Evening Star Newspaper, June 25, 1936, Page 23

F CURB LIST TAKES UNEVEN COURSE Specialties Able to Climb, but Others Are Steady to Slightly Lower. By the Assoclated Press. NEW YORK, June 25.—With spe- cialties functioning independently inl higher ground, the main body of curb‘ stocks stood unchanged or worked | lower today. ; Gains of 2 points or more were reg- | istered late in the session by National Gypsum “A,” Aluminum, Ltd., Hon-' duras Rosario Mining and Sherwin [ Williams. Aluminum Co. of America | swung wide for a gain of more than| 7 points. McWilllams Dredge, szh-; man Realty & Construction and Con- | solidated Mining & Smelting were up | nearly 2 points. | 0il shares were irregular with Gulf and Humble gaining major fractions, and others unchanged to slightly| lower. Mining stocks declined minor fractions. A.&P. Net Reaches $16,593.252 Level In Twelve Months the Assoctated Press. NEW YORK, June 25.—Great At-| lantie & Pacific Tea Co., chain grocery concern with retail stores throughout the country, reported for the fiscal year ended February 29 net profit of; $16,593,252, equivalent after dividend | requirements on the 7 per cent pre- ferred stock to $7.08 a share on the | common stock. | In the previous fiscal year net profit was $16,708,674, or $7.13 a share. Sales totaled $872,244.368, against | $842,015,871, in the preceding year. INANCIAL. NEW YORK CURB By private wire direct to The Star. Stock sna Salee— Dividend Rate Add 00. High. Acme W vte (2) .. 25841 AeroSupply (B).. 1 3% Agft Ansco ... 1 10% Alnsworth (2) - 49% Alr Investors Inc Ala Gr Sou (a1%z) 768 Ala Pwr pt (6) 20s Alabam Pw pf(7) 10s Allled Pro(A)1% 22 Low. Close 4 41 1 2 Aluin'n Coof Am 2400s 1291512215126% Aluminum Co of Am pf (1%) 25081 Alum Goods t60c 1 Alum'n Ind (40c) 6008 Alum'n Ltd . 2 Am City P&L (B) Am Cynam B 60c Am Equitiesblsc 1 Am & For Pw ww Am Fork & H (1). 25s 20% Am GLE (1.40) 9 38% Am G&E pf (6) - 100s111 Am Gen Corp 2 ot Am General pf 21 25s 41 Am Gen C'pSzpt 50s Am Hard Rubber 300s Am Lt&Tr (1.20). 13 Am L&T pf (1%). Am Maracaibo _ Am Superpower Am Superpwr pf_. Angostura (20¢) .. Arcturus Radio T Ark Nat Gas - Ark Nat G Ark Nat Gas cu pf Ark P& L pf (T)- ASSOG & E (A) . Asso G & E$5pf_. Atlas Corp (a40c) Atlas Corp war __ AtlasCpf A (3)_. Atlas Plywood - Austin Silver ___. Auto Vot M(150¢) BabCOCK& Wil (1) 12 61 8 6 20 35% 4 34% 4 31 20% 38 110 | Black & Decker.. Bliss Co (E W) Blue Ridge Corp Blue Ridgecv pf 3 Blumenthal§ Bower Roll B (1) Braz T,Lt&P a3lc Bridgeport Mach_ Brill Corp (A) . Brill Corp (B) - British-Am O11 coupon (80¢) - Brown Formi Buffalo Niag & B P pf (1.60) Bunker H&Sul(t2 Burma Ltd (al12 9-10¢) Butler Bros & Cable& W pfaZlc. Can Indus Aieo A | Can Indus Alco B Am Cm Pw Amer G&E 5s P&L 6 | Celanese prpf (1) 25 Gen Pb Ut Gen WG&EE Grorgia Pw Glen: Alden C Can Marconi =2 Carib Syndicate _ Carman& CoB ... Carnation Co (1) Carrier Corp. Catalin Corp 10% 109 10% 109 Cont HG&E wtc (80c) tral Pwr & Lt 7% pf (3%)-— nt& S W Ol . nt States Elec 16% 258 647 18 16 Cit Citles Service pf Cities Service (B) Clties Sve pf(BEB) Clties Sve Pwr & Lizht §6 pt Citirs Syc P& L $7 ot e City Aut Stpg 60c Claude Neon Lts Clev Tractor.____ Colon Oil (4) ... Colt'sPF A (1%) Columbia Gas & Elevev pf (5) olumb Oil & Gas. Com'with Ed (4) Com’with & S war Como Mines Compo Shoe Mach ste (50c) Consol Afrcraft. 16 Cons Copper g o 37 Censol Gas of Balto (3 60) 10+ 1 a 1258108 10734 107! 10 81 3% 3 110315 1051 1031 17 % & 893 | Cons Min & Sm (1) Cons Retail St Consol Retail Strs 8% pt (1) Cone Royal (20c) Contl Ol (Mex) __ Cooper Bessemer_ Cooper Bess pf A~ Copper Range Cord Corp . Cosden Ol Me (d) Crane & Co Crane Co pf (37) Creole Pet (bzlic) Crocker Wheeler. Croft Brewing __ Crown Cent Petr Crown Cork int (A) (31) o Press(1.20) 3 Mex Mining 5 T 12 92 y 20 31% 508130 11 275 130 271 10! 15%, € 813 38! Cus Dayton Rubber __ Dennison Detroit Gray iron Foundry (20c) Dictographalsc) Doehler Die Cast Driver Harris (1) Dubelier Condens Eagle Picher Lead (al0c) 3 | Eastn G&l Asso 104 8014 o s 105% | 104 | Rty E 6s B " Pac Inv bs A '4% Pac Pw & i c 104 104 104 2 106% 10615 1 10514 105 " 1 10614 10815 1 097 99V O9Y, 10374 103% 10214 A T 55 A ‘6l 9715 971 9714 W Puk Sve 65 A 450 10413104 GAE cv 6s 35 cod§_ 78 78 o E 65 51 A 2 Calif G 4158 '61 " Caralina 58, '57. ih NG 05 44 /8" (G2 @R 10474 1043 104% 112 911, 0112 512 10315 10 110 " 11 ik 04 315 111731117 8817 "R, s _9nts 0312 10314 103 A 6s 10512 10515 10815 York Rwy 55 '3 1031 103% 103% FOREIGN BONDS. Buen A Pr 7s '52 st Tll2 AP Tlas 47 T3 Valley 7 1 st 221051 105% 1053 1 "2101 101 101 5% 6 65 uss Russ 6'as 19 mat Rus 8las ctf N C 19 _ Santiag Chile 75 '61 _ Terni S 6l%s A ‘53 Vam WPC 5128 A '57_ 1 ww—With warrants. xw—Without warrants. wi—When_jssued. (stp)—Stamped. T ability impaired by maturity. reported » n—New. s in receivership. 4 Easin GLE pt (A} (6) -_____ 100s BastnG&E Drbf (4%) Eastn Sta Pw (A) 100s 7 LY | Eastn Sta Pw (B) 1 iasy Washing Mach B (150) Edison Bros(1.60) ttster Elec Corp Elec Bond&Share El Pwr Asso (A)_ Elec Pwr & Lt optl war Efec Pwr & Lt 2d pf (A) Elec Sharchold’g Elgin Nat W a75¢ 255 Emp G&F 6% ot 250s Emp G&F 6% %pf 50s D G&F 7% pf 550s P G&E 8% pf_ 150s sco Derrick(1) 1 Equity Corp 8 European Electrio Ltdbdrts ____. Bx-Cel-O A&Tool. Fairchild Aviat'n. Falstaff Brewery- Fanny Farmer Candy (50c) Ferro Enamel (1) 3 Fire As Phila (2) 50 Fisk ltubber 5 Fisk Rubber pf . Flintkote Co (1)... Fla P& Lot Ford Motor (Can) A (a75¢).. Ford Motor Ltd (18 1-10¢) Gen Alloys - Gen invest Corp. Gen Out Adv pf . 100, Gen Rayon Ltd A 1 Gen Tel (a26¢) ... 1 Gen Tire & Rub__ 450s Glen Alden C (1) 9 Globe Underwrtr. 1 Gray TelPS (1).. 1 Great Atl & Pac Tea n-v (16) _ Great Atl & Pac Tea 1st pf (7). 258126% 126% 126! Guardian Invest.. 1 7 % - Gulf 0il (1) 5 Hall Lamp (al0e) Harvard Brewery Hazeltine (3) ___. Hecla Min (60¢)__ Helena Rubenst'n Hollinger G(t65¢) Horn&Hard(1.60) Horn&Hard pt (7) Hudson BM&S(1) Humble Ofl (1) .. Hygrade Food . 1 Hygrade Syl (2). 25s 3 111 P&L 6% pt .. 450s 49'% 111 Pw&Lt $6 pf_. 2000850 I{mp O1l Ltd ocoupon (t60e).. 21 21% 1 500s 15 5 2 s 83 84 6% 4% 13 12% 1% 15% 13 758 33% 33 208108 108 108 20 23% 23 24 62 60% 4 4 6 36 46% 484 21% 62 - 36 3% 10% 15% 115 1154 18 18 18 16% | Ohto Edis 2% | Oldetyme Distil__ % pitts& LE (12%) 1 % | Pittsb’gh P G(12) 13% BN 1108115 114% 114% 634 4% 12% 18 15% 33% 234 4T 49% 21% 4 THE EVEN MARKET Otvidend Rate Add 00. High. Low. Close. Ind Pipe Line 40c g 7 £ InsCoof N Am(2)300s 744 72% 72% intl Hydro Elec Systemecvpf . 2 8% 8% 8% Intl Metals Inc A 6 6 6 int Mining (60c).. 11% int] Mining war_. 3% Intl Petro (t13%).- 36 Intl Utll (B) 1% % 6% 30 3% 36% 1% Int] Util war new. Y Int] Vitamin t40c. interstate Hos (2) Interstate Power (Del) pf - 60s Inv Royaltyal%. 3 Ital Superpwr(A) 1 Jersey Central P&L 6% % pf_.. 300s 86 Jersey Central P& L () - 108101% KansCity PSvie 1 Kansae City Pub Sve vte pf A, Kingston Prod - Kirby et (20¢) Kreuger(G)Br(1) Lake Shore M (4). Lakey Fy & Mach LefcourtR pf $75¢ Lehtgh C&N(30¢) Leonard Oll ___ Lion Oil & Ref __ Lockheed Alrcraft Lone-Star Gas 40¢c Loudon Pk n t50¢. La Land (40c) .. Lucky T (t12¢) .. Lynch Corp (2) ... McCord Rad (B) _. McWms Dredg(4) Mangel Stores __ Mapes Cons (2) __. Marion Steam Sh Massey Harris Masonite Corp(1) Merritt Chap & § Minn Min & Mf 71 Mock Jud Voe (1) | Mohawk Hudson 1st pf (4) Mohawk H 2d pf 200s 56 Molybdenum Corp 10 T Mont Ward A (7) 60s 154! Mount Prod (60c) 10 6 | Mueller Brass 80¢c Nach Spring Nat Auto Fib Nat Bakinz C Nat Bella He: Nat Fuel Gas (1)_ Nat Gypsum (A)- Nat Investors . at P & L ot (8) at Sugar NJ (2) ransit(75¢) 2 EYS TS 23% % 1% 23 % 1% 85% 101% 3 5% 4% 3% 228 58% ISP TN - I =N TS 3 o @ 28,3 9 G - JINOTOI 258 86 | Newmont Min (2) N Y & Hond (11) 2008 29% 29% 29% NY P&LpL(7) . 10s111'z111'3111% N Y Tel pt (6%)_. 10s117'2117!2 1174 Niag Hud Pwr 49 11% 10% 11 Niagara Shares (Md) B (al0c) 12 5 37 2% 12 37 4% Nile Nipisstr North Am L& P 4| North AmL&P pt 2300848 2| Northwest Eng 3 244 % | Nor Cen Tex bllc 2 6 Novadel Ag (2) 2 394 Ohio Brass(B)(1) 50s 29 t (6) _ 258106 asCo. 11 11k Co pf 2008 27% 8 T *| pacific Eastern__. 1 | PacificG& E 1stof (1%) . Pac Tin spec (12). 50s Pantepec U1 5 Pennroad (b20c) | Penn P&L ptf (1) Penna Salt (13) Pepperell Mfg(3) 12i Phillips Packing Phoenix Secur___. hoenix Secur Corppf A (3)... 1 387 387 ¢« | Ple Bakeries(60c) 19 13% e Bak pf(7) . 50s 90 Pierce Governor 1n Pioneer Gold Mines . Ltd (80¢) ... Pitney Bowes P M (32) | Nat 3 a G ‘ 110% 124% 67k 10 5% 387% 134 90 11 84 i 83, 121 Potrero Sugar 4'x Powdrell&Al t1% Pratt & Lamb 11 4| Premier Gold t12e | Pressed Met(1%) * | ‘Producers Roy «| Propper McCall'm Prudenttal (nvest | Pub Sve Ind pt___ 130s | Pub sve Inaprpt 60s i | Pub Ut Sec prpf 200s P RN e 29 122 146% % 9% 15 Quaker Oats (t4) 100s1 + | Quaker Oats pf(6) 80s 147 | Raytheon Mfg _ Red Bank | Reliable Store: ?| Reybarn Co ¢ | Reynolds Invest ¢ | Rice Stix DG bi0e * | Richfield Oil of Calif pf () “ | Rochester G & E > pf (D) (6) = | Roosevelt Field Root Petroimeum | Royal Typewriter Rustless Ir & Stl Saf Car H&L (4) | St Anthony Gold St Regis Paper St Regts Paper pf Salt Creek P(80c) Schiff4The)Co(2) Segal Lock &H Seiberling Rubber Selected Indus Shattuck Den Mip Shenandoah .____ Sher Willlams(4) 35 Smith Corona vte. Sonotone (abc) __ Southn Calif EQ L (B) (1%) .. Southn Calit £4 of (C) (1% ) Southn P L (30¢c) South Penn O t1% | Southern Un Gas. Southl'd Roy 20c_ Spanish&Gen rcts Spencer Chain St Stand C & S 12.10 Stand Inv vu 1t Stand Ol Ky (1) Stand 0il O ( Stand Pwr & Lt Sterchi Bros Strs 4 Sterchi Bros 2d pf 150s Sterling Br(aloe) 5 Stinnes (Hugo) . 5 Stroock & Coa7sc 350 StutzMotor_____. 3 Synray Oil__ 47 Sunshine Min (2). 46 Swiss-Am El pf . 100s Swiss Ol (t20e) .. 14 Talcott (J) 512% part pf (2%)__ Tampa Elec (2.24) Tasteyeast(Del)A Taylor Distill____ Technicolor Inc . Teck Hughes t40c Texas Gulf Prod Texon O & L (60c) Tishman R & Con_ Tob Prod Ex(10c) Trans-Lux Daylite Pic Sn (20c) Tubize Chatillion.. Tubize Chatl (A)_ Tung-Sol Lamp n. Twin Coash (a10c} Union Gas ot . Canada (a10c) ~ 4 24 136'4 13 24% 248 25 2% 28Y% 24 7 2613 508 1508 3 Unit Gas Corp pf- Unit Lt & Pw (A) 42 7% UnitLt& Pwpf_. 34 56% bGdls 4| Unit ProfitShare 1 1 1 United Shipyds, B 2 2% 2% Unit Shoe M t2% 1255 88% 88% USFoll(B)(60c) 3 16% 16% U S & Intl Secur 2 78 1 37T 2% 2 2% 31112%112 113 1st pf ww $1% U S Radiator . U S Radiator pf_. 2258 25% Unit Stores vte % Unit Verde Ex(1). ‘init Wall Paper. 4% Univ Prod (1)_-__1508 24% 2 Utah Power & Lt - Df (32.331-83).. 25s 66% 664 Util Pwr & L§ 13 1% 1k Utll Pwr & Lt pf- 2008 22% 22% Utility Equities 2 3% 3% Utility Eq pf(3%) B0s 76% 76 Utility & Indus_.. 2 1% 1% [ 3 4 | country. 4y | NG STAR, WASHINGTON, D. C, MILLSOP ELECTED BY WEIRTON STEEL New President, at 37 Years, Is Youngest High Official in Industry. By the Associated Press. WEIRTON, W. Va., June 25.—The Board of Directors of the Weirton Steel Co. elected T. E. Millsop presi- dent of the corporation yesterday. Millsop succeeds J. C. Williams, who died early this month. In announcing the election, Ernest T. Weir, chairman of the board of the Weirton Steel Co. and of its parent or- ganization, said: “At 37 years, Mr. Milisop is prob- ably the youngest high execnutive in the steel industry.” Millsop has been associated with the Weirton Steel Co. since 1926, and for ‘the last year has been executive vice president in charge of the company. ‘The new president served as a com- American Armies during the World ‘War. Before and after the war he ended he “barnstormed” the country as a stunt flyer, before returning to work in the Youngstown Sheet & Tube Co. mills, Later he became a riveter, in the plate department of the Standard | Tank Car Co. and advanced to pro- duction manager before resigning to become a salesman for a Cleveland company. He entered the Weirton Steel serv- ice in 1926 as a salesman. He became assistant sales manager in January, 1929, and in May, 1931, was appointed assistant to the president. He was Dividend Resumed On Common Stock Of Container Corp. By the Assoclated Press. NEW YORK, June 25.—Container Corp. of America, one of the largest producers of shipping containers in the country, today resumed common dividends with the declaration of a 25-cent quarterly disbursement, pay- | able August 15 to stock of record July 25. 1 The last previous dividends were 30 cents quarterly, paid January 1, 1931, on the class “A” common, and | 15 cents quarterly, paid April 1, 1929, | on the class “B” common, then oute standing. . |FREIGHT CAR ORDERS HIT PEAK SINCE 1930 Class I railroads of the United | States had more new freight cars on | order on June 1, last, than they have | had on this date since 1930, the As- | sociation of American Railroads an- nounced today. | New freight cars on order on June 1 ' totaled 25,748, compared with 1,479 cars on June 1, 1935; 20,111 cars oni June 1, 1934, and 30,680 on June 1,| 1930. On May 1 last there were 18,467 | cars on order in shops throughout the New steam locomotives on order on | June 1 this year totaled 58, and new electric and Diesel locomotives 30, | compared with 10 steam locomotives .|and 37 electrics and Diesel on order a year ago, and 40 steam and 107 electric and Diesel locomotives on order June 1, 1934. PHILADELPHIA PRODUCE. PHILADELPHIA ~ June =25 (.—Live pou Rhode Island Red. 21a2 21a: ed poultry—Chickens, all sections, | Stock anc Sales— Dividend Rate. Add 00. Utllity & Induspt = 2 Venezuela Petrol . Wayne Pump W Va Coal & Coke Wilson-Jones (2) . Wolverine Port C Woodley Pet (40¢) Wright Harg t40c Yukon Gold Dividend rate in dollars based on last quarterly or semi-annual payment. tA: nuai rate—plus extra. sAccumulated divi: dends aPaid this year. bPaid last year. dCompanies reported in _receivership or being reorganized. ePayable in stock. {Plus partial distribution of assets. Ex-dividend. WATER COOLERS i Westinghouse Fesra Water Coolers have the famous hermetically seal- both bottle and pressure types WESTINGHOUSE Offers 5 vears SERVICE PROTECTION on the hermel cally seal ed- mechanism. Edgar Morris SALES COMPANY Distributors 712 13th St. N.W. NA. 1031 bat pilot with the Canadian and | Ge; was employed in the steel industry. | Fagle For six months after the World War | 1 elected vice president in July, 1934.} THURSDAY, Loss of American Airlines Cut to $748,370 in Year By the Assqciated Press. CHICAGO, June 25.—C. R. 8mith, president of American Airlines, Inc., announced today that the consolidated net loss of the company and its sub- sidiaries for 1935 was $748370, as compared with a loss of $2,313,678 in 1934. The $748,370, he said, was figured after a $1,118,003 reserve for depre- ciation and obsolescence. A total of 176,005 paid passengers were transported during 1935, an in« crease of 103.8 per cent over the pre- vious year. Smith said airmail showed an in- crease of 47.6 per cent over 1934, while air express revenue increased 47.7 for the same period. SHORT-TERM SECURITIES. rted by Chas. D Barney & Cc) Ohere Bid® Offer. Amer, Beet Sugar 6s 104 Jbel. & Tel. 518 Atlantic Refining 8s 193 California Packing 5s 1940, Clintd. & O. 5s 19: n, Louisviile & Nash. 5s 19 Micniecn Central 45 104 1021 6% | R1L | 10615 | /A7y Rio Gr. West 48 1036 _ Sou. Pac. of Calif. 5s 19: Vanadium Corp. 55 1941 Wabash Rwy. Co. 5s 1039 Warner Bros, s 1930 West. N. Y. & Pa. s 1937 ‘Western Union Tel. 5s 1938 33 | 1 1053 TU. S. TREASURY NOTES. (Reported by Chas. D. Barney & Co.) | Co., Cumberland, Md.; | Tinplate Co., Washington, Pa. | Youngstown Sheet JUNE 25 1936. COMMISSION ARS TINPLATE: PACTS 15 Manufacturers Ordered to Cease Entering Into Sales Agreements. By the Associated Press. Fifteen manufacturers of tinplate were ordered today by the Federal Trade Commission to cease entering into agreements not to sell or quote prices on “stock plate” to makers of cans and other containers. Findings of the commission included a statement that such agreements re- sulted in “suppresison of competition” and moves toward monopoly. Firms involved are: American Skeet and Tinplate Co., Pittsburgh; Bethlehem Steel Co., Bethlehem, Pa.; Canton Tinplate Corp., Canton, Ohio; Columbia Steel Co., San Francisco; Trustees of Fol- lansbee Brothers Co. Pittsburgh; Granite City Steel Co., Granite City, IIl.; Inland Steel Co., Chicago; Jones & Laughlin Steel Co., Pitts- burgh; McKeesport Tinplate Co., Mc- Keesport, Pa.; Republic Steel Co. Corp,, Cleveland; the N. and G. Taylor ‘Washington ‘Wier- ton Steel Co., Wierton, W. Va.; Wheel- ing Steel Corp., Wheeling, W. Va.; the & Tube Co, Youngstown, Ohio. | The “cease and desist” order was | directed against the firms' alleged methods of selling stock plate produced | in the processing of first-grade tin- | plate. The order said small manufac- turers of tin cans depended upon the stock plate for raw material. The order also was directed against alleged agreements to cut up or other- | DIRECTORY COMMODITY BROKERS COTTON Y. Cotton Exhange o. DL 2255 LI GRAIN Members Chicago Board of Laidlaw & Co. DI Westheimer & Co. . L) ll'BlED—HIDES—METALS—!{LK Member N. Laidlaw & C Trade NA. 5500 FINANCIAL. wise mutilate the stock plate in order to classify it as & lower-grade quality for domestic uses, while offering un- :mmaufl material to the foreign mar- et. FOREIGN MARKETS. in to- Tradin i ive and ured by & | e sround when an gle reacted on reports of accumulati of rude oil stocks. mulation e settlement _ of strikes reassured traders and Prench is- sues recovered in the Bourse today. The nternational section closed weak while industrial stocks held generally firm. MONEY MARKET. NEW YORK. June 25 (#.—Cai steady: 1 per cent all day nnmeeomgfl" clal paper. 3, per cent: time loans & 80 days-6 months, 17 per cent bankers' acceptances unchange count rate, New York Reserve per cent. —_— | Standard Oil Co. of California— Advances posted crude oil buying prices at Elk Hills from range of from 65 cents to $1.04 a barrel to from 70 cents to $1.38. Salesmen t ve . Local Banki i . GAttractive 1 issues viel 3% to 8%. A thorough training for who require it. Call 9 to 10 AM., 4 to 5 P.M. 230 Woodward Bldg. PROPERTY A TIME-TESTED INVESTMENT Paid Since 1931 («] Payable Quarterly A Local Bankin, " Under Experienced A.hs"’mi Full Information Upon Request SMITH-HENDERSON CO. Woodward Blds. NA. 1522 Money for Conmstruction Loans and Loans on Improved Properties 2% FIRST DEED OF TRUST ONLY GEORGE I. BORGER Successor to the Business of JAMES F. SHEA 643 Indiana Ave. N.W. FOR INVESTMENT loans on roperties 'rompt attention to Reasonable commissions. & HOWARD. INC. rtgage Bankers’ Association of Ameriea Established meariy 40 years. A. 0271 SOUTHERN BUILDING. NS unds available for and Marylan MANAGEMENT A GOOD INVESTMENT is one that pays a liberal return, at a rate that is fixed—and with adequately protected principal. Our FIRST MORTGAGES Over Forty Years of Experience First Mortgage Investment qualify exactly. Note the inter- est; and the security is improved real estate. B. F. SAUL CO. REAL ESTATE National 2100 925 15th St. N.W. M ORTG A G E L O AN 8 This is not an Offering Circular. The offer of these Bonds is made only by means of the Offering Circular. $26,000,000 Louisville and Nashville Railroad Company First and Refunding Mortgage 3%;% Bonds Series E Dated August 1, 1921 . Bearing interest from JApril 1, 1936, payable April 1 and October 1 in New York City UNITED STATES TRUST COMPANY OF NEW YORK, TRUSTEE Due April 1, 2008 Coupon Bonds in denomination of §1,000, registerable as to principal. Fully registered Bonds in denominations of $1,000, $5,000 and $10,000. Coupon and registered Bonds interchangeable. Cumulative sinking fund sufficient to retire at or prior to maturity, by purchase or redemption, all Series E Bonds issued and sold. Redeemable at the option of the Company, at the following prices and 1, 1970, at 104%; thereafter to and including April 1, thereafter to and including April 1, 2000, at 101%; and accrued interest: in whole or in part, upon 60 days’ notice, on any interest payment date to and including April 1, 1955, at 105%; thereafter to and including April 1985, at 103%; thereafter to and including April 1, 1995, at 102%; thereafter at 100%. Also redeemable for the sinking fund upon 45 days’ notice on any interest payment date to and including April 1, 1985, at 102!/2% and accrued interest and thereafter at the prices heretofore specified for optional redemption together icith accrued interest in all cases. The issue and sale of these Bonds are subject to authorization by the Interstate Commerce Commission. The Louisville and Nashville Railroad Company has summarized as follows its letter dated June 23, 1936, tousdescribing thisissue. Theentireletterwith Exhibitsshould be read priortoany purchaseof these Bonds. THE COMPANY The Company, railroad and operates 4,999 miles. & St. Louis Railway which operates an additiona which has been in continuous operation since 1859, now owns 4,750 miles of It owns 71.78% of the capitalstock of The Nashville, Chattanooge 1 1,154 miles. These lines form a comprehensive system serving the Kentucky and Alabama coal fields, coal fields in western Virginia and eastern Tennessee, and important commercial and industrial centers of the Middle South from the Ohio River to the Gulf. The Company operates in fourteen States. PURPOSE OF ISSUE together with funds to be provie $3,500,000 of the Company’s St. be called for redemption on September 1, 1936 at 107%, $10,000,000 of the Company’s Ten- The net proceeds to be received by the Compan, y from the sale of these Series E Bonds will be used, ded by the Company to the extent required, for the redemption of Louis Division First Mortgage 6% Gold Bonds due March 1, 1971, to Year Secured 5% Gold Bonds due October 1, 1941, and $12,753,000 of the Company’s First and Refunding Mortgage 5/2% Gold Bonds, Series A, due April 1 , 2003, respectively, together with accrued interest in all cases. has agreed to sell to Morgan Stanley & Co. Incorporated a the latter two issues to be called for redemption on October 1, 1936 at 103% and 102% Subject to certain terms and conditions, the Company the Series E Bonds at 96% plus accrued interest to date of delivery. EARNINGS The following compilation has been prepared from the Condensed Income (Exhibit B attached to letter dated June 23, 1936 describing the Bonds) nd the latter has agreed to purchase from the Company Statement of the Company and is subject to the notes forming an integral part of that statement and to the information in the Profit and Loss Statement (Bxhibit C attached to said letter). Years ended December 31 1926 19. 1928 1929 1930 1931 1932 1933 19347 1935 The net income of the Compa period of 1935, excluding the Compa Clinchfield Railroad SECURITY of $109,000 bonds mortgages securing $134,745,000 of boi South and North Alabama Railroad Bonds to be called for redemption on September 1, Secured Bonds to be called for redemption on October 1, Railroad Bonds maturing October 1,1963 which are to be Refunding Mortgage permits the issuance of additiona but closes all existing prior lien mortgages. The Mo Gross Groas Operating Income Revenues $147,136,531 144,605,117 135,638,458 132,055,983 112,440,985 87,019,791 63,920,024 65,656,958 69,962,668 75,694,731 Company. pledged (giving effect to the sale of these Bonds, under the Georgia Railroad Lease) will be secured, in. direct lien on 4,750 miles of railroad owned in fee by the Company subject to the li nds outstanding in the hands of the public and Bonds maturing August 1, 1936, $3,500,000 St. 1936 and $13,900,000 mortg to & date not later than January 1, 2003. MONEY for BUILDING . wnd REFINANCING in the District of Colambis, u.,r.laryhllo Virginia, 'Pcmu as Low $1.50 per $1,000 g BUILDING_ASSOCIATION The foregoing is merely a brief outli Offering Circular dated June 25, ments therein. The entire Offering 1936, $30,822,543 27,951,886 25,456,728 24,834,261 17,729,772 11,388,466 9,495,291 12,844,708 13,777,331 14,787,082 ny was $1,916,559 in the first four months of 1936 and $836,039 for the corresponding ny’s proportion of profit (in 1936) and of loss (in 1935) from operations of the Deductions from Gross Income, including Interest $11,400,432 1645 11,604,166 11,048,992 1 10,658,139 these Bonds. Copies of such Offering Circular may be obtained from the These Bonds are offered subject to prior sa and subject to authorization by the Interstate * subject to the approval of Messrs. connection with their issue and sale. Price 98% and Accrued Interest Davis Polk Wardwell Gardine Net Income $19,422,111 1,795,716 2,967,385 4,128,943 The $80,401,000 First and Refunding Mortgage Bonds outstanding in the hands of the public and the redemption of the Series A bonds and the pledge in the opinion of the Company’s counsel, by a liens, in so far as they attach, of ledged (excluding $10,000,000 fouil Division First Mort, e bonds securing the Ten- 1936, but including $391,000 of South and North Alabama, ledged under the Georgia Railroad Lease). The First and bonds thereunder which would be equally secured thereby, rtgage permits the extension of bonds constituting prior de ine of certain information contained in the and is subject to the more detailed state- Circular should be read prior to any purchase of le when, as and if issued and accepted by the undersigned, Commerce Commission of their issue and sale, and also r & Reed of all legal proceedings in It is expected that delivery of Bonds in temporary form, exchangeable for definitive Bonds when prepared, will be made at the office of J. P. Morgan & Co. on or about July 7, 1986, against payment therefor in New York funds. Morgan Stanley & Co. Incorporated is authorized, banking houses, in connection with the issue of the Bo: by an agreement with eight other investment nds and the underwriting by said houses of the sale of a portion thereof, to buy Bonds and to sell Bonds, either for long or short account, for the several accounts of itself and said investment banking houses, in said agreement. MORGAN STANLEY & CO. Incorporated within the limits and during the period set forth