*234
*13%
31%
27
89%
113
*40%
4034
*70
-
578
20
*70
6
684
20
*15
"
39
1984
36%
113
41%
*70
"5%
534
22
*5%
*35%
39
19%
"4*660
36%
2,100
113
*41%
113
10
43
600
*70
"*6~"
5%
130
*124
"5% "moo
126
3138
31%
3134
*116% 117
7
7%
*18
18%
12%
*10
12%
*40
2834
2%
62
*2%
*60
10
9%
47%
1%
8%
*42
*20
22%
21%
23%
23%
*6%
8
1%
8%
*16%
*21i4
*80
1%
*35%
81
92%
2%
62
10
47%
1%
37
81
92%
120
8%
*21%
8%
2178
23%
22?g
23%
*6%
1%
*36
1%
*8%
*14%
2%
*2%
2%
*5%
6
*5%
6
80%
38%
39%
112
113%
135
*25
*37%
135
25%
38%
81%
79%
39%
3978
113% 11478
*135
*24
37%
136
24%
37%
7
1%
36%
80%
80% 80%
*99% 100%
100% 100%
105
106
*119% 120
113
*113%
834
9%
*14%
*2%
2%
24
24%
*37%
38%
*21%
2178
*65
80
*65
70
*72
89
*72
89
28%
86%
*26%
28%
*26%
28%
85%
85%
*85
88
23%
23
14%
*14%
23%
14%
4%
*1734
♦4
734
19
*1734
4%
4%
734
19
4%
21%
21%
23%
23%
*14%,
14%
*4%
*1734
4%
4%
19
4%
8
75
75
734
7434
75
50%
50%
50
50%
734
74%
4978
28
28
28
28
28
68
6884
67%
68%
67
67
5734
5734
58
58
*58%
58%
70%
66%
*35%
17%
70%
*69%
66%
74
*71
66%
7%
48%
53
19%
6%
110
36
36
17%
17%
1834
*2%
2%
9%
*42
1%
62
934
47%
1%
6
2434
2%
6%
United-Carr Fast Corp No
United Corp
No
Preferred
5
80%
800
210
93
*114
8%
*1484
*2%
5%
79%
39%
136
9
Jan
Jan 15
United Gas Improve...No
par
Preferred
No par
t United Paperboard
100
United Stores class A..No par
Preferred class A
No par
Universal Leaf Tob...No par
Preferred
100
U S Pipe & Foundry
20
25%
"25"
25"
700
38%
*38
200
*20%
38%
21
*75
95
95
99
27%
26
26io
U S Rubber
No par
.No par
1st preferred
100
Smelting Ret «t Mln.__50
Preferred
50
U S Steel Corp
100
Preferred
100
U S Tobacco.....
No par
Preferred
Utilities Pow & Lt A
100
5
Apr 30
6734May
57% Apr 29
Mar 23
Jan
12% Feb
7
7% Mar 26
80
Feb
69% Jan 10
159% Jan 24
51
Apr
7
Apr 29
100
Class B
Preferred
8
85
7% Apr 30
16% Jan
13
Jan
35
Apr 15
47
80«4 Apr
Jan
Jan
84% Feb 25
68% Jan
46% Jan 21
115% Jan
131
Apr 27
16034 Feb
40
72
Jan
Apr 29
4
14
Warner Bros Pictures
5
May
Jan
Jan 23
Mar 24
Apr 27
May
4
Apr
9% Jan
5%
26%
17%
10%
2%
47%
Apr 30
Jan
2
3
Aor 17
Jan 18
July
Mar
4% Mar
65% Mar
4% Mar
143
Jan
5
Feb
9% Mar
24% Mar
9184 Dec
62% Jan
27% Mar
73% Mar
9% Apr 30
Apr 29
6%May 1
May 26
19% Apr
11% Apr
11% Feb
Mar
2
91
Feb
Feb
6
34
May
May
6
63
Dec
2% Mar
17% June
85
Jan
72%
Jan
Nov
Mar 11
109%
Feb
6
3
1
Apr
1'4 Mar
734 Mar 6
15% Feb 11
3484 Jan 8
4% Mar
26% June
118
Jan 16
10
Feb 28
1
May
114
1%
Jan
Feb
3% Jan 24
5
Mar
Feb 25
116% Jan
III34 Jan
32
Sept
30%
28% Feb 19
29% Jan 2
25%
Dec
6
4
Mar
May 26
85
Apr
1
Jan
30%
Jan
11% Feb
72%May
3434 Jan
94% Jan
123% Jan
22«4 Apr
36% Jan
21
Apr
2>4 Jan 13
110
39% Mar
36
Mar
Feb 21
104%
Jan
116
Mar 23
95
Jan
Apr 30
4
13
6
7
28
14
30
98% Apr 23
Deo
52
Deo
Dec
Jan
Deo
784 Nov
90
Feb
3
Nov
55% Nov
84% Oct
91% Deo
99% Nov
92
Nov
Feb 10
32% Mar
Apr 18
90
Feb
126
Jan 25
10
Mar
Jan
29
Jan
33% Deo
38% Dec
Feb
7
9% Feb
7
95
10%
12038
11484
10%
1934
3%
7%
77%
3534
9834
12% Feb 21
2034 Feb24
4
Deo
Aug
121
Apr 25
5% Jan 2
Deo
17
Apr 11
6
2
Deo
3
6%
6
8% Apr 27
11
47
2% Mar
7% Mar
20% Aug
Feb 20
Feb 13
48%
122%
145%
3334
Mar
39
3
3
5% Mar
7% Mar
1% July
2% Feb
20% Mar
18
Mar
Deo
Dec
Deo
Deo
Jan
Jan
Nov
Deo
Nov
Deo
35% Sept
50
Nov
Wheeling Steel Corp
23% Apr
85%May
18% Feb
14% Apr
3% Apr
3u
400
200
Preferred
White Motor
No
par
100
50
White Rk Min Spr ctf.No par
White Sewing Mach__No par
18%
100
Conv preferred
No par
25
3
2?
28
16
Apr 28
234 Jan 7
28% Jan 10
37% Jan 10
109% Feb 19
28% Mar 4
17
Mar
6
5% Jan 13
24% Jan 10
5% Mar 30
14% Mar
46% Jan
6% Mar
12% Oct
1% Mar
6
Jan
1
Mar
1,100
Wilcox Oil & Gas
5
8
7,300
Wilson & Co Inc
No par
7% Apr 29
11
Jan 14
900
100
87
Jan 15
58
50
4934
49%
14,000
27%
27%
66
800
56% Feb 6
35% Mar 23
51
2834
71% Apr 23
4434 Apr 23
23% Apr 30
410
$6 preferred
Wool worth (F W) Co
Worthington P <fc W
10
100
56
Apr 30
75
Mar 23
47
Jan
4
66
Mar 23
20
Apr
51% Nov
62% Jan
6
106
Mar 11
Mar
68
May 15
33% Apr 28
884 Jan 3
79
Feb 10
Mar
45
Jan 23
35%
7384
1734
2%
8234 Apr
35% Nov
2,300
Wrigley (Wm) Jr (Del) .No par
Yale & Towne Mfg Co
25
66
700
23,000
Yellow Truck & Coach cl B.10
36,100
2,800
Nov
65% June
25% Nov
100
Wright Aeronautical..-No par
100
Jan
Deo
Dec
Nov
....100
360
48,800
79
Deo
Deo
Preferred A
500
88
10
Jan
Nov
Nov
Preferred B
58
88
1,600
3% Apr
Apr
32%
102%
19%
24%
484
20%
3%
9%
IH4 Mar
25% Mar
*55
61
56%
59%
61%
60%
61%
11538 115% *114% 116
*115
116
21
22%
21%
22%
2I84
22%
6%
6%
6%
6%
6%
6%
Apr
6% Nov
Mar 31
87
400
49
Deo
1%
Feb
4%
49
Dec
Nov
% Mar
Feb 19
74
49
Dec
Feb 29
14%
57%
2%
10%
2534
Jan
4
66%
66%
66%
66%
*36% 37%
37%
37%
17%
17%
17%
17%
*123% 127% *123% 127%
120
Deo
Nov
8
Jan 24
7%
18%
11734
3%
634
43„
9%
33%
1% Feb
28% Jan
2% Mar
14% Mar
70
*72%
66%
734 Nov
34% Feb 21
8
37
Dec
120% Oct
112% Dec
May
74
17%
Dec
Dec
25% Nov
*4
37
37
Dec
Jan
oo
36%
18%
4%
Mar
4
66%
Nov
63
18
400
*36%
Nov
44%
I684 Mar
14%
65%
33
114
25
*3%
*1734
90
56% Nov
2134 Jan
9
14%
58%
Nov
May 29
3%
58
2
83
Feb 19
Mar
No par
Aug
4% Aug
63% Mar
86
72
Class A
Nov
May
33
34
Weston Elec Instrum't.No par
Dec
Apr
July
Nov
Feb
7
50
48
June
82% Feb
1st preferred
73
Sept
11% Deo
17% Jan
2
10034May 29
Apr 21
15
Dec
15
7
100
165
8
9% Feb
2
100
Nov
Nov
30% Feb 7
126
May 29
Jan
...100
Nov
87
Mar
% Mar
96
78
15
96
1
46
133%May 27
114%May 15
3% Oct
20% Oct
39% Dec
165
91% Jan
Preferred
Nov
2% Jan
19% Mar
22% Dec
Jan
West Penn El class A ..No par
Preferred
100
2d preferred
Western Pacific
73
Feb
2
100
Jan
Oct
78
119%
14984
46% Jan
Western Maryland
Deo
7%
124%
7384
50%
119%
14084
l%May 25
34% Apr 30
100
Nov
11%
9% Sept
16% Sept
Wells Fargo <fc Co
1
Wesson Oil & Snowdrift No par
Conv preferred
No par
100
100
18% Nov
110
3% Mar
7% Mar
83
6% preferred
Jan
9234 May
10% Nov
60% Nov
83
6% preferred
Dec
35% Mar
114
Jan 24
No par
West Penn Power pref
7%
Feb 25
Convertible pref
Warren Fdy & Pipe
100
163% Mar 20
6% Mar 2
2% Jan 18
19
No par
No par
9
96% Jan 24
75% Apr
72% Apr
13234 Apr 11
14334 Jan 21
18
4
Warren Bros
Preferred
% June
5
11
Mar
Jan
1% Jan 2
4% Jan 2
15% Jan 7
21
Apr 30
19% Apr 28
Webster Eisenlohr
1484 Mar
3
Apr 17
Apr 29
Jan 2
No par
5
Oct
4
4% Feb
10% Mar
Jan
115% Apr
Oct
Jan
135
3
44
No par
Aug
%
9%
53
8% Mar 16
4884 Mar 19
No par
Waukesha Motor Co..
29
72
Feb 17
Apr 30
pref
t Warner Quinlan
conv
96
73% Nov
Feb xl59% Dec
Mar 12
27% Feb 19
37%May 23
4% Jan
30
9% Jan 27
18% Jan 28
50
70% Feb
130
2
Apr 22
4% Jan
109
Apr
Apr 29
Jan 16
5
100
5
71
2% Jan
No par
Feb 17
Mar
59
100
100
20
99
8% Jan
100
100
19% Jan 23
393s Jan 2
110% Feb 15
169% Feb 18
14% Feb 21
100 xll4% Jan 16
Preferred A
133%
Jan 23
3684May 27
6% Apr 30
ll%May 21
105
t Wabash
Dec
784 Nov
Mar
5
80%May
160 May
100
Va EI <fe Pow $6 pf
No par
Virginia Iron Coal & Coke. 100
100
Oct
Apr
115
Jan
10
32
100
24%
4534 Nov
1334 Deo
20% Deo
»%6May 18
2
100
5% preferred
Virginia Ry Co pref
Vulcan Detlnnlng
60%
46
3% Mar 24
2234 Mar 23
39%May 27
■
6% preferred
7% preferred
Mar
3% July
8
1% Apr
13% Apr
21% Jan
No par
Vlck Chemical Inc
5
Vicks Shr & Pac Ry Co com 100
VarCarolina Chem
No par
4% Mar
65
9% Mar
3%
1%
Preferred
100
3434
Vanadium Corp of Am.No par
17%
Van Raalte Co Inc.
5
2834
7% lstpref
100 xllO%
Vadsco Sales
Feb
May
14%
83%
2
Apr 23
7% Apr 1
Oct
1%
99
8,400
58
3626.
25% Apr
10?
17%
70
23%
80%
For footnotes see page
20>4 Mar
834 June
Apr 13
Feb 17
Feb 17
Feb 4
4
23%
74
'
29%
9%
47«4
16%
Jan
87
*48
Nov
Jan 14
24
49%
78
50
23%
*14%
3%
*18%
128
Jan
34
*85
87
46
Wheeling & L Erie Ry Co. 100
6% non-cum preferred-.100
24%
14%
4%
18%
*85
Aug
79% Apr 14
Westvaco Chlor Prod..No par
90
58
48%
100
c
Jan
118
400
*26%
66
128
Prior preferred v t
U S Realty <fc jmpt
Nov
Oct
"""116
26%
7%
No par
Westlnghouse El & Mfg....50
95
8
No par
c
6,700
2134
4
5
par
1334 Deo
26%
111
87% Mar
2% Jan
3% Apr
Jan
U S Hoff Mach
Corp
U S Industrial Alcohol.No
20% May
8
Apr 30
100
30% Dec
20
Mar
Jan 11
113
13
7% preferred
Dec
7
Feb 10
Jan
6% Apr 30
91
20
24,300
210
Jan
24
9% Mar
4% Mar
19% Jan
14% Apr 30
109
No par
39%
3934
116% 117%
136
6
6
4
Preferred
US Gypsum
Western Union Telegraph. 100
Westlngh'se Air Brake.No par
100
200
Mar
Feb
24%May 23
17,700
90
4%
100
80%
79
89
7%
2,000
4
7584 Nov
111% Jan
90% July
26% July
79
2
No par
No par
1,300
*75
4
30
117
7
Feb 18
Apr
Jan
1484 Feb
82% Mar
79% Mar
20% Oct
66% Jan
U S Freight
U S <fe Foreign Secur
9
*20%
14%
4%
18%
Preferred
par
534
70
*85%
2384
Ino
534
68
115% *114
115% *114% 115%
20
1978
20%
20%
21%
6%
6%
634
*6%
6%
130
8%
17
U S Distrib
Corp
U S
32%
21%
2884
28%
s,6May
Preferred
U S Leather v t
Class A v t c
31% Feb
44
5
50
9
66
5684
150
3
8
35%May
153
*14%
2834
5534
95
89
26%
100
120
*72
25%
*38
170
800
9
8838 Apr
28% Feb 7
138% Mar 6
9734 Feb 26
33%May 28
100
6%
49%
49
8%
4% Jan
Universal Pictures 1st pref.100
I Universal Pipe & Rad
1
1634
2%
67%
128
93%
120
114% 114%
*65
21%
20
80%
80%
28
55
100
99% 10034
106% 108
*80
66
49
7
1%
36
28
*123
2,200
25%
38%
21%
*38
"l",206
23
*1%
49%
49
21%
6
15
$3.85
*35%
503g
130
47%
3584
74
49
14,700
~T%
50
*122
9;
*1%
100% 100%
*106% 108
16% Apr 27
24% Mar 18
93
No par
300
2
10
t Walworth Co
500
Jan
Preferred
100
United Electric Coal...No par
United Eng & Fdy
1
United Fruit
No par
Walk (H) Good & W Ltd No par
Preferred
No par
Ward Baking class A ..No par
62
...
13
22% Jan
9,700
3534
•
7484
49
*6%
20% Apr 30
5% Apr 30
40% Apr 29
IO84 Apr 27
2,600
"""600
3
par
No par
70
Jan
Apr 30
Jan 7
Jan 2
Jan 2
par
No par
No par
1,700
*80
71%
20%
108%
60%
22%
Jan 21
Walgreen Co
QH% preferred...
11%
24%
$ per share
68
Waldorf System
8%
23
$ per share
Jan 18
Preferred B
~i~906
*8%
*23%
7
1,500
"4" 900
24
22%
"""400
1%
*17
$ per share
113
Preferred
1%
8%
28
1734
*42
21%
93
9%
1634
9%
8%
119% 120
-
*58
*16%
23%
22%
74
1734
54%
*18%
*10%
*58
100
116% 116%
7%
7%
*28% 29
2%
66
66%
36
5434
*113
100
1,500
I884
74
74%
129
*122
400
3184
11%
2%
136% 137
136
90
*4
~
31%
*18%
135
80
4%
93
*»—
*15
*10
80% 82%
81%
39%
3934
40%
11534 118% *115% 118
90
*4
7%
2834
15%
2%
6%
79%
81%
39
39%
114% 117%
6
*65
23%
14%
9
15%
22
86%
106
93
92%
119% 120
9234
117
7%
*6%
*1%
113
31%
*80
35%
*80%
105%
22%
28%
7
1%
22
*26%
117
*80
36%
36
113
*2
79
1%
37
93
*92%
*11834 120
"8%
7
83
*6%
82
8034
80%
*99% 100%
103% 105
113
17
31%
.
7%
8%
15%
*14%
*15
'
"l%
*113
8%
*1%
29%
22%
31%
31%
315g
3134
*116% 117
*116% 117
7
7%
7%
7%
29
29
2834
28%
*18
18%
1834
18%
*10
12% *10%
11%
2%
2%
2%
2%
62
60
*60%
60%
9%
934
9%
9%
*42
47% *42
47%
1%
1%
1%
1%
8%
8%
8%
8%
22
*17
*18%
21%
227S
23%
23%
23%
23
2234
23%
23%
*80
*9878 100%
*103% 105
120
3,000
100
*124
*10
9%
*15
Highest
$ per share
.
19
36%
126
126
*1243g 126
*124% 126
74
74
74
74%
*71
74% *72%
74%
74%
74%
7734
145
*130% 145
*130% 145
*130% 145
*130% 145
*130% 145
234
234
3
*2%
3
3
234
234
2%
*2%
3
7
634
7
*6%
678
678
7
*6%
7%
6%
6'
7
7
7
*2%
7
*278
7
*2%
*4%
*2%
7
14
14
14
14
13%
14
14
14
14%
14
14
130
*18
*60
300
Yo
29%
^1884
*2%
3,500
22%
*116% 117
7
7%
29%
6,200
26,200
5,700
74
35
34
36%
35
36% *36
36%
34%
34%
34%
35%
*133% 133% *133% 133% *133% 133% 1333s 1333g *133% 133% *133% 133%
114
*113% 114
114
*113% 114
*11334 114% Xll334 11334
11334 11334
5
5
5
*4%
4%
5
4%
4%
5
4%
*4%
*4%
*124
300
84
*140
36
*19
300
2,000
*
18%
40
3084
82%
8%
30%
84
500
22,300
60%
61%
5934
61%
60% 61% 119,100
124
12434 125% 124% 125
125
125
127%
5,000
143% *140
140
140
*136
142
200
143%
*162% 167
*162% 167
*162% 167
*162% 167
*162% 167
5
5
5%
4%
5
5
5%
5%
4%
6,700
4%
1%
1%
1%
1%
1%
1%
1%
1%
*1%
1%
1,600
37
*70
82%
58%
59%
124% 125
*140
*35%
♦111
82%
8%
120
Lowest
100
Rights
*212
*12
Highest
No par
United Dyewood
Corp
15%
15%
110% 111
75
No par
5
Un Air Lines
Transp v t 0..6
United Amer Bosch..No par
United Drug Ino
2,600
78
100
3,900
78%
78%
Preferred
Union Tank Car
United Aircraft Corp
3,300
2,800
33%
Union Carbide & Carb.No par
Union Oil California
.25
Union Pacific
100
13%
34
*33
Par
2334
105
15%
15%
15%
15%
Xl5%
15%
111% 111% *111% 111% *110% 111
8
*7%
7%
7%
*7%
7%
5%
6%
5%
5%
5%
5%
15U
15i2
15%
15%
IIU4 IIH4 *111% 111%
*714
*7%
8%
534
5%
584
*71
75
75
*68%
*60
62
*60% 62
*155
*156
157%
91
99
99
99%
1%
1
1%
1%
*1434
16
16
16
37%
4,700
3,200
21
27
6%
4434
15,300
17
76%
13
v
85
85%
84%
2184
2134
217«
127%
12734 xl27
96% 96%
96%
23%
*112
27
6%
84%
2134
*127
95%
24%
16%
*20%
27%
76
26%
128
Year 1935
Lowest
Preferred
100
Young Spring & Wire..No par
Youngstown S & T
No par
5H preferred
....100
Zenith Radio Cor p....No par
Zonite Products Corp
1
83% Jan 6
44% Jan 21
41>4 Jan
105
Jan
6
6
11% Jan 28
5% Apr 28
20% Mar 26
Apr
June
61
May
5
31% May
96
55
Apr
6
18
Mar
61%May 29
13
Mar
53%
46%
Feb 19
22%May 29
9%
Jan
4
38% Apr
1% May
2% June
Dec
9% Dec
138
116
Nov
105
NoV
Deo
Dec
Dec
1434 Nov
784 Deo
Complete
Brokerage Service
Bond
RICHARD WHITNEY & CO.
Member*
New
York
Steck
Members
New
Yerk
Curb
Exchange
Exchange
NEW YORK
15 BROAD STREET,
A. T. & T.
Telephone BOwllng-Green 9*4600
New York Stock Exchange- Bond Record,
3636
On Jan. 11909 the Exchange method of quoting
Teletype TWX, N. Y. 1-1793
Friday, Weekly and Yearly
M*y 30- 1936
bonds teas changed and prices are now "ayf interest"——except fat income and defaulted bonds.
outside of the
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
egular weekly range are shown In a footnote In the week In which they occur.
No account Is taken of such sales In computing the range for the year.
Friday
Friday
Range or
«
Week Ended May 29
Sale
js
Price
NO,
Bid
No.
15 1947-1952
15 1943-1945
Treasury 48
Dec 15 1944-1954
Treasury 3%s...Mar 15 1946-1956
Treasury 3Ha.--June 15 1943-1947
Treasury 3s
Sept 15 1951-1955
Treasury 3a
June 15 1946-1948
Treasury 3 He
June 15 1940-1943
Treasury 3Ha.--Mar 15 1941-1943
Treasury 3Ha.--June 15 1946-1949
Treasury 3%s—.Dec 15 1949-1952
Treasury 3 He
Aug 11941
Treasury 3%s
Apr 15 1944-1946
Treasury 2 %s...Mar 15 1955-1960
Treasury 2%s.._Sept 15 1945-1947
Treasury 28s—Sept 15 1948-1951
Federal Farm Mortgage Corp—
3%s..
..Mar 15 1944-1964
8s
May 15 1944-1949
108
115.3
107.29
108.8
123
112.31 112.28
113.7
186
High
O
108
D
S
111.10 111.10
111.14
13
D
108.14 108.12
108.18
86
High
118.8
105.24108.8
111
113.10
109
111.19
106.17108.20
M S 104.20 104.17
D 105.9
105.6
104.28
80
102.20104.30
105.18
205
108.25
71
109
109.9J
87
i06.4
106.12
82
102.29105.20
107.19109
108
109.9
103.24106.13
103.19106.15
108.5 109.12
105.12107.29
100
102.12
100.31103.26
101.7 102.13
A O
A
M
117.25 117.26
D
108.21 108.17
S 109.1
M
D
106.6
J
D
106.2
106.2
106.11
F
A
109.1
108.30
109.2
A O
107.28
107.20 107.20
70
91
279
103.13 103.13
102.10
103.24
276
M S
M S
102
102.10
236
S
M
102.3
102
102
S
104.9
104.9
MN
103.4
103.4
M
183
104.16
30
103.11
168
103.31
49
J
103.27 103.27
S
102.10 102.10
102.16
Home Owners' Mtge Corp—
8a series A
May
1 1944-1952 MN
102.28 102.24
103.4
101.25
222
101.22
102.20104.20
100.26103.14
101.20104.1
100.15102,17
264
151
8s
2%S—-
151942-1947 J
1 1942-1947 M
Jan
Mar
t00.l7103.7
99.16101.29
99.17101.29
O
19
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
D
Copenhagen (City) 5s
1952
25-year gold 4%s—
..1953 MN
Cordoba (Prov) Argentina 7s. .1942
J
Costa Rica (Republic of)—
94
31%
1944 M
S
1949 F
A
A
External loan 4%s
.1949
Sinking fund 5%s...Jan 15 1953
♦Public wks 5%s
June 30 1945
Chechoslovakia (Rep of) 8s....1951
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on. 1947
♦Sink fund 6s Apr coup on—-1948
Akershus (Dept) ext 5s
1963
♦ArtloQUla (Dept) coll 7s A... 1945
♦External s f 7s series B
A
20
A
O
♦19
MN
J
♦External
s
♦External
sec s
♦External
1945 J
s
f 7s 3d serles.1957 A
f 6s of Oct 1925...
1959 A
100
26
100
68
100%
64
100
45
100
s
D
1960 MN
f 6s of May 1926
f 6s (State Ry)
99%
1960 M S
99%
Extl 6s Sanitary Works
1961 F A
Extl 6s pub wks May 1927-..1961 MN
Public Works extl
1955 J
J
106
106
External g 4%s of 1928
1956 MN
Austrian (Govt) af 7s.........1957 J
♦Bavaria (Free State) 6%s
1945 F
External 30-year 8 f 7a
Stabilization loan 7s
(Germany)
s
1955 J D
....1956 MN
1960 M S
.1950 A 0
s f 5s
f 6 His
107%
104%
113%
8%
8%
99
99%
99%
99%
99%
99%
105%
105%
101%
92%
*20%
107%
103%
112%
107%
a98%
107
42
98
26
14
26
23
8
100
28
100
14
100
9
100
36
99%
106%
106%
101%
47
54
15
67
92%
25
107%
12
104%
14
113%
5
107%
a98%
27
1
19%
19%
19
20
27
19
11
33%
26
O
26
33%
25%
25%
27%
99%
19%
34%
26%
26%
D
.....1957 M S
1958 F A
7%
95%
97%
97%
97%
97%
97%
97%
97%
97%
97%
94%
104%
104%
98%
90%
10
101%
100%
100%
100%
100%
100%
100%
100%
100%
100%
99%
106%
106%
101%
24
O
f 6Ha of 1926...1957
♦External s f 6%s of 1927—1957
♦7s (Central Ry1
1962
10
8
D
s
Brisbane (City) s f 5s
9%
9%
9%
D
♦External sinking fund 6s... 1958
♦Brazil (U 8 of) external 8s....1941
♦External
101%
J
A
Belgium 25-yr extl 6%s
1949 M S
External s f 6s.............1955 J
J
♦Berlin
""99%
A
.1957 M S
Australia 30-year 5s
External 5s of 1927
Bergen (Norway) ext
100
F
5%s—1962
110
99%
99%
99%
External 6s series B_....... 1958 J
a
100
99%
99 %
100
External
21%
98
100%
7% 11%
8
11%
8% 11%
11%
7%
7% 10
18%
99%
8%
100 %
External 8 f 6s series A...... 1957 M S
Extl
9%
9
f 7s 2d serles.1957 A
sec s
100
21
17%
11%
11%
11%
11%
9%
9%
9%
100%
99%
f 7s 1st series....1957 A
Antwerp (City) external 5s
1958 J
Argentine Govt Pub Wks 6a
1960 A
Argentine 6s of June 1925.. ...1959 J
Extl
10%
10%
10%
10%
15
100
1945
f 7s series C
s
♦External sf 7s series D
100
20%
20%
100
J
1945
♦External
F
34
45
45
97
32
105% 110
101% 109%
109
118%
105% 109%
100
102%
19
28%
19
27%
27% 35%
22% 30
22
29%
21% 30%
29
26
100
5
95
100
21
95
NO
High
18%
*18%
7
17
19%
19
5
17%
17%
92%
88%
20
20%
99%
97
80%
20%
97
98
"23
93%
94
12
72
30%
99%
100%
*96%
100%
51%
O
5
72
81
31%
23
99%
34%
99% 103
99% 100%
92
96%
1
100%
99%
10
51
100%
55%
—4
100
100
101%
37%
57%
98% 105%
98% 105%
104% 106%
100% 102%
175
6
100
100%
2
1942
J
105%
105
105%
20
A
101
101
101%
98%
56
O
1952
98%
O
External g 4%s
Apr 15 1962
Deutsche Bk Am part ctt 6s...1932
{♦Stamped extdto Sept 11935... M S
Dominican Rep Cust Ad 5%s..l942 M S
.1940 A
'67%
158%
159
172%
169%
172%
169%
65
12
41% 70%
93
97%
105% 108%
101
104%
95
*27
3
4
18
18%
164%
163%
34
175
57
173
13
151
26
47
22%
29%
22%
23%
12
20
29
30
31
12
25%
26%
17
29%
25%
39%
34
29
16
27%
28%
25%
45%
34%
37%
26
31%
23%
28%
93%
97
26%
27%
D
27%
♦35%
♦35
♦28%
26
.
31%
27%
94%
♦18%
96
23
*16
96
J
J
17
20
105%
.
J
J
T*l%a February coupon on—.1944 f A
%S° State extl s f 5s
1960 M N
Italy
20
19
24%
104% 110
106
17
17
30
*16%
20
20
*15
21
♦15
19%
25%
24%
32%
25%
26
38
45
17
41
41
1
6
64
64
M
84%
97%
83%
A
32%
32%
32%
25
26%
24
98
98
D
®
75
112%
74%
*90
71%
Externa!
seo sf 7s ser B
1947 M
Italian Public
Utility extl 7s...1952 •*
JaPanfse Govt 30-yr s f 6%s.—1954 £
Extl
113
""4
15
44
68
97%
31%
98%
97%
97%
13
1960
31%
98%
97%
97%
♦Buenos Aires (Prov) extl 68...1961
♦6s stamped
1961
82
82
3
70
{66%
65%
67
46
65
82
67
71
82
♦Assenting 6s small-.
55%
68%
63%
65
♦4s of 1904
ser
External s f 6s
♦External
C-3
s f
6%s—.
♦6 His stamped
Extl s f 4%-4%s
82
♦80
.1961
1961
1977
Refunding s f 4%-4%s
Extl re-adj 4%-4%s
1975
.
J
♦Sink fund 7s July coup off..1967 J
♦Sink fund 7 %s May coup off 1968 M N
5s
1960 A
10-year 2 His
25-year 31*8
F
Aug 15 1945
...........1961 J
♦Farm Loan s f 6s.-July
♦Farm Loan s f 6s.-Oct
♦Farm Loan 6s
ser
A Apr
♦Chile (Rep)—Extl sf 7s
63%
63%
92
58
64%
64%
65
30
67%
45%
64%
57%
59%
61%
39%
*14
14%
A
14%
15
13
J
203
s
1947 F
f 7s
98%
100%
38
96%
88
43
94% 101%
38% 45
30
29
37%
28%
28%
30%
14%
14%
14%
14%
14%
14%
14%
30%
28
A
14%
14%
14%
♦Ext sinking fund 6s
Sept 1961 M 8
♦External sinking fund 6a
1962 M
♦External sinking fund 6s...1963 M N
D
14%
14%
13
1961 J D
♦Guar
s
f 6a
1961 A
O
"12%
♦Guar
s
t 6s
1962 MN
...1960 M 8
12%
1951 J D
♦Cologne (City) Germany 6 %s.l950 M S
Colombia (Republic of)—
♦6s Apr 1 1935 coup on..Oct 1961 A '
14%
14%
14%
14%
14%
14%
14%
12%
12%
12%
12%
99
27%
36
18
27
34%
18
28
37
7
14
16
33
13%
65
14
15%
15%
36
13%
48
14
13
16
12%
12%
12%
12%
15%
16%
15%
15%
13%
13%
40
12%
13%
12%
21
12
2
13%
17
14
3
12
11%
13%
12%
47%
47%
43
62
20
20
20
27%
12
♦Chinese (Hukuang Ry) 5s
22%
22%
20%
20%
D
23%
23%
91
19
82
19
98
9%
98
9%
4%
♦8
7%
7%
♦Assenting 4s
♦Assenting 4s
♦Assenting 4s
of 1904
♦{Small
(large) '33
10%
7%
8%
7%
4%
7%
"4"
5
4%
*5%
J
4%
4%
4%
5
5
4%
..1954
of 1910 large
of 1910 small
•5Jreas 6sof '13 assent
7%
4%
9%
4%
10
5
IIIIIII954
Norway 20-year extl 6s
20-year external 6s
40-year s f 5%s—
16%
105% 109
111% U5
66
15 1938 A
..1942 M N
D
♦Mexican Irrig
assenting 4 %s..l943 MN
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
..1945 Q J
♦Assenting 5s large
New So Wales
89
28%
27%
♦19
A
.
*7%s June 11935 coup on...1950
♦Medellln (Colombia) 6%s
1954
13
112%
28%
72
4%
6%
7%
5%
J
61%
61%
103%
102%
102%
62
19
50
32%
31%
101
10%
7%
10%
12%
12%
"5
7%
7%
7%
9%
9
64
16
108%
28%
3641.
♦Leipzig (Germany)
Milan (City, Italy) extl 6
%s. II1952 A O
108
15 1960 A
♦6s July 1 1935 coup on.Jan 1961 J
67%
45%
112%
98%
100%
*38%
1954 J
1950 M
15 1960 J
1957 J
65%
112%
98%
100%
♦Ext sinking fund 6s....Feb 1961 F
♦Ry ref ext s f 6s
Jan 1961 J
14%
14
65%
27
67%
45% 45
108
"14%
For footnotes see page
98
99%
100%
92% 99
6
O
♦Chilean Cons Munle 7s
93
3
68%
♦External sinking fund 6s...I960 A
♦Chile Mtge Bank 6%s
♦Sink fund 6%8 of 1926
95
1
38%
29
O
1952 M N
♦Carlsbad (City) s f 8s
♦Cent Agrlo Bank (Ger) 7a
2
63%
64%
64%
3% external s f $ bonds. ...1984 J
Bulgaria (Kingdom of)—
Canada (Dom of) 30-yr 4s
30%
67%
1976
...1976
Extlsf 4%-4%s
101% 104
Lower Austria (Province
of)—
C-2.......1960
ser
53
51% 64%
91% 100
78
89%
100
99
♦7s with all unmat
coup...1957
1
External s f 6s
112% 115
60%
76%
83% 97
113%
75%
92%
72
64%
98
84%
(Kingdom of) extl 7s.....1951J
Italian Cred Consortium
7s A..1937
103%
Budapest (City of)—
♦6s July 11935 coupon on...1962
Buenos Aires (City) 6%s B-2..1955
167
182%
169% 177%
24
•Hungarian Land M Inst 7%s.l961 M N
♦Sinking fund 7%s ser B
1961 M N
Hungary (Kingdom of)—
103%
D
...1950
172%
30%
s f 6s ser A
1952 A O
♦Hamburg (State) 6s
1946 A O
♦Heidelberg (German) extl 7%s '50 J *
Helslngfors (City) ext 6%s
1960 A O
99%
103%
Sinking fund gold 5s
20-year s f 6s
27
149% 183
3
22%
^Itl (Republic)
sinking fund 5%s._....1965
Jugoslavia State Mtge Bank—
68
68%
80%
26
Government s f ser 7s..1964 MN
♦7s part paid
1964
♦Sink fund secured 6s
1968 FA
♦6s part paid
.....1968
.♦7s unmatured coupon on...1946
71
61%
61%
24%
101
159
♦Greek
Hungarian Cons Municipal Loan—
♦7%8 unmatured coup on...1945
67
108%
159%
D
J
3
65
107%
18
7s unstamped
1949
German Govt International♦5%s of 1930 stamped
1965 J D
*5%s unstamped
..1965
AO
♦German Rep extl 7s
stamped..1949
♦7s unstamped..
1949
1958
67%
101
108%
♦Frankfort (City of) s f 6%s
1953 MN
French Republic 7%s
stamped. 1941 J D
7%s unstamped...
...1941
6%s
48%
24
♦93
Estonia (Republic of) 7s
-.1967
Finland (Republic) ext 6s.....1945 M S
M S
External sink fund 6%s
1956
German Prov & Communal Bks
♦(Cons Agrio Loan)
99
38%
65
65
External 7s stamped........1949 J
93%
2
♦19
O
..1940
1945 MN
♦Dresden (City) external 7s
44
39
♦61%
♦61%
O
A
5%8 of 1926..
2d series sink fund 5%s
98%
,38%
High
Low
19
99
J
D
El Salvador 8s ctfs of
dep......1948
Foreign Govt. & Municipal*
Since
...1955
Sinking fund 8s ser B__
Denmark 20-year extl 6s_.
External gold 5%s..
ser
Range
Jan. 1
Asked
72
"98*
1951
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
&
19
1946 M N
1947 F A
♦7s Nov 11936 coupon on
Bid
Low
Foreign Govt. & Mun. (Concl.)
♦Colombia Mtge Bank 6%8—1947 A
1st
1 1939-1949 F A 101.19 101.13
101.18 101.12
1942-1944
2Kb series B—Aug
2*48 series G...
4
Price
Week Ended May 29
1
Low
118.2
Low
U. S. Government
Treasury 4%s...Oct
Treasury 3%s_..Oct
Sale
N. Y. STOCK EXCHANGE
Since
Jan.
Range or
Friday's
BONDS
Range
Friday's
& Asked
Week's
Last
Week's
Last
BONDS
N. Y. STOCK EXCHANGE
25%
25%
External
s
(State)
f 5s
extl 58—1957 F A
A O
Apr 1958
106
1943 F A
....1944 F A
External sink fund 5s
External sink fund 4%s
..1965 J D
..1963 M 8
1S56 M S
f 5s... 1970 J D
Municipal Bank extl b
♦Nuremburg (City) extl 6s
1952 F
..1953 J
101%
101%
99»>m 100'*
101%
101%
101%
101%
102%
101%
D
"82
.1961 A O
.1940 A O
91
82
75%
75%
102%
102%
104%
104%
*73%
104%
26
105%
992*32
100%
99%
102%
18%
78%
72%
108
102
104
106
103%
104%
101%
102%
27
86%
82%
67
85
67
67%
17
15
13
97
22%
14%
20%
15%
14%
11%
11%
11
11%
30
S
.1959 M S
D
.1960 J
81
100% 103%
101
103%
104% 107%
104
8
63
24
102%
"67"
1947 M
18
17
38
75%
...1963 MN
♦Stamped
Pernambuco (State of)—
43
102%
*18
A
Oriental Devel guar 6s.......1953 M S
Extl deb 5%s
1958 MN
Oslo (City) 30-year s f 6s
1955 MN
Panama (Rep) extl 5%s
♦
Extl s f 5s ser A
106%
103%
103%
106%
106%
6
90%
58
81
-12%_17%
14%
19
10% 16%
11
16%
80%
111%
71% 96
67
61%
67%
23
61%
A
O
86%
84
86%
81
79
J
J
73%
71%
74%
164
19%
17%
18
Porto Alegre (City of)—
♦88 June coupon off
..1961 J D
♦7%s July coupon off.......196C J J
Prague (Greater City) 7%s
..1952 MM
16%
♦100
19%
17%
103
16
22
15
19%
99% 101%
New York Bond Record—Continued—Page 2
Volume 142
BONDS
lb
Foreign Govt. &Munlc. (Concl.)
♦Prussia (Free State) extl 6X8-1951 M S
♦External s 1 68
—.1952 A O
Queensland (State) extl
26-year external 6s
♦Rhine-Main-Danube
f 7s.. 1941 A
s
Sale
Price
19 X
20 X
19X
111X
109 X
O
1947 F A
7s A....I960 M 8
♦6Xs Aug coupon off
..1963
Rio Grande do Sul (State of)
♦8s April coupon off.
.1946
♦6s June coupon off........1968
♦7s May coupon off.
1966
♦7s June coupon off
...1967
Rome (City) extl 6Xs.
-1962
F
Asked
High
Low
-
Rio de Janeiro (City of)—
♦8s April coupon off-—.....1946 A
A
*24 X
0Q
$
No
Jan. 1
38
Atl Coast Line 1st cons 4s July.1952
General unified 4Xa A.....1964
L & N coll gold 4s ——Oct—.1952
10-yr coll tr 5s
May 1 1945
Atl A Dan 1st g 4s
.......1948
2
15
21
Atl Gulf A WISS col tr 5s
—1959
25
14
19X
Atlantic Refining deb 6s
—1937
16
25 X
Auburn Auto conv deb 4X8-—1939
Austin A N W 1st gu g 5s..——1941
14
29X
1
109
4
109
28X
112 x
111
2d 4s.
17X
17X
15X
16
A
O
24 X
24
25 X
4
J
D
17X
16X
17X
56
18X
19
18X
63X
19
7
64
30
M N
J
D
A
O
64
5
115
*110
24X
18
25
21
15
20X
54 X
67
112
,122 X
14«
22 X
*20
30
25
♦External 8s
♦External 7s
♦External 68
♦Secured s f
..1936 J
17X
14X
23
19 X
July coupon off. 1950
Sept coupon off. 1956
July coupon oft. 1968
„
♦Sinking fund
56 X
75
51X
41
16X
19
3
15X
J
16X
16X
16X
28
86
86
86 X
36
81X
25X
25X
12
25X
26
26
24 X
24 %
56 X
60
X
*
D
1 1935 coupon on—1962 M N
Slleela (Prov of) extl 7s
1958 J D
♦Sileslan Landowners Asan 6s.. 1947 F A
Solssons (City of) extl 6s.....1936 MN
Styrla (Province of)—
32
F
A
J
J
M
56
X
*37
......
....
3
158
1
91
104 X
2
X
77 X
2
70 X
6
160
91X
104
......
O
77 X
77
77
M N
......
A
......
F
45
M N
45
44 X
M N
45 X
44
...
A
X
62X
O
MN
F
1961 J
33
70X
75 X
101X
S
A
14
91X
160
......
A
F
Ref A gen 5s series D
Conv 4Xs
13
77
2
166
93X
100X 104X
73X 83
68X 76X
73X
82X
102
100
101X
45X
45X
4
39 X
49X
32
45X
20
37 X
87 X
50
50
62X
1
53X
62X
A
58 X
58 X
59 X
62
89X
55X
94X
71X
D
83
82 X
83
23
78
89
*88
92
J
Coll trust 4s of 1907 ...—I!
Adriatic Eleo Co. ext 7s.
D
S
J
D
A
D
J
x ay
43X
44 X
99
98
97X
97
98 X
A
O
uo.,
......
A
70
O
103 X
92 X
O
A
S
A
►
O
M
gu 4s.
O
MN
M
American Ice
A
8
.
f deb 5a
104X
46X
48 X
112
36 X
99
99 X
1
71X
101X
33
118
1
9
82
70 X
70 X
6
112 X
111X
113X
54
106
105 X
112X
106
115
115X
181
109 X
108 X
109 X
30
35-year
J
t deb 5s.
J
112X
113X
113X
54
112
113X
111X
74
68
296
J
F
A
113X
113X
U1X
113X
J
114X
108X
113X
116X
109
108X
109
43
102 X
102X
16
M N
Am Type Founders conv
deb., lfl
Brown Shoe
J
111
113X
MN
8
......
37
36
J
♦
J
A
♦
O
104 X
104 X
MN
27 X
27 X
Certificates of deposit.
79
Anglo-Chilean Nitrate 7s.
♦Ctfs of deposit...........
.
..
Q
J
M
8
J
D
F
A
J
J
A
lstMsf48 8erB (Del)......
Armstrong Cork deb 4a.—
.
Cal Pack conv deb 5s
O
Nov
MN
......
Ill
J
D
......
J
D
......
J
D
------
J
D
Rocky Mtn Div 1st 4s..
J
J
Trans-Con Short L 1st 4s...
J
J
M
8
112
....
62
151
11
114
5
38
....
108
108 X
7
106
106
1
96
49
103 X 105X
94 X
98 X
105
106X
110X 115X
104X U3X
104X U3X
106 X 109
105
108 X
108 X
84 X
103
103X
104
8
83X
72
95X
83X
33
92
100X 104X
75
107 X
92
113X
100X
100X 105
99 X 105
88
98
72
347
74X
61X
80X
74
90
82 X
83X
174
H5X
108 X
113X
113X
115X
109X
113X
5
108 X
26
75
10
111
111X
18
107X
112X
5
mx
112X
15
....
....
J
105 X
105X
1
1944 J
J
108 X
108 X
6
noox
120 X
128X
*101X
120X
23 X
121X
129
90
113X 115X
103 X 109 X
109 X 118
68X 75
100X 101X
101X 101X
98X 100X
56
119
5
125
"24X "3
121X
129X
105 X
22 X
6
20X
23X
105 X
20X
1
23X
22X
20 X
32X
22 X
23 X
1
23
33
106
109
♦109X
J
J
J
D
MN
J
A
29
102 X 106 X
109 X 110
43
138
43
71X
93X
73
94
71X
78X
75 X
73
80
42
69
68
74X
83
68
23X
23 X
3
23
20
20X
19X
34
18 X
3
17X
89X
31X
26 X
26X
~20 X
19X
19X
*15
7
99
105X
104 X
104 X
1057,6 1057,6
*1037,6
♦78X
*90
5
105 X
18
105 X 108 X
104X
18
105X
39
104 X 108
1057,6 107 X
103 X 106
"81
88
69
93
H2X
120X
127 X
104X
112X
25
99X
105 X
J
F
"45"
♦30
30
71X
75
18
109
100X
85
95X
115
109
ioix
26
108
110
105X
M N
112X
120 X
127X
104 X
109X
105X
15
105
106 X
103
103
5
4
10
109
J
J
A
O
*103X
109
119X 122
124 X 128 X
104
105 X
75X
7,7 X
20
♦20 X
56
57X
11
97
97 X
8
56 X
67
92 X 101X
—4
103 X 105 X
8
9X 17X
1UX 118X
106 X
*105X
104 X
104X
14
104 X
15
15
116
U2X
mx
112X
117X
119X
31
108 X 112X
17
H3X 117X
32
115
118X
3
117
8
H4X
115
31
114
13
110X 115
uox 114X
6
122 X 126 X
117
119"
118 X'
118X
116X
U4X
107X
107
104
103 X
104X
.....1938 J
D
A.-Dec 151952 J
D
126 X
103 X
*50
108"
*110
107X
D
27
D
*105
FA
62
85
107X
X
3
20
*
25X
13X
13X
24 X
107 X
103 X
103X
58
100 X
91X
—
Members
-
-
Telephone HAnovor 2-7900
—
Private Wires to Chicago,
A. T.
—
New York Curb Exchange
-
& T.
-
Teletype
NEW YORK
NY 1-911
Indianapolis and St. Louis
73
27
90
36X
1051,6 108 X
68
5
25
36X
2
12X
20
12
20
23
29
20
13
24
15
55
23
24
5
28
105 X 107 X
99X 103X
77 X
61
6
20
98
103 X
16
87
93X
91X
Railroad, Public Utility and Industrial Bonds
Vilas A Hickey
102 X 107 X
101
BOND BROKERS
New Yerk Stock Exchange
94X
113X H6X
105 X 108
100X 104 X
52
21X
24 X
i07X
"91X
"~4
20
*20""
87 X
102 X 105
108X nox
33
2
63
119 X
115 X U9X
112 X 117
49X
54X
106X 108X
85
*21
103 X
61
58
108
27
13X
12 X
"l3"
46
105 X
25
25X
O
4
11
110X
105X
D
296
60
107X
J
1987
105X 107 X
115X
J
General 4s
68X
115X
J
1961
1987
29
90
56
D
1951
30 X
80X
48X
25
J
{♦Cent New Engl 1st gu 4s
84X
58 X
J
Cent 111 Eleo A Gas 1st 5s
104 X
56
J
Central N J gen g 5a
65X
19X
20
28
91X
A
9
58 X
J
MN
156
"~5
J
103X 106X
105 X U0
77X
20X
85X
J
114
103
85X
MN
J
108X 111
104
85 X
MN
J
109 X
*103 X
For footnotes see page 3641.
49 WALL STREET
2
101X
115X
1981
1948
1943
{♦Central of Ga 1st g 5s.—Nov 1946
♦Consol gold 5s
...1945
♦Ref A gen 5Xs series B—... 1959
♦Ref A gen 5s series C——.1959
♦Chatt Dlv pur money g 4s.. 1951
♦Mac A Nor Div 1st g 5s
1946
♦Mid Ga A Atl Dlv pur m 58.1947
♦Mobile Dlv 1st g 5s———1946
Cent Hud G A E 1st A ref 3X8.1965
UOX U3X
UOX U2X
118
118X
D
75
♦Cent Branch U P 1st g 4s
Cent Dlst Tel 1st 30-yr 5s
105 X 107X
5
J
J
J
l
22
113
83X
Cart A Ad 1st gu g 4s
102X 106X
H
112X
*118
48
147
103X
94X
82 X
68X
Carriers A Gen Corp deb 5s w w 1950 MN
102X
106
111X
247
U6X
70X
111
84
H3X
95X
"92X
5
111
103 X 104
102 X 108
J
1st A cons g 6s ser
*108 X
62
J
27X
84 X
114X
1
107 X
1970 F A
equip trust ctfs
.1944
Coll trust gold 5s
Dec 11954
Collateral trust 4X8—.....1960
{♦Car Cent 1st guar g 4s......1949
26 X
11
1962
5s
64
J
Atl A Chart A L 1st 4Xs A
1st 30-year 5s series B
111
102X 118X
27X
111
114X
103
103X
114X
126X
92 X
104X
116X
107X
26 X
98
3
82 X
111X
94X
95 X
J
Canadian Northern deb 6X8—1946 J
J
Canadian Pac Ry 4% deb stk perpet J
Coll trust 4Xs—1946 M S
Caro Clinch A 01st 5s
104H
113
5
104
J
Guar, gold 4Xs
June 15 1955 J D
Guaranteed gold 4Xs
1956 F A
Guaranteed gold 4Xs..Sept 1951 M S
30 X
106X
USX
80
104
103 X
J
1942 A O
Guaranteed gold 5s...
23X
106 X
72X
104X 106 X
104X
MN
O
41
104 X
61
88X
89X
99X
57 X
47X
105X
84
J
Canadian Nat guar 4X8—1957 J
Guaranteed gold 6s
July 1969 J
Guaranteed gold 6s
Oct 1969 A
25X
72
9
81X
95X
40X
33X
103 X
106X
J
O
48 X
104X
102X
9
113X
95 X
A
99 X
102
32
105
D
J
....1940 J
♦Camaguey Sugar 7s ctfs
Canada Sou cons gu 5s A
32 X
32 X
97 X
98
......
3X8
10
72
72
102 X
104 X
f deb
174
37
32
104
1957 M N
1950 F A
♦Consol 5s..—
.——.1955
Bush Term BIdgs 5s gu tax ex.-I960
By-Prod Coke 1st 5 Xs A
1945
Cal G A E Corp unf A ref 5s. .1937
114
97
s
40X
104X
27 X
*34
High
95X 100 X
76
104 X
CodsoI 4X8
.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
Amer Water Works A Electric—
M
80
Bruns A West 1st gu g 4s.—...1938 J
J
Buffalo Gen Eleo 4Xs ser B...1981 F A
Buff Roch A Pitts gen g 5s.... .1937 M S
112X 115
109 X 119X
112
114X
107 X 116 X
92
J
s
115
82
104X
80
1st lien A ref 6s series A..—1947 M N
....1950 J D
107 X 110X
J
45
1952 J
1st lien A ref 5s series B
101X 106 X
112
134X
D
S
16
72X
Debenture gold 5s...
90 X
97
101X 104
66X
83X
69 X
79
111X U7 X
J
J
46 X
72 X
105
1944
Bklyn-Manh R T sec 6s A
1968
15-year sec 6s, series A
1949
Bklyn Qu Co A Sub con gtd 5s.1941
1st 5s stamped
—..1941
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 58....1945
118 X 143 X
......
M
49X
69
46
4Xe ser JJ
—1961 A O
{♦Boston A N Y Air Line 1st 4sl955 F A
{{♦Botany Cons Mills 6Xs
1934 A O
♦Certificates of deposit.........
|{*Bowman-Bilt Hotels 1st 7s. 1934
M 8
Stmp as to pay of 3435 pt red
J
Brooklyn City RR 1st 5s
1941 J
Bklyn Edison Inc gen 5s A
1949 J
99 X 101X
72 H
49 X
J
1st g
90
3
90 X
J
1950 M 8
Boston A Maine 1st 5s A C...1967 M S
1st M 5s series II
—..1955 MN
100X
108x uox
102
98
1951 A O
Big Sandy 1st 4s
Bing A Blng deb 6X8
81
132 X
90 X
85 X
97X
47 X
44 X
♦Berlin Elec El A Underg 6X8.1956
Beth Steel cons M,4Xs ser D..1960
60
67 X
D
!J
101
97 X
101 x
85
98
Belvldere Delaware cons 3Xs—1943
♦Berlin City Elec Co deb 6X8—1951
♦Deb sinking fund 6X8
1959
♦Debentures 6s
—.1955
73
95 X
x
Low
76
78
48 X
M N
s
53
55
87 X
130
85
M N
Bell Telep of Pa 5s series B....1948
1st A ref 5s series C
.—.I960
110
55
131X
MN
Battle Crk A Stur 1st gu 3s....1989 J~T>
Beech Creek 1st gu g 4s
J
1936 J
2d guar g 5s
J
1936 J
69X
109
50
100
71X
5
...
53
X
X
37
Ref A gen M 5s ser F
Bangor A Aroostook 1st 5s —.1943 J
Con ref 4s
1951 J
4s stamped.
.1951
103X 107 X
87X
100 x
......
5
93
110
S
F
M
2
14
104
110
......
101
92 X
*
......
97
85X
......
......
Allegh A West 1st
•
87X
A
♦Coll A conv 5s.
A
D
11
....
72 X
68
*63
104
F
J
102
107 X
70
49
97
65X
*110X
107X
......
40X
6
65 X
D
♦6s with warr assented
156
99
O
|J
TTiay
44 X
102
79
i960 F A
.—1996 M 8
Gen mtge 5s series E__
COMPANIES
M
97
78X
2000 M
Beech Creek ext 1st g 3Xs
24 X
—
Yokohama (City) extl 6s
32
22
19
1946
vv/ivy/ eicerua, /S—i»08
29
20 X
19
J
No.
96 X
78 X
29X
23X
21
Serbs Croats A Slovenes
(Kingdom)
♦8s Nov 1 1935 coupon on.. 1962 M N
♦External s f 6s...
Venetian Prov Mtge Bank 7a-.
Vienna (City of)—
23X
.3
-
J
D
External s f 5Xs guar
..1961
Trondhjem (City) 1st 5Xs—.1957
♦Uruguay (Republic) extl 8s -1946
♦External s f 6s.....
—1960
26
29X
23X
21X
20X
90X
35
32X
.
S
O
♦7s Feb coupon off.........
Sydney (City) s f 5Xs.Taiwan Elec Pow s f
5Xs
1971
Tokyo City 5s loan of 1912
1952
22 X
3
25 H
M
1946 J
J
g 6Xs
*25 X
J
1940 A
7s
♦Saxon State Mtge Inst 7s
10
...
J
High
96 X
1940 MN
Ref A gen 6s series O
1995
P L E A W Va Sys ref 4s_..1941
Southwest Dlv 1st 3H-58——1950
Tol A Cln Dlv 1st ref 4s A—.1959
27
20 H
16X
/Since
Jan. 1
S
J
5s assented
1940
Bait A Ohio 1st g 4s._...July.. 1948 AO
Refund & gen 5s series A
D
1995 J
1st gold 5s
.July. 1948 A O
28X
*18X
15X
1952 IVI N
♦Extl 6Hs May coupon off— *
M N
San Paulo (State of)—
Range
Asked
D
M
—1948
{Baldwin Loco Works 1st 5s
Sao Paulo (City of
Brazil)—
♦8s May coupon off
A
17X
18
18
28
A
Bid
Low
27X
20X
mx
109 x
Range or
Friday's
Sale
Price
High
Low
4
35
20
O
Rotterdam (City) extl 6s
1964 M N
Roumanla (Kingdom of Monopolies)
♦7s August coupon off..
1959 F A
J
♦Saarbruecken (City) 6s
1953 J
§♦88 July coupon off
Last
N. Y. STOCK EXCHANGE
Week Ended May 29
Since
Friday's
Bid
BONDS
Range
•8
Range or
Last
N. Y. STOCK EXCHANGE
Week Ended May 29
3637
Week's
Friday
Week's
Friday
43X
3®
New York Bond Record—Continued—Page 3
3638
May 30, 1936
Week's
Friday
Last
BONDS
Hewlett
Hros.
Johnson
&
l
<n m
tM embers
{
{♦Colon Oil conv deb 6s.
..1938
{♦Colo Fuel A Ir Co gen s f 5s..1943
{{♦Col Indus 1st A coll 5s gu_.1934
Colo A South 4%s ser A
..1980
Columbia G A E deb 6s. .May 1952
Debenture 5s
-Apr 151952
_
"H.ew York,
T.
Chicago, III.
^Private Wire
133 So. La Salle St.
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s_
Y. 1-761 + 'Bell System
BONDS
Last
Range or
Sale
N. Y. STOCK EXCHANGE
Week Ended May 29
•Nft,
Price
A
Since
Asked
—1948
Low
F
A
F
A
High
No.
109%
128
108
108
"99%
99%
MN
♦79
..1941 MN
Central Steel 1st g s f 8s
Certaln-teed Prod 5%s A
124
4
140
85
"""2
1948 M S
"92%
Champion Pap A Fibre deb 4%sl950 M S
Chesap Corp conv 5s....
1947 MN
10-year cony coll 5s
1944 J D
'130""
92%
105%
120%
130%
273
116%
110%
125%
113%
110%
125%
116%
111%
126%
47
111
111
111%
9
110', 6
110',6
2
Ches A Ohio 1st
con g
5s.. ....1939 M N
General gold 4%s..
Ref A lmpt 4%s—.
....1992 M
S
...1993 A O
Ref A lmpt 4 %s ser B
1995 J
J
Craig Valley 1st 6s_.May__.1940 J
J
J
J
*112
S
8
22
30
*115
Warm Spring V 1st g 5s....1941 M
High
103% 110
102
108
89
100
*110
121%
92%
102%
115%
110%
110%
118%
110%
110',6
108%
A
{♦Consol Ry
A
111
111%
110%
*107%
1955 A
88
126%
100
106
137
120%
112%
126%
113%
113%
1956 J
Consolidation Coal s f 5s
1960 J
Consumers Gas of Chlo gu 5s. 1936 J
Consumers Power 3%s..May 11965 MN
61
102%
108%
105%
104%
102%
101%
105%
104%
102%
56%
1st mtge 3%s
May 11965 M N
Container Corp 1st 6s.;
....1946 J D
15-year deb 5s with warr
1943 J D
104%
103
Copenhagen Telep 5s Feb 15.—1954 F A
Crown Cork A Seal 8 f 4s
..I960
Crown Willamette Paper 6s ...1951
Crown Zellerbach deb 5s w w__ 1940
Cuba Nor Ry 1st 5%s
1942
MN
J
J
"105%
104%
102%
57%
43
49
99
15
99% 105%
388
105%
104%
112%
98% 104%
110
112%
111% 111%
111
112%
104% 104%
107% 110%
105% 107%
_
15
----
47
111%
---
-
2
110%
108%
2
22%
107
22%
28
103%
20%
20%
42
34%
20
20%
51%
.
85%
98% 105
48% 70%
59% 80%
95
105
22%
106%
103%
20%
20%
*20%
106%
103%
.20%
"65%
—-
68%
72%
*102
.1955 J
♦Debenture 4s.......
♦Debenture 4s
105
67%
69%
104%
104%
103%
112%
*110%
l04%
deb 4s—1954 J
n on-con v
♦Debenture 4s......
High
105% 110%
100% 108%
95
102%
100
102%
"96""
105
68%
72%
104%
O
...1957 J
Low
105
30
106% 109%
103% 106
2
20
32
7
•
20
24
31
20
14
21
30%
81%
51
ft*-*.
62
53%
102%
32
109%
14
105%
104%
103%
101%
105%
104
107%
17
103
105
42
100% 103%
5
102% 103
107
109%
7
96
2
102
5
103% 106%
6
104
6
102
104%
102%
57%
17
53%
18
106%
103%
♦109
J
26
♦109
Potts Creek Branch 1st 4s...1946 J
R A A Dlv 1st con g 4s
..1989 J
2d consol gold 4s___
..1989 J
Low
67
124%
94%
105%
MN
14
102
__
Jan. 1
109%
109%
AO
M N
No.
108
*82%
1955 F
Debenture 5s
Cent Pac 1st ref gu g 4s
....1949
Through Short L 1st gu 4s...1954
Guaranteed g 5s
..I960
Cent RR A Bkg of Ga coll 5s. ..1937
A
High
108%
*110
11U
A
Stamped guar 4%s.—
1951 J
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s.
1956 J
Consol Gas (N Y) deb 4%s
1951 J
Range
Friday's
Bid
F
F
Since
Jan. 1
05 CQ
107%
102
Range
fi
Asked
107
108%
107%
J
Comm'l Invest Tr deb 5%s
1949 F
Conn A Passum Rlv 1st 4s.... 1943 A
Conn Ry A L 1st A ref 4 %s—1951 J
Week's
Friday
J
....Jan 15 1961 J
Deberture 5s
Connection*
Randolph 7711
Teletype *K Cgo. 543
Dig by 4-5200
A
Low
RAILROAD 'BONDS
One Wall Street
Bid
Price
Cleve Union Term gu 5%s
1972 A O
1st s f 5s series B guar
...1973 A O
1st s f 4%s series C
1977 AO
Coal River Ry 1st gu 4s
1945 J D
York Stock Exchange
^ew York Curb €xchangt
f
Range or
Friday's
Sale
N. Y. STOCK EXCHANGE
Week Ended May 29
Chic A Alton RR ref g 3s
1949 A
Chlo Burl A Q—111 Dlv 3%s_.. .1949 J
O
Illinois Dlvlsloh 4s
.1949 J
General 4s................ .1958 M
J
1st A ref 4Mb ser B__
1st A ref 5s ser A
J
S
1971
F
♦Refunding g 6s ser B
♦Refunding 4s series C
1947 J
1947 J
16%
J
....
♦Chlo M & St P gen 4s ser A...1989
♦Gen g 3 Mb ser B May 1
1989
♦Gen 4%s series C..May 1..1989
30%
44%
iSft
Den Gas A El 1st A ref
Stamped as to Penna tax
1951 MN
J
{♦Den A R G 1st cons g 4s
1936 J
J
{♦Consol gold 4%s.
1936 J
{♦Den A R G West gen 5s..Augl955 F A
19
14
120
3
116
27
23%
24
165%
100%
*111%
60
15
31%
45
44
43%
25%
25%
100%
56
55%
53%
59%
59
58%
18%
6%
283
23
8
25
72
13
17
154
111%
46%
43
'"45
21%
120
104% 105%
26% 39%
28% 49
29
48%
28% 46%
28
15%
16% 29
92%
111%
14
47%
47%
61
44
49%
21
632
17%
692
6
65%
58%
68
68
69%
25
„
9k
56
East Ry Minn Nor DlV 1st 4s..1948 A
42
43
57%
56
61%
19
21
17
27
18%
18%
25
16
18
3
16
25%
25%
11%
18 %
"12%
13
10%
17
42%
73
74
207
8
195
32%
46%
33
71
31%
17
64
15
15
15%
28
13%
17%
15%
7%
18
8
15%
14%
43%
20%
19%
22%
20%
11%
8%
D
D
*85
7
*90
Memphis Dlv 1st g 4s
D
1951 J
Chic T H A So East 1st 5s
D
1960 J
Ino gu 6s...
Deo 1 1960 M S
13
41
*109
June 16 1951 J
16%
8%
Chllds Co deb 5s
J
103%
S
100%
106 %
1943 A O
81
103 %
6
74
78%
19
61
84
105',e
105%
107%
27
102
J
92%
94
95%
105%
105",6
107%
106%
110%
103%
106%
106%
80%
105%
J
Copper Co deb 6s
J
1947 J
{♦Choc Okla A Gulf cons 5s....1952 MN
Cln G A E 1st M 4s A.
CJn H A D 2d gold 4Mb
91%
J
Chile
103%
*
..1968 A O
90
106%
111%
103%
106%
106%
82
103%
104
*106%
1072532107M32
107,3i6 107",61072932
1st guar 5s series C
1957 M N
110 %
110%
110%
Clearfield A Mah 1st gu 4s.....1943 J
J
*104%
105
4s
108%
108
109
108%
108% 112
99% 105%
156
106
108
66
106
108
35
224
73
"27
3
21
29
86%
100% 103%
35
118
118
*104%
8
105%
99
100
"68
93%
92
95
321
*105%
97%
100%
*104%
1940 M S
Cleve A Pgh gen gu 4%s ser B.1942 A
Series B 3%s guar
...1942 A
Series A 4%s guar......... 1942 J
102%
9
99%
W W Val Dlv 1st g 4s
J
1940 J
Cleve-Cliffs Iron 1st mtge 4%s_1950 MN
Cleve Elec Ilium 1st M 3%s
J
1965 J
Series C 3 Mb guar.
Series t> 3 Ma guar
95
105%
105716
105%
105%
47
101% 106
101% 103%
100% 102
106
106%
1072532 110%
107",6 111
110% 113
*101%
106%
111
111
O
*111%
O
"97% "~2
101
12
96% 104%
111% 118
103% 105%
89
101%
95
78%
105
106%
93% 100%
96
104%
104
106%
111
104
94% 101%
101% 107
108% 111%
*104
J
..1948 MN
114%
*111%
*106%
*106%
111% 113
*106
106"
1950 A
F
Gen 4Mb ser A
1977 F
Gen Aref mtg4%sserB—1981 J
A
J
*109%
Cleve Short Line 1st gu 4%s—1961 A
O
109%
109%
106""
1965 A
O
107
107%
32%
32%
16%
16%
88
""l2
6
11
109
5
111%
32
Conv 4s series A
A
...1953 A O
Series B
1953 A
Gen
conv 4s serlesD
Ref A lmpt 5s of 1927
Ref A lmpt 5s of 1930
Erie A Jersey 1st s f 6s
O
1953 A
;
104
83%
106%
84%
85%
"85""
84%
-----
—
-
——
O
76%
1975 A
1955 J
"""3
108%
20%
31
3
26
11
20%
23
—-
1I3""
"5
109
....
3d mtge
..—1938 M
4%s
1954 F
A
—
—
104%
85%
"
22
120
4
106%,
85
11
84%
26
88
—
89
76%
323
*111
119"" """I
*102
53
102
102%
103
s f g 7s
1946 J
{♦Fla Cent A Penln 5s..
1943 J
{♦Florida East Coast 1st 4%s—1959 J
J
*71
74
J
54
2
54
58%
58%
8%
♦Certificates of deposit
Fonda Johns A Glov 4%s
D
58%
—
99%
86
85%
119
116% 119%
42%
"""9
97%
16
101%
10
....
69
3
95
60%
52%
56%
54
8
83
7
10 H
1
8
U
2
4
8
8
8
1974 M S
88
101%
103
104
100%
77
67
66%
102%
98%
♦1st A ref 6s series A
70
69%
103
D
Flat deb
75
107
107
107
105%
89%
106%
89%
89%
99
1954 J
102%
100%
105%
105%
99%
77%
105%
74%
98
30-year deb 6s series B
S
101% 109
m em nm em
S
S
108
-----
1942 M
5s International series
1942 M
1st lien s f 5s stamped...... 1942 M
1st lien 6s stamped
...1942 M
*99%
103% 111
107
104% 104%
58
S
105
....
*101%
58
103
105% 107
62%
72%
107% 108%
12%
23%
16% 21%
104% 104%
117
112%
85""
15%
15%
112% 116
74
■
77%
119
S
Ernesto Breda 7s
Federal Light A Tr 1st 5s
"
75%
*115%
Genessee River 1st s f 6s
J
1957 J
NY A Erie RR ext 1st 4s...1947 MN
110
128% 131
110
112%
76
J
113
108% 110%
108% 111%
50
50%
"35"
-II.
—
103*32
105%
69%
*81%
■77"
7
71
108% 110
----
~40~"
84
O
..1967 M N
4
66
—
2
116
*106
J
38%
20%
20%
31%
23
— —
"
7
J
38
81%
18%
27
-
8
cons g 4s 4s prior..l996
1st corsol gen lien g 4s
1996
Penn coll trust gold 4s——1951
110
30
13
110%
J
106%
100% 105
38
107%
1940
105"
,
105% 108%
105% 108%
25%
69%
108%
65%
49% 61
49% 75%
46% 70%
102% 104%
104% 106%
78% 90%
nlOS
*106
7%
8
8%
8%
4%
3%
3%
*104%
4%
3%
10
nH
1952
{{♦Proof of claim filed by owner.. MN
(Amended) 1st
cons 2-4s—1982
{{♦Proof of claim filed by owner MN
♦Certificates of deposit
Fort St U D Co 1st g 4%s_.
1941 j""j
Ft W A Den O 1st g 5%s
..1961 J D
Framerican Ind Dev 20-yr 7 %s 1942 J
J
s
Galv Hous A Hend 1st
f 7%s...l942 MN
*106
Gas A El of Berg Co cons g 5s..1949
Gen Amer Investors deb 5s A.. 1952
Gen Cable 1st s 15% A
1947
♦Gen Elec (Germany) 7s Jan 151945
J
A
J
1940 J
Gen Pub Serv deb 5%s—
1939 J
{{♦Gen Theatres Equip deb 6s. 1940
♦Certificates of deposit
{♦Ga A Ala Ry 1st cons 5s....1945
{{♦Ga Caro A Nor 1st ext 6s..1934
♦Good Hope Steel A Ir sec 7s..1945
Goodrich (B F) Co 1st 6%s
1947
—
A
J
O
J
D
Goodyear Tire A Rub 1st 5s... 1957 M N
Gotham Silk Hosiery deb 5s w wl946 M S
{{♦Gould Coupler 1st s f 6s
1940 F A
Gouv A Oswegatchle 1st 6s—1942 J D
—
— —
101% 104%
101
105%
33%
3
29
34
10
30
20
30%
34%
84
24
*12%
*21%
33
J
1945 J
5
11
33
80%
24
J
A
105
34%
103
103
"24"
J
J
—
loi"
33
24
J
110%
78
90%
85%
75%
34%
J
O
87%
106
33
D
1948 M N
Gen Steel Cast 5%s with warr.1949 J
13
103%
104%
J 'J
♦Sinking fund deb 6%s
♦20-year s f deb 6s
9
78
105%
*120
D
F
J
107
*80%
6%
105
105
106%
73
5%s A..1938 A O
6%
3%
105
107
78
33
104
7
102
32
76
98
26
30
19
30%
26%
62
19
30
12
20%
20
32
103%
81%
19
29
33
1
5
30
35%
107% 108%
108%
105%
104%
78
104
88
103% 106
99%
85%
109
56
104%
104%
5
100
108
108
2
108
107%
165""
105
104
104
99%
99%
84%
75
J
!
3641.
-a...
105
110%
J
Gr R A I ext 1st gu g 4%s—1941 J
For footnotes see page
103
t
107%
*130%
*112%
108%
*107%
110%
1966
Conv deb 6s
105% 110%
107%
19%
19%
*103%
20
1940
{♦Francisco Sug 1st
102
Cairo Dlv 1st gold 4s
...1939
Cln Wabash A M Dlv 1st 4s_1991
St L Dlv 1st coll tr g 4s......1990 MN
g
2
43
___
1993
.1993
Ref A lmpt 6s ser C........1941
Ref A lmpt 6s ser D.......1963
Ref & lmpt 4Mb ser E
.1977
Spr A Col Dlv 1st
2
2
48
J
1937 J
CI St L A C 1st g 4s
Aug 2 1936 Q F
Cln Leb A Nor 1st con gu 4s...1942 MN
Cln Union Term 1st 4%s A
J
2020 J
1st mtge 5s series B........2020 J
J
Cleve Cln Chi A St L gen 4s
General 5s serial B
83%
110
76
D
S
105
68
J
1941 M N
Erie RR 1st
35%
32%
16%
103
105%
69%
107%
20%
1995 J
5s stamped
80
33
*116
O
East T Va A Ga Dlv 1st 5s
1956 M N
Ed El 111 Bklyn 1st cons 4s....1939 J
J
Ed Elec (N Y) 1st cons g 5s
Elglr Joliet A East 1st g 5s
El Paso A S W 1st 5s
70
17
J
........
Erie A Pitts g gu 3%s ser B
Series C 3%s
34
*25
J
44
19
111%
O
43
"77
108%
115%
108%
111%
*35%
"116""
-
"I
101
*4
*
4%s..l961 MN
Donner Steel 1st ref 7s.......1942 J
Dul A Iron Range 1st 5s
1937 A
Dul Sou Shore A Atl g 5s_
1937 J
J
Duquesne Light 1st M 3%s... 1965 J
♦{East Cuba Sug 15-yr s f 7%s.l937 M S
♦Ctfs of deposit
56.
15%
24%
*25
48%
54%
54%
45%
16
D
38%
39%
44%
'
...1996
34%
42
40
83%
105%
*101
25%
4
5
106
105%
"16%
•
1U1
*102%
106%
*106%
31%
32%
♦31%
55%
9
00
..1995 J
♦2d 4s assented
Detroit Term A Tunnel
7
June 15 1951 J
J
♦Second gold 4s
65
62%
102%
inn 5^
1995
69
*
"18""
1st mtge 4s series D__
1963 J
Chlo A West Indiana con 4s. ..1952 J
1st ref 5%s series A
..1962 M
1st A ref 5 Mb series C......1962 M
1st 4s assented
50
15%
J
♦
*40
m's
J
Gen A ref 6s series E....... 1952 A O
Gen A ref M 4s ser F
1965 A O
♦Detroit A Mao 1st lien g 4s...1995 J D
39
33
J
{♦Des Plalnes Val 1st gu 4%s..l947 M S
Detroit Edison gen A ref 5s ser C *62 F A
Gen a ref 4%s series D
1961 F A
34%
—
J
♦Assented (subj to plan)
...
♦Ref A lmpt 5s ser B
Apr *78 AO
J
{♦Des M A Ft Dodge 4s ctfs._.1935 J
39
17
Chlo TJn Sta'n 1st gu 4%s A...1963
1st 5s series B
1963
Guaranteed g 5s
1944
Guaranteed 4s
1944
5S...1951 MN
*37
"39""
17%
Gold 3%s
s f
7%
35%
♦1st ref g 6s
May 1 2037 J D
♦1st A ref 4 %s stpd. .May 1 2037 J D
♦1st A ref 4Mb ser C..May 1 2037 J
D
♦Conv 4Jis series A
1949 MN
i960 M N
J
97
105
'"§2%
J
...........
23
"44%
1952
1st A ref 4%s—
1969 J
1st mortgage 4%s..........1969 J
64
61%
102%
105%
82%
61%
102%
J
14
20%
7%
1934 AO
Del Power A Light 1st 4%s....l971 J
82
"61""
.
64
1936
Cumb T A T 1st A gen 5s
1937
Dayton PowALt 1st A refi3%s 1960
Del A Hudson 1st A ref 4s
1943 M N
Gold 5%s
1937 MN
10
1936 MN
♦Conv g 434s.
Ch St L & N O 5s
27
....1936
52
53%
60
43
25
1987 MN
♦Certificates of deposit.
{♦Secured 4Mb series A
♦Certificates of deposit
112
113%
112%
116%
56%
{{♦Chicago Railways 1st 5s stpd
Aug 11933 25% part pd
FA
{♦Chic RIA P Ry gen 4s
J
1988 J
17
54
8
4
....1952
16%
41%
41%
*43""
~58%
1987 MN
110
41
55%
104% 108%
108% 113
107% 113%
106%
17
112%
104%
29%
3%s—1987 MN
♦Certificates of deposit.
{♦Refunding gold 4s
51
108
120
14%
105""
Stpd 4s non-p Fed Ino tax, 1987 MN
♦Gen 4%s stpd Fed lno tax..1987 MN
♦Gen 68 Btpd Fed lnc tax
1987 MN
♦4%s stamped
I ♦Secured g 6 Mb
110
S
D
97
*47
-Jan. 1.2000
♦General 4a...
113%
Cuba RR 1st 5s g
1st ref 7%s series A
1st lien A ref 6s ser B
J
16%
14%
55
♦Gen 4%s series E__May 1..1989
♦Gen 4Ha series F__May 1..1989
{♦Chic MUw St P A Pac 5s A..1975
112% 116%
108% 109%
M
95
16%
J
♦1st A gen 5s series A
1966 MN
♦1st A geD 6s series B.May.. 1966 J
J
Chlo Ind A Sou 50-year 4s..... 1956 J
J
Chlo L S A East 1st 4%s
J D
... 1969
gen g
112
A
ChGLA Coke 1st gu g 5s
J
1937 J
{♦Chicago Great West 1st 4s... 1959 M S
{♦Chic Ind A Loulsv ref 6s
J
1947 J
{♦Chic A No West
"iis%
.1977 F A
......
if Chicago A East 111 1st 6s
1934 A O
t*C A E 111 Ry (new Co) gen 5s. 1951 MN
♦Certificates of deposit.....
Chicago A Erie 1st gold 5s..... 1982 MN
♦ConvadJ 5s
60%
107%
111%
113%
107%
111
19
99
105%
100
88
104%
110
Volume
New York Bond
142
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended May 29
Price
Range or
Grays Point Term 1st
gu 6s_—1947
High
101%
Since
101%
No.
90
93
88%
1977
99%
99 M
..1946
111%
100M
109%
100%
112
100% 3071
99
91
100'532 l02M
107M 113
107M 116
103% 112M
96 M 105
96 M 105
109 M 115
99M 101 %
106
105
106% 1307
104 M 107 %
1st A gen s f 6%s
1960
Great Northern gen 7s ser A.. 1936
1st A ret 4%a series A
1961
*83
1001*32 100is32
112 %
111M
113
113%
General 6%s series B
General 6s series C
1962
1973
107
General 4%s series D
General 4%s series E
1976
100%
Gen mtge. 4s ser G_
Gen mtge 4s ser H
FOR BANKS AND DEALERS
95
99
93
A!
BROKERS IN BONDS
High
101% 103M
Low
24
*90
D
Gt Cods El Pow (Japan) 78—1944
1946
Units (equal amts of G A H).1946
♦Green Bay A West deb ctfs A
Stamped
119
54
114M
107%
58
101
92
*51
100 %
31
421
3513
60
75
9
96 %
95%
91%
*74 %
92%
96%.
92 Ml
1942
103 M
103
^
1952
J
108 M
108 M
1949
J
14%
Friday
94M
77M
69
75%
102 M 104 M
108 M
♦Harpen Mining 6s
Hocking Val 1st cons
NEW YORK
Telephone Whitehall 4-2900
81M
75M
75
103 M
Hackensack Water 1st 4s
Members New York Stock Exchange
63 Wall St.
106 % 107
90
98 %
*74%
D
D. H. SlLBERBERG & Co
70
7M
9%
*107 M
J
Gulf States Steel deb 6
His
82 M
100%
Feb
1940 M N
Gulf Mob A Nor 1st
5%s B...1950 A O
1st mtge 5s series C
1960 A O
Gulf A 8 11st ref A ter 6s.Feb 1962
J
87%
1001*32
112%
107
Feb
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
3639
Jan. 1
Bid
1936 M S
_
4
Range
Friday's
A
Asked
Sale
Low
Grand Trunk Ry of Can g 6s.
Record—Continued—Page
Week'8
Friday
Week's
Last
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 29
Range or
Friday's
Sale
Price
Bid
A
g
J
4%s_._1999
♦Hoe (R) A Co 1st mtge
123
123
O
55
{♦Housatonlc Ry cons g 6a
1937 MN
H & T C 1st g 5s lnt
J
guar
1937 J
Houston Belt & Term 1st
J
5s... 1937 |J
Houston Oil sink fuDd 5
Ms A..1940 M N
74
1944
A...1967 F
ser
♦Adjustment Income 5s.Feb 1967
A
A
Illinois Bell Telep
3Ms ser B..1970
Illinois Central 1st gold
4s.... 1961
1st gold 3 Ma
1951
Extended 1st gold
3%s
1951
1st gold 3s
sterling
1951
A
Collateral trust gold 4s
J
J
J
J
A
M
_
8
1952 A O
1955 M N
Refunding 4s.
Purchased lines 3 Ms
Collateral trust gold 4s
1955
1953 M N
|M
N
High
No.
95%
21
93
93
42 M
~78%
82 M
117
31%
118
107%
105M
100M 103
38 M
48M
76
30
41%
123
78%
30 M
107 %
107M
♦109M
102%
*100M
*89 M
82
82
84 M
84 M
*77%
76H
1
45%
241
85
45%
53%
94%
95 M
49%
52
34
55
41
40
"72"
73M
126
,
72 %
81
1951
♦88%
Western Lines 1st g 4s
1951
111 CeDt and Chic St L A N
O—
Joint 1st ref 5s series A
1963
1st & ref 4Mb series C
1963
Illinois Steel deb 4 Ms
1940
Ind Bloom A West 1st
ext 4s._1940
Ind 111 A Iowa 1st
g 4s
1950
{♦Ind & Louisville 1st gu 4s...1956
Ind Union Ry gen 5s
ser A
1965
Gen A ref 5s series B
1965
Inland Steel 3%s series D
1961
*92 M
{Interboro Rap Tran 1st 5s
77 %
106 M
t
ser
♦1st 5s series B
♦1st g 5s series C
104%
94%
-
Debenture 5s
1955 F
James Frank A Clear 1st 4s
Kan A M 1st gu g 4s
94 %
137
103M 104 M
18
89 M
87 %
95
92%
50
52
19
48 M
65 M
46%
46 H
45
M
93 %
94%
94%
94 M
90
60 M
94 %
92
93%
28
87%
94%
93 %
92%
99M
93%
22
99%
28
86 M
97 M
99
102M
115M 141%
99 M
40 %
47 M
9%
35
16
33 M
14%
46 M
34
45
69
45
36%
65%
90 M
75M
36
41%
118
109
71M
95
94
71%
95%
S
81
80 %
82
A
4
"3
88 M
96
88 M
80 %
1
81M
39
73%
91%
91%
99 M
80
80%
91%
91%
92%
162
84 %
84
85
100
86 M
79
7
1H
92M
93 M
13
*104
"45
113
111%
113
86
84 M
88
86
90
.Apr 1950 J
1960 J
$925)..1943
(par $925).. 1943
Keith (B F) Corp 1st 6s
1946 M S
Kendall Co 5 Ms
1948 M S
Kentucky Central gold 4s____.1987 J
42%
24
9
89
178
108 %
90 %
108 %
105
18
a40
1980 J D
♦Karstadt (Rudolph) 1st 6s
1943IM N
♦Ctfs w w stmp (per
$645).. 1943
♦Ctfs w w stmp (par
warr
"21
104%
%
108%
a40
5
*25
60
30
J
42
39
38 M
32
93 %
92
103 M
102
96 %
104%
107
115
89
100
98
103 M
106
*102
106
1937 A O
106
103
*
105M
O
A
41
'
*99 M
...1997 A
57%
53 M
37%
111
113%
74 M
86
67
90%
107
109 %
102 M 106 M
27
*112
J
Kings County Elev 1st g 4s.__1949 F
Kings Co Lighting 1st 6s
1954 J
40 %
103M
-
1961 J
M
105 M
37 M
~28
27
93
4
96
161
105%
1954 J
105M
*115%
122
Kinney (G R) A Co 7 M % notes 1936 J
*100
107 %
107
106
5!
105M
5
161
1
105%
116M
25
122
102
•U05M 106M
155
161
103% 108 %
112% 115%
119
25
122
100
100 %
108
102 M
104 M 112
27% 41
S
86%
.36%
37%
60
O
100%
66%
100%
100%
67%
67%
52
99
61
66
66
Coll A ref
5Ms series D
Coll tr 6s series A
1960
66%
1942
*64%
Coll tr 6s series B
1942
*64 %
1937
101%
Lake Erie A West 1st g 5s
2d gold 5s
1941
Lake Sh A Mich So g 3 Ms
1997|
♦Lautaro Nitrate Co Ltd 6s... 1954
Lehigh C A Nav s f 4 Ms A—...1954
Cons sink fund 4 Ms ser C
1954
*103%
104
27M
s
f 5s
1st A ref s f 5s
1974
1938
6% gold notes
For footnotes
see
page 3641.
104 M
104 %
"~il
27%
282
104
102
102 %
66
87
17
7
~70
"14
77
101 % 104
100% 104
99M 105M
21
27%
98
104%
98
104 M
104% 105M
80%
97%
97
101 %
69
69
*61
61
57
97M
1964
1st A ref s f 5s
8
*105M
1954
Secured
%
103
'162
Lehigh A New Eng RR 4s A... 1965
Lehigh A N Y 1st gu g 4s—..1945
Lehigh Val Coal 1st A ref s f 6s. 1944
1st A ref
25%
64 M
80%
80 M
77
161
102 %
71%
6
68
63
64 M
60
61
61
99 %
115
120%
131
137
124
20
103% 107
121% 126
108
"97%
60
105%
103
101%
101M
101%
102
102
101 %
102%
132
132
"73
2
"~2
22
5
93
111
96% 97%
63
45%
104% 106
104% 105%
101
103%
98
102
99% 102%
20
131
122
3
118
94
94
90
84
S
IVI N
121M
93 %
111%
111%
*108%
*104%
107 %
107%
48
103%
21
2003
111
110%
111
2003
109
108%
109%
2003
ser
*105
1941
D
Paducah A Mem Dlv 4s
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4 Ms
South Ry Joint Monon 4s
Atl Knoxv A Cln Dlv 4s
103%
1946
1952
'87%
1980
1945
cons g
J
'93%
1955 IVI N
87%
*113%
93%
112%
103%
42%
44
Manila Elec RR A Lt s 16s
Manila RR (South Lines) 4s
1939!
{♦Man G B A N W 1st 3%S—1941 J
Metrop Wat Sew
A D 5%s__
1950 A
{{♦Met West Side El (Chic) 4s. 1938
♦Mex Internat 1st 4s asstd
44
22
11
58%
71%
31
66%
68
38
50%
38
100
43%
96
97
11
3
13
100
103
103%
104%
23
102
105
12
108
110%
15
*104%
*90%
J
104%
10
105
29
103%
104%
103%
103%
104
24
104%
32
*83" "
"70%
88
12
J
72%
5%
4%
14
5
10
1%
6
2%
4
"~5%
5%
4%
"~3
3
70
3
36
39%
37%
33%
40%
25
26
6
24%
89%
26
15
23%
18%
90%
28
81%
32%
J
si
_26~
J
90
50
32%
14
29
46%
42%
45
38
62
*87
"38%
37%
81%
76%
72%
70
83
"38%
90%
81%
70
263
69%
49%
52%
30%
27%
26%
10%
81%
27
35%
33%
35%
32%
67
68%
135
57%
53
57%
163
28%
29%
12%
69
31%
28%
31%
29%
13%
31%
29%
27%
28%
29%
29%
19
31%
81
30
10%
31%
9%
29%
10%
31%
28
1978 M N
of deposit
♦Conv gold 5 Ms
19491 MN
♦1st A ref g 5s series H
1980 A
O
28
31%
♦Certificates of deposit
A
31%
28%
{♦Mobile A Ohio gen gold 4s.. .1938
MN
M
♦Montgomery Dlv 1st g 5s„ 1947 F
31%
28
30
*91
30
of deposit
I
S
S|
10%
S
Mohawk A Malone 1st gu g 4s. 1991 M
S
11%
90%
1937
..1943
1962
Montecatlni Mln A Agrlc deb 7s '37
.1941
91
Gen A ref
68
Gen A ref
a
100
Gen A ref
s
f 6s series D
91
109%
104%
12%
35%
32%
27
•35%
33%
82
93%
1
105
35
41
18
9
104
104%
106%
103%
107
26
104
23
84%
101%
86
10
102
26
85
36
33%
16%
27
107
102
72%
57%
36
104%
103%
26%
27%
26%
7%
27%
26%
70
150
3
"14%
25"
9
14%
9%
15%
96
85%
105% 109%
103% 105%
103% 104%
106% 107%
97% 104
66%
88
100% 104%
87
83%
85%
*
88
88
82%
1955
1955
6
11%
f 4 Ms series C—.1955
98
76
14
1955
72%
69%
18
182
17%
11%
109
109%
321
,
95
"17%
A
5
326
94
1977 M
1938 M
Monongahela Ry 1st M 4s ser A.'60 M N
J
Mont Cent 1st gu 6s—_
19371 J
30
49%
90%
76
13
.1977
83
36
72%
29%
39
30%
93%
248
31%
O
♦Certificates of deposit
1938'
9
36%
32%
89
1981 F
79
40
1975
♦Mo Pac 3d 7s ext at 4 % July—
88
49%
J
{♦Mo Pac 1st A ref 5s ser A
1965
♦Certificates of deposit—
♦1st A ref 5s series G
32
60%
J
J
1978
♦General 4s
95"
81
35
t
90
Jan 1967
101% 104%
101% 105
32
1962
1962
40-year 4s series B
19
98% 106
67%
95
*76
D
1990
87%
104% 109%
95
S
1941 M N
J
1959 J
{♦Mo-Ill RR 1st 5s series A
94
90
109
1978] J
3%
102% 104%
104%
86%
1946 J
1949 IVI
18%
1%
109
D
92
12%
104%
O
79%
100MU03
*1%
J
100
81
101
103
J
96
80%
108%
D
83
73%
36%
36
100%
103%
103
J|
100
74
61
108%
1949 IVI
1962 Q
Mo Kan A Tex 1st gold 4s
Mo-K-T RR pr lien 5s ser A
f 6s series B
91
93
*14
1934 M N
1st A ref 6s series A
s
99
52
A
1940
25-year 5 Ms
1st ref 5Ms series B
1st Chicago Term s f 4s
f 6s series A
44
109
M St P A S3 M con g 4s Int gu_1938 J
1st cons 5s
—.1938 J
1st cons 5s gu as to Int
.1938 J
s
44
O
1961
1971 J
{♦Minn A St Louis 5s ctfs
♦1st A refunding gold 4s
♦Ref A ext 50-yr 6s ser A
Gen A ref
23
88
80%
1939
Montreal Tram 1st A ref 5s
31
62
*
1951 M
1st ext 4Ms
Deb 6s series A
102% 104%
44
1979 J
{{♦MllwANorlstext4Ms(1880) 1934
1st guar gold 5s
40
"62
112%
1952 M N
1st mtge 5s
Montana Power 1st 5s A
88
58
*82%
1977 M
♦1st A ref 5s series F
108%
81
106
104
93%
*74%
J
Mfrs Tr Co ctfs of partlc In
A I Namm A Son 1st 6s
D
1943
Marlon Steam Shovel s f 6s
O
1947
Market St Ry 7s ser A.April—. 1940 Q
J
Mead Corp 1st 6s with warr
1945| M N
Metrop Ed 1st 4 Ms ser D
1968 IVI
4 Ms
"90
"23
109%
111%
111% 112
86
96%
108% 113
*93
IVI N1
1959 IVI N
♦Sec 5% notes
88
*31
1953 IVI
1st ext 4s
♦Ref A lmpt
103%
110%
107%
103%
107
62
42
O
D
2013
♦Certificates
106%
109
56%
4s. 1990 A
♦2d 4s
♦Certificates
12
99
104
♦Certificates of deposit
Prior lien 4 Ms series D
♦Cum adjust 5s ser A
5
*107%
♦Lower Austria Hydro El 6 Ms. 1944
A
McKesson A Robblns deb 5 Ms. 1950 IVI N
{{♦Manatl Sugar 1st 8 f 7 Ms.-1942
O
♦Certificates of deposit
t*Manhat Ry (N Y)
102%
95
113
107%
103%
107%
103%
107%
103%
104%
101%
105
108
103%
J
133%
122%
111%
111%
109%
104%
103%
58
13
1
122
J
M N
IVI
1940 J
♦1st A ref 5s series I
Laclede Gas Light ref A ext 5s. 1939:
Coll A ref 6Ms Berles C
1953
J
Con ext 4Mb
1939
{♦Mil Spar A N W 1st gu 4s—1947 M
{♦Mllw A State Line 1st 3Ms.. 1941 J
95
33
*34
27
84 %
102
42%
41%
A
•
68%
64%
70%
7
2003
MilW El Ry A Lt 1st 5s B
87 M
2M
*105M
105 M
103
1944 A
1951 F
Jack Lans A Sag 3 Ms
1st gold 3 Ms
Ref A lmpt 4 Ms series C
Mid of N J 1st ext 5s
79 M
94 M
2%
s
1937 IVI N
1949 IVI S
p m deb 5s
86 M
90
98 M
94 M
88 M
79 %
1949 IVI
96%
97
133
*110
1950 A O
1938 J D
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
*85%
"94%
A
Kresge Foundation coll tr 4s. .1945 J
{♦Kreuger A Toll cl A 5s ctfs.. 1959 IVI
35 %
35
J
K C Pow A Lt 1st mtge
4%s.. 1961 F
Kan City Sou 1st gold 3s
1950 A
Ref A lmpt 5s
Kentucky A Ind Term 4Ms.-.1961
Stamped
1961
33
12
130
*34 M
1990 A
♦Certificates of deposit
186
37
10%
34
"iiM
134
36 M
134
1959 J
g 4s...1936
First and ref 6 Ms
31
92
A ref 48.1951 M 8
Purchase money 6s
103 % 106 M
106% 108
104%
40%
70 M
£
1st coll trust 6%
g notes
1941 M N
1st lien & ref 6
Ms
1947 F A
Int Telep A Teleg deb
g 4 Ms.-1952 J
J
Conv deb 4 Ms
1939 J
Kings County El L A P 6s
55
103M
106 %
93 %
1932 M S
Internat Paper 6s ser A & B..1947 J
Ref s f 6s series A
1955 M
Int Rys Cent Amer 1st
5s B..1972 M
Plain
"45"
50
----
Internat Hydro El deb 6s
Int Merc Marine a f 6s
♦Ctfs with
M
106%
104%
93M
_
O
J
1944 A O
1941 A O
Kansas City Term 1st 4s
Kansas Gas A Electric 4
Ms
99 M 101%
21% 45
92
--
1932 A
A.-July 1952 A O
—1956 J
\
{♦K C Ft S A M Ry ref
106
I 87
1956 J
{♦Iqjva Central Ry 1st
71%
92%
67%
88
106 % 108 M
107
*103 %
106%
Interlace Iron 1st 5s B
1951 M N
Int Agric Corp 5s
stamped 1942
N
Internet Cement conv deb
4s..1945 M N
{♦Int-Grt Nor 1st 6s ser A
1952 J
J
♦Adjustment 6s
82 M
78 M
60
High
82%
81%
33%
106%
120%
1st A ref 4s
91 %
'
*100%
1966 J
♦Certificates of deposit
{♦10-year 6s
♦Certificates of deposit
{♦10-year conv 7% Dotes
♦Certificates of deposit
80 M
77 M
82%
97M
60
Low
6
1st A ref 4 Ms series C
Gold 5s
100 M 101
87
97
"96%
97%
D
Unified gold 4s
1st refund 5 Ms series A
1st A ref 58 series B
90 M
82
90 %
♦100%
g 3
A
Louisiana A Ark 1st 5s ser A
1969
Louisville Gas A El (Ky) 5s...1952
Louis A Jeff Bdge Co
gu 5 4s
1945
Louisville A Nashville 5s
1937
98 M
85
75
88%
85M
1946 F
Lortllard (P) Co deb 7s
94
91M
12
98
124"
1952 J
6s
87
98
Ms—-1951
Springfield Dlv 1st
86
103% 105
*99%
*98%
98
91M
85%
90
100 M
100
102 %
64 %
84 M
24
,
A
106%
120%
132%
123M
120%
O
1962 M N
Guar ref gold 4s
68%
57
100 M
71M
95
81%
Ol
A
54%
4
89
69 M
65
""25
1965 A
1951 F
20-year
101M 102 %
87 M
89 M
82 %
77M
2003 IVI N
1941 A O
Lombard Elec 7s ser A
Long Dock Co 3%s ext to
Long Island gen gold 4s
Unified gold 4s
108
80
2003 IVI JN
44 M
49
Little Miami gen 4s series A
Loews Ino a f deb 3Ma
102 M 102 M
17
4 Ms
cons 5s
6s
119% 123
89 %
78 %
30
39%
104
cons
Liggett A Myers Tobacco 7s—1944
105 % 112
82 M
"76%
3s... 1951
g
104
104
100 M
Loulsv Dlv A Term
g 3%s._1953
Omaha Dlv 1st
fold 3s
1951
St Louis Dlv A Term
Gold 3 Ms
104%
43 %
123
42%
General
General
95%
J
2003 M Nj
Leh Val Term Ry 1st gu g 5s
Lex A East 1st 50-yr 5s
gu
105
104
20
101 %
1936 J
40-year 4 Ms
Aug 1 1966 F
Cairo Bridge gold 4s
1950 U
Litchfield Dlv 1st gold 3s
1951
123 M
M 64 %
89
64M
116
44
102
101%
1952 J
Refunding 6s
15-year secured 6 Ms g
*103%
*103%
41
30 M
Hudson Coal 1st s f 6s ser
D
A...1962
Hudson Co Gas 1st g 6s
1949 M N
Hud A Manhat 1st 5s
%
123%
55 H
74%
A
1954
1940
Leh Val N Y 1st gu g 4
Ms
Lehigh Val (Pa) cons g 4s
Since
Jan. I
95
Low
Leh Val Harbor Term
gu 5s
107% 110M
31M 37 M
*30
Range
Asked
83
Range
BONDS
RAILROAD
Bought
Sold
-
Since
N. Y. STOCK EXCHANGE
Week Ended May 29
BONDS
Jan. 1
Quoted
-
LOBDELL & CO.
Members New York Stock Exchange
.
48 Wall St.,
Week Ended
A
1939
J
2000
D
93)4
93
..1955 MN
97)4
97
f 4 Mis
s
Morris A Essex 1st gu 3)48
CoDstr M 5s series A
*104%
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1955 M N
Mutual Fuel Gas 1st gu g 5s—1947 M N
Mut Un Tel gtd 6s ext at 5%..1941 M N
88J4
Namm (A I) A Son—See Mfrs Tr—
Nash Chatt & St L 4s ser A
1978
Asked
High
♦Jan
s
f 6s
90
J
9334
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8834
116
65
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JU
1914 coupon on
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104
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45
334
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254
ret No 4
war
Assent cash
Nat Steel 1st coll
s
_
1961
ret No 4 on.
war
f 4s
{♦Naugatuck RR 1st
on.
D| 106 J4
1965
4s
g
1954
Newark Consol Gas cons 5s—1948
♦New England RR guar 6s
1945
♦Consol guar 4s
M N|D
10634
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New England Tel A Tel 5s A— .1952
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1961 M N
A
N J Junction RR guar 1st 4s...1986
O
N J Pow A Light 1st 4)4s
1960
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1983
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1955
254
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u
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A
1937
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N Y
..1965
1947
1951
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1940
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20
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1956 n
Pub Serv El A G 1st A ref
4s.. 1971 A
Pure Oil Co s f 434s w w
1950 3
{♦Radlo-Kelth-Orph
9834
10634
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10354 10634
105)4
5
95
17
10834 11154
9834 104 34
89
9554
89
9834
11234
„
1974
1953
9834
92
31
A
1953
Port Gen Elec 1st 4
34s sef C..1960
1st 5s 1935 extended to
I960.----
95
112
9
1034|
104)4
10534 11134
10534 11134
21
1948
Port Arthur Can A Dk
6s A
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*10934
10334
12254
*11454
11454
11454
106
1977
53
51
J* N
A
1962 ■"
10634
10634
S
1958 *
105
106
M
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434 s without warrants
Purity Bakeries s f deb 5s
103)4 106
10154 107
95
J
1975
115
102)4 10554
10434
1957
1970
106 34 10734
35
Apr
1963
5
42
87
1945
A
114
112
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434 s ser A-1958
ser
148
8634
O
1964
13
10534
119341
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1949
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11534 120)4
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1U54
^
1942
Pitts Y A Ash 1st 4s
1st gen 5s series B
93
11934
1942
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109
10154
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1947
.1940 A
Series J
1st M
118)4 1225
73
10354
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1st M
23
114
1943 A
_
Series H cons guar 4a
Series I cons 4 34s
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122541
10154
12134
11234
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-1940
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11034 11234
11134 114
11134 11334
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11236
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1
17
,
51
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1937
Plllsbury Flour Mills 20-yr 6s. .1943
Pirelli Co (Italy) conv 7s
1952 m
434s
"66
.113541
63
1949
cons guar
10654
112
9034 99
10354 10734
108)4 10834
106
10734
120
1981
General M 5s series A
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12
10934|
ref 5s..1973
60
105
11334
9
105)4
112
11354
102)4 10654
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110
..1971
6234
10434
10434
112
104
2
154
109
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1967
Phlla Elec Co 1st A ref
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10734
121
93)4
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10654
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10434
2
120
sec
12054
51
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7
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1977
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95
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u
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Series F 4s guar gold
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106
109
1943
Pitts C C A St L
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72
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1980
Reading C A I
3234 42
49)4 72
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60
7334
101
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1956
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64
112
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83
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109
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April 1990
107
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F A
Peoria A Pekln Un 1st
534s..-1974 *
Pere Marquette 1st ser A 6s
1956 3
Phlla Co
171
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10534|
1981
Gen mtge 434 s ser E
Peop Gas L A C 1st cons 6s
Refunding gold 5s
General g 434s series C
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9054
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121)4
106
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Phlla Bait A Wash 1st
g 4s
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55
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1970
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6
104
1960 *
1965 3
4s
5934
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6134
4534
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1941
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7734
48
6
10454
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1948 ™
£
4s sterl stpd dollar
May 1.1948
£
Gen mtge 354s ser C
1970 A u
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7034
105
7
10354
Pennsylvania P A L 1st 434S..1981
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1943
88
2
104)4
1952
434s
102
47
1944 J
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F
J
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93
102)4 104 H
102)4 103
39
4554
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8
8
1963
9534
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4634
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Penn-DIxle Cement 1st 6s A
8634
9634
10134 10434
82
9734
65
28
9634
■»
1941 f
28-year 4s
90
10534 109
10634 10834
69
2634
1957
Aug 15 1963
22
151
525
26
1941
ser
86
2634
♦Certificates of deposit
{{♦Norfolk A South lstg 6s...1941 M N
O
N A W Ry 1st cons g 4s
1996
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9
2654
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No Am Edison deb 5s
9434
10334
9534
26 %
M N
Niagara Share (Mo) deb 5 34s..1950 M N
A
Nord Ry ext sink sunf 634s
1950
1961
24
10434
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1946
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A
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1955
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North Amer Co deb 5s
9634
27
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1956 M N
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J
1937
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1965
1951
100
4734
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1965
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3348.1965
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2
114
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9734
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o
J
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♦lnc 6s assented
87
98
6534
101
M N
1955
337
10734
11534
87
122
1937 M S
Guar 334a coll trust ser B
Guar 3348 trust ctfs C
Guar 3348 trust ctfs D
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151
59
45)4
100
7434
80)4
6434
9934
1948
June 1992
119
89
175
9334
*10454
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General 4s
109
123
10834
125
A
{♦N Y Providence A Boston 4s. 1942
247
9734
8634
9434
10234
10534
8634
92
M N
1956
110
113
10634
64)4
108
s f g 4J4s__.1955 J
{{♦Pan-Am Pet Co(Cal)conv 6s *40 J
♦Certificates of deposit
Peoria A Eastern 1st
♦Income 4s.
1955
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84
6534
O
♦Non-conv debenture 4s
♦Non-conv debenture 4s
♦Conv debenture 334s
1957
9434
10334
9334
M N
♦Non-conv debenture 3348..1947
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96
109
to
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M
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gen 4s
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4sl939|
s
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1947
1956
10134
105
8534
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110
108
9334
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1949
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g 5s
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92
8634
9634
9434
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1998
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1978
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85
J| 10534
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1953
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1953 F
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1951
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1938 A O
334s
97
8634
J
O
112
97
u
N Y Cent A Hud River M 3348.1997
Debenture 4s
1942
Ref A lmpt 434s ser A
2013
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Mich Cent coll gold
11234
108
1966 A
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100
102
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14
1956
73
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58
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36
104
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100
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101
5
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29
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33
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1944 a
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1942 M
3734
101
1938 F
97
3734
105
—1938 J
93
36
121
119
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118
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103
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1956
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113)4
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1946 J
Pacific Gas A El gen A ref 5s A. 1942 J
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1964 J
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106
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10734
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113
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46
113
74
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108
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20
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9954 109
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2934
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]
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1955 J
10534 107J*
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1946
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108
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10634
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Ohio Indiana A West 5s.-Apr 11938
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-.1946
7
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..1948 J
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434
234
234
234
18
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72
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100
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70
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A
A
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81)4
103
35
on__
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1
11034
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90
"66"
*104%
66
D
1942
No.
10534
10334
10334
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Nat Dairy Prod deb 534s
.1948
10334
102M
10334
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1951 MN
104)4
105
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104J4
Nat Ry of Mex pr lien 434s
1957
Nat Acme 1st
Jan. 1
*110
A
1951
87
116
A
1937
Nash Flo A S 1st gu g 6s
Nassau Elec gu g 4s stpd
Since
Friday's
Low
Morris & Co 1st
Range
Range or
May 29
1
High
120
69
1997 q'J
Jan..-.2047 Q F
Ref A lmpt 4 34s series A
2047 j J
Reg A lmpt 6s series B
2047 j J
Ref A lmpt 5s series C
2047 j J
Ref A lmpt 5s series D
2047 j J
Nor Ry of Calif guar g 5s
1938 a o
Nor States Pow 5s ser A
1941 A O
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Bid
1
1
| Low
12054
11354
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1
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Gen Hen ry A Id g 3s
BONDS
1
1
1
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North Pacific prior Hen 4s
A. T. & T.: NY 1-735
N. Y. STOCK EXCHANGE
1
•
S
Apr'33-Oct'33-Apr'34 cpns..
♦Stmpd as to sale Oct 1933 A
Kingsley 1030
HAnover 2-1720
1
M
♦Ex
123 S. Broad St., Phila.
Nevv_York
High\ No.
Low
5s A
1974
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1974|
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142
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended
Sale
Price
May 29
w w.
1966 M
Rensselaer A Saratoga 6s gu
1941
Republic Steel Corp 4 %s ser A. 1950
Gen mtge 4%s series B.
1961
Purch money 1st M conv 5%s '64
S
F
A
108 H
108
108%
35
113"
111%
113%
196
97%
con
11
102% 105
24
24
1
24
34
23%
7
23
33%
23
33%
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23
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O
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23%
39
19
38
37
38%
27
37
47%
104
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D
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95
J
79
79
1
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42%
8
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108%
19%
"I
47
13
32%
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27
43
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37
108%
103%
6
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b
S
A
O
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J
J
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18
J
M N
J
35
90
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"28 H
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"103H
28
31
108%
103%
1
76%
37%
52%
94%
54
112% 112%
107% 109
42%
27%
107% 109%
103
105%
*80
90
85
92
*78
85
80
87
75%
79
77H
♦Certificates of deposit
76%
77%
{♦St L Peor A N W 1st gu 5s...1948 J
J
St L
J
J
37
J
J
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37
37%
1989
21%
18%
21%
18%
23
18%
17%
15%
"21%
MN
J
Nov 1989 J
88
~62H
55%
1990
62%
63%
36 %
unifying 5s. .1952
♦Gen A ret g 5s ser A
St Paul City Cable cons 5s
84
20%
17%
18 %
m's
84
16 %
..1978
♦Ctfs of deposit stamped
{♦St L S W 1st 4s bond ctfs
♦2s g 4s Inc bond ctfs
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105
11
35
1937
19%
18%
16%
89%
63
55%
36%
37
1
75
86
15%
26
14%
17%
51
D
280
14%
61
13%
76%
91
9
10
17
9
46
43
*105
J
*19
F
A
{♦St Paul A K C 8h L gu
4%s_.1941
1943 J
J
J
17%
104%
D
103%
J
J
J
J
..1937
tPacific ext gu 4s (large)
St Paul Un Dep 5s guar
1940
1972
J
S A A Ar Pass 1st
gu g 4s
.1943
San Antonio Pub Serv 1st 8s_..1952 J
Santa Fe Pres A Phen 1st 5s_._1942 M
J
Schulc'o Co guar 6%s
..1946
50
70%
39%
59
41%
28%
100% 102%
101% 102%
105
22
105
17%
17
18
31
110%
110%
108
"57"
108% 112
55
62%
107%
104% 107%
S
57
A
Stamped
.1989
45
G°Jd 4s
52%
50
66
F
A
A
O
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Oct 1949
{♦Refunding 4s
.1959
♦Certificates of deposit
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1945
M
S
1935
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Shell Union Oil deb
3%s
1951
Shlnyetsu El Pow 1st 6%s
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♦Debenture s f 6Ha
Sierra A San Fran Power 5s
1952
1951
1935
...
1951
1949
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Skelly OU deb 4s
F
M
S
J
8%
6%
"4 H
A
8
6%
*15%
4%
29
97%
166
6
*86
52
110"32
79 X
98 H
104%
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110"32 110**32
79%
79%
98%
98%
104%
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105
D
93 H
107%
13
133
98
189
92%
133
91%
159
91%
315
97 %
S
92 H
91%
91%
91%
111%
111%
1981
1950
M N
A
O
8
93%
8
90%
21
*75%
45
84%
J
United Drug Co.
(Del.) 5a
L* United Rys St
U»
By PIpe A Fdy
US
8
f 0Hs series C
?k
113%
114%
71
S
109%
108%
109%
85
J
102%
102*S32
110%
102%
38
102%
107%
103%
109
107%
13
s
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J
IVI N
J
s
cons g
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109
108%
109%
134
106%
105%
106%
146
27
27
D
*26
30
39
J
ser A
1955 M N
Coal A Coke 1st g 5s.__1949 M S
Southwest 1st gu gs
2003 J
J
1st cons 5s
1968 A O
Virginian Ry 3%s series A
1966 M
{Wabash RR 1st gold 5s
64
72%
58
60
69
90
23
85%
95%
S
A
2%
108%
64%
103%
104%
102%
89%
84%
104%|
96%
67%
100% 100%
~8o"
72
82%
*75%
*67
69
60
77
1941
*95%
89
96
27%
98%
29%
26%
38
*24%
27%
26%
31
deposit
1976 F
A
27%
♦Ref A gen 4
%s series C
1978 AO
*26%
of deposit
♦Ref A gen 5s series D
..1980 AO
'106*
Wdeb 4%s 1945
26%
26
32%
35%
32%
36%
31
"41
28
*24%
106
26
25%
26%
27
36%
25
13
25
27
5
27%
26%
*24%
28
of deposit
28
25
27
25
8%
10%
Walworth Co 1st M 4s
6s
1955 A
O
1955 A
debentures
Warner Bros Pict deb 6s
O
Warren RR 1st ref gu g
Washington Cent 1st gold 4s...1948 Q M
Wash Term 1st gu
3%s
1945 F A
1st 40-year guar 4s
1945 F A
105% 107%
97%
88%
95
52
110^32 112%
90
98%
96%
103% 106%
114% 116%
106% 108%
102% 106%
80%
93%
87%
93
76%
77
98%
84%
67%
1941
of deposit...
91%
91%
76%
106% 117%
1939 M S
{♦Warner-Qulnland Co deb 6s.. 1939 M
♦Warner Bros Co deb 6s
1941 IVI
s
♦Deposit receipts
"37
106%
103% 108%
"63%
3%sIIl2666
Wash Water Power s f 6s
F
1939 J
A
J
West N Y A Pa 1st g 5s
Gen gold 4s
{♦Western Pac 1st 5s
ser
1937 J
♦5s assented
O
1946 IVI
s
109%
34%
123%
122%
102%
109%
12
35%
62
32%
34%
35
32%
A
107%
91%
J
87%
115
99% 106%
103%
469
61%
78%
82%
53
68
White Sew Mach deb 6s
202
68%
85
165
71%
88
{♦Wickwire Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
J
85
98%
96% 101%
109
106
102% 104%
110
106
44
42%
105
107
108
41
103
101
21
106
24
100% 103%
103% 106%
209
107%
108
104
23
11
22%
91%
92%
44
85
96
87
87%
18
81
92
104
105
33%
92% 104
586
124%
122%
107%
22%
2361 J
5
106
107%
22%
3
112
110
108
33
J
105%
lio"
109%
106%
109
J
102%
105332
107%
S
105""
119
111
14
2361 J
Io3%
83
94% 100%
108%
105%
109%
110%
121%
146
♦Westphalia Un El Power 6s. ..1953 J
105%
77
83
100%
106"
107%
1st 48 stamped
Southern Ry 1st cons g 5s
66%
100%
100
D
105%
So Pac of Cal 1st con gu g 5s... 1937 M N
J
80 Pac Coast 1st gu g 4s
1937 J
J
So Pac RR 1st ref guar 4s
J
1955
68
41%
102%
i~"3
..1936 F
46%
41%
2
107%
100%
i960 M
4 %s
28%
15
61%
1951 J
est g
15-year 6%s
25-year gold 5s
30-year 5s
22
64
32%
105%
107%
100%
105%
1938
92%
98%
30%
61
*1043'32
*108%
1950 M N
Western Union coll trust 5s
84
71
86
84
*80%
34%
1946
70
5
99
76%
90%
z28%
63%
*99%
*108%
*108%
110%
123%
121%
122%
J
1943 A
A
46
93%
74%
83
61
Westchester Ltg 5s stpd gtd__.1950 J D
West Penn Power 1st 5s ser
E..1963 IVI S
1st sec 6s series G
1956 J D
1st mtge 4s ser H
J
1961 J
Western Maryland 1st 4s
1962 A O
1st A ref 5%s series A
J
1977 J
Funding A real
75%
"91%
Devel A gen 4s series A
Devel A gen 6s
Devel A gen 6%s
Mem Dlv 1st g 5s
1955
1994 J
1956 A
61%
58
1956 A
78 H
A
82 H
96
73%
77%
1956
St Louis Dlv 1st g 4s
reor lien g 5s
East Tenn
...1996 J
J
1951
M
S
1938
Mobile A Ohio coll tr 4s.....1938 M S
D
S'weat Bell Tel 3 Ha ser B
1964 J
{♦Spokane Internat 1st g 5s... 1955
Staley (A E) Mfg 1st M 4s
*105%
1946
95%
*84%
*102%
68 H
62%
107%
107%
23%
105%
*20%
96 H
Sunbury A Lewlston 1st 4s
Swift A Co 1st M 3%s
1950
Tenn Cent 1st 6a A or B
1947 A
105%
O
98
104
97%
O
1944
A
1953
J
Texarkana A Ft S gu 5Hs A...1950
Texas Corp conv deb 5s
1944
Tex A N O con gold 5s
....1943
A
103 H
O
102%
f g 4s
Texas A Pac 1st gold 5s
Gen A ref 5s series B
Gen A ref 5a aeries C
Gen A ref 5a series D
1977
O
1979 A O
...1980 J D
♦AdJ inc 6s tax-ex N Y._Jan 1960
A
O
110%
*118%
96
12
87
78
89%
97% 102%
76%
57%
"68%
107%
104% 107%
34
14%
104% 105%
23%
105%
"21%
98
105%
74
99
~~5
55
125
104%
98%
110%
104%
105
105%
122
103
105
56
94
"69%
35
RR 1st consol 4s
4
121
_26
66
124%
4
105%
105%
105%
35
77
4
43
29
108%
68%
70
34%
35%
*39
94
*105
.1949 M S
F
A
J
20%
♦Ctfs for col A ref conv 7s A. 1935 MN
1942 J
D
1938 J
D
Wilson A Co 1st M 4s series A
Winston-Salem 8 B 1st 4s
1955 J
J
1960 J
J
{♦Wis Cer 150-yr 1st gen 4s
1949 J
....
111%
101%
100%
11
90
20%
20%
52%
20%
22
20
31
20%
30
18%
31%
54%
15
45
67
101%
~90
J
126
*107
161%
101%
*110
"19% "14
19
♦Certificates of deposit
17%
{♦Sup A Dul dlv A term 1st 4s *36 MN
{♦Certificates of deposit
17%
2
11
11%
9
10%
11%
♦Wor A Conn East 1st 4%s
J
1943 J
Youngstown Sheet A Tube 5s. .1978 J
J
1st mtge s f 5s ser B__
1970 A O
107% 112
99
101%
111%
100%
100%
101%
1940 MN
Wllk A East 1st gu g 5s
Will A S F 1st gold 5s
102
103%
102%
103%
105
D...1966 M S
10%
2
2
21
21
105%
105"32 1057,6
22
106%
6
106",6
101%
106% 107%
99% 102
107
110%
15%
25%
15%
25%
9
15%
9
14%
21
21
104% 106%
104
107
74% 100%
120
102%
102%
*108%
19%
28%
81% 117
100% 100%
105
107%
"II
109
102%
124%
104%
104%
ser
Wheeling Steel 4%s series A...1966
108%
D
Tex Pao.Mo PacTer 5H8 A...1964 M S
J
Third Ave Ry 1st ref 4s
1960 J
102
J
...2000
98
*122%
4Ha... 1939
s
95%
Registered
Wheeling A L E Ry 4s
1936
J
Tenn Coal Iron A RR gen 5s__1951 J
Tenn Cop A Chem deb 6a B...1944 IVI s
Tenn Elec Pow 1st 6s ser A
1947 J D
Gen refund
105% 106%
*98
Staten Island Ry 1st 4 Ha
1943
{{♦Stevens Hotels 6s series A..1945
♦Studebaker Corp conv deb 6s. 1945
Term Assn of St L 1st g
1st cons gold 58
106%
e
Cash Sales transacted during the current week and not Included in the
yearly
range.
No sales.
110% 111%
116
118%
105% 111%
87% 103%
102% 105
99% 103%
117% 126%
98
105%
97
105%
97
105%
105% 109%
67%
71%
43
22%
r
Cash sale only transaction during current week,
transaction during
current week.
current
week,
n
Under-the-rule
a Deferred
sale only
{ Negotiability impaired by maturity,
at exchange rate
deUvery sale only
transaction
during
t Accrued interest payable
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.
I Deferred
♦ Bonds selling flat.
DeHvery Sales transacted during the current week and not included
in the yearly range
Warner Quinlan 6s
1939, May 23 at 28%.
|
103% 104%
*101%
7%
75
89%
*79
6%
94%
81%
59%
42%
89%
I
92%
1939
Ref A gen 5s series B
(Hiram) GA
81
89%
101%
104%
105
104
88%
{♦Wabash Ry ref A gen 6%s A. 1975
Walker
11
20%
106% 108%
70
61%
108%
*105%
IIl941
4s
106% 108
107% 107%
2%
6%
15%
*
...1954
Omaha Dlv 1st
g 3%s
Toledo A Chic Dlv
g 4s
♦Certificates
95%
99%
97% 101%
68%
14%
108%
1939 IVI N
1939 F
♦Certificates
75
*3
"16%
Ron
of
33%
42%
68
va A
Certificates
29%
24
*108%
2%
2%
J
♦Certificates
33
32
107
86
D
33%
27%
*108%
1942 J
27
99%
101%
72%
O
ctfs
118
72
101%
72
A
'yertientes Sugar 7s
109
101% 104%
106% 109%
98
103%
111
112%
25
35%
108% 109%
103% 107%
28
39
99
99%
101%
1957 M N
4s
2
122
111% 123
111% 114%
107% 111%
10?»32l08%
"~2
27%
27%
36%
1955 F
4s series A
f 4s series B
Virginia El A Pow 4s
111
101
100%
*111%
5s. 1941 A
conv
4
111
D
♦{Vera Cruz A P 1st
gu4%s—.1934 J
{July coupon off
J
™
'166%
s
J
ser A... 1947
{♦Universal Pipe A Rad deb 6s. 1936
D
Utah Lt A Trac 1st
A r© 15a
O
1944
Utah Power A
A
Light 1st 5s
1944
Utll Power A
Light 5%s
1947 J D
Debenture 5s
1959 F A
Cons
"l03%
O
s
1951
119
114
deb 6%s
Vanadium Corp of Am
18
18
J
1934 J
conv deb 3%sl946
6
6
73
D
Rubber 1st A ref 5s ser A..1947 J
♦Un Steel Works
Corp 6%s A..1951
2
5
106%
18
99%
91
87%
89% 98%
105% 107%
104% 106%
17%
21
96%
107%
106
116
1944 IVI
L 1st g 4s
8
95%
106%
106
120%
1953 IVI
UN J RR & can
gen 4s
79
90
107
West Shore 1st 4s guar
112
90%
"
21
100% 102%
105%
IVI N
.J
II"
60
92%
97%
91%
IVI
1969
58
101
107%
1st 4%s (Oregon Lines) A... 1977 IVI
1968
105
4
27
*119
So Pac coll 4s (Cent Pac
J
coll).. 1949
Gold 4^8
Gold 4 Ho
90
130
115
93
120%
114%
3%
3%
82%
*75
121%
97%
116*"
.S8
107%
97%
97%
A
9%
13%
11%
24%
7%
17%
4%
4%
96%
81%
1951
Gold 4 Ha
3%
5%
4%
7%
5%
8%
106%
1941
Socony-Vacuum Oil 3 Ha
1950
Sou A Nor Ala cons gu g 5s.... 1936
Gen cons guar 60-year 6s
1963
South Bell Tel A Tel 1st s f 6s.. 1941
Southern Colo Power 6s A
1947
6%
97
S
F
4%
107
J
M
11%
12%
15
6%
*4%
*4
D
J
13%
*3%
A
IVI N
13
*13%
6%
114% 120
13
20%
13
19%
15
13
O
♦Certificates of deposit
M S
{♦Atl A Blrm 1st g 4s
1933
{♦Seaboard All Fla 6s A ctfs...1935 A O
♦Series B certificates
119%
13
i968
United Biscuit of Am deb
6s...1950 A
66
*13%
O
San Fran Term 1st 4s
T
66
50
119%
O
1967
June 2008 IVI
1st lien A ref 5s
Des Moines Dlv
1st g
110%
52
M N
g 4s.. 1950
♦Certificates of deposit
A
{♦Gold 4s stamped.
.1950
A
♦Certlfs of deposit stamped
M N
Union Pac RR 1st A Id
gr 4s... 1947 J
1st lien A ref 4s
June 2008 IVI
GoW 4%s
J
Det A Chic Ext 1st
5s
48
A
Scioto V A N E 1st gu 4s_.
121%
O
1st lien g term
52
O
J
101% 105%
120% 122
*121%
J
A
♦2d gold 6s
89
*113
57
32
105
s
1947 M N
117% 124%
99
J
*104
23
*109
D
F
deb
conv
104% 107%
52
I {♦Seaboard Air Line 1st
77%
86%
99% 106
96% 101%
J
1952 F
103% 104%
45
IIl946
f 6 %s series B
36
27
123
107 H
Stamped
s
15
105%
103%
107%
124%
J
J
51%
23%
27%
24%
22%
20%
*102
J
St Paul A Duluth 1st con
g 4s..1968
{♦St Paul E Gr Trk 1st 4%s.__1947 J
Guar
78
7s
,on 011 of Cal,f 08 series A...1942
81
71
4
65
*102
1937
Guaranteed 5s
St Paul Minn A Man 5s
Mont ext 1st gold 4s
67%
sec s f
12-year 4s
♦♦tt
♦Prior lien 6s series B
..1950
♦Certificates of deposit
79%
105%
101%
99%
M S
{♦{Union Elev Ry (Chic) 5s...1945 A
21%
J
Rocky Mt & P 5s stpd
1955
{♦St L-San Fran pr lien 4s A... 1950
♦Certificates of deposit....
78%
105%
IVI
s f 7s
1946 IVI s
Union Elec Lt A Pr
(Mo) 5s...1957 A O
Un E LAP
(Hi) 1stg5%sA...1954 J
J
90
2d gold 6s
1996 A O
St Louis Iron Mt A Southern—
M N
♦{Rlv A G Dlv 1st g 4s
.1933
79
O
Uljigawa Elec Power
35
"28%
1977 M
___1962 M
35
1950 A
High
Low
49
38%
38
♦Guar
33%
O
con 4%s
.1941
St Joe A Grand Island 1st 4s...1947
St JosRy Lt Ht A Pr 1st 5s
1937
St Lawr A Adr 1st
g 5s
...1996
100% 103%
♦Tyrol Hydro-Elec Pow 7%s._1956 IVI N
M N
A
Rutland RR 1st
5
78%
Tol W V A Ohio 4s ser C
..1942
Toronto Ham A Buff 1st g 4s. .1946
Trenton G A EI 1st g 5s
.1949
Tri-Cont Corp 5s conv deb A.. 1953
Truax-Traer Coal conv 6%s...l943
35
1948
No.
105%
101%
34
A
f 6s
Hioh
D
3%s 1960
Since
Jan. 1
Asked
102%
D
27%
21%
28%
A
102%
J
1
*65 A
1949
Bid
102%
1953 J
6
109%
.1955 F
1939 J
G4E4H8 series D
Gen mtge 5s series E
gu g
103%
1st 6s dollar series
Tol A Ohio Cent ref A
imp
Tol St L A W 1st 4s
27%
f {»R I Ark A Louis 1st 4%s__.1934 M
s
106
*104
Roch
Rut-Canadan 1st
107% 126
96% 100%
53
J
22%
97
J
A coll trust 4s A
♦Ruhr Chemical
83
109
Ave RR 1st g 5s
...1937 J
Tokyo Elec Light Co Ltd—
Range
Range or
Friday's
Sale
Low
Third
27%
♦Rio Grande June 1st gu 5s
{♦Rio Grande West 1st gold 4s. 1939 J
♦1st
110
21%
1952 J
Rlchm Term Ry 1st gu 5s
♦Rlma Steel 1st s f 7a
Week's
Last
Price
High
21%
J
1944 M N
IVI N
♦Certificates of deposit
sa,
107%
103%
1952 IVI N
1953 F A
{{♦Richfield Oil of Calif 6s
107
Ended May 29
97%
J
warr
Low
Week
107 H
J
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons M 6s of 1930 with
High
No
I*
It
BONDS
N. Y. STOCK EXCHANGE
Since
Jan. 1
Asked
A
1953 J
♦Rhelne-Westphalla El Pr 7s. .1950
3641
M N
Revere Cop A Br 1st mtge 41*8.1956 J
♦Rhelnelbe Union s f 7s
1946 J
♦Rhine-Ruhr Water series 6s
Range
Friday's
M N
M S
6
Friday
Range or
Bid
Low
Remington Rand deb 4%s
Record—Concluded—Page
Week's
Friday
3642
New York Curb
ExchangeT-Weekly and Yearly Record
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are
regular weekly range are shown In a footnote in the week In which they occur.
In the following extensive
list
we
furnish
a
M*y
1936
the only transactions of the week, and when selling outside of the
No account Is taken of such sales in computing the range for the year.
complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (May 23,1936) and ending the present
Friday (May 29,1936). It is compiled entirely
daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
from the
which any
dealings occurred during the week covered:
Sales
Friday\
Last
Par
Acme Wire
v t c com
Week's Range
Sale
STOCKS
of Prices
Low
High
Price
40
20
Adams Mlllis
Aero
*
.
353
22
353.
40
108
May
May
15
Jan
2,900
3
*
com
Conv preferred
Warrants
_
Alabama Qt Southern... 50
Ala Power S7 pref
•
$6 preferred
*
41
735*
....
220
58
Allegheny Steel 7% pref 100
Allen Industries com
1
Alles A Fisher Inc com
Allied Internatl Invest
400
"20k "2lk"
"900
450
Feb
115
215*
*
Jan
19
22
12253
6% preferred
100
American Beverage com.l
American Book Co
100
American Capital—
Class A com....
4?3
1653
625*
sS*
76
115
10c
*
!*
453
Feb
255*
Feb
Jan
1185* 123
1,050
87
Jan
152
113
700
109
Jan
12153
15
Feb
18
Jan
1353
200
51
55
500
46
Jan
89
100
87
Jan
400
253 Mar
71
May,
353
653
,516
1
3353
353
72
72
72
!~»
Class B
j
n-v
10
33
8653
45
553
50
10
653
1
3353
88
100
953
553
4553
6 5*
Amer Gas A Elec com
$2.50 preferred....
2053
353
11153
853
6% preferred
25
Amer Mfg Co com
.100
Amer Maracalbo
Co...
1
Amer Meter Co...
"*
1st preferred
*
Preferred.....
•
Amer Thread Co
prS!I ~!6
Anchor Post Fence.
*
Wupperman!!1
Apex Elec Mfg Co com
*
Appalachian El Pow pref!*
Arcturus Radio
Tube...!l
Arkansas Nat Gas com.
Common class A.
_
.
*
2953
24
24
21
2053
8653
915*
"19"
153
2453
25*
875*
405*
""153
55*
2453
10753
15*
6
553
753
I!!!!!
1
preferred..!!!!!—!»
153
8
'16
common.._.
2,100
725
1,500
Co
3053
2453
215*
Feb
Feb
118
116
Jan
12553 May
Feb
7
Jan
Jan
Feb
24 J*
Feb
6
Feb
435*
Feb
Jan
108
753
3053
114
Feb
Jan
12
Feb
Jan
Jan
Jan
29
Aprj
46
600
195*
1753
Jan
Jan
2753
Mar
25
Mar
1,800
255*
Jan1
153
8,000
2853
300
18
200
153 May
2lk Apr
253
25*
855*
875*
3653 405*
453
453
153
153
45*
55*
25
195*
10753 1075*
153
153
65*
55*
553
653
8
753
Jan
Jan
2,0001
32
May
3,000
4,000
80
1,200
6,300
11,600
3,100
Feb
453
Feb
253
Jan
6
Feb
Mar
13
10453
5*
35*
35*
753
85
25
May
Jan
109
Feb
Jan
Jan
Jan
Jan
Apr
Jan
4
Feb
753
75*
953
12
*
535*
1
153
Automatic Products
5
1053
*
96
Baumann (L)
4453
*
'""600
1,
.100
"iik "12k
535*
253
753
15*
953
853
535*
253
753
"7!666
200
5,000
100
14453
253 May
753 May
1 k May
Columbia OH A Gas vte
Columbia Pictures
Commonwealth Edison" 100
Commonwealth A Southern
Warrants..;
1253
Jan
4453
May
6553
Jan
86
300
70
Jan
103
200
53
5553
253
Apr
Jan
Apr
70
Jan
148
Jan
123
Convertible pref
Ridge Corp
$3 opt
conv
pref...
1453
21
1753
253
145*
2253
1853
3
1,400
1,000
2,100
2,500
Borne-Scymser Co
155*
5
Pow—*
Bridgeport Machine
*
Preferred
34
38
120
2153
1253
155*
2053
2153
125*
1453
1253
165*
1,300
2,200
3,300
"ik "2""
35*
Jan
'""BOO
500
'""766
255*
953
15*
653
18
Mar
Mar
Jan
Feb
Feb
Feb
97
Mar
2453
Jan
Jan
Mar
Jan
JaD
Jan
Feb
295*
155*
205*
Apr
Mar
Jan
753
2653
1653
1
453
853
535*
853
2953
15*
2053
-
Mar
3
29
"_7k "s
*
Brit Amer Oil
coup
Registered
453
100
com
Jan
97
--*
7% preferred
953
135*
Feb
60
Jan
125*
Apr
2053 May
Feb
53
May
5*
Feb
453
Jan
353 May
Jan
27
Apr
100
Jan
30
Aprj
1553
1753
Feb
39
Jan
Apr
Jan
34
155*
7
—*
-
1353
253
Jan
300
200
—100
Brill Corp class B
Class A
20
Feb
May
Jan
45*
1453 Jan
1953 Mar
Feb
Mar
Jan
46
25
Bower Roller
Bearing
Brazilian Tr Lt &
35*
1153
135*
355*
4453
46
Blumenthal (S) & Co
*
Bohack (H C) Co
com
*
7% 1st preferred
100
Botany Consol Mills com
Bourjois Inc
Brlllo Mfg Co
2253
1853
253
com.
142
25*
453
Mar
275*
Feb
Apr
Feb
Feb
Feb
Feb
Mar
Apr
Apr
Jan
35*
2,800
100
109
"34""
"'"50
3647
21
86
Jan
98
Feb
Apr
90
Feb
Apr
125*
Jan
435* May
1653 Mar
753
5
Apr
953
Jan
2
15*
2
153
"*20"
453
1115*
May
1165*
Jan
116
Jan
31
Feb
May
May
Jan
102
995* May
1075*
1053
145*
1653
Jan
55
Jan
Jan
175*
Jan
Feb
425*
Feb
6253
Apr
3,400
5,300
15*
Apr
3 53
Feb
153
Jan
1853
3153
Jan
353
3153
Feb
600
Jan
54
Feb
Jan
44
Feb
3053
65*
Feb
"59k """266
25*
253
2053
41
625]
"2lk
175
453
800
109k iiik """400
17
May
£453 May
1653 May
105
May
22
1245*
38
Jan
38
Jan
Feb
Jan
Mar
Jan
24
.
4453
1
45*
495*
4
41
Jan
3453
50
345*
Jan
69
445*
153
453
51
45*
1,400
29,900
2,500
53
Jan
Jan
753
Feb
4153
Jan
5953
Feb
300
35*
May
May
653
54
Feb
Jan
68
Mar
665*
195*
353
153
6253
1653
Mar
6
Feb
10
41
3
41
4253
"44H "49"" """i50
17
43
8.300
11
155*
13,16
17
W,
"""400
"ilk
"153
4453
100
11
1153
1,000]
May
Jan
Jan
May
11
"ik "ik T,506
f25*
3
65*
42
65*
1025* 105
35*
353
Apr
353
Feb
153 May
7
May
753
153
12,000
1,300
42
93
35*
853
5*
Apr
Jan
Feb
Jan
Feb
Jan
Apr
Mar
4
Jan
2,700
Feb
12
Apr
Jan
May
2,325]
Apr
Mar
153 May
Jan
41
253
10453
.
353
H
4453
Mar
73
Jan
114
Feb
55*
Jan
Mar
36
166"
2,300
975**100
15*
275*
153
Como
53
S16
1353
1353
Mar
45
Jan
97
Jan
112
Jan
5*
9,600
»ts
Commonwealths Dlstrib"!
Community P A L $6 pref •
Community Water Serv..*
Mines...........1
Compo Shoe Machinery. 1
Mar
23
74
♦
1H
200
175
28
15*
7.
1,000
20,000
400
14
5*
Feb
153 May
Apr
15* May
13
32
Jan
15*
353
153
Jan
5*
1153
May
Apt
Mar
Jan
16
Feb
49
Jan
Apr
Connecticut Gas A Coke—
Secur $3 pref
Consolidated
.....*
Aircraft..""
Consol Copper Mines...
Consol GEL P Bait com*
5% preferred A
100
Consol Min A Smelt new. 5
Consol Retail Stores
!5
1753
453
Cooper Bessemer com—*
$3 preferred A
453
905*
66?*
5653
2,600
3.9Q0
4653 May
1553
Apr]
453 May
150
84
Jan
2353
653
Apr
925* May
Jan
113
900
Jan
116
Mar
575* May
56
May
35* May
565*
453
200
90
Jan
"2k "2k
""200
2
May
75]
88
Jan
99
Apr
53 May
Jan
653
Jan
953
2
Feb
4
99
98
5*
100
"14k "iik
'""306
5*
145*
4153
4153
42
200
""ik
453
6
3",200
65*
500
253
253
115*
25*
125*
'2",705
...
$6 preferred A.....!..»
Cosden Oil com..
Preferred
175*
45*
92
5
Copper Range Co...... *
Cord Corp
5
Corroon & Reynolds—
Common
165*
9053
8% preferred
100
Consol Royalty Oil
10
Cont G A E 7% prior pf 100
Continental Oil of Mex—1
Continental Securities.—*
34
.....100
105
353
65*
453
Mar
Mar
Jan
10
Apr
19
Mar
495*
Jan
Mar
Jan
9
Apr
Apr
8
Mar
8
Feb
453 May
Jan
7753
453
Feb
Jan
17
Feb
1153 May
k Feb
15
24
31
Apr
130
Mar
65
400
653
Jan
153
653
Feb
Courtauld's Ltd
Am dep rets ord
Creole Petroleum
..5
Crocker Wheeler Elec
125*
200
"29k
6~,600
"26~53 "27k
"l!806
H5*
1
2,100
125*
reg_.£l
Cramp Shp A Engine —100
Crane Co com...—....25!
Preferred
...100
Crown Cent Petroleum—1
page
Feb
Feb
1653
Jan
25* May
1853
Jan
Apr
Apr
700
16
2953
"27k
11
1
"27"
953
53
8,700
Crowley Mliner A Co
see
453
Jan
Feb
20
1553
"59"
*
!
Croft Brewing Co
For footnotes
Mar
68
1553
!*
Jan
May
25
com.
Jan
8
253
17
Rosenberger...—♦
Feb
43
14453 14453
Cockshutt Plow Co
Feb
750
5*
com..!*
Columbia Gas A Eleo—
Conv 5% preferred—100
300
May
92
103
45*
Colon Oil Corp com
*
Colt's Patent Fire Arms.25
Mar
1653
Feb
'
~~~*
Preferred B
Feb
May
200
40
1253
4953
Apr
Apr
Apr
Mar
22
Apr
Mar
1553
1253
1153
25*
May
15*
Jan
Jan
75
.!!!♦
Preferred
Cohn A
A*
753
Mar
32
Jan
400
Mar
"Feb
Mar
1,100
853
153
453
Clinchfield Coal Corp
100
Club Alum Utensil
Co
*
43
853
121
145*
"§k
*
Feb
55
Jan
51
153
553
153
Mar
Feb
1053
253
Jan
May
753
Feb
Apr
May
"i«
5
7
ioo|
Mining Co..1
165*
385*
165*
115* May
1
107
.
Cleveland Tractor
Jan
100
.
Feb
3,000
1,700
com
Blue
.
Feb
153
105*
85*
5*
Bell Tel of Pa
653% pf-100
Benson & Hedges
Blckfords Inc com
*
$2.50 conv pref
*
Black & Decker
Mfg Co__*
Bliss (E W) A Co
com
*
Centrifugal Pipe
*
Charts Corporation
I _! 10
Chesebrough Mfg
.25
Chicago Flexible Shaft Co f
Chicago Rivet A Mach
*
93
Jan
300
15*
1653
353
3553
Feb
Feb
300
53
753
15*
41
3,.
53
53
145*
19
tc
353
600
245*
Claude Neon Lights Inc..1
Cleve Elec Ilium com.
"•
4153 May
TM
5
20
Jan
Jan
Feb
3i6 May
Jan
Jan
92
Apr
9
Apr
Apr
Mar
Jan
Jan
153
53
100
653
'32
53
15*
Jan
1
1
5
100
warr
City Auto Stamping.... *
City A Suburban Homes 10
2653
Feb
5*
25*
753
"Ik ""ok
153
L7% pref...100
Feb
200
Jan
"34"
Jan
2,200
85
$7 dlv preferred
*
1st preferred
♦
Cent Hud G 4c E v t O—*
Cent Maine Pow
7% pf 100
1
253
Jan
Jan
275
4,800
1,200
2,800
4153
6253 May
6153
15*
3353
200
5*
5*
Jan
50
34
48
108
15*
8
40
150]
500
6253
74
7% prior preferred-.100
Celluloid Corp com.....15
Feb
warr.
com
34
Jan
Mar
Jan
150
253
353
&Co7% pfdl 00
Bellanca Aircraft
Bell Tel of Canada
7253
255*
Apr
Mar
103
10253 103
1253
Axton-Flsher Tobacco—
10
62
74
50
Jan
250
"5",000
Celanese Corp of
America,
7% 1st partlo pref
100
Jan
53
400
2453
"ilk "12k
Castle (A M) A Co
10
Catalln Corp of Amers..— 1
Jan
"8
"""soj
1,000
1
Feb
Mar
853
300
1053
Mar]
40
Cities Service com
Apr
Mar
155*
395*
2353
105*
1653
106
62
953
81
9153
15*
125*
Mar
Jan
8453
23
1153
953
Jan
Jan
91
153
153
753
300
Apr
1653
Jan
23
100
105*
2IU
Aprl
»
Mar
Jan
Jan
753 May
6 53
*\
com.
Mar
81
Mach.*
245*
106
Prefen ed BB
*
Cities Serv P A L $7
pref!*
36 Preferred—....—!•
34
*
Class A common
Babcock A Wilcox
Co
Baldwin Locomotive
Class B
Carnation Co
Chtlds Co pref....
Chief Consol
Mar
Feb
Mar
2753
Carolina P A L $7 pref—*
$6 preferred
...»
Carrier Corporation
*
Cent & South West Util.l
Cent States Eleo com
1
635*
3253
3053
1,300
Convertible class A....*
Feb
Jan
Jan
Jan
Mar
Carman A Co-
Cent P A
Apr
28
""loo
953
£425* £425*
Conv preferred.—..100
Conv pref op ser *29.100
Jan
750
.
Jan
82
453
15*
453
B non-voting
*
Canadian Marconi......1
Capital City Products..
*
Carib Syndicate
25c
7% preferred
700
500
853
29
9
953
Canadian Car A Fdy Ltd
Preferred
...25
Canadian Indus Alcohol A*
Feb
453
9953
30 53
28
29
29
Am dep rets B ord shs £1
Amer dep rets pref shs £1
Calamba Sugar Estate-.20
Feb
Jan
High
253 May
.*;
6% pref without
Apr
300
Mar
10
Feb
2
200
Jan
v
29
12,600
20
86
9i$
Mar
Jan
3053
245*
153
3953
25*
Feb
14
"26"
25
153
Atlas Plywood
Corp
Austin Sliver
Mines
Automatic-Voting
Mar
100
50
S3 preference A
Warrants
Jan
3953
435*
""9k "iok
405*
*
Atlanta Gas
Light pref. 100
Atlantic Coast
Fisheries..*
Atlantic Coast Line
Atlas Corp
common
Feb
Feb
8653
405*
35* May
335*
Apr
*
-
Jan
19
of"Amer!*
Associates Investment Co
Associated Rayon com
9
Mar
Low
28
753
....
1153
153
15
Option warrants
24
1053
1
Class A
t o
15*
2653
85
86
Assoc Gas & Eleo—
Common
4853
Jan
900
......
~*
Arkansas P&L $7 "p"re~fl_*
Art Metal Works
com
5
Associated Eleo Industries
Amer deposit rets
£1
Jan
38
3053
"Jo
Preferred...
Jan
Range Since Jan. 11936
2853
Cables A Wireless Ltd—
Am dep rets A ord shs. £1
Mar
65* May
800
Service!*
Chemical.*
Superpower Corp com*
v
2053
3 53
3753
111
1115*
853
853
...
Amer Hard Rubber
com. 50
Amer
Laundry Mach
20
Amer L A Tr
com....—25
Laundries
1953
3 53
3653
$3 convertible pref*
Warrants.....
Burma Corp Am dep rets—
Butler Brothers—....101
Mar
4453
353
Bunker Hill A Sullivan. .10)
Burco Inc com
•
Mar
453
775*
115
♦
.
Preferred
*
American General
Corp 10c
$2 preferred...
Assoc
""50
Buckeye Pipe Line
50
Buff Nlag A East Pr pref 25
$51st preferred...
•
Bulova Watch $353 pref—*
75
Jan
125k
12553
Brown Forman Distillery. 1
Bruck Silk Mills Ltd.
»
101
Jan
295*
Brown Co 6% pref
100
Brown Fence A Wire B
*
Class A preferred...._♦
Cable Eleo Prod
Feb
k
3053
Am dep rets ord reg—10s
British Col Pow cl A
*
Mar
Feb
8653
9",600
Apr
May
9
27
"3453 "36k
coinl.*
warr.
Angostura
"355*
Mar
2
150
1,800
Feb
Jan
400
150
Apr;
Jan
453
800
31
preferred...100
Amer Equities Co
com...1
Amer Fork & Hoe Co com*
Amer Foreign Pow
Am
Apr
Jan
21
Amer Cynamld class
A—10
Amer Pneumatic
Amer Potash A
Feb
Jan
89
ClassA—25
conv
Feb
Mar
Apr
Am Cities Pow A
Lt—
7%
Mar
25*
175*
1153
£l
Am dep rets ord bearer
Jan
600
for
Week
of Prices
Low
High Shares
Am dep rets ord reg..£l
British Celanese Ltd—
Mar
Feb
235*
Price
Week's Range |
British Amer Tobacco—
Mar
153 Mar
4853 Feb
825* Feb
Apr!
175*
1153
10c
Common class B
S3 preferred....
15.50 prior pref
100
225*
112
Aluminum Ind com...
*
Aluminum Ltd com.....I*
Amer Diet Tel N J
Jan
25*
3
3
6% preference..
100
Aluminum Goods Mfg..*
Class B
Par
53
Alliance Investment com.*
Allied Products cl A com
25,
Aluminum Co common-..*1
Sale
May
22
253
160
,si6
41
735*
65
53
405*
715*
6353
4653
"353
Apr
11
Apr
445* May
253
Jan
27
Apr
"t« Jan
375*
Jan
675*
Feb
100
Last
High
75
Agfa Ansco Corp com..
1
Ainsworth Mfg Corp
10
Air Investors
Low
10
108
21
3 53
Shares
Sales
Friday\
STOCKS
(Continued)
Range Since Jan. 11936
200
425*
108
7% 1st pf 100
Supply Mfg ol A-.—*
Class B
for
Week
""253
""2"
""25*
"4",066
1205*
1953
253
Apr
Jan
Jan
345*
Apr
9
16
153
5*
Jan
5
May
15*
Jan
7
v
-25*
Jan
Feb
Feb
Feb
Feb
Mar
Jan
Volume
New York Curb Exchange—Continued—Page 2
142
Friday
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Pgr
Price
Crown Cork Internatl A..*
Crown Drug Co com
Preferred
Cuban Tobacco
Cuneo Press
26c
15%
x4%
26
x4%
23%
15%
4%
23%
Shares
400
2,000
50
vtc._*
com
♦
com
634% preferred
39
39
100
09
1154
Jan
4%
Mar
1534
53*
Jan
25
4%
37%
Jan
113*
4234
Feb
H
Mar
Mar
Feb
Feb
23
Mar
Par
Feb
Mar
134
Guardian Investors
...1
Gulf Oil Corp of Penna..25
900
x9
Mar
Davenport Hosiery Mills. 6
15
15
200
12
Jan
Dayton Rubber Mfg com.*
Class A.
36
113*
U%
400
11
Apr
1434
Apr
Mar
23
23
100
22 %
Apr
25
Mar
12
Apr
163*
16% May
Reg £1
7% pref.100
07%
Detroit Gray Iron Fdy
6
Derby Oil 4 Ref Corp eom*
Preferred
66%
67%
Detroit Paper Prod..
220
3%
Mar
70
Mar
Feb
600
834
3%
400
1%
.U-
1
Diamond Shoe Corp com. *
Dictograph Products
2
193*
50
10%
10
*
Distilled Liquors Corp
Distillers Co Ltd—
25%
8%
15
Amer deposit rets
£1
Doehler Die Casting
*
Dominion Steel 4 Coal B 25
13
18%
11
18%
.6
11
7,900
800
1,100
32
Mar
Mar
May
5%
11
Mar
Jan
233*
30 %
Jan
Jan
Mar
273* May
4%
Jan
1434
434
493*
1034
Mar
Apr
Apr
Apr
19
Apr
*
Draper Corp
101
•
10
-
preferred
102%
68%
68%
200
20
"3%
30
34
600
110
30%
100
Dubiller Condenser Corp.!
Duke Power Co
10
110
10
10
123*
Common.—
11
9%
*
434% prior preferred. 100
6% preferred
100
*94 34
Apr
6534
6%
50
11%
5,100
7%
1,900
75
75
75%
325
65%
62%
65%
2,400
Jan
Mar
734
Feb
Jan
1243*
733*
Mar
Jan
39
Jan
110
Feb
Jan
0
Mar
Feb
80
Jan
1%
*
$7 preferred series A
*
Easy Washing Mach "B".»
Economy Grocery Stores.*
Edison Bros Stores com..*
Eisler Electric Corp new.l
Elec Bond 4 Share com..5
•
Jan
113
200
1253* 1253*
2634
2634
25
150
63*
734
500
2
100
20%
$6
*
82
78
81
1,500
634
634
1,600
1
com
Class A
10%
13%
16
Holt
»
7%
preferred
""566
1134
Mar
85
Jan
Jan
83
Mar
Apr
5934
4134
4234
334
Feb
Jan
Jan
134 May
Jan
23
Jan
43
243*
634
Jan
4334
Jan
Jan
1334
Apr
Mar
3,700
16
May
2334
30
Jan
4234
Apr
Mar
Amer deooslt rets
Imperial Oil (Can) coup
*
Registered
._*
Imperial Tob of Canada.5
Britain and Ireland
Indiana Pipe Line...
Indiana Service
£1
10
Apr
153*
Feb
2534
Mar
643*
Apr
79
Ma
743*
Jan
87
Mar
Apr
12
Mar
Non-voting class A
8%
52
Apr
Jan
Class B
52
934
Jan
May
834 Mar
7%
1,800
2
Jan
5%
600
5
May
91%
25
91%
854
Feb
723*
Mar
234
Jan
Jan
334
Jan
103*
Jan
1154
134
Apr
42% May
Feb
2134
634
1434
173*
Mar
434
2,400
1434
1,700
1434
1,800
1%
200
"21% "22%
1534
"I56
3,600
16
9J*
Insurance Co of N Amer. 10
88
May
Feb
V tc common
163*
3234
50
125
"25"
"2734
98
Jan
2934
Feb
Apr
Feb
Intl Metal Indus A
15%
Emsco Derrick 4 Equip
6
1934
10c
50
..50
200
""260
43
Jan
02
Feb
Jan
5734
Feb
International Petroleum—*
4334
Jan
0534
Feb
Jan
673*
Feb
May
Corp
2%
41
51%
150
47
24
250
21
Jan
24
18
18%
700
15
Jan
Apr
3,800
2
Jan
Feb
Internat'l
150
89
Jan
44
Feb
International Products
'16
600
*16
%
600
34
*
Jan
Jan
3*
Mar
3,000
573*
May
7034
4,200
34
May
153*
May
23*
4034
Feb
30
Apr
153*
1,650
20
4
734
434
500
3,400
"41%
"40k "4234
154
533*
Feb
4134
100
383*
523*
Jan
55
Feb
Feb
533*
Feb
934
x20%
934
22
200
93*
Jan
934
10,600
20
Jan
2434
Apr
Feb
2134
213*
300
2034
Jan
2434
Feb
13%
133*
133*
110
133*
Apr
1434
Mar
39
39
39
100
37
7
400
41
x21
7
63*
10
16
May
25
923*
Jan
33*
33*
"l8% ~18%
93
93
Jan
63*
Jan
034
Jan
1,300
834
x3634
434
Iron Cap Copper com
Irving Air Chute
%
1,300
%
76%
%
%
77%
300
*
37
Florida P 4 L 37 pref...,*
Ford Motor Co Ltd—
41
35J*
40%
373*
42%
40
3,900
1,025
4,900
650
103*
13*
dep rets ord reg—£1
7%
7%
7%
21%
21%
22%
25
25
4,300
2,400
4034
Feh
Italian Superpower A.
Warrants
134
Feb
34 May
75
May
13*
Feb
534%
Feb
6% preferred
89
Mar
-.100
—100
preferred
100
117
Jan
Jonas A Naumburg
Apr
9
Feb
46
May
70
Feb
3534
May
45
Apr
4034 May
60
Feb
934
2834
100
234 May
43*
450
2%
500
Common vtc
*
Vtc preferred A
*
Ken Rad Tube & Lamp
Kingsbury
Feb
32
Feb
Feb
20%
19%
20%
2,100
16
164*
400
1
Jan
16
Jan
234
30
Jan
7% preferred B
5% preferred D
Jan
19
Mar
434
Feb
%
Klelnert
~76~~
190
General Telephone com_20
493* May
2%
Feb
Lackawanna RR of NJ
General Tire 4 Rubber. .25
0% preferred A
100
Georgia Power $0 pref
*
Lake Shore Mines Ltd
1
34 May
1i«
Jan
May
*
3*
Feb
85
Jan
Lane Bryant
Jan
813*
Feb
Jan
234
1834
Mar
Jan
50%
Jan
5234
70%
74
400
69
Apr
93
Jan
95
95
20
85
Api
102
Jan
85%
100
79
Apr
9034
70
Apr
73
25
34
683*
14%
13%
14%
2,300
2%
2
2%
300
5
Apr
45
Feb
133*
Apr
18 %
Jan
33*
3934
1834
»i«
43*
2534
234
24
15~
Class B
"l5%
"260
Jan
8
Goldfleld Coiiso 1 Mines. 10
Jan
34
Gorham Ino class A com.*
......*
Jan
123*
100
234
20%
20
20%
100
2734
Feb
32
Feb
Jan
May
3334
Mar
34 May
%
134
May
20
Feb
Jan
233*
May
3134
Feb
Jan
Mar
Apr
703*
Jan
833*
250
70
Jan
93
May
220
34
86
May
100
May
15
% May
Feb
1,000
93
86
93
100
9334 100
334
334
300
134
Jan
434
Feb
Feb
34
34
4%
36
34
434
200
1
1,300
53*
2,500
'1134
"366
234
200
30
Jan
34
134
11134
"ll"
11
Mar
Jan
Jan
May
44
Feb
Apr
15*
Mar
634
Mar
113
Apr
1134 May
23*
13*
Jan
354
Mar
Jan
"74""
434
900
254
Jan
554
Jan
"16
34
11,100
34
Jan
%
May
43*
43*
100
35*
74
4
13,
Jan
24
Jan
8
1134
Mar
Mar
6
107
100
9034
Apr
113*
113*
100
1054
233*
2434
2,100
May
Jan
56
60
3,500
100
1013*
14
5%
20
Jan
Jan
May
834
45
Mar
Feb
Jan
Lakey Foundry A Mach-_1
53*
700
Apr
Mar
Feb
123*
Mar
2434
May
51
554
Jan
78
Mar
Jan
7434
5934
Jan
60
May
May
834
Mar
Langendorf United Bak—
47
5%
7
100
83
100
pref.100
1
Jan
300
5%
_*
6% preferred
Kreuger Brewing
67
3~oo6
Godchaux Sugars class A.*
33 preferred
Apr
70
95
Gilbert (A C) com
Preferred
Underwriters
Jan
85%
'74"
Feb
2634
13*
34
100
49
183*
16%
"153*
900
7934
1
Jan
50
16%
*
Jan
Koppers Gas A Coke Co—
1
"75"
Jan
23*
Jan
1834
73
0% pflOO
Gen Pub Serv $0 pref
»
Gen Rayon Co A stock..*
"206
21
10
Rubber
2034 May
"266
%
25
Klein (Emll)
Jan
Jan
40
Warrants
Jan
Jan
100
100
...1
Klrby Petroleum
183*
1234
200
$0 conv pref class B
73*
64
Feb
Kings County Lighting—
Feb
Kress (S. H.) A Co
pref B
340
82
1
13
Gen Fireproofing com....*
Gen Gas 4 Elec—
Jan
200
3,200
2034
34
A*
Breweries
Knott Corp common
dep rets ord reg__£l
May
Apr
Kansas City Pub Service—
734 May
2034
Apr
25
May
17%
354
Feb
3954
3834
%
2.50
Klrkland Lake G M Ltd.l
2%
1034
13*
25
2034
Jones A Laughlin Steel. 100
45*
Froedtert Grain 4 Malt—
17
1
*
Apr
112
30
15
Jan
Jan
Jan
Feb
Jersey Central Pow A Lc—
20
150
2%
Apr
May
Feb
34
1
Jan
34
Ford Motor of France—
2%
334
500
KansasGAE7% pref.100
Ford Motor of Can cl A..*
73*
1434
534
3334
134
10
7% preferred
61
Globe
Vitamin
Jan
May
2834
19
100
1434
Feb
Apr
64
Iron Fireman Mfg v t c.10
Jan
%
33*
Apr
Jan
General Alloys Co
Gen Electric Co Ltd—
300
300
Feb
34%
43*
1,000
17
*
4,800
734
1634
American dep rets
100
Fort Worth Stk Yds Co..
800
4
22
313*
Class B
3734
2934
Feb
com
£3634
734
734
%
Jan
Jan
Apr
Apr
7
11
21
Jan
Jan
37%
34
300
283*
434
1334
„
Apr
55*
1134
734
500
3.300
Feb
300
8
1134
334
283*
6%
13%
13%
Apr
84
134
*
6%
13%
13%
May
Apr
29
72 J4
1
...1
12
69
134
7134
Jan
Falstaff Brewing
Fanny Farmer Candy
24
May
33*
203*
Jan
9
7134
Interstate Power $7 pref.*
Investors Royalty new
1
100
Jan
Jan
Apr
Interestate Hos Mills
500
Feb
934
International
Jan
1834 May
97
Feb
Jan
Jan
49
Feb
Apr
34
Feb
50
Jan
93*
Jan
2334
103*
100
3934
20
S16
21
113% 114
5
5%
Jan
Feb
New warrants
Apr
May
6
5
Mar
534
10
Fe
6%
1
Jan
Jan
»i«
143*
100
Jan
363*
1434
23*
1,000
Flsk Rubber Corp
Feb
Jan
T,706
75
754
Jan
16%
8
Fire Association (Phlia).lO
First National Stores—
95*
40
34
6%
38
Jan
"i«
1
15%
Fldello Brewery.
......1
Film Inspection Mach
*
Jan
May
1,450
..»
—
7%
Flat Amer dep rcets..
6
234
32
Feb
Warrants
16%
Ferro Enamel Corp com..*
Apr
Feb
.3
.1
Jan
Apr
Utility-
Class A.
..1
100
Faneteel Metallurgical...*
Fedders Mfg Co com
Jan
35
3*
100
Falrchild Aviation...
Ex-oell-0 Air 4 Tool
2234
110
6034
73*
4
*
6% preferred..
Class B
%
Jan
x57%
Internatl Safety Razor B_*
2%
41
2134
33*
2%
143* May
2954
Apr
363*
51
39%
Feb
Feb
Registered
24
51%
European Electric Corp—
Option warrants
Wallower Lead
Pref $3.50 series..
Internat Mining
Warrants
44
"l834
Feb
10
2834
*
8% preferred
100
Empire Power Part Stk__*
10
30
1
49
Jan
Jan
Mar
Internat Hydro-Eleo—
Feb
44%
Feb
1734
Jan
International Cigar Mach *
Internat Holding A Inv..*
Empire Gas 4 Fuel Co—
"48% ~49%
Jan
23
223*
1
37
48%
Mar
Jan
Feb
55
6~800
100
5134
6% preferred
100
634% preferred.—100
7% preferred
100
1334
3
Feb
Industrial Finance—
Jan
Glen Alden Coal
Apr
Jan
»
1834
Jan
$5 preferred
Jan
85*
Apr
*
900
934
83*
1,100
42
33 convertible pref
843*
Indian Ter Ilium OH—
303*
Gen Outdoor Adv
Jan
Jan
534
34
0% pref 100
Empire District El 6% .100
com
Jan
105
7% preferred
100
Ind'polis P A L 034% pflOO
23*
Jan
Gen Investment
91
Imperial Tobacco of Great
Jan
conv
Mar
Apr
Apr
434
163*
3234
£1
15
$0
98
1
Illuminating Shares cl A-.*
Imperial Chem Industries
1,125
10U
10
5
Hygrade Sylvania Corp..*
Illinois P A L 80 pref...
*
6% preferred
-.100
10
Am
Feb
Jan
63*
x57%
434
5%
♦
Conv preferred
Mar
72
08
a;1334
1334
1
7% preferred
$0 conv pref ww
Am
134
Mar
Feb
9%
*
Common
Electrographic Corp com.l
Elgin Nat Watch Co...15
Flintkote Co
Jan
Jau
Jao
3134
103*
334
Huylers of Delaware Ino—
Hygrade Food Prod
Jan
16
2534
Jan
4
223*
*
Jan
6%
1
preferred
Apr
128
125
100
Hud Bay Min A 8melt
Humble Oil A Ref
Elec Shovel Coal $4 pref..*
$0
May
13034
300
1%
Hormel (Geo A) A Co
*
Horn A Hardart
.....*
Mar
134
Shareholding—
7% 1st preferred
2
Apr
71
(Henry) A Co cl A—*
103*
150
48%
*
Common
preferred...
Mar
Feb
2434
654
75*
1
13%
1534
100
X41% x41%
4
3%
10,400
20% 104,600
19%
500
68%
71%
2,700
78% 82
8
1
Option warrants
7%
124
1
70%
10
Jan
r
Elec P 4 L 2d pref A
Evans
11034
76
634
*
-
Jan
100
31
11%
16
16
.....
71%
Equity Corp com..
High
81
78
25
Helena Rubenstein
Mar
7%
200
30
31
13%
•
oreferred
1%
29
$5 preferred
Eureka Pipe Line
Low
%
434
xl3%
7% pref stamped
100
7% pref unstamped..100
Hydro Electric Securities.*
H
66
30
*
16 preferred series B
Electric
Shares
2
7
._*
Hazeltlne Corp
Hecla Mining Co
Feb
253*
3534
25
8 sh
Hartford Electric Llght.25
Hartman Tobacco Co
*
Harvard Brewing Co.——1
Hollinger Consol G M
5
Holophane Co com.——.*
28H May
100
800
25
Eastern States Corp
Elec Power Assoc
Range Since Jan. 1 1936
for
Week
High
Page Ltd—
Am dep rets pref
Jan
East Gas 4 Fuel Assoc—
Eastern Malleable Iron
Gulf States Util $0 pref..*
85.60 preferred
*
Hall Lamp Co
...*
1
3%
73%
*
Eagle Plcher Lead
2634
__25c
7
3%
72%
Durham Hosiery class B__*
Duval Texas Sulphur
Jan
22
100
Dow Chemical
Driver Harris Co
com
Heyden Chemical..—
Hires (C E) Co cl A
1834 May
Douglas (W L) Shoe Co—.
7% preferred
of Prices
Handley
De Havlll Aircraft Ltd—
Am Dep Rec ord
Week's Range
Low
112
*
stock
com
Grocery Sts Prod
4,800
Dennlson Mfg
Non-vot
7% 1st pref erred... .100
Gt Northern Paper
25
Greenfield Tap A Die
•
Apr
1%
Price
Great Atl A Pao Tea—
Apr
109
11%
•
com
Sale
High
Low
10%
Darby Petroleum
134
103*
1
Last
0Continued)
106
100
Cusl Mexican Mining—50c
7%
STOCKS
1 1930
Range Since Jan.
STOCKS
{Continued)
3643
Sales
Realty
Preferred..
*
Leonard OH Develop...25
834
2,700
15,c
5*
is1c
3,500
113*
434
113*
43*
400
734
400
3
203*
203*
18
18
634%
preferred
10734
100
*
113*
*
43*
Feb
Loblaw Groceterias cl A..*
Class B
•
*
634
1
Lockheed Air Corp..
May
1534
434
25
Jan
Jan
Jan
1134
Jan
Feb
Jan
2
Feb
Jan
111
Apr
15
Mar
Rights
Feb
Long Island Ltg—
Common
—._.—*
434
...100
845*
7% preferred
Vtc agreement extended
xl6%
16%
16%
300
2134
Jan
Grand Rapids Varnish...*
Gray Telep Pay Station..*
14
10
Jan
10
Apr
Loudon Packing
18%
14%
19%
200
"~1~8%
300
1834
Apr
3234
Jan
Louisiana Land A
34
16
11
Lone Star Gas Corp
Preferred class B
*
100
73
4
843*
73
7
-.*
Explor.J
11
"13%
Mar
100
183*
500
63*
'
Feb
Feb
34
78
Lerner Stores
Lit Brothers com
Apr
Jan
234 May
1654 May
054
Jan
734
Feb
Feb
100
834
Lion OH Development
Mar
234
...*
Feb
Gorham Mfg Co—
1634 May
234
com..—1
Lehigh Coal A Nav
Mar
1234
*
Class A
Lefcourt
70
7% pref. .100
1734
Apr
634 May
'
16 May
1,000
4,500
12
3,200
43*
86
2,000
74
7
13
1334
41
42
64
350
934
Jan
Apr
1834
Feb
1034
Feb
Jan
34 May
143*
634
Mar
Feb
334
Apr
7234
Jan
88
Mar
64
Jan
76
Mar
4,400
63*
934
400
3454
200
Jan
534
203*
Apr
83*
Feb
Jan
1534
Mar
Louisiana L P A L Co—
$0 preferred
94
*
Lynch Corp common——5
4
Mangel Stores Corp
6%% pref ww—....100
For footnotes see
page
3647.
49
"49'
"49"
""16
423*
95
Jan
Jan
55 34
Feb
Apr
934
May
Apr
00
Jan
Feb
New York Curb
3644
Exchange—Continued—Page 3
Sales
Friday
STOG <S
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Mapes Conaol Mfg..—.*
Low
7%
Margay Oil Corp
Jan
27%
Feb
»
6
3%
87 %
2
84
e%
3%
87%
2
2
Massey-Harrls common—*
5
5%
Mayflower Associates...»
May Hosiery Mills—
<4 pref w w
..*
McCord Rad & Mfg B.__»
McWllllams Dredging....*
53
Mead Johnson & Co
7%
May
9%
22%
Jan
Mar
200
5
Apr
8%
Apr
8%
5%;
Jan
500
Jan
Pacific G & E 6%
550
62%
IK
Jan
100%
Mar
Jan
4
Feb
1,300
4K
May
May
7%
Jan
200
Jan
13%
Apr
Jan
89
Apr
Pan Amer Airways
Feb
49
10%
900
79
300
69
95
200
79%
5%
Feb
76
Apr
Jan
Feb
91%
7%
91%
0%
27
6%
"29%
57%
700
"466
75
92
7%
27
8%
60
May
92
"29"
1
2,000
100
9%
60
1,700
300
*
8%
20%
89%
5%
27
3%
40
Jan
4%
Apr
May
Jan
4%
4%
3,200
3%
1%
700
1,100
24
24
100
43
24
43
25
1%
"29 M
Jan
Mar
Apr
1%
300
29%
29%
1,075
109%
6
Jan
*
50
Pennsylvania Sugar Co.-20
2%
Feb
Penn Traffic Co
*
Jan
Jan
91%
Jan
Phillips Packing Co
Feb
114
29%
Apr
Feb
Piedmont & Nor Ry
4%
151% 152%
30
31%
900
4%
May
x5
"~~50
May
152% May
36
37%
600
30
May
34
Feb
Pioneer Gold Mines Ltd—1
Feb
40
Apr
Jan
35%
Feb
150
Apr
9
May
150
Apr
10% May
2%
44
19
65
4%
May
Pittsburgh A Lake Erie.50
Feb
82 %
10
138
Apr
Apr
35%
2,100
800
19
11
600
Mar
12
6%
37%
May
15
Apr
10
4%
1,800
36
100
Mar
77%
Jan
7%
Jan
18%
Feb
2%
"I2"
"12"
"l2"
"266
Apr
Mar
7",400
8% May
3%
12%
1,700
"T% "9%
8%
9
7%
Jan
10%
10
Jan
Apr
39
Feb
7%
Jan
14%
Feb
11%
*70
72
2,300
66% May
98%
Jan
1% May
940
72
122%
1%
1%
1,200
4%
1,700
100
120
3%
Jan
30
30
13%
30%
2%
13%
31%
25
23%
11%
Jan
Jan
300
30%
May
2%
5,300
1%
Jan
Feb
Jan
May
49%
Apr
Jan
Mar
Jan
14% May
Jan
31
Pratt A Lambert Co
Premier Gold
Feb
Mining....1
1
39%
23
Jan
Providence Gas
May
57
Apr
$6 preferred
Pub Serv of Colo—
%
1%
May
1%
Jan
2%
Jan
Jan
6
Feb
Pub Serv of Indlana$7 pref*
Feb
5
May
100
74%
5%
600
4%
May
%
Jan
1,900
Jan
"loo
700
89
Feb
86%
8%
8%
%
2%
Apr
Mar
Feb
—~8%
105
May
105
Apr
53
Feh
Jan
27%
Feb
48
Apr
60%
Common
48
Apr
60
Feb
Apr
114
Apr
Apr
117%
Apr
6% prior lien pref... 100
7% prior Hen pref
100
Pub Utll Secur $7 pref....*
2
Feb
Jan
Feb
Feb
15%
113
Apr
8%
May
$5 preferred
1
*
"9%
Pyrene Manufacturing-.10
Quaker Oats com
*
6% preferred
Quebec Power Co
Jan
21%
75%
Apr
Ry A Light Secur
Mar
Feb
Jan
4%
Feb
Apr
128
Mar
Newmont Mining Corp. 10
84
92%
Mar
100
69%
1%
Jan
3%
Jan
6%
Feb
9%
900
6%
Apr
Jan
82
84%
900
9%
96%
80
M00
*
74%
2%
49
200
N Y Pr & Lt 7% pref...100
Jan
Jan
.*
*
com
100
101
60
6%
N Y Steam Corp com
*
N Y Telep 6% % pref.. 100
15
120%
6
5
100
54
15
15
120% 121%
4%
5
54
54
71
31%
2,075
50%
Jan
71% May
1,475
22
Jan
34%
14
Jan
15%
"*7% "~7% "7%
""560
65%
27%
122
122
130
123
19
8%
warr
S16
Class B opt warrants..
1
17
Jan
Jan
2%
Jan
% May
1%
Feb
%
*
6
37
"5%
Noma Electric
5%
10%
38
2%
5%
Feb
Apr
'16
'16
100
„
*
Co
8%
8%
5%
8%
22%
22%
22%
Feb
Reed Roller Bit Co..
*
38
Jan
Reeves (Daniel) com
Relter-Foster OH
*
Jan
104
Jan
Reliable Stores com
*
Reybarn Co Inc
Reynolds Investing
5%
*
Feb
10
May
14%
Jan
6%
Feb
Richfield Oil pref
Richmond Rad com
Apr
75%
Feb
11%
%
2%
Feb
Roosevelt Field, Inc
May
Feb
30
2%
Jan
800
3
Jan
6%
15%
22% May
26%
916
5
"2%
4%
3%
41
41
54
56 preferred
North American Match._*
4%
41%
55
55
11,800
7%
5,6 May
2,200
1
May
20%
122
May
1,700
7%
Jan
13%
Feb
800
28%
Apr
44%
Mar
1,300
1,200
2%
Jan
3%
Jan
3%
Jan
7%
Mar
4,600
3%
3%
6
6
Nor European OH com___l
Nor Pennsy RR
50
316
1
%
16%
5%
3
0%
Jan
8%
Mar
5,200
■is
Jan
1%
Mar
2%
7%
1%
4%
900
12%
4%
Jan
20%
Jan
7
1%
Jan
3%
1,300
1,700
72
82%
$1.20
conv
3%
14%
20
pref
100
36%
Apr
35
Feb
May
1%
Apr
2%
Jan
400
4
Apr
6%
Mar
14%
Apr
3%
16%
19%
2
Jan
6,000
4%
Jan
18%
19%
300
14%
Jan
23
700
5
27
"23%
Engineering..*
*
Novadel-Agene Corp
43%
21
41%
5%
30
*
"l'l2"
5
*
Feb
Feb
St Regis Paper com
5
100
Salt Creek Producers
10
3%
Jan
8%
Jan
May
7i«
Jon
Schiff Co
Jan
98%
Jan
Schulte Real Estate
71
Apr
79
Jan
Scoville
77%
Apr
87%
Feb
Scranton Spring
Jan
108%
Mar
9%
Feb
Segal Lock & Hardware. .*
23%
43%
pave
%
3%
56
8%
May
70%
316
Feb
70
Apr
3%
38%
Jan
3%
1%
Jan
6%
Feb
Jan
4%
Apr
200
3%
82
%
2,500
3%
3,500
700
Apr
92
Feb
3i«
Jan
Feb
3%
Jan
7ia
5%
73%
10
Feb
70
56%
260
55
May
8
8%
2,000
7
Jan
3%
200
3%
com..
39%
55
1%
Jan
Jan
Jan
100
26
%
%
Apr
34$
Jan
1%
Feb
Apr
41%
Feb
42
*
May
30
26
com
Jan
55
26
200
Manufacturing.25
'16
Feb
Brook
*
1,100
2,500
21%
Jan
38
900
15%
Jan
26%
Apr
600
85%
20%
Jan
48
Feb
Selberling Rubber com...*
Selby Shoe Co
*
May
35
Jan
4%
100
43
3%
300
Mar
4,100
Jan
5%
41%
Apr
46%
Jan
1%
Jan
4%
Mar
2
4%
42%
2%
Jan
4%
Feb
2%
Feb
Selected Industries Inc—
25
Jan
106%
Feb
Common
104%
Jan
109%
Feb
110
Feb
112%
Jan
$5.50 prior stock..
AUotment certificates
Jan
106
101
104% 104%
108% 109
400
111
110
112
82
Securities Corp General..*
Seeman Bros Inc..
Mar
3%
Savoy Oil
%
101%
13%
104%
100
woe
Ryan Consol Petrol
100
com..
com
*
700
5
Apr
Mar
1.600
63
60
Rustless Iron A Steel
Water Co. $6 pref
5%
Apr
1%
700
Royal Typewriter
7% preferred
105% May
Feb
4%
Mar
35
Safety Car Heat A LlghtlOO
St Anthony Gold Mines.
55% May
Jan
0%
Jan
6%
300
Royall te Oil
3%
103
class A100
root.nnt.ewi
Jan
6%
49%
11
7%
1%
4%
Jan
100
82%
100
10
Ohio Power 6% pref
100
Ohio P S 7% 1st pref...100
Feb
350
73%
7% preferred
..100
Northern N Y Utilities
Feb
Apr
Mar
104%
ft
Root Petroleum Co
98%
3
Nor Ind Pub Ser 6% pfd 100
Ohio Edison $6 pref
Ohio OH 6% pref
8%
100
No Amer Utility Securities*
Nor Cent Texas Oil Co
5
Apr
200
8
16
800
Feb
Apr
Mar
Rochester Gas A Elec Corp
Apr
®t6
16%
25
4%
8
*
116%
Apr
Jan
Rice Stlx Dry Goods
75
200
Feb
300
25
$3 convertible preferred*
v t c
50c
110
Nor Amer Lt <fc Pr—
Common
Feb
%
'16
Rossla International
9%
36%
2%
Feb
19%
Jan
Niagara Share—
6
Apr
18%
21%
Jan
Red Bank Oil
Jan
Jan
Jan
149
Feb
Jan
11%
137%
%
Jan
1,900
1%
Jan
Jan
5%
6%
100
50
9%
May
Jan
Apr
Mar
14%
25
19
19
"loo
9
*
Apr
96%
T6%
Jan
*
Common
Feb
62
*16%
6% preferred ser D..100
9%
122
141
16%
Raytheon Mfg
Niagara Hud Pow—
..15
5%
Feb
Class B
200
6%
Feb
Feb
6%
Raymond Concrete Pile—
Jan
N Y Shipbuilding Corp—
1
97
110
*
36
105
*
Jan
Jan
Apr
100
30%
47
*
N Y A Honduras RosarlolO
92
90
Class A
May
24
*
96%
Ry A Utll Invest cl A
1
Rainbow Luminous Prod—
2%
Feb
2%
31%
Feb
7
79%
80
...6
4%
3%
80
25
20
"""25
*
$8 preferred
Pyle-National Co
96%
"*2% '"2% "2%
71
Jan
123
New England T & T Co 100
40%
21%
98
96%
*
11
300
40%
20%
Pub Service of Okla—
74
5
100
40%
Puget Sound P A L—
3%
16
100
Mar
Jan
Feb
19
100
Feb
102%
Jan
Jan
Jan
2%
Apr
11%
Apr
Mar
Jan
May
9
10%
Feb
Feb
37%
14%
Apr
Apr
12%
Mar
May
103%
9
115
100
98%
100
100
17%
Jan
100
Jan
2%
60
7% 1st preferred
30
Jan
300
1,100
6% 1st preferred....100
Feb
May
Mar
2%
9%
101
115
4%
9
101
100
Jan
15%
8%
101
100
Jan
2%
37
Feb
preferred
%
9
15%
Feb
9%
preferred
%
2%
Jan
18%
Apr
7%
200
9
Jan
34%
30%
*u
1%
Jan
^16 May
% May
8%
Apr
9%
Apr
8% May
6%
May
Nestle-Le Mur Co ol A
%
200
Feb
""966
Neptune Meter class A...*
200
111
8%
9%
""300
Feb
Apr
Jan
40
Feb
300
%
1
*
3%
6%
19%
100
%
*
Jan
12%
23
28%
316
%
*
$6 preferred
*
Public Serv Nor 111 com..*
2,600
May
4%
110%
*
28%
""%
Prudential Investors.....*
Feb
May
4%
77%
140
Jan
37% May
Propper McCallum Hoe'y *
Prosperity Co class B
*
Apr
May
111%
Nelsner Bros 7% pref.. 100
Nelson (Herman) Corp...5
2%
Pressed Metals of Amer..*
40
7
"T
4%
400
*
Prentice-Hall. Inc
May
700
»16
%
"T%
.*
1%
60
"9% ~io%
Jan
36%
""9%
com..*
17%
47%
27%
Feb
50
Power Corp of Can
1%
83
26%
Apr
Jan
Powdrell A Alexander—*
1,400
"12% -12%
40
13%
Feb
4,300
1,200
%
7%
Jan
9%
100
Mar
Jan
...»
Ohio Brass Co cl B
Jan
Mar
2
%
Jan
Feb
36
15%
42%
7% pf.100
Northern Pipe Line
Apr
Jan
116%
Feb
47
50%
316
1
*
7% 1st preferred
18
Jan
14,300
4%
12.60
Nlplsslng Mines
Apr
Apr
23%
Feb
65
60
1
N lles-Bemen t-Pond
41
35
5%
2%
7
*
common
Apr
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Potrero Sugar com
5
2
National Steel Car Ltd—*
Ko»
Jan
50
60
1
8%
150
*
National Sugar Refining..*
Nat Tea Co 5%% Df
10
Ollstocks Ltd
Pittsburgh Forglngs
Jan
Conv part preferred...*
Northwest
Mar
70%
Pitts Bessemer A L E RR50
Apr
33
National Refining com..25
com
6
10
*
Producers Royalty
X
Nor Sts Pow
Meter..
6
300
2%
46
Warrants
Class B
93%
May
Pines Wlnterfront Co....5
2,700
13
Nat Mfg A Stores com...*
National P A L $6 pref—*
Class A ont
Jan
55
Pltney-Bowes Postage
28
24%
1
Common
*
com
Jan
1%
1%
.
87
550
11%
"29%
17%
48%
N Y Wat Serv 6 % pfd.
Pierce Governor
4%
6%
140% 140%
29%
30%
1%
NY Transit
11%
37%
10
142
.....
6
48 %
Founders shares
pref ser A
conv
520
100
6%
1% May
300
100
$3
35
__.*
$6 preferred
6%
13%
National Investors com._l
N Y Merchandise
11%
1
May
.....
Apr
34
*
Common
7%
31%
Apr
Phoenix Securities—
Jan
2,500
*
com
91%
60
34%
PhllaEl Pow 8% pref...25
8%
4%
National Gypsum cl A...5
N Y Auction Co
1% May
91%
55%
34%
60
*
*
com
Mar
112%
com
National Candy Co com..*
New Process
44
*
National Container Corp—
New Haven Clock Co
Mar
Philadelphia Co com
Phlla Elec Co $5 pref
Pie Bakeries Inc
2%
New Mex A Ariz Land
Mar
Feb
Jan
44%
New Jersey Zinc
130
52
Feb
1
7% preferred
107%
Jan
31 %
12
Jan
Apr
114%
*
70
Nat Bond A Share Corp..*
New Bradford OH
125
44
•
Jan
Feb
22%
111
Perfect Circle Co
Mar
Mar
8%
5%
Jan
Apr
1%
112
May
Jan
Jan
28%
33%
Mar
103
Jan
Jan
Mar
106%
19
22
Jan
6
20
75
2.50
100
37
Feb
80
150
Pepperell Mfg Co
93
37
Nev Calif Elec com
123
125
Feb
Mar
17
100
Feb
*35% "35% ~35%
1
Nehl Corp com.
19%
108% 109%
105% 106%
Apr
60
Jan
3%
13,100
Feb
28%
Jan
13
Jan
National Baking Co com.l
Nebraska Power
4%
19%
Mar
25
May
5%
4
Jan
Feb
Jan
Jan
151%
v t c
Nebel (Oscar) Co com
May
Jan
41%
50
Nachman Sprinfllled Corp*
Nat Union Radio Corp
6%
7%
"ic
81
Mountain Sta Tel A Tel 100
Transit
Feb
110
*
150
8%
Mtge Bank of Col Am shs_*
Mountain Producers
10
National
Apr
66%
5
100
Preferred
53%
100
Nat Service common
100
Penn Mex Fuel Co—.—1
83
(Tom) Distillery .1
Nat Rubber Mach
85
Jan
17%
$6 preferred
Penn Salt Mfg Co
1%
6%
32%
*
83
*
Nat Leather com
Apr
3%
*
49
53 %
Moody's Invest Service..*
$6.50 preferred...
32
.*
Class B
Peninsular Telep com
Pa Pr & Lt $7 pref
Feb
6%
*
Jan
Apr
15%
Montreal Lt Ht A Pow—*
National Fuel Gas
May
32
8%
Apr
45%
1,600
25,600
35
31%
10%
23%
51%
36
50
"57%
Plymouth
Pender D Grocery A
Patchogue
Feb
Mar
Apr
24
May
Feb
7%
20
Parker Rust-Proof new 2.50
Feb
May
May
83
Mar
19%
42%
1%
107
5% May
30%
*
Jan
300
Jan
Jan
Jan
May
Apr
Apr
Pa Gas & Elec class A
91%
Monroe Loan Society cl A *
$2 conv pref..
6%
Jan
32% May
29% May
May
77
10
4
Mar
3
400
175
36
*66~
5%
Jan
109
*
1
Common
Feb
1,500
2,100
20
6
1%
Jan
1
Moh A Hud Pow 1st pre!.*
Natl Bellas Hess com
Apr
Jan
4%
32%
28%
1
1
Paramount Motor
4%
Jan
Miss River Pow 6% pfd 100
com
3%
29%
26%
104%
8%
0%
—50
Pantepec OH of Venez
1
15i«
Minn Fow A Lt 7% pf 100
Nat Auto Fibre A
Jan
Parker Pen Co.
Apr
Pennroad Corp v 10
5%
Mock Judson Voehrlnger.*
Mueller Brass Co
6
10%
Mining Corp of Can—..*
Minnesota Mining A Mfg *
Moore Corp Ltd com
Preferred A
Mar
400
Mar
Mar
300
3%
*
*
17%
Mar
Pa Water A Power Co
Montgomery Ward A
Jan
1%
85
36
36
"57%
62
400
1
*
Moore
10
102
1%
3%
*
Molybdenum Corp
Mar
11
3,000
...
Jan
6%
*
2d preferred
3%
200
81
6%
May
Jan
15%
106% 107
..81
9
3,000
82%
Midland oil Corp—
Mid vale Co..
28%
167""
Jan
1%
„-_*
Midland Steel Prod
4%
7% May
8%
2%
6
31%
Apr
6
*
10
12 conv pref
32
6
High
Low
Shares
105%
8%
States Petrol—
Class B v t o
—4%
High
7%
2%
15%
.
1%
•
Class A v t o..
Low
8%
100%
6%% A pref erred... 100
Metrop Edison $6 prefi—*
Preferred—
Apr
lBt pf-25
6%% 1st pref....
25
Pacific Ltg $6 pref....—*
Pacific P A L 7% pref..100
Pacific Pub Serv
*
..*
Pacific Tin spec stk
*
Page-Hersey Tubes Ltd..*
78
5%
100
Michigan Sugar Co
64
95
Participating preferred.*
Merrltt Chapman & Scott*
Middle
63
42
Mercantile Stores com...*
Michigan Gas & Oil
50
10%
79
*
Mexico-Ohio Oil
53
Mar
Price
$1.30 1st preferred
Memphis Nat Gas com. .5
Memphis P & L 7% pref..*
7% preferred
Merchants & Mfg cl A
Week
100
7%
14
Maryland Casualty
1
Masonlte Corp common..*
Maes Utll Assoc v t c
1
for
of Prices
Oldetyme Distillers
1
Outboard Motors B com..*
Class A conv pref
*
Overseas Securities——*
Pacific Eastern Corp
1
»
Marlon Steam Shovel
Week's Range
Sale
Par
24%
£1
Last
High
Marconi Internat Marine—
American dep receipts.
Range Since Jan. 1 1936
STOCKS
(Continued)
Range Since Jan. 1 1936
Shares
Sales
Friday
Week
Price
May 30, 1936
Jan
15%
2%
*32%
3%
25
"32%
'""206
30%
Jan
2%
3%
1,900
2%
Jan
86%
86%
90
91
"32*
40
4%
Mar
Feb
50
81
Jan
90
Mar
550
78
Jan
95
Mar
Mar
Feb
3647
Si
as
Volume
Last
Week's Range
of Prices
Lou>
High
Range Since Jan.
for
Sale
1 1936
Week
Par
Price
Amer dep rec
Seton Leather
.£1
%
11%
'16
HM
6%
_
6%
6%
Shawlnlgan Wat & Pow,
Shenandoah Corp com...
-
1%
..25
49 %
Sherwtn-Wllllama com..25
122%
113%
conv
pref
5% cum preferred...100
Sherwin-Williams of Can
)
2
49%
0
113
113%
0
340~
345"
0
15
Apr
Feb
Api
4%
Jan
117
55
Jan
110%
100
4%
Amer dep rec ord reg.£l
Jan
21'%
c com
2%
4%
0
21%
2%
0
2%
19
0
1%
Mar
Jan
3%
Feb
U S Int'l Securities...
1st pref with warr
U S Lines pref
U 8 Playing Card
0
84%
Feb
41%
Apr
28%
0
27%
Mar
28%
May
26%
0
25%
Jan
May
May
0
5%
4%
)
1
8%
United Stores
Feb
United Verde Exten
United Wall Paper...
Mar
Universal Consol Oil
6%
Jan
35%
37
0
32%
Jan
11%
40%
56
60
0
54
Jan
60
May
Feb
%
% Feb
Feb
33%
Jan
4%
Feb
%
32
30%
%
0
%
)
32
29
Jan
Jan
2%
Apr
%
Standard Brewing Co..
Standard Cap A Seal com.5
Jan
1K
Feb
Jan
41%
Feb
33
.
Standard Dredging Co—
Common
3K
-
*
39
Common class B
Feb
Jan
21%
Jan
36%
3%
2%
97
%
716
'16
1
Steel Co of Can Ltd......*
Stein (A) A Co common
*
Jan
2%
2%
0
36
25
105
Apr
4
1st preferred
29
50
2d preferred
4%
Vogt Manufacturing..
Feb
Waco Aircraft Co
Wahl (The) Co common
Waltt A Bond class A.
29
20
Sterling Brewers Ino
Stetson (J B) Co com
Stlnnee (Hugo) Corp
18
6
*
"28k
I*
Sullivan Machinery
17%
"26% "28%
4%
Sunshine Mining Co...10c
18%
Feb
Wayne Pump common
1
Western Air Express.....1
Western Auto Supply A..*
29
34
May
Apr
7%
Apr
7%
Apr
3
4%
Jan
6%
Mar
3
17%
Apr
25%
Jan
Jan
7% let preferred
18
Feb
2%
29%
Apr
3
Apr
Western Tab A Sta
Apr
15%
Feb
Jan
9%
Feb
Jan
5
Apr
Apr
5%
Mar
18%
66
3
19%
3
5%
3
69
)
5
5
52
3
6
30
3
24%
6%
Jan
102
Mar
5
Apr
Jan
Jan
4
200
50
Jan
4%
6%
Jan
17
Feb
Jan
22%
12%
Apr
32
7%
18
Jan
300
3%
73%
3%
73%
1,500
3%
May
75
73%
May
300
%
Jan
275
"3%
3%
1%
1%
1
800
3%
1%
23%
3,500
1,250
"Ik "Ik
TMO
22%
%
46
Jan
May
3
1%
18
May
Jan
Jan
2%
82%
"l8
85
30
18
18
200
Jan
Mar
Jan
Jan
4
Feb
101
Feb
5%
83
Jan
Jan
2%
6%
Jan
3
Feb
32%
3%
Apr
Jan
3
Apr
87
May
May
May
27
18
May
Apr
1%
81
Feb
Mar
Mar
66
2%
1%
10%
6%
Jan
Feb
Mar
Feb
Feb
Feb
Mar
Feb
29%
28%
8%
39%
19,500
300
100
Mar
10%
Jan
1%
Jan
Jan
2%
2%
32%
10%
Feb
1%
8
19
4%
37%
Jan
Jan
Jan
100
Jan
7
May
66
50
101% 101%
15%
46
101%
Jan
Apr
Feb
Feb
Apr
7
May
Apr
78
Jan
Jan
23% May
7% May
9% May
22%
22
23%
1,200
7% May
9% May
64
100
100
preferred
*
3%
3%
8%
800
12%
300
100
3%
Mar
May
May
70
104%
5%
10
Feb
Mar
Mar
Feb
Apr
Mar
Wil-low Cafeterias Inc
12
1
1%
1%
1%
500
*
7
7
7%
400
Mar
3
3%
3
2%
Feb
4%
Mar
Wise Pr A Lt 7% pref.. 100
5%
5%
3
4%
Apr
6%
May
Wolverine Portl Cement 10
29%
4%
30%
3
17%
Jan
32%
Mar
4%
Mar
5%
Jan
Jar
Feb
83
Mar
3%
Jan
7
Jan
Jan
11
Mar
Jan
32% May
13%
3
15%
Mar
Feb
Feb
Woolworth (F W) Ltd—
Feb
40
80
Williams OU-O-Mat Ht..»
7%
Apr
10% May
1
Apr1
6% May
30% May
5%
6
102
3%
8%
8%
39%
5
•
79
Jan
Conv
preferred
Wilson-Jones Co
Woodley
*
3%
3%
100
Petroleum
29
%
Jan
1%
Feb
Amer deposit rets
5s
Wright-Hargreaves Ltd..*
8%
7%
8%
20,800
7%
Mar
9%
Feb
4%
%
%
4%
5%
105% 105%
Apr
7%
Feb
Yukon Gold Co
2
2
2%
4,000
1%
Jan
4%
Feb
105%
105% 105%
1,000
104%
104
104%
84%
80%
106% 106%
39,000
63,000
13,000
19,000
138,000
9,000
loB"
104% 105
9%
9%
27,000
30,000
108%
108
May
100%
Apr
Jan
9%
Feb
May
68%
Mar
Apr
1
Apr
65
6%
55
Jan
66
Jan
$
3%
2,100
1946
Mar
4
Jan
1951
Mar
1st A ref 5s
1956
Mar
21%
6%
48%
Feb
5%
32%
3%
2%
1st A ref 5s
Jan
1st A ref 6s
1968
"88%
Feb
1st A ref 4 %s
1967
84%
Jan
1st A ref 5s
103
Jan
106
Apr
Aluminum Co
107
7% preferred A
100
Tonopah Belmont Devel__
Tonopah Mining of Nev_.l
Mar
113
Apr
Aluminum Ltd deb 5s 1948
s
15J6
Apr
%
Feb
97%
Amer Com'ity Pow 5%s '53
%
700
99%
f deb 5> '52
%
1516
Jan
1%
Feb
Am El Pow Corp deb 6s *67
Trans Lux Plot Screen-
98%
86%
88%
22
22
108%
2,000
49,000
104
Apr
107
102%
Jan
105%
Mar
Mar
Feb
100%
96
Feb
100
84
Mar
95
96%
79% May
105% May
Feb
103%
91%
108%
105%
Feb
Apr
Feb
Feb
Mar
Apr
10%
28%
Feb
Jan
106
Jan
108%
Mar
Jan
99%
Apr
3%
13%
Jan
3
Trl-Continental warrants
4%
3
3%
1%
4%
3%
Feb
5%
Jan
Am Pow A Lt deb 6S..2016
98%
Jan
6%
Feb
Amer Radiator 4%s__1947
103%
98% 285,000
97%
24,000
103% 103%
Am Roll MU1 deb 5S..1948
4%
w_
104%
104% 104%
27,000
92%
102%
103%
Mar
22%
11%
Apr
Amer Seating 6s stp ..1946
103%
12,000
102
Mar
Appalachian El Pr 58.1956
16,000
104%
Apr
Feb
Appalachian Power 5«_1941
Feb
"5",660
107%
113%
Feb
107%
106% May
Jan
108%
Jan
Triplex Safety Glass Co-
21%
11%
Am dep rets for ord reg_,
Tri-State T A T 6% pref 10
10
Trunz Pork Stores
Mar
Jan
6
1
6%
7%
1
Corp
BONDS—
Abbot'B Dairy 6s
1942
Alabama Power Co—
19%
3%
Todd Shipyards Corp..
Toledo Edison 6% pref. 100
28%
23%
Jan
9%
8%
Apr
13%
12%
11%
Apr
Tung-Sol Lamp Works... 1
80c dlv pref new
*
13 %
26%
9%
12%
Twin Coach Co
13%
13
14
10
10%
Class A
5
105% May
6
54
1
6%
Am dep rets ord reg..£l
Am dep rets def reg__£l
9%
10
*
Union Gas of Canada....*
Union Traction Co (Pa)-
700
May
Apr
2%
Apr
25% May
JaD
8%
13
9%
37%
14%
16%
16%
4%
30%
12%
Mar
7%
Mar
Debenture 6s
United Aircraft Transport
Warrants
15
Mar
12
1
1
1%
1%
1,900
United Elastic
8
1
102
Pref
non-voting
Option warrants
2%
Feb
Associated Elec 4%s..l963
59%
Feb
51%
Feb
1938
Conv deb 4%s C...1948
Conv deb 4%s
1949
Mar
Conv deb 5s
Feb
Conv deb 5%s
Registered
Conv deb 6%s
1950
1968
United G A E 7% pref. 100
United Lt A Pow com A..*
1977
1950
1st pref
*
Milk Products...*
conv
Apr
10
Jan
Feb
Jan
Apr
Mar
10%
Mar
Jan
Mar
May
2%
91%
Mar
6s without warrants 1938
Feb
6s stamped x W...1938
Jan
7%
Mar
Jan
9%
Mar
43%
48%
12
$3 preferred
6%
Am dep rets ord reg__.£l
100
16
64
Mar
Jan
14
Mar
55
2%
May
Jan
Blnghamton L H A P 5s *46
Birmingham Elec 4%s 196»
26
86%
41
1
%
1
2%
Feb
Jan
1%
Feb
Canadian Pac Ry 6s..1942
May
10
Feb
3% May
90
Jan
Jan
42
May
1
Ten
page
3647.
%
16%
1
"17%
200
2^800
% May
1%
Jan
4%
U S Finishing common..
Preferred
100
1st M 6s series
Birmingham Gas 5s...1969
Boston Consol Gas 5s. 1947
Broad River Pow 6s.. 1954
Buffalo Gen Elec 5s..1939
Gen A ref 5s
1956
Canada Northern Pr 5s '53
Jan
Jan
38%
B
6%
1%
117
Feb
102%
58
60% 102,000
66
Apr
65%
50
43,000
2,000
38%
80,000
38%
41% 141,000
35%
28%
27%
Jan
63
30
Jan
29
Mar
Jan
Mar
Apr
Mar
May
May
6%
24%
Mar
16%
Jan
37
39%
53
Mar
38%
Mar
39 %
Feb
May
Feb
Feb
41% May
41% May
"43%
39
41% 169,000
40
1,000
30%
Jan
40
May
42%
84%
83%
44
9,000
30%
Jan
44
May
86
28,000
75
Jan
86
May
87
24,000
78
Jan
91%
100% May
101%
Apr
101
Apr
108
Mar
101% 101%
1,000
99
99
Jar
Mar
91
5,000
96%
27,000
77%
Apr
79
99
82%
91
"87%
80
87%
Apr
73%
Apr
87
80
87
75
Apr
93
Apr
Jan
117
Mar
Mar
148~665
35,000
90
100%
Apr
Mar
Bell Telep of
Apr
83
U S Dairy Prod class A..
Jan
Jan
2%
2%
85%
40%
39%
Bethlehem Steel 6s...1998
Jan
Feb
98
W..1938
Canada—
A...1955
1st M 5s series B
1957
5s series C
1960
151S May
8
.25
6s stamped w
Jan
3%
5%
29%
6%
United Molasses Co—
United Shipyards com B.. 1
6s with warrants...1938
9%
104%
7%
105
Baldwin Locom Works—
Jan
43
Unltea Profit-Sharing....*
Preferred
10
4%s..l955
Atlas Plywood 5%s..l943
Jan
6%
40
Atlanta Gas Lt
1%
42%
2%
Jan
6
105%
86,000
38
"38%
Assoc TAT deb 5 %s A '55
Assoc Rayon 5s
%
86%
12
"48 %
Mar
81%
7%
6
*
22
Jan
Jan
40
Apr
4
Jan
May
Associated Gas A El Co—
Mar
2%
J
2%
115% 115%
100% 101%
100%
104%
102
106% 106%
Arkansas Pr A Lt 6s. .1956
7%
35%
100
106%
2024
9%
com
$3 cum A part pref
United Corp warrants
15
103
Mar
Debenture 5s
7
50
see
Jan
1%
65%
1
Williams (R C) A Co...
Jan
55
Tobacco Prod Exports...*
Tobacco Securities Trust
For footnotes
7%
West Va Coal A Coke
May
35%
Tlshman Realty A Const.*
Tobacco Allied Stocks..._*
U S Foil Co class B
5,600
Jan
3
3%
Amer G A El deb 6s._202«
"6%
100
Preferred
200
*
3
66
4%
Texas P A L 7% pref.. 100
Class
Westmoreland Co
69
Jan
4%
Feb
37%
6
Tenn El Pow 7% 1st pf.100
Tenn Products Corp com •
Texas Gulf Producing... ♦
com.
'
%
1,500
Westvaco Chlorine Prod—
II
United ShoeMach
Feb
West Texas Udl $6 pref..*
2%
17%
Technicolor Inc common.*
$6
*
3
37%
United
t c.
3
37%
3%
6%
Common class B
1%
1%
100
v
18%
Syracuse Ltg 6% pref.. 100
Taggart Corp common
*
Tampa Electric Co com..*
Tastyeast Inc class A
1
Taylor Distilling Co
1
Corp
United Gas Corp com
May
%
200
Westmoreland Coal Co...*
"Ik "*4%
4%
($17.50 paid In)
Apr
Western Maryland Ry—
4%
22%
IK
Unexcelled Mfg Co
Union American Inv'g
4%
2% May
Western Cartridge pref. 100
Western Grocery Co
20
Jan
...1
Common
Jan
100
1%
5%
Swan Finch Oil Corp
15
Swiss Am Elec pref....100
1
100
3
2%
18%
*
Texon Oil A Land Co
Thermold 7% pref
18
100
1%
31%
8%
40
6%
3
Sun Investing common...*
Sunray Oil
1
Teck-Hughes Mines
5%
Jan
3%
716
%
3%
5%
17
18%
93
73%
Jan
41%
8%
7%
7K
May
1%
Jan
Class B
Feb
Apr
19
8%
Walker Mining Co
Feb
35%
64%
3%
Feb
May
30
22%
1%
Feb
3%
25j
*
Jan
Feb
Apr
84
~2l"
"I*
III
%
18%
8%
Jan
1%
*
63
Jan
Mar
May
70
._*
1
1
Stutz Motor Car
5
-
5%
*
Stroock (S) A Co
»
3%
3
4%
High
Jan
1%
4%
Va Pub Serv 7% pref..l00
Jan
100
.__*
1
Jan
%
59
-
*4%
100
new..
Feb
41
Apr
preferred
Apr
4%
4%
May
7%
13%
0
.
50
30
Venezuela Mex Oil Co..10
Venezuelan Petrol
Apr
11%
0
35
Conv preferred
I*
Util Pow A Lt common. .1
Apr
17%
0
36
Df"ioo
Jan
18%
11%
0
600
1,100
*
&.EIeo 7%
Equities Corp....*
Priority stock
._._._*
Utility A Ind Corp
*
Feb
28
*
Utah Radio Prod
Apr
17%
11%
0
3%
Co.1.5
18%
27%
-
2%
400
~_i
Products...11
49%
17%
"3% "~3%
2%
72
Low
Shares
com
Jan
'27%
"3%
3%
716
"16
18%
Jan
23%
14%
"»
Standard Silver Lead
0
3%
16%
13%
39
0
Standard Oil
Apr
"2l"
Utah Apex Mining
Utah Pow A Lt $7 pref...*
EHS?
Utility
High
4%
8
35%
-
Stand Investing $5.50 pf.*
Standard Oil (Ky)
io
6%
Mar
Universal
♦
30
Io
Insurance..
Universal Pictures
Square D class A pref
Stahl-Meyer Inc com..
(Neb)
26
Standard Oil (Ohio) com 25
6% preferred
100
Standard PAL new
...1
Universal
30
C.....I*
f»5c
Feb
37
Am dep rets ord bear.fl
Am dep rets ord reg..£l
preferred
preferred..
t
70
*
100
U 8 Rubber Reclaiming..*
U 8 Stores Corp com
*
v
Low
2%
"*
IIlO
Mar
1%
7%
.
*
U S Radiator Corp com
7%
Price
1%
2%
7%
8
Preferred
Jan
Par
Feb
149
Jan
0
Apr
5%
Apr
1%
27
59%
Southland Royalty Co
South Penn Oil
25
So'west Pa Pipe Line...50
Spanish & Gen Corp—
Week
34%
5%
Southern Pipe Line
10
Southern Union Gas.....
for
of Prices
Feb
37
26%
Week's Range
Sale
5%
2%
26 %
Last
Jan
28
5%% pref series C
25
Southern Colo Pow cl A.25
Southern N E Telep_..100
United Chemicals
Range Since Jan. 1 1936
STOCKS
Jan
3%
37
5% original preferred.25
6% preferred B
25
Tublze Chatillon
Sales
Friday
Feb
Southern Calif Edison—
Swiss Oil Corp
NEW YORK
-
-
Apr
20%
865
Smith (L C) A Corona
6%% preferred
Sterchl Bros Stores
-
DIgby 4-7140
(Concluded)
Singer Mfg Co..
Singer Mfg Co Ltd—
Typewriter v t
Sonotone Corp
BROADWAY
Apr
Apr
Apr
39
Apr
116
Mar
17
Members New York Stock Exchange
Members New York Curb Exchange
Feb
145%
May
331
.
Peter P. McDermott 8l Co.
Apr
Jan
8%
23%
47%
0
123%
49%
122
Feb
Jan
1%
0
Apr
4%
19%
0
'
Mar
%
7%
0
11%
com
Shattuck Denn Mining..
2%
1%
Jan
Sentry Safety Control
Specialists in Curb Bonds
High
Low
Selfrldge Prov Stores—
Conv
i
Sales
Friday
STOCKS
(Continued)
$3
3645
New York Curb Exchange—Continued—Page 4
142
115
115%
16,000
120%
119% 120%
10,000
116
Jan
121
116%
Jan
123% May
4,000
134
Jan
145
Mar
107
Apr
140
Cedar Rapids
M A P 5s '53
140
6,000
105%
90
91%
39,000
89%
Feb
Jan
82%
83
30,000
76
Jan
106% 106%
90%
94%
87%
Feb
Feb
4,000
105%
May
109
Jan
100%
27,000
89%
Jan
102
Apr
6,000
105%
Apr
109
Jan
106"
106% 107
106
106%
7,000
104
Apr
108
111%
103% 104%
110% 111%
105% 105%
166%
QQ
100% 101%
Carolina Pr A Lt 6s...1956
Cent Ariz Lt A Pr 5s I960
114%
115%
112%
112% 112%
106% 106%
Feb
104%
116%
Mar
Jan
Jan
102%
May
113%
Feb
Jan
107%
Mar
11,000
102%
Mar
45,000
109%
Apr
78,000
11,000
98%
111%
6,000
105%
Apr
New York Curb Exchange—Continued—Page 5
3646
Sales
Friday
Last
Week's Range
for
BONDS
Sale
of Prices
Price
Low
High
Range Since Jan. 1 1936
Low
%s
103%
1967
100%
—>..1968
102 M
ser F.
6s series Q
102% 103%
series H
1981
Cent Maine Pr 4%s E 1957
102 M 103
99%
100
88%
89%
67%
65 M
68
5%s ex-warrants... 1954
Cent States P & L 5%s *63
69 M
67
6s series B
1955
Cities Service 5s
Conv deb 5s
1966
1950
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
Line 6s
1943
Cities Serv PALSHs 1952
5%S
1949
71,000
89,000
74 M
~97%
80
79%
73M
74M
6 %s series B
1953
106%
Jan
6s series C
1951
111%
103%
Apr
Mar
96
97%
4,000
93
Jan
78
80
69%
69%
97%
Jan
77%
23,000
79% 365,000
100% 101%
85,000
104
104
12,000
Feb
72%
74% 116,000
75
72%
75
80
96%
98%
80%
Jan
Mar
Apr
Apr
112M 113
111% 111M
107%
105%
103%
69%
107% 108
105% 105%
103% 104
69%
124
69%
124
49,000
8,000
12,000
16,000
5,000
58,000
33,000
25,000
34,000
1,000
106M 106M
6,000
111% 112%
106%
4,000
107% 108
98
98%
106%
106% 107
106% 107
105
83,000
101%
Feb
Jan
Apr
Feb
Jan
105%
May
102% 102%
99% 100
92%
93%
42,000
99
Jan
103%
May
97,000
95
Jan
100%
Mar
15,000
86
Jan
95%
Apr
98% 100%
100% 100%
16,000
96
Jan
102
"89"
Jan
2,000
100
Jan
104
Feb
Jan
97
Feb
88%
107
"96%
94%
90
18,000
107
-97%
3,000
30,000
1950
107
91
104%
May
Jan
May
109% May
67%
1st lien & ref 5s....1963
Indianapolis Gas 5s A .1952
86%
"89"
105
8%
67%
67%
7%
Feb
111%
Feb
Feb
65
Jan
75%
Feb
8,000
12,000
91
104% 105%
Apr
16.000
68%
67%
89
108%
101%
107
63
Jan
74
Feb
89
May
96%
106%
Jan
38,000
104%
Jan
13,000
4%
Jan
17
Feb
8%
Feb
•
1955
57
60
11,000
50
Jan
76
Mar
7s series E
1957
59%
61%
13,000
54
Feb
75
Mar
7s series F
1952
63%
Feb
76
Mar
Feb
46%
May
110%
110%
110%
Apr
Mar
Jan
112% May
Jan
113%
113% Mar
110%
Jan
113
105%
103%
Jan
Jan
108% May
Jan
106%
102%
Apr
105
63%
124
106
Jan
May
77
127%
Mar
Feb
International Salt 5a__1951
International Sec 5S..1947
99%
99%
Interstate Power 5s.. 1957
75%
74%
70%
...1956
1958
Debenture 6s
5s series D
4%s series F
5s series A
109%
Feb
Apr
103
Feb
Apr
88
Feb
69
45,000
76
116,000
70%
58,000
98%
74%
67%
Apr
79%
Jan
87%
85
87%
36,000
81%
Apr
92
Feb
82%
80%
82%
9,000
Without
99
warrants
May
109
Jan
105
Mar
88
Jan
Jan
Jan
110
100%
48
100%
14,000
5,000
6,000
12,000
1,000
19,000
19,000
32,000
12,000
58%
2,000
100
105%
106
106
102%
107%
99%
105%
102%
83%
110
Jan
5s series I
Mar
108
May
106%
Jan
103%
Jan
108
Jan
105%
109
Jan
Jan
Jan
90%
Mar
105%
121
108
102
86
85
86
20,000
8,000
40,000
34,000
51
50%
53
104%
100% 104%
33%
33%
102
74
99%
102%
Jan
Feb
Apr
May
Jan
Jan
107%
31,000
75%
Jan
104% May
97%
Deb gold 6s June 15 1941
Deb 6s series B
1941
90%
90
"98"
100%
87%
95%
79,000
97% 144,000
91
8,000
10,000
90%
98
3,000
97%
100% 101
87%
85%
121
May
Mar
Hackensack Water 5s. 1938
105%
109% 109%
1977
Hamburg Elec 7s
1935
Hamburg El Underground
A St Ry 5 Ma
1938
28
32
102%
102% 102%
105
104% 105
99% 100%
106-
88%
Jan
96%
92%
Jan
99%
83%
Jan
91
82
Jan
May
90%
102%
102%
89%
Feb
Mar
May
May
Mar
Mar
Feb
112%
...1951
For footnotes see page 3647
112% 112%
106% 106%
Minneap Gas Lt 4%s.l950
Minn PAL 4%s
1978
6a
1955
79
Apr
May
85
Apr
May
90
1957
Jan
101%
Feb
104% Mar
107% May
Jan
103
37,000
103%
88
89%
104% 105
103% 103%
101%
101
101%
48,000
98%
104
104
104%
14,000
Mar
86
87%
26,000
61,000
102%
84%
89%
91%
102%
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A...2026
102%
Deb 5s series B
2030
Nat Pub Serv 5sctfs_1978
92
91
27%
24
104
Nebraska Power
4%s.l981
6s series A
New Amsterdam Gas 5s '48
N E Gas A El Assn 5s. 1947
104
102
102%
78
107
93%
93%
114
"65"
93%
Feb
May
Mar
7,000
103%
May
106%
105%
Jan
102%
Apr
Feb
Mar
96%
Jan
May
May
11,000
105
Jan
107%
23,000
107
Feb
Mar
108%
108%
May
Jan
68%
Feb
8,000
7,000
15,000
50,000
5
May
102% May
102% May
102% May
97
Apr
85%
Apr
18
Jan
Jan
107%
Jan
106
Feb
102%
93%
Feb
27%
May
Feb
May
122
May
109%
Jan
114
76,000
64%
May
79%
79%
79%
Feb
99%
102%
Mar
7,000
1,000
43,000
2,000
May
Apr
85
Jan
97%
98%
97,000
88%
Jan
86
86%
28,000
95
106
112
64%
96
101% May
Feb
11%
108% May
Jan
117%
105% May
Jan
86%
14.000
64%
65
Jan
Feb
95%
34,000
78,000
96% 171,000
63%
Jan
Apr
65%
65%
Debenture 5 %s
114
105
Mar
66%
1948
New Eng Pow Assn 5s. 1948
94%
Jan
Jan
102%
66%
64%
64%
..I960
Conv deb 5s
Conv deb 5s
107
Mar
20,000
92%
86,000
27% 211,000
108% 109
120
120%
2022
Nelsner Bros Realty 6s '48
Nevada^Callf Elec 5s. 1956
93
109
95%
Feb
Feb
May
Feb
Feb
New Orl Pub Serv—
38%
90%
Jan
103
Mar
Jan
102%
Mar
Apr
108
Feb
108%
Jan
82%
Mar
60
Mar
66
May
May
44
Jan
56%
Jan
75
Feb
104%
May
107%
104%
Apr
108%
105%
Jan
1954
5s stamped
1942
Income 6s series A-.1949
N Y Central Elec
5%s '50
N Y PAL Corp 1st
4%a '67
N Y State E A
G4%s.l980
Feb
Feb
Debenture 5s
Jan
103%
Mar
109%
Apr
Jan
Nippon El Pow 6%s
Feb
88%
Feb
79
9,000
69
Jan
81
Jan
99
8,000
97
May
104
Feb
108% 108%
106
106%
103
103%
107%
Jan
36,000
105
Apr
34,000
102%
Jan
5,000
110%
107%
103%
Mar
Apr
Jan
No Amer Lt A Pow—
5%s series A
1956
Nor Cont Utll 5%s.__1948
No Indiana G A E 6s. 1952
Jan
78%
1954
Jan
106%
103
Ltg 4s 2004
106%
74%
Mar
97
78%
New York Penn A Ohio—
Ext 4%s stamped.. 1950
1st 5%s
N Y A WestchT
May
43%
Jan
Mar
32%
104%
Jan
107
Feb
102%
103%
6s series B
Mar
Mar
Mar
Feb
94%
12,000
Mississippi Riv Fuel 6s *44
Jan
25
5,000
10,000
104%
99%
6,000
3,000
Middle States Pet 6%s *45
Midland Valley 5s
1943
Milw Gas Light 4%s
1967
62
Jan
Feb
101
21,000
106%
6,000
107%
103%
99% 100
104%
2,000
Jan
105% 106
106
48,000
72
1st 4Mb series D...1978
lst4%e series E...1981
104
5%
20,000
3,000
104%
106
5
107%
93%
106
100
Memphis P A L 5s A..1948
Metropolitan Ed 4s E.1971
102% 102%
102% 102%
Feb
May
Jan
97%
May
Jan
104%
Mar
108
Mar
103
99%
106%
Mar
102%
Jan
Mar
98
Mar
Mar
107%
106%
Mar
104
101%
Mar
Houston Light A Power—
1953
83%
Jan
59
S3 6 %s ww. 1937
Narragansett Elec 5s A '57
95%
105%
May
17,000
53,000
Jan
96
Munson
Jan
Jan
Apr
65
2,000
76%
7,000
Jan
Jan
2,000
1,000
6.000
93%
29
88
106% 106%
88
89%
80%
33,000
102%
105
79
105% 105%
100%
Mar
104% 105%
Mar
100
106%
104%
106% May
106%
107
100%
95%
67
Jan
11,000
1944
99% 193,000
66%
103%
107%
1946
MoCallum Hosiery 6%s '41
McCord Rad A Mfg 6s 1943
5%s
Jan
7,000
7,000
9,000
71,000
17,000
53,000
107
Mass Gas 5%8
Feb
Feb
52%
107%
105% 106%
107
May
94
67%
Feb
106
Jan
103%
Feb
27
51%
105
10,000
105%
106%
Jan
66
25,000
104
Apr
106
52%
10,000
106% 107%
104% 104%
102%
92
Guardian Investors 5s. 1948
Feb
104%
107
161%
1942
106%
67%
90%
Jan
Apr
Jan
102%
103%
102%
46,000
May
Great Western Pow 5s 1946
May
106
Jan
111% May
104%
Apr
Feb
105%
104%
Apr
107% Mar
106% 106%
64
66%
29
Grocery Store Prod 6s 1945
102%
102%
103% May
Feb
108%
"66%
79
12,000
May
Jan
Apr
May
Missouri Pub Serv 5s. 1947
Montana Dakota Utilities
Mar
100% 100%
Apr
104%
103%
102%
May
86%
100%
97%
104%
101
22
Grand Trunk West 4s. 1950
Gt Nor Pow 5s
stmp__1950
Apr
Feb
98
67,000
90
107%
13,000
88%
11,000
4,000
Jan
Apr
Miss River Pow 1st 5s 1951
Missouri Pow A Lt 5 %s '55
90
87%
104%
17,000
Jan
107%
102%
Jan
5%
Apr
Apr
88%
24,000
97%
Feb
Feb
89
27
Gesfurel 6s
1953
Glen Alden Coal 4s._.1965
Gobel (Adolf) 4Ms.—1941
20,000
94%
Apr
95
93%
106% 107%
107% 108%
12.00G
3,000
94%
Mar
May
Apr
95%
95
Mar
86
101
1,000
86%
22%
85%
90
1,000
1957
9,000
86
16,000
1955
23%
99%
95%
94%
104% 104%
99%
99%
Miss Pow A Lt 58
30
89%
98%
119
103%
Mississippi Pow 5s
100
106%
Jan
Feb
Jan
4,000
90
Jan
115%
100%
Apr
Feb
41,000
Certificates of deposits..
103%
1,000
4,000
118
39%
65
Georgia Power ref 5s. .1967
Georgia Pow A Lt 5s.. 1978
19,000
118
104%
65
Gen Wat Wks A El 5s. 1943
105% 106
May
23
65
Mar
May
91
94%
97%
106
104
Manitoba Power 5%s_1951
Feb
Jan
49,000
Apr
32.000
May
105
May
146,000
103%
27,000
5%s series E
1947
Louisiana Pow & Lt 5s 1957
Louisville G&E 4%s C '61
92
5,000
103% 104
93% 94%
93%
12,000
110% 111%
May
56
99%
103%
Jan
104% 105
Jan
Los Angeles Gas <fe Elec—
Jan
4,000
14,000
104% 105%
108
102% 102%
104
104%
Jan
Jan
Apr
Jan
105%
61
Jan
111%
Jan
40%
105%
1%
75%
102% 104
95
—1947
Feb
15,000
7,000
28,000
Feb
Mar
May
53%
101% 102%
118
May
47%
106%
I()4%
5s called
Sink fund deb 5%s_1950
Lehigh Pow Secur 6s__2026
Lexington Utilities 5s. 1952
Llbby McN & Libby 5s '42
3
Apr
2
90
2,000
i
103% 104
104% 104%
2%
103%
Feb
102
105%
60%
Mar
30,000
49
107
104%
Long Island Ltg 6s... 1945
117
85
102%
Jan
May
Jan
Feb
Jan
1943
Kimberly-Clark 5s
Koppers G & C deb 5s 1947
Lone Star Gas 5s
102
83%
100
44
Jan
106%
39%
"94%
Feb
Jan
4,000
100
50%
.1969
Feb
Jan
102
100
106
1955
10%
Mar
33%
104%
1948
11
106%
1%
85
Apr
105%
98%
80%
1,000
1st mtge 5s ser H..1961
Apr
May
May
Apr
106%
106
64,000
107
1947
6%s series D
5%s series F
Jan
107
1961
Jan
Kentucky Utilities Co—
Feb
%
%
101%
119
.194V
4%s series C
107
Apr
49
47%
6s series B
Mar
Jan
101
Stamped
Apr
May
104
Jan
50%
Jamaica Wat Sup 5%s *55
Jersey Central Pow & Lt—
Kansas Gas & Elec 6s_2022
May
107
Italian Superpower 6s_1963
Jacksonville Gas 5s
1942
Apr
65
57%
1942
Kansas Power 5s
4%
121
7s
Jan
Jan
Jan
104%
Feb
Mar
101%
104
93
4%
101%
Isotta Fraschlni
ll",000
104%
104
88%
Feb
May
105%
Jan
102
101
99
104%
104%
105"
May
9,000
90%
Apr
Jan
Ayr
105
105%
85%
8,000
3,000
86%
90% 555,000
105
6,000
105%
Jan
87%
102%
5,000
1957
4%s
101%
5=
102% 102%
Feb
Mar
Apr
Mar
29,000
99
105%
1958
Iowa Pub Serv 5s
106
78
100
Iowa-Neb LAP 5s...1957
5s series B
1961
Iowa Pow & Lt
6,000
99%
1947
w w
Jan
16,000
107
Invest Co of Amer—
109
112% May
123
May
~7"OO6
Jan
107% 107%
Interstate Public Service—
Feb
Mar
1952
Mar
6
Gatlneau Power 1st 5s 1956
109
97%
6%s series C
5
95%
1950
Jan
Jan
Feb
Feb
4%
5s ex-warr
stamped. 1944
Ref A lmpr 5s
106
82%
81%
109
76%
Gary Electric A Gas—
Hydraulic Pow 5s
Jan
Mar
Jan
May
Mtge
1st 6s series A
68
107
Mar
5%
Fairbanks
Hood Rubber 7s
1936
Houston Gulf Gas 6S..1943
6 Ms with warrants. 1943
96%
106% 106%
104% 105%
82
76%
6
Elmlra Wat Lt A RR 5s '56
El Paso Elec 5s
A....1950
El Paso Natural Gas—
Hall Print 6s stmp_._l947
94%
High
Jan
Jan
Jan
Aug 1 1952
Certificates of deposit-
5s series A
Indiana Service 5s
Ind'polls P L 5s ser A__ '57
Jan
Deb 7s
Gulf Oil of Pa 6s
1947
Gulf States Utll 6s___1956
4 Ms series B__
1961
108
1957
Intercontinents Pow 6s '48
70
100
105% 105%
Guantanamo A West 6s *58
5s
Feb
111%
90%
92% 525,000
101% 101%
4,000
103
3,000
103%
99
100
6,000
105%
Utll 6 Ms A. 1956
General Rayon 6s A.. 1948
Gen Vending Corp 6s. 1937
5s '58
Apr
Mar
65%
66%
96
91%
101%
103%
106% 108
Gen Pub
Indiana Hydro-Elee
80%
29%
108
107% 107%
102% 103
General Bronze 6s
1940
General Pub Serv 5s.. 1953
99%
Isarco Hydro Elec 78.1952
108
First Bohemian Glass 7s '57
Fla Power Corp 5
Ms. 1979
Florida Power A Lt 5s 1954
99%
68
108
Low
66%
12,000
5,000
1,000
33,000
4,000
Indiana & Mich Eleo 5s '65
102%
120
162%
6s-5s stmpd.1961
...1947
Jan
106%
Denver Gas A Elec 5s. 1949
Derby Gas A Elec 5s. .1946
Det City Gas 6s ser A. 1947
Banks
69%
Range Since Jan. 1 1936
$
Corp—
Jan
102
34
103%
Firestone Cot Mills 5s 1948
Firestone Tire A Rub 5s *42
Indiana Electric
68
High
International Power Sec—
105
74%
108
Morse 5s..1942
Federal Sugar Ref 6s._ 1933
Federal Water Serv
5%s'54'
Finland Residential
Feb
Apr
May
86%
107
European Elec Corp Ltd
6 Ms
1965
European Mtge Inv 7s C'67
6s series A
Apr
90 M
103
Ercole Marelli Elec Mfg—
6 Ms series A
1953
Erie Lighting 5s
1967
Jan
61
Apr
Jan
103%
6M with warrants.. 1943
Deb 6 Ms
1938
93%
67
107"
Empire Diet EI 5s
1952
Empire Oil A Ref 5Ms 1942
8 f deb 5%s ..May 1957
Jan
38,000
4,000
Dallas Pow A Lt 6s A. 1949
5s series C.
1952
Delaware El Pow 5 Ms 1959
Dixie Gulf Gas 6 Ms—1937
Elec Power A Light 5s. 2030
Jan
Apr
89%
75%
78%
80%
82%
Jan
101M
1st A coll 6s ser A.. 1943
Conv deb 6%s w w.1943
Aug 1 1952
Certificates of deposit.
102%
Apr
89
Consol Gas (Bait City)—
6s
1939
Gen mtge4%s
1954
6%s
Apr
l05~~
101%
1956
5s 1st series B_
1950
Detroit Internat Bridge—
111 Northern Utll 5s... 1957
Indiana Gen Serv 5s__1948
1951
Cuban Tobacco 5s
1944
Cumberld Co P A L4%s'56
Mar
1st & ref 5 %s ser B.1954
1st & ref 5s ser C—1956
53,000
111M 112
Consol Pub 7%s stmp.1939
Cont'l Gas A EI 6s
1958
96%
111 Pow & L 1st 6s ser A '53
104%
112
Crane Co 5s
Aug 11940
Crucible Steel 6s—_ ..1940
Cuban Telephone 7%a1941
Illinois Central RR 6s 1937
Feb
2,000
1954
Consol Gas El Lt A P
(Bait)
1st ref s f 49
.,1981
Consol Gas Utll Co—
Feb
Feb
63
1st M 5s series B
—1962
"108"
95
65
116M 112%
5s series D..
1947
1
Low
68
1949
6s series B
Idaho Power 5s
101
41,000
112%
4%s series C__
69
May
109%
-
.1949
May
106,000
1953
7s series A
Price
89
69M
70%
104M 104M
1st M 5s series A
3%s series H
1965
Com'wealth Subsld 5%s '48
Community Pr A Lt 5s *57
Connecticut Light A Power
Week
96
102% 102%
70 M
Commerz A Prlvat 5%s *37
Commonwealth Edison—
iBt 4 Ha series C
1956
1st 434s series D...1957
1st M 4s series F
1981
104%
102%
9,000
88%
Apr
29,000
5,000
9,000
Cent Pow & Lt 1st 58.1956
Cent States Elee 5a
1948
Jan
103%
100%
Jan
100
89%
Mar
Mar
99%
93%
23,000
104
89
105%
100%
Jan
99
89 %
Jan
100%
94
104
Cent Ohio Lt A Pr 58.1950
Cent Power 6s ser D..1957
Yards 6s....
.1940
Chic Pneu Tools 5%s_1942
Chic Rys 5s ctfs
.1927
Cincinnati St Ry 5%s A *52
20,000
100% 116,000
99
4%%
Chlo Dlst Elec Gen 4 34 s *70
Chlo Jet Ry A Union Stock
for
of Prices
Hygrade Food 6s A
1956
E
1st & ref 4
Week's Range
Sale
{Continued)
High
Central 111 Pub Service—
6s series
Last
BONDS
$
30,
Sales
Friday
Week
{Continued)
May
Mar
112%
May
114
Jan
106%
Apr
108
Jan
107% 108
1959
3,000
106"
Niagara Falls Pow 6s. 1950
6s series A
6,000
103% 103%
-..1962
107%
106%
~5",666
107% 107%
5,000
1953
95
95
95%
30,000
58%
56%
58%
18,000
105% Mar
101% Mar
111%
Apr
105%
Apr
105% May
84% Mar
90%
53
106%
Jan
Apr
Mar
108%
Jan
105%
Feb
112%
Mar
108%
Jan
109
Jan
90
Feb
97
Mar
64%
108
Jan
Jan
Volume
New York Curb
142
Friday
Last
BONDS
Sale
(Continued)
Price
Exchange—Concluded—Page
Sales
Week's Range
for
of Prices
Week
Low
High
$
Range Since Jan. 1 1936
1966
5s series D
104% 105
24,000
1969
105
104 % 105
33,000
1970
..
105
102%
102
102%
53,000
104
104
4%s BerlesE
No States Pow 5%s
N'western Elec 6s
1940
1945
102%
N'western Power 6s A. 1960
5s
Public
series
series
Service
102%
Feb
Mar
104%
104%
51
Jan
2,000
60 %
Jan
68%
68%
37,000
98%
Jan
102%
107
107%
105% 106
23,000
103%
Jan
108
18,000
105%
Mar
107
105%
27,000
104
Apr
104% 105%
15,000
103%
Feb
Apr
Apr
Feb
D
1954
105% 106
1950
2,000
1961
Okla Gas <fe Elec 5s
A
1940
Okla Power A Water 5s '48
Oswego Falls 6s
1947
Pacific Coast Power 5s 1940
Price
Standard Pow A Lt 6s. 1957
Standard Telep 5 %s. 1943
.87 %
99%
106 %
.
61 %
61%
62
6,000
7-4% stamped
63
11,000
1936
58
7-4% stamped
1946
Super Power of 111 4%s '68
1st 4%s
1970
Syracuse Ltg 5%s
1954
5s series B
107
Mar
Texas Elec Service 58.1960
Texas Gaa Utll 6s
1945
102%
112
Feb
Texas Power <fc Lt 5s_. 19o&
105%
105
Jan
107
May
6s
.,..2022
107%
Jan
107
Feb
Tbermoid Co 6s stpd.1937
Tide Water Power 5s.-19<S
105
Feb
Tletz
Jan
Toledo Edison 5s
1962
Twin City Rap Tr 5%s '52
Ulen Co—
98
99%
106% 106%
39,000
93%
Jan
100
Jan
1,000
105%
Apr
107
Jan
94%
Pacific Gas A El Co—
(Leonard)
6s 3d
stamped
1944
1941
119%
Jan
lst&ref 4%sE
1957
105%
May
107%
Jan
1st A ref 4%s F
1960
Pacific Invest 5s ser A. 1948
105%
May
107%
Jan
5s series A
93
100%
106%
81%
58%
1967
4%s.__
1957
.
Park <fe Tllford 6s
1955
100%
100
100%
14,000
Mar
1938
84%
85% 116,000
103% 104
1936
99%
Penn Cent L4P4H8 1977
5s
1979
103 %
Penn Electric 4s F
1971
100%
1950
106
99%
102%
Mar
Jan
80
Mar
116%
94%
May
Feb
May
101%
1,000
33,000
102% 103%
99%
Apr
Apr
104
100%
Jan
101%
Mar
100
Jan
105
1,000
104%
Apr
107%
Apr
40,000
105
100
Apr
7,000
99%
105
98
114
85 %
97%
Jan
101%
Feb
Penn Ohio Edison—
6s series A
xw
1954
Penn Water Pow 5s... 1940
112% 112%
16,000
104%
112%
107% 107%
5,000
105%
1959
Pennsylvania Power 5s '50
Penn Pub Serv 6s C..1947
5s series
D
4%s series B
1962
Peoples Gas L & Coke—
4s
6s
series
series
B
C
Peoples Lt A Pr 5s
107%
107 %
1981
95%
1957
105%
1979
12
Phila Electric Co 6«. .1966
Phlla Elec Pow 6%s_.1972
Phlla Rapid Transit 6s 1962
*55%
106
Elec 6s..1953
Poor A Co. 6s
93
107
55
105
93%
107
55%
106
106% 106%
108
108%
Potomac Elec Pow 5s. 1936
100
100
4 Hs series E
1980
Feb
113%
112%
94%
105%
41%
108%
Jan
56%
106%
May
105
May
108
105
96%
Jan
20%
May
Feb
38~66o
69%
May
2,000
105%
Mar
10,000
106%
Jan
1,000
85%
95%
100
May
27%
106
83%
107
Apr
13,000
90%
Jan
17,000
97%
Jan
100%
93%
89
1st A ref 4%s ser D.1950
85
110% 110%
84%
85%
105%
15,000
6,000
12,000
Rochester Ry. A Lt 5s 1954
Ruhr Gas Corp 6%s_.1953
"25%
25%| 25%
Apr
Mar
Jan
1,000
1,000
107
San Antonio P S 5s B__'58
105*
Jan
Servel Inc 5s
1st 4%s series D
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
Southeast P A L 6s...2025
Jan
Baden 7s
Jan
95
Feb
Buenos Aires
7s stamped
.....1952
Apr
Jan
103
Jan
98% May
74
110%
Apr
112
25
May
33
Feb
Mar
27
Feb
Jan
110
J»n
Apr
103
Mar
108
36",000
100%
100%
Jan
105%
Jan
103% 103%
4,000
65%
67
19,000
98%
98%
14,000
106% 107% 177,000
100%
Jan
105%
105%
J
68
Jan
97
Apr
101
Feb
72%
70
92
113
May
Feb
Jan
100%
Feb
85%
104% 104%
98%
99%
97%
98
6,000
29,000
9,000
99%
99
99%
20,000
95
89%
34,000
105%
96%
100%
95%
91%
5,000
83%
19%
104% 104%
107
107%
2,000
18
7,000
5,000
Feb
Mar
May
Apr
Jan
May
Jan
98
Feb
Jan
106% May
107
100
104
Jan
Feb
Apr
101%
Mar
Mar
Jan
97%
Jan
94
Jan
May
27
Jan
104%
Apr
107
105%
Mar
107%
Jan
Feb
106
105%
107%
106%
103%
7,000
Jan
105
Feb
107% May
99
107
Mar
Jan
103%
Mar
2,000
103%
Jan
108%
Mar
117,000
39,000
60%
88%
33%
Jan
94%
Mar
Jan
66
107
48,000
93
106
Apr
10,000
105
Mar
106%
103%
105%
1,000
107
Feb
107%
Feb
4,000
Mar
20-year
7s
104%
1934-1946
101
21%
Jan
Jan
21%
26%
Feb
7%s stamped
69
67%
70%
66%
...1947
68 series A.......1952
Danish 5%s
100
19%
20%
10
1.000
9
Feb
10%
10%
5,000
8%
Mar
Certificates of deposits..
Maranho 7s
1958
Mar
Medellln 7s series E..1951
"irk "13""
Mar
Mendoza 7%s.._^
Feb
72
75%
60,000
67%
Convertible 6s
73%
69
72%
77%
75%
45,000
Certificates of deposit.
Debenture 6s
1951
85,000
66
73%
69%
73% 155,000
64
Debenture 6s. Dec 11966
74%
69%
74%
82,000
63%
10,000
97
May
Jan
May
May
May
May
May
Jan
105%
83%
81
84%
73
19%
92%
69
Jan
18% May
18% May
10
Jan
101%
11,000
Mar
Lima (City) Peru 6%s..'58
Apr
Mar
16,000
2,000
12,000
21
May
19%
May
May
13%
Jan
Jan
28%
28%
32%
26%
12%
12
17%
Jan
Jan
Feb
Mar
Jan
77
18%
95 %
20%
15%
4~6"666
9%
Jan
14
88%
78
1,000
21,000
71%
Feb
63
Feb
86% May
78
May
18%
18%
18%
18%
2.000
18
Jan
20
1,000
17%
Mar
22
13
5,000
12
Jan
95%
20%
15%
1%
96%
3,000
92%
Jan
20%
25,000
10%
Jan
15%
3,000
12%
1%
10,000
1%
7,000
Jan
14%
98%
23%
1
May
%
1%
May
May
17%
2%
2%
2%
1
May
2%
68
Feb
71
...1945
7s Stamped
Feb
Feb
88%
76%
-.1945
Santa Fe 7s
Apr
13
13
1951
1951
Jan
Apr
97%
Feb
1947
4s stamped
34
Feb
Mar
100%
Feb
Mar
33%
May
Jan
21
Secured 6s
11
Jan
21
99
1,000
33,000
Jan
95%
89%
Hanover (City) 7s
1939
Hanover (Prov) 6%s._1949
104
99
1,000
20%
20
Jan
103%
100
1953
19%
JaD
103
2,000
69%
1955
5s
5%s certificates—.1921
Jan
18%
Jan
Feb
Jan
20
May
Jan
Jan
Jan
17
18%
Mtge Bk of Chile 68—1931
91
Jan
Feb
20
105%
99
104%
102%
3,000
Mtge Bk of Bogota 78-1947
Issue of May 1927
92%
Apr
~4~3~666
20,000
100% Mar
107% May
82%
103% 104%
20
108
Jan
Mar
104%
107%
107%
Feb
Jan
20
Jan
56%
Jan
105%
20
Jan
42,000
20,000
101
20
107
May
Feb
13,000
16,000
1951
104%
106%
Feb
105
1947
20-year 7s
Feb
1,000
107
Jan
AND MUNICIPALITIES—
Apr
103
Jan
101%
Agricultural Mtge Bk (Col)
Mtge Bk of Denmark 5s '72
Parana (State) 7s
1958
Rio de Janeiro 6%s..l959
Russian Govt 6%S—1919
6 %s certificates
1919
5%s
1921
4,000
106
40,000
106
German Cons Munlo 7s *47
May
Mar
107%
106%
103%
103% 103%
105% 105%
Danzig Port A Waterways
External 6%s
1952
109%
193?
n
Mar
100
Jan
May
May
May
..1958
Mar
106%
105%
100
106%
FOREIGN GOVERNMENT
Mar
10,000
100
Apr
Jan
24% May
25
May
11,000
Standard Invests 5%sl 939
Apr
93%
100%
10,000
8,000
98
77%
89%
Jan
22,000
28%
28%
108% 109%
106% 106%
103% 104
75%
Apr
25%
25%
109%
Certificates of deposit.
1936
Jan
80
Prov Banks 6s B...1951
Jan
73
76
Jan
105
1945
51,000
88,000
Feb
Jan
Stand Gas A Elec 6s. .1935
88%
91%
104%
70% May
104
7,000
May
69
Feh
16,000
25%
Jan
30
20,000
1,000
Jan
May
May
Apr
96%
97%
102% 102%
Jan
25%
59% May
Jan
32%
Jan
33%
7% May
16%
101%
102%
102% 102%
116%
Jan
55%
33
102
Jan
45%
67%
100%
97%
113%
14,000
57,000
30,000
102%
102%
Feb
32,000
Feb
84,000
1st A ref mtge 4s...1960
So'weet Pow A Lt 6s .2022
May
107%
22,000
105
S'western Nat Gas 6s. 1945
107%
70%
9%
30%
14,000
110
Apr
69
Jan
98%
Jan
Jan
Apr
8%
Apr
103
102
Cauca Valley 7s
1948
Cent Bk of German State A
127% May
97%
Mar
Feb
(Province)—
Jan
Jan
Jan
S'west Pub Serv 6s
.
104
Jan
78%
101
S'westera Lt & Pr 58—1957
West Texas Utll 6s A
Apr
105
103
84%
Mar
107
Apr
86%
83%
104% 105
"98
87%
104%
106% 107%
102% 103
100
RefM3%sBJuly 1 1960
S'western Assoc Tel 5s-'61
May
104%
90%
92%
106%
99
Issue of Oct 1927
Southern Nat Gas 6s. 1944
58%
105
107
103%
Jan
75%
76%
7,000
106%
103
Jan
Apr
May
May
"74%
56,000
1,000
2030
102
Jan
107
Mar
Apr
Jan
1,000
West Penn Traction 5s '60
Jan
39,000
74
Mar
108
106%
105%
106%
107
102
104% 105
107
Feb
34
May
Wash Gas Light 53—1958
Wash Ry & Elect 4s..1951
York Rys Co 5s
103%
Sou Indiana G A E 5%s '67
Sou Indiana Ry 4s
1961
Mar
101%
4,000
18
104%
Apr
104% Mar
Jan
104%
Feb
105%
103%
Apr
Feb
96%
Jan
93%
Feb
89%
106% Mar
Jan
106%
105% May
5,000
105% 105%
104% 105
108,000
104"
100
Jan
May
103%
18
101%
105%
104%
104%
Sou Calif Gas Co 4%s 1961
Sou Counties Gas 4%s.'68
May
98%
19,000
Yadkin Rlv Pow 5s...1941
Sou Calif Edison Ltd—
Debenture 3%s
1945
Ref M 3%s May 1 1960
93
Jan
86%
7s with warrants... 1954
Ward Baking 6s.....1937
Jan
106%
98%
Mar
Jan
94%
87%
107
61
107
110
Jan
89%
Jan
108%
19%
103% 103%
Jan
75%
95
Feb
18%
103%
Jan
104
104%
1946
104
28
1970
Mar
23,000
1950
Wise Pub Serv 6s A...1952
Apr
1948
Shawlnigan W & P 4%s '67
4%s series B
1968
40
106%
22.000
1st ref 5s ser B
Feb
32
Mar
9,000
105
Apr
113
83
Apr
12%
101%
"99% "99%
Jan
Mar
111
85%
59
Schulte Reai Estate—
"99%
29
113
60%
105%
7,000
99%
104%
81%
6s
111%
108% May
Scrlpp (E W) Co 5%s.l943
Seattle Lighting 5s
1949
Feb
57% May
261,000
West Newspaper Un 6s'44
West United G A E 5%8* 5*
1,000
25,000
59%
108% 108%
105% 105%
105% 106%
115% 115%
56%
57%
92%
2,000
16%
18%
102% 102%
58%
92 %
124
16%
106% 107%
81
81%
1957
13
1935
Feb
90
Jan
92
Wash Water Power 5s. 1960
107
Saxon Pub Wks 6s... 193"
7,000
12,000
98
41%
88
97%
West Penn Elec 5s
13
1965
94
Jan
77% May
92
4%s
1944
Utica Gas A Elec 5s D.1956
Jan
107
San Joaquin L & P 6s B '52
93
100% 100%
89
27
104%
Feb
25
Ruhr Housing 6%s
1958
Safe Harbor Water 4 %s *79
St. Louis Gas A Coke 6s '47
102
102% 115,000
31
9,000
31%
50,000
105% 106
108
22,000
109%
25%
6%% serial notes...1940
Utah Pow A Lt 6s A..2022
Jan
108%
98%
99%
86%
87%
110% 110%
2,000
39.000
6 % % serial notes...1939
Wise Pow & Lt 5s E..1956
106%
105
57
Wlso-Mlnn Lt A Pow 5s *44
10,000
87%
Second Int'l Sec 5s... 1948
1973
May
Jan
Rochester Cent Pow 6s 1953
1935
1952
6s series A
145%
Apr
71,000
~8"666
100
Wheeling Elec Co 5s..1941
103
5 %s series A
1952
Reliance Managemt 6s 1954
6s ex-warrants
6s series A...
Jan
132%
105% 105%
1,000
103% 103%
1,000
103% 104
6,000
103% 103%
12,000
104% 105
8,000
102
102% 21,000
92%
93% 201,000
89
87%
49,000
57%
Jan
U S Rubber Co—
Feb
8,000
Quebec Power 5s
1968
Queens Boro G A E 4 %s '58
6s with warrants
Un Lt A Rys (Del) 5 %s '52
United Lt A Rys (Me)—
Mar
Mar
91%
96%
80
Mar
Waldorf-Astoria Corp—
Mar
Jan
"92%
54%
104
Mar
108%
102%
66%
"92"
1937
Jan
Jan
Feb
104%
Valvoline Oil 7s
Mar
103
109%
89
Vamma Water Pow 5%s'57
Va Public Serv 5%s A. 1946
Apr
8,000
21,000
May
87
Mar
May
5,000
Jan
91%
Mar
111%
110%
86%
Jan
110%
1952
20,000
7,000
Apr
87%
5s Series E
17,000
'
105%
1959
Apr
5s series F_.
110%
105%
103%
103%
1st A ret 6s series C.1950
Sauda Falls 5s
Mar
Mar
25%
1st A ret 4%s ser F.1981
4He series I
1960
Pub Serv Subsld 5%s.l949
Puget Sound P & L 5 %s *49
Jan
15%
95%
144% 145
108
106%
1,000
5,000
99% 100
Pub Serv of NJ 6% pet ctfs
Pub Serv of Nor Illinois—
1978
Feb
Feb
Jan
85%
95%
1949
1966
May
May
Jan
Prussian Electric 6s.. 1954
58 series C
Jan
108% May
106%
Jan
114%
Jan
6
6,000
"70% "69% "76"
4% series D
107%
Feb
48,000
103% 103%
20% 20%
106%
1956
Jan
106%
103%
20%
1961
1st A ret 6s
Mar
105
May
100
2,000
Potomac Edison 5s...1968
Power Securities 6s
98%
106%
103%
Jan
1939
Potrero Sug 7s stmp._1947
Power Corp (Can) 4 %s B '59
Mar
86%
103%
105% 105%
103%
101%
47,000
105% 105%
13
10%
Portland Gas A Coke 5s '40
4 %s series F
3,000
31,000
3,000
111% 112
Piedmont A Nor 5s...1954
Pomeranian
28,000
97% 185,000
110% 112%
33
Phil Sub Co G 4c E 4%s'57
Pledm't Hydro-El 6%s '60
Pittsburgh Coal 6s_._1949
Pittsburgh Steel 6s...1948
95%
22,000
Jan
Apr
"l'obo
1974
6%s
5%s
105% 106%
102% 103%
106% 106%
107% 108%
105% 106
Deb 5 %s series B
1st s f 6s
1945
United Lt& Pow 6s... 1975
Apr
60%
106%
106%
Union Amer Inv 5s A.1948
Union Elec Lt A Power-
United Elec N J 4s
1949
United El Serv 7s ex-w 1956
United Industrial 6%s 1941
65
Jan
Apr
25
1954
5s series B
Pacific Pow <& Ltg 5s.
Palmer Corp 6s
121%
Feb
45
104
7%s.l946
1st 6s series B
49
8,000
80
Jan
Apr
Apr
107%
Apr
86
Feb
62
2,000
1957
57%
17,000
High
76%
104
92 %
Mar
Low
62% May
46%
Jan
106% 106%
Tenn Public Service 5s 1970
Ternl Hydro Elec 6 %s 1953
Apr
May
Range Since Jan. 1 1936
54
105%
53%
105
Tennessee Elec Pow 5s 1956
102
S
Stlnnes (Hugo) Corp—
Jan
104
Week
High
223,000
Apr
5,000
for
of Prices
71
Mar
27,000
Week's' Range
Low
66%
107%
104% 104%
102% 103
87%
88%
Pacific Ltg & Pow 5s.. 1942
3647
Sales
70 %
106
105 %
1953
series
98
Co—
C
5%s series E_
6s
May
Mar
Jan
103%
109
105%
6s
May
105
107%
1960
Ohio Power 1st 5s B..1952
1st & ref. 4 Ha ser D 1956
Ohio
105
100%
Sale
CConcluded)
105% May
4,000
64%
...1945
Ohio Edison 1st 53
Jan
Jan
64%
100 % 101%
Certificates of deposit...
N'western Pub Serv 5s 195?
Ogden Gas 5s
102%
102%
12,000
11,000
102 % 102%
64
Last
BONDS1
High
Low
Northern Indiana P 8—
5s series C
6
Friday
60
Feb
60
1%
1%
1%
""!% "1%
13"66O
Mar
Apr
Apr
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Ma
Apr
...1949
12
12
12
15",000
11%
Jan
12% May
1961
Santiago 7s
12
12
12
10,000
11%
Jan
12%
7s
Jan
Feb
Feb
Feb
Feb
Feb
81
Feb
80
Feb
76
Feb
102%
Feb
*
No par value,
the rule sales
range,
x
not
a
Deferred delivery sales not included In year's range,
n Under
r Cash sales not Included In year's
Included In year's range,
Ex-dividend.
Abbreviations Used Above—"cod," certificates of deposit; "cons," consolidated
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stock
"v t c," voting trust certificates; "w 1," when issued; "w w," with warrants; "xw,
without warrants
Financial
3648
May 30, 1936
Chronicle
Other Stock Exchanges
Sales
Friday
Friday, May 29
Closing bid and asked quotations,
Par
Stocks (Concluded)
Ask
Bid
3%
4%
4%
—
mm
39 Bway Inc units
37%
34%
1939
Drake (The) 6s
7
m
m
31%
537
28%
Apr
23
25
22%
Jan
25
1
1
310
70c
Jan
20
210
2
200
15%
1%
Jan
895
11
Jan
597
2
*
12
11%
12
18%
Shawmut Assn tr ctfs
4th Unit Ino units
9
11
9th Unit Ino units
9
14%
Feb
3
175
3
235
2%
May
mmm
94
95
158
24%
7%
85%
24%
65
90%
22%
mrnm
8%
86%
372
4
Jan
1,050
83
Jan
25
40
41
95
39
5
1
1
1
44
70c
80c
*
%
18%
17%
1
"~2%
2%
2%
*
94%
1
8%
*
Stone & Webster
Suburban El Secure com..*
Torrlngton Co
Union Twist Drill
United Gas Corp
United Shoe Mach Corp.25
Preferred
Utah Apex Mining
Orders Executed on
Baltimore Stock Exchange
86
132
Vermont & Mass
STEIN BROS. &> BOYCE
Established 1853
6. S.Calvert St.
Louisville, Ky.
Hagersiown, Md.
tembers
Baltimore
Yorlt and
New
Chicago Board of Trade and
1st preferred v t c
Black & Decker com
4%
96
20
Fidelity & Deposit
*
Realty com
mrnmmrn'm
Feb
568
2%
Jan
7%
45
22
1
84
Jan
Jan
116
11
Jan
17%
—
2
100
130
17
Jan
Mar
88
88
Jan
28%
105%
40%
65
39%
3%
100
96%
Northern Central Ry
25
25
Apr
7%
May
6%
Vm). RDavls &®o.
26%
10 So. La Salle St.,
Chicago Stock Exchange
both inclusive, compiled from official sales lists
May 23 to May 29,
Feb
25
25
28
May
25
May
H
Feb
1%
Mar
145
7%
May
11%
Jan
4
248
Apr
Jan
Feb
23%
256
37%
26%
May
Mar
May
Par
Stocks—
Abbott Laboratories com.*
Adams (J D) Mfg
com—*
18
2
1.474
99%
16
1%
450
40
91%
9%
9%
3
13%
14%
1,555
36%
90
2
May
9%
Apr
Jan
95
1%
May
26% $39,000
2,500
30%
2,000
May 23 to May 29, both
Common
Class A
25
pref.100
Price
1%
60
50
19%
100
68%
100
6%
22
1%
4%
Feb
32%
Feb
100
Apr
101%
Apr
lists
Range Since Jan. 1 1936
*
Bucyrus Monighan cl A..*
14
"9%
Cent 111 Pub Serv pref—*
60%
Mar
30%
83%
Mar
Jan
50
107%
Feb
111%
Mar
18%
50
16%
Jan
22
28%
50
27
Apr
30%
30
50
26%
Jan
14
350
1,100
750
22%
64
Apr
Mar
Apr
High
Low
Shares
13%
Mar
Mar
60
13
Jan
34%
18%
10
32%
Apr
33
May
10
8,650
7%
Jan
10%
Mar
61
8%
1%
1
Common
400
1%
Jan
430
66
32%
57
Jan
1%
13%
50
1
Jan
13%
150
13
May
2%
10,700
2%
18
Mar
Feb
Feb
149%
Apr
50
137
135
68
69
161
234
Apr
Common
5%
Apr
Jan
Prior Hen preferred..—*
Preferred
*
6%
6%
23
20
6%
6%
9%
6%
7%
8
6%
12%
"16
927
195
25
65
16
5%
20
Feb
Mar
35
Jan
Apr
90
Chicago Corp common...*
5,950
2,250
4
Arp
64%
5%
43%
Apr
52
Feb
Feb
Jan
143
Feb
70
Feb
10%
Jan
41
Feb
*
Preferred
Feb
Feb
Chic Rivet & Mach cap..*
12%
May
17
Jan
Chic Yellow Cab Ino cap.*
May
15
Feb
Cities Service Co
May
20%
Feb
18
Feb
Commonwealth Edison. 100
Jan
14%
5
Apr
Chicago Towel Co conv pf *
Common
6%
Jan
9%
Apr
,5if
225
%
Jan
1%
Feb
6% prior pref A
7% cum, pref
Jan
May
May
16%
7
*
com
181
60
Jan
84
3%
56
430
512
1%
33
Jan
3%
62%
18
Jan
15%
Adjustment.
16%
90
8%
Feb
6%
100
6%
50
3
Feb
10
*
Stores.*
16%
16
.100
160%
160
*
* "§§"
7%
16
10
16%
161
21%
23
38
38
7
15%
100
190
292
358
8%
16
155%
20
Jan
May
Jan
Apr
7%
14%
23%
169
27%
Mar
Apr
Apr
May
75
3
27c
30
3651
Mar
1%
600
97% 100%
950
50%
150
%
3,650
650
%
5%
5%
480
2%
%
7%
3
11
31%
7%
3%
1% May
Jan
96%
49
May
5
4%
...25
29%
Feb
1%
Feb
Jan
12%
Feb
Jan
7%
Feb
Preferred...
100
127
Dayton Rubber Mfg com. *
Cum class A pref
35
23%
25%
150
17
300
25%
15%
34%
48%
580
Feb
Eddy Paper Corp (The)..*
Eleo Household Util cap.6
15%
14%
33%
46%
15%
1%
May
Jan
Elgin Nat Watch Co...15
May
35
Jan
Gardner Denver Co com..*
48%
9%
Jan
11
Feb
General Candy A
5
Gen Household Utll com.*
705
2%
3%
211
26c
29c
2,245
29
32%
411
14%
10
5
73
2%
130
May
87
Apr
5%
Mar
Mar
Mar
Mar
May
"8%
8%
Jan
4%
Jan
9%
18% May
38% May
Jan
16%
23
Apr
9%
Mar
15
May
20
May
41% May
20
Mar
30
Jan
450
14% May
Jan
27%
18%
37%
Feb
2,350
Jan
210
39
Jan
48%
16
250
11%
Jan
16
May
9
5,950
Jan
9
May
Godchaux Sugare Ino—
3
350
22%
Jan
200
8%
22%
Jan
26%
Apr
May
Class A
*
33%
33%
34%
Class B
*
15%
Mar
28%
Jan
Great Lakes D & D com..*
15%
26%
27%
28%
28%
1,950
1,800
Feb
Hall Printing
1,050
6
Jan
14
9%
14%
39% Mar
18%
Apr
28% May
Apr
33%
Apr
11%
60
9%
Jan
17
Apr
12
12%
2,550
8%
Jan
13%
Apr
30
30
38
Jan
Feb
26o
May
58e
May
70%
Mar
17%
Jan
May
•
Goldblatt Bros Ino com..*
Feb
29
14%
25%
41%
26%
122% 124%
75
75
Jan
10
24
5
3%
Jan
Jan
40%
16%
10
61
120
Jan
40%
Class A
Econ Cunnghm Drug com *
65
Jan
Mar
Apr
19%
21%
*
Feb
1%
Jan
Apr
10%
50
10%
38%
117%
Apr
24
100
750
30%
164
Jan
8
200
410
7
10
Common
Dixie-Vortex Co com
26%
140
23%
25%
Apr
117%
Apr
4%
30%
131%
14%
25%
7
*
34%
742
60
29%
126% 127
11%
11%
15
131
18
May
5
47
May
98
20
16%
Jan
29%
100
19%
Apr
2%
250
1,700
1,650
4%
Jan
Jan
32
27
Apr
Feb
Apr
99
13%
Mar
19%
Cord Corp cap stock
Crane Co common
Feb
69%
98
15
8
15%
Apr
110%
32
98
20
41
14%
122%
Jan
2%
*
Jan
May
10
19%
8,850
%
10
105
Jan
600
4%
Dexter Co (The) com....5
May
40
100
25
4%
Mar
5%
10
10
30
105
24
Feb
Mar
36%
39%
Jan
Decker & Cohn—
10
2
25
De Metz Inc pref.
40
Maine Central-
10
Jan
Feb
50
4%
34%
50
166"
1%
26%
31
Jan
1%
10%
Class B
48
May
3
Apr
7%
Hathaway Bakeries—
Jan
26
400
Continental Steel—
76
3
33%
200
3
30
4%
5
100
100
74
50
150
30
105
30
"24"
Club Aluminum Uteu Co. *
76
55
45%
3
Consumers Co-
5% May
540
100
Apr
45
*
.
4%
50%
30
Compressed Ind Gases cap*
Jan
4%
49%
4%
50
Chicago Flex Shaft com..5
Chicago Mall Order com.5
Chi & Nor West Ry comlOO
7%
290
22%
11%
54%
Apr
3%
11
Jan
Jan
May
10%
14%
13%
8
53%
Jan
10
20%
*
5%
116
49
670
Chain Belt Co com
50
11
Feb
440
25%
Cent States Pow & Lt pfd. *
179
6%
45
Feb
58%
20%
Feb
107%
May
68%
40
1%
55%
"25%
178
Jan
Apr
Feb
30
6%
6%
9%
9%
12%
3%
207
10
9%
10
15
63
3%
Apr
Jan
May
97%
117%
—.1
2%
1%
2
25
100
Apr
Mar
108% 108%
Cent 111 Secur—
Common
page
76
7
Jan
13%
32%
108%
—.10
Preferred
footnotes see
27%
3
Feb
18%
"76
Class B
Bruce Co (E L) com
Mar
For
310
6
5%
24%
72
5%
Brach & Sons (E J) com.-*
Mar
Hartford—100
North Butte
*
Old Colony RR
100
Pacific Mills....
-*
12%
12%
Jan
30
7% preferred
11%
N Y N H &
Jan
10%
Feb
28%
10
100
Borg Warner Corp com.
83
100
*
32
12%
Jan
Common
12% May
Jan
12
Jan
Mass Utilities v t c
11
Jan
12%
3%
41%
Mergenthaler Linotype..*
New Eng Tel & Tel
100
New River pref
100
Feb
6%
Berghoff Brewing Co
1
Binks Mfg Co A conv pref *
Bliss & Laughlin Ino cap. 5
490
*
26
7%
21%
7%
Apr
6%
65
Preferred
41% May
28%
6%
61%
Loew's Theatres
Jan
Jan
9%
11%
27%
2,798
7%
Gillette Safety Razor..—*
Apr
3%
12%
161% 166%
10%
*
3%
27%
3%
28%
6%
_
1,450
1,750
1,400
3,450
7,100
6,000
7%
6%
*
64 %
Corp
Apr
Automatic Products com. 5
*
Co
4%
Bendix Aviation com
6% cum pref
—100
4%% prior pref
100
Eastern Mass St Ry—
Common
100
Gilchrist
500
Bastian-Blessing Co com.*
Mar
3%
Employers Group
5
10%
5
Feb
East Gas & Fuel Assn—
General Capital
Feb
Apr
May
26
Economy Grocery
Edison Elec Ilium
32%
May
3%
25
Eastern SB Lines com
May
17%
36%
19%
20
5%
Boston Personal Prop Tr_*
100
20
10
51
5%
Brown-Durrell com
1st preferred
Preferred B
90
93
Boston & Maine-
Common
24
Jan
106% 106%
165 %
136"
*
Feb
22%
4%
"24"
Apr
130
4
Blgelow-Sanf Carpet pf 100
Boston & Albany
100
East Boston Co
46
Central S W—
26
Copper Range
Jan
41%
Week
6% non-cum pref
1st preferred
Calumet & Heela
Jan
40
40
Butler Brothers
for
of Prices
Low
High
Common
100
C1 A 1st pref stpd —100
Class A 1st pref
100
C1B 1st pref stpd
100
Class C 1st pref stpd. 100
Class D 1st pref stpd.100
Class D 1st pref
100
21
160
3%
27%
Feb
350
41%
Jan
Mar
22%
1
Jan
8%
46
Associates Invest Co com. ♦
17
Jan
May
22
Asbestos Mfg Co com
15%
Feb
46
22
Feb
Jan
131% May
18% Mar
15%
25%
Jan
Co—
Prior preferred
11%
Feb
Convertible preferred..*
Common
400
Armour & Co common...5
Sales
Week's Range
Sale
Boston Elevated
12
11%
10
8%
13%
inclusive, compiled from official sales
Last
100
1,350
Amer Pub Serv Co
Exchange
Friday
Amer Tel & Tel
150
7%
High
Jan
Brown Fence <fc Wire—
Boston Stock
Amer Pneumatic Serv
16%
7
530
Allied Products Corp—
87
34
Low
16
126% 131%
131
.....
Jan
1%
Shares
97%
16%
5%
Jan
3%
16%
100
Price
Advance Alum Castings..5
Altorfer Bros conv pref...*
100% 101
Range Since Jan. 1 1936
Feb
117
30%
Sales
for
25
239
26
CHICAGO
Week
Jan
36%
12%
Chicago Stock Exchange
Chicago Curb Exchange
.
of Prices
Low
High
20%
26%
2
Members:
-
Exchange
New York Curb (Associate)
New York Stock
Class A
Par
SECURITIES
Listed and Unlisted
Week's Range
Bonds—
Stocks—
Apr
Sale
Jan
36
14%
Western National Bank. 20
1975
A 5a flat
1975
Read Drug & Chem 5%s'45
Apr
84
Last
15
34
90
"""9%
Bait Transit Co 4s flat
78
Jan
Friday
50
26%
1
11%
2
Jan
70
Mar
295
31
1%
U S Fid & Guar
70
4,000
Jan
61
Feb
256
1%
Com'l com A. 10
52,000
Mar
50
3
Feb
40
1
7%
99%
Penna Water & Pow com. *
Seaboard
Mar
77%
Feb
20
16%
11%
99%
Owings Mills Distillery
21
Apr
50
55
5
50
New Amsterdam Cas
Jan
20
83
Mar
Mt Vern-Woodb Mills—
Common.
Jan
Jan
9%
4%
Feb
114
3
256
m
124
22%
77%
Feb
46
1
""26%
.
36
37
23%
20
25
Mercantile Trust Co
30
May
559
92
25
*
Apr
20%
27
420
92
114% 115
14%
13%
25
25 ""7%
50
Merch & Miners Transp..*
Monon W Penn PS7% pf25
23
83
Feb
28%
25
preferred
22%
4%
4
25
1st
Jan
5
27%
Humphrey Mfg Co com..*
Preferred
240
1948
High
Jan
15%
10
Mfre Finance com v t
Low
%
52%
*
Preferred
Houston O 1 pref
14%
1948
Range Since Jan. 1 1936
for
Shares
428
94%
23%
Fid A Guar Fire Corp...10
Guilford
Apr
St Railway—
Week
Apr
39%
mmm
14%
1
22%
CHICAGO
2%
2%
91
*
Preferred
30c
Series B 5s
16%
21
"28"
««.
5
252
—
com.l
%
Series A 4%s
1,041
17
16%
2%
100
preferred
Eastern Sugar Assoc
of Prices
High
Low
17
25
Consol G E L & Pow
5%
Price
*
t c_*
*
*
Preferred.
"22%
Jan
Jan
Sales
Sale
Bait Trans t Co com v
Eastern Mass
Stock Exchanges
Exchange
Week's Range
Last
Arundei Corp
*
Co
(S D ) Co
Jan
3,600
Bonds—
inclusive, compiled from official sales lists
Friday
Par
Warren Bros
Warren
Jan
Jan
»i«
%
132
13%
14%
Jan
Commodity Exchange, Inc.
Baltimore Stock
May 23 to May 29, both
Stocks—
v
*
*
Waldorf System Inc
39 Broadway
NEW YORK
York, Pa.
BALTIMORE, MD.
Jan
Venezuela Holding
75
7
—
2
Mach—..10
Texla Oil Corp
72
1944
Oliver Cromwell ctfs
18%
Hole Mach 10
Utah Metal & Tunnel
m
Tudor City—
Natl Tower Bldg 6 %s.
High
Low
Shares
High
23
Reece Folding
Stocks—
Unlisted
Low
Price
29%
Reece Butt'n
City & Suburban Homes..
Lincoln Bldg Corp v t o_—
29
Dorset ctfs of deposit
48
46
Week
50
Quincy Mining
61 Bway Bldg 5%s_—1950
for
of Prices
Pond Creek-Pocohontas..*
Pennsylvania RR
Unlisted Bonds
Unlisted Bonds (Concluded)
Ask
Bid
Week's Range
Sale
Securities Exchange
New York Real Estate
1 1936
Range Since Jan
Last
Jan
*
Harnlschfeger Corp com.10
Heileman Brew Co G cap.l
Hlbb Spencer Bart com.25
Co com
28%
8
"l2"
8
16
10
30
Jan
May
Volume
Financial
142
Chronicle
3649
3
Friday
Last
Sales
Week's Rang
Sale
Stocks (Concluded)
Borders Inc
Par
Price
*
com
Hormel & Co (Geo) com A*
24
23
50
17 %
200
24 K
%
2,050
Jan
Champion Coated
100
20
100
103
109%
250
24
May
31
2,550
1,510
18%
Feb
24
Mar
43
Jan
70
Mar
680
17
May
27
May
300
32
Feb
42
May
Apr
10%
25
1
22
27
Katz Drug Co com
1
Kellogg Switchboard comlO
41
41K
5
IOC
5
85%
100
10
54
10%
11%
250
10
38
38
420
34%
10%
Ky Util Jr cum pre!--.--50
38
78
78%
70
2%
2%
400
1%
1%
60
100
1
La Salle Ext Univ com...5
*
4%
4%
Cumulative preferred..*
4%
22 %
"7%
Llbby McNeil & Llbby—10
4%
85%
Ken-Rad T & Lamp com A*
Lincoln Printing Co—
Common
100
Feb
.
250
24
1st preferred
Churngold
Cin Ball Crank pref
Mar
Apr
Feb
43
Jan
Crosley
May
90
Feb
Dow
21
7
Apr
May
Jan
$3% preferred
Lindsay Light com
*
10%
45
46
10
11%
46
1,300
7
May
30
Mar
35
Feb
2
73
Mar
75
Apr
Apr
25
Mar
105
73%
73%
10%
20%
103
103%
75
102
Feb
Feb
Jan
Apr
17%
Feb
4
4
50
1%
Jan
4%
Feb
111
100%
Jan
104 %
50
104% 104%
6%
6%
90
00%
22 %
22%
6%
50
00%
*
"12"
115
Jan
92
Mar
13
20
Mar
23
Feb
11%
Mar
13
Feb
16
Mar
27
May
12
12*
45
26
26 |
40
8
8
50
Eagle-Plcher Lead
7
Feb
Early & Daniel pref
Jan
Gibson Art
*
Jan
Hobart "A"
*
Jan
8%
85
*
Jan
Feb
105
Jan
5%
179
*
Radio
Mar
11%
222
Apr
12%
3%
Jan
*
7%
Jan
11%
8
Jan
15
Mar
105% May
.
110
May
Feb
P
Apr
...20
10%
100
no
Common
11%
389
110
35
20%
20%
30
28
Jan
30
41%
20%
41%
100
j.
42%
122
40
Feb
45
Jan
10
93
Jan
105
Mar
27
11% May
22% May
12
May
105
105
40
11%
11%
*
22%
22%
20
2%
205
2
Jan
6
Jan
10
46
Apr
4
Apr
Jan
Magnavox
7
Apr
Feb
Meteor
*
Kroger
Mar
27%
4%
100
Jan
300
35%
20
1
5
1,200
300
25
31
6%
21%
14
100
Drug
Kahn 1st pref
*
20
Jan
3%
14
3%
35%
11%
High
45
*
Cin Telephone
Cin Union Stock Yard
Cohen (Dan)
115
Low
5
*
Cin Gas & Elect pref
Cin Street Ry
Feb
14
Jan
1%
1% May
Jan
3%
60
preferred
Jan
76
1,000
7%
Feb
Shares
31
Preferred "A"
100
High
20
20
Jan
90
19 K
*
S3
Range Since Jan. 1 1936
5
Mar
106
19
Carthage Mills
Jan
for
Week
of Prices
Low
*
32%
12%
24 >4
Burger Brewing.
Price
May
May
60%
Leath & Co com
22
Par
22%
8
52%
Kingsbury Brew cap
16% May
Stocks (Concluded)
Feb
13%
400
59 %
6% preferred
Apr
11
"19%
Preferred
11
105
l05~~
Kalamazoo Stove com...♦
Warrants
High
Low
10
Iron Fireman Mfg v t o --*
Jarvis (W B) Co cap
1
Sales
Week's Range
Sale
Shares
12
17
Houdallle-Hershey cl B._*
Illinois Brick Co—.
25
111 North Util Co orel—100
High
12
Last
Week
of Prices
Low
Friday
Range Since Jan. 1 1936
for
Jan
34
Jan
6%
8%
54%
Feb
Moores Coney "A"
*
5%
115
Jan
5%
Mar
McCord Rad & Mfg A...*
37%
38%
30
33
Apr
43
Apr
41
41%
105
41
May
30%
900
27
Jan
33
48%
Jan
30
Mar
Proctor & Gamble
Randall "A"
*
McGraw Electric com...6
*
18
18
60
16
JaD
21
Jan
McQuay-Norris Mfg com.*
54%
54%
10
May
61
Apr
"B"
7
7
100
Jan
9
1%
140
Jan
Rapid
36
36%
45
36
May
48%
Jan
2,750
30
31
67
30
May
Feb
97
5
May
35%
8%
Feb
25
5% May
6%
Mar
4%
Loudon Packing Co com—*
Lynch Corp com
4%
7%
7
5
41
Manhatt-Dearborn com..*
42
H%
250
Marshall Field common..*
16%
15%
16%
Masonite Corp com
...*
Mer <fc Mfrs Sec cl A com.l
87
87
87
7%
50
6%
7%
3,050
25%
27%
90
Prior preferred
*
Mickelberry's Food ProdCommon
....1
3%
Middle West Corp cap...5
Stock purchase warrants
8%
3%
7%
3%
3%
3%
4,600
8%
3%
13,500
1,100
54%
1% May
3%
11%
Jan
19
Mar
U. S.
62%
Jan
100
Mar
U. S.
5%
Apr
8
Jan
25% May
34
Jan
4%
Apr
May
10%
10
5%
4%
4%
Feb
May
7
*
%
2,860
Conv preferred A
*
2
2%
100
H
3%
2
2%
no
1%
%
*
42
5%
5%
.
5%
Feb
1
10
100
100
pf. *
5
Western Bank
Feb
Jan
Playing Card..,..10
Printing
*
Jan
Feb
7%
2%
3%
Common
%
2%
10
Jan
Feb
Ohio Listed and Unlisted Securities
Midland United Co—
%
2.50
%
Mar
Members Cleveland Stock Exchange
Jan
Midland Util—
6% prior lien
7% preferred A
7% prior Hen..
Miller & Hart Inc
eonv
Modlne Mfg com
1
1
1H
2%
440
5
5%
50
42
10
'
50
Jan
Feb
1
Mar
3%
38%
4%
2%
Mar
5
Mar
Jan
Jan
11%
Jan
Jan
55
Feb
Monroe Chem Co—
*
Common
8%
Preferred
8%
50
50
20
20
31%
33
48%
50
Natl Gypsum cl A com_.5
7
May
10%
49
May
52
Jan
17
Jan
25%
Jan
150
28
Apr
33
May
600
Jan
65
Feb
1K
650
6%
20
5%
Jan
10
42%
%
400
32%
Jan
41
Nat'l Union Radio com—1
100
27%
950
*
5
5
5%
450
Northwest Bancorp com..*
Northwest Eng Co com..*
9
9
9K
7,400
23%
1,250
North Amer Car
com
27%
23 %
21%
Jan
Jan
%
26
Apr
Jan
3%
9
May
Jan
15%
Jan
2%
Feb
100
Prior lien pref
Parker Pen Co com
14
12
30
25
Last
Week's Range
for
Sale
of Prices
Week
26%
Apr
Jan
20
Feb
40
Feb
1
Apex Electric Mfg
,
*
Prior preferred
100
100
19
Apr
27%
Jan
19
200
17
Mar
22%
Apr
Cleve-Cllffs Iron pref
*
Cleve Elec 111 S4.50 pref..*
35
200
Jan
Cleveland
Railway
Ctfs of deposit
Price
Low
20%
20%
24%
10%
105
102
61 %
61%
108%
High
20%
25
Range Since Jan. 1 1936
Shares
20
2,097
105%
64
423
1,815
108% 108%
22
Low
18%
11%
High
Apr
Mar
90
Jan
Jan
54
107%
61%
59%
Mar
24
Jan
25
May
105% May
71% Feb
Apr
41
2%
Mar
Potter Co (The) com
4%
3%
4
.4%
650
6%
500
2%
2%
Jan
3%
Jan
6
1%
250
1%
May
*
...*
3%
1%
*
3%
Jan
110
Feb
Jan
66
Mar
Jan
69
Apr
Mar
Feb
24%
35%
Feb
Feb
2%
Public 8ervice of Nor Ill*
56
54
56
450
100
114
112% 114
160
100
117
116% 117
30
Apr
49%
61%
Feb
65
66
174
65%
130
19/
66%
20%
1,589
28%
30%
35
28
May
Great Lakes Towing pf.100
50
50
20
36
Feb
60
Greif Bros Cooperage "A" *
32
3,450
Common
Allen Industries, Inc
23%
3%
6% preferred
7% preferred
Quaker Oats Co—
Par
34
34
3
Process Corp com
Stocks—
Jan
3%
com
Sales
Friday
Jan
14
Pines Winterfront com—.5
Prima Co
Exchange
Feb
6%
Apr
7%
Cleveland Stock
May 23 to May 29, both inclusive, compiled from official sales lists
18%
*
com
80
27
23
10
Penn Gas & Elec A com..*
Perfect Circle Co
14
27
100
A. T. & T. GLEV. 565 & 566
Feb
1%
35
Northwest Util—
7% preferred
Telephone GHerry 5050
42% May
%
National Standard com..*
IK
38%
1%
26%
IK
National Rep Invest Trust
Cumul conv pref
Union Trust Building, Cleveland
Jan
80
6%
National Leather com...10
Noblltt-Sparks Ind com..*
no
300
50%
20
Muskegon Mot Spec cl A.
National Battery Co pref.
48
52
36
Jan
48%
Feb
107%
Cliffs
100
100
Corp vtc
*
Faultless Rubber
Hanna, M A, $5
*
cum
66%
19%
30%
48%
102% 102%
pref.*
103
Jan
115
Mar
Harbauer
*
19
19
112%
Jan
123
Mar
Interlake Steamship
*
48
17
48%
17%
4%
21%
5%
21%
13
13
19%
19%
7%
72%
5%
Jaeger Machine
Common
_——-.*
123
124
170
122
May
140
.100
146
147
90
142
Jan
147
Apr
22
22
50
22
May
26
Jan
*
Lamson A Sessions
*
17
35
104%
Jan
Mar
Apr
Apr
18
Jan
26
Mar
125
34%
Jan
55
Apr
450
10
Jan
17% May
3% Mar
20% May
11
Apr
18%
Apr
5% May
27% Mar
Jan
Preferred
20
18% May
Rath Packing Co com...10
Raytheon Mfg—
Common v t c
..50c
5%
2%
5%
600
2%
Jan
5
2%
50
1%
Jan
Reliance Mfg Co com..10
14%
14%
550
11
51
52%
550
35
Jan
55
69%
72%
150
65%
Feb
72% May
6% preferred
v t c
Sangamo Eleotrlo Co
•
52 %
Sears Roebuck & Co com-*
May
6%
3%
15%
Apr
Feb
Jan
Mar
30
30%
102
28
20
10
50
61
102
74
*
10
26%
30%
26%
Slvyer Steel Castings com •
Sou'west G A E 7% pfd 100
S'west Lt & Pow pref
19%
7
25
National Refining pref. 100
National Tile
*
*72%
72
5
5%
10
45
247
15
Mar
Feb
26
197
5
Jan
99
55
Jan
663
5
May
12
61
27
Apr
35
Jan
Jan
15
Mar
8%
77
Mar
Mar
Jan
74%
Ohio Brass "B"
*
27%
28
*
13%
13%
200
Patterson-Sargent
*
19%
20
140
19% May
27
Jan
62
60%
62
327
56%
68
Feb
"l6~
2%
15%
32%
Mar
15%
Jan
Rlchman
Feb
28%
103%
Apr
99
Jan
Seiberling Rubber
Feb
74% May
S M A Corp
Vlchek
Common
4%
Convertible preferred..*
Stein & Co (A) com
*
Swift International.....15
Swift A Co
25
5
250
14
14%
200
18
18
100
30
29%
30
900
21K
21
22
3%
Mar
7
Apr
Jan
13%
17% May
28%
Apr
18%
18%
35%
....
Convertible pref
20%
Apr
25
8%
Jan
12%
Feb
3%
3,450
2%
Mar
4%
Feb
1%
3%
200
%
Jan
2%
May
May
2
200
5%
Jan
100
15%
Jan
24
39%
Mar
41
3%
20
•
Walgreen Co
*
31K
W Uhams-Oll-O-M a tic com*
13%
Wisconsin Bankshares com*
Zenith Radio Corp oom.-*
40%
100
5
5
21
40
Preferred
Wahl Co com
5%
1,100
4
31%
750
30
Apr
13%
2,850
1,450
10
Mar
30,600
11
31%
11%
5%
5%
23
16
Jan
4%
Feb
Feb
14
May
19%
25
9
May
12
Mar
104
17
Jan
18
Feb
49
10
17%
Jan
200
Viking Pump Co—
Common
9
17
Jan
2
Jan
2,000
10%
9%
"3%
*
*
145
Apr
1
Utah Radio Product com.*
1
Tool
Weinberger Drug Inc
2%
9%
Feb
3
Thompson (J R) com...25
common
"i§"
*
Murray Ohio Mfg
National Refining
Jan
Standard Dredge—
Util A Ind Corp
*
1,570
Packer Corp
Slgnode Steel Strap Co—
Preferred
McKee, A G, class "B"„*
Miller Wholesale Drug
1
5%
19%
5%
23
Apr
6%
Jan
Jan
Feb
Watling, Lerchen & Hayes
Members
New York Stock
Detroit Stock
Jan
Jan
34%
13% May
8%
23
New York Curb Associate
Exchange
Buhl
Jan
6%
Exchange
Chicago Stock Exchange
Building
DETROIT
Telephone, Randolph 5530
Jan
May
Detroit Stock
Exchange
May 23 to May 29, both incisive, compiled from official sales lists
BALLINGER & CO.
Members
Cincinnati
UNION TRUST
Sales
Friday
Last
Stocks—
BLDG., CINCINNATI
Auto
Par
City Brew com
1
Week's Range
for
Sale
Stock Exchange
of Prices
Week
Price
2%
10%
Low
2%
10%
High
26
26
26
Burry Biscuit
18%
17%
16%
18%
16%
20
20
Baldwin Rubber com
Wire System—First Boston Corporation
A. T. A T. Tel. Cin. 291
1
Briggs Mfg com
Stocks and Bonds
Cherry 6711
47%
Burroughs Add Machine.*
Specialists in Ohio Listed and Unlisted
2%
10%
47%
*
Capital City Prod com...*
Consolidated Paper com. 10
Continental Motors com.l
Cincinnati Stock
Det & Clev Nav com
Exchange
Detroit Cripple Creek
May 23 to May 29, both inclusive, compiled from official sales lists
Detroit Edison com
10
1
100
Det-Mich Stove com
Last
Sale
Stocks—
Par
Price
Week's Range
of Prices
Low
High
for
Range Since Jan. 1 1936
Week
Shares
1
Det Steel Prod com
Gemmer Mfg A
High
General Motors
Aluminum
Industries
*
11%
...8
(ootuoufc<
25
5%
89
Preferred
ror
11%
24
.
Amer Laundry Mach. ..20
Baldwin
3651
5%
89
25
97
88
40
0%
19%
Jan
13%
Mar
Jan
27
Mar
5% May
89
May
8
Jan
90
May
Goebel Brewing com
1
Graham-Paige com
1
*
Hoover Ball A Bear com. 10
145
2%
425
410
48
10
Hall Lamp com
220
140
160
138
5%
220
9
825
8%
24%
16%
810
16%
27
16%
*
com
170
1,605
2%
2%
5%
*
Federal Mogul com—... *
Low
693
461
2%
2%
133
1
Det Paper Prod com
Sales
1,400
2%
2%
2%
•
Friday
Shares
27
300
63%
8%
63%
8%
2%
6%
13%
2%
6%
13
505
1,107
2,000
310
600
1,220
Range Since Jan. 1 1936
Low
High
1
Financial
3650
of Prices
Low
Kingston Products com..l
10
Lakey Fdy & Mach com..l
*
McAleer Mfg com
44%
Feb
55
14
Apr
United Corp (Del)
1534
634
1534
634
45.
21%
5%
5%
19% Mar
4% May
1534
634
100
170
U S Steel Corp.
60
60
60
200
25
Warner Bros Pictures
19
597
1
239
1%
3%
3%
4
*
Parke-Davis com
Parker Rust-Proof com 2.50
5
Reo Motor com
Rickel (H W) com
River Raisin Paper
Scotten-Dillon com
2
com..*
10
4 34
1
"m
Timken-Det Axle com..10
16%
1
*
10M
Standard Tube B com
Tivoil Brewing com
"United Shirt Distcom
*
Universal Cooler A
"i%
1
Warner Aircraft com
Feb
Established 1874
22%
Mar
12%
Feb
Members
50
Feb
New York Stock Exchange
14
May
18%
Mar
4%
Jan
5%
Jan
4% May
■%
8%
734
Mar
PHILADELPHIA
NEW YORK
Feb
1415 Walnut Street
80 Broad Street
655
725
600
2,355
215
7
29
1,765
Feb
31
800
is16
Jan
8% May
217
"16
Jan
Philadelphia Stock Exchange
Jan
3% May
1734
Feb
11%
Apr
1234 Mar
May
DeHaven & Townsend
Feb
24
200
1S16
Jan
Jan
3% May
12%
Jan
5%
Jan
7%
Jan
6%
Jan
2%
Jan
2,220
1,401
5,159
1%
8%
Jan
May
25
370
24
1%
8%
%
Wayne Screw Prod com..4
Wolverine Brew com
1
Apr
Jan
587
3%
Philadelphia Stock Exchange
both inclusive, compiled from official sales lists
May 23 to May 29,
9%. Apr
Apr
Last
Mar
3
Sale
11%
134
Mar
for
of Prices
Week
100
Baldwin Locomotive
*
Preferred
100
Bell Tel Co of Pa pref. .100
Co
Listed and Unlisted
15
100
Preferred
""l2"
*
Chrysler Corp
Curtis'Pub Co
Member Los Angeles Stock Exchange
'12234
*
Budd Wheel Co
Dobbs-Crowe-Wagenseller & Durst
*
*
com
4434
4434
Electric Storage Batt__100
10
6134
*
General Motors
LOS ANGELES
2634
16134
334
4134
12134
1434
11034
1034
9434
1834
2634
16534
334
t—*
Budd (E G) Mfg
1034
Gimbel Bros com
"3234
Y) com.*
Horn & Hard (N
675
175
Sales
Range Since Jan. 1 1936
Last
Par
for
Sale
Stocks-
Week's Range
of Prices
Week
Low
Price
High
Low
Shares
Bandini Petroleum Co. ..1
.10
3%
5%
4
334
634
334
Jan
534 May
Buckeye Union Oil pre! ..1
11c
lie
11c
1,200
1,400
1,000
*
24%
%
12%
2434
34
1234
2434
100
34
50
27
May
1234
500
12
Apr
12
12
12
300
1534
1734
434
1534
1734
2,200
"5
4%
15%
1734
..1
40c
30c
41c
2,610
Bolsa-Chlca Oil A
Byron Jackson Co
Citizens Nat T & S Bk_ .20
*
Claude Neon Elec Prod
Consolidated Oil Corp..
Consolidated Steel com.
"*
Preferred
Emsco Der & Equip
Co.
Exeter Oil Co A
534
4
10c May
100
-
Jan
Jan
30c
2534 Mar
Jan
3234
1634 Feb
1534 Mar
634
Apr
Feb
1934
2034 Apr
6734c Mar
Feb
440
Jan
1134 Apr
334
Jan
14% May
1434 Feb
430
Farmers & Mer Nat Bk. 100
420
420
420
1
*
23
23
23
100
23
6234
11%
1634
6234
1134
100
7034
600
12
15
6234
HJ4
1534
12
12
400
General Metals A
General Motors
Corp—10
General Paint B
20
Gladding-McBean & Co.*
Globe Grain & Mill Co. .25
Holly Development Co—1
Jade Oil Co
10c
1934
6734 c
10c
1
11c
300
1.50
Apr
10c
2,000
8,400
30,400
16c
Feb
95c
Feb
1134
Jan
El 6%pfl00
Industries
2
Investment. 10
Los Ang Gas &
Los Angeles
Feb
Apr
c
6234 c
13c
634
634
400
6c
114
10c
9,600
10c May
11434
334
534
198
Jan
114
334
634
Mar
8
Mar
Jan
11334
Feb
13034
112
Apr
117
107
604
722
1,351
%
Mar
Mar
Jan
75
1
May
Apr
May
234 May
9034 Mar
3834 Mar
84
7134
2934
1,000
'is
Jan
Jan
1
Jan
,S16
100
54
Jan
134
Feb
694
334
534
T4034
Apr
934
Feb
4,622
*1434
Feb
Apr
Apr
Apr
834
275
343
J10834
Apr
191
934
734
Apr
167
8034
35
534
634
44
1534
1534
11134
11034 zlio
1034
1034
1034
834
834
44
*
3034
57
1,421
434
634
4234
1534
5
634
*
Apr
Mar
%
79
3334
%
,516
*
Tacony-Palmyra Bridge .*
50
Jan
Apr
1634 May
181
134
Tonopah-Belmont Devel. 1
Tonopah Mining
.1
Feb
May
334
Jan
1934 May
734
Apr
Apr
5
210
534
19
Jan
134
1034
Feb
Feb
3534
1234
1634
Jan
134
•iB"
62
Rights
39
234
834
2
15
1634
Apr
Jan
86
1334
534
1434
534
43334
524
1
*
Jan
1,431
7
50
Jan
8
Jan
Feb
134
Reo Motor Car Co
United Corp com
Preferred
8S
134
10
6
1%
Phila & Read Coal & Iron. *
Union Traction
Feb
934
334
2834
834
6
50
Sun Oil Co
Jan
1134
1434
41
12234 12334
11534 117 o
3434
3434
3434
Scott Paper
34
Jan
295
'11534
Salt Dome Oil Corp
5534
Jan
7034 Apr
1034 May
6,702
2,341
50
Philadelphia Traction
Feb
1,123
Jan
Feb
29c
500
10c
8c
Warrants
Los Angles
300
5234
634
-.1
Lockheed Aircraft
Mar
1934
1334
2434
10c
55c
Lincoln Petroleum Corp_„l
Kinner Airpl & Motor
Apr
May
19
1934
6734c 6734 c
12
*
Hancock Oil A com
Transit
7% preferred
May
Jan
20c
Phila Rapid
634
91
50
12534 Mar
1534 May
11034 May
14% Mar
10334 Apr
2434 Apr
Jan
30
80
Feb
Apr
634
155
Jan
Feb
17734
654
Jan
Jan
54
1,211
32
Feb
Feb
1634
100
5
834
4434 May
Jan
36
485
*
.
Jan
1834 May
536
4634
6334
1034
434
3134
25
Phiia Elec Pow pref
Apr
86
11
50
50
Phila Elec of Pa $5 pref..
High
8534
834
110
"934
*
Pennsylvania RR
Penna Salt Mfg
Jan
10
*
Pennroad Corp vtc
Jan
934
828
25
Preferred
Natl Power & Light
Jan
11934
2,690
Mitten Bank Sec Corp..25
official sales lists
40
8(
161
975
662
50
Lehigh Valley-
Angeles Stbck Exchange
Friday
High
2634 May
14934 Apr
234 Apr
1,213
Lehigh Coal & Navigation*
May 23 to May 29, both inclusive, compiled from
Low
Shares
High
Low
Mar
LOS ANGELES SECURITIES
Los
Range Since Jan. 1 1936
Week's Range
Price
Par
Stocks-
American Tel & Tel
Spring St.,
Sales
Friday
Feb
3%
American Stores
626 So.
Feb
Feb
20
450
■
Apr
Apr
Mar
464
8%
7%
24
May
934 Apr
Apr
1434
May
Apr
15
2,065
11
3
3%
*
Universal Products com..*
B.__
6
58 34
300
5
1634
734
71
1534 May
100
6%
Jan
41% May
3%
15%
295
5%
5%
5%
27%
3%
16%
3%
16%
10%
8%
7%
Feb
8%
6>4
Standard Brands Inc
1%
5%
21%
586
19%
15%
10%
43 y8
15%
27
Apr
»3t6
2,962
5%
5%
4%
10%
16
950
19%
15%
10%
43%
14%
5
10
Packard Motor Car com..*
5% May
3%
Jan
1,120
930
18
1
Mid-West Abrasive com 50c
4% May
2034 Apr
8,905
Mar
High
Low
Shares
High
200
19
Murray Corp com
Low
Price
Par
14.
*
Motor Wheel com
(Concluded)
51
Mich Steel Tube com..2.50
Michigan Sugar com
Stocks
High
1936
Week
14%
4%
21%
5%
5%
Hudson Motor Car com..*
Kreege (S 8) Co com
for
of Prices
51
*
Hoskins Mfg com
Low
Shares
High
Range Since Jan. 1
Week's Range
Sale
for
Week
Sale
Price
Par
Last
Range Since Jan. 1 1936
Week's Range
Last
Sales
Friday
Sales
Friday
Stocks (Concluded)
May 30, 1936
Chronicle
334
5
11634
Feb
900
400
634
United Gas Imp com
Preferred
*
*
Westmoreland Inc
*
Westmoreland Coal
*
300
834 May
Jan
Bonds—
Elec & Peoples tr
1434
1434
2534
2534
10634 10634
11134 112
ctfs 4s *45
People Pass tr ctfs 4s
.
1943
.
Phila Elec (Pa) 1st s f 4s '66
1st 5s
1966
$2,000
1,000
1,000
5,000
Mar
20
Jan
10
24% Mar
10634 May
11034 Mar
2534 May
11234
Jan
Feb
113
Jan
1
75c
75c
75c
100
1.33
Apr
1
434
434
434
300
634
Mar
Merchants Petroleum
1
35c
35c
35c
200
35c
Apr
Mt Diablo Oil Mng &
Devi
5734 c
5734 c 5734 c
200
8234 c
Mar
Nordon Corp
5
18c
18c
18c
1,000
15c
Jan
28c
Apr
Occidental Petroleum
J
65c
65c
65c
75
50c
Jan
85c
Feb
Mascot Oil Co
Mensaco Mfg
Co
1
9c
9c
9c
*
10
Pacific G & E 6% 1st pf 25
Pacific Indemnity Co—10
Pacific Lighting Corp
*
Republic Petroleum Co.-l
11
11
11
Pacific Finance Corp
2034
3134
2134
5034
2034
3134
2134
5034
534
2034
3134
2134
5034
1,600
1
21c
21c
21c
8c
100
Pacific Clay Products
Olinda Land Co
Rice Ranch Oil Co.
_
*
Samson Corp B com
6% pref ann
10
Sec Co Units of Ben Int..*
100
2,500
200
3,500
4,100
50c
50c
2%
234
4934
5234
52
95
53
600
50
53
50c
33
234
10C
Jan
31c
14
Members
.Mar
23
J Pittsburgh Stock Exchange
j New York Curb Exchange (Associate)
ManiKa„
UNION
Feb
Jan
1834
Jan
2934
Jan
1834 Mar
48% May
234
Jan
BANK
Apr
8
10c
Jan
50c
Feb
134
Jan
45
Jan
Jan
Jan
1634
1634
1634
100
5034
1534
Corp...25c
2c
2c
2c
5,000
2c
25
2634
3734
2834
2634
2534
2634
1,500
2534
Jan
36
3834
925
35
Jan
2834
2634
10834
3334
3734
1634
1234
2234
700
2734
600
26
32
Tel
5534
Feb
634 May
40c
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
120
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Apr
60c May
334
5434
Jan
Pittsburgh Stock Exchange
Feb
60
Apr
May 23 to May 29, both inclusive, compiled from
25
...25
25
Original pref
6% preferred
5%% preferred
So Counties Gas 6% pf
100
Southern Pacific Co—100
Standard Oil of Calif
*
Taylor Milling Corp
Transamerica Corp
*
*
25
Union Oil of Calif
Universal Cons Oil Co—10
Van de Kamps
Bakeries..*
Weber Showcase of F pref *
Wellington Oil Co
108
2834
2634
108
3334
3634
1634
1234
2134
3134
3634
1634
1234
2134
54
1,900
700
100
6,500
1,100
16
15
18
2234
934
734
2234
934
734
2234
200
934
8
1,300
8,100
115
Mar
2c
2834
Feb
3834 May
2834 May
Week's
Sale
Stocks—
Par
27
Apr
Allegheny Steel com
Feb
109
Apr
2034
734
12
534
434
46c
10c
4c
4c
4c
1
1.35
1.25
1.35
Cardinal
Gold
134c
134c
134c
35c
33c
35c
7c
Calumet Gold
1,300
1,000
6,000
2,000
6,000
7c
7c
Mar
May
Consol Ice Co pref
Devonian
10
Oil....
Anaconda
50
Copper
Bendix Aviation Corp
5
Jan
Fort Pittsburgh Brewing. 1
1.00
Feb
1.40
Jan
Harb-Walker Refrac
com
1
Jan
234 c
Apr
Koppers Gas & Coke pf 100
44c
Feb
Lone Star Gas Co
*
15c
Corj)...
North Amer Aviation
1
Radio Corp of America
For footnote
o»ge
17734
150
May
May
39
Apr
30
Apr
Pittsburgh Brewing pref.*
Pittsburgh Plate Glass..25
Feb
Pittsburgh Screw & Bolt. *
28
2834
434
334
634
3734
400
2634
Apr
300
34
200
Jan
Apr
334
400
Apr
7
37
834
1134
3651
37
8
1034
Mountain Fuel Supply Co.
Nat'l Fireprooflng pref.100
236
2834
3734
100
37
100
834
1134
200
1,200
2134
Apr
134
134
50c
Apr
2
Feb
19
25
16 34
Jan
20
Feb
12
600
734
Jan
12
May
13
100
7%
Jan
13
May
3
Apr
5
May
40
Mar
434
14
27 34
120
1534
Jan
134
134
350
134
Feb
134
Jan
3334
3434
90
31
Jan
4134
Mar
10034 102
237
97
Jan
10634
Feb
1134
12
1,971
10
Jan
1434
Mar
4934
50
476
41
Jan
5034
Apr
434
—
-
-
-
-
-
102
5
Jan
34
.
Jan
14
.
Jan
6c
100
6,
239
24
*
33c May
34
434
334
634
3734
Jan
19 34
13
*
734 c
34
3
Commonwealth & South
Curtlss-Wright Corp
General Electric Co
16234 166
Feb
434
1134
5
Products
Mar
34
4
Cities Service Co
Kennecott Copper
16434
20
Apr
Apr
Mar
19
Duquesne Brewing com..5
c
Unlisted—
American Tel & Tel Co. 100
Apr
234
134
50
Follansbee Bros pref...100
lc
1434
1,175
1834
2%
Elec...*
Feb
1,000
Zenda Gold
356
2 34
234
Mesta Machine Co
Imperial Develop Co...25c
Tom Reed Gold
Apr
16 34
1634
63c
334
6234
*
Jan
22c
Feb
1
Class A
43c
4734
Carnegie Metals Co
Electric
45c
221
Blaw-Knox Co
Mining—
Black Mammoth C MnglOc
9
Feb
2234 May
1034 Mar
934 Apr
Jan
734
Feb
18
Mar
Jan
55
Jan
38%
Feb
5334
&
High
Apr
7%
Armstrong Cork Co com.*
Gas
3034
334
Feb
Columbia
Low
40
25
734
Preferred
Range Since Jan. 1 1936
for
Week
Shares
260
6
Apr
Feb
3134
734
1934
1434
2834
Apr
3034
534
47
3634 May
14% May
High
100
Feb
Jan
11
3034
*
Range
of Prices
Low
Price
Arkansas Nat Gas com..*
3834
Feb
24
Sales
Friday
Mar
Jan
10634
official sales lists
Mar
19
Last
So Calif Edison Co
PITTSBURGH, PA.
BLDG.,
Court-6800
May
2234 May
Mar
Security-First Nat Bk___20
Shell Union Oil Corp
*
Sierra Trading
6
100
H. S. EDWARDS & CO.
37
37
May
May
Apr
May
734
Feb
Plymouth Oil Co
5
Apr
Renner Co
1
4134
4034
Feb
Apr
Ruud
10
Apr
United
Jan
Vanadium
1434
May
Mfg Co
Shamrock
Oil
__5
&
Engine &
Gas
*
Fdry
Alloy Steel...*
1134
534
510
4%
Jan
734
434
2834
434
950
134
Jan
534
28 34
200
11954
11934
40
5
434
834
14
134
18
334
Feb
Apr
25
Apr
30
May
98 34
Jan
140
Apr
834
147
734 May
1134
Jan
1434
130
1334 May
1634
Apr
134
500
1
Jan
134
100
15
Jan
18
4
1,665
22 34
34%
1,155
32 34
32 34
100
334
Jan
20
534
Jan
Mar
Jan
22 34 May
40
Mar
Jan
35
Feb
31
Volume
Financial
142
Friday
I
Weeks
Sale
Par
3651
Sales
Last
Stocks (Concluded)
Chronicle
Range
Price
Low
Victor Brewing Co
__1
Westinghouse Air Brake.*
Friday
Range Since Jan. 1 1936
for
of Prices
Stocks
High
Low
70c
70c
1,075
60o
Jan
90c
Jan
38 M
40*6
370
34*6
Jan
47*6
113 H 117*6
Westlngh Elec & Mfg___50
138
97
Jan
122*6
Mar
Apr
(Concluded)
Par
Week's Range
Sale
Shares
High
of Prices
Price
Letourneau
Unlisted—
6*6%
6% pre! 100
104
105
65
101
Jan
106*6
Mar
100
112
113
80
113
May
4
4
108*6
3*6
Feb
*
preferred
Low
Range Since Jan.
M
1 1936
Week
High
Low
Shares
High
26*6
7*6
25*6
7*6
26*6
Apr
29*6
Apr
7*6
305
Jan
6*6
6*6
2,183
7*6 May
6*6 May
11
6 *6
11*6
Jan
9c
com.
Lockheed Aircraft
*
*
Libby McN & Libby
6C
10c
31,883
6c May
114*6 114*6
2*6
2*6
18
17*6
2*6
2*6
210
Rights
Lone Star Gas
Sales
Last
Week
Los Ang Gas & El pref.100
Magnavox Co Ltd
2*6
114*6
2*6
1,320
25*6
111
Mar
Jan
2*6
512
10c May
116*6
Jan
3*6
Feb
135
H
ST. LOUIS MARKETS
18
30
2*6
Jan
11*6
10*6
11*6
3,477
10*6
May
15*6
15
15*6
1,320
14*6
Apr
19*6
May
Occidental Insur Co
Oliver Utd Filters A
Feb
5*6
Jan
Marchant Cal Mch com. 10
Market St Ry 2d pref._100
Natomas Company
*
North Amer Oil Cons... 10
Pennroad Corp vtc
31*6
31*6
31*6
380
28
Jan
33*6
Feb
24*6
24
25
673
24
May
32*6
14*6
17*6
Mar
2*6
10
B
Pacific G & E
on
Mid-Western and Southern Securities
(Non-yoting)
MEMBERS
New York Stock Exchange
St. Louis Stock Exchange
New
Curb
York
Chicago
315 North Fourth St., St.
*
6% preferred
100
PIg'n Whistle pref
*
Railway Equip & Rltycom
Trade
of
pref
Pacific Tel & Tel com..100
(Associate)
Board
25
5*6% preferred
25
Pacific Light 6% pref
*
Pac Pub Ser(non-vot)com*
all
Louis, Mo.
6*6
7*6
3,503
16*6
16*6
547
15
36
.25
com
6% 1st pref..
Business Established 1874
Jan
13
16*6
Pacific Fish
I. M. SIMON & CO.
Enquiries Invited
7
1,253
35
36
1,178
31
Feb
31*6
32
2,489
28*6
6*6 May
Apr
28*6
374
29*6
26*6
Jan
28 *6
106*6
106*6 107*6
85
103*6
Jan
6*6
22*6
124*6
6*6
3,148
22*6
22*6
124*6 126
1,153
4*6
18*6
Jan
149
149
32
■.
6*6
Jan
Jan
Jan
Apr
39*6
32*6
29*6
Apr
Apr
107*6 May
7*6
Feb
24*6
Apr
119
Jan
130
25
2*6
Jan
13
20
•
149
2
2*6
Jan
Apr
20*6
2*6 May
139*6
Jan
152
2
Jan
155
Feb
Apr
Mar
3*6
5
315
4*6
Jan
20
19
20
280
17*6
Jan
24
Feb
100
86
85
86
245
80*6
Jan
91*6
Apr
S J L & P 7% pr pref-_-100
118
118
118
5%
6%
Telephone Central 3350
Schlesinger & S (B F)
Preferred
St. Louis Stock Exchange
i
'
-
'
'
■
Sales
Friday
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Price
Low
High
Range Since Jan. 1 1936
100
*
5
100
So Pac Golden Gate A
•
Brown
*
.
Boyd-Welsh Shoe
Tide Water Assd Oil com.*
554
39
Feb
57
May
29
55
27
Feb
30
Apr
30
13*6
Jan
28*6 Mar
2*6 May
Feb
64*6
Transamerica Corp
Union Oil Co of Calif
Union Sugar Co com
Feb
Universal Consol Oil
10
*
2*6
*
57
50*6
20
2*6
52*6
435
50
109
2*6 May
May
66
68
48*6
Jan
77
Century Electric Co...100
42*6
42*6
3
35
Jan
42*6 May
Coca-Cola Bottling com__l
Columbia Brewing com..5
70
72
106
57
Jan
72
6
450
3
Jan
Dr
47*6
Feb
com
4*6
*
common
2nd preferred
Hussmann-Ligonier
1
100
85c
com
International Shoe com..*
Key Boiler Equip com
"49*6
3*6
2*6
150
8*6
95
2
100
36
861
16
691
Jan
Jan
Mar
9
Feb
47 *6
Feb
19
125
101
Jan
106*6
Mar
12*6
12*6
12*6
25,086
11
14*6
Feb
25
22
22*6
1,462
21
25
17*6
21*6
17*6
Apr
Apr
18
1,095
10
Jan
16*6
6,263
100
105
104*6 105
15
16*6
Feb
28*6
18*6 May
Jan
17
Apr
7*6
327
May
34*6
Apr
6*6
Mar
Yellow Checker Cab A..50
42
40*6
42
495
23*6
Jan
42*6
Mar
51*6
305
305
20
290
Apr
May
Jan
3*6
Jan
11*6
Jan
12
Feb
7*6
6*6
9*6
1,161
STRASSBURGER& CO.
Feb
Apr
133
May
50c
Jan
1*6
136
47*6
Jan
53*6
MONTGOMERY
Feb
STREET
Mar
85c
3
49*6
49
FeD
May
1*6 May
Jan
6*6
36
May
Jan
14*6
1*6
Feb
Jan
100
245
12
38*6
26*6
May
2
10*6
Jan
1,982
644
118
200
10*6
23*6
33*6
2*6
Feb
31*6
Feb
2*6
11*6
Apr
30*6
Apr
4*6
*
Preferred
58*6
30*6
97
475
com.*
116
Jan
305
116
6*6
2
com
19
Jan
15*6
Wells Fargo Bk & U Tr.100
Western Pipe & Steel Co.10
5
100
30*6
6K
6*6
Apr
42
32
15*6
Feo
May
25
118
100
100
Falstaff Brewing com
Hamilton-Brown Shoe
6% preferred
Feb
115
33*6
36*6
Jan
1*6
8
May
May
205
51*6
418
Ely & Walker D G 1st pflOO
Hydr Pressed Brick
*
22
*
Pepper
.
29
57
com
Mfg
.
22
Shoe common.
Burkart
.
29
"A"
B"
.
119
15
56
8*6
36*6
15*6
Jan
*6
2*6 May
Feb
7*6
145
165
115*6
2*6
1*6
Mar
131
100
56
1*6
8*6
Spring Valley Water
High
Low
Shares
115
25
105
3*6
16*6
56
2*6
B
22
Indemnity .10
American Inv
16*6
115*6
.100
Standard Oil of Calif.
Amer Credit
3*6
com
Preferred
Sound view Pulp Co
Southern Pacific Co
Week
*6
3*6
16*6
com *
1
Shell Union Oil
May 23 to May 29, both inclusive, compiled from official sales lists
5
5
SAN
FRANCISCO
(Since 1880)
60
8*6
Jan
14*6
Feb
8*6
"9.1
226
6*6
Jan
10*6
Apr
Exchange—San
Laclede Steel common..20
24*6
24*6
25
23
Apr
30*6
Feb
Board of Trade—New York Curb Exchange (Associate)
Landis
20
20
25
20
May
Mar
Direct Private Wire
55
May
13
*
13
Laclede-Christy Clay Prod
Common
*
Machine
McQuay-Norris
Members: New York Stock Exchange—San Francisco Stock
9
25
com
*
com
55
National
Candy
105
*
com
Scruggs-V B D G
117
2nd preferred
*
com
Feb
105
Feb
15
May
Jan
119
Mar
115
14*6
20
9*6
116
26
148
4
3*6 May
40
40
2
Southw Bell Tel pref... 100
126*6
Stix, Baer & Fuller com..*
Wagner Electric com
15
32*6
40
1*6
Mar
145
38*6
Feb
125
126*6
143
10
10
135
29*6
32*6
802
Apr
Friday
Mar
Last
43*6 May
127*6 Mar
Apr
100
123
Sale
3*6
Jan
Mar
10*6
34*6
Feb
Stocks-
Par
22
1,000
Jan
37
28*6
$2,000
35*6
33*6
Jan
35*6
Mar
Jan
100
American Toll Bridge
165*6
Municipal and
PRIVATE
LEASED
New York
5
Oakland
Portland
Honolulu
Sacramento
Stockton
10
1
Stock
Claude Neon Lights
Columbia River Packers
New
Fresno
Consolidated
York
Exchange
1
Stocks—
Par
Week's Range
for
Sale
of Prices
Price
Low
High
Range Since Jan. 1 1936
Shares
Low
13*6
13*6
13*6
325
13*6 May
Anglo-Calif Nat Bk S F.20
21*6
21*6
21*6
355
17
Assoc Insur Fund Inc...10
4*6
4*6
4*6
550
Bank of California N A. 100
190
187
Byron Jackson Co..
*
Calamba Sugar 7% pref .20
25*6
21*6
21*6
Calaveras Cem Co com...*
5*6
5*6
California Engels
10
1
California Packing Corp..*
Calif Water Service preflOO
104
Caterpillar Tractor
Chrysler Corp
*
*
Clorox Chemical Co
*
Cons Aircraft Corp
Cons Chem Indus A
1
*
Crown Willamette pref...*
Crown Zellerbach vtc...*
31*6
74*6
97*6
39*6
17*6
30*6
104
7*6
24*6
190
25*6
21*6
5*6
1
*6
32
31*6
103*6 104
90
715
215
100
600
17*6
22*6
3*6
180*6
Apr
5*6
Jan
JaD
Jan
Feb
25*6
22*6
Preferred
Preferred
"56c
Oahu
Jan
39*6 May
23*6
31*6
Jan
Jan
Apr
Jan
78*6
103*6
109
Copper..
Apr
Jan
Feb
Feb
z
Occidental Pete
"36*6
27c
O'Connor Moffatt
Pac Port Cement
67
3*6
32*6
23*6
Jan
8*6
Mar
Radio
Jan
47*6
Mar
Republic
Jan
30*6
Feb
17*6
17*6
17*6
18*6
875
17*6
17*6
210
14*6
98
98
98
130
97
14
3*6
Jan
4*6
May
May
Jan
Jan
48*6
70*6
25
So Pac Gold Gate pf 6% 100
Taylor Milling
Apr
38*6 May
May
Vica Co....
Jan
18
Feb
Apr
11*6
Jan
365
54*6
33*6
11*6
1,345
5*6
Jan
15*6
15*6
15*6
225
14*6
9*6
945
16*6
8*6
110
14*6
100
45
215
Mar
44
Jan
10
105
May
17
Jan
10
61
May
21*6
15
21
Apr
43*6
18
40*6
Mar
64
58*6 May
106
26*6
Mar
Apr
67
Feb
22*6
43*6
Apr
Apr
14
53c
Feb
Feb
1,601
22c
Jan
75c
2.85
895
1.60
Jan
3.90
Feb
61c
4,225
50c May
95c
Feb
Feb
6*6
Jan
18
May
54
Mar
9*6
6%
preferred
Apr
16*6
31
31
31
209
25*6
Jan
33
Feb
Feb
3.50
Apr
7
232
7
Mar
Apr
20c
7
Apr
Apr
42*6
5*6
42*6
100
36*6
Jan
1,700
4.10
Jan
6*6
Apr
8*6
36*6
100
7*6
Jan
10*6
Mar
85
27*6
Jan
36*6 May
27c
3,050
21c
Jan
6*6
Jan
14
Feb
Jan
14
Mar
36
24c
6
44*6
44c
Apr
Feb
10
10*6
11
100
4*6
42*6
629
12
10*6
65
3*6
11*6
100
559
10
6*6
1,770
3
Jan
6*6 May
1*6
300
1*6
Apr
2*6
85
11
3*6
Apr
6*6
60
41
Feb
50
50
13
May
18
Feb
Mar
Feb
Jan
12*6
Feb
3*6 May
5*6
Mar
6*6
Apr
14*6
Jan
Jan
32
36
Jan
26*6
26*6
1,022
24*6
Feb
28*6
Feb
28*6
908
27*6
Mar
42
10
37
Jan
28*6
52*6
16
16
40
15
May
65
31
May
16
Jan
Feb
May
20
.»
50*6
6*6
25
30c
200
25c
Jan
55c
3.00
10
3.50
Jan
6*6
Jan
3.35
405
3.20
May
4.50
Apr
10*6
52*6
255
10*6
May
11*6
360
42*6
Jan
54*6
Apr
Apr
9*6
100
9*6
May
14*6
Feb
20
"v
Jan
51
9*6
.
_
5
_u
17
±i
17
10
**
^
5*6
15
Apr
Jan
8*6
Feb
Feb
Jan
Leslie-Calif Salt Co
35c
Apr
10c
10*6
5
Waialua Agriculture
11
Jan
3.50
3.20
Preferred—
est
West Coast JLJIIXJ Dio.
Life Ins
390
13c
10
3.00
Victor Equipment com
Warner Bros Pictures
12
200
5,423
30c
Feb
12
11c
280
3.55
6*6
Apr
12
"ie"
25
Apr
Langendorf United Bak A *
11c
25c
42
United States Pete
12
38*6
11*6
45
25*6
28*6
26*6
United Corp
Apr
62*6
38*6
8*6
Jan
31
Southern Calif Edison...25
62 *6
16*6
Apr
17
54
36c
5*6
1*6
Shasta Water
Feb
11*6
45
200
425
105
35c
11*6
1
Apr
38*6
8*6
(Del)
Petroleum
Apr
62*6
16*6
Corp
18*6
Gen Paint Corp A com...*
45
36*6
3*6
1
21
42
*
9*6
Jan
10*6
Packard Motors
Park'Utah Mines
112
42
9
May
Feb
Mar
42
40
10*6
Mar
May
Galland Merc Laundry...*
General Motors com
10
Home Fire & Mar Ins Co 10
20*6
58*6
23*6
3*6
Richfield Oil pref
Hale Bros Stores Inc
Mar
Jan
31
20
12
pref.. 100
Pacific Western Oil.
98
Island Pine Co Ltd com.20
Feb
Mar
42*6
Pacific Eastern Corp
z
97*6 May
9
4*6
45
1*6
2.08 May
15*6
11
10*6
Pacific Clay Products
Apr
9
260
9
Jan
8*6
5*6
20
Apr
*
6*6
36*6
7
Aviation.
Sugar
91
Golden State Co Ltd
May
68c
3.55
10
65
Gladding McBean
Jan
11*6
2.75
35c
1
Kinner Airpl & Motor_.l
Apr
Apr
100
z
North American
15*6
29*6
410
68c
50
19
70
.*
100
Feb
Feb
12*6 May
94
B common
600
7*6
25
1
Mountain City
35
10
90c
2.08
11*6
14
Petroleum
Apr
87*6
400
Jan
1.40 May
Apr
11c
185
4*6
3
Feb
May
27c
100
4*6
1.00
1.55
93*6
4*6
4*6
2,100
1,254
5.00
93
10
1.30
2.95
93*6
Foster & Kleiser com
1.28
Jan
93*6
Emporium Capwell Corp.*
Mar
85
Feb
94
Emsco Derrick & Equip..5
Fireman's Fund Insur...25
Mar
84
Jan
50c
1
824
70
85
May
63
1.00 May
_.l
39*6
465
Jan
75
3.15
Lincoln Petroleum
17*6
30*6
30*6
104
103*6
7*6
8*6
6*6
52
5
10
900
MJ&M&M Oil
97*6
41
150
78
77*6
1,500
Monolith Portland Cement
37*6
25*6
Apr
3,350
Mar
97*6
6*6
936
70c
Montgomery Ward
Jan
25
Jan
1.25
Feb
55
40
6*6
4.75
*
6*6
1,416
68c
Apr
699
25
8*6
72*6
21*6
43*6
Mar
192*6 May
74*6
41
Mar
1.05
1*6
37*6
104*6
Jan
*
7*6
4.30
*
10
Jan
Feb
68c
Jan
Apr
99*6
100
14*6
5*6
1.25
Preferred A
$3 preferred.
Mar
11
4.50
Preferred B
Di Giorgio Fruit com
Jan
915
1
1
Development
Maryland
7*6
91*6
Eldorado Oil Works
20
5*6
64
.20
20
Mar
*6
30*6
220
12
105
20
7
30
360
11*6
23
com.
Jan
953
1,940
Jan
15*6
10*6
Jan
15*6
21*6
4*6
Apr
75
International Cinema—1
Holly
Idaho
Apr
Jan
74*6
17*6
20
Hawaiian Sugar
ltalo
Alaska Juneau Gold Min 10
Feb
71c
16*6
20*6
57*6
International Tel & Tel
High
Mar
177*6
Jan
6*6
.100
Preferred
z
44
Apr
39C
9
Electric Bond & Share—5
z
Week
Mar
150
1,500
36
Dental
Gt West El-Chem
Sales
Last
44
311
55c
85c
Dominguez Oil Fields..*
Edwards
Mar
5
44
162*6 166*6
4
2.08
Oil
Fibreboard Prod pref.
z General Metals
May 23 to May 29, both inclusive, compiled from official sales lists
Friday
1.30
1
Curtiss Wright Corp
Cotton
(Asso.)
Exchange
Ewa Plantation
San Francisco Stock
High
Apr
11*6
York Curb Ex.
New York Coffee t Sugar Ex.
Commodity Exchange, Inc.
Honolulu
Stock
Exchange
Seattle
Low
3
78
Cities Service
Trade
Exchange
100
4*6
Cardinal Gold
Board,
of
3*6
77*6
6% pref.100
Chicago
Tacoma
Range Since Jan. 1 1936
7*6
72*6
6% preferred 1927
San Francisco Curb Exchange
WIRES
for
Shares
5D6
"12"
1
Chicago
Los Angeles
Beverly Hills
Calif-Ore Pwr
Exchange
z
New
San Francisco
Stock
San Francisco SlockExchangt
Corporation Bonds
High
16*6
Anglo National Corp
Argonaut Mining
Bunker Hill-Suliivan
Members
York
Low
Week
53c
1
Bancamerica-Blair
New
Range
of Prices
44
Factors
Arkansas Natural Gas A...
Dean Witter & Co.
Sales
Week's
3*6
American Tel & Tel
35*6
33*6
Price
Alleghany Corp
American
Bonds—
fSculiin Steel 6s
1941
tUnited Railways 4s..1934
Exchange
Feb
Apr
9*6
28*6
San Francisco Curb
May 23 to May 29, both inclusive, compiled from official sales lists
Feb
5
2*6
43*6
2*6
Jan
10*6
7*6 May
7*6
Feb
13*6
43
2*6
Exchange—Chicago
May
117
40
*
Inv
Jan
101
4
.
100
Scullln Steel pref
Securities
10
4
7*6
25
com
100
105
14*6
1st preferred
100
Rlce-Stix Dry Goods com *
Curb
Apr
117
10*6
10*6
Bearing Metals preflOO
61
55
55
Mo Portl Cement com..25
Nat
28
Francisco
*
♦
No oar value,
c
Cash sale, x Ex-dividend,
v
Ex-rlghts. t Listed,
t In default
May 30, 1936
Financial Chronicle
3652
Provincial and
Bid
Province of Alberta—
Toronto Stock
Municipal Issues
Province of Ontario—
Ask
Bid
1 1948
75
80
5Xa
Jan
3 1937
102?* 103 X
Last
Oct
1 1956
Prov of British Columbia—
6s
July 12 1949
4Xs
Oct
1 1953
74
78
5s
Oct
1
112
Sale
6s
Sept 15 1943
Jan
6s
4Xs
96
98
5s
92 X
94
4s
May
June
4XS
Jan
Province of Manitoba—
4Xs
Aug
6s
June 15 1964
102X 104
106 X 108
6s
Dec
2 1959
107 X 109
1 1941
116X 117X
1 1959
117
105
106
15 1965
110
111
June 15 1936
Apr 15 1960
Apr 15 1961
Province of Nova Scotia—
100
4XS
Sept 15 1952
Mar
11960
110
Mar
2 1950
Feb
1 1958
113?* 114 H
109X 110X
May
1 1961
114
115
Prov of Saskatchewan—
113
110
111
June
15 1943
97
99
5XS--
NOV
15 1946
98
100
4Xs
112
Oct
5s
Par
92 X
1 1951
93
*
Cockshutt Plow
*
Consolidated Bakeries —*
Consolidated Smelters..25
Consumers Gas
100
Cosmos Imperial....
*
Preferred.....——100
Crow's Nest Coal
100
Canadian Wineries
4s...
100 X
Stocks (Concluded)
Price
Sales
Week's Range
of Prices
Low
High
for
Range Since Jan. 1 1936
Week
Shares
Low
*
Distillers-Seagrams
X
111
Dominion Steel A Coal B 25
116?* 117X
*
Products—*
Dominion Stores—
Eastern Steel
23*
6?*
23*
63*
16
23*
125
2?* May
3%
Feb
6?*
163*
56?*
576
6?* May
15?*
Apr
8H
201
18?*
Feb
Mar
"563*
56
988
51
May
1993*
199
200
135
189
Jan
19
20
198
1023* 103
40
102
Apr
103
35
30
Apr
Apr
48
"l03""
17J*
47
48
223*
113*
23*
24?*
43*
163*
83*
113*
23*
20
20
10
8
"23"
....-
8
5
83*
*
English Elec Co, of Can B*
English Elec Co Can Ltd A
Easy Washing com..
920
83*
1,610
316
465
18 X
4?* May
14
325
8
May
May
10
10
Mar
35
1?*
Jan
May
8
Wood,
*
69
683*
64?*
553*
69
56
395
56
198
53?*
Mar
Canadian Pacific Ry—
4s perpetual debentures.
6s
...Sept 15 1942
4Xs~.—Dec 15 1944
6s
July
1 1944
92 X
111X 111?*
100 x 101 x
116
Sept
I 1946
103 X 104?*
5s
Dec
1 1954
107 X
4X8
July
1 1960
107 X
103 X 104 X
117
Bid
Bid
Ask
68
Ask
Canadian Northern Ry—
.Sept
11951
June 15 1955
Feb
11956
July
1 1957
July
1 1969
4Xs
4Xa
4Hs—
4^s
6a...
Oct
1 1969
6s
Feb
1 1970
1 1946
Grand Trunk Paciflo Ry—
114?* 114?*
116?* 117?*
July
6Xs
4)*
Apr
6)*
Jan
2.275
13?*
Apr
14?*
Apr
May
105?*
Feb
133*
*
"47"
*
3s
117X 117X
118?* 119?*
118X 119X
1 1962
1 1962
9934 100 >4
1 1936
1013* 101**
..Sept
108
WA. 3401-8
Jan
Preferred...
100
Beauharnois Power
♦
Bell Telephone
23*
100
Blue Ribbon 634%
145
pref.60
31
pref.25
183*
1,552
17?*
1.15
1.15
60
1.00
Apr
2.25
Jan
33*
33*
50
Apr
5X
Jan
53*
323*
5?*
695
Jan
818
May
29?* May
12?*
Jan
7X
117
97
Jan
105
13
85
Apr
90
27J*
Jan
39
Mar
34
15
Range Since Jan. 1 1936
Low
High
154
12
146
Jan
165
Mar
5
175
Jan
230
Mar
•
*
20
Mar
6
Jan
15
25
40
Apr
75
May
May
205
79
Jan
95
Feb
„VA
27
Apr
3,480
16?*
3?*
Jan
May
22
283*
22
10
22
13?*
283*
13?*
283*
25
11?*
Jan
18X
Feb
70
19
Jan
29X
Apr
Jan
Apr
31
Mar
Jan
113
May
May
80
Feb
*
83*
623*
10
Apr
62
83*
623*
Jan
*
390
57
Jan
Apr
.25
563*
56
563*
345
49)*
Jan
67X
60?*
83*
83*
95
*
-
30
100
-
........
.....
83*
83*
*
103*
....*
"28?*
....
8
105
com
10
23*
283*
*
53*
i.*
105
43
10
74
10?*
2?*
910
1,055
855
293*
183*
1,301
100
45
393*
45
14?*
14
14 %
1,190
98
981*
35
2M
24
.100
Zimmerknit
85
5X
•
Western Can Flour pref 100
Westons (Geo) com..
*
"2?*
2%
85
6?*
8)* May
102
Jan
8X
Apr
11
Jan
106
May
May
Feb
12X
9
Feb
Jan
12X
2?* May
26?*
Apr
17?* Mar
4)* Apr
4X
34X
36
May
65
Jan
13)*
Apr
May
17 X
Jan
102
Mar
2?* May
3
Feb
98
Feb
Jan
•
Feb
19
10
Jan
58
122
58
Apr
100
153
154
32
149
Jan
170
Feb
...100
203
205
10
190
Jan
222X
100
206
206
5
198
May
221
Feb
190
195
6
182)*
Apr
213
Feb
168
170
66
164
Jan
182
Feb
230
230
10
225
Jan
235
Mar
20
137?*
...........60
Imperial
343*
343*
40)*
Feb
25
Jan
29?*
9X May
11
93
Jan
100
2
May
340
141
Apr
150
Feb
255
27
Jan
31
Apr
10
15
Jan
105
Mar
3X
Montreal
...
..........100
Royal
2,062
30
57
190
...100
..100
Toronto
57
51)*
Jan
Feb
Jan
Mar
31)*
Feb
Apr
18X
Loan and
Truat—
Canada Permanent
100
Mar
1.40
23
233*
2,839
16X
28X
Jan
27 X
Apr
293*
343*
50
May
32X
Mar
343*
10
33
Jan
37 X
Jan
42
42
8
37 X
Jan
47 H
4X
Apr
150
Jan
160
Feb
75
77
33
75
May
90
Mar
10?*
10?*
11
55
11
May
14X
Mar
103
148
77
Jan
23
148
.100
Huron & Erie 20 % pref. . . *
Landed Banking
100
Toronto Gen Trusts
100
Mar
85c
293*
123*
43*
5,698
9?*
Jan
15X
Feb
555
2X
Jan
4X
Feb
41
13
6
54
54
3
84
85
44
95
97
42
90
Jan
97
May
30
34
222
30
44
Jan
119
6
May
Jan
8
58
Mar
95
Feb
Toronto Stock Exchange—Curb Section
Sales
Friday!
34
84
Jan
Feb
May
52)*
May 23 to May 29, both inclusive, compiled from official sales lists
Last
Week's Range
for
Sale
Feb
97
of Prices
Low
High
Week
Range Since Jan. 1 1936
Feb
*
-
100
Can Northern Powr Corp *
Canada Packers..
*
63*
6«
"68"
66
68
121
68
Jan
75
Feb
24
24
24
10
23
Mar
24
May
823*
73*
80
85
80
May
93
Feb
Apr
15
Feb
Jan
27
Mar
Feb
12X
Jan
57
Feb
73*
823*
73*
105
6X
Canada Wire A Cable A..*
263*
263*
45
20)*
Can Wire & Cable B
*
10
10
25
9
Canadian Bakeries pref 100
43
43
70
42
May
pf.100
4
Canadian Canners
Canadian Canners 1st pref.
Conv preferred
*
*
Canadian Car
..—25
Cndn Gen Electric
*
50
Canadian Ind Alcohol A.
.
Canadian Dredge
993*
53*
53*
153*
443*
4
43*
993* 100
53*
5*
13
44**
153
"~7X
Cndn Industrial Alcohol B*
7J*
6**
5J*
6
153*
45
153
83*
6?*
13
100
25
123*
13
130
Canadian OH
Jan
30
60
29
Jan
50
Preferred
63*
Feb
7?*
73
39
1,611
*
25
Canadian Paciflo
75
88
53*
5)* May
100
Jan
25
100
Preferred
75
88
335
15
5
43*
Canada Steamships
53*
16?*
16?*
55
27
*
Preferred
53*
16?*
16?*
_♦
Dominion....
95
...
1st preferred.
53*
16?*
*
Commerce
90
Canada Bread..
B preferred
Canada Cement.
Jan
Feb
Banks—
16
Building Products A
Burt (FN)
1,246
Week
Shares
95
Preferred
BC Power A
363*
Feb
X
210
New d referred
*
*
British American oil
35
Mar
17?*
153
Western Canada Flour
303*
12**
3
163*
Brewing Corp of Can
Brewers A Distillers
35?*
88
40
41
Feb
23*
88
333
4 J*
Feb
18?*
76
Feb
23*
Brazilian
1023*
34
143*
153*
1023* 1033*
2
31
2X
303*
Mar
109
12 X
303*
123*
Feb
69
210
Huron & Erie
Brantford Cord 1st
22
20X May
30
Jan
31
Jan
75
Jan
145
Jan
65
109
6X
303*
17
55
"76""
1.25
142
18?*
398
..100
200
93*
10
1003* 1003*
2
23*
1,909
173*
National Sewer Pipe A...*
Orange Crush 1st pref.. 100
2d preferred
*
Page-Hereey
*
Pantepeo Oil........
1
27
3434
203*
—.100
336
1.50
67
100
Canada
.100
Alberta-Pac Grain pref.100
American Cyanamid B..10
Beatty Brothers
*
22
663*
20
...»
A
8
1.45
6% preferred
20
67
203*
Mar
9
Jan
Mar
Monarch Knitt Co pf-.lOO
Moore Corp com..
•
8
Abltibl
Feb
6?*
100
Union Gas
Sales
for
Feb
2.25
Tip Top Tailors
*
Tip Top Tailors pref...100
Twin City
*
May 23 to May 29, both inclusive, compiled from official sales lists
of Prices
High
14?*
35
100
Steel of Canada.
Exchange
Week's Range
Jan
♦
Preferred
Walker (Hiram) com
Preferred
Low
May
3?*
6?*
Maeaey-Harris com..
United Steel
Sale
Feb
54
43 H
18
Standard Chemical
New York Curb (Associate)
Last
101
100
*
100
Simpsons Ltd pref
Canadian Commodity Exchange, Inc.
Price
5
Feb
15?*
7,109
6?*
*
Maple Leaf Mill
Preferred
Preferred.
Par
10
Jan
-*
Members Toronto Stock Exchange
Stocks—
473*
10
40c
Loblaw Groc A
Russell Motors pref
STOCK BROKERS
Friday
103
463*
100
Riverside Silk A
Duncanson, White & Co.
Toronto Stock
14
315
5X May
2?*
Jan
12)* Mav
1.00
Pressed Metals
King Street West, Toronto.
560
...♦
Photo Engravers
Power Corp
15
103
6
Jan
1.00
National Grocers
Grand Trunk Ry—
6s
13?*
100
*
B._.
Jan
4s....
112?* 112?*
Feb
7
2
126J4 1273*
..Jan
114?* 115?*
4
385
43*
Preferred
Canadian National Ry—
Jan
33*
12?*
McColl-Frontenac
Dominion Government Guaranteed Bonds
Feb
8)*
43*
B
4Xs
Jan
3
33*
123*
Laura Secord
Canadian Pacific Ry—
92
Mar
1
33*
Lake of the Woods—..._*
Ask
Mar
55*
*
Kelvinator
Bid
72)*
59
3 X May
—*
B
Ask
Feb
53*
Internatl Nickel com
Bid
Feb
Feb
28)*
100
53*
Internatl Utilities A
Railway Bonds
Feb
i*
5
Imperial Tobacco
Internatl Milling pref.. 100
■4-
Feb
2
Hunts A.
Private wires to Toronto and Montreal
11H
13?* May
2)* Feb
12)* Feb
...—*
*
Gypsum
Harding Carpets
Inc.
5
30
Feb
Mar
33*
Great West Saddlery
Co.)
93
33*
Jan
8
17 J*
*
*
Htnde A Dauch
&
93
*
Preferred
Gen Steel Wares com
Gundy
93
Jan
Apr
Apr
Jan
50
Goodyear Tire
14 Wall St.
223*
13)*
20?*
92)*
2,508
34)*
16 J*
133*
21?*
pref 100
Frost Stl & Wire 1st
Apr
Feb
Apr
May
23
*
Fanny Farmer.
Ford A...
Bonds
22H
i
133*
133*
223*
57?* May
205)*
Jan
.
Canadian
Jan
10)*
4X
16
25
Dominion Coal pref
New York
High
118
1 1962
4?*s
4Xs
4X8-4Xa
5s
112 X
Province of Quebec—
Prov of New Brunswick—
4^8
1942
Exchange
Friday
Ash
130
123*
12?*
130
89
130
91
343
277
5
4,600
205
4
88 X
Jan
5X
Apr
13X May
37 X
150
7X
6X
15
13
30
123
3,758
Mar
5X May
10?*
Jan
Jan
Apr
May
May
Jan
Jan
5X
100
8X
8
17?*
49 X
165
Feb
May
Feb
Feb
Feb
Apr
Apr
12X
Feb
11
Jan
18
Jan
130
May
15X
Feb
Stocks—
Par
Bruck Silk
Price
11
...»
Canada Bud
*
11
9X
31X
20?*
24 X
9X
31X
9X
31?*
20
20
Canadian Wire Box A
•
24 X
24
Crown-Dominion Oil
*
DeHaviland Aircraft
...*
Dominion Bridge........*
Dom Tar A Chemical....*
94
931
Low
11
High
May
16X
Mar
6X Mar
30X May
19X May
35
Feb
27X
Jan
200
21
Jan
24 X May
10
Malting
*
Canada Vinegars........*
Canada
Shares
2
May
505
95
9X
2?*
Apr
Jan
45
2
Jan
245
32
Jan
40 X
Feb
5X
3X
36?*
5X
75
4
Jan
7X
Feb
4X
4X
15
4
May
3X
36?*
5X
Hamilton Bridge
36
7
Mar
Jan
...»
Hamilton Bridge Pref.100
34
34
20
30
Humberstone Shoe..
30
30
20
21X
5X
21
22 X
29X
20?*
5X
55
4
Jan
39
38
40 X
80
30
Jan
42
International Petroleum..*
36)*
36
37 X
6,937
Jan
39X
Apr
Langleys pref.
35
35
35
50
Feb
31?*
30?*
31X
34X
Feb
*
Imperial OU
.........*
Int Metal Indust
Preferred
100
.100
Montreal Power.........*
*
No par value
f Flat price.
55
8,867
33?*
Jan
37
Feb
Mar
Jan
35
Feb
57
35
May
204
81
Apr
24 X
Apr
7X
Apr
Jan
Volume
Financial
142
Chronicle
3653
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange—Curb Section
Friday
Last
Par
Week's Range
for
Sale
Stocks (Concluded!)
of Prices
Low
High
Price
*
13
North Star Oil
5
1.55
Ontario Silknit
*
Preferred
Stop & Shop
Feb
9
15
80
May
90
Feb
43c
41c
27c
21c
.
Jan
2.50
Mar
4
Apr
6%
Jan
20%
260
*19%
Jan
23%
Mar
50
1.15
Jan
3.00
Mar
Sullivan Consolidated. ...1
Sylvanlte Gold
10
Feb
50
Feb
2.00
Sladen Malartic
Tt< 00
O
29c
1.10
48c
44c
49c
3.65
3.75
15Hc
15c
1.22
1.20
17 He
1.41
2.53
2.52
2.60
54c
36
235
30
Jan
38
110
Apr
114
Mar
30
60
30
May
37
Feb
15
109
May
119
Feb
Teck-Hughes GoldTexas-Canadian
155
20
Apr
29
Feb
Toburn Gold
Feb
Towagamac
45c
112% 113%
21
27%
2%
2}4
200
2% May
3K
Tashota Goldflelds
*
5.00
5.05
2.00
2.15
1.35
1
4.95
2.04
—
1.30
1.35
Exchange—Mining Section
Par
Week's Range
for
Sale
of Prices
Low
High
Price
*
12c
...1
8c
7c
Alexandria Gold
...1
3c
2%c
*
8%c
8Hc
5.25
12c
*
Anglo Huronlan
-
«.
80c
Arntfleld
1
8%c
11c
May
96,050
4c
May
88c May
3c
61,800
60,200
l%c
3%c
Jan
9%c
1.12
12Hc
12 He
13%c
4c
3Hc
4c
...1
6%c
6%c
7c
*
8.10
7.85
8.20
*
58c
58c
25,300
12,475
1,070
28,000
14,576
1.96
1.05
63c
White Eagle
*
Wiltsey-Coghlan
.
-
Ymlr Yankee Girl
31c
44c
High
Mar
18% c
Jan
48%C May
18c
Jan
38%c
75c
Apr
Feb
1.15 May
52c May
44c May
3.00
Feb
8%0
4.95
Jan
Feb
May
May
6c
Jan
19c
83o
Mar
1.38
2.25
Mar
2.90
Feb
28o
Jan
68c
May
4.30
Mar
5.40
Jan
2.00
May
2.50
Apr
1.20
Jan
1.50
Feb
20c
Jan
44c May
Feb
1,60
Jan
2,50
6,652
46,400
22,000
1.00
Jan
1.37
Apr
110 May
3o
Jan
20% o
5%c
Feb
11,000
11,006
5,800
"
-——
30
Jan
9%0
Feb
7.55
Mar
9.00
Feb
38c
Mar
71c
Jan
Feb
4.10
Jan
Jan
80c
2,650
65c
4,900
1.15
Apr
15c
46,202
6 He
May
4%c
5%c
Apr
18% c
5.45
97c
Feb
May 23 to May 29, both inclusive, compiled from official sales lists
Jan
Last
Stocks—
Par
1.60 May
25c
Feb
Week's Range
for
Sale
of Prices
46,500
2%c
Jan
6 He
Feb
Price
Jan
11 He
Feb
Central
6c
7 He 247,500
20c
9,400
3 He
18c
May
40c
Jan
28c
Mar
50c
Jan
7 He May
Low
18c
Brett-Trethewey
5Hc
m-*
Week
Alder mac Mines.
9 He 126,800
Mar
Sales
Friday
May
8c
.
Exchange—Mining Curb Section
4%c May
12%c May
580
1.56
7 He
Barry-Holllnger
6,300
9Hc
8c
5%c
1
1.
Bagamac Rouyn
1.81
1.05
Toronto Stock
12 He
80c
He
1
Astorla-Rouyn.
High
Low
1.48
Argosy Gold Mines Ltd...
Ashley Gold
Range Since Jan. 1 1936
Shares
5.35
Algoma Mining
Low
3 Ho
Week
Alton Gold
Acme Gas & Oil
1.90
*
Wright-Hargreaves.
Sales
Last
36c
«■
Wayside Consolidated .50c
May 23 to May 29, both inclusive, compiled from official sales lists
Friday
Exploration. 1
ventures
Stocks—
28,582
221,575
83,750
117,365
33,200
2,410
33,200
87,075
7,305
68c 323,685
Walte-Amulet
Toronto Stock
Range Since Jan. 1 1936
for
Shares
Feb
10
30
*
5c
3.70
Sudbury Basin
112
30
25%
92c
99c
Sudbury Contact
2%
75c
High
*
Stadacona-Rouyn.
Anthony Gold._
Shawkey Gold Mines. ...1
St
25
1.25
Low
Price
%Week
4%c
395
75c
113%
of Prices
4%c
4%
35%
100
Week-siRange
*
112
Thayers pref
Walkerville Brew
Mar
1
75
South Tlblemont
1.50
20
*
United Fuel pref
1%
14%
500
80
2%
100
*
Toronto Elevators pref. 100
Jan
May
1.55
9
*
*
com
Feb
Par
4%
4%
20%
*
Superteet Pete ord
Tamblyn8 (G) pref__
17%
May
(Concluded)
1.50
*
Standard Paving
Stocks
High
Low
13
Last
Sale
85
80
*
«
Shares
Sales
Friday m
Range Since Jan. 1 1936
13 %
9
100
Rogers-Majestic
Sbawinigan
\
,
Week
National Steel Car
Prairie Cities Oil A
Toronto Stock Exchange—Mining Section
Sales
High
17Hc
Range Since Jan. 1 1936
Shares
Low
21c 315,300
High
7c
Jan
21c
May
10c
9c
12c
63,750
2c
Jan
13c
May
1
25c
24c
31c
llHo
Jan
32c
May
8c
7%c
9%c
88,350
74,450
3%c
Jan
9%C May
Cobalt Contact
1
2%c
2c
2 He
23,000
lHc
Jan
3%c
Dalhousle Oil.
•
45 He
42c
54c
9,599
40o
Jan
78o
*
9%c
6%c
10c
23,800
6%o
Jan
13Ho
Feb
7c
4%c
9c
67,400
4c
Apr
9c
May
1.43c
Feb
28%
Feb
Manitoba
Churchill Mining
Base Metals
♦
Bear Exploration
1
42c
40c
44c
Beattle Gold Mlnee
♦
1.28
1.25
1.35
19,900
11,920
1.25
May
1.84
Feb
East Crest Oil
Big Missouri
1
60c
59c
64c
22,679
55c
May
76c
Jan
Grozelle-Kirkland
Bobjo Mines
1
18c
17c
20c
80,300
13c
Apr
23c
Jan
7.50
7.40
7.60
18c
mmtm
*
.
*
5.55
Jan
7.85
Apr
Home OH
20,170
72 He
Jan
.50c
14c
14c
16c
5,700
9c
Jan
25Hc
Mar
Hudson Bay
*
25%
25%
27
1,764
1
7.00
7.00
7.95
24,013
3.80
Jan
8.00 May
Kirkland Townslte..
1
27c
21c
30 He
86,134
22%
14%C
Jan
Buffalo Canadian
*
9%c
8Hc
lie
69,500
2c
Jan
13c May
Lake
*
6c
5%c
7c
3%c
Jan
Bunker Hill
*
13c
12c
13Hc
18,820
6c
Jan
18c
Feb
Malroblc Mines
*
1.08
1.01
1.10
4,015
73c
Jan
1.39
Feb
Bralorne Mines
BRXGold Mines
Buffalo Ankerlte
4,436
Mar on
4%c
.
Calmont Oils
1
9 He
8Hc
9Hc
5c
Jan
14c
Feb
Nordon Corp
•
1.15
1.12
1.28
95Ho
Mar
1.40
Feb
Oil Selections
Cariboo Gold
1
1.44
1.44
1.48
3,700
1.15
Jan
1.60
Mar
Osisko Lake
...1
1.43
1.37
1.55
21,450
1.24
Jan
1.69
3.35
3.25
2.41
Mar
3.55
Apr
1.60
Feb
1.20
61,600
4%c 101,800
Jan
1%0
12o
Jan
l%c
30 He May
Feb
9%C
Jan
5,900
4%c 126,400
Jan
29c
Feb
7o
Feb
34c
Mar
6%c May
26c
Apr
Jan
1
3%c
25c
Night Hawk
Canadlan-M alartlc
4c
3%c
*
Mandy Mines
Calgary & Edmonton
95c
1.20
Mar
Castle Trethewey
Central-Patricia
3.40
3,000
--
13,475
*
98c
98c
1.00
2,800
Chlbougamau Pros...
*
1.90
1.73
2.15
79,573
Clerlcy Consolidated
*
8 He
8c
9%c
96,200
3c
Jan
14c
May
5Hc
5Hc
500
4Hc
Jan
10 %c
Feb
Chemical Research—
Commonwealth
..
*
Pete.
Coniagas
3.50
o
Conlaurum
*
Dome Mines
*
2.25
69
2.15
55%
3.50
2.31
61
350
5,220
90c
Jan
1.22 May
2.80
1.80
4,809
42
4Hc
Jan
Jan
Jan
2.15 May
3.50 May
2.75
61
18c
Parkhill Gold
13,300
14c
Mar
4%c
5c
7,500
4H0
Jan
7c
Jan
10c
1
15Hc
4%c
*
.,
10c
10c
2,000
7c
Jan
14c
Feb
18o May
31H0
Feb
7%c
7c
9c
131,500
2%c
Jan
10 Ho
May
1
80c
70c
80c
2,200
80o
May
1.20
Feb
1
10%c
10c
11c
61,700
4c
Jan
15C
Mar
9c
..
8c
9%c 116,450
lo
Jan
1
Porcupine-Crown
,
Ritchie Gold
Robb Montbray
Sudbury Mlnee
Temiskamlng.
1
Wood-Klrkland
1
______
6c
5,000
7c
Feb
95c
95c
1.00
6,900
95c
May
1.38
8.10
7.80
8.10
1,165
6.90
Jan
9.50
6Hc
6Hc
7 He
80,600
3c
Jan
10c
5%c
5%c
5%c
69,200
*%c
Mar
lie
Feb
92c
91c
1.06
50,504
75c
Mar
1.45
32c
30c
37c
95,750
14Hc
Jan
45c
43,200
145,800
4c
Apr
9c
Feb
3Ho
Jan
7%c
Mar
2c
Jan
4c
Jan
6%c
5c
23c May
Jan
Goldale
10c
23c 218,800
4%c
Feb
Franklin Gold
5%c
4%c
13%c May
Mar
Federal-Klrkland
5%c
13%c
63,400
Mar
*
18c 23 He
20c
Pawnee-Kirkland
Pend-Orellle
Apr
May
...1
19c
May
Dom
Explorers..
Eldorado
Falconbrldge
*
God's Lake
5c
Jan
Gold Belt
47c
45c
47c
1,300
32c
Jan
Goodflsh Mining
25c
17c
Jan
12 He
26c 355,100
20c 190,175
6c
Graham-Bousquet
13c
3Ho
Jan
23c
62,647
17c
May
6,800
5%c
Jan
Granada Gold
1
21c
19 He
Grandoro
*
12c
10c
12c
86,250
21c
Jan
42,601
75c
Jan
61c
...1
58c
1.03
1.15
4%c
4%c
7,600
2.10
Gunnar Gold
1.14
4 He
Greene-Stabell
69c
1.89
2.85 436,165
Montreal Stock Exchange
2c
Jan
37c
Jan
15c 17 He
88,970
7c
Jan
15Hc
15Hc 16 He
12,836
13 H
11c
Mar
Mar
May
Montreal Curb Market
ST. JAMES ST. W., MONTREAL
18 He May
Hollnger Consolidated ...5
360
3.20 May
15c
9c
Canadian Commodity Exchange Inc.
May
1.20 May
...1
14,650
1^ 0dj}ori
Jan
13 %c May
72c
9c
Drury & Thompson
Feb
20c May
30c
8c
CANADIAN SECURITIES
56c May
26Ho
8c
Halcrow-Swayze
Hard Rock
Harker Gold
72c
50c
81c 425,840
80c
76c
83c
94,250
...1
61c
60c
65c
69,110
55 Ho
29c
...1
62c
55c
62c
6,800
30c
Jan
Homestead Oil
Howey Gold
J M Consolidated
Kirk Hudson Bay
1
80c
...1
59 H
Lamaque-Contact.... ...1
9c
Klrkland-Lake
Lake Shore Mines
Lava
45c
8
May
51%
Jan
3,440
5c
Jan
28,250
27c 170,723
1.03
Apr
lie
1.35
1.34
1.27
...1
Lebel Oro
41c
2,517
He
—.1
Cap Gold
94c 871,475
60
58
23 He
23c
Jan
Jan
12c
5c
17H
Jan
PHONE
81c May
93c May
64c
HARBOUR
May
65c May
Montreal Stock
Feb
Jan
29%o
4Hc
54,200
2%c
Mar
6%c
Feb
6.65
7.00
5,155
6.05
Mar
7.75
Feb
MacLoed Cockshutt..
3.95
3.60
4.25
54,270
3.60
May
5.05
Macassa Mines
3.95
3.80
4.00
23Hc
19 He
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
Mar
3%c
6.90
Sales
Friday
Feb
19c
1.35 May
•
Little Long Lac
15
Acme Glove Works Ltd..*
Alberta Pac Grain A
—
Manitoba & Eastern..
I
*
...1
22c
Mclntyre Porcupine.. ...5
44 %
Maple Leaf Mines
McKenzle Red Lake..
1
1.62
13,560
3.12
Jan
4.73
Feb
24c 220,310
5Hc
Jan
25c
May
5Hc
Jan
26c May
23c 24 He
43
45
1.59
22,150
4,965
1.73
97,050
1
3%c
6c
168,600
28c
25c
37c
*
1.36
1.30
1.48
14c
McMlllan Gold
14c
93,450
69,900
5,000
M c V ltne-G raham
MoWatters Gold
Merland
Mar
1.22
Mar
2 He May
21c
Jan
49%
Jan
1.70 May
15c
Feb
42c
Jan
1.19
Apr
1.65
Jan
13o
Jan
24c
Feb
...»
*
Moneta-Porcuplne
1.21
1.26
2,950
1.11
Apr
1.50
65c
69c
7,700
7 He
Jan
1.00
Mar
22c
32c 191,800
6%0
Jan
66c
63c
71c
33o May
11,100
58o
Jan
5%c
4c
7 He 1070850
Ho
Jan
*
3Hc
3c
4Hc 183,050
2o
Jan
2.40
2.40
2.50
875
2.40
Apr
3.05
Jan
*
66 %
54 H
66 H
7,941
44H
28H0
Jan
55%
Apr
Morrls-Klrkland
Murphy Mines
Newbec Mines
Nlplssing
Noranda
Northern Canada Mining ♦
O'Brien Gold
...1
60c
43HC
63c 206,800
2.60
2.49
2.90 241,420
Omega Gold
...»
Pamour-Porcuplne
Paymaster Consolidated..]
13c
12c 13Hc 128,650
69c
*
Olga OH A Gas New..
65c
4.00
3.95
1.07
99c
.
76c
4.10
60,530
34o
Jan
Jan
8c May
40c
Mar
21,098
3.50
Mar
50Hc
Jan
80c
Feb
7Hc May
2 He
May
63c May
2.90 May
15o May
Y9c
Feb
4.85
Jan
Perron Gold
-.1
1.45
1.42
1.20 194,990
1.53
18,510
1.12
Jan
Peterson-Cobalt
...1
2%c
2%C
3%c
5,500
2Ho
Jan
Pickle Crow—
...1
6.50
...1
9.25
9.00
9.30
51,565
4,510
3.95
Pioneer Gold
9.00
2.30
2.42
5,120
1.80
Jan
2.48
3,850
2.10 May
21c Mar
3.25
Jan
2.05
May
6.35
6.75
...1
2.40
Prospectors Airways..
♦
2.30
2.25
2.65
Preston
*
1.44
1.05
2.05 1025255
Premier Gold
(new)........
Reno Gold
Roche-Long Lac
San Antonio
1.25 May
1.74
Feb
4%o
Feb
Mar
6.95
Apr
May
12.00
Jan
2.10
2.00
2.20
34,013
1.44
Jan
...1
1.29
1.27
1.32
9,295
1.00
Mar
1.35
*
1.58
1.30
1.58
263,250
19HC 26He 107,825
50c
Jan
Mar
-.1
20c
...1
2.38
2.28
75c
2.40
7,299
6%c
Mar
2.15
Mar
2.20
Apr
May
May
28c May
3.45
Jan
80c
9,951
56o
Jan
1
1.06
1.06
1.15
Jan
1.40
Apr
3.45
3.36
3.55
25,718
27,110
1.00
...1
2.87
Jan
3.58
Apr
So American GAP— ...1
4.85
4.85
4.85
200
Sheep Creek
Sherrltt-Gordon
Slscoe Gold
Bathurst Power & Paper A*
Bawlf
(N) Grain.
*
—100
Bell Telephone
.50c
75c
4.40
Jan
82o May
6.25
Jan
15
10
14%
3
35
4
Jan
45
27
Jan
10%
13%
14%
2
145
95
347
12%
12%
12%
3,859
29
29%
847
3%
»
4
»
11%
11
11%
Building Products A
»
34
33%
34
Preferred
Steamship
Preferred
Canadian Bronze
(New preferred..
Celanese
1% May
141
9%
28
3%
Mar
6
Apr
Jan
38%
Jan
15
Jan
17%
Feb
4% June
150
Feb
Jan
15%
Feb
Jan
32%
Feb
May
657
11
May
20
33
Jan
5%
Feb
16
Jan
37%
Jan
•
6%
562
6
foay
8
Feb
68%
67
68%
500
68
Jan
74
Feb
24
23%
22%
180
22%
Jan
1%
7%
1%
25
1.25
Apr
25%
3%
Feb
7%
305
6%
Apr
15%
Feb
41
Apr
*
1%
100
7 H
6%
38
*
100
Canadian Car & Foundry.*
Preferred
30
9% May
10% Mar
15
100
Can North Power Corp._.»
Canadian
970
2
141% 145
Bruck Silk Mills
Canada
290
29%
Canada Cement
High
Apr
28
*
B
Low
15
27
Corp A.*
Brazilian Tr, Lt & Pr
British Col Power
«...
104%
6
7
38
104% 104%
5%
10
10
6%
730
—.25
15%
13%
15%
1,395
»
27 H
26%
27%
610
31
Jan
102% May
5%
13
Apr
Jan
104% May
8
May
17%
25% May
31%
Feb
Feb
Feb
116%
160
112
May
128
Jan
19%
19%
50
18
Feb
21
Mar
Converters. .100
28
28
20
23%
Jan
30
Jan
Canadian Cottons pref. 100
100
100
16
97
May
105
Jan
29%
30
110
23%
Jan
34
Mar
31
32
144
26
Apr
7% May
May
48
Jan
12%
Feb
11%
Jan
Preferred 7%
Canadian
100
116
*
Rights
Candn Foreign Investm't.*
Candn Hydro-Elec pref 100
Candn Industrial Alcohol.*
Class
B
Canadian Locomotive
Canadian Pacific Ry
Cockshutt Plow
*
32
114
7%
7%
8%
3,033
6%
6%
6%
540
2%
10
2%
12%
12>%
12%
6%
4,696
10%
Jan
15%
Feb
150
6%
9%
Feb
57
2,207
May
May
*
-25
*
6%
1.58
Read-Authler
Read Lake-Gold Shore
*
Jan
67c
23Hc
Mining Corp
Mlnto Gold
1.25
3c
40
Associated Breweries
Range Since Jan. 1 1936
Shares
10
28
100
Preferred
High
3
*
*
May
Exchange
May 23 to May 29, both inclusive, compiled from official sales lists
94c May
69 H
4Hc
Lee Gold Mines
1254
Jan
Dlst Corp Seagrams
56 H
56
23%
Con Mining & Smelt new 25
23
6%
51
24%
785
18%
Jan
4
Jan
57% May
Apr
34%
Jan
*
36 H
36
37
490
32
Jan
40%
Feb
Dominion Coal pref
100
16%
16
16%
281
14%
Apr
17%
Feb
Dominion Glass
100
Dominion Bridge
Dominion Steel & Coal B 26
*
No par value.
112
4%
4%
112
4%
2
1,505
106
4%
Jan
115
Feb
May
8
Feb
3654
Financial Chronicle
May 30, 1936
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
Last
Stocks (Concluded)
Dominion
Par
Week's Range
of Prices
*
69%
100
146%
4%
Textile
Low
High
69
71
Sales
Last
Range Since Jan, 1 1936
Shares
236
Low
Stocks
High
65
(Concluded)
Par
Week's Range
for
Sale
Week
Price
of Prices
Week
Low
Price
High
2%
28%
18%
Paper-.
*
*
Eastern Dairies
Electrolux Corp
Famous Players
1
C Corp.*
2
"22"
»
General Steel Wares.
6
135
20
2
22
23%
210
18
*
3%
50
18
10
15
15
18
18
*
Voting trust
Foundation Co of Can
146% 146%
4%
4%
15
195
3%
95
3%
56
56
25
G'year T Pfd Inc 1927.100
Gurd, Charles
*
7
7
7%
210
Gypsum, Lime A Alabast.*
5%
5%
6
415
4
Hamilton Bridge
*
Hamilton Bridge pref..100
16
~43%
£1
7%
Int Nickel of Canada....*
International Power
47
*
International Power pf.100
Lake of the Woods
*
20
16
Walker-Good A Worts...*
Feb
3%
28%
Feb
Feb
Mar
21%
21%
18%
Apr
May
5%
Jan
Jan
13
58%
8%
8%
Mar
Big Missouri Mines
1
Brazil Gold & Diamond.. 1
B RXGoldMines
50c
3%
Mar
Bulolo Gold Dredging....6
*33
33
Cartler-Malartlc Gold..
I
ll%c
8%c
1.89
1.80
55
6% May
5% May
4
May
64
2,232
47
.3,347
4
25
130
83
45
22
2,199
137
115
Feb
High
'2%
Apr
29
111
26%
18%
101
17%
Apr
Jan
Jan
7%c
7%c
7%c
7,560
4%c
Apr
7 %c May
38 %c
45c
19,100
30o
Jan
64c
60c
64c
24,767
55c
Apr
47c May
76c
Jan
17c
17c
17c
2,000
16c
3,000
.
.
-*
Dome Mines
Francoeur Gold..—
17%
Jan
Goldale Mines
14%
Mar
119
Mar
14%
Mar
Apr
7%
Feb
Feb
33%c
Feb
44o
Feb
33%c 33%c
3,000
22 %c
23c
Apr
43c May
73c May
64c
69c
1,300
45,000
Jan
0
Jan
65c
690
Jan
60c May
11c
11,000
6c
Jan
18o
Feb
23%o 26%c
Jan
29c
Mar
2.90
2,900
90,385
13c
2.60
35c
Jan
23c
24,400
18%0
57
Jan
16%
Parkhlll Gold
Apr
9.60
Apr
60c
O'Brien Gold Mines Ltd-.l
5
Jan
19c
465
64c
Feb
Pickle-Crow
May
6.90
22,550
60c
Feb
Perron Gold
60
570
28c
58 %C
9o
6
Feb
Jan
8.15
62c
54
Feb
Mar
60c
Jan
Apr
43
Jan
15o May
2.30
9%c
Apr
22
JaD
Apr
1
43%
3%
135
60
Mar
87
21c
64c
.1
Lake Shore Mines
Jan
2o
1.10
26,560
Jan
22c
Jan
Apr
7.80
1
J-M Consol Gold
Jan
lie
31
1,450
15c 510,700
2.16
40c
15c May
33%
57
60
"~22c
—1
Greene-Stabell Mines
123
16c
.*
Lamaque Contact Gold M *
Lebel Oro Mines Ltd
1
88%
Feb
38 He
Faloonbrldge Nickel..—*
Mar
Feb
19
Mines—
Jan
7
3%
34%
Barry-Holllnger Gold.___l
Beaurort Gold
1
May
Apr
13%
Low
675
28%
18%
Mar
88
2%
*
Preferred
16
9%
14
79
Jan
6%
36% May
Feb
25%
296
90
Range Since Jan. 1 1936
Shares
Feb
13.60
13%
7%
83
Jan
7
3,535
10%
4
146%
May
15%
9%
7%
Walkerville Brewery Ltd. *
May
144
Apr
4% May
IX May
Jan
19%
18
May
14
Apr
7
46%
Imperial Tobacco of Can.6
Preferred
20
90
10%
100
Preferred
25
7
7
6
Holllnger Gold Mines
Howard Smith Paper—
4%
33%
33%
Hillcrest Collieries pref. 100
Jan
Consol Chlb Gold Fields.. 1
Preferred
Dryden
Market
Friday
for
Sale
Curb
Montreal
Sales
Friday
24c
2.48
21c
1
20 c
28%
52
Jan
May
2.90 May
20%
Massey-Harris
*
McColl-Frontenac Oil
*
Montreal Cottons
175
979
10% May
30
30
30
10
31%
Feb
95
15
86
30
31%
56
56
40
Montreal Tramways—100
National Breweries
*
92%
42
Niagara Wire Weaving
*
9
92%
"57"
1.12
Jan
1.75
Feb
3,050
3.95
Mar
6.95
Apr
9.20
9.15
9.25
1,380
9.15 May
75c
80c
6,400
Feb
Jan
Feb
Slscoe Gold
May
34
Jan
Sullivan Consol
1
1
Apr
60
Jan
Sunloch Mines
103
...
75c
2.00
2.20
6,800
1.43
Jan
3.48
3.40
3.52
10,040
2.88
Mar
3.60
1.23
1.22
1.35
36,173
83o
Mar
1.37 May
48c
47c
50c
21,300
4.90
52o May
5.35
Jan
39
Jan
Teck-Hughes Gold
1
5.00
300
Jan
85
45c May
4.30 Mar
44
Feb
62 He
61c
68c
20,300
37%o May
43
Feb
Thompson-Cad
Ventures Ltd
1
Mar
65%
*
1.85
1.85
1.97
1,110
17%
Feb
Wayside Con G M Ltd.50c
13c
13c
13%c
8.00
7.85
8.15
1,000
1,495
43
13
14
475
13
May
53
5
34
Jan
39%
Jan
1.40 May
2.20
Apr
May
2.12
*
Apr
30
11.60
Jan
7%
17%
35
42%
38
1,300
6.50
100
42%
1,860
1.50
5.75
Jan
.
53
"11"
*
Noranda Mines
39
1.45
6.35
Quebec Gold Mining Corpl
Read-Authier Mine
1
42
%
25
National Steel Car Corp..*
6,499
1.45
1
Gold
Jan
26
95
~§r
100
Montreal L. H & Pr Cons
Preferred
5%
15%
5%
14%
15
Montreal Cottons pref. 100
Montreal Telegraph
19%
134
100
-—•—1
Pioneer Gold Mines of B CI
Preferred
55
Mar
Wrlght-Hargreaves
*
Apr
68c May
Jan
2 50
Feb
ll%c May
21c
Feb
Mar
8.90
Feb
1.60
7.65
57
6,219
44%
Jan
57
May
220
210
220
31
199%
Jan
240
Mar
Arno Mines
Jan
12c
Apr
92
92
93
24
88
Feb
95
Mar
Cndn Malartic Gold
1
1.18
1.18
1.27
4,800
2,250
2o
Ottawa L H & Power—100
98c
Mar
1.42
Feb
Penmans
*
52
51
52
145
48
Mar
57
Jan
Central Patricia Gold
1
3.40
3.25
3.40
2,000
2.43
Mar
3.52
Apr
Power Corp or Canada...*
114
13%
14%
516
Jan
18%
Feb
Du parquet Mining
1
6c
6c
6%c
25,875
60
Apr
10%C
16
17
122
11%
14%
Jan
18
Feb
Klrkland Lake Gold
79c
54c
93c
38,200
Feb
Macassa Mines Ltd
1
3.95
3.85
4.00
1,650
1.12
1,925
1.00
48%c 106,000
54%
Unlisted Mines—
Ogllvle Flour Mills
Quebec
Power
Knitting
Regent
16
*
4%
25
Preferred
Rolland Paper pref
100
4%
4%
15
160
99% 100
55
14%
loo"
160
7 He
4%
May
12%
Feb
15
Mar
Sherritt-Gordon Mines
1
1.07
1.07
97
Jan
104
Mar
Stadaconna-Rouyn Mines *
45c
41 %c
2.60
6%
Sylvanite Gold
St Lawrence Corp
*
50
1.65
1.50
2%
9%
27%
10%
860
Jan
11%
Apr
28%
30
939
20%
Jan
32
Apr
Shawlnlgan W A Power._*
20 %
16
20%
20%
1,734
19%
Jan
23%
16
16
100
115
Somon (H) & Sons pref. 100
Southern Can Power
*
92
3.18
4.73
Jan
18%C
Jan
2.38
Mar
Feb
1.40
Jan
125
2.60
Jan
93c May
43% C May
Apr
48 %o May
2.89
Feb
May
Feb
9%
St Lawrence Paper pref. 100
1
8c
A preferred
Sherwln Williams of Can.*
Preferred
Steel Co of Canada
*
Preferred...
...25
1,275
1.50 May
8
105
16
May
115
20
115
May
92
50
90
Apr
Jan
240
12
Jan
14
369
57
Jan
304
49%
Jan
67%
60%
18
10
Jan
»
25
150
Jan
155
2%
10
2
Jan
35
15
18
Jan
Apr
Apr
22
150%
10%
*
Mar
12%
56%
2%
Brewing Corp of Can
Preferred
1
Jan
80c
Mar
1.40
Jan
"~2K
2%
2%
Jan
16%
2%
16%
435
16H
315
13%
Jan
4%
18%
Mar
61%
Feb
60
10
57
31%
40
.88
102%
10
30%
99%
221
221
10
16
16
60
60
31%
102%
18%
3%
4,036
2
Jan
3%
Feb
5
5%
193
4%
Apr
9%
Feb
5
6%
81
2%
Jan
7%
Feb
11
May
16%
Feb
276
21%
48%
Apr
May
28%
Feb
20
65
120
17%
Jan
May
20
May
13
48
Feb
12
107
Jan
110%
Apr
Jan
4%
Mar
May
3%
Apr
Mar
32
Apr
2%
2%
40
Banks—
Canada
50
Canadlenne
58
58
37
Jan
58
Mar
137
3
133
Jan
140
Feb
170
Feb
57%
100
137
100
51%
153
161
148
Montreal
100
194
193
195
173
184
Apr
May
214
Feb
Nova Scotia
100
283
283
287
95
271
Jan
300
Feb
Royal
100
170
169
170
75
164
Jan
181
Feb
...
152
HANSON BROS
Canadian Government
Eastern Dairies pref
Ford Motor of Can A
ESTABLISHED
12
22%
50
51
18
18%
33
33
*
Preferred
No Dar value
62
96%
75
75
75
20
61
3
3
3
.925
102 H
102% 103
25
23%
26
200
22
28%
28%
170
Montreal Curb Market
Municipal
•
Sale
Par
Price
New York
•
•
Industrial and Public
Sales
of Prices
Range Since Jan. 1 1936
High Shares
Low
High
Abitibi P A Pap ctfs 6s '53
Alberta Pao Grain 6s__1946
/44%
Asbestos
Week
Low
•
40
May
Mar
39 %
Apr
Feb
Corporation
IIAnover 2-6363
'
Bell System Tele. NY 1-208
Bid
Stocks—
Jan
May
6% May
SECURITIES
CANADIAN
♦
for
75
f Flat Price.
30 Broad Street
Week's Range
Mar
104%
May
26%
Ask
Bid
104%
Corp of Can 5s '42
*
Utility Bonds
May 23 to May 29, both inclusive, compiled from official sales lists
Last
Jan
40
Feb
2%
Jan
18% May
Royal Securities Corporation
Industrial Bonds
330 Bay St., Terenti
Friday
30
49
28 H
100
Royallte Oil Ltd
•
22
Private wire connection between New York, Montreal and Toronto
Public Utility and
1883
100
Nova Scotia L & P prefO 10
Price Bros Co Ltd
100
Municipa
255 St. James St., Montreal
Sparks St, Ottawa
12
21%
General Steel Wares pf 100
Loblaw Groceterias Ltd B
Government:
INCORPORATED
15%
20
Jan
51
B
Massey-Harris pref
100
McColl-Frontenac OilpflOO
Winnipeg A
Feb
Apr
3
30
2%
2%
Mar
6%
51
232
225
3
20
2%
May
221
102% May
*
108
2%
Feb
35
Apr
Mar
*
51
Winnipeg Electric
Apr
Feb
*
108
56
6%
150
Consol Bakeries of Can
Western Grocers pref. .100
Commerce
450
95c
Consolidated Paper Ltd
Donnaconna Paper A.
35
20
Can Wire & Cable pref. 100
Canadian Indust Ltd B._*
Feb
Feb
1.30
8
1.65
Feb
Feb
100
Western Grocers Ltd
Canada A Dominion Sugar*
Canada Malting Co Ltd.-*
2 50
13
816
7%
90c
7%
Apr
3%
38
1.50
1.50
»
Jan
62%
18
Brewers A Dist of Van
98
56%
Unlisted Stocks—
Abitlbl Pow A Paper Co..*
Cum 6% pref
100
Jan
127%
61%
150
2H
Mar
20
12
62 %
56%
Tooke Bros pref
100
Tuckett Tobacco pref..100
Vlau Biscuit
*
Vlau Biscuit pref
Wabasso Cotton
1.70
Ask
44%
6%s.
Feb
1942
/52
6%s.
98%
Feb
1947
/96%
*
-
-
BeauharnoisLHAP 5 %s '73
79%
80%
79%
80%
24%
25%
79%
80
45
48
88%
89%
May
Beauharnols Pr Corp 5s '73
Bell Tel Co of Can 58.1955
3%
3%
3%
90
3
Mar
5%
Feb
Brltlsh-Amer Oil Co 5s *45
102%
2%
2
2%
409
2
May
3%
Jan
23
23
23%
1,013
Jan
27%
Apr
Brit Col Power 5%s_.1960
6s
Mar 1 1960
105% 106%
103
103%
104% 105%
*
9
9
9%
165
13
Jan
Brit Columbia Tel 5s. 1960
106
/30%
dam*
Can Nor P Corp Ltd pf 100
Cndn Dredge A Dk Ltd.. *
Burns & Co 5 %s-3 %s. 1948
80
110
no
Feb
1.11
Apr
Jan
48%
8%
Apr
ABbestos Corp voting tr__*
Bathurst Pow A Pap cl B.*
Beauharnols Power Corp.*
28
Brit Amer Oil Co Ltd
*
Brit Col Packers (new)
Can Gen Inv Tr Ltd
*
Canadian Wineries Ltd
*
28%
110
44%
100
Canadian Vickers Ltd
28
8%
■
-
-
2%
714
47
44%
15
17%
16%
8
107%
37
Jao
May
8%
8%
400
7%
2
2
25
1.50
Apr
2%
2%
75
2%
May
May
30
115
115%
2%s to *38—5%s to '49
Montreal Island Pr 6 %s '57
83
Calgary Power Co 5s..I960
97%
97%
Canada Bread 6s
Canada Cement Co 6 %s '47
Cana Canners Ltd 6s. 1950
105% 106%
New Brunswick Pr 5s_1937
88
Feb
105
Northwestern Pow 68.1960
65%
66%
Canadian Inter Pap 6s '49
Can North Power 5s__1953
Can Lt & Pow Co 5s..1949
85%
85%
103% 104%
Certificates of deposit...
Nova Scotia LAP 5s. 1958
65%
66%
101% 102
Ottawa Lt Ht A Pr 5s_1957
1941
75c
75c
75
65c
May
35%
8%
35%
35%
35
26%
Jan
36
Feb
8%
5%
72%
8%
100
Apr
12
Jan
5%
110
72%
20
60
Mar
80
13%
139
9
Jan
19%
Feb
11
13
800
8
Jan
19
Feb
Dominion Canners 6s. 1940
Dominion Coal 5s
1940
108%
-
-
-
-
-
-
Feb
11%
*
*
Dom Tar A Chemical Ltd *
Cum pref
100
Fraser Cos Ltd
*
Voting trust ctfs
*
5%
72%
13%
12%
8
4%
Feb
15
1.35
7%
May
Feb
Feb
Canadian Vickers Co 6s '47
Cedar Rapids M & P 5s '53
Consol Pap Corp 5 Hs.1961
88
89
112% 112%
35%
/35
104%
*
1.07
5,480
70c
Jao
1.46
Feb
Dom Gas & Elec
*
21%
21
22
4,097
24%
Apr
Dominion Tar 6s
*
36%
35%
37%
3,267
20%
33%
Jan
Int Petroleum Co Ltd
Jan
39%
Apr
..1
1.00
1.05
150
50o
Jan
East
9%
35
9%
Apr
13%
Feb
110
Jan
94%
Feb
Feb
97%
2.60 May
9%
88
88
15
79
Power of Can
99
99
32
97%
8
cum
pref. 100
Sarnia Bridge Co Ltd A._*
Mar
101
•
77
Corp of Can 4 %s '59
95%
Dec
1 1957
100%
-
-
-
79
95%
*.
-
-
Certificates of deposit...
Provincial Pap Ltd 5 %s *47
124
125%
Quebec Power 5s
Southern Can Pow 5s. 1955
105% 106%
98%
98%
103% 103%
104% 105%
105%
105%
97%
Steel of Canada Ltd 6s *40
112%
....
6%s_1945
89
1949
105
-
106
82
83
Kootenay Pow 7s 1942
Power
-
-
125%
Donnaconna Paper 5 %s '48
84%
Melchers Dlst Ltd A.....*
Page-Hersey Tubes Ltd..*
105%
106%
99% 100%
124
103%
1.00
I
90
1943
97%
Inter Util Corp class B
101% 102%
6s
Imperial Oil Ltd
1.20
Ottawa Traction 5%s.l955
Ottawa Valley Pow 5 %s '70
Price Bros A Co 6s
109%
Home Oil Co Ltd
90 %c
...
50%
Feb
Dom Eng Works Ltd
Dominion Stores Ltd
May
50
Feb
15
15
value) 3s
1939
Montreal Tramway 6s 1941
par
3%
15
25
31%
4
Catelli Mac Prod pref A.30
Commercial Alcohols Ltd. *
15
104
Montreal L H & P ($50
89%
—
-
85%
_
_
_
1968
Saguenay Power 4%s_1966
Shawlnlgan W A P 4 %s *67
Simpsons Ltd 6s
1949
Smith H Pa Mills 5%s '53
102%
-
-
-
-
-
-
35
7
Feb
11
Apr
100% 101%
United Grain Grow 6s. 1948
98
8ou Can P Co Ltd pref. 100
99
99%
39
98
Jan
100
Mar
United Securs Ltd 6 %s '52
83%
84%
United Securities Ltd.. 100
22
22
15
20
Apr
25
Mar
/50
50%
103% 104%
81
81%
8
8
Wlnnloeg Elec fis
Oct 2 '54
Volume
Financial
142
Chronicle
Over-the-Court ter
3655
We
STOCKS & BONDS
Coca-Cola
Buy and Sell
Bottling
Masonite Pfd.
(New York)
South Coast Corp.
Missouri Kan.
Pipeline
Coastland Oil
Cache La Poudre
Taggart Pfd.
Climax Molybdenum
Remington Arms
Household Finance
Robert Gair Pfd.
Established 1914
74
Trinity PI., N. Y.
Members New
Quotations
Bid
fl3%s
o3%s
a3%s
o3%s
1
1
1
1
Nov
Mar
Private wires to principal cities in United States and Canada.
Over-the-Counter Securities—Friday May 29
on
102%
1954
105%
1954
105% 106%
1960
105
103%
106%
105%
104% 105
July
1 1975
107
107%
a4s
May
1 1957
111%
112%
a4s
Nov
1 1958
111% 112%
a4s
May
1 1959
111%
112%
a4a
May
1 1977
112%
112%
a4a
Oct
1 1980
112%
1 I960.
115
o4%s Mar
1 1962
115
o4%8 Mar
1 1964
115
113%
115%
115%
115%
Ask
Bid
Ask
1975
Jan 16 1976
04%8 Sept
•
New York City Bonds
V
a3%s July
d3%s May
Inquiries Invited
Dealers Association
Open-end telephones wire to Boston, Newark and Philadelphia.
•
mm
Whitehall 4-3700
York Security
115%
a4%s April 1 1960
115
a4%s Apr 15 1972
115% 116%
116
116%
a4%s
a4%s
a4%s
a4%s
a4%s
June 1
Feb 15
Jan
1
Nov 15
Mar 1
a4%s May 1
a4%s Mar 1
a4%s June 1
a4%s July
1974
1978
117%
1970
1977--
-
MUNOS, WINSLOW & POTTER
118%
116% 117%
1963
1965
118
40 Wall Street, New York
117% 118%
Whitehall 4-5500
119
118% 119%
119% 120%
1 1967
—
1 1979
121% 122%
Jan 25 1937
Members New York, Chicago and other Stock and Commodity Exchanges
103% 103%
a4%s Dec
New York
New York State Bonds
Bid
Bid
Ask
Canal & Highway—
2.90
Par
4%s April 1940 to 1949..
Highway Imp 4%s Sept *63
132%
Canal Imp 4 %s Jan 1964..
Can & Imp High 4%s '65-.
129%
mmm
132%
—
Barge C T 4s Jan
42 to '40
Bid
Ask
Par
27
28%
59
80
90
50
20
25
Merchants Bank
50
Bid
100
Bank of Manhattan Co. 10
Bank of Yorktown.,60 2-3
2.10
b
Highway
Improvement—
4s Mar & Sept 1958 to '67
Canal Imp 4s J&J *60 to '67
Bank Stocks
Ask
World War Bonus—
53 Jan & Mar 1946 to *71 b
Sold and Quoted
116%
---
& Nov 11957
a4%s Deo 15 1971
a68
Bought,
116% 117%
117%
117% 117%
1981
Bank and Insurance Stocks
National Bronx Bank
125%
Bensonhurst
125%
Chase
114%
115%
City (National)
National..50
13.55
12%
50
85
National Safety Bank. 12%
37%
39%
Penn
33
35
Exchange
Peoples National
10
50
25
Ask
14%
16%
9%
10%
52
-
-
T
Commercial National.. 100
Port of New York—
Public National
Sterling Nat Bank & Tr.25
39%
31%
40%
975
1926
Trade
18
21
100
Flatbuah National
Bid
Ask
174
950
Avenue
First National of N Y..100 1880
Port of New York Authority Bonds
Bid
168
Fifth
Barge C T 4%s Jan 1 1945.
100
27
National... 100
Klngnboro
Ask
Bank
12%
32%
60
—
George Washington Bridge
Gen & ref 4s Mar 1 1975.
106% 107
Gen & ref 2d
ser
3 %s '65
104
% 105
4%a eer B 1939-53.M&N
Gen & ref 3d
ser
3%a '76
101% 102
Inland Terminal 4%8 ser D
1936-60
M&S
108
109
Holland Tunnel 4%s ser E
1936-60
M&S
112%
114
Bayonne Bridge 4a series C
1938-53
J&J 3
105
106
4s
ser
B
1936-50..J&D
101%
-
mm
112% 114
New York Trust
Par
Bid
Companies
Ask
Par
Bid
Ask
100
105
115
Empire
23
24
100
492
500
Fulton
100
208
215
10
55
57
Guaranty
100
285
290
United States Insular Bonds
.20
Philippine
Bid
Government—
4s 1940
Ask
100
101%
106%
107%
4%s July
1959
1952
5s
Apri
1955.
106% 107%
101% 103%
6s
Feb
1952
108
110
6%8 Aug
1941
112%
114
4%s Oct
Bid
Ask
3.50
10
12
U 8 Panama 3s June 11981
..7
3.00
8
9
100
113
118
.20
Honolulu 5s_
110% 113%
Kings
44
4%s July 1968
112
113%
5s July 1948
109
111
114% 116%
113
114
113
114
Conversion 3s 1947
I
15%
1720
47
Manufacturers
20
44%
46%
Colonial Trust
.25
53
55
New
_.25
118
75
,.10
80
Title Guarantee & Tr_ —20
9
10
70
80
York
13
17%
19
Underwriters
59%
60%
United States..
12L
15
■_10
-20
Hawaii 4 %s Oct 1950
14%
100 1680
County
118% 119%
Govt of Puerto Rico—
U S conversion 3s 1948
..10
Irving
Lawyers
100 1935
1985
Federal Land Bank Bonds
Bid
3s 1955 opt
1945
1946
3s 1956 opt 1946
3s
J&J
1956 opt
3%s 1955 opt 1945—M&N
4s
1940 opt
100 %
1944
J&J
102% 102%
109%
Bid
Ask
1009,6
J&J /100% 1009,6
M&N /100% 1009,6
110
4s 1958 opt
Ask
105 %
4%s 1956 opt
1930...J&J
105 %
10115,6 101%
4%s 1957 opt
1937...J&J
102%
M&N
1938
4%s 1957 opt 1937._M&N
4%s 1958 opt 1938..M&N
107% 107%
M&Nl 104% 104%
4s 1957 opt 1937
Chicago Bank Stocks
102%
103% 103%
Par
Bid
Ask
American National Bank &
100
Trust
230
Continental Illinois Bank &
JOINT STOCK LAND BANK BONDS & STOCKS
33 1-3
Trust
Par
Flrst'Natlonal
210
Bid
Ask
100
252
257
Harris Trust & Savings .100
Northern Trust Co
100
370
395
720
770
152% 156%
MUNICIPAL BONDS
Bought—Sold—Quoted
£%c6indcn VP
Insurance
^cntjranff, Pine*
MUNICIPAL BOND DEALERS-COUNSELORS
120 So. La Salle
Par
Aetna
St., Chicago
Teletype CGO. 437
State 0540
Casualty & Surety 10
Aetna Fire
10
Aetna Life
.10
Bid
Companies
Ask
Par
Bid
Ask
95%
99%
Home
10
5
53
55
Homestead Fire
10
25
33%
35%
Importers & Exporters.._5
6
8
Fire Security
6
26%
Agricultural
Joint Stock
Land
Bank
25
80%
84
Ins Co of North Amer__10
71
73
American Alliance
Bonds
10
24%
25%
Knickerbocker
5
13%
15%
30
33
Lincoln Fire
5
.10
10
13
Maryland Casualty
1
2%
14%
16
Mass
100
American Re-insurance .10
72%
75%
100
American Reserve
27%
28%
Merch & Mfrs Fire New'k 5
100
American Surety.
25
54%
56%
Automobile
10
35%
37%
National Casualty
National Fire
2%
7%
8%
American
Bid
5s...
99
Atlantlo 6s...
100
Atlanta
101
Louisville 5s
Maryland-Virginia 5s
Mississippi-Tennessee 5s
6s.
100
101
5a__.
/12
14
100
101
69
72
Dallas 5s
Denver 5s
Bid
Lincoln 5s
99% 101
Burlington 5s.
California
Chicago
Ask
100
New
York
5s
First of Fort
85
5s
Wayne
5s..
First of New Orleans 5s...
First Texas of Houston 5s.
First Trust of
Chicago 6s_.
89
100
86
First of Montgomery 5s.
Ohio-Pennsylvania 5s
91
94
98
100
100
Fletcher 5s
100
Fremont 6s
86
Greenbrier 6s
100
5s
Illinois Midwest 5s
73
Illinois of Monticello 5s...
98
_
_
6s
San
100
Bankers &
99
101
Camden
.
—
«
99% 100%
34
100
5s
New Amsterdam Cas.
5
Fire
10
.10
101
20%
27%
22%
New
27
New
47
Northern
-.6
Eagle Fire
2%
3%
4%
Excess
Federal
41
43
Northwestern
10
Pacific Fire
33
35
46
42
45
Natlonal.26
25
45
49
Phoenix
Fidelity & Dep of Md__ .20
95%
97%
Preferred
30
Fire Assn of
74
77
Pro vldence-W ashington
100
Franklin Fire
12%
44
5
68
Firemen's of Newark.. —5
10
129%
10
Tennessee
Philadelphia 10
11%
10
64
5s
124
20
/27
5s
9
2.50
8
Employers Re-Insurance 10
19
74%
12.50
River
11%
71%
2
Hampshire Fire
Jersey
North
56
9%
17%
20
New York Fire
27%
Continental Casualty
52
2
New Brunswick Fire
29%
25%
45%
25%
Connecticut Gen Life.. .10
-
/30
Antonio
101
645
City of New York
4
3%
49%
3%
10
97
Carolina
3
47
10
635
,
100
Fire Assur com.2%
Shippers... .25
—
100
Merch
National Liberty
National Union Fire
Boston
100
Bonding & Ins.. 12%
Southern Minnesota 5s
Southwest
76
.
100
99
64
107%
St Louis 5s
.
Baltimore Amer
99% 100%
5s
Potomao 5s
90
100
Greensboro
Ang 5s
Pac Coast of San Fran 5s.
Phoenix
100
97%
Pao Coast of Salt Lake 5s
Pennsylvania
99
/58
Pacific Coast of Portland 5s
Pacific Coast of Los
90
American of Newark
99
Oregon-Washington 5s
First Carollnas
American Home
98
North Carolina 6s
—5
Equitable
Ask
99
98
10
Accident
6
.10
10
19%
97
26%
22
101%
27%
125% 130%
124
128
39%
89%
22%
41%
23%
25
85%
20
100
City 6s
Kentucky of Lexington...
Union of Detroit 5s
100
Virginia-Carolina 5s
93
La Fayette 5s
Joint Stock
96
Virginian 5s
Land
<m
97%
100
98
99
Bank Stocks
10
11%
Republic (Dallas)
32%
22%
Rochester American
20%
Georgia Home
mm
99
101%
30%
24
26
St Paul Fire &
Marine..25
209
Glens Falls Fire
Iowa of Sioux
39%
41%
Seaboard Fire & Marine..5
11
21%
23%
36
38
General
1
Alliance
Globe & Republic
10
31
12%
34
13%
214
13
—5
13%
15%
Seaboard Surety
Globe & Rutgers Fire.. -15
41%
45
Security
65
70
Southern Fire
10
25
27
27%
28%
Springfield Fire & Mar. .25
130
133
12
Stuyvesant
Par
Bid
15
25
Lincoln
100
35
40
North
Dallas
100
65
70
Pennsylvania
100
16
22
Halifax
Denver
100
1
4
Potomac
100
20
24
Hamilton
Atlanta
Atlantlo
Dos
Ask
Par
Ask
75
80
2
6
Virginia
100
4
8
Virginia-Carolina
7
8
100
San Antonio
100
....100
Moines
Bid
100
Carolina
20
24
100
54
2d
preferred
Great American.
57
Fire
Fire
5
_
Great Amer Indemnity
.
.1
9
New
_
_
Haven
10
10
5
5
21%
22%
Sun Life Assurance
10
20
30
Travelers
6
100
430
460
.100
10
569
579
For
footnotes see
.
page
3658.
...
5
..100
%
32
38
40
15%
28%
U S Fidelity & Guar Co..2
U S Fire
4
14
27
51
53
74
77
U S Guarantee
10
52
55
72
75
Westchester
2.50
34
36
Home
35
37
Hanover Fire
%
37
-10
Hartford Steam Boiler. .10
First Carollnas
Fremont
10
Harmonla
Hartford Fire
Fire
Financial
3656
May 30, 1936
Chronicle
29—Continued
Quotations on Over-the-Counter Securities—Friday May
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
0o$cpb Walkers Sons
DUNNE&CO.
Excboitgt
fiitmbtrs l^ew York Slock
Members New York Security Dealers Ass'n,
=\
Dealers in
120 Broadway
Tel. REctor
20 Pine Street, New
JOhn 4-1360
York
GUARANTEED
NEW YORK
2-6600
STOCKS
Jftncel855,
BONDS
RAILROAD
Bought
Guaranteed Railroad Stocks
Sold
—
—
Quoted
Earnings and Special Studies
Request
on
(Guarantor in Parenthesis)
Bid
Asked
.100
6.00
92
95
A Hudson)—... .100
Allegheny A Western (Buff Roch A Pitts)
10.60
188
193
6.00
103
Members ?{etv York, Security Dealers
Association
106
...50
& CO.
E. SLOANE
JOHN
Dividend
Par in Dollars
Alabama A Vlcksburg
(Illinois Central)
Albany A Susquehanna (Delaware
2.00
36
8.75
134
138
8.50
140
3.00
63
4.00
96
Bell System Teletype NY 1-6S4
57
Carolina
-100
Central)
CUnchfleld A Ohio (L A N-A C L) 4%— .100
•
148
Canada Southern (New York
HAnover 2-2455
•
38
100
-100
New York
41 Broad St.,
99
Beech Creek
—
(New York Central)
A Providence
Boston
Central)
(New York
Boston A Albany
(New Haven)
6.00
Akron Canton
100
86
Bid
102
95
3.50
Central). -100
99
5.00
^Common 6% stamped
Chicago Cleve Cino A St Louis pref (N Y
Cleveland A Pittsburgh (Pennsylvania)
Bonds
Railroad
88
68,
A Youngs town
534s. 1945
1945—
2.00
48
Delaware
2.00
46
48
Fort Wayne A Jackson
5.50
86
90
187
192
4.00
77
50.00
69
100
Chateaugay Ore A Iron, 1st ref 4s,
102
29
31
4.50
65
70
Chesapeake A Ohio 3 %s, series D, 1996
Chicaeo Union Station 3?4s, series E, 1963
Choctaw A Memphis, 1st 5s, 1952
76
-100
7.00
163
180
183
6.90
103
107
100
Saratoga (Delaware A Hudson)
..KM)
pref (Terminal RR)
St Louis Bridge 1st
6.00
146
73
75
3.00
146
150
10.00
253
257
KM)
RR)
Canal (Pennsylvania)— .100
..KM)
Susquehanna (D L A W)
,1(M)
Valley (Delaware Lackawanna A Western)
.100
Vlcksburg Shreveport A Pacific (Illinois Central)—
Tunnel RR St Louis (Terminal
United New Jersey RR A
6.00
90
100
105
5 00
73
77
78
82
6.00
Preferred
Warren RR of N J (Del Lack
Macon Terminal
94
5.00
Utlca Chenango A
West Jersey A Sea
150
3 00
preferred
,
101%
107%
50
53
Montgomery A Erie 1st 5s,
65
68
New York Central
106
......
—
104 %
43
103
104
70
....
...
72
93
«
-
68
56
2d 4s, 1949....
95
1956
.......
97%
t
80
..
70%
72
91
93
90
92%
92
1
1945
.—...............
Terminal 4%a, 1957
St Clair Madison A St Louis 1st 4s, 1961
mm
87
1955—
Shreveport Bridge A Terminal 1st 6s,
Somerset Ry 1st ref 4s, 1955
98
77
secured 3%a, 1946
•
m
66
1951
69
89
...
Southern Illinois A Missouri Bridge 1st 4s,
91
111
4>$a, 1957
4%b, 1966
334s,1971
Washington County Ry 1st 334s, 1954..
Toledo T rmlnal RR
9654
99%
67
—.—
Union Pacific debenture
97%
99%
Toronto Hamilton A Buffalo
Wires to
87)4
102 %
101%
103%
f 40
—....
Consolidated 5s,
Private
58)4
105
86
Rock Island-Frisco
Stroud & Company Inc.
96
57)4
102
......
general 5s. 1946
Pennsylvania RR 3%a, series C, 1970..
Portland RR 1st 3%b, 1951—.—.—.——
Quotations—Appraisal« Upon Request
106)4
95
...—
New York A Hoboken Ferry
EQUIPMENT TRUST CERTIFICATES
67)4
98%
08%
1951
Minneapolis St Paul A Sault Ste Marie
3.60
50
101
107
1965—
1st 5s,
Maryland A Pennsylvania 1st 4s,
Meridian Terminal 1st 4s, 1955
3.00
A Western)
Shore (Pennsylvania)
86
/ 65
....—
1st 5s, 1965..
Cincinnati Union Terminal 3%a, series D, 1971
Cleveland Terminal A Valley 1st 4s, 1995
Georgia Southern A Florida 1st 5s, 1945—...
Goahen A Decker town 1st 534a, 1978
Hoboken Ferry 1st 5e, 1946
...
Kanawha A West Virginia 1st 5s, 1965—...
Kansas Oklahoma A Gulf 1st 5s, 1978
Little Rock A Hot Springs Western 1st 4a, 1939
168
7.00
(Pennsylvania) .
83
Cincinnati Indianapolis A Western
86
Preferred
95
105
1942—.......—
96
98
37%
84
85
102
-—.....——
7.00
1.50
85
82
4.00
3.00
67
82
—
6.00
50
Pittsburgh Fort Wayne A Chicago
Second
80
67
105)4
104%
63
Maine 3s, 1950—
4a, 1942
Prlor Hen 434s. 1944
Convertible 5s, 1940-45—
Buffalo Creek 1st ref 5e. 1961
950
3.876
100
99
Prior lien
40
Preferred
Rensselaer A
51
79
91 %
Boston A
10.00
stock
25
(Pennsylvania)
100
pref (N Y Central)
1(M)
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack A Western)— -100
.100
Michigan Central (New York Central)
—60
Morrte A Essex (Del Lack A Western)
New York Lackawanna A Western (D L & W).._ -100
Northern Central (Pennsylvania)
..KM)
Old Colony (N Y N H A Hartford)
-.60
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
77
70
-
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s. 1957
Boston & Albany 1st 434s, April 1 1943
Betterman
Asked
74
69
Philadelphia, Pa.
New York
ROESER & PENDLETON, INC.
Railroad
Equipment Bonds
Bid
(a producing oil company)
Bid
Ask
61.75
64.50
5s
64.00
2.50
2.00
5%s
64.00
2.50
63.90
Missouri Pacific 4)4 a
"Deo Y 1936-19441
2.75
63.00
2.00
4%b.
6s
63.00
2.00
2.00
63.00
2 00
2.00
64.50
3.75
64.50
3.75
4%b
5s
N Y N H & Hartf
4)4s
2.00
62.25
1.25
Northern
4)4 a
62.00
1.25
Par
61.50
4%b
Cent RR New Jer 434s__,
Chesapeake A Ohio 5%a.
6%a
4^s
1.00
Pennsylvania RR 4)4s
62.00
1.00
Alabama Power $7 pref—*
72
74
1.00
Arkansas Pr A Lt $7
85%
80%
58
Pacific
62.00
61.00
0.50
5s
62.75
2.00
4s series
62.00
4.25
65.25
&s
4.25
1936-49
63.00
non-call Deo 1 1936-50
62.75
2.00
Jan A July
2% a series G
66.75
6.00
Pere Marquette
66.75
Paul4)4s
5s
6.00
Reading
67
6a
72
67
Chicago R I&Pao 4)48-
72
63.00
Southern
62.00
1.00
63.25
2.75
63.00
2.50
...
4.50
Pacific
4)4 a
4.50
62.25
6%a
2.50
4%B
87
65.50
65.50
4.60
6s
68
87
82
63.00
5^8
87
82
58
St Louis Southwestern 6s.
65.50
6%B
Erie RR
4.50
2%
82
4%B
4.50
2%
62.75
5s
65.60
2.00
62.75
4%a
Co 4%a
St Louis-San Fran 4s
65.50
4%b.
6s
1.00
pref..*
$6.50 preferred
*
$7 preferred
*
Atlantic City El $6 pref..*
BangorHydro-El 7 % pf 100
Blrmiugham Elec $7 pref.*
Buff Nlag A E pr pref...25
Carolina Pr A Lt $7 pref..*
6% preferred
*
Cent Ark Pub Ser pref. 100
Cent Maine Pow 6% pf 100
$7 preferred
62.25
63.50
1.75
$6.60 preferred] B...100
63.00
5s
2.75
63.00
5s
Southern Ry 4)4 s
1.75
Consol Traction (N J) .100
Consumers Pow $5 pref..*
1st $6 preferred A
Illinois Central 4%b
6s
1.00
61.75
1.00
63.00
2.00
61.75
1.00
4%s
63.00
2.00
6%
63.10
6s
Hocking Valley 5s
2.00
5s
62.50
1.50
6.60%
62.00
1.00
62.75
...
2.00
62.00
1.00
Internat Great Nor 4%s.
65.00
4%
Long Island 4%b
63.25
2.00
63.25
2.00
61.75
1.00
61.75
1.00
t>%8-
63^8
Texas
100
Cent Pr A Lt 7% pref. .100
Columbus Ry Pr A Lt—
1.00
61.75
Great Northern 4%a
pref. *
Assoc Gas A El orlg
E due
2.00
1.00
65.25
6s
Chicago & Nor West 4>4s
Denver A R G West
Public Utility Stocks
63.00
Canadian Pacific
Chic Mllw & St
4%b..
4)4s.—
58
N Y Chic A St L
Canadian National
J.tTws
N.Y.
2.00
2.00
INC.
52 William Street.
4.00
63.00
63.10
3%b
65.00
New York Central
63.10
/Ss
New Orl Tex A Mex
63.50
4%b
2.75
63.90
Boston A Maine
robinson, miller a co.
3.00
2.00
63.00
58
1.00
63.00
Atlantic Coast Line 4>4s_.
Baltimore & Ohio 4>4s
Analysis upon Request
Ask
Pacific 4s
Union Pacific
434 s
62.00
58
1.00
100
Par
Ask
Bid
3)4
5
Mississippi P A L $6 pf---*
Miss Rlv Pow 6% pref.100
Mo Pub Serv $7 pref...100
7
8
Mountain States Pr coin.*
8
9
35%
38
35
37
111%
pf-*
6% pf.,100
63)4
24)4
24%
New Eng G AE5H%
19%
21
90
92%
N E Pow Assn
69H
70%
82
84
New Eng Pub
40
New Jersey Pr A Lt
105
67
70
New Orl Pub Serv $7
58)4
60%
a*
-
-
109% 111
106
107%
43%
40%
104
106
106
106)4 107%
98
100
Dallas Pr A Lt 7%
1.00
Dayton PrA Lt 6% pf.100
Derby Gas A Elec $7 pref.*
109%
52
112
5s
100
102
Essex-Hudson
100
193
198
5^8
100)4
102)4
Foreign Lt A Pow units..*
95
101
103
Gas A Elec of Bergen..
.
-
-
*
$6 pf .*
pf..*
N Y Pow A Lt $6 cum pf. *
7% cum preferred...100
N Y A Queens E L P pf 100
Nor States Pr $7
pref.. 100
*
$7 preferred
*
Ohio Power 6% pref-__100
Ohio Pub Serv 6% pf__100
7% preferred
—100
Okla G A E 7% pref... 100
Ohio Edison $6 pref
Pacific Pow A Lt 7% pf 100
55
pref. 100
111"
Loulsv A Nashv
4%b
6s
Maine Central 6s
64.00
3.25
65.00
4.00
65.00
4^8
3.25
64.00
6%a
Minn St P & 8 8 M 4s...
4.00
Penn Pow A Lt $7
pref
6s
Western Maryland
110%
111
41%
42
20%
28%
Tenn Elec Pow
20%
22%
Hudson County Gas
4.50
4.50
100
122
100
193
198
107 %
108
Idaho Power $6 pref
7%
v
t c
preferred
pref
Jamaica Water
Realty, Surety and Mortgage Companies
Sup pref.50
7% pf._100
7% pf—.lOO
Kings Co Ltg 7% pref.100
Long Island Ltg 6% pf.100
Jer Cent P A L
Kan Gas A El
Par
Bond A Mortgage Guar.20
Empire Title A Guar
1
Bid
1
100
For footnotes see page 3658.
7
|
H\1
Par
Ask
54
12
Lawyers Mortgage
20
Lawyers Title A Guar.. 100
Bid
Ask
1H
2
7% preferred
100
LosAngG A E6% pf-.lOO
Memphis Pr A Lt $7 pref
-a
-
%
53
-
1
-
-
-
109
103%
—
-
84%
6% pref 100
7% preferred
.100
Texas Pow A Lt 7% pf.100
41%
107
48
101%
110%
-
--
87
102% 104%
108% 110%
110% 112
97
98%
104% 106
104% 106)4
81
107 %
100
Hamilton Gas Co
2.00
65.50
5Hs
2.00
65.50
Western Pacific 5s
63.00
63.00
4%b—
5a
•»*»-
100
X81%
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf 100
Queens Borough G A E—
6% preferred
100
Rochester G A E 7% B 100
6% preferred C
100
Sioux City G A E $7 pf. 100
Sou Calif Edison pref B.25
South Jersey Gas A El. 100
Gas
40%
*
Hllnols Pr A Lt 1st pref..*
Interstate Natural Gas..*
4%b
—
—
Serv Co—
$7 prior Hen pref
65
98
1.00
Wabash Ry
122
62
102
62.00
5s
preferred
62
99
62.00
Virginian Ry 4)4 s
mm
5
100
pf__100
7%
Interstate Power $7
5s
m
14
Nebraska Pow 7% pf--100
Newark Consol Gas
100
105
100
preferred
3%
76
Nassau A Suff Ltg
Continental Gas A El—
7%
12
Ask
116
100
preferred
75
111% 113
100
preferred
Bid
113
106
80
107%
83
108)4
84%
110
81%
~mm
105
106
86
89
28
193
04%
73%
28%
198
65%
74%
104% 106%
100% 111
100
Toledo Edison 7% pf A 100
United G A E (Conn) 7% pf
94
96
United G A E (N J) pf.100
68
73
74%
Utah Pow A Lt $7 pref
63%
85
87
98
111%
113
81
-
84
-
„
91%
*
Utica Gas A El 7% pf.,100
Virginia Ry
100
109
pref.100
100
Western Power $7
93%
93%
65%
94%
111
Financial
Volume 142
Quotations
3657
Chronicle
Over-the-Counter Securities—Friday May 29—Continued
on
Specialists in —
Securities of the
Associated Gas & Electric
Water Works Securities
System
Complete Statistical Information—Inquiries Invited
& CO.
S. A. O'BRIEN
Swart, Brent & Co.
Members New York Curb Exchange
150 BROADWAY,
75 FEDERAL ST., BOSTON
Hancock 8920
NEW YORK
COrtlandt 7-1868
INCORPORATED
40
Telephone between New York and Boston
Bell System Teletype—N.Y. 1074
Direct Private
Public
Bid
5%s.l948
60
Amer Wat Wks & El 5a '75
99
1948
Amer States P S
EXCHANGE PLACE,
______
Utility Bonds
Water Bonds
Bid
Ask
Kansas Eleo Pow 1st 6s '37
68
100%
4%s '65
Kan Pow & Lt 1st
105
Ask
Bid
105%
108% 108%
80
88
Keystone
Telep 5%s_1955
101
1945
92
94
Long Island Ltg 5s—1955
106
Ark Missouri Pow 1st 6s *53
64
65%
Los Angeles G & E
105 %
Associated Electric 5s. 1961
67%
68%
107 %
1st 6s series A
4%s '58
...
Assoc Gas & Elec Corp—
104
106
105
107%
103%
Monmouth Consol W 5s *56
101%
Monongahela Valley Water
5%s
1950
Morgan town Water 5s 1965
102%
102% 103%
Muncle Water Works 5s *65
104%
101
Mtn States Pow 1st 6s 1938
Income deb 3%s...l978
30
31
Income deb
3%s._.1978
30%
1978
33%
31%
34%
4%s—.1978
35%
38%
Income deb 4s
Income deb
99
Newport N & Ham 5s. 1944
New Eng G & E 5s...1962
60
62
62%
N Y Edison 3%S
67
68%
Northern N Y Utll 5s. 1955
Conv deb
1973
70
37%
Sink fund
107%
California Wat Serv 5s '58
Chester Wat Serv 4%s '58
Citizens Water Co (Wash)
65
101% 102%
102%
5%s
Ohio Ed 1st A cons 4s. 1965
Okla Nat Gas 6s A... 1946
102% 103%
Inc4%s..l983
39%
Sink fund Income 5s 1983
40%
44%
Participating 8s
98
99%
102
103%
Pacific Gas A El 3%s H *61
Parr Shoals Power 5s. 1952
Pennsylvania Elec 58.1962
Penn Telep Corp 1st 4s '65
104%
Brooklyn Edison 3 >£8-1966
109% 109%
101% 102%
Bklyn Man Trans 4%s '66
100
1940
Bellows Falls Hy El 5s 1958
Blackstone V G A E 4s *66
5s
mmm
1948
B
series
Old Dom Pow 5s May 15'51
101
102
69%
71%
104% 104%
102% 103%
105%
106% 107%
Peoples LAPSES ...1941
/71 %
Public Serv of Colo 6s. 1961
...
1951
6s
Sink fund lnc 5%s..l983
m
5s
6%s series A
1951
City of New Castle Water
73
35
D...1965
1957
97~~
106
New York Cent Eleo 6s '52
61
1973
Sink fund income 48 1983
100%
Butler Water Co 5s
1973
1973
4%s
1957
105%
*
.
Conv deb 5s
Conv deb 4s
Conv deb
Ashtabula Wat Wks 5s *68
6s series C
104 %
105%
73%
106%
1941
New Jersey Water 5s.
950
New Rochelle Wat 5s B *51
102%
90%
92%
1951
92%
94%
99%
102% 103 "
104%
105
105%
103% 104%
102
Ore-Wash Wat Serv 5s 1957
102
mmm
Peoria Water Works Co—
1st consol 4s
1948
105%
1st consol 5s
1948
101
103
Prior lien 5s
1948
104
Phila Suburb Wat 4s__1965
107
5%s series A
1947
Pinellas Water Co 5%8 '59
90
101
89
Pittsburgh Sub Wat 5s *58
102
104
100
Plalnfleld Union Wat 6s *61
108
Richmond W W Co 58.1957
105%
81
82%
G *60
103"
5s...1953
1G5%
4 %8
1958
1st mtge 5s
1958
109% 109%
Davenport Water Co 5s '61
Scranton Electric 5s_.1937
94%
97%
96%
Roanoke W W 5s
1950
99%
Roch A L Ont Wat 5s
1938
E St L A Interurb Water—
St Joseph Water 4ssel9A66
106
104
104%
Sioux City Gas A El 6s '47
105
106%
6s series A
1942
104
Columbus Ry P & L 4s '66
105% 105%
Sou Calif Gas 1st 4s__1965
104% 104%
6s series B
1942
104% 105%
Conn River Pr 3Hs A
104% 105
104% 104%
Sou Cities Utll 5s A..1958
56
57%
6s series D
1960
104%
S'western Gas A El 48.1960
103
103%
103% 103%
Tel Bond AOhare 5s..1958
84
ser
1961
Consol Edison NY 3%s'46
Debenture 3%s
1956
56
Consol E & G 5-6s A.. 1962
Consumers Pow
103%
•
-
-
Utlca Gas A El Co 58.1957
1942
Virginia Power 5s
3%s '65
107
Federal Pub Serv 1st 6s *47
/40
Edison El 111 (Bos)
72
107%
WashA Suburban 5 Mb 1941
103
Green Mountain Pow 5s *48
102
Iowa Sou Utll 5%s.._1950
100% 102
43%
City Pub Serv 3S.1951
106%
95
Western Mass Cos 4s. 1939
74
101%
Western Pub Serv 5%s '60
88%
97~~
102%
90
Wisconsin G & El 3%s'66
106% 106%
102% 102%
Wisconsin Pub Ser 5%s '59
105% 106
West Penn Pr 3 %s Ber I '66
Kan
124% 125
1958
102% 103%
100% 102%
98% 100
Spring Brook
Serv
Water
1st A ref 5s A
1967
Sedalia Water Co 5%s *47
South Bay Cons Wat 5s '50
101 %
106
Sou Pittsburgh
Wat 6s *55
102
1977
108
58 series A
1960
102
Huntington Water 5s B '54
102
5s series B
5s serels A
98
1952
1952
Hackensack Wat Co 5s '77
6%s series B
97%
6s
1954
1962
99%
104%
i960
101
103
102
104~~
Texarkana Wat 1st 5s_1958
102
Indianapolis Water 4%s '40
105
106%
Union Water Serv 5%s *51
102
1st lien A ref 5s
1960
105%
Water Serv Cos Ino 5s. 1942
1970
105%
West Virginia Water 5s *51
104
105%
Western N Y Water Co—
Interstate Water 6s A. 1940
Jamaica Water Sup 5%:^ *55
106
Joplln W W Co 5s
105
1957
Kokomo W W Co 5s__1958
101%
100
101
102
Wichita Water Co 6s B. *56
102
5s series C
103"
1960
1949
103
W'msport Water 5s... 1952
103
104"
104%
6s series A
104%
Lexington Wat Co 5%s '40
108"
100
98
1950
Westmoreland Water 5s '52
102
98
1951
1st mtge 5%s
99
1950
1st mtge 5s
97
_
104
94
101% 103%
5s series B
104
1958
6s
Reports—Markets
81%
105
1949
6s series A
Illinois Water Serv 5s A '52
1st lien A ref 5%s..l953
1st lien A ref 5 %s_.1954
Estate Securities
79%
Terre Haute Water 5s B '56
102%
5s
100
Indianapolis W W Secure—
Real
93%
106"
6s...1961
4%s
Scranton
1st lien A ref 5s
45
91%
100%
104
Scranton Gas A Water Co
Greenwich Water A Gas—
5s series B
57
103% 104%
3%s.
86
109"
85%
87
Consol Water of Utlca—
Colorado Power
103
83%
104% 104%
Cent Maine Pr 4s
99% 101%
1946
:
Pub Serv of Okla 4s A. 1966
76%
100% 102%
1946
5 %s series B
6s series A
1950
1st A ref 5s
■*
Community Water Service
77%
75%
94
106
Commonwealth Wat (N J)
5s series C
.1957
76%
5%s._.1948
100
102% 104
101
Central G & E
Pub Utll Cons
98
92
Penna State Water 5%s '52
101%
Connellsvllle Water 58.1939
San Diego Cons GAE 4s '65
93%
108
105%
105% 105%
105% 106%
101
1957
1st 5s series C__
Pub Serv of N H 3 %s C '60
1946
Newport Water Co 5s. 1953
Ohio Cities Water 5%s '53
Ohio Valley Water 5s. 1954
104
99% 100%
Clinton W Wks Co 58.1939
97%
1st lien coll tr 6s
New York Wat Serv 5s '51
Ohio Water Service 5s. 1958
103%
City W (Chat) 5s B...1954
96%
Cent 111 Light 3% 8—1966
Cent Ind Pow 1st 6s A 1947
5%s
102%
Penna Water Co 5s...1940
Cent Ark Pub Serv 5s 1948
5%s._.1946
Ask
Long Island Wat 5%s. 1955
Middlesex Wat Co 6 %s' 57
103
1956
108
37
Bid
Ask
105
97%
Alton Water Co 5a
107%
105%
Assoc Gas A El Co
48.1970
Metrop Edison 4s ser G '65
Monongahela W P Pub Ser
1st A gen 4%s
I960
Ariz Edison 1st 5s
NEW YORK
Teletype: New York 1-1073
Tel.: HAnover 2-0510
105"
Public Utilities—Industrials—Railroads
AMOTT,
BAKER &, CO.
Surety Guaranteed Mortgage Bonds and Debentures
INCORPORATED
BArclay 7
150 Broadway, N.
2360
Bell System Tel.
N Y 1-588
Y.
Bid
Real Estate Bonds and Title Co. Mortgage
Bid
Jan 11941
Alden 1st 6s
Certificates
Majestic Apts 1st 6s..1948
Broadmoor (The) 1st 6s '41
/51%
54%
B'way Barclay 1st 6s. 1941
Certificates of deposit
/31
33
/31%
32%
1953
44
Cont'l Inv Bd Corp 2-5s '53
/37%
40%
93
96
Home
Broadway Motors Bldg6s stamped
1948
Chanln Bldg lnc 4s...1945
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6S..1948
Court A Remsen St Off Bid
67%
70%
87%
90%
/49
51%
/30
32
/6%
8%
71
73
72
74
50 Bway Bldg 1st 3s lnc '46
50
51%
1949
42%
502 Park Ave 1st 6s..1941
35%
unstamped
Nvv
1947
Film Center Bldg 1st 6s '43
32%
72
74""
69
74
1939
1st 6%s stamped...
1948
1st 6%s
8%
67%
69%
69%
62
64
57%
60
Hearst Brisbane Prop 6s '42
92%
94
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
/54%
50
/34
36
60
62%
1947
92
/46
93
47%
Bid
72%
72%
Realty
—
deb
Bond A
67
42%
44%
*2%
44%
Mortgage
1953
2-6s
--
/54
Universal Mtg Co 6s '34-*39
/54
-
44%
Telep of Canada.. 100
of Pa pref___100
New York Mutual Tel. 100
N'west Bell Tel pf 6 % % 100
142
Pac A Atl Telegraph
144%
120% 122%
89
44
Emp A Bay State Tel. .100
Franklin Telegraph
100
61
Int Ocean Telegraph
100
42
mmm
mmm
94%
96%
101% 104
1945
/19%
144
122
.100
Roch Telep $6.50 1st pf.100
So A Atl Telegraph
25
25
Ask
29
19
21
19%
20%
110% 114
112
20
mmm
24
144
141%
S'western Bell Tel
124% 123
pref.100
Trl States Tel A Tel—
10
Preferred
10%
11%
124
-
-
■»
Wisconsin Telep 7%
pf.100
115
21%
/23
/54%
/20%
140
England Tel A Tel 100
25
Telephone com*
Bid
117% 119
Sou New Engl Telep...100
47
115
Peninsular
Preferred A
91
Mtn States Tel A Tel.. 100
/19%
Par
Ask
121
117
24%
6s
21
New
1st 5%s
May 151948
Syracuse Hotel (Syracuse)
1st 6%s
Oct 23 1940
1958
23%
46
/9%
47"
1st 5%s
1939
Bldg 1st 4s 1941
Bid
Oct 19 1938
F I C 1 %s— .June
F I C 1 %s__ .July
15 1936 6.30%
F I C 1 %s— -Aug
15 1936 6
64%
F I C l%s_. .Sept
15 1936 6
67
1st lee A leasehold 6s '39
Bid
Ask
F I C 1 %s_ _.Nov
15 1936 6 .30%
98% 102
■
mm
FIC 1%8. ..Dec
16 1936 6.40%
15 1936 6 .40%
Ask
.30%
.30%
15 1936 6.35%
/28
/72%
For footnotes Bee page 3658.
mm
mmm
mmm
F I C 1 %9. ..Jan
15 1937 6.50%
FT C 1%S. ..Feb
15 1937 6.60%
FIC l%s. ..Apr
15 1937 6.50%
mmm
FIC 1%3. ..Apr
F I C 1 %s.. .Oct
Walbrldge Bldg (Buffalo)—
1st 6%s
Bank Debentures
12%
/59%
/45
Federal Intermediate Credit
48
Westinghouse Bldg—
1942
1936
1953
Atlantic
'53
ture Corp 2-6s
Debenture Corp 2-6s
33
Sherry Nether land Hotel—
2 Park Ave
6s '40
44%
124% 127
Gen Tel Allied Corp $6 pf.
Trinity Bldgs Corp—
/51
Ludwig Bauman—
1st 6%s (L I)
51
1st 6%s.l945
Textile Bldg 1st 6s
Loew's Theatre Realt Corp
100
Cuban Telep 7% pref._100
49%
/49%
Savoy Plaza Corp—
61 Bway Bldg 1st 5%s 1950
General 7s
1945
Lewis Morris Apt
—
Llnooln Tel A Telegraph..*
616 Madison Av 1st 6%s'38
69
42%
Clncln A Sub Bell Telep .50
60 Park PI (Newark) 6s '37
84%
63
75
(N J) com.*
Preferred
Realty Assoc Sec Corp—
Rea ty ext
44%
42%
1953
2-6s
Union Mtge Co 5%8& 6s'37
Bell Telep
57
Lefcourt Manhattan Bldg
Bldg—
1st 6%s
Apr 15 1937
Lincoln Bldg lnc 5%s.l963
Am Dlst Teleg
Bell
52
Kelth-Albee Bldg (New
1936
11
10%
/43%
—
Realty
Par
fs
/85%
69"
1943
42%
44%
Telephone and Telegraph Stocks
47
double atpd--.1961
...
42%
Potomac Deb Corp 2-6s '53
45
part ctfs
Nat Deben Corp 2-6S.1953
66
Income
75
1953
2-6s
/33
45
5 %s
46
77
(all
33%
Co
Roxy Theatre—
1st fee A l'hold 6%s_1940
/38
Oct 1 1941
Fuller Bldg deb 6s
..1944
5%s unstamped
1949
Graybar Bldg 5s_
1946
Harrlman Bldg 1st 68.1951
1st 4-5s extended to 1948
Nov 15 1939
/30
/28
165 Bway Bldg 1st 5%s *51
5s
Fox Theatre A Off Bldg—
1st 6s (Bklyn)
/26%
Corp
Potomac Maryland Deben¬
(Mtge Guarantee series).
Nat Bondholders part ctfs
(Phila)
July 7 1939
1st 6s
Prudence
1400 Broadway Bldg—
1st 6s
36%
/39%
5%s series Q
Bondholders
Bond
Potomac
(Mtge Security series)..
Nat Cora Bd Corp 2-5s *53
36%
103 E 57tb St 1st 6s._ 1941
/29%
/49%
42 Bway 1st 6s
London Terrace Apts
73%
41%
32%
51%
41%
/31%
/50%
5%s series F-l
19th A Walnut Sts
1st 6s
40 Wall St Corp 6s....1958
Rochelle) 1st 6s
/40
C-2
1 Park Ave 6s__Nov 6 1939
62d A Madison Off Bldg—
6s
77
(Central Funding series)
1954
Series B 2-5s
Potomac
Issues) 2-5s
1953
Potomac Cons Deb Corp—
Bondholders part ctfs
Oliver Cromwell (The)—
500 Fifth Avenue—
6%s
Mortgage Bond Co of Md
lnc 2-58
1953
32
Ask
51%
Potomac Franklin Deb Co
Nat
N Y Title A Mtge Co—
5%s series BK
43
96
100%
5 %s series
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 Legended
.
1946
N Y Eve Journal 6%s.l937
1st A gen 6s
...
5%s A
754
Nat
34%
34%
1st mtge 2s stmp Areg'55
Mtge Co
1934-43
N Y Athletic C ub—
68%
Apr 28 1940
1947
72%
/30%
64%
East Ambassador Hotels—
1st A ref 5 %s
94
1945
Munson Bldg 1st
2-6s
6s
6%S.1939
S f deb 5s.
58
/56
(The) 1st 6s...1941
1st 6s
Dorset
1947
Debenture
Cont'l InvDebCorp 2-6s '53
Metropol Playhouses Ino—
6s.
■m-mrn,
75
Metropolitan Corp (Can)—
B'way & 4l8t Street—
1st leasehold 6%s._1944
1948
-
78
55
Associated Mtge Cos lnc—
30
Ask
Metropolitan Chain Prop—
6s
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
1954
Series A 2-6s
76
f28
Bid
Ask
/41%
Bid
Ask
Nat Union Mtge Corp—
Allied Mtge Cos Ino—
All series
2-5s
1953
15 1937 6.50%
mmm
■mmm
mmm
n
Quotations on Over-the-Counter
May 30, 1936
Chronicle
Financial
3658
Securities-Friday May 29—Continued
HAMILTON GAS CO. V T C
Specialists in all
Bought, Sold & Quoted
Investment
QUAW & FOLEY
DISTRIBUTORS GROUP.
NEWJYORK
BROAD STREET
30
Company Securities
Telephone HAnover 2-9030
Incorporated
BOwling Green 9-1420
Street, New York
63 Wall
Members New York Curb Exchange
Kneeland & Co.—Western Trading
Correspondent
—
SECURITIES
REORGANIZATION
Investing Companies
ISSUED SECURITIES
WHEN
RIGHTS
Bid
Par
Par
Ask
*
16.34
1.82
2.01
Fund
M. S. Wien & Co.
Teletype N Y 1-1397
24%
7% preferred
1.11
1.21
Investors Fund C
11%
12%
Investment TrofN Y...*
6%
1.03
1.15
Keystone Cust Fd Inc B-3.
23.17
3%
5%
4%
Major Shares Corp
6%
Maryland Fund Ino com..
18.01
19.48
.45
.70
Mass Investors Trust
1
25.04
26.57
4%
Mutual Invest Trust
1
1.46
1.59
Wide Securities.. 1
4.22
4.32
A...1
.33
*".53
29.00
31.02
N Y Bank Trust Shares...
17%
18%
4.05
4.45
British Type Invest
3%
1
Canadian Inv Fund Ltd.l
Central Nat Corp cl A
*
Molybdenum Co.
Sylvania Industrial Corp.
Ltd
Fund
Bullock
61 Broadway,
New York
No Amer Tr Shares 1953..
2.51
3.30
Series 1956
«ft«ft ft. •>
m
tftft —
ftft —
3.24
41
42%
*
13
14
Class B
37
..100
ft* —
—ft,
115
10
m
63"
*
2%
3%
Plymouth Fund Ino A .10c
Quarterly Ino Shares..25c
Representative Trust Shs.
Republic Investors Fund_6
.97
108
1.53
1.69
12.22
12.72
4.50
4.80
ft.
..
31
28%
100
m +
58
Pacific Southern Inv pref.*
10%
3.24
....
7% preferred
•
'
2.58
Series ACC mod
COMPREHENSIVE SERVICE
ft.
-
Securities...100
Northern
1%
2.58
—
—
m
»
Selected Amer Shares Ino
in the
Cumulative Trust Shares.*
5.70
Over-the-Counter Market
Deposited Bank Shs ser A.
2.25
Deposited Insur Shs A
Deposited lnsur Sh ser B.
3.86
Bristol & Willett
Diversified Trustee Shs B.
9%
—
-
-
-.
«.
-ft
-
4.86
17
18%
19.46
*
Spencej Trask Fund
20.69
3.90
3.65
Standard Am Trust Shares
_
-
.9.35
Selected Income Shares...
Selected Industries conv pf
-
4.00
3.60
3.58
Selected Cumulative Shs..
-
2.50
1.67
1.53
Selected American Shares
39
62o
52o
Royalties Management...
110
Common B shares
4ft
Class A
1
Accumulative series
8% preferred
-ft.
-ft
3.30
9%
Teletype N. Y. 1-1666
4.
3.26
Series 1958
Crum A Forster Ins com 10
A
1.86
2.67
mod
M
-
-
77%
Series 1955
'
Series AA
■
-
3%
73%
6
Corporate Trust Shares
Series AA.
BOwllng Green 9-3565
-ft
-
No Amer Bond Trust ctfs.
.
43
Continental Shares pref
/New York: Security Dealers Association
MembersjCommodity Exchange, Inc.
»
1.72
Voting trust certificates
27.99
Commercial Nat'l Corn
~
97.31
25.35
2%
_*
4
Century Trust Shares...*
C. E. UNTERBERG & CO.
95.35
26.03
40
*
Class B
Nation
4.51
Broad St Invest Co Inc
Climax
*
23%
Amer
Cal.
Angeles,
42%
40%
General Equities Inc
Am Insurance Stock Corp*
Assoc Stand Oil Shares—2
Bancshares Ltd part shsSOc
Bankers Nat Invest Corp *
Basic Industry Shares
*
New York Security Dealers Assn.
25 BROAD ST., N. Y.
Members oj the
Los
1.09
40%
Corp—*
Shares—1
Amer Business
Amer A
2-8780
x.99
10
iuvesi Co oi Amer com
Continental Corp.
Amerex Holding
Established 1919
HAnover
Ask
Bid
Investors Fund of Amer...
17.44
Affiliated Fund Inc com..
Administered
1.08
1.C0
C
4.40
4.47
Standard Utilities Inc...*
D
6.70
7.45
State Street Inv Corp
*
95.28
1.59
1.72
Super Corp of Am Tr Shs A
3.61
Eqult Inv Corp (Mass)..5
1
28.77
30.91
40%
43%
Fidelity Fund Inc
25.52
27.49
'
1920
Established
Members New
Dividend Shares
York Security Dealers Association
115 Broadway, N. Y.
Bell System Teletype
Tel. BArclay 7-0700
25c
Equity Corp cv pref
NY 1-1493
*
R
Industrial Stocks
11.64
♦
Fixed Trust Shares A
9.67
Fundamental Investors Inc
r
Par
*i«wi m -f
Ask
Bid
26
29
)
1
Book
12%
*
American
71
74
M ay tag warrants
99% 103%
1
>
30%
31%
*
20X
22%
)
19 X
21
)
70
74
*
4
47
12%
14
*
51%
45
52%
3%
100
87
North Amer Match Corp.*
52
»
42%
43%
9%
19%
11%
21%
*
54%
56%
*
54%
56%
*
Publication Corp com
*
$7 1st pref erred..... 100
Remington Arms com
*
Scovill Mfg
25
Singer Manufacturing.. 100
*
53%
55%
Sparta Foundry common..
55%
Standard Cap A Seal
Standard Screw
1
r
52%
56%
1
Dictaphone Corp..
Pathe Film 7% pref
40
*
101
3
59%
—
51
-
-
42%
United Gold Equities (Can)
Standard Shares
1
2.70
3.00
U S El Lt A Pr Shares A..
1.13
1.23
£18%
18%
1.35
1.47
B
2.82
2.92
1.20
1.31
Voting trust ctfs.
1.07
1.16
Un N Y Tr Shs se rF
1.10
1.20
Wellington
1.48
1.27
1.38
36
Incorporated
.55
21.78
Investors..*
37%
15
Corp
*
pf.10
Unexcelled Mfg Co
4%
7%
6%
36%
5%
*
33%
0
0
*
10
8%
44%
105
Chicago
Un Piece Dye Wks
101
50%
2%
NEW YORK
-
4%
3%
$3
conv
Chain
Store
Securities
53%
5%
Chain Store Stocks
preferred
Welch Grape Juice pref.
*
100
Pulp A Pap com. *
100
Preferred
White (S S) Dental Mfg.20
White Rock Min Spring—
44
100
15%
17%
101% 103%
14%
15%
27%
100
100
16%
Wilcox-Gibb8 common..50
2%
WJR The Goodwill Station
30
100
55
Young (J S) Co com...100
120
100
127
131
7%
2%
17
0
200
19
$7
1st
preferred
Worcester Salt
112
...
7%
preferred
$2.50
7%
110
*
-
*
pref
*
4%
14%
36%
38%
7%
100
32
32
104
108
*
Stores...
116%
16%
«•
..
112
13^s
1^8
1937 /101
95
•»
--
97
Aug
.Aug
15 1936
15 1937
15 1938
2s.
Aug
lHs
June 15 1939
1953
8
87
1956
1937
104
101% 102%
72
Sept 1 1939
1938
Jones A Laughlln Steel—
4%s—
1961
6%s.l937
114%
9%
38%
100
102
104
..100
110
HI
(Daniel) pref. —100
105
—
Schlff Co preferred
—
..5
-.100
95
106%
6% pref ctfs
U 8 Stores preferred . -100
21
23%
21
pf. 100
23%
3
6
100.9 100.12
Sugar Stocks
101.24 102.28
/34
36
Cache La Poudre Co
20
23%
24%
1946
95
97
Eastern Sugar Assoc
1
12%
14
6%s_1944
89%
92%
l
21
22%
1941
102%
1937
102% 102%
Otis Steel 6s ctfs
Penn-Mary Steel 5s.
101.5
__
Reynolds Investing 5s 1948
5%s
1945
3s.1961
87
Par
Preferred
Haytlan Corp Amer
89
106% 107%
99
98%
13
6%s as '42
no
Struth Wells Titus 6%s '43
f 16
18
/61 %
63
Std Tex Prod 1st
No
par
Coupon,
value,
a
*
%
w
7%
preferred
Bid
*
114
Ask
115
100
Savannah Sugar Ref
West Indies Sugar Corp..l
2U
118
3%
1%
Interchangeable,
f Flat price,
Par
Ask
b Basis
i When issued,
z
price,
c
Registered coupon (serial).
Ex-dlvtdend.
y
Now selling on New
York Curb Exchange.
73
Sherman 6s '44
•
a
Bid
'
/16
18
Wltberbee
100% 101%
77
.
101.23 101.27
1946
Sooville Mfg
Haytlan Corp 8s
7
36
101.o
Standard Oil (N J)
Federal Farm Mtge Corp—
101.2
*
100
Ask
102
No Amer Refrac
102
/ 70
Reeves
...
...
101.2
N Y Shipbuilding 5s..
100
103%
preferred...
6%% preferred
Murphy (G C) $5 pf_.
United Cigar Sts 6 %
100
Nat Radiator 5s
Bear Mountain-Hudson
Chicago Stock Yds 5s_ 1961
Cudahy Pack conv 4s_1950
4%%
Miller (I) Sons com
Rose 5-10-25o Stores.
"J
106
Merchants Refrig 6s-.1937
Am Wire Fabrics 7s. .1942
113
12%
-
17%
100
104'
*
100
Ask
109%
Nelsner Bros pref
101
preferred.......100
11%
100
—
Melville Shoe—
14H
6
Bid
H) 6% pref. ...10
Lerner Stores pref
Home Owners' Loan Corp
104%
1939 /101
Bid
90
C) common..*
preferred
Kobacker
Ask
Kress (S
Diamond Shoe pref
100
Edison Bros Stores pref 100
7%
American Tobacco 48.1951
conv
Bohack (H
Par
Ask
7%
3%
100
Green (H L) 7% pref.. 100
Katz Drug preferred
»
Miscellaneous Bonds
American Meter 6s___1946
100
Flshman (M H) Stores
Preferred
118
Bid
preferred.
Blckfords Inc
32
Bid
*
B G Foods Inc com
60
125
Par
Borland Shoe Stores
25
0
Boston
4%
44
0
Journal of Coram
-
8
15%
1
l%s
7
6
Pomeroy Ino com
3%
6
Warren Northam—
West Va
105
pf-.lOO
100
26
0
Deep Rock Oil 7s
8%
49
9%
41%
-
3%s
47%
57 William St.
45%
5
1st
,7%
Corp..
Corp
BURR & COMPANY INC.
115
0
River Bridge 7s
Boston
5%
6%
Bancamerlca-Blair
Schoellko pf, H utton A
23.32
17
109
1%
Investm't Banking Corps
First
.40
Huron Holding Corp
140
*
Tubize Chatillon cum
*
Debenture 6s
24
22
27
Taylor Milling Corp
Trico Products
112
1%
1%
Fund
8%
15"
%
19.18
1.61
Tobacco shares
3%
2%
18.48
1.62
1.32
shares
347
26
132
Taylor Whar IAS com..*
-
1%
1.49
1.21
3%
Un N Y Bank Trust C 3_.
25%
U S Finishing pref
Am Type Founders 6s.
shares
33%
343
25%
70
*
Lord A Taylor com
1.62
5
*
12
*
L) Co.
1.96
1.49
---
Stromberg-Carlson Tel Mfg
68
Foundation Co—
Jacobs (F
1.68
1.81
shares...
44%
*
shares
32%
104
7%
9
American
4
5
*
Corp.
39%
103
100
3
Draper
102
Sylvania Indus Corp
119%
D
Doehler Die Casting pref.
1.48
Preferred
108
*
Trusteed N Y Bank Shares
Guardian Inv Trust com.*
116
46
1.51
1.57
RR Equipment shares..
Steel shares
39
22
41
1.36
1.44
shares
Petroleum
-
80
37
113
1.12
Trusteed Industry Shares.
Merchandise
55%
20
Leather
1.00
2.24
Mining shares
-
*
)
Climax Molybdenum...
77
-
5
1
Ohio
5.88
2.07
Trusteed Amer Bank Shs B
Food shares
23
100
27
6 79
B
Investing shares
Yeast
25
2.47
D
Trustee Standard Oil Shs A
Chemical
5%
Pharmacal
*
2.52
Automobile
110
21
Norwich
14.23
----
Building shares
3%
preferred
-ft.--
13.09
...
■
Agricultural shares
51
*
6.80
Supervised 8hares new
6.35
5.78
6.80
Trustee Standard Invest C
6.50
'
Croup Securities—
106
*
Casket
Northwestern
'2
33%
102
Nat Paper A Type com
5%
Hotels
)t
31%
New Haven Clock pf--.100
49
)
Andian National Corp..
3%
General Investors Trust..
116
100
Preferred
Preferred
4%
50%
23.82
5.60
B
48%
4.90
5.88
7
•>
2.51
D
~
«• —
3.80
BB
C
t*
2.51
B
m
21.72
Fundamental Tr Shares A.
A.ik
Mock Judson A Voehringer
National
*
6
114
100
preferred
6%
Bid
2%
*
Merck A Co Inc com
cumul preferred
Bowman-Blltmore
Macfadden Publics com..*
Preferred
American Hard Rubber-
8%
fPar
,
11%
AA
m.
4.65
Foundation Trust Shares A
-ft,.*
82
Woodward Iron 5s....1952
t Now
X
listed
on
New
Quotations per 11» toll
York
Stock
Exchange.
rouble bond equivalent to 77.4234 grams of pure gold.
Volume
THE
Over-the-Counter Securities
Friday May 29—Concluded
Quotations
3659
Chronicle
Financial
142
on
BERLIN
EXCHANGE
STOCK
Closing prices of representative stocks
each day of the past week:
May
25
Bid
Anhalt 7a to
Antloqula
1946
8%
1946
7% -1947
Bank of Colombia 7 % 1948
Bank of Colombia
.
Barranqullla 8s'35-40-46-48
Batavia Petroleum 4Mb '42
Bavaria 6 Ha to
Bavarian
1945
Palatinate
8s
1945
Bolivia (Republic) 8a. 1940
7s
1958
22
Hungarian Cent Mut 7s *37
33%
20%
A8%
/15
16%
102
100
25%
/2 3
1969
1940
6s
Brandenburg Eleo 6s.
1953
_
/44-S5
1943 /22%
Brazil funding 5%. 1931-51
Brazil funding scrip
Bremen
(Germany)
7a '35
British
Hungarian
Bank
1962
7 Ha
26
39%
/27
---
•
/II
/10%
A0H
/10
••
11%
1 26
6H8..1959
A1
16
16
95
96
96
25
Norddeutscher Lloyd
18
17
26
Relchsbank
17
189
59%
Rheinische Braunkohle (8%)
18
188
236
182
190
*
24%
(A & B)
1946-1947
1948-1949
of
Hungary 7%s
1962
National Hungarian & Ind
Mtge 7%
1948
/81
/80
26%
/25
A9
/60
22
A5%
16%
70
East Prussian Pow 6s_1953
/21
/23
/23
24
1946
Westphalia 6s '33
many) 7s
/22
Rio de Janeiro 6 %
1933
Rom Cath Church 6 %s '46
25
R C Church Welfare 7s '46
/20%
'36
1945
153
50
145
146
/24
66%
26%
/23
/45
/35
German called bonds
German
Dec
1934
Young
12-1-34
/23H
/7%
/20 40
8%
/9%
A8H
9%
19%
12%
June 1 and Dec 1 1935..
Guatemala 8a 1948..
6%
1953
94
15
93
.
Housing & Real Imp 7s '46
/ 73
A1
A4%
/22%
$49,250 lot
and
$50 lot
$10; 5 Paymont Co. Inc.
$2,000 lot
class B
(N. Y.) common, par
pref., no
35
par,
By R. L. Day & Co., Boston:
16%
23%
22%
Shares
$ per Share
Stocks
3
New
5
International
England
Co.
Power
preferred, par $100
Publishing Co. common
preferred
*»««•
—
Educational
mm
10 International Educational Publishing Co.
40
2
18 International Textbook Co
12
25
'
Eastern
Electric
Galveston-Houston
15
19%
58
-
$6,477.20 lot
45
124
70c. lot
1%
10,579 Boston Revere Beach & Lynn RR. Co., par $100
10 George E. Keith Co. first preferred, par $100
3 Oxford Paper Co. 6%
mm
Co.
preferred,
$6 lot
34
30
$100
par
Association
Racing
preferred
By Crockett & Co., Boston:
12
$ per Share
1 Connecticut &
/21%
23%
10 Farr Alpaca Co., par $50
Saxon State Mtge 6S..1947
/23%
Serbian 6s
1956 V38%
26%
5
40
10 Naumkeag Steam Cotton Co., par $100
25 Pelzer Manufacturing Co. voting trust certificates, par
1946
6%s
,l
A4-45
Stem & Halske deb 68.2930 /270
1940
7s
1946
Stettin Pub Util 7s...1946
Stinnes 7s unstamped. 1936
1946
Electric 7s
m
/65
1955
7s unstamped
Toho
92
1947
Tollma 7s
1951
—
United Steamship 6s..1937
A8
22
Unterelbe Electric 6s. 1953
/33%
35
Vest en Elec Ry 7s
/19
23
Wurtemberg 7s to....1945
1947
Nashua
20 Hotel Westminster Co.
9
Massachusetts
Western
13
Directors
30
Eastern
11%
-
20
25
/19
/22%
$100
par
—
30%
$2.50 lot
5
Realty
Utilities
Associates
convertible
Bangor Hydro-Electric Co. common,
3%
29%
34
$5 lot
$5
7% preferred—
Companies
par
17%
$25
By Barnes & Lofland, Philadelphia:
Shares
$ per Share
Stocks
12 1054-3000 Guarantee Trust
94%
101%
108
Passumpsic Rivera RR. preferred, par $100
Manufacturing Co. common,
24
#» ««■
93%
99%
/23
Tucuman
Stocks
23%
93
1950
—
mm
93%
A0%
City 7s
mm*
mm
/58
/20%
/21
Tucuman Prov 7s
■
Hanover Harz Water Wks
6%
1957
Hansa S3 6s stamped. 1939
/38%
/9
Y.)
(N.
Shares
97
105% 106
115% 116%
45
/40
A8
/38%
Corp.
15%
Silesia Electric 6%s
/14H
Realty
$100
25%
Saxon Pub Works 7s..1945
Serbian coupons
Coupons
stamped
Graz (Austria) 8s
1954
Gt Brit & Ireland 5Ha '37
4s
1960-1990
Haiti
...
/12
Apr 15 '35 to Apr 15 '36.
German
...
Santander (Colom) 78.1948
Sao Paulo (Brazil) 6s. 1943
attached
coupons
Harrison-Rye
(N. Y.) common, par $10
156
1947 / 18%
stamped..1942 /56
Scrip
25
Dawes
Coupons
stamped
8%
Santa Fe 7s
German defaulted coupons
July to Dec 1933
7%
1957
Salvador 7% ctf of dep '57
Salvador 4% scrip
Santa
Catharina
(Brazil)
26
Building & Land-
Jan to June 1934
Saarbruecken M Bk 6s '47
$6 lot
5
34
'
Salvador
subs,
5 Greenport Playhouse Inc.
25
Royal Dutch 4s
&
1 common, par
/40
/28
/31
A5%
/21%
Rhine Westph Elec 7%
$ per Share
Stocks
16 80-100
(Ger¬
Prov Bk Westphalia 6s '36
Wednesday
$92,000 International
& Great Northern RR. 6% adjustment bonds due 1952; April 1931 & subs,
coupons attached; $30,000 New Orleans Texas & Mexico RR. 4% % bonds
due 1956, Aug. 1933 & subs, coupons attached; $33,000 New Orleans Texas &
Mexico RR. 5% bonds due 1935, April 1933 & all subs, coupons attached;
and $43,000 Norfolk Southern RR. 1st & ref. 5% bonds due 1961, Aug. 1932
1945
Prov Bk
SALES
380 Manhattan Ry. Co. (N. Y.) (unmodified), par $100;
1968
scrip
23
/64
192
By Adrian H. Muller & Son, New York:
52
to
-
...
Ex-dividend.
Shares
23
23
—
...
190
237
185
190
57 Chicago Joint Stock Land Bank of Chicago, 111...
100 Atlantic Holding Co. Inc. (Va.) preferred, par $100
---
48
Panama 5%
25
189
236
185
192
236
143
of the current week:
---
/25
/19
25%
/22
(7%)
AUCTION
/ 92
A9
/32H
190
233
181
191
The following securities were sold at auction on
Nat Central Savings Bk
Porto Alegre 7%
Protestant
Church
European Mortgage & In¬
(8%)
Salzdetfurth (7H%)
/21%
/24
Municipal Gas & Eleo Corp
Recklinghausen 7s..1947
Nassau Landbank 6%s '38
Natl Bank Panama 6%%
/22H
A9
July 1934 to May 1936..
German scrip
17
194
237
142
16
96
143
53%
1945
1948
15
98
17
192
142
16
Mannesmann Roehren
23
1945
bank 6 H %
15
96
142
...
143
24
Duiaburg 7% to
German
172
(6%)
Hamburg Electric Werke (8%)
Hapag
28
/52
Duesseldorf 7a to
German Atl Cable 7a. .1945
172
144
142
171
142
Oberpfals Eleo 7%...1946
Oldenburg-Free State 7%
12
142
174
174
142
North German Lloyd 6s '47
4s
1947
53
Gelsenkirchen Min 6a. 1934
96
172
142
142
Farbenindustrle IG (7%)
/19
53
/51
French Govt 5 Ha
1937
French Nat Mall S3 6s '62
95
Gesfuerel
/22
C C & D 7
68%
/23%
1945
129
125
95
75
1945
11
68
1966
126
95
96
24%
1952
7s
11%
-
_
Munio Bk Hessen 7s to '45
...
/24
1949
7 Ha
127
126
95
49
45
vestment
124
126
126
126
/47
/44
51H
Frankfurt 7s to
122
Dreadner Bank
1959
6%s
Montevideo 6s
55
1953
95
Siemens & Halske
48
6Hs
123
/ 95
18%
18%
Minas Geraes 6%s
23%
/50
Electric Pr (Germ) 6Ha '50
122
95
/17%
A 7%
68%
/70
Cordoba 7s stamped--1937
Dortmund Mun Utll 6a '48
122
94
1958
1959
Mannheim <& Palat 78.1941
Meridionale Elec 7s...1957
/24
/ 65
/46
Cundinamarca
119
95
Miag Mill Mach 7s...1956
7%
11
pest, 7a
1953
Columbia scrip issue of '33
Issue of 1934 4%.-.1946
5a
122
(8%)
(7%)
58%
/24
Water
22%
/66H
Costa Rica funding 5% '51
Costa Rica Pao Ry 7 %s '49
93
124
Deutsche Bank und Dlsconto-Gesellschaft.. 95
Deutsche Erdoel (4%)
122
Deutsche Reichsbahn (German Rys) pf 7%-126
Dessauer Gas
—
/22
/23
/2H
1957
119
151
93
1948
City Savings Bank, Buda¬
7s stamped
119
151
93
f27
6%
1968
119
151
93
/25
/6
1947
118
150
93
Leipzig Trade Fair 7s. 1953
Luneberg Power Light &
12
(Peru) 7H%—1944
1946
150
93
Leipzig O'land Pr 6%s '46
Caldaa (Columbia) 7Ha '46
Call (Colombia) 7%__1947
Callao
118
150
9%
6%
46
Ceara (Brazil) 8%
Chilean Nitrate 5a
117
Licht
u.
16%
Buenos Aires scrip
/44
Burmelater & Wain 6a. 1940 /109
Cauca Valley 7%s
38
Land M Bk Warsaw 8s *41
Munich 7s to
1953
38
16
Brown Coal Ind Corp—
6 Ha
38
Coupons
Koholyt 6%s
/5
/20H
37
Commerz'und Prlvat-Bank A. G
...
Hungarian defaulted coups /20 40
/24
Hungarian Ital Bk 7%s '32
/24
Ilseder Steel 6s
1948
38%
Jugoslavia 5s
1956
37
21
/17
A4%
A5
/9
/8
/20H
my*
/25
37
Berliner Kraft
Hungarian Discount & Ex¬
20%
'
7a
Allgemeine Elektrlzltaets-Gesellschaft
Berliner Handels-Geselischaft (6%)
/24_.
r 19
/32H
A8%
Cons
Cit 7% to
1945
Bogota (Colombia) 6 Ha '47
Ask
Bid
1936
29
Per Cent of Par
Ask
change Bank 7s
28
27
26
May
May
May
May
May
23
Foreign Unlisted Dollar Bonds
received by cable
as
5
Bank
National
First
Co., Atlantic City, N. J., preferred, par $10...
5%
par $100
356
of Philadelphia,
35%
Co. for Ins. on Lives & Granting Annuities, par $10
$100
18 Pennsylvania
537
1 Provident Trust Co., par
23
By A. J. Wright & Co., Buffalo:
24%
The
%'per Share
$0.30 m
Slocks
Shares
5
Como
Mines
—
tSoviet Government Bonds
Bid
7% gold rouble
1943
ma
Ask
Union of Soviet Soo Repub
Ask
91.35
10% gold rouble...1942
87.61
—A survey of
the Fenner &
For footnotes see page 3658,
THE
PARIS
appear
BOURSE
Quotations of representative stocks
day of the past week:
as
received by cable
Francs
Bank of France
Francs
5,700
Francs
5,900
Francs
Francs
5,800
5,800
Francs
6,000
770
760
compared with 29.23 as of May 15,
316
314
Allen & Co.,
196
201
202
201
19,300
19,400
19,300
690
659
661
1,060
1,070
1,050
18
d'Electricitie
Cie Generale Transatlantlque...
Citroen B
193
19,300
741
18
1,050
25
380
380
370
379
Comptoir Nationale d'Escompte
Coty S A
785
130
810
130
130
Courrieres
181
188
182
470
480
465
1,080
Credit Lyonnalse
Eaux Lyonnalse
130
Nord Ry
1,350
1,300
1,360
1,160
398
1,170
1,170
556
553
527
511
508
810
830
689
820
800
690
683
694
989
390
820
4%, 1917
Rentes 4%. 1918
Rentes 4%%, 1932 A
Rentes 4%%, 1932 B
Rentes 5%. 1920
Royal Dutch
Saint Gobaln C & C
Cie
Soclete Francalse Ford
Societe Generale Fonclere
Societe Lyonnaise
Soclete Marseillaise
Silk, pref
Union d'Eelectricltle
Wagon-Lits
4..
999
986
976
380
386
392
13
1,180
13
1,145
13
1,127
68.10
68.40
68.00
72.80
.71.80
91.10
2,690
68.30
68.70
68.40
73.25
72.25
91.80
2,670
68.10
67.70
68.30
71.70
68.25
68.00
72.00
70.60
70.90
90.60
2,760
1,150
91.50
1,215
68.60
68.00
72.20
71.10
91.40
2,710
1,170
67.90
1,157
'
...
920
860
843
50
45
45
43
33
33
34
33
1,151
1,186
1,165
1,166
531
532
630
525
63
64
66
65
370
384
385
385
42
42
43
44
67.50
a
week
May 22
a
net decrease
1.22,
was
a
of 0.31.
Average
net decrease of 0.01
ago.
—Frank F. Walker, of Eastman, Dillon &
Co., has been nominated for
presidency of the Bond Club of New York for the ensuing year to
succeed
The election will be held at the annual meeting on June 25.
Ford, of the First Boston Corp., has been nominated for office of
Ralph T. Crane.
Nevil
year
the past year.
399
nominations
Starkweather
&
National Bank.
of Morgan
2,800
the
1935-1936.
Other
875
Rentes
reported
Mr. Ford has been Chairman of the committee on arrangements for
13
1,145
Pechiney
92.95 on May 15
of price to book value on
Vice-President to fill the post held by Mr. Walker during
480
Orleans Ry
Pathe Capital
Tublze Artificial
1,350
1,180
400
565
508
HO LIDAY
18 bank and trust company stocks as of May 22 was
92.64 compared with
the
1,340
Energle Electrique du Nord
Energle Electrique du Littoral..
Average ratio of price to liquidating
stocks decreased 0.02 from the 1.17 reported a week ago
from the 1.23
1,170
400
552
Kuhlmann
Schneider &
782
' 130
May 22 was 28.51
net decrease of 0.72 according to
a
value for these 20
ratio
464
790
20 Broad St., N. Y. City.
Average price for
180
Credit Commercial de France...
Rentes, Perpetual 3%
Average price for 20 insurance company stocks as of
790
333
19,400
Cie Distr. d'Electricitie
Lyon(PLM)
pating a large increase in residential activity, the Service states.
750
Canal de Suez
ample supply of low-cost
under the Federal Housing Act are the reasons for antici¬
320
Banque de Paris et Des Pays Baa
Banque de l'Union Parislenne..
Canadian Pacific..
L'Alr Liquide
localities, rising rents and realty values, and an
mortgage money
May 23 May 25 May 26 May 27 May 28 May 29
and industrial machinery industries
the building supply
currently to have the most favorable long-term prospects of any of
Existing housing shortages in a number of
28 industries reviewed.
the
each
the position and prospects of 28 industries, prepared by
Beane Industries Service, shows that on the basis of facts
available,
now
CieGenerale
NOTICES
CURRENT
Union of Soviet Soo Repub
87.61
Co.,
John
K. Starkweather, of
For Treasurer, John S.
Linen, of the Chase
include;
Inc.
For
Secretary,
For members of the Board of Governors: Perry E. Hall,
Stanley & Co., Inc.; Albert H. Gordon, of Kidder, Peabody &
Co.; and J. Taylor Foster, of Foster & Co., Inc.
Members of the nominating committee were Francis T.
Ward, Sidney J.
Weinberg, Albert O. Lord, Frank M. Stanton and E. F. Grant Taff.
—The Trading
Department of Distributors Group, Inc., 63 Wall St.,
New York, has just compiled, for security dealers
only,
a
list of some 60
currently available in
compilation includes interest coverage figures, approxi¬
unlisted industrial bonds of various grades which are
the market.
41
The
mate markets and yields.
—Announcement is made by S. H. Junger,
&Co., of the formation of
businessto be known as
City.
a new
formerly with H. D. Shuldiner
firm to transact a general over the counter
S. H. Junger Co.
with offices at 70 Pine St., N.Y.
II. Wilson Duvall, Jr. will be associated with the firm.
3660
Financial
General
Chronicle
May 30, 1936
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
FILING
OF
REGISTRATION
STATEMENTS J UNDER
SECURITIES ACT
Exchange Commission on May 27
additional registration statements
(Nos. 2167-2180, inclusive, and 1900, a re-filing) under the
Securities Act.
The total involved is $83,947,322.08, of
which $60,868,628.75 represents new issues.
One state¬
ment involving $400,000 was received as a re-filing.
The securities involved are grouped as follows:
announced the filing of 14
No. of Issues
Type
14
Commercial and Industrial
1
Securities in Reorganization-1
R. S.
Pressed Metals od America, Inc.
and
Securities
The
be offered by them at the prevailihg market price.
Shainwald, of San Francisco, is president.
Filed May 19.,1936.
(2-2175, Form A-2) of Port Huron,
Mich, has filed a registration statement covering 11,299 shares (no par)
common stock.
Warrants are to be issued to common stockholders or the
corporation of record June 15, 1936, entitling them to purchase one share
of the.new stock for each ten shares held at a maximum price of $25 a
share.
Any shares not purchased by Aug. 1, 1936, are to be offered at a
maximum price of $25 a share.
The proceeds from the sale of the stock
are to be used for additions to plant,
equipment and machinery, and to
increase working capital.
John W. Leighton, of Port Huron, is presi¬
dent.
Filed May 19, 1936.
the underwriters may
Total
$60,868,628
3,793,033
19,285,660
Voting- Trust Certificates
The total includes the following issues for which releases
have been published:
Wisconsin Public Service Corp.—$25,000,000 of 1st mtge. 4% series
bonds, due 1961.
(See details in v. 142, p. 3534).
(Docket No. 2-2168,
Form A-2, included in Release No. 793.)
Fairbanks, Morse & Co.—$6,000,000 of 20-year 4% sinking 'fund
debentures, due June 1, 1956.
(See details in V. 142, p. 3506.)
(Docket
No. 2-2177, Form A-2, included in ReleaseNo. 801.)
Universal
Corporation.—$4,000,000 of 10-year 5% convertible Tdebentures; 1,089,232 2-3 shares ($1 par) common stock; 80,000 shares f(no
par) $6 series conv. pref. stock; 533,333 1-3 shares ($1 par) common
stock; voting trust certificates for 1,622,566 shares of common stock; and
warrants and scrip certificates for common stock.
(See details on sub¬
sequent pages.)
(Dockets Nos. 2-2178, 2-2179, and 2-2180, included in
F. L. Jacobs Co. (2-2176, Form A-2) of Detroit, Mich., has filed a
registration statement covering 28,075 shares ($1 par) common stock and
warrants evidencing rights to purchase the stock.
The warrants are tanaaferable and "will be Issued to common stockholders of the company entitling
them to subscribe for one share for each ten shares held, at $10 a share.
The warrants are exercisable for 15 days from the date of issue.
Any
shares not purchased by stockholders will be sold to the underwriter, John
O. Grier & Co., Inc., of Detroit, at $10 a share, and will be offered publicly
at the market.
The proceeds from the sale of the stock will be applied to
payment of the balance of the purchase price of a new plant, to reimburse
the company for the down payment of the plant, to moving machinery
and equipment to the new plant and for repairs to it, and to working capi¬
tal.
Rex C. Jacobs, of Detroit, is president.
Filed May 19, 1936.
Iniskin
G. A. Dye. (2-2167,
are as
follows:
Form A-l) of Tulsa, Okla,. has filed
a
registration
statement covering interests in an oil and gas "syndicate drilling agree¬
ment".
The smallest fractional interest in the agreement proposed to be
offered for sale is a $100 interest which would give a 1-10,000 undivided
interest in oil and gas to be produced upon ten units or tracts, if oil or gas
is discovered.
The registration, it is stated, proposes to acquire various
of leases in the states of Oklahoma, Kansas, Texas,
Louisiana,
Arkansas and New Mexico and each block of leases is to be designated as
unit.
An interest holder shall have an interest in ten of these units, it
The total amount of the offering is $1,000,000.
Filed May 15.
a
is stated.
1936.
Lava Cap
Gold Mining Corp. (2-2169, Form A-l) of Ansonia, Conn.,
registration statement covering 2,470,755 shares ($1 par) com¬
mon stock.
According to the registration statement. Mines Development
Co., of Buffalo, N. Y., the principal underwriter, will initially offer 223,000 shares to the public, of which 125,000 shares are for the account of the
corporation and 98,000 are being sold by stockholders.
The stock will be
offered at the market price on the Toronto Stock
Exchange.
The balance
of the stock being registered is presently outstanding and may be offered
from time to time by the stockholders.
The net proceeds from the sale
of 125,000 shares by the corporation are to be used for general corporation
purposes.
Leslie H. Jockmus, of Ansonia, is president.
Filed May 15,
a
Thorrez & Maes Manufacturing Co. (2-2170, Form A-l) of Jackson,
Mich., has filed a registration statement covering 72,050 shares ($1 par)
common stock, of which 65,000 shares are to be offered publicly at $3.75
a share and 7,500 shares are to be offered to employees or the
company at
$3.25 a share.
All of the stock being registered is owned by Camiel Thor¬
rez, Victor Maes and Henry Thorrez, incorporators of the company.
Ameri¬
can Industries Corp., of Detroit, Mich,, is the
principal underwriter, and
Oamiel Thorriz, of Jackson, is,president.
Filed May 16. 1936.
Barlow & Seelig
Wis., has filed
filed for eight issues under Rule 202,
registration certain classes of offerings
exceeding $100,000.
The act of filing does not indicate
Prospectuses
Other securities included in the total
has filed
a
Oil and Gas
Release No. 803.)
blocks
Drilling Co. (2-1900, Form A-l, refiling) of Los Angeles, Calif.,
registration statement covering $400,000 of undivided interests in
Operating Rights under Unit Develgoment Plan of United
States Government Oil and Gas Prospecting Permits, to be offered at $1
for each 1-400,000 undivided interest in all of the operating rights to be
sold.
The operating rights are on 30,000 acres of land situated on the
Iniskin Peninsula, in Alaska.
R. E. Havenstrite, of Los Angeles, is presi¬
dent.
Filed May 15, 1936.
bas filed
Manufacturing Co. (2-2171, Form A-l) of Ripon,
registration statement covering 95,000 shares ($5 par)
$1.20 cumulative convertible Class A common stock, to be offered at a
proposed price of $19.75 a share, and 115,000 shares ($1 par) common
stock, of which 95,000 shares are reserved for conversion of the Class A
common, and20,000 are to be offered through purchase warrants at approxi¬
mately $25 a share.
The company is also registering stock purchase war¬
rants covering 20,000 shares ($1 par) stock to be issued to the underwriters
and may be offered at not more than $5 a warrant.
The Class A common
stock and the 20,000 shares ($1 par) common stock to be offered are pres¬
ently outstanding in the hands of a few stockholders, it is stated, and the
company will not receive any proceeds from the sale of these securities.
The Class A common is conver. into $1 par common on or before May 31,
1939, on a share for share basis and thereafter on the basis of one share
for four-fifths of a share of $1 par common.
H. M. Byllesby & Co., and
Paul H. Davis & Co., Chicago, are the principal underwriters.
M. R.
Scott, of Ripon, is president.
Filled May 18, 1936.
a
Herring-HalLMarvin Safe Co. (2-2172, Form A-l) of Hamilton, Ont.,
has filed a registration statement covering $360,000 of 1st mtge. 5% fiveyear convertible bonds and 9,000 shares (no par) common stock into which
the bonds are convertible.
The bonds being registered were sold at private
sale on March 30, 1936, to New York Trust Co., it is stated, but as the
bonds are convertible, the company reserved the right to
reacquire any or
all of them for offering to stockholders.
On April 7,1936, the board of
directors of the company resolved to offer the bonds to stockholders pro¬
rata at the
principal amount plus accrued interest.
The bonds are con¬
vertible into common stock at any time prior to April 1, 1941, in the ratio
of 25 shares for each
$1,000 principal amount.
Chicago, is president.
Filed May 18, 1936.
Maurice Rothschild* of
Unified Debentures Corp. (2-2173, Form E-l) of Newark, N. J., has
a registration statement, covering $7,965,370 of coupon debentures,
1, 1955.
The debentures will bear fixed interest payable semi¬
were
which exempts from
not
that the
exemption is available or that the Commission has
made any
finding to that effect.
filings is given below:
A brief description of these
Pechal Development
Co., Inc. (File 3-3-642) Tahoka, Texas.
Offer¬
ing 98,000 shares of capital stock ($1 par) at par.
Will Pechal, Tahoka,
Texas, is president.
The offering is to be made through James B. Murrow,
299 Broadway, N. Y. City.
Mclntyre
Inc.
Super Markets,
(File 3-3-643)
2613
Deming
Ave.,
Columbus, O.
Offering 25,000 shares of class A common stock (no par)
at $4 per share.
John E. Mclntyre, 2613 Deming Ave., Columbus, 0„
is
The offering is to be made through W. A. Kissel & Co.,
president.
82 Wall Street, New York.
Black Gold Exploration Trust No. 2 (File 3-3-644) Oklahoma City,
Okla.
Offering 9,250 beneficial interests of $10 par vlaue at par.
Thomas
J. Ruddy, 604 Commerce Exchange Building, Oklahoma City, Okla., is
the sole trustee.
No underwriter is named.
Mutual Biscuit Co.
(File 3-3-645) 21st and Burlington, North Kansas
City, Mo.
Offering 20,900 shares of class A common stock ($5 par) at
par.
J. V. Johnson, 1802 Crest Street, St. Josoph, Mo., is president.
No underwriter is named.
Trinity Eureka Gold Mines, Inc.
(File 3-3-646) No address.
Offer¬
ing 10,000 shares of 7% cumulative preferred stock ($10 par) at par. Rich¬
ard A. Hill, 756 S. Broadway, Los Angeles, Calif,, is president.
No
underwriter is named.
Gold
Coin
Mining
Exploration Co.,
and
Inc.
(File 3-3-647)
455
Granville Street, Vancouver, B. C.
Offering 100,000 shares of class A
stock ($1 par) at par.
A. G. Larson, 1436 PendreU Street .Van¬
common
The offering is to be made through W. A.
B. C., is president.
couver.
Kissel & Co., 82 Wall Street, N. Y. City.
Jitsey Fastener Co., Inc. (File 3-3-648) 5219 Hoover Street, Los
Angeles, Calif.
Offering to brokers, security dealers and prospective in¬
vestors 3,000 shares of preferred stock ($10 par) and 800 snares (no par)
common stock in units of 10 shares of preferred and 1 share of common
at $125 per unit.
Mabel V. Clark, 5219 S. Hoover Street, Los Angeles,
Calif., is president.
No underwriter is named.
Lessings, Inc. (File 3-3-649) 20 Broad Street, N. Y. City.
Offering
5,000 shares common stock ($3 par) at the market.
Lawrence A. Lessing,
Bayport, New York, is president.
No underwriter is named.
The following
registration statements also were filed with
details regarding which will be found on subse¬
quent pages under the companies mentioned:
the SEC,
Associates Investment Co.
(No. 2-2185, Form A-2) covering 60,000
($100 par) 5% cumulative preferred stock; 63,750 shares (no par)
stock, and 60,000 warrants to purchase common stock.
Filed
May 23, 1936.
shares
common
California Water Service Co. (No. 2-2187, Form A-2) covering $10,000,000 ist. mtge. 4% bonds, series B, and $550,000 serial notes.
Filled
May 23, 1936.
Wisconsin Power & Light Co.
(No. 2-2188, Form A-2) covering
$32,000,000 1st mtge. bonds, series A, 4%, and $3,700,000 4% serial de¬
bentures.
Filled May 25, 1936.
Commercial Credit Co.
(No. 2-2189, Form E-l) covering $25,000,000
Filed May 25, 1936.
of preferred stock and $4,600,000 common stock.
Consolidated Oil Corp. (No. 2-2193, Form A-2) covering $50,000,000
15-year convertible 3H% debentures and 2,000,000 shares (no par) com¬
stock.
filed
mon
due June
Otis Steel Co. (No. 2-2194, Form A-2) covering $13,000,000 1st mtge.
sinking fund 4M % bonds, series A, due June 15 1956.
Filed May 27,1936.
annually on Jan. 1 and July 1 at the following annual rates: 2% for the
first five years; 3% for the second five years,;4% for the third five years;
and 5% for the fourth five years. The debentures are to be exchanged for
the following securities: American Home Security Corp. collateral trust
gold bonds, series C; Federal Home Mortgage Co. guaranteed first mort¬
gage collateral gold bonds, series AM and BM; Fidelity Home Investment
Co. guaranteed first mortgage collateral gold bonds, series A and B; Home
Mortgage Co. guaranteed first motrgage collateral gold bonds, series A to L
(including series B1 and B2): Illinois Standard Mortgage Co. guaranteed
first mortgage collateral gold bonds, series A to E, inclusive; Illinois Stand¬
ard Mortgage Corp. guaranteed first mortgage collateral gold bonds, series
F and G; Mortgage Assurance Corp.
guaranteed first mortgage collateral
gold bonds, series A; Southern Securities Corp. guaranteed first mortgage
collateral gold bonds, series A. B and C; Union Mortgage Co. guaranteed
first mortgage collateral gold bonds, series J. KM, LM, MM, NM, OM,
PM and QM; Union Mortgage Investment Co. guaranteed First mortgage
collateral gold bonds, series RM; and Universal Mortgage Co. guaranteed
gold bonds, series Breceive for each the plan bond exchanged: $300 cash;
and E. Under $1,000 of adjustment, the assenting
ondholders
to
are
cash payment of a sum equal to interest at the rate specified in the bonds
up to and including Dec. 31, 1934; and $700 principal amount of the new
debentures.
Proportionate distributions are to be made in case of bonds
of less than
$1,000 denomination.
Filed May 18, 1936.
Paraffine Companies, Inc. (2-2174, Form A-2) of San Francisco, Calif.,
a registration statement covering 23,804 shares of ($100 par) 4%
has filed
convertible preferred stock and 23,804 shares (no par) com¬
stock to be reserved for conversion of the preferred on a share for share
basis.
The preferred stock is to be offered to stockholders on the basis of
one share for each 20
shares of common held.
Transferable warrants
cumulative
Texas
tures.
Filed May 27, 1936.
Corp. (No. 2-2197, Form A-2) covering $60,000,000 3H% deben¬
Filed May 27,
1936.
Crane Co.,
year
Chicago (No. 2199, Form A-2) covering $12,000,000 153H% sinking fund debentures due June 1, 1951. Filed May 28, 1936.
In
making available the above list the Commission said:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The last
in
our
previous list of registration statements
was
given
issue of May 23, page 3494.
Abbott Laboratories, Inc.—Extra Dividend—
The directors have declared an extra dividend of 10 cents per share and a
quarterly dividend of 75 cents per share on the common stock, no par value,
both payable July 1 to holders of record June 18.
Similar payments were
made on April 1 last, at which time the regular quarterly dividend was
raised from 50 cents to 75 cents per share.
Previous extra dividends were
paid as follows:
25 cents on Jan. 2, 1936; 30 cents on Oct. 1 and July 1,
1935; 25 cents on April i, 1935; 15 cents Jan. 2,1935; 10 cents Oct. 1, 1934;
15 cents on July 2, 1934, and 10 cents per share on April 1, 1934.
A stock
dividend of 33 1-3% was paid on the common stock to holders of record
Nov. 1, 1935.
mon
evidencing subscription rights will be issued to the common stockholders.
The prospectus states that any part of the preferred stock purchased by
■To Increase Stock—
A special meeting of stockholders has been called for July 14 to vote on
increase in the authorized capital stock to 1,000,000 shares from 200,000
and a proposed 3-for-l stock split-up.—V. 142, p. 2812.
an
Financial Chronicle
Abitibi Power & Paper Co., Ltd .—Receiver's
3661
Report—
G. T.
Clarkson, Receiver and Manager, says in part:
10, 1932, G. T. Clarkson was appointed Receiver
and Manager of company by the
Supreme Court of Ontario, upon the
application of Montreal Trust Co., trustee, securing the 1st mtge. bonds.
Under date of Sept. 26, 1932, F. C. Clarkson, Toronto, was appointed
_
Under date of Sept.
Specialists
All
Rights and Scrip
Srovisional (and subsequently permanent) liquidator of the company,
ecoming entitled, as such, to receive any equities which might exist in
the assets of the company over and above the claims of bondholders and
those which were secured and
payable in priority thereto.
Under date of
Dec. 20, 1935, F. C. Clarkson resigned as permanent liquidator, and R. S.
McPherson, Chartered Accountant, Toronto, was appointed to his place.
The appointment of Mr. McPherson in no way
changes or varies the position
of the receiver and manager in
charge of the assets and operations of the
company subject to the supervision of Court.
In the latter part of Jan., 1936, the Hon. Peter Heenan, Minister of
Lands and Forests of the Province of Ontario, intimated to members of the
bondholders' committee that the Ontario Government desired to have
Abititi reorganized as soon as reasonably practicable, giving it as his opinion
that, reorganized, the company could operate to better advantage than it
could while in receivership and that greater flexibility would thereby be
provided for dealing with assets not required in the production of newsprint
paper and pulp and with respect to the physical improvement and adjust¬
ment of certain of the company's properties.
Steps are now being taken
by the committee looking towards the preparation or a plan of reorganization
with the necessity, however, of obtaining engineering reports relative to the
company's properties and information as to what improvements can be
made thereto with advantage—of adjusting the timber concessions of the
company—also of determining what amount of new moneys must be ob¬
tained to provide the company with funds to make improvements to its
properties and adequate working capital, and of ascertaining the terms and
conditions upon which such new moneys can be secured.
Some time must
necessarily elapse before any plan can be constructed.
1935
1934
$10,906,209
325,971
$9,371,839
329,940
Total*
$11,232,180
Oper. costs incl. adminis., superintendence and gen.
exps., but before providing for depr. & bond int.
9,357,033
Discount on United States funds
Cr38,452
$9,701,779
Sales of power
tf
McDonnell & Co.
w
120
BROADWAY,
TEL.
Alabama Great Southern RR.—Earnings.—
April—
1936
.
Gross from railway
7,745,330
96,972
Bay Paper Co., Ltd
Sundry minor ouerating profits
Amc. prev. provided as res. for doubtful debts—
restored--.
now
$1,859,476
39,819
25,403
124,902
12,179
advances
to Thunder
100,000
Total
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$2,078,821
tributary thereto
$1,996,558
163,675
163,675
Allied
on receiver's certificates and overdraft
Cost of issue of receiver's report
re:
Owners
on common
stock of Provincial Paper,
75,000
42,000
48,000
50,000
48,000
48,000
$953,927
Statement of Nominal Surplus for Period Prior to Receivership as Shown by
Balance Sheet as at Dec. 31, 1935
Nominal Surplus for period prior to Sept. 10,1932 as per balance
sheet at Dec. 31, 1934
$6,271,993
Add—Adjustment of reserve for investment in bonds
47,575
Sundry adjustments
1,754
-
Sept. 10, 1032
as per
$6,321,323
Balance Sheet Dec. 31
1935
Cash
on
1934
$
hand and
on
deposit
$
$223,300
689,211
$35,373
314,260
794,518
947,521
3,647,114
72,150
67,852
941,235
696,713
2,677,881
38,500
38,689
wholly owned subsidiaries
37,428,563
Investment in shares of and advances to Thunder
37,532,254
Accounts receivable, customers, less reserve
Receivable from subsidiary sales
company
newsprint shipments, less
for
reserve
Rec. from other subs., represented by curr. assets.
Inventories
Investments in bonds
_
-
Deposits with trustee for bondholders
Investments
in
the securities
Bay Paper Co., Ltd
of and
advances to
8,139,726
i
Investments in shares of and advances to corpora¬
tions other than wholly owned subsidiaries
Investments in mills and equipment, railways,
Chattels and equipment
expenses
Total
Liabilities—
1,505,367
48,258,437
48,245,981
19,950,368
327,004
32,220
200,327
122,240,593
Real estate and office buildings
Prepaid
8,140,304
1,500,613
327,004
32,029
173,120
waterpowers, townsites and buildings.
Timber concessions and freehold timber owned
120,676,483
19,939,429
$
Wages accrued & payable
Sundry accounts payable
Receiver's certificates (secured)
Further Claims—
any
1936—3 Mos.—1935
1936—12 Mos.—1935
142,
Alton
P.
$489,739
$60,278
$2,264,221
$1,348,357
3153.
RR.—Earnings.—
April—
,
1936
1935
$1,251,189
269,849
2,777
railway
$1,069,195
169,875
def54,105
$985,653
139,792
def64,546
$1,012,369
242,495
67,130
4,963,875
1,029,779
13,523
4,205,811
801,064
def36,629
3,873,187
754,095
def49,141
3,900,696
1934
1933
From Jan. 1—
__
916,447
95,679
—V. 142, p. 2982.
depreciation of mills and
properties and towards bond interest
$1,205,186
Assets—
for sub. pref.
divs., but before Fed'l
income taxes
Gross from railway...._
Balance available for
Nominal surplus for period prior to
balance sheet as at Dec. 31. 1935.
1,224,201
129,869
def49,244
& prov.
Net from railway
Net after rents
100,000
CrlOO.OOO
Ltd--
1,591,641
335,109
233,279
Corp. (& Subs.)—Earnings—
Net from railway
Net after rents
743
of G. H. Mead Co. shares
Divs.
1,572,920
174,209
28,602
Corp.—No
Period End. Apr. 30—•
Profit after deprec., int.
Yo".66o
bondholders meeting
...
57,232
$357,681
92,869
43,625
87,112
an order directing
corporation,
additional bonds and
debentures or claims relating thereto which may be filed with him .•The
order also approves the claims of $9,016,000 of bonds and $l,748,0001of
debentures that have been filed.
Bonds outstanding when corporation
entered reorganization had a face value of $9,027,000 and debentures
$1,750,000.—V. 142, p. 3153.
547,644
152,113
4,197
Provision for bad and doubtful accounts receivable
Amount written off the value of pulpwood acquired
prior to receivership and located at shut-down
mill (Ste. Anne division)
Provision for legal and audit expenses
Paid to receiver in respect of remuneration
Amount applied in amortization of purchase price
1933
$412,010
subsidiary of New York Investors, Inc., to reject
Gross from
338,934
221,190
3,092
Interest
Expenses
1934
$428,024
63,300
16,174
Judge Inch in U. S. Court, Brooklyn, recently signed
—V.
Interest
on contract covering purchase of shares of
Thunder Bay Paper Co., Ltd
Cost of carrying idle mills and timber concessions
1935
$521,683
129,827
66,417
1,969,951
455,762
231,886
Net from railway._____
Net after rents
the special master in the reorganization proceedings of this
$1,913,599
on
NEW YORK
2-7815
RECTOR
about $1,150,000.
The lines were involved in'an injunction suit filed by
minority stockholders of the power company^andidecided* by the U. S.
Supreme Court.—V. 142, p. 3495.
Allied Stores
Balance
Interest and discount earned incl. int.
/Now York Stock Exchange
Curb Exchanjf<s
I
Member^ NewY<>rk
—V. 142, p. 3329.
Earnings for Year Ended. Dec. 31
(Including also the results of wholly owned subsidiaries, incl. Thunder
Bay Paper Co., Ltd., but exclusive of Provincial Paper, Ltd.)
Sales of newsprint and pulp
in
$
64,383
58,896
491,635
3,600,000
145,446
538,583
4,008,000
Bank overdraft
American
Commonwealths
Power
Corp.—Distribution
The Delaware Trust Co. of Wilmington, Del., distributing
agent, is
calling attention to the fact that the only form of distribution provided for
the creditors of American Commonwealth Power Corp. consists of capital
stock of Commonwealths Distribution, Inc.
Although nearly two years have elapsed since the decree of the Chancery
Court of Delaware, which authorized and approved the distribution, there
still about $6,667,000 debentures of American Commonwealths Power
are
Corp. which have not been sent in for exchange.
Each $1,000 debenture is entitled to receive 10 shares and a fraction of
the capital stock of Commonwealths Distribution, Inc. which has
recently
been listed on the New York Curb Exchange.
Holders of these debentures should communicate promptly with Delaware
Trust Co., Wilmington, Del. and receive the shares of stock to which
they
entitled.—Y. 140, p. 2690.
are
American Credit Indemnity Co. of New York—Ex¬
change Offer—See Commercial Credit Co. below.—V. 142,
p. 771.
American
Crystal Sugar Co.—To Acquire Factories—
The company has
notified the New York Stock Exchange that it has
entered into an agreement with the Amalgamaged Sugar Co.,
a Utah corporation, of which it has heretofore been the owner of
approxi¬
mately 99% of the outstanding common stock, which, when consummated,
will result in the acquisition by American Crystal Sugar Co. of two of the
factories of the Amalgamated Co. located at Clarksburg, Calif., and Mis¬
soula, Mont., in consideration for which it will relinquish its stock holdings
in the Amalgamated Co..and pay the sum of $270,000 in cash.
The Ameri¬
can Crystal Sugar Co. will purchase at cost all refined sugar manufactured
and any beet pulp and molasses manufactured and on hand at these
plants
and will assume certain outstanding contracts relative to the sale of this
pulp.
The American Crystal Sugar Co. -will also take over certain ac¬
counts receivable originating from the sale of supplies by
Amalgamated to
farmers in the two local factory areas.
Certain adjustments will be neces¬
sary with respect to the expenses for maintenance of the plants between the
date of the agreement and its consummation.
recently
To Reduce
Preferred Stock—
Stockholders at their annual meeting on June 9 will vote on a proposed
in authorized capital stock by 4,253 shares 6% first preferred
decrease
stock, and by the amount of said stock no longer required for exchange for
7% second preferred stock.—V. 142, p. 3496.
American-Hawaiian Steamship Co. (&
Period End. April 30—
1936—Month—1935
Operating earnings
$1,208,091
$955,690
Oper. & gen. expenses..
1,111,312
960,960
Subs.)—Earns.
1936—4 Mos—1935
$4,920,453
4,478,376
$3,536,664
3,635,441
Amounts owing on contract to
purchase shares of
Thunder Bay Paper Co., Ltd. (due 1936-1944)..
2,727,916
General creditors' claims incurred prior to receiver'p
352,584
Reserve for contingencies
23,704
5% 1st mortgage gold bonds
50,161,686
7% cumulative preferred stock
1,000,000
6% cumulative preferred stock
34,881,800
Common stock
18,964,935
Nominal surplus of period prior to receivership
Amount available towards depreciation & bond int.
from operations during receivership period:
As at Dec. 31, 1934
—
...
For year ending Dec. 31,1935
Total
x
Represented by 1,088,117
Akron Canton &
no par
..
Net after rents
1,990,489
1,205,185
1,990,489
1934
$183,426
67,013
36,137
$160,276
44,365
22,472
$158,241
60.343
31.344
$111,025
36,651
18,600
731,167
278,012
159,420
686,142
250,439
153,763
616,604
254,893
147,183
424,937
119,266
43,515
Alabama Power Co.—TVA
Tennessee
Valley
announced
°
its purchase of
transmission lines in Northern Alabama from the Alabama Power Co. for
def$98,776
15,046
$99,608
56,435
def4,358
def$3,323
56.438
$461,410
227,421
14,235
def973
def$83.729
225,806
def3,074
def$45,526
Fed.
$233,015 def$312.610
American-La France & Foamite Corp.—Trustee, &c.—
The Guaranty Trust Co. of New York has been appointed trustee,
paying
agent and registrar for an authorized issue of $3,000,000 20-year income
notes due April 16, 1956.—V. 141, p. 2427.
Light & Traction Co.—Suit Ends—
Jersey, rece&itly reserved decision
hearing final arguments in a stockholders' suit against officers and
directors of the company.
The stockholders, residents of New Jersey,
charge the officers and directors with mismanagement and with "shuffling
corporate interests" to the detriment of stockholders.
The suit was started in 1934 before the late Vice Chancellor John H.
Backes.
Vice
Chancellor
Stein
said
he
would
announce
his
decision
in
the fall.—V. 142, p. 2982.
American Machine & Metals, Inc.—Dividend Increased
The
Buys Transmission Lines—
Authority recently
$442,077
19,333
after
—V. 142, p. 2980.
The
Net profit before
income tax..
def$5,269
1,946
Vice Chancellor Alfred A. Stein of New
1933
From Jan. 1—
Gross from railway
Net from railway
Net after rents 2
Prov. for depreciation..
Non-recurring items
$96,778
2,830
$38,815
Total
American
Youngstown Ryv -Earnings.1935
Net profit from oper..
Other income
—V. 142, p. 2982.
122,240,593 120,676,483
shares.—Y. 142, p. 1108.
1936
April—•
Gross from railway
Net from railway
6,321,323
2,727,916
352,430
29,253
50,161,686
1,000,000
34,881,800
18,964,935
6,271,993
directors
capital stock,
This
have declared
no par
compares
with
—V. 142, p. 3154.
a
dividend
of
15
cents
per
share
on
the
value, payable July 1 to holders of record June 15.
initial dividend of 10 cents paid on April 1 last.
an
Financial
3662
i
American Power &
Period End. Mar. 31—
Net sales
Subsidiaries—
Net
revs,
$84,501,347 $77,520,708
43,395,225 40,279,252
$1(1447,991 $41,106,122 $37,241,456
62,219
87,054
297,092
406,595
from oper..$ll,479,284
Other income
(net)
$10,535,045 $41,403,214 $37,648,051
4,120,907
16,208,098 16,515,117
Crl,280
Cr622
Cr6,027
Crl,337
Gross corp. income--$ll,541,503
Int.to pub. & oth. ded'ns
3,984,395
Int. charged to construe.
retire. & deple'n
appropria'ns__
Prop,
reserve
Balance
Pref. divs. to
public x
>
Portion appi. to min. int.
Net
equity
Pow.
Co.
5,704,991
$4,947,167 $19,031,547 $15,429,280
1,791,839
7,170,062
7,166,137
21,078
88,921
76,053
$5,933,536
1,792,659
21,333
$3,134,250 $11,772,564
$4,119,544
$7,969,089
profit
$3,992,992
2,271,906
296,231
sources)
Gross inc. (all
Interest
2,483,034
paid
615,215
557,083
Federal & State taxes...
charges. _
stockhldrs.
in income of subs
Miscellaneous
$3,134,250 $11,772,564
11,075
22,146
above) $4,119,544
4,542
[,145,325 $11,794,710
54,712
308,668
774,125
2,959,245
_
$3,330,808
$2,316,488 $8,526,797 $4,924,546
applicable to respective periods, whether
Full dividend requirements
or unearned.
earned
,
Notation—AJ1 intercompany transactions have been eliminated from
above statement.
Interest and pref. div. deductions of subs, represent
the
full
requirements for the respective periods (whether paid or not paid) on securi¬
ties 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 subs.
The "net equity of Amer.
Pow. <fc Lt. Co. in income of subs." includes int. and pref. divs. paid or
securities held, plus
the proportion of earnings
which accrued to
held by Amer. Pow. & Lt. Co., less losses where income
accounts of individual subs, have resulted in deficits for respective periods.
stocks
Comparative Statement of Income (Company Only)
Period End. :VL,. o..—
1936—3 Mos.—1935
1936—12 Ma? —1935
Gross inc.-—From subs. $2,290,722
$1,463,228
$9,311,172 $6,460,075
Other
4,542
11,075
22,146
50,557
$840,736 loss$815,071
732,774
1,031,148
$1,573,510
2,186,881
59,718
% pref
cum.pf.stk.ser. B
$2,295,264
68,718
724,560
Expenses, incl. taxes
Int. &
&9,333,318
$1,474,303
54,712
774,125
otljier deduc'ns
308,668
2,959,245
1,068,154
stock
outstanding (par $25)
Earnings per share. _—
Shares
$966,566 def$673,089def$2,148222
14,634,742
14,429,517
16,779,809
$2,893,476
15,828,049
common
1,710,776
1,710,776
1,854,150
$2.26
_
Earned
■
4,310,129
41,860
Capital surplus of sub. co. as of date of acquisition.
Excess of equity in sub. cos. over par value of stock
issued in acquisition
Reduction in reserve provided in prior years for
31,610
17,256
income taxes
bonds of
Excess of face value over cost of acquiring
16,697
subsidiary company
on sale of common stock held in treasury
a
"6.810
12,141
3.991
$11,224,815
$7,850,423
Profit
Surplus Charges'.
Preferred stock
sidiaries and in other inactive
Balance
-
in wholly-owned sub-
1,703,394
companies
$7,406,921
-
Balance from statement of income for
12 months ended March
debentures reacquired by Am.
on
unamortized debt discount and expense
Pow. & Lt. Co., less
of $200,659 applicable
thereto
394,523
146,037
------
Divs. received from subs, from earns, prior to year
Total
1935
$14,012,887
1,190,342
-
Dividends declared—Pref. stock ($6),
$1.50 a share
$5 preferred stock—$1.25 a share
Earned surplus
—
March 31, 1936
1,223,096
1936
8,752,801
1,750,000
381,500
497,311
1,494,000
1,279,822
6,143
.'
securities—other
Notes and loans receivable from subsidiaries
Accounts receivable from subsidiaries
Accounts receivable from others
Reacquired capital stock (5,301 shares common)-29,933
Special deposits—interest and redemption account
137,179
Contractual rights under agreement to sell invest's
in & advs. to Montana Power Gas Co. to the
Montana Power Co. on or before Dec. 31,1942.. 10,589,900
599,786
Accrued int. receivable on above contractual rights
Deferred charges.
3,561,532
&
67,930
149,000
Deficit of sub.
co. as
2,546,851
21,684
29,933
135,796
accounts.
Assets—
276,354
135,796
Liability to deliver securities of Montana Power
Deferred credit—
10,589,900
599,786
10,613,900
743,562
Earned surplus—"
11,599,448
1935
6,778,107
able
2,724,989
1,966,925
cos
6,786,336
7,191,024
other
Cash
Other
220,309
&
receivable
8,749,007
9,344,679
sale
of
23,549,215
666,283
18,752,853
648,635
513,041
507,972
Divs.
21,90 5
notes
State and
foreign income
taxes payable.
debt
10-yr.4K%
Mat.
29,903
163,821
15,000
1
1
2,142,586
1,558,976
for
ing
Other
presented
286,048,965 287,013,456
Represented by preferred ($6) cumulative (entitled upon liquidation
share); pari passu with $5 preferred; authorized, 1,000,000 shs.;
issued and outstanding, 793,581 2-10 shs., inclusive of 35 2-10 shs. of scrip.
$5 preferred, cumulative (entitled upon liquidation to $100 a sh.); pari
passu
with preferred ($6); authorized, 2,200,000 shs.; issued and out¬
standing, 978,444 shs.
Common, authorized, 4,000,000 shs.; issued,
3,013,812 27-50 shs., inclusive of 2,955 27-50 shs. of scrip.
(fund.)
reserves
_.
credits
Paid-in surplus.
Accumulated Dividends—
$6 cum. pref. stock and a dividend of 62
^
cents per share on the no
par $5 cum. pref. stock, both payable July 1 to holders of record
Dividends of 37 K and 31M cents per share, respectively, were
June 8.
paid on
April 1 and Jan. 2 last.
Dividends of 75 cents and 62 H cents per share
were
paid on the respective issues on Nov. 15, 1935.
The dividends
due July 1, 1935 were omitted, prior to which the company paid dividends
on
x
122,956,082
both issues at only one-quarter the full rate in the nine previous quarters.
Month
1936
1935
1934
1933
$10,193,697 $10,630,723 $10,602,865 $10,157,087
9,078,407
9,418,804
9,074,434
8,425,292
of—
January
February
8,860,420
x
April
x
9,048,869
9,234,926
8.446,763
11,207,484
March
11,595,220
9,010,725
8,349.021
Five weeks ended May 2.—V. 142, p. 2655.
American
Zinc, Lead & Smelting Co.—Personnel—
meeting of the directors on May 19, A. W. Dodd was elected Vicewith authority to sign certificates of stock; W. N. Payne was
elected Secretary and Treasurer and Wm. G. Irwin was elected Chairman
of the executive committee.—V. 142, p. 3331.
At
a
President
•
Total.
535,289
124,792
188,311
334,594
6,873,921
7,760,820
-
122,956,082 107,803,776
and depletion in
Meeting Date Changed—Compensation Plan Voted—
The stockholders at their annual meeting held
May 21, voted
the date of future annual meetings to the third Thursday of
an
ment heads
Sound
to change
April and
incentive compensation plan for managing executives, depart¬
and principal
American
executives.—V. 142, p. 3496.
& Telegraph
Damage Suit Dismissed—
'
Telephone
Co.—$3,000,000
Federal Judge John C. Knox has handed down a decision in the U. S.
District Court for the Southern District of New York granting the motion
of the American Telephone & Telegraph Co., Western Electric Co., and
Research
Gogel, who,
American Stores Co.—Sales—
-4
After deducting $36,504,332 reserve for depreciation
Electrical
—V. 142, p. 2654.
107,803,776
561,606
278,248
249,218
185,428
8,482,705
7.345,343
1935 ($34,474,157 in 1934).
approved
The directors have declared a dividend of 75 cents per share on the no
par
'
.
Total
2,000
operat¬
reserves..
Deferred
Total
560,000
exchange-
Current
Fire ins.
x
366,795
748,395
(curr.)._
4>£% notes
not
Steel
Goodwill & patDeferred charges
1,829,926
taxes,
&c.
Instal. of funded
30,023
conv
debs, due 1945
4,826,294
2,486,042
payable-.
Fed.,
278,248
1938
Sheffield
39,660,569
8,118,997
584,184
Accrued salaries,
wages,
on ore
contracts
Insurance fund.
conv.
222,844
fund.debt 45,262,559
payable
stock,
&c_.
due
6,154
re¬
Accts. and notes
on
Inventories
5%
144,353
debt
for
tirement
Total
1,964,900
42,735,150
34,259
stocks
Funded
called
notes
empl.
$
1,932,400
Common stock. 46,322,550
Com. stk. scrip.
31,209
of subsidiaries
(at
cost)
Accts.
1934
$
pref.
cum.
Minorlty
market¬
sees,
6%
Earned surplus.
to $100 a
'
**
292
Liabilities—
S
67,795,081
9,110,316
Gas Co. to the Montana Power Co
—
$7,345,343
series B
Corp. bonds
137,179
m.
24,541
60,334
32,947
1934
S
70,324,945
Property
Advances
278,418
long-term debt and redemption
account (cash in special deposits)
—
Consolidated Balance Sheet Dec. 31
and
on
ml
244,251
acquisition
Due from officers
10,613,900
743,562
3,806,786
mm
«•
$8,482,705
$8,482,705
of date of
1935
5,150,000
401,667
200,176
24,000
•
83,000
Miscellaneous
Inv.in affil. and
x214,645,636 214,645,636
47,533,500
50,810.500
603,372
603,372
61,724
74,019
1, 1936
debs,
conv.
r
Cos. pref. B stk.
Capital stock (no par value)
Long-term debt
on
written off the books
x
Liabilities—
Preferred divs. declared payable April
Accounts payable-
applicableJ
251,319
expenses
applicable to common stock issued pursuant to
conversion privileges exercised
—
Appropriation to increase insurance reserve
Provision for impairment of investments—net
Depreciation on appreciation in value of property. _
Provision for deprec. of plant facilities previously
amortized in Federal income tax returns but not
8,970,894
286,048,965 287,013,456
Total
Matured int.
discount
$
&c—256,969,055 254,368,206
Short-term securities—U. S. Government
Accrued
of
1935
•$
Cash in banks—on demand
Short-term
502,577
to funded debt retired
(Company Only)
Invest, in subs., &c.—stocks, bonds, notes,
192,606
connection with the retire¬
Unamortized debt discount & expenses
Portion
—
221,736
cost of property retired
Appreciation written off
Premium & expenses in
ment of funded debt
—
i
Based on
retirements of plant property:
Balances, Dec. 31, 1935
Assets—
Cash in banks—time deposits
on
$11,599,448
—
Balance Sheet March 31
Loss
>
6,065,404
31, 1936 (as above)
Profit
348,499
1,068,153
Common stock
Earned surplus, April 1, 1935
Reduction in ledger value of investments
Capital
$7 ,760,820
$6,873,921
Surplus Credits:
'
Netincomefor the year—i
$6,510,632
209,092
3,104,009
$3,197,531
1936
$9,110,316
Nil
Year Ended Dec. 31, 1935
Consolidated Surplus Account for
Balances, Jan. 1,1935
Balance carried to
$1,501,986
$645,466
$6,065,405
Summary of Surplus for 12 Moatns Ended March 31,
1,710,776
Nil
$0.49
unrealized profit of $94,626 on foreign exchange,
b Includes administration and selling expenses,
c State income taxes
only,
d Includes gross profit from miscellaneous
operations—net of
$20,709.
e Including 1,248 shares in fractional scrip in 1935, 1,370 shares
in 1934,1,450 shares in 1933, and 1,523 shares in 1932.
Does not include an
a
Cash dividends:
earned surplus.
c4,495
$966,566 lossa$673,089 ls$2,029602
1,320
117,300
348,500
Miscellaneous
Total income.
$216,077
2,241,184
3,628
Surplus
Final surplus
e
See b
458,288
50,557
$8,237,647
209,092
3,104,009
See b
169,087
$4,310,130
Common stock
$8,187,090
1,723,292
of min.
$8,187,090
Bal. carried to consol.
on
$2,957,786
1,035,206
.
Other income
6%
$4,124,086
Exps., incl. taxes.
68,718
Int. to pub. & oth. ded'ns
724,560
common
4,254", 809
$6,021,228
dl,947,861
doubtful accts
Net profit
Total income
earned
127,899
5,631,116
173,635
Rents & royalties
Prov. for
1,828,006
674,361
Cash dividends—6
Other income
earned surplus
660,206
Admin. & selling exps___
Net
1,917,083
2,075,958
income
taxes
Lt. Co.—
subs. (as shown
1935
1934
1933
1932
$76,799,385 $54,485,115 $41,828,918 $27,294,322
39,960,457 x35,636,306 x23,920,428
56,251,499
4,551,530
3,523,869
2,465,673
plant
5,857,845
Deprec. & deple. reserve
Taxes other than
Int.
Net equity of Ann. Pow.
& Lt. Co. in income of
x
Cost of sales
Maint. & repairs to
in
inc. of subsidiaries-
Am. Pow.
6,169,596
1,467,593
1,624,852
of Amer.
Lt.
&
Calendar Years—
1936- -12 Mos.—1935
Operating re venues
$22,806,395 $20,865,519
Oper.exps.,incl.taxes.. 11,327,111
10,417,528
(& Subs.)—Earnings—
American Rolling Mill Co.
Light Co. (& Subs.)— -Earnings—
1936—3 Mos.- -1935
May 30, 1936
Chronicle
as
Products, Inc. to dismiss the complaint of Bernard
assignee of the Standard Sound Recording Corp., brought
suit against these three companies for $3,000,000 damages for their
violation of the Sherman and the Clayton Anti-Trust Acts.
This action is one of 18 so-called "treble damage" suits brought by
alleged
various
makers of talking picture equipment or users thereof who have sought
monetary redress from the Western Electric Co. and its associates on the
ground that this group was engaging in a monopoly in restraint of trade
in the sale and lease of talking motion picture equipment.
Judge Knox, in his opinion granting the motion, says:
"Assuming for the purposes of the instant motion that the acts of de¬
fendants, as alleged by plaintiff, were violative of both the Sherman and
Clayton Acts, the complaint, in my opinion, fails to set forth a cause of
action.
The plaintiff sues not in a public but a private capacity;
consequently he must show affirmatively and in what manner the defend¬
ants' acts have injured his assignor.
So far as I am able to discern .
.
.
...
Volume
Financial
142
his allegations fall short of showing a causal
which defendants engaged.
connection to the wrongs
The directors have
as must
variety of circumstances quite unconnected with defendants may have
been productive of such disasters as came about.
The mere averment of
his own conclusions that he was 'prevented and foreclosed from carrying
on the business due to the actions and conspiracies complained of herein'
falls short of a 'plain and concise statement of the facts' as required by the
Civil Practice Act.
The pleading under attack is singularly free
of revelation as to what the assignor was doing as well as the manner in
which its operations were curtailed and frustrated by the defendants.
"$3,000,000, the sum alleged as the plaintiff's damage, is a sizeable
amount.
From all that is declared, there is no reasonable relationship
between the damages demanded and the action of defendants.
Conceiv¬
ably the damages asked may be out of all proportion to the injuries sustained.
"For the reasons specified I shall grant the instant motion with leave to
plaintiff to amend his complaint in such a manner as will adequately state
the manner in which he has suffered injury and with such particularity as
to inform defendants of the facts against which they must defend."
.
.
.
Overseas Rates Reduced—
the Federal
July 1 for
telephone calls from all places in the United States to most foreign countries.
to
Paris
new
and
schedule three-minute calls from the eastern seaboard cities
London
from $30 to $21 in the day time,
charges will be $15.
Reductions will apply
be reached from Bell System telephones.
Negotiations are under way looking to reductions on charges for overseas
calls to other countries.
The reductions being made apply to day rates,
to night rates, and introduces a reduced rate on Sunday.
Reductions will
also be made in rates from the United States to Cuba, which is reached
by deep sea cable.
Under the new schedules, three-minute telephone calls to countries in
Europe will be reduced by $9 on week-days, $6 at night and $15 on Sunday.
Three-minute calls to the countries of Argentina, Brazil, Chile, Paraguay,
Peru and Uruguay in South America will also be reduced $9 on week-days
and $15 on Sunday.
Similar calls to the Central American republics of
Costa Rica, Guatemala, Honduras, Nicaragua and Panama will be reduced
$9 on week-days and $12 on Sundays.
Calls to Puerto Rico will be reduced
$6 on week-days and $9 on Sundays.
Rates for conversations extending
beyond three minutes will be similarly reduced.
To Cuba, three-minute station-to-station calls will be reduced by $1.50
and person-to-person calls correspondingly; also, the schedule introduces
reduced night and Sunday rates.—V. 142, p. 3331.
and
the
will
Art Metal
Works
&
Electric
Co.,
Inc.—April
The power output of the electric subsidiaries of the company for the month
of April totaled
197,033,342 kwh., against 164,318,275 kwh. for the
corresponding month of 1935, an increase of 20%.
For the four months ended April 30, 1936, power output totaled 760,017,342 kwh. hours, as against 676,157,798 kwh. for the same period last
year, an increase of 12%.
Weekly Power Output—
Output of electric energy for the week ended May 23 totaled 44,105,000
kwh., an increase of 16.5% over the output of 37,878,000 kwh. for the
corresponding period of 1935.
Comparative table of weekly output of electric energy for the last five
years follows:
May
2-._
May
9
May 16
May 23
—V.
142,
1935
1936
1934
44,433,000 37,658.000
38,207,000
38,269,000
-44,105,000 37,878,000
3496.
35,278,000
35 691,000
35,528,000
35,634,000
-.44,766.000
-44,605,000
p.
Amsterdam Trading Co.—Removed
1933
1932
30,357,000 26,545,000
31,288,000 27,665,000
31,866,000 26,635,000
32,274.000 26,164,000
from Listing—
The New York Curb Exchange has removed from listing the American
shares representing deposited capital stock.—V. 141, p. 266.
Andes Copper Mining
The
New
York
Co.—Listing—
Stock
Exchange has authorized the listing of 79,927
(par $20) in exchange share for share for presently
outstanding certificates representing an equal number of shares of capital
stock without par value.
The stockholders on May 25 authorized an amendment xo the certificate
of incorporation, changing ihe shares without par value into shares having
a par value of $20 each.
At the same meeting a reduction in the capital
shares of capital stock
of the company represented by its shares without par value from $83,369,425
to
$71,647,580
was
authorized.—V. 142,
p.
3331.
The company has notified the New York Stock Exchange that the time
within which the 20-year 7% sinking fund debenture bonds due Nov.
1,
1945, may be deposited under the readjustment plan dated Jan. 27, 1936,
including July 1.—V. 142, p. 2982.
has been extended to and
Anglo-Iranian Oil Co., Ltd.—Final Dividend—
The directors have declared a final dividend of 10% on ordinary
shares,
less tax, making 15% for the year, against 12K% in the previous
year.
—V. 141, p. 104.
Angostura-Wuppermann Corp.-r-Transfer Agent—
The Chemical
Bank & Trust Co., 165 Broadway, New York City, has
been appointed transfer agent for the common stock.—V. 141, p. 1925.
1936
$319,082
57,922
26,731
Gross from railway
Net from railway.
Net after rents
From Jan. 1—
Gross from railway...__
1,303,775
Net from railway.
Net after rents.
228,131
109,927
1935
1934
$329,503
75,883
40,831
$291,996
78,210
1,258,217
277,177
151,403
1,065,627
238,758
41,933
104,942
1933
$228,696
43,836
11,202
874,675
110,839
def27,369
—V, 142, p. 2983.
Appalachian Coals, Inc.—To Resume Activity—
The stockholders at
a
meeting held May 22) voted unanimously to permit
the company to resume its coal marketing activities.
v
The company was established as a regional sales agency in 1933 and
prior
to enactment of the now voided Guffey Bituminous Coal Act acted as
exclusive sales agent for a number of mines in five States,
including and
adjacent to Kentucky and West Virginia.
Its stock is owned by the com¬
panies which have become party to the program, designed to correlate
production on a systematic basis with sales demand.
The stockholders at the meeting ordered the board of directors and the
corporation's personnel to prepare price lists for affiliated producers.
The stockholders also approved a resolution of the board
naming W. J.
Cunningham, President, Crummies Creek Coal Co., Inc., John A. Howe,
Executive Vice-President, Truax Traer Coal Co., of which Cabin Creek
Consolidated Coal Co. is a subsidiary, and L. E. Woods, President, Crystal
Block Coal & Coke Co., as a management committee to begin work imme¬
diately.
This committee in an advisory capacity will cooperate with R E.
Howe, Secretary-Treasurer of Appalachian Coals, Inc.—V. 138, p. 2736.
A P W
Paper Co., Inc.—April 1 Interest—
The interest due April 1,
Co. 1st mtge. & coll. trust
"plain,"
was
paid
on
1936, on the Albany Perforated Wrapping Paper
20-year 6% sinking fund gold bonds, due 1948.
May 29.—V. 142, p. 2814.
Inc.—Initial Class B Dividend—
the $10 par, class B stock.
The dividend is payable Oct. 1 or such date
thereafter as may be determined, provided that by Oct. 1 full rental shall
have been paid to the company by the A. P. W. Paper Co., Inc., under the
p.
The dividend is payable to holders of record of March 31.—V. 141.
583.
loss$71,969
1,716,856
26,280
-
6,503
Net operating profit
Surplus Dec. 31
Exchange adjustment—London investment
Organization expense sub...
2,284,212
1,524
7,571
-
declared
42,633
-
-----
$2,491,630
$1,618,605
662,306
3,299
$2,491,630
Surplus
Appreciation of fixed assets
Sundry credits
Surplus Dec. 31
$2,284,211
Consolidated Balance Sheet Dec. 31
AtifiJv
1Q34.
Total
1934
1935
Liabilities—
a Plant & property$2,567,044 $2,598,927
Cash,
certificates
of deposit, &c._
390,865
393,857
Bills and accts.rec. 1,151,610
819,193
Inventories
1,419,577
1,459,381
b Investments
690,802
698,775
1
Pats., gd.-will, &c.
1
Deferred charges.26,641
29,075
Capital stock
$3,205,700 $3,205,700
204,509
payable255,342
37,381
Reserve for taxes-76,439
Other reserves
214,204
270,632
2,284,212
Surplus
2,491,630
Accounts
$6,299,744 $5,946,006
Total
—$6,299,744 $5,946,006
a After
depreciation,
b Includes 36,348 (35,020 in 1934) shares of
company's stock $686,775 ($678,802 in 1934) and stocks of domestic cor¬
porations ($12,000).—V. 141, p. 4010.
Associated Gas & Electric
Co.—Weekly Output—
& Electric System reports
which is an increase of
12.8% above the comparable week a year ago.
For the four weeks to date
output was up 11.7% above the corresponding period of last year.
Gross output, including sales to other utilities, was 12% above the same
For the week ended May 16. Associated Gas
electric output of 75,936,829 units (kwh.)
net
week of 1935.
Subsidiary Dissolved—
The Loudoun Light & Power Co., which had previously sold its assets to
Virginia Public Service Co., was dissolved in December of 1935.
This brings the nuihber of companies in the Associated System which
have been dissolved, merged or otherwise disposed of to a total of 331.
—V. 142, p. 3496.
Associates
with
Investment
Ind.—Files
Stock to Refund Existing 7%
Co., South Bend,
SEC—To Issue 5% Pref.
Issue—
The company on
May 23 filed with the Securities and Exchange Com¬
registration statement (No. 2-2185, Form A-2) under the Securi¬
covering 60,000 shares ($100 par) 5% cumulative preferred
stock, 63,750 shares of no par value common stock, and 60,000 warrants
to purchase the common stock.
Thirty thousand shares of the preferred stock are to be offered for a
period of seven days after the effective date of the registration statement,
in exchange to holders of the 7 % cumulative preferred stock on a share-forshare basis plus one-eighth of a share of common stock.
The balance will
be offered publicly.
Any shares not required for the exchange will also be
offered to the public.
The common stock purchase warrants will be
attached to the preferred stock to be offered.
Of the common stock being
registered, 60,000 shares are reserved for exercise of the warrants and
3,750 shares are to be issued in connection with the exchange offering.
According to the registration statement, the proceeds from the sale of
the preferred stock will be applied to the redemption, on Sept. 30, 1936,
at $110, a share, of that portion of the 7 % cumulative preferred stock which
has not been retired on that date by the exchange offer.
Accrued dividends
on the stock being retired are to be paid by the company.
The blance of
mission
a
ties Act of 1933
be applied to working capital.
preferred stock is redeemable at the option of the company on
1938, at $107.50 a share, and thereafter at $105 a share
plus all unpaid cumulated dividends.
The names of the underwriters are to be furnished by amendment to the
registration statement, but it is stated that Field, Glore & Co. and F. S.
Moseley & Co., both of Chicago, are expected to underwrite the issue.
The price to the public and the underwriting discounts or commissions
are to be furnished by amendment to the registration statement.
E. M. Morris, of South Bend, is President of the company.
The
or
new
before July 1,
Stockholders Approve
Stock Increase—
have approved an amendment to the articles of in¬
The stockholders
corporation providing for the
par 5% preferred stock.—V.
Atchison
authorization of 100,000 shares of a new $100
142, p. 3497.
Topeka & Santa Fe Ry. System—Earnings—
& Santa Fe Ry.;
April 30—
1936—Month—1935
1936—4 Mos.—1935
Railway oper. revenues_$ll,824,409 $10,856,782 $44,788,375 $40,109,052
Railway oper. expenses- 10,054,999
9,181,777
38.542,514 35,224,080
Railway tax accruals...
1,137,385
861,264
4,144,398
3.447,939
Other debits
CrlOO.lll
Cr5,814
14.443
250,546
Period End.
Net ry. oper.
income-
Average miles operated—V. 142. p. 3332.
$819,554
13,308
$732,135
13,234
Atlanta & West Point RR._.
_
Net from railway
$1,186,485
13,234
13,311
1935
1934
1933
$131,285
13,307
def2,288
$128,340
11,296
def7.520
$92,408
def9,552
def3f!,748
488,211
45,762
def26,876
486,494
def22,287
373,150
def37,366
defll6,917
$137,600
19,424
:
Net after rents
$2,087,018
—Earnings.—
1936
April—
Gross from railway.
def321
From Jan. 1—
557,189
Gross from railway-..
66,312
defll,180
Net from railway
Net after rents
50.653
—V. 142, p. 2983.
Atlantic Coast Line RR.-
-Earnings.-
1936
1935
1934
1933
$4,042,656
1,181,469
468,177
$3,935,808
1,038,880
347,777
$3,891,799
1,198,614
505,875
$3,836,054
1,384,171
671,449
16,606,581
15,567,174
4,137,703
1.745,986
16,521,151
5,581,319
3,125,655
15,053,965
5,064,351
2,482,161
April—
Gross from railway
Net from railway
Net after rents
—
From Jan. 1—
Gross from railway
4,610,781
Net from railway
Net after rents
2,052,001
—V. 142, p. 2983.
Atlas Powder
A. P. W. Properties,
The directors have declared an initial dividend of 30 cents per share on
lease.
«.
loss$78,473
$259,147
Profit after depreciation
Other income
164,683
$259,147
Reserve for taxes
$86,210
179,862
67,493
(Incl. Atchison Topeka & Santa Fe Ry.; Gulf Colorado
Panhandle & Santa Fe Ry.)
RR.—Earnings.—
April—
1934
1935
$506,503
the proceeds will
Anglo-Chilean Consolidated Nitrate Corp.— Time for
Deposit Further Extended—
Ann Arbor
(& Subs.)—Earnings—
be reduced
Output—
Week Ended—
Co.
Construction
Depreciation
Sunday and night
Water
a
Years End. Dec. 31—
Net before depreciation
to 45 of the 67 countries which may
American
Dividend
dividend of $1.50 per share, applicable
shares of 7% cum. pref. stock, par $100,
which have not yet been converted into prior pref. and common stocks,
payable July 1 to holders of record June 10.
A like disbursement was
made on April 1 and Jan. 2, last and on Oct. 1 and July 1, 1935, this latter
being the first disbursement on the issue since Jan. 2,1931.—V. 142, p. 2655.
declared
to accumulations on outstanding
Dividends
The company announced that it had on May 26 filed with
Communications Commission reduced rates to be effective
Under the
Armour & Co. (111.)—Accumulated
in
be granted, plaintiff's assignor was engaged in the business
of leasing sound recording equipment, it does not follow necessarily that
the defendants are responsible for its inability to continue therein,
a
"If,
3663
Chronicle
Co.—Listing—
Exchange has authorized the listing of 131,479
stock (no par), upon official notice of issuance
exchange for cumulative convertible preferred stock ($100 par),
in accordance with the conversion privilege held by the preferred stock,
and 1,819 additional shares of common stock, making the total amount
of common stock for which application to list has been made 394,737 shares.
The 1,819
shares were purchased by 56 employees and officers.
The
New
York
Stock
additional shares of
thereof in
common
3664
Financial
Executive Resigns—
Chronicle
Rudolf Neuburger has resigned as an executive of this
company to become
Assistant to the President of United Wall Paper Factories, Inc.—V.
142,
p.
May 30, 1936
Bangor & Aroostook RR.—Earnings-
,
Period End. April 30—
1936—Month—1935
$585,505
$633,954
357,819
352,640
60,807
58,262
Gross oper. revenues
3156.
Operating expenses
Atlantic
Gulf
&
West
Indies
Steamship
Lines
Tax accruals
(&
Subs.)—Earnings—
Operating income-
Years Ended Dec. 31—
Operating
1935
1934
1933
Net income
Net operating loss__
Taxes
$104,367
184,976
Net operating loss.
Total other income-.
$157,198
187,007
$289,343
157,822
Gross loss
Prov. for doubtful accts. & notes—
$344,206
85,790
$131,521
Net loss
$1,253,786
$1,077,022
See list given on
Beatrice
1935
■j'
"r
Prop. & equip
$321,296
Sees, of
(cost
1934
$
27,492
946,194
1,162
y
cos.^
assoc.
nominal
or
Int.
118,704
35,264
U.
28,495
Good will & franch.
(book
4,603,575
Mktable.
secure--
11,807,418
3,228,732
25,132
by others
Agents' bals. (net)
78,769
570,031
agst.
underwriters
6,730,306
7,487,686
($757, 380.50 due
91,625
Audited
437,192
149,611
254,709
236,645
rec_
382,000'
1,004,518
1,142,863^
vouchers
135,195
Traffic
280,082
268,551
Int. accr.
bals. owed
toothers
146,843
124,952
33,158
on
37,318
249,862
447,616
71,896
372,308
296,571
long-
term debt
bond
Coupons
payableSpecial insur. res.
56,931
249,863
86,665
Mlscell. oper. res__
revs.
233,655
495,841
98,396
490,091
N.Y.State bds.)
Ins. prems. & rents
495,841
447,615
Other def' credits.
269,071
paid In advanceSpecial deposits
741,383
259,704
361,880
200,241
685,375
214,788
interest-.-
233,655
Working
funds
Ins. fund (cash
Open voyage
Res.
Open voyage exps.
Other del'd debits.
Total
in
381,261
176,364
reserve
1934.
for depreciation of
Represented
y
by
arising
6,084,351
5,185,429
6,325,463
Total
46,000,122
150,000
shares
of
no
Taxes
Operating income
1936—3 Mos.—1935
$6,413,657
$5,266,342
5,598,598
5,274,675
87,824
51,188
Net income
$727,234
9,645
def $59,521
$69,662
127,092
$736,880
357,670
def$52,685
377,884
$304,034
Interest, rentals, &c
$66,948
2,713
$422,303
118,269
Gross income
def$57,430
6,835
$379,209 def$430,570
-V.142,p. 3332.
Calendar
Cost,
Years—
1934
IQQQ
1932
$1,442,097
1,350,398
$1,083,081
1,078,447
$1,105,597
1,011,139
11,959
22,504
14,326
39,874
Bellanca Aircraft Corp.—SEC Withdraws
The Commission instituted proceedings last year, when it moved to
suspend or expel Michael J. Meehan, New York stock broker, from member¬
ship on stock exchanges.
The statement issued by the Commission follows:
The above named registrant, having originally filed a registration state¬
ment
Aug. 20, 1935, and having filed amendments thereto
on
$79,740
loss$17,870
$80,132
$0.84
Nil
$0.85
loss$70,672
1935
1934
April 4, 8 and 21, and May 9 and 16, 1936 as a part of the registration
statement filed Mardh 19, 1936.
The records of the Commission
show March 19, 1936
and that on May 20, 1936 said registration
amended, became effective as of April,8, 1936.
filing date,
equip.,
&c
Accts. & notes
$740,774
165,238
145,396
390,561
rec-
Inventories
$751,847
170,563
99,974
328,653
Est.
Fed.
&
.
2
taxes
12,802
845,040
2
9,473
4,275
$567,306
15,512
13,125
State
Surplus
Pats., trade-marks
and good will
Deferred charges..
Other assets
9,458
Total
a
765,300
mission that the registration statement is true and accurate on its face or
that it does not contain an untrue statement of fact or omit to state a
fact, or be held to mean that the Commission has in any way
make,
142,
p.
or
Total
$1,455,719 $1,361,243
After depreciation of $392,400 in 1935 and $370,137 in
1934.
by 94,551 no par shares.—V. 142, p. 3497.
sented
Baldwin Locomotive
given approval to, such security. It shall be
be made, to any prospective purchaser any
the foregoing provisions of this section."—V.
or
cause to
contrary
to
3218.
Bell
Telephone Co. of Pennsylvania—Earnings—
Operating
revenues
rev_.
Operating expenses
Operating taxes.
1936—Month—1935
$5,539,679
13,075
3,718,562
399,303
1936—4 Mos.—1935
$5,119,032 $21,497,139 $20,226,976
19,834
51,404
74,723
3,592,587
14,518,266
14,287,330
307,293
1,527,167
1,198,082
$1,408,739
$1,199,318
Bessemer & Lake Erie
April—
$5,400,304
$4,666,841
Net after rentsFrom Jan. 1—
Gross from railway
1935
$983,862
311.567
2.514,814
—V.
b Repre¬
Works—Reorganization—
RR.—Earnings.—
1936
Gross from railway
Net from railway
142,
p.
1934
1933
$644,674
56,498
52,681
200.837
306,182
$634,627
82,663
65,551
def21,343
2,040,946
def30,976
defl4,417
308,644
Net from railway
Net after rents
745
$1,455,719 $1,361,243
as
1934
$567,306
17,149
13,423
Accounts payableAccrued accounts
the official
statement,
material
Net operating income1935
b Capital stock
Cash
as
Attention shall be directed to the provisions of Section 23, Securities Act
of 1933, which follow:
"Neither the fact that the registration statement
for a security has been filed or is in effect nor the fact that a
stop order is
not in effect with respect thereto shall be deemed a
finding by the Com¬
—V. 142, p. 3332.
Liabilities—
aLd.,bldgs.,mach.,
Sept. 5
Nil
Comparative Balance Sheet Dec. 31
Assets—
on
and
Uncollectible oper.
on 94,551
capital stock
Stop Order—
Exchange Commission has withdrawn its stop order
proceedings instituted last year against the registration statement of the
corporation and has permitted the registration to become effective as of
April 8, 1936.
PeriodEnd. April 30—
Net profit
shares
Packing Co.—50-Cent Extra Dividend—
The Securities and
$1,079,555
1,110,353
Earns, per sh.
p. 3497.
par $20, both payable July 1 to holders of record June 12.
Similar dis¬
tributions were made in the five preceding quarters, while on Dec. 15, 1934
an extra of 50 cents was paid and on Oct.
1, 1934 an extra of 25 cents per
share was distributed.—V. 142, p. 2818.
representation
1935
& dep
Amort, of patents, bad
debt, taxes, &c. (net).
Co.—Registers with SEC—
first page of this department.—Y. 142,
passed upon the merits of,
expenses
$758,038
Creamery Co.—Seeks 100,000 $5 Pref. Shares—
Beech-Nut
unlawful to
>.—Earnings—
Net sales
$527,534
18, Oct. 7 and 26, Nov. 14 and 29, and Dec. 18, 1935, and Jan. 6 and 25,
Feb. 13, March 3 and 19, April, 4, 7 and 21, and May 9 and
16, 1936.
The Commission hereby consents to the filing of the amendments of
value.
par
to Date
$418,241
4,061
Other income
$155,126
The directors have declared an extra dividend of 50 cents
per share in
addition to the regular quarterly dividend of 75 cents on the common
stock,
47,715,817
$25,285,438 in 1935 and $24,498,138
1936—Month—1935
$2,421,328
$1,878,416
1,973,596
1,795,286
29,490
16,180
Operating revenues
Operating expenses
5,185,429
Surplus
Earnings for March and Year
Period End. Mar. 31—
from
reduc. in parval.
of common stock
46,000,122 47,715,8171
After
x
_
&
$1,027,669
269,631
5U
349,000
& accts. payable
Materials & supp_
Cash depos. with
trustee for
111,353
9,510,500
Govt, loans
Marine Act 1920
claims,
Accts. & notes
99,462
8,810,000
minority
in 1935)
1st mtge. gold bds.
of subsid. cos..
Traffic bals. owed
Ins.
S.
6,000,000
9,970,000
under Merchant
value)- —11,807,418
Cash
of
Long-term debt
value)--
$
9,970,000
stkhldrs. insubs.
118,704
(cost
1934
$
Common stock__ 6,000,000
Preferred stock
value)
Misc. invest,
or nom.
1935
Liabilities—
$
25,795,760 29,052,757
$771,547
244,013
The company has filed a registration statement with the Securities
and
Exchange Commission under the Securities Act of 1933 seeking to issue
100,000 shares of $5 cumulative preferred stock, no par, with attached
common stock purchase warrants and
100,000 shares of common stock,
$25 par, to be reserved for exercise of the warrants.
Holders of 7% preferred who surrender their shares will be
given the new
preferred on a share for share basis and also will be given a cash premium
of $5 for each share so exchanged.
The common stock purchase warrants
will be exercisable until July 1, 1941, and will evidence rights to
purchase
one share of common for each share of $5 preferred
at $25 each to and
including July 1, 1938, and thereafter at $27.50 each.
The warrants
cannot be detached before Jan. 1, 1937.
Any of the $5 preferred stock not required for the exchange are to be
sold to underwriters.
The company states that Field, Glore & Co. is
expected to head the underwriting group.
Names of other underwriters and
offering price of the shares to the public are to be filed by amendment.
Proceeds from the sale of the new preferred, together with funds of the
company, will be applied to the redemption on Oct. 1, at 110 of all the
7% preferred stock then outstanding.
Cash premiums to be paid in con¬
nection with the exchange are to be charged to capital surplus.
The stockholders will vote June 16 on
approving the financing plans.
-V. 142, p. 3156.
81,959
11,128
Comparative Consolidated Balance Sheet Dec. 31
x
$217,314
62,188
Barlow & Seelig Mfg.
pf$746,639
22,600
706,725
59,907
137,168
Interest on long-term debt
Provision for Federal income taxesCertain expenses of accidents
$1,085,373
57,704
-V. 142, p. 2983.
pf $683,190
63,449
$258,416
65,091
5,877
25,152
853,726
45,524
11,714
7,388
Delayed income debits
Miscellaneous income debits
pf$874,026
190,836
$816,693
45,146
$164,565
60,481
.
Deductions
$223,052
5,738
$104,084
Gross income
$21,212,304 $21,516,484 $20,599,230
21,316,671
21,673,683
19,725,204
revenues
Total operating expenses
$2,873,488
1,542,842
245,273
$166,879
2,314
Other income deficit-
Consolidated Income Account for Calendar Years
1936—4 Mos —1935
$2,614,186
1,533,809
263,684
1,742.398
def277,307
def251,730
def463.843
$319,863
defl.752
829.182
def431,089
2984.
Bethlehem
Steel
Corp.—Bond Case—
Supreme Court Justice Samuel H. Hofstadter of New York has reserved
on a motion brought by a foreign group, which asked
summary
judgment against the corporation subsidiaries which ha;ve refused to cash
their bond coupons in Dutch guilders for those who have presented them for
payment in Amsterdam.
decision
T. W. Seguin, Secretary of the independent
advisory committee (33 No.
La Salle St.. Chicago) for preservation of rights of the
preferred stockholders,
efforts of the
reorganization.
The committee will shortly file objections to the
plan proposed by the Bald¬
win management, he says.—V. 142,
p. 3497.
says holders of over $1,000,000 of this issue are supporting
committee to preserve priority of preferred over common in
Former Governor Nathan L. Miller raised the question before Supreme
Court Justice Hofstadter.
The action is one brought by Nederlandsche &
Midden Stands Bank and through individuals of Amsterdam.
The plain¬
tiffs
-
Bangor & Aroostook RR.—Listing—
The New
York
Stock
Exchange has authorized the listing of $324,000
additional consolidated refunding mortgage 50-year 5% bonds,
stamped as
convertible into common stock and subject to redemption, due
July 1, 1951,
onfofficial notice of issuance and sale thereof, making the total consolidated
refunding mortgage 4 % bonds—stamped as convertible into common capital
stock and subject to redemption—applied for $5,500,000; and 6,156 addi¬
tional shares of common stock (par $50) on official notice of issuance thereof,
if, as and when the same shall be issued in exchange for, and conversion of,
the aforesaid $324,000 consolidated refunding mortgage 4%
bonds, making
the total common stock applied for 246,292 shares.
Earnings for April and Year to Date
April—
1936
Gross from
Net from
railway
railway2
Net after rents
1935
1934
$13,568,619 $10,755,777 $10,880,896
1933
3,784,937
2,636,471
2,045,292
1,056,929
2,304,241
1,155,911
$9,128,831
2,493,910
1,479,223
50,842,024
11,592,323
7,163,399
45,024,207
11,387,557
7,316,846
44,866,748
10,303,660
6,316,840
allege the defendant defaulted in the payment of Dutch guilders on
bond coupons which became due Nov. 1, 1934, and May 1, 1935.
Mr. Miller asked for a summary judgment in behalf of the plaintiffs and
said the Court must be governed by a ruling by the Circuit Court of
Appeals,
New York, Southern District, which held that foreign holders of American
securities
were entitled to payment in gold on those securities, and which
he contended, had been upheld in effect because the United States
Supreme
Court had refused to review it.—V. 142, p. 2984.
Black & Decker Mfg.
meeting scheduled to be held on May 14 and
Officials have announced that no
definite date has been fixed for another meeting.
The purpose of the meeting was to ratify a proposal to call $1,000,000 of
8% preferred stock (par $25) now outstanding and issue 25,000 shares of
new $50 par
5% convertible preferred.
New issue is to be offered to com¬
mon stockholders.—V. 142, p. 3497.
35,145,292
9,279,258
5,290,619
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
20
was
again
postponed.
Black Gold Exploration Trust No.
2-^Registers with SEC
of this department.
Blaw-Knox Co.—New Directors—
D.
Dillon, Read & Co., fiscal agent for the company, announced that the
company will redeem on July 1, 1936, all of its outstanding 15-year
guaranteed debentures, due 1942.
Payment will be made on that date, in
United States currency, at the New York office of Dillon, Read & Co. at
100_and accrued interest.—V. 142, p. 617.
May
See list given on first page
—V. 142, p. 3497.
Batavian Petroleum Co.—To Redeem Debentures—
Co.—Meeting Again Postponed—
The special bondholders'
then
Y.
V.
Sherlock
142, p.
Bond
and
L.
Douglas
Smith
have been elected directors.—
2309.
Electric
Corp.—Sale—
The Winchester
Repeating Arms Co. recently purchased the property
plant from Jersey City to New Haven,
Conn., to be operated as a separate unit.—V. 142, p. 943.
of the company, and will remove the
Volume
Financial
142
Boston Elevated
Ry.—Earnings—
reports totaled
_
Rent for leased roads
and
rapid transit line rentals
bonds and notes
on
__
Miscellaneous items
Excess of cost of service
—V. 142, p. 3333.
over
from
$2,207,780
1,493,163
138,323
103,363
232,606
316,527
9,129
$63,859
receipts
134,813
103,363
232,111
312,657
9,548
Initial Dividend
by Public Works
Administrator Harold L. Ickes.
The loan
revolving funds.
No grant is involved.
suffered substantial property damage when the
Connecticut, Millers, Merrimac and Seco rivers flooded.
Many miles of
railroad were under water causing numerous washouts and slides, as well
as
damage to bridges in Maine, New Hampshire, Vermont and Massa¬
&
Maine
chusetts.
>
A very
Brown
■.
high percentage of the
cost of repairs will be labot
loan will provide a large amount
area served by the railroad.
of employment at once throughout the
Earnings for April and Year to Date
Bridgeport Hydraulic Co.—Proposes $4,971,000 Refund¬
ing Bond Issue—To Be Placed Privately—•
J.-.
Period End. April 30—
1936—Month—1935
1936—4 Mos.—1935
$3,822,854
$3,713,271 $14,516,442 $14,389,902
Net oper. revenues
498,357
1,005,508
1,547,190
3,177,977
Net ry. oper. income,._
def7,545
631,830
def317,121
1,680,104
Other income...80,147
76,446
378,867
367,210
Operating
revenues—
Gross income
$72,602
634,613
Deductions
Net income
—V. 142, p. 3497.
—
$708,276
629,733
-def$562,011
Botany Consolidated
Urged—
$61,746
2,533,838
$2,047,314
2,503,434
$78,543df$2,472,092 def$456,120
Mills,
Inc.—Acceptance of Plan
.
The
plan of reorganization dated April 24, 1936, has been approved
by the bondholders' protective committee and the stockholders' committe and, in view of these approvals, has been
accepted by the
as
company
a
modification of its plan dated Dec. 5, 1935.
To make the plan effective upon its
approval by the court in the pending
proceedings there is required the approval of bondholders to the extent
of 66 2-3% of the
outstanding bonds, and of stockholders in excess of
50% of each class of stock outstanding.
Bonds in the amount of $3,679,000,
being over 52% of the total outstanding, are already on record as approving the plan of April 24, 1936;
also 31,172 shares of the class A stock and a
majority of common stock
have already approved the plan.
George E. Williams, Secretary of the
holders, states further;
company,
in
a
notice to security
"It is in the interest of every
security holder that the final decision on
approval or disapproval of the plan should not be delayed.
The fact that
a
majority of bondholders and common stockholders and a substantial
percentage of class
to you
you own choice in the matter.
immediately indicate
are already on record in favor of the
of the advisability of promptly recording
Therefore, we recommend to you that you
your acceptance of the
plan."
Referee in Bankruptcy John Grimshaw
Jr., at Paterson, N. J. sitting at
the petition of the company, for permission to reorganize
77-B of the Federal Bankruptcy Act, on
May 18 refused to
accept a substitute plan of the independent stockholders' committee headed
a
hearing on
under Section
by Oscar Seebass.
He also indicated he would deny a petition of
Attorney
Samuel F. Frank of New York on behalf of three bondholders
for dissolu¬
tion of the bondholders' protective committee headed
by former Represen¬
tative Franklin W. Fort and also a
petition for formal intervention in the
case.
Further, Mr. Grimshaw declared, he would take every step to
speed
up
the case which has now been in the Federal court
four years, and was
disinclined to permit any further legal interventions,
adding that anyone
having anything constructive toward reorganization of the
company to
offer to the Court would be granted the fullest
hearing.
He also said he
had definite views as to compensations that
would be approved in the
case, based on compensatory services in that direction.
The
Seebass committee offered a plan
through Robert Le Roy, of Cadwalader, Wickersham and Taft, of New York, to purchase control of
Botany
Consolidated and with it the operating company,
Botany Worsted Mills,
thereby funishing about $2,000,000 of working capital, but since it failed
to carry approval of 25% of any
group of securities holders, as required by
law, it was rejected.
Attorney Frank, in his petition, declared the bondholders' protective
committee was no longer
disinterestedly representing the
bondholders,
charging that Chairman Fort
was too busy with other activities, also that
equity receiver and temporary trustee of Botany Consolidated
incompatible with his chairmanship of the committee.—V. 142,
his serving as
p.
Brandywine
617.
Shares—Stock
Offered—A new
issue—
Brandywine Shares—representing an interest in the common
stock of Christiana Securities Co., a
holding company for
du Pont interests, was introduced
May 25 with an offering
of 200,000 Brandywine Shares, each of such shares
repre¬
senting a l-100th interest in one share of Christiana Securities
Co.
common
stock.
The
offering was made by Craigmyle,
Marache & Co. and Bond & Goodwin,
Inc., as selling agents.
The shares were offered at
approximately $24 per share,
the offering price being determined
by the cost of the under¬
lying security.
The underlying security is the common stock
of Christiana Securities Co. and
Brandywine Corp., the
sponsor, advises that the cost of this stock varies with the
price of du Pont common.
According to the prospectus, dated May 8, Christiana Securities Co. at
the close of last year held 3,049,800 shares of the common
stock of E.
de Pont de Nemours & Co., or about 27
I.
H % of the total common shares of
1935 market values, these
that company outstanding.
Based on Dec. 31,
were worth about
$425,447,100.
The
shares
assets of Christiana Securities Co.
amount
also
includes
as
$5,127,333
prospectus values the total
of Dec. 31, 1935 at $432,818,888 which
in
General
Motors
common
stock at
market value and $1,749,698 common stocks of other
companies at cost.
The present offering of Brandywine
Shares, the prospectus states, is
designed to make more readily available and marketable an interest in
the
common stock of Christiana Securities Co. of which
there were only 395
stockholders at the close of last year.
The asset value of Christiana common
stock on Dec. 31, 1935, after allowing for current liabilities and
redemption
of the preferred at its call price, was $2,763.71
per share.
According to the sponsors, the present market for du Pont and General
Motors is higher than it was on Dec. 31,1935 and it is
presumed that this
asset value is likewise at present higher.
Based on the offering price of
approximately $24 per share, 100 Brandywine Shares would cast about
$2,400 which is less than the asset value of the Christiana Securities Co.
stock underlying such shares, as shown in the
prospectus.
The
common
offered for
Srospectusin Brandywine Shares statessuch shares, such asset value being
of the asset value of
that Brandywine Shares may not
e
excess
calculated
as
Securities
Co.
equaling
1-100th of the estimated
common
asset value of the
Christiana
stock.
this
company amounted to $123,870,000 up to Dec. 31, 1935, in addition to
several stock dividends.
The present authorized and
outstanding stock of
Christiana Securities Co. consists of 150,000 shares of
preferred
stocktand
common
$4,971,000 35-year 3K% bonds, the net proceeds, together with additional
funds to be provided
by the company, to be used to retire a like amount of
4Yi % bonds.
Arrangements have been completed through Lee Higginson Corp., agents
for the
company in the business, to place the new 3 H % bonds privately.
The new bonds are to be designated series G under the company's firstmortgage, to be dated July 15, 1936, and to mature July 15, 1971.
Upon
the authorization of the issue of the series G
bonds, the series D, 4^%
bonds, due 1961, will be called for redemption on July 15, 1936, at 106
Upon completion of the present financing, in addition to the proposed
$4,971,000 series G, 3J^s, the company will have outstanding $795,000
series E, 3%%
bonds, due June 1, 1970, and $695,000 series F, 3^%
bonds, due Oct. 1, 1965.
Both issues of series E and F bonds were
likewise sold privately through Lee Higginson Corp.—V.
Brillo
Earnings
At
141, p. 1763.
Manufacturing Co.—Earnings—
3 Months Ended AIarch 31—
Net profit after
depreciation, Federal taxes, &c—
per share on
March 31,
145,310 no-par shares.----
1936, the
balance sheet showed
1935
1936
$19,706
$0.05
$62,108
$0.34
total current assets of
$611,416, of which $229,788 was in cash, compared with current liabilities
$111,299, consisting of accounts payable and sundry accruals of $37,546,
of
dividends payable April 1, 1936, of $34,162, and reserve for Federal and
State taxes of $39,572, a ratio of approximately 5.5 to 1.
At the end of
the
preceding quarter current assets were $555,764 and current liabilities
$88,394, and at March 31. 1935, $618,466 and $94,717, respectively.
Earned surplus at March 31, 1936, amounted to $640,554.—V. 142, p. 1459.
stock, both of $100 par value.
Brooklyn Edison Co., Inc.—Bonds Offered—Morgan
Stanley & Co., Inc., Kuhn, Loeb & Co., Blyth & Co., Inc.,
Brown Harriman & Co. Inc., Lazard Freres & Co. Inc.,
the First Boston Corp., Edward B. Smith & Co., Bonbright
&
Co.
Inc., Lehman Brothers, and Clark, Dodge & Co.
May 25 offered at 101H an(i int. $55,000,000 consoli¬
dating mortgage bonds, 3%% series of 1936.
on
Dated May 15, 1936; due May 15, 1966.
Interest payable (M. & N.) in
York City.
City Bank Farmers Trust Co., New York,
trustee.
Coupon bonds in denom. of $1,000. registerable as to principal.
Registered
bonds in denom. of $1,000, $5,000 and $10,000.
Coupon bonds and
registered bonds and the several denominations interchangeable.
Redeem¬
able, at the option of the company as a whole at any time or in part on any
semi-annual interest date on at least 30 days' published notice, at the
following prices with accrued interest; to and incl. May 15, 1946, at 106%;
thereafter to and including May 15, 1956, at 103%; thereafter to and incl.
May 15. 1963, at 101%; and thereafter at 100%.
Legal investment, in
the opinion of counsel for the underwriters, for Savings banks in New York
and Massachusetts.
New
Summary of Information Contained in Prospectus Dated May 25
Company—99.6% of the outstanding stock of which is owned by
Con¬
solidated Edison Co. of New York, Inc., was incorp. in New York in 1890
Kings County Electric Light & Power Co.
Company is engaged in the
generation, purchase, distribution and sale of alternating and direct
current electricity to consumers in the Borough of Brooklyn, City of New
York.
Company also supplies electricity to certain affiliated electric com¬
panies of the Consolidated Edison Co. of New York System. The company's
properties include three generating stations (two held in reserve), 15 sub¬
stations, a transmission and distribution system and office and service
buildings.
'
Capitalization Outstanding as at Dec. 31, 1935
as
Edison Electric Illuminating Co.
gold bonds (due Jan. 1,1939)
of Brooklyn 1st consol. 4%
*4,240,000
Kings County Electric Light & Power Co.—5% 40-year gold
mortgage bonds (due Oct. 1, 1937)
j.
2,434,000
Purchase money 6% 99-year gold bonds (due Oct. 1, 1997)-5,123,000
Brooklyn Edison Co., Inc., gen. mtge. gold bonds, series A,
5%, due Jan. 1, 1949--30,039,000
Series E, 5%, due Jan. 1, 1952
24,968,000
Common stock ($100 par)
124,903,900
-----
-
-----
-
—
Guaranteed but not expressly assumed.
x
Purpose of Issue—The proceeds from the sale of the $55,000,000 bonds to
the underwriters will aggregate $54,725,000, exclusive of accrued interest,
and will be applied to the redemption on July 1, 1936 of all the
outstanding
general mortgage gold bonds, i.e. $30,039,000 series A at 105% and $24,968,000 series E at 104%, plus accrued interest in each case.
The balance
required for such redemptions plus the company's estimated expenses in
connection with the sale of the bonds, together aggregating $3,404,670
(exclusive of accrued interest on the bonds to be redeemed), will be obtained
from the company's current cash.
Earnings—The profit and loss statements of the company are summarized
as
follows;
Gross
Year End.
Dec. 31
Total
Oper. Revs.
1933
$45/756,399
1934,— 46,321,799
1935--- 48,267,487
*
Corporate
Income*
$15,744,513
14,010,514
14,458,084
Total Deductions
from Gro^s
Corporate Income
$3,613,293
3,668,585
3,749,609
1
Net
Income
$12,131,219
10,341,928
10,708,475
Available for fixed charges after provision for Federal income taxes and
retirement expense.
Bonds of the 3H%
company's
Series of 1936—The bonds will be issued under the
consolidating mortgage to be dated May 15, 1936 and will,
in the opinion of counsel, be secured
by a direct lien upon substantially all
the real property (including generating stations), transmission and dis¬
tribution systems now owned by the company, subject to the liens so far
as
they attach of mortgages securing outstanding bonds of $11,797,000,
and to certain further exceptions.
The mortgage contains provisions for
the issuance, under certain restrictions and
(except for an additional
$10,000,000 of bonds) only for specified purposes, of additional bonds, of
or other series, all of which as to lien would rank
pari passu with these
this
bonds.
Christiana Securities Co. was originally incorporated
21-years ago as
du Pont Securities Co. and has paid dividends annually and
uninterruptedly
since that date.
The total cash distribution on the common stock of
150,000 of
The company is asking its stockholders to approve, subject to the ap¬
of the Public Utilities Commission of Connecticut, an issue of
proval
A stockholders
plan should be evidence
was
Co.—General Manager Appointed—
The petition of the
company for authority to appoint Harry P. Carruth,
Vice-President of Meade Paper Corp., as General Manager at a salary of
$50,000 a year, has been approved by Federal Judge Peters.—V.142, p.2819.
The
costs.
Brandywine Shares—
on
by the Brandywine Corp., sponsor.
The dividend is payable June 30 to
holders of record May 27.
Since Brandywine Shares represent a 1-100
a share of Christiana Securities Co. common
stock the announced
dividend corresponds to the Christiana Securities Co.'s return of $17
per
share for the first quarter of 1936.
The dividends on Brandywine Shares,
it is stated, will follow
by one quarterly period those declared by Christiana
Securities Co.
Consequently the dividend announced for the second
quarter by Christiana Securities Co. of $31.50
per share will be payable to
holders or Brandywine Shares in
September.
made from PWA's
Boston
derived
was
interest in
of repairing and
rehabilitating railroad property damaged by floods during March has been
The
$13,851,283 for 1935, practically all of which
An initial
quarterly dividend of 17 cents per share has been established "
for the newly formed
Brandywine Shares, according to an announcement
Boston & Maine RR.—PW A Allotment—
was
shown in its published annual
share
An allotment of $2,000,000 to the road for the
purpose
announced
as
dividends on the du Pont common stock owned
by the company.
The 1935 earnings were
equivalent after preferred dividends to $85.34 per
common stock.
Last year Christiana Securities Co. paid $68 per
share in dividends.
To date this year, it has declared two quarterly
dividends, one of $17 per share and one of $31.50 per share.
This last
payment reflects the regular and extra dividends declared
recently by
E. I. du Pont de Nemours & Co.
$2,149,487
1,420,852
$85,332
...
Interest
1935
1936
Operating expenses
Federal, State & municipal tax accruals
3665
Net income of Christiana Securities Co.
Month of April—
Total receipts
Subway, tunnel
Chronicle
The mortgage permits the company, in certain instances, to dispose
of property covered
by the mortgage without notice other than application
trustee, and also provides, in other instances, for release of property
by the trustee without notice to bondholders.
—^ 4
The provisions of the mortgage may be modified (subject to certain
to the
limitations) by vote of holders of 66 2-3% of the outstanding bonds."** ■*
Underioriters—The names of the several principal underwriters and the
several amounts underwritten by them respectively, are as follows:
Financial
3666
Morgan Stanley & Co.
Inc., New York
Kuhn, Loeb & Co. New York
1
-
$15 ,000 ,000
4 ,000 ,000
5 ,000 ,000
__
Blyth & Co., Inc.. New York
Inc., New York—
Inc., New York
Brown Harriman & Co.
Lazard Freres & Co.
-
— „—
First Boston Corp., New York
Edward B. Smith & Co.. New York
•_
Inc., New York
Bonbright & Co.
Lehman Brothers, New York
....
Clark, Dodge & Co., New York
Goldman, Sachs & Co., New York
__
Hayden, Stone & Co., New York
Kean, Taylor & Co., New York
Kidder, Peabody & Co., New York
Lee Higginson Corp., New York
Mellon Securities Corp., Pittsburgh.
:
Schoellkopf, Hutton & Pomeroy, Inc., Buffalo
Dillon, Read & Co., New York
—V. 142. p. 3498.
_
J
May 30, 1936
Chronicle
y
Including sales to affiliated companies of $5,169,788 ($4,907,312
previous years were credited against costs.
Consolidated Balance Sheet Dec. 31
3 ,500 ,000
2 ,500 ,000
3 ,500 ,000
3 ,500 ,000
1935
S
Liabilities—
1,048,718
28,516
Notes & accts. rec. 2,505,333
2,199,292
Inventories
-.12,838,378 11,929,612
Long-term recei vs.
251,170
111,132
1,049,604
Cash
3 ,000 ,000
2 ,500 ,000
1 ,500 ,000
1 ,000 ,000
,000 ,000
1 ,000 ,000
1 ,000 ,000
1 ,000 ,000
2 ,000 ,000
2 ,000 ,000
,000 ,000
1935
1934
%
A oop/o—
Marketable secur.
term
Corp.
x
Notes payable—__
Accrd. liabilities._
26,521
12,965
1,241,778
and
Funded
1,167,699
long-
term debt
10,613,934
accounts payable
4,959
— -—
Prov.
3,479,425 12,940,712
96,384
Federal
for
income
&
cos
taxes
Deferred
661,140
11,394
credits-
661,140
72,679
Com. cap. stock..51,524,150
Properties, plant
51,524,150
2,240,345
2,607,553
equipment--35,329,843 37,828,057 Surplus
&
:
1,063,040
the
from
Texas
sub.
$
1,329,490
Long-term notes &
recei v., &c.
Owing
1934
$
Accounts payable.
inv. long-
Miscell.
Prepaid & deferred
Ltd.—Interim Dividend—
The directors have declared an interim dividend of $1.40 per share on
common stock, par $5, payable to holders of record June 101.
A like
payment was made on Dec. 10, 1935, and comoares with $1.20 paid on
June 28, 1935; 90 cents on Dec. 31, 1934, and 60 cents per share paid on
June 30, 1934, and on Dec. 4, 1933.—V. 142, p. 3498.
-.
'
57,057,124 67,797,2401
Total..!
the
1,706,242
1,603,370
charges
Bulolo Gold Dredging,
in 1934),
which in the
57,057,124 67,797,240
Total
for depreciation and depletion of $53,720,592 in 1935
$51,285,147 in 1934.—V. 140, p. 3711.
After reserves
x
and
California-Oregon Power Co.—Bonds Called—
outstanding ref. mtge. gold bonds, 6% series due 1962, have
redemption on July 22 at 105 and interest.
Payment will
Trust Co., San Francisco, Calif., the Chemical Bank
& Trust Co., New York City, or the City National Bank & Trust Co.,
Chicago, Id.—V. 142, p. 3498.
All of the
(F.) Burkhart Mfg. Co.—Stock Split-Up Voted—
A proposal to split the common stock three for one was ratified
holders at an adjourned meeting held May 12.
It is understood
been called for
by stock¬
the board
action on proposed plans to retire
part of the preference stock until the pending tax bill is passed by Congress.
One of the plans contemplated, it was learned, would retire a fair-sized block
of preference each year out of earnings.
That is, over and above the mod¬
erate amount called for in the indenture.
But if the tax bill should levy
a penalty against the retention of earnings for such a purpose, this plan,
which is said to be favorably consiaered at present, would be scrapped for
another, such as issuance of common stock.
[St. Louis "Globe-Democrat.")
—V. 141, p. 4161.
in the meantime has decided to postpone
be made at American
California Water Service Co.—Files with SEC—
May 23 filed with the Securities and Exchange Com¬
registration statement (No. 2-2187, Form A-2) under the Securi¬
ties Act of 1933 covering $10,000 000 of first mortgage 4% bonds series B
due May 1 1961, and $550,000 of serial notes maturing serially from May 1,
The company on
mission a
1937, to May 1, 1946.
According to the registration statement, the underwriting agreement
company and Dean Witter & Co., representing the under¬
between the
Bush Terminal
Co.—Payment of Interest—
Judge Inch, in the U. S. Court, Brooklyn, has signed an order confirming
stipulation between the company and a committee representing the 5%
consolidated bonds which mature in 1955.
The stipulation provides an
irrevocable assignment to Title Guarantee & Trust Co., indenture trustees,
of sufficient funds for paying $150 interest now due on each $1,000 bond of
this issue outstanding.
The payment pursuant to present order, will be
made as soon as a recent order providing discharge of the company from
court jurisdiction on June 1, is operative.
An appeal from the discharge
order is pending before the Circuit Court.
a
Meeting Adjourned—
A
had been called for May 28,
June 23.—V. 142, p. 3498.
special meeting of stockholders which
for electing directors,
will be held on
California Packing Corp.
(& Subs.)—Earnings—
Consolidated Income Account (Incl. Wholly Owned Subsidiaries)
Feb. 29 *36
Feb. 28 '35
Feb. 28 '34 ,Fcb. 28 '33
,617,928
$11,935,746 $11,903,350 $13,045,753
6,657,081
7,028,469
8,347,537
7,805,711
1,709,684
1,611,389
depreciation._
936,309
941,634
Years Ended—
Gross profit..-.
Sell., adm. & gen. exps__
Prov. for
Propor. of Alaska Pack.
Assn.
for
loss
year
1,297,534
$5,246,870def$4046,372
$3,387,296
1,572
44,148
$3,396,580
$4,215,053
458,333
150,000
245,999
634,011
1,665
338,674
$2,542,248
1,447,610
$3,240,704
1,447,610
$4,131,863def$4521,001
$1,094,638
from
$4,169,333
1,196
8,088
$1,793,094
$3,890,595def$4521,001
965,073
965,073
$2.63
Operating surplus
rec.
securities being registered and the company will apply
proceeds as follows:
$9,338,737 to redeem on or about Aug. 15, 1936,
105% and accrued interest, $8,738,000 principal amount of outstanding
first mortgage 5% gold bonds, series A, due April 1, 1958; approximately
$1,050,000 to acquire the properties and business of Bear Gulch Water Co.,
the balance will be used for working capital and for general corporate
purposes.
Under Alternative B, the underwriters will purchase $950,000
of the bonds and $350,000 of the notes, and the company will use the
entire amount of the
the
at
proceeds to acquire the Bear Gulch Water Co. and for working capital and
general corporate purposes.
The agreement provides that Alternative A will be followed unless notice
is given by the underwriters at least three days prior to the
effective date
of the registration statement, in which case Alternative B will be adopted.
It is also provided, however, that the company and the underwriters may
subsequently make a new underwriting agreement as to the $9,050,000 in
bonds and $200,000 in notes representing the difference between the
securities under the two plans.
The bonds are redeemable at
part at any time
red. from May 1,
$3.36
corps.
less than 51%
ownedMisc. income (net)
April 30, 1940; 106^% if red. from May 1, 1940 to April 30. 1942; 106%
May 1, 1942 to April 30, 1944; 105H% if red. from May 1,
1944 to April 30, 1946; 105% if red. from May 1, 1946 to April 30, 1947;
104
% if red. from May 1. 1947 to April 30, 1948; 104% if red. from May 1,
1948 to April 30, 1949; 103 H % if red. from May 1, 1949 to April 30, 1950;
1,000
6,495
103% if red. from May 1, 1950 to April 30, 1952; and thereafter until Mayl,
1960, the premium shall be 3% less one-third of 1% for each full year which
have elapsed between April 30, 1951, and the date of redemption.
shall
But
Surplus
Interest
Prem.
debs
on
on
debs, purch
500",666
debs, purch
on
Net
$5,253,3 65def $4045,372
692,340
779,058
profit
Common dividend
Surplus
IIII11
070,838
Prov. for Fed. inc. tax__
Prof,
the option of the company in whole or in
at the following prices plus accrued interest:
107 H % if
1936 to April 30, 1938; 107% if red. from May 1, 1938 to
if red. from
Cr840,975
Cr735,396 Crl,013,329
ended Dec. 31
Divs.
writers, provides alternative plans with respect to the sale of the securities.
Under the plan known as Alternative A, the underwriters will purchase the
0303,429
241,268
-
no
premium will be paid if the bonds are redeemed after May 1, 1960.
the option of the company at par and
The serial notes are redeemable at
premium of one-fourth of 1% for each full year
remaining between the date fixed for redemption and the date of maturity.
No premium will be paid if the date fixed for redemption is less than one
accrued interest plus a
year prior to the fixed date of maturity.
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.
Earl C. Elliott, of San Francisco, is President of the company.—V. 142,
p. 3159.
Shares of common outst'g
(no par)
Earns, per sh. on com
965,073
$4.28
965,073
def$4.68
Consolidated Balance Sheet Feb. 28
1936
1936
$
Liabilities—
Cash
1935
$
1935
§
S
Accts.
Capital stock
30,000,000 30,000,000
Accounts payable. 2,122,279
1,771,777
Land, plant, ma¬
chinery, .fee- —17,142,852 16,761,379
Empl. stk. subscr.
164,689
293,470
Investments
Owing
.
y
Due
from
9,467,265
9,350,820
Packers Assoc.-
588,687
15,342,383 14,305,020
2,590,831
2,388,329
growers._
z348,488
406,986
h
on
1,573,846
6,814,447
320,511
2,178,700
crops
Insur.
deposits..-
Cash
Deferred charges..
389,936
wholly owned sub.
Other assets—-
1,523,098
Co...
Funded debt
1,502,453
—
350,000
Accrued interest
104,167
on
debentures
431,420
504,728
62,500
taxes.
11,630,900 10,536,261
Surplus
184
Accrued Interest—
17,937
28,834
payable-
42,049
Term liabilities
632
Royalty advances.
6,873,487
6,873,487
3,506,117
Operating deficit—
-
3,440,349
Cambria & Indiana RR.-
$4,187,477 $4,248,851
Total
$4,187,477 S4,248,851
142,p. 775,
Total.
—V.
48,000
Other note payable
1,012
67,134
20,691
Provision for Fed'l
287,248
5,426,355
Note payable
Capital surplus
87
Deferred charges.-
4,346,500
future
Notes & accts. rec.
225
secure.
&c
7,500,000 12,500,000
Divs. declared
361,902
361,902
Accrued payrolls..
197,928
144,564
Accrued taxes.138,707
111,904
Mat'l & supplies..
Expend,
Marketable
Indebt. of officers,
Alaska
to
Packers Assoc. &
Alaska
Inventories
Advs. to
2,500,000
Notes payable
4,508
lnventory
$724,592
25,000
$748,592
Capital stock
Accounts
621
Due from mtge...
x
1934
1935
Liabilities—
1934
1935
net..$3,963,270 $3,968,854
200,176
200,176
760
5,444
receivable.
1,410
1,960
investments
Total
[Incl. Wholly-Owned Subsidiary Companies]
Assefs—
Callahan Zinc-Lead Co.—Balance Sheet Dec. 31—
Assets—
Fixed assets,
-Earnings.
1933
1934
1935
1936
$87,096
def58,455
$59,178
$64,274
3,622
Gross from railway
Net from railway
def4,406
40,961
1,131
48,817
$90,984
22,397
53,787
418,357
81,494
281,474
April—
370,140
118,525
334,655
368,526
113,678
334,776
414,896
151,651
330,057
Net after rents
From Jan. 1—
Total
--..56,333,949 56,088,6681
—56,333,949 56,088,668
Total.
'
Represented by 965,073 no par shares,
640,220 in 1936 and $19,012,319 in 1935.
—V. 141, p. 2583.
x
California Petroleum Corp.
Calendar Years—
1935
After depreciation of $18,z Less reserve of $112,638.
y
Gross oper. income
y$30,888,348y$27,770,195 $18,705,770 $14,272,503
Oper. costs & gen. exp._ 25,436,957
22,037,269
12,007,264
9,871,424
x Taxes
868,026
817,139
819,032
943,435
29,495
92,05.3
72,721
Intangible develop. costs
409,117
557,504.
584,972
Deple. & lease amortiz'n
767,547
571,339
Deprec., retire. & other
amortization
3,661,224
4,127,374
4,422,365
3,641,611
Net oper. loss
Non-oper. income (net)
_
Total income
Int.
on
362,187
&
674,565
293
93,859
1932
$8,069,796
7,378,196
Interest
1,347,511
1,507,143
117,575
117,575
$1,677,013
6,154,738
$1,275,970
4,878,769
$2,095,276
2,783,493
J,186,226
597,267
$7,831,751
$6,154,738
$4,878,769
$2,783,493
Depreciation
Bond discount
Net
loss
Previous deficit
Total
deficit
Consolidated Balance Sheet Dec. 31
Assets—
1935
1934
S
Liabilities—
$
$
33, 539,490 35,071,813
Def'd payments6,797
3,841
Cash
995,867
946,406
Notes & accts. rec.
428,133
335,860
Properties
a
Common
stock.
21 ,076,719
Bonds.
Bank
payable.
30,212
dis¬
Insurance claims.-
113,541
101,707
Prov.
for taxes
bonds
Accrued interest._
4,754
3,042
Bond
interest
Inventories
384,117
449,195
Prepaid
167,309
176,838
315,738
retired, &c
&
Surplus Dec. 31
$2,240,345
Earn.per sh.on 2,060,966
shs .com .stk.(par $25)
Nil
-
x
In addition to
the
$2,607,553
$1,444,289
$1,427,416
$0.29
Deferred income-
171,079
14,546
Reserves
398
amount of taxes shown above there was
paid
(or
7,139
2,553,171
783,362
7 ,831,752
44,486,198
76,396
908,437
6,154,738
__44,371,333
23,395
289
Bond discount
Accrued
Total
a
Total.
Represented by 120,000 shares of no par value,
142. p. 2988.
in arrears total $4,950.000.—V.
4,925
9,853
747,253
charges..
Nil
accrued) for State gasoline and Federal excise taxes the sum of $8,425,372
in 1935, $6,581,936 in 1934, $5,708,443 in 1933 and $4,733,751 in 1932.
150,339
Profit & loss def__
I
$0.28
568,587
3 ,763,643
accrued
14,546
items
Investments
0325,050
cos
21,192,100
due
Funds with trustee
transf. to affil.
6~57~533
13,343
Dom. of Can. bds.
Excess of sales price over
book
value of prop,
$
1,250,000
loans
Accounts
69,116
bond
1934
15,000,000
3,084,523
3 ,084,523
Preferred stock._bl5 ,000,000
Adjusted losses.__
Adjustments
count & exps. on
$2,360,966
3,830,741
Dr42,359
1933
$7,459,681
6,808,419
1,374.474
1,254,488
Expenses.
-
1935
779,064
388,059
1934
7,508,582
1.374,177
1,255,686
117,575
revenue
$l,372,385df$l,193,844
$51,471 prof$581,368prof$603,961
2,607,553
1,444,289
1,427,416
Cr256,846
Dr587,088
period
Previous surplus
of
621,029
$1,608,781
414,937
Earnings—
Lines, Ltd. (& Subs.)
1935
$8,673,411
$8,936,370
7,195.848
1,373,765
1,525,151
117,575
Total
long-
term debt—
Write-off
$1,202,690
675
funded
$311,393
Other interest
Loss for
$214,023 prof$665,671prf$1026,080
525,416
537,019
346,305
—V. 142, p. 2988.
Calendar Years—
1932
1933
Net after rents
Canada Steamship
(& Subs.)—Earnings—•
1934
Gross from railway
Net from railway
744,430
44,371,333 44,486,198
b Preferred dividends
Volume
Financial
142
The directors have declared
an
extra dividend of!
to the regular quarterly dividend of 37 H cents per share on
the common
stock, no par value, both payable June 1.
An extra dividend of 50 cents
was paid on Dec.
2, 1935, May 15, 1935, and on July 16, 1934.--V. 141,
3853.
p.
Canadian Bronze
Co., Ltd.-—Stock
Offered—Greenshields
& Co., Inc. and H. C. Flood & Co., Ltd., recently placed in
the Canadian market an issue of $750,000 5% cumul. red.
preference stock (par $100).
142, p. 2147.
The stock
Chronicle
-Extra Dividendper share in addition
Canada & Dominion Sugar Co., Ltd.-
was
April—
Of the bonds, $1,080,000 are designated serial 3% bonds, dated May 1,
1936, and maturing May 1, 1937-42, and $2,420,000 are designated con¬
vertible 4% 15-year bonds, dated May 1, 1936, and maturing May 1, 1951.
The serial bonds were priced at 99 and the convertible bonds at 97.75.
Principal and int. (M. & N.) payable, at holder's option, in lawfdl money
of Canada at the principal office of the company's bankers In Toronto,
Montreal, Hamilton, Vancouver, Winnipeg, Saint John or Halifax.
Coupon
bonds in denoms. of $1,000 and $500 registerable as to principal only.
Red. in whole or in part at the option of the company on
any int. date prior
to maturity on 60 days' notice at: for the 3% serial bonds 101 and int.;
for the 4% 15-year bonds 103, if red. on or before May 1, 1941; 102 if red.
thereafter and on or before May 1, 1946; 101 if ?ed. thereafter and on or
before May 1, 1947; thereafter at decreasing premiums of H of 1% per
annum to and including May 1.1950; and thereafter at 100 to date of
redemp¬
tion, plus in each case accrued interest.
Annual sinking fund payments of
$150,000 are to be made to the trustee for the 4% 15-year bonds, com¬
mencing May 1, 1943.
Trustee, Royal Trust Co., Toronto.
In the opinion of counsel these bonds will be a legal investment for
insurance companies under the Canadian and British Insurance Companies
The serial 3% bonds are not convertible.
The 4% 15-year bonds are
convertible at the option of the holder into no par common shares of the
company as now constituted (subject to the provisions of the trust deed)
on the basis of 5 shares for each $100
principal amount of the bonds up to
and including Nov. 1, 1943; and thereafter on the basis of 4 shares for
each $100 principal amount of the bonds.
The $3,500,000 principal amount of series A bonds
comprising this issue
will form part of an authorized issue of $5,000,000
principal amount of
first mortgage bonds and additional bonds may be issued
only for additions
to the
mortgaged premises and subject to the restrictions to be contained
in the trust deed
securing the said issue.—V. 142, p. 2310.
Rys.—jEarnings—
Period End. Apr. 30—
1936—Month—1935
1936—4 Mos.—1935
Operating revenues
$15,041,771 $14,003,423 $55,321,542 $52,374,159
Operating expenses
13,586,465
12,476,428
53,789,494
50,365,465
revenue
$1,455,306
$1,526,995
$1,532,048
$2,008,694
Earnings of System for Third Week of May
_
1936
1935
$3,423,633
$3,149,422
.
Gross
apings
..
—V. 142, p. 3499.
Canadian Pacific
•
Increase
$274,211
Ry.—Earnings—
'
„
•
1936
Celanese Corp. of America (&
Miscellaneous
1935
Increase
$393,000
Subs.)—Earnings—
1935
1934
1933
1932
$5,900,858
4,018
53,313
income..
4,752,342
592,204
141,906
4,614,263
782,135
302,394
Net from railway..
Net after rents.
$992,156
133,182
22,181
3,626,642
354,288
def136,776
—V. 142, p. 3159.
Centra!
Power
German
Co.
of
Magdeburg—-Removed
The New York Curb Exchange has removed from listing the participation
certificates representing four-year 6% gold notes due June 1, 1934.—V.
138, p. 4292.
Central RR. of New Jersey .—Earnings.—
1936
1935
1934
1933
$2,725,172
$2,556,953
860,367
'
479,439
$2,313,451
$1,985,040
576,172
115,652
435,241
77,479
9.586,382
10,000,679
8,526,346
2,343,346
955,996
3,173,547
1,849,419
2,292,445
1,126,592
April—
Gross from railway
Net from railway
693,623
178,589
Net after rents
From Jan. 1—
Gross from railway
10,457,56^
Net from railway..
Net after rents
—V. 142, p. 2989.
,
2,448,905
496,116
Cerro de Pasco Copper
Corp.—Annual Report—
The principal metals produced during the year ended Dec. 31, 1935 were:
Copper, 63,977,630 pounds; silver, 11.891,846 ounces; gold, 28,637 ounces;
ead, 16,358,860 pounds; zinc concentrates, 16,174 short tons.
Income Account for the
Consolidated
Year Ended Dec. 31,
1935
(Including its Wholly Owned Subsidiaries)
$17,324,420
Sales of metals
x
Cost of sales, selling, gen.
9,915,077
& adminis, expenses, &c
$7,409,342
Profit..
Net income from other opers., incl. net miscell. income, int.,
divs., &c
Depreciation
y Depletion
400,149
— —
-
Net income before deprec.,
deplet. & income taxes.
$7,809,492
1,404,855
_ _ _ .
—
j.
1,580,913
-.—
Provision for income taxes—
761.004
.
Net income for the year...------———
$4,062,719
*
Intercompany sales of ores, concentrates, &c. have been eliminated
The cost of sales includes certain amounts
in income from other operations, &c.
Intercompany profits
included in inventories carried at costs are not material in amounts.
The
sales include metals produced prior to Jan. 1, 1936, and sold under firm
contracts for delivery on or subsequent to that date, but do not include
sales of metals produced prior to 1935 and delivered in 1935 against con¬
tracts accepted prior thereto.
If the sales and cost of sales had included
only the selling prices and costs of metals delivered in 1935, the gross profit
for the year would have been $1,164,823 less than as reflected in the above
income account. The cost of sales is based upon carrying unsold inventories
x
from sales and cost of sales.
reflected
of gold and silver at market
costs exclusive of depletion
Had such inventories been carried at
the gross profit for 1935 would have been
prices.
$547 588 greater than as reflected in the above income account.
y Depletion for 1935 is based upon percentages of mine income as used
for United States income tax purposes.
Had the unit depletion method
previously used been followed in 1935, depletion for the year would have
$1,112,376 less than the amount
been
S2'592'000 $2'199,000
^142npn^499
Calendar Years—
$1,149,041
157,128
44,560
of $1,580,913 shown in the above
income account.
Earnings of System for Third Week of May
Net profit from oper...
Interest earned
1935
$1,234,091
169,091
58,354
5,106,115
709,421
224,253
...
Net after rents
From- Jan. 1—
Gross from railway
Act. 1932.
Net
1933
1934
$1,298,721
215,' 764
100,520
from Listing—
Canadian Canners, Ltd.—Bonds Offered—An issue of
$3,500,000 1st mtge. bonds series A was recently offered in
the Canadian market by Wood, Gundy & Co., Ltd.; The
Dominion Securities Corp., Ltd.; Royal Securities Corp.,
Ltd.; McLeod, Young, Weir & Co., Ltd.; R. A. Daly & Co.,
Ltd., and Cochran, Murray & Co., Ltd.
Canadian National
Earnings.-
1936
Gross from railway
Net from railway
priced at par.
—V.
3667
Central of Georgia Ry.
$4,692,824
24,540
43,269
$7,086,015
99,906
79,674
Consolidated Surplus Accounts for
Capital surplus—Bal., Dec. 31, 1934, after deduction of $17,103,323 of distributions to stockholders, charged on books
in prior years to capital surplus------ — ----—----—.-$35,520,379
Less
distributions to stockholders during 1935, charged on
books to capital surplus
—
3,368,526
$1,596,162
/
128,057
...
the Year Ended Dec. 31,1935
1935
*
$32,151,853
surplus—Deficit, Dec. 31,1934, after deduction of $45,distributions to stockholders, charged on books
in prior years to earned surplus
$1,799.854
Net income for 1935, as annexed
4,062,719
Balance. Dec. 31,
Earned
899 679 of
$5,958,190
1,116,480
1.1
Depreciation
$4,760,633
$7,265,596
790,523
924,591
Loss on disposal of fixed
assets
Int.
on
Res.
for
43,219
139,481
8,737
loo", 000
$891,866
Deficit-
• -
-
601",783
503,000
$4,057,227
$3,229,458
$5,453,903
charges..
Surplus, capital and
income
Earned surplus at end of
previous year
a6,585,340
Credit arising from sale
of treasury stock
5,330,538
2,623,997
2,392,338
Total surplus
$10,642,567
Divs. on 7% cum. prior
preferred stock.
803,726
Divs. on 7% cumul. 1st
1,037,253
»
$9,152,013
d1,762,948
803,726
-
-
*,
-
$8,077,899
$3,284,204
L942.624
660,207
.
cl ,804,737
$8,801,588
earned, Dec. 31,1935-
—$33,164,718
Consolidated Balance Sheet at Dec. 31,1935
Assets—
Cash
.
$4,793,103
—.........
$6,585,340
6,521,592
Loan to Govt, of Peru on Callao docks (repaid in 1936) Accounts receivable
—
.—
Metals sold for future delivery at net selling prices (costs incl.
1,733,000
depletion, $2,889,221)--——
—
Inventories of unsold metals
.....—.—
Inventories of ores, ccmcentrates, &c., at costs excl. of deplet—
4,058,557
Accrued interest receivable
Inventories of materials and
Earned surplus at end
of year.
$1,012,865
Marketable securities, at costs
592,017
—
.
1,250,000
...
Dec. 31,1935-
Earned surplus,
75,000
3,554
$2,262,865
1-■—* - - r —
■
for reserve for contingencies....
Less, appropriations
162,434
850,000
Res. for income tax
Net
20,275
83",309
long-term debt.
contingencies..
Miscellaneous
$1,724,219
653,799
$5,330,538
$2,623,997
a Includes credit
arising from sale during 1934 of reacquired capital stock
of the corporation of $592,017.
b Of which $142,835 covers arrears in
c Of which $794,085 is on account of arrears,
d Of which $725,695
Deferred receivables,
Investments
-
......
754,388
2,715,255
628,301
25,792
2,211,464
97,032
1,797,078
,
supplies, at costs—
deposits, prepaid expenses, &c_ .
—
....
—
-
Fixed assets, less
allowances for depletion and depreciation
17,531,948
full,
is on
account of arrears in full.
Consolidated Balance Sheet Dec. 31
1935
Assets
Land,
1935
Liabilities—
§
bldgs., Ac.27,292,503 25,457,621
1
1
5,695,393
3,675,039
34,164
(less res.).. 2,550,145
2,636,929
exps...
Cash.
Investment
sees..
b Common shares.
Def'd liability
Notes pay. to bks.
Other
accounts
&
Purch.
int. receivable..
Inventories
Research &
108,551
6,622,432
charges..
....._
856,637
185,930
391,556
200,932
251,978
124,658
200,932
128,035
& oth. def. cred.
52,544
income tax.
581,269
cos..
for conting..
Earned surplus
a
358,946
Total
The investments include 99,657 shares of
Corp.
503,000
15,686
123,446
Res.
.44,604,704 38,483,6161
358,946
6,585,340
8,801,588
...44,604,704 38,483,616
common
b Represented by 1,000,000 shares of
only,—V. 142, p. 3334.
no
stock of the Celluloid
par
value,
c
Prepaid
expenses
The directors on
of accumulations
——
—•
932,118
—
1,374,256
x6,200,000
33,164,718
—
earned, as annexed-
$42,867,515
—
109.
Chapman Valve Mfg. Co.—Removed from
New
York
Exchange has
Curb
May 26 declared a dividend of $2 per share on account
the 7% 1st pref. partic. pref. stock, par
$100, payable
A like payment was made
on
Feb
20
last, this latter being the first payment made on the issue since Dec. 1, 1930
when a regular quarterly dividend of $1.75 per share was distributed.
—V. 142, p. 122.
Unlisted Trading
removed from unlisted trading
privileges the common stock, $25 par.—V. 142, p. 3499.
Charleston & Western Carolina Ry
1936
1935
—Earnings.
1934
1933
$187,536
54,613
33,430
Net from railway
Net after rents
$199,727
$200,247
$190,290
72,964
52,369
80,311
57,444
94,110
735,062
227,059
145,474
Gross from railway
724,541
234,890
162,502
744,084
290,018
206,790
618,193
215,501
140,178
73,503
From Jan. 1—
Gross from railway. ... -
.
Net from railway
Net after rents
—V. 142, p. 2989.
Chicago Burlington & Quincy RR.-—Earnings,—
April—
on
Capital stock
Surplus, capital and
Gross from
Celluloid Corp.—Accumulated Dividend—
June 12 to holders of record June 2.
provs. for
charges, commissions, &c., on sold &
April—
Federal
Due to affil.
freights, treatment
unsold metals—
The
payable
for
$484,909
711,513
—_
rolls, income taxes, &c., plus
Reserves
—Y. 141, p.
1,671,024
1,419,808
Res. for for'n exch.
25,001
Divs.
—
——
......
1,551,665
188,873
1,430,020
$42,867,515
-
payable
Total.
4,000,000
Wages, commls'ns,
&c., accrued
Prov.
Total..
1,000,000
mtge.
co
Other accruals
Mtges., &c., accts.
14,817,900
——
125,000
'
Accounts payable.
601,933
297,119
1,436,627
Investments
mon.
affiliated
experi¬
mental exps
Deferred & prepaid
a
47,908
4,988,059
11,481,800
1,000,000
Accounts
Accrued liabilities, pay
§
7% cum. 1st partic
pref. stock
14,817,900
Cust. notes & accts
rec.
1934
§
Cumul. prior pref.
stock..—
11,481,800
Patents and devel¬
opment
Drafts payable.
1934
§
Total————
Liabilities—
railway
Net from railway......
Net after rents
1936
$7,051,198
1,176.574
109,774
1935
1934
1933
$6,384,870
1,135,431
269,242
$6,025,756
1,208,150
343,543
$5,465,204
1,365,380
348,914
29,415,463
7,005,966
24,460,241
4,498,033
3,102,016
1,150,293
24,715,655
6,856.760
3,404,304
20,901,092
4,666,544
820,596
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—-V.
142, p. 3334, 3499.
/
Financial
3668
Chicago & Eastern Illinois Ry.—Earnings.—
1936
$1,230,156
273,391
58,535
From Jan.
4,457,846
989,845
4,179,441
824,912
336,044
Net after rents
1935
$994,953
110,276
def48,867
5,216,931
1,208,452
April—
Gross from railway
Net from railway
264,632
42,398
1934
$935,835
147,519
deft,684
.
Net after rents
3,613,682
450,321
def381,011
—V. 142, p. 3500.
Chicago Great Western RR.—Earnings.—
1936
$1,469,701
432,958
Net
1935
$1,301,917
328,133
1934
$1,180,812
295,658
179,384
94,165
51,596
5,270,938
4,698,566
844,063
defl36,197
April—
Gross from railway
Net from railway
716,451
defl73,527
4,680,997
1,043,527
after rents
1933
$1,049,815
224,972
def28,984
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
106,935
3,942,831
550,281
def433,899
142, p. 2990.
Chicago Indianapolis & Louisville Ry.—Earnings.—
1936
$841,790
154,409
April—
Gross from railway
Net from railway
Net
1935
$617,623
55,757
4.942
def50,994
3,376,044
699,927
2,521,055
320,345
143,917
defl46,617
after rents
From Jan.
Net
1933
$537,476
84,262
def40,498
2,400,782
352,517
defl96,742
2,116.542
259,471
def229,955
1—
a
Christiana Securities
for
21
years,
Co.
tiana Securities
Capitalization—The authorized, issued and outstanding capital of com¬
as of Dec. 31, 1935, consisted of $15,000,000 preferred stock and
$15,000,000 common stock, both of $100 par value.
Preferred stock is
pany
cumulative dividends of 7%
entitled to
per
after rents
142, p. 3159.
larly since.
preemptive
Preferred stock has no voting power and is not entitled to any
subscription rights.
Christiana Securities Co. advises that
there
options outstanding to purchase from it any of its capital stock.
are no
Officers ana Directors—The directors and officers as of Dec. 31, 1935,
the following:
Directors—Pierre S. du Pont, Irenee du Pont, Lammot du Pont, R. R. M.
Carpenter, J. J. Raskob, A. Felix du Pont, H. Fletcher Brown.
Officers—Pierre S. du Pont, President; Irenee du Pont, Vice-President
and Treasurer:
Lammot du Pont, Vice-President; H. Fletcher Brown, Vice-
President; A. Felix du Pont, Vice-President;
The company has bought
goodwill &nd mailing list of Hamilton Garment
Hamilton Garment Co. has
liquidated all but its goodwill
mailing list.
The mailing list ,* which is understood to include over
700,000 names, is still getting a lot of inquiries.—V. 142, p. 3500.
and
Chicago Milwaukee St. Paul & Pacific RR.—Earnings.
April—
1936
$8,193,945
1,851,858
326,142
1934
$6,580,833
1,301,361
321,992
32,652,687
6,637,596
2,116,654
27,105,350
4,418,738
629,061
26,916,682
5,854,161
1,872,661
after rents.
From Jan. 1—
Gross from railway
Net from railway......
after rents
—V.
142,
p.
1935
$6,924,372
1,252,952
695,999
Gross from railway
Net from railway
Net
Balance Sheet as
1933
$6,426,177
1,586,416
April—
Net
1936
$6,588,568
273,310
def498,761
From Jan. 1—
Gross from railway
p.
Cash
Total..
of
$262,500
$262,500
$262,500
7% cumulative preferred stock
15,000,000
15,000,000
15,000,000
Common stock
15,000,000
15,000,000
15,000,000
21,054,039
18,452,724
18,461,440
1934
$5,825,010
727,081
18,571
22,457,523
3,325,714
23,134,228
19,449,089
4,102,795
1,597,477
1,183,247defl,702.943
1933
532.862
def239,698
414,375
propose
to
of
expend $14,381,096 for deferred
and equipment with respect
to the properties in order that they may be operated adequately, safely
and economically, to enable the trustees to handle existing traffic as well
as to secure new traffic on an
equal basis with their competitors, and in
order to supply working capital.
Thirty-five of the certificates will be in the denomination of $100,000
and 100 will be in the denomination of $10,000. $4,300,000 thereof to
be payable to the order of the First National Bank of Chicago, Chicago,
111., and $200,000 thereof to be payable to the order of the Mississippi
Valley Trust Co., St. Louis, Mo.
They will be dated June 1, 1936, will
bear interest at the rate of 3%% per annum, payable semi-annually on
Dec. 1 and June 1, will be redeemable as a whole at the option of the
trustees on any interest payment date after June 1,
1936, at par and
accrued interest upon not less than 30 days' notice, and will mature June 1,
1939.
Both the principal of and interest on the certificates will be payable
in such lawful
money of the United States as may be, on the respective
dates of payment, legal tender for the payment of debts.
The certificates
will be issued at par and accrued interest direct to those making the loans.
They are to be secured by a prior lien upon all the property and surplus
earnings and income of the Rock Island, but not of any subsidiary thereof,
subject only to the lien of taxes and assessments, the rights of pledgees
of the Rock Island in respect of pledged collateral now in the possession
of the pledgees, and the rights of the trustees under the respective equipment
trusts in respect of the equipment subject thereto.
way,
structures,
Earnings
of System
Period End. April 30—
1936—Month—1935
1936—4 Mos—1935
Railway oper. revenue.. $6,208,389
$5,556,183 $23,911,768 $20,921,198
Railway oper. expenses.
5,764,869
4,484,864
22,127,621
18,712,627
x
Railway tax accruals..
522,846
385,000
1,875,082
1,550,000
Uncollectible ry.
Equipment rents
Joint facility rents
rev._
307,863
88,774
Net Income and Surplus—Years Ended Dec. 31
Dividends received on:
•
I.
E.
du Pont de Nemours &
Act accruals
x
1,681
292,726
97,253
6,856
1,038,950
391,792
954,071
368,892
$294,659df$l,413,898 def$779,027
$122,242
$256,474
$35,605
$138,608
Incl. accrual of Fed.
Unemploym't Insur.
effective Jan. 1,'36.
for
Railroad
Retirement
$9,454,380
$8,385,150
(Not separately reported
$13,647,854
78,075
if any)
134,903
138,458
6,127
129,181
11,373
$13,860,832
$9,598,965
$8,525,703
20,698
9,517
7,682
5,629
$13,851,315
$9,591,284
$8,499,376
18,452.724
-
Total
income.
18,461,440
18,512,064
Taxes
Administrative expenses
Net income
-
Surplus Jan. 1—
Act
effective "Aug.
1,
1934,
charged in general expenses in 1935.—V. 142, p. 3335.
—-$32,304,039 $28,052,724 $27,011,440
1,050,000
1,050,000
1,650,000
-> 10,200,000
8,550,000
7,500,000
Total surplus
Dividends on preferred stock
Dividends on common stock
Surplus Dec. 31—
.$21,054,039 $18,452,724 $18,461,440
Earnings per share common stock,
after preferred dividends
$85.34
$56.94
$49.66
Dividends per share common stock...
$68.00
$57.00
$50.00
—
Dividend Record of Christiana
The following is
Securities Co.
the uninterrupted dividend record of Christiana
1915
-
-
-
1924--.
1925.
1926
1927...
-
1929
-
1935
-
$1,050,000
1,050,000
1,050,000
1,050,000
1,050,000
1,050,000
1,050,000
1,050,000
1,050,000
1,050,000
1,050,000
1,050,000
1,050,000
--1
(21 years)
.
Gross from railway.
Net from railway
Net
after
rents
From Jan.
—V.
after rents.
142,
p.
1935
$1,128,728
115,188
1934
$1,138,353
161,880
def50,212
def38,513
13,558
1933
$995,239
107,094
def39,504
$123,870,000
5,384,395
352,717
def452,225
4,423,240
4,630,187
*440,814
defl73,334
833,500
247,567
3,734,825
225,896
def341,962
3500.
Chicago Union Station Co.—Listing—
authorized the listing of $44,000,000
first mortgage 3%% bonds, series E, due July 1, 1963 (see offering in V.
142, p. 1634).—V. 142, p. 2493.
Christiana Securities Co.—Status, dec.—
This company (the
stock of which is the basis of the issuance of Brandy-
Shares, which see above) has not listed its stocks on any exchange
a registration statement with the Securities and Exchange
Commission.
The following information is taken from the published
annual reports of the company, the annual reports of E. I. du Pont de
wine
and has not filed
1933
$905,534
356,308
1935
$1,087,672
345,346
238,236
309,957
260,053
5,165,738
1,928,970
1,473,463
Net after rents
4,182,626
1,349,051
960,166
4,208,074
1,658,046
1,196,897
3,309,646
1,054,696
775,627
From Jan. I—
Net from railway
Net after rents.,
—V. 142, p.
3336.
Cincinnati
The New York Stock Exchange has
Ry.—Earns.
1934
$1,086,463
440,814
1936
$1,347,352
520,491
391,834
April—
Gross from railway
Net from railway
Gross from railway
1—
Gross from railway
Net from railway
Net
1936
$1,349,251
164,330
Total
$3,375,000
7,095,000
1,500,000
1,500,000
.3,375,000
2,250,000
1,500,000
1,500,000
600,000
600,000
1,200,000
6,000,000
10,500,000
13,200,000
16,050,000
8,400,000
11,475,000
7,500,000
7,500,000
8,550,000
10,200,000
Per Share
$45.00
94.60
20.00
20.00
45.00
30.00
20.00
20.00
4.00
4.00
8.00
40.00
70.00
88.00
107.00
56.00
76.50
50.00
50.00
57.00
68.00
-
1923.
Total
Dividends
Cash
—Common Stock—
7 % Preferred
Cincinnati New Orleans & Texas Pacific
Chicago St. Paul Minneapolis & Omaha Ry.—Earns.
April—
Securities
by various statistical agencies.
Dur¬
ing the years 1915 to 1922 it is officially reported that the capitalization of
the company consisted of 75,000 shares of common stock.
In 1922 the
company paid to common stockholders a 100% stock dividend payable in
common stock and a 200% stock dividend payable in the then newly created
7% preferred stock.
After payment of these stock dividends, the authorized
and outstanding capital of the company consisted of 150,000 shares of
preferred stock and 150,000 shares of common stock.
In 1915, according to
various statistical services, common stockholders in addition to cash divi¬
dends were paid a 122% dividend in du Pont
Powder Co. common stock
and in 1916 similarly a 115.4% dividend in Anglo-French bonds.
Co. for the last 21 years, as reported
1934.
y Effective Jan. 1, 1936, included in appropriate revenues, account new
Interstate Commerce Commission classification.
Note—Accruals
stock..
Other stocks.
1928-
Net ry. oper. income.def$475,963
x Inc. RR. Retirement
Co.
stock
General Motors Corp. com.
Interest and miscellaneous income.
way
maintenance
$51,316,539 $48,715,224 $48,723,940
-
-
Statement of
$5,098,578
~
the trustees
y
payable
Total.—
and structures, and for additions and betterments
related thereto, on the lines of the Rock Island and certain of its sub¬
sidiaries, to be financed partly by the proceeds of $4,500,000 of trustees'
certificates which they propose to issue.
The trustees represent that the issue of the certificates is necessary
in order to provide them with funds to operate the properties, to restore
deferred
$51,316,539 $48,715,224 $48,723,940
-
3,952,562
def368,327
1935
$5,963,498
877,076
234,813
3500.
1936
3,036,483
928,199
100,000
Preferred dividend
Chicago Rock Island & Pacific Ry.—Trusteesf Ctfs.—
During
any)
3,036,483
1,019,483
receivable.
Accounts
500,465
1,749,698
494,754
23,469,862
The Interstate Commerce Commission on May 26 authorized the issuance
of not exceeding $4,500,000 of trustees' certificates, to be sold or otherwise
disposed of at par and accrued interest, and the proceeds used to pay for
maintenance and additions and betterments.
The report of the Commission says in part:
maintenance
if
common
26,053,852
2,005,233
defl.324,675
_
Net from railway.
Net after rents...
142,
4,412,829 (Not separately reported
Common stocks of other cos., cost—
Liabilities—
r
railway
1933
Motors
Surplus.
after rents
—V.
1199238067.-_
90,150 50-55
shs.
General
Corp. common stock, cost
3500.
Gross from railway
1934
3,049,800 shs. E. I. du Pont de Ne¬
mours & Co. common stock, cost__$44,659,257 $44,659,257 $44,659,257
Chicago & North Western Ry.—Earnings.—
Net from
H. E. Humphreys, Jr., Sec'y.
of Dec. 31
1935
Assets—
New York, mail order fashion house.
been inactive for past several years and had
Net
in preference to the
demption of the preferred stock is permissible on any quarterly dividend
date.
In December 1922 this preferred stock was reported issued to stock¬
holders as a stock dividend and dividends on the issue have been paid regu¬
Chicago Mail Order Co.—Acquisition—
Co.,
annum
stock, and is entitled to $100 per share and accrued dividends in
common
liquidation and $120 per share and accrued dividends if called for redemp¬
tion.
Preferred stock provisions do not provide for a sinking fund but re¬
included
Gross from railway
Net from railway
—V.
1934
$586,197
48,718
def98,090
>
May 30, 1936
the records of various statistical agencies, accord¬
prospectus dated May 8, 1936.
Co. is a corporation which has been in business
having been incorporated in Delaware on March 1, 1915.
Its control is understood to be vested in various members of the du Pont
family and their associates.
Christiana Securities Co. is a security holding
and investment company and is regarded as a holding company for the
du Pont interests.
The principal assets of the company as of Dec. 31,
1935, as indicated by the 1935 annual report, was 3,049,800 shares of E. I.
du Pont de Nemours & Co. common stock.
This asset alone, based on
recent market quotations of about 148 for
du Pont common stock on the
New York Stock Exchange, had an indicated value of approximately
$451,000,000.
As of Dec. 31, 1935, there were 395 common stockholders of the Chris¬
ing to
1933
$831,659
92,848
def99,030
1—
Gross from railway
Net from railway
Chronicle
Nemours & Co. and from
&
Suburban
Bell
Telephone Co.—Cradle
Phone Rate Reduced—
This company and the Ohio Bell Telephone Co. on May 22 applied and
granted permission by the Ohio Utilities Commission to reduce the
monthly charge on cradle phones from 25 cents to 15 cents.
Permission
was also granted to discontinue the charge after subscriber has paid $5.40
instead of present $9 total charge.
Under the reduced rate, subscriber
will complete extra payments in three years, same as at present.
The Ohio Bell supplemented its general exchange tariff with rule waiving
$1 charge for changing equipment to hand set from standard type with
provision that 15 cents monthly charge apply.—V. 142, p, 947.
were
Volume 142
r
Financial
City Stores Co. (& Subs.)—Earnings3?Months Ended April 30—
profit after reserve for deprec.,
—V.
income taxes
$140,575
45,737
$94,838
__I_I__
loss$70,760
loss$77,049
Net profit
Profit of sub.
before Fed. inc. taxes, applic. to
cos.
City Stores Co
Estimated Federal income taxes
$238,517
45,737
$25,602
6,288
$192,779
97,941
$19,313
96,363
$94,838
on
parent co.'s funded debt, &c
Consol. net profit, applic. to City Stores Co
—V. 142, p. 3336.
CHnchfield RR- -Earning s.April—
Other
income
Gross from railway
1933
$2,451,108
606,498
$2,088,339
480,651
1932
$6,537
303,529
$3,057,606
$2,568,989
$310,066
45,889
Gross income
$4,766,158
Int. & discount, excl. of
int. on special loans..
Interest charges..
Bad accts. charged off &
50,508
42,812
1,401,265.
provided for
27,103
26,768
Contr. & special allow.
State & Fed .taxes in con¬
85,338
_
nection
with
issue
Colorado Central
bonds
Miscellaneous charges.
12,157
3,260
52,957
_
29,010
1,994,402
325,000
80,277
250,000
50,000
600,749
$775,489
50,000
50,000
504,553
sec.
$775,489
rec.
5,596
4,706
receivable.
70,461
17,447
61,428
warr.
21,773,792
Consumers'
19,199
Reserves
Deferred
$22,549,281
$22,181,091
250,000
157,299
$22,075,817
no par
$
Accts. receivable..
Inventories
352,735
Invest,
218,083
4,889
domestic
wholly
Adv.
foreign
2,210,588
3,259,359
1935
794,399
281,424
Purch.
575,528
Dividends payable
Stock div. payable
Notes payable
Aug. 3,
704,278
4,750,000
Miscellaneous
74,186
242 933
2,651
Fds. withheld from
1,962,810
1,381,619
outside producers
Reserve for Federal
12,868
36,261
263,941
413,898
237,196
219,349
517,830
Due to outside pro¬
ducers & owners
of
in¬
liaoilities—
153,849
314,303
39,267
57,290
Deferred credits..
Reserves
y
z
1,427,355
1,150,498
$5 cum. pf. stk. 19,489,720 19,489,720
Common stock..
408,296
408,296
Capital
surplus—
paid in
990,000
990,000
Surp. arising from
Total
69,449,572 92,137,797
x Less reserve for
depletion and depreciation of $32,836,738 in 1935 and
$33,070,830 in 1934.
y Represented
by 487,243 shares no par value.
x Represented
by 408,296 shares no par value,
a Estimated
intercompany
profits have been eliminated.
The consolidated statements include the
accounts of tbe company
and all its fully owned subsidiaries,
except two
minor subsidiaries (their total assets
aggregate less than $50,000).
Six
partly owned subsidiaries are not consolidated due to the
large percentage
of minority interest or to their
insignificance.
The proportionate share of
accumulated net profits not taken up as at Dec.
31, 1935, applicable^ to
investments in all subsidiaries not consolidated
amounted to
2991.
Cleveland Electric
approximaely
Illuminating Co. (& Subs.)—Earns.
12 Months Ended March 31—
Total operating revenues
1936
expenses
Maintenance
income taxes
Provision for Federal income taxes
Net operating revenues
revenues
$11,430,872 $10,283,960
funded debt
Amortization of bond discount and expense
Other interest charges
Appropriations for depreciation
1935
$25,285,819 $23,344,089
8,878,965
8,510,468
1,478,840
1,572,468
3,023,467
2,645,287
568,323
585,387
$11,336,223 $10,030,477
94,649
253,483
Gross income
reserves
Land, bldgs., &c.
Mtge. pay. purch.
cont. pay. after
150,000
Res've for conting.
bConv. pref. stock 3,487,500
c Common stock..
3,536,207
Capital surplus
Total
After
13,061,671
9,619,873
Total
-
2,219,301
67,342
75,463
3,576,060
4,499,595
13,061,671
Earned surplus—
9,619,873
of $1,183,048 in 1936 and $1,042,500 in 1935.
b Repre¬
7,500 (17,261 in 1935) no-par shares,
c Represented by 280,413
no-par shares in 1936 and 177,933 shares in 1935.
The earnings for the 39 weeks ending March 28, 1936, were published in
V. 142, p. 3503.
reserve
Columbus & Greenville
April—
l ,645,833
2,000,000
18,412
22,172
63 129
29 222
3,063,814
2,943 585
$6,680,639
$5,248,022
Ry.—Earnings.—
1936
$85,678
Gross from railway
Net from railway
1935
1934
1933
$70,703
1,132
def3,505
$73,273
2,504
2,309
338,578
16,294
defl,288
272,461
defl6,647
defl8,979
286,296
16,736
311
$55,596
10,850
11,403
293
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 2991.
Commercial
6,491
198,680
defl7,486
defl7,640
J
Credit
Co.—Files
with
SEC—To
Issue
$29,600,000 Stock—Existing Pref. to Be Retired—
The company on May 25 filed with the Securities and Exchange Com¬
mission
a registration statement (No. 2-2189, Form E-l) under the Securities
Act of 1933 covering $25,000,000 par value of —% cumulative convertible
preferred stock ($100 par), $4,600,000
common stock ($10 par), and scrip
certificates in lieu of fractional shares of common stock.
The new stock is to be offered under an exchange plan to holders of the
outstanding 5H% convertible preferred stock on the basis of one share
of the new preferred and an undetermined amount of common stock for
each share outstanding.
The holders of the 5 H% preferred may, however,
convert their stock into common at the rate of 1 9-11 shares for each
share of preferred.
All the outstanding stock not exchanged or converted
is to be redeemed
by the company at $110 a share plus accrued dividends.
The redemption date is to be supplied by amendment.
According
to
the
registration
a maximum
of $19,371,800
required for the exchange if
exchange rights.
The remaining
$5,628,200 par value of new preferred, together with such amounts as are
not required for exchange are to be
purchased by underwriters and offered
publicly.
The proceeds from this offering are to be applied to the re¬
demption of the 5H% preferred stock which has not been exchanged or
statement,
par value of the new preferred stock will be
all the present stockholders exercise their
converted.
Upon completion of the plan the company, it is stated, will have out¬
standing only two classes of stock, as the new stock will not be issued until
all the outstanding 5J^% preferred has been surrendered for
exchange or
conversion,
Net income
-V. 142, p. 2663.
Commercial Investment Trust
presently outstanding:
or called for redemption.
The dividend rate, conversion rights and redemption provisions of the
stock, as well as the redemption date of the 5preferred stock
and the date on which the exchange rights expire, are to be furnished
by
new
Corp.—Options—
The company on May 21 notified the New York
Stock Exchange that
the following options for the purchase of shares of the
common stock of b h *
are
54,800
'
a
Net after rents
adjust, of prop. 19,286,266 19,933,870
Profit & loss surp. 3,863,264
22.324,281
--..69,449,572 92,137,797
17,812
54,650
payable.
sented by
16,300,000
current
63,484
royalty rights
Deposits
vestments
a
fund
4H% bonds
not
44,483
90,081
—
36.261
508,880
25,214,S12
4X% coll. loan«_.
Other
1936
25,000
70,103
12,008
510,917
1,234,930
1,783,026
Collat. tr. notes.
s.
pay.
77,705
—
§
254,250
payable...
mtge.
contr.
within one year.
1934
S
Accrued tax., &c_.
1st
247,900
one year
a
Liabilities—
Accts.
106,750
160,718
income tax—-:*.-
producers-
1934
3.971,862
3,254,911
911,431
144,382
customer..
528,836
of life insurance.
$
1,264,047
cust'rs
payable for¬
eign
Cash surrender val.
$21,773,792 $22,075,817
33,089
and
accrued expenses
Adv. payable from
held from outside
$3,863,264 $22,324,281
$
80,000
Accts. payable
5,228,124
producers
8,652
Mar. 30*35
$
Loan pay. to bank
Cash in trust with¬
supplies
5,718,026
6,730,099
Inv., advs., <fcc.__25,860,751 48,013,620
x Properties.
29,538,642 31,167,944
Deferred assets— 1,105,377
756,188
corporation
102,960
$1,641,240
Afar.28'36
250
274,305
subsidiaries
and
on
135,649
.$1,668,716
Advance to outside
2,805,340
Invent's of prod'ts
Interest
300,000
Liabilities—
5,070
in
owned
$
Non-operating
300,000
stock.
Notes payable
1,440,297
376,810
6,996,085
expenses.
Deposits.
18.193,335
al935
Taxes, other than Federal
Common
400,759
shares.—V. 142, p. 1978.
Consolidated Balance Sheet Dec. 31
Operating
76
408,261
Total
S
1,814,535
Notes receivable..
include provision for preferred dividend
requirements of
Arrived at as follows: gross sales and operating revenue, less
allowances, $17,801,699, less cost of sales and operating ex¬
penses $13,951,819, gross profit $3,849,881, less
selling, general and ad¬
ministrative expenses $804,034,
operating profit $3,045,847.
z Loss.
p.
7,635
.
Balance Sheet
Prepaid
y
$95,000.—V. 142,
18,996
11,570
credits
Mar. 28 '36 Afar. 30'35
not
Total
18,688
18,327
Misc.
and
res.
39,124
meter
[Including domestic subsidiaries]
loss—Surplus
Cash
$753,000
40,027
depositsunadj. cred.
26,169
2,565
$1,668,716 $1,641,240
Cash
225,000
acquisition
of full ownership
Receiv'les less
$734,500
20,381
Accrued items
3,459
Assets—
prior
Assets—
A, due Dec.
1 1946
Accounts payable.
2,215
$105,274 z$2.665,839
22,075,817
24,741,657
of
Does
38,763
Represented by 10,000
.
Corrigan,
McKinney Stl. Co. for
sec. of Rep. Steel Corp
Propor. sh. of net losses
x
62.883
1935
1936
Surplus
105,764
com.
at end of year.....
$8,115
5H%
gold bonds
f.
ser.
2,738
Total
of
$435,000.
311
mtge.
s.
5,311
48
108.750
Loss arising from exch'ge
Profit &
1,075
Columbia Pictures Corp.—Balance Sheet—
adjustments
Adj. of depl., deprec.,&c
date
9,921
$16,410
Liabilities—
1935
x
x
Total surplus....
$24,870,593
Prov. for res. for prop'ty
to
4.840
24,362
Inc.-decrease in surpl. $2,440,547
Surpl. at beginning of yr. 22,324,281
subs,
-
1st
deposit...
Notes &
(5c.
stk.of McK. Stl.H.Co.
1936
5,840
Special
$105,274 z$2,532,728
per
consol.
$18,858
10,431
993
10.099
273
50,000
400,379
Pref.—McKinney Stl.
Holding Co. (1H %)
of
$26,932
,500,765 $1,480,358
Prepayments
Suspense
531,623
$2,440,547
Net profit
returns
Assets—
Inventories
69,000
x24,598
Amortiz. of investment.
Prov. for depl. & deprec.
sec.
$97,778
63,082
150
equipment
§
Construe, work in
Accts.
Kenney Steel Hold. Co
of
$107,771
64,827
5,311
10,036
663
2% normal tax
Cash
(estimated)..
in
$96,785
Net corporate income.
Interest on funded debt.
Interest miscellaneous—.
progress
Cr7,813
Prov. for loss of the Mc-
invest,
1935
1936
Income deductions
Co.
sundry losses, &c
Prov. for Fed. inc. taxes
on
Co.—Earnings-
Property, plant &
investment
Loss
645,825
467.491
935,862
Operation
Maintenance
Taxes, excl. Federal income tax
27,676
1,504,643
1,534,239
Prov. of spec, res'ves for
Net profit on sale of
1,467,638
991,577
Balance Sheet March 31
__
paid—Pref.
share)
2,015,870
1,814,989
758,491
694,546*
Net income before prov. for renewals &
replace¬
ments (deprec.) & Federal income tax
Int. & comm. charges on
special loans
1
Divs. ree'd on Corrigan,
Divs.
1933
$333,934
136,739
90,756
$106,223
1,548
97,841
...
Steel
Power
1934
$472,976
209,511
187,038
of
and expenses
Prem. on bonds purch'd.
McKinney
2,100,991
944,696
912,096
Net from railway
Net after rents
—V. 142, p. 2991.
Amort, of bond discount
'■
1935
$451,093
175,095
150,550
3 Months Ended March 31—
1934
1,720,311
1936
$483,267
186,492
172,694
Net after rents
From Jan. 1—
Cleveland-Cliffs Iron Co. (& Subs.)—Earnings—
Calendar Years—
1935
Profit from
operations..y$3,045,847
32
35
142, p. 3502.
Gross from railway
Net from railway
loss$77,049
Profit.
Int.
6,288
Expiration Date
Dec. 31 1936
Dec. 31 1936
Dec. 31 1937
i24
125
6,450
contings. &
deduction of minority ints., but before Federal
Estimated Federal income taxes
Price per Share
125
1935
1936
^
k
3669
Number of Shares
Net
'
Chronicle
amendment to the registration statement.
The common stock being registered upon
completion of the plan wil
be subject only to the preference of the new preferred stock, it is stated.
The scrip certificates are to be issued in lieu of fractions of shares of common
Financial
3670
of the 5*4 % convertible preferred stock for the new
preferred stock and common stock.
H. L. Wynegar, New York City, is President of the company.
stock upon exchange
New
The
the listing of 50,000
stock ($10 par) on official notice of issuance
Stock Exchange has authorized
York
with the acquisition of shares of capital stock of American
Credit Indemnity Co. of New York, a corporation organized under the
insurance law of New York, making the total amount applied for 1,569,147
in connection
shares.
The directors on
March 26, 1936, approved an agreement to exchange
of the common stock for 50,000 shares of the
capital stock of Indemnity company.
Under the terms of the offering
the company is not required to accept stock of the Indemnity company
unless there shall have been delivered for exchange, on or before June 15,
to the Mississippi Valley Trust Co., St. Louis, Mo., as agent not less
than 40,000 shares of Indemnity company stock.
If at least 40,000
shares of Indemnity company stock are not so delivered, the agent shall
share for share 50,000 shares
five notice to each receipt holder,as to may, stock not days, withdraw the
who any within 15 so withdrawn, his
ndemnity company stock, but
company may
elect to issue Commercial Credit common stock in
exchange.
Increases Common Dividend—
The directors on May 28
the common stock, par $10,
Dividends of 62
cents per
declared a dividend of 75 cents per share on
payable June 30 to holders of record June 10.
share were paid on March 31 last, Dec. 31 and
Sept. 30, 1935; 50 cents per share was paid in each of the three preceding
quarters and 25 cents per share on Sept. 30, June 30 and March 31. 1934.
Prior to this latter date no payments were made on the common stock since
June 30, 1932, when 12*4 cents was disbursed.
On March 31, 1932, 25
cents per share was paid,
40 cents per share were
Directors Declare
The
directors
on
of
incl.
and on Dec. 31 and Sept. 30 1931 dividends
paid, while from March 30, 1929, to and
1931, quarterly payments of 50 cents per share were made.
June 30,
20% Stock Dividend—
May
recommend to
certificate of incorporation
28 also unanimously decided to
stockholders that, if it should be necessary, the
number of shares of common stock be in¬
creased so that thereafter a stock dividend of 20% will be declared on the
common stock issued and outstanding on a date to be fixed by the direc¬
tors, but not later than Sept. 10, 1936, and be payable to common stock¬
holders on a date to be fixed by the directors, but not later than Sept. 30,
1936, and that, after the payment of said stock dividend, current dividends
on the common stock shall be continued at the increased rate until farther
be amended and the authorized
The directors realize that the very satisfactory
operating results of the
have been very largely due to the splendid cooperation, loyalty
and hard work of the rank and file of its older employees.
Inasmuch as
on
stock is now being increased,
common
the directors
not
has had a wholly-owned subsidiary, Consolidated
which has sold the products of the company and acted as
textile concerns while the company has confined its opera¬
tions primarily to manufacturing.
The extremely unsatisfactory conditions in the cotton textile industry
generally at the present time and for many years are well known.
One of
the principal troubles has been overproduction and surplus
capacity.
Ten or 15 years ago there were approximately 38,000,000 spindles in this
country.
Though the number of spindles has now been reduced to ap¬
proximately 29,000,000, there is still an overproduction.
This situation
has resulted in ruinous competition and grossly inadequate prices, and the
company, in common with many other concerns in the industry, has been
a great sufferer.
In every year since 1929, with the exception of the year
1933 (during which the company made an operating profit before interest
and depreciation), the company's operations have resulted in a loss, with¬
out any allowance for interest or depreciation.
By Dec. 1, 1930, the financial condition of the company was such that
it was compelled to default in the payment of interest on its first mortgage
20-year 8% sinking fund convertible gold bonds, then outstanding in the
amount of $2,750,000.
On Dec. 10, 1930, a committee was formed for
the protection of the interests of the holders of the bonds and more than
71% of the bonds outstanding are now on deposit with that committee.
Since 1924 the company
Selling Co., Inc.,
agent for other
On March 14,
1935, both the company and the Selling company entered
with L. F. Dommerich & Co.
It was hoped by
into factoring agreements
arrangements that the company's current working capital require¬
ments would be provided until improvement in the industry permitted pro¬
these
being made for additional working capital on a more permanent
Improvement in the industry did not materialize, however, and
conditions became worse.
Under such factoring arrangements
advances at times amounted to approximately $750,000, and on Dec. 13,
fact
1935, the company
In addition,
owed L. F. Dommerich & Co. $201,052 for advances.
the company then owed $1,210,000 for interest past
the bonds then outstanding
due on
in the amount of $2,750,000.
June 30,1936, to said employees
the company or its subsidiaries
Accordingly, on Dec. 13, 1935, the company filed in the U. S. District
Court for the Southern District of New York a petition stating that it de¬
sired to be reorganized pursuant to the provisions of Section 77-B of the
Bankruptcy Act and on the same date the Court approved the petition as
their present annual salaries, payable on
are now and were on the payroll of
prior to July 1, 1935.
Amendments to
Certificate of Incorporation Approved—
At the special meeting of
stockholders held May 28 the proposed amend¬
incorporation were duly approved and $25,000,000 of new cumulative convertible preferred stock was authorized.
This
new stock is intended to be issued only after the retirement, or provision
for the retirement, of the outstanding 5*4% convertible preferred stock,
plans for which will shortly be announced.
ments to the certificate of
Earninqs for 4 Months Ended
April 30
1935
1936
Gross purchases of receivables
$242,477,223
Consol. net profit after charging off all reserves
for loss, &c., Federal, &c., taxes
3,029,727
$173,520,054
2,056,418
1,569,272
989,052
$1.58
Gross purchases of receivables for the month of April, 1936, were $77,914,543.
This was by far the largest volume of business transacted in
the history of the company in any one month and compares with a volume
of $50,817,913, which was the largest for any month prior to December,
1935.
Gross purchases for the 12 months ended April 30, 1936, were
Earnings available for common
Shares of common outstanding
Earnings per share.
2,672,280
1,166,932
$2.29
__
_______
$594,956,472.
Consolidated net income for the
12 months ended April 30.
1936, was
After payment of dividends on the 5*4 % convertible preferred
providing for minority interests, there remained $7,640,179.
or $6.54 per share applicable to
1,166,932 shares of common stock out¬
standing at the end of the period.—V. 142, p. 3503.
$8,773,441.
and
Connecticut Light & Power
12 Months Ended
Co.—Earnings—
1935
$16,920,882
4,511,592
3,690,886
$3,255
$3,215
1936
April 30—
Gross operating revenue
-.$18,034,634
Net available for dividends & other corp. purposes.
4,542,652
Balance avail, for common stock & other corp. purp
3,736,226
Earnings per share
—V. 142, p. 2824.
Connecticut Power
Co.—Merger Approved—
of the Connecticut Power Co. and the Stamford Gas &
been approved by the Connecticut P. U. Commission.
must have the endorsement
before Dec. 31, 1936, and
permits recourse to the courts and arbitration for aggrieved parties.—
V. 142, p. 1116.
The
merger
Electric
Co.
has
The approval specified that the consolidation
of the stockholders of each company, on or
Consolidated Aircraft
The corporation
Corp.—Registers Issue with SEC—
has registered with the Securities and Exchange
mission 24,000 shares of convertible $3 preferred not
Com¬
cumulative and 22,876
purchase the convertible preferred stock, 73,600 common stock
$1 par value,.48,000 shares of the common to be reserved for issuance upon
conversion of 24,000 shares of the $3 convertible preferred stock.
The date of the proposed public offering is to be June 15, 1936.
Ham¬
monds & Co., Inc., of New York and California is to be the principal under¬
warrants to
writers.
proceeds estimated to be received by the company from the
preferred stock, assuming that
be taken by the holders of common stock, or by
holders of common stock and the underwriters, is $1,105,128.—V. 142,
The
net
sale of the 22,967 shares of convertible $3
all
will be one of the principal officers of the corooration under
reorganization, it is understood.
Aooraisal of the mill holdings and
properties by Mr. McLeod has been filed with Judge Goddard.
The
independent bondholders' committee is urging bondholders to fight the
proposed plan of reorganization, it is reported.
An introductory statement to the plan of reorganization states;.
Corporation since its organization in Delaware in 1919 has been engaged
in the business of manufacturing, finishing and dealing in cotton textiles.
Printing Co..
the
By this time it had become clear that the company could not continue
to conduct its business without a radical reorganization and refinancing.
to
who
stock
Referee Peter B. Olney
the Federal Court.
recognize the efforts of those employees whose annual salaries
more than $10,000 and have declared a special compensation of 5%
desired
are
the
reorganization proceedings are scheduled for June 1-3
Jr.. and June 16 before Judge Goddard of
Charles M. McLeod, Vice-President of the American
Further hearings on
before
in
company
on
the United States.
basis.
% Bonus to Employees Earning Less Than $10,000—
the dividend
approved by the directors was filed in the office of the U. S.
for the Southern District of New York on April 30, 1936.
application has been made to the Court for the approval of the plan as
conforming with the provisions of Section 77-B of the Bankruptcy Act of
An
vision
action of the directors.
5
Consolidated Textile Corp.—Reorganization Plan—
plan of reorganization prepared by the bondholders' protective com¬
A
mittee and
District Court
Listing of Additional Common Stock—
additional shares of common
May 30, 1936
Chronicle
of such shares will
p.3337.
Consolidated
For
Corp.—Files
with
SEC—To
Issue
$50,000,000 15-Year 33^% Debentures—
corporation on May 27 filed with the Securities and Exchange Com¬
a registration statement (No. 2-2193, Form A-2) under the Securities
Act of 1933 covering $50,000,000 of 15-year convertible 33^% sinking
fund debentures, due June 1, 1951, and 2,000,000 shares (no par) common
The
stock to be reserved fox* conversion of the debentures.
The net proceeds from the sale of the debentures are to be applied to
the payment of $40,000,000 of unsecured promissory notes of the cor¬
poration and the balance will be advanced to wholly-owned subsidiaries
for the acquisition of oil and gas leases, the development of such oil and
gas leases, and oil and gas leases already owned, improvement of refineries,
and for other corporate purposes.
The debentures are redeemable at the option of the company
in whole
time or in part from time to time on any interest payment date after
45 days' notice at the following prices plus accrued interest;
If redeemed prior to June 1, 1941, 105%; if redeemed on June 1, 1941,
and prior to June 1, 1942, 104%; thereafter and prior to June 1, 1948, the
premium will be 4% less *4 % for each year or fraction thereof elapsed from
June 1, 1942, and *4 % if redeemed on or after June 1, 1948, and prior to
June 1, 1950, and thereafter without premium.
The debentures are convertible into common stock at $25 a share for
the first five years, $30 a share foi the second five years, and $35 a share
for the third five years, subject to adjustment and otherwise as may be
at any
provided in the indenture.
The price to the public, the net proceeds to the corporation, and the
names of and allotments to underwriters will be supplied by amendment
to the registration statement before the effective date.
J. F. Sinclair of New York City is Chairman of the Executive Committee,
and H. R. Gallagher of New York City is President.—V. 142, p. 2663.
some
if the company was to continue
successfully the adverse conditions in the industry,
modernize some of its plants, install new machin¬
time it has been apparent that,
in business and meet
it would be necessary to
make necessary repairs and obtain additional working capital.
To
requirements additional funds would be needed in a substantial
After studying the situation the bondholders' protective com¬
mittee and the management came to the conclusion that the only source
from which the necessary funds might be obtained was the Reconstruction
Finance Corporation, and accordingly negotiations have been conducted
with it looking toward the necessary loan.
After considerable study of the
situation by the examining officials of the RFC the management was advised
that no loan to modernize all the plants would be considered, and that the
most that might be considered (though no definite assurance was given that
it would be granted) was a loan of $500,000 to $600,000 for modernizing
two of the Southern plants; and that such a loan would be considered only
on condition that approximately $500,000 additional would be raised from
other sources for working capital for those two plants.
Neither the company nor the bondholders' protective committee be¬
lieved that any feasible means of raising the necessary working capital
could be developed without liquidation of at least a part of the company's
assets.
It was not felt that under existing circumstances any plan to raise
the required fund through an assessment of the stockholders or the bond¬
holders would be appropriate or successful.
It was therefore finally con¬
cluded that a plan for the reorganization of the corporation, which had as
an important
feature the prompt liquidation of some of the plants and
assets of the company, should be developed.
Accordingly, the following plan is proposed by the bondholders' protec¬
tive committee, now consisting of Francis E. Storer, Charles F. Batchelder
and J. Sanford Otis, who have agreed to act as the reorganization com¬
ery,
meet these
amount.
mittee for the purpose
the Court.
of consummating the plan, if approved by
General Scope
and Purpose
New Company—A new corporation will be organized to acquire all of the
plants and assets of the company, free from the lien of the mortgage secur¬
ing the bonds, or the present company, after the necessary changes have
been effected in its charter, will be availed of, if found feasible, to consum¬
mate the reorganization.
Upon consummation of the reorganization and acquisition by the new
corporation of all of the plants and assets of the company, it is expected
that the new Corporation will undertake an orderly liquidation of such of
the plants and assets as in the opinion of its directors should be liquidated,
making sales or other dispositions thereof at such times, in such manner and
upon such terms as in the opinion of the directors will prove most advan¬
tageous.
It is the present expectation that in this manner sufficient funds
will be provided to supply the new corporation with additional working
capital to enable it to make application to the RFC or other lending source
for a loan in an amount sufficient to provide for the modernization of one
or more of the Southern plants, now estimated at some $500,000 to $600,000.
It is the opinion of the committee that if conditions in the textile industry
become no worse than they are now, it would be advisable to resume opera¬
tions at one or more of the Southern plants as soon as the necessary funds
for working capital and modernization can be obtained.
If, however,
conditions in the industry should, in the opinion of the directors, become
even worse than they now are, the board might conclude that it would be
inadvisable to risk further losses through the resumption of operations of
any
Oil
mission
properly filed.
of the plants and might conclude to recommend the
of all the assets and business of the new corporation.
matter would be submitted to the
complete liquidation
In such event, the
stockholders of the new corporation hav¬
ing the right to vote thereon.
tn order that expenses may be kept down to a minimum and as the busi¬
of the new corporation at the outset at any rate will consist primarily
of liquidating some of its plants and other assets, it is contemplated that
the organization will be reduced.
The directors who will hold office until
the first annual meeting of the stockholders of the new corporation will be
selected by the committee and may include members of the committee.
ness
Outstanding Securities and Claims to Be Dealt with Under
The company had
outstanding
and claims to be dealt with and
1st mtge. 20-year 8%
1941
as
securities
sinking fund conv. gold bonds due June 1,
_a$2,750,000
al,210,000
___
Interest accrued and unpaid to Dec.1,1935
Unsecured general creditors, principal amount
Claims for refunds of processing taxes.
The amount
stated, but they are apyable only out of
Claim of selling company
Taxes.
the Plan
of Dec. 13,1935, the following
readjusted under the plan:
bl02,433
cannot be
(?)
special funds
36,404
85,076
___________
2,100,523 2-3 shs.
which the unapid interest
Capital stock (no par)
$19,200 principal amount of the bonds on
accrued to Dec. 1,1935, amounted to $8,448 are held by the
selling company,
b This item is subject to final adjustments.
j
a
New Securities to Be Issued or
Authorized Under the Plan
x43,000 shs.
x43,000 shs.
Class A stock
Class B stock
Class C stock (par
x
43,000 shs.
$1)
Without par value or
with nominal par value.
Volume
142
Financial
Treatment of Obligations and Stocks to Be
Adjusted Under the Plan
(a) First Mortgage 20-Year 8% Sinking Fund Convertible Gold Bonds—For
each $100 of their claims in
respect of such bonds, whether such claims
represent the principal of such bonds or
unpaid interest accrued thereon
up to Dec. 1, 1935, or both, and in full
adjustment and satisfaction of all
claims, both secured and unsecured, in respect of such bonds, the holders
(except the selling company) of first
mortgage 20-year 8% sinking fund con¬
gold bonds
vertible
shall be entitled to receive one snare of the class A
stock of the new corporation.
As the accrued and unpaid interest up to
Dec. 1, 1935, on a $1,000 bond amounts to
$440, the holder of each $1,000
bond shall be entitled to receive
14.40 shares of the class A stock of the new
Chronicle
George W. Mead, President, says in part:
Since Dec. 31, 1935, an agreement was concluded
with the receiver of
Abitibi Power & Paper Co., Ltd. for the immediate cash
settlement of that
company's collateral notes due serially from 1936 to 1944,
aggregating
$2,727,916, for $2,000,000 plus interest upon the full amount to April 1,
1936. This transaction was consummated on March
30, 1936 by payment
to company of $2,040,919 and the
surrender to the receiver of all the stock
of Thunder
Bay Paper Co., Ltd., which
company
the debt.
(b)
Unsecured
General
Creditors—For
each
$100
principal
amount
of
against the company, and in full adjustment and satis¬
faction of such claims, the unsecured
general creditors shall be entitled to
receive one share of the class A stock.
(c) Claimants for Refunds of Processing Taxes—The company paid pro¬
cessing taxes under the Agricultural Adjustment Act before it was declared
unconstitutional by the U.S. Supreme Court and in turn
collected a portion
of such
amount
moneys and some of
its customers have filed claims for
refunds based on such agreements.
To
the extent of such
moneys available therefor and subject to the order of
the Court, the said claims will be
paid.
(d)
Taxes—The taxes
on
property, but there
Eany now outstanding, and in full adjustment and satisfaction ofto receive
all claims
respect thereof, the holders of such shares shall be
entitled
l
shares of the class C stock of the new
corporation at the rate of one share
of class O stock for each 50 shares of
stock of the company so surrendered
for exchange.
Summary of Distribution of New Stock
to Be Issued
Totals
The amounts of stocks proposed to be
issued
are
42,0103^ shs.
estimated.
com¬
$6,312,528
6,570,885
$8,370,961
8,068,020
$7,347,379
6,298,560
$4,592,388
4,573,228
$302,941
$1,048,819
30,527
41
$19,160
16,310
_
exps
loss$164,375
513,956
$333,468
396,701
$678,331
208,990
210,577
226,058
463,944
Loss from operations.
Pro v. for depreciation..
Interest
$1,048,860
453,211
$35,470
410,110
$63,233prof$595,649
$374,640
218,597
640,403
res. for invent
Loss for year...
218,609
566,267
40,000
------
Prov. for Fed. income tax
a
13,500
$1,097,899
Does not include Consolidated
Selling Co.
$766,736
Selling Co., Inc.
$229,227
$1,233,609
b Includes Consolidated
Balance Sheet Dec. 13, 1935 (Parent
Company)
Assets—
Liabilities—
Cash in banks and
on
hand...
Accounts
receivable
Inventories.
Supplies and stores
Restricted bank deposit
trustee
Cash with
Investments
$10,719
19,763
322,129
173,385
10,998
154,112
181,464
z6,347.201
137,106
Fixed assets
Copper rolls, at cost
Goodwill, trade-marks, &c
Deferred charges...
1
9,746
Advances made by factors
Accounts payable—trade
Accrued payroll,
expenses, &c_
Provision for processing taxes.
Sundary taxes pay. & accrued.
$201,052
97,366
13,106
yl09,549
84,391
6 % Income subord. conv.
debs.
Acct. pay. to Selling Co
500
35,457
2,750,000
1,217,688
1st mtge. conv. 8s-._.
Accrued interest thereon
Excess of assets
over
liabilities
as at Dec.
29, 1934
Credit arising from cancellat'n
of 5-year conv.
7% notes &
Interest
1,011,473
x2,943,940
Loss for period from Dec.
30,
1934 to Dec. 13, 1935....
Total
x
$7,366,625
Total
1,097,898
$7,366,625
The
five-year convertible 7 % notes and accrued interest
thereon were
purchased in March 1935, by Consolidated
Selling Co., Inc., for $1,000,000
and
were
parent
subsequently declared
company
as a dividend
by that company to the
and have been canceled,
y Canceled as of Jan. 6
1936
x After
deducting depreciation
by virtue of U. S. Supreme Court's decision,
reserve
of $3,022,976.
6,741,958
Dr50,000
Dr50,000
Dr75,000
Dr65.000
$5,775,975
$6,510,958
$6,666,914
$0.32
$1.62
$0.31
ac¬
cordance with Wiscon¬
sin inc. tax audit for
prior years
Adjust, of Wisconsin inc.
taxes for prior years.
Additional prov. for Fed.
taxes prior years
122,321
.
1,985
_
Prov. for doubtful accts.
.
Appropriation for comp.
insurance
reserve
-
-
-
-
-
-
Dr50,000
Assets—
1934
$
Cash
$6,741,958
Nil
1935
S
133,233
Collateral notes
Liabilities—
58,932
2,000,000
Accts. receivable.
675,004
121,102
61,618
1,454,883
1,485,885
Investments
Notes payable
Local taxes
545,000
216,347
35" 921
Fed. income taxes.
Miscellan.
3,697,680
liabilities
Noa-current receiv
391,331
1,370,678
164,599
377,209
Patents
189,166
93,500
138,424
Surplus
17,292,358 17,369,804
Total
Deferred charges
191,824
_.
Total
30,721
Reserves
79,762
401,928
341,629
115,749
1,760,000
8,000,000
112,960
1,700,000
8,000,000
5,775,975
Funded debt
Capital stock
Container
as
Well
Corp.
as
of
6,510,958
17,292,358 17,369,804
x After
deducting reserve for depreciation of $7,880,947
$7,705,713 in 1934.—V. 140. p. 3714.
Credit
7 A 000
accrued
Deferred liabilities
1,451,329
190,204
6,439
3,290,714
6,124,988
depletion
257,342
Income taxes
559,900
Tlmberlands—less
$
336,103
29.700
payable
Plant & equip— 6,293,738
Real est. & flowage 3,774,037
x
1934
$
Accounts payable.
Bonds
700,811
_
..
Inventories
America—Plans
in
1935
$4,000,000
and
Bank
New Stock Issue—
The corporation plans to arrange a
$4,000,000 four to five year bank
credit at about 3% interest in addition to
issuance of 200,000 shares
($50
par) preferred stock (V. 142, p. 3504) to pay not more than
5% annually,
Walter Paepcke, President, told stockholders. The
proposal is to be voted
meeting in Chicago on June 1.
Net proceeds of $9,500,000 from sale of
preferred, plus the $4,000,000,
will be used to retire the $7,654,172 of funded debt
now
outstanding, with
about $6,000,000 to be spent for the new
100,000 to 120,000 ton kraft
mill in Florida.—V. 142, p. 3504.
'
Crane
Co.^ Chicago—$12,000,000 Bonds for Refunding—
The company on May 28 filed with the
Securities and Exchange Com¬
mission a registration statement under the Securities
Act of 1933 covering
$12,000,000 of 15-year 3>3% sinking fund debentures, due June
1, 1951.
According to the registration statement, the net proceeds from the sale of
$10,158,580 will be applied to the redemp¬
tion on Aug. 1, 1936, at 101%, of
$10,058,000 of outstanding 10-year
5% sinking fund gold notes, due Aug. 1, 1940, or for purchase of the notes
before that date at not more than the
redemption price.
Notes with
all unmatured coupons attached tendered for
redemption prior to Aug. 1,
1936, will be redeemed at 101% plus interest to Aug. 1,
1936, plus a bank
discount at the rate of \i% per annum.
Accrued interest will be paid
out of general funds of the
company.
The balance of the proceeds will be
used for working capital and for
general corporate purposes.
the debentures to the extent of
The debentures
are redeemable at the
option of the company in whole
in part on any interest payment date after 30
days' notice at the following
prices plus accrued interest: If redeemed on Dec. 1, 1936, 102
H%Lthere¬
after and including Dec. 1, 1937,
102%; thereafter and including Dec. 1,
1938, 101H%; thereafter and including Dec. 1, 1943,
101%; thereafter and
including Dec. 1, 1947, 100M%, and thereafter without premium.
The price to the public, the names of the
underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to the
registration statement.
or
Accumulated Dividend—
The directors have declared a dividend of
$1.75 per share on account of
accumulations on the 7% cum. pref. stock,
par $100, payable June 15 to
holders of record June 1.
A like payment was made on March
1, last.
Dividends of $1 per share were paid on Jan.
25, last, Oct. 25, July 10 and
April 25, 1935.
This latter payment was the first made on the
pref. stock
since March 15, 1932 when a regular
quarterly dividend of $1.75 per share
was paid.
Arrearages after the payment of the current dividend will amount to
$22.25 per share.—V. 142, p. 3504.
Crowell
Earnings of Consolidated Selling Co., Inc.
Earnings for period from Dec. 30, 1934, to Dec.
13, 1935:
Commissions
earned, $231,645; interest received, &c.,
$38,415; total, $270,062.
Selling
and administrative expense,
$197,342; factoring charges, including interest
on
advances, $50,175; interest
charges—miscellaneous, $13,586; balance
$8,957.
Portion of
$11,924.
sur$24,956
upon at annual
Selling & admin,
Special
$105,957
6,666,914
$742,377
7,624,335
6,510,958
Adjust, of deprec. in
13 '35 b Dec. 29 '34 b Dec. 31 '33 b Dec.
31 '32
93,982
Total income
08,408
$859,288
Notes receivable
and Selling
loss$258,357
Gross profit
727,917
Consolidated Balance Sheet Dec. 31
Consolidated Income Account
Other income
Co., Ltd
on treasury stock.
Divs.
1935
provided.
a Dec.
$24,956 loss$270,785
480,000
shares of capital stock
42,0103^ shs.
Affected by the Plan—Company
$129,780
235.737
cash
Surplus
party to each of said agreements, respectively.
The status of claims for taxes will
remain unchanged,
except as above
Costof sales, &c
for
Earns, per sh. on 80.000
factoring agreements, dated March 14,
1935, with L. F. Dommerich & Co., New York,
whereby upon the security
of merchandise and recivables the
company has borrowed money necessary
for its current needs.
All merchandise and receivables of
the company and
the slling company so pledged to L. F.
Dommerich & Co. will be transferred
to the new corporation
subject to such pledge, and, subject to the order
of the court, the new corporation, L. F.
Dommerich & Co., the company
and the selling company will execute an
agreement whereby the new cor¬
poration will be substituted for the company and the
Selling company as a
Gross sales, less returns
and allowances
allowed
1932
$337,366
481,777
99,467
19,105
6,626
1,176
settlem't of coll. notes
of Abitibi Pow. &
Pap.
1,024 shs.
pany have heretofore entered into
Years Ended—
$25,804
157,176
(par $100)
40,347 shs.
Contracts and Claims Not
21,921
97,369
30,159
6,237
27,383
_
Dividends paid in cash..
Disc't
27,308 shs
12,015 shs.
Unsecured general creditors (subject to
reduction
by court orders, $102,432) maximum
Stock now outstanding 2,100,52323 shs
security for
$648,330
480,429
98,555
24,784
6,377
13,228
486.853
6,245
Net income
Under the Plan
-Stock of New Co.
Class A
'
Class C
Readjustment of—
1st mtge. 20-year 8%
Interest on bonds
as
1933
$777,781
30,825
are
may direct.
(e) Stockholders—In exchange for shares of the
present stock of the com-
In
Prov. for income taxes.
1934
$671,598
490,559
96,245
largely real
are
estate taxes which constitute a
substantial amounts of other taxes, such as
franchise taxes, which may not constitute liens
and which may not be en¬
titled to
priority in payment. It is contemplated that the status of taxes
constituting liens will remain undisturbed or will be paid in whole or in part
as the court
may direct.
Stock may be issued in satisfaction of other taxes
or they
may be compromised or otherwise disposed of as the court
lien
1935
Mfg. profit & other inc_.
Allow. for deprec. &
depl
Interest on bonds
Int. on borrowed money
Bond expense
from
customers.
Beginning in the latter part of 1935, it
agreed with many of such customers to
repay to them the amounts so
collected from them out of any refunds of such taxes
it might receive.
The
obligation on its part is not a general one but is payable
only to the extent
of Its own recoveries.
It has been repaid some or such
had held
Consolidated Income Account for Calendar Years
corporation.
their allowed claims
3671
Consolidated Water Power & Paper Co.—Annual
Report
reserve
for doubtful
Profit for period, $20,882.
accounts
no
longer
reauired'
required.
Balance Sheet Dec. 13, 1935 of
Consolidated
Seeling Co., Inc.
Assets—Furniture and fixtures, less
depreciation, $15,314; leasehold
88 Worth St., $110,897; accounts
receivable (less reserve for bad
debts'
of
$14,930), $6,039; advances to Consolidated Textile
Corp., $35,457- cash
hand and in banks,
$8,218; Consolidated Textile Corp. bonds at'cost
$14,250; Consolidated Textile Corp. 6% note at
cost, $500; deferred items'
$5,023; total, $195,699.
Liabilities—Common stock (5,000 shares no
par value), $100,000;
surplus
$81,464; accounts payable, mills, $3,784; accounts
payable and accruals'
$10,450; total, $195,699.—V. 142, p. 3338.
on
Publishing Co.—Extra Dividend—
The directors have declared an extra dividend of
25 cents per share in
addition to a regular quarterly dividend of 50 cents
per share on the no-par
common stock, both
payable June 24 to holders of record June 13.
Extra
dividends of 25 cents per share were paid on Dec.
24, Sept. 24 and June 24,
1935. The company increased the regular
quarterly dividend from 25 cents
to 50 cents per share with the March
25,1936 payment.—V. 142, p. 2314.
Crosley Radio Corp.—Declares 50-Cent Dividend—
The directors
on
May 26 declared
Period End. Mar. 31—
Cuba—Earnings—
1936—3 Mos.—1935
1936—9
Mos.—1935
Net loss after exps., &c._
$4,953
$5,782
$14,361
$17,314
The combined net income of
Consolidated Railroads of Cuba and subs
for the quarter ended March
31, 1936, amounted to $365,708 after ex¬
penses &c., but before intercompany
dividends, compared with net income
of $211,907 in March
quarter of 1935.
For the nine months ended
March 31
1936, indicated consolidated net loss was
$408,570 compared with
$233,553 in the nine months of 1935.—V. 142,
p. 1636.
-of
dividend of 50 cents per share on the
April 1, 1928.
12 Months Ended March 31,—
Sales 1
Cost of goods sold, royalties, taxes &
deprec. & all
other expenses
Other deductions
Consolidated Railroads of
a
stock, no par value, payable July 1 to holders of record June 15.
This compares with 25 cents paid on
July 1, 1935, prior to which no pay¬
ments had been made since April
1,1930 when a regular quarterly dividend
of 25 cents was paid.
This rate had been maintained each quarter since
common
1936
1935
$21,903,699 $15,808,736
20,526,623
5.610
14,719,913
33,460
Total profit for period
Provision for income tax
$1,371,464
213,912
$1,055,363
Net profit
Surplus beginning of period
Surplus adjustments
Dividends paid
$1,157,552
2.259,631
Cr20,729
136,450
$893,745
1,409,885
Dr44,000
$3,301,462
$2,259,631
161,617
net loss
Surplus end of period--
Earnings for
9
the
-
Cost of
goods sold
Expenses
Chronicle
1935
.$15,056,176
13,119,211
31,
Dec.
Ended
Months
Net sales.
portion at Dec. 31, 1935, of an issue of £1,250,000 made by
Works
Ltd., Somerset West, Cape Province.
Imperial
1,197,098
$739,865
123,438
Profit from operation
Other income
—
$863,304
Total income
79,103
11,100
2,806
218,021
82,597
Cash discount on sales.
Amortization of patent rights.
Interest
paid
Depreciation
Federal income taxes
$469,675
5,259,631
Net profit
Net worth at April 1, 1935
20,729
Surplus adjustments—net
$5,750,035
Total
136,450
Dividends paid
$5,613,585
1935
Net worth at Dec. 31,
Consolidated Balance Sheet
Assets—
Cash & govt.
bds.
Notes payable
$200,000
.
payable.
$727,194
72,551
50,949
134,417
929,668
Accrued pay roll..
Accrued taxes
107,499
Accounts
2,756,008
1,260,634
2,577,160
2,286,769
deprec. value.__ 2,386,906
Patents, licenses..
25,543
2,364,149
28,498
Accrued salesmen'
90,279
91,797
Accrued expense..
4,750
2,500
22,935
x
3,760
Advs. to salesman.
Inventories
96,155
Accrued sales tax
103,398
expense—
Argentine
bonds
of inactive subs.
33,630
expenses.
Ltd., have
tries,
Earned surplus.-
-
-
209,891
3,003,000
2,613,585
592,890
.
Common stock-
3,000,000
3,301,462
at
Mining & Exploration Co.,
Dec. 31, 1935, was £47,403.—V.
De
as
Havilland Aircraft Co. of Canada—New Official—
Philip C. Garratt has been appointed Managing Director of the
successor to Lee Murray, who has been recalled to England
$8,377,676 $6,813,645
|
$8,377,676 $6,813,645
Total
Dejay Stores,
Inc.—Accumulated Dividend—
declared a dividend of 43 % cents per share on account
the cum. conv. class A stock, payable July 1 to holders
of record June 8.
A dividend of $1.18% per share was paid on April 1
last
and dividends of 55 cents per share were distributed on Jan. 2 last
and on Oct. 1 and July 1, 1935.—V. 142, p. 1637.
The directors have
of accumulations on
Delaware & Hudson
Cuba
$1,436,013
defl70,714
def242,6d6
7,723,679
628,662
348,114
8,498,517
1,264,263
1,058,715
6:286,475
def463,232
def724,400
Net from railway
.
p.2992.
Delaware Lackawanna
[Including subsidiary and affiliated companies]
1936—3 Mos.—1935
1936—9 Mos.—1935
$4,850,842
$4,598,482
$9,163,688
$9,558,512
Exp., int., deprec., &c-.
4,381,174
4,038,547
9,941,528
9,945,373
Profit
x
Before subsidiary
$469,668
$559,935 loss$777,840 loss$386,861
preferred dividends and minority interest.—Y. 142,
p.1637.
Cuba Northern
Rys.—Earnings—
Period End. Mar. 31—
Gross
3,942,038
946,096
613,152
3,874,834
955,610
580,892
3,169,660
446,421
1,665
16,197,229
3,043,422
1,658,412
14,924,589
2,802,153
1,443,336
15,201,513
3,241,727
i3,063,600
Net from railway
revenue
142,
$1,712,666
1,877,475
$1,912,861
1,874,048
$135,691 loss$164,809
$38,813
631,872
652,105
$103,541
Net inc. to surplus...
-V.
Period End. Mar. 31—
has ordered
this company 40 planes and spare parts, the cost of which totals
approximately $900,000.
No details were available from Navy officials.
The exact cost of the ships ordered from the company was $759,680.—
Y. 142. p. 3340.
from
Curtiss-Wright Corp.—Files Amendment—
The corporation has filed an amendment with the Securities and Exchange
Commission in connection with its registration statement covering not more
stating that the shares are to be
stockholders at $4 per share on the basis of 1 share for
10 shares of class A or common stock held as of record June 12.
Transferable subscription certificates expiring around July 3 are to be issued.
Based upon the number of shares outstanding on May 21, 1936, the number
of shares to be offered will be 792,544.
In case stockholders do not purchase
all the shares, the company may offer them for period of 30 days at not less
than $4 per share.—V. 142, p. 3340.
than
"Plain, with Dec. 1, 1933, and subsequent coupons, with the excep¬
Dec. 1, 1935, and June 1, 1936";
"Assented, -with Dec. 1, 1933, to June 1, 1935, inclusive, stamped
extended to Jan. 1, 1938, and subsequent coupons, with the exception of
the coupons due Dec. 1, 1935, and June 1, 1936."
(a)
tion of the coupons due
(b)
Earnings for April and Year to Date
Dairy League Co-Operative
directors
have
Corp.—Initial Pref. Div.—
an initial dividend of 83 3-10 cents per
preferred stock, par $50, payable July 1 to
declared
the 5% cumulative
holders of record June 19.
on
De Beers Consolidated
Net after rents
—V. 142, p.
-
150,700
def7,850
def32,207
3166.
Detroit Toledo & Ironton RR.—$2 Dividend—
The directors on May 27 declared a dividend of $2 per share on the
common stock, payable June
8 to holders of record June 1.
A similar
payment was made on March 2 last, Dec. 14 and May 5, 1935, and on
July 2, 1934.
A dividend of $8 per share was paid on Feb. 16, 1931, this
latter being the initial payment on the issue.
Earnings for April and Year to Date
Total
£992,982
£905,866
900,323
528,055
12,279
3,691
£4,014,243
608,238
132,803
96,392
16,134
60,365
...
£777,276
297,429
418,170
5,535
"2.247
£2,350,216
442,423
132,803
96,392
4,045
£1,504,672
£1 ,057,313
369,208
132,803
96,392
166,098
60,425
48,196
5,316
429
61,655
6.260
402
Blue ground purch. from
Koffyfontein Mines,
195,125
400,000
Ltd.
Pref. div. account
Net from railway-
284,802
3,594,284
2,107,693
270,683
79,013
38,757
2.385,293
1,324,685
973,061
1,181.671
441,685
From Jan. 1—•
Gross from railway
1,606,071
1,136,808
Net from railway
Net after rents
1,537,596
-
250,081
2993.
—V. 142, P.
Detroit & Toledo
Shore Line RR.—Earnings.—
1935
1936
1934
1933
$281,177
151,827
93,868
$276,032
129,595
63,733
77,345
15,808
1,500,418
888,143
1,346,693
773,953
1,303,761
788,034
852,479
437,648
489,624
431,563
437,216
192,162
$331,560
178,090
Net from railway
Net after rents
Gross from railway
Net from railway.
Net after rents
—V. 142, p.
$164,942
64,598
2993.
Diversified Investment Trusts, Inc.—5-Cent Dividend—
declared a dividend of 5 cents per share on the
stock, par $1, payable June 25 to holders of record June 20. This
compares with 3 cents paid on Dec. 20, 1935, and 3% cents per share paid
on Oct. 1 and April 1,1935, and on Nov. 1, and May 1, 1934.
Dividends of
3% cents per share were paid quarterly from May 1, 1933 to and including
May 1, 1934, prior to which 5 cents per share was distributed on Feb. 1,
1933, Nov. 1, 1932 and Aug. 1, 1932 and 7% cents per share was paid on
May 2 andcFeb. 1, 1932 —V. 139, p. 2518.
The directors on May 25
common
Dixie-Vortex Co .-—Listing
New York
Stock Exchange
of Stock—
has authorized the listing of 178,650
(no par) of class A stock with cumulative dividends at the rate of
$2.50 per share per annum and convertible at any time prior to redemption
into common stock on a share for share basis, and 202,916 shares (no par)
common stock with authority to add 178,650 shares of common stock on
596,908
shares
Approp. for gen. reserve
251,252
1,602,180
636,236
profit acc't
(diamonds unsold).
£54,842
£1,038,313
mach. plant
224.475
1933
530,331
264.326
193,266
754,644
399,087
2,922,727
Net after rents..
The
Res. for allowance to re¬
tired employees
Res. for authorized exp.
1934
1935
1936
677,183
333,617
April—
Gross from railway
From Jan. 1—
year's balance
(diamonds unsold, &c.) £1,038,312
Diamond acct. dur. yr__
1,520,111
Int. & divs. on inv'ts,&c.
1,369,099
Profits on inv. realized..
79,141
Sundry receipts, &c
7,578
Previous
Mining expend., &c
Int. on debs. & skg. fd__
Int. on cap. of leased cos.
Exchange
Prem. on debs, redeemed
176,305
17,338
def7,581
Gross from railway
6 Mos. End.
Dec. 31 '32
1933
1934
1935
Period—
169,523
821
defS,421
April—
Mines, Ltd.—Earnings—
■Years Ended Dec. 31
on
$44,631
3,831
def2,156
176,184
Net from railway
802,109 shares of common stock,
every
The
1933
$50,746
9,148
3,257
5,472
9,414
511
defll,490
Gross from railway
offered to present
share
$50,542
7,698
12,110
Net after rents
1934
1935
$52,122
1936
Net from railway
From Jan. 1—
& Motor Co.—Receives Navy Order—
and restricted contract, the Navy Department
secret
a
$227,351 loss$253,126
$89,986
$269,108
Curtiss Aeroplane
In
Detroit & Mackinac Ry.—Interest—
due June 1, 1936, on the 4% first lien bonds due 1995,
Gross from railway
1936—9 Mos.—1935
1637.
142, p.
1,696,690
def59,682
The interest
April—
1936—3 Mos.—1935
Net inc. after exps., &c.
1,765,846
"plain" and "assented," and on the mortgage 4% bonds, due 1995, "plain"
and "assented," will be paid on that date.
The Committee on Securities of the New York Stock Exchange rules
that the bonds be quoted ex-interest 2% on June 1, 1936; that the bonds
shall continue to be dealt in "flat" and to be a delivery in settlement of
transactions made beginning June 1, 1936, must carry the coupons as indi¬
1637.
p.
Cuba RR.—Earnings—
—V.
From Jan. 1—•
cated below:
1936—9 Mos.—1935
1936—3 Mos.—1935
$755,647
$767,564
Expenses
& Western RR.—Earnings.—
1935
1934
1933
1936
4,264,045
1,095,062
729,915
April—
Gross from railway
—V. 142, P. 3165.
revenues..
x
1933
$2,047,145
297,422
247.195
Gross from railway
Net after rents
Period End. Mar. 31—
Gross
1934
1935
$2,058,690
326,461
231,734
8,009,844
1,006,407
583,947
Net after rents
From Jan, 1—
Net from railway
Co.—Earnings—
RR.—Earnings.—
1936
$1,983,638
208,483
66,675
railway
Net from railway
Gross from
Gross from rail way
Represented by 545,800 no par shares.—Y. 142, p. 3165.
x
company
tojfill an
with the parent company.—V. 142, p. 124.
important position
Net after rents
Total
an overdraft to the extent of
Africa, Ltd., to New JagersLtd. The amount of the overdraft
141, p. 3859.
Company has guaranteed the repayment of
£100 000 allowed by Standard Bank of South
fonte'in
—V. 142,
5,059
2,450/
Cape Explosives
Chemical Indus¬
indemnified company to the extent of one-half of this
contingent liability.
Net after rents.
5101
-
.
Reserves
Securs., cap. stock
Prepaid
43,640
Accrued royalties
Prop., pi. & eqpt.,
Contingent Liabilities—Company has guaranteed repayment of and inter¬
£630,265 of 5%% 1st mtge. debenture stock, being the unredeemed
est on
April—
Mar.31'36 Dec. 31 '35
Liabilities—
Mar.31'36 Dec. 31 '35
$752,603
$503,398
Accts. & notes rec.
Securs.,
May 30, 1936
Financial
3672
conversion of class A stock, making the total
178,650 shares of class A stock, and 381,566 shares of
official notice of issuance upon
Suspense
£905,866
£777,276
amounts applied for
common stock.
The company was
Comparative Balance Sheet Dec. 31
1935
£
Assets—
1935
£
Liabilities—
Preference
Claims, other min.
3,389,465
and farms..
shares.
Deferred shares
interests, estates
1934
£
1934
£
2,000,000
2,000,000
2,726,285
2,726,285
the Vortex
Res., blue ground.
stores
Approp. for stabili-
Blue
_—
ground
271,941
ment of the dia¬
on
271,941
floors
mond
4,238,864
trade
Invest, in diamond
Reserve, general._
Dia-
3,600,000
2,000,000
Res. for allowances
min'g cos.,
m'd Corp.,
Ltd.,
& kindred int'ts.
Amt.
to ret'd
1,485,888
7,371,146
356,259
diamond cos....
54,350
58,999
4,842,444
1,232,102
3,191,968
Debtors and cash.
Diamonds on hand
1
1
Livestock
Investments
952,564
from
Current liabilities.
transf.
approp.
100,255
67,824
1,674,709
674,079
54,842
1,038,312
58,111
from
account
Vortex
11,004,252
15,490,017
Total
Co.
217.3 shares of class A stock and 202.916
Dixie-Vortex Co., resulting in the issuance
11,004,252
of
of
of
Drinking Cup Co., Inc. received for each share of said stock
$1
$1,950 of 4%% 5-year mortgage bonds of Dixie-Vortex Co., making a total
aggregate principal amount of $975,000 of such bonds, of which $187,900
principal amount has since been satisfied and canceled, leaving $787,000
principal amount outstanding.
Initial
Dividends—
The directors
Total
Cup
Individual
affil.
diamond cos
Bal.
of the
70,000 shares of class A stock and 101,458 shares of common stock of DixieVortex Co. being the same designation and amount of shares of Vprtex
Cup Co., then issued and outstanding. Each share of stock of Individual
Drinking Cup Co., Inc., of which there were then issued and outstanding
108,650 shares of class A stock and 101,458 shares of common stock
Dixie-Vortex Co. In addition, upon such conversion the holders of stock
251,252
Credit balances...
Loans
stock
shares of common stock of
mach. &
plant
holders of class A stock and common
became holders of certificates representing
Pursuant to the terms of the merger
500 shares, was converted into
596,908
Res. for authorized
exp. on
due by affil.
empl's..
Cqp Co. and the name
Co. on April 30,1936.
to Dixie-Vortex
2,414,600
debentures
permanent
works, bldgs. &
Vortex
by the
Co., Inc., and approved
Co., Inc., was merged into
of the surviving corporation was changed
company and the
Individual Drinking Cup
March 14, 1936. The Individual Drinking Cup
3,287,138 5K% red. sterling
Mach.,
organized as Vortex Mfg. Co., in Delaware, Aug. 8,
1929. In November, 1929, the name of the company was changed to
Cup Co. Pursuant to an agreement and act of merger entered into
15,490,017
share
on
on
May 22 declared an
the $2.50 cum.
conv.
initial dividend of 62% cents per
class A stock, no par value,
and an initial
Volume
142
Financial
dividend of 37 H cents
per share on the common stock, no par value,
both payable July 1 to holders
of record June 15.—V. 142, p. 3166.
Doehler Die
H.
Casting Co .—Personnel—
H.
Doehler, formerly President, has been elected Chairman of the
board, and P. J. Koegler, formerly First Vice-President and
Treasurer,
elected President.
L. H. Pillion was elected Executive
Vice-President,
R. Bernhard was elected
Treasurer and F. KnoeDel was elected Secretary.
—V. 142, p. 2825.
Chronicle
3673
Ebasco Services,
corresponding week during 1935,
was
Dominion Stores, Ltd.—Sales—
Four Weeks Ended—
Jan. 25
1936
Feb. 22
Mar. 21
„
April 18
May 16
-
Income
1935
1934
1933
$1,413,478
1,452,088
1,513,367
1,510,891
1,517,152
$1,226,611
1,352,553
1,417,909
1,385,259
1,360,939
$1,373,111
1,481,037
1,528,273
1,505,736
1,543,288
Years
1935
Sales
Cost of sales
(Including
Subsidiaries)
1934
^
Other income
Gross income
$175,781
43,567
loss$360,392
Depreciation
Legal fees
Provinicial & municipal
income taxes
Federal income tax
-I
Gross profit.
Par tic. of Fur Cos.
1,077,276
12,454
$339,278
1,113,623
40,254
$361,621
1,201,049
120,596
$1,107,883
338,858
19,514
$1,493,155
338,858
77,020
I
,077.276
282.382
21,724
Profit & loss surplus..
Shs. com. stock
282,382
$1.20
.,113,623
282.382
$117,444
282,382
Miscellaneous charges.
outst'g.
Earnings per share
Nil
$0.06
338.858
230,787
1935
1934
on
$286,396
635,000
400,000
155,939
Accts. receivable..
Adv.
$1.28
220,421
Guar,
to
inv.
16,750
8,443
500,000
Employ,
on
ment
render
1934
$927,888
11,000
11,000
1,804,031
plan
1,136,710
Total
x
Cash
1
117,444
$4,218,350 $4,619,785
p.
2993.
100,179
12,907
defll,523
banks
held to secure collection of
notes &
480.073
107,945
325,828
15,461
7,784
def35,102
54,119
206
def23,805
def9,l23
296,087
def5,311
10,675
215,193
def98,814
def33,590
1936
x
1935
$132,473
74,265
$122,533
71,450
17,097
12,108
16,317
11,766
811
853
$28,190
1,470
$22,144
$29,661
$22,992
1
6
Taxes, exclusive of Federal income tax
Uncollectible accounts
Net income from operations.
revenue, net
Net income before deprec., fixed
charges, Federal
income tax, &c
on unfunded debt of
subsidiaries
Interest
848
Balance, applicable to East Coast Public Service
Co. beofre provisions for
deprec. and Federal
income tax
$29,660
Interest requirements on long-term debt of
East
Coast Public Service Co
Miscellaneous interest
Federal
$22,986
23,145
23,776
135
319
income
$6,378
def$l,108
eliminating figures applicable to properties sold during 1935.
Note—It is the company's plicy to make an
appropriation to the reserve
for renewals, replacements and retirements at
the end of each calendar
year; therefore, the above statement for the first
quarter of 1936 and 1935
show results before
deducting such appropriation.
Condensed Consolidated Balance Sheet
Mar.31'36.
Dec. 31,'35.
Prop., plant, equip
& franchises, Ac.$2,750,600
$2,741,522
Miscell.
invest...
4,247
4,247
Cash in banks
Cash, work,
1
195
1,988
11,648
3,141
Total def. items..
98,807
57,685
1,983
deposits
Spec, dep., trustee
195
75,287
76,028
receiv..
Inventories
Insurance
Liabilities—
Mar.31,'36. Dec 31/35.
Tot. long-term
debt$2,295,200 $2, 371,200
Total current and
.
accr. liabilities..
Consumers' depos.,
1 3,030
Notes receivable..
Accounts
(83,112
67,563
funds/
61,950
3,644
refundable
accts.
receiv., less
reserve
Surrender value of life insurance
policies
Advances for purchase of merchandise
Due from Fur Cos.
Syndicate, Inc
Other investments
Due from director of subs
Due from officers &
employees, less reserve
Land, bldgs. & equip, at cost, less res. for deprec.
Land & bldgs. not used in
oper., less deprec
Deferred charges
Suspense
Invests, in & ad vs. to wholly-owned subs, in
Ger¬
many affected by Government
exchange restric's
Goodwill, formulae, trademarks, &c
Liabilities—
Bankers' acceptances
Loans payable to banks
Advances against merchandise
64,456
89,791
x
Net
amount
Apr. 30—
Operating revenues
Operating expenses
Fixed charges
...
Renewals
Total surplus
142, p. 2826.
-V.
$3,440
$4,513
557,898
79,074
^
$8,782,041
683,007
965,730
135,271
85,992
273,777
127,808
392,655
5,493
30,000
220
36,475
759,760
423,000
2,119
26,000
105,929
1,139,835
605,603
surp.
1,143
1,622
1,992,304
2,245,147
376,703
$8,782,041
of subs
1,988.416
2,241,326
After deducting
loans payable of $247,513 in 1935 and
$183,023 in
b Represented by 397,683 shares in
1935 (398,461 in 1934) of no
par value at a stated value of $5 per share.
The figures set forth in the above balance
sheets are subject to the un¬
determined liability created by the demand of
the holders of 4,012 shares
of the old 1st pref. stock of the
company, for an appraisal of said stock
under the provisions of Section 21 of the Stock
Corporation Law of New
York; to whatever extent the value of said shares
may be fixed by such
appraisal, together with the expenses of such
litigation, the assets and
liabilities set forth will
respectively be decreased and (or) increased ac¬
141,
151,433
183,509
$3,056,182
1435.
Other income
$2,990,691
p.
Costs and expenses
Electric Boat Co.
Calendar Years—
,
Service
y
Co.
Common
1936—4 Mos—1935
$255,078
185.558
23,106
33,000
$245,237
$13,414
$17,096
174.556
22.585
31,000
(& Subs.)—Earnings—
1935
1934
1933
1932
$7,205,209
5,972,361
$4,730,664
4,153,507
$2,662,430
2,521.816
$2,701,153
2,542,085
$1,232,848
87,355
$577,157
39,785
$140,614
88,799
$159,068
$1,320,203
Interest, discount, &c._
x3.491
Depreciation
252,362
Inventory adjustments.
73,466
Uncollectible accounts..
22,039
$616,941
8,976
189,002
$229,413
12,686
174,339
$197,603
15,254
174.857
Operating profit
Ry.—Earnings—
1936—Month—1935
$57,786
$57,536
42,570
42,377
5,776
5.646
6,000
5,000
3,084
800,386
409,767
236,186
1934.
350,690
9,542
par value of East Coast Public
securities exceeds cost of such securities to
subsidiary company,
capital stock par value $1.—V. 142, p. 1982.
Edmonton Street
94,330
6,046
98,063
50,007
$6,080,575
32,999
by which
Period End
405,728
9,578
584,431
Total.
cordingly.—V.
Earned surplus—
Total
20,000
1,598
9,586
def. since Mar. 1
$2,990,691 $3,056,182
10,240
48,118
121,893
Deferred income
Minority int. in capital stk. &
b Capital stock
Capital surplus
Operating deficit—>
2,663
373,220
9,542
32,999
profit
Common cap.stk.
Capital surplus
218,975
$946,810
Mortgages payable
Inter-company suspense
Dep. in merchandise contr
Funds contrib. by officers under
spec, agreements
5-year debentures
Advs. sec. by depos. in escrow of debs, of a sub..
350,690
xUnrealized
66,637
3,426,380
1,905,480
3,878
511,481
$96,856
295,131
pledged.
Accounts payable (trade)
Other accounts payable
Accrued interest, taxes & other
expense
Due to officers and
employees
Due Fur Cos. Syndicate, Inc
Due to associated companies
a
1,000
1,023,694
2
Notes and other indebtedness to banks
7,854
371,828
Def. credits to inc.
y
504,953
43,629
1,442.109
1,905.480
42,738
183,704
16,422
$6,080,575
9,553
Total reserves
1934
Total
41,488
24,144
85,050
tax, &c_
After
Assets—
52,726
accts. &
immediately available for withd'l
for unused import letter of credit
Total
(& Subs.)—Earnings—
Maintenance
x
$391,697
under
co. & of former subs. co.
in process of
liquidation
Invest. & adv. assoc. cos., less reserve
1933
75,895
2,354
1,953
defl4,464
depreciation,
custodian
1934
$277,611
.
or
now
1934
Operation
before
banks
Due from affiliated co
Realizable value of subs.
1935
80.450
3 Months Ended March 31—
Total operating revenue
Balance,
by
Mortgage receivable
Total
East Coast Public Service Co.
Non-operating
held
acceptances
Cash in bank not
a
1936
—V. 142, p. 2993.
$750.384prof$271,469
1935
......
Merchandise inventories
Winnipeg & Pacific Ry.—Earnings.—
Net from railway
Net after rents
$228,822
Margin acct.
in equal amount
See Republic Steel Corp. below.—V.
140, p. 3892.
From Jan. 1—
Gross from railway
„!
Drl,492
Notes, trade accepts. &
Represented by 282,382 shares (no par).—V. 142,
April—
218,115
Fur
"A" credit
3,119,876
749,510
Donner Steel Co.—Bonds Called—
Gross from railway
Net from railway
Net after rents
Assets—
Cash
30,144
fire losses
30,742
Capital stock._. 3,119,876
Profit & loss surp.
$4,218,350 $4,619,785
Duluth
(Moscow
After
Cash
1,228,923
1
Capital assets
Goodwill
83,546
300,000
pre¬
Drl1,892
taxes
245,365
$366,838prof$489,584
giving effect to the acquisition of Eitingon
Trading Corp. as of
Dec. 30, 1933, by
Eitingon Schild Fur Corp. as per resolution of the board
of directors of
Eitingon Schild Co., Inc
at a meeting held on Feb. 2, 1934.
1,000
58,108
revenue
reserve
wholly-owned subs,
inc.
268,545
$492,916
22,521
Cr300,000
viously consolidated
for
$635,383prof$244,219
6,714
Consolidated Balance Sheet Dec. 31
84,715
Deferred charges &
accrued
of
22,401
1,864,625
56,919
Inventory
x
loss
Prov.
Reserve for future
6,368
recelv.
$499,630
...
70,477
214,634
,
under
Dividends payable
for Federal
18,749
value
38,005
276,484
198,102
131,689
invest¬
income tax
19,536
75,986
261,769
85,532
140,937
55,652
57,155
Loss
a
$634,541
Prov.
co-oper.
Investment plan
Life insur.cash sur¬
Mortgages
empl.
co-oper.
invest, ctfs.
Accrd. int.
28,803
56.991
153,278
28,737
Deficit transferred to
surplus.
1935
Bills & accts. pay.
Prov. for repaym't
merch.
contracts
$1,173,610
Trading Co., Ltd.)
Liabilities—
$399,214
Call loans
81,252
$70,449
14,622
24,307
Special charges
Special contingency
[In terms of Canadian Currency]
Assets-
142,356
loss$201.824
19,868
Net loss from operations
Special credits
Net
$3,497,912
1,046.156
1,359,398
$71.907pf $1.092,358
gold bullion operations
on
Not
reported
215.260
Other charges
Depreciation...
Balance Sheet Dec. 31
Cash
$417,084
Total income
$1,683,270
$749,510
$139,169
-
1,094,446
409,806
Loss
Net loss
$1,432,345
521,167
Bond
48,000
6.3
a1 Q*3't
6,073,835/
Syndicate, Inc
discount & expense
Interest on debentures.
$18,152
10*34.
$7,506,1801
$104,083
_
Other income
49,000
-loss$610,341
749,510
Previous surplus.
Miscell. credits..
$623,921
214,301
4,123
1,000
Qr> K
$5,569,689
5,465.606
Other interest & financial
charges.._
Provision for bad accounts.
1,814
19.4
23.6
*
$497,033
126,888
$591,018
202,739
$219,348
194,813
1,260
192,282
1,260
48,853
5,741
Directors' fees
Executive salaries
$504,325
86,692
17,318,000
8,547,000
4,314,000
Eitingon Schild Co., Inc. (&
Subs.)—Earnings—
Expenses.
loss$398,922
38,531
89,442,000
36,230,000
68.281,000
1932
1933
JllICTCClSC
Amount
PerCt.
1935
Consolidated Statement of Income,
Profit and Loss for Years Ended Dec. 31
Cost of sales, &c_.
—$17,875,503 $18,835,304 $19,758,368 $23,042,272
18.274,425
18,659,522
19,254,042
22,545,239
Gross profit
1936
American Power & Light Co..
106,760,000
Electric Power & Light
Corp. 44,777,000
N^i0,n£l Po^er & Light Co-- 72,595,000
—V. 142, p. 3506.
Sales
Calendar
was as follows:
i
Operating Subsidiaries of—
$1,398,267
1,501,638
1,555,614
1,505 417
1,544,037
Account for
Inc.—Weekly Input—
For the week ended
May 21, 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
Total income
Reserve for guar, under
contra Fed. taxes, &c_
Amort, of development.
"
12,842
2,402
465,326
61,088
Loss
on
capital
assets
scrapped and sold....
Miscell. deductions
66.172
38.534
8,166
Net profit
x
Interest only.
::::::
$434,264
"4",203
608
$339,948
$38,185
$4,481
Consolidated Balance Sheet Dec.
a
For'n Govt. sees..
Inventories
...
payable.
Acer,
665,640
1,250,780
5,368
161,604
6,162
154,404
salaries pay¬
stock
Deferred assets
Res.
790,465
for
465,326
Total
After depreciation reserve of $2,282,465 in
b Represented by $3 par value shares,
c Have since been paid.—V.
142, p. 2993.
31,030
10,401
3,471,151
$7,328,680 $6,332,687
1935 and $2,040,394 in 1934.
5,911,780
1,856,686
1,314,093
4,755,728
1,425,462
969,905
3,546,360
791,046
303,439
2,339,369
235,261
def298,536
—V. 142, p.
3341.
El Paso Natural Gas Co.—Offering June 5—
The company, in an amendment filed with the Securities and Exchange
Commission, states that its securities will be offered June 4.
It is understood that the convertible debentures will be priced at par and
the first mortgage bonds at 98)^.—V. 142, p. 3341.
-Earnings-
Emporium Capwell Corp.-
Electric Controller & Mfg. Co.—Larger Dividend—
directors have declared a dividend of 75 cents per share on the
common stock, no par value, payable July 1 to holders of record June 20.
This compares with 50 cents paid in each of the three preceding quarters,
and 25 cents per share paid each three months from Oct. 1, 1932 to and
including July 1, 1935.
In addition an extra dividend of $1 was paid on
Jan. 2, last and 25 cents per share on July 1, 1935.—V. 142, p. 1288.
Electric Power & Light
$628,296
120,106
defl8,236
clOO.OOO
The
Corp. (& Subs.)—Earnings-
1935
$4,763,844
$4,425,276
169,345
49,427
lossl,287
57,358
49,435
loss8,383
24,948
48,468
loss3,875
loss31.926
loss30,405
loss24,052
$185,558
69,006
17,674
$68,004
71,156
$45,488
79,365
12,133
$98,877
3,633,768
loss$3,151
3,004,216
loss$46,010
2,539,748
$3,732,645
$3,001,065
$2,493,737
lossl,713
1,719
23,821
$3,002,784
$2,517^,559
1936
profit of units before debenture
bond interest and Fed. income tax:
Department stores
Real estate used in operations
Real estate not used in operations.
General administrative, net loss exclu¬
sive of dividends from subsidiaries
and before bond interest and Fed.
Net
Subsidiaries—
Operating revenues
$24,636,510
Oper. exps., incl. taxes. 12,149,299
$21,067,033 $80,919,218 $75,273,877
10,900,831 44,005,800 41,004,569
Other income
Total
Provision for Federal income tax
income...$12,428,326 $10,177,013 $36,900,365 $34,337,481
Net revs, from
Interest to public & other
deductions
Int. chgd. to construct'n
Prop, retire. & depletion
appropriations—
res.
53,921,871 $15,643,792 $15,649,097
Cr20,088
Cr43,426
Cr36,759
$4,157,391
Cr9,742
period
Consol. net prof, for the
Total..
Net profit on purchase of own
after deducting adjustment
bonds
of un¬
amortized discount and portion of
Federal income tax
8,803,198
2,347,127
2,601,651
8,631.771
833
Other miscellaneous charges
$3,730,098
$3,928,103 $12,496,801 $10,093,372
$5,679,026
Balance
...
Debenture bond interest
oper..$12,487,211 $10,166,202 $36,913,418 $34,269,308
(net)
2>58,885
10,811
£>rl3,053
68,173
Gross corp.
See
pref. stock...
Dividends: Emporium,
Pref. divs. to public (full
div. require, applic. to
See
x
7,923,496
1,980,905
1,980,874
earned or unearned)..
x
paid April 6, 1936.
y
x
$2,517,559
25
Declared Feb. 1936.
^5 cents payable Oct. 5, 1936.—V. 142, p. 3507.
Endicott Johnson
132,155
115,086
41,649
1934.
1936, 1935 and
Declared in Jan.
cents
784,414
$2,920,214
$3,523,672
7,923,606
int.
(based upon hldgs. by
the public of com. stks.
of subs, at end of each
of the respec. periods)
See
x
82,570
y206,426
respec.periods whether
Port, applic. to min.
1934
$5,416,656
3 Mos. End. April 30—
Net sales of department stores
1936—12 Mos.—1935
1936—3 Mos.—1935
Period End. Feb. 29—
$1,011,485
286,765
169,153
Net after rents
3,901,215
Mtges. payable.
Earned surplus.._
a
$1,196,003
305,276
206,837
Net from railway
Advances
'
1933
1934
$1,650,488
597,876
449,400
railway
Net from railway
Gross from railway
contra-
Fed. taxes, &c._
.$7,328,680 $6,332,687
Gross from
From Jan. 1—
guaranty
under
499,012
1935
1936
April—
Net after rents..
11,550
444,819
Depos. in susp.bks.
Total
351,135
519,558
able in cap. stk.
144,044
107,676
913,014
1,477,394
665,640
1,249,928
429,466
_.
Accts. & notes rec.
Treasury
1
1
goodwill
Cash
stock...$2,400,000 $2,400,000
Accounts
rights
Investments
1934
1935
b Capital
prop'ty_$2 ,318,588 $2,377,360
and
Plant &
Ry.—Earnings.—
Elgin Joliet & Eastern
31
Liabilities—
1934
1935
Assets—
Patent
May 30, 1936
Financial Chronicle
3674
Corp.—Listing—
has authorized the listing of 73,060 shares
preferred stock, 5% series (par $1001. upon official notice of issuance
and payment in full. The corporation called all of its outstanding 7% cumu¬
lative preferred stock for redemption on May 21, 1936, at $125 per snare
plus divs., and proposes to amend its certificate of incorporation so that
after such redemption and at the date of issue of the preferred stock, 5%
series, its authorized capital stock will consist of 150,000 shares of preferred
stock (par $100), issuable as preferred stock, 5% series or in one or more
other series, and 420,000 shares of common stock (par $50).
A special meeting of stockholders on May 22 approved the necessary
amendments to the certificate of incorporation.
The purchase price of the 73,060 shares of preferred stock (see offering in
V. 142, p. 1288) will be received by the corporation upon delivery of the
preferred stock, 5% series, which it is contemplated will take place on
or about May 25, 1936.
The charge for selling expenses (including under¬
The New York Stock Exchange
of
Net equity of El. Pow.
& Lt. Corp. in inc.
.,905,549
$4,458,219
$2,037,611
565
.,905,549
1,342
$4,458,219
3,312
$2,037,611
9,162
$2,914,303
$1,906,891
49,433
97,155
1,461,531
227,673
2,046,773
409,259
397,244
397,244
1,588,974
1,588.974
$2,913,738
of subs
Elec. Pow. & Lt. Corp.—
of El. Pow. &
Lt. Corp. in income of
of subs, (as above)... $2,913,738
Net equity
Other income
Total income..
Expenses, incl. taxes—
Interest to public & other
deductions
writers'
Bal. carr'd to consol.
earned surplus
$2,644,884
$48,540
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
available for minority holdings by the public of common stock of subsidiaries.
Minority interests have not been charged with deficits where income
accounts or subsidiaries have so resulted.
The "net equity of Electric
Power & Light Corp. in income of subsidiaries" includes interest and
preferred dividends paid or earned on securities held, plus the proportion
of earnings which accrued to common stocks held by Electric Power &
Light Corp., less losses where income accounts of individual subsidiaries
have resulted in deficits for the respective periods.
The Statement for
each period is entirely independent of the statement for any other period.
142,
—V.
$2,467,626
$1,412,492
1935
1934
1933
1932
..$21,527,333 $19,237,229 $16,823,561 $16,863,026
Calendar Years—
Gross sales
manufacturing
&c...
of
Cost
19,936,555
17,895,281
50,000
expenses,
oper.
Provision for
16,288,387
346,427
241,000
237,850
106,400
$1,100,948
903,456
$1,193,462
828,745
$468,239
791,620
$2,247,756
x3,176,953
Balance
—
Other income
Net income
$2,004,404
2,042,311
$2,022,206
1,815,376
$1,259,859
2,197,665
Dividends
Balance, deficit
$929,197
11,695,798
$37,907 sur$206,830
11,884,415
11,838,671
$937,806
13,002,565
Previous surplus—_...
of
excise
paid in years 1922-26
with int. at
6%
for
years
Profit
1922-1934..
Equitable Office Building Corp.—7V) Resume Com.
sale of sec., net
on
Erie
$12,098,092 $11,846,508 $12,045,501 $12,064,759
118,721
100,709
161,086
176,088
50,000
50,000
50,000
contingency-.
75,000
surplus..$11,854,371 $11,695,798 $11,884,415 $11,838,671
and
com. stocks outstand.
907,810
907,810
907,810 s
907,810
Earned per share.
$2.47
$2.21
$2.23
$1.39
Profit & loss
Shs. combined pref.
dividend paid during year 1935 of $907,702.
1935
1934
1935
1934
Liabilities—
Assets—
x
-
Consolidated Balance Sheet Dec. 31
•
31,400
Preferred stock
Real estate, plant
31,400
Common stock..23, 484,692 23,484,692
848,389
646,172
equipment.
8,994,435
9,513,433
Pats., tr-mks., &c.
2
2
3,243,560
3,451,369
4,156,865
3,319,315
Accrued
Bills and accts. rec.
U. S. obligations..
3,212,159
175,000
3,196,175
175,000
Accr. Fed. inc. tax
Govt, secur.
8,849,170
Reserves
and
Cash
Can.
Ind. ry. &
Acer,
util. bds. 10,150,468
Inventories
123,253
127,077
5,247,883
int.receiv..
y
Accounts payable-
accounts
Adv. and deposits
(estimated)
Surplus
.
300,976
80,712
312,672
161,674
342,427
241,000
181,653
61,418
11, 854,371 11,695,798
4,220,691
of all the facilities and
& accts. receiv.
208,844
1,910,903
2,219,839
accounts
529,038
600,394
48,514
V.
Deferred
Ins. fd.
cash &
..
sec.
Total
—37,228,618 36,634,826
x After allowance for depreciation of $17,156,263 in 1935 and $16,470,340
n 1934.
y Common Stock outstanding, 906,554 shares no par value after
deducting 4,000 shares held in treasury at $100,000.—Y. 141, p. 3535.
Total
37,228,618 36,634,826
approval of
Co.,
142,
p.
1639.
Erie RR.—Reconstruction Loan—
The Interstate
Commerce
on May 26 found the company
reorganization in the public interest at the
Commission
"not to be in need of financial
exceeding three years of
by the Reconstruction Finance Corporation to the company
maturing May 31, 1936, in the amount of $2,775,000.
present time," and approved the extension for not
term of loan
Earnings for April and Year to Date
.
[Including Chicago & Erie RR.]
1935
$6,035,345
1,485,847
1936
$6,671,080
1,996,831
April■
1934
$6,151,237
1.650,817
1933
$5,147,199
1,115,184
1,226,702
901,999
929,049
445,756
26,012,510
7,101,069
23,772,227
6,099,255
25,012,305
7,368,994
20,729,627
4,607,927
.
3,790,882
4,808,740
1,886,707
■
—...
Net after rents.
..
4,557,923
—V. 142, p. 2994.
Fairbanks, Morse & Co.—Indenture—
Restriction under the indenture on present debentures
which limits cash
dividend payments on the common stock to earnings accumulated after
Dec. 31, 1923, will be superseded by an agreement in a new trust indenture
on
the
new
dends on
4% issue.
Under the plan the company will pay no cash divi¬
out of the excess of consolidated net
the common stock except
earnings over consolidated net losses accumulated after Dec. 31, 1934, and
pay no dividends on the preferred stock which would reduce the consoli¬
dated earned surplus below $3,900,000.
The indenture will provide for retirement through the sinking fund of
$150,000 principal amount of debentures annually, plus an additional sum
not to exceed $100,000, equal to 10% of the amount by which consolidated
net profits for the preceding year
exceeded $1,500,000. Excluding the
contingent sinking fund payments, the fixed payments alone are calculated
to retire 47Yi% of the debentures prior to maturity.
The indenture under
the outstanding 5% issue called for retirement of $320,000 principal amount
of debentures annually.—V. 142, p. 3507.
(& Subs.)—Earnings—•
Federal Motor Truck Co.
Calendar Years—
Operating profit
Depreciation
Interest
on
1934
1933
1932
$64,912 loss$l 15,270 loss$592,159
29,469
34,229
48,694
1935
$172,971
42,887
$215,858"
48,020
(non-current)
announced its
sale
properties of the Erie company to the Pennsylvania.
is a 100% owned subsidiary of Pennsylvania.—
Total income
142,034
investments
recently
The Erie Lighting Co.
Other income
Bills, trade accept.
Other
Commission
Power
From Jan. 1—
Total surplus—
Includes special
Lighting Co.—Sale Approved—
Federal
Gross from railway
Net from railway.
Other adjustments
x
on
the joint application of Erie Lighting Co. and Pennsylvania Electric
both affiliates of Associated Gas & Electric Co., for approval of the
Pension fund
Prov. for
Divs.
May 28 declared a dividend of 10 cents per share on the
stock, payable July 1 to holders of record June 15.
This
will be the first dividend paid since July 2, 1934 when a like payment was
made. Dividends of 25 cents per share were distributed each quarter from
April 1, 1933 to and including April 2, 1934 and a payment of 37K cents
per share was made on Jan. 2, 1933.—V. 142, p. 1982.
The directors
Net after rents..
1,265,816
65,675
_ —
from the
no-par common
Gross from railway
Net from railway.
taxes
May 21, 1936, the 58.448 shares
Any remainder will be added to
general funds; any deficiency will be provided
corporation's general funds.—V. 142, p. 1638, 1288.
___ —
$1,194,352
1,053,404
Fed. income taxes (est.).
Refund
15,392,249
______
conting
approximately $255,710, and the esti¬
the corporation's
The
Battery Co. (& Subs.)—Earnings—
aggregates
purpose of providing funds to redeem on
of the corporation's 7% cum. pref. stock.
3506.
p.
Electric Storage
commissions)
mated net proceeds of the issue will amount to $7,361,374.
Of such esti¬
mated net proceeds the corporation will apply not more than $7,306,000
to the repayment of the bank loans to be incurred by the corporation for the
65,785
Income tax
Net profit
Dividends
Surplus
Earns, per sh. on 486,943
shs. cap. stk. (no par)
$94,382
43,801
131
funded debt_
loss$81.041 loss$543,465
83,687
86,304
334
1,479
5,777
$144,297
99,909
$44,388
$0.30
"
$50,449 loss$165,062 loss$631,249
$50,449 def$165,062 def$631,249
$0.07
Nil
Nil
Volume
Financial
142
Chronicle
Consolidated Balance Sheet Dec. 31
Assets—
1935
1934
1934
1935
Liabilities—
Land, buildings,
machy. & equip .$1 153,343 $1,135,599
Cash
698,913
606,713
Capital stock—$2,497,715 $2,497,715
10,000
10,000
Accts. payable, &c
316,519
290,382
Marketable
Accrued
x
secur.
48,226
68,370
y
Sub. stock outst'g.
Notes, acceptances
& accts. receiv
340,119
Inventories.
360,143
1,460,096
129,275
1 410,040
Cash in closed bks.
170,673
Cash surrender val.
insur.
z
Surplus
policy
33,535
a44,276
1,273,748
deferred
Income
31,620
78,520
234,196
48,221
__
66,150
158,377
Other assets
1925
Nil
Dec. 31
Ioss53,588,000
Nil
Dec. 31
1923.x.-.
Profits
y Per Sh.
$75,270,895
$436
115,078,383
666
115,105,416
667
82,263,483
476
44,460,823
257
Feb.
28
1923
119,298,862
81,797,861
473
Feb.
28
1922.x
loss72,221,498
loss42,786,727
Nil
April 30 1921.x___
73,773
1927
1924
57,601,040
691
334
-
17,198,564
100
Nil
10 months,
y $5 par stock in
20 for 1; previous year $100 par.
x
--..$4,139,969 $4,165,934
Total
1935 and
1934, the stock being split
The company assembled its 3,000,000th V-8 car on
May 26, just 18 days
less than a year since the
2,000,000th V-8 was
.$4,139,969 $4,165,934
—
After depreciation,
y Represented by 499,543 no par shares,
z 12,600
a Includes miscellaneous reserves.—V.
142, p. 1816.
completed
The
shares at cost,
Fairey Aviation Co., Ltd.—Removed from Listing—
1935
1934
June 16, 1903, now exceeds 24,000,-
on
applied
Federal
the
to
Power
Commission
$12,000,000 1st mtge. bonds.
The company pro¬
poses to use the proceeds from the sale of the securities to retire
$11,000,000
of its outstanding bonds and to retire
$60,000 bonds of City of Appalachicola.
Any funds left will be applied to the retirement of the unfunded indebted¬
ness of the
company or will become a part of the operating capital.
In its application the
company states that the rate of interest on the
Consolidated Income Account for Years Ended Jan. 31
1933
—$91,638,295 $89,123,523 $82,551,164 $84,951,226
x208,550
407,429
479,573
558,472
Other income (net)
on June 13, 1935.
Exposition.
Com¬
at the Texas Centennial
Florida Power Corp.—Asks FPC to Authorize
Refunding—
Federated Department Stores, Inc. (& Subs.)—Earns.
Net sales
exhibit
The corporation recently
for authority to issue
294.
1936
will be put on
car
pany's total output since formation
000 Fords.—V. 142, p. 3342.
The New York Curb Exchange has removed from listing the American
shares representing deposited ordinary
shares, 10 shillings par.—V. 130,
p.
1926
Dec. 31
Dec
Builds 3,000,000th 7-8 Car—
Total
x
31
Nil
Dec. 31
capital stk.
Deferred charges
$1.98
Dec. 31 1929——
Dec. 31 1928
Fed. Mot. Truck
Co.
Years to—
y Per Sh.
$6,860,462
Dec. 31 1931
Dec. 31 1930
9,289
14,387
1,287,252
for
Profits
Ioss3,480,331
loss79,247,669
Dec. 31 1934.
48,844
5,777
Fed. income tax..
Res.
Years to—
Dec. 31 1933
Dec. 31 1932
insurance
& local taxes, &c
__
3675
Net earnings and profits per share since the 10 months ended
April 30
1921, as indicated by changes in the profit and loss surplus, and exclusive
of dividends withdrawn from the business
(as company does not make
public the dividends paid on its stock) have been as follows:
new
bonds is reduced to
will effect
4J^% from
5H % and that the proposed refunding
$60,000.—V. 142, p. 3508.
annual saving of approximately
an
Total.
$91,846,845 $89,530,952 $83,030,737 $85,509,698
Cost of sales & expenses- 87,429,487
85,374,567
78,397,914
81,657,263
Depreciation
1,213,073
1,172,754
1,144,691
1,435,432
Federal taxes
358,437
323,872
350,992
262,616
Interest
337,241
351,311
361,882
391,124
Subsidiary pref. divs—
813,235
995,784
1,036,484
1,097,102
Minority interest
226,888
164,315
294,982
102,105
Net profit
Dividends
$1,468,484
914,311
914,390
Earnings
x
per
Includes
$1,148,349
914,270
914,283
$1.60
Shs.com.stk .out. (no par)
$1.26
share..--$71,014
credit
net
from
sale
$1,443,791
636,974
$564,056
589,597
912,073
$1.58
and
907,141
$0.62
adjustment
in
marketable securities.
price,
of
Foresight Foundation, Inc.—Initial Class A Dividend—
The directors
on
May 21 declared
an
initial special dividend of 10 cents
capital stock, payable
share on the $1.25 non-cumulative class A
June 15 to holders of record
May 29.—V. 140,
per
Fruit Growers Express
Earnings for Year Ended Dec. 31,
Operating
Operating
640.
p.
Co.—Earnings—
1935
revenue
$9,087,596
8,228,655
expenses
Net operating revenue
$858,940
89,139
3,000
Tax accruals, other than income tax
Uncollectible
accounts
Consolidated Balance Sheet Jan. 31
1936
Assets—
1936
Liabilities—
3,403,872
S.
U.
1935
$
Cash
State
Accounts
4,159,069
and
trade credit
municipal obligs.
and other bonds
Notes
2,690,921
6,723,913
Customers' accts. &
notes
less
Mdse. In transit.
receiv.,
.
Acer. sal. & exps__
Res've for
6,354,469
2,738,111
income
4
....
taxes
15-year 4% notes
Notes pay. to bks.
133,626
324,754
owned
Profit
_________
Total
328,424
Loss
1,500,000
Miscellaneous-.
by
on
property retired
14,421,250
com.
6,275,638
9,142,830
11,163,918
2,373,686
1,957,844
---49,769,909 52,652,907
Represented by 914,390 no par shares in 1936 and
914,283 in 1935.
y After depreciation.
Touche, Niven & Co., Public Accountants, state:
"The 5H% debentures of a subsidiary
company, due in 1943, of which
$4,370,000 face amount was outstanding at Jan. 31,
1935, were called
for redemption on Oct. 1, 1935.
At about the same time
$3,000,000 face
amount of 4% notes due in 1950 were sold and a
bank loan of $1,000,000
was secured
by that subsidiary company.
The unamortized discount and
expense of the old issue and the premium paid upon its
retirement, which
together amounted to $177,967, were deducted from earned
surplus.
The
Acquire Omnibus Stock
has applied to the Transit Commission for
authority
acquire roughly 50% of the capital stock of the New York City Omnibus
Corp.
It is stated that the proposed merger of the
Eighth Ave. Coach Corp.
and the Madison Ave. Coach Corp. with New York
City Omnibus Corp.
is expected in "the very near future."—V.
115, p. 2910.
to
Florida East Coast
April—
Ry.—Earnings
1936
Gross from railwayNet from railway.
_
Net after rents
From Jan. 1—
Gross from railwayNet from railway.
Net after rents
_
—
1935
1934
1933
$904,682
328,119
190,723
$1,069,276
402,265
251,888
$967,166
425,873
279,398
$815,283
320,600
177,657
3,875,896
1,197,202
683,111
3,999,404
1,719,465
1,194,591
3,503,643
1,500,385
—V. 142, p. 3342.
Ford Motor
The
net
earnings of the National
996,453
1934
1935
1933
1932
$
$
$
141,004,515 144,958,979 150,912,504
157,685,318
Mach. and equipment-- 91,536,808
82,811,705
90,112,502 108,668,123
Inventory
68,568,702
63,634,223
48,537,414
58,344,341
♦
Cash.-.
377,310,316 361,667,154 343,304,237
303,650,430
Deferred charges
3,129,588
4,093,500
6,239,168
5,909,690
Total.-
681,549,929 657,165,560 639,105,825
634,257,902
Reserves
for
the
amounted
year
to
year.
Assets
Liabilities—
Equipment
Miscellaneous property
Investment in affiliated
Cash
—
_.
$32,076,290
1,940,167
co_.
Other current assets
Deferred assets
Total
769,978
1,230,810
1,790,620
940,360
$38,748,228
-
Capital stock.
Premium
on
$8,210,600
493,050
capital stock
Funded debt: quip, obligat'ns
Current liabilities
Deferred liabilities
Operating & depreciation
Profit and loss, surplus..
res.
6,814,000
978,484
751,756
18,750,192
2,750,144
Total
.$38,748,228
-V. 133, p. 964.
Gabriel
Co.—Registers 102,000 Class A Shares
The company has filed a registration statement with
with SEC—
the Securities and
Exchange Commission under the Securities Act of 1933
covering 102,000
shares
of class A
class
A
stock.
June 15,1936.
stock without par value, and
19,800 warrants for the
The approximate date of the
proposed public offering is
The proposed maximum offering price
per unit is to be
$4.
According to the registration statement, 40,000 of the 102,000 shares
of
exchange for and in cancellation of 2,000 shares
by John J. Batterman, H. M. Preston and
R. Hosken Damon, as voting trustees.
The company also plans to issue warrants to
present holders of its class A
stock entitling them to purchase additional shares
of the class A stock
being registered on the basis of one additional share for each
10
shares
held.
The warrants are exercisable at $4 a share
and expire July
1,
They will be issued to holders of record as of a date four
days sub¬
sequent to the effectiveness of the company's registration
statement.
Another 2,200 shares of class A stock are to be sold
to
employees.
The company states that it expects to
negotiate an option with an under¬
writer with respect to the issuance and sale of
20,000 shares of class A stock
at not less than $4 a share.
Proceeds from the sale of securities
now
will
financing and general corporate
be
purposes.
Earnings for Three Months Ended March 31
Real estate
Capital stock
Accounts payable, &c_.
Co.
Condensed General Balance Sheet Dec. 31, 1935
used for additional
Balance Sheet Dec. 31
*'
Car
1936.
Co., Detroit— -Financial Statement—
I
cars,
built in company shops.
cars
$23,705, compared with $13,319 for the previous
(As filed with Massachusetts Commissioner of
Corporations)
Assets—
15,626 refrigerator
operated 1,311, or a total of
16,937 cars as compared with 17,642 at the end of 1934.
During the year
1,156 cars were retired from service, 451 of which were replaced with
new
class A stock will be used in
of class B stock now held
4,033,753
1,541,953
1,043,280
-—
$2,750,144
At the end of the year the
company operated
its subsidiary, the National Car Co.,
x
expense incurred in connection with the new issue is
being amortized over
the term thereof."—V. 142, p. 1639.
22,362
65,734
I
and
9,143,900
The corporation
;
Credit balance Dec. 31, 1935
Capital stock.__
Fifth Avenue Bus Corp.—Asks to
.$3,166,666
—
Cash dividends
4,370,000
6,176,699
Total
210
61,206
f'
Paid-in surplus
10,864,779
Earned surplus—-
-...49,769,909 52,652,9071
$426,323
2,678,926
on
property sold and retired
Miscellaneous
•
stocks of subs__
Total
$490,302
63,979
tax
133,350
966,000
other interests.,10
,934,300
Minor, int. in
x
Net income
Accrual for Federal income
313,061
Real estate
mtges. 1,500,000
Pref. stocks of sub.
cos.
341,435
210,179
29,493
equipment trusts
Balance transferred to profit and loss
Credit balance Jan. 1, 1935--
000,000
15-year 5 ^ % gold
debentures
4
on
375,668
394,911
108,933
319,679
on pref. stks.
Reserve for insur.1
Res. for
conting./
400,861
Amortization of discount
1,329,727
$1,071,411
-
on cars
Federal
Divs.
345,138
8,987,351
381,687
Miscell. assets
2,500,020
2,860,528
y Fixed assets
19.646,351 19,302,511
Deferred charges..
795,898
800,128
Mdse. in transit--
—
434,000
372,297
155,556
244,768
_
-
Interest
Rental
Sundry creditors,.
reserves:
Reg. retail terms 6,950,581
Instalm't terms. 3,387,758
Sundry debtors;
338,411
Mdse. on hand.— 9,655,232
Good will.
Gross income
1,211,243
to
current.
$766,801
304,610
-
S
1,780,401
payable
banks,
Operating income
Other income
1935
$
payable,
17,264,500
17,264,500
17,264,500
17,264,500
70,346,432
49,527,681
38,328,408
30,000,154
10,961,346
10,096,988
6,995,838
6,552,645
582,977,651 580,276,392 576,517,079
580,440,603
1936
Net loss after int., depreciation, taxes, &c
For
the four months
ended
April 30,
1935
$8,022
1936
$20,927
company reports
a
loss
of
$13,748.
The figure for March quarter of 1935 has
been revised to exclude a
subsidiary, as no accounting is made for the subsidiary in first
quarter of
this year.—V. 142, p. 3508.
General Bronze
Corp. (& Subs.)—Earnings—
.
Consolidated Income Account for Calendar Years
1935
Gross
earnings
on
1934
^
1933
1932
con-
.
Profit & loss surplus
Total
*
.681,549,929 657,165,560
Includes notes and accounts
639,105,825 634,257,902
receivable, securities, patent rights, &c.
Changes in the profit and loss account since the war, based on
figures
reported to the Massachusetts Commissioner of Corporations and
Taxation
are shown below:
Dec.
Dec.
31, 1935
31, 1934
1933
1932
$582,977,651
580,276,392
576,517,079
580,440,603
Dec. 31,
Dec. 31,
Dec.
31, 1931
Dec. 31,
Dec. 31,
1930
1929
Dec. 31, 1928
Dec. 31, 1927.--
-
Dec. 31 1926
Dec.
31
1925
Dec. 31
1924
Dec.
1923
655,302,247 Feb.
708,888,247 Feb.
664,427,424 April
582,629,563 June
654,851,061
31
23 1923
28 1922
30 1921
30 1920
struction__
Gross
manuf'g profit.
Expenses, &c
Depreciation
Operating profit
$697,637,788
622,366,893
542,476,497
442,041,081
359,777,598
240,478,736
182,877,696
165,679,132
Other income
Profit
Interest
$1,848,548
1,575,129
$828,016
896,202
$2,356,988
2,018,688
$3,181,891
$273,417
177,040
23,755
loss$68,186
235,338
22,393
$338,300
205,352
24,160
$512,372
371,395
43,826
$72,624 loss$325,9l7
104,328
$108,788
90,011
$97,151
209,255
$201,629 loss$221,589
101,978
118,847
Costs
$198,799
126,769
129,005
15,377
104,427
23,468
9,313
$306,406
135,622
Cr7,000
26,068
3,332
$80,336 loss$460,239
$39,249
$148,384
Foreign exch. fluctuation
Idle plant expenses
Miscell.
deduction
Net profit.
2,669,519
*
__
19,315
_
Financial
3676
Chronicle
Comparative Consolidated Balance Sheet Dec. 31
Consolidated Balance Sheet Dec. 31
$648,222
chinery, eq., &c.
Cash, time deposits 1,180,523
Accrued
U. 8. Treas. notes
bonds
179,564
538,826
500,215
—...
b Accts., notes rec.
Inventories
Prepaid
53,434
88,943
16,790
17,215
25,000
487,912
4,559,682
Accounts payable
Deferred charges..
for
Res.
pending
on
litigation
w
stock...
4,000,000
144,630
138,668
18,041
132,555
2,002,404
Capital surplus
109,886
1,951,994
111,841
257,162
221,128
202,397
Accrued taxes
Reserve for contin¬
899,643
gencies
hand.......
7,911,600
4,000,000
Earned surplus
26,493
1,876,970
2,078,772
516,792
594,157
.14,331,742 14,548,8731
Total
17,125
14,331,742 14,548.873
Total
for depreciation of $8,641,817 in 1935 and $8,-
After deducting reserve
x
487,667 in 1934.
y After deducting reserves of $275,585 in 1935 and $310,033 in 1934.—V. 142, p. 2159.
patterns,
418,466
414,678
Common
Cash In banks and
210,910
1
1
Goodwill
6,489,346
535,868
4,476,541
1,090,053
y Accts.¬esrec.
Inventory
$
$
6,165,444
chinery & equip.
59,101
Surplus
25,763
&c
dies,
548,610
39,663
charges
Investments
Patents,
371,334
and
exp,
deferred
55,894
wages, comm.,&c
1934
1935
Liabilities—
7% preferred stock 7,872,200
Investments
salaries,
$
xLand, bldgs., ma¬
Bond int. accrued.
251,500
65,000
municipal
1934
$
Assets—
Subcontract liabil.
and certificates.
&
1935
1934
Common stock..$1,144,400
$1,144,400
1,721,500
$654,953 Gold debentures.. 1,679,000
36,530
43,114
1,130,915 Accounts payable.
c
Land, bldgs., ma¬
State
1935
Liabilities—
1934
1935
Assets—
a
May 30, 1936
Goebel Brewing Co.—10-Cent Extra Dividend—
$3,603,8141
..$3,592,455
Total..
...$3,592,455 $3,603,814
Total
After depreciation,
b After reserve, c Represented by 287,780 shares,
$5, less 58,900 shares in treasury.—Y. 142, p. 2667.
a
par
Allied Corp.—Accumulated Div.—
General Telephone
directors
The
May 22
on
of accumulations on
account
'
\
declared an extra dividend of 10 cents per share in
quarterly dividend of 5 cents per share on the com¬
mon stock, par $1, both payable June 30 to holders of record June 9.
Previous extra distributions were as follows: 5 cents on March 31, last;
10 cents on Dec. 20, 1935, and 5 cents on Sept. 30, 1935.—V. 142, p. 3345.
The directors have
addition to the regular
declared a dividend of $1.75 per share on
the $6 cumulative preferred stock, no par
Gold Coin Mining & Explor. Co.—Registers with
first page of this department.
the
was
Y.
142, p.
Symington Co. below.—V. 142, p. 3510.
Grand Trunk Western
Georgia-Carolina Power Co.—Bonds Called—
5% 40-year s. f. gold bonds due July 1, 1952,
July 1 at 105 and interest.
Payment
will be made at the Central Hanover Bank & Trust Co., 70 Broadway,
New York City.—V. 136, p. 3159.
Approved—
Gould Coupler Co.—Plan
See
1642.
A total of $55,500 1st mtge.
have been called for redemption on
SEC—
See list given on
of record May 26.
This dividend is for
period from April 1, 1934, to July 15, 1934.
A dividend of $1.50
paid on March 9, last, and one of $1 per share on Dec. 9, 1935.—
value, payable June 5 to holders
RR.—Earnings.—
1933
1934
1935
1936
April—
2,213,368
651,595
454,231
Net after rents
1,661,830
389,442
162,996
1,132,860
14,035
defl51,639
6,735,346
1,337,889
6,307,634
1,334,521
1,292,230
Net from railway
1,838,966
383,511
189,412
7,909,061
1,947,731
Gross from railway...—
524,654
526,107
4,577,089
270,028
def521,569
From Jan. 1—
Georgia & Florida RR.—Earnings—
—Second
Week of
1936
Period—
—V. 142,p.3510.
Georgia Southern & Florida
1936
April—
182,657
22,418
186
Gross from railway
Net from railway.
Net
after rents
Jan. 1 to May 14
1936
1935
May
1935
$388,971
$18,450
-r-,,-
$18,500
Gross earnings
Gross from railway
$370,073
Net from railway
Net
795,523
124,698
43,183
Gross from railway
Net after rents
Ry.—Earnings.-
Consolidated Income Account Years Ended Last
1933
1934
1935
162,674
27,862
22,627
130,073
26,321
5,448
663,753
102,161
78,369
153,307
20,578
12,931
543,013
121,080
42,617
592,152
50,372
7,340
York Stock Exchange has authorized the listing of 200,000
convertible preferred stock ($50 par) upon official notice of
satisfactory distribution pursuant to an offer of sale to common
stockholders and an offer of exchange to prior preference stockholders;
and 200,000 additional shares of common stock (no par) upon official
notice of issuance from time to time upon conversion of its convertible
New
of
issuance and
preferred stock, making the total amount authorized to be listed;
200,000
shares of convertible preferred stock and 1,000,000 shares of common stock.
The directors on April 25, 1936, authorized the issuance of the 200,000
shares of convertible preferred stock by offering to the holders of the present
outstanding common stock the privilege of subscribing to such convertible
preferred stock on the basis of one share of convertible preferred stock for
each four shares of common stock now outstanding at $52.50 per share
and offering concurrently to the holders of prior preference stock the right
to exchange pro rata the prior preference stock for the convertible preferred
stock not taken by the common shareholders on the basis of two shares of
convertible preferred stock for one share of prior preference stock.
Holders
of common stock of record May 23 are entitled to subscribe to the stock
on or before June 12.
Subscriptions are payable at office of transfer agent,
New York Trust Co., 100 Broadway, N. Y. City.
sales,
cessing taxes
$15,942,255
12,530,176
Cost of sales
$3,412,080
72,020
sales
Gross profit on
Other income—
Gross
$9,196,212
$4,119,798
1,217,123
41,000
1,460,508
1,717,762
968,232
955',988
1.059,668
235",970
$5,515,240
25,476,922
$5,761,727
25,085,195
$6,414,063
30,880,026
$2,562,477
29,367,549
4,719
Int. on money borrowed
Deprec. of plants & RR.
Adjust, of real est. values
—
Previous surplus
...
1,321",351
$3,484,100
2,431,164
profit and other income
Selling, administrative
Other deductions, net
and general expense
16,242
Interest paid
—
Depreciation and depletion
85,332
214,158
102,000
Federal income taxes
Net profit
Number of shares of common
$635,204
800,000
$0.55
stock outstanding
Earnings per share on common
Total surplus
—$30,992,162 $30,846,922 $37,294,088 $31,930,026
1,050,000
1,050,000
1,050,000
Deduct—Pref. divs. (7%)
1,050,000
2,160,000
Common dividends
4,320,000
4,320,000
Distribution of Cache La
Poudre Co. stock
stock
8,998,894
.
$25,622,162 $25,476,922 $25,085,195 $30,880,026
Shs. com. outst. (no par)
1,800,000
1,800,000
1,800,000
1,800,000
Earns, per sh. on com..
$2.48
$2.61
$2.98
$0.84
Profit and loss
Consolidated Balance Sheet as of Last Day of
February
1933
1935
1934
sects
1036
Plants, RR. equip., &c.$42,823,932 $42,816,581 $43,331,779 $43,058,697
15.240,660
4,524,784
11,914,089
Cash...
13,927,018
3,906,652
1,643.408
Accts. & notes receiv
2.691,117
2,755.499
15,003.042
19,687.933
Ref. sugar & by-products 16.489,610
20.858,138
2,740.802
2.770,188
Beet seeds and supplies3,074,968
2,683.886
457,018
478,247
1,166,980
Prepaid expense
490,087
—
-$79,170,031 $81,833,141 $75,358,929 $78,173,014
Total
Liabilities—
$15,000,000 $15,000,000 $15,000,000 $15,000,000
15,000,000
15,000,000
15,000.000
15,000,000
2.232.300
53 S.3 00
284,100
1,680.300
861,939
936,788
823,304
1,052,400
Accrued Federal taxes.4,884,066
1,071,698
235,695
1,330,753
Preferred stock
x
March 31 1936
less discounts, returns and allowances and pro¬
Earnings for the 5 Months Ended
Gross
167,019
$8,178,223
2996.
Glidden Co.—Listing—
The
shares
85,317
$7,741,595
Total income
Net income
elected a member of the board of directors on May 26.
1933
$3,952,778
$9,110,895
100,377
$8,139,992
38,231
Other income
Gimbel Brothers, Inc.—New Director—
Day of February
1934
1935
1936
$7,641,218
Profits from operation—
Federal taxes
R. O. Kramer was
Co. (& Subs.)—Earnings—
Great Western Sugar
—V. 142, P. 3345.
—V. 142, p.
2996.
—V. 142, P.
From Jan. 1—
Net from railway
after rents
Common stock
Conting. beet pay. res—
Accts. payable, &c
Deferred credits & oper¬
ating suspense items.
Unclaimed
2,598
19,390.031
25,622,162
reserves
123.150
2.401
17.601,397
25,085,195
2,410
15,947,479
30,880,026
$75,358,929 $78,173,014
$79,170,031 $81,833,141
Total
x
145,586
2,399
18,229.930
25,476,922
91,787
-
dividends
Depreciation
Surplus
Represented by 1.800.000 shares, no par value.—V. 141, P. 1770.
(H. L.) Green Co., Inc.—Earnings—
(Including Domestic Subsidiary Companies)
1935
1936
$28,508,704 $26,824,128
Years Ended Jan. 31—
Net sales
27,186.312
25,144,194
$1,322,392
Costs, depreciation and other expenses
$1,679,934
Condensed Consolidated Balance Sheet
Mar. 31'36
$
1,365,756
Assets—
Cust. notes, accept,
3,913,101
and accts. rec—
Misc. curr. accts__
Inv.
In
8ubsid.
11,224,511
98,124
&
1,830,240
affil. companies.
Other
Oct. 31*35
$
$
Liabilities—
$
pay.—banks 2,325,000
Accounts
payable
—trade, &c
792,134
3,948,470
316,224
9.258.576 Process, tax—Fed.
149,799 Unpaid wages and
compensation
155,191
760,611
754,374
33,000
36,000
Investments
2,058,523
Cash surr. value of
354,106
334,148
Notes
liabilities
Acer,
Other curr. liabils.
1st mtge.
172,819
Insur.
77,875
64,200
52,186
67,886
210,349
6,500,000
3,769,405
9,870,176
5,358,242
Reserve for conting
135,798
(net).11,209,102 10,896,120 7% prior preference
stock
Goodwill,
patents,
trademarks, &c. 2,803,005
517,400
Deferred assets—
2,795,509
855,479
Com.
stk.
capital
(stated
$5
per
share)
Earned surplus—
.
4,928,050
33,612,674 32,237.344
Total
33,612,675 32,237,345
$2,001,785
4,683
275,000
$1,679,934
$1,722,102
61,497
692,017
$1,372,273
x72,042
$968,588
2,313,868
Dr4,765
Excessive provision for 1934 Federal income tax
11,703
Discount on serial 6% gold notes retired prior to
Jan. 31, 1935, prev. charged against paid-in
surplus
Z>r65,381
$1,300,232
1,013,635
Earned surplus Jan. 31
$3,224,011
x 13 months.
Consolidated Balance Sheet Jan. 31,
$2,313,868
Int. & other non-operating expenses
Net incomeDividends on 7% cum. pref. stock
year
Earned surplus, Jan. 31
Premium on preferred stock redeemed
Assets—
Goodyear Tire & Rubber Co. of
Calif. (& Sub.)
1935
1934
$12,326,546 $11,280,814
selling, admin. &
Calendar Years—
Net sales.....
Operating loss
Other Income
1933
1932
$8,361,275 $10,112,727
10.391,895
$2,176,969
69,486
55,220
Merch. inventories 4,544,727
3,683,133
$1,618,843
Investm't
Total loss
&
in
Ltd.
Investm't in Green
Shops, Ltd..
37,500
Furn., fixtures &
equipment
2,017,228
Improves, to leased
$279,168
property
48,033
48,259
79.640
78,654
Real estate
640,569
209,159
$44,358
157,444
$201,802
$200,514
632,624
equities.
63,961
prepaid
&
supplies Invents.
460,455
Exps.
426,227
275,000
234,000
Fed.
paym't due
Deferred Income..
$281,570
$201,930
for
133,500
Mtge. payable, due
Feb. 1,1937
1,277,958
$765,381
accrued
&
taxes
Reserved
1935
$377,117
pay'le,
within one year.
72.510
46.056
accts.
Mtge.
1
$120.503prof$104.293
$44^358prof$176,802
Oth
income tax
Met.
8,642.845
76.145
73,661
234,000
1936
Trade accts. pay--
expenses
16,883
11,176,522
12,447,049
Federal taxes
Balance, surplus
-
17,991
Stores,
(Canada)
Real est.
Earthquake expense
Net profit
Pref. divs. paid (7%)
Liabilities—
1935
1936
Cash
invest'ts
Earnings—
general expenses
(net)
Common stock dividends
Miscell. recelvs.
!—V. 142, p. 3345.
Cost,
679,393
Provision for Federal income tax
Accts. receivable-
Total
depts
6,500,000
insur. settlement
707,242
1935.__
Fixed assets
64,200
in treasury
65,469 Unappl. portion of
claims paid
in Dec.,
concessions & other special
Surplus for
6% bds.
less
4,000,000
Capital surplus—10,356,191
74,483
222,841
on
Total profit
792,602
314,376
of sub. cos.,
Claims agst. closed
banks, less res..
Misc. notes & accts
Profit
---
-
3,259,000
1,030,969
59,162
life insurance.__
Operating profit
1,000,000
5gold notes.. 3,262,000
Cash
Inventories
Mar. 31'36 Od. 31 *35
7% cum. pf. stock
($100 par)
Com. stk. ($1 par)
Paid-in
40,000
11,698
854,700
589,790
3,196.087
surplus
Earned surplus.__ 3,224.011
Res. for contings..
170,000
950,000
177,647
2,696,338
2,313,866
170,000
251,611
98,502
$130,746 loss$300,432 loss$200.514
139,925
$130,746 def$300.432 def$340,439
Total
x
After
-..$9,504,527
reserve
$7,733,4601
for depreciation of
-V. 142, p. 3171.
Total
$9,504,527 $7,733,460
$318,429 in 1936 and $199,523 in 1935.
Volume
142
Financial
Great Northern
April—
Net after rents.
—V.
142, P. 2996.
1935
1934
$4,661,336
1,239,517
552,935
$3,961,764
921,487
178,497
19,350,512
4,784,853
2,008,786
2,534,648
1,882,947
(George W.) Helme Co.—Earnings—
17,421,092
14,450,859
3,869,210
1,753,034
1,131,406 defll46,869
Calendar Years—
Profit after expenses....
,
Greenwich Water & Gas System—Accumulated Div.—
Accumulations after the
141, p. 3379.
—V.
current payment will amount
to
$3 per share.
1935
Profit
Other income
Greyhound Corp.—Initial Dividend—
on
May 22 declared
an
initial
quarterly dividend of 80
share on the common stock
payable July 1 to holders of record
June 21.
As of March 31 there were
outstanding a total of 586,081 shares
of the common stock and on
the same date there were 21,643 shares of
convertible preferred stock
outstanding convertible on the basis of three
shares of common for each share of
preferred; thus if all the holders of the
preferred stock convert on the above basis it would
result in 651,010 com¬
mon shares
outstanding.
This would leave the common as the only class
of
Loss from Operations of Affiliated Companies
3 Months
12 Mos.—
or
Period Ended March 31—
Income; Dividends
Interest.
Net profit World's Fair Greyhound
_
Lines
(operated
as
division
a
1936
1935
$62,427
14,985
$96,756
27,073
1936
$3,491,690
65.145
Net earnings.
Pref. divs. (7%)
_
Common dividends
$2,294,415
305,528
$2,235,510
284,736
$2,296,718
279,152
z$l,898,602
236,803
yl ,680,000
$1,988,887
201,103
xl,672,451
$1,950,774
189,569
1,651,264
$2,017,566
280,000
1,680,000
.
def$18,201
4,872,670
$115,333
4,839,817
$109,941
5,867,145
$57,566
5,719,142
240,000
240,000
236,877
240,000
Profit & loss surplus
Shares of common stock
outstanding (par $25)
Earns, per sh.
_
on com..
of
$5
depreciation of
securities.
Balance Sheet Dec. 31
25,1934)
z
$77,412
combined
$123,830
45,675
33,014
9,478
x35,399
Net profit
Equity of the
10,885
_
Total.
-,r
Interest and amortization
expense
General expenses
Greyhound
profit
$45,140
in
equipment
226,763
&c
1935
283,463
3,994,747
2,369,251
418,699
9,138,388
b G. W. Helme stk
Other assets
384,396
9,175,565
721,375
54,383
Accts. payable, &c
Res've for Fed. &
4,161,862
3,282,655
receivable
Marketable secur.
$
&
324,628
Prepaid
expenses-
a
81,901
17,005,510
After depreciation,
18,184,922 |
b Consists
of
Total
850,296
882,441
4,872,670
Surplus
4,839,817
17,005,510 18,184,922
6,171 shares
of preferred
at
cost.
(R.) Hoe & Co., Inc.- -Earnings—
Period Ended March 31—
$1,230,318
5,072
19,425
$167,936
$121,592
$1,210,893
loss$28,591
11,103
$99,485
4,463
$100,586
81,992
loss$17,487
Combined
$126,665
778
Non-controlled:
$103,948
$182,578
$150,448
$225,541
$1,393,472
or loss from operations
iated companies
Whereof easnings per share
$182,982
$270,682
com¬
$19,740
142, p. 2829.
$26,352
[Including Wholly-Owned Subsidiaries]
Summary of Income for Year Ended March 31, 1936
Gross
sales—sugar, by-products, beet seed,
tilizer, livestock and farm products, less
Consolidated
fer¬
counts, returns, freight, allowances and
proces¬
sing and floor stock taxes
$20,041,587
Cost of goods sold
Exclusive of provision for compensation of
management in addition to
y After giving effect to adjustment of
$120,000, payable
management compensation for 1935.
z
The results from
operations of Eastern Greyhound Lines of New
England, operated as a
division of the Greyhound
Corp. after Dec. 31, 1935, are not included in
the net profit of the Greyhound
Corp. but in this statement included with
x
Net
Other
$3,872,055
262,235
operating profit
income
additional
controlled bus companies for
comparative purposes.
Affiliated Bus Companies of the Greyhound
Corporation
$7,364,113
6,259,511
491,584
Net operating revenue
1936
$6,902,542 $38,278,210
5,555,832
26,495,506
549,796
2,291,982
$796,912
74,351
$692,550
Total income
Interest and amoritization
Income taxes
$871,264
47,109
127,991
27,457
$9,959,273
132,459
1,543.085
644,443
$668,705
$7,639,285
22,801
126,289
185,268
Miscellaneous deductions
profit, from
.
$9,490,721
468,552
Equity of the
$358,191
Greyhound
Period Ended March 31—
Equity of the Greyhound Corp. in the
above combined net profit from
op¬
Corporation
3 Months
1936
1935
1936
$202,551
$322,907
96,756
3,466,310
of
iated bus companies, based
upon
125,000
preferred stock
$5,228,569
743,750
125,000
$4,333,633
$701,239
$4,359,819
$701,239
$5.02
$5.02
4,511
133,000
743,750
stock—-
Surplus March 31, 1936
After deduction for depreciation
Net income per share on 500,000 shares of
common
stock outstanding
corporation has not taken into its accounts
undistributed
losses of unconsolidated
subsidiaries.
Its proportion of income
thereof for the fiscal years of the subsidiaries
ended June 30, 1935, was
$35,672, based on the audited reports of those
subsidiaries.
The corpora¬
tion's proportion of net losses of subsidiaries
since July 1, 1935, is estimated
to be approximately $8,000.
income
or
Condensed Balance Sheet March
31, 1936
Assets—
Cash
(Company Only)
$867,949
1,555,045
7,514,368
265,304
Agricultural expenditures applicable to
following crop year
<
Other current assets
;
Special deposits for pref. stock sinking fund
requirements to date
$168,714
loss28,591
Investment
$126,665
99,485
$1,230,318
$226,151
$140,123
—V. 142, p. 2828.
on
$2,685,051
2,543,517
$5,202,383
Total
on common
625.000
$2,684,519
2,517,863
Net income for the year
Surplus April 1,1935
Dividends
22
59,338
5,530
133,000
625,000
Provision for contingencies
Provision for Federal income taxes
Dividends
22
prior
and other miscellaneous items
(net)
years
59,023
Inventories
stocks owned and other interests
at the end of each period:
Controlled
Inventory
securities sold
sales and retirements of
plant propertyand cost adjustments applicable to
Accounts and notes receivable
affil¬
Non-controlled
11,157
on
Accounts receivable—trade
Net equity of the Greyhound
Corp.
in
combined
undistributed net
operations
on
Net loss
$4,797,215
62,427
companies
$3,872,335
262,235
56,801
35,217
11,157
56,349
35,217
Amortization of bond discount and expenses
Premium on called and
reacquired bonds
Note—The
12 Mos.—
erations, based upon stocks owned
and other interests at the end of
each period
Dividends received from affiliated bus
income
on first
mortgage bonds
Other interest
x
opera¬
tions of affiliated bus
companies.
Gross
Interest
Net loss
12 Mos.—
$613,016
79,534
Other income
$3,846,671
25,664
$7.28
x
3 Months
1936
1935
$5,592,612
1,583,191
162,750
$3,846,576
25,478
expenses
$5,529,579
63,032
$5,592,612
1,583,286
162,750
Gross operating profit
$20,039,500
14,509,920
$5,518,377
74,234
Selling, general and administrative
$0.41
cash salaries paid,
Operating revenue
Operating expenseDepreciation and retirements
Corp. Only
dis¬
Provision for special compensation
$0.25
Period Ended March 31—
$275,295
Holly Sugar Corp.—Earnings—
$4,420,478
mon stock based
upon stock out¬
standing at end of period including
stock to be issued
-6 Months1936
1935
1936
ac¬
Profit from sales.
Other operating profits
of affil¬
of
crued interest, &c
—V.
3 Mos.
depreciation,
14,523,209
Total, representing net profit of the
Greyhound Corp. for the period
and equity in undivided net
profit
$1,330,905
100,586
in securities
117,174
9,913
300,100
428,050
Buildings, machinery and equipment (at cost)
x6,925,350
Factory sites, farm properties and lime quarries
(at cost, less
reserve,
$629,123).
1.639,928
Deferred charges
502,093
Other assets (less reserve,
$8,787)
12,847
,
Gulf Mobile & Northern
April—
1935
RR.—Earnings.—
Total
$605,594
233,358
115,144
n
Net from railway
Net after rents
—V. 142, p. 3171.
1 935
$499,698
168,754
88,773
$492,979
163,765
75,216
$415,781
143.545
74,577
2,252,493
767,882
355,899
Gross from railway
Net from railway
Net after rents
Gulf &
158,836
311,482
Reserve for insur.,
conting., &c
-V. 141, p. 3537.
$168,714
Bus companies
Other companies
From Jan. 1—
Gross from rail way
1,979,201
131,861
State taxes.
accounts
Net loss after taxes,
Other companies, loss
from
6,000,000
721,375
95,853
79,752
$3,027,006
Controlled:
profit
4,000,000
companies,
Bus companies
Combined net
1934
Liabilities
Preferred stock--. 4,000,000
Common stock.-. 6,000,000
Dividends payable
839,201
l
Inventories
based upon stocks owned and other
interests at the end of each
period,
after deducting dividends received:
as
$
Goodw., tr.-marks,
loss from
or
operations of affiliated
Corp.
$3,567,721
94,654
y446,060
1934
$
Land, bldgs. and
Total...
$32,534
net
1935
Assets—
a
Notes
The Greyhound Corp. after
May
.
$6.92
$7.45
$7.43
$7.24
regular and
extra, excluding $4.75 special extra
dividend charged against accumulated
surplus.
y Consists of $5 regular and
$2 extra,
z Before
deducting $2,044 net
loss on sale of marketable
securities charged to reserve for
Consists
x
Cash
of
$1,712,034
584,684
$1,776,545
458,965
Federal & State taxes
Comparative Statement of Earnings of Greyhound Corp. Including Equity in
Undivided
Profit
$1,791,976
79,942
$1,804,686
489,729
stock.
Net
1932
$1,874,962
98,417
$1,691,233
474,403
Balance, surplus
The directors
1933
$1,887,164
82,479
$2,165,636
267,034
Total income
cents per
1934
$1,773,008
81,775
Depreciation
The directors have declared
a dividend of $1.50
per share on account of
accumulations on the 6% cumulative
preferred stock, par $100, payable
July 1 to holders of record June 20. This
compares with 75 cents paid in
each of the four
preceding quarters and regular quarterly dividends of
$1.50 per share previously.
Ltd.—Accumulated Div.—
The directors have
declared a dividend of $1 per share on account
of
accumulations on the 7% cumulative
preferred stock, par $100, payable
June 30 to holders of record
May 30, leaving arrearages of $4.50 per share.
1933
$5,527,072
20,892,730
4,090,928
2,038,083
railway
3677
Hamilton United
Theatres,
1936
$5,867,608
1,944,622
1,598,215
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from
Chronicle
Ry.—Earnings.—
,1,796.746
468,612
169,655
1,754,598
526,117
191,692
1,484,925
405,051
112,913
1934
1933
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V. 142, p. 2996.
..
1936
$149,340
32,708
6,460
1935
.
Salaries and wages payable, incl.
special compensa'n of $162,750
Accrued Federal income, capital stock and
other taxes
Accrued additional beet payments, based on
quantity of sugar
sold and net received thereon to
March 31,1936
Dividends payable on preferred stock
Dividends payable on common stock.Other current liabilities
First mortgage 6%
Ship Island RR.—Earnings.—
April—
Gross from railway
Net from railway
sinking fund bonds
1 934
$126,374
27,333
2,000
$114,719
24,868
def2,297
434,190
55,658
def36,200
434,082
85,110
defl8,980
1933
$85,089
'13,116
defl6.324
Reserves
92,197
def5,879
361,451
56,502
def66,435
,
„■—
7% cumulative preferred stock (par $100)
Equity of common stockholders
Total
507,983
$20,138,127
Liabilities—
Bankers' acceptances and secured notes
Accounts payable—trade
$3,000,000
458,241
209,796
861,874
462,600
43,750
125,000
81,974
4,000,000
1.259.053
2,500,000
y7,135,837
$20,138,127
After reserves for
depreciation, obsolescence and valuation adjustment
y Being investment and earned surplus applicable to
500,000
shares of no par value authorized and
issued, paid in value $2,776,017;
earned surplus,
4,359,819.
x
of
$9,340,387.
Financial
3678
Hudson Motor Car
Consolidated Balance Sheet March 31
1935
1936
Assets—
$879,397
Cash
1,555,046
7,514,369
266,120
171,009
9,914
receivable—trade
d Accounts
Inventories
Accounts and notes receivable
Agricultural expenditures applicable to 1936
Other current assets
$1,061,938
1,015,995
a8,772,852
262,892
131,454
10,700
660
on deposit with trustees
Special deposit for pref. stk. sk. fd. require. to date
Investment in securities
b Buildings, machinery and equipment
Factory sites, farm properties and line quarries—
Deferred charges
Cash
300", 166
286.727
6.925,351
1,672,661
502,093
29,319
assets--
Other
Total.
190",740
6,555,510
1,239,803
496,119
32,888
and secured notes
$3,000,000 e$4,500,000
458,241
193,368
Accounts payable—trade
31,905
209,797
Salaries and wages payable
2,108,577
862,025
Accr'd Fed. income, AAA, cap. stk. & gen. taxes._
Accr'd add'l beet payments, based on quantity of
462,600
186,800
sugar sold and net received thereon to Mar. 31 '36
1168,750
Dividends payable
81,989
4,000,000
Other current liabilities
sinking fund bonds, series A...
Reserves for fire risks on uninsured property and
for workmen's compensation liabilities
Reserve for excess of par value over cost of re¬
acquired preferred stock
Reserve for contingencies
7 % preferred stock
Equity of common stockholders
First mortgage 6%
Co.—Sales Gains Outstripping General
that are considerably
general fgiures of the industry, according to statistics
Hudsons and Terraplanes are showing gains
Sales of
higher than the
released on May
23 by W. R. Tracy, Vice-President in Charge of Sales.
"For the week ended May 16 our retail sales show a 47% gain over the
same week of 1935," stated Mr. Tracy.
"Official registration figures for
the first four months of 1936 indicate a gain over last year of 17.2% for
the industry generally and a gain of 24% for Hudson-built cars.
"Our sales to the public for the first 16 days of May totaled over 7,000
cars.
This exceeds any corresponding period of six years and is
very
mark set seven years ago.
A gratifying fact, and one which
significant of the strength of the automobile business this year, is that
first two weeks of May are practically equal to those of the
first two weeks of April, generally the peak month."
close to the
is
sales for the
Stock Listed
Tjnh
Bankers' acceptances
San Francisco Exchange—
on
Francisco Stock Exchange has approved the
The San
effective date of trading will
The
Humble Oil & Refining Co. (&
45",099
Subs.)—Earnings—
1933
1934
1935
Calendar Years—
454,941
357,813
154,112
154,112
650,000
2,5"o"o".666
129,296,467 105,056,746 113,709,831
77,464,225 62,765,124 75,927,321
operating income. 132,250,917
Costs, oper. & gen. exp. 80,424,997
x Taxes.
6,734,950
Depl. & lease amortiz
4,629,003
Deprec., retirements and
5,583,310
3,397,799
—$20,112,107 $19,771,556
a After reserves of $350,000. b After reserve for depreciation, obsolescence
and valuation adjustment of $9,340,388 in 1936 and $8,496,794 in 1935:
c
Being investment and earned surplus applicable to 500,000 shares of
no par value authorized and issued; paid in value, $2,776,017; earned sur¬
plus, $4,333,633.
d After reserves of $60,700 in 1936 and $48,438 in 1935.
e Including $120,000 to affiliated company.—V. 142, p. 2501.
Hercules Powder Co.—Larger Common Dividend—
declared a dividend of $1.25 per share on the common
no par value, payable June 25 to holders of record June 12.
This
compares with quarterly dividends of 75 cents per share paid in each of
the eight preceding quarters; 50 cents on March 24, 1934, and 37 Hi cents
per share each three months from Sept. 24, 1932 to and including Dec. 22,
1933. In addition extra dividends were paid as follows: 50 cents on Dec. 20,
1935. and 75 cents on Dec. 21,1934, and on Dec. 22,1933.—V. 142, p. 2997.
The directors have
stock,
Herring-Hall-Marvin Safe Co.—Registers with SEC—
16,196,541
12,838,177
15,673,516
21,963,500
99,716
15,567,205
1,175,165
23,455,763
22,063,216
16,742,370
997,398
218,000
1,745,879
20,847,818
23,966,326
21,989,954
Previous surplus
38,078,401 122,074,152 107,573,339
Transferred to cap. acct.
89,485,581
Dr384,275
Adjust, of earned surplus
Dr39,094 Dr7,531,645
14,896,613
99,551,629
17,117,584
$75,037
49,926
$80,266
54,495
Operating expenses
$321,959
219,167
24,445,741
Total income
Int. and disct. on funded
Net
242,539
Net profit
from opers..
rev.
31. 53,026,962
38,078,401 122,074,152 107,573,339
Dividends paid
Earned surp. Dec.
Shares capital stock out¬
Net
revenue..
$25,111
2,384
$102,792
10,887
$94,613
9,129
$27,496
18,238
$113,679
76,421
$103,742
69,029
$37,258
$9,257
$9,761
--
$34,713
^,42, P. 2997.
Household Finance
Corp.—Listing—
addition to the amount of taxes shown
In
8,985,666
$2.32
Balance Sheet Dec. 31
1935
x
Plant,
$
204,138,789 193,059,994
10,580,554
Investments-.
433,583
4,858,425
Accts. receivable
8,803,604
Inventories
24,055,834
Deferred charges
853,818
9,683,435
3,012,237
4,991,101
10,130,627
25,745,855
556,720
notes
6,600,000
Res. for conting.
Funded
&
coal
1933
x
Total
472,313
After deducting
253,724,608 246,377,708
depreciation, &c., to the amount of $121,508,033 in
y Represented by 9,000,000 no-par shares,
1935 and $113,519,375 in 1934.
1932
Illinois Central RR.
19,789,995
23,530,759
3,527
5.668
$1,106,344
$1,778,977
$46,118
$388,536
911,552
883,900
735,290
606,578
$2,017,896
$2,662,877
$781,408
Net from
railway
$995,114
From Jan.
Other
interest,
income,
rentals, &c
on
1st mtge.
1,750,000
127,341
Other interest
806.778
Depletion & depreciation
1,750,000
1,750,000
535,625
880,699
570,591
792,146
$666,221
Net loss
$503,447
24,181,599
$2,331,329
24,907,983
lands, real
estate & equip 77,250,565
77,346,876
725,320
670,428
Working funds.
3,800
Accts. receivable
3,457,075
3,921
3,504,163
$2,136,824
28,613,914
904,073
Mat'l & supplies
651,604
2,018,056
2,123,621
Other
1,834,927
1,834,798
Loans receivable
116,730
Int. & disc, rec.
91,413
132,900
127,158
161,203
Oth. curr. assets
145,644
Deferred assets-
1,248,420
4,488,397
203,062
1,316,844
3,664,196
200,000
788,702
35,689,019
7,915,257
4,048,594
$
Funded
35,000,000
35,000,000
debt
6,050,000
5,175,000
payable
200,289
205,349
Wages payable-
535,673
Adv. to affil.cos.
16,237,879
646,962
Gross from
payable
Interest
accounts
1,619,862
Workmen's
1,654,223
658,236
payable
com¬
Deferred liabil__
157.411
790,895
188,453
Fire insurance.
203,062
From Jan.
Net
.
Depletion & de¬
11,944,703
11,266,395
266,378
preciation
200,007
Taxes
Non-negot. debt
9,500,000
10,267,337
8,917
24,230,074
130,408
1,945,864
714,772
505,757
after rents
Indiana
Period End. Apr. 30—
Total
109,122,856 108,502,347
1,603,619
471,430
277,615
106.037
65,578
512,558
342,804
1,381,519
368,471
164,304
share on account
cum. pref. stock, par $100, payable June 15
May 29.
A like amount has been paid each quarter
since and including June 15,1933, prior to which the company made regular
quarterly distributions of $1.75 per share.—V. 142, p. 1644.
Indian Refining Co.
Gross oper. income
1936—Month—1935
$673,769
$676,350
393,159
x
1936—4 Mos.—1935
$2,670,734 $2,663,525
1,599,566
1,574,035
$1,089,489
94,976
Operating income
$276,514
23,521
$283,190
23,112
Gross income
$300,035
$306,303
$1,165,445
$1,184,466
315,235
315,145
1,260,929
1,260,285
(& Subs.)—Earnings—
_
$15,200
$8,842
$95,483
$75,819
12,874,113
Cr224,148
146,862
z841,233
466,107
Crl0,152
181,706
930,209
509,603
$885,159
15,079,066
$1,180,167
CV6.371
Cr24,850
178,986
1,062,060
553,427
y850,000
Retirements and deprec.
Interest
235,485
157,713
1,213,539
601,011
Prov. for Fed. income &
excess
profits taxes—
200.000
Net loss for
Profit & loss
1
$9,561,651 $10,105,135
?7,563,976
8,972,196
J
Taxes
1Q*JO
1933
1934
$16,892,384 $13,778,324
1 14,110,523
13,052,116
year..prof.$l ,351,806
def. Jan. 1. 16,814,225
13,663,414
Direct adjustments
Surplus charges
income
adj. inc. bonds
1.673,588
$382,256
128,200
75,325
$385,002
to holders of record
Cost of sales
$1,071,168
94,277
—Y. 142, p. 2830.
1933
1934
$427,405
136,116
94,022
Consolidated Income Account for Calendar Years
RR.—Earnings—
397,255
Oper. exps. and taxes
5%
25,446.393
6,293,109
2,955,043
Hydro-Electric Power Co.—Preferred Div.—
Selling & general exps.
(net)
Gross oper. revenue
Deficit
29,121,150
7,923,027
4,642,317
6,618,627
3,819,775
The directors have declared a dividend of 87 H cents per
Miscellaneous
on
31,192,638
1—
1935
109,122,856 108,502,347
Hudson & Manhattan
at
$6,419,738
2,014,813
1,149,002
of accumulations on the 7%
11,504
24,181,599
cred. items
—V. 141, p. 2117.
int.
1933
1934
$7,297,067
2,000,913
1,161,069
—V. 142, P. 2997.
200,000
pensation
185,158
Gross from railway
Net from railway
704,964
Income charges,
1935
$7,887,966
1,899,467
1,165,215
1935
1936
$495,393
railway
15,807,197
Def. debit items
■F
System
Co.—Earnings.—
Net from railway
Net after rents
613,335
Loans
Surplus
3,000
Illinois Terminal
April—•
18,748,250
Def.
mortg'd prop.
r
22,138,014
5,446.855
3,028.102
—V. 142, p. 3173.
to affil. cos
Depos. in lieu of
Total
1,861,342
Net after rents
1934
$
18,748,250
Other
Prepared coal on
sold—
25,533,913
7,050.412
4,557,080
of
1936
$8,783,747
Gross from railway
Net from railway
Capital stock
Coal
Sinking fund
Earnings
Gross from railway
Net from railway
1935
1934
Liabilities—
Fire insur. fund.
3,778,189
Net after rents
1,750,000
490,437
891,501
Balance Sheet Dec. 31
1935
secure.
27,623,847
5,991,497
3,910,912
31,353,388
6,830,081
Net after rents
Assets—
hand
1933
$5,614,927
1,773,960
1,146,610
From Jan. 1—
Profit & loss surplus
Cash
1934
$6,466,122
1,855,752
1,206,547
1—
Gross from railway
Net from railway
April
sinking
fund 5% gold bonds._
Int.
1935
$7,012,370
1,727,278
1,184,183
748,540
Net after rents
company's capital
Earnings.—
1936
$7,719,368
1,609,512
April—
Gross from railway
20,571,035
7,302
931,494
175,891
credits
Capital surplus.
253,724,608 246,377,708
Total
sold
—
6,831,050
840,245
long-
term debt.
Capital stock...175,000,000 175,000,000
Earned surplus. 53,026,962
38,078,401
from'coal sales.$19,784,099 $22,357,314 $19,839,640 $23,924,963
(incl.
renewals, replacem'ts,
18.672,167
State & local taxes)
5,589
Other expenses
of
4,333,882
487,610
of annuity tr_
Treasury stock,
z Includes
14,338 shares
stock in 1935 and 31,521 in 1934.—V. 141, p. 1771.
1934
1935
Calendar Years—
Receipts
6,600.000
4,333,882
932,279
payable
Loan fr. trustees
Acceptances and
York Stock Exchange has
Hudson Coal Co.- —Earnings—
11,849,383
1,913,253
Acceptances and
11,075,257
818,154
z
S
$
Liabilities—
Accts. payable. _
Acer, liabilities.
equip.,
&c
1934
1935
1934
$
including
Cost
y2,974,645
$5.00
above, there was paid (or
I
value $25.
Deferred
authorized the listing of 249,663
shares of class A common stock (no par), all of which are issued and out¬
standing in the hands of the public.
A plan was recently consummated whereby certain stockholders disposed
of an aggregate of 125,000 shares of class A common stock by a public
offering through bankers. This plan did not involve any financing by the
corporation. See V. 142, p. 3511.
The New
8,968,479
$2.45
8,985,662
$2.66
standing (no par)
Earnings per share
notes recelv..
—V.
Dr946,626
47,046,880 128,036,882 113,501,615
5,928,276
5,962,730
8,968,479
Cash & call loans
Net
Deductions
99,878
62,005,633
8,978,671
Total surplus
$292,426
197.813
$28,603
18,841
from transp-
rev.
1,223,270
(
accrued) for State gasoline, &c., taxes, the sum of $3,440,305 in 1935,
$3,171,400 in 1934, $3,759,460 in 1933, and $2,483,387 in 1932.
y Par
$25,771
2,831
other than transp.
479,415/
1
Assets—
Rev.
1
debt
and long-term
Other interest
x
1936—i Mos.~ 1935
1936-—Month—1935
2,875,910
3,665,879
operating income. 23,344,383
26,654,593
Non-oper. income (net).
1,101,358 Dr3,198,829
other amortization
first page of this department.—V. 142, p. 3510.
Rapid Transit Co., Ltd.- -Earnings—
Honolulu
4,591,587
2,898,359
5,293,881
Total
Period End. Apr. 30—
Gross rev. from transp__
1932
4,400,000
Net
See list given on
application of the
outstanding shares of common stock.
be announced later.
Hudson stock is
also listed on the New York Stock Exchange and the Los Angeles Stock
Exchange.—V. 142, p. 3172.
for listing of its 1,596,660
company
Gross
2,500,000
c7,109.651
1936
Trend—
$20,112,107 $19,771,556
-
r
May 30,
Chronicle
P.
x
&Ldef.
Dec. 31..$15,462,419 $16,814,225 $15,079,066
Does not include State gasoline and Federal excise taxes,
of Havoline trade-mark
expenditures dining
$2,298,844
11,445,233
80,663
$13,663,414
y
Write-off
(representing capitalization of certain advertising
1922-25).
z
Depreciation only.
Volume
hand
200,000
8,286,242
9,956,929
inc.
Prov. for Fed.
2,730,250
$385,115
439,152
2,479,886
ables— ....J..
8,941
10,393
Station realty obli¬
invest'ts.
3,000
3,001
gations & equip.
$392,802
666,941
Receivables
Inventories
Miscell.
&
taxes
trust ctfs.
tank
Refinery,
5,990,550
117,905
53,629
5,358,018
tions, &c
Patents
109,061
Deferred charges..
taxes,
91,086
39,000
(curr.)
interest,
Accrued
selling sta¬
cars,
profits
excess
Due Texas Co
receiv¬
Long-term
x
$644,063
$535,059
payable.
Accounts
Cash in banks and
1934
1935
Liabilities—
1934
1936
passengers than in April, 1935, but the Sixth
Avenue Lines reported large losses.
As indicated in
more
the receiver, the loss in traffic on
petition of the new bus lines.
Compared with the preceding month of March, traffic on all lines of this
division was at a lower rate, ranging from a drop of 1.74% on the Sixth
Avenue Line to 2.09% on the Second Avenue Line.
The East Side lines
showed practically the same rate of decline from the preceding month as
was experienced by the West Side lines.
Apparently this was caused by
lessened industrial activity during the month.
532,293
461,641
12,600
&c
Avenue Lines carried
Avenue and Ninth
previous reports of
the West Side is due mainly to the com¬
The Second Avenue and the Third
month.
every
Condensed Consolidated Balance Sheet Dec. 31
Assets—
on
3679
Financial Chronicle
142
2,515,903 2,515,903
deficit_.15,462,419 16,814,225
Carried)
Traffic for 10 Months of Fiscal Year (Passengers
12,600
7% preferred stock
Common stock
12,702,070 12,702,070
July 1,'35, to
Apr. 30, '36
July 1,'34, to
Apr. 30. '35
Gain
Capital surplus
Total
140,
180,971,126
667,689,225
178,372,162
1.46%
.860,858,298
846,061,387
1.75%
$9,360,101 $9,479,630
Total
$9,639,624 in
,418,852 in 1935 and
for depreciation of
reserve
1934.—V.
679,887,172
Manhattan Division
$9,479,630
$9,360,101
After
x
Subway Division.
Operating
2866.
p.
Depreciation
1933
1932
d$696,807closs$2169277
1,084,233
1,227,643
loss$387,4261oss$3396920
270,287
$2,997,608
386,112
Ioss38,013
115,206
$4,048,031
$3,498,926
$3,815,757
profit
Operating
Other income
Net
gain on foreign exch.
Net interest
Net profit
Cost of additional invest.
in controlled company
Loss
on securs.
sold
Federal taxes
Net profit
Div.
.......
31,921
prof37,383
493,134
$3,560,360
$3,048,088
151,518
4,870,445
$1,461,603
4,670,864
59,355
$756,281
4,939,837
$1,774,929
164,687
$1,647,006 $15,806,167 $15,138,292
148,537
1,518,968
1,121,733
Income from operation $1,610,242
$1,498,469 $14,287,199 $14,016,559
2,187,076
2,187,076
$1,279,761 $12,100,123
$11,829,483
25,596
106,118
$1,391,535
purchase of
enterprise
Balance—City &
ty
contract,No. 3.
as¬
Deficit
Previous surplus
Loss
revaluation
on
$1,407,562
$1,284,424 $12,125,719 $11,935,601
$1,407,562
866,950
$1,284,424 $12,125,719 $11,935,601
861,681
8,672,444
8,548,362
Fixed charges.
$540,612
868
$541,380
$423,611
Manhattan Division
Drl79,528
ad¬
justment book value of
Trans, of bal. of res. for
invest, and
res.
Operations
1936—10 Mos.—1935
$9,907,037
of
jointly
$1,014,384
>,938,240
885,968
8,772,866
8,556,090
$128,416
$1,165,375
$1,350,946
4,855
3,924
6,827
49,117
38,850
34,772
65,416
47,244
38,737
30,776
68,501
$18,830
Rental
for accts. rec. set
$18,660
$188,155
$185,257
$104,813
$109,756
$977,220
$1,165,689
oper¬
ated lines:
in prior years which
are no longer required.
up
353,587
$3,209,260
373,029
648,309
133.719
Adjustments
Profit & loss surplus..
13,306
4,968
3,913
3,499
6,450
Net operating revenue
portion of
$3,400,546
$123,643
Operating expenses
Dr215,188
$3,472,811
$977,753
854,110
Gross oper. revenue
securities
.
$3,387,240
1936—Month—1935
Period End. Apr. 30—
to
prov.
Balance
$3,453,275
19,536
$422,743
768
Net inc. from oper'n..
Non-operating income.
of
tools and patterns
Additional
$5,522,720
11,284,442
4,663
16,027
co_.
_
$1,448,505
6,134,751
218,708
218,708
Current rent deduc'ns..
Gross inc. from oper'n
$164,1841oss$2935919
151,518
151.518
1,461,171
2.435,283
3,652,851
Common dividends
Net operating revenue
Taxes
sets of
30,787
5,670
151,518
$3,858,343
2,083.413
Used for
$200,642 loss$2876565
50,835
400,003
(6%)
pref. stk.
on
520,355
123,893
income tax refund
expenses.....
Balance
''
410,154
54,021
Federal
on
1936—Month—1935
1936—10 Mos.—1935
$3,801,183 $37,316,771 $36,563,203
2,154,177
21,510,604 21,424,911
Period End. Apr. 30—
Operating
1935
1934
d$4,715,504 d$3,967,987
899,747
970,379
__
_
Subway Division Operations
Gross operating revenue
Ingersoll-Rand Co. (& Subs.)—Earnings—
Calendar Years—
Total earnings...
System
1.83%
$4,939,837
$4,670,864
Queensboro line
Lexington Ave. line..
White Plains Road line
$6,134,751
Shares of common stock
Other rent items
_
974,130
974,130
974,130
974,160
$3.50
$2.97
$0.01
Nil
c Includes
proportion of loss of controlled manufacturing company of
$20,777.
d Includes proportion of profit of controlled manufacturing com¬
pany amounting to *284,285 in 1935; $307,123 in 1934 and $53,789 in 1933.
3,054
outstanding (no par)..
Earns, per share on com.
Consolidated Balance Sheet Dec.
r
Accts. receivable..
securs.
7,911,486
8,861,247
301,044
9,511,173
Other securities...
67.750
100,450
4.047.001
151,756
4,819,572
Inventories
410,347
Bills receivable.__
U. S. Govt,
Cash
Deferred
charges.
2,525,500
27,275,640
payable.
1,475,117
1,475,360
Loans from for bks.
501,783
Notes
135,000
Accounts
131,811
137,516
9,713,773
Sundry accts. rec.
Common stock.27,275,640
Preferred stock— 2,525,500
3,196,104
3,816,788
3,847,362
Investments
$
$
7,039,549
3,939,519
Property account 7,060,986
a
Federal Judge
1934
1935
Liabilities—
$
§
*
176.228
b
payable
Dividends payable
180,000
.5,759
75,759
493,134
400.003
Capital surplus... 1,473,571
Earned surplus... 3,209,261
4,670,864
Federal Income tax
accrued..
1,473,571
Charges
Payment on 5s Ordered Paid—Sinking Fund
July 1 to Be Made—
Interest
Due
31
1934
1935
Assets
Bal. of net oper. rev_.
Julian W. Mack on May 22 ordered Thomas
receiver to pay interest and sinking fund charges
bonds of 1966.
The combined sinking fund and
E. Murray Jr.,
due July 1 on the 5%
interest charges on the
approximately $223,000,000 of the bonds outstanding are $6,666,980.
At the same time the Court denied an application of Charles Franklin,
counsel for the Manhattan Ry., to partially suspend sinking fund payments
on the 5s and apply the difference to Manhattan back taxes of which he
said there is an accumulated amount of about $5,000,000, with about
$600,000 in interest and penalties.
Mr. Franklin stated that the three years grace period for the taxes ended
Nov. 1 and that the city was liable to foreclose on the road after that time.
He also suggested that the receiver effect economies in operation of the
I. R. T. and that he prepare an expense budget for presentation to the
Court.
37,164.765 38,076,697
Total
b Represented by 974,130 no par
After
a
141.
P.
depreciation,
3537.
Iniskin Drilling
See list given on
37,164,765 38,076,697
Total
shares.—V.
Co.—Registers with SEC—
first page of this department.
Inspiration Consolidated Copper
1933
1934
Loss..
Interest on notes payable. &c
Wages, salaries, gen. expenses, &c—
Arizona State and county taxes, &c._
$1,512,943
994,412
1,795,128
$232,146
17.527
$214,619
455,099
302,803
310,960
471.084
262,978
411,001
*
Before depreciation and depletion.
Depreciation being calculated on
the basis of units of production, no depreciation has been written off during
x
■either year, as operations were
y
$
18,270,226
18,332,487
Bldgs. ,mach. ,&c.xl2,737,238
In v. in sundry cos.
401,990
21,490,808
401,990
Supplies & prepaid
343,336
Bad & doubtful accounts
369,837
380,189
96,924
394,300
355,172
Cash
23,738
146,907
Deferred charges..
455,503
j
Acc'ts receivable..
Total
a
After
only.—V.
33.153,428 41,573,159
reserve
for depreciation
$20)
Notes payable
(par
23,639,340 23,639,340
7,643,000
6,774,000
—
—
.
,
•
$167,858
793,563
829,972
246,137
436,111
15,004
75,909
31,004
57,839
31,960
30,060
.
xl33,801
Accounts &
51,794
x
141, p.
y151,801
947,543
35,760
2,152,131
Tax
int.
Total
33,153,428 41,573,159
Accounts payable
y
8,549,744
Coal properties—
Stocks & bonds of
other companies
in part:
Traffic—The Subway Division during the month of April carried 70,899,062 passengers, an increase of 631,608. or approximately 0.90% as
compared with April, 1935.
All lines on the division showed improvement
n traffic over the corresponding month of last year, with the exception of
the Lenox Avenue and White Plains Road Line, where the loss was infini¬
tesimal.
The smallest increase was 0.39% on the Lexington Avenue Line
and the largest 5.27% on the Pelham Bay Park Line.
Compared with the preceding month of March, all lines showed a decline
in rate of traffic and as a result the increase in traffic dropped from 2.43%
in March to the 0.90% recorded in April.
The inclement weather in the
early part of April accounted for a considerable part of this decline.
The Manhattan Division during April carried 18,136.362 passengers, a
decrease of 335,606, or approximately 1.82% as compared with April, 1935.
In the nine months preceding April this division had shown an increase
1,155,795 Acc'ts pay. & ac¬
crued wages
5,000
9,859,895 MISc. curr. liabil..
Accrued interest.
relining, &c
2,264,912
411,636
83,329
Capital surplus
868,420
452,804
87,193
433,056
436,453
939,120
2,522,430
943,215
2,522,430
1.921,089
Operating deficit__ 2,271,267
Bonds of parent &
held
$
747,003
_
18,387,641 18,545,942 Accrued taxes
1,180,950 Res've for conting.,
1,139,019
2,255,368
1934
y Capital stock—52.169,504 52,169,504
Funded debt
12,324,000 12,759,500
in & advs. to
subs,
in his monthly report for April, says
1,696,438
warr'ts
antic,
Ore co
2118.
Thomas E. Murray Jr., receiver,
Accts. & notes rec.
1935
i
Liabilities—
L'd, plant & eq.31,488,490 32,402,151
807,677
1,662,655
Inventories
of $8,746,493.
$
Cash
payable
Surplus
$2,169,887
$
1934
S
A. sscts
280,594
wages
$817,331
in Dal ton Ore Co. computed
the corporation's proportion of the ore shipments of
commencing Jan. 1, 1935.
Consolidated Balance Sheet Dec. 31
such company;
1935
719,950
interest...
$683,764
at 25 cents per ton on
8,691,333
Deprec. reserve
Accrued taxes and
Interborough Rapid Transit Co.—Report for April—
-
Provision for amortization of investment
x
437,531
cost,
-
24,620
50,804
$435,841
$
12,189
76,219
at
$1,053,218
749,685
999,892
&c.,
1934
$
Liabilities—
Accrued wages
Copper in process,
Finished copper on
hand
income taxes,
of prior year.
1935
Capital stock
Mines, min. claims
expenses
699,498
1.276,643
$39,479
128,379
75,342
Sheet Dec. 31
1934
$
and lands
$1,749,526
Interest
Depreciation.
Adjust, of investments. _
Adjust, of inv. values__
Fed. capital stock tax..
Provision for amortiza'n
Balance
1935
$1,317,865
723,224
1,189,561
394,020
$8,920,836
8,435,021
389,668
56,667
$977,877
operations.
$1,355,505
suspended for both periods.
Includes depreciation.
Assets—
Loss on coal
9,746,242
366,728
$1,052,515
265,350
442,604
Gen. & selling expenses.
Fed.
1932
10,423,078
410,422
13,681,011
$273,428
455.402
366,382
1933
$15,479,120 $11,886,015 $11,090,846
(net)
Cost of sales
Other income-
$1,216,769 x$l,283,481 x$l,506,213
Net loss.
Sales
1934
1935
Calendar Years—
$282,185
8,757
$44,622
438,085
Other income
$762,266
$86,680
42,058
Loss.
$350,205
y436,885
Copper sales
Costs, marketing & admin, exps. and
(& Subs.)—Earnings—
Interlake Iron Corp.
Co.—Earnings—
1935
Years Ended Dec. 31—
Carl M. Owen, counsel for the Interborough receiver, stated that to sus¬
pend sinking fund payments would constitute a default on the 5s and
that it would also be a violation of the memorandum of understanding on
unification between the city and the I. R. T.
Representatives for the city
said that the suspension would be a breach of contract No. 3 between the
city and the I. R. T.—V. 142, p. 3347.
for
492,600
396,900
stk.res.forempl.
Misc. res've fund.
1,078,344
1,066,109
Investments, &c.
33,993
30,109
544,411
569,174
sinking
z
fund—
Co.'s own capital
Cash in closed bks.
Deferred charges__
33,795
30,130
67,358,813 68,318,431
Total
Total
67,358,813 68,318,431
depreciation of $15,254,627 in 1935 and $14,217,971 in 1934.
y Represented by 2,000,000 no par shares,
z Consists of company's own
capital stock, 90,950 shares in 1935 and 92,604 shares in 1934.—V. 142,
p. 2998
x
After
International Harvester
C.
R.
McDonald has been
A. Jones, who
Co.—New Vice-President—
elected a Vice-President, succeeding Albert
illness.—V. 142, p. 1989.
retired because of
3680
Financial
Chronicle
May 30, 1936
Consolidated Statement of Surplus Year 1935
Capital
$942,646
Balance, Dec. 29, 1934, incl. minority interest
Jersey Central Power & Light Co.
Net loss (as
above)
Total..
5l/2% Preferred Stock
Earned
$733,933
215,448
—
•—
Excess of nominal value
$942,646
$949,381
of 2,831 shs. of
over cost
Interstate Bakeries Corp. $6.50 cum. pref. stock
BOUGHT
SOLD
purchased and retired
Adjustments in respect of reserves for domestic
taxes & bad debts applicable to prior years
Cancellation of reserve for loss on investments ap¬
plicable to 1934.
Credits and adjustments applicable to 1934--
QUOTED
Eastman, Dillon 8 Co.
Broad
Street
New
York
Mercantile
Maripe
Co.
Total
(&
Subs.)-
1935
1934
1933
1932
Gross voyage earnings &
other oper.
income.__$ll,195,315
Voyage & oper. exps— 10,116,552
Provision for deprec. of
steamers
1,256.868
f9,325,401 $12,194,604 $13,713,845
9,016,559
11,291.429
12,843,440
1,072,135
$991,111
242,212
$168,961
141,932
$201,730
273,673
$748,899
1,221,814
$27,029 prof$71,943
1,357,406
1,446,756
Loss
municipal bonds
Sundry charges
132,373
51,293
129,970
27,007
$373,899
234,232
$2,100,682 x$l,411,441
$1,507,187
7,535
1,973
$934,215
6,773
$927,441
Liabilities—
Dec. 28.'35 Dec. 29,'34
$406,881
Accounts payable-
$380,510
183,998
381,695
Acer. bond interest
47,065
47,691
57,899
75,114
393,370
taxes
70,641
2,395
2,085
19,798
Pur.
44,933
2,640
93
install.
mon.
obligations
Life insurance
Investments
$272,818
Acer. State & local
Prepaid insurance,
employees
$1,370,825
11,511
$1,183,227
Dec. 28,'35 Dec. 29,'34
Assets—
Cash
Receivables
139,901
Net loss for year
$924,706
dis¬
$1,184,854
1,627
Due from officers &
steamships
on
Comparative Consolidated Balance Sheet
taxes & licenses.
sale of two
on
$1,196,366
-
amount realized
Balance, Dec. 28, 1935
Inventories
&
Book loss
-
over
Applicable to minority interest.
1,072.135
$19,652
1,159,979
Total loss
Interest paid
on sale of U. S. Gov.
1,299,953
$178,105
158,453
Operating loss__
Other income
9.480
5,725
posal of fixed assets acquired prior to the ap¬
praisal of June 19, 1926
Loss on disposal of certain fixed assets acquired
subsequent to June 19, 1926, considered by the
management to represent unforeseen obsolesc'ce
Miscellaneous charges
[Including wholly-owned domestic subsidiaries]
Calendar Years—
5,400
48
Excess of book value
A. T. & T. Teletype N. Y. 1-752
International
4,069
Miscellaneous credits
MEMBERS NEW YORK STOCK EXCHANGE
15
253,672
Salesmen's
40,458
at
50,983
37~6o6
16,892
dep
Acceptances pay..
Sundry accruals..
Reserve for conting
sec.
7,784
x Loss on comparable basis with 1934 should be increased
to $2,115,146.
Notes—No provision has been made in 1935 for this company's
propor¬
tionate share of loss of Roosevelt S.S. Co. or loss of Baltimore Mail S.S. Co.
Other assets
8,728
41,401
17,746
4,638,278
4,753,746
(of approximately $96,000 as calculated from unaudited statements) and
this company's proportionate share of profits of United States
Deferred charges..
9,740
Goodwill
3,900,000
20.420
7% pf. stk. of sub.
1,402,500
3,900,000
Min. int. of sub...
12,327
3,696,700
neither is
Lines Co. reflected.
The losses of other
Fixed assets—„
x
Preferred stock...
subsidiaries
not
consolidated
y
(of
approximately
$50,000 from operations and $3,366,000 from sale of steamers and liquida¬
tion expenses as calculated in part from unaudited statements and
using
exchange rates at Dec. 31, 1935) are not included in the above statement but
the investment in these companies was adjusted at Dec.
31, 1933 to amount
estimated to be realizable therefrom.
1935
x
Assets—
$
1,274,771
2,612,673
1935
$
963,265
Liabilities—
ties at cost
337,489
cos...
16,136
190,131
101,197
104,883
domestic
tic
48,267
311,250
311,250
50,000
60,000
4,418,261
Int. payable & ac-
crued
272,818
Payable to foreign
subsidiary
4,164,600
284,488
2,075,000
under
b
c
Steamships
Real est. &
97,989
43,607
15,606,134
equip 4,249,871
16,343,761
U. 8. Lines Co. pf.
stock
U.
S.. Lines,
and
com.
stocks,
Amer.
2,075,000
Inc.
pref.
&c
Lines
25,000
247.362
trust
by
the co.'s of¬
7,769,800
3,198,823
sundry
and other
a
Govt,
deposits.
Deferred charges.
_
elected
a
member
Kansas Oklahoma & Gulf
The directors have declared
reserve
400,000
400,000
Capital stock.__25,607,296 25,607,297
21,284,061 20,046,618
Deficit
p.
of the
Executive Committee
3348.
Ry.—Larger Pref. Div.—
dividend of $3 per share
a
on
April—
and Year to Date
1936
Gross from railway
Net from railway
1935
1934
$161,640
56,726
27,181
$174,417
88,097
56,320
$135,607
54,782
23,945
785,967
404,894
262,925
626.919
267,219
155,224
635,772
328,706
209,556
518,593
229,268
116,870
Gross from railway
Net from railway
Net after rents
118,519
Kansas Power Co.
(& Sub.)—Earnings—
'
776,996
3 Months Ended March 31—
Total gross earnings
1936
.
i.31,455,385
32,919,962
Total
31,455,385 32,919,962
a Represented
by 613,959 no par shares in 1935 and 615,000 shares in
1934.
b After reserve for depreciation of
$7,878,675 in 1935 and $10,544,610
c After
depreciation reserve of $3,544,835 in 1935 and $3,363,550
in 1934.
in 1934.—V.
142,
p.
Provision for retirement
Taxes....
Subs.)—Earnings
Other income (net).
3 Months Ended March 31—
1936
1935
Gross sales, less returns, allowances and discounts
$25,520,335 $22,487,148
Other income—net
229,803
288,024
Total income
.$25,750,139 $22,775,172
sales—Pulpwood, labor, materials, &c.._ 15,822,919
13,859,333
Maintenance and repairs..
1,718,666
1,358,706
of
Taxes (other than income taxes)
Outward freight and delivery expenses
other debt
:
Amortization of debt discount and expense
Depreciation
Depletion
Provision for income taxes
Dividends accrued but not
on
being currently
preferred stocks of subsidiaries
488,458
3,055,603
1,840,889
156,909
983.589
226,746
179,694
$1,068,995
Balance
Unpaid cumulative dividends on 7% and 6% cumulative preferred
of International Paper & Power Co. for the
period from April 15,
1931, to March 31, 1936, amount respectively to $31,307,720 and $110,075. or a total of $31,417,795.—V. 142, p. 2670.
Interstate Bakeries Corp
(& Subs, )—Earnings—
52 Weeks Ended—
Dec. 28 *35 Dec. 29 *34 Dec.
Income from operations.
$315,844
$300,061
Charges to income (net).
Depreciation
Deficit
Proportion of loss applic.
to minority interests.
.
'33
Dec.
31
'32
$372,496
23,806
519,070
152,163
Cr 1,159
383,564
148,888
376,998
148,859
$215,448
Bond & mtge. interest-_
Prov. for Fed. inc. tax..
Net loss
30
$448,189
92.786
459,660
153,977
3,659
$232,455
$261,893
$322,693
Cr410
Cr 707
Cr2,187
Cr2,495
$215,038
$231,747
$259,706
$320,198
6,659
149
$30,432
—V. 142, p. 3513.
1,250
29,885
/
$22,977
29,885
$547
def$6,907
Kentucky Utilities Co. (& Subs.)- -Earnings3 Months Ended March 31—
1936
131,140
Total net earnings
General interest
Amortization of bond discount & expense
Amortization of pref. stock commissions & exp_.
Divs. on $6.50 cumul. pref. stock of
Lexington
Utilities Co. held by the public
Kentucky Utilities Co.:
Interest on funded debt
General interest
Amortization of bond discount & expense
Net income before preferred dividends
Dividends
on
6% pref. stock of Kentucky Util. Co.
Balance before dividends
stock of
on
7%
Kentucky Utilities Co
196,303
242,977
$813,715
23,052
income-
96,618
198,598
reserve.
Interest & other deductions,
subsidiary companies:
Int. on funded & other long term debt
x
$1,962,172
566,879
223,220
Provision for retirement
Other
1935
$2,013,415
646,741
Operation
Maintenance
the above
stocks
7,430
1,250
Net income before preferred dividends
Preferred stock dividends
i
Taxes
consolidated financial statements foreign accounts
are stated on the basis of
$4.85 for the pound sterling and at parity of
exchange for Canadian and Newfoundland currencies without adjustment
of differences.
It is the practice of the companies to reflect in
current
operations any differences between these rates and the current
quotations
at the time funds are actually purchased or
transferred.
$100,533
66,484
2,314
7,506
1,902
Amortization of debt discount & expense
Amortization of pref. stock discount & expense
177,050
1,316,342
187,336
95,968
18
$106,753
65,737
Funded debt interest
General interest
97,232
paid
Net loss..
Note—In
513,821
3,546,324
1,500,056
156,814
921,719
233,965
85,748
1,174,024
167,893
131,165
$402,674
Selling, general and administrative expenses
Provision for doubtful accounts
Interest on funded debt
on
$100,515
492
(Excluding International Hydro-Electric System & Subs.)
Interest
$328,205
135,248
18,542
31,626
42,272
$106,260
Operation
Maintenance
3511.
International Paper & Power Co. (&
Cost
1935
$341,838
136,749
21,267
37,883
39,678
.
Total
1933
$209,872
106,949
62,696
Net after rents
From Jan. 1—•
904,248
123,527
710,882
the series C
this issue.
—V. 142, p. 2999.
885,336
on
6% non -cum. preferred stock, par $100, payable June 1 to holders of record
May 23. This compares with $1 paid on Dec. 31,1935; $1.50 paid on June
1,
1935; $1 on Dec. 1, 1934; $1.50 on June 1, 1934; 50 cents on Dec. 30,
1933;
$1 on June 1, 1933; semi-annual payments of $1.50 per share on June
1,
1932.
Dec. 1, 1931 and June 1, 1931, and $3 per share paid on Dec.
1,
1930 and on June 1, 1930, this latter payment being the initial distribution
Earnings for April
12,140,000 12,219,000
1,260,000
1,310,000
556,110
379,552
cos., exch. mem¬
ber
ships
and
Other assets
was
Crosby Kemper.—V. 142,
gold
Contingent
3,198,823
in
ship,
6%
bonds
Real estate mtges.
Deferred credits..
appraised
ficers
Invest,
316,303
100,000
money ob¬
ligations of subs. 6,729,700
in
as
187,150
Steere
1st mtge. and coll.
foreign
subs., reduced to
ues
3,575,059
Purch.
Co.
conservative val¬
Mr.
to succeed R.
1
compensation ins
25,000
Invest,
in 1936
Res. for workmen's
247,362
88.
mittee.
Lines Co
Res. for liabilities-
204,700
common
subscr.
Mtge. of sub. due
Co.
stock
Roosevelt
on
pref. stk. of U.
S.
1st mortgage-._
Directors at their meeting held May 20 reelected L. F. Loree Chairman
Kenneth D. Steere was elected Chairman of Executive Com¬
mittee, a position Mr. Loree had resigned, and Vice-Chairman of the Board;
C. E. Johnston was elected an additional member of the Executive Com¬
of the Board.
85,395
to
shares.—V. 140, p. 974.
Kansas City Southern Ry.—New Directors—
219,807
_
drafts payable..
Payable
no par
Jitsy Fastener Co., Inc.—Registers with SEC—
Travelers checks &
for sale of prop,
pledged
companies.
for depreciation of $2,680,654 in 1935 and
$1,967,535 in
See list given on first page of this department.
6 85,564
associated domes¬
Due from affil. and
213,366
$9,753,310
$
655,320
.
Invent, of supplies
Cash & receivables
_
reserve
Represented by 243,403
y
255,786
$9,653,411
Total...
$9,753,310
12,880
3,979,800
1,217.015
1,217,015
See list given on first page of this department.—Y. 142,
p. 3513.
1934
$
sundry accruals
Pay. to affil. and
2,836,674
361,927
Accts. receivable.
stock.
16,283
25,458
2,445,000
1,402,500
(F. L.) Jacobs Co.—Registers with SEC—
Accts. payable and
U. S. Govt, securi¬
59,653,411
After
1934.
1934
Common
7,442
22,833
2,445,000
Surplus.
Total
Consolidated Balance Sheet Dec. 31 (Incl. Domestic Subsidiaries)
Cash
Fund, debt of sub.
$859,394
18,644
$836,767
$878,039
92.787
96,056
1,949
10,710
1,090
11,778
1,853
40,642
41,000
371,693
3,048
17,540
372,948
$296,333
114,016
$332,171
114,016
$182,316
$218,155
4,564
18,636
junior pref.
The balance of $182,316 for the three months ended March
31, 1936,
above, includes net income of Lexington Utilities Co. and subsidiary com¬
x
pany,
period
amounting to $48,215 in excess of dividend requirements for the
preferred stock of that company held by the public.
Total unpaid
on
Volume
Financial
142
cumulative dividends on preferred stock of Lexington Utilities Oo. held
by the public amounted to $238,125 at March 31, 1936.
t^.The operations of Lexington Utilities Co. and its subsidiary, Lexington
IcejCo., which were acquired by Kentucky Utilities Co. on Nov. 30, 1935,
have been included in the 1935 figures above, for comparative purposes
only.—V. 142, p. 2832.
from listing the American
registered shares, par £1.—V. 138,
The New Tl ork Curb Exchange has removed
4302.
p.
Jan.
22
Mar. 21
April 18
May 16
The company had an
weeks ended May 16, 1936, as
V. 142, p.2999.
1933
$297,572
78,467
83,608
$254,322
33,154
27,253
$224,713
44,303
46,415
1,276,658
311,898
250,923
1,088,419
229,902
234,008
1,250,993
370,228
315,130
901,543
152,076
162,690
Net after rents
From Jan. 1—
Net from
railway
Net after rents
—V. 142, p. 3000
against 4,300 in the like period last year.—
Langley's, Ltd.—Omits Preferred Dividend—
Gross from
railway
1933
4,047,502
1,267,923
869,478
3,548,087
958,464
692,627
3,329,512
813,712
413,385
2,680,243
231,171
defl43,308
15,570,676
3,527,785
2,005,753
13,531,123
3,122,747
1,840,329
14,111,332
3,964,462
2,572,685
11,328,821
1,747,590
257,643
—
Net from railway
Net after rents
1934
1935
1936
April—
1933
1935
1934
.$16,633,230 $17,182,877 $15,401,157
17,534,229
17,609,448
16,692,181
17,939,108
18,072,214
17,389,973
1936
$14,628,143
14,844,670
15,231,342
18,300,976
18,545,165
17,354,758
15,314,935
18,562,984
18,801,918
17,135,060
15,952,289
average of 4,253 stores in operation during the four
25
Feb.
*
1934-
1935
1936
$375,231
135,818
107,627
Lehigh Valley RR.- —Earnings.—
Kroger Grocery & Baking Co.—Sales—
4 Weeks Ended—
Lehigh & New England RR.—Earnings.April—
Gross from railway
Net from railway
Gross from railway
Kolster-Brandes, Ltd.—Removed from Listing—
shares representing deposited ordinzry
3681
Chronicle
--
From Jan. 1—
Gross from railway
—
Net from railway
Net after rents
—
—V. 142, p. 3000.
Lessings, Inc.—Registers with SEC—
that it will not pay the dividend on the 7%
red. pref. stock, par $100, which was due May 15, 1936.
Divi¬
dends have been paid regularly quarterly since May 15, 1934.
Arrears
The company announced
See list given on first page of this department.
-V. 142, p. 2833.
cum. conv,
this
on
stock, following the non-payment of the current dividend,
$14 a share.,
result of non-payment of this dividend, preferred shareholders
will
.amount to
fcpAs
a
See also V. 142,
right to elect a majority of the board of directors.
have the
now
959.
p.
Feb. 28 '35
Feb. 28 '34
Feb. 28 '33
$220,556
$90,028
$1,348
loss$79,069
14,736
xINet earningsAdjust, of treas. stock._
4,360
Adj. applic. to prior yrs.
Previous surplus
3,563,084
3,690,822
4,089,019
Dividends
$3,780,850
217,632
,094,726
224,487
129,418
54,404,249
310,620
—
Transfer to cap. surplus.
12,033
30,095
57,167
12,800
30,432
58,344
$143,876
11,116
$152,214
10,036
$154,992
56,225
$162,251
59,494
1,127
7,382
134
4,610
$3,563,084
$3,572,289
Shs.cap.stk.out.($100 par)
52,853
53,830
$1.67
$4.17
$3,690,822
55,828
56,441
Nil
$0.02
After depreciation and taxes.
$88,858
Net income before preferred dividends
$94,245
Investments
adv.
Feb. 29 '36 Feb. 28 '35
$108,384
$59,308
dlvs
2,513
Capital stock—
Surplus
5,285,280
3,572,289
3,786
5,383,080
3,563,084
for
Reserve
claimed
1,217.482
462,400
1,261,545
461,475
13,815
Deferred charges..
Inventories
14,243
un¬
to
316,513
281,666
585,977
cos—
x
Fixed
y
Lautaro Nitrate Co.,
|
$8,968,466 $9,009,258
Total
Ltd.—Earnings—
1934
1935
sales reported by the sales corporation as
delivered from June
stocks to be replaced and incl. participation
in profit of the sales corporation, less priceleveling adjustment
Profit on iodine sales, incl. participation in profits
of the sales corp. and price-leveling adjustment-.
Other operating income
Port
operations
Exchange differences on sales of currencies at dif¬
ferent rates as compared with closing rates
Exchange differences arising from the conversion
of assets and liabilities
Interest earned—investments and deposits
Interest in account current with sales corp. (net)-nitrate
£416,522
£327,893
46,855
6,876
2,009
6,801
Co.'s propor. of service for half-year ended
1934, of the 5% inc. debs, of sales corp
12,944
£395,410
£453,026
57,616
June 30,
119,079
86,068
4,497
110,784
~
1,249
2,337
Trustees' fees and expenses
37,766
688,906
44,509
£621,626
Corp.—Earnings—
1933
3,808,393
$292,034
33,816
$323,392
22,297
$306,208 loss$139.818
33,931
25,590
$325,850
1,515
$345,689
$340,139 loss$l 14,228
Net profit-
95,707
137,012
Surplus
-V. 142, p. 130.
$101,297
railway
Net from railway.
Net after rents.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
2999.
2,737,577
88,010
122.936
80,931
_
Net after rents
From Jan. 1—
Gross from railwayNet from railway
-
_
Net after rents
—V. 142, p. 3513.
1,616
$77,557 def$195,159
6!
1934
1933
$127,062
52,424
26,314
$117,897
33,113
9,642
$107,104
lt>,069
504,195
140.304
41,651
505,155
168,869
70,644
510,163
155,165
61,916
440.772
$135,994
42,068
457,099
88,781
$1,896,111
482,198
133,714
$1,796,130
496,524
7,643,727
1,326,888
58,451
7,337,776
1,108,529
defl60,764
7,530,399
1,637,175
473,586
7,304,648
2,018,432
846,258
1933
1932
$279,054
147,824
$293,441
170,311
$105,539
4,952
$131,230
3,673
$123,129
12,737
$110,491
195,721
$134,903
189,343
$135,867
200,349
4,690
$85,231
$54,440
$69,172
1934
Operating expenses.
$259,980
154,441
$118,505
1,278
$119,783
183,951
8,047
Int., rentals, taxes, &C-Depreciation
28.576
7,900
125,552
35,451
153,976
RR.—Earnings—
1935
$72,215
1
142, p. 3176.
Net after rents
From Jan. 1—
Gross from railway!
Net from
-
Earnings.—
1936
April—
railway
after rents
—V. 142, p.
1935
1934
1933
$6,804,332
1,736,198
1,228,253
$6 ,004,399
1 ,281,210
$5,633,548
1,191,783
853,686
$4,551,561
28,237,036
6,760,844
5,117,796
24 ,119,045
23,941.213
6,501,647
5,258,991
19,258,327
3,641,266
2,189,525
926,115
5 .292.754
4 .036,508
576,848
105,823
3176.
Interstate
Commerce
RR.—Abandonment—
Commission on May
15 issued a certificate
permitting the company to abandon (a) that part of its main line of rail¬
road extending from a point about 1 mile south of Monroeville to Friscoe
City, approximately 9 miles, and
(b) its so-called Excel branch extending
Excel, approximately 3 miles, all in Monroe County, Ala.
1355.
from Allene to
—V.
124, p.
McColl-Frontenac Oil Co.,
•Earnings.1935
$1,958,503
435,086
77,731
$290,911
172,406
Net
1933
$1,964,530
Manistee & Repton
$49,354
$37,181
1936
April—
Net from railway.
....
1934
1935
1936
railway
Net from railway
$128,510 loss$195,159
50,953
$11: J.970
Lehigh & Hudson River Ry.
1
Long Island RR.—Earnings.—
April—
Gross from railway-
The
64,116
Dividends
4% refunding bonds to New York Life Insurance Co. and Northwest¬
of 104.—V. 142, p. 3513.
Gross from
683
118,660
74,001
Federal taxes
Irving Trust Co., successor
arrangement to sell $3,000,000 new 25-
Louisville & Nashville RR.-
1934
$3,043,785
1935
$3,705,493
3,382,101
96,978
Depreciation
Excise taxes
be payable upon presentation at
Mutual Life Insurance Co. at a price
—V.
first page of this department.
Total income
Long Island Lighting Co.—Bonds Called—
Net loss
Gold Mining Co.—Registers with SEC—
Interest
been amended in
issued on March 5, 1936."—V. 142, p. 1821.
The company on May 26 called for redemption on July 1, 1936, its out¬
standing $3,000,000 6% series A first refunding gold mtge. bonds at 110
and accrued interest.
These bonds, dated Jan. 1, 1923, and due Jan. 1,
Total income—
1936
$4,100,427
the Commission upon the registra¬
London Deep Mines Co., 310 West Eighth
St., Leadville, Colo., on Jan. 15, 1936, and upon amendments to said
registration statement filed by said registrant on Feb. 27, April 9 and
May 6, 1936, and the Commission having duly considered the matter and
now being fully advised in the premises,
"It is ordered that the amendments filed on Feb. 27, April 9 and May 6,
138,336
£250,920
-
3047.
Operating profit
issued by the Commission follows:
The statement
Other income
21,887
682,190
Special non-recurring charges
Lee Rubber & Tire
withdrawn its stop-order
has permitted the state¬
"This matter coming on to be heard by
tion statement originally filed by
Gross income
19.954
Reorganization expenses and provision therefor—
Other charges
Interest on funded and deferred debt
—
Exchange differences arising from conversion of
assets and liabilities, &c
-
Mines Co.—SEC Withdraws Stop Order—
Calendar Years—
1,194
and iodine
Other income
$1)_.
4 Mos.
$482,941
$35,451
$0.08
3348.
Louisiana & North West
profits other than nitrate
Expenses, &c
p.
instituted against the registration statement and
ment to become effective as of May 22, 1936.
ern
238
17,440
Appropriation to working capital reserve
Amount applicable to sales ceded to independents.
Loss on commercial operations.-
Netsaes
142,
$15,109
842
£633,184
Apr. 30—
Month
Net profit after charges and Federal taxes
Earns, per sh. on 444,744shs. cap. stock (par
year
Total
6 Mos. End.
Corp.—Earnings-
Period Ended April 30, 1936—
Sales
1948, will
9,656
Other credits
See list given on
3000.
trustee, 1 Wall Street.
This redemption action follows
987
£453,654
179,530
Lava Cap
p.
accordance with the stop-order
Total
Net deficit
1935
1936, shall become effective on May 22, 1936, and
"It is declared that said registration statement has
nitrate,
30, 1933,
deliveries from 1933-1934 production of
on
142,
Lockheed Aircraft
London Deep
Profit and Loss Account for Year Ended June 30
taxes
1936
depreciation, depletion,
The Securities and Exchange Commission has
x
After deducting reserve for depreciation of $2,202,348 in 1936 and
$2,187,747 in 1935.
y After amortization of $1,837,282 in 1936 and $1,742,034 in 1935.—V. 140, p. 3554.
Provision for
—V.
—V.
3,S99,339
$8,968,466 $9,009,258
Total
Co.—Earnings—
April 30—
575,559
Rights, franch.,
pats. & impts
3,866,545
assets
Lion Oil Refining
Four Months Ended
$151,807 def$162,883
Current liabilities.
$1,317,782 $1,359,614
Notes & accts. rec. 1,179,661
1,164,107
—V. 142, p.
7,382
1,853
commissions & exp
Balance Sheet
Liabilities—
Feb. 29 '36 Feb. 28 '35
Assefc—
Cash...
Gross from
673
Net profit after interest,
Condensed Comparative
—V. 140, p.
funded & long term debt
—V. 142, p. 2832.
Earnings per share
incl.
on
General interest
$4,089,019
Cr266
P. & L. surplus
on
Interest
Amortization of preferred stock,
Adjustments
in &
Other income (net).
50,000
in & adv. to sub. cos_.
affiliated
Taxes
Amortization of bond discount & expense
Transfer to res. for inv.
Profit
$417,442
81,480
82,169
4,468,582
1,783,640
211,616
Total
Inv.
$417,108
85.872
88,064
Operation
Power purchased
Provision for retirement
Feb. 29 '36
Years Ended—
1935
1936
3 Months Ended March 31—
Total operating revenues
Maintenance
Monotype Machine Co.—Earnings—
Lanston
x
Lexington Utilities Co. (& Sub.)—Earnings—
Ltd.—Capital Increase Voted
Shareholders approved an increase in the company's authorized common
capitalization from 750,000 to 2,500,000 shares at the annual and special
general meetings held May 12.
^
John Irwin, President, explained that the additional 1,750,000 shares of
common would enable the company to create facilities whereby it can, if,
as, and when the opportunity rises, sell the stock and use proceeds in re¬
demption of outstanding bonds.
Eventually, after bonds are redeemed,
it is hoped that the preferred may also be called to leave the company with
nothing but common stock.—V. 142, p. 2834.
,,,,,,
3682
Financial
MacAndrews & Forbes Co.
Calendar
1935
1933
1932
$5,173,479
3,996,708
$4,504,538
3,670,426
$1,135,712
90,687
$1,234,687
112,355
$1,176,771
76,852
$834,113
87,803
$921,916
Other income.
Total income
gen. exp.
Federal taxes
Net
$1,347,042
243,715
100,000
$1,253,623
227,064
127,000
$1,003,327
2,569,693
$899,560
2,397,970
Prior surplus-
Preferred
$3,573,020
119,424
911,682
$3,297,530
120,024
607,813
Earned per
$2,569,693
$2,397,970
303,894
$2.56
305,492
303,894
$2.42
Includes depreciation:
a
earned,
1935
losses
739,109
712,608
accrued expenses
Stocks & bonds.__
207,748
232,093
Notes & accts. rec.
367,693
413,096
2,452,678
Provision for Fed.
income taxes
Accts.
Res. for
53,978
69,095
invest, in subs.,
88,999
133,448
a
Land, buildings,
mach'y & equip.
1,801,999
1,849,862
realiz.
Total
Earned
180,129
195,392
8,802
~~4~,i83
$0.10
1936
Goodwill
200,906
166,186
&
333,750
1
Tax antic, warr'ts.
Accrued interest.
investm'ts
xl934
1933
$7,249,207
7,230,245
5,771,316
$727,346
222,699
$158,914
274,770
87,192
194,571
$73,399
292,855
8,889
55,000
62,588
Accrued tax, <fcc__
2,392,907
56,123
57,172
Res. for
insur., &c.
Capital surplus
.$6,781,637 $6,569,992'
x After
depreciation of
Represented by 306,600
72,364
40,129
Total.
Loss
600,000
$0.48
$1.05
600,000
Nil
Nil
Loss for
193 6
$3,019,328
Deficit
$4,647
2,094,085
Dec.
1935
1934
8
8
Cash
830,237
Accts. & notes rec.
768,036
774,484
673,824
Inventories
802,620
642,750
76,421
169,160
342,154
41,647
-
Cash value life ins.
Other assets
305.730
285,781
Accrued liabilitiesCollateral notes
577,319
Income notes
743,329
313,567
assoc. cos._
366,554
347,984
$38,263
Cash
187,987
rec.
49,370
223,061
32,229
5,445,841
1,767,766
1
zl
Prepaid & def. exp.
y
Real estate
Mach.
& equip—
219,217
444,399
818,399
745,280
Mag. titles, copyrights, subscrip.
lists, book plates,
x
Represented by 600,000 no par shares,
y
Massey-Harris Co
Years End. Nov. 30—
Profit from operations.
23,545
3,000,000
Provision
15,835,360
>
x
Prov. for Fed. & foreign inc. taxes at rates
prevailing at March
-
120,336
$573,006
Robbins, Ltd.,
17,500
Portion of net profits of McKesson & Robbins, Ltd.,
applicable
to common stock held by the public—
65,973
1,871
46,761
483,250
106,211
160,000
713,923
424,477
348,933
$3,305,742
7,937,277
$3,827,512
4,109,766
$22,123,713 $18,203,019 $11,243,019
$7,937,278
$551,005
529
4,013,501
,.
$4,565,036
$0.12
3348.
&
Light
a
director.—Y.
142,
p.
Associates—Acquisi-
Hon, cfee.—
The Securities and Exchange Commission has approved the acquisition
by the company of all the assets of its subsidiary. Utility Shares Associates,
—
$7,937,278
-
1934
$
$
&c
1
5,371,616
.....
5,818,524
■
Inventories
Invest,
in
8,895,681
8,797,080
386,209
411,996
South
govern..
Ins. dep. & prepd.
$
12,089,900 12,089,900
a Common
8tock__26,698,155 26,698,155
Sk. fd. deb. bonds 8,700,000
8,700,000
1st mtge. bonds
378,900
436,900
Comm's due agents
and dealers
Res. for
148,350
expenses
795,726
792,501
inc., sales
10,109,914 11,565,394
Cash
1,258,077
735,067
Investments
3,370,391
3,295,621
& other taxes._.
208,170
Bills & accts. pay.
157,693
Bills & accounts
receivable
1934
$
Preferred stock
!Pftt6Ht8
c
1935
Liabiliiies—
Land, buildings,
1,129,392
928,240
1,097,320
1,289,666
549,034
Conting. & foreign
exchange
Pensions
566,389
Profit & loss def—22,123,714 20,703,020
Total
29,540,238 30,781,376'
Total
29,540,238 30,781,376
a Represented
by 729,409 shares of no par value,
b After depreciation,
&c., of $8,355,043 in 1935 and $8,088,811 in 1934.
c After contingency
provision against realization of $2,684,823 in 1935 and
$3,154,925 in 1934.
d After reserve of
$4,308,475 in 1935 and $4,335,602 in 1934.—V. 142,
Calendar Years—
Gross earnings
Depreciation,
Earnings
1935
&c
1934
$2,504,496
2,373,176
49,814
289,375
Expenses, taxes, &c
$1,002,573
1,428,202
Net loss in adj. of sec_.
Reserve
in
connection
adjustment.
Balance, deficit
Other income
Power
4,750,000
$22,123,713 $20,703,020 $15,993,020
Loss.
with tax
Corp.—New Director—
2834.
Massachusetts
15,993,020
2,500,000
Interest
~
common stock
Whitney has been elected
98,983
$2,209,999
Miami Copper Co.
Madison Square Garden
145",411
p.1647.
Balance
Cornelius Vanderbilt
14,609
414,313
125,650
4,500
Refund of div. not payable on preference stock scrip certificates.
Earned surplus as at Dec. 31,1935
1,282,983 shares
Earnings—
1934
1933
1932
$185,136 x$l,420,865 x$l,788,010
165,074
339,123
465,070
464,126
473,522
505,397
493,510
502,344
621,120
3,928
590,273
Assefs—
$937,571
135,486
.
Combined profit from operations for the period.
Div. require, on preference stock of McKesson &
on
Ltd. (& Subs.)
1935
$1,073,057
265,213
17,434
97,066
debentures
Other interest paid
Other charges
share
,,
aside
d
per
2,094,085
$1,420,694
20,703,020
Deficit at Nov. 30
$35,782,206
30,350,666
4,381,016
112,952
—
Earned surplus at March 31, 1936
5,797
sur60,415
Contingent provisions set
b
Total income—
Earnings
Deficit
124
Consolidated Balance Sheet Nov. 30
Other income
—V. 142, p
1934
$305,000 $2,900,800
and
Deficit
(& Subs.)—Earnings—
held by the public
bad
loss.
Amer.
31,1936
1935
Capital stock
Accounts payableAccrued taxes
depreciation
Earnings for the 3 Months Ended March 31, 1936
Net sales (after deducting inter-company sales)
Cost of sales (exclusive of depreciation)
Selling & general expenses (exclusive of depreciation)
Depreciation
on
for
Previous deficit—
Mclntyre Super Markets, Inc.—Registers with SEC—•
Interest & amortization
$468,268
execu¬
doubtful debts
See list given on first page of this department.
Net profit on sales
_
Approp. for pension fund
Prov. for contingencies.
4,644,090
2,725,707
of $1,314,839 in 1935 and $1,198,102 in
1934, and after
mortgage of $3,800,000, due Jan. 1, 1942 in 1934.
z After
reserve for
depreciation and revaluation,
a Includes
treasury stock, 18,962 shares at
cost $454,125.—V. 142, p. 2834.
McKesson & Robbins, Inc.
x
$986,808
69,657
460,376
419,080
4,050
_
Approp. for for'n exch—
..19,538,973
reserve for
218.908
1935
Prov. for for. inc. taxes.
Net
After
borrowings.
on
Remuneration to
1,036,028
3,304,154
and revaluation
y35,548
tive officers, &c
Legal fees
1,558,695
4,644,090
Earned
Total
—
$812,512
Total
$365,539
$812,512
Represented by 305 shares, par $1, in 1935 and 330,000 no-par shares
y 7,500 shares at cost.—V. 142, p. 3514.
320"666
1,145,710
surplus
$395,909
381.055
z
Directors' fees
holders' interest 1,068,590
Deferred income..
x Common
stock.. 3,000,000
19,538,973 15,835,360
$2,094,085
M
129,305
300,000
570,000
Capital surplus
Total---
—
581,833
Liabilities—
9,984
Bond interest & expense.
Minority stock¬
10,068,838 10,712,317
See
_
Approp. for depreciation
3,800,000
Reserves.
trade marks and
goodwill
bldgs.
$3,290
464,978
$365,539
Interest
400,000
Secur. notes pay..
Other notes pay._
Deferred liabilities
«•
& non-prod,
oil leases & roy.
x
Mtge. upon land &
a619,738
Secured accts.
Inv. in
—
in 1934.
Accounts payable-
Notes of employees
8,669
1934
Prop., plant & eq_
1934
$
Pur. money obligs.
& def. ints
M.
Consolidated Balance Sheet Dec. 31
1935
Total
1935
Liabilities—
3,613
$8,466
468,268
$2,476,650
31
Assets—
Condensed Consolidated Balance Sheet Dec. 31
•
1933
$322
$21,331
10,647
19,150
12,066
409
Preoperation expenses written off
Apprec. from revaluation of property
in prior years written of
!,572,137
193,802
249,333
...
1934
$12,361
4,533
816,611
Prod.
1935
1935-
Exploration Corp.—Earnings—
year
Accts. receivable.
April 30—
1,400,685
$1,322,849 in 1936 and $1,876,546 in
value shares.—V. 140, p. 3393.
foreign exchange
on
Treasury stock—
Revised.
Consolidated gross sales
Net income after all charges
336" 396
147,582
3,606,788
1,575,866
$6,781,637 $6,569,992
54,437
600,000
370,333
147,570
3,606,788
no par
Depletion and depreciation
$288,100 loss$155,985 loss$239,187
581,038
12,175
Consolidated Income Account for Calendar Years
19,731
standing (no par)
Earnings per share
82,105
13,452
80,538
Profit & loss def_.
Total
144,183
Assets—
73,790
accruals._
Administrative expenses
1932
$5,816,907
$1,102,009
210,555
$609,691
1935
salaries
Sundry
Total income
Interest
x
1936
111. occupat. tax..
Accrued rent
38,200
2,156,873
Inventories
and $2,861,280
(&Subs.)—Earnings
$7,247,299
6,564,284
out¬
Nil
Liabilities-
$18,962
4 Months Ended
$0.03
75,642
9,089
_
9,969,164 10,004,847
$2,947,094 in 1935
$45,591
113,323
Provision for taxes
117,486
33,613
Capital stock._.$3,428,435 $3,428,435
449,242
480,663
y
1,004,032
1,265,160
12,295
Deferred charges__
3,038,940
1,553,015
2,541,914
1,555,597
$683,015
44,331
Net profit A-com.
stock
6,329
Accounts payable
Accrued wages and
1
940,232
Sundry
87,300
1,990,400
$1,014,805
87,204
Minority interest
204,322
$8,018 loss$578,558
1935
7,305,806
110,130
206,161
Nil
" I
$1,703,402
1,522,122
Maracaibo Oil
Total
1935
trade-
Cash
106,676
485,697
Other income.
Shares
67,842
$220,507 loss$223,137
$30,114 loss$297,109
Prop'y & impt_.$2,055,791
X
y
1935
$8,320,611
Oper. exp., incl. Fed.tax
93,703
loss$97,534
_
charges.
Notes & accts. rec.
4019.
revenues
receivables.
on
name
310,483
surplus... 2,519,618
Publishing Co., Inc.
Calendar Years—
Gross
$152,665 loss$333,267
.
65,995
9,969,164 10,004,847 |
McGraw-Hill
s
2,030,323
After allowance for depreciation of
in 1934.—V. 141, p.
146,364
$219,045
Earnings per share on
capital stock, no par_.
employm't
Capital surplus...
.
5,347,546
Net profit
&
add'l compensa'n
54,190
Preferred stock..- 1,990,400
Common stock
3,038,940
val. of
65,387
Prepaid expenses
Good-will,tr.-mks.,
2,030,323
brands, &c
a
payable
Dividends payable
Stock allotment to
employees
$5,014,279
5,282,939
&c
Miscellaneous
1934
$
TJ. S. Govt, oblig's
Est.
$5,435,603
5,567,406
Supp. prov. for possible
$1.82
1935
Liabilities—
2,045,648
2,500,891
$5,376,168
5,565,501
Balance Sheet Jan 31
2,113,035
Inventories—---
$5,638,182
$72,681 loss$191,237
A sects
1934
$
Assets—
9,816,833
Gross profit
Balance Sheet Dec. 31
Cash
1933
9,332,531
Prov. for deprec. of prop.
and improvements
1934, $128,679; 1933, $129,624; 1932,
$129,299,
1931, $172,555.
1934
10.142,343
Operating profit
$2,946,174
123,721
350,609
303,894
$2.91
__
and
1935
10,608,902
Gross profit on sales._
Expenses (excl. of prov.
for depreciation)
73,872
Profit & loss surplus
$2,519,618
Shares com. stock out¬
(par $10)
share
1936
$16,247,084 $15,518,512 $14,768,134 $14,831,112
Cost of goods sold
165,299
$2,541,914
.
Elim. of surp. applic. to1
subsidiaries
standing
Brothers, Inc.—Earnings—
Income credits—interest
$3,398,777
119,424
759,735
dividends
Common dividends
Mandel
Years End. Jan. 31—
Net sales
$681,617
2,264,557
income
May 30, 1936
These assets consist of: 11,821 shares of
capital stock of Lynn
Electric Co.; trust certificates representing 1,185 shares of
such
capital stock, and 17,926 shares of capital stock of Haverhill Electric Co.
The acquisition will be effected through the termination and
liquidation
of Utility Shares Associates.—V. 142, p. 2834.
75,000
$856,863
2,541,914
Sell., admin. &
$1,226,399
221,535
148,000
__
&
Gas
1934
$5,238,118
4,003,431
(net)
trust.
a
$5,368,331
Cost of goods sold-.-.
4,232,619
Sales
a
Years—
Chronicle
(& Subs.)—Earnings
Total deficit
1933
$161,855
639,385
1932
$851,291
2,259,116
7,585
293,551
292",849
33CU32
63,172
-
45,680
_
$207,869
y30,884
$726,765
12,028
$770,379
4,683
$1,846,809
29,852
$176,984
x$714,738
x$765,696
$1,816,956
x Before
deducting gain on sale and adjustment in value of securities,
amounting to $78,480 in 1934 ($234,560 in 1933).
y Includes $3,543 gain on sale of securities.
Volume
Financial
142
Balance
1935
Sheet
1935
2 ,774,374
Development
Construction,
11,849,201
2,737,403
3,852,335
&c_
4,119,262
Accts. pay.,
122,555
462,315
52,382
640,438
347,561
19,038
,261,223
16,388
Mat'ls & supplles.
ins., &c__
Cash & securities.
1,037,985
25,414
Unexp.
_
Accts. receivable..
in
462,315
,104,675
341,054
lands
Ore and metals
296,341
208,724
76,522
suspension
84,936
147,525
154,492
254,768
and freight
Deferred taxes
299,727
4 ,574,640 4,399,071
11 ,631,009 11,849,201
21,549,040 21,304,285
.21,549,040 21,304,285
Total
after
Net
railway
...
rents
1933
1934
1935
1936
Net from
—V. 142, p.
417,152
172,040
104,537
3001.
value
2,000,778
2,609,307
1
1
l
1
20,314
22,912
Patents
expenses.
Total
RR.]
y
Minneapolis St. Paul & Sault Ste. Marie
$1,056,508
16,242
44,457
55,807
441,643
$530,914
$811,839
364,192
434,996
$783,822
28,265
16,121
$800,026
53,569
1,497
$447,647
$703,991
32,197
4,126
$828,208
126,198
$493,464
137,845
2,189
15,884
79,105
260,531
201,966
$740,315
73,744
93,252
263,378
267,442
$855,091
131,601
1,514
17,953
75,319
321,647
223,214
27,191
24,503
20,282
22,452
1,857
26,485
38,633
151,616
23,208
sur$39,056
$254,851
$274,398
profl4,580
lossl8,978
Cr6,564
Corporation (net)
loss38,034
loss20,078
248,287
Consolidated Balance Sheet Dec. 31
Cr2,633
271,765
Net inc. from oper—
Interest and discount—
Miscellaneous
Inc. from all sources._
Interest on funded
Other
debt.
456
interest
Taxes
...
Administrative
expenses
Depl. & amort, of leaseh.
Deprec. of phys. equip..
Abandonments & other
leasehold
Loss
on
expenses—
42,982
2,834
sale of cap. assets
charges.
Miscellaneous
_
$23,454
Deficit carried to surp.
Propor. of consol. net loss:
Minority int., oil cos.
143,558
2,442
12,446
96,753
328,623
217,435
$541,907
[Excluding Louisiana & North West RR.]
-
Investments
well eq. 2,643,720
37,490
Misc.prop.&equip.
57,846
Mat'l & supplies..
55,510
60,275
87,515
4,177
Miscell. liabilities.
1,757
7,103
2,049
liabilities
allowed
169,801
debt
Def. liab. & credits
68,342
1,928,700
41,903
Res. for conting. &
167,125
x
Capital stock
376,326
1,112,275
$3,783,227 $4,039,785
Total
$3,783,227 $4,039,785
Total
186,806
323,158
1,066,781
receivership exps.
Minority ints., cap¬
ital and surplus.
x
178,913
1,892,700
2,000
in oil
Funded
-
...
Conting. liab. pay.
assets,
&c., in oil
33,937
Int. on fund. debt.
Accts. pay. & accr.
Receivership claims
Oil prop. &
Contingent
1934
$62,683
Federal taxes
68,287
274,902
2,752,547
35,724
92,390
Special deposits—
Miscell. assets and
claims
1935
$61,513
65,672
42,785
207,862
Accts. rec. & accr.
$689,458
60,802
63,878
....
Liabilities—
1934
1935
$545,670
115,635
Assets—
par) class A (v. t. c.) issued, to be issued and in
and 895,529 shares (no par) class B (v. t. c.), issued and to be
299,954 shares (no
treasury.
sury,
issued.—V. 140, p. 3722.
Milwaukee Electric Ry. &
Tw'elve Months
Light Co.—Earnings—
1936
1935
$27,725,154 $25,958,876
Ended March 31—
Total operating revenues
13,669,042
Operating expenses
Maintenance
2,164,172
Taxes, other than income taxes
Provision for income taxes
3,276,851
580,648
$8,034,439
Net operating revenues...:
Non-operating revenues
3,143,737
149,092
93,72 1
Crl83,130
22,175
$150,624
90,489
Cr251,482
23,434
construction
Other deductions.
_
2,824,205
2,569,731
$2,028,905
$1,325,156
depreciation reserve
Appropriations for
Net income
-
2674.
-
1933
$558,486
22,841
def44,059
$577,749
35,386
def31,322
2,612,769
299,811
def36,652
2,211,583
50,665
defl23,124
2,322,827
195,577
def31,287
2,106.781
def46,223
def291,465
after rents
<-
from
railway
Net from railway
Net after rents
—V. 142, p.
3350.
Minnesota Mining
& Mfg. Co.—Earnings1935
Calendar Years—
net
inc. & other inc.
and
invest,
1933
1934
credits $2,667,114
$1,334,602
3x350,000
182,000
3,162
Prov. for Fed. inc. taxes
paid
Patent costs written-offInterest
Dated June 1, 1936; due June
$1,024,863
131,000
7,312
6,107
$545,252
72,500
13,875
the company's
payable J. & D.
coin or currency as at the time of
payment is legal tender for public and private debts, at First Trust Co. of
St. Paul, Minn., or, at the option of the holder, at Chase National Bank,
New York.
Coupon bonds only will be issued in the denom. of $1,000.
First Trust Co. of St. Paul, trustee.
Not redeemable except for sinking
fund.
Redeemable for sinking fund at 106 H on June 1 from 1937 to 1941,
incl.; at 105 from 1942 to 1946, inclusive; at 104 from 1947 to 1951, incl.;
and at 102H from 1952 to 1955, incl.
The sinking fund is limited to $20,000
per annum.
The issuance and sale of these bonds have been apppoved by
Principal and interest payable in such
the Interstate Commerce
Commission.
Data from Letter of C. O.
carrier.
agency for the proprietors and is not a profit earning
For comparative purposes the cars handled during each
1931 to 1935, inclusive, are shown
years
of the five calendar
below:
Loaded Cars
Loaded Cars
Originating on Terminating on
Minnesota
Minnesota
Transfer Ry.
Transfer Ry.
Total
Cars
Total
Local
Business
32,073
35,098
67,171
30,202
31,923
62,126
23,923
29,038
52,961
1932
24,378
26,720
51,098
1931
32,222,
33,601
65,823
The difference between total cars handled, as set out in the first column,
and total local business represents cars that go through or are interchanged
over the tracks of the company.
The company handles this traffic with
its own power and does not grant trackage rights to any other railroads,
including the nine proprietors.
Company operates no trains in passenger
422,157
454,083
373,989
355,611
448,241
1935
1934
1933-
--
service.
gold bonds
x$2,015,000
($100 par)
y63.000
x Excluding $711,000 held alive in sinking fund,
y Authorized* $70,000.
$7,000 par amount owned by each of the nine proprietors and $7,000 par
amount held in treasury of the company.—V. 135, P. 981.
Capital stock
12 Months Ended March
Operating
revenues
including
(electric)
gross
$3,756,164
185,327
237,884
charges under firm power contract
Purchased power
$1,149,440
$880,443
$458,878
2,541,741
185,070
1,905,937
1,703,922
1,794,368
53,036
145,868
$4,732,231
690,739
$3,108,413
$2,730,233
381,179
y443,117
$2,253,246
500,001
49,322
$1,905,937
1935
$3,562,065
397,130
206,384
249,082
26,246
242,642
163,736
$2,812,078
124,750
$2,525,924
122,038
$2,936,828
965,166
40,005
17,221
$2,647,963
969,786
27,520
244,271
Taxes, other than income taxes..
Provision for income taxes
Net operating revenues
Non-operating revenues
:
»_
260,000
59,204
4,914
260,000
$1,654,434
Other interest charges
Appropriations for depreciation reserve
$2,005,419
Mo.—Earnings
1936
31—
Gross income
262,000
-
$1,354,057
$1,703,922
Net income
—V. 142, p.
Approp. and unapprop.
surplus, Jan. 1
Miscellaneous credits—
1647.
Missouri-Kansas-Texas
Period End. April 30—
566,672
Adjustments—
$4,041,492
Includes excess profits
$2,541,742
and capital stock taxes.
liquidation of investment in Baeder Admason
loss incurred in sale of stock in 1933).
Jenks, President, May 25, 1936
Purpose of Issue—Proceeds from the sale of these bonds, together with
obtained from the company's current sinking
fund assets, are to be applied toward the payment of $2,015,000 first
mortgage 5% gold bonds, due Aug. 1, 1946, called for payment at 1023^
on Aug. 1, 1936, with accrued interest to that date.
Company—Company was incorp. on March 22, 1883 and has been in
continuous operation since organization.
The entire outstanding capital stock is owned in equal amounts by the
following companies:
Chicago Burlington & Quincy RR.; Chicago Great
Western RR.; Chicago Milwaukee St. Paul & Pacific RR.; Chicago Rock
Island & Pacific Ry.; Chicago St. Paul Minneapolis & Omaha Ry.; Great
Northern Ry.; Minneapolis St. Paul & Sault Ste. Marie Ry.; Minneapolis
& St. Louis RR.; and Northern Pacific Ry.
These nine companies conconstitute the proprietors of Minnesota Transfer Railway.
The company owns 12.53 miles of main line track lying principally within
the city limits of St. Paul and Minneapolis and extending to New Brighton
and Fridley in the State of Minnesota, together with 91.50 miles of yard,
spur and other tracks aggregating a total of 104.03 miles of track owned.
The company also has trackage rights over the lines of other railroads for
1.58 miles and operates over approximately 50 miles of track owned by
various industries adjacent to its line.
The company also owns and operates
the stock yards located at New Brighton, Minn.
Business—Company supplies freight transfer and terminal facilities in
the territory served by its line for the nine proprietors.
The company
serves the so-called "Midway" manufacturing district in the Twin Cities
as well as the stock yards owned by it in New Brighton.
The company also
maintains and operates public freight stations and by means of spurs serves
207 industries located adjacent to its lines.
Company is primarily a joint
Interest on funded debt
Adamson Paper Mills,
x
In the opinion of counsel for the
Amortization of bond discount and expense
Loss on invest, in Baeder
Dividends paid.
1, 1956.
company, this issue will constitute a closed first mortgage on
entire property now owned or hereafter acquired.
Interest
Maintenance
1932
49,696
Other deductions
Inc
to
Operating expenses
Net inc. -rom oper.
royalties,
maturing June 1, 1956, were priced at 105.80 and int.,
yield about 3.35%.
and
Mississippi River Power Co., St. Louis,
From Jan. 1—
Gross
Ry.—Bonds Offered—Public offer¬
Capitalization as of Dec. 31, 1935
$605,313
56,283
18,683
railway
$2,610,505
First mortgage 5%
$708,881
125,702
26,950
Gross from railway
Net
Transfer
■.
•
Minneapolis & St. Louis RR.—Earnings.—•
April—
1936
1935
1934
Net from
$7,021,172
3,117,578
.
$2,444,045
a new
351,812
30,518
and expense
Dr382,853
625,149
218,219
1,767,135
issue of $2,000,000 1st mtge. 3%% bonds was
made May 26 by Lazard Freres & Co., Inc., Wells-Dickey
Co. and Kalman & Co.
The bonds, dated June 1, 1936,
ing of
3,236,187
$7,051,691
Other interest charges
—V. 142, p.
2,063,637
$8,052,547
Interest on funded debt
►
Amortization of bond discount
Interest during
13,286,067
18,107
Gross income
$3,403,323
465,827
143,049
1,835,167
certain additionl funds to be
*
Cash
$3,954,712
Dr29,192
$1,005,598
84,004
40,271
35,655
454,988
3178, 3179.
Minnesota
$1,138,987
$1,265,007
464,981
Operating expenses
—V. 142, p.
1936—4 Mos.—1935
1936—Month—1935
Net railway revenues
Net after rents—Dr
Ry.—Earnings
Central Ry.J
I Excluding Wisconsin
Period End. April 30—•
Total revenues
1932
380,514
$1,164,336
Gross inc. from oper
.$7,664,893 $5,864,549
Total
.$7,664,893 $5,864,5491
reserves for depreciation of $1,142,518 in 1935 and $955,319 in
Represented by 961,260 shares of no par value, z Includes 1,650
(13,903 in 1934) shares of treasury stock carried at cost of $11,660 ($97,005
in 1934).—V. 142, p. 1822.
Less
Net deficit
West
1,791,742
of life
insurance & pen¬
sion fund policies
Int. on funded debt
Corp.—Earnings—
[Incl. affil. cos. consolidated but excluding Louisiana & North
Calendar Years—
1935
1934
1933
Common stock..
944,144
Other income—net
Middle States Petroleum
269,703
2,883,780
750,000
for
res.
2,883,780
750,000
287,010 Unapprop. surplus 3,291,492
126,474
654,414
30,971
416,731
167,352
109,283
404,870
159,904
92,931
489,132
237,475
171,345
railway.
after rents...—-- V
Net
428,845
&
taxes
y
Approp. surp., &c.
ac¬
equipment
Cash
47,565
From Jan. 1—
Gross from railway
taxes
Investments
$115,053
$108,604
41,135
28,537
$98,930
35,126
20,135
$111,136
39,096
24,508
Gross from railway
Net from
$169,324
Plant property &
1934.
Valley RR.—Earnings.—
Midland
April—
&
z
x
After deletion.—-V. 142, p. 961.
x
1,016,252
1,394,324
$310,776
payable.
Accr'd wages, int.,
1,812,258
notes
Prepaid
40,000
Total
Other
Accounts
ac¬
counts receiv'le.
Miami Copper Co.
shares
&
x
dispute, &c__
Smelting,
refining
Surplus.
Depletion
832,751
secur.
notes
$199,126
counts receiv'le.
Inventories
in
25,668
53,287
Trade
Reserved lor taxes
Miami
Commerc'l Co..
Marketable
450,000
Taxes accrued and
Ranches and other
to
&c
payable
$293,431
1,315,943
1934
1935
Liabilities—
1934
1935
Cash
3,735,580
3 735,580
432,655
400,000
Capital stock
Notes
$
Assets—
1934
5
Liabilities— /
xMining prop.,&c. 11 ,631,009
Loan
Condensed Balance Sheet Dec. 31
31
1934
Assets—
•
Dec.
3683
Chronicle
y
Provision for loss in
Paper Mills, Inc. (including
Operating revenues
Operating expenses
Available for interest
Fixed interest charges.
Deficit
Lines- -Earnings
1936—Month—1935
$2,479,582
$2,174,181
1,799,603
1,883,615
355,227
98,261
347,685
$7,963,352
7,004,435
def225,326
1,394,291
,403
$249,424
$805,192
$1,619,617
265,824
_
1936—4 Mos.—1935
$9,496,998
7,546,327
619,717
1.424,910
before adjust.
bond interest
-Y.142, p. 3515.
3684
Financial
Missouri
Edison Co.-
-Earnings—
May 30, 1936
Muskogee Co.—Larger Dividend—
3 Months Ended March 31—
1936
Provision for retirement
;
Net earnings from operation.
$13,542
14
Maintenance
$46,386
9,170
8,118
6,172
$14,288
Operation
Power purchased
Gas purchased
17
Other income (net)
have declared
directors
The
1935
$51,855
9,598
8,243
8,989
1,775
4,855
4,103
Total gross earnings
Taxes
Chronicle
a
dividend
of 35
cents
share
per
on
the
no par value, payable June 15 to holders of record June 5.
with 20 cents paid on Dec. 31,1935, 25 cents paid on June 15,
1935; 20 cents on Dec. 15, 1934; 25 cents on June 15, 1934 and on June 15,
1933 and 50 cents per share paid on June 15, 1932.—Y. 142, p. 2508.
stock,
common
This compares
802
Mutual Biscuit
5,010
3,570
See list given on
Co.—Registers with SEC—
first page of this department.
(F. E.) Myers & Bros.—Extra Dividend—
May 25 declared an extra dividend of 25 cents per share
quarterly dividend of 50 cents per share on the
par value, both payable June 30 to holders of record
See V. 141, p. 1446 for detailed dividend record.-—V. 142, p. 3516.«
The directors on
in addition to the regular
Net earnings before interest
Funded debt interest
General interest
$14,303
8,937
$13,560
816
821
854
854
—
Amortization of debt discount & expense
June 15.
8,937
$3,694
Net
1936
1935
1934
$5,923,844
1,215,666
$4,780,719
23,052,238
3,323,368
591,745
23,571,916
692,044
55,633
501,911
Net after rents
5,415,334
2,472,784
—V.
1933
$1,078,423
215,197
160,803
4.182,700
4,549,806
847,125
571,342
3,866,905
500,598
303,848
424,964
159.387
142, p. 3005-3180.
lication—
Conde Nast, President of the company, has an option to purchase 6,000
company's stock at $5 a share on or before Dec. 31, 1938,
a contract amended Jan. 29, 1936, the company reported on May 26
shares of the
under
Mobile & Ohio
RR.—Earnings.—
1936
April—
Gross from railway
Net from railway
$874,032
173,123
64,964
_
rents
in
1935
1934
$676,347
$752,879
41,138
111,721
def50,324
5,269
Gross from railway
3,201,476
558,530
162,819
.
railway
Net after rents
2,608,915
2,908,670
455,692
33,255
145,694
def211,837
annual
its
statements
the
to
Securities
and
the
$668,155
158,452
44,920
The
reported the sale of "The American Golfer" to Sports
on Jan. 6, 1936, which was reflected in the 1935 balance
together with the cost of publication of the last
issue of the magazine in January.
Conde Nast Publications has a one-year
printing contract with the buyer.—V. 142, p. 3005.
company
Illustrated, Inc.,
2,297,515
280,705
def 115.417
and statements
National
Bellas-Hess, Inc.—Sales—
Quarter Ended April 30—
Monarch Knitting Co., Ltd.—Accumulation Dividend—
dividend of $1.75 per share on account of
a
accumulations on the 7% cumulative preferred stock, par $100,
payable
July 2 to holders of record June 15.
A like dividend was paid on April 1,
and Jan. 2, last, Oct. 1, July 2, and April 1, 1935, as against $1 paid in each
of the four preceding quarters, and $3 per share paid on Feb.
20, 1934.
The current dividend will be paid in Canadian funds.
Non-residents of
Canada will be subject to a 5% tax.
After the payment of the July 2 dividend accruals will amount to $49
per share.—V. 142, p. 962.
Monongahela Ry.
Net after
-Earning s.1936
April—
Gross from railway
Net from railway
1935
1934
1933
$369,096
226,072
115,381
$184,979
70,785
defl5,451
$231,830
133,897
57,630
1,585,740
967,607
rents
$214,392
108,877
19,719
1,308.554
779,328
379,499
1,389,563
840,724
446,761
Gross from railway
Net from railway
Net after rents
—
542,567
National
Bond
&
Monroe Chemical Co.—25-Cent Dividend—
The directors have declared
share
on
the
common
stock,
a
no
Corp.—25-Cent
'
Div.—Dates
\
regular quarterly dividend of 25 cents per
par value, payable July 15 to holders of
record June 30.
An extra dividend of 25 cents in addition to the regular
50-cent quarterly dividend was paid on March 16, last.
The company states that its fiscal year has been changed to a calendar
year basis, and statements and payments of dividends declared will in the
future, be made to
—V. 142, p. 1296.
stockholders in
National Dairy Products
January,
April,
July
National Power &
Period End. Mar. 31—
October.
and
Corp.—New Directors—
Lester Claster and J. H. Geissler have been elected
Carnes has resigned his directorship.—V. 142, p. 3181.
directors.
T. K
Light Co. (& Subs.)—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
have declared a dividend of 25 cents per share on the
stock, no par value, payable July 1 to holders of record July 13.
with 37J^ cents paid on Dec. 24, 1935; 25 cents on Oct. 1,
1935 and 50 cents on Dec. 24 and on March 20, 1934.
Prior to this latter
directors
This compares
Net revs, from oper.Other income
payment no dividends were distributed since July 1, 1930 when a regular
quarterly payment of 31M cents per share was made.—V, 142, p. 1128.
Other income deduct's..
Loan
Monroe
Society—Admitted to
Listing and Regis¬
tration—
$8,578,229
77,905
$8,496,601 $32,276,390 $32,647,174
84,669
355,603
431,746
$8,656,134
81,787
$8,581,270 $32,631,993 $33,078,920
75,864
378.522
326,568
Gross corp. income— $8,574,347
Int. to public and other
$8,505,406 $32,253,471 $32,752,352
Total income
deductions
#
The New York Curb Exchange has admitted the
"A" stock, no
common
listing and registration.—Y. 142, p. 3516.
Int. charged td constr'n.
Property retirem. reserve
appropriations
Montgomery Ward & Co.—Advances Tire Prices—
The company on May 26 announced advances in prices of tires. Amount
of increases depend on the size and grade of the tires.—V. 142, p. 3516.
Montour
RR.—Earnings.—
April—
1935
$104,749
28,778
41,969
Gross from railway
Net from railway
640.172
236,347
Net after rents
240.039
$3,991,994
3,116,838
Crl 0.406
12,428,877
Crl9,014
12,741,491
Crl8,783
1,366,849
6.042,185
6,097,010
$4,032,125 $13,801,423 $13,932,634
Pref. divs. to public (full
div. requirements ap¬
plicable to respective
periods whether earned
557,259
217,490
235,946
Gross from railway—__
Net from railway
Net after rents
3,097,979
Cr4,382
1,488,756
Balance
i
1936
$173,559
66,723
65,989
1934
1933
$121,126
$104,388
34,592
50,175
24,976
44,703
or unearned)
applicable
minority interests
1,515,831
1,515,842
6,063,353
6,063,407
4,051
4,780
11,819
17,582
$2,472,112
$2,511,503
$7,726,251
$7,851,645
$2,472,112
5,607
Portion
From Jan. 1—
$2,511,503
30,933
$7,726,251
33,449
$7,851,645
$2,477,719
38,063
$2,542,436
24,015
$7,759,700
185,631
$7,947,963
194,059
340,330
340,183
1,356,104
1,356,031
to
Net
549,306
150,007
198,575
421,328
138,947
200,657
—V. 142, p. 2674.
(Tom) Moore
Registration—
Distillery Co.—Admitted to
equity
of Nat.
Pow. & Light Co. in
income of subs
Nat. Pow. & Lt. Co.—
Net equity of Nat. Pow.
&
Listing and
of
Light Co. in income
subs,
(as shown
above)
The New York Curb Exchange has admitted the common
to
1935
$1,862,665
Operating revenues
$19,561,903 $18,374,650 $73,416,994 $71,569,625
Oper. exps., incl. taxes. 10,983,674
9,878,049
41,140,604
38,922,451
common
par, to
Share
Changed—
—V. 142, p. 3005.
The
1936
$2,673,529
Gross sales
—V. 142, p. 2167.
966,169
555,236
247,112
Feom Jan. 1—
Commission.
period.
same
sheets
—V. 142, p. 3005.
The directors have declared
Exchange
Mehemed F. Agha, art director, has an option on 4,000 shares at $5 for
1933
From Jan. 1—
Net from
1934
$1,133,760
178,753
112,235
(Conde) Nast Publications, Inc.- -Options—Sells Pub-
19,130,245
3,322.372
638,974
—V. 142, p. 3515.
Net after
4,455,308
540,668
293,684
'Net after rents.
From Jan. 1—
1935
$1,139,689
160,869
90,411
1—
Gross from railway
Net from railway
1933
$5,968,131
914,000
213,477
27,517,869
5,973,248
2,420,924
Net after rents
1936
$1,154,534
134,430
64,395
after rents,
From Jan.
$6,672,719
1,233,460
340,944
Gross from railway
Net from railway
Chattanooga & St. Louis Ry.—Earnings.—
Gross from railway
Net from railway
$2,946
Missouri Pacific R R.—Rarnings.—
April—
no
Nashville
3002.
Gross from railway
Net from railway
stock,
April—
Net income before preferred dfvidends.
—V. 142, p.
common
stock, $1
par,
Other income
96,318
listing and registration.—V. 142, p. 3516.
Total income
Mother Lode Coalition Mines
Calendar Years—
1935
Oper. rev. fr. metal sales
Oper.costs applic.to sales
Income from sales..
$77,252
50,699
$123,532
1933
$212,892
1932
$274,760
taxes
Int. to public and other
other deductions
Balance carried to
con-
solid. earned surplus $2,099,326
$26,553
178
Other income
Expenses, incl.
Co.—Earnings—
1934
$328,948
205,417
177
$2,178,238
$6,217,965
$6,397,873
Notation—All intercompany transactions have been eliminated from the
Interest and preferred dividend decutions 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
applicable to
minority holdings by the public of common stock of subsidiaries. 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 porportion of earnings which accrued
to common stocks held by National Power &
Light Co., less losses where
above statement.
Total income
$123,710
18,043
Taxes
Shut-down
expenses
$26,730
7,291
&
other charges
31,170
15,029
General expenses
Net prof, before deple.
$105,666
loss$26,760
$11,155 loss$142,467
Balance Sheet Dec. 31
1935
Assets—
a Mining property
Copper on hand..
$477,272
149,573
1934
Liabilities—
$558,409
c45,823
Ore & concentrates
on
hand
&
in
on
Deferred charges
Total
a
656
978
554,892
1,500
-
1934
.
$1,422,267 $1,171,2261
After depletion,
income accounts of individual subsidiaries have resulted in deficits for the
respective periods.
$1,167,003 $1,136,003
Accounts payable.
125,719
2,453
taxes
18,067
7,275
Unpaid treatment,
refining and de¬
1,500
_
hand.
Cash
p.
7,977
1,646
323,459
Accts. receivable.
Materials
427
-
1935
Capital stock &
surplus
Accrued
109,821
359,559
transit
Metals sold
b
livery
charges..
111,476
Statement of Income (Company Only)
Period End. Mar. 31
Gross income;
From subsidiaries
25,000
Total income
Expenses, including taxes
Interest & other deduct's
Total
b Represented by 2,500,000
$1,422,267 $1,171,226
no par
The directors on
May 27 declared
dividend of 50 cents per share on the
1 to holders of record June 15.
of 1936. A special dividend of
$1 was paid on Jan. 2, last, this latter being the first distribution made since
June 1, 1932 when a dividend of 25 cents was paid.
A dividend of 35 cents
per share was paid on March 1, 1932; 50 cents per share in each of the
three preceding quarters and 75 cents per share quarterly previously.—V.
142, p. 1296.
a
surplus...
$7,188,624
96,318
$1,745,699
24,015
340,183
$5,838,720
185,631
1,356,104
$7,284,942
194,059
1,356,031
$1,381,501
$4,296,985
$5,734,852
Summary of Surplus for the 12 Months Ended March 31, 1936
Earned surplus, April 1, 1935
$7,280,765
Balance
stock, no par value, payable July
This dividend covers the first two quarters
from
statement
of
income
March 31, 1936 (as above)
common
$1,338,235
38,063
340,331
$5,805,271
33,449
30,933
Bal. carried to earned
shares.—V. 141,
2122.
Munsingwear, Inc.—50-Cent Dividend—
1936—12 Mos.—1935
$1,714,766
$959,841
Other.
494
Res. for shutdown
charges
1936—3 Mos.—1935
$1,332,628
5,607
_
Total
Dividends
Dividends
for
12
months
ended
4,296,984
$11,577,750
on
$6 preferred stock
on
common
stock
Earned surplus, March 31, 1936
1,678,284
3,819,281
$6,080,183
Volume
Financial
142
Balance Sheet
Mar.
Mar. 31 ,'36. Dec. 31,'35.
$
$
Assets
140,764,969 140,764,962
10,922,290
10.621,863
210,341
U. 8. Treas. bills
185,372
Time deposit —
2,650,000
2,650,000
31.'36. Dec.
$
Liabilities—
/
125,839,095
Capital stock. 125,839,095
Investments
x
Cash
31/35.
S>
6% gold debens.
181,533
185,781
7,406
—subsidiaries.
4,581
Accts.
18,391
accounts
115,107
419,574
419,574
payable.
Accrued
ot Blrm'm
500,000
500,000
stock
Preferred
div.
Electric Co
int.
on
for add'l
inv.
in
cash
junior
2,628,188
2,635,242
Special deposits.
375,000
285,000
secur.
Deferred charges
151,897
141,142
Electric Co
and expense.
.
Reserve
of Birm.
158,066,228
500,000
281,378
6,358,334
6,080,183
.
158,066,228 158,299,339
Total
158,299,339
500,000
281,378
.
Surplus
Total
Represented by:
Mar. 31, '36.
$6pref. stock (value in liquidation $100 a sh.)._ 279,716 shs.
x
Dec. 31, '35.
279,716 shs.
5,456,117 shs. 5,456,117 shs
Common stock
—V. 142, p.
237,500
312,500
long-term debt
Contlng. liability
disc't
Unamort.
payable..
15,000,000
33,684
129,774
Accr'd
.
Con ting, right to
receive Junior
sec.
debs.
series B
Accts. receivable
9,500,000
15,000,000
gold
5%
Accts. receivable
—others
9,500,000
series A
3352.
National Lead Co.—Initial Dividend on New Stock—
The directors on May 26 declared an initial quarterly dividend of 12 H
cents per share on the new common stock, par $10, payable June 30 to
holders of record June 12.
This is equal to the $1.25 per share previously
distributed each three months on the old common stock, which was recently
split ten-for-one.—V. 142, p. 3181.
National Radiator Corp. (Md.)—Earnings—
Gross
$143,184
183,085
general expenses—
$39,901
Operating loss before depreciation
6,709
Other income
Loss before other expenses,
$33,191
deprec. & int. on debentures
31,929
58,099
54,243
Other epxenses, incl. maintenance of idle properties
Allowance for depreciation of operating properties
Provision for accrued interest on
Loss, incl. prov. for int. on inc.
income debentures
$177,463
debs, issued or to be issued
a
Notes & accts .rec
$355,645
634,969
$149,139
513,575
196,875
1,170,286
40,099
26,249
188,960
1,371,438
40,099
Prepaid ins., &c._
27,240
N. Y. State High¬
way bonds
15,487
Note recelv. 1937.
7,000
Imp. bank dep.,&c
63,175
receivable
Inventories
Value of life insur.
to
exper.,
22,100
Accrued accounts.
Dec. 31 '35
$103,707
11,928
Prov.
agst.
1937..
Nat.
15-yr. 5% inc. deb 5,117,000
Deferred
195,127
5,047,996
Obllg. under reorg.
325,456
plan
122,950
2,311,488
2,000,000
c
340,216
251,000
255,725
251,000
255,725
63,794
681,090
non-Int.
notes, 1946
128,968
Oper. properties.. 2,268,138
b Non-oper. prop. 2,000,000
$7 pref. stock...
63,795
d Com. stock
e
(16) Western Massachusetts Companies, capital stock (no par), 8,607 shs.
(17) Berkshire Fine Spinning Associates, Inc., 7% cumulative convertible
preferred stock (par $100), 200 shs.; common stock (no par), 100 shs.
(18) Essex Co., capital stock (par $50), 176 shs.
The acquisition will be effected through the termination and liquidation
of New England Power Securities Co., a trust of which the Association is
the sole
535,305
Surplus..
New
England Power Securities Co.—To Be
See New England Power
Gross from railway
Net from railway
$6,932,544 $7,016,084
Total
claims and doubtful notes and accounts of $69,048
in 1936 and $65,428 in 1935.
b After reserves,
c Represented by 51,145
no par shares,
d Represented by 255,178 no par shares,
e Excess of book
value of net assets at Sept. 27,1932, over principal or stated value of secur¬
ities issued or to be issued thereagainst.—-V. 142, p. 2836.
.
a
After allowance for
Corp.—$10,000,000 Placed Privately—The
National Steel
corporation has sold $10,000,000 of tis first (collateral) mort¬
gage sinking fund bonds, 3%% series, to Kuhn, Loeb & Co.
and associates, who have placed the entire issue privately.
The bonds are to be dated June 1, 1936, and to be due
June 1, 1965.
The proceeds of the bonds will be used for
capital expenditures in connection with improvements and
additions to National's Great Lakes plant in Detroit.—
V. 142, p. 3181.
Nevada-California Electric Corp.—Wipes
Out Accumu¬
lations—•
$3.75 per share on the 7 %
cum. pref. stock, par $100, payable June 15 to holders of record May 25.
The company states that this dividend is in full payment of all accumulated
unpaid dividends on this issue.
See V. 142, p. 1128 for detailed record of
The directors on
May 21 declared a dividend of
dividend payments.—V.
142, p. 3181.
Nevada Northern Ry.—New
New Bedford
Operating
1936
$4,325,782
31—
■
Maintenance.
Prov. for retirements,
Commission
3006.
Gas & Edison Light Co.—Earnings—
expenses
renewals, & replacements of
fixed capital
Federal income taxes..
Other taxes
def33,859
261,693
def70,245
302,940
def53,395
defl03,442
Net after rents
defl51,200
defl36,556
1935
346,552
$4,155,229
1,771,323
300,359
296,310
105,529
666,747
322,420
147,252
645,233
1,906,168
Operating income
Gross income
unfunded debt
charged to construction—
Interest on
Interest
Balance of income
—V.
$1,004,473
11,654
$1,016,127
78,235
$968,639
8,140
1936
$219,098
121,969
Cr600
Cr 1,623
Net after rents..._
$939,515
$855,410
New Bedford Investors Trust.—Final Distribution—
March 2, last, notified holders of certificates of beneficial
interest that principal distribution of $31 per share was available at the
First National Bank of New Bedford.
If shareholders will present their
certificates of beneficial interest to the bank, unendorsed, they will receive
their checks and the certificates will be returned to them with payment
stamped thereon.
Upon final discharge of all the charges, taxes, and expenses, there will be
a further distribution approximating 50 cents per share which will be final.
Notices to shareholders to surrender to the depositary their certificates for
final payment will be sent out at the proper time.—V. 136. p. 1387.
The trustees on
New
England Power Association—Aciuisition.—
Commission has approved the acquisition
of all the assets of its subsidiary. New England Power Securities Co.J a
trust.
These assets consist of:
(1) New England Power Association $2 dividend cumulative preferred
shares (no par), 59 shs.; 6% preferred cumulative shares (par $100), 1 sh.
common shares (no par), 5 shs.
(2) Connecticut River Power Co., 6% cumulative preferred stock (par
$100). 2,245 shs.
The
Securities and Exchange
1934
$195,305
62,444
1935
$199,677
58,458
1933
$152,645
17,633
_
26,992
22,489
def28,638
728,845
161,285
740,439
174,037
28,061
19,860
518,145
defl4.264
defl89,996
From Jan. 1—
Gross
from
842,316
235,033
57,849
railway
Net from railway
—V. 142, p.
3354.
Ry. System—Earnings—
New Orleans Texas & Mexico
Operating re venues.....
Net ry. oper. income
—V. 142, P. 3517.
RR.—Earnings.—
New York Central
1935
1936
April—
$28,588,688 $25,169,292
7,020,154
5,783,735
3,391,596
2,449,336
Gross from railway
Net from railway
Net after rents
1 936—4 Mos.—1935
$4,724,311 $3,675,571
803,124
425,698
1936—Month—1935
$1,207,060
$939,942
178,802
112,643
1934
1933
$24,940,917 $20,403,720
6.549,672
5,023.691
2,587.045
1,420,162
1—
113.874,852 100,440,749 100,473,804
26,332,512
23,423,070 25,829,234
12,167,585
10,053,662
10,798,240
Gross from railway
Net from railway
Net after rents
82,593,236
19,225,949
4,815.423
—V. 142. p. 3354.
New York Connecting RR.—New Directors—
"W. Daniels and James Lee Loomis, trustees of the New
Hartford RR., have applied to the Interstate Com¬
merce
Commission for authority to serve on the board of directors of
Winthrop
York NeW Haven &
this company.
Earnings far April and Year to Date
1933
1934
1936
1935
$224,629
177,710
107,674
$209,057
167,800
95,483
$209,894
161,942
84,951
$221,745
181,082
113,598
941,931
748,000
476,277
935,118
730,943
460,439
967,629
782,893
495,244
938,838
768,616
466,909
April—
Gross from railway
Net from railway
Net after rents
From Jan.
1—
Gross from railway
Net from railway
'
Net after rents
—V. 142, p.
3006.
New York Chicago
'
April—
& St. Louis RR.—Earnings.—
1935
1934
1933
$2,634,918 $2,806,538 $2,202,432
767.733
961,563
653,897
427.860
548,547
275,699
1936
$3,311,031
1,262,059
817,100
Gross from railway
Net from railway
Net after rents
From Jan. 1—
_
12,989,785
4,570,561
2,832,684
—V. 142, p.
11,152.202
3,634,436
2,124,815
^
8,747,729
2,357,984
767,276
11,496,272
4,130,614
2,424,359
3181.
& Hartford RR.—Earnings—
1936—4 Mos.—1935
$5,911,209 $24,913,692 $23,005,825
1,483,047
1,616,747
5,214,330
5,974.011
432,53 1
709.557
1,189,323
2,474.138
New York New Haven
1936—Month—1935
Period End. Apr. 30—
Ry. oper. revenues.....
$6,376,369
Net rev. from ry. oper..
Net ry. oper. income...
*
Net def. after charges.
*
Before guarantees on
686,383
New York Ontario &
1935
1933
1934
$693,655
214,333
145,469
$701,929
141,512
51,959
$699,706
161,288
93,772
2,985,352
617,415
303,432
Net from railway
2,802,938
657,627
332,245
3,298,535
817,722
449,100
3,153,172
878,837
570,844
1—
Gross from railway
Net from railway
New
1,449,682
Western Ry.—Earnings.—
1936
—V. 142, p.
3,198,965
$703,918
170,902
93,264
Gross from railway
From Jan.
1 57.880
separately operated properties.—V. 142, p. 3007.
Net after rents.
141, p. 2442.
.
71,908
25,222
Net after rents
$976,780
329,105
defl0,190
defl05,520
RR.—Earnings.—
New Orleans & Northeastern
April—
Gross from railway
April—
Other income
def29,039
—V. 142, p. 3006.
Net after rents—
May 25 asked the Interstate Commerce
authority to serve as a director of this railway.—V. 142, p.
12 Months Ended March
Total operating revenues
def37,962
262,905
def23,533
Gross from railway
Erie V. Daveler on
on
def27,958
1933
$78,143
def6,068
■
From, Jan. 1—
Gross from railway
Net from railway
Net from railway
Director—
Liquidated—
Association above.—V. 142, p. 2836.
& New York RR.—Earnings.—•
1936
1935
1 934
$65,389
$66,171
$72,345
def6,587
defl7,900
defl3,263
Net after rents
From Jan.
$6,932,544 $7,016,0841
Total
Upon such termination and liquida¬
assets.—V. 142, p. 3353.
beneficiary and share holder.
tion, the Association will receive all of its
Period End. Apr. 30—
192,053
71,340
expenses
15,500
50,000
Rad.
7,500
63,194
&c.,
60 shs.
claims
for
Corp., &c
15,487
159,322
15,500
42,38
Comm. Inv. Tr.
cumulative preferred shares
Shares Trust, trust certificates
(10) Massachusetts Lighting Companies, common shares (no par), 247 shs.
(11) International Hydro-Electric System $3.50 cumulative convertible
preferred shares (par $50), 2,415 shs.
(12)Eastern Utilities Associates common shares (no par), 75 shs.; con¬
vertible shares (no par), 1,215 shs.
(13) Fitchburg Gas & Elec. Light Co., capital stock (par $25), 5,734 shs.
(14) Lynn Gas & Electric Co. capital stock (par $25), 515 shs.; voting
trust certificates representing capital stock, 1,654 shs.
(15) New Bedford Gas & Edison Light Co., capital stock (par $25),
Net after rents
notes rec. sold to
Notes pay.
& inv. in
affil. &subs
Def'd
$112,226
payable
Prov. for losses on
Oth. notes & accts
Adv.
Mar .31'36
Liabilities—
Accts.
shs.
Massachusetts Utilities Associates 5%
(8)
(expressed value $50), 15,760 shs.
(9) Massachusetts Lighting Companies
(common—no par), 28 shs.
Net from railway
Balance Sheet
Dec. 31 '35
Mar. 31'36
Assets—
Cash
1,018,154
New Jersey
profit before depreciation
Selling, administrative &
(3) Massachusetts Power & Light Associates, $2 dividend cumulative
preferred shares (no par), 8,528 shs.; common shares (no par), 6,398 shs.
(4) Haverhill Electric Co., capital stock (par $25), 60 shs.
t5) Rhode Island Public Service Co., $2 dividend cumulative preferred
stock (par $27.50), 1,784 shs.
(6) Narragansett Electric Co., 1st mtge. 5% bonds, series A, $2,500;
bond script, exchangeable for series A bonds, $345.
(7) Massachusetts Utilities Associates common voting trust certificates
(par $1) representing common shares of Massachusetts Utilities Associates,
April—
31, 1936
Earnings for 3 Months Ended March
3685
Chronicle
3007.
Electric & Gas
York State
Corp.—Delays Bond
Offering—
The company
has filed an amendment with the Securities and
Exchange
of its $17,500,000 4% 1st mtge.
The offering had previously been scheduled for June 1.
Commission postponing the offering date
bonds to June 15.
—V. 142, p.3181.
New York
April—
Susquehanna & Western RR.—Earnings.—
"
1936
1935
1934
1933
t
$273,126
74,610
20,671
Net from railway
Net after rents
From Jan.
Net after rents
$232,093
48,896
5,566
1,266,320
351,240
119,757
1,314,467
395,503
225,817
1,024,639
257,714
78,109
3007.
Noranda Mines,
The directors have
common
$296,830
79,275
33,431
1—
Gross from railway
Net from railway
—V. 142, p.
$312,988
92,976
44,654
1,249,251
377.680
185,631
Gross from railway
Ltd.—Increases Dividend—
declared a dividend of $1.25 per share on
33 to holders of record June 10.
stock, payable June
the non-par
This com-
3686
Chronicle
Financial
May 30, 1936
with
SI per share paid in December and June of
1935 and 1934.
During 1933 a total of $1.50 per share was
disbursed; 1932, $1.10: 1931.
50 cents and in $1930, $2.50 per
share.—V. 142. p. 351S.
pares
Norfolk Southern RR.April—
1934
$378,592
1,357,570
191,856
27,670
From Jan. 1—
Gross from railway
Net from railway
Net after rents..
1,466,160
1933
$399,869
110,458
52,023
541,501
255,909
50,916
Earns. per common share
1,204,355
def33,963
def233,586
-
105,378
New President-
67,198
13,541
Joseph Bowes was on May 26 elected President of this
company, succeedRobert W. Hendee resigned.—V. 142, p. 3518.
ng
Otis Elevator Co.—Receives Order—
The company has closed
contract with
a
calling for the installation of eight
Norfolk & Western
Period End. April30—•
Railway
2,941,115
2,319,955
8,345
$1,897,189 $10,309,328
294,376
715,233
$7,334,733
1,178,272
$2,149,506
funded debt
Net income..
$1,602,812
$6,156,461
—V. 142, p. 3007.
North Central Texas Oil
Co., Inc.
3 Mos. End. Mar. 31—
Net profit after charges,
$9,594,094
(& Subs.)-
1936
1935
for Federal taxes
Shares com. stk. (par $5)
$12,898
$11,515
250,000
260,823
$0.04
■Earnings
$8,607
outstanding
Earnings per share
—V. 141, p. 3389.
262,446
1934
1933
depletion, &c., but be-
$0.05
$903
$0.02
North German Lloyd—Bond Suit Dismissed—
Judge Galston has handed down in"U. S. Court,
Brooklyn, a decision
dismissing an equity suit to compel the North German
Lloyd to resume
semi-annual cash payments of $902,500 due its
American fiscal agent for
retirement
of bonds
still outstanding of its
original $20,000,000 issue of
20-year 6% sinking funds bonds, dated Nov. 1, 1927.
Holders of 87 % of these bonds in
June, 1934, assented to their readjust¬
ment, surrendered them, and received in
exchange new bonds of reduced
fixed interest, together with stock
purchase warrants.
The indenture covering 1927 issue
required semi-annual retirement of
$902,500 of these bonds.
Since the readjustment,
company has semi¬
annually deposited with its agent surrendered and now canceled
bonds of
$902,500 face value from those deposited with it in
June, 1934. The com¬
plainant contended unsuccessfully that these
deposits of canceled bonds
breach the indenture because they are
only worthless paper when so de¬
posited.
The suit
was
brought by Josephine M. Andrews,
of these 1927 bonds
on
owner of $3,000 worth
behalf of herself and others who did not
accept the
readjustment plan.—V. 142, p. 3518.
Northern Alabama
April—
Net from
1935
$57,856
24,097
8,175
railway
Net after rents
$43,870
11,456
def3,446
From Jan. 1—
Gross from railway.243,453
Net from railway
Net after rents.:
191,566
64,671
108,373
44,053
986
—V. 142, p. 3007.
1933
$40,895
9,500
$39,534
14,740
def 1,770
def 5,402
188,649
68,465
16,605
Net after rents—
1933
$4,429,000
633,735
399,768
$4,197,962
444,191
326,810
$3,835,611
458,207
279,996
$3,371,667
def76,696
def348,158
—V. 142, p. 3356.
Norwalk Tire & Rubber Co.
6 Months Ended March 31—
$82,222
100,923
:
14,552,738
11,739,969
2,052,058
def988,179
1,317,741 def2,047.417
The bonds are redeemable at the option of the
company in whole at any
or in part from time to time on
any interest payment date after 45
days' notice at the following prices and accrued interest: If redeemed on or
before June 15, 1938, 105%; thereafter and incl. June
15, 1940, 104K%;
thereafter and incl. June 15,1942, 104%; thereafter and incl.
June 15,1944,
103thereafter and incl. June 15, 1946, 103%; thereafter and
incl.
June 15, 1948, 10214%; thereafter and incl. June
15, 1950, 102%; there¬
after and incl. June 15, 1952, 10114%; thereafter and incl. June
15, 1954,
101%; thereafter and incl. Dec. 15, 1955, 1003^%; and thereafter without
premium.
A. G. Becker & Co., Inc., of New York
City, is the principal underwriter.
The price to the public, the names of other
underwriters, and the under¬
writing discounts or commission are to be furnished by amendment to the
registration statement.—V. 142, p. 3183.
.
Owens-Illinois Glass Co.—Listing—
The New York Stock Exchange has authorized the
listing of 63,380
additional common shares ($25 par) on official notice of
issuance pursuant
to the terms of an offer to
shareholders, making the total applied for 1,330,980 shares.
The company intends to offer to shareholders of record
June 5, the right
for one such additional share at $100
per share for each 20
shares held.
The right of subscription will expire'at 2:00 o'clock
p. m. Eastern Standard Time and 3:00 o'clock
p. m. New York Daylight
to subscribe
common
Saving Time, July 24.
agent, 100 Broadway, New York City.
The proceeds to be received from the sale of the stock will
be approxi¬
mately $6,000,000, (assuming a substantially 100% subscription) and will be
used for expanding and
improving the manufacturing facilities of the
company and its subsidiaries and for other corporate
purposes.—V. 142,
p. 3518.
'
-
Pacific American
$18,701
4,266
1935
$92,734
85,172
prof $6,654
3,353
prof$7,562
3,118
""
Net loss
$31,025
-V. 141, p. 4174.
Ohio Associated
Operating revenues
Uncollectible
Profit from other oper..
Sell, handling, & admin.
expenses
Depreciation
Prov. for Fed. inc. tax..
Net profit
^
662.225
193,267
222,894
80,000
1936—Month—1935
$57,149
$52,080
225
Net oper. income
-V. 142, p. 3008.
601
Feb. 29. '36
32,954
31,705
4,297
4,385
$19,585
$15,477
$223,829
1,192
131,535
17,540
$73,562
$206,504
2,322
125,283
17,188
$437,680
Feb. 28, '35
$143,935
Accts. & notes
250
rec.
841,273
188,351
2,942,737
1,936,844
on
next year's
pack
Cash surr.
Gross from railway
Net from railway
1935
1934
1933
Net after rents
$48,050
21,790
11,047
$29,217
9,544
From Jan. 1—
Gross from railway
$36,157
11,362
3,149
def29
$30,409
13,209
2,496
179,226
146,170
55,636
19,610
112,214
38,342
def79
112,541
43,245
2,425
Net from railway
Net after rents
—V. 142, p. 3008.
97,839
68,944
Old Dominion Power Co.
(& Sub.)—Earnings-
3 Months Ended March 31-
1936
Total gross earnings
ent company
Maintenance
Provision for retirement
Taxes
xl935
$178,235
Operation
Power purchased from Kentucky Utilities
Co., par¬
...■
Net earnings from operations.
Other income (net)
Net earnings before interest
Funded debt interest
General interest
Amortization of bond discount & expense.
Net loss before pref. dividends
Adjustments made subsequent to March 31,
41,951
$185,310
42,045
62,789
10,196
20,535
13.160
51.679
9,921
20,517
12.111
$29,602
222,830
Other
42.566
540,837
101,302
91,383
202,444
8,304
9,931
157
$29,632
36,562
$49,193
36,562
50,000
77,305
577,480
b200,000
50,000
investments
4,553
1,651
4,122,464
3,655,424
275,000
(atcost).
275,000
417
$9,479,942
$11,742
prof$7,414
1935, but applicable to
$7,398,3191
e
mtge. notes pay.
50.000
Mtge. notes pay'le
286,850
shs. of pref. stk.
Deferred credits.
Res.
1,050
2,120
_
for inventory
revaluation
...
100,000
5%
cum. pref. stk.
($100 par)
1,200,000
Common stock—fl,570,040 e4,648,605
c Treasury stock..
Dr 15,525
Capital surplus— 4,278,012
1,645,230
Earned surplus—
345,431
Total
Represented by 315,174 shs. (no par),
—V. 141, p. 3235.
$9,479,942 $7,398,319
f Represented by $5
par
shares.
Pacific Greyhound Corp.—To Cut Fares—
The company has filed with
the California Railroad Commission a
passenger fare reduction schedule, estimated to save
passengers $1,000,000
annually.
Rates are based on two cents a mile for travel not over 50
miles and scaling down to
1)4 cents a mile on trips 400 miles or over.
—V. 141, p. 3235.
Pacific Fruit Express
Co.—Earnings—-
[Union Pacific RR.
Calendar Years—
Revenues
.
Operating
revenue
50% of Capital Stock]
1935
1934
$16,411,376 $17,864,373
1,907
1,641
-
Gross income
$16,413,283 $17,866,015
659,830
940,637
3,531,927
3,159,366
94,139
82,596
Taxes
Other deductions
Balance to surplus
Surplus beginning of
Adjustments
Dividends
owns
$33,575,390 $34,767,638
17,164,014
16,903,264
Expenses and rents
821
4,395
di¬
b Cash deposited in escrow
under agreement for purchase of various
properties from Booth Salmon Co.
c Represented by 1,166 shs.
d After
deducting $2,436,595 for depreciation in 1936 and $2,222,967 in 1935.
Interest
4,395
&
rectors
215,896
d Plant &
equip..
Other income
the period beginning Jan. 1, 1935, have been given effect to in this column.
—V. 141, p. 3390.
538*082
85,358
Other accrd. liabll.
Prov. for red. of 10
escrow
Total
$175,000
404,645
Jan. 2,1937
Timberlands own'd
Tr-mks
Feb. 28, '35
$1,150,000
Instal. of purchase
supplies.
Cash in
Feb. 29, '36
payable
Notes payable
Accts. payable
Due officers
of
$49,036
30
86,500
$473,959 loss$797,176
Liabilities—
Loan
76,183
val.
officers' life ins.
See Cincinnati & Suburban Bell
Telephone Co., above.—Y. 142, p. 3182.
1936
221.166
Prov. for Fed. tax.
Canned salmon in¬
Adv.
$61,711
Oklahoma City-Ada-Atoka
Ry.—Earnings.—
533,715
171,975
240,033
$337,719
Telephone Co.—Cradle Phone Rate Reduced—
April—
572,140
179,255
735,025
150,820
206,443
15,400
Liberty bond
premiums, &c._
Oper. materials &
1936—4 Mos.—1935
1932
$2,658,923
2,510,375
Consolidated Income Account
Assets—
Cash
$2,886
Telephone Co.—Earnings—
oper. rev
Ohio Bell
$5,323
-
1933
$3,064,966
1,531,943
$4,150,880
2,705,470
$506,136
45,000
78,502
Other expenses, net
.
2.927,647
CY19.300
—Calendar Years—
Feb. 28, '35
Unexp'd insurance
Operating expenses
Operating taxes
x
"
ventories
Depreciation.
14Mos.End.
Feb. 29, '36
Sales of canned salmon..
$4,572,872
Cost of sales ,excl.of depr
1934
$107,588
100,934
$14,435 prof$10,007 prof$10,680
16,590
15,330
13,566
—
Period End. April 30—
Fisheries, Inc. (& Subs.)—Earnings
Consolidated Income Account by Stated Periods
U. S.
Operating loss.
Other income
\)4%
time
Preferred dividends
Common dividends
-Earnings1936
Gross profit on sales
Expenses
$13,000,000
mortgage sinking fund
bonds, series A, due June 15, 1956.
54,447
1934
15,081,127
638,335
130,778
Issue
According to the registration statement, the net proceeds from the sale
of the bonds will be used as follows: $11,044,050 will be
deposited in trust
for the redemption at 102%, of $10,827,500
principal amount of first
mortgage 15-year 6% sinking fund gold bonds, series A, due March
1,1941,
now outstanding; $503,566 to be
applied toward the payment of the balance
of taxes funded under agreements made by the
company.
The remainder
of the proceeds are to be used to increase working
capital. Accrued interest
in connection with the satisfaction of the above
indebtedness is to be paid
out of treasury funds, it is stated.
def23,253
1935
16,602,431
1,451,713
694,822
SEC—To
The company on May 27 filed with the Securities and
Exchange Com¬
mission a registration statement (No. 2-2194, Form
A-2) under the Securi¬
ties Act of 1933 covering $13,000,000 of first
159,083
1936
From Jan. 1—
Gross from railway__.__
Net from railway.*....
Loss
1934
Ry.—Earnings.—
April—
Gross from railway
with
Vi% Bonds, Principally for Refunding Purposes—
Year End.
Northern Pacific
Net from railway
Net after rents
Co.—Files
$200,000.
Subscriptions, payments, and transfers of warrants may be made either
at the office of the
company, Ohio Building, Toledo. O., or at office of New
York Trust Co., New York warrant
Ry.—Earnings.—
1936
Gross from railway
Steel
Otis
4
8,839,703
6,799,389
535,344
$2,328,300
178,794
Gross income.
on
2,051,335
1,590,267
306,922
12,411,319
10,098,483
210,844
Other income items
Int.
Ry.—Earnings-
1936—Month—1935
1936—4 Mos —1935
$6,843,315
$5,716,533 $27,920,857 $24,099,838
oper. revenues.
Stern Bros, department store
new escalators at cost of about
—V. 142, P. 3356.
_
Net ry. oper. revenues._
Net ry. oper. income
1936—12 Mos.—1935
$7,748,040
$6,757,622
2,750,148
~
~
2,300,439
988,341
439,930
$ 1.30
$0.30
435.234
$358,643
1,469,566
315,100
87,306
32,908
—V. 142, p. 3007.
(& Subs.)—Earnings—
1936—Month—1935
$1,022,636
$873,972
Net income
1935
$357,318
56,330
8,293
Net after rents
Period End. Mar. 31—
Operating revenue
Gross inc. after deprec--
Earnings.—
1936
Gross from railway
Net from railway
Oklahoma Natural Gas Co.
year
Balance surplus end year
$12,127,387 $13,683,417
9,120,254
12,967,577
CV288
Dr8,580
13,958,895
17.522,160
$7,289,034
$9,120,254
Volume
Financial
142
the
Balance Sheet Dec. 31
1935
Assets—
Cash in banks
1,589,418
450,955
__
held
3,311,938
by
605,065
6,244,232
161,872
Other cur. liabils
3,543",974
3,317,805
deprec.. 70,505,127
68,403,182
7,289,034
9,120,254
Deferred, &c
Union Pacific.
2,869,822
3,311,938
Res. for
Accounst receiv.
1,472,732
Surplus
Mat'ls & suppl's
1,390,841
1,896
2,943,523
1,479,560
1,484,160
Other cur. assets
Deferred. &c
Total
3,027",913
122,862,470 128,255,707
-V. 140, P.
24,000,000
16,339,000
24,000,000
Capital stock
Funded debt— 11,602,000
Accounts pay
667,738
Dividends unpd.
5,318,895
2,869,822
Sou. Pacific..
Cash
400
by
held
Cash
114,050,381
S
$
Liabilities—
Property inve8t.H0,862,879
Other investm'ts
1934
1935
1934
$
Tucapau properties has been received and the proceeds of this sale
together with an additional amount from the company's cash resources,
are now available for distribution of the first liquidating dividend, and the
amount of this dividend will be $17 per share.
Certificate holders, in order
to receive the dividend, must present their certificates to the Second
National Bank of Boston.
On
April 9 voting trustees advised the certificate holders that contracts
had been made for the sale of the Pelzer and Tucapau properties and that
it
was
expected the Tucapau sale would be completed early in May and the
Pelzer sale not later than Aug. 1.
The trustees estimated that complete
liquidation should yield approximately $35 per share, with a possibility
that the amount might be increased by an additional $2 or $3.—V. 141,
p. 4174.
Penn Central
1936
1935
$5,089,771
1,445,408
$4,879,796
419,126
Provision for retirements.
Federal income taxes
349,747
116,226
380,144
444,034
304,106
108,267
266,862
$2,379,118
$2,366,141
Twelve Months Ended March 31—
Total operating revenues
Operating
(& Subs.)—Earnings
llncluding Coast Counties Gas & Electric Co.|
1936
1935
$1,248,569
$1,111,936
437,406
3 Months Ended March 31—
Operating revenue
Operation
Maintenance and repairs
Depreciation and amortization
Taxes (other than Federal income)
478,136
40,365
Light & Power Co. (& Sub.)—Earnings
Maintenance
122,862,470 128,255,707
Total
2873.
Pacific Public Service Co.
3687
Chronicle
Other taxes
30,522
150,152
84,573
167,592
70,840
expenses
Operating income
44,973
11,853
327
62,783
$421,665
125,262
2,085
1,539
45,231
$362,348
53,296
Total profit
on funded debt
$247,546
53,296
$503,487
74,800
3,228
Interest
Amortization of debt discount and expense
Other interest and deductions
Provision for Federal income tax
Profit
_
Dividends
on
pref. stock of sub.
company
98,809
$2,424,091
1,265,250
$2,464,951
1,265,250
10,139
85,781
28,945
Other income
Gross income
Interest
$409,281
12,383
$491,634
Profit
Other income—rentals, interest, &c
on
funded debt
Interest
on
unfunded debt
17,695
85,781
8,370
Amortization of debt discount and expense—
Miscellaneous deductions from income
Cr857
Cr26
$1,047,851
$1,074,861
Interest charged to construction
Net income
—V.
142,
Penn
1,390,384
3010.
p.
Valley Crude Oil Corp.—Initial Class A Dividend—
The directors have declared
per share on
an
initial quarterly dividend of 12)4
the 50-cent cum. class A stock, no par value,
15.—V. 142, p. 3519.
cents
payable July 1
to holders of record June
$194,249
$309,051
Net profit
Pennsylvania Electric Co. (& Subs.)—Earnings—
-V. 142, p. 3519.
Pan American Petroleum
3 Mos. End. Mar. 31—
Consol.
net
loss
after
&
Transport Co.—Earnings
1935
1936
1933
1934
1936
Operating
x$30,099
$263,209
$1,245,194
Nil
$3,234,782
54,160
page
$3,288,942
meeting of the board of directors held May 20, Harvey D. Gibson
was elected to fill the vacancy in the board created by the resignation of
Percy H. Johston, whose resignation was announced.
The directors also announced the election of Stanton Griffis as a member
caused by
of the executive committee of the company to fill the vacancy
the recent death of Gerald Brooks.—V. 142, p. 3183.
on
Interest
on
Interest charged to construction
Balance of income
[Excl. L. I. RR. and B. & E. RR.]
Foreign exchange
Total profit
_______
Depreciation of plant & equipment & amortization of patents.
$2,807,200
119,344
$2,687,856
48.951
15,540
Balance.
investments
Miscellaneous other income
$2,752,347
Total
439,653
Provision for income taxes
Period End. April 30—
1936—Month—1935
Railway oper. revenues_$35,901,396 $29,388,792
Railway oper. expenses. 24,314,835
20,742,450
Railway tax accruals
2,288,800
2,180,654
Unemploym'tinsurance.
.
151,370
Railroad Retirement Act
530,772
Mines
&
Enterprises
Consolidated,
$2,312,694
$0.47
259,228
Ry. oper. income.
Merger with Araca—
Eendent mining engineernewthe United States, Mr. Patino, inultimately be
is policy of acquiring
of mining properties which would pursuance of
consolidated
with Patino. purchased a substantial interest in the Araca
property.
Furthermore, on the basis of an engineering survey. Mr. Patino
accepted exchange of Patino and Araca shares one for one.
Later it was found that Araca ore reserve was not so extensive as originally
believed, and Mr. Patino revised his acceptance of the exchange on a sub¬
stantially lower basis, and also stated his willingness to cancel the whole
transaction.
It is understood that banks which have been holding the
Araca shares, pending culmination of the deal, will be iastructed to return
the shares to the owners.—V. 134, p. 3357.
Pathe Film
Corp. (& Subs.)—Earnings—
Consolidated Income Statement Twelve Weeks Ended March 21, 1936
laboratory—Net sales
5,734
$36,358
79,456
11,549
Profit from laboratory operations
Income from film rentals (net)
(net)
$127,364
126,970
Total income
Selling, administrative and general expense
$393
Profit from operations
Non-operating income—Interest and discount earned
Dividends received from du Pont Film Manufacturing Corp.
Miscellaneous
Profit before interest and other items shown below.
Interest expense
Loss
on
Profit before providing for Federal income taxes
Profit for the 12 weeks ended March 31,1936.
-V. 142, P.
$42,277
$41,277
3357.
Pechal Development Co.,
See list
$40,656
1,620
1,000
Provision for Federal income taxes
Inc.—Registers with SEC—
given on first page of this department.
Pelzer
Mfg.
The company
Co.—Liquidating Dividend—
paid
a
liquidating dividend of $17 per share on the com¬
$5, to holders of record May 27.
state that payment for
stock voting trust certificates, par
a
$46,047
4,742
648
& Fed. inc. taxes
Proportion of loss applicable to minority stockholders
In
6,111
35,000
4,543
sale of capital assets
Profit before minority interests; share of loss
mon
$163,158
121,065
Operating expenses
Depreciation
Income from other operations
letter to certificate holders, the voting trustees
2,235,483
28,248
595,290
Company Only
1934
1935
1933
$23,476,055
6,645,457
3,333,259
1—
Gross from railway-133,585,536
At the proposal of Simon I. Patino, President of the company, following
discovery of a mutual mistake as to probable ore reserve of Araca Tin Mine
in Bolivia, and the delay in adjusting the matter due to misunderstanding
conerning certain facts by some of the minority stockholders, this company
will cancel the proposed consolidation with the Araca Mine.
The abandon¬
ment of the merger project was announced at the annual meeting of Patino
stockholders held on May 22.
The original agreement of 1932 (see V. 134. p. 688) explained that, fol¬
lowing an examination of the Araca properties by an outstanding inde-
Film developing and printing
i"
2,369,113
834,615
$35,816,508 $29,334,252 $28,915,888
11,609,630
8,651,553
8,129,533
7,776,548
5,618,544
4,959,172
Net after rents
From Jan.
633,907
1,066,657
$5,740,283 $21,461,092 $21,726,370
$7,743,228
1936
April—
Gross from railway
Net from railway
Inc.—
559,158
164,828
613,163
Equipment rents
Joint facility rents
Net
1936—4 Mos—1935
$133873,210 $117475,623
99,792,026 85,539,240
7,715.800
7,350,992
1,419
Uncollectible ry. revs
Earnings of
Net profit
Earns, per share on 4,891,373 shares capital stock (no par)
—V. 142, p. 2335.
-
Patino
$1,611,497
— -
Pennsylvania RR. Regional System—Earnings—
$2,801,127
6,073
To Abandon
55,081
Cr2,432
1935)
Amortization of debt discount & expense
Framings for 3 Months Ended March 31, 1936
Profit from operations
I
135,252
57,216
Cr5,671
$1,238,383
mortgage debt
convertible notes (retired in
unfunded debt
—V. 142, p. 1301.
(& Subs.)—Earnings—
Davis & Co.
on
Interest
Inc.—New Director—
a
on
1,815,620
152,909
166,708
Gross income
Interest
Income
$3,767,929
1,819,605
12,700
Operating income
Inc.—Registers with SEC—
of this department.—V. 142, p. 3518.
Paramount Pictures,
Parke,
$3,692,795
75,133
Nil
Nil
Other income
Paraffine Companies,
At
223,019
353,725
658,057
renewals & replacements
Other taxes
(par $5)
$0.13
x Before Federal taxes.—V. 142, p. 2679.
first
745,243
238,198
475,410
Provision for retirements,
of fixed capital
Federal income taxes
Earns, per sh. on 4,702,944 shs.
com.
stock
See list given on
$9,507,175
3,834,334
525,388
expenses
Maintenance
taxes, deprec., deple.,
&c
prof$607,844
1935
$9,690,734
4,382,896
834,057
12 Months Ended March 31—
Total operating revenues
92,814,574
Net from railway
Net after rents.
23,111,035
—V. 142, p.
117,266,770 113,937,069
34,164,861
31,964,228
30,437,345
21,577,151
21,325,516
19,638,708
11,529.319
3184.
Peoples Gas Light & Coke Co.—Bonds
Offered—Halsey,
Harris, Hall & Co. (Inc.), Brown Harriman & Co.,
Inc., Field, Glore & Co., Edward B. Smith
& Co., Lazard Freres & Co., Inc., A. Gr. Becker & Co., Inc.,
Lee Higginson Corp. and Blyth & Co., Inc., on May 27
offered at 97^ and int. $22,000,000 1st & ref. mtge. 4%
bonds, series D.
A prospectus dated May 27, affords the
Stuart & Co., Inc.,
following:
Dated June
1,
1936; due June 1, 1961.
Principal and interest. June 1
office or agency of company in Chicago or New York
Definitive bonds will be in coupon form in $1,000 denom. registerable as to
and Dec. 1. pavable at
principal onlv, and in fully registered form without coupons in denom. of
$5,000, $10,000 and authorized multiples of $10,000.
Coupon and fully
registered bonds are to be interchangeable.
Series B bonds will be redeem¬
able at the option of the company, in whole or in part, at any time upon
30 days' published notice at following prices and int.; on or
1941 at 104; thereafter and on or before May 31, 1946 at
and on or before May 31, 1951 at 102; thereafter and on or
1956 at 101; and thereafter to maturity at 100.
Issuance of these bonds has been authorized by
before May 31,
103; thereafter
before May 31,
the Illinois Commerce
Commission.
Company—Company is now the only public utility furnishing gas to the
public in the City of Chicago and operates under a non-exclusive franchise
without limit as to time.
It is engaged, under supervision by the Illinois
Commerce Commission, in the production, purchase, transmission, dis¬
tribution and sale of gas for residential, commercial, industrial and muni¬
cipal purposes, and also sells gas at wholesale to Public Service Co. of
Northern Illinois.
Since the introduction of natural gas in October, 1931,
the company has engaged in the sale of a mixed gas of 800 Btu. per cubic
foot to its general customers and of natural gas of about 1,045 Btu. per
cubic foot, on an interruptible supply basis for certain industrial purposes.
Natural Gas Supply—Company, Public Service Co. of No. Illinois and the
parent companies of Western United Gas & Electric Co. together have,
through intermediate companies, a 26.63% stock interest in Natural Gas
Pipeline Co. of America and Texoma Natural Gas Co., which companies
own and operate 24-inch pipelines which together form a continuous pipe¬
line from the Texas Panhandle natural gas field to Joliet, 111.
Through the
facilities of this pipeline and those of a subsidiary company, Chicago
District Pipeline Co., the company receives natural gas under a contract
expiring in 1946, or at the option of the seller, in 1951.
Property—The physical properties of the company consist principally of
five gas production stations, the most important of which is the Crawford
Avenue Production Station, having an aggregate daily manufacturing
capacity of 605,260 therms of carburetted water gas, 132,500 therms of
coke oven gas, and 50,000 therms of producer gas; 13 distribution stations;
16 gas storage holders; approximately 3,352 miles of transmission and dis¬
tribution mains, including a loop of 48-inch and 36-inch high pressure mains
encircling a large portion of the City of Chicago; and a 20-story office
Capitalization—The
subsidiaries at March
ment at
maturity,
on
consolidated
capitalization of the company and
reflecting the retire¬
$1,644,000 principal amount of bonds
31,1936 and after adjustment
May 1,. 1936, of
3688
Financial
of subsidiary companies, and to reflect the sale of the series D bonds and
the issue of promissory notes for bank loans, the
redemption of the series O
bonds and the payment on or before maturity of $4,188,000 Consumers
Gas Co. 1st mtge. 5% gold bonds, due Dec. 1, 1936, and
$9,904,000
Chicago Gas Light & Coke Co. 1st mtge. 5% gold bonds, due July 1, 1937
(funds for the payment of which last two issues, with interest to maturity,
less $33,000 thereof held on, and $96,000 acquired since, March
31, 1936,
by the company will be deposited) is summarized below:
Outstanding
Mar. 31,'36.
Underlying divisional bonds
,
$18,956,000
1st consol. mtge. 6% bonds, due April 1, 1943
4,798,000
Ref. mtge. 5% bonds, due Sept. 1, 1947
20,386,000
1st and ref. mtge.—Series B, 4% due July 1, 1981
15,000,000
Series C, 6% due June 1, 1957
18,659,000
Series D 4% (this issue)
Promissory notes due serially 1937-1942
—
— _.
Guaranteed
debt
of
bonds
mortgage
and
other
__
with Public
After
Adjustment
$4,864,000
4,798,000
20,386,000
15,000,000
subsidiaries
22,000,000
a7,500,000
7,426,500
—
5,782,500
66,442,100
66,442,100
218,500
218,500
..
a
Maturing as follows:
$1,000,000 1K% notes one year from date,
1,000,000 li^% notes two years from date, $1,000,000 2% notes three
years from date, $1,500,000 2}4% notes four years from date, $1,500,000
3% notes five years from date, $1,500,000 3% notes six years from date;
•«.
secured by the
pledge of $8,256,000 of Natural Gas Pipeline Co. of America
first mortgage pipeline and collateral 6% gold bonds, series A, due Dec.
15,
1946.
Earnings—The consolidated income accounts of the company and sub¬
sidiaries, show the following:
12 Months Ended—
Mor.31,'36. Dec. 31,'35. Dec. 31,'34. Dec. 31,'33.
$36,990,559 $34,649,434 $31,746,515
5,116,047
6,078,210
7,169,485
810,396
824,687
1,018,999
837,405
5,803,917
5,940,734
7,097,210
8,006,891
Total gross earnings
$37,890,130
x Net earns, from opers.
4,993,521
Other income
deductions
4,868,057
935,859
(net)
..
4,869,745
1,070,989
5,023,494
2,073,715
5,294,072
2,712,818
x After
deducting annual depreciation as follows:
1933, $3,021,682:
1934, $3,034,147; 1935, $3,174,477; 12 months ended March 31, 1936,
$3,251,636.
Annual interest
on
the consolidated funded
in
will use its best efforts to cause the issue, certification and
delivery of an
equal principal amount of refunding mortgage bonds due Sept. 1, 1947,
on account of the payment at maturity or cancellation of
the said divisional
bonds and that any of the said refunding mortgage bonds of the
company
so
and refunding mortgage as additional security, in order to
give the holders
of bonds issued thereunder, the benefit of the
lien, on a substantial portion
of the company's property, of the
mortgage securing said refunding mort¬
gage bonds to the extent of such bonds so pledged.
The mortgage permits, under certain conditions, the issuance of
additional
first and refunding mortgage bonds of series D or any other series for
various
purposes.
All series of first and refunding mortgage bonds are
equally
secured by the lien of the mortgage.
The mortgage permits the substitution, without
notice, of tools, machinery
and equipment of equal value and, as to other
substitutions, requires notice
only to the trustee and other showings specified by the mortgage.
Mortgage Debt Retirement Provision—A mortgage debt retirement provi¬
sion will be created under the supplemental indenture
whereby the
company
covenants so
long as any series D bonds are outstanding and provision for
redemption or payment thereof has not been made, to deposit with the
trustee on or before June 1, each year,
beginning with the year 1943 and
including 1960, cash equal to 1M% of the maximum principal amount of
series D bonds then
or theretofore
authenticated; provided, however, that,
under certain limitations, the company may deposit, in lieu of
any amount
of cash, series D bonds or certain
underlying bonds (as defined) or both, at
their principal amounts, and may take credit on future retirement
provision
requirements, for any underlying bonds, at their principal amounts, so
deposited; but the bonds so deposited, whether of series D or underlying
bonds, must have been acquired or paid or redeemed, as the case may be,
of moneys deposited with the trustee under
any provisions of the mortgage, or deposited with the trustee of any
underly¬
ing mortgage, and shall not have been used for the authentication of bonds.
or
use
Any cash so deposited will under limitations be applied to the purchase or
redemption of series D bonds.
Until all series D bonds have been retired or
provision made for their redemption
or
payment the company may not
issue any bonds or withdraw any moneys under the
mortgage for series D
bonds or underlying bonds acquired or deposited on account of the
Purpose of Issue—The estimated net proceeds, $20,655,000 (exclusive of
accrued interest), to be received by the company from the sale of the series D
bonds to the underwriters, after deducting estimated
of $300,000,
together with the proceeds of borrowings from banks evidenced by $7,500,000 of promissory notes and approximately $6,459,890 provided from
the company's current cash will be used for the
following purposes.
There
will be applied $19,778,540 to the redemption in lawful
money of the
United States on or before Aug. 1, 1936 of
$18,659,000 first and refunding
mtge. 6% gold bonds, series C, due June 1, 1957, at 105% & int.
There
will also be deposited with the trustee under the first and
refunding mort¬
gage $2,000,000 in cash to be applied to the payment of $2,000,000 of the
Consumers Gas Co. bonds, and with the trustee, in its individual capacity
as escrowee, $12,836,350 in cash to be
applied to the payment or purchase,
on or before maturity, of
$2,187,000 Consumers Gas Co. 1st mtge. 5%
gold bonds, due Dec. i, 1936, and $9,809,000 Chicago Gas Light & Coke
Co. 1st mtge. 5% gold bonds, due July 1, 1937, and to the payment of
interest maturing on July 1, 1936, and thereafter to maturity on all of
expenses
said bonds.
Underwriters—The
names
of the principal underwriters and the respective
by them
are as
Name and Address—
Halsey, Stuart & Co., Inc., Chicago
Harris, Hall & Co. (Inc.), Chicago
Brown Harriman & Co., Inc., New York
Field, Glore & Co., Chicago.._
Edward B. Smith & Co., New York.
Lazard Freres & Co., Inc., New York
A. G. Becker & Co., Inc., Chicago
Lee Higginson Corp., Chicago
Blyth & Co., Inc., Chicago
Information with respect to the underwriters
prior
the effective date and
will be considered thereafter only if given by a
who has previously received a copy of the prospectus.
The summary
a statement calling the attention of underwriters and dealers
to the fact that any use of such summary in connection with the offer
for sale of the securities prior to the effective date of the registration state¬
ment will be unlawful, and that subsequent to the effective date a
summary
may be so used only if accompanied or preceded by a prospectus.
The use of the summary during the waiting period is interpreted by
Halsey, Stuart & Co., Inc., as a distinctly forward step in connection
with the distribution of information on new issues.
The present develop¬
ment, which heretofore has not been used by underwriters and dealers
generally, represents a practical method of proceeding within the limita¬
tions of the Federal Securities Act with respect to the distribution of
information during the waiting period.—V. 142, p. 3519.
to
also contained
Pennsylvania Reading Seashore Lines.—Earnings.—
1936
April—
Gross from
railway.
_
...
_
Net from railway
Net after rents
...
follows:
$3,000,000
3,000,000
3,000,000
3,000,000
3,000,000
2,600,000
1,600,000
1,600,000
1,200,000
of Information Being Used—Halsey, Stuart & Co.
Summarizes Registration Statement—
A new form of information summary was used by Halsey, Stuart &
Co., Inc., for the first time in connection with the proposed offering of
19.35
1934
1933
$399,232
def47,679
def!87,677
$363,398
def50,770
def218,957
$103,333
def32,638
def81,757
1,479,276
def357,555
1,571,260
defl83,815
def806,847
defl45,944
From Jan. 1—
Gross from railway
Net from railway
1,574,662
defl49,593
def716,773
Net after rents,
def877.948
424,025
def336,788
—V. 142, p. 3010.
Petroleum
Exploration, Inc.—Extra Dividend—
The directors have declared an extra dividend of 10 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the capital
stock,
$'25, both payable June 15 to holders of record June 5.
par
Extra
dividends of
12H cents per share were paid on Dec. 15 1934 and on Dec. 15,
For detailed dividend record see V. 140, p. 4077.
1932.
Pere
Marquette Ry.—Earnings—
Period End.
1930—4 Mos.—1935
1936—Month—1935
$2,786,213
$2,294,804 $10,511,461
$9,155,624
892,644
549,087
2,721,365
2,285,028
656,287
357,469
1,837,427
1,479,344
39,460
20,139
208,167
159,359
April 30—
Operating revenues
Net operating revenue.
Net ry. oper. income
Non-operating income..
_
Gross income
$695,747
DeductionsNet income
•
$409,314
$377,608
297,241
$2,045,594
1,154,828
$1,638,703
1,196,950
$80,367
286,433
$890,766
$441,753
-V. 142, p. 2840.
Pfaudler Co.—Extra Dividend—
The directors
have declared an extra dividend of 50 cents per share
quarterly dividend of $1 per share on the common
stock, both payable July 1 to holders of record June 20.—V. 140, p. 4412.
in addition to the regular
Phoenix Hosiery
Co.—Earnings—
Calendar Years—
1935
Operating profit
Income charges
Depreciation for year...
Prov. for Wis umemploy.
compensation liability
Prov. for
Fed.
&
1934
1933
$948,732
166,704
345,466
$609,009
146,669
333,767
84,898
1932
$67,084
184,109
432,027
37,107
$496,465
168,726
327.453
State
income taxes
60,516
9,000
$291,147
86,538
$82,466
86,756
93,018
23.248
sur$204,609
1,290
$92,733
$572,299
Net profit
Divs.on 7% pref. stocks
Deficit
$285 loss$549,051
Consolidated Balance Sheet Dec. 31
Assets—
a
1935
mach. & equip..$3,
Cash
346,385 $3,374,359
523,326
326,984
34,238
914,469
827,908
38,935
29,499
6,665
accts.
receivable
Other accts. receiv.
Due from
Funds
employ.
Wis.
employ.
25",000
170,854
123,239
value
of
Prepaid
expenses .
Total
-
Res. for conting..
Surplus...
life
policy
Wis.
pensation Act.
116,195
insurance
under
Unemploy. Com¬
Comp.
Inventories
a
25,000
accrued..
taxes
Un-
Act..
Cash
payable
Fed., State & local
Notes
legal res've
under
1934
.
Res.
to
approp.
cover
1935
7% cum. pref. stk.$2 ,473,200 $2,473,200
500,000
7% cum. 2d pf. stk
500,000
b Common stock
875,000
875,000
Accts. payable,&c.
387.631
321,986
Acceptances pay'le
234,649
9,419
U. S. Govt, secs-.
Customers'
Liabilities—
1934
Land, buildings,
c
v
462,060
2, 069,156
16,011
116,195
100,000
2 .614,772
Treasury stock..
Dr4,100
35,340
100,000
2,410,164
Dr4,100
439,103
1,809,030
9,290
$7,493,202 $6,859,828
Total
$7,493,202 $6,859,828
After deducting $3,942,748 in 1935 and $3,590,846 in 1934.
b Repre¬
175,000 shares of $5 par, incl. treasury stock,
c Represented
by six shares ($100 par) 7% cum. pref. stock and 700 shares (par $5)
common stock.—V. 142, p. 3185.
sented by
Pirelli
Company of Italy—Earnings—
(All figures in Italian lire)
Calendar Years—
Gross profits on sales—
1935
1933
1934
1932
84,004,571
9,456,176
3,749,117
64,427,172
12,019,275
3,024,688
72,702,291
8,310,625
1,910,507
74.124,190
8,164,239
2,432,659
Depreciation...
97,209,864
32,691,362
14,985,515
10,069,014
10,263,774
79,471,135
30,008,040
8,545,061
7,987,057
6,842,516
82,923,423
31,052,283
8,065,132
8,313,788
7,252,410
84,721,088
31,245,870
12,809,176
10,532,048
7,383,803
Net income
29,200,199
26,088,461
28,239,809
22,750,191
Div. & int.
on
securities.
Sundryincome
Total income
Sell. & admin, expenses.
Taxes..
Interest & allowance
Balance Sheet Dec. 31
1935
Lire
Assets—
1934
Lire
Land, buildings,
machinery
&
equipment...
1935
Statutory
Securities
&
55,976,768
Extraord,
17,257,201
Premium reserve
969,249
in¬
Accounts receiv¬
new
shares
103,058,708
19,801,124
85,671,091
24,368,006
19,553,142
13,000,000
19,553,142
19,222,130
40,000,000
8,000,000
Res've for losses
on
credits and
investments-.
...242,318,404 233,758,507
Taken in securi¬
ties...
on
Res've for taxes.
...205,070,787 207,436,345
Notes receivable
8,685,815
8,110,231
Debtors for guar
Lire
200,000,000 200,000,000
res've 13,507,198
12,202,775
res've 40,000,000
5,000,000
.
59,382,625
77,221,730
vestments
able
1934
Lire
Liabilities—
Capital stock..
1,628,828
Inventories
Cash
Amount
$419,920
def3,485
def!53,579
Empl. pension &
44,696,508
discharge fund 48,241,953
Debentures
18,337,280
20,036,640
Accts. payable. 192,683,872 147,900,638
Credit for takenin securities..103,058,708
Credit for guar.
85,671,091
Surplus
New Form
1936
30,
mtge.
arrangements was not included, since,such data is not
operation
of the mortgage debt retirement provision.
amounts severally underwritten
ref.
determined until shortly prior to the effective date.
The summary carried
a superimposed legend stating in substance that the
summary is furnished
for informative purposes only and does not constitute an offer to sell or
a solicitation of an offer to buy the securities described.
A further state¬
ment in the legend is to the effect that orders will not be considered
be issued shall be pledged with the trustee under the first
without the withdrawal
newspaper prospectus.
a
and the underwriting
debt of company and sub¬
sidiaries, as shown in the above column "after adjustment," including
$176,250 annual interest on the $7,500,000 promissory notes, is $3,496,840.
Series D Bonds—The mortgage under which the series D bonds will be
issued constitutes, in the opinion of Cooke, Sullivan & Ricks, one of the
company's counsel, a first mortgage lien on the property purchased from
Chicago By-Product Coke Co. and is a direct junior mortgage lien on
substantially all the remaining tangible property and franchises of the
company now owned or hereafter acquired, subject to
(1) mortgages secur¬
ing $18,860,000 of divisional bonds (exclusive of $151,000 now held by
by the company of which $96,000 were acquired since March 31, 1936);
(2) the mortgage securing $4,798,000 first consolidated mortgage 6% gold
bonds (exclusive of $102,000 held by the company) which constitutes a first
mortgage lien on said remainder of the company's tangible property subject
to the liens referred to under (1); (3) the mortgage
securing $20,386,000
refunding mortgage 5% gold bonds (exclusive of $168,000 held by the
company) and certain of the aforementioned divisional bonds, which
constitutes a direct mortgage lien on said remainder of the
company's
tangible property subject to the liens referred to in (1) and (2); and (4)
taxes and assessment liens, easements and liens incident to construction.
The company covenants in the supplemental indenture dated
May 20,
1936, that, in connection with the retirement at maturity of $14,125,000
underlying divisional bonds through (a) the deposit of cash and (b) the
deposit with the trustee under the refunding mortgage or cancellation of the
underlying bonds of the same issues held in the treasury of the company, it
which shall
1st &
4% bonds,
series D.
The new summary represented an effort to place before the
investing public some of the more important information on a new issue
available on the filing date of the registration statement, in order to facilitate
the dissemination and discussion of such information during the interval
between filing and the effective date of the registration statement.
This summary included practically the same type of information required
Net earnings
Total interest and other
Net income
May
$22,000,000 Peoples Gas Light & Co. Co.
person
funded
Capital stock (par $100) issued 711,756 shares,
less 12,038 shares reacquired and 35,297 shares
acquired and held by Peoples Gas Subsidiary
Corp.—
Subscribed but unissued and (or) undelivered,
2,185 shares
Chronicle
Total
—V.
717,168,021 633,547,458
142, p. 2514.
19,801,124
29,762,614
24,368,066
26,118,598
Total
717,168,021
633,547,458
Volume
3689
Financial Chronicle
142
Consolidated Balance Sheet Dec. 31
Pierce Oil Corp.—Claim
the
Settled—•
announced recently
the United States
excess profits and war
Corp. and Pierce Petroleum Corp.
claimed against the former by
Oil
The Pierce
that
deficiencies
Bureau of Internal
Revenue
on
account of income,
Erofitbeen settled for aggregate amount ofto in Pierce Oil report for 1935,
taxes for 1918,1919 and 1920. referred $2,063,541, including interest.
part of the settlement, the claim of the Internal Re-venue Bureau
in respect to a transferee liability on the part of Pierce Petroleum, has been
dismissed, according to the announcement. The settlement was made with¬
As
a
prejudice to the rights of either corporation as against the other, ac¬
cording to the announcement.
It does not include the Bureau's
claim
against Pierce Petroleum as a taxpayer for 1927, 1928, 1929 and 1930.—
V. 142, p. 3520.
out
Net after rents
156,747
215,530
receivable
137,530
170,422
Accrd. interest
18,832
16,718
Contr. liabilities..
28,000
164,000
448,171
345,760
Fed., &c., taxes.'.
117,333
130,737
20,631
53,161
rec.
Unearned
buildings,
(not-current)
122,630
159,294
849.615
760,996
1,030,777
976,363
217,550
349,306
4,981,134
5,897,066
..
.
4,878,724
974,186
1,179,381
Gross from railway.
Net from railway
rents
—Y. 142, p. 3360.
Gross from railway.
Net from railway
...
...
defl2,421
def9,283
492,481
543,501
217,847
Res.
217,847
9,769,539
9,771,069
Def. from oper
836
has been called for July 27 to act upon
stock. Issuance of rights will
1934.
c
for uncollectibles
reserve
raising $1,014,000 new capital and a write-down of the plant account
to make it conform with present-day values.
The plan provides for a change in the $100 par value common stock to
common without par value but with a stated value of $10 per share and
increasing the authorized amount of common to 1,000,000 shares.
There
are 253,500 shares of common now outstanding.
It is proposed to offer common stockholders the right to subscribe to
101,400 additional shares at $10 per share on the basis of one share for each
shares held.
Any portion not subscribed is expected to be sold at $10
per share.
No change is planned in the preferred stock on which there is
the sale of the
common
stock, together with
treasury funds, will be used in payment for new equipment and other
properties betterments to improve quality of product and reduce operating
43,498,504 45,542,775
in 1935 and $945,854 in
1935 and $7,322,625 in 1934.
shares.'—V. 141, p. 3701.
of $939,163
required for these purposes within the next 12 months
$2,000,000, it was said.
of the common stock will create a paid-in
surplus of $22,815,000, against which it is proposed to charge off $7,311,036.
Nearly $5,000,000 eliminations from the property account will also be
charged against depreciation reserves.
Application to list the common stock on the New York Stock Exchange
is planned.
" '
Robert Calvert has been made Comptroller of the company effective
June 1.—V. 142, p. 470.
will
be approximately
The change in the par value
time," and approved the extension of time of payment for a period ending
not later than Dec. 31, 1937, of loans by the Reconstruction Finance Corporation to the company in the amount of $< i,475,207, maturing May 28,
1936.—V. 142, p. 3360.
PortoRican American Tobacco Co.
$108,731
77,436
$68,930
79,096
$30,594
77,600
$70,664
67,978
$31,294
x375,537
loss$10,166
xl37,501
loss$47,006
$2,686
308,357
,$406,832
5,839
287,195
1,678
$127,335
7,598
321,245
$212,647
35,435
338,257
$311,043
prof$H2,119
$201,507
$161,045
$102,787
Depreciation.
Operating px+ofit...
Other income
Total income
Other
Prov. for inc. tax
Net loss
Includes
$395
Interest
$56,134
60,366
5,255
13,000
$395
Total
Interest
_.
_
.
Legal and other
64,261
$65,390
5,278
16,750
$38,142
5,536
20,200
5,571
20,550
expenses
58,895
_
$81,383
£89,987
$87,419
$63,879
x
3,448
Notes pay., sec
Loans
U. 8. Steel Corp.
7,553
?
1,040,000
State taxes
407
Notes pay.
interest..
37.316
($4,227,678 in 1934).—V.
142,
4,302,366
Total.
16,856,962
p.
1934) per share,
16,860,366
or
$5,257,-
2001.
28,345,525
4,467,574
24,855,553
4,220,248
29,455,608
5,049,192
292,429
313,594
$1,142,075
340,225
$838,759
316,029
Drl32,2l8
$687,770
376,980
Dr202,323
cost
of
bonds
111,379
186,014
427,463
$560
701,280
1,084,062
43,735
$1,385,773
690,027
$1,208,584
702,222
1,080,415
$1,289,889
795,318
1,151,558
97,337
88,961
30,082
167,136
$1,925,854
$489,375
$604,136
Interest paid, net
Deprec., depl. & amort.
Prov. for Federal taxes._
on
1,068,091
28,068
Consolidated net loss.
Portion of net income ap¬
plicable to min. com.
and pref. stockholders
Net loss for the year.
_
215,549
271,956
261,406
291,360
$2,141,404
$761,331
$865,542
1936
1 500,000
1935
1934
$9,689,276 $12,575,573
9,487,543
11,631,826
$525,107
34,652
$201,' '33
37,J 121
$943,747
$559,759
(net)
164,862
Deprec., amort'n, &c—
261,371
Loss on sale of prop., &c. profl0,663
$239,554
180,314
284,184
15,222
29,821
98,557
$1,064,256
174,127
256,768
14,542
&c
Operating profit
Other income (net)
2,500
1,500,000
15,211
14,753
...20,988,440 21,307,114
__
Total income
Interest paid
Federal taxes
14,930
Minority interest
53,599
Consolidated net loss .prof .$75,660
Pressed Metals of America, Inc.—Registers
first page of this department.
120,509
Earnings for 3 Months Ended March 31, 1936
Net income after expenses, depreciation,
—Y. 142. p.
Provincial Paper, Ltd,
$0.86
,
Earnings—
1934
1935
Calendar Years—
1932
1933
17,603
$614,678
213,098
26,216
100,000
14,000
100,000
100,000
$376,890
245,000
100,000
$357,779
245,000
$250,163
245,000
$275,364
245,000
100,000
$31,890
$112,779
$5,163
def$69,636
$1.31
$1.12
$0.05
$0.30
$713,617
211,727
$694,614
212,835
6,000
100,000
19,000
Common dividends
Balance, surplus
$580,864
213,098
10,000
Total profit...
mtge. debt (net).
U. S. exchange thereon.
on
Prov. for doubtful accts.
Reserve
for
deprec.
of
building and plant...
Prov. for income taxes.
Divs.
.
income
on
pref. stock
'
Earns, per sh. on 100,000
shs. com. stk. (no par)
—V. 140, p. 3399.
Public Investing
Co.—Special Dividend—.
$426,672
182,157
Issue Sold
265,633
3,408
81,856
$368,544prof$521,699
the no par capital stock, payable June 15 to holders of record
A similar payment was made on Dec. 16, 1935, this latter being
on
Public
of
Service
Nil
Gas
Co.—$25,000,000 Bond
placed with insurance companies privately $65,000,000 3^%
$106,382
$0.48
Electric &
Privately—The company has sold privately a block
$25,000,000 30-year 3%% bonds.
Last year company
bonds.
The proceeds of the latest sale,
will be used to retire
$0.07
$97,353
taxes & other charges.
capital shares.:
3520.
$342,739
83,933
$8,822,342
8,479,603
97", 120
Nil
with SEC—•
share
May 29.
the first
dividend paid since March 15, 1932, when a regular quarterly distribution
of 20 cents per share was made.
The 20-cent rate had been paid since
and including June 15, 1931, prior to which latter date dividends of 25 cents
per share were paid each three months.—V. 141, p. 3548.
1933
Earns, per sh. on 1,075,-
100 shs. capital stock.
..20,988,440 21,307,114
Total..
The directors on May 21 declared a special dividend of 10 cents per
10,003,926
Costs, expenses,
129,998
1,293,400
See list given on
$1,115,483
$10,529,033
sales
68,049
1,,293,400
cos..
Surplus
Congress
.
Earnings for 3 Months Ended March 31
Net
22,144
18,862
payable.
payable,
Represented by 203,768 shares class A common (no par),
b Repre¬
sented by 200,000 shares of no par value (after deducting earned deficit
of $198,132 in 1935 and $602,889 in 1934).
c After depreciation of $947,825
in 1935 and $881,110 in 1934.—V. 142, p. 3520.
Net
sale & demolit'n
of property, &c
70,000
transit
Accounts
a
$824,123
Gross income
Loss
Dr207,907
pur¬
82,006
in
Accounts
15,248,214
of
Goodwill, <fcc
Int.
chased and retired
3,200
135,885
368,625
Sundry income (net)
Excess of par value over
5,200,000
4,891
-
Earnings per share on 112,989
264,968
Drl89,181
!_ 4,615,000
income.
Bank loans & drafts
«.
Cigar Co., Inc..15 ,138,771
2,500
73,369
206,754
misc. oper'ns..
4,397,110
2,861
Waitt
Deferred charges..
loss$157,234
on
2,861
Unearned
subsidiary
-
4 ,801,868
13,384
Stock
1935
1934
1933
1932
$31,096,826 $34,323,799 $30,206,990 $35,506,164
accounts receivable
Profit
-
—
10,188,400
2,540,570
stock
Bond, Inc
Cost of sales (exclusive of
deprec.,deple.& amort) 26,744,940
—
16,327
(& Subs.)—Earnings—
Sell., gen. & admin, exps.
Prov. for doubtful notes
—
2,540,570
Cap.
9,749,075
Market, value Dec. 31, 1935, $48.50 ($39 in
:
*
3,468
-
-
Inv. in other cos..
16,860,366
16,856,962
Sales, net
12,124
-
com.
6% bonds
-
3,168
employees
Notes & mtge. rec.
Total
Pittston Co.
-
139,400
6,890
5,821,200
Surplus.
Calendar Years—
»
592
7% preferred stock 5,821,200
stock— 9,749,075
x
-
240,982
70,000
(
231
Common
497
*
Inv. in own bonds.
&
35,586
(curr.).
Accrued interest._
Total
•«,
18,281
Cash in escrow...
27,500
payable
16,856,511
(at cost)..16,856,511
com.
Scrip
72,311
11,377
Deps., claims, &c.
$
1,150,000
Liabilities—
S
$
451
Prepaid
141,550
74,373
<fc
1934
1935
Assets—
Cash
122,566
rec..
b CI. B. com. stk.
Notes rec., officers
1934
1935
stk__10,,188,400
850,901
Cash
Balance Sheet as at Dec. 31
CI. A
a
Notes receivable..
Net loss
g
Liabilities—
$
763,046
612,204
Inventory
Cust's accts.
1934
1935
1934
$
683,962
Fixed assets
Accts. rec. sub. co.
in connection with pref
stkholders' litigation.
c
Other accts. rec—
_
60,502
353,328
Consolidated Balance Sheet Dec. 31
1935
Assets—
General expense
State taxes
x259,653
$370,557 in 1935, $120,000 in 1934, and $240,000 in 1933
$54,201
1,933
1
■c
deductions
Interest
1932
1933
1934
1935
Year—
1932
1933
1935
dividends received from Congress Cigar Co., Inc.
Pittsburgh United Corp.—Earnings—
Calendar
(N. J.) (& Subs.)—
1934
Calendar Years—
Profit before charges
x
Income—Dividends
Reconstruction Loan—
Pittsburgh & West Virginia Ry.
The Interstate Commerce Commission on May 27 found the company
reorganization in the public interest at this
"not to be in need of financial
The amount
costs.
732,543
b After depreciation of $7,772,089 in
Represented by 1,075,100 no par
of dividends.
from
5,848.722
4,403,726
Total
43,498,504 45,542,775
After
a
rearrangement of the company's common
5,854,358
732,543
6,668,296
surplus
result in
accumulation
8,001,050
16,126,500
Common stock.. 16,126,500
Appropriated surp.
913
Total.
The funds realized
8,122,496
stkhldrs. in sub.
c
184,880
Pittsburgh Steel Co.—To Increase Common Stock—
an
217,414
8,188,245
Equity of minority
def316
—V. 142, p. 3011.
A special meeting of stockholders
333,871
7,833,882
bonds
def 1,139
258,524
46,176
64,702
247,193
30,499
37,779
205,311
1,137
1,096
_
insurance
claims, &c..
Paid-in
Gross from railway.
a
for
959,100
374,644
1st mtge. and deb.
From Jan. 1—
Net from railway
Net after rents
290,310
due
notes
subseq. to 1936-
$42,675
$33,924
defl4,655
def9,294
$30,661
$36,469
def5,930
def3,738
.
Net after rents
Equip,
2,333,514
844,017
851,085
(not
Real estate mtges.
properties
1933
1934
1935
1936
April—
liab.
current)
Prepaid exps. and
deferred charges
Organization exps.
Goodwill
Pittsburgh & Shawmut RR.—Earnings.—
2,137,592
current)
Accrued
coal
anthra.
177,500
Notes payable (not
net
props.)
income.
Contract obllgat'ns
&c.22,755,099 23,572,001
of amortization.
of
100,747
Penn. comp.
Rights under lease
3,492,148
100,070
Accrued liab.under
L'seh'lds. (coal distrib.
552,459
law
&c
royalties
88,220
74,599
104,904
From Jan. 1—
Net after
57,505
equipment,
$895,242
2,188,064
922,959
427~ 823
Acer, wages, taxes,
Accrued rental and
(not curr.)
Sundry claims and
1933
$1,206,891
$1,153,769
151,249
190,291
$1,635,065
358,157
406,343
...
1934
1935
1936
April—
1,235,696
Others
custs.
b Land,
1,332,111
Accounts
Equip,
Notes & accts. rec.,
accts.
1,521,402
4,598,863
3,824,952
664,848
Invest, on deposit.
Pittsburgh & Lake Erie RR.—Earnings.—
Gross from railway..
Net from railway
Invests, at
payable-
4,085,579
3,471,290
cost...
642,161
receivable
Inventories
notes...
Notes pay.—banks
Notes and accts.
a
an
ave
2,300,000
1,526,818
42,459
securs
$
$
2,272,500
450,506
109,214
1,247,336
32,500
S. Govt,
U.
Liabilities—
$
$
1934
1935
1934
1935
Assets—
Cash
p.
3521.
on
with $1,000,000 of the company's cash,
bonds at 102)4.—V. 142,
July 15 $26,000,000 of 4%
3690
Financial
Chronicle
May 30, 1936
This property, comprising with prospective additions about
1,700 acres at Belvidere Mountain, Lamoille County, Vt., contains the
only operating chrysotile asbestos mine in the United States, and will thus
assure the company of a controlled domestic source of
supply of this im¬
annual report.
WE DEAL IN
REPUBLIC NATURAL GAS CO.
1st
portant raw material.
Consolidated Balance Sheet Dec. 31
Mtge. 6's Income Conv. 6's
due
1935
1954.
1528
Trade
accts.
notes rec.
Officers'
Walnut Street
1,000,311
798,040
16,886
17,032
Philadelphia
27,532
587,444
34,115
within
notes receivable
and
MarketaDle secur.
Corp.
of
America—Initial Pref.
Fed.
Dividend—
tax
cumulative
convertible
first preferred stock was declared
Board of Directors, at its regular meeting held
May 22.
The dividend is 87 }4 cents a share, covering the
period from
34,974
176",687
67,610
95,563
50,000
100,000
299,647
282,668
137,337
140,493
lia¬
2,344,072
1,416,771
1,781,966
1,119,627
563,652
9,377,558
228,354
9,236,444
Serial note payable
213,777
(not current)...
Res. for cout., &c.
Int. of minority in
bility
Deposit in connec¬
tion
Land, bldgs. and
a
on May 22 that
corporation's new
$3.50
50,000
101,135
inc.
Invest. & advances
David Sarnoff, President of the company, announced
initial dividend on the outstanding shares of the
the
50,000
em¬
Inventories
Radio
200,078
ployees' balances
Accrued liabilities.
.
$
300,503
one year.
Officers'
em¬
1934
$
Trade accts. pay..
Serial note payable
and
(net).
and
1,879,382
ployees' balances
Sundry accts. and
A. T. & T. Teletype—Phila. 22
1935
Liabilities—
1,507,558
Cash
YARNALL & CO.
1934
$
Assets—
con¬
tract of sub.cos.
equipment. &c__
Deferred charges.
with
_
by the
April 1,
50,000
1936, to June 30, 1936.
subsidiary co
Cap. stock (132,602
of the
shares, no par). 13,034,164 13,034,164
Earned surplus.
2.059,871
1,885,630
It is payable on July 1, to holders of record June 8.
Mr. Sarnoff also announced that more than 95% of the B
preferred stock
corporation has been deposited for exchange under its plan of re¬
..
capitalization.
In order to
give holders of the remaining unexchanged B preferred stock
an opportunity to receive the dividend on the
new first preferred stock,
the directors have extended the period for
exchange of B preferred stock
by fixing June 30, 1936, as the date to and including which this exchange
m!^
be made.
•
Richmond
to
1936e in exchange for B preferred stock will be
as soon as
Time for
The
possible after July 1.
From Jan.
1933
$4,450,862
1,497,389
1,107,331
$4,314,528
1,225,474
962,700
$3,453,045
957,189
687,956
19,530,905
5,632,988
4,227,817
Net after rents
1934
$4,948,600
1,612,017
1,159,180
Gross from railway
Net from railway
1935
17,537.917
4,941,070
3,797,909
19,590,773
6,801,006
5,254,506
14,909,961
3,906,786
2,823,656
1—
& Potomac RR.— •Earnings.
$608,176
206,644
113,830
$572,236
108,526
34,768
$574,727
174,333
85,646
2,378,088
539,845
249,054
2,305,669
545,245
238,101
2,223,259
591,407
248,772
1935
1933
1934
Valley Gas Co.—New Coupons—
The holders of first
holdere of
send the above securities
40 Wall St., New York,
mortgage 7% gold bonds, series A, and
certificates of deposit therefor are
requested to
to the Bank of the Manhattan Co., depositary,
N.
Gross from railway
Net from railway
Net after rents.
—V. 142, p. 2841.
Reed Roller Bit Co.—Admitted to
Listinq and Registration
Exchange has admitted the new common stock, no
The New York Curb
par, to listing and registration.
Income Account Year Ended Dec. 31, 1935
Gross profit on sales
$1,899,283
Operating expenses
1,154,442
Net profit from operations
Other income
$744,841
Total income
Other charges
Y., for stamping and having new coupons attached, in the case of undeposited bonds; for return of corrected bonds covered by certificates of
deposit issued therefor.
Necessary forms of transmittal may be obtained
at office of the company, 30 Broad St., New York.—V. 141, p. 2445.
Riverside Silk Mills,
Provision for Federal income tax
109,835
on
a dividend of 50 cents per share on account
the $2 cumulative class A stock, no par value, payable
July 2 to holders of record June 12.
A similar dividend was paid on April 1
and Jan. 2 last, Oct. 1, July 2 and April 1, 1935, as against 25 cents per share
paid on Jan. 2, 1935.
On Oct. 1, July 3 and April 2, 1934. 50 cents per
share was distributed.
Payments of 25 cents per share were made quarterly
from and including July 2, 1932 to Jan. 2, 1934.
Prior to July 2, 1932
regular quarterly dividends of 50 cents per share were paid.—V. 142, p. 1484.
76,512
15,898
Rutland
RR.—Earnings.—
April—
1936
$300,032
38,794
26,265
railway
Net from railway
$695,620
444,93s
$250,682
Assets—
...
$529,442
100,000
227,980
Trade receivables
545,052
Other receivables
7,985
Inventories
556,783
•
Accounts payable
11,682
109,835
Other taxes
800
par)
1,235,938
92,485
Fixed assets
1,372,444
From apprec'n of fixed assets
Intangibles........
1,866,101
From apprec'n of patents
Surplus from earnings
2,015,007
3,649
1,800,000
Joseph Lead Co.—Doubles Dividend—
on May 25 declared a dividend of 20 cents per share on
capital stock, par $10, payable June 20 to holders of record June 9.
This compares with dividends of 10 cents per share paid each three months
June
March 21,
20,
1934
to
and
1932; 25 cents
St. Louis-San Francisco
April—
Total
.$5,313,693
-V. 142, p. 3521.
including March 20, 1936; 15 cents paid on
share distributed on Dec. 21, Sept. 21 and
per
June 20, 1931 and 50 cents paid on March 20, 1931.—V. 142, p.
Net from
1656.
Ry.—Earnings.—
1935
1936
Gross from
$5,313,693
39,505
3,867
The directors
15,420
Total
999,470
the
from
Capital stock (197,750 shares,
Other assets
Deferred charges
St.
$136,782
Accrued salaries and wages
Federal taxes
no
railway
Net after rents
Liabilities—
hand
on
1,072,424
36,879
def28,187
1934
—V. 142, p. 3362.
Balance Sheet Dec. 31,1935
Certificate of deposit
Marketable securities
1,016,382
defl6,959
def80,021
'1933
$261,593
22,936
14,737
$271,451
27,983
.11,229
From Jan. 1—
Gross from railway
Net from
Balance..
1935
$276,316
17,445
78
1,042,347
def32,587
def79,155
Gross from
Net after rents
Net income
Dividends paid
Ltd.—50-Cent Accumulated Div.—-
The directors have declared
of accumulations
$821,353
.
Cash in banks and
$4,812,585.—V.
142,p. 3011.
Rio Grande
1936
1934,
1—
Gross from railway
Net from railway
Net after rents
—V.
Reading Co.—Earnings.—
16,209,344 15,941,178
$5,091,795;
2,642,797
540,112
179,121
railway
From Jan.
1935,
1936
$641,343
126,185
26,229
Net after rents.
has notified the New York Stock Exchange that it has
time for exchanging shares of its B preferred stock for first
common stock of the corporation to June 30.
See also
preferred stock and
V. 142, p. 3185.
Total
Fredericksburg
Gross from railway
Net from
Exchange Further Extended—
April—
reserves:
April—
company
extended the
16,209,344 15,941,178
a After
deducting
142, p. 3522.
(
The dividend on the first preferred stock issued after June 8 and
prior
June 8 and prior to July 1,
paid
Total
1933
1934
$3,654,166
535,098
227,664
Net after rents
$3,273,674
" 308,846
70,353
$3,081,191
362,740
45,737
$2,995,529
514.573
143,649
14,247,035
2,039,878
1,070,369
railway
railway
12,229,814
807,300
defl46,446
12,985,543
2,374,545
1,132,890
11,517,496
1,553,864
27,702
From Jan. 1—
Republic Steel Corp.—Accumulated Dividend—
Gross from
The directors have declared a dividend of $1.50
per share on account of
accumulations on the 6% cumulative prior preference, series A
par
stock,
$100, payable July 1 to holders of record June 12.
Similar payments
made on April 1 and Jan. 1, last, this latter being the initial distribu¬
railway
Net from railway
Net after rents..
were
tion
on the issue.
The stock being entitled to cumulative dividends from Jan.
now
$4.50 in
1,
1935, is
arrears.
Earnings
System
of
Period End. April30—
1936—Month—1935
1936—4 Mos —1935
Operating revenue
$3,817,749
$3,421,256 $14,867,552 $12,733,305
Operating expenses
3,319,626
3,140,733
12,984,491
12,111,143
Bonds Called—
The company has called for redemption on July
1, 1936, at 1023^ and
accrued interest, all of the outstanding assumed first
refunding mortgage
sinking fund bonds, series A and series AA, of Donner Steel Co., Inc.
Payment will be made on and after July 1 upon presentation at the office
of
The
Marine Trust
Continental
p.
Illinois
Co.
of
National
Buffalo; Bankers Trust Co., New York; or
Bank & Trust Co. of Chicago.—V.
142,
a$133,753
20,580
$35,480
$795,984 def$356,951
$5,258
$148,515
$30,224
$22,520
$28,401
3185.
Bal. avail, for int., &c.
Ruberoid Co.
(& Subs.)— Earnings—
Calendar Years—
Sales,
h
a$712,598 def$474,687
83,386
117,735
$5,818
Deductions.
$6,371
29,110
$154,334
Other income.
less
returns,
1935
allowances..$11,834,508
8,902,373
Sell., admin. & gen. exp.
2,284,660
After charges of $90,016 for April, 1936 and $213,037 for period Jan. 1,
April 30, 1936, for accruals for Federal Railroad Retirement Act of 1935
Unemployment Acts.
Other expenses for period Jan. 1, to March 31, 1935, included $211,413
a
to
1934
1933
1932
$8,572,303
6,333,370
1,752,110
( 57,053,034
$6,382,919
4,851,217
1,798,521
dis-
counts &
Cost of goods sold
$767,583 def$379,471
5,375,497
1,543,224
and Federal and State
for Railroad Retirement Act of 1934.
Would Sell Fort
m
■
Worth & Rio Grande Ry.—
The trustees in the 1935 annual report state:
Trading profit..
$647,475
$486,823
$134,313 loss$266,819
Add:
Fe
Div.oninv.inassoc.co.
32,543
Int.
mark, sec., &c_
011 sale of mar
40,205
ketable securities..
Miscellaneous income.
2,580
33,701
57",799
$756,505
$654,365
on
Profits
Total income
Loss
on
and
43,010
66,732
26,666
98,171
134", 917$394,067
24,162
111,835
70,299
loss$60,523
disposal of mach.
equipment
Interest paid
Loss on sale or redemp.
of marketable
Prop'n of sub. cos.profits
applic. to min. interest
earns.
based
56,164
90,810
44,983
44,521
13,040
20,688
7,472
31,012
5,136
107,239
58,000
27,754
112,613
31,532
84,574
25,406
9,989
10,205
7,548
10,159
$505,746
132,602
Net profit
Shares outstanding
Per share
87,385
8,851
secur..
Miscellaneous deductions
Prov. for Fed. income tax
$415,807
132,602
877
$146,969 loss$220,069
132,602
132,602
stand'g at end of period
$3.81
$3.13
$1.11
Nil
Asbestos Mine Acquired by Subsidiary—The acquisition by a subsidiary of
a
Vermont
corporation,
which will have sales offices at 500
the stockholders in the 1935
Fifth Ave., New York City, was reported to
Ry.
oper. revenues
Net
rev.
from ry. oper._
Net ry. oper. income
Non-operating income.
Gross income
Deductions
Net deficit
-V. 142, p. 3522.
_
Lines— -Earnings—
1936—Month—1935
$1,471,505
$1,360,115
404,790
456,057
143,579
252,920
5,161
6,562
1936—4 Mos.—1935
$5,995,740
1,975,996
1,014,281
25,318
$5,205,636
1,716,530
947,735
26,885
$148,741
270,163
$259,483
265,484
$1,039,599
1,187,283
$974,621
1,049,544
$121,422
>,001
$147,683
$74,923
Safeway Stores, Inc.—Sales—
Jan.
the company on Feb. 5, 1936, of the mining properties of the Vermont
Asbestos Corp., located at Eden, Vt., through the Vermont Production
Inc.,
St. Louis Southwestern Ry.
Period End. Apr. 30—
4
on
number of shares out-
Co.,
Negotiations are under way
Ry. to the Atchison Topeka & Santa
Ry for $1,519,325, subject to the approval of the Court and the Inter¬
state Commerce Commission.
The property to be sold comprises about
216 miles of line situated in Texas, excluding certain terminal property in
Fort Worth, and certain lands which will be retained.—V. 142, p. 3522.
to sell the Fort Worth & Rio Grande
Weeks Ended—
25
Feb.
22
Mar. 21
Apr. 18
May 16_
1936
1935
The company had 3,370 stores in operation on
3,254
a year
1934
1933
$23,106,110 $18,842,638 $16,486,586 $14,995,855
23,470,722
20,281,505
17,508,289
15,375,857
24,776,706
20,770,761
17,810,088
15,885,573
25,100,634
21,321,010
17,630,191
16,256,401
25,441,542
21,477,565
17,981,737
17,203,321
ago.—V. 142, p. 3012.
May 16, 1936,
as
against
Volume
Financial
142
Sangamo Electric Co.—To Redeem Preferred Stock—
Preforr«?n«SS.y» ? ??l!ing Jor Payment on July 1, 1936, 1,288 shares of Its
the balanno
i
and accrued dividends. Amount called represents
stockhnfrtfira «r Preferred shares outstanding after the offer to preferred
DreferrflH
The
exchange of 2^ shares of common for each share of
shares of mlmn^painy 5*entire capitalization will consist of 138,999
«
142, p.
stock after remaining preferred has been retired.—V.
3012^^
Schulte Retail Stores Corp.
(& Subs.j)—Earnings—
Consolidated Earnings for Calendar
$5,027,016
120,324
bl934
$5,660,922
119,239
$5,275,918
111,213
884,405
$706,522
before
oper.,
Loss
(rents
real
on
depr.
$962,975
on
real
oper.,
5,377,284
5,803,237
6,127,708
Schulco Co., Inc.,
dept. exps. &
358,327
91,104
655,716
111,495
deprec__l
sees. rec. from
Overholt Distributing Co., Inc
Less book val. of
inventory in stock'of
Overholt Distributing Co., Inc
178,945
95,614
4,305,191
1,837,500
Total
$2,467,691
Diff.
between cost & face val." of
Schulco Co., Inc., bonds purch. &
retired
&
retire,
of
Liq. div.
on
Profit
s.
sale of securities.
stock of Geneva
47,447
Merchandise inventories
165,333
5,833
815,167
13,988
8,743
"
II111
Salaries of officers
"
Salaries—other
«;
Other expenses
Central Manhattan
Properties,
stock written down to $1
on sale of 30,000 shs.
175,000
7,483
16,939
18,885
$770,407
224,460
320,175
555,839
I
Total income
$572,753
188,838
294,946
524,383
13,477
102,050
17,015
Preferred stock
Common stock (6,400 shares)
Land and buildings.
164,401
296,662
494,443
76,950
24,660
456,531
8,290
3,724
19,675
Schulco Co., Inc., bonds &
Huyler's of Del., Inc., pref. stk.,&c
Real estate mortgages payable—On
d
banks written off
res. for reval. of invests.
real estate
Other deductions
Chgd. to
3
on
stores
117,279
10,410
2,604
144,060
51,638
closed.
146,160
58,867
9,956
24,410
inc.,
Schulco Co.,
guar.
for
stores
118",276
9,229
146,160
63,252
11,682
178,847
179,607
181,792
275,289
276.640
278,092
located
6% pref. stock ($3,000,000).
No deduction has been
in Schulte Real Estate
Co.. Inc., and Central Manhattan Properties, Inc., as these investments
c
each.
Stern, Porter, Kingston & (Joleman, accountants, report in part as follows:
During the year one of the properties owned by Schulco Co.. Inc., was
sold and pursuant to the terms of the indenture securing the Schulco Co.,
Inc., bonds (issue dated July 1, 1926) there was deposited with the trustee
$437,500
in cash.
Of this amount $232,770 was expended during the
in the purchase of $421,000 par value of these bonds, which were
retired, leaving a balance in the hands of the trustee at Dec. 31, 1935. of
$204,730, which is to be similarly applied.
year
The company, through a subsidiary, owns a majority interest in Schulte
Real Estate Co., Inc., common stock which is stated in the accounts at $1
and also has an investment in the
6% (gold) notes of this company, which
Seaboard Air Line Ryv
Net after rents
Earnings.—
1935
1934
1933
$3,435,045
669,519
299,236
$3,405,943
1,339,547
$3,279,807
791,472
390,936
$3,051,213
857,121
500,530
12,593,658
3,030,036
13,272,820
3,268,411
1,601,152
11,662,742
2,583,491
1,099,640
933,999
1—
'
Seaboard
955,460
1,543,580
Commercial
future.
The company also owns a
majority interest in Central Manhattan Proper¬
ties, Inc., the greater part of which was acquired in exchange for Schulte
Retail Stores Corp. pref. stock through the exercise of options which were
granted in 1933 to the class A stockholders of the former company in
connection with a modification of the lease rentals of properties owned by
that company.
Income of this company is represented solely by lease
Stores Corp., and is
approximately equal to the fixed interest charges and other cash expenses.
This investment has been written down to the nominal value of $1.
paid by Schulte Retail Stores Corp. during the year (excl. of the dividend
quarterly dividend of 13 %
the 5M % cumulative preferred stock, par $10,
holders of record June 20.—V. 142, p. 2684.
to
share
on
cents
payable June 30
Sears, Roebuck & Co.—Sales—
1936
1935
1 934
1 933
..$25,541,825 $23,147,066 $20,395,895 $15,826,847
33,965,053
29,007,986
22,362,353
14,215,630
36,034,157
31,435,278
23,731,274
18,519,608
41,450,978
32,171,804
27,485,073 21,050,502
4 Weeks Ended—
Mar. 26
Apr. 23
May 21
—V. 142, p.
3012.
Sharon Steel Corp.
(& Subs.)—Earnings—
(Formerly Sharon Steel Hoop Co.)
31, 1936
Earnings for 3 Months Ending March.
Gross sales, less discounts, returns &
$4,502,237
3,825,513
214,228
251,054
14,048
allowances
Manufacturing costs
Provision for depreciation
Selling, general & administrative expenses
Taxes, other than property and income
*
3,125
18,000
Provision for service contract fee
Provision for doubtful accounts
Balance
_
Other income
...
bonds—
on
Other interest
Provision for Federal & State income taxes
Net
$212,615
profit.
—V. 142, p.
3187.
Shattuck Denn Mining
Years End. Dec. 31—
Gross income
Adm. exp., tax. & int
Deprec. and depletion._
Inventory adjustment-.
Net
$176,267
119,389
$295,657
76,260
3,279
772
2,729
Total income.
Interest
Amortization of bond discount & expense
Corp.—Earnings—
1935
$119,426
1934
$44,350
110,463
93,400
81,986
42,499
..— .
1933
$26,225
34,517
37,985
Cr142,768
$80,135prof$96,491
$84,436
loss
1932
$31,839
38,289
39,740
$46,189
Balance Sheet Dec. 31
subsidiary of Schulte Retail
The company through a subsidiary also owns a majority interest in
Geneva Corp.
This company was organized in 1933 to acquire and
liquidate certain assets previously owned by distilleries in which such
subsidiary had a stock interest.
This investment has been stated in the
accounts at $1.
A further liquidating dividend was received in 1935,
and minor additional distributions in liquidation are anticipated.
Marketable securities are stated at cost, except that the investments
in Schulte Real Estate Co., Inc., common stock, and in Huyler's of Del.,
Inc., common stock are stated at $1 each.
Investments in stocks of
"other affiliated companies" not listed on recognized exchanges (other
than Geneva Corp. stock) are stated at the net asset value thereof as
shown by the balance sheets of the respective companies.
Dividends on Huyler's of Delaware, Inc., 7% preferred stock are guaran¬
teed by Schulte Retail Stores Corp., the guaranty having been modified
by agreement to which over 88% of the holders thereof have assented
providing for a reduction in the guaranteed dividend payable during the
years 1933 to 1937, incl., from 7% to 4% per annum.
The amount charged
against operations for the current year represents the guaranteed dividends
Corp.—Initial Pref. Dividend—
The directors have declared an initial
per
Schulte Real Estate Co., Inc., is in reorganization under
Section 77-B; consummation of the plan of reorganization is anticipated
b After
After de¬
d Represented by shares of $1
13,438,389
2,476,569
Gross from railway
Net from railway.__.__
is stated at cost.
a
$21,778,944 $23,809,569
preciation of $263,554 ($267,672 in 1934).
par value.—V. 142, p. 3012.
have been written down to the nominal value of $1
rentals received from
5.588,916
1,884,450
4,446,000
9,425,000
1,138,711
133,381
1,322,499
After depreciation reserve of $1,696,455 ($1,583,414 in 1934).
for depreciation of $1,573,899 ($1,548,644 in 1934).
c
in
made for the loss applicable to the co.'s investments
near
_
Total
a
$l,407,372prof$187,341
reported by other independent accounts, was $1,347,399 ($722,169 in 1933)
before providing for depreciation and for interest on the co.'s
6% gold
notes ($6,147,000) accrued but not
paid.
No dividends were paid in 1933
in
__
—V. 142, p. 3523.
company-operated buildings,
computed at percentage of store sales,
b No deduction has been made
for the loss applicable to the
co.'s interest in Schulte Real Estate Co.,
Inc., as this investment had already been written down to $1 at Dec. 31,
1932.
The loss of Schulte Real Estate Co., Inc., for the year 1934, as
the co.'s
5,217,266
1,965,500
4,025,000
9,425,000
_
Schulco Co.,
1,138,711
Net after rents
6^ %
$1,265,544
rents
45,000
123,641
504,988
4,159
2,588,043
Feb. 26.
mtge. sink, fund gold bonds.
Net loss for year
45,000
164,739
525,374
4,537
_
88,267
Huyler's of Del., Inc.,
jpar.^pref, stock (incl. div. payable
on
346,849
reserve
11,945
107",887
buildings—other
Fixtures written off
1934
315,013
133,381
Deficit.
Cr3,000,000
Depreciation—On store fixtures
On machinery &
equipment
On bldgs.—Schulco Co.,
Inc., prop.
or
14,502,431
474,750
7,555
362,008
Capital surplus
&
_
Including
304,707
'
Common stock
25,080
50,847
45,407
Cash in closed
a
234,390
42,943
42,943
13,803,289
373,752
12,838
--
stock, under modification agreem't pay. Jan. 2.
Deferred liabilities.
Gross from railway
Net from railway
ments re
on
131,462
233,310
—
1
From Jan.
rental agreements,
guarantee agree¬
Int.
67*;765
1,949,832
1930
101,953
equity
Divs. paid on
100,000
2,345
2,827,964
Total...
$21,778,944 $23,809,569
Liabilities—
Accounts payable
—
$1,402,680 $1,485,513
218,003
Interest on mortgages, real estate taxes, rents, &c_
192,447
134,306
Interest on Schulco Co., Inc., 6^% bonds—.—
127,351
Dividend guaranty on Huyler's of Del., Inc., pref.
3.001,721
investments
applic.
to
stocks
owned of affil. cos.
(net)
Exps. in connection with modified
On
-
Stores, fixtures and improvements
Machinery and equipment
Unexpired insurance, rents paid in advance, &c_.
Expenditures re reductions of rentals & guarantees
$2,542,608
Inc.",
Schulte
Real Estate Co., Inc., pref. stock.
Loss on sale of real estate & real
in
45,000
391,905
27,340
Investments
Schulco Co., Inc., 6H% bonds due July 1, 1946,
purchased (par $190,000) at cost
Schulte Retail Stores Corp. stock purchased:
Loss
Dec.
-
Inc., properties
On other properties
Schulco Co., Inc., guar. 6J^s
8% preferred stock
f.
Corp..
Dividends received
Miscellaneous
estate
215,786
45,000
434,566
19,643
100,000
1,579
2.747.222
204,730
55,295
1.589.223
Accrued interest receivable
Reserves—Unredeemed coupons
Federal income tax on def'd instal. sales profits.
Schulco
Co., Inc., quar. 6M% mtge.
gold bonds (net)
on
206,188
c
$972,434
Proceeds from sale of
sales
1934
$2,079,240
Goodwill
Net loss, before
deducting
Other Income—
on
1935
$1,289,645
Deposits with trustees of Schulco Co., Inc., bonds
for interest on mortgages and bonds, &c
Deposit for payment of guar. div. on Huyler's of
Del., Inc., pref. stock, payable Jan. 2
Accounts and notes receivable (less reserve)
Due from affiliated companies
Claims for refund of N. Y. City taxes
b
$750,423
$833,686
Subsidiary)—
Sales
I.
Profit
Consolidated Balance Sheet Dec. 31
Assets—
a
est.
bldgs. (deducted below)
Wm. Demuth & Co.
(100% Owned
Del., Inc., preferred stock held.
The company has an option to acquire
additional shares of its preferred stock in excess of the number of
now owned by it which may be required to satisfy the above options.
Cash
6,775,672
beforei
on
of
Deposit with trustee of Schulco Co., Inc., bonds
Mortgages receivable
taxes" i"nt~.
paid,
estate
deduct, int.
bonds,
$1,195,972
de-
Real Estate Operations—
Expenditure
1,938,892
1,271,574
1,213,690
expenses
stores
on
2,022,043
1,462,094
1,100,051
5,823,145
Profit
$5,387,132
1,902,333
stores
$5,780,160
4,989,459
Other
Eurchase at any time prior toat $50 31, 1937, one share share of Huyler's
Dec. per share for each of Schulte Retail
tores Corp. preferred stock
bl933
$5,147,341
Stores expenses:
a
Stores rents
Jan. 2, 1935, and incl. the accrued dividend payable Jan. 2, 1936)
at the rate specified in the modification agreement, viz., 4% per annum.
The liability in respect of guaranteed dividends at Dec. 31, 1935, has
been set up in the accounts to the extent only of the rate guaranteed under
the modification agreement.
At Dec. 31, 1935, the company owned 7,777 shares of its preferred stock.
Holders of Huyler's of Del., Inc., preferred stock who had assented to
the modification of guarantee agreement have been granted an option to
on
shares
—$22,677,054 $24,766,175 $25,613,328
17,650,037
19,105,254
20,337,409
Telephone income.
paid
any
Years
cl935
Stores Operations—
Cost of "safeT
tof sales
3691
Chronicle
1935
Assets—
x
1934
y
Mines, plant,
equipment,
&c'J>6,483,665 $6,550,335
1935
Liabilities—
1934
Capital stock...$3,994,095 $3,994,095
Notes
accounts
&
253,838
payable
230,561
17,626
17,647
U. S. Govt. sec...
211,439
211,651
Accrued
taxes
9,281
Accts. receivable..
15,753
71,376
Accrued
payroll..
6,891
3,083
5,089
4,730
Paid-in
surplus.4,318,111
4,318,111
Total
$8,587,306
$8,551,391
Cash..
2,287
Ore in transit
Unsold
copper
hand
Mat'ls &
Reserves
on
541,738
...
61,163
supplies.
38,500
Investments
811
373,858
78,300
38,500
Deferred charges..
186,883
201,057
Deficit from oper.
1,030,537
1,006,380
Total.
$8,587,306 $8,551,391
After depreciation and depletion,
value.—V. 140, p. 3734.
x
Shell
Union
Oil
y
Represented by share of $5 par
Corp.—Resumes Preferred Dividends—
Directors on May 26 declared a dividend of $1.37^ per
cumulative
convertible preferred stock, par $100,
share on the 5H%
payable July 1,
1936
3692
Financial
to holders of record June 10.
This marks
resumption of dividends on this
issue after a five-year lapse, the last previous dividend of $1.37 H per share,
having been paid on July 1, 1931.
After giving effect to payment of the current dividend, accumulations
on the preferred stock as of July 1,
1936, will amount to $26.12 iHa per
May 30, 1936
Balance Sheet Dec. 31
a
share.
Assets—
x
1935
Plant
investments
Materials & suppl.
...
Accts. receivable..
Fraser, President of the Shell Petroleum Corp., has been elected a
of this company to succeed Richard Airey, resigned.—V. 142,
Liabilities—
1934
$784,434
41,417
Deferred credits..
14,769
Niscell. reserves..
Cash
816,871
Total
Sierra Pacific Electric Co.
Period. End.
April 30—
(& Subs.)—Earnings—
1936—Month—1935
x
1936—12 Mos.—1935
$1,640,401
$1,581,898
657,102
685,903
81,352
80,899
208,687
204,565
After
depreciation amounting
Net oper. revenues—
$69,891
$57,881
def70
79
$693,259
3,965
$610,530
4,369
Net
Non-oper. income—net.
$69,820
8,333
10,476
$57,961
8,333
10,435
$697,224
100,000
126,628
$614,899
100,00u
126,320
Net from railway
Net after rents
$51,010
$39,192
$470,596
$388,579
revenues
.
Taxes
Net income
<
Southern Ry.-
—V. 142, p. 2844.
Earnings for Eight Months Ended Feb. 29, 1936
1Q33
$6,772,306
1,928,356
1,268,307
$6,206,344
1,761,481
1,102,096
30,100,608
8,119,341
5,203,066
26,552,511
6,397,408
3,890,501
27,269,234
7,889,644
5,249,521
23,418,836
5,788,023
3,227,330
$7,648,662
after rents.
1—
—Second
Period—
Week
Southwest
of
$2,235,284
Consolidated
1
Jan.
May—
$1,900,363 $46,678,161
Utilities
Gas
May 21
1935
to
1936
1935
1936
Gross earnings
—V. 142, p. 3525.
$40,180,817
Co.—50-Cent
Dividend—
$548,447
\
1934
2,137,348
1,397,751
1935
$6,758,952
1,644,778
1,044,840
1936
From Jan.
(L. C.) Smith & Corona Typewriter Corp.-—Earnings—
Net income after Federal taxes and other charges
—V. 142, p. 2685.
$1,254,788
1935 and
-Earnings.—
AprilGross from railway
Net from railway
Gross from railway
Balance
Retirement accruals
Int. & amortiz., &c
51,278,358 in
to
646,679
$1,498,838 $1,657,494
in 1934—V. 140, p. 2880.
$123,730
37,651
9,829
18,367
Operating
Maintenance
491,237
Total
$1,498,838 $1,657,494
$135,864
36,704
9,397
19,870
Operation
376
1,281
5,508
Surplus
3187
1934
Capital stock
$1,000,000 $1,000,000
Cap. stk. red. acct.
5,697
Accounts payable.
436
5,117
Taxes accrued
director
P.
1935
$730,822
679,775
3,805
4,760
21,024
58,651
Other
Deferred debits
New Director—
A.
Chronicle
The
have
directors
declared
a
of
dividend
50
cents
per
.
share on the
stock, payable June 1 to holders of record April 20.
Previously
the company distributed a dividend of 25 cents per share on March 2, last,
and a dividend of $3.50 per share on Dec. 30, 1935, this latter being the
common
(A. O.) Smith Corp.—Earnings—
Earnings for 12 Months Ended April 30, 1936
initial payment on the common stock.—V.
Operating income
Depreciation.
$1,873,451
1,120,340
Profit
$753,111
225,624
-
Other income
Total income
Net income
$831,748
xl 1,416
Preferred dividends
Surplus.
$820,332
Earns. per share on 498,575 shares common stock (no par)
Aug. 31, 1935.—V. 142,
on
$1.64
Dividends for four months, the preferred stock having been redeemed
x
South Penn Oil
p.
1303.
Co.—22
H Cent Extra Dividend—
The directors have declared
an extra dividend of 22 H cents
per share in
regular quarterly dividend of 37 M cents per share on the
capital stock, par $25, both payable June 30 to holders of record June 15.
An extra dividend of 12H cents was paid on March 31 last.
See V. 142,
p. 1485, for detailed dividend record.—V. 142, p. 1658.
addition to
a
South West
Pennsylvania Pipe Lines—Earnings—
Calendar Years—
1935
Gross operating income.
1 934
1 933
1 932
$703,230
549,353
Oper. & general expenses
Taxes paid
54,845
Net operating income.
Other income
$99,032
45,977
Total income
taxes and other
$144,438.
175,000
Dividends
Balance, deficit
Previous surplus
Transf. from cap.
$30,562
780,959
a$45,938
140,000
sur$48,133
299,925
$94,062
410,652
stock
$750,397
Adjustments
54,865
Profit & loss, surplus.
$695,533
Shs. outst'g (par $50)
35,000
Earned per share
$4.13
$532,576
449,800
123,005
$286,377
300,681
231,953
prof.$97,930
Net loss
Divs.
$1,573,058
394,384
$40,229
$246,257
78.655
774
53,179
1,856
Interest
75,100
3,556
loss 17,302
151,712
74,207
73,377
25,302
394,498
121,442
608
404
804
152
$141,710
20,463
2,240
$435,410
12,016
loss$46,007
14,045
$238,230
$119,008
$423,394
loss$60,051
y$0.55
x$0.23
x$1.31
from invest.
receivable
Net profit on commodity
futures sold
$316,590
16,665
$780,959
35,000
$3.96
$1,178,674
$299,925
35,000
$0.83
35,000
$5.37
After adding rentals and interest of $58,563 in 1934,
$85,708
40,358
13,253
$286,562
9,732
rec.
of secur.
Miscellaneous
1,142,325
361,365
$74,375 in 1933
1932
1933
$57,577
44,378
98,906
Other income:
Net prof, on sale
1,225,000
1934
$629,364
420,766
110,668
Admin. & gen. expenses.
a$188,133
140,000
reduction account
Total surplus
Co.,Inc.—Annual Report
Consolidated Income Account for Calendar Years
1935
$36,350
1,178,675
$4,075
Ery Kehaya, President, says in part:
Shortly after Dec. 31, 1935, company acquired the controlling interest
in the Axton-Fisher Tobacco Co. of Louisville, Ky. through the purchase
of 79,286 shares of the common B voting stock of that company out of a
total of 112,012 shares issued and outstanding.
The Axton-Fisher Tobacco Co. has been engaged in business since 1899
and is now one of the largest independent manufacturers of cigarettes and
other tobacco products in the United States.
Its many products include
the famous Twenty Grand, the country's most popular 10 cent cigarette,
and also Spud, the original menthol-cooled cigarette selling at 15 cents.
The average annual net earnings of the Axton-Fisher Tobacco Co. for
the five year period ending Dec. 31, 1935 have amounted to $1,139,065
per year, while the average annual dividend requirements on all the classes
of its stock during the same period amounted to $406,548.
Pursuant to the recapitalization approved by the stockholders Nov. 25,
1935, all of company's outstanding preferred stock has been exchanged into
the new common stock and company has now only one class of stock issued
and outstanding namely, 434,491 shares of common stock (par $1).
In
accordance with this plan, company's previous consolidated deficit amount¬
ing to $1,157,116 as of Dec. 31, 1934, has been eliminated.
Cost of sales.
a$138,650
175,000
Mar. 1 '35
$71,563
charges
Net sales.
570
Net income
Mos. Ended
deprec., Federal income
Standard Commercial Tobacco
Not Available
$145,009
Miscell. deductions
a
Earns, for 3
Feb. 29 '36
Net income after interest,
$978,735
146,987
Federal taxes
141, p. 4177.
Spencer Chain Stores, Inc.—Earnings—
Profit
Interest
Adjust, of tobacco inv._
Misc. charges
600
Federal taxes
38,000
and $79,045 in 1932.
Net profit
Earnings per
Comparative Balance Sheet Dec. 31
Assets—
x
1935
Plant...
Other
1934
.$1,183,473 $1,252,130
1,079,554
1,119,756
investments
Materials & suppl.
28,863
Deferred debits
Liabilities—
Capital stock
Capital
re¬
account
70,086
Cash
122,396
Accounts payableTaxes accrued..__
126,682
Acc'ts receivable..
113,752
Deferred credits..
23,247
1,386
695,533
Surplus
Total
x
$2,498,629
After
$2,608,0361
Total
780,959
$2,498,629 $2,608,035
deducting $3,065,162 for depreciation in
1935
and
$3,087,448
in 1934.
To Pay
$10 Dividend—
The directors
May 25 declared a dividend of $10 per share on the
$50, payable July 1 to holders of record June 15.
The
this dividend represented a return of capital in con¬
nection with the reduction of capital stock made on Oct. 3, 1928.
The first
payment in connection with this capital readjustment was made on Dec.
31, 1928 and amounted to $15 per share.
The regular quarterly dividend
of $1 per share was paid on April 1, last.
Extra dividends of $1 per share
were distributed on Dec. 31,
1935 and 1934.—V. 141, p. 3702.
stock,
common
on
par
company stated that
Southern Bell Telephone & Telegraph
Period End. Apr. 30—•
Operating revenues.
Uncollectible oper. rev._
Operating expenses.
Operating taxes
Net
operating income.
Co.—Earnings
1936—Month—1935
1936—4 Mos.—1935
$4,591,680
$4,351,248 $18,677,203 $17,367,162
15,951
20,841
52,122
64.478
3.086,047
2,890,042
12,349,360
11,440,883
578,467
531,103
2,347,454
2,149,822
$911,215
$909,262
$3,928,267
$3,711,979
Condensed Consolidated Surplus Account Year
1935
1934
$870,840
474,525
...
Receivables
Inventories
1935
1934
$300,024
12,123
1933'
1932
Taxes
198,674
Reserve for Mixed
106,780
Invest, in option..
Cash surr. val. of
504,436
.
policy
Corp..
Other income
229,197
10,200
244,953
22,691
203
$1,214
50,818
a< >60,617
30.000
25,000
Balance, surplus
def$28,786
Earns, persh. on 100,000
$35,617
$14,721
shares
($10 par)...$0.12
After
adef$6,301
20,000
6,314
200,000
75,270
73,250
18,276
18,489
cap.
note
Dr4,459
1,157,116
foreign subs..
Earned
surplus
238,229
Capital surplus
2,089,257
stk.
rec.
of
mining
Total
$0.61
$0.35
rights
&
def$26,301
Nil
adding rentals and interest of $38,991 in 1934; $40,133 in 1933 and
after deducting $46,200 in 1932 from operating loss.
a
200,000
invest.
53,168
ments at cost.__
in
of
mtge.
Inc
a$34,721
20,000
Dividends
for conting..
National Hearld,
Mineral
Net income
Res.
22,808
1st
bonds
1,417
117,562
Deficit
__
Land, wareh'ses,
&
Total income
Miscell. deductions
126,297
165,301
61,641
133,937
payables...
Minority interest in
Balance
7,774
Chattel
22.071
550,000
loan secured
Other
min 'g enterprises
252,593
x
Not Available
Comm.
awards
3,910
i
229,140
secured..
U.S. Mixed claims
Claims
Bank
4,247
Due from Standard
Comm. award
$20,655^
1934
686
Def. credit items..
1,403,541
112,082
&c
Operating deficit..—
1935
$756,500
y$434,492x$2,466,035
Common stock
1,084,862
Misc. receiv. partly
$223,4061
228,918
15,143
Liabilities—
7%pref.stock
Invest, in for. subs.
Def. debit items..
Gross operating income.
Oper. & general expenses
Ended Dec. 31, 1935
Securities owned..
Finance
Co.—Earnings—
Nil
Consolidated Balance Sheet Dec. 31
Assets—
Cash
Comm. Export &
Southern Pipe Line
Calendar Years—
on
...
Deficit Dec. 31, 1934, $1,157,116; the above deficit has been applied
against capital surplus resulting from recapitalization of the company which
arose as follows:
283,191 7-10 shares no par common stock capitalized at
$2,466,035 were exchanged share for share for new common shares of par a
value of $1 each, $283,192; balance, $2,182,843; 7,565 shares preferred stock
of a total par value of $756,500 were exchanged for 151,300 shares new
common stock of a par value of $1 each,
$151,300; balance, $605,200;
balance Dec. 31,
1935 capital surplus resulting from recapitalization,
$1,630,927; reversal of write-down of securities to market value as at
Dec. 31, 1934 for securities sold in 1935, $119,428; adjustment of previous
provisions for New York State francise taxes settled during the year—net
of expenses incurred, $68,246; adjustment of securities to market value at
Dec. 31, 1935, $240,487; reversal of provision for selling expenses with
respect to tobaccos sold in 1935, $29,651; sundry capital surplus adjust¬
ments, $516; capital surplus Dec. 31, 1935, $2,089,257.
life insur.
-V. 142, p. 3524.
share
stock
x On
283,191 shares,
y On 434,492 shares of new corqmon stock and
scrip outstanding after exchange of old preferred and common shares.
1,405
75,671
22,868
5,595
Miscell. reserves..
common
1934
$1,750,000 $1,750,000
stock
duction
9,970
1935
develop¬
$3,707,557 $2,677,119
Total
$3,707,557
$2,677,119
Represented by 283,192 no par shares,
y Represented by shares of $1
z After reserves of $37,108 in
1935 and $36,493 inA1934.—V. 142,
P« 2686.
x
par.
,
Volume
and amortization, are carried in the consolidated balance sheet as of Dec. 31,
1935 of the company and its subsidiary companies at $1,019,950,833.
(A. E.) Staley Mfg. Co. (& Subs.)—EarningsEarnings for 12 Months Ended March 31,1936
$766,611
Net profit after deprec., Fed, taxes & other charges..
—V. 142, P. 2686.
Standard Gas & Electric
Co.—Weekly Output—
1936 totaled 95,968,428
increase of 21.4% compared with the corresponding week last year.
Electric output for the week ended May 23,
kwh,
an
3693
Financial Chronicle
142
Of this figure 34% represents operated and unoperated acreage and facilities
oil pipe lines, 7% marine equipment, 20% refinery
properties, 20% marketing properties, 9% natural gas systems, and 3%
miscellaneous properties.
The foregoing percentages are approximate.
Gross operating income (gross sales) of subsidiaries of the company,
excluding intercompany Bales, in percentages were approximately as follows:
1934
1935
Domestic—
34K%
36%
Canada
8%
8%
South America, Central America and West Indies._
7%
6f
Europe and North Africa
47%
47%
MexicoM%
.J
Miscellaneous
3%
2 kivo
for producing oil, 7%
-
Stockholders Suit Denied—
.
Judge John P. Nields, in U. S. District Court, Wilmington, Del., re¬
cently denied the petition of stockholders in their suit against the company
and fi. M. Byllesby & Co. to recover an alleged dissipation of assets.
The
suit was filed at the end of April by Delevan Corp. and Emma A. Graham
of New Rochelle, N. Y., as minority stockholders.—-Y. 142, p. 3525.
-.
—
....
....
...
...
100%
Standard Oil Co, of California (&
Subs.)—-i'Earnings—
Calendar Years—
1935
1934
1933
1932 \
c$41,291,330c$36,187,350 $26,501,473 $30,747,401
Non-oper. income (net)
1,547,802
749,631 Drl ,497,393
1,360,504
Crude
Production—Production
1934 and 1935
Operating income
was as
of subsidiaries
of the
100%
during
company
follows;
*Approximate Net Production (Barrels of 42 Gallons Each)
-
1934
Total net income-
$42,839,132 $36,936,981 $25,004,080 $32,107,905
Depr., depl. & amort
18,301,080
16,937,174
17,143,177
17,341,913
Prospect devel. & retire.
not covered by res'ves
4,815,722
Income tax (est.)
751,000
1,108,000
bl,652,000
b30a,000
Divs. on pref. stock of
sub. company
20,000
20.000
20,000
20,000
——
Venezuela
Colombia
Peru
——
-
50,800,000
66,100,000
15,400,000
14,800,000
6,800,000
2,100,000
5,100,000
15,200,000
14,100,000
10,000,000
—
-
—
—
Mexico—
1935
48,000,000
58,600,000
United States......
—
2,400,000
Argentina-1
Rumania
Other..—
6,200,000
-
jJOO.OOO
800,000
155.300,000
161,900,000
—
-
-
Net profit to surplus—$18,594,330
$18,327,807
$7,540,903 $13,994,992
Surplus begin, of year—211,733,009 213,630,217 223,272,324 235,662,653
Adjustments
Dr4,859,276 Dr7,175,536
Dr804,385
Drl79,521
Total surplus
—-$225,468,062$224,782,488$230,008,842$249,478.124
Parent co. cash div— 13.014,754
13.049,479
16,378,625
26,205,800
Total.
——
♦After deduction of partnership and royalty interests of others.
Subsidiaries of the company in 1934 purchased approximately 97,900,000
barrels of oil from outsiders (persons or companies which were not sub¬
sidiaries of the company)
Surplus end of
$212,453,308$211,733,009$213,630,217$223,272,324
13,102,900
13,102,900
13,102,900
13,102,900
share——
$1.42
$1.40
$0.58
$1.07
year.
-
Shs. cap.stk. (no par)—
Earnings
per
b Includes reserve for contingencies,
c After deducting costs, expenses
and ordinary taxes of $94,798,487 in 1934 and $93,480,780 in 1935.
outsiders.
to
In
1935
and sold approximately 31,500,000 barrels of oil
98,900,000 barrels
they purchased approximately
from outsiders and sold approximately 39,700,000 barrels to outsiders.
of subsidiaries of the company held for producing
Dec. 31, 1934 and 1935 was as follows;
The principal acreage
purposes at
Approximate
Unoperated Acreage
Approximate
Operated Acreage
Consolidated Balance Sheet Dec. 31
1935
Assets—
1934
S
Cash.—
25,007,229
13,911,624
6,803,214
Investments
47,357,037
Inventory, oils. 32,146,091
Invent'y, niat'ls
& supplies.-.
5,208,965
Inventory, other
merchandise-.
689,454
Long-term notes
& accts. rec—
2,546,447
16.066.757
6,624,672
32,234,107
35.773.758
Notes and accts.
in
c
Standard
Calif,
69,964
—
699,183
After
d586,000
2,053,614
1.536,738
payable
excise
cur.
Long-term
1,851,608
295,853
127,741
note
5,000,000
Deferred credits
486,873
Gen. ins. reserve 12,319,984
Res. for empl's'
benefits
2,060,000
Res. for conting.
6,372,107
391,006
12,082,827
2,060,000
5,920,000
Pref. stk. of sub.
.579,539,356 569,108,2771
reserve
company
400,000
400,000
d
Capital stock.327,572,500 327,572,500
Capital surplus.167,947,621 167,947,621
Earned surplus. 44,505,687
43,785,388
Total
-579,539,350 569,108,277
for depreciation and depletion of $257,772,933
and
$255,298,327 in 1934.
b 13,102,900 no par shares,
88,146 shares at cost,
d Estimated.—V. 142, p. 3525.
c
in 1935
Consists of
Standard Oil Co.
(New Jersey)—Debentures Offered—An
issue of $30,000,000 25-year 3% debentures was publicly
offered May 27 by a syndicate beaded by Morgan Stanley
& Co., Inc.
The offering price to the public was 98.
This
is part of a total issue 6f $85,000,000, the remaining $55,000,000 having been sold privately by the company (see below).
A prospectus dated May 27 affords the following:
Dated June 1,1936; due June 1,1961.
Interest payable June 1 and Dec.l
in N. Y. City.
Chase National Bank, New York, trustee.
Coupon
debentures in denom. of $1,000, registerable as to principal.
Registered
debentures in denom. of $1,000, $5,000, $10,000 and other authorized
multiples of $1,000.
Coupon and registered debentures, and the several
denominations of registered debentures, interchangeable.
Redeemable, at
the option of the company, at any time, in whole on 30 days* notice or in
part on 60 days' notice, at the following prices with accrued interest: To
and incl. June 1, 1941, at 103%; thereafter to and incl. June 1, 1946, at
102%; thereafter to and incl. June 1, 1951, at 101%; thereafter to and
incl. June 1, 1956, at 100H%', and thereafter at 100%.
Company—Company, which was incorporated in New Jersey oh Aug. 5,
1882, is a holding company solely, owning stocks in subsidiaries and other
corporations both domestic and foreign, bonds and other securities,
The
subsidiaries are engaged and intend to engage principally in producing from
lands owned, leased or held under concession, refining, transporting, buying
and selling crude petroleum and products derived therefrom at wholesale
and retail and in producing, buying, selling and transporting and distributing
natural gas.
Subsidiaries own oil pipe lines, ships, refineries, bulk plants,
service stations and other marketing facilities, and natural gas lands, wells
and gas pipe lines.
Purpose of Issue—The proceeds from the sale of the debentures ($82,700,000 exclusive of accrued interest) without deduction for expenses, will
be made available to Standard Oil Export Corp. and used together with
other funds to be supplied to that corporation by the company to retire
the $76,493,500 5% preferred stock of that corporation on June 30, 1936
at
110% of its
par
value ($84,142,850.)
Earnings—The consolidated Income accounts (company and its subsidiar¬
ies) show that the income of the company and its subsidiaries after eliminat¬
ing intercompany items and after deducting operating charges, fixed charges
of subsidiary companies, dividends on preferred stocks of subsidiary com¬
panies, provision for taxes, and earnmgs applicable to minority interests in
common stocks of
subsidiary companies, but before deducting fixed charges
of the company, amounted to $34,190,263 in 1933, $54,498,810 in 1934
and $69,319,306 in 1935.
[For further details see V. 142, p. 3525.]
In¬
terest and debt discount and expenses of the company (excluding, interest
paid to subsidiaries I eliminated in the consolidated income accounts),
amounted to $9,105,953 in 1933, $8,879,850 in 1934 and $6,456,114 in 1935.
These accounts also show that net profit carried to unappropriated (earned)
surplus amounted to $25,084,310 in 1933, $45,6i8,960 in 1934 $62,863,192
In 1935.
Debentures—The 25-year 3% debentures, due June 1,1961, will be issued
under an indenture dated June 1, 1935.
The indenture does not authorize
the issuance of any additional securities thereunder.
The indenture does
not limit the amount of other securities, secured or unsecured, which
may
hereafter be issued by the company, but provides that, except in the case of
purchase money mortgages and liens, except in the case or pledges in the
usual course of business as security for temporary loans or indemnity for
terms not exceeding one year, and except pledges to secure borrowings of
the company from the trustee or trustees of any annuity, thrift or other
fund or funds created for the benefit of the employees or the company or
of its subsidiaries, the company will not mortgage or pledge any of its prop¬
erty without thereby securing the due and punctual payment of the prin¬
cipal and interest of the debentures issued and outstanding under the
Indenture, ratably with any and all obligations secured by such mortgage
or pledge and that, If and when the company shall create any such mort¬
gage or pledge, the debentures will be so secured thereby.
>
General—Lands, leases and easements, plant and equipment, incomplete
construction, marine equipment and miscellaneous property of the com¬
pany and its subsidiary companies, less reserves for depreciation, depletion
-
Rumania
—
-
-
204,000
49,800
13,000
——
Total
11,300
113,200
1935
6,905,000
7,775,000
1,307,000
400,000
8,181,000
8,039,000
1,306,000
1,006,000
400,000
1,008,000
3,200
9,100
116,000
33,000
16,496,000
33,000
16,036,000
405,300
34,038,000
35,181,000
1,700
——
-
178,000
Included in the acreage totals are some properties in which others have
partnership or other interest, although the number of acres so held is not
of material importance in rdation to the total acreage held.
Certain subsidiaries engaged in crude production are also actively en¬
gaged in exploratory and development work in an effort to add to reserves
against future needs.
Except to a relatively unimportant extent, the acreage above listed is
held either under lease from property owners, including governments, or
under government concession contracts generally akin to leases.
a
—
.....
Oil
held
Mexico
Other-
11934
1935
219,200
44,900
12,000
11,100
92,600
——
1,600
3,100
9,100
—393,600
Peru—
388,785
135,552
413,997
llab..
United States
Venezuela.-.-——
Colombia—
Argentina-—.
tax
payable
payable
by subsidiary3,704,107
3,704,107
Fixed assets. .445,640,588 437,191,072
Prepaid & def'd
4,761,764
charges..—..
4,698,911
a
1,227,356
Other
a
Total
5,074,503
1,374,008
taxes payable-
Fed'l
Capital stk. of
of
7,692,221
Fed. inc. taxes.. dl, 213,000
Oth. aocr. taxes
4,898,166
closed
banks
$
$
payable.-
State motor fuel
receivable
Marketable sees.
Bals.
Accts.
1934
1934
1935
Liabilities—
S
16,762,954
Oil Pipe
Lines—Subsidiaries of the company own and operate
as common
carriers oil trunk pipe lines in the United States with a total right-of-way
mileage of approximately 4,300, and gathering lines of approximately
3,000.
During 1935 such subsidiaries delivered to destination and connect¬
ing carriers approximately 175,700,000 barrels of crude oil and approxi¬
mately 4,000,000 barrels of gasoline.
The lines of these subsidiaries were
laid under private right-of-way agreements.
They own pumping stations
and working tanks.
Ships—As of Dec. 31, 1935, subsidiaries of the company owned 190
ocean,coastal and lake tankers,with a total deadweight tonnage of 1,987,004.
In addition, there are under construction nine tankers with an aggregate
deadweight tonnage of 112,300.
Numerous tugs, barges, lighters, launches
and other small craft necessary for the conduct of the business are owned.
The 63 tankers flying the United States flag are owned by Standard Oil
Co. of New Jersey and 25 flying the Panaman flag by Panama Transport
Co.
Tankers flying the British flag are owned as follows: 20 by Imperial
Oil, Ltd., 20 by Lago Oil & Transport Co., Ltd., 14 by Anglo American
Oil Co., Ltd., 11 by British-Mexican Petroleum Co., Ltd., and 2 by Inter¬
national Petroleum Co., Ltd.
Naural Gas—Subsidiaries are engaged in the production, transportation
and sale of natural gas in the United States and Canada.
The principal
natural gas business of subsidiaries is in the United States.
Subsidiaries
of the company operate natural gas systems in West Virginia, Ohio, Penn¬
sylvania, New York, Louisiana and Mississippi.
Natural gas is sold to
domestic consumers and at wholesale.
The first and largest of these systems, consisting of Hope Natural Gas
...
Co., Reserve Gas Co., East Ohio Gas Co., River Gas Co., Peoples Natural
Gas Co. and Columbia Natural Gas Co., operates in West Virginia, Ohio
and delivers gas to approximately 666.000 customers in
numerous cities and towns in the three States, of which Cleveland, Akron,
and Pennsylvania
Canton, Youngstown and Marietta, Ohio; Pittsburgh and Altoona, Pa.;
Clarksburg and Parkersburg, W. Va., are the largest.
In 1935 approxi¬
mately 84,500,000,000 cubic feet of gas were sold.
The system consists of
approximately 15,900 miles of pipe lines ranging in diameter from 2 to
20 inches, approximately 566,000 acres of land on which1 the gas rights
are owned or leaised, approximately 6,380 wells, owned or leased gas rights
on approximately 1,678,000 acres classed as unoperated, and 102 compressor
stations having a total of 151,805 horsepower
A second natural gas system, consisting of New York State Natural Gas
Corp. and Keuka Construction Corp., is operated in north central Penn¬
sylvania and south central New York State where gas is produced and
transported for sale to distribution systems of others in several cities and
towns in central New York of which Syracuse, Auburn, Cortland and Ithaca
are the most important.
In 1935, approximately 15,676,000,000 cubic
feet of gas were sold.
This system consists of approximately 229 miles of
pipe lines ranging in diameter from 2 to 20 inches, owned or leased gas
rights on approximately 299,000 acres of land and 23 wells.
The third natural gas system, consisting of Interstate Natural Gas Co.,
Inc., and Hope Producing Co., operates gas production facilities in gas
fields in northeast Louisiana and a main transmission pipe line extending
from the gas fields through Louisiana and across Mississippi to Baton
Rouge, La.
The system owns and leases gas rights on approximately
64,000 acres of land on which are located 45 gas wells.
The transmission
pipe line, approximately 170 miles in length, is made up of one 22-inch
pipe line for about one-half the distance and of two 22-inch pipe lines for
the balance.
Two compressor stations of a total of 14,350 horsepower are
operated.
In 1935 this system sold and transported approximately 58,900,000,000 cubic feet of natural,gas.
A subsidiary produces natural gas in Canada which is sold for distribution
in Calgary.
•
Capitalization of Company
Outstanding
Authorized
Dec. 31, 1935
Standard Oil Co. (N. J.) serial debentures:
.
AZH% due Feb. 1, 1939
3H% due Feb. 1, 1940-..
3%% due Feb. 1, 1941
Long term bank loans:
Due in 1937, 2%-———
$12,334,000
12,334,000
Series
Series B
Series C
Due in 1938, 2H%
-
———
12,332,000
$12,334,000
12,334,000
12,332,000
15,001,000
14,998,000
16,795,928.
30,000,000 shs. y25856,081 shs.
Liquidated by delivery of 344,744 newly issued shares of capital stock
Purchase obligation x
Capital stock (par $25)
x
of the company on April 30, 1936.
y Includes 20,774 shares in treasury.
Note—As of Dec. 31, 1935 there were outstanding $75,720,888 of loans
($6,445,929 of which were secured by pledge of marketable securities) to
from trustee of annuity trust, which loans are callable on
by the trustee, but under the practical operation of the annuity
program the funds are called on only as and when required for pension
the company
demand
fund disbursements.
Financial
3694
Capitalization (Company and Its Subsidiaries—Consolidated) Outstanding
of Dec. 31. 1935
as
Long term debt of subsidiary companies, due 1936 to 1959
$9,427,803
Long term debt of the company (see above.—
—a73,344,928
Standard Oil Export Corp. 5% cum. non-voting guaranteed
preferred stock (par $100)—Company is co-guarantor of
principal (par) and dividends
b76,493,500
Other preferred stocks of subsidiary companies held by the public 13,260,378
Common stocks of subsidiary companies held by the public
cl54,104,570
Common stock of the company
—646,402,025
—.—
a
by a subsidiary.
Includes a $16,795,928 purchase obligation liquidated
by delivery of 344,744 newly issued shares of capital stock of the company
on April 30, 1936.
b By a contract dated Nov. 6, 1929, four subsidiaries of the company,
viz., Standard Oil Go. of New Jersey, Standard Oil Co. of Louisiana,
Carter Oil Co., Humble Oil & Refining Co., jointly and severally guar¬
anteed dividends on and, upon liquidation, payment of the par value
($100 per share) of the 5% preferred shares of Standard Oil Export Corp.
By a contract dated Dec. 26, 1934, Standard Oil Co. (N. J.) assumed all
of the obligations and undertakings imposed upon Humble Oil & Refining
Co. by the aforementioned instrument of guaranty.
The proceeds from
the sale of the $85,000,000 Standard, Oil Co. 25-year 3% debentures due
June 1, 1961 wUl be made available to Standard Oil Export Corp. to be
used in connection with the retirement on June 30,1936, of its 5% preferred
stock at 110%, upon the retirement of which the company will no longer
be liable under the above-mentioned guaranty.
c Exclusive
of the interest of minority common
in the
surplus of subsidiary companies.
Note—As of Dec. 31, 1935 there were outstanding $80,858,388 of loans
($6,445,929 of which were secured by pledge of marketable securities) to
and its subsidiaries from trustees of annuity trusts, which
oans are callable on demand by the trustees, but under the practical operaion of the annuity program the funds are called on only as and when
equired for pension fund disbursements.
the company
names
Staten Island
of the several principal underwriters of $30,,amounts
000,000 principal amount of these debentures and the several
underwritten by them respectively are as follows:
Morgan Stanley & Co., Inc., New York
Kuhn, Loeb & Co., New York.
Brown Harrimah & Co., Inc., New York
First Boston Corp., New York--—
Edward B. Smith & Co., New York
Blyth & Co., Inc., New York
Mellon Securities Corp., PittsburghLazard Freres & Co., Inc., New York
Clark, Dodge & Co., New York
Kidder, Peabody & Co., New York—
Lee Higginson Corp.
Dillon, Read & Co., New York
$9,000,000
3,000,000
—
2,500,000
2,500,000
2,500,000
.
2,000,000
2,000,000
1,500,000
1,000,000
1,000,000
1,000,000
2,000,000
—
—
—
Rapid Transit Ry.—Earnings
1936
April—
railway
Net from railway
Gross from
-
1933
1934
1935
$140,054
25,286
def2,720
$142,534
39,786
10,367
488,437
585,576
defl5,159
defl95,637
106,586
def27,268
545,493
116,411
defl4,237
$138,351
4,573
def33,221
$124,244
def355
def43,859
538,335
def8,278
defl53,656
-
Net after rents—
From Jan. 1—
Gross from railway
Net from railway——
Net after rents.—
—V. 142, p. 3014.
(S.) Stroock & Co., Inc.—May Business Running 30%
of 1935 Month—
Ahead
is
May business of the company, manufacturer of specialty woolen fabrics,
currently running at 30% above May a year ago, according to a state¬
May 26 by Sylvan I. Stroock, President,
New fall goods now
ment issued
reception, Mr.
being presented to the trade are meeting with favorable
Stroock also
stockholders
May 30, 1936
This, the examiner stated, would realize $1,035,000 against $1,055,000
needed to refund $1,000,000 of the railroad bonds at a premium of 5%.
Noting that the corporation would need $15,000 more to finance the
redemption, the examiner abided that "the procurement of that amount
should not present any untoward difficulty considering this petitioner's
past and facile propensity for borrowing, and should not therefore operate
to defeat the proposed redemption."—V. 142, p. 799.
...
Exclusive of $10,450,000 Standard Oil Co. (N. J.) serial debentures held
Underwriters—The
Chronicle
statqd.
"Although currently we are between seasons with fall merchandise just
being displayed, May volume is holding up very satisfactorily, continuing
the uptrend in business which has characterized the year to date and which
particularly apparent in April," Mr. Stroock said.
was
"Orders shipped
and billed in April were 100% greater than in the same month a year ago,
while orders booked in April were 250% ahead of the 1935 month."—
V.
142,
P.
3528.
Studebaker Corp.—Sales—
Studebaker factory sales of passenger cars and trucks for the first 20
days of May totaled 5,207 compared with 3,193 in the corresponding period
of 1935—an increase of 63% , according to Paul G. Hoffman, President of
the company.
This brings total sales for 1936 to 36,510—55% more than
23,502 units sold from Jan. 1 to May 20, 1935.—V. 142, p. 3014.
Suncook Valley
RR.—Operation, &c.—
The Interstate Commerce Commission on May 12 issued a certificate
authorizing the road to operate under trackage rights over a line of the
Boston & Maine RR. between Bow Junction and Concord, in Merrimack
County, N. H.
The lease by the Suncook Valley RR. of the so-called Suncook loop of
authorized.—V.126, p.3113.
the Boston & Maine RR. was also approved and
'
ment therefor is to be made simultaneously with or prior to payment by the
underwriters for the debentures which they have undertaken to purchase.
Of the $55,000,000 of the debentures $23,250,000 will be sold to a
Medical Board, Inc. and $750,000 to Spelman Fund of
Income Account for
1935
1934
80,864,188
1,858,534
579,413
95,042
-
Interest income
Profit on sale of securities
,
Sundry income
Total income-.--Gen. and administration expenses
3,184,258
1,183,734
37,233,887
4,237,328
426,720
1,267
2,386,478
Prov. for losses on securities
Prov. for invest, in sub. not consol—
Losses on disposition of sub. cos
Prov. for indebt. of sub. not consol-Taxes other than Govt. income
441,601
_
1,008,068
458,200
560,215
43,945
83,228
93,239
Depreciation
Federal taxes, &c_
Applic. to minority int's
$817,349
94,616
124,373
48,056
$731,068
88,990
93,471
46,361
$444,302
69,961
48,808
9,578
$446,809
68,240
47,325
Cr5,784
$550,302
437,796
$502,246
437,159
$315,955
437,775
See
'
Net profitDividends paid
664,535
x
986,873
242,398
Assets—
Shs. of cap. stk. (no par)
Earnings
Not reported.
959,567
10,996
10,867,876
57,786,051
63,875,093
373,879
2,545,604
24,764,554
70,915,646
676,414
$
$
2,084,491
564,412
Royalties and int.
82,499
accrued—
13,014,466
1934
Inventories
Inv.
661,724
7,158,652
(at cost)
in stk. of af¬
filiated
4,597,435
94,192
cos
Deferred receiv
Combust. Engine'g
Total
159,056,249 124,206,748
32,304,521
31,940,882
18,329,914
2,868,750
5,750,621
96,356,614
31,990,916
245,000
916,319
Co., Inc
a
Real est. & bldgs
b Patents & license
490,604
49,105
rights,
105,553,066
86,515,243
63,875,093
Assets—
Cash
(Company Only)
-
Marketable securities, at cost (net)
Indebtedness of subsidiary companies—consolidated
Miscellaneous current assets
S.
Investments (at cost or less)_x__
Prepaid expenses and deferred charges
Claim receivable, $4,818,729; less reserve, $3,614,047
_
Total
.
$1,048,155,254
—
Liabilities—
Bank loans
Purchase obligation due in 1936
Indebtedness to subsidiary company—consolidated
Accrued liabilities
Other current liabilities.
Loans from trustee of annuity trust
Deferred credit
Funded and other long-term debt.
2,493,504
83,794,927
646,402,025
59,150,830
105,553,066
;
—
Total
$15,001,000
9,582,021
48,409,242
1,954,782
92,967
75,720,888
Capital stock
Capital surplus
Unappropriated (earned) surplus
-
Treasury
85,016
$1,048,155,254
Costa measured by cash outlays and by values placed on capital stock
and securities issued for investments.
x
As follows: Securities of subsidiary companies—consolidated, $860,162 ,640; securities of subsidiary companies—not consolidated ($830,675, less
reserves, $828,675), $2,000; other security investments ($80,599,539, less
reserves, $1,098,704), $79,500,835; indebtedness of subsidiary companiesconsolidated ($7,959,323, less reserve, $3,415,050), $4,544,273; other in¬
vestments (20,774 shs. of Standard Oil Co. (N. J.) stock held for employees'
stock plan and other purposes, $906,445; marketable securities deposited
86,521
laws—approximate
aggregate
quoted market
value $234,000,
$219,880;
marketable securities pledged to secure loan by the trustee of annuity trust
amounting to $6,445,929—approximate aggregate quoted market value,
The consolidated income account and balance sheet
p.
Total
—
19,264,067 19,019,938
Staten Island Edison Corp.—Bond Issue Plea Denied—
Action has been deferred by the P. S. Commission on corporation's
supplemental petition to issue $500,000 bonds for reimbursement of expendi¬
ture incurred in retiring a like and additional principal amount of bonds of
Richmond Light & RR.
A report by W.T. Wilkinson, examiner, which the Commission approved,
stated that last year corporation had been authorized to issue $1,000,000
of 4% 1st mtge. bonds before July 1, 1936, at not less than 103 and int.
413,813
848,434
Total
19,264,067 19,019,938
Swedish
Ball
Bearing Co. (Aktiebolaget Svenska
Kullagerfabriken), Gothenburg, Sweden—Earnings—
(All figures in Swedish Kronor)
1933
1934*
1932
1935
73,359,212
67,864,281
48,330,294
41,456,991
45,838,285
4,727,722
43,097,015
4,701,034
32,264,173
4,312,627
29,698,723
3,427,949
356,840
340,726
295,960
273,564
& prov. for taxes— 22,436,363
Divs. from subsidiary &
19,725,508
11,457,535
8.056,754
5,517,014
3,452,848
3,252,979
3,947,141
1,920,484
2,912,310
3,182,822
5,217,536
31,406,226
26,925,629
16,290,329
16,457,112
4,820,823
5,600,000
4,583,114
5,400,000
4,475,212
2,000,000
4,165,210
2,000,000
20,985,403
16,942,515
9,815,118
10,291,902
429,169
111,287
465,540
208,989
Calendar Years—
Sales
Cost of prods, sold, incl.
maintenance & repairs
Selling & adminis. expsSundry losses on dwelling
including transfers
Total net income from
manufacture & sell¬
ing
before
deprec'n
other cos
------
Interest & sundries
Deprec.
on
property,
machinery, &c
-
—
Reserve for taxes
Less sundry amounts not
connected with year's'
operationsIncome from
rec.
pre-
8,385,359
20,556,234
16,831,228
13,000,000 x21,492,581
(10%)
(8%)
were
3525.
95,950
2,292,841
5,137,380
9.886,968
a After
depreciation of $1,374,160 in 1935 and $1,301,203 in 1934.
b After amortization reserve,
c Represented by 985,205 no par shares,
d 108,576 shares in 1935 and 111.151 in 1934.—V. 142. p. 3363.
$6,762,000, $6,454,044), $7,680,369.
given in V. 142,
907,035
109,258
2,765,021
y
with various States in connection with wormken's compensation insurance
int.in cap.& surp
of Can. affiliate-
235,293
stock
(at cost)
$77,685,068
15,590,981
244,321
1,366,466
y951,790,119
273,616
1,204,682
1934
$
—
2,725,221
prepayments
d
Balance Sheet, Dec. 31,1935
Liabilities—
881,638 Accts. payable and
accruals
310,878
485,311
Divs. payable
109,580
117,781 Fed. & Dom. inc.
taxes.
114,136
605,556
8,235,690 Res. for develop.,
conting., &c—_ 2,292,273
4,543,719 c Capital stock— 5,137,380
43,069 Earned surplus.— 9,981,117
Surp. arising from
dif. between cost
245,000
& cap. val. of stk
950,119
held in Can.affil.
411,667
60,512 M inority stkhldrs.'
Deferred charges &
Balance, Dec. 31-
1935
'
Investm't
Dividends paid—cash
Mission Corp. stock
Miscellaneous charges--
x
$337,027
879,849
$0.38
After deducting $93,511 loss on sales of securities (net)
y
1935
Cash
69,492,401
86,515,243
3,048,605
—
$337,027
Consolidated Balance Sheet Dec. 31
314,142
1,541,105
1,409,386
32,695
8,049,665
foreign subsidiaries
Int. and debt disc. and expenses
$0.63
share
Receivables
Misc. deductions
Net profit
Previous earned surplus
Miscellaneous credits
per
$65,087 def$121,820
874,054
874,554
$0.57
$0.36
$112,506
876,629
Balance, surplus
41,899,203
1,852,497
Uncollectible account written off
Taxes on dividends received from
606,383
460,899
y39,782
75,791,935
1,674,339
573,701
759,536
60,500
185,055
576,883
1932
ments, bank bals., &c.
1933
71,423,940
1933
$228,923 loss$199,141 loss$252,814
$316,667
__
Misc. income, incl. gain
on sales of investments
1,059,065
83,397,177
Payment of prop.ofgtd.div. onpf.stk
_
New York.
operations
Int. & divs. from invest¬
Calendar Years (Company Only)
Dividend income
_
Profit from
1934
1935
Calendar Years—
subsidiary
of the company. $15,000,000 to The Rockefeller Foundation, $12,000,000
to The Rockefeller Institute for Medical Research, $4,000,000 to China
•Earnings—
Superheater Co. (& Sub.)
The company has contracted to sell privately without underwriting dis¬
or commissions the remaining $55,000,000 of the debentures.
Pay¬
counts
Rate.
Balance
carried
17,734,938
10,400,000
(8%)
10,082,914
9,100,000
(7%)
over
Surplus,Dec. 31
x
on
7,556,234 loss4661,353
7,334,938
982,914
21,805,094
to surplus accountBalance on surplus acct.
26,466,447
19,131,509
18,148,595
29,361,328
21,805,094
26,466,447
19,131,509
Includes 260,000 shares of 50.00 kronor each in
coupon No. 25, valued at
11,092,581 kronor.
Aktiebolaget Volvo,
Financial
Volume 142
Balance Sheet Dec. 31 (All Figures
1935
Assets-
1934
Plants & prop.
Tennessee
in Swedish Kronor)
1934
1935
Liabilities—
i
3695
Chronicle
Corp. (& Subs.)—Earnings—
1935
1934
1933
1932
$7,915,474
$7,033,244
22,780
95,135
$4,680,235
27,709
79,214
$4,539,016
18,470
145,430
$8,079,374
$7,151,159
$4,787,157
$4,627,897
6,465,601
931,337
155,488
335,306
5,453
5,704,447
806,025
3,841,677
592,107
159,083
278,988
15,953
10,365
165,654
268,550
61,534
4,294,143
613,634
176,387
268,447
35,286
Cr90
Crll
Cr38,692
30,188
Cr54,597
Cr45,309
$186,104
$230,896
x$96,964
x$759,990
857,896
857,896
$0.27
857,896
y857,896
Calendar Years—
Share capltal.130,000,000
130,000,000
13,200,000
13,200,000
2,989,204
4,410,475
5,496,751
5,101,882
15,041,673
82,624,354
Def'd charges..
497,924
14,082,647
84,661,952
Inventories
30,203,788
30,434,915
Loans to Bubs..
5,880,931
Accounts rec...
17,753,250
7,836,661
16,566,739
Goods in transit
194,342
134,567
Unpaid divs
254,504
157,445
9,710,765
13,000,000
pens.,&c
2,266,288
21,492,581
2,159,202
Sales
Accts.
x
Shares
owned
..
Notes & accepts.
receivable
Dlvs.
Invest, in securs
Pay. rec. in adv.
3,845,750
2,272,496
3,358,806
45,765,196
7,019,271
44,012,879
Cash
Reserve fund
278,649
1,150,714
3,114,496
receivable
y
payable &
payrolls
9,898,623
Res. for taxes..
Div. as
proposed
Res.Tor
Sven Wingqulst's
Other income
Total
227,231
funds
598,865
226,100
517,844
29,361,328
exps. except
deprec
Sell. & admin, exps
Interest
Depreciation
21,805,094
Surplus.
expenses.
Res. for minor, interest.
Discount
8,589
•
bonds pur¬
chased and retired
on
Res. for Fed. inc. taxes.
Total
207,299,282 209,103,815
Total
207,299,282 209,103,815
After depreciation of 53,596,080 kronor in 1935 and 49,830,051 in
A shares, 75,972,300 kronor; B shares, 54;027,700 kronor.
x
y
1934*
Net profitShares capital stock out¬
standing ($5 par)
Dividend—
Earnings
The City Bank Farmers Trust Co., depositary, is notifying holders of
American share certificates representing B shares of this company that at
the annual shareholders' meeting a dividend payment "was approved at the
rate of 10 kronor per
of this dividend
1935
A
American share.
The
also
notice
American shares
that, since the deposit agreement under which
issued has been terminated, this distribution wdJ be
stated
were
paid on surrender of American shares to the bank, as depositary, or to the
fiscal agent, Lee Higginson Corp., 50 Federal Street, Boston.
Surrendered
American shares should be accompanied by instructions as to delivery of
Swedish scares for the holder's account at the offices of the
Lombard Street, London, E.C.3,
Skandinaviska Kredit Aktiebolaget, Stockholm 16, Sweden,
or as to their forwarding for delivery in this country.
Arrangements will be made, according to the announcement, for the
payment of future dividends in U. S. dollars at the offices of the depositary,
22 William Street, New York.—V. 140, p. 3911.
underlying
bank's agents, Higginson & Co., Ltd., 80
England,
or
Sweets Co. of America, Inc.Quar. End. Mar. 31—
722,66.^
Acc'ts
1.036.032
Accounts
3,141,275
<fe
loss$39,441
$18,490
$8,358
$16,808
142, p. 2688.
3,055*291
notes
&c__
618,707
435,609
Deferred charges..
182,048
84,838
receivable,
Symington Co.—Modified Plan Confirmed—
May 21. Among other things, the order decrees that the modified plan shall
be binding upon all security holders of the Gould Coupler Co. and authorizes
the taking of the necessary steps to consummate it under and subject to the
supervision and control of the Court.
Income Account for Calendar
Years
1934
1935
1932
1933
•
$746,646
673,600
$630,834
622,537
$389,460
419,215
$360,639
$8,297
118,921
loss$29,755
77,069
loss$37,627
19,200
$121,655
.
$127,218
$47,314
168,885
161,560
163,592
164,926
8,114
192,000
16,219
192,370
4,056
190,755
17,764
$242,561
$317,997
19,434,050
1935
Total
18,818,523
Corp.—Files with SEC—$00,000,000
Debentures to
a
accrued
or in part by lot, after 30 days' notice at the following prices plus
int.: if redeemed on or before June 15, 1941, 103%; thereafter and including
102%; and thereafter the premium shall be reduced by onefourth of 1% for each full year elapsed after June 15, 1941.
Dillon, Read &
Co. of New York City is one of the principal underwriters.
The price to the public, the names of oth» r underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to
the registration statement.—V. 142, p. 3190.
1
1
Operating revenues
Operating expenses._—
Operations]
1936—Month—1935_
193^10 Mos—1935
$1,115,962 $11,173,831 $10,836,958
821,819
8,339,184
8,125,011
113,799
106,916
1,100,630
958,185
Taxes,
$1,156,144
848,279
i.....
$194,066
38,896
163,864
184,027
2,764,707
73,080
13,536
14,478
13,536
49,896
Special reserve
Royalties payable.
4,000
Accrued accounts.
29,945
Def'd liabilities-
Federal
7,639
16,775
$1,734,017
379,845
$1,75b,763
377,844
$227,296
228,755
$2,113,862
2,281,734
$2,131,607
2,282,563
3015.
(John R.) Thompson Co. (& Subs.)—Earnings—
Calendar Years—
23,046
11,841
def$1,458 def$167,871 def$150,956
$5,232
Net income.
—V. 142, p.
13,379
...
20,103
Sales.
..
—
1935
1934
1933
1932
..$11,247,795 $11,668,345 $10,935,245 $12,151,02
Cost and expense..
10,760,932
11,165,024
10,409,517
11,084,413
Operating income
245479
$486,862
76,615
$503,321
99,922
$525,727
97,825
$1,066,607
113,347
$563,478
$603,244
$623,552
151,921
464,905
x299~,908
320,917
488,245
$1,179,954
58,000
402,673
431,712
Cr5,179
Crl51,905
$48,169
149,247
$19,811
186,552
$197,416
298,464
$206,363
298,464
8,115
Deferred charges..
Deductions
20,000
Misc. oper. res've.
Deficit
Inventory of equip.
repair parts
Gross income
1934
1935
$4,562,926 $4,562,926
Capital stock
95,358
26,699
payable.
Notes pay., bank.
40,000
25,000
x
157,613
overp'd.
$187,227
40,069
$232,962
227,730
Operating income
Accounts
2,764,707
Cash
System—Earnings—
[Railway and Bus
Period End. April 30—
31
Liabilities—
1934
Property acct... $1,381,515 $1,541,485
Goodwill & pat'ts.
Materials
for
96,644
70,270
_
for Refunding Purposes—
Non-oper. income
inc. tax
1,413,681
interest
Minority
May 27 filed with the Securities and Exchange Com¬
registration statement (No. 2-2197, Form A-2) under the Securi¬
1933 covering $60,000,000 of 3 M % debentures, due June 15.
1951.
According to the registration statement, the net proceeds from the
sale of the debentures together with other funds of the corporation will be
applied to the redemption on Oct. 1, 1936, at 101%. of $60,000,000 of out¬
standing convertible sinking fund 5% gold debentures, due Oct. 1, 1944.
The corporation will pay accrued interest in the amount of $1,500,000 on
the 5% debentures to be redeemed, out of treasury funds.
The debentures are redeemable at the option of the corporation as a whole,
$414,845
Balance Sheet Dec.
Claim
12,500
380,564
9,618,806
Capital surplus— 9,890,045
Earned surplus... 1,605,600
The corporation on
mission
187,899
398,266
$214,978
Investments
223,949
12,500
491,077
19,434,050 18,818,523
x After deducting $5,594,189 for depreciation in
1935 and $5,101,376 in
1934.
y Represented by 857.896 shares (&5 par).—V. 142, p. 971.
Total
Third Avenue Railway
Gross prof, from oper.
Administrative, selling &
engineering expenses.
Deprec. of plant, mach'y
and equipment
Other charges
z
payable
Accrued expenses-
in subsidiaries.
loss$18,427
Other income.
Accts. receivable..
2,632,900
442,178
debt
June 15, 1942,
$73,046
48,609
shipment
Cost of shipments.
Assets—
4,289,480
2,782,900
ties Act of
The modified plan adopted Sept. 30, 1935, has been confirmed by order
District Court for the Western District of New York entered
y
y
Res. for deb. s. f..
54,289
•
Inventories
Texas
of the U. S.
Net
Funded
Be Issued
Federal taxes
—V.
316,115
Cash
$
S
Liabilities—
Capital stock— 4,289,480
14,204,002
Govt, securities
1933
1934
deprec., &c., but before
$
124,221
investments
1934
1935
1934
$
se's—
Fixed assets....14,277,478
x
•Earning s1935
1936
Net profit after expenses,
Nil
Nil
No par shares.
Consolidated Balance Sheet Dec. 31
The bank will distribute out of the proceeds
Swedish shares the sum of $2.57 per
B share.
y
$0.22
share
per
Loss.
x
the underlying
on
25,972
62,909
Cost of sales, incl .all mfg.
Miscellaneous
funds ?»r emnl
Insurance
__
Interest received
11,083
Other income
Total
$4,520,129 $4,645,931
Represented by 198,581
Total
$4,645,931
$4,520,129
shares of class A and 300,000 no par
shares of common stock,
y After reserve for depreciation of $2,143,489
in 1935 and $1,999,882 in 1934.
z Investment in Gould Coupler Co. at
cost.—V. 142. p. 3528.
x
no par
Federal taxes
Other deductions.
Deprec. and amortizat'n
475,051
Excess accrual of prop'ty
& gen. taxes
Tampa Electric Co.—Earnings—
Period End.
Operating
April 30—
20,944
37,100
$153,349
665
$144,933
3,642
$1,736,427
27,112
$1,693,575
22,203
$154,014
35,833
$148,575
35,833
954
Operation
$4,090,109
1,632,479
248,435
472,766
860
$1,763,539
430,000
11,980
$1,715,778
429,999
10,345
Maintenance
Taxes
Net oper. revenues
Non-oper.
income—Net
$3,894,692
1,518,067
229,129
453,919
Net loss
Common dividends
Shs. com. out. (par
Interest
Includes
$1,321,558
$111,882
$117,227
$1,275,433
142, p. 3015.
1935
A
$
Q C d>f 0
a
Mar.31 '36 Dec.31 *35
Plant accounts..$2,375,945
stock. $1,143,800
116,560
$2,374,924
114,593
Accounts payable.
7,502
51,092
55,082
Accrued accounts.
13,100
3,065
Cash
3,754
Federal
17,421
1,206
18,817
18*553
Accts. receivable..
Inventories
Other
b Common
Mar.31 '36
19,302
30,208
265,943
investments
Deferred charges..
tax
Rental rec. in adv.
33,328
Capital surplus...
941,792
Earned surplus.
409,747
Dec.31 '35
Accrued
$1,143,800
23,228
34,300
941,792
406,144
$2,566,685 $2,566,906'
$2,566,685 $2,566,906
Total
After
depreciation of $1",526,778 in 1936 and $1,504,200 in 1935.
b Represented by 228,760 shares, $5 par.
The earnings for the 3 months ended March 31 were published in V. 142,
a
p.
288,619
443,922
»»
-
-
146,000
38,400
Accrued
taxes,
20,197
246,500
6,000
in-
301,920
16,148
401,390
28,813
Capital surplus...
1,500,000
1,500,000
Earned
5,022,984
5,010,918
952,562
124,955
72,526
24,607
175,161
127,942
128,698
15,178,532
15,416,619
purch..
antlclp. warr.
Deferred assets—
After
258,879
Mtge. due
184,651
Miscell. assets
x
.
302,359
13,569
181,342
leases
Total
Insurance reserve
Res. for conting..
7,500,000
10*0*566
Due from employ,
^
payable.
7,500,000
Deferred income..
1,241,929
for stock
Accounts
$
$
—
Pur. money mtges.
Deposits as secur.
on
1934
1935
Common stock
surplus...
67,300
81,921
Total
15,178,532 15.416,619
dedupting $5,474,700 for depreciation and amortization in
1934—V. 142, p. 3529.
1935
and $4,954,651 in
3529.
Tennessee Central
April—
Gross from
interest-_
Cash
Tax
Total
239,493
7,209
38,400
Reacq.stk.(at par)
7,543
10,099
equipment.
Liabilities—
$
9,128,421
4,000,000
397,003
Inventories
Liabilities—
Nil
1934
Prop, and equip. 8,718,936
Goodwill. &c
4,000,000
334,670
Securities owned.
_
Assets—
$9,964
300,000
$0.95
$409,166
298,556
Nil
Nil
Consolidated Balance Sheet Dec. 31
Accts. & notes rec.
Telautograph Corp.—Balance Sheet-
•
$185,610 sur$287,570
223,556
297,534
$75,293 write-off of Century of Progress
x
Net income
-V.
$25)
Earnings per sh. on com.
x
Retirement accruals
(net).
taxes, prior yrs.
1936—12 Mos —1935
1936—Month—1935
$354,496
$341,596
137,986
138,618
21,397
41,762
revenues
& int. on
1933
$173,031
44,936
30,077
$141,396
26,733
7,395
720,12 5
182,915
117,946
733,742
216,780
138,330
618,201
1—
Gross from railway
Net from railway
Net after rents...
—V. 142, p.
1934
1935
$171,106
45,234
29,690
792,207
213.110
136,739
railway.
Net from railway
Net after rents
From Jan.
Tobacco Products Corp. of
Ry.—Earnings-
1936
$190,113
49,792
28,604
143,851
68,574
3015.
Thorrez & Maes Mfg.
Co.—Registers with SEC—
See list given on first page of this
Trinity Eureka
See list given on
Gold
department.
Mines, Inc.—Registers with SEC-
first page of this department.
-
Del.—Report to Stockholders—
George K. Morrow, Chairman, says:
sold its holdings of common stock of United Cigar
Stores Co. of America for $512,713 in excess of the value-to which the stock
had been written down on the company's books.
This amount has been
carried to capital surplus.
At the same time, United Stores Corp., which
owns approximately 63% of the capital stock of company, also disposedfof
its holdings of securities of United Cigar Stores Co. of America.
The
successful reorganization of United Cigar Stores Co. of America seemed
remote, and directors felt that company could use, to better advantage, the
funds obtained from the sale of its interest in that company.
American Tobacco Co. on Jan. 31, 1935 elected to commute the lease
which was pledged to secure the 6 H % collateral trust debentures of Tobacco
Products Corp. of New Jersey, all the capital stock of which company is
owned by this company.
An agreement could not be reached at that time
with the American Tobacco Co. on the amount for which the lease was to
be commuted, so an amount was paid over sufficient to redeem the de-
During 1935
company
Financial
3696
bentures at principal and accrued interest, and it was agreed to have a
judicial interpretation of the lease to determine whether anything further
was due from American Tobacco Co.
The latter company claimed that
under its construction of the commutation provisions of the lease nothing
was due from it; and Tobacco Products Corp. of New Jersey claimed
further
that under its interpretation of the lease there was still due $1,112,744.
American Tobacco Co. brought suit to obtain an adjudication that nothing
further
due from it under the lease.
was
The
case was
prepared for trial
and would have been tried in April, 1936, except that an agreement was
reached with American Tobacco Co. whereunder it is to pay the Tobacco
Products Corp. of New Jersey an additional amount of $650,000, subject
to the
approval of the settlement by the stockholders of this company.
Year
Year
11 Mos.
1935
on
1934
1933
1932
capital
Prods.
$170,000
Corp. of N. J__
Int.
on
bank balances
....
Total income
20,564
1,594
$170,064
6,457
19,138
4,420
loss$24,836
$2,676
.
_
—
-
$35,000
219
«•
52
97
$170,052
5,953
26,438
9,293
'
$140,049
_
Net income.
—
$35,316
9,592
20,551
2,545
64
Stock transfer expense.
Other corporate expenses
Interest.
$170,000
—
Miscell. int. received-__
$128,368
$2,628
Balance Sheet Dec. 31
Assets—
Cash—
from
Rec.
816,558
$45,414
6,500
5,187
6,687
Payable in United
Stores Corp
United
Accts.
105
Prods.Corp. N.J
Investments: 4
52
Tobacco
United
for
Res.
Fed.
Inc.
tax for
25,000
prior yr.
329,658
Capital stock
Capital surplus... 1,072,736
Earned surplus...
221,210
Pro¬
ducts Corp. of
N.J
y
payable.
Res. for conting..
1
-
Stores Corp.
Rec. from Tobacco
x
1934
Liabilities—
833,691
8494,735
Claim receivable.
1935
1934
1935
1,175,455
329,659
550,043
271,046
1,175,655
Cigar
Stores
Co.
Purpose—Net proceeds are estimated at $2,455,642.
It is proposed to
credit $30 of the consideration to be received for each share to capital
and the remainder to surplus. The allocation is to be made by the board of
directors.
The net proceeds are to be used for the purpose of repaying such amounts
if any, to the
Bag & Paper
Corp. of Georgia, a wholly owned subsidiary, to enable such subsidiary to
defray the cost of the construction and equipment of a pulp and paper mill
and bag factory now in the course of construction for such subsidiary near
Savannah, Ga.
In order to enable the subsidiary to defray the cost of such plant, the
corporation has heretofore paid an aggregate of $1,500,000 in cash and
negotiable notes of Commercial Investment Trust, Inc., and has sold
certain machinery and equipment to such subsidiary for which the cor¬
poration has received $1,500,000 of the capital stock of such subsidiary.
The corporation has also advanced to or for the account of such subsidiary
for such purpose $1,500,000 of bank loans already made and has received
from the subsidiary in consideration of such advances an equal principal
amount of the 5% demand notes of such subsidiary corporation which notes
have been pledged by -the corporation as collateral security for the bank
loans,
corporation has under consideration the possible installation of an
additional pulp mill and paper machine at this location but no definite
decision has as yet been made with regard to this.
The total estimated
cost of the plant now under construction is $4,000,000:
Underwriting—Minsch, Monell & Co., Inc., New York, and Laurence
M. Marks & Co., New York, are the principal underwriters.
The
corporation is informed that Cyrus J. Lawrence & Sons, New York,
have the right to purchase from the underwriters and the underwriters have
the right to require them to purchase, at a price of $38 per share, not
exceeding 50% in number of the shares which the underwriters may purchase
Cyrus J. Lawrence & Sons will receive no commission
or, the corporation is informed, from the under¬
writers, and Cyrus J. Lawrence & Sons do not admit that they are under¬
writers within the meaning of the Securities Act of 1933, as amended, or
from the corporation.
from the corporation
,
The corporation is informed that an underwriting group has been formed,
the members of which will assume, severally and not jointly, the obligation
of the principal underwriters and participate in the underwriting com¬
America (bank¬
rupt)
Sundry securities
Office turn. & fixts
mission
1
$1,670,350 $1,209,349
100 shares capital stock
x
the
otherwise.
of
Total...
borrowed,
may be borrowed under the bank loans and the remainder,
extent needed, for the purpose of making advances to Union
Year
stock Tobacco
May SO, 1936
and
corporation intends to borrow the remaining
$1,000,000 authorized under the agreement before Sept. 1, 1936, unless all
of the loans made under the agreement are retired by prepayment out of the
sale of the securities registered. Interest is at the rate of 5% per annum on
the amount outstanding but the corporation agreed to pay in addition a fee
of $25,000 plus counsel fees and expenses of the banks.
been
as
Income Statement Period Ended Dec. 31
Div. received
Chronicle
of common stock.—V.
$1,670,350 $1,209,349
Total
(entire issued capital),
y
3,320,512 M shares
141, p. 2907.
Timken Roller Bearing Co.
Calendar Years—
(& Subs.)—Earnings—
1935
1934
Operating profit
1933
1932
$6,854,633
$5,448,875
1,896,324
1,983,046
$8,417,680
814,925
$4,507,564
546,456
$5,054,020
590,000
915,204
62,759
$4,099,841
435,000
221,732
275,825
$7,483,602
7,234,140
$3,486,056
2,773,089
$2,172,851 loss$482,828
1,687,966
3,315,803
$249,462
$712,969
2,411,380
$1.44
&
Co.,
Inc.,
New
York,
20,359
Laurence M.
shs.;
Ulen & Co.—Removed from
Unlisted Trading—
Unified Debentures
Corp.—Registers with SEC—
See list given on first page of this department.—V. 140, p.
Total income
Other deductions
Idle plant expenses
Prov. for Canad. inc. tax
Spec,
reserve
provisions.
Net profit
Dividends
Surplus
Shs.
.
_
capital
stock
Union Carbide & Carbon
221,151
298,408
1,995
The directors
2,411,380
$0.90
2,411,380
Nil
Consisting of $325,000 securities owned (largely governmental), $230,393 property not now used in operations, $200,000 investments in and
advances to affiliated companies and $239,039 miscellaneous assets, in¬
cluding contracts for housing, restricted bank balances, &c.
$
$
Cash
2,667,144
4,349,602
Securities owned.. 13,948,953 12,105,567
Receivables
2,294,409
2,047,213
Inventories.
9,872,484
7,628,834
Other assets
Deferred charges..
Total
x
1,450,345
250,528
1,680,453
1935
Liabilities—
$
Capital stock... 6,000,000
Accts. payable
1,470,791
Acer, taxes, &c— 1,629,759
y
Reserve
for
1934
$
6,000,000
963,405
710,575
Union Electric
Power Oper. Co., a wholly-owned sub. of Union
Elec. Lt. & Power Co. (Mo.) (parent)--
tingencies
1,712,119
1,484,318
.35,042,041 34,792,579
Surplus.
Represented by 2,411,380
Total
Tri-State
no par
Interest
from
Union
(Mo.) (parent)
received
Power Co.
Electric
Light
_
Operating expenses
Operating taxes
Net operating income.
45,854,710 43,950,878
1936—Month—1935
$465,709
$433,786
600
1,311
347.847
323,588
33,545
21,310
1936—4 Mos.—1935
$1,824,920
$1,700,513
4,569
5,177
1,350,484
1,315,558
131,355
85,810
Expenses.
Interest
on
funded debt
i.;
$83,006
1,288
$338,512
$293,968
The directors
have declared a dividend of 50 cents per share on the
stock, no par value, payable July 1 to holders of record June 20.
April 1,1936, inclusive. A dividend of 12 M cents was paid on April 1,1932;
25 cents on Jan. 2,1932; 50 cents on Oct. 1 and July 1,1931, and dividends
each three months previously.—V. 141, p. 1950.
of 75 cents per share
& Paper Corp.—Stock Offered—Minsch,
Monell & Co., Inc., Laurence M. Marks & Co., Johnson,
Bag
Lhne, Space & Co., Inc., Jackson & Curtis, the R. F. Griggs
Co., Jackson & Curtis Securities Corp. and E. R. Jones &
Co. on May 27 offered (price on application) a part of the
remaining 17,965 shares of capital stock not taken by stock¬
holders.
A total of 65,359 shares of capital stock was offered to stockholders at
$40 per share of which 29,429 shares were purchased by exercise of rights to
subscribe, which expired May 18,, leaving 35,930 shares to be taken down
by the underwriters. Of the shares to be taken down by the underwriters,
17,965 shares are subject to the agreement with Cyrus J. Lawrence & Sons,
(see below).
The underwriters have formed a distributing group to dis¬
tribute a part of the remaining 17,965 shares.
Authorized
Outstanding
x200,000 shs. y196,074 shs.
$2,500,000
z None
Authorized
capital stock increased from 200,000 shares to 300,000
shares on April 14, 1936.
y Includes 47 68-88 shares reserved for the conversion of the old preferred
stock and common stock of Union Bag & Paper Co., but excludes 2,427
shares held in treasury.
z This debt is authorized by an agreement dated June 4,
1935, between
the corporation and four banks. As of Dec. 31, 1935 no loans had been made
under this agreement. Since Dec. 31, 1935 an aggregate of $1,500,000 has
30,107
2,821
Appropriation for depreciation
3,300
1,017,314
reserve
1,011,893
Netincome
$2,509,939
$2,473,090
Note—Ail taxes, including Federal income taxes are borne by Power
Operating Co., lessee, under the terms of lease agreements covering the
property of the company; accordingly, no provisoin for income taxes has
been made.—V. 142, p. 1836.
Union Electric
Light & Power Co. (Mo.) (& Subs.)—
Operating
$28,555,792 $26,844,454
7,149,693
7,014,006
1,245,673
1,291,722
2,692,727
2,796,560
936,305
1,131,524
expenses
Maintenance
Taxes, other than income taxes
-
Provision for income taxes
Non-operating
1935
1936
Total operating revenues
Interest
;
revenues.
$16,531,392 $14,610,640
Z)r7,029
Dr3,617
_
funded debt
Amortization of bond discount and expense
Other interest charges
on
_
$16,524,362 $14,607,022
4,628,950
4,608,864
226,523
211,726
117,381
49,220
Interest during construction charged to property
and plant
3,777,303
1,866,761
...
United Electric
$4,886,400
1,018,273
6,196
Minority interests
L
Appropriations for depreciation reserve.
Net income.
-V. 142, p. 1836.
Cr8,321
985,666
5,067
3,763,354
CV13,982
h-=
Preferred dividends of subsidiaries.
Coal Cos.— -Earnings-
Period End. Aptil 30—
Profit from oper., before
1936—9 Mos.—1935
1936—3 Mos —1935
$488,138
$193,802
113,144
13,947
Fed.tax.& other deduct
"
Net income
—V. 142, p. 1660.
$174,092
107,065
14,653
$572,731
332,995
42,624
36,893
royalties, depl. & depr
Royalties, depl. & deprec
Interest on mtge. bonds.
37.606
109.128
104.542
$29,816
$14,766
$87, 984
3>40,tfU4
United Electric Service Co.—Removed
292,649
44,041
from Listing—
The New York Curb Exchange has removed from listing the American
shares representing deposited shares of capital stock, par 50 lire.—V. 142,
p.
Capitalization and Funded Debt Dec. 31, 1935
Capital stock (no par)
5% bank loans
405,625
32,508
"
This compares with 25 cents paid each three months from Oct. 1, 1934, to
x
$3,955,878
31,861
Other interest charges
Gross income
Union
52,859
$3,992,875
38,416
391,875
3015.
Twin Disc Clutch Co.—Dividend Doubled—
common
$3,903,018
68,947
Net operating revenues
p.
$3,923,928
&
Amortization of bond discount and expense
1935 and $17,072,193
shares.—V. 142, p. 3190.
Telephone & Telegraph Co.—Earnings—
Operating revenues
Uncollectible oper. rev.
142,
1935
12 Months Ended March 31—
Period End. Apr. 30—
-V.
1936
con¬
210,798
45,854,710 43,950,8781
y
share on the
per
Light & Power Co. of Illinois—Earnings
12 Months Ended March 31—
Income: Rent, net from lease of electric plant to
After depreciation amounting to $18,632,338 in
in 1934.
cents
,
Total income.
1934
Assets—
dividend of 60
quarters, 25 cents per share paid each three months from April 1, 1933 to
and including April 2, 1934, 30 cents on Jan. 2, 1933 and on Oct. 1 and
July 1, 1932 50 cents April 1, 1932, and 65 cents per share each quarter
from July 1, 1929 to and including Jan. 1, 1932.—V. 142, p. 2848.
Consolidated Balance Sheet Dec. 31
xlProperty acct... 15,370,845 15,928,410
a
stock, no par value, payable July 1 to holders of record June 5.
This compares with 50 cents paid on April 1 and Jan. 1, last; 40 cents paid
on Oct. 1, July 1, and April 1, 1935, 35 cents in each of the three preceding
x
1935
have declared
Corp.—Larger Dividend—
common
out¬
standing (no par)
Earnings per share
3912.
$38,677
x994~,433
*
Inc.,
The New York Curb Exchange has removed from unlisted trading priv¬
ileges the convertible 6% sinking fund gold debentures due Aug. 1, 1944,
bearing two stamps.—V. 142, p. 3530.
$484,885df$3,798,631
2,411,380
$3.10
Monell
Savannah, Ga., 10,000 shs.; Jackson & Curtis, New York, 5,000 shs.;
R. F. Griggs Co., Waterbury, Conn., 3,000 shs.; Jackson & Curtis Securities
Corp., Boston, 1,000 shs.; E. R. Jones & Co., Baltimore, 1,000 shs.—
V. 142, p. 3530.
$3,552,551 loss$495,842
547,290
534,519
$9,232,605
1,350,000
374,336
24,667
Other income
Minsch,
Marks & Co., New York, 25,000 shs.; Johnson, Lane, Space & Co.,
$1,487,203
2,347,069
Mfg. profit incl. deprec.$ll,252,128
Selling, adminis. & gen¬
eral, &c., expenses incl
depreciation..
2,834,449
(in proportion to their respective participations) to the extent of
$1.50 per share, less expenses not exceeding 25c. per share. The members
of this group and the amounts of their respective participations are:
3016.
United American Bosch Corp.
Costs and expenses
_
Depreciation.
Additional
(& Subs.)—Earnings—
1935
Calendar Years—
Net sales
1934
1933
$7,201,213
6,729,469
135,233
$5,800,034
5,538,988
133,296
$3,440,557
3,210,512
124,214
Net profit
1932
$3,004,006
3,374,274
68,850
265,101
574,699
571,786
18,084
29,564
75.273
reserves
Unapplied burden
Loss from operation of
Chicopee Realty Corp.
Miscell. charge-offs.
•
14,557
71,823
18,420
59,231
$250,131
$50,101
loss$10.6651oss$1857128
Volume
Financial
142
Chronicle
United States Distributing Corp. (& Subs.)— •Earnings
Consolidated Balance Sheet Dec. 31
Assets—
1936
1934
1934
1935
Liabilities—
$2,580,000 $2,580,000
Capital stock
416,350
Accounts payable.
639,997
Real est., plant,
equlpm'ts, &c_.$2 ,995,963 $2,640,054
Goodwill, pats. &
tracings
Cash
302,399
251,911
cept. payable.
225,708
Accrued accounts.
241,427
Notes <fc accts.
Note
y
x
Notes & trade
—
re¬
ceivable, &c
897,704
628,419
104,836
receivables.
Inventories
1
Deferred charges.
Earns., surplus...
Capital surplus...
1,793,248
147,534
423,460
121,567
$6,330,760 $5,597,335
Represented by 278,399 no
write-down.—V. 141, p. 3087.
x
par
332,000
6,886
50,101
1,343,605
1,343,605
United Dyewood Corp.
Calenar Years—
After depreciation and special
(& Subs.)- -Earnings—
&v\,
1933
$5,890,417
4,249,391
1,447,813
$6,108,548)
$497,504
100,584
$598,088
70,789
102,917
exp_.
Operating profit
Other income.
Total income
Depreciation
—.
Interest (net)
_
4,490,1841
Loss
applicalbe
minority interest
sale of property, &c_
on
;
$193,213
105,609
$169,831
173,059
loss$33,191
21,636
$298,822
$342,890
85,397
2,500
.......
United States
$220,293
218,806
$191,793
1935
$1,487
$1.38
__
1935
$319,430
2,293,972
31,934
$472,511
2,355,351
10,942
$527,309
2,146,409
26,634
$28,861
3,463,261
6,508
$2,645,336
280,000
131,250
40,000
$2,838,804
280,000
131,250
133,583
$2,700,352
280,000
$3,498,630
65,000
52,500
1,019,722
Surplus, Dec. 31.—. $2,194,086
$2,293,972
$2,355,352
$2,146,409
Net income
Previous surplus
Total surplus
Preferred dividends
Common dividends
Miscell. charges.
def$81 def$472.801
Nil
Nil
$0.01
$
1934
1935
Liabilities—
S
$
1.135.041
Preferred stock—
4,500,000
4,500,000
1,116,968
1,152,719 c Common stock..
224,936 Min. int. in subs.
958,220
companies.
28,641 Bank acceptances.
2,624.267 Letters of credit
1,391,830
b Notes & accts. rec
987,235
37,181
2.418,774
687,586
__
Bonuses & commls
427,454
Cash with dividend
Taxes..
....
52,500
54,110
Notes & accts. pay
2,423,139
2,328,713
Pref. dlvs. payable
disbursing agent
Goodwill, patents,
Pref. stk. in treas.
I
63,454
2,635,137
Earned surplus—
Total
.10,642,435 10,377,538
for
allowances
United
Engineering
&
Foundry
data
Co.—See
on
U.
S.
855,414
50,111
United Gas Improvement Co.—Weekly
Week Ended—
Output—
May 23 *36 May 16 '36 May 25 '35
79,215,875
79,472,541
70,177,441
Electric output of system (kwh.)
—V. 142, p. 3531.
$
4,000,000
2,625,000
214,225
4,709,218
60,851
2,293,972
__
Govt., &c.,
securities
818,508
charge?
781,132
87,264
64,506
91,480
73,553
__
Deferred assets.._
Total
Total
14,073,739 13,903,266
.14,073,739 13,903,266
j
—V. 141, p. 3705.
United States Freight Co. (&
Period End. Mar. 31—
Grossrevenue
Cost and expenses
Subs.)—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
$10,133,113
$8,992,639 $41,125,781 $34,418,325
9,984,761
8,841,074 40,149,536 33,965,550
$452,775
$976,245
$148,352
$151,565
166
677
167
40",196
19,945
18,696
18,347
170,74 1
73,355
62,400
67,347
$88,211
Interest
Federal taxes, &c
$114,356
$731,472
— —
Depreciation
Net profit
Earned per sh. on 299,566 no par shs. of cap.
$322,861
•
-
$0.38
$0.29
stock-—.
3702.
page
123,650
Cash.....
1934
%
4,000,000
Common stock— 2,025,000
Accts.
268,175
payable...
Reserve for deprec.
on plant Invest. 4,946,195
Reserve for taxes.
40,282
2,194,086
Surplus
Preferred stock—
1,927,912
895,926
963,796
800,314
42,060
Operating profit
10,642,435 10,377,5381
After
59,471
285,878
12,906
54,110
1,184,457
43,805
2,405,764
depreciation,
b After allowances for doubtful
accounts and notes of $93,812 in 1935 and $64,642 in 1934.
c Represented
by $10 par shares.—V. 142, p. 2849.
a
141,180
1,917,864
35,436
taxes, &c
Total
good will.
17 724
126,951
1,053.721
Capital surplus
1,408,000
45,484
Prepaid Insurance,
Liabilities—
$
9,104,087
156,849
52.500
Reserves
1,500,000
137 791
286,767
17,709
Royalties payable.
(at par)
ents &
Prepaid
143,880
276,267
29,700
115.484
75.983
280,000
1935
1934
$
Trade marks, pat¬
1,391,830
283.693
«fcc
Assets—
Plant, investment. 9,238,245
Miscell. Invest
1,089,873
Fecurlties
Invest. & advances
320,849
Comparative Balance Sheet Dec. 31
Stock in proc., &c.
Accts. & notes rec.
1934
$
receiv..
1932
1933
1934
$349,710
Adjustments
Consolidated Balance Sheet Dec. 31
Inventories
—
$841,327
314,018
93,803
Note—Income accounts of foreign subsidiaries have been converted at
average rates of exchange prevailing during 1934.
Royalties
—
$786,710
314.200
1935
..
$0.30
-
$631,414
311,984
Depreciation.
$257,493 loss$209,040
16,369
11,404
241,204
252,357
—....
212,082
Surplus
Plant property
$30,395
$0.35
-
8,502
Envelope Co.-—Earnings-
Calendar Years—
Net profits...
39,253
19,324
$403,875
Net income
a
$35,087
Net profit
per share on 99,915 shares 7 % cumulative
preferred stock (par $100)
—V. 142, p. 3016.
$21,893
59,205
Equity of minority int..
7% pref. dividends
Cash.
$15,588
8,775
10,724
_____
on sale of property, &c
Loss applicable to minority interests.
loss$l 1,555
......
20,506
Assets—
...
*
Profit
Reported
to
Earn, per sh. on com.
$288,034
75,210
164,890
15,257
10,784
________
Federal taxes
Not
1,448,533!
Portion of net income of
subs,
$235,992
61,968
155,936
...
__
Depreciation, depletion and amortization
64,429
Federal taxes
I
Prov. for foreign inc. taxi
Miscell. deductions
$241,586
46,448
Earnings
1932
1934
$6,007,173
4,040,983
1,468,686
Cost of sales
gen.,
y
1935
Net sales
Selling,
....$6,330,760 $5,597,335
Total.
shares,
$223,604
12,388
Other income (net).
Profit
Total
$5,933,633
5,692,047
....
...
323,367
673,843
324,000
1,948
300,231
Deferred income..
31,332
54,486
,870,035
210,171
1935
1936
....$7,055,885
6,832,281
_________
Cost and expenses
non-
Real estate mtge..
current
Three Months Ended March 31—
Gross
ac¬
current
Trade accept, nonMisc.
pay.,
3697
$1.08
$2.44
For the 12 months ended March 31, 1936, net profit was $731,472 after
charges and Federal taxes, equal to $2.44 a share comparing with $322,861
of $1.08 a share for the 12 months ended March 31,1935.—V. 142, p. 2521.
U. S. Industrial Alcohol Co.—Halves Common Dividend
the
15.
paid each three months
Prior to the March 30,
1935, dividend, no disbursements had been made since May 1, 1931, when
a dividend of 50 cents per share was distributed.
From Feb. 1, 1929, to
and including Feb. 2, 1931, the company made quarterly distributions of
$1.50 per snare. In addition an extra dividend of $1 per share was paid on
28 declared a dividend of 25 cents per share on
stock, no par value, payable July 1 to holders of record June
The directors on May
United Paperboard
Income
Total sales
Co., Inc.—Earnings-—
common
This compares with dividends of 50 cents per share
from March 30, 1935, to and including April 1 last.
for 3 Months Ended March 28, 1936
Depreciation
for
Reserve
$723,279
50,103
13,932
22,466
4,999
....
Gross earnings
Administration expenses
j.
...
...
Federal
taxes.
Net earhings.
$8,704
Condensed Balance Sheet
Mar
28 '36 Mar. 30 '35
.
Assets—
$
Real estate,
machinery... 11 ,982,118
Goodwill
"~2~630
Personal property .
Invested assets...
140,501
182,847
6,174
Cash
Notes receivable..
receivable.
5,269,584
4,259
_
Deferred assets...
$
Prepaid insurance.
on acct.
of leases & sales
for
1935
includes
carried by the company and
by Court—V. 142, p. 2849.
as
as
difference
value
of
assets
1934
1933
1932
$54,738
$8,091 loss$238,604
79,158
119,691
65,348
loss$226,658
880,063
40,494
886,788
Expenses
Interest
Depreciation
Net loss
Preferred
$2,348,791
$139,636
1,210,930
910",424
1,042,815
$1,870,516
$2,324,125
328,021
$2,172,755
446,337
450,000
$2,348,791
$1,870,516
$2,652,146
1935
x
Ld.
1935
Liabilities—
$
equip.. 7,826,773
1
Cash
receivable.
Inventories—
1
771,922
1,028,312
—
charges.
Investments
Total
•
1,137,750
525
525
35,839
302,481
55,521
Accr. inc. on inv_.
Deferred
8,739,329
1,017,703
769,680
638,749
Goodwill—
Accts.
$
Preferred stock
bldgs., ma¬
chine &
y
Common stock.
.
Accts. & payable &
accrued liabil
Reserve for cont..
1st mtge. loan
Capital surplus...
Earned surplus
1934
$
6,644,700
1,125,000
6,644,700
1,125,000
372,129
24.016
824,951
Total
■ -
-
-
13,315,928
$3,213,767
34,524
$3,248,292
743,600
-
342,621
expenses
Amortization of leaseholds and depreciation of furniture & equip.
19,636
$1,105,858
Profit from operations, before depreciation of steamers
2,142,433
Other income credit—net profit on foreign exchange & bank int.
9,796
Gross income, before
— -
depreciation of steamers.
...
$2,152,229
.
.
Taxes, &c
One-half of liability to TJ. 8. Govt, for release from obligation
to operate 88. Leviathan foir years 1935 and 1936
206.326
32,202
250,000
52,116
"~5~, 923
927,856
3,396,463
$1,663,699
1,628,140
$35,55^)
Net income..
68,676
Surplus credits.
Total..
$104,235
1,736
Surplus for the year
—
Operating deficit, Jan. 1,1935 (accumulated since Dec. 8,1931)
$102,499
3,064,015
Consol. oper. deficit, Dec. 31, 1935 (accumulated since Dec.
8, 1931)-.-——$2,961,516
—V. 142, P. 475.
United States Oil &
Royalties Co.—To Distribute Stock,
of Consolidated Royalties Inc.—
a
Total
of $12,386,861 in
$16,529,696
Revenue
Freight pool, lay-up expenses, &c. not provided for in voyage
315,794
10,591,752 12,049,153
After depreciation
Subs.)—Earnings—
Administration, advertising, &c
1,498,050
10,591,752 12,049,153
1935 and $11,546,309 in 1934.
y Represented by 900,000 no par shares.—V. 141, p. 1785.
x
142,
.
Surplus charges.
1934
$
•
.
from voyages before depreciation—
Other operating income
—
$3,069,092
Consolidated Balance Sheet Dec. 31
Assets—
.
Net income, before depreciation of steamers
Depreciation of steamers
dividends
.....
.
1.101*461
Common dividends
Deficit.
..
Expenses
84,897
$87,249 loss$ 118,913
1,047,341
1,162,398
314,788
Federal and local taxes.
leave an unsatisfactory margin for profit."—V.
■
Profit from voyages, before depreciation:
Interest
Total income.
,
Total-...
(& Subs.)—Earnings—
loss$292,006
—
between
determined by appraisers appointed
1935
Calendar Years—
Other income
13,416,897 14,374,648
^
United Piece Dye Works
Operating income.
395,959
462,317
8,704
Total.
..
Net profit
of mills
...13,416,897 14,374,6481
3016.
United States Lines Co. (&
32.070
._
Surplus
Note—Goodwill
1,350
116,067
__
8,991
decline in the average selling price of the main volume products
of the company as to
p.
[Excludes Rosskai G.m.b.H.]
______
Notes payable
Accts. payable-
63,558
so severe a
Consolidated Income Account Year Ended Dec. 31,1935
Dep. rec.
984
Total
30, '35
In announcing the declaration of the current dividend, C. E. Adams,
Chairman, stated: "Volume of the company's business has been satisfactory
since the first of the year and remains so today. However, within the last
two months competitive conditions within the industry have brought about
11,918
Pref. & secured-
183", 326
277,394
356,945
assets
.
1.317,200
1 317,200
Common stock
12,000,000 12 000,000
Accounts payable.
79,074
49,685
7,880,480
9,168 Res. for accr. taxes
& sundry chgs._
376,215
324,922 Claims of creditors:
731,448
Mdse. & supplies.
Suspended
Mar
$
Preferred stock
&
Accts.
Mar. 28 '36
Liabilities—
$
plants
Feb. 1, 1930.
The directors at a meeting held May 20 adopted a resolution authorizing
distribution to be made to stockholders of record June 10 of certain shares
of the preferred stock of Consolidated Royalties, Inc.
This distribution,
1936, or as soon thereafter as
practicable, will be made on the basis of one share of the preferred stock of
which will be made on or about June 25,
Financial
3698
(or) even multiples
thereof.
The preferred stock of Consolidated has a par value of $10 per
share and is entitled to cumulative dividends at the rate of 6% per annum.
No fractional shares of the preferred stock of Consolidated Royalties,
Inc., will be issued, nor will any rights to subscribe to this stock be available.
Stockholders of United holding less than 200 shares of capital stock and
those stockholders owning "odd lots" of shares in excess of an amount
divisible by 200, will receive a cash distribution on such excess in the amount
of 5 cents per share.
This cash distribution is in lieu of any fractional
share interest, and will be paid only on the "odd lots."
The company states that this distribution of stock and cash is not a divi¬
dend within the usual or customary meaning of the term, but is a distribu¬
tion of a portion of the assets of United States Oil & Royalties Co., and is
being made out of the "reduction surplus" created when the authorized
capital of United States Oil & Royalties Co. was recently reduced from
$1,000,000 to $200,000 by the amendment to the articles of incorporation
adopted at the annual stockholders' meeting held on April 6, 1936.
It will be recalled that the authorized capital of the company formerly
consisted of 4,000,000 shares (par 25c.), whereas the authorized capital
now consists of 4,000,000 shares (par 5c.).
The number of shares issued and
outstanding is 3,321,541 shares.
This distribution, when made, will be
charged against the "reduction surplus" above referred to.
It is not a
dividend declared from earnings and should therefore not be construed as
Chronicle
May 30, 1936
Comparative Balance Sheet Dec. 31
Consolidated for each 200 shares of United stock and
such.—V.
142, p. 3364.
United
Works
Corp., Germany (Vereinigte
Aktiengesellschaft)—Annual Report—
Prod.
1,176,000
2,741,000
382,000
2,543,000
2,261,000
3,136,000
Bal. of profits of cos. operating United
Steel Wks. Corp. for latter's acct--136,556,000
Income from sundry investments
6,447,000
59.472,000
830,000
Settlement with cos. tbe results of
whose operations are taken over in
_
for
31,785,000
Wages and salaries
Social charges
Depreciation on fixed
17,369,000
24,059,000
71,076,000
202,082,000 105,660,000 107,879.000
4,231,000
2,155,000
3,175,000
Total-__
,
Balance, surplus
Previous surplus.
Total surplus at end of period
241000
52,968.000
9.775,000
21,424,000
10,243,000
3,133,000
10,498,000
11,720,000
7,382,000
2,563,000
9,980,000
359,000
15,849,000
11,932,000
18,000,000
8,247,000
10,788,000
2,339,000
28,608,000
8,876,000
14,868,000
8,582,000
6,286,000
44,990,000
—
Taxes payable
Miscell. outlays, relating to curr. year
Special charges and provisions
518,000
127,519,000
3,270,000
21,246,000
23,744,000
assets—
Other depreciation and write-offs
Res. for renewal of shortlived plant-Int. payable (less int. receivable)
23,744,000
14,868,000
Comparative Balance Sheet Sept. 30
(In Reichsmark—Approximated to the nearest thousand Reichsmarks)
Assets—
Real estate
A
372,191,000
15,177,000
17,892,000
8,624,000
11,918,000
7,105,000
5,278,000
709,000
3,081,000
2,136,000
265,000
15,498,000
8,290,000
^ 3,693,000
1,278,000
405,000
2,498,000
46,000
7,777,000
251,654,000
29,034,000
22,689,000
12.588,000
6,014,000
7,882,000
224,186.000
32,414,000
23,360,000
13,578,000
8,046,000
1,766,733,000
1,727,015,000
560,000,000
76,259,000
169,091,000
191,356,000
6,377,000
117.185,000
230,135,000
412,000
7,777,000
603,000
16,000
283,000
164,000
607,000
118,164,000
560,000,000
76,259,000
220,948,000
77,687,000
6,177,000
134,673,000
217,578,000
3,430,000
7,882,000
606,000
31,000
234,000
178,000
149,000
8,132,000
122,821,000
31,068,000
111,298.000
80,853,000
19,218,000
819,000
44,990,000
36,860,000
110,639,000
99,032,000
18,802,000
1,153,000
23,744,000
Investments.
Inventories.Bonds not yet redeemed
Payment to Konversionskasse
Essener Steinkohlenbergwerke A. G. bonds
Tax credit certificates.
Sundry marketable securities
Company's shares in treasury-Prepayments for new plant and merchandise-Accounts receivable
Sundry deposits
bounds deposited with banks
Claims against third parties (per contra)
Due by affiliated and associated cos
Sundry debtors
Notes receivable...
10,612,000
Cash
on hand, in banks and checks
Prepaid interest and suspense debits
1
Total.
Liabilities—
Capital stock
Statutory reserve
General
'
II-__
..111-11111111
reserves
Reserves for adjustment of assets values
v\ elfare and pension funds
Funded indebted.—Repay, in for'n
currency._
Repayable in Reichsmarks
Sundry loans
Revalorized loans & mtges. (per contra)
Other mortgages payable
Due to minority shareholders
Due
on
profit participating certificates
Proceeds of sale by auction of shares not exch'd
Unclaimed dividends
Interest due (not yet paid)
58,000
IIIIIIIIIIII
Pue to affiliated and associated companies
liabilities
39,922,000
845,000
39,948,000
848,000
1,000
381,630,000
3,230,000
24,873,000
Tools and spare parts
a
1934
70,099,000
137,377,000
706,567,000
15,159,000
1935
70,365,000
140,606,000
734,665,000
cl,695,000
Buildings
Machinery and plant
Tools, furniture and fixtures
Mining rights (coal and ores)
Patents, licenses, &c
arising out of the acceptance and
drawing of
notes
Bank loans
Sundry creditors
Accrued interest, taxes and
Sundry credits
IIIIIIIIIIIIIII
wages__IIIIIIIII
Surplus
Total
l
a Secured
by mortgages,
b For
fixtures only.—V. 141, p. 2600.
Unitor
service
,766,733,000 1,727,015,000
of
loans,
c
Furniture
and
$2 per
971,504
(Mich.)—Stocks Offered—George F. W.
Co., Detroit, on May 14 offered 160,000 units at
unit.
Each unit includes 1 share class A ($2 par) 8%
common
stock and
1
share class B
(no par) common stock.
Calendar Years—
1935
$555,177
$700,196
107,562
20.946
95,606
39,051
loss$57,259
$289,845
329,863
$426,669
330,325
$565,539
658,171
$57,259
$40,018
sur$96,344
$92,632
Preferred dividends
1932
$419,070
73,722
10,503
45,000
Federal taxes
Deficit
1933
$45,782
91,804
11,237
Exps., franchise taxes,&c
Interest paid
Net income
1934
^
3,628,003
def41,470
2,793,080
15,788
Stores Corp.stk.
obligations— 4,651,582
in McLellan
4,520,982
&
Inv.
Stores Co
1,360,162
2,995,573
Inv. in Tob. Prod.
5,686,000
of N. J. debs—
United Cigar St.
of Am.(bankr't)
z
Union Tob. Co__
Offlce turn. & fixt.
11,169,239 12,319,3281
Total
—11,169,239 12,319,328
Certificates of deposit for 23,803 shares of preferred stock,
z Consists
shares of class A and 4,530 shares of common stock,
a Repre¬
101,495 no par shares,
b Represented by 915,979 no par shares,
Represented by 504,233 no par shares in 1935 and 504,258 in 1934.
of 24,795
sented by
—V. 142, p. 3365.
United Wall Paper Factories,
Inc.—New Executive—
See Atlas Powder Co., above.—V. 142, p.
475.
Corp.—Files with SEC—Plans to Refinance and
Capital for Production and Plant—
Universal
has filed with the Securities and Exchange Commission
the Securities Act of 1933.
(Docket No. 2-2178, Form A-l, filed
May 21, 1936) covers $4,000,000 10-year 5% convertible debentures which
are
presently outstanding and 1,089,232 2-3 shares ($1 par) common
stock, "to be represented by voting trust certificates, of which 130,000
shares are to be sold to Hammons & Co., Inc., of N. Y. City, the under¬
writer, at $8 a share; 211,569 shares are to be sold to persons who, it is
stated, the corporation believes may purchase such shares in substantial
amounts, at $8 a share; 222,566 shares are reserved for exercise of warrants
presently outstanding entitling the holders thereof to purchase the stock at
$10 a share; 266,666 2-3 shares are reserved for conversion of the deben¬
tures; and 258,431 shares are presently outstanding.
The corporation is also registering warrants which are presently outstand¬
ing evidencing rights to purchase 222,566 shares of common stock, and scrip
certificates to be issued in lieu of fractional shares upon conversion of the
debentures and exercise of the warrants.
option of the
1938; $17.50
share if con¬
verted thereafter but before April 1, 1942; $22.50 a share if converted
thereafter but before April 1, 1944, and $25 a share thereafter to maturity.
According to the registration statement, the proceeds from the sale of
130,000 shares to Hammons & Co., Inc., from the sale of 211,569 shares
of common stock to be offered by the corporation, and from the sale of
222,566 shares of common to be issued on exercise <?f the warrants, will be
added to the general funds of the corporation and, it is stated, the greater
part of such proceeds will be advanced from time to time to the corpora¬
tion's subsidiary and sub-subsidiary companies as required for production
of pictures, improvements to property and equipment and to satisfy the
indebtedness.
No proceeds are to be received from the other securities
The debentures
are
convertible into common stock at the
holders at the rate of $15 a share if converted prior to April 1,
share if converted thereafter but before April 1, 1940; $20 a
a
boin^ rcKistcrGd
The price at which Hammons & Co., Inc., will publicly offer 130,000
shares of common stock is to be supplied by amendment to the registra¬
tion statement.
„
.
The second registration statement (Docket No. 2-2179, Form A-l, filed
May 21, 1936)/filed by the corporation covers 80,000 shares (no par)
$6 series convertible preferred stock and 533,333 1-3 shares ($1 par) common
stock, to be represented by voting trust certificates, to be reserved for con¬
version of the preferred.
Scrip certificates for fractional shares of common
stock to be issued on conversion of the preferred were also registered.
The preferred stock is convertible on or after Jan. 1, 1937, at the rate
of $15 a share if converted on or after that date and prior to Jan. 1, 1939;
$17.50 a share on or after Jan. 1, 1939, and prior to Jan. 1, 1941; $20 a
share on or after Jan. 1, 1941, and prior to Jan. 1, 1943; $22.50 a share
on or after Jan. 1, 1943, and prior to Jan. 1, 1945, and $25 a share on or
after Jan. 1, 1945.
•
According to the prospectus, 40,000 shares of the preferred stock are
to be offered in exchange for $4,000,000 of 10-year 5% convertible deben¬
tures presently outstanding.
The remaining 40,000 shares are to be offered
publicly through an underwriter whose name is to be furnished by amend¬
ment to the registration statement.
The price to the public, the application of the proceeds from the sale of
the stock and the price at which the stock is to be sold to the underwriter
will also be furnished by amendment to the registration statement.
The third registration statement (Docket No. 2-2180, Form F-l, filed
May 21. 1936) filed by the corporation covers the issuance of voting trust
certificates for 1,622,566 shares ($1 par) common stock. The voting trust
certificates are to be issued for all of the common stock mentioned in the
above registration statements.
The voting trustees under an agreement dated March 31, 1936, are
George N. Armsby of N. Y. City, Paul G. Brown of Philadelphia, J. Utieever Cowdin of N. Y. City, Garrettson Dulin of Los Angeles, Dr. A. H.
Giannini of Los Angeles, J. Arthur Rank, England, and Charles R. Rogers
of Hollywood, Calif.
Universal Corp., it is stated, is primarily a holding company, controlling
Universal Pictures Co., Inc., Universal Pictures Corp., Big "U" Film
Exchange, Inc., and many other subsidiary companies.
R. H. Cochrane of New York City is President of the corporation.—
V. 142, p. 2690.
,
Universal
Pictures
Co.,
.
Inc.—Personnel—
Stockholders at their annual meeting held May 1 elected
the following
R. H. Cochrane—elected by the 2d pref. stockholders; J. Meyer
Schine and Willard S. McKay, by 1st pref. stockholders, and J. Cheever
directors:
Cowdin,
William
Freiday,
Charles
R.
Rogers,
Budd Rogers,
Paul G.
Brown and P. D. Cochrane—elected by the common stockholders.
Directors at their meeting on May 7 elected the following officers:
Presi¬
dent, R. H. Cochrane; Chairman of Board, J. Cbeever Cowdin; Exec. VicePresident, Charles Rogers; Second Vice-President, Willard S. McKay;
Secretary, Willard S. McKay; Asst. Secretary, Helen E. Hughes; Treasurer,
Chalres B. Paine and Asst. Treasurer, Eugene F. Walsh.—V. 142, p. 2849.
Radiator Co.—Protective Committee—
Augustus E. Lewis on May 25 announced the formation of a committee
the interests of debenture bondholders of the company, now in
process of reorganization.
Mr. Lewis stated in his announcement that,
in the opinion of the committee, which has carefully studied the matter,
the plan of reorganization proposed by the company is unfair to debenture
bondholders.
He also stated that the members of the committee had been
to protect
asked to act
United Stores Corp.—Earnings—
Total income
105
Capital surplus
Earned surplus
Universal Pipe &
Corp.
Keid &
cumulative convertible
37,815
Corp. of Del
The corporation
20,877,000
unused portion of
renewal of short lived
Extraordinary income and credits
Reserve for taxes.
three registration statements under
The first registration statement
of
plant
3,031
Accrued taxes
Pay to Tob. Prod.
(bankrupt) debs.
in McCrory
1,005,000
Appropriation Of
equalization-
625,564
622,306
Inv.
to Raise
2,500,000
_
2,537,375
4,579,895
252,129
1,750,000
329,617
2,645
13,800
45,000
2,537,375
b Class A stock
4,679,895
c Common stock-252,116
Bank l'ns, secured
Accounts payable172",369
Prov. for Fed. tax-
of Del. stock--.
•
accordance with agreements (net)
reserve for interest
$
$6
conv.
Unclaimed divs
181,621
52,217
Cigar Stores Rlty
Holdings,
Ino.
31,246,000
160,000
__
314
New Jersey
Inv. in Tob. Prod.
c
cost of raw mate¬
rials and supplies consumed
Miscellaneous income.
Cum.
y
Year Ended
Year Ended 6 Mos. End.
reserve
of
Total
Sept. 30 '35 Sept. 30 '34 Mar. 31 '34
■
Appropriation
Corp.
Notes & accts. rec.
Comparative Income Account
over
45,414
Delaware
Res. from Tobacco
Prod.
a
pref. stock
Tobac.
Corp. of
from
Rec.
(In Reichsmarks—Approximated to nearest thousand Reichsmarks)
Excess of sales
453.488
1934
1935
Liabilities—
$
$
1,321,834
y
Steel
Stahlwereke
1934
1935
Assets—
Q&gh
by substantial holders of the bonds of this issue.
In addition to Mr. Lewis, members of the committee include George
Zabriskie, John E. Greenia and Earl C. Langenbacher, a member of the
Committee of Banks and Banking of the New York State Legislature.
In making the announcement,
Mr. Lewis said that permitting the
present plan of reorganization to go into effect would result in a substantial
detriment to the value of the bonds.
"I have every confidence that the
Court, through the opposition of our committee, will not approve of the
plan presently offered by the debtor," he declared.
The committee will urge that the position of debenture bondholders be
substantially improved, and that the underwriting terms of the proposed
plan receive drastic revision, according to the announcement.—V. 142,
p. 2176.
Volume
Financial Chronicle
142
Upressit
Metal
Dividend—
Cap Corp.—Accumulated
The directors have declared
a dividend of $2 per share on the 8% cum.
par $100, payable on account of accumulations, on July 1
to holders of record June 15.
This compares with $1 paid on April 1, last;
$3 paid on Dec. 30, 1935; $1 paid on Oct. 1 and April 1, 1935; $2 per share
3699
Vulcan Detinning Co.—Earnings—
Quar. End. Mar. 31
1933
1934
1936
$602,479
$753,492
$907,933
162,554
$249,601
35,393
$602,479
534,545
$753,492
692,840
$745,379
699,235
$214,207
202,675
Net income.
Other income..
$67,934
22,587
$60,652
29,430
$46,142
73,046
$11,532
8,567
Total income
Taxes, &c
$90,521
29,527
$90,082
23,891
$119,189
31,826
$20,098
3,015
Net profits
Balance, surplus, Jan. 1.
$60,994
958,998
$66,191
885,617
$87,362
1,268,241
$17,083
1,340,112
$1,019,992
$951,808
$1,355,604
206,240
$1,357,195
27,541
$1,149,364
$1,329,654
pref. stock,
paid on Dec. 28, Oct. 1, July 1 and April 1, 1934; $3 par share on Jan. 8,
1934; $2 per share on Oct. 1 and July 1, 1933; $1 per share on April 1, 1933;
$2 per share on Dec. 28, Oct. 1 and July 1,1932, and $1 per share on April 1,
The dividends have been accumulating on this stock since
Dividends prior to Jan. 1, 1925 were waived by the pref.
—V. 142, p. 1660.
Jan. 1, 1925.
Total
Expenses, deprec., &c._
stockholders.
Utility Shares Associates—To Be Liquidated—
See Massachusetts Power &
Vadsco Sales
Light Associates above.—V. 142, p. 2849.
Corp. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
*1936
1933
1934
1935
.
Net profit after charges,
deprec. & Fed. taxes._
$8,831 loss$10,817
x Does not include Vadsco
Realty Corp.
$396
loss
Balance Sheet March 31
Assets—
x
Offered—
issue of 28,883 shares common stock (no par value) was recently
offered for subscription to stockholders at $6.50 per share.
The issue was
A prospectus dated April 29 affords the following:
not underwritten.
Company and its predecessors have been in business continuously since
Company was incorp. in Ohio, March 12, 1891. Is now engaged in
the manufacture and installation of steel jails and
prisons, and in the
manufacture of railroad equipment and hydraulic and other truck and
tractor equipment; also general iron and steel products. It is now preparing
to manufacture auto trailers and road building
equipment.
All of the property of the company is located in Cleveland, Ohio, where
It owns four parcels of property in the heart of the industrial section of
Cleveland with an area of approximately 814. acres.
1878.
Capitalization—
Authorized
Outstanding
lstmtge.5% s.f. gold bonds dated June 1,'22_$1,500,000
$216,500
100,000 shs.
x56,237 shs.
Common stock (no par)..
Plant &
will become general funds of the company not earmarked for any specific
purpose. The program of the company; however, contemplates the use of
the funds as working capital.
•
Income Account Years Ended Dec. 31
1935
1934
1933
$471,361
$370,193
$186,644
571
663
972
$470,790
339,825
117,347
$369,531
306,866
111,988
$185,672
222,970
109,662
Returns and allowances
Cost of sales
Total expenses.
Net profit..
$13,619
Other income.
566
loss$49,324 loss$146,960
Dr 116
3,408
$14,185
30,626
loss$49,440 loss$143,552
32,043
61,121
Gross income
Other deductions
Net loss.
$16,441
$81,483
1936
goodwill
&c
Investments
Co.'s
own
272,625
Cash
on
demand
$29,712
84,284
Accounts payable—trade
Bond interest
57,786
Accrued taxes
Other assets
Fixed assets
26,527
711,458
35,812
„
Deferred charges
Total
x
Other accruals
$47,701
31,339
20,998
14,797
Deferred taxes.
28,357
Long term debt
216,500
x586,957
Capital and surplus.
$946,6531
Total
$946,653
Represented by 56,237.845 shares@$281,189 and surplus of $306,992,
$588,181, less 4,126 shares in treasury at cost of $1,224.—V.
p. 2521.
total
142,
Van Raalte
Co., Inc.—Earnings—
Calendar Years—
1935
Operating income
1934
1933
1932
x$974,165
40,422
$529,140
32,243
$304,647 loss$669,339
46,449
60,690
$1,014,587
156,253
92,274
101,000
$561,383
142,641
87,823
26,000
$351,096 loss$608,649
123,057
253,891
84,158
253,099
$665,059
$304,918
183,351
$143,881 df$l ,115,639
30,559
122,237
$121,567
$6,406,806 $6,484,245
Net profit
1st pref. dividends
122,234
Common dividends
Wabash Ry.-
Balance, surplus
$478,185
$1.41
$0.16
Nil
x Arrived at as follows:
Net sales $7,611,128, less cost of sales,
selling,
administrative and general expenses, before
depreciation, operating profit
Consolidated Balance Sheet Dec. 31
1935
1934
Properties & plants$l,475,614 $1,448,299
Cash
443,824
456,438
y Accts. receivable
913,364
732,142
Inventories.
1,628,541
1,190,165
Liabilities—
1935
1st pref. stock
1934
$1,746,200 $1,746,200
20,882
646,405
45,140
45,367
Accrued accounts.
222,289
120,656
101,543
26,000
14,001
19,736
Capital surplus
35,979
Common stock._
Accounts payable.
1.008,671
1,008,671
Earned surplus
Deferred charges..
713,073
for
taxes
x
$4,497,323 $3,847,926
Represented
by
646,405
Total
$4,497,323 $3,847,926
129.281
for doubtful accounts and
1934.—V. 142, p. 3532.
1934
1933
$3,329,779
955,940
448,727
$2,621,951
451,345
def53,289
From Jan. 1—
Gross from railway..
Net from railway.
Net after rents
_.
14,895,826
3,635,667
1,728,662
13,726,446
3,407,288
1,632,747
12,794,483
3,515,816
1,588,771
10,628,527
1,565,950
def554,912
—
—
—
—V. 142, p. 3366.
Waldorf System,
The directors
Inc.—Declares 20-Cent Dividend—
May 25 declared a dividend of 20 cents per share on
no par value, payable
July 1 to holders of record
June 20.
This compares with 12cents paid on April 1 and Jan. 10, last;
Dec. 20 and Oct. 1, 1935; 20 cents on Dec. 31, 1934; 25 cents on April 1
and Jan. 3, 1933, and 37M cents per share paid each quarter from April 11,
1927, to and including Oct. 1, 1932.
In addition an extra dividend of
7 A cents per share was paid on April 1, 1936.—V. 142, p. 2690.
the
common
on
stock,
Wentworth
Manufacturing Co .—Earnings—
Earnings for 6 Months Ended April 30, 1936
Earnings
per
$2,012,936
157,371
$1.53
share on common stock
The sales of $2,012,935 for the first half of its fiscal year show an increase
of 42% over the corresponding period a year ago.
The net earnings for the
six months' period is in excess of dividend requirements for the whole year,
at the present annual rate of $1.20.
No direct comparison is available
with the corresponding period last year because until April of this year,
all of the company's stock was held privately by officers and their families
and
no quarterly audits were made.
Net earnings of the company for the
ended Oct. 31, 1935, amounted to $235,381, or $2.29 per share.
Harry Lee, Secretary and director of sales, states that sales in May will
exceed those of any month since the business started in 1901, with un¬
filled orders for June and July delivery indicating a third quarter sales total
substantially larger than the $1,063,267 reported for the second quarter.
The company's four plants, which are located in Chicago and Fall River,
Mass., are operating at capacity and Mr. Lee says plans are being made for
installation of additional machinery to handle the increased volume of
business.—V. 142, p. 3533.
entire year
Wesson Oil & Snowdrift Co., Inc.—Extra Dividend—
The directors have declared
an extra dividend of 37 XA cents per share in
dividend of 12 A cents per share on the
value, both payable July 1 to holders of record
June 15.
Previous extra distributions were as follows: 37A cents on
April 1 and Jan. 2, last; 87 A cents on Oct. 1, 1935; 37A cents per share
in the three preceding quarters, and 50 cents on Oct. 1, 1934.—V. 142,
addition to the regular quarterly
common
p.
stock,
no
par
2525.
Supply Co.—Earnings—
Calendar Years—
1935
shares of $5 par value,
y After allowance
discounts of $24,500 in 1935 and
$17,399 in
1934
1933
1932
$19,217,355 $17,242,102 $12,848,140 $11,765,053
sales
Cost of sales & sell., gen.
and admin, expenses..
17,214,603
103,813
207,634
Taxes and licenses
117,225
Rentals
653,821
Prov. for doubtful accts.
101,701
14,742,975
133,477
146,601
99,267
Net operating profit.
Other income
$818,557
205,886
$1,469,649
216,789
$1,128,535
188,679
$412,899
164,208
$1,024,443
5,967
$1,686,438
30,384
$1,317,214
15,200
$577,108
3,761
Maintenance and repairs
Prov. for depr. & amort.
.
Federal
Other current llab.
Total
1935
$3,602,682
969,793
547,160
234,889
x
Prov.
$6,406,806 $6,484,245
Total..
$3,732,812
910,500
416,146
...
Western Auto
$974,165.
Assets—
57,845
951,808
•Earnings.—
Net after rents
Net
$4.20
57,845
1,019,992
1936
Gross from railway..
Net from railway. _.
64,640
Earns, per sh. on 129,281
shs. com. stk. (par $5)
304,316
$1,686,358 reserve for depreciation and obsolescence
$1,431,648 in 1935.—V. 142, p. 3533.
April—
^
Depreciation
Income charges
Prov. for Fed. taxes, &c.
248,167
After deducting
in 1936 and
$113,322df$l,237,876
Other income
contingent liabil
Excess of par over
cost of pref. shs.
Net earnings after all charges
Inventories—at cost.*
1,075
7,999
Sales
Accounts receivable
Due from officers and others..
172,362
in treasury
$204,673
Liabilities—
82,100
82,100
Surplus
*
Assets—
150,691
6,331
<?
Balance Sheet Dec. 31, 1935
48,154
132,463
Advances..
x
126,214
209,102
Res. for taxes and
preferred
stock
Accts. receivable..
Total
1935
1936
Preferred stock...$1,563,800 $1,563,800
Common stock
3,225,800
3,225,800
2,794,677 Accounts payable.
300,398 Dividends payable
tetrachloride
1,411,836 Tin
equaliz. reserve.
347,218
2,794,677
439,316
1,483,288
Cash
Inventories
'Liabilities—
1935
equip...$1,229,953 $1,471,426
Patents,
x Of the 56,237 shares of stock
outstanding, 126 shares are in the treasury.
Purpose—The estimated net proceeds to be raised by the sale of the
28,883 shares of the common stock is $187,739. Net proceeds so realized
Total sales
$951,808
$1,019,992
Realty Corp. for the quarter ended March 31, 1936, reports
of $20,114 after taxes and depreciation.—V. 142, p. 3365.
Van Dorn Iron Works Co.—Stock
Dividends paid.
loss$76,382
Vadsco
An
1935
Inv. of finished products
Income deductions
10 ,822,434
66,415
108,190
93,009
601,443
28,111
588,405
61,726
10,507,418
44,736
114,593
50,363
612,682
22,360
Provision for Federal and
151,079
Dividends paid
Earns, per sh. on 195,961
shares outstanding
212,160
79,705
$1,411,384
783,844
$1,089,855
293,942
$493,641
244,952
$4.42
income
244,670
$867,396
587,883
State income taxes.
Net
$7.20
$5.56
$2.52
Comparative Balance Sheet Dec. 31
Vick Financial
Corp.—Dividend Doubled-—
The directors have declared
a
par
Cash
Marketable secure.
Accts. receivable.
Inventories
x
—
_
—
$1,113,766 $1,055,379
17,127
17,627
737,684
1,059,947
4,598,264
4,896,211
716,552
Other assets
559,464
23,772
Capital assets—
132,049
_
Goodwill
Liabilities—
y
1935
1934
Capital stock...$5,266,450a$5,266,450
Accounts payable-
683,642
650,901
Acer, taxes, wages.
.
&c
216,989
2,205,156
i
321,326
47,214
Surplus
1,925,643
139,982
710,758
Deterred charges.
Virginian Ry.—Directorate Increased—
1934
♦1935
Assets—
dividend of 15 cents per share on the
capital
$5, payable June 20 to holders of record June 5.
This compares
with semi-annual dividends of 7^ cents per share
paid on Dec. 20, 1935,
and each Aug. 15 and Feb. 15 previously.
Dividends are now being paid
each June and December.
In addition an extra dividend of 2Vt cents ner
share was paid on Dec. 20, 1935.—V. 142, p. 638.
stock,
710,758
At the annual
was
New
meeting on May 2, Section I of Article I of the by-laws
amended, providing for 12 directors instead of 11.
S. S. Nicholls of
York
was
elected
the
additional
director
in
accordance
with
a
x
Earnings for April
April—
Gross from railway
Net from railway
Net after rents
■_
*
$981,713
466,480
384,595
$1,072,700
514,631
438,300
$873,869
352,859
287,492
5,687,565
3,104,329
2,709,200
4,982,690
2,607,762
2,154,561
4,809,426
2,546,373
2,220,792
4,210,882
2,024,867
1,733,628
1935
1934
3192.
After
$8,372,238 $8,164,3211
transfer in
1934
Total
of $1,915,450
$8,372,238 $8,164,321
from surplus to stated capital,
After deducting reserve for depreciation of $195,918 in 1935 and $163,-
989 in 1934.
y Represented by 100,000 shares class B and 95,961 shares
class A stock or no par value.—V. 142, p. 3192.
and Year to Date
1936
$1,316,305
694,979
637,661
From Jan. 1—■
Gross from railway
Net from railway
Net after rents
—V. 142, p.
Total
this
amendment.
1933
Western Dairies,
Inc.—Annual Report—
S. H. Birch, President, in his remarks to stockholders says in part:
Reflecting improved conditions within the industry, particularly during
the last half of the year, and increasing economies in the operating com¬
panies, the year 1935 on the consolidated basis shows a net profit of $301,464 as set forth in the accompanying statements, compared with a loss
Products Co. and its controlled companies of $602,903
in 1933 and $404,183 in 1934.
for Western Dairy
3700
On
a
Financial
which represents an increase from $589,716 as
as at Dec. 31, 1933.
1935, was $773,208,
at Dec. 31,1934, and $703,186
institutions.
After Feb. 9,
1935, requests were received from many security holders
offer of Dec. 15, 1933, asking that they be allowed
to exchange and it was considered desirable that Western Dairies, Inc.,
own
as
large percentages of outstanding securities of the northern and
southern companies as possible. Accordingly it was decided that a second
offer should be made under date of June 15, 1935.
Under the prospectus
covering this second offer it was possible to accept securities for exchange to
and including Dec. 31, 1935.
When this offer closed on this date the fol¬
lowing totals and percentages of the four stocks of the northern and southern
companies had been exchanged:
who had not accepted the
,
Shares
Per Cent
Exchanged
Exchanged
124,307
279,156
94.7
94.8
7,00.5
15,322
42,565
4,985
__
96.7
Series "B" preference stock
1935, the funded debt of the operating companies totaled
$3,941,500, of which $1,291,500 was the funded debt of California Co¬
operative Creamery Co., which securities were not included in the plan of
exchange and none of which securities are owned by Western Dairies, Inc.
The balance of the funded debt of $2,650,000 is composed of $1,275,000 of
Western Products Co. and $1,375,000 of Western Dairy Products, Inc.
Of these securities $952,000 and $781,500 respectively are owned by Western
Dairies, Inc., having been acquired under the above mentioned plan, and
$323,000 and $593,500 are in the hands of the public.
During the year the following debentures and bonds of the operating
companies were retired:
Western
Dairy Products Co. 15-year 6J^% sinking fund gold
debentures, due Dec. 1, 1941
$175,000
Western Dairy Products, Inc., 15-year 6*4% sinking fund gold
debentures, due May 1, 1942
40,000
California Cooperative Creamery Co. 1st mtge. 6% sinking fund
gold bonds, due Oct. 1, 1948
25,000
California Cooperative Creamery Co. 15-year 6M% sinking fund
gold debentures, due Oct. 1, 1943
80,1)00
__■
In July,
1935, Western Dairy Products, Inc., announced the formation
subsidiary, Preferred Brands, Inc., which manufactures mayonnaise,
salad dressing and sandwich spreads, the distribution of which is made
through retail store accounts and from company distributing routes.
a
Consolidated Income Account Year Ended Dec. 31, 1935
Net sales.
_____
Cost of goods sold (incl. selling, delivery and admin, expenses).
$15,674,542
14,690,146
$984,396
503,336
__.
Net operating income—
Other income
$481,059
18,987
•
Net earnings, before int. charges and prov. for Fed. inc. taxes.
$500,047
150,706
43,000
Interest charges
Provision for Federal income taxes
Net earnings
$306,341
Portion of earnings applicable to preference and class "A" stock
of sub. cos. in hands of public at Dec. 31, 1935 (dividend re¬
were
$36,630)
4,877
Net income
Profit
on
$301,464
____
bonds and debentures retired
tion applicable to
during 1935, less
minority interests, $5,057
por¬
101,124
Total
$402,588
Deduct dividends
Balance
as
146,881
_____
at Dec.
31, 1935
$255,707
-
Consolidated Balance Sheet Dec. 31, 1935
Assets—
Liabilities—
Cash in banks and
a
Customers'
on
notes
hand.._
and
counts receivable-.
a
Sundry
and
notes
receivable
Inventories
$773,208
ac¬
788,666
Notes payable
$21,307
Accounts payable
Accrued liabilities
840,905
Reserve for
accounts
Western
420,235
finished
of
Prepaid expenses
15-year
Investments, principally stocks
Co.
6
f.
s.
dis¬
11,946
1st
mortgage 6%
to
for
plan
s.
expenses
for
593,500
'
f. gold
bonds, due Oct. 1, 1948._
15-year 6 4%
s.
f.
gold
deben's, due Oct. 1, 1943.
Minority stockholders' inter¬
ests in subsidiary cos
Reserve
323,000
gold
Calif. Coop. Creamery Co.:
293,021
4,550,099
debenture
Products
debentures, due May 1, 1942
of and advances to affiliated
count and expense
Dairy
15-year
s.
f.
gold
6}4%
debentures, due Dec. 1, 1941
272,345
companies (at cost)
b Plant and equipment
261,295
84,844
Western Dairy Products, Inc.,
prod¬
plies.
Unamortized
Fed. income taxes
118,735
ucts, raw materials and sup¬
730,000
561,500
1934
1933
1932
$1,365,498
1,371,332
$1,298,765
1,327,032
$1,246,673
1,273,673
$1,233,228
1,362,276
Net def. from ry. oper.
$5,834
96,186
$28,267
90,859
$27,000
$129,048
82,720
224
75
60
388
_
$102,245
307,608
$119,201
309,729
$134,115
317,719
$212,156
338,342
Deduc. from gross inc—
$205,364
282,666
$190,528
273,144
$183,604
296,932
$126,186
298,842
$77,302
$82,616
$113,328
$172,656
(2%) 60,000
$77,302
$82,616
$113,328
$232,656
Railway tax accruals—
Uncollectible ry. revs—
Railway oper. deficit.
Non-operating income.
Gross income
Net loss
—
32,543
2,440,014
Dividends
Balance, deficit.
—V. 142, p. 3017.
Westvaco Chlorine Products Corp.
Period End. Mar. 31—
Net
493,486
255,706
Total
____$7,228,257
After reserves,
b After reserve for depreciation of
$4,360,639.
c Rep¬
by 61,000 no-par shares,
d Represented by shares of $1 par.
Note—Effect has been given in this consolidated balance sheet to the issu¬
a
ance subsequent
to Dec. 31, 1935, of 762.52 shares preferred stock and
3,593.55 shares common stock and the acquisition therefor of securities of
subsidiary companies which were in the process of exchange as at that date
under offer of June 15, 1935.—V. 141, p. 3706.
Maryland Ry.—Earnings—
Period End. Apr. 30—•
1936—Month—1935
Operating re venues
$1,266,387
$1,063,288
Net operating revenue.
395,417
237,364
Net ry. oper. income
304,419
213,183
Other income
7,907
8,211
1936—4 Mos.—1935
$5,313,659
1,808,754
1,496,048
21,863
$4,968,643
1,501,466
1,378,567
27,324
$312,326
264,071
$221,394
265,420
$1,517,911
1,055,402
$1,405,891
1,063,951
$48,255
def$44,026
$462,509
$341,940
_
-1935
(& Subs.)—Earns.
1936—12 Mos.—1935
$162,699
Earns, per sh. on
$162,333
$618,809
$597,916
$0.43
Federal taxes, &c
$0.43
$1.63
$1.56
284,962
(no par) shs. com. stk.
assets of of March
28, last, including $327,018 cash and Gov¬
ernment securities, amounted to $2,047,888, and current liabilities were
$400,946.
This compares with cash and Government securities of $492,595,
current assets of $1,849,655, and current liabilities of $392,811 on March
30, 1935—V. 142, p. 3192.
Current
Steel
Wheeling
Corp.—50-Cent Preferred
The directors have declared
of accumulations
on
the
a
Dividend—
dividend of 50 cents per share on account
6% cum. pref. stock,
$100, payable July 1
to holders of record June 12.
A similar payment was made on April 1, last,
Dec. 24, Oct. 1, July 1 and April 1, 1935, this latter being the first dividend
paid since Jan. 2, 1932, when the company paid 75 cents per share.
An
initial dividend of 75 cents was paid on Oct. 1, 1931.
Accruals after the payment of the July 1 dividend will amount to $25.50
per share.—V. 142, p. 3193.
par
Wheeling & Lake Erie RR.—Clears XJp Arrearages—
The directors
May 27 declared a dividend of $35 per share on account
7% cumulative prior lien stock, par $100, payable
May 29.
The payment of this dividend, in line
with the recapitalization plan proposed by the Reconstruction Finance
Corporation eliminates accumulations on this issue up to May 1, 1936.
See detailed dividend record in V. 142, p. 2691.
on
of accumulations on the
June 4 to holders of record
RFC Plan Adopted—Van Sweringen and Taplin Interests
Accept Back Dividend Proposal—Taplin Forces Receive Increase
in Representation on the Company's Board—
The New York "Times"
A
has
on
May 28 had the following:
been
declared between the Van Sweringen-Nickel Plate
Taplin forces in their 10-year battle for control of the
Wheeling & Lake Erie Ry.
After four meetings, including the annual
gathering of stockholders (May 27) Messrs.
Taplin and Van Sweringen
ended the fight.
The directors voted to pay back dividends of $35 a share on the prior
lien stock, or $4,160,870 on the 118,882 shares.
The Reconstruction Finance Corporation holds 115,193 shares of the
Wheeling's prior lein stock as part collateral for a $15,511,00 loan ex¬
tended to the New York. Chicago & St. Louis (Nickel Plate).
Under an
agreement with the Nickel Palte, the RFC will receive the dividends de¬
clared May 27 on its holdings to be applied to the reduction of this loan.
truce
and the
The RFC therefore will
receive
98.5% of the $4,160,870 disbursement
au¬
thorized.
Jesse Jones,
Chairman of the RFC, devised the plan on which the Wheel¬
ing board acted.
Formal approval by stockholders is to take place on June
29.
Mr. Jones announced his plan after the Taplin interests and the Van
Sweringen interests proposed different means for ending the dividends
arrears.
The one proposed by the Taplins would have reduced the Van
Sweringen control of the Wheeling to a substantial degree.
The per¬
centage of this control is reduced somewhat by Mr. Jones's plan.
Frank E. Taplin, coal operator,
by the deal increased his representation
on the Wheeling board from 3 to 6 of the 15 directors, and carried his
point
in obtaining consent to a refunding of the $11,888,200 of 7% prior lien stock
which included the payment of the back dividend.
He gained one member
the executive committee.
Control of the road, however, remains with the Nickel Plate, as the
proposed new prior lien 4% would be non-convertible and non-callable.
The 6% noncumulative preferred shares will be reduced to
5*4%, but
will become cumulative from Aug. 1 next and convertible into common
stock, snare for share, and callable at any time at par and accrued dividend.
The Jones financing plan would save the road about $400,000 a
year.
Besides a cut in dividend rates it would reduce the call price to a premium
of $7.50 a share from $15.
While the Van Sweringen-Nickel Plate interests hold more than
97%
prior-lien stock and 53% of all stock, the Taplin-Pittsburgh & West
Virginia group, whiph controls about 40% of the Wheeling shares, owns a
large part of the preferred and common stock.
The resignation of Thomas S. Grasselli from the board was accepted and
his place was filled by Charles S. Wachner.
Robert C. Schaffner of A. G.
Becker & Co., investment bankers of New York, was elected a director.
of the
William F.
Nash
was
not reelected.
Other directors chosen
were
Warren
Bicknell, G. A. Tomlinson, Frank E. Taplin, W. M. Duncan Jr. and
George M. Jones, directors purported to represent Mr. Taplin include
Pierce Butler Jr., E. J. Kulas and Messrs. Wachner, Schaffner, Jones and
Taplin.
Officers
on
of the Wheeling were reelected, while Mr. Kulas replaced Mr.
the executive committee.
Other members of the committee are
M.
Duncan, Chairman and President; Mr. Bicknell,
Murch, E. A. Petrequin, Mr. Taplin and Mr. Tomlinson.
made
public
Maynard
H.
the following letter addressed to J, Crawford
Biggs:
With reference to our various discussions as to your responsibility as
voting trustee for certain stock in the Wheeling & Lake Erie Ry., owned by
the
New
York
Chicago & St. Louis RR., under pledge to this Corpora¬
tion as security for loans to the New York
Chicago & the St. Louis RR.,
and as to certain controversial matters with respect to the
property, allow
me to suggest that at the annual
meeting to be held May 27, at which time
a rearrangement of the
company's financial structure will be up for discus¬
sion, the stockholders give consideration to the following:
(a) That payment be made of all back dividends on the 118,826 prior
lian 7% cumulative shares;
(b) That the above shares be exchanged for prior lien non-convertible
non-callable 4% cumulative shares, allowing the holders of the 7% cumu¬
lative shares a premium of $7.50 per share instead of $15 per share, as
provided as a call price for said shares:
(c) That the 102,140 6% preferred non-cumulative shares be reduced to
5H% and made cumulative from Aug. 1, 1936, convertible into common
shares, share for share, and callable at any time at par and accrued dividends:
(d) that the common shares remain as now constituted:
(e) That each share of whatever class have one vote on all matters upon
which
stockholders
This will show
1936—3Mos-
profit after deprec.,
459,899
resented
Net income.
107,055
44,873
Earned surplus.
Fixed charges-.
1935
Railway oper. revenues.
Railway oper. expenses.
Years—
Recommendations Made by REC.—-Jesse H. Jones, Chair¬
man,
Reconstruction Finance Corporation, on May 22
Capital surplus
Gross income
1935
$5,794,402
85,383
d Common stock..1
Western
May 21
W.
of
Res. for compensation insur..
$3 cum. & part. pref. stock._
c
$7,228,257'
to
Ry. of Alabama—Earnings—
Western
Calendar
Nash
incident
preservation
assets of controlled cos
Total
1
1936
$6,156,669
Western Power Corp.—Dissolution Plan Approved—
April 30 approved the necessary proposals in the plan
liquidation of the company.
See V. 142, p. 2690, 3367.
on
preferred stock of Western Dairies, Inc.,
1, 1934-___-
on
for year to Dec.
$275,253
The stockholders on
for
interests
before deprec., int. chgs. and prov. for Fed. inc. tax
quirements of which
—V. 142, P-
0
At Dec. 31,
earns,
$277,372
(est.)
3533.
—Jan.
1,435
100.0
Western Dairy Products, Inc.—
Series "A" preference stock
Depreciation
Period—
SharesNot
Exchanged
Western Dairy Products Co.—
Class "A" stock
Class "B" stock
Net
May 30, 1936
-Third Week of May—
1936
1935
Gross earnings
During the year 1935 dividends were paid as follows: On May 1 to stock
of record April 27, dividend of $2.25 per share was paid on preferred shares
originally cumulative from Dec. 1, 1933, and on the same date a dividend
of 75 cents per share was paid on the preferred shares originally cumulative
from June 1, 1934.
On Dec. 20 to stock of record Dec. 10, dividend of
75 cents per share was paid on preferred shares originally cumulative from
Sept, 1, 1934, or earlier. At present (Feb. 29, 1936) there are outstanding
in the hands of the public 58,878 shares on which dividends are cumulative
from Dec. 1, 1934, and 487 shares on which dividends are cumulative from
June 1, 1935; 1,259 shares on which dividends are cumulative from Sept. 1,
1935; 376 shares on which dividends are cumulative from Dec, 1, 1935.
Western Dairies, Inc., was formed in accordance with a plan for preser¬
vation of the assets of Western Dairy Products Co. and Western Dairy
Products. Inc., submitted to the stockholders under plan dated Dec. 15,
1933, and covered by prospectus dated Jan. 15,1934, and further prospectus
dated June 15, 1935. Western Dairies, Inc., offered to acquire in exchange
for its own preferred stock and voting trust certificates representing common
stock the six classes of securities of Western Dairy Products Co. and Western
Dairy Products, Inc., which were outstanding in the hands of the public.
Under the prospectus covering the first offer, or under the first offer as
modified, securities could be accepted for exchange to and incl. Feb. 9,1935.
To that date exchanges had been made by more than 6,000 individuals and
of
Chronicle
consolidated basis, cash on hand as at Dec. 31,
shares of
more
vote.
an annual saving to the road on the prior lien and preferred
than $400,000, does not change the relative existing positions
Volume
Financial
142
Chronicle
3701
of those interested in the road, and leaves the stock you
represent in trustee¬
ship as presently required by the Interstate Commerce Commission.
Such a reorganization seems clearly in the interest of the road, takes
advantage of prevailing money rates, and, I am advised, will be acceptable
to those owning practically all of the stock.
1936
Gross from railway
Net from
$1,150,410
268,844
174,199
railway
Net after rents
From Jan. 1—■
Gross from rail way
Net from
4,497,366
1,054,757
711,289
_____
railway
Net after rents
—V.
142,
$647,061
125,731
26,763
Notes payable
171,343
Accts.
Inventories
296,521
273,192
524,355
139,956
(at cost)
Physical
Deferred
prop.._
assets
Operating
Companies—Earnings—
1936—3 Mos —1935
a
1936—12 Mos.—1935
$2,214,246
1,362,834
$2,123,378
1,201,812
$8,269,921
5,099,682
$7,961,027
4,757,215
Other income
$851,411
4,525
$921,566
36,340
1,170,239
96,355
$3,203,812
162,842
Total earnings
Interest reductions
Balance avail, for retire.
$855,936
142,738
$957,907
142,839
1,266,594
563,961
$3,366,653
565,993
res., dividends &
$713,198
$815,068
$2,702,632
$2,800,660
revenues
Total oper. exp. & taxes.
Operating profit
185,100
927,471
957,805
2, 975,368
59,396
White Rock Mineral Springs Co.
499,393
$432,035
55,784
$580,297
67,053
$574,349
72,186
71,782
$487,819
60,193
_
Net income (before Federal inc. tax)
Provision for Federal income tax
$647,350
80,020
$718,317
94,448
14,876
56,682
525,694
980,408
3,144,459
52,576
Wisconsin Central
Net after rents
Int.
$427,626
2,071,113
12,391
$567,331
2,101,074
1,373
$623,870
2,051,592
26,863
$2,511,129
447,520
$2,669,778
598,665
$2,702,324
601,250
Earned surplus
$2,063,609
___.
$2,071,113
$2,101,074
!
on
funded debt
Ry.—Earnings-
2,625
568
Accrued interest
on
997
4,044
on
31,862
10,518
8,502
646,143
7,159,517
28,616
marketable securities
Investments (securities)
Treasury stock
b Property, good
will, trade-marks, &c
Prepaid expenses and deferred charges
r
Total
37,374
$71,097
112,953
5,992
$2,827,270
400,900
75,250
1,109
2,604
Cr27
2,138
946,732
974,473
$1,182,864
$1,372,289
reserve
Net income.
142,
34,097
2,000,000
77,900
4,922,100
2,063,609
69",2 82
2,000,000
83,000
13,626
Crll4
Other deductions
3,275
2853.
p.
Wisconsin Gas & Electric Co.—Earnings—
12 Months Ended March 31—
Total operating revenues
;
Operating
I
•
1935
1936
$5,888,509
2,908,147
247,421
656,329
605,218
$1,250,112
2,285
$1,059,441
Dr3,576
$1,252,397
508,450
18,179
9,138
-
$5,628,237
2,885,988
297,656
654,195
120,337
706,160
expenses
$1,055,864
508,450
18,179
9.437
,
.
Net operating revenues
Non-operating revenues
_
_,
,
—...
125.737
I
Gross income
Interest
on
funded debt.
.Amortization of bond discount & expenseOther interest charges
Interest during construction
Interest on depreciation reserve balances.
Cr293
Cr758
199,438
2,817
184,274
3,451
$514,666
$332,830
Other deductions
Net income
—V.
142,
p.
3018.
Wisconsin
Investment
Co.
(Del.)—Initial
Dividend—
$9,334,843
The
—
Other accrued accounts
Accounts receivable, credit balances
Unclaimed dividends.
Wisconsin dividend tax
752
the
directors
have
declared
an
initial
dividend
of
10
cents
per
share
stock, payable
July 1 to holders of record June 15.
The company reports a net asset value for its common stock of $4.51 a
share, giving effect to the retirement of its preferred stock on May 1.
This
compares with $3.90 on Dec. 31 last.—V. 142, p. 3367.
on
common
3,654
Wisconsin Michigan Power
Co.—Earnings—
12 Months Ended March 31—
Earned surplus
Total
Represented
by
246,105
no
par
shares
in
1935
b After depreciation.—V. 142,
p. 3534.
4,917,000
2,071,113
(245,850
in
1934).
Williamsport Wire Rope Co.—Offer Extended—
The bondholders' protective committee has
arranged with
Steel Corp. to extend until June 20,
1936, the latter's offer to
The protective committee pointed out that a recent decision
of the U. S.
District Court for the Middle District of Pennsylvania had
upheld the com¬
mittee's action in delivering bonds deposited with it to the
Bethlehem Steel
Corp. on the above basis.—V. 142, p. 3534.
See Bond Electric Corp above.—V.
1934
1933
1932
$3,244,670
51,458
$3,142,035
26,329
$4,171,493
25,006
$5,852,656
75,171
$3,296,128
2,496,476
$4,196,499
3,669,420
$5,927,827
5,211.235
180,846
79,901
10,615
263,107
523,678
$3,168,364
2,472,179
2,500
83,970
88,025
15,323
289,975
632,557
206,660
100,723
22,963
75,543
600,675
203",644
$258,495
$416,164
$479,486
$399,065
Operating earnings
Total income
expense
Federal taxes
Prop. & lease ban, &c_.
Interest charges
Amortiz. of bond disct--
Sundry
Depl. & deprec.
on cost.
Net loss
Quarter Ended March 31—
Total income
Costs and expenses
Operating profit
Other income
Total income
Abandonments, &c
'
Development costs and leases.
Interest.
Discounts
Amortization
Miscellaneous deductions
Provision for contingencies
Depreciation and depletion._.
Net profit
Earns, per sh. on 425,389 com. shares
(par $5)
Net operating revenues
Non-operating revenues
$1,340,489
4,365
$1,312,738
2,343
$1,344,854
475,000
13,394
1,834
$1,315,082
475,000
13,394
4,833
1936
1935
131,686
21,698
74,116
684,512
1934
$803,492
$777,357
568,592
569,207
$943,834
796,777
$234,900
4,170
$208,150
$147,057
$239,070
22,683
10,834
19,030
3,238
2,186
$212,482
18,887
57,030
19,755
$147,057
19,094
68,176
20,792
1,599
3,075
2,520
2,487
3,755
3,306
831
10,000
125,508
$44,760
$0.08
4,332
145",354
110",955
loss$35,738
loss$81,508
Nil
expenses
Maintenance
Taxes, other than income taxes
Interest
on
funded debt.
Amortization of bond discount & expenseOther interest charges
—
Interest during construction
Cr728
Net income.
p.
Cr452
55,275
414,015
55,679
414,208
$386,062
Other deductions..
Appropriations for depreciation reserve.
142,
432,968
64,467
$352,418
2691.
Wisconsin Power & Light Co.—Files with SEC—To Issue
134, p. 523.
1935
Other income
$2,807,025
879,779
117,072
Operating
-V.
Co.—Acquisition—
(H. F.) Wilcox Oil & Gas Co. (& Subs.)—Earnings—
Calendar Years—
1935
$2,882,626
905,598
110,387
436,952
89,199
Total operating revenues
Gross income
Bethlehem
acquire Wil¬
liamsport Wire Rope Co. first mortgage sinking fund 6% gold bonds by
payment of $700 cash per $1,000 bond, it was announced on
May 25.
Winchester Repeating Arms
1936
Provision for income taxes.
Second preferred stock
a Common
stock--
Operating
$3,228,085
37,064
363,750
$2,605,969
385,523
86,222
;
Gross income
-V.
1935
1,214,458
$2,979,797
40,342
333,485
Interest on funded debt
Amortization of bond discount & expense.
Other interest charges
Interest during construction
$9,334,843
$43,824
88,279
7,682
1,346
3,837
2,780
Reserve for insurance and taxes
First preferred stock
1936
$2,967,467
12,330
-
Provision for income taxes
7,164,533
$9,245,455
Accrued taxes
a
12,479
8,502
591,487
$9,245,455
-
Liabilities—
Accounts payable
$1,071,177
-Earnings—
_.
Total income
Expenses
$2,962,226
354,508
Dr312,687
132,932
625,557
$777,902
$220,407
Wisconsin Electric Power Co.-
461
liquidation
Due from State (tax refund)
Cash surrender value of issuance
life of officer
1936—4 Mos—1935
$3,482,967
708,301
78,441
232,532
623,811
Provision for depreciation
294,048
102,706
16,446
$5,443,306 $5,803,891
Total
12 Months Ended March 31—
$28,387
1,087,199
1,976
Due from officers and
employees
Due from subsidiaries in
2,127,152
391,982
1,644,417
stock_
Provision for income taxes
268,483
97,290
*
2,126,949
650,477
1,672,725
d Common
Operating deficit.
Capital surplus—
$107,834
1934
$60,020
931,957
(at cost)
669,800
Taxes, other than income taxes
1935
Marketable securities
Notes receivable
Accounts receivable
Inventories
1,101,500
Maintenance
Comparative Balance Sheet Dec. 31
Assets—
Cash
970~500
648,450
1936—Month—1935
$920,198
$827,337
245,151
166,961
102,669
Dr28,445
Dr55,912
35,819
154,592
156,141
Appropriations for depreciation
Miscellaneous credits to surplus
6% 1st mtge. bds.
Trade accept, pay.
Income—Rent from lease of electric plant.
Interest
_;
$1,171,602
__
Net income from operations
Other income
State tax refund
$1,670,995
$1,190,200
11,468
10,785
587,650
Taxes (other than Federal income
tax)
expenses
$1,714,527
524,327
2,500
116,390
$5,443,306 $5,803,891
Period End. April 30—
Total revenues
Net railway revenues...
1933
$987,335
8,124
15,780
531,396
Depreciation
Selling, general & adminis.
1934
2,500
105,994
After allowance for losses,
Net deficit
-V. 142, P. 3193.
-Earnings-
accounts
payable
$1,480,337
—V. 142, p. 1942.
Calendar Years—•
1935
Gross sales, less discount, returns and
allowances
$1,433,829
Cost of goods sold
446,494
249,829
54,319
b After deducting allowance for depletion
($1,349,409 in 1934).
c After deducting allowance for de¬
preciation of $5,801,414 ($5,567,165 in 1934).
d Par value $5.—V. 142,
p.2691.
of
Other income—net
surplus
$213,520
Preferred stock—
151*329
693,803
Other assets
b Developed leases
Undeveloped leases
c
$260,000
277,669
28,995
stk. tax-
36,080
Total
Massachusetts
Period End. Mar. 31—
& cap.
Advances
a
1934
1935
payable—
Acer. prop.tax.,&c
Deferred
50,000
3367.
p.
Western
Liabilities—
Fed.inc.taxofsubs.
purchases
2,587,755
3,833,374
1,085,954
667,672
4,172,728
777,670
430,863
1934
$33,262
pay't of crude oil
$935,112
198,161
97,498
$974,275
170,094
88,101
1935
$83,785
175,297
1933
1934
1935
Assets—
Receivables
Cash
Cash depos. to sec.
Earnings for April and Year to Date
April—
Consolidated Balance Sheet Dec. 31
Nil
Bonds
and
Notes
Aggregating
$35,700,000
for
Refunding
Purposes—
The company on May 25
filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2188, Form A-2) under the Se¬
curities Act of 1933 covering $32,000,000 of first mortgage bonds, series A.
4%, due June 1, 1966, and $3,700,000 of 4% serial debentures, due serially
June 1, 1937-June 1, 1946.
According to the registration statement, the net proceeds from the sale
of the bonds and the debentures will be applied to the following purposes:
To the redemption on or before Aug. 1, 1936, at 105 and accrued interest,
of $2,028,300 of Eastern Wisconsin Electric Co. 1st lien & ref. mtge. gold
bonds, series A, 6%, due Dec. 1, 1942, requiring, exclusive of accrued
interest, $2,129,715;
To the redemption on or before Aug. 1, 1936, at 107H and accrued in¬
terest, of $1,170,800 of Eastern Wisconsin Electric Co. 1st lien & ref. mtge.
gold bonds, series B, 6^%, due Sept. 1, 1948, requiring, exclusive of
accrued interest, $1,258,610;
To the redemption on or before Aug. 1, 1936, at 103 and accrued interest,
$8,350,000 of Wisconsin Power & Light Co. 1st lien & ref. mtge. gold bonds
series E, 5%, due May 1, 1956, requiring, exclusive of accrued interest,
$8,600,500;
To the redemption on or before Aug. 1, 1936, at 103 and accrued interest,
$9,000,000 of Wisconsin Power & Light Co. 1st lien & ref. mtge. gold bonds,
series F, 5%, due Dec. 1, 1958, requiring, exclusive of accrued interest,
$9,270,000;
To the redemption on or before Aug. 1,1936, at 103 and accrued interest,
of $2,000,000 of Wisconsin Power & Light Co. 1st lien & ref. mtge. gold
bonds, series G, 5%, due July 1, 1961, requiring, exclusive of accrued in¬
terest, $2,060,000;
To the redemption on or before Aug. 1, 1936, at 104 and accrued interest,
of $1,000,000 of Wisconsin Power & Light Co. 1st lien & ref. mtge. gold
bonds, series H, 6%, due May 1, 1952, requiring, exclusive of accrued
interest, $1,040,000;
To the payment at maturity, at par and accrued interest, of $873,000 of
Beloit Water, Gas & Electric Co. 1st mtge. 25-year 5% sinking fund gold
bonds, due March 1,1937, requiring, exclusive of accrued interest, $873,000;
Financial
3702
maturity on July 1,1936, at par and accrued interest,
redemption on Jan. 1,1937, at 102 and accrued interest, of $517,600
Electric Co. 1st & ref. mtge. 5% gold bonas, due serially
1936-1945, requiring, exclusive of accrued interest, $527,650; *
1
To the redemption on Jan. 1, 1937, at 105 and accrued interest, of $1,301,500 of Sheboygan Electric Co. ref. & improvement mtge. 5% 30-year
To the payment at
and the
of Jamesville
1,366,575;
fold bonds, due July 1, 1946, requiring, exclusive of accrued interest,
To the redemption on or before Aug. 1,1936, at 105 and accrued interest,
of $585,000 Of Southern Wisconsin Electric Co. 1st mtge. 5% gold bonds,
series A, due Dec. 1,1956, requiring, exclusive of accrued interest, $614,250;
To the redemption on Oct. 1, 1936, at 105 and accrued interest, of
$1,764,000 of Southern Wisconsin Power Co. 1st mtge. 5% gold bonds, due
Oct. 1, 1938, requiring, exclusive of accrued interest, $1,852,200;
To the redemption on Dec. 1, 1936, at 102 and accrued interest, of
$1,305,100 of Wisconsin Power, Light & Heat Co. 1st & ref. mtge. 5%
May 30,
Chronicle
$23 104' sundry, $7,196; interest, $10,994; net loss (before loss on wine and
iiauor division and income taxes), $57,467; loss on wine and liquor division
(discontinued)* $58,239; combined net loss (before income taxes), $115,705;
provision for Federal and foreign income taxes of companies having taxable
net income—Current year, $20,661: prior years, $10,588; net loss for year,
$146,956; deficit from operations, balance Dec. 31. 1934, $13,688; deficit
from operations, balance Dec. 31, 1935, $160,645.
Earnings for Quarter Ended March 31
i936
1,766
Federal taxes
contingencies.
Reserve for
x
reserve
1941, requiring, exclusive of accrued intetest, $4,066,650.
A bonds are redeemable in whole or in part at the option of the
company after 30 days' notice at the following prices plus accrued interest:
If redeemed on or before May 31, 1941, 105%; thereafter and including
May 31, 1946, 104%; thereafter and including May 31, 1951, 103%; there¬
after and including May 31, 1956, 102%; thereafter and including May 31,
1961, 101%; and thereafter at par.
The serial debentures are redeemable as a whole or in part at the option
The series
of the company after 30
interest: 105% for debs,
nays' notice at the following prices plus accrued
maturing June 1, 1937-June 1, 1941; 104% for
debs, maturing on June 1, 1942; 103% for debs, maturing on June 1. 1943;
102% for debs, maturing on June 1, 1944; 101% for debs, maturing on
June 1, 1945; and 100^% for debs, maturing on June 1, 1946.
The principal underwriter is Field, Glore & Co. of Chicago.
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.
Grover C. Neff, of Madison,
is
5,119,821
645,842
operating revenues
Operation
Power purchased
-
90,208
130,915
206,526
319,004
Maintenance
Provision for retirement
Taxes
Net earnings from operation
Net earnings before interest
!
(net)
Inventories
i
$730,726
433,062
3,525
23,170
175
Amortization of debt discount & expense.
Min. int. in net inc. of sub., Sumpter Light Co
Net income before preferred dividends.
$620,903
441,807
5,088
21,640
$270,792
-
52,611
f Chilean accounts
stocks
Prop, held for sale
31,485
28,900
Notes
Land, bldgs., ma¬
chinery, &c
559,138
150,000
23,619
35,000
accept.
1
1
mtge. installm'ts
641,993
due within 1 yr.
Provision
Agmel devel. acc't
14,200
in¬
for
come taxes
Notes payable due
Jan. 31,
Pats., trade-marks,
good will, organ-
194,800
1937...
17,000
Mortgages payable
1
1
iza'n exps., &c._
Contr.
in
Prepaid rent, taxes
26,568
36,211
85,728
& other expenses
Adv.
$470,962
186,666
&
$87,949
payable
42,733
28,901
c
1934
1935
payable and
accrued expenses
Contract, obiig. &
of other cos
79.513
oblig.
pay.
845,556
Dr95,268
644,061
25,200
845,556
Dr82,922
642,381
160,645
13,688
install.
quar.
d Capital stock
a
supplies and
Treasury stock..
Capital surplus
Deficit
$1,726,739 $2,103,688
a
15 490 shares (reacquired) at cost in 1935 and 12,480 shares in 1934.
b After deducting reserve of $27,865 in 1935 ($55,500 in 1934) for doubtful
accounts,
c After depreciation of $470,985 in 1935 and $415,149 in 1934.
d Represented by 845,556 shares of $1 par value stock,
f At estimated
realizable value based on 4c, per Chilean peso.—V. 141, p. 2754.
$152,248
117
Total
$1,726,739 $2,103,688
Total
$616,976
3,927
"
Funded debt interest
567,851
467,446
36,673
prepaid advertis.
$1,953,938
606,972
72,218
149,443
204,741
303,586
$727,324
3,402
Other income (net)
$202,364
337,687
151,749
Accts.
1935
1936
Total
$452,869
—
b Receivables
President of the company.
3 Months Ended March 31-
General interest
Cash
in
$129,466
Dec. 31
Liabilities—
1934
1935
Assets—
Invest't
21,918
for contingencies to occur in second quarter of 1936.
Consolidated Balance Sheet
Nov. 1, 1936, at 105 and accrued interest, of $3,River Power Co. 1st mtge. 5% gold bonds, due
4,229
18.57o
18,575
5,000
$23,900 loss$195,139
profit
Provision for
To the redemption on
of Wisconsin
$174,188
4,229
16,878
6,936
x35,000
Interest
Depreciation
Net
1934
1935
$84,480 loss$167,335
Operating profit
1.331 202'
fold bonds, due June 1, 1946, requiring, exclusive of accrued interest,
873,000
May 1,
1936
United Engineering
& Foundry Co.—Listing—
Exchange has authorized the listing of 832,236 shs.
$5), all of which have been issued and are outstanding.
The New York Stock
of
common
stock (par
Income Account Years Ended Dec.
31
1933
1934
1935
$221,157
$1,088,475
190,075
162,588
$1,504,673
161,697
$2,825,926
226,427
$411,232
$1,251,063
$1,666,370
$3,052,354
467,360
239,019
450,906
249,757
572,563
252,374
661,038
255,819
25,591
profit411
2,329
23,318
35,000
140,000
1932
profit from manuf.
Gross
Other income
Gross income
Gen. administrative and
Preferred Dividends—
selling expense..
The directors have declared a dividend of 75 cents per share on the
6% cumulative preferred stock (par $100), and a dividend of 87 K cents
per share on the 7% cumulative preferred stock (par $100), both payable
June 15 to holders of record June 4.
Similar payments were made on
March 16, last, and on Dec. 16, 1935, prior to which dividends were paid
on the 6% and
7% cumulative preferred stocks on Sept. 16 and June 15,
1935, at the rates of 50 cents and 58 1-3 cents per share, respectively.
—V. 142, p. 3018.
Depreciation
Loss on disposal of capital
assets
Approp. for sales adjust¬
ments & replacements,
and patent litigation.
for
Prov.
State
Penn.
capital stock & income
7,366
8,475
8,400
104,899
10,000
55,436
144,286
399.442
profit (surplus)__loss$373104
59,829
728,206
$346,899
$686,418
59,171
624,177
$1,607,838
58,256
1,092,312
$3,069
818,216
$0.77
$457,27
818.210
taxes
Yazoo & Mississippi Valley RR.April—
Gross from
1936
$1,064,379
251,830
31,162
railway
Net from railway
Net after rents
Earnings.—
1935
Prov. for Federal capital
1933
1934
$875,596
$830,945
145,161
def55,186
$804,811
3,587,237
372,615
46,163
172,189
def26,468
3,308,379
240,853
2,391
From Jan. 1—
Gross from railway
4,335,631
1,085,176
238,505
Net from railway
Net after rents
3,568,791
627,130
defl22,212
846,254
def73,059
stock and income taxes
Net
59,215
416,118
Preferred dividends
Common dividends
Balance,surplus
Shares of
common
_def$l,161,139 def$128,434
818,216
$0.35
818,216
stock
def0.53
Earnings per share
$1.86
Balance Sheet, Dec. 31
V. 142, p. 3019.
Calendar Years—
Gross profit from sales..
Other income
$3,439,981
61,871
Total profit
$3,501,853
Selling, shipping & gen.
administration exps..
1,111,799
Depreciation
227,498
Interest charges & bond
discount and expense.
18,970
Loss on sale of securities
5,878
Prov. for Fed. taxes, &c.
321,598
Net profit
1932
1933
1934
1935
$1,975,302 a $1,281,336
60,395
133,803
$508,034
138,848
$2,035,697
$1,415,139
$646,882
856,818
213,217
673,093
217,076
602,439
221,364
20,281
23,767
12,354
70,700
19,302
133",898
-
$940,413
408,658
$4.44
$324,986
389,198
$2.08
$418,148 def$584,421
389,198
388,198
$1.08
Nil
Including treasury stock,
b Not including dividends paid in treasury
stock (19,460 shares at carrying value of $22.50 per share), $437,850.
a
Consolidated Balance Sheet Dec. 31
Cash
Liabilities—
1934
Accounts
1,367,124
409,675
ties
Credits
(at cost)
Notes receiv.,
trade
35,773
Accts. rec., trade. 1,548,913
Inventories
Other
3,184,345
cur. assets—
Notes
5,405
1,875,789
3,973
7,800
receiv., due
$794,377
$760,514
payable
payrolls, in¬
$398,071
1,018,724
surance, int., &c
263,469
2,032
Dividend payable-
1,041,764
35,460
37,034
Land contr'ts pay¬
able
101,000
Sinking fund
a Land, bldgs.,ma¬
chinery & equip. 4,184,229
3,268
Reserve for taxes.
357,378
151,237
3,866,395
5,587,500
dll0,500
5,587,500
£>r524,295
171,913
taxes,
70,000
Other
12,100
a Land, bldgs., ma¬
chinery & equip. 4,879,998
Patterns, drawings,
1,102,877
4,327,462
692,934
469,178
payments
12,100
158,669
545,000
purch
billings and
property
Mortge. receivable
91,886
484,796
local,
State, and Fed.
Accts. payable for
185,617
151,605
52,958
40,606
30,902
Reserves—
For
machinery,
roll & castings
allowances
to
customers
patent rights and
For contingencies
adv.
For rebuilding &
royalties..
301,100
301,100
relin'g furnaces
Def.
charges, pre¬
paid insur., &c_
58,460
55,388
b
<MM
7% cum. pref.
stock ($100 par)
845,300
827,600
c4,091,080 d5,251,652
Common stock
131,799
1,301,252
creditors,
pay. to
&c
Acer,
Adv.
172,605
70,000
23,952
$297,822
1,827,642
custo¬
accts. pay.
mers,
36,402
colla¬
investments
to
$
in transit & def.
1,011,186
1934
1935
accrued
Wages
797,676
795,410
Marketable securi¬
teral loans
Balance, surplus
com. outst. (no par)
Earnings per share
1935
2,542,759
343,622
62,009
406,120
128,716
Trade accts. pay..
after 1936
$418,148 loss$196,223
388,198
Assets—
in banks
1934
$
Liabilities—
$
S
hand and
Employees'
$811,483
486,497
Shs.
on
Cash in closed bks.
$1,816,108
b875,695
Dividends paid
Assets—
Cash
1935
1934
1935
(L. A.) Young Spring & Wire Corp. (& Subs.)—Earns.
U. 8. Govt, secur.
369,466
Receivables
Accrd. int. rec'ble.
Inventory
Misc.
investments
Goodwill & patents
Deferred charges..
Acer,
First
mtge.
a
$8,265,407
b Capital stock
122,948
c
$8,122,1461
194,599
Treasury stock.. Dr147,533
surplus
Total....
1,705,522
After deducting $2,144,419 in 1935 and $2,007,146 in
1934.
b Repre¬
1, 1935.—V.
142, p. 2854.
Zonite Products Corp. (& Subs.)Calendar Years—
Profits
Deductions
Interest
charges
Provision for deprec
Prov. for income taxes..
Profit
xl935
$66,535
97,751
10,995
73,493
31,250
CURRENT
1932
$460,857
$767,224
18,649
76,164
35,000
15,430
16,285
76,984
52,172
77,250
110,288
on
J. C. White & Co.
from the Ford Building to larger quarters
on or about June 7.
—Allen & Co. announce that Margolis Ely has
—W.
resume
D. Yergason & Co., 30 Broad St., N. Y. City, have prepared a
Federal Water Service Corporation with special reference to its
on
investment in Southern Natural Gas Co.
$146,956
Net loss.
$164,390 prof$371552 prof$563400
459,142
has been issued by Jamieson, Edwards &
$146,956
$164,390 sur$371,552
—An
analysis of the public indebtedness of High Point, North
—Burton, Cluett & Dana
Balance, deficit
of
com.
x
sur$104,258
announce
830,066
Nil
833,076
Nil
822,747
$0.45
The consolidated statement for 1935 in detail follows:
817,209
$0.69
Net profit from
operations—All companies (other than wine and liquor division, $113,641;
depreciation, $73,493; balance, $40,148; interest, dividends and other
income, $11,131; total, $51,279; provision for foreign exchange losses,
$38,087; cash discounts on sales, $29,362; provision for doubtful accounts,
Carolina,
Co., 39 Broadway, New York.
that Samuel Chew is now
with their Philadelphia office located at 1500
stock out¬
standing
Earnings per share
become associated with
A. Winter in their
them in their Municipal Bond Department and Joseph
United States Government Bond Department.
CV55.281
Dividends paid
Shs.
NOTICES
—Anderson, Reilly & Co., 39 Broadway, N. Y. City, dealers in unlisted
securities announce that Joseph V. Bond has become associated with them
as Manager of their bank stock department.
Mr. Bond was formerly with
—Wright, Martin & Co., Detroit, dealers in corporation and municipal
and members of Detroit Stock Exchange, announce their removal
in Suite 2066, Penobscott Building
loss$34,576
trading in com¬
modity futures
13,105,811 10,800,687
Total
reserve for depreciation of $3,709,172 in 1935 and $3,664,172 in
b Represented by $100 par shares,
c Represented by 832,236
shares issued, $5 par, less 14,020 shares reacquired at par.
d Represented
by 416,118 shares issued, no par, less 7,010 shs. held in treasury, at cost o
$157,882.—V. 142, p. 3192.
After
bonds
■Earnings—
1933
1934
10,800,687
217,269
2,867,866
1934.
2,048,984
$8,265,407 $8,122,146
sented by 412,500 shares (no par),
c Represented by 3,842 shares at cost
in 1935 and 23,302 shares at below cost in 1934.
d All paid or retired as
of Oct.
Total.......-13,105,811
a
124,000
5
900,001
122,445
1,455,422
3,230,897
Capital surplus
Earned surplus
bonds
Earned
Total
.
associated
Walnut St.
—Sulzbacher, Granger & Co., Ill Broadway, New York, has
descriptive booklet on the Radio Corporation of America.
—Charles E. Doyle & Co., 20 Pine St., N.
issued a
Y. City, are distributing an
analysis of Hat Corporation of America.
—An
man
analysis of American Can Co. is being distributed by Cohen,
& Wassell, 70 Pine St., N. Y. City.
Wachs-
Volume
3703
Financial Chronicle
142
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—MEtALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Coffee—On
the 23d inst.
futures
closed 2
to 3
points
higher for Santos contracts, with sales of 1,000 bags.
Rio
contracts closed 1 to 3 points higher, with transactions of
250 bags.
Rio de Janeiro futures were 50 reis lower to 100
reis higher.
The official No. 7 price again reflected official
buying in Rio, and advanced a further 100 reis to 12,600
milreis per 10 kilos, a gain of 800 reis during the week.
Cost
and freight offers from Brazil were renewed without change,
and both in that market and in the local spot market a dull
tone prevailed.
Havre futures were %-franc higher.
On
the 25th inst. futures closed 9 to 10 points higher for Santos
contracts, with sales of 13,250 bags.
This was the highest
level touched since early April.
Old Rio contracts ended
3 to 5 points higher, with sales of 4,750 bags, while 1,000 bags
were traded in the new Rio contract, which closed with gains
of 3 to 6 points.
Rio de Janeiro futures were up 550 to 575
reis, which was equivalent to about 25 points in New York,
and the official price of No. 7 was 200 reis higher.
This
firmness was attributed largely to the official buying in con¬
nection with the 4,000,000 bag purchase by the Government.
Santos cost and freight offers were unchanged to 10 points
higher, with Bourbon 4s at from 8.20 to 8.50c.
Havre
futures were 1% to llA francs higher.
On the 26th inst.
futures closed 2 to 3 points higher for Santos contracts, with
transactions of 47,750 bags.
Most of these trades repre¬
sented switches from July into more distant deliveries.
Rio
old contracts closed 2 to 3 points higher, with sales of 3,250
bags, while the new Rio contracts closed 9 to 11 points higher,
with transactions of 1,500 bags.
Rio de Janeiro futures were
75 to 275 reis lower.
The official No. 7 price was 200 reis
higher at 13 milreis, with official buying in Rio believed
responsible.
Cost and freight offers from Brazil were un¬
changed to 15 points higher.
On the 27th inst. futures
closed 5 to 7 points lower for Santos contracts with sales of
23,500 bags.
Rio old contracts closed 7 points lower, with
sales of 1,000 bags.
The new Rio contract closed 6 to 8
points lower, with sales of 750 bags.
Rio de Janeiro futures
were 175 to 200 reis
higher.
Cost and freight offers from
Brazil were unchanged to 10 points higher, with Santos
Bourbon 4s at from 8.15 to 8.55c.
changed to %-franc lower.
Government
Brazilian
was
Havre futures
*
On the 28th inst. futures closed 3 to 6 points higher, with
trading volume 13,750 bags.
Rio contracts closed 3 to 5
points higher, with transactions of 4,000 bags.
Cost and
freight offers from Brazil were 5 to 10 points higher, with
Santos Bourbon 4s 8.30 to 8.60c.
Private cables reported
quota" of 25 and possibly 30% on the next
crop as practically a certainty; in fact, the cables said
defense quotas would be instituted for three years.
Havre
futures were 1% to 2V% francs higher, with sales of 30,000
bags, the largest in some time.
Coffee futures in the local
market were again at the highest since
early April.
The
Brazilian news was in a large measure
responsible for the
firmness of domestic markets.
Today futures closed 1 to 2
points down on the near deliveries and unchanged on the
the "defense
deferred
months for the
amounted
to
15
Santos contract.
contracts.
Rio
de
Sales of Santos
Janeiro futures were
25 reis lower to 125 reis higher, while the
open market
exchange rate was 40 reis better at 17.260.
Havre futures
were
% to lji francs higher, with sales of 40,000 bags.
Cost and freight offers from Brazil were higher, with
early
Bourbon 4s offered from 8.40 to 8.60.
Rio coffee prices closed as follows:
July—
September—
Santos coffee
4.671 December
4.801 March
March
May..
July
Cocoa—On
4.92
4.98
prices closed
as follows:
—8.63 J September.
.8.681 December
...
8.45
8 57
—8.321
the
23d inst. futures closed 5 to 6
points
higher.
As the week closed prices were only 10 points below
the year's high prices established in February., The futures
market moved largely in sympathy with the actual or
spot
market, where manufacturers continued good buyers.
New
York warehouse stocks declined 10,000
bags during the
week, making the third consecutive week of declining stocks.
The aggregate decline in stocks for the three-week
period
was 35,000 bags,
bringing total stocks at the end of the
week down to 792,302 bags—equivalent to a ten-week
supply
for the United States.
Afloats to this country from West
Africa and Brazil together amounted to only
li,100 bags as
of Friday.
Local closing:
July, 5.28;
Sept., 5.37; Oct.,
5.39; Dec., 5.43; 1937—Jan., 5.44; March, 5.50; May, 5.55.
On the 25th inst. futures closed 4 to 0
points up.
Sales for
the day were 233 lots, or 3,122 tons.
There was extensive
outside buying.
One of the big chocolate manufacturers
bought in Decembers in sizeable blocks.
London reported
outside prices 1^ to 3d. higher and the market for futures
the tone very firm at the close.
Sales
Local closing: July, 5.32; Sept., 5.42;
Oct., 5.44; Dec., 5.49.
On the 26th inst. futures closed 4 to
6 points higher.
Transactions totaled 266 lots or 3,564 tons.
Outside speculative interest appears to be increasing.
The
trade operated actively on both sides of the market, accumu¬
lating contracts and selling others as a hedge.
Cash cocoa in
London was unchanged to l^d. firmer, with futures un¬
changed to 3d. up.
Transactions in futures there totaled
570 tons.
Local closing: July, 5.37; Sept., 5.46; Oct., 5.48;
Dec., 5.54.
On the 27th inst. futures closed 3 to 4 points
lower,.
Wall Street was reported a buyer on the declines.
Transactions totaled 123 lots, or 1,648 tons.
London out¬
side prices were 3 to ly&d. higher and futures l^d. firmer.
Transactions in futures totaled 680 tons, with the close
there firm.
Local closing:
July, 5.33; Sept., 5.43; Oct.,
5.45; Dec., 5.51; 1937—Jan., 5.52; March, 5.58; May, 5.63.
On the 28th inst. futures closed 9 to 10 points up.
The
strength in this market was attributed largely to buying in
substantial blocks by the Wall Street element.
Spot prices
went 5 to 10 points higher.
Sales of futures totaled 4,435
tons.
The strength of the cocoa market is based largely on
the sound statistical position.
Stocks are being worked off
by the high rate of consumption by chocolate manufacturers.
The speculative element has been playing relatively little
part, in the upward swing of prices.
Reports from the
spot trade on the demand for cocoa beans remain highly
optimistic.
Local closing: July, 5.43; Sept., 5.53; Oct.,
5.54; Dec., 5.61; (1937) Jan., 5.62; Mar., 5.67; May, 5.73.
Today futures closed 6 to 7 points up.
A record volume of
trading took place in the session today with prices advancing
to a maximum of 10 to 12 points, reaching a peak for the
last two years, with July selling at 5.54c.
There was con¬
siderable profit taking on the rise, but prices held fairly well
to the close.
Sales totaled 505 contracts.
Wall Street,
foreign interests and trade firms were the principal buyers.
Importers reported poor response from primary markets to
inquiries for offerings.
Warehouse stocks dropped 8,000
bags to a new low level for the year.
Local closing: July,
5.49; Sept., 5.59; Oct., 5.60; Dec., 5.68; Jan., 5,69; Mar.,
5.75; May (1937), 5.80.
were un¬
Reports were current that the
supporting the open market
exchange rate.
3 to 13^d. up, with
there were 660 tons.
Sugar—On the 23rd inst. futures closed 2 points higher
to
1 point
lower.
The only trading was in the September
contract, where 50 tons sold at 2.82c., up 2.
In the market
for raws there was little change.
One parcel of Puerto
Ricos, nearby, was on offer at 3.75c.
Other sugars were
quoted at 3.80c. and better.
London futures closed un¬
changed, with trading there quiet.
On the 25th inst.
futures closed 1 point higher to 1 point lower.
Sales were
1,150 tons.
In the market for raws offers of duty frees
were 3.80 and 3.85c., except for a few parcel lots, nearby
arrival, which it was thought could be had at 3.72c., and
possibly 3.70c.
One sale was reported, viz.: 23,000 bags
of Cubas, prompt shipment to Henderson, at 2.85c.
With¬
drawals of refined sugar were said to be improving,.
Atten¬
tion of the trade is more or less/focused on Washington
and the
possible action this week on the sugar processing
a possible new sugar bill as a substitute for the
present Jones-Cos tigan Act.
London futures closed
to
%d. lower, while raws were easier, being offered at 4s. 8 J^d.,
or about 0.89c., f.o.b.
Cuba.
On the 26th inst. futures
closed 2 to 5 points lower.
Sales were 5,300 tons. In the
raw market there was no reported change,, with duty frees
at 3.75 to 3.85c., the inside price representing nearby
parcel lots.
London futures closed K to Id. higher, while
raws were reported held at 4s. 9d«, or about 0.90Kc., f.o.b.
Cuba, after sales at 4s. 8h£d., or 0.89 cents.
The feeling
is quite general that no new sugar legislation will be passed
during the current session of Congress, particularly now
that there may be an attempt to write a processing tax
into the new sugar bill.
On the 27th inst. futures closed
2 points higher to unchanged.
Sales were 2,950 tons.
Trading was small in volume.
Demand came principally
from a Wall Street commission house.
News from Washing¬
ton that Representative Jones had prepared a resolution
to be submitted jointly to the House and Senate, in the
form of an amendment to the present Jones-Costigan Act,
tax and
had
a
cheerful effect
on
sentiment of the trade.
This short
resolution eliminates processing taxes from the Act; pro¬
hibits contracts with producers; extends the effective date
October, 1938; continues quotas
the 1936 basis; pro¬
instead of 30%
of any increase in quotas above 6,452,000 tons, and provides
for an appropriation of not more than 20,000,000 for con¬
ditional or supplementary payments under the Soil Con¬
servation
Act.
This resolution,
which eliminates the
objectionable features of the Jones-Costigan Act, has a
better chance of passage, according to observers, than the
cumbersome sugar bills now pending, and would legalize
the sugar program until Congress meets again.
In the
to
on
vides that domestic producers will get 50%
3704
Financial
market for raws offers ranged from 3.75 to 3.80c., un¬
changed, with refiners showing no interest.
The excess
Cuban production is estimated at 50,000 tons above the
2,515,000 decreed crop, the Secretary of Agriculture states;
but this excess cannot be exported this year or next unless
converted into molasses
or
syrup.
On the 28th inst. futures closed
unchanged to 2 points
Transactions totaled 3,700 tons.
In the market
were still on the sidelines,
evidently awaiting
definite news, especially on legislative doings at Washington.
On the other hand, sellers were not pressing, and were asking
3.80c. and better, except for several parcel lots, which were
believed available at 3.75c.
London closed unchanged to
%d. lower.
Today futures closed 1 point up to 1 point
down.
There was very little feature to the trading, which
was
limited in volume.
There was little or no change in
the market for raws, no sales being reported.
Parcels of
Puerto Rican sugar still were available at 3.72c., while
Cubas for late June and early July shipment were offered
at 2.87c.
Duty-frees generally were held at 3.80c.
London
futures were unchanged to J4d. lower.
About 15,000 tons
of raws were sold at 0.8934 of a cent f.o.b. Cuba.
Prices:
higher.
for
raws
refiners
July___
2.841 January
March
2.56
2.561 May
September—
2.57
_2.80|
Lard—On
the
23d
inst.
futures
closed
2
to
15
points
down.
Hogs closed steady unchanged from the previous
finals, with most of the sales reported as ranging from $9.35
to $9,90.
Total hog receipts for the Western run were 12,000
against 13,400 for the same day last year.
Liverpool lard
futures closed easy, unchanged on the spot position and 3d to
9d. lower on the distant options.
On the 25th inst. futures
closed 5 to 15 points down on the near months and
unchanged
to 18 points down on the more deferred
positions.
A sub¬
stantial portion of the selling in October—which month
showed up the weakest of the list—was credited to houses
with foreign connections.
Hogs closed very steady, with
final prices 5 to 10c. higher at Chicago, the
top price register¬
ing $10.05.
Prices during the past week have advanced
moderately, due to the lighter receipts than expected.
The
total for the Western run Monday was 61,200 head
against
54,700 for the same day last year. On the 26th inst. futures
closed 10 points down on the May contract, and
unchanged
to 10 points off on the deferred months.
Hog prices were
steady at 5 to 10c. higher.
The top price at Chicago was
$10.10, with most of the sales ranging from $9.55 to $10.
Total receipts for the Western run were 62,100
against 48,000
for the same day last year.
Liverpool lard futures were
weak, and closed 6d. to Is. lower.
Export shipments of lard from the Port of New York were
light, and totaled 43,400 to the United Kingdom.
On the
27th inst. futures closed 7 to 10
points higher.
Trading was
moderately active, with the strength attributed largely to
short covering.
Hog prices at Chicago were 10 to 15c.
lower, with the bulk of sales ranging from $9.50 to $9.90.
Total receipts for the Western run were 56,000,
ag inst 41,600
for the same day a year ago.
Liverpool lard futures were
again very weak and closed Is. lower on the spot position and
6 to 3d. lower on the deferred deliveries.
Export clearances
of lard from the Port of New York continue to run
light,
and no improvement in the foreign demand was
reported.
Total shipments as reported
Wednesday were 22,400 pounds,
destined for London.
On the 28th inst. futures closed 5 to 10 points lower on
active deliveries, and unchanged to 2
points lower on
the distant months.
Trading was light.
Hogs continue
the
steady and prices at Chicago finished 10c. higher, the top
price registering $10.10 and most of the sales ranging from
$9.45 to $10.
Total receipts for the Western run were 5,000,
the same day last year was a
holiday.
Liverpool lard futures
closed 6d. lower on the spot position, and
unchanged to 3d.
higher for futures.
Chicago lard stocks are expected to
show a large increase for the month of
May, due to the
fairly heavy hog receipts.
Trade guesses range from 5 to
10 million increase.
Today futures closed 10 to 13 points
down on the near months and 2 to 3
points off pn the deferred
deliveries.
This sharp drop in the near months was at¬
tributed to continued substantial increases in the stocks of
lard and to the continued
heavy
run
of hogs.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
May
10.20
10.05
9.95
10.02
9.95
9.82
July..
_---.10.10
10.05
9.95
10.05
10.00
9.90
September.
-__.__10.10
10.07
10.00
10.12
10.05
9.95
October
10.00
9.85
9.85
9.95
9.85
9.82
_
Pork—Quiet.
Mess, $30 per barrel; family, $29, nominal,
per barrel; fat backs, $19.50 to $24 per barrel.
Beef, quiet.
Mess, nominal; packer, nominal; family, $15 to $16 per bar¬
rel, nominal; extra India mess, nominal.
Cut meats: Quiet.
Pickled hams, picnics, loose, c. a. f.: 4 to 6
lbs., 15c.; 6 to 8
lbs., 1434c; 8 to 10 lbs., 14c.
Skinned, loose, c. a. f.: 14 to
16 lbs., 2034c.; 18 to 20 lbs.,
20c.; 22 to 24 lbs., 18%c.
Bellies, clear, f. o. b., New York: 6 to 8 lbs., 21 %c.; 8 to 10
lbs., 2034c.; 10 to 12 lbs., 1934c.
Bellies, clear, dry salted,
boxed, N. Y.: 14 to 16 lbs., 1424c.; 18 to 20 lbs., 13J4c.;
20 to 25 lbs., 1334c.; 25 to 30 lbs.,
13J4c.
Butter, creamery,
firsts to higher than extra and premium marks: 26 to 29c.
Cheese, State, while milk, held, 1935, fancy: 21 to 22c.
Eggs, mixed colors, checks to special packs: 19 to 25c.
Oils—Linseed oil tended easier again.
Prices have been
reduced in some directions to the basis of 8.6c. tanks.
Quo¬
tations: China wood, tanks* forward, 18.0c.; drums, spot,
Chronicle
May 30, 1936
1824c.
Cocoanut, Manila, tanks, April-June, 424 to 434c.;
Coast, 334c.
Corn, crude, tanks, West Mills, 724c.
Olive,
denatured, spot, Spanish, 75c.; shipments forward, 71 to 72c.
Soya bean: tanks, mills, 524c. to 524c.
C. L., drums,
7.6c.; L. C. L., 8.0c.
Edible, 76 degrees, 924c.
Lard,
prime, 1134c.
Extra strained winter, 1034c.
Cod, crude,
Newfoundland, nominal; Norwegian yellow, 3524c.
Tur¬
pentine, 38 to 4434c.
Rosin, $4.65 to $5.90.
Cottonseed Oil sales, including switches, 65 contracts.
Crude, S. E., 734c.
Prices closed
as
follows:
Juno
8.75®
August
8.77@8.78 September
October
8.80
July
8.77 @8.80
V—
Ap!
April
8.69®
8.70®
8.66®
8.68 @8.70
--.
May
_
November
Rubber—On the 23d inst. futures closed 3 to 11 points
down.
Sales totaled 770 tons.
The outside market was
quiet, with prices a shade easier.
London and Singa¬
closed quiet, with prices virtually unchanged.
Local
closing: May, 15.63; June, 15.68; July, 15.73; Aug., 15.78;
Sept., 15.83; Oct., 15.86; Nov., 15.89; Dec., 15.93.
On the
25th inst. futures closed 5 points lower to 3 points higher.
very
pore
Transactions amounted to 410 tons.
Spot ribbed smoked
London closed l-16d.
lower to 34d. higher; Singapore closed l-32d. lower.
Local
closing: July, 15.72; Sept., 15.78; Dec., 15.90; March, 16.00.
On the 26th inst. futures closed 8 to 10 points lower.
Trans¬
actions totaled 620 tons.
Spot ribbed smoked sheets de¬
clined to 15.56 from 15.68.
London and Singapore closed
quiet, with prices ranging unchanged to 34d. lower.
Local
closing: May, 15.58; June, 15.60; July, 15.62; Aug., 15.66;
Sept., 15.70; Oct., 15.73; Nov., 15.76; Dec., 15.80.
On the
27th inst. futures closed unchanged to 1 point lower.
Sales
totaled 390 tons.
Spot ribbed smoked sheets advanced to
15.62 from 15.56.
London closed unchanged to l-16d.
lower.
Singapore closed 1-16 to 3-32d. lower.
Local clos¬
ing:
June, 1.4834; July 1.4534; Aug., 1.43; Sept., 1.4234;
Oct., 1.42; Nov., 1.41; Dec., 1.4034; Jan., 1.4034.
On the 28th inst. futures closed unchanged to 3 points
higher. Sales totaled 1,040 tons. Spot ribbed smoked sheets
remained unchanged at 15.62. London and Singapore closed
unchanged to l-16d. higher. There were 10 tons tendered
for delivery against June contracts Thursday, which was the
first notice day.
Local closing: June, 15.59; July, 15.62;
Aug., 15.67; Sept., 15.72; Oct., 15.75; Nov., 15.78; Dec.,
15.82.
Today futures closed 1 point down to unchanged.
sheets remained unchanged at 15.68.
Transactions totaled 83 contracts.
London and
Singapore
markets closed
unchanged. United Kingdom rubber stocks
decreased 2,075. tons this week, according to latest esti¬
mates.
Local closing: July, 15.61; Sept., 15.71; Dec., 15.81:
March, 15.92.
Hides—On the 23d inst. futures closed 6 to 7 points lower.
Transactions
1,520,000 pounds.
The stocks of certifi¬
by the Exchange remained
unchanged at 867,115 hides.
Transactions nil in the domes¬
tic spot hide market.
Closing: June, 11.33; Sept., 11.65;
Dec., 11.99.
On the 25th inst. futures closed unchanged
to 4 points down.
Transactions totakd 5,120,000 pounds.
The stocks of certificated hides in warehouses licensed by the
Exchange, amounted to 862,007 hides.
Local closing:
June, 11.30; Sept., 11.62; Dec., 11.95; Mar., 12.28.
On the
26th inst. futures closed 8 to 14 points lower.
Sales totaled
8,320,000 pounds, the largest since. Feb. 25.
During the
course of the session there were 4,920,000 pounds tendered
against June contracts.
Today was first notice day for
were
cated hides in warehouses licensed
June contracts.
Stocks of certificated hides in warehouses
licensed
by the Exchange remained unchanged at 862,007
hides.
Nothing of importance was reported in either the
domestic or Argentine spot hide markets.
Local closing:
June, 11.28; Sept., 11.55; Dec., 11.85.
On the 27th inst.
futures closed 1 to 3 points higher, with the exception of
June, which was 1 point lower.
Sales aggregated 480,000
pounds.
In the domestic spot markets sales totaled 9,900
hides, with Feb .-May butt brands selling at 1134 to 12c.
In the Argentine spot market 2,000 May frigorifico steers
sold at 1134c., unchanged from the last previous sales.
Local closing: June, 11.21; Sept., 11.55; Dec., 11.87; Mar.,
12.17; June, 12.47.
On the 28th inst. futures closed 21 to 23
points higher.
Transactions totaled 1,200,000 pounds.
The stocks of cer¬
tificated hides in warehouses licensed by the exchange in¬
creased
by 992 hides to a total of 863,951 hides. No spot
reported. Local closing: June, 11.43; Sept., 11.76;
Dec., 12.07; (1937) March, 12.40; June, 12.70.
Today
futures closed 1 to 5 points down. In the early trading prices
ruled fairly firm at substantial advances, but later these
gains were lost on some profit taking. Sales totaled approxi¬
mately 360,000 pounds. Certificated stocks increased 1,962
hides to a toal of 865,913. Local closing: June, 11.42; Sept.,
11.75; Dec., 12.05; June, 12.65.
sales
were
Ocean Freights—There was no marked activity
standing feature in this field the past week.
or
out¬
Charters
included—Scrap iron: Fixed two Atlantic to two Japanese
ports at 13s. 9d.; prompt Atlantic range to United Kingdom, 12s.
Grain
booked: 5 loads Albany to Rotterdam at 11c.
Grain: June 1-10, Montreal
to Italy, not east of West Coast, 2s. 6d.; Albany, June to p. p., United
including Ireland, option A. R. basis, 2s.
Trips: Atlantic
redelivery United Kingdom-Continent via South America, 70c.
Kingdom,
range,
Coal—New York anthracite retailers report
business fair
May, and will probably keep up into June, when
summer buyers will have bought for the winter.
Export demand for coal was disappointing.
Bituminous
dumpings at New York on Monday rose to about 400 cars.
for
late
most of the
Volume
Financial
142
Production
of
soft coal declined slightly during the week
16.
The total is estimated at 6,758,000 net
tons, a decrease of 97,000 tons, or 1.4%, from the pre¬
ceding week.
ended May
Copper—It is
now being predicted that consumption of
in May will have been approximately 62,000 tons,
which will compare with 59,700 tons for April.
Consump¬
tion promises to expand in at least two directions, according
-
copper
trade
to
authorities—home
trification.
and
construction
rural
elec¬
Domestic
sales of copper recently have been
brisk, the total for the month so far ap¬
proximating 15,000 tons.
It is reported that Western
copper men are generally quite optimistic, especially as
concerns conditions in the East.
Copper production outside
of the United States on a smelter basis during the first
quarter of this year totaled 285,100 tons, against 289,100
tons in the last three months of
1935, according to the
somewhat
more
American
Bureau
Tin—The
poned action
Paris.
at
time
to
that
of
Metal
International
on
Statistics.
Tin
Tuesday
post¬
the third quarter export quota until June 25
that the Committee wishes more
the Bolivian tin situation and see whether
country intends to make up her underproduction of
7,000 tons under the new Government in that country.
over
This
news
had little
mand here
or
no
effect
the markets here.
on
De¬
extremely slow, and there appears doubt
on the
part of dealers and importers as to whether theoretical
price levels can be maintained.
Many in the trade are
puzzled over the absence of consumer buying on a sub¬
stantial scale, with tin place production at 100% of capacity.
Several concerns bid on 100,000 pounds of Grade A tin for
Brooklyn Navy Yard.
National Lead Co. was low bidder
at 44.05c., less than y of
1% discount, figuring out 43.83c.
net, for delivery in 360 days.
Tin afloat in the United States
is
was
6,509 tons.
Atlantic
Tin arrivals
so
far
this
month
ports, 5,368 tons; Pacific ports,
having arrived recently.
stocks are 1,385 tons.
have
been:
135 tons, 5 tons
Commodity Exchange warehouse
Lead-—Demand for lead continued very brisk and shows
an improvement over the two preceding weeks.
Most
quite
of the purchasing was for June
shipment.
Prices have been
holding firm, with St. Joseph Lead Co. still securing a
premium of SI per ton over the usual New York market
price.
Consumer demand has been well diversified, though
the lead-covered cable makers have been
buying very spar¬
ingly.
Thus the predicted revival of purchasing by the
public utility companies has so far failed to materialize.
It
is believed that May shipments will fall a trifle short of
those for April, but it is expected that June will show improve¬
ment again.
Zinc—Volume of business continued small.
However,
concerning shipments and the improving statistical position,
zinc producers have reason to be optimistic.
They feel that
the long-deferred buying movement must come before
long.
The advance of steel prices for the third
quarter is expected
to have a stimulating effect and result in a
very brisk con¬
sumption of zinc.
Zinc prices are holding firm at 4.90c.
With galvanized sheets being raised $2
per ton, the slab
zinc producers may wratch for an
opportunii/y to force up
prices on their product.
The Americanr Bureau of Metal
Statistics reports April world zinc production at 130,968
short tons, against 132,662 short tons in March and
120,353
short tons in April, 1935.
Steel—This week's
operations of the steel industry are
estimated at 67.9% of capacity, which is a decline of 1.5
points, or 2.2%, from the previous week.
These figures
compare with 42.3% of capacity during the corresponding
week of last year.
However, the seasonal recession is not
expected to extend far in view of the rise in prices for the third
quarter.
Prior to the price advance announcements, steel
company officials had expected steel production to decline
gradually during the summer to a possible low of 50% of
The feeling that now prevails in the trade, is that
capacity.
the steel price advance schedule for
July 1, may precipitate a
wave of
buying in June, and counteract the normal seasonal
recession at
will
this time.
in and
come
buy in
It is assumed
now
that
a
levels
of the year.
Conversely, steel operations may fall
sharply during July and August, in the opinion of the trade,
consumers
would be covered
principal exception to the $2
the
on
immediate needs.
The
ton advance in steel prices is
$3 per ton rise scheduled for cold finished steel bars.
per
It is
pointed out that the new third quarter prices on steel
probably not receive a thorough test until August.
However, since the advances are moderate, many believe that
will
there will be
question of their holding.
Pig Iron—There has been no appreciable improvement
in this field.
Trade leaders do not complain of conditions
getting worse, but improvement in iron is painfully slow.
Gains in shipments are better than in new business.
Some
of the local sellers report consumers in the market whom
they
did not expect to hear from for some little time to come.
In the Pittsburgh district steel foundries,
including makers
of molds, rolls and heavy railroad castings are
giving fair
support to the market, but the gray iron foundries are doing
but
little.
reported
as
Books will be opened next week on
iron business, and it is expected that
same as for second quarter despite the
advance in finished steel. Expected increased steel activity
next month may have quite a wholesome effect on the pig
per
week.
third
quarter pig
prices will be the
iron trade.
'
Wool—There is
definite upward trend
displayed in
deadlock having been broken.
Ninety-cent fine wool may be seen in the very near future,
according to observers. Some of the more optimistic are
of the opinion that the strong prices being paid to growers
may necessitate even higher rates in order to give dealers
a normal
profit on their purchases. The reaction of large
wool buyers to the higher fine wool market now prevailing
has not yet been made clear.
Some mills are buying wools
to arrive, but whether this is due to the upward trend or
just merely a replenishment to cover immediate needs,
raw
now a
wool prices, the apparent
Much domestic wool is now moving
producers to dealers who deferred new clip operations
as
long as possible in view of price uncertainty. Neither in
the Far West or in the Southwest is any wool being con¬
from
tracted that would cost less than 83c. landed Boston, some
estimates
placing the landed price at 83c. to 85c. As dealers
active, the grower market tends to rise against
them. It is expected by certain leaders in the trade that the
buying movement will slacken up shortly until the reaction
of manufacturers and top makers
becomes more clearly
become
more
defined.
Silk—On the 25th inst. futures closed
iy to 3c. higher*
1,050 bales.
Spot advanced 2c. to $1.56.
Japanese cables reported Grade D 15 yen higher than
Saturday at 670 yen in both Yokohama and Kobe.
On
the Yokohama Bourse quotations were 15 to 24 yen higher,
and on the Kobe Bourse prices were 10 to 26 yen higher.
The yen advanced to 29 He., up yc.
Cash sales in the
Japanese markets were 475 bales, with trades in futures
totaling 5,200 bales.
Local closing: May, 1.543^; June,
1.493d>; July, 1.47^; Aug., 1.45; Sept., 1.44K; Oct., 1.43^;
Nov., 1.42; Dec., 1.41.
On the 26th inst. futures closed
lc. down to lc. up.
Sales totaled 710 bales.
Spot re¬
mained unchanged at
$1.56.
Japanese cables reported
Grade D 5 yen higher in Yokohama and Kobe.
On the
Yokohama Bourse prices were 2 yen higher to 9 yen lower,
with Kobe Bourse 5 yen up to 8 yen lower.
Cash sales
on both markets were 450 bales, and transactions in futures
totaled 5,600 bales.
The yen showed no change.
local
closing: June, 1.49; July, 1.47; Aug., 1.45; Sept., 1.43
Oct., 1.43; Nov., 1.43; Dec., 1.41 y.
On the 27th inst.
futures closed y to iyc. lower.
Transactions totaled 690
bales.
Spot declined yc. to $1.55H.
Japanese cables
were lower.
Grade D lost 2 y2 yen in Tokohama, and 5 yen
in Kobe,
dropping to 6723^ and 670 respectively.
At
Yokohama the futures market was 6 to 20 yen lower, and
at Kobe 3 to 11 yen lower.
Local closing: June, 1.48M;
July, 1.453^; Aug., 1.43; Sept., 1.423^; Oct., 1.42^; Nov.,
1.413^; Dec., 1.41.
On the 28th inst. futures closed iy to 2yc. lower.
Sales
totaled 900 bales.
Spot declined 3c. to $1,523^.
Japanese
cables reported grade D 15 yen lower in both Yokohama and
Kobe, the price dropping to 652 y and 650 yen respectively.
Futures on the Yokohama Bourse closed 11 to 17 yen lower
and on the Kobe Bourse 14 to 17 yen lower.
Cash sales for
Sales
totaled
,
both markets
600
were
bales.
Transactions in futures
Local closing: June, 1.46;
July, 1.44; Aug., 1.413-3; Sept., 1.40; Oct.,'1.3933; Nov.,
1.40; Dec., 1.39.
Today futures closed y to 2c. up on the
near months, and unchanged to
33c. down on the distant
deliveries.
market
Sales totaled 72 contracts.
The New York spot
unchanged at $1.5233 for crack double extra
silk.
The Yokohama Bourse closed 4 points lower to
1 point higher.
The price of grade D silk in the outside
market was off 10 yen at 64733 yen a bale.
Local closing:
June, 1.4733; Aug., 1.42; Oct., 1.4133; Nov., 1.41; Dec.,
1.39; Jan., 1.3833*
was
COTTON
Friday Night, May 29, 1936.
as indicated by our tele¬
grams from the South tonight, is given below.
For the
week ending this evening the total receipts have reached
52,470 bales, against 45,482 bales last week and 40,509 bales
the previous week, making the total receipts since Aug. 1,
1935, 6,518,588 bales, against 3,939,675 bales for the same
The
of the Crop,
Movement
period of 1934-35, showing
of 2,578,913
increase since Aug. 1, 1935,
an
bales.
Receipts at—
.
Mon.
Sat.
Wed.
Tues.
no
Demand
quite
for
brisk,
iron in the
sales
at
Canadian
Toronto
markets
is
running about
at
Yokohama totaled 4,700 bales.
consumers
substantial way to anticipate third
quarter needs for steel, and the remaining weeks of the cur¬
rent quarter may witness quite a
spurt, perhaps to the highest
since
1,200 tons
3705
cannot be ascertained.
Committee
It is reported
study
Chronicle
Galveston
Houston
Corpus Christi--
2,999
1,943
—
—
—
5,243
1,467
821
—
—
1,667
5,342
Mobile-
444
230
110
Savannah
744
313
94
Charleston
Lake Charles
Norfolk
_
34
M
—
—
-
-
890
1,791
5,137
801
760
108
10
338
10
303
291
„
_
„
—
-
2,165
«.
„
-
-
-
9
-
821
20,107
3,533
1,596
407
9
499
12
199
Baltimore
Totals this week.
Total
16,329
8,970
3,638
1,188
-
453
Fri.
1,603
2,473
83
•
—
—
29
4,290
1,906
2,532
New Orleans
Thurs.
8.696
9,835
12,184
5,266
5,677
199
10,822
52,470
following table shows the week's total receipts, the
total since Aug. 1 1935 and stocks to-night, compared with
The
last year:
3706
Financial
Chronicle
prices closed unchanged to 5 points
It was a rather dull and featureless session. Trade
interests were moderate buyers.
There was some scattered
buying of the July option on the theory that this month
will very likely follow the trend of May; in other words,
July is expected to move upwards and closer to the average
spot price.
The Pool's long interest in July aggregates
317,000 bales.
There was moderate switching by mills
from July to October at 100 and 101 points.
There is still
an absence of rains in the eastern belt, where precipitation
the 23rd inst.
On
Since Aug
1 1935
This
Week
Galveston.
1 1934
821
271,292
38,036
20",l07
1,702,943
3",533
379*259
"370
590
41
1*596
160,393
3,693
311,186
Beaumont
Orleans
Gulfport
1936
896,092
62,865
4",482 1,065,814
372
274,657
4,693
8", 103 1,011,989
44,483
higher.
Since Aug
4,510
8,970 1,708,644
__
Corpus Christ!—
New
This
Week
16329 1,539,958
Texas City
Houston
Stock
1934-35
1935-36
Receipts to
Map 29
1935
485,389
2,447
328,907
29,027
29,910
376,304
319,204
7,862
534,181
41,463
814
434,913
..
Mobile
Pensacola..
...
Jacksonville
Savannah
108",533
131,396
74,119
6,853
114,288
651
80,363
10,844
3,257
99,165
6,737
2,438
172,695
459
Brunswick
*407
211*851
'319
9
55,835
21,524
41,413
296
142,644
57,161
1,408
18.072
318
52,202
Wilmington-
*499
Norfolk
40*,606
"8,986
776
__
28,303
13,507
19,521
29,391
"3",980
Charleston
Lake Charles
2,504
2,111
13,120
19,178
20,181
N'port News, &c.
New York
;
Boston
Baltimore
«...
*199
26*371
"386
28,078
1,850
PhiladelphiaTotals
52,470 6,518,58$
21,846 3,939,675 1,639,715 1.638,752
In order that comparison may be made with other years,
give below the totals at leading ports for six
we
16,329
8,970
20,107
3,533
1,596
Houston
New Orleans
1934-35
1935-36
Receipts at—
Galveston
.
Mobile
1933-34
4,510
4,482
8,103
1932-33
5,722
4,214
14,759
3,008
370
651
seasons:
1931-32
18,683
23,505
23,564
8,582
3,819
1930-31
7,444
5,536
19,525
1,420
2,456
12,725
593
"""407
13,249
970
2,802
12,061
1,128
534
Savannah-
Brunswick
180
""569
""319
"""573
1,408
361
4,399
1,066
9Q5
44
318
527
675
126
292
1*029
1,685
"3",391
"4",151
"2",430
"l",298
52,470
Charleston
Wilmington
21,846
33,148
88,978
64,258
20,902
-
-
"*499
Norfolk-
N'port News.
"
All others
Total this wk_
Since Aug. 1__ 6,518,588 3,939,675 7,064,420 8,179,788 9,458,637 8,360,665
The exports
for the week ending this evening reach a total
75,119 bales.
Below are the exports for the week.
of
Week Ended
Exported to—
May 29, 1936
Exports from—
Great
Ger¬
Britain
France
Italy
many
China
Japan
Other
May 30, 1936
Total
time.
But the weather reports
sentiment apparently.
The Liver¬
has been needed for some
had little
or no
effect
on
pool market was dull, with the close unchanged to 1 point
higher.
The average price of middling at the 10 designated
markets was 11.62c. Saturday.
The Commodity Credit
Corp. received requests for release of cotton pledged to
12 and 11c. loans aggregating 825,352 bales of cotton
through May 22, 1936.
The AAA at the same time an¬
nounced that the cotton pool, as of May 22, held 248,500
running bales of spot cotton and 442,700 bales of futures.
On the 25th inst. prices closed 1 to 4 points up.
Trading
was moderately active,
with interest centered around the
July position, which continued to hold its premium of
around 100 points over October, at which level considerable
switching took place.
There was foreign buying of October
and moderate Far Eastern selling, but trading in the main
was confined to trade business
such as mill price fixing,
hedging and switching of positions from one month to
another.
The Cotton Exchange Service reported that the
cotton mills in this country are running at an annual rate
above the average for pre-depression years, and for the
entire season will probably consume around 6,000,000 bales,
and possibly more than 6,500,000.
Domestic mill activity
was said to have been lifted appreciably by a broader move¬
ment of heavy fabrics going into industrial uses.
The
weather map showed continued dry weather over the entire
eastern half of the cotton belt, and general heavy rains over
most of Texas.
The precipitation in Texas is now getting
to a point where it L causing considerable uneasiness, there
being more than sufficient moisture at the present time.
The average price of middling at the 10 designated markets
secure
was
11.63c.
On the 26th inst.
Galveston
3,224
4,767
Houston
4,006
Corpus Christ!
3,017
-
724
8,551
-
1,240
1,466
1,949
3,545
1,376
Beaumont
151
178
4,255
21,342
72
7,688
2,942
3,086
15,117
6,819
■
978
80
New Orleans
Lake Charles
287
Mobile
4,214
Pensacola,
50
4,080
Norfolk-
1,831
50
7,046
210
542
3,476
2,440
506
802
.
475
885
-
296
San Francisco.
287
-
2,381
1,898
Charleston
130
16,539
_
951
_
475
&c._
Savannah
__
2,532
...
:
-
m
„
-
-
'
50
9,699
6,780
10,566
11,024
250
11,161
75,119
5,517
13,857
Total 1935
Total 1934
2
25,639
Total-—
4,627
10,264
11,200
4,807
40.645
22,235
1,019
16,156
12,122
8,512
79,001
79,580
1,771
200
From
394
5,849
646
Exported to—
Aug. 1 1935 to
Great
May 29, 1936
Exports from— Britain
Galveston
France
172,185 142,153
263,950 143,970
62,948 55,222
Italy
many
Corpus Christ!
.
Texas City
Beaumont
China
10,547 230,422 1241,743
13,573 303,791 1489,231
1,078 48,136 290,432
2,769
6,838
Orleans..
Lake Charles.
Mobile
965
745
412,609
447,629
71,178
2,109
916
6", 976
108
150
200
147,973 108,332
3,931
23,982
207,496
3,062
36,423
3~385
16~024
5,174
10,500
278,257 266,569
Savannah
4,609
9,301
114,964 27,825
2,192
2*222
81,298
111,701
Charleston
150,129
_
Jacksonville
Pensacola,
&c_
7,477
50,951
Norfolk.
3",394
1,668
Gulfport
2,937
50
544
8,894
8,784 211,636 1229,047
41,717
13,337
3~750 27,529 285,424
New York
1,224
1,292
1,384
4,026
210
50
792
1,086
144,673
176,480
188,071
4,351
19,312
13,235
12,887
11,201
1,130
250
7,376
1,700
2~897
Baltimore
3,212
3,659
10,202
6,694
300
2,622
Wilmington
Boston
Other
970
38,085
38,903
31,248
4,051
12,034
Total
Japan
193,704 80,123
206,007 110,311
31,682 20,188
250
Houston
New
Ger-
1,656
8,907
14
Philadelphia...
"213
"45
"77
Los Angeles
San Francisco.
32,613
14,710
35,123
5,426
314
3,506
14
6",750
552
6,108
2,727
7,637
280,234
70,529
315
191,680
58,556
315
Seattle
Total
1296,308 666,809
Total 1934-35.
701,235 356,979
810,304 360,8701466,542
37,732 886,912 5525,477
373,118 429,067il456,212105,895 817,6424240,148
Total 1933-34. 1206,330718 ,246 1325,526
626,3241647,194 254,173 958,673 6736,466
In addition to above exports, our
telegrams
give us the following amounts of cotton
cleared, at the ports named:
On
;
on
to-night also
shipboard, not
Shipboard Not Cleared for—
May 29 at—
Leaving
Great
Ger¬
Britain France
Galveston
Houston
2,900
11,050
Other
3,200
Coats-
Foreign
wise
8,000
375
100
5,097
New
Orleans..
Savannah
Charleston
Mobile
Norfolk
Other
many
3,582
16,000
12,499
7,184
1,300
31,500
13
24,019
18,242
2,379
453,889
304,888
358,062
172,695
5*235
*335
1,897
7",467
28,303
101,066
29,391
ports
Total 1936..
Total 1935
Total 1934
Stock
Total
110,193
19,185
15,079
7,036
10,551
3,677
5,811
11,682
5,009
10,095
36,118
53,795
81,969
3,692 81,228 1,558,487
1,215 78,775 1,559,977
2,616 107,527 2}646,784
Speculation in cotton for future delivery was fairly
active, with the undertone generally steady. The new crop
months were relatively firm, influenced
by the rather bull¬
ish weather reports,
especially those coming from the
Eastern
belt.
prices closed 1 point higher to 4 points
quiet and without special feature.
Continued absence of rain in the eastern belt and reports
lower.
Trading
was
of excessive
precipitation in Texas and Oklahoma had very
little effect in creating bullish sentiment.
Attention of the
trade now seems to be focused on developments in Washing¬
in connection with the Commodity Exchange bill.
Reports are coming in from Texas that insects are becoming
more active,
and if rains continue, the situation in that
section may become quite serious.
Liverpool closed steady,
unchanged to 1 point higher.
No special feature to the
trading there.
The average price of middling in the 10
designated spot markets Tuesday was 11.63c., unchanged.
On the 27th inst. prices closed 1 point higher to 5 points
lower.
Trading was extremely dull.
New crop months
eased in the late dealings under scattered hedging and'
liquidation.
There was little disposition on the part of
traders to do business.
There was nothing in the news that
ton
offered
an
incentive to trade either way.
The developments
being watched closely, especially as con¬
cerns the outcome of the Commodity Exchange Regulation
bill.
The feature of the day's session was the selling of
about 10,000 bales of October by a prominent spot house,
at
Washington
are
was believed to represent hedges.
There
reported for the eastern half of the belt, where
moisture is badly needed.
Rains continue in Texas and
other parts where moisture is already excessive.
However,
this had no effect marketwise.
Liverpool markets reflect
dulness, prices holding within a narrow range.
Average
price of middling, in the 10 designated spot markets
Wednesday, was 11.62c., compared with 11..636* Tuesday.
On the 28th inst. prices closed 2 to 8 points higher.
Trad¬
ing was fairly active, though for long spells during the
session little or no activity was shown.
There was very
most
of
was no
which
relief
little in the
news
that could serve as an incentive for active
operations either
in
the eastern
erate
way.
There were predictions of showers
portion of the belt, which led to some mod¬
eased some¬
rains in the West,
where moisture has been excessive, but this had little effect
marketwise.
Yesterday's weather map disclosed a few very
light showers along the Atlantic Coast, but otherwise no
rains in the Eastern belt, while there were general rains
in the West, and showers in the southern sections of the
Central belt.
Livcerpool was quiet but steady, with prices
virtually unchanged at the close.
Average price of mid¬
dling at the 10 designated spot markets was 11.62c.
Today prices closed 6 to 9 points up on the near months,
and 5 to 1 points up on the deferred deliveries.
Spot inter¬
ests and the trade were moderate buyers of July, and the
distant months were sold by the Continent and Liverpool.
One prominent spot trader sold a good-sized lot of October,
which was thought to be against hedges.
According to the
what.
under this pressure prices
selling, and
There
were
also reports of further
early reports from the Weather Bureau, further rain was
falling in the central and western areas of the belt, but
dryness still continued in the East.
This, of course, had a
cheering effect
on
those bullishly inclined, but not sufficient
to cause any aggressive
buying.
The market closed at just
Volume
Financial Chronicle
142
a shade under the
top prices of the day.
Liverpool was
reported dull, with prices about 2 points higher to 4 points
Continental imports for past week have been 115,000 bales.
The above figures for 1936 show a decrease from last
week of
lower.
The official quotation for middling upland cotton in
New York market each day for the past week has been:
Sat.
.—11.74
May 23 to May 29—
Middling upland
Futures—The
Mon.
11.72
highest, lowest and
week have been
New York for the past
Saturday
May 23
Monday
May 25
Tuesday
.
closing prices
follows:
at
as
Thursday
May 27
Friday
May 28
Wednesday
May 26
the
Fri.
11.77
Wed. Thurs.
11.74
11.76
Tues.
11.73
May 29
June{1936)
Range..
11.57a
11.52a
11.51a
11.53a
11.54a
Closing. 11.49»
July—
Range.. 11.38-11.45 11.46-11.49 11.47-11.57 11.47-11.52 11.49-11.54 11.52-11.58
11.51-11.52 11.67-11.58
11.47
11.49-11.49 11.49
Closing. 11.44
3707
139,319 bales, again of 431,605 bales over 1935, a
and a decrease of
decrease of 1.934,574 bales from 1934,
2,989,002 bales from 1933.
1
New York Quotations for 32 Years
quotations for middling upland at New York on
May 29 for each of the past 32 years have been as follows:
The
1936
1935
1934
1933
1932
1931
1930
1929
-
—11.77c.
1928
21.05c. 1920
40.00c.
1927
33.15c.
16.75c. 19191926
18.90c. 1918
30.10c.
1925 —23.75c. 1917
21.85c.
1924
32.65c. 1916
12.90c.
1923
28.60c. 19159.60c.
1922:-—21.50c. 1914-—13.75c.
1921
13.15c. 1913——11.80c.
-
-
—11.60c.
-
—
-
—
-
—
9.20c.
5.60c.
8.75 c.
„
-
—18.70c.
1912
11.50c.
15.80c.
15.30c.
11.40c.
11.40c.
12.50c.
-11.70c.
8.70c.
1911
1910
1909
1908
1907
1906
1905
Market and Sales at New York
Aug.—
SALES
Futures
Range..
11.33a
11.42a
11.36a
11.34a
Spot Market
Market
Closed
11.32a
Closing. 11.29a
Sept.—
Closed
Spot
Total
Contr'ct
Range..
Closing
10.91a
10.87n
10.91a
11.04 a
10.95a
10.90a
Oct.—
Range- 10.37-10.44 10.45-10.50 10.46-10.53 10.45-10.50 10.47-10.51 10.50-10.60
10.59-10.60
10.46 —
10.50
10.46-10.47 10.45
Closing. 10.42 —
Nov.—
Steady,
Steady,
Steady,
Wednesday- Steady,
Thursday
Steady,
Friday
Steady,
5 pts. adv—
2 pts. dec1 pt. adv—
1 pt. adv—
2 pts. adv—
1 pt. adv —
--
Range..
10.43a
Closing. 10.40a
10.41a
Steady
Steady
Steady
Barely steady.
Steady
Very steady
2",500
10.34-10.39 10.39-10.45 10.36-10.43 10.34-10.41 10.37-10.43 10.43-10.49
10.39 —
10.36
—
10.42-10.43 10.47
10.34
10.38
Closing
Ja».(1937)
Range.. 10.35-10.37 10.38-10.40 10.36-10.42 10.34-10.39 10.37-10.42 10.41-10.47
10.46a
10.42
10.37a
10.36 —
10.35 —
Closing. 10.35 —
Feb.—
Range..
10.40a
10.39a
10.45a
10.44a
10.37a
200
-
"700
"700
900
3,400
89,619
—
Total week.
Closing. 10.38a
2",500
*200
—
10.47a
10.46a
10.40a
Dec.—
Range.
Saturday
Monday
Tuesday
Since Aug. 1
2,500
57,619
i
—
32,000
At the Interior Towns the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
detail below:
March—
Range— 10.39-10.42 10.42-10.47 10.42-10.46 10.39-10.46 10.40-10.46 10.45-10.50
10.50 —10.42 —
10.44 —
10.39-10.40 10.46 —
Closing. 10.41 —
Movement to May 31, 1935
Movement to May 29, 1936
April—
Range..
10.46a
10.43a
10.48a
10.45a
10.39a
Towns
Receipts
10.45-10.50 10.40-10.48 10.39-10.44 10.43-10.46
Range..
10.49a
Closing.
10.45
10.40
—
—
10.44
Week
Nominal.
3
Eufaula
Range for future prices at New York for week ending
May 29 1936 and since trading began on each option:
Rangefor Week
Option for—
•
Range Since Beginning of Option
,
Season
58,373
15,532
81,274
85,666
109,773
27,440
36,867
31,826
18,797
161,947
31,261
113,556
34,456
24,335
66,076
297,189
182,234
45,039
53,925
15,448
71,423
123,454
41,284
176,011
57,057
8,791
31,172
37,793
212,237
8,279
31
Montgomery
166
Selma
23
Ark., Blythville
Forest City—
Helena.
113
112
73
—
Hope
May 1936—
June 1936..
July
1936..
11.38'May~23 iL58~May"29
Oct.
1936-
10.33 Aug. 24 1935 12.07 May 17 1935
8 1935
10.58 Sept. 30 1935 11.38 Oct.
10.21 Jan.
9 1936 11.97 May 25 1935
Little Rock..
Jan.
1936— 10.34 May 23 10.49 May 29
1937- 10.34 May 27 10.47 May 29
Feb.
9 1936 11.55 Nov. 25 1935
10.42 Sept.
9.80 Jan.
3 1935 11.40 July
26 1935
Walnut Ridge
Dec.
3 1935
3 1936 10.35
"l74
Pine Bluff-
9.76
9 1936 11.45
May 22 1936
9 1936 10.69 Jan.
2 1936
1937—
Mar. 1937- 10.39
419
Newport
10.12 Mar.
10737 May"23 16.60 ~May~29
Nov. 1936—
Dec.
1~642
Jonesboro
10.39 Jan.
Aug. 1936—
Sept. 1936-
Jan.
9.94 Feb.
25 1936 10.53
May 23 10.50 May 29 10.20 Mar. 27 1936 10.60
Apr. 22 1936
Apr. 18 1936
Ga., Albany
Athens
15
Atlanta
1,383
641
Augusta
Columbus.
800
Macon
9
Rome
April 1937—
May 1937- 10.39 May 28 10.60 May 26 10.39 May 28 1936
16.50
May 26 1936
La., Shreveport
Mlss.Clarksdale
The
Visible
Cotton
of
Jackson
1936
May 29—
Stock at Liverpool
Stock at Manchester.
bales.
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock-at Trieste
...—
Total Continental stocks
601.000
103,000
704,000
209,000
158,000
14,000
68,000
70,000
9,000
5.000
533,000
1935
611,000
87,000
1934
914,000
99,000
698,000 1,013,000
216,000
517,000
123,000
246,000
20,000
17,000
81,000
76,000
54,000
75,000
23,000
9,000
10,000
3,000
527,000
943,000
1933
652,000
94,000
746,000
522,000
210,000
23,000
88,000
117,000
960,000
Stock in U. S. ports..
Stock in U. S. interior towns
TJ. S. exports today
Total visible supply—
109,000
92,000
74,000
220,000
332,000
442,000
813.000 1,182,000
873,000
973,000
1,639,715 1,638,752 2,754,311 3,845,894
1,594,234 1,301,899 1,351,401 1,521,226
9,313
25,620
9,431
57,451
135,000
232,000
6,024,569 5,592,964 7,959,143 9,013,571
Of the above, totals of American
and other descriptions
are as follows:
American—
Liverpool stock
—bales.
Manchester stock
255,000
35,000
Bremen stock.
154,000
Havre stock.
129,000
107,000
181,000
Other Continental stock—
202,000
35,000
159,000
104,000
115,000
155,000
405,000
47,000
354,000
816,000
158,000
890,000
322,000
51,000
1,639,715 1,638,752 2,754,311 3,845,894
TJ. S. interior stock
U. S. exports today
1,594,234 1,301,899 1,351,401 1,521,226
25,620
9,313
9,431
57,451
—4,120,569 3,719,964 5,541,143 7,041,571
East Indian, Brazil, &c.—
346,000
Bremen stock
Havre stock
Other Continental stock
409,000
509,000
52,000
57,000
19,000
73,000
121,000
52,000
43,000
127,000
124,000
Natchez
92,000
74,000
442,000
973,000
107,000
135,000
109,000
232,000
873,000
220,000
332,000
813,000 1,182,000
.1,904,000 1,873,000 2,418,000 1,972,000
.4,120,569 3,719,964 5,541,143 7,041,571
.6,024,569 5,592,964 7,959,143 9,013,571
.
.
.
.
.
6.64d.
11.77c.
8.97d.
5.22d.
5.93d.
6.92d.
6.26d.
6.37d.
11.30c.
8.61d.
5.85d.
6.32d.
,11,80c.
9.25c.
9.01d.
5.04d.
5.85d.
9.34d.
5.54d.
6.05d.
1
May
31
1
6,357
127
216
8
5
"~2
5
4
355
22
45,626
133
l",848
238
981
370
112
29,133
28,082
86,307
3
3,747
5,342
18,186
37,912
82,464
17,963
13,793
19,394
24,570
17.085
14,280
79,168
"444 28,611
24,852
4,630
"820
11,292
3,782
29,261
1,782 66,724
2,305 96,819
700 11,911
1,006 16,869
125 21,843
384 21,135
1,680 28,415
333 15,152
2,104 37,364
405 15,585
4,610
"203
5,048
766 13,475
4,251
1,918
2,100
6,274
12
879
925
14,321
75,522
99,842
28,450
13,583
647
300
50
19,258
12
57,686
447
132,043
23,366
136,152
25
586
62
"233
3",717
25,106
3,907
22,050
28,347
185,090
3,769
Oklahoma—
Texas, Abilene.
Austin
Brenham
Dallas
...
Paris
Robstown
San Antonio.
Texarkana..
Waco
*
44
246
1,411 92,593
386,830
3,050 51,437
2,061
156,585
19,431 1,951,918 35,234499,127
54,770
1,409
171
747
"14
18,553
11
57
3,756
12,161
1,738
57,428
6,193
1,126
23
2,258
34,431
5,057
53
10,527
1,064
522
"209
5,812
"709 8,034
132
24,822
9
2,282
3,973
79,942
15 towns*
S.C., Grespville
Tenn.,Memphis
s
38,7875,052,294 96,2021594234
335 107,472
2,292 46,949
15,787366,662
240,724
123.596
7,618 1,369,630
24,007
1,220
8,054
*"38
21,159
33
28
•
15,203
47,641
35,740
19
188
3
599
498
2
8
6,747
16,690
26,935
116
57,131
332
""42
2,396
4,504
6,188
11,393
1,347
3,640
15,545
8,384
17,1543,418,635 43,6671301899
Includes the combined totals of 15 towns in Oklahoma.
The
above
totals
show
that
the
interior
stocks
have
decreased
during the week 57,415 bales and are to-night
292,335 bales more than at the same period last year. The
receipts at all the towns have been 21,663 bales more than
the
same
week last year.
,
Overland Movement for the Week and Since Aug. 1—
We
give below
a
statement showing the overland movement
Aug. 1, as made up from telegraphic
for the week and since
reports Friday night.
The results for the week
Aug. 1 in the last two years are as follows:
May 29—
Shipped—
Week
Via St. Louis.
6.463
Since
Aug. 1
and since
1934-35
Week
Since
Aug. 1
208,874
74,649
3,122
11,122
179,324
603,691
4,251
968
3,777
4,000
195,120
94,131
77
12,995
164,264
495,374
.16,688 1,080,782
Via Mounds, &c
Via Rock Island
Via Louisville
12,996
961,961
386
—
—
Deduct Shipments—
Overland to N. Y., Boston, &c
3,299
5,646
Total to be deducted- L—
*
199
172
3,543
28,136
9,942
271,238
9,690
26,037
13,052
281,324
.3,914
3,914
309,316
10,373
320,413
.12,774
12,774
771,466
2,623
641.548
.
.
Leaving total net overland *
1,280
....
Via Virginia points
Via other routes, &c
297
Including movement by rail to Canada.
The
.
2
208
Vicksburg
Yazoo City—
Mo., St. Louis.
N.C.,Gr'nsboro
4
10
....
.
Indian afloat for Europe
Total visible supply
Middling uplands, Liver pool
Middling uplands. New "York.
Egypt, good Sakel, LiverpoolBroach, fine, Liverpool
Tinnevelly, good, Liverpool—
466
70,000
72,000
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt—
Stock in Bombay, India
Total East India, &c__
Total American
Stocks
Week
20,967
8,822
23,982
44,236
122,878
27,679
47,119
240
36,411
24 11,147
1,914 59,018
509 56,315
2,587 74,659
1,577 13,113
9,912
1,083
16,279
36
9,338
3,681 52,105
121 14,692
1,287 42,808
12,191
""51 16.756
3,650 37,910
7,916138,940
3,517115,124
300 33,100
296 37,522
300 23,634
452 20,957
3,317 11,881
50 24,042
4,722 17,844
2,939 13,837
82
2,763
529
6,451
1,034
5,448
6,463
3,496
562
2,609
298,000
68,000
43,000
29,000
71,000
Liverpool stock
Manchester stock
Ship¬
Season
Week
1935—36
American afloat for Europe
U. S. ports stock
Total American
2"040
Greenwood..
Total, 56 town
Total European stocks
1,237,000 1,225,000 1,956,000 1,706,000
India cotton afloat for Europe—
107,000
121,000
124,000
72,000
American cotton afloat for Europe
181,000
155,000
158,000
322,000
Egypt, Brazil,&c.,afl't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India
720
Columbus...
as
to-night, as made up
follows.
Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
To make the total show the complete figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
Supply
by cable and telegraph, is
29
ments
May
Week
Receipts
Stocks
10.45
—
Ala., Blrming'm
a
Ship¬
ments
Closing.
May—
foregoing shows the week's net overland movement
this year has been
the week last year,
12,774 bales, against 2,623 bales for
and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 129,918 bales.
Financial
-1935-36-
In Sight and
operating State agencies, and census reported ginnings makes
the following revised estimates of the cotton crop of 1935:
Since
Spinners'
w
29
Southern consumption to May
Since
t
Aug. 1
Week
52,470
Takings
Receipts at ports to May
Net overland to May 29
Chronicle
T1934-35
3708
6,518.588
771,466
4,670,000
12,774
29-125,000
Week
Aug. 1
21,846
2,623
100,000
May
3,939,675
641,548
4,025,000
Area in
Yield of
Cotton
Lint
<■
Area Picked
Cultivation
190,244 11,960,054
*57,415
473,896
Excess
over
Southern
of
mill
124,469
*26,513
8,606,223
154,421
(1,000
July 1
(1,000 Acres)
State
....
421.758
•
132,829
8,679",375
Bales
1,039,645
9,898
924,233
Decrease.
Bales
.128,411
-.145,653
116,611
_.
1933—June 2--_—
1934
1935
1934
1935
Lbs.
(500
Gross)
Bales
.12,352,253
13,139,435
15,188,554
1931
273
36
30
27,246
970
930 311
294
631
572
1,286
1,362 252
2,155 216
261
678
744
574,201
744,182
968
1,059
2,142
235
93
91
92
89 145
165
28
308
316
302 360
280
238
177
763
743
759
736 255
206
405
2,252
2,665
2,133
2,243 213
226
950
1,059
2,530
2,644 216
228
1,189
1,231
1,221 195
10.685 10.964 10,097 10,657 114
?18
485
556
133
2,401
2.066
117
321
173,979
316,509
1,061,314
1,259,482
556,288
2,960,774
564,982
857,156
317
2,144
2,556
1,201
56T
851
Tennessee
Alabama—.—
Mississippi
Louisiana
1,062,526
26,632
31
319
Texas
Quotations for Middling Cotton at Other Markets
52 302
939
1,369
2,172
Florida
Since Aug. 1
57
980
1,299
2,164
Missouri
1933
1932
53
58
Carolina.
Georgia
in previous years:
Movement into sight
1934
South Carolina..
Virginia.
North
1932—June 3--
•
*81,274
97,956
18,606
Week—
500-L&. Gross)
(Pounds)
as
1936
consumption to May 1
1934—June 1
per Acre
1935
Oinnings
Crop
Reported
by Census
May 19,
1935
a
(1,000 Bales—
takings
1934
*
Production
Picked
Acres)
1935
1936
30,
Oklahoma
2,909
2,427
Arkansas
2,196
100
New Mexico
58
1,142
1,259
2,178
2,647
2,167
2,137 192
191
869
94
90
90 480
398
90
2,318
Saturday Monday
Montgomery..
Augusta
Memphis
11.59
11.68
11.64
11.84
11.85
11.59
11.94
11.45
Galveston
New Orleans..
Mobile
Savannah
Norfolk
Tuesday
11.59
11.72
11.59
11.71
Wed'day Thursday
11.59
11.72
11.59
Friday
71.835
136
160
136
bl60 410
405 b
117
bl35
California
May 29
75
Arizona
Closing Quotations for Middling Cotton onWeek Ended
225
220
223
218 556
524
259
239
32
22
32
21 277
193
18
9
134,335
239,848
7,102
All other
11.75
11.81
11.58
11,59
11.61
11.79
11.81
11.87
11.85
11.85
11.51
11.90
11.57
11.97
11.85
11.53
11.98
11.99
12.01
12.07
11.45
11.50
11.50
11.50
11.55
11.53
Houston
11.60
11.60
11.60
11.55
11.55
11.60
Little Rock
Dallas
11.39
11.42
11.44
11.44
11.46
11.29
11.28
11.24
11.22
11.26
11.29
11.28
11.24
11.22
11.26
113 190
; 22
304
72
d71,853
cotton for ginning and added for TJ. S. total,
b Incl. Pima long staple. 39,000
acres, yield 229 lb. per acre, production 18,000 bales,
c Not included In California
figures, nor in United States total,
d Ginnings 71,388 running bales, as enumerated
by California Crop Reporting Service.
Report
Reduction
on
Cotton
in
Yields
from
Stated Causes in 1935—The U. S.
tural also made
New Orleans Contract Market
55
115
66
.c
aBales rounded to thousands, allowances made lor interstate movement of seed
11.26
Fort Worth
Mexico)
11.52
11.26
9,636 10,638 10,638,391
Lower Calif. (Old
11.67
11.84
11.67
11.87
11.85
11.52
27,860 27,888 26,866 27,335 171.6 186.3
U. S. total
11.59
public
Department of Agricul¬
May 22, the following:
on
full yield per acre of cotton during the season of
of a normal or
full yield, based upon an inquiry to cotton reporters on this subject.
In
Total reduction from
a
1935 from various causes is reported to have been 36.8%
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
May 23
May 25
May 26
May 27
May 28
May 29
May(1936) 115461156a
11.42
11.41
11.38
11.42
11.45
11.51-11.52
August
28.6%; in 1932, 42.7%
with 20.7% in 1934, 6.8% in 1933 and 8.0% in 1932. Damage attributed to
excessive moisture was 3.7%. compared with 1.9% in 1934, 2.6% in 1933
and
3.9% in 1932.
10.42
10.43
10.41
December. 10.36
10.38
10.35
10.33
103761038a 10.46
(1937) 10.35
10.37
10.34
10.32
10.37
..
10.44-10.45 10.53
reduction in
November
February
including floods, frost, heat and hot winds
more destructive than usual, contributing
6.5% to the
yield in 1935, against 7.3% in 1934 3.7% in 1933, 6.1% in
1932 and 3.5% in 1931.
Plant diseases are reported to have caused losses
of about 2.2%, which is about the same as in each of the last three years.
Boll weevil damage in 1935, while slightly greater than in 1934, was
less than average.
Loss from this cause was reported at 8.1%, compared
with 7.3% in 1934; 9.1% in 1933. and 15.2% in 1932.
Weevil damage
was greatest in South Carolina, Georgia and Florida.
Loss due to insects
other than boll weevil was reported at 5.0%, which is the highest percentage
somewhat
were
10.38
Jan
,
"Other climatic" influences,
September
October
1933
27.8%.
Loss from deficient.moisture, or drought was reDorted at 9.2%. compared
June
July
1934 the reported reduction was 42.6%; in
and in 1931,
10.45
.
March
10.38
Bid. 10.39
Bid. 10.38
Bid. 10.35
Bid
10.40
Bid. 10.47
April
May
10.40
Bid. 10.41
Bid. 10.40
Bid.
Bid.
10.39
Bid. 10.43
10.37
Bli.
Tone—
,
attributed to this
Steady.
Spot
Options
Steady.
World
Steady.
Steady.
Steady.
Cotton
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Very stdv.
Mill
Activity Reported at Higher
Level Than Year Ago by New York Cotton Exchange—
Cotton manufacturing activity, both in this country and
abroad, continues to run at a much higher level than a year
according to the New York Cotton Exchange Service.
Mills of this country, the Exchange said, are probably oper¬
ating on a basis 20 to 25% higher than this time last year,
English mills approximately 15% higher, and French mills
and German mills 25 to 30% higher.
Italian mills, on the
other hand, are running a an appreciably lower rate, due to
restrictions on imports of cotton, and Japanese mill activity
is slightly below a year ago due to some recession of Japanese
export trade in cotton goods from previous high levels.
The
Exchange Service, under date of May 25, also stated:
This statement
cause
on
in recent years.
losses is based upon reports of correspondents made
in March, on a crop damage
inquiry in which the correspondents were asked
to report the percent of a normal yield per acre of cotton harvested the
preceding year, the percent of loss in yield, and to distribute the loss to
stated causes.
The resulting indicated percentages represent the con¬
solidated judgment of the crop reporters and are useful as a rough index of
relative losses from the stated
FULL
ago,
Domestic mill activity has been lifted aooreciably by a broader move¬
ment of heavy fabrics going into industrial uses, in consequence of the
improvement in operations of heavy goods industries.
The situation in
the domestic industry has also been helped appreciably by removal of the
processing tax, which resulted in lowering raw material costs of the mills
by about 25%.
Another important factor contributing to the betterment
or the mill situation in this country is the release of a large amount of
Government-financed cotton,
which included particularly grades and
staples of which the mills were in urgent need.
At the present time, the cotton mills of this country are running at an
annual rate above the average in predepression years.
It appears probable
that they will use during the full season, ending July 31, around 6,000,000
bales of American cotton, as against 5,241,000 bales last season, an increase
of approximately 750,000 bales.
They are currently running at a much
higher rate than this, however.
If allowance is made for seasonal varia¬
tions, it may be found that the mills are operating at a rate which, if con¬
tinued for 12 months, would call for a consumption of well over 6,500,000
bales of the domestic staple.
British mill activity has been raised substantially by the increased con¬
sumption of cotton goods in England itself, doubtless in consequence of the
general improvement of business in that country. This is shown by the fact
that British mill activity is about 15% higher than a year ago, as stated,
although exports of yarn and cloth by Great Britain show practically no
improvement over last season in aggregate poundage.
Lancashire is strug¬
gling desperately to recapture export markets for yarns and cloths.
It
has at least stopped the drastic decline in its total export trade in these
commodities.
In prewar years, it was estimated that England exported
75 to 80% of all the cotton goods which it manufactured.
It is now prob¬
ably exporting only 40 to 50%
Germany and Italy are operating under drastic restrictions as to imports
of cotton, due to shortage of foreign exchange.
Both countries are exerting
every effort to increase consumption of domestically produced textile
fibers, particularly rayon products, and with considerable success.
It has
been estimated that fully 90 % of ail of the cotton
imported by Germany is
taken by that country on terms which in effect constitute barter
arrange¬
ments, by which imports of cotton are balanced against exports of German
.
products.
•
The most striking change in the Japanese cotton mill situation,
during
the past year or more has been the halting of the
rapid expansion of output
of yarns and cloths and of exports of them
by Japan, which has doubtless
been due in large part to the raising of barriers
against Japanese goods by
numerous countries of the world.
It has been estimated that 60 to 65%
of the cotton goods produced in Japan are
exported by that country, and
8<Lany restriction of Japanese export trade in cotton manufactures vitally
affects the activity of the Japanese cotton
spinning industry.
while the output of Japanese mills and the
However,
exports of cotton manufactures
by Japan has shown some decline during the past year, such decline con¬
stitutes only a very small percentage of the
total, and is from a very high
level.
For the current season to date, it is not more than 4 or
5% compared
with last
season.
Revised
Estimates
of
the
Cotton
Crop of 1935,
by
States—The Crop Reporting Board of the United States
Department of Agriculture,
furnished
by
crop
from the reports and data
correspondents, field statisticians, co-
causes.
Details by States follow;
REDUCTION FROM
*
YIELD
1933,
PER
ACRE FROM
1934 AND
CAUSES,
1935
(Zero indicates no damage or less than 1%)
Deficient Moisture
,
STATED
\
Other Climatic
Excessive Moisture
1933
1934
1935
1933
1934
1935
1933
1934
1935
%
%
%
%
%
%
%
%
%
Virginia
9
1
2
0
8
5
9
1
9
North Carolina
7
1
4
1
5
3
4
2
4
South
7
4
5
1
4
3
3
4
3
Georgia
6
4
6
1
4
2
3
3
Florida
7
5
3
3
5
5
3
4
3
Missouri
7
19
9
4
0
8
4
9
12
Tennessee
3
16
12
2
1
2
2
5
12
Carolina
*
3
2
9
4
4
1
2
3
3
Mississippi
3
6
12
6
2
1
3
5
4
Louisiana
5
15
6
10
2
2
7
9
Alabama...
4
...
9
Texas
9
34
7
1
1
6
4
8
7
Oklahoma
8
47
18
2
0
4
4
16
12
Arkansas
8
27
16
3
0
4
4
12
8
20.7
9.2
Av. of 13 States
6.8
2.6
Plant Diseases
1.9
3.7
7.3
3.7
Boll Weevil
6.5
Other Insects
OIU..C
1933
1934
1935
1933
1934
1935
1933
1934
1935
%
%
%
%
%
%
%
%
%
Virginia
1
2
4
7
4
2
1
1
2
North Carolina
2
2
2
8
7
9
1
1
1
2
2
2
2
14
11
15
2
1
Georgia
2
2
2
8
12
12
2
1
South
Carolina
1
Florida
2
2
2
9
18
15
1
1
1
Missouri
3
2
2
0
0
0
1
1
6
Tennessee
3
2
2
8
2
4
1
1
4
2
M
1
12
11
2
15
14
9
1
1
1
2
2
11
9
11
2
2
3
2
9
1
1
2
2
3
sstesippi
Louisiana.....
2
2
2
Alabama
3
6
4
7
3
2
10
Oklahoma
1
1
1
10
6
6
3
2
6
Arkansas
2
2
2
9
4
4
3
2
Texas
Av. of 13 States
2.3
1.9
2.2
9.1
7.3
8.1
2.2
1.6
4
5.0
Comments Concerning Cotton Report of May 22, 1936
S. Department of Agriculture in giving Gut its
—The U.
report on May 22, also added the following comments:
The Crop Reporting Board, in revising statistics of acreage,
and production of the 1935 cotton crop, estimates the area in
yield per acre
cultivation in
July 1 to have been 27,888,000 acres; the area harvested
27,335,000 acres; and the yield of lint cotton to have been 186.3 pounds
per acre.
The report of the Bureau of the Census, published on May 19,
placed final ginnings for the 1935 crop at 10,638,391 equivalent 500-pound
the United States
on
bales.
The 1934 acreage has been revised slightly in light of the census enumera¬
tions, the United States revised planted and harvested acreage being placed
at 27,860,000 and 26,866,000 respectively, and the revised estimate of
harvested yield is 171.6 pounds per acre.
The production remains at 9,636,000 equivalent 500-pound bales.
The acreage harvested in 1935 was approximately 2% larger than the
harvested acreage in 1934, 9% smaller than the harvested acres in 1933,
and 32.6% smaller than the average harvested acreage for the period
1928-1932.
Production in 1935 of 10,638,000 bales is about 1,002,000 bales or 10%
above the 1934 crop, 2,409,000 bales or 18% below the 1933 Crop, and 4,028,000 bales or 28% below average production in the five-year period
1928-1932.
Volume
Financial
142
Chronicle
Sweetwater {Nolan County)—(Telegram today, 25th):
The revised estimates of planted and harvested acreage for the United
States vary less than l-10th of 1% from the preliminary estimates made
last December.
The acreage estimates are in substantial agreement with
and better entire
territory, cloudy.
North
the
acreage indicated by statistics developed from the." Agricultural Ad¬
justment Administration's program.
The yield per acre and total produc¬
tion as estimated for 1935 are about 9-10tbs of 1% below the December
Percentage comparisons of forecasts of cotton production made by the
Crop Reporting Board during 1935 season with final production are as
Aug. 1, 10.9% above final production, Sept. 1, 8.0% above,
Oct. 1, 7.8% above, Nov. 1, 4.7% above, and Dec. 1, 9-10ths of 1% above
final production.
Conditions less favorable than usual after the dates to
which the reports relate, together with the lateness of crop in States west of
the Mississippi River, resulted in successive reductions as the season
progressed.
The forecasts are necessarily based upon the assumption that
conditions after each report will be about average.
sunshine weather to clean crops.
Dallas
{Dallas County)—Planting is
warn
practically completed, 90% up,
all plowed.
Chopping has become general.
A few fields are
due to rains, which have slowed up farm work without furnishing
any beneficial moisture.
We need 10 days of dry weather.
Forney {Kaufman County)—Cotton planted about 95% to 97%, of which
85% is up and doing well.
About half of it getting grassy.
Increase in
acreage about 15%.
Crop about 15 days late.
Had plenty of rain, for
present and need dry, warm weather.
Gainesville {Cooke County)—Cotton about 80% planted, 75% up.
In¬
crease in acreage about 15%.
Moisture conditions are good, cultivation
is good.
Had showers on 21st, 22d, and 23d, but now need dry, warm
days and nights.
Garland {Dallas County)—Cotton crop is practically all planted and
about 80% up to a good stand.
However, we are having too much rain
and the fields are getting grassy.
Dry weather and warm nights are needed
on the plants.
Greenville {Hunt County)—Plant growing nicely, almost perfect stand.
Very small percent chopped due to numerous showers.
Early indications
very favorable for substantial increase in acreage.
Outlook good at present.
Honey Grove (Fannin County)—Practically all replanting of cotton now
completed in this section and up to good stands.
The weather has been
fair during the week and the farmers have done lots of work.
We need
about two weeks more of dry weather to get the crops in good condition.
follows:
nearly
grassy
Weather Reports by Telegraph—Reports to us by tele¬
graph. this evening denote that while the rains in the western
part of the cotton belt are generally regarded as beneficial
to the cotton crop, they are becoming detrimental to some
and if the wet weather continues there will be serious
areas
In the east the drouth has been of
few
a
more
days of it will result in
abandonment of acreage.
Rain
Texas—Galveston
Amarillo
Austin
4 days
6 days
6 days
7 days
Abilene.
Brenham
6 days
..6 days
Brownsville
Corpus Christi
6 days
Dallas.
6 days
El Paso
Henrietta
6 days
6 days
Kerrville—
7 days
Lampasas
LongviewLuling
Nacogdoches
3 days
7 days
__5 days
Palestine
7 days
Paris
..5 days
San Antonio
7 days
Taylor..
____7 days
Weatherford
5 days
Oklahoma—Oklahoma City..4 days
Arkansas—Eldorado
2 days
Fort Smith
2 days
Little Rock
.1 day
Pine Bluff
3 days
Louisiana—Alexandria—__.4days
Amite
3 days
New Orleans
2 days
Shreveport
Mississippi—Columbus
5 days
Greenwood
1 day
Meridian
2 days
Vicksburg
2 days
3 days
1 day
2 days
2 days
3 days
3 days
3 days
2 days
Alabama—Mobile.
Birmingham
Montgomery...
Florida—Jacksonville
Miami.
Pensacola__
Tampa
Georgia—Savannah
Atlanta
•
Augusta
Macon.
Carolina—Charleston.
South
Greenwood
Columbia
Conway
North Carolina—Asheville
Charlotte
Newborn
Raleigh.
Weld on
Wilmington
Tennessee—Memphis...
Chattanooga
1 day
Nashville
Rainfall
2.81
6.20
4.48
2.71
4.94
1.74
0.81
2.47
dry
3.22
Thermometer
in.
in.
in.
in.
in.
in.
in.
in.
in.
3.08 in.
8.14 in.
1.60 in.
6.52 in.
3.70 in.
2.74 in.
1.80 in.
2.90 in.
7.24 in.
3.00 in.
1.20 in.
0.20 in.
0.24 in.
0.02 in.
0.08 in.
3.63 in.
1.48 in.
1.12 in.
0.48 in.
dry
0.05 in.
0.48 in.
0.38 in.
2.56 in.
0.04 in.
0.21 in.
0.38 in.
5.53 in.
2.88 in.
1.56 in.
0.05 in.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
0.04 in.
dry
dry
dry -
high 82
high 76
high 82
high 88
high 80
high 90
high 84
high 82
high 88
high 84
high 82
high 82
high 98
high 88
high 84
high 84
high 84
high 84
high 84
high 84
high 64
high 92
high 86
high 86
high 88
high 86
high 85
high 62
high 87
high 90
high 91
high 64
high 86
high 85
high 90
high 86
high 84
high 86
high 82
high 86
high 84
high 94
high 90
high 90
high 84
high 93
high 90
high 91
high 88
high 92
high 94
high 92
high 96
high 88
high 89
high 92
high 90
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
68
58
64
62
64
66
70
66
58
64
60
60
64
64
64
64
64
64
64
64
low 64
low 63
low 62
low 64
low 60
low 66
low 63
low 66
low 67
low 59
low 55
low 64
low 66
low
68
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
60
66
64
68
66
66
mean
75
67
mean
73
mean
mean
mean
76
mean
mean
74
mean
74
mean
74
74
74
74
78
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean76
mean
74
mean
77
mean
64
mean
74
76
74
60
60
62
mean
77
mean 75
mean
mean
76
62
54
mean 73
mean
74
36
mean
63
53
mean
72
50
64
mean
69
mean
52
mean
50
45
54
mean
69
mean
58
60
mean
78
73
71
71
71
78
75
mean
75
mean
mean
May 31,1935
Feet
15.6
33.6
11.8
..Above
zero
of gauge-
4.1
Memphis
Above
zero
of gauge-
11.6
Nashville
Above
zero
of gauge-
Shreveport
Vicksburg
Above zero of
Above zero of
gauge-
9.6
8.6
31.7
gauge-
12.0
41.9
Dallas
Cotton
Cotton
TEXAS
West Texas
Abilene {Taylor County)—We have had good rains again today.
Cotton
nearly all planted and stands generally good.
Fields clean.
Increase in
about 20%.
Some little replanting in spots where rains have
been heavy.
Brady {.McCulloch County)—Having plenty of rain.
It is raining now.
Crops are getting grassy.
About 70% cotton planted, 30% up to a good
stand.
Increase in acreage about 15%.
acreage
Floydada {Floyd County)—A slow drizzle began falling Saturday morning,
with scattered heavy showers, covering this territory with what you might
a
general rain, giving plenty of moisture to complete cotton planting,
and
benefiting all crops, especially wheat.
About an inch and a naif rain
has fallen up to this writing, Sunday afternoon, and is still cloudy and
Some cotton is up to a good
had moisture to plant.
Haskell {Haskell County)—35% to 50%
drizzling.
stand in spots where they have
Lubbock (Lubbock County)—About 25% planted, small
percent of it up.
everywhere Saturday.
Everyone will plant now.
increase in acreage.
Memphis {Hall County)—About 50% cotton planted with 20% to 25%
up.
Around 20% increase in acreage.
From one inch to inch and a hair
rain yesterday and today.
Fell slowly and very little water will run off.
Plenty of moisture to get up good stands.
Fields clean.
Plainview {Hale County)—rHad very nice season past week.
Little cotton
planted, none up.
Probably some increase in acreage.
Too early to
a
Zandt County)—Showers all
during the week have
.
■
Central
Texas
{Johnson County)—Weather past week has been favorable for
planting.
No rain except a few scattered showers.
Crop is about 90%
planted and about 75% up to a stand.
The fields are in a good state of
cultivation.
Think the acreage increase will be about 15% over last
season.
Ennis
(Ellis County)—Practically all the cotton planted, very little to
be replanted, stands very good, plenty of moisture, and we now need warm
dry weather.
Fields very grassy. About 15% to 20% increase over last
season's acreage.
About three weeks late.
Lagrange
(Fayette County)—(Telegram today,
25th):
Fourteen inches
rain
,
here since Friday.
Fields badly washed and lots of damage from
overflowing creeks.
Still raining.
Lockhart (Caldwell County)—Our crop is 95% planted, 90% up, 50%
chopped.
Two inches of rain last night.
We need two weeks hot dry
W0<vtli©r
Taylor (Williamson County)—Our crop is all planted, with 90% up to
good stand.
About 50% has been plowed and chopped.
The weather
favorable during most of the week, but rains set in Friday afternoon
and have had about two inches, which was not needed.
Some fields are
very grassy, and unless we are favored with two weeks dry weather 20%
of the acreage will have to be replanted to get it clean.
a
was
Waxahachie
(Ellis County)—Hot dry weather during past week has enabled
get their fields clean to a satisfactory extent.
All but
planted and about 75% up to a good stand,
probably 15 % will have to be replanted.
It looks like an increase in acreage
of from 15% to 20% over last season's acreage, and about 35% of the
farmers are signing up for the Soil Conservation Program.
A good general
the
farmers
to
about 5% of the crop is now
rain of about two inches would
help next week.
East Texag
{Gregg County)—No rain this week in this territory.
Weather
planting completed.
Cotton about 40% chopped.
Fields in
in fair condition.
(Shelby County)—All cotton planted and up to a good stand,
and about half already chopped out, not one acre had to be replanted.
Beneficial rains a week ago and partly cloudy leather the past week
makes prospects fine at this time.
Farmers have sold 600 bales of the
1934-35 12-cent and 11-cent loan cotton this month, leaving about 3,500
Longview
right, and
general are
Timpson
bdil6s in. local warehouse
Tyler (Smith County)—Scattered showers have fallen over this entire
week.
Replanting in the sections where it was
has been slowed up to some extent.
The crop, as a whole,
however, is in fair condition and cotton that is up is up to a full stand.
section during the past
necessary
South Texas
Corpus Christi {Nueces County)—(Letter 23d):
While this section has
had but few real cotton growing days of late, cotton has made fair progress
There has hardly been a day without scattered
s no wens and farmers unable, as a rule, to get into the fields to keep grass
and weeds down.
Also some complaint of fleas and lice but no actual
damage to date.
But if the present weather continues another week,
there may be considerable damage and abandonment of quite a bit of acreage.
Clear and hot sunshine is badly needed and must be had soon if the prom¬
ising early prospects are to be realised.
(Wire 24th): Exceedingly heavy
rains locally and surrounding territory yesterday, and today; present
weather very unsettled.
Harlirtgen {Cameron County)—Have had some showers the past week,
but it has cleared, just what is wanted on cotton.
Cultivation is fair to
good.
Season is about same as last year.
Estimate increase in acreage
from 30% to 60%.
We have the best crop since 1926.
San Antonio (Bexar County)—Considerable moisture has fallen on sur¬
rounding territory, which should be sufficient for some time.
Fields are
getting weedy, with a labor shortage existing. Cotton all up to a fair stand.
Some insects making their appearance, although no damage has been done
so far.
Acreage should show an increase of 10% over last season. Weather
needed must be hot and dry.
Crop three weeks late compared to last year.
Seguin (Guadalupe County)—Had an excellent rain last night and today,
about two inches; still raining.
Planting completed, practically all up,
about two-thirds chopped.
Will need a week or 10 days of dry weather to
clean crops.
Some reports of fleas, however, so far very little damage done
general
rain
Looks like will be 20%
estimate.
Quanah {Hardeman County)—Nothing in the way of favorable weather
happened the past week,
very little cotton planted and less up.
Present
worse than
1930.
Moisture conditions will have to be right
through the growing season for us to make a fair crop now.
conditions
Stamford {Jones County)—Cotton acreage will be increased about 15%
last year.
80% planted, with 10% to be replanted account heavy
in spots.
The season is sufficient to get the crop started.
Two
over
rains
weeks' fair weather would be beneficial.
by insects.
*
OKLAHOMA
of cotton planted, much of which
will have to be replanted on account of hard rain, hail and wind last Monday.
Parts of the county are still dry.
Planting will be resumed the first of the
Had
(Van
under present conditions.
Exchange Weekly Crop Report—The
Exchange each week publishes a compre¬
hensive report covering cotton crop conditions in Texas,
Oklahoma and Arkansas.
The current week's report, dated
May 25, is as follows:
call
all
unbeneficial, causing delay
Cleburne
73
74
76
74
75
mean
Point
of fair weather.
76
74
75
77
80
mean
County)—Practically
week
delayed planting and replanting.
70% has been planted, 10% chopped,
20% to be replanted.
Some fields very grassy, but 25% of crop in excel¬
lent condition.
Planting will be completed next week, weather permitting.
A 10% increase in acreage is now indicated.
We want at least two weeks
74
75
74
mean
Feet
Dallas
Wills
74
mean
past
and much of it is clear of grass.
However, the rains the last few days
stopped this work.
As a rule, the grass is not very bad anywhere, and
with a few more days of clear dry weather all of the grass can be cleaned
out.
We need dry weather for the next 10 days or two weeks.
As a
whole, the crop looks good; and with the increase in acreage conditions are
very favorable.
71
71
81
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:
New Orleans
cotton planted, stands good.
in working out.
Early
about 20% chopped.
Cotton
the time being.
Terrell {.Kaufman County)—About 95% planted, also about 95% is up.
Chopping and plowing was going forward raipdly the first of the week,
(Lamar
cotton getting badly in need of cultivation,
is growing nicely and prospects are good for
74
mean
The
May 29,1936
Paris
Showers
75
72
mean 78
mean 77
mean 74
mean 73
mean
mean
mean
Texas
Clarksville {Red River County)—-Planting about finished, with very little
replant.
About 90% up to a good stand.
15% chopped, growth
good.
No report of insect damage.
Weather for the week has been
clear and warm, with a few showers.
Will need about 10 more days of
to
estimate.
complaint of foul fields.
such long duration that
Rainfall two inches
Ideal conditions.
(Pontotoc County)—Ninety-five percent planted, 85% up to good
stand, 25% chopped and plowed.
Six inches rain since April 16th. 25%
increase in acreage.
At this time the outlook is good.
Anadarko {Caddo County)—Cotton is 90% planted.
Planting will be
completed by middle of week.
50% up to perfect stand. Expecting good
stand as a whole.
Fields are clean, with ample moisture. Weather the past
week was ideal, rains Thursday night and Friday were just what we
needed.
Increase in acreage will be 15% to 20%.
Ardmore {Carter County)—This county has plenty of moisture, weather
past week was ideal.
90% cotton up to good stand. Soil is in good condi¬
tion
Chopping is in full swing. There will be increase in acreage, too early
to guess now as there is some planting going on at this time.
Chickasha {Grady County)—I consider conditions at this time in Chickasha
territory very promising. Cotton 80% to 90% planted, with approximately
65% up to fair stand.
Approximately one-half inch of moisture in our
immediate territory during the past week.
Weather during past week
reasonably fair for cotton.
Some chopping. Fields are in fine shape.
Durant {Bryan County)—Increase in acreage about 20%.
Planting com¬
pleted. About 50% of cotton up to a good stand. Some crops plowed the
second time.
Rainfall ample.
Need sunshine and warm weather.
No
infestation reported.
Ada
.
Financial
3710
Elk City (Beckham County)—Weather last week has been favorable.
Rain
a good season.
About one-half the cotton
planted, about 8% up.
10% to 15% increase over last year.
State of
cultivation good.
Frederick (Tiliman County)—Rains reported over the county the past
week ranged from .07 to H-inch.
50% to 60% of cotton planted, a good
part of that planted is just coming up.
With favorable weather the coining
week most all planting will be done.
Hugo (Choctaw County)—Scattered showers have interrupted work that
should be done, but there is little talk of losing any crops from grass.
Cotton
is 85% planted and stands are average.
Very little replanting necessary
and no insect damage to date.
We need a full week of sunshine. Chopping
is 10% done.
Mangum (Greer County)—Around an inch and a half of rain in this terri¬
tory Friday and Saturday, which apparently was pretty general and just in
time to halt a bad start for our cotton crop.
Some small grain land will now
today one-half to one inch,
cotton and present picture points to about a 15% increase
last year.
Some 60% of cotton land planted, and a few
fields coming up today to seemingly perfect stands, so with a weekly
rain of like proportions and with some warmer nights our conditions
should be nearly perfect 30 days hence.
Waurika (Jefferson County)—Increase of about 15% in acreage in our
territory.
Planting about 90% completed, some few reports of replanting
in scattered sections of our community.
Some cotton is up to a good stand.
be
planted
India Cotton
of India cotton
promising.
have been
Week
complaint of cut worms, but not geuerai.
Pine Bluff (Jefferson County)—The weather is fine and crops of all kinds
moving along unmolested.
Cotton and corn are especially fine.
The
large cotton planters are conforming to the Government program, and
hoping it will last five years.
Everybody seems to be happy.
Searcy (White County)—About 90% of the cotton crop has been planted
and 75% is up to good stand.
The increase in acreage is about 15% over
last year.
Have had scattered showers the past week. Weather conditions
have been favorable since planting season started.
Texarkana (Miller County)—Made a 250 mile
week-end.
Never saw better stands,
round in southwest Arkansas
plant healthy, about 35%
chopped, all plowed once.
Grass in some fields in row where not mopped.
Acreage fully 15% increase.
Plenty of moisture, on the whole, a fine
prospect for this time of year.
Plantations—The following' table
Great
figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
tions.
Week
The.
Stocks at Interior Towns
Receipts at Ports
Receipts from Plantations
Ended
1935
1936
1934
1934
1935
1936
;v:_;.7• •
Great
Jap'n&
1 Contl-
1935
1936
1934
Aug. 1
39,000 2,118,000
Since Aug. 1
i
Conti-
|
nent
China
Total
7,000
Britain
15,000
22,000
98,00o'
57.000
nent
Britain
Bombay—
*
1935-36-
Japan &\
China
[
Total
360,000 1,150,000 1,608,000
294,000 1,145,000 1,496,000
734.000 1,098,000
1934-35-
i~66o
5,000
71,000
77,000
1933-34-
4,000
7,000
13,000
24,000
19,000
4,000
23,000
335,000
30,000
59,000
233,000
515,000
855,000
748,000
1933-34.|L 22,000 27,000
49,000
248,000;
575,000
823,000
62.0001 302,000
Other India1935-36-
29,000
1934-35-
19,000
30,000
35,000
1933-34-
26.000
15,000 45,000
71,000136,000
13,000 73,000
11,000
1934-35-
34,000
Accurumg
jluiegui-ug,
tiie
iu
520,000
433,OOo'
880,000 1.150,000 2,463,000
809,000 1,145,000 2,244,000
877,000
734,000 1,921,000
290,000
310,000
ctjjjpectis
.uumuety
sauw
tu
a
compared with last year in the week's receipts of
29,000 bales.
Exports from all India ports record a decrease
of 91,000 bales during the week, and since Aug. 1 show an
decrease
increase of 219,000 bales.
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
Alexandria
ceive weekly a
1935-36
1934-35
1933-34
11,000
8,193,980
12,000
7,341,335
38,000
8,366,113
Alexandria, Egypt,
May 27
Receipts (cantars)—
This week
Since Aug. 1
Aug.
To Liverpool
To Manchester, &c
Tc Continent and India
.
_
12",666
Tr America
12J)00
Total exports
This
Since
This
Week
Exports (Bales)—
the planta¬
indicates the actual movement each week from
90,000 2,307,000
For the Week
are
this
Since
Week
Aug. 1
Exports
From—
1935-36-
from the
Week
Aug. 1
61,000 2,699,000
Bombay
1933-34
Since
Since
Total all—
ARKANSAS
Co.)—Through planting, all up, with stands fair to
good
Chopping 50% complete.
We need a- few more days dear weather
followed by good general rain, as this section has had only ab at five inches
of rain since" .January first against a normal two to two and a half feet of
rain, and there is a deficiency of subsoil moisture though rains of the last
month have furnished ample surface moisture for the time being.
Little Rock (Pulaski County)—Condition of the cotton crop in this section
is'practically 100% at present.
Planting has been comp leted and about
90% oi the cotton is up.
Stands are excellent and no replanting has been
necessary
Chopping and cultivation is well advanced aud fields are clean.
Desired rains have fallen during the past two weeks giving ample moisture.
Growth now uormal to 10 days advanced and is fully throe weeks ahead of
last year.
Acreage increase around 15% to 20%.
Marianna (Lee County)—This spriug has been favorable for planting
cotton, except that wet weather and floods held us back for first few weeks.
Crop 95% planted, 80% up.
Stands good, chopping started, choppers
scarce, average about 10 days to 2 weeks late.
Showers recently have been
favorable for germination, but dry weather :.aeded for awhile now.
Some
Ashdown (LittleRiver
Receipts
1934-35
1935-36
v
cabled,
as
follows:
as
May 28
Receipts—
to
Had two good showers the past week which
were very beneficial as the soil was drying out quickly due to high winds
the past 10 days.
Indications are for more showers today. No insects of
any kind reported and prospects at this tune for a good crop are very
Movement from All Ports—The receipts
at Bombay and the shipments from all India
week and for the season from Aug. 1
ports for the
for three years,
in acreage over
State of cultivation very good.
May 30, 1936
Chronicle
This
Since
Week
1
Week
1
Aug.
Since
Aug.
1
121,857
6",660 137,232
8,000 653,329
35,497
2,000 247,936
167,047
9*.660 597,772
67,872
14,000 947,915
11,000 1080627
187,665
144,395
653,329
34,482
964,1761
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended May 27 were
Note.—A cantar is 99 lbs.
11,000 cantars and the foreign shipments 12,000 bales.
Manchester
Market—Our report received by cable
to¬
night from Manchester states that the market in yarns and
cloths is quiet on account of the holidays.
We give prices
today below and leave those for previous weeks of this and
last year for comparison:
Feb.
21._
56,534
64,035
28-
31,693
45,509
73,560 2,124,667 1,677,35611,861,686
70,903 2.103,575 1.639,9501,815,174
22,543
42,943
1,007
24.345
8,103
24,391
8Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'g
32s Cop
to Finest
Upl'ds
13—
20—
27..
24,287
38,439
47,370
30,138
48,797
24,491
35.770
35,607
34,922
34.771
25,927
63,824 2,057,037
80,965 2,012,824
76,297 1,967,167
64,579 1,944,895
1,603,937 1,759,566
1,587,9721,720,902
1,559,9371.687,665
1,535,4851,662,788
1,667
Nil
8,216
Nil
8,322
42,301
1,713
2,103
39
Twist
39,702
3„
10—
17—
24—
25,529
15,829
21,251
68,255 1,902,472 1,492,794 1,620,120
70,948 1,871,482 1,474,028 1,581,871
74,294 1,833,913 1,451,845 1,546,878
Nil
Nil
4,617
6,763
25,587
32,699
Nil
Nil
39.301
79,174 1,814,475 1,423,178 1,506,117
15.333
Nil
38,413
1,467.685
1,436,369
1,404,254
1,378,269
Nil
Nil
36,803
d.
d.
s.
d.
s.
d.
d.
d.
d.
s.
d.
1—
8—
15-
15,791
21,595
21,061
18,627
20,044
39,157
40,509
Nil
15,228
1,201
Nil
19,561
4,060
1,106
22—
29.
45,482
52,470
8,501
1,351,401
Nil
Nil
21,846
6,280
1,779,076
1,732,379
1,693,071
1,651,649
33,148 1.594,234
75,235
46,544
51,676
34,486
1,396,198
1,370,838
1,345,933
1,328,412
1,301,899
Nil
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 52,470 bales, the actual movement from
in 1934-35
were
Slantations was nil bales, stock week.
ecreased 57,415 bales during the at interior towns having
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
sight for the like period:
Finest
Cotton
Middl'g
Upl'ds
s.
d.
1935-36
1934-35
Week and Season
Week
Season
Week
Season
Bombay receipts to May 28Other India ship'ts to May 28
Alexandria receipts to May 27
5,720,968
6,163,888
61,000
Other supply to May
6,879*719
4,2*9*5*259
132",829
12,855,708
2,699,000
855,000
23,000
1,629,800
2,200
459,000
8,000
-
27 *b
6,390,917 22,793,767
Total supply
97,956
90,000
59,000
2,400
10,000
8,679,370
2,307,000
748,000
1,467,800
500,000
5,980,324 20,581,889
Deduct—
6,024,569
Visible supply May 29
Total takings to May 29-a—
Of which American
Of which other
,
6,024,569
366,348 16,769,198
243,148 11,522,398
5,246,800
123,200
5.592,964
5,592,964
b Estimated.
2
6.30
10
9
0
2
@94
6.44
1
6.50
1
@93
@93
1
@93
1
@93
6.62
1
@93
@93
@93
6.46
9#@11
9 2
@94
9
1
9^@11H
m@iiH
9H@UH
9
2
9 1
9
9
9
9
2
d.
9 2
@94
7.10
@94
7.09
20—
27
6.34
@11#
9#@11
9#@11#
@94
7.10
@92
6.59
8 7
@91
6.30
6.36
9
0
@92
9
0
@92
6.35
6.57
9#@11
10
@11#
9
0
@92
6.65
6.58
10
9
0
@92
6.63
9
0
@92
6.78
9
0
@92
6.57
io#@n#
io#@n#
10#@11#
io#@n#
6.64
10
April—
3
10
9H
l IX
24
9#@11#
@11#
io#@n#
May—
1
9#@11#
9
8
9
15
9
1
1
22
9%@11 x
9%@11 H
9
1
29
9#@11 X
9
1
@93
@93
6.46
6.56
@11#
6.81
9 0
@92
6.88
9
0
@92
6.90
9
0
@92
7.01
9
0
@9 2
6.92
Shipping News—As shown on a previou i page, the
exports of cotton from the United States the past week have
reached 75,119 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
GALVESTON—To Antwerp—May 27—Waban, 30
To
To
To
To
To
To
To
To
To
To
To
—
Liverpool—May 27—Tripp, 2,830
Ghent—May 27—Waban, 284—May 25—Boschdijk, 100.
Manchester—May 27—Tripp, 1,927
Havre—May 27—Waban, 3,004
Dunkirk—May 27—Waban, 220
Japan—May 26—Asuka Maru, 7,688
China—May 26—Asuka Maru, 178
Copenhagen—May
25—Rydboholm,
170—May
27—
Maine, 491
Rotterdam—May 25—Boschdijk, 250
Genoa—May 25—Monstella, 1,140
Naples—May 25—Monstella, 100
-i—
Oslo—May 25—Rydboholm, 43
Gdynia—May 25—Rydboholm, 2,355—.May 27—Maine,
30
2,830
384
1,927
3,004
220
7,688
178
661
250
1,140
100
43
2,658
303.....
To Gothenburg—May 25—Rydboholm, 229
LAKE CHARLES—To Havre—May 27—Cranford, 254
To Dunkirk—May
27—Cranford, 33—
BEAUMONT—To Ghent—May 24—Cranford, 50
To Dunkirk—May 24—Cranford, 80
NEW ORLEANS—To Ghent—May 23—Cranford, 250
To Liverpool—May 26—Auditor, 6,433
To Havre—May 20—Cranford. 1,376
To Manchester—May 26—Auditor, 2,118
To Rotterdam—May 20—Cranford, 211
To Trieste—May 25—Lacia C, 1,743
To Gdynia—May 21—Frode, 124_._May 25—Tortugas, 200..
To Venice—May 25—Lacia C, 1.866
To Abo—May 21—Frode, 34
May 25—Tortugas, 100
To Genoa—May 20—Cardonia, 471
To Barcelona—May 23—Cardonia, 888
To Gothenburg—May 25—Tortugas, 725
— —
387,360 14,988,925
235,960 9,654,125
5,334,800
151.400
Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,670,000 bales in 1935-36 and 4,025,000 bales in 1934-35—takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 12,099,198 bales in 1935-36 and 10,963,925 bales in
1934-35, of which 6.852,398 bales and 5,629,125 bales American.
Embraces receipts in
9
6.17
9X@UX
6
To
Visible supply May 22
Visible supply since Aug. 1__
American in sight to May 29-
io#@n#
@94
Mar.—
To
| Cotton Takings,
@93
@94
@93
6.12
2
9#@11
28—
9
17
The above statement shows:
(1) That the total receipts
tfrom the plantations since Aug. 1 1935 are 6,991,607 bales;
9
6.04
10# @11#
10H @11 %
9>^@11 H
21
13
May
.
10
Feb.—
Apr.
*
8# Lbs. Shirt¬
ings, Common
43,060
22,525
1935
Twist
i
6—1 48,205 28,622
/
1936
1
'■
v
Mar.
229
254
33
B 50
80
250
6,433
1,376
2,118
211
1,743
324
1,866
134
471
888
725
Volume
Bales J
HOUSTON—To Bremen—May 27—City of Omaha, 890;
heim, 1,561
To Hamburg—May 27—Bockenheim, 1,094
To Bergen—May 27—City of Omaha, 19
Bocken2,451
1,094
boholm, 1,151
1,527
---
To Ghent—May
22—Boschdijk, 50
May 27—Gand, 109-May 28—Waban, 216
To Havre—May 27—Gand, 1,547
May 28—Waban, 2,313To Copenhagen—May 23—Rydboholm, 757
To Dunkirk—May 27—Gand, 146
To Rotterdam—May 22—Boschdijk, 250
To Genoa—May 22—Monstella, 1,466----—
To Oslo—May 23—Rydboholm, 57
-To Gothenburg—May 23—Rydboholm, 101
To Japan—May 23—Asuka Maru, 2,942
—•
To China—May 23—Asuka Maru, 72
CORPUS CHRIST!—To Ghent—May 19—Gand, 11; Waban, 200
To Antwerp—May 19—Waban, 20To Havre—May 19—Gand, 45; Waban, 458---To Dunkirk—May 19—Gand, 171; Waban. 50
To Bremen—May 19—City of Omaha, 151-To Genoa—May 23—Ida Zo. 1,874
To Bergen—May 19—City of Omaha, 65----1----—
To Gdynia—May 19—City of Omaha, 237
To Geflo—May 10—City of Omaha, 50
To Gothenburg—May 19—City of Omaha, 50
To Montyluoto—May 19—City of Omaha, 200---
375
3,860
757
146
250
1,466
57
101
2,942
72
211
20
503
221
—
151
1,874
—
65
237
50
50
200
2,168
To
Liverpool—May 23—Tripp, 2,168
To
Manchester—May 23—Tripp, 849--
849
To Trieste—May 23—Tripp, 75
75
-
59
86
To
Lexioes—May 23—Tripp, 59—
To Barcelona—May 23—Tripp, 86.
MOBILE—To Liverpool—May 18—Hastings, 2,816
To Manchester—May 18—Hastings, 1,398
To Bremen—May 19—-Topa Topa, 856
- —
To Hamburg—May 19—Topa Topa, 95
To Genoa—May 16—Monstella, 1,831
To Gdynia—May 19—Topa Topa, 50---—
CHARLESTON—To Liverpool—May 25—Schichshinny, 619
To Manchester—May 25—Shichshinny, 1,279
To Hamburg—May 25—Shichshinny 542
PENSACOLA—To Manchester—May 25—Yaka, 23
----To Liverpool—May 27—West Styska, 452--SAN
RANCISCO—To Great Britain—(?), 50To France—(?)—, 2-To Germany—(?)—, 200----To Japan—(?), 394
SAVANNAH—To Bremen—May 22—Nailseacourt, 480
To Hamburg—May 22—Nailseacourt, 405
To Rotterdam—May 22—Nailseacourt, 210
To Liverpool—May 23—Schichshinny, 1,678
To Manchester—May 23—Schichshinny ,703
NORFOLK—To Manchester—May 27—Manchester Exporter, 161;
May 28—Quaker City,, 17
To Bremen—May 29—City of Havre, 445— —
To Liverpool—May 27—Manchester Exporter, 118
To Hamburg—May 29—City of Havre, 61
2,816
1,398
856
95
1,831
50
619
1,279
542
,
23
452
50
2
200
394
480
405
-
210
1,678
703
178
445
118
61
75,119
Total
Cotton Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Liverpool
High
Stand¬
High
ard
Density
ard
.45c.
Trieste
.50c.
.650.
Piraeus
.85c.
1.00
.45c.
Manchester. 30c.
Flume
,30c.
.450.
Salonlca
.850.
1.00
*
,30c.
,27c.
.42o.
.45c.
Shanghai
Venice
*
Copenhag'n.42c.
•57c.
*
Japan
30c.
*
•
Barcelona
.45c.
Antwerp
Havre
Rotterdam
Stand¬
High
Stand¬
Density
ard
*
Naples
.40c.
.55c.
Leghorn
Gothenb'g
.40c.
.55c.
.420
.57c
Genoa
.45c.
.60c.
Bombay z
.50c.
.65c.
Oslo
,46c.
.61C.
Bremen
.30c.
.45c.
Stockholm
,42c.
.67c.
Hamburg
.32c.
.65c.
.500.
.47c.
•Rate is
open.' zOnly small lots.
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
May 8
May 22
May 15
64,000
610,000
277,000
66,000
43,000
27,000
158,000
50,000
Total stocks
Of which American
Total imports
Of which American
Amount afloat
19,000
154,000
48,000
Of which American
May 29
63,000
601,000
253.000
59,000
600,000
258,000
59,000
7,000
172,000
64,000
628,000
290,000
Forwarded
66,000
19,000
177,000
71,000
64,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
Tuesday
Saturday
Monday
A fair
12:15
business
business
Good
P. M.
doing.
doing.
inquiry.
Wednesday
Thursday
Friday
Moderate
Moderate
Moderate
demand.
demand.
6.59d.
6.61d.
6.60d.
(
Steady,
Steady, un¬
Steady
un¬ Quiet, un¬ Steady, un¬
changed to changed to changed to 1 to 3 pts. changed to 2 to 3 pts.
Market,
4
P. M.
1 pt. adv.
1 pt. dec.
opened (
decline.
1 pt. dec.
1 pt. adv.
advance
1 pt. dec.
1 pt. adv.
Liverpool for each day
are
given below:
May 23
Thurs.
to y2e.
At Kansas CLy prices receded a fuh cen*.
The
day's tenders on May were the largest of the month at 349,000
bushels, but only 61,000 bushels were retendered, indicating
that the wheat is being absorbed by interests who wish to
process the grain.
On the 25th inst. prices closed }4o. to
2Mc. higher.
This firmness throughout the session was
due to apprehension on the part of many traders over the
circumstance that but a relatively small amount of wheat is
in storage here available as a basis for settlements on May
contracts, the open interest in May contract being calculated
at approximately 10,000,000 bushels, an unusually large
total.
After tomorrow (Tuesday), sellers have the privilege
of completing their contract requirements by actual delivery
of wheat up to the last of the month, but otherwise the final
showdown on all May transactions will end tomorrow
(Tuesday).
The weather news was bearish, but this failed
to make any impression on traders, the May contract monop¬
olizing the attention of practically the entire trade.
On
the 26th inst. prices closed 5c. down on May wheat, and 1
to 1J£6. down on deierred months.
This heavy break was
due almost entirely to longs rushing to even commitments
in the May contract.
The general expectation had been
that shorts would find it hard to cover their sales of the May
contract in view of the relatively small stocks at hand, and
for that reason many longs held out until late in the day.
But towards the end of the day it became evident that many
longs were becoming nervous, not caring to accept deliveries
of actual wheat on May contracts, which contract expired
at the close.
May 29
New Contract
firmness
was
in the Northwest.
lows
d.
d.
d.
6.24
6.25
6.26
6.25
6.26
6.24
6.26
6.26
6.26
6.07
6.10
6.11
6.12
6.11
6.09
6.10
6.10
6.10
6.11
6.11
5.71
5.73
5.74
5.75
5.74
5.72
5.74
5.74
5.73
5.75
5.74
December
5.62
January (1937)—
5.61
5.63
5.64
5.65
5.65
5.63
5.64
5.64
5.64
5.65
5.64
March
5.61
5.63
5.64
5.64
5.64
5.62
5.64
5.64
5.63
5.65
5.64
5.64
5.63
-
-
5.63
5.60
July
5.58
October
5.43
5.64
-
-
...
...
5.60
5.44
...
...
«...
..
..
-
..
-
5.65
5.63
5.65
...
...
—
-
5.45
5.63
5.61
5.61
..
-.
...
..
..
..
--
...
5.45
5.64
5.62
5.60
5.45
.
.
-
-
-
-
5.65
..
..
..
..
...
were
follow
to
the
up
prices closed
from
BREADSTUFFS
Friday Night, May 29,1936.
much firmer, there
appeared to be no improvement in demand from consumers.
being covered.
Influenced by strong
prices in the Northwest, spring flours moved 5 to 10c.
strength
dis¬
nervous, unchanged to %c. higher.
Washington
that
the
Senate had
lc.
in
a
late in the session.
The drop of
more
than
bushel virtually wiped out the advances scored earlier
the
July wheat sold down to 84c. against a pre¬
Crop conditions in the spring wheat
continued favorable.
Open interest in wheat was
day.
ceding high of 85%c.
66,975,000 bushels.
•
CLOSING
PRICES
CLOSING
May
July--September
PRICES
OF
DAILY
WHEAT
Mon.
107H
IN
Tues.
106
NEW
Wed.
105^
YORK
Thurs. Fri.
106K 106H
WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
93^
85M
84*6
——
——
Season's High and When Made
September—-102J4
December
£7H
May—
98J4
OF
—107^
-
95 M
90%
83M
85j|
84 X
84K
83 %
83 %
84H
84*1
85M
84
85*1
86%
I
Season's Low and When Made
Apr. 16,19341 September
78 H
July
6.1935
July 31,19351 December
81
July
6,1935
Aug.
1,19351 May
88 J4
Aug. 19,1935
CLOSIN'G PRICES OF WHEAT FUTURES IN WINNIPEG
Sat.
Flour—Even though the market was
marked
other markets.
adopted the Commodity Exchange bill containing drastic
new regulations affecting grain futures resulted in a set¬
October
unfavorable conditions for the
recorded in July and December wheat when
hesitated
played in
May
July
Only odd lots were
to
they
Rains in the South and easiness in Liverpool
were the
depressing influences.
Subsequently the market
firmed on reports of a sharp upturn of 3c. a bushel at
Minneapolis and 2c. at Winnipeg.
The sharp rise at these
latter centers was attributed to hot and dry weather re¬
ported over the Northern crop.
However,; there were a
number of offsetting influences in the domestic market, and
5.61
5.46
contracts,
In the early trading, however, new
d.
May (1936)
even up
dropped y2c.
DAILY
d.
d.
d.
d.
d.
d.
rush to
a
Sat.
October..
cash
attributed
crop
Close Noon Close Noon Close Noon Close Noon Close Noon Close
d.
was
selling the price of May dropped
5c., the full permissible daily limit.
Few > longs escaped
without moderate to heavy losses.
There were orders to
sell after the permissible limit had been reached, but they
could not be executed.
On the 27th inst. prices closed 3^c. to
y&. lower.
Even though Liverpool cables came in weak,
the market here opened strong.
This firm opening was
attributed largely to short covering on apprehension over the
spring wheat crop and a firmer Winnipeg market.
However,
in the late trading the early gains were erased and prices
dropped below the preiious close.
Reports indicated that
the crop was in favorable condition, but more moisture is
needed.
The Government's weekly crop review depicted
generally favorable conditions over the winter wheat belt
except in Oklahoma and Texas, where additional acreage was
abandoned because of the earlier dry spell.
Kansas now is
expected to yield as much as 150,000,000 bushels, while a
month ago 100,000,000 and less was forecast.
On the 28th inst. prices closed % to %c. higher.
This
No. 2 red
July
S! p<;
The result
and under this avalanche of
Fri.
to
patents
of last
the crop outlook a much improved aspect.
This
influenced quite a little speculative selling of futures in all
domestic markets.
At Winnipeg a new low level for the
season was established, with declines for the day registering
DAILY
Wed.
Tues.
Mon.
Sat.
family
the level
gave
areas
Prices of futures at
of
Wheat—On the 23d inst. prices closed %e. to 1 J^c. down
over
the entire Mid.Western grain belt,
back of prices
Quiet, but
Stdy., 1 pt. Very stdy., Steady, un¬ Very stdy., Quiet but
adv. to 2 1 to 4 pts. changed to unchgedto stdy., un¬
stdy.; un¬
1 pt. dec.
1 pt. adv.
advance.
changed to changed to
pts. dec.
brands
Beneficial rains
Today
Futures.! Steady,
Market
►
week.
Announcement
6 64d.
Advertised
higher, putting them back to
Winter flours unchanged.
traders
6.60d.
6.59d.
Mid.Up'lds
higher.
10c.
were
demand
A fair
Spot
Market,
barrel
per
19
27—City of Omaha, 376---May 23—Ryd-
To Gdynia—May
Density
,30c.
3711
Financial Chronicle
142
—
75H
7554
7654
Mon.
„
Holiday
Tues.
Wed.
Thurs.
7354
7454
7554
7354
7454
75
7554
7554
7654
Fri.
7554
7654
7754
Corn—On the 23d inst. prices closed y2 to %<s. lower.
Spot demand was virtually nil, and this together with heavier
arrivals from the country and bearish crop reports, caused
prices to ease. No tenders were made on May contract,
though prices for the spot grain are approaching a level
favoring the offer of actual grain towards evening up of
contracts.
On the 25th inst. prices closed % to l^c.
3712
Financial
higher.
While the rise in wheat had a sympathetic effect
there was another factor that played its part in the
of this grain—short covering on a rather liberal
scale.
Besides this, there was a good shipping demand, and
a decrease of 1,494,000 bushels in the United States visible
on
corn,
firmness
stocks
reported.
was
Sales
of
130,000
bushels
of
corn
made to go in public storage, these stocks presumably
to be delivered on May contracts.
On the 26th inst. prices
were
closed l%c. up on the May contract, but showed losses of
Yi to %c. on the deferred months.
The situation in corn
was just the reverse of wheat as the May contract
expired.
May corn shorts weakened when they found longs willing
to accept tenders, the knowledge being pretty general that
there was not enough corn available for tender.
With the
May contract now out of the way, more attention is expected
to be paid to new crop conditions and real supply and demand
developments.
Trade view is that spot prices will recede
unless a serious crop scare should develop.
On the 27th inst.
prices closed % to
up, and unchanged on the December
option.
The strength was attributed to short covering on
a better spot demand.
On the 28th inst. prices Closed unchanged to %c. down.
Irregularity was the feature of this session, with the range
of prices %c. lower to %c. higher.
The major portion of
trading was in the form of switches from one delivery to
another when price differentials proved attractive.
Very
little
new
lc.
to
on
speculative business.
The spot market eased %
heavy receipts and an indifferent demand.
Crop
reports continue favorable, and indications are that a larger
acreage
has been sown than a year ago.
%c. off to
the
or
news
Today prices closed
There was nothing of significance in
trading, business being just routine.
VsG.
DAILY
up.
CLOSING
PRICES
OF
Sat.
No. 2 yellow..
CORN IN NEW YORK
Mon.
Tues.
Wed.
Thurs.
76%
76%
76%
77%
77
62%
58%
56%
--
Season's High and
September
76%
65
May.
64%
59%
57%
60%
57%
52%
59%
57%
52%
68%
the
'
news.
-
-
•
tone of oats was attributed to a better
DAILY
CLOSING
PRICES
No. 2 white
DAILY
OF
DAILY CLOSING PRICES
23%
24%
25%
Tues.
37%
Thurs.
24%
25%
26%
24%
25%
26%
Mon.
31%
31%
-
Holiday
Tues.
31
30%
Thurs.
31%
31%
31%
31%
Corn, New York—
No. 2 yellow, all rail
Spring pats..high protean 5 6.20@6.351
".90@6.201
Spring patents
.85@5.101
)5.00 I
Soft winter straight*
► 5.70
Hard winter strai gh» s.
► 5.80
Hard winter paM nb
..
Hard winter clear
On the 28th
healthy spot
inst. prices closed
%c. up.
demand.
Today prices closed
M
to
%c.
Chicago.
a
up.
CLOSING
OF
RYE
Sat.
May...
July
September.
Season's
September
December
May
DAILY
52%
52%
53%
CLOSING PRICES
OF
May
July.
RYE
Sat.
-
CLOSING PRICES
-
OF
41%
42%
-
37
39
Tues.
Holiday
BARLEY
Sat.
May
July
FUTURES
Mon.
41
41%
IN
CHICAGO
Wed.
Thurs.
Tues.
37
39
37
39
2.00
Coarse
2 85
Fancy pearl,Nos.2,4&7 4.00@4.75
Corn
Oats
IbsJbush.
65,000;
Toledo.
53,000
67.0CO
Detroit
14,000
Milwaukee...
15,000
Indianapolis..
St. Louis
126,000
43,000
14,000
Peoria
Kansas City..
326,000'
248,000
21,000
360,000
418,000
320,000
163,000
38,000
4,000
23,000
606,000
85,000
20,000
Joseph
Wichita...
30,000
17,000
...
Sioux City.
Buffalo
393,000
282,000
161,000
9,000
493,000
14,000
72,000
142,000
54,000
244*666
7,000
3,511,000
Rye
Barley
32 lbs. bush.56lbs. bushMlbs.
166,000
163,000
179,000
135,000
526,000
97,000
393,000
19,000
3,000
1,000
10,000
26,000
26,000
22,000
6*7*000
40,000
72,000
66,000
74,000
21,000
~4"666
11,000
116,000.
292,000
3,469,000
2,907,000
3,159,000
2,077,000
727,000
1,021,000
613,000
994,000
1,321,000
4,000
111,000
1,460,000
760,000
1,052,000
Since Aug. 1
.45,673,000 294,227,000 158.866.000 119,742,000 22,203,000 84,573,000 1
115,196,0001171,797,000 160.140.0001 44,197,000 12,946,000 54,401,000
44,821,000197,365,000171,528,000 64,644,000 10,406,000 46,392,000
1936
1935
1934
Total
receipts of flour and grain at the seaboard ports for
Saturday, May 23, 1936, follow:
the week ended
Flour
Receipts at—
Corn
Wheat
Oats
Rye
Barley
bbls.\95lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bush.A&lbs.
New York...
144,000,
220,000
58,000
4,000
93,000
Philadelphia..
27,000
Baltimore
11,000
4,000
6,000
13,000
7,000
24,000
12,000
8,000
15,000
32*666
i"66o
259,000
4,000
*9*4*666
46*5*,000
302,000
219,000
1,325,000
468,000
New Orleans *
17,000
Montreal
49,000
18,000
Boston
Sorel
3,816,000
|
507,000
'36
266,000'
Since JanA'36
6,123,000
4,553,000
34,707,000
102,000
1,316,000
Week 1935...
267,000! 1,931,000
5,014,000' 17,211,000
69,000
2,000
"
Total
wk.
Since Jan. 1 '35
1,677,000
755,000
7,010,000
4,441,000
977,000
3,000
172,000
2,764,000
715,000
*
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard ports for the week
Saturday, May 23, 1936,
shown in the annexed
are
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
Exports from—
New York
240,000
47,298
1,000
Baltimore
2,000
*1*666
3,816,000
*4*9*666
259:666
9*4*666
465,000
4,563,000
99,298
260,000
94,000
465,000
61,273
355,000
New Orleans
5*07*,000
Montreal..
Total week 1936.
_
1935
1,643,000
"i",66o
172,000
The destination of these exports for the week and since
July 1 1935 is
as
below:
Flour
Wheal
Com
Exports for Week
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
May 23
July 1
May 23
July 1
May 23
July 1
1936
1935
1936
1935
1936
1935
Barrels
Bushels
Bushels
Bushels
Bushels
Barrels
United
Kingdom.
46,936
10,362
So. & Cent. Amer.
16,000
West Indies......
26,000
Brit. No. Am. Col.
Other countries
Total 1936
Total 1935
99,298
61,273
2,253,596
511,171
384,000
738,000
7,000
162,225
2,473,000
2,084,000
4,055,992
3,321,804
Continent
4,563,000
89,716,000
1,643,000
65,771,000
47,558,000
41,324,000
573,000
72.000
7,000
6,000
4,03 J
10,000
3,000
254*656
1.000
89,000
28,000
Fri.
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, May 23, were as follows:
at
granary
....
53
53%
54
53%
GRAIN
53%
54%
IN
WINNIPEG
Wed.
Thurs.
40%
41%
41%
42%
IN
Wed.
Fri.
42%
42%
CHICAGO
Thurs.
Fri.
....
39
39
39
STOCKS
Wheat
Boston
afloat
Baltimore
New Orleans
Galveston
Fort Worth
Wichita....
Hutchinson.
St. Joseph..
Kansas
Bushels
2,000
70,000
New York
"
Corn
Bushels
United States—
Philadelphia
FUTURES
Mon.
2.30
firmness of
High and When Made
I
Season's Low and When Made
76
Jan.
5, 1935'September
45
June 13,1935
53%
June
3. 19351 December
48%
June 13.1935
52%
Aug.
1. 19351 May
46%
Aug 19. 1935
*
DAILY
Tues.
54%
53%
54%
53%
53%
53%
....
FUTURES
Mon.
54.00@4.10
7.30^7.35
Barley goods—
812,000
278,000
77,000
93,000
Minneapolis..
Duluth
The
PRICES
38%
60%
.45
Corn flour
60 lbs. bush. 56
1,189,000
761,000;
448,000
197,000
.
Sorel
spot wheat and rye.
DAILY
Wheat
bbls.l96lbs!bush.
ended
The firmness of
ascribed to the firmness of wheat and to
The firmness in this grain was ascribed to the
Flour
Receipts at—
on
Rye—On the 23rd inst. prices closed
to %c. lower.
heaviness in this grain was due to the weakness of
wheat and bearish crop reports.
On the 25th inst. prices
closed Mc. to %g. higher.
Sales of 360,000 bushels of
rye were made to go in public storage,
these stocks ap¬
parently stored for delivery on May contracts.
On the
26th inst. prices closed l%e. down on May, and lc. to Mc.
down on the deferred months.
This drop in rye was in¬
fluenced largely by the extreme weakness in wheat, espe¬
cially the spot position.
On the 27th inst. prices closed
Mc. to %c. up.
There was no feature to the session, the
usual routine business being transacted.
Y..
of the last three years:
6,829,000
The
Seminola, bbl., Nos. 1-3.
Oats, good
► 5.00
-
3,240,000
8,198,000
31%
31%
.
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Same week
this grain was
-
395,000
Fri.
2 white
Ryeflour patents
.
317,000
347,000
25%
26
27%
New York—
No
Clears, first spring
*36
Fri.
37%
36%
36%
36%
FLOUR
'34
38%
Fri.
Thurs.
36%
35%
Rye, No. 2. f.o.b. bond N
Barley, New York—
47% lbs, malting
Chicago, cash..
76%
*35;
Fri.
Oats,
84%
wk.
WINNIPEG
Wed.
N Y.
wk.
CHICAGO
Wed.
23%
24%
25%
OF OATS FUTURES IN
Sat.
May
July
37%
Manitoba No. 1. f.o.b
wk.
When Made
I
Season's Low and When Made
Jan
7, 19351 September
31%
June 13,1935
June
4, 19351 December
33%
June 13,1935
Aug.
1, 19351 May...
29%
Aug. 17, 1935
44%
35%
37
May
37%
FUTURES IN
Mon.
24%
24%
25%
-
Season's High and
37%
OATS
Sat.
May
July
September..
December
Mon.
37%
CLOSING PRICES
September
OATS IN NEW YORK
Tues.
Wed.
Thurs.
OF
Sat.
Wed.
36
35%
follows:
Wheat, New YorkNo. 2 red, c.i.f., domestic ...106%
Same
prices closed % to lc. up.
The strength in this grain was
not explained, but was believed to be due to short covering
influences by a better spot demand.
Tues.
Holiday
GRAIN
Same
Today
Mon.
37
36%
were as
Total
The steadier
spot demand.
.Closing quotations
52%
'
y8 to %c. up.
Sat.
59%
57%
.
On the 28th inst. prices closed
—-
-
...
Oats—On the 23rd inst. prices closed unchanged for the
May contract, and %c. to 1/8g. lower for deferred months.
New seasonal lows were recorded for this grain.
On the
25th inst. prices closed Me. down to Me. up.
The session
in this grain was a dull lifeless affair, with very little interest
on
the part of traders.
On the 26th inst. prices closed
Me. down on the May option and He. to Me. down on the
deferred months.
New seasonal lows were made in July
and September.
On the 27th inst. prices ^losed Mc. up
to
Mc. down.
Trading quiet with no special feature to
1936
30,
May
July
St.
Fri.
When Made
1
Season's Low and When Made
Jan.
5, 19351 September
67%
Mar. 25, 1935
June
6, 19351 December
60%
June
1,1935
July 29, 19351 May
56
Aug. 13. 1935
84%
December
63%
59%
57%
May
OF BARLEY FUTURES IN WINNIPEG
Omaha.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May.......
July..
September
Chronicle
DAILY CLOSING PRICES
City
i.
,
105,000
55,000
2,000
270,000
403,000
131,000
207,000
414,000
6,070,000
Oats
238,000
Rye
Bushels
_
Bushels
11,000
«.
-
_
„
169,000
49,000
28,000
19,000
33,000
12,000
24,000
236*666
104,000
u
to*,
u
38,000
Barley
Bushels
■
—
«* w.
8,000
*8*666
.
^
^
31,000
104,000
~~l",66b
"Y.ooo
15",665
3,00b
2,000
4,000
1,000
25*1*666
26*7*666
~¥6o6
22,000
257,000
1,672,000
144,000
168,00b
Volume
Financial
142
Wheat
Bushels
United States—
Omaha
Sioux
Corn
Bushels
Oats
Bushels
Bushels
Bushels
577,000
3,874,000
37,000
65,000
347,000
12,000
655,000
438,000
529,000
87,000
586,000
30,000
50,000
849,000
266,000
245,000
4,567,000
1,229,000
5,934,000
1,107,000
356,000
65,000
1,959,000
1,797,000
10,000
632,000
1,152,000
70,000
1,206,000
4,992,000
2,405,000
50,000
928,000
Indianapolis
Peoria
On Lakes
'
Milwaukee
726,000
6,560,000
3,493,000
140,000
3,534,000
218,000
15,000
Minneapolis
Duluth
Detroit
Buffalo
afloat
Canal
Total May 23, 1936.._
Total May 16, 1936
Total May 25, 1935
89,000
86,000
190,000
7,000
1,337,000
150,000
485,000
9,904,000
7,185,000
6,000
875,000
*
52,000
29,734,000
6,344,000 31,569,000
31,743,000
7,838,000 32,412,000
30,941,000 10,543,000 10,561,000
6,361,000 11,740,000
6,473,000 11,752.000
8,632,000
7,023,000
Oats—New York, 2,000 bushels: total,
2,000 bushels, against none In 1935.
Wheat—New York, 201,000 bushels: N. Y.
afloat, 72,000; Boston, 41,000: Buffalo, 7,969,000; Buffalo afloat, 395,000; Duluth,
333,000; Erie, 86,000; Albany, 3,967,000; Chicago, 74,000; on Lakes, 867,000;
com¬
COTTON—Temperatures were near normal in most of the Cotton
Precipitation was substantial to heavy in the westerh portion, but
there
only local rains in central and
were
favorable in
was
East,
especially
Montreal
-J,
Corn
Cats
Rye
water
Bushels
Bushels
In Texas cotton
generally has come or is coming to good stands, and
there is abundant moisture; in fact,
warm, dry weather is now needed for
cultivation, as some fields are becoming grassy;
In Oklahoma planting
made good advance, except for some
delay by rain in western sections.
In the central third of the belt conditions were
generally favorable.
How¬
in Virginia,
ever,
the Carolinas, Georgia, eastern Alabama and eastern
locally, progress was poor and rain is needed badly.
complaints of irregular and poor stands, even after the
third replanting, and growth is
practically at a standstill in many places.
Tennessee,
There
except
are numerous
Bushels
6,197,000
points
Total May
155,000
1,928,000
912,000
804,000
43,037,000
735,000
1,725,000
46,754,000
2,055,000
365,000
746,000
1936-. 95,988,000
3,771,000
1936.-100,775,000
25, 1935—110,582,000
3,607,000
4,065,000
2,448,000
2,507,000
3,203,000
3,206,000
3,947,000
4,003,000
Summary—
American
29,734,000
95,988,000
Canadian
Total May 23,
Total May 16,
Total May 25,
6,344,000 31,569,000
3,771,000
6,361,000 11,740,000
2,448,000
3,206,000
-
1936.-125,722,000
6,344,000 35,340,000
8,809,000 14,946,000
1936—132,518,000
7,838,000 36,019,000
8,980,000 15,699,000
1935.-141,523,000 10,543,000 14,626,000 11,835,000 11,026,000
The world's
West, and unfavorable, because of dryness, in the
the central portions of Tennessee and Alabama
Barley
Bushels
Other Canadian and other
Total May 23,
Total May 16,
Belt.
In general, the week
THE DRY GOODS TRADE
Wheat
Bushels
Ft. William & Pt. Arthur
the
from
eastern districts.
eastward.
Canal, 290,000; total, 14,295,000 bushels, against 7,244.000 bushels In 1935.
Canadian—
3713
eastward.
In Illinois only a small amount of corn remains
unlpanted,
but many fields show poor stands, because of bad seed.
Corn needs rain
in eastern and southern
Missouri, but is mostly in good condition in the
northwest.
The crop shows improvement in Texas and conditions are
generally favorable to the northward of that State, except for need of
moisture in eastern Oklahoma.
In Iowa planting ha"s been
nearly
263,000
Note—Bonded grain not included above:
Chronicle
pleted, with the early crop up and cultivated.
8,000
Chicago
"
Barley
1,545,000
114,000
City
St. Louis
On
Rye
shipment of wheat and
corn, as
furnished by
Broomhall to the New York Produce Exchange, for the week
ended May 22, and since July 1 1935 and
July 2 1934,
are
shown in the following:
New
York, Friday Night, May 29, 1936.
Retail trad?
during the past week continued its satisfac¬
tory showing. Consumer interest, particularly in view of the
approach of the Decoration Day holiday, centered mostly
on
sporting and general outdoor goods.
Less favorable
results were recorded
by the apparel divisions, but in this
respect a material improvement is anticipated following the
payment of the soldier bonus next month.
Department
stores all over the
country reported a consistent increase in
sales over last year, with best results
registered in the South
and Middle West, and with
figures for the entire month of
May estimated to show the largest gain so far this year.
Trading in the wholesale dry goods markets continued to
improvement reported by the retail trade. Urgent
reflect the
re-orders
on
summer goods were received in
increasing vol¬
indicating the low stocks in retailers' hands. These
rush orders, in view of the fact that
manufacturers had
already switched to their fall lines, caused retailers to en¬
counter some
difficulty in obtaining deliveries. Particularly
ume,
'
V
Wheat
Week
May 22,
July 1,
1936
1935
Bushels
North Amer,
Corn
Since
Bushels
Exports
Since.
Week
Since
Since
July 2,
May 22,
1936
July 1,
July 2,
1934
Bushels
Bushels
Bushels
.
I
1
6,341,000163,824,000148,050,000
Black Sea
288,000
Argentina
1,224,000
Australia
1,875,000102,239,000103,798,000
India.
Oth. countr's
Total
600,000
36,426,000
5,849,000
72,863,000170,133,000
256,000
35,721,000
)
44,000
485,000
9,593.000
Bushels
39,000
16,483.000
3,946,000262,036,000196,770,000
328,000
42,912,000
I—.
'.J
411,000
.
38,768,000
39,116,000
10,328,000411,329,000471.070,000 4,842,000 310,441,000 252,408,000
Weather
Report for the Week Ended May 27—The
summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended May 27, follows:
general
During the first part of the week
an
extensive high, attended by much
More or less frost
cooler weather, prevailed over the Northeastern States,
occurred in the Lake region and in the Northeast,
with subfreezing tem¬
perature, rather generally, in the latter area.
There was a rapid reaction,
however, to much warmer weather, and abnormally high temperatures
prevailed over much of the Bast the latter part of the week.
During the first few days there was some precipitation in the Atlantic
area, but the weather was generally fair until May 22 when rains set in
over the Midwest.
The latter part of the week had abundant moisture
over most midwestern sections,
especially the central and southern Plains
where until recently severe drought had prevailed.
The rains were gen¬
erally heavy in Kansas, western Oklahoma, most of Texas, northeastern
New Mexico, and eastern Colorado; also in eastern South
Dakota, southern
Minnesota, and northern Iowa.
The
weekly
temperatures were above normal rather generally,
except in parts of the Northeast and in some more southern sections.
In
the area between the Appalachian and Rocky Mountains the week was
4 degrees to as much as 10 degrees warmer than normal, while west of the
mean
Rockies the plus departures were substantial in most sections.
Free ing temperatures occurred rather generally in the Northeast
to
south-central New York; also in the extreme upper Lake region, as well as
in scattered localities in the higher elevations of the West.
The lowest
temperature reported from a first-order station was 24 degrees at North-
field, Vt., on May 22.
There was very little rainfall during the week from the
Mississippi Valley
eastward.
The south Atlantic area had some substantial showers
locally,
but otherwise, in the more eastern States, rainfall was
very light; a few
stations reported fairly heavy amounts in some northern districts.
On
the other hand, rainfall was substantial to heavy over most of the central
and southern
Great Plains, large amounts being reported from the Pan¬
Texas, extreme western Oklahoma and southwestern Kanses,
few places the weekly totals ran as high as 6 inches.
The north¬
Great Plains had only light showers and very little moisture was re¬
handle
of
where in
ern
a
ceived from the
Rocky Mountains westward except in parts of the Pacific
Northwest.
With
the continued absence of beneficial rain, a large southeastern
area
critically dry and most crops are either at a standstill or deterioraThis is especially true from central Virginia southward and southwestward to central Alabama, including eastern Tennessee and south¬
eastern Kentucky.
A good general rain is badly needed in these States and
would be helpful in the North Atlantic area as well as in
many Ohio Valley
remains
ating.
districts.
Rain is still needed,
also, in
southern and eastern Missouri and in much of Iowa.
In the Plains
States good growing conditions now prevail rather
generally from Nebraska
southward.
The drought in the southwestern Plains has been
entirely
except in extreme
northeastern Colorado.
The
western
Texas,
northwestern
Kansas
and
northern
portions of the Plains are now beginning to need
rain, though the situation is not yet serious.
In Wyoming, southeastern
Idaho and much of Montana extremely dry conditions prevail, with
stock
water
becoming scarce in some sections.
The outlook remains mostly
more
favorable in the Pacific Coast States.
SMALL GRAINS—With additional rainfall in the Great Plains
in the western belt shows further, and in most cases,
wheat
improvement.
central
headed
and
In
Kansas
southeastern
in most
the
crop
portions
other sections.
In
expand, with
in
winter
substantial
is practically all headed in southand from one-half to three-fourths
Nebraska
progress
is
very
good,
ex¬
cept poor in the west, where moisture has been deficient.
In Oklahoma
and Texas the rains came too late to be of much benefit,
though there
some local reports of improvement; in the latter State rains
have in¬
terfered with harvesting and dry weather is needed.
In the Ohio Valley
and the middle Atlantic area wheat continues to make fair advance in
are
the
placed by retailers, wholesalers continued
to restrict their
to fill-in and routine
purchases. A fair call
existed for sheer fabrics, stocks of which were
reported to be
at very
low levels. Business in silk goods continued in its
desultory fashion, save for a few orders on fall goods. Trading
in greige goods was enlivened
by a fair inquiry for fall fabrics,
although actual sales remained small, at unchanged prices.
Business in rayon yarns showed no
signs of the usual seasonal
The call for 100 denier bright viscose
yarns to be used
in satins continued
lull.
brisk, and trading in 200 denier yarns
also expanded, whereas the
for fall crepes with acetate
warp
demand for 150 denier
pigment
yarns
lessened somewhat.
Rumors of another early moderate
price advance
in the
to
be
market, but
no
change in quotations
announced next week when
were
heard
likely
July will be
appears
books for
opened.
Domestic
Cotton Goods—Trading in
print cloths was
marked increase in activity, with prices showing
firmer trend. Stimulated by the announcement of
higher
featured
a
by
a
tariff rates with the consequent
probability of reducing Jap¬
competition, the buying movement extended into July
and August, affording mills an
opportunity to build up a
anese
much needed
stimulant
backlog for the summer period. An additional
provided by the news that officials of the
was
American Cotton Manufacturers Association at their meet¬
ing in Charlotte had decided to try to bring those mills that
had departed from the former code
wage and hour regula¬
tions back to voluntary acceptance of these standards.
Trading in fine goods remained dull. Aside from a few fill-in
orders and
interest in those styles for Which immediate
difficult to obtain, no sign of any broadening
activity was evident. Prices, however, held firm, as mills
did not press their goods on the market.
Closing prices in
print cloths were as follows: 39-inch 80's, 7^c.; 39-inch
72-76's, 6%c.; 39-inch 68-72's, 6c.; 383^-inch 64-60's, 5Kc.;
3834-inch 60-48's, 4%c.
delivery
some
was
Woolen
Goods—Trading in men's
wear
fabrics registered
seasonal decline, with deliveries continuing
to exceed new
business.
Duplicate orders on fall goods were received in
a
good volume.
Clothing manufacturers were busy on tropical
gabardines as well as on fancy woolens for
sports wear, for which good consumer demand was reported
by retail clothing centers. Business in women's wear fall
goods showed appreciable gains, with sport coatings being
particularly active. Manufacturers concentrated their atten¬
worsteds and
tion
on
their
new
lines of cloaks and suits to be
opened early
next month.
Foreign Dry Goods—Trading in linens continued active,
reflecting the successful promotions of all kinds of linen
dresses and suits
most
places, though, rain is needed for proper filling in some sections.
Spring wheat, ror the most part, continued to make satisfactory ad¬
vance, though rainfall has been scanty over much of the belt for some
time past, and moisture is now needed.
The crop is still looking well and
has good color, as a general rule.
Oats show some improvement in cen¬
tral and northern districts, but the crop is poor to an entire failure in
the Southwest.
Flax is being seeded in the northern Great Plains.
CORN—Corn planting made good progress under favorable weather
conditions, though considerable is yet to seed from the eastern Ohio Valley
of impending price advances circulating
Despite the increasing volume of orders
rumors
market.
commitments
trans-Mississippi sections, especially
some
in
relieved,
this the case in cotton goods, because of the
heavily
increased demand, in preparation for the
forthcoming Na¬
tional Cotton Week.
Activity in fall lines continued to
was
1934
1935
proving
an
with the various crush resistance processes
effective stimulant to
hold linens remained in fair
continued dull.
Interest in
consumer
demand.
shipments
interest.
Business in
was
House¬
burlap
negligible but
a
moderate demand prevailed for spot and afloat goods. Prices
held fairly steady, in line with Calcutta cables.
Domes¬
tically lightweights
were
quoted at 4.00c., heavies at 5.45c.
Financial
3714
May 30, 1936
Chronicle
San Jose,
Ogden.Utah
Richmond. Ind.
Oshkosh, Wis.
Riverside. Calif.
Santa
Ottumwa. Iowa.
Rockford, 111.
Santa
Rock Island, III.
Scran ton. Pa
V
W
Parkersbure.
Specialists in
Rome. N. Y.
Pasadena, Cal.
Sheboygan, Wis.
Somervilie, Mass.
St. LouiB, Mo.
I.
Wauwatoea, Wiso.
South Bend, Ind.
Salem, Mass.
Pa.
Providence. R
Waterloo
Sioux Falls, So. D.
St. Joseph. Mo
Portland. Me.
Shenandoah. Pa.
Sioux City, Iowa.
St. Cloud. Minn.
.
Mich
Port Huron,
Pottsviile.
Spokane, Wash.
Wheeling. W. Va.
Wichita, Kan.
Wilkes-Barre. Pa.
Qulncy, III.
DIRECT
San Francisco. Cal
.Utah
Springfield.
Springfield.
Springfield.
Springfield,
Warren.Ohio
Iowa.
Wllliam8port, Pa.
Worcester, Mass.
III.
Mass
Mo.
York, Pa.
Ohio.
Zane8ville. Ohio
Fifth.—Railroad bonds which the Bank Commissioner
shown below:
314 N. Broadway
WIRE
Sandusky. Ohio
Reading, Pa.
CHICAGO
San Diego, Cal.
Racine. Wis.
105 W. Adams St.
Salt Lake City
Quinoy, Mass.
STIFEL, NICOLAUS & CO., Inc.
Topeka. Kan.
Waltham, Mass
Sacramento. Calif.
Plttsfield, Mass.
Bonds
Taunton. Mass.
Terre Haute, Ind.
Saginaw. Mlcb
Peoria. 111.
Illinois & Missouri
Steubenvllle, Ohio.
Cal.
Ana. Cal
Monica,Cal.
ST. LOUIS
finds to be legal investments are
COMPANIES
BONDS OF NEW ENGLAND
Conn. A
Passumpslo River RR. 4s, 1943
Main* Central System.
Portl. A Rum!. Falls Ry. 5a, 1951.
Bangor &
News Items
Aroostook System.
1947.
Aroostook Northern 6s,
New York New Haven & Hartf.Systea
Consolidated Refunding 4s, 1951.
First Mortgage 5s, 1943.
California—Special Session Convenes—Governor Frank F.
convened the Legislature in special session on
May 25, according to Sacramento press dispatches.
The
session was convened to provide funds for relief for the
remainder of the
fiscal year and to make legislative
corrections in the child welfare law, the law governing the
issuance of State warrants, the Unemployment Reserve
Act, and to validate school bonds in certain California school
districts to enable them to secure Works Progress Adminis¬
Merriam
tration money.
Medford Extension 5s,
Holyoke A Westfield RR. 1st 4H>. 1951
1937.
8t. John's River
Old Colony RR.—
Debenture 4s. 1938
Extension 5s. 1939,
1939.
First 6Hi.
Washburn Extension 6a.
Connecticut—List
of Legal Investments for Savings Banks
obligations has been changed in only one particular.
The
last list published was for Nov. 1, 1935, and appeared in
the "Chronicle" of Nov. 23, 1935, on pages 3408 and 3409.
print the May 1, 1936, list herewith in full, indicating by
means of an asterisk
(*) the securities added since Nov. 1,
1935, while those that have been dropped are placed in
We
full-face brackets.
following table shows the State and
considered legal investments:
The
which
First 4Hs. 1950
Providence A Worcester RR. 1st 4s, 1947
New London Northern
RR. 1st 4s, 1940
First—Bonds of the United States, or
which the faith of the United
States is pledged,
Including the bonds of
the District of Columbia.
U. S. Panama Canal 3s, 1961
Treasury bonds and notes, all issues.
Home Owners' Loan Corp.—*A11 issues
Federal
Mortgage Corp.
Farm
(guaran¬
teed)—*A11 issues.
Second—Legally issued bonds and In¬
terest-bearing obligations of the follow¬
>
Boston & Albany
First mortgage 4Hs,
Pitts. Cine. Chic. & St. L. RR.
RR. Co.
Consolidated gold A 4 Ha, 1940.
1943
ing States:
Haverhill,|Mass.
Bay City, Mich.
Holyoke, Mass.
Belleville, III.
Huntington, W.Va.
Betllngbam, Wash. Huntington Park,
Beiolt, Wise.
Calif.
Berkeley, Cal.
Hutchinson, Kan.
Berlin. N. H.
Indianapolis. Ind.
Beverly. Mass.
Ithaca, N. Y.
Bingham ton, N Y. Jamestown. N. Y.
Blooming ton. Ill
Janesvllle. Wiso.
Boise City, Ida.
Jollet, III.
Joplln, Mo.
Kalamazoo, Mich.
New Hampshire
Burlington, Iowa.
Cambridge, Mass.
California
New Jersey
Canton. Ohio
Colorado
New Mexico
Connecticut
New York
Delaware
North Dakota
Florida
Ohio
Idaho
Oklahoma
Illinois
Oregon
Indiana
Pennsylvania
N. Y.
Central Fails, R. 1. Kokomo. Ind.
Charleston. W.Va, La Crosse. Wis.
Chelsea. Mass.
Lafayette, Ind.
Chicago, 111.
Lancaster, Pa.
Chicago Hts., 111.
Lansing, Mich.
Chioopee, Mass.
tiawrence. Mass
Iowa
Rhode Island
Cincinnati, Ohio.
Kansas
South Dakota
Consolidated gold B 4Hs.
Consolidated gold C 4Hs,
1942
Refunding 6s, 1946
Terminal 3Hs, 1951
Terminal 3Hs, 1952
Refunding 6s, 1963
Consolidated gold D 4s, 1945.
Kentucky
Tennessee
Maine
Texas
Kansas
1st 6s, 1940
Cbea. A Ohio Northern 1st 6s, 1945
Richmond A Allegheny dlv. 1st 4s, 1989
Richmond A Allegheny dlv. 2nd 4s. '89
General mortgage B
Consolidated gold J
General mortgage A
Craig Valley Branch
Warm
Green
Springs Valley Br. 1st 5s. 1941
Brier Ry. 1st 4s. 1940
Coal River Ry.
1st 4s. 1945
1st 4s. 1946
1st 4e. 1943.
General series B 5s,
General serlee D 4Hs, 1981.
Phlla. A Bait. Central 1st 4s, 1951.
ref.3H». 2000
Warren RR. (guar.) ref. 3Hs. 2000
N. Y. Lack. A West, (guar.) 1st 4a. 1973
N.Y.Laok.A West.(guar.) 1st 4 Hs, *73
N. Y. Lack. A West, (guar.) 1st 5s. 1973
Union Pacific Railroad.
Series A (guar.)
Refunding mortgage 5s, 2008.
Oregon Short Line cons. 1st 5s, 1946.
Oregon Short Line cons. 4s, 1960.
1st 4Hs, 2020.
Oregon Short Line Income 5s, 1946.
Ore .-Wash. RR. A Nav. Co. 1st A
2020.
1957.
♦Series D (guar.) 1st 3Hs, 1971
Series B (guar.) 1st 5s,
Series C (guar.) 1st 5s.
x
These notes are legal under
(guar.) 4s.
Sec. 32
Danville. III.
Missouri
West Virginia
Davenport, Iowa.
Montana
Wisconsin
Dayton, Ohio.
Decatur, 111.
Madison. Wis.
Maiden, Mass.
Manchester, N. H.
Manltowoo, wig.
Mansfield. Ohio.
Marion. Ind.
Marlon, Ohio.
Mason City, la.
Massilon. Ohio.
Med ford, Mass.
Melrose. Mass.
Middletown, N. Y.
Mlddletowu. Ohio.
Milwaukee, Wis.
Minneapolis, Mian.
4s,
1962,
and
Denver, Colo.
Des Moines, Iowa.
Dulutb, Minn.
Third—Legally Issued bonds and obli¬
gations
of
any
county,
town,
city,
borough, school district, fire district, or
district lu the State oi Connecticut,
and in the obligations of the Metropolitan
District of Hartford County, provided
the investment In the obligations of such
sewer
county, town, city,
borough, school dis¬
trict, fire district, sewer district or metro¬
politan district shall not exceed 2% of the
deposits and surplus of any such savings
bank.
Fourth.—Legally
authorized
bonds
of
the following cities outside of
aud which are
issuing
Connecticut,
the direct obligations of the
the same.
"Special Assess¬
ments" and "Improvement"
not
bonds which
the direct obligations of the city
and for which Its faith and credit are
not
pledged are not allowable.
East Liverpool,
O.
Eau Claire, Wise.
Elgin, 111.
Elkhart. Ind.
Elinlra, N. Y.
Elyrla, Ohio.
Erie. Pa.
111.
Evanston.
Evansville, Ind.
Railroad bonds which are legal investments
27
such bonds or
was
in force prior to
A
Susquehanna
/
N. Y. A Harlem RR. ref. 3Hs,
System
Ind.
Muncle,
Muskegon, Mich.
Fargo, No. pak.
Fltcbburg, Mass.
Nashua, N. H.
Fond-d u-lac, W Isc.
New Albany.
N
System
6s, *41
Ry. 1st 4H8. 1938
Y. A Long Brch. RR. gen. 4s A
Wilkes-Barre A Scran.
Fort Wayne, ind.
New
Ind.
Bedford, Mas
N.Y.I
Gary, Ind.
2000
RR. 1st 5a, 1938
Pennsylvania System.
Newport. Ky.
Pa.
Det. A Tol. Shore Line RR. 1st 4s.
Dulutb A Iron Range RR.
1953
1st 5s, 1.37
Gloucester, Mass.
A-rtitabula, Ohio.
Gtoversville, N. Y
North Adams,Mass.
A ihambra. Calif.
A '.burn. N. Y.
Green Bay, Wis.
A-irora, 111.
.
Hamilton, Ohio
Northampton, Mass
Norwood. Ohio
A Hon. HI.
Be kersfield, Calif.
Hammond, Ind.
Oakland, Cal.
Aitoona, Pa.
Bangor, Me.
Harrisburg, Pa.
4a. '35.
Del. Riv. A Bridge Co. (guar.) Is
I960
3Hs, 1940
Little Miami RR. 1st 4s. 1962
N. Y. Phlla. A Norfolk RR. 1st 4s. 1939
Elmlra A Wllllamspt. RR. 1st 4a.
4s, 1943
RR. gen 4s, 1948
Ohio Connecting Ry. 1st
Erie Railroad System.
Cleve. A Mahoning Val. Ry. 1st 5s.
Pitts. Youngs. A Ash.
1938
Sea Shore RR.—
Series A. B. C, D. E and F 3Hb A4s,'30
West Jersey A
Hocking Valley Railway Co.
Reading System.
First Consolidated 4Hs, 1999
Colum. A Hock. Val. RR. 1st ext. 48,1948
Columbus A Toledo RR. 1st ext. 4s, 195C
Del. A Bound Brook RR. cons.
East
3Hs. 1955
Pennsylvania RR. 1st 4s, 1958
[North Pennsylvania RR. 1st 4s,
1936]
Terminal Railroad Assn. of St.
Louis.
Consolidated Mortgage 5s, 1944
Chicago St. L. & N. O.—
Cons. 3Hs and 5s, 1951.
First Mortgage 4Hs.
1939
General Refunding Mortgage 4s,
1953
Sixth.—Equipment trust obligations as follows (savings
banks may invest not exceeding six per centum of their
deposits and surplus therein):
Chesapeake & Ohio Ry. Co.
Nowport, R. I.
4Hp, 1951.
Connecting Ry. (guar.) 5a, 1951.
Erie A Pittsburgh RR. gen.
Memphis Division 4s, 1951.
Newark. Ohio.
New Castle,
Kalam. Allegan A G. R.
1st 5s, 1943
Illinois Central System.
[Newburgh,
New York Central System.
1st
Co.
RR.
Connecting Ry. (guar.) 4s A
Alameda, Cal.
as
Allegheny A Western Ry. 1st 4s, 1998
Newton, Mass
A lien town. Pa.
long
corporation, whlob were a
Clearfield A Mahoning Ry.
Everett, Mass.
Calif.
shall not render Illegal the Investment in
bonds or interest-bearing obligations issued or
The provisions of this Act
the investment hereafter in, any
Beech Creek RR. Is3 4s, 1936
Everett, Wash.
Glendale,
See. 27.
Buffalo Rochester A Plttab.
Moline, 111.
Fresno, Cal.
under Section
(given below), are as follows:
Central Ry. of New Jersey
Galesburg, 111.
1961.
and savings banks may Invest not
exceed 2% therein.
mtge. 3Hs, 1946.
Washington
Wyoming
1947.
Refunding mortgage 4a, 2008.
Cincinnati Union Terminal—
provisions of this section.
Minnesota
bonds,
4s, 1948.
1944.
1951.
General 4Hs, 1973 and 1979.
Wash. Term, (guar.) 1st 3Hs A 4s. 1945.
General 4s,
First mortgage 4s.
4s, 1961.
Scioto Val. A N. E. RR. 1st 4s, 1989.
Winston-Salem Term, (gu.) 1st 5s, *66
Norfolk Terminal Ry. 1st
Albany
Lebanon, Pa.
Lynn, Mass.
Nevada
General
General 3 Ha.
legal investment on May 28 1918
Interest-bearing obligations oontlnue to oomply with the
said date; but no such bond or interest-bearing obliga¬
tion that fails, subsequent to said date, to comply with said laws, shall again be a
legal Investment unless such bonds or Interest-bearing obligations comply with the
Cranston, R. I.
t Refunding
United N. J. RR. A Canal Co.—
System.
Western
1974.
General series C 4Hs, 1977.
1996
1992
Delaw. Lack. A Western System.
law which
Vermont
"Century" bonds, 3s, 1991.
Phlla. Bait. A Wash. RR.—
General mortgage A 4s, 1960
Morris A Essex RR.(guar.)
so
xVirginia
Utah
1948.
1950.
3Hs&4Hs'42
Gen. A rel. 4Hs, 1977 and 1981.
Col. A Pt. Dep. Ry. 1st 4s. 194b.
Cleve. A Pitts, (guar.) gen.
Virginia Air Line, 1st 6e, 1952
Refd. A lmpt. series A, 4Hs. 1993
Refd. A lmpt ser. B 4H*. 1995
Norfolk &
Vandalla RR. cons. B 4s. 1957.
Pennsylvania System.
Raleigh A So. Western 1st 4s. 1936
Kanawha Bridge A Term., 1st. 5s. 1948
♦Refdg. & lmpt. series D 3Hs,
G
Vandalia RR. cons. A 4s, 1955.
Cleve. A Pitts, (guar.) gen. 3 Ha,
Potts Creek Branch
General mortgage. 4 Ha,
General mortgage
Cleve. A Pitts, (guar.) gen. 3Hs,
Big Sandy Ry. 1st 4s, 1944
Paint Creek Branch 1st 4s. 1945
nor
Michigan
are
Consolidated gold H
Consolidated gold I
assumed by a railroad
Massachusetts
oity
Consolidated gold G 4s,
Improvement 4 H8. 1978
Chesapeake & Ohio RR. Co.
First consolidated 6s, 1939
City. Mo.
Kenosha, Wis.
Cedar Rapids. lowaKingston,
Lewiston, Me.
Colorado Bpgs.. Col Lexington, Ky.
Concord, N. H.
Lincoln, Neb.
Council Bluffs.Iowa Lockport. N
Y.
Covington. Kv.
Lowell. Mass.
Maryland
1949.
1953.
1957.
4s, 1960.
4 His, 1963.
4Hs, 1964.
5s. 1970.
5s, 1975.
4Ha, 1977.
Consolidated gold E 3Hs.
Consolidated gold F 4s,
Clarksburg, W. Va.
Arizona
1942.
1942.
1937
Debenture 6s. 1938
Debenture 4Hs,
Consolidated mortgage 4s, 1996.
Battle Creek, MIob.
Brockton. Mass
1938
Boston A Providence RR. deb. 5s
BONDS OF OTHER COMPANIES.
municipal bonds
are
those for
1944
First 5s. 1945
Debenture 5s,
—Complying with Section 3996, General Statutes, Revision
of 1930, Walter Perry, Bank Commissioner, issued on May 1,
1936, the list of bonds and obligations which he finds upon
investigation are legal investments for savings banks under
provisions of Section 3995.
This list is revised semi-annually
on May 1 and Nov. 1.
The Commissioner again calls atten¬
tion to the wording of the law, which discriminates against
the "special assessment" or "improvement" bonds, or other
bonds or obligations which are not direct obligations of the
city issuing the same, and for which the faith and credit of
the issuing city are not pledged.
This present list shows
numerous changes in Sections 10 and 11, with few changes
in the other sections.
The section devoted to municipal
1947
Norwich A Worcester 1st 4Hs,
Piscataquis Division 5s, 1943.
Van Buren Extension 5s. 1943
Series T, 5Hs, serially 1923-1937
Series U, 5s, serially 1924-1938
Series V, 5s, serlall >1925-1939
8erles W, 4Hs, serially 1926-1940
Series of
1929, 4Hs. serially
1930-1944
Series of 1930, 4Hs, serially, 1981-1946
Series of 1935, 3s, serially, 1936-1950
National Ry. Service Corp.
[Prior Lien 7s, 1920 to 1935]
"
7s. 1921 to 1936
Union
Pacific Railroad.
Equip, trust Series B 5s, serially 1927-87
Equip trust Series C 4Hs, serially 28-'38
Equip, tr., ser. D, 4Hsserially
'29 to *88
Volume
Financial
142
Other securities in which banks may
invest are:
Buffalo General Electrio Co.:
Seventh—
Bonds of Water Cos. In Connecticut.
Savings banks may Invest not exceed¬
ing two per centum of tbelr deposits and
surplus therein.
First mortgage 5s, 1939
First A refunding 6s.
1939
General A refunding 6s, 1955
Gen. A ret. 4Mb, 1981
Central Hudson Gas ft Electric Co.:
Bridgeport Hydraulic Co
Series D 4Mb, 1961
First A refunding 5s, 1941
—
•First A ret.
Series F 3 Ms,
1965
[Greenwich Water Co. 1st m. 4Mb, 1957]
Guilford-Chester
3 Ms, 1965
(incorp.)
Cleveland Electrio Illuminating Co.—
Series E 3Ms, 1970
Go.
Water
let
oon.
•General mortgage 3Ms, 1955
Consol. Gas-Electric Lt. A Power Co.:
1st a ret. 4s & 4Mb,
Detroit Edison Co.—
Genera] and refunding 5s, 1952
General and
1st A ret. series D 4Mb, 1988.
General and
General and refunding, 4s, 1965
any
bonds
Interest-bearing obligations of the tot-
lowing water companies:
NaugatucL
Duqueene Light Co. lst mtge 3Ms, 1965
•Duke Power Co. 1st & ref. 3 Ms & 4s, 67
•Edison Elec. HI. Co. of Boston—
Ansonla Water Co.
♦First mtge. 3 Ms, 1965
[Notes, 6s, 1936]
Brldgeport«Hydraullo Go*
Water
1955
refunding, 5s, 1962
refunding, 4 Ms. 1961
General and refunding, 5s,
Btamford Water Co 1st 5s. 1952
Also under Subdivision 22
_
[General and refunding 5s, 1949]
series A; 1957
1st A ret. 4Ms, series B, 1970.
1st A ret. series C 4Mb, 1981.
Greenwich
1939
Ms,1964
Cons. Gas of Baltimore lstm. 5s,
Cons. Gas of Baltimore gen. 4
5s. 1939
New Haven Water Co.—
or
Co.
Fall River Eleo. Lt. Co. 1st m. 6r;
1945
Indiana Gen'l Service Co. 1st m. 5s,
Water Co.
New Haven Water Co*
Stamford W iter Co.
1948
Light Co.—
First mortgage 4Ms, 1961
Kansas City Power A
Torrlneton Water Co.
Kings County
Etohth—
of Telephone Cos. In Conn
bavlngs banks may Invest no speed¬
ing two per centum of tbelr deposits and
1st & ref. 5s, 1956
1st A ret. 4 Ms.
.General and refdj. 5Ms,
Bonds of Telep. Cos. outside of Conn.
Savings banks may Invest not exceed¬
ing two per centum of their deposits and
surplus therein.
Amer. Tel. A Tel.Co. coll. trust
5s, 1946
N. Y. Telephone Co. 1st 4Ms. 1939
New England Tel. 4c Tel. 1st 6s, 1962
*!
Series L 4 Ms. *61
Alto under SubditUion 84.
Savings banks may Invest rnf • "ceedlng
6% of their deposits and surplus la the
following bonds, but not
than 2%
more
such telephone
a
company.
ist &
5s, 1948
6s. I960
Af
"
Central District Telep. 1st 6s, 1943
Illinois Bell Telephone—
[1st ref. 5s. 1956]
,
1st a colEf.. 5s, 1937
Bell Telephone
lrt5s, 1941
[Sou. Calif. Telep. 1st & ref. 6s, 1947]
Southwestern Bell Tel. 1st ref. 6s. 19t>4
Tenth—
of Gas and
Electric
surplus therein, or a total of 25% In gas
and olectrle bonds of all companies:
Bridgeport Gas Lt. Co. 1st 4s, 1952
Central Conn. Pr. A L». Co* 1st 5s. 1987
Connecticut Power Co.r
1st and gen. 3M8. 1965
1st 5S, 1956
4c
Plalnvllls
Co*
Tram.
1st
4Mb. 1945.
Danbury a Bethel Gas a Electric Light
Co.. Scries A Mtge. Bonds 6s, 1948
New Britain
Gas Light Co.
3Ms. 1961
•Northern Conn. Power Co.—
Waterbury Gas Co. 1st 4 Ms. 1958
♦Windsor Locks Water Co. 1st 5s, 1951
Utility Companies.
Eleventh—
Elst A ref. 5Ms, 1952]
court of three Federal
•1st A ret. 3 Ms, 1961
Pennsylvania Electrio Co.—
under
Subdivision
33.
Savings banks may Invest not more than
25% of their deposits and surplus In the
following bonds, but not more than 5% in
the bonds of any one such corporation.
New York State—Governor
1st mtge. 4s, *66
Phlla. Electrio 1st A ref. 4s. 1971
Phlla. Sub. Counties Gas A El. 4Ms; '57
Potomac Electric Power Co.:
Consolidated 5s, 1936
•
General A refunding 6s. 1953
Gas a Electric Co.
1939
Brooklyn Boro. Gas Co. gen. A ref.5a/67
Brooklyn Edison Company—
Gen. mtge. series E 5s, 1952,
First mortgage 4s. 1963.
'49
1957]
3 Ms, 1960
[Rockland Light A Power Co. 1st A ref.
4Mb, 1958]
San Diego Consol. Gas A Electrio Co.:
♦1st mortgage 4s, 1965
Southern California Edison Co.—
[Refunding mortgage 5s, 1954]
[Refunding mortgage 4Mb, 1955]
♦Refunding mtge 4s, 1960
Southern Indiana Gas A Electrio Co.—
1st mortgage 5Ms. 1957
Toledo Edison Co. 1st mtge. 5s, 1962
nlon Electric Lt. A Power Co.—
Brooklyn Edison Co.
gen. 5s,
Edison Elec. 111. of Brooklyn
1949
1st
cone
1939
Kings Co. El. L. A P. 1st 5s. 1937
pur.
M. 6s. *97
Brooklyn Union Gas Co.:
consolidated 5s, 1945
General mortgage 4Ms A 6s„ 1957.
Utlca Gas & Electric Co.:
Equitable Gas A Electrio 1st 5s 1942
Refunding A extension 5s, 1957
West Penn
Power Co.:
mtge.. series "E" 6s.
1963
[1st mtge. series G 5s, 1956]
1st mtge., series
1951.
of
the
Government of
the
Dominion
of
Canada
or
of its Provinces, provided such obligations are payable
in U. S. dollars within this country, have a fixed and definite
date of maturity, and shall be the direct obligations of such
Government or Province and that the full faith and credit
any
of such
Government
or
Province shall be pledged for its
payment, principal and interest.
Wadsworth,
reducing
the
the other seven points in his social security program, accord¬
ing to Albany advices.
The Wadsworth measure was identical with the first
pages of the bill carrying out the Governor's social
security program.
The Assembly passed the Wadsworth
bill after the Governor's program had been put through the
Democratic Senate with the unanimous vote of the Repub¬
licans in that body and then defeated Mr. Lehman's measure
on three different roll-calls.
|M
Inasmuch as the Wadsworth bill was an integral part of
the Governor's social security program, the Chief Executive
said he was unable to
understand why the Assembly
Republicans would not accept the other seven points.
He
expressed the conviction, however, that eventually the
Legislature would be compelled to enact the entire program.
New York City Bills Signed—The Governor signed the
Dunnigan bill amending New York City charter to authorize
the City Comptroller to issue during 1936, five-year serial
bonds up to $30,000,000 for paying or retiring revenue notes
of issue Nov. 1, 1933.
He also approved the Twomey bill amending the city
charter so as to eliminate from the pay-as-you-go provision,
Governor
Twelfth—(This section was eliminated in great part by
Chapter 290 of the Laws of 1933.) Savings banks may invest
not exceeding 10% of their deposits and surplus in the oblitions
Assemblyman
Governor Signs Bill to Cut Gas and Light Rates—An Albany
dispatch to the New York "Journal of Commerce" of May 25
reported as follows on the approval of the Burchill bill:
York Haven Water A Power Co.—
1st mtge. 5s,
by
Second Department.
H, 4s, 1961
♦1st mtge. Series I 3 Ms, 1966
♦Wisconsin Gas & Electric Co.—
1st mtge. 3 Mb, 1966
First refunding 5s, 1947
First refunding 5s, 1957
sponsored
eligibility for old-age assistance from 70 to 65 years, but he
condemned the Republican Assembly for refusing to enact
corporate stock and serial bonds issued for the construction
of a court house in Brooklyn for the Appellate Division,
[1st mtge. series A 5s. 1946]
1st
Signs Old-Age Pension Bill—
Governor Lehman signed on May 25 the Republican bill,
20
Providence Gas Co.—
Gen. mtge.. series A. 5s. 1954
Valley
1st & general 5s,
The petition requests injunctions restrain¬
default.
in
1971
1961
Pbila. Elcc. of Penna. 1st mtge. 5s. '66
Phlla. Electrio 1st A ret. 4M*. 1967
1st mortgage
judges.
ing the Municipal Finance Commission from functioning in the Borough
of Runnemede and restraining borough officials from adopting a budget not
containing provisions for payment of past due indebtedness.
This is
the first legal attack made on the New Jersey Commission and the result
of the suit may affect the finances of many New Jersey municipal units now
I960]
4s, 1964
Gen. A ret. Be. 1942
1st A ret., series F, 4s,
1st A ret., series G, 4s,
provides that U. S. District judges shall
call to their assistance two other judges and the case will be tried before a
1st A ref. 5s, 1955]
1st & ref. 4Mb, 1957]
Refunding mtge. 3Ms, 1960
Authorised
that no State shall pass any laws impairing the obligation
In actions of this nature the law
[4Mb,
[Rockville G. & El. 1st ref. 5s, 1936]
First
which provides
Public Service Co. of N. H.—
Btamford Gas A Eleo. Co.Consol. 5s. 1948
United Illuminating Co. 1st 4s, 1940
before the New Jersey laws creating
of contracts."
1st aDd refunding, 4s, 1971
1st ref.
Blackstone
1st mortgage, 4 Ms, 1980
•1st A refunding 3 Ms, 1965.
fist ref. gold 6s, 1971]
gold 5s, 1971]
has a judgment of $21,776,
against the borough but is unable to obtain payment because the function¬
ing of the Commission in defaulted municipal units of New Jersey stays such
action.
The plaintiff holds $76,000 of the defaulted bonds of the borough
and it is maintained that the market value and enforceability have been
Citing the various laws affecting the bonds involved in this complaint,
the plaintiffs declare that they are "null and void and contrary to and in
violation of Article 1, Section 10 of the Constitution of the United States,
1st mortgage 4Mb. 1960
Paclfle Gas A Electrio Co.—
United Eleo. Co. of N. J. 1st 4s.
♦Northern Conn. Light A Power Co.
1st 5s, 1946.
Rockvllle-Willimantic Lighting Co.—
Public
New York, are counsel for the complainant.
It is alleged in this action that the complainant
Such bonds were issued
the Commission were passed.
Public Service Electric A Gar Co.:
1st & ref. 5 Ms, 1946
indebtedness, was attacked
Commission, and various officials of the Borough of Runnemede.
The
complainant was described as a fraternal benefit life insurance association
of the State of Nebraska and the suit was filed in the Federal Court because
It involves citizens of different States.
Thomson, Wood & Hoffman of
impaired.
1st mortgage. 5 Ms. 1962
N. Y. State Elec. A Gas Co.—
Phlla. Eleo. of Penna
Danbury A Bethel Gas A Electric Light
Company 1st 6s. 1953
of
1st A ref. 6 Ms. 1941
[N. Y. Edison Co. 1st & ret. 5s, *44]
[N. Y. Edison Co. 1st A ret. 5s. 1951]
Philadelphia Electric Co.—
1st A refunding D 5s, 1962
1st A reflndlng E 8Ms, 1965
4s
New York Edison Co.—
Penn. Pub. Serv. 1st A ref.; 6s, 1947
Penn. Pub. Serv., 1st A ref., 5s, 1954
1st A refunding A 7s, 1951
1st A refunding O 4Mb. 1955
Bonds
First mortgage, 4 Ms. 1960
1st & ref. 4 Ms.
an
yesterday in a suit filed in the U. 8. District Court at Trenton by the
Sovereign Camp of Woodmen of the World, as the holder of defaulted
bonds of the Borough of Runnemede, N. J.
It is believed this action may
be carried to the Supreme Court of the United States for final adjudication.
Defendants in the suit are the three members of the Municipal Finance
1957.
1st A ref. series H 5s, 1962
Connecticut Light A Power Co.:
the invalidation of
Constitutionality of New Jersey laws creating the State Municipal Fin¬
Commission, which has supervised the financial affairs of dozens of
[New York Central Elec. Corp.]
[1st 5 Ms, 1950]
1st A ret.
At¬
ance
Lighting
Savings banks ma; Invest not exceed¬
ing two per centum of their deposits and
Law
carried
brought against the
State, which may
important municipal bond
New Jersey municipalities in default on bonded
1st series C 6s. 1958.
New England Power Co. 1st 5s; 1951.
New Jersey Power A Light Co.—
N.Y. Edison Co
Commission
reorganization law:
1st A ret. 68. 1941
Companies in Connecticut.
Bristol
result in
N. Y. State Gas A Elec. Co.—
•Refunding 3 Ma, 1966
.
1943]
1970
♦Metropolitan Edison Co.—
First mortgage series D 4 Ms, 1968
First mortgage series E 4s, 1971
First mortgage series G 4s, 1965
Narragansett Electric Co.—
1st series A A B 6s,
Finance
the following article dealing with a suit
bonds of a municipality in the above
•1st & ret. 3 Ms, 1965
N. Y. Gas. E. L.. H. A P. 1st 5s, 1948
N. Y Gas. F.L..H.& P.pur.M.4a. 1949
Series B 3 Ms, 1970
Pao.Tel. a Te!
Bonds
•l*t <1 ger. 4s,
Jersey—Municipal
tacked—The New York "Herald Tribune" of May 23
Edis. El. IU. of N. Y. 1st cons. 6s, 1995
Bell Telep. of Penna
Southern
New.
Corp.—
General and refunding 6s, 1942]
General and refdg. 5M-. 1947]
♦Debenture 3Ms, 1966
In the bonds of any o
evening of June 1.
1961]
First and general 6s,
Ninth—
measures almost entirely.
It
adjourned to meet again on the
confined to routine
.
^First and refunding 5s, 1939]
Co.—
were
1955
Los Angeles Gas A Elec.
therein.
So. New Eng. Telephone
1st 6s. 1948.
with respect to this issue.
The sessions of both the House and the Senate were brief
is stated that both Houses
1954
♦Lake Superior Dlst. Power Co.—
Bends
New Jersey—Legislature Again Adjourns Without Relief
Action—Unemployment relief, which nas been the Legisla¬
ture's most pressing problem since the session convened, was
again ignored on May 25 in anticipation of the State con¬
ventions on the following day, according to report.
Leaders
in both Houses are said to have taken the position that
action should be deferred in view of the possibility that party
platforms may contain some definite expression of policy
and
Lighting Co.—
1st refunding 5e and 6Ms,
surplus
3715
Chronicle
Lehman
has
approved the so-called
"Washington" plan
of
public utility rate making.
He approved the Burchill bill incorporating the
plan, which empowers the Public Service Commission to prescribe rates and
charges for gas, electricity or other service embodying automatic adjust¬
ment thereof, over a fixed period not exceeding four years, based on rela¬
tion between net income from rates and charges available for return on fair
value of
property used and useful in such service.
In Approving this bill
the Governor said:
"This
bill was one of
the
message to the Legislature.
to fix gas and electric rates
measures
recommended by
me
in my annual
It authorizes the Public Service Commission
sliding scale basis which provides for
upon a
the automatic adjustment of rates in relation to current
changes in operating
"The commission should have authority to apply the
York State. If it proves to be workable, it should prevent
to a considerable extent the long delays involved in rate cases and the large
expense which they have involved."
expenses," he said.
system in.New
United
Chronicle
Financial
3716
Court
Supreme
States
Voids
Effect of Court Decision Discussed—The "Wall
Journal" of May 27 carried the following article on
municipal complications which are likely to develop in a
number of instances because of the above court decision:
Possible
Municipal
Street
Act, passed
by Congress in 1934 and recently extended through the recom¬
Bankruptcy Act—The Municipal Bankruptcy
Commission until
invalidated on March 25 by the United States
Supreme Court in a five-to-four decision holding that the
Act violated the rights of States and was therefore uncon¬
stitutional.
The law had been enacted as a measure to
enable municipalities in the country to reduce their indebted¬
ness through- Federal
bankruptcy proceedings.
The high
mendation of the Securities and Exchange
1940,
decision
was
handed
down in
a
involving the
case
proposed reorganization of the Cameron County Water
Improvement District No. 1, Texas, under the Federal
statute.
The district had intended to pay off its bonds at
49.88%
on
the dollar of face value with the aid of funds to
Corporation.
be borrowed from the Reconstruction Finance
The decision of the Court throws into confusion the debt
readjustment plans of quite a few political subdivisions,
mostly irrigation, drainage, school and road districts, but
it is felt in well-informed circles that the effect on the major
structure of State and municipal debt will be relatively
slight.
It was pointed out that many of the more important
debt readjustments of cities and States have been concluded
without recourse to the Federal statute.
Among such suc¬
operations can be found those of Cook County, 111.;
the City of Detroit, the State of Arkansas, and Miami, Fla.
It is estimated that out of more than 2,000 local taxing
units scattered throughout more than 40 States which had
been eligible to commence proceedings under the invali¬
dated Act, less than 100 had actually put such plans into
formation.
A decision had been awaited by the majority
cessful
of the
Court in declaring unconstitutional
Sumner-Wilcox Municipal Bankruptcy Act is likely to leave numerous
some of the smaller cities in a difficult financial situation.
It probably will hinder debt reorganizations of many districts now in
financial difficulties.
Latest compilations indicate that between 60 and 70
political sub¬
divisions have applied to go under the provisions of this Act.
Of these
applications, about 14 are known to have been approved.
These latter
include seven cities and a like amount of districts.
Just what the future policy of the RFC in regard to the 'oans extended
under the Act will be has not been ar.noun :ed.
The Fe er 1 agency has
authorized an estimated $125,000,000 of loans, of which there are about
$52,000,000 outstanding.
One of the features of the Bankruptcy Act was the authority granted
to force a readjustment of debt in the face of a minority oppesit on.
When
the Act was declared invalid, it automatically reinstated the rights of the
minority to oppose any debt reorganization.
For this reason, RFC is
likely to find itself the largest bondholder in several situations where
the ability to pay on the old basis is considered dubious.
A new threat to successful refunding of these debts on a lower capital
basis has developed in recent weeks, when it was revealed that so ae Western
interests had bought up minority interest in several readjustment operations.
In at least one instance the minority group was successful in forcing full
Action of the United States Supreme
was
Court
the
districts and
•
payment on its portion of the debt.
In this particular case the district
avoided going under the Bankruptcy Act to curtail expense.
Municipal
fear that further moves along this line will develop as a resmt of the
men
Supreme Court decision.
Missouri—Bond Refunding Case to Be Heard June 5—The
question of whether the State of Missouri has statutory
authority to refund any or all of its $115,000,000 outstanding
debt without specific callable clauses in the bond indentures
will be argued in the State Supreme Court on June 5, ac¬
cording to news reports.
Attorneys are said to be of the
opinion that a decision in this drawn out controversy will
be handed down by the Court before the middle of July.
political subdivisions seeking readjustment of debt.
We quote in part as follows from a Washington dispatch
to the New York "Times" of May 26, dealing with the ruling
of the
highest tribunal:
By a five-to-four decision the Supreme Court struck down today the
Municipal Bankruptcy Act under which Congress two years ago empowered
municipalities and other political subdivisions of the States to readjust
their indebtedness in the Federal courts.
The majority opinion, written by Justice McReynolds, was shared in
by Justices Van Devanter, Sutherland, Butler and Roberts.
The dissent.
ustices
Srepared Brandeis and Stone. was supported by Chief Justice Hughes and
by Justice Cardozo,
Justice McReynolds held that
was
thus unconstitutional.
and
the law invaded the rights of the States
He
said:
'
,
"If obligations of States or their political subdivisions may be sub¬
jected to the interference here attempted, they are no longer free to manage
their own affairs; the will of Congress prevails over them; although inhibited,
the right to tax might be less sinister.
And really the-sovereignty of the
State, so often declared necessary to the Federal system, does not exist."
Sees "Balance" Not
Justice Cardozo
Upset
Report
to the
introduced in Congress in June, 1933, as an
bankruptcy statutes, became law in IMay 1934,
Profits1 Derived from Bond Sales and Interest
on
Collections—The following official
No. 1,912)
Federal
The
and
statement (Press Release
has just been made public by the above named
agency:
Public Works Administration had increased its
interest
collections
Bondholders
of
the
Cameron
sold
to
the
RFC
the face value of the
total
$406,843,571.
Sales
to
third
parties,
and grant cancellations total $6,389,435.
This leaves bonds
by the PWA totaling $130,531,727.
Although the PWA has
actually purchased only $543,764,734 worth of bonds, it has obligated itself
througn contracts with local, county and State governments for purchases
of $828,047,864 worth of bonds.
The balance of the purchases will be
made as construction progresses on cummunity projects.
still
held
WANTED
OFFERINGS
Arkansas—Illinois—Missouri—Oklahoma
amendment
and was recently
MUNICIPAL BONDS
Francis, Bro. & Co.
ESTABLISHED
Appealed Case
County
bond sales profits
reported to Administrator
allotni0jQts
Bonds
said.
No. 1 of Texas challenged the law.
Holders
in bonds outstanding, they opposed a plan
was
maturities
Agreements to readjust debts of municipalities had to be sanctioned by
Federal Court and a majority of creditors ranging from 66 2-3 % to 75 %.
Very few political units have availed themselves of its provisions, it is
Nature of the
it
Toe profit from the bond sales alone brings the total thus far accrued
through the Reconstruction Finance Corporation's sales of PWA bonds to
$7,892,099
Tnis, added to the $13,559,016 interest collected from bonds
by PWA up to May 18represents the total of $21,451,115.
Profit from the bond sales goes into the PWA revolving fund and is
available for making loans to expand the PWA program.
Only loans can
be made from tnis fund.
Grants must come from otiier sources.
The interest paid PWA by municipalities and other political subdivisions
goes directly into the Treasury.
PWA has to date purchased $543,764,734
worth of bonds from the various political subdivisions which have obtained
extended to 1940.
a
$21,451,115,
to
Harold L. Ickes.
units.
measure was
ADMINISTRATION
PUBLIC WORKS
iPl/yA
equally emphatic, saying;
!
exception or proviso that there
shall be no disturbance of the Federal framework by any bankruptcy pro¬
ceeding is to do no more than has been done already with reference to the
power of taxation by decisions known of all men.
"The statute now in question does not dislocate the balance.
It has
been framed with sedulous regard to the structure of the Federal system."
The case dealt with a water improvement district in Texas, but it was
conceded that the finding would apply to all State subdivisions.
Both
Justices implied as much by their references to municipalities and other
was
"To read into the bankruptcy clause an
The
May 30, 1936
Investment
ST.
Improvement District
of about one-tenth of $800,000
to offer them only 49.8% of
Water
1877
Securities
TULSA
LOUIS
obligations.
The Southern District Federal Court in Texas rebuffed the bondholders,
holding the law constitutional, but the Fifth Circuit Court of Appeals re¬
versed this decision, and the bondholders brought the suit to Washington.
In their appeal to the Supreme Court, the opponents of the water dis¬
trict's bankruptcy readjustment asserted that through the law the Govern¬
ment usurped the powers reserved to the States because there was an effort
to extend the national Bankruptcy Act to political subdivisions of a State.
Representatives of water districts in California, Missouri, Arkansas and
other States joined in asking the review.
Bond
Proposals and Negotiations
ALABAMA
Municipal Bonds
Government"Interference" Barred
EQUITABLE
McReynolds, speaking for the majority, said it was "plain
enough" that the water district was a political subdivision of the State,
"created for the local exercise of her sovereign powers," and that the right
to borrow was essential to the district's operations:
"Its fiscal affairs aer those of the State, not subject to control or inter¬
Justice
ference by the national Government unless the right so
accorded by the Federal Constitution," he added.
Securities Corporation
New
to do is definitely
the Congressional hearings which
"exhibit in vivid fashion the breadth and depth of the mischief" the law
Justice
Cardozo
called
attention
reasonable doubt."
question is before us now and no opinion is
intimated as to the
extending it to
power or Congress to enlarge the privilege of bankruptcy by
the States as well as to the local units," said Mr. Cardozo.
"Even if the
exists, there has been no attempt to exercise it.
l-V'There is room at least for argument that within the meaning of the
Constitution the bankruptcy concept does not embrace the States them¬
selves.
In the public law of the United States a State is a sovereign, or
at least a quasi-sovereign.
hV'Not so a local governmental unit, though the State may have invested
it with governmental powers.
Such a governmental unit may be brought
into court against its will without violating the Eleventh Amendment."
power
SEC
Urged Stronger Act
report to Congress
on
municipal defaults recommended a strengthening of the Municipal
Bankruptcy Act if it was upheld by the Supreme Court.
It added, however, that should the high court's decision be adverse,
there would remain the problem of effecting control over protective com¬
mittees rather than over the municipalities in the bankruptcy proceedings.
It is indicated that as a result of the Court's decision a complete recon¬
sideration of the problem will be necessary, and that such a situation pre¬
cludes the probability of comprehensive recommendations, in time for
action by the present session of Congress, on dealing with protective com¬
mittees in connection with municipal defaults.
The Securities and Exchange Commission in a recent
Chattanooga
Knoxville
Memphis
to
was designed to remedy.
He said that in January, 1934, 2,019 municipali¬
ties, counties and other units were in default; they were large cities as well
as tiny districts.
The situation, he said, affected 41 of 48 States, and out of $14,000,000,000
securities issued by units smaller than States, $1,000,000,000 was in default.
Accentuating the word, Mr. Cardozo spoke of the "assumptions" of the
majority opinion, and added:
!
"To overcome an Act of Congress invalidity must be proved beyond a
"No
Nashville
York
Birmingham
ALABAMA
ALABAMA, State of—TAX ON INCOMES HELD VALID—The con¬
stitutionality of the State's income tax law was upheld on May 21 by the
State Supreme Court, opening the way to the collection of more than
$300,000 in back income taxes, according to a United Press dispatch from
Montgomery.
It had been contended by the plaintiff that the State could
tax only that part of his income which was derived in Alabama.
The Circuit
Court upheld him, but the high court declared the State could levy on
income derived from outside Alabama.
BIRMINGHAM, Ala.—BOND OFFERING—Sealed bids will be received
noon on June
16, by C. E. Armstrong, City Comptroller, for the
bonds aggregating $651,000, divided
until
purchase of two issues of refunding
as
follows:
$353,000 Public impt. bonds.
Due on July 1 as follows: $18,000, 1939 to
1941; $25,000, 1942 to 1944; $30,000, 1945 to 1947; $35,000,
194 S to 1950, and $29,000 in 1951.
298,000 capital impt. bonds.
Due on July 1 as follows: $15,000, 1939 to
1941; $20,000, 1942 to 1944; $25,000, 1945 to 1947; $30,000, 1948
to 1950, and $28,000 in 1951.
Denom. $1,000.
Dated July 1, 1936.
Interest rate to be stated by
bidder, in multiples of \i of 1 %.
Bids to be for par or better.
Each of the
different interest rate but no split rates on either
of the issues, as regards that particular issue, will be considered.
The
highest bid for the combined issues will determine the award, based on the
net interest cost to the city.
Prin. and int. payable in lawful money at
the option of the holder at either the Chemical Bank & Trust Co., New York,
or at the First National Bank of Birmingham.
Purchaser will be furnished
two issues may carry a
with the legal approving opinion of Thomson, Wood
York.
A certified check for 1% must accompany the
FLORENCE,
water bonds numbered 6 to
& Hoffman of New
bid.
CALL—Official notice is given that 5%
10, 95, 141, dated Dec. 1, 1915, and due on
Ala.—BOND
Volume
Financial
142
Dec. 1, 1935, will be paid with interest to date of maturity, at the
National Bank, New York, where the funds are on deposit.
(The
tisement of this
bond redemption appears
Chase
adver¬
in the advertising columns of
Chronicle
3717
$62,679.00, equal to 116.0304,
basis of about 2.77%. Due $23,000 from
1939 to 1955 incl. The second highest bid was an offer of $60,528
premium,
tendered by Brown Harriman & Co., Inc., of New York.
a
this issue.)
MOBILE COUNTY (P.
O. Mobile), Ala.—BOND SALE—An issue of
$40,000 4% refunding bonds was sold recently to the First National Bank,
the Merchants National Bank and
Due in 10
price of 97.50.
King, Mohr & Co., all of Mobile, at a
years.
SANTA CLARA COUNTY (P. O. San
Jose), Calif.—BOND ISSU¬
ANCE NOT SCHEDULED—It is reported by the
Deputy County Clerk
that the matter of the San Jose Harbor District is
pending before the
Superior Court
as
TUSCUMBIA, Ala.—BOND DEBTS REFUNDED—Mayor W. L. Fan-
on
the legality of its formation and nothing has been done
yet regarding the proposed issuance of the $1,075,000 in deep water
mentioned in these columns some time ago—V. 142, p. 817.
port bonds,
announced
on
May 22 this city had refunded its bonded debt totaling
The move, he said, takes the city out of Federal Court re¬
ceivership and forestalls sale of property for assessment.
Interest past due
totaling $300,000 was reported by the Mayor to have been waived by the
bondholders and the interest rate cut to 1% for the next six years.
Prop¬
$1,340,000.
v
Rocky Mountain Municipals
he said, will be reappraised and in no instance will assessments be
permitted to total more than 70% of cash value.
Mayor Farr stated that
under the new arrangement the city may use proceeds of collections to
purchase its bonds in the open market where they are now selling, he said,
erty,
ARIZONA—COLORADO—IDAHO—MONTANA
NEW
MEXICO
WYOMING
—
at 20 cents on the dollar.
DONALD F. BROWN & COMPANY
DENVER
Telephone:
ARKANSAS
Markets in all State,
BONDS
Keystone 2395
County & Town Issues
Teletype: Dnvr 51
—
COLORADO
COLORADO, State of—PRICE PAID—We wish
to point out that the
paid for the $10,000,000 State Highway Fund revenue antici¬
pation warrants sold on May 19 to a syndicate headed by Otis & Co., Inc.,
correct price
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING,
of Cleveland, was not 101.27, as reported in these columns—V. 142, p. 3548
—but is 101.0127, giving a basis of about 2.64%.
This information was sent.
ST. LOUIS, MO.
to us
June
by Peter Seerie, Chairman of the Highway Advisory Board.
1, 1936.
Due from June 1, 1939 to 1954.
Dated
Statement
Showing Amounts Received by State Highway Department During the Past
Five Years from Sources Which Will Be Applicable to the Newly Created State
Highway Fund
ARKANSAS
Future
Years
Receipts—
Gasoline tax*..
1932
1933
1934
1935
(Est.)
$
State & Municipal Bonds
1931
$
$
$
s
$
4,219,680 3,790,617 3,663,800 a3982,933 4,138,350 4,500,000
Bus, public & private
carriers
LITTLE ROCK, ARK.
43,944
30,486
Gasoline tax refunds.
WALTON, SULLIVAN & CO.
63,960
130,108
56,054
50,766
102,669
68,162
141,314
62,650
b72,244
Motor vehicle fees
210,000
100,000
900',000
ST. LOUIS, MO.
Totals...
...4,294,110 3,984,685 3,770,620 4,153,764 4,414,558 5,710,000
$25,000,000 of warrants (approx.)
2,000,000
Interest and retirement charges for
ARKANSAS
Balance for
named
district
will
ordinary disbursements
refinance
$5,600,000 of bonds and $145,000 of out¬
standing judgments on a basis of 26 cents on the dollar, also reducing its
interest charges, according to report.
It is said that the bondholders will
receive $1,650,000.
The District is reported to be one of the largest in the
Maintenance
1,656,691
Property & equip...
Traffic signs
Compensation sinur.
Administration
Totals
*
over
27,298
203,309
27,165
196,138
221,597
& CO.
San Francisco, Calif.
Teletype-S F 396
25,000
1,995,280 2,010,438 1,653,302 2,066,656 2,047,970 2,600,000
interest, retirement and ordinary disbursements
1,110,000
1934.
NO. 1
(P. O. Pueblo), Colo.—
BOND ELECTION CONTEMPLATED—It is stated by the District Secre¬
Nov. 1, 1926. due on Nov. 1, 1946, and optional on Nov. 1, 1936.
It is
said that the bonds may be sold during August, subject to the election.
(We had previously reported that the election would be held
C&oothe,3i[[etic & Co.
LOS ANGELES
200,000
tary that an election will be held this fall in order to vote on the proposed
issuance of $140,000 in 4% school refunding bonds, to take up bonds dated
$5,000 Long Beach Gas 4J4*» 5-1-58(3)3.45%
7th st.
275,000
236,983
36,407
218,761
These figures represent 70% of the net receipts of the four-cent gas tax.
NORTH SIDE SCHOOL DISTRICT
west
25,000
35,000
40,000
36,168
73,129
25% of Highway Department's share of gas tax was diverted to relief
Total amount, however, received by Department included in
figure.
Constitutional amendment prohibiting diversion of gas tax
and motor vehicle fees from highway purposes adopted at the general
election of 1934, became effective July 1, 1935.
b Motor vehicle fees were not covered into the State Highway Fund
until July 1, 1935.
The estimate for future years is based upon 50% of
past collections.
c Created
Aug. 10, 1935.
Receipts of Highway Department from gasoline tax for periods from
Jan. 1 to March 31 in each year, 1935 and 1936:
1935, $841,250; 1936,
$928,300.
"
CALIFORNIA MUNICIPALS
Ill
54,666
125,205
this
150,000 State of California Relief 3J4s, due Jan. 1,'44, to yield 2.30
Telephone Exbrook 7067
1,521,819 2,000,000
a
in
DONNELLAN
1,626,495 1,301,993 1,698,506
8,208
27,281
27,148
54,779
29,090
54,545
99,359
64,331
31,289
Courtesy patrols.c
Excess
California Municipals
47,707
46,268
21,311
Surveys.
South.
111 Sutter St.
3,710,000
Disbursements—
POINSETT COUNTY DRAINAGE DISTRICT NO. 7 (P. O. Harrisburg), Ark.—BOND REFINANCING SCHEDULED—Approved by the
United States District Court for the eastern Arkansas district, the above-
on
May 19
—V. 142. P. 3384.)
teletype
la
566
member los angeles stock exchange
FLORIDA
CALIFORNIA
BONDS
ALAMEDA COUNTY SCHOOL DISTRICT (P. O. Oakland), Calif.—
BOND OFFERING—The County Clerk will receive bids until June 9, for
PIERCE-BIESE CORPORATION
the purchase of $110,000 bonds of San Leandro School District.
Interest is
not to exeed 4%.
Due serially on Dec. 15 from 1937 to 1958, incl.
ANAHEIM, Calif.—BOND ELECTION—It is stated that the Board
JACKSONVILLE
of
Directors has announced a second election to be held on June 9, to vote on
the issuance or bonds for reconstruction of the Anaheim elementary school
Orlando
Tampa
Miami
buildings, this time in the amount of $270,000, or $55,000 less than the
issue defeated at the May 5 election, a report on which appeared in these
columns recently.—V. 142, p. 3547.
CALIFORNIA,
State of—BOND OFFERING—Charles G. Johnson,
will offer for sale at public auction on June 25, at 10 a. m.,
$5,000,000 issue of 2%% Veterans' Welfare bonds.
Denom. $1,000.
Dated June 1, 1936.
Due on Feb. 1 as follows: $400,000, 1938; $390,000,
1939; $370,000, 1940; $350,000, 1941 and 1942; $340,000, 1943; $320,000,
1944; $300,000, 1945 and 1946; $280,000, 1947; $270,000, 1948; $260,000,
1949; $240,000, 1950; $230,000, 1951; $210,000, 1952; $200,000, 1953, and
$190,000 in 1954.
Principal and interest (F. & A.) payable in gold coin
of the United States, at the office of the State Treasurer, or at the option
of the holder, at the State's fiscal agency in New York City.
Bonds will be
sold to the highest bidder for cash in parcels of one or more, or as a whole.
Bids for less than par will not be entertained.
Accrued interest to date
of sale must be paid by the purchaser.
The issuance of these bonds is
authorized under the "Veterans' Welfare Bond Act of 1933," approved
June 5, 1933.
State Treasurer,
a
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—GAS TAX
FUND ALLOCATED FOR ROAD BOND AID—Following negotiations
lasting nearly a year, the Board of Supervisors on May 15 ordered an
appropriation of $225,000 from gasoline tax funds to assist in refinancing
the outstanding bonded indebtedness of Acquisition and Improvement
District No. 1, organized in 1927 for the improvement of State St. in South
Gate, Lynwood and Huntington Park.
.
The plan was recommended recently by the County Special Assessment
Relief Committee.
Under it the 5,000 property owners, owning 6,000 par¬
cels of property in the District, will be able to finance the outstanding bonds
at a rate of 53 cents on the dollar and at a reduced interest rate.
MENLO PARK SANITARY DISTRICT
—BOND OFFERING—Bids will be received
for the
mittee is
Daytona, Daytona Beach and Seabreeze obligations. The com¬
reported as stating that in the near future it expects to submit the
refunding plan to all bondholders. -
terms of a
FLORIDA, State of—STATE TAX LEVY TO BE REDUCED—Comp¬
troller Lee is said to have promised a cut of at least two mills in the next
to its lowest
than 5%.
OAKLAND, Calif.—BOND OFFERING—The City Council has ordered
the sale of $100,000 harbor bonds on June 4 at 8 p. m.
The bonds are to be dated July 1, 1926, will b9 payable serially in 40 years
from their date to 1966, and will bear interest at a rate not to exceed 5%.
SAN FRANCISCO (City and County)
Calif.—BOND SALE—The
$391,000 issue of 434 % semi-ann. sewer bonds offered for sale on May 25—
V. 142, p. 3548—was awarded jointly to the Bankamerica Co. of San
Francisco, and R. W. Pressprich & Co. of New York, paying a premium of
96
holders of
to
more
No.
FLORIDA
by the District
purchase of $28,000 bonds to bear interest at no
Due annually for 28 years.
Teletype
BEACH,
Fla.—REFUNDING
PLANS NEAR
COM¬
PLETION—Refunding negotiations with the above city are nearing com¬
pletion, the Bondholders' Refunding Association is said to have informed
(P. O. Menlo Park), Calif.
until June 4
System
10i^^^^MJacksonville
DAYTONA
State tax levy.
Dated June 1, 1936.
Bell
Orlando
It is reported that new sources of revenue will contribute
payers and the Confederate pension roll will shrink
the relief of tax
number.
Reduction in the roll is said to have accumulated
balance of $1,000,000 in the fund.
For three
years the
steadily decreased; in 1933, it was 6!Hs, in 1934, it
HILLSBOROUGH
COUNTY
(P.
O.
was
Tampa),
a
State millage has
6 >4 and in 1935, 524.
Fla .—OVERRULED
BY UNITED STATES SUPREME COURT IN BOND HIGHWAY CASE
—The United States Supreme Court on May 25 denied the petition of the
county for a review of the lower court decision upholding the validity of
the Florida law under which the county issued bonds for
ments.
highway improve¬
The lower court had overruled the county's contention that the
statute under which the instruments were issued was invalid and ordered it
to make
provision by assessments for payment of the obligations.
3718
Financial
GEORGIA
.
prDEMOREST, Ga.—BOND OFFERING—It is stated by Mayor O. L.
Percy that he will receive sealed bids until 2p.m.on June 2, for the purchase
of a $12,500 issue of 5% semi-ann. water works bonds.
It is said that the
bonds have been duly voted and validated and are ready for immediate
delivery.
CONSOLIDATED
LANIER
SCHOOL
DISTRICT,
Ga .—BOND
B. Landrum, District Treasurer, will receive bids until
June 1, at the office of the County School Superintendent in Millen for the
OFFERING—C.
purchase of $7,000 school bonds.
HAWAII
HAWAII, Territory oi—ADDITIONAL INFORMATION ON BOND
OFFERING—W. C. McGonagle, Treasurer of the Territory of Hawaii, will
arrive in New York around June 1 to complete arrangements for the sale of
a
$1,750,000 refunding bond issue by the Territory.
He will make his head¬
quarters at the office of the Territory's fiscal agent, the Bankers Trust Co.,
York.
'
New
.
.
.
Mr. McGonagle has advised bankers here that proceeds of the new bond
issue, bearing an interest rate not to exceed 3%, will be used to redeem a
amount of series A and series B, 4% Territorial bonds, which the
Chronicle
May 30, 1936
May 21 to the City Securities Corp. of Indianapolis at par plus a $277
premium, equal to 103.077, a basis of about 3.38%—V. 142, p. 3549—
were also bid for as follows:
Premium
Bidder—
Bedford National Bank
$247.00
186.30
Par
City National Bank, Bedford
Jackson, Ewert & Co., Inc., Indianapolis
Stone
SHELBYVILLE, Ind.—BOND ISSUE DETAILS—The $5,000 bridgeright of way bonds purchased sometime ago by Marcus R. Warrender of
Indianapolis at a price of 103.16—V. 142, p. 3216—bear 4% interest, of
$500 denom. and mature as follows: $500, Dec. 30, 1937; $500, June 30,
and $1,000 Dec. 30 from 1938 to 1940, incl.
Legality approved by Matson,
Ross, McCord & Clifford of Indianapolis.
Interest cost basis about 2.53%.
WAYNE SCHOOL TOWNSHIP (P. O. Indianapolis), Ind.—BOND
OFFERING—Herbert H. McClelland, Trustee, will receive sealed bids
a. m. on June 8 for the purchase of $19,573 not to exceed 4^%
interest school building bonds.
Dated June 8, 1935.
Due $700 July 1,
until 10
1937; $700 Jan. 1 and July 1 from 1938 to 1950 incl., and $673 Jan. 1, 1951.
Approving opinion of Matson, Ross, McCord & Clifford and of Smith,
Remster, Hornbrook & Smith, both of Indianapolis, will be furnished by the
township at the successful bidder's expense.
like
Territory expects to call in July.
The outstanding indebtedness of Hawaii on Dec. 31, 1935 totaled $33,278,000, according to the Territorial Treasurer, and as of March 31, 1936,
$7,878,610 was held in the sinking fund.
The Territory's debt limit is
fixed at 10% of the assessed value of taxable property, which for 1936 is
$300,081,473.
About 60% of the outstanding Territorial issues are term
bonds, with statutory sinking fund requirements.
The remainder are
serials.
The new bonds will mature fserially from 1941 to 1945, inclusive,
Iowa Municipals
Polk-Peterson Corporation
Des Moines
Ottumwa
Waterloo
^.The Territory of Hawaii last
year successfully completed two financing
operations in the American market, the first involving the sale of a refund¬
ing issue of $4,430,000, and the second an issue of $1,750,000 of public
improvement bonds.
Iowa City
A.
T.
m.,
bonds.
June
&
Due serially in from 1 to 10
years.
BURLEY,
Idaho—DESCRIPTION OF BONDS SOLD—The $50,000
refunding bonds sold on May 16 to the Idaho Bank & Trust Co. of Burley
bid of par for 3s will be issued in the denomination of $1,000 each, will
be dated July 1, 1936, and will mature serially in from two to 15 years.
Interest will be payable semi-ann. on Jan. 1 and July 1.—V. 142, p. 3216.
FAIRFIELD,
SALE—The $14,500 issue of
water works bonds offered for sale on April 3—V. 142, p. 2369—was sold
as follows: $8,500 to the State of Idaho and $6,000 to the New Plymouth
State Bank, according to the Village Clerk.
I d a ho—BOND
WEISER INDEPENDENT SCHOOL DISTRICT NO. 1
(P. O. Weiaer),
Ida.—BOND OFFERING—E. W. Horner, District Clerk, will receive bids
until 8 p.m.,
June 8 for the purchase at not less than par of $22,000 school
bonds, to be issued on a 15- or 20-year amortization plan.
Dated July 1,
1936.
ILLINOIS
CHICAGO, 111.—PLANS LARGE FUNDING ISSUE—The Corporation
bonds in order to permit the payment of judgments and other tem¬
is expected that such an
The resolution proposing
the issue cited the large interest requirements on the judgments and de¬
clared that annual revenues of the city are insufficient to meet current
operating expenses and at the same time provide for the payment of any
substantial amount of the judgments.
Under the proposed legislation, the
city would be empowered to issue the bonds without approval of the elec¬
torate.
Current prices on outstanding bonds would indicate that the city
could effect sale of the contemplated issue on an interest rate of about
3yi %. The total bonded debt of the city as of March 31 was $112,730,000.
year
porary obligations now bearing 5% interest.
It
issue would be in amount of about $20,000,000.
CHICAGO,
III.-—DECLINE IN PERSONALTY VALUATION—A
reduction of 32.17% in the personalty assessment for the city for 1935
is announced by County Assessor John S. Clark.
Total assessment for
the period amounts to $500,286,524, compared with $737,568,902 for 1934.
COOK COUNTY FOREST PRESERVE DISTRICT (P. O. Chica^S)",
111.—NOTICE TO BONDHOLDERS—William J. Gormley, Treasurer, an¬
SALE—The $18,300 issue of refunding
were scheduled for sale oil May 29, as noted here recently—
142, p. 3549—were sold on May 27 to the Carleton D. Beh Co. of
Des Moines as 2s plus a premium of $1.
It is stated by the City Clerk that
a meeting of the City Council will be held on May 29 to ratify the sale of
these bonds.
HUMBOLDT COUNTY (P. O. Dakota City), Iowa—BONDS VOTED
May 14—V. 142, p. 3385—the voters are said to
—At the election held on
have approved the
CITY,
issuance of the $800,000 in primary road bonds.
Iowa—RULING ON LIGHT PLANT AWAITED—A
resolution to construct
a $917,000 municipal light plant in the event the
city is restrained from the use of a $413,000 Public Works Administration
grant, was adopted unanimously by the City Council, according to recent
news
dispatches.
In the event that the Federal Court which now has
pending
an
injunction suit filed by the Iowa City Light & Power Co. rules
that PWA cannot make the grant or that the city has not the right to ac-
private financing of the project is contemplated, under
issue revenue bonds, and thus pay for the cost out of earnings.
cepti
plan to
a
that all of the district's bonds, which became due between May 15,
1932, and June 1, 1936, incl., will be redeemed at par and accrued interest
1, 1936, upon presentation of the instruments on that date to the
American National Bank & Trust Co., Chicago.
Holders of the bonds
that deposited them in accordance with the district's refunding plan will
receive payment upon surrender of the certificates of deposit issued in ex¬
change for the instruments.
No interest will be paid on either the certifi¬
cates of eeposit or the actual bonus after June 1, 1936.
State Treas¬
urer, is reported to be calling for payment on June 1 a total of $200,000
5% State anticipatory warrants issued against the State Sinking Fund for
public deposits in 1934, due on July 1, 1938.
The above warrants are said
to be part of an original issue of $3,500,000.
JEFFERSON, Iowa—BOND OFFERINGS. T. Jack, City Clerk, will
receive bids until 8 p. m. June 2 for the purchase of $5,000 swimming pool
bonds.
Due $500 yearly.
MANILLA
to June
PLAINES, 111.—BOND SALE—C. W. McNear & Co. of Chicago
have purchased $43,000 funding
TOWNSHIP
(P.
O.
Vernon),
BRAZIL, Ind.—BOND SALE—The City Securities Corp. of Indianapolis
has purchased $17,000 5% swimming pool revenue bonds at par.
Dated
April 25, 1936.
Due in 10 years.
Legality approved by Matson, Ross,
McCord & Clifford of Indianapolis.
FORT WAYNE SCHOOL CITY, Ind.—BOND SALE—The $100,000
3H% coupon school building bonds offered on May 26—V. 142, p. 3216—
were awarded to A. S. Huyck & Co., Inc., of Chicago at a price of 103.35,
a basis of about 2.84%.
Dated May 1, 1936, and due $25,000 Nov. 1,
1945, and $75,000 May 1, 1946.
The Lincoln National Bank & Trust Co.
of Fort Wayne, second high bidder, offered to pay 103.15 for the issue.
DISTRICT,
SALE—The
May 22—V. 142,
Ind.—BOND
$120,000 3^ % coupon school building bonds offered on
p. 3216—were awarded to Brown Harriman & Co., Inc., of Chicago, for
par, plus a premium of $7,860, equal to 106.55, a basis of about 2.88%.
A. S. Huyck & Co. and Robinson & Co. of Chicago, and Jackson-Ewert,
Inc., of Indianapolis, jointly, were second high with an offer to pay a prem¬
ium of $6,800 for the bonds.
Dated May 28,1936.
Due $6,000 yearly on
July 1 from 1937 to 1956, incl.
MARION,
Ind.—BOND
Norman, City Clerk,
will receive sealed bids until 10 a. m. June 15 for the purchase of $15,000
not to exceed 5%
interest dam construction bonds.
Dated June 15,
1936.
Denom. $1,000.
Due as follows:
$1,000 on July 1 from 1938
to 1941 incl.; $1,000 Jan. 1 and July 1, 1942; $1,000 Jan. 1 and $2,000
July 1 from 1943 to 1945 incl.
Coupon bonds, payable as to principal and
interest (J. & J.) at the offices of the Treasurer of Grant County.
A
certified check for 2% of the bid must accompany each offer.
The apOFFERING—Ray
E.
Eroving opinion of Matson,bidder. McCord & Clifford of Indianapolis will
furnished the successful
Ross,
e
MISHAWAKA
SCHOOL
CITY,
Ind.—BOND
OFFERING—P.
C.
Emmons, Superintendent of Schools, will receive bids until 4 p. m. June 11
for the purchase of $20,000 school building bonds.
SHAWSWICK TOWNSHIP SCHOOL TOWNSHIP (P. O. Bedford
Ind.—OTHER BIDS—The $9,000 4% school bonds awarded on
O. Manilla)
OTTUMWA, Iowa—BOND SALE—An issue of $50,000 bridge, vaiduct
and street repair
bonds has been sold to the Carleton D. Beh Co. of Des
Moines.
POCAHONTAS
COUNTY
(P.
O.
Pocahontas),
Iowa—BONDS
VOTED—At the election held on May 14—V. 142. p. 3385—the voters are
reported to have approved the issuance of $525,000 in road paving bonds.
RED
OAK
INDEPENDENT
OFFERING—J.
M.
Halbert,
SCHOOL
District
DISTRICT,
Secretary;
will
Iowa—BOND
receive bids until
8 p. m. June 2 for the purchase of $65,000 school refunding bonds.
VALLEY
JUNCTION
INDEPENDENT
SCHOOL
DISTRICT,
Iowa—BOND
OFFERING—A. B. Rutt, District
Secretary, will receive
bids until 7.30 p. m. June 3 for the purchase of $10,000 school refunding
bonds.
KANSAS
BURRTON
SCHOOL
DISTRICT
(P. O.
Burrton)
Kan.—
VOTED—At a recent election the voters are said to have approved the
issuance of $45,000 in grade and high schooi building bonds.
—Sealed bids
will be received by Wm. M. Griffee, County Clerk, until
2 p. m. on June 1, for the purchase of a $14,900 issue of 2 H % county bonds.
Due $1,400 on June 1. 1937, and $1,500 from June 1, 1938 to 1946, incl.
Bonds will be sold subject to the following conditions: Marshall
County
will furnish the transcript with the purchsaer paying for the bonds, the print¬
Ind.—
$1,000 each; the last two in units of $100.
Due as follows:
$2,000, July 1,
1937; $2,000, Jan. 1 and July 1 from 1938 to 1948 incl., and $200, Jan. 1,
1949.
Interest payable J. & J.
SCHOOL
(P.
ing of bonds, and the legal opinion.
Mount
BOND OFFERING—Walter Denbo, Trustee, will receive sealed bids until
2 p. m. on June 15 for the purchase of $46,200 4M% school building con¬
struction bonds.
Dated Jan. 2, 1936.
The first 46 bonds will be of
INDIANAPOLIS
DISTRICT
MARSHALL COUNTY (P. O. Marysville), Kan.—BOND OFFERING
INDIANA
SCHOOL
SCHOOL
from May 1,1941 to 1945 incl.
bonds.
WYANET, 111.—PLANS BOND SALE—The village will seek sealed bids
an an issue of $36,000 sanitary sewer construction bonds voted on
May 7.
soon
BLACK
INDEPENDENT
Iowa—BOND SALE—The $10,000 issue of school building bonds offered
on May 26—V. 142, p. 3385—was awarded to the Ida County
State Bank, of Ida Grove, according to the District Secretary. Due $2,000
for sale
nounces
City),
Iowa—BOND
IOWA, State of—WARRANT CALL—Leo J. Wegman,
Counsel has been asked to prepare a bill for presentation to the Legislature,
now in special session, for the purpose of authorizing the city to issue 20-
DES
Teletype: DESM 31
V.
IOWA
PLYMOUTH,
City
Sioux Falls, S. D.
bonds that
on a
NEW
T.
IOWA
12 for the purchase of $20,000 coupon property purchase
Denom. $100, $500 and $1,000.
Sioux
Davenport
Cedar Rapids
IDAHO
BOISE-KUNA IRRIGATION DISTRICT (P. O. Kuna), Ida.—BOND
OFFERING—J. A. Martin, District Secretary, will receive bids until 2
p.
Building
DES MOINES
and will be non-callable.
WICHITA,
Kan.—BOND
»
,
OFFERING—Sealed
bids
will
be
.
received
until 7:30 p. m. on June 8, by C. C. Ellis, City Clerk, for the purchase of
three issues of 2% coupon bonds
aggregating $115,987.23, divided as
follows:
$72,500.00refunding bonds.
Denom. $1,000, one for $500. Due in equal
instalments over a period of one to 10 years.
Dated
1, 1936.
28,487.23 paving and sewer bonds: Denom. $1,000, one for $487.23. Due
in approximately equal annual instalments in from one to 10
years.
Dated May 1, 1936.
15,000.00 park bonds. Denom. $1,000. Due over a period of from one to
10 years.
Dated May 1, 1936.
annual
June
Said bonds have been submitted to the State School Fund
Commission,
required by law, which Commission has the option to take or reject said
If taken in whole or part by said State School Ihmd
Commission,
the bonds so taken will not be included in this sale.
as
bonds.
Transcript covering this issue will be submitted to Bowersock, Fizzel &
Rhodes, of Kansas City, Mo., and the bonds will be sold subject to their
approving opinion.
Their fee to be paid by city.
All bids
are made and will be received
subject to the following conditions:
Bids must be accompanied with a certified check equal to
2% of
the total bids for said bonds.
First:
Second: No bid will be given any consideration unless the same is pre¬
pared and submitted on blanks to be obtained from the City Clerk.
Third: All proposals are subject to the right of the Board of Commissioners
of the City of Wichita, to reject any and all bids.
WILSON
COUNTY
(P.
O.
Fredonia).
Kan.—MATURITY—It
is
stated by the County Clerk that the $9,500 2M% semi-annual relief bonds
purchased by the W. E. Davis Co. of Topeka at a price of 101.43, as noted
here recently—V. 142, p. 3385—are due on Aug. 1 as follows:
$1,000, 1937
to
1944, and $1,500 in 1945, giving
a
basis of about 1.96%.
^
KENTUCKY
CATLETTSBURG, Ky.—BONDS AUTHORIZED—The City Council
is said to have passed an ordinance
recently providihg for the issuance of
$30,000 in 4^% funding bonds. -Denom. $1,000.. Due in 30 years.
KENTUCKY State of—BOND AWARD HELD UP—We are informed
that the sale of the $5,465,000
Bridge Projects Nos. 1 and 2 revenue refund¬
ing bonds, scheduled for 10 a. m. on May 29, as noted in these columns
recently—V. 142, p. 3385—was held up temporarily pending determination
by the State Highway Commission of the most advantageious bid.
It is
Volume
Financial
142
reported that a group headed by the Bancamerica-Blair Corp. of New York,
offered 100.61 on 3% bonds, while a syndicate headed by Stranahan, Harris
& Co., Inc., of Toledo, bid 100.57 for 3s.
One bid is said to have specified
that the purchaser would stand the expense of printing the bonds whereas
the other did
not
contain this feature.
OWENSBORO SCHOOL DISTRICT, Ky.—BOND SALE DETAILS—
The $75,000 school building bonds awarded on May 22 to the Bankers
Bond Co. of Louisville, and the Security Trust Co. of Lexington, at a price
of 101.50—V. 142, p. 3550—will bear interest at 4%, and will be coupon
in form in the denom. of $1,000 each.
Interest will 6e payable semi-annu¬
ally
on April 1 and Oct. 1.
mature $3,000 yearly on
The
bonds will be
April 1
from
cost to the School District is about
dated April 1,1936, and will
1937 to 1961.
The net interest
3.88%.
PULASKI COUNTY (P. O. Somerset), Ky.—BOND REFINANCING
CONTRACT—The County Fiscal Court is said to have entered into a con¬
tract with the Bankers Bond Co. of Louisville, to refinance
$160,000 in road
funding bonds of April 1, 1929.
RICHMOND, Ky.—BOND SALE—It is said that the $40,000 filtration
plant bonds authorized by the City Council on April 24 have been pur¬
chased by W. P. Clancey & Co. of Cincinnati.
LOUISIANA
ASCENSION PARISH SCHOOL DISTRICT NO. 1 (P. O. Donaldsonville), La.—BOND OFFERING—Sealed bids will be received until
June 22, by the Superintendent of Schools, for the purchase of a $40,000
issue of school bonds.
Interest rate is not to exceed 6%, payable semi¬
annually.
Due from June 1, 1939 to 1951.
These bonds were approved
by the voters at the election held on May 19—V. 142, p. 2708.
A certified
check for $800 must accompany the bid.
CALCASIEU PARISH SCHOOL DISTRICT (P. O. Lake Charles),
_
La.—BOND OFFERING DETAILS-—In connection with the offering
scheduled for June 9, of the three issues of school bonds aggregating $175,000, described in these columns recently—V. 142, p. 3386—we are now in¬
formed that the bonds mature jus follows:
$50,000 School
District
No.
23
bonds.
Due
The approving opinion of Thomson, Wood & Hoffman of New York will
be furnished.
LOUISIANA,
State
of—$30,000,000
HIGHWAY
BOND
ISSUE
PROPOSED—Governor Leche is reported to have stated that a bond proividing for a $30,000,000 highway bond issue will be introduced in the
Legislature. It is intended that debt service on the bonds would be met from
the proceeds of the four-cent gasoline tax, which is now being used to
retire a total of $96,000,000 in highway bonds. A tax of five cents a quart
on lubricating Oil is said to be under consideration also.
NATCHITOCHES PARISH SCHOOL DISTRICTS (P. O. Ashland),
La.—BONDS VOTED—At a recent election the voters are reported to have
approved the issuance of $45,000 in bonds divided as follows: $30,000
Campti School District and $15,000 Ashland School District bonds.
NEW
ORLEANS,
La.—LARGE DECREASE
REPORTED
IN CITY
DEBT—City of New Orleans has, in the past 16 months reduced its 1932-34
debt to banks by nearly $4,000,000, according to announcement by City
Auditor Walter T. Ryan.
The debt in Jan., 1935, was $6,057,802.95;
on May 16 it was $2,257,508.97.
Back taxes for years 1932, 1933 and 1934
are still being collected.
The present debt does not include accounts payable anu other bills of the
city for the three-year period, but only loans made to the city by the banks.
Bills payable and other accounts for the period totai $721,080.35.
In addition, tne c*ty has
recently borrowed sums from banks and from
the State to pay c.ty salaries totaling $2,775,000.
T.iese loans, added to
the .$2,-*,57,008 still due banks for the three-year period, being the total
secured debts due banks and the State to $5,032,508,
This is $1,025,293
less than the debt due banks when finances were placed under the jurisdiction
of the Federal Court Jan. 14, 1935, a resort made possible by tne amended
Federal bankruptcy law.
.
SIMPSON
SCHOOL
DISTRICT
(P. O. Simpson), La.—BOND
ELEC1 ION—It is reported that an election will be held on June 9, in order
to vote on the proposed issuance of $75,000 in school construction bonds.
VERMILION PARISH SCHOOL DISTRICT NO. 1 (P. O. Abbeville),
La.—BONDS VOTED—At an election held on May 19 the voters are said
to have
The bankers re-offered the issue at prices to yield from 0.90%
approved the issuance of $20,000 in school construction bonds.
MARYLAND
Md.—BOND
Stuart & Co., Inc. of
New York obtained the award on May 26 of $250,000 sewer bonds as 3s,
at a price of 102.167.
Dated Feb. 1, 1936 and due serially on Feb. 1 from
1937 to 1966, incl.
Other bids were as follows:
Bidder—
Int. Rate
Baker, Watts & Co
3%
3%
Rate Bid
101.826
100.859
CUMBERLAND, Md.—BOND SALE—The $150,000 2H% floodlrepair
on May 25—V. 142, p. 3550—were awarded to Phelps, Fenn
Co. of New York at a price of 102.10, a basis of about 2.17%.
Dated
bonds offered
&
June 1,
1936 and due June 1 as follows: $10,000 from 1937 to 1941 incl.,
$20,000 from 1942 to 1946 incl.
The bankers reoffered the issue at prices to yield 0.50 to 2.20%.
The
bonds, issued for flood repair purposes, are, in the opinion of counsel,
general obligations of the city, payable principal and interest from unlimited
ad valorem taxes on all the taxable property therein.
They are legal in¬
vestment for savings banks and trust funds in New York, Massachusetts
and certain other States, according to the bankers.
and
The bids
were as
follows:
Bidder—
Rate Bid
Alex. Brown & Sons
101.769
W. W. Lanahan & Co
101.399
Stein Bros. & Boyce-
—
1
101.153
FREDERICK, Md.—BOND OFFERING—Mayor Lloyd C. Culler will
receive sealed bids until 7:30 p. m. on June 8 for the purchase of $250,000
sewer bonds.
Dated July 1, 1936.
Rate of interest to be named by the
ing to the bankers.
Bidder—
Rate Bid
Lazard Freres & Co.; Bank of the Manhattan Co.; Washburn &
Co., Inc.; Watling, Lerchen & Hayes; Equitable Securities Corp_109.788
National City Bank of New York; Blyth & Co., Inc.; George B. *
Gibbons & Co., Inc.; Schaumburg, Rabhann & Lynch; Roosevelt
& Weigold, Inc.; Owen Daly & Co____
109.669
Goldman, Sachs & Co.; Gregory & Sons, Inc.; Eastman, Dillon &
Co.; Francis I. DuPont & Co.; Starkweather & Co., Inc
-109.57
—
Mercantile Trust Co.; Northern Trust Co.; Kidder, Peabody &
Co.; Baker, Watts & Co.; Stein Brothers & Boyce; Robinson,
Miller & Co., Inc
109.35
First National Bank, Baltimore; Stone &. Webster and Blodget,
——
Inc.; First National Bank of the City of New York; R. W. Pressprich & Co.; Phelps, Fenn & Co.; Darby & Co.; MercantileCommerce Bank & Trust Co.; Mackubin, Legg & Co
-.109.299
Alex. Brown & Sons; The Chase National Bank; Salomon Brothers
& Hutzler; L. F. Rothschild & Co.; F. S. Moseley & Co.-'------109.2979
Brown Harriman & Co.; First Boston Corp.; Harris Trust & Sav¬
ings Bank
109.2399
Robert Garrett & Sons; Bankers Trust Co.; Field, Glore & Co.;
J. & W. Seligman & Co.; G. M.-P. Murphy & Co.; Strother,
Brogden & Co
109.057
Halsey, Stuart & Co., Inc.; Bancamerica-Blair Corp.; Ladenburg,
Thalmann & Co.; Hemphill, Noyes & Co.; Adams, McEntee &
Co., Inc.; B. J. Van Ingen & Co., Inc.; Shields & Co.; Stern
Brothers & Co.; W. W. Lanahan & Co
-109.038
Dick & Merle-Smith; Graham, Parsons & Co.; Manufacturers &
Traders Trust Co., Buffalo; Bacon, Stevenson & Co.; Stifel,
Nicolaus & Co., Inc.; Newton, Abbe & Co.; Jenkins, Whedbee
& Poe.
108.564
Chemical Bank & Trust Co.; Estabrook & Co.; Kean, Taylor & Co.,
-
R. L. Day & Co.; E. H. Rollins & Sons; Campbell, Phelps &
CRISFIELD, Md .—BOND SALE—The $36,500 4% coupon refunding
bonds offered on May 26 were awarded to Strother, Brogden & Co. of Balti¬
more at a price of 101.766.
The Bank of Crisfield bid a price of 101.50.
are
dated Feb. 1, 1936.
HARFORD COUNTY (P. O. Bel Air), Md.—BOND ISSUE DETAILS
—Sealed bids for the $220,000 3% coupon school and road bonds being
offered for sale on June 1, as previously noted in these columns—V. 142,
p. 3550—will be received until noon on that date by O. Clyde Spencer,
President of the Board of County Commissioners.
They will be dated
June 1, 1936. Denom. $1,000. The bonds will be registerable as to principal
only and mature $20,000 annually in from 1 to 11 years.
Principal and
interest (J. & D.) payable at the First National Bank, Bel Air. A certified
check for 5% of the amount bid, payable to the order of the Board of
County Commissioners, must accompany each proposal.
The approving
opinion of Tydings, Sauerwein, Levy & Archer will be furnished the success¬
MASSACHUSETTS
BOSTON, Mass .—NOTE SALE—The issue of $4,000,000 notes offered
May 26 was awarded to Halsey, Stuart & Co., Inc., and the Marine
Trust Co. of Buffalo, jointly, at 1.75% interest at par plus a premium of
$15. Dated May 28, 1936 and due Feb. 24, 1937. Reoffering is being made
by the bankers on a 1.10% yield basis. Only one bid was submitted for the
on
issue.
CLINTON, Mass.—NOTE SALE—The issue of $22,000 High Street
repair notes offered on May 27 was awarded to Faxon, Gade & Co. of
Boston on a bid of par for 2Ms.
Tyler, Buttrick & Co. of Boston were
second with a bid of $100.59 premium for 2Ms.
Due $4,400 yearly from
1937 to 1941.
EASTHAM, Mass.—NOTE SALE—Whiting, Weeks & Knowles,of Bos¬
recently purchased $19,000 school house notes as 2Ms, at a price of
Due serially from 1937 to 1951 incl.
Other bids were as follows:
ton
101.203.
(State of)—BOND SALE—The $1,500,000 3% coupon,
registerable as to principal, emergency reconstruction bonds offered on
May 27—V. 142, p. 3038—were awarded to a syndicate composed of
E. B. Smith & Co., Inc. of New York; Union Trust Co. of Baltimore;
First of Michigan Corp., and Eldredge & Co., both of New York; Kelley,
Richardson & Co. of Chicago, and the First National Bank of St. Paul at a
price of 109.7899, a basis of about 1.87%.
Dated June 1, 1936 and due
June 1 as follows: $87,000, 1939; $91,000, 1940; $96,000, 1941; $100,000,
1942; $104,000, 1943; $109,000, 1944; $114,000, 1945; $119,000, 1946;
$124,000, 1947; $130,000, 1948; $136,000, 1949; $142,000 in 1950 and
$148,000 in 1951.
Rate Bid
Int. Rate
Bidder—
Merchants National Bank-_
—
100.09
100.03
2M%
2M %
2M %
3%
i
Jackson & Curtis-.
Tyler, Buttrick & Co
First National Bank
Faxon, Gade & Co
100.59
100.313
Par
3M%
—
EASTHAMPTON, Mass.—NOTE SALE—On May 26 an issue of $50,000
temporary loan notes was awarded to the New England Trust Co. of
Boston on a .237% discount basis.
Other bids were
follows:
as
Bidder—
Second National Bank of Boston
Merchants National Bank of Boston
First National Bank of Boston
Discount
0.249%
0.31%
0.33%
_____
—
0.34%
Knowles
Whiting, Weeks &
Jackson
0.36%
Curtis
&
HOLYOKE, Mass.—NOTE SALE—The $400,000 revenue anticipation
temporary loan notes offered on May 27—V. 142, p. 3550—were awarded
to Leavitt & Co. of New York on a .393% discount basis.
The Merchants
National Bank of Boston
was
second high with
dated May 28,1936 and will mature
Other bids were as follows:
a
.40% bid.
Notes are
Dec. 22, 1936.
Discount
Bidder—
Newton,
Abbe &
0.419%
Co
0.42%
0.44%
Manhattan Co
National Bank of Boston
Bank of the
First
0.46%
Whiting, Weeks & Knowles
Faxon, Gade & Co
0.48%
0.49%
--
Curtis
&
MASSACHUSETTS,
State
of—EXCISE
TAX
UPHELD
BY
United
States
Supreme
Court upheld on
May 25 the constitutionality of the Massachusetts excise tax on foreign
corporations doing business within the Commonwealth
according to an
Associated Press dispatch from Washington on that date.
The high court
affirmed a decision by the Massachusetts Supreme Judicial Court on Dec. 3.
to the effect that the tax was not an uncontsitutional burden on interstate
commerce.
.
(This ruling is covered in greater detail in our Department of
Current
Events and Discussions, on a preceding page of this issue.)
MASSACHUSETTS, State of—PROPOSED TAXES ON SECURITIES
KILLED—Without debate, the House on a voice vote is reported to have
accepted the recommendation of the Ways and Means Committee and
killed a bill levying a $2 per $1,000 valuation tax on intangibles, including
non-income
producing securities.
The House is said to have killed without
debate another bill proposing to levy a tax on State
notes and certificates of indebtedness.
MASSACHUSETTS,
State
of—BORROWING
and municipal bonds,
BILL
APPROVED—
the State
and towns
Governor Curley is reported to have signed a bill authorizing
Treasurer to borrow $25,000,000, which may be reloaned to cities
for
muncipal purposes.
MASSACHUSETTS—ELEVENTH EDITION OF MUNICIPAL STA¬
TISTICS COMPILED—Tyler, Buttrick & Co., Inc., of Boston, are dis¬
tributing the 11th edition of their quarterly booklet, giving up-to-date
financial statistics of the Commonwealth of Massachusetts, its counties,
towns, cities and districts.
Mass.—BOND SALE—The National Shawmut Bank of
issue of $100,000 relief bonds as 2s at a price of
and due serially from 1907 to 1946, incl.
Boston has purchased an
100.68.
Dated June 1, 1936,
Other bids were as follows:
Int. Rate
2%
Bidder—
F. W.
Swan
& Co__
Merchants National
-
Bank.
Whiting, Weeks & Knowles
Hornblower & Weeks
First National Bank of Boston
______
—_
2%
2%
Rate Bid
100.64
100.33
2%
2M%
100.26
100.049
100.11
MILLBURY, Mass.—NOTE SALE—The $75,000 notes offered recently
were sold to the Worcester County Trust Co. of Worcester, which bid for
$25,000, due Dec. 15, 1936, at 0.265% discount; $25,000 maturing March
15,1937, at 0.30%. and $25,000 due April 15,1937, at 0.35%.
MICHIGAN
ful bidder.
MARYLAND
108.509
Co., Inc.; Dougherty, Corkran & Co
MEDFORD,
bidder.
Bonds
are
SUPREME COURT—The
SALE—Halsey,
W. W. Lanahan & Co
They
trust funds in the States of New \ ork,
Jackson
CAMBRIDGE,
to 2%,
legal investments for savings banks and
Connecticut and Maryland, accord¬
The following is a list of the unsuccessful bids:
according to maturity.
follows:
$2,000, 1937;
$2,500, 1938 to 1940; $3,000, 1941 to 1943; $3,500, 1944 to 1946;
$4,000, 1947 to 1949, and $4,500 in 1950 and 1951.
50,000 School District No. 24 bonds.
Due as follows: $2,000,
1937;
$2,500, 1938 to 1940, &c., just as listed in above offering.
75,000 School District No. 25 bonds.
Due as follows: $3,000,
1937;
$3,500, 1938; $4,000, 1939 and 1940; $4,500, 1941 to 1943; $5,000,
1944 and 1945; $5,500, 1946; $6,000, 1947 to 1949; $6,500, 1950,
and $7,000 in 1951.
as
3719
Chronicle
CHEBANSE TOWNSHIP SCHOOL DISTRICT NO. 238 (P. O.
Mich.—BONDS SOLD—Paine, Webber & Co. of Chicago
purchased last December an issue of $17,000 4% coupon auditoriumgymnasium construction bonds at a price of par.
Dated Dec. 1, 1935.
Denom. $2,000 and $1,000.
Due Dec. 1, 1950; optional at any time.
Interest payable J. & D.
Chebanse),
TOWNSHIP FRACTIONAL SCHOOL
DISTRICT
(P. O. Deerfield), Mich.—BONDS NOT SOLD—The $13,000 4%
DEERFIELD
NO.
1
offered/on May 16—V. 142, p. 3387—were not sold.
April 1, 1936 and due serially on April 1 from 1937 to 1949 incl. A
school bonds
sale may be made.
Dated
private
3720
Financial
We
Chronicle
May 30, 1936
MAPLEWOOD SCHOOL DISTRICT (P. O. Maplewood), Mo.—
MATURITY—It is reported by the Superintendent of the Board of Edu¬
cation that the $15,000 3% semi-ann. refunding bonds purchased by the
Mississippi Valley Trust Co. of St. Louis, as noted.here in*April—V. 142,
Buy for Our Own Account
2873—are due in 1951.
p.
MICHIGAN MUNICIPALS
ST. CHARLES COUNTY
(P. O. St. Charles), Mo.—BRIDGE PUR¬
CONTEMPLATED—The county is reported to be considering
purchase of privately owned bridges across the Missouri and Mississippi
rivers, and as part of the plan will issue $2,757,000 in revenue bonds to
finance the purchase.
The bonds will be retired in 20 years from bridge
CHASE
the
Cray, McFawn & Company
tolls.
DETROIT
SIKESTON SCHOOL DISTRICT (P. O. Sikeston) Mo .—BONDS
VOTED—At the election held on May 19—V. 142, p. 3388—the voters
approved the issuance of the $15,000 in 3% school building bonds by a
count of 522.to 9.
Dated July 1, 1936. Due in from two to 11 years. The
bonds are to be offered for sale about June 15, according to the Secretary
of the Board of Education.
A. T. T. Tel. DET347
Telephone CHerry 6828
MICHIGAN
GRAND RAPIDS TOWNSHIP (P. O. Grand
Rapid.), Mich
OF INTEREST—The $34,000 special assessment sewer bonds purchased
last April by the Peoples National Bank of Grand Rapids bear 4 % interest.
HAMTRAMCK, Mich.—NOTE SALE—Stranahan, Harris & Co., Inc.
$75,000 1}4% notes, dated May 1, 1936 and due
of Toledo have purchased
WASHINGTON, Mo.—BOND SALE DETAILS—It is now reported by
City Clerk that the $20,000 swimming pool bonds purchased by the
the
Baum, Bernheimer Co. of Kansas City at a price of 105.076, as noted here
recently—V. 142, p. 3388—bear interest at 3H %, are dated April 15, 1936,
becoming due on April 15,1951, and optional on and after five years.
Aug. 30, 1936.
IRON MOUNTAIN, Mich— OFFERS TO PURCHASE BONDS—The
city is offering to purchase, at not more than par and accrued interest,
$25,000 of its outstanding series A and B refunding bonds of 1934 and
general obligation bonds.
Sealed offerings will be received by Harold C.
Lindholm, City Clerk, until 7:30 p. m. (Central Standard Time) on June 15.
PENTWATER,
Mich.—BOND SALE— The
$13,500
water
supply
bonds offered on May 11—V. 142, p. 3218—were awarded to
McDonald, Moore & Hayes of Detroit as 4}4s at par plus a premium of
$13.75, equal to 100.10, a basis of about 4.49%.
Dated May 1, 1946,
and due May 1 as follows:
$500 from 1938 to 1946 incl., and $1,000
system
from 1947 to
MONTANA
Mont.—BOND SALE POSTPONED—It is stated by Beryl
"Wilson, City Clerk, that the sale of the $900,000 not to exceed 4% semiann. refunding
bonds, originally scheduled for May 27, as noted here
recently—V. 142, p. 3219—has been deferred until June 3. Dated July 1,
1936. Amortization bonds will be the first choice and serial bonds will be
the second choice of the City Council in the sale of these bonds.
BUTTE,
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 1
(P. O.
Helena), Mont.—BOND ELECTION—It is reported that an election will
the voters the $100,000 school reconstruc¬
tion bonds defeated at the election held on May 9.
be held on June 11 to resubmit to
1955 incl.
DISTRICT NO. 53 (P. O. Wilsall),
issue of school building improvement
26—V. 142, p. 3552—was awarded to the
State Board of Land Commissioners, as 5s, according to report.
PARK
SCHOOL
COUNTY
Mont.—BOND SALE-—The $7,500
Northwestern
bonds offered for sale on May
Municipals
Minnesota, North and South Dakota, Montana,
Oregon, Washington
Telephone—Minneapolis Atlantic 4201
OFFERING
$75,000
Teletype—Mpls287
OMAHA
OF
of poor relief bonds offered for sale on May 26—-V. 142,
p. 3387—was awarded to Thrall, West & Co. of Minneapolis, as 2.30s,
paying a premium of $101, equal to 100.13, a basis of about 2.28%.
Dated
June 1, 1936.
Due from June 1, 1938 to 1946 incl.
(P. O. Heron Lake)
Minn.—
July 1, 1955.
A. T. & T. Teletype OMA 81
First National Bank BIdg-
issue
HERON LAKE SCHOOL DISTRICT
NATIONAL COMPANY
THE
COUNTY (P. O. Carlton), Minn.—BOND SALE—The
BOND SALE—It is stated by the District Clerk that $10,000 school bonds
have been purchased by the State of Minnesota, as 3s at par, and mature on
WANTED
OMAHA, DOUGLAS COUNTY, LINCOLN
AND OTHER NEBRASKA ISSUES
MINNESOTA
CARLT/ON
MUNICIPALS
NEBRASKA
WELLS-DICKEY COMPANY
NEBRASKA
HASTINGS, Neb.—An issue of $125,000 refunding bonds recently
authorized by the City Council has been sold to the Mortgage Investment
Co. of Hastings.
.
ORLEANS, Neb.-—BOND SALE PENDING—1The city is said to be
negotiating for the sale of $23,000 refunding bonds to Wachob, Bender &
Co.
MISSISSIPPI
of Omaha.
PENDER, Neb.—BOND SALE—The issue of $30,000 refunding bonds
offered on May 26 was awarded to Steinauer & Schweser, Inc., of Lincoln,
at 3% interest, for a price of par plus a $500 premium, equal to 101.666.
Wachob, Bender & Co. of Omaha were second high with a bid of par for
2%% bonds maturing in 10 years, but subject to call after 5 years.
Municipal Bonds
EQUITABLE
Securities Corporation
New
York
Birmingham
We Are
Nashville
Knowllle
Chattanooga
Memphis
MAINE—-NEW
Specialists in
HAMPSHIRE-VERMONT
Municipal Issues
MISSISSIPPI MUNICIPALS
E. H. Rollins & Sons
Bought—Sold—Quoted
Incorporated
200
Devonshire
St.,
Boston,
Mass.
Scharff c.loncs
INCORPORATED
A. T.T. TEL. N. O. 180
NEW
TELEPHOI
TELEPHONE RAYMOND 1189
on
MISSISSIPPI
Other bids
(P. O.
Gunnison),
Miss.—BONDS SOLD—Dane & Weil & Molony, Inc., of
New Orleans are offering to the public an issue of $50,000 4K % refunding
bonds.
Denom. $1,000.
Dated May 1, 1936.
Due $5,000 from May 1,
1937 to 1946, incl.
Prin. and int. (M. & N.) payable at the Central Han¬
over Bank & Trust Co. in New York.
Legality approved by Charles &
Trauernicht of St. Louis, Mo.
LEFLORE COUNTY
(P. O. Greenwood), Miss.—BOND SALE—
An issue of $ J 1,000 3% semi-ann. hospital bonds is reported to have been
purchased by the Federal Securities Co. of Memphis.
Dated April 6,
1936.
Legality approved by Charles & Trauernicht of St. Louis.
WINONA, Miss .—BOND OFFERING—T. H. Billingsley, Mayor, will
receive bids until 7:30 p. m. June 2 for the purchase of $20,000 refunding
bonds.
Dated
Oct.
1,
1936.
Interest
payable semi-annually.
Due
$2,000 yearly on Oct. 1 from 1944 to 1953, incl.
Cert, check for
$400
Purchaser is to
validation
and
all expenses connected with printing bonds,
fees.
pay
attorney's
MISSOURI
FARMINGTON, Mo.—BOND SALE—An $18,000 3% swimming pool
bond issue
was
sold
recently to Whitaker & Co. of St. Louis for
were
as
follows:
Bidder—
BOLIVAR COUNTY FIRST SEPARATE ROAD DISTRICT
required.
HAMPSHIRE
NASHUA, N. H.—NOTE SALE—An issue of $200,000 tax notes offered
May 27 was awarded to the Second National Bank of Nashua on a
0.53% discount basis.
Leavitt & Co. of New York were second high,
bidding 0.575% discount.
Notes are dated May 29, 1936, and will mature
$100,000 on Jan. 27 and Feb. 27, 1937.
New Orleans
a
premium
of $273, equal t® 101.516.
Nashua
Trust
Co
-
Faxon, Gade & Co
—
Discount
0.638%
0.67%
:
JERSEY
NEW
CAMDEN, N. J.—TAX SALE SPURS DELINQUENT TAX PAY¬
MENTS—Reflecting the real improvement in City of Camden tax collec¬
tions, payment in whole or in substantial part of delinquent taxes on proper¬
ties originally posted for tax sale resulted in withdrawal of more than 60%
of these properties from the sale, which was scheduled for May 28, accord¬
ing to announcement by George E. Brunner, Commissioner of Revenue
and Finance.
Approximately $105,000 in cash was received by the city
in payment of these delinquencies.
In addition, property owners pledged
payment of an additional $202,000 in delinquencies within a stated period.
Originally 642 properties were posted for sale, representing delinquencies
of $487,900 up to the end of 1934.
Of these, 405, with delinquency of
$307,800, were withdrawn, leaving 237 with $180,100 delinquency to be
offered in sale.
On June 1 all delinquent taxes on City of Camden proper¬
ties will be subject to penalties.
In applying penalties on Dec. 1 of last
year various exemptions were allowed, which will be removed June 1. On
May 14 the Board of City Commissioners unanimously passed on first read¬
ing funding bond ordinances designed to refinance all of the city's floating
debt.
These ordinances are scheduled to come up for final reading on
June 4, at which time final adoption is expected, Commissioner Brunner
states.
KANSAS
CITY, Mo— BOND OFFERING— Sealed bids will be received
until 2 p.m. on June 1, by A. L. Darby,
chase of four issues of bonds aggregating
Director of Finance, for the pur¬
$1,400,000, divided as follows:
$400,000 trafficway improvement bonds.
Due on June 1 as follows: $5,000,
1938 to 1945f $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,
zone
bonds.
Saving Time) on June 2 for the purchase of $285,000 2ZA, 3, 3^i, 3H, 3%
4% coupon school bonds.
Dated June 15, 1936.
Denom. $1,000.
from
or
Due June 15 as follows: $9,000 from 1938 to 1942, incl., and $10,000
1943 to 1966, incl.
Principal and interest (J. & D. 15) payable in
Due $5,000 from June 1,1938 to 1947 incl.
New
York funds at the National Union Bank, Dover.
The bonds will be registerable as to principal only.
A certified check for 2% of the amount of
bonds bid for, payable to the order of the Board of Education, must ac¬
company each proposal.
all inclusive.
50,000 safety
DOVER SCHOOL DISTRICT, N. J .—BOND OFFERING—Samuel
J. Gibson, District Clerk, will receive sealed bids until 8 p. m. (Daylight
The approving opinion of Caldwell & Raymond
of New York will be furnished the successful bidder.
Bidders shall specify the lowest rate of interest which they are willing to
receive for said bonds.
Different rates of interest upon different maturities
PAL
be specified.
No bid will be received which is in whole or in part less
than par and accrued interest.
Denom. $1,000.
Dated June 1, 1936.
Salities has "Walter R 50% over lastuAditor, althoughto a report issued on
yaar, according many of the munici¬
lay 21 by improved Darby, State
may
NEW
JERSEY, State of—IMPROVEMENT REPORTED IN MUNICI¬
CREDIT POSITIONS—The cash
position
of New Jersey's munici-
.
Prin. and int. (J. & D.) payable at the City Treasurer's office or at the Chase
National Bank in New York.
The approving opinion of Benj. H. Charles,
palities still
of St.
for the last three years.
An improvement in the current debt condition is
reflected by a reduction of tax revenue notes from $35,000,000 to $26,000,000 and tax title notes from $5,137,000 to $5,000,000.
Louis, will be furnished.
Bids must be on a blank form furnished
by the city.
A certified check for 2 % of the par value of the bonds bid for,
payable to the said Director of Finance, is required.
Mr.
are
in default in their obligations to the
Darby's report also shows
a
State and counties.
substantial reduction in taxes receivable
Volume
Financial
142
3721
Chronicle
Offerings— Wanted
New York State Municipals
H. L. Allen & Company
County—Citv—Town—School District
New Jersey
M#$jcipal Bonds
Telephoi^REifior 2-7333
A. T. & T.
T^yjSe N. Y. 1-528
Broadway
*
New York
100
Gordon Graves & Co.
MEMBERS NEW
1
WALL ST.,
YORK
New
YORK
WILLIAM
A
T.
&.
DUTCHESS COUNTY
(P. O. Poughkeepsie), N. Y.—BOND SALE
—The $125,000 coupon or registered home relief bonds offered on May 29—
V. 142, p. 3553—were awarded to the Harris Trust & Savings Bank of
New York as 1.70s. for a premium of $472.50, equal to 100.378, a basis of
about 1.64%.
Dated May 1. 1936.
Due $25,000 on March 1 in each of
the years from 1940 to 1944, incl.
There were 15 other bids received, the
three next high being:
Name—
*
Int. Rate
Premium
Jersey and General Market Issues
B. J. Van
67
Ingen & Co. Inc.
STREET. N. Y.
T.:
N.
Y.
Telephone:
Geo. B. Gibbons & Co., New York,
$120.00
99.62
39.88
1.70%
1.70%
First National Bank of Poughkeepsie
1.70%
Halsey, Stuart & Co., New York
John 4-6364
Newark Tel.: Market 8-3124
1-730
EXCHANGE
Whitehall 4-5770
NEW
MUNICIPAL BONDS
STOCK
N. Y.
GREENE COUNTY (P. O. Catskill), N. Y.—BOND OFFERING—
sealed bids until 1 p. m.
(Eastern Standard Time) on June 8 for the purchase of $240,000 not to
exceed 4%
interest coupon, fully registerable, highway bonds.
Dated
June 1, 1936.
Denom. $1,000.
Due $40,000 each on June 1 from 1959
to 1964, incl.
Bidder to name one rate of interest on the issue, expressed
in a multiple of )4 of 1-10
of 1%.
Principal and interest (J. & D.)
payable at the County Treasurer's office.
A certified check for $4,800,
payable to the order of the County Treasurer, must accompany each
proposal.
The approving opinion of Clay, Dillon & Vandewater of New
William H. Freese, County Treasurer, will receive
NEW
MUNICIPALS
JERSEY
Colyer, Robinson $ Company
INCORPORATED
1180
York will be furnished the successful bidder.
MArket 3-1718
Raymond Blvd., Newark
New Yor
REctor 2 2056
NWRK
-
$19,812,417
Assessed valuation
Total bonded debt (incl. current
Bonds maturing in 1936
24
—
Atlantic City, Asbury Park, Camden, Brigantine, Gloucester City, Ocean
City, Somers Point and Pleasantville.
Thirty-five boroughs and 24 town¬
ships also were in default.
Year—
Uncollect, end fiscal year
Uncollected May 19, '36
x
N.
J —BOND OFFERING—Adrian Post, Town Clerk,
8p.m. (Daylight Saving Time) on June 9
registered
will receive sealed bids until
for the purchase of $50,000 not to exceed 5% interest coupon or
school bonds.
Dated June 1, 1936.
Denom. $1,000.
Due
$2,000 on
Bidder to name one rate of interest on the
multiple of 34 of 1%.
Prin. and int. (J. & D.) payable
in lawful money of the United States at the First National Bank, North
Bergen
A certified check for 2% of the boftds bid for, payable to the order
of the town, must accompany each proposal.
The approving opinion of
Reed, Hoyt & Washburn of New York will be furnished the successful
June 1 from 1937 to 1961, incl.
issue, expressed in
(Fiscal Year Begins Jan. 1)
1933
1934
1935
$585,231
$550,256
$661,722
265,798
259,634
368,236
29,226.98
22,720.41
— —
6,469.68
17,291.84 x165,000.00
$570,355
276,519
22,153.23
1,193.27
Approximately.
HEMPSTEAD AND NORTH HEMPSTEAD UNION FREE SCHOOL
DISTRICT NO. 5 (P. O. New Hyde Park), N. Y.—BOND
basis.
SEASIDE PARK, N. J-—BONDS NOT SOLD—No bids were submitted
for the $7,500 4 34 % coupon or registered emergency boardwalk reconstruc¬
tion bonds offered on May 16—V. 142, p. 3220.
Dated Dec. 30, 1935,
and due $1,500 on Dec. 30 from 1941 to 1945, inclusive.
SECAUCUS,
1932
•
Town, co. & State levyCounty levy
PITMAN, N. J.—NOTE SALE—The Borough has sold $18,000 1-year
to the Pitman National Bank & Trust Co.
sewerage disposal plant notes
of Pitman on a 4% interest
,
Tax Collection Report
The report stated that two counties, Atlantic and Camden, were in de¬
on bond or note principal or interest, as were 11 cities, among them
fault
a
1,178,000
-
Population, 25,808.
JERSEY
1,218,000
40,000
offering)
Net debt--
NEW
;
Financial Statement
i
A. T. & T. Teletype
Wire:
OFFERING—
bids until 10:30 a. m.
(Eastern Standard Time) on June 13 for the purchase of $37,500 not to
exceed 6% interest coupon or registered school completion bonus.
Dated
June 1, a936.
One bond for $500. others $1,000 each.
Due June 1 as
follows;
$2,500, 1939; $2,000 from 1940 to 1947 incl. and $1,000 from 1948
to 1966 incl.
Bidaer to name one rate of interest on the issue, expressed in a
multiple of 34 or 1-10 of 1%. Principal and interest (J. & D.) payable in
lawful money of the United States at the Bank of New Hyde Park or at the
Chase National Bank, New York City.
The bonds are direct obligat'ons of
the district, payable from unlimited taxes.
A certified check for $800.
payable to the order of Ellen M. Boardman, District Treasurer, is requred.
The approving opinion of Clay, Dillon & Vandewater of New York will be
John H. Kollock, District Clerk, will receive sealed
furnished the successful bidder.
.
b dder.
WEST NEW YORK, N. J.—BONDS OFFERED FOR INVESTMENT—
J. S. Rippel & Co. of Newark in account with B. J. Van Ingen & Co., Inc.
of New
York, Adams & Mueller of Newark and Schlater, Noyes & Gardner
are making public offering of $631,000 4% serial funding
general refunding bonds at prices to yield from 2% to 4.25%, according
to maturity.
The bonds, issued under Chapters 60 and 233 of Public Laws
of New Jersey of 1934, are part of new issues totaling $3,050,000.
Those
now offered bear date of March 1, 1936, are in coupon from, registerable as
to principal only or as to both principal and interest and mature March 1
as follows:
$50,000, 1938; $65,000, 1942; $180,000, 1949; $122,000, 1950;
$120,000 in 1951 and $94,000 in 1952.
Principal and interest (M. & S.)
payable at the Town Treasurer's office.
Legality to be approved by
Reed, Hoyt & Washburn of New York City.
Inc. of New York
and
Financial Statement
(As officially reported May 15,1936, akd revised to give effect to completion
of current financing)
-$48,280,164.00
6,575,168.66
Floating debt
None
Percentage of debt to assessed valuation
13.62%
Population 1930 Census, 37,107.
Assessed valuation (1936)
Total bonded debt-
The town has
poses
+
mtt
Bonds issued for school pur¬
are included in the total debt listed above.
The above statement
no
separate school district.
does not include the debt of the State or county which
levy taxes against the taxable property within the town.
have power to
1934
1933
Tax levy
Cash collections during year.
Percent
exchange.
Due May 1 as follows: $2,000 1938 to 1949; and $3,000 1950
to 1956.
Cert, check for $900, payable to the Village of Herkimer, required.
Approving opinion of Clay, Dillon & Vandewater of New York will be
furnished by the village.
ITHACA, N. Y.—NOTE SALE—The Marine Trust Co. of Buffalo has
of $7.25.
fmrchased $65,000 bond anticipation notes at 0.50% interest, plus a premum
$30,000
May 26—V.
1935
1936
Population,
Fiscal Year (Starts June
1)—
626.56
is
now
$8,000 issue of school bonds.
Interest rate is not to exceed
6%, payable J. & J.
Denom. $500.
Dated June 22, 1936.
Due $500
from Jan. 1, 1939 to 1954 incl.
Prin. and int. payable at the State
Treasurer's office or at such other place as the bidder may elect.
No
bonds will be sold at less than par and accrued interest, nor will any discount
or commission be allowed or paid on the sale of such bonds.
A certified
payable to the County Treasurer, is
required.
NEW
CROTON-ON-HUDSON.
YORK
N. Y.—CERTIFICATE SALE— The $3,000
on May 26—V. 142, p.
a
price of 100.4721, a basis of about 3 75%.
Dated July 1, 1936 and due
$1,000 on July 1 from 1937 to 1939 incl. The Marine Midland Trust Co.,
second high bidder, offered to pay par for the issue.
725.53
of $26,838.78, of
N.
Y.—BOND SALE—The
$25,000
street
improvement
May 25—V. 142, p. 3043—were awarded to B. E. Daley
premium of $50, equal to 100.20, a basis
of about 2.08%.
Rutter & Co. of New York submitted the second high
bid, a premium of $55 for 234s. Dated July 1,1936. Due July 1,1946.
bonds offered
on
& Co. of Watertown as 2.10s for a
of New York on a bid of 100.40 for 2s. a basis
Halsey, Stuart & Co. of New York were second high
Dated June 1, 1936.
Due $5,000
Sherwood & Merrifield, Inc.,
of about
1.92%.
bidders with an offer of 100.035 for 2s.
yearly on June 1 from 1937 to 1946, incl.
MIDDLETOWN, N. Y.—BOND SALE— The $25,000 coupon
or
regis¬
tered emergency relief bonds offered on May 26—V. 142, p. 3554—were
awarded to Roosevelt & Weigold, Inc., of New York as 134s at par plus a
premium of $35, equal to 100.14, a basis of about 1.45%.
Dated June 1,
1936, and due $5,000 on June 1 from 1937 to 1941, incl.
Other bids were
as
follows;
Int. Rate
Bidder—
Rutter
&
Co
Halsey, Stuart & Co., Inc.
B. J. Van Ingen & Co., Inc.
Manufacturers & Traders Trust Co
Adams, McEntee & Co., Inc
Bacon, Stevenson & Co
George B. Gibbons & Co., Inc
C. F. Herb & Co
Sherwood & Merrifield, Inc
MONROE
of indebtedness offered
3553—were awarded to George B. Gibbons & Co., Inc. of New York at
699.27
MALONE, N. Y.—BOND SALE—The $50,000 coupon, fully registerable,
home and work relief refunding bonds offered on May 29 were awarded to
ROOSEVELT
COUNTY
SCHOOL
DISTRICT
NO.
40
(P.
O.
Portales), N. M.—BOND OFFERING—Sealed bids will be received until
10 a. m. on June 22, by Homer Barnett, Couiity Treasurer, for the pur¬
bid,
.
$25,949.28 has been collected.
MALONE,
4s, the only other tender.
of the amount
1934
22,775.00
751.04
26.90%
MEXICO
DETAILS—It
4% judgment; certificates
1933
$22,860.66
Taxes for fiscal year 1935-1936 were levied in amount
(P. O. Alamagordo),
reported by the County
Treasurer that the $10,000 qoupon school bonds awarded on May 15 to
the Otero County State Bank, as noted in these columns—V. 142, p. 3553—
were sold as 4s for a premium of $25, equal to 100.25, a basis of about 3.955%.
Due $1,000 from May 15, 1938 to 1947 incl.
The State Treasurer bid
5%
Collections
-
which
OTERO COUNTY SCHOOL DISTRICT NO. 2
for
'
,
Tax
$276,321
12.97%
$660,291
30,000
—
Uncollected May 1,1936
$293,141
$284,083
$345,853
Total uncollected taxes prior to 1931, $15,572.82; tax title liens outstand¬
ing May 15, 1936, $129,002.39.
check
$5,997,630
issue only)
625.
$560,405 $1,006,144
26.32%
43.11%
road taxes
an
3.00%
Financial Statement
Total bonded debt (present
Delinquent second class rail¬
SAJLE
2.90%
2.90%
100.3174
Uncollected end of fiscal year
NEW
2.80%
100.11
New York
$121,917
5.56%
Percent
2.70%
2.70%
100.12
100.155
Bacon, Stevenson & Co., New York
Sherwood & Merrifield, New York
$415,059
18.95%
railroad taxes
chase of
Co., Huntington
George B. Gibbons & Co.,
Int. Rate
2.20%
100.033
100.14
100.10
A. C. Allyn & Co., New York
Delinquent, excl. second class
par on
Price Bid
Name—
Roosevelt & Wiegold—
Bank of Huntington Trust
Levy-
Percent
M.—BOND
coupon
First National Bank, Huntington
$2,189,936 $2,129,493 $2,454,292 $2,334,095
934,958
963,963
1,218,014
436,736
42.69%
45.26%
49.63%
Delinquent, incl. second class
railroad taxes, May 15, '36
N.
HARBOR
(P. O. Huntington), N. Y.—BOND SALE—
or registered street improvement bonds offered on
142, p. 3554—were awarded to Barr Bros. & Co. of New
York on a bid of 101.302 for 2s, a basis of about 1.75%.
Dated June 1,
1936.
Due $3,000 on June 1 from 1937 to 1946 incl.
Other bidders were:
LLOYD
The
Assessed valuation
Tax Collections
Year—
HERKIMER, N. Y .—BOND OFFERING—H el en F. Gillette, Village
Clerk, will receive bids until 2 p.m. (Eastern Standard Time( June 9 for
the purchase at not less than par of $45,000 coupon, fully registerable,
disposal plant bonds.
Bidders are to name rate of interest, in a multiple
of 34 % or 1-10%, but not to exceed 4%.
Denom. $1,000.
Dated May 1,
1936.
Principal and semi-annual interest (May 1 and Nov. 1) payable
at the
First National Bank of Herkimer, in Herkimer, in New York
COUNTY
Premium
134%
134%
1.60%
1.60%x
1.70%
1.75%
1.75%
$15.75
14.75
26.50
2%
2%
20.00
55.00
35.00
22.50
72.50
27.50
(P. O. Rochester), N. Y.—BOND SALE—The
$1,825,000 coupon or registered bonds described below, which were offered
on May 27—V.
142, p. 3554—were awarded to a syndicate headed by
Blyth & Co., Inc., of New York, and including the Marine Trust Co. of
Buffalo, F. S. Moseley & Co., Darby & Co., and the Equitable Securities
Corp. of New York, and the Mercantile Commerce Banlc & Trust Co. of
St. Louis, on a bid of 100.23 for 1.70s, a basis of about 1.63%:
3722
Chronicle
Financial
1936
30,
A certified check for $2,500, payable to the order of the Village,
each proposal.
The approving opinion of Reed, Hoyt
York will be furnished the successful bidder.
town.
$1,425,000 series F tax revenue bonds issued to renew tax anticipation notes
now outstanding.
Due $285,000 on June 1 from 1937 to 1941 Incl
May
must accompany
&
400,000 work relief bonds._Due $40,000 on Junel from 1937 to 1946^mcl.
"""Each issue is dated "June^lT 1936.
Principal ~and~interestT"(J. &T*dT5
Washburn of New
_r
TONAWANDA, N. Y.—TOWN REPORTS IMPROVEMENT IN TAX
COLLECTIONS—The Town of Tonawanda was one of those that suffered
collections, due to the depression, partly because it had, like
others, been too optimistic in its judgment of real estate developments,
states the current issue of "Just a Moment," published by the Buffalo
Municipal Research Bureau, Inc.
In consequence it has not been able
during the four years ending with 1935 to collect enough in the aggregate
to pay even quite all of its town expenses, and the county had to make up
the shortage and received nothing toward expenses of the county govern¬
ment.
"It is gratifying to learn," the Bureau reports, "that this year to
May 5 there had been collected enough to pay in full the town's share of the
1936 taxes due Jan. 1, amounting to $924,313.28, and that there is available
$71,682.61 for the town's share of the county's expenses.
Taxes and assess¬
ments paid later in the year up to date of the tax sale in November will
undoubtedly increase this latter amount considerably.
"Tonawanda has shown a remarkable decrease in its town expenses since
1928, when the levy for them was $1,643,832.
During the past six years
its annual levies for town purposes have been: 1931, $1,420,508; 1932,
$1,280,225; 1933, $1,164,227; 1934, $1,095,657; 1935, $992,775; 1936.
$924,313."
payable at the Union Trust Co., Rochester, or at the Marine Midland
Trust Co., New York City, at holders' option.
The bankers reoffered the issue for public investment at prices to yield
from 0.40% to 2%, according to maturity.
Monroe County reports an
assessed valuation as of May 5, 1936, of $779,205,536.
Its total bonded
debt, including this issue, amounts to $15,146,000, exclusive of $400,000
work relief notes and $1,500,000 tax notes, which will be retired from
the proceeds of this issue.
/
The bonds are legal investment, in the opinion of the bankers, for savings
banks and trust funds in New York State.
The following is a complete list of the bids submitted for the bonds:
Bidder-
Int. Rate
Blyth & Co., Inc., N. Y.; Marine Trust Co.. Buffalo:
F. S. Moseley & Co., New York; Mercantile Com¬
merce Bank & Trust Co., St. Louis; Darby & Co.,
1.70%
New York; Equitable Securities Co., New York
Phelps, Fenn & Co
1.70%
Geo. B. Gibbons & Co., Inc.; Estabrook & Co.: E.
H.)
Rollins & Sons; Graham, Parsons & Co.;
Bacon,[1.75%
Stevenson & Co.; Roosevelt & Weigold, Inc.; Stark¬
—
Premium
$4,197.50
1,825.00
.
weather & Co.. Inc
most in tax
1,850.00
WATERVLIET, N. Y.—BOND SALE—The $385,000
J
Salomon Bros. & Hutzler; R. W. Pressprich &Co
Edward B. Smith Co.; The First Boston
Harriman & Co., Inc
fl.75%
Stone & Webster and Blodget,
Inc.; L. F. Rothschild & Co.; Kelley, Richardson 2.00%
& Co., Inc.; Dougherty, Corkran & Co
Halsey, Stuart & Co.; Bancamerica-Blair Corp.; B. J.'
Van Ingen & Co., Inc.; First of Michigan Corp.; 2.00%
Morse Bros. & Co., Inc
a
Lehman Brothers; Ladenburg, Thalmann & Co.; Manu-\
facturers & Traders Trust Co.; Sage, Rutty & Steele/2.00%
Co., Inc., of New York, jointly, on a bid of 100.80 for 2.60s.
consisted of:
728.18
Chase National Bank;
1960 to 1965 incl.
24,000 improvement bonds.
11,406.25
9,125.00
follows:
$75,000 Newfane Sewer District No. 1 bonds.
Due yearly on June 1 as
follows: $3,000. 1938 to 1942, and $4,000, 1943 to 1957.
60,000 Newfane Water District No. 1 bonds. Due $3,000 yearly on June 1
to
name
bidder.
successful
from 1938 to 1957 incl.
Bidders
a
.
$15,000
able at the Manufacturers & Traders Trust Co. in Buffalo. Certified check
for $2,700, payable to the town, required.
Approving opinion of Clay,
CITY OF RALEIGH, N. C. 5% Bonds
Dillon & Vandewater of New York will be furnished to the purchaser.
due
NEW YORK, N. Y .—SPECIAL ASSESSMENT BOND BILL SIGNED—
Governor Lehman is said to have approved on May 22 the Mandelbaum
bill amending the Greater New York Charter in relation to the issuance of
special assessment bonds for sewage treatment plants and related projects.
The bill, approved as Chapter 623, Laws of 1936, amends Article 10 of the
Greater
New York Charter
by adding thereto
a
new
section, known
July 1, 1950 at 4.10% basis & int.
F. W. CRAIGIE & COMPANY
Richmond, Va.
as
247-a.
Phone
PELHAM
Oct. 1 from 1936 to 1959 incl.
uniform rate of interest for all the bonds,
in a
multiple of M% or 1-10%, but not to exceed 5%. Denom. $1,000. Dated
June 1, 1936. Principal and semi-annual interest (June 1 and Dec. 1) pay¬
are
on
WILLIAMSON FIRE DISTRICT (P. O. Williamson), N. Y.—BOND
OFFERING—Walter J. Lund, District Secretary, will receive sealed bids
until 7.30 p.m. (Eastern Standard Time) on June 8 for the purchase of
$17,000 4% coupon construction bonds.
Dated March 1, 1936. Denom.
$1,000.
Due March 1 as follows: $1,000 from 1937 to 1941 incl. and
$2,000 from 1942 to 1947 incl.
Principal and interest (M. & S.) payable
at the office of the District.
A certified check for $340, payable to the
order of the District, must accompany each proposal.
The approving
opinion of Reed, Hoyt & Washburn of New "iork will be furnished the
Y.—BOND OFFERING—Irma Dodge, Town Clerk,
will receive bids until 2 p. m. (Eastern Standard Time) June 3 for the pur¬
chase at not less than par of $135,000 coupon, fully registerable, bonds,
as
Due $1,000
Each issue is dated Oct. 1, 1935.
N.
divided into two issues
The sale
$361,000 school bonds. Due Oct. 1 as follows: $9,000, 1936 to 1943 incl.;
$10,000, 1944 to 1958 incl.; $19,000 in 1959 and $20,000 from
8,940.68
.
NEWFANE,
coupon or regis¬
142, p. 3555—were awarded to the
of Buffalo and Adams, McEntee &
tered bonds offered on May 29—V.
Manufacturers & Traders Trust Co.
1,807.00
1.75%
Corp.; Brown 1
A. T. T. Tel. Rich. Va. 83
3-9137
MANOR, N. Y.—BOND OFFERING—The Village Clerk will
receive sealed bids until June
15 for the purchase of $38,000 public im¬
provement bonds.
ROCHESTER, N. Y.—BOND SALE—The $2,622,000 coupon or regis¬
3555—-were awarded to a syndi¬
composed of George B. Gibbons & Co., Inc., Dick & Merle-Smith,
Stone & Webster and Blodget, Inc., E. H. Rollins & Sons and Roosevelt &
Weigold, Inc., all of New York, on a bid of 100.05 for the issue of $1,500,000
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
tered bonds offered on May 27—V. 142, p.
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
cate
lMs and the remaining $1,122,000 as 2s, the net interest cost to the city
being 1.8718%.
The sale consisted of:
as
KIRCHOFER
$1,500,000 tax revenue bonds of 1936 as lMs.
Due June 1 as follows:
$500,000, 1937; $400,000 in 1938 and $200,000 from 1939 to
1941, incl.
722,000 school construction and equipment bonds as 2s.
Due June 1 as
follows: $37,000 in 1937 and 1938 and $36,000 from 1939 to
1956, inclusive.
400,000 public works construction bonds as
June 1 from 1937 to 1956, inclusive.
Each issue is dated June 1, 1936.
2s.
Due
$20,000
RALEIGH, N. O.
each
NORTH
highest bid, offering a premium of $1,285 for the $1,122,000 one to 20-year
bonds a^2Ms and the $1,500,000 5-year serials as lMs.
The bankers reoffered the $1,500,000 lMs to yield from 0.40% to 1.40%,
according to maturity, and the $1,122,000 2s on a yield basis of from
0.40% to 2.10%.
The bonds are legal investment for savings banks and
funds
in
New
York
and
1936.
$195,000
were
Massachusetts.
Bidder—
Roosevelt & Weigold, Inc
George B. Gibbons & Co., Inc
SOUTH
on
May
1 from
1937 to
Rate Bid
3M %
3.40%
100.06
100.07
CORNING, N. Y.—BOND SALE— The $18,000 4%
on
May 25—V. 142,
p.
coupon,
3390—were
awarded to the First National Bank & Trust Co. of Corning at par, plus
a premium of $1,466.82, equal to 108.149, a basis of about
2.91%.
Sher¬
wood & Merrifield of New York were second high, offering a premium of
$518.40.
Dated April 1, 1936.
Due $1,000 yearly
on
April 1 from 1941
to 1958.
STAMFORD, HARPERSFIELD, KORTRIGHT AND ROXBURY,
DELAWARE COUNTY, AND JEFFERSON AND
GILBOA, SCHO¬
HARIE COUNTY, CENTRAL SCHOOL DISTRICT NO.
i (P. O.
Stamford), N. Y.—BOND OFFERING—James A. Tooley, District Clerk,
will receive bids until 2 p. m.
(Eastern Standard Time), June 10, for the
pin-chase at not less than par of $230,000 coupon, fully registerable, school
building bonds.
Bidders are to name rate of interest, in a multiple of M %
or 1-10th% but not to exceed 6%.
Denom. $1,000.
Dated June 1, 1936.
Prin. and semi-ann. int. June 1 and Dec. 1 payable at the National Bank of
Stamford, in Stamford, with New York Exchange.
Due June 1 as follows:
$4,000, 1938, 1939 and 1940; $5,000, 1941; 1942 and 1943, $6,000, 1944,
1945 and 1946; $7,000, 1947, 1948 and 1949; $8,000, 1950 to 1953; $9,000,
1954 to 1957; $10,000. 1958 to 1960; and $11,000, 1961 to-1966.
Cert,
check for $5,000, payable to Floyd Cuyle, District Treasurer,
required.
Approving opinion of Clay, Dillon & Vandewater of New York will be fur¬
nished by the District.
Financial Statement and Tax Data
The assessed valuation of the property subject to the taxing power of the
according to the 1935 assessment roll is $2,383,774.
The total
bonded debt of said District including the above mentioned bonds is
$230,-
District,
The population of said District is approximately 2,050.
The bonded
debt above stated does not include the debt of any other subdivision
000.
power to
power of
No tax
levy taxes upon
the District.
data is
any or
having
all of the property subject to the taxing
reason that this District was not cen¬
tralized until Nov. 1, 1935, and no tax has as yet been levied
by the Board
of Education.
The first taxes for the purposes of said Central School
District will be levied for the fiscal year beginning July 1, 1936 and ending
June 30, 1937.
TARRYTOWN, N. Y —BOND OFFERING—Edna J. Magnor, Village
Clerk, -will receive sealed bids until 3p.m. (Daylight Saving Time) on June 8
for the purchase of $145,000 not to exceed 6% interest coupon or registered
P
bonds, divided as follows:
$100,000 street impt. bonds.
Due June 1 as follows: $5,000 from 1938 to
1951 incl., and $6,000 from 1952 to 1956 incl.
45,000 public impt. bonds.
Due June 1 as follows: $4,000,1938; $5,000,
from 1939 to 1945 incl.
Each issue is dated June 1, 1936.
and
$6,000 in 1946.
Bidder to name one rate of interest on
all of the bonds, expressed in a multiple of 1-10 or M or 1%.
Principal
and interest (,T. & D.) payable at the Washington Irving Trust Co., Tarry-
RLGH
80
Dec. 1,1936.
on
COUNTY
coupon or
on a
O.
Newton), N. C.—BOND SALE—The
on May 26—V. 142, p. 3555—
& Trust Co. of Winston-Salem and
bid of par
at interest rates
•
(P.
registered bonds offered
plus a premium of $3.50 on each of the four issues,
specified below:
$89,000 general refunding bonds, the first $65,000 as 3 Ms and the remainder
as 3Ms.
Issue due June 1 as follows: $4,000, 1941 to 1946. incl.;
$5,000 in 1947 and $6,000 from 1948 to 1957, incl.
26,000 school refunding bonds, the first $18,000 as 3 Ms and the remainder
as 3Ms.
Issue due June 1 as follows: $1,000 from 1941 to 1948,
incl., and $2,000 from 1949 to 1957, incl.
30,000 road funding bonds, the first $22,000 as 3Ms and the remaining
bonds as 3Ms.
Issue due June 1 as follows: $1,000 from 1941 to
1944, incl., and $2,000 from 1945 to 1957, incl.
50,000 school funding bonds, the first maturing $35,000, bearing 3M%
interest and the remaining $15,000 as 3 Ms.
Issue due June 1 as
follows: $2,000 from 1941 to 19i4, incl.; $3,000 from 1945 to 1954,
incl., and $4,000 from 1955 to 1957, incl.
Each of the issues is dated June 1, 1936.
Associated with the above named bank in the purchase of the said bonds
Stranahan, Harris & Co., Inc., and Ryan, Sutherland & Co., both of
were
Toledo.
FARMVILLE, N. C.—BOND SALE—The $119,000 coupon, registerable
bonds, described below, which were offered on May 26—V. 142, p. 3390—
awarded to the Takoma Park Bank of Takoma Park, Md„ as 4s for a
priceof par, plus a premium of $2,987.50, equal to 102.51, a basis of about
were
$19,000 water and sewer bonds.
Due $1,000 May 1 from 1938 to 1956.
100,000 electric light system bonds.
Due May 1 as follows: $3,000,1937 to
1941; $4,000, 1942 to 1946; $6,000, 1947 to 1951, and $7,000, 1952
to
1956.
Denom. $1,000.
Principal and semi-annual int.
payable at place of purchaser's choice.
(May 1 and Nov. 1)
,
GASTON COUNTY (P. O. Gaston) N. C.—BONDS AUTHORIZED—
The County Board of Commissioners is said to have passed a resolution
recently, authorizing the sale of $60,000 in school bonds.
GUILFORD
COUNTY
(P.
O.
Greensboro),
N.
C.—FINANCIAL
STATEMENT—The following information is given here in connection with
the award on May 5 of the $495,000 coupon school bonds to R. S. Dickson
& Co. of Charlotte and Stranahan, Harris & Co. of Toledo, as reported in
detail in V. 142, p. 3222:
Financial Statement
available for the
TELETYPE
CAROLINA
awarded to the Wachovia Bank
associates
Int. Rate
fully registerable water bonds offered
Due
CATAWBA
SEA CLIFF, N. Y.—BOND SALE—The isuse of $6,900 bathing pavilion
bonds offered on May 26—V. 142, p. 3555—was awarded to Sherwood &
Merrifield, Inc., of New "iork as 3s, at a price of 100.11, a basis of about
2.935%.
Dated May 1, 1936, and due $2,300
1939, incl.
Other bids were as follows:
A. T. T.
ASHEBORO, N. C.—NOTE SALE—The $30,000 issue of bond antici¬
pation notes offered for sale on May 26, was purchased by R. S. Dickson
& Co. of Charlotte, at 3%%, plus a premium of $1.00.
Dated June 1,
Salomon Bros. & Hutzler in account with R. W. Pressprich & Co., and
Adams, McEntee & Co., Inc., all of New York, submitted the second
trust
& ARNOLD
INCORPORATED
as
of April 7, 1936
Bonded debt (exclusive of schools)
Sinking funds (applic. to issue maturing in 1948)
$3,854,000.00
148,569.06
Net bonded debt (exclusive of schools)
Township bonds
Sinking funds
Net township bonds (special levy)
State special
building and literary funds
Bonded debt, schools
Total bonded debt (net)
Floating debt (revenue anticipation notes)
Total debt
$3,715,430.94
$15,917.75
10,139.61
5,778.14
269,500.00
1,336,500.00
$5,327,209.08
100,000.00
$5,427,209.08
The county is not in default in payment of any debt service obligations
Volume
1936- 7
Financial
142
$580 payable to the order of the County Auditor, must accompany each
Tax History
$150,881,123.00
-
Levy
1,018,453.91
953,832.36
64,621.55
6.34%
Collected
Uncollected
per cent uncollected--
All land sales certificates
Tax rate per $100
are
$154,768,342.00
1,045,778.36
946,930.99
98,847.37
9.50%
—
—
—
-
$334,500
353,000
364.000
821,624.25
290,323.29
26.10%
above.
*68
Proposed Issue
1942-43
$360,500
1943-44--— 305,000
1944-45334.250
1939-40----$372,000
1940-41
384,000
1941-42
389,500
GREENVILLE, N. C.—BOND SALE—The $75,000
street
S156,576,402.00
1,111,947.54
included in uncollected taxes shown
.64
.64
Bond Maturities to June 30,1945, Including
1937-38
1938-39-
1935
"1934
1933
Valuation
coupon,
registerable,
May 26—V. 142, p. 3390—were
awarded to the William B. Greene Co. of Winston-Salem, at par, the first
maturing $55,000 bonds to bear interest at 3%% and the remaining $20,000
at 3H%Dated April 1, 1936.
Due April 1 as follows: $2,000, 1939 to
1942; $4,000,1943 to 1950; and $5,000,1951 to 1957.
improvement
bonds offered
on
HENDERSON COUNTY (P. O. Hendersonville), N.
C.—REFINANC¬
ING PROGRAM UP FOR APPROVAL—The following report is
a
Raleigh
taken from
dispatch of recent date:
"The Local Government Com¬
mission has approved a Henderson County refinancing program, which if
approved by bondholders, would mean the unit would refinance its $2,800,000 debt over a period of 30 years.
Interest would be scaled down
to 2%, would rise to
4% over a period of 16 years, and then revert to the
original contract rate of 5H%Back interest, up to July 1, 1936, would
be paid at 1 % % with funds owing the county for highway advances to
the State.
It is estimated the plan would save the county $1,300,000 in
interest
news
over
3723
Chronicle
the life of the contract."
NORTH CAROLINA, State of—SCHOOL BONDS RULED EXEMPT
FROM TAXATION—School bonds are exempt from ad valorem taxation,
the State Supreme Court decided in overruling a decision of the Superior
Court in which it was contended that the State Constitution requires pro¬
vision of school facilities and that the issuing unit in effect is the delegateagent of the
State, according to a Raleigh news dispatch.
The action,
which ruling was made, is said to have been brought by Mecklenburg
County against the Piedmont Fire Insurance Co., Inc., holder of a large
block of Winston-Salem school bonds.
{>roposal. be furnished the opinion of Squire, Sanders & Dempsey of Cleveand will
The approving successful bidder.
HIGHLAND COUNTY (P. O. Hillsboro), Ohio—BONDSDEFEATED
—At the May 12 election the voters turned down the proposed
poor relief bond issue by a count of 1,919 for and 3,865 against.
$20,000
HOCKING COUNTY (P. O. Logan), Ohio—BOND OFFERING—
W. S. Yaw, Clerk of the Board of County Commissioners, will receive
bids until 1:30 p. m. (Eastern Standard Time) June 15 for the purchase
at not less than par of $28,500 poor relief bonds, to bear interest at no more
than 6%.
Dated June 1, 1936.
Principal and semi-annual interest
Starch 11 and Sept. 1) payable at the County Treasurer's 1939: $3,400,
office. Due
arch
follows:
$3,100, 1937: $3,000, 1938; $3,200,
as
1940; $3,600, 1941; $3,800,1942; $4,100, 1943, and $4,300, 1944.
of bonds bid for required.
Certified
check for 1 % of amount
HOPEDALE SCHOOL DISTRICT,
Ohio—BOND
SALE—The'issue
of $60,000 coupon school bonds offered on May 22—V. 142, p. 3222—
awarded to the First Cleveland Corp. of Cleveland as 3 Ms, at par
was
Slus a1,premium ofdue $2,000 on June 1 and basis 1 from 1937 to 1951 incl.
Dated
1936, and $342, equal to 100.57, a Dec. of about 3.18%.
une
Other bids were
as
follows:
Prem.
Int. Rate
Bidder—
Stranahan, Harris & Co..
Seasongood & Mayer
Johnson, Kase & Co
Weil, Roth & Irving Co
Ryan, Sutherland & Co
Saunders, Stiver & Co.
$236.65
%
—
-
-
78.65
3M%
3M%
;
—
426.00
408.00
252.00
526.67
126.00
4%
4%
5%
4%
-
M. Bliss Bowman & Co
LIMA CITY SCHOOL DISTRICT, Ohio—BOND SALE—The $32,000
refunding bonds offered on May 22—V. 142, p. 3556—were awarded to
the Provident Savings Bank & Trust Co. of Cincinnati as 3 Ms, at par
plus a premium of $182.40, equal to 100.57, a basis of about 3.19%.
Dated
April 1, 1936, and due as follows:
$1,000, April 1 and Oct. 1 from 1941
to 1946 incl., and $2,000, April 1 and Oct. 1 from 1947 to 1951 Incl.
on
NORTH CAROLINA, State of—DEBT STATISTICS PREPARED—
Kh*chofer & Arnold, Inc., Capital Club Building, Raleigh, N. O., have
prepared comparative debt statistics on the 100 North Carolina counties.
The information presented includes debt ratios and per capita figures for
each of the counties. This data is said to be partially the results of a study
made by the above firm of the comparative debt burden of local subdivi¬
sions in the State.
O. Bryson City). N. C.—NOTE SALE—It is
reported that R. S. Dickson & Co. of Charlotte purchased on May 26 a
block of $40,000 tax anticipation notes at 2 % % plus a premium of $1.50.
DAKOTA
NORTH
to
N. Dak.— WARRANTS VOTED—The voters are said
have approved at a recent election the issuance of $34,870 in special
MOURE,
assessment warrants.
SHERIDAN
Denom.
$1,000.
Dated June 1, 1936.
Interest payable annually on
Due March 1 as follows: $13,000, 1937; $14,000, 1938; $15,000.
1939; $16,000, 1940; $17,000, 1941; $18,000, 1942; $19,000, 1943, and $20,000. 1944.
Cert, check for $1,320, payable to George P. Lewis, County
Treasurer, required.
March 1.
Printed copies will be furnished upon request.
SURRY COUNTY (P.
LA
MAHONING COUNTY (P. O. Youngutown), Ohio—BOND OFFER¬
Clerk of the Board of County Commissioners, will
ING—F. E. Lancaster,
receive bids until 11 a. m. (Eastern Standard Time) June 15 for the pur¬
chase of $132,000 poor relief bonds bearing interest at no more than 6%.
COUNTY
(P.
O.
McClusky),
N.
Dak.—BOND ELEC¬
issu¬
TION—At the primary election on June 24 the voters will pass on the
of $37,000 in court house bonds, according to report.
ance
MIDDLEFIELD,
Ohio—BOND SALE—1The $4,000 coupon bonds
on May 22—V.
142, p. 3223—were awarded to the Middlefield
Banking Co. of Middlefield, the only bidder, as 5s, at a price of par.
The
total includes $2,000 water supply improvement, $1,000 park improvement
and $1,000 creek improvement.
The bonds mature $250 each Oct. 1 from
1937 to 1944, incl.
Dated May 1, 1936.
offered
MONROE COUNTY (P. O. Woodsfield), Ohio—BOND OFFERING—
Guy S. McKelvey, Clerk of the Board of County Commissioners, will re¬
purchase at not less than par of $16,900
ceive bids until noon June 8 for the
Eoor relief excise fund
►ated Nov. 1, 1935.
bonds, which will bear interest at no more than 6%.
Due March 1 as follows: $1,700,1937; $1,800, 1938;
$1,900, 1939; $2,000, 1940; $2,200, 1941; $2,300, 1942; $2,400, 1943, and
$2,600 in 1944.
Cert, check for 5% of amount of bonds, payable to the
Board of County Commissioners, required;
NEW BOSTON, Ohio—BOND OFFERING—Sealed bids will be re¬
by the City Clerk until 7:30 p. m. on June 9 for the purchase of
$36,000 6% flood prevention bonds, to mature $1,200 annually from 1938to 1967 incl.
The issue carried by a vote of 855 to 174 at the May 12
ceived
OHIO
MUNICIPALS
election.
NILES,
MITCHELL, HERRICK & CO.
700
CANTON
CUYAHOGA
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
Ohio—BOND
OFFERING—Homer
Thomas,
City
Auditor,
not less than par of
$32,000 4% coupon refunding bonds.
Denominations 12 for $500 and 26
for $1,000.
Dated April 1, 1936.
Interest payable April 1 and Oct. 1.
Due $4,000 yearly on Oct. 1 from 1939 to 1946, incl.
Certified check for
1% of amount of bonds offered, payable to the city, required.
will receive bids until noon June 15 for the purchase at
OAK HILL,
Ohio—BOND OFFERING—David S. Brown, Village
Clerk, will receive bids until noon June 13 for the purchase at not less than
OHIO
CINCINNATI. Ohio—SALE OF BONDS SUBJECT TO FAVORABLE
COURT DECISION—The city is advising prospective bidders for the $8,-
128,000
Southern Ry. and water works refunding bonds being
June 3—V. 142, p. 3555—that the sale will be held subject to
the opinion of the State Supreme Court on the validity of the statute under
which the financing is being negotiated.
Municipal officials are confident
of a favorable ruling by the Court.
offered
2H%
on
CINCINNATI
SCHOOL
DISTRICT,
Ohio—BOND
OFFERING—
R. W. Shafer, Clerk of the Board of Education, will receiv^ bids until
3 p. m. June 15 for the purchase of $411,000 2^% refunding bonds.
Denom. $1,000.
Dated July 1, 1936.
Prin. and semi-ahnual int. (March 1
and Sept. 1) payable at the Irving Trust Co. of New York.
Due Sept. 1
as foUows: $22,000,
1937 to 1948; and $21,000, 1949 to 1955.
Certified
check for 3% of amount of bonds bid for required.
CUYAHOGA COUNTY (P. O. Cleveland), Ohio—BOND OFFERING
—George H. Stabler, Clerk of the Board of County Commissioners, will
receive sealed bids until 11 a. m. (Eastern Standard Time) on June 12 for
the purchase of $171,600 6% emergency poor relief bonds.
Dated June l,
1936.
One bond for $600, others $1,000 each.
Due March 1 as follows:
$18,600, 1937; $18,000, 1938; $19,000, 1939; $21,000, 1940; $22,000, 1941:
$23,000, 1942; $24,000 in 1943, and $26,000 in 1944.
Principal and
interest (M. & S.) payable at the State Treasurer's office.
In naming an
interest rate other than 6%, the bidder will be required to express such
rate in a multiple of M of 1%.
A certified check for 1% of the bonds bid
for, payable to the order of the County Treasurer, must accompany each
proposal.
(Preliminary notice of the above offering appeared in a previous issue—
V. 142, p. 3556.)
CUYAHOGA FALLS, Ohio—BOND OFFERING—J. E. Preston, City
Auditor, will receive bids until noon June 15 for the purchase at not less
than par of $49,098 AH% street improvement bonds.
Denom. $1,000,
except 10 for $500 and one for $98.
Dated June 1,1936.
Interest payable
April 1 and Oct. 1.
Due Oct. 1 as follows:
$4,098, 1937, and $4,500,
1938 to 1947.
Certified check for 2% of amount of bonds bid for, payable
to the City Treasurer, required.
DELAWARE, Ohio—BOND OFFERING—F. D. King, City Auditor,
will receive bids until 2 p. m. June 25 for the purchase at not less than par
of $3,500 fire truck and equipment purchase bonds to bear interest at no
than 5%.
Denom, $500.
Dated June 1,1936.
Prin. and semi-ann.
int. (June 1 and Dec. 1) payable at Delaware.
Due $500 yearly on June 1
from 1937 to 1943, incl.
Cert, check for $50, payable to the city, required.
more
EDGERTON-ST. JOSEPH SCHOOL DISTRICT (P. O. Edgerton),
Ohio—BOND SALE—The $26,000 coupon school building obnds which
7—V. 142, p. 826—have been sold to Ryan, Sutherland
& Co. of Toledo as 3 Ms.
The bonds as offered were dated Feb. 1, 1936,
and matured yearly on Oct. 1 as follows: $1,000, 1937 to 1956, and $2,000
par of $8,500 5% special assessment refunding bonds.
Denom. $500.
Dated June 1, 1936.
Interest payable June 1 and Dec. 1.
Due June 1
as
follows:
$1,000, 1937, 1938 and 1939, and $2,000, 1940 to 1946.
Certified check for 3% of amount of
PORTSMOUTH, Ohio—BOND OFFERING—James D. Williams, Di¬
Department of Finance, will receive bids until 3p.m. June 10 for
$75,000 6% flood defense bonds.
Dated July 1, 1936.
semi-annually.
Due Oct. 1 as follows: $8,000, 1942 to
1947, and $9,000, 1948, 1949 and 1950.
Principal'and interest payable at
the office of the Director of Finance.
Certified check for $750 required.
rector of
the purchase of
Interest payable
1957,
1958 and
FAIRFIELD
1
as
COUNTY
follows:
(P.
O.
Lancaster),
Ohio—BOND SALE—
basis of about 1.99%. Dated April 1, 1936 and due
$2,000 in 1937 and 1938 and $3,000 from 1939 to
a
Chillicothe),
Ohio—BOND
SALE—The
Ohio—BOND SALE—The
May 23—V. 142, p. 3223—were awarded
SANDUSKY COUNTY (P. O. Fremont),
$32,000 poor relief bonds offered on
Bosworth & Co. of Toledo as 2 Ms, at par plus a premium of
$208. equal to 100.65, a basis of about 2.10%. Dated March 1, 1936 and
due March 1 as follows: $3,200, 1937; $3,400, 1938; $3,600, 1939; $3,900,
1940; $4,100, 1941; $4,300, 1942; $4,600 in 1943 and $4,900 in 1944.
SMITHVILLE, Ohio—BOND OFFERING—V.
O. Hutchison, Village
Clerk, will receive bids until noon June 9 for the purchase at not less than
Sar of1, 1936.5% coupon payable May 1 andbonds. 1.Denom. $200. Dated
lay $2,000
Interest municipal building Nov.
Due $200 yearly on
Nov. 1 from 1937 to 1946, incl.
Certified check for $50, payable to the
village, required.
TOLEDO, Ohio—PLANS LARGE REFUNDING OPERATION—It is
reported that the city plans to undertake shortly the refunding of $3,287,000
of outstanding AH % interest at a considerably lower rate. The bonds were
originally issued as 6s and were refinanced last year at the lower rate.
VERMILION, Ohio—BOND SALE—The Vermilion Banking Co. has
purchased an issue of $18,000 water works bonds as 4s, at a price of par.
WINDHAM, Ohio—BOND OFFERING—F. A. Eberwine, Village Clerk,
June 12 for the purchase of the following AH %
improvement bonds:
$4,000.00 South Main Street bonds.
Due $400 each six months from
May 1, 1937 to Nov. 1, 1941.
824.01 South Main Street bonds.
Due in substantially equal semi¬
will receive bids until noon
street
annual instalments from May
1, 1937 to Nov. 1, 1941.
Interest payable semi-annually.
Certified check
payable to the village, required with each issue.
,
Dated May 1, 1936.
for $50,
..
..
BRISTOW, Okla.—BOND CALL—Fred Godon, City Treasurer, is re¬
ported to be calling for payment on July 2, on which date interest shall
cease, Nos. 1 to 20 of 6% water works extension bonds, issued on Jan. 2,
1920, Denom. $1,000.
Okla.—BOND OFFERING—Albert Trachsler, Town
bids until 7:30 p. m. June 1 for the purchase at not less
$4,500 electric distribution bonds, which will bear interest at
rate named in the successful bid.
Due $500 yearly beginning three years
after date. Certified check for 2% of amount of bid required.
i
BURLINGTON.
1944 incl.
HANCOCK COUNTY
O.
OKLAHOMA
The issue of $19,000 poor relief bonds offered on May 14—V. 142, p. 3045—
awarded to Prudden & Co. of Toledo as 2s, at par plus a premium of
$7, equal to 100.036,
(P.
to Braun,
1959.
was
March
COUNTY
ROSS
$70,000 emergency poor relief bonds offered on May 25—V. 142, P- 3223—
awarded to Seasongood & Mayer of Cincinnati as 2s lor a premium of
$423.85, equal to 100.6055, a basis of about 1.88%.
Halsv y ' uart & Co.
were second high, offering a premium of $213.50 for 2s.
Dated April 1.
1936.
Due yearly on March 1 as follows:
$7,100, 1937; $7,500, 1938;
$8,000, 1939; $8,400, 1940; $8,900, 1941; $9,400, 1942: $10,100, 1943,
and $10,600, 1944.
were
were offered on Feb.
in
bonds bid for, payable to the Village
Treasurer, required.
(P. O. Findlay), Ohio—BOND OFFERING—
Frank H. Huffman, County Auditor, will receive sealed bids until 10 a. m.
on June 18 for the purchase of $58,000 6 % poor relief bonds.
Dated June 1,
1936.
Due March 1 as follows: $5,900, 1937; $6,200, 1938; $6,600. 1939;
$7,000,1940; $7,400,1941; $7,800,1942. $8,300 in 1943 and $8,800 in 1944.,
Principal and interest (M. & S.) payable at the County Treasurer's office.
In bidding an interest rate other than 6%, the bidder will be required to
express the alternate rate in a multiple of M of 1%.
A certified check for
Clerk, will receive
than par of
CHANDLER, Okla.—BOND SALE—The $36,000 issue of sewer ex¬
tension and sewage disposal plant bonds offered for sale on May 19—V. 142,
p.
3391—was purchased by R. J. Edwards, Inc., of Oklahoma City, as 3Ms
and 3 Ms. according to report.
Financial
3724
GEARY SCHOOL DISTRICT (P. O. Geary), Okla
The $12,800 issue of school building bonds offered for sale on May 12—
V. 142, p. 3223—was purchased by Calbert & Canfield, of Oklahoma City,
according to the Superintendent of Schools.
KONAWA, Okla.—BOND ELECTION—An election is said to be sched¬
uled for June 11 in order to vote on the proposed issuance of $65,000 in not
to exceed
6% semi-annual light and power plant bonds.
Due in 25
years.
DISTRICT (P. O. Seminole). Okla.—BOND
SALE—The $80,000 issue of school bonds offered for sale on May 25—
V. 142, p. 3556—was awarded to the First State Bank of Seminole as 2^s
at par, according to the District Clerk.
Due $20,000 from 1937 to 1940, incl
SEMINOLE SCHOOL
SNYDER,
Okla.—BOND SALE—The $15,000 issue of water works
extension and impt. bonds offered for sale on May 25—V. 142, p. 3556—
was awarded to the First National Bank of Snyder, as 6s, paying a premium
of $15, equal to 1C0.10, according to the Town Clerk.
.
Chronicle
May 30, 1936
CALIFORNIA, Pa.—BOND SALE—The $76,000 coupon, registerable
as to principal, street impt. bonds offered on May 27—V. 142, p. 3557—
were awarded to Singer, Deane & Scribner of Pittsburgh as 3s.
Stroud &
Co. of Philadelphia wera second high bidders.
Dated June 1, 1936.
Due
June 1 as follows:
$1,000, 1938; $5,000 in 1940; 1942, 1944, 1946, 1948,
1950, 1952, 1954, 1956, 1958, 1960, 1962 and 1964; and $10,000 in 1966.
The bankers paid a premium of $ 1,078 for the issue as 3s, equal to 101.418,
a basis of about 2.87%.
Other bidders were:
Name—
Stroud & Co.,
Philadelphia-
-
Leach Bros., Philadelphia
E. H. Rollins & Sons, Philadelphia—
Glover & MacGregor,
Pittsburgh.-
—. — _
First National Bank, California
Int. Rate
3%
3%
3H%
3K %
3M%
-
Premium
$439.96
266.00
1,306.34
1,521.25
350.00
DERRY TOWNSHIP SCHOOL DISTRICT (P. O. Lewistown), Pa.—
OFFERING—Ralph C. Bell. District Secretary, will receive bids
for the purchase of $65,000 coupon school building
bonds, which are to bear interest at 2, 2M, 2H. 2%, 3, 3M, 3H
3%A or
4%.
Denom. $1,000.
Interest payable May 1 and Nov. 1
Due as
follows: $6,000. 1939; $2,000, 1940 to 1948; $3,000. 1949; $2,000, 1950
to 1952; $3,000, 1953; $2,000, 1954 and 1955; $3,000, 1956; $2,000, 1957;
$3,000, 1958 to 1962; and $5,000, 1963.
BOND
until 7:30 p. m., June 15
TULSA SCHOOL DISTRICT (P. O. Tulsa), Okla.—BOND OFFER¬
ING—Sealed bids will be received by the Clerk of the Board of Education
until 8:30 p. m. on June 3, for the purchase of an issue of $1,700,000 coupon
school bonds.
Due $94,000 from 1939 to 1955, and $102,000 in 1956.
These bonds were approved by the voters at an election held on May 19—
V. 142, p. 2877—and they will be sold
rate of interest and agreeing to pay par
to the bidder naming the lowest
and accrued interest.
A certified
check for 2% of the amount bid is required.
In connection with the above offering, we are now advised that the bonds
fully described as follows: Dated July 5, 1936. No bids fixing a
premium on bonds can be considered. The bonds will be sold to the bidder
offering the lowest interest rate and agreeing to pay par and accrued
interest for the bonds. Prin. and int. payable at the State's fiscal agency in
New York. The purchaser will be furnished with the approving opinion of
the Attorney General and may at his own expense obtain the opinion of
Storey, Thorndike, Palmer & Dodge, of Boston; Chapman & Cutler of
Chicago; Caldwell & Raymond of New York; and Masslich & Mitchell of
New York. Each bidder must submit with his bid cash or its equivalent to
2 % of the amount bid.
are more
Oregon Municipals
■
FARRELL SCHOOL DISTRICT, Pa .—BOND OFFERING—George J.
Wetherstein, District Secretary, will receive bids until 8 p. m., June 15 for
less than par of $35,000 coupon school bonds, to bear
23A%, 3%, 3X%, 3M%. 3%% or 4%.
Denom. $1,000.
1, 1936.
Interest payable semi-annually.
Certified check
the purchase at not
at
interest
Dated
June
for 5%,
required.
GEORGES TOWNSHIP (P. O. Fatrchance), Pa .—BOND OFFERING
—Harry R. Cooley, Township Secretary, wiil receive bids until 2 p. m.,
June 13 for the purchase of $56,000 4% funding bonds.
Due yearly from
1946 to 1956.
HATFIELD BOROUGH SCHOOL DISTRICT (P. O. Hatfield), Pa.
OFFERING—Andrew West, Secretary of the Board of School
7 p. m., June 8 for the purchase of $10,000
coupon school bonds, which are to bear interest at 2H%, 2%%, 3%,
3H% or 3M%•
Denom. $1,000.
Dated June 1, 1936.
Interest pay¬
able June 1 and Dec. 1.
Due $1,000 yearly on June 1 from 1941 to 1950
incl.
Cert, check for 2%, required.
Sealed bids will be received until 7 p. m. (Eastern Standard Time).
Bidder to name one rate of interest on the loan.
T.ie approving opinion of
Townsend, Elliott & Munson of Philadelphia will be furnished the successful
—BOND
Directors, will receive bids until
bidder.
'<
•
•
■
TOWNSHIP SCHOOL DISTRICT (P. O. Hatfield,
D.) Pa.—BOND OFFERING—Wayne W. Hughes, District Secretary,
will receive sealed bids until 7 p. m. (Eastern Standard Time) on June 8
HATFIELD
CAMP & CO., INC.
Porter
R.
Portland, Oregon
Building,
OREGON
.,2,000, 1945; $1,000, 1946; $2,000, 1947: $1,000, 1948; $2,000, 1949: $1,000.
1950; $2,000, 1951; $1,000 in 1952 and $2,000 in 1953. Bidder to name one
all of the bonds. A certified check for 2% of the bonds
bid for, payable to the order of the District Treasurer, must accompany
each proposal.
The approving opinion of Townsend, Elliott & Munson of
Philadelphia will be furnished the successful bidder.
rate of interest on
BAKER, Ore.—BOND OFFERING—Sealed bids will be received until
2 p. m. on June 15 by Mable Nelson, City Clerk, for the purchase of a
$60,000 issue of street intersection refunding bonds. Interest rate is not to
exceed 5%, payable J. & J.
Denom. $1,000. Dated July 1, 1936.
Due
$5,000 from July 1, 1937 to 1948, incl. Bids for the purchase of all or any
part of said bonds shall be upon the rate of interest and subject to the fol¬
lowing conditions: The bonds shall be sold for the highest and best bid
obtainable, and for cash only, and the bonds must be taken up and paid
for by the purchaser upon tender thereof, unless by appropriate arrange¬
ment agreed upon in writing between the city and the purchaser thereof,
provisions shall be made for taking up said bonds in instalment blocks,
and any failure to do so shall entitle said city to retain the amount of deposit
•as liquidated damages and not* as forfeiture or penalty.
Accrued interest
from July 1, 1936, upon the total price of said bonds shall be paid by pur¬
chaser.
Principal and interest payable at the office of the City Clerk. A
certified check for 5% of the amount bid, payable to the Clerk, is required.
JEFFERSON TOWNSHIP (P. O.
Newell), Pa.—BOND OFFERING—
will receive bids until noon June 1 for
purchase of $35,000 4% funding and road improvement bonds.
Inter¬
payable semi-annually.
Due serially for 10 years.
William Smith, Township Secretary,
the
est
NEW CASTLE SCHOOL DISTRICT, Pa .—BOND OFFER ING —John
Bechtol, District Secretary, will receive sealed bids until 7:30 p. m.
(Eastern Standard Time) on June 10 for the purchase of $30,000 3, 3 H,
314, 3% or 4% series D coupon or registered refunding bonds.
Dated
July 1,1936. Denom. $1,000. Due $5,000 on July 1 from 1948 to 1953 incl.
B.
Interest
payable J. & J.
A certified check for $400, payable to the order
of the District Treasurer, must accompany each proposal.
SCHOOL
by T. H. Richards, District Clerk, for the purchase of a $25,000 issue of
Interest rate is not to exceed 6%, payable J. & D.
Denom.
$1,000. Dated June 15, 1936. Due on June 15 as follows: $3,000, 1937 to
1943, and $4,000 in 1944.
Prin. and int. payable in lawful money at the
County Treasurer's office or at the fiscal agency of the State in New York.
A certified check for 5% of the total amount bid, payable to the District,
is required.
Pa.—BOND OFFERING—
DISTRICT,
sealed bids until 7:30 p. m.
(Eastern Standard Time) on June 8 for the purchase of $8,000 not to exceed
4Mt% interest coupon school building bonds.
Dated June 1, 1936.
De¬
nomination $1,000.
Due $1,000 on June 1 from 1940 to 1947, incl.
Bidder
to name one rate of interest on the issue, expressed in a multiple of M of
1%.
Prin. and int. (J. & D.) payable at the District Treasurer's office.
A certified check for $200. payable to the order of the District Treasurer,
must accompany each proposal.
The bonds will be issued subject to the
approval of the Pennsylvania Department of Internal Affairs.
•
CORVALLIS, Ore.—BOND CALL—Margaret E. Lowe, City Treasurer,
is said to be calling for payment at her office on June 1, Nos. 1 to 16, of
impt., series A bonds of 1932.
Dated Dec. 1, 1932.
Interest shall cease
chase of $13,700
BAKER COUNTY SCHOOL DISTRICT NO. 5 (P. O. Baker) Ore.—
BOND OFFERING—Sealed bids will be received until 7:30 p. m. on June 6,
school bonds.
on
date called.
KLAMATH FALLS,
of Portland
was
Ore.—BOND SALE—The Federal Securities Co.
bonds offered on May 27,
awarded the $95,000 refunding
bid of 100.17 for $72,000 2%s and $23,000 2>£s.
Dated July 1, 1936,
and due July 1 as follows: $18,000 from 1937 to 1940 incl., and $23,000
in 1941.
Ferris & Hardgrove of Spokane bid 100.33 for the entire issue
on a
as
2^s.
NEW
EAGLE
H. E. Evans, District Secretary, will receive
,
ORBISONIA
SCHOOL
DISTRICT,
Pa .—BOND
OFFERING—The
Board of School Directors will receive bids until noon June 10 for the pur¬
4% coupon bonds.
Denom. $1,000.
Interest payable
April 1 and Oct. 1.
Due Oct. 1, 1950; redeemable on and after Oct. 1,
1940; dated Oct. 1, 1935.
PENNSYLVANIA
of)—LOCAL
(State
ISSUES
APPROVED—The
following is a record of the new Issues of bonds approved by the Pennsyl¬
vania Department of Internal Affairs, Bureau of Municipal Affairs.
The
data includes the name of the municipality, amount and purpose of issue
and date of approval:
.
LINN COUNTY SCHOOL DISTRICT NO. 5 (P. O. Albany), Ore.—
BOND OFFERING—Sealed bids will be received until 7 p. m. on June 2,
by H. Brenheman, District Clerk, for the purchase of a $30,000 issue of
school bonds.
Interest rate is not to exceed 6%, payable J. & D.
Denom.
$1,000.
Dated June 1,1936.
Due $2,000 from June 1, 1938 to 1952, incl.
Principal and interest payable at the County Treasurer's office.
The ap¬
proving opinion of Teal, Winfree, McCulloch, Shuler & Kelley of Portland
will be furnished.
A certified check for 2 ]4 % of the amount bid is required.
.
MALHEUR COUNTY
UNION
HIGH
SCHOOL
DISTRICT
NO.
3
(P. O. Vale), Ore.—BOND OFFERING—Sealed bids will be received until
May 29, by C. C. Mueller, District Clerk, for the purchase of a
3 p. m. on
$10,000 issue of 4% coupon school bonds.
Denom. $500.
Dated Jan. 2,
1936.
Due $500 from Jan. 2, 1937 to 1956, incl.
The bonds will be
as to principal only.
Principal and interest (J. & J.) payable
in lawful money at the County Treasurer's office or at the fiscal agency of
the State in New York. \ The approving opinion of Robert D. Lytle of
Vale, will be furnished.
A certified check for $300, payable to the District,
must accompany the bid.
registerable
SALEM, Ore.—BOND SALE NOT SCHEDULED—It is stated by the
City Recorder that no official action has been taken in the matter of issuing
the $1,150,000 water system bonds that were discussed in these columns
last March—v. 142, d. 2036.
Date
Municipality and Purpose—
Approved
Amount
May 18
$100,000
May 18
13,000
May 18
9,000
May 18
47,000
May 19
May 20
41,000
700,000
New
Castle, City of, Lawrence County—Funding
floating indebtedness incurred for public impts---.Penn
Borough,
Westmoreland
County—Funding
floating indebtedness, $2,950; construct sewers, pur¬
chase site for disposal plant, $8,850; pay property
damage from bridge improvement, $1,200-Potter Township,
Beaver County—Reconstructing
and improving roads
Washington Twp. School Dist., Northampton County
—Purchase land,
erect and construct a school
building thereon
Beliefonte Borough School Dist., Centre County—
Fund floating indebtedness, $29,500; repair high
school building and provide heating system, $11,500
Fayette County—Funding floating indebtedness
York Springs Borough, Adams County—Erecting and
operating water works
■*.
;•*
Confluence Borough School Dist., Somerset County—
Erecting, equipping and furnishing school bldg
PHILADELPHIA,
May 22
9,200
May 22
20,000
Pa.—SUPREME COURT REFUSES TO ENJOIN
BOND ISSUE—The State Supreme Court on
May 25 dismissed a bill to
from floating a $5,000,000 bond issue for the financing of
completion of the South Broad Street subway in Philadelphia and other
civil improvements.
Chief Justice John W. Kephart read the decision,
which said that "since conditions surrounding the authorization of the
bond issue of 1929 created a valid loan, the authorization could not be
affected by the subsequent decline in value of the city's taxable property."
The bill, brought by the Philadelphia Committee of Seventy, contended
that the city's borrowing capacity had been exceeded.
The bonds have
been authorized, but not issued.
Hailing the decision as a "great victory
for the people," Mayor Wilson indicated that an additional $15,000,000 of
authorized but unissued bonds may be sold as a result of the ruling.
The court, it is said, stated that the provision in the Pennsylvania Con¬
stitution, limiting Philadelphia's debt to 10% of the assessed value of its
taxable property was intended as a curb on municipal extravagance but was
not intended to "strait-jacket municipal financing nor to disrupt, and plunge
into chaos the internal management of the city's financial affairs."
Justice Kephart's opinion continued: "The argument Of petitioner creates
a complete barrier to
progress and in an emergency leaves the city helpless.
"Vast improvements such as the Locust and Broad St. subways, men¬
tioned in the city's paper books, would go unfinished and disintegrate, the
money for their completion being completely wrapped up in an interdicted
restrain the city
Commonwealth of
PENNSYLVANIA
Moncure Biddle & Co.
1520 Locust
St, Philadelphia
PENNSYLVANIA
ARONA
SCHOOL
DISTRICT, Pa .—BOND SALE—The issue of
$5,000 4% bonds offered on May 25—-V. 142, p. 3557—was awarded to the
First National Bank of Greensburg.
Dated May 1, 1936 and due $500
annually from 1941 to 1950 incl.
BEAVER COUNTY (P. O.
Beaver), Pa.—BOND OFFERING—Ralph
C. Bennett, County Comptroller, will receive sealed bids until June 4,
for the purchase of $500,000 funding and refunding bonds, dated July 1,1936.
BLAWNOX,
Pa.—BOND SALE—The $19,000
coupon
bonds offered
May-25—V. 142, p. 3391—were awarded to the Peoples-Pittsburgh
Trust Co. of Pittsburgh as 3s for a premium of $214.70, equal to 101.13, a
basis of about 2.66%.
Singer, Deane & Scribner of Pittsburgh were seond
on
high bidders, offering a premium of $133 for 3s.
Dated June 1, 1936.
Due $4,000 yearly on June 1 from 1947 to 1950, and $3,000, June 1, 1951.
sale of the bonds.
"It would create
an anomalous situation if we were to say that after the
people of Philadelphia, regularly called to the polls in November at great
expense, had voted upon a bond issue and signified their assent to an in¬
crease of indebtedness, whose validity in all
respects was then assured;
the following January when the assessment came in, that the proposed
issue of bonds was void simply because of the casual incident of a decline
in the assessed value of the property."
Justice Kephart pointed out that if the words of the Constitution were
interpreted literally, then the court would be compelled to say that more
Volume
than
Financial
142
$30,000,000 worth of city bonds
chasers
were
in the hands of innocent pur¬
now
void and that over the entire State
a
much larger amount
would
also be declared worthless.
"Since it is impossible to apply a literal meaning to this
provision,
interpretation
an
of
the
provision
is
Constitutional
the court
"Under such circumstances the court is at liberty to take the most
feasible view; one which is in harmony with the rules of construction ap¬
plicable under the conditions such as are here presented and one which
works the least harm.
"These
rules prohibit the impracticable and unreasonable conclusion
contended for the plaintiff and demand that it be practical and expedient."
PHILADELPHIA, Pa —BOND OFFERING— Bids for the purchase of
$5,000,000 3Y\% bonds will be received at the Mayor's office until noon
(Daylight Saving Time) June 15.
Dated June 16, 1936.
Interest payable
Jan. 1 and July 1.
Due June 16, 1986; callable after 20 years.
The pro¬
ceeds will be used for completion of the Locust Street
subway and for re¬
demption of warrants and mandamuses.
SLIGO SCHOOL
DISTRICT, Pa.—BOND OFFERING—R. A. Callen,
District Secretary, will receive sealed bids until 7:30
p. m. on June 9 for the
purchase of $3,000 4% school bonds.
Dated June 1, 1936.
Denom. $500.
Due June 1, 1942; optional on any interest
payment date after June 1,
1938.
The bonds will be registerable as to principal only and issued subject
to the
was
March
1,
Commercial
Bank
&
Trust
Co.
of
Paris,
paying
a
1946.
ROCK WOOD,
Tenn.—BOND
OFFERING—Sealed
bids
will
be
re¬
Denom. $100.
Dated July
1,
Due $100 from 1939 to 1968, incl.
1936.
The
bonds are registerable as to principal only and are issued pursuant
to the provisions of the Public Works Act of 1935 and shall be payable as
to principal and interest from the revenues derived from
operating a mu¬
nicipal park and recreation center.
TENNESSEE. State of—SUPREME COURT RULES ON NEW FRAN
CHISE TAX—Affirming the decision of Chancellor R. B. C. Howell at
Nashville, the Tennessee Supreme Court has held the newly-enacted fran¬
chise tax constitutional as to corporations, but invalid as to partnerships,
according to
news
advices.
The tax
was
enacted
as
part of a revenue pro¬
gram proposed
by Governor Hill McAlister to balance the State's budget.
The franchise txa is 15 cents for each $100 of capital invested in Tennessee,
for the privilege of doing business in the State.
,•
approval of the Pennsylvania Department of Internal Affairs.
TEXAS BONDS
Bought
bonds, which will bear interest
SCHOOL
DISTRICT,
OFFERING—
Pa .—BOND
Esther Lutz, Secretary of Board of School
Directors, will receive bids until
7p.m. June 8 for the purchase of $37,000 coupon building and impt. bonds.
Bidders are to name rate of
interest, in multiples of 34 %, but not to exceed
4%.
Denom. $1,000.
Dated Sept. 1, 1936.
Principal and semi-annual
interest (M. & S. 1) payable at the Union
National Bank of Zelienople.
Due on Sept. 1 as follows: $1,000, 1938 to
1942; $2,000, 1943 to 1951; $5,000
in 1952 and 1953. and $4,000 in 1954.
Certified check for $1,000, payable
to the Union National
Bank, Zelienople, Treasurer of the School District
of Zelienople, required.
Legal opinion by Marshal & McCandless of Butler.
Incorporated
Houston, Texas
STREET
NEW
YORK
CHARLESTON,
BIG SPRING, Tex.—BONDS VOTED—At the election held on May 19
142, p. 3393—the voters are said to have approvde the issuance of
$42,000 in airport bonds.
—V.
BRAZORIA COUNTY ROAD DISTRICT NO. 6 (P. O. Angleton),
Texas—BOND SALE—The $150,000 issue of lateral road construction
bonds offered for sale
on May 25—V.
142, p. 3558—was awarded to the
Gregory-Eddleman Co. and Aves & Wymer, both of Houston, jointly, as
5s, paying a premium of $483.88, equal to 100.322, a basis of about 4.96%.
Dated May 20, 1936. Due from April 10, 1938 to 1957.
Brownsville), Texas.—BOND REFUND¬
ING CONTEMPLATED—The Commissioners
Telephone WHItehall 4-6765
GREENVILLE, S. G.
TEXAS
ANAHUAC INDEPENDENT SCHOOL DISTRICT (P. O. Anahuac),
Texas—BONDS VOTED—At the election held on May 16—V. 142, p.
3225—the voters are said to have approved the issuance of the $110,000
in school building bonds by a wide margin.
Court of the above county
is
McALISTER, SMITH & PATE, Inc.
BROAD
Quoted
Sterling Building
CAMERON COUNTY (P. O.
Southern Municipal Bonds
67
—
at
3%, 334% or 334%. Denom.
$1,000.
Dated June 1, 1936.
Interest payable June 1 and Dec. 1.
Due
yearly on June 1 as-follows: $2,000, 1937 to 1941; and $3,000, 1942 to 1946.
Certified check for 2% required.
ZELIENOPLE
Sold
—
H. C. BURT & COMPANY
SWATARA TOWNSHIP SCHOOL DISTRICT
(P. O. Harrisburg
R. D. No. 1), Pa .—BOND OFFERING—John M.
Erb, District Secretary,
will receive bids until 7:30 p. m. June 15 for the
purchase of $25,000 coupon
P*
the
ceived until 10 a. m. on June 15
by Asa Wright, City Recorder, for the pur¬
chase of a $3,000 issue of 5% coupon semi-annual
park construction bonds.
STONEYCREEK TOWNSHIP (P. O. R. D. No. 4, Riverside, Johntown), Pa.—BOND OFFERING—D. M. Baker, Township Secretary, will
receive sealed bids until 6 p.m. on June 8 for the
purchase of $36,000 3%
funding and refunding bonds. Dated June 1, 1936. Due Dec. 1 as follows$1,000, 1937 and 1938; $1,500, 1939 to 1949 incl.; $2,500 from 1950 5o 1955
incl. and on June 1, 1956 a block of $2,500 will mature.
Interest payable
J. & D.
A certified check for $500, payable to the order of the township,
must accompany each proposal.
school
3725
awarded to
Premium of $300, equal to Due $1,000 from about 3.53%, to optional date.
101.50, a basis of 1937 to 1956; optional after
>ated March 1,
1936.
inevitable,"
decision continued.
,
Chronicle
S. C.
considering the refunding of $1,411,000 of flood control bonds through
the Reconstruction Finance Corporation.
It is stated that $1,000,000 of
the bonds now bear 5% and the remaining $411,000 bear 4 3^%.
If re¬
financed through the RFC they would bear 4% and there is a possibility
that the principal would be reduced materially.
The Commissioners have had the refunding operation under consideration
for some time and have been advised that the issue could qualify for an
RFC loan.
The situation is complicated, however, by fact that the county
obtained State remission and by fact that the bonds were refunded at 100
cents on the dollar in 1934.
CROCKETT
SOUTH
CAROLINA
CHEROKEE COUNTY (P. O. Gaffney) S. C.—BOND OFFERING—
bids will be received until June 2, by the Clerk of the Board of
an issue of $144,000 road bonds.
GRAHAM,
Sealed
that
County Commissioners,;for the purchase of
on
LEXINGTON COUNTY (P. O. Lexington), S. C.—BONDS AUTHOR¬
IZED—Governor Johnston is said to have signed a bill
authorizing the
(P.
Tex.—BOND
the following
6%
O.
an
Ozana),
Texas—BOND SALE—The
issue of $47,000 county road bonds.
CALL—F.
bonds
are
F. Parrish, City Clerk, reports
being called for redemption on July 1,
which date interest shall cease:
$100,000 refunding bonds, numbered 48 to 147, incl.
Dated Oct. 1, 1922.
Due as follows: $5,000, 1936 and 1937, and $30,000 in 1942, 1947
and 1952; optional at any time after 10 years.
county to issue $20,000 in jail bonds.
SOUTH
COUNTY
Commissioner's Court has sold
20,000 water works bonds, numbered 111 to 130 incl.
Dated April 1,
1921.
Due $5,000 from 1945 to 1948, optional at any time after
10 years.
DAKOTA
Denom. $1,000.
IPSWICH INDEPENDENT SCHOOL DISTRICT NO.
14, S. Dak.—
BOND SALE—The Board of Education has awarded an issue of
$25,000
4% refunding bonds to the First National Bank & Trust Co. of Minneapolis
at a premium of $60, equal to 100
208, a basis of about 3.94%.
Denom.
$1,000.
Dated May 1, 1936.
Principal and semi-annual interest (J.
&J.1) payable at the First National Bank & Trust Co., Minneapolis
Due $5,000 yearly on Jan. 1 from 1938 to 1942. incl.
MARTIN
INDEPENDENT SCHOOL DISTRICT (P. O.
Martin),
S. Dak.—BONDS SOLD—It is stated
by the District Clerk that $15,000
4% semi-annual school bonds have been purchased at par by the Public
Payable at the Republic National Bank & Trust Co.
of Dallas.
SCHOOL
INDEPENDENT
DUBLIN
DISTRICT
(P.
O.
Dublin)
Texas—BONQ SALE—A $40,000 issue of refunding bonds is reported to
have been
purchased by the State Board of Education.
FOARD
COUNTY
SCHOOL
DISTRICT
NO.
12
(P.
O.
Crowell)
Texas—BONDS SOLD—The State Board of Education is reported to have
purchased $10,000 school bonds.
HOUSTON, Texas—BONDS SOLD—It is reported that $47,000 road
bonds were sold recently to an undisclosed purchaser.
Works Administration.
EL
MOBRIDGE
INDEPENDENT
SCHOOL
DISTRICT
NO. 13 (P. O.
Grange, District Treas¬
urer, is said to be calling for payment, school warrants up to and
including
warrant No. 4868, registered No. 5275.
Mobridge), S. Dak.— WARRANT CALL—R.
MOBRIDGE,
S.
Dak.—ADDITIONAL INFORMATION—In con¬
nection with the sale of the $55,000 4% auditorium
bonds, and the $42,000,
4% pavement bonds to Kalman & Co. of St. Paul, at a price of 100.773, as
reported here in April—V. 142, p. 2715—it is stated by the City Treasurer
that the pavement bond issue was reduced to
$41,000, and matures as
follows:
$1,000, 1936 and 1937; $2,000, 1938 to 1949, and $3,000, 1950 to
1954, giving a basis of about 3.91 %.
TRIPP COUNTY (P. O. Winner), S. Dak.— WARRANTS
CALLED—
R. Calhoon, County Treasurer, is said to have called for
payment on
May 23 the following warrants: Nos. 241 to 465 of county general fund;
Nos. 1 to 56 of Mother's Pension Fund, and Nos. 43 to 100 of
salary fund
C.
warrants.
BLOUNT.'COUNTY (P. O. Maryville), Tenn
refunding«bonds.
Denom. $1,000.
Dated July 1, 1936
$4,000 from July 1, 1937, to 1946, incl.
Prin. and int. (J. & J.)
payable at the Chase National Bank in N. Y. City.
No bid for less than
coupon
Due
id and accrued
Ear is required. interest will be accepted.
A certified check for 2% of the
pro¬
ceeds of these bonds, plus the grant from
the PWA, are to be used in build¬
ing new schools for the City of Knoxville, therefore these bonds will not be
offered for sale to the general trade."
Dated April 1, 1936. Principal and semi-annual interest
13 and Nov. 13) payable at the office of the State Treasurer, in
(May
MIDLAND
INDEPENDENT SCHOOL DISTRICT
the Public Works Administration.
Due from 1939 to 1943.
Denom. $1,000.
O. Midland)
ODESSA SCHOOL DISTRICT (P. O. Odessa) Texas—BOND ELEC¬
TION—It is reported that an election will be held on June 5 in order to vote
the issuance of $90,000 in school construction bonds.
on
PERRYTON, Texas—BONDS DEFEATED—At an election held on
19, the voters are said to have defeated the proposed issuance of
$150,000 in light and power plant bonds.
of Education, for
school
bonds.
Denom.
$24,000, 1937; $25,000, 1938; $26,000, 1939; $27,000, 1940, and $28,000 in
1941. Prin. and int. (F. & A.) payable in Grand Saline. Legality approved
by Chapman & Cutler of Chicago. A certified check for 2% must accompany
the bid.
FALLS
INDEPENDENT SCHOOL DISTRICT (P. O.
SOLD—It is reported that the State Board
$1,000,000 of refunding bonds.
Wichita Falls), Texas—BONDS
of Education has purchased
OFFERINGS
WANTED
UTAH—IDAHO—NEVADA—MONTANA-
WYOMING
MUNICIPALS
FIRST SECURITY TRUST CO.
.
Tenn .—BOND OFFERING CONTEMPLATED—As the
total authorization of $9,000,000, voted at the general elec¬
tion in November 1934, the City Commission is expected to offer
(P. O. Van) Texas—BOND OFFERING—
by the Secretary of the
the purchase of a $130,000 issue of 4% coupon
$1,000.
Dated Feb. 15, 1936.
Due as follows:
Sealed bids will be received until 8 p. m. on June 15,
Board
Dated Feb. 1, 1936
MEMPHIS,
first issue of
nessee
(P.
Texas—BOND ELECTION—An election is said to be scheduled for June 6,
in order to vote on the issuance of $75,000 in school building bonds.
KNOXVILLE, Ten n.-^BONDS SOLD TO PWA—It is stated by R. Rex
Wallace, Director of Finance, that the $118,000 4% school bonds authorized
recently by the City Council—V. 142, p. 3558—were purchased at par by
an
(P. O. Olton), Texas—
bonds has been sold to
Denom. $1,000.
"These bonds were issued in connection with the Public Works Adminis¬
tration loan grant school building program.
The PWA is accepting these
bonds, as well as another $118,000 issue of regular school bonas.
The
tions of
1
Austin.
WICHITA
KNOXVILLE, Tenn .—BONDS NOT FOR PUBLIC SALE—The follow¬
ing letter was sent to us on May 25 by R. Rex Wallace, Director of Finance:
N
In reply to yours of May 21, in regard to improvement bonds in the
amount of $200,000 which the City'Council of Kboxville
recently authorized:
of bonds at
NO.
Beckett, Gilbert & Co. of Dallas, who are offering the bonds to investors.
VAN SCHOOL DISTRICT
OFFERING—
Sealed bids will be received until 2 p. m. (Central Standard
Time) on June 5
by E. A. Walker, County Court Clerk, for purchase of a $40,000 issue of
3%
LAMB COUNTY ROAD DISTRICT
BOND SALE—An issue of $18,000 4M% refunding
May
TENNESSEE
-
PASO, Texas—BOND SALE—Brown, Schlessman, Owen & Co. of
bonds.
Denver have purchased an issue of $215,000 4% sewer system revenue
S.
Phone Wasatch
SALT LAKE CITY
3221
Bell Teletype:
SL K-37
a
an
early date,
or
$3,000,000
after its engineers have completed specifica¬
electric power distribution system to be hooked up with
Ten¬
Valley Authority lines.
PARIS, Tenn.—BOND SALE—The $20,000 issue of 3%% semi-ann.
public improvement bonds offered for sale on May 22—V. 142, p. 3393—
UTAH
COUNTY SCHOOL DISTRICT (P. O. Logan), Utah—
BONDS OFFERED TO PUBLIC— An issue of $43,000 4% refunding bonds
is being offered for investment by Edward L. Burton & Co. of Salt Lake
City.
Denom. $1,000.
Dated May 1, 1936.
Due on Jan. 1 as follows:
CACHE
Financial
3726
$25,000 in 1951 and $18,000 in 1952.
Prin. and int. (J. & J.) payable
the Irving Trust Co., New York City.
Legality to be approved by
Chapman & Cutler of Chicago.
at
EPHRAIM, Utah—BOND SALE DETAILS—It is stated by the City
Recorder that the $15,000 electric light and water system bonds purchased
by L. W. Gibbs & Co. of Salt Lake City as noted in these columns recently
—V. 142, p. 2879—bear interest at 4H%, were sold at par and mature
$1,500 annually from 1941 to 1950 inclusive.
MT. PLEASANT, Utah.—BONDS AUTHORIZED—The City Council
is reported to have passed an ordinance providing for the issuance
in 4% semi-ann. refunding bonds, to take up $3,000 bonds dated
of $5,000
March 1,
1924, and $2,000 bonds dated Jan. 15, 1931.
PAYSON, Utah—BONDS DEFEATED—At the election held on May 12
142, p. 3047—the voters are said to have defeated the issuance of
$32,000 in sewer system bonds.
—Y.
Goldman, Sachs & Co., and the Boatmen's National Bank of
Chicago,
StTheUaward
was held up chiefly because the optional feature in the bonds
presented a problem in determining which offer would give the county the
better price.
NEENAH, Wis.—BOND SALE—The $235,000 issue of sewage treat¬
plant bonds offered for sale on May 22—V. 142, p. 3394—was
awarded to a group composed of the Milwaukee Co. of Milwaukee, the
ment
Wells-Dickey Co. of Minneapolis, and the Northern Trust Co. of Chicago,
2Hs, paying a premium of $1,810, equal to 100.77, a basis of about
as
Dated June 1, 1936.
2.17%.
Due from June 1, 1938 to 1951, incl. immWi
WALWORTH COUNTY (P. O. Elkhorn), Wis.—BOND ISSUANCE
NOT APPROVED—The County Board of Supervisors is said to have failed
to give approval to the proposed issuance of $260,000 in paving bonds.
VIRGINIA
Canadian Municipals
FALLS CHURCH, Va.—BONDS AUTHORIZED—The Town Council
May 12 voted to issue $120,000 sewage system bonds.
on
May 30, 1936
Chronicle
Information and Markets
FREDERICKSBURG, Va.—BOND SALE DETAILS—It is reported
by the City Manager that the $108,000 2}4% semi-ann. refunding bonds
purchased by the Smoot Sand & Gravel Corp. of Alexandria, as noted here
recently—V. 142, p. 3559—were sold at par and mature as follows: $4,000,
1937 and 1938; $10,000, 1939 and 1940, and $16,000, 1941 to 1945, all incl.
Va .—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on June 15, by Charles L. Hutchins, City Clerk, for the
purchase of an issue of $100,000 coupon refunding bonds. Interest rate is
not to exceed 3^%, payable J. & J.
Denom. $1,000. Dated July 1, 1936.
Due on July 1 as follows: $3,000, 1937 to 1968, and $4,000 in 1969. Prin.
and int. payable at the City Treasurer's office. The bonds are registerable
as to principal only.
Rate of interest to be in multiples of M of 1 %, and all
BRAWLEY, GATHERS & CO.
28
ELGIN
KING ST. WEST, TORONTO
6438
SUFFOLK,
All bids shall be at par or better.
prepared by the Continental Bank & Trust Co., New
bonds shall bear the same rate of interest.
The bonds will be
CANADA
ANTIGONISH COUNTY (P. O. Antigonish), N. S.—BOND SALE—
The $30,000 4% 20-year impt. bonds offered on May 23—V. 142, p. 3560—
were awarded to J. C. Mackintosh & Co. of Halifax at a price of 100.52,
a basis of about 3.96%.
Denom. $1,000. Interest payable semi-annually.
York City,
who will also certify as to genuineness, signatures and seals,
legality will be approved by Reed, Hoyt & Washburn, of New York, whose
opinion will be furnished the purchaser.
A certified check for $2,000,
payable to George S. Swain, City Treasurer, must accompany the bid.
WISE COUNTY (P. O. Wise), Va .—BOND REFUNDING PROGRAM—
De Witt
Davis,
Secretary of the Wise County Bondholders'
Committee,
states that on
April 18 the committee entered into an agreement with the
city officials providing for the refunding of the obligations of the county
and its constituent magisterial and school districts.
Under the refunding
plan, which bears the date of May 25, to be submitted to the bondholders,
a
total of $465,000 county-wide bonds, $1,380,500 bonds of magisterial
districts and $696,500 of school districts now outstanding will be exchanged
for
an
equivalent par value of refunding bonds.
ALBERTA
(Province
Oregon
—
Idaho
—
Montana
basis of about 4.575%.
20 years.
Other bids were
a
mmmmmmmm—m—m—mmmmmmmmmmmm
\
SEATTLE
1936.
WASHINGTON
SCHOOL
OF
DISTRICT
NO.
BONDS SOLD— The
COMMISSION,
Que.—INT.
CHARGES
interest coupons dated May 1,
Interest on matured bonds which are in default is alo being paid to
EDMONTON, Alta.—RELIEF NEEDS INCREASE EXPENDITURES
comptroller J. Hodgson in his report points out that the city may have a
very substantial deficit due to direct relief.
DUFFERIN COUNTY (P. O.
—James Henderson,
177
(P.
O.
Seattle),
Orangeville), Ont.—BOND OFFERING
County Treasurer, will receive sealed bids until noon
due serially
June 16 for the purchase of $62,000 3M% coupon bonds,
from 1936 to 1950, incl.
Interest payable yearly.
on
SCHOOL
93.75
—City expenditures for the first three months of the year were $1,210,385,
about $90,000 in excess of the proportion of the budget for that period. This
increase over budget estimates is largely due to higher relief costs.
City
BLAINE, Wash.—BONDS NOT SOLD—The $15,000 issue of not to
COUNTY
Rate Bid
Bidder—
that date.
PORTLAND
exceed 5% semi-ann. harbor improvement bonds offered for sale on May 11
-1—V. 142, p. 2880—was not sold as no bids were received, according to
the City Clerk.
Due annually for 15 years, optional after five years.
KING
follows:
CAP-DE-LA MADELEINE, Que.—MAY 1 INTEREST PAYMENT—
Interest coupons dated May 1, 1936 are now being paid by the subdivision.
Teletype—SEAT 191 Teletype—PTLD ORE 160
Wash.—DESCRIPTION
as
98.50(Winslow & Winslow
Son
of
of
Due
PAID IN FULL—The commission is paying
mmmmmmmm—
SPOKANE
Teletype—SPO 176
Denom. $500.
Dated May 1, 1936.
Rate Bid I
Robinson &
John B.
CHICOUTIMI
Ferris & Hardgrove
DIS¬
HYDRO-ELECTRIC
BATH-BRISTOL-FLORENCEVILLE
Bidder—
—
OUTSTANDING
TRICT (P. O. Bristol), N. B.—BOND SALE—Eastern Securities Co.
St. John purchased on May 11 an issue of $8,000 4
% bonds at a price
in
Washington
OF
Alberta bonds, including savings certificates,
to 2H% to save the Province $3,000,000 annually will take effect June 1,
Premier Aberhart announced May 27 at the close of a Cabinet meeting.
The compulsory refunding Act will not be proclaimed on June 1 as
indicated.
Authority for reducing the interest rate is given under treasury
bill legislation, according to Charles Cockroft, Provincial Treasurer, who
joined Premier Aberhart in making the announcement.
Thus it is not
necessary to proclaim the refunding bill to give the Province this authority.
99,
NORTHWESTERN MUNICIPALS
of)—REFINANCING
BONDS AT 2H% INTEREST EFFECTIVE JUNE 1—Compulsory reduc¬
tion of the interest rate on all
$11,000 coupon school
building bonds awarded on May 23 to the State of Washington were issued
as 4s at
par.
The bonds are dated June 15, 1936, and will be payable
serially, subject to call after five years. Interest will be payable annually
in June.
SEATTLE, Wash.— RAILWAY BOND REFINANCING PROPOSED—
refinancing the municipal railway through thfe issuance of
$7,250,000 in long-term bonds is said to have been referred recently to J. D.
Ross, Lighting Superintendent, by David E. Lockwood, Chairman of the
City Council Finance Committee.
It is proposed to refund $1,250,000 out¬
standing railway warrants with part of the issue and to use $2,000,000
worth of bonds to rehabilitate the system and purchase new equipment.
The entire issue would bear 4H% interest and would mature over a period
A proposal for
of from 10 to 30 years.
TEKOA,
Wash.—BOND SALE—The issue of $5,000 street grading
on May 22—V.
142, p. 3226—was awarded to the Tekoa
premium of $10, equal to 100.20, a basis
Co. of Spokane offered a premium of
$10 for 4%s.
Dated June 1, 1936.
Due $500 from June 1 1938 to 1947,
BRUNSWICK
NEW
Provincial
Richard,
(Province of)—BOND OFFERING—Clovis T.
Secretary-Treasurer, will receive sealed bids until
3 p. m. (A. S. T.) on June 2 for the purchase of $5,342,000 coupon, regis¬
terable as to principal only, bonds, the proceeds of which will be used for
the following purposes: $2,792,000 to refund bonds of that amount matur¬
ing June 15, 1936; $2,150,000 capital highway expenditures, and $400,000
permanent bridge construction.
The bonds will be dated June 15, 1936,
and issued in denoms. of $1,000 or $500, at purchaser's option.
Bids are
requested on 3% 10-year term bonds, 3H% 15-year term bonds and 3XA%
20-year term bonds.
Tenders may also be made on the same basis but
for the bonds to be callable in whole or in part at 101 and accrued interest
at any interest date after five years from date of issue.
Principal and inter¬
est (J. & D. 15) payable in lawful money of Canada at the office of the
Provincial Secretary-Treasurer, Fredericton, or at the Bank of Montreal,
in Halifax, Charlottetown, Saint John, Montreal, Toronto, Winnipeg or
All bids must be made in Fredericton funds and be accompan¬
bonds offered
Vancouver.
State Bank at 3)^ % interest for a
of about 3.46%.
Paine, Rice &
ied by a certified check for $10,000.
inclusive.
A sinking fund of K of 1% will be
provided yearly during the term of the bonds, plus such additional amount
as may from time to time be required
by law.
Payment for and delivery
of the bonds to be made at the Bank of Montreal Fredericton.
,
NORTH
VIRGINIA
WEST
BAY,
Ont .—REFINANCING
PLAN
SUBMITTED
BONDHOLDERS—Bondholders of North Bay have been asked to
BLUEFIELD, W. Va .—BOND ISSUANCE UPHELD BY COURT—The
State Supreme Court on May 5 is said to have upheld the right of the city
to issue $244,000 in sewer bonds approved by the Board of Directors on
Nov\ 19, 1935.
The plaintiffs contended that the city had no right to
issue bonds for work outside the State or to place any part of the plant in
another State.
a
TO
consider
plan under which the tax rate could be lowered eight or nine mills.
The plan, it is said, is to double the life of the bonds, but pay interest
The annual
and principal payment
only on the normal life, extending the principal payments.
interest requirement now is approximately $142,000
By doubling the life of the bonds the annual total requirement
would be reduced to about $85,000, allowing a substantial cut in the mill
$175,000.
rate.
CABELL COUNTY (P. O. Huntington),
W. Va .—BOND CALL—J.M.
Ross Jr., President of the County Court, states that Nos. 401 to
JONQUIERE,
Que.—BOND INTEREST PAYMENT—'The munic¬
ipality and its cshool corporation are paying interest coupons to May 1,
600, of the
5% road bonds, dated July 1, 1916, are being called for payment at par and
accrued interest on July 1, on which date interest shall cease.
Denom.
$1,000.
Due on July 1, 1946.
Payable at the Kanawha Valley Bank in
1936.
Charleston.
Toronto),
CABELL
COUNTY
(P. O.
Hsntington) W. Va —BOND SALE—An
bonds is reported to have been
& Co. of Toledo, paying a premium of
issue of $175,000 2H% semi-ann. refunding
purchased by Braun, Bosworth
$100.00, equal to 100.057.
ONTARIO
HYDROELECTRIC
Ont.—SELLS
COMMISSION
(P.
O.
BONDS—The Bank of Montreal
POWER
$10,000,000
syndicate that obtained an award on May 27 of $10,000,000 bonds
as 2Hs, at a price of 98.91, a basis of about 2.65%.
Due June 15, 1944.
The only other offer received, a bid of 95.739, was made by an account
formed by Wood, Gundy & Co. of Toronto.
headed
a
OTTAWA, Ont .—TAX RATE AT RECORD HIGH—The tax rate in
WISCONSIN
KENOSHA
COUNTY
(P.
O.
Kenosha),
Wia—BOND SALE—The
$160,000 3% highway improvement, series F bonds offered on May 26—
p. 3394—were awarded to the Northern Trust Co. of Chicago at
par, plus a premium of $5,088, equal to 103.18, a basis of about .97%.
A. G. Becker & Co. of Chicago were second high, offering a premium of
$4,884. Dated May 1, 1936. Due on May 1 as follows: $75,000, 1937 and
1938: and $10,000 in 1939.
V. 142,
LA
CROSSE COUNTY (P.
O. La Crosse), Wis.—BONDS VOTED—
Board of Supervisors is said to have approved recently the
$184,000 in highway bonds, to be used as the County's share
proposed $1,500,000 high bridge over the Mississippi River.
The County
issuance of
of
a
MILWAUKEE
COUNTY
(P.
O.
Milwaukee)
Wis .—BOND
SALE—
of county corporate purpose coupon bonds offered for
May 25—V. 142, p. 3226—was awarded on May 26, after consider¬
ation of the two best bids by the county finance officers, to a syndicate
on
Harris Trust & Savings Bank, of Chicago, the North¬
National Bank & Trust Co., Minneapolis, and the Marshall &
Ilsley Bank, of Milwaukee, as l^s, at a price of 100.139, a basis of about
1.207%, to maturity.
Dated June 1, 1936.
Due from Jan. 1, 1937 to
Jan. 1, 1940; callable at par on or after July 1, 1938: any bonds maturing
Jan. 1, 1939, or thereafter, upon 30 days published notice.
The next highest bid was an offer of 99.34 for 1% bonds, tendered by a
composed of the
western
group
composed of Lazard Freres & Co. Inc., the Central Republic Co. of
sitated by the increased amount which must be provided
revenue for higher funded and current costs of direct relief.
REGINA,
Sask.—SINKING
FUND
out of current
HOLDINGS IN DEFAULT—
which are in'default,
The city's sinking fund holds $736,100 of investments
These, for the most part, it is said, are debentures
of school districts, rural telephone companies and municipalities.
Total
assets of the sinking fund amount to $6.9 millions.
according to report.
ST.
BENOIT JOSEPH
LABRE,
Que.—INTEREST PAYMENTS—
its bonds to May 1, 1936.
The above municipality is paying interest on
SAINT
The $1,400,000 issue
said
1936 will be the highest in history.
The public school rate has been struck
39 mills and the separate school rate at 46.23 mills, compared with
36.8 mills and 44.05 mills, respectively, in 1935.
The increase was neces¬
at
JOHN, N. B.—BOND SALE—The $129,000 bonds offered on
were awarded to Griffis, Fairclough & Norsworthy of Toronto
price of 100.58.
The sale comprised:
$66,000 3% bonds, due May 1 as follows:
$5,000, 1937: $6,000, 1938 to
1942 incl.; $7,000 in 1943 and 1944; $8,000 in 1945, and $9,000
May 20
at a
in 1946.
63,000 33^% bonds, due May 1, 1956.
Each issue is dated May 1, 1936.
SASKATOON, Sask.—DEBT REDUCED—The city had a surplus of
$34,178 in 1935.
Net debenture debt was reduced during the year by
$129,288 to
$9,922,591.
Floating liabilities
declined by $83,572 to
$2,550,394.
@FedFRASER