The Brooklyn Daily Eagle from Brooklyn, New York • Page 16

SATURDAY, JUNE 22, 1935 Curb Bonds lUAMRkr UFftnQ Closing Stock Prices on N. Y. Curb Stock Exchange Bond Prices Hun Um Yesterdays Bale. 240 000 RETAIL STORE LABOR SHOWS SEASONAL Old 27ft 2714 18 18 55 58 39 39 I 3 3 3 4- 21 22 4 2 2t 22 22- 28 29 MIcD 8 3 Mich S-18 1-16 rMlfl. 11 Mia 14 10 xMockJud 88 30 Men 29 9 MohHP 13 7 144 137 Mont Bug pf.

Utu Stl Proa im HP 1 pf 4 2 pi xMolybdBiiu.n A 7. 31 38 1 37 33 xM'dyiapt3 3 euro 800 WI 200 Pd. 200 22 22 pf 6 2 1 xNae Bell Hsu 200 71 48 of 0. 5C 35 26 300 9 6 Nat Tran JO. sou 88 49 New Zinc 2 200 63 34 xNewmM lm.

200 16 13 NT Steam 20C 21 113 NYTel pf 6 25 I 1 Nla Nlles-Bem 44 A 4 NAmLAP pf i B6 OhloPw 8 3 2 xPao East 11 18 Cor 200 2 2 2 PG4tE6pl. 200 25 25 25- 37 20 pfl 200 27 27 27 2 1 xPantepso Oil. 500 1 1 1- 44 32 Park Dav 500 44 44 44 64 66 Park Rust 8.. 50 59 S9 59- 844 6 Pitney JO 67 46 Pitts 3. 2 xPotrero Bug.

2 1 PremGd 12m. 1 8 4 xPrudentlal 32 13 PugSLP 5 pf. 17Hi 0 rufcor 3-32 xRelter 3 Ruberold Co 1 32 32- 1 1 St Regis Paper 38 17 StRegcv pf 7 6 Salter Pt JO. 3 1 Selberllns R. 1 xSel Ind xBentrv Saf O.

100 84 3. CO. ZOO 2 2... 50 67 66 Post. 200 55 55 25 25 25 4-24 24 24- pf 6 100 10O-3 Ken Is .10 284s 21 00 Pa uu.

4 3 SoAmGP .40. 24 17 SoCE pf 1 4 3 So Pipe JO. 2 254 103 80 Spiegel 31 18 Btd 15-18 14 9 10 3 IV xStutz Motor. 4 3 xSun 3 xTecbHO .40. 3 xTex 6 JO.

J0m 300 4 4 1 600 17 17 300 Cor 200 Corp. 600 2 2 Corp ws 300 Cor 7 pf 200 67 65 1 TOO 58 59 Ud UnGasCa i xDdCarrPast Ud Corp i Ud Found Od Gas I Ud Ud bALEb Of BONDS UNITED AIt BONDS FOREIGN BONDS Kailroad and Industrial Bondj 103H 104 I07H I07 1. 102-. ioty4 i 54 S4Vi 107V4 137 1 ,0 69'. i SO 10 80 117 117V4 117 IN 7.

44 72V. xU Sec. 4 UdVerExt' 40'. I Util Util pf iimuuiiL i iLnuu Elmer W. Hamcke was elected president of the newly organized Fulton Service Corporation at the first meeting of directors.

This Is the organization which will take over the assets of the old Lehren-krauss Corporation, as directed by-Federal Judge Mortimer W. Byers. and will engage In a general mortgage servicing and real estate management business. Albert J. Sharman Jr.

was elected vice president and treasurer of the corporation and Charles A. Fisher was elected secretary. Formation of the corporation represents the culmination of efforts by stockholders, certificate holders and creditors to preserve and protect their interests in the now defunct Lehrenkrauss properties. Directors of the corporation authorized the retaining of Gels, For-man and Schulze and James Emerick as attorneys, as well as Irving N. Blackman as auditor and realty advisor.

Charles A. Fisher will manage the realty department and Albert Shareman Jr. will be in direct charge of all insurance matters. The corporation intends to open offices in the downtown section of Brooklyn within the next few weeks. Jones Outlines Plan I or Rail Revamping Washington, June 22 Jesse i Jones, RFC chairman, is laying down four basic points as those which must be settled before the Government lending agency will ap-prove even tentatively railroad reorganization plans.

ine points wnicn the RFC will stressed in recent series of confer- between Mr. Jones and rail-officials and security holders They include: Bondholders who accept either a reduction in principal amount or an exchange of fixed interest obligations for income bonds must be given representation on the direc- The Reconstruction Finance Corporation, if it puts up any new money In connection with a plan, must receive as security for the new loan and existing RFC loans an obligation which is readily marketable. Fixed charges of the reorganized property must include rentals for leased roads and must be well within the present and prospective earning power of the reorganized carrier. Present managements are not to be disturbed so long as thev are satisfactory to the RFC. Cost of Government Reaching Limit Total expenditures of the Federal Government for the past four fiscal years amount to $25,000,000,000, the approximate total of all such expenditures between 1789 and 1914 and since 1931 the Government ha: spent or appropriated more thar $10,000,000,000 in excess of its in come, states The New York Trust Company in the current issue of The Index.

The latter sum, It is further pointed out, amount more than one-fifth the estimated national income in 1934 and it equivalent to all Federal Government expenditures for the sixteer years prior to our entrance Into the World War. "These expenditures, whatever else may be said in regard to them." The Index declares, "have now reached proportions for which there i peace-time parallel In the history of this or any other country. The cost of the depression to the Americar people as limited to direct emerg ency expenditures by the Federal Government, brooks comparison with nothing else in the nistory oi tne United States except the cost of the New Jersey P. S. Income Declines There was a decrease of in the earnings available for dividends and surplus of Public Service Corporation of New Jersey ma suDSiaiary companies in May, ompared with May, 1934.

Gross arnings for the month declined $24,723.58. compared with May a For the 12 months ending May 31, 1935, funds available for dividends and surplus decreased compared with 12 months period ended May 31. 1934. Gross earnings for the 12 months were $120,380,957.21 as against for the 12 months ending May 31, 1934. Operating expenses, maintenance, taxes and depreciation for the period were $81,140,134.63, an increase of $3,744,205.75, leaving a net Income from operations of as against $41,310,335.56 for the 12 months ending May 31, 1934, a decrease of $2,069,512.98.

Schenck Resignation Officially Accepted The board of directors of United Artists formally accepted the resignation of Joseph M. Schenck as It hat the board had ratified the purchase of the Art Cinema and Schenck units of stock In United Artists and had ratified David O. Selznick's contract with the I inn to d-tribute his pictures. Control ot the corporation Is now held by Mary Pickford, Douglas Fairbanks, diaries Chaplin ana Samuel Goldwyn. Major Bank Bill Changes Forecast The Senate Banking and Currency Subcommittee will begin this afternoon with major changes in title two of the administrations banking bill, according to certain members ot the subcommittee, who state kill the bill as had been planned by some opponents member stated along the line Itle two of the Id be Impossible that change- all would be made In bill and that It wot to complete the wOl tlon before time to law before July 1.

hi ennteinpia- revise the FDIC DOMESTIC; BOND 'fiy4 86 ft 1 105 10S', 1 100H 100'i lOO'i FOREIGN BONDS Caterpillar Tractor Earnings Rise It now begins to look as though Caterpillar Tractor Company In the first 'ix months of the current will be able to earn the previously estimated net profit of rOUghl? $2.800 000. or $1.50 a share on 1,882 240 shares of capital stock outstanding. This would be double the amount paid during that period In dividends. Ii ne'U'ieM regular dlsb Net profit for the first five months of Uie year i -tin 284 citnl nfter all charges. Including ft i in 11 'H liar" on 1,882.240 shares of capital i uuuuinuing.

5 3 Waco Aircraft 300 32 33 xWalker 300 10 8 WrlghtHMAOe 200 300 27 37 Ala Pw pf a. 12Vk Allied 100 IB 33 Aluminum Oo 100 56 1 Vk i Am 8 vsraas 200 29 A 3m 200 39 xACitLBlOm. 1500 3 15 Am Cy .40. 2803 22 IV. 200 2 13 1, Amf'oun pf 75 22 lti'a AmGArE 1.40.

400 29 200 1.30.. Am Sup Pw i Am Sup pf Ark Nat Oas Ark Nat A. 4 Ark Nat Dt. i Arm Cork AaoEIn.314m 4 Asso ji xAssoOAE A 1 Asso QE wi Atlas Corp. AtlaaCor pf 3 rAuVoMch xAxtnFA 8.20 83U ti 28 .40.

3i xBellanoa Air 1 Benson 1 xBlue Klcme 35 xBlueRg Dt St 16 BowRoBear t. BrltAmOR .80 89 BufNEP 1 pf 6 1 Can Marconi, lou 1 Carlo 100 4 xCataun Com 200 8 BO 400 V. Runt Sta 700 18 raids Oo pf Cltlea 300 6V, Cities Serv pf 200 35 23 Cleve Sim sou 18 iV, sCleve 100 Hi Col on 600 4 32 COIQSlE cvof5 25 )4'2 47 CommthEd 4. 300 3-lti Com Wi 200 1 5 Com PtiL lpf 200 2 1 xComoMin Co 100 0- 7 xCons Alrcrft 200 10 52 1300 3 2 Cont Sec 100 7 36 50 i 4 2 Cord Corp 100 5 7 Crane 1000 8-i 10 Creole Petrol. 200 32 2 xCroft Brew.

400 Duke Tow 3. 3 Eagle Lead 1000 2 100 38 EaatGacF Of 6 100 3 EasyWMDUm 10u 3 Elec 84 of 6. 37 pf 8.. 2 El Asso 32 2 El Asso A .3: 30J0 59 4 xElec Share xEl Shares pi 7 of 8 tf 14 xFauxniia At 700 8 9't 7 xFanFmCdy 100 9ti 11 6 Flsk 120J 6 24 11 FUntoke 1 100 20 32 23 FordMCA 1. 300 26 7 FordLia 177m 600 6 4 xFound Co A.

100 4 v. 1-18 Qen In? w. 80 52 Georg pf 6. 24 -13 Glen AlC le. Gulf Oil Im 3 InsurCoNA 2 xlntMCor 30m 11 3 xlrv A 58 48 Lete S)iM2e.

7 6 Leh 4 66 40 xLerner 8t 3. 8 6 LlbMc Liberty pf. 0U 4 LoneStO lam 3 3 LonRls) Lt 72 48 LI Lt pf A 7. 51 400 6 200 34, United Gives Interest In McLellan Stores As of May 1. 1935, the United Stores Corporation owned 271,600 shares, or 46 percent, of the outstanding common stock of the Mc Lellan Stores Company and 7,700 shares of the 6 percent cumulative preferred stocK, series according to the report submitted to the Securities and Exchange Commis sion and the New York Stock Ex change, ueorge K.

Morrow, cnalr- ol the company, he 3.0OC shares of common stock and 200 ol the 6 percent preferred and W. W. McLellan, president, held 5,487 shares of common stock. Wilbut L. Cummings held 2,500 shares of common stock for the law firm of Sullivan fc Cromwell, of which he is a member.

W. W. McLellan received $24,000 as president for 1934. In addition, he was paid $625 as a member of the operating committee for December. u.

Morrow received $1,125 hairman and director for De- Cigarette Price War Will End Tuesday William A. Hollingsworth. presl-nt of the Retail Tobacco Dealers Air.et that the re tail prices of cigarettes will change bl uie opening oi outness Tuesday morning and the cut-rate price war which has prevailed since the scrapping of the retail tobacco code will Cigarette urices in New York nttv effective at the opening of business June 25. Including New York Slfv's sales tax, will be as follows. Minimum prices of all ten-cent brands of cigarettes, ten cents a package and 97 cents a carton of ten packages.

Minimum prices of Lucky Strike. Camel. Raleigh. Chesterfield and Old Gold and all other cigarettes in this price range. 14 cents a package, two packages for 25 cents and $1.20 a carton of ten packages.

Minimum prices, all 15 -cent brands, 15 cents a package and $1.38 a canon oi ten packages. tj I (MS I04H I04S I 100 100' i 1 -it's I09H 109S I i 100H loov, iodH 1084 108 10tt 83 '34 S3H Transit Revenues Slightly Higher "Transit revenues for the calendar week endinit with Saturday, June 15. 1935. as reported by a representative ly higher than a year ago, as shown by the Transit Journal indicator, which stands at 100.21, as compared with the corresponding week in 1934. "For the week ending June 8, 1935.

the indicator stood at 99.05. Considerable improvement Was registered during the week. Impressive gains were made in some cities, both on the Atlantic seaboard and In the Middle while elsewhere losses were reduced. The offsetting in- large." New C. E.

I. Rail Plan Is Offered A new plan for the reorganization of liie Chicago Sc. Eastern Illinois Railway which would reduce lixed charges of the carrier, includ- nig rent for leased roads, to roughly $550,000 was before Jesse H. Jones. RFC chairman, today.

The pi. in was submitted by representatives of the road's manage liirlit at a cnnierence ycsieniav. it involves an additional investment the carrier by the RFC of in the neighborhood of $4,000,000. Large Increase In Bond Offerings The week's new bond offerings were $249 203.000 compared with $14 mm last, week and Exchange Seat Price Up $1,000 have been completed foi ie sale Ol a New York Stock Bxi 11 mi mbw ihip at $105,000, a new high price for the year and an Increa 1 Ol $1,000 over the last pre-vlou- sile and comparing with a Hi of $65,000. NORTH CAROLINA AWARD Otl 1 bid of above the second highest bidder, a banking group! .1 lMUC Of 304.000 state of North Carolina tii percent 34 percent bonds.

The bonds air dated July 1 1935. maturing from July 1938. to 1945, Inclusive, and are being offered at pi let U) yi. Id from 1 75 to 2 70 percent Six syndicates bid lor the MOTOR i it i 1 1 Production of automobiles and truck in the United States and Canada for the eek ended June 22 t- im ited. it Ml until bv Cram's report This comparts with then pstlmats of week ago and 70 330 units a year ago.

Employment in State Down 4.6 in May-Payrolls Are Off 3 Albany, N. June 22 A preliminary tabulation of reports from 11,141 retail establishment In New York State shows that from mid-April to mid-May employment-dropped 4.6 percent and payrolls declined 3 percent. According to a statement issued today by Industrial Commissioner Elmer F. Andrews, these decreases, following increases from March to April of 5.9 percent in employment and 5.7 percent in payrolls, indicate that the end of the Spring buying season has been reached. A year ago increases from March to April of 0.9 percent in employment and 3.4 percent in payrolls were re-corded, and decreases from April to May of 0.4 percent in employment and of 1 percent In payrolls oc- A preliminary tabulation covering 3,674 of the wholesale establishments for May showed a small decrease in numbers employed accompanied by practically no change in amount of payrolls from April to May.

Retailers Add Workers Complete returns for April from 19,736 retail stores showed an increase from March to April of mora than 17,000 employes on a weekly payroll $357,660 higher. A comparison with April, 1934, by use of tha link chain index revealed that 1.1 ployed in April, 1935, and payroll; were 0.1 percent higher this year. Reports from 5,993 wholesale establishments in New York State indicated a drop of 0.3 percent in employment and of 1.2 percent in payrolls in April, 1935, as compared with March. The latest figures for New York City are for the period from March to April. New York City wholesalo merchants reduced forces 0.6 percent and payrolls 0.9 percent from March to April as revealed by reports from 3,653 concerns.

In 1934 wholesale dealers in the city Increased the number employed 0.7 percent from March to April and expanded payrolls 1.2 percent over tne same period. The wholesale apparel merchant, in New York City laid off 1.6 percent of their forces and cut pay. rolls 2.2 percent. In 8,696 retail stores in the Metropolitan area employment rose 5.J percent and payrolls 5.8 percent from the middle of March to the middle of April. From March to April a year ago the New York City retailers added 0.4 percent mora workers to their forces and increased payrolls 2.4 percent.

Washington, June 22 Throughout the 48 States and In the Hawaiian Islands a total of 3,804 model homes in the process of construction conservatively estimated cost of 00.000. it was announced todav by Acting Federal Housing Administrator Stewart McDonald. This building program was begun simul- aneouMy on Mntiona: Hern Hi ing Day. June 15. The figure Is the approximate final total of homes 5d last Saturday, final tabulations, New York State led the nation in the number of model homes started June 15 with Pennsylvania, second.

506: Michigan, third, 308; Illinois rose from fifth to fourth place with 264; California, fifth, 251; New Jersey, The model home nrotrram was In. stituted to stimulate general interest in the possibilities for new building and home improvement under the terms of the National Housing Act and received widespread response, according to the Federal Housing Administration. The original quota, set at 1,000 homes, was more than tripled. Retail Automobile Financing Steady The dollar volume of retail fi nancing of new passenger automn. biles shows practically no change for the month of May as compared with May, 1934, and an increase of 8a percent compared with May, 1933, according to preliminary estimates by the Department of Commerce.

As compared with April, 1935, there was decrease 01 7 percent, a counter asonal change. The aggregate volume for the first 5 mpnths of this year was 27 percent above the first five months of 1934 and 140 percent higher than tne corresponding period of 1933. SUGAR MELT HIGHER The sugar melt of 13 United States-refiners from Jan. 1 to June 15 totaled 1,935,000 long tons against 1,605,000 in the like period of 1934. Deliveries totaled 1.735,000 long tons against 1,535.000 a year ago.

DbHtMtfy Brooklyn Intrftwrton KINGS QVty Trust Company Is horns bank Founded la Brooklyn 44 ysars are. Sine, that tin ft ha. fiS erring BrookljnHss wth friendly, interested community epirit Out main offiea KINGS COUNTY TRUST COMPANY 1 rtrLTOi rnun CAPITAL $500,000 SURPLUS $6,000,000 300 sss latsr sdltUa fst tamplctt salsa x-Rllbts. aaa Bxtraa IAn Extras lo MONTHLY SALES Bond $118,759,000 105,310,000 91,233,000 95,237.000 108,916,000 Sl3.56t.000 3,708,264 65,636,000 49,460,000 60,521,000 73,594,000 76.591.000 6,383,763 4,371,922 3,184,671 2.92J.597 1,633.749 5.017.410 2,140,000 i.174,557 2.692.S31 Hudson Terraplane Sales Increasing Contrary to the seasonal trend for June, sales of Hudsons and Terra-planes are climbing, the Hudson Motor Car Company states. "Not only are total sales up to June 15 more than 20 percent over a year ago at the same time, but during the second week in June approximately 200 more Hudsons and Ter-raplanes were sold than during the first week of this month," the company continues.

"As a result of these persistent gains In the face of the usual trend, Hudson's standing In the Industry is advancing consistently. At the end of May this year retail sales In the United States exceeded the total up to the end of June last year. Total sales up to June 15 of this year exceed sales up to Aug. 1, NEW JERRSEY CLEARINGS UP Check clearings through the Northern New Jersey Clearing House Association amounted to $34,711,902 tne weeK ended June 21 against $30,210,448 in the previous ended June Bank Stocks Trust Companies w'wYnrlc D', IP, 47 41 CURB 1935 May March February 51 51 y. 1934 6 6 December November October 3 August LINEAGE GAINS Newspaper advertising volume during May held gains established In May, 1934, and added 2.6 percent to mat total, according to an analysis of figures from 81 cities reported by Advertising Age.

The total lineage in those cities In May, 1934, was 164,043,000, while In May, 1935. advertising aggregated 168,257,000 lines. Retail and classified advertising made the best showing last month, general and automotive declining somewhat from the high marks of last year. Financial advertising also showed a small loss as compared with May, 1934. The total retail lineage was a gain of 4 percent compared with May, 1934, when the total was 90,371,000 lines.

Classified had the largest gain of any classification, i Increase of 12.8 percent to 1 26,012,000 II Compromise Likely On Banking Bill Washington, June 22 The full Omnibus Banking bill, with impor tant compromise on Title 2, Is now likely to be passed by Congress in view of abandonment by the bill's most vigorous opponents of attempts to kill controversial Title 2 for this session of Congress. The Senate Banking and Currency subcommittee considering the bill made little progress on its work Friday and recessed until Monday after reaching practically no conclusions. According to some members of the committee representatives of the banking fraternity of the country had been in constant conference with Treasury and Reserve Board officials on the Banking bill and word reaching the Capitol is that the opposing factions are new not very tar apart on Title 3..