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ommprria
COPYRIGHTED IN 1»37 «Y
WILLIAM B. DANA
COMPANY, NEW YORK,
NEW YORK, APRIL 17,
,-u,dWni,S'„3^,Yt,Cw"
VOL. 144.
MATTER JUNE 23, 187», AT THE POST OFFIOE AT NEW YORK,
ENTERED AS SECOND-CLASS
NEW YORK, UNDER THE ACT OP MARCH S, 1R79.
NO. 3747,
1937
BROOKLYN TRUST
THE CHASE
COMPANY
NATIONAL BANK
OF
1866
Chartered
George V.
McLaughlin
NEW
BOSTON
YORK
President
Federal Deposit
Corporation
tra-
ditionally a bankers' bank.
PHILADELPHIA
Member
NEW YORK
The chase is
BROOKLYN
NEW YORK
OF
CITY
THE
Kidder, Peadody & Co.
For
Insurance
served
it has
years
many
large number
a
....
of banks and bankers
as
New York
COMMERCIAL BANKERS
\^HsEu0oBank
Member
Mimber Ftdtral
Federal Deposit Insurance Corporation
AND
UnionTrustCo.
SAN
depository.
reserve
STATE
b
and
correspondent
and
SINCE 1852
MUNICIPAL
United States
FRANCISCO
BONDS
Dtposit Imvranct Corporation
Government
m .000
$200,1
RESOURCES OVER
Securities
1
——
i—:
The
Co.
Hallgarten &
FIRST BOSTON
CORPORATION
Established 1850
BOSTON
NEW YORK
NEW
SAN FRANCISCO
PHILADELPHIA
London
Chicago
Wertheim
120
AND OTHER
PRINCIPAL CITIES
& CO.
BROADWAY
61
NEW
Amsterdam
Representatives in other leading Cities
throughout the United States
State and
Company
Capital Funds
London
.
.
INC.
FIFTH AVE.
United States Government
MADISON AVE.
SECURITIES
57TH ST. &
NEW
CO.
EDWARD B. SMITH &
YORK
State
LONDON
-
Municipal
Industrial
New York
BOSTON
PHILADELPHIA
Chicago
New York
broadway
40TH ST. &
CLEVELAND
$37,500,000
Barr Brothers & Co.
Paris
loo
31 Nassau Street
9-5000
San Francisco
NewTbrkTrust
YORK
Berlin
Chicago
Municipal Bonds
Amsterdam
CARL M. LOEB
Street, New York
Philadelphia
The
New York
London
63 Wall
Telephone: BOwling Green
& Co.
Broadway
& Co.
Incorporated
Boston
CHICAGO
YORK
Brown Harriman
European
8
Railroad
Representative's Office:
KING
-
Public Utility
BONDS
WILLIAM STREET
LONDON, E. C 4
Correspondent
Edward B. Smith & Co.,
Minneapolis
I
CHICAGO
*
R.W.Pressprich&Co.
Members New York
Inc.
St. Louis
Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
Member of the
New
York
Chicago
Stock Exchange
Philadelphia
San Francisco
n
Financial
& HARDEN
Incorporated
Investment Securities
Established 1893
J. &W.
Seligman & Co.
Members
New York Slock
Exchange
New York Curb
Exchange
Investment Securities
New York
No. 64 Wall Street
Philadelphia
Stock Exchange
Chicago Board of Trade
Commercial Paper
52 WALL
STREET, NEW
NEW YORK
YORK
Graybar Building, New York
Commercial Trust Bldg.,
Chicago
London
Philadelphia
Correspondent*
Buhl
Building, Detroit
Lothbury, London, E. C. 2
Bourse Building, Amsterdam
And Other Cities
i
April 17, 1937
BAKER,WEEKS
A. G. Becker & Co.
.
Chronicle
6
52, Avenue des
Champs-Elysees,
SELIGMAN BROTHERS
Pans
Foreign
Australasia
and New
Zealand
BANK OF
NEW SOUTH
WALES
(ESTABLISHED 1817)
(With which the
Western Australian
Bank and The
Australian Bank of
Commerce,
Paid up
Capital
Liability
"FIRST
A.
George Street, SYDNEY
London Offices:
Threadneedle Street, E.C.2
47
Berkeley Square, W.l
Agency arrangements
with Banks
the U. S. A.
throughout
of March 31, 1937
NATIONAL BANK OF NEW
ZEALAND, Ltd.
Established
Banks......
$235,186,134.11
United States Government
Securities
State and Municipal Securities
Collateral Demand Loans
30th
Head Office:
1937
RESOURCES
Due from
£8,780,000
6,150,000
8,780,000
Proprietors
Guinea, and London.
The Bank
transacts every
description of Aus¬
tralasian Banking
Business.
Wool and other
Produce Credits
arranged.
CONDENSED STATEMENT
of CONDITION
Covering all Offices and Foreign 'Branches
Cash and
of
Sept., 1936. £115,150,000
C.
DAVIDSON, General Manager
29
as
amalgamated)
780 BRANCHES
AND AGENCIES
In the
Australian States, New
Zealand, Fiji, Papua,
Mandated Territory of New
BOSTON
A
are
£23,710,000
Aggregate Assets
NATIONAL BANK
of
1784
Ltd.
.
Reserve Fund
Reserve
to
152,291,973.01
1872
Chief Office in New
Zealand: Wellington
Sir James
Grose, General Manager
Head Office: 8
Moorgate, London, E. C. 2,
Eng.
Subscribed Capital....
26,000,336.19
Loans, Discounts and Investments
Paid up
24,172,443.86
Banks and Brokers
Reserve Fund
276,409,434.10
Customers' Liability Account
of Acceptances
Banking Houses
13,003,572.14
13,470,656.05
Accrued Interest Receivable
and Other Assets
Currency Reserve..
The
Bank
conduct*
every
£6,000,090
£2,000,000
£1,000,000
£500,000
description of banking
business connected with
New Zealand.
Correspondents throughout
the World
London Manager, A. O.
Norwood
3,729,667.08
Total
Capital
$744,264,216.54
LIABILITIES
Deposits
Liability as Acceptor or Endorser on Bills of
Items in Transit with
Foreign Branches
$639,830,621.15
Exchange..
...
Reserves, including Interest,
Taxes, Dividend, Unearned
Discount, and Contingencies...
Capital
Surplus and Profits
14,859,676.16
15,033.60
11,921,049.17
$27,812,500.00
49,825,336.46
77,637,836.46
Total
$744,264,216.54
v
The
figures of Old Colony Trust
Company, which is beneficially
owned
by the stockholders of The First National Bank of
Boston,
are not included in
the
Hong Kong & Shanghai
BANKING
CORPORATION
Incorporated
in
the Colony of
Hongkong. The
liability of members Is
limited to the extent
In manner
and
prescribed by Ordinance
No. 6 of 1929
of the
Colony.
Authorized
Capital (Hongkong
Currency) H$50,000,000
Paid-up Capital (Hongkong
Reserve Fund In
Currency)...H$20,000,000
SterlingReserve Fund In Silver
£0,500,000
(Hongkong Cur¬
rency)
Reserve Liability of
H$10.000.000
Proprietors (Hong¬
kong Currency)
H$20,000,000
A. G.
72
WALL
KELLOGG, Agent
STREET,
above statement.
NEW YORK
NATIONAL BANK OF
INDIA, LIMITED
Bankers
to
the
Government in Kenya
Colony
and Uganda
Head Office:
26, Bishopsgate,
Branches in India,
London, E. C.
Burma, Ceylon,
Colony and Aden and Zanzibar Kenya
Subscribed Capital.
.......£4,000,000
Paid Up Capital
........£2,000,000
Reserve Fund.......
.£2,200,000
The Bank conducts
every description of
banking
and exchange
business
Trusteeships
and
Executorships
undertaken
also
No. 3747.
APRIL 17,1937
Vol. 144
CONTENTS
Editorials
page
2529
Financial Situation
Where Do the Supreme Court
Decisions Leave Us?—-2542
Economic Policies and International Agreements.
,
2543
.
2545
Are the Union Gains Permanent
Comment and Review
'
'
•
Gross and Net Earnings of
February....
Annual Report
^
_ _ _
_
on
- .
_
_
the European
Court Decisions
_
_
_
-
—
on
—>
—2548
2546
of New York Central RR
United States Supreme
Act
Week
United States Railroads in
Wagner
-2552-2561
Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
.2534
2535
2539 & 2592
2547
Course of the Bond Market
Indications of Business Activity
2501
Week
on
the New York Stock Exchange.
2533
Week
on
the New York Curb Exchange.
2591
News
Current Events and Discussions
2574
Bank and Trust
2590
General
Company Items
Corporation and Investment News
Dry Goods Trade
State and
,
Municipal Department
2637
.2696
2697
.
Stocks and Bonds
Foreign Stock Exchange Quotations
2594
Dividends Declared
2595
Auction Sales
2594
New York Stock Exchange—Stock
New York Stock
Quotations
2602
Exchange—Bond Quotations.-2601 & 2612
New York Curb
Exchange—Stock Quotations
2618
New York Curb
Exchange—Bond Quotations
2621
Other Exchanges—Stock
and Bond Quotations
Canadian Markets—Stock and Bond Quotations
2624
2629
Over-the-Counter Securities—Stock & Bond Quotations .2632
Reports
———2538
2592
Foreign Bank Statements
Course of Bank Clearings
Federal Reserve Bank Statements
2599
General Corporation and Investment News
2637
Commodities
The Commercial Markets and the
Crops
2686
Cotton
2688
Breadstuff s
2693
i
j
Published Every
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New
York City
of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright, 1937 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.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
Herbert D. Seibert, Chairman
Financial
vm
This announcement appears as a matter
Chronicle
of record only and is under
of these securities for sale, or a solicitation of
The
an
April 17, 1937
circumstances to be construed
no
offer to buy, any
as an
offering
such securities.
offering is made only by the Prospectus.
*22,500 Shares
Katz
Drug Company
$4.50 Cumulative Convertible Preferred Stock
($100. Par Value)
•The offering consists of such of the 22,500 shares as have not been taken
by stockholders
of the Company under the terms of its offering to them described in the Prospectus.
Price $100. Per Share
(Plus accrued dividend)
Copies of the Prospectus
may
be obtained from
any
of the undersigned.
Hallgarten & Go.
Paine, Webber & Co.
Stern Brothers & Co.
Granbery, Safford
Co.
April 12, 1937.
This advertisement appears as a matter
an
offer to buy
of record only and is not
any
an
offer to sell
or a
solicitation of
of the bonds referred to below.
$4,000,000
Scott Paper Company
3H% DEBENTURE BONDS
(Convertible
Dated March
up
to March 1, 1942)
1, 1937
$3,953,000 of these
Due March 1,
Bonds have
been subscribed for at their principal amount
and accrued interest from March 1, 1937
holders
of
the
1952
by the exercise of warrants issued to the
Company's Common Stock.
The unsubscribed balance has been
purchased by the underwriters in accordance with the terms of the underwriting
contract.
Copies of the Prospectus describing the Bonds and the terms upon
which
they
Cassatt
&
Were offered, may
Co.
be obtained from the undersigned.
Chas D. Barney
&
Co.
INCORPORATED
April 7, 1937.
,
!
•
'
.
:
4
The Financial Situation
this
TWO flocks of their
chickens homenowroost in Washing¬
are to obviously quite
definitely
One brood
ton.
cial
and
measures
as
hatched from the various finan¬
was
week
directing them to
and activities with
way
on
expenditures
many
President
policies of the Administration,
is
as
of
aware
their plans
resurvey
curtailing
view to
a
postponing
or
possible indicates that the
difficulties
the
ahead,
but
including budget mismanagement, dollar devaluation,
unfortunately does not necessarily show what is to be
sterilization and government bond market
manipulation. The other may claim as parents the
done to solve
gold
perfervid,
if
loose,
President
the
concerning
that the President will succeed in reducing
utterances
tures
during two and
a
fiscal year in amounts
tional Labor Relations Act
in part
Lawlessness and the Law
receipts
ticular
Court
par¬
by the
cases
preme
Many recent events lead us to consider it
and in
Su¬
on
readers the following
Monday
radio address early
be
less ignored
more or
period, but these
are
persistent fowl which really
There is
now
of the
and
course,
excusably
"Mobs
by
evidently holds for him
re¬
garding these matters, and
is at least half
these
are
very
deal and that
some
of them
not
reached,
already
to
an
throughout
evidence that he also
doubtless
has
instances
of
now
understands that they can¬
the
in
not
be
case
the
of
nature
either
solved
less
or
able
disturbances
for
course
remarkable
for
areas
throughout
of the
a
continue
as a
good
those who
both the
of
The
acute
but
obvious
first water in this
incidents by
budget crisis is growing more
since the time has
more so
to which it has
a
but
can
raise unlimited
in the manner and at the low cost
long been accustomed.
The situation
perfectly natural outgrowth of past policies,
one
which
those in
Washington have
admit
would
places of responsibility in
all along steadfastly refused to
arise.
It
has
tap root in long-
its
continued, mountainous expenditures which show no
sign
whatever
of
declining and
possibly continue to mount for
The letter sent
a
which
may
good while to
very
come.
by the President to his aides early
Secretary
of
well
as
causes
of
to
the
of
the
diffi¬
the
most
dramatic way
a
disconcerting to the
the
Treasury
acquisitions of gold,
Adminis¬
just at the time when it is
such
is
the Treasury
when
amounts of money
is
adds
Treasury.
day by day, the
good,
it
culties
follow the
general public and the law enforce¬
evidently passed, for the present at least and possibly
for
the
budgetary embarrassments,
the
of
Budget Problem
now
indefinitely to act
are
workability.
The
to
of
one
officials.
ment
of
others
and
receptacle for Treasury
tration in
toleration
this refusal
deficits is the result
as
detail.
continued
and
of
most
country that
banks
from
probably
But he is
There is danger of the
ity than for their sound¬
effectiveness
Naturally
the
of the almost innumer¬
well-known to
in
news
superficial plausibil¬
ness,
government obligations.
pre¬
attention
news
market for
the
in
course
the bond
man
numerous
Michigan points for
unaware
more
industrial
more
the
defect.
particularly of
market,
of defiance of
sort
featured
his attention.
escape
further ingenious schemes
their
lack of vigor in
while past.
The outbreak that has now oc¬
curred in the New York harbor can hardly
by
by evolving
or
have
Detroit and other
diverting public attention
elsewhere
baldest
the
that
law
the
country.
His
been called to the
the
a
Another is the concurrent
vails in connection with innumerable strikes
highly encouraging to find
be
to
of that
exhibition
the law bows to the mob."
or
highly probable that the average
does not realize how widely lawlessness
It would be
urgent stage.
the law
It is
seems
particularly unfortunate
"Tonight, tolerated disorder and violence
labor disputes are challenging local and
national government to speak for and to en¬
force the elementary requirements of law and
order, without fear or favor. The mob bows
reaching, if they have
are
this
but
in
with which he must
lems
old failing of
an
the Treasury Department,
incited mob violence to meet it.
real prob¬
Poor estimating of
receipts is
perishes by the mob. Mob violence at Hershey
that
aware
of
predic¬
these
concerning
beget
statisticians
Administration
whole
tions.
favor,
estimates
cock-sureness
the
the
One of
is the in¬
formerly made
Treasury
and
mobs.
Official neglect or
which determines what laws
shall be enforced and who shall obey them,
is the father of lynch law. Experience likewise
demonstrates that he who takes up the mob
official
poor
of receipts
the law.
glimpses of what the future
distinctly
a
these, of
than that tolerated lawlessness becomes itself
dent is beginning to catch
it
give
quality.
enlarged by damning the courts or failing to
enforce their orders. Nothing is more certain
the Presi¬
difficulties
budgetary situation,
dramatic
Nor is respect for authority
lawlessness.
more
every reason
to believe that
this week:
"Lawlessness is not lessened by tolerating
and twilight is almost here.
three other fac¬
tors add to the
coercion by any one.
ment of
have nowhere else to roost
expectations.
or
a
ployer can commit an offense. The employee
(or the union) is impeccable.
"Undoubtedly there has been coercion by
unfair employers.
That is not cured by en¬
couraging any other group to coerce their
fellow citizens, generally or in retaliation.
The remedy is condemnation and punish¬
about the White House, or
a
of
course
Two
"By the policy of the Wagner Act the em¬
denied roosting places in or
for
Manufacturers in the
of
ciation
by various expedients, be
may
of official
words of wisdom spoken
by the General Counsel of the National Asso¬
Both may for a time,
last.
re¬
appear
now
latively certain to fall short
duty to call to the special attention of our
our
that
approach those by which
and the validation of that
measure
expendi¬
half months left in the current
specifically the Na¬
more
that anything of
or
be done. It would require
great optimism indeed*, not to say credulity, to believe
of the
''underprivileged," and
campaign
problems,
great consequence is to
policies of the Administration in general, the
labor
these
This
A third factor
clever
plan of the
"sterilizing"
for
new
"simple" plan, it will be
recalled, involves the sale of bills by the Treasury
which
and
uses
new
the proceeds to
gold at home.
buy gold from abroad
The
originators
of this
ingenious scheme apparently did not stop to compute
the amount of money that might
a course.
At any rate
Treasury is
and
now
be involved in such
the "inactive gold fund" in the
approaching the half-billion mark
gold is being taken at the annual rate of sub¬
stantially
more
cumstances now
than $1,000,000,000.
In the cir¬
existing the Treasury is finding it
exceedingly embarrassing to be obliged to issue
securities
of any sort for
sale at
any
new
such rate
as
2530
Financial
this merely for the purpose of buying further quantities of useless gold. This huge and continuous waste
of
funds,
does not fit well into plans for
moreover,
combatting the spenders in Congress who apparently
would outdo
people's
the President in
even
the
real
of
problem
ending June 30, 1938.
1938?
next
estimates
for
next
year
those for this the
as
stantial.
fiscal
year
necessarily bring
into serious question.
year
be
to
prove
difference
that figure who would offer it to the public for less?
Another ingenious scheme that is at present the
subject of
would involve the grant of
rumors
Washington,
in
some
one
quite
amenable
more
the
The shortcomings of official
estimates for the current fiscal year
those for
^
:
concerns
April n, 1937
inaccurate
as
will
If the
be
sub-
very
Expenditures continue to increase.
quests for appropriations for next year, as far
Re-
they
as
It
year.
probable that he will then ask only
appears
what
considers
he
gold
as
was
to the Treasury.
course
The government would, it
is argued, thus be relieved of the burdens incident
to the present
could
pay
cause
any
method of "sterilizing" gold, since it
for such gold with "gold certificates" and
excess
normally created by the
reserves
acquisition of the gold to be canceled by corresponding
banks.
his message concerning relief appropriations for next
White
the
requirements
authority would then be
requirements
reserve
increases in the
week
from
reserve
acquired by the member banks and delivered in due
decline.
The President has deferred until next
This
less at will.
or
to
power
organization,
some
suggestions
to
utilized to raise
have been made definite, show no sign whatever of
for
or
House, to change member bank
-
What
But
squandering the
money.
Chronicle
made the
Deal
ratios
reserve
the
Thus
banks
of
would be
country
goats bearing the sins of the New
scape
into the desert.
away
required of member
the
Naturally the funds paid
relief
by the member banks to those from whom they bought
operations until Congress is again in session early
the gold would swell the volume of deposit money
and thus add by so much to the inflationary tendencies
next year.
In this
to
necessary
he
way
carry
postpone commiting
can
himself, as far as asking for relief appropriations for
the entire year is concerned, but of course he cannot
either in this
action
in any
or
other
defer decision and
way
concerning relief expenditures if he is to be
able to
keep these costs within the figures named
earlier in the year as
his goal.
If
reducing day-to-day outlays.
be possible to spend, say,
such result
any
this is to be achieved he should lose
no
time in
as
actually
Naturally it will not
$1,500,000,000
relief
on
of the day against which the Administration has been
inveighing considerably of late, but perhaps that is
who
curtail
expenditures that the total for the
within
hailing
distance
of
the
drastically
that
goal
will be
year
he
has
tentatively set for himself. The time is not far distant
when the
gar ding
Administration must
expenditures.
tain face with the
fish
or
bait
cut
re-
It cannot much longer main-
public with promises of budgetary
reform in the future.
T
it
.
.
Incoming gold
ii
i
i.
.
i
,
i
gold
desks of the planners, but the
*
at
any
price
Tr
u
,.
,
our
on
i
i
If such refusal
,
if the
,
ii
have
made
i
.
world-wide
_i
were
i
,
part to take
v
ii
.,
.f,,
i
would
r
remain a
remain so even
i
i
more or
less
i,
.
a
permanent policy it would amount very nearly to
demonetization of the metal, which would leave its
value to be determined
and the arts.
$35
To reduce the price at which we are
willing to take
more
gold would certainly
very
sub-
stantially reduce the inflow of the metal and might
even
stop it altogether, but such
a
step is believed
by most people to be "politically impossible." At
there is at the moment no reason to suppose
any rate,
such
a
procedure.
Nor is there
any
reason
for existence,
reason
consideration
One of these is said to be
gold market, whose real
purpose
an
open
would be to persuade
causes
j
,
J
u
.
deeply
could
take
if
in
up
the
existing
much
circumstances
gold
Treasury
us
to believe that it
be
at $35 dollars
stands
willing
to
affairs been
our
persuaded
an
ounce,
buy
gold
to
and
at
had
j
j
j
even
Sooner
any
passably
later the
or
entirely removed.
helpful,
very
we
have of late
these
causes
lie
,
•
the
in
•
.
■
of
structure
"
*
trade
our
.
policies, our monetary and credit tinkering, our
£
'
budgetary mismanagement and other related prob
i,
f
grams.
The time has come when the world must
,
.
,
JjLi
,
.,
i
i
..
,
.
,,,
,,
.
j
x
xl_
,
■,
,
,
.
j
•
make up its mind whether gold is to be considered
j
j
x
x
xu
*x
•
x
t.
and treat+ed aSfm0"f or VV;h*ther xt'S * be
money,
38 a
^stance for the neophytes
in
Washing-
,J?g ^ "! ° T t0
th« wor d to come o our shores,
eS f<*
it nor pro-
ton,to
mvde all,the
nelther cle+ver
nunciamentos about resulting speculation and high
pnces' su*b as tbat°f tbe President 0 days or more
?£' ™ ^ to be of much avad for any great
"Collective Bargaining"
The problems produced by the partial fruition of the
the
President
of
the
becoming
about
equally
and
Mr.
Lewis, and the recent
Supreme Court
may
may
or
not
to have the far-reaching, not to say revolu-
tionary, effects
as
are
The triumphs, if such they may be called,
urgent.
0f
long and sustained campaign for "col-
bargaining"
pr0ve
The American public has often proved itself
been
imbedded
and thus relieve the Treasury of carrying the
gullible, but it is difficult for
to render
or
have
to
never
of these evils must be
hardly
decisions
gold.
at best than the
more
well managed in Washington.
the rank and file of the public to become gold hoarders
worlds
re-
and which would not have had
present proportions had
to
the
among
some
little importance
no
for development in anything approaching
any cause
President's
"brain trusters."
ought
painless evils that
lective
under
obviously nothing
are
reported
be
fact that they are
in places of
concrete results of efforts to ameliorate
expect real net benefit from the other palliatives now
to
course
leave the
The main point is that these schemes and others
like them
that the Administration has any intention of resorting
to
Of
ever
and significance.
by its usefulness in industry
On this basis it is worth nothing like
an ounce.
not
mere
men
sponsibility in Washington is of
years
.
,
.
Refusal
.
repercussions.
_
ii
-r>
eliminated.
were
ii
more
j
problem, and would
ir.,
deficit
.
,
less certain to
is more or
this idea.
on
may or may
Apart from world politics, in which
Gold
,
ui
troublesome
with
these
as
under consideration by
root
Difficulties
said to be working
are
such "plans"
between June 30 next and Jan. 1, 1938, and then for
the ensuing six months of the fiscal year so
a
phase of the matter that has not occurred to those
it is
stantial
now
being predicted. The movement,
frequently called,
part
usually do not
one
prove very
the realities of life.
seems to us to
be in sub-
of those emotional crusades that
durable when faced with
Certain it is that many
problems
of
a
Financial
144
Volume
serious and difficult sort remain to be
the "victories"
involved,
the wage earners
gain than vexation,
more
It is
power.
so-called
will be
labor
past few years.
Mr. Lewis and
date,
unwisely utilized that the
will in the end suffer
profit from what has been done during the
rather than
to
so
movement
given by
of the others, neither the record
Despite
some
the outlook
nor
vague assurances
particularly promising.
seems
The outbreak that has occurred
days in the Port of New York nicely illustrates
one
of the dangers that confront
of
Here
both industry and
have the so-called "left wing"
we
labor union calling a strike merely
a
members of their
own
union who
conservatively inclined
are
shipping companies.
because other
happen to be
more
of the
the employ
so
elements
earners
It
these
among
happens that the radical
particular groups of wage
have not separately
affiliated in any way
occur
not unionized
organized themselves and
with Mr. Lewis's Committee for
Industrial Organization.
instances
in
But
as
is well known many
where wage earners
or
else belonging to
either heretofore
American Federa-
**
tion of Labor groups
have affiliated their organiza¬
tions with Mr. Lewis's
ployees of the
giance to the
of Labor.
more
unskilled
with
Lewis
Mr.
cases are
have
workmen
and
now
known to exist where
organized
and
affiliated
demand sole bargaining
rights for the entire plant, while the more skilled
trades
more
substantially represented by the older and
are
conservative unions which
intention
of
these
new,
more
than
placing
of
have
course,
affairs in the hands of
their
inexperienced and radical unions.
In
one instance the
employer has already
found himself thus between the devil and the
blue
The
sea.
Labor Board,
such yeoman service in
that for
to be
which
was
deep
to be of
preventing the disturbances
long been actively fomented, is reported
so
exceedingly loathe to inject itself into such situa¬
tions, the potential political repercussions
too
no
great for its liking. One
being far
of the first problems that
the leaders of labor must face in a statesmanlike way
is that
that
presented by such labor factionalism as this,
the
and his
President
associates have
for
so
reported to be
exceedingly loathe to inject itself into such situations,
the potential political repercussions being far too
great for its liking. One of the first problems that the
long
been
actively
fomenting
leaders of labor must face in a
that
is
statesmanlike
way
is
presented by such labor factionalism as this.
The evils of
jurisdictional disputes and the harm that
they have done labor in the past are well known, but
these new and related factional controversies carry
the danger
of
even
A second and
long existing problem that has
been
brought sharply into focus by recent events concerns
the matter of fixing definite legal responsibility upon
labor unions.
that
a
It is obviously
unreasonable to demand
responsible corporation be willing to enter
freely into contracts with
accept
the
contract
a
outspoken and heated opposition by both
Mr. Lewis,
elements
generally representing the more radical
the unions, and
among
Mr.
Green who
speaks for the American Federation of Labor.
Meanwhile the experience
of
some
of the rubber
the General Motors Corp. and others
entered into agreements with unions under
companies,
who have
guidance of Mr. Lewis have already found to
the
their
that
sorrow
could not
they
this
country
upon
Unless labor leaders
performance by such unions.
in
depend
able and willing to take and
are
actually do take such steps as are necessary to assure
performance by the rank and file of the
bona bide
members
have
who
collectively entered into
with employers,
tracts
neither laws
nor
con¬
court inter¬
of
much
in which they have imagined them¬
pretations will long protect them from a revulsion
popular feeling that will leave them in a state
than any
worse
selves during recent years.
Other
there
But
Implications
far
are
more
serious
implications in
place in labor circles,
what has of late been taking
which, although of large importance, seem to have
For many
escaped the attention of most observers.
past it has, generally speaking, been the more
less skilled workman, and he alone, who has been
years
or
He has succeeded through the
effectively organized.
obtaining much higher wages, often ex¬
orbitant wages, and in imposing upon employers in
most instances much shorter hours of labor, and
in
years
innumerable technical restrictions, which while they
have saved him from the necessity of exerting
may
himself
many
of
normally to obtain his daily bread and butter
certainly raised the cost of production and had
have
other incidental effects not ordinarily thought
related to what is known as the "labor move¬
as
It is
ment."
probably true that by these means the
of the workers directly involved
economic
welfare
has
somewhat improved.
been
that in certain instances the
It is certainly true
welfare of the workers
directly concerned has been increased.
certain
made
been
of
wage
chiefly at the expense
and
earners
But it is
whatever they
that these gains,
others
not
are,
of other
so
have
groups
successfully
Employers have either been obliged to
organized.
unskilled workers less because they were under
of paying skilled workers more, or else
could not avoid asking higher prices for their goods
pay
the necessity
as
a
result of increasing costs.
bear hardest upon
are
now
Higher prices always
the lowest paid workers.
with a determined
faced
effort,
supported vigorously by the Federal Government
to raise the wages and reduce the output of un¬
skilled employees.
in obtaining
These
groups
will hardly succeed
their advantages at the expense of the
entrenched skilled union
members.
They
are
not
union which refuses to
at law that a
large, except to the extent that employers are in turn
Recent
not needed to
implies for the other party thereto.
"racketeering" parasites, have already been
met with
likely to be able to take them from employers by and
ordinary responsibility
disclosures in New
unions of
We
greater injury.
designed to aid in
seek legislation
to
forces, while many other em¬
conservative American Federation
Numerous
employee, employer and the
really responsible for performance
under their contracts, and to help in ridding the
enterprices still owe their alle¬
same
upon
Yet reports of intention on the part of
making unions
within the past
few
the unions.
employers
large
on a
labor unions, and that such "racketeers"
public alike.
certainly not inconceivable in the circumstances that
these powers
scale among
"racketeering" existed
as
preyed extensively
their newly acquired
utilize
what is known
how wisely the unions and their
in large measure upon
with the fact that
acquaint informed business men
Doubtless the future depends
strife, and expense.
leaders
resolved if
bring the public, including
to
won are
2531
Chronicle
York City were
able to pass
them
on
words the movement
to their customers. In other
under way, assuming for
now
2532
Financial
Chronicle
April n, 1937
the moment that it succeeds in
increase from
labor along
with it,
increase of
predicted in
some
for
by
consumers,
part of the very
as
quarters, will necessarily be paid
who are composed in very large
workers who receive the wage in¬
and who refuse to work
creases
long
drawing practically all
is being rather confidently
formerly.
as
These
new
as
vigorously
unionists
followers may, and doubtless
will, be able in
to reduce the difference heretofore
a
their
degree
existing between
the economic status of skilled and unskilled
workers,
but by and large they will
getting largely at the
certain other
most numerous,
It is thus
of themselves and
expense
of which the farmers
groups,
which do not share
in the
the
are
Treasury issues, the
the
campaign.
current
whose interest is
being championed by the President
that
movement is
be viewed
public good.
as
industrialists
essence a
tariff
agrarian
protection is
subsidize
certain
type of economic policy
a
way
as
the population
in
and
more
restive under
Agricultural Adjustment Act and
well
as
such
a
as a
at
to
there
the
The
the
Soil
to the farmer.
another
was
to
amounts,
officially
this
in
country
excess
reserves
estimated
apparent that the
at
of
$1,630,000,000,
excess reserves
will be
Reserve
orderly conditions in the
market." If any disorder
was
as
it
situation
is
such
that
be
sales
sions.
seeded
of
acres
were
officially esti¬
Although total
reserves
a
receded, these changes
market
Instead,
we
last
is
were
due
left
for
to
of
little
were
a
crop
of bumper dimen¬
the
fact
that
fall, 57,187,000 acres,
for
ever
harvest
previous
was
the
acreage
by far and
planted, and the 47,500,000
after deducting the
large
abandonment is larger than the
in all
acreage harvested
except 1919.
If anticipation
Department of Agriculture, based on con¬
ditions at April 1, of a
crop of 656,019,000 bushels
entirely in
open
April 1
This
large the greatest
money
have had in the two weeks ended last
Wednesday an
$1,630,000,000.
already noted, advanced to $2,486,583,000.
crop on
of
of
years
the
this year are realized
being perverted to
advisable.
deposits of
reserve
DESPITE an abandonment ofthe winterplanted
17% of wheat
acreage, the prospects for
is
the
the harvest will
be
smaller
than
simple support of the Tresury issue market. The
credit
Excess
Government Crop Report
a mild and
quite proper decline in market
prices of United States Treasury obligations, and it
holdings clearly would
gain of
a
while industrial advances
dropped $22,000 to $22,544,000. Open market bankers bill holdings increased
$86,000 to $3,522,000, while Treasury issue holdings,
the form of
is evident that the credit
system is
$7,248,319,000,
by the gain in deposit liabilities, and
the reserve ratio fell to
80.0% from 80.2%. Discounts
by the System increased $2,898,000 to $11,048,000,
System might "exert its
existed, it
fell
deposits with
overshadowed
requirements next month than the $500,000,000 to
$600,000,000 originally anticipated. Resumption of
open market operations was announced on
April 5 so
toward
circulation
Total
are
nearer
Federal
$9,134,223,000.
actual
legal requirements advanced
over
and circulation liabilities
Banks,
and
the
in
notes
cash", and total
to
$190,000,000 in the week, and
embarked
influence
"other
the 12 Federal Reserve institutions increased
$1,000,000,000 mark after the ordered increase
that
of
$5,411,000
831,000 to $142,271,000.
mated at
banks
the
a
extradordinary
member
increase
the member banks
$28,819,000 in the
truly
about
drop of the Treasury general account
$163,193,000 to $111,674,000; a gain in
foreign bank deposits by $159,000 to $93,622,000,
and a drop in non-member bank
deposits by $10,-
preceding weekly period, and in a brief fortnight
$56,356,000 thus has been added to the already overlarge aggregate of the portfolio. Meanwhile, gold is
flowing
are
balance by
amazing credit episode. The increase of
holdings
an
Reserve
752,000;
Con¬
a
we now are
pa¬
member bank balances by
$216,788,000 to $6,900,-
Obviously
12 Federal Reserve
banking statistics
consisting of
OPEN market holdings of United States Governsecurities show
gain of $27,537,000 in the
on
Although
few days, European
the 12 banks increased
$42,923,000 to
with the account variations
Federal Reserve Bank Statement
these open market
advantage
ounce.
expectations. Gold certificate holdings
$2,567,000 to $4,176,094,000.
if pushed to their logical extremes,
benefit no one at
all, for each, while receiving a
subsidy from Peter, is himself paying another to Paul.
combined, indicating again that
rumors
advanced
Federal
regime
a
was
reserves
policies,
weekly statement of the
an
Wednesday night to $8,843,894,000, but
number of other enactments
sop
"ment
whish to take
who
price of $35
of the 12 Federal Reserve Banks fell
$11,000 in
week to
but that they too be given a place at the
public
trough, The controversy at length brings forth the
Act,
might reconsider its gold
causing rush shipments of the metal
every
in accord with
cease,
designed to throw
States
In other respects the
treat¬
which makes them
pay the piper in large part, but
they demand not that subsidies and special favors
servation
are
holders of gold seem to remain unconvinced.
First extreme
groups.
arranged in such
groups
more
United
Secretary Morgenthau
One
of the remainder of the community.
expense
farmers become
rapid increase of the
President Roosevelt and
controversy between tariff seeking
and
perturbing feature of
the
tiently deny the
example is found in the
of the old
the
by European holders
productive of general
that has often been in evidence in other
fields.
of the most notorious
ment
most
is
up $105,000,000
reported at $11,697,000,000.: Rumors
are
of the guaranteed
;=V"V.;
We have here in
now
policy plainly
claimed by the politicians, that the
to
statistics
14, the monetary gold stocks moved
and Mr. Lewis will
gain much if anything in the long
run
by the tactics now being pursued. It is ridiculous
as
were
on the credit system by
placing the metal in its "inactive gold fund," but
this process clearly cannot be
long continued if gold
arrivals remain heavy. In the
weekly period to April
and
suppose,
discount bills
monetary gold stocks. The Treasury is averting the
be very questionable whether those
to
and
Other than the increase of
open market holdings
of
to
seen
notes
stationary.
effect of the gold additions
gain whatever they succeed
in
the form of
of the shorter dated
or as
and
$2,430,227,000 to $2,486,583,000. The
$27,537,000 now recorded is entirely in
long term Treasury bonds, while holdings
7
only those of 1915, 1919 and 1931; the the lastmentioned year the crop was the
largest on record.
In
each
of
those years
acreage abandonment was
small, averaging only 3.3%. Condition of the
current crop, as of
April 1, was 73.8% of normal,
very
Volume
Financial
144
which compares
with 68.5%
an aver¬
of wheat
Farm stocks
the smallest in the 12 years
were
have
amount
the
the first of the month
on
been
amount on farms was
the
previous
that records of
On
kept.
that
the
date
only 71,723,000 bushels, 11.4%
year's
and
crop,
with
compares
here
by leading producers and softness appeared in
these and other metal stocks.
Other sections of the
market
official
71.4% of normal
was
on
10-year (1923-32) average condition of 82.3%.
this
were
A definite trend
sional small advances
lacking,
was
usually
as
the
occas¬
canceled by
were
There
ceeding small declines.
suc¬
numerous
im¬
were
developments of mixed significance, and
plainly preferred to remain on
portant
traders and investors
the sidelines while awaiting clarification of
In
tion.
series of decisions
a
the posi¬
Monday, the Su¬
on
Court upheld the Wagner Labor Relations
preme
speculative interest
were
vious
bearing
clines
were
staples also
ently
in
the
of strikes sweeping
wave
continually that
United States gold policy may be altered, and
the
and
Commodity markets
were
to
spell of decided weakness occured yesterday,
a
with
the stock
soft throughout,
quickly extended
which
uneasiness,
market.
Washington failed to dispel the
in
denials
official
circulated
Rumors
country.
the
taking
movement
where the decline
severe.
getary situation caused perturbation in
and
placed
a
fairly well sustained volume of general busi¬
profitable than had been supposed.
on
1,000,000 shares
but fell below that level
a
Turnover
the New York Stock Exchange some¬
exceeded
what
a
uncertainities must be
Against all the
in stocks
in
Washington,
although tax collection results show that it is
ness,
In
The bud¬
Presidential message is to be delivered next
a
Monday.
less
London,
origin in
its
extremely
was
on
in most sessions,
Thursday.
narrow
range,
with initial firmness succeeded
Changes were fractional and in¬
by later declines.
On Monday the market had to con¬
Court rulings on the Wagner
consequential.
tend with the Supreme
Despite widespread predictions that uphold¬
Act.
ing of the measure would result in sharp declines,
stocks
actually
There
higher for the day.
decisions
steady
were
was a
unsettled, with the French pro¬
currency
devaluation continued. French
official support.
on
Gold moved to this side
York
New
the
Stock
stocks
Exchange 29
high levels for the year while 156 stocks
touched new low levels.
On the New York Curb
new
Exchange 123 stocks touched new high levels and
32 stocks touched
York
New
at
low levels.
new
Stock
Call loans
/
1%.
On the New York Stock
session
half-day
shares;
on
on
the
on
unchanged
remained
Exchange
1
Exchange the sales at the
Saturday last
480,360
were
Monday they were 1,134,240 shares; on
Tuesday, 1,585,010 shares; on Wednesday, 1,479,440
shares;
on
Thursday, 940,800 shares, and on Friday,
1,057,310 shares.
sales
the
last
On the New York Curb Exchange
Saturday
were
128,805 shares; on
Monday, 281,385 shares; on Tuesday, 363,920 shares;
on
Wednesday, 377,855 shares; on Thursday, 244,015
shares, and on Friday, 290,420 shares.
The stock market has been a rather listless affair
present week, with traders content to await the
the
President's message on
Stock
formulating
prices
on
relief and the Federal budget
any
definite
fines and closed the session
decision
on
plan
of
action.
Saturday moved within narrow con¬
the Wagner
The
steady and mixed.
Labor Relations Act ren¬
by the United States Supreme Court on Mon¬
dered
Some selling
day had little effect on stock prices.
occurred, however, but the market soon regained its
former
pace
and closed the day steady and dull.
slightly
Tuesday, trading volume increased and stocks gen¬
little selling as the
erally were firm and higher, with little change noted
and
closed
announced, but the market soon re¬
were
other
and
prodigious quantities.
before
quiet session last Saturday, stocks fluctuated
were
metals
cotton,
drastically,
In the foreign exchange mar¬
soft.
were
week in the more
slowly receded, but sterling advanced, appar¬
On
of the ruling against the likelihood
affected
De¬
of stocks.
groups
Leading grains,
were
of slow
francs
important
on
kets conditions
gram
The commodity
of their ob¬
dull.
was
watched closely, because
items.
rubber
touched
diminish the
High grade cor¬
almost uninterrupted all
important
and
tral, since it proved difficult to weigh some of the un¬
that it may
modest reaction yesterday
a
porate bonds also tended higher, and preparations
for new flotations were resumed.
Bonds with a
Act, but the market reaction to this event was neu¬
favorable aspects
hardly changed.
and
support,
markets
E~~?TLE business week,done in the New York stock
was and fluctuations also
modest.
dull and
wiped out only part of the gains.
more
The New York Stock Market
market
were
United States Government issues advanced slowly on
April 1 this year compared with 72.4% last year
a
The copper
the London market.
commodities in¬
recessions in
price was lowered
severe
an average
770,000 bushels.
condition
of
1928 to 1932, of 127,-
for the date in the five years,
The rye crop
regarding
Nervousness
creased yesterday, on reports
In the listed bond market the undertone was firm.
99,978,000 bushels on April 1, 1936, and
and
price movements fractional and irregular in all
and
groups.
of 78.9% for the 10 years, 1923 to 1932.
age
of
and
a year ago
2533
Chronicle
gained its poise, and small gains finally were regis¬
on
Wednesday, except for some slight recessions in
the
hour
final
of trading.
Price
movements
on
Buying increased moderately on Tuesday,
Thursday were at a veritable standstill most of the
largely in the expectation that strikes would dimin¬
day, and at closing reflected an irregularly lower
tered.
ish.
per
throughout the list, with cop¬
Prices advanced
and oil issues showing best results.
movements remained
enthusiasm.
After
levels tended to
a
good
results than others,
kets
start
on
Wednesday,
drop again and trading for the day
produced minor changes.
also gained.
But most
small, and there was no great
Oil stocks showed better
while some of the carrier issues
Unsettlement in the commodity mar¬
developed
on
spread to stocks.
Thursday, and the influence soon
Trading was on a small scale,
The volume of sales
trend.
reduced
scale for
a
was
full day
also
session.
on
a
greatly
Uneasiness
prevailed in the market yesterday, and share prices
moved
moderately lower.
Nevertheless, when
com¬
pared with the close on Friday a week ago, many
stocks
at
yesterday's close
were
at higher levels.
General
Electric closed yesterday at 55%
53%
Friday of last week; Consolidated Edison
Co.
on
of N. Y. at 39 against
Elec. at
against
38%; Columbia Gas &
14% against 14%; Public Service of N. J*.
[
2534
at
at
Financial
Chronicle
44% against 44%; J. I. Case Threshing Machine
160% against 150; International Harvester at
106
against 104; Sears, Roebuck & Co. at 90 against
87; Montgomery Ward & Co. at 60% against 59;
Woolworth at 52% against 52%, and American
Tel. & Tel. at
closed
167% against 169%.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 129%c.
on
Friday of
last
Friday of last week.
155%; National Cash Register at 34% against 33%;
International Nickel at 63% against
65%; National
yesterday at 13.84c.
against 40%; Continental Can at 56% against 56%;
Kodak at 161 against
159%; Standard
Brands at
39%; Canada Dry at 33% against 32; Schenley Distillers at 46% against 46%, and National Distillers
at
steel
higher.
stocks
yesterday
United
States
111% against 112%
week
Steel
moved
fractionally
closed yesterday
at
Friday of last week; Inland
on
Steel at 115
against 114%; Bethlehem Steel at 91%
against 90%; Republic Steel at 41% against 41%,
and
29% against 29%
Motors at
on
114%, and Hupp Motors at 2 against 2%.
In the
Goodyear Tire & Rubber closed yester-
day at 41% against 40%
United
States
Rubber
B. F. Goodrich at
on
at
Friday of last week;
62% against 62%, and
45% against 44%.
shares for the most
part enjoyed
a
The railroad
modest recovery
prices from the wide declines suffered
week
a
Pennsylvania RR. closed yesterday at 45%
against 45% on Friday of last week; Atchison Toago.
peka & Santa Fe at 81% against 79%; New York
Central at 49
against 47%; Union Pacific at 145%
against 139%; Southern Pacific at 57% against
57%> Southern Railway at 39% against 37%, and
32% against 30%. Among the
Northern Pacific at
oil
stocks, Standard Oil of N. J. closed yesterday at
69% against 69%
Union Oil at
day at 15%c.
16c.
Friday
on
,
against 14.59c. the close
as
The
22.13c.
as
against 24.22c. the close
as
against the split price of 15%c. to
on
Friday of last week.
20 11/16 pence per ounce
York
closed
46%c. the close
the
transfers
yesterday
of
matter
the
foreign
exchanges,
on
Paris closed
on
cable
$4.92%
as
Friday of last week,
against 4.49%c. the close
as
against
as
London closed yesterday at
on
cable transfers
4.47%c.
at 45%c.
Friday of last week,
on
against $4.89 11/16 the close
and
yesterday was
against 21 1/16 pence
as
Friday of last week, and spot silver in
per ounce on
New
on
Domestic copper closed yester-
pound the close
a
on
price for rubber
spot
In London the price of bar silver
yesterday at
Friday of
on
last week,
European Stock Markets
Friday of last week;
ORICE trends
T
centers, but the changes
direction.
conda
Copper closed yesterday at 56% against 56%
Friday of last week; American Smelting & Refin-
stock
mostly small and there
were
large-scale movement in either
plainly
were con-
under discussion.
now
exchanges clearly
by revival
were
of monetary and
while the Berlin market followed
a
The Lon-
influenced, at
gold
rumors,
course more
in
keeping with internal developments of the Reich,
Despite official denials of
any
additional currency
tampering at this time, London appeared to be
der
the
meat
impression that the United States
might indulge
vagaries.
tion
soon
on
this basis
gold
was
tion
in another of its monetary
terms of
gold might develop,
commodity prices
were unsettled
shipped to New York in
The French
amounts.
same
un-
govern-
The belief persisted that upward revalua-
of the dollar in
and
Ana-
on
time, pending clarification of the im-
don and Paris
times,
a
Traders and investors
portant problems
30% against 31%, and Atlantic Refincopper group,
indication of
tent to mark
and
In the
irregular this week
were
exchanges in the leading European financial
Was no
Shell
on
ing at 33% against 3234.
on
was
Auburn Auto closed yesterdaw
Friday of last week; General
59% against 59%; Chrysler at 116 against
rubber group,
in
;
Youngstown Sheet & Tube at 87% against 87.
In the motor
group,
at
:
Friday of last week.
In
this
May oats at Chicago closed
Friday of last week.
32% against 32%.
The
on
at Chicago closed
The spot price for cotton here in New York closed
14% against 14%; Westinghouse Elec. &
Mfg. at 139% against 136; Lorillard at 23 against
23%; United States Industrial Alcohol at 39 against
corn
yesterday at 48c. against 49%c. the close
of last week.
Eastman
May
yesterday at 122%c. against 130%c. the close on
week; Allied Chemical & Dye at 240 against
239; E. I. du Pont de Nemours at 155% against
Dairy Products at 24% against 23%; National Biscuit at 29 against 29%; Texas Gulf
Sulphur at 40%
against 139%c. the close
Friday of last week.
Western Union
yesterday at 70% against 72%
April 17, 1937
enormous
market reflected
much
the
uncertainty, complicated by steady devaluaof
franc
the
within
the
limits
imposed last
ing at 91% against 90%, and Phelps Dodge at 52
September.
against 48%.
Britain and France failed to encourage
Leading trade and industrial reports remain fairly
encouraging, although seasonal slackening is to be
noted in
the week
some
instances.
ending today
Steel
was
ingot production for
estimated by the Amer-
ican Iron and Steel Institute at
90.3% of capacity
against 89.9% last week and 67.9% at this time last
year.
Production of electric energy
the Edison Electric Institute at
was
reported by
2,176,368,000 kilo-
watt hours for the week to April 10 against
2,146,959,000 kilowatt hours for the preceding week and
course,
Indications of labor troubles in Great
buyers, of
and part of the unsettlement must be attrib-
uted to such
are
Labor unions in England
planning vast strikes in order to ob-
occurrences.
said to be
tain
higher
playing
while French workers
wages,
dissatisfaction
Business
with
Dealings
started in
on
an
the London
the previous figures.
to the Association of American Railroads.
a
decrease of
but
a
10,643
cars
gain of 94,201 cars
last year.
according
This
was
from the preceding week,
over
the
;
same
period of
ness on
a
Stock
Exchange
were
atmosphere of confidence last Mon-
the week to
cars,
dis-
leading industrial countries of Europe, and this is
one of the brightest spots in the picture,
day, but the early strength
April 10 totaled 716,044
are
recent
gains,
improvement is well maintained in all the
1,916,486,000 kilowatt hours for the corresponding
Car loadings of revenue freight for
week of 1936.
their
soon gave way
general liquidation, and closings
British funds
small volume of business.
to weak-
were
were
under
steady
on
A few of the industrial
stocks maintained their early gains, but most issues
drifted lower
losses
as
the session progressed, and sharp
were current
in
rubber,
copper and other com-
Volume
Financial
144
International issues receded on un¬
modity stocks.
week-end reports from
favorable
tone was better on
New York.
The
Tuesday, with movements small.
2535 1
Chronicle
the
maintained in
stocks
precipitately
other
revival of
on
might abandon its $35 gold buying price, but
commodity issues held.
favorites improved.
ing
tinued
Anglo-American trad¬
Improvement
modity markets.
dustrial stocks
designed to
the
con¬
British funds
the com¬
reassure
dull, but in¬
were
displayed pronounced strength, and
commodity issues likewise advanced.
tional securities drifted lower.
done
was
wider scale, Wednesday, owing in part
a
on
to official statements
most
that the United
rumors
Interna¬
Little business
was
Thursday, owing to the approaching end of
on
fortnightly account, and the main trend was
toward lower levels.
Gilt-edged issues
while industrial stocks
modity
ternational
stocks
steady
were
sharp declines
group,
also
while
Trading
In the
com¬
Gilt-edged issues
gains
small
scored in most industrial stocks.
trading favorites
steady,
the rule, and in¬
were
sagged.
yesterday,
were
uncertain.
were
were
Anglo-American
the Paris Bourse resulted in losses
on
Monday, despite expectations of an advance occa¬
on
sioned
by Washington denials of gold rumors and
defeat of fascists in
fractional
large
Belgium.
recessions,
Rentes showed rather
while French banks,
utility and industrial stocks tumbled sharply.
securities also receded
ternational
in
In¬
the general
selling wave, but some buying of gold stocks devel¬
Rallying tendencies
oped.
French
noted Tuesday in
equities and international securities moved
on
gold price at Paris.
issues wavered and
Thursday, and
settlement
some
was
effected
buying.
easily
on
encouragement was imparted to
the securities market
United States
steadily absorbs at $35 an ounce vir¬
gold production
tually the entire annual
of the
world, is occasioning reports of possible changes in
our
Among the most persistent of these
gold policy.
rumors
is
to the effect that the
one
Washington buy¬
ing price of gold will be reduced, while for internal
monetary purposes the valuation of
existing stocks
will be continued at the
Both Washing¬
$35 price.
ton and London took account of these
this
,
reports early
week, and declarations were made in both capi¬
tals to the effect that
is
now
no
change in monetary policy
This fails to dispose of the
contemplated.
matter, however, for the simple fact remains that
adjustments obviously are needed to remove
some
strain occasioned
by the unremitting flow of
declarations at
The
States.
United
the
to
metal
Washington undoubtedly can be taken
London and
value, for it is not in the nature of official¬
at face
dom to admit
candidly
a
first class
error
made when the wave of devaluations
the
same
token it is not to be
simply will be retraced.
sure
to
pile
on
error
of the sort
started, and by
expected that steps
Some complicated formula,
error, is more likely to be
evolved.
It is due to the surfeit of
monetary gold here in
the United States that the rumors relate
mainly to
ing expedient of official responsibility for the gold
were
while international stocks reflected modest
The mid-month
devaluations of the early depres¬
The current situation, in which the
years.
generally lower at the end,
modest and uncer¬
apparent response to the steady upward revision of
the
sion
French bank and industrial
were
Rentes continued to slip, in
Wednesday.
other leading nations, rather over¬
some
did the currency
American monetary
policy. Great Britain plunged wholly for a man¬
aged currency when devaluation was effected in
1931, but the United States adopted the temporiz¬
Movements
slowly higher.
tain
were
but rentes again receded.
parts of the list,
some
INFORMED economic view thatappears to be veer¬
ing generally to the opinion the United States,
along with
the
dull.
were
Gold Rumors
aircraft issues
with
South African gold stocks declined
especially weak.
States
irregular,
were
The firm tone was
quiet session yesterday.
a
Gilt-edged issues hardly varied at all, while indus¬
trial
Fixed-
favorites, while mining issues were dull.
income securities remained firm.
by
a carryover
rate of 4%%
Rentes im¬
against 5%% at the end of March.
possible
variations
in
the
price when devaluation occurred here in 1933-34.
These variations are understandable and find
their
basis in the financial histories of the two
countries,
and in the
The prac¬
temperaments of the peoples.
tical results
are
for the
most unfortunate, however,
proved, and higher levels were attained by almost
rapid accumulation of gold here under the official
all French
import-export price of $35 invites an extraordinary
International securities of all
equities.
Rentes drifted
descriptions remained in demand.
slightly lower in
gains
a
quiet session yesterday, but small
noted in French equities and interna¬
were
Berlin
Boerse
enjoyed an unusual spell of
activity early in the week, partly because of a gen¬
eral
expectation
on
that
trade restrictions
The German market was
modified.
will be
active and firm
Monday, with favorable earnings reports of some
Heavy industrial
and mining stocks were marked upward, and special¬
ties also improved.
Fixed-income issues were quiet.
The tone on Tuesday was buoyant, with potash
stocks in greatest favor, although some buying of
large companies a distinct aid.
industrial issues also
was
noted.
Improved levels
on
showed
session
a
crying
larger
100% increase of reserve requirements of
the
member
a
banks
may
be taken as the start of the
But the essential problem of the excessive
devaluation of currencies, as expressed in the pres¬
process.
ent levels for
gold, is not touched by such expedi¬
ents, and in these circumstances it
economic thought
and
more
is natural that
and economic rumor turns more
to the real
question that eventually must
be faced.
For the time
of the two
being, it appears, the governments
leading trading nations of the world are
valuation, or to consider steps for remedying the
difficulties thus occasioned.
President Roosevelt
changes were small.
remained
firm
and
Heavy in¬
potash stocks
only small variations, but losses appeared
on
sense
There is
situation, and in
Wednesday, profit-taking developed on
issues
specialties.
States Treasury.
unwilling to acknowledge the error of excessive de¬
the Boerse and net
dustrial
of the United
After a firm
resulted in the fixed-interest group.
opening
expansion, with the potentialities raised to
levels by the deficit financing
need for correction of this
tional issues.
The
credit
almost unthinkable
in
Small advances were the rule in a quiet
Thursday.
Manufacturing stocks were
and
Secretary Morgenthau alternately declared at
Washington last week that no move with regard to
the
gold price is contemplated. Mr. Morgenthau fol¬
on Monday with a most emphatic statement,
lowed
2536
Financial
Chronicle
made in behalf of the
been
Administration, that there has
change in monetary policy. He scoffed at
no
that there will be
any
rumors
price here.
The
British
by President Roosevelt and Secretary of State Cordell
the
Tuesday
on
made statements before the House of Commons that
also
to
intended to convey the idea of
were
in the
present monetary arrangements.
what
American
Washington.
republics
which
marked
American
stability
Day.
Little that
in
the formal
Diplomats of all
assembled
speeches,
In response
London correspondents
regarded
some
Hull, in prepared addresses before the Pan-
American Union in
change in the gold
government
April 17, 1937
the
was
new
"inspired" questions, Chancellor of the Exchequer
comments that
obviously
Neville Chamberlain expressed satisfaction with the
Latin America
as
working of the tripartite agreement reached last
pears
Pan-
revealed
was
to
were
some
informal
designed to
reassure
policies of the United States.
No record
September, which he stated is designed to "maintain
of
talks, but it is significant that Mr.
Roosevelt concluded his remarks with
as
the
hear
to
celebration
the
greatest possible equilibrium in the system of
cally than in the past
international exchanges and to avoid disturbance of
that
system by monetary action
governments concerned."
the
sterling, and merely added
"price of gold is one of the factors to be
taken into account in
from time to time."
determining monetary policy
At the usual
of the Bank for International
this
problem likewise
was
monthly meeting
Settlements, in Basle,
to the fore.
In
a
marked
that
the
United States
possibility of
policy
discussions.
The
monetary markets
said
were
to
rumors
re¬
monetary situa¬
remains, and of how fragile is all the
that has been made."
the
"an eloquent
as
minder of how unstable the world's
tion
of
directorate, in their
bankers
interpret the upset which dollar-revaluation
caused in the
re¬
gold occupied the central
on
bankers who form the B. I. S.
informal
was
reversal
a
He is said to have discussed
promises made by
his Administration four years
progress
■'
and compared them with accomplishments to
demonstrate
Latin
the
American
United
that prompted
assured
were
States would not intervene in
note that intervention
In his formal
economic
was
them.
that the
Cuba, it is
them
avoided.
to
.
address, Mr. Roosevelt stressed the
gains of the last four
years
and the
corre¬
sponding improvement in the international political
atmosphere of the Americas. He referred at length
to
the
Inter-American Peace Conference
inaugurated at
marked
ceived of the
in
Buenos
Aires
last
which he
and
re¬
deep impression which he then
the
on
re¬
year,
"potency of the unity of the Americas
developing democratic institutions in the New
World
and
by example in helping the cause of
Democracy cannot thrive in an atmosphere
peace."
of international
Economic Conferences
good faith
diplomats
reported, and President Roosevelt urged
dispatch
Monday to the New York "Times," it
continuance of his Good
a
program.
ago,
relation of gold to
that the
of
Neighbor
the part of the
on
He refused to enlarge on
was made of such
statements, but it ap¬
that the President pledged even more specifi¬
insecurity, Mr. Roosevelt declared.
Such
INTERNATIONAL the problems of the
conferences in London and
and
Washington
on
textile industries
sugar
continued this
were
week, but they
general interest by continue^
overshadowed in
were
of
rumors
definite
a
possible world economic conference.
were
So
the reports that Chancellor of the Ex¬
chequer Neville Chamberlain
interpellated
was
subject in the London House of Commons, Tues¬
day.
But Mr. Chamberlain merely answered that
contemplating
The
time.
started last
any
the matter
As
a
broad agreement at this
Belgian
Premier, Paul van Zeeland,
Monday his study of the possibilities of
lowering trade barriers.
He
was
invited to
canvass
by the British and French governments.
first
step,
Dr.
van
Zeeland conferred with
representatives of the so-called Oslo countries, which
includes
small
Scandinavia, Holland and several
European States.
Europe
are
obstacles.
Wednesday
Minister of
the
in
known
The
to
with
Dr.
other
All the smaller nations of
desire reductions
Belgian
Premier
Hjalmar
Economics, and it
Schacht,
was
of
trade
conferred
on
German
indicated after
meeting that the Reich is willing to do its share
promoting international trade, but Dr. Schacht
added that
"Germany is in such
shall have to wait and
see
a
position that
what others will do."
we
In
the London conference
ton
discussion of
tions
days
eral
on
sugar, as in the Washing¬
textiles, delegates of various na¬
expounded their views and it
or
weeks before attempts
understanding
on
may
be
on
some
the free choice of government
added.
icas
"As
a
believe
by the people, he
logical development
that
the
continued
we
of the Amer¬
maintenance
portant guarantee of international peace," he said.
Mr.
that
Hull
each
referred
nation
affairs of others.
nent
substitute
pointedly to the requirement
refrain
from
interfering in the
"Armed forces
for
the
trust and the observance
can
security
be
of international
"The
resort
to
ever-increasing armaments
which
small
ordinary life could be improved.
unarmed States at the
mercy
or
of
cannot
and the
powerful.
It leaves the
of the reckless
Since these things are so, all the
greater is the significance of the determination of
the American
republics to look to the rules of inter¬
national law and trust for
tremes
of
safety, and avoid the
competitive armament.
ex¬
It is inconceiv¬
able that civilized nations of the world
everywhere
will
long delay action of the
kind."
same
Through
devotion to peace, the American
republics can prop¬
erly exert
in
a
an
urgently needed stabilizing influence
world which is
woefully in need of sanity and
balance, Mr. Hull pointed out.
Spanish Rebellion
ABRUPT changes in tactics and
THAT relations betweenrepublics remain and
the United States
upon
rules
bring ultimate security; their very accumulation
constantly breeds terror and anxiety rather than a
sense
of safety.
It wastes productive energy by
in the
greatest military activity have been
was
perma¬
are made at a gen¬
Latin-America
most cordial basis
no
that rests
and good order," the Secretary maintained.
peace
either industry.
the Latin American
and
improvement of democracy constitute the most im¬
on
the
he is not
insecurity breeds militarism and regimenta¬
tion, and challenges the ideals of democracy based
on
the
emphasized last Wednesday
lately in
variations
the Spanish civil
were
between the
war,
noted this week.
and
area
of
common
some
fresh
The main battle
loyalists and the insurgents suddenly
Volume
Financial
144
shifted late last week back to
was
loyalists this time
of
Madrid, with the
Lines north
the offensive.
on
Guadalajara, where rebel forces
defeated
were
2537
Chronicle
Almost all official observers now are re¬
April 19.
ported at their frontier posts, and the naval cordon
also has been
circulated Thursday
little
for
activity around Cordoba, to the south of the
The loyalists, who
capital.
of the
setting the pace
fighting, began late last week
assault
of
now are
Madrid, known
In this attack
University City.
as
international proposal
a new
rebels.
determined
a
of
compromise between the Spanish loyalists and
a
Stanley Baldwin
the rebel lines in the suburb just north
on
In London, rumors were
arranged.
badly last month, remained quiet, and there was also
they were successful at first, probably because of the
IT ister long beenBaldwin would that Prime Min¬
HAS Stanley an open secret retire after the
element of
coronation, next month, and pass the arduous task
surprise, but the struggle
another stalemate.
into
Rebel
cation with their forces in
developed
soon
of communi¬
means
University City
were
stroyed, Monday, when the bridge they held
the Manzanares River
the
was
dynamited.
Thereafter
loyalists sought to capture the small
the
to
left
area
rebels, who defended the strip with equal
determination.
loyalists
With their fast
retained command
new
of
the
airplanes, the
and this
air,
proved an important factor in the fighting.
the north
the
of Bilbao
was
bitter
to intimidate
Far to
struggle for the Basque city
similarly deadlocked.
pressed their attack
to
de¬
across
on
Rebel forces
this town, but they failed
the inhabitants and
the
city refused
fight for Bilbao introduced
new
directing the affairs of the British Empire to
in
address before his
an
aspects of
British Prime
he possesses, as
men
munism may
I want
war¬
naval blockade of Bilbao in the
attempt to force surrender by the Basque loyalists,
British
ships carrying food
permitted to enter the port.
It
cargoes
was
right to land the
traband under the
British battle
last
neutrality agreement.
cruiser, Hood,
was
from Bilbao.
away
The huge
requested
a
his
was
warn
apple to
thing
frame
Labor party members
were
a vote
It
manner.
was
reported
on
Wednesday
promise
press
siege.
Bilbao, international
of
improvement.
The
intensive
campaign against alleged French aid
loyalists
was
Far
more
continued, but with less vitu¬
significant
was an announce¬
by the Italian Ambassador to London, Thurs¬
day, that Italy is prepared to discuss the recall of
"volunteers" sent to
Spain in recent months.
this
brought
question
Grandi
sider it.
was
up
previously,
When
Dino
firmly insisted that Italy would not con¬
The Russian
representative at the
time declared that his country
would not
same
press
its
proposal for the dispatch to Spain of a neutral com¬
mission, to investigate on the spot the scope and
character of the foreign aid extended to either side.
The Non-Intervention Committee met and voted that
strict control
to
you can
exotic and alien to
graft
a
our
to
on
our
Siberian crab-
I don't think there is
any
single
people, for those who
public opinion and for those who lead public
people immune from the
our
virus of either communism
to his
ence
are
fascism."
or
marked that it is better to go
Where
Prime
the
With refer¬
impending retirement, Mr. Baldwin
re¬
while still competent.
Minister is head
of the govern¬
ment, leader of a party and leader of the House of
Commons, it is beyond human strength to
the task many years
carry on
past his own age, he said.
Belgium Remains Democratic
VOTERS of the City of Brussels, in Belgium,
idea of the trend of political
afforded
some
thought in Europe, last Sunday, when they
sup¬
tered
an
equally resounding rebuff to his fascist
of
shipments of men and munitions
Spain would be established, by land and sea,
sels
Leon
Degrelle.
The Belgian fascists,
under the title of Rexists, forced the Brus¬
election.
They
could
be
hardly
•
accused
of
choosing the least favorable constituency for their
aspects of the Spanish war seemed to offer a little
ment
any¬
Belgian Premier, Paul van Zeeland, and adminis¬
defeated by
vigorously and cited important
course
Aside from the incident at
peration.
do
never
Foreign Secretary Anthony Eden de¬
was
loyalist warships had been dispatched to Bilbao
to the
can
ported overwhelmingly the democratic regime of the
the motion
to raise the naval
Italian
than
opinion, than to keep
challenger,
more
"They
important for
who go
that
that they
com¬
Germany,
or
You cannot graft them
oak.
an
more
in
tragic
"Whatever fascism and
you
any more
precedents for avoiding any contest that might end
a
He warned his country¬
70.
produce for Russia, Italy
country.
precipitated
twisting of international law
nears
of
as
130.
to
fended
ships had been
vote of censure, but their charges of
cowardice and of
unavailing,
But the
Monday it
on
to
A stormy debate
in the British House of Commons
by the incident, Wednesday.
con¬
dispatched hastily
actually avoided the port and
keep
a
upon
since food is not
indicated that the British cargo
warned to
345
insist
Saturday from Gibraltar to Bilbao.
vessel
was
cargoes,
not
believed for
time that the British government would
the
were
he
problems," he said.
system
and
world
on
admirably the keen intellect that
ing around the world.
from the beginning.
a
as
against the strange creeds which today are rush¬
the
ships established
Minister, and his comments
indicate
trends
this
Rebel
constituents in Bewd-
own
Fortunately, there is not
yet any need to sing swan songs for the very able
complications that have plagued
war
Chancellor of the Ex¬
now
Mr. Baldwin confirmed this last Saturday,
ley, Worcestershire.
the international
Spanish
Chamberlain,
chequer.
thing to help Great Britain solve her constitutional
surrender, although cut off from food supplies.
The
of
Neville
on
purposes,
and the opinion thus is warranted that
fascist ideas and
principles
are on
the
wane
gium, and possibly throughout Europe.
the
Rexists
cause
of
the
in Bel¬
In opposing
Belgian Premier championed
Parliamentary
democracy
and
the
declared
specifically that maintenance of the vital institu¬
tions of free
Belgium
was
involved.
The voters of
Brussels left no doubt whatsoever as to their
for
while M.
are
Degrelle polled only 69,242.
These figures
sufficiently significant in themselves, but even
more
interesting is the circumstance that in contrast
with the
general elections last year, Dr. van Zeeland
increased his strength
ers
choice,
275,840 ballots were cast for Dr. van Zeeland,
materially, while the support¬
of the fascists diminished.
The theoretical vot¬
ing strength was 389,425, and 363,440 votes actually
were cast.
Blank ballots numbered 18,358, and it
was
assumed
generally that such blanks represented
discontent with the
policies of the
van
Zeeland
gov-
2538
Financial
Chronicle
ernment, without acceptance of the extreme prin¬
ciples of fascism. In a Brussels dispatch to the New
York "Times" the situation
ized
in
was
succinctly
francs.
The
francs.
summar¬
reverses
Discount Rates of
rates of any
Present
rates
the
at
leading centers
are
shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Rate in
Country
Established
Rate in
vious
Rate
Argentina..
Austria.._.
3H
3H
July
10 1935
Batavla
4
July
1 1935
Belgium...
2
Bulgaria...
6
2H
May 15 1935
Aug. 15 1935
Mar. 11 1935
4
Jan.
July
18 1933
Country
24 1935
4
...
Canada....
Chile
1 1936
Effect
Apr. 16
Established
3
...
Jan.
2
Dec.
4
Aug. 28 1935
2 1936
4H
2H
India
3
Nov. 29 1935
Ireland
3
June
30 1932
7
Italy
Japan
4^
May
18 1936
3.29
Apr.
6 1936
.....
'
234
434
334
334
5
3.65
Java
Danzig
4
Jan.
2 1937
Denmark..
4
Oct.
19 1936
England...
Estonia....
2
June 30 1932
5
3X
Sept. 25 1934
Finland
4
France
4
Jan.
Jan.
14 1937
5
Feb.
1 1935
634
5J4
634
July
1 1936
6
Morocco
5
May 28 1935
4
434
334
Norway
4
Dec.
Poland
5
Oct.
25 1933
6
Portugal
5
Dec.
13 1934
Dec.
7 1934
6
South Africa
4*U
334
May
15 1933
4
2
Spain
6
July
10 1935
Dec.
1 1933
3
Nov. 25 1936
2
Rumania
..
Germany..
4
Sept. 30 1932
5
Sweden
Greece
6
Jan.
7
Switzerland
4 1937
51936
were
as
against 9-16(5^%
Money
call at London
on
on
Friday
was
Paris the open market rate remains at
%%.
4%, and in
traction
result
of
of
England Statement
reserves.
Gold
was
holdings
a
circulation
note
increase
an
of
14
con¬
the
net
£4,264,000 in
total £314,572,389 in
now
comparison with £202,379,419
a
year
Public
ago.
deposits fell off £2,140,000 and other deposits rose
£1,620,048. The latter consists of bankers accounts
which increased
£2,066,295 and other accounts which
declined £446,247.
The reserve proportion rose to
31.00% from 28.20% a week ago; last year the pro¬
portion
ities
26.74%.
was
decreased
£643,135.
Loans
Government
other
on
amount
discounts and advances and
No
on
£4,122,000 and
Of the latter
£488,949
secur¬
was
£154,186 from securities.
was
made in the 2% discount rate.
show the different items with
comparison
for different years:
BANK OF ENGLAND'S COMPARATIVE
STATEMENT
April 14,
April 15,
April 17,
1937
April 18,
1936
1935
1934
465,695,000
Public deposits
22,372,000
Other deposits
134,818,166
Bankers' accounts.
96,897,131
Other accounts
37,921,035
Govt, securities
96,949,300
Other securities
29,053,215
DIsct. & advances6,906,004
Securities
22,147,211
Reserve notes & coin
48,878,000
421,890,628 392,449,184
9,903,592
9,147,332
141,480,223 139,687,225
104,911,379 100,294,413
36,568,844 39,392,812
106,671,996 89,986,044
21,918,248 15,924,634
8,755,790
5,923,044
13,162,458 10,001,590
40,488,791 60,595,674
314,572,389 202,379,419 193,044,858
Coin and bullion
Proportion of
to
liabilities
reserve
31.00%
2%
469,000,000
26.74%
2%
40.71%
2%
"t
April 9, 1937
Francs
♦
Gold holdings
April 10, 1936 April 12, 1935
Francs
No change
Credit hals. abroad,
a French commercial
bills discounted.,
Francs
Francs
*57358742,140 62,972,019,569 81,384,649,514
12,648,263
5,540,522
10,153,302
—1,000,000
+469,000,000
7,960,485,464 13,574,809,968 3,*922,418,773
—12,000,000
1,167,817,106 1,308.443,722 1,093,720,263
—95,000,000
3,801,578,148 3,410,954,523 3,155,333,147
—637,000,000 86,297,930,295 83,841,285,085 82,817,165,795
accts. + 1,142,000,000
18,058,190,805 10,104,352,312 18,616,911,813
b Bills bought abr'd
Adv. against secure.
Note circulation
Credit current
Temp, ad vs. with¬
out int. to State.
—62,000,000 20,003,793,264
.
on
hand to sight liab.
—0.27%
54.96%
67.03%
80.23%
Includes bills purchased in France,
b Includes bills discounted abroad,
c Rep¬
resenting drafts on Treasury on 10-bllllon-franc credit
opened at bank.
*
Gold holdings of the bank were
revalued Sept. 26, 1936, in accordance wtth
de¬
valuation legislation enacted on
that date.
Immediately following devaluation,
10,000,000,000 francs of the Bank's gold was taken over
by the French stabilization
fund, but it was announced a few days thereafter that
5,000,000,000 francs of the
gold had been returned to the Bank.
See notation to table "Gold Bullion in Euro¬
pean Banks" on a subsequent
page of this issue.
Note—"Treasury bills discounted" appeared in blank
as
all
these
bills had
matured
and
have since
'Temporary advances without interest
New York
in the statement of Sept 25;
the account
been transferred to
to the State."
Money Market
QUIET and unchanged conditions were noted in
the
New
York
largely because of
market
money
this
week,
current additions to open market
the Federal Reserve.
for the
purpose of
the money
paper
rates
These additions
are
ostensibly
maintaining orderly conditions in
market.
Bankers' bill and commercial
continued from last
were
Treasury sold last Monday
an
week.
average of
0.667%, computed
discount basis.
Call loans
on
The
issue of $50,000,000
discount bills due in 273
days, and awards
an
were
at
on an annual bank
the New York Stock
Exchange held to 1% for all transactions, whether
renewals
or
new
loans.
Time loans
remained
at
l1/4% for maturities to three months, and at
1%%
for three to six months'
datings.
373,893,653
14,383,891
142,197,025
103,388,348
38,808,677
79,499,371
16,570^564
5,375,078
11,195,486
78,182,604
192,076,257
New York
from
we
Circulation
of
securities
change
Below
increase
holdings of United States government securities by
of
£4,275,000 in
which
French commercial
ago.
an
Changes
;
o
small
un¬
At
THE statement for the £10,499 endedand
week gold April
shows
loss
a
years
for Weel
Friday of last week.
on
on
Switzerland at 1J^%.
Bank of
remain
•
Friday of last week, and 9-16@^g% for three months'
as
holdings
BANK OF FRANCE'S COMPARATIVE STATEMENT
c
IN LONDON open market discount rates9-16%
for short
bills
Friday
9-16%
against
bills
Gold
francs and creditor current accounts of
1,142,000,000
francs.
Below we furnish a comparison of the dif¬
Propor'n of gold
Foreign Money Rates
on
649,514 francs two
534
234
134
28 1937
4 1934
respectively.
bills discounted showed
534
3H
2>*
5H
4H
Dec.
3
Jugoslavl*.
5
1 1936
DEALING in detail with call loan rates
376,122,995
9,912,351
139,989,369
103,975,618
36,013,751
75,201,127
23,661,762
11,829,567
11,832,205
68,711,952
184,834,947
the
on
Stock Exchange from
day to day, 1% was the
ruling quotations all through the week for both new
loans and renewals.
unchanged this week.
April 19,
1933
Money Rates
1H%
up
The market for time
money is
Rates continued nomihal at
to 90 days and 1H% for four to six months
maturities.
The market for prime
commercial paper
has been quite active this
week, both the supply and
demand showing moderate
improvement.
unchanged at 1% for all maturities.
Bankers'
Rates
are
Acceptances
THE market for prime bankers'
acceptances has
45.83%
2%
been very quiet this week.
Few bills have been
available and the demand has fallen off.
Rates are
unchanged.
The official quotations as issued
THE loss in
statement for the week 637,000,000 showed
of April 9
circulation
francs,
the Federal Reserve Bank of New
York for bills up
to and
including 30
Bank rate
49.92%
2%
Bank of France Statement
a
which
note
brought the
of
total
to
Rate
Holland^...
L
lowered
and 80.23%
changed, the total of 57,358,742,140 francs compares
with
62,972,019,569 francs a year ago and 81,384,-
vious
Hungary...
4~
''«
year
Pre¬
Date
Lithuania..
Colombia..
Czechoslo¬
vakia
Mar.
was
reserve
ferent items for three years:
Pre¬
Date
Effect
Apr. 16
before 82,817,165,795
year
ratio
francs,
Foreign Central Banks
Bank's
previous year.
Credit balances abroad, bills
bought abroad, advances against securities and tem¬
porary advances to State decreased 1,000,000 francs,
12,000,000 francs, 95,000,000 francs, and 62,000,000
in the early
THERE have been no changes during the week in
the discount
of the foreign central
banks.
The
the
they could from recalling that the German Chan¬
cellor, Adolf Hitler, suffered
circulation aggregated 83,841,-
54.96%, compared with 67.03% last
Belgian fascists gained what comfort
stages of his campaign.
A year ago
285,085 francs and the
by the comment that "the government party is
seventh
heaven
of delight;
the Rexists are
dazed."
April 17, 1937
down
to|86,297,930,295
by
days are y2% bid and 7-16%
asked; for bills running for 60 and 90 days,
%% bid
Financial
144
Volume
9-16% asked; four months, 24% bid and %%
and
asked; for five and six months, %% bid and %%
The bill-buying rate of the New York
asked.
Re¬
Bank is %% for bill running from 1 to 90 days,
serve
tions at his press
willingness
The Federal Reserve Bank's holdings of
acceptances increased from $3,436,000 to $3,522,000
Open market dealers are quoting the same rates as
reported by the Federal Reserve Bank of New
those
The rates for open market acceptances are
York.
as
180 Days
Bid
Prime eligible
Bid
Prime eligible
%
60 Days
-
%
»16
*
-
A
&
Asked
Bid
Asked
H
bills
Bid
Asked
%
^
90 Days
120 Days
Asked
150 Days
Bid
Asked
%
bills.
——30 Days - •
Bid
Asked
716
x
»16
% % bid
bid
rates
The
following is the schedule of rates
the
for
various
classes
of
paper
now
at
the
in effect
different
talk has been going on
DISCOUNT
shift in
no
RATES OF FEDERAL RESERVE
because
have nothing in
we
Showing some irritation over rumors started by
"people who seem to know more about what we are
going to do with the gold price than the President
do," Mr. Morgenthau said that he was not
going to be put in the position of denying rumors
He expressed the hope that "some people
will have learned
lesson by
a
Friday [of last week] of
price
his
statement
the President's denial
rumors
who has
anyone
me
mind has
open
an
stopped worrying," he asserted.
ident and
that the gold
"Since the President made
to be lowered."
was
Our hands won't be forced.
BANKS
that
our
changing the price of gold."
"If
we
won't be
ready to do anything, there
Reserve banks:
have
fiscal or
monetary policies," the Secretary of the Treasury
asserted.
"Knowing what the facts are, the President
and I are the least worried of anyone while this gold
on
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
program.
Administration—I
the
authority—there has been
hourly.
Discount Rates of the Federal Reserve Banks
gold sterilization
"Talking for
and I
THIRTY DAYS
FOR DELIVERY WITHIN
Eligible member banks
Eligible non-member banks
increase, to lower the gold price, and
to abandon its
mind about
follows:
conference about reports of alleged
the part of the Administration to see
on
interest rates
%% for 91- to 120-day bills and 1% for 121- to 180day bills.
2539
Chronicle
get
ever
any
leaks.
Nobody but the Pres¬
will know what
we are
going to do and
Rate in
Federal Reserve Bant
Date
Previous
Established
Effect on
Apr. 16
Rate
81934
21934
2
2
Jan.
17 1935
Boston
2
Feb.
New York
1H
Philadelphia...
2H
May 11 1935
Richmond
May
Atlanta
2
Jan
9 1935
14 1935
Chicago
2
Jan.
19 1935
2A
2H
2A
St. Louis
2
Jan.
31935
2A
Minneapolis
2
May 14 1935
2
May 10 1935
2
May
2
Feb.
2H
2A
2A
2H
Kansas
.......
City
Dallas
...
San Francisco
Course of Sterling
-
8 1935
16 1934
answer
Chamberlain
several weeks that the United States
buying price for gold and
the French franc would be allowed to fall below
of
the lower limit fixed by
the devaluation law of last
The change in the tone of the market is
Paris,
September.
the result of official denials in Washington,
policies
and London that either fiscal or monetary
would be changed.
has
between
been
for sterling this week
$4.89 11-16 and $4.92 3-16 for
The
range
bills, compared with a range of between
$4.89 7-16 and $4.90 15-16 last week.
The range for
bankers' sight
cable transfers has been between
compared with
a
a range
$4.8924 and $4.92% >
of between $4.88% and $4.91
of gold is
last week
occurred on Friday, when the cable rate went as low
as
$4.88%.
The disturbance in the markets was
intensified because bankers could not discern any
The
disturbing
in sterling
weakness
funds had been active
When the French
decline to 110 francs to the
evidence that the equalization
endeavoring to maintain rates.
in
franc
was
allowed to
of the
particularly in the European
centers, became alarmed and were apparently con¬
vinced that some important change was impending
in the tripartite currency agreement.
On April 1 the
pound and to around 4.45 cents in terms
dollar, foreign operators,
London check rate
on
Paris
in terms of the dollar the
On
around 106.34 and
Monday Secretary Morgenthau, hinting
had been authorized
so,
was
franc stood at 4.60 cents.
declared that the Administration has not
its fiscal
mind.
or
monetary policy
His statement
that he
by President Roosevelt to do
was
changed
and has no changes in
made in
answer
to ques¬
to
"It is not
one
of the factors to be taken into
determining the monetary policy from
in
We
are
with
interfering
fully alive to the undesirability
the
of
flow
toward
business
was
satisfied with the working
currency
agreement and whether the
Asked whether he
of the
tripartite
agreement precluded any alteration in the
of
the
Chancellor
replied:
purpose
con¬
parties to the agreement, the
"The
answer
With regard to the
affirmative.
gold value
without prior
participating currencies
sultation with the other
to the first part is
second part, the
of the agreement is to maintain the greatest
possible equilibrium in the system of international
exchanges and to avoid to the fullest extent any dis¬
turbance to that system
by monetary action
concerned.
part of any of the governments
no
week ago.
members
recovery."
Goverment would alter its
that
by
presently part of the policy of the Government to
maintain a fixed price for gold in terms of sterling.
time to time.
fears of the past
forced
was
Mr. Chamberlain replied:
Morgenthau.
account
STERLING exchange is ruling steadier from their
operators in all centers recovered as market
talk about the price of gold."
questions similar to those put to Secretary
The price
Exchange
can
Tuesday in the House of Commons Chancellor
Neville
2
1H
2
Cleveland
On
2A
Feb.
nobody else
on
the
There is
reference to gold value of the several
express
currencies."
In
that
reply to another question the Chancellor said
he
is
not
contemplating at the prfesent time
entering into negotiation with the United
States and
France for the conclusion of an economic agreement
covering
a
wider field and of
a
permanent nature.
Friday of last week Finance Minister Auriol in
Paris denied rumors that the franc would be allowed
On
to fall below
in
terms
the lower legal limit, which is 4.35 cents
of the
dollar.
On
Monday the French
finance minister in an interview given
the "London
said that early and
stabilization of all major world cur¬
Financial News" representative
simultaneous
rencies would be an effective
contribution to economic
and would put "an end to all monetary
uncertainty."
M. Auriol declared that "monetary
recovery
stability is an essential factor of economic collabora¬
tion and is essential for improving international
trade."
2540
Financial
When
Secretary Morgenthau
French finance minister's
Chronicle
asked about the
was
the metal but
advocacy of de jure stabili¬
any
stabilization suggestion.
since
then;
of other
his
have
we
a
of
statement
willingness to
fund,
indicated in the
as
ended last Wednesday, was as follows.
lot
day changes
things," he countered when questioned about
previous
The day-to¬
calculations.
are our own
GOLD HELD
Dale
consider
IN THE TREASURY'S INACTIVE FUND
Amount
Daily Change\
Date
Amount
Daily Change
Apr.
8_$367,264,448
+$6,041,0011 Apr.
stabilization, declining to explain what change in
Apr.
9.
attitude his remark cloaked.
Apr. 10. 403,056,956
+8,972,5821Apr. 13. 456,452,963
+26,819,9261Apr. 14. 465,326,115
Gold
shipments to New York chiefly from England
a tendency to increase.
It is
nevertheless
believed
Equalization Fund is
market gold.
open
week and
on
disturbed
is
that
a
the
British
Exchange
On Friday and Saturday of last
Monday last, when the gold market
by
rumors,
was
gold movement which has started from Russia
sending to London
and New York
approximately $190,000,000 of gold
quarters it is asserted that still larger
amounts will be
shipped from the Soviet Union's
vast
gold holdings, which approximate $7,000,000,000 and
are increasing at the rate of more than
10,000 ounces
a
year.
Undoubtedly much of this gold is being
shipped in order to establish necessary balances to
for imports either contracted for
tion.
It
seems
probable to
in
or
contempla¬
close observers of
some
international affairs that the Soviet Union is
The
rate
ranged during the week be¬
Paris, the London
on
and the price
shipping
paid for gold by the United States:
Saturday, April 10
Monday, April 12
;
109.09
.
109.79
Tuesday, April 13—
I
109.89
Wednesday, April 14.
Thursday,
Friday,
LONDON OPEN MARKET
141s. 8d.
Wednesday, April 14_„141s. 6Hd.
Thursday,
April 15...141S 6d.
141s. 6d.
Friday,
PRICE
PAID
+
FOR
V.+;'.
GOLD BY
has
"hot
no
money"
its gold which is owned
solely by the Government, the Russian gold hold¬
ings are the largest in the world.
Money in Lombard Street
from
weeks.
recent
available at
3/2%-
Call
continues
unchanged
against
money
bills
Two- and three-months' bills
is
are
9-16%, four-months' bills 19-32%, and six-months'
bills 21-32%.
Gold
offer in the London market is
exception¬
on
ally heavy this week and
so
far
as
observers
can
ascertain, much of it has been taken by the British
Equalization Fund.
On Saturday last there was
available
£1,420,000,
Tuesday
£778,000,
Monday
on
on
Thursday £452,000, and
£1,255,000,
Wednesday
on
£495,000,
on
$35.00
April 12
At the Port of New York the
gold movement for
the week ended April 14, as reported
Tuesday, April 13
35.00
was
as
Imports
None
@$4.90 5-16 for bankers' sight and $4.89M@$4.9034
Francisco,
of
$4.90J^@$4.90%.
approximately $4,634,000 of gold
$4,592,000
come
^
•
,
The above figures are for the week ended
nesday.
On
Thursday
received of which
$1,699,000
$23,700 from Russia.
metal
or
account.
$1,722,700
came
There
were
of
on
•
Wed¬
gold
was
from Canada and
no
exports of the
change in gold held earmarked for foreign
On
Friday
$4,266,800
ceived, of which $3,961,700
$305^100 from India.
came
There
of
gold
was
re¬
from England and
were
no
cable
was
transfers
Wednesday
an
sight
were
exchange
improved tone.
on
The
$4.90 9-16@$4.90J4 for bankers' sight and
$4.90^s@$4.91 for cable transfers. On Thursday the
pound was steady.
The range was $4.90 11-16®
$4.90 15-16
for
bankers'
for cable transfers.
market
On
firmer.
was
sight and $4.90^@$4.91
Friday the undertone of the
The
range
$4.91@$4.9254 for
quotations
demand and
$4.90 15-16@
was
$4,92 3-16 for bankers' sight and
cable transfers.
Closing
$4.92
were
$4.92*4 for cable transfers.
for
Commercial
sight
bills finished at $4.9134, sixty-day bills at
$4.9154, ninety-day bills at $4.9134? documents for
payment (60 days) at $4.9034? and
seven-day grain
at
$4.91^4.
closed at
Cotton and
gtain
for
payment
$4.9134-
Continental and Other
Foreign Exchange
THE decline in the French franc hasEvidently the
been noted in
the above
sterling.
view to
of
allowing the unit
exports
again under
been
.
i
On
to sink
Apart from considerations
.
i
and
firmer
was
Bankers'
gradually to the
by the devaluation law.
of
policy, the franc
was
from Japan and
$42,000 from Australia.
.
Tuesday sterling
range was
$10,802,000
which
active
more
lower limit of 4.35 cents fixed
Net Change in Gold Earmarked for Foreign Account
Decrease:
a
London continued to show
a
$62,373,000 total
Note—We have been notified that
35.00
drop in the franc with respect to sterling and the
dollar was officially
permitted and encouraged with
719,000 from India
received at San-
35.00
—.
$4.89%@$4.903^.
On Monday the pound was
steady in limited trading. The range was $4.89 11-16
review
Exports
$56,316,000 from England
5,338,000 from Belgium
$35.00
fers
follows:
GOLD MOVEMENT AT NEW YORK, APR. 8-APR.
14, INCLUSIVE
(FEDERAL
Referring to day-to-day rates sterling exchange on
Saturday last was steady, up from Friday's close.
Bankers' sight was $4.89%@$4.90
7-16; cable trans¬
by the Federal
Reserve Bank of New York,
STATES
Wednesday, April 14
Thursday,
April 15
Friday,
April 16
35.00
bills
Friday £455,000.
on
April 16__.141s. 5Kd.
UNITED
RESERVE BANK)
■
Saturday, April 10..
Monday,
THE
$4.90 7-16@$4.90 13-16
on
110.03
PRICE
141s. 8d.
it
claims
110.01
GOLD
market.
no
...109.98
April 15
April 16—
Monday, April 12..
Tuesday, April 13..
On
problem, and
market gold price,
MEAN LONDON CHECK RATE ON PARIS
in*.
Russia
London check
mean
open
so that it may be safely
available in the event of future difficulties.
When
large quantities of gold
considered that
premium of 9-64%.
a
following tables show the
for cable transfers.
is
+8,873,152
Saturday, April 10..
It is understood that Russia is
some
+28,697,357
Week Ended Wednesday
premium of 5-64% and
a
to
London and the United States.
and in
tween
the British Equalization Fund
understood to have absorbed the large amounts
on the market.
Mystery still surrounds the
12.1427,755,606 +$24,698,650
$104,102,668
Canadian exchange
heavy taker of the London
thrown
pay
Increase for the
again showing
are
376,237,030
/vnTl
=
ac¬
daily Treasury statements, issued during the week
"Look what's happened
tripartite agreement and
a
1937
$140,000.
Gold held in the inactive
willing to listen to
was
17,
gold held earmarked for foreign
count decreased
zation, he declined to repeat his earlier public state¬
ment that the United States
A mil
of
and
pressure
from other
recrudescence of strikes
a
the
throughout France
inauguration
of
are
showing
by Premier Blum.1 Despite
the
shorter
increased wage scales, there has been
of domestic French business and
to
have
factors
increase
is
There has
discontented labor elements
reluctance to be advised
the
causes.
been
are
in
made
offset
the
on
export
work
an
some
week
and
improvement
advance
account,
seems
but these
by the sharp rise in prices and the
French import
balance,
aggravated
,
Volume
Financial
144
by the disturbed political situation and the events in
Spain, which prevent
return of confidence in
a
the
Money
continues
came
into power whole¬
have risen 43% and retail prices 25%.
sale prices
During the
three
first
months
wholesale prices gained
devaluation
after
23% and retail prices 11%
and in the past three months
creased
the
Since
France.
leave
to
Popular Front Government
Auriol
Minister
2541
Certain business
services.
acts'
accused of 'unfriendly
bondholders to refrain from selling
causes some
their Government bonds when
be inclined to
of
view
the
take
to
The following table shows
the relation of the lead¬
New Dollar
Old Dollar
an
French
With
situation.
success
achieved, he
said., shows that the credit of the French Govern¬
ment remains
sound, and while
impossible to form
that the great
subscribed
there is
reason
19.30
Parity
6.63
16.95
8.91
32.67
40.20
The loans have
by private interests.
capital
entirely within France, but
accompanying
movements
indicate that capital
from abroad have
the
issue
holdings of Frenchmen coming
participated.
He expects
a
further
influx of
capital into France after the subscriptions
paid.
He refused to disclose whether the French
are
Treasury
of the
to issue further sections
proposes
(franc)
Belgium (belga)_
Italy aira)
Switzerland (franc)
loan.
3.92
5.26
-
——
Holland (guilder)-
54.72
New dollar parity as before devaluation of
between Sept. 25 and Oct. 5, 1936.
The London check rate
against 108.62
New York
at
sight bills
on
on
on
Paris closed
Friday
on
Friday of last week.
In
the French center finished
$4.46%, against 4.49%
cable transfers at
to 54.76
the European currencies
a
at 110.05
This Week
4.46
to 4.49
16.84
to 16.85H
5.26^ to 5.26^
22.74^ to 22.82
a
on
Friday of last week-
4.47%, against 4.49%.
Antwerp
belgas closed at $16.86% for bankers' sight bills and
at
$16.86% for cable transfers, against 16.83% and
Final quotations for Berlin marks
16.83%.
bankers'
for
40.21
were
sight bills and 40.21 for cable
comparison with 40.19% and 40.20.
5.26% for bankers' sight bills
transfers, in
Italian lire closed at
Financial observers in Paris and in other
centers
to be
seem
European
strongly of the opinion that the
and at
5.26% for cable transfers, against 5.26% and
Austrian schillings closed at 18.70, against
5.26%.
undervaluation of the dollar and the overvaluation
18.70;
of
against 3.49;
gold in the United States is less responsible for the
movement
than
the
in
war
13.90
_
Range
68.06
France
to believe
majority of the bonds have been well
been subscribed almost
the
yet it is practically
idea of the exact distribution
an
ultimate subscribers,
of
as
they would otherwise
dispose of them."
Parity
optimistic
There is
viduals, to subscribe to Government issues.
evidence that fear of being
ing European currencies to the United States dollar:
continued
regard to the regent loans the
with Government
concerns
bonds in payment for goods
Pressure is brought, even on indi¬
contracts must accept
wholesale prices in¬
6% and retail prices 5%.
Finance
bonds.
and
French monetary and fiscal program.
I
Chronicle
of
currencies to New York
Continental
widespread
political unrest
and fear of
Europe.
German
months past.
The sopar 40.33) has for
gold mark (dollar
weeks been ruling around 40.20 in harmony
many
with the lower quotations
with respect to
blocked marks
Robert
Mr.
political
Czechoslovakia
on
3.48%,
at
Bucharest at 0.74, against 0.74;
on
19.00, against 19.00; and on Finland at
Greek exchange closed at 0.90%,
2.17, against 2.16.
of other European units
the dollar, but the
at
are
severe
many
forms of
discounts.
Columbia
at
EXCHANGE on the countries neutralimportance.
during the
presents
features of
war
University,
in
a
new
no
The Scandinavian currencies
move
in close
with sterling and show relative firmness.
franc and the Dutch
guilder
sympathy
The Swiss
especially steady
are
as
and banking situation in both these
the financial
Murray Haig, McVickar professor of
economy
—»—
unchanged from
practically
are
prevailing for
or
Poland at
on
against 0.90.
marks
quotations
called free
exchange
countries is in excellent condition.
The currencies of
both countries therefore show steadiness in terms of
dollar
report on the taxation of capital gains in Germany,
the
reproduced recently in the "Wall Street Journal,"
nationals
after
American securities.
pointing out the general fear of inflation in
Germany comments
at
"Moreover the bond
market, they [his informants]
pointed out, is strictly controlled and its quotations
are
The market operates -under the
highly artificial.
constant
of
menace
has
a
closely guarded government
Guessing the amount of this unfunded debt
developed into
a
favorite indoor sport in Ger¬
One observer told the writer that he had
many.
made
huge unfunded public debt,
a
the amount of which is
secret.
special study which led him to conclude that
a
the amount is 20,000,000,000
marks, without count¬
The next day
ing certain contingent liabilities.
banker,
asserted
marks!
a
that
the
figure
true
Subsequently
an
was
8,000,000,000
economist ridiculed both
possible for Germany to borrow
000,000 marks in this fashion.
that
(e.
much
Finally
as
8,000,-
an
army
is; that, in
of it
will be
any
case,- everyone
knows
paid! Certain corporations
savings banks) must subscribe for Government
none
g.,
as
opined that it does not really matter what
the amount
regular investors in the higher grade
sight
Amsterdam finished
on
54.76, against 54.70
transfers
sight
at
bills
closed at
on
on
Friday
Friday of last week; cable
54.76, against 54.71; and commercial
at
against
54.70,
Swiss
54.65.
francs
22.83% for checks and at 22.83% for cable
against
transfers,
&nd
22.75
22.75.
Copenhagen
checks finished at 21.98 and cable transfers at 21.98
against 21.86% and 21.86%.
Checks
on
Sweden
closed at 25.38 and calbe transfers at 25.38, against
25.24%
and
25.24%;
while
checks
finished at 24.74 and cable transfers at
24.60% and 24.60%.
Spanish pesetas
on
Norway
24.74, against
are
hot quoted
in New York.
—*—
claimed to have inside information,
who
figures and remarked that he only wished it were
officer
Bankers'
the German situation in part
on
follows:
as
despite the fact that Swiss and Dutch
are
EXCHANGEfirm.theThe present firmness in these
South American countries is
generally on
units. is somewhat
quotations
independent of the dollar-sterling
and is derived largely from the
high
degree of trade improvement which the South Ameri¬
can
countries
are
now
enjoying
on
account of the
heavy volume of exports at higher prices than have
prevailed for many
There is also a flow of
the South American countries,
years.
investment money into
Financial
2542
Chronicle
notably into Brazil and Argentina, with resulting
April 17,
Where Do the Supreme
firmness in the currencies.
Argentine
Friday, official
on
The group
quotations, at 32.80 for bankers' sight bills, against
32.64
The unofficial
against 32.64.
milreis, officials rate
unofficial
free
or
milreis
in
is
most
Brazilian
quoted at 5.19, against 5.19.
Supreme Court hand¬
Monday are without doubt among the
important that the Court has ever rendered.
the
Corporation, in particular, seems marked for
inclusion in the list of so-called "leading cases"
6.30@6.35,
conclusions
whose
Peru is nominal at
follow in
26.00, against 26.00.
Court
the
in
in
concerned
sues
before it?
were
state
States in order to strengthen her
Congress, under the interstate
R.
approach of her import
Langford James,
Bank of
National
tive
recent report to the stock¬
Act.
a
holders of the bank that India is
increasing favorable trade
figure
of the
showing
balance.
steadily
a
In
the
1936
£60,000,000, against £54,000,000 in 1935.
was
the
Respecting
general
improvement
economic conditions Mr.
Indian
in
Has the
particularly collec¬
Court, in passing
with business and
lective
a
these matters,
upon
of the Administration and Congress
constitutional obstacles to Federal interfer¬
all
ence
and
James said:
clause, to
commerce
bargaining, in the way provided in the Wagner
cleared the way
of
bargaining
clear
industry,
as an
established col¬
or
unqualified right of labor
obligation of employers,
which
labor
removed the
or
sought
less interest to
grounds
on
India that it is to other countries and considerable
strikes?
An examination of the Jones &
"Nationalism is,
no
is being made in the domestic manufacture
progress
of
naturally, of
products
imported.
Bombay,
and articles that have hitherto been
the first to point the
in this
way
has
light
some
on
is, of
commerce
given to the
course,
scope
the
Jones
The remarkable
position taken in the Schechter
industries
ress
are
other
'pointers'
and the
prog¬
generally of India toward self-support, backed,
it^ is, by the growing of immense quantities of
produce for sale to less fortunate countries, can not
as
but make for
is
now
the
strength,
case,
remunerative
particularly when,
more
her customers
can
afford to
as
pay
Closing quotations for
28.68, against 28.54
on
yen
checks yesterday
Friday of last week.
were
Hong¬
kong closed at 30.57@305/s, against 30.49@30 9-16;
Shanghatai
Manila at
29.88@30
1-16, against 29.85@30.00;
50.15, against 50.20; Singapore at 57.75,
Laughlin
Without abandoning
case.
case
intrastate commerce,
the field
merce
that the
control under the
be applied.
power may
laws of
the Court has greatly enlarged
in which Federal
corporation, although organized under the
Pennsylvania and having its principal office
Pittsburgh, owned properties of various kinds in
other
States, transported
products
offices in
some
materials and finished
"Giving full weight,"
twenty cities.
said Chief Justice
tion with
raw
the States, and maintained sales
among
Hughes, "to respondent's conten¬
respect to a break in the complete con¬
tinuity of the 'stream of commerce' by
Calcutta at
respondent's
37.17, against 37.03.
remains
European Banks
manufacturing
that the
industrial
strife
interstate
operations,
have
most
a
of
would be indirect
exchange) in the principal European banks
as
of
upon
commerce.
or
respective dates of most recent statements, reported
would be immediate and
are
asked to shut
our
national
by special cable yesterday (Friday); comparisons
shown for the c responding dates in the previous
are
four years:
1936
1935
1934
1933
France
Germany b
Spain
Italy
Netherlands
Nat. Belg
Switzerland
Sweden.
...
Denmark
.
.
Norway
Total week.
314.572,389
458,869,937
2,438,150
c87,323,000
a42,575,000
76,626,000
104,353.000
83,531,000
25,655.000
6,550,000
6,602,000
202,379,419
503,776,156
2,327.250
89,107,000
42,575,000
59.469,000
95,412,000
48,182,000
23,891,000
6,554,000
6,603,000
193,044,858
651,077,196
2,959,750
192,076,257
599,825.574
7,741,650
90,487,000
90,773,000
62,992,000
64,963,000
74,271,000
76,593,000
65,534,000
77,135,000
63,805,000
14,800,000
7,398,000
6,576,000
54,033,000
15,971,000
7,394,000
6,585,000
184,834,947
648,639,862
17.865,700
90,363,000
67,331,000
79.061,000
76,308,000
88,727.000
12,116,000
7,397.000
8,380,000
1,209,095,476 1,080,275,825 1,224,063,804 1,201,971,481 1,281,023,509
Prev, week. 1,209,056,175 1,086,103,724 1,225,851,511 1,201,278,257 1,282,095,109
a
Amount held Oct.
29, 1935, latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which Is now
reported as £946,950.
c Amount held Aug. 1, 1936; latest figures available.
Note—The par of exchange of the French franc cannot be exactly determined, as
yet. since the legislation enacted Sept. 26,1936, empowers the Government to fix
the
franc's
gold
content
somewhere
between
43
and
49
milligrams.
However,
calculated on the basis on which the Bank of France has revalued Its gold
holdings
the parity between francs and pounds sterling Is approximately 165 francs to
the
pound (the old parity was about 125 francs to the pound).
It Is on this new basis
that we have here converted the Franch Bank's gold holdings from francs to
pounds.
a
serious effect
say
that the effect
might be catastrophic.
eyes
We
to the plainest facts of
life, and to deal with the question of di¬
"Because there may
effects upon
England..
our
rect and indirect effects in
1937
Bants of—
of
fact
It is obvious that it
remote.
to
up
the
In view of respondent's
far-flung activities, it is idle to
par
reason
stoppage of those operations by
would
THE following table indicates the amounts of gold
bullion (converted
pounds sterling at
into
com¬
The record showed
against 57.55; Bombay at 37.17, against 37.03; and
Gold Bullion in
regarding
the constitutional difference between interstate and
at
prices."
&
of interstate
outstanding feature of
an
the
sugar
justify
Laughlin
these points.
The wide extension
respect with their now famous iron and steel works.
developments in the cotton mill and
to
decision, the most important of the five, will throw
The important firm of Tata Brothers, of
were
Those is¬
and specifically the right of
power,
with industrial relations,
deal
season.
chairman
India, stated in
commerce
,
general the extent of the inter¬
sending considerable quantities of gold to the United
exchange situation
Now that
spoken, however, precisely what is the
status of the issues that
EXCHANGEsympathy with sterling. Japan is
on the Far Eastern countries moves
close
be expected to
may
deciding similar controversies.
the Court has
v"'
with the
& Laughlin
of the Jones
case
Steel
Chilean exchange is nominally
against 6.15@6.28.
on
decision in
The
The
8.79, against 8.74.
are
market
down
ed
free market close
or
30.40@30.50, against 30.35@30.40.
was
of decisions dealing with the National
Labor Relations Act which the
Friday of last week; cable transfers at 32.80,
on
Court Decisions
Leave Us?
closed
pesos
paper
1937
interstate
an
intellectual vacuum."
be but indirect and remote
commerce
in connection with
host of local
the
enterprises throughout the country,"
Court continued, "it does not follow that other
industrial
•
activities do not have such
intimate relation to interstate
the presence
of industrial strife
urgent national
themselves
on
national
tion to interstate
their
industrial
labor
field into which
necessary
can
a
make
matter of the most
scale, making their rela¬
commerce
activities, how
close and
When industries organize
concern.
a
a
commerce as to
the dominant factor in
it be maintained that
relations
Congress
constitute
a
their
forbidden
may not enter when it is
to protect interstate
commerce
from the
144
Volume
paralyzing consequence of industrial war? We have
often said that interstate commerce itself is a prac¬
It is equally true that interfer¬
conception.
tical
with that commerce must he appraised
ences
judgment that does not ignore actual
a
industrial corporation, although
in
engaged
primarily
by
experience."
conclusion from this argu¬
It seems a reasonable
ment that if any
obtains the
manufacture,
important part of its raw materials in
whole or an
which they are manu¬
other States than the one in
factured, and sells an important part of its prod¬
through agencies in other States, its intrastate
ucts
operations of manufacture will not be regarded by
the
Supreme Court as exempting its relations with
its
employees from
regulation by Congress as a
of authority under the in¬
constitutional exercise
terstate
the
on
The decision that was
clause.
commerce
handed down
.
day in the case of the
same
Friedman-Harry Marks Clothing Co. seems to indi¬
cate that the small size of an
enterprise
or
the com¬
paratively limited diversity of its operations will
not
be
regarded
determining factors; it will be
as
enough, apparently, that materials are obtained in
State than the
other
some
manufactured.
be classed
as
constitutionally intrastate and hence
Federal
from
relations,
labor
support which the decision will give to the
Roosevelt
wide
The decision opens a
policies is obvious.
Federal regulation
for
field
of business and
industry, not only in such labor relations as are in¬
volved in
tions in
collective bargaining,
but in other direc¬
which Congress may deem
it expedient to
safeguards against a possible interruption of
erect
A revival of the National Re¬
interstate commerce.
covery
Administration, with only such changes as
would
keep it within
which the Court has
Yet it is
ties.
will
by
the
lessen
interstate field
opened, is among the possibili¬
broad
the
clear that the decision
no means
number
controversies in which
of
The principle which
judicial rulings will be sought.
Chief Justice
Hughes laid down will have to be ap¬
plied afresh to cases as they arise, and industries
that are on the border line will continue to afford
abundant material for
manufacture and commerce has not,
tween
been
litigation. The distinction be¬
indeed,
abolished, but the courts will still have to de¬
point at which the boundary that separ¬
termine the
Collective
be left
bargaining,
the other hand, seems to
on
by the decision a good deal up in the air. Fol¬
lowing the decision in the Virginian Railway Co.
case,
the
of collec¬
with
an
employer, the latter, meantime, being fully en¬
titled to reject any collective proposal that is made,
the so-called "right" would seem to lack any effective
substance.
It may well be that the interest of the
employer will naturally lead him to accept any rea¬
sonable proposal that is offered, and that amicable
negotiation will iron out differences and bring about
a working accord, but the temper of such labor organizations as John L. Lewis represents has been
quite obviously opposed to limiting negotiations in
the way the Chief Justice has indicated.
The an¬
bargaining is that of talking matters over
nounced
the Court held that the Wagner Act
prohibits
negotiation of labor contracts applicable gener¬
ally to employees except with the "true representa¬
tive" of the
employees chosen in accordance with the
Act, but does not preclude contracts made directly
purpose
has been to force employers to
grant union demands, and in default of such surren¬
der to strike.
There is little reason to expect that
that purpose
will be abandoned or that the strike
will not continue to be used. The approval
the Court has given to individual agreements
weapon
which
closed
implicit in the Lewis
employees is, moreover, a blow at the
with
shop, and the closed shop is
demands.
The one-sided character of the
Wagner Act, with
"supervision and restraint"
which it imposes
the
for which
on
abuses
employers while leaving "untouched the
upon
employees may be responsible," did not
the attention of the Court, but it could not
"We are deal¬
that account invalidate the Act.
ing,
" Chief Justice Hughes declared,
"with the
of Congress, not with a particular policy or
the extent to which policy should go.
We have
power
with
frequently said that the legislative authority, ex¬
erted within its proper
the evils within its
field, need not embrace all
It is doubtful if Con¬
reach."
timorous as the majority of its members are
and without support
gress,
in the face of labor pressure
from
a
President who is politically
indebted to Mr.
Act,
unions
Lewis, will correct the gross inequalities of the
bring the interstate activities of labor
or
the control of Federal law, or
under
any
establsh
any
The full weight of labor
legal curbs upon strikes.
influence would
unquestionably be thrown against
such program.
Unless these steps are taken,
decision will have
however, a cardinal point of the
been evaded.
In sustaining the
right of Congress to
guard interstate commerce against
labor
interruption by
disturbances, the Court has clearly upheld the
right to deal with labor as the source from
interruption
such
ates the two interests is to be drawn.
Act in iteself
attempt to compel."
only "right" secured by the grant
If the
tive
escape
regulation.
The
adjustments and agreements which the
does not
small and
operations, would seem entitled to
their
in
exempt,
in which they are
one
local industries,
Only
local in all their
2543
Financial Chronicle
>•
come.
may
which
The Wagner Act
deals, in a notoriously partisan way, with only so
much of the situation as is affected by collective
If the air is to be cleared, the Act
bargaining.
should
promptly be supplemented by legislation ex¬
tending to employers as much protection as the Act
undertakes to extend to labor, and
who
foment
rampant.
or
engage
penalizing those
in such strikes as are still
Unless this is done, the rulings of the
The Chief Justice im¬
Supreme Court in the recent cases cannot be ex¬
mediately added, however, that the Act "does not
pected to have much influence in insuring industrial
with
individual
compel
ployees.
ever.
agreements
It does not
on
a
prevent the employer 'from refus¬
peace.
____
Economic Policies and International
Agreements
collective contract and hiring individ¬
whatever terms' the
lateral action determine.'
Act is that free
credited
and em¬
agreement what¬
employers
between
Tt does not compel any
ing to make
uals
employees.
.
employer 'may by uni¬
.
.
The theory of the
opportunity for negotiation with ac¬
representatives of employees is likely to
promote industrial peace and may bring about the
The
i
agreements, if any, that may be reached by
the World
the
should
or
Textile Conference at Washington and
International
Sugar
Conference
at
London
give some indication of the probable success
failure of
a
general economic and financial con-
2544
Financial
ference such as, it is hoped in some
quarters, the
United States or Great Britain
may be induced to
call.
In the
one
world's great
tion of
production of
of the
one
staples, and in the other the regula¬
of the world's
one
dustries,
the
case
great and diversified in¬
under consideration by delegates from
are
the
score
the
respective subjects.
or
countries
more
specially interested in
There is
important dif¬
an
ference between the two bodies in the fact that the
Chronicle
April 17, 1937
all
at
none
prevailed
The reduction
of hours effected
reported by
by the code, he
had
had
effect
some
"profits, in
the
code, "and there is
no
state of affairs that existed
Textile Conference
than
more
are
principle, however,
as
are
apparently without authority
adopt resolutions.
are
Agreements in
important in their
as
way
agreements in fact, and difficulties that im¬
pede the
likely to
one are
prove
quite
as
serious
as
those that beset the other.
The Textile Conference has been
thus far
with
debate
a
the labor situation in
have
the
Japan.
week
The labor delegates
agreed in insisting that labor conditions in
were
shortened.
A
Belgian delegate, for
example, called attention to the fact that the
ber of machines tended
the past ten years,
the
workers
American
were
and that
delegate
large proportion of
a
and
children, while
emphasized
in limiting consumption.
wages
labor support
for
a
num¬
by workers had doubled in
women
the
effect
There
was
an
of
low
strong
proposal to call for the adoption
of the 40-hour week convention of the International
Labor
Office when
June.
The failure
fice to act
ing
body meets at Geneva in
International Labor
Of¬
the draft convention at its last meet¬
on
due to British opposition, and the continu¬
was
of
ance
that
of the
opposition
Government
will wish
sensed
was
when
the
British
delegate, while admitting that "no
unduly to
one
pursue a course of forever de¬
manding additional information," urged that "no
one
ought to be impelled into agreeing to
action
data which
on
to him
a
line of
insufficient
seem
delegate,
led by a British labor
that
who declared
was
Japan, to which the
International Labor Conference of 1919 conceded
57-hour
per
for
instead
cited
the 24-hour
the
labor
delegate,
Conference
who
rest
period
per
provided.
has
A
deplored
the
long
low wages
and
in Japan, China and India,
report of the International Labor Office to
a
show that
risen
of
which
Japanese
hours
a
working week, granted only two rest days
month
week
profits of Japanese textile
while
had declined, to
wages
concerns
as
well
as
There
wages.
are
the Pacific
area
What
was
which
unconfirmed
as
a
Act showed
the
rumors
bid for the general
Industrial Re¬
representatives of
British
Japanese employers apparently united in oppo¬
Former Governor 0. Max Gardner of North
sition.
Carolina,
an
employer delegate, declared that the
arguments against
ferent
conditions
a
in
novel in the United
40-hour week because of dif¬
different
controversy shows the difficulty of
of countries
countries
were
differently situated.
There is less to be said about the
Sugar Confer¬
partly because the proceedings of the Confer¬
ence,
ence
have been
and
partly
mainly conducted in secret sessions,
because
the
of
presence
Norman
H.
Davis, Ambassador-at-Large of the United States,
head of the American
as
delegation, has caused the
Conference to be regarded as in some
way connected
with
plans for
armament
sidered.
The
general parley in which dis¬
a more
well
as
trade relations
as
same
would be
con¬
opposition of national interests,
however, that has developed at Washington showed
itself in the speech of J.
Ramsey MacDonald, who
Chairman of the World Economic Conference of
as
1933, of which the Sugar Conference is technically
a
reconvocation after
the
opening session
said, "that
an
adjournment, presided at
April 5.
on
cannot devise
we
plicable to all countries.
rules which will
to deal with the
a
"It is clear," he
general formula ap¬
Our task
apply to each
is to draw up
particular part they
producers, exporters and importers.
of
of countries,
group
playing
are
as
The allocation
export quotas will probably not be easy."
These instances
ence
would
in
are
enough to show the kind of
which
a
general economic confer¬
certainly become involved, and the
po¬
litical and other pressures to which it would be sub¬
jected.
Labor
questions, obviously,
could not
be
kept out of the debates, and the efforts of the Inter¬
national
Labor
tion of
a
40-hour week
divide
employer
Office to
and
secure
as
the
general adop¬
maximum would again
a
labor
interests.
Countries
which, like Great Britain and Japan, must continue
to
export textiles, for example, on
a
large scale
or
evitably be drawn together in opposition to any¬
thing that would increase international competi¬
tion, notwithstanding that in standards of living,
adoption of policies similar to those exemplified by
and
those
to
access
not
States, where various limits
or
one
of
raw
their
leading industries would in-<
materials,
and political
aims
they
might be far apart..
A similar situation would
tion of
the textile code under the National
covery
The
em¬
an
States.
interpreted
nominal international standard of
a
harmonizing the interests of countries to which the
be considered by Great Britain
may
A
sacrifice
possibility of trade concessions to Japan in
and the United
prior to the NIRA."
had
ployer delegate replied that differences in purchas¬
ing power and national habits should be considered
that the
precipitate
controversies
Japan
.
employer delegate replied that "any attempt
disaster."
or
inconclusive."
The criticism of
.
working hours would not merely amount to taking
a
leap in the dark, but would deliberately court
and
industry could not be improved unless the work¬
ing week
to
.
otherwise, sufficient to restore the
or
export of textiles is of first-rate importance, and
chiefly occupied
the 40-hour
over
British
force,
power or
empowered, and indeed expected, to
to do
not
were
curtailed," the shorter week had been maintained
ments and
agreement, while the members of the
but
costs,
profits,
were
a
saying,
by the industry notwithstanding the invalidation of
politically
are
as
production
upon
when there
years
Sugar Conference represents Govern¬
some
was
correspondent of the New York "Times"
members of the
reach
the States before the
among
adoption of the cotton textile code.
a
general
develop
levering of
over
the ques¬
tariff barriers and
modification of production or
export quotas.
ican textile manufacturers are
a
Amer¬
practically agreed in
demanding tariff protection against
and costs
their
of production in
demand
to
appears
very
low wages
Japan and India, and
be
sympathetically,
re¬
garded at Washington.
Soviet Russia
on
demanded, at the London
Thursday
to
Sugar Conference,
an
amount far in
Russia
is
have
an
was
reported
export quota of 400,000 tons,
excess
of its
actual
exports.
If
planning to expand its production
for
Volume
export
Financial
144
to
and each
other
seriously threatened,
are
producer will be inclined to hold out for
large
as
the exports of
such figure,
any
sugar-producing countries
quota
a
It is too much to
possible.
as
expect, moreover, that countries which have sought,
through tariffs
other restrictions, to build up and
or
diversify their industrial production
ardize such
gains
assured of substantial
were
sions
concessions
countries that they
the
and
themselves
are
would jeop-
they have made unless they
as
elsewhere,
looked to for conces-
by competition
pressed
and
anxious to protect their own industries and markets,
far
As
the
as
European Powers
the treatment to be accorded to
concerned,
are
Germany is funda-
mental in any general scheme of economic reorganization.
Deprived of its colonies and of important
of
sources
materials by the
raw
Versailles treaty,
Germany has been struggling desperately to recover
former
its
financial
position
in
industry and
Its
trade.
position, however, is precarious; its
re-
of foreign markets has been accomplished at
covery
heavy cost and by methods which
too sound,
are none
and its demands for the restoration of its colonies
and better
still held
this
to
access
encouraging
as
far
leader in
action
in
materials have
brought
possible'at arm's length.
as
no
Economically, Germany is
Until
policy of hostile discrimination is abandoned,
economic recovery
the
raw
response.
a more
in Europe will be retarded.
generous
will probably
comes,
that in
reason
The
policy, when the time for
Britain,
be Great Britain, for
than anywhere else
more
Europe, the dangers that lurk in Germany's
disorders
nomic
with what the Hitler
plish
eco-
popular disappointment
regime has been able to
accom-
frankly recognized, but there is little
are
to
son
the
and
expect
British
a
rea-
until the armament
move
has progressed far enough to insure
program
tional defense in any war
in which the Reich
namay
take part.
Irrespective of the merits
tariff
rocal
concluded,
offer
a
reciprocal tariff policy would
the most
is
considerable net-
are
embodied.
The agreements are
discriminating trade restrictions, but they have
at least done
the
a
yet from remedying the evils of high tariffs
as
and
existence
agreements in Europe in which recip-
rocal concessions
far
to
problem of international trade.
already in
work of tariff
seem
practical approach at the present
time to the difficult
There
defects of the recip-
or
agreements which Secretary Hull has
natural
of
an
on
the
something to
channels
economic
the strain and clear
ease
of trade.
conference
to
There
further
is
need
no
this policy;
contrary, an ill-timed* conference, dominated
by the great Powers and inevitably affected by their
political
more
long
as
as
as
economic rivalries,
would be
As
the armaments race overshadows all other
elements
such
well
likely than not to cheeky the movement.
of
national
policy, the best hope lies in
reciprocal arrangements
able to get
as
countries that
are
together succeed in making among them-
selves.
2545
Chronicle
they will probably score even more impressive gains
in the next few months.
In view of this situation, business men and the
public at large are anxious to know if these gains
are to be permanent, thus signifying a drastic revolution in industrial relations in this country. They
wish to know, also, if recent developments indicate
that the unions are destined to play as important a
role here as do similar organizations in England
and France.
The answer to these questions appears to be that
unions will undoubtedly obtain a far greater mem-
bership and political stature than they have ever
before enjoyed. It is equally probable that they
will eventually lose some of the gains they will have
recorded by the end of 1937 and that they will not
achieve a status similar to that enjoyed by English
and French unions.
Past experience teaches that union membership
in this country tends to ebb and flow with changes
in economic and social conditions. Membership of
the American Federation of Labor grew rather
steadily from the date of its formation to 1916, when
.
it included some 2,012,000 workers. The impetus
provided by the World War, and governmental policies favorable to organized labor, caused the A. F.
of L. membership to soar to a peak of 4,078,000
in 1920.
The startling gains won in this four-year period
were lost in the post-war years.
A. F. of L. membership dropped rather steadily from 1921 to 1931,
and then, under the influence of the depression, it
declined catastrophically to 2,167,000' in 1933. At
this point, therefore, the A. F. of L. unions were
hack to about their 1916 status,
The coming of the National Recovery Administration and the New Deal, together with gains in employment, brought another sensational spurt in
union membership, and gains rivaling those of the
war-time period were reported.
Thus, by last
August, the A. F. of L. was able to report that its
membership (including the dissident C. I. O.
unions) was 3,586,000.
If we accept at face value the claims of the C. I. O.
as to "the number of members they have secured in
the steel, auto, electrical manufacturing and other
industries since August, membership of the C. I. O.
and A. F. of L. unions today now slightly surpasses
the record reached in 1920. If the C. I. O. claims are
adequately discounted, total union membership now
is somewhat lower than the post-war peak,
American unions still have a major organizing
task to complete before they can rival the accomplishments of the unions in England and France,
Trade unions in Great Britain included some
4,850,000 workers at the end of 1935, and probably
now number 5,000,000 workers.
In France, union
membership has soared since the inauguration of
the radical Blum Government to close to 4,000,000
members.
Yet in England the number of workers eligible for
unemployment insurance (which is a fairly accurate
unions) is less than
index to the "market" for the
Are-Jthe Union Gains Permanent?
The Committee
other unions have
for
Industrial
Organization and
achieved in the last
six months
probably the sharpest increase in membership ever
reported
in
a
similar
period.
Fortified by the
Supreme Court decisions in the Wagner Act
cases,
12,000,000, and the number of industrial wage earners
Prance is estimated at 10,000,000. Since
eligible for un-
there are some 26,000,000 workers
employment insurance in this country, the current
membership of American unions in relation to the
number of workers eligible for membership is less
2546
Financial
Chronicle
than
half
the
France and
Certain
factors
American
loss
in
in
as was
suffer
not
indicate
trial
peak they
new
a
are
the case with the post-war peak.
Most State administrations in indus¬
regions
More
biased in favor of unions
are as
the national
as
degree the unions could
Not
only
never
employers now forbidden to take
are
action to check the rise of the unions, but also
they
denied the right to set
are
sentation
plans
or
law
has
been
unionization,
futile
to
has been
unions
company
desires of labor for collective
employee
up
to
widely accepted
as
a
resist the
unions,
mandate for
that it is
that the
now
the
Since the
employers will feel
many
repre¬
meet
bargaining.
measure
Security Act, promises
such
Social
the
as
permanently larger field of
a
operations for the unions.
These organizations need
continuing issue to maintain employee inter¬
some
est.
Representation of the workers in all matters
affecting unemployment insurance and old
sions constitutes
of functions
they
factors, and especially the sig¬
nificance of the validation of the
majority rule, which is only
shop, it would
Yet
other
numerous
the
to
Wagner Act, with
step
a
away
from the
indeed, that there
appear,
conceivable limit
factors
indicate
that
may
win
50% of the workers,
as
many
as
was
growth of the unions.
growth of the unions
over
the
be checked before they
has
as
been done abroad.
concern
bargaining
the
set
organized labor in Great Britain and
France.
in
is
York
Central
RR.
on
The net income
April 16.
1936
was
1935
when the
$8,933,175
and 1934
$51,033,101
collective
Certainly in the
and compares
tation
plan, have found
culties
the
attitude
the
represen¬
of their major diffi¬
as one
of
employee
typical
worker,
who
regarded company unions and trade unions alike
just
much
so
nonsense.
change in this regard, and
workers
will
be
now
unionism than
ever
a
interested
before.
That
continue
rates
to
$268,830,436
come,
however,
It should be
noted, in fact, that the steel union has
It
should
be
recalled,
in
addition,
that
those
the cost of fuel and other
tioned under closed
enjoyed
the
endure
to
losses
benefits
pel
any
The
entered
shop,
a
severe
of
nor
depression
membership have func¬
shop conditions.
None of the recent C. I.
for the closed
in
the
Most of these
"check-off"
as
well.
0. agreements have called
does the Wagner Act
com¬
employer to establish such conditions.
two
principal
1937 with
factions
only slightly
of
organized
more
to
over
1935,
20.54%
in
effect
than 15% of
increase of
revenue
in 1936
increase of $7,284,954
increase of 3,887,617
Contrary to prior
the
number
of
years
commutation
0.04%.
per
there
The
1.
as
or
The reduction from
cars
went into
was
a
using rail service has not,
proportionate
increase
in
however,
passenger
according to President F. E. Williamson.
1936 from
was
increased to
$682,733,600
$642,897,100 at the end of 1935, the
being due primarily to the sale of $40,000,000
3%% sinking fund bonds. In addition, the
has
while
substantial increase in the number
Funded indebtedness
increase
also
This together with the
general improvement in business conditions,
passengers
in¬
passengers
Pullman surcharge
of that date.
a very
8.76%
was an
mile for travel in coaches and
mile for travel in Pullman
June
resulting in
company
outstanding indebtedness of $198,439, due to the
Railroad
labor
an
while freight
an
13.18%. [Company carried 48,269,076
or
discontinued
con¬
increase of 21,-
an
1935,
Passenger
$62,575,824,
mile to 2c.
per
on
over
$257,714,419,
passengers, an
1935.
to 3c.
in
an
Revenue freight handled
18.10%.
or
amounted to
over
the major factors
were
125,948,268 tons,
or
$39,501,591,
revenue
able
year,
amounted to
revenue
and
drastic
increase in
an
payrolls resulting from restored rates of
preceding
reflected
have been
handled,
materials, together with
tributing to this increase.
of
the
over
extensive
which had not been effective throughout the
unions which have been most successful in the past
without
more
of maintenance of structures and equipment,
program
the increased volume of traffic
3.6c. per
only begun to collect dues since the first of April.
A
1,
amounted
increase of $31,632,982,
carried amounting to
unwarranted assumption.
seems an
an
$237,197,455 reported for 1935.
of
to
freight
emergency
effective after Jan.
not
are
of
years
the
Of the
193-5 approximately
1937. On the other hand operating expenses
form
sufficiently
over
from
or more
paying dues to unions for
of
the 1935 figures of $310,030,771,
resulted
mission which
in
some
for
increase
an
charge authorized by the Interstate Commerce Com¬
crease
50%
revenues
190,183 in 1931 and $478,918,348 in 1930.
larger number of
all industrial workers will be Interested
to
a perma¬
1932, 1933
years
$361,063,872
of
$18,256,400,
of
Total operating
$51,033,101 increase in 1936
revenue
Undoubtedly, the New Deal has wrought
nent
as
income
net
a
deficits
with $295,084,881 reported in 1934,
465,800 tons
per¬
net income of
a
the best reported
are
$283,341,102 in 1933, $293,636,140 in 1932, $382,-
amounted
In fact,
to
over
past American labor has not been greatly interested
an
by
respectively.
amounted
1936
pay
to sponsor
fixed charges for
over
had
company
followed
$2,430,101,
1936, released
year
reported
company
when
1931
since
company's
the
to
increase of $8,818,129 over
an
[The 1936 earnings
$115,046.
in any
sonnel men, eager
according
pamphlet report for the calendar
entire
over
form of collective bargaining.
York Central RR.
THEreflected betterment of business in thisthe New
general the improved earnings of country
the workers
only a fad.
may prove
Even such a staggering gain,
by Mr. Lewis, and they would still be relatively
weaker than
for believing that the tre¬
among
increase their proportion
may
30% mark.
increase in
is good reason
There
mendous
to
During the
far smaller.
course,
they
mem¬
however, would leave the unions well below the goal
$11,811,307
perform.
can
In view of these
closed
age pen¬
much needed addition to the list
a
of
was,
next two years
dues-paying
as
all gainfully employed
$5,412,514 and $7,682,335 in the
upheld in the Supreme Court.
Moreover, other legislation,
persons
percentage of
now
hoped, will both promote and protect unioniza¬
tion.
Their
Annual Report of New
particularly,; the Wagner Act itself,
a
the industrial workers enrolled
is
government.
fully effective in
no
that
precipitate
as
thing, they will enjoy for at least three
government.
its
in
unions
the benefits provided by a distinctly pro-labor
years
any
situation
the
membership from the
one
have
the
bers.
unions will
approaching
For
held by
proportion
England.
1937
April n,
!
Credit
Corp.,
which
was
$2,400,762 at the beginning of 1936.
reduced
from
A balance of
$11,899,000 due to the Reconstruction Finance Corp.
Financial
144
Volume
paid during
was
The aggregate debt out¬
and its lessor companies on
1936.
standing of the company
Dec.
1936
31,
$1,040,091,214, compared with
was
$1,108,807,952
Dec. 31, 1932, the net reduction
on
$6,946,071 in 1934,
having been $8,197,838 in 1933,
the
$19,520,188 in 1935 and $34,052,641 in 1936. Of
and lessor companies,
total funded debt of the system
including equipment trust obligations, $16,763,097
this
matures
will be
turities
It is expected that such ma¬
year.
paid without
recourse
to financing
according to the report.
is
its way
on
the
back to its former state of affluence after
depression
Southern Pacific 4%s,
1975, advanced 1% to 8244;
Erie 5s,
Frederick
years.
president, commenting
1981, closed at 89%, up 244.
Utility
1970, closed at 10144, up 2% for the
the
lower-grade issues,
Williamson,
E.
operations for the first
on
advances among
2% points.
particularly
The oils staged
Socony-Vacuum 3%s, 1950,
sharp recovery,
Some of the metals attracted inter¬
closing at 103%, up 2%.
period should be favorable. He estimated March
revenues
at $34,250,000 and net income for the
month of at least $3,000,000.
The March 1937
3%s, 1961, adding 1% to close at 102%.
are
month since 1931
The net income
the highest for that
$34,578,000.
Mr.
March, 1931, however, was only $1,250,503.
in
Williamson estimated that total net income
first quarter
for the
of 1937 approximated $5,000,000.
This
substantially the largest first quarter net income
is
the company since
for
months, it
1930 when, in the first three
$8,471,000.
was
444 s, 1956, rising % to 102%.
has been
closing
4s, 1955,
have not been
100%, up 1%.
at
1939,
6s,
Pictures
bonds
Foreign
Tuesday
on
governments recovered
of
ment announced a program
in
which
money,
new
funds will be
tax
week
of borrowing $50,000,000 a
will mature next September,
when
The Treasury
available for repaying it.
balance recently fell
below a billion dollars, but
the Treas¬
vanced
to
% to 108 %; Baltimore
10744;
New York Central
The more volatile,
1%.
bond prices and bond yield averages
Atchison gen. 4s, 1905, ad¬
& Ohio 4s, 1948, were up 144
3%s, 1997, closed at 96%, up
second-grade issues showed numer¬
compared with 221.5 a week ago.
price changes most affecting the index were the de¬
cotton and scrap steel. Prices of
The
in rubber, "wheat,
clines
silk,
hides, corn, silver and wool were also lower.
made by hogs, coffee and sugar. There were
cocoa,
Advances
were
changes in copper
parisons, is
and lead.
April
April
April
Tues., April
Wed.,
April
Thurs., April
Fri.,
April
Fri.,
Sat.,
Mon.,
index during the week, with com¬
follows:
as
9
10
12
13
-
-
14--.
15
16-
221.5
—-222.0
219.5
218.9
217.3
215.9
213.3
227.3
222.0
Two weeks ago, April 2
Month ago, March 16
157.7
Year ago,
April 16
1936 High—Dec. 28
Low—May 12
1937 High—April 5
MOODY'S BOND YIELD
(REVISED)
MOODY'S BOND PRICES
continued to
this week, closing at 213.3 this Friday, as
The movement of the
decline, railroad bond prices have
generally better this week.
been
the Feb. 1, 1937, coupon is to
given in the following tables:
decline sharply
amount.
policy is to keep it above that
After several weeks of
(stamped) advanced several
Moody's Index of Staple Commodity Prices
no
ury
Among Argentine
debt service.
Moody's Commodity Index Declines Sharply
United States
The Treasury Depart¬
fractionally.
Colombian issues
irregular.
full.
Moody's commuted
are
Railroad bonds as a class made the
utilities a close second.
largest gains, with
points
year's lows
after having recorded the
last week,
Monday this week.
closed 2%
of conversations to be held in connec¬
resumption
with
tion
been
have
firmed up on reports
be honored in
levels of
Most groups advanced to the
bonds.
which
higher at 97%.
order of the week for all
has been the
recovery
of
The amusements
neglected, special attention being directed to
Bros.
Warner
tend¬
Pack¬
declining % to 80%.
shared in the up-trend, Wilson &
ing company obligations
Co.
The coal section
of the few groups to display reactionary
one
encies, Glen Alden Coal 4s, 1965,
points on announcement that
Price
Inland Ste^l
Strength has been general among the steels,
issues, the City of Cordoba 7s
The Course of the Bond Market
classes
Public Serv¬
prices turned upward,
bond
Industrial
high grades ranging from 1 to
a
Power &
United Light &
5s, 1970, at 77 were up 2%.
ice
est, Revere Copper & Brass
when the total reached
Recovery also
Minnesota
144 to 9744;
advanced
1978,
Light 4%s,
Southern CalL
106% were up 1%.
fornia Edison 4s, 1960, at
characterized
week; Niagara Falls
to 101%;
1966, advanced 1%
3%s,
High grades
week.
Consumers Power 3%s,
generally have been quite strong.
Power
showed fairly
grades
investment
all
of
bonds
steady recovery over a wide front this
quarter this year, makes known that the improve¬
ment in business has continued and results for the
revenues
244 at 85%;
Boston & Maine 5s, 1967, were up
gains.
ous
Railways 5%s, 1952, rose 3% to 90; Tennessee
of 1937 point to
likelihood that this well managed railroad system
Indications for the first quarter
the
25470
Chronicle
208.7
162.7
.228.1
-.205.0
Low—Jan. 29-._
AVERAGES (REVISED)
(Based on Individual Closing Prices)
(Bcued on Average Yields)
V. S.
All
120
1937
Govt.
Daily
Bonds
*
All
120 Domestic
120
by Ratings
Corporate by Croups
Domes-
120 Domestic
Corporate by Croups*
by Ratings
120 Domestic Corporate
1937
Daily
120 Domestic Corporate
Domes¬
tic
ticCorp.
Aaa
A
Aa
30
For-
Baa
RR.
P. U.
Indus.
A
Baa
RR.
P. U.
Indus.
Averages
4.26
3.96
3.64
106.54
4.81
100.70
4.03
95.62
3.57
87.21
3.41
107.88
99.48
3.96
Apr. 16— 107.79
111.03
Apr. 16—
100.70
4.04
4.27
3.96
3.65
106.36
4.83
100.70
3.57
107.88
95.46
3.40
111.23
86.92
3.96
100.70
99.31
15-
107.76
4.86
4.29
3.99
3.66
14-. 107.58
100.35
100.83
107.69
100.18
106.17
4.06
95.13
3.42
3.58
86.50
3.98
98.97
14-
3.58
4.09
4.90
4.32
4.02
3.67
94.65
3.44
107.69
85.93
4.00
110.43
98.45
13--
100.00
105.98
107.39
99.66
13—
4.10
4.93
4.35
4.04
3.70
105.41
3.61
107.11
94.17
3.47
109.84
85.52
4.03
99.48
98.28
12-
107.33
99.31
12—
4.04
3.70
107.11
98.28
10—
4.34
105.41
4.93
99.31
4.10
94.33
3.47
3.61
85.52
4.03
4.03
3.48
3.61
4.92
3.70
99.31
4.09
94.49
9—
4.04
105.41
4.33
4.02
3.47
3.60
4.10
4.91
4.33
4.04
3.69
105.60
8—
eigns
Corp *
Averages
15-
Aaa
Aa
5.33
---
5.33
10--
107.30
99.48
109.84
9..
107.23
99.48
109.64
107.11
98.45
85.65
8.. 107.14
99.66
109.84
107.30
98.28
85.79
94.49
4.31
4.02
3.68
...
105.79
4.90 1
99.66
4.08
94.81
3.58
85.93
3.45
110.24
98.62
4.00
100.00
107.69
7—
107.29
4.07
4.30
4.00
3.67
•
105.98
4.87
100.00
3.58
107.69
94.97
3.44
110.43
86.36
3.99
100.18
98.80
6-
6-. 107.51
3.65
---
86.64
106.36
3.42
4.00
98.97
5-
4.27
100.00
4.06
4.85
95.46
3.57
3.66
7„
99.31
3.97
5— 107.62
100.53
110.83
107.88
106.17
4.07
4.85
4.28
107.49
99.83
3.59
110.83
95.29
3.42
100.35
86.64
3.98
3— 107.31
98.80
3-
4.01
4.07
4.85
4.29
4.01
3.66
106.17
3.59
107.49
95.13
3.43
110.63
86.64
3.99
100.18
98.80
2—
107.19
99.83
2-
3.96
3.39
3.58
4.05
4.26
3.98
3.63
100.70
87.21
1-.
107.01
106.73
1_.
100.35
4.81
95.62
3.93
3.37
3.53
4.03
4.76
4.23
3.96
3.60
111.43
107.69
99.14
••
5.36
...
Weekly—
Mar. 25— 108.40
101.23
111.84
108,27
87.93
96.11
100.70
107.30
4.05
4.76
4.23
3.95
3.60
5.26
107.30
3.54
108.46
100.88
3.37
111.84
96.11
3.93
101.23
87.93
19„
19— 109.32
99.48
99.14
WeeklyMar.25..
3.50
4.15
3.55
5.30
12..
3.90
108.27
4.66
97.45
101.76
3.98
89.40
3.32
100.35
3.87
109.24
3.81
3.49
5.24
5.33
12—
110.76
102.30
112.86
3.90
4.57
110.43
109.44
4.55
114.09
98.45
3.26
103.74
90.75
3.79
111.82
103.38
5_.
101.76
5..
4.09
3.88
3.78
4.47
5.13
109.84
4.08
103.93
4.58
98.62
3.42
90.59
3.23
114.72
102.12
3.78
103.93
110.83
Feb. 26—
Feb. 26— 112.18
19- 112.12
3.42
5.13
114.30
110.83
98.97
3.25
104.11
91.05
3.77
3.49
102.48
19..
3.77
109.44
4.55
4.06
104 11
3.86
3.76
3.46
5.18
112.20
104.48
114.93
111.03
110.04
4.02
104.30
4.52
99.66
3.41
3.84
91.51
3.75
3.22
102.84
11—
3.72
3.18
3.37
3.72
3.43
5.19
5-
4.00
105.04
110.63
4.51
100.00
3.81
91.66
3.39
5.34
11-
5- 112.34
105.04
115.78
111.84
103.38
^.80
4.00
105.04
111.43
4.52
100.00
3.35
116.64
91.61
3.14
105.41
103.56
3.70
Jan. 29— 112.21
112.25
Jan. 29—
3.72
3.09
3.76
3.93
3.68
3.36
5.39
22„ 112.39
106.17
105.79
112.05
4.47
101.23
3.30
92.38
3.66
113.27
104.30
22..
117.72
3.35
5.41
15- 112.53
106.36
118.16
113.48
104.48
92.28
101.23
106.17
15—
3.66
112.25
3.93
8
112.25
3.65
3.07
3.29
3.75
4.47
3.65
3.08
3.27
3.75
4.49
3.93
3.66
3.35
5.43
3.74
4.46
3.92
3.66
3.34
5.13
4.10
4.93
4.35
4.04
3.70
5.43
3.57
4.11
4.89
4.36
3.97
3.56
5.83
4.08
4.69
6.11
5.10
4.62
4,18
5.98
8- 112.71
106.36
117.94
113.89
104.48
91.97
101.23
106.17
112.45
3.07
113.89
106.17
3.64
118 16
92.43
1937
106.54
104.67
Low
Hlgh 1937 112.78
101.41
3.27
3.61
109.84
107.11
99.31
3.47
99.48
High 1937
4.03
Low 1937 107.01
105.41
1 Yr. Ago
Apr. 16'36 109,95
100.-53
113.48
107.88
85.52
98.28
1
86.07
98.11
•
94.01
100.53
108.08
89.84
These prices are
106.36
98.62
88.95
computed from average
price
level or the average movement of actual
Apr.16'36
3.97
3.29
71.15
83.19
89.99
96.94
Apr.16'35
4.63
3.65
and do not purport to show either the average
relative levels and the relative movement o!
yields on the basis of one "typical" bond (4% coupon, maturing In 30 years)
quotations
They merely serve to Illustrate In a more comprehensive way the
yield.averages, the latter being the truer picture
Yr. Ago
2 Yrs. Ago
'
2 Yrs. Ago
Apr.16'35 108.33
94.17
—
of the bond market)
2548
Financial
Gross and
Net
Improvement
an
encouraging scale again is to
February.
and
net
earnings
compared to the
the
trend
of
general
be
remains
Both
gain
and
on
in
as
hoped that still greater
There
favorable
a
as
relatively
are numerous
questions
importance surrounding the principal
riers, with settlement
largely
material
a
business
to
advances will follow.
of great
show
month of last
year,
same
satisfactory, it is
instances dependent
business.
Nearly
some
course
car-
of
one-third of
the railroad
mileage remains to be reorganized, financially, and the task would be ren-
dered
easier if
the
earnings background improves,
The settlement of the
pension problem achieved at
Chicago needs
a
Treasury sanction, and an adjustment of the
dispute with the Treasury is awaited.
Higher wages are demanded by the railroad brotherhoods, but such egregious requests doubtless can
be resisted, since the
wage scales now are at the
historial peak.
More in keeping with realities are
the proposals for
higher freight rates to cover certain
commodities, and it
is
likely that rulings in
instances
will be handed
Commerce Commission in
down
some
by the Interstate
few months.
a
Although freight surcharges
were prevalent last
the comparison of earnings just now is favorable,
Gross earnings in
February totaled $321,247,925,
against $300,021,278 in that month of
1936, an
thus
$21,226,647,
7.07%.
or
Operating
ex-
increased only
penses
since
moderately, and net earnings
$77,743,876, against $64,603,867, an
$13,140,009, or 20.34%. In connection
increase of
with this
comparison it should be noted that February of this year contained
only 28 days,whereas
days. Some restraining
the month in 1936 held
29
influence
of
1937
on
earnings also
by the floods
was
exerted in
which swept
over
February
the
Ohio
Valley in January.
Expenses for repairing the
damage naturally fell largely in
February.
With
such factors in
mind, the outlook
hopeful, but it
the
month
can
be considered
also remains true that
earnings for
far under those for the
remain
period
1925 to 1930.
Mfrftr
^1,515
Ratio of expenses to
earnings-
NetearnIngs
The
our
75.80%
78.47%
-2.67%
264.603.867
$77,743,876
+213.140.009
20.34%
business
earnings
of
^285 ^ (+L7Vec63W
+*Z\:8S:8S 1:211
are
improvement on which the added
based extended to almost all
spheres
economic life.
Outstanding
the basic
among
industries of the
country which contributed to the
larger earnings of the railroads are the iron and steel
industries,
which show
According to the
Iron and Steel
tons
1937
as
of
steel
most
statistics
Institute,
ingots
gratifying improvement.
compiled by the American
no
less than 4,424,659
produced
were
(an all-time record output
compared
with
only
February, 1929, is
in
February,
ruary,
2,183,160
1934; 1,086,867
1,457,710
gross
tons
gross
gross
Com-
in
Feb-
tons in February, 1933;
February, 1932; 2,502,386
tons in February,
1931; 4,078,327 gross tons
February, 1930, and 4,328,713 gross tons in
February, 1929. As to the pig iron production, the
gross
in
the
month
metal
in February the
present
less than 2,999,218 gross tons,
compared with but 1,823,706 gross tons in Feb-
aggregated
no
1936; 1,608,552 gross tons in February, 1935;
1,263,673 gross tons in February, 1934; 554,330
ruary,
gross tons in
February, 1933; 964,280 gross tons in
February, 1932; 1,706,621 gross tons in February,
1931; 2,838,920 gross tons in February, 1930, and
3,206,185 gross tons in February, 1929.
Turning
to still another
great basic
of motor vehicles—we
increase
as
in
the
industry—the manufacture
find there
output of
was
in
cars
compared with the month last
having been the largest in
The statistics
show
a
very
large
February, 1937,
production
year,
February since 1929.
any
compiled by the Bureau of the Census
that the
output of automobiles in February
the present year totaled
363,930 cars, as compared
with only 287,606 cars in
in
cars
February last year; 332,231
February, 1935; 230,256 cars in February,
1934; 105,447
cars in February, 1933; 117,418 cars
February, 1932; 219,940 cars in February, 1931;
330,414 cars in February, 1930, and 466,418 cars
in February, 1929.
in
Turning
another
to
now
mining of coal—here
minous output
February
on
a
of coal
great
find that
was very
industry—the
while the bitu-
much larger than in
the anthracite production
a year ago,
was
greatly decreased scale—in fact the smallest
for the
the
we
month
in
all
recent
United States Bureau of
According to
Mines, the quantity
years.
0f soft coal mined in the United States in
the present year was
42^110,000 net tons,
February
against
0nly 41,154,000 net tons in February a year ago;
34,834,000 net tons in February, 1935; 32,606,000
as
net tons in
February, 1934; 27,953,000 net tons in
February, 1933; 28,383,000 net tons in February,
1932; 31,737,000 net tons in February, 1931, and
40,060,000 net tons in February, 1930, but cornwith 47,271,000 net in February, 1929.
Production of Pennsylvania
anthracite, on the other
hand, aggregated but 3,368,000 net tons in 1937,
as
against 6,975,000 net tons in February, 1936;
paring
4,505,000 tons in February, 1935; 5,952,000 tons in
February, 1934; 4,2,87,000 tons in February, 1933;
4,061,000 tons in February, 1932; 5,400,000 tons in
pebruary. i93i; 6,120,000 tons in February, 1930,
and
6,670,000 net tons in February, 1929.
As to the building industry, to which we
activity
was
pronounced.
very
The F.
Corp. reports that construction
in
the
37
States
east
of the
now
W.
contracts
turn,
Dodge
awarded
Rocky Mountains in
February the present year called for an expenditure
of $185,257,300 (the highest
figure recorded for the
month since February, 1931), as against
only $140,-
419,100 in the
same
month
a
year ago.
In February,
1935, the building contracts had
gross
in
for
The "Iron Age" reports that
only $75,047,100; in 1934, of only $96,716,300; in
1933, of but $52,712,300, and in February,
1932, of
only $89,045,800. Back in February, 1931,
however,
in
gross tons
tons
largest
February
tons
nearly 50%).
2,777,765
the
month),
back to and including
follows:
as
1935;
of
years
gross
February,
for the
2,964,418
February, 1936 (an increase
parison with preceding
in
was
production of the
year
as
the Month of
February, 1929.
at
are
for
February output
year,
increase of
April 17, 1937
Earnings of United States Railroads
on
be noted in the financial
statistics covering the
operation of United States
railroads for
gross
Chronicle
construction
contracts
had
a
a
money value of
money
valuation
of
$235,405,100; in February, 1930, of
$317,053,000,
and in February, 1929, of no less than
$361,273,900.
The lumber industry, too (which as a
general rule
reflects the trend of the
building trade with which
closely allied) was on an increased scale in
February, 1937, as compared to the month last
it is
so
Financial
144
Volume
According to the statistics compiled by the
year.
Lumber
National
reported
515 identical mills
of
average
Association,
Manufacturers
an
cut of
a
728,966,000 feet in the four weeks ended Feb. 27,
compared with but 727,610,000 feet in the same
as
four weeks of 1936, or a gain
likewise,
lumber,
the
in
Shipments of
of 2%.
present
the
weeks
four
952,443,000 feet, as against only
795,282,000 feet in the corresponding four weeks
reached
year
2549
Chronicle
outstanding.
heads
and
the
of
list
The Southern Pacific System, which
both in the case of gross earnings
net, reports
and
earnings
gain of $3,716,775 in gross
a
$1,304,517
of
in
earnings; the
net
2,571,986 gain in gross
and $1,039,387 gain in net; the Atchison Topeka &
Santa Fe, reporting an increase of $2,066,873 in
and
earnings
gross
$1,233,004 in net;
gain of
a
Ry., showing $1,476,149 increase in
Southern
the
with
RR.,
Pennsylvania
accompanied by $1,087,831 gain in net; the
York Central,
with $1,302,913 increase in
less than
gross
20%, while orders received totaled 885,127,000 feet,
New
feet in the same four
gross
and $910,602 increase in net
cover
the operations
of last
year,
gain, in this
a
against but 772,054,000
as
of
case,
no
,
week of 1936, or 11% higher than a year ago.
Turning for the time being from the trade sta¬
tistics to the grain traffic over Western
roads, here
the
find that the grain movement in February
we
greatly reduced scale, as
compared with that of February a year ago. More¬
over,
with the single exception of wheat, the re¬
present year
on
and $499,706 increase
Island
&
year,
We deal with the details of the
grain movement in
aggregated only
a
separate paragraph
need only
say
here
27 the present
weeks ended Feb.
bushels,
23,655,000
as
compared
28,169,000 bushels in the same four weeks of
1936, but comparing with only 14,787,000
bushels
Carrying the com¬
period of 1935.
same
parisons further back, we find that the receipts in
same weeks of 1934 totaled 33,110,000 bushels;
1932, 42,639,000
27,110,000 bushels; in
1933,
bushels; in
and in the
less than 73,-
62,332,000 bushels,
1931,
period of
corresponding
1930,
no
818,000 bushels.
The
of all that has
composite result, however,
been said above is
brought out most clearly in the
the loading of revenue freight on
the railroads of the United States.
From the
statistics showing
all
of the
compilations
of
Association
American
loaded with
cars
of the country was
2,512,137
cars
Railroads
in the
revenue
we
find that
1937, the number
freight
on
the railroads
2,778,255 cars, as against only
in the same period of 1936; 2,330,492
four weeks of 1935; 2,354,791 cars
cars
in the
Division of the
Car Service
for the four weeks ended Feb. 27,
of
same
period of 1934; 1,965,715 cars in the
same
corresponding period of 1933, and 2,228,777 cars
the
in
cars
than
in the similar weeks of 1931;
in the same weeks of 1930, and
cars
3,797,183
cars
3,506,no
in the corresponding four
less
weeks
of 1929.
In all the foregoing we
gross
earnings
Louisville & Nashville,
have been dealing with the
railroads of the country
collectively.
Turning now
PRINCIPAL CHANGES IN GROSS EARNINGS
OF FEBRUARY, 1937
separate
exhibits
roads
as
increases
in
excess
in gross
in
a
consonance
whole.
and
of
roads and systems,
creases)
our
decreases in
find the
showing for the
the
compilations giving the
gross
and net earnings
$100,000, only 13 roads report decreases
earnings above that amount,
roads losses in the
prevents
In
with
we
our
the
case
of the net.
and but nine
Lack of
space
separately (with their in¬
distinguished for increases in
naming
roads
both gross and net earnings
alike,
fine ourselves to mentioning
only
a
shall con¬
few of the most
so we
FOR THE MONTH
Increase
Increase
$3,716,775
2,571,986
2,066,873
Southern Pacific (2 rds).
Pennsylvania
Atch Top & Santa Fe
1,476,149
1,450,631
al,302,913
796,662
Southern
Union Pacific
-
New York Central
Northern Pacific
Seaboard Air Line
Atlantic Coast Line
St Louis-San Fran (3 rds)
Missouri Pacific
Norfolk & Western
746,917
716,336
Western
$171,031
161,402
146,382
140,774
140,657
137,971
132,486
Maryland
Internat Great Northern
Mobile & Ohio
Rich Fred & Potomac
Alabama Great Southern
Kansas City
Southern—
Grand Trunk Western
130.328
121,484
116,878
112,284
100.666
Spokane Portl & SeattleColorado Soutnern (2
rds)
666,336 Virginian
625,915 Chicago Burl & Quincy—
616,256 Detroit Toledo & Ironton
N O Texas & Mex (3
579,427
Chic R I & Pac (2
571,004
Baltimore &
540,372
rds)
rds)_Ohio
N Y Chicago & St LouisElgin Joliet & Eastern. _
Pittsburgh & Lake Erie.
Great
Total (49
$24,734,406
roads)
Decrease
467,381
$1,033,964
465,517 Chesapeake & Ohio
416,785
404,716
374,769
347,238
Northern
Pacific
Western
Chicago Great Western.
Texas & Pacific
Denver & Rio Gr Western
Chic Milw St P & Pac—
Wheeling & Lake Erie—^
St Louis Southwestern..
Bessemer & Lake Erie—
Nash Chatt & St Louis—
Florida East Coast
Central of Georgia
788,497
625,354
440,488
371,962
Louisville & Nashville
Del Lack & Western
Central of New Jersey--
Reading
Delaware & Hudson
306,099
273,076
Illinois Central
257.324
246,279
232,412
230,448
229,964
206,399
187,076
N Y Ontario &
239,485
236,290
338,127
Western.
227,178
Lehigh Valley
—
Long Island
Lehigh & New England.
Monongahela
168,579
141,286
120,940
,v
^
$4,700,122
Total (12 roads)--
the operations of the New York Central and the
Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $1,719,698.
These figures cover
a
leased lines—Cleveland
PRINCIPAL
CHNAGES
NET EARNINGS
FEBRUARY, 1937
IN
OF
FOR THE
Southern Pacific (2 rds)_
Atch Top & Santa Fe—
Southern
$1,304,517
1,233,004
Pennsylvania
New York Central*
Chic R I & Pac (2 rds)..
Chic Milw St P & Pac—
Atlantic Coast Line
Seaboard Air Line
Union Pacific
Great
(3 rds)
Northern
Northern
168,273
156,236
Pere Marquette
Central of Georgia
1,039,387
Baltimore & Ohio
a910,602
790,081
735,516
577,931
506,077
499,706
467,519
439,695
404,517
138,668
125,778
111,705
111,191
107,001
104,840
Alton.
Florida East Coast
Grand Trunk Western..
Minn StP&SSM
Bessemer
& Lake Erie—
Total (33
$14,446,080
roads)
Decrease
$905,171
390,743 Chesapeake & Ohio
Pacific
Chicago & North West.
Missouri Pacific
Nash Chatt & St Louis..
1,087,831
_
374,653
Louisville & Nashville—
347,806
Illinois Central
Chicago Great Western.
St Louis-San Fran (3 rds)
342,207
Central of New Jersey.
Chicago Butl & Quincy—
N Y Chicago & St Louis.
Wheeling & Lake Erie
Elgin Joliet & Eastern
308,461 Long Island
285,460 Delaware & Hudson
262,930 Lehigh & New England.
233,024
Monongahela
Norfolk & Western
189,833
181,049
Total (9
Texas & Pacific
338,114
MONTH
Increase
$171,725
Increase
Boston & Maine
the
which reports $788,497 loss
and $632,041 decrease in net; the Delaware
Lackawanna & Western, which shows $625,354 de¬
crease in gross and $219,308 in net, and the Illinois
Central, which shows $239,485 decrease in gross and
$348,608 loss in net.
In the following table we
show all changes for the separate roads and systems
for amounts in excess of $100,000, whether increases
or decreases, and in both gross and net:
in gross
N O Texas & Mex
to
Rock
$571,004 to
added
Chesa¬
$1,033,964 in
and of $905,171 in net earnings; the
period of 1932, but comparing with
same
2,838,281
899
has
peake & Ohio, reporting a decrease of
the
in
in net, and the Chicago
which
Pacific,
and net, the most conspicuous are the
last
the receipts at the Western primary markets
corn, oats, barley and rye,
combined,
the
with $1,450,631 increase in gross
the Union Pacific,
gross
than
wheat,
in
and of $928,600 in the case of the net);
all the
that for the four
with
increase of $1,719,698 in
less degree contributed
larger
further along in this article, so
of
of the gross
an
earnings and $790,081 to net.
Among the
number of roads reporting losses in both
shrinkage.
Western
year
case
is
small
different cereals in greater or
to the
Erie,
the
the result
gross
considerably
were
a
lines; including the Pittsburgh & Lake
its leased
which at the Western primary markets
of
ceipts
was
(these figures
of the New York Central and
_
Del Lack & Western
roads^
632.041
348,608
233,462
219,308
213,700
158,414
116,664
112,945
$2,940,313
operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $928,600.
a
These figures cover tne
When
the roads
are
arranged in
groups
or geo¬
graphical divisions, according to, their location, as
is
our
practice, the favorable character of
the
ex-
2550
hibits
Financial
compared with February
as
clearly brought out,
great districts,
Western,
is very
a year ago
it is found that all the three
as
the Eastern, the Southern and the
including
all
the
various
regions
com¬
Chronicle
April 17, 1937
039,000 bushels, and of
rye,
against 1,128,000 bushels.
of
the five
wheat,
cereals,
prising these districts—with the single exception of
169,000 bushels in the
but
which records
region
As
explained,
with
Commerce
different
the
we
Commission.
and regions
groups
is
as
the
group
The
and net
gross
groups
classification
district,
and net earnings
of both
case
Our summary by
previously
conform
Southern
loss in both gross
a
—show increases in the
earnings alike.
the
in
of
the
below.
roads
to
Interstate
boundaries
of
the
indicated in the
are
footnote to the table:
BY
GROUPS
Gross Earnings
1937
1936
$
-
Inc. (+)
or
Dec. (—)
$
%
0.59
Total (52 roads)
13,254,500
62,418,769
68,907,287
13,176,584
61,669,709
65,371,605
+3,535,682
5.41
144,580,556
Central Eastern region (18 roads)..
11199933366776
7
1934
140,247,898
+4,332,658
3.09
+ 77,916
+719,060
1.17
Southern District—
bushels;
110,000
1199337676
Going further back,
the
1932,
in
43,096,880
20,398,163
Total (32 roads)
39,673,770
20,558,219
+ 3,423,110
8.63
—160,056
0.78
63,495,043
60,231,989
+3,263,054
5.42
29,499,966
56,828,720
26,843,640
27,455,924
48,923,265
23,162,202
+2,044,042
+7,905,455
+3,681,438
7.44
16.16
15.89
113,172,326
99,541,391
+13,630,935
13.69
321,247,925
300,021,278
+ 21,226,647
7.07
Western District—
Northwestern region (15 roads)...
Central Western region (16 roads).
Southwestern region (23 roads)
Total (54 roads)
District and Region
Mileage
1937
New England region..
6,981
Great Lakes region._. 24,064
Central Eastern region 24,793
period of 1930,
the
less than 73,818,000 bushels.
no
subjoined table
usual form.
our
WESTERN FLOUR AND
Flour
Wheat
{bbls.)
{bush.)
{bush.)
Chicago—•
,.V+
GRAIN RECEIPTS
Corn
27
Feb
1937
Oats
Barley
Rye
{bush.)
v->:'V/r
>
900,000
{bush.)
{bush.)
'•
377,000
242,000
2,318,000
3,894,000
633,000
1,246,000
747,000
804,000
52,000
115,000
1,449,000
1,849,000
180,000
388,000
138,000
821,000
1,064,000
1,359,000
178,000
361,000
4,000
223,000
222,000
251,000
59,000
236,000
727,000
Minneapolis—
99,000
1,000
150,000
1,000
6,000
4,000
415,000
20,000
479,000
63,000
1,184,000
1,174,000
46,000
34,000
228,000
418,000
217.000
2,000
313,000
4,000
32,000
5,000
14,000
45,000
260,000
2,259,000
2,725,000
1,025,000
600,000
740,000
650,000
1,939,000
2,785,000
730,000
181,000
498,000
146,000
32,000
165,000
45,000
1,070,000
155,000
45,000
1,429,000
114,000
156,000
223,000
143,000
198,000
180,000
Kansas City—
1937
65,000
1,976,000
927,000
130,000
66,000
1,477,000
870,000
142,000
77,000
111,000
56,000
254,000
325,000
235,000
17,000
14,000
-
Milwaukee—
66,000
63,000
Toledo—
1936.
—
380,000
280,000
.
1
Detroit—
Net Earnings
1936
Inc.{+) orDec.{—)
$
$
%
1937
-V
■,
•
1936
$
7,083
24,082
24,912
16,922,728
3,012,030
+658,605 21.87
14,390,360 +1,066.451
7.41
15,297,922 +1,624,806 10.62
56,077
36,050,174
32,700,312
3,670,635
15,456,811
-
83,000
Indianapolis & Omaha—
1936-
—
34,000
116.000
•
1937.2
46,000
92,000
,
633,000
St. Louis—
+3,349,862
10.24
1936.
38,756
6,048
Total
38,939
6,010
11,190,128
8,988,471
44,804
Pocahontas region...
44,949
20,178,599
9,156,521 +2,033,607 22.21
9,516,609
—528,138
5.55
18,673,130
+1,505,469
8.06
Western District—
Northwestern region. 45,982
Central Western reg'n 56,887
Southwestern region.. 30,004
Total all districts
46,333
56,817
30,109
12,044,615
132,873 133,259
Total
21,515,103
2,331.168
7,139,320
233,515 234,285
77,743,876
def201,725 + 2,532,893
8,166,839 +3,877,776 47.48
5,265,311 +1,874,009 35.59
13,230,425
+ 8,284,678 62.62
64,603,867 +13140,009 20.34
NOTE—Our grouping of the roads conforms to the classification of
the Interstate
Commerce Commission, and the following indicates the confines of
the different
groups and regions:
EASTERN DISTRICT
New
England Region—Comprises the New England States.
467,000
488,000
"V'
V
■
Central Eastern Region—Comprises the section south of
the Great Lakes Region
a line from
Chicago through Peoria to St. Louis and the Mississippi River
east of
Va., and
River, and north of the Ohio River
line thence to the southwestern
River to its mouth.
a
corner of
to
Parkersburg, W.
.
1936
Wichita—
1937—
Sioux
442,000
247,000
34,000
59,000
15,000
8,000
11,000
1.000
69,000
131,000
81,000
6,316,000
5,467,000
9,541,000
13,240.000
3,610,000
4,295,000
3,631,000
4,039,000
557,000
1,128,000
.
SOUTHERN DISTRICT
Pocahontas
Region—Comprises the section north of the southern boundary of
and the Ohio River north to Parkersburg, W.
Va.,
a line from
Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
Virginia, east of Kentucky
and south of
1936
mi
1,663,000
1,487,000
1936
hand, the livestock movement
Western roads appears to
February,
prised
1936.
At
of
receipts
only
were
1,738
As
to
the Southern
below that of
Southwestern Region—Comprises the section
lying between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas
City and thence to El Paso,
and by the Rio Grande to the Gulf of Mexico.
year
was
1935,
largest
number
for
the
to
much
smaller
1937, than in the month
the current year's movement
month
February the present
case
a
much larger than that of February,
the grain receipts were the smallest
when
of
all
all
in
year
recent
the decreases,
wheat, extended in greater
the
different
cereals.
or
Thus the
years.
In
1936; the receipts of
oats,
as
but
bushels;
corn
compared
with
3,610,000
bushels,
of barley,
was
the overland
year
in the
very
case
on
were
65,614
52,121
much
of the
The
in
1931;
29,390
56,530
and
Southern outports,
as
122,064
of
4,295,000
against
4,-
in
in
1932;
bales
in
52,989
1929.
in
1933;
bales
February,
February,
year;
bales
February,
89,520
year,
in
1930,
At
the
the receipts of the staple during
February the present
year were only 247,204 bales,
against 261,262 bales in February last year, but
comparing with only 165,512 bales in February, 1935.
as
during
bushels;
bales
1935;
bales
February,
in the
receipts of
less than 177,502 bales (the
bales recorded for the month
February,
degree
In the
against
1934;
bales
February,
only 9,541,000
bushels,
bales in
February,
four weeks
same
13,240,000
3,631,000
against
a
move¬
no
of
save
6,316,000 bushels,
against but 5,467,000 bushels in the
bushels
traffic, this
as
year) in February the present
only 94,484 bales in February last
less
wheat at the Western primary markets in the four
weeks ended Feb. 27 totaled
of
far
in any recent
had
as
compared
as
receipts of cotton at the Southern outports.
already pointed out, Western roads
still very
recorded
com¬
period
2,809 carloads,
carloads,
cotton
so
February last
aggregated
although
ago,
com¬
as
same
staple is concerned, but fell
former
grain traffic in February,
a
ment of the
collectively)
have
them
receipts
1937,
with 2,270 cars last year.
Central Western Region—Comprises the section south
of the Northwestern Region
west of a line from
Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and
by the Mexican boundary
we
the
and at Kansas City,
greatly increased scale
As
Chicago
6,564 carloads in February,
1936,
over
have been larger than in
against only 2,553 carloads, although at Omaha the
DISTRICT
to the Pacific.
3,000
Total All-
Northivestern Region—Comprises the section
adjoining Canada lying west of the
Great Lakes Region, north of a line from
Chicago to Omaha and thence to Portland
and by the Columbia River to the
Pacific.
(taking
■■
92,000
a
WESTERN
7,000
City—
pared with only 6,054 carloads in the
ease of the Mississippi River and south
point near Kenova, W. Va., and a line thence following the
eastern boundary of
Kentucky and the southern boundary of Virginia to the
Atlantic.
•
St. Joseph—
Maryland and by the Potomac
Southern Region—Comprises the section
of the Ohio River to
\
:
—
On the other
Great Lakes Region—Comprises the section on the
Canadian boundary between
New England and the westerly shore of Lake
Michigan to Chicago, and north of
a line from
Chicago via Pittsburgh to New York.
to the mouth of the Ohio
In
give the details of the Western
we
Peoria—
55,838
Southern District—
Southern region
in
1931, 62,332,000 bushels, and in the corresponding
1937
Total all districts (138 roads)
Total
27,-
bushels;
42,639,000
Duluth—
Southern region (28 roads)
Pocahontas region (4 roads).
Month of Feb.—
Eastern District—
four weeks of
same
aggregated 33,110,000 bushels; in 1933,
4 Wks End
$
Eastern District—
New England region (10 roads)
Great Lakes region (24 roads)
find the grain receipts in
grain movement in
SUMMARY
District and Region—
Month of February—
weeks of 1936,
four
same
comparing with only 14,787,000 bushels in the
corresponding period of 1935.
we
barley and
oats,
corn,
reached only 23,655,000 bushels, against 28,-
rye,
the
Pocahontas
but 557,000 bushels,
Altogether, the receipts
years
previous to 1935, the cotton receipts
February
namely 317,719
bales in
were
on
a
much
bales in February,
larger
scale,
1934; 473,819
February, 1933; 804,338 bales in February,
1932; 440,451 bales in February, 1931; 250,109 bales
Volume
in
Financial
144
February, 1930, and 386,096 bales in February,
of
the
1929.
Details
for the
past six years are set out in the
port
movement
of cotton
table we
present:
now
Since Jan. 1
February
Ports
33,258
Houston, &o
33,779
1,086
9,799
Corpus Chrlstl
Beaumont
132,808
20,537
Pensacola
-
~
1935
1936
1937
Galveston
Mobile
-
39,170
32,174
1,853
55,810
82,114
5,886
6,783
79,371
13,743
■
68,626
6,891
2,612
3,521
792
5,295
4,517
6,887
877
Savannah
165
6,629
1,248
1937
1936
99,706
77,384
2,628
11,065
294,417
36,138
155,164
236,672
7,919
6,783
205,037
29,125
350
1,915
15,094
11,623
9,430
1935
114,779
88,734
5,247
71
140,640
14,526
4,008
7,900
18.504
1,893
3,347
1,721
251
2,969
2,462
9,071
1,071
3,914
8,485
8
24
75
15
148
355
247,204
261,262
165,512
559,338
672,178
402,798
Charleston
Lake Charles
Wilmington
Norfolk.
Jacksonville
Total
Results
4,997
for
Earlier
548
1,988
3,383
4,431
801
5,245
Years
gains (as indicated above) recorded by the railroads
during the month of February, 1937, in both
gross
and net earnings alike—namely $21,226,647 (or
7.07%) in gross and $13,140,009 (or 20.34%) in net—
came on
top of increases of $45,494,779 in gross and of
$9,199,020 in net in February of the previous year, and
these cumulative gains, in turn, followed an increase of
$6,444,483 in gross earnings in February, 1935, which,
however, was accompanied by a loss in the case of net
earnings of $5,030,495.
In February of the preceding
The
of the country
(1934) there were also substantial increases in both
gross and net earnings of $36,231,471 and of $19,009,701,
respectively, but these gains, in turn, followed heavy
cumulative losses in the four years preceding.
The falling
off in February, 1933, was $52,380,018 in gross and $14,727,011 in net; that for February, 1932, was $69,289,775
in gross and $8,702,988 in net; that for February, 1931,
$91,327,690 in gross and $32,904,121 in net, and that for
February, 1930, $48,034,122 in gross and $28,128,967 in
net.
On the other hand, these strikingly poor results came
after improved results in 1929 as compared with 1928.
Our tabulations for February, 1929, showed $18,292,585
gain in gross, or 4.02%, and $17,381,393 gain in net, or
15.95%, and the results then were really more favorable
than appeared by the face of the figures, since these gains
occurred despite the fact that the month contained one
less day than the previous year, which was a leap year,
when February had 29 days instead of 28.
Contrariwise,
in 1929 comparison was with poor or indifferent results in
the years
immediately preceding.
Our compilation for
February, 1928, showed $12,850,859 loss in gross, not¬
withstanding the month contained one more working day,
with a very small gain in net ($541,578). In 1927 and 1926
there was only moderate improvement, while in 1925 there
were heavy
losses in both gross and net.
In February,
1927, our tabulation showed $8,733,567 increase in gross
and $7,748,287 increase in net, and in February, 1926, it
showed $5,029,255 increase in gross (only 1.11%), and
$38,008 decrease in net.
In February, 1925, there were
material decreases in both gross and net—$24,441,938 in
the former and $4,981,506 in the latter.
On the other
hand, however, it should^be pointed out that comparison
then was with strikingly favorable results in 1924, partly
due to the"extra day contained in the month then, it having
having been a leap year, like 1928 and 1932.
Weather
conditions were'extremely propitious in February , 1924, with
virtually no obstructions to railroad operation in any part
of the country from snow or ice or extreme cold.
On the
other hand, in 1923 the winter was of unusual severity in
many parts of the northern half of the United States, and
the situation then was worse in February than it had been
in January, in part because of the cumulative effect of the
unfavorable meteorological conditions, which added greatly
year
to the cost of
all directions.
operation, expenses then having increased in
In February, 1924, with no such interference
by^the weather, at least sfonly occasional interferences in
isolated cases, it was'possible to bring expenses down again
to somewhere near the normal, and this circumstance, along
with the extra day which the month contained, gave us an
extremely satisfactory statement of earnings, both gross and
net, in the month ofjthat year, our statement for February,
1924, having shown $31,939,712 increase in gross and $33,387,370 in net.
These^gains, however, in February, 1924, in
indifferent returns in February,
1923, due to the severe winter weather conditions to which
allusion has just been made.
It must not be supposed that
there was any loss in the gross earnings in February, 1923.
On the contrary, the falling off was entirely in the net earn¬
ings and, as just stated, was due to the severity of the
weather.
In the gross there wasjthen an increase in amount
turn
of
came
after
poor
or
$44,745,531, but it wasjattended
of no less than $50,988,243,
expenses
the net of
augmentation in expenses during the period of Govern¬
ment operation of the roads.
In February, 1922, our com¬
pilations showed $4,772,834 decrease in the gross, but $54,882,820 increase in the net, the result of a reduction in
expenses of $59,655,654.
And this followed $19,171,075
and $11,536,799 increase in the net
The loss in the gross in 1921 would have
been very much larger, as the country at the time was
suffering intense prostration of business, except that the
roads were still enjoying the benefits accruing from the
great advance in rates authorized by the Commerce Com¬
mission at the end of the previous July—an advance which
it was computed would on the same volume of business add
$125,000,000 a month, $1,500,000,000 per year—to the rev¬
enues of the carriers.
The reduction in expenses at that
time was also smaller than it would have been because of
decrease ih the
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR THE MONTH OF
FEBRUARY AND SINCE JAN. 1 TO FEB. 28, 1937, 1936 AND 1935
New Orleans—....
2551
Chronicle
by an augmentation in
leaving, hence, a loss in
$6,242,712.
pi There were, though, losses in the gross both in 1922 and
1921, but large gains in the net by reason of sharp cuts
in the expenses in these earlier years, cuts which were
then an imperative requirement, following the^tremendous
in
gross
February, 1921.
wage award made by the Railroad Labor Board the
previous July, and which on the volume of traffic then being
done it was computed would add an average of $50,000,000
a
month to the payrolls of the roads.
Nevertheless, the
decrease in expenses then reached, as we have already seen,
the
9913203687514
was
In
$30,707,874.
1920 and previous years expenses had been
running
frightful rate.
In February, 1920, our compilations
showed $16,428,891 loss in net on $72,431,089 gain in gross.
In that year (1920) the February expenses were swollen in
unusual degree by the adverse conditions under which rail¬
road operations had to be carried on at that time.
The
winter weather encountered in February, 1920, was indeed of
up
at
a
exceptional severity, and it was all the more noteworthy
because in sharp contrast with the extremely mild weather
preceding and comparable only with the weather
of the year
still in the throes of war.
Temperatures in 1920 were perhaps not quite so low as in
February, 1918, but the fall of snow was immensely heavier,
and the interference with railroad operations correspond¬
1918, when the country was
of
ingly greater.
In February, 1919, notwithstanding the win¬
ter was extremely mild, as already stated, and comparison
was with the weather of
1918 of exceptional severity, accom¬
panied by snow blockades, railroad embargoes and freight
congestion of great intensity, expenses increased so heavily
that a gain of $61,656,597 in gross was converted into a loss
of $1,191,014 in net.
In February of the years preceding,
results were just as bad.
In other words, February, 1928,
showed $25,148,451 gain in gross but $28,944,820 loss in
net, while the year before (February, 1917) our tables regis¬
tered an increase of $2,655,684 in gross but a contraction
of
$21,367,362 in the net.
It was this long-continued rise
in expenses, with resulting losses in net,
basis for the subsequent reductions in
the following we
Mileage
Gross Earnings
Year
909
-
Year
Given
of
February
Preceding
199.035.257
218,031,094
232,726,241
209,233,005
210,860,681
267,579,814
271,928,066
285,776,203
351,048.747
421,180,876
405,001,273
400,430,580
444,891,872
477,809,944
920
922
923
934
454,009,669
459,227,310
467,808,478
455.681.258
474,780,516
427,231.361
336,137,679
266,892,520
213,851,168
248,104,297
935
254,566,767
936
300,049,784
321,247,925
925
926
927
928
929
930
932
933
937
910
911
912
913
914
915
916
917
918
919
920
921
922
923
924
925
926
927
928
929
930
931
932
933
934
935
936
937.
Inc. (+) or
Decrease
(—)
$174,423,831 $161,085,493 + $13,338,388
+ 28,250,418
174,574,962
202,825,380
914-
Month
In
the expenses.
give the February totals back to 1909:
Month of
909
that furnished the
202,492,120
197,278,939
218,336,929
233,056,143
212,173,967
209.573,983
269,272,382
260.627,752
289,392,150
348,749,787
424,172,348
405,200,414
400,146,341
445,870,232
478,451,607
454,198,055
459,084,911
468,532,117
456,487,931
475,265,483
427,465.369
336,182,295
266,231,186
211,882,826
248,122,284
254,555,005
300,021,278
—3,456,863
+20,752,155
+ 14,389,312
—23,823,138
—1,303,286
+ 58,005,851
+2,655,684
+ 25,148,451
+61,656,597
+ 72,431,089
—19,171,075
—4,772,834
+44,745.531
+ 31,939,712
—24,441,938
+5,029,255
+8,723,567
—12,850,859
+ 18,292,585
—48,034,122
—91,327,690
—69,289,775
—52,380,108
+36,221,471
+6,444,483
+45,494,779
+ 21,226,647
Per¬
Year
cent
Given
5.11
236,642
1.11
236,839
236.529
1.90
237,970
236,870
2.74
239,584
238,731
4.01
234,884
10.11
242,348
242,660
242,312
241,189
239,389
242,668
242,113
242,726
81,871
16.18
82,149
1.71
88,651
87,783
10.52
6.59
10.22
0.61
27.68
0.99
9.65
21.31
20.77
4.52
1.18
11.18
7.16
21.37
20.61
19.67
17.10
2.60
17.87
7.07
Increase
Net Earnings
Prece&g
80,308
80,622
86,351
86,159
86,054
90.921
86,985
244,809
248,738
66,041
233,266
231,017
234,510
234,880
235.528
235,876
236,031
8.28
88,333
92,300
87,973
245,541
249,795
66,381
232,957
231,304
235,653
235,625
235,399
235,506
238,162
237,051
233,515
(+)
or
240,943
241,467
241,263
239,433
238,280
234,285
Decrease (—)
of
February
Year
Year
Given
Preceding
$49,194,760
56,976,253
49,888,584
57,411,107
59,461,341
39,657,965
51,257,053
79,929,463
58,904,299
27,305,808
27.623,406
10,688,571
20,771,731
76,706,840
70,387,622
104,117,278
99,460,389
99,480,650
107.148,249
108,120,729
126,368,848
97,448,899
64,618,641
57,375,637
41,460,593
59,923,775
54,896,705
64,601,551
77.743,876
$37,311,587
49,241,904
56.920,786
49,135,958
57,458,572
59,553,012
39,274,776
51,043,120
80,331,661
56,250,628
28,814,420
27,117,462
9,234,932
21,824,020
76,630,334
70,729,908
104,441,895
99,518,658
99,399,962
107,579,051
108,987,445
125,577,866
97,522,762
66,078,525
56,187,604
40,914,074
59,927,200
55,402,531
64,603,867
Amount
+$11,883,713
+ 7.734,299
—7.032,202
+ 8,275,149
+2,002 769
—19,895,047
+ 11,982,277
+28,886,343
—21,367,362
—28,944,820
—1,194,014
—16,428,891
+ 11,536,799
+ 54,882,820
—6,242,712
+33,387,370
—4,981,506
—38,008
+ 7,748,287
+541,678
+ 17,381,393
—28,128,967
—32,904,121
—8,702,988
—14,727,011
+ 19,009,701
—5,030,495
+ 9,199,020
+ 13,140.009
Per Cent
31.85
15.71
12.35
16.84
3.49
33.41
30.51
56.59
26.67
51.46
4.13
60.58
124.93
251.48
8.15
47.21
4.77
0.04
7.80
0.50
15.95
22.40
33.74
13.17
26.21
46.36
8.39
16.60
20.34
2552
Financial
Chronicle
April 17,
7
Wagner Act Held Applicable to Jones & Laughlin Steel Corp.—Majority
Opinion
of Supreme Court Says
Congress Has Power to Regulate Activities "Affecting"
Interstate Commerce,
Including Labor Relations—Justice McReynolds, in
Delivering Minority Ruling in Manufacturing Cases, Declares no Such Broad
Interpretation of Constitution is Possible—Text of Opinions
Evidence
Board
in
the
of
case
the
against the Jones &
National
Laughlin
Labor
Steel
ten of the
Relations
employes named, to make good their losses in pay, and to post
thirty days notices that the corporation would not discharge or dis¬
criminate against members, or those
desiring to become members, of the
for
Corp. supports
the findings of the Board that union members
were
dis¬
charged by the company because of their union
affiliation,
the
labor
The scheme of the National
Labor Relations Act—-which is too long to
briefly stated.
The first section sets forth
findings with respect to the injury to commerce resulting from the denial
by employers of the right of employes to organize and from the refusal
has
control.
The
employers
follows
a
these
govern¬
ment
quoted
of
company to reinstate employes allegedly dis¬
charged for union activities.
The Supreme Court reversed
the ruling of the Fifth Circuit Court of
Appeals, which held
company's relations with -its employes were not
part of interstate commerce over which the Federal
Court
be
the
that the
As
the corporation failed to
comply, the board petitioned the
of Appeals to. enforce the ordler.
The court denied the
petition, holding that the order lay beyond the range of Federal power.
83 F. (2d) 998.
We granted cetiorari.
decided, in a five-to-four
opinion, on April 12.
The majority opinion, upholding the
validity of the Wagner Labor Relations Act, was written
by Chief Justice Hughes.
In this case the NLRB had
ordered
union.
Circuit
United States Supreme Court
the
extends
forth
strikes,
interruptions to interstate com¬
and that these constituted
Mr. Hughes
merce.
When
industries
relation
continued:
on
national
a
scale,
making their
to
protect interstate
war?
We
practical conception.
be
must
merce
from
commerce
have
often
It
is
said
the
paralyzing
consequences
interstate
commerce
that
of indus¬
itself
is
equally true that interferences with that
appraised
by
judgment
a
that
does
not
ignore
a
com¬
abundantly demonstrated that the recognition of the
right of employees to self-organization and to have representatives of their
own
choosing for the purpose of collective bargaining is often an essential
condition
of
of
the
fact
judicial
most
to
confer
strife.
of
causes
and requires
This
in
the
case
citation
no
Virginian Railway Co.
that,
Refusal
peace.
prolific
history of labor disturbances that
notice
of
ease
out
industrial
the
in
one
of
and
is
negotiate has
such
is
it
instances.
The
opinion in the
System Federation, No. 40, supra, points
carriers, experience has shown that before the
of
v.
amendment, of 1934, of the Railway Labor Act "when there
the
to
as
there
was
organizations
discussion
of
generally
hand,
road
authorized
willingness
a
their
of
the
strikes
of
source
to
represent
employer to
grievances,
followed and
"a prolific
of
been
an
outstanding
proper subject Of
a
amicable
had
the
meet such
adjustment
been
was
no
employees
avoided."
dispute
and when
represntativs for
of
differences
That,
the
on
dispute had been the maintenance
a
had'
other
by the rail¬
unions and the denial by railway management of the
chosen by their employees."
The opinion in
points to the large measure of success of the labor policy
embodied' in the Railway Labor Act.
But with respect to the appropriate¬
ness
of
the
recognition of self-organization and representation in the
promotion of peace, the question is not essentially different in the case
company
authority of
that
of
employees in industries of such
in
put
And
jeopardy
of
state
what
from the
avail
commerce
is
is
it
of
interstate
commerce
employees
protect
throttled
referred
are
"Chronicle."
cases
Justice
under
to
based
were
McReynolds
the
in
detail elsewhere in
of
in
recent
on
asserted
interstate
this issue
the lower court decisions
It held that
Supreme CPurt decisions.
that
the
clause
commerce
power
does
of
not
Congress
extend
employer-employee relations in manufacture.
He de¬
clared that the discharged employees took no
part in any
activity preceding or following manufacture, and that the
effect
any
cause
is
commerce
far
of
too
discontent
indirect
ultimately have upon
justify Federal regulation.
McReynolds continued:
"Almost anything—mar¬
riage, birth, death—may in some fashion affect commerce."
The complete text of the
majority opinion is given below:
SUPREME COURT OF THE UNITED STATES
No.
National
Labor
Corporation,
419—OCTOBER
Relations
on
writ
Board,
In
of certiorari
to
the
v.
1936
Jones
United
&
Laughlin
Steel
Circuit
Court
States
Appeals for the Fifth Circuit.
Chief
a
TERM,
petitioner,
[April 12,
Mr.
1937]
Justice Hughes
delivered the opinion of the court.
proceeding under the National Labor Relations Act of 1935,
(a)
the
NLRB found that the netitioner, Jones &
the act by engaging in unfair labor
Laughlin Steel Corp., had violated
practices affecting commerce.
The proceeding was instituted
by the Beaver Valley Lodge No. 200,
affiliated with the Amalgamated Association of
Iron, Steel and Tin Work¬
ers
of America, a labor organization.
The
unfair
labor
practices
charged
were
that the corporation
was
dis¬
criminating against members of the union with regard to hire and tenure
employment, and was coercing and intimidating its employes in order
to interfere with their
self-organization.
The discriminatory and coercive
action alleged was the discharge of certain
employes.
of
The
desist
(a)
the
NLRB, sustaining the charge, ordered the corporation
from
euch
discrimination
and
coercion,
to
Act of July 5, 1935, 49 Stat. 449, 29 U. S. C. 151.
offer
to
cease
reinstatement
and'
to
own
choosing, Sec. 7.
It defines "unfair
lays down rules as to the representation of
It
be
to
obtain
the
of
conclusive.
If
either
party
the
failure
the
court
to
adduce
order
may
such
the
if
applica¬
on
additional evidence is material and
for
board,
person
in
an
order. ■; Sec.
The
the
Any
review
a
case
that
grounds
before
taken.
be
to
are
court shows
reasonable
were
that there
evidence
additional
in
the
evidence
aggrieved by a
final order of the board may
designated courts with the same procedure as in
by the board for the enforcement of its
the
application
10.
board
has
members
broad
of
powers
investigation.
Sec.
Interference
11.
of
the board or its
agents in the performance of their
punishable by fine and imprisonment.
Sec. 12.
Nothing in the
act is to be construed
to interfere with
the right to strike.
Sec. 13.
There is a
separability clause to the effect that if any provision of the
act or its
application to any person or circumstances shall be held
invalid,
the remainder of the act or its
application to other persons or circum¬
duties
is
stances shall not
The
be affected.
particular
be considered
provisions
in
more
Sec.
filed
with
complaint
the
the
board
against
employes in
detail
its
the
in
in
the
instant
will
case
of the discussion.
course
followed the statute.
case
verified
involved
are
the
The labor union
charge.
The boardl thereupon issued its
alleging that its action in discharging
respondent,
question
15.
which
The procedure in the instant
constituted
unfair labor practices
affecting com¬
meaning of Section 8, Subdivisions (1) and (3), and
Section 2, Subdivisions
(6) and (7), of the act.
Respondent, appearing specifically for the purpose of
objecting to the
jurisdiction of the board; filed its answer.
within
merce
the
Respondent
because of
not
were
defense,
and
the
discharges, but
violation
or
ascribable to
applicability in the instant
first
hearing
took
was
the
issue of
up
and
the
lack
for
in
the
participation
Contesting
at
for
or
that they
other
were
good
made
and
reasons
in
its
respondent appeared by counsel.
jurisdiction
respondent.
of
with
the
its
evidence
hearing.
denial
on
special
close made its
and
Respondent then
jurisdiction, and
accordance
the merits and
alleged
rules
case.
given and
by both the board
complaint
of
union
membership or activities.
As an affirmative
challenged the constitutional validity of the statute
respondent
its
board
admitted
inefficiency
Notice of
moved
of
findings
an
dismiss
motion
withdrew
received
The
presented
to
that
appearance,
The board
was
evidence
re¬
from
upon
order.
the
ruling of the board, the respondent argues
(1) that
the act is in
reality a regulation of labor relations and not of interstate
commerce;
(2) that the act can have no application to the
respondent's
relations with its production
employes because they are not subject to
regulation by the Federal
Government, and (3) that the
the act violate
ments
The
of
the
facts
Section
provisions
2
of
Constitution
as
to
the
Article
of
the
nature
III and
United
and
the Fifth
and Seventh
of
Amend¬
States.
of the
scope
business
of
the
Jones
&
Laughlin Steel Corp. have been found by the labor board
and, so far as
they are essential to the determination of this
controversy, they are not
in dispute.
The labor board
may
to
Justice
of
to
hearings
to
the
their
facts,
tion
further
Supreme Court was written
by Justice McReynolds, and also applied to the two other
manufacturing cases involving the Wagner Act, both of
which
Sec.
employes for the purpose of collective bargaining.
Sec. 9.
The board is
empowered to prevent the described unfair labor
practices affecting com¬
merce, and the act prescribes the procedure to that end.
The board is authorized to
petition designated courts to secure the
enforcement of its order.
The findings of the board) as to the
,
The minority opinion of the
these
practices."
spondent,
ported!
the
of
is
of transportation companies.
the facility of transportation, if inter¬
with respect to the commodities to be rans-
case
to
character that
a
of commerce.
(6) The act then
including the terms "commerce" and "affecting
uses,
8.
representatives
also
case
of collective
bargaining.
There
policy of the United States to eliminate
and' prescribes its
organization, Sees. 3-6.
It sets
right of employes to self-organization and to bargain collectively
the
with
has
procedure
is the
2.
through representatives
actual
experience.
Experience
it
Sec.
labor
to
can
trial
that it
supported by evidence,
organize themselves
interstate commerce the
dominant factor in their
activities,
it be maintained that their industrial labor relations
constitute a
forbidden field into which Congress may not enter when it is
necessary
how
the
accept
It creates the NLRB
"affecting" such commerce, including
the manufacture of articles which
eventually flow into the
stream of interstate commerce.
Justice Hughes pointed out
that the company's raw materials came across
State lines
and its products were
transported across such lines.
He
commented that the law was designed to
prevent
to
terms
commerce."
activities
be
of obstruction to the free flow
causes
opinion of the Supreme
Court held that the power to regulate interstate
commerce
to
full—may
declaration
a
defines
majority
in
of
in
has
found:
The corporation is
organized under the laws
Pennsylvania and has its principal
the
business
of
(6) This section is
as
manufacturing
office
iron
at
and
Pittsburgh.
steel
in
It
plants
is
engaged
situated
in
follows:
"Section l. The denial by
employers of the right of employees to
organize and
the refusal by employers to
accept the procedure of collective
bargaining lead to
strikes and other forms of industrial
strife or unrest, which have
the Intent or the
necessary effect of burdening or
obstructing commerce by (a)
impairing the effi¬
ciency, safety, or operation of the instrumentalities
of commerce;
(b) occurring in
the current of commerce;
(c) materially affecting, restraining, or
controlling the flow
of raw materials or manufactured
or processed
goods from or into the
channels of
commerce, or the prices of such materials or
goods in commerce; or
(d) causing
diminution of employment and
wages In such volume as
substantially ro Impair or
disrupt the market for goods flowing from or
into the channels of
commerce
"The
inequality of bargaining power between
employees who do not possess
full freedom of association or actual
liberty of contract, and
employers who are
organized in the corporate or other forms of
ownership association substantially
burdens and affects the flow of
commerce, and tends to
aggravate recurrent business
depressions, by depressing wage rates and the
purchasing power of wage
industry and by preventing the stabilization of
competitive
conditions within and between
industries.
"Experience has proved that protection
by
organize and bargain collectively
safeguards
or
interruption, and
earners in
wage rates and workinc
law of the right of
employees to
from injury, impairment
commerce
promotes the flow of commerce
by removing certain recognized
industrial strife and unrest, by
encouraging practices fundamental to the
friendly adjustment of industrial disputes
arising out of differences as to
wages
hours, or other working conditions, and
by restoring equality of
bargaining power
between employers and
employees.
"It is hereby declared to be the
policy of the United States to
eliminate the causes
of certain substantial
obstructions to the free flow of
commerce and to mitigate and
eliminate these obstructions when
they have occurred by
encouraging the practice
and procedure of collective
bargaining and by protecting the exercise
by workers
of full freedom of
association, self-organization, and
designation of representatives
of their own choosing, for the
purpose of negotiating the
terms and conditions of
their employment or other mutual aid
or protection "
sources of
Volume
Pittsburgh
near-by
and
diversified
widely
a
Financial
144
producer of steel
Aliquippa, Pa.
line of steel
in the United
It
and
Corp.
being the fourth
iron,
States.
owning and operating
and
transportation
facilities
and
completely integrated
a
limestone
and
coal
ore,
owns
steamships
ore
and
steam
stone
It
located
railroads
terminal
coal
owns
Michigan and Minnesota.
Lakes,
mines
in
in the
used
in
at
its
in various
to
ore
the
owns
works
Aliquippa
Central
York
in
In
its
of
with
interconnection
an
Pennsyl¬
the
with
Pittsburgh
the
its
Lake
Erie,
the
of
part
Even
is
fabricating shops in connection with the warehousing of semi-finished
from
sent
it
sidiaries
distribution
gas
and
Through
operates
of
one
warehouses
stores,
of
equipment and supplies
20
cities
wholly
its
sub¬
owned
and
for
yards
for
drilling and operating oil
mills and for pipe lines, refineries and pumping stations.
It has
in
offices
sales
works.
leases
owns,
the
and
its
sidiary which
the
in
United!
and
owned sub¬
wholly
a
Pittsburgh
Aliquippa
and
"might
be
likened to
heart
the
They draw in the
of
self-
a
materials from
raw
Michigan, Minnesota, West Virginia, Pennsylvania, in part through arteries
and by means controlled by the respondent; they transform the materials
then
and
them
pump
mechanism which
To
4,000
about
has
Respondent
finished
of
duction
production
of
blast
coke;
which
plant,
that
vast
mine
men
Respondent
in
a
furnaces
steel
and
iron
the
which
for
the
products
production
pro¬
from
of
raw
iron;
pig
blooming mills for the reduction of steel ingots into smaller shapes, and,
number
of
finishing mills such
mills,
structural
as
rod
mills,
a
mills
wire
there
yards, docks and
Respondent's
the second
operations
being the
products;
these works
at
both
cases
which
is
from
apparent
and
the operations
finished
result
in
the
extent of
in
ore
tain
mines
from
respondent's
plant
the
also
few
there,
is
like
in
amounts
and
for future
stored
which for
mentioned
transported
use,
to
the amount of
main¬
enough to
the
were
the
present
for
future
use,
purpose
the employes
of
were
laborers.
the blast furnaces
run
and
it
the
was
action
While
for
also
which
described
of
was
a
tractor driver;
mentioned
and;
no
in
evidence
the
heard
on
the board
opportunity
its
far
so
and
as
presents
and
First.
evidence to refute that
in
States
regulate all
the act
the
act
is
to
local
their
over
the employes are concerned.
that the evidence supports the
a
true
its entirety
as
industry, thus invading the reserved powers of
concerns.
It is asserted that the references
and
interstate
not
foreign commerce are colorable at best;
that
such commerce or of matters which
regulation of
tion
1
insisted
in
or
the
argument seeks support
(c) and in the
that
its
this
in the
conception
its
of
of
broad words of the preamble
(Sec¬
of the provisions of the act, and it is further
legislative history
light of which
by the application
If
sweep
scope
shows
an
essential
universal purpose
construction
cannot be limited by either
intent
and consequent inseparability
were
sound, the act would necessarily fall by reason of the limitation upon the
Federal
power
which
(c) See Note (&).
inheres
in
the
the board,
346.
Relations
Act
invoked)
and
be
may
authority.
of constitutional
in this
instance,
which provides:
this
of
provision,
prescribing
limits
the
are
the
of
"affecting
com¬
which it refers.
to
transportation, or
com¬
question
no
foreign
that
the
thus contemplated
commerce
Territory
by the
Columbia)
the District of
or
in the constitutional
commerce
constitutional
is
The act also
sense.
commerce" (Sec. 2 (7)):
the free flow of commerce, or having led or tending to lead to a labor
industrial
is
of
one
exclusion
well
as
inclusion.
as
The
grant of
bargaining
foreign
regardless of effects upon interstate or
to reach only what may be deemed to
that commerce and, thus qualified), it must be con¬
all
as
industry
It purports
obstruct
or
strued
Its terms do not impose collective
employes and employers.
upon
commerce.
It
contemplating
the
of
exercise
within
control
constitutional
,
is
familiar
a
interstate
principle that
foreign
or
commerce,
the Congressional power.
because
they
Clerks,
Railway
U.
281
labor disputes.
S.
pp.
March 29,
or
obstruct
upon
See
within the reach of
are
N.
Texas &
O.
R. Co.
v.
Scheehter Corp. v. United States,
Railway v. System Federation, No. 40,
1937.
effect
burden
570;
548,
Virginian
545;
544,
supra.,
directly
its free flow,
Acts having that effect are not rendered immune
out of
grow
which
acts
or
It
the
the
is
not
or
within
the
as
to
action
individual
as
instant
case
labor
We
thus
are
U.
223
S.
such
in
to Federal control,
arise.
the constitutional
unfair
The
Second.
of the injury,
Cases,
affect commerce
to
and hence to lie
inquire whether
boundary has been passed.
practices
question.—The
in
unfair
found by the board are those defined! in Section 8,
practices
which is
1,
51.
a
close
by the statute to
the board, is left
upon
cases
source
Liability
does
be subject
authority conferred
determined
the
Employers'
particular
fashion
intimate
and
not the
commerce,
Second
criterion.
Whether
labor
subdivisions
These provide:
(1) and (3).
It shall be an unfair labor practice for an employer—
"(1) To interfere with, restrain, or coerce employes in the exercise^ of the rights
guaranteed in Section 7."
tofekMMMfel
HA
"(3) By discrimination in regard to hire or tenure of employment or any term or
condition of employment to encourage or discourage membershlp^ln any labor
organization.
." (<f)
.
.
Section
subdivision
8,
(1), refers to Section 7, which is
follows:
as
have the right to self-organization,|to form, Join, or
through representatives of their
own choosing, and to engage in concerted activities, for the purpose of collective
bargaining or other mutual aid or protection."
"Sec. 7.
Employes
shall
its
in
Thus,
present
the statute
application,
goes
further
no
than to
self-organization and to select repre¬
sentatives of their own choosing for collective bargaining or other mutual
protection without restraint or coercion by their employer.
employes to
safeguard the right of
That is
and
to
fundamental right.
a
their
select
of
as
clear
and
coercion
to
prevent
the
free
a
right to organize
the respondent has
exercise
employes to self-organization and representation is
condemnation
Long
they
ago
that
was
was
unfair
stated the reason
for
labor organizations.
helpless in dealing with an employer; that he
nevertheless
on
an
unable
that
union
leave
the
said
part
that
employes
of
of
essential
was
these views when
1926.
that
that a single
dependent
Congress
we
fair,
to
give
laborers
American
opportunity
Steel Foundries v.
184, 209.
had under consideration the Railway
Fully recognizing the legality of collective action
employes
Congress
an
We said
was
employ and resist arbitrary and
equality with their employer.
We reiterated
Act
right
to pay him the wages that he thought
to
Tri-City Central Trades Council, 257 U. S.
Labor
the
subject for
his daily wage for the maintenance of himself and family;
on
treatment;
deal
of
proper
by competent legislative authority.
we
the employer refused
if
a
organized out of the necessities of the situation;
were
ordinarily
to
Employes have
representatives for lawful purposes as
organize its business and select its own officers andi agents.
was
in
order
safeguard
to
not required
could
seek
to
to
their
proper
interests,
on
we
ignore this tight but could safe¬
make appropriate
collective action
of
instrument of peace rather than of strife.
(d) What Is quoted above is followed by this proviso—not here Involved—
"Provided, That nothing In this Act, or In the National Industrial Recovery Act
(U. S. C., Supp. VII, title 15, sees. 701-712), as amended from time to time, or
code or agreement approved or prescribed thereunder, or In any other statute
of the United States, shall preclude an employer from making an agreement with a
in any
the separability clause.
terms,
331,
sphere
specifically defines the "commerce"
definition
This
all
guard it.
the nation.
within
the
S.
Labor
authority to the board does not purport to extend the relationship between
industrial
relations
Trade
307; Panama R. R.
dispute burdening or obstructing commerce or the free flow of commerce."
the
labor
Federal
same.
298,
"The term 'affecting commerce' means in commerce, or burdening or obstructing
directly affect it, but on the contrary has the fundamental object of
placing undter the compulsory supervision of the Federal Government all
The
act
Discrimination
Scope of the Act—The act is challenged in
The
attempt to
words
andi
commerce or
coercion.
no
validity and application of the act.
the
(a),
defines the term "affecting
he
an
National
operate within
10
275 U.
States,
the
that
from that within a
interstate
the
of
S.
375, 390; Missouri Picific R. R. Co. v. Boone,
v. Holden, 275 U. S. 142, 148; Richmond
conferred upon
be
can
(aside
employe
discharge
the
the
is
(6)):
2
Upon that
point it is sufficient to say
findings of
the board that respondent discharged these men "because of their union
activity and for the purpose of discouraging membership in the union."
We turn to the questions of law which respondent urges in contesting
of
purpose
rule
264 U.
tolprevent any
engaging in any unfair labor practice (listed in Section 8) affecting
The
There
act
particularly
ground for setting aside the
the facts pertaining to the circumstances and
record
the
employers
to present
discrimination
show
to
situation,
toward
their constitutional rights, respondent did
upon
the
through any other State or any Territory or the District of Columbia or any foreign
country."
.J
■
complaint,
was
the other two.
hostile
being
as
insisted
offered
this
order
who
advantage of
was
In
respect to
were
them
of
one
of which it
one
plain duty is to adopt
our
assist labor organizations, to bargain collectively
washer in the coke plant, and three
employes
to
as
with
taken
those
take
not
withdrawn
one
Sev¬
respondent criticizes the evidence and the attitude of the board,
is
which
toward
motor inspectors;
were
other
Three
by
statute,
a
valid!,
foreign country and any State, Territory, or the District of Columbia, or within
the District of Columbia or any Territory, or between points in the same State but
whose discharge was the subject of the
were
operators; one was a
crane
statutory
Territory of the United States and any State or other Territory, or between any
in
active leaders in the labor union.
officers and others were leaders of particular groups.
were
to
as
principle of
We have repeatedly held that
"The term 'commerce' means trade, traffic, commerce,
approxi¬
respondent's business, concerned its relations with the
These employes
three
but
(Sec.
be
distribution are
is not necessary to detail.
transportation
the Aliquippa plant
in
employes
complaint.
Two
of
nature
them
munication among the several States, or between the District of Columbia or any -
to the
Practically all the factual evidence in the case, except that which dealt
with
eral
merce."
which is
always on hand; and
in Pennsylvania and West Virginia
usually adequate to
operation,
cardinal
destroy.
authority in dealing with the labor practices,
"Sec. 8.
of
details
to
doubt
United
clear
critical
board's
weeks.
Various
which
upon
"Sec. 10 (a). The board is empowered, as hereinafter provided,
of coal being
is obtained
which
limestone
stored
ore,
supply
superimposing
Blodgett
;
decided
ore
located in Pennsylvania and taken
subsidiary
a
three months'
to
two
upon,
nine to ten months; that the coal which is procured
Aliquippa
at
mately
of
mines
and
which
to
processes
storage varying with the season but usually being
the
that
Michigan
and)
stock piles
stored in
operations from
from
iron
respondent fully describes.
Minnesota
in
is
plant
and
substantially
Respondent also directs attention to the fact that the iron
procured
our
the act.
v.
Section
person from
distinct
two
and value of the materials wrought
the nature and
subjected and which
are
in
on
materials into pig iron
raw
what
of
bounds.
carried
are
semi-finished
manufacture of
in
and
changing the character, utility
they
structures and equipment, storage
intra-plant storage system.
the first being the conversion' of
stages,
steel
other buildings,
are
an
472
it
in
burden
addition
In
a
;
the like.
and
and not
serious
a
jurisdiction
found
by-product coke plant for
a
the
for
in
facilities
hearth furnaces and Bessemer converters for the production of steel
open
is
343,000
is located
Aliquippa plant,
the
contains complete
materials; that its works consist primarily of
the
44,000
ore,
transport its product.
men
semi-finished
and
the
persons.
employed,
were
through
manufacture coke,
men
in its Aliquippa
to evidence
points
men
nation
mine
men
16,000
steel, and 83,000
community of about 30,000
discharged
33,000
limestone,
10,000 employes
the
of
has elaborated."
activities,
its
quarry
men
manufacture
men
all parts
to
out
the respondent
out
carry
coal,
The
The
the labor board concluded that the works
highly integrated body.
The
statute.
same
save
Co.
so
by
enact,
to
possible interpretations of
466,
think
and
the maintenance
deny effect to specific provisions,
power
American Tobacco Co.,
v.
S.
construed
75% of its product is shipped out of Pennsylvania.
Summarizing these operations,
to
commerce."
is devoted exclusively to distributing its product in Canada.
Approximately
contained,
States
save
avoid
Anchor
We
New
the
to
will
to
U.
Screw
and in
what is national
is vital
liberty to
Johnson, 264 U. S.
v.
Orleans it operates structural
materials
is
Co.
270
barges and transportation equipment.
own
at
in
is
Commission
to such
general legislative declarations of an ambiguous character,
two
which
that
shipped to its warehouses
Cincinnati and) Memphis—to the last two places by
Long Island City, N. Y.,
steel
in
and
product
between
commerce
constitutional
found
between
distinction
That
would be unconstitutional and by the other
the
New
which connects
Co.,
if
even
as
be pushed
not
may
Id.
not
from
construction
Railroad, which connects the plants
Southern Railroad
Much of
system.
Detroit,
Chicago,
means
Aliquippa and
has
Scheehter
"among the several States" and the internal
commerce
activities of
are
inferences
vania, New York Central and Baltomire & Ohio Railroad systems.
It
we
Amendment.
550, 554.
destroy the distinction, which the commerce clause itself
State.
a
the
in
Congress
lime¬
and West Virginia.
places in Pennsylvania
Pittsburgh works and forms
of
It owns
of
local
But
Tenth
the
in
Government
the Federal
of
to
as
Federal system.
It operates towboats
its factories.
to
authority
concerns
It operates four
transportation
Pennsylvania.
carrying coal
the Monongahela Connecting
owns
the
Great
barges used
properties
It
of
the
on
factories.
its
mines in
explicit reservation
establishes, between
is
controls
or
the
United States, 295 U. S. 495v 649,
extreme
an
lake
properties,
manufacturing plants.
It
of
v.
The
With its subsidiaries—nineteen in "number—it is
enterprise,
river
because
distributes
largest
and
manufactures
pig
2553
Chronicle
grant,
as
well
as
labor organization (not established, maintained, or assisted by any action defined
in this Act as an unfair labor practice) to require as a condition of employment
membership therein, if such labor organization is the representative of the employes
as provided in section 9 (a), in the appropriate collective bargaining unit covered by
such agreement when made."
2554
Financial
We saidi that
tion
made
were
prohibition
tives
for
by
the
employes,
either,
R.
Co.
the
collective
futile
The
the
of
choice.
selection
Hence
the
interstate
of
the
engaged
activities
in
in
the
subject to
amended
as
40,
in
1934.
argument
rests
Virginian Railway
'
'
•
Co.
that
says
whatever
the
department
the
It
of
be
may
industrial
saidl
relations
to
and
of
to
the
steel
steel
products
mills,
through
consuming
them,
centers
and
of
which
that
ment.
the
industrial
Reference
Aliquippa
strife
is
in
the
country—a
"stream"
a
manufacturing plant
that
at
made
the
United
to
Commerce
Federal
the
yards
separated from that movement.
not
regarded
local
change
were
a
"a
merely
non-discriminatory
as
tax
within
the
State
but
In
point,
acts
the
Packers
the
subject to the disposition
of
the
and
U.
U.S. 1,8.
Blasius, 290
v.
the
Grain Futures Act of
1922, (/) with respect to transactions
Chicago Board of Trade, although these transactions were "not in
themselves interstate commerce."
"a constantly
259 U.
S.
44,
69.
Respondent
tions.
Olsen,
v.
262 U.
S.
See also Tagg Bros.
contends
that
and
of
Congress had found that they had become
recurring burden and obstruction
Board of Trade
cago
the
1,
to that
32;
commerce."
Hill
compare
case
presents
Wallace,
v.
Moorhead, 280 U. S.
v.
instant
420.
material
distinc¬
says that the Aliquippa plant is extensive in size and
large investment in buildings, machinery and equipment.
The
materials which are brought to the
plant are delayed for long periods
and, after being subjected to manufacturing processes, "are
changed sub¬
a
to
as
character, utility and value."
The finished products which
emerge "are to a large extent manufactured
without
reference
different from
Hence
state
to
the
preexisting
materials
raw
which
respondent argues that
do
commerce
orders
and
contracts
enter
at the
"if importation
and
other
and
entirely
are
end."
not alter
western
We
the local
do
merce"
but
the
The
dens
conduct
and
in
which
in
support
authority
to
protect
not
obstructions
limited to
"flow"
a
of the present act.
interstate
which
bur¬
interstate
or
foreign
commerce.
fundamental
to
power
principle
"all
enact
is
that
the
power
to
appropriate legislation"
for
"its
commerce
protection
is
(the Daniel Ball, 10 Wall. 557, 564) ; to adopt measures "to
and insure its safety" (County of Mobile v.
Kimball,
691, 696, 697); "to foster, protect, control and restrain."
S.
U.
Second employers'
Railway
Clerks,
That
power
"no
merce
Second
liability
47,
supra., p.
see
Texas & N. O. R. Co.
is
plenary and
matter
what
the
liability
be exerted
may
source
cases,
of
p.
the
protect
interstate
51;
supra.
Although activities may be intrastate in character when separately con¬
sidered, if they have such a close and substantial relation to interstate
that
commerce
from
commerce
power
to
their
burdens
exercise
that
Undoubtedly the
of
dual
our
embrace
the
and!
upon
of
between
essential
of
power
what
Board
of
Stafford
**
or
Trade
v.
Corp.
must
so
is
national
and
v.
Olsen,
supra.,
p.
that
protect
be
denied
the
considered
be
indirect
in
extended
and
the
as
to
that
to
so
remote
light
would effectually obliterate
what
is
local
andl
create
a
As the court said in Chicago
37, repeating what had been
said
^'Whatever amounts
to more or less constant practice, and threatens to
obstruct
unduly to burden the freedom of interstate commerce is within the
regulatory
Congress under the commerce clause and it is primarily for
Congress to
power of
consider and decide the fact of
(«) 42 Stat. 159.
(f) 42_Stat. 998.
the^danger and meet it."
their
productive
that the
complained of
were
not
immediate in their
affected manu¬
pp.
United States
contention
221 U. S.
United
v.
S.
that
such,
as
Knight
v.
Co., 166
follows;
as
pp.
68, 69.
Mine
Workers,
Bedford
supra;
Cut
See, also, Local 167
297; Schechter Corp.
293,
the
case
United States,
v.
by
the
said
restraint."
in
ordinarily
the
259
shown
to
moving in interstate
their action
And
the provisions
is
the
to national super¬
ruled that
while the mere
its manufacture
obstruction
to
that
commerce
production
or
commerce,
is
never¬
unlawfully preventing the manufacture
restrain
to
that
prac¬
likely to obstruct,
commerce,
the court
or
control the supply entering
the price of it in intestate markets,
commerce, or
of
the
supra,
and Levering &
But in the first Coronado
direct violation of the Anti-Trust Act."
a
existence
of
Herkert,
v.
408.
p.
case
those
its
that statute.
Congress deems certain recurring
C.
be
to
activities
States,
interstate
remote
of
the
article to be shipped in interstate
an
and
extend
Leather Workers
107.
103,
prevention of
"intent
is
U.
tortious
when the
S.
"if
Coronado
indirect
an
that
supply of
or
promotion
and
not
that
it, it has the power to subject them
the second
illegal
theless
did
shown
been
United
v.
289 U.
really part of
burden
in
reduction
Congress
not
reached in United
Association
also
court
or
And
had
strike—brought them within
was
Morrin,
v.
though not
restrain
of
power
it
Act, notwithstanding the broad terms of
Garrigues Co.
tices,
the
that
and)
local
Industrial
supra,
intent
268 U.
S.
310.
p.
be a necessary inference from
proof of the direct and substantial effect produced by the employes' con¬
duct.
International
absent
second
It is
in
effect
In
evidence
remote
with the
be
to
as
directness"
there
Carter
of
the
grounds—that
that
the
case,
there
of
These
process.
Fourth.
Effects
prise.—Giving
break
of
in
the
full
of
page
those
effect upon
In
the
direct
and
Because
commerce
country,
such
a
presence
When
relation
it
be
the
but
to
involved.
effect
there
was
so
"immediacy
find
or
result inconsistent
a
the
opinion
that the pro¬
invalid
were
also
were
controlling
unfair
to
several
upon
and
power,
of
measure
inconsistent
with
due
here.
labor
practice
respondent's
in
contention
"stream of
respondent's
with
enter¬
respect
commerce"
by
to
a
reason
commerce.
far-flung activities,
indirect
It
remote.
or
of
indirect
there
effects
may
not
in
follow
interstate
a
host
that
a
We
life
it
of
other
to
matter
the
idle to
to
asked
deal
to
with
say
it
that
shut
the
that the
would
our
eyes
be
to
question of
vacuum.
effects upon
interstate
local
enterprises throughout the
industrial activities do not have
interstate
commerce
as
to
make
the
of the most urgent national concern.
themselves
commerce
is
obvious
are
and
intellectual
relation
organize
is
indirect and remote
with
intimate
industries
an
be but
connection
does
national
our
of industrial strife
to
of
was
production
might be catastrophic.
close and
(tfTsecs.
were
as
manufacturing operations, the fact remains that the stop¬
by industrial strife would have a most serious
facts
in
not
are
respondent's
and
plainest
remains
operations
of
would
immediate
the
To
everywhere,"
court
to
commerce
weight
interstate
view
effect
practice
that
power.
complete continuity of the
respondent's
question
improper delegation of legislative
only went beyond any sustainable
not
of
found
we
The
labor
the
"almost
the
relating
was
cases
What
81.
p.
Federal system.
our
interstate
of
Federal
the
supra,
requirements
protection
supra,
find it
to
statute
determinative.
commerce
case,
maintenance of
the
States, 268 U. S.
the
the fact that the employes here concerned
beyond
was
United
v.
in
is not
interstate
Schechter
may
first Coronado case appeared in the
accordingly applied to the mining employes.
was
production
upon
the
In
Association
the
thus apparent that
engaged
the
from
and the act
in
supra.:
S.,
106, that
1,
in
urged
but primarily
5, 125.
commerce,
in
S.
engaged
strongly
direct and
nor
221 U.
decision
221 U.
employers
Association, 274 U. S. 29.
291 U.
A similar conclusion
United States, supra.
v.
Id.
is necessarily one of degree.
Wallace,
be
not
may
complex society,
completely centralized government.
The question
and
commerce
appropriate to
Congress cannot
Schechter
this
government
our
or
obstructions,
interstate
them, in view of
distinction
is
control.
scope
system
embrace effects
control
the
Co.
com¬
which threaten it."
Schechter Corp.
v.
United
commerce,
commerce.
commerce,
Anti-Trust
v.
dangers
of
because the acts
foreign
or
Coal
involved—a
visions
to
the
former
brings the subject within the reach
offending corporations
application
Upon
States,
interstate
supra.
employers'
States,
cases,
the
to
decisions
regulation
there
and
its growth
102
to
superior
dealing with the question of that application Illustrate
principle and its limitation.
Thus, in the first Coronado case, the court held that mining was not
advancement"
promote
instrumen¬
both the
springing from
regulate
combinations
the
Stonecutters
v.
United
The
was.
of
not
extends
power
of
exercise
supra.
be deemed
can
be due to injurious action
may
from
commerce
transactions
is
agency
this
adequate
same principle, the Anti-Trust Act has been
applied to the
employes engaged! in production.
Loewe v. Lawlor, 208 U. S.
of
de¬
com¬
metaphor has been used are
illustrations of the protective power
exclusive,
of
features of
"stream of
that
invokes
part
these
supra.
which
effect
notice." (citing cases).
Co.
sources.
The
the
not
is
Lord,
v.
the
protective
that
of
Safety
Co. t.
Interstate
v.
latter.
court stated
Coronado
v.
or
and
obstructions
whether
the asserted analogy to the
instances
essential
Oliver Iron Co.
to determine
necessary
government
an
Burdens
other
it
The
Congressional
and
be
to
find
not
134, 151;
said
Co.
questions of production of commodities within the States."
vision and
St. Louis South¬
v.
is
maintenance
the
of
Railway
R.
Upon the
exportation in inter¬
Arkadelphia Milling Co.
business dispose of
cases.
particular,
which
situation."
Railway Co., 249 U. S.
fendant's
The
no express
not
singly transfer purely local activities into the field
Congressional regulation, it should follow that their combination would
of
&
so repeatedly pressed
upon this court in connection with the interpretation and en¬
forcement of the Anti-Trust Act, and have been so necessarily and
expressly decided
to be unsound as to cause the contentions to be
plainly foreclosed and to require
raw
stantially
B.
"But all the structure upon which this argument proceeds Is based upon the de¬
cision in United States v. E. C. Knight
Co., 156 U. S. 1.
The view, however, which
the argument takes of that case and the arguments based
upon that view have been
Chi¬
Respondent
represents
1.
the
on
Southern
Ohio R.
It
612.
But
The
the
foreign
or
relied
274;
the court sustained
supra,
it.
to
interstate
Stone
Wallace,
v.
broad requirements
And the court summarily dismissed the contention in these words:
d
Applying the doctrine of Stafford
the
no
interstate
on
S.
mere
remarked:
Id., P. 526.^See Minnesota
S.
to
to
against
Chicago,
v.
as
State-wide
a
"That the act, even if the averments of the bill be true, cannot be
constitutionally
applied, because to do so would extend the power of Congress to subject
dehors
the reach of its authority to regular
commerce, by enabling that body to deal with
to
"The'question, it should be observed, is not with respect to the extent of the power
Congress to regulate interstate commerce, but whether a particular exercise of
State power In view of its nature and
operation must be deemed to be in conflict
with Jhls paramount authority."
Commission
the
far
so
'
was
of
had
act
Counsel
the court
owner,
U.
for
facturing andl not
the stock¬
transit
of
effect
and
intended
owner
actual
establish
to
rates
over
(p) Congress went
Oil and American Tobacco cases,
Counsel
Sherman
move¬
in
the
221
applied
was
focal
not
interstate
control
may
the Standard
entire
which
was
local activity.
a
to
some
Commission
Baltimore &
20;
intimate
power
industry.
com¬
local
which
Chicago,
abundantly illustrated in the application of the Federal Anti-Trust Act.
they
property
upon
transport to another State,
held
title"
of
Shreveport
v.
be due to activities in relation to productive indus¬
try although the industry when separately viewed is local.
This has been
the
Hence the sales at
in
commerce.
uses
as
close and
of Federal
transactions, for while they
did not "stop the flow," but
merely changed the private interests in the subject of the current.
Distinguishing the cases which upheld the power of the State to impose
created
which
it exists
secure
United States, 282 U. S., 210, 211.
v.
relation
has
interstate
commerce
Stockyards Act.
could not be
S.
Commission,
of
because
form
(e) Stafford v. Wallace, 258 U. S. 495.
The court found .that the stockyards were but a "throat"
through which
the current of commerce flowed andl the transactions which there
occurred
to
discrimination
The
primarily with
embrace
Railroad
found
are
U.
222
power
talities
sustaining
decision
our
is
illustrations
States,
The
essential
unjust
or
close relation
must
Appliance Act and the Hours of Service Act.
cripple
point would
deal
a
Wisconsin
commerce.
Other
definite
"flow" of
or
found
intrastate
intrastate rates in order to prevent an unjust discrimination
statute
It is urged that these activities constitute
merce,
thence
and
of
rates
such
one
Commerce
Q. R. R. Co., supra; Florida
that
in
and
588.
bear
the
interstate
to
interstate service.
Under the transportation act, 1920,
authorize the
are
business."
of
course
Id.
has been
the
relation
demonstrated
is
Wisconsin Railroad Commission
352;
of
intimate
interstate
interference
S. 563,
they
control
both
in
from
of
that intrastate
rate-making
interstate
proposition
thence
the
into
well-understood
manifest
level of
respondent's enterprise
342, 351,
and
control
traffic
the efficiency
Co., 257 U.
effective
other.
The government distinguishes these cases.
The various parts of re¬
spondent's enterprise are described as interdependent and as thus involv¬
ing "a great movement of iron ore, coal and limestone along well-defined
paths
is
in
that
of
R.
close
Federal control
engaged
There Federal
of interstate
O.
But
\
-
manufacturing in itself
is not commerce.
Kidd v. Pearson, 128 U. S. 1,
20, 21; United Mine
Workers v. Coronado Co., 259 U. & 344, 407,
408; Oliver Iron Co. v.
Lord, 262 U. S. 172, 178; United Leather Workers v. Herkert, 265 U. S.
457, 465; Industrial Association v. United States, 268 U. S. 64,
82;
Coronado Co. v. United Mine Workers, 268 U. S.
295, 810 ; Schechter
Corp. v. United States, supra, p. 547; Carter v. Carter Coal Co., 298
U. S. 238, 304, 317, 327.
and
are
234 U. S.
&
v.
■
regulation.
upon
who
B.
employes engaged in production.—
commerce,
manufacturing
carriers
promote
of
reason
fall within
transportation.
to
by
may
of
case
and
activities,
commerce,
the freedom
0.
in sustaining the application of
supra.
interstate
Federal
Texas & N.
April 17, 1937
intrastate
case,
principle
involved.—Respondent
employes
The
the
That
supra.
same
The application of the act to
principle
not
mockery if representa¬
freedom
interference with
Clerks,
reasserted
Federation, No.
Third.
a
the recognition of the rights of both."
on
Railway Labor Act
System
be
representa¬
of negotiation and conference between employers and
of being an invasion of the / constitutional
right of
Railway
v.
would
Chronicle
purpose
based
have
action
by interference with
Congress of
"instead
was
We
such
on
a
national scale,
dominant
factor
in
making their
their
416, 422, 41 Stat. 484, 488; Interstate Commerce Act,
activities,
see. 13
(4).
Volume
how
a
be maintained
it
can
fieldi into
forbidden
to
the
from
commerce
it is necessary
enter when
not
may
relations constitute
labor
industrial
Congress
paralyzing
It
As
said
that
interstate
is equally true that
itself
commerce
interferences' with
is
practical
a
con¬
must
that commerce
Adair
U.
S. 1,
The
recognition of the
right of employes to self-organization and to have representatives of their
abundantly
of
demonstrated
the
Refusal
peace.
The
requires
citation
no
in
opinion
tion, No.
the
of
of
case
was
dispute
no
the
to
as
there
was
subject of judicial
proper
Co.
System
v.
Labor Act "when
1934 of the Railway
authorized to
organizations
represent the
amicable adjustment
had generally followed and strikes had been avoided."
That,
the other
on
of grievances,
hand,
"a
by the railroad of
maintenance
prolific
the
unions and the denial by railway
company
in
opinion
that
the
to
appropriateness
the
of
points
also
case
the labor policy embodied in
of
the large
to
measure
and
self-organization
of
repre¬
the
in
portation
promotion
interstate
if
of
the
peace,
throttled
is
commerce
is
question
with
not
respect
to
the
com¬
These
the
the
subject of
many
interstate
affecting
The steel
The
point.
every
like
to
foresee
is
not
been
major
no
and to
again
the facts
detail
to
as
Instead of being beyond the pale, we think
prise.
(i)
disturbance in that
dispose of the possibilities of
to interstate commerce which Congress was
exercise its protective power to forestall.
dangers
necessary
striking
to
respondent's
enter¬
that it presents
in a
the close and intimate relation which a manufacturing
way
doubt that
respondent's
employes to self-organization and) freedom in the choice of representatives
industry
have to
may
interstate
and
commerce
we
The
which
means
the
employs.—Questions
act
under the
due
constitutional restrictions.—Respondent asserts
its
right to conduct its business in an orderly manner without being
subjected to orbitrary restraints.
What we have said points to the fallacy
in the argument.
Employes have their correlative right to organize for
clause
process
tiie
with
R. Co.
Restraint
of pay
and conditions of work.
Virginian Railway Co. v.
unjust interference with that
arbitrary
or
capricious.
The
provision
of
(ft) that representatives, for the purpose of collective bargain¬
(a)
appropriate unit shall be the
in that unit, imposes upon
and negotiating with the
representatives of its employes for the purpose of settling a
of the majority of the employes in an
ing,
exclusive
the
authorized
labor
the
only
all the employes
of
representatives
respondent
duty
conferring
of
has its
provision
which
Act
Section
analogue in
consideration
under
was
in
2, Ninth, of the Railway
Virginian Railway Co. v.
System Federation, No. 40, 6upra.
The decree which we affirmed in that case
to
treat with
from
their
of
true
into
exclusive
was
required the railway company
chosen by the employes and also to refrain
collective labor agreements with any one other than
representative as ascertained in accordance with the provisions
We said that the obligation to treat with the true representa¬
the act.
tive
the representative
entering
hence imposed
and
the negative duty to treat with no
the
injunction against the company's entering into any contract concerning
rules, rates of pay and working conditions except with a chosen repre¬
sentative was "designed only to prevent collective bargaining with
any
one
purporting to represent employes" other than the representative they
We also
other.
had
pointed out that, as conceded1 by the government, (I)
selected.
It
taken
was
prohibit the negotiation of labor
"to
applicable to employes" in the described unit with any
than tiie
one
bo
chosen,
"but not
contracts generally
other representative
precluding such individual contracts"
as
might "elect to make directly with individual employes."
this construction also applies to Section 9
(a) of the National
the company
as
We
think
Labor Relations Act.
The
It
act
does
on
determine."
compel
not
compel
"from
employer
viduals
does
not
any
agreements
terms"
make a
the
between employers and) employes.
It does not prevent the
whatever.
agreement
refusing to
whatever
collective contract and hiring indi¬
"may by unilateral action
employer
expressly provides in Section 9 (a) that any
See, for example, Final Report of the Industrial Commission (1902), vol. 19,
844; Report of the Anthracite Coal Strike Commission (1902), Sen. Doc. No. 6,
(ft)
58th Cong., spec, sess.; Final Report of Commission on Industrial Relations (1916),
Sen. Doc. No. 415, 64th Cong., 1st sess., vol. I; National War Labor Board, Prin¬
ciples and Rules of Procedure (1919), p. 4; Bureau of Labor
No. 287 (1921), pp. 52-64; History of the Shipbuilding
U. S. Bureau of Labor Statistics, Bulletin No. 283.
subjects
Statistics, Bulletin
289, 66th Cong.,
sess.
Representatives designated or selected
for the purposes of collective bargaining by the majority of the employees in a unit
appropriate for such purposes, shall be the exclusive representatives of all the em¬
ployees in such unit for the purposes of collective bargaining in respect to rates of
pay, wages, hours of employment, or other conditions of employment: Provided,
That any individual employee or a group of employees shall have the right at any
time to present grievances to their employer."
(ft) The provision is
as
follows. "Sec. 9 (a)
(I) See Virginian Railway Co. v. System
March 29, 1937, p. 9, note (/).
{m) See Note (1).
purpose
is
of
own
much
and leaves untouched
That it fails to pro¬
plan—with better assurances of fairness to
to supervision
which
for
employes
comprehensive
more
a
true
full opportunity to show the facts.
employers freely recognize the right
when
their
to
employer
the
abuses
vide
equitable solutions
compelling,
restraint
and
be responsible.
may
,
with increased chances of
both sides and
branging about, if not
in
success
industrial
of
affecting interstate
disputes
commerce.
But
we
policy
dealing with
are
the
that
not
embrace
exhibited
are
Sproles
v.
whether
The
Co.,
We have frequently
field, need
in
S.
Constitution
not
does
dealing with the evils which
in
Carroll
of legislative power.
range
U.
its proper
The
Coke
Keokee
411;
401,
Co.
v.
Wilson, 236 U. S. 373, 384;
The question in such cases is
does prescribe, has gone beyond
Miller v.
374, 396.
224,
Legislature,
the
199
227;
286 U. S.
S.
Binford,
the
step by step,"
what
it
limits.
procedural provisions of the act
construe
we
ments
within
reach.
its
activities within
Insurance
constitutional
as
advance,
U.
234
within
evils
the
in
Greenwich
v.
not with a particular
of Congress,
power
legislative authority, exerted
all
"cautious
forbid
the
with the extent to which policy should go.
or
said
them,
do
and
Commission
Commerce
U.
But these provisions,
constitutional require¬
assailed.
are
against
offend
not
the creation
governing
Interstate
the
See
administrative bodies.
of
action
Louisville
Nashville
&
R.
Co.,
227
91.
S.
88,
The
establishes standards
act
be complaint,
must
make
and
but
v.
the board
which
to
The
findings.
findings
must conform.
There
The board must receive evidence
notice and hearing.
the facts
to
as
to
are
be conclusive,
only if supported by evidence.
order
The
and
board
the
of
is
review by the
subject to
only when sustained by the court may
that
all
review
the jurisdiction
of
questions
designated) court,
the order be enforced. Upon
of the board and the regu¬
questions of constitutional right or statutory
We construe the pro¬
opportunity to secure judicial
protection against arbitrary action in accordance with the well-settled
rules applicable to administrative agencies set up by Congress to aid in
authority
cedural
the
provisions
is
not
affording
as
of valid
adequate
legislation.
to
necessary
them
None of
declared.
by the court.
examination
to
open
are
enforcement
It
rules
these
repeat
which have
to have been transgressed
appears
declined to avail itself of that opportunity.
the hearing it
frequently been
in the instant
It had opportunity to meet the
Respondent was notified and heard.
case.
withdrawing from
The facts found
and the evidence supports the findings.
Respondent has no just ground for complaint on this score.
The order of the board required the reinstatement of the employes who
were
found to have been discharged because of their "union activity" and
board
by
the
for
the purpose of
ment
order
"discouraging membership in the union."
authorized
was
its
support
by the act.
Sec.
10
That require¬
In Texas & N. O. R. Co.
(c).
to service was
made by the court in contempt proceedings for the violation of an injunc¬
tion
issued by the court to restrain an interference with the right of
employes as guaranteed by the Railway Labor Act of 1926.
The require¬
ment of restoration to service of employes discharged in violation of the
Clerks,
Railway
of
provisions
of
that
act
similar order for restoration
a
supra,
thus
was
sanction
a
imposed in the enforcement
judicial decree.
a
We
do
essential
order
by
that
of
its
Amendment
to
reinstatement
for the time lost by the discharge, less
This part of the
It is argued that
during that period.
the act, Section 10 (c).
a
money
and
judgment
hence contra¬
with respect to trial by jury.
Seventh Amendment provides
The
ordered
only
board not
the
wages
equivalent
is
the Seventh
in
other a
propriety.
the
in
the
the one case it
legislative one, is not an
that
employe
the
authorized by
also
was
and
determining
complains
earned
requirement
venes
in
The fact
regulation.
the payment
directed
amounts
the
sanction,
could) impose a like sanction for
Congress
valid
difference
Respondent
but
its
of
judicial
a
was
that
doubt
not
enforcement
that "in suits at common law, where
the right of trial
thus preserves the right
which existed under the common law when the amendment was adopted.
Shields v. Thomas, 18 How. 253, 262; in Re Wood, 210 U. S. 246, 258;
Dimick v.
Schiedt, 293 U. S. 474, 476; Baltimore & Carolina Line v.
Redman, 295 U. S. 654, 657.
'
Thus it has no application to cases where recovery of money damages
is an incident to equitable relief even though damages might have been
by
in
value
the
It
at
v.
in
shall
controversy
be preserved."
shall
jury
Pease
action
an
law.
at
does
not
apply where
dollars,
twenty
exceed
amendment
The
Clark
Rathbun-Jones Engineering
common
v.
Co.,
119
Wooster,
243 U.
U.
S. 322, 325 ;
S. 273, 279.
the proceeding is not in the nature of a suit
v. Guthrie, 173 U. S. 528, 537.
Guthrie National Bank
law.
such
law.
It is a
statutory proceeding.
Reinstatement of the employe and payment for
time lost are requirements imposed! for violation of the statute and are
remedies appropriate to its enforcement.
The contention under the Seventh
The
suit.
instant case
The
is not
proceeding
a
suit at common law or in the nature of
is
one
unknown to
the
common
Amendment is without merit.
Labor Adjustment Board,
(i) See Investigating Strike in Steel Industries, Sen. Rep. No.
1st
Act
The
The
coercion.
and
intimidation
that
organization and their unrestricted right of
less occasion for controversy in respect
and appropriate exercise of the right of selection and discharge.
has been criticized as one-sided in its application; that it
the free
to
a
p.
such
seem
employes
recovered
(m)
individual employe
or a
group of employes shall have tiie right at any time to present griev¬
ances
to their employer.
The theory of the act is that free opportunity
for negotiation
with accredited representatives of employes is likely to
The act
the
than
reasons
would
their
v.
dispute.
This
Labor
The employer may
coerce
or
representation,
and
charge of unfair labor practices upon the merits, and by
40.
considered
be
cannot
Section 9
rates
the purpose of preventing an
for
is
with
representation there will be
of grievances and to promote agree¬
Railway Clerks, supra;
v.
Federation, No.
System
right
relating to
employers
N. 0.
Texas &
other
securing the redress
of
purpose
ments
and
board
larity of its proceedings, all
collective bargaining.
Fifth.
S.
intimidate
right,
self-organization
subject of investigation with
It
have no
Congress had constitutional authority to safeguard the right of
for
other
aptly
government
1919-29 with its far-reaching consequences,
there appears to have
and
entitled
most
Congress and
one of
industry is
in the more recent period did not
industry
It
that
fact
at
commerce
refers to the steel strike of
future
inquiries, (ft)
basic industries of the United States, with ramifying activities
great
The
engaged the attention of
questions have frequently
been
have
the
Taylor,
modities to be transported 1
System Federation, No. 40, the cases
161, and Coppage v. Kansas, 236
v.
U.
its employees with
and, on the other
not entitled to make its authority a pretext for
right of discharge when that right is exercised for
that
of
cover
their
to
interference
But with respect
the Railway Labor Act.
recognition
of success
essentially dif¬
ferent. in the case of employes in industries of such a character that inter¬
state commerce is put in jeopardy from the case of employes of transporta¬
tion companies.
And of what avail is to to protect the facility of trans¬
sentation
0.
208
inapplicable to legislation of this character.
does not interfere with the normal exercise of the right of the
act
hand,
the
had been
dispute
of
source
of dif¬
management of the authority of representatives chosen by their employes."
The
N.
&
States,
are
respect
Federa¬
of carriers, experience has
case
United
v.
under
not,
willingness of the employer to meet such
a
representative for a discussion
ferences
in itself does not
Texas
in
employer to select its employes or to discharge them.
the
Virginian Railway
40, supra, points out that, in the
employes and when
a
essential
been
outstanding fact
an
instances.
shown that before the amendment of
there
This is such
an
negotiate has
and
confer
to
strife.
history of labor disturbances that it is
and
notice
the
that
of collective bargaining is often
purpose
industrial
of the most prolific causes of
one
in
has
choosing for the
condition
said
we
of
appraised by a judgment that does not ignore actual experience.
own
bring about the adjustments and agree¬
attempt to compel.
R. Co. v. Railway Clerks, supra, and
industrial peace and may
promote
ments which the act
repeated in Virginian Railway Co.
often
Experience
2555
Chronicle
of
consequences
war?
have
ception.
be
their
that
which
interstate
protect
industrial
We
Financial
144
Our
is
conclusion
that
the
order
of
the
board
was
within
its
com¬
that the act is valid as here applied.
The judgment of the
Court of Appeals is reversed and the cause is remanded for further
petency and
Circuit
proceedings
It
is
so
in conformity with this opinion.
ordered'.
Abstracts
from
nolds follow:
JONES
Federation, No. 40, No. 324, decided
That
by
a
the
the
minority
opinion of Justice
McRey-
•
AND
LAUGHLIN
COMPANY
employer has a very large business, the
strike of employes which might happen, and
CASE
interruption of which
that in consequence of
2556
such
Financial
strike
products
under
deed
commerce
interstate
might be etopped and interstate
production
affected,
the1
make the regulation
not
of
power
is
commerce
Congress,
remote
too
the
because
possible
Federal
warrant
to
in
commerce
of the relation
Chronicle
the
thing.
effect
invasion
Nor
in
is
interstate
in
interstate
stopped
by
The
■
:
and
commerce
and
of
things does not
•
State
The
is
raw
would
exports
materials
the
his product
be
possibly
by
thus connected together does not as
different from that in which importa¬
like
in
Steel Corp.
asked
are
to
order -and
The
commerce.
authorized
one
COMPANY
TRAILER
in
| !-
the
Co.
Fruehauf Trailer
The
of
laws
of
State
the
is
sale of
and
Michigan and
in
the
It
was
the
The
trailers
the
to
their
the
Since
order
between
relations
in the
activities
directed
is
the control
to
and
manufacture
and
trailer
Carter
regulate
of
in
production of
control such relations between the trailer company and its
or
Labor Relations Board was without authority to
NLRB v. Jones & Laughlin Steel Corp (5 OCA)
order
issue
the
June
15, 1936),
(see
is
company
COMPANY
CASE
time
and
which
concern
probable result if
The
precise
is
one
now
should;
one
threatened,
occur.
and nothing
indicate the
to
for us to determine is whether in the circum¬
Congress has power to authorize what the Labor Board
commanded the respondent to
If
*
adhered
And
Circumstances
by the Board
422-23—a
of
may,
presents
discussion
further
essential
as
be disregarded.
course,
case—plainly
typical
base
treated'
not
these
the
upon
the
to
exercise
of
The record in num¬
essentials and we
in
caused raw material to be shipped to its
converting this into clothing, and thereafter
shipped the product to points outside the State.
:
labor
A
obtained
order
The
the
or
members
the
among
company's management
is-
opposed
eight who had
discharged
it
company
employes
plant and
the
at
this effort,
become
and in
The
members.
effect
material
any
in support of the board affirms:
specific application
upon
the preventive
measures
of
depends
this act
industrial strife resulting from the practices in the par¬
enterprise under consideration would be of the character which
Federal
could
of
"Thus the validity of
whether
ticular
power
every
control
could
be controlled,
field
v.
(commerce
the
of
of
if
occurred.
it
If strife in
that enterprise
certainly it could be prevented."
human
Pearson,
with
-
also
this
correct,
and
If
the
discharge?
of
power
May
Congress
mill
a
be
owner
Federal offense whenever this would
a
questions
the existing wage scale, may Con¬
the ruling
suggest
of
theory
of
the
of
some
will
continuous
a
it
become
In
just announced
court
the
"stream
the
of
duty
of
problems
certain
commerce"
the Federal
by possibility
Debs, 158 U. S. 564.
re
industry.
foreign
With
striking
21, declared:
128 U. S. 1,
nations
and
among
include
all
productive
industries
since
Congress
this
such
lucidity,
50
years
ago,
"If it be held that the term
the
several
States)
includes
that
contemplate
the
same
has
their
and'
intervened,
employes
Oregon-Washington R. Co.
now
as
Government
blockade
may cause a
al.,
U.
249
continuous stream
S.
Milling
134,
shown
is
labor
are
relations
removed from
all
between
control by the
Washington 270, U. S. 87 (1926).
v.
Arkadelphia
argument
There is
ground
no
facturer, whose raw
and
bargain
Co.
St.
v.
150 affords
Louis
by these records
Southwestern
adequate
an
reply.
No
that which counsel
as
affects
whose
interstate
In such
products
with
completion
is
It
is
the
this,
and
Congress
Schechter's
assertion
of
after
rest
for
course
and
case
to
in
and
"any
which
in
Congress
turn
be
It
large
the
Pratt,
v.
industries.
commerce
clause
con¬
employers and
F supp.
12
unauthorized
as
by the
em¬
864.
commerce
which
had
clause
come
to
begun.
exists
in
right
some
to
for
concerning
may
ultimately
Congressional
or
lead to
his
cannot
seems
if
have
fashion
is
purpose
labor
to
manage
manufacturing
Whatever
commerce
Almost
own
operations
is
wages,
There¬
commerce.
af5>%mse of
effect
far
too
indirect
anything—marriage,
commerce.
and
is willing to
his
em¬
in part
or
disputes,
conditions of work," discontent may
strike, and as the outcome of the
upon
affect
whole
in
a
fundamental
one
employer dis¬
any
kind" "in which
any
grievances,
discharge 1
regulation.
contract
power
that
of
the
right is unduly abridged by the act
whom
this
as
say
organization
inhibit the
may
may
deprived of
to
well
block in the stream of interstate
a
selecting those with whom
is
Stout
hours of employment
this
and
discontent
This
as
relations between
govern
has
employers
strike there may
The
and there
And, in Carter's case, we held Con¬
to regulate labor relations in respect to commodities
membership
of pay,
justify
or streams
materials
raw
in respect of commodities
commerce
dealing with
fore
brings in
small
condemn
we
power
power
ployes participate
follow
to
directly
separate
a
gravely stated that experience teaches
courages
of
first
unprecedented to
power
Federal
interstate
is
It
plant,
interstate transportation.
lacked'
gress
before
his
of
States,
before,
ployes in these local activities.
In
manufacturing
a manu¬
that
other
and local activity.
Upon
the second! distinct movement or
begins and the products go to other States.
not
commerce
common
unreasonable
upon
than
to
but two distinct movements
one
The
manufacture,
in interstate
Such
his
in
other
carried
commerce.
follows
of
States
regularly
employes
transportation.
Then
from
come
are
business, there is not
interstate
stream
which reasonably to hold that refusal by
on
materials
collectively
death—may
;
regulation of all such manufactures as are intended to be the subject
commercial transactions in the future, it is impossible to deny that it
would
tenure
pass
brought to it from other
are
within
miners
may
mine
a
assume.
Manifestly that view of Congressional power would extend it into almost
Kidd
these
manufacturers
To
rates
is not found.
argument
to
Railway Co., et
small that to close its factory would have
sp
|fipn the volume of interstate commerce in
clothing.
The number of opeMives who joined the union is not dis¬
closed'; the wishes of other employes is not shown; probability of a strike
The
the
reduction?
is
State?
Va.,
sought
discourage
of
direct
no
union
some.
to
business
concern
Richmond,
at
and
cannot continue with
a
that stream ?
fers
relatively small
plant
The products of
hereafter to suppress every strike which
there
circumstances
disclosed.
A
the ranch?
on
factory be made
if
defined
Stated otherwise, in the circumstances
do.
could Congress by statute direct what the board has ordered?
disquisitions concerning the enactment are of minor, if any,
properly
carrier for inter¬
a
,
a
command
ends.
may
regularly delivers them to
to arise.
General
bers
would
the business
gress
is
here existing
power
interfere with
may
factory or discontinuing his business because
stop the flow of products to and from his plant in inter¬
May arson of
in
importance.
inde¬
with
States
of
supposed to put them beyond
Congress prescribe the conditions under which he
latter's
factory
...
question
disclosed
stances
employs 800 of the
that
or
existence
was
closing his
commerce?
most
typical small manufacturing
a
of the men's clothing produced in the
150,000 workmen engaged therein.
If closed today,
the ultimate effect on commerce in clothing obviously
would be negligible.
It stands alone, is not seeking to acquire a monopoly
or to restrain trade.
There is no evidence of a strike by its employes at
any
inter¬
reserved to the
powers
interfere with such flow?
produces less than one-half of 1%
States
the
recognizes
owners
the
to
from
Moreover,
clothing
United
with
...
CLOTHING
The
the
of
finally
we
consideration
May employes in a factory be restrained from quitting work in a body
because this will close the factory and' thereby stop the flow of commerce?
does
the National
employes,
events
interference
raw
may
the
Are
to do
state
regulation
trailers and
invasion
the Tenth Amendment
discharge helpers
or
respect
so
employes in respect
any
remote
legislation under
indirect
be prevented from doing anything which
shipment,
prohibited
or
interstate commerce in which the
company may be engaged, and since, under the ruling of Carter v.
Coal Co., 298 U. S. 238, the Congress has no authority or power
phase
directly affect any
the
and
impossible, to imagine.
still
raises cattle and
man
a
States.
Act.
trailer company and its
the
said
remote
definite
more
a
progressively
is
it
more
daily into interstate commerce; many things
authority for the act is claimed' under the commerce clause of the
of
or
and
indirect
which
A
who-buys
may
employ
trailers after they are manufactured.
of the act of Congress of July 5, 1935,
Relations
Labor
National
Constitution.
to
of
production
he
state
selling of such
shipping or
as
and
manufacture
the
issued under the authority
known
not
for
parts
be to create discontent among
may
flow.
If
at the company's
plant in Detroit and does not directly affect any of the activities of the
trailer company in
the purchasing and transporting to its plant of
and
strike
a
This, too, goes beyond the constitutional limitations heretofore enforced.
engaged in the production and manufacture of trailers
materials
the foctory may
in
may protect the "stream of commerce" and
material without the State, manufactures it therein
ships the output to another State is in that stream.
Therefore it is
said
company's relations and dealings with its employes
control the trailer
10,000 were dis¬
out of
419, ten men
told that Congress
are
one
and
its
The order in question undertakes to regulate
use.
of
with
deal.
to
Constitution
We
that
engaged in the manufacture,
is
No.
In
controversy.
auto
other States for sale and
and
chain
evil
commerce
The
organized' and existing under
corporation
a
effect
structible powers;
it aside.
set
show.
States is difficult, if not
trailers at its plant in Detroit, Mich.
The
material and parts used in the manufacture and production of the trailers
are shipped to the plant.
After
the trailers, are manufactured,
many
of them are shipped to
assembly
the
reach
review of the
a
or
interstate commerce by the discharge of employes shown
on
employed' and
By this
made
The record of the pro¬
ceeding before the labor board has been filed and the two petitions have
been heard together in this court.
court
that the
praying
sold and shipped, affects interstate commerce indi¬
so
moving in interstate commerce.
CASE
its petition seeking
upon the
the production
If
about.
follow, which, in turn, may result
reducing production, which ultimately may reduce the volume of goods
order
be
to
but entirely
effect,
brought
in the other cases only a few.
;
those
state
has filed
Co.
Trailer
Fruehauf
The
be
to
the
or
been
."
.
does not become direct by multiplying the tonnage,
immediate
The
all
Congress.
.FRUEHAUF
11
interstate
on
shown
not
cause
has
effect
.
indirect effect turns, not upon
an
single ton of coal intended for interstate sale and ship¬
a
will
facts
undertakes
the authority of
under
burden
or
inforce is
to
the
charged
raw
obstruction
direct
we
the
and actually
Any effect
engages
its
stock raising,
and
here, would be indirect and remote in the highest degree, as consideration
in interstate commerce regulable by Congress in
materials and1 again in Belling, and delivering its
products.
No specific present intent appears to impede or destroy inter¬
state commerce by means of a strike in a manufacturing plant, or other
also
corporation
of
man
direct
a
invested, to the
only manufac¬
domestic fisheries,
not
increasing the number of men employed, or adding to the expense or com¬
production regulable by the State of Pennsylvania, notwithstanding the
bringing
one
of
by Jones & Laughlin
be
regulate,
to
plexities of the business, or by all combined."
governments.
of steel
which
in
rectly, the effect
by three persons.
The employer hereby doing all three
alter the respective constitutional spheres of the Federal
making and fabrication
between
of either the
magnitude
ment,
business
entire
would
Congress
power
horticulture,
agriculture,
distinction
manner
materials, manufacture of them, and sale and export of the product
conducted
are
ahd
and
The
large part of
a
that
the
with
mining—in short, every branch of human industry.
strike.
possible
respects Federal power make a case
tion
exports
imports
which
commerce,
a
employers'
sells
States,
but alBO
tures,
on
the
of
State's right to
regulate the employer-employe relation.
it important that the employer imports part of his
the
of
be
would
result
The
exclusion
justified
April 17, 1937
...
includes
assume
now
to
birth,
the
privilege
contractual
upheld.
A
of
relations.
private
owner
property by freely selecting those
are
to be entrusted.
We think
lawfully be done in circumstances like those here disclosed.
clear
to
us
that
Congress has transcended the
powers
granted.
Majority of Supreme Court, in Holding Wagner Act Applicable to Associated Press,
Finds That Statute Does Not Interfere with Press Freedom—This Contention
Disputed in Minority Opinion, Written by Justice Sutherland—Texts of Decisions
The Wagner Labor Relations Act does not interfere
the freedom of the press,
in
interstate
commerce,
decided in a five-to-four
and
a press
the United
opinion
on
with
association is engaged
States
April 12.
Supreme Court
The
case arose
out of the
discharge by the Associated Press of
one
Morris
Watson, who asserted that he had been discharged because
he engaged in organizing activity on behalf of
labor, and not
because his
services were unsatisfactory.
The National
/
Volume
Financial
144
Relations Board, after
Labor
of hearings,
series
a
does
showing bias,
employ
forbid
not
does
nor
it
discharge of
one
compel the Associated Press to
retain
or
that the
Associated Press
that
in fact
is
engaged in interstate
In
discussing the Associated Press
statute abridges the freedom
of the
the
the
The
ostensible
basis
for
and
a
on
does
assert
likely,
the
not
he
Mr.
by
has
for
board,
his
was
believes,
bias
did'
not
past.
the
in
It
show
to
bias
the
future.
the unattacked
shown by
as
finding
in
activity
his
and
agitation
for
collective
The
does
statute
the
petitioner's
be the real
to
be
to
preclude
action;
motive
suggestion that
likely
not
of
it
the
subverted
by
Mr.
the
on
forbids discharge
petitioner.
the petitioner
if
ostensible
grounds
been found
for what has
These considerations
believed
answer
the
to
power
interdict
contending that regulation
Courts
deal
with
non-existent
The
not
cases
policy
of
impartiality
and
assumed
does
act
in
not
situation
a
not
of
presented would be
the
facts
disclosed1,
the
petitioner
who
one
bias
or
union
fails
faithfully to edit the
prejudice.
activity
restoration
The act permits
to
agitation
or
of
Mr.
his continuance in
occasion
ever
tionship for
for,
any
to
arise,
that
cause
with
it
does
former
position
in
the
such
facts
without
other than
employees.
The
guarantees
sense
no
The petitioner is at liberty, when¬
it
to
seems
one;
reason
exercise its undoubted right to
to
discouragement of,
or
his
petitioner's employ.
may
invalid.
never
incompetent editor
an
reflect
to
news
any
for collective bargaining with
Watson
proper
activities
only
save
the act
as
further
his
Sutherland,
delivering
in
previously
fered
First
by
stating
punishment
a
declares
permissible.
the
minority
opinion,
Amendment,
guaranteeing that freedom,
has
no
reservations.
Such freedom, he continued, "obviously means
more than publication and
circulation," and it includes the
right to adopt any
He
said
that
whether
Mr.
policy
the
without government
Associated
Press
Watson's
sympathies
handling of news material.
The
below
of
text
the
majority
alone
restriction.
could
might
judge
influence
to
in this
No. 365—OCTOBER TERM,
the
Press,
petitioner,
certiorari
is
case
given
Second
States
Justice
its
Relations
Board.
On
Court
Circuit
Appeals
for
of
not
challenge
this
court
the
opinion of the court.
We,
of the press guaranteed by the First Amendment, and denies
by jury in violation of the Seventh Amendment of the Constitution.
In
in
October,
filed
tion,
in
on
office.
of
organizations
to
engaged
in
organize,
to
aid
with,
membership in
The
board
labor
The
it
practices
due
was
activities,
act
and
At
and
a
and
the
affecting
his
purpose
the
their
own
of collective
upetitioner had
(1) and
(3)
Watson
coercing
or
labor
in
employment
of
and discouraging his
joining
or
dismiss
overruled
the
guild
the
the
in
validity
participation
of the
the
not
was
hearing
petitioner.
board
was
(a) July 5.
examiner
involved
he
Notice
petitioner
the
upon
the
of
grounds.
question
The
whether
Counsel
power.
commerce
there¬
overruled
and
as
to the
the
proceeded to
recommended
of the
counsel.
its
or
voluminous evidence
that
and
him
the
under
hear
and
c.
372; 49 Stat. 449; U. S. C. Supp.
petition¬
interstate
com¬
At the
of
entered
against
of hearing thereon
the
by
appear.
I, Tit. ,29, $$151, etc.
The terms of the
act, the procedure thereunder, and the relief which may be granted
pursuant thereto, are set forth In the opinion in National Labor Relations Board
v.
only
Jones & Laughlln Steel
Corporation, No. 419.
Section
before
issues
Circuit
privileges
suf¬
pay
,
Court of Appeals
setting
again
of the act
of
its
up
applied
as
to
and
fact
no
The
board,
for
contentions
to it.
is
error
After
assigned
Associated
Press
(1)
the Newspaper
(3)
and
did
the
empower
make it
to
power
Guild.
authorize the order
those involving the power of
are
not,
because of
the board, dis¬
by
found'
as
connection with
in
in adopting them.
discharge Watson
contrary,
in
Subsections
here
open
the
the
on
8,
Constitution
the
Does the
statute,
Congress
the
in
cir¬
applied to the petitioner, exceed the power
as
Congress to regulate interstate commerce?
depends
the nature of
upon
tion
to
and
the
The
them.
The solution
of this issue
petitioner's activities and Watson's
the
the board1
findings of
rela¬
in this aspect are unchallenged
question becomes, therefore, solely
of law to be answered' in
one
the light of the uncontradicted facts.
The
tion
Associated
which
sented
its
collection
United
the
in
in
of
In
the
is
and
laws of
members
and
all the
other
from
newspapers
repre¬
Its business
profit.
for
is the
throughout
sources
the
its members.
to
the
or
prepared for members'
is
news
discarding
product
pursuant
cost
re¬
or
in
also
and
agreements.
apportioned amongst
is
by editing,
newspapers
exchange
mutual
to
entire
member
to
use
received in whole
the information
transmitted
is
but the
sold,
practically
conducted
are
the
It has about 1350
foreign countries and the compilation, formulation and
process
agencies
not
under
corporation
for profit but is a cooperative organiza¬
and
States
from
news
thereof
The
part.
United
selecting
writing,
membership
a
representatives of newspapers.
are
membership
States
distribution
is
Press
does not operate
whose members
members
to
service
The
the members
by
assessment.
Petitioner
division
with
maintains its
points scattered'
the
principal office in New York City, but has also
the
over
United States each of which is charged
defined territory and
collecting information from a
duty of
paring and distributing it to newspapers within the assigned
other
ber
division
points
In
its
of
for
forwards
newspaper
quarters
within
use
the
of
employes
the
division
Each
exchange
All
of
he
which
news
commonly
used
head¬
is
their
in
trans¬
with
circuits
lines of communication
and
telegraph and telephone
from
connected
Regional
respective
receiving
wireless and the mail
the
is
news.
within
newspapers
wires leased'
of
service,
point
of
these
also
are
em¬
other by telegraph
every
supplement these primary
utilized
are
throughout the 24
day.
every
of
the
relation
of. Watson's
activities
to
interstate
com¬
be confined to the operations of the New York office,
may
where
This office is the headquarters of the Eastern division,
employed.
was
and
mem¬
divisional
headquarters to be edited and forwarded
member
to
consists
news
ployed.
for
Each
areas.
the
to
obtain
petitioner
communication
of
means
messenger
wires
important
represented by that headquarters and to other
area
distribution
for
The
respective
their
deemed
news
pre¬
and to
area
area.
addition,
members within
to
through it operates the petitioner's foreign service, with offices, staffs
and
correspondents throughout
from
and
foreign parts,
other
from
direction
from
the
received'
members within the
points,
is
supervising
of
News
world.
newspaper
division
editors
and,
edited
by
employes
its
in
edited
in
New
eastern
acting
form,
is
York
division,
under
the
transmitted
throughout the division and to the headquarters of other divisions
distributees
The
the
in
purpose
of
item
to
Thus
the
New
the
parts
of the world
Northeastern
with
members
York
their
the
or
office
Middle
judgment
divisions
receives
addition
in
and
item are selected
given
any
accordance
that
and
that
to
the
to
which
to
dispatches
it
which
usefulness
is
State
comprise
of
transmitted.
from and
news
New York
from
States
Atlantic
by those employed for
as
to
and
the
all
other
Eastern
division.
The
work
the
of
office
traffic
department and
actual
receipt
others,
ment.
the
and
divided
is
the
transmission
into
two
department.
news
of
in
are
news
including editorial employes,
departments known
All
those
the traffic
grouped in
are
as
to
receive,
rewrite
and
file
for
transmission
the
employed in the
the
department;
depart¬
news
Watson, at the time of his discharge, was in the latter class,
is
duty
news
whose
coming
into
office.
An
executive
employes,
has
the
wires
then
news
which
of
have
as
as
it
of
the
in
are
out
goes
total copy
charge
of
rewriting
from
The
such
be appropriate for
over
their
function
determine
the
rewrite the
be
delivered
transmission,
copy
to
received
news
New York City;
copy
use
as
it
over
those wires
from
comes
in their respective
news
so-
they determine
is to be sent
reached by
area
from
telegraph wires
These filing editors
news.
the
the
and
other
circuits and the
to teletype operators for trans¬
wires.
of
editors
value
news
to
of
delivered to them,
delivery of the selected and rewritten
mission
of
immediate charge of the
they have charge to the
may
supervising editors and editorial
revision
and' destination
sources
from the
news,
assisted by
charge
filing editors who
supervise
what
editor,
news
general
connecting with the
close
merits.
be
given the petitioner but it failed to
1935,
that
the
order
filing of this report
his
'
the
established that
as
answer
for
that
First.
editors
character of the
contention
an
its
and
loss of
any
Circuit Court of Appeals
activities
union
appeared specially
constitutional
except
Federal
rights
petition for enforcement the petitioner did
board's findings
action of the
accept
in
follows
called
on
grounds
the
statute.
board.
complaint
all
on
the
engaging
or
grounds,
of
unfair
but denying that
discharge,
the
charging
meaning
trial examiner the petitioner
within
was
assisting
constitutional
on
a
the
Watson's
any
decree enforcing the order, (c)
a
but,
all
petitioner
the
within
offer Watson reinstatement
with the order and the board, pursuant
constitutionality
unsatisfactory service
the
withdrew from the hearing and the matter was further heard without
merce
the
assist
con¬
him by Section 7 and by discriminating
admitting
denying,
After receiving
er's
business, the
of
or
subsections
contrary to
commerce
answered,
to
join,
that
protection;
upon
restrain¬
post notices in its New York office
from the enjoined practices, and to
answered
charged
was
which
Act
representatives of
restraining
complaint
a
hearing before
was
through
his tenure of
jurisdiction of
proceeding
upon
the
to
moved
motion
the
employe
an
labor organiza¬
a
labor organization.
a
served'
petitioner
of
respect
or
practices
interfering
him in
form,
to
in concerted activities for the
mutual
exercise of the rights guaranteed
against
Guild1,
Labor Relations
National
collectively
labor
unfair
by
right
engage
other
or
8
the
bargain
choosing and to
Section
discharged Morris Watson,
American Newspaper
7 of the
Section
employes
bargaining
The
charge with the board alleging that Watson's discharge
a
violation
fers
the petitioner
1935,
its New York
the
therefore,
claimed
merce
decide whether the National Labor Relations
freedom
trial
American
to
him whole for
petitioned
act,
the board's
to
to the
Consideration
Act, (a)
applied to the petitioner by an order of the NLRB, exceeds the power
Congress to regulate commerce pursuant to Article I, Section 8, abridges
as
of
the
to
desist
petitioner
the
to
answer
circuits.
to
are
we
the
The
transmitting
Circuit.
Roberts delivered' the
case
and
cease
of
lOe
respect
hours
Mr.
in
to
prejudice
his discharge;
of
would
Section
In
[April 12, 1937]
In this
without
position
companies, but
1936
National Labor
v.
the United
to
fact,
the rights guaranteed in
the exercise of
enjoined The Associated Press
reason
divisions
of
its employes in
enjoyed' by him; to make
it
areas.
writ
of
of employment for joining the
condition
or
mitted to the appropriate division
opinion
:
Associated
term
any
argument the court made
his
SUPREME COURT OF THE UNITED STATES
The
membership
discouraging
The petitioner refused to comply
and he declared that the
press,
findings
any
keep such notices posted for 30 days. (6)
his rela¬
sever
as
upheld the contention of the Associated Pi-ess that the law
abridges the freedom of the
or
former
foreign
Justice
or
coercing
New York
employ
discharge for any
a
made
order that The Associated
an
other such organization, and from interfering with,
any
or
It
to
circumstances.
compel
require that the petitioner retain in its employ
or
or
ing,
Watson's continued
the basis
from
board
entered
and
Section 7 of the act.
was
his
upon
the
report
law,
cumstances.
its
service, Congress was
discharge.
No such question is here for
decision.
Neither before the board, nor in the court below nor here has
the petitioner
professed such belief.
It seeks to bar all regulation by
without
for
employment
It
discharge
a
of
other labor organization of its employes, by
threatening to discharge, or refusing to reinstate any of
joining the guild or any other labor organization of its employes,
discriminating against any employe in respect to hire or tenure
from
guild
as
discharge,
Guild
The petitioner
shown
the
bargaining.
for
of
being
his connection with the union he will be
honestly
his
he had
embodied in
as
of his work not
capability."
that
of
discharge,
the grounds
on
shown
reason
petitioner
reason
and
with
Watson's
"solely
claim
now
that
the
as
actual
The
of
which
not claim
does
for
reason
petitioner, is
examiner's'
desist
Guild
enforcement.
majority opinion said:
records of the
and
cease
them
contention
press,
the
conclusions
discharging,
on
ployee.
commerce.
Press
2557
upon
its
Newspaper
employee for
an
its staff an incompetent em¬
It merely prohibits the discharge of a worker for
reasons arising out of his
engaging in organizing activity.
The majority opinion, written
by Justice Roberts, found
any
stated
The
Associated Press refused to comply with this ruling and
appealed to the courts, with the issue finally arising in the
Supreme Court.
The American Newspaper Guild repre¬
sented Mr. Watson in the legal struggle.
The Supreme Court, in its
majority opinion, held that
the law does not abridge the freedom of the press, since
statute
Based
upheld
Mr. Watson's contentions and ordered him reinstated.
the
Chronicle
and
of
editorial
items
delivered to them,
the
various
if appropriate,
(ft) 1 N.L.R.B. 788.
(c) 85 F. (2d) 56.
filing
to the
,
employees
received
so
such
as
speedily
Watson is to
and
accurately
that the rewritten matter shall
editors
areas
and'
who
are
reached
-
responsible
for
by their circuits.
its
Upon the basis of these facta the board
Press
engaged in
was
direct
relation
labor
disputes
disturbances
and
to
interstate
petitioner's
between
petitioner
strikes
or
impede
concluded that The Associated
that Watson's services bore
interstate commerce;
interstate
and
affecting
of
employees
that
activities,
commerce
his
class
labor
and
petitioner.
2
(6)
"trade,
traffic,
several
States
.
in
V
."
.
the
of
Subsection
commerce,
between
or
.
nition
the
of
statute
Constitution.
It is
engaged' in
tality
acts
ik
its
an
as
exchange
operations
foreign
state
as
is
State
interdict
any
commerce
the free flow of
fessed
such
regulation in
cases
Article I, Section 8, of the
by constituent members who
and as such instrumen¬
clearing house of news as between the
of
meaning
or
communication
of
business
a
Cofistitution.(d)
j;
the
whatever
nature,
means
Constitution, (e)
not
title
the
sell
to
mission.
and
news
the
does
not
remains
news
operate
in
the
Congress
profit, (/)
for
or
during
petitioner
under
the
being
engaged
so
collective
activities and advocacy of such bargaining by
in accordance with the
denominating them unfair practices to be abated
of
the
act.
>
the opinion
in
The
have
from
insists that
intimate relation
or
editorial employes such as Watson
their employment and tenure
with
tire
of
activities
the
operate
graph lines
&
S.
U.
281
0.
N.
Co.
held
we
a
Congress under the
had
who
commerce
direct
no
contact
with
actual
facilities
of
"Exercising thistauthority,
Congress may facilitate the amicable settlement of
Jonge
U.
dom
of
hold
that
or
of the
does
not.
speech
it
substance
the
who
and
own
Stress
of
is
safeguarded by the First Amendment?
We
insisted that The Associated Press is in
that
that the
news
is
gathered solely for
the facts that this membership
upon
consists of
the members are united
shall be wholly free from partisan activity
that
that
their
which
respecting
opinions
own
The conclusion which
and
absolute
like
Watson,
tunity for
edit the
any
bias
or
draws is that whatever may be the
it
regulation protective of union activities, or the
right collectively to bargain on the part of
invalid
an
invasion
We think
of the freedom of
for
on
shown
claim
that
an
discharge,
as
embodied in the
(d) Gibbons v. Ogden, 9 Wheat. 1, 189.
(e) Pensacola Telegraph Co. v. Western Union Telegraph Co., 96 U. S. 1, 9, 10;
Federal Radio Commission v. Nelson Bros. Co., 289 U. S. 266, 279; International
Textbook Co. v. Plgg, 217 U. S. 91, 107; Indiana Farmer's Guide Publishing Co.
v. Prairie Farmer Publishing Co., 293 U. S. 268, 276.
(/) United States v. Hill, 248 U. S. 420; United States v. Simpson,
465.
(a) The Pipe Line Cases, 234 U. S. 548, 560.
of
252 U. S.
regarding
Rights,
certain liberties
as
should be specifically foreclosed,
them
of speech, or of the press; or
assemble, and to petition the government for
the
amendments
two
is
emphatic
an
and
one
Deprivation of a liberty not embraced by the First
for example the liberty of contract, is qualified by the
as
Amendment
which
of law"; but those liberties enumerated in the
process
guaranteed
are
is
to put
them in
capable of abridgement by
for
as,
example,
of
state
a
process
any
war.
Legislation which contravenes the liberties of the First Amendment might
not
liberties
contravene
Freedom
word
is
not
a
kind
another
of
falling
within
only
the
terms
...
mere
abstraction, and it is not merely a
intellectual
occasions of patriotic rejoicing.
It is an
multitude
ways day by day.
When applied to the press, the term freedom is
not to be narrowly confined, and it obviously means more than publication
and circulation.
If freedom of the press does not include the right to
adopt and pursue a policy without governmental restriction, it is a mis¬
adorn
to
oration
an
upon
reality, capable
practical
intensely
of concrete enjoyment in
a
of
to
nomer
the
the
the
be
freedom.
freely
we
may
policy
a
deny at once the right
well
as
and pursue it, as to concede
that
deny the liberty to exercise an uncensored judgment in respect
discharge of the agents through
and
employment
judgment of
substituted
or
special
such
of
matter
a
might
whom the policy
group,
so
press."
in
members
the press,
having
Congress—or, still less,
for that
of
the
press
management in respect of the employ¬
however large,
must give way to
The good which
by
plainly contemplated
no
law
.
.
.
the
.
that higher good of all
imperative. requirement
abridging the freedom
.
that
.
.
...
the constitutional guaranty requires that the publisher
or
of the publisher of news shall be free from restraint in respect of
employment
Guild
of
to interstate commerce or the benefit which might result to a
Due regard' for
agency
judgment
the
discharge of employes engaged in editorial work.
come
people
the
concern,
administrative censor—cannot, under the Constitution,
an
"Congress shall make
of
And
to adopt
be effectuated.
to
In
it
call
press
right and
the
relevance to the circumstances
The ostensible reason
unsound generalization.
records of the petitioner, is
the grounds of his work not being on a basis for which he
capability."
The petitioner did not assert and does not now
he had shown bias in the past.
It does not claim that by
Watson's
"solely
has
the press.
the contention not only has no
of the instant case but is
such employes, is necessarily
243-245; Near v. Minnesota, 283
apparent.
effect of
is
any
of
without qualification, the object and
a category apart and make them in¬
of law.
That this is inflexibly true of the clause in respect of religion and
religious liberty cannot be doubted; and it is true of the other clauses save
as they may be subject in
some degree to rare and extreme exigencies such
First
ment
said that
is
Bill
denial
between
difference
phrase "without due
prejudice personally entertained by an editorial
distort what he writes, and that The Associated
unbiased and impartial news reports unless
be free to furnish
De
of grievances "
Amendment,
of
employes.
So
The
readily
that there must not be the slightest oppor¬
to employ
equally free to determine for itself the partiality or bias of editorial
is
redress
of
news;
the
legislative
Amendment.
"Congress shall make no law respecting an establishment of religion, or prohibiting
mechanical departments, it must have
and1 to discharge those who,
freedom
unrestricted
employe to color or to
Press cannot
it
them.
the petitioner
with respect to employes in its
case
that
First
(Jan. 4, 1937), and cases cited; Grosjean
Society of Sisters, 268 U. S. 510, 534-535.
v.
of
by the
guaranteed
—
—,
297 U. S. 233,
Co.,
Pierce
;
framers
due process
the free exercise thereof; or abridging the freedom
persons
economic and religious view, that
conceivable political,
upon
liberties
of the Fifth Amendment.
the one
is that The Associated Press
or the expression of opinions,
it shall limit its function to reporting events without bias in order
the citizens of our country, if given the facts, may be able to form
every
thing
Press
707
the
vital
so
membership consist solely of persons
the
newspapers,
the newspapers of members.
laid
is
It
operate
in
publication
press
itself,
press
various
the
by
except
■>
provided by the First Amendment;
40, No. 324,
had no relation to interstate commerce and could not be sub¬
jected to the regulatory provisions of the National Labor Relations Act.
Second.
Does the statute, as applied to the petitioner, abridge the free¬
Sutherland
safeguard' the fundamental
property
or
%'
1
a
ployment
Jones &
of wide meaning, and, without more, would have
Oregon, 299 U. S.
v.
S. 697,
,
liberty
life,
of
word
a
•;
.Act, ih all material respects analogous to the statute here under considera¬
tion, applicable to so-called' back-shop employes of railroads despite the
contention that their employment is remote from interstate transportation.
These decisions foreclose the petitioner's contention that Watson's em¬
Brother¬
v.
form of unpermitted Federal legisla¬
every
the right of the people peaceably to
Federation No.
System
v.
suf¬
are
v.
NLRB
Justice
Associate
of
but could safe¬
instrument of peace
1936, we have held an amendment of the Railway Labor
commerce,
0. R. Co.
and in
clause of the Fifth Amendment protects the person
'
But
184. 208
Co.
opinion
due process
American
v.
"The legality of collective action on
Virginian Railway
intrastate
supra,
of the Circuit Court of Appeals is affirmed.
deprivation
included
their proper interests
the
The
against
In shaping its legislation to this end, Congress was entitled to take cog¬
nizance of actual conditions and to address itself to practicable measures.
In
Clerks,
10 amendments to the Constitution
of law.
portation.
"Congress was not required to ignore this right of the employes
deprives petitioner of
face because
decided this day, and need' no further dis¬
Corp., No. 419,
"Liberty" is
guard it and seek to make their appropriate collective action an
rather than of strife."
and
interstate
Steamship
rights therein mentioned from
railway
the part of employees in order to safeguard
is not to be disputed.
It has long been recognized that em¬
ployees are entitled to organize for the purpose of securing the redress of grievances
and to promote agreements with employers relating to rates of pay and conditions
ofjwork.
American Steel Foundries v. Trl-City Central Trades Council, 257 U. S.
board
the
in the opinion in Texas and N.
and
minority
first
tion.
disputes which threaten the service of the necessary agencies of interstate trans¬
October term,
both
Steel
deprives the petitioner of property
of
and that the act is invalid on its
jury,
regulate
order
the
here.
The
statute protecting
the
that
said, in part:
Railway and Steamship
there said:
We
transportation.
discharge
time to
by
Railway
The
travel.
of
trial
to
The judgment
tele¬
the rights of
the competence of
clause and that its provisions extended to
570,
548,
messages
Brotherhood
v.
of
publication, and the
Watson or any editorial em¬
of news for
re-writing
and
any
process,
to
of
Laughlin
bargaining by railway employes was within
collective
clerks
R.
employes
strike among the
a
as
petitioner's
which
over
Texas
Clerks,
machines
teletype
at
The contentions that the act
seeks
cussion
of employes would have as direct an effect upon the
the petitioner
as
similar disturbances amongst those who
this class
among
the rights and
editing
free
due
right
hood
the application
fails to comply with the policies it may adopt.
ficiently answered
of interstate com¬
course
it is obvious that strikes or labor disturbances
We think, however,
merce.
it
interstate activity and
any
direct
no
the
is
Third.
without
the
petitioner, however,
remote
can
to
ploye who
commerce.
are
In
in Virginian Railway Co. v.
No.
interstate
The publisher of a newspaper ha»
press.
from
invade
in
privilege
petitioner
System Fed¬
40, No. 324, October term, 1936, the experience under the
Railway Labor Act has demonstrated the efficacy of such legislation in
preventing industrial strikes and obviating interference with the flow of
shown
is
of the
agency
immunity
special
respect
prohibits acts of the employer discriminating
bargaining and
against employes for union
As
an
of general laws.
He has no
liberties of others.
He must
answer
for libel, (h)
He may be punished' for contempt of court, (i)
He is
subject to the anti-trust laws. 07 Like others he must pay equitable and
non-discriminatory taxes on his business, (fc)
The regulation here in question has no relation whatever to the im¬
partial distribution of news.
The order of the board in nowise circum¬
scribes the full freedom and liberty of the petitioner to publish the news
as
it desires it published or to enforce policies of its own choosing with
the Congress may
interstate commerce,
in
is at
arise, to exercise its undoubted right to sever
is
it
The petitioner
employ.
petitioner's
special
appropriate regulations of its activities for the protection and ad¬
vancement and for the insurance of the safety of such commerce.
The National Labor Relations Act seeks to protect the employes' right
eration
in
may
because
no
trans¬
(g)
Petitioner
terms
Watson
liberty, whenever
his relationship
for any cause that seems to it proper save only as a punishment for, or
discouragement of, such activities as the act declares permissible.
The business of The Associated Press is not immune from regulation
adopt
of
agitation for collective bargaining with employes.
The restora¬
to his
former position in no sense guarantees his con¬
or
of
tinuance
that technically
interstate
union
The act permits a discharge for any reason other than
prejudice.
occasion
This conclusion is unaffected by the fact that the petitioner
does
by
regulable
commerce
petitioner retain
the
that
tion
of such
is
interstate
petitioner to employ any one; it does not
in its employ an incompetent editor or
who fails faithfully to edit the news to reflect the facts without bias
one
or
Inter¬
communication,
with
and
situation not presented would be invalid.
Courts deal
basis of the facts disclosed, never with non-existent
a
the
circumstances.
require
interstate and
of channels of
use
within the meaning of the
in the court below nor here has the petitioner pro¬
It
seeks to bar all regulation by contending that
The act does not compel the
up
to commercial intercourse and such
They amount
belief.
activity
involve the constant
commerce
nor
Neither
No such question is here for decision.
discharge.
board,
upon
assumed
supplier to members of news gathered through
a
his
the
or
impartiality was likely
Congress was without power
by Watson's continued' service,
subverted
before
foreign activities.
communication.
intercourse
be
business for profit,
commercial
domestic and
own
These
the
instrumentality set
a
respective members and
to
to
engaged in interstate commerce within the defi¬
and
an
and
country
for collective bargaining.
discharge on the ostensible grounds for
gestion that if the petitioner believed its policy of
the
among
"The term 'affecting commerce' means
<
The Associated Press
are
foreign
any
meaning
as
communication
or
obstructing
or
commerce."
"commerce"
term
a
action;
petitioner's
'
(7) provides:
burdening
or
the
transportation,
commerce,
.
defines
act
does
statute
it forbids discharge for what has been found to
be the real motive of the petitioner.
These considerations answer the sug¬
i
Section
and his agitation
not preclude
activity
The
the
These conclusions
commerce.
by
shown
as
bias in the future.
The actual reason for his
the unattacked finding of the board, was his
to show
believes,
discharge,
Guild
employes tend to hinder
are challenged by the
of
class
honestly
with the union he will be likely, as the petitioner
connection
of his
reason
a
that
and
April 17, 1937
Chronicle
Financial
2558
the
editorial force.
employed
in
the
hut with those engaged
the
power
thereby
to
And
we
mechanical
as
affect
Watson
the
are
or
was
dealing here
purely
clerical
not
with
work
of
in its editorial work and
execution
of
its
policies.
(ft) Robertson v. Baldwin, 165 U. S. 275, 281.
(1) Toledo Newspaper Co. v. United States, 247 U. S. 402.
{f) Indiana Farmer's Guide Publishing Co. v. Prairie Farmer Publishing Co.,
supra.
(ft) Grosjean v. American Press Co., 297 U. S. 233, 250.
Financial
144
Volume
right not to
entitled to the shield of the law, but no more so than the
live in
free land.
a
Let
us
suppose
not that they are,
by forbidding the discharge of employes on the ground,
but that they are not members of a labor association.
Let
us
further, that
suppose,
interstate-circulated
an
effected
having the same objective, but to be
with that under11 review,
acter
So much must be true, or we do not
the passage of a statute of like char¬
Neither can be proscribed.
belong.
union
The right to belong to a labor
helpful:
illustration may be
An
is
labor association is engaged in publishing
a
journal
of
interests
the
furthering
to
devoted
labor, and that members of its editorial staff, resigning their membership
in the association, transfer their allegience from the cause of the workingthat
to
man
of
writer who
editorial
an
under
guaranteed
discharged
been
had
of the
the freedom
abridge
would
circumstances
these
Can it be doubted that an order requiring
the employer.
of
reinstatement
the
press
by the First Amendment?
view
that
if
And
amendment may be affirmed
the
of
in
the case of a
publication issued for the purpose of advancing a particular cause, how
can it be denied in the case of a press association
organized to gather and
the
edit
fairly
news
and
bias
without
the
for
distortion
or
all
of
use
concrete instance
hold that the press association must await a
To
causes?
with
ment
opinion of the United States Supreme
on
April 12 by Chief Justice Hughes,
the National Labor Relations Act is constitu¬
that
found
applied to the Frueliauf Trailer Co., and ordered
reinstatement of employees which the company had
tional as
the
allegedly
dismissed
this
as
case,
discussed
in
that
for labor organization activity.
In
of the clothing company (which is
this issue) the Chief Justice con¬
review of the allegations against the
separately in
fined his
opinion to
a
presented by the discharged workers and to the
findings on these charges by the National Labor Relations
Board.
He said that the evidence supports the Board's
company
and
merce
is engaged in interstate com¬
discharged men because of union
that the company
findings
it
that
had
The principles stated
affiliations.
the Jones & Laughlin
on
in the majority opinion
also apply to the trailer com¬
case
the Chief Justice said.
minority opinion covering this
case,
pany
case,
icle" under the account of the court's findings in the Jones &
Laughlin
The following is the text of the majority
case.
opinion:
/'•'•■"'V'
;•
420 AND
NUMBERS
Labor
420—National
Relations
Co.,
of
[April
In
alleging
cases)
Relations
The
the
that
finished
the
Stat.
49
Act.
449 ;
Circuit
the court.
of
(in
complaints
two
of the National Labor
known
organization
trucks
Workers
Automobile
United
as
Federal
Labor
of
hearing
was
given and the complaints
were
Answers
merits proceeded, and
findings and entered! its order.
the
upon
its
The
any
December,
in
1935, the board
union ;
from employing detectives
the
union ;
and
in any other manner with,
interfering
from
joining
for the purpose of espionage within
coercing,
or
self-organization for the pur¬
other mutual aid or protection as guar¬
employes in the exercise of their right to
bargaining or
collective
of
pose
in
anteed
The
7
Section
order
also
the respondent
required!
to cease and
desist from dis¬
the union or, in any other labor organization of
employes, by discrimination in regard to hire or tenure of employment.
Respondent was directed to offer reinstatement to the employes who had
couraging membership in
its
been
discharged, to make good their losses in pay, and to post
notices
set
that
had
it
the order
complied with
in ceasing the
for 30 days
interferences
The
Circuit
enforce
its
Court
order
and
Appeals dismissed
of
set
the
order
aside.
the
85
petition
(2d)
F
of
the board to
This
391.
court
the board made
corporation organized under the
laws of Michigan and is engaged in the manufacture, assembly, sale and'
distribution of commercial trailers and trailer parts and accessories.
The
respect
trailers
are
the
vehicles
Respondent's
its kind
in
to
12
cities
A
made
from
in the
is
a
designed for the tranportation
plant
is
located
United States.
different
of
respondent's business,
of
nature
Respondent
following findings:
States
and
in
of merchandise.
Detroit and is the largest concern of
has
distributors
and
dealers
in
principal
the
V"
wholly owned subsidiary operates in Toronto, Canada, where
the
considerable
Detroit
assembly
work
plant and in Canada.
construction re¬
is
It
and its distributors and dealers.
its branch sales offices
practice
a
Detroit
in
plant
consign
to
are
sales and distribution operations without
Michigan.
The findings also describe various features
manufacturing and distributing activities.
purchase,
W7ith
respect
substance
Early
ret
This,
For
of the
the time
members
attend meet¬
factory at
at respondent's
purposes
of deception,
and
avoid
to
eligible
him employment.
gave
He
He thus obtained a list of all
union.
the
frequent reports to respondent and, with
He made
was
order to make the detective
in
the union and became its treasurer.
of
stated,
of business."
steady flow
a
president
vice
respondent's
the
as
"to keep
members
the
at
400.
Membership in the union, respondent
for
and,
1934, respondent hired a detective whose duty it was "to fer¬
union activities of the men" and to keep the respondent in¬
in
and
trouble
plant
and maintenance men
production
numbered about
the
out
Detroit
paid dues and did not usually
time or another,
one
time
that
Automobile Workers Federal Labor
among the production and mainte¬
177 active members and about 100
described, included
The
ings.
organized
respondent's
of
employes
United
The
been
had
19375
the State of
of respondent's
labor practices, the board found in
the alleged unfair
to
follows:
as
No.
Union
to dis¬
trailers and' parts
title retained in respondent
States with
various
The manufacturing and assembly operations at
essentially connected with, and dependent upon,
made.
is
payment
respondent
of
dealers
and
tributors
the lists thus obtained1,
time to time and
respondent's superintendent went about the factory from
activities.
The results of these
measures
"caused suspicion, unrest and confusion among the employes."
A
subforeman, who was later discharged, was urged by the superin¬
warned
various
tendent
to
against
union
that
see
foreman
ism
learn
to
and
applicants
interviewed
who
man,
employes
resign his office in the union and work with the
the union did not gain strength in the plant."
told
was
whether
if they
that,
for
work,
they, belonged to a
did,
was
also
superintendent
The subfore¬
instructed! by his
union or believed in
union¬
they would be objectionable.
"determined to put a stop to all attempts on the part of
to form an efficient, independent bargaining agency
and, in
furtherance of that purpose, summarily discharged' nine men
and
threatened
three others with discharge."
Two of the men were
its
workers
factory
discharged before the act
Th
became effective.
found:
board
who were discharged, the evidence's found prin¬
the discharged men and other employes.'#! There was no
Our conclusions as to the
unfair labor practices charged are reached after a consideration of such evidence
and argument as were offered by the respondent, who failed to produce witnesses
in its own employ obviously having knowledge of the facts surrounding these dis¬
charges. and who, in its brief, does not argue that its conduct did not constitute
"As to the remaining seven men
credible or substantial contradiction of this testimony.
unfair
The
is
done
with
materials
.
sallss
are
obtained
t
practices."
labor
board
the
reviewed the particular cases
employe
discharged1
was
in
assisted the
of discharge and found that,
because
he
joined
and
union.
The
board
were
lective
and
found
coerced
burdening
between
that,
and
and
as
among
a
the
of the
for col¬
result of the discharges, the members
restrained
that
bargaining;
bitterness
from
any
attempt
to organize
respondent's acts "led to confusion, resentment
employes and tended to lead to a labor dispute
obstructing
commerce
Michigan and other States and
the free flow
foreign countries.
and
of
commerce"
development of its
business
from
its
small
beginnings, emphasizing the outstanding success
of its enterprise.
Respondent criticizes the finding as to the number of
its employes who were members of the union, and states that there were
no
proper
basis for finding that there were only 400 employes in the
Respondent,
Respondent maintains 31 branch sales offices
the country.
and
laying out of special
of trailers in Canada are accomplished through its
and its sales in States other than Michigan are made
sales
subsidiary,
Canadian
through
union
certiorari.
With
the
destinations outside Michigan.
In connection
respondent furnishes service in the determination
to
way
quirements.
each,
forth.
granted
which 80%
finished at the Detroit plant of
needs and assists in the
of customers'
State.
outside the
cipally in the testimony of
the act.
of
the State
to foreign countries. Be¬
of respondent's products
Respondent
of its employes because of their
the
its
same
required the respondent to cease and desist from discharging,
order
threatening to discharge,
or
reserving the
objections.
had.
was
and,
Hearing
made
charges and
the
denying
filed1,
constitutional
and
The board received evidence upon the jurisdictional
reaffirming an earlier ruling, denied the motions to dismiss.
Hearing
issue
also
were
carloads
112
1935,
are
sales,
interstate
its
with
day
their
on
"to
States.
jurisdictional
30 chassis a
started
are
joined
consolidated.
Re¬
spondent appeared specially and filed motions to dismiss the complaints
upon
the ground that the board was without jurisdiction and that the
act as applied to respondent violated Article 1, Section
1, and the First,
Fifth, Seventh and Tenth Amendments of the Constitution of the United
Notice
1,
to points
tractors
or
About
formed.
19375.
Union No.
of products shipped outside
States, and
and to other
Nov.
500
to
employes because of their affiliation with, and activity in, the
discharge,
and
1
•.
its sales are
of
shipped to points outside the State of Michigan by railroad, and 400
trailers with accessories were hauled over the highways by motor
were
unfair labor practices
and (3)
S. C. 151 et seq.
29 U.
Jan.
who, at
Fruehauf Trailer Co.,
its
consist in the discharge of, and threats to
to
of that amount.
through
Michigan
tween
transported from Southern
was
^
80%
than
occurrences
issued
(1)
subdivisions
parts
37%
only
More
of
of the materials used by the respondent in
shipping during the year 1934 were trans¬
Illinois, Indiana and other States.
States and most of
were tranported from States other than Michigan.
In
sales amounted to $3,318,000.
Its nearest competitor
respondent's
1934,
sold
and
lumber
the
of
Most
value
in
assembly
its Detroit plant from Ohio,
ported' to
nance
engaged in
was
company
8,
practices were said
labor
States
1937]
12,
The board
NLRB.
in Section
described
as
United
delivered the opinion
Hughes
the
with
filed
Fruehauf
v.
1935, charges against the respondent,
October,
were
Trailer Co.,
petitioner,
the
to
1936
Fruehauf
v.
Board,
certiorari
50%
than
More
the
the Sixth Circuit.
Appeals for
Justice
Chief
Mr.
petitioner,
Relations
of
writs
on
421—OCTOBER TERM,
Board,
Labor
421—National
Court
Engaged in Interstate Activity
as
manufacture,
the
Trailer
time.
Court Holds National Labor Relations
until
SUPREME COURT OF THE UNITED STATES
and
yet there was
saving hand' while
a
Respondent's
delivered by
McReynolds, is reported in this issue of the "Chron¬
The
Justice
forth
stretch
Applicable—Text of Majority Opinion
delivered
Court,
of employes to
the right
their
five-to-four
A
to experi¬
does not
organize, to bargain collectively with
employers about wages and other matters respecting employment, or
to refuse to work except upon conditions they are willing to accept.
Nor,
the First Amendment aside, does it challenge the act in so far as it is an
allowable regulation of interstate commerce.
All affirmations in respect
of
these matters may be fully conceded without prejudice to our very
definite
view that the application of the act
here has resulted in an
unconstitutional abridgment of the freedom of the press.
Do the people of this land'—in the providence of God favored, as they
sometimes boast, above all others in the plentitude of their liberties
desire to preserve those so carefully protected by the First Amendment:
liberty of religious worship, freedom of speech and of the press, and the
right as freemen peaceably to assemble and petition their government
for a redress of grievances?
If so, let them withstand all beginnings of
encroachment.
For the saddest epitaph which can be carved in memory
of a vanished liberty is that it was lost because its possessors failed to
the
that
conclusion
The
challenge
5-to-4 Decision of United States Supreme
Act
news
it regards
doubt when
a
before it can act is to compel it
certainty as essential.
First Amendment is here infringed
of the
of misinterpretation
Classified
Company Manufacturing Trailers
2559
Chronicle
manufacturing
on
its
part,
traces
and production
the history of the
departments.
Respondent contends that the testimony
difficulties and
that,
negatived any showing of labor
strike
since its first operations, there had not been a
2560
Financial
•'*
at the
not
plant which hampered its .operations.
shown
that
the
discharges caused
tptal
a
700
of
employes voted
voted
was
,v
'•
•
A
"
also urged that it
the plant
or
voted
at
a
t
Chronicle
f.
''
delay
evidence that
production
and
The
the union
at
down.
that,
men
contends
that
for
strike out
employes; that
and that the
meeting
Respondent
president showed
only 35
manufacturing
suggestion
the
testimony
in discharging and laying off mien
of
vice
its
during
failure
be
men,
the same standard was applied to union and non¬
men, the determining factors
"being the efficiency of the work¬
his cooperation and whether or not he appeared to have the com¬
We
that
and from
witness
phase of the
Vosler
(its vice president),
The company at
case.
called by the board
knowledge," and
own
respondent's
facts"
Vosler,
witness,
surrounding
of
any
the
commented upon the
the board
the' superintendent, who
or
respondent's contentions and we are of the opinion
examined
have
of the board, with respect to the nature of the respon¬
the circumstances of the discharges complained of, are
findings
business and
supported by the evidence.
questions relating to the construction and validity of the act have
The
Board
this
on
that
the
position to contradict the statements of employes, if they could
been fully
discussed in our opinion in No. 419, National Labor Relations
& Laughlin Corp., decided this day.
We hold that the
Jones
v.
principles
all times relied upon its position that
the board had' neither jurisdiction over the subject matter of these
ceedings, nor over the person of respondent, that the act, as a whole
,
of
respondent to produce the foreman
a1
the
dent's
pany's best interests at heart in performing his duties."
Counsel for respondent, in their brief, state that "respondent called no
witnesses and offered no proof on the question of
alleged unfair labor
practices, except that brought on cross-examination of discharged employes
nothing
contradicted, with respect to the reasons for the discharge.
period of production,
union
knew
his
stated
findings,
its
"he
"of
of
in
were
slack
a
in
that
discharges
strike
a
April 17, 1937
'
board,
testified
67
only
of
T.
attempted application thereof by the board to respondent
these proceedings was unconstitutional."
in
in
'
•
and the
invalid
was
.
Respondent points to
of
strike
a
operations.
It is
Court
stated
there
The decree of
applicable here.
are
Circuit
the
Appeals is reversed and the cause is remanded for further pro¬
of
ceedings in conformity with this opinion.
pro¬
It is
was
ordered.-
so
Clothing Company Subject to Labor Relations Act Under Majority Supreme Court
Opinion—Chief Justice Hughes Supports Law for Same Reasons as Given in
Jones &
Laughlin Decision—Text of Majority Decision
The Wagner Labor Relations Act is valid
clothing
manufacturer,
the
United
as applied to a
Supreme Court
States
decided in a five-to-four opinion on April 12.
The opinion,
written by Chief Justice Hughes, ordered the Friedman-
Harry Marks Clothing Co. to reinstate employees allegedly
discharged because of union activity. It followed the same
lin6s of reasoning as in the Jones & Laughlin case, referred
to elsewhere in these columns.
Chief Justice Hughes, in
the clothing company case, merely reviewed in detail the
charges which had been brought by the National Labor
Relations Board, and then said that "the findings of the
Board both
to the nature of respondent's business and
as
the circumstance of the
discharge of its employees
court's
board made
Since the men's
the
the
fabricating
majority opinion in the Jones & Laughlin case.
opinion, delivered by Justice McReynolds,
this and two other cases involving
manufacturing
companies, and is quoted elsewhere in this issue. We give
below the text of the majority opinion in the case
involving
the clothing company :
establishments
men's
total
findings
produced largely in the New England
in
from the mills
the
across
above
States
board
The
clothing.
describe
being the largest
methods
the
sales,
of
the
New
York
market
in the country.
concluded:
'
■
.
The minority
covered
are
must be transported
goods
manufactured
The
stated in the
fabrics
wear
State lines
mentioned.
The
clothing is sold throughout the nation, only about 48% of
the total sales being made in the seyen States which produce about 90%
States,
to
of the
reasons
findings with respect to the clothing manu¬
elaborate
facturing industry and its relation to interstate commerce. Among these
findings are the following: The men's clothing industry is among the 20
most
important manufacturing
industries in this country.
Fifty per
cent of the manufacturing establishments are in the State of New York;
most of the remainder are in Pennsylvania, Maryland, New Jersey, Illinois,
Massachusetts, California and Ohio.
are sup¬
without merit for the
are
1935.
The
He concluded that the company's
ported by the evidence."
contentions
of
150,000 units in the first 10 months
increasing to $1,750,000 and
units,
"The men's clothing Industry Is thus an Industry which is nearly entirely depen
dent In its operations upon
purchases and sales in interstate commerce and upon
interstate transportation. There is a constant flow of raw wool in the Western States
and foreign countries to the mills of New England, where it is transformed into
men's
wear
fabrics, thence to the sponging and shrinking plants of New York and
Philadelphia, then, joined by the other necessary raw materials, to the fabricating
factories of the Middle Atlantic States for manufacture into clothing.
1,
.
.
"The Industry itself has no doubt as to its status, for the executive director of the
SUPREME COURT OF THE UNITED STATES
Noe.
422
and
423—OCTOBER
New
to
"The Amalgamated Clothing Workers of America is a labor organization composed
of over 125,000 men and women employed in the men's and boys' clothing industry.
*
*
*
*The period before the recognition by the employers of the Amalgamated was
required
the
and
Appeals for the Second Circuit.
respondent,
desist
criminating in
from
Friedman-Harry Marks Clothing
discharging any of its employes or
from
regard
to
the
tenure
and
conditions
threatening such action, for the
assisted
or
otherwise
activities
of
the
engaged
Amalgamated
in union activity;
labor
the
of
that
reason
Clothing
Co.,
Inc.,
to
employment,
of
for
protection,
the purpose
America
or
and
of collective bargaining, or other mutual aid or
in Section 7 of the National Labor Relations Act.
guaranteed
as
The orders
also
required respondent
to
offer
reinstatement
discharged employes, to make good their loss of
for
30
days
restrained
the orders,
The
that
85
F.
(2D)
proceeding
respondent
iiad
to
and to post notices
pay,
would cease and desist from the practices
The Circuit Court of Appeals refused to enforce
1, and this court granted certiorari.
initiated
was
discharged
by
certain, employes
charges
upon
because
they
had
that
the
engaged
in
union
activities.
The board issued1 two
complaints alleging unfair labor
practices within the meaning of the National Labor Relations Act.
Notice of hearing was given, respondent
appeared specially and moved
to dismiss the complaints upon the
grounds that the act, and the pro¬
ceedings before the board, were in contravention of Articles 1 and 3 and
the First, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth and Thirteenth
Amendments of the
Constitution of the
United
States.
The
of
and
to
the
For
the
the
expedite
the
witnesses
The board
of
hearings
and;
"that
evidence
and
to
jurisdiction and the
he
offer
made
the
for
constitutional
respondent
would
its
not
validity
questions,
found:
cross-examine
findings.
the competency
Respondent,
is
manufacture,
sale
materials
woolen
dredths
are
cent
per
and
of
States.
Particulars
goods
New
in
linings
the
to
as
worsted
these
Cotton
a
There
were
and relevancy
of
from
of
and
other
the
larger
cities
Respondent
through
to
the
throughout
maintains
which
15
or
a
20%
the
sales
of
certain
raw
materials
and
the Richmond plant, the goods
volume
of
respondent's
office
States
fabricated
other
for
than
the
Southern
several
materials
and
in the remainder he sat as an arbitrator and rendered
Virginia,
most
part
are
amounted
o.
decision.
.
.
.
of an impartial tribunal
'has been perhaps the largest single contributing factor to the lasting peace and
harmony that have characterized those clothing markets where the Amalgamated
ers
Clothing Workers of America
agreement.'"
Of
in
made.
b.
to
New
York
Orders
Richmond.
$800,000
are
In
and
the other contracting party to the collective
was
J
,
With
respect
Summer
of
the
union
the
of
of respondent had formed
Respondent's
to
the
president
quoted
were
employes
by
that he
Similar
meeting.
employes
and
"at
management
its
of
were
declared
in
the
local union of the
soliciting member¬
indicated
once
and
a
that
hostility to
it
would
not
the Amalgamated."
join
of
union
group
the board1 found that,
practices,
Clothing Workers of America
organization
permit them
to
labor
unfair
to
1935, employes
therein.
ship
of
the respondent
the-board.
would
"has
At
discharge
statements
management
The
the
findings set
The board concluded
the
employes in
with
tion
every
made
were
maintained
showing
time
one
one
his antagonism
he
stated
that
to
attended
a
the
by respondent's secretary.
surveillance
union
over
meet¬
ties of employes in
that
interference
and their
in
the
activities
in
connec¬
industry with the activi¬
joining and assisting labor organizations and the refusal
accept the procedure of collective bargaining had led, and tends to lead,
to strikes and other labor disputes that burden and obstruct
commerce.
The findings of the board both as to the
the
the
circumstances
For
the
Laughlin
The
Act
decrees
remanded
It
is
stated
Steel Corp.,
Relations
so
the
discharge
of
nature of respondent's business
its
employes
are
supported
by
*
reasons
respondent
are
of
evidence.
sent
1932,
the labor organization
also found
to
City
80,000
forth the circumstances of the discharge of employes.
that these discharges were because of the
membership
it.
The board
and
forth.
and the founding of unemployment insurance are the out¬
in the industry, and that the Amalgamated Clothing Work¬
standing achievements
in
States.
set.
are
showroom
being sold f.
business
a
"The president of the New York Clothing Manufacturers Exchange, Inc.
has stated that the 'organization of collective bargaining machinery, the establishment
by
sales
...
jointly a total of 21,193 complaints and disputes.
In only 898 of these cases,
or slightly over 4%, was a resort to arbitration required because of inability to agree.
Of these 898, 30% were settled by the impartial chairman acting as a mediator:
the
country.
the total
.
"Since the signing of the collective agreement for the New York area, the New
numer¬
of
garments manufactured by respondent, 82.8% are purchased by customers
outside the State, mainly by department stores and1 men's
clothing stores
in
that has entered such agreements.
ings and activities."
clothing.
The
principal
Ninety-nine and fifty-seven hun¬
from
con¬
York Clothing Manufacturers Exchange, Inc., and the Amalgamated have handled
Respondent's
men's
come
York
come
sources
purchase of
goods.
with clothing manufacturers and
tractors employing the greater number of the clothing workers in the United States.
These collective agreements have brought peace to that portion of the industry
of
any
Virginia corporation, has its plant at
in the
distribution
and
being purchased
other
engaged
.
.
the Amalgamated has collective agreements
of
The board
75%
.
union
testimony.
Richmond, where it
the
manufacturers ran into
by the employers.
The New York strike of 1924 was ended by the estab¬
of a collective agreement between the leading manufacturers and the
Amalgamated wnich was soon joined in by other manufacturers in that area.
"Factories in Rochester, Baltimore, Boston, Cincinnati, Cleveland, St. Louis
and Philadelphia recognized the union and entered into agreements with it.
Today
at
announced
countervailing evidence."
any
The wage loss to the work¬
to the
lishment
Statements
its
counsel
would not
respondent
to
presenting
proceedings,
received
objections by
objections
purpose
beginning of the
the board's
ous
overruled
act.
the financial loss
...
"This costly industrial strike resulted finally in recognition of the Amalgamated
-
board
the
and employes.
strike in New York in 1924 lasted for six weeks and involved all
nearly 86,000,000,
was
millions.
Amalgamated
Reserving these objections, respondent filed answers denying all the
allegations of the complaints except that respondent is a Virginia
corpo¬
ration
engaged in
the
business of
manufacturing men's clothing in
Richmond.
in relation to the labor organization here
found:
.
NLRB
the
A similar general
certain
respondent
by the orders.
made findings
board
eight months and caused losses of millions of dollars to employers
employes have
from maintaining surveillance of the
of their employes in connection
organization
The
of the 500 firms in that area and their 35,000 workers.
ers
their
Workers
1936,
otherwise dis¬
such
involved.
marked by long and bitter strikes.
"In 1921 there had been a general strike in New York City which had lasted for
28,
therewith; and from interfering in any manner with, or coercing, its
employes in the exercise of their right to self-organization and repre¬
sentation
The board also
423—National
Chief Justice Hughes delivered the opinion of the court.
National Labor Relations Board, by its orders of March
joined
about 250
dependent upon interstate commerce."
Inc.;
[April 12, 1937]
and
represents
the United States Circuit Court of
v.
cease
Inc., which
Board, petitioner, V. Friedman-Harry Marks
Labor Relations Board, petitioner,
Fjriedman-Harry Marks Clothing Co., Inc.
On writs of certiorari
Clothing Co.,
The
Exchange,
Clothing Manufacturers
manufacturers doing 70% of the total business in the New York market, stated in
his affidavit that the industry is conducted as an interstate business and is entirely
TERM, 1936
422—National Labor Relations
Mr.
York
to
are
for
decided
the
opinion
this day,
merit.
Circuit
further
ordered.
our
construction
without
of the
in
in
we
an4
No.
419,
NLRB
v.
Jones &
hold that the objections raised
validity
of
the
National
Labor
1
Court of Appeals
are
reversed and
the
causes
proceedings in conformity with this opinion.
Volume
Financial
144
2561
Chronicle
Supreme Court Unanimously Decides Wagner Act Is Valid as Applied
Company—Opinion, Delivered by Justice Roberts, Points Out That Firm
Admits Engaging in Interstate Commerce—Text of Opinion
United States
to Bus
In the only unanimous
opinion handed down on April 12
Supreme Court held that the Wagner
Labor Relations Act applies to the Washington, Virginia &
Maryland Coach Co.; that the company is engaged in inter¬
States
United
the
employes based
ployes
and that employees discharged for union
activity had been engaged in such commerce.
The opinion,
the
which
disturb
brief, wTas written by Justice
exclusive collective bargaining
validation rendered in the recent railway labor decision as
binding in this case.
The court pointed out that no con¬
was
comparatively
It
Roberts.
applied
tention had
been
the
made that the company was not
in interstate commerce.
Justice Roberts said
engaged
that any con¬
and
board's
of
Circuit
to
decree
the
petitioner,
Circuit
Fifth
bar,
findings
enforcing the order.(c)
the
the
Court
the
While
of
order.(6)
non-compliance with the order the board filed a petition in
of Appeals for its enforcement.
That court refused1 t*>
of fact made by the board, overruled the contentions
unconstitutionality of the act as applied to petitioner and passed a
Because
as
Court
on
whether
interstate
"untenable."
The
tion
intrastate
National
the
fall within
law, he
Labor
the
all
is
said, limits the jurisdiction of
interstate
Relations
Board
commerce,
"which
instances
to
power, and if the Board should
conferred
upon
it,
any
party
aggrieved is at liberty to challenge its action."
the
exceed
commerce
jurisdiction
The text of the unanimous opinion in this case follows:
Washington,
Virginia
Labor
Court
Maryland
Board.
of
On
Coach
writ
of
the
to
National
v.
Justice
this
In
Roberts
the
case
portation of
and in
National
Labor
the
Commerce
and
passengers
Columbia
of
delivered
petitioner,
Clause
State of
the
the
opinion
States
United
for hire between
Fifth
against
it
of
the
to
written
a
Amalgamated
Coach
drivers
activity
labor
tions
(1)
and
the
of
No.
Act.
petitioner
complaint
Electric
Railway
1079,
No.
because
that
and
commerce
this
of
a
their
membership
engaging
intent of
Section
in
and
unfair
8, subsec¬
specially and
jurisdiction,
filed
an
filed
and,
motion
a
without
to
substantially
answer
the
dismiss
its
waiving
objections
admitting
the
allegations of the complaint with respect to the interstate character of its
business, admitting the discharge and refusal to reinstate the employes
mentioned
by
the
in
the
board
three
that its
alleging
and
affected
not
did
the
of
objections
evidence offered
the hearing denied
the evidence
the
overruled
received
case,
and
inefficiency
by
action
motivated
was
their
membership
or
in the union.
activity
The
complaint,
employes'
jurisdiction,
by both parties,
and
support the allegations
employes
concerned,
as
fully
at the
motion to dismiss the proceeding
a
not
21
its
to
on
heard
the
conclusion
of
the ground that
other
is
than
an
Co. v. Brother¬
N. 0. R.
281 U. S. 548, and the Virginian
No. 324, October term, 1936,
applied to the petitioner.
relations in
40,
interstate commerce
in
was
dis¬
is plainly tin-
not,
or
occasion
power,
respect
the
But
is at liberty to challenge its action.
for certiorari made no mention of any claim with
this
were
of
sufficiency
not
to
support
the
In
findings.
"the findings of the board as to the facts,
of the act provides that
supported by
evidence
the
the question is not open for decision here, (d)
so, we should not review the facts, since Section 10
the light of this fact,
if
in decisions rendered this day,
out
point
and if the board should exceed the jurisdiction con¬
The petition
to
to
jurisdiction of the board to instances which fall within
be conclusive," and there was
shall
evidence,
substantial
evidence to support the findings.
This
board
is
not
lacked
of
case
a
alleged
interstate
in
and
applicable
the
or
evidence
The
well
is it one where the
activities are
is merely of error in appreciating
case of statutory provisions like Section 10
administrative tribunals, we have refused to
the testimony and have declared we will
weigh
only if clearly improper or not supported'
findings
The
evidence, (g)
not
are
Third.
answered
or
modify the
substantial
nor
admittedly the petitioner's
In the
other
to
evidence
confiscation, (e)
for
The complaint
commerce.
weighing evidence.
(E),
review
by
jurisdiction,//)
contentions
respecting the rejection
of
founded.
of
specifications
addressed
error
to
other
questions
by the decision of this court in NLRB v. Jones & Laughlin
are
Steel
Corp., No. 419, October term, 1936, decided this day.
The
(6)
judgment is
affirmed.
1 NLRB 769.
(c) 85 F. (2d) 990.
Alice State Bank v. Houston Pasture Co., 247 U. S. 240.
511; Clark v. Willtard, 294 U. S. 211,
(d)
Taylor, 293 U. S. 507,
Tlpaldo, 298 U. S. 587, 60*1
Mi I > i*
011
i
the complaint except as to
of
whom the complaint
to
the findings
evidence.
its face seeks to regulate labor
on
it any party aggrieved
upon
Second.
reverse
(7) of the National
and
(a)
appeared
had
the
com¬
refused to reinstate
constitutes
within the
1079
Motor
and
labor organization, the board issued
constitutional grounds,
on
board's
the
Street,
workmen
garage
have
we
commerce
Con¬
the
the NLRB by Local
(3), and Section 2, subsections (6)
Relations
The
a
of
with
the petitioner had discharged and
and
in Local
filed
Association
practices affecting
Labor
to
charge
Employes of America,
plaint alleging that
certain
employments, whether
(E)
Pursuant
petitioner
provisions
its
It is engaged' in interstate trans¬
Federation No.
the act
that
act limits
points in the District
Amendments
attempted regula¬
tenable.
trans¬
stitution.
of
all
ferred
the
contravention
an
because
does not sustain
Our decisions in Texas and
System
v.
contention
As
buses for
in
as
Seventh
and
Co.
as
fall
in the exclusion of
the
that
Railway and Steamship Clerks,
the
of the court.
motor
made
is
of interstate commerce.
the
Virginia,, challenges the enforcement of
Act
of
void
is
must
that the evidence
contention
for hire.
portation
Circuit.
of
operator
express
Relations
and
the
an
No
Railway
[April 12, 1937]
Mr.
First.
it
as
whole
the
commerce
committed substantial error
instrumentality
The
petitioner,
Co.,
certiorari
Appeals for the Fourth
board
and
intrastate
or
inseverable; secondly,
and the
in
argument
put beyond debate the validity of the statute as
469—OCTOBER TERM, 1936
and
Relations
Circuit
part
of
are
hood
SUPREME COURT OF THE UNITED STATES
No.
the
the
First, that the act is an attempt
of Congress to regulate labor relations in all employments
even
in
does not violate
brief, and1 at the
act as applied
the
Appeals that
Amendments,
confined to two propositions:
was
employments,
not
its specifications of error, attacks the holding
in
of
Seventh
and
tention that the law seeks to regulate labor relations in
when
18 of the discharged em¬
compensation for loss due to their
to post notices to the effect that it would comply with
with
positions
their former
to
discharge,
the
state commerce,
membership in a union or advocacy of collective bar-;
upon
requiring the petitioner to restore
and
gaining,
(e)
242; Helvering v|
216; Morehead v
*n*>,>..»*'
Compare St. Joseph'jStock Yards Co. v. United States,
Ohio RR. Co. v. United States, 298 U. S. 349, 368.
298 U. S. 38; Balti¬
more &
missed for lack of evidence.
board
The
entered
an
rendered
order
decision
a
setting
forth
its
findings
of
fact
and
prohibiting the petitioner from discrimination against its
(a) July[5, 1935, C. 372; 49 Stat. 449; U. S. C. Supp. I, Tit. 29, Sections 151, ff.
(/) Compare Crowell v. Benson, 285 U. S.
Florida v. United States, 292 U.
(g)
22.
S. 1, 12; Federal Trade Commission v*
Vecchio v. Bowers, 296 U. S. 280; Acker
;
1
Algoma Lumber Co., 291 U. S. 67, 73; Del
v. United States, 298 U. S. 426, 433, 434.
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
A
further
drop in business activity was registered the
The "Journal of Commerce" index receded to
past week.
99.2, dipping below 100 for the first time since Feb. 13.
A
and a year ago
corresponding date it was 87.2. This week's drop was
attributed largely to a sharp falling off in coal production,
partly due to the fact that mines in several districts were
not working pending the settlement of new wage agree¬
ments.
Electric output, automotive activity and lumber
production were higher last week, while car loadings and
steel activity showed declines.
The "Iron Age" stated, how¬
ever, that although steel production shows no let-down from
the estimated 91% of capacity, new steel business declined
week ago the
(revised) index stood at 101.0
at the
in the last week.
be
It states further that the decline was to
tonnages ordered in
mills have little steel
second-quarter shipment, and that consumers are
expected
March,
of
view
in
to sell for
well covered.
the
heavy
the fact that
together with
There is
an
prices will be advanced next fall probably will bolster
observers state.
The ex¬
auto
demand for all makes of cars, so
Friday Night, April 16, 1937.
easing of pressure on the mills,
tent
which
to
for the month very
the
over
the
same
trade review.
indications
last
roads,
Railroads,
were
year.
Combined
gross
revenues
of
94
according to the Association of American
22% greater in March than during the same
month last year.
In the auto
that retail passenger car sales
record
field advices are to the effect
in April should approach the
1929 volume, while the May total may exceed regis¬
trations for the
difficulties
same
hold
month in that year, unless new labor
back
production.
Spreading
fears
that
of
the
of the best since before
Retail sales volume increased 8% to 15%
week of 1936, according to Dun & Bradstreet
The claim is made that according to present
consumer
buying has yet to reach its peak. Car
cars, a decline of 1.5%
loadings last week totaled 716,044
but a gain of 15.1% over the like
The feature of the weather news the past
territory in the
from the preceding week,
period last year.
and
I
rescue
depression.
West
period
the
likely will reach a new peak for any
tion that the first quarter was one
on
Class
to
spring month in the recovery period.
Annual meetings of
leading corporations now being held bring forth the informa¬
books, the magazine states.
For the week ended
April 10, electric power output totaled 2,176,368,000 kilo¬
watt hours.
This was an improvement of 13.6% over the
same
came
small increase over the 1936 level, the dollar volume
very
was
the
Treasury
government
week
especially in the matter of getting third-quarter orders
the
bond market last * month was shown
most graphically in a one-sentence statement by Secretary
Morgenthau that net market purchases for Treasury invest¬
ment
accounts had amounted to $119,553,000.
Observers
state that although retail sales in April will score only a
sagging
the dust storms in domestic crop
Southwest,
and also in
Canada.
In particular,
reports of high winds and of soil blowing at many places
in Nebraska were effective in hoisting wheat values.
Un¬
official
estimates
that
Nebraska
would
not
harvest
more
than
30,000,000 bushels of wheat this season, and perlians
much less, received no little attention.
The government
reports
state that persistently low temperatures, much
cloudy weather, and wet soil made another unfavorable week
for farm work and growth of vegetation quite generally over
the Eastern half of the country.
Warm dry weather is
needed
in
most
sections
from
the
Mississinpi
Valley east-
Financial
2562
ward
the
as
continues cold and wet
soil
over
large areas.
Precipitation of the week was favorable in some Western
States, especially in the eastern portions of Washington
and Oregon and in central Rocky Mountain sections, while
much
warmer
weather the latter part
of the week was wel¬
There is still con¬
Chronicle
siderable frost in the ground in the western Lake region and
the Upper
Mississippi Valley, with the top soil mostly satu¬
rated.
In the Southern States, growth of vegetation was
decidedly slow, but there was no material additional frost
damage.
Soil moisture is
now
mostly ample throughout the
country, except in the Southwest.
Rain would be beneficial
generally in Texas, western Oklahoma, southwestern Kan¬
sas, western Nebraska, and parts of New Mexico, the gov¬
ernment
report
weather
continued
clearness,
variable
days
some
and cold.
In the
states.
Today it
New
both
to
as
and
warm
York City
the
area
and
temperature
cloudy
and
others
Loadings of
fair and cool here, with tempera¬
tures ranging from 44 to 55 degrees.
The forecast was
for partly cloudy and continued cool tonight and Saturday.
Overnight at Boston it was 44 to 66 degrees; Baltimore, 46
70; Pittsburgh, 34 to GO; Portland, Me., 42 to 46; Chicago,
32 to 40; Cincinnati, 40 to 56; Cleveland, 34 to
54; Detroit,
to
28 to 38; Charleston, 56 to 74; Milwaukee, 32 to 40;
to
54 to 80;
Dallas, 66
to
88;
Kansas
Citv.
52
This is
15.1%,
the total for the like week of 1936, and an
cars, or 22.1%, over the total loadings
over
increase of
for the
129,476
1937, loadings were 18.4% above those for the
like week of 1936 and
1937, showed
week of 1935.
major railroads to report for the week ended
The first 18
1937 loaded
April 10,
total of 338,245 cars of revenue
a
freight on their own lines, compared with 340,539 cars in
the preceding week and 302,376 cars in the seven days ended
April 11, 1936.
A comparative table follows:
REVENUE FREIGHT"LOADED"AND "RECEIVED ~FR0M"™CONNECTIONS
(Number of Cars)
Loaded
Springfield, Mo., 50 to 66;
Oklahoma City, 66 to 86; Salt
Seattle, 42 to 54; Montreal, 34 to 48,
and Winnipeg, 42 to 44.
Activity
During
Apr. 10
1937
as
higher rates
22,161
33,598
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
22,309
19,700
14,544
18,009
Chicago & North Western Ry
15,355
16,243
19,267
15,336
Baltimore & Ohio RR
Apr. 3
Gulf Coast Lines..
3,554
International Great Northern RR
2,253
Missouri-Kansas-Texas RR
4,540
28,737
20,963
14,222
4,590
1936
6,499
5,233
18,605
11,871
8,753
9,509
8,182
15,167
8,858
7,595
7,171
9,869
1,539
1,995
2,921
8,043
9,139
10,262
1,555
12,509
2,336
2,607
3,069
18,458
14,259
3,876
2,133
Apr. 11
1937
6,162
16,598
19,028
22,281
33,114
Connections
Weeks Ended—
Apr. 11 Apr. 10
1937
1936
Apr. 3
1937
Chicago Milw St Paul & Pac Ry_.
March
Received from
Lines
Own
on
Weeks Ended—
Atchison Topeka & Santa Fe Ry.
activity again increased last month
1936
gain of 27.96% when compared with
a
Lake City, 36 to 78;
Business
those for the correspond¬
over
23.45% when comparison is made with the same
rise of
a
33.2%
Loadings for the week ended March 27,
ing week of 1935.
and
For the week ended
corresponding week of 1935.
April 3,
66;
Further Increase Noted in ''Annalist" Index of Business
decrease of 10,643 cars,
a
1.5%, from the preceding week; a gain of 94,201 cars, or
or
Savan¬
nah,
freight for the week ended April 10,
revenue
1937, totaled 716,044 cars.
clear
was
Freight Car Loadings Again Decline—Off
10,643 Cars in Week Ended April 10
Revenue
^
in much of the spring wheat belt.
come
April 11, 1937
3,126
10,646
1,782
Missouri Pacific RR
13,821
15,992
New York Central lines
41,905
45,015
review of domestic business conditions
NewYork Chicago & St Louis Ry_
Norfolk & Western Ry
5,162
18,256
4,482
4,866
the current
Pennsylvania RR
5,251
21,957
69,680
3,424
1,905
4,314
13,662
40,462
4,718
19,054
68,881
57,040
43,648
49,608
7,101
7,377
6,269
5,718
7,065
7,824
29,145
8,562
28,968
5,786
5,779
5,447
5,769
5.066
24,667
5,415
X9.280
x8,999
10,599
x7,497
8,415
of
operations in both durable and non-durable goods indus¬
tries
more than offset a decrease in
freight shipments, al¬
lowing for seasonal fluctuations, according to the monthly
by H. E. Hansen in
Quarterly Review and Forecast Number of The
"Annalist" (New York).
The "Annalist" Index of Business
Activity increased 1.5 points to 107.2
(preliminary) from
February and 104.8 for January.
The index still
3.3 points below last December, but with the
exception of
Pere Marquette
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
105.7 for
is
that month it stands at the highest level since
In noting the foregoing, an announcement
5,238
Total
x
although demand
TOTAL LOADINGS
AND
RECEIPTS
CONNECTIONS
FROM
(Number of Cars)
was
rising.
As
a
result, stocks
Next in importance
was a
of the first
reduced sharply and
but for the quarter dropped
below the level for the preceding three
months, largely because of a shortage
The adjusted index of silk consumption declined.
An increase in the preliminary index of electric
power production to only
of the combined index.
important factor in the rise
The iron and steel industries
again made an im¬
pressive showing, although the adjusted production indices still are below
the high level for the close of last year.
Demand remained at a high level
and production was pushed to near
capacity limits.
Resumption of opera¬
tions at General Motors plants offset the loss caused
by the Chrysler strike,
the adjusted index of automobile production
being unchanged from Febru¬
With the resumption of shipping
expanded.
on
the West Coast, lumber produc¬
The most important decline for the month
by the index of freight
car
the greatest decrease.
-THE
was
OF
25,173
22,018
34,098
14,048
29,004
12.522
68,275
73,319
63.544
St Louis-San Francisco Ry
Apr. 11. 1936
Total
The
Association of American Railroads, in reviewing the
week ended April 3, reported as follows:
Loading of
This
cars.
revenue
was an
freight for the week ended April 3 totaled 726,687
increase of
ing week in 1936 and
BUSINESS
ACTIVITY
AND
113,106
18.4% above the correspond¬
cars or
increase of 181,231 cars or 33.2% above the corre¬
an
sponding week in 1935.
Loading of
34,422
revenue
freight for the week of April 3
was
decrease of
a
4.5% below the preceding week.
cars or
Miscellaneous freight loading for the week ended April 3, totaled 328,874
cars, an increase of
10,384
above the preceding week, 59,212
cars
cars
above
the corresponding week in 1936, and 89,059 cars above the corresponding
week in 1935.
Loading of merchandise
cars, an increase of
3,854
less
cars
the corresponding week in
INDEX
24,549
30,486
13,240
Chicago Rock Island & Pacific Ry.
Illinois Central System
recorded
loadings, with miscellaneous shipments showing
•
ANNALIST"
Apr. 3, 1937
The adjusted index Of
quarter.
was also an
Ended—
Weeks
Apr. 10, 1937
of supplies.
slightly below the record high level
'
comparatively low level,
were
substantial increase in the cotton consumption
rayon consumption also advanced last month,
■'
■
Zinc production during
A high rate of activity in the cotton textile
industry has been one
of the outstanding features
-1
sharp gain
was a
increased output became necessary.
I
9,229
38,473
5,373
Interchanged between S. P. Co.-Pacific Lines and Texas & New
cars
■'
The most important single factor in the rise of the index
TABLE
9,222
4,074
■
in the seasonally-adjusted index of zinc
production.
the preceding months had been maintained at a
tion
37,025
12,247
Orleans RR. Co.
October, 1929.
also said:
ary.
47,183
9,833
338,245 340,539 302.376 202,933 231,873 184,207
Excludes
by the "Annalist"
index.
8,714
9,878
39,702
than
carload
lot
freight
1936 and 11,369
cars
174,070
totaled
above the preceding week, 11,685
above the
cars
above
week in
same
1935.
Coal loading amounted to
COMPONENT GROUPS
118.317
cars,
decrease of 53,497 cars below
a
the preceding week, but an increase of 19,340 cars above the corresponding
March, 1937
Feb., 1937
100.2
103.1
95.1
100.4
103.5
94.9
Jan., 1937
week in 1936 and 49,091 cars above the same week in 1935.
Grain
Freight
car
loadings
Miscellaneous
Other.
99.7
Electric power production.
95.4
products
loading totaled
32,271
cars
cars,
increase
an
of
above the corresponding
In the Western
104.3
r,
districts alone, grain and grain products loading for the week ended April 3
totaled
f
116.9
X107.0
X114.8
19,406 cars,
increase of 2,627 cars above the
an
preceding week,
102.5
109.9
X115.3
119.8
*130.3
X124.7
122.2
Live stock loading amounted to 10,806 cars, a decrease of 15 cars below
145.8
Textile activity
139.6
133.9
the preceding week, 751 cars below the same week in 1936, and 1,590 cars
110.0
111.8
Cotton consumption
Wool consumption
.
consumption
71.4
76 0
78.5
112.0
Rayon consumption
98.7
and 1,163 cars above the
below the
live stock
for
week in
the week
1935.
ended
;:154.6
72
X116.9
xl03.1
71.0
68.0
75.1
80.1
—
142.0
"-"V
Cement production
**
•
76.3
76.1
92.3
x73.3
71.6
81.4
85.0
*107.2
X105.7
Lead production.
INDEX
SINCE
the
products
14,256
cars
totaled
1931
cars
6,930
1936
1935
1934
1933
1932
week but
10,019
8,120
12,880
cars
decrease
a
38,609
cars
week in
same
Ore loading amounted to
X104.8
92.3
87.2
79.6
67.5
73.4
February
xl05.7
89.0
86.7
83.2
66.1
71.4
*107.2
loading of
increase of
an
cars,
89.5
84.4
S4.6
62.5
April
94.1
82.8
85.9
69.2
66.8
May
95.9
81.8
86.4
77.3
of 792
an
above the
increase
of
week in
same
below
cars
436
the
cars
1936, and
1935.
cars,
above the
an
increase of 866
cars
corresponding week
an
10,860
cars,
a
decrease of 476
in
above the
increase of 4,319 cars above the
cars
1936,
and
same
below the
week in 1936
and 5,531 cars above the same week in 1935.
All districts reported increases in the number of
January
March
cars,
above the corresponding week in 1935.
Coke loading amounted to
preceding week, but
1937
In the Western districts alone,
April 3
totaled
loading
above the
preceding week,
JANUARY,
preceding
above the preceding week,
6,848
COMBINED
above
cars
Forest
xl04.8
Zinc production
Combined index
.
corresponding week in 1936.
81.1
Mining
II—THE
same
106.1
corresponding week in 1936.
*116.9
Boot and shoe production
Automobile production
Lumber production
TABLE
grain
above the preceding week, 2,352
X105.9
.
Steel Ingot production
Pig Iron production.
Silk
102.4
and
cars
X112.7
*106.9
Manufacturing..
4,026
week in 1936 and 6,667 cars above the same week in 1935.
cars
loaded with
revenue
freight, compared with the corresponding weeks in 1936, and 1935:
Loading
of
revenue
freight
in
1937
compared
with
the
two
previous
64.3
June
97.6
69.8
years
follows:
82.0
83.8
87.5
63.9
July
August
September.
102.4
82.7
78.0
94.0
62.9
102.5
84.9
75.1
87.5
64.4
Five
102.9
86.1
82.0
68.5
Four weeks in
October
103.3
89.1
74.6
78.5
69.8
November
107.1
92.0
76.0
75.3
69.2
110.5
96.7
82.4
77.5
68.8
December
*
Preliminary,
x
Revised.
71.4
1937
weeks in January
February
Four weeks in March
Week of
Total
April 3
3,316,886
2 778,255
3,003,498
1936
1935
726,687
2,974,553
2,512,137
2,415,147
613,581
2,766,107
2,330,492
2,408,319
545,456
9,825,326
8,151,418
8,050,374
Volume
the
In
following
undertake
we
separate roads and
for
ings
Financial
144
also the load¬
the week ended
show
to
systems for
April 3, 1937.
increases when
Total Revenue
Southern District—(Concl.)
579
540
583
1,397
1,157
1,464
6,913
1,407
2,470
7,901
1,050
275
279
12,290
2,492
10,675
Chicago Indianapolis A Loulsv
Central Indiana
1,845
2,160
22
Delaware A Hudson
Delaware Lackawanna A West
25
22
101
53
1,317
6,007
10,151
Central Vermont
1,060
3,607
7,474
1,029
4,407
8,204
2,369
8,756
1,416
7,593
7,013
7,270
391
252
250
141
Detroit Toledo A Ironton
3,113
3,444
1,592
4,436
17,552
9,884
2,334
1,324
9,323
3,124
1,225
2,730
13,843
7,352
1,945
1,283
8,119
2,772
409
399
292
14,185
5,412
11,563
11,675
4,908
4,628
Detroit A Toledo Shore Line.
Erie
...
Grand Trunk Western
264
201
221
2,158
9,395
3,166
3,216
1,555
45,015
12,033
1,390
5,162
8,514
7,377
994
1,062
6,490
2,577
1,957
40,459
Pittsburgh A Shawmut
406
227
227
50
27
Pittsburgh Shawmut A North.
Pittsburgh A West Virginia...
342
359
317
290
311
Lehigh A Hudson River.
Lehigh A New England......
Lehigh Valley
...
Maine Central....
Monongahela
Montour
New York Central
Lines
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette...
6,219
2,694
4,081
2,081
896
54
33
47,173
14,309
1,881
12,247
35,505
10,092
1,663
4,131
4,429
10,651
1,499
♦,685
6,301
6,200
227
271
34,880
12,613
1,680
8,927
4,566
4,753
807
5,817
5,618
7,065
591
1,280
2,699
1,812
1,255
10,599
4,036
1,057
8,539
3,675
129,943
191,609
480
630
685
33,114
2,764
27,333
2,741
18,605
2,698
14,678
370
307
255
7
8
899
1,006
545
18
16
7,369
5,169
631
5,428
4,971
Wheeling A Lake Erie
4,147
3,214
166,444
140,056
524
Total
1,086
1,115
487
497
439
350
355
339
10,233
24,382
8,591
20,171
8,545
18,114
1,711
1,152
4,620
4,961
16,977
544
369
289
765
652
197
162
150
754
666
116,244
96,129
84,964
75,407
59,965
2,359
10,212
3,142
9,139
3,461
1,934
9,486
2,828
6,963
3,145
Seaboard Air Line—
Southern System
Tennessee Central
Southbound—
Winston-Salem
Total
970
4,030
3,866
12,574
Northwestern District-
Belt Ry. of Chicago
Chicago
Chicago
Chicago
Chicago
776
840
731
15,487
2,356
19,267
3,539
14,049
2,250
18,060
3,572
13,327
2,040
16,253
2,965
—
A North Western
Great Western
Mllw. St. P. A Pacific
St. P. Minn. A Omaha
Duluth Mlssabe A Northern..
Duluth South Shore A Atlantic
243
198
474
568
871
687
558
399
502
380
Elgin Jollet A Eastern
Ft. Dodge Des Moines A South
9,138
6,455
5,330
9,429
6,019
401
337
314
204
192
Great Northern
8,820
8,551
8,907
3,383
2,686
567
524
596
684
605
-
Green Bay A Western
...
401
221
359
94
69
1,613
5,254
9,531
Lake Superior A Ishpemlng
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
1,740
4,534
1,437
4,282
7,992
1,952
2,804
4,124
1,601
2,243
3,176
582
23,044
1,554
603
5,786
1,445
1,254
Richmond Fred. A Potomac—
152,294
1,435
668
Wabash
Rutland.
1936
Piedmont Northern
Norfolk Southern
111
3,262
Detroit A Mackinac
1937
1935
1936
1937
2,057
9,317
_
Bangor A Aroostook
Boston A Maine
from Connections
Freight Loaded
Railroads
1936
1937
1935
1936
Total Loads Received
Total Revenue
from Connections
Eastern District—
Arbor.
CARS)—WEEK ENDED APRIL 3
Total Loadt Received
Freight Loaded
1937
Ann
During this period a total of 114 roads showed
compared with the same week last year.
FROM CONNECTIONS (NUMBER OF
REVENUE FREIGHT LOADED AND RECEIVED
Railroads
2563
Chronicle
Northern Pacific
7,842
156
116
109
244
266
1,573
1,378
1,686
1,447
1,114
80,437
71,595
67,201
53,378
52,950
22,281
3,279
18,488
3,011
18,354
2,487
6,499
2,620
5,407
1,971
402
281
188
174
63
16,243
1,917
11,835
2,960
1,046
2,746
14,480
1,283
10,838
2,798
1,020
2,234
12,718
8,753
7,405
992
991
889
10,314
9,632
3,084
1,402
2,819
7,703
2,250
1,095
2,450
Spokane International
Spokane Portland A Seattle—
Total
—
Central Western District—
Allegheny District—
Akron Canton A Youngstown
Baltimore A Ohio
Bessemer A Lake Erie
Buffalo Creek A Gauley
Cambria A Indiana
1,908
Atch. Top. A Santa Fe System
Alton
—
Bingham A Garfield
Burlington A Qulncy.
A Illinois Midland—
Rock Island A Pacific
5,695
13,407
11,317
Cornwall
551
506
512
68
67
Cumberland A Pennsylvania.
255
261
278
38
14
Chicago
Cblcago
Chicago
Chicago
Llgonler Valley
Long Island
123
64
26
63
29
Colorado A Southern
2,920
1,545
49,608
19,727
2,903
1,183
37,445
18,539
Central RR. of New Jersey..
749
894
869
1,224
68,881
16,362
17,123
1,030
56,517
12,144
10,980
1,145
3,556
2,360
61
39
27
1
0
3,585
3,353
2,416
7,356
6,230
153,954
122,824
106,439
120,302
97,289
Penn-Readlng Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)...
West Virginia Northern
Western Maryland
50,999
11,948
6,496
A Eastern Illinois
Denver A Rio Grande Western
1,800
563
426
235
10
21
969
963
1,956
1,492
1,045
1,835
1,342
44
805
161
70
785
673
717
403
292
55
Fort Worth A Denver City
Illinois Terminal
Nevada Northern
—
112
69
90
150
15,458
5,747
1,368
8,108
'7,198
North Western Pacific
Peoria A Pekln Union
21,691
17,321
296
357
364
14,642
12,110
11,229
Toledo Peoria A Western
Union Pacific
791
1,098
2,060
1,825
Denver A Salt Lake
Southern Pacific (Pacific)
Total
1,936
System
—
860
4,308
1,272
408
370
340
14
6
1,464
1,245
1,031
2,135
1,588
107,596
90,016
82,223
56,890
46,330
Alton A Southern
235
183
144
5,954
4,328
Burlington-Rock Island
181
156
127
342
Fort Smith A Western
177
100
126
302
241
3,876
2,133
2,884
2,066
2,240
2,004
1,782
2,657
1,638
2,033
Utah
Western Pacific
Pocahontas District—
Chesapeake A Ohio
18,220
17,040
1,993
3,111
13,984
12,394
1,895
1,654
11,871
2,595
2,938
954
43,489
40,364
29,927
19,528
14,606
Total..
8,340
3,956
1,306
1,004
19,700
18,256
Norfolk A Western..
Norfolk A Portsmouth Belt Line
Virginian
4,886
1,837
Southwestern DistrictTotal
Gulf Coast Lines
International-Great Northern..
Southern District—
Alabama Tennessee A Northern
296
277
168
235
147
AH. A W. P.-^-W. RR. Of Ala..
1,088
907
806
1,123
Atlanta Birmingham A Coast..
Atlantic Coast Line
1,382
999
917
1,395
1,156
5,124
3,201
1,383
2,139
372
406
188
332
749
662
751
12,037
5,612
10,134
4,202
10,012
4,419
492
449
417
Central of Georgia..
Charleston A Western Carolina.
Cllnchfleld
Columbus A Greenville
1,553
out
how
we
shall
through
not
was
in
Natchez A Southern
89
820
815
1,384
1,783
286
330
599
475
1,709
19,755
17,757
1,358
1,165
12,967
5,965
1,007
10,572
4,536
15,705
13,531
and
ment
volume
the
store
population
national
sales
are
all
7,938
2,407
7,277
4,789
3,091
7,130
2,437
6,430
4,502
2,611
218
24
72
58,523
501
52,597
Wichita Falls A Southern
356
Weatberford M. W. A N. W—
1,744
3,085
1,814
2,660
2,079
2,724
1,822
2,454
of
Total.
booms
issued
international
trade."
they divert
because
and
slumps,
hut
these desired results
Mr.
application
of
our
equally,
prudent
of
course,
be attained
are to
series of panaceas.
production is about
policies, and
large
as
it
have now about seven million more
but
we
had then, so the per capita output is
railroad freight traffic, and our depart¬
our
20%
lower
now
i
2,374
2,773
3,992
17,732
200
60
44
24
26
36
44,759
than
just
before
the
construction is running about
New
depression.
70,791
56,315
The chief reason
10
is
still
is
to
below normal.
Our greatest present national need
currently self-supporting once more, as a Nation, as com¬
15%
or
become
munities,
as
After
that
more
families, and
we
individuals.
as
self-supporting
remain
to
means
that
trade, and transportation,
w% about 15% or more of our workers are idle is
general business, including industry, agriculture,
out
half of what is was
ago.
years
Meanwhile, we should be working
we
become self-supporting.
after
might well worry about how to avoid
over-prosperity.
commented on the Administration's
plans, recently made known by President Roosevelt, to dis¬
courage Federal spending in behalf of durable goods indus¬
tries and henceforth direct its aid toward the recovery of
Colonel
industries;
President
The
talked
to
also
Ayres
the
highly
discussed
newspaper
these plans was made
Colonel Ayres stated:
reference to
April 3, page 2228.
in our issue of
important
economic
at
his press
conference
men
problems when he
of April 2 about
Perhaps it would not be going too
important of all economic
questions, for the problem of the wide fluctuations which characterize the
production of durable goods is the key problem of business cycles, and so
the essence of the problem of our recurring waves of unemployment. ...
durable
far
to
The
as
we
about
3,252
4,718
23,426
Previous figures.
business,
of
persistent
income,
102
3,959
229
596
389
of industrial
than
105
5,006
3,152
Terminal RR. Assn. of St. Louis
122
138
that
a
95
6,387
1,951
5,275
3,812
2,467
Texas A Pacific
consumers'
business
59
115
Texas A New Orleans
172
♦
20
10
32
59
111
Quanah Acme A Pacific
St. Louis-San Francisco
St. Louis Southwestern
204
baneful
are
realize
patient
Our
2,851
8,330
2,277
3,502
just before the depression,
people
smaller.
3,126
10,646
585
Ayres, Vice-President of the
discussions
our
4,031
12,147
363
commodities
ultimately
present
4,486
14,184
—
193
by the sudden adoption of
At
220
4,590
15,992
118
survey
P.
minimize
to
the
307
447
attention
and our efforts away from the three economic problems which really are
of
pressing
urgency.
These are tiie reduction of unemployment, the
balancing of the Federal budget, and the restoration of harmony in labor
relations.
Of course, we should foster every promising attempt to find
present
115
,670
Ayres further said:
The
Missouri A Arkansas
201
44
April 15,
Cleveland
Trust Co., Cleveland, Ohio, states that "we not only have
no business boom, but we have not as yet definitely emerged
from the depression.
The expansion of bank credit loans
so far
in this recovery period has been non-speculative in
nature, and so moderate in volume as to be almost minute,"
the Colonel said.
"The exceptionally rapid price advances
monthly
in
228
241
219
Leonard
been
279
164
Country Has Not Yet Definitely Emerged from Depres¬
sion in Opinion of Col. Ayres of Cleveland Trust
Co.-—Says There Is "No Business Boom"
have
939
468
1,609
Note—Previous year's figures revised.
liis
513
1,068
531
40
Mississippi Central
In
106
259
516
Missouri-Kansas-Texas Lines..
359
Mobile A Ohio
446
174
267
Midland Valley
208
1,993
22,178
23,234
Nashville-Chattanooga A St. L.
1,646
199
146
1,238
Illinois Central System
Louisville A Nashville
Macon Dublin A Savannah
933
1,829
1,011
297
1,149
Georgia A Florida
Gulf Mobile A Northern
892
1,987
1,181
Litchfield A Madison
51
Georgia
112
1,521
1,116
Louisiana Arkansas A Texas—
175
Gainesville Midland
Colonel
Louisiana A Arkansas
1,350
East Coast
146
1,999
1,787
Soutnern
Missouri Pacific
Durham A Southern..
Florida
781
4,157
2,595
1,054
189
2,185
Kansas Oklahoma A Gulf
Kansas City
256
goods and non-durable goods.
say
that he was touching upon the most
President notes
with
some
alarm that
the volume
of
durable goods
rapidly than that of non-durable goods,
and the diagram shows that this is so.
It is always true that durable
goods production is either rising faster or falling faster than that of
non-durable goods,
simply because the fluctuations are wider.
The far
more
important fact is that the production of both sorts of goods is now
production
is
now
rising
more
2564
Financial
subnormal,
of
more
both
employment
other
of
the diagram
as
is
to
restore
for
idle
clearly shows
national
our
workers.
(this
standards
Whether
omit.—Ed.).
we
of
be
can
one
living,
We need
and
lifted
Chronicle
THE
April 17, 193 7
"ANNALIST"
without
PRICES
i
to provide
INDEX
WEEKLY
Another fact is that in this recovery the prices
have risen far further and' faster than those of
goods
durable goods,
contrary to prevailing assumptions.
-
-
_
Aug. 1 last
on
lications Retail
or
Price Index.
Prices
April 1 gained 0.9
as compared with March
1, and 7.3% above April 1,
Prices have also advanced 7.5% above last year's low.
1%
1936.
They also show
Home
furnishings continued to show
the
The
previous
second
wear
following.
showed
the
advance
month
greatest
As
with
gain.
the depression
the greatest gain, both as
compared
the
corresponding period
recorded
was
compared
greatest
over
and
increase
with
the
However,
by
and
men's
clothing
gain
a
10.8%;
of
men's
and
corsets
exceeded
16%;
this.
blankets,
clothing,
few items in
very
the
low,
a
year
ago.
goods, with women's
home furnishings also
goods
showed
the
greatest
low.
While the. Composite Index gained 0.9 of
show
piece
1936
piece
5.2%;
Index
As
compared
sheets,
wash
failed'
to
with
a
year
6.7%;
goods,
show
furs
floor
coverings,
There were
6.6%.
an
ago,
increase, although
brassieres, men's hosiery, infants' socks and underwear-remained
Despite the gain of 7.3%
to A.
piled.
above
a
year ago,
further advance in retail
a
be expected during the remainder of the year, according
Zelomek, economist, under whose supervision the Index is com¬
may
W.
i*■„- -
-
•- *-■
-
He still stresses the fact that current retail
prices continue below
for the additional labor costs which would
♦Preliminary,
-
-
-
-
98.9
110.7
98.9
106.8
107.1
-
v
.... .
V
X145.7
124.4
86.1
73.8
85.3
-
97.6
85.1 +,
Revised.
x
Wholesale Commodity Prices Showed Moderate Decline
During Week Ended April 10 According to National
Fertilizer Association
Owing to a moderate downward reaction in wholesale
commodity prices, the weekly wholesale commodity price
index compiled by the National Fertilizer Association during
the week ended April 10 declined to 88.2% of the 1926-1928
average of 100% from 88.7% in the preceding week.
A
month ago the index stood at 87.8% and a year ago at 76.9%.
The announcement by the Association, under date of April 12continued:
Five of the 11 principal group
two advanced.
week in March.
taking it to the lowest level reached since the first
Lower prices for cotton, livestock, and eggs resulted in a
decline in the farm product
of
corn.
a year ago.
The first important reaction in metal prices
in many months occurred last week,
rather sharp declines.
with copper, tin, lead, and zinc showing
Although most cotton textiles
well
as
as
wool, burlap,
and hemp moved higher last week the textile price index fell off slightly,
due to lower quotations for cotton and silk.
A slight upturn in the building
by higher prices for brick and linseed oil, took it to
a
high point for the recovery period.
Price changes during the week were about equally balanced in number,
RETAIL PRICE
JANUARY, 1931=100
index in spite of the continued rise in the price
The index of grain prices was at a new high point for the recovery
new
goods prices at wholesale still higher.
Jpdexes declined during the week while only
The third consecutive weekly decline was registered by the
index of food prices,
material index, caused
PUBLICATIONS
-
A..
144.5
replacement, without regard
FAIRCHILD
w-
..
All commodities.-.
raise finished
THE
-
All commodities on old dollar basis—
period, 68% above
unchanged.
quotations
141.9
'
1%, advances in furs, blankets,
10.1%;
cotton
which
173.3
on
above the May, 1933, de¬
pression low. Despite the sharp advance, current prices are
still 20% below
November, 1929, levels.
The following is
also from an announcement issued
April 12 by Fairchild
Publications, New York:
with
124.4
107.2
xl77.0
■
141.1
Chemicals--
of 36.2%
gain
a
131.7
177.5
1936
117.7
xl.36.0
*135.7
Mlscellaneous
according to the Fairchild Pub¬
year,
Apr. 14,
152.8
130.3
—
_
Metals
Retail prices continued the
uninterrupted advance which
Apr. 6, 1937
1937
150.7
.
Food products
Fuels.
Retail Prices Advanced Further
During March Accord¬
ing to Fairchild Publications Retail Price Index
13,
Apr.
Farm products.
Textile products.
began
COMMODITY
(1913=100)
the
highly doubtful.
non-durable
WHOLESALE
OF
INDEX
with 29 items included in the index advancing and 28 declining; in the pre¬
;
ceding week there
Copyright 1937, Fairchild News Service
week there
were
were
28 advances and 23 declines; in the second preceding
33 advances and 23 declines.
-
WEEKLY
Mai/ 1,
A pril 1
Jan. 2
Feb. 1
Mar. 1
1933
1937
1937
1937
1937
Composite Index
69.4
88.1
91.7
93.0
Piece goods..........
65.1
84.5
86.1
87.0
Men's apparel
Women's apparel
87.6
88.2
70.7
87.3
88.1
88.4
89.0
89.4
Infants'
Home
71.8
wear
89.5
91.4
92.2
93.7
92.5
93.0
76.4
92.9
94.9
94.9
95.1
91.8
93,1
94.0
64.2
64.3
64.8
25.3
Foods................
64.9
82.6
83.9
85 2
85.6
85.9
68.6
Sheets
1937
84.3
Total Index
106.7
110.2
111.5
113.3
113.8
102.4
104.2
105.4
106.2
65.0
99.5
Blankets & comfortables
Women's apparel:
72.9
98.3
104.4
105.9
107.1
59.2
75.4
75.6
76.1
76.2
23.0
76.6
75.5
103.9
103.9
105.1
84 6
13, Apr. 11,
1937
1936
85.9
77.9
86.4
88 4
90 1
75.0
106.0
108.2
00.7
88.1
S°.3
87.5
73.5
80.6
Grains..................
Livestock
Fuels.
173
Mar.
103 2
Farm products
Cotton
82 8
78.9
64.9
117.0
114.9
109.4
69.5
80 3
82.4
82.1
76.3
8.2
82.6
82.6
82.4
Miscellaneous commodities..
90 6
91.0
86.6
72.1
Textiles.....*.....
10.8
105.2
oils
Cottonseed oil.
108.2
Hosiery
Aprons & house dresses.
and
1 Ago
Ago
Apr. 3,
1937
Year
Month\
Week
10,
Apr.
INDEX
1920-1928=100
Preced'g
Week
+ Group
Fats
64.3
69.2
Cotton wash goods
Domestics;
Latest
Bears to the
94.7
57.4
....
Per Cent
Each Croup
95.3
89.2
COMMODITY PRICE
Compiled by the National Fertiliser Association.
94.5
70.2
furnishings
Piece goods:
Sillts.....
Woolens..
WHOLESALE
Apr. 1
1936
83 O
83.1
81.4
67.8
105.4
7.1
Metals..
80.6
Corsets and brassieres..
83.6
92.1
92.6
92.9
93.0
107.9
110.3
93.0
109.7
82.7
Furs
66.8
97.4
107.5
6.1
109.6
110.8
94.7
113.0
Building materials
94.5
92.7
79.0
Underwear
69.2
86.3
85.2
1.3
85.7
85.8
86.0
Chemicals and drugs—
95.4
95.3
95.3
94 2
76.5
81.8
83.3
83.8
83.8
84.0
Shoes
Men's apparel:
Hosiery
.Aw-..*.
64.9
Shirts
and
87.1
87.6
92.2
92.6
92.9
86.6
87.1
87.3
71.3
71.3
70.8
65.2
76.9
76.9
76.7
72.1
Farm machinery
93 I
93.1
92.7
92 8
88.2
88.7
87.8
76 9
87.6
92.0
86.0
Fertilizer materials
Fertilizers
0.3
86.9
91.2
74 3
neckwear
87.0
69.6
Underwear
0.3
0.3
87.5
Hats and caps..
69.7
81.5
83.0
83.1
83.9
Clothing, incl. overalls..
70.1
87.4
89.2
89.8
90.8
76.3
90.8
90.6
91.2
91.7
92.1
74.0
95.3
100.7
100.7
100.7
100.7
74.3
92.8
93.5
93.5
93.7
All groups combined.
92.0
Shoes^i...............
100.0
93.7
Infants' wear:
Socks
84.0
Electric Output for Week Ended
.
...........
Underwear.
Shoes................
80.9
90.6
90.4
90.6
90.8
91.5
Furniture...............
69.4
93.6
96.6
98.1
Floor coverings
98.9
99.4
79.9
102.4
107.4
110.4
112.5
113.5
Musical Instruments
50.6
60.1
60.2
Luggage
60.1
74.8
75.4
76.3
78.1
Elec. household appliances
China
78.4
72.5
79.1
80.4
80.5
soio
8L5
81.5
93.2
91.0
92.7
92.9
93.2
58.8
60.5
60.6
April 10 Totals
2,176,368,000 Kwh.
The Edison Electric Institute, in its
weekly statement
disclosed that the production of
electricity by the electric
light and
power industry of the United States for the week
ended April 10, 1937, totaled 2,176,368,000
kwh., or 13.6%
above the 1,916,486,000 kwh. produced in the
corresponding
week of 1936.
The Institute's statement follows:
PERCENTAGE INCREASE OVER PREVIOUS YEAR
Decrease
of
1.2
Points
Noted
in
"Annalist"
Weekly
Index of Wholesale
Commodity Prices During Week
Ended April 13
"Increasing fears of Government intervention put an end
the time being to the current
commodity boom last
for
week
and
prices reacted sharply," said the "Annalist" on
April 15 in issuing its Weekly Index of Wholesale Com¬
modity Prices.
The index during the week ended
April 13
declined
1.2
points, according to the "Annalist," to 144.5
from the seven-year
high of 145.7 (revised) April 6, the same
level at which it stood on March 30.
The following is also
from the announcement issued
by the "Annalist" on
Major Geographic
Week Ended
Week Ended
Regions
April 10, 1937
April 3, 1937
New England.
14.4
17.4
bananas and coke
were
higher.
The reaction of prices followed
upon increasing weakness the week before
after President Roosevelt had
declared that prices were in
many
excessively
high.
This
week,
circulated to the effect that
ments
to
reports
measures
apparently
were
cases
originating in
to be taken
Europe
by several Govern¬
check the
advance, and especially that the price of gold in this
to be written down
(that is, the dollar's value was to be in¬
Whatever their origin, these rumors
precipitated heavy selling
in the various world
markets, in which support from the short side had been
much reduced by the
sharply upward trend of prices in recent
country
was
creased).
21.1
11.4
8.7
13.2
14.5
15.0
16.8
24.4
20.0
6.9
11.4
West Central
8.0
Southern States
:
6.1
Pacific Coast
7.9
30.1
Rocky Mountain
32.7
9.9
18.3
19.0
31.5
vr
30.7
5.6
2.0
3.8
4.2
13.6
Total United States.
15.0
18.1
16.3
DATA FOR RECENT WEEKS
(THOUSANDS OF KILOWATT-HOURS)
Percent
Change
Week Ended
1937
1936
1937
1935
1932
1929
from
1936
Feb.
6
Feb.
13
Mar. 20
2,201,057
2,199,860
2,211,818
2,207,285
2,199,976
2,212,897
2,211,052
Mar. 27........
2,200,143
Apr.
3..
Apr. 10
Apr. 17
2,146,959
1,867,093
2,176,368
1,916,486
1,933,610
Feb. 20
Feb. 27
Mar.
6
Mar. 13
...
1,962,827
1,952,476
1,950,278
1,941,633
1,903,363
1,893,311
1,900,803
1,862,387
+ 12.1
+ 12.7
+ 13.4
+ 13.7
+ 15.6
+ 16.9
+ 16.3
+ 18.1
+ 15.0
+ 13.6
1,762,671
1,763,696
1,760,562
1,728,293
1,734,338
1,724,131
1,728,323
1,724,763
1,712,863
1,700,334
1,725,352
1,588,853
1,578,817
1,728,201
1,726,161
1,718.304
1,545,459
1,512,158
1,519,679
1,538,452
1,537,747
1,514,553
1,480,208
1,465,076
1,480,738
1,699,250
1,706,719
1,702,570
1,687,229
1,683,262
1,679,589
1,663,291
1,696,543
months.
Stop-loss orders were touched off at successive
levels, and the liquidation
of over-extended
positions became so general that the President's
denial of
any intention of changing the
gold price failed to evoke more than a
passing
rally.
The condition of the
commodity markets as a whole will undoubtedly
be much more
healthy and if the advance is resumed before long, it should be
on a much sounder
basis.
18.9
Middle Atlantic
were
outstanding in wheat and cotton, and especially rubber and
although flour and the other grains except
barley
were lower, as were
hogs, beef, pork and lard, cocoa and
coffee, butter,
cottonseed oil and silk.
Lambs, spot hides and leather, eggs,
apples and
Week Ended
Central Industrial
April 15:
Losses
the nonferrous metals,
Week Ended
Mar. 27, 1937 Mar. 20. 1937
January,
1937
Sales
sumers
of Electricity to Ultimate
14.9% Above a Year Ago
The following statistics
light and power industry,
Edison Electric Institute:
Con¬
covering 100% of the electric
released on April 9 by the
were
Volume
Financial
144
SOURCE
AND
DISPOSAL OF
ENERGY
SALES
AND
2565
Chronicle
Business
TO ULTIMATE CONSUMERS
(Corporate) Profits in 1936—New York Federal
Ba^nk
Reports 50% Gain by 727 Firms
Reserve
Month of January
Over
1935
Percent
1937
"Accompanying continued
Change
1936
duction and
KUowatt-houTs Generated {Net)x:
By fuel
6,008,707,000
3,604,954,000
5,515,500,000
3,104,345,000
+ 16.1
9,613,661,000
By water power
+8.9
8,619,845,000
+ 11.5
Supply—
in the volume of pro¬
recovery
advance in
some
50%
gain
age
the 1935 level, or virtually the same percent¬
over
occurred between 1934 and
as
294,980,000
80,902,000
Deductions from
+ 94.3
73,420,000
+ 10.2
the
225,236,000
+ 66.9
57,241,000
123,730,000
+ 14.1
Supply—
Federal
The
Energy used In electric railway departments
Energy used in electric and other depts
—1.4
net
Total
...
i .wi'J
.
Energy lost In transmission, distribution, &c.
Kilowatt-hours sold to ultimate consumers..
Sales to Ultimate Consumers (Kwh.)—
Domestic service
180,971,000
Municipal street lighting
Railroads—Street and lnterurban
+ 13.0
1,385,831,000
7,278,279,000
+14.,9
1,466,499,000
1,402.781,000
+13.7
+ 15.2
3,566,771,000
+ 19.4
—6.8
+ 3.4
All
except
shown
Electrified steam
234,266,000
446,101,000
100,413,000
118.441,000
71,244,000
Municipal and miscellaneous..
and
rubber,
12
Months
7,278,279,000
Ended
Jan
+ 14.9
as
large
$179,140,500
+ 8.6
of
62
in
8,359,483,000
$194,554,000
I
1936,
its
in
The number of individual companies
7.6%
to
of the
tabulated
total
of industrial and mercantile companies
had
larger
profits in
reporting
groups
1936 than
the percentage increases
equipment,
increases
chain
were
in the
were very
the aviation,
and
tire
restaurant,
deficits
following
sustained
in
amount
each
in
year
from
interest and
of
excess
other
1929.
fixed
31
charges
in
in
as
This amount,
1936.
and
1930
one-fifth
of
however,
the
was
1929
net
about one-third
only
income.
Net
"public utility companies other than telephone companies
but
28%
remained
below
the
1930
total
income
rose
10%
less
than
30%
and
!''Vv'
Percent
1937
1936
as
companies.
moderate
a
which,
26% above the 1930 total, but
rose
instances
railroad
steel
earned
York,
1935.
groups
the
among
railroads,
1935,
+ 15.9
in
several
plumbing,
Class
to
61,448,000
in
Total sales to ultimate consumers
Total revenue from ultimate consumers
in
shipping, and
The
1932
and
New
of
amounted
accompanying table
year,
heating
1936
the total
Prominent
large.
—8.0
+ 18.0
of
in
four of the 37
the
in
Bank
below the 1929 figure.
losses
15.7%
against
previous
1,667,776,000
1,615,708,000
4,257,754,000
218,352,000
410,208,000
Commercial—Small light and power (retail).
Large light and power (wholesale)
+ 9.2
8,664,110,000
197,574,000
9,791,969,000
1,432,486,000
8,359,483,000
Reserve
profits of these companies
remained 27%
reporting net
Total energy for distribution
1935," according to
"Monthly Review" of April 1, added:
56,433,000
141,141,000
Total
151,816,000
375,882,000
.
commodity prices,
profits of 727 industrial and mercantile companies in 1936
rose
Total kilowatt-hours generated.
Additions to
Energy purchased from other sources...
Net international Imports
and
trade
(Net profits in millions of dollars)
Change
Kilowatt-hours Generated (Net)x:—
By fuel.
106993816,000 93,506,377,000
3,150,646,000 3,257,321,000
Energy used In electric railway & other depts.
2,116,603,000 2,166,545,000
+ 14.4
—3.3
Total energy for distribution
+ 14.2
Important Factors—
—2.3
94,597,153,000
16,191,580,000
78,405,573,000
$1,921,028,400
+ 7.8
35.0%
Automobiles
+ 7.9
39.2%
1935
1936
—14.8
18.1
i 30.5
13
Aviation
329.8
173.3
—33.5
200.3
43
94.2
36.1
—18.6
48.8
314.2
10
1.3
—9.0
—2.3
1.5
4.1
10
53.8
45.9
28.7
20.7
26.9
6
19.6
19.3
12.8
25.2
30.9
—18.7
4
...
Bakery products
—Z
Beverages
Building equipment and supplies..
36
69.2
36.3
32
200.4
159.1
72.9
9
11.2
5.9
—4.8
—
__
24.8
45.9
155.3
■
205.5
4.1
1
5.9
678
+ 7.5
Coal and coke
12
10.4
5.0
—6.5
3.1
—6.0
Confectionary
11
27.2
25.8
14.3
16.9
$2.82
+ 1.1
Containers—metal and glass
42.7
40.2
22.0
42.6
"
$2.85
>***
60.0
4.99
729
4.69
Average monthly bill per domestic customer
24.8
accessories
and
parts
(excluding tires)
Clothing and apparel
Avge. ann. consumption per customer (kwh.)
Average revenue per kwh. (cents)
42.4
Chemicals and drugs
+ 15.5
•
Per cent of energy generated by water power
Domestic Service (Residential Use) —
1932
1930
4
Agricultural implements
Automobile
1929
Cos.
Corporation Group
+2.4
Total kilowatt-hours generated
Purchased energy (net)
108027859,000
Energy lost in transmission, distribution, Ac. 17,446,655,000
Kilowatt-hours sold to ultimate consumers
90,581,204,000
Total revenue from ultimate consumers...
$2,073,713,500
No. of
+22.2
69,403,207,000 56.882,604,000
37,500,609,000 36,623,773,000
By water power
7
>
2.8
!
17.3
42.6
10
37.1
2.8
—8.8
14.0
Electrical equipment
31
167.1
95.9
—21.5
56.5
99.1
Food products,miscellaneous
36
163.6
148.8
89.4
84.2
110.8
Heating and plumbing
12
41.2
15.3
—17.0
10.1
22.5
—3.3
37.9
Copper and
Basic Information
as
of Jan
31
1937
capacity
Waterpower
Not
Not
Yet
Yet
Available
Generating
1936
Available
copper products
27.5
Household equipment and supplies.
Leather and shoes.
Total generating capacity In kilowatts
Number of Customers—
Farms In Eastern area (Included with
Farms In Western area (included with
30
79.9
43.1
11
—0.1
—2.4
—3.9
7.2
7.3
Machinery and
(kw.)—Steam
Internal combustion
49
67.9
34.5
—25.8
24.6
47.2
6
2.7
1.0
—0.3
2,1
2.1
108.2
83.1
108.1
Meatpacking
Metals
coal
domestic)
(778,027)
commercial, large)
(279,988)
Domestic service
(533,997)
(208,226)
21,775,329
3,816,919
560,182
69,629
__
Other ultimate consumers
20,487,399
26,222,059
Commercial—Small light and power
Large light and power
24,807,741
3,745,109
503,310
71,923
tools
and
mining
(excl.
54.9
copper,
and coke)
25
57.2
—0.9
Motion pictures
Office equipment
5
13.1
11.7
—19.2
6.0
11
45.2
29.0
0.2
23.1
29.7
Oil and petroleum
36
157.3
68.4
11.8
61.7
105.7
Paper and paper products
Printing and publishing.
18
13.0
6.2
8.0
9.3
16
38.9
32.4
7.1
14.2
16.7
Railroad equipment
17
58.5
46.8
—15.8
—1.8
19.7
—0.9
—0.2
—0.6
9.9
—3.6
9.7
As reported to the Federal Power Commission with
deductions lor certain plants
not considered electric 1 ght and power enterprises
*
Realty
5
Restaurants—chain
Total ultimate consumers
6
4.9
4.2
—0.2
0.5
1.2
Rubber and tires.
6
25.3
—16.3
—18.1
10.8
29.6
Shipping
6
10.1
4.7
2.0
1.2
5.1
0.2
—2.8
Silk and
4.5
143.5
14.1
118.2
152.4
—11.0
—14.6
144.5
6.9
4.4
49.1
87.4
378.7
33
178.7 —146.2
10.7
32
Stores—merchandise
Indexes of Business
16
Steel
7.4
hosiery.
of New York
Textiles—miscellaneous
21
8.8
17.9
Tobacco
20
78.9
87.8
84.8
59.6
63.4
Miscellaneous
Activity of Federal Reserve Bank
76
109.1
67.4
—6.0
66.5
96.2
2,680.8 1,563.9
In
presenting its monthly indexes of business activity in
"Monthly Review" of April 1, the Federal Reserve Bank
its
New York
of
general
stated that
business
showed
activity
recession."
some
"in
February, most indicators of
and the distribution
The Bank said:
of
goods
During the first half of March department store sales in the metropolitan
of
area
but
York
this
well
were
slightly less
allowance
March
of
New
showed
after
is
the
for
usual
corresponding period
increase
of
36
over
concentration
principal
the
a
year
cities,
the first
freight
and
is
car
three weeks of
over
March
retail trade
ordinarily
shipments of merchandise and miscellaneous
the railroads showed somewhat
loadings of bulk
commodities
decline at this time of
a
more
were
than
the usual expansion,
little changed,
although there
1,970.1
523.9 —150.6
—1.4
169.9
62
317.8
307.0
237.3
202.4
221.5
Public
utilities,
except telephone
companies, net income.
—
Deficit.
Country's
Foreign
Trade in February—Imports
Exports
year to year
The Bureau of Statistics of the
Department of Commerce
Washington on March 31 issued its statement on the
foreign trade of the United States for February and the
eight months ended with February, with comparisons by
months back to 1932.
The report is as follows:
exports
growth,
and
at
United States foreign trade expanded sharply in February.
year.
(Adjusted for seasonal variations .for usual
decline
considerably
and
imports
moderately
Ordinarily
January to
from
February, owing in part to the difference in the number of days in the two
and where necessary for price changes)
,
1,311.2
896.8
level
throughout the
country continued to expand during the first part of the month, as a result
of Easter buying, and wholesale trade
appeared to have been active.
For
survey
—48.0
144
727
ago,
February
of
pre-Easter buying in
According to the Department
and other seasonal factors.
year,
Commerce
above the
than the
made
Total 37 groups
Class 1 railroads, net income
months, but this year there was an increase of 4.8% in the value of exports
Feb.,
Dec.,
Jan.,
Feb.,
1936
1936
1937
1937
and of
15.6%
Compared with February, 1936,
in the value of imports.
the value of exports was 28% greater and the value of imports 44% greater.
Primary Distribution—
Exports, including re-exports, afnounted to $232,504,000 compared with
Car loadings, merchandise and miscellaneous
Car loadings, other
66
84
78r
81
85
78
Exports
r
64
67
69
Imports r
89
102
104
80
79
-
—
-
...
$221,871,000 in January, 1937 and $182,024,000 in February of last year.
General imports
the
Distribution to Consumer—
Department store sales, United States
Department store sales, Second Districts
80
90
89
88
80
90
89
86
69
68
Chain grocery sales
Other chain store sales
73
89
98
96
Mail order house sales
77
100
88
69
85
New passenger car registrations
Gasoline consumption, r
79
124
120p
82
103
97
77
country)
Imports for
79
93 p
...
74
68 p
68 p
50
42
42
Velocity of demand deposits, outside N. Y. CityVelocity of demand deposits. New York City
69
72
71
69
42
48
44
44
New life insurance sales
68
67
75 p
73 p
entered merchandising or con¬
Merchandise
which
imports exceeded merchandise exports by
In January there also
amounted
to
$18,525,000,
was
a
net merchandise
making
an
aggregate
$45,301,000 in
import
net
balance
merchandise
import balance for the first two months of the year ef $63,826,000.
In every month since the end of 1934 imports have been larger In value
than in the
corresponding month of the previous year, while exports have
been larger in
Factory employment. United States
88
100
100
68
74
75
72
exports
Building contracts, residential
Building Contracts, other
21
34
51
39
month
61
59
76
65
General price level*
151
159
161
Composite index of wages*
Cost of living*
190
198
142
144
lOlp
plus with¬
last year.
New corporations formed In New York State r_
value in every month but four.
have shown
an
average
For the past 26 months
increase in value
of the previous year of 8.3%
per
month.
over
the corresponding
During the
same
period
the average increase per month in the value of imports over the correspond¬
ing month of the previous year has been 22.1%.
199
161p
200p
145
145p
occurred in all major groups except inedible vegetable products.
* 1913 average=100; not adjusted for trend.
which
pared with $228,682,000 in January, 1937 and $189,590,000 in February of
February.
63
Revised.
(goods
drawals from warehouse for consumption) amounted to $260,320,000 com¬
42
r
consumption
sumption channels immediately upon arrival in the country,
Bank debits, New York City
Preliminary,
$240,396,000 in
January, 1937 and $192,774,000 in February, 1936.
92
85
General Business Activity—
Bank debits, outside New York City
V
amounted to $277,805,000 compared with
66
'
Advertising
(goods entered for storage in bonded warehouses, plus
goods which entered merchandising channels immediately upon arrival in
Compared with February of last year gains in the value of exports have
shipments
of
tobacco,
which
were
valued
at
$11,291,000
Smaller
in
Feb
Financial
2566
1936 and
ruary,
increases
in
the
$6,529,000
value
of
in
this
February
year,
Exports of
offset
than
more
Chronicle
April 17, 1937
States Merchandise and Imports for Consumption
United
other commodities included in this
exports of
Ended
Increase(+)
Feb.
Decrease(—)
Exports and Imports
|l Exports of edible animals and animal products increased from $4,029,000
in
2 Months
February
group.
1936
1937
1936
1937
February, 1936 to $6,171,000 in February this year and inedible animals
and animal products from $4,693,000 to
ucts and
$5,304,000.
1936 to $16,320,000 in February, 1937, principally as a result of an increase
in the value of fruits and nuts
$32,573,000
with
Exports (U. S. mdse.)..
February
in
a
year
Although
ago.
by larger shipments of unmanufactured cotton which
Month
increased
group
were
February,
1937.
commodities
this
have shown substantial increases in
over
group
Practically all of the leading
last year.
+
■
Relatively the greatest increase in exports over last
the metals and manufactures
the
value
of
$26,230,000,
this
group
group
of commodities.
year
$15,173,000 and in February,
was
been in
has
In February,
1936,
1937 it
and
miscellaneous
products
increased, from
$6,730,000 to $7,890,000.
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
151,048
151,403
April
132,268
Imports of vegetable food products and beverages were valued at
February
—
160,312
181,667
160,511
179,381
192,405
189,574
159,791
197.015
167,278
181,373
167,865
177,006
175,825
217,582
262,157
223,320
226,612
May
128,553
109,478
103,265
111,845
117,517
July...--
104,276
141,573
August
106,270
129,315
169,851
169,683
129,538
157,490
188,860
196,040
October—..———.
151,035
136,402
190,842
203,536
November.
181,291
December
128,975
189,808
192,156
168,442
218,184
267,258
220,931
333,872
375,070
217,982
329,194
297,954
1,576,151 1,647,220 2,100,135 2,243,081 2,417,939
ended Feb—
mos.
12 mos. ended Dec—
447,320
Imports for
Consumption—
February
186,377
228.682
152,246
189,590
270,320
91,893
153,396
175,485
194.296
88,107
166,070
199,776
166,756
188,530
92,718
93,375
147,599
141,247
147,467
135,067
124,010
117,262
149,893
104,662
149,288
137,975
105,295
125,269
149,470
95,898
iV—iv—»
May
141,018
152,714
102,933
April
July
September
pared with $3,632,000 in February a year ago, and the, higher prices of
October
—
November-
127,170
126,193
109,141
123,931
79,934
-
imports of grains and preparations which were valued at $9,579,000 com¬
which were imported in smaller quantity.
128,976
125,047
168,482
84,164
134,311
129,804
130,584
123,176
112,611
112,509
January
August
and coffee, both of
159,617
218,270
229,050
195,689
June
This increase of 25% in the value occurred principally as a result of larger
cocoa
173,560
187,418
176,490
157,161
167,902
159.128
June
$53,751,000 in February, 1936.
$67,025,000 in February compared with
169,577
106,293
146,906
March..
All classes of imports show pronounced increase over February of last
year.
1,000
118,559
99.423
1936 to $8,830,000 in February, 1937, non-metallic minerals increased from
$9,950,000
1937
1,000
Period
or
Merchandise—
$24,112,000 to $30,735,000, chemicals and related products increased from
to
1936
January
2
Wood and paper exported increased in value from $7,420,000 in February.
$8,936,000
1935
was
gain of 73%.
a
1934
September
of which the value was $48,690,000 in February,
1936 and $61,543,000 in
quantity and value
+ 113,034
1933
March
The largest gain in the dollar value of exports has occurred in the machin¬
included in
Dollars
+ 72.250
447,320
489,002
1932
Exports— U. S
valued at $26,-
647,000 in February, 1936 and $34,066,000 in February this year.
group,
Dollars
375,070
375,968
semi¬
considerably in quantity and value, the increase is chiefly accounted for
and vehicles
1,000
1,000
Dollars
exported, from $6,342,000 to $10,031,000.
manufactures and finished manufactures included in this
ery
1,000
Dollars
229,050
260,320
1,000
Exports of textile fibers and manufactures were valued at $41,844,000
compared
1,000
Dollars
179,381
189,590
Vegetable food prod¬
beverages have increased from a value of $10,712,000 in February,
...——
December
193,629
155,313
173,096
196,610
180,381
200,260
168,683
218,425
189,806
162,828
179,760
213,418
200,339
240,214
Imports of animal products, edible and animal products, inedible, both
Increased 42% in value over
February, 1936, the former from $6,545,000
$9,302,000 and the latter from $15,580,000 to $22,097,000.
to
value of furs and manufactures
The larger
12
mos.
489,002
254,023
320,728
375,968
ended Dec— 1,325,093 1,433,013 1,636,003 2,038,905 2,421,464
accounted for most of the increase in the
176,882
264,115
2 mos. ended Feb—_
GOLD
Imports of inedible animals and animal products.
SILVER BY MONTHS
AND
Exports, Imports, and Net Balance
Vegetable products, inedible, increased 46% in value, from $27,249,000
in
1936 to $29,769,000 in February of this year.
February,
Mainly re¬
which
increased/respectively,
from
Decreased—)
Exports and Imports
$9,701,000 to $17,246,000 and from
:1
■
with $32,222,000 in the earlier period.
21,212,000
from
1,000
valued
at
Imports of wool, which increased
$4,352,000,
pounds,
February,
1936,
the quantity of unmanufactured
cotton increased to
of cotton cloth increased from 8,799,000 pounds to
19,278,000.
627,000
1936.
February,
pounds in
manufactured cotton,
In
February,
1,000
Dollars
Excess
24,710
—23,587
120,326
988,573
1,123
849,088
963,864
847*965
23,637
-
7,002
of exports
—139,486
16,635
Exc&ss of imports
Silver—
141
611
17,536
14,080
6,963
339,324
2,622
82,148
1*7*395
1*3*, 470
332*361
79*526
Exports
Imports..
—
—4,341
—257,176
Imports
burlap were 70,805,000 pounds in February, 1937 as compared with 44,
of
1,000
Dollars
Imports
From 10,418,000 pounds
16,257,000 pounds in February, 1937, while the number of square yards
1,000
Dollars
1*20*326
Exports.
However, unmanufactured cotton and cotton cloth both showed
large relative increases in quantity and value.
in
46,292,000
to
1,000
Dollars
Gold—
$13,412,000 was responsible for the greater part of the gain in
valued at
value.
pounds,
1937
Dollars
1936, were valued at $49,394,000 compared
February,
over
1936
•
Textile fibers and manufactures, which showed the largest relative in¬
53%
1937
1936
$1,211,000 to $4,481,000.
crease,
Increased)
8 Months Ended Feb.
February
sponsible for this increase was the larger imports of rubber and flaxseed
1937 imports of
cotton cloth and burlap were, respectively,
Excess of exports
•
Excess of imports
un¬
valued
Silver
Gold
$1,870,000, $1,551,000 and $4,158,000.
at
Imports of wood and paper increased 38%, from $15,045,000 to $20,-
1934
1935
1936
1937
1934
1935
1936
1937
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
755,000; non-metallic minerals 44%, from $8,558,000 to $12,287,000; metals
and manufactures 35%. from
vehicles 53%, from
ucts
$16,000,000 to $21,606,000; machinery and
Dollars
Exports—
$1,246,000 to $1,908,000; chemicals and related prod¬
January.
4,715
363
February
51
46
March.
44
540
37
62
Dollars
Dollars
1,248
253
612
734
1,661
3,128
141
611
237
1,425
1,593
535
2,315
April
Dollars
859
-
665
23,637
Dollars
11
338
23%, from $7,946,000 to $9,739,000; and miscellaneous products 18%,
51
between the two months under review.
from $5,449,000 to $6,437,000,
There
were
exports
no
of
February,
gold in
1937.
Imports
of
gold
.
-
w
-
$7,002,000 in
1936.
Exports of silver continued small,
$611,000,' compared with $612,000 in January, 1937 and $141,000 in Feb¬
ruary,
1936.
Imports of silver amounted to $14,080,000 compared with
$2,846,000 in January, 1937 and $17,536,000 in February,
1936.
1,780
49
5
1,638
2,885
203
6,586
166
77
2.404
1,717
197
114
59
695
1,789
1,547
14,556
102
32
1,741
2,009
143
22,255
86
42
1,472
204
2,173
76
117
1,424
1,162
260
268
November
compared with $121,336,000 in January, 1937
February,
May..
310
242
127
1,698
512
411
140
170
99
1,014
769
236
8 mos.end. Feb.
277,714
24,710
27,534
17,834
11,736
18,801
6,963
52,759
39,956
1,960
1,123
12 mos.end, Dec.
and
June
December
amounted to $120,326,000
1,947 149.755
45,981
July
AUgUSt---.
—
September
October
138
MERCHANDISE TRADE BY MONTHS
Exports, Including Reexports, General Imports, and Balance of Trade
7 Mos. End. January
January
•
16,551
2,622
2,965
Imports—
Increase (,+)
1937
1936
1937
3,593
19.085
58,483
2,846
452.622 122,817
7,002 120,326
2,128
16,351
17,536
14,080
March.
1936
121,336
February
Decrease(—>
Exports and Imports
13,543
237,380
54,785 148,670
7,795
1,823
20,842
8,115
January
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
+ 73,788
182,024
192,774
Exports
Imports
232,504
277,805
380,587
380,256
Excess of imports
+ 137,945
lb"750
45*301
July.
August--—.-...
September
331
Excess of exports
.
454,375
518,201
63*826
October
November...
December
Month
or
Period
Exports, Including
ileexports—
1932
1934
1933
1935
1936
1,955
11.002
13,501
4,989
5,431
10,444
23,981
16,074
2,458
30,230
6,574
46,085 67,524
3,585 156,805 171.866
13,010 315.424 218,929
21,926
30,820
16,637
20,831
45,689
8,363
14,425
48,898
26,931
75,962
15,011
60,065
4.451
92,249 190,180
June..
4,435
121,199 210,S10
May
28,106
35,362 140,065 169,957
70,291 230,538 277,851
April
Dollars
57,070
8,711
47,603
2,267
52,460
51,781
16,287
4,490
1937
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
8 mos.end. Feb. 464,253 606,856 988,573 849,088
39,369 118,798 339,324
102,725 354,531 182,816
12 mos.end. Dec. 1186671 1740979 1144117
82,148
Dollars
120,589
172,220
176,223
198,564
221,871
February
153,972
101,515
v162,752
163,007
182,024
232,504
March
154.876
108,015
190,938
195,113
April
135,095
105,217
114,203
185,026
164,151
160,197
150,022
January
131,899
179,427
Increase
June
114,148
119,790
170,519
165,459
170,244
July
106,830
144,109
161,672
173,230
180,390
August
108,599
132,037
131,473
171,984
172,126
160,119
191.313
198,803
220,196
October
153,090
193,069
264,934
138,834
184,256
206,413
194,712
221,296
November.
269,838
December
131,614
192,638
170,654
223,469
225,764
229.746
Cost of Living of Wage Earners
March Reported by National
0.8% in
February
to
178.975
September
if
from
192,795
200,768
May
2 mos. ended Feb...
12 mos. ended Dec
Industrial Conference Board
185,680
222,104
334,972
303,994
339,230
380.587
1,611,016 1,674,994 2,132,800 2,282,874 2,454,948
The cost of living
from
Board announced
the cost of each
454,375
135,520
96,006
135,706
83,748
277,805
1929."
132,753
158,105
146,523
170,500
May
112,276
106,869
154,647
170,533
191,218
June
110,280
122,197
136,109
156,754
190.395
79.421
142,980
127,229
176,631
194,208
91,102
August
September
119,513
154,918
98,411
146,643
150,867
105,499
169,030
December..
The Board's announcement continued:
198,701
Food prices rose
1.0% from February to March, which made them 7.7%
higher than in March,
depression.
Rents
192,550
1936, and 42.7%
higher than at the low of the
They were, however, still 15.8% lower than in March, 1929.
again moved upward sharply, increasing 1.7% from February to
161,647
215,701
March.
129,635
189,357
212,691
January, 1934, 34.3%, and they were only 8.5% below the level of March.
104,468
128,541
150,919
169,385
196,435
97,087
133,518
132,258
186,968
244,712
1929.
Since
rents have increased 12.7%, and since the low of
131,658
'
November
and 22.6% higher than in April, 1933, the low
192,774
94,860
88,412
October
year ago,
202,779
131,189
126,522
July
of increases in
point of the depression, hut 11.4% below the level of March,
April.
130,999
consequence
of expenditures except coal.
240.396
March
February
group
187,482
166,832
152,491
177,356
January
April 12, "in
major
Living costs in March of this year were 5.6% higher than
a
General Imports—
of wage earners rose sharply, 0.8%,
February to March, the National Industrial Conference
a year
ago,
V
Clothing prices increased 1.2% during the month-interval.
2
mos.
12
mos.
179,754
268,459
266,519
319,323
380,256
ended Dec— 1,322,774 1,449,559 1,655,055 2,047,485 2,419,646
ended Feb...
518,201
In March,
1937, they were 2.6% higher than a year ago, and 25.0% higher than during
the low of April, 1933, but still 22.2% lower than in March, 1929,
Volume
prices declined seasonally,
Coal
lower than in
1.0%
were
Financial
144
March
In March of this year, they
0.6%.
of last
and 8.4%
year,
lower than in
0.3% higher than in February,
The cost of sundries in March, 1937, was
than in March, 1936, 6.9% higher than at the low point
higher
of the depression,'•tout 4.1% lower than in
The
above that of similar weeks of 1936 and
34% above the same weeks of 1935.
Hardwood orders showed loss of 1 % as
compared with corresponding weeks
of 1936.
March, 1929.
2.1%
2567
Chronicle
purchasing value of the dollar
April 3, 1937,
113.8 cents in March, as com¬
pared with 114.7 cents in February, 120.2 cents in March, 1936,
and 100 cents
stocks as reported by 462 softwood mills were
gross
days' average production (three
1934-5-6) as compared with
years average,
March, 1929.
was
On
3,343,414,000 feet, the equivalent of 108
1936, the equivalent of 109 days' average
3,380,767,000 feet on April 4,
production.
orders as reported by 462 softwood mills were
On April 3, 1937, unfilled
average production com¬
1936, the equivalent of 30 days'
1,316,854,000 feet, the equivalent of 44 days'
in 1923.
pared with 888,840,000 feet on April 4,
Indexes
Relative
Cost
Im¬
-."VW
Item
Per Cent
of the
of
Decrease
(—)
from
in
Family
February,
1937
March,
Budget
1937
production.
Increased-) or
of Living
1923=100 b
portance
Feb., 1937
to
Short
1,305,621
of
Tons
Received
Sugar
by
United
During First Quarter
States from Off-Shore Areas
Mar., 1937
of Year
Food
33
87.2
86.3
+ 1.0
...
20
84.2
82.8
+ 1.7
i.
12
a
Housing
Clothing
... .
__
75.0
+ 1.2
80.7
+ 1.5
69.8
.
75.9
81.9
^
Men's
69.2
86.5
—0.5
85.6
86.1
—0.6
Gas and electricity
87.2
87.2
96.4
96.1
Adjustment Administration issued its third monthly report
on the status of the 1937 sugar quotas.
The report shows
+ 0.9
86.1
Coal...
Women's
Fuel and light
5
30
Sundries
that the
87.9
87.2
+0.8
114.7
quantity of
a
Based
b Revised
be found in
An
by the Sugar Section further said:
This report includes all sugars from
food price indexes of the United States Bureau
on
charged against the quotas for
and
and
—0.8
announcement
for March 16,
sugar
Cuba, the Philippines, Puerto Rico, the Virgin Islands
Hawaii
during the months of January, February,
March amounted to 1,305,621 short tons, raw value.
+0.3
113.8
100
Weighted average of all items
Purchasing value of dollar.
Section of the Agricultural
Under date of April 5 the Sugar
of Labor Statistics
1937, and Feb. 16, 1937.
series.
Figures on revised basis for dates prior to July, 1936, may
"The Cost of Living in the United States, 1914-1936," price $2.50.
Cuba, the Philippines, Puerto Rico,
Islands, and Hawaii recorded as entered or certified for entry
the Virgin
The statistics on full-duty countries
April 1, 1937.
from those areas prior to
include, in addition to the sugar actually entered
before April 1, 1937, all
such certified quantities in transit
on April
1, 1937.
The figures are subject to change after final outturn
weight and polarization date for all imoprtations are available.
a
There were 106,084 short tons of sugar, raw value, charged against the
quantities certified for entry, including
Report
Weekly
The lumber
Lumber Movement,
April 3, 1937
of
Week
Ended
industry during the week ended April 3,
1937,
production and
75% of 1929 shipments. New orders continued their upward
trend, being the highest reported since mid-December.
Pro¬
duction was slightly below the preceding week; shipments
slightly above.
National production reported for the week
ended April 3 by 3% fewer mills was 3% below the output
of the preceding week; shipments were 1% above shipments
of that week, and new orders were 3% above that week's
orders, according to reports to the National Lumber Manu¬
stood at 68% of the 1929 weekly average or
associations covering the
facturers Association from regional
operations of important hardwood and softwood mills.
Re¬
ported new business during the week ended April 3 was 14%
in excess of production; shipments were 9% above output.
Reported new business of the previous week was 9% above
production; shipments were 5% above output.
Production
in the week ended April 3 was shown by reporting mills
16% above the corresponding week of 1936; shipments were
14% above shipments of last year's week; new orders were
The Association further
16% above orders of that week.
hardwoods
of
booked
orders
of
270,231,000
orders,
new
All
1937,
April 3,
553
shipped
256,450,000
feet;
242,422,000
feet;
shipments,
12, 1936.
The quantities
charged against the principal off-shore areas during the
(Tons of 2,000 pounds—96 degrees)
1937 Sugar Quotas
v+.'-.7
Established Under the
Area
Latest Regulations
Against Quotas
653,146
1,922,423
1,035,742
Cuba
Philippines
Puerto Rico
Hawaii..
233,315
312,893
106,267
831,508
976,685
5,462
0
4,771,820
1,305,621
Virginin Islands.
Total
Direct
against
the
included
in
sumption
Consumption Sugars
above amounts charged
quota is
the total quota for each area.
The following tabulation in¬
1937 direct-consumption sugar quotas, amounts of direct con¬
Direct-consumption
various
sugar
is included in the
quotas since the direct -consumption sugar
admitted during the first quarter of the year, and the
sugar
amounts which may
be admitted for the remainder of the year:
(In short tons 96 degree equivalent)
263,315,000 feet.
Quantity Charged
Against Quota
1937 Quota
Area
production during the week ended April 3.
All but
hardwoods reported ship¬
above production.
All regions but Southern pine, Southern cypress
and Southern hardwoods reported orders above those of corresponding week
of 1936.
All
but Southern pine reported shipments above those of last
Southern
pine,
Northern
hemlock
and Northern
Balance
Remaining
29,616
80,214
17,083
267,738
70,092
28,980
63,131
658,796
Cuba
228,855
429,941
above similar week
production
Lumber
orders reported
mills
totaled
of
for the
260,308,000
126,033
Hawaii
Philipplnes
Total
Shipments
9%
week ended April 3, 1937, by 463 soft¬
or
16% above the production of the
feet,
for
reported
as
Production
above production.
Full Duty Sugars
countries
may
softwood mills was 222,742,000
shipments were, respectively,
243,198,000 feet and 213,056,000 feet, and orders received, 259,066,000
feet and 221,675,000
feet.
In the case of hardwoods, 67 identical mills
reported production last week and a year ago 8,951,000 feet and' 7,949,000
feet; shipments, 9.445,000 feet and 7,790,000 feet, and orders, 7,737,000
feet, and
feet and
a
production of
year ago
The following table shows, in pounds, the amount of sugar which
he admitted in 1937, the amount
January-March period, and the amount
remainder of the year from
452
Quantity Which
Charged
May Be Admitted
Against
Balance
in 1937
Area
Quota
Remaining
During
April 3, 1937
Five
Weeks
Ended
0
132
1,065
564,205
288,114
20,597
564,205
0
263,302
218,603
20,597
263,302
69,511
Czechoslovakia
Manufacturing
294,308
1,197
Costa Rica..
♦
■...
6,668,480
211,384
332,754
920,992
124,990
217,865
0
Belgium
—
294,308
_—
Brazil
Canada.-.
China and Hongkong
Dominican
Republic
Dutch East Indies—
-
6,668,480
211,384
Guatemala
herewith data on identical mills for five weeks
April 3, 1937 as reported by the National Lumber
Manufacturers Association on April 13, 1937:
We give
ended
follows to the National Lumber Trade
weeks ended April 3, 1937:
An average of 527 mills
reported
as
334,902
Haiti
Barometer for the five
921,614
Mexico
-
Netherlands---.
Nicaragua
Peru
Shipments
(In 1,000 Feet)
1937
Hardwoods
...
Total lumber
1936
1936
1937
Unallotted reserve
1937
1936
weeks ended April 3, 1937, as reported by
of corresponding weeks of 1936. Softwood
5% above that of the same weeks of 1936 and 38%
above the record of comparable mills during the same period of 1935.
Hardwood output was 8% above production of the 1936 period.
Shipments during the five weeks ended April 3, 1937, were 11% above
those of corresponding weeks of 1936. softwoods showing gain of 10% and
was
hardwoods, gain of 17%.
Orders received during the five weeks ended
5,906,887
0
6,476,004
0
350,667
350,667
0
3,764,140
108,767
3,655,373
25,156,146
16,111,610
have been entered against the
290,002.
1,147,159 1,229,080 1,181,869
Production during the five
those of corresponding weeks of 1936.
622
1937 quotas for the following
countries:
Argentina, 14,577 pounds; Australia, 204; British Malaya, 26;
Colombia, 267; Dutch West Indies, 6; France, 175; Germany, 117; Honduras,
3,432,568; Italy, 1,751; Japan, 4,009; Salvador, 8,208,542; and Venezuela,
No sugars
these mills, was 6% above that
production in 1937
11,114,100
3,745,000
0
2,148
Orders Received
1,094,085 1,037,610 1,222,838 1,107,865 1,190,340 1,142,623
38,740
39,246
39,294
46,141
39,925
43,006
1,137,091 1,077,535 1,268,979
6,031,877
217,865
10,221,004
11,114,100
0
0
41,267,756
United Kingdom
Total
Production
Softwoods
charged against quotas during the
which may be admitted dining the
the area specified:
(Pounds—96 degrees equivalent)
identical
it was 191.512.000 feet;
7,351,000 feet.
Lumber
of the sugar which may be admitted from full-duty
entered or certified for entry during the first three months of
was
the year.
.
week's
charged against the quotas for Cuba and other
In addition to the sugar
insular areas, a large part
Identical Mill Reports
>
Last
636
1936.
the same week were 245,103,000
was 224,616,000 feet.
Reports from 89 hardwood mills give new business as 9,923,000 feet,
or
13% below production.
Shipments as reported for the same week were
11,347,000 feet, or 1% below production.
Production was 11,449,000 feet.
mills.
or
155,195
55,941
422,933
-
Puerto Rico
year's week, and all but California redwood and Southern hardwoods reported
feet,
Amounts Charged
regions but Southern pine, Norhtern hemlock and Northern hardwoods
reported orders above
same
follows:
first quarter of the year are as
253,471,000
ments
wood
established by regula¬
Quotas for the various offshore areas are shown as
tions issued Dec.
Revised figures for the preceding week
feet.
production,
mills produced 236,065,000
combined;
softwoods
and
571;
Mills,
were:
feet;
ended
the week
During
feet
Data for March are
two months of this year.
dicates the
reported:
148,445 short tons, raw
beet area during the first
not yet available.
the continental sugar cane areas and
quota for
value, against the quota for the continental sugar
April 3,1937, were 4% above
Softwood orders in 1937 were 4%
Automobile
Financing in
The dollar volume of retail financing
February
for February, 1937,
organizations amounted to $104,064,196, a
decrease of 3.2% when compared with January, 1937 an
increase of 13.5% compared with February, 1936; and an
increase of 48.9% over February, 1935.
The $127,388,466
shown for wholesale financing for February, 1937, is a de¬
for
the
crease
456
of 19.8% from January,
1937;
an
increase of 8.8%
2568
Financial
compared with February, 1936, and an increase of 17.2%
over February,
1935.
I
Figures of automobile financing in each month of 1936,
1935 and 1934 were published in the Feb. 27, 1937, issue of
the "Chronicle" page 1352:
Chronicle
Total deliveries of sugar during January and February,
to
779,636 short tons,
value by using the factor
raw
Used and
Total
ing
Unclassified
Cars
Volume
in
New Cars
Volume
Volume
of
Number
in
Number
in
Number
in
Dollars
of
Thou¬
of
Thou¬
of
Thou¬
sand
Cars
sand
Cars
Cars
Dollars
to
456 Idem leal
sand
Dollars
Dollars
Orga nizations
of sugar
158,936
*264,751
b264,707
107,537
109,588
127,388
104,064
98,313
286,324
529,458
211,601
63,665
57,612
155,183
43,872
166,394
46,452
207,881 121,277
321,577
90,324
mos.
ended Feb.
tons.
as
were
These deliveries, converted
follows:
as
sugar
These stocks,
(in terms of refined sugar), 70,761
equal 1,486,004 short
converted to raw value,
the
on
data,
lution
103,170
58,199
139,274
35,116
117,133
232,106
91,671
98,953
57,038
133,153
34,633
240,329
474,550
184,986
202,123 115,237
272,427
69,749
page
96,059
108,656
159,094
59,105
68,464
82,570
90,630
104,996
of
69,873
37,194
44,410
21,911
187,566
25,463
204,716
346,660
128,979
151,034
81,605
195,626
No.
which
the
covers
months
109, approved June
47,374
for
various sugar
March
of
January
2
producing
1936, which require the
19,
282
5.
IThis
statement
given
was
in
"Chronicle"
Ideni ical
154,259
123,118
February
Total 2
of
1937:
•.-CStatistical
Sugar
=
-
Orga nizations
*248,989
2, Period: Jan.-Feb., 1937
c—
102,021
d248,085
Reports
105,671
98,436
143,318
61,437
94,477
55,420
40,584
43,016
153,608
1—RAW
AND
SUGAR:
DELIVERIES
FEBRUARY,
1937.
REFINERS'
FOR
DIRECT
STOCKS,
RECEIPTS,
CONSUMPTION
277,378
497,074
200,458
200,148 116,857
296,926
83,600
Slocks
January
February
118,872
113,830
2
228,094
88,648
99,880
56,283
128,214
218,520
97,169
95,848
55.232
122,672
31,937
Source of Supply
32,365
232,702
446,614
175,818
195,728 111,516
250,886
64,302
P Total 2
93,830
106,054
149,583
56,151
66,418
176,585
66,193
35,936
83,390
20,215
79,608
42,779
96,977
23,640
55,862
Philippines
Of these
199,884
326,168
122,570
145,801
78,716
organizations, 37 have discontinued automobile financing,
number, 37.1%
were new cars,
62.4%
were used cars,
data In this table are included in Table
continued automobile financing,
used cars, and
0.5% unclassified.
1.
43,855
180,367
b Of this
and 0.5% unclassified,
c
The
Of the 282 organiaations, 24 have dis¬
d Of this number, 38.1% were new cars, 61.4%
* Revised.
February Farm Cash Receipts Above Year Ago in All
Sections
According to Bureau of
Agricultural
Economics
Cash income from farm marketings
totaled
compared with $449,000,000 in February last
$504,000,000 in February,
In addition farmers
year.
received this February $52,000,000 of Government payments.
ment payments were made in
marketings
and
from
February
a year ago.
Government
No Govern¬
were
higher
for
larger
receipts from
90%
were
crop
marketings.
higher than in February
a
Prices
were
of
23,867
43,355
73,658
104,238
64
0
19
0
0
0
0
0
0
0
7,099
27,162
19,582
0
0
14,679
0
115
114
0
0
1
199,685
683,991
640,291
1.235
0
242,150
Other countries
Total..
x
by
Compiled in the AAA Sugar Section, from reports submitted on P'orms SS-15A
17 companies representing 22 refineries.
The companies are: American Sugar
Refining Co., Arbuckle Brothers, J. Aron & Co., Inc., California & Hawaiian Sugar
Refining Corp., Ltd.. Colonial Sugar Co., Godchaux Sugars, Inc., William Hender¬
son, Imperial Sugar Co., W. J. McCanan Sugar Refining & Molasses Co., National
Sugar Refining Co. of New Jersey, Ohio Sugar Co., Pennsylvania Sugar
Co., Revere
Sugar Refinery, Savannah Sugar Refining Corp., Sterling Sugars,
Inc., Sucrest
Western Sugar Refinery,
y Revised,
z Includes sugars received at
Corp., and
refineries in Louisiana from their
quota until marketed
as
own sugar
2—STOCKS, PRODUCTION AND DISTRIBUTION OF CANE
BEET
SUGAR
BY
UNITED
STATES
Domestic
Refiners
Initial stocks of refined, Jan. 1, 1937
Kansas to Pennsylvania and Maryland.
rice—in South Central States.
was
nearly twice that of
In the
249,080
598,324
'889,936
Deliveries.
x510,916
yl38,734
759,288
Final stocks of refined, Feb. 28, 1937.
February
this
States
There
tobacco and
State of Washington, income from
a year ago.
compared
with
whereas
income
from
livestock and livestock products increased by only $5,000,000,
Receipts from sales of principal crops in February this
year
in February a year ago in every region by gains ranging
Atlantic States up to 82%
resenting losses in transit, through reprocessing, &c.
Compiled by the AAA, Sugar Section, from reports submitted by
sugar factories.
TABLE
3—STOCKS,
SUMPTION
ARY,
RECEIPTS
SUGAR
FROM
AND DELIVERIES
SPECIFIED AREAS,
refiners and
OF
DIRECT-CON¬
JANUARY-FEBRU¬
1937
(In terms of short tons of refined sugar)
Stocks
Source of Supply
Deliveries
on
Jan. 1, 1937
Receipts
or
Usage
Stocks
on
Feb. 28, 1937
Cuba.
x52,051
45,067
44,610
0
1,998
27,381
5,151
1,998
15,795
330
Philippines.
3,450
England
5
China and Hongkong
X52.508
0
11,916
4,633
3,968
175
102
78
0
50
50
0
xl,960
1,138
1,472
xl,626
57,796
Otner foreign areas
80,960
67,995
70,761
Includes sugar in bond and in customs' custody and control.
Compiled in the AAA Sugar Section, from reports and information submitted
Forms SS-15B and SS-3 by importers and distributors of direct-consumption
x
on
sugar.
exceeded those
TABLE
4—DELIVERIES
|rom 4% in the
in the South Central States.
1,095,776
beet
Total
last,
336,488
1,139,016
606,410
649,650
8,086
x Deliveries include
sugar delivered against sales for export.
The Department of
Commerce reports that exports of refined sugar amounted to 11,989 tons
during the
first two months of 1937.
y Larger than actual deliveries by a small amount rep¬
this
Farmers' cash income from crop marketings the country over increased
$50,000,000
Refiners and
Beet Factories Beet Factories
Production
Hawaii
income from cotton,
AND
PROCESSORS,
fin terms of short tons refined sugar as produced)
Puerto Rico
and wheat prices markedly raised income in many
marked increases also in farmers'
REFINERS AND
1937
item which
Minnesota.
extending eastward from
mills and not chargeable to continental
refined sugar.
JANUARY-FEBRUARY,
the
figured importantly in the gains in farmers' income in Maine, Idaho, and
corn
32,346
16,849
Miscellaneous (sweep¬
chiefly the
potatoes
year ago—an
0
46,042
country this February than in February of last year by 24%.
February gains in cash receipts in the various regions
111,053
0
73
733
z
Total cash income from
payments
0
346
111,722
Virgin Islands
Farmers' cash receipts from marketings of principal farm
products were higher this February than last in each of the
six major geographical divisions of the country, the Bureau
of Agricultural Economics, United States Department of
Agriculture, reported April 6.
Gains of 1 to 34% in the
various regions were reported, and a gain of 12 % as a national
average.
The gains were: 1% in the West North Central
States; 6% in the North Atlantic States; 6%, South Atlantic
States; 12%, Western States; 13 %, East North Central States
34%, South Central States.
In noting the foregoing, an
announcement by the Department of Agriculture also said:
269,830
61,147
94,121
75,064
TABLE
r
by Stocks on
Fire, Feb. 28,
1937
cfcC,
for Direct
Consumption
11,947
ings, &c.)
mos.
ended Feb.
Lost
Meltings
339,250
48,991
99,288
42,366
y36,369
_
Puerto Rico
Continental
1935—
January
February...
from
JANUARY-
•
Receipts
1937
Cuba
Hawaii.
mos.
ended FeH.
South
<
Deliveries
Jan. 1,
on
1936—
apples
MELTINGS,
FOR
x
mos.
ended Feb.
were
20,
following is the statement issued by the Sugar Section
on April
1 and covering the first two months
(In short tons, raw sugar value)
Higher
March
of
the AAA
TABLE
January
of
Secretary of
The statement of charges against the
areas.
Vol. 4, Report
February
were
mos
Summary for
result
February,
and
1872—Ed.]
The
1937—
farm
year.
1937 sugar quotas during the months of January and February was released
on
ended Feb.
a
date last
same
for processing held by importers other than
raws
obtained in the administration of the Jones-Costigan Act and Public Reso¬
1935—
r
by
refiners.
93,315
January
February...
r
Raw sugar held
held by refiners, 336,488 short
compared with 1,534,320 short tons
Such stocks do not include
242,444
mos.
ended Feb.
Total
and
tons; refined sugar held by beet factories, 759,288 short tons; and direct
123,195
2
Total
January
138,734 short tons
Agriculture to determine consumption requirements and establish quotas
1936—
January
February
Total
Feb. 28
hand
on
consumption sugar held by importers
The
Total 2
during
By refiners, 498,927 short tons (deliveries
refiners, 242,150 short tons; refined
tons,
a
T 1937—
January
F ebruary
consumption,
form for
follows:
total 779.636 short tons.
value,
raw
Stocks
short
Summary for
in
sugar,
was as
mills, 28,991 short tons (Table 4).
cane sugar
Volume
Thousand
\
sugar
(Table 2); by importers, 67,995 short tons (Table 3); and by continental
Financ¬
and
(The total
produced to meltings of raw sugar during the years 1935 and 1936.)
February, 1937,
Month
period last
1.0571, which is the ratio of refined
shown in Table 2, less exports); by beet sugar factories,
Wholesale
1937, amounted
same
value, totaled 908,856 short tons.
refiners' deliveries for domestic consumption during 1937 are converted to
Distribution
Retail Financing
Year
Deliveries during the
value.
raw
year, in terms of raw sugar
FINANCING
AUTOMOBILE
April 17, 1937
Receipts
livestock and livestock products were larger in only three regions—
OF
DIRECT-CONSUMPTION
LOUISIANA
SUGAR
SUGAR
FROM
MILLS
Deliveries of direct-consumption sugar by Louisiana mills amounted
tons in terms of refined sugar, during the first two months of 1937.
to
28,991
the East North Central, South Atlantic, and Western States.
A
with
more
than usual decline in volume of marketings this March compared
last
yas noted by the Bureau, but "the higher prices received by
farmers, and the improved demand conditions from farm products,
French
Sugar
have
probably maintained the cash receipts from sales of principal farm products
in March of this year at a higher level than in March 1936."
Production During 1936-37 Campaign
Dropped 4.6% Below Previous Season
Sugar production in France during the 1936-37 campaign
869,000 long tons, raw value, as contrasted with
911,000 tons last season, a decrease of 42,000 tons, or 4.6%,
totaled
Statement
of
Months
Sugar Statistics of AAA for First Two
Year—Deliveries Below Year Ago
of
The
Sugar Section of the Agricultural Adjustment Ad¬
on April 1 its monthly statistical state¬
ment covering the first two months of 1937, consolidating
reports obtained from cane refiners, beet sugar processors,
importers, and others. In issuing the statement the Sugar
ministration issued
Section said:
<
according to advices received by Lamborn & Co.
son's
This
sea¬
is the smallest since the 1931-32 harvest, when
the outturn totaled 861,000 tons, the firm said,
adding:
crop
Two
years
ago
sugar
production
reached
1,204,000
tons,
all-time
an
high record for France.
Sugar
months
consumption,
of
the
as
current
measured
crop
by
year,
distribution,
September,
during
the
first
1936-February,
six
1937,
amounted to 574,401 long tons as againBt 531,853. tons in the
corresponding
period last year, an increase of 42,549 tons, or 8%.
This increase is
Financial
144
Volume
reported to be mainly due to hoarding caused by the
French
uncertainties of the
policy.
fiscal
*.
Sugar stocks on hand in Java
March 1, 1937, totaled
on
404,864 long tons as contrasted with 1,028,249 tons on the
same date in 1936, a
decrease of 623,385 tons, or a little
60%, according to advices received by Lamborn & Go.
on the same date, the stock was 2,650,789
over
Four years ago,
The firm further announced:
tons.
reduction
The
instituted
of
Java's
ber,
1936
amounted
year,
prior to
the
of
which time
crop
annual
curtailment program
production
for
a
number
in the neighborhood of 2,900,000 tons.
sugar crop, harvesting of which was completed in Novem¬
was
years
is the result
6tocks
in
1931,
in
to
583,029
tons
against 505,528
as
tons
in
the previous
increase of 77,501 tons, or 15.3%.
For the 1937 season a crop
tons has been decreed by the local government.
Harvesting
an
of
1,400,000
of
this year's crop is
Increase
expected to get under way this week.
i
4.1% Noted in Sugar Consumption in 13
of
European Countries from September to
February
compared with Similar 1935-36 Period
as
Consumption of sugar in the 13 principal European coun¬
first six months of the current year, Septem¬
ber 1936 through February 1937, totaled 3,846,737 long tons,
raw sugar value, as contrasted with 3,694,947 tons consumed
during the similar period last season, an increase of 151,790
tons, or approximately 4.1%, according to Lamborn & Co.,
tries during the
The firm added:
New York.
► The 13 countries included in the
France,
Czechoslovak,
survey are
Holland,
Germany,
Austria, Belgium, Bulgaria,
Hungary,
Irish
Free State,
United Kingdom.
March 1, 1937 amounted to
against 4,537,000 tons on the same date in 1936, a decrease
Italy, Poland, Sweden, and the
Sugar stocks on hand for these countries on
4,381,000 tons as
of 156,000 tons, or
approximately 3.4%.
for this season for the 13 principal European
The estimated beet sowings
countries, according to advices received
from F. O. Licht, the European
authority, is placed at 3,721,300 acres as compared with 3,382,800
last season, an increase of 338,500 acres, or 10%.
These countries
sugar
acres
output down to 178,750 barrels, against the State allowable
of
190,200 barrels and the Federal recommendation of
183,000
60% Noted in Sugar Stocks in Java March 1
as Compared with Year Ago
Decrease of
produced last season 5,864,000 long tons of sugar.
barrels.
Unless there is
Expansion—Daily Average Oil Output Rises—Marland
Threatens
Tax—Seubert
Severance
Against Overproduction—Pennsylvania
Oil Industry
Stocks of domestic and foreign
est
one-week expansion
in
to
Warns
Probe
agriculture and the farmer is in a "tough spot" because he
high prices for his machinery and other purchases while
receiving a relatively low price for his products.
Independent producers of oil, for the same reason, are
losing their place in the Oklahoma oil industry, Governor
Marland continued.
Unless such producers win prompt re¬
lief, they will be ruined and their small wells abandoned to
the loss of the State.
Crude oil prices never have been con¬
sistent with their value save for a brief period in the early
1920s, he added, and said further that "the people of Okla¬
homa will not stand for low prices for an irreplaceable natural
resource much longer.
They must have higher prices or a
severance
tax."
"Conditions
in the March 27-April 3
period, rising nearly 3,800,000 barrels, the United States
Bureau of Mines reported on April 14.
Inventories totaled
297,374,000 barrels, with domestic stocks rising 3,523,000
barrels and foreign oils gaining 264,000 barrels.
issued by the Bureau, however, held that the
4,000,000 barrels was "too high by 1,000,1,500,000 barrels," adding that a possible explanation
The report
increase of nearly
000 to
is that "some increases which
actually took place in previous
weeks may be included in the figures for the April 3
due to end-of-month revisions in the reports received.
week
continued, "it is possible that the
indicated transfer may be exaggerated by an unusual transfer
from lease to storage, although present information does not
warrant a compensating reduction in this item as included
under estimates of unreported stock."
While stocks of crude oil have been moving up over the
past month or so, the memory of the 15-year low set in
January as a culmination of a decline that continued vir¬
tually unchecked from last May until early this year remains
vivid in the minds of oil men. Further improvement in the
"Furthermore," it
was
inventory situation is seen needed.
With crude oil production hovering only slightly under
the all-time record high of approximately 3,500,000 barrels
set in March, further gains in crude oil stocks are seen in¬
evitable.
Whether, when the stock situation has been re¬
stored to a more normal basis, the industry will be able to
cut back
production is a question that is being asked with
increasing frequency.
An increase of
total
offset
more
than 40,000 barrels in California's
substantial
reductions
in other
oil-producing
increase in daily average crude oil
production for the country as a whole of 3,950 barrels during
the week ended April 10, the American Petroleum Institute
reported.
The 3,426,300-barrel total compared with the
Bureau of Mines' market estimate of 3,243,000 barrels for
States and brought a net
the month, and actual production
2,890,050 barrels.
Crude
production
on
in the like 1936 period of
the West Coast averaged 627,000
barrels daily, up 40,400 barrels on the
with the 580,000-level recommended by
tee of California Oil
week and comparing
the Central Commit¬
Producers and the 579,900-barrel level
by the Bureau of Mines.
New Mexico, Wyoming and
Michigan were other States exceeding the previous week's
set
output.
barrels in Texas output to 1,370,800
the total below either the
State allowable of 1,348,964 barrels or the Federal agency's
figure of 1,297,900 barrels.
Oklahoma also exceeded both
allowables despite a reduction of 7,050 barrels which cut out¬
put to 641,650 barrels, against 620,460 and 609,600 barrels,
respectively.
Kansas, with a cut of 10,450 barrels, brought
A reduction of 26,500
barrels
was
not sufficient to carry
were
more
favorable for the oil industry in
they have been for many years previously,"
Edward G. Seubert, President of Standard Oil of Indiana,
told stockholders in the company's annual pamphlet report.
"With automobile traffic increasing, there developed a larger
market for gasoline.
Growth in the use of oil burners and
prevalence of unusually cold weather early in the year caused
a demand
for fuel oil that taxed manufacturing capacity.
1936
than
Many other favorable factors combined with these to cause
an increase of nearly 11% in the total domestic demand for
products.
petroleum
The demand for
motor fuel alone
amounted to 481,591,000 barrels (42 gals, each), according
to Bureau of Mines figures, and was about 11% greater than
1935.
same
time the basic control of petroleum
tion at the wells which had long
of
been
produc¬
necessary as a means
stabilizing the oil industry, functioned so satisfactorily
was possible to keep new supply below consumption
that it
gradually the excessive stocks of crude oil
have been threatening market stability.
"Unfortunately, the trend has again been toward over¬
production of crude in 1937, and that development in con¬
nection with the piling up of motor fuel stocks is a menace
to the industry.
In meeting the rapidly increasing demand
for fuel oil the industry has produced in the last 15 months
more gasoline than the market could absorb.
This excess
threatends the stability of the price structure.
If conditions
are to favor fair realization as they did during most of 1936,
there will have to be either still further increases in the
demand for motor fuel or a careful restriction of refinery
and thus reduce
and products which
crude oil showed the sharp¬
years
immediate substantial increase in crude
pays
"At the
Show Sharp
an
prices in Oklahoma, Governor Marland on April 16
warned major purchasers, a severance tax will be placed on
oil.
Significantly enough, the Governor's statement came
during a session of the Legislature where there already is a
concerted drive to raise gross production taxes above the
durrent 5% level.
As long as the major oil companies control crude prices,
Governor Marland pointed out, there is no use increasing
gross production taxes based on percentage of price.
The
chief revenues of Oklahoma!, he continued, come from oil and
oil
for
Petroleum and Its Products—Crude Stocks
2569
Chronicle
runs."
The Pennsylvania Legislature on April 14 ordered an in¬
vestigation to determine whether the State's oil industry
should be regulated by State officials.
A commission of five,
to be appointed by the Governor and Senate and House
leaders, will make known its findings after hearings to which
it shall have the right to summon witnesses.
The resolution
authorizing the prove contended that the prices of oil and
gasoline were subject to "wide and unpredictable fluctua¬
tions," which were not based on supply and demand but
"upon intense and frequently uneconomical competition."
There were no crude oil price changes posted during the
week.
•
Prices of Typical
Crudes per Barrel at Wells
(All gravities where A. P. I
degrees are not shown)
$2.67 Eldorado, Ark., 40
1.25 Husk, Texas, 40 and over
Corning, Pa
1.42 Darst Creek
Illinois
1.35 Central Field, Mich
Western Kentucky
1.40 Sunburst, Mont
Mld-Cont't, Okla., 40 and above.. 1.30 Huntington, Calif., 30 and over
Rodessa, Ark., 40 and above
1.25 Kettleman Hills, 39 and over
Smackover. Ark.. 24 and over..... 0.90 Petrolia, Canada
Bradford, Pa
Lime (Ohio
Oil Co.)
REFINED PRODUCTS—MOTOR
RUNS
HOLD
SLIGHT
$1.27
1.27
1.09
1.42
1.20
1.22
1.40
2.13
FUEL STOCKS RISE—REFINERY
UNCHANGED—OPERATING
RATES
SHOW
DIP—RETAIL PRICES STEADY
Holdings of finished and unfinished gasoline rose
171,000
the second week of April, totaling 82,579,000
barrels, the American Petroleum Institute reported. The
report disclosed, however, that the trade agency had revised
its figures for April 3 from 83,157,000 actually reported
earlier to 82,408,000 barrels.
Barring this change, there
would have been a reduction of 578,000 barrels.
There was no change in the daily average runs of crude oil
to stills at 3,005,000 barrels, while refineries operated at
barrels during
77% of capacity, off 0.1 point. Daily average production
gasoline dipped 25,000 barrels to 685,000 barrels.
Inventories of gas and fuel oil stocks dropped 592,000 barrels
to 94,581,000 barrels.
/
Retail prices, generally speaking, were strong on the eve
of the normal spring seasonal expansion in consumption of
motor fuel as automobile traffic broadens with the advent of
favorable motoring weather.
There are no weak spots in
the Nation's major gasoline consuming areas, the recent
advance in California ending uncertainty about prices there
of cracked
2570
Financial
Chronicle
The mid-continent gasoline price structure is stable and
The
in
There
refinery data of this report
These refineries operated at 79%
were no
compiled from schedules of
SUPPLY AND DEMAND OF ALL OILS
so,
(Thousands of barrels of 42 gallons)
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
Refinery
New York—
New York—
Colonial Beacon. _$,07
Chicago
Texas
.07 H
New
Tide Water Oil Co
Gulf
.07)4
Gulf
.07M
Tulsa
.0734
Richfield Oil(Cal.) .07
Shell
Jan. to
Eastern
5.05
.0634-.07
ports...
.0534
05
-.0534
Crude petroleum
| North Texas
[
$*0524
Fuel
N. Y. (Bayonne)—
Bunker C
$.04
.0334-.05
Los Angeles..
Oil, F.O.B. Refinery
or
Diesel 28-30 D
Terminal
New Orleans C
i
$.04^4
I
Chicago,
28-30 D..
a
New York
$.185
Brooklyn
*
.185
Not including
I Newark
I
7,297
247
174
474
360
96,965
102,546
178,149
3,308
85,490
2,948
199,511
3,463
3,382
2,969
603
1,129
2,280
1,732
4,128
170,940
2,849
6,849
346
use
Receipts in bond
373
.17
943
2,665
1,516
2,058
679
602
105,534
89,661
3,568
3,404
3,092
205,424
3,482
6,445
1,485
1,768
7,930
1,544
93,445
104,049
184,339
3,356
87,893
3,031
197,494
3,337
3,347
3,072
Crude petroleum
3,777
3,596
3,474
7,373
6,541
Refined products
Domestic demand:
6,736
7,935
5,378
14,671
12,473
32,000
4,226
10,572
27,311
1,518
33,696
65,696
59,628
9,523
25,428
23,645
28,039
27,216
4,785
11,881
26,251
55,350
53,169
1,763
1,520
3,281
2,916
new
Daily
I Chicago
1,180
837
99,890
Total
(Buffalo
1,485
Receipts for domestic
|
$.165
Boston
191,740
3,250
3,196
Refined products:
Gasoline, Service Station, Tax Included
z
2,832
227
Receipts in bond
Receipts for domestic
1.20
iTulsaU S I..$.0234-. 03
$.053
82,120
3,180
3,732
Crude petroleum:
.95
$
$1.00-1.25 Phila., Bunker C
98,567
3,565
Daily average
Imports b:
Gas Oil, F.O.B. Refinery or Terminal
27plus
1936
3,328
-—
Total production.
1.85
N. Y. (Bayonne)—
Feb.,
1937
93,173
—
Daily average
Natural gasoline
Benzol, a
|New Orleans.$.0534-.0534
| Tulsa
.03J4-.04
California 24 plus D
$1.20
Feb.,
1936
New Supply—
Domestic production:
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
(Bayonne)
Feb.,
1937
Orleans.
Warner-Qulnlan.. .07
New York—
Jan.,
1937
-.0534
Jan. to
Feb.,
Ohter Cities—
Stand. Oil N. J..5.0734
Socony-Vacuum.. .0734
re¬
of capacity in February compared with
80% in January and 76% in February, 1936.
barring unexpected developments.
major price changes posted during the week.
or
were
fineries having an aggregate daily crude-oil capacity of 3,845,000 barrels.
an
extremely favorable position to respond quickly to any
gain in demand. Other areas are in similar strong condition
and a general wave of price advances may be
expected within
the next month
April 17, 1937
average
Increase in stocks, all
$.175
use
supply, all oils
oils
1,175
185,883
3,098
.177
Demand—
2% city sales tax.
Total demand
Daily average
Exports b:
Natural Gasoline Production Higher During
February
The
production of natural gasoline showed a marked
increase in February, 1937, according to a
report prepared
by the Bureau of Mines for Harold L. Ickes, Secretary of the
Interior.
The daily average in February was 5,347,000
gallons compared with 5,056,000 gallons in January and 4,629,000 gallons in February, 1936. The increases were rather
generally distributed throughout the United States with the
Appalachian and East Texas districts showing the largest
gains in daily average production.
Other increases were
recorded in the Panhandle, west central Texas and Louisiana.
Motor fuel
Kerosene
Gas oil and distUlate fuels
Residual fuel oils..
Lubricants.
Wax
5,297
14,856
10,354
68
Road oU__
85
172
174
520
644
964
1,343
1,027
Asphalt
104
444
Coke
894
878
1,921
1,575
223
100
442
241
4,519
3,833
8,867
7,935
189
Losses
219
4,348
Still gas
Miscellaneous
157
179
346
348
1,006
2,454
1,669
3,460
3,997
82,932
2,962
92,518
2,984
79,041
175,450
165,325
289,972
4,290
232,314
286,759
4,032
310,812
Refined products
229,340
228,214
Total, all oils
526,576
520,131
543,244
Days' supply
158
155
179
Total domestic demand
Stocks increased at both refineries and at
plants and ter¬
minals, the total on Feb. 28, 180,180,000 gallons, being
10,836,000 gallons above the total on hand at the beginning
Daily
Crude petroleum
Natural gasoline
of the month.
PRODUCTION AND STOCKS OP NATURAL GASOLINE
(In Thousands of GaUons)
Production
Stocks
Feb. 28, 1937
Jan.-
Jan.-
all other
Jan. 31, 1937
Jan.,
Feb.,
Feb.,
At
Plants
At
1937
1937
1936
Refin¬
& Ter¬
Refin¬
minals
eries
7,392
7",054
14",218
13~,513
210
4~, 594
210
955
1,006
35,833
4,684
43,054
1,961
69,503
1,871
2,940
467
65,166
3,654
12,420
1,156
44,284
2,814
2,814
33,670
4,707
43,104
7,286
Arkansas
9,391
796
Total.
Daily
aver.
5,837
86,158
14,798
7,512
888
1,684
5,204
46,844
California
5,523
51,190
10,727
98,034
81,644
10,332
1,789
9,487
98,019
210
3,565
February, 1937
reported
310,812
4,218
228,214
to
526,576
543,244
157
Bureau
168
3,732
7,297
168
3",128
Total
281
10,920
1,251
41,412
2,340
9,240
2,186
168
84
162
210
Arkansas
127
120
124
177
of
Mines:
1,409
1,092
81,564
62,706
87,864
2,244
1,641
2,539
581.7
4.3
112
3.6
232
368
11.9
711
64
2.3
59
1.9
123
113
5,282
188.7
5,300
171.0
10,582
8.479
409
14.6
400
12.9
809
801
4,680
7,845
Louisiana—Gulf coast
develop¬
a small increase in
output over January, following the completion of 28
the
new
production
records
February
242
619
167.2
5,028
162.2
9,708
50.6
1,748
56.4
3,165
20.4
670
21.6
1,243
1,276
238.2
7,446
240.2
14,116
11,076
29.9
843
27.2
1,679
2,307
1,955
457
16.3
474
15.3
931
694
98.8
2,774
89.5
5,541
3,802
408
Ohio
14.6
440
14.2
848
282
Seminole
10.1
255
8.2
168.1
5,297
170.9
704
537
4,706
10.003
3,808
136.0
525
.
8.665
4,141
133.6
8,892
317.6
9,329
300.9
17,406
621.7
18,767
605.4
Pennsylvania
1,382
49.4
1,489
48.1
Texas—Gulf coast
West Texas
8,378
299.2
8,423
271.7
5,431
194.0
5,517
178.0
7,949
18,221
36,173
2,871
16,801
10,948
12,692
453.3
13,993
451.4
26,685
27,987
2,046
73.1
2,164
69.8
4,210
3,557
1,170
37.7
8,040
259.4
2,278
16,168
77,090
12,644
65,657
Rest of State
Total Oklahoma
...
Rodessa
1,108
Total Texas
39.5
8,128
Rest of State
290.3
37,783 1,349.4
39,307 1,268.0
7,938
14,247
30,850
2,543
12,323
9,093
53
West Virginia
292
10.4
289
Wyoming—Salt Creek
474
16.9
453
14.6
927
979
918
32.8
986
31.8
1,096
1,392
49.7
1,439
46.4
1,904
2,831
daily average
in
38,118
2,767
York
Oklahoma—Oklahoma City...
Rest of State
Total Wyoming
oil wells in the
new
established
18,032
836
East Texas
the Eastern States without exception showed
gains.
The only im¬
portant fields showing a decline in production in February were
Rodessa,
La. and Oklahoma City, Okla.
Rodessa, Texas, were most of the
589.8
4,481
2,949
22,991
6,670
Louisiana
Montana.
widely distributed,
was
62.1
43.6
363.4
573
New Mexico
New
1,926
1,351
11,264
5,342
1,417
Michigan
Products,
62.3
44.0
369.3
16,515
California..
Panhandle
those in Kansas, New Mexico, coastal
2,355
77.7
1,233
Kentucky
1,493
of
centered, showed
34.9
2,408
12.2
even
ment work of the area is
1,083
77.8
10,341
Indiana
2,649
February
1,735
1,020
120
Total
The Bureau further reported:
production in
1,528
36.4
343
Santa Fe Springs
Rest of State
Mines, in its monthly
petroleum statement reported that the daily average pro¬
duction in February, 1937 was 3,327,600 barrels.
This
exceeded previous records by a wide margin,
being 148,000
barrels above the previous high of
January, 1937 and nearly
500,000 barrels in excess of the average of February, 1936.
increase in
1936
24.8
Illinois
2,012
68,922 106,638
Long Beach
February, 1937
Bureau
1937
768
2,103
4,586
3,669
2,584
21,605
34,547
1,178
Crude Petroleum and Petroleum
States
27.2
Jan. to Feb.
2,178
1,743
Kettleman Hills
114
United
Daily
Average
Total
Average
760
California—Huntington Beach.
184
1,596
6,849
January, 1937
Daily
Total
Among
289,972
4,290
232,314
PRINCIPAL FIELDS
Rest of State
were
as
4,218
(Thousands of barrels of 42 gallons)
Rodessa
month.
2,755
imports and exports from Bureau of Foreign and Domestic Commerce.
Kansas
aver.
The large
2,974
Colorado
7,140
149,730 156,744 306,474 287,658 111,258
5,347
5,056
5,194
4,794
of barrels)
The
\
PRODUCTION OF CRUDE PETROLEUM BY STATES AND
Total (thousands
Daily
of crude
8,358
7", 164
Appalachian
111., Mich., Ky__
Rocky Mountain
b Imports
minals
East coast
Louisiana
2,726
& Ter¬
eries
Texas
Division,
Plants
1937
Kansas
Coal
At
Feb.
Oklahoma
From
a
V
At
average.
Stocks—
Other,
Texas, and coastal Louisiana.
5
a
Total United States
Production in the East Texas field continued steadily at
just above 450,000
9.3
581
5
93,173 3,327.6
592
2,075
10
98,567 3,179.6
8
191,740
170,940
barrels daily.
Field work declined slightly, an average of 49 new oil wells
being com¬
pleted daily, compared with 51 in January.
The increase in crude-oil production far
in
imports.
net
result
The
demand side
being the addition
showed
of large
Daily Average
outweighed
a
quantities
to
change,
storage.
Refined Products
of gasoline
was
45.0%,
compared
with
43.2%
in
January.
This material increase probably reflectes the
lessening of anxiety regarding
the supply of light fuel oils.
The indicated domestic demand for motor fuel in
barrels,
or
chiefly the difference in
In
this
18% above the figure for
connection, it is
distillate
fuel
oils
a
year
weather
noted that
were
used
number of domestic
in
February
This
conditions
about
than
ago.
in
was
32,000,000
unusual increase
the
two
1,300,000 barrels less
February,
months.
gas
1936, although
oil
the
consumers had increased
materially.
According to the Bureau of Labor Statistics, the price index for petroleum
February, 1937 was 59.1, compared with 58.3 for January.
products for
1937 and 55.7 for February,
American
Petroleum
Gains 3,950
Barrels
April 10
Institute
estimates
that
the
daily average gross crude oil production for the week ended
April 10, 1937, was 3,426,300 barrels.
This was a gain
of 3,950 barrels from the output of the previous week.
The
week's figure remained above the 3,243,000 barrels
current
calculated by the United States Department of the
Interior
be the total of the restrictions imposed by the
various
to
reflects
and
Tlie
Crude-oil
1,425,000 barrels in January.
yield
Oil Output
in Week Ended
the
stocks increased 3,213,000 barrels in February
compared with a decline of
The
Crude
material decline
comparatively little
1936.
oil-producing
States
during
April.
Daily
average
pro¬
duction for the four weeks ended April 10, 1937, is estimated
at
3,432,000 barrels.
The daily average output for the week
April 11, 1936, totaled 2,890,050 barrels.
Further
details, as reported by the Institute, follow:
ended
Imports of petroleum for domestic use and receipts in bond at
principal
United States ports for the week ended April 10 totaled
1,390,000
a
daily
average
of
198.571
barrels,
compared
with
a
barrels,
daily average
of
Volume
Financial
144
barrels for the week ended April 3,
186,286
of 4,191,000 tons, or 37.2% from the preceding week.
As
indicated by the table below, there were 104,272 cars loaded
barrels daily
184,071
and
for the four weeks ended April 10.
Receipts of California oil at Atlantic and Gulf Coast ports for the woek
ended April
10 totaled 80,000 barrels,
compared with
daily
a
average
in the first three
days of the week, and but 13,760 cars in the
days—i. e., on April 1,2, and 3, when the soft coal
industry was practically at a standstill during labor nego¬
daily average of 11,429 barrels,
a
of 5,714 barrels for the week ended April
last three
3
and 7,929 barrels for the four weeks ended April 10.
estimated
daily potential
refining
indicate that the industry as a whole
basis,
Anthracite
production in Pennsylvania during the week
April 3 is estimated at 1,101,000 net tons.
Since
Eight-Hour Day is universally observed in the anthracite
fields, this represents the output of five active days. Output
in the corresponding week of 1936 amounted to 481,000 tons.
United States
Bureau of Mines
of the
capacity
to stills, on a
ran
tiations.
4,066,000-
Reports received from refining companies owning 88.8% of the
barrel
ended
3,005,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
82,579,000 barrels of finished and
pipe lines as of the end of the week,
unfinished gasoline and 94,581,000 barrels of
gas
and fuel oil.
Cracked gasoline production by companies owning 94.7% of the
charging
2571
Chronicle
whole, on a Bureau of Mines basis, produced an average of 685,000
COKE
DAILY
(IN NET TONS)
barrels
Apr. 3, 1937 d Mar. 27, 1937e
Week Ended—
daily during the week.
The complete report for the week ended April 10,
AVERAGE
1937, follows in
detail^
Bituminous coal:
PRODUCTION
CRUDE OIL
OF COAL AND BEEHIVE
ESTIMATED UNITED STATES PRODUCTION
potential
capacity of all cracking units indicates that the industry as a
7,065,000
gl,385,000
6,538,000
1,108,000
1,184,000
1,049,000
1,128,000
481,000
96,200
458,000
59,100
Dally average
11,256,000
1,876,000
1,101,000
g220,200
Total, including colliery fuel-
(Figures in Barrels)
Apr. 4, 1936
a
88,800
14,800
24,600
4,100
Pennsylvania anthracite: b
Total, including colliery fuel
B. of
Daily average..
Commercial production.c
Four
M.,
Dept. of
State
Week
Week
Weeks
Change
Beehive coke:
Ended
Allow¬
Ended
from
Ended
Calcu¬
able
April 10
Previous
April 10
April 11
lations
April 1
1937
1937
1936
Interior
Week
197,300
Total for period
9,850
Dally average
(April)
Oklahoma—...
609,600
Kansas
183,000
Panhandle Texas
West Texas—
East Central Texas.
East Texas—
Southwest Texas..
456,700
226,000
193,853
West Central Texas...
200,500
Coastal Texas
Total Texas
199,350
68,800
Total, Including colliery fuel-..-Daily average—
179,500
122,250
49,000
455,400
445,050
228,800
—4,350
+ 950
+ 1,650
—8,250
136,600
184,250
207,350
1929 f
1936 f
a
134,724,000
112,879,000
1,723,000
1,443,000
142,116,000
1,799,000
Pennsylvania anthracite: b
25,150
33,150
205,950
—8,950
119,100
Bituminous coal:
57,200
58,850
76,150
64,800 —10,450
+2,550
70,850
+350
33,500
74,200
65,487
62,891
178,947
108,656
455,500
209,430
-.—
North Texas
185,750
1937
Calendar Year to Date—
549,700
148,550
647,100
641,650 —7,050
178,750 —10,450
620,460
190,200
h
Total, Including colliery fuel
Daily average
■
•',.+
+
h
h
h
...
h
h
h
Commercial productions
h
Beehive coke:
Daily average
1,297,900 1,348,964 1,370,800 —26,500 1,397,850 1,135,600
a
Includes
!
948,400
11,855
Total for period
lignite,
coal
made Into coke,
1,617,200
407,200
5,090
and local sales,
20,215
b Includes
washery
and dredge coal,
North Louisiana..
Coastal Louisiana.
61,600
70,150
—1,600
70,050
based
and coal shipped by truck from authorized operations.
Estimates
carloadings and current production reports furnished through
association and
State sources,
c Excludes
colliery fuel,
d Subject j|to
trade
175,100
+700
175,850
140,600
245,150
—900
246,000
202,200
27,400
27,550
30,150
113,500
41,150
+ 100
—2,500
+ 1,050
27,450
115,000
114,500
101,050
39,600
32,750
33,100
13,600
railroad
on
the three years,
Total Louisiana
244,800
Arkansas..
Eastern
235,675
30,600
Michigan.
Wyoming..
+6,700
+500
52,050
15,300
3,950
—250
4,400
105,800
+2,850
103,450
44,000
14,600
4,800
Montana..
Colorado
New Mexico
55,700
91,400
106,400
15,450
5.0 days,
g Bituminous average based on 5.2 days; anthracite average on
h Comparable data not yet available.
WEEKLY
ESTIMATED
STATES
AND
MONTHLY
PRODUCTION
California...
2,663,100
579,900
(The current estimates are based on railroad car loadings and river shipments
are subject to revision on receipt of
monthly tonnage reports from district
from the operators.l
and
Mar.27 Mar. 20 Mar. 28
1936
1937P
Feb.,
Jan.,
1937
r
1937
Feb.,
1936
+3,950 3,432,000 2,890,050
2
2
2
7
7
9
283
282
204
1,197
1,192
1,036
43
50
14
318
458
490
Alaska
x
Monthly Production
State
1937p
3,426,300
BY
and State sources, or of final annual returns
2,799,300 —36,450 2,833,600 2,316,350
X580.000
598,400
573,700
627,000 +40,400
3,243,000
COAL,
5,850
63,800
Week Ended
Total east of Calif..
OF
(IN THOUSANDS OF NET TONS)
Recommendations of Central Committee of California Oil Producers.
Alabama
Note—The figures indicated above do not Include any estimate of any oil which
Arkansas and Oklahoma
GASOLINE AND GAS AND FUEL OIL WEEK ENDED APRIL.
10, 1937.
112
821
942
858
1
1
1
4
4
2
1,459
1,500
738
5,737
5,622
480
487
292
1,860
1,603
5,810
1,823
Georgia and North Carolina
Illinois
++
152
174
Colorado
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
Indiana
—
Daily Refining
Crude Runs
Stocks of
Finished and
Unfinished Gasoline
to Stills
88
92
Kansas and Missouri
205
202
96
787
838
808
Kentucky—Eastern.
911
914
508
2,570
2,784
3,398
276
283
102
660
692
981
Iowa
(Figures In thousands of barrels of 42 gallons each)
Western
57
377
385
425
Poten¬
tial
Rate
Total
Daily
Oper¬
At Re¬
age
ated
fineries
40
25
160
160
10
13
11
80
80
85
Gas
Montana
66
70
54
288
337
350
and
New Mexico
45
44
25
190
188
155
P. C.
Aver¬
Reporting
43
Michigan
Unfin'd
Finished
Maryland
in
District
Stocks
of
Capacity
P.C.
Fuel
Terms., Nap'tha
Distil.
Ac.
Oil
Ohio..
East Coast..
669
492
73.5
Appalachian.
Ind., Ill.,Ky.
Okla., Kan.,
146
129
88.4
105
81.4
1,363
1,242
262
507
467
92.1
429
91.9
10,426
2,834
1,100
Mo
669 100.0
6.181
11,092
1,223
5,888
39
Western
449
380
84.6
287
75.5
6.182
633
2,715
541
4,333
2,325
3,721
3,684
1
5,362
347
2,830
1,572
7,020
6,548
137
123
79
471
474
Texas
14
14
14
62
64
65
80
89
52
479
534
415
338
325
171
1,140
1,170
1,045
e
Tennessee
2,877
Virginia
337
183
54.3
128
69.9
1,859
100
356
1,297
Washington
Texas Gulf..
793
757
95.5
648
85.6
8,446
298
2,059
6,640
West Virginia—Southern.a
164
158
96.3
124
78.5
686
382
376
1,493
Gulfl
318
2,195
368
I
J 2,870
Utah.
•
Inland Texas
La.
360
3,850
26
631
2,435
f
38
640
North and South Dakota
Pennsylvania—Eastern d
18S
No. La.-Ark.
58
63.7
45
77.6
Rocky Mtn.
89
62
69.7
47
75.8
1,922
California...
821
746
90.9
473
63.4
11,606
91
312
31
54
76
223
Wyoming.
112
740
Other Western States.c
1,050
3,609
Estd.unrepd.
88.8
2,778
77.0
227
457
48,983
4,217
26
210
220
204
2,011
1,320
789
2,214
36
2,106
Northern, b
761
507
7,502
2,878
7,080
2,637
2,515
132
92
644
685
678
2
3
2
2
6,470
42,110
40,940
41,154
7,588
68,053
127
*
20,931
7,247
1,010
191
92,085
2,496
a
*
11,256
Total bituminous coal
Reported
,
506
Includes operations on the N. & W.;
11,123
C. & O.; Virginian; K. & M.; B. C. & G.
and on the B. & O. in
xEst.tot.U.S.
Apr. 10 '37
4,066
4,066
3,005
Apr.
4,066
4,066
3,005
3 '37
53,200 21,941
z53,337 z21,661
7,438
94,581
z7,410 z95,173
Kanawha, Mason, and Clay Counties,
b Rest of State, In¬
cluding the Panhandle District and Grant, Mineral, and Tucker Counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Represents that portion
of the State not included in western Pennsylvania,
e Figures are comparable with
records for
NRA
U.S. B.of M.
xApr. 10 '36
y2,818
45,319
21,617
7,224
96,996
1935 and cover production of western
Sub-Divisional
Code
Authority,
p
Pennsylvania as defined by the
Preliminary,
r Revised.
* Less than
1,000 tons.
^
x
Estimated Bureau of Mines basis,
y
April, 1936, daily average,
z
Revised-
Copper
comparable with week April 10, but not prior weeks.
Statistics
for
Month
of
March,
1937
The
March Anthracite
Shipments Reach 4,235,094 Net Tons
Shipments of anthracite for the month of March, 1937,
as
reported to the Anthracite Institute, amounted to 4,235,094 net tons.
This is an increase, as compared with ship¬
ments during the preceding month of February, of 1,192,598
net tons, or 39.20%, and when compared with March, 1936,
shows an increase of 1,805,900 net tons, or 74.34%.
Shipments by originating carriers (in net tons) are as
follows:
Copper Institute on April 13 released the following
statistics pertaining to the production, deliveries and stocks
of duty-free copper.
STATES
UNITED
Mine or
Smelter
Delaware & Hudson RR. Corp
Pennsylvania RR
Erie RR
N. Y Ontario & Western
Ry
Lehigh & New England RR
1937
Feb., 1937
Mar., 1936 Feb.,
966,902
700,830
551,507
834,450
376,109
538,631
432,821
702,682
467,385
439,932
286,890
1936
74,453
201,027
56,090
1,239,265
999,814
530,673
799,316
623,962
768,662
458,567
227,100
286,364
3,042,496
2,429,194
5,933,723
225,894
188,646
362,004
280,336
210,044
269,776
342,263
193,531
171,063
293,762
180,397
144,714
214,645
4,235,094
weekly coal report stated
production of bituminous coal during the week
ended April 3 is estimated at
7,065,000 net tons, a decrease
that the total
Refined
Stock at
Refineries
Domestic
Export
336,'710
496,658
748,660
379",843
126", 866
528,194
764,560
91,485
54,447
55,845
54,451
67,147
58,801
59,374
60,562
53,985
55,410
62,655
72,895
54,390
51,417
56,448
59,704
59,906
57,149
59,807
2,287
3,874
3,090
4,901
4,290
64,140
4,239
75,892
3,780
7,677
8,030
Intake
360,534
Year 1935
506,085
731,629
Jan.
1936
Feb.
1936
Mar. 1936
April 1936
May 1936....
June 1936
July
1936
"
....
57,201
52,303
57,574
61,560
62,100
55,960
1936
50,420
51,961
66,842
72,074
73,978
69,656
Jan.
1937
75,212
Aug. 1936
Sept. 1936
Oct.
1936
Nov. 1936
Coal Production Declined
During Week Ended April 3
The U. S. Bureau of Mines in its
x
Production
Dec.
Total
Deliveries to. Customers
Refined
A Custom
Year 1936
Dela. Lackawanna & Western RR.
STATISTICS
Production
Year 1934
Central RR. of New Jersey
COPPER
TONS OF 2,000 LBS.)
Year 1933
Mar.,
Reading Co
Lehigh Valley RR
DUTY-FREE
(IN
Feb, 1937
Mar.
1937
1,982
3,630
68,682
78,853
75,919
67,379
82,409
68,097
80,812
71,869
71,233
74,610
5,979
2,876
90,855
83,676
94,830
3,519
6,667
xOn consignment and In commission exchange warehouse,
oonsumers' stocks at their plants or warehouses.
523,435
354,436
231,415
161.068
230.888
230,292
238,704
233,927
230,305
228,817
218,705
205,736
188,719
178,018
171,291
161,068
142,374
136,121
121,448
Does not
Include
2572
Financial
Copper Declines to 153^c.
Sales by Customs Smelters
—Lead Fairly Active
The
April
prices
_
President
by
active at
of
Lead
Roosevelt.
the lower levels
turned
April 17, 1937
March Production and
on
"Metal and Mineral Markets"
stated that the market for major non-ferrous metals acted
last week as if it has not yet fully recovered from the warning
on
15 issue
Chronicle
Shipments of Slab Zinc
The American Zinc Institute on April 6 released
following tabulation of slab zinc statistics:
SLAB ZINC STATISTICS
(ALL GRADES)—1929-1937
(Tong of 2,000 Pounds!
fairly
prevailing; demand for tin
was
described as good; but copper and zinc were rather
quiet.
Excellent March statistics failed to make much of
an impression on consumers of
copper.
The London market
was
unsettled most of the week, which undoubtedly had
some influence on traders in this
country.
Consumption of
metals continues at a high rate.
Steel operations in this
country are up to 90.3% of capacity.
The publication
fori
market
copper
week.
practically
was
turned
the
to
over
Intake of scrap in the first
The net result
was a
market transactions of one-half cent
Producers
in
the
division
mining
Feb.
United
36,356
Total for year.
300,738
314,514
25,062
26.210
213.531
218,517
Monthly aver.
17,794
18,210
Total for year.
324,705
344,001
•Monthly aver.
27,059
28,667
Total for year.
Monthly
aver.
47~769
41
129,842
23,099
170
124,856
21,023
239
105,560
2~3~, 653
148
431,499
465,746
Monthly aver.
35,951
38,805
41,642
36,156
42,411
46,341
79,059
0
38,205
35,872
39,846
75,369
0
56,829
79,693
01
38,004
37,922
34,334
38,087
36,198
[41,638
119,830
January..!
February
consumption).
i
94,830
74,610
March.
United
States
32.341
42,239
80,634
44,833
43,905
37,778
,35,968
*36,657
43,180
*34,516
*35.749
37,888
28,370
81,562
41,048
*36,919
exports,
_
_
_
.....
Totals
The
March
deliveries
the
101,680
191,006
Totals
statistics
of
movement
41,582
84,855
July
45,481
41,819
88,517
43,542
46,013
S6.046
September
42,211
51,775
76,482
40,672
October
46,225
53,963
68,744
*36,843
41,733
*38,052
the
which
tons,
metal
to
than
that
American
expected.
the
occurred
decline in
in
than offset
more
consumers
*37,350
45,670
56,887
59,512 /,
buying
to
at
the
sold in the seven-day period which
at the end of the previous week
level.
reported
Tonnage
ended April 14 totaled 10,998,
Louis, despite
a
moderate decline in
week,
and most
zinc
for
St.
agreed that the market
Louis basis.
Several lots
was
not
of prompt
and April shipment zinc sold above that basis, but the quantities involved
not
were
totaled
large enough to influence
about
holding
Sales
3,500 tons.
quotations.
our
Deliveries of the
well, averaging
up
of the
totaled
33,775
46,953
24,616
53,202
59,635
18,183
for
Sales
the week
of zinc are
grades
common
than 5,000 tons
more
week.
a
40,285
40,613
*35,719
*38,447
42,786
39,948
*37,851
40,588
*38,417
43,635
*38,979
by and forward delivery in¬
near
producers
pound,
per
51,227
37,794
Equivalent retorts computed
included in total shipments.
Zinc
last
40,047
*
Offerings of prime Western
quotable above 7c.
January.
February
Smelting & Refining Co. was
6c., New York, all week.
creased
37,915
46,831
*38,289
London.
75,891
78,626
1937
April 8.
The price continued firm all week at 6c. per pound, New York, and 5.85c.,
The published quotation of the American
aver.
54,064
60,513
561,969
March
for May delivery, over a third of which was taken on Thursday,
St.
Monthly
as
mostly
43,103
*38.607
523,166
43,597
65,173
*38.538
44,955
Total for yr.
lower
42,965
27,090
,44,458
39,157
*37,893
40,125
*38,588
40,642
57,527
46,940
Lead
stimulus
*36,296
38,176
*36,972
38,135
*36,734
38,358
*37,006
38,326
*36,897
*38,461
November
December
did not rush into the market for additional purchases in quantity.
a
41,308
*36,418
February.
World stocks of refined declined
But production is increasing, which explains why consumers
The decline in the price of lead to 6c.
41,308
.328,169 308,431
better
much
were
121,448
__192,048 186,983
136,121
Foreign
Foreign deliveries totaled 115,912 tons.
proved
40,700
*36,934
United States...
jumped to 94,830
19,738 tons.
44,875
August
71,233
....
_
June.........
Stocks, refined.
83,676
107,330
172,913
Foreign....
3,519
2,876
42,219
*33,849
41,400
-.180,839 210,742
—
51,186
38,329
5
April
Totals
28", 887
59
83,758
.106,229 115,912
7,150
30.786
32,944
12
1936
March
Foreign....
21,215
(refined).
15,978
27,190
20
1934
Total for year.
7,000 tons.
domestic only
United States
8,478
18",560
14
1933
May
Production
18,273
19,875
3
29,389
rent
185,799 204,155
26,651
31,240
16
352,663
106,150
Totals..
196
143,618
1931
30,578
69,640
13,860
18,585
68,491
1935
United States..
Foreign scrap, &c
57,999
529
366,933
for
Sales
Feb.
9,240
.100,070
6,352
75,430
Monthly aver.
16c.
to
March
62,629
aver.
1930
Total for year.
held
Deliveries, refined (appa-
Foreign mine.
436,275
42,039
of
Period
the
scrap,
&C.
504,463
End
Period
pound to the basis of 15 He., Valley.
a
(blister).
States
50,217
Monthly
on open-
The February and March figures, in short tons, follow:
United States mine...
602.601
52,633
Orders
Retorts
During
1929
Total for year.
10 days of
reduction in the price
nominally
week in the domestic trade totaled about
Production
631,601
Unfilled
A"erage
End o]
Period
for
Export
1932
April totaled 11,200 tons, and, with demand for electrolytic quiet, selling
developed.
Period
End of
Period
Monthly aver.
custom smelters in the last
pressure
Period
Retorts
(a)
Shipped Operating
Stock at
During
Total for year.
domestic
Shipped
During
Copper
.
The
Produced
now
further stated:
the
on
24-hour
basis,
Export
a
,76.544
i
77,969
89,846
shipments
are
These final statistics for 1936 include the usual
adjustments.
The following table gives
a
year-end
of the
These check
summary
Institute's statistics for the past three years.
with the final
yearly statistics of the United States Bureau
of Mines.
SLAB
ZINC
PRODUCTION,
1934,
1935,
1936— TONS
OF 2,000
POUNDS)
grades of zinc (prime Western and brass special)
common
41,824 tons during March,
against 29,794 tons in
February, ac¬
1934
1935
278,709
76,657
293,708
118,476
364,628
355,366
491.803
11,567
412,184
19,315
366,933
431,499
523,166
1936
cording to the official figures of the Prime Western Zinc Producers Com¬
mittee of the American
Western division
Zinc
the first
in
against 55,875 tons in the
in the
tons
Institute.
three
1936.
The statistics
on
of
months
period last
same
January-March period this
in
Production of zinc by the Prime
year
the
1937
totaled
62,939
tons,
Primary zinc from domestic
By distillation
By electrolysis
Total
totaled 86,271 tons, against 62,945
grades for
three
the first
months, in short tons, follow:
Secondary zinc from ordinary type smelters
Total
Production
January
21,263
Shipments..
30.520
29,924
March
21,973
28,402
15,849
27,349
22,278
Stock at end.
127,175
Shipments to consumers
year.
common
ore:
February
19,703
(American
Zinc
Institute
31,363
monthly
statistics)
Additional Production Not Included in Regular
Monthly Statistics—
Secondary zinc from large graphite retorts
8,124
9,335
10,846
375,057
534,012
8,224
440,834
8,450
383,281
449,284
534,341
Tin
Total domestic
There
was
in firmer
steady call for tin in the last week, and this
a
quotations, though
pared with
a
week ago, the spot price of Straits scored
three-quarters
at about
a
cent.
a
of about
net gain
Primary zinc from foreign
tin,
10.
99%,
Total—All classes
was
PRICES
..
329
Tin-plate operations in this country continue
nominally
60.000c.; 12, 58.750c.;
DAILY
ore
Com¬
100% of capacity.
Chinese
59.250c.;
of
reflected
was
price changes were not pronounced.
OF METALS
follows:
as
13,
59.350c.;
April
Steel
8,
59.000c.;
9,
Shipments Rise in March
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. amounted to 1,414,399
14. 59.750c.
("E. & M. J." QUOTATIONS)
tons for the month of
Straits
Electrolytic Copper
Apr.
15.275
8
Lead
Zinc
15.C0C
New York
St. Louis
6.00
5.85
St.
Louis
7.00
9
15.275
Apr. 10
15.275
15.250
61.250
6.00
5.85
7.00
Apr. 12
15.275
14.900
60.000
6.00
5.85
7.00
13
15.275
14.850
60.600
6.00
5.85
7.00
Apr. 14
15.275
15.000
61.0CC
6.00
5.85
7.00
15.275
15.033
60.600
6.00
5.85
7.00
Apr.
Average..
15.200
New York
60.250
Dom.,Refy. Exp., Refy.
Apr.
Tin
60.500
6.00
7,00
5.85
Average prices for calendar week ended April 10
are:
Domestic copper f.o.b.
15.221c.; Straits tin, 61.138c.; New York lead,
6.30c.; St. Louis lead, 6.15c.; St. Louis zinc, 7.208c.; and silver, 46.275c.
Above quotatons are "M. & M. M. s" appraisal
of the major United States
markets, based on sales reported by producers and agencies.
They are reduced
refinery,
15.692c.; export
to the basis of
copper,
cash, New York or St. Louis,
as
noted.
March, 1937.
of 280,675 tons over the preceding
month, and an increase of 630,847 tons over March, 1936.
March, 1937 is the highest March since 1929 when ship¬
This
is
an
increase
ments were
1,469,394 tons.
For the three months of 1937 shipments of finished
products amounted to 3,698,041 tons, compared
steel
with
2,181,281 tons for the same period in 1936, an increase of
70%.
Below we list the figures by months since January,
1933:
TONNAGE
OF
SHIPMENTS
OF
YEARS
All prices are in cents per
Month
Year
1933
STEEL
PRODUCTS
BY
MONTHS
FOR
INDICATED
Year
1934
Year
1935
Year
1936
Year
1937
pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
January
February
April
May
Copper
Tin, Std.
Lead
June
Zinc
Electro.
3M
Spot
455,302
August
603,937
701.322
668,155
March
Daily London Prices
Copper, Std.
285,138
275,929
256,793
335.321
July
{Bid)
Spot
69
274 %
70
276%
68
274%
68 %
68 %
3M
Spot
3M
272
275,6
27%
273%
271%
269%
27%
272%
275%
272%
25",6
27%
26%
25%
25%
Spot
3M
331,777
385,500
583,137
588,209
668.056
643,009
591,728
598,915
979,907
578,108
547,794
886,065
950,851
624,497
923,703
961,803
1,007,417
534.055
745,064
985,337
369,938
378,023
September
Apr.
8
Apr.
64
9
-65%
Apr. 12
63%
Apr. 13
62 %
64 Ml
Apr. 14
63316
65%
62 Ml
619*
62 Ml
Prices lor lead and zinc
are
Exchange; prices for
All
in pounds sterling per long ton (2,240
370,306
614,933
285,6
October. _b_»
572,897
28%
November
686,741
681,820
26%
26'5,6
December
430,358
600,639
343,962
366,119
418,630
661,515
265,6
26%
(44,283)
a(19,907)
5,805,235
5,905,966
copper
and tin
are
the official closing
pounds).
984,097
26%
26%
the official prices for the first session of the London
Metal
are
26%
25%
575,161
28%
285,6
721,414
676,315
783,552
buyers,
prices.
Yearly adjustment
Total for year
a
Reduction,
b
b Addition.
882,643
1,067,365
(23,750)
a40,859
7,347,549
10,784.273
a
1,149,918
1,133,724
1,414,399
Volume
New
144
Steel
Financial
Business
Declines
But
Production
is
Un¬
diminished
The
"Iron
Age" in its issue of April 15 stated that new
has declined
moderately in the past week,
which was to be expected in view of the
heavy tonnages
ordered in March, together with the fact that mills have
very
little, if any, steel to sell for second-quarter shipment and
business
steel
that
consumers
are
generally well covered for this period.
Incoming business, however, is still fairly good on the basis
of comparisons with
February, but is considerably below the
volume of late March, which, of
course, was extraordinary.
The "Age" further
reported:
Steel production shows
Slight
let-down from
no
estimated 91%
an
of capacity.
declines in
some districts are offset
by increases elsewhere.
Pig
being increased by the blowing in of two blast furnaces by the
States Steel Corp., one at
Gary and one at Lorain.
The only
Chronicle
The American Iron and Steel Institute on
April 12 an¬
nounced that telegraphic reports which it has received indi¬
cated that the operating rate of steel
companies
having
97.7% of the steel capacity of the industry will be 90.3%
capacity for the week beginning April 12, compared with
89.9% one week ago, 88.9% one month ago and 67.9% one
of
year ago.
This represents an increase of 0.4 points, or
0.44%, from the estimate for the week of April 5, 1937.
Weekly indicated rates of steel operations since March 2,
1936, follow:
1936—
Mar.
1936—
2
Mar.
9
53.5%
55.8%
60.0%
53.7%
62.0%
64.5%
67.9%
70.4%
Mar. 16
Mar. 23
Mar. 30
iron output is
Apr.
6
United
Apr.
13
idle merchant furnace in the
Chicago district, now being relined, will soon
into blast
go
pig iron demand in that territory increases, possibly
as
protection against
further advance in prices which may be
brought about
a
by higher coke and
a
ton and
ore
costs.
Connellsville furnace coke has gone up 35c.
foundry coke 25c., while by-product coke is higher in nearly all
districts.raw
material is
advancing in price, steel
scrap,
The declines of
and
week ago brought out a large volume of
scrap that pre¬
being held for higher prices, with the result that both brokers
was
a
have reduced their offering quotations or have withdrawn
market.
Opening of navigation on the Great Lakes has also
consumers
from
the
released
scrap
for early water shipment.
Chicago and 50c.
Steel scrap has dropped $1 at
Pittsburgh, but the Philadelphia market, supported by
at
export demand, is unchanged.
gone
high
as
temporarily
as
Advancing
foreign sales.
The "Iron Age" scrap composite
the first downward revision since November.
has
Whether the decline in prices of non-ferrous metals and
iron and steel
scrap
has had
discernible,
effect upon sentiment among steel
but there is undoubtedly an
an
buyers is not readily
easing of pressure on the mills,
particularly in the matter of getting third-quarter orders on the books.
A considerable volume of such business has
been taken at prices to be named
later, and,
ment
of
as a consequence, some
third-quarter
buyers
quotations.
It
are anxious for an
seems
decisions will be deferred until mills have
likely,
early announce¬
however,
that
price
clearer idea of second-quarter
a
profit margins, the picture being complicated by the fact that the recent
price advances have not as yet been realized on a substantial volume of
shipments.
Heavy shipments by the mills
and
sumers
jobbers to build
up
making it possible for
are now
inventories, but,
on
con¬
the
production after
prolonged strike shutdowns.
p* Railroad equipment business is featured by orders placed by the Southern
Railway for 5,600 cars.
A Chinese railroad is inquiring for 75 locomotives,
a
Mexican inquiry is for 18.
own
The St. Louis-San Francisco is building 16
shops and the Santa Fe will buy 11 diesel-electric
engines.
0 Structural steel lettings have spurted to 42,000 tons, the largest for any
week since last July.
in New York take
5,000 tons, and
a
Express highway viaducts for the New York Central
12,600 tons,
new
a
Chevrolet automobile plant at Buffalo,
open-hearth plant for Inland Steel Co.
Harbor, Ind., 5,000 tons.
at
Indiana
Both the Inland and Acme steel companies plan
considerable expansion in the Chicago area.
The 1937 ore movement
departure of two
cargoes
on
the Great Lakes opened on Monday with the
from Escanaba, Mich.
urgent need of certain grades of ore, has obtained
Stocks
of ore at
Lake Erie docks,
May
11
May
18
A Chicago steel plant, in
an
emergency all-rail rate.
amounting to 2,851,951 tons,
are
the
1
8
"Steel" of
markets,
companies,
which
are
are
conferring with the Steel Workers' Organizing Committee,
studying it closely, in view of the fact that this union is reported to have
now
enrolled less than
a
majority of workers in several of the leading plants.
THE
"IRON
AGE" COMPOSITE PRICES
Lb.
output.
High
1937—
buying
2.605c.
1935—.
Mar.
9
2.330c.
Mar.
Dec. 28
2.084c.
Mar. 10
Oct.
2.124c.
Jan
1934
2.199c.
1933
2.015c.
1
Apr. 24
Oct.
3
2.008c.
Jan
1.867c.
Apr.
2
2
18
1932
1.977C.
Oct.
4
Feb.
2
1931
.2.037c.
Jan.
13
1.945c.
Dec.
29
2.273c.
Jan.
7
2.018c.
Dec.
1929
2.317c,
Apr.
2
2J273C.
Oct.
29
1928
2.286c.
Dec.
11
2.217c.
July
17
1927
2.402c.
5.212c.
Nov.
Jan.
4
1.926c.
1
April 13, 1937, $23.25 a Gross Ton
Based on average of basic Iron at Valley
One week ago
$23.25
furnace and foundry Irons at Chicago,
One month ago
23.25
Philadelphia,
Buffalo,
Valley,
and
One year ago
Southern iron at Cincinnati.
18.84
1935
High
$23.25
Mar.
1934
Low
9
$20.25
19.73
Nov. 24
18.73
Aug. 11
18.84
.
—
Nov.
5
17.83
May
14
27
Feb.
17.90
May
1
16.90
Jan.
1933
16.90
Dec.
5
13.56
Jan.
*
on
13
July
20
July
27
Aug.
resulting
3
Jan.
Oct.
12.....75.9%
Jan.
Oct.
74.2%
74.3%
74.7%
9
74.0%
16
74.1%
23
74.3%
30
75.9%
7_. —.76.6%
14
79.2%
21
77.0%
28
77.0%
19
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Feb.
16
3
1932
14.81
Jan.
5
13.56
Dec
1931
15.90
Jan.
6
14.79
Dec.
15
1930
18.21
Jan.
7
15.90
Dec.
16
governmental
steel
industry,
it
policies,
has
for
third
bookings has become
quarter
first and orders
are
that
it
is
result of settle¬
a
serve
heavier
regular customers
booked only after careful
scrutiny.
Premiums offered
tempting but domestic business is given preference.
Steel making operations are unchanged at
9134% of capacity.
Pitts¬
burgh is unchanged at 95, Chicago at 84, eastern Pennsylvania at
59 34,
Wheeling at 96, Birmingham at 80, New England at 85, Detroit at
100,
and St. Louis at 82%.
Buffalo loses one point to 88%, Cleveland
534
points to 74, Youngstown gains one point to 87%, and
Cincinnati 10
points to 90%.
of
50c.
hundredweight
per
reflects higher wages and material
burgh.
This applies to spot and
affected.
tracts.
Most
of
users
The
large tonnages
Heavy export demand has been
manufacturing terne plates
were
plate,
effective
at
once,
price is $5.35,
new
tonnage,
Pitts¬
but contracts
covered
are
a
on
55c.
at
the
gross
tons,
of steel works capacity and brought the first
quarter to
than the greatest
Special
This
December, 1933.
0Steel ingot production in March, 5,229,431
highest first quarter of all time.
con¬
time.
same
not
are
long-time
facotr in the increase.
advanced
is the first advance in tin plate since
tin
on
costs.
export
In fact,
it
was
was
at
new
a
record, the
90.13%
only 748,213 tons less
quarterly output in steel history.
The March
has
been
was
tonnage
54% above that of the corresponding portion of 1936.
exceeded
only
Structural steel awards
once,
rose
in May,
1929.
The
quarter's
production
sharply to 42,675 tons, the largest tonnage
30, when protections were being
for any week this year except that of Jan.
realized.
Among the larger tonnages
were
18,230 tons for
an
open-hearth
building for Great Lakes Steel Corp., 4,000 tons for a Genera] Motors
building at Baltimore, 4,000 tons for the West Side elevated
highway in
New York, 2,525 tons for a building for Ford Motor
Co. at Dearborn,
Mich., 1,800 tons for a bridge at Topeka, Kan., and several others above
1,000 tons each.
Steel
tons
imports
in
in
January,
ference.
Pig iron
February
the
41,628
were
shorter
month
tons,
compared
accounting for
the largest import item,
was
more
11,340
with
than
43,063
the
dif¬
tons.
Scrap im¬
ports, practically all from Canada, in January and
February were almost
equal, 2,471 and 2,421 tons, respectively.
Belgium was the
principal
supplier, with 12,516 tons.
1
Automobile production last week
the
preceding week.
98,910 units, slightly larger than
General Motors produced 51,080
cars, compared
was
Ford made 34,850.
Award of 8,155 freight cars in March
brought the total for first quarter
to 30,933 cars, the largest total for a first
quarter since 1929, when
43,163
placed.
were
Pittsburgh has given that market
is
not
severe
and
in
some
an
centers
scrap
has
6
declined 48c.,
mid-January.
Sale
of
by the
though
continue
the first
This composite is the
heavy melting steel
feeling,
on
the setback
certain
same
downward
that at
as
New York
movement
the end
Central
for
since
of March.
Youngstown,
Ohio, delivery at $23.50 indicates the market is strong under the
surface.
Higher price of tin plate has raised the finished steel
composite
$1
to
$61.70 and the iron and steel compsoite 36c. to $40.55.
Steel ingot production for the week ended
April 12 is placed
at about 91^% of
capacity according to the "Wall Street
Journal" of April 15.
This
compares
91
% in the previous week and a fraction
ago.
The "Journal" further reported:
U.
S.
Steel operations are
estimated at
with approximately
90% two weeks
over
87 >4%, against 86 34%
in the
previous week and 86% two weeks ago.
Leading independents are credited
approximately 95% of capacity, compared with 95% the week before
and 94% two weeks previous.
with
The following table gives a comparison of the
percentage of production
17.04
July
24
approximate
17.54
Nov.
changes,
in
points,
from
the
week
together with the
years,
immediately
1
Steel Scrap
grades.
The composite price of steel
making
$21.60,
to
easier
advances
Export prices have not been affected.
Jan.
April 12—
Industry
V. S
Steel
preceding:
Independents
Based
on
No.
1
heavy melting steeJ
quotations at Pittsburgh, Philadelphia
and Chicago.
1937
1936
91H
+
X
8714
+
1
95
+
3
69
High
$21.92
Mar. 30
Low
$17.92
17.75
Dec. 21
12.67
13.42
Dec.
10
10.33
13.00
Mar. 13
9.50
12.25
8.50
1931
11.33
Jan.
June
4
9
Apr. 23
Sept.25
Aug.
8
Jan. 12
6.75
Jan.
3
6.43
July
5
Jan.
8.50
Dec. 29
6
66
+
3
62
1935
+
45H
1
314
+
4214
48
1934.
14.63
1932
insistent
so
for export tonnage are
19.71
1933—
on
were
Every effort is being made by steel makers to
1927
1934.
to
effect
complicated.
with the nearest corresponding week of
previous
1935
noticeable
than the monthly average for 1929.
17
1936
reflected
Pittsburgh district
Dec.
1937
business
general
been
March bookings of plates and shapes in the
18.21
21.25
the
with larger needs of automobile builders
coming out as
Nov. 27
..$21.92
90.3%
ment of strikes in the Detroit area the situation
will be further
May 14
Gross Ton
April
steel
some
18.59
a
Mar.
makers may announce prices
shortly for that delivery.
Despite best efforts of producers deliveries have not been
bettered and
18.71
One month ago
One year ago
Mar.
Mar.
has
had
not
1929
April 13. 1937, $21.42
One week ago
Feb.
Mar.
summary of the iron and steel
1928
4
Feb.
Mar.
April 12
from
the
18
Feb.
2
Nov.
79.4%
78.8%
80.6%
25
77.9%
1
79.6%
8
80.6%
15—...81.6%
22
82.5%
1
85.8%
8
87.3%
15
88.9%
22
89.6%
29
90.7%
5
89.9%
11
Jan.
26
Oct.
4
Jan.
production.
Pressure
9
Pig Iron
1936
6
July
8
1930
1937-.—
July
75.4%
.75.3%
5
A pause in the rapid upward movement of steel
making scrap prices at
2.130c.
.
or
intimated
Low
2.330c.
1936
June 30
with 51,280 the week before.
| Based on steel bars, beams, tank plates,
One week ago———2.605c.'
wire, rails, black pipe, sheets and hot
One month ago--.-.——
rolled strips.
—2.605c.
These products represent
One year ago
2.097c.
85% of the United States
a
Oct.
1937—
Sept. 28
70.2%
74.0%
67.2%
69.0%
70.9%
71.5%
71.4%
70.0%
72.2%
72.5%
71.5%
68.2%
72.5%
74.4%
Cleveland, in its
April 12, stated:
degree in
some
in
Finished Steel
April 13, 1937, 2.605c.
70.0%
Although the feeling of uncertainty apparent in
situation,
lowest in many years.
Steel companies have made no official statements
regarding the Supreme
Court decision on the Wagner Labor Act, but
independent
1936—
15
69 1% Aug. 24
69.4% Aug. 31
67.9% Sept. 7
68.2% Sept. 14
69.5% Sept.21
May 25
June
June
June 22
71.2% Aug. 10
70.1% Aug. 17
4
Advance
some
the other hand,
automobile industry, which does not stock steel
except in the form of manu¬
factured parts, is exerting constant pressure for
shipments.
This is partic¬
ularly true of Chrysler and Hudson, which have resumed
locomotives in its
May
freight rates, which have
ocean
$11 for shipment to Japan, and scarcity of bottoms may
check
declined to $21.42,
Apr. 27
which has had
phenomenal advance, shows pronounced weakness in
nearly all centers.
sumably
Apr. 20
June
■;
While this
a
as a
2573
+
2
49
■+■
1
41
57
1933—.
+
3
20
+
2X
1932
+
22 K
3
1931
50
1930
76
1929
84
1927
86 H
+
+
21
14
14
IX
53
—
114
4914
1
78
—
1
73
2
96
—
—
2
—
96
1928
—
1814
23
—
X
2
—
89
—
93
—
21
96
—
—
+
—
14
114
3
2
•
14
2
80
80
—
3
2574
Financial
Chronicle
April 17,
1937
Current Events and Discussions
The Week with the Federal Reserve Banks
The condition statement of weekly reporting member banks in 101 lead¬
During the week ended April 14 member bank reserve
balances increased $217,000,000. Additions to member bank
reserves arose from increases of $105,000,000 in gold stock,
$35,000,000 in Reserve bank credit, and $2,000,000 in
Treasury currency, and decreases of $163,000,000 in Treas¬
deposits with Federal Reserve banks, $4,000,000 in
money in circulation, and $11,000,000 in non-member deposits
and other Federal Reserve accounts, offset in part by an
increase of $102,000,000 in Treasury cash.
Excess reserves
of member banks on April 14 were estimated to be approxi¬
mately $1,630,000,000, an increase of $190,000,000 for the
week.
Inactive gold included in the gold stock and Treas¬
ury cash amounted to $465,000,000 on April 14, an increase
of $104,000,000 for the week.
After noting these facts, the
Board of Governors of the Federal Reserve System proceeds
ury
as
follows:
ing cities oh April 7 shows increases for the
loans
and
$41,000,000
investments,
week of $83,000,000 in total
demand
in
deposits-adjusted,
$97,-
000,000 in deposits credited to domestic banks and $46,000,000 in balances
with domestic banks, and a decrease of
$15,000,000 in deposits credited to
foreign banks.
Loans
loans
to
brokers and dealers in
and
brokers
to
New York City declined $15,000,000.
outside New York $12,000,000, loans on
banks) $2,000,000, holdings of acceptances and
dealers
securities to others (except
commercial paper bought $5,000,000, real estate loans
to banks
$1,000,000 and loans
"Other loans" increased in all districts, the principal
increases being $15,000,000 in the New York district and $7,000,000 in
$3,000,000.
the Boston district and the total increase
Holdings
United
of
$145,000,000
States
Chicago
the
in
being $45,000,000.
Government
district and
direct
obligations
increased
$124,000,000
at all reporting
banks, and declined $16,000,000 in the New York district and
member
$8,000,000
Richmond
the
in
district.
Holdings
of
obligations
fully
guaranteed by the United States Government declined $7,000,000 in the
New York district and $10,000,000 at all reporting member banks.
Hold¬
ings of other securities declined $37,000,000 in the New York district and
Principal changes
in holdings of bills and securities
were
increases
of
$38,000,000 at all reporting member banks.
$28,000,000 in United States bonds, and $3,000,000 in discounted bills.
Demand deposits-adjusted increased $214,000,000 in the Chicago district
The statement in full for the week ended April 14, in com¬
parison with the preceding week and with the corresponding
date last year, will be found in pages 2600 and 2601.
Changes in the amount of Reserve bank credit outstand¬
ing and related items during the week and the year ended
April 14, 1937, were as follows:
Increase (+) or Decrease (—)
;
,
Since
April
14, 1937
v"
$
Bills discounted
11,000,000
4,000,000
2,487,000,000
-
Bills bought
U. S. Government securities
Industrial
advances
+5,000,000
—1,000,000
+28,000,000
Gold stock.
Treasury currency
$12,000,000 in the Philadelphia district and
+35,000,000
+105,000,000
+2,000,000
+51,000,000
+1,497,000,000
+39,000,000
+217,000,000
—4,000,000
2,876,000,000 +102,000,000
112,000,000 —163,000,000
+1,568,000,000
+506,000,000
+332,000,000
—718,000,000
Treasury deposits with F. R. bank..
Non-member deposits and other Fed¬
eral Reserve accounts
494,000,000
Banks
—11,000,000
—101,000,000
A
of the principal assets and liabilities of the
member banks, together with changes for the
week and year ended April 7, 1937, follows:
summary
reporting
Assets—
Loans and investments—total
System for the New York City member
Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday:
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
—15,000,000
+65,000,000
229,000,000
—12,000,000
+ 16,000,000
—2,000,000
—5,000,000
—49,000,000
+ 52,000,000
+ 13,000,000
Loans to banks..
2,049,000,000
405,000,000
1,156,000,000
78,000,000
Other loans
4,407,000,000
+45,000,000
+899.000,000
8,520,000,000
+ 124,000,000
—271,000,000
1,189,000,000
3,274,000,000
—10,000,000
—38,000,000
-78,000,000
-30,000,000
Reserve with Fed. Reserve banks..
5,176,000,000
on
City
securities
(except banks)..
Accepts, and com'l
Loans
on
others
to
bought.
paper
real estate
fully
guaranteed
1937
Apr. 7
1937
$
$
Cash In vault.
City
Outside New York City
Loans on
securities to
others
8,556
1,996
1,004
72
1.008
73
980
67
1
Liabilities—
Demand deposits—adjusted
Time deposits
44
149
152
20
18
Loans
127
127
131
15
15
15
45
49
31
4
4
6
1,622
1,598
1,183
412
407
264
3,106
3,148
3,506
976
1,004
442
448
559
95
95
89
Other securities
1,120
1,138
1,199
284
280
277
Reserve with F. R. Bank
Cash in vault
2,622
2,485
1,972
581
507
50
50
29
26
36
77
75
83
161
136
of
493
472
67
67
72
Liabilities—
Demand deposits—adjusted
6,300
6,342
1,367
1,329
673
447
451
460
124
124
5,921
532
198
1,433
671
96
96
on
101
2,197
2,158
2,376
594
579
399
322
5
5
4
\
Borrowings.....
Other liabilities
Capital accounts
...
....
....
1
....
401
383
318
24
25
34
1,472
1,473
1,466
235
235
230
♦
Complete Returns of the Member Banks of the Federal
Reserves System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
selves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business April 7;
1
and
Announces
No
Protection
-v';:
April 15 that Italy would
The
resume
discussions regarding
withdrawal of foreign volunteers from Spain.
subcommittee
of
the
International
Committee thereupon decided to create
This
on
means
of
Non-intervention
a
special
group
to
withdrawing foreign troops from Spain.
body will consist of representatives of the nine Nations
the subcommittee and their
military attaches.
The Non¬
intervention Committee fixed midnight of April 19 as the
date for the international control of neutrality in the Spanish
567
443
Foreign banks
—4,000,000
'
the complete
civil
•
Domestic banks
Seas
130
179
469
Time deposits
„
United States Govt, deposits
Inter-bank deposits:
+132,000,000
+76,000,000
—4,000,000
+97,000,000
Dino Grandi, Italian Ambassador to London, announced
examine
54
—15,000,000
2,000,000
553
1,031
Obligations fully guaranteed by
Other assets—net
+41,000,000 +1,277,000.000
+188,000,000
—407,000,000
Will be Given Food Ships Entering Blockaded Port
of Bilbao—Commons Upholds Cabinet
by 345 to
148
20
Balances with domestic banks..
353,000,000
5,559,000,000
438,000,000
Freedom
163
United States Government
5,144,000,000
Italy Agrees to Discuss Withdrawal of Foreign Troops
from
Spain—Great
Britain
Reverses
Policy of
36
1,884
737
U. S. Govt, obligations
15,167,000,000
United States Govt, deposits
Inter-bank deposits:
1
40
2,022
120
Other loans.
—37,000,000
—302,000,000
•
$
8,449
740
Loans to banks
—8,000,000
+46,000,000
I.
$
8,386
112
real estate
+3,000,000 +1,124,000,000
338,000,000
1936
736
on
+8,000,000,
15
Apr
Accpts. and com'l paper bought
(except banks)
—3,000,000
1,932,000,000
Balances with domestic banks
Loans to brokers and dealers:
In New York
—1,000,000
by
Chicago-
Apr. 7 Apr. 15 Apr. 14
$
$
investments—total..
$
1,049,000,000
In New York
Outside New York City
Loans
Foreign banks..
Borrowings
New York City
Assets
$
Loans to brokers and dealers:
Domestic banks
(In Millions of Dollars)
1936
(—)
8, 1936
+625,000,000
United States Government
Reserve
1937
Decrease
Apr
+83,000,000
Obligations
banks and also for the
1937
or
Mar. 31, 1937
22,356,000,000
Below is the statement of the Board of Governors of the
Apr. 14
(+)
Since
Apr. 7, 1937
$
U. S. Govt, direct obligations
in New York City and
Chicago—Brokers' Loans
Loans and
like amount in other districts.
Other securities- .2
6,901,000,000
6,383,000,000
Treasury cash
IN
a
Deposits credited to domestic banks increased $51,000,000 in the New York
Increase
+ 4,000,000
Money In circulation
Federal
increase of $41,000,000 for the week.
district, $13,000,000 in the Boston district and $97,000,000 at all reporting
member banks, and declined $14,000,000 in the Chicago district.
—7,000,000
—1,000,000
balances
Return of Member
an
Time deposits declined $24,000,000 in the New York district, and increased
+57,000,000
2,528,000,000
11.697,000,000
2,541,000,000
Total Reserve bank credit
$26,000,000 in the Philadelphia district, and declined $161,000,000 in
York district and $18,000,000 in the San Francisco district, all
the New
reporting member banks showing
*
23,000,000
4,000,000
Other Reserve bank credit
reserve
April 15, 1936
$
+3,000,000
+1,000,000
Including
(not
$19,000,000 commltm'ts—Apr. 14)
Member bank
April 7, 1937
.'Vsi-
and
war.
The
of
war
April 10,
in
Spain
page
was
2395.
last referred to in the "Chronicle"
Loyalist troops this week continued
to make
gains in the Madrid sector, but the rebels reported
successes near the port of Bilboa, which has been
blockaded by a rebel fleet, and where the 400,000 inhabitants
are said to be in
danger of starvation.
In an effort to run
the blockade, several British merchant vessels carrying food
were
prepared to seek to enter the harbor of Bilbao. Prime
Minister Baldwin of Great Britain, however, told the House
renewed
of Commons on April 12 that while Great Britain would
guard her shipping "at sea" it could not protect British food
ships actually entering the port of Bilbao. This declaration,
regarded as a reversal of British policy regarding the freedom
of the seas, was
sharply attacked by Labor and Liberal mem¬
on April 14, but The
House finally upheld
the Cabinet's position by a vote of 345 to 130.
A London
dispatch of April 14 to the New York "Times" reported that
bers of the House
action
as
follows:
The debate
of the House.
was
notable for fierce passions, which ran
Government speakers were
high
on
both sides
interrupted incessantly by taunts
Volume
Financial
144
charged that Britain was showing
from Labor and Liberal members, who
German
Payment for Claims Arising from Black Tom
twisting international
and
Kingsland Explosions Still Uncertain—Mixed
cowardice in the face of Fascist dictators and
were
law so that Bilbao could be starved into surrender.
Earlier Britain had sent
a
if ship captains disre¬
even
away
up
the warning tonight
said Mr. Eden, although the government still regarded
Bilbao as dangerous
and wanted ships to avoid any unnecessary risks.
He made it plain that the British Navy would not force
ade within territorial waters
even
the Rebels' block¬
though the blockade had not been recog¬
nized formally in accordance with international law.
"We hope," said Mr. Eden, "that the British merchant
ships at Saint-
Jean-se-Luz will not go to Bilbao, because we do not think it
But if they
He also
do
go they will be
said
the
protected
up to
sweeping operations for the protection
"be prepared to
Even the mildest of Labor members
lost their
tempers as
they hurled
charges of cowardice and hypocrisy across the Commons floor at the
Ministers on the front bench.
Cabinet
leader
Clement R. Attlee, the parliamentary
of the Labor party, declared the government had "run up
in the face of a risk that did not exist.
the whito flag"
The alleged mine fields
outside Bilbao
fiction, said Mr. Attlee, while the so called neutrality of the
sheer
British Government
nothing but
was
a
mask for assistance to the Rebels.
"Franco is seeking to starve women and
children, and the British Govern¬
helping him out," said Mr. Attlee amid tumult from all parts of the
ment is
had
but the
explosions,
evidence
new
follows:
stood
the
on
case
this
on
German
of
';v
Tiie commission
the
there
the meantime has proceeded
in
of
basis
method
should
cases
that
Tempers Lost in Debate
originally absolved Germany of respon¬
claims were reopened
agent, asserted that
complicity.
After the
reopening, the figure of $22,474,736 was mentioned as a
possible basis of settlement, without Germany admitting
guilt.
A Washington dispatch of April 8 to the New York
"Times" discussed the present status of the claims
as
the
for
after Robert W. Bonynge, an American
he
the
mile limit.
were
Claims Commission
The German-American
N. J.
Kingsland,
Black
Mixed
war-time explosions at
arising from the
and
sibility
waters."
consider" mineof British shipping outside the three-
would
government
safe for them.
the limit of territorial
Tom
that
decided whether it will
States $22,474,736 or any other amount
to the United
claims
on
by
telling the House of Commons that the navy would protect British ships
right up to the three-mile limit outside Bilbao harbor. If ship captains in¬
sisted on going there the navy was bound to guard them on the high seas,
Secretary Anthony Eden followed
the German government has not yet
pay
from Bilbao.
Eden Stresses Protection
Cases
on
German officials in Washington revealed on April 8
Spanish rebel leader, that he would be held responsible for any damage he
garded official advice from London to keep
Commission Must Rule
Claims
Francisco Franco,
direct warning to General
might cause to British merchantmen "at sea"
Foreign
2575
Chronicle
the
proceed
be
could
alleged
with plans to reconsider
The German Embassy
evidence.
new
today by stating that its government contended that
the
in
regular
by
commission and
before the
way
special settlement
no
of the Munich
means
agree¬
ment.
The
latter,
wiien
it
action.
was
explained,
that
relations
Munich
the
it
felt
was
American
negotiations
It is
in
conditions
preliminary
a
only as
have
preparation for formal
a
materialized to the
not
point
warranting special treatment of the cases.
In the meantime the commission has proceeded with plans for rehearing
the
in regular order.
cases
Recently other American claimants for wartime
briefs
damages by Germany arising out of other incidents, intervened with
house.
way
Germanemphasized' that
it was
However,
considered
were
into
American viewpoint
to the
be improved.
felt that
now
entered
was
by acceding
might
in
opposition to
settlement
a
the basis of the Munich arrangement, con¬
on
this would deprive them of their
tending that
share of payments.
proper
Comparative Figures of Condition of Canadian Banks
In the following we compare the
banks for Feb. 27, 1937, with the
condition of the Canadian
figures for Jan. 30, 1937,
April 15 Coupons
In
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
pay
Feb. 27,
1937
Jan.
30,1937 Feb. 29, 1936
$
Current gold and subsidiary coin—
5,394,483
4,443,220
Elsewhere.
5,664,901
4,857,028
$
5,875,032
9,823,286
or
9,837,703
...
Notes of other banks..
United States & other foreign currencies.
38,352,680
195,044,747
5,885,703
22,425,298
90,442,219
Cheques on other banks
Loans to other banks In Canada,
10,521,929
15,698,318
44,011,345
197,040,751
5.523.441
23,365,235
84,131.184
of
30,880,491
6,493,543
23,112,885
78,511,020
with
made
3,837,676
4,096,807
23,920,997
22,760,827
44,161,770
government
119,039,792
80,195,298
1,123,381,752 1,108,732,231
,041,284,465
179,091,727
194,771,262
151,125,490
119,640,614
108.050,549
Provincial
ties other than Canadian
loans
Canada on stocks,
In
Loans
to
cities,
estimated loss
loans,
of
bonds and
sucli
119,409,697
72,433,375
687,349,679
162,108.685
741,591,724
145,623,539
17,481,616
New
Steamship
The
91,087,671
purchase
8,784,459
4,248,342
8,614,445
75,024,848
74,989,356
76,130,983
75,511,002
71,069,321
58,008,873
for the security of note circulation
Deposit In the central gold reserves...
7,046,512
7,046,512
6,879,684
Shares of and loans to controlled cos
9", 72 L 642
on
real estate sold by bank.
credit
as
Deposit
per contra
with
Minister of
the
5,308,677
marks
Dawes
may
according
mittee
9",790",938
to
tbe
face
$35
per
1,799,915
rate
customary
114,945,308
91,332,396
New
the
46,052,344
Stock
York
644,267,905
Com¬
the
Exchange
the bom1" of the Dawes
STOCK EXCHANGE
on
Securities
1937.
Oct.
offices
of
as
bonds
and
That
the
April 15,
on
per
;
bonds
of
533,784,608
upon
that
be acquired for coupons
in
effect:
the
"stamped" bonds be quoted
April 15, 1937 ;
be quoted
ex
the April
15,
1937,
coupon
on
and
the bonds shall continue to
settlement
date,
of
rate
may
bonds at
on
that
$25 for each $35 face
from
the customary rate of exchange
at the
rules
and after
on
Morgan & Co. or at American
J. P.
to the regulations
Securities
$1,000 bond
"plain"
1937
Line,
"stamped"
according
Committee
$25
purchased
be
that Dawes marks
coupons;
heretofore,
The
will
the office of Messrs.
Hamburg-American
of
amount
1935,"
1,
transactions made
be dealt
in
"flat" and to be
beginning April
15,
a
delivery
1937, must
carry
35,726",594
655,514,404
as
effect.
in
rulings affecting
65,214,342
34,720^572
the
of
exchange
having been received that the coupons due April 15, 1937, from
loan, 1924, 7%»gold bonds, due 1949, stamped "U. S. A.
Domicile
in
124,385,537
of
April 14,
That
108,947,321
amount
of the
date of
German external
1,896,742
Liabilities
after the
or
on
of tliis announcement
of
Committee
ex-interest
1,809,041
114,238,885
Balance due to Dominion govt, after de¬
ducting adv. for credits, pay lists, &c.
$25
the
at
the regulations
issuance
adopted several
107676,314
3,329,043,731 3.261,624,965 3,072,858 310
Notes In circulation
Line,
loans; these rulings were announced as follows:
"plain"
Other assets not included under the fore
Total assets
of the American offices
any
will be
price
be acquired
Securities
on
presentation at
Finance
going heads
at
or
Hamburg-American
coupon.
Notice
Bank
1936.
will therefore have the opportunity to
coupons
105,079,620
13,566,599
premises at not more than cost
less amounts (If any) written off
Liabilities of customers under letters of
tranche which matured Oct. 15,
same
NEW YORK
11,979.935
Real estate other than bank premises.
of
1,
City,
York
Co.,
22,380,562
62,130,021
11,947,061
8,817,753
4,135,445
Mortgages
in
maturing April 15, 1937, against dollars at Messrs. J. P.
coupons
& Co.,
German
pro
vlded for
American
of
coupons
1937, of American tranche of Dawes loan,
1935" will be purchased in the same
15,
Oct.
of the
municipalities
and school districts
Non current
of
external loan, 1924), which will mature on April 15,
coupons
Following
78,259,633
118,821,683
67,808,315
691,687,139
167,565,468
95,232,131
towns,
loan),
tranche
(Dawes
1924
loan,
external
purchase
Domicile
those
Loans to the Government of Canada
Loans to Provincial governments
Consulate General of
German
the
German
of
the
to
(German
heretofore,
18",070.303
Elsewhere
15
made in these columns of Oct. 17,
America.
"USA
as
sell their
tures, bonds and other securities of
sufficient
marketable value to
Other current loans & dlso'ts In Canada
of
Coupons maturing April
manner
a
Elsewhere than In Canada
loan
maturity.
deben
cover
coupons
of
reference
Morgan
lsh, foreign and colonial public securl
Railway and other bonds, debs. & stocte
Call and short (not exceeding 30 days)
With
72,707,740
163,978,160
and
government securities
Canadian municipal securities and Brit
United States
Holders
Canada and the
United Kingdom....
Dominion
was
announcement
Purchase of
stamped
Due from banks and banking correspond¬
ents elsewhere than In
to the payment of the Oct.
Reference
the loan
April 12 follows:
5,605,274
Due from banks and banking correspond¬
ents In the United Kingdom
Con¬
Germany will
1937, the following is communicated herewith:
balance due
and
from other banks In Canada
German
April 12, the
2448.
Dawes
secured.
York
15—New
15, the purchase price to be $25 per $35 face amount
the coupon.
page
186,934,473
Including bills redlscounted
Deposits
issued
Oct.
the April 15 coupons on the German external loan, 1924,
loan, in the same manner as those
The
Deposits with Hank of Canada
of
Bonds
on
the so-called Dawes
of Oct.
Dominion notes
Notes or Bank of Canada
Those
as
Rules
announcement
an
coupons on
Total.
Dawes Loan to Be Paid by Germany
sulate General in New York made known that
CANADA
In Canada...
on
Manner
Stock Exchanges
and Feb. 29, 1936.
Assets
Same
in
the Oct.
15, 1937, and subsequent coupons.
.
ROBERT
L.
FISHER,
Secretary.
Advances under the Finance Act
Balance due to Provincial governments..
Member
Deposits by the public, payable on de¬
mand In Canada
Deposits
notice
by
the
or on a
payable after
fixed day In Canada
Deposits elsewhere than In Canada
Loans
from
other
banks
,563,829,859
420,797,381
,548,604,580 1,517,261,281
396,281,436
405,464,162
12,013,689
11,979,732
10,756.488
10,976,021
10,228,027
8,514,066
30,616,240
31,393,848
26,823,057
694,414
other banks In Canada
680,072
75,511,002
71.069,321
3,082.898
1,198,881
58,008,873
2,908,938
2,948,654
132,750,000
145,500,000
Due to banks and banking correspond¬
Elsewhere
than
In
Kingdom
Canada
and
the
United Kingdom
Bills payable
Letters of credit outstanding
Liabilities not lncl. under foregoing heads
Dividends declared and unpaid
Rest or reserve fund.
133,750,000
Capital paid
145,500,000
..
up
Total liabilities
3,080,868
2,949,327
2,540.142
133,750,000
145,500,000
3,319,104,063 3,253,669,557 3,063,320,009
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.
on
New
York
Stock
and
Curb
According to date issued by the Securities and Exchange
yesterday (April 16), trading by all members
of the New York Stock Exchange, except odd-lot dealers,
in all stocks for their own account during the week ended
March 20, in relation to total transactions on the Exchange
was
below the previous week ended March 13.
On the
New York Curb Exchange, however, the percentage of
trading for the account of members during the week ended
March 20 was higher than the preceding week.
Trading on the Stock Exchange for the account of all
members (except odd-lot dealers), during the week ended
March 20
(in round-lot transactions) totaled 4,650,200
shares, which amount was 20.43% of total transactions on
the Exchange of 11,381,600 shares.
During the preceding
Commission
In
Canada,
secured, Including bills redlscounted..
Deposits made by and balances due to
ents In the United
Trading
Exchanges During Week Ended March 20
public,
Financial
2576
Chronicle
week
Short
trading for the account of Stock Exchange members
6,814,405 shares was 21.25% of total trading of 16,177,810
shares.
On the Curb Exchange member trading during the
week ended March 20 amounted to 997,125 shares, or 17.88%
of total transactions of 2,787,570 shares; this compares with
member trading during the previous week ended March 13
of 1,314,640 shares, or 17.86% of total volume of 3,680,350
shares.
:>.•
I.U, ■ U...,■
The data issued by the SEC are in the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress last June on the
"Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer."
The figures for
the week ended March 13 were given in our issue of April 10,
page 2396.
In making available the figures for the week
April 17, 1937
Interest
on
of
ended March 20 the Commission said:
The figures given for total round-lot
•
volume for the New York Stock
Exchange and the New York Curb Exchange represent the volume
all
round-lot
of stock
sales
from the volume reported
the week ended March 20
shares,
New
effected on
exchanges
those
by the ticker.
as
York
Curb
Exchange
round-lot volume
total
month since March 29,
1935—
date
May 31........
June 28
classified
the
in
Other than
Initiated
N.Y. Curb
*
On
the
Exchange
Exchange
.
1,070
869
195
101
-
New
116
332
417
transactions
York
Curb
the round-lot
Exchange
150
370
Initiated off floor—
no
31
Feb.
—
...
-
28
30
Mar. 31
913,620
29
31
May 29........1,117,059
Jan.
Oct.
930,219
June 30
Feb.
26
Nov. 29
1,032,788
July
1937—
1,138,358
31....
974,338
.1,oil,670
1,066,184
Nov. 30.....-.-1,230,579
Dec. 31
1,136,814
Oct.
1,103,399
1,246.715
1,175,351
..1,132.817
1,314,840
1,426,522
1,199.064
Mar. 31
996,399
Liquidating Distribution
of 1% to Be Made
Credit Corp. April 30
by Railroad
The
Railroad Credit Corp. will make a liquidating dis¬
tribution of 1% on
April 30, 1937, amounting to $735,407.
Of this amount
$522,394 will be paid in cash and $213,013
on carriers' indebtedness to the
corporation,
it was announced on
April 15 by E. Gf. Buckland, President.
This will bring the total amount distributed to
$52,213,903,
or
71% of the fund originally contributed by the carriers
participating in the marshalling and distributing plan, 1931,
Mr. Buckland said.
Of this total $25,728,124 will have been
returned in cash and
$26,485,779 in credits.
will be credited
floor
Reports showing
Jan.
Sept. 30.......
Apr. 30
week,
specialists:
as
on
Aug. 31
927,028
....
1936—
998,872
On the
same
follows:
as
■
..
1936—
31
11,381,600
N.Y. Stock
;;•*>"•
■■■■■
-yy
Number of reports received
Reports showing transactions:
As specialists*
Dec.
870,813
published are based upon reports filed with the New York
These reports are
.
July 31
Aug. 30
Sept. 30
of
Exchange and the New York Curb Exchange by their respective
members.
760,678
772,230
768,199
840,537
Apr. 30
and warrants).
The
Exchange De¬
.*■
1935:
1935—
Mar. 29
2,787,570 shares, exceeded by 7.7% the ticker volume (exclusive of rights
Stock
Stock
The total round-lot volume for
the New York Stock Exchange,
on
York
existing as of the opening of busi¬
ness on March
31, as compiled from information secured by
the New York Stock
Exchange from its members, was 1,199,064 shares, it was announced by the Exchange on April
16.
This compares with 1,426,522 shares as of Feb. 28,
and with 1,175,351 on March
31, 1936.
In the
following tabulation is shown the short interest
existing at the opening of the last business day of each
distinguished
9.8% larger than the volume reported on the ticker.
was
New
The total short interest
■
.
the
creased During March
541
transactions
v.
of specialists
"in
stocks in which registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the
dealer as well as those of the specialist.
The
of .reports
number
in
the
various
than the number of reports received
carry entries in more than one
NEW
YORK
a
may
total
MEMBERS*
ALL
STOCKS
(SHARES)
Total Jot
Wee*
,.v;
Total volume of rourd-lot sales effected on the Exchange
Round-lot
transactions
members
of
except
transactions
Per
Cent
a
11,381,600
of
specialists and odd-lot dealers in stocks in which registered:
1
Initiated
on
the floor—Bought,
......i...--.684,030
733,280
Sold
-
Total
2.
1,417,310
Initiated off the floor—Bought.
Sold
1,150,310
of
transactions
6.23
493,310
657,000
_
Total
Round-lot
specialists
registered—Bought
in
Bankers'
stocks
in
5.05
Dropped $4,636,092
$396,471,668 March 31—However,
Acceptances
Showed Gain of $37,467,161 Over Year Ago
During March the volume
of bankers' acceptances de¬
$4,636,092 to $396,471,668 March 31 from $401,107,760 Feb. 27, according to the 'monthly report of the
Acceptance Analysis Unit of the Federal Reserve Bank of
New York, issued April 12.
This decrease during March
followed six consecutive monthly gains. However, the volume
outstanding at the close of the latest month was $37,467,161
above the figure for March 31, 1936, of $359,004,507.
The decline during March in the volume was due to losses
in all classifications of credit
excepting those drawn for
imports and domestic shipments the year-to-year gain is
attributed to increased credits for imports, domestic ship¬
ments, and domestic warehouse credits. The following is the
report for March 31 as issued by the New York Reserve
Bank on April 12:
,
BANKERS
which
DOLLAR
1,028,750
1,053,830
—
Sold
'
''
■
.
2,082,580
...
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks in which registered—Bought..
Total....
■'
'
•••
FEDERAL
V
—
RESERVE
March 31,
1. Boston
4,650,200
3.
20.43
Philadelphia
Cleveland
5. Richmond
7. Chicago...
8. St. Louis
registered:
1
In round lots—Bought
9.
Minneapolis
10.
377,320
247,730
Sold
Kansas City
2.
Bought
1,603,117
Sold
1,749,731
Total
NEW
YORK
FOR
EXCHANGE—TRANSACTIONS
ACCOUNT OF
MEMBERS*
Week Ended March 20.
IN
ALL
Round-lot
transactions
of
members,
the
except
specialists in stocks in which registered:
1.
Initiated
on
Per
77.232,927
87,199,438
ACCEPTING BANKS
Own bills
92,140
88,985
Sold
Total.
transactions
9,757,481
56,562,959
1,797,706
181,125
of
specialists
in
stocks
in
....$150,375,050
Bills of others
166,128,162
Total
.$316,503,212
24,024,528
Decrease for month
3.25
CURRENT
MARKET
RATES
registered—Bought
267,915
314,260
Dealers'
Da*"~
Total
582,175
90
997,125
BANKERS
Rate
Dealers'
Days—
17.88
Rale Selling
%
%
%
7-16
120
H
9-16
150
%
9-16
180
Vs
following table, compiled by
us,
furnishes
of
Odd-lot transactions of specialists in stocks in which
registered:
Bought
209,317
157,816
Sold
The
term
"members"
367,133
includes
all
Exchange
members, their firms and their
partners,
including special partners.
Percentage of members' transactions to total Exchange transactions. In cal¬
culating these percentages the total of members' transactions Is
compared with
a
twice the total Exchange volume for the reason that the total of
members' trans¬
actions Includes both purchases and sales, while the total
Exchange volume includes
only sales
a
1935—
1935—
$465,860,016
Apr. 30
May 31
413.372.771
374.755.247
June 29
July
31
Aug. 31
Sept. 30
Dec. 31
Rate
record
the volume of bankers' acceptances
outstanding at
close of each month since March 30,1935:
Mar. 30
Total
*
Dealers'
Buying
%
The
ACCEPTANCES
1937
%
519,470
Total
PRIME
12,
Dealers'
Rate Selling
X
60
477,655
Sold
Buying
30
Total round-lot transactions for accounts of all members:
Bought
ON
APRIL
which
Sold
$112,849,133
90,837,790
on
BILLS HELD BY
4.19
1936
1,750,418
goods stored In or shipped
between foreign countries
233,825
Initiated off the floor—Bought.
Round-lot
1937 Mar. 31,
27,
$157,771,619
85,231,583
10,770,692
68,350.521
75,638,530
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based
1937 Feb.
31,
1
117,600
116,225
Total.
2.
$359,004,507
$160,024,332
83,592,723
11,718,346
63,892,473
1,605,264
Exports
a
of
the floor—Bought
$401,107,760
Mar.
2,787,570
Sold....
1,084*495
21,309,715
Increase for year, $37,467,161.
Imports
transactions
1,841,920
28,573,213
$396,471,668
(SHARES)
Exchange
676,631
2,043,598
"
ACCORDING TO NATURE OF CREDIT
Cent
on
490.247
1,299,776
18,453,038
530,984
714,428
STOCKS
1937
Total for
Total volume of round-lot sales effected
1936
2_,44l"352
Decrease for month, $4,636,092.
3,352,848
CURB
31,
$31,975,267
267,840,118
12,273,935
3,032,504
28,152,815
'Grand total
In odd lots (including odd-lot transactions of specialists):
Mar.
17.365,620
1,517,155
12. San Francisco
625,050
1937
283,911,349
15,043,365
4,026,759
951,286
1,688,608
"
11. Dallas
Total.
27,
$44,985,411
1,571,868
1,984,651
16,757,408
646,035
6. Atlanta
Transactions for account of odd-lot dealers In stocks in which
Feb.
1937
$44,384,744
278,430,837
17,242,322
3,342,481
2. New York
2,206,090
2,444,110
STATES
DISTRICTS
V'"
9.15
4.
-
ACCEPTANCES OUTSTANDING—UNITED
BY
■
Total
Sold
to
creased
IN
Week Ended March 20, 1937
-
of
During March
more
single report may
classification.
ACCOUNT OF
FOR
classifications
because, at times,
EXCHANGE—TRANSACTIONS
STOCK
Volume
New York Stock Exchange odd-lot
the
1936—
$396,957,504
Aug. 31
$308,112,141
Sept. 30
1936—
315,000.590
Jan.
31
384.146.874
Oct.
31
330.205,152
343.285.933
Feb.
29
376.804.749
Nov. 30
349.053,490
320.890.746
321.807.411
327.834.317
Mar. 31
359.001,507
Dec.
372,816,963
Apr. 30
343.694.299
May 30
330.531.460
Jan.
30.
31
1937—
31
362.984,286
June 30
316,431,732
Feb.
27
Nov. 30
387,227,280
401,107,760
387,373,711
July
315,528,440
Mar. 31.....
396,471.668
Oct.
31
Volume
SEC
Financial
144
Issues
Ruling Defining "Parent"—Opinion Says
Term Includes Any Person in
The Securities and
April
7
opinion
an
Division
of
Control of Registrant
Exchange Commission made public on
by Harold H. Neff, Director of the
Forms and
Regulations, to the effect that the
Form A-2 and other forms and
rules promulgated by the Commission includes individual
persons.
The text of the opinion follows:
term
"parent"
The term
affiliate
used in
as
"parent" is defined in the instruction book to Form A-2 as "an
controlling
the registrant
intermediaries."
more
Several
individual person may
an
These
inquiries
in
appearing
Under
term
by
answered
instruction
the
been
have
made
one
or
to whether
as
definition.
definitions
the Securities
parent within the meaning of this
a
be
may
inquiries
through
indirectly
or
book
Form
to
other
to
reference
in
and
A-2
1933.
of
Act
be
directly,
the
definition
"a
means
intermediaries,
of
"affiliate"
that
person
directly,
indirectly
or
book, the
instruction
the
in
given
through
or
one
more
by, or is under common control
with, the registrant."
In consequence, any "person" controlling the regis¬
trant
directly or indirectly is to be regarded as a
"parent" of the
controls,
is
or
controlled
registrant.
By
the
definition
1933,
the
term
corporations
as
term
the
meaning
It
used
"an
definition
This
persons.
book
applies
A-2, in
Form
for
in
these
instructions
therefore,
that
registrant
and
have
Form
amended."
directly
of the registrant for
1933,
is a parent
the
be
should
that
noted
the
definitions
of
"parent"
the
purposes
"affiliate"
and
given in Rule 455 of the general rules and regulations under the Securities
and in the various forms under that Act and the Securities Exchange
Act
1934
of
Act
identical
are
book
instruction
the
to
for
the
Form
A-2
present
quoted
with the definitions
purpose
in
the definition
Likewise,
herein.
Exchange Act of
1934
is
identical
foi^ the present purpose with the definition in the
Securities Act of 1933.
Accordingly, the above conclusion, that the term
"parent" includes individual persons, applies to all other forms and rules
of
"person" given in
the Securities
of
3(a)(9)
Section
adopted under the Securities Act of 1933 and the Securities Exchange Act
of
1934,
well
as
to
as
June 30, 1937
on
approximate $54,000,000,000 at the close of the present fiscal
year on June 30, states the "Index" of the New York Trust
Co., New York City.
The gross Federal debt, which lias
risen over 100% in the past seven years, will represent
$35,000,000,000 of this total and the remainder is made up
of debts of States and other governmental units which have
in
the
period from approximately $17,985,-
same
to
which
public debt
fiscal
credit and
limit
the
can
the
be expanded without grave danger
economic organization of the
entire
of our total indebtedness,
national income in 1935, and
charges on the Federal debt alone, amounting to an estimated
$860,000,000 for the fiscal year 1938, represent a burden equivalent to
more than
a quarter of all governmental cost a quarter of
a century ago.
From the long-range point of view, it appears that the public must be
brought to a realization of the certain increase of taxation which the
lower income groups cannot escape and of the futility of believing that
another depression could be met by deficit financing from such a base of
Federal debt as the present figure of $35,000,000,000, the major portion
of which is held by the banking system.
It must be emphasized that the
only sound fiscal policy to be followed in our country demands balanced
budgets in the Federal. State and local governments, permitting progressive
however,
the
be
cannot
country
The present level
gauged.
higher
slightly
is
reduction of debt.
•
Assets of All Banks in Country Increased $12,869,660,000
in Four Years—Totaled $70,114,791,000 at End of
1936—Comptroller of Currency
Analyzing Bank Conditions
of
all
banks
United
the
in
Statement
Issues
increased
States
by
$12,869,660,000 in four years to a total of $70,114,791,000 on
Dee. 31, 1936, according to a compilation made public April 6
by J. F. T. O'Connor, Comptroller of the Currency.
Mean¬
while, the number of banks was decreasing sharply.
A
total of 19,163 banks were engaged in business on June 30,
1932, while that number had dropped to 15,705 at the end
of 1936.
The Comptroller's statement was the first to be
issued showing general banking conditions at the end of a
calendar year.
An analysis of the figures follows, as con¬
tained in a Washington dispatch of April 6 to the New York
all
banks
operating at the
loan
class
239,000;
125
trust
These
mutual
The
comparative
figures
for
$37,495,742,000,
of
$25,355,515,000;
including
566
with
June
9,732
mutual
assets
mutual
with
of
with assets of
were
State
savings
com¬
and
Dec. 31.
In
assets of $26,730,on
$11,573,781,000,
and
$740,330,000.
5,374 with assets of $29,702,839,000
of
savings,
banks
commercial
savings banks
5,331,
10,374
of $39,044,350,000
assets
private banks with assets of
year,
and
stock
companies,
State
the
of
end
institutions
banks has
9,683
were
565
National
were
and
private banks.
this
;
National banks,
all other banks, 10,429, with assets
State commercial banks with assets
1936,
30,
banks
savings
were:
with assets
of
$11,409,-
056,000, and 131 private banks with assets of $731,171,000.
Small
Loans
Dec.
31,
of
the
1936.
$8,582,640,000
Other
loans,
539,000
Classified
compared
with
$348,418,000.
Number of Depositors in
Mutual Savings Banks in New
High Record March 31—
York State Reached New
Deposits Increased $35,543,000 During First Quarter
savings depositors in the mutual savings
State reached a further all-time high
The
number
of
banks
of New
York
banks
At
on
the end
real
including
against
Increase
showed
estate,
Loans
increased 72,000, and during
At the same time the total
on
deposit in the 134 savings banks of the State
a gain of $35,543,000 to a total of $5,278,441,015, the
the number of depositors has
the
past year almost 109,000.
amount
showed
Association's announcement said, continuing:
This
great as for the last quarter
dividends declared and left o»
deposit with the banks, although the gain obviously represents a clear net
increase above dividends of more than $10,000,000.
The gain in deposits
of
gain
is
The
1936.
at
rate
a
almost twice
includes,
figure
1937,
31,
the year
there were
between June 30 and
outstanding loans of
compared with $8,515,708,000
$12,313,497,000
on
was
over
$55,000,000, and
ended the same period over $74,000,000.
year
In commenting on the figures,
Association
the
as
course,
March
the six months ended
the
of
and
Andrew Mills Jr., President
Dock Savings
President of the Dry
Institution, New York City, said:
For
the
past few years the gain
in savings bank deposits has been due
It is clear that during
accelerated gain due to new
money.
Combined with the most impressive continued gains
in the
number of depositor's, we find a definite indication of a higher earning
power for more people.
Best of all, we find these gains at a time when
some
pessimists had predicted that payroll deductions for unemployment
insurance and for old age pension insurance would doubtless diminish the
almost
the
entirely to dividend credits left on deposit.
past quarter,
individuals
of
desire
however,
to
we
have
seen
contribute
to
an
their
In
self-dependence.
the
believed1 this to be true, and we are
delighted at this confirmation of the obvious intention of the thrifty
people of the State of New York to continue saving for their own needs
at least a portion of their earnings.
bank
field
we
had
never
Board of Governors of Federal Reserve System Extends
to
Jan.
1,
1938,
Period
During Which Collateral
May be Used as
Other Than Registered Securities
Margin
The Board of Governors of the Federal Reserve
on
Dec.
June
30.
31,
System
on
April 13 extended from July 1 until Jan. 1, 1938, the time
during which a broker may accept collateral other than
registered or specifically exempt securities when asking ad¬
ditional margin for his own protection.
The Securities Ex¬
change Act of 1934 prohibits brokers from extending credit
except on registered securities, or on specifically exempt
securities, such as Government bonds.
Before the enact¬
ment of this law, some brokers maintained accounts in
which the value of securities furnished by customers was less
than the margin requirements.
Associated Press Wash¬
ington advices of April 13, in noting the time extension,
added:
Under the protected regulations, only
listed securities may be used for
margin and their value must equal the 55% margin requirements.
Reserve officials said there is only a negligible number of cases in which
the regulations are not
already being met, but that the extension was granted
give brokers ample time to clear up their accounts.
to
New York
Banking Reform Program Nearly Completed,*
Superintendent Says—W. R. White Predicts
Legislation Enabling Banks to Improve Services
State
to
Public
in
of banking reform, begun
almost completed, William R. White, State
Superintendent of Banks, said on April 13 in an address
before the Clearing House Association at Cortland, N. Y.
More attention can now be given, he said, to legislation
enabling banks to widen and improve their services to the
public. Mr. White cited as an example of such legislation a
pending bill to permit trust companies to co-mingle funds.
He said that with the merging of small trusts into one large
fund, costs of administration are lowered arid greater diversi¬
fication of investments is possible. The "Wall Street Journal"
of April 14, in reporting his address, added:
1930,
is
Discussing the mortgage bank bill, which has been passed by the state
increases
rediscounts
in
only small
of
approxi¬
52,000 depositors since Dec. 31, 1936, according to
an announcement, April
9, by the Savings Banks Associa¬
tion of the State of New York.
During the past six months
mately
The New York State program
$31,070,441,000,
mercial,
with
Dared
"Times":
Of
June 30.
on
total
than the
interest
Assets
considerable volume
corporations on Dec. 31
$22,461,996,000 on June 30; time
deposits, $23,925,149,000 compared with $23,446,681t000; State, county
and
municipal deposits,
$3,367,755,000 compared with $3,342,848,000 ;
United
States government
and postal savings, $1,124,396,000 compared
with $1,346,116,000 ;
deposits of other banks, $7,064,002,000 compared
with $6,905,794,000,
and certified and cashiers' checks, cash letters of
credits, &c., $935,046,000 compared with $833,788,000.
In the June figure
was
listed also $2,592,000 in unclassified deposits.
Surplus funds of all banks on Dec. 31 amounted to $3,734,269,000 corn$24,709,577,000
were
savings
The "Index" states :
Nation's
The
to
a
and
deposits of individuals, partnerships and
Demand
of
Having increased almost 60% since the onset of the de¬
increased
disposing of
been
bonds
Other
"governments."
Deposits
pression, the aggregate public debt of the United States will
000,000 to $19,277,000,000.
have
banks
compared with $58,330,815,000
Expects United States Public Debt
Approximate $54,000,000,000
$17,421t197,000 in securities of the United
Since the
compared with $17,358,200,000 on June 30.
the
securities held on Dec. 31
amounted to $10,771,647,000 compared with $10,501,333,000 on June 30.
The total deposits of all banks showed an increase in the six months
ended on Dec. 31.
At that time deposits
amounted to $61,125,925,000
their
of
for
to
in their assets
31
December
during
Form A-2.
New York Trust Co.
had
Dec.
on
of
figure as of March 31, 1937, of 6,081,491, a gain of
indirectly
or
person
States
end
same
as
individual
any
the
in
All banks
to the
view of
item or instruction in Form A-2.
any
It
legal
the instruction
Securities Act of
individual" as well
the
of
include
to
the Securities Act of
in
as
follows,
controlling the
of
used in
as
2(2)
Section
in
defined
in the instruction book under the caption "Definitions" that
provision
terniH
is
other
and
"person"
"all
contained
"person"
2577
Chronicle
amounted
on
June 30.
to
$13,007,-
senate and is now before the
Assembly, Mr. White said the bill was drawn
after much study against a background of wide experience.
"Instead
of issuing
certificates against single mortgages,
mortgages, a mortgage bank
secured
by all of its assets.
or
groups
of
would be permitted to issue only debentures
Moreover, the amount of debentures issued
2578
Financial
Chronicle
will be restricted in proportion to capital and
surplus," the superintendent
The
explained.
in
"Failure of this bill to pass will perpetuate
a
state of uncertainty which is
discouraging and harmful, not only to real estate, but
following tabulation shows the Treasury's transaction
securities, by months, since the beginning
Government
of 1935:
to numerous other
1935—
branches of business,
1936—
January
February.
$5,420, 800
1,300, 000
41,049, 000
21,990, 000
23,326, 525
8,765, 500
33,426, 000
35,439, 000
60,085, 000
17,385, 000
18,419, 000
5,275, 200
__
"Furthermore, unless provision is made through the adoption of this
for the formation of legitimate agencies
measure
we
March
for mortgage financing,
April
should not be surprised to see a revival in some modified form of the old
mortgage guarantee companies which have been
by
our
May.
so
completely descredited
experience of the past five years."
June
July
'
August
September
$299,607,796 Advanced by Federal Home Loan Bank
System Since July, 1932—Repayments Total $157,281,559
The Federal
Home Loan
October.
December
System,
now
Loan
Bank
Board
in
of
sum
$142,326,236.66.
3,780
member
have
$973,000,000 and aggregate assets of
parison
with
the
with
Washington.
but
December,
1932,
$217,000,000
in
when
assets,
legal
119
the
member
growth
and
steady rise in advances
members
Formed
and
new
as
a
banks
to
homes,
new
past
residential
reservoir
made
by the 12
of
year# coinciding with
the sharp increase in
construction loans in all parts of, the country.
of mortgage
under
local
,
Liquidation of 25 Receiverships of National Banks
Completed During March, Reports Comptroller of
Currency
F.
This makes
a
total of 628
receiverships finally closed or
solvency since the banking holiday of March,
Comptroller O'Connor stated:
restored to
1933.
Total disbursements, including offsets
allowed, to depositors and other
creditors of these 628 receiverships, exclusive of the 42 restored
to solvency,
aggregated $212,342,559.00, or an average return of 79.08% of total
liabilities, while unsecured creditors received dividends amounting to an
average of 66.77% of their claims.
Dividends distributed to creditors of
all active
receiverships during the month
of
27,021,200
purchased
November
sold
December
5,912,300
24,174,100
1937—
purchased
14,363,300 purchased
February
5,701,800 purchased
119,553,000 purchased
March,
1937,
amounted
following are the 25 National banks liquidated and
finally closed or restored to solvency during March:
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY
CLOSED
OR RESTORED TO SOLVENCY DURING THE MONTH
OF
MARCH,
1937
.
for
Ever
since
the
an
recent
announcement
of
Mr.
undisclosed amount of
an
Morgenthau
new
money
the
that
before the end
selling.
Both to raise new money and to ease money conditions at the time
of income tax withdrawals from
banks, the Treasury has previously sold
extra
bills, concentrating their maturity
on
an
But usually the Treasury merely said that a
be announced.
Decision
income tax payment date.
"series" of extra bills would
Seen Deferred
The
Treasury Secretary refused to be drawn into any commitment on
long-term financing possibilities on June 15 and the general belief was that
the Treasury was waiting on tax collections and the trend of
expenditures
before determining on quarterly financing.
Secretary Morgenthau said that the "series" of $50,000,000 of extra bills
($450,000,000 could be raised up to around June 15 this way and $550,000,000 by around the end of the fiscal year, June 30) would mature around
the middle of September, after the
September 15 income tax collections were
The first offering, announced today, will mature on
in.
The
Practice
of the fiscal year on June 30, there has been
expectation of short term bill
to
$6,139,871.00.
Total dividends paid and distributions to depositors of all
receiverships from March 16, 1933 to March 31, 1937, amounted to $772,414.619.00.
*
Continue
Period
Treasury would need
T.
O'Connor, Comptroller of the Currency, an¬
nounced on April 8 the completion of the
liquidation of 25
receiverships of National banks dtiring the month of March,
1937.
47,438,650
October
our issue of
to-day, the Treasury
offering of $100,000,000 of Treasury
bills in two series, $50,000,000 of which will
represent "new
money" to meet a deficiency in the Treasury's working
balance.
At a press conference April 15 Secretary Morgen¬
thau intimated that this practice of
offering each week $50,000,000 of Treasury bills in excess of current maturities will
be continued as long as found
necessary.
Only last week
the Treasury resumed the
offering of Treasury j Bills in
amount of current maturities after a six-week
period of is¬
suing an additional series of $50,000,000 each week; these
additional bills, which added lover $300,000,000 to the
Treasury's working balance, will mature on or about June 15,
the next quarterly financing date.
The additional series of
bills offered this week will mature in
mid-September.
As to further remarks of
Secretary Morgenthau at this press
conference April 15, Washington advices, that
day, to the
New York "Herald-Tribune" of
April 16, said:
regional banks to their
modernization of existing homes.
J.
September...
purchased
purchased
purchased
purchased
purchased
purchased
purchased
purchased
purchased
As noted elsewhere in
credit, the FHLBS assures liquidity
normal or emergency conditions.
Advances by the
lending institutions are utilized mainly for building
refinancing of existing mortgages, or for reconditioning and
flexibility
12
the
during
demand' for
Was
3,794,850
August
purchased
Maturities—To
this week announced
institutions
expansion'
of
Indefinite
System.
A
July
purchased
purchased
January
Excess
borrowing capacity, of
$3,300,000,000.
A com¬
were
there
shows
June
purchased
19,025.000
.15,794,000
...30,465,400
15,466,700
May
purchased
Treasury Again Offers $50,000,000 of Treasury Bills in
Of
than
a
more
sold
world, has made
The Board added:
institutions
April
March
outstanding in
The
purchased
$4,500,600 purchased
32,702,150 purchased
February
March
18,546, 850 purchased
the largest
these loans, repayments amounting to
$157,281,559 have been
received from members, leaving net advances
the
purchased
purchased
1936—
advances to member thrift and home financing institutions
totaling $299,607,796 since its organization was authorized
by Congress in July, 1932, it was announced recently by
Federal Home
.....
November
January
Bank
home mortgage reserve organization in the
the
April 17, 1937
September 16.
"Can
we
assume
that
all
of the
new
money
needed will be raised
by
bills?" Mr. Morgenthau was asked.
"I wouldn't make any
ready to
with the
assumption," he answered.
"That is all
we
are
announce now."
He explained that the bill offering was in line
Treasury policy not to issue longer term issues except on quarterly
dates.
Total Dis¬
P.C. Total
Per Cent
Date
bursements
Disburse¬
Dividend
of
Including
Offsets
ments to
Declared
Total
To All
Failure
Allowed
First National Bank, Egan, S. Dak__
10-10-32
First National Bank, Northboro, Iowa__
First National Bank, Fowler, Kan
First National Bank, Kansas, Ohio b
9-16-32
First National Bank in
$67,689
97,341
1-10-33
__
96,770
60,401
9-13-33
Greensburg, Kan. 10-12-32
First National Bank, Arcadia, Ind
First National Bank, Avon Park, Fla
7
-3-28
2-18-29
Biskopville Nat. Bank, Bisbopville, S. C.
Columbia
National
Bank,
Columbia
Heights, Minn
1-12-32
245,322
198,494
253,256
316,740
Liabilities Claimants
43.52
money
to save interest.
He answered that "we believe it is the proper
way to raise
money at this time."
8.83
<61.39
The last Treasury bills sold at an average rate of
0.667% a year on a
bank discount basis, a low rate, but one which has been
stiffening, and Mr.
Morgenthau was asked whether the Treasury was seeking short-term
,v.
41.43
77.97
109.56
112.7
Morgenthau Irked
Mr.
58.4
87.57
92.92
54.01
103.78
69.78
90.9
30.2
108.24
Morgenthau
87.89
12-
8-31
12-
5-33
269,315
276,335
139,455
483,697
2,174,308
Dougherty, Iowa.. 12-14-31
133,287
57.23
2-19-32
397,452
105.17
107.02
Ephraim, N. J b__
10-13-33
First National Bank, Rldgeway, Mo
12-23-30
First National Bank, New Berlin, Pa. b_ 11- 3-33
First National Bank, Garden
City, Kan.b 7-21-33
First National Bank, Republic, Pa
2-13-31
156,427
95,247
236,423
424,206
100,641
328,471
313,900
82.53
he
was
asked
whether
the
I
1
by-products of gold
am
through with gold
rumors and
am not
going to get into that again.
rumors,
including
program."
86.77
102.51
when
74.72
88.59
irked
and I settled those gold questions.
the sterilization
6-21-32
plainly
was
financing plan anticipated continuation of gold sterilization by the Treasury,
a process
proving expensive.
"I thought," he said, "that the President
103.12
.......
First National Bank,
Sheffield, Iowa
First National Bank, Craig, Neb
Peoples National Bank, Lodi, Ohio....
American Exch. Nat. Bk. St. L., Mo b__
First National Bank,
6-11-32
1-30-33
John Weedman National
Bank, Farmer
City, 111
Mount
Ephraim
Nat.
Bank,
Elkin National Bank,
Elkin, N. C
First National Bank, Dunbar, Pa
1-26-32
3-
Bank, Auburn, Wash
7-27
10-28-30
First National Bank, Eaton, Colo, b
1-26-34
Day & Night Nat. Bank, Pikeville, Ky.a 12-12-33
The
Treasury working
92.11
89.712
87.64
78.8
collections
90.12
88.415
and with expenditures
102.21
103.96
a
drain.
41.9
Mount
...
First National
71.5
scheduled
to
balance stands at
be $500,000,000
keeping
$858,000,000, and
with
below expectations for the
up to their usual rate,
tax
year
the Treasury is facing
The Treasury had the objective at one time of
a
$1,000,000,000
working balance, but Mr. Morgenthau pointed out today that this
policy
"But I won't go beyond saying that a series of new bills
will
has not held.
be offered," he added.
620,731
368,362
77,394
Receiver appointed to levy and collect stock
assessment
In value of assets sold, or to
complete unfinished liquidation,
b Formerly in
a
72.08
44.15
65.37
New
56.68
56.86
41.41
85.49
76.73
106.56
98.
85.5
66.81
On
115.4
83.8472
covering deficiency
conservatorship.
Reference to the liquidation of National banks
completed
during February was made in our issue of March 13, page
1695.
Offering of $100,000,000 of Treasury Bills in Two
to Be
Dated April
21—$50,000,000 of
148-Day Bills and $50,000,000 of 273-Day Bills
Series—Both
April 15 announcement
made by Secretary of the
a new offering of
Treasury
the aggregate amount of
$100,000,000,
was
Treasury Henry Morgenthau Jr. of
bills in two series to
or
thereabouts.
The
Treasury last week offered only $50,a maturing issue of a like
amount;
offering each week, over a period of six
weeks, of $50,000,000 of bills in excess of maturities.
The
policy of the Treasury in again offering bills $50,000,000 over
000,000 of bills to meet
this followed
the
current maturities is discussed further elsewhere in
Treasury
Department
Government
Securities
Monthly Purchase
Net
market
Purchased
on
During
$119,553,000
of
March—Largest
Record
purchases of Government securities for
Treasury investment accounts during the calendar month
March, 1937, amounted to $119,553,000, Secretary of the
Treasury Morgenthau announced April 16.
This is the
largest amount ever purchased by the Treasury in one month
and compares with
$5,701,800 of the securities bought during
February.
of
our issue
of today.
The tenders to the offering of bills announced
this week will be received at the Federal Reserve
banks, or
the branches thereof, up to 2 P. M., Eastern Standard
Time,
Monday, April 19.
Bids will
Department, Washington.
not be received at the
Treasury
Each series of the bills, which will be sold on a
discount
the highest bidders, will be offered in amount
of
$50,000,000, or thereabouts.
One series will be
148-day bills,
basis to
maturing Sept. 16, 1937, and the other 273-day bills, matur¬
ing Jan. 19, 1938; both series will be dated April 21, 1937.
The Secretary of the Treasury
pointed out that bidders are
Volume
Financial
144
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.
There is a maturity of Treasury bills on April 21 in amount
of$50,000,000.
The following is from Secretary Morgenthau's announce¬
ment of April 15:
denomina¬
The bills will be issued in bearer form only, and in amounts or
of
tions
$10,000,
$1,000,
$100,000,
(maturity
$1,000,000
and
$500,000
2579
Chronicle
Perkins
Secretary
reviewed
history
the
Children's
the
of
and
Bureau
praised its efforts in the interest of the families of wage earners.
"Infant
she
mortality has been
"The
said.
widely
more
problems
understood;
quency
are
being
service
to
dependent,
embodied
now
beginning.
go
prevention
neglected
Federal
in
maternal
of
the
the
of juvenile delin¬
and treatment
intelligently provided1 for; the principle of aid or
more
Great
Bureau's establishment,"
mortality and maternal care are
since
reduced
physically
and
But
law.
appealing
and
in
needs
these
.v;:
on."
children
is
only made
a
handicapped
fields
remain
have
we
work
The
unmet.
;
.,
must
■.
value).
No tender for an amount less than $1,000 will be
must be in multiples
Each tender
considered.
President Roosevelt Says United States Has
the
The price offered must be expressed on
of $1,000.
basis of 100, with not more than three decimal places, e.g.,
of
tions must not be used.
and trust companies and from responsible and recognized
of 10% of the face amount of Treasury bills applied for unless
accompained by
express guaranty
an
the tenders
of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on April
closing hour will be opened and public announcement of the
to the
acceptable
probably
prices for each series will follow as soon as possible thereafter,
on
The Secretary of the Treasury expressly reserves
the following morning.
reject
the right to
19,1937,
Reserve banks or branches thereof up
all tenders received at the Federal
all tenders or parts of tenders, and to allot less than
any or
the amount applied for, and his action in any
such respect shall be final.
Any tender which does not specifically refer to a particular series
will be
Those submitting tenders will be advised of the ac¬
subject to rejection.
Payment at the price offered for Treasury
other
thereof.
ceptance or rejection
bills allotted must be made at the Federal Reserve banks in cash or
1937.
immediately available funds on April 21,
be exempt, as to principal alnd interest, and any
bills will
The Treasury
be exempt, from all
No loss from the sale or
gain from the sale or other disposition thereof will also
except estate and inheritance taxes
taxation,
bills shall be allowed as a deduction, or
other disposition of the Treasury
imposed
recognized, for the purposes of any tax now or hereafter
otherwise
by the United States or any of its possessions.
and this notice
Circular No. 418, as amended,
Department
Treasury
of their
prescribe the terms of the Treasury bills and govern the conditions
issue.
of
Tenders
Received
$126,121,000
Offering of $50,-
to
000,000 of 273-Day Treasury Bills Dated
Accepted
$30,022,000
Average
at
April 14—
thereof up to 2 P. M., Eastern Standard Time, that day,
to the offering of $50,000,000, or thereabouts, of 273,day
Treasury,bills, dated April 14, 1937, and maturing Jan. 12,
1938.
Of the tenders received, the Secretary said, $50,022,-
accepted.
Offering of the bills was referred to in
our issue of April 10, page 2399.
In his announcement of
April 12 Secretary Morgenthau had the following to say re¬
garding the bids accepted for the bills:
000
were
per annum, on a
of
0.709%
ranged in price from 99.550, equivalent to a rate
The accepted bids
99.462, equivalent to a rate of about
about 0.593% per annum, to
Only part of the amount bid for at
The average price of Treasury bills to be
rate is about 0.667% per annum on a bank
bank discount basis.
accepted.
the latter price was
issued is 99.494 and the average
discount basis.
informal address before the
on April 14,
asserted that the United States is acting in complete good
faith in its foreign relations with other countries in this
hemisphere. His remarks were made after the conclusion of
a formal address celebrating the seventh annual observance
of Pan American Day.
In his informal talk, the President
was reported to have reviewed promises made by his Admin¬
istration four years ago and to have compared them with
actual accomplishments.
Bureau
Children's
Anniversary—Secretary Perkins
25th
Speakers
Principal
Praises
Roosevelt
President
on
Among
Cele¬
Washington
at
bration
Mr. Roosevelt in his formal address asserted that democ¬
in
celebrated
was
the
of
anniversary
twenty-fifth
of
founding
the
April 8 with a dinner
on
Washington, at which there was read a letter by
Presi¬
the Bureau as an "instrument for
us
all to use in our efforts to advance the day when all
children will have their fair chance in the world."
Others
Roosevelt praising
Roosevelt,
Secretary of Labor Perkins, Harold Butler, Director of the
International Labor Office; Grace Abbott, former head of
the
Bureau;
William L.
Chenery,
editor
of "Collier's
Weekly"; Dr. Kenneth D. Blackfan, the Bureau's adviser
on medical matters, and Senator Davis of Pennsvlvania.
praised the work of the Bureau were Mrs.
who
President
kins.
It
Will
Roosevelt's
to Miss
addressed
letter was
Per¬
read:
my
extend
heartiest
to
friends of
the
the Children's Bureau and to
the occasion
congratulations on
its twenty-fifth
of
of
religion." The continued maintenance and improvement
democracy, he declared, "constitute the most important
guarantee of international peace."
Secretary of State Hull, who also addressed the Board of
Governors on April 14, urged perseverance in "our determina¬
tion that relations among the Nations shall be regulated by
the rule of the good friend and the good neighbor."
The complete text of President Roosevelt's formal speech
is given below:
of
the
As
their
and
of
the
as
to
be
come
and
the
as
based
a
to
through
children
the
center
work,
its
has
agency
of
welfare
known
so
country
research
a
is
time when
a
insure
Bureau
integrity
children
of
the
years
the health
expressed.
strated
needs
At
these
Children's
in
interest
best
all
the
upon
of
Children'6
depend1 increasingly
which the Federal
the
Nation
may
be
Bureau has demon¬
counselor its advocacy of the
upon
of the Nation's mothers lack the care necessary
many
health
efforts
in
own
have developed
Bureau,
to
Governing Board:
rejoicing today.
We meet to celebrate
All of the nations of
Day under the happiest of auspices.
the Western Hemisphere are enjoying
the boon of peace and with it the
which the happiness and se¬
Four years ago it
my privilege to meet with you in the celebration of Pan-American Day
now, as then, I bring to you and through you to the governments and
orderly pursuit of the arts and sciences upon
curity of nations, no less than of
was
and
individuals, depend.
the cordial and fraternal greetings of
peoples of your respective countries
the people of the
United States.
We have every reason to
congratulate ourselves on the situation today
At that time we were in the throes of a
compared with that in 1933.
as
In our international relations we were
devastating economic depression.
by the unfortunate spectacle of two of our sister nations en¬
confronted
the verge of war. We were
forces of suspicion and fear.
with a feeling of profound satisfaction that we may today
contemplate the great gains in our national economies, as well as in the
gaged in bitter warfare and two other States on
living in a period dominated by the destructive
It is, therefore,
between
relations
international
nations
the
of the American
which was raging has happily
war
advance
the
during the period1 of maternity and
fine
so
day
when
an
all
instrument
children
America
mutually
their
recognize
and
for
will
all
us
to use in
have their
our
fair chance
the world.
United States is happy to have had a part,
contributions to the healthy
of the last four years culminated in the Inter-American
Conference for the Maintenance of Peace at Buenos Aires,
nificant and far-reaching conclusions were
was
reached.
of American thought
carried
I
was
away
at which sig¬
As you are aware, it
personal privilege to attend the opening session
my
of the leaders
which
and to meet many
The deepest impression
and action.
the potency of the unity of the Americas in
helping the cause of world peace.
One of the outstanding lessons
the
on
part of the delegates
Democracy
cannot
Such insecurity
the
thrive in
an
breeds militarism, regimentation and the denial of freedom
of democracy based on
Such insecurity challenges
the free choice of government by the
development we of the Americas
continued maintenance and improvement of democracy
themselves.
that
democratic institutions.
atmosphere of international insecurity.
of peaceful assemblage and of religion.
ideals
people
of the conference was the clear perception
of the close relation existing between inter¬
security and the normal development of
national
the
And
as
a
constitute the most important
logical
guarantee of international peace.
Moreover, the delegates to the Buenos Aires conference well
that peace is
porary
that
one
will resist the onslaught of untoward or tem¬
is something
circumstance,
far more positive and constructive.
mutual
policy based on positive international cooperation, on
a
and
confidence
on
of problems of common
promoting intellectual co¬
and advancing mutual
world
an
conventions
and resolutions
In
operation
the
the
united effort in the solution
concern.
comprehension the conference gave to
example which is destined to have far-reaching influence.
Gentlemen of the Governing Board: During the past four years we
traveled
far, farther,
I
possible.
your
am
the
toward the goal already in sight.
On this day, dedicated
republics constituting the Ban American Union, let us pledge
21
to
giving practical effect to the conclusions
reached at Buenos
that unite
amendment
declared
favorable
the
to the
13-year-old
action
from
address,
expressed
Constitution
would
confidence
ultimately
campaign for ratification would
the
eight States
now
needed" to
that the
be ratified.
go
on
complete
to
it.
youth
She
obtain
us
a
of the bonds
in the great American family of nations.
I express to you, on
States,
of
determined
certain I interpret correctly your sentiments and those
governments and your peoples, when I say that we are
ourselves
have
I believe, than many of us four years ago thought
Aires, and let us dedicate ourselves anew to the strengthening
her
understood
conflict.
something more significant than the mere absence of
A dm-able peace,
Tribune":
in
example in
developing democratic institutions in the New World and by
Washington dispatch of April 8 to the New York "Herald
Secretary Perkins,
today
dependent on the welfare
economic conditions
flow of trade and improved
to
reported as follows in a
The nations of
They .know
By purusing a policy of reciprocal concessions, in
prosperity of all.
the nations of America have made important
The progress
solved.
interdependence.
that the welfare and prosperity of each is largely
to move forward
The address of Miss Perkins was
control
continents
been terminated; the controversy
which almost led to war has also fortunately been
It demands
unchallengeable facts.
the health
of their new-born infants, when so many of the Nation's children are illfed, ill-clothed and ill-housed, I am grateful for the vision and the states¬
manship of Julia Lathrop and Grace Abbott, who, with their co-workers
and their successors now responsible for the administration of the Children's
to
of the
Gentlemen
We of the Americas have cause for
Pan-American
believe
birthday ?
Through
concrete
a
example which promotes world peace. International in¬
security, he said, "breeds militarism, regimentation and
the denial of freedom of speech, of peaceful assemblage and
of speech,
please
you
staff
its
practiced in the American Republics, is
racy, as
which the government of the
Children's Bureau
dent
an
during this four-year period.
from
The
Roosevelt, in
Board of Governors of the Pan American Union
The
Letter
Address
Secretary of Hull Also Speaks
President
Rate of 0.667%
Henry Morgenthau Jr., Secretary of the Treasury, an¬
nounced on April 12 that tenders totaling $126,121,000 had
been received at the Federal Reserve banks and the branches
Governors—Formal
Union
Stresses Value of Democracy in Preserving Peace—
dealers in invest¬
Tenders from others must be accompanied by a deposit
ment securities.
are
American
incorporated banks
Tenders will be accepted without cash deposit from
Kept Faith
Policy—Cites Accomplishments
Administration
in
Informal Speech
to
Pan-
Latin-American
in
99.125. Frac¬
behalf of the government and people of the United
deep sense of obligation and gratitude for the unswerving
devo-
tipn which your respective governments and peoples have given to the cause
which we all have so much at heart—the maintenance of peace on our
2580
Financial
Chronicle
continent.
In this beautiful building, dedicated to the
cause of peace, it is
most fitting that we assemble
today to reaffirm our faith in the
to
high destiny
of the Americas.
be made
April 17, 1937
of the
establishments
for
expenditure requirements
the
remaining months
apparent at this time that the
Mr. Hull said in part:
We
must
continually and
unremittingly
continental solidarity to advance
welfare of
efforts.
We
peoples, in
a
this,
full
strength
of peace and
cause
Hemisphere
I believe,
the
use
to
of
improve the
can persevere and
succeed,
no
of the causes
essential to
be
shirking
these
ends.
hold
we
the preservation
our
of
responsibility if
Through
devotion
most
our
precious, and which
civilization.
did
we
not
I
believe
a
can
Whatever
properly exert
of
we
the
American
republics
continuously strive toward
have
accomplished
I
in
all to achieve to the fullest
to the best of our
the results for
which
While
are
that revenues
recent
to
told
the
had
ours
intervene in
diplomats
that
been fulfilled.
turbulent
Cuban
promises
He cited
affairs
country's continued hands-off policy.
The diplomats attached greater
significance
and
had
been
attention
to
"technically
balanced"
by
this
Roosevelt
Denies
Reports
of
Plan
Cut
to
Knows of Move
President
at a press conference on April 9,
rumors
that
the
Administration was
Roosevelt
to lower
said
that
he
not
was
of
aware
any
move
the
buying price of gold, aside from newspaper
reports, and he implied his belief that these
reports had
been inspired by the
foreign press.
He added that the
Treasury also knew
reference to these
nothing
rumors
was
of
the
matter.
contained
A
previous
in the "Chronicle"
of
April 10, pages 2399-2400.
A Washington
dispatch
April 9 to the New York "Herald Tribune" commented
the reports as follows:
the
return
of
days ago,
it was said, before the rumor of
prominence, officials of the New York bank,
came
into
were
desirous
a
gold price shift
declaring that they
undertaking a specially large shipment of gold from
abroad, asked the Treasury to guarantee there would be no
change in the
of
$35 price the United States pays for the metal.
There is relatively little
profit for banks importing
liability imposed.
bank
no
New
longer
York
financial
circles
gold,
reported
bank, it
Treasury
The
would
transit.
the
other.
rumor
The
emanated
Treasury
from
the
was
guarantee
He replied:
President
scotched
change
no
in
the
price of
"I have nothing to say
the
gold
reports
rather
on
gold
gold
that."
explaining
knew nothing
Treasury's
it
it
was
could
not
"presumed"
take
the
that
the
New
York
gold
commitment,
versations with Treasury officials.
The
the
President
said1
gold price, and
that
that
he
did
not
the Treasury
bank
giving
as
supposition
reported
its
say
abroad
that
the
Will
Be
know anything about reduction
in
did not know anything about it.
Substantially Less Than Estimated
January Budget Message
cally balanced
It
was
Roosevelt, in a letter to the heads of all Govern¬
on April 13, urged them to effect an "immedi¬
ate curtailment of
expenditures" in order to avoid a deficit
"far greater than was
anticipated."
The President pointed
agencies
out that Federal
substantially
for the present fiscal
year will be
amount estimated in his
budget
revenues
below the
of last January, and he suggested the elimination
postponement of all expenditures which are not
message
or
absolutely
necessary.
He asked reports to the Acting Director of the
Budget before May 1 of the amounts of estimated
savings
result of reduction of expenditures.
The text of the President's letter, made
public at his press
conference on April 13, is given below:
as a
It is
my desire that the heads of- the executive departments and
inde¬
pendent establishments of the Government will
immediately cause a survey
or not.
reliably reported that Mr. Roosevelt, in conferring last week with
Governors of industrial states
relief appropriations,
ment must
on their pleas for
larger-than-expected Federal
had said that the financial condition of the Govern¬
be
closely watched.
Mr. Roosevelt was said to have told the
Governors that he had been
studying economic disturbances, past and
present, in Germany and Italy, and that he felt
every effort should be made
by the Federal Government to avoid inflation.
Marriner S. Eccles. Chair¬
man of the Federal Reserve
Board, has been urging on the President the
necessity for a balanced Federal budget to prevent
"monetary inflation.'
F President
Roosevelt on April 13 signed the Smith
Bill,
authorizing the Secretary of Agriculture to provide for the
classification of cotton,
to furnish information
market
on
supply, demand, location, condition and market prices for
cotton, and for other purposes.
Final Congressional action
of the measure was noted in these columns of
April 10,
page 2403.
♦
Approves Conference Report on $516,258,808
Navy Appropriation Bill—Concurrent House Ac¬
tion Required
The conference report on the
priation bill
sent
was
the
to
Navy Department appro¬
approved by the Senate on April 15 and
House
for
concurrent
action.
Amendments
agreed to in conference fixed the total appropriations at
$516,258,808, it was stated in Associated Press advices
from Washington, April 15. The advices continued:
Two primary
<
tained in the
provisions
bill.
One is
of eighty-one warships and
battleships.
in
The other is
contract
authoriza lons
for
a
strengthening national defense are con¬
$130,000,000 item to continue construction
begin work
on twelve more,
including two new
$14,186,000 in appropriations and $15,000,000
for
buying 397 airplanes and
two
non-rigid
airships.
Still in
disagreement
was
an
appropriation sought
by
the
House for
a
reserve
supply of "strategic" minerals.
The Senate eliminated the
original amount of $5,000,000 specified by the House for that
purpose.
House conferees indicated
a
willingness to accept $3,500,000
promise.
Senate
as
a
com¬
'
i
approval of the bill on March 22 in
by the House on March 5
issue of March 27, page 2048.
an
form from that voted
to
in
our
House Votes to Repeal
of
amended
was
referred
Interstate
"Long-and-Short Haul" Clause
Act—Approves Pettengill
Commerce
by 268 to
120—Measure
Now
Goes
to
Senate
By a vote of 268 to 120 the House on April 14 passed the
Pettengill bill to repeal the "long-and-short haul" clause of
the
Interstate
would
truck
F President
ment
.
.
con¬
reasons
President Roosevelt Asks Heads of Federal
Agencies to
Reduce Expenditures—Says Revenues
This Fiscal
in
unofficial calcu¬
placed revenue during the present fiscal year at
$500,000,000 below estimates, depending on whether the
to
$2,652,653,774 which had been expected.
The Presi¬
dent's relief message,
telling the amount needed for Federal aid to the un¬
Bill
Year
calculation,
conservatively
employed, will offer the key to the 1938 budget, whether it is to be techni¬
ship¬
on
or on
thoroughly,
that there was no
story to be manufactured.
He said he
about lowering the gold price
except what he had read in the press.
The
President said that the rumors
appeared to originate in the foreign press.
Those who claim
to
have knowledge of the
that
many
delaying sending the revised Federal
over the railroad taxes was settled.
This top figure, on the
basis of present
expenditures, would put this year's deficit at $3,152,653,000
considering
said, concluded that because the Treasury
refused to guarantee a fixed
price, there might be a change.
The Treas¬
ury's position was reported as one of question
why it should give a
guaranty to any one, particularly when Mr. Morgenthau has
always insisted
that the Treasury operated on a 24-hour
basis.
Mr. Morgenthau, when
leaving the White House today, was asked whether
ments in
was
legal dispute
yesterday that
inquiring bank.
of the
projected
good
a
instead of the
was
they could give no assurances one way or
supposition, it was reported', was that the
Officials
by
Senate
willing to assume, this liability, which gave
credence to the Treasury version on the reason for
the rumor.
The New York bank which
queried the Treasury was told that the
Treasury could make no guaranties to an institution that there would be
no
change in the price pair for gold.
Treasury officials explained that
the
unbalanced
President Roosevelt Signs Cotton Classification Bill
of
New York bank.
the
be
on
Henry Morgenthau Jr., Secretary of the
Treasury,
from a
two-day absence, the Treasury declined to make
any comment,
but reliable sources said that it was their
understanding that the Treasury
blamed the rumors of a
change in gold price on reports emanating from a
one
would
curtailment the
.
Roosevelt,
officially denied
planning to reduce the price paid by the Treasury for gold.
few
budget
any
Gold-Buying Price—Says Neither He Nor Treasury
A
budget askew.
was
might well carry over
$134,000,000, had been negligible, that collections of gift taxes were
way
down and that income taxes were
slightly down.
V
While the Treasury refused to make
to this talk than to his formal
$300,000,000
With
confirm reports
was
revenues
budget and his relief message,
recommending the amount of money to be
spent for relief in the 1938 fiscal
year, to Congress until next week because
the Treasury did not have its revised
figures ready.
At the same time he
pointed out that a variety of tax collections were lower
than expected.
He said that the railroad benefit
taxes, which were calculated to bring in
lations
President
such
as to
The President announced that he
remarks.
Mr.
ending June 30,
expected had thrown the Federal
than
hundreds of millions of dollars.
this country's promise
called
less
into the 1938 fiscal
year and that unless there
striving
made
as sent by the President is not
unusual, one
the President's analysis of Government operation
year,
Indications have been that this decrease in
ability.
Roosevelt
others but that
hot
saving resulting therefrom.
sent last year,
during the present fiscal
United Press Washington advices of
April 14 reported the
informal remarks made by President Roosevelt as
follows:
Mr.
undertaking to reduce expenditures and the
you are
circular letter such
a
having been
fervently hope
we
not
absolutely necessary at this time.
You will
through the Acting Director of the Budget not later than May 1,
me
to
future and that it will
us
and
It is
In commenting on this
letter, a Washington dispatch of
April 13 to the New York "Herald Tribune" said:
feel
would
an
years has been the result of the best kind or
cooperation.
that this sort of cooperation
may continue in the
help
1937.
substantial saving by eliminating or deferring all
a
are
amount of the estimated
peace, in principle and in deed, our
urgently needed stabilizing influence in
world which is
woefully in need of sanity and balance.
countries
making
1937, the steps which
man's
we
we
view of
report to
because the influence of this hemisphere is
We covet
a
expenditures which
exerted without ulterior
motive in favor
are
departments
year
of the Government for the present
You will carefully examine the status of
appropriations for your activities
with
we
to world peace.
completely disinterested. We wish to live and let live.
land or property. Our influence can therefore be
revenues
fiscal year will be materially less than the amount
estimated in my budget
message of last January; and, hence, the deficit will be far
greater than was
anticipated unless there is an immediate curtailment of expenditures.
our
that is possible through International
as
vitally important contribution
do
can
the
far
so
If we in the Western
make
can
our
of their
of the fiscal
.
Commerce Act.
The bill, which in effect
permit railroads to meet freight rates of water and
carriers on long distance
trips, was approved by the
House in the
month ago
Committee.
similar bill
same
form in which it
was
reported to it about
a
by the House Interstate and Foreign Commerce
It
now
goes
to the Senate for approval.
" A
passed by the House a year ago, by a* vote
41, but it never reached the floor of the Senate
because that body's Interstate Commerce
Committee failed
to complete hearings on the
measure.
Reference to the
measure approved a
year ago was made in or issue of March
28, 1936, page 2084.
Regarding the measure approved by the House on
April 14,
we take the
following from Washington advices, April
14,
to the New York "Journal of
Commerce" of April 15:
was
of 215 to
In
effect
the
Pettengill bill is
the Interstate Commerce Act
so
a
as
re-enactment
to
of the fourth
bring about
a
section
of
change in procedure
with reference to railroad
charges and rates applicable to
long haul traffic.
Volume
Financial
144
An additional provision is made that the burden of proof shall rest upon
the railroads to justify their rates in the event they are challenged.
At the present time the railroads are allowed to lower their rates on long
•
haul traffic upon affirmative action being taken by the commission.
law
also
states
rates
the
rates
new
The
be "reasonably com¬
manner
as
a
rates
While the
on
other traffic.
any
The rates
United
Split By Bill
holding that it would
Commerce
Act.
It
substantially solid front in support
a
mean
of
the return of conditions of the past
contended
was
lead to increased
labor
to its
as
organizations
which are
effects and that it would
employment.
On the other hand proponents held that water carriers were not
opposed to the bill; that
States
with about
responsible for the drastic provision being written in the Inter¬
solidly
prevented them from competing with water carriers for long haul traffic.
amend
Several attempts had been made in the House to
the measure but these all failed to win approval.
It is stated
that the bill's fate in the Senate is in doubt although the
have
claimed
passage
that
if the
they have sufficient votes to
is reported to the floor
measure
Tenancy Bill Reported to House—Three
flicting Reports Submitted
Con¬
The Administration's Farm Tenancy
Bill was formally re¬
April 14 by the House Agricultural
Committee, along with three conflicting reports, one con¬
taining the views of the majority, while the minority sub¬
mitted two separate reports.
Approval of the measure by
the House Agricultural Committee on April 8 in a revised
form from that requested by President Roosevelt, was re¬
ferred to in the "Chronicle" of April 10, page 2403.
As reported to the House the bill would provide loans of
$50,000,000 in each of the next five years to worthy farm
tenants, $75,000,000 in each of the next two years of reha¬
bilitation loans and a total of $70,000,000 spread over the
next four years for Federal purchase of suhmarginal lands,
it was stated in United Press advices from Washington,
April 14.
The advices also had the following to say regard¬
ing the reports on the bill:
ported to the House
on
The majority report, written by Chairman Marvin Jones
demanded passage of the bill.
farm lands
as a means
A minority report, filed
(Dem., Tex.),
The majority report asserted that the bill
would alleviate the tenant situation,
on
and demanded
a
reduction in taxes
would
be increased
fact
should
not
1946 through
would
"Unless there is
a
not
lost sight
The
Guffey-Vinson bituminous coal control bill
was sent
signature after the
House approved on April 12 the conference report on the
measure.
The report bad previously been approved by the
Senate on April 9, as noted in our issue of April 10, page
to President Roosevelt this week for bis
The
2402.
beneficiary of the title cannot
making owner-operators, we are making land specu¬
tional commission which the
bill for empowering the
Judiciary Committee Nears End of Public
on Court Reorganization Plan—To Dis¬
cuss Matter in Executive Session Today (April 17)—
Hearings
"It proposes methods to check the tendency
objects of charity.
It
become laborers and laborers
proposes, too,
to start each of these groups
authorities could "do much" to
farm taxes.
this
Submitted
Plan
Pension
Represents Compromise
on
to
House—
Views of Treasury and
pension plan, said to be only slightly
different from that recently formulated by the carriers and
the railway unions, was submitted to the House on April 15
Representative Robert L. Doughton, of North Carolina,
Chairman of the House Ways and Means Committee. The bill
represents a compromise between the Treasury Department
views and those advanced by the railroads and unions as to
the taxes necessary to finance retirement payments, said a
Washington dispatch to the "Wall Street Journal" of April
16, which added:.
higher, will have to be approved
While the tax rates, which are slightly
by the individual railroads before their national association
port them, indications are that
jections.
It is estimated that while the
here will
sup¬
this will be done without any serious ob¬
new
law will cost the railroads about $4-
500,000 more annually than the original compromise proposal of railroad
The
Senate
of
compared with the existing
Retirement Act would be about $14,000,000.
These amounts
the basis of 1936 payroll levels.
Doughton
bill,
an
ing
which
the roads and unions alike, and would
tax of 7%, or 3 ^
%
on
provide that all proceedings pending for recovery
1936, be terminated.
of accruals made by the
later
not
than
again
program
were
The
the committee
hearings
of April 10, page
was
con¬
2404.
of the St. Louis University
Lilly, head
without
bill is
merit."
without
and
reason
Father
to
Lilly
Rosenblum
Lilly's
testimony
and
liberties
reviewed the
asserted
advices of that date:
Shepard,
the
committee
called
York.
of New
the
need
for
an
and
granted
by
judiciary
rights
independent
to
the committee that the court bill
He also warned
them.
Mr.
and
created
danger of "one-man" rule.
"Every argument in support of the court plan can be easily analyzed into
airy nothingness," he said.
foist
was
upon
the country with meaningless
simulation, offered
as
effective remedy for a non-existent evil.
an
"It
serve
can
-no
purpose
other
encroaching
than
pendence, making the courts in some measure at least,
judicial
on
inde¬
subservient to the
executive domination.
"It
is
in
open
repugnance
the spirit
to
of
our
Constitution and'
di¬
rectly hostile to the primal objectives of our Republican government."
The statement
by Mr. Shepard said in part:
"Why should
Congi0ss
of
the responsibility
assume
justices of the Supreme Court?
would
the
best
be the
most
to
agency
the
certify
satisfactory administration
"Doubtless
tion
that
of
"Some
number
Court
of
be
experienced
proposal
Justices
request
would
Appeals
"The
which
would result in
of the court's constitutional
receive
for
such
reply.
certification
Why
in
should not
a
joint
Congress
the
of
for
consider
resolu¬
make
ideal membership of a
That has been the number of judges of the New York
judges
many
to amend
Supreme
seven
the
years.
the
Court
Constitution
of
the
so
United
as
to
States
fix the number of
at nine is not a
one.
.
the number
out
and sta¬
request?
of last resort.
court
fixing the number
„
formal
a
Congress
formal
of
One would think that the court itself
tutory functions.
were
.
,
rigidly fixed by the Constitution, the Court would
of business between the
creation of
a
vacancy
and the filling of the
by nomination of the President and confirmation by the Senate.
been
time.
occasions
when
such
filling of
vacancy
consumed
There
considerable
.
"An
have
Doughton bill would repeal the existing retirement tax act,
plan
Senate Committee this week.
United Press Washington
Constitution
have
by the railroads and the brother¬
the
on
County,
Father
7H%. or 3%% on each group,
hoods.
vote
reorganization
the
precedent,
addition
same
This compares with an initial tax of 5%. graduating up to
7% after 12 years recently agreed upon
total
would
Linus
Rabbi William
This rate would
would be levied.
graduate upward, becoming stationary at
railroads since March 1,
the
and
W.
follows in
"If
initial tax of 5H%. divided equally be¬
carriers and their employees
1948.
week
next
Shepard, representing the Bar Association of
New York, submitted a statement oppos¬
the bill.
The hearing on April 14 was described as
Nassau
Initial Tax of 5M%
Under the
concluded
be
would
reference to
Rev.
"without
happy
a
hearings
the proposals
on
asserted that
leaders
Law College, told the committee on April 14 that the
management and labor, the annual savings as
tween the
Congressional
plans to hold an executive session today (April
17) and it was considered possible that it might end public
hearings immediately.
"It
railroad
on
of
States
United
the
committee
Railroads and Unions
levies
Some
Opponents
the
calculated
by
Committee continued hearings
week.
committee
protect
Railroad
Act
Relations
Roosevelt's court re-organization program, the Senate
Judiciary
further the aims of the bill—to increase low farm income—through cutting
The
Labor
Proposal
quarters that validation
some
Supreme Court might result in the abandonment of Presi¬
dent
In
The report asserted that State and local
after
predictions in
National
the
landholders."
are
Witnesses Appear Against
More
Despite
Frederic
the ladder into the next level and finally into a status of unencumbered
new
law creates.
new
Senate
Republicans and Representative
attacked the
Wis.),
(Prog.,
The majority report said:
A
on
tained in the "Chronicle"
Wallace
of landowners to become tenants, tenants to
Railroad
had been submitted to conference after
measure
April 5 had passed it in a slightly different
version from that previously approved by the House.
Designed to stabilize the bituminous coal industry through
minimum price-fixing, the bill is somewhat similar to the
original Guffey Coal Control Act held unconstitutional by
the United States Supreme Court a year ago.
The labor
provisions contained in the original act and to which the
Supreme Court objected, were omitted from the revised bill.
The fixing of minimum prices will be in the hands of a na¬
stricken
of that the purpose of expending
without civil service requirements.
New
years
Bill Approved by
Guffey Coal
on
the witnesses before the
be
Secretary of Agriculture to make appointments to carry out the program,
to become
For the three
of the total railroad
each or 7%
on
1.
Another minority report, signed by six
up
Report
Our latest
Boileau
3%%
House—Measure Sent to President
the
Powers for
J.
This
end of 1942 when it would be raised to 3H%,
1948 the rate would be 3M% on each group, after which it
Conference
lators."
Gerald
$2,000,000,000,
payroll.
June
time limit during which a
we are
the
into
compares
This amount, which
1940, to $60,000,000, or 3%,
beginning with
be made stationary at
that
$250,000,000 is to make owner-operators of farmers," Mr. Biermann said.
sell his farm
proposed
pay
which
annually,
which rate would be effective until the end of 1945.
by Representative Fred Biermann (Dem., Iowa),
drastically amended.
"The
employees would
their
$55,000,000
around
rate would carry until the
of improving farm income.
demanded that the five-year $250,000,000 tenant loan provisions be
out or
and
railroads
Treasury
represents 2%% for each group on an estimated payroll of
the Senate
Farm
The balance
industries which ordinarily would be ex¬
many
pected to ship only by water favor its passage, and that in the interest of
bring about
the
$70,000,000 under the existing tax act.
fairness to the railroads they should not be shackled with a restriction that
railroads
each since Jan. 1.
Would Pay $55,000,000 Yearly
Initially then,
backing the bill had been misinformed
not
had collected from their employees
and employees would retain 3-14ths
v.:/';r"
act.
days if not suspended by the commission
Republicans presented
measure
state
In addition, both the roads
of the taxes levied at the rate of 3J4% on
complaint.
of the legislation, the Democrats split in their views on the soundness
were
refunded.
new
same
Democrats
which
by the roads
$48,000,000 accrued
than $50,000,000 which the carriers
the
in
action taken under
the
the roughly
that
mean
between March 1 and Dec. 31, 1936, would be retained by them, and the
more
of the taxes since Jan. 1 would be credited to their taxes under the
would become effective after 30
or
proposed must
This would
2581
The Pettengill bill would permit the railroads to file their
pensatory".
new
that
Chronicle
Executive
the Court
seeking predominance would like nothing better than to
go
out of business through failure to fill a vacancy in its
membership."
District Judge John C. Knox of New York, who had been
overruled
by the Supreme Court in its unanimous decision
Financial
2582
invalidating the National Industrial Recovery Act, told the
on April 13 that while the Supreme Court may
not be always right, he refused to "condemn its personnel as
unpatriotic" or unfit.
A Washington dispatch of April 13
Committee
to the New York 'Times" noted this testimony as follows:
Mr.
the
Knox,
Senators
tional
in
the
ruling,
any
had
Dollar
thing
the
that
to
come
when
one
beliefs
conscientious
and
his
"The
aware
Another
"a
reverse
official judgment and
my
"Hence,
action,
I
in
that
was
his
of
has
cases,
of
citizen
a
Supreme
the court is always right.
fervently wishes
clusions
is
change in
sit
by
personal
the
and1 happiness
of
the
bench
the court,
of
be
will
the
Edwin
Holt
"the senior effective
the bill,
who favored
those who
commission
of
who
described
himself
as
speaking tours had taken him
recent
the country, and that he had yet to
find
any
the fear that
by
said
question,
a
other witnesses
He
that he had
feared,
followed
such
no
Vessels
to
voiced,
have
Bishop
lead
that
the
Hughes
to ex¬
proposed condi¬
apprehensions.
succeeding Presidents
until
change
and studied the
"An
described in the following Washington dispatch
who
Texans,
by Senator
ceremony
Senator William It.
when
Nebraska,
took
for
Interior,
outstanding result of the investigation by the technical committee,"
introduced
Connally,
Tom
the
to
into
burst
committee with
vehement applause
Harold
L.
Ickes,
Saturday
in
develop a method of producing absolutely fireproof
without
adding
this
recommendations
made
he
the
go
around propagandizing,
government," said Senator King,
little
more
who
of the court
reactionaries
"I
a
plan
deserter
or
under
came
Dealer
down
and
my
but
paid to work
were
Other
speakers
here
from
In
didn't
I
take
it
in Washington,"
he
Texas delegation
in the
our
cork,
hook,
sinker
who
way,
we
thought
added.
were
Dr.
of
the department of government at the University of
of
the
sank
after
The
compartments.
discussing
which
lives.
While
vessels
of her
with
April 9 that the court reorganization plan pointed the
way to "dictatorship."
Their testimony was recorded as
follows in a Washington dispatch of April 9 to the "Times":
on
Mr.
Coudert
Bar
the City of
of
tain
presented
of Eight, of
of
aspects
almost
work
New York,
autocratic State
Another
likely
to
The
of
the
He deplored
cer¬
He said much of
violent and emotional nature," chiefly inspired
the
of
her
construction
date,
the
of
any
hazard,
the
124
much
was
Professor William
hazard
the
woodwork
is
Castle
School
Law
he
Cain of the Notre Dame Univer¬
M.
be
would
the
to
compelled
to
if
assume
ships
passenger
theory
and the
fact of
up
the
of
Angell of Yale University,
of political
'yes'
in
letter to the
a
com¬
could maintain public confidence and
men
nine New England col¬
leges and universities opposing the court reorganization plan
filed
with
the
Judiciary Committee
April 14.
On
the following day Sylvester Smith, Chairman of a special
committee
to
Civil War.
a
Associated
Smith
Democrat,
for
Roosevelt
the
two members
of Nevada,
bill.
in the
it
was
"in
a
It
com¬
as
moral
a
and
the
Washington advices of April
that date as follows:
the
committee
shortly
had
introduced
in
would
size of
Condemning the bill
said
Press
on
before
appeared
Carran,
the
told
aroused lawyers throughout
greater extent than at any time since the
15J described testimony
Mr.
on
of the American Bar Association,
mittee that the proposals had
the Nation
based
not
that
filling
on
used
other
in
large ship
a
consideration
any
now
clearly what might
of
afloat.
It
heretofore
happen
indicated
that
to eliminate
used
the
in
on
some
the wood¬
construction
experiments,
been
construction
terially the cost
"The
of
it
account
is
practice
its
not
on
any
such
structure.
the fire-
for
requirements
was
extent
an
the ship's
part of
the
the convention in this respect
are now
of
weight
great
construction
of
eliminated to
elemen¬
knowledge
has
available which make it possible to arrive
fireproof passenger
a
considerable
signed
was
quite
were
ship without
increasing
ma¬
weight.
or
involved.
is
construction
loses
by
made in
fireproofing methods used ashore
the
ship
been
document
Materials
gained.
the
at
that
since
sustained'
has
form
a
was
vessels.
quite
necessary
land.
In
integrity due to
are
practically debarred
Shore methods
different
from
the
not
are
land
to protect the steel
fact,
structure of
steel structure
on
of
account
because
necessary
construction;
a
ship
a
this
on
ship,
as
almost
is
never
fire."
Senate
Agriculture Committee Considers Report Based
Two-Year Investigation of Cotton Marketing
on
Practices—Ten Recommendations for Legislation
Made—Survey Suggests Elimination of Crop Esti¬
mates
Senate Agriculture Committee
of recommendations
provide for
an
the
after
Senator
Senate
unconditional
a
Mc-
substitute
increase of
Supreme Court.
"threat to
spiritual
an
independent judiciary," Mr. Smith
sense
unconstitutional."
of
on
its special
April 12 began a
subcommittee for
widespread reforms in the cotton marketing system.
The
subcommittee's survey, based on a two-year investigation,
contained
10
recommendations for
proposal to eliminate
statement by the Presidents of
was
and
tary,
be
cannot
advance
passenger
requirements of
study
respect."
A
"The
judicial
denounced the "ravaging of the court" and declared that "no judi¬
ciary made
as
of
same
must be devised
construction
course
distinct
a
The
R.
James
Thus
the
Against Individual "Yes" Men
President
fire
ships.
the
proofing of
variations of public opinion."
supremacy," he added.
mittee,
the
showed
combustible materials
other
combustion
that
seeking investment for his capital is
man
committed
"is
Missouri
University of
guarantees were to vary with
States
the
of
that the practice
evident
Morro
of
method
and
it is
the
on
passenger
the
constitutional democracy."
a
said that "no
assume
United
to the bill.
the proposal.
of
lives.
45
elimination
for
"whether the American people wish to substitute
was
for
witness,
constitutional
a
Masterson
E.
asserted that the issue
sity Law School
behalf
on
fixed opposition to all "New Deal legislation."
or
William
memorial
a
in opposition
the current discussions
by partisanship
an
committee
into
Non-Combustible Features
which he is chairman, from the Association of the
the discussion had been "of
Dean
the
to
be
still
would
passengers.
fire
"During
Coudert, representing the Association of the
of the University of Missouri Law School, both asserted
Committee
be
Texas; L. L. James,
Bar of the City of New York, and Dean William E. Masterson
rules
structural
of
been properly subdivided
had
developed in which combustible material
R.
collision,
a
all
would
It
standards
Morro Castle resulted in the loss of
destroyed the
inflammable
very
"The
Tyler, and James P. Hart, of Austin.
Frederic
of
enforcement
inspection.
law's
sinking cost
recommendations
head
P. Patterson,
meet
ship
unit of the Department of
a
with
which
Mohawk,
The
inspection and navigation to
and
ships
all
super-
report says:
of
C.
that
see
"The fire
Ickes—false liberals, disgruntled
people down
charged
construction
afloat, the report declares, if that
to
safety to the
way,
governing
strength.
of the three classifications of
any
be
would
Every
pages.
transatlantic
Committee unanimously
proposed by the experts.
marine
law, the bureau to be
the
greater service to
a
of
of 586
modern
Commerce
legislation
bureau
a
bureau
The
The
the
decoys.
visits
some
create
to the
coaster
the
of
enactment
weight
or
adopted there is
of 586 Pages
report.
regulations
practical
had
small
the
of
Secretary
all."
"We've
the
cost
are
printed document
a
in
the
Commerce.
is
experts
from
,
covered
bill would
The
deny all three classifications," said M. Crooker, remarking that "I'm
New
and
vessel
is
recommends
presiding.
was
specified by Mr.
as
of the
obligated
John H. Crooker, labor lawyer of Houston, who was testifying, was asked
by Senator Burke whether he
foes
liner
attention to their duties,
they would do
the
to
report
Document
watertight
"If Mr. Ickes and others would1 pay a
than
the
in
the Senate,
ships, and
involved.
If the
no question but
safety of ships will result."
\
excessively
made
Burke, of
President's plan.
rather
on
improvement in the
vast,
a
Commerce
report to
been to
supporting
Chicago
criticize
to
speech
in submitting the
the Committee
administer the proposed
King, of Utah, and Senator Edward R.
occasion
the
been
had
:
1935,
problem over a period of 18 months.
"has
The report
to the New York "Herald Tribune"
visiting
The experts
sea.
Their
findings were summarized as follows in a Washington dis¬
patch of April 3 to the New York "Times":
type of
great
of the problem of safety at
vestigation
appointed by the committee began their work in June,
into
court
our
Fifty-two residents of Texas appeared against the bill on
The
based on finding by a board of experts, ap¬
The report was
that
"might
it
April 3
on
pointed after the Morro Castle and Mohawk disasters, when
the Senate directed the committee to make a thorough in¬
congregation."
as
Committee
Interstate Commerce
public a report outlining recommendations for mak¬
ing vessels of all kinds "absolutely fireproof" and including
the draft of a bill to make the recommendations effective.
made
however, that the procedure of enlarging the court might be
by
April 12,
Fireproof
Senate
says
enlargement of the court would threaten freedom of religion, but the
witness
Measures for Insuring Safety at Sea Pub-
on
by Senate Interstate Commerce Committee
—18-Month
Survey Offers Findings for Making
The
one
the President's plan.
Burke attempted,
Senator
the
Bishop of the Methodist Church," also testified against
parts of
many
with
\
Washington,
of
telling the committee that
through
press
Hughes
un¬
as
And if there be
who succed
men
rightly charged
.
Bishop
its personnel
discharge of judicial functions.
proper
error."
tional
respects some of the con¬
as
condemn
refuse to
being such, it is not infallible.
human;
the personnel
upon
I
Law School—told the committee the President's bill
long step toward destruction of our form of government and was
lished
Its
regret.
in which my only interest
the welfare
disappointment
my
court,
the
unfitted for
"The court
now
has been
as
reached
patriotic and
a
keen
of
source
a
its decisions
of
some
who
been
Shipman Andrews, dean of the
day—Paul
during the
witness
Report
fit to
seen
country.
"But, great
a
of my
some
much may be said
As
by the same token, to the destruction of
unnecessary.
decrees.
to say that
not prepared
am
of the in¬
bill opens the gate to the destruction
system."
University
that his
by the
disregarded
that tribunal has
once
of this bill," Mr. Hannah said, "is to force the
interpretation of the Constitution of the United
interpreted.
purpose
constitutional
was
old.
years
occasion to know
made
he is
been
have
More than
the United States.
of
36
by judicial
Supreme Court
Syracuse
Washington,
organization composed of all
Conference, an
dependence of the judiciary, and,
our
1937
the stand by Paul F. Hannah of
on
Bar
under
members
it is now
as
"The
:
Court
followed
was
plain
amendment
States
April 17
of the Junior
association
bar
quite
inferior Federal court, I have had
an
disappointments
opinion
that
said
on :
member of
a
and
case
were," remarked Senator King, who was in the chair.
you
Judge Knox went
"As
Company
Dyeing
said I was wrong," he added, "and maybe I was."
Smith
Mr.
secretary
followed by other courts throughout the country.
one, was
"The Supreme Court
"I
distinction
the
had
Spotless
early
the committee has heard, told the
of holding the NRA constitu¬
Federal judge
first
he
that
Chronicle
The
legislation,
including
a
curtail government crop estimates.
or
report said that government loan policies and crop re¬
duction programs are justified
as emergency
added that they have "failed to
bring about
measures,
but
permanent
economic recovery."
The subcommittee said that producers
and the cotton trade would be most benefited if the foreign
market could
be revived
by
any
sound commercial
credits
and
the removal of trade barriers.
Other extracts from the subcommittee's report follow, as
given in Associated Press Washington advices of April 10:
With
official
regard
reports
to
are
the
cotton
prepared
"nothing less than scientific
crop
along
guesses,
estimates,:
it
said
that
while these
scientific lines, they are, after all,
based only in part upon known factors
existing at the time the estimate is made."
"While
report
it
would appear
from time to time
to be
acreage,
a
proper
crop
function
of the
conditions and
government
ginnings,
as
to
to the
Volume
euch
time
valid
no
Financial
144
reports
respect
to the size
quently
bring about
the
light
of later
not
occur
but
"It is
developments,
"there seems to be
in prophecies with
such
since
prophecies so fre¬
which, in
totally unjustified, and which would
price (movements
such crop
for
especially
crop,
indulge
should
the government
of the
said,
the subcommittee
made,"
are
why
reason
on
are
the futures exchanges,
these crop
else confined to the one
report in December, or to two reports, one in November and one in Decem¬
ber, in as much as the amount of cotton ginned prior to November is too
small to satisfactorily indicate the size of the crop.
should
The
be
committee's
the
"That
permitting
time
sufficient
buyers
sufficient
delivery
the
during
delivery notices by not
the
of
fixed date within the delivery month, on or before
be made, which date should be such as to allow
some
deliveries must
sellers
the
feature
notices to be issued with respect to deliveries in any delivery
trading in such month be ceased.
"(b) Provide for
which all
were:
exchange contract be reformed so as to:
futures
which
within
within
time
to
make
which
delivery and
also give
delivery
and ship
take
to
month.
else reduce the number of such
delivery points and restrict such points to interior points in those sections
the
where
"(D)
crop
deliveries,
or
is consumed.
qualities which may be included in
grade
number of
the
Limit
delivery (which, on the New York Cotton Exchange,
unit of
one
any
Southern
Eliminate
"(C)
delivery points are adopted.
"Prohibit the clearing of
any trades through
any exchange clearing
associations which have not been publicly made on the exchange.
"Limit the amount of interest which any one person, firm, or corpora¬
tion
month
"Prohibit
or
Age and Job Benefit Provisions
The Federal Social Security
and
in
"Daily publication
"Restriction
12
all the futures exchanges in any one
consecutive delivery months.
extension
of marginal
credits.
corporation can have at any one time
field in which the United States chooses to take control
use of its taxing power."
The Court's decision was
further summarized in Boston, United Press, advices of
yesterday, appearing in the New York "Sun" of last night:
"If the United States can
tive,
possible,
nearly as
as
of the commercial
markets representa¬
rather than the nominal
by the establish¬
the ultimate receiver who takes
cotton off of certificate can claim for the amount of his loss or damage,
in the event the cotton is of lesser grade or staple, and consequently of a
lesser value than that specified in the certifate.
"Prohibit the advancement of any governmental funds to any coopera¬
tive association, unless that association is operated strictly on cooperative
"Eliminate
of
the
heavy tax and remitting it in the States
system and their health laws to
The Levies Held Invalid
insurance).
ment
2.
A tax on
employees deducted by employers
3.
A tax
on
employers equal to the total of that
by Republican Judge Scott Wilson,
Bingham, 72, dissented.
In the title eight case,
the "imposition
In
Court
Supreme
Upholds
Interpretation of "Interstate Commerce"
pands Field of Federal Regulation
The
and Ex¬
this province of the
guaranteeing workers the
National Labor Rela¬
right of collective bar¬
gaining and providing
"The care of the unfortunate
unable to labor is a
upheld on April 12 by the United States Supreme Court
cases.
In four of the cases the vote was five to
was
in
five
while in the fifth the decision was unanimous.
four cases decided by a divided vote, the judges
four,
the
upheld the validity of the law were Chief
and
Associate
Justices Roberts, Cardozo,
In
who
Justice Hughes
Brandeis and
Stone, while the minority comprised Associate Justices
McReynolds, Van Devanter, Butler and Sutherland.
The decisions of the court on the Wagner Act were re¬
garded as among the most
important in recent history.
far broader interpretation of
clause in the Constitution, the
addition to giving a
state
commerce
In
the inter¬
majority
in dealing with indus¬
constitutional lawyers, opened
for enactment of a new and modified National In¬
Recovery Act.
The court held that although prod¬
locally manufactured, they are regarded as being
opinions widened the Federal power
try
and, according to some
the way
dustrial
ucts
are
in interstate commerce if the
ingredients of which they are
composed come from another State or if the finished prod¬
ucts are eventually sold outside of State boundaries.
All five cases decided by the court on April 12 arose from
National Labor Relations
all resulted from
discharge of employees who had been active in organiz¬
against
appeals
Board,
the
rulings
of the
The
In the Title 9 case he sought to restrain the
rail¬
In the Title 8 case he sought
from paying the tax on employers and from
contributions from employees' salaries.
appeals of Mr. Davis from de¬
reached the Circuit Court on
cases
Roosevelt appointee
Attorney-General, who held titles 8
District Judge George C. Sweeney, a
cisions of Federal
Assistant United States
and 9 valid and for the
general welfare.
Birmingham Permits TVA to
Federal District Court in
Expand in Alabama—Enjoins Alabama Power Co.
from Fight to Halt Federal Project—Judge Davis
Constitutionality Has Been Established by
Says
f
f
Supreme Court
United
District Court Judge David J.
States
Davis of
Birmingham, Ala., on April 15 enjoined the Alabama Power
Co. from joining other major utilities in an injunction suit
which had stalemated the development of the TVA power
project. Judge Davis held that the constitutionality of the
TVA project has been established by the United States
Supreme Court.
The follov ing bearing on the decision is from United Press,
Birmingham, advices of April 15:
►
Aibama Power was one
from United States
of 19 private utilities which won an injunction
further development of its
final decision on its constitutionality.
T. V. A. from
a
Judge Davis, however,
Ash wander decision,
of Nashville, restraining
electrification program pending
District Judge John J. Gore,
ruled that the Supreme Court ruling in last year's
granting T. V. A. the right to dispose
generated at Wilson Dam, is valid over Judge Gore's
He ruled on petition of James Lawrence Fly, T.
asked
reiteration
a
of a previous decision from
validity of the power
of surplus power
injunction.
V. A. solicitor, who
Judge Davis upholding
project.
door for T. V. A. to expand its electri¬
Alabama Power Company is re¬
list of 19 challenging utilities.
the decision opens the
In effect,
in Alabama, since the
fication program
moved from the
suit of the 19 utilities was made
1936, page 4083.
Previous reference to the
in
our
issue of Dec. 26,
Court Holds
Bankers
of
Five
Federal Government May Prosecute State
Under FDIC Law—Sustains Indictment
Indiana Residents in First Such Test of
Measure
the Washington, Vir¬
busi¬
ness and must comply with the Wagner Act.
In another
case, decided by a five-to-four vote, the minority dissented
from the application of the law to the Associated Press on
the ground that the freedom of the press is threatened.
The other three cases, also decided by a vote of five to four,
affected the following manufacturers:
The Jones & Laughlin Steel Corp., the Fruehauf Trailer Co., and the FriedmanHarry Marks Clothing Co., Inc.
In each of those cases the
minority of the court held that matters in local manufac¬
unanimous
are
has al¬
the excise tax on pay rolls.
the Edison company
and formerly an
created by the Wagner Act, and
opinion held that
ginia & Maryland Coach Co. was engaged in interstate
ture
burden imposed on the State, and until recently
been so considered,"
Illuminating Company.
ing labor.
The
Heretofore
and the dependent and the relief of those
the majority said.
The decisions were upon two cases filed by George P. Davis of Waltham,
stockholder in the Boston & Maine Railroad and in the Edison Electric
ways
that any agency representing a ma¬
jority of employees in any company or industry should have
the authority to bargain on behalf of all such employees,
"has no power, either directly or indirectly,
States."
A State Burden
a
exercise of the power vested in
8 Article 1 of the Constitution of the United States.
dealing with unemployment insurance, the
deciding the Title 9 case,
majority ruled that Congress
constitutionality of the Wagner
tions Act,
involving old age assistance, the majority held that
of such taxes is not a valid
deducting equal
States
unconstitutional were written
67 years old, and concurred in by Re¬
Jr., 67. Democratic Judge George H.
holding the social security act
The opinions
to restrain
Validity of
Wagner Labor Relations Act—Vote Is 5 to 4 in
Cases Involving Associated Press and Three Manu¬
facturing Companies—Unanimous Opinion Handed
Down in Bus Company Case—Tribunal Broadens
United
of their employees, also
under title eight.
road from paying
merchant."
under title eight (old age
assistance).
fund, against which
and not as an ordinary cotton
principles,
health conditions by levying a
which conform their educational
the dictates of a Federal force."
Specifically, the majority held invalid these taxes:
1. An excise tax on pay rolls levied under the act's title nine (unemploy¬
repeated reviews of certificated cotton
guaranty
a
taxation," the court said, "it can
equally take control of education and local
to invade
values.
ment
take control of unemployment insurance and
old-age assistance by the coercive use of
Congress under Section
and all exchanges.
"Have the prices and differences in the designated
any
ruled invalid yesterday
by the
publican Judge James M. Morton
of volume and open interests.
by including such call sales within the limita¬
was
in any
of call sales,
which any one person, firm or
tion
on
any
Act
(April 16) by the First United States Circuit Court of Ap¬
peals in Boston in a two-to-one decision.
The Court held
that the act violates State's rights.
It warned that "if valid"
the act would mark "the end of responsible State government
if such
restrict the
Court
Circuit
have at any one time on
may
delivery
opinions are also discussed.
Act Ruled Unconstitutional by Federal
of Appeals in Boston—Voids Old-
Social Security
is
of high density bales at
"(E) Prohibit the delivery on futures contract
delivery point,
and the minority
cases
thereby made easier.
interior
the majority
of
elsewhere in
be retained and deliveries
bales), especially if Southern deliveries are to
100
Associated Press.
The complete
opinions in all five cases are given
this issue of the "Chronicle," and each of the
the
involving
case
texts
or
any
month until
the
recommendations
Eliminate the transferable
"(a)
to
discontinued altogether,
other
the
estimates."
opinion of this committee," the report said, "that
the
estimates
2583
Chronicle
Federal
April 10 from
Attorneys
infringement
of
Indianapolis
on
of
Federal
officers
Indianapolis:
for five Southern Indiana
bankers and business men, indicted
violation, had argued that Federal prosecution
of banks not members of the Federal Reserve System was an
while another
Justice Sutherland in
Baltzell
District Attorney, said that the decision was
the country of this aspect of the law. Judge
Baltzell, in his ruling, said that there is no doubt that the
law is valid and that the Federal government has the
authority to protect its institutions by police powers.
The
case was outlined as follows in Associated Press a^ dees of
for
handed down by
C.
the first test in
single minority opinion was delivered by Justice Mc¬
Reynolds covering the cases of the three manufacturers,
was
Robert
United States
excluded from Federal regulation.
A
Judge
April 10 sustained the authority of the Federal government
to prosecute State bank officers under the provisions of the
Federal Deposit Insurance Corporation law.
Val Nolan,
Banking Law
on
State's rights.
2584
Financial
Chronicle
Judge Baltzell said:
"There
valid
is
and
Mr. Sterne
doubt
no
gives
but
the
the
that
statute
the
government
'(the FDIO
right
to
law)
is
perfectly
under
proceed
criminal
"And
act?"
statutes."
Walter
B.
McCammon
conspiracy.
fall
term
The
Mr.
to
Indiana
banks,
have
to
by
has
be
the right
going
far
to
the
the
be
continued
"It
the
to
losses
closing
three
of
Southern
through dealings in
notes
on
is
doubt but that the Federal
no
could
government
not
govern¬
It would
powers.
the
not
compulsion,"
or
induce
if
of
member
the
State
voted
the
had
Mr.
the
States
against
passed
Admin¬
more
asked
court,
not
what
would
Unemployment
an
Act.
lose
$9,000,000
to
occur
per
you
annum," Mr.
being
as
Sterne replied:
compulsion?"
some
Justice McRey¬
much
Sterne
compulsion that I
here asking to be relieved
am
of it,"
said.
in
the
day,
Charles
E.
Wyzanski
Jr.,
Special
Assistant
protecting
the
unemployed
the
to
Attorney General, argued that the legislation promoted the general
by
to
Sterne said.
welfare
hardship.
against
corporation
was
protect
other
any
Alabama
that
so
Earlier
its institutions by police
to
'
coercion
or
inquired'.
"It
Mr.
problem for the States to handle.
a
do nothing
can
inquired.
Justice McReynolds, who has
than
to
would
"Doesn't
nolds
the
point
laws
result
Compensation
company.
to protect
say
would
this
At
pleaded innocent to charges of
cases
following
Judge Baltzell said that "there is
ment
Smith
their
suffered
motor
a
0.
investigation.
indicted
were
said
sold
Lee
indicated
permit further
defendants
automobiles
and
Nolan
government
by constraint
istration
be
replied that he thought it
the Federal
Justice Brandeis
"Not
Following the ruling,, Lynn Craig, Raymond Korte and Roland Weir
pleaded guilty to embezzlement, conspiracy to violate the FDIC
law, mis¬
application of bank funds, and making false entries in FDIC
reports.
Judge Baltzell said that he probably would sentence the men Friday.
April 17, 1937
(FDIC)."
On
the subject
to the
as
ing
of State's rights,
the judge said that he
certain
Law
provided
adequate consent.
:/v'/: :V;
Federal Court Reaffirms Ruling That Holder of
Liberty
Bond Need Not Surrender It on Call—Richmond
Tribunal Denies Rehearing in Gold Clause Case
The
Fourth
mond; Va.,
Federal
on
the
of
owner
call.
on
it had
case
a
gold.
The
government
clause
for
was
court
same
could
not
called because
that it could be redeemed
January had ruled that the
in
avoid
interest
payments
Richmond
ruling
The
in
which
Machen,
gold of
bond
the
April
7
decided
value
due Dec.
15,
call
a
1917
of
be paid in that
seeking
from
case
the
did
for
not
the
stop
bond
of
interest
the
District
of
1935, contended
the
in
because
government
the
could
in
of
stop interest
complying with the terms of the contract contained in the bonds
paying them in gold.
Call
He held the call itself
plate redemption
in
after
cease
'
accordance
with
terms
of
Treasury did not contem¬
the
promise,
although
the
call date.
Mr. Machen did not ask payment of interest in
gold or seek
because of the failure of the government to
pay in that medium.
The Fourth Circuit Court, in session
here, denied
damages
rehearings in
other
cases,
the
the position that the bond expressly provided that interest
government took
should
Held Invalid
invalid because the
was
handed
down
22
opinions,
and opened
its
three
argument document
yesterday, the second day of its spring term.
Final Arguments on Social Security Act Given Before
United
States
Supreme
'
Justices
Butler
Coercion
ment
Arguments
Court—Questions
by
McReynolds Imply Govern¬
and
on
States
completed before the United States Su¬
April 9 in a case testing the validity of
Federal Social Security law.
A court ruling on the
measure is possible
April 2b, but it is believed that several
Court
preme
were
on
tbe
weeks
more
will
elapse before a decision is handed down.
Robert H. Jackson, Assistant Attorney
General, who led the
argument
behalf of the government, said
on
on
have
been
wide
differences
of
approach
and
the stabilization
on
of industrial
relations
a series
under
of
con¬
collective
bar¬
be mutually agreed on as
April 9 that
decision upholding the law would be "the
greatest contri¬
bution during this generation to the art of
government in
this country."
Niel P. Sterne, attorney for the Charles C.
Steward Machine Co. of
Alabama, contended that the law
can
orderly and constructive method for attaining
an
this universally desired result.
May I invite you to attend the first meeting at 10 A. M.,
Tuesday,
April 20. at the Department of Labor Building?
The list of those invited to the
conference, as made public
by the Secretary, follows:
the
amount
only by
and
there
calling
Arthur
redeemable
interest
coupons
that
gaining.
medium.
payment
r
Recognizing
experience in working out the mutual relationship involved and
believing
that the rules, principles and functions of both
parties in this relationship
can best be defined
by the parties involved, I am
The purpose is to determine the wisest procedures and
safeguards that
Baltimore
favor
established
the law of the land.
ferences
summarized
previously had ruled in
By decision of the Supreme Court collective bargaining is
as
First Fiberty bond.
court
of
the
reopen
$1,000 3
a
standard
not to
Machen,
$17.50,
to
Circuit Court
decision
the
was
Mr.
the
holder of
that
of
Perkins said:
gold-
follows:
as
government sought
Court
In
"Dispatch"
bargaining, in the light
Supreme Court decisions validating the Wagner
Labor Relations Act as applied to industries in interstate
commerce:
In her telegram calling the
conference, Miss
of this week's
bonds
on
by calling them for redemption with
paying interest on the basis of the devalued dollar.
Calls Collective Bargaining Con¬
April 20—33 Officials, Labor Leaders
for
and Industrialists Invited to Washington
Meeting
Secretary of Labor Perkins on April 13 invited 33 indus¬
trialists, labor leaders and Government officials to a con¬
ference in Washington on April 20 to discuss the stabilization
when
justified in refus¬
was
Liberty bond when it
decision
bonds
The
a
decided that
had stipulated
government
in
its former
Perkins
ference
of industrial relations under collective
Rich¬
not required to surrender
was
held that Arthur W. Machen
a
Appeals at
the court had
affirmed
court
of
government petition
a
which
in
Liberty bond
a
The
ing to give up
the
Circuit Court
April 6 refused
on
rehearing
it
Secretary
necessity of State consent, but held1 that the 1935 Indiana Bank¬
Government-Public—Henry Bruere,
President
Bowery
Savings
Bank
New York; Father Francis J. Haas; Raymond
Ingersoll, President Brooklyn
Borough, formerly arbitrator for New York cloak and suit
industries;
Jesse Jones. Chairman Reconstruction Finance
Corporation; William Leiser-
Chairman National Mediation Board; J. Warren Madden, Chariman
National Labor Relations Board; H. A. Millis, former member
National
Labor Relations Board; John G.
Winant, former Chairman, Social Security
son,
Board.
,
Labor—Elizabeth Christman, National Women's Trade Union
League;
William Green, President American Federation of
Labor; Sidney Hillman,
President Amalgamated Clothing Workers of
America; Charles P. Howard
President International Typographical Union.
Also John L. Lewis, Chairman Committee for
M. J. McDonough,
D.
B.
Robertson,
Industrial
Organization;
Secretary Building Trades Department, A. F. of L.;
President
Brotherhood
of
Locomotive
Firemen
and
Engine Men; D. J. Tobin, President International Brotherhood of Team¬
sters; D. W. Tracy, President International Brotherhood of
Electrical
Workers; A. F. Whitney, President Brotherhood of Railway Trainmen
J. W.
Williams, President Building Trades Department, A. F. of L.
*4
Industry—Robert Amory, President Nashua Manufacturing Co.,
Boston;
C.
M.
A.
Fuller,
Chester, President National Association of Manufacturers;
George
Fuller Construction Co.; O. Max Gardner, textiles,
Shelby,
N. C.; Carl R. Gray, President Union Pacific
Ry.; Averill Harriman, Chair¬
man of Board Union Pacific
Ry.; George Mead, G. H. Mead
Co., New York;
Charles
O'Neill,
President
Central
Pennsylvania
Coal
Producers
Asso¬
ciation.
Also
Harper
Gerard Swope,
United
States
Sibley,
President
Jersey; Harold Winchester, J.
American
United
States
Chamber
of
Commerce;
General Electric Co.; Myron Taylor, Chairman of Board
Corp.; Walter C. Teagle, Standard Oil Co. of New
Steel
Radiator
B.
Lyon Co., Albany;
Clarence Wooley,
Co.
a
illegally
the States to act according to the will
coerces
of
the Federal government.
as
Tlie arguments before the court
follows in Associated Press
on April 9 were
outlined
Washington advices of that
date:
disputed
of
cent,
per
is
legislation
tire amount
refunded
approved by the
While Mr.
Federal
Jackson
imposes
collected
States
to
under
which
Social
payroll
a
pass
tax
employers.
Ninety
the unemployment insurance
sec¬
on
unemployment
compensation
laws
Security Board.
arguing, Justice Butler asked whether the prin¬
could not be employed by the Federal
government
regulate schools.
"I
suggest it is not fantastic to say that, if one is within the reach of
the other is not far removed," he asserted,
raising his voice.
Cangress,
Justice
this
is
Brandeis
commented:
"The question
particular purpose and limitation
exceeds
before the court is whether
the
power
but
Asked
am
eure
you
are
not
audience
inviting
us
to
Later
Justice
statement
unless
not
"The
tion
the
look
at
this
through
a
of
As
concerning
the attorney's
government
had no power to provide relief
itself and its people is threatened.
Justice Brandeis asked, "have to fold
the government
government,"
hope that if another depression develops it will be
how?
Doesn't such a thing as preparedness exist?"
that has to be
governmental
attempting to deal with
dealt
with
if
we
are
a
met
we
,
perfectly practical situa¬
to handle
problems," Justice Brandeis added.
soon
as
series of
those who practice
Supreme Court verdict
a
great effect in
Strikes for collective
them,"
sit-down strikes.
reducing the number
on
bargaining, she stated,
the effects of the decisions were borne in
those seeking to
organize, she continued, hastily called strikes would be
abandoned and a
more cautious attitude
adopted by the new union groups.
Within three hours of the decision, declared Miss
Perkins, employers were
calling up their,, trade associations with questions on methods
of
on
collective
bargaining.
Strike
at
Hershey Chocolate Corp. Is Settled—Em¬
ployees Will Vote on Collective Bargaining
Agency
Under Supervision of NLRB
v
of the Hershey Chocolate
Corp. returned to
April 13 following an agreement
settling a 12-day
strike which had resulted in violence
when 4,000 farmers
work
Sterne
and
government is
to the effect of the
intensity of all strikes.
key¬
exchange.
questioned Mr.
Federal
existence
the Federal
hands
know
that
the
"Does
its
are
Employees
laughed at the
Brandeis
as
a
collective bargaining."
Miss Perkins said that it would have
and
question
hole," Justice Butler replied.
The
on
"The only people who can make the rules
before us."
"I
York
the proposed
of
Congress.
It
interesting to consider, as an academic matter, where to draw the
I find it difficult to see where that is related to the
very
line,
conferences
re¬
the New
on
Miss Perkins explained that the
meeting would be the first of
"constructive
had been the most difficult to settle.
was
ciple of the legislation
to
April 13 to
"Times" reported Miss Perkins' comments
conference as follows:
she said.
The
tion
Miss Perkins made known on
April 15 that she had
ceived acceptances from 18 of those addressed.
A Washington dispatch of
intelligently important
on
evicted
"sit-down"
strikers
from
the
company's
plant.
Officials said that the normal force of
almost 3,000 persons
would be at work next week.
The strike was referred to
in
the "Chronicle" of April 10,
page 2411.
Under the agree¬
ment
signed
April 12, the employees will decide
by vote
to be represented in collective
bargain¬
ing by the Loyal Workers' Club or the United
Chocolate
on
whether they wish
Volume
144
Financial
Workers, an affiliate of the Committee for Industrial Or¬
ganization. The election will be supervised by the National
Labor Relations
Board.
The agreement
lows
in
ending the strike was summarized as fol¬
dispatch of April 12 from Hershey, Pa., to the
a
New York "Times":
The
determine
Labor
the
sole
Relations
is
shall
be held
collective
Act
of
was
embodied1
among
bargaining
the
United
in
this
under
agency
States.
And
the
that
in
agreed,
other
hereto
parties
of
strength
shall be
the
on
with
their
In behalf
the
following
"M,
S.
shown
arguments.
79-year-old founder
statement
was.
Hershey enterprises,
issued:
agreement,
in
interest
has
requested
that
movement
every
that
privilege
lead-
to
as
evidence
peaceful
more
his
of
further
to
bring about
but
sents,
its
We
adjusting
and amity
peace
employees.
our
in
our
present-day
rather than
happy to
are
frankly expresses,
say
relations
that
the often
"But
in
situation,
discord
between
in
desire
we
relations
our
with
this agreement not only repre¬
declared
dealings with its employees.
policy of
V
our
company
in
'
larger
a
6ense it is in line with
the constructive thought of
the needs of this new day in
bringing into closer
industry those who labor and toil.
"Further, the policy underlying this agreement has just been
recognized
in
the decision of
the Supreme
Court upholding the provisions of the
Wagner Act."
''/.'V-V
the
country
communion
to
asserting that thousands of needy who apply for
being turned away, Mr. Green added:
a
meet
with
give
on
citizens
tell
to
work
them
useful
on
relief-roll
a
basis.
"you
projects
It
is
We
cannot have
to
a
program
Ghould'
it
self-respecting American
job unless
a
have
must
the unemployed;
for
insult
an
must recognize that the
we
declare yourself
you
pauper."
Such
a
the
policy,
of
planning
for
now
can
1937-38
are
With
if
pursued
millions
we
morale
who
a
fiscal
the
and
be
will
emergency,
needed
for
unemployed
who
tend
responsible
to provide 3,000,000
and
jobs
in
are
to
make
work.
By
is reliably esti¬
it
serious need
hundreds of thousands whose
save
unemployed,
now
rapid
an
the
of
that
possibly count
7,500,000 in the fiscal
last year
least
cannot
we
of
average
gains
is
continue.
A
during
health
and
can
reducing
on
1938—not
year
works
adequately provide
4,500,000 without regular income.
this leaves
even
later
those
year
9,722,000
if
will
the
threatened.
now
ing 3,000,000
beyond
program
for
care
unemployment below
even
added1
that
planning for the 1937-38 Federal budget
Federal works program is inadequate.
be
not
deep
industry and labor.
"He
In
are
present
mated
Hershey, who in all things affecting the right of employees has
although not legally called to affix his signature
morals
are
paupers
and head of the
deep sympathy,
a
this
to
figures and
of the
and
year.
planned to
words, that the test
question of whether the Hershey employees want the C. I. O. union or not.
If
a
majority decides against it, both union and the so-called loyalist
group would be in a position to go before the National Labor Relations
Board1
last
relief
Wagner-Connery
the
health
endangered.
The
280,000 persons were reemployed in
February, with 9,722,000 still without normal work in either
industry or government.
The comparable number of unem¬
ployed was 10,002,000 in January and 8,990,000 at the end
After
the employees of the employer to
2585
where
analysis showed
provision:
abide by the said election."
to
agree
It
election
an
families
of
gist of the agreement
"That
Chronicle
program
for
those
averag¬
in need,
A social security program
which does not provide for all the unem¬
ployed cannot give real security.
Public works are an essential part of
any adequate social security program.
It is high time to look facts in
the face and plan to give
jobs without the stigma of relief to those who
cannot find' work in private
industry.
•
M.
B.
Anderson
Urges Social System Encouraging
Advances
as
Benefit
to
Labor—
Technological
Asserts Industrial Gains Have Resulted in Greater
Final United States Automobile Strike Is Settled When
Hudson Officials and U. A. W. A. Reach
Agree¬
ment Modeled on
Chrysler
Employment
Income
Pact—90,000 Automotive
Employees Return
to
the automobile industry in the United
April 10, when 1,500 "sit-down" strikers
evacuated the plants of the Hudson Motor Car Co. after
holding them for 33 days.
On the same day Circuit Judge
States
ended
on
Alan
Campbell of Detroit dissolved court action by which
the Chrysler Corp. in March sought to evict and
arrest
approximately 6,000 "sit-down" strikers occupying its eight
production plants.
Settlement of the Chrysler strike was
noted in the "Chronicle" of
April 10, page 2410.
90,000 automotive workers who had been affected by
of strikes
About
a
series
returned to their jobs this week.
Chrysler Corp. and the United Automobile Workers
of America on April 14 signed an
agreement regarding the
handling of collective bargaining, grievances and seniority
rights, supplementing the peace pact concluded on April 6.
United Press Detroit advices of
April 14 summarized this
as
providod:
Seniority will determine the order
in which workers will be laid off and
Seniority will begin after
a six months'
Before any workers
Club of Detroit.
and
years,
4. All grievances will be handled through shop committeemen
represent¬
Grievances first will be taken to foremen, then to the
fere
with
the
The seven-page document set out in detailed form the
procedure for dis¬
A
industrial
wise
strikes
Automobile
the (Chrysler
was
reported
Workers
pact.
signed
an
company
agreement
Ending of the automotive
follows
as
in
a
Detroit
dispatch
of
the
maintenance
and
other Chrysler employees were called back
today to make preparations for resumption of production as soon
as
possible, representatives of the company and the. union conferred all
day on details of an agreement, supplemental to Tuesday
night's peace
pact, to cover working conditions, wages, hours and
grievance adjustments.
Today's meeting was devoted' chiefly to a discussion of the union's
seniority
demands, centering particularly on the length of the
probationary period
before a worker shall be
given seniority ranking.
In most contracts which
the U. A. W. has
signed with automotive companies six months is the
probationary period.
to
work
Reo strikers
parade
U.
men
and
W.
A.
supplemental
covered
in
degree of
evacuated
the
demonstration
sit-down
factory in Lansing late today and staged the
has
come
to be accepted
procedure in
that
technique.
Both
Reo
and
Hudson
will
also
work
covering all the detailed union demands not
original peace agreements, which dealt primarily with the
union recognition to be accorded' and a
pledge against further
1
sit-downs.
William Green Urges
Enlarged Federal Works Program
—Would Provide
3,000,000 New Jobs During Next
Fiscal
Year—Says
Unemployment
Decreased
only 280,000 in February
by
The
to the
enlarged Federal works program that would
employ
3,000,000 idle during the fiscal year ending June
30, 1938,
was urged on April 11
by William Green, 'President of the
the
Labor, in
a
statement
presenting
Federation's monthly summary of
unemployment.
Mr.
Green estimated that the works
program was falling short
by at least 1,000,000 jobs of providing for
unemployed
and
out
period of
a
income
has
retards
technological
advance
"work
revolution, have been lifting
starved, narrow, stagnant and
of
in discussing technological unemployment,
fears
of
a
interfere with
The further
matter
of the laborer
who
of making
way
machine.
new
A
was
he
finds his
living
a
In
that
eld
job
disturbed
connection
he
a
all
The workman,
seven
of
of
the
to
is
go
however,
But
less
the
small
quoted
taken
a
to go into
years
as
impact
an
of
the
another occupa¬
learning another craft.
dynamic and when change
are
are
less.
or
The
it
It
move
was
population
a
very
to
even
of
difficult matter
another
the
village where
United
States
as
a
used to be.
has
displaced
England
become
worker
far
than
it
more
used
acutely
to
be.
sensitive
Social
to
surplus
when
Babbage wrote the passage which I have
inevitability of poverty for the masses of men was
The
We have grown rich
enough in the United States
do not have to take it for
granted.
We are not content
picture such as Babbage paints of a
great progress in the cotton
we
industry
between
multiplied
and employment
Nor
are
increased
the
first
granted.
greatly
wages
seven
The
much more readily found.
factory to another, learns his new job, not
1760 to
conscience
the
of
that
weaving
and
far less serious
a
has become
above.
so
with
of
process
openings
six months
difficult than
in
for
today
one
be found.
modern
problem
was
were
new
or
ideas.
new
highly mobile, particularly since the coming
cheap automobile and the immense
highways.
It is easier by far
to a new place and to get into a new
occupation.
The problem
much
the
his
spent
alone, and if he
England in
might
had
when all occupations
but in
years
work
He
World
him.
them,
retard
we
and
at the beginning of the industrial
beginning of the industrial revolu¬
about
shifting from
for the laborer in
whole,
static
long and laborious
in
must
inventions
new
was
at the
craftsman.
craft
world today,
account
no
technological unemployment is
world than it
a
his
on
on
utilization of
displaced laborer
He had
had
that
first,
that
master
a
was
coming
in
is
in the modern
machine
is,
the most rapid
answer
apprentice.
is
this
to
answer
intelligence
1820
output,
for the
content
we
improvements
with
among
that
and
1830,
with
accompanied
hand-loom
giving
them
by
employment
of
years
precarious
weavers.
pious
advice
enable
may
increased
10
to
them
the
to
workers
foresee
that
some
of
are
likely to come, that the savings banks and
friendly societies will help them to some
extent, and that they do well
to diversify the occupations
among different members of the
family—even
though this is very good advice and even
though it is eminently desirable
that the displaced worker should
have
every
problems,
to
retain
his
own
independence and
incentive to
to
meet
bilities.
But
An
of
over
national
harm than good to the interests of labor.
men
by the coming
out
agreements
Federation
the
policy, he said, will not inter¬
efficiency, the growth of technology,
system
more
of
masses
referred
the
American
of
brutal lives."
other
April 9 to the New York "Herald Tribune":
While
share
public policy, Mr. Anderson continued, will
In the
settling the Hudson strike, officials of the
United
steadily increasing
labor's
with and not against the great
dynamic forces which, since
the beginning of the industrial
tion
posing of complaints and rules governing seniority.
on
than
Ander¬
flexibility of markets and the accumulation of capital.
a social policy which introduces
rigidities into
tion
the
M.
He said that
the
plant management, and finally if necessary to Herman L.
Weckler, corpora¬
tion Vice-President in charge of industrial relations.
modeled
rather
Benjamin
A wise social
industrial
revolution.
and
that
also advanced.
ing the workers.
In
benefited,
States,
Mr. Anderson cited figures to prove that
employment has been
new
two hours.
,
National
said:
probationary period for
laid off, the work week will be reduced to
thirty-
are
Sharejftof
Jr., economist of the Chase National Bank of New York
City, asserted on April 13 in an address before the Economic
employees.
3.
have
United
destroyed and his old
rehired.
2.
advances
labor in the
Mr. Anderson,
considered part of the nine-point Lansing settlement,
Increasing
son
follows:
The agreement,
1.
harmed,
will do much
The
agreement
Technological
Work
The last strike in
and
Labor
to
and
of
we
must
recognize that too
change which
the
working
diffused
should
over
be
the
for
the
dismissal
the
relief of
and
whole
to
that
it
other
kinds
the population
in
of
well
burden
fallen
right that this
is
no
workers
as
a
as
longer
the
whole.
the
burden
own
responsi¬
special
necessary
result
his
own
of
upon
It
handled
industrial
for
the
has
is
population.
wage,
reeducation
much
technology involves
tragedies for individual
changes beneficial
or
new
people
solve
his
shifting
groups
should'
that
be
there
of
technological
Unemployment insurance
exchanges, institutions
public labor
techniques of displaced workers,
displaced workers that will prevent
public
tragedy,
we
.2586
Financial
afford
can
not
cover
workers
provide.
And
I
by
displaced
lowering
radical
a
be
might
changes
tariffs,
of
would
broaden
the
technological change,
merely workers displaced by
who
example,
should
and
in
public
which would,
I
proposal
but to
policy,
The
be
tiie
immensely beneficial to the country as a whole and' to the laboring popula¬
of
tion
the
certain
of
country
whole,
a
as
displacements
but which might,
workers
among
production
The technological
is low.
but
readjustments should be made,
displaced by the changes.
are
Even
in the
short
the
changes should come,
should1 not forget
we
Over the
long
short
workers
gain
Certain
consumed,
principles with respect to this problem
the writer does not venture a detailed
general
though
even
generous
to take
as
just
himself
that
society
do
be
may
It
possible.
as
that
factor
in
the
many
evidence
turn
cases,
necessary
to
desirable
or
the questionnaire
spent for gas,
self-respecting,
a
amount
stationary
for
spent
that, taking industry as a whole,
dynamic and energizing factor rather
a
business
and
reducing employment.
technology cheapened
made
business
possible
from
expanding business,
1921
production.
greater
It
is
1923,
reduced
The
and
the
The
costs.
prospect
of
off
of profits
business reaction.
What
of
that leads
to
''V
•
displaced by technological
advance is not a lag in the general volume of employment, but rather is a
specific lag in the reemployment of the particular men displaced.
men
Court.
With
spring planting off to
an
early start, the 550 pro¬
duction credit associations loaned farmers
week,
following
the
validation
Nevertheless advices from Washington
of his program.
enactment
•believe that
of
the
on
April 13,
several
Mr. Roosevelt
seek
to
reported to
was
important questions had been left
un¬
answered, including the question whether congress had the
authority
to enact laws establishing
minimum
and
wages
maximum hours and outlawing cliild labor in industry.
It
was said that the President is
unwilling to trust future meas¬
for social and economic reform
ures
$71,400,000 Loaned to Farmers by Production Credit
Associations
During First Quarter of Year
this
said that President Roosevelt was still determined
made
that makes
r
in reemployment
lag there is
reported to be gaining favor with many Democra¬
Senators
National Labor Relations Act by the United States Supreme
reduction
profits
the prospect of profits
the falling
is
it
as
to
It
profits.
activities.
expand
men
express,
Original Proposal—Senator Ashurst Says Com¬
ure, were
tic
The
business
in
for
telegrams,
postage,
r
organization proposals, or adoption of a compromise meas¬
place
spurt
electricity, ice, amount paid
help, number of telephones installed, amount of laundry soap
Plans for abandonment of President Roosevelt's court re-
independent
large
great
and
Amount
were:
for
spent
was
promise Will Not Be Considered
clear
is
down
much
Court
-
slowing
how
Act Decisions—President Roosevelt Said to Adhere
recur
costs
for
not
improved technology had in it, which I have discussed above.
which
new
is
I
the
to
It
parasite.
rapid technological improvement is
a
and
Democratic Senators Advocate Compromise on
Reorganization Plan, as Result of Wagner
Many
from the displaced worker the incentive to read¬
away
promptly
as
a
think
I
in
covered
items
pipe.
inquired how many children
agents
grade,
laid
program.
should undertake to give him his accustomed income, because
could, in all too
so
into
than
field
to
as
details as whether the toilet
+
clearly necessary that the relief afforded should be adequate to prevent
tragedy.
It is equally obvious, I think, that the relief should not be so
to
what
to
up
freight, drayage.
face
is
man
the
and
Other
household
for
enor¬
may
of education
school
type of fuel consumed, amount
as
and
outdoors, and whether the kitchen sink had a drain
or
head
the
textbooks.
obvious.
is
displaced individual worker
the
run,
Under
attended
mass
the tariff
and
such
the
run,
or
care,
indebtedness
the
embraced information
families
farm
occupied down to such
dwelling
indoors
was
percentage
medical
amusement,
into account
1937
families.
expenditure schedule for
type of
clothing,
food,
took
study also
typical
and this should not be.
tragedy,
down,
where
of machine work
the gain for the great bulk of the people is
run,
the
in
But,
mous.
the less, lead to
none
industries
in
hand work is large and where the percentage
shelter,
for
The
education.
and
the savings of
for
April 17,
expenditures
family
to
cover
as,
convinced,
am
Chronicle
to the Supreme Court
constituted, particularly when recent de¬
cisions on important cases have been made by a 5-to-4 vote.
Proposals for adoption of a compromise measure were dis¬
is presently
it
as
over
$71,400,000
1937, which was a 22% increase over
the 1936 first quarter, said a statement issued
April 13 by
the New York "Times":
Governor W. I.
both
in the first quarter of
Myers of the Farm
Credit Administration.
The Governor said:
Farmers
usual
the
More
year.
A
their
financing arrangements earlier than
using production credit from the
crop
farmers
are
this
spring in practically every section of the country except
Southwest, where drought effects have retarded operations.
average
loan
$610 compared to $585.
Increases in
production credit associations were most
the
of
significant in the Central and East North Central States.
The loan volume in the St. Louis
district, including Illinois,
Arkansas and Missouri, was nearly double the 1936
figure.
Resources
BoardlMakes Preliminary Report
Study of Consuming Habits of 300,000
Families—Final Survey Expected in June Will Pro¬
vide Basis forfcCorrelating Consumer Demand and
Productive Capacity
Based
nation-wide
April 9 made public a report by the
on
preliminary steps in a
on
Resources
American
Committee
of
the
A
survey
final
families.
consuming
report,
habits
which
of
300,000
is
expected in
June, is expected to contain data that will help in a more
accurate
court
amendment
issue
the
not to
plan
conceded
situation
They
mediately following
President
correlation
between
consumer
demand
and
was
Federation
of his
insisted
as
existing capacity and
that
the Judiciary
age
now
no
the
"When
still
was
by Saturday,
executive session to
dis¬
"I have
committee, suggested
Ashurst, who is
heard
compromise.
no
this bill
Senator
never
passage.
Winning"
compromise," said1 Mr.
says
time
same
the radio in
over
Roosevelt
discouraged by reports of the President's
that he would hold to his demand im¬
forward to
Retreat
There will be
singer who
At
Mr.
but they hoped that they
their suggestion
today
he carried
Committee,
will
of
a
man
chairman
of
retreating when
Don't listen to any defeatist
be withdrawn."
Logan, who has made speeches in the Senate
behalf of the President's plan and has
supported it in
the whole program be put aside so that addi¬
tional labor laws, which he
thought constitutional under yesterday's de¬
cisions, might be put forward and passed1.
Court Bill
was
no
that
or
has
taken
leading part in the radio campaign for
a compromise.
a
actively working for
running for
use
No Senator
train after you've caught it," he said.
a
Representative announced
change of his position on the
decisions, although Senator
Burke, an opponent of the President's plan, said:
"Already two members of the Judiciary Committee have
swung into
The submission of the pre¬
issue
as
result
a
the
opposition
the
liminary report was noted as follows in a Washington dis¬
patch of April 9 to the New York "Herald Tribune":
the
be
he is winning.
court
demand results not only in
financial loss to individuals, but also in enormous
waste of
conference
on
per¬
constitu¬
of
should
it
"There will
"There's
consumer
human and material resources.
court
a
bit of strategy.
a
urged
Another Senator who
The White House explained that the in¬
ability to plan new facilities and output in accordance with
the
turn of the court In his favor, but they regarded
Na
the
pro¬
of
by William Green, president of the
Labor, to continue to push his judiciary plan, and
spokesmen at the Capitol, Senator Robinson and Senator Ashurst,
American
and
size
court program.
had expected
any
his show of determination
The
that
on
Judiciary Committee will meet in
future procedure on the
position.
tonight
the court plan,
on
The compromise seekers were not
siren
the
apply to the five Supreme Court justices
indication of his views
some
when the Senate
firm
increase
compelling retirement of judges and justices at the
this
of
of
might obtain
cuss
would
three members, and call for submission of
or
that limit.
command
ductive capacity.
The
Washington dispatch of April 13 to
a
on
The White House
National
the
Advocates
two
National
of
75—this provision
about
was
business
sides
tional
of
in
plan suggested' tentatively today by some of the President's friends
above
in
More than 115,700 farmers got loans from the associations
in the first three months of the year
compared to 99,500 in
the first quarter of 1936, Mr. Myers noted.
The
size
follows
as
manently by two
completing
are
this
associations
cussed
bill, the other
Other
as
a
members
of
result
of the consumption report called by the
White House Dr. John C. Merriam,
Henry S. Dennison and Beardsley Ruml, members of the National Resources
Advisory Committee, and Harold L. Ickes, Secretary of the
Interior, who
member
is
other in
the
tures
of
Wagner
a
Act
the court's decision.
One
was
definitely for
non-committal."
was
of
the
the
committee
questioned
the
conclusion
that
any
get together.
President
on
brought
Chairman
of
progress
together
the
National
Resources
foes
Committee;
The
in
Dr.
conference lasted
more
than
two
hours.
Dr.
Merriam
said
the
explained
would
be
that
available
the
not
information
only
to
which
the
the
committee
government
but
also
Lists
study
Bureau
aid
Labor
of WPA
with
Field
small
and
work
is
to
up
conducted
fieldi
metropolitan
reports
information
Central
by
work
areas,
up
Statistical
as
the
Department
13
type-of-farm
under
New
the
York
Bureau
and
of
as
year
in
63
from
the
by
the
field
workers
six
householders
embraced
directed
every
the
porters,
Statistics
large
in
to
fill
conceivable
out
being
who,
Supreme Court's
Senator Ashurst, Chairman of
many
of
the
the
as
a
such
as
possibility
Senator
by
Lewis
of the President's
Schwellenbach of
"No," but punctuated his remarks
to
"Dean
President
court," said Mr. Ashurst.
blame
you."
It
for
of Inconsistency"
can
being
even
Washington.
the peals of
talk ever since
flamboyant defender
group
Supteme
have shrunk
was
with
twenty minutes, and'
"You
the
enthusiastic
of the
add six members to it.
16
the
a
of
power
some
B.
cryptic remarks which have characterized his
saw
"non-commital"
decisions
holding the balance of
forthright audacity of the President's
remedy.
to sponsor of a bill
,
by
deploring
and
dent's message turned him from
of
the
over¬
He later said that he
would not
talked
while
and
from
detail
was
those
New Deal matters
18
covered
cities,
announcement of
22
"I
were
on
considered
outside metro¬
covered
making
a
Senators,
Court
the
families
counties
was
Judiciary Committee, conferred with President Roose¬
Ashurst said
Labor
Chicago;
with
urban
Agriculture
areas
of
Board',
well
to
Economics,
and 10 small cities.
which
given
Home
it
the Wagner Act,
on
Compromise
of
of
$5,000 a
to $10,000 in metropolitan areas.
132 villages and
Similar
middle-sized cities,
The
the
Bureau
The study embraced farm'
ranging from low levels
areas,
cities,
States.
and
the
due,
Senators and Representatives who had been cast
against each
of the last two months were
heated controversy
compromise and that "a clean victory or a clean
defeat" was his objective.
His remarks were
reported as
follows in a Washington
dispatch of April 12 to the New
York "Herald Tribune":
Farm, City Families
conducted by
Statistics,
workers.
incomes
politan
two
of
is being
to
consider
industry.
The
plan
feeling in Congress between friends and
believed, to the possibilities for compromise
velt at the White House.
that the
departments cooperating in the study set forth the type of informa¬
they were individually interested.
1
Merriam
the
noticeably better
a
Immediately after
which
gathering
of
rulings
genthau Jr., Secretary of the Treasury.
various
was
newly raised.
Henry A. Wallace,
Secretary of Agriculture; Miss Frances Perkins, Secretary of Labor, and
Harry L. Hopkins, Works Progress Administrator, all members of the com¬
mittee, and Marriner S. Eccles, Chairman of the Federal Reserve
Board;
Dr. Isador Lubin, head of the Bureau of Labor
Statistics, andi Henry Mor-
tion
other Senator had1 switched.
or
There
the
at
sup¬
Senator
laughter
a
Presi¬
court's power
.
we
never
say you don't believe
mentioned
the
that, and I won't
Volume
Financial
144
Circumstances
supported him
somewhat, however.
had
He
"As dean
Justice
of the
Roberts,"
inconsistency faculty I
said
Mr. Ashurst
conference, but then sought to.deflect the discussion to irrigation.
"Out
in
Arizona,"
he
thinking of shipping
it
said,
"we
for
away
have
soil
fertilizer.
nolds had rendered the minority opinion In
"Four justices whose age averages
In
the
state
our
served notice
seventy-four and one half
"Four out of nine votes
loaded—packed against the people.
are
"And what that arrogantly non-co-operative
the
dates,
minority thinks of a country
figs, the oranges and! the pomegranates bend low trying to kiss the lips of
that doesn't like to pay $20,000 a year to sit-down
the
from that enlightening homily on sportsmanship
consumer."
only three weeks ago.
"Happy" Over Decision
Back in
his office
the Senator talked
"Destiny is tolling her golden bell,
happy
the decision.
over
Constitution
"The
should
about
more
living,
a
breathing
bill may
be veted
up
which
judges,
compromise
The welfare of 130,000,000 people, it seems, is the
Guffey coal act, if the
railway workers don't like the destruction of their pension act, if the farmers
they
are one and all poor
The
a
a
plague, on the cheesy beggars,
sportsmen."
Secretary said opponents
"maintain in power
A
April 15 introduced in the Senate
on
which
measure
would
increase
the
mem¬
learn
fox hunt.
of President
Roosevelt
were
trying to
majority of Supreme Court justices who will nullify
last fall's election."
Senator MsCarran
we may
of Mr. Justice McReynoIds
"If the coal miners don't like the destruction of the
don't like the destruction of the AAA—then
and
must
draw it."
a
moral equivalent of a
progress.
voted down, but I'm not going to with¬
or
,
our
country.
our
save
document
keep step with the dramatic march of
"This
"I'm
her invincible bell," he said.
Inconsistency will yet
is
his bill.
court and
the
have
years
the nation that they are on a sit-down strike, and will not
on
help the people work out their modern problems.
we've been
that
fertile
so
the recent Washington minimum
Mr. Ickes said:
wage case,
from the White House
2587
Recalling that Justices Sutherland, Van Devanter. Butler and McRey-
see
$250,000
a
to confer a degree upon
propose
he emerged
as
to
gone
Mr.
Roosevelt with
Hugo B. Farmer, of Arizona, to seek
appropriation for the Gila irrigation project, near Yuma.
Chronicle
•
Philadelphia dispatch of April 13 to the New York
reported the address by Mr. Farley that day as
"Times"
bership of the Supreme Court to eleven, rather than fifteen,
proposed by the President.
Introduction of this pro¬
follows:
posal was described
voted
as
as
follows in Associated Press Wash¬
ington advices of April 15:
Senator
bers
of
McCarran
the
committal
has
Senate
the
on
bers if those
regarded
Committee
President's
now
of
long been
Judiciary
to
proposal
as
of
one
because
the
has
he
"key"
mem¬
remained
non¬
enlarge the court by six mem¬
In
offering his substitute, in the form of an amendment to the Roose¬
velt bill, Senator McCarran refused to say whether he would support the
if
measure
He
his amendment
did
tell
tirement"
however, that he
reporters,
from
the
did
"forced re¬
favor any
not
court.
"The mental faculties of many judges are keen and acute at
Mr.
MsCarran
this
75 and 80,"
time."
The
added.
Nevadan's
regarded
the
But
tirement
at
the President's
of
bill—an
in¬
would
further
go
eliminate the
and
of the Roosevelt bill under which
said
he
thetic to his proposal,
President
and
age
re¬
the increase in the
failure of justices
the
upon
70
over
years
old
Statements
decisions,
creased
with
tion
sympa¬
own
bill with
as
much determination
act decisions.
officers
Cabinet
emphasized
that
any
court's
said
he
business of
the
high court
and
the
in¬
it
the product
as
"of
my
own
thought without consulta¬
one."
April 14 asserted that despite the validation of
Supreme Court it was still necessary
the Administration's reorganization program.
A
on
enact
Washington dispatch of April 14 to the New York "Times"
discussed their remarks
It
was
assumed that
Roosevelt
President's
continued
and
they
as
to
stand
might
now
accept a compromise.
that four Supreme Court justices
"battalion of death" against all important social
as
a
highest tribunal must, therefore, be driven to enactment.
no
The Postmaster General's defense of the court plan, In which he
fight for
had already been
passage
won,
he held,
and there must
compromise.
Wallace Holds
Farmers
the Penn Athletic Club, arranged by the City
mittee of
Says Senate Has Final Word
Recalling that Presidential nominations to the judiciary have not always
the
men
approval of the Senate, Mr. Farley ridiculed suggestions that
appointed by President Roosevelt, in the event of passage of his
Court Reorganization BUI,
would be such as to "deserve the respect of
Men of that caliber would never be confirmed.
nobody."
one
Continuing, he
of the opponents of the measure recommended by Presi¬
some
dent Roosevelt
are
fate
justice
of
declared that,
farm
legislation
who
wrote
Federal
help,"
that
Supreme G urt
saying that the recent decisions of the
have rendered it unnecessary.
"That is
The circumstance that by a single vote the
absurd idea.
an
of several New Deal measures furnished no
the validity
The majority opinions
security of permanent liberalism on the high bench.
yesterday were so hedged about with qualifications that neither Congress
the President
"Now let
us
can
take
be at all sure of the fate of pending or future legislation.
few moments to analyze the opposition to the Presi¬
a
dent's Court program.
Its base is exactly the same element as opposed
I have never
who did not offer
the highest motives for his defection so let us assume that those of my
party who are with the enemy this time are conscientious and destitute of
grouches or personal concern.
Their number, however, Is unimportant,
for I assure you that, whenever the Court question comes before the Senate
to be voted on, the bill will have a substantial majority.
"We know this
and they know it—hence the dilatory tactics so much in evidence right now."
>
True, there are a few Democrats among them.
yet met a partisan who sheered off from his party policies,
71,000]Lawyers Vote 4 to 1 Against Court Reorganiza¬
tion
Plan—Proposal
Is
Assailed by
Senators
Bridges and Burke, Representative Pettingill, and
Head of American Bar Association
The American Bar
Association announced
in the interest
now
apparently is in the hands of the
is a local matter outBide of
agriculture
he added.
on
April 13
by more than 71,000 lawyers
revealed a 4-to-l disapproval of the "proposed increase in
the number of members of the Supreme Court of the United
that
tabulation
a
of
votes
District of Columbia the
joined
non-members
effective
Democratic Executive Com¬
Philadelphia.
States." feln every State and the
of the Association
Hurt
of agriculture, enact¬
ment of the court plan had been made "more imperative than ever before"
as a result of the Wagner act decisions.
While these rulings had provided
an opening wedge for
"long strides" by labor, they had also "left agricul¬
ture exposed to severe legal inequality," he said.
Referring to Justice Roberts, Mr. Wallace remarked that the justice
who wrote the majority opinion that invalidated, last year, essential parts
of the AAA "now wields the balance of power on the court."
Secretary Wallace
"The
called
Jefferson the "real inventor of the New Deal," was delivered at a dinner at
Cummings asserted
General
legislation, and that the President's plan to change the complexion of the
The
the committee hearings,
enactment/' he said, but that
follows:
speaking with the tacit approval of Presi¬
were
seeking to set at rest ideas held by some of the
were
friends at the Capital that he
Attorney
be
"all that stands in the way of prompt
his election.
the Wagner Act by the
dent
dubtful at all,
A filibuster, including one already under way in
nor
prompted to introduce his plan by the
was
the increased
Attorney General Cummings and Secretary of Agriculture
Wallace
to
are not
President when the roll is called.
could not change the ultimate result.
court sustained
the
population of the country.
described
He
be
would
into the Supreme Court.
McCarran
Senator
Wagner
administration
the
upholding the labor law had not interrupted' the efforts to
blood"
new
"hoped"
three
from
4 verdict
to
"inject
said "our side has the votes"
Two-thirds of those put on the
of the Senate
he said, but will be found supporting the
"I note that
but administration spokesmen made it clear that the
campaigning for his
was
before the Wagner
as
not guessing when he
was
said:
MsCarran
Mr.
He declared he
met with the
of six.
amendment
provisions
amendment
retire.
to
5
constitutional
any
termed "absurd" the statements
to enact the Roosevelt Court Bill into law.
comparatively close to what has long been
was
would1 be conditional
court
favor
likely compromise
most
of two instead
crease
don't
proposal
the
as
"I
the judiciary measure, Mr. Farley
opponents of the bill that the Supreme Court's recent decisions had
made it unnecessary.
was
rejected.
were
on
some
"doubtful" list by the Republican pools
70 years do not retire.
over
Predicting that Congress would "be found to feel the same way" when it
the
members
Supreme Court. Associated Press advices of April 10 from
Indianapolis reported this address as follows:
"He (the President) wants
the power to appoint Justices who will decide
favorably for his policies of social and economic
told the Indiana Republican
reform," Senator Bridges
Editorial Association.
|T4"The President's proposal strikes at the vitals of our government.
form of our government hangs in the balance."
Secretary
Ickes and Postmaster General
Support for
tion
Administration's Court
Plan—Assert
It
Is
Necessary
Farley Urge
Reorganiza¬
for
Nation's
Two members of President Roosevelt's
Cabinet this week
his court
for the welfare of the
Farley, speaking at a Jefferson
again asserted in public addresses that enactment of
Nation.
was
necessary
Postmaster General
Day dinner in Philadelphia on April 13, said that the neces¬
sity for passage of the bill is "as compelling today" as before
the Supreme Court sustained the National Labor Relations
Act.
In a previous address in New York City on April 11,
Mr. Farley predicted that the bill would be passed by Con¬
gress "within a few months."
He then declared that when
President Roosevelt was re-elected it was with the under¬
standing that "he carry out whatever program he thought
necessary."
Secretary of the Interior Ickes told a mass meeting in
Chicago on April 10 that the Constitution "is what the odd
man among the Justices says it is."
Associated Press Chicago
advices of April 10 quoted Mr. Ickes as follows:
I^He sounded
a
forward-looking
The
call for the Republican party to "formulate a constructive,
program based on sound
principles of economics and
finance and presented that program to
the people as a Republican party
prospectus."
Welfare
reorganization plan
in
voting against the proposal. The final vote was 14,333 for
and 56,153 against the plan.
Senator Bridges of New Hampshire, in an address before
the Indiana Republican Editorial Association on April 10,
asserted that President Roosevelt wishes a "subservient"
The party cannot
that it polled
"Those
vote
the
be assigned to a "political grave," he added, citing
17,000,000 votes at the last Presidential election.
17,000,000 people represent nearly 40 per cent of the popular
at the last
election." he went on.
"Such evidence assures me that
Republican party is alive, vibrant and potent."
He asserted that there had been no evidence that
Court
were
Senator
members of the Supreme
"too old and feeble'* to keep up with their
court docket was
work or that the
crowded.
Burke of Nebraska in a speech at
Chicago
on
April 9 said that the reorganization plan was "plain butchery
of the Court," while Representative Pettingill of Indiana
asserted that on its merits alone "the proposal would be
overwhelmingly defeated by the Democrats in the House
and Senate."
These addresses were described as follows in
an Associated Press Chicago dispatch of April 9:
They
Citizens'
was
censured
Court
the
plan
Defense
in
prepared
Committee.
addresses
to retire
before the Chicago
plan
Senator Burke charged the
submitted "after the failure of a program to
by holding them up to public ridicul®
"
force some of the judges
2588
Financial
Charging that institution of the present plan
would
be followed,
"if
the court needs to be diluted further," by
adding "another half dozen
be
may
a
or
baker's dozen," the Senator declared:
"It would be better to say a butcher's dozen, because if this is
not plain
butchery of the court, I do not know how
Representative Pettingill said he did
properly be called
to describe it."
believe
not
proposal
"can
Stinchfield, President of the American Bar
Association, said on April 9 that the plan "would mean a
change to a legislative from a constitutional form of govern¬
His statement
outlined
was
follows in Associated
as
Minneapolis advices of April 9:
"Every one knows," Mr. Stinchfield said, "that it is not the function of
the court to pass on the wisdom or unwisdom of legislative
acts, and it has
repeatedly stated that its decisions
are not on
not satisfied
decisions.
the
with
the slow
incident
processes
to
procedure under
the
Wagner of New
Labor
Relations
States
Supreme Court in
Act
York,
which
author
of
validated
was
by
series of decisions
a
National
the
the United
April 12,
on
said in a radio address on that night that as a result of
the ruling no further legislation dealing with labor relations
is needed.
He hailed the court's decisions as a
economic
atmosphere of mutual
Senator Wagner also issued
good-will."
in his radio address of the
contained in Washington
In
holding
National
the
Ogden,
in
decided
adopted
and
broader
a
nation-wide
The
tion
social
decisions
local
are
parts of
nor
as
those
practices
and
for
a
their
in
five
and
power,
has
of
such
by
our
in
the
old
notion
that
government
Federal
only
power to
all
nation-wide
interchange of
the court refuses to "shut our
our
national life and to deal with the question
an intellectual vacuum."
the
is in itself
arguments
in public life and
a
used'
practical
and
elsewhere, who for
system of constitutional law responsive to
the
so
conception,"
results
reached
long have pleaded
has
been
held constitu¬
sweeping vindication by the Supreme
Court
of
tire
fairness,
examine
justice
and
throw
aside
and
wisdom
the
of
the
specious
Act.
One
arguments
by
one,
The
the argument
that the Act is
rights afforded workers under
ployer's
It
to
right
the
conduct its
and
Act
are
in
by emphasizing that the
merely correlative to the em¬
an
orderly
manner."
Act compels employers btit not workers
keep their contracts,
compel contracts
of approach
"one-sided"
business
refutes the argument that the
make
not
to
of
any
the problem
to
by showing clearly that the Act does
kind but merely provides an orderly method
of negotiating contracts; it answers the long¬
standing charges that the National Labor Relations Board has been arbi¬
trary and partial and that the law violates legal rights, by praising the
orderly character of the Board's proceedings, the persuasive weight of the
board's findings, and the well established
conformity of the Act itself to
well
established
principles of
Federal
The
in
all
power,
act
are
nine
fair and
Supreme Court
industry for which
says
specifically that
are
in
unanimous
honorable
has
I
now
agreement
and conductive
sanctioned
have been
"when
to
that
the
principles
industrial peace.
those basic foundations
striving during
employers
many
of
peace
The court
years.
freely recognize the right of their
employees to their own organizations and their unrestricted right of
sentation, there will be much less occasion for controversy."
and
all
and
The
are
United
repre¬
should
.
said
on
Confuse
to
the
End
People
States
April 12 in
an
address before the Chamber of Com¬
Such decisions, he asserted, con¬
Kingston, N. C.
fuse the Nation, and are
any
outside criticism.
Constitution,
was
granted
and said that instead it
should be Congress.
more
He
harmful
denied
final
was
that
to
the
the
authority
court
court,
over
than
by
the
legislation,
intended that the final arbiter
Senator McKellar's
independent of
another
one
grant of power," he continued,
by
reference
Constitution,
the
of
Constitution
and
Constitution
to
by
or
the
expressly
any
jurisdiction of
provides
law,
the
that
by
or
Congress
Supreme Court
both
as
was
to
that the number of members of the court
with
have the
the
establish
is
true
It
courts.
the
of
consent
to
power
that
that
the
check
a
to be chosen
were
Senate;
fix
and
.
.
.
jurisdiction
put
was
of
the
upon
Congress in regard to inferior courts by requiring that judges should be
for life or for good behavior."
appointed
General
Dawes Sees Prosperity Peak in 1937 and 1938
—Says Trustees Should Convert Common Stock
Holdings into Good Bonds and Mortgages
The peak of the present period
this
occur
of the
of prosperity will probably
and in 1937, Charles G. Dawes, Chairman
year
City National Bank & Trust Co. of Chicago, told
conference
ever
stock
holdings
of
the
Robert
remarks
were
re¬
Morris
Associates
trustees in connection with
on
a
on
common
proposed purchases.
He said that it is
now the part of wisdom for trusttes
who, during the depres¬
sion, bought common stocks because of unprecedented low
interest
or
rates
on
purchases
was
prime
into
bonds and
good
reported
bonds
follows
as
mortgages,
and
in
to
convert
His ad¬
mortgages.
Chicago
a
dispatch
of
April 2 to the New York "Times":
"That
the
interest rate
rise," he added,
on
the average will
General
Dawes
encompassed
"The
in
wise
retention in
in
means
he
of
is
certain
bound In
the
as
the
too
not
distant
time
a
"must
realize
assortment
an
of
what period is
that
the
indefinite
stocks
common
considerably lower
inevitably
of
range
market
values
compared with those of this particular period of
prosperity.
"He should have a natural
anxiety to rid himself of the vicissitudes
the stock market and the relative
bond
and
made with
"It
is
stocks
at
mortgage
less loss
to
be
the
of
uncertainty of stock income
income.
In
peak prices.
that
it
is
Nothing is
portions of periods of prosperity than
flock into speculative excesses.
Coincidence
"At
exist
may
both
the
such
times—as
for
a
short
short-lived.
are
future,
reasonable
"Many
in
in
present
time
masses
a
period,
There
however,
is
of
compared
be
can
future.
to
try
to
sell
during the latter
of
our
population to
Boom
interest
coincidentally with
Such
as
changes
distant
dangerous
inevitable
more
With
period
not too
always
for the
1929—high
judgment.
my
this
principal than in tire
remembered
of
price for
future."
to
as
course
future."
continued,
of
the natural
present market
amplify his statement
distant
too
course
latter
as
be lower in
declined to
"not
trustee,"
the
"is
trust portfolio
a
the
on
to
stocks
still
a
rates
a
prime
on
stock market
is
still
quite
reasonable
securities
boom,
a
but
time
time to
in
make
changes in trust stock holdings.
will fare better
trustee
a
keeping investment funds
in
cash
in
the
long
run
by losing interest in
until
interest rates on prime securities
have their inevitable rise than
by investing in stocks at their present
range
of prices.
One of the Rothschilds once said he had
made his fortune
because he discovered there are times when
one
should not
try to
money."
-
Francis B.
Trade
make
,
Sayre Pleads for Leveling of Internationa]
Barriers—Assistant
Secretary
of
State
Asserts Access
to
Foreign Markets Is Necessary for
Maintenance of World Peace
A
new
attack
on
international tariff barriers
was
launched
April 6 by Francis B. Sayre, Assistant
Secretary of State,
in an address on
April 6 before the annual dinner of the
League
of Nations Association in New York
City.
International
peace is impossible, Mr. Sayre said, unless
nations can
obtain access to foreign markets and
to raw materials and
on
Economic recovery has been
unattainable since
War, he continued, because men were
"refusing
the stark facts of life" and
refused to
recognize the
Many economic programs, he
inter-dependence of nations.
asserted,
are
facts of
Harmful to Tribunal Itself
at
facts;
inferior
.
foodstuffs.
Supreme Court should itself adopt a
rule abolishing decisions declaring statutes unconstitutional
by a vote of five to four, 'Senator McKellar of Tennessee
merce
.
by the Congress; that the members of the court
.
to face
S. Supreme Court
They
"were not
maintained!
the appellate
to
as
the World
Senator McKellar Urges U.
5-to-4 Decisions—Says
the
contrary,
regulate
Congress
judicial review.
Finally, the court replies
to the charge that the Act does not
go far enough by terming it a "cautious
advance, step by step."
And1 it is vitally important to note that while
four judges dissent in
some
of the cases with respect to the extent of
of the
any
rule doing
a
largest, and the judiciary came third.
was not lodged in the Supreme Court,
be
the President by and
by
for
by the enemies of industrial democracy and1 by those
honestly but unknowingly misinterpreted the provisions of the Act.
Supreme Court upholds majority rule as logical and democratic; it
answers
anything
power
can
the
reiterated
three long years both
who
than
court
by precedent.
or
law
with
system of economic life.
our
The fact that the National Labor Relations Act
tional is far less important than the
decisions
the
to
it to themselves to fix
given the largest
implication
any
the
should
to
sovereign
by
or
be fixed
component
as
and extend Federal
way
commerce
both
aside
the
hurtful
owe
Constitution
was
contention
our
interdependence
import when viewed
They put
large
a
the
events
commerce,
effects
vindicate
us
most
Federal
organic
of the Chief Justice,
indirect
decisions
the
regulated
stating that "interstate
by those of
in
of
affecting in
In the words
direct
In
the
"flow"
to the plainest facts of
eyes
constitutional
system.
system.
be
may
the actual
goods.
national
economic
practices
in
Act
recognize that manufacturing units which in their isola¬
become
when
fitting
under
legislative
"Supreme
dress
economic
rulings made in this way?"
own
more
They
General Dawes said that greater responsibilities
The statement,
concerning
is
say.
"the executive the second
no
their
generalities
or
they equal in power."
were
"The
important inter¬
concept
and
going
a
industrial
of
1824.
narrow
decision
of
could do
judiciary,
clause since John Marshall spoke in Gibbons vs.
The court has thrust aside its more recent
commerce
what the Constitution means, and then at least twice
or
before rest
Supreme Court has made the
pretation of the
stereotyped
Relations
the law
than
advices, April 12, to the New York
Labor
five-to-
American citizen know what
an
April 2.
"Herald Tribune," read:
ringing decisions, the
the most
of
is its
.
formal statement
a
date.
same
"one
.
regional
April 12, containing much of the material incorporated
on
.
progress," to¬
understanding and
"clearer
a
can
said,
he
Court
Senator, an active suporter of the President's court reorganization
program, said the three divisions of government, legislative, executive and
new
ward
How
matter,"
Supreme
The
"sweeping
"pathway to industrial accord and
the
with five-to-four decisions," Mr. McKellar said.
away
vindication" of the philosophy of the law, and said that "a
prospect is opened of peace and decent relations
throughout our nation-wide industries."
Senator Wagner
urged industry and labor to march together along this
1937
allegedly greatest court in all the world divides five to four
kind
"This
outsider
"On
Necessity of Further Labor Legislation—Author of
Labor Relations Act Hails Rulings as
Vindicating
Philosophy of Law
of
history take back their
history,
Senator Wagner Says Supreme Court
Rulings Obviate
serious
a
.
.
what the law is
itself
checks of the Constitution."
Senator
.
our
this basis.
"Can there be much doubt that what the President is
really saying is
we should change to a legislative form of
government? The President
such
not
were
when
is
that
is
it
in
Frederick M.
Press
"If
ludicrous of all the antics
on
in the extreme."
ment."
April 17,
ported as follows in an Associated Press dispatch of April 12
from Kingston:
four
the
liberal movement, but on the contrary, it is reactionary
a
Chronicle
hundred years ago."
a
based
given below, as
Commerce,'' April 7:
are
the "stage-coach
philosophy and
Other portions of his address
reported in the New York "Journal of
upon
Mr. Sayre spoke of the nations
abroad
"preparing
for war."
"They are spending far more for armaments
today than they were in
1914," he said. "In spite of the fact that no
Nation wants war, that all
people yearn for economic
stability and enduring peace, we seem to
be
driven as if by an irresistible fate
nearer and nearer
Why?
How
"It is not
can
a
vitally concerned
United States
the brink of catastroDhe
these things be?
problem which
as
Europe.
can no more
concerns
the Old World alone.
If another great
America is
war tears across the
escape the consequences than
a
as
world, the
carefully barri-
Volume
Financial
144
caded householder could escape the consequences of an
oncoming cyclone."
Mr. Sayre described the present-day interdependence of nations.
"No
industrial nation
great
today is or can possibly be economically
would be to set the clock back
than 100 years, to eliminate through suffering and slow
more
starvation a
substantial part of the people of the world.
"Even the United States,
probably
nearly self-sufficient than any
more
other great nation, could not by any possibility maintain its present
standard
of living on the basis of self-sufficiency.
"If
standard of living and our prosperity are dependent upon
our
they are no less vitally dependent
We
upon exports.
imports,
utterly dependent
are
instance,
cotton crop.
normally
we
market
abroad
three-fifths
about
of
States
who
of the
raising cotton
and who know
of thousands
of individuals
other employment and
no
engaged in picking, ginning, trans¬
porting, compressing, warehousing and merchandising it?
Manifestly they
could not be supported on idle cotton land.
"No
has been able to advance any solution for
one
problems which would result from the loss of
Furthermore, injury would not
be
our
confined to
the profound social
foreign cotton markets.
South
the
With
alone.
foreign cotton markets lost, every industry which sells its products in the
South would be affected."
♦
C. T.
Revere Proposes "Domestic Allotment" Plan fox
Cotton
Producers—Would
Guarantee
Price
of
Cents
12
Adoption of
&
Winslow
April 7 by Clinton T. Revere of Munds,
an address before a forum
of the
on
in
Chapter of the American Institute of Banking.
plan, he said, should guarantee
a
mately 12c.
a
price of approxi¬
pound to the American producer through a
a
of compensatory payments, limited to farms which
system
have
"domestic allotment plan" for cotton grow¬
Potter,
New York
Such
Pound
a
a
advocated
ers was
an
production of not less than
average
certain vield
a
Among the advantages Mr. Revere claimed for
such a program were a fair return to the efficient producer,
the opportunity to
recapture foreign markets, preservation
of the Southern economic structure, Federal saving through
reduction in expenditures for relief, and the encouragement
per
In
named for
+
Maritime Commission
The Senate
April 15 confirmed President Roosevelt's
five nominations for the permanent Maritime Commission.
The Commission is headed by Joseph P. Kennedy, former
Chairman of the Securities and Exchange Commission, and
includes Rear Admiral Henry A. Wiley, United States Navy,
retired; Thomas M. Woodward, of Pennsylvania; Edward C.
Moran Jr., of Maine, and Admiral Emory S. Land, United
States Navy, retired.
Congress had been required to enact
legislation declaring Mr. Kennedy eligible for appointment
inasmuch as he is the owner of 1,100 shares of stock of the
Todd Shipyards, Inc.
A provision of the Maritime Act of
1936 stipulates that no one may become a member of the
Commission who had been interested in ships or shipping up
to three years prior to his appointment.
Reference to the
legislation exempting Mr. Kennedy last appeared in our
issue of April 3, page 2228.
Rear Admiral Wiley had served as Chairman of the tem¬
porary three-man Maritime Commission which the perma¬
nent Commission succeeds.
He was the only member of the
old body renamed by President Roosevelt.
The nomination
of the members of the permanent body was noted in these
columns of March 13, page 1706.
on
will
that
assume
under
conditions
such
normally will produce a
of 15,000,000 bales, and that 60% of this will be available for export
crop
with
40%
In
world
the
of
large
Such
Let
would
that
American
business,
would exert
abroad and
development
decided check
a
on
our
meet
that
in conjunction
pound.
per
irrigation
costly
projects,
world
expansion of cotton
road
building
purely hypothetical, but
is
9c.
America
of
hold
will
its
annual
spring
meeting
May 8-12, at Hot Springs, Va., it was announced this week
by Edward B. Hall of Harris, Hall & Co., Chicago, President
the Association.
addition to the 40 members of the
In
Board who represent all sections of the United
States and
Canada, members of the Association's national committees
and many
and
former members of the Board are being invited
National Association of Mutual Savings Banks to Hold
Meeting in New York, April 28-30
other
The
price of
<
to attend.
capital outlays.
The
8-12
foreign competitors out
further
a
low
mean
hesitation about making huge expenditures for
cause
of
crop
to
world price of 9c.
a
Va., May
and Investment
atj|Hot Springs,
The Board of Governors of the Investment Bankers Asso¬
of
would
producer
15,000,000-bale
our
brings about
foreign yields
production, this
the
expect
assume
us
foreign
level, while not necessarily putting
a
growing
in
increase
We
prices.
competition.
with
we
meeting the normal demand of domestic consumption.
view
Annual Spring Meeting of Governors
Bankers Association to Be Held
ciation
describing his plan, Mr. Revere said:
We
the
were
Thomas H. Gammack was nominated
and Robert Vose White was renominated as Governing
members of the Governing Committee for four-year terms.
acre.
of industry.
of
The nominees
Co.
Smith &
terms of four years.
our
If we should eliminate these foreign markets, what, practically
would become of three-fifths of the 2,700,000 farmers in the United
hundreds
Edwacd B.
Senate Confirms Nominations for Permanent Five-Man
Cites Cotton Crop
are
Goggeshall & Hicks; Charles B. Harding, a partner of
Barney & Co.; Frank R. Hope, a partner of Paine,
Webber & Go.; John Rutherford, who maintains an office
with Reynolds, Fish & Co.; Jacob C. Stone, a partner of
Asiel & Co.; Edward T. H. Talmage, a partner of Clark,
Dodge & Co., and Robert F. Whitmer, Jr., a partner of
markets.
upon foreign
"For
of
Chas. D.
independent," he said.
"To achieve economic self-sufficiency
2589
Chronicle
illustrative
of how
outlook for thrift will be discussed by savings bank
executives and
trustees at
wildly inflationary conditions which, it will be admitted, probably would
three-day meeting of the Na¬
Savings Banks, to he held in
New York, April 28, 29 and 30.
The meeting will he called
to order by Carl M. Spencer, President of the Association
and President of the Home Savings Bank, Boston.
An
address of welcome will be delivered by Andrew Mills Jr.,
President of the Savings Banks Association of New York
put
and
this
modified
ducer
would
course,
design
of
afford
would
plan
both at
work.
home and
The
American
abroad,
considerably
pro¬
allowing,
of
practical
a
guar¬
price could
of
on
to
distribution of
A.
B.
A.
payments,
lo6t
Southern
and
a
level.
12c.
However,
I
am
speaking
the domestic producer through
be guaranteed to
justified
supremacy
international
our
employment
our
the
conditions.
compensatory
regaining of
fair standard of living, barring, of course,
a
above
monetary
12c.
system
plan should be
allotment
of the domestic
normal
The
effect
price
equitable return and
cotton
The
9c.
approximately 12c. to the American producer, a price that would
an
about
the
for c.i.f. differentials for exportation.
The
antee
allotment
domestic
meet
exchange
farm
large
Executive
in
crop
labor
on
following
the
the world cotton market
economy;
and'
those
the
restoration
engaged
in
the
full
handling
of cotton.
Council
to
National Park, Ark.,
Meet at
Hot
Springs
April 19-21
The Executive Council of tbe American Bankers Associa¬
tion will meet at the Arlington Hotel,
Hot Springs National
Park, Ark., April 19-21, inclusive, to receive reports from
standing and special committees on a number of important
questions of association and banking policy, it is announced.
Tom
K.
Smith of St. Louis, Mo., President
of tbe Associa¬
tion, will preside at tbe general council meetings.
A
President
Membership Committee breakfast meeting will be held
the
morning of April 20, and a dinner will be held on
April 21, at which Gus W. Dyer, of the Vanderbilt Univer¬
sity, Nashville, Tenn., will be the speaker.
R.
Gay Renominated President of New York
Stock Exchange—Eight New Members Named for
Governing
Committee—Annual Election
to
Be
Held May 10
The Nominating Committee of the New York Stock
Exchange announced on April 12 the renomination of Charles
R. Gay for a third term as President of the Exchange and
also that of Benjamin H. Brinton for the office of Treasurer.
Mr. Brinton has been Treasurer since 1935.
This year's
election will be held on May
10.t
William
B.
Potts
Gratuity- Fund for
was
renominated
as
a
trustee
of
the
The Committee
nominated two of the 10 members of the Governing Com¬
mittee whose terms expire this year; they are: Walter L.
Johnson and Harry H. Moore.
The following eight were
nominated to the Governing Committee: Alpheus C. Beane,
senior partner of Fenner & Beane; E. Burd Grubb, a member
a
term of five years.
the
Dry Dock
Savings Institution,
be held the evening of April
New
A banquet will
29, at which George H. Woods,
President of the Savings Banks Association of Connecticut
and head
of the Bridgeport People's Savings Bank, will he
toastmaster; Virgil Jordan, President of the National In¬
dustrial Conference Board, will speak at the banquet.
Among those scheduled to address the three-day meeting
are Robert E. Healy, a member of the Securities and Ex¬
change Commission, and Major L. L. B. Angas, noted British
economist.
Other speakers were announced as follows:
Henry Bruere, head of the. Bowery Savings Bank, New York.
George M. Harrison, President Brotherhood of Railway and Steamship
Clerks, and Chairman Railway Labor Executives Association.
Harold
G.
Thomas
and
Moulton,
J.
director
President the Brookings
Kiphart,
of
President of
public relations,
Institution.
the Financial Advertisers
the
Fifth
Third
Union
Association
Trust
Co.,
Con-
cinnati.
C.
neers
J.
W.
Kellogg, President Edison Electric Institute and1 Chairman Engi¬
Public
Service
Co.
Hamilton
Cheston, Vice-President Philadelphia Savings Fund Society.
George A. Bangs, Managing Director American United Life Insurance
Co. of Indiapanolis.
.
Fred
Charles
of
York, to which Mr. Spencer will respond.
a
grounds:
and its
of
a
tional Association of Mutual
F.
Lawrence,
President
Savings Banks Association
of
Maine.
George J. Bassett, President Connecticut Savings Bank, New Haven.
Charles G. Edwards, real estate authority and President Central SavingB
Bank, New York.
Economic
Club
of
New
York
Meeting of Season
The
fourth
and
last
to
Hold
on
April 29
dinner-meeting this
Final
Dinner-
season
of
the
Economic Club of New York will be held at the Hotel Astor,
in New York City, the evening of April 29, according to an
announcement from Robert Erskine
Ely, Executive Director.
subject for discussion will be "Outstanding Problems
Among eminent authorities who
will present opposing viewpoints on this subject will he
George E. Sokolsky, industrial consultant and writer, and
The
of
Labor and Industry."
Sidney
Hillman,
Workers of
mated
President of the Amalgamated Clothing
America, Chairman of the Board of the Amalga¬
Bank
of
New
York
and
Chairman
of
the
Textile
2590
Financial
Workers Organizing Committee affiliated witli the C. I. 0.
Paul D. Cravath, President of the Economic Club, will
preside.
The dinner, which will be the one hundred and
twenty-first such event in the 30 years of the club's history,
be attended by about 1,000 leading business
is expected to
financiers
men,
and
industrialists.
closing dinner of the
Arrangements
following officers of the Economic Club:
Mr. Cravath,
President; Leon Eraser and David Sarnoff, Vice-Presidents;
Charles S. Leeky, Secretary, and George V. Denny
Jr.,
Treasurer.
•'J
♦
Statementj[of
Condition
Settlements
The
following, bearing
■
of
of
as
for
Bank
Marbh
the Bank for International
Settlements, Basle. Switzerland,
31, is from Basle advices, April 4, to the New
York 'Times" of April 5:
The
monthly statement
of the
registers a
today,
decline
further
618,842,202 Swiss francs,
Two-thirds
their
own
together
of
this
as
francs in gold
bars and
Press
a
International
for
the
Bank's
represents withdrawals
and
Settlements,
funds,
which
now
than 9,000,000 francs in
more
by
central
liabilities which
which have
Notable changes in assets
statement
Associated
in
The remainder is in
"miscellaneous"
the larger items.
The
decline
accounts.
Bank
drop of
a
are
month.
banks
the bank
gradually
come
a
from
out
total
TRUST £ COMPANIES,* &c.
BANKS.
Co-incident with the marked increase in trading activity
N.
Y.
Commodity Exchange, Inc., the price of mem¬
the exchange since the beginning of the year,
has shown a steady upward trend.
During the first twelve
days.of April, five memberships have changed hands, at a
price of $1,500 each. This represents an increase of $550 per
membership since the beginning of 1937.
on
berships
on
:
♦—
Arrangements were completed April 8 for the sale of a
membership in The Chicago Stock Exchange at $2,800., down
$200 from the last previous sale.
rise of nearly 10,000,000
a
fall of 14,000,000 francs in cash.
of
the Bank
advices
was
reported
Basle, April
from
as
follows
in
(figures in
March 31
Feb. 28
35,272,192.34
25,636,097.02
26,538,408.01
39,245,093.98
26,504,742.43
101,346,933.92
130,696,121.68
107,145,308.57
131,573,963.54
232,043,055.60
238,719,272.11
27,011,756 14
]p68,688.73
26,095,001.81
852,748.00
28,680,444.87
par)
as
4
45,087,291.06
Swiss francs
26,947,749.81
:
ASSETS
,
Gold in bars
Cash:
meeting of the trustees of the Bank of New York Trust
Co., held Apr. 14, Charles E. Adams, President of Air
Reduction Co., Inc., was unanimously nominated to fill a
vacancy on the Board.
a
v.r:
»
on
current account with banks
-
Redlscountabie bills and acceptances:
1. Commercial bills and bankers' acceptances
2. Treasury bills
-
Total
-
Time funds at Interest:
Not exceeding three months
Between three and six months
—.--5='
Total
Sundry bills and Investments:
as
of
Mar.
(a) Treasury bills
(b) Sundry investments
26,863,531.95
68,035,897.53
31,729,464.55
6,636,625.58
68,232,519.19
6,248,579.72
78,779,921.71
77,889,987.34
11,773,318.96
75,037,783.36
11,191,438.81
259,431,880.55
259,791.376.54
56,804,188.39
Between three and six months:
(a) Treasury bills
(b) Sundry Investments
-
3. Over six months:
of the
Title
deposits of
$18,999,352 and total resources of $47,149,015, compared
respectively, with $19,989,659 and $48,216,838 on Dec. 31,
1936. Stock and bond investments are shown at $5,965,315
against $6,532,389 three months ago, and real estate hold¬
ings at $15,158,927 against $15,055,170. Capital stock is
unchanged at $10,000,000 while surplus and undivided
profits are down to $2,727,004 from $2,738,601.
The
Chase
National
•
CV.:v-
New York, announced this
week that it will open a new London branch on April 19
in Berkeley
Square, and on May 3 will move its main
London office into new quarters at No. 6 Lombard Street,
in
Bank,
the heart of London's
Square branch will
financial district.
the residential
serve
don's popular West End.
The Berkeley
clientele of
Lon¬
Its interior will retain, in so far
is
practicable, the character of a private home.
The
reception room of the bank, originally the drawing
room of the private house, contains files of American and
British newspapers for clients.
The bank has provided a
mail and writing room for its clients' use, and customers
visiting London may pick up their mail addressed to them
as
in
(a) Treasury bills
(b) Sundry Investments
the bank's care.
John
M.
Wallace is Vice-President in
charge of the bank's London branches which, in addition
to the Lombard Street office and the new
Total
Otlifir assets*
31
Guarantee & Trust Co. of New York shows total
main
Maturing with In three months:
i-":'
-j.-v-.-.i'1"'-'-:\i
1. Guaranty of central banks on bills sold
r"v
1,328,725.18
96,299.95
2. Sundry Items
Total
1,351,292.49
branch, include
a
in
1,425,025.13
1,437,540.13
627,917,967.34
branch
at
Bush House, Aldwych,
The Dunbar National Bank of New York, in its statement
of March
31, reports that total
increase of
LIABILITIES
up..
Berkelely Square
shopping district
the mid-town
third
86,247.64
-618,842,202.24
Total assets
Capital paid
■,
The statement of condition
X
On hand and
Sight funds at interest
1.
♦
At
from
of
1937
for which the sales index advanced was
ABOUT
ITEMS
lumps
one
17,
apparel. The figure for that group was 126.0 as again: fc
117.0 in February.
of March
as
2.
The only group
International
31
the statement of condition of
on
April
the
for the
have been in the hands of the
season
Chronicle
125,000,000.00
125,000,000.00
3,784,029.10
6,091,706.43
12,183,412.83
3,784,029.10
6,091,706.43
12,183,412.83
22,059,148.36
22,059,148.36
$183,135
over
resources are
Dec. 31 last.
$3,908,886,
an
Total deposits are
$2,987,308, and capital funds $902,387.
Reserves:
1.
Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
....
Total
Long-term commitments:
York City.
♦—
■
..
1. Annuity trust aocount deposits
2. German Government deposit
153,157,500.00
76,578,750.00
1,403,900.00
42,818,835.73
153,280,000.00
76,640,000.00
1,419,200.00
43,285,484.48
273,958,985.73
274,624,684.48
105,482,000.41
24,148,370.78
110,222,267.50
24,898,191.53
129,630,371.19
135,120,459.03
4,248,186.75
3,571,618.11
8,320.88
229,032.91
8,326.89
284,469.43
237,353.79
23,309,485.38
292,796.32
23,518,239.94
3. French Government deposit (Saar)
4. French Government guarantee fund...
Total
Short-term and sight deposits (various currencies):
1. Central banks for their own account:
(a) Not exceeding three months...
(b) Sight
Total.
2.
Charles W. Devoy, President of First Morse Realty
Corp.,
a director of the Colonial Trust
Co., New
has been elected
The Chemical
Bank
& Trust
>./.(
Co., New York, announced
April 15 the following changes in its personnel: Thomas
Fry of the Columbus Circle office has been appointed an
Assistant Secretary; William J. Whitman,
formerly Man¬
on
C.
ager of the Madison Avenue and 74th Street
appointed
William
Manager
A.
Menzel
of
the
has
office, has been
office, and
appointed Manager of the
Columbus
been
Circle
Madison Avenue and 74th Street office.
Central banks for account of others:
Sight
3. Other depositors:
(a) Not exceeding three months
(b) Sight
,
Total
Sight deposits (gold)
Miscellaneous:
\.v
1. Guaranty on commercial bills sold
1,353,739.49
39,044,931.55
2. Sundry Items
Total
1,361,947.91
42,369,023.19
40,398,671.04
43,731,021.10
^..618,842,202.24
Total liabilities
627,917,967.34
♦
Boston, Mass., in its
foreign branches, shows total deposits of $639,830,621 and
total assets of $744,264,217, as compared with
$652,386,954
and $756,201,927, respectively, on Dec.
31, 1936. Cash and
due
from
banks
$235,186,134
discounts
and
in
the
current
(comparing
with
investments
at
statement
are
shown
at
$271,680,246) and loans,
$276,409,434 (as against
$269,717,641), while United States Government securities
given at $152,291,973 (against $134,415,929).
The
bank's capital is unchanged at $27,812,500, but
surplus and
are
undivided profits have increased from
March Chain Store Sales Continue Gains
$49,470,821 at the
of 1936 to $49,825,336.
The figures of Old Colony
Trust Company, which is beneficially owned
by the stock¬
holders of The First National Bank of
Boston, are not
included in the above statement.
end
Chain store sales in March increased sharply over totals
for the corresponding period of 1936.
Adjusted to a sea¬
sonal basis with
The First National Bank of Boston,
condensed statement of condition, covering all offices and
allowance for the Easter factor,
however,
a somewhat lesser rate
the improvement last month was at
than in
February, according to the current review of March
business issued by "Chain Store Age."
The index of sales of 20 leading chain
systems for March
was
100,
approximately
109.0 of the 1929-31
compared with
as
average taken as
110 in February and with 101.3 in
March, 1936.
The
index
of
sales
for
the
grocery
group
was
103
in
March, unchanged from February. The figure for the fiveand-ten department store group was 111.6 as
against 113.6
the
previous month.
For the drug grup,
the index
was
122.5 against 128.5 in
February, while for the shoe division
ure was
unchanged at 140.0.
the
preliminary fig¬
The
Mellon
National
Bank
of
Pittsburgh, Pa., in its
condition report at the close of business Mar. 31
shows total
assets of $334,043,260 (as compared with total
resources of
$380,894,875 at the close of business Dec. 31), of which
$75,604,454 represents cash and due from banks (against
$88,433,273 on the earlier date); $197,851,552, United States
obligations (as compared with $232,294,004);
$38,025,756,
loans and discounts (against
$36,192,682) and $17,854,791,
other bonds and investments (as compared with
$19,204,213
on Dec.
31). Deposits are shown in the present statement as
$292,523,386, against $340,063,831 at the close of 1936.
Capital and surplus remain the same at $7,500,000 and
$20,000,000, respectively, but undivided profits have in-
Volume
creased
Financial
144
statement of condition as of March
President.
■
»
The Intergrity Trust Co. of
.«■
Philadelphia, in its statement
of condition as of March 31, reported total assets of $45,265,627 and total deposits of $36,853,859 as against $46,253,371 and $37,908,299, respectively, on Dec. 31, 1936. Cash
due from banks was reported at $8,677,587
(against
$6,985,544) ;
loans
at
$9,259,487
(as
compared
with
$9,863,371), and United States government securities at
$2,933,704 (against $2,994,091 at the earlier date).
Indi¬
vidual trusts were given as $40,387,872, and corporate trusts
as $21,644,100 as compared with $38,191,274 and $21,204,100,
respectively, at the close of 1936.
John Stokes Adams is
and
Chairman
of
Board
the
W. Brown Jr.,
of
the trust company
S.
Franklin,
RR. Co., has been
Pennsylvania
member of the Board of Man¬
a
of the Girard Trust Co. of Philadelphia.
agers
obligations,
$232,559,599
guaranteed,
fully
and
direct
(against $367,577,906), and loans and discounts, $285,087,179
On the debit side of the statement,
(against $253,226,174).
shown at $759,996,576 as compared with
total deposits are
$922,206,804 at the end of 1936, while capital and surplus
unchanged at $30,000,000 and $28,000,000, respec¬
tively.
John P. Oleson is Chairman of the Board of Direc¬
tors and Edward E. Brown, President.
remain
The
Harris Trust &
the
of
statement
Savings Bank of
111., covering the three months ended March 31,
shows total assets of $215,227,086 (as compared with $239,-
Chicago,
Vice-President of the
elected
of $829,102,219 as compared with $993,854,546 on Dec. 31,
1936, of which the principal items are: Cash and due from
banks, $235,722,765 (against $120,137,573); United States
and George
President.
«
Walter
Chicago, 111., in l+s
31, shows total resourc is
The First National Bank of Chicago,
$2,110,629 from $1,327,898.. R. K. Mellon is
to
2591
Chronicle
733,342 on Dec. 31, 1936), and total deposits of $173,077,776
(against $219,365,785).
The bank's capital and surplus re¬
main at the same figures, namely, $6,000,000 and $7,000,000,
respectively.
In
its
of
statement
National
Street
condition
Bank
of
of
March
31, the Market
total
of $42,-
Pa.,
Philadelphia,
shows
resources
of $42,553,572 as against total assets
194,728 on Dec. 31 last, and total deposits of $37,035,350
as
against $36,861,927 on the earlier date.
The principal
items comprising the assets are:
Cash and due from banks,
$16,880,705 (compared with $14,346,332 on Dec. 31) ; United
States
government
securities,
$8,929,772
(against
$12,646,232) ; other investments, $7,889,757 (against $7,934,756),
and
loans
and
discounts,
$4,824,867
(compared
"with
$3,477,948).
The bank's capital, at $1,000,000, remains un¬
changed, but surplus and net profits have increased to
$4,395,109 from $4,266,944 at the end of 1936. R. Livingston
Sullivan is President of the institution.
*_
a Vice-President of the First National
Minn., died on April 3 at St. Joseph's
Hospital, that city.
Mr. Nelson, who was 74 year old, was
associated with the bank for 57 years.
In noting his death,
the St. Paul "Pioneer Press" of April 4 continued, in part:
Bank
sutawney National Bank of Punxsutawney,
Pa., to succeed
Winslow, who < resigned, it is learned from
"Money and Commerce" of April 10.
Mr. Brown for the
past 18 years was President of the County National Bank
of Punxsutawney, which on March 31 was absorbed by the
H.
Eugene
Punxsutawney National Bank.
St.
of the
National
Bank
&
Co.
Trust
of
Phila¬
delphia, Pa., in its statement of condition
as of March 31,
$56,138,316 as compared with total
assets of $58,790,168 on Dec. 31, 1936.
The principal items
making up the assets are:
Cash and due.from banks, $14,383,607 (against $16,147,199 on the earlier date) ; loans and
discounts, $19,916,023
(compared with $20,683,385), and
shows total
resources
A.
Loeb
is
Chairman
of
the
Board
of
The
statement
In
its condition
of
statement
as
of
March
31 the
National
Commerce of Norfolk,
Bank in
National
Hibernia
the
-
:
New
Orleans, La., as of March 31,1937, recently issued in response
Comptroller's call, shows total deposits of $43,573,096,
is an increase of $3,580,000, or approximately 9%,
Loans during the same period
$7,697,000 to $11,101,000, or a gain of 44%,
which significantly reflects
the improvement in general
business conditions.
Cash and holdings of United States
during the past 12 months.
increased from
government securities decreased during the year from $33,200,000 to $32,100,000; in spite of the increase in loans, the
bank is approximately 73% liquid.
The bank's capital funds
of
$2,700,000
capital,
undivided profits
and
$3,780,000,
consisting
and
$730,000
$350,000
surplus,
reserves.
♦
In
its
the
statement
of
■
■
:
March
31, 1937, the United States
National
Bank of Portland, Ore., shows a new high in
deposits of $115,929,234, or a gain of approximately $16.000,000 since the spring call of 1936.
During the same
period, resources increased $17,610,100 to a total of $125,696,581.
Loans and discounts also showed better than last
year's seasonal
demand,
increasing
approximately
$6,500,000.
♦
annual
meeting
.
of the
Banco di Roma,
held in
March 26, a substantial increase in the
activity of the Bank during the year 1936 was disclosed. At
Rome, Italy,
Bank of
director of. the West
v
Directors
Goodall, President of the institution.
a
Paul Union Depot Co.
St.
the
At
States government securities, $10,638,505
(against
$10,939,880).
The bank's capital, and surplus, both at
$3,300,000, remain unchanged, but undivided profits now
stand at $1,281,437, up from $1,217,289 at the end of 1936.
Howard
position at the First National, Mr. Nelson was Man¬
of
United
and Herbert W.
his
Paul Clearing House Association,
Publishing Co. and First State Bank, and Assistant Secretary-Treasurer of
aggregate
Tradesmen's
The
Paul,
addition to
In
ager
to the
recently elected President of the Punx-
was
Nelson,
St.
of
which
P. L. Brown
M.
Otto
on
Va., showed total deposits
of $31,022,423 and total resources of $34,718,621
compared,
respectively, with $32,877,724 and $35,920,815 on Dec. 31
the end of the year savings and current accounts amounted
last.
also
Loans
against
and
discounts
$12,287,862
three
government securities at
reported
were
months
and
ago,
at
$13,364,028
United
States
$359,842 against $11,788,118.
The
bank's capital amounted to $2,500,000 against $2,000,000
the end of last year, and its surplus and undivided
at
profits
to
$780,329 against $675,000.
mercial
from
was
F.
Mielke has
National
Bank
also
made
a
been
elected Cashier of
the
Com¬
of
member of
associated
with
the Board
the
Ohio
of
Directors,
National
was
Bank
of
Columbus.
The
the
President of
City Bank of Cleveland, Ohio, has an¬
resignation of J. H. Thompson, First Vicethe institution, effective April 30, to become
Vice-President and
director of the M. A. Hanna Co.
Mr.
Thompson joined the National City Bank in 1933 as a VicePresident and in January, 1936, was advanced to First Vicea
President, the office he
now
resigns.
Continental Illinois National Bank & Trust Co.
of
Chicago,
Chicago, 111., in its condition statement as of
Mar. 31, reports total assets of $1,057,325,345 (as
compared
with $1,232,513,014 on Dec. 31), of which
$271,151,850
represents cash and due from banks (against $335,804,629 on
Dec. 31); $486,605,621 represents United States Govern¬
ment obligations direct, and
fully guaranteed ($558,185,309),
and $217,397,200 loans and discounts (as compared with
$261,704,545 on the earlier date).
On the debit side of the
statement, total deposits are shown at $935,712,727, as
against $1,109,980,394 at the year's end. Capital and surplus
account continue the same at $75,000,000 and $15,000,000,
respectively, but undivided profits are down to $7,611,391
from $14,402,079 on Dec. 31.
increase of 317,619,430 lire; balances
an
402,142,291
2,245,674,371 lire,
Net
lire.
profits
for
the
an
increase
year
1936
9,773,328 lire against 5,139,039 lire for the year
Adding to the earnings for the year 1936 the undi¬
1935.
vided
profits of former
sulted.
It
was
years,
a
total of 15,469,683 lire
decided not to distribute
Mediterranean and
aside
set
were
balance forward
as
hidden
as
undivided
any
re¬
dividend, but
bringing
Continuing its
reserves,
profits.
Colonial tradition, the Bank has
estab¬
lished nine branches in Italian East
Dessye,
Harrar,
Lecliemti
and
Africa, at Addis Ababa,
Massaua, Assab,
Mogadiscio,
Asmara,
Gondar.
by the institution
National
nounced
The
of
amounted to
the
Coshocton, Ohio, it is learned
"Money and Commerce" of April 10. Mr. Mielke, who
formerly
982,348,882 lire,
of correspondents amounted to
12,000,000 lire
»
Walter
to
at
THE
Price movements
A
New
York
15 William
CURB
on
office
is
maintained
Street.
EXCHANGE
the New York Curb
Exchange were
irregular during the early part of the week and
of prices generally pointed downward with a
substantial number of the market leaders
showing losses of
a point or more.
As the week progressed prices strengthened
and many of the more active stocks canceled their losses
and moved briskly forward.
Specialties have attracted
some buying and mining and metal shares
gradually climbed
upward.
Public utilities have been irregular and oil stocks
have been comparatively quiet.
The daily volume of trans¬
fers has been down to an extremely low point.
Dull trading, with fractional changes largely on the side
of the decline, were the outstanding characteristics of the
curb market during the abbreviated session on Saturday.
The transfers for the day were approximately 129,000 shares,
the smallest volume of business for any short session since
last September.
Small gains were registered by some of
the mining and metal stocks and there were occasional
advances scored in the specialties group, but a large section
of the list was btelow the previous close.
Prominent among
the stocks showing losses were American Book Co., 1 point
somewhat
the
trend
2592
Financial
Chronicle
April 17, 1937
to
67; Babcock & Wilcox, 1% points to 12414; Electric Bond
(5) pref., 2 points to 63; Nehi Corp., 2)4 points
51H, and Utica Gas & Electric pref., 1J4 points to 99%.
Dealings continued dull and prices were generally irregular
during the early dealings on Monday.
Some of the more
active stocks in the specialties group climbed slowly upward
and a few of the oil shares were higher, but there were also
many of the regular market leaders on the side of the decline.
& Share
to
One of the widest recessions
was
We
slipped backward 3)4 points to 24)4Brown Co.
also weak and dipped 4 points to 73. Other prom¬
inent stocks, moving on the downward side, were American
Meter Co., i% points to 43^4; Empire Gas & Fuel 7% pref.,
2lA points to 71)4; Great Atlantic & Pacific Tea Co. non¬
voting stock, 2 points to 10734; Illinois Power & Light 6%
pref., 434 points to 57; New York Power & Light pref.,
points to 10834» and Singer Manufacturing Co., 2 points
PRINCIPAL OFFICE AND FOREIGN DEPARTMENT!
55
was
to 305.
$'
BROAD
Member New York Clearing House Association
Member Federal Deposit Insurance
RATES
EXCHANGE
FOREIGN
in minor fractions.
Oil shares
quiet with occasional movements on the side of the
decline.
Noteworthy among the gains were Bell Telephone
of Canada, 3 points to 162; Brown Co. pref., 2 points to
7734; Childs Co. pref., 234 points to 90, and Driver Harris,
3% points to 3734.
^ Quiet trading and irregular price movements characterized
the dealings on the Curb Exchange on Thursday. The volume
of sales was lower than the preceding day, the total transfers
dropping to 243,613 shares against 377,955 on Wednesday.
Miscellaneous specialties attracted some speculative atten¬
tion, Brown Co. pref. leading the advance with a gain of
434 points to 8134- New tops were established by Tubize
Chattilon, which hit 3034 at its top for the day, and Carrier
Corp., which forged ahead to new high ground at 4724.
Metal stocks were steady and the public utilities registered
a few
modest advances.
The principal gains for the day
were
Alabama Great Southern, 434 points to 7724; Ohio
Brass, 3 points to 62, and Safety Car Heating & Lighting,
3 points to 139.
The trend of prices was generally toward lower levels on
Friday as the market continued its irregular movements.
There were occasional advances scattered through the list
but the gains were usually small and without special signifi¬
cance.
The transfers totaled approximately 290,000 shares
against 244,000 on the preceding day. As compared with
Friday of last week prices were lower, Hollinger Consoli¬
dated Gold Mines closing last night at 1234 against 1334
on Friday a week
ago, Hudson Bay Mining & Smelting at
3134 against 32)4, Humble Oil (new) at 8134 against 82,
International Petroleum at 36 against 3634, Lake Shore
Mines at 5124 against 5434, New Jersey Zinc at 83 against
85, Singer Manufacturing Co. (6A) at .300 against 302, and
Wright Hargreaves at 7 against 724.
were
DAILY
TRANSACTIONS
AT
THE
NEW
Stocks
YORK
CURB
EXCHANGE
Week Ended
APRIL
Foreign
Domestic
Noon Buying
128,805
281,385
Corporate
Total
363,920
-
377,855
244,015
290,420
Total
1,686,400
Apr. 10 I
Apr. 12
York
46,000
$305,000
1937
Stocks—No. of shares.
1936
1,686,400
K
Bonds
Domestic
$9,701,000
2,326,925
Total.
58,485,887
$11,793,000
526,000
193,000
$167,419,000
4,851,000
4,912,000
$318,162,000
6,531,000
3,798,000
$12,512,000
$177,182,000
$328,491,000
EXCHANGE
.0 <1667
.044606
.044690
.402014
.402010
.008997*
008989*
.547528
.547517
.197875*
.052608
.246156
.246527
.246500
.246566
.246995
.189700
.189700
.189600
.189700
.189700
.044450*
.044483*
.007282*
.044483*
.044466*
.044550*
.044633*
.007282*
.007282*
.007282*
.007282*
.058583*
.058400*
.058666
.058416*
.058500*
.252545
.252945
.252912
.252966
.253375
197750*
Rumania, leu
.007282
Spain, peseta
Sweden, krona
.058250*
.252625
Switzerland, franc—
Yugoslavia, dinar
.227448
.023060*
.227442
.227814
.227889
.227957
.228250
.023060*
.023060*
.023060*
.023040"
.023060*
.296500
Asia—
.296500
.296500
.296500
.296666
.296875
Chefoo (yuan) dol'r
.296666
.296666
.296666
.296666
.296666
.297041
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar.
India, rupee
.296666
.296666
.296666
.296666
296666
.297041
.296666
.296666
.296666
.296666
.296666
.297041
.304041
.304312
.304312
.304833
.304833
.305000
.370084
.370076
.370625
.370702
.370821
.371145
.285300
.285316
285654
285825
.285900
.286132
Japan, yen
.574500
574750
.575250
.575312
.575562
.575812
China—
_
Singapore (S. S.) dol'r
Australasia—
3.905250* 3.902875* 3.909937* 3.909625* 3 ,910050*3.916562*
Australia, pound
New Zealand, pound. 3.934479*3 933571 *3.941250*3.940520*3 942200*3.947604*
Africa—
South Africa, pound-- 4.850178* 4.851428*4.860803* 4.861160*4.862232* 4.869821*
North America—
1.000805
1.000798
1 000841
1.000805
000877
1,000961
.999166
.999281
.999166
.999166
.999166
.999166
.277500
277500
.277500
277500
.277500
.277540
.998392
.998214
.998459
.998325
.998489
.998504
.326700*
.326633*
.327141*
.32710&*
Brazil (official) milrels
.087072*
.087072*
.087088*
.087088*
(Free) mllreis.
Chile, peso
Colombia, peso..
.061800
.062155
.062900
.063075
.063087
.051725*
Uruguay, peso...
Canada, dollar
Cuba,
peso
Mexico, peso
Newfoundland,
South
America—
Argentina,
*
dollar
peso
061875
327166*
.327533*
087088*
.087105*
.051725*
.051725*
.051725*
.051725*
.051725*
.569631*
569631*
.569631*
.569631*
.569637*
.569631*
.786000*
.786166*
.786000*
786000*
.786000*
.786000*
Nominal rates; firm rates not available.
COURSE
OF
BANK
CLEARINGS
Bank clearings
with a year ago.
this week will show a decrease compared
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, April
17), bank clearings for all cities of the 'United States from
which it is possible to obtain weekly returns will be 5.5%
below those for the corresponding week
last^ year. Our
preliminary total stands at $6,521,609,109, against $6,899;097,620 for the same week in 1936.
At this center there is
a loss for the week ended Friday of 13.0%.
Our compara¬
tive summary for the week follows:
Clearings—Returns by Telegraph
Week Ending April 17
Per
1937
53,064, 342,267
296, 229,282
City
-
St. Louis
Pittsburgh
83,522 ,503,499
—13.0
248 ,386,571
306 ,000,000
+ 19.3
+8.8
211, 319,000
—
1936
333 000,000
New York..
216 .310,000
—2.3
92, ,980,632
87, 100,000
139, 127,000
126, 913,848
77 ,069,864
+20.6
+ 10.5
+ 17.4
+4.7
+20.2
+32.2
+2.4
+ 16.8
78 ,800,000
118 ,470,000
Cent
111, 203,096
121 ,265,096
92 .479,983
93, 630,421
70 ,830,660
Baltimore
62, 024,917
60 ,585,915
New Orleans
37, 020,000
31 ,691,000
84,654,890,463
779,783,795
$4,944,392,588
738,917,075
—5.9
85,434,674,258
1,086,934,851
$5,683,309,663
1,215,787,957
—4.4
86,521,609,109
$6,899,097,620
-5.5
-
X
Twelve cities, five daysOther cities, five days
RATES
cases
-10.6
has to be estimated..
In the elaborate detailed statement,
Pursuant to the
+5.5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in ail
FOREIGN
.021647
.246229
.189700
Total all cities for week.
305,000
-
:.916291
Norway, krone
Poland, zloty
Portugal, escudo
All cities, one day
1936
$10,140,000
-
.219440
.908166
.052607
Total all cities five days
Jan. 1 to April 16
134,000
Foreign government
Foreign corporate
.034857
034856
2,008,000
$134,000 $10,140,000
52,679,286
.012875*
012875*
.219077
.052606
Cleveland
1937
.168546
.052608
1,974,000
1,895,000
1,818,000
Curb
Exchange
.186771*
.052606
Detroit
14,000
.186771*
.168480
.052605
$880,000
21,000
40,000
$
$
Italy, lira
1,565,000
51,000
Apr. 16
Apr. 15
Apr. 14
$
v
$
$
$
Austria, schilling
.186771* .186785* .186814* .186828*
.168465
.168463
.168446
Belgium, belga
.168386
Bulgaria, lev
.012875* .012875* .012875* .012875*
.034851
.034839
.034841
Czechoslo'kla, koruna .034878
.21S704
.219047
.219004
Denmark, krone
.218770
England, pound sterl'g 4.901291 4.898916 4.907250 4.906541
.021580
.021630
.021632
Finland, markka
.021562
.044612
.044642
.044624
France, franc
.044798
.402000
.40192S
.401935
Germany, reichsmark .402067
Greece, drachma
.008973* .008976* .008975* .008982*
.547507
.547510
.547173
Holland, guilder
.547464
Hungary, pengo
.197875* .197875* .197875* .187875*
17,000
26,000
37,000
Apr. 13
Europe—
$16,000
90,000
Week Ended April 16
Sales at
New
$9,701,000
$37,000
44,000
United States Money
Unix
Kansas
Foreign
Oovernm't
$827,000
1,504,000
1,858,000
1,830,000
1,760,000
1,922,000
RESERVE
1930
Rale for Cable Transfers in New York
Value in
Country and Monetary
San Francisco------
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
FEDERAL
1937 TO APRIL 16, 1937, INCLUSIVE
10.
Boston
of
Shares)
BY
BANKS TO TREASURY UNDER TARIFF ACT OF
ChicagoPhiladelphia
Bonds (.Par Value)
(Number
April 16, 1937
CERTIFIED
Corporation
<
prices was apparent on Tuesday,
though trading continued quiet, most of the traders moving
cautiously until they can determine definitely what the
latest Supreme Court decisions will mean in reducing labor
troubles and its effect on market movements in general.
Specialties again moved to the front, PepperelL Manufac¬
turing Co. leading the upswing with a gain of 7 points to
13434. followed by Sherwin-Williams with an advaDC&of
334 points to 13834. Metal shares were also active, Alnminum Co. of America gaining 2 points to 160; BunkeiOTillSullivan, 1 point to 124; Newmont Mining, 2 points to 120,
and Consolidated Mining & Smelting, 1 point to 84.
Other
substantial advances were Brill Corp. pref., 334 points to
6334; Brown Co. pref., 234 points to 75Si', Jones & Laughlin
Steel, 3 % points to 115, and Thew Shovel, 2 points to 6434Stocks moved slowly upward on Wednesday, and while the
transfers continued at a low point, the volume was slightly
higher than the preceding day.
Specialties again attracted
a substantial part of the buying,
though there was a moderate
amount of speculative interest displayed in the mining and
metal group.
Public utilities showed some gains, but
were
STREET. NEW YORK
Member Federal Reserve System
Some improvement in
most of the advances
COMPANY *
MANUFACTURERS TRUST
Northern States Power A
which
pref.
New York correspondent for
act as
commercial banks in all parts of the world.
however, which
we
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
present further below, we are able to give final and complete
results for the week previous—the week ended
April 10.
cable transfers in the different countries of the world.
of
give below
a
record for the week just passed:
We
For that week there
was an increase of
24.6%, the aggregate
clearings for the whole country having amounted to
$6,224,637,333, against $4,995,763,478 in the same week
Financial
Volume 144
Outside of this
1936.
city there was an increase of 21.3 %,
clearings at this center having recorded a gain
of 27.0%.
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 register a gain of 26.8%, in the Boston
Reserve District of 19.5% and in the Philadelphia Reserve
District of 41.5%.
In the Cleveland Reserve District the
totals are larger by 1.6%, in the Richmond Reserve District
by 26.9% and in the Atlanta Reserve District by 37.5%.
In the Chicago Reserve District there is an improvement of
16.9%, in the St. Louis Reserve District of 22.8% and in the
Minneapolis Reserve District of 23.2%.
The Kansas City
Reserve District is able to show an increase of 22.2%, the
Dallas Reserve District of 33.0% and the San Francisco
Reserve District of 16.9%.
In the following we furnish a summary by Federal Reserve
n
2593
Chronicle
the bank
Week Ended April 10
Clearings atInc.
1936
1937
1934
Seventh Feder al Reserve D istrict—Chic ago—
M lch.—AnnArbor
4,137,353
1,230,565
Springfield
SUMMARY OF BANK CLEARINGS
1935
%
$
Rockford
districts:
or
Dec.
1,537,920
299,968
79,034,253
2,481,143
1,195,948
977,757
14,173,000
1,210,579
4,545,662
18,570,360
1,035,910
7,135,269
3,710,464
269,849
279,207,844
702,067
4,125,382
978,471
1,098,345
491,816,831
420,752,271
363,073
Detroit
91,632,855
Grand Rapids.
2,985,281
1,172,364
1,118,469
19,309,000
1,534,012
5,112,983
20,378,959
Lansing
_
Ind.—Ft.
Wayne
Indianapolis—.
South Bend...
Terre Haute.
Wis.—M ilwaukee
Iowa—Ced. Raps
Des Moines
Sioux City
1,091,350
10,119,448
3,475,340
111.—Bloomington
Chicago
Decatur
361,747
325,404,981
851,131
Peoria
Total (18 cities)
•
+21.0
+ 15.9
+20.3
400,268
80,302,687
1,910,521
—2.0
1,020,707
+ 14.4
+36.2
+26.7
725,377
13,132,000
+ 12.5
+9.7
+5.4
4,057,806
17,426,318
912,678
+41.8
7,156.853
—6.3
3,032,130
+34.1
374,322
235,545,779
689,700
2,664,141
+ 16.5
+21.2
+0.3
+25.8
+40.0
+ 16.9
734,131
364,985
71,463,884
1,644,647
844,192
584,928
11,363,000
954,176
3,945,284
16,898,959
299,211
5,642,257
2,299,294
338,180
224,763,493
500,857
2,471,849
773,504
637,574
1,027,736
782,614
371,886,658
345,799,384
71,500,000
25,919,196
66,700,000
24,110,418
13,394,587
13,794,605
Inc.or
Week End. Apr. 10,1937
Federal
Reserve
1936
1937
Dlsts.
1935
Dec,
1934
Eighth Federa 1 Reserve Dis trlct—St. Lo uis—
Mo.—St. Louis.
+ 18.5
87,300,000
73,700,000
$
_
1st
Boston
2nd
New
York. 13
M
3rd
Philadelphia 9
Cleveland.. 5
"
401,901,339
283,939,544
4th
"
303,790,946
298,980,866
6th
Richmond .6
"
134,896,228
12 cities
267,349,509
3,776,480,189
+ 19.5
2,978,604,594 +26.8
212,111,784
229,103,382
Ky.—Louisville..
32,993,676
3,492,112,026
223,645,792
3,829,176,527
Tenn.—M em phis
18,557,080
111.— Jacksonville
+41.5
328,433,234
312,304,919
212,238,503
201,422,056
99,771,909
27,606,500
11,769,575
+ 19.5
+ 57.7
98,718,699
10
"
156,319,118
+1.6
106,330,502 +26.9
113,660,016 +37.5
111,745,336
100,571,397
18
St. Louis... 4
"
491,816,831
420,752,271
+ 16.9
371,886,658
"
139,527,756
113,608,075
+22.8
111,303,783
b
104,976.023
9th
b
345,799,384
8th
b
b
b
6th
Atlanta
7th
Chicago
677,000
Quincy
Total (4 cities)
.
Minneapolis 7
"
96,340,064
78,171,403
+23.2
82,102,174
72,923,055
Ninth Federal
10th Kansas City 10
11th Dallas
6
"
144,424,646
118,194,123
+22.2
118,629,116
97,719,776
Minn.—Duluth..
"
66,713,270
50,165,363
+33.0
42,527,618
41,941,978
Minneapolis
12th San
"
245,077,437
209,710,929
+ 16.9
194,665,848
168,531,472
Fraa_.ll
Total
.111 cities
6,224,637,333
4,995,763,478
+24.6
+21.3
5,377,527,989
5,603,188,668
S.D.—Aberdeen.
2,112,947,292
1,978,816,424
1,865,985,871
Mont.—Billings
434,879,368
321,113,592
+35 4
279,268,515
.32 cities
Total (7 cities).
We
now
add
our
detailed statement
Tenth Federal
years:
Lincoln
Clearings atInc.
1936
or
Dec.
%
Reserve Dlst rlct—Bosto
1934
Wichita
Fall River
781,068
Lowell
394,710
New Bedford..
111,303,783
104,976,023
1,882,714
54,334,106
2,005,062
47,791,984
18,519,841
1,856,459
432,068
Reserve Dls trict—'Minn eapolis
2,043,363
612,303
1,764,114
639,296
626,468
2,140,163
+ 10.9
+26.6
+20.0
+ 15.8
+2.5
+2.0
+6.8
96,340,064
78,171,403
+23.2
2,975,732
64,370,842
23,413,656
2,682,768
50,846,628
19,513,609
St.
546,995
—8.5
1,479.858
194,045,259
579,819
374,163
+ 18.1
+34.7
+5.5
+3.3
+ 18.8
+8.6
+53.7
+24.0
+32.9
183,067,561
773,555
—39.4
896,341
394,940
212,111,784
229,103,382
662,044
640,992
Springfield
3,665,818
Worcester
1,928,100
N.H,—Manches'r
10,792,500
581,340
3,086,783
1,775,543
8,300,578
3,243,311
8,123,600
960,023
Total (12 cities)
267,349,509
223,645,792
+ 19.5
Feder al Reserve D istrict—New
597,653
316,040
495,581
1,619,160
201,338,589
703,315
338,213
600,354
641,628
2,560,870
2,633,833
1,273,257
9,646,698
1,207,599
8,424,013
3,198,411
Reserve Dis trict—Kans
as
21,024,841
1,623,967
530,146
411,564
380.316
2,294,836
1,937,325
82,102,174
72,923,055
city
132,830
120,661
—10.6
+ 12.5
99,724,310
2,652,014
31,238,811
1,959,740
2,334,844
75,729,229
2,821,780
118,722
130,634
Joseph
Pueblo
Total (10 cities)
—1.7
642,334
574,338
629,876
144,424,646
118,194,123
+22.2
Eleventh Fede ral Reserve
101,450
93,246
70,903
2,126,273
25,670,67
1,877,021
2,380,586
82,513,983
2,765,726
2,109,095
+8.3
+37.7
+38.0
+31.7
+20.2
+ 11.8
+27.2
2,697,806
3,221,510
Colo.—Col. Spgs
+33.2
1,757,092
229,213.534
$
n—
595,760
1,919,961
793.642
Mass.—Boston..
+22.8
801,290
Kan.—Topeka...
1935
M o.—Kansas City
....
113,608,075
2,982,731
30,714,440
Omaha
1937
Portland..
139,527,756
3,390,869
Neb.—Fremont..
Hastings
Week Ended April 10
Flrst Federal
371,000
showing last week's
figures for each city separately for the four
Me.—Bangor
490,000
305,409,356
.
Helena
Canada
+27.3
2,284,872
St. Paul......
N. Dak.—Fargo.
2,562,949,591
Outside N. Y. City
532,000
64,301
25,954,707
1,563,069
516,146
2,094,955
62,054,012
2,849,960
474,429
485,245
118,629,116
97,719,776
1,541,704
940,543
32,811,052
4,305,308
1,867,000
584,003
District—Da lias—
1,210,225
38,610,640
5,809,773
+33.0
+29.8
+37.8
877,252
3,776,375
1,583,000
683,942
2,267,783
+46.1
+28.3
+66.5
66,713,270
50,165,363
+33.0
York-
Conn,—Hartford
New Haven..
4,020,892
R.I.—Providence
Second
N.
12,758,769
Y.—Albany..
Blnghamton
8,990,643
7,814,964
808,369
1,013,156
34,600,000
534,502
Jamestown
26,900,000
621,743
626.231
Buffalo
Elmlra
476,009
New York
3,661,687,742 2,882,816.186
Rochester
7,707,759
6,579,778
Syracuse
3,906,469
3,299,546
Westchester Co
2,830,148
2,610,222
Conn.—Stamford
4,320,380
3,055,351
N. J.—Montclair
404,181
332,675
Newark
19,378,998
14,679,452
Northern N.J
30,479,980
28,610,299
Total (13 cities) 3,776,480,189 2,978,604,594
Third Federal
Pa.—Aitoona
Lancaster
Reading...
Scranton
Wllkes-Barre..
York
•
_
_
Total (9 cities).
Fourth
•
615,845
450,250
+31.6
520,396
423,697
+27.0 3,398,711,565 3,737,202,797
+ 17.1
6,057,731
5,979,460
+ 18.4
3,176,715
2,787,800
+ 8.4
2.260,690
1,497,557
+41.4
2,266,445
2,319.003
+21.5
350,000
278,742
+32.0
+6.5
19,656,730
26,332,080
17,469,387
25.344,824
+26.8 3,492,112,026 3.829,176,527
449,707
—7.9
—25.6
1,886,059
3,918,000
401,901,339
283,939,544
948,353
Galveston
2,312,000
Wichita Falls-.
La.—Shreveport
Total (6
cities)
-
_
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle
409,386
b
344,546
Youngstown
b
b
66,051,659
88,391,762
12,242,200
2,489,758
.
Total (5 cities).
Federal?
W .Va.—Hunt'ton
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore.
B.C.—Wash'gton
cities)
.
Sixth Federal
Tenn.—Knoxville
Nashville
257,188
957,488
319,000,000
+74.1
2,440,000
242,434
845,374
302,000,000
946,099
2,136.378
1,324,900
1.240,188
3,225,000
+41.5
328,433,234
312,304,919
1,202,537
Augusta
Macon.
Fla.—Jacksonville
Ala.—Blrm'ham.
Mobile
.
Vlcksburg
La.—New Orleans
Total (10 cities)
b
-
Yakima
Ore.—Portland
+35.8
+25.9
+ 10.5
+74.4
b
45,231,700
61,494,615
b
42,151,226
10,501,400
61,925,421
8,373,700
1,321,959
1,093,702
b
b
134,615,567
167,603,120
—19.7
93,688,829
87,878,007
298,980,866
+ 1.6
212,238,503
201,422,056
Reserve Dlst rlct
359,039
2,722,000
35,811,493
1,486.308
67,694,820
26,822,568
134,896,228
Pasadena
Francisco-
San Jose
Santa Barbara-
Stockton
Total (11
cities)
total
220,330
2,249,000
+63.0
27,043,131
894,768
53,686,539
22,236,734
+32.4
+66.1
+26.1
+21.0
+20.6
+26.9
126,841
2,082,000
27,973,393
132,530
1,962,000
26,265,666
1,037,762
945,149
49,573,085
18,978.828
54,046,955
99,771,909
15,366,399
98,718,699
1,020,767
18,747,000
22,366,023
1,619,045
b
2,675,364
2,701,198
12,539,040
2,622,294
11,542,252
37,100,000
1,121,744
16,659,084
13,403,859
39,600,000
940,336
776,634
13,115,000
12,860,706
1,122,527
957,594
957,345
b
b
39,900,000
949,075
728,828
15,000,000
b
154,537
35,774,205
104,906
100,524
23,955,358
27,315,319
156,319,118
113,660,016
2,018,075
42,527,618
41,941,978
+37.5
8,247,000
978,199
29,358,557
17,292,637
4,187,054
4,314,448
111,745,336
28,674,028
7,178,000
801,649
Franci
SCO
24,807,106
7,972,000
593,601
6,080,000
+ 15.3
20,929,332
9,755,652
2,998,356
2,876,015
98,976,605
1,639,853
1,103,661
1,093,288
168,531,472
25,469,603
13,107,089
3,793,514
3,341,173
120,719,167
2,543,520
1,334,686
2,748,500
—20.1
21,472,490
12,696,329
3,414,468
2,952,205
116,281,505
1,857,286
1,198,352
1,420,506
245,077,437
209,710.929
+ 16.9
194,665,848
138,457,000
2,711,323
1,620,758
22,205,808
+24.6
+ 14.9
+22.0
+31.9
+ 10.4
+29.1
+ 14.7
+6.6
+21.4
436,451
6,224,637,333 4,995,763,478
+24.6 5,377,527,989 5,603,188,668
Outside NewYork 2,562,949,591 2,112,947,292
+21.3 1,978,816,424 1,865,985,871
cities)
Week Ended April 8
Clearings at—
Inc.
1936
1937
Canada—
165,010,248
Montreal
128,905,864
41,274,388
21,062,232
26,127,011
5,914,380
2,793,203
6,120,362
6,417,075
2,120,019
Winnipeg
Vancouver
Ottawa...
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
1,885,592
3,346,450
4,597,181
3,879,003
325,817
477.505
Edmonton
Regina
Brandon.
Lethbrldge
Saskatoon.
...
Moose Jaw
Brantford
563,821
12,122,000
11,744,871
...
Fort William
New Westminster
108,224
22,688,846
Peterborough.
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham.
....
Sarnia
Sudbury
Total (32 cities)
1,516,523
771,531
1,087,051
821,118
667,439
241,069
697,431
727,442
1,235,019
3,098,609
336.506
792,355
629,411
608,339
512,126
109,232,301
83,491,813
48,858,303
17,140,378
20,596,549
4,222,292
2*168,986
4,008,099
5,768,513
1,616,735
1,837,461
2,415,102
4,049,086
2,990,837
258,265
441,143
1,332,251
465,715
773,622
598,056
604,483
232,826
607,613
636,627
966,974
2,582,616
331,098
634,884
881,069
551,767
522,599
504,408
672,190
434,879,368
321,113,592
+51.1
+54.4
—15.5
+22.9
+26.9
+40.1
+28.8
+52.7
+ 11.2
+31.1
+2.6
+38.6
+ 13.5
+29.7
+26.2
+8.2
+ 13.8
+65.7
+40.5
+37.3
+ 10.4
+3.5
+ 14.8
+ 14.3
+27.7
1935
1934
Not Included In totals,
90,366,551
70,487,741
51,615,874
12,824,503
17,693,406
3,340,678
1,901,092
3,334,248
4,766,935
1,395,244
1,528,579
2,030,097
3,603,880
2,820,794
253,144
394,103
1,183,203
423,792
113,049,878
100,756,915
32,774,083
15,612,235
786.826
745,807
508,859
605.997
192,248
555,331
563,000
840,387
614,795
505,430
220,818
4,194,787
3,759,451
2,193,311
5,096,383
4,010,082
1,635,058
1,558,634
2,582,013
3,571,187
2,950,755
260,561
379,815
1,132,357
414,343
571,329
645,462
1,077,603
+31.1
730,888
2,091,637
246,565
563,863
523,105
475,579
431,607
763,908
+35.4
279,268,515
305,409,358
+20.0
+ 1.6
+24.8
+ 14.1
+ 16.4
+ 1.5
100,571,397
a
or
Dec
$
Medicine Hat
Reserve Dlst rlct—Atlant
3,571,917
b
1,786,147
(111
London
Rlchm ond—
106,330,502
5,272,860
1,139,000
628,499
2,196,740
-.
Utah—S. L. City
Calif.—L. Beach.
San
35,713,721
Toronto..
b
303,790,946
18,221,427
53,400.000
1,444,197
Ga.—Atlanta
Miss .—Jackson.
b
b
..
Pa.—Pittsburgh
48,649,451
70,221,059
11,079,400
1,427,836
32,159,408
b
+51.1
+ 52.2
+41.5
+39.9
+ 17.7
+ 15.1
+72.8
1,245,171
2,004,596
916,868
-
Spokane
Grand
Feder al Reserve D istrict—Clev eland—
Mansfield
Total (6
678,000
—14.0
a568,917
236,816
1,067,367
275,000,000
905,048
2,114,060
823,861
1,091,685
2,251,000
357,819
Fort Worth...
1,609,395
50,133,637
8,004,611
7,035,532
27,709,478
Dallas
rcucr
Ohio—Canton
Cincinnati
Cleveland
Columbus
Fifth
6,345,767
818,062
25,000,000
Reserve Dlst rlct—Phllad elphia-
1,624,091
389,000,000
1,265,708
2,487,349
Philadelphia
N J •—Trenton
+ 15.0
413,960
I
8,108,100
+25.3
+28.6
a423,424
Bethlehem
Chester
2,752,255
8,198,000
Texas—Austin..
b No clearings available.
2,268,559
307,490
506,814
499,767
468,208
470,277
2594
Financial Chronicle
TREASURY MONEY HOLDINGS
The
following compilation, made
THE
from the daily Gov¬
ernment statements, shows
the money holdings of the
Treasury at the beginning of business on the first of January
February, March and April, 1937:
Holdings In U. 8. Treasury
Jan.
1, 1937
Net gold coin and bullion.
Net Federal Reserve notes
Net Fed Res bank notes.
2,506,037
17,182,670
744,856
6,215,610
9,258,159
Minor coin, Ac
926,207,122
156,039,431
770,167.691
7,410,316
7,470,916
921,880,348 1,011,111,166 1,162,810,517
425,754,000
367,462,942
20,135,906
41,578,221
2,277.303
2,665,021
10,965,908
38,226,986
2,199,002
2,581,963
11,758,836
36,917,475
1,783,121
13,862,502
35,380,962
1,581,406
2,784,457
3,241,348
the 24th inst.
notes amounted
2,101,426,484 1,912,660,214 1,723,681,620 2,010,093,677
195,475,670
186,934,850
185,089,198
184,365,375
was
The main proportion of
again taken for America, prices continuing to rule at about
Further consignments of gold which arrived from the Soviet Union were
reshipped to New York and
not dealt
were
Quotations:
March 25-------
in in the market.
March 30
March 31
142s. 3.17d.
following
the United
were
Bank of France
received by cable
as
Exports
British West Africa
British India
£181,168
307,274
340,111
8,600
6,317.024
1,145,477
68,695
25,779
10,175
United States of America_£4,291,805
£8,404,303
£4,309,994
Australia
British Guiana.
France
Netherlands
Belgium
Other countries
Francs
Francs
Francs
7,800
1,351
643
649
318
321
320
323
23,800
1,081
1,500
24,100
24,200
24,400
24,200
1,057
1,500
1,035
1,480
1,480
1,485
1,480
72
70
74
608
640
742
230
72
220
7,800
.
__
626
750
220
262
260
225
568
560
568
1,560
1,380
1,560
1,560
1,350
220
252
570
1,560
1,370
360
360
360
1,590
1,390
365
595
593
593
595
Kuhlmann
696
695
692
692
970
980
980
1,010
726
726
728
was
Lyon (P L M)
Nord Ry
736
733
728
371
365
366
24
24
were
as
20 9-16d.
on
for
poorness
and
cash
the previous day,
but
rise to 20 13-16d. for both deliveries
a
The advance
of offerings although sales
on
China and
made during the week.
were
is somewhat
may
uncertain,
Indian demand may have
the
as
continue to affect the silver market for the immediate future.
The
following
were
the United Kingdom imports and exports of silver
Imports
Japan
Exports
Anglo-Egyptian Sudan..
£22,669
12,337
14,600
1,422
£2,485
3,100
6,346
Denmark
Belgium
Poland
France
Canada
France
4,304
Jamaica & Dependencies.
Other countries
500
Germany
x20,000
1,735
990
363
24
25
the same
been influenced by the strength shown by commodities, the trend of which
New
1,426
Zealand
x2,2l8
Other countries
2,733
...
£77,067
718
Orleans Ry 6%
24
Pathe Capital
March
on
further rise to 20 15-16d. today.
a
helped largely by the
The outlook
726
'
229
Manchuria
1,390
Energie Electrlque du Nord
DAY
Energle Electrlque du Littoral..
L'Air Llqulde
834
Other countries.
registered from mid-day on the 22d inst. to mid-day on the 27th inst.:
210
Courrieres
Prices
months' delivery,
speculative account
72
602
738
.
Credit Commercial de France..
Credit Lyonnalse
HOLI-
days.
yesterday, followed by
7,700
1,322
Comptoir Natlonale d'Escompte
Coty S A
working
Apr. 16
650
625
Eaux Lyonnalse cap
three
buying by the Indian Bazaars caused
7,700
1,361
Citroen B
17,126
France
£124,000.
Francs
Apr. 13 Apr. 14 Apr. 15
317
Cle Generale d'Electricitie
Cie Generate Transatlantique...
British India.
The SS. Maloja which sailed from Bombay on the 27th inst. carries gold
20 %d. for two
649
Canal de Sues oap
Cie Dlstr d'ElectrlcItie
imports and exports of gold
Imports
SILVER
7,800
1,348
FacJflo
lis. 11.37d.
lis. 11.32d.
Owing to the Easter holidays, the period under review contained only
Quotations of representative stocks
day of the past week:
Banque de Parts et Dee Pays Baa
Banque de 1'Unlon Parislenne..
Kingdom
lis. 11.33d.
registered from mid-day on the 22d inst. to mid-day on the 27th inst.:
to the value of about
Francs
lis. 11.25d.
142s. 4d.
142s. 3d.
142s. 2%d.
1,825,728,302
each
Francs
Equivalent Value
of £ Sterling
Ounce
PARIS BOURSE
Apr. 10 Apr. 12
£313,-
dollar parity.
April 1, $362,633,654 stiver bullion and $3,750,999
minor, Ac., coins
THE
to
compared with £313,660.661 on the previous
as
Soviet Union
not Included in statement "Stock of
Money,"
Canadian
offerings
Treasury
Available cash balance. 1.905.950.814
1,725.725,364 1.538.592.422
on
on
of England gold reserve against
In the open market about £1,400,000 of bar gold was disposed of at the
1,320,641
16,411,272
930,648
442,391,000
216,935,565
Cash in Philippine Islands
Deposits In foreign depts.
Includes
written under date of
daily fixing during the three days under review.
3,444,244
729,707,000
207.099,007
To credit dlsb. officers.
♦
661,924
827,095,424
454,760,487
988,859,000
275,743,342
To credit Treas. U. 8..
and in banks
Bank
The
tificates of Indebtedness
Dep. in Fed. Res. bank..
Dep. in National banks—
Deduct current liabilities.
MARKETS
weekly circular of
Wednesday.
1077,919,779 1,167,150,597 *1318849,948
156,039,431
156,039,431
156,039,431
Dep. in spec'I depositories
account Treas'y bonds,
Treasury notes and cer¬
in
the
Average of above three days,
Cash balance in Treas..
cash
SILVER
Per Fine
Total cash In Treasury.
Less gold reserve fund
Net
AND
GOLD
$
684,962,191
449,599,028
2,830,640
1,733,851
14,998,815
417,062
6,891,912
5,717,098
GOLD
Samuel Montagu & Co. of London,
1, 1937
$
601.684,471
437,612,371
2,715,606
939,482
5,772,858
4,704,597
Net subsidiary silver
1, 1937 Apr.
S
497,949,500
393,569,691
3,452,024
1,767,785
18,051,185
Net silver coin and bullion
Net United States notes..
Net National bank notes.
Mar.
ENGLISH
reprint the following from
March 31, 1937:
The
Feb. 1, 1937
$
We
up
April 17, 1937
x
356
£18,808
Coin at face value.
Quotations during the week:
IN
LONDON
Pechlney
1,850
1,905
1,865
1,915
Rentes. Pepetual 3%
Rentes 4%, 1917
67.75
67.25
66.30
66.70
66.50
67.40
67.25
66.40
66.70
Rentes 4%. 1918
Rentes 4%s, 1932 A
66.60
66.60
66.10
65.40
65.80
65.90
71.70
71.40
70.60
71.00
Rentes
2:70.70
72.70
72.20
Mar. 31
Mar. 30...20 13-16d.
20 15-16d.
71.40
20 15-16d.
72.00
2:69.70
(Per Ounce .999 Fine)
45% cents
Mar. 25.
45% cents
Mar. 29
45% cents
94.75
94.00
93.90
20.792d.
94.20
Average *_20.771d.
Mar. 30
91.60
5,002
5,006
5,010
5,015
5,020
1,971
1,245
1,986
1,970
1,240
2,040
4%%, 1932 B
Rentes 5%, 1920
Royal Dutch
_
Saint Gobaln O A C..
Schneider A Cie
Soolete Francalse Ford
Soclete Generale Fonclere
84
82
148
1,353
514
Soclete Marseillaise
Silk, pref
514
87
172
179
467
455
120
119
BERLIN
STOCK
was
$4.89% and the lowest $4.88%.
Bar Gold
Oz. Std.—
2 Mos.
21 %d.
20 3-16d.
20.6771d.
Highest price
Lowest price
Average
Ex dividend
THE
New York recorded during the period
on
Cash
122
*
exchange
—Bar Silver per
457
Wagon-Llts.
45% cents
Three days.
Statistics for the month of March, 1937:
182
465
Mar. 24
20 13-16d.
514
170
1 Union d'Electrictle
IN NEW YORK
20%d.
from the 25th to the 31st March
1,391
514
*
150
1,370
Mar. 25...20 9-16d.
The highest rate of
1,255
85
145
1,382
Soolete Lyonnalse
Tublze Artificial
1,260
92
150
-Bar Silver per Oz. Std.Cash
'
2 Mos.
21d.
20d.
20.6406d.
per
Oz. Fine
7%d.
2%d.
142s.
142s.
142s. 4.3Id.
EXCHANGE
AUCTION SALES
Closing prices of representative stocks
as
received by cable
The
of
10
12
13
14
15
Elektrizitaets-Gesellschaft
Berliner Handels-Gesellscluift
Berliner Kraft u. Licht (8%)
43
43
43
43
43
129
129
129
130
166
166
166
166
166
166
113
113
113
113
114
115
116
116
116
118
120
118
118
118
117
117
150
150
150
150
150
Deutsche Bank und Disconto-Gesellschaft. ..117
Deutsche Erdoel(4%)
150
^
Deutsche Reichsbahn (German Rys) pf
7% .127
127
127
127
127
127
Dresdner Bank
103
104
105
105
105
169
169
168
169
169
150
150
149
150
150
148
148
146
145
145
103
Farbenindustrie I G (7%)
Gesfuerel (6%)
Hamburger Elektrizitaetswerke
Hapag
.148
17
Rheinische Braunkohle (8%)
Salzdetfurth (7%%).
Siemens A Halske
121
17
17
197
17
.
17
121
Mannesmann Roehren
Norddeutscher Lloyd
Reichsbank (8%)
228
17
17
17
17
197
197
197
199
232
231
10
sold at auction
on
Wednesday
231
162,
165
168
168
165
167
199
200
199
200
201
Stocks
$ per Share
Berkshire Fine Spinning Associates
par
$100
460
par
$5
$8 lot
common
17%
2 Berkshire Fine Spinning Associates preferred, par $100
5 units Thompsons Spa., Inc
140
British
Type
Investors
93
17%
A
750.
10 Robertson Paper Box Co., Inc., common, par $5
10 Robertson Paper Box Co., Inc., preferred, par $12...
3%
9%
1,000 Vermont & Idaho Mining & Milling Co., par $1; 122 Rico Mining &
Milling Co., par $1; 10 Mercantile Realty Co., par $25:1 Union Pacific RR.,
par
122
17
Shares
2 Merchants National Bank, Boston,
2 538-1000 Pelzer Manufacturing Co.,
17
122
121-
.197
(7%)
were
week:
130
113
Consumerz'und Prlvat-Bank A. G
Dessauer Gas (7%)
current
By R. L. Day & Co., Boston:
42
129
.
(6%)
the
16
-Per Cent of Par——
Allgemeine
following securities
$100—.
-
Bonds—
$147 lot
Per
$3,000 Portland RR. Co. 5s, 1945, series A
$20,000 Commonwealth of Mass. 3%s, Jan. 1954, reg. tax-exempt
$1,000 Collateral Bankers, Inc., 6s, Oct. 1952, reg
$1,000 Bellows Falls Hydro-Electric 5s, Oct. 1958
;
Cen^
85% & int
112% A int'
91% A
int'
100% A
int]
By Crockett & Co., Boston:
ENGLISHJFINANCIAL MARKET—PER
CABLE
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
April 10
April 12
Silver, per oz.. 20 15-16d. 21 l-16d.
Gold, p. fine oz.141s. 8d.
141s. 8d.
Consols, 2% %_ Holiday
76%
British 3%%
War Loan...
Tues.,
April 13
21 %d.
141s. 6d.
76%
Wed.,
Thurs.,
April 14
April 15
20 15-16d. 20 13-16d.
141s.6%d. 141s. 6d.
76%
76%
Fri.,
April 16
20 ll-16d.
141s. 5%d.
76 11-16
The
States
Holiday
103
103
103
103
$ per Share
Mass
110%
110%
110%
110%
19
35 Brockton Gas Light Co., par $25
16 Columbian National Life Insurance Co., par $100.
10 Eastern Utilities Associates common
20 Shoe Lace, Ltd., par $10
5 Qulncy Market Cold Storage Warehouse
common,
iioj4
price of silver per ounce (in cents) in the United
the same days has been:
Closed)
U.S.Treasury. 50.01 jO
46
46
46
45%
45%
50.01
50.01
50.01
50.01
50.01
77.57
77.57
77.57
77.57
77.57
U. S. Treasury
(newly mined) 77.57
par $100
6%
81
29
20c.
13%
Per Cent
$2,000 Boston Metropolitan Bldg. 3s, 1950, ex-stock.
on
10
25%-25%
19%
20 Farr Alpaca Co., par $50
50 Dwight Mfg. Co., par $12.50
103
Holiday
BarN. Y. (for.)
Stocks
15 County Bank A Trust Co., Cambridge,
Suncook Mills, preferred, par $100
Bonds—
British 4%
1960-90
Shares
30
52 A Int.
By Barnes & Lofland, Philadelphia:
Share
5
Stocks
Fidellty-Ph ladelphia Trust Co.,
50 L. H. Gilmer Co., par $5..
Bonds—
'
par
$100
,
$ per Share
425
8%
Percent
$1,000 No. 4733 Center Ave. Apt. Bldg. 1st mtge. fee 6%, due Mar.
1,1940..32 fla
$2,000 Pennsylvania Operating Corp. 1st mtge. fee 6%, due May 1, 1939..29 fla
Volume
Financial
144
By Adrian H. Muller & Son, New York:
Shares
Stocks
209 Federal
$ per Share
Water Service
Corp. cumulative class A stock
7,740 International Products Corp. common stock
4%
6X
^£i^39i,Itabira IroD °re Co" ■Ltd*» 7%
cum* lst Pref- scares of £1 each
140% First National Bank, Jersey City, N. J., no par
200 Hudson County National Bank, Jersey City, N.
J., par $25
13 Atlantic Stevedoring Co., Inc. (N. Y.), par $100
20 Hans Rees' Sons, Inc. (N. Y.), par $100--.
1200 lot
110
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
in
name
12%
---
292
Name
Avenue, Inc., pref.; 25 shs. Guaranteed
Equity Corp. common; 368% shs. Guaranteed Equity Corp. common v. t. c.;
25 shs. Guaranteed Equity Corp. pref.; 50 shs.
Kings & Queens Hearse
Owners Corp.; 75-20,000ths
Broadway National Bank ctfs. of ben. Int. in
net proceeds which shall be realized from
liquidation of certain surplus assets
Alaska Packers Association
Class
Asheville, Inc., coll. trust series C 6% bonds due Mar. 1, 1939
1, 1931); $2,000 Tennessee Land & Holding Corp.
5-year 6%% lst mtge. gold bonds due June 16, 1935 (lst coupons due
l%c
35c
Dec. 16, 1932); $9,000 Williamsburg Town Hall
6% gen. mtge. gold bonds,
due Mar. 1, 1930 (no coupons attached)
$140 lot
12 shs. Central Illinois Co. capital stock.
$80 lot
Group 2—Stocks:
Group 3—-Stocks: 30-67,500ths Broadway & Plaza Trust Co. ctf. of ben. int.
in net proceeds which shall be realized from
liquidation of certain surplus
assets of said Trust Co., eudorsed to show
payment of $45 In
62%c
—---
68 He
Bourjois, Inc., $2% preferred^quar.)
Bourne Mills of Fall River
$2%
13%c
Brandywine Shares. ___Broadway Department Stores (initial)
Bronxvillo Trust (N.
40c
Y.) (quar.)
'——
—
Brookmire Investors
(quar.)—.—
MacMlllen Mfg. Co., Ltd., pref.; 50 shs. Second Avenue RR. Co.
Bonds: $100 Andrew C. Slsman Co., Detroit, Mich., 2-year
6% gold deb.
dated Dec. 1,1929, due Dec. 1, 1931 (lst
coupon due Dec. 1, 1930, attached);
$2,000 Brooklyn Ferry Co. of N. Y. lst consol. mtge. assenting ctf. of dep.
6c
—
Buckeye Pipe Line Co. common....
Builders Exchange Building of Baltimore
Buffalo Ankerite Gold Mines, Ltd. (quar.)
17 shs.
70c
preferred (semi-ann.)
Extra.
liquidation;
$1
37%c
$1%
--—
Best & Co. (quar.)
(1st coupons due Mar.
attached); $500 City of Key West, Fla., coupons, 20 coupons detached from
5% refunding bonds (10 due April 1, 1931, 10 due April 1. 1932): $15,000
Web Holding Corp., N. Y., debenture second issue
7% bonds, due July 1,
1932 (1st coupon, due July 1, 1931, attached); $825 County of Oakland,
Royal Oak, Mich., coupons, Drain Dlst. of Mich., 30 coupons detached
from 5% % bonds; $1,200 Townsnip of Royal
Oak, Mich., coupons detached
from 6% special sewer assessment bonds..
...$144 lot
Group 4—Stocks: 4 shs. Apco Mfg. Co. (Apco Mossberg) class A; 10 shs.
Grant Lunch Corp. pref.; 5 shs. Grant- Lunch Corp. common; 1 sh. Midland
% attached.
lst
$14 lot
-Bonds: $200 Edgerton-Fabrick Co., Pocatello, Idaho, Bungalow Court
mtge. series No. 20. 8%, due Oct. 1, 1930 (lst coupon Oct. 1, 1929)
Group 5—Bonds,
notes and coupons, &c.; $687.50 coupons City of Astoria,
Ore., 5%%, due Dec. 1, 1931, ref. gen. impt. ($13.18 per $27.50 coupon
paid); $500 Johnson Hotel Co., San Antonio, Texas, 8% gold note, due
Sept. 1, 1935, dated Mar. 29, 1926, coupons Sept. 1, 1930, and thereafter
attached @ $10 each; $2,500 Johnson Hotel Co.. San Antonio, Texas, 8%
$1
—•-
3%
tU&°
Bonus
Bullock Fund, Ltd
Y., 5%, due Aug. 1, 1948 (no coupons
---—
-—--•
Ltd., 5% preferred (quar.)
Canadian Investment Fund ordinary shares.__
Special shares—
—*
Bullock's, Inc.,
Capital Management
Corp.--(quar.)
(quar.)
5% pref.
Celotex Corp.
Central Cold Storage
Central Tube Co
Chain; Store
--.--.-r-,;
5c
Investment (initial)
(quar.).-Cherry-Burrell Corp. (quar.)
Preferred (quar.)
City Investing Co. common
Cliffs Corp. voting trust certificates
Preferred
Columbia Pictures
-
$1%
1%
20c
__.$91 lot
4-10 sh. Rondel
$2 lot
Corp. $2%
25c
75c
5% preferred-preferred (quar.)------
Warehouse,
Corp .-Seagrams,
Detroit River
Distillers
55c
15c
^fi^d trniar" )""
MX
preferred (quar.)
Fina^ce^Corp" ~$2~ pref ."(quar.) II111
D^%Sbcl?prosB°receipts ordinary registered.
Domestic
wa
^
j^ot!h ^>r
year
ended Dec. 31,
Township
year
CHARTER
ISSUED
Amount
April 7—Woodbridge National Bank, Woodbridge, N. J
!
$100,000 "
Capital atock consists of $100,000, all common stock.
President;
Frank Van Syckle.
Cashier: Harold Van Syckle.
Primary
organization.
COMMON
•
CAPITAL STOCK
REDUCED
Amt. of
Reduction
April 2—The National Bank of Mantua, Mantua, N. J. (from
$50,000 to $25.000)
$25,000
April 7—The National Mahaiwe Bank of Great Barrington, Great
Barrington, Mass. (from $200,000 to $125,000)
75,000
.
STOCK
ISSUED
Amount
April 2—The National Bank of Mantua, Mantua, N. J. (class B
sold locally)
3—The
National
County
25c
Bank of Punxsutawney,
Punx100,000
-
COMMON CAPITAL
STOCK INCREASED
Amt. of Increase
April 6—The National Mahaiwe Bank of Great Barrington Mass$50,000
April 8—The Citizens National Bank of Tipton, Tipton, Ind
50,000
(from $50,000 to $100,000).
SEASONAL AGENCY AUTHORIZED
13—First National Bank in Reno, Nev.
Location of branch:
"Seasonal Agency" at Calneva, Washoe County, Nev. and to operate
such seasonal agency from the first day of May to the first day of October
in each year.
Certificate No. 1333A.
Seasonal Agency No. 4.
April
BRANCHES
AUTHORIZED
April 7—The Erie National Bank of Philadelphia, Pa.
Location of branch:
Ridge Ave. & Green Lane, Roxborough, Philadelphia, Pa.
Certificate
No.
1334A.
April 7—First National Bank in Reno, Nev.
Location of branch: 37 North
Main St., Town of Yerington, Lyon Coimty, Nev.
Certificate No. 1335A.
April 8—The Anglo California National Bank of San Francisco, Calif.
Location of branch:
1000 Eye St., City of Modesto, Stanislaus County,
Calif.
Certificate No. 1336A.
DIVIDENDS
Dividends
grouped in two separate tables.
In the
first we 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
are
June
%
(quar.)
(quar.).
Oo_
-
-
25c
25c
15c
25c
& Co"."(quar.]
(quar.)
--Home (Joseph) Co. preferred (quar.)Howe Scale Co. 5% pref. (s-aO
Idaho Power 7% pref. (quar.)
6% preferred (quar.) —
Insuranshares Certificates-- — -------- -
—
-
Jantzen Knitting
Preferred
(quar.)-
—
-
preferred
& Baking (quar.)
6% preferred (quar.)
7% preferred (quar.)
Leonard (C.) Tailors (quar.) —
Libbey-Owens-Ford Glass (quar.)----Louisiana Power & Light Corp. $6 pref
Special
Manufacturing Co.-
Lynch Corp. (quar.)
Ludlum Steel Co. common-------------Lumbermen's Insurance Co. (Pnila.) (s.-a,.)____
Marconi International Marine Communication
Co., Ltd., Am. dep. rec. ord. reg. (final,
Dec. 31. 1936)
Less income tax and depository expenses.
Massachusetts Fire & Marine insurance Co
McGraw Electric Co. common (quar.)
McNeil Marble Co. 6% pref. (quar.)__
Merchants & Manufacturers Fire Ins. (quar.)_Michigan Seamless Tube Co
Minneapolis-Honeywell Regulator Co.
Mississippi Power & Light $6 preferred
Moody's Investors Service preferred (quar.)
Preferred
Moore Drop Forgings
(quar.)-----pref. (quar.)
4
14
15
1
1
20
5
15
30
1
40c
15c
40c
J$1X
$1%
10c
75c
MX
MX
50c
25c
$1%
1
1
20
3
5
1 May
June
30c
31
26
1 May
c
62%c
15
15 June
1 Apr.
87;
12
June
May
May
May
25c
-
Kroger Grocery
Muskogee Co. 6% cum.
15
1 May
$1%
23
12
June
June
10c
5%
Luther
$2%
$20
(quar.)-.-
preferred (initial, quar.)
IOeinert (I. B.) Rubber Co
Kress (S. H.) & Co.
15
TMX
International Harvester preferred Aquar -) _ _ _ - - International Utilities Corp. $7 prior pref. (qu.)_
Kings County Trust Co.
King Oil Co. (increased)
Klein (D. Ernil) (quar.)
15
June 26 June
60c
25c
19
20
15
MX
50c
20
31
Apr. 15 Apr.
Apr. 15 Apr.
Apr. 30 Apr.
Apr. 15 Apr.
June 15 May
May 17 Apr.
1 Apr.
May
1 Apr.
May
May 15 May
May 15 May
1 Apr.
May
Apr. 15 Apr.
1 Apr.
May
1 Apr.
May
MX
MX
15
20
May
Mar.
Apr.
Apr.
July
Apr.
May
May
¥■ 10c
-
Co.---------Hollander (A.) & Sons (quar.)
Home Insurance Co. (quar.)
preferred (quar.)
Mills (quar.)
15
30
—-r
pref-2nd issue -----Pineapple Co., Ltd. (quar.)-
$3% prior
Apr. 15
May 15
Apr.
July
Apr.
May
May
Preferred A
65,000
6
6
June
80c
Horme?(Geo"A.)
25,000
June
40c
Hamilton
Hawaiian
50c
25c
Dock (quar,)--Electro-Chemical
Dredge &
Watch
F Preferred (quar.) — - —
Hanna (M. A.) Co. Preferred
Harnischfeger Corp. 5% pref.
15c
20c
(quar.)
Hecla Mining
1937.
$4
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
June
6c
50c
Auto Co. (irergular)
Fyr-Fyter Co. class A (extra)
General Foods Corp.. (quar.)-----Georgia RR. & Banking Co. (quar.)------------
Great Western
Apr. 23
Apr. 15
Apr* 20
May
Apr.
May
May
Apr.
Apr.
July
July
4c
- r
Four Wheel Drive
Grea. Lakes
18
Apr. 26
May
May
May
May
May
May
(quar.)—
Gl?bea&ei&blic insurance
1
May 15 Apr. 24*
June
$1
class A (quar.)
B (quar.) _ - -—- - - - - - - - - - ■■r
Hawaiian Sugar
Liq. committee: Ned L. Brown,
BlIfciR. L. Hamill & Paul W. Wehrle, all of Punxsutawney, Pa.
Absorbed
by: The Punxsutawney National
Bank,
Punx¬
sutawney, Pa., charter No. 5702.
April 6—The Platteville National Bank, Platteville, Colo
It Effective Jan. 12, 1937.
Lig. Agent: H. C. Trezise, care of
liquidating bank.
Not absorbed or succeeded by any other
PL
association.
April 7—The Commercial National Bank of Charles City, Charles
City, Iowa
Common stock
$50,000
Preferred stock
15,000
Effective March 11, 1937.
Liq. Agent: A. M. Hauser, Charles
City, Iowa.
Absorbed by: The Commercial Trust & Savings
Bank, Charles City, Iowa.
31,
Class
June 21 June
50c
5% non-cum.
9,000
VOLUNTARY LIQUIDATIONS
April
►
24
1
13
15
20
24
24
15
28
8
1
1
15
15
15
15
20
24
5
15
15
15
20
20
26
20
19
10
4
June 30 June
MX
-
- r - - -
Mar. 29
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
May
Apr.
May
Apr.
Apr.
June 15 May
Apr. 16 Apr.
May 15 May
May 15 May
Apr.
May
Apr.
May
Apr.
May
Apr.
May
Apr.
May
Apr.
May
May 15 May
Apr# 26 Apr.
May
1 Apr.
May
1 Apr.
Apr. 30 Apr.
Apr. 30 Apr.
Apr. 27 Apr.
Apr. 30 Apr.
May
1 Apr.
Apr. 20 Apr.
May 15 May
62 %c
$1
25c
(quar.)
Florsheim Shoe
.
PREFERRED
k
sutawney, Pa
F Effective March
Extra
Apr.
Apr.
Apr.
Apr.
Apr.
Apr. 20
May
1 Apr. 21
Apr. 15 Mar. 31
May
1 Apr. 20
Philadelphia (semi-annual)
KreJAssom of
First Management Fund
30
30
24
24
10
9
20
24
20
Apr. 26 Apr.
Apr. 26 Apr.
1%
36c
£?The
following information regarding National banks is
fromHhe office of the Comptroller of the Currency, Treasury
Department:
Apr.
Apr.
Apr.
Apr.
10
15
1
1
20
15
1
1
15
1
1
15
15
1
24
1
1
1
15
8%
$1.14
5%
5%
ended Mar. 31, 1937.
Gregg, Inc.
7% preferred (quar.)
May
May
May
May
Apr.
Apr.
May
May
May
May
Apr.
May
Apr.
May
Apr.
25c
Tel®Pb®ner-—
Williamsport RR. (s
Ever-Ready Trust Co., Ltd., ordinary
Elmira &
Fin^Tdiyiafot
50c
Payable of Record
1936, and less
and depository expenses.
Brewing Co------
income tax
Eastern
27c
50c
68 He
t$2%
Cuban Tobacco
De Mets, Inc.,
Faber, Coe &
BANKS
pref. (quar.)
ContSSul Snaoi:,lnc:,"TOi^MTquaV.j:::
Duquesne
United Realties, Inc., Del., $2.50 convertible series A. temp
25c
25c
3c
Breweries, Ltd. (qnar.)-—t
Pora-Cola Bottling Co. of St. Louis (quar.)____
shs.
30c
$1%
J4e
J4c
$1%
-
Coast
8% gold note due Sept.1,1936, dated Mar.29,1928, coupons Sept.1,1930, and
thereafter attached, @ $10 each; $750 Johnson Hotel Co., San Antonio. Tex.,
gold note due Sept. 1, 1937, dated Mar. 9, 1926, coupons Sept. 1, 1930 and
thereafter attached @ $10 each; $3,000 Johnson Hotel Co., San Antonio,
Texas, 8% gold note due Sept. 1,1940, dated Mar. 9, 1926, coupons Sept. 1,
1930, and thereafter attached, @ $10 each; $3,750 Johnson Hotel Co., San
Antonio, Texas, 8% gold notes due Sept. 1, 1941, dated Mar. 9,1926, coupons
Sept. 1, 1930 and thereafter attached, @ $10 each; $12,000 New England
Hotel Co. 6% serial coll. g. n., dated July 1, 1927, due July 1, 1932, coupons
Jan. 1, 1928 and thereafter attached; $2,199.11 San Pedro Water Users
Assn., Benson. Ariz., 6% warrants to order of W. R. Elliot, and endorsed.
Stocks: 300 shs. Marquette Oil Corp., Del., v. t. c.; 75 shs. Missouri State
NATIONAL
25c
--
(quar.)
Corp
Bay State Fishing Co.
ties Co. of
common;
25c
A
Atlas Plywood
Preferred
$80,000 Central Securities Co, of Asheville, Inc., coll. trust series F 6% bonds
due Sept. 15, 1940 (lst coupons due Mar.
15, 1931); $185,000 Central Securi¬
Group 6—Stocks: 4-10 sh. Rondel Realization Corp.
Corp. preferred
25c
Asbestos Mfg. preferred (quar.)
Atlantic Macaroni, Inc. (quar.)
ceeds which shall be realized from
liquidation of certain surplus assets of
said Trust Co. endorsed to show
payment of $618.75 In liquidation.
Bonds:
L Realization
$1%
American Fork & Hoe (extra)
American General Equities, Inc.
bank, endorsed to show payments of $49 per l-20,000ths int.; 112
O-10-67,600ths Broadway & Plaza Trust Co. ctf. of ben. Int. of the net pro¬
Life Ins. Co.; 413 shs. United Realties, Inc., Del., common temp.; 100
(quar.)
Albany & Vermont RR
Allied Kid (initial)
of said
coupons
Share
of Company
Holders
When
Per
23
1
Stocks: 1,360 shs. Atlantic Midland Corp. common; 2,040 units
Atlantic Midland Corp.—Each unit consists of 1 sh. series A cum.
pref. and
1 sh. common;
8 shs. 15 Park
Building <fc Loan Assn., Dallas, Texas, with dividend
Corporation and Investment
"General
our
News Department" in the week when declared:
The dividends announced this week are:
Group
of Knickerbocker Trust Co. of N.
2595
Chronicle
1
Apr.
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 June
July
1 Apr.
May
Apr. 30 Apr.
1 Apr.
May
1 Apr.
May
June
1 May
July
Aug.
May
1 June
15
15
1
1
24
10
15
15
16
5
22*
22*
15
25
26
15
21
20
15
19
19
10
18
2 July
1 Apr.
20
15
June 15 May 28
1 Apr, 14
May
1 Apr! 13
May
5
May 15 May
May 15 Apr. 30*
May 15 Apr. 23
Apr. 24 Apr.
16
June
June
1
50c
May
$1%
Apr.
Apr.
Apr.
May
May
May
May
May
Apr. 20
Apr.
8
Apr. 20
5%
15c
50c
50c
$1%
if*
nP A
June
Mar. 31
May
4
Apr. 15
May
1
May
1
Apr. 20
May 15
2596
Financial
Per
Name of Company
_
sik
75c
SIM
_
15c
-
SIM
SIM
50c
50c
i
-
20c
5c
Co., Inc. (interim)
Orchard Farm Pie S5 pref. A
(irregular)
Pacific Gas & Electric 5M % pref.
15c
75c
(quar.)
34 He
6% preferred (quar.)
Pacific Power & Light 7% preferred
37Mc
tSIM
6% preferred.
;ka
Package Machinery Co. 7% 1st pref. (quar.)
Parker Pen Co. (quar.)
Pfeiffer Brewing Co. common
tSIM
—
SIM
50c
30c
75c
,
Penmans, Ltd. (quar.)Preferred (quar.)
S3M
37 He
-
SIM
-
Philadelphia Suburban Water pref. (quar.)
Pioneer Mill Co. (monthly)
Potomac Edison Co. 7% preferred (quar.)
6% preferred (quar.)
Princeton Water (N. J.) (quar.)
Procter & Gamble Co. (quar.)
SIM
15c
SIM
Extra.Public Electric Lignt Co. (quar.)
Rath Packing, 5% preferred
(initial, s.-a.)
Republic Investors Fund, Inc., common
A special di v. in com. stock.
Distribution will
be charged at par to paid-in
surp. account.
6% preferred A & B (quar.)
Rich s. Inc. (quar.)
—
Rolls-Royce, Ltd., ordinary registered
Roxborough Knitting Mills, Inc., pref. (qu.)
St. Lawrence Flour Mills
Preferred (quar.)
San Carlos Milling Co.
—
new common
20c
—
SI
-
10c
SI M
50c
Simpson (Robert) Co. pref. (s.-a.)
Smith Agricultural Chemical Co.
(quar.)
$3
12Hc
SI M
-t75c
6% preferred (quar.).
class A pref
25c
Sterling, Inc. (quar.)
Preferred
5c
(quar.)
37Mc
-
Sullivan Consol. Mines (initial).
Super-Mold Corp. (quar.)
Telephone Investment Corp. (monthly)
Teiluride Power Co. 7% pref.
(quar.)
Toburn Gold Mines, Ltd.
(quar.)
Towne Securities Corp. 7% preferredTung-Sol Lamp Works preferred (quar.)
Union Oil Co. of California
United Biscuit (quar.)
Preferred (quar.)
United Corporations, Ltd., SIM class A
United New Jersey RR. & Canal
(quar.)
United Stove Co. (irregular)
United Telephone Co. (Kansas)
(quar.)
7% preferred (quar.)
Utica Gas & Electric 7% pref.
(quar.)
Wailuku Sugar Co. (monthly)
Walton (Chas.) & Co. 8% pref.
(quar.)
Washington
SIM
25c
30c
Scotten-Dillon Co
Securities Corp. General $6 pref.
(quar.)
$7 preferred (quar.)
Shareholders Corp. (quar.)
Sierra Pacific Electric pref.
(quar.)
Simms Petroleum Co.
(liquidation)
Standard Steel Constr
Construction
Stein (A.) & Co. (quar.)
i
ui
25c
(monthly)
Schoellkopf, Hutton & Pomeroy, Inc.—
5M% cum. pref. (quar.)
Schwitzer-Cummins (quar.)
;
May 20 Apr. 26
May
1 Apr. 15
1 May 20
May
1 Apr. 20
May
1 Apr. 22
June 15 May 28
June
Apr. 26
May J
Apr. 15
June
May 17
May
Apr. 20
June
May
7
Apr. 30 Apr. 20
Apr. 30 Apr. 20
July
1 June 10
Apr.
1 Mar. 31
May 15 Apr. 30
May 15 Apr. 30
May
1 Apr. 17
May
1 Apr. 17
May
1 Apr. 20
June
1 May 15
May 25 May 15
May 15 May
5
May
Apr. 21
June
May 12
May
Apr. 21
May
Apr. 20
May
Apr. 20
May
Apr. 20
May 15 Apr. 23
May 15 Apr. 23
May
1 Apr. 24
May
1 Apr. 20
May
8 Apr. 24
June
1 Apr. 15
May
1 Apr. 20
May
May 28 Apr. 14
June
June
May
May
May
Apr.
May
Apr.
May
May
May
May
May
May
May
30c
40c
S2
20c
t75c
S2K
15c
SIM
SIM
SIM
20c
$2
50c
Wentworth Manufacturing (new common)
Western Terminals (liquidating)
Weston Electrical Instrument-
6
1 Apr.
15
15
8
20
23
15
20
20
15
30
23
1 Apr.
15 Apr.
1 Apr.
30 Apr.
1 Apr.
1 Apr.
1 Apr.
1 Apr.
14 Apr.
1 Apr.
1 Apr. 23
15 June
1
June
2c
Oil
15 May
June
May
May
Apr.
May
Apr.
May
May
SIM
16
June 24 June 15
1 Apr. 23
May
20c
-
5 Apr.
1 May
15
1 Apr. 20
May
1 Apr. 20
May
Apr. 15 Apr.
2
2Mc
27Mc
—
15 Apr.
1 Apr.
25
20
1 Mar. 15
21 Apr. 21
21 Apr.
1 Apr.
10 Apr.
14
19
19
1
May 14
1 July 15
Aug.
May 15 Apr. 30
July 10 June 21
Mar. 31 Mar. 25
15 Mar. 31
15 Mar. 31
Apr.
Apr.
May
Apr.
May
Apr.
15
May
20 Apr.
1 Apr.
1
15
15
15 Apr. 12
1 May 20
17
15c
June
40c
-
Apr.
May 14 May" 3
1 Apr. 24
May
1 Apr. 24
May
1 Apr. 24
May
June
1 Apr. 26
June
1 May 20
Apr. 15 Apr.
5
25c
Wheeling & Lake Erie $4 prior pref. (quar.)_
5M% preferred (quar.)
.—
Wilson-Jones Co
Woolworth (F. W.) Co. (quar.)
Yellow Cab (quar.)
Zion's Cooperative Mercantile Institution
SIM
60c
50c
50c
Below we give tlie dividends announced in
previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these
being given in the preceding table.
Per
Name of
Company
Share
15c
18c
50c
-
Preferred (quarterly)
Alabama Power Co. $5 preferred (quar.)
Alaska Juneau Gold Mining Co.
(quar.)
$1M
$1M
15c
Extra
15c
Allied Chemical & Dye Corp.
(quar.)_
Allied Kid Co. S6M preferred
Aloe (A. S.) Co. (quarterly)
Altorfer Bros, preferred (quar.)
Aluminum Manufacturing, Inc.
SIM
SIM
25c
75c
50c
;
(quar.)--
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Sugar, 5% pref. (quar.)_
Amerada Corp. (quar.)
American Bakeries Corp. 7% pref.
(semi-ann.)
American Can Co. (quar.)
American Car & Foundry preferred
50c
_
Apr. 20
Apr. 15
June
June
Apr.
Mar. 31
Apr. 16
Apr. 16
Apr. 15
Apr. 10
Apr. 10
Apr.
Sept.
15
Sept. 15
Dec. 15
June 15
Dec.
S3M
15
Sept.
Sept. 15
Dec. 15
Dec.
May
Apr. 16
Apr. 30 Apr. 15
1 June 15
July
May
Apr. 23*
Apr.
Apr. 13*
—
(quar.)
Preferred (quarterly)
American Machine & Foundry Co
American Paper Goods Co., 7% pref.
(quar.)
7% preferred (quarterly)
7% preferred (quarterly)
American Smelting & Refining Co
6% 2d preferred (quar.)
preferred
—
June
1
May
May
Sept.
American Gas & Electric Co., pref.
(quar.)
American Home Products Co.
(monthly)
American Light & Traction Co.
June
Apr.
Apr.
May
Aug.
10
15
25
25
Dec.
Equitably ^Assurance (quar.)
May
Apr.
May
May
May
May
May
May
May
May
May
June
50c
(quar.)
7% preferred A (quarterly)
7% preferred A (quarterly)
2nd
Holders
Payable of Record
50c
American Chicle Co. (quar.)
American Cities Power & Light Corp.—
Conv. A opt. div. series (1-32 of 1 sh. of cl. B
stock or 75c. cash)
American Distilling, pref. (semi-ann.)
American Envelope Co., 7% pref. A
7% preferred (quar.)
When
S1M
SIM
SIM
12 Mc
—
6%
American
Shipbuilding
Nov. 25
June
Apr. 24 Apr. 15
Apr. 24 Apr. 15
May
1 Apr.
8
May
1 Apr. 14
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 17
June
15 June
Sept. 15 Sept.
Dec.
15 Dec.
May 29 May
Apr. 30 Apr.
June
—
Co.
(quar.)
Amoskeag Co. preferred (semi-ann.)
Anglo-Canadian Telep. Co., 7% pref
Archer-Daniels-Midland Co. pref. (quar.)-
—
Argo Oil Co. (semi-ann.)
Extra
Arrow-Hart & Hegeman Elec. Co., 6M PL (qu.)
Associated Telephone Co., pref. (quar.)
Atlantic City Electric Co., $6 pref. (quar.)
Atlantic Coast Line RR., 5% pref. (s.-a.)
Atlantic Refinery Co., pref. (quar.)
Atlas Powder preferred (quar.)
Badger Paper Mills, Inc., 6% pref. (quar.)
Baldwin Rubber Co. (quar.)—
Bangor Hydro-Electric Co. (quar.)
Bankers National Life Insurance Co
Barnsdall Oil Corp. (quarterly)
Beatty Bros., Ltd., 6% 1st pref. (quar.)
Belden Mfg. Co. (quar.)
—
Belding-Heminway Co.
Bellows & Co., class A (quarterly)
Class A (quarterly)
Class A (quarterly)
Beneficial Industrial Loan Corp., common
—
June 25 June
Sept. 25 Sept.
Dec. 24 Dec.
Preferred series A
June 30 June 21
-
Preferred (quarterly)
Blue Ridge Corp
Optional payment 1-32 sh. of com.
Bon Ami Co., class A
(quar.)
Class B (quarterly)
cash.
(quar.)-.
Broadway Dept. Store, Inc. (Calif.), 7% 1st pref
Broadway & Newport Bridge (quarterly)
S2M
Preferred (quarterly)
SIM
Buckeye Steel Casting Co., 6M%pref. (quar.)_
SIM
6% preferred (quar.)
SIM
Buff. Nlag. & East. Pow. Corp. 1st
$5 pf. (qu.)
SIM
Burroughs Adding Machine Co—
20c
Byron Jackson Co. (quar.)
25c
Calamba Sugar Estates (quar.)
40c
Preferred (quar.)
35c
Calgary Power preferred (quar.)
SIM
California Packing Corp. (quar.)
37Mc
5% preferred, new (quar.)
62 Mc
California Water Service, 6% pref.
(quar.)
SIM
Camden Fire Insurance Assoc.
(s.-a.)
50c
Canada Iron Foundries Ltd.,
6% pref
t2M%
Canada Northern Power Corp., Ltd.
t30c
(quar.)
Canadian Bronze Co. (quarterly)-J37MC
Preferred (quarterly)
•
Carolina Clinchfield & Ohio Ry. Co
Stamped certificates (quar.)
hh
Celanese Corp. of America—
7% cum. prior preferred (quar.)
IM
7% cum. 1st partic. preferred (s.-a.)
Celluloid Corp. 1st partic. preferred
-
h
—
Central Hudson Gas & Electric (quar.)
Central Illinois Securities, pref.
37Mc
6%
preferred (quarterly)
Central Power & Light Co. 7%
pref. (quar.)
6% preferred (quar.)
Centrifugal Pipe Corp. (quar.)
Quarterly
Quarterly
Century Ribbon Mills
7% preferred (quarterly)
Cerro de Pasco Copper
Champion Paper & Fibre (special)
Quarterly
Apr.
Apr.
Apr.
Apr.
July
1 June 15
15
16
Mar. 31
Apr. 30 Apr.
May
May
Apr. 20
May 15
Apr. 15
-
Special guaranteed (quar.)
Special guaranteed (quar.)
Cluett, Peabody & Co., Inc.
Colgate-Palmolive-Peet (quar.)
May
Aug.
5
Nov.
5
May
May
Apr.
Apr.
Apr.
7
SIM
iis
lis
SIM
87 Mc
87Mc
50c
May
July
Apr. 15
Sept. 18
Mar. 20
May
Apr. 20
Apr. 30 Apr. 20
Apr. 30 Apr. 20
Sept. 1 Nov. 10
Dec.
1 May 10
Oct.
_
June
1 Aug. 10
1 Nov. 10
1 Mar. 12
1 Apr. 20
Community Public Service (quar.)
Special
Compania Swift Internacional (quar.)
Concord Gas, 7% pref. (quarterly)
Confederation Life Assoc. (Ont.) (quarterly)
Quarterly
1
May
May
May
May
May
July
May
May
15
15
15
15
1
SIM
June
1
May
May
1
June
1
Apr.
Apr.
Apr.
Apr.
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
May
20c
i
S2
SIM
5c
50c
87Mc
—
Quarterly
Connecticut River Power, 6% pref. (quar.)
Consolidated Chem. Industries A & B.
June
25c
25c
—
Dec.
75c
12 Mc
6% preferred series A (quarterly)
5% preferred (quarterly)
5% cumul. preferred (quarterly)
Commercial National Bank & Trust (qu.)
Commonwealth Edison Co
Commonwealth Investment (quar.)
Commonwealth Utilities Corp., 6M % pG C(qu.)
Sept.
50c
(quar.)—
—
A & B (extra)
Consolidated Cigar Corp. 7% pref. (quar.)
6M% preferred (x-w. & w. w.) (quar.)
Consolidated Edison (N. Y.), $5 pref.
(quar.)—
Consolidated Laundries Corp. pref. (quar.)
Consolidated Oil Corp. (quar.)
Consolidated ^aper Co. (quar.)
Consolidated Royalty Oil Co. (quar.)
Continental Service Co. (quarterly)
Trust-(quar.)
Corn Products Refining (quar.)
SI
SI
SI
SIM
37 Mc
12Mc
SIM
SIM
SIM
SIM
20c
25c
5c
7jfe
75c
(quar.)
SIM
Milling (quar.)_
Detroit Gasket & Mfg. (quar.)
2c
20c
Crum & Forster
May
1
1
1
SIM
SIM
50c
SIM
37Mc
SIM
SIM
$2
25c
6
20
20
20
20
12
15
14
30
20
20
15
May 15 Mar. 25
June 30 Sept. 25
Sept. 30 Dec. 24
Dec. 31 Mar. 15
June
1 May 15
May
May
June
1 Apr.
1 Apr.
1
15
15
May 15
May
1 Apr. 15
May
1 Mar. 15
May
1 Apr. 15
May 15 Mar. 15
June 1
May 21
Apr. 25 Mar. 15
Apr. 27 Apr. 12
May
1 Apr. 23
Apr. 20 Apr.
5
Apr. 20 Apr.
5
May 15 Apr. 30
May 15 Apr. 30
May 15 May 10
June 30 June
•is
20
19
15
15
June 15
50c
A div. of &2 a sh. remains in arreas
15
5
Apr.
June
—
Crown Drug Co., preferred
20
20
10
10
June 30 June
May
Apr.
Apr.
July
City Water Co. of Chattanooga, 6% pref. (qu.)Cleve. Cin. Chic. & Machuis RR. 5% pref. (qu.)
Cleve. Cincinnati, Chicago & St. Louis,
pf. (qu.)
Cleveland & Pittsburgh RR. Co., gtd.
(quar.)
Guaranteed (quar.)
Special guaranteed (quar.)
Preferred
May
May
Apr.
Apr.
Nov.
6% preferred (semi-ann.)
Cincinnati Union Terminal Co., 5% pref. (qu.)_
Preferred (quarterly)
Cresson Consol. Gold Mining &
Crown Cork & Seal Co. (quar.)
June 15
May
(quar.)
Corn Exchange Bank
July
June 15
July
May
Apr. 15
May
Apr. 30
May 15|Apr. 30
May 15 Apr. 30
May
Apr. 15
Apr.
Apr. 15
Mar. 31
Apr.
May
May
May
Aug.
Cincinnati Sandusky & Cleveland RR.—
com.
15
15
10
15
1
May 20 May
1
1
May
1
May
1 Mar. 31
May
1 Mar. 31
May
1 Apr. 21
May
1 Apr. 21
May
1 Apr. 15
May
June
5 May
1
May 15 May
1
June
—
9
5
71
m
20c
(quar.)
Central Mississippi Valley Electric
Property-
9
6
5
Apr. 30 Apr.
Apr. 30 Apr.
1 Apr.
May
1 Apr.
May
May 20 May
-—
(quarterly)
Co., preferred (quar.)
Cudahy Packing Co., 7% preferred (semi-ann.)_
6% preferred (semi-ann.)
Cumberland Co. Power & Light, 6% pref.
(qu.)
5M% preferred (initial, equar.)
Cuneo Press, Inc. (quar.)
Preferred (quar.)
Cunningham Drug Stores, Inc. (quar.)
6% preferred (quar.)
Davenport Water Co.. 6% pref. (quar.)
Dennison Mfg. Co. debenture
1
Apr. 30 Apr.
or
Boston Edison Co. (quarterly)
Brentano's Book Stores, Inc., class A (quar.)
Brewers & Distillers of Vancouv
Extra
British Columbia Telep. Co., 6% pref.
Corp.,
1
15
15
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May
May 15 May
1
May 15 May
1
June
1 May
5
June
1 May
5
-
Preferred
1
1
Apr. 30 Apr.
Apr. 30 Apr.
Bensonhurst National Bank (quar.)—
Birtman Electric Co. (quar.)
Extra
-
Holders
Payable of Record
1 Apr. 15
May
1 Apr. 20
May
1 June 20
July
2 June 19
July
1
May
1 Apr. 20
May
May 20 Apr. 24
May 20 Apr. 24
1
July
1 Apr"." 15"
May
1 Apr.
May
9
May 10 Apr. 23
1 Apr.
May
5
1 Apr. 20
May
1 Apr. 21
May
Apr. 20 Apr. 15
1 Apr. 10
May
Apr. 20 Apr.
5
1 Apr. 10
May
1 Apr. 15
May
May 15 May
5
Apr. 30 Mar. 15
Preferred (quarterly)
Preferred (quar.)
Blauner's, Inc. (quarterly)
When
Share
American Thermos Bottle Co. (quar.)—
Columbia Gas & Electric
Adams (J. D.) Mfg. Co.
(quar.)
Administered Fund (second)
Adams-Mil lis Corp
American
Per
Name of Company
$3 convertible preferred (quar.)
15c
50c
15%>
Amer. dep. rec. for ord. reg.
(final)
April 17, 1937
Holders
Payable of Record
25c
-
New York Air Brake
New York Fire Insurance
(quar.)
Extra
North Central Texas Oil
When
Share
Nash-Kelvinator (quar.)
Nashua & Lowell RR.
(s.-a.)
National Bearing Metals
Corp. (quar.)
7% preferred (quar.)
National City Lines $3 pref. A
(quar.)
National Lead preferred A
(quar.)
National Power & Light Co. common
(quar.)
Neisner Bros, preferred
(quar.)
Newberry (J. J.) Co. 5% pref. (quar.)
New Process Co.
(quar.)
Chronicle
19
May
May
May
May
May
1 Apr. 20
1 Apr. 20
Apr. 17
1 Apr. 17
1 Apr. 20
June 15 June
1
Apr. 20 Apr.
5
Apr, 20 Apr.
5
May
1 Apr. 20
May
1 Apr. 20
Apr. 20 Apr
5
Volume
Financial
144
Per
Name of
Share
Company
June
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)_ .
7% preferred (quarterly)
Deposited Insurance Shares A & B (semi-ann.)
Payable in stock.
Diamond Match Oo..preferred (sem ann.)
Preferred (sem-ann.)
Dixie-Vertex Co. (quarterly)
Class A (quarterly)
Doctor Pepper Co. (quarterly)
Sept
May 20
Aug. 20
Dec.
Nov. 20
July
Jury
1
Oct.
Oct.
1
Dec. 23 Dec. 23
May
1 Mar. 15
75c
75c
37 He
10
June
10
20c
Dec.
50c
Apr. 20 Apr.
3
20c
Quarterly
Quarterly
1 Aug. 14
Marl'38 Feb 15'38
Sept.
June
622«
.
July
July
June
Sept.
Doehler Die Casting Co
Dome Mines (quar.)
50c
Apr. 20 Mar. 31
Dow
15c
4
May 15 May
Apr. 20 Apr. 13
Drug Co
Driver
Harris
37Hc
du Pont (£. I. )de Nemours & Co.—
Debenture stock (quarterly)
Eastern Utilities Associates
Apr. 24 Apr.
May 15 May
Aug. 16 Aug.
(quar.).-
Quarterly
Quarterly
...
Nov. 15 Nov.
Electric Bond & Share Co., $0 pref. (quar.)
$5 preferred (quarterly)
Electric Products Corp
Empire & Bay State Teleg. Co., 4% guaranteed.
Emporium Capwell Corp., 7% pref. (s.-a.)
4H% cumul. preferred A (quarterly)
4H% cumul. preferred A (quarterly)
4H % cumul. preferred A (quarterly)
Eureka Pipe Line Co. (quar.)
Erie & Pittsburgh RR. Co., 7% gtd. (quar.) ...
'
7
Jan.
2 Dec.
23
1 Apr. 15*
June 10 May 31
Sept. 10 Aug. 31
10 Nov. 30
June
1 Mar. 31
Dec.
(quar.).
Guaranteed betterment (quar.).
Guaranteed betterment (quar.).
Sept.
Share
Name of Company
Jamaica Water Supply Co., 7Hi % pref.
Jantzen Knitting Mills (quar.)
i
(s.-a.)..
1 Aug. 31
6% preferred guaranteed (quarterly)
Department Stores
Kellogg Switchboard & Supply (quar.)
Preferred (quarterly)
Kelvinator of Canada, Ltd., 7% pref. (qu.)
Kemper-Thomas Co.—
7% special preferred (quar.)
7% special preferred (quar.)—.....
7% special preferrred (quar.)
Keokuk Electric, 6% pref. (quar.)
Keystone Steel & Wire Co
Knickerbocker Insurance Co. (N. Y.) (quar.) —
Kokomo Water Works Co., 6%pref. (quar.)
Kroger Grocery & Baking Co. 7% pref. (quar.).
Landis Machine (quarterly)....
—
Lincoln National Life Insurance Co.
Quarterly
Quarterly
.
Lincoln Printing Co., pref.
Link Belt Co. (quar.)
Oct.
July
1 June
Oct.
Extra
Quarterly.
1 Sept. 20
Apr. 30
May 1
Apr. 26
May 15
Apr. 20
Federated Department Stores, pref. (quar.)
Fibreboard Products, Inf., 6% pref. (quar.)
Filene's, (Wm.) Sons Co.. 4H % pref. (quar.).$
Firemen's Insurance Co. of Newark (s.-a.)
Firestone Tire & Rubber Co
June 30 June 23
July
1 June 15
First National Bank (Jersey City) (quar.).
First National Bank (N. Y.) (quar.)
June
Fisk Rubber Corp.
preferred (quar.)
Food Machinery Corp. (quar.)
Preferred (quarterly)
common
...
Franklin Fire Insurance, (quarterly)
Extra
Free port Sulphur Co
6% preferred (quar.)...
Froedtert Grain & Malt Co., pref. (quar.)
Fuller Brush Co. 7% preferred (quar.)
15 June
Sept.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
July
First Security Corp. of Ogden(Utah). ser A (s-a)
Fishman (M. H.), Inc., 5H% preferred (s.-a.)__
Fourth National Investors
19
Apr. 20
Apr. 15
Apr. 23
Apr. 20
Apr.
5
1
20
30
18
23
1
Aug. 20
Apr. 10*
Apr. 15
Mar. 31
Mar. 31
Apr. 20
Apr. 20
Apr. 15
Apr. 15
June 22
Oct.
Sept. 22
Apr. 20 Apr. 10
Apr. 20 Apr. 10
May
1 Apr. 20
May
1 Apr. 15
7% preferred (quar.)
Gardner-Denver Co., common (quar.)
Extra
Preferred (quarterly)
General Cigar Co., Inc. (quar.)
Preferred (quartrly)
June
1
May
22
26 Mar. 19
General Electric Co
Apr.
General Metals (quar.)
General Mills, Inc., common
May 15 Apr. 30
May
Apr. 10
5
Apr.
May
May
Apr. 15
May
Apr. 15
May
Apr. 15
May
Apr. 15
May
Apr. 15
2
May
Apr.
Apr. 25 Apr. 10
July
May
Apr. 12
Apr. 12
May
May
Apr. 24
May
Apr. 24
Apr. 15
May
Apr. 10
May
Apr. 15
May
General
Motors Corp. pref. (quar)
General Public Service Corp., $6
pref. (quar.)
..
$5H preferred (quarterly).
General Stockyards
$6
conv.
preferred (quar.).
General Telephone Allied Corp. $6 preferred
Gillette Safety Razor preferred (quar.).
Gimbel Bros., preferred (quar.)
Goodyear Tire & Rubber, $7, 2nd preferred
Gotham Silk Hosiery Co., Inc., 7% pref
7% preferred (quar.)
Great Lakes Engineering Works (quar.)
Extra^
...
...
Green (H. L.) Co. (quar.)
Preferred (quar.)
Greenfield Gas Light Co. 6% pref. (quar.)
Halifax Fire Insurance Co. (M. S.) (s.-a.)
Halle Bros
Harbison-Walker Refractories Co., pref. (qu.)..
Apr. 30
Apr. 20
May
1
May
1
May
1
May
1
May 15
May 15
May 15
Apr. 30
May 28
Hartford Electric Light Co. (quar.)
Hat Corp. of Amer., class A & B common.
A and B preferred (quar.)
Hecker Products (quarterly).
Hercules Powder
Co., pref. (quar.)
Hershey
Chocolate Corp.
Preferred (quarterly)
Hibbard, Spencer, Bartlett & Co. (mthly)
Monthly.
Monthly.
Hollinger Consol. Gold Mines, Ltd. (mthly.)
Extra
Apr.
Apr.
May
Apr.
Apr.
Apr.
15
7
15
15
10
4
24
24
20
18
15
Nov.
22
22
1
26
26
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
July
Oct.
8
8
15
20
20
20
10
24
24
25
Apr. 15
May
May
Apr. 20
May 10 Apr. 20
1
Apr. 30 Apr.
July
2 June 30
Oct.
1 Sept. 30
(quarterly)
Hussman-Ligonier Co. (quar.)
Hydro-Electric Securities Corp.
Illinois Northern Utilities, 6% preferred (quar.)
Imperial Life Assurance of Canada (quar.)
Quarterly..
Quarterly
Incorporated Investors
Indiana Pipe Line Co
Indiana Security Corp. 6% preferred (quar.)...
6% preferred (quarterly)
Jan.
3 Dec.
31
Apr. 30 Apr.
1
May 15 Apr. 23
July
1 June 15
Oct.
..
Institutional
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
May
Apr.
Apr.
May
May
May
Aug.
Holly Sugar Corp. preferred (quar.)..
Homestake Mining (monthly)
Extra
:
Horders, Inc. (quarterly)
Horn & Hardart Co. (N. Y.) (quar.)
Hotel Barbizon, Inc., vot. tr. ctfs. (quar.)
Voting trust certificates (quarterly),
Voting trust certificates (quarterly),
Humberstone Shoe Co.
1
26
June 25 June
j,',
_•
June
July
1 Sept. 15
Securities—
Insurance Group shares class 2
International Cigar Machinery Co.
International Nickel Co. of Can. pref. (quar.).
2H%
50c
International Printing Ink (quar.)
Preferred (quarterly)
International Silver Co. 7% preferred.
Iowa Electric Co., 7% preferred A
fin
+43 He
f40Hc
6H % preferred
Iowa Elec. Light & Power Co., 6H % pf. cl. B__ t81Hc
t75c
8% preferred C
30c
Iron Fireman Mfg. Co. (quar.)
30c
Quarterly
30c
Quarterly
May
May
May
May
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
1
Apr. 17
Apr.
1
Apr. 20
Apr. 20
Apr. 20*
June
Sept.
May 10
Aug. 10
Dec.
Nov. 10
Mar. 31
Mar. 31
Mar. 31
Mar. 31
Nov.
June
June
5
Sept.
Dec.
Dec.
5
$1
$1,125
May
May
May
Apr.
May
June
Apr.
May
Apr.
Apr.
Apr.
May
Aug.
15
21
14
12
19
15
15
"4
37Hc
Sept.
Dec.
Nov. 15
May
Aug.
Apr. 24
July
27
26
Nov.
Oct.
May
Apr. 20
June
May 15
July
Apr.
June
25c
60c
June
50c
50c
il.10
1.10
1.10
20c
20c
;
$2
preferred (quar.)_
8% preferred (quar.)
8% preferred (quar.)
—
Loew's, Inc. preferred (quar.)
Lone Star Gas Corp
$6H preferred (quarterly)
Loose-Wiles Biscuit Co., common (quar.)
5% preferred (quarterly)
Lord & Taylor Co.. 2nd preferred (quar.)
Los Angeles Gas & Electric, pref. (quar.)
Lunkenheimer Co.. preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Mabbett (G.) & Sons, 7% 1st & 2d pref. (quar.).
Magnin (I.) & Co., 6% preferred (quar.)
6% preferred (quar.).
6% preferred (quar
Magor Car Corp., common
Manufacturers Trading Corp. (quar.).
Maytag Co. 1st pref. (quar.)
Cumulative preference (quar.)
McCall Corp., common (quar.)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
...
7% preferred (quarterly)..McCrory Stores Corp. 6% pref. (quar.)
McKinley Mines Securities Co., Ltd
McLellan Stores Co.. pref. (quar.)
Mead Telep. Co., 6% pref. (semi-ann.)
Melville Shoe Corp. (quar.)
2nd preferred (quar.)
Merchants Refrigerating Co., 7% pref. (qu.) —
Metal & Thermit Corp.
7% preferred (quarterly)
Metropolitan Industries Co. 6% pref
Michigan Public Service Co., 6% pref
7% preferred
—
Midco Oil Corp., vot. tr. ctfs. (quar )
Milwaukee Electric Ry. & Light Co.—
ii
$1H
20c
$1.62
50c
!i*
$2
$1H
$1H
$1H
$1H
$1H
$1H
$1H
Sept.
Dec.
Nov. 26
May 25
Sept.
Dec.
.
Aug. 25
Nov. 26
15
Apr. 15
June 28
Sept. 28
Dec. 31
Apr. 30
Mar. 20
Apr. 15
1 Apr.
May
May
July
1
Oct.
1
1
Jan.
3
May 15
Apr. 20
1
May
1 Apr.
May
1 June
July
1 Apr.
May
May 15 Apr.
1 June
July
Oct.
1 Sept.
75c
50c
43 He
43 He
43Hc
$1H
2Hc
75c
$1H
7Hc
$1H
$2
S1H
t$lH
m
25c
June
July
May 15 May
Aug. 15 Aug.
Nov. 15 Nov.
Apr.
May
Apr. 18 Apr.
Apr.
May
Apr.
May
Apr.
May
May
May
Aug.
Aug.
6% preferred (quarterly)
Light, 7% pref. A (quar.)
22
21
19
5
5
5
20
15
15
15
15
31
31
Nov. 30
May
May
May
May
May
May
Apr.
Apr
May
Apr.
Apr.
Apr,.
Apr.
Apr.
Apr.
June
June 21
June
20
15
10
15
23
23
23
20
8
Apr.
Apr
May
Apr.
Apr.
15
15
Ma
15
May
May
June
50c
30
Nov.
Apr.
Milwaukee Gas
16*
18*
17
Dec. 21
Jan.
_
6c
$1H
15
Apr.
1
May 25
Aug. 25
June
Extra
Apr. 15
May 15
Apr. 20
May
1
(qu.)
—
Montgomery (H A.) Co. Jquar.)
Montgomery & Erie Ry. (semi-ann.)
Moore (Wm. R.) Dry Goods (quar.)
Quarterly
Quarterly
May
May
June
June 15
May
July
Monmouth Consol. Water Co., $7 pref.
$1H
25c
Modine Manufacturing Co-...
Morrell
5
Sept.
$1H
(quar.)..
Special guaranteed (quar.)
Special guaranteed (quar.)
Original capital
Original capital
Original capital
Locke Steel Chain (quar.)
Lock Joint Pipe Co. 8%
Nov.
$1H
$1H
50c
(quar.)
Sept. 30 Sept. 15
Federal Insurance (Jersey City) (quar.).
May
May
May
Aug.
87Hc
$5 preferred (quar.)
$5 preferred (quar.)
Farmers & Traders Life Insurance (N. Y.)
July
25c
30c
30c
Fansteel Metallurgical Corp. $5 pref. (quar.)
Extra
$1H
$1 H
Apr.
Apr.
Apr.
Apr.
May
Aug.
30c
(qu.)
Little Miami RR., special guaranteed
Oct.
May 10
12
15
20
20
5
5
Apr.
25c
Preferred (quarterly)
Lion Oil Refming Co. (quar.)
Quarterly.
15c
20c
25c
Quarterly..
Quarterly
15
1 June
1 Sept. 10
1 June 10
Sept.10
Sept.
Dec.
May
May
25c
Le Tourneau, Inc. (quar.)
20
July
20 Apr. 12
5
15 May
25c
1 Nov. 30
15
10
1 Apr. 19
28 Apr. 10
30 Apr. 12
June
25c
7% preferred (quarterly).
7% preferred (quarterly).
7% preferred (quarterly).
Lane Bryant, Inc.. 7% preferred (quar.)
Lanston Monotype MachineLehigh Portland Cement Co., common (quar.).
Lehigh & Wilkes-Barre Corp. (quar.)
Lerner Stores Corp., 4H% pref. (quar.)
1 Apr.
17 Dec.
May
Apr.
Apr.
Apr.
May
Kaufmann
Dec.
Dec.
5
May 15 MayJlS
May
1 Apr. 20
Kalamazoo Stove & Furnace Co. (quar.)
Kansas City St. Paul & Chicago RR. Co.—
June 30 June
—
1 Apr. 10
1 Apr. 10
1 Apr. 15
June 21 June
Jewel Tea Co.. Inc., (quarterly)
Kable Bros. Co., preferred (quarterly)—
May
Fair (The) preferred (quar.)
Holders
When
Payable of Record
May
May
May
Interstate Dept. Stores, pref. (quar.)
6
9
May
7% guaranteed (quar.).
[•.).
7% guaranteed (quar.
Guaranteed betterment
9
May
I Apr. 10
3
Apr. 20 Apr.
6
May
1 Apr.
6
May
1 Apr.
Apr. 26 Apr. 16
June
1 May 21
Sept. 23 Sept.11
July
1 June 22
Oct.
1 Sept. 21
Edison Electric Illuminating Co. of Boston
Ekhardt & Becker Brewing (Irregular)
Per
Holders
When
Payable of Record
Dentists Supply Oo. of N. Y. (quar.)
_
2597
Chronicle
Apr. 30
July
1
Oct.
1
Jan.
Jan.
2
May
Apr.
Oct.
(John) & Co
June
(quar.)
Quarterly
Quarterly
Mutual Chemical Co. of Amer., 6% pref. (quar.)
Morris Plan Insurance Society
Sept.
17
May 27
Aug. 27
Dec.
June
Sept.
6% pref. (quar.)
6% pref. (quar.)
Nov. 26
June
Sept. 18
Dec. 16
Dec.
17
May
May
May
(semi-annual)
(quar.)
National Fund Corp., A & B (quar.)
-A. & B (6xtr3»s)
National Investors (old company) new stock
Each sh. exchangeable for 100 shs. in new co.,
and equivalent to approximately 58c. on old
common and $14.81 on old pref. before re¬
National Distillers Products
«• m
Mar. 31
Apr.
Apr.
National Casket Co.
Apr. 15
Apr. 27
Apr.
National Automotive Fibres class A
Mar. 31
Apr. 15
Mar. 31
classification.
$14.81
Old pref. prior to relcassification
Full payment of arrears to Mar.
National Malleable & Steel Casting
Apr. 23 Dec. 30
27,1937.
May
National Lead Co. class B preferred (quar.)
Apr.'
Co
16
3*
Mar. 29
Apr. 14
Apr.
5
Apr.
Apr.
pref. (quar.) —
National Tea Co. preferred (quar.)
Nehi Corp., $8 pref, (quar.)
Neiman (Marcus) Co. 7% pref. (quar.)
May
May
May
Nevada-Calif. Electric,
May
May
May
May
May
May
Mar.~30
May
May
May
Aug.
Apr.
Apr.
National Power & Light Co., $6
June
pref. (quar.)
Newberry (J. J.) Co.6H%pref. A (quar.)
6% preferred B (quar.)
New Jersey Zinc Co. (extra)
New York Merchandise, new (quar.)
Niagara Hudson Power Corp. pref. B (special)..
This div. is in accordance with terms of consol.
Apr.
Apr.
16
16
Apr. 20
Apr. 20
Apr. 15
is payment in full for arrears of divs.
Mohawk Hudson Power 2d pref.
and
on
1st preferred (initial)
2d preferred A & B (initial)
Nineteen Hundred Corp., class A (quar.)
Class A (quarterly)
$1H
$1H
50c
50c
15
15
Apr. 30
July 31
1
Nov.
Nov.
Norfolk & Western
May
North American Edison
June
Apr. 30
May 15
Mar. 31
Class A
North
(quarterly)
50c
Ry., preferred (quar.)
Co.. pref. (quar.)
American Investment Corp., 6% pref—
5H% preferred
North River Insurance
t$2H
25c
Apr.
Apr.
June
Mar. 31
May 28
2598
Financial
Per
Name of Company
Northern Illinois Finance Corp.
>
$134 conv. preferred (quar.)
When
Share
Northern Ontario Power Go.
(quar.)
0% preferred (quarterly)
Nortnern RR. of New Hampshire
(quar.)
Northern States Power Go.
(Del.), 7% pf.
May
May
May
Sept.
Dec.
(qu.)
-
-
:
:
Onomea Sugar Co. (monthly)
Oswego Falls Corp. 8% 1st pref. (quar.)
—
Outboard Marine & Manufacturing
Outlet Co. (quar.)
•-
7% first preferred (quar.)
6% second preferred (quar.)
Paauhau Sugar Planation Co. (mo.)
Pacific Finance Corp. of Calif. pref.A
(quar.)..
Preferred C (quar.)
Preferred D (quar.)
5% preferred (quar.)
Pacific Lighting Corp. (quar.)
-
Pacific Public Service preferred
Preferred (quar.)
Pacific Truck Service, Inc.
(Calif.), 7% pref...
Packard Motor Car Co.
;
Pan American
Airways (quar.)__
Apr.
Apr.
Apr.
Apr.
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
Apr.
May
May
May
May
May
May
May
May
May
May
May
May
May
July
15
15
15
6
15
15
15
20
20
20
10
Apr. 26
Apr. 20
20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
20
15
15
15
15
15
20
15
15
June 30
Mar. 20*
Sept. 15
May
5
5
Aug.
Nov.
Feb.
Pittsburgn Bessemer & Lake Erie RR. (s.-a.)_.
6% preferred (semi-ann.)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (qu.).
Quarterly
;
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Screw & Bolt Co
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quar.)
$134
7% preferred (quar.)
$1H
7% preferred (quar.)
$154
Rlymouth Cordage Co. (quarterly)
$134
Public Service Co. of
Coloradoj7% pref. (mthly.) 58 l-3c
6% preferred (monthly)
50c
5% preferred (monthly).
41 2-3 c
Public Service Corn. (N.J.)
6% pref. (monthly.)
Public Service of Northern Illinois
(quar.)
50c
75c
No par (quar.)
75c
6% preferred (quar.).
7% preferred (quar.
Pullman, Inc. (quar.).
Quaker Oats Co., preferred (quar.)
Quarterly Income Shares, Inc
Railroad Employes Corp., A & B
(quar.)
3734c
$134
30c
5c
A & B (extra).....
10c
—
8% preferred (quar.)
Railway Equipment & Realty Co., common
Preferred (quarterly)
Rainier Pulp & Paper, $2 class A
(extra)
Class B, voting trust certificates
(extra)
Rapid Electrotype Co. (quar.)
20c
50c
M
$1
60c
15
Nov.
5
5
1
1
10
Feb.
Apr.
May
May
May
July 10
Pickle Crow Gold increased
Apr.
Apr.
Apr.
Apr. 20
June 30
10 Sept. 30
10 Dec. 31
June 30 June 15
Oct.
1 Sept. 15
June
1
1 June 10
1 Sept. 10
July
Oct.
July
6 July 10
5 Sept. 10
Oct.
Apr. 21 Mar. 24
June
1 May 20
1 Aug. 20
Sept.
Dec.
1 Nov. 20
Apr.
May
May
May
Apr.
May
May
May
May
May
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
20 Mar. 30
June
1 Apr.
1 Apr.
1 Apr.
30 Apr.
1 Apr.
1 Apr.
1 Apr.
1 Apr.
15 Apr.
29 May
15
15
15
1
15
15
15
15
24
1
15
1 Apr.
20 Mar. 31
20 Mar. 31
20 Mar. 31
25 Mar. 31
25 Mar. 31
20 Apr. 10
20 Apr. 10
15 June
1
Extra.
Sept. 15 Sept.
1
60c
25c
Dec.
15 Dec.
1
1 Apr.
1 Apr.
20
20
20
25c
Preferred
75c
Reading Co. (quarterly)
1st preferred (quarterly)
50c
50c
50c
Reed (C. A.) Co. $2 preferred A
Knitting Mills, Ltd., $1.60 pref.
$1.60 preferred (quarterly)
$1.60 preferred (quarterly)
Reliance Mfg. Co., preferred (quar.)
(qu.)
40c
40c
534 % cum. preferred
Rhode Island Public Service
Co., pref. (qu.)
Class A (quarterly)
Rich Ice Cream Co. (quar.)..
Dec.
July
May
10c
$134
$134
$134
$134
$1.31 34
50c
$1
30c
...
Richmond
Fredericksburg & Potomac RR.—
7% guaranteed (semi-ann.)
6% guaranteed (semi-ann.)
$334
$3
15c
Richmond Insurance Co. of N. Y
Riverside Cement, $6 pref.
(quar.)
$134
Roan Antelope Copper Mines
Is. 6d.
Rockland Light & Power Co.
(quar.)
18c
Roos Bros., Inc. (Del.), $6 34 Pref.
(quar.)
$154
Rose's 5-10-25.\ Stores, new common
(quar.)..
15c
Rudd Mfg. Co. (quar.)
15c
,
...
Saguenay Power Co., pref. (quar.)
1st pref. (s.-a.)
3% 2nd preferred (semi-ann.)
St. Louis Refrigerator & Cold
Storage (s.-a.)
6% preferred (semi-ann.)
St. Louis Bridge, 6%
(quar.)
$1M(
$3
$3
$3
7c
50c
SchiffCo. (stock dividend)
Payable 10 days after registration with SEC
and listing on N. Y. Curb.
Scnmidt Brewing
2nd National Investors, new stock
Securities Acceptance Corp. 6% pref.
(quar.)
Seeman Bros., Inc., com.
(quar.)
lextrai
50%
$1.57
3734c
6234c
50c
Serve I, Inc.. preferred
(quarterly)
Preferred (quar.)
Preferred (quar.)
Sharp & Dohme, Inc., pref. (quar.)
Sheaffer (W. A.) Penn $8 pref.
(quar.)
Skelly Oil Co., 6% pref. (quar.)
Smith (S. Morgan) Co.
(quar.)..—
i
Solar Mfg. Corp
Solvay Amer. Investment, 534% pref. (qu.)_-_-
$154
$134
$134
8734c
$2
$134
$1
$1
$1
10c
$134
10c
15
20
15
15
15
I Nov. 15
1 June 21
1 Apr. 21
1 May 20
1 Aug. 20
Nov. 20
1 Apr. 10
Sept.
Dec.
1
May
May
May
May
May
1
1
Apr.
Apr.
1 Apr.
1
10
15
15
May
1 Apr. 30
May
1 Apr. 30
May
1 Apr. 10
May
1 Apr. 15
May 21 Apr. 30
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 20
June
15 June
May
1 Apr.
July
1 June
July
1 June
Apr. 24 Apr.
Apr. 24 Apr.
Apr. 20 Apr.
May
1 Apr.
Apr.
5
—
■
—
_.
United States Fire Insurance Co
United States & Foreign Securities,
pref. (quar.)
United States Graphite Co. (quar.)
Quarterly
Quarterly
15
(quar.)...
United Steel Corp., 6% preferred A
Universal Insurance (Ne v^rk
\
» > -quar.)
;
Universal Leaf Tobacco Co., Inc., com.
(qu.)__
Utica Clinton & Binghamton RR
_
Debenture (semi-ann.)
Debenture (semi-ann.)
Vapor Car Heating Co. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
Virginian Ry. Preferred
Vulcan Detinning Co., preferred
(quarterly)..
Preferred (quarterly)
Preferred (quarterly)
Warren Foundry & Pipe Corp.
(quar.)
Washington Gas Light Co. (quar.)
Washington Ry. & Electric Co., 5% pref. (qu.)
5% preferred (semi-ann.)
Weisbaum Bros.-Brower (quarterly)
Apr. 17 Apr.
Apr. 23 Mar. 31
July
May
Apr. 15
May
Apr. 15
July
June
Oct.
Sept. 17
Jan..
Dec.
17
20
May
Apr. 16
Apr. 20 Mar. 31
May
1 Apr.
5
May
1 May
1
Aug.
1 Aug.
1
_
Nov.
1 Nov.
Apr. 20 Apr.
May 15 Apr.
Apr. 23 Apr.
1
May
June 24
Sept.
Sept. 23
1
Dec.
Dec.
May
Apr.
7
June
June
15
Sept.
Sept. 15
18
Dec.
Dec.
15
Apr.
Apr.
Apr.
15
15
May
Apr.
Mar. 26
June
May 15
Apr. 20
May
May
July
Mar. 17
Oct.
Apr.
15
June
15
June
June
15
June
May
July
July
July
July
May
15
15
Apr. 15
May 15
June
June
July
May
15
June
Apr. 15
May 15
July
June
Apr.
May
Apr.
Apr. 10
Apr. 30
15
Mar. 31
June
May
Aug.
Apr.
Apr.
Apr.
Apr.
Sept.
May
May
May
May
July
20
20
15
15
15
15
June
10
Oct.
Sept. 10
Jan.
Dec.
Apr.
Apr,
5
Apr. 15
May 15
May
June
10
June
July
May
15
Apr. 15
May 15
June
June
July
May
15
Apr. 15
May 15
June
June
July
Apr.
15
Mar. 31
$134
Apr. 23
Apr. 19
50c
June
June
1
Sept.
Sept.
1
Dec.
Nov. 24
May
Apr. 20
$134
May
75c
June
75c
Sept.
Apr. 19
May 29*
Aug. 31*
75c
Dec.
$1V4
July
May
75c
25c
75c
90c
$234
$2 34
$154
$154
$154
$134
m
$154
$154
25c
Nov. 30*
June 15
Apr.
May
Apr.
July
June
May
Aug.
15
15
16
31
June 26'June 16
Dec. 27 Dec. 10
June
June
Sept.
Sept.
Dec.
Dec.
May
Apr.
July
Apr. 10
Apr. 10
July 10
1
90c
15
15
June
19
Oct.
Sept.
Apr.
Apr.
May
May
May
Aug.
18
15
15
May
May
June
June
10c
June
Sept.
Dec.
$154
;.
$154
$134
25c
25c
25c
25c
$134
Westvaco Chlorine Products pref.
(quar.)
Wicklund (J. V.) Development (mo.)
37 34c
Preferred (quarterly)
Winstead Hosiery Co. (quarterly)..
1234c
$134
$134
2c
Wilson & Co.
(quarterly).
Extra
50c
$134
50c
Quarterly
*1$
50c
Extra
Quarterly plus extra:
2%
extra
extra
2%
(quar.).
(monthly)...,
11
Apr.
Apr.
$134
10c
7% preferred (quarterly)
6% preferred (quarterly)
Westinghouse Air Brake iquar.)
Quarterly
Quarterly
Quarterly
Weston, (Geo.), Ltd., pref. (quar.)
Wisconsin Telep. Co., 7% pref.
(quar.)
WJR, The Goodwill Station (quar.)
Worcester Salt Co., 6% pref.
Oct.
May
Apr.
July
$2 54
$134
$134
West Penn Power Co.,
Wrigley (Wm.) Jr. Co.
Special
Monthly
Monthly
Monthly
Monthly..
Monthly
Zenith Radio Corp
Mar. 31
May
June
10c
Quarterly
Quarterly
West Jersey <fe Seashore RR Co.
(s.-a.)
West Penn Electric, 6% pref.
(quar.)
7% preferred (quarterly)
Quarterly plus
15
16
May
May
50c
t50c
Waitham Watch, prior preferred
(quar.)
Prior preferred (quar.)
Quarterly
20
Apr.
Apr.
Apr.
Apr.
Oct.
Walgreen Co. (quarterly)
Walker & Co., A
Quarterly plus
1
May
6854c
Extra
20
20
1
15
Apr.
Apr.
June
50c
1st preferred
United States Pipe <fc Foundry Co., com.
(quar.)
Common (quarterly)
Common (quarterly)
United States Sugar Corp., preferred
15
16
15
May
June
50c
...
United States Hoffman
Machinery, pref..
United States & International Securities—
15
15
15
75c. cash.
Spiegel, Inc. (quar.)
25c
Preferred (quarterly)
$154
New $434 preferred (quarterly)
$1,125
Squibb (E. R.) & Sons $6 1st pref. (quar.)
$134
Standard Fire Insurance (N. J.) (quar.)—
75c
Standard Silver-Lead Mining
lc
Stanley Works 5% preferred (quarterly)
3134c
Stecher-Traung Lithograph 734% pref. (quar.).
"apt
$134
734% preferred (quar.).
734% preferred (quar.;
$134
Steel Co. of Canada, Ltd. (quar.).
t4334c
Stix, Baer & Fuller Co. 7% pref. (quar.).
4354c
7% preferred (quar.).
4354c
7% preferred (quar./
*.)4354 c
Sun Ray Drug Co. (quar.)
20c
Preferred (quar.)
3734c
Sunray Oil Corp
5c
Swift International Co. (quar.)
50c
Sylvania Industrial Corp. (quar.)
35c
Tacony-Palmyia Bridge, preferred (quar.)
$134
Tamblyn (G.) Ltd. (initial, quarterly)—
20c
Quarterly
20c
Telautograph Corp. (quar.)
15c
Tennessee Electric Power Co., 5% pref.
(quar.).
$134
6% preferred (quarterly)
$134
7% preferred (quarterly)
$154
7.2% preferred (quarterly)
$1.80
6% preferred (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
50c
7.2% preferred (monthly)
60c
7.2% preferred (monthly)
60c
7.2% preferred (monthly)
60c
Texas Hydro-Electric Corp.,
$334 pref
t25c
Thatcher Mfg. Co conv. preferred
90c
(quarterly)..
3rd National Investors, common
$7.05
Tlmken-Detroit Axle Co. Preferred (quar.)
$154
Preferred (quar.)__
$154
Toledo Edison Co., 7% pref.
(monthly)
58 l-3c
,36% preferred (monthly)
50c
5% preferred (monthly)
41 2-3 c
United Biscuit Co. of America, preferred
(quar.)
*154
United Dyewood Corp. Preferred
(quarterly)
$154
Preferred (quarterly)
$154
Preferred (quarterly)
$154
United Investors Realty Corp., A
(quar.)
United Light & Rys. Co., 6% pref.
(monthly).
6% preferred (monthly
50c
6% preferred (monthly
50c
7% preferred (monthly
58 l-3c
7% preferred (monthly
58 l-3c
7% preferred (monthly
58 l-3c
6;36% preferred (monthly
53c
6.36% preferred (monthly)
53c
6.36% preferred (monthly)
53c
United Profit Sharing Corp., preferred
50c
...
June
May
1 Apr.
Apr. 30 Apr.
May
75c
...
40c
Republic Portland Cement Co. 5% pref. (qu.)..
6% preferred (quar.).
5% preferred (quar
Revere Copper & Brass, Inc..
7% cum. pref
South American Gold & Platinum Co
May
May
1 Apr.
May
May 13 Apr.
June 10 May
Apr. 26 Apr.
June
1 May
1 Aug.
Sept.
$134
Extra
1.2%
May 15 Apr. 20
May 15 Apr. 30
common
...
60c
common
on common or
20c
.
June
Oct.
4.8% preferred (quarterly).,
Spencer Chain Stores, common
Optional payment 8-100th share of
3734c
_
Apr. 20
Jan.
Southern Calif. Edison Co., Ltd., com. (quar.)
Southern Canada Power Co.. com.
(quar,)
Southern Indiana Gas & Electric Co.—
—
15
Oct.
—
Mar. 31
Mar. 31
May
Aug.
.
Quarterly
Quarterly
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
May
12
July
Quarterly
7% preferred (quar.) —.i..—
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Philadelphia Co., common (quar.)
0% preferred (semi-ann.)
Philadelphia Electric Co., $5 pref. (quar.)
Phillips-Jones preferred (quar.)
Phoenix Finance Corp., 8% pref.
(quar.)
8% preferred (quarterly)
8% preferred (quarterly)
Common
Apr.
Apr.
May
Peninsular Telephone (quar.)..
San Antonio Gold Mines
Savannah Sugar Refining
Nov. 10
Mar. 31
Mar. 31
Apr.
—
Oliver United Filters class A
Class A (quar.)
Regent
12
12
10
17
17
Apr.
Apr.
—
Ohio Public Service Co. 7% pref.
(monthly)
0% preferred (monthly)
5% preferred (monthly)
Oils & Industries. Inc., preferred
Quarterly
Quarterly
Raymond Concrete Pile Co.,
Holders
Apr.
Apr.
Apr.
May
Aug.
June
1
0% preferred (quar.)
Northwestern Engineering Co
Nunn-Bush Shoe Co. (quarterly)
7% 1st preferred (quarterly)
F 734% 2nd preferred (quarterly)
Oceanic Oil Co. (quarterly)
April 11, 1937
Payable of Record
(quar.)
Northern New York Utilities, pref.
(quar.)
Northern Oklahoma Gas Go.
6% pref. (qu.)
6% preferred (quar.)
6% preferred (quar.)
Chronicle
2%
$154
40c
...
$134
25c
June
May
May
Apr. 20
Apr. 20
May
Apr.
5
May
Apr. 5
Apr. 30 Mar. 31
July 30 June 30
Oct. 30 Sept. 30
_
Jan.
30 Dec
31
May
May
1 Apr. 20
1 Apr. 10
Apr. 20 Apr. 15
June
May 15
May
Apr. 15
May
Apr. 15
May
Apr. 15
Aug.
July 15
Aug.
July 15
Nov.
1 Oct. 15
Nov.
1 Oct. 15
May
1 Apr. 15
Aug.
1 July 15
Nov.
1 Oct.
15
Apr. 30 Apr. 20
Apr. 30 Apr. 20
May 15 May
5
May
May
25c
June
25c
July
Aug.
Sept.
25c
9
9
15
July
50c
25c
Nov.
16
15
10
25c
Oct.
50c
Apr.
Apr.
20
Apr. 20
May 20
June 20
July 20
Aug. 20
Sept. 20
20 Apr.
9
♦Transfer books not closed for this
dividend,
t On
account of accumulated
dividends.
10
15
8
t Payable in Canadian funds, and
deduction of
a
in tne case of
non-residents of Canada
tax of 5% of the amount of
such dividend will be
made.
Volume
Financial
144
New
City
weekly statement issued by the New York
Clearing House is given in full below:
The
OF
STATEMENT
YORK CLEARING
MEMBERS OF THE NEW
Condition of the Federal Reserve Bank of
York City
Weekly Return of the New
Clearing House
2599
Chronicle
The
following shows the condition of the Federal Reserve
Bank of New York at the close of
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 10.
York
business April 14, 1937,
with the previous week and the corresponding
in comparison
1937
date last year:
*
Capital
Net Demand
Time
Undivided
Deposits,
Deposits,
Profits
•
Clearing House
Average
Average
Surplus and
Members
Apr. 14, 1937 Apr.
Bank of Manhattan Co.
National City
-
Bank
Chemical Bank A Tr Co.
20,000,000
90,000,000
Guaranty Trust Co
Manufacturers Trust Co
41,778, 600
Gold certificates
42,935,000
21,000,000
Corn Exchange Bk Tr Co
15,000,000
First National Bank
Continental Bk A TrCo.
10,000,000
50,000,000
4,000.000
Bank...
100,270.000
Fifth Avenue Bank.....
500,000
3,655, 500
Other cash f
52,330,000
25,000.000
d741,143,000
28,404,600
16,342,000
565,000
3,160,000
30,896.000
1,425,000
48,520,000
673,042,000
Irving Trust Co
Chase National
—
Bankers Trust Co
465,509,000
757.947,000
3,425,053,000 3,426,726,000 3,009,478,000
1,017,000
1,243,000
1,399,000
96,381,000
83,470,000
76,080,000
Redemption fund—F. R. notes..
94,210.000
49,899,000
23.881,000
Cent Hanover Bk A Tr..
hand and due from
on
United States Treasury z
20,535,000
47,911,000
179,356, 600 61,389,378,000
$
$
Assets—
12,234,000
32,592,000
182,943,000
12,993 000
145,892,000
25,431 700
398,785,000
650,117, 700 al,394,531,000
473,480,000
53,382 800
6,000,000
20,000,000
77,500,000
Bank of N Y A Trust Co.
1937 Apr. 15,1936
7,
$
%
66,798, 100
17,438, 000
106,960 900
264,665,000
541,099,000
490.368,000
56.338,000
60,651, 800
3,974, 500
Marine Midland Tr Co..
10,000,000
5,000,000
York Trust Co....
12,500,000
7,000,000
/7,000,000
8,034 100
/8.137 ,000
523,705,000
884,661,100
9,708,312,000
New
Com'! Nat Bk & Tr Co
Public Nat Bk & Tr Co.
Secured
Govt, obligations,
U. S.
by
85,022,000
5,809,000
65S.000
4,203,000
886,000
1,570,000
1,915,000
6,467,000
5,089,000
3,485,000
1,501,000
5,449,000
1,415,000
5,446,000
1,755,000
7,681,000
196,815,000
339,719,000
173,127,000
188,195,000
338,352,000
172,430,000
68,473,000
482,760,000
178,150,000
709,661,000
698,977,000
729,383,000
723,078,000
710.927,000
742.304,000
88,000
5,194,000
197,051,000
86,000
241,000
4,195.000
156.186,000
201.310,000
10.088.000
10,088,000
10.843,000
12,640,000
12,396,000
26,260,000
direct and (or) fully guaranteed
Other bills discounted
287,914,000
82,236.000
78,683,000
Title Ouar A Trust Co..
3,509,766,000 3,504,205,000 3.106,876.000
reserves...
Bills discounted:
350,000
2,385,000
83,632,000
126,734, 200 el,986,650,000
73,937, 800
2,738, 600
8,768 ,700
27,771, 500
Total
3,500.000
...
Total bills discounted..
Bills bought In open market
Industrial advances
United States Government securities:
Totals
Bonds
....
Treasury
fT'*As
notes
Treasury bills...
National, Dec. 31, 1936; State, Dec. 31, 1936; trust
companies, Dec. 31, 1930.
e As of Jan. 5, 1937,
/ As of Feb. 6, 1937.
Includes deposits In foreign branches as follows,
a $257,278,000; 6 $78,087,000;
per
official reports.
Total U. S. Government securities..
C$155,667,000; d $42,508,000.
The
"Times" publishes regularly
York
New
each week
companies which
are not members of the New York Clearing House.
The
following are the figures for the week ended April 9:
of
returns
a
INSTITUTIONS
BUSINESS
number of banks and
IN
NOT
FOR
THE
NATIONAL
CLEARING
WEEK
AND
STATE
Loans,
trust
HOUSE
ENDED
WITH
THE
FRIDAY,
APRIL
Other Cash,
Disc, and
Including
Bank Notes
Res.
Uncollected Items
Bank premises
.....
Total assets.
4,457,905,000 4,398,083,000 4,094.265,000
Dep. Other
Banks and
Cross
Trust Cos.
Deposits
795,416,000
893,116,000
888,469,000
3,100,805.000 2,974,554,000 2.351,342.000
43,930.000
384,111,000
138,931,000
19,649,000
33,534.000
33.681,000
223,034,000
72,257,000
82,654,000
F. R. notes in actual circulation
Deposits—Member bank reserve acc't
U.S. Treasurer—General account
S
Manhattan
$
$
$
6,431,000
Liabilities—
Dep.,
Elsewhere
...
All other assets
OF
Y. and
N.
foreign banks—
Federal Reserve notes of other banks...
1937
9,
from
FIGURES
BANKS—AVERAGE
Investments
CLOSING
Due
Foreign bank
%
Grace National
22,581,700
115,700
6,828.800
2,203.300
21,485.000
739,000
6,446,000
Other deposits
27,769,000
Sterling
26,180.000
5,588,000
National...
Trade Bank of N Y.
4,933,813
292,691
1,531,711
1,164.000
108,121
Brooklyn—
People's National...
4,903,000
104,000
668,000
429,000
Total deposits
5,896,243
Deferred availability items..
Capital paid
TRUST
COMPANIES—AVERAGE
3,256,673,000 3,229,673,000 2,978,136,000
FIGURES
190.479,000
Res. Dep.
Federation
Fiduciary
.......
•
*7,226.000
9,471,300
143,519
2,054.200
11,634,308
21,083,400
*1,010.765
*5,765,100
635.322
States
4,521.500
387,895
480,400
944.100
35,226,459
17,505,539
67,020,179
All other liabilities
...
Total liabilities
Ratio
75.261,200
10,959,935
of
total
to
deposit
50.825,000
7,744,000
8.849.000
9,260,000
2,090,000
3,654,000
and
84.7%
Industrial
85.0%
82.3%
7,839,000
make
to
7,878,000
10,051,000
ad¬
vances
23.455.700
42,252,800
89,824,228
198,725,000
50,916,000
4,457,905,000 4,398,083,000 4,094,265,000
reserve
F. R. note liabilities combined
Commitments
10,735,589
640.500
29,726.100 ♦13,870.000
Lawyers
United
$
10.374.457
63,822,100
Empire
Fulton
Deposits
S
Y. and
S
$
Manhattan—
Trust Cos.
contingencies
Cross
$
Investments
Banks and
Elsewhere
Cash
Dep. Other
N.
Loans,
Disc, and
51,260.000
51,474,000
7,744,000
51,474.000
7.744,000
9,260,000
2.546,000
Surplus (Section 13b)
Reserve for
153,466,000
51.260,000
In
Surplus (Section 7)
t "Other cash" does not Include Federal Reserve notes
or
a
bank's
own
Federa
Reserve bank notes.
Brooklyn—
Brooklyn
79,925,000
34.756,069
Kings County
3,553,000
2,472,959
50.385.000
z
54,000 125,890,000
42,342,407
10.913,686
These
are
certificates given by the United States Treasury for the gold taken
banks when the dollar was on Jan. 31, 1934, devalued from
over from the Reserve
100 cents
to
59.06
oents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of tfe Gold Reserve Act of 1934.
♦
Includes amount with Federal Reserve as follows.
Empire, $5,712,600; Fidu¬
ciary, $642,006; Fulton, $5,503,200; Lawyers, $13,033,400.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
Items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our depirtment of "Current Events and
Discussions,"
Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The Statement beginning with Nov. 6. 1935, oovers
also been revised further so as to show additional items.
reporting banks In 101 leading cities, m It did prior to the banking holiday In 1933, Instead of 91 dtles, and baa
The amount of "Loans to banks" was included heretofore partly in "Loans on securities—to others" and partly
ln"Other loans." The Item "Demand deposits—adjusted" represents the total amount of demand deposits standing to the credit of individuals,
partnerships, corporations,
associations. States, counties, municipalities, &o., minus the amount of cash Items reported as on band or in process of collection.
The method of computing the item "Net
demand deposits." furthermore, has been ohanged in two respects in accordance with provisions of the Banking Act of 1935: First, it includes United States Government
deposits, against wbloh reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts
oomparable with those shown prior to Aug
due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
The item "Time deposits" differs in that it formerly included a relatively small amount of time deposits of other banks,
The item "Due to banks" shown heretofore included only demand balances of domestic banks.
The Item "Borrowings**
23,1935.
which are now Included in "Inter-bank deposits."
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account." "Otner
assets—net," and "Other liabilities."
By "Other assets—net" is meant the aggregate of all assets now otherwise specified, less cash Items reported as on hand or in process
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES. BY DISTRICTS.
Federal Reserve Districts—
Total
Boston
Neto York
Phila.
ASSETS
%
$
$
S
%
1,260
9,345
1,169
1,895
639
571
3,075
1,049
16
1,017
9
229
28
75
17
14
4
7
2,049
140
218
71
53
Loans and Investments—total..
22,356
Cleveland Richmond
ON APR. 7,
Atlanta
Chicago
St.Louis
S
S
S
S
1937 (In Millions of
Minneap. Kan. City
$
$
Sallas
San Fran.
S
680
395
693
50
6
2
213
Dollars'
$
491
2,143
4
3
19
43
Loans to brokers and dealers:
In New York City
Outside New York City
on securities to others
Loans
3
1
3
(except
banks)
866
135
71
29
60
405
83
142
28
15
10
5
42
12
11
22
2
33
1,156
84
238
63
178
27
27
76
45
6
19
23
870
78
5
49
2
4
1
8
5
330
1,765
194
259
126
178
574
151
118
155
147
410
410
3,379
336
873
273
185
1,526
229
166
258
186
699
Obligations fully guar, by U. S. Govt.
4,407
8,520
1,189
21
491
92
58
53
36
163
56
12
45
30
132
Other securities
3,274
143
1,323
293
276
75
79
420
105
51
138
57
314
Reserve with Federal Reserve Bank..
5,176
271
2,607
307
309
132
97
694
125
Acceptances and com'l
Loans
on
paper
bought_
real estate
Loans to banks
Other loans
U. S. Government direct obligations..
Cash In vault
1
71
156
160
3
103
804
338
73
66
15
39
19
12
58
10
6
12
10
219
Balance with domestic banks
1,932
110
161
150
187
132
127
308
111
75
208
154
209
Other assets—net
1,351
92
570
91
107
42
39
99
24
16
23
29
219
15,167
5,144
1,007
6,917
883
1,085
424
337
2,082
407
251
477
385
912
1,073
274
717
198
178
854
181
123
146
120
997
353
3
132
21
18
10
10
107
3
2
5
12
30
5,559
235
2,222
297
354
212
224
799
263
126
372
185
270
8
401
'mmmmrnrn
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits
Inter-bank deposits:
Domestic banks
Foreign banks
__
438
283
.
5
2
6
mmmmrnrn.
2
1
1
mm mmmm
mmmmrnrn
mmmmmrn.
Other liabilities
910
34
395
25
20
29
8
32
9
4
2
6
"346
Capital account
3,580
235
1,608
227
342
91
87
354
87
55
90
79
325
Borrowings
...
1
mmmmJ~
1
mmmmrnrn
mmmmrnrn
mmmmrnrn
14
mmmmrnrn
2600
Financial
Chronicle
April 17, 1937
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, April 15,
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the
corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns
for the latest week
in
appear
department of "Current Events and Discussions"
our
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL
14,
Three ciphers
Apr.
(000) omitted
%
3
hand and due from U. S. Treas.x
on
Mar.
Mar.
24,
1937
17,
1937
Mar.
10,
1937
Mar.
Feb.
3,
1937
Feb.
24,
1937
Apr.
17,
1937
15,
1936
*
ASSETS
Gold ctfs.
Mar. 31,
1927
Apr. 7,
1937
14,
1937
1937
8,843,894
1
$
*
%
9
8,844,400
11,375
285,028
8,844,385
12,095
270,407
8,844,417
279,673
8.843,905
11,149
273,758
9,134,223
9,128,812
9,140,803
9,789
1,259
6,650
1,500
11,048
3,522
*
$
$
8,847,402
11,449
266,405
8,847,384
11,475
270,622
8,847,885
11,925
284,440
7,664,835
265,865
8,846,407
11,198
263,025
9,126,887
9,122,805
9,120,630
9,125,256
9,129,481
9,144,250
8,020,315
10,860
1.147
6,175
1,517
3,170
1,164
3,919
1,005
6,572
3,406
2,699
767
701
346
3,713
2,480
8,150
12,007
7,692
4,334
4,924
7,339
4.107
3,045
6,193
3,347
22,338
3,310
22,666
3,079
22,653
3,083
3,083
23,350
4,690
23,037
3,083
23,106
3,071
22,544
3,436
22,566
23,230
30,313
662,084
1,190,343
606,619
636,890
533,682
1,303,971
592,574
1,303,971
592,574
524,282
1,313,371
592,574
265,687
1,330,663
592,082
1,554,895
574,494
589,725
1,261,343
579,159
507,482
1,218,843
631,784
1,231,343
567.100
533 682
Treasury notes
Treasury bills
689,621
1,190,343
606,619
Total U. 8. Government securities
2,486,584
2,459,046
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,249
Redemption fund (Federal Reserve notes)
10.656
Other cash *
Total
reserves
12,523
13,736
341,744
Bills discounted:
Seoured by U.
S. Government obligations,
direct and (or) fully guaranteed
Other bills discounted
Bills bought In open market..
United States Government
securities—Bonds..
Other securities
609,667
.
Total bills and securities
2,523,697
...
2,493,198
2,467,919
2,463,895
2,460,293
2,461,271
2,463,755
2.459,573
2,460,767
181
2,471,626
Gold held abroad
Due from
""235
Bank premises
All other assets
...£
Total assets
"""227
"""232
""~230
"""225
"""225
"""225
"""238
'""633
21,008
45,870
44,129
19,185
622,090
45,880
43,393
19,810
618,002
45.973
42,933
20,740
804,811
45,987
40,858
22,043
600,029
564,065
46,015
50,043
22,180
649,595
46,020
24,482
745,150
46,152
696,196
48,006
48,248
20,260
681,605
46,152
46,611
44,092
36,286
12,550,625
Uncollected items
"""227
20.621
780,351
45,872
45,631
foreign banks
Federal Reserve notes of other banks
12,333,273
12,339,497
12,317,732
12,495,724
12,264,292
12,355,279
12,385,101
12,463,937
11,295,187
22,125
LIABILITIES
Federal Reserve notes In actual circulation
4,176,094
4,178,661
4,174,231
4,166,726
4,172,763
4,169,467
4,195,436
4,167,930
4,160,199
3,761,762
6,900,752
111,674
6,639,080
310,950
6,578,279
278,659
6,829,578
6,749,105
86.538
186,381
102,999
223,223
88,588
154,860
159,198
6,705,293
179,882
122,746
179,263
5,333.048
829,731
71,405
164,149
6,66f>,x38
216,471
108,924
171,342
6,767,740
142,271
6,683,964
274,867
93,463
153,102
7,248,319
7,205,396
7,185,584
7,183,160
7,159,564
7,173,901
7,156,875
776,110
132,168
145,854
27,490
631,997
571,707
656,079
132,276
132 281
145,854
145,854
27,490
36,166
27,490
36,200
145,854
27,190
38,200
5,930
619,573
132,236
145,854
27,490
36,176
6,517
815,722
132,242
36,177
8,413
600,749
132,176
145,854
27,490
36,177
6,770
5,923
7,397
12,550.625
12,333,273
12,339,497
12,317,732
12,495,724
Ratio of total reserves to
deposits and Federal
Reserve note liabilities
80.0%
80.2%
80.5%
80.4%
Commitments to make Industrial advances...
19,211
19,370
18,611
19,135
10,424
7,487
11,360
6,971
253
248
303
88
20
59
48
51
287
338
228
293
82
104
74
65
79
84
74
211
242
291
160
11,048
8,150
12,007
7,692
4,334
2,715
82
1,642
Deposits—Member banks'
reserve account
United States Treasurer—General
aooount..
Foreign banks
Other deposits
93,622
Total deposits
Deferred availability Items
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total
liabllltle8--^.^m..ii...w...
combined...
Maturity Distribution of Bills and
Short-term Securities—
1-16 days bills discounted
16-30 days bills
discounted
81-60 days bills discounted
61-90 days bills discounted
...
Over 90 days bills
discounted
Total bills discounted
....
.
1-15 days bills bought In
open market
16-30 days bills bought In
open market.......
81-60 days bills bought In
open market
.....
61-90 days bills bought In
open market
Over 90 days bills
bought in open market
59
Tota
7,230,178
6,497,363
682,698
132,249
727,036
145,854
145,854
691,750
130,707
145,501
27,190
36,200
5,796
27,190
26.513
36,200
34.102
5,364
6,034
7,489
12,264,292
12,355,279
12,385,101
12,483,937
11,295,187
80.4%
80.4%
80.4%
0.3%
78.2%
19,178
19,496
19,537
19,523
19,678
25,670
3,611
"""373
385
7,187,184
80.5%
•
280,758
4,240
6,902
3.841
2,919
4,530
149
157
13
310
95
77
132,246
128
9
47
12
87
920
106
164
30
568
4,924
7,339
4,107
3,045
6,193
1,934
717
762
335
3,062
-
.
708
"""441
"""263
263
247
1,637
777
2,555
2,665
2,744
996
886
461
185
391
483
3,436
3,347
3,310
3,079
3,083
3,083
3,083
3,071
4,690
781
983
1,285
1,271
1,343
843
876
977
1,001
1,580
233
204
137
133
177
710
707
197
207
446
445
400
433
348
340
363
894
935
372
668
695
553
508
607
496
515
517
469
537
20,416
20,239
19,963
20,321
20,178
20,648
20.645
20,765
20,618
27,481
22,544
22,566
22,338
22,666
22,653
23,037
23,106
23,350
23,230
30,313
12,277
5,000
12,250
24,303
31,959
29,724
68,778
48,597
2,251,169
27,802
21,010
25,806
35,017
119,037
2,227,448
2,220,316
2,430,227
2,430,227
2,430,249
v
_
advances.................
1-15'days U. S. Government securities
16-30.days U. S. Government securities
81-60.days U. S. Government securities......
23,740
22,277
12*277
61-90 days U. 8. Government
securities......
Over 90 days U. 8.
Government securities-...
52,437
71,271
2,326,858
61,827
84,365
53,010
48*597
78,171
2,291,209
72,437
2,285,577
75,922
2,289,018
25,474
12,250
55,905
65,827
2,298,464
2,270,771
28,535
24,309
45,905
58,186
2,273,292
Total U, S. Government
securities.........
2,486,583
2,459,046
2,430,227
2,430.227
2,430,227
2,430,227
2,430,227
...
1-15 days other securities
16-30 days other securities
81-60 days other securities
61-90 days other securities
35-017
■
31,535
108,425
...
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
circulation.................
Collateral Held
f*
by Aoent
Notes Issued to Bank—
on
as
Treas..
Total collateral
x
"Other cash" does not Include
These
are
tents on Jan.
4,474,511
298,417
4,478,480
299,819
4,480,832
306,601
4,473,064
306,338
4,464,801
292,038
4,474,025
304,558
4,476,257
280,821
4,472,092
304,162
4,472,449
312,250
4,041,109
4,176.094
4,178,661
4,174,231
4,166,726
4,172,763
4,169,467
4,195,436
4,167,930
4,160,199
3,761,762
4,510,132
10,949
52,000
4,508,132
7,912
4,509,132
11,750
62,000
4,499,132
7,394
72,000
4,511,132
4,492,132
7,168
87,000
4,488,132
3,813
72,000
4,158,132
4,518
65,000
4,492,132
45,000
3,886
87,000
87,000
4,045,343
4,575
69,000
4,561,044
4,582,882
4,578,526
4,586,945
4,587,650
4,586.300
4,583,018
4.578,080
4,118,918
Federal
Reserve notes,
'
re
Act of 1934,
2,948
t Revised figure.
certificates given by the United States Treasury for the gold taken over from the Reserve hanks when
31. 1934, these certificates being worth less
the previsions of the Qold Resei
279,347
Security for
hand and due from U. 8
By eligible paper
United States Government securities
*
181
4,573.081
...
k
44,080
181
Total other securities
Gold ctfs.
343
_.
Over 90 days other securities..
In actual
368
'
.....
16-30days Industrial advances.
81-60,days Industrial advances
61-90,days Industrial advances
Over. 90 days Industrial advances
1,889
309
"""566
1,642
414
353
3,522
bills bought In
open market..
Tota 11 nd us trial
132,235
145,854
27,490
36,176
53,826
189,496
395
.....
1-15 days Industrial advances
i
162,357
110 585
79,217
to the extent of the
the
dollar
was
devalued from
difference, the difference Itself having been appropriated
as profits
100 oents to 59.00
by the Treasury under
Volume
Chronicle
Financial
144
2601
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
THE 13 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS APRIL 14 1937
OP RESOURCES AND LIABILITIES OP EACH OP
WEEKLY STATEMENT
Three Ciphers (000) Omitted
Total
Federal Reserve Bank of—
Boston
Cleveland Richmond
Phila.
New York
Atlanta
San Fran.
Dallas
Lottie Minneap. Kan. City
St.
Chicago
RESOURCES
Cold
certificates
due
and
hand
on
Other cash *
Total reserves
.........
252,104 1,672,584
434
1,964
688
661
14,787
514,017 3,509,766
570,955
672,964
295,200
1,369
760
503
556
12,439
5,207
16,399
6,232
654,212
1,049
23,668
278,099
186,812
279,077
180.657
678,929
45
18,419
9,134,223
264,291
29,937
264,792 1,702,955
276,120
463
28,197
10,656
.........
-
657,489
482,857 3,425,053
966
1,243
30,194
83,470
542,295
279,673
8,843.894
from United States Treasury
Redemption fund—Fed. Res. notes..
10,724
173,869
262,175
180,845
Bills discounted:
Secured by U. S. Govt, obligations,
9,789
1,259
312
5,$b9
1,174
255
405
75
980
100
130
489
152
658
73
18
9
7
35
45
39
143
75
11,048
464
6,467
1.247
273
414
82
1,015
145
169
632
120
direct and(or) fully guaranteed..
Other bills discounted
.........
Total bills discounted.
1,190,343
606,619
87
252
330
1,008
339
795
714
1,237
30,419
76,167
131,470
58,852
27,037
46,667
1,912
59,904
51,146
59,057
32,107
52,507
26,758
22,549
38,920
34,095
100.362
30,572
52,771
26,893
19,835
29,992
23,782
103,401
52,694
709,661
209,652
242,081
131,608
109,684
274,636
110,236
81,304
122,939
97,486
215,999
723,078
215,426
243,700
134,340
110,204
277,044
110,806
82,179
123,909
99,442
218,283
88
23
21
10
8
27
4
3
7
6
16
2,354
2,923
109.890
1,281
917
33,934
1,504
39,215
3,243
403
27,387
2,226
1,795
30,534
2,216
39,412
1,964
1,710
3,423
3,306
448,919
314,007
945,585
86,787
44,229
2,486,583
181,297
185,286
Bonds.
Treasury notes
...
Total U. S. Govt, securities....
Total bills and securities.
Due from foreign banks
:
230
.......
17
20,621
340
5,194
888
780,351
79,645
197,051
45,872
3,043
2,711
10,088
12,640
58,107
4,920
1,324
78,242
6,333
...
6,588
4,747
856,907 1,007,331
...
45,631
resources
Total resources
108
1,277
70,110
2,782
2,792
Ped. Res. notes of other banks
Uncollected Items
Bank premises
120
2,198
36,500
63,001
1,501
5,449
196,815
339.719
173,127
2,523,697
U. S. Government securities:
All other
293
1,053
67,138
115,886
3,301
50,281
Industrial advances
Treasury bills
319
4,208
58,144
224
3,522
22,544
689,621
Bills bought In open market.........
12,550,625
20
785,0594,457,905
385
66,999
87
60
86
4,682
4,086
2,377
1,693
16,824
1,500
1,599
506,511
408,766 2,101,607
428,194
289,834
1,255
LIABILITIES
4,176,094
319,930
888,469
310,306
423,394
196,112
184,498
959,290
179,132
138,921
158,934
88,805
328,303
6,900,752
P. R. notes In actual circulation.....
344,587 3,106,805
431,116
434,058
2,381
33,681
72,257
9,193
9,411
2,158
2,720
3,483
3,283
2,775
192,241
1,962
2,814
5,998
231,134
6,541
8,630
22,789
968,014
7,285
10,881
1,655
170.136
7,464
170,213
8,767
115,469
4,781
214,520
4,898
4,034
4,662
174
3,387
2,720
4,612
522,459
11,798
6,660
12,374
361,996 3,256,673
454,501
472,941
226,935
185,038
987,835
203,015
124,670
240,569
180.855
553,291
190,479
51,260
57,593
12,239
68,436
26,569
4,331
109,890
16,879
2,897
39,444
33,200
3,993
3,862
51,474
13.362
5,616
21,504
35,488
3,810
4,655
3,116
3,613
3.851
1,142
39,846
10,112
9,645
1,996
2,037
Deposits:
Member bank reserve account
S. Treasurer—General account.
U.
111,674
93,622
Foreign bank
Other deposits
7.248,319
Deferred availability Items
776,110
79,122
9,380
9,826
2,874
1,570
132,168
Capital paid In
Surplus (Section 7)
145,854
27,490
...
Surplus (Section 13-B)
36,177
8,413
Reserve for contingencies
All other liabilities...
...
Total liabilities...
"Other oaah" does
not
Include
7,744
4,325
79,164
12,841
14,323
1,007
9,260
361
12,550,625
Commitments to make Indus.advances
43,930
6,848
2,081
142,271
•
Total deposits
•
8,480
3,000
3,121
4,858
4,869
3,422
1,522
1,581
540
357
856,907 1,007,331
506,511
2,546
785,059 4,457,905
2,413
19,211
174
7,839
754
1,416
545
1,003
1,690
7,916
1,197
2,076
941
1,262
1,847
1,171
352
272
283
325
355
408,766 2,101,607
428,194
289,834
448,919
314,007
945,585
1.004
65
139
444
3,31 7
270
359
2,268
1,179
12,585
10
-
Federal Reserve notes.
FEDERAL RESERVE
NOTE
STATEMENT
Three Ciphers (OOOj Omuied
Total
Boston
Net# York
S
Federal Reserve Agent at—
$
S
Federal Rseerve notes:
St.
$
$
San Fran.
Dallas
Louis Minneap. Kan. City
$
S
$
$
996,912
108,443
324,999
14,693
447,603
206,101
205,518
96,519
373,976
9,989
21,020
187,256
8,124
171,781
24,209
985,624
26,334
143,293
14,999
4,372
12,847
7,714
45,673
4,176,094
319,930
888,469
310,306
423,394
196,112
184,498
959,290
179,132
138,921
158,934
88,805
328,303
4,510,132
In actual circulation
by
Chicago
$
$
334.929
371,000 1,000,000
450
6,518
332,000
448,000
206,000
180,000 1,000,000
174,632
1,193
255
405
Held by Federal Reserve Bank
held
S
$
4,474,511
298,417
Issued to F. R. Bank by F. R. Agent
Collateral
■
Atlanta
Cleveland Richmond
Phila.
Agent as security
for notes Issued to banks:
Gold certificates
on
due
hand and
from United States Treasury—_
10,949
Eligible paper
Total collateral
4,573,081
...
371,450 1,006,518
448,255
333,193
United States Government Securities
Below
we
furnish
Corporation bonds
on
a
on
174,000
98,500
389,000
15
163
624
132
7,000
189,759
144,015
174,163
99,124
389,132
992
210,075 1,000,992
206,405
137,000
127
15,000
75
30,000
52,000
■
U. S. Government securities......
the New York Stock Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
Dally Record of U. S. Bond Prices Ipr. 10 Apr. 12 Apr. 13 Apr. 14 Apr. 15 Apr. 16
Treasury
4Kb. 1947-52.
(High
..i
Low.
(Close
mmmm
mmmm
mmmm
mmmm
Total tales in $1,000 unto...
ZHa. 1943-45
(High
..(Low
(Close
Daily Record of U. S. Bond Prices Apr. 10 Apr. 12 Apr. 13 Apr. 14 Apr. 15 Apr. 16
114.6
114
114.3
114.3
114.6
114
114.3
114.14
114.9
114.14
1
mmmm
1,000
Treasury
2KB, 1945-47
104.22
104.28
105.7
104.18
104.25
104.30
105.6
104.22
104.28
105.7
104.19
30
29
17
15
Hlgh
109.22
109.22
109.20
109.30
110.6
Low
109.17
109.19
109.18
109.26
109.26
Close
109.22
109.21
109.20
109.26
110.6
Low
108.2
(Close
3^8, 1946-56
108.2
(High
__sLow-
(Close
Total sales in $1,000 units..
32
mmmm
99.29
99.28
100.9
100.10
100.7
99.24
99.28
99.28
100.1
100.2
100.3
99.29
99.29
99.28
100.4
100.4
100.7
108
mmmm
105
105.5
112
99.19
99.29
99.27
99.4
99.8
99
99.12
99.18
99.16
99.6
99.8
99.23
99.25
Close
541
263
172
98.30
99
99.14
99.28
99.26
Low.
98.28
98.30
98.24
99.9
99.18
99.18
Close
108.7
--
98.30
98.30
98.31
99.13
99.24
99.26
2Ks, 1956-59
108.8
Total sales in $1,000 units...
51
103
209
112
mmmm
105.25
105.23
High
96.31
97.2
97.4
97.16
97.22
97.20
mmm
mmmm
105.19
105.22
Low.
96.26
96.30
96.26
97.10
97.17
97.13
mmmm
105.25
105.22
97.17
97.19
mmmm
m
394
215
■mmm m
5
4
mmm
Close
101.26
101.28
102
102.2
102.12
102
102
102
102.9
102.15
102.16
(Close
102.4
102.13
102.17
102.18
Ciose
22
Total sales in $1,000 units...
Federal Farm Mortgage
High
102.5
64
102.29
7
78
102.14
Low.
102.16
102.15
102.14
102.23
103.3
102.17
102.15
102.14
102.29
103.3
26
21
1
300
104.26
104.29
105
104.26
104.26
105
104.26
104.27
1
18
(High
3Ks,1940-43....
-{Low.
(Close
105.17
105.16
105.2
105.17
101.8
101.23
Low-
100.20
100.27
100.27
101.8
101.10
101.18
100.20
100.29
100.27
101.8
101.23
101.22
Total sales in $1,000 units...
Federal Farm Mortgage
High
4
25
13
6
105.10
105.9
105.17
105.16
2
105.2
105.12
105.16
104.28
105.2
105.2
105.12
105.11
105
105.2
105.12
105.11
105.6
2
30
50
1
103.13
103.10
103.18
103.24
103.25
103.8
103.13
103.8
Federal Farm
2
158
101.30
101.30
102.3
102
101.24
101.24
101.30
101.27
102
101.25
101.28
101.28
101.30
102
102
7
6
100.2
100
100.12
100
100
100
Close
100.2
Total sales in $1,000 units...
Home. Owners' Loan
mmmm
■mm
100.12
100
35
126
High
mm
mmmm
6
1
100.16
100.24
100.26
101~2~
100.15
100.16
87
High
22
ioY.Io
101.4
103.4
103.13
103.20
103.18
Low.
100.15
100.18
100.16
100.28
101.1
103.10
103.17
103.20
103.24
Close
100.15
100.20
100.26
100.31
101.5
21
109
10
5
13
16
371
22
(High
..•{LOW.
103.10
103.13
103.22
103.27
103.30
103.30
Total sales in $1,000 units...
Home Owners' Loan
High
99.14
99.14
99.22
103.10
103.12
103.10
103.23
103.24
103.30
99.12
99.14
99.12
99.26
(Close
103.10
103.13
103.22
103.25
103.30
103.30
99.14
99.22
99.27
Total sales in $1,000 units...
1
11
78
108
81
1
3Hs. 1949-52
High
3^8, 1941
105.4
105.2
105.5
Low.
105.4
105.2
105.3
Close
105.4
105.2
105.3
105.16
105.14
105.16
•»•»«...
mmmm
mmmm
2Kb, series B, 1939-49.. Low.
Close
Total sales in $1,000 units...
Home Owners' Loan
■mmmm
25
21
10
104.16
104.18
104.22
104.29
105.8"
104.13
104.15
104.16
104.25
104.28
104.16
104.18
.104.22
104.29
100.2
230
High
99.4
99.1
99
99.3
99.1
99
99.8
99.4
99.1
282
99.14
Total sales in $1,000 units...
105.4
Close
35
99.27
33
99
5
40
99.29
100.2
83
mmmm
mmmm
99.11
1
101.10
100.2
mmmm
9
:::
«...
105.8"
Low
4
49
100.2
Low.
2MB, 1942-44
mmmm
1
High
55
100
Close
mmmm
Total sales in $1,000 units...
99.14
....
27
1
3s, series a, 1944-52
......
101.7
103.13
.-■{LOW.
(Close
Total tales <n $1,000 units..
31
100.16
10
3HS. 1946-49
90
102.28
101.21
Low.
Mortgage
2KB, 1942-47
2
103.9
101*22
Close
105.16
CI086
Total tales in $1,000 units...
64
101.25
Total sales in $1,000 units...
105.16
Low
1
3
Low.
38. 1942-47
15
105.11
105
(High
4
105.9
105
39
104
High
3Hs, 1941-43
10
100.28
3s, 1944-49
105.6
Total salts in $1,000 un«s...
102.16
13
100.29
106.1
Total sales in $1,000 units.
102.2
33
100.20
103.3
Close
3KS, 1944-64
Close
103.6
103.7
174
102.16
102
24
97.14
114
102.2
102.2
102.3
97.3
102
102
102.19
34
102
102.16
12
96.30
428
102
'High
102.5
102.17
8
Low.
Federal Farm Mortgage
102.4
High
96.31
Total sales in $1,000 units...
2
102.20
2Ks, 1949-53
102.4
Toted sales in $1,000 units...
3a. 1946-48
52
9
6
-j Low.
3s. 1951-55
138
99.15
1
98.30
102.20
(High
99.11
38
rHigh
4
m
105.5
48
275
99.11
39
mmmm
105.5*
105.6
756
99.8
36
Total sales in $1,000 units...
3
108.8
108.6
11
99.7
Low.
2KB. 1951-54
59
27
High
108.6
108
mmmm
30
Total sales in $1,000 units...
4
108.6
108
m
105.6
.
mm mm
mmmm
13
Total sales in $1,000 units
3Ks. 1943-47
-
38
101.23
99.29
110.8
9
12
mmmm
101.23
101.28
Low.
2KB. 1948-51
110
■
101.19
101.20
47
110.8
14
101.15
101.17
27
105.6
104.19
108.2
101.14
101.6
29
105.6
104.19
Total tales in $1,000 units—
101.17
100.30
101.2
Close
104.20
104.17
Total sales in $1,000 units...
4s. 1944-54
101.8
101
High
104" 19
38
101.2
101
101.4
High
Total sales in $1,000 units...
33
341
101.4
Low.
Close
114.9
114
3 >*8, 194446.
Total sales in $1,000 units.
High
52
100.3
5
138
100.8
100.8
mmm
105.6
'mm
'
m
105.6
13
30
10
100.18
100.26
100.28
Low.
100
100.2
100
100.10
100.15
100.19
Close
2Kb, 1955-00
100.2
100.4
100.8
100.14
100.25
100.25
129
51
41
Total sales in $1,000 units
292
19
107
Note—The
bonds.
1
Treas.
above
Transactions
table
in
includes
only sales of
registered bonds were:
mmmm
coupon
4Kb. 1947-52.114.8 to 114.8 I 1 Treas. 3^8.1944-46.104.29 to 104.29
1 Treas. 4s, 1944-54... 109.20 to 109.20
5 Treas. 2%s, 1954 60.100.23 to 100.23
1 Treas. 3Ks, 1946-49.103.15 to 103.15112 Fed. F'm 3s, 1944-49 101.3
to 101.3 J
2602
April 17,1937
Stock and Bond Sales—New York Stock
DAILY, WEEKLY
AND
Exchange
YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are
disregarded In the day's range, unless they
computing the range for the year.
account is taken of such sales in
United
States
York Stock
Government
Securities
Exchange—See previous
the
on
New
Transactions
page.
Treasury Bills—Friday, April 16
the New York Stock
at
Stocks,
Railroad
A
Total
Number of
Mis cell.
State,
Municipal A
United
Week Ended
States
Bond
Shares
Bonds
For'n Bonds
Bonds
Sales
Saturday
Asked
480.360
May 26 1937
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
Oct.
13 1937
June
2 1937...
Oct.
20 1937
9 1937
Oct.
27 1937
June
16 1937
Dec. 22 1937
Deo. 29 1937
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
0.80%
Jan.
5 1938
Aug. 25 1937
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.70%
0.70%
0.70%
0.70%
Jan.
12 1938
969,900
1,479,440
9,767,000
1,016,000
940,800
1,057,310
8,384,000
7,156,000
960,000
1,168.000
6,677,160
$45,894,000
$5,712,000
0.80%
1 1937
$491,000
1,108,000
9,724,000
0.80%
$1,234,000
v
$6,071,000
366,000
1,491,000
7,991,000
12,184,000
0.80^
0.60%
June
$4,346,000
6,517,000
1,585,010
Friday
Asked
1,134,240
Wednesday
Thursday
Bid
Monday
Tuesday
Apr. 21 1937
Exchange,
April 16 1937
Rates quoted are for discount at
purchase.
Bid
No
Daily, Weekly and Yearly
„•
United States
the only transactions of the day.
are
0.70%
Apr.
28 1937
May
May
12 1937
May
19 1937
6 1937
June 23 1937
June 30 1937
July
7 1937
July
July
14 1937
21
July
28 1937
1937
4
Aug.
1937
Aug. 11 1937
Aug. 18 1937
Sept.
8 1937
Sept.
0.70%
0.70%
0.70%
0.70%
0.80%
Sept. 15 1937
Sept. 22 1937
Sept. 29 1937
Oct.
6 1937
Nov.
3 1937
Nov. 10 1937.
Nov. 17 1937
..
Nov. 24 1937
Dec.
1
1937
Deo.
8 1937
Dec.
15 1937.
_
Total
Sales at
1937
Stocks—No. of shares.
one
or
192,470.083
$10,500,000
45,894,000
$3,458,000
4,569,000
41,389,000
$213,655,000
131.656.0C0
873,41 £.000
1,001,444,000
$62,106,000
Total
$49,416,000
$1,218,726,000
$1,211,187,000
5,712,000
Below
the
are
Bond
daily closing
bonds listed
15
Deo.
16
1939...
June
15
Bid
IX %
IX %
IH%
IX %
IX %
IX %
IX %
1941...
107,915.000
of representative
the New York £tock
on
Exchange
compiled by Dow, Jones & Co.:
as
Bonds
Int.
Rate
Dec.
$101,828,000
Averages
averages
Stocks
Int
Maturity
1936
177,599,046
Bonds
32ds of
more
1937
7,924,718
State and foreign.....
Railroad and industrial
stocks and
point.
Jan. 1 to April 16
1936
Stock and
a
9,361,000
$62,106,000
6,677,160
Government
Indebtedness, &c.—Friday, April 16
11,829,000
$10,500,000
Week Ended April 16
Exchange
14,670,000
1,037,000
New York Stock
Quotations for United States Treasury Certificates of
Figures after decimal point represent
3.887,000
2,485,000
98.12
Asked
Maturity
Rate
Bid
10
Asked
Date
10
Mar. 15
1940.
June
1939.
30
20
20
Total
10
First
Second
10
Indus¬
98.16
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
trials
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
Mar. 15
1941...
June
1940...
15
Dec.
15 1940...
102.9
102.11
100.26
Apr. 16.
Feb.
1
1938.
31.21
65.13
101.21
105.36
89.44
Apr. 15.
103.08
181.19
101.47
June
15
60.18
1938.
2 H%
31.38
65.24
102.14
101.23
102.16
108.01
99.23
105.39
107.64
89.20
Apr. 14.
103.49
181.93
101.43
60.31
31.52
3%
65.48
102.9
105.08
107.69
102.11
88.61
103.40
182.10
101.19
60.20
31.42
3X%
65.46
101.9
104.78
101.11
Apr. 13.
Apr. 12.
107.48
88.15
103.04
179.74
100.86
59.33
31.11
64.61
104.51
107.10
87.50
Apr. 10.
Mar. 15
1941...
1939...
IX %
2X%
2X%
2X%
102.79
178.26
100.47
58.72
31.03
64.10
104.56
107.11
87.76
102.76
100.55
100.9
100.12
99.7
99.10
100.23
99.20
100.1
100.4
99.25
15
Sept. 15 1938.
Mar. 15
99.28
1938.
Sept. 15 1937.
100.16
100.19
101.26
101.29
180.75
60.26
New York Stock Record
LOW
AND HIGH
SALE PRICES—PER
Saturday
Apr. 10
Apr. 12
$ per share
50
*62
6712
76
27
*30i2
31
3
3
72
3l2
312
97
97
1384
1384
----
4%
414
6184
61
51
50i2
*49l2
53
*42
4434
393g
104
39l2
104
•
239
*26
•
--
240
26*2
18
18ig
81
81
65
67
3112
67g
3112
*4212
*102
897g
267g
*5612
6884
*129
67g
44
105
*62
$ per share
50
67
75
1834
72
y
60
76
18l2
*26q
Tuesday
Apr 13
$ per share
*49q
*50i2
*5834
75i2
I884
75
18lg
*26i2
30l2
*3
7112
314
51 ig
51l2
*51
44q
38
*103
1784
*81
658g
*31
6%
42
75
187g
27
*26i2
3H2
3134
3
3
3l2
13l2
*179
43g
52-%
5H2
414
53
52
54
*52
4478
3914
108
73
3l2
4418
3934
*103
23i2
243
27
1384
186
44l2
40i4
2312
245
18lg
1778
82
8D4
66i2
3is4
678
I8I4
8H2
68I4
3134
738
43
4312
684
42
IO384 104
1358
4l2
64
67
*5834
67
75
75
75
1,100
183s
18%
9,200
32is
1878
26i4
3234
3
3
1812
£26%
73l2
314
7534
338
*98
1338
438
5238
4l2
53
*103
*23
241
2612
18i8
8112
67i2
32%
7
*43U
107
2334
242
27
39
*103
107
23
23
240
240
2578
2578
600
5,500
44
27i2
*9512
10l2
27i2
97i4
*2714
1034
14
14
*156
300
91
89
91
*41
500
61
59
60
1,900
1.000
2,900
210
7,900
138
130
130
90
135
103
2738
96
96
lll2
117g
14
14
14
300
*156
300
19
93l2
135i8 *130
III4
48
93l2
88%
101
96
10i4
61%
101
IO84
27ig
154
6034
*25
96
56i2
10514 10578
*151
*156
35
21
*100
*26
35
103i2 10434
*151U 154
6034
61
*93
90
400
95
15,300
135% 139
1,200
*100
1031
*26
400
35 j
3~300
27%
28
4,000
28i2
28
28i8
28i4
96
96
96
1134
1H8
lll2
*14
15
*156
300
*27%
96%
28%
96%
1,700
11
11%
4,400
*1334
14%
300
*156
150
300
10
10%
10%
11%
10%
1034
10%
1034
5784
58
14",660
60
5934
5934
5934
3,700
2934
59i4
29U
2914
*28
29
1,600
28
48
48i4
49
50
50
50
*49
50
19i2
19
19
19%
1934
19l2
19l2
*18
193S
Bid and asked prices; no sales on this
day,
t In receivership,
a Def.
800
1,700
delivery,
re
Mar
68I2 Apr
318 Apr
9
100
Mar
13
July
Aug
43
Jan
4
4Hi Jan 30
36it Jan 12
Jan
2
No par
2512 Apr
1
No par
16is Jan 13
8OI4 Apr 6
63% Mar 22
100
A Ills-Chalmers
Mfg
No par
Alpha Portland Cem
No par
Amalgam Leath Cos Ino new 1
2is
Apr
5% Nov
6984 Feb 11
123g
1214
12i2
Jan
Jan
6112 Nov
6OI2 Nov
59
110
27
Jan
Apr
60
Nov
Feb
6412 Nov
40*8 Oct
HHi Deo
9
167
Jan
245
Aug
Jan 16
23
Aug
34
Nov
Jan 26
267g July
98
237s Apr 12
258i2 Mar
3318
217s Mar
85
Mar
6
684
Jan
69
Jan
20 ig Nov
90
Nov
22
35%
Jan
81
28
19*4 May
9
11
75
Jan
49
July
89
413g Jan 16
75ig Feb 4
36
Dec
6513 Apr
65
Jan
58
125
25*
Apr
Apr
7
5
5
8
7
Mar 25
7
101^4 Apr 9
152i2 Apr 12
100
par
56
100
e234 Mar 30
par
72
115
No par
Jan
Jan
4
8O84 Feb 18
160
40
Apr
124
May
121
Jan
9
110
174
Jan
9
162U May
71
Feb
4
30
104ig Feb
4
6738
584
Dee
3914 Deo
12512 Mar
73
70U
141
Nov
Nov
Deo
Deo
Dec
Apr
Apr
137ij July
174
Dee
60ii Deo
100
Deo
Deo
95
Apr 16
31
Jan
Apr 16
111
Nov
78U
120«4
87% May
113ig
Oct
3584
Deo
8
7
105ig Jan 22
29
13
Jan
5
17
225
Mar
4
225
714 Jan
2
54
4
13% Jan 28
20U Jan 2
46% Mar 30
13*4
687g
3812
587b
18
21
Mar 30
Jan
4
Ex-rights.
Jan 25
23% Mar 3
3034 Mar 31
33% Jan 21
99% Mar 2
Amer A For'n Power...No
par
Preferred
No par
y
3134 Nov
Deo
3412 Nov
139
8is Jan
Ex-dlv.
Feb 18
Oct
li2Mar31
6% 1st pref
100
Amer Ed caustic Tiling new..]
Amer European Sees
No par
Amer Express Co
100
$6 preferred
No par
Amer Hawaiian SS Co
10
15
4
6
8
13% Jan
268s Jan 6
2738 Apr 13
9412 Apr 2
No par
13
Jan 25
9978 Apr
27U Apr
(Alleg Co)..26
x
Feb 11
5812 Feb 17
52ig Feb 18
45% Mar 15
10112 Jan 22
100
Cash sale,
Mar
53s Feb 18
5
'4 Apr
r
Nov
1713 Sept
195
9
Jan
59
Amer Colortype Co
10
Am Comm'l Alcohol
Corp. .20
American Crystal Sugar
10
New stock,
103
8312 Jan
3984 Jan
87S Mar
52% Mar
1147b Mar
Rights
preferred
Oct
2518 Apr 12
10
50
Am Brake Shoe A
Fdy.No par
5H% oonv pref
100
2d
Jan
Feb
2113 Jan
86% Nov
6% Apr
83
Amerada Corp
No par
Am Agrlo Chem
(Del)..No par
Chlole
2
Apr
Nov
Feb
1584 Nov
30ii Jan
47g Jan
3414 Jan
9814 Apr
60
5% pref
Jan
Jan
91
Apr 15
American
80% Jan
22ig
zlig
15*4 Feb 25
Apr 10
American Can
Preferred
American Car A Fdy
No
Preferred
Amer ChainACabCoInoNo
9
5% Jan 25
100>2 Jan 22
9
23
American Bank Note
Preferred
3584
37U
Jan
4*8 Jan 26
Mar 11
104
preferred
177i June
36
68
225
oom
7484
7
Alleg A West Ry 6% gtd._100
Allen Industries Inc
1
6%
70
Apr
Apr
058
178
No par
100
preferred
Mar
69
13U Apr 14
Pref A without warr
100
2 X % prior conv
pref .No par
Allegheny Steel Co
No par
6%
42
2
37g Jan 29
4312 Jan 2
43>4 Jan 5
Am Coal of N J
20
27l2
48i4
200
94%
58*4
28%
27is
5,200
2,400
20
28i4
300
40
78,100
2034
2038
27i2
14i2
4378
104
10534
91%
91%
27
27%
60l2 60%
l'ts
132
27%
2734
*95i2
lll2
14l2
10ig
57i2
7,5I6
35
2834
27l2
57l2
27l2
48%
105
101
28
10
6II4
9312
20
*156
154
93i2
1934
10%
r»6
96
19ig
*1384
106l2
14,500
8
6
2
3
Allegheny Corp
1,300
Mar
Mar
22*8 Mar 11
28% Feb 3
97
Pre! A with J30 warr
Pref A with J40 warr
55
69
4
3012 Apr 12
Highest
80% Feb 15
1 Jan
Ala «fe Vicksburg RR Co.. 100
Alaska Juneau Gold Mln___10
Albany A Susque RR Co..100
18
7
Year 1936
$ per share $ per share
247g Mar
Corp
10
Advance Rumely
No par
Air Reduction Inc new.No
par
Air Way El Appllanoe. .No
par
82
684
9
Feb 10
$ per share
6
15
Allied Chemical A Dye.No
par
1778
share
4912 Apr
Address Multlgr
Allied Mills Co Inc
Allied Stores Corp
*81
Range for Previous
Lowest
Highest
63*4 Jan
No par
No par
Adams MUlls
ver
68
25
2,500
33
*42
1
No par
4,300
8,700
68%
44
Abraham & Straus
Acme Steel Co.
Adams Express
26
2512
67i2
IO6I4 10634'
1914
28
28
400
Par
Abbott Laboratories.-.No par
237l2 240
33
634
60l2
60i2
23
10
68
60
*151
23
4,200
107
33%
587g
6OI4
60
60%
6214
*130
138
138
*130
*103
rl
39
*103
700
300
1,300
67l2
32i2
634
60
*105
43l2
683s
32i8
7*8
60
1918
2784
4,000
I8I4
59
1914
28%
17,700
82
59
1914
28i4
4l2
52%
18
59
13414
414
52
82
59
*23
10,200
18%
58
35
40
—
82
59
*23
500
53
60
35
—
13%
53%
43%
39%
59lg
60
•>
1338
*50
28
154
1,900
*50
10512
9078
107l2
3%
53
9078
1
5,200
63i2
4534
39i2
2753
78
7534
*50
93
138
6438
314
*50
2734
105
1,100
53
9H2
2678
'4
1,700
3
533s
45i2
4012
2678
103
267g
32
3
53
*4314
•
26%
53
92
*130
«.
*180
105
7g
400
32
*98
13%
1*180
Lowest
Shares
75
92
138
$ per share
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
\
*5834
263s
59
♦
----
186
Week
51
104
154
*4784
*19
74is
334
16
Apr
STOCKS
NEW YORK STOCK
the A
*50
89
10514
152l2 152l2 *151
58
6834
5934
*93
97i2 97i2 2:9584 9584
84
83i2 84i4
83i2 84
*120
130
130
1251s 12518
*100
103
101
*10084101
f
3
Sales
Friday
51
2612
59
27l2
32
51
89
*152
*57
438
$ per share
51%
6712
7534
19ig
2714
25iS
,316
97g
*9784
13U
*180
52l2
5314
44i8
4034
2714
66l2
312
53
27
3134
73
43g
5334
108
14
9014
267g
104i2 105
*23
5H2
*5834
19
3
Thursday
Apr. 15
$ per share
75l2
7234
1384
186
Apr
31
2378 237g
236l2 240
26
67
*97
13l2
4ig
51
Wednesday
27
18i2
27
30l2
3lg
73i2
3l2
*97
*179
SHARE, NOT PER CENT
for
Monday
Jan 18
Mar
4
Jan 22
27
Nov
7lg July
20ia July
16U Jan
89
312
984
175
Apr
Apr
Jan
Oct
6I2
2984
Apr
Jan 22
12
Jan 22
25
Apr
Apr
Feb
13
Jan
Jan 18
5
Jan
IT Called for redemption.
Dec
16U Dec
3588 Nov
32
Aug
101
Sept
8%
145g
175
Dec
Feb
Oct
984 Mar
608g Deo
22% Deo
60i| Dec
2112 July
Proctor
Abbott,
Members New York Stock
Paine
&
'Exchange and other leading exchanges
Commission orders executed in
'
"
Stocks, Bonds, Commodities for institutions and individuals
New York
Chicago
•
•
Boston
•
AND
Montreal
•
•
New York Stock
Volume 144
LOW
Buffalo
HIGH
SALE PRICES—PER
Toronto
Cleveland
•
Indianapolis
•
Monday
Tuesday
Apr. 12
$ per share
93g
$ per share
87S
4734
*47U
378
48
48
*47%
378
*24
48%
4
*24
25%
15%
153s
1514
4934
50
Thursday
Apr. 13
$ per share
$ per share
$ per share
9i2
48
49
958
60
Z4684
4
5034
♦114l2 115
2312 24
115
23«4
24
11*4
10»4
57
57
55
122
120
120
23%
1034
56i2
56
*115
24U
115
1034
*10%
4
2414
1512
507s
4
2412
153s
49
*113
10
50i8
4714
1534
52%
115
9i2
49
Apr
10
4678
4
24% 243s
1578
16
52
52%
115
115%
24
23%
1034
56l2
1034
5734
2334
1034
$ per share
1,100
1,000
Amer Home Products
4
25
9,400
4
2,200
American
24i2
1512
25
1034
51*8
50
51
115
58
5712
115U *113
2312
1034
900
4,100
3,800
16%
114%
3,600
1078
58
56
800
56
*116
122
*115
122
*116
122
*116
122
70
6912
69l2
68
68
*65
69
67
67
67
67
11'4
105s
11%
11
1158
1134
12%
1134
11%
1134
683g
683s
68
68
68i2
6812
6734
68%
11%
0734
68
663S
6,200
67
*5734
23»4
*
58
58»4
2418
2312
*
155
58i2
2334
156
6734
2334
*150
58i4
57 >8
24i8
166
2384
*150
56i8
23%
68
24
156
155
57
90
N* par
6% non-cum pref
100
Amer Internat Corp...No par
American Locomotive. .No par
Preferred
100
6% oonv preferred
100
Amer News N Y Corp..No par
Amer Power A
Light...No par
24
27,200
$5
385S
38i8
3914
38
39
37*8
383s
3li2
30%
30%
-.100
American Rolling Mill
25
Amer Safety Razor new_18.60
2414
2412
2478
2434
2434
30i2
2438
1,300
24%
30%
2438
31
24l2
24l4
24%
1,000
American
49
48
48
*30l2
2412
4778
37%
3078
38%
30i2
515s
51
51
5034
51
1,180
90%
91%
8934
♦139
140
1052332 105*4 1052
*59%
*
60
69%
143
"69%
*133
110
110
58
59*4
92
93
91% 93
9234 94
90%
91%
140
*140
141%
138% 138%
139% 140
10534 10534 105*%2l05"32 105"l2l05"32 10525J210525,2
59
69
59
60
*58%
59%
5934
*58%
91%
140
32
59%
143
133
59%
59
*109% 11078
110
133
*
140
"57%
60%
110
5834
10934110
33s
3%
O
20%
*49
20%
20%
♦48%
50
132% ♦132
*21%
22%
*21%
169% 169%
82
82%
83
83*4
167%
80%
82%
*134
134*4 *13178
15%
15*4
16%
21% 21%
2078
*93%
1078
*9334
97%
%
3%
15%
*140
11
68
68
11%
68
33s
'Q
3&s
33s
15%
16
*153
190
♦64
15%
65
57%
55%
80%
65
82
20%
20%
110
*109
28
28%
1534
*140
65
59%
86%
*80
21
2O84
110
16%
190
5784
58%
82
*150
*6234
58%
83
21%
*20%
16
190
65
1534
*140
*62%
15%
190
15%
1584
*140
65
62%
58
59%
56
83
85
85
82%
20%
2034
20%
20%
62%
57%
82%
20%
19%
98
♦96
19
19%
98
*115
&61%
*
*96
100
*96
120
*115
112
17%
51%
*
51%
51%
*98
100
19%
9984
118
*51%
*98
82
83%
100% 101
4784 48%
*23%
25
37
36
*33%
32% 33%
*110% 113
17%
61%
96%
*115
102
*23
17%
19%
51%
"78% 82%
100% 10034
47
46%
79*4
100% 100%
47
47%
*22*4 25
*33»4 36
32*4 33%
112
18%
19%
51%
33%
112
17%
17%
51%
51%
8134
19%
96%
11734
58
102
83
iooa4101
47%
49
25%
23
37
37%
3384
25%
40%
3434
34%
112
*111% 11234
17%
1734
17%
51%
51%
51%
77
79% 79%
*76
82
*76
81
77
*100
124
*100
124
*100
120
*100
120
*15
16
15
15
15
15
31
31
30%
31«4
30%
31
*7%
8%
44%
8%
8%
634
734
7%
44%
43
*15
15%
30%
7*4
♦43
8%
8%
31
7*4
*43
44%
8%
8%
8%
6%
*103
8%
678
107% *102
*102
108
6%
35
34%
40%
35%
40%
*42
*
*102
41
44
108
-
"37%
38%
27
27
39%
30*4
1634
39%
31%
*42%
*
8%
8%
6*4
*784
104
104
34%
41%
36%
41%
44
38%
43%
*
51
79%
*100
*15%
30%
109
al09
13%
13%
24%
24%
21*4
2178
57
*56
90%
91*4
1834
187s
*56
89
I884
91%
1834
122% 123
122
122
*41%
*
42%
*41
*41
44
37%
105
54
*53
55
30
30
54
30
♦
30%
*107
35%
110
2,500
400
Associated Dry
Goods
6% 1st preferred
7% 2d preferred
1
...100
100
Assoc Investment C0..N0 par
9%
*107
Preferred
100
Atlantic Refining.
25
4% eonv pref ser A
Atlas Corp
6% preferred
100
1
50
.
Atlas Powder
No par
100
Atlas Taok Corp
110
24%
21%
57
56%
57
30%
57
93%
94%
18%
18%
1834
120
12034 *119
55
55
55%
30%
31
10,100
31
*107
109
13%
*86
13%
28,400
1,300
191,
Apr
9284
Jan
27*4
Jan 12
52»4 Sept
20
Feb 23
185
Feb 23
Oct
109*4 Sept
111*
Feb
70*4
Feb
*4 May
2
Feb
Apr
10
Jan
41,
31, July
7*4 Mar
Deo
44
Jan
78
44i2 Jan
Apr 10
Jan
4
Jan
18
28
7
Apr 12
5i2 Jan
41
119
Jan
8
7
Mar 29
1074< Jan
2
Feb 23
50
Deo
245, Jan 16
Feb 13
97
Jan
May
111
Jan
37i2 Jan 12
10U Feb 10
9
June
43
Nov
3
July
7
Nov
111
46
Feb 18
50
Jan
12114 Feb
8
118
122
Jan
111
6
106%
1101,
Jan
7*8
Jan
Mar
Jan
4
1384 Feb 27
81*4 Jan
2
991, Mar
7
96
Feb
4
151,
126
Jan
1
6
Apr
May
Jan
4*8 June
6614 Jan
37
104
Aug
Prior A
Avla'n
No par
Corp of Del(The)new.3
tBaldwin Looo Works.No par
Assented
17*s Jan 21
95
9714 Feb 18
95
Jan
24*4 Mar
125,
Apr
95
Dec
112
Oot
98
Feb
124
Oot
Mar
2
701, Mar 13
I6I4 Feb 27
8
96% Apr 14
101
9
125
18% Apr
114
Jan
49s8 Mar 24
Apr
2
69% Jan
4
Apr 16
44i8 Jan 26
23
Apr 14
35
30%
111
Apr
7
Jan 4
Maris
173s Apr 12
51
Apr 7
72U Jan 8
120% Apr
8
100
Baltimore A Ohio...
Preferred
100
100
...
Bangor A Aroostook
50
Conv 5% preferred
Barber Co Inc
Barker Brothers
100
10
No par
5H% preferred...
50
Barnsdall Oil Co
Bayuk Cigars Inc
Beatrioe
5
No par
...100
Creamery
25
No par
60
Beech-Nut Packing Co
20
par
Bendix
6,800
56
56%
1,000
Beneficial Indus Loan..No par
Beet A Co
No par
91
92%
44,400
1884
18%
119% 119%
56
57%
32
31%
1,700
1,400
1,000
6
Beth Steel new
(Del)
No par
5% preferred.....
20
100
7% preferred
Blgelow-Sanf Carp Inc.No par
Black A Decker Mfg Co No par
w
New stock,
6
684 Jan
4
8
6
Jan
8684 Jan 6
88% Jan 21
205s Jan
333s Jan
4
41
4
r Cash sale, js
Jan
4
10434 Apr 15
35% Jan 4
25>4 Jan 4
38
5
Jan 28
Mar
9
47U
Feb
71,
8i,
Jan
Jan
Feb 17
20% Jan
5
16% Mar 31
106
87®, Mar 11
104
Feb
59
Jan
90*4
Jan
107
Oot
215,
49
Deo
29
11
Apr
Apr
Apr
Mar 13
44
Jan 18
37
Mar 11
1161, Feb 6
181, Mar 6
62i, Mar 10
131,
265, June
Sept
109
Mar 11
48
Jan
84
Nov
Jan 13
*112
Jan
131
Nov
14
June
01, Feb 1
52i, Mar 25
9U Jan 12
III4 Jan 29
91, Jan 30
120
Feb
5
120
Feb
5
5*s June
101,
jan
46i,
Jan
21, July
23, July
40i2 Mar 17
47*4 Mar 17
291, Apr
33*4 July
157, Apr
21
Apr
45
39
Feb 11
1101, Feb
433, Mar
8
9
~24%
32
Jan 21
13U
42
Oo
Nov
Jan
381,
Deo
Jan 21
35U Feb
1
20U Jan 16
18
Jan
100
Aug
4314 Feb 19
35
112
Jan
4
30
Ex-dly.
Apr
8
Mar 23
y
87
2
Mar 30
110
Feb
85
Feb
a
13
Deo
Mar 17
83
June
15*4 Feb
185s jan 27
52
114
Feb
141, Jan
I6S4 June
May
9
73
Deo
Deo
9478 Deo
275, Nov
Feb
8
119i2 Apr 18
Deo
97,
49i,
28*4 Feb
6
11*4
947,
41U
105*4 Mar
Feb
7*4 Mar
Deo
6
50
30i, Feb
64% Mar
29i, June
3
Apr
9
Jan 16
35i, Apr
1181, Deo
94
Apr
235s Apr 7
205s Mar 18
311, Oot
64*4 Nov
133
24
Feb
881, Aug
9
101>4 Jan
1284 Apr
Feb
May
277, Nov
651, Mar 17
6
40% Jan
185, Nov
221,
108
Feb 18
Jay
105
625, Mar
671, Feb 18
112
84
8,400
Aviation
7% Jan
39% Jan 13
6*2 Apr 12
...
...
84
IOQ
591% Jan 18
135s Apr 7
125s Apr 8
265, June
24%
delivery,
Deo
2
21
Def
Mar
18
36*4 Feb
2034
a
Feb
150
2S% Mar 20
23%
t In receivership,
104
Jan
7*8 Sept
2
Feb
8% June
881, Mar
143, Jan 18
1*4 Jan 22
984 Jan 22
Jan
1021,
Automobile...No par
Austin Nichols......
No par
Auburn
Beldlng Hemlnway Co .No
Belgian Nat Rys part pref
1,400
1
263s
Sept
190 <8 Nov
9
1,300
90%
Feb
Jan
635s Aug
Apr
181, jan
$5 pref w w
Beech Creek RR Co
100
29ls Jan 13
36
145
Mar
14% Mar 15
1st preferred
1,900
205, Mar
1491,
No par
140
21
55
38
3,100
*80
9284
1834
"37%
10
29%
40%
31%
32%
1684
1634
*111% 112
112
27
2634
2634
106% *102% 106%
*40
41%
41%
21%
120
105
*
100
3
Jan 13
6>s Jan
100
Jan
136
20is Jeb
79
Jan
Apr
9978 Feb 4
1601s Jan 26
4
64
8
Dec
48%
87
107
100
Atlantic Coast Line RR...100
Atl G A W I 88 Lines..No par
4,700
40
90%
25%
*56%
9184
48,200
41
29
21%
13%
3634
8
Jan
241,
129
Jan 28
2078 Apr 12
97% Apr 2
9% Jan 4
Atoh Topeka A Santa Fe..l00
Preferred
100
22,500
44
*41
99
99
20
15,000
16,400
40%
33%
I684
24%
*86
1334
Bid and asked prices; no sales on this day,
200
29%
22%
13%
3584
4034
36%
41%
44
13%
90%
24%
94%
1834
18%
12034 12034
54% 55%
30% 30%
100
Pref assented
*40
92
No par
700
*29
57
No par
Constable Corp
6
Arnold
114
41
57
Armstrong Cork Co
Artloom Corp
Preferred
113
36%
90%
24%
100
112
29%
24%
21%
6
No par
110
39%
*86
Armour of Illinois new
111
*107
43%
100
Preferred
42%
13%
preferred
800
37%
112
7%
112
41
13%
7
par
ArmourACo(Del)pf7% gtdlOO
Preferred
7%
8%
20
Archer Daniels Mldl'd. No par
112
29
*108
7%
8%
1
2578 Jan 25
187
7Si2Mar 10
14«4 Apr
Jan 13
106
112
17
*16*4
*111% 115
24%
21%
44
8%
1534
211* Mar 23
14334
167% Apr 12
% Apr 10
Copper Mining
Papier Co
No
110
32
*86
*86
7%
*41%
"38%
32
13%
90%
24%
22%
30
41
30
112
29%
29%
*40
13%
31%
39%
41
*108
600
28%
28
25,200
1,300
~3834
27
200
9
Mar 23
1461, Nov
$6.50 conv preferred .No par
900
15,500
51
10484 10484
38
385S
*38
500
79
7%
6%
1,600
5,200
Apr
4758 Mar 29
Jan 20
378 Apr 14
26i* Jan 20
5678 Jan 11
89i, Deo
26*4 Mar
120
44%
8%
8%
7%
8%
8%
6%
"l~4~866
79
*15%
20
130
5% pref with warrants.. 100
*100
1534
Jan
115
66«, Nov
100
80
*7%
8%
42%
105
51
51
Deo
107*4
7
33s Apr 14
109% Apr
Jan
16 conv pref
500
Jan
Deo
64
35s Apr 10
Preferred
120
*41%
8%
51%
731,
1461,
Apr
671, Mar
Jan
300
51%
Jan
201,
Feb
May
100
*96
97%
*115% 117
58
*98% 102
*98% 102
80
8134
81%
80%
100
100% 100%
100%
48
47%
48%
4884
25%
25%
25% 25%
3934
*38%
3984
39%
34
34
34%
33%
*111% 112% *111% 112%
17%
17%
17%
17%
32%
32% 33%
3234
17
16%
16%
16%
16%
*111%
*111% 115
*111% 115
26
*25
25
26
25%
26%
25%
26%
26%
*101
106% *102
106% *102% 106% *102% 106% *102%
*39% 41
*39% 41% *3934 41% *3984 41% *40
16*4
115
*111
115
1333,
1
Copper Mining..50
800
3,700
5
7314 Jan 21
Apr 15
103
28
40
19%
1081, May
No par
105% 106
104
108
*51%
8
8%
6%
7
104
96%
115
19%
96%
43
8%
8%
8%
107%
108
"37%
*43
19%
162*4 Mar
Jan
24
A P W
»«.
Jan
104
35
900
«•
Jan
1361,
79*g Feb 23
Andes
»
66*4
Jan 28
154
97
10
105
105*4 Mar 11
Jan 15
803s Mar 10
100
Nov
88I4 Feb 18
138i2 Apr 14
105
128% Mar 18
No par
Oct
Deo
69i8Mar 10
400
19
461,
7
31
*96
Jan
5218 Jan 29
110
105
25*s
79
*28
*96
Nov
Mar 19
25
*109
100
1651, Aug
58
15 prior pref
31
*96
Jan
157
Anaconda W A Cable..No par
Anchor Cap
No par
Anaconda
110
100
87i, sept
74i, Sept
273, Jan
41
25
*29
*96
Apr
par
10
Amer Zinc Lead A Smelt
Feb
18*4
28*4 Nov
25
Preferred
110
100
Jan 21
170
365,
89*4
No par
Woolen
Preferred
30
600
3
Nov
37
26
fAm Writing Paper
110
1,400
14*, July
Feb
Apr
4
Jan 23
..100
1st preferred
American
30
3,300
69
Feb
43
18
Am Water Wke A Eleo.No par
*109
35,600
Jan
71,
Feb 20
Teleg Co... 100
Preferred
30
200
z35%
29
100
Common class B
Feb
23% Jan
100
Tobacco...
Jan
15
547, Nov
134
July
par
..No par
Am Type Founders fnc
110
120% *115
61% *50
100
"79%
American
30
1,200
8
Apr 16
297,
Dec
Am Sumatra Tobacco..No par
"""766
1,200
Apr
1221, Nov
31
Preferred
8
100
Stores
Sugar Refining
Amer Telep A
1,800
700
Mar 24
Dec
23*4 July
100
Preferred
200
84,400
66
Jan
15i, Nov
48*,
Feb
Rights
*109
28%
784
7%
8%
834
*7%
7%
8%
8%
7%
734
42
42
42
42
42
42%
42%
42%
42%
42% 42%
119% 119% *118% 120
*118% 120
*118% 120
*118% 120
*118% 120
no
110
110%
♦109% 110% *110
110% *110% 110% allO% 110% *110
11
11
11%
11%
11%
11%
11%
11%
1078
1034
11%
11%
94
94
93
93
93
94
94
93
94%
94%
94%
94%
*100
101
*100
101
101
101
*100
101
101
*100
*100% 101
73
63
63
64%
62%
63%
6234
♦62s4 63%
62%
63%
03%
14
14
14
14%
*1334 14
*13%
14%
1334
1334
1384
14%
13
13
13
13
13
13%
*12%
♦13% 13%
12%
13%
13%
*96
Preferred
190
59%
Dec
1
24
Feb 15
75
148
100
14,500
118
129ia Feb
8
1,700
15%
Mar 11
10--R Apr 12
9
6,100
17,600
Apr 12
62
Apr
Amer
%
120
Apr
Snuff
American
2,700
27
Apr
Apr
59
300
26,200
May
10
67
1,800
5.400
21
133
2^700
500
8
135s Jan 20
68*4 Mar 10
.25
200
11,400
2,600
5
298j Mar
125
7
2
100
20% 20%
20%
20% 20%
20%
*20% 21
49
49%
4884
49%
49%
48%
48%
49%
*132% 136
133% 133% *132% 133
*132% 136
22
22
22%
21%
22%
21% *21%
22%
23%
169%
168% 169
167% 168%
167% 168%
167% 168%
81
82
81
82
80%
8034
80%
82%
82%
83
82% 83
83% 84
83%
84%
82% 83%
134
*131
134
134%
13484 *129
133*4 133*4 *129
16
15%
15%
15%
15%
15%
1534
15%
15%
2 is4
21%
20% 21%
21%
21%
21% 22%
2184
99
97%
*93% 97%
97%
97%
97%
97%
*97%
12
11%
11%
11%
11%
11%
11%
11%
11%
70
69
69
71
70
69%
6934
70% 71
°o
<-»o
Feb
161, Sept
9% Apr
231, Apr
66
Apr
4
Jan
30
100
Preferred
50
U
617, Nov
55s Jan
Amer Steel Foundrles_.No par
American
10
7,600
Jan
218 Sept
1071s Apr 7
6812 Jan 29
20%
63%
*7%
42%
400
140
37
45% Mar 11
Smelting A Refg.No par
Preferred
136
79
20%
110
*
58%
"57% 58
110% *110
110%
3
4*4 Mar 10
27*8 Feb 15
17*4 Mar 11
523s Mar
8*, Mar
33'a Jan 6
30% Apr 15
If 2d preferred 6% cum... 100
33,700
63%
6634
*28
140
"57"
Amer
600
2,800
4%
190
*109
*
Seating Co
No
Amer Shipbuilding Co-No
319
U
132
25,800
*139
105*4
Jan
46
153
3612
30i2
*139
7
share
Oct
587g Feb
Jan 27
per
Oct
29is Feb
Preferred
38l2
x50
Apr
1034 Apr
I
45s
311,
23
preferred
No par
...No par
305s
505s
113
Highest
share
per
11% Mar 13
55*4 Mar 13
55ia Mar 12
...
38
*48i8
4
I
10i2 Jan 13
87i8 Jan 18
721* jan 12
3058
35,900
Jan
share
per
San'y.No par
Am Rad A Stand
50
Apr
Jan
Jan
42
50u
No par
$
2
6
15
5
7
4
Jan
135s Jan
Amer Metal Co Ltd
Lowest
Highest
0i2 Jan
37%
4534
2%
17i8
Year 1936
100-Share Lots
share
per
22>4
$6 pref erred..
557s
S
Amer Mach A Fdy Co..No par
Amer Maoh A Metals. .No par
153
153
1
Ice
1,800
3,800
55%
2334
24ls
155
800
18.600
1
150
6% oonv pref
700
23%
10%
23%
11 la
*69i4
Amer Hide A Leather
9%
16
*2312
1034
Par
48%
467s
50i4
*2414
On Basis of
Lowest
914
48i8
4678
4
Range for Previous
Range Since Jan. 1
Shares
46
2603
EXCHANGE
Week
9*8
4812
4
4678
378
STOCKS
NEW YORK STOCK
Friday
Apr 16
14
9l2
48i2
4534
49
Sales
the
SHARE, NOT PER CENT
Wednesday
Apr. 14
Norfolk, Va.
•
Record-Continued—Page 2
for
Saturday
Apr. 10
Richmond, Va.
•
30i,
23*4
62*4
1061,
Mar 11
20
Jan 18
28«» not
28U Deo
2214 Nov
115
427,
112
Jan
32*,
20
Jan
25U
48
Jan
72
4534
161,
69*4 Feb 10
23
38
28*4
Jan 21
Apr
Apr
1071, July
Jan
Dec
Oot
Deo
89i, May
215,
Jan
Jan
1*9'* Feb 16
July
16U Mar
Feb 11
5
8
Deo
28*, Nov
105
oot
Oot
Nov
77*4
Deo
20
Deo
1361, Nov
Dee
*34i, Dee
65i,
Ex-rlghts. f Called for redemption.
.
New York Stock Record—Continued—Page 3
2604
LOW AND
HIGH
SALE
PRICES—PER
NOT
PER
CENT
Sales
STOCKS
Ranoe Since Jan. 1
for
NEW YORK STOCK
On Basis of 100-Share Lots
the
Monday
Tuesday
Wednesday
Apr. 10
Thursday
Apr. 12
Apr. 13
Friday
Apr. 14
Apr. 15
Apr. 16
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
26i4
26i2
26
25i2
26i4
32
*30i8
32
87
*80l2
9278
4314
*85i2
45i2
26i8
78i2
4314
37l2
4312
38i2
43i2
*12i4
*87
3914
40
45
*4312
*86i8
a:4534
87i2
4534
89
89l2
90
46
45
4612
4534
261(5
26
2638
26
26i4
2578
78
78i2
80
82
79U
1234
27«
1778
"16
4658
4958
4214
534
81
81
1178
117*
*2i4
314
*214
183(5
1734
18
"16
34
5*
12l2
3
1778
47
46
5034
50
47
50
42i2
42l2
4212
5i2
5j2
5l2
5i2
2558
4014
26i2
4014
397a
40
397*
48
4212
558
2634
4058
*46
40l4
40
*46
481*
205({
203s
207s
19
181*
1878
110
110
105(5
80
110
IOI4
80
958
5118
3914
30i2
934
51i2
*75
*108
87
*75
1278
234
1712
"16
4714
4958
58
46i2
*49is
5g
81,000
47
46
4634
9,000
Brlggs
49i2
4934
1,600
42
Brlggs A Stratton
Bristol-Myers Co
2,700
1,200
9,500
2534
40
36
38
9334
88i2
8812
40U
2034
3,400
1978
4,900
42
*
40
40
4612
4634
2012
4634
21
21
3934
*47U
2012
1934
2018
20
20
1958
108
108
1078
1H8
8638
10i8
5312
3858
3078
*75i8
958
5338
3914
101(5
3334
*33
34
t
700
Preferred
Bruns-Balke-Collender. No par
Buoyrus-Erle
18i8 Apr
48is
Brown Shoe Co
300
110
40
"I6i2
1034
8578
*70i8
958
867(5
95(5
57i2
3914
38
39
30'8
31
2934
30i8
5,000
938
9
*914
938
4,500
100
7%
*31
33
34
3378
34
36
36i4
*35l2
3612
35l2
35i2
*34
16
16
36l2
16
16
I6I4
1638
16
*32
I6I4
3212
3134
32
32i8
33
3234
658
28
32
32i2
638
2712
03(5
2714
80i8
3034
42l2
*30
42l2
*50i2
45g
1478
6l8
27
315s
►
438
434
*5034
412
*5012
4l2
458
1414
15is
15i2
31
3134
3378
3212
60
32l2
*
50l2
*100
"14'
1438
*49
52
4914
17
*15i2
17
*16i4
17
*50i2
51
51
51
50l2
102
77S
10034 10034
778
8
8
150
*150
152
*120
12234 *122
12234
8834 8834
8834 89i2
3378 34i4
3278 3558
*10978 11034 *1073(5 110
*4212 4412
42i2 43
*76
787S
76i2 76l2
35
3412
1458
4914
110
110
106
*103
7438
1712
43
51
51
43
110
*4212
44l2
77
76
76
34l2
3412
34i2
101
69
69
110
*107
56
53
*35
48
*34
83
84
68i2
60
6038
83l4
5934
92
92
92
*334
*1038
278
*14
4
*334
1078
10i8
278
1414
14
3
106
*104
76
75
1858
18
69
69
72
*107
110
z59l2
40
*34
40i8
84l2
6038
38
38
83l2
84i2
6058
6U2
92
*93i8
95
*93i8
4
*334
4
3
278
838
*2H2
22l2
*18is
1238
*
*97
...
108
108
3578
*84i2
*48i2
*86i2
*125i2
,1483s
58i8
2234
278
818
6l2
28
6
5%
*1434
28
5912
113
19l2
84i2
83^2
314
85
1,300
6034
6138
93i8
9338
95
4
4
*334
4
600
11
314
1478
8i2
3i8
15i4
1412
1412
834
29
8i2
*83S
912
110
*28
258
2i2
55S
578
5
478
15
15
29
534
5I2
434
1478
27i2
62i4
5l2
478
8,300
1478
3
278
3
83g
8i2
7
612
67g
234
8i8
6I4
900
a88
*6D2
8I4
33i2
87g
3534
70
11534 118
20
20U
87
8734
*6U2
838
35i2
600
2,400
"8*2
"L400
3534
4,300
101
*97
*97
107l2 107l2
4058
4214
107i2 10734
210
*85
*85
*85
*84
*4858
8938
88
*48i2
92
92i4
128
128
154
161
58lg
2234
*126
160
58is
2314
*58
2234
88
*
92""
129
163
58i2
2314
*48l2
*90i8
88
'w—''
Bid and asked prices; no sales
on
this day,
Apr
32
2
3UMar 18
100
191* Feb 17
par
23
33
Jan
60
4034
4U2
9,300
88
*48l2
Chlckasha Cotton Oil
Childs Co
10
No par
Copper Co
Chrysler
25
Corp
5
61i2 Jan
16
15
22
4
2138 Feb 18
6
92
Feb 18
70
Feb 23
45
5
Clev Graph Bronze Co (The) 1
Clev A Pitts RR Co 7% gtd_50
_
Special
50
8I4 Apr
2
3214 Apr
7
Jan
90
Feb
105
Mar 19
113
7
107U
35
Jan
90
Jan 14
5
471s Mar 31
160
*157
160
8,900
*58
Coca-Cola Co (The)...No par
69
122l2 Jan
6
*58
59
200
j In receivership,
8,500
640
45
170
4U4
22
2312
2,900
30
25
~i",300
35l2
1,700
4212
200
15
45,700
95
600
92l2
70
6OI4
7,900
103&8
68
9,000
200
1738
14,700
3
35,900
57
1,900
1514
700
4018
2,200
a Def.
delivery,
No par
19i8 Feb 11
Jan
100 zl02i4Mar
No par
100
4% 1st preferred
4% 2d preferred
Columbian Carbon
Col Plot Corp v t 0
100
100
v
10 No par
No par
6
4
53
Apr 12
108i2Mar 29
23
Apr 14
25
Feb
4
112U Mar 12
3238 Apr
9
7
Apr
1378 Apr 8
Apr 13
90i2Mar 9
5634 Apr 8
100
Comm'l Invest Trust..No par
$4.25 oonv pf ser *35-No par
104
04
Mar 15
Apr
$6 preferred series...No par
Conde Nast Pub Ino
No par
Congoleum-Nalrn Inc..No
3 634
New stock,
r
Cash sale,
x
Ex-dlv.
9
Mar 27
I6I4 Apr
27S Apr
55i2 Apr
13i2 Apr
n
48
Mar
48
Apr
124
170i2 Apr
58i4 Apr
jan
y
7
8
2
9
2
Jan
2
84
Jan
7
555*
Jan
2534 Mai 19
13
June
104i2 Jan 6
6234 Feb 13
11234 Mar 11
100
Aug
45
100
par
50i2 Feb 26
985s Feb 11
13078 Feb 18
517(j Feb 10
27U Mar 5
8
94
Commercial Solvents.-No par
Commonw'Ith A Sou
No par
Feb
Apr
6% preferred series A...100
5% preferred
100
Commercial Credit
10
conv pref
July
82
39
2012 Apr 12
Jan
33
Jan 14
Jan 18
41
AX%
Jan
42i4 Apr 15
90
26
$2.75 conv pref
No par
Columbia Gas A Elec..No par
300
117
57
Colorado A Southern
320
11734
No par
5% conv preferred
.100
Colonial Beacon Oil
No par
Colo Fuel A Iron Cor p. No par
Jan
2384
*157
preferred
38i8 Jan 18
jan
Mar
5
4
Colgate-Palmolive-Peet
434
103i2 Apr
2
Collins A Alkman
1
Mar 25
Jan
Class A
1058 Mar
100
Jan
11012
Jan
Jan
Jan
Equipment
No par
C C C A St Louis Ry Co
pf 100
Clev El Ilium Co pref..No par
6%
Jan
Jan
Feb 16
Clark
100
7
25
I884 Jan
78
10,000
11* Apr
31* Apr
3U Apr
19>4 Jan
173* Sept
85
126
2212
21* Apr
6«4 May
121* Apr
40'* May
60
Cluett Peabody A Co ..No par
Preferred
100
587(5
May
253* May
11* Apr
27* Apr
100
Nonpar
Preferred
10
10278
Mar 11
Jan
0
851*
15U
727*
129
2214
80
135U Feb 11
*91
9318
27i2 Jan 14
22i8 Jan 29
1578Mar 3
4
*126
2278
9
70i2 Jan 25
93
2234
Feb
Apr
4
IlOO
City Ice A Fuel
City Investing Co
City Stores
_
""700
No par
129
*126
Jan 20
7U Mar 17
638 Mar 4
470
10634 10634
3912 4012
88
28
Jan
Chile
.
61.205
107l2 10734
39
37l8
36
114
4«4 Jan
Conv preferred
Jan
13* May
27* Jan
Mar
12
200
3,700
*97
36
4
3i2 Jan
1U2 Jan
Preferred
Jan
13i2Mar 17
I8I4 Mar 6
113s Jan 22
.100
Chicago Pneumat Tool.No
Aug
Jan
4'4 Mar 16
JChlcago A North Western 100
Preferred
Mar
19
22U
51
13i2 Apr
8I4 Jan 13
7
8U June
571* Sept
101
Mar 11
2II4 Apr
18
Apr
1214 Apr
46ij Jan
11078 Jan
21U
10712 107l2
*48i2
893S
*86i2 893S
129
*125i2 129
155
14212 150
*58
58;
58ls
2314
2212 2338
100
97i* May
47>4 Jan
59
35s Mar 17
*97
101
tChio Ind A Loulsv pref...100
Chicago Mall Order Co.....5
tChio Mil St P A Pao..No par
90'2 Mar
6878 Mar
6
*__
"¥"
100
7834 Mar 30
5734 Mar 27
91
Apr 7
284 Jan
678 Jan
23s Jan
Feb 13
534 Feb
68
36
100
Preferred
48
2,300
*66
834
3578
25
z60i2 Apr 13
Apr
7
72
88
No par
38
6l2
*60
34l2
Chesapeake Corp
Chesapeake A Ohio
35i2 Jan
4
10i8 Feb 19
834 Mar 8
18
20
5
Feb 10
Feb
2
14i4
20
No par
Cab
235s Feb 10
16
13l2
8I4
34i2
82
111
Apr
01* Apr
Jan 14
8683 Mar 10
I6I4 Jan
6778 Jan
Common
35
14i2 Mar
115
10818 Apr
Checker
May
2538 Jan
05s Nov
Jan 26
4184 Jan 15
2434 Jan 11
2ia Feb
2114
*86
107U
634 Feb
18
*6U2
878
35i2
6
100
18
88
Mar
7% preferred
..100
6% preferred
100
Chicago Yellow Cab..-No par
1378
*6U2
8i2
3534
17
Apr
JChio Rock Isl A Paoiflo
1334
a88
4
Apr 14
Apr
Deo
19
54
1,300
18
88
83s Jan
30
Jan
5484 Jan
2134 May
106
1,300
*20i2
88
9
116
82i2 Jan
39U Jan 12
I2»s Jan 28
2,300
I8I4
1378
*6H2
834
33UMar
0'4 May
921* jan
48i4 Mar
234
2U2
88
Mar 22
8
*20i4
I8I4
12i2
11658 118U
76
Feb
3914 Apr 15
113i2Mar
6214
1834
12i2
*68
100
265s Jan 6
106i2 Jan 6
36i2 Jan 13
234
81(5
6i2
2U2
*181*
1212
11718 11912
20
20i2
Mar 24
8512 Jan
8
3
22
117i2 11978
1934
2014
Jan
100
6% prior pref
700
2712
27i2
63i2
116
1
JChlcago Great Western.. 100
300
63i2
100
No par
2,7C0
2,000
4,700
2712
Jan
91
176tj Feb
12934 Jan 22
100
2l2
64
87
Jan 18
4
tChlo A East 111 Ry Co
6% preferred...
2834
28
Feb
106
Jan
100
2i2
47(5
102
138
Preferred series A
*2734
28
8i2
19,500
2l2
15
5
878 Mar
1,600
11
3
6
Jan
107* Jan
Apr
12«4 May
4534 Jan
Mar 19
ChampPap A Fib Co 6% pf 100
2,600
11
Feb
Jan
37
6
Central Foundry Co
1,000
♦1025s 104U *10234 10414 *10278 10414 *10278 104U *10278 104U
10278
53
53
*523s 5438
5314
5938
57i2 59i2
58
58
5734
110
110
109
*10912 110
10912 10934 no
109l2 110
109t2
42
45
45
42
4412
42 I2
42
43
42
42
*41
40
40
3958 40l4
40i4 4134
4134 4212 *41
4134
4U4
*21
23
2012 20i2 *2118 22
2034 2034 *20
22
*20
*24
25
*23
24
*23
23
23
2378
23i8
23
2358
*23l2 25
*23l2 25
*23l2 25
25
*23l2
*23l2 25
*23i2
*118
124
*11712 122
118
121
118
119
117
118
11734
3312 33i2
3314 33i2
35
*34l2 35
35
34
34i2
3478
*42
*42l2 44l2
4212 42l2
43l2
43l2 43i2 *41i2 44i2
*41
1412
1478
1438
1434
1458
1518
15
15i8
1534
1514
1412
94
*9434 9478
94l2 94l2
94
*94
94i2 95
96
*.94i2
*
Q"*
*
*
9212
9212 9278
9234
9234
92i2
60
*5718 5778
5734
5934
6134
6058
6078
"5934 6OI4 "5934
*100
10334 *100
10358 *103
10412 *10312 106
10312 103i2
103l2
64
65
66
6438
66
68
6778
68
68i2
67
68I4
*10412 10712 104l2 104l2 *10512 10712 *106
10712
107i2 107i2 *107
1658
17
1678
1658
17
18
173g
1778
1738
17
17l2
278
3
3
278
3
278
3
27g
3
27g
278
*57
59
57
57
57l2
57l2
5678 57i2
57i2
57i2
*5518
143s
1438
143s
1434
1512
15i2 *1514
1534
*1514
15i2
1514
40
40
40
40
42
40i2
41
42
41
40
4034
*
100
61
314
18i2Mar 11
52U Jan
4
Jan
6% preferred
100
Central Aguirre Assoc..No par
10.300
*20
11714
19i2
_
60
72
18is
12i4
*
_
38
59l2
*8312
6034
*61l2
62l2
7U2
*36
17i2Mar
01i2 Jan
Jan
10i8 Feb 23
105i4Mar 30
67i4 Jan 28
8,500
640
60j2
Mar 22
Preferred
100
Cerro de Pasco Copper.No par
Certain-Teed Products
1
1878
13
110
40
14
7
Preferred certificates
Jan
103s Apr
100
Celanese Corp of Amer.No par
7% preferred..
....100
Celotex Co
No par
Jan
Jan
54
Jan 14
100
Caterpillar Tractor
58
61
15
99
Jan
5034 Mar 31
49U Apr 13
Century Ribbon Mills..No par
4,100
177g
Feb 27
1700
7414
71
25s
38i4 Mar 19
60
60
Jan
Jan
101* Apr
54>s June
22
Apr
30U Apr
6i8 Feb 25
500
1057g
*108
10
Mar 22
101
X72
I8I4
Jan 11
343s Mar
48U Feb
38U Apr
60
Central 111 Lt 4H% pref.. 100
Central RR of New Jersey.100
Central Violeta Sugar Co
19
70
13
1314
10578 *104
72
Feb 25
Mav
Carriers A General Corp
1
Case (J I) Co
...100
1,300
110
1
Stamped
400
75h
25
No par
A
Preferred A
900
77
35
11
11
258
55g
47g
15
*70i2
378
1478
*28
234
4334
100
Carolina Clinch A Ohio Ry.lOO
600
77
2U2
18i8
12l2
*84
3578
258
278
2H2
123g
—
28
2734
62i2
8i4
638
110
93 I8
94
10&8
1038
258
5i2
478
Capital Admin olass
35
*36
3U
1434
834
3ls
*834
2734
64
278
814
11
1514
534
478
1478
*61k
19
11414 116
1914
19i2
887S 89
*6H2
87S
878
33l2 34
3
1434
14
614
66
10i2
1412
27
64
60 U
37g
14
2734
838
*638
60
6018
28
278
84l2
13i8
*108
60i2
28
*2678
*6U4
7212
110
a:5612
29
5
7178
*108
56is
*28
14
1312
1838
9
14
1318
75
9
2l2
5I4
434
18
*104
10
258
5%
18
1838
10i8
200
77
938
50
400
27,000
800
76
83i4
1438
4978
1678
35
958
Jan
Mar
Mar
30
110
4334
91
Apr
Apr
141* Apr
J3i8 Dec
293s Dec
373s Feb 13
7,300
106
110
4358
21*
8U
9
51
110
25
29i2 Apr
27ij Jan
958
*104
*9
258
514
478
32
106
7434
1714
110
75i8 Apr 16
preferred
Canada South Ry Co
Canadian Pacific
Cannon Mills
_
*101i2 10234 *101l2 10334
31
*3U2
32l2
3134
18
1778
1778
177g
101
13
17
*53
978
43l2
76i4
3434
912
13
7434
*107
110
13
16»8
51
Jan
6
_
51
2534 Apr
27
Apr
Jan 29
Feb
Jan
83*
20i8 Jan 12
1,100
14
Jan 18
Feb
Jan
lU*
20*4
Feb
par
No par
Mar
39
538 Jan
No par
85
Feb 15
13
65U
45U
355s
lia4
9
34,900
4978
*16l4
Jan
8?s
1071* Sept
9i8 Jan
23(, Jan
3138
1678
98
7
1414 Apr
3558
14~38
Jan
Jan 11
Feb 3
Mar 12
Jan 11
1
3334
5H2
50
24i2
2514
117is
1438
Dec
441* May
45
Sept
8i8 May
Callahan Zlno-Lead...
5%
1
1678
Feb
2
6234 Jan 14
Calumet A Heola Cons Cop
5
Campbell W A C Fdy_.No par
Canada Dry Ginger Ale
6
*60
1418
*49i2
Jan
97*4
102U Jan
14,000
35
1412
4014
Jan 12
Jan
Jan
Jan
Jan
53
6
30
Jan
41*
33
14,300
33i8
1678
Jan 13
414
145g
31
*60
Apr
Dec
41
1538
1534
3134
4i2
43U
47
Apr
2534
24U
13i2
29U
Apr
lis July
Jan 23
45U
18U
36U
914
3334
.100
Byron Jackson Co
California Packing
2934 Apr 16
7i8 Jan
0
yl2i8 July
8
8
3434 Jan
jan
Jan
300
414
76
-
7318
Preferred.
2,300
2,300
15U
5U2
958
17
6% oonv preferred
Copper A Zlno..
Byers Co (A M).......No
Feb 23
938 Apr
5018 Apr
255s
64
51l2
3134
*49i2
*16i4
*50i4
*31l2
74
42
75
100
Butte
330
458
60
934
*103
1,800
3134
4034
*50l2
414
50s4
4,000
2,200
1558
3178
3414
3314
10334 *100
10334 *101
10334
32
31i4 31i4
3134 32
*1738 18*2 *173s
I8I4
*1778
I8I4
*1214
41i2
50l2
34i2
9i2
32
1314
*41
42
75l8
3114
"1414
110
*102
*1H2
27
31
100
No par
No par
No par
Debentures
Apr 15
10i8 Apr
JBush Term Bldg gu pf otfslOO
Butler Bros...
10
IOD4 IOU4 *10114 102
*101U 102
10
*10U4 103
8
778
8
778
8
734
734
778
4,000
15U2 157
159
16014 16014
160
160
16012
1,400
12234 12234 *122
122
122
12234
140
12234 12312
90
91
91
8978
88i2
90'4
90
89;%
3,700
37
3514
3678
38l2
3734
3914
37i2
3834 156,000
34i2
9i
9i2
"llh
6i8
108
Burroughs Add Maoh..No par
JBush Terminal
No par
5,100
32U
6i8
2714
75i8
1578
*32
77
31
...
*
60
1412
77
3134
3U2
32
6I4
2712
80
1514
3014
3112
50
50
*1512
938
4212
01?
28
1514
60
~I 4i"4
*34
31
42
7934 <,7934
297(5 30i2
42
42i2
*5034
434
8OI4
31
638
2714
32
*30
150
80
03*
27
16
preferred
Bullard Co
180
10'8
100
No par
Bulova Watch
400
3334
3334
35i2
Mfg
Budd Wheel
4,700
14,600
1,400
33
6
7% preferred new..
Budd (E G)
11,300
56i4
No par
Co
Apr 16
88i2 Apr 16
June
38i2 Jan 14
3
Apr 12
391* Apr
8U
Jan
281* Sept
19
Dec
30
Jan 14
29
Jan 25
16
Jan
12534 Apr 1
39i2 jan 20
i46i8 Jan 20
94
Jan
2078 Jan 14
108
Jan
101
Jan 14
69U Jan
114
8
8
Jan 12
80]4 Jan 26
120
Jan 25
2U4 Jan
4i8 Jan
7558 Jan
19i8 Feb
451* Mar
Ex-rlghts.
21
13
13
11
11
ov
Oct
63is Mat
100U Apr
39
47
8
Deo
37*s Deo
"l6 Apr 13
2
38*8 Apr
45i2Mar30
20 U Jan
33
638
Apr
Apr
Apr
247*
381*
120
Apr
5978 Feb 11
53i2 Feb 13
Mar 30
Brooklyn Union Gas.-.No par
30
27i8
*72i4
..No par
4378
41i4
5U
253s
200
30
I6I4
3234
638
27U
7934
31i4
41l2
5
Brooklyn A Queens Tr.No par
i2 Apr 16
45U Mar 22
36
934
*32
par
No par
Feb 11
Mar 23
Jan 11
Feb 23
July
May
July
40i8 Deo
8018 June
Jan 18
83i2
1534
4i2
23U
234 Apr 15
1634 Jan 4
Bklyn Manh Transit..-No par
$6 preferred series A.No par
56i4
10i8
Manufacturing.No
Jan 7
Jan 16
Mar 3
Feb 13
Jan 22
28
2534 Apr 16
7214 Jan 5
8U Jan 28
.100
141*
18U
7714
107s
Mar 10
93
Highest
( per share $ per share
4612 Apr 13
2,000
11
1034
39l8
307(,
Boston A Maine
8
share
85*4 Mar 22
tBotany Cons Mills olass A.50
Bridgeport Brass Co...No par
Rights
2534
39i8
3034
97S
97*
900
27i2
*75i8
978
5118
385s
3018
978
307,5
900
4
4078 Apr
10
Year 1936
Lowest
418gMar 12
15
13,600
*2534
3778
52
(The)
Corp
Borg-Warner
1234
234
27i2
41
9434
10
Apr 10
335s Jan
per
2978
32i2
94i2
4934
48is
Feb 26
87
Borden Co
4,200
538
110
28
1758
"16
4
par
100
Bon Ami class A ......No par
Class B
No par
15,300
81
5U
978
9
26
4212
5034
3078
280
558
934
914
5
300
4478
5i2
515(5
30'/8
1,000
88
21
87
5
Bohn Aluminum A Brass
2234 Jan
$
Bloomlngdale Brothers.No
234
17i8
12
18
40
"108
Boeing Airplane Co
$ per share
No par
Ranoe for Previous
Highest
Blumenthal A Co pref
10
578
4212
46i2
107S
9,600
88
4478
2534
8018
*1212
1234
234
Blaw-Knox Co
3,100
50
4212
934
3834
89i2
Par
40l2
44i4
*43i2
443(5
Lowest
26
32
9278
39
44U
1234
3
50i2
38i2
4034
2618
8H2
183s
40
i
110
1058
89i2
'
2U4
20
44
*2534
40JS
4818
2034
19U
1034
3914
91«
4234
534
2634
4034
9434
19
IOI4
5114
26i2
40i2
9434 *._.
20i2
110
4734
"16
40
4014
95l2
*46
I8I4
*49
46i2
48i2
*26
3
1734
58
84
4558
1234
3
*42i4
*93
2534
*3H8
*87
26
88
,
2678
32
9278
4138
44
2512
*3U8
*87
32
—
91U
40
40 38
4414
89l2
443s
45i2
26*4
7812
1212
2678
*3H8
9278
*87
3912
*30is
26i2
32
*31
87
39
267(5
"isaa
1937
EXCHANGE
Saturday
$ per share
ssggsg ■'
April V
19i8
Jan
31
May
391* Dec
14
Jan
901*
8O84
Jan
44
Jan
Jan
100U July
55
Jan
97
Jan
14U June
2U Apr
59U Apr
7
July
307* Aug
"ff Called for redemption.
47
Nov
323* Aug
90U Nov
111* Jan
61* Nov
187* Feb
Volume
LOW
New York Stock Record—Continued—Page 4
144
SALE PRICES—PER
HIGH
AND
SHARE, NOT PER
Sales
CENT
STOCKS
NEW
for
the
Apr. 10
Monday
Apr. 12
Tuesday
Apr. 13
Wednesday
Apr. 14
Thursday
Apr. 15
Friday
Apr. 16
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
1834
14*2
1534
*1612
1334
90
*1534
*16*2
*13»4
*85
16i2
*85
15*2
*16*2
1534
19
1378
*14
*85
90
15i2
1834
14*2
91
90
90
90
*85
110
*85
110
90
90
4'8
1478
*4*s
*J47s
3858
♦105*2
*1012
• l67s
*10434
*7
78
1258
51
3514
12934
♦98*2 103
| 56*2 5714
37s
22I4
2238
22
37i2
37
373s
37U
278
4538
303s
3
46l4
46
3034
31
67i2 6778
6812 6812
043s 65
65i4 65i2
156
1543s 1543s *152
8i2
834
85s
878
49i2 50
49i2 49i2
70
13712
234
27s
455s
443s
453s
30*2
4914
30
30i2
50
27s
11534 *110
2134
22
11534
♦31*8 32
*21i4 22
74
74*2
47*2
*47l2
♦40
43*2
*40
23
233s
32
♦31
47*2
1105*2 105i2
73
22h
106
71
r 71
1125
695s
75
4834
4278
23i2
106i2
72
125
»1H4
*120
128
2
2
2
11*8
90
*85
91
*90
110
*90
40
40
40
155s
15i8
9278
65s
1558
9338
634
19*4
65s
64l2
153
64
653s
*150
43
*40
23*4
2514
10734 108*2
72*2
7384
*120
128
2
43
25
24i8
1083s 108&8
73
72i2
*120
2i8
2384
2*8
2*8
12
634
1934
2034
82
*80
82
80
80
*80
*50
55
*50
55
55
55
*50
54
*50
76
76
77
78
*78
79*2
1578
1578
1534
1534
20
20
2034
2018
20is
20*4 *20
10234 ♦100l2 10234 *101*2 10234 *101*4 10234
127
123
128*2
12112 124*2
120i2 129
29
29*4
29l2
29*2 29*2
29i2 29is
24
25
24i2
2414 24*4
24*4 24*4
*15U
16*4
20's
♦100*2
122
*2812
24l2
49
50*4
48
48s4
49*4
4834
1978
20*2
19«4
1878 1978
1912
8I4
83s
8*8
8I4
8I4
8*4
*123
125
*12212 124
*12278 124
*9*8
11*8
9%
938
938
93s
*20l8 27*2
*20's 27l2
♦20's 271«
»66i2
*67
68i2
32
32
3134
i*36
37
*35*2
2234
23
2134
245$
25
25
*90
*21
22
*37
40
*90
92*8
3634
3634
44
21
*
44
43i8
*934
10U
*978
55*4
56i8
54i2
*4514
*325g
*78
T*45j8
51
*32l2
it *7s
1 *2i4
I *6
35
*15i2
16
♦109
1
234
2i2
6
0*4
120
*15*2
*109
20
Preferred
3734
5,900
Continental Insurance
234
47
3034
70
6378
5,200
200
6,200
6,400
9
123
*151
155
32l4
32l2
21334
1334
38l2
1134
3834
117b
5I2
2138
7712
512
2034
77i2
300
2,600
27,700
9,900
400
15*4
30
5,900
1,000
1,400
12,100
29*2
23*8
4878
1978
9,700
*67
1
*
77l2
67l2
3914
138
69
140
113s
538
40
t
1%
^*5i2
*2438
Ah
57s
5S8
2414
25
3?
*57
*66
70
32
22*8
22*2
25*2
92*8
2134
2178
2434
25
31*4
*36*8
2H2
2412
31*2
37
92*2
*91
92
*91
2134
*2178
22*4
*21*4
200
"37"
3934
37*2
22*4
3934
*36~
38
900
43
43
43
1178
21
*
40
37i2
4214
37l2
44 *s
10*2
11
2134
"37*8
43*2
42*2
11
37*2
43
78
212
234
284
6*s
6
6
*2*4
534
120
*1534
*109
155
5% pref with warrants..100
*161
*151
Preferred
120
100
Du P de
1,900
Nemours(EI)A Co.20
0% non-voting deb
100
Duquesne Light 1st pref
100
Eastern Rolling Mills
5
Eastman Kodak (N
6,300
20
6% cum preferred
11
1138
1158
11
69
*65
09
*65
69
*65
67*4
*65
67*4
73
*70
73
*70
73
*70*2
73
*70
73
!. 79
*75
78
*75
78
*75
76*2
*73
76*2
7U
738
20
19
18*2
1912
29
28
29
29*2
2134
8h2
123s
295s
434
22
22
5*4
114
11*4
*73
29
13s
57*4
■i *70
1 1834
73
3934
*110
11
*65
•*70*2
78
7*4
7*4
2038
1958
1934
3058
30*2
29
2934
19*2
29*4
2978
2334
2334
*22
24
*213s
24
81*2
*73
81*2
12*8
23*8
7*4
7*4
7*4
1934
.
conv
$534
43
345s Jan
95*2 Deo
116*2 Mar 30
122
154
180*8
Apr
9
13112 Feb
2
112
Mar 13
Apr
Jan 19
Jan 18
135*2 Feb 19
115*2 Jan 22
17
61
Dec
5*2 Jan
*>8 May
1*8 Jan
47s July
36*4
Deo
1»4
Jan
3
Jan
13*8 Aug
18*4
120
133
Apr
18434 Nov
129
Feb
136*2 Deo
*111*4 June
5
9
175*4 Feb
3
150
2
163
Jan 11
152
5*2 July
5*8 Jan
1978 Apr
4
7*4 Feb 6
26&S Jan 14
50
100
1
75
8
Mar 30
68*8 Apr
39*4
lis
5*8
2358
8
Apr 12
Jan 2
Jan 4
Apr 2
55*2 Jan 14
108»4 Mar 20
92*4
Jan
7
87
Jan
8
44ia Jan 16
2
Jan 19
8
Jan 18
29
Jan 18
60
Feb 11
Mar 22
No par
63
Mar 31
No par
68
Mar 23
No par
preferred
preferred
11
115*2 Jan 19
1734 Jan 16
76
Deo
Deo
Apr
185
Aug
July
166
Mar
Jan
Apr
40*2 Nov
10
Apr
Apr
47*2 Nov
173s Feb
5
Dec
7»4
Feb
03s
3284
Jan
257s
94*4
875s
Deo
Deo
Deo
55*4
Jan
Feb
Deo
Deo
Jan
29*2 Jan
393s Deo
*2 Jan
1*2 Jan
2284 Nov
63i2 July
110
Aug
157« Nov
15s
0*4
29*4
09
Feb
116
July
16*8
78*4 Jan 30
7*2
45*2
Jan
Jan
8434
81
Dec
Oot
48
Jan
89*2 June
55
Jan
97
235s Mar 17
353s Mar 17
11
2
8
28*4 Mar 17
11>4
Jan'
29
Oct
Jan
7*8 Apr
1378 Jan
8
100
26*4 Jan
..100
First preferred
123s
Feb 19
9
100
Erie
110
80*2 Feb 10
984 Jan 15
Apr
21*8 Apr
Equitable Office Bldg_.No par
Oot
Jan
Deo
Feb
Mar
Feb 23
834
114
16
3
Corp
$6 preferred
2,500
9,100
4,900
Jan 11
3*2 Feb 19
8*4 Jan 16
17ia Jan 19
7*2
7
No par
No par
El Paso Nat Gas Co
-
15*4
Jan 16
11*4 Apr
$ Elk Horn Coal Corp.No par
0% part preferred
50
4* «•«.•••*•
7*4
1934
30
Boat
Eleo Storage Battery ..No par
$5
73
*75*2
Mar 15
3
Schild
$7 preferred
$6 preferred
900
11*4
67*4
2038
7'.
8
3034
6% preferred
Engineers Public Serv
11
Jan
45ia Feb 11
Endlcott-Johnson
11
39
8
110
*10
Oct
Apr
500
lli2
Dec
19
38
5712
58
114
93
9
5
2558
7934
25
26
*110
Apr
9
Feb
684
Electric Power A Light-No par
26*4
58*8
18*4
Mar
25
28*2
Elec A Mus Ind Am shares...
110
Mar 17
96
Mar 17
2,500
255s
29
16
31,700
3,000
1,800
2,100
3,300
1,200
6,100
5*4
Jan
Aug
37*i Feb 11
53g
1*4
Deo
40*2
1178 Jan 29
223s
72*2
03
Oct
Oct
3134 Apr 12
Electric
395s
Jan
4
100
Co
4
No par
7,400
79*2
73*2
3934
1*4
5*2
42
Jan
158*2 Apr
IDs
538
Feb
37is
Feb 11
150
J) .No par
11*2
22
153
30*8
2034
2
11%
110
70*8 Feb 19
36is Feb 2
40*8 Feb 4
23
Apr 10
90
11*2 Jan
12*8
110
738
No par
12
*58
Jan
Duplan Silk
12
2534
58*8
213g
200
155s
Eleo Auto-Lite (The)
110
June
*534
39
2478
13
534 Apr 14
38*s
*57
Oct
8
1
39*2
IDs
110
117«
Jan
Dunhlll International
39
58
Apr
900
Preferred
40
5*2
May
4
26
*
128
2
6
*77
33*2 Nov
5484 Oct
23*8 Feb
93s Feb
Jan
100
2258
Jan
Deo
108»4 Deo
328g Nov
12
200
40*4
534
1078 Feb 18
146*2 Jan 7
234
Eitingon
534
Apr
*2*4
Eaton Manufacturing
558
2438
Jan
147t
43s
108*4
Jan
5,000
7,800
1*4
5*4
2534
5734
19*2
36>4
7
4,400
73
Jan
Apr
5
683a Mar 17
5
1334
3934
29
24*2 Mar 17
13s Jan
32*2
13s
534
Jan
39*4 Jan
13*4
73
Jan
27
84 Jan 12
2*4 Jan 8
3134
40
Dec
52
32*4 Mar 25
1358
1*4
107
Convertible class B.-No par
33
71
5
fDuluth S S A Atlantic...100
13*8
3958
5
Jan
300
*152
138
Feb
1
3412
90
70*8
24
29
1,900
39*2
Apr
505s
155
13s
75g
123s Mar 8
77*4 Jan 25
162
1*2
Jan 16
8884 Dec
197a Nov
109
6
2
Jan
135*2 Mar 10
3134 Mar 5
42*8 Jan 4
17*8 Jan 4
77s Jan 9
122
Apr 14
938 Apr 9
Jan
Jan
43*4
18*2
9
Jan
9078 Mar 10
Jan
Sept
55
161
79*2
Apr 10
Deo
70*2
8
32*2
80*2
76
9*4 Mar
36*8 May
7
*152
79*4
70*8
39*2
Feb 2 7
Apr
155
5*2
62
10*2
10
162
5*4
Jan
Jan
Dec
90
54*4 Apr
161
22
49
"4
Jan
Apr
217s
49
A No par
14
538
59
Dresser (SR)Mfg oonv
33*4
81
6
44*2
24*4
Dec
135s
39*2
2338
114
61*2 June
123s Deo
82*4 Oot
33
5*4
99*2 Mar
Jan 14
Do
Deo
Jan
Aj>r
Jan
14
80
129
86
Dec
14*4 Mar
63*2 Jan
35*2 May
1078 June
2384 Mar
Deo
41*2
3234
2212
Jan
3<S
20
Jan 28
*23s
534
♦155s
5*2
6*8
126
51
2S4
534
2234
Sept
Deo
9
13*2
393s
1134
1*4 Sept
9
19*8
"5684 "Oct
4134 Apr
No par
1
512
21l2
79
68*2
3978
Apr
95*2 Apr
Dome Mines Ltd
32*8
1178
538
21*4
28~
5,900
*325s
156
493s Nov
Jan
Dec
7*4 May
Jan
Douglas Alror Co Ino. .No par
*109
44
165s Mar
Jan
Apr
100
155s
46*4 July
435s
6
4
20*8 Apr
Deo
Nov
377s Nov
3538 Sept
91*2 Nov
68*4 Nov
Jan
83s Mar
1934 Apr
7«8 Mar
50*2
140
Nov
1
163
1
Dec
25
34*2
120
Mar
2058 Feb 11
109*2
Oct
82*2 June
170
407i
*78
*109
43
5
Apr
Apr
09*2
Aug
No par
*3234
120
Jan 11
Mar
40
Class A
—
78
*109
I43g Jan 12
127
4
41*4 Jan 25
4634 Feb 17
..No par
Dominion Stores Ltd.-No par
120
4
Feb
3634 Apr 10
Co
2,700
584
16*4
Jan
40
Doehler Die Casting Co No par
-
Dlxle-Vortex
13,900
10
155
Distil Corp-Seagr's Ltd No par
IDs
16
15912 161
Diamond T Motor Car Co..2
5,900
50
16
393g Jan
30*2 Mar 23
36*8 Apr 7
21*2 Apr 15
243s Apr 16
5734
284
4
Jan 30
61
No par
50
78
*33
Mar
Diamond
1158
56*4
11%
5634
Jan 11
173g Jan
Mar 23
57*4
49
MarlO
3
22
2,300
21*2
2434
*
135
100
Match
Mar
8
Corp. 10
Participating preferred—.25
35
Apr
Mar 22
11*8 Apr 12
Delaware A Hudson
400
37
Jan 16
4
5
Dlesel-Wemmer-Gllb
100
Oct
Nov
Jan
Jan
Mar 30
Apr 13
Co...100
preferred..100
July
41
136
2834 Jan 15
10078 Feb 3
56*2 Jan 8
47*4 Jan 28
25*4 Apr 13
1085s Apr 14
8134 Mar 3
Apr 16
120
4
3
37
Apr
51
Apr
635s Aug
158
Aug
55*4
Jan 28
6612 Feb
29
Det A Mackinac Ry
Feb 13
Dec
121
20
34*2
78
34,
1,900
32*4
2U2
243s
25
4
10234 Apr 15
1043s Jan 5
51
11*2
59*4
*47
49
2U2
Jan
Dayton Pow A Lt 434 % Pf.100
Deere A Co
No par
Delaware Lack A Western..50
8
71*4 Jan 15
171*2 Jan 14
10*4 Mar 16
15*4 Apr 16
*47
11*2
5678
16
423s
56*4
5534
*4514
*32i2
56
51
35
1
♦
40
37*2
70
31
*37
Jan
5
25
92
217s
*66
6
Davega Stores Corp
Preferred
Nov
Deo
No par
Conv5% pref..
Nov
87*4
Apr
Ino
1
4
109
77
80
...1
Class A
Cushman's Sons 7%
353s Nov
40
pref—100
..No par
Curt lss-Wright...
Jan
447,
Devoe A Reynolds A ..No par
70
3134
37
*91
50
No par
Jan
Deo
15s
9*4 Deo
377s Deo
26*4 Mar
Apr 16
10
No par
07*4
63»4
Deo
25
15*8
9212
6*2
18*2
5% non-cum
37
25
Packing
Curtis Pub Co (The)
Preferred
June
17*4
106*8 June
12*4 Nov
3538 Mar
110
JDenv A Rio Gr West pref. 100
32l4
110
7-
Cudahy
2
12*4 June
1584 May
103s Jan
15s Jan
July
958 Nov
Jan
Jan
Mar
46
10
Jan
5*2 Sept
v
3s May
Oot
109
243g Mar
11534 Apr
29*2 Apr
2
9
101
Feb
Feb
483s
17*t June
3512 Apr
2*8 Apr
28*8 June
64*4 Apr 8
Apr 14
100
Detroit Edison
70
37
*90*4
*2112
100
Preferred
27*2
37
No par
600
32
2238
2538
92ia
100
(The)
Cuba RR 0% pref
Cuban-American Sugar
600
*66
5758
5738
lioia ll0i2
lli2
"*65
Preferred
Cuba Co
9
11*4
*20*8
69*8 Jan
Jan
Apr
11*2 Apr
37s
7*8
20*8
2534 Jan 23
4234 Jan 23
37a Feb 11
47
Apr 16
17
Corp.
122
27*2
10934 Feb 17
153
99
500
20*4
10234
127
*20*8
234
40*4
263g
63*4
5
Cutler-Hammer
27*2
Apr
5*4 Jan 15
55*2 Apr
20*2 Jan
37
Apr
$5 conv pref
No par
Crucible Steel of America..100
1,000
32
37
158i2 159l2
151*2 15112
3134 3218
1234 1358
3834 39*8
20i2
Crown Zellerbaoh
No par
8% preferred
*20*8
100
2
41
20
*934
Jan
Pref ex-warrants
79
122
205s Jan 4
275s Mar 12
70*2 Apr
47*2 Apr 10
40
11*4
Feb 24
Nov
102
Feb 26
Apr 5
Jan 23
Jan 4
Feb 27
Apr 6
6234 Apr 6
373s Apr 13
3734 Jan 14
8*s Jan 26
Nov
94
Feb
4*8 Sept
15*4 Apr
27*4 Apr
13*2
1778
105*8
10*>s
1&8
13*4
10434 Apr 9
7
Apr 12
78 Jan 2
Nov
95
73*2
Jan 12
108
85
6584 June
72*4 Jan
5
497s Jan 23
Apr
Mar 30
Jan 4
Feb 26
3
Mar
534 Jan 20
1834 Jan 9
Apr
33
2
Mar 11
92
21
3,300
678
*984
38*2
104*2
9*4
155g
Mar
95
No par
82
11*4
87
7
No par
290
19*2
47*8
19*2
*8*2
33*2 Jan
19»4 Deo
$2.25 conv pref w w..No par
100
156
155
15534 156*4
155*2 15778
158*4
1563s 158
15534
154U 155
*13158 133*8 *132
133*8
♦1315s 1341s *132
1341S *132*2 13358 *132*4 133
114
114
114
114
114
*113
*11338 114
♦1125s 114
*11284 114
14
14
14*4
*1334
14*4
14*2
135s
14*s
1334
1334
13l2 13l2
15914 159U
Crown Cork A Seal
2,200
23
20
*66
25
100
Crosley Radio Corp
150
*938
70
........No par
preferred
No par
1,000
29*2
June
100
16
126
25«4 Mar
Aug
8
300
95
15*4
49
195s
7%
1,200
393g
*1934
48*2
Coty Inc..
25
100
Crane Co
54
20
49*4
Corn Products Refining
Preferred
Cream of Wheat ctfs
1078
*78
5
par
5,200
111
*80
...1
Corp.No
400
2*8
393s
15*2
94l2
634
Motors
Continental OH of Del
Continental Steel
400
12*2
1058
J2.50
Corn Exoh Bank Trust Co..20
510
125
111
128*4
29*2
29*2
2334
24*8
834
Continental
5,100
42,700
4,800
156
2*8
126
123
20
Continental Diamond Fibre. .6
10234 10234 *100
834
100
2,300
12
16
20*4
123
Continental Can Ino
2,700
4,700
79*2
1934
834
Corp of Amerlca-20
"8"600
77,600
20
48
122
100
Continental Bak class A No par
Class B
No par
5,600
69
40
*37
*15*2
16
Container
36,700
v 10
22
54
79
5% preferred
980
245s
82
*15
5,900
5,000
12,000
19*4
1934
*80
7612
No par
Consol RR of Cuba pref
100
t Consolidated Textile
No par
Consol Coal Co (Del) v t 0..25
24
678
19U
1984
Preferred
100
2,100
108*2 10834
69*8
70*2
2*8
80
19*4
No par
No par
5778
*118
126
6*2
1834
19
69,400
41
*1134
12i2
1078
11*8
111*4 111*2
40
*3938
16
15%
9488
94*4
Jan
16
Jan
$5 preferred
.No par
Consol Laundries Corp
5
Consol Oil Corp.......No par
600
41
24*4
16
Jan 14
187s Jan 15
Apr
Feb
Apr
234
4534
42
10778 10834
70
71*2
*110
128
2*8
al2
12
*41
19*4 Jan 23
22
83*2
90*2
4*8
1478
Consol Ed Co of N Y
2,200
9
9
878
878
8*2
878
49
49
49*8 4934
4934
118
*110
11534 11534 *11534 120
*11334 117*8
*31
32
32
3184
3134
32*2
32*4 32*4
22
2214
2178
2134 22
2184
2134 22
76
77
77
76*2
*7558
7634
75*4
7734
48
48
*48
48
48
48*2
*47*2 48*2
*40
15*2 Apr 13
16*2 Apr 6
80
Preferred
1,900
23,500
4
*152
80
76
"woo
Highest
$ per share $ per share
135s Mar 22
100
3034
6912
63*4
64i2
156
$ per share
100
Prior pref ex-warrants,. 100
Consol Film Industries
1
22
278
% per share
Preferred
"""266
56*2
4634
32l2
70s4
Highest
Prior preferred
90
3734
46
7034
Congress Cigar
No par
Connecticut Ry A Ltg pf—100
Consolidated Cigar
No par
*98*2 103
38
32
Par
""800
9078
Lowest
Lowest
110
37s
37*2
234
3
153
4
*9812 103
58
5734
22
2218
11*8
11*8
11%
11*8
11012 112
*110*2 112
*3938
*3938 40
40
1578
16*4
15*4
16
93
9334
9334
94*4
65s
67s
634
113
93*4
37s
465g
3278
70i2
ll*s
11
93U
278
58i2
2214
383s
1H4
113
15*2
*1658
1334
Year 1930
EXCHANGE
300
17
18*2
14
*15*2
*90
4*8
*1138
11>4
*39*2
.
2
13
114*2 11412
11
17
18l2
14
90
*98l2 103
58
37
673s
6434
6412
♦1543s 156
878
834
103
4*8
5734
3712
♦111
*99
4*4
5634
22
234
4*4
*85
*8338 110
414
414
57U
2178
* 215s
4438
4*8
4*s
*98i2 103
56i2
2178
*29
4*8
14
4*8
4*4
4*4
4*4
4*4
15
15
15
15
15*2
1512
15
15*8
1514
3858 395s
3858
39*4
40*8
3938
40
3878 3934
3878
106
10534 106*8
106i2 *10534 1O012 10578 10578
106*4 *10512 10634
11*4
1134
105S
11*8
*1114
1158
11
III4
11*2 *1034 11
17
17*4
1734
1658
1738
xl7h
17i2
1634
17*4
17
1738
104«4 10434 *10434 10478 *10434 10478 *10434 106
*10434 106
100
7
8
*7i2
8
8
712
*784
8*8
8*s
834
8*2
78
1
78
1
7«
1
78
1
78
1
1
12i2 1278
125s 1278
12*8
1278
1234
12is
12*4
11&8 12*8
50
48
5112
5012
49i2 50l2
49l2
51
495g
49*4
4934
3414 3638
36*4 373s
36*4
3534
37
3478 36*8
3458 36*4
30
31
30
31
30
30l2 315s
30*8
29*2 30
32
4*4
4
4i8
1478
39's
*15*2
*1668
90
90
110
16
1834
14l2
*85
90
90
*85
16
*1658
*14
Range for Previous
Range Since Jan. 1
On Basis of 100-Share Lots
YORK STOCK
Week
Saturday
2605
4
5*4
16
Apr
1078
Apr
Apr
34*2
June
Dec
18*4 Sept
Oct
'
*21l2
*73
*12
29l2
434
334
22i2
*57i2
*73
12
29i2
*434
4
2212
5834
•
4
4
2238
58
*73
12*8
2958
12
*12%
30
30
*5612
2178
58"
*56i2
2178
*21i2
81*2
*73
123g
12*4
12*4
12
305s
30*2
315S
5*4
5*4
5*4
30*4
5*4
32
5*8
Mi8
4
4*8
334
4*4
378
4
600
2234
59*4
215g
22*8
2158
2134
59
59
58
59
2234
59
59*4
*140
*140
*140
57*4
5812
22
5734
22*4
22*8
58*4
23
*56*2
2238
—
-
58
2258
*140
95
95
*93
95
*94
95
*94
95
95
95
*118
150
*130
149
*135
150
*135
150
*135
98
*95
98
99
9
9
8'a
458
*3634
83s
458
*94*2
Q
*8is
4i2
*36i2
96ls
*94*2
O
9
9
*8*4
838
83S
4i2
458
434
478
37*2 38
38i2
♦1021s 104
*102*8 104
*102i8 104
39
39
39*2 40
39l2 39l2
39
40
*35
*
*35
9*8
834
40
*35
40
98
834
9
*8
434
8*2
434
38
37*4
102*s 102*8 *1023s 103*2
39*2
39*4
39*2 39*2
37*2
*35
37*2
40
Bid and asked prices: no sales on this day.
*94*2
*35
40
2,200
57
22s8
1,000
1,000
Jan 14
80
Jan 14
68
Jan
69
5
12
Apr 12
12
Jan
Evans Products Co
5
28*s
Jan
5
5
23*8 July
4% Jan
157a Aug
407i Jan
4*2 Apr
3*2 Jan
2034 Apr
14i8 Jan 21
34*4 Mar 3
6>4 Jan 21
5
5>g Jan 28
25s June
8*4
4*2
*37*4
38*2
2
Fairbanks Morse A Co .No par
56
Mar 20
6% oonv preferred
100
Fajardo Sug Co of Pr Rico.20
Federal Light A Traction... 15
150
Mar 31
Preferred
No par
Federal Mln A Smelt Co
100
8
293g Jan 18
93
Apr
Mar 29
103
Jan 27
160
Apr
9
129
Jan
4
Jan
4
Jan
2
8*4
800
Federal Screw Works_.No par
2,900
Federal Water Serv A.-No par
1,200
Federated Dept Stores .No par
36*2 Jan 26
39
434% preferred
1,600
......
Def. delivery,
Fidel Phen Fire Ins N Y
100
50
Fllene's (Wm) Sons Co No par
n
New stock,
r
Jan 15
21
45g
200
717«
210*4 J&Q
70
Federal Motor Truck..No par
39
Jan 28
5
3,100
9
100
Preferred
28
53*4 Mar
68*2
94*4
8*2
5*2
43s
40
a
100
Preferred
98
10278 10278
*35
.....50
Exchange Buffet Corp.No par
Fairbanks Co
25
70
150
*94*2
878
X In receivership,
1,200
9634
*94
150
10,000
—
56*2
2238
*110
*94i2
80
Eureka Vacuum Cleaner
540
22
5*4
preferred
Erie A Pitts RR Co
1,200
t47»
47s
4*4
23
59i2
*140
*138
*73
8112
Second
500
101
Apr
3
377a Apr 9
3934 Feb 19
Cash sale. * Ex-dtv.
y
Jan 11
4
84
Jan
Mar 11
37
Aug
Jan
Apr
2
115g Feb 19
IU2 Feb 25
6
Jan 14
4334 Mar
1087g Mar
4
9
455g Jan 18
3934 Feb 19
Ex-rights.
8*2 Apr
3484 Jan
122ia Jan
315s Feb
1834 Apr
6978 Mar
73s
3
Jan
Apr
2*2
Jan
20*2
Jan
8*4 Mar
5>4 Mar
25
Deo
7134
Dec
210*4
Deo
61*2 Deo
2734 Deo
101*2 Deo
92
Mar
123*2 Nov
12*4 Mar
0
Deo
6
Oot
46U Nov
11538 Nov
105
Dec
38
Apr
4984 Nov
Jan
40*8 sept
20*4
T Called for redemption.
3BK
New York Stock
2606
LOW
AND
HIGH
SALE PRICES—PER
Saturday
Monday
Apr
Friday
the
Apr. 14
Apr. 15
Apr. 16
$ per share
$ per share
$ per share
00
35
35
35
35
35
6U
26
6*8
24
*101
15U
13%
102
*102
15t2
1334
1578
*101
102
*101
102
70%
70
70
70
73
16
16*8
15i2
16
1578
16
*
148
"J6"
lOU
27
27*4
97s
26*4
*54ig
5512
55
*118
125
*120
47
*4512
*136
53*4
41*8
57
125
136
28i2
57
57
55i8
42>8
212
41*4
4218
60
59
2.'%
2l2
61%
67
*6512
67
*65
67
78
*70
78
*70
78
65
65
0412
*119
60
*114
65l8
115
50
*45
50
12*8
*1134
15*8
H78
12
16
1518
*16
16i2
*108
4ig
10912 *108
4
418
*49
50
*114
115
*114
4
37g
115
378
114
39U
40
41
41
41
60
60
61
60*4
63
62
62*4
71
71
71
73
74
29
28
2914
29
3914
16*8
39i2
17
39U
16*4
28l2
3914
1678
84
24*8
83
*8512
*44'2
*52*4
*514
*6'2
83
25
2478
87l2
25*8
*85
45
43
56
*54
*83 lg
4
438
7,100
60
20
lis4
16%
17
10834 *108
10834
4
4
4%
52
4934 4934
1,400
4,200
-
800
114
4%
41%
43
20
4%
41%
61%
74%
8,100
61
75
*70
2914
40
1714
28%
*3914
28%
29
29
1,100
40
40
41%
83
84*8
1,800
4.400
1,000
26l2
39l2
17%
8378
26i2
62
2678
8684
46%
56
17
*85
87
86l2
86i2
43'4
*5434
5*8
678
4412
4412
4512
55
55
56
17%
84%
56
16%
*83
27
1,000
220
17
84%
26%
*85
45%
*55%
5%
634
27
200
'
*4
42%
41
44i2
2414
49*8
3512
41S4
126
1178
94
126
12ig
94
33g
%
4
4
4
*22l2
23l2
2212
22l2
40*8
41
41
41
41
44
25
4414
2514
50i2
3534
4414
20'4
5178
4312
2512
43l2
2684
4
5078
35l2
9334
3%
10%
33g
IOI4
532
4
117S
*92
10l2
2278
42%
126
1U2
3l2
10*8
4
2234
*4312
2414
4914
3512
42
126
22*8
40%
43l2
2414
4812
3512
4*8
*2214
42
4278
12478 12712
IU2
1214
*9114
94
3*8
3*8
97g
10'4
%
S32
%
37g
S32
4
2214
40%
22%
40%
43
43
2434
25%
51 ig
517g
51%
36
35l2 35%
♦137
139
*137
139
*137
13812 *137
138l2 *135
138%
*52
63
*50'2 60
*5012 60
*50% 5978
*50i2 5978
33*4
34
3334
34
33ig 33i2
3:3334 34i2
34i2 3458
*76
91
137g
*76
14i8
11
3*4
*76
137g
51
11
3*4
91
1334
10*8
3*8
51
13*8
10*8
*1214
1318
*12l8
49l2
49l2
96is
*3078
49l2
9618
3278
*48*8
*96
98
3278
3334
*33
17
33
17
25*4
26i4
107
*16
2578
107
108
«•
m -
*
"~578
6ig
334
50
52
13i8
13%
*127g
*3134
3218
34
17
17
17*8
29*8
51
106
108
106
*50*4
*96
327g
*3184
3218
1714
33
17%
29*8
2914
107
14i8
1012
3i2
101
17
28i4
29
106
*76
14%
1034
3%
50%
13%
5034
18%
29%
*28%
10512 106
*106
14ig
106
*1378
*
14%
106
534
584
106i4 IO6I4
13%
13l2
14%
*
4mm mm
106
""584
105
5%
105
1314
115
*110
115
*110
115
*110
115
150
*145
150
149
149
149
149
*145
29
29
29
29
28*4
*158
165l8 *155ig 162ig *155
*128
132
*129
132
*60
61
60
60
106l2 106l2
*4514 46
*129
3012
156
*1384
*
106
*145
132
60% 60%
106i2 106l2
4534
46l2
129
*60U
129
*129
132
61
61
61
106i2 107ig *107% 110
4534
46%
*44% 46
*129
60%
*108
45%
3,200
mrnmrn'mmmm
12,400
1,900
*107*4 109
*10734 109
*107i2 109
109
*10734 109
109%
2734 28i4
283S 29
30
2884 2934
29%
2938
29%
34
35
35
35
3434 3514
34% 34%
33*4
34%
*113
*113
*113
*111%
*111%
*111%
386
391
387
390
387
390
386
389
387
390
380
389%
*37
38
38i2 *37
*37
37
37
38*8
*36
*36
37%
38%
217g
2178
21*4 22
22l2 2258
22l2 23
22% 22%
22%
22%
60
60
60
60
*5912 60
60
60
*59
60%
60%
60%
34i8
Greyhound Corp (The)-No par
5H% preferred
10
Guantanamo Sugar..—No par
1,500
60
Preferred
400
Preferred
137g
7714
*4
*111S
20i2
2
3U4
*51i4
*
*
13*8
7518
4i8
13i2
21i8
2i8
31i2
♦Ills
57
*52
66
*19"
*88
88*8
137g
7714
4l2
22
197g
2
92
89
89*4
14
14ls
14*8
14*8
76
78l2
79
*4ig
♦Ills
207s
4i2
1214
*414
Ills
Ills
21*8
20*4
2114
2
2lg
33*8
76
4%
1214
21
2
*89
92
92
92
1514
7934
1434
77%
4%
11%
20%
15
14%
1434
78%
4%
77
78
11%
11%
20%
4i2
20%
♦
1878
2ig
32
32l2
3378
57
57
57
66
3014
64
64
63
64
*62
64*4
1878
19
21
20
2078
*197s
21
2ig
3214
*5112
59
Bid and asked prices; no sales on this day,
2
32%'
*53
2%
33%
58
92
4
2
32%
*51
63%
*20
92
4%
11%
20*4
lOo
200
Gulf States Steel
100
Hackensack
420
26
33*8
Feb
44
Nov
3*4 Jan 18
7g
Jan
3,400
30
200
6572 Jan 18
124
600
151* Feb
100
20
1,200
19
500
Mar 20
Jan 19
70
No par
No par
55 conv preferred—No par
Hollander A Sons (A)
5
Holly Sugar Corp
No par
65i8 Feb
9
300
HoudalUe-Hershey cl A .No
mm
mm
3,400
Class
400
B
com stk
Hudson
400
A
v
t
88
Jan
6
32i2
33*4
437g
20%
88%
29*8
90'4
61%
58is
67g
8I4
Jan 25
37
7
Jan 26
15% Jan 4
Apr 12
Jan 4
833s Jan 29
43
Apr 8
83
20 >8
64
Apr 8
5% Apr 8
0i2 Feb 25
111
Jan
6
31
Jan
4
79% Jan
7(
27*4 Jan
4
100
Jan
4
115
100
84
Oct
92
55*4
Jan
66
Dec
7i2
10U
Feb
6U Nov
110
Maris
Apr
8
Jan 13
32% Apr
8
73
8
Jan
13% Apr 13
10% Apr 15
Mar
3
40
5
Feb 27
1212 Apr
7
t>i>k
iu
Dec
1057i
Dec
8ig Apr
14*8
Deo
*100
Jan
2
June
1*8 July
7j2 Apr 5
Jan 22
5*8
3%
1
16
8
5
24*8 Aug
28*8 Jan
Mar
3
167g Feb 8
lU2Mar 18
4*4 Jan 11
59
Apr
16
Jan
32U
Jan
31
Jan
136
Jan
5
0% pref series A
No par
10
Apr
397, Nov
May
14*4
Dec
1*8 July
24
July
Jan
177g Nov
4*4
Deo
9
60
Deo
*
9*4
Jan
ioa»
M*r
59i2 Mar
o
3012
28*8
Jan
Jan
O^'g
63
Aug
347g
Deo
M
49i2 Apr 12
55i2 Jan
6
108
Mar 11
25%
104i2
101%
50%
31
Jan 13
213
Feb 16
14
108
Apr
Apr
Jan
Jan
128
Apr 13
135s Apr 3
10278 Apr 9
5% Apr 8
101
Jan
Feb 18
zl04
Deo
105
Jan 22
100
June
68% Mar
140
6
Feb 20
17*4 Jan 11
107
Feb 20
8
Jan 14
109*4 Mar
3
Jan
30*8
Jan
120
Jan
12
Jan
104
Nov
cut
37
Aug
15ig Deo
32
Nov
1251S Nov
10518 Mar
55
Deo
13518 Deo
18U Nov
115
Jan
Apr
9
Mar
99*8 Dec
12*8 Aug
133
Mar
4*8
Apr 8
111% Mar 20
120
Feb
9
117
May
141
Jan
149
166
Jan
6
150U July
25i2 Apr
165
Dea
Mar 13
28*4 Apr 13
150% Jan 5
12818 Mar 22
69
Apr 2
102l|Mar 12
45i2 Apr 16
105% Apr
2
1578 Jan 25
39*8 Feb 11
185
21
Jan 27
3
84
120
111
4
431
41
211* Apr 9
573gMar 25
9
88% Apr
12
Apr
6284 Jan
4
Jan
8
4
Jan 19
52*4 Feb
Mar 18
Mar
Feb
13512 Feb 2
67*4 Jan 21
5
150
Deo
135
Apr
30*8
Jan
Deo
1
Deg
33*4
427g
Oot
Deo
4
108
June
9
Jan
7
19U
Jan
Mar
3
108
Feb
115
Oot
Mar 29
407
Deo
544
Feb
Jan
5
277s Feb 11
397g June
22U July
73
Jan 11
54*4 June
94
124
Mar 20
I7i2 Jan 22
90% Mar 10
1578
Jan 21
23% Feb 17
2*8 Jan 16
6*8 Jan
48*4 Jan
3ig June
8if Apr
/13i2 May
1
Jan
07i2Mar 11
30
lines
100
63
Jan 20
58
Jan
100
Apr 14
1434 Jan 4
72
RR Sec ctfs series A
25i2 Mar 11
11
May
y
Jan
Fab
49*4
9
llig Apr 14
18ig Jan 4
Ex-dlv.
80
119
Jan
Jan 21
Jan
Oot
Jan
Jan
578
7
41
Jan
Mar
5
I84 Apr
21*8
Aug
587g Sept
102
Sept
4
x
Oot
95
Jan
46
Cash sale,
Deo
149ig Aug
65
100
r
52% Nov
22*8 Oot
Oot
46*8
42«4
22
38
New stock,
Jan
Dec
05
22i| Jan 28
n
44
50*8 Mar
100
Leased
6*8
x25*s Nov
171* Mar
37
25
90i2 July
4i2 Feb
III4 Mar
Apr
27*4 Feb
48% Feb
98
Oct
Vnv
77
4212 Jan 2
145*2 Mar 2
041* Mar 10
39i2Mar 10
Feb
Sept
6
47*8 Jan
118
35i2 Deo
9
8
551* Mar 10
Nov
Jan
Jan
28i2Mar
60
Feb
13*s
Jan 12
Feb 24
2712 Nov
371a Dec
62% Sept
37g Jan
4*4 Feb
355
100
Hupp Motor Car Corp
Illinois Central
t In receivership, a Deferred delivery,
Oot
Jan
Jan
21*8 July
42
Dec
Deo
19*8
13i2 Jan 18
15
Dec
89
31*4
90
Aug
47*8 Mar li
96
48*8 Deo
71
44 lg Nov
6*4
Jan 18
Feb 25
Feb 19
Mar 11
Feb
Deo
1181s Mar
4% Deo
70
Feb 17
141
June
0*8
57
July
30*8 July
13*8 June
74
par
100
55
40
17
Feb 11
Feb 1
Feb 23
Mar 9
Mar 9
Jan 28
10% Mar 29
i|6 Aprr 16
37g Ma
2
21% Jan 4
38% Mar 22
Apr
50i| Mar 11
87*4 Mar 11_
7
c new
Manhattan
Preferred
360
Apr
201a May
33% Apr
120i2
30*4
43%
114*4
100
Houston Oil of Tex
Howe Sound Co
600
2
7
4
4
No par
5% preferred
23,000
3,600
Jan
70U Feb
31% Mar
1123* Jpn
No par
Household Fin
400
100
5*4 Jan 20
110
Apr
32*8 Apr
487g Jan
100
7% preferred
Homestake Mining
mm
Jan
3%
4
11712 Jan 22
100
840
■mm mom.
105
5% Jan 13
Jan
No par
preferred
Holland Furnace
2,200
Deo
Jan
100
Hershey Chocolate
7,400
Deo
15*4
June
No par
Conv
59^8
Jan1
Apr 10
Apr 7
27% Apr
123iS Nov
Jan
5*4
6
Hercules Powder...
57 cum preferred
900
Jan
18*8
33
No par
400
Nov
Mar 22
70
Jan
Aug
77
30
Hercules Motors
30
118
1
110
70*i
123
Jan
7
2
Feb
Oct
637g
8
100
Deo
4*g
July
110
34*4 Feb
Hazel-Atlas Glass Co
25
Hecker Prod Corp v t c.No par
Helme (G W)
26
Preferred
100
8,600
58
1
36
1
6H% preferred.—.
Hayes Body Corp
2,300
Feb
70t2 Feb 11
122% Feb 2
60i2 Jan 9
20*8 Feb 10
Hat Corp of America cl A
mm'mmmm'mmmmmm
Jan 27
13ia Jan
Hamilton Watch Co...No par
Preferred
100
33
63%
9
32i2 Mar 24
29
Apr 16
Hanna (M A) Co 55 pf.No par
Harbison-Walk Refrac.No par
Preferred
100
30
Hudson Motor Car
22
Deo
44% Feb
10
13,000
11,900
13,600
2%
55
26
7% preferred class A
170
-
No par
Water
Hall Printing
4,700
3,800
„
*88
100
Gulf Mobile A Northern..100
i,ooo1
45%
28
34i8
334 Apr
35
♦10712 109
28
152
Apr
39
138
mm
59% June
Jan
34%
60
Preferred
100
Green Bay A West RR Co. 100
Green (H L) Co Inc
1
Greene Cananea Copper... 100
132
60%
110
Jan 14
4
156
31l2
31% 31%
*31%
32
16218 *15514 162ig *15534 162
*155% 159%
114
3
*105
30
45i2 Apr 15
Feb
mm
140
647g Jan 21
Mar 22
19
mm
60% Deo
128*4 Nov
60
117% Mar 23
573s Apr 12
114% Apr 8
40*8 Jan
mm
Jan 13
Jan
Oct
Gt Nor Iron Ore Prop .No par
mm
Jan
Dec
Oot
Great Northern pref
mm
17
70i»
49
Oot
Great Western Sugar.-No par
mm mm
Jan
Deo
81
6.500
'
11*4
28
Jan
25,600
2,200
14%
5%
IO684
13%
1334
113% 113%
4
Oot
Jan
19*i
Grand Union Co tr ctfs
100
Oct
7
77
1,000
..No par
No par
Deo
Nov
69
4
Granite City Steel
Grant (W T)_
70
20
155
5*4
52% Jan 23
2
108
5*4
Mar
104i2 Ap
Apr
Apr
Jan
141
4
65
Jan
42%
10*4
Feb 11
-ft
71
5
mm
14%
14
14
14*8 No*
77
Jan
900
97
4
32i2Mar
*tiqr
Dec
8% May
Jan
Mar
1,100
Feb
Nov
Jan
6% Jan
No par
15%
105% Jan 5
86% Feb 17
19i2 Jan 14
153
30
Nov
14
3
Conv pref series
1
53i2 Feb
7*s Aug
19
92
Rights.——————
100
Jan
04% Jan 29
70*8 Feb 17
Gr'by Con M SAP 2dstpd..5
700
31i2 Apr
3% Jan
lli2 May
5
Apr 16
Graham-Paige Motors
29
1734
100
3
9
Feb
Deo
47*8
8
Jan 16
Oot
35*8
64% Apr
10,900
5,000
38,975
53
29
par
No par
No par
Preferred
10
32%
29
5b preferred-...
Gotham Silk Hose
4,200
100
32%
18%
Goodyear Tire A Rubb.No
39,700
1,300
13%
32%
mm
14%
*
1,200
50
13%
*95
*110
106l2
4534
50
51
14%
10%
3%
327g
*145
45*4
14%
10%
3%
100
13%
*11178 115
*106
85
103
102i2 102i2 *102l2 103
103
*102% 103
51
51
51
5034 50*4
5034 SOTs
51%
128
128
*128
128i2 128
*128
534
578
534
584
105i2 105i2 *10534 IO6I4
13
1314
13% 1314
*105i2 108
13
13t8
1434
50*4
*98
277g
108
85
*44
1314
13U
-
106
1078
*3l2
53
*43
*10212 103
10212 102i2
5H2
5178
50i2 51
*128i2
*128t2 130
*1378
14i8 *1378
14i8
*
*76
14*8
lOTs
3i2
1314
*30*4
85
14l8
IO84
312
3*8
53
*76
81
*4984 50*4
100% lOOig
*31*4 3278
32ig 33
11
*51
5114
3534
36
41% 42%
126% 126%
1134
12
*92
9334
3%
3%
9%
10
'l6
53Z
3%
3%
*22% 22%
40% 40%
42% 43
24
2434
50%
51%
3584
30
*135
138%
*50%
59%
34% 34%
mm
16,500
,
'
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
55 preferred
No par
3,200
mm
..No par
No par
% conv preferred
60
Gobel (Adolf)
—...—1
2,900
mm
No par
56 preferred
GUdden Co (The)
500
mm
No par
Brothers
•
78
4
15%Mar
51% Apr 12
39% Jan 2
23g Apr 8
57
Apr 6
15% Apr 13
107% Jan 4
4
Apr 12
48
Apr 8
No par
Feb
97*4
Apr
Jan
19% Feb
11% Apr 16
No par
Gen Railway Signal—-No par
Preferred
100
Gen Realty A Utilities
1
Conv preferred
73
152
Apr 13
Deo
Nov *135
108
48% Jan
9
1
General Printing Ink
56 preferred
Gen Public Service
Glmbel
4
No par
Gen Time Instru Corp.No par
Gillette Safety Raoor..No par
7,700
56
Common
Gen Steel Castings pf.-No par
Gen Theat Equip Corp .No par
10,800
87%
46%
100
50 preferred
No par
General Refractories...No par
2,200
5*8
514
514
5*8
5l2
5i2
514
5%
5%
6*4
6»2
634
7
7
6*4
7
7lg
6%
*11012 119
*110l2 119
*110i2 119
*11012 119
*110l2 119
*110% 119
44*8
4478
46
44*8
46
47lg
46l4
4714
4578 46%
45%
46%
*80
83*4
83*4
8334
83
83
8334 8384
827g 827g
82%
83%
*40 <8
—
1,700
Preferred
July
231| July
Mar 25
136
No par
General Motors Corp
10
55 preferred
No par
Gen Outdoor Adv A ...No par
Jan
Dec
45*8 Deo
03
9
126*8 Mar 31
Conv pref series A...No par
57 pref class A
No par
58 pref class A
No par
General Mills
No par
"rIo
7
52% Apr
No par
75
87
40*8
41%
40ig 4134
125
*120*8 1257* *120
I012
10i2
1012
11*8
94
*90*4
*9114
94
312
312
33g
3*8
10i8
10%
978
10l8
S32
%
S32
J*2
Gen'l Gas A Elec A
100
Jan
114i2 Feb 15
4334 Apr 16
No par
*4H4
61S4
4414
55
5,500
7% preferred
General Electric
General Foods
45,700
11%
16%
4%
100
No par
127
32U Jan 13
97s Apr 12
25% Apr 9
No par
7% cum preferred
General Cigar Inc
10
55%
41%
2%
*
6
No par
Class A
100
1,200
140
54%
41%
2%
*58%
12
8412
2612
86*4
4514
26
2,900
114
74
*28ig
39*2
1678
7312
29*4
*83
15U Mar 22
57
"T
42
60
39l2
1678
69*4 Apr
57
12134 12IS4
4384 44%
2%
*
*70
!
6
—
120
117
15"
5
66*4
34U Deo
11*4 Mar
48l2 Dec
Aug
Jan 14
33
4
Mar 13
145
Deo
June
106% Jan 2«
Gen Am Trans Corp
No par
45
Deo
183g Jan 12
Jan
101
-
301! Sept
25*8 Mar
37g Aug
7% Mar
Apr
12%
58*8 Nov
4238 Dec
Jan
24% Apr
W5»4 July
83
23
Apr
10012 Apr
15
105*4 Nov
Apr
32
4% Jan
-
Feb
40
100
135
265s Mar 22
109i2 Jan 7
55
Apr
3434 Apr
General Baking
58 preferred
20
60
*1178
16ig
I684
4
4012
*39
400
_
36 U
x247g
100%
Apr
4
5,200
6412 65
64%
64%
3,300
118i2 118i2 *118% 119%
90
58*4
59%
58%
60
137,100
II6I4 116M 116% 116%
2,000
45'2 47%
900
46% 46%
12
43g
-3
Gen Amer Investors—No par
Preferred
No par
58
Highest
5 per share $ per share
Apr
54t2 Feb
Apr 16
2,300
69
50
414
Gar Wood Industries Inc
4,900
2,500
67
*1134
I6I4
*
GamewellCo (The)
No par
Gannet Co conv J6 pf. .No par
Bronse
69
*45
114
Fuller (G A) prior pref.No par
$0 2d preferred
No par
Gabriel Co (The) cl A..No par
20
Cable..
*62
1218
15*8
100
General
78
50
114
--10
Preferred
General
42
10912 *108
109
*108
109l2 *108
4
4
414
414
4%
4%
50
50
49l2
50
50
*49
4814
Freeport Sulphur Co
100
2,600
67
*45
*42U
10,900
6,500
*68
65l2
65i4
65'4
118i2 119t2 *118i2 119i2
59
60E
5878
60*8
114*4 H612 11612 110l2
*11*8
68
10%
*62
212
65
119
12*4 Mar
7%pfl00
share
per
128
4
Mar 22
Francisco Sugar Co.—-No par
28*4
*136
118
Jan
F'k'n Simon A Co Inc
10%
78
2*s
No par
28%
55
43
40
72%
15%
54*8
41i4
2*8
*58i4
57*8 59*8
11434 115
119
119'2
68*8
500
80
67
*
*59
10
Preferred..
1,400
59
*
*70
2l2
59l2
47% Jan 25
116% Jan 19
Foster-Wheeler
70
148
57
*136
54*8
6*4 Jan 14
1034
140
140
5514
No par
29
*136
136
140
102
*
124%
45%
*59i2
♦65*4
;
15%
4
Food Machinery Corp new—10
4conv preferred.—100
6,400
6%
72
148
t Follansbee Bros
10
102
~*i6%
Jan
340
15%
10*8
Apr 12
34
26
73
2878
46
115
101
38% Apr 16
No par
Florehelm Shoe class A.No par
1,900
2,100
15%
14%
Year 1936
Lowest
41-aMar 11
107i2 Feb 9
5214 Mar
46% Feb
68i2 Feb
39i2 Mar
97g Feb
4
1031* Mar 27
40i* Apr 7
Florence Stove Co
26
15*8
z3234 Jan
100
5
share
per
700
35%
14%
Range for Pretious
Highest
400
29%
15
73
*
148
Preferred series A..
5,300
60
101
7412
16
*120i2 124i2 *120
*45
£45% 45 is
47
54*8
41*4
2*8
102
IOI4
28l2
10*8
28*4
5412
42
14l4
First National Stores—No par
Fllntkote Co (Tbe)
No par
*102
26%
15%
14%
5
Firestone Tire A Rubber—10
116
35%
5%
115
15
5684
10
56
46*4
26
*102
14
148
28l4
4512
140
517s
413S
212
59i2
148
35%
6%
1534
7314
1578
28%
*50
Par
600
68
116
62
Lowest
5,100
1,500
13%
68
29%
*6
20l2
*101
*120
125
*136
52*4
41*g
148
10
28
55l2
4512
140
Range Sineo Jan. 1
EXCHANGE
Shares
129
*13
116
*51%
35i2
115
15%
1378
14*8
70*4
148
2884
6*8
26
*102
115
1534
1378
6*8
13%
75
116
35
6I4
25U
6*8
24
per share
*123
*68 ;
56
I
123
*13
116
55
1512
13*4
*
123
1378
68i2
29*8
60
100»2 10012 *10012 115
*13
123
*56
24
1512
48
36i2
778
56*4
12712
5014
60
$
37*8
37%
36% 37
*10434 105
10434 10484
48
*4712
47% 47%
3978
41%
38%
3934
48
*47
4714
50
36*8
36%
36% 36%
778
7%
784
734
56
56i2 57%
56%
127l2 127'2 *124% 128%
4812 49%
48%
49%
1047g
48i2
4178
*56
36l2
6*4
6*g
24
37*a
April 17, 1937
On Basis of 100-Share Lots
STOCK
Week
$ per share
5
STOCKS
NEW YORK
for
Thursday
36
36% 36i2
37
37
37*8
3678
1047g I047g *103
10534 *10414 105*8
10478
47i2 47i2
*47U 4812
4714
4714
*4714
40
40i4
40U
41
40i2
41
40*4
*49
50
46
49
48
46i2 46l2
*34
36l2 36i2
*34
36l2
36i2
36i2
*7
714
714
7*8
7*4
8
778
67
57U
3:56
56*4
5684
56l2 57
126
126
1277g 128
*127
127i2 *125i2
*47
48
47
48
49
48*8
48%
*117
120
120
12212
*120
129
122
*12*4
13i2
*1214
13l2
1314
13l2 *1318
70
*68l2
*68l2
70
*6812
70
68I4
27 ig
27lg
29
2678, 2714
27i8 28i4
*114ig 116
3:116
*114% 116
*114i8 116
*32
Sales
Wednesday
Apr. 12
$ per share
*56
SHARE, NOT PER CENT
Tuesday
Apr. 13
10
.
Record—Continued—Page
Ex-rlghts.
Mar 17
18*g
Apr
June
44U
33
Feb
Mar
*78*8 Nov
I37g Deo
65
Dec
5?s Jan
17*8 Feb
22*8 Nov
3U Feb
29i2 Oot
54*8 Sept
73U Oot
20
T Called for redemption.
Oot
Volume
LOW
New York Stock Record—Continued—Page 6
144
AND
PRICES—PER
SALE
HIGH
SHARE,
Sales
NOT PER CENT
STOCKS
NEW
for
Saturday
Monday
Apr. 10
Apr. 12
$ per share
$ per share
Wednesday
Apr. 14
$ per share
17%
*16
41%
41%
131% 131% *130
*16%
16%
45%
16%
41
112
23%
5
135
8
Hz
7%
23
5
9%
834
8%
21%
%2
8%
22%
%
5%
9%
8%
2434
25%
*5
10%
114
11334
23%
24%
5%
*10%
8%
Friday
Apr. 15
Apr. 16
$ per share
$ per share
10
•
8%
2234
22%
17
17%
17
4534
44
130% 130%
130
4434
11334 114%
25
26%
5
10
5%
'
10
9%
9%
23%
r'l 28
23%
116
938
24
%2
130
115
113% 114
25%
25%
5%
5%
10
9%
26%
*5%
10%
30,100
4434
800
130
24
9
8%
23%
5%
9%
8%
22%
8%
60%
9
109% 109% *109% 109%
*7%
734
*7%
734
6%
*6%
*6%
6%
*6%
*50%
*25%
52
*50
52
50
28
*26
27
*26
*45%
46
43
43
*45%
42%
4534
43%
*103
6%
30% 31
*101% 107
*103
22
*20
*20
28%
*126
28%
28%
128
*6%
50
26
*126
22
*20%
28%
2834
22
29
126%
18
18%
18
40
40
40%
58
*7%
5934
18%
18%
19
19%
42
44%
45
8%
66%
24%
65
8%
8%
20%
*13%
23
20%
20%
*13%
23%
40%
16
23
42
42
*
189
*19"
1#%
2%
14%
16
24%
3*40%
41*4
*
2%
123
121
93
Nov
126
*125
834
156
*22
21
2%
2%
13%
125
5,200
10
126
132%
4,400
125%
260
570
2134
23%
41
*
2%
2%
13%
11%
129
126% 130
22
1,000
20
3,900
400
20
2%
1234
130
1,300
71
29% Jan
*150
150
*22
23
♦14S
156
98
*151
156
*151
*151
155
*22%
71%
53%
155
71
52%
48%
*22%
72
71%
22%
72%
22%
71%
22%
71%
53
55
55
54
54
48%
4834
50%
50
51
«.
*.
13%
*130
23%
*21
16
30%
*14%
*28%
11%
11
*21%
5%
11%
*130
*130
25%
51%
52
52
51%
52
51
14
1434
1434
14%
54%
*634
*6%
22%
52
54%
7
7%
*6
7%
21
21%
23%
15%
*21
30
*28%
12
11 a4
15
55
55%
7
7%
7%
*6%
734
23%
7%
24%
23%
15%
23%
*21
15%
*27
30
12
11%
58%
36%
*21
23%
15%
15
30%
12%
*27
14%
2%
14%
11%
*238
*14%
16%
*14
30
305#
(30%
30
30%
4%
44%
25%
434
44%
*434
5
45
45
45
45%
26
26%
27
2634
10%
10
10
10%
27%
10%
58
58%
59%
60
23
16%
30
11%
60
*10
58
5
23%
5%
23%
11%
11%
*2%
5
2%
*434
23%
Kroger Groc A Bak
22
4,300
10
100
9,200
*""
108
Laclede Gas Lt Co St Louis 100
5%
preferred
100
2,000
4,400
2,100
2,800
700
conv
45
*~2
105
*
*
45
108
*
45
*11!
108
54%
634
*6%
21%
7%
734
23
*21
23%
15
15%
*27
30
(The)...No par
Lehn A Fink Prod Corp
5
1034
11%
2234
23%
11
2234
5
11%
238
*1334
2%
16%
29%
434
29%
*434
Lily Tulip Cup Corp...No
par
44%
26%
44
25%
10%
11
60%
37%
30
No par
Loft Inc
No par
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
preferred
(P) Co.
100
preferred
100
Lorlllard
10
100
1
Mac Andrews A Forbes
10
100
No par
"Moo
900
Manhattan Shirt...
25
Exploration.. 1
Marine Midland Corp (Del).6
100
Deo
Jan
8
2
8
147*4 Jan 20
*38*4
Jan
Feb
107
28*4 Jan 13
Mar 17
7% preferred
May
Department Stores
Maytag Co
No
42%
Preferred
No par
Preferred...
45
ex-warr'ti.No par
Prior preferred
No
par
Oot
22% July
35
Feb
Oct
42
Jan
134%
49%
Nov
Oct
Jan
27*8
Jan
50is Apr 16
58% Mar
8
11*4 Mar 19
Apr 8
63
151
40%
Apr
153a Jan 20
8%
Jan
15%
MarlO
34%
Jan
57
77s Jan 12
1%
Jan
9
7%
Jan
7
30
Jan 11
2112 Apr
6
Feb
5
21% Apr 6
10% Jan 11
Jan 14
Bid and asked prices; no sales on this day.
f In receivership., a Pef. delivery,
n New stock,
r
Cash sale,
x
Oct
65% Nov
Dec
Nov
Deo
35%
Dec
18
Nov
7
June
2912 Mar 10
10'4 Apr 2
39
32
Dec
57%
Jan
16% Jan 20
12%
Deo
23%
Feb
22
9
29% Jan 30
17% May
24*4
De°
Mar 24
2
684 Feb 17
14% Feb 13
9
3% Mar 29
14
4 >8
Apr
10U Jan
2
Jan
4312 Apr
8
18%
4
Jan
Feb 25
59% Jan 22
12
Mar 23
Feb
8
Jan
6*4 Mar
Apr
12*4 Aug
3% Mar
Jan
6% July
18%
Jan
2% July
41
May
23
Nov
45
Nov
7% Deo
66% Nov
11%
6%
Jan
Apr
25% Nov
27%
153%
Apr
42% Nov
12
Mar
6
41*4 Jan
2%
8ia
1%
165
Jan 25
66% Mar 11
15% Jan 11
Jan
43% May
13%
Apr
163
Deo
70
Nov
21%
66
Feb
Feb
Apr
8
44
Jan 13
43%
43% Feb
5
45
Jan 13
44
Nov
60%
Apr
7
111
Jan 22
103
Jan
110%
Oct
40
106% Jan
Dec
1
*
Jan
Mar 30
5
6ij Mar 24
20
Jan 20
10
30%
127%
Mar
Jan
102%
9
Jan 21
par
Jan
Sept
26%
Jan
8
155
200
45
113
Deo
33
....100
1,000
Apr
8% Mar
May
36
Mar 22
13%
Oct
May
108% July
20
4134 Mar 11
Feb 11
Feb
140
,
57%
36
*150% 155
6034
60%
21%
99
74
3,000
107
Feb
61%
Feb 15
37%
107
3%
Jan
Jan
Apr 12
37
*
Apr'
9
37%
*12%
*39%
2
20
Masonlte Corp
Deo
Deo
3%
58
Martin-Parry Corp
1,300
Deo
46%
67%
35%
No par
Mathieson Alkali Wks.No par
1,500
55
Jan 26
10*4
43%
109%
28%
No par
6,500
61
63% Nov
37s Feb 2
75% Mar 11
678 Mar 27
51*4 Mar 4
30% Mar 10
13% Jan 10
60%
Jan
July
32% June
43
Apr
104%
39
No par
Marshall Field A Co...No par
25%
36
Feb
Jan 23
110
1418 Apr* 8
Marlln-Rock well
Jan
Deo
Apr
170%
23%
62% Mar
9
Jan
Oct
132% Feb
Mar
Jan
116%
5
Jan
31%
115
Nov
Nov
19
3
29i2 Apr 16
414 Mar 12
100
Mar
13
160
Jan 14
100
preferred
preferred
May
97
3
100
Preferred
2d
25
Mar 31
130
5
100
Ry
5
4
8734 Apr 8
29U Jan 4
3314 Mar 10
100
100
Maraoaibo OH
Jan
52
Preferred.
Market Street
Apr
Mar 31
138% Mar 30
1912 Mar 25
10
61%
*__
2224
No par
44%
26%
10%
45
4
42*4
10%
43%
4
No par
700
*39%
4
Jan
May
97*4 Mar
83ii Feb 15
61
80% Nov
Jan
7
83% Apr 13
6ij Jan
37
Mar
65
47%
2
283s Jan 18
113% Feb 4
537s Mar
2% Jan
No par
Bros..
4
4
106
Oct
38% May
Jan 16
15*8 Mar
4
5
56
19
79
Jan
6412
Feb
Apr
9
2
Mar 24
Jan
Oct
4
8
IO6I2 Jan
Mack Trucks Ind
Magma Copper
t Manatl Sugar
Jan
3.22
21*4 Nov
23
52
NOV
Jan
July
123*4 Nov
Mar
21% Jan 21
No par
Lone Star Cement Corp No par
9%
Jan 13
Inc
100
10
Jan
2
Jan
137
175
Loew'a
Prior
180
Apr 10
59
Modified 5% guar
90
Apr
Apr
Jan 28
43»g
Pref ctfs of deposit
230
16%
114
No par
t Manhattan Ry 7% guar. 100
30
1
May
255s Feb 25
Lima Locomot Works..N» par
Link Belt Co
No par
60
61%
1234
9*4
Liquid Carbonic
534
155
4834 Apr
66I2 Apr
Feb
Feb
18% Nov
18*4 Deo
45% Nov
12
156
Certificates ol deposit
1,800
7,500
Slit Feb
203
26*4
July
89
100
Preferred
Mandel
15% July
7% Jan
12
8
Apr 13
Apr 13
900
Two
1
June
213a Feb 11
58% Jan 9
4
Jan 16
98
634
15%
Jan
98
Madison Sq Gard v t c.No par
2%
16%
*60%
1234
18
6
25
Macy (R H) Co Inc
5
*-!..
5
118
Jan
26
Series B
700
1138
*
No par
Ludlum Steel.
30
6
I8I2 Jan 18
1,800
""580
Mar
1734 Mar
lli8 Apr 16
3,700
734
Jan
4H2 Jan 14
60% July
334 Jan 18
Louisville Gas A El A..No par
23%
23%
33%
6
218 Apr 16
Louisville A Nashville
li",900
Jan
20% Apr
32
Apr
No par
2,400
800
Nov
28
50
Lehman Corp
7%
Dec
51
8%
3,100
5
155
40
135
19% June
94%
Preferred
5%
Feb
36*4 Aug
Jan 13
1
3,300
11%
*1334
*28%
434
44%
5
100
~5~7()6
74%
4712 Jan 23
24% Mar 17
14%
26%
2%
5,300
6,700
18% Nov
24U Jan 14
277s Jan 14
147
4
Lehigh Valley Coal
Nov
32% Nov
Apr
17% Jan 27
160
Cl
4%
8
8884 Jan
25
100
Apr
20% Apr
2
60
preferred
Preferred
18,600
30
Feb 30
157g Jan 16
27% Mar 11
Life Savers Corp
1,400
Jan
24
Liggett A Myers Tobaooo
200
Deo
7%
4
700
100
46%
2
8
200
8,000
Oct
Jan
Jan
Lehigh Valley RR
Oct
3% May
I3ig Apr
Lehigh Portland Cement
4%
~3~2o6
Jan
63*8 Nov
Jan 27
Jan 25
2612 Apr 12
17
Jan
24%
107
18%
18% Jan
5
Jan
Feb
Nov
28%
24%
No par
(The)
Lee Rubber A Tire..
Feb
33%
17*4 June
...No par
Lambert Co
Lane Bryant
~2"665
20
.
Dec
28%
93s Mar 30
934 Apr 14
No par
17%
87
36% Nov
110
4684 Apr 14
Jan
39% Apr
100 j!27
Dec
Apr
Apr
481s Aug
20% Mar
Jan
Kress (S H) A Co new. .No par
54%
5
36%
45
51
14%
*54
11%
*2%
5%
11%
37
36% 3634
37%
3834
37%
155
*150% 156% *150% 15634 *150% 15634 *152
62
*61
62
62
60%
*60%
62%
62%
12%
*12%
*12% 12%
12%
*12%
1234
12%
43
43%
*40%
*40% 43% *40% 43
*39%
*
5234
50%
14%
1434
*5434
5ij
6% preferred
52
52%
6534 Apr
""166
*130
51%
13%
2234
10%
58%
-
5334
5%
11%
2%
14%
20%
-
52%
33%
*10
-
54%
23%
46
«
53%
51%
102
Jan
19%
1912 Jan 14
10912 Feb
6988 Mar 10
2412 Apr 10
27%
98%
1434 Apr
Apr
47U Jan 12
Preferred
80
23*8 Feb 11
Kresge Dept. Storee...No par
12,200
98
Apr
300
14%
98
17
10
Preferred
Kresge (S 8) Co
23% Dec
Jan 14
No par
280
4,900
1334
27%
110
Mar
3812 Apr
14
98%
Mar
103
1
1434
51%
*44
Class B
14%
52
5
Jan
Kelth-Albee-Orpheum pf.»100
Kelsey Hayes Wheel conv cl A1
15%
26%
18%
53%
*4
Jan
17
14%
*6%
20%
14%
19%
14%
7%
*30
44% Jan 16
14%
52
2%
Apr
LIbbey Ownes Ford Gl. No par
Llbby McNeill A Llbby No par
*6%
*2%
38
__5
Lerner Stores Corp
53%
4%
26
1,300
52
11%
Preferred
Deo
121
Jan
No par
No par
1,500
60%
Nov
13
115i2 Apr
Kimberly-Clark
Kinney Co
5,900
Deo
Deo
116
5,900
9934
39% July
Jan
Dec
126%
133
Mar 17
19%
27%
46
Feb
75% May
Mar 17
69%
9834
121*4
Sept
93% Nov
152
29
51
98
Jan
Feb 15
Oct
Apr
126
121
18%
*27%
126
Jan
May
Jan
6884
98
Mar 22
88
136
Jan
Jan
Feb
31*8 Nov
20
51
7%
11
Southern
1934
28
58%
8718 Jan
155
22*4
100
Kansas City
51
99
38
10
Apr
Jan
24*8 Aug
113
Apr
107
100
Kan City P A L pf ser B No par
69%
14%
*6*4
*4%
Kalamazoo St & Furn Co
51
*130
24
Mar 18
123
69%
13%
52*4
*22
120
Preferred
51%
52
11%
100
Jones A Laugh Steel pref..l00
71
54%
15
Apr 10
51
53%
*21
127
68%
3
3
3
3
3
3%
3%
8%
3%
3%
3%
3%
63
62
62
64
63
6234
63%
62%
62%
63%
6234
02%
8%
9%
9%
8%
8%
8%
8%
9%
9%
8%
9%
9%
37
*37
38
*38
37% *36
*36% 39
*37%
39%
38% 38%
*107% 109
*107% 109
*107% 10#
*107% 109
*107% 109
*107% 109
23
23%
23% 23%
2234
22%
23% 23%
23% 23%
23% 23%
143
*141
141
141
*141
144
14634 *141
*140% 144
*140% 144
21
21
21
21
21
20%
2O84
20%
20% 21
21%
21%
90
*89
90
89
90
90
*8912 90
87% 88
8934 90
35%
35%
34% 34%
36%
3534
35% 36%
34% 35%
3534 36%
3334
34
34
33%
33% 83%
*33% 34
*33% 34
33% 33%
*27
No par
Johns-Manvllle
17%
1,400
22
77
50%
98
Jan 16
121
69
98%
2512 Jan 26
1
No par
Tea Inc
Jan
15
2612 Jan 30
30
Apr 15
12612 Mar 29
Keystone Steel A W Co No par
3,000
23.300
*6%
*20%
Preferred
Jewel
19
*26%
1934 Jan
1
14,900
71%
*130
No par
Island Creek Coal
50,700
70
50
Intertype Corp
82
10712 Apr
103% Feb
Kendall Co pt pf ser A.No par
Kennecott Copper
No par
40
72
54
37% Nov
2714 Jan 18
54
53 38
53%
51
50
50%
50%
83%
81%
82%
81%
79% 80%
82%
81%
78% 80%
81%
83%
*106% 101% *106% 109% *107
109% *107% 109% *107% 109% *107% 109%
70%
53
19%
10% Apr
35
22%
70%
11% Sept
2312 Apr
22%
*49
1578 Feb 19
36i8 Jan 18
28% Jan 13
2T1OO
Oct
Feb
ID4 Jan
Kay ser (J) A Co
~
63%
28'4 Apr
68
*19%
Jan
30
No par
49%
1934
90
100
Jan
Apr
Interstate Dept Stores.No par
Preferred
100
Inter Telep <k Teleg
Kaufmann Dept Stores.$12.50
22%
22%
preferred
19%
67i2 Feb 16
400
15%
24%
4134
7%
Jan 13
400
189
"l9%
20
13
300
600
*14
41%
189
"19%
20
77%
77%
132
133%
125% *124
41%
4134
2,800
12734 12734
39%
39%
77%
40%
118
116% 116% *115
25
2434
25%
2434
3934
*39%
40%
*36%
*31
31
31%
3034
25
2434
*23%
*24%
*98% 110
*98% 110
18
18
18
18%
15
15
1434
1434
103%
103% 103% *102
5934
60%
59%
57%
18%
18%
19%
18%
4534
46%
4538
44%
834
8%
834
8%
67
67%
66%
65%
25%
25%
25%
25%
60%
33,100
19«4
99
Sept
11% Oct
10% Oct
61% Nov
June
2%
100%
112
60
90
104
67%
98
Jan
Feb 19
104
49%
26%
Jan
3
110
104
48
100
66%
98
Apr
Jan 30
Nov
20%
*19
8'4
3*4
35
13%
19
6i* Jan 26
May
Feb 16
Deo
Oct
Preferred
*18%
*48%
*26% 28
*26% 28
♦100
102
*100% 103
101% 101%
100% 101%
156
No par
20% Apr
37
107
IID4 Jan
10
738 Apr
Jan
Apr
189
124
'
Internat Rys of Cent Am..100
Certificates
Jan 21
10914 Mar 10
1%
14% Deo
8% Deo
98% Deo
48*4 Nov
136
15
15%
2434
123
100
233s
Jan
Mar 11
21%
13%
41
par
Apr
2%
52
21%
2%
13%
2%
13%
100
Corp..No
Preferred
Feb
3*4
2434 Apr
18
Apr $
914 Apr 6
12134 Apr
5834 Apr 14
3D4 Jan
*24
2%
Preferred
Int Printing Ink
Nov
125%
13534 Jan
100
*13%
41%
No par
66% Nov
Silver
1534
"26"
128i2Apr 7
16i2 Feb 23
105s Feb 24
534 Jan 12
9014 Jan
par
Feb
Dec
43% May
International
2434
*
100
Pap & Pow cl A__No
8
18%
900
24%
41%
Inter
Deo
Jan
Dec
43%
20%
20%
733® Mar 10
10%
4%
13*8
Jan
44%
*13%
189
62% Jan 29
1884
23
16
24%
Int Nickel of Canada_.No par
148% Jan
2% Apr
Deo
Deo
47
21
"19%
19%
13
121
*13%
23%
189
19%
2%
18%
*13%
121% 122%
*18%
19%
*48% 4#%
67%
66*4
14%
*
2034
20%
Jan 18
15% Apr
16% Jan 29
7%
194
105% Deo
160
Apr
49*8 Jan
66%
65%
65% 65%
66%
66%
24%
25%
2434
25%
24% 25
11
10
12
*10
934
12%
1134
9«4
10%
*10%
*10%
*100
137%
137% *102
137% *100
137% *102
137% ♦102
137% *102
*
♦
*
*39
*36
40
40%
40%
40%
40%
40% 40%
22%
22%
2234 22%
22% 22%
"22% 2234 "22% 22%
22% 22%
*21
*20
*20
*20
*20
24%
24%
21%
21%
21%
21% 21%
*28
29
*24
29
28
29%
29%
*26% 29%
28%
26% 26%
24%
*10%
162
Jan
28*4 Jan 25
*39
4634
8%
Mar 18
878 Jan
Apr
2578 Apr
45%
43%
127% 127%
1934
40%
8
8%
59
66%
45% Apr
125
5S
160
4
6I2 Jan
1234 Apr
Class 0
6%
Jan
Int Hydro-El Sys cl A
25
Int Mercantile Marlne.No par
Internat Mining Corp
1
No par
20
189
Deo
5% Mar
No par
127
*39
39
40
39%
39%
40%
118
118% *116
*116% 118
♦116% 118
25
23% 25
2534
24%
2534
25%
38%
39%
*38% 39% *38% 40%
39%
*31
*31
31%
31%
31%
31%
31*4 31%
24
24
24
23%
*2334 24%
24% 24%
*98% 110
*98% 110
*98% 110
*98% 110
17
17
18%
17%
1734
18%
17%
18%
15
16
14%
14%
16%
*14*4
15%
15%
*11
102
102
103
103%
103%
103%* 103
55%
146
2% July
22*4 July
11U2 Jan 22
9918 Apr
..100
9% July
i2Mar 25
9% Apr 14
63i2 Apr 14
Jan
No par
104
23%
38%
58
Preferred
Jan
159% Mar 31
No par
Class B
340
2812 Mar 11
Jan
42
100
Int Business Machines.No par
Internat Harvester
Deo
44%
*116
57
Prior preferred
5
5%
18%
Shoe
125
39%
No par
Jan
1112 Mar 16
i32 Apr 12
Agricul
7%
18%
Salt
126
126%
40%
Rights
Internat
Oct
Jan 18
International
125
125% 125%
126
10% Jan
Interlake Iron
Deo
Jan
6
6
International
132
126
No par
Rubber
24%
6%
10% Dec
2% Jan
33% Feb 23
22U Apr
5
Apr
1
900
133% 134
125% 125%
434 Feb
Insuransharee Ctfs Inc
200
77
126
No par
Inspiration Cons Copper.__ 20
Feb
""iio
*125
125
Deo
Nov
147
46
78
126
140
122
46
128
13434
Aug
88% July
6
51
78
133
May
125
131% Mar
27
*125
125
133
106
No par
*49
78
127
5
Jan 21
46I4 Apr 13
*26
126
130%
Feb
137
51
78
79%
144
13312 Mar 27
112
Apr 12
21,100
7%
12
12%
12%
12%
30%
30%
3Q34
29%
105
105
*10334 107
*10334 10634
20%
20%
20%
20%
20% 20%
29
30
2934
29%
29%
29%
106
12934 Apr 13
100
26
*49%
126
128
*6%
No par
6% preferred
Intereont'l
1,600
share
15% Nov
Ingersoll Rand
13*4 Jan 20
23,400
per
413s Nov
46
26
4534
10634 *103
7%
4% Jan
25% May
22U Jan 20
Highest
\
12*4 Jan
36% Jan 26
5,400
109% 109%
share
No par
834 Apr 16
IUoo
per
26
50
27
*77
1127
6%
50%
79%
|*76%
109% 109%
*7%
7%
*6%
6%
4534
45% 4534
42% 43%
*43%
44%
102
103% *103
104% *103% 104
12
12
11%
11%
11% 12
30
30
30% 31
30% 31
103%
12%
12
109% 109%
*738
7%
$
% per share
Industrial Rayon.
Preferred
*128% 129% *128% 129% *128% 129% *128% 129% *128% 129% *128% 129%
22% 22%
22% 23%
22% 22%
22% 22%
22%
23%
2238
23%
17
16%
16%
1634
17%
16%
1634
16%
16%
16%
1634
16%
8%
8%
8%
8%
8%
8%
8%
884
834
8%
8%
8%
116
114
113% 117%
116%
115% 116%
118% 115
116%
115% II784
56
56
58
58
58
58
56% 57%
5834
57%
*56%
56%
110% 110%
*7%
7%
share
t Interboro Rap Tr v t c.-lOO
8%
55
57
56%
56%
164% 164%
164% 164% *160
102
104
104% 107
103% 104%
*150
150%
150% 150% *150% 152%
13%
13%
12%
13%
13%
13%
14%
14%
13%
14%
12%
14%
13%
13%
13%
13%
13% 14
64
65%
65%
64%
65% 65%
10
per
2,900
41,700
25%
834
Indian Refining
%
4,100
24,600
4,700
3,000
115
5%
Par
Lowest
Highest
Lowest
Inland Steel
23%
23%
278,800
7,28
%28
8
41,100
9%
8%
83s
8%
61
60
11,200
63%
62%
60%
59%
700
163
164
164
*163
16334 164
107
106
' 10734
16,100
107%
10734 108
600
150% 150% *151
152%
151% 151%
16,800
13%
13%
13%
1334
13%
13%
18,600
1234
13%
13%
12%
1234
13%
14
5,700
14%
14%
1334
14%
13%
29,900
66%
65%
6434
65%
64%
63%
33Z
8%
43%
131
500
17
*16%
Year 1936
100-Share Lois
EXCHANGE
50
135%
114%
%
17%
45%
Range for Previous
Range Since fan. 1
On Basis of
STOCK
Shares
17%
8%
5534
16434
YORK
Week
45% 46%
12934 130
133
*135
113% 114%
Thursday
the
$ per share
Tuesday
Apr 13
2607
Ex-div.
y
Ex-rlghts. H Called for redemption.
New York Stock
2608
LOW
AND
HIGH
SALE PRICES—PER
Saturday
Monday
Apr. 10
Apr. 12
$
per share
30%
18%
30%
18%
30%
the
Apr. 15
Apr. 16
$ per share
$ per share
19
19
*90
100
*94
51
51
61
51%
2234
2234
22
22
38
38%
38
3734
3734
38%
1438
45%
1578
38%
1434
45%
15%
2284
3784
37%
3884
38
1484
38%
15%
*4578
46%
106%
29%
♦90%
97%
74%
74%
13 38
13%
42
42%
14
1534
3634
"63%
64
18%
157s
106%
~29%
31%
*42%
*118
*102
*107
*113%
14
*90
*1%
*3%
*4%
35
59%
60
16
97%
76%
14%
43
44
45%
43
46
138
43%
43%
1,200
15,400
1,540
♦
*125
32%
2
•22
47%
33
5%
35
34%
90
90
61%
43%
6234
2%
32%
61%
*40%
62%
22%
47%
33%
5%
5%
10%
3478
91
35
91
91
90%
108% 108% *109
111%
108%
108% 108%
20
20
19%
19%
300
10
32
8
33%
157
157
156
♦
36%
*
147
*140
145
49
48
48
"48%
10%
11
1034
*1%
*%
823s
11
1078
*1%
84
1%
%
16%
64
64
64
4034
4034
4034
2078
4034
2078
21%
39%
20%
*1434
2878
15
15
29
29%
153%
29%
98%
3478
24%
111%
8%
778
32%
1%
%
3334
z3238
*33
♦
11
*
145
"49%
49%
11%
11
11
11%
1%
*1%
134
*1%
%
%
84
8734
8734
95
93
96
96
98
96
126
*125
127
127
127
128
%
87
88%
94%
95%
127% 127%
9%
9%
11%
11%
*49% 52
97
126
128
9%
*48
52
68%
58%
934
11%
*48%
*56
934
11%
51%
58%
102
102
*100
36
*24
32%
*8178
4634
85
47%
48
3278
%
732
7,6
67%
*66%
93
*88
28
28
1734
934
19%
18%
*125
*130
9
934
19%
130
160
*1%
7%
*130
1%
7%
19%
1734
130
19%
1%
7%
18%
5
5
5
11%
11%
1178
54
12%
13%
*99% 100
*97
98
30%
*52%
534
30%
*32
36%
21%
69%
21%
67%
18%
*90
55
534
19
110
*15
102
25%
13
99%
*97
12
12
12
12
*68
71
97%
*133
3%
102%
26%
102
102
54%
13%
*53
26
13%
99%
99%
98
*97
35
66%
18%
*90
31%
55
*52%
534
534
*3334
2178
71%
19%
2178
7078
i884
110
15
35
*90
15
35%
3534
135
*133
107
3%
3
135
15%
35%
*133
22%
70%
1934
*90
15%
3534
15%
36%
135
133
*86%
*23%
*65
70
70
*65
20%
*
175
171
*20%
10%
*32%
20%
1034
3234
30
19%
19%
18
10%
*
171%
20%
175
175
109% *107
27
53%
14%
35
88%
24%
*20
110
24
*11234
176
578
33
4,200
600
2134
55",200
10
2,300
22%
71
68
69
133
21%
135%
90%
1978
110
*92
62,300
12,400
4,200
19%
19%
110
15%
15%
1534
37%
3634
37%
*133
20
*
"88%
135
20%
135%
88%
*133
19%
1,000
4,600
135
10
20%
135%
12,200
"56"
90
""506
*
24
*23
24
*23%
*65
70
*65
70
176
*11234
177
*11234
177" "
21
20%
10%
31%
10%
29%
11%
3234
11%
3234
11%
33%
11
h84
32
33
18
19
21
20
21
19%
this day,
...100
100
2034
1978
*176
.....
179
20%
19%
*10
Jan
62
Jan 26
2
12H2 Feb 26
912 Apr 16
1138 Apr 15
4712 Apr 8
54i2 Feb
1
1
Jan 18
94% Mar 5
100% Apr 16
129% Mar 16
12% Jan 15
13% Feb 25
57% Feb 13
6484 Mar 10
100
Apr
7
109
Jan 11
19
Jan
6
37
Mar 17
Preferred series A
t Id receivership,
New York Dock
100
Preferred
...100
N Y A Harlem
60
..50
t N Y Investors Ino...No par
X N Y N H & Hartford
100
Conv preferred
..100
N Y Ontario A Western... 100
N Y Shipbldg Corp partstk—1
4
preferred
..100
2714 Apr
17
Apr
8
7
7
Mar 23
1714 Apr
129% Jan
130
Apr
114 Apr
512 Jan
16U Jan
8
10% June
32*4 Apr
41
Apr
104% Apr
916 Apr
Feb
3
Feb
1%
Feb
78
Dec
75% Nov
133
Deo
12% Nov
13% Jan
60
Nov
64% Nov
110
Nov
43
Apr
9
3178Marl9
21% Mar 20
1278 Jan 22
25% Jan 22
17%
36%
3% July
10% May
5
135
Jan 20
119
8
137
Mar 12
7
2
Jan
7
150
Oct
125
Jan
138
Sept
1
Jan
2%
Feb
Api
Apr
6%
18%
Deo
July
7%
934 Mar 8
26% Feb 25
3
678 Feb 11
4
III2 Apr
68
Apr
19% Feb 11
76% Jan 22
No par
95
No par
107
Apr
9
t Norfolk Southern
Norfolk A Western
100
2
Jan
4
Apr
100
248
100
102
No par
Mar 23
25
7%
9% Apr
May
99
Sept
83
Mar
104
Nov
110
Jan
2
484 Mar
3
93% Apr
1% Aug
272
Jan 14
210
Jan
114
Jan
105
May
North Amer Aviation
1
No Amer Edison pref—No par
57% Feb 3
17% Jan 21
104% Jan 8
93
105
Northern Paoiflo
100
27U Jan
4
Telegraph...60
6II2 Jan
3% Jan
8
..60
Northwestern
Norwalk Tire A Rubb—No par
Preferred
60
300
______
.
....
»
800
6,200
4
8
3478 Jan 14
Jan 28
36% Mar 11
53% Jan 22
678 Mar 3
28% Feb 23
40
Ohio Oil Co
No par
17i8 Jan
4
Oliver Farm Eq new
No par
6312 Jan
4
2278 Apr 5
72% Apr 13
26% Feb 16
OmnibusCorp (The) v t oNo
A
par
100
18i8 Apr 12
110i8 Feb 25
Oppenheim Coll A Co. .No par
13U
Jan 14
Otis Elevator
35
Apr 12
No par
Preferred
Otis
127i2Mar 18
140
16i2 Jan 4
112% Jan 23
134
Mar
97
Mar
8
100
1st pref—No par
75
Outboard Marine A Mfg
5
Outlet Co
No par
Preferred
100
68
114
Owens-Illinois Glass Co
150
conv
Feb 13
19% Mar 1
45% Jan 21
No par
Steel
$5.60
114
Jan 18
100
25
Jan 26
2218 Apr
35% July
Feb
59
98
Jan
Jan
97% Apr
237a July
50
Aug
2
Jan
19
Aug
12% Aug
Jan
24%
17
July
107
Jan
8
Jan
24% Apr
24% Mar
8
12% July
6
70
July
79
Dec
28
Jan 12
123
Jan
June
14% Deo
106% July
103
36%
57
Nov
Feb
Mar
4% Mar
32
Nov
18
Deo
59% Deo
25% Mar
115% Feb
19% Nov
39% Nov
136
June
20% Mar
120% Nov
83% Deo
Jan 26
75
Oot
Apr
3
7
116
23%
62%
6%
Feb
Mar 31
109% Aug
27| Jan
310% Oct
47
Jan
70
4
114
Mar
4
114
July
114
Jan 13
200
Mar 10
128
Jan
13
July
Mar
Nov
July
164% Mar
Pacific Amer Fisheries Ino...5
19U Mar 16
23
Pacific Coast
IOI4 Apr
25i2 Jan
9
15% Feb
1
3%
Deo
40
Mar
3
Jan
8% July
15
4
Dec
27% Feb
2
4%
32%
297g
720
470
1st preferred
810
2d preferred
Def. delivery,
Mar 23
Feb
57
Jan 23
8
Preferred
Deo
15% Mar
101
Apr 8
Apr 7
5138 Apr 6
12i8 Apr 9
9778 Mar 16
Adjust 4% pref....
North American Co
29% Nov
Jan
Jan
5
N Y Steam >6 pref
$7 1st preferred
11%
a
100
NYC Omnibus Corp..No par
Purchase warrants...
7%
Jan
,33z Apr 15
32%
19%
32%
19%
1
Prior preferred..
24
70
....
No par
Rights
Preferred
__
1534
37
20%
on
500
33
22%
*92
9% May
7| Jan
% Jan
57% Apr
197t Jan
74% Jan
77* July
70
Northern Central Ry Co.-.60
25,700
5%
*32
70%
19%
15%
37%
..No par
N Y Air Brake
100
53
22%
110
Bros
Newport Industries
210
23,200
9s34
33%
72
21
150
3%
2278
20
20%
Bid and asked prices; no sales
109%
32%
*52%
5%
*85%
*172
99
*32
110
....
*97%
*5%
25
100
No par
No par
Natomas Co
20
99
52%
84%
24%
24
68
3378
84%
*65
68
52%
87%
*11234
70
3234
*86
*11284
3,900
4,000
1178
53
21%
7.1
7%
1134
33%
20%
24%
1,400
12
32%
*52%
5%
20%
....
7%
*97
19%
*23%
600
2,200
1%
9834
20%
*65
5%
1%
*9934100%
22%
72%
National Tea Co
10% pref
2034
1%
*97
20
National Supply of Del
Preferred
160
*5
*32
26
Nov
10
26%
2678
*53%
54%
13%
1378
*9934100
534
1434 Jan 14
2% Jan 18
147t
4
58 Mar 25
15
*131
*97
578
9
li2 Jan
Oct
Sept
110
35
IOI2 Apr
..100
Deo
95
*103
53
61%
53%
110
98
Dec
Jan
*103
99%
54
Jan
54%
1378
14%
100
100
9834
3278
6178 Jan 22
Jan 22
*102% 110
f
8
Mar 17
256
14
Apr
72
20
26%
53%
1378
Nov
48
36% Nov
100
3
2734
147
4
*246
27
Jan
Jan
*97%
*53
Deo
137%
Jan 14
3
27%
171
Jan 29
83
256
54
Oct
150
19
5%
*107
155
6
91%
29%
*68
3%
Jan 22
Jan
Oct
26% June
1834
3
20
*11234
107
171
144
3
90%
*248
250
28
Mar 11
2878
254
252
31%
21
107
249
15%
35%
*105
97%
25% June
Mar
44
9234
778
2034
1134
Mar 17
38
Oot
1,400
1,600
6,700
2,200
1,360
2,210
5%
8
5%
35
41
200
1%
784
2034
21
5
Jan 14
30
N Y Chic A St Louis Co...100
160
5%
preferred
National Steel Corp
33% Mar
3771 Apr
June
10's Jan 28
3334 Jan 27
1553s Apr 16
4% pf.100
2d
24% Nov
Apr
Apr
70^
,332
*131
8
100
112
Apr
21
21
107%
70
'532
7034
160
5%
12%
A
Preferred B
100
Nat Mall & St Cast's CoNo par
National Power A Lt...No par
Nat Rysof Mex 1st
Dec
10
Dec
Deo
*131
21
No par
8
Oct
107
Dec
Deo
160
7%
Nat Distil Prod
Nat Enam & Stamplng.No par
National Lead
10
734 Apr
27ia Feb
8
164% Deo
37% Deo
107% Deo
32% Nov
28% July
112% Mar
307j
100
49%
*131
5%
10
Newberry Co (J J)
5% pref series A
5,000
11
9%
10%
20
21
2178
134
13234 *130
19
Mar 11
1712 Jan 27
26% Feb
112%Mar 11
109% Jan 14
24% Mar 9
Jan
Oct
19% Deo
15% Mar
38*4 Jan
Jan
*130
138
107
5
153
62% Nov
47%
55% Mar 17
134
*1%
734
1934
5
Jan 18
3334 Jan 13
103% Feb 3
387, Feb 25
20% May
12% Apr
9% Apr
28% Oct
22% Mar
40
19
1%
2958 Jan
2318 Jan
167
9
Jan
New York Central
*130
1%
Apr
Apr 10
2634 Apr 12
93>2 Apr 9
Mar
Apr
49% 117,800
7,6 367,700
18%
10%
18% Jan 21
33% Mar 2
100
t New Orl Tex A Mex
33%
48
4834
1332
20%
24
14
43
Deo
40
84
*8178
21%
Jan
Apr 13
6% preferred....
1
Jan
108
No par
Mar
Deo
79% Aug
83
2834
9%
Jan
71
£24% Jan 28
47% Mar 11
36%
108
Jan
91%
19
3812
I8I2
135s
2858
14834
8
No par
100
7% pref olass A
7% pref olass B
Nat Depart Stores
Preferred
173s Jan
447t May
102% July
Feb
19%
10%
9
Nat Dairy Prod
8
Mar 13
39% Nov
101% Nov
Apr
9234
2934
1878
10
9i6 Apr
1578 Mar 22
585s Jan 23
90
108% Jan 26
34 Apr 13
2034 Feb 11
Jan
9
70
19
Bisoult
7% cum pref
100
Nat Bond & Invest Co .No par
6% pref ser A
100
Nat Cash Register
No par
8
Apr
May
10%
70
92
1
No par
Jan 27
Apr
11
70
21
Oot
Nov
32%
27%
69
29
National Acme
Nat Aviation Corp
National
70
102
39% Mar 20
9938 Mar 19
36% Feb 11
43%
27
98% Feb 10
68%
19
Nashv Chat & St Louis... 100
9112 Mar 12
2734 Jan 4
2% Nov
Jan
4134 Jan 18
4778
92
5
_
3H8 Apr 8
781* Jan 18
84
49%
%
2834
84
No par
Nash-Kelvlnator Corp
Nelsner
32%
3234
*8178
Feb
.No par
No par
84
48%
%6
34%
Feb
7%
33% Deo
29
33
3378
84%
4934
*73Z
33%
Myers F & E Bros
100
90
*26
32%
33%
134
5
*32
13,900
11,400
1,100
1,800
2,600
100
9
19
30%
*52%
5%
€0%
100%
127%
9%
11%
49%
68
18%
3%
3%
249% 250
*53
300
105
97%
26%
......
%
*56
*97
102
1,800
8,700
1
No par
No par
Ino
Murphy Co (G C)
No par
6% preferred
100
Rights
Murray Corp of America.. 100
300
*103
99
26
5,300
58
*97
*53
26,100
......
Mfg Co class B
Preferred
Mu rising wear
400
105
97
102
3,000
1»4
*130
1%
7%
107
140
110
*56
97
107
18,100
*26
71
3%
4,000
*103
*67
109
100
58
71
254
300
1,700
33
*67
3
500
102
71
*107
2,800
11,300
*57
*67
*250
Feb 23
102
68%
91%
28%
*18%
18%
160
31
4
Mar 15
Mullins
79
Feb 13
51
*26
33%
%
130
26
Mar 23
58
48%
,532
92%
28%
17%
9%
2778
17%
11%
52
Da Jan
21% Mar 23
33
*83
68
*89
11%
*49%
52
9%
Apr
Apr 14
46
102
*27%
67%
9%
Mar 22
31% Mar 23
*56
84%
4834
32s4
*81%
934
1134
21
11
9478
127%
9%
*10%
49%
89
12U Mar 17
4078 Jan 23
1
90
50%
88
Jan
6
102
33
32%
*49
101
*24
9%
11%
1%
Jan
Mueller Brass Co
145
1078
*1%
%
%
8434
*%
s634
7
30%
100
Motor Wheel
23,900
35
"4912
50%
Jan
5
934 Mar 17
31* Feb 26
381* Jan 15
300
3o34
37%
15538 155%
*
50%
3458 Mar 17
6U Mar 17
3
Mother Lode Coalition.No par
4,500
6,100
778
3234
*33
145
50
92
11%
778
32%
3734
145
Z,32
16%
10834 10834
19
19%
8
preferred
Motor Products Corp..No par
15
29%
8
24% Jan
100
Apr
3,000
2,500
22%
39%
*14978
100
18,800
64
22%
152
34
1,500
2134
83%
9%
2,100
Preferred series A
Conv
2678 Jan 14
67g Jan
No par
t Missouri Paoiflo
80
32
65
82%
11%
96
2278
34
*33
37
*47%
*1%
*%
32
96
33
3338
35
*33
34%
37% 3734
37%
37%
*155% 156% *155% 156
*155% 156
34
3534
32
32
22%
8
33%
156
*33
4678
109
109% 109
108% 10834 *107% 10834 *108% 10834
20% 20%
20
21
19%
19%
8
34
Jan
105
108
*108
37
Apr
22%
152
Feb
Oct
16%
22
4678
No par
Mo-Kan-Texas RR
700
'
2884
29%
29%
*98% 99%
98%
34
34%
3434
24%
2478
24%
111% 111% *110
9%
33%
Feb
28%
22%
4734
2%
z,32
16%
2078 21%
*15
15
15
15
15
15%
15%
29
2 934
2834
29%
2878
29% 2978
14834 14834 *148% 152
*146% 152
*14978 152
2 684
27
27
*2534
27
27%
28% 29
*97% 9934
*97%
9934 *97%
99% *98% 99
33% 33%
34
34
33%
34
3334
34%
23% 23%
24
24*
2334 24
24% 24%
Deo
Feb
105
21%
Feb
Feb
Feb
105
20%
2%
6%
6%
297t
71
*104
40
8
Jan
105
41
Jan
60%
>4
81
16
6%
J66I2 Jan 18
81
*61
214 Jan 23
6% Mar 4
Deo
62
82
65
Jan
Apr 15
Dec
94
..60
*81
1634
Apr 16
Mar 10
Mar
82
22%
40%
21%
101
Nov
*80%
16%
Jan
Nov
12% Mar
59%
96
2134
120
6% Jan
67% Jan
1% July
2% Aug
2*4 Jan
I684 June
5% Jan
14% Jan
2
Sept
37« Jan
197S Aug
68
32
*62
112
Dec
16ia Mar 11
103
32
",6
Apr
Jan
Feb
Jan
31%
"16
16%
Mar
119
110
Deo
22%
47%
Z%2
16%
88
z65
MarlO
2
Jan
May
30
z,32
Jan 22
Mar 17
124
122
41%
*95
*104
100
£17% Apr
21% Jan
Deo
35*4
30
34
....100
16«4
Jan 18
94
105
Minn St Paul ASS Marie. 100
Jan
120
Jan
88%
1%
334
4%
Nov
106
Jan
11
Oct
65
307t Nov
48% Sept
131% Mar
109
Sept
Jan
Mar 29
113% Apr 15
par
45
Feb 17
94
2,32
3538 Mar 10
48ia Mar 5
Deo
Jan
Jhn
Mar 10
30
81%
102
Jan
107%
May
69
2%
3234
32
31%
40%
534
6
26% Feb 23
46
*32%
32
30
Jan 16
2
29i4
38%
11612
103«4
Feb 10
41
72% Mar
101
96
3334
Jan
147
41
30
2
Deo
8
Nov
53% Jan 27
2278
48%
33%
48%
2
Oct
12
No par
22%
4734
33%
2
91
Morrel (J) & Co
Morris & Essex
22%
33
65
32%
63
*32%
*94%
*2934
21%
37
*62
32%
*104
32
*40
63
22%
47%
",6
16%
*33
42%
61
4734 Mar
106% Jan 2
*36% Mar 11
No par
7% preferred
4% leased line otfs
Mission Corp
122
"""~90
*40
60%
9
Apr
..10
Preferred
Jan
Dec
1284
9
41
49% Nov
21% Nov
108% Deo
28% Deo
Deo
Mohawk Carpet Mills.....20
Monsanto Chemloal Co
10
Mont Ward & Co Inc. .No par
3478
9034
60%
42%
*62
.
163a Feb
Jan
14«4 Nov
1,700
4,900
4,600
2,600
3,100
2,300
1,000
32,900
8%
2884
5%
10%
2
105
778
32
32%
104% *104
8
90
62%
81
8
5%
978
34%
9034
5878
200
6278
2%
3334
80
20%
31%
1%
43%
80
20%
15%
29%
5
60%
81
20
4
*4%
*29%
8%
28%
2
Deo
55% Jan
678 May
Jan 13
11% Jan
Nov
49s8
11% Apr
i95
Feb 16
86
16a4
Impl No
8
101
46
24%
Oct
8% Apr
37»4 Jan
12
7
Jan 12
...5
Minn Mollne Pow
38%
Apr
8
Minn-Honeywell Regu.No par
4% conv pref ser B
100
16
14
24
17
Jan
23% Nov
101% Deo
June
19
x95
Jan
No par
June
40% Nov
112i2 Jan 14
333g Feb 1
59
8% cum 1st pref
..100
Milw El Ry & Lt 6% pf-.-lOO
300
62
*80
*39
*334
4%
10%
.35
93
1%
4
934
34%
11,100
*4034
96
65
*90
2
8%
28%
5%
29
14%
6234
29%
31%
32%
8%
14%
120
62%
2%
95
66
94
*1%
*378
4%
31%
8%
28%
"""BOO
115
43%
29%
21%
14%
94
5
28%
5%
10%
3434
90
14%
4
8%
10%
96%
41
*378
*4%
10
140
2
31%
Mid-Continent Petrol
Midland Steel Prod
900
97
*1%
5
28%
9%
30
16
*94
31%
8%
29%
5%
8
28%
5%
10,900
33%
113% 113% *113
100
19
2% May
92
12
95
100
Miami Copper
43
103
1
10,800
118
1478
72
Meroh <fe Mln Trans C o.No par
Mesta Machine Co
6
43
114
14%
4
*4%
8%
18%
No par
No par
100
"moo
118
118
114
2
31
30
*2,32
44
118
*334
5
3684
6584
19%
65%
No par
preferred
Mengel Co (The)
6% oonv 1st pref
7% preferred
138
*36
19%
32%
14
3134 32%
42%
4234
11734 118
107% *100% 107% *100% 105% *100% 105%
110
109
10934 10934
109
10934 10934
44
*1%
4
34%
44%
*120
3684
66
65%
19%
20%
33%
138
*36
66
19%
33%
*120
3634
64
119
110
135
*35
114% *113% 114
1438
14%
15%
91
91% 95%
5
48
44
119% 117
107% *102
734
27%
22%
32%
43
*128
3634
6334
20%
19%
109
14%
44%
135
"63%
63%
19%
31
2
1434
46%
*
3634
*62
3334
14%
44%
Jan
Corp
oonv
Mead
180
75%
1334
*95
1
$6 pref series A.
Melville Shoe
16,900
96
No par
Stores....
15% Apr 8
Apr 14
25s4 Jan 6
6%
54i2 Mar
28i2 Jan
42i2 Jan
42% Mar
16% Mar
47% Jan
Highest
$ per share $ per share
29
Feb
37
Deo
24ig Feb 11
106% Mar 2
4
5
$3 oonv preferred
MoLellan
20
7634
14%
22%
*47%
*39
45
$ per share
36
Jan 2
6
7634
1378
45
16%
16
*103%
31%
32%
12% Jan
96
32
16
16
103
3178
MoKesson & Bobbins
97
2
2138
16
103
33
..6
MoGraw-Hill Pub Co .-No par
77
32%
*65
14%
45%
z29% Apr 14
18% Jan 8
98is Jan 25
Molntyre Porcupine Mines..5
McKeesport Tin Plate.—
10
97
62%
8934
%
15%
46
share
1,000
77
9%
*34%
89%
58%
*4034
1932
1478
4578
Co
$ per
4,800
4,900
17,000
1,500
1,500
3684 37
3384 36%
15
14%
14%
4578
45% 45%
16%
*1534
16%
106
*103% 106
32%
31% 32
Year 1936
Lowest
Highest
4038 Jan 12
2034 Apr 8
3634 Apr 16
3334 Apr 16
97
*32
*104
23
37%
37
2284
37%
37%
23
38
3 884
McGraw Eleo
77
5%
*95
2178
37%
38
i'soo
52
22
4,100
98
52
77
31
9%
*33
*92
52
967b
28
2
98
5184
*22%
97
18%
5%
62%
*92
52
Par
MoCall Corp..
No par
McCrory Stores Corp new
1
6 % oonv preferred.
100
1,600
14%
"62%
*934
3484
8984
*4084
98
6184
106
"32%
19
3034
1934
76
8%
28
19
3084
19%
13%
31
8
19%
*92
3034
75
32%
31%
44
42%
119% 118
107% *102
109
109%
115
*113%
14%
1334
91
92%
2
*1%
4
*3%
5%
*4%
31
16
*
30%
Lowest
*90
19
32
100
2934
Range for Previous
of 10Q-Share Lots
EXCHANGE
.
*126
138
*
46
*
"29%
*120
1484
46
Range Since Jan. 1
Shares
z29%
19%
April 17, 1937
On Basis
Week
$ per share
22%
•
Friday
3034
19%
50 84
100
STOCKS
NEW YORK STOCK
Thursday
Apr. 14
5034
♦96
Sales
Wednesday
$ per share
30%
SHARE, NOT PER CENT
JVI
Tuesday
Apr. 13
$ per share
30%
18%
Record—Continued—Page 7
n
New stock,
10
No par
No par
r
Cash sale,
x
18
Apr 12
Ex-dlv.
y
Ex-rlghts.
Jan
7
Jan
22
f Called for redemption.
Deo
Deo
SBPJd
Volume
LOW AND
New York Stock Record—Continued—Page 8
144
SALE PRICES—PER
HIGH
Sales
SHARE, NOT PER CENT
Saturdav
Apr .10
$
Monday
Apr
12
Apr .13
ver
25%
*2514
31%
31%
25%
31%
47*2
46
25%
31%
4634
3834
31%
♦46
4684
26
.
14
Apr
25%
32%
2478
32%
47
47
$ per share
$ per share
24%
32%
24%
24
33
47
32%
4634
900
24%
32%
5,900
2,300
47%
38%
37% 38
141
142
140
141
141
140
141
141
141%
141
*140% 144
*135
140
140
♦135
*134% 138% *134% 138% *134% 138%
140
28
28
28
27%
28%
28%
283s
27%
27%
"28" 28
28%
10%
10%
10%
1034
10%
10%
10%
10%
10%
10%
10%
1038
15
15
15
*12%
1478
♦12 •
15
*12%
1234
12%
*12%
*12i8
3
3%
3%
3%
33«
3%
3%
33s
3%
3%
3%
*314
76
76
76
78
76
*73%
88%
80%
75%
77% 80%
75%
*37i2
83
82
82
82
83
82
82
*80
*90
105
*90
105
*90
105
*90
21s4
170
21
2178
*30
30%
514
53s
38i2
26i2
38%
26%
22%
*28%
5%
5%
38%
26%
5%
38%
♦578
778
18is
6ia
24%
172
*168
22
2934
♦29
26
38%
27
57g
6
6
8%
1734
8%
183S
8%
18%
8%
187g
6%
51
52
6%
51%
98
98
5i8
♦834
5%
9734
5%
6%
6%
5%
8%
8%
87S
5%
878
♦58
68
*61
68
25
25
*24
25
45lS
45i2
58%
44%
*64
*55
52'2
1212
112% 113
52%
*51%
*1034
13%
*43
44l2
*43
44%
♦75
82
*75
82
♦81
85
*81
85
♦205s
21iz
*20%
21%
20
1978
48%
114
♦10
20
10l2
105s
19%
1/10%
48
48i4
47%
51
*50l2
»8878
*5i2
11
1*4
*7518
56
*678
♦50
*1834
5%
5%
7
84
56*4
7%
59%
1914
50%
50%
*6%
5078
5%
878
*64
89
89
50
89
11
6%
*5%
10
178
72%
73
14%
*13%
84
*75%
84
*75%
84
5678
5634
7
*7%
178
57
57%
7%
59%
19%
*7%
58%
7%
*50
15
6678
65
65
19%
2978
52
15
52%
67
65
65
*65
166
165
165
*155
84
5%
834
preferred
100
preferred
10
205s Mar 30
_.l
2812 Mar 22
Park-Tllford
Ino
Park Utah CM
1
Parke Davis & Co
No par
Parker Rust Proof Co
2.60
Parmelee Transporta'n.No par
Pathe Film
Corp
No par
Patlno Mines A EnterprNo Par
8
Penick A Ford
Penn-Dlxle
No par
Cement.-.No par
Corp
1,600
.100
400
60
3534
3,700
4,400
11,700
14,800
People's G L A C (Chio)...100
Peoria A Eastern...
.100
Pere Marquette
100
100
Preferred
100
Pet Milk
No par
Petroleum
Corp of Am
6
Pfelffer Brewing Co
No par
25
2,700
1434
100
3,400
84
21,700
100
7%
*53
55
50
14
14
200
65
65
63%
65%
Phlla A Read C AI
1,200
*158
No par
Phillip Morris A Co Ltd
7% preferred
Phillips Petroleum
Phoenix
600
4,400
30%
60
Phillips Jones Corp
...
19
50
preferred
10
30
6
578
*2i8
27U
578
*39
25i2
734
23s
1012
24
67i2
6H2
6%
123
39%
39%
2%
26'8
27%
2138
26%
734
238
27%
21%
*2%
27%
21%
25
2434
10i2
2414
*10%
23%
24
*65
67i2
6178
25%
7
*2%
10%
1078
24%
24
2434
*24%
67
67
61%
43%
10%
25%
234
28%
21%
25
100
2734
12,900
21%
300
2534
7%
3,900
2%
1034
25%
25%
10%
10
10
25
25%
*7%
*2%
10%
247g
7%
2%
7%
*2%
2%
6%
600
25
68
66
66
66
66
66
66%
6234
62
63
63
63%
6,700
152
*140
152
*140
11134 *110% 11134 ♦111
61%
20
2078
21
60%
21%
21%
74
*98
mm
74
9iS
33
9
73%
9%
74%
9%
32%
73%
938
3312
40%
103
19%
16%
1034
32%
32%
22
103
30
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J__No par
1978
11
74%
9%
32%
74%
934
32%
42%
•
6%
7%
8%
17
17
1034
600
69,300
74
1,500
$3.50 conv 1st pref.-No par
9%
73%
9%
74
9%
10
80,500
32%
32%
32
32%
1,300
( Radio-Kelth-Orph
No par
Raybestos Manhattan.No par
42%
*40
74
300
47
200
1st
100
2d
10
10
65
*9%
*56%
10%
*56'8
65
2334
*85
23
24i2
107
8
*26
1878
19%
19%
1978
19%
31%
31%
33
33
33
23
85
85
*100
8
778
1,800
30%
20
1934
Real Silk
*33
34%
200
1st preferred
Reliable Stores
500
Reliance Mfg Co
No par
10
Remington-Rand
1
23
17,200
85
*84
85
85
85
400
106
*103
105
*103
105
23%
8
7%
2378
2278
8
22%
23%
7%
7%
734
7%
Preferred with warrants. .25
Rensselaer A Bar RR Co...100
22,600
42
4U2
40% 42%
42% 43%
42% 433o
11434 11434 *11434 116% *11434 116%
*114l2 H612
*10834 10934 *107% 109
*107% 109
*107% 109
44% 45%
45l2 4578
4578 48%
48% 4938
94
91
*91
91
94
94
94% 98
4234
41% 42% 157,500
417g
400
116% 118% *116% 119%
108
108
300
108% 108%
44% 48% 25,900
48% 487g
95
90
98
*95
1,400
*130
133
133
133
135
94
*92
94
Reo Motor Car
40
9U2
*2434
*_
*130
*
"24%
25
10738
*
132
107%
*26"
27i2
~25%
51*8
*60%
*13i8
5138
5034
14
*13
13%
*2312
25
*23
25
*72
74
*120
129
*634
53%
65
7
54
3%
8 >8
384
*1514
I6I4
*30%
37
*
83g
*60%
70%
*120
132
91%
2434
25%
51%
65
70%
129
91%
24%
*
133
91%
25
107%
26%
50%
5078
*60% 67
*1234
13%
*23% 25
*707s 72
_26~
*120
133
91%
129
25
*
133
91%
2538
10738
*26~
50%
25
*
27
"26%
51
51
24%
25%
107%
26%
5134
*
24%
107%
■
"26"
26
5134
50%
5
Republic Steel Corp..-No par
130
*92
133
*
100
Corp
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass
5
Class A
10
Preferred
100
5% % preferred
100
5,000
Reynolds Metals Co
1,500
Reynolds Spring new
No par
100
__1
Reynolds (R J) Tob class B.10
Reynolds (R J) Tob class A.10
Rhine Westphalia El A Pow_.
5H% conv pref
13,500
67
*62
67
*62
67
*12%
133s
*12
13%
*12
*23%
25
25
13%
24%
100
Rltter Dental Mfg
72
73
*23%
*71%
*70
72
400
Roan Antelope Copper Mines
*120
127
*125
128
300
Ruber'dCo(The)capstkNo par
Rutland RR 7% pref
100
*62
*120
73%
129
24%
8
No par
Apr
16
Apr
2U2 Jan
8OI2 Jan
4
5
Jan
2
99
71
Jan 21
12812 Jan
91
Apr
2412 Apr
107
Mar
117
*7
54
55%
10,500
3%
3%
8%
*15%
3%
8%
1634
*30%
334
8%
I684
1,800
3,000
( St Louis-San Francisco.. 100
J8t preferred
100
3
50
( St Louis Southwestern...100
11
*30%
*30%
37
*35
37
Bid and asked prices; no sales on this day.
2c
*30%
37
( In receivership,
a
Preferred
37
Def. delivery,
n
New stock,
100
r Cash sale,
8
8
1
16
Jan
_
16%
Jan 15
4% Mar
Mar
8
5
5
223s Feb
8
35% Mar 31
29>8 Mar
9
94U Jan 30
Feb 18
9U Feb 18
4938 Apr 14
98
Apr 14
135UMar 10
9584 Jan 26
303s jau 14
Deo
73% Dec
56
Dec
1221S Feb
50% Nov
8
67
Jan 26
14
Feb 23
31% Feb
4
86i2Mar 10
Mar 19
934 Feb 19
Mar 11
484 Mar 17
37% Mar 11
July
164
July
114
Apr
Deo
897g
247g Ma
133*4
Apr
1171* Mar
20% Not
19%
14%
Oot
Jan
108i2 June
80
July
1078 Nov
Jan
50*t
Jan
50
Deo
Jan
47
Nov
97g Jan
65% Oct
17g Apr
125g May
16
Aug
1711 Aug
81
99 %
Deo
Sept
4% July
167g Apr
77
May
78% May
10
Apr
24% June
90
Apr
16*4
100
4%
31
Oct
Jan
Deo
Deo
Deo
24ig Nov
25
"
Nov
90% Nov
114
Apr
8*4 Mar
297g
Dec
128
Deo
104%
Oct
39*4 Deo
79% Deo
138
Oct
Dec
98
Nov
22ig May
Apr
34
Feb
117
Jan
92
50
Jan
July
130
38»« Nov
58
11% Feb 25
20'4 Mar 5
y
28%
Jan
25
4
x Ex-div.
Deo
Dec
Jan
105
Jan
2
4
Deo
28%
5
8
65
Dec
287g
35is
34U Jan 22
112
Jan
2812 Jan
Oct
9»4 May
8312 Jan
68ig Apr
Apr 16
Mar
Aug
May
91U May
95s May
7
6I4 Jan
Jan 27
Jan
6
10
140
Jan
63s Apr
4334 Jan 29
8
37
4
2478 Mar 24
5018 Apr 13
60
Apr 7
1312 Apr
24
Apr 8
69
Apr 9
56
834
367g
103
Feb 15
47UMar 11
33i8 Jan 19
3*4
Jan
120U Mar 2
HOUMarlO
2
11%
13%
112
4
Jan
Deo
Jan 25
Feb 4
3
110
Feb
27*4
26% Mar
29*8 Deo
146
Jan 19
27i2 Jan
109
1
37g
4
5
Jan
Apr
July
3*4
Jan 25
39
100
41U
167
144i2 July
37
3112 Apr 13
9*i Arr
112% Nov
113
243s Feb
30
Deo
Apr
Apr
80
2
Dee
128
Jan 11
Feb
Deo
4«g
30%
Jan 20
1234Mar
183s Mar 25
Apr
110
Jan 21
4334 Jan 8
133s Jan 16
83
Jan 20
*7
16%
39
49
23
Oct
Oct
Oct
103% Feb
113% Apr
8
47
55
378
8%
Oct
57% Oct
40U May
11684 Dec
11234 Feb 27
103
Jan
17%
17«4
40
73s
*15%
June
4>8 Jan
1U Jan
6>4 May
45
5678
9
25g
3912 Apr
738
378
Jan
1U May
3634 Jan 11
55%
1634
11812 Jan 4
5284 Jan 21
2334 Feb 25
1878 Jan 21
784 Mar 22
Apr 2
7%
834
49
31
55%
334
878
378
Feb 11
65i2 Jan 15
107
733s Apr
7%
*15%
6
IOI2 Apr
103
5434
18
7
183s Jan
7
8%
5
19% Feb 26
5434
16%
86
128i2
140U
162U
113%
72%
7
....10
Feb 10
119
52%
3%
8%
16%
St Joseph Lead
31
112U Feb
278 Feb 19
.5
15% Jan 20
317S Feb 11
IOOI4 Mar 23
100
Hosiery
Rels (Robt) A Co
2,300
*84
8578
July
No par
preferred....
preferred
Preferred
400
*103
24
106
3%
*25
33
24
167
2
Apr 6
Apr 14
934 Mar 12
64
Apr 9
50
60
50
Reading..
63
3%
30
18%
107
734
29
*58
3%
32
85
8%
63
*3%
10%
1038
10%
*58
3%
1934
*100
8578
*100
30
*10
65
28
3%
10%
*56%
3%
1078
65
No par
75t4
*40
Jan
Jan
MarlO
9%
33%
44
18%
Deo
Deo
58U
Mar 24
Preferred B
4234
*31
137g
29
21
Jan
*45
32
7% Apr
23% Dec
858 Feb 1
13712 Jan 30
47UMar 5
Jan
*40
*31
May
187
2
4
7
99
47
*26
160
Feb
14
108
45
30
Dec
Mar
176
Jan 12
152
8% conv preferred
47
*25
77
155
7
Jan 12
2
62% Aug
18% Dea
Jan
Mar 10
Apr
12734 Apr
Deo
Jan 18
4
100
100
Dec
190
28
100
11*8
175
122
preferred
preferred
6% preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
*98
-
Jan
8
No par
100
8,000
Feb
37%
Apr 15
234 Feb 18
preferred
Mar
Deo
2012 Feb
Mar 12
Nov
18%
7U June
35% Apr
43
16
88
Jan
Feb 17
114i2Mar25
3*8 Jan
101*4 July
8
18U Jan 2
76i2 Jan 22
Apr 14
4
Mar
167g Mar
84
56
5512 Jan
Oct
12
July
9
66
102i2
70
4
167
Dec
545g Aug
6238
2
100
Dec
38U Jan
5i| July
Jan
50
Pure Oil (The)
210
200
*40
187S
59% Apr
Mar
734 Apr
68
May
1384 Apr
2812 Jan
61,600
40
30
87U Jan
66
27% Dec
4934 Dec
22%
49
*1838
Jan 16
333s Jan 18
58
40
*25
4
6
5
9i2 Jan 20
74i2 Jan 13
2084 Apr 5
111
40
3%
4
No par
*47
10%
6
pf $5.No par
x40
*56
No par
Pub Ser El A Gas
47
3%
Mar
49% Jan
Pullman ino
100
43
10
3U Feb 1
84U Feb 25
20
11,400
47
*3
2
Jan 12
4
60%
10%
17
1Q34
10%
*98
100
102% 102%
19%
1834
19%
17
16%
$5 preferred
110% 110%
103
1834
400
*38
3l2
8
7i2 Feb
14
1312 Jan
21%
6034
22%
2I84
110% 110%
*102
50
6,300
47
*3i8
100U Jan
Jan
43
*41
Apr 12
Apr 15
Apr 2
Feb 27
Apr 7
12
*45
41
8878
512
912
li2
45% Jan
81% Jan
3U Jan
8% Jan
Hi July
33% Feb 4
1178 Jan 22
378 Jan 22
*38
41
54i2 Jan 14
2412 Apr 9
7
Apr 13
238 Apr 7
10
Apr 8
23U Apr 9
24
Apr 9
47
*38
8
Jan
Poor A Co class B
43
40l2
*4534
19% Mar
Apr
Mar 13
18U
56*4
50
e^Mar 20
Nov
10% June
U Apr 15
5978 Mar 10
70
112
25&s
8
60
11134 111*4
11134
60%
*98
*98
m
m
61
110% 110%
110% 110%
110% 110%
103i2 *102
103% *103
103%
20
20%
19% 20
1934 20
*16
16%
16%
*16%
16%
16%
10%
1078
10%
1078
11%
IO84
*102
*9712
9
47i8 Apr
May
152
20*8 2078
11018 110%
103s Apr
12*8 June
46% Aug
215s Mar 11
13U Feb 19
20
No par
Feb
Deo
4
2158 Apr 14
5% conv 2d pref
7U
Nov
17U Jan
28i2 Jan 22
Procter A Gamble
Oot
58
31
5
900
62%
Oot
59% Nov
116*4 June
90
1878 Feb
5
Dec
45
Jan
Pond Creek Pocahon_.No par
5% conv 1st pref
74
27% July
Jan
1% Apr
117g Jan
700
Feb
16
Jan 12
5,900
25
Deo
56
Feb 16
1
3*4
73
112% Not
67g Jan
10i2 Mar
8
3
No par
117g
7
167
No par
Apr
Apr
17ig Nov
10
Jan 11
Feb 16
Class B
Jan
47U Mar
32i2 Nov
Jan
33s Jan
Porto Rlc-Am Tob cl a.No par
Dec
5U
Jan
3U2 Jan
5
Dec
37% Deo
91
2i8 Feb 17
24% Mar 22
Plymouth Oil Co
Deo
22>4
87
10712 Jan
Pitts Young A Ash 7% pf.100
Pittston Co (The)
No par
25
174
25
25
Pressed Steel Car Co Ino
25
60
Jan
Jan
4U Apr
74% Apr
97% Feb
109% Dec
1
100
(Postal Tel A Cable 7 % pf. 100
25
5978
Apr
4
8
100
Pittsburgh A West Va
1,600
25%
2434
115
..100
1
100
Corp
preferred
Pittsburgh United
100
*20
21%
26%
734
7% cum pref
Pitts Term Coal
Preferred
80
27%
28%
21%
2,300
25%
2434
58%
38
2058
Mar 25
21
Feb 16
.
234
151% *140
59%
Feb
Mar
8212 Feb
84
Apr
Apr 12
40
*2%
234
*2%
2734
100
22
28U Apr
30
630
22
23
23
Jan
Jan
June
110
1,800
23
17
9
104% 105
3
*2%
3
4%
28*4
23% Deo
135s Oot
25% Apr
64% Jan
60
128
59
Mar
104
*127
♦140 ; 152
152
*140
*140
♦110
11134 *110% 11134 *109
63
3% June
11634 Jan 27
100
25%
128
SOU Mar 17
8
128
*127
2
8
*127
128
12ia Feb
76ia Feb 1
2934 Feb 10
Mar
128
*127
638 Jan 23
Mar
25
44
Mar
20
*127
128
43%
Aug
69
43
*127
44
60
8
2
25%
*7%
*2%
10%
62
43%
115
9
64
3
115
*114% 117
*114% 117
44
44%
4438
44%
4434
44%
*103% 10334
103% 103% *10234 104
*119
*118% 119%
11934 *118% 120
43%
Jan
10384 Mar
1318 Jan
♦10334 104% 10334 10334 *103
103%
♦119
11934 *119
11934
119% 119%
115
29ia Feb
2484 Jan 27
21%
2%
61% 62%
114% 114% *114% 117
4U Jan
65s June
10% May
1U Jan
8U Feb 25
4484 Feb 3
174U Apr
28
7
234
7% Jan 14
lOij Jan 5
2378Mar 11
73s Feb 18
5
Pittsburgh Steel Co
*2%
June
3
34i8 Jan
Plttsb Screw A Bolt-_.No par
3
7U Aug
8% Aug
17% Jan
2»4 July
40J4 May
23
Apr
5,800
*2%
26%
7%
7%
*2%
59
17%
57g
57g
578
6%
5%
5%
*111% 123
*112% 123
*U134 123
41
41
40%
40%
40% 40%
234
28%
21%
*20
24
*23
6%
*113
4034
200is Jan 28
26»4 Jan 28
34
*19
23
2%
234
*20
578
*11134 124
38i2
Apr
July
17
*2%
Jan
67
104% 105
234
Jan
18%
103
6
165
No par
Jan
13s
MarlO
90
5
100
100
67g
10978 Mar 16
2884 Jan 28
34
106
38i2
12U Aug
17%
105
♦IIII4 124
17»a Jan 20
412 Jan 25
88% Jan 26
34
106% 108
*19
July
17
3534
23
Dec
152
34
17
*35
*19
153
17%
17
36
23
•18
Jan
Jan
11% Apr
36
16%
36
234
118
4
Pitts Ft W A Chicago.... 100
Preferred..
July
140
Mar
1638 Jan
Pirelli. Co of Italy "Am shares'
100
58>4 July
47U Deo
14U May
2
17
100
25
Plllsbury Flour Mills
41
4
48U Mar
58
Pittsburgh Coal of Pa
395s Nov
Jan
Deo
Jan
65i2 Feb
100
Pierce Oil Corp pref
Dec
Jan
4
75
6
30
30<4
4434
2934 Apr 6
123s Feb 18
6
4
4i8 Jan
No par
Hosiery.,
5334 Jan 14
4478 Jan 9
Jan
4812 Jan
34
No par
100
Preferred...
15
16%
3%
4
s32 Apr 14
Rights
Phelps-Dodge Corp
( Phlla Rapid Tran Co
55
35
*234
3984 Jan
4
4934 Jan 14
180
*53
16%
314
458Mar25
73s Jan 2
112i2 Apr 12
100
*14
34
108i8
*234
5
100
Preferred
Prior preferred
15
16i2
108
Jan
Jan 13
Preferred
1638
97
Jan
200
30%
63s Mar 24
784 Apr 9
14'a Feb 6
3% Jan 2
4978 Apr 16
22
Pennsylvania RR
100
300
53
30%
4
64
534
19
Mar 13
38
2478 Jan
100
v t c
12%
1%
7234
*50
6
Peoples Drug Stores..-No par
95
7%
414 Jan
No par
Preferred series A
Penn G1 Sand
Philadelphia Co 6% pref—60
*6 preferred
No par
5778
7%
59%
Mar 30
161
1st
50
53
*158
6
Jan 25
2284 Mar 22
2d
100
1,000
16,500
*14
*155
Jan
105
1
Penney (J C)
No par
Penn Coal A Coke Corp
10
19%
30%
30%
76
100
preferred
conv
Peerless Corp
59%
1978
30%
19%
No par
Parafflne Co Ino
5,200
2,000
2,700
500
*75%
56%
58%
7%
59%
19%
22U Jan
6
Paramount Pictures Ino
3234 Jan 14
Jan 12
38
149
Apr
13812 Apr
Jan
100
Highest
$ per share $ per share
$ per share
152
140
60
8% conv preferred
6,700
1,500
634
67
1%
72%
1434
134
*50
No par
534
15
*7%
10
*10%
7334
*75%
57%
59%
1934
2978
5234
*50
29%
52
8%
18
50
5%
10
1%
73%
*1334
178
7334
*14
29%
15,400
2,300
4,000
*87
95
5%
10
15
*14
500
50
50%
*86
6%
10
178
15
8%
Corp
234 Jan 12
3,100
13,900
50%
*64
100
100
preferred
Packard Motor Car
4%
98
9
°67
Paoifio Telep <fe Teleg
Pao Western Oil
10i8 Jan
1134 Mar 22
1,100
13,300
6,000
5%
No par
per
(Panhandle Prod & RefNo par
534
98
98%
5%
No par
share
24
Apr 16
3058 Apr
4312 Mar 24
3434 Mar 22
$
Pan-Amer Petrol A Transp._5
84,300
*5%
8%
177g
6%
4978
51%
98
50%
71%
*13%
1%
53
6
8%
18%
634
8%
9
15
18
29i2
6
65
71
*50
39
Pacific Finance Com (Cal).lC
Pacific Gas & Electric
25
Paoiflc Ltg Corp
Pacific Mills
•.
25
25
71
1%
26%
18
678
51%
98%
5%
9
534
38%
26%
8%
65
9
67%
31
5%
6
*14%
*75%
55%
*678
1»4
14%
15
*6358
51%
98%
*30
1878
*10
6
10
*52
2912
534
8%
18%
634
51%
97%
23
22%
27%
<z50%
*8534
*5%
887S
6
10
6%
71
70
*13i2
51
*50%
8878
90
*10
11
175
Par
200
2484
25%
176% 177%
2234
22%
30%
30%
534
5%
39
39%
26% 26%
25%
176%
Year 1936
Lowest
Highest
Lowest
1,900
1,060
900
Range for Previous
EXCHANGE
6%
26
26
25%
*25%
26%
45
45% 46%
45% 46%
45i2
44%
45%
*55
*55
*55
*55
58%
57%
57%
57%
*113
114% *113
114%
114% *113
114% *113
52
52
52%
5334
51%
51%
*51% 5434
12
*9
13
*11%
12%
*11%
12%
12%
45
45
45
45
45
45
*44%
45%
81
80
*75%
*75% 82
*75% 80
*75%
85
85
*81
84
*81
84
*81% 85
*21
21% 21%
21%
21% 21%
*20% 21%
20
20
20%
207s
20%
1934 20-%
19%
11
11%
11%
11%
11%
11% 11%
11%
316
S32
*32
*16
%
316
54
51
5278
51%
53%
4834 51%
52%
25
45%
5734
25
26%
6
83s
9834
*5ll4
5%
26%
5184
*54
30
25«4
17684 180%
22% 23%
30% 30%
534
5%
38% 3878
176%
2234
38%
51 I2
98
114
25
25%
1838
6
300
2,900
28,000
105
24%
23%
24%
1,600
82
105
167
167
38
39%
82
105%
"23%
39%
39%
*90
83
♦79
*
38
38
38%
1
100-Share LoU
Range Sine* Jan
On Basis of
STOCK
Shares
47
25%
33%
47%
the
Week
15
.
NEW YORK
J VI
Friday
Apr 16
Thursday
$ per share
$ per share
S per share
share
Apr
STOCKS
for
1
Wednesday
Tuesday
2609
July
36% Nov
Apr
587g Sept
884 Nov
801* Not
65% Feb
19i2
Feb
35
Mar
32
Jan
75*4
Deo
74*4 Apr
53s June
22
1%
23g
77g
18
July
JiU
jan
135g
119
10%
503s
Jan
Dec
Feb
Deo
35s Mar
684
Deo
Jan
15
Oot
Jan
37
Oot
Ex-rlghts. 1 Called for redemption.
New York Stock Record—Continued—Page 9
2610
LOW
AND
HIGH
SALE
PRICES—PER
SHARE, NOT PER
CENT
Sales
STOCKS
Monday
10
Apr
Apr
$ per share
*39
Tuesday
Apr. 13
Wednesday
$ per share
$ per share
12
$ per share
Apr
14
Thursday
Apr
Friday
15
Apr
$ per share
the
16
$ per share
Week
Lowest
40
6.100
*102i2 104
70
Hz
1%
6%
49%
1%
*6%
6%
50
87s
87%
8 78
87%
287S
1478
48
*8%
86%
28%
29
15
15%
*35
36%
*102% 106
34%
102
1%
52%
6%
51
9%
89
90%
29%
15%
36%
29
15
36
1%
6%
*9%
9%
.88%
29%
15%
102
1%
6%
50%
1%
038
50%
36%
*105
109
8%
90
1%
6%
52%
8%
91
2834 29
15
1434
3638 37
*105% 107
1%
*6%
50%
1%
1%
6%
5184
8%
90
90%
2884
14%
29
29
36
36%
*8%
14%
30
2,280
1,600
4,900
600
1,800
Par
Safeway Stores.......No par
5% preferred
100
6% preferred..
100
7% preferred....
.100
Savage Arras Corp
No pat
Scheniey Distillers Corp... .5
5H% preferred
100
fScbulte Retail Stores
1
200
940
1%
6%
6%
49%
8%
89%
6,200
1,400
Preferred....
100
Deo
6
108
Aug
3
110% Sept
113
Jan
113
Feb
2
271] Mar
5134 Mar 17
2
Feb 9
Feb 10
Jan
Jan 21
z38
Preferred
July
14is Jan
2
Jan 11
% Mar 17
1% Jan 29
6
Jan 26
Mar 1'5
June
11
377s July
Deo
93
1% May
7% June
Jan
Jan
2
2
7]
2
Seagrave Corp
No
Sears, Roebuok A Co..No
par
81
Jan
953s Mar 10
59%
1
28
Jan
34
4
15%
17% Feb 10
11%
20*4
13,200
5,700
Servel Ino
1434
15
2.800
37
2,000
Shattuck (F G)
Sharon Steel Corp
400
par
7*8
Jan
No par
No par
29
Jan
No par
35 conv pref
102
Jan
14i2 Apr
share
49% Nov
99
Deo
114
Nov
114% Mar
177s Nov
557s Nov
101% Mar
4% Feb
20% Feb
Jan 14
40% Feb 24
90
Highest
per
34 Mar 15
2%
8i2
54%
11%
Seaboard Oil Co of Del.No par
29%
share
96
6
98%
314
2358
45U
per
27
Mar
421* Jan 20
9434 Jan 2
No par
Rights—
t Seaboard Air Line...No par
Soott Paper Co
18,700
106% 106%
103
Mar 18
$
share
Jan 13
46
3814 Apr 13
97% Jan 5
109U Mar 24
110
Lowest
Highest
$ per
share
per
17
50%
8%
700
3
100
36%
.
106% 107
100-Share Lots
EXCHANGE
Shares
40%
40%
38% 39
38% 40%
39% 3934
39% 39%
104
*102
102% 102% *102
102
102%
102% 102% 102
1101% 110% *110% 112% 110% IIO84 *110% 113
*108% 113
*108% 113
11034 110% 11034 111
110% 110«4 110% 11034
110% IIO84 110% 110%
23
22
22
24
22*4
22*4 23%
24%
24%
24%
24%
24%
47
46% 46%
46%
47% 48
47% 48%
4784
47%
46% 47%
*96
97
9634
97
97
*95«4
96% 97
97
*96%
96%
96%
238
2%
2%
2%
2%
238
2%
2%
2%
2%
2%
2%
21
*19
20% 20%
19
*1812 20% *19
20
19
20% *19
4134
41%
41%
41%
41% 4134
41% 4134
41
41%
41%
40%
Range for Previous
Year 193o
Range Since Jan. 1
On Basis of
NEW YORK STOCK
Saturday
April 17, 1937
Apr
Mar
Fob
5
1
4212 Mar 10
120
MarlO
2%
8%
Jan
Apr
30% Aug
44
89
Jan
Jan
July
Dec
77] Nov
3% July
Jan
Jan
Deo
Deo
101% Nov
31% Nov
19*4 Nov
327] Deo
104%
Deo
.
10%
10%
59%
5938
40%
40%
3l3g
31%
103% 104
15%
15%
5134
6284
♦3%
4%
57
57%
*99
997]
170
10%
*59%
39%
30%
104
107'
40
40
*40
41
32
32%
104% 104%
31% 32%
104% 104%
15% 15%
53% 54
4
4%
104
153s
5284
4
57%
99%
*98
15%
54
54%
4
4
58
58
57
1534
60
10%
*58%
11
10%
*40% 41
31%
32%
10334 10384
15%
15%
5234
53%
4%
4%
59
11
5,000
*58%
*39%
30%
60%
61
700
41
60
58
100
100
*99% 100%
176
176
176
176
176
172
*106
107
10634 107
*105
40
40
40
*3034
23%
18%
*111
4%
37%
38
50
51%
*51
60
*9%
*70^8
747g
*54
9»4
102
*100
7
*9%
*70
*101
7
7%
*24%
*78%
2578
78%
33%
19%
31%
*33
19%
31%
*46%
4034
33%
24
19%
113%
484
38%
99%
9834
40
40
*40
34
33% 33%
34%
23%
23% 23%
23%
19%
I93g 20
19%
*111
113% *110
113% *110
4%
4%
4%
434
4%
38% 39
38% 39
38%
33
23%
19%
25%
*78%
.33
19
52%
52%
*54%
60
934
176
14%
10%10%
25%
92
*78%
92
33
*33
34%
20%
30%
19%
47
48
24%
24%
41 %
32
2584
25
14%
*126
10%
10%
9%
1434
42%
1434
14%
126
10
127
9%
25%
42% 42%
14% 1484
*125% 127
*53%
61%
3%
61%
3%
61%
3%
46%
47%
45%
47
47
3%
45%
46%
45%
46%
46%
46%
47
47
47%
32%
70%
"68%
39%
*66-%
17%
1534
2434
16%
71%
39%
667g
1778
1584
25%
*38'4
66%
'17%
15%
24%
25
16%
71%
71%
122
122
*122
37
36%
*16«4
32
*13
1484
13%
*5334
55
*14%
*13%
*53«4
7%
1384
*7%
138s
60%
87S
61%
9
40 %
40%
15%
15%
12%
12%
1984
7%
13
58%
834
40%
153g
12%
1734
25%
3234
26%
20
14%
13%
1434
20%
1434
55
6%
13%
*7
9
1534
16%
9
13
13
13%
46
47%
47%
43%
65
11%
8934
10%
1534
1034
534
23%
40%
1234
10%
5%
*11%
7
734
1438
63%
938
4034
46
1078
1834
*7
1334
61%
40
8934
*281"
1634
734
14%
62%
9%
40%
16%
13%
61%
9
*87
7
13%
55
1534
15%
15%
25%
25%
25%
17
1634
16%
173g
16%
72
7134
7134
*71%
71%
71%
*122
123% *122
123% *122
123%
48% 48%
48% 49
48%
48%
634
6%
63g
6%
6%
6%
41
41
41
3934
39%
40%
37
37
37
37
38
37%
*1634
1734
*1634
1734
*1634
17%
25% 26
25%
25%
25%
25%
32% 32%
32%
3234
32%
32%
20
20% 2034
1934
19%
19%
14%
14%
14%
14%
14%
14%
13
13
13
13%
13%
*12%
55
*5334 55
*5334
53%
53%
26
4034
15%
12%
8934
19%
33
*5334
7%
13%
61%
*86
31
48
4734
43%
7
123%
37
*42%
*62%
*10%
19
72
37
11%
*28%
1534
26%
*1634
44
24%
1534
16
43%
*62%
65
11%
43%
11
*87
*87
8934
10%
1034
10%
73S
29
29%
28%
19%
20
19%
23%
24%
633g
15%
64
17
17
17%
20
17%
22%
9%
106%
18
1984
938
17%
20%
9%
18%
22%
*104
11%
21%
38%
48%
*47
11%
23
11%
*21%
3734
38
12
*11%
75%
2178
77
22%
4%
4%
47%
113g
*75%
2034
3%
9%
106
11%
21%
38%
*104
11%
12
*21%
23
39
47%
11%
78
75
2134
,
39%
49%
11%
75%
23%
48%
11%
22%
88
90%
88%
9934 102%
26% 2634
88
88
86
86
8634
4
88
86
87
99
99%
26%
140
93
*92%
2884
28%
*
29
28%
98
25%
140
*92%
28%
27%
99%
26%
141
93
28«4
76
88%
4
4%
87
88
144% 148%
93
92%
2834
28%
2834
28%
101
4
101%
26% 27%
147% 148
9338 93%
28% 28%
29%
28%
29%
Bid and asked prices; no sales on this day.
*1
J
it-
.
1
1
10%
5%
12
24%
7%
28%
1934
23%
6334
1534
23%
17%
18%
64%
16
22
12%
300
19,300
1,200
32,100
1.000
10,600
6,700
89%
'■
*75%
80
22%
23
4
4
a
4
Jan
197
Mario
Apr
120
Mar
So Porto Rico
34
141
25
26
.100
Jan
11)0
47«4
Jan 29
No par
2
1
No par
Preferred
No par
Comm Tobaooo
1
t Stand Gas A El Co...No par
Preferred
No par
37 cum
prior pref
No par
prior pref...-No par
Stand Investing Corp..No par
Apr
85
Nov
54i2 Jan 11
40% Feb 16
40% June
72
Jan
2934 Feb 15
20
Apr 14
21
30% Deo
113% Feb 6
63s Feb 26
110
5,100
700
13,900
29,300
700
26
Apr
2
160
Jan
155
Jan
Feb
32% July
Jan
477j
Apr
26% Deo
60% Mar
19
Jan
34
Jan
1,400
11%
77%
104%
9%
Mar 18
Mar 17
63% June
7
101% Mar
Jan 28
6%
8
31
Feb 26
67s
Jan
92
Jan 27
94
Feb
2
3UgMar 10
36
Jan
2
19
23«4 Jan 12
34% Apr 5
Apr
9
2811 Jan
4534 Apr
4
2
22% Jan 26
Jan 14
41% Jan
2
143g Apr 15
124
Mar 22
83s Mar 23
8»4 Jan
25
Apr
54
60
Jan 18
50
Jan 22
48% Mar
16%
12%
Jan 12
65
72% Jan
Jan
Feb
Feb
32%
481)
Deo
7
17% Jan 20
33% Jan 9
4
20
2
8
Swift A Co
25
25% Jan 5
30ia Feb 26
2,200
Swift Internal I<td
Symington-Gould Corp ww_.l
No par
Without warrants..
...
600
Talcott Ino (James)
9
10
5>£% preferred..
50
400
mm
mm
mm
mm
m.
Telautograph Corp
Tennessee Corp
Texas Corp (The)
4,400
Mar 22
5384 Apr 16
1
77g Jan 15
38t2 Mar 23
1318 Jan 4
lli2 Jan
4
pref
..No par
Tidewater Assoo Oil
10
Preferred..
Tlmken Detroit Axle.
100
10
23
Mar 22
6I4 Jan 2
28% Apr 15
18»4 Apr 8
105i« Jan 4
27
Jan
60
Dec
3
Jau
Mar 11
Jan 25
Jan 20
Mar 8
9% July
23
Jan
6%
20%
Jan
357j
Jan
Nov
20%
Deo
12% Nov
15%
Dec
Jan
8
57% Feb
15
3
15%
8% Jan 12
684 May
3
5%
Apr
6378 Apr 16
9% Mar 15
287]
Jan
15% Mar
Mar 30
44
16% Jan 22
15% Jan 28
6
6
33
7%
Feb 19
337]
Jan 13
13%
93%
13%
8%
15%
287g
10%
4084
21%
59
Mar
1
Jan
4
Feb 3
Jan 13
Mar 5
Feb 11
Jan 26
85
80
4%
100
6,500
100
19,900
2,900
1,300
100
4,900
1,500
2,400
1,900
12,200
21,200
3,300
6% preferred
Def. delivery,
No par
...10
Trusoon steel
20th Cen Fox Film
Corp No
par
Preferred
...No par
Twin City Rap Trans.-No par
Preferred
100
Twin Coach Co
4
1041] Apr
7
81]
21U
3334
4234
III4
74
1
20s4
Ulen & Co...
No par
Under Elliott Fisher Co No par
Union Bag A Pap Corp No par
Union Carbide A Carb.No par
Union Oil California
25
378
853s
Union Paclflo
100
Preferred
800
2,600
21,500
..No par
Truax Traer Coal
Jan
n
New stock,
100
...
Union Tank Car
United Aircraft Corp
r
No par
Cash sale,
..5
x
03
Jan 11
Feb 27
Feb 24
Jan 13
Apr 9
Apr 8
Apr 12
Apr 12
Mar 23
Feb 17
9784 Apr 9
24l8 Mar 22
126i{ Jab 4
92U Apr 13
26% Jan 5
2714 Apr
Ex-dlv.
y
9%
Jan
13
Deo
65%
Deo
87j Deo
44% Nov
15% Feb
14% Mar
July
487) Nov
49
63%
Oot
16
Nov
110
Feb
12% Mar
9%
Feb
13% Nov
32% July
8% Mar
26
Apr
4
14%
Jau
Jan 13
108
100%
Jan
Jan
106% Mar
277) i>eo
Apr
Apr
74% Nov
Jan 25
Feb
22%
27%
11%
109%
9
Oct
Jan
Jan
16% Apr 9
19s4 Jan 13
pa
Apr
Mar
24%
47]
Transoont A West'n Air Ino .5
Corp..No
Jan
8% May
3% Jan
8% Jan
2,700
1,400
5,300
Tri Continental
Jan
Jan
8»4 June
12%
Transue A Williams St'l No par
Nov
9% June
28
79
22
Oot
28%
287] Feb 11
18%
Deo
13% Nov
26% Nov
17% Jan 21
Apr 12
1538 Apr 3
4
Apr
Apr
6% Mar
42%
377)
337$ Mar 31
23% Jan 20
62
Jan
Oct
2
64
512 Apr 12
1178Mar 31
Mar
3
48
1
91
734 Mar
47%
397]
20%
28%
4
100
157]
Dec
9%
0134 Feb
9
Thermold Co
30% Deo
Jan
70
Nov
IOI4 Apr 13
Thompson (J R)
25
Thompson Prods Ino_.No par
Thompson-Starrett Co-No par
Oct
78% Nov
24% Apr
125
62
Third Avenue-
Deo
40%
Jan
37% Jan
Apr 6
Mar 23
Jan
Deo
70%
118
54% Mar
85
14%
Jan
Apr
31
4
431] Jan 28
Feb
Jan
Mar
65% Jan
24*4 May
Jan
125
No par
..100
Preferred
cum
13
4
7
Feb 17
77% Jan 11
No par
pref
conv
The Fair
33.50
18«4 Jan
14
Apr
7% Mar 23
Texas A Paclflo Ry Co
100
Thatcher Mfg....
No par
300
27,900
5
1178 Jan 2
5038 Jan 18
10
Texas Paoiflo Land Trust
mm mm
8
Jan 27
5
Texas Paoiflo Coal A Oil
33.60
Apr
5
26
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur...No par
mm
600
25
13<i Jan
13
mm
9
Jan 25
223s Apr
4% Jan
Deo
384
47%
1
Feb 10
72%
Feb
Aug
...No par
119
Deo
2
16%
..100
02
35
65
Mar 23
Feb
277j Deo
Jan 11
Jan 29
68
9?)
Feb 19
Feb 11
32i2 Jan
mm
7
Feb
13% Mar
4
75
Jan
18% Nov
129
50
21
4,300
m.
Jan
4
8
10
800
Apr
9% July
17% Jan
15% Jan
50
15,800
10,400
Jan 22
Jan
Apr
Apr
Sutherland Paper Co.
Sweets Co of Amer (The)
900
Apr
14%
9%
24%
26%
par
5,700
21%
8
No par
Jan
Nov
1207]
32% Mar
100
m.*m
8
9
Superior Steel
mm
37
Apr
Superheater Co (The)..No
Superior Oil
m.
8
Jan 20
128% Feb
5
37
Oct
24% Aug
63% Mar
Mar
46
Oct
921]
3684
109% Nov
4384 Nov
6%
Jan 11
67*4 Jan
984 Mar
27
Jan
48
1
114% Nov
Mar
8
2
Oct
99
14% Mar
2% Feb 26
Oct
117g Nov
82
44
3413 Jan
65
Maris
Preferred
59
Oct
Deo
28% Feb 11
112
4
Apr 7
Feb 25
43U Jan
73% June
29% May
1578 Apr
13% Jan
9
Sun Oil
54%
Apr
Jan
1,700
m.
Jan
6% July
23
1,800
19,200
6
Jan 20
65%
Apr 10
Feb
Mar
25
2
Mar 22
7%
35t] Aug
160
231]
12*4
Jan 13
6
7
17% Nov
July
114
433a Mar 17
Mar
1
Mar
378 July
76
Studebaker Corp (The)
Sept
12% May
4
2
Stokely Bros A Co Ino.
Stone A Webster
10
54
5
100
Dec
132
Starrett Co (The) L 8..No par
Sterling Products Ino
10
Stewart-Warner
...6
2,200
1,200
Ne pat
Jan
Feb
9
Jan
Oct
19%
97%
58l| Feb
55i2 Jan
100 *106
Standard Brands
4
Dec
8
65«8 Mar 11
24
14%
Dec
Sept
32%
Apr
42i2 Jan
28%
127% Nov
Jan
42% Jan 12
Jan
Mar 29
100
Conv preferred A
Spiegel Ino
preferred
Square D Co class B
cum
Jan 15
Mar 18
43s Jan
par
Mobile A Ohio stk tr ctfslOO
Spalding (A G) A Bros-No par
1st preferred
100
Spang Chalfant A Co Ino pf 100
Sparks Wlthington
No par
Spear A Co
l
35.60 preferred
No par
Spenoer Kellogg A Sons No par
Sperry Corp (The) v t«.
1
Splcer Mfg Co
....No par
$6
16U
110
100
Sugar...No
Preferred
Stand
30% Apr 10
Nov
Dec
8%
47%
22
99% 100
26%
226%
145
145%
93
*92%
*27%
28%
29
28%
t In receivership,
102% Feb
85%
45
Apr
Apr
487]
10
87%
93
9884 Apr 13
105
Deo
Jan
19%
Tlmken Roller Bearing. No par
Transamerlca Corp
No par
90
28%
29%
6
11% Deo
64
z3% June
8,800
87%
29
Apr
Jan
Jan
8% July
5,700
57,700
88
28
60
102
23%
15%
87%
93
Jan 27
42
Marl6
4% Jan 18
4%
43%
30%
1484
63%
22%
4%
58
50
1,600
90
90%
89%
99% 100
26%
26%
146% 147
4
5
32
m
25%
7%
29%
22
44i2 Jan
3% Jan
31
m.
m.
25%
*75%
1778Mar 11
44% Mar 24
-m
700
1734
*20%
South Am Gold A Platinum. 1
8
12l| Jan 26
Standard Oil of Indiana.. .25
Standard Oil of Kansas
10
Standard Oil of New Jersey .25
mm
34,500
4,500
23%
62%
15%
Feb
12,800
m,
6%
12%
19
44
34>4 Feb 19
105% Feb 2
Standard Oil of Calif
10%
7
Solvay Am Invt Tr pref...100
1
Mar 20
102
3712 Apr
2,100
10%
18%
Jan 21
26,500
*5%
*11%
*29
Feb
Jan
217s Apr
100
200
14
65
1018
Snider FaokingCorp...No par
Sooony Vacuum OH Co Ino. 15
110
11
22%
22
9%
9%
9%
9%
934
9%
104% 104% *105
106% *105
106%
11%
1134
11% 1134
11%
11%
23
23
*21%
*21% 23
*21%
39% 40
39% 39%
39% 39%
49
49
49% 49%
49%
49%
13
12%
1134
11%
1134 *11%
23%
*85%
26
16%
75%
22%
3%
*85
140
10%
"5%
1934
2434
106
*89
29%
20
*104
8934
7
63%
9%
*89
19
15%
9%
65
11
*29
62
20
11,800
1,200
43%
*62%
7
24
17
*42
24%
7%
17%
15%
13%
11%
24%
7%
63
15%
65
*11%
24%
7%
24
8%
40%
15%
*10%
6
17
9%
40%
*62%
12
62
17%
""400
200
7%
8,600
13%
63% 106,500
9
21,800
6,900
40%
*42
*5%
23%
106
17%
360
5,700
200
4
5938 Apr 10
37>8 Mar 12
2078 Jan 29
Smith (A O) Corp
...10
Smith & Cor Typewr..No par
7,000
49
30
19%
*7
13%
62
*46
24%
24%
7%
13%
6334
13%
48%
43%
48
*11%
6
17%
23%
*104
*7
13%
62%
8%
40%
15%
13%
12%
*5%
*12
12%
24%
43%
*62%
11%
65
10%
*
No par
Southern Railway
18%
32%
100
$6 preferred....
Southern Calif Edison
Southern Pacific Co
68
18%
17%
25%
3234
20%
*10%
25%
67
18%
1534
26%
36%
*42%
*62%
7
66%
18
17%
49
12
66%
18%
6%
4234
*45
1034
*5%
67
18
42
49
*11%
24%
66%
18%
*28
Preferred
SlossSheff Steel A Iron...100
29,500
42
26%
48%
*45
65
*41
16%
6%
32%
19%
41
*15%
25%
42%
25%
41
6684
17%
6
17%
25%
41
66%
71% *69
123% *122
"MOO
56
40%
40
40
*53%
47%
32%
70%
40
48
56
~69~
40
42
26%
71%
32%
"70%
47%
6%
47%
6%
*41%
*36%
*16'%
25%
32%
19%
*14%
11
9%
10%
25%
70%
*
71
16%
47%
9%
10%
25%
713s
32%
"70%
15%
1034
25%
9%
6634
*
18
16%
47
3%
*9%
25
32,400
62%
3%
46%
*3%
62%
*3%
63
3%
45%
4534
*
42%
42%
42% 42%
14%
1434
14%
14%
125% 127
*125% 127
...10
Preferred
60
56
60%
*3%
70
*51
56
61%
3%
4634
60
2 684
45%
"69%
320
52%
9%
11%
27%
*9%
10%
45%
46%
62
Skelly Oil Co
10
61%
*338
32%
7,400
1,200
""960
62
#_
52
57
25%
*54%
56
53
10%
10%
2634
10
*54
*51
Simms Petroleum
176
62
10%
25%
57
48
42
4134
127
10
26%
*53
7%
3034
47%
127
8,500
4,800
5,700
107
300
107% *105
41
40
39%
1,000
35
34%
34%
1,500
23%
23% 23%
1,000
20
19%
19% 140,100
113% *110
113%
434
4%
4% ~7~9o6
39
39
4,800
38%
10
10%
9%
9%
9%
*71
71
71
74%
74%
101% 101% *100
102
101% rl02
7
7
7%
73g
7%
7%
*23% 25
*24% 25
24%
24%
90
90
*78% 92
*78%
*78%
*33
33
33%
33%
33%
33%
20
1934 2038
20%
19%
20%
33
32
33
33
32% 32%
48
48
4734 48
48%
48%
26
2534 2638 x25
24% 25%
25
19%
30%
60
51%
No par
Conv preferred.
100
Silver King Coalition Mines. 5
Simmons Co
No par
10
101
7%
54
Shell Union Oil
*70
*24
42%
14*4
*4134
*51
934
74
100
101%
7%
25%
53%
60
*70%
47
*126
53%
934
74
2434
2438
9,500
100% 100%
171
107
Sharpe & Donme
A# par
Conv preferred ser A .No par
Sheaffer (W A) Pen Co.No par
3,000
59%
*147
*147
150
*141% 154
*141% 154
150
*147
149
*147
150
26%
26%
26%
26%
27
26% 26%
20% 2634
27
2634
26%
5734
57%
5834
56%
5734 59%
57
58% 59
57%
58%
58%
36%
37«4
35%
37%
39
3734 39%
39% 40%
39% 39%
39%
5138
40
31%
103%
14%
15%
50%
52%
4%
4%
103
169
434
38
40
40
3034
10%
*105
19
....
11%
60%
56%
24
4%
*59
4
30*4
*111
11
60
6134
40
30%
*22%
18%
1034
59%
15
171
*105
10%
60
Feb
4
56
17% Feb
3
11
12
39%
Feb
2184
Deo
18% NOT
Jan 11
147]
Jan
27%
Apr
Jan 22
10% May
Mar
8
Jan 21
Mar
7%
93
22%
Deo
Jau
12
Feb
Jan
110
3
47]
Jau
26% Mar 8
40% Mar 13
7%
Apr
60
Mar 13
17% Jan 22
94
Jan 20
25
22% June
31% Apr
884 May
Oot
9% Nov
28
Deo
38% Nov
47% Nov
17%
Dec
Mar 29
67s Jan 20
100% Jan
8
91% Mar 27
111
Feb 30
28% Feb
148%
99>4
31%
35%
Ex-rights.
4
Mar 16
Jan 13
Feb 4
Mar 5
65%
27)
74%
38%
71%
2084
108%
90%
22%
20%
Jan
109
Deo
June
8%
Jan
June
102%
Deo
May
Jan
70
Deo
Aug
Jan
Jan
Jan
Apr
105% Nov
28% Feb
149% Aug
100
June
31%
Feb
32%
Feb
If Called for redemption.
T'M
-■■■
■
eSBBB
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
144
SALE PRICES—PER
HIGH
SHARE,
Sales
NOT PER CENT
STOCKS
Monday
Apr. 10
18%
*23%
18%
24
26
*2578
*115% 117
*787*
32%
43
14%
14%
22%
6
*52%
82
m
55%
82%
13%
2%
Apr. 15
$ per share
$ per share
18%
24%
2684
81
81
33
33
6
43%
14%
5%
43%
1334
22
23
*23
103
*98
8%
\
834
54
54
8234
84
*2%
16
15
24
24
113
114% *114%
*157%
*157% L62
20%
20% 20%
62
*60
39%
39%
38%
1184
12
11%
19%
19%
19%
62
62
13%
1384
63
61%
99% 101
103
7%
1%
1%
54%
83
54%
84%
13%
14
110% 111
15
*19%
*96%
15%
20
97%
*2%
3
*15% 16
24
*24% 25
116
*114% 116%
162
156% 156%
21
21% 22
64% *63% 65%
3934
39% 408b
11%
11% U34
20
1934
20%
2%
15%
*108
*108
6
43%
14%
24%
V7h
mmmm
mmmm
16
19
24%
27
34
14
*23%
*59
Apr. 14
$ per share
117
13% 14
13%
*110% 111%
*110% 112
15
14%
14% 15
19
19
*19
19%
*96% 97% *96% 97%
*2%
Apr. 13
80%
*32
"mmmm
60%
61
13%
M84
59% 62%
99% 101
91
91%
91
92%
69
69
69
69
the
$ per share
117
117
Wednesday
Friday
Apr 16
*98
8%
mmm
mmm m
24
2634
6%
4234
105
8%
18%
17%
*23%
26%
80%
81
43
22%
$ per share
117
32%
578
*98
12
Apr
$ per share
Tuesday
*108
61
....
19%
24%
27%
18%
*23%
2634
*115
117
*33
6
6%
43
43%
14%
24%
1378
24
*98
102
84
14
*110% 111
15
20
*2%
15%
24%
33%
33%
6
6%
43%
43%
13%
2584
13%
24%
55
84%
14
3
97%
15
*19%
*96%
7%
1%
163B
24%
*23
116
116
157
159
115
38%
*156%
227b
22%
68%
67%
39%
38%
1138
11%
11%
19%
1978
67
♦10s
mmm
m
3334
6%
43%
13%
25%
102
7%
1%
1%
8334
85
13%
14
3,300
23,400
300
15%
19%
*96%
1984
97%
*2%
16
15
2%
*108
19
18%
-
60%
61%
60%
1538
14%
62%
1434
65
64
14%
61%
104
9534
9434
101
1,900
70
4,800
300
9,600
6,90
3,900
—
-
-
61%
14%
63%
99
101
93
9434
*69% 70
112% 113%
600
'
*108
101
92
92
mmmmmrn
5,400
8,100
35,000
3,300
4,800
144
144
*69% 70
113% 11534
144
144%
144
145%
800
69%
110% 113% 132,600
1,400
143% 144%
*130
131
*130
131
*130
131
131
131
*130
131%
130
130
300
*145
155
*145
155
*145
155
*145
155
155
*145
158
20
112% 113%
143% 143%
109
112%
143
143%
734
6%
6
6
80
*78%
8
7%
6%
7%
7%
69
6
80
*77%
78%
8%
6%
78%
*72
78
73
73
*73
78
*145
151
♦145
154
*145
154
82
82
86
*81%
2?s
3
81
81%
2
2
1%
*48
50
49%
32%
3284
3934
40
*111% 114
*42
43%
*82
86
2%
3
2%
1%
50
33%
32%
1%
50%
33%
3
1%
50%
34%
40%
8
734
6%
6%
78%
7834
*71%
7%
86
*82
86
*72
75
*150
151
83
*78
82
*77%
3
3%
178
178
*50%
33%
40%
3
51
33
*83
86
*83
"12"
II84
71
69%
112% 113
*9%
10%
30
30
*128% 133
84% 84%
mmmm
11%
1134
70
68
*112% 11234
9% 10%
*29
31%
*85
11%
70% 7134
11234 11234
10
10%
30% 31%
128% 128% *124
*84%
135
8
8
14%
14%
86
128
*119
*119
14
*85%
12
*84%
*119
129
;
mmmm
10%
11%
67
71
*85%
978
65
7%
6
300
mmmmmm
mm
mmmm
8,600
6,300
immrn
mmm
600
mm
mmmm
41,600
9,800
130
*9
10
112% 112%
*9
10%
*27
30
*26
30
60
*124
130
*124
128
*124
128
200
85
125
*84%
*119
89
*81
125
*119
93%
125
70
20
mmmmmrn
784
8
8%
8-%
8%
8%
8%
7%
8
1,400
14%
7%
15
15%
14%
15%
14%
15%
*14%
15
3,400
45%
12
12
*11
12
*11
13% *11
16
1534
1578
15%
15%
16
ie%
31
31
307b
30%
317S *30% 31
*113% 114
*113% 114
113% 113% *113% 114
16
1634
16%
I684
1678 17%
1634
17%
45
46
46
46
46
45%
45%
46%
*10%
15%
13%
*10%
13 38
*11%
"mmmmmrn
16%
15%
30*4
30%
15%
3034
15%
30%
3034
2,600
3,300
*113% 114
*113% 114
16%
45%
1534
*45%
*19%
1934
37%
8%
38%
8%
*19%
37%
8%
16%
*45
*80
90
15
15%
*58%
%
62%
*75
1484
*56
1
%
1634
1934
*19%
19%
19%
19%
38%
39
8%
89%
*37%
3884
37%
37%
36
36%
1,100
8%
8%
8%
8%
8
6,000
89%
15%
*75
8%
89%
mm'mmm-m
15%
51,000
62%
*63
89%
153s
62%
1
10%
10%
*27%
39
*38
39
32
32
7
7
3184
7
r
200
*19%
29%
7
1,600
83g
10%
31%
18,800
19%
*27%
39
1934
10%
30
*75
*75
90
10%
11%
29
30%
*27%
157S
15
15%
62%
*59
62%
10%
*27%
39%
*31%
*7
%
10%
30
40
33%
7%
*75
1478
62%
78
10%
15%
*59%
78
%
1
*19%
90
37%
8
No par
United Drug Ino
6
United Dyewood Corp.....10
Preferred
100
United Electric Coal Cos
Rights
United Eng & Fdy__
5
....1
United Fruit
No par
United Gas Improve
No par
Preferred
No par
United Pa per board new
10
USA Foreign Secur
No par
U S Dlstrib
100
Corp.
.No par
Preferred
100
U S Freight
U S Gypsum
14%
100
20
No par
1st preferred....
100
Smelting Ref & Min....50
Preferred
60
Corp....
.*.100
Preferred....
100
US Tobacco.
No par
100
Preferred
....
2584 Jan 21
106% Feb 26
9% Mar 11
1% Apr 13
7% Jan
1%
46%
80%
13%
110%
6%
Apr 13
Jan
Jan 4
Apr 12
Mar 24
Jan 4
63
Mar
Mar
....
86% Mar
17
Jan
11378 Jan
16% Feb
6
24% Mar
96% Jan 21
100% Feb
17
JaD
2% Mar
15
1
Apr 12
4
2
2"
*1%
50%
5O84
82%
*81%
817S
*95
96
*95
82%
95%
2
52
82
93%
95%
105
105
51
Nov
Jan
3
23% Mar 22
4
59%
13%
44%
92%
83%
Apr
Apr
Jan
Jan
Jan
8
7
69
Mar
4
75% Jan 18
75
70
Mar 22
43% Feb 9
15% Mar 13
22% Mar 17
112
Mar 30
72% Mar 9
19% Jan 12
72% Mar 31
1)8
Feb 18
105
Mar 11
7% 1st pref
5% non-com pref
Va-Carolina Chem
4
126% Mar 11
46%
Jan 22
115%
136
Mar
9
131
Jan
Apr
155
6
169
Jan
5
160
Oct
9% Feb
9
81b Feb
5
5
Apr
84% Jan 11
tWarren Bros.
Convertible
pref
900
No
No
..No
Ao
No
Waukesha Motor Co
Webster Elsenlohr
Warren Fdy 4 Pipe
92
NOV
165
Jan
115
Aug
Apr
par
par
par
2% Apr
184 Jan
48
Jan
28% Jan
9
2
4
4
478
2%
58%
39%
44%
39% Apr 9
111% Mar 27
42% Jan 5
115
80
Mar 27
85
Mar 18
7% Jan 4
54% Feb 24
108
Mar 18
884 Mar 1
26% Feb 27
127% Jan 19
70
Feb 17
11734 Feb
3% Jan
2
5
Jan
4
9
61
Mar 22
% Mar 31
6% Feb
1
par
24
par
35% Jan 4
30% Apr 7
684 Mar 11
5
92
*90%
92
118% *118
111
111
*9%
984
1934
334
834
384
834
72
70%
47%
111%
934
*18%
3%
884
6984
47
48%
13634
*23%
*3784
*22%
*30%
130%
154
132
*
150
24%
27%
16%
584
*35
24%
31
31
31
*105
115
115
122
26
*120
27%
16%
584
10
86%
53
39%
107
91%
110
70% 70%
*49% 50%
29% 30%
132% 132%
41% 41%
87% 88
39
24%
22%
5
9%
86%
5284
39%
*
*24
22%
3634
5
6%
West Penn El class A..No par
170
*3734
109
32
120
23
~56%
56
*98
95%
122
*104
*88%
*92
106
106
105
105
*105
105% 105% 105
92
92
92
92
92
91% 9134
91% 91%
119% 119%
119% 119%
120
118% 118% *119% 120
116
*112
116
*112
114
*111% 116
*111% 116
10
10
934
♦934
934
10
10
10%
10%
19
19
19
1934
1834
*1834
*1812 1934
19%
4
4
4
3%
3%
*3%
378
4
3%
9%
884
884
9
9%
9%
9%
9%
9%
71
70
72
72%
7134
73%
71%
7134 72%
48%
4734
48% 48%
47%
48% 49
4634 4834
137
13684 13934
135
135% 137% 135% 138% 137
*140
150
150
149% *141% 149
150
150
150
39
*118
106
400
115
*105
*101
83%
93
94%
93
93%
104% 104ls
118
*18
*82
82
*3734
39
22%
23
*31
31%
25%
*3734
22%
31%
25%
39
3734
23
*22%
31%
112
*105
125
5778 587b
56%
57% 58%
106
107% *102
107% *102
27% 28%
28% 29
28% 29%
16%
16%
16%
16%
16%
16%
6
584
578
5%
584
578
37
105
88%
*101
69%
10
88
5284
3884
106
88%
110
70
*36
5%
978
86%
5278
39%
106
*90
105
70%
50%
37%
5®4
10%
86%
53%
40
108
92%
105
70%
52
32
50%
50%
29
30«4
3078
*
129% *101
12978
"42"
42
42% 42%
86%
88%
8884 897S
99%
99% 99% *96% 100
32
32
32
32%
32%
7
684
6%
6%
7%
37%
5%
9%
$85%
53%
40
107
90
109
38
578
10
85%
53%
41
110
90%
110
70%
52%
70%
52%
31%
32
1297b 12978
42%
43
89
90%
*98% 100
33
7
33
7%
Bid and asked prices; no sales on this day.
26%
3734
57
107
25%
23
*3734
22%
30%
*30
115
*120
54%
36%
5%
3078
112
*120
115
*102
36%
5%
984
*8534
52%
*24%
*105
5784
58
57
1684
107%
28%
28% 27%
16%
6
*37
5%
10
*84%
52%
40
108
6
38%
22%
31%
mmLm
*105
28
39
115
*120
107
26%
Jan 20
Mar 11
Jan 20
Mar
5
Feb
2
40
72
May
88
Feb 26
1284 Apr
74% Apr
115
6
6
Feb 15
4
Apr
5
14
May
135
Mar
4
98
Mar 12
122% Jan 11
10% Mar 16
18% Mar 16
16
118
Jan 28
114
Dec
Jan
5
69% Jan 23
134 Feb 17
12% Jan 25
35% Jan 16
46
MarlO
38% Feb 19
984 Feb 1
800
2,100
37
37
5%
5%
9%
10%
86
84
84
533b
40%
52%
39%
52%
110
3984
112
92
*91
90%
113%
113% *102
6 934
70
70
70
52%
*50
52%
52%
31
31%
31%
30%
*125
130% *130% 130%
4184 42%
42% 4284
89
88
87%
88%
90%
7
*99
100
35
35%
634
t In receivership,
6%
a Def.
400
13,400
14,400
500
12,500
3,400
2,000
500
30
1,100
800
45,800
40
1,600
19,200
100
2,400
3,400
delivery,
1
5
Mar 13
56
Mar 17
Apr 10
Western
Maryland—....100
Preferred...
..100
Westlngh'se Air Brake-No par
Westlngbouse El 4 Mfg....60
1st preferred
50
93
110% Apr
8% Jan
9
2
17% Jan 8
2% Jan 2
7% Jan 13
69
Apr 8
46% Apr 7
130% Apr 12
150
Apr 8
24% Apr 7
36% Jan 7
22
Apr 9
30% Apr 9
5784 Mar
170
Preferred A 7%
100
PreferredB 6%
....100
Wright Aeronautical... No par
Wrigley (Wm) Jr (Del) No pat
Yale 4 Towne Mfg Co
—25
Yellow Truck 4 Coach ol B—1
Preferred
..100
Young Spring 4 Wire.. No
Youngstown S 4 T
par
No par
.—100
preferred
Zenith Radio Corp
No par
Zonlte Products Corp..
1
.
n New stock,
r
Cash sale.
6
Jan 22
90
Jan 18
114
Jan 18
122
Apr 12
Mar 11
4
4
2
WorthlngtonP4M (Del ,)Nopar
91*4
30% Jan 22
3778 Jan 23
15% Jan
5% Mar
10
9
167% Jan 22
23% Jan
$6 preferred
78
81
40
* Ex-div.
17
16
25
22
46% Jan
4
6% Jan 25
12% Feb 27
9184 Mar 2
65% Jan 20
47
Jan 22
116% Jan
111% Jan
8% Apr
16
Apr
1% Nov
5%
721*
34'4
94%
123%
22%
35%
1984
Aug
May
Jan
Jan
Jan
June
Oot
June
31% Nov
34
Feb
7% Mar
19
39%
118
Nov
Dec
Jan
12% Deo
4984 Nov
20
Nov
52
Nov
7% Nov
105
Nov
18% Deo
69
Deo
27*
Feb
12%
38%
37%
Deo
Deo
391*
11%
Deo
Feb
85
284
52%
83*4
107
Deo
June
Jan
Deo
Deo
Sept
Jan
18%
Feb
Oot
Jan
39
Jan
32
July
35%
91
Oct
Nov
Oot
Deo
Feb
28% Nov
Nov
5% Mar
Jan
June
87
Jan
44% Apr
23% Apr
71
Nov
70
Apr
Jan
Jan
Jan
7
63
40% Feb 17
9% Jan 16
3384
11
47
Jan 27
160
284 Jan
6% June
62%
115
Feb
17% Nov
6% Nov
56
Jan 23
Feb
97*
43
16
6
46% Feb 15
101% Mar 6
4
96% Nov
*507* Deo
153% Oot
Apr
3%
Mar
142
12% Feb
23% Sept
Apr
13% July
Mar 10
62% Jan 27
37% Feb 16
124% Sept
116% Deo
July *120
397*
21% July
84
109%
July
76
5
9
8
9
Feb
10% Mar
99
128
Jan
y
Mar
Feb
Jan
Mar
112% Mar 25
Mar 24
75% Jan
99% Apr
*31
Apr
684 Apr
Jan
100
Jan
77% Jan
Apr
68% Mar
49% Jan
20% Jan
100
128
Feb
4%
Apr
60
Woolworth (F W) Co
4
27% Feb 23
3478 Jan 7
115
Apr 13
3584 Apr 9
4% Jan 4
884 Jan 2
793« Jan 5
51% Mar 18
34% Jan 4
Aug
86
137% June
Sept
White Rk Mln Spr ctf .No par
White Sewing Mach—No par
No par
....100
1
33% June
13>4 Deo
41% Deo
131% Aug
110
65
......5
Apr
Apr
6% June
83
May
Sept
8% Deo
58% Deo
114% May
102
110%
33%
18%
684
Wilson 4 Co Inc
191*
84
*100% Jan 19
123% Mar 9
115% Jan 8
1184 Mar 5
23% Mar 6
484 Mar 17
11% Mar 17
83% Jan 22
4
Wilcox Oil 4 Gas...
21
Aug
Jan
4
No par
26% Apr
17% Apr
10% Jan
2% Air
47% Jan
9% Apr
44
Apr
% June
4% Jan
15% Jan
80
Feb
Jkn
Conv preferred.
Jan
Aug
48% July
87
Jan
_
116
.
96
38
100
........
5%
Oot
Deo
Deo
49% Nov
Feb 11
103
Preferred..
White Motor—
9%
"2%"Jan "6
118
5% preferred
30
Wheeling 4 L Erie Ry Co..100
5K% conv preferred... 100
Wheeling Steel Corp...No par
8,800
4% June'
Jan
Apr
I884 Mar 11
49% Mar 16
197s Jan 8
60% Feb 1
10% Feb 26
99% Mar 2
18
Jan;
30
100
.100
6% preferred..........100
6% preferred
West Penn Power pref
300
5%
5
8
Feb
109
Westvaco Chlor Prod. .No par
100
Jan
70
Aug
120
Aug
2% Aug
*114%
Mar 17
Mar 17
20
4,100
80
Jan
Fob
Mar
7
Jan
Mar 22
900
10
109
1284 Jan
Mar 24
Weston Eleo Instrum't-No par
Class A—
No par
120
84
Sept
4% Jan
28% Aug
37
90
Western Union Telegraph. 100
130
46
57
30%
Apr
Mar 27
103
2,100
9,900
1,000
"T%
2%
July
June
16% Apr
28% Jan
*110% Feb
80
100
Preferred....
1,100
8,300
15,000
1
30
——
6% Mar
Jan
46% Jan 15
84% Feb
102
Jan
2d preferred...........100
Western Pacific
....100
300
16%
*102
6%
50
2,100
5%
584
*99% 100
32% 34
80
16%
10%
110
180
3%
Jan 13
Jan 20
100
Wells Fargo 4 Co
1
Wesson Oil 4 Snowdrift No par
Conv preferred
No pat
82
Nov
102
Mar
5,300
82
July
8% Nov
50
50%
*81%
July
168
57% Apr
No par
Preferred
40
144
67»4 May
19% Feb 11
200
-
15484 Nov
153
81
49
7
-
Nov
103% Nov
75% Apr
797b Deo
Jan
150
...100
734 Jan
5
15
r'23
.No par
29
Mar 22
..No par
16preferred...
100 *112% Mar 18
Walworth Co
Ne par
11% Jan 4
4484 Apr 9
Walk(H)Good 4 W Ltd No par
PreferredNo par
19% Mar 20
Ward Baking class A
35% Apr 9
No par
Class B
No par
6% Jan 26
92
Preferred
100
Apr 7
Warner Bros Pictures...
6
13% Mar 22
31
2
101
Jan
72% July
68% Jan
4
4
Preferred B
40%
*■_
47
Jan
Walgreen Co.
31
*1%
104
21% Jan
7% Apr
16% Jan
13984 Jan
129% Feb
Waldorf System...
30
50%
Jan
Jan
Sept
63% Deo
19% Deo
49% Nov
Jan
Jan 18
100
29
*80
71
Apr
97*
18%
Jan 19
.100
Preferred A—
29
2
59
Oot
Aug
Jan 21
100
13,500
•r0%
10
86
Preferred..............100
40%
*1%
Aug
31% Aug
4%
Jan
125% Nov
169% Feb
20% Nov
62% Nov
108
No par
t Wabash
11%
50%
39%
Apr 12
6% preferred...
100
Va El 4 Pow $6 pref
No par
Virginia Iron Coal 4 Coke. 100
5% preferred—
100
Virginia Ry Co pref
100
Vulcan Detlnnlng
.100
$3.86 conv pref
*80
49
23% Nov
164
100
31
2
10
Apr
24% June
80% May
160
May
8% Jan
Apr 16
Apr 8
Vlck Chemical Co
5
Vlcks Shr 4 Pao Ry Co oomlOO
t Warner Qulnlan
51%
20" "Feb
5
Jan
2
Jan
100
89
584 Apr
Nov
Mar 17
No jm
100
Preferred
40%
mmmm
19%
69
Vanadium Corp of Am.No par
Van Raalte Co Inc
6
31
*1%
87
113% July
Jan
4
Mar 24
Deo
50% Nov
Jan
Jan
Jan
Jan
Apr
June
100 1152
Preferred
40
5034
8%
2
Jan 11
5
6
105
Jan
July
91
Jan
4
Jan
4
3
17
7
2
15
93
3% Jan 28
20% Jan 19
34% Jan 13
53%
37%
6%
13%
78
40
*80
*80
*80
50
*1%
*50%
*817*
9% Feb
487* Aug
16% Feb
29% Aug
32%
June
66% Jan
19
14
14% Nov
109
Jan
14
8
13
Apr
9
'
*80
5% Apr
Jan
8684 Jan 26
16
Jan
96% Nov
35% Nov
IO84 Apr
Preferred class A ....No par
Universal Leaf Tob....No par
300
2,700
117
40% Apr
8
7
2,000
*6%
Jan
8% Jan 14
467b Jan 14
United Stockyards Corp
1
United Stores class A..No par
%
7%
33% Nov
Jan
22%
37% Nov
Oct
Apr
Mar 18
Apr 13
57b
41%
13«4
18%
Feb
No par
32
*6S4
Mar 17
Feb 10
U S Realty <fc Impt
U S Rubber
32
7%
35
2978 Jan
161* Apr
24% Mar
68
Feb
137
.No par
Prior preferred v I e
U S Pipe 4 Foundry
%
10%
800
91
Highest
\ per share $ per share
13
Jan
25% Sept
111
117% Feb
172
Corp...5
v t c__
%
10%
64
24% Jan 12
31% Feb 10
30% Jan 11
156% Apr 13
5H% conv pref-50
U S Industrial Alcohol-No par
U S Leather v t o
—No par
U S Steel
2312 Apr 15
2584 Apr
1131s Mar 16
78
Apr ~
100
U 8 Hoffman Mach
U S
$ per share
23% Apr 16
111
Apr 8
7% preferred
Class A
Highest
$ per share
176s Apr 1
No par
20
X40
*684
par
No par
Vadsco Sales
150
10
85
Corp-Ns
United Corp
Preferred
2,600
29
*119
.No par
_
2
*9
93
„
8,000
29
128
Preferred
3%
2%
1%
51%
3234
-
112% 11234 *112% 112%
No pat
100
Universal Ploture* 1st pref .100
futilities Pow 4 Light A....1
100
82
51%
33%
33%
43
4384
43%
114
*111% 114
43%
4212
43%
*83
86%
86%
*85%
10
10%
1038
65
6684
6734
-
200
75%
151
*77%
2
4,600
78
75%
52
5,800
6%
7%
*150
3%
1%
51
34
69%
78
80
*78%
78
151
*150
'
*85
*85
7%
6%
6%
40
40
40
42%
4184
*111%
*111% 114
*111% 114
*111% 114
42%
4234 4284
42% 4284
*42% 43%
*82
155
United Biscuit...
Preferred
23%
63
101
2,100
mmmmmrn
200
23%
116
116%
162
*156% 162
2234
22%
22%
67%
*65%
67%
39
3934
38%
11%
11%
1034
19%
10,300
17
*15
23%
116%
14%
95%
69%
1133s 115%
8,800
32,500
600
6334
104%
8,700
3,700
55
153s
93%
45,500
5,500
■m + mmmm
738
65
102
United-Carr Fast
5%
43%
1384
2484
14%
61%
400
*32
63
63
United Carbon
20
*110% 111
3
18%
22%
900
*54
15%
19%
97%
*2%
*15%
1,400
81%
*98
102
7%
1%
54%
Un Air Lines Transp Corp.__5
United Amer Bosch—No par
16,500
80%
*110% 111
15%
19%
*96%
82
1378
55
83%
1378
*81
Par
19%
200
Lowest
Lowest
Week
24%
27%
117
18%
*23%
27%
*115
84
188
55
19%
23%
27%
EXCHANGE
Shares
.
117
*98
7%
7%
1%
18%
23%
27%
*115
8I84
3384
8I84
Thursday
Ranoe for Previous
Year 1936
Range Since Jan. 1
of 100-Share Lots
On Basis
NEW YORK STOCK
Saturday
2611
Aug
33% Apr
Deo
Dee
Oot
140% Sept
36>4
8684
80%
79
Feb
61
Nov
'
Jan
83% Jan
42% July
41% Jan
8*4
105
11%
Jan
Jan
584 July
23%
Deo
163% Deo
55
87%
122
Apr
Oct
Aug
42% Nov
Ex-rights. H Called for redemption.
9%
Jan
2612
April 17,
NEW YORK
STOCK
Bond
On Jan.
1, 1909, the Exchange method of quoting bonds
NOTICE—Cash and deferred delivery sales
outside of the regular weekly range are shown In
theyear. '
are
1937
EXCHANGE
Record,
,yaandirF
Weekly d Yearly
was
changed and prices
are now "and
interest"—except for income and defaulted
bonds.
disregarded In the
week's range, unless they are the only transactions of the
week, and when selling
a footnote In the week in
which they occur.
No account Is taken of such sales In computing the range for
.
;.v_
Friday
Y
Week's
•v
BONDS
N.
Last
STOCK EXCHANGE
Range
Sale
Week Ended April 16
NO,
Price
i
Bid
A
Low
U.
S.
114.9
15 1943-1945 A O
D
15 1944-1954 J
15 1946-1956 IVI 8
110.8
108.8
D
15 1943-1947 J
Treasury 3s
Sept
Treasury 3s
June
Treasury 3%s
June
Treasury 3%S—Mar
Treasury 3%s
June
Treasury 3 %8—.Deo
Treasury 3%s
15 1951-1955 M S
15 1946-1948 J
D
15 1940-1943 J
D
15 1941-1943 IVI
Jan
Low
S
113.16 121.14
Colombia
104.17
105.7
133
104.2
109.17
110.8
129
109.12 115.20
108.8
32
107.12 114.9
105.25
59
♦6s Apr 1 1935 coup on..Oct 1961 A
♦6s July 1 1935 coup on _Jan 1961 J
♦Colombia Mtge Bank 6%a.- 1947 A
104.28 110.18
102.18 102
102.20
207
103.6
103.7
391
102.10 107.30
105.17
141
104.20 107.27
105.22 105
102.14
105.16 104.26
105.16 104.28
105.16
109.26
101
106.28
87
104.24 108.24
103.24 103.4
103.25
156
102.20 108.24
103.30 103.10
103.30
280
A
102.24 108.18
57
104.24 108.24
O
105.2
105*6
104.13
105.16
105.8
248
s
100.25 100
100.28
639
8
101.23 100.30
100.7
99.24
101.28
198
S
D
99.25
99
S
99.26
98.24
D
97.19
100.10 1229
100
1153
99.28
535
96.26 •97.22 1359
104
109.25
99
104.30
100.18 106.16
99.2
104.16
98.4
103.17
98
103.18
96.6
101.22
8
101.26
102.16
123
IVI N
101.22 100.20
102
101.21
101.23
296
106.10
100.11105.17
102.3
227
101.8
105.23
100.16
121
99.6
|:104.10
15 1942-1947 J
J
A
1 1939-1949 F
100
101.10 100.15
101.10
511
100.2
100.2
689
1942-1944
99.14
99
99.14
48
98.28103.2
98.16 102.31
Foreign Govt. & Municipal*—
_
s
s
A
O
J
1945 J
*15"
15
12
15
12
f 7s series C
1945
15
15
15
10
15
15%
22
13%
14
13%
13%
4
f 7s series D
1945 J
f 7s 1st series
1957 A
♦External
sec s f 7s 2d
sec s
series_1957 A
A
M S
D
100 %
1012932
1017,6
100'*32
A
Extl 68 pub wks May 1927
If Public Works extl 5%s
1017,6
101%
1961 M N
1962 F A
1971 M N
ibb"31*32
98 X
105X
105 Vs
1956 M N
External 5s of 1927
External g 4 %s of 1928
Austrian (Govt) sf 7s
101K
105%
105X
100%
J
1957 J
♦Bavaria (Free State) 6 kb
99
1945 F A
1949 M S
Belgium 25-yr extl 6%s
External
1955 J
(Germany)
s
f 7s
1955 J
al9%
117%
1950 A O
f 6 kb
Extl re-adj
4%s-4%s
Extl s f 4%8-4%s
3% external
Bulgaria
s
f $ bonds
(Kingdom
25-year 3Ks
♦Carlsbad (City)
100% 102
101
22
101"32l02%
26
100'3«102
15
1C0% 103%
101'*32102%
35
27
s
101
1003'32l03
97% 100
30
13
96
7
99% 102%
98
al9%
117%
7
100
5
99
1
109
6
109
20
1969 M
External 7s stamped
-.1949 J
7s unstamped
—1949
German Govt International—
♦5%s of 1930 stamped
1965 J
18%
102%
25%
108
110%
105% 109%
115% 118%
102%
-.1968 F
A
Hungarian Cons Municipal Loan—
♦7%s unmatured coup on.—1945
1951 J
D
1947 IW
47%
40%
163
39
47%
42
87
38%
47
41
45
40%
47%
6
9
103
2
28%
101%
101%
101%
100%
101 x
*96
5
J
57 X
26%
O
102
102
99% 102%
100
A
82%
88%
83%
75%
75%
77%
78%
89%
82%
83%
83%
86
56
64%
53
77%
78%
43
80%
57
56 X
57%
6
12
25
26%
18
106%
112%
97%
98%
76
1
61
94
*54
57
47
50
30%
A
O
A Apr 15 1938 A
O
32%
32%
45%
22%
22%
95
22
33
22
80
22
18
30
42 K
♦External sinking fund 6s.-.I960 A O
♦Extl sinking fund 6s-—Feb 1961 F A
♦Ry ret extl a f 6s
Jan 1961 J
J
M
21K
21K
S
M
"21K
S
M N
J
D
J
D
♦Sink fund 6%« Of 1926
1961
♦Guars! 6s
1961 A
O
1962 M N
1960 M S
1951 J
M
D
S
21M
19X
19X
19%
19X
18 X
42%
21%
21%
21%
21%
21%
21%
21%
19%
19%
19%
19%
18%
22
22%
19%
19%
19%
19%
21%
25%
22
26%
♦4s of 1904
"n
6
87%
F
13%
Municipal Bank
38
16
25
106"
34
13
67
18%
67%
18
18%
18%
4
*19%
F
1953 M
1958 M N
1955 A
O
1953 J
D
a f 7i
♦External sink fund g 8s..
98
1963 M N
43
24%
28
23%
24%
*35%
30%
24%
37%
31%
5
98%
18%
17%
12
*27
3
2
87%
74%
94%
80%
28%
23%
32
41
27%
35
90% 100
17
21%
21%
21%
21%
47%
50%
85
33%
25
15%
19%
105% 107
26%
28%
30%
28%
72%
27
24
33
106
112%
124
3
111
30%
30%
30%
27%
51
115
80
93%
23
80%
71%
82%
62
93
18
79%
99%
85%
76
2
94
39
7
29%
40%
21
2
19%
25
98
95
98
12%
5%
7%
7%
7%
7%
17
12%
5%
♦7%
7%
7%
7%
13%
15
5%
45
8
8%
8
7%
7%
7%
**3
7
9
"*6%
*21
6
6%
28
0
9%
9%
6%
10%
50
5%
8%
8%
11
6
2
~73*~
*74* *
49
70%
27%
6
26%
28
15
67
13
26%
26%
65%
61%
102%
102%
105%
105%
61%
102%
102%
102%
100%
95%
99%
95%
102%
36
11
9
13%
13
82
34
33
08%
04
60%
101% 105%
9
101% 105
106
3
104% 107%
106
7
105% 109
101% 104%
99% 102
103
19%
78%
*72%
97%
106%
1
11%
11%
80
25
57
50
12
10
14
74%
98%
*23
106%
6
95%
95%
102% 103 17
24%
75% 81%
71%
70%
97% 100%
105% 106%
85
74%
1947
75
75
65%
65
66%
14
64%
76
27
24
27
24
30%
23%
21%
21%
23%
23%
20%
18%
49
1959
♦Nat Loan extl s f 6s 1st ser.-I960
♦Nat Loan extl s f 6s 2d ser._1961
♦Poland (Rep of) gold 6s.——1940
♦Stabilization loan
95%
15S—.1970 J
♦Stamped
Pernambuco (State of)—
♦7s Sept coupon off
♦Peru (Rep of) external 7s
30
102
102%
F
35
6
118
67
1956 M
34
1
142
27
73%
A
1963 F
-
1
118
112%
85%
24%
*97%
1965 A
Oriental Devel guar 6s
Extl deb 5%s
17%
116% 124%
115% 119%
120% 130
6
38%
19%
28
A
External sink fund 4%s
Oslo (City) sf4%s
Panama (Rep) extl 5%s
♦Extlsf 5s ser A
105% 107%
20%
18%
27%
80
M N
External
♦Nuremburg (City) extl 6s.—1952
9
24%
21%
94
D
—1944 M
s
118%
115%
120%
98
26
76
100%
6%
*7%
4s
extl
5
81%
81%
81
6%
1952 J
4%s
12
19%
*6
10
s f
2
99%
107
20%
20%
27%
23%
94%
J
1959 M
f ext loan
80
23
80
6%
18
s
82
85
*74%
J
Milan (City, Italy) extl
6%s.—1952 A O
Geraes (State)—
♦Sec extlsf 6%s
1958 M
20-year external 6s
73
50%
N
Minas
♦6s series A
.-1959
New So Wales (State) extl 5s. .1957
External s f 5s
Apr 1958
Norway 20-year extl 6s_
1943
40
79%
67%
*25
♦{Treas 6s of *13 aasent(large) *33
♦{Small
♦Sec extl s f 6%s
♦Montevideo (City) 7*
82
24
*25
1954
-
56
J
1942 MN
D
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910 large..
♦Assenting 4s of 1910 small
77%
25
J
♦Medellin (Colombia) 6%s
1954 J
♦Mexican Irrig assenting 4 %s__ 1943 M
♦Mexico (US) extl 5s of 1899 £-1945 Q
♦Assenting 5s of 1899
-.1945 Q
5
85
26
97X
98 K
103
82%
72
78
*25
50%
74%
7
80
*25
♦7s with all unmat coup
1957 A O
♦Leipzig (Germany) % f 7s
1947 F A
Lower Austria (Province
of)♦7%s June 1 1935 coup on—1950 J D
3
76
105%
111K
97%
97%
30%
♦Assenting 5s large
♦Assenting 5s small
26X
106
31%
100
25:
112 J*
105%
100
77 X
80
76%
101
3
83
%
76%
99% 103%
99% 103
3
6
21%
27%
S
40%
100%
100 x
101 %
101
24
1960 MN
Italy (Kingdom of) extl 7s
38 K
100%
45
16
80
80
106%
18%
18%
118% 2116%
115%
120%
J
B
104% 105%
100% 102
97% 100%
80
107
J
♦7s unmatured coupon on...1946
f 5s
117
*74%
99%
♦Hungarian Land M Inst 7%s_1961 M N
♦Sinking fund 7%s ser B
1961 M N
♦Hungary (Kingdom ot) 7%S—1944 F A
1
35
98%
66%
103% 105%
103% 105%
"80*
80
Haiti (Republic) b f 6s ser A
1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7%s '50
Helslngfors (City) ext 6%s
1960
Irish Free State extl
22
101%
*81
♦(Cons Agric Loan) 6%s
1958 J D
♦Greek Government s f ser 7s.-1964 M N
♦Sink fund secured 6s
7
22
99
104%
56%
98%
18%
*15%
*105%
♦5%s unstamped
1965
♦German Rep extl 7s stamped .1949 AO
♦7s unstamped
1949
German Prov A Communal Bks
%
S
D
104
104
105
98
103
82
,:
118
Italian Cred Consortium
85
1960 A
For footnotes see page 2617.
D
3
289
80
99
27
36%
102% 105%
101
102%
2
66%
90
70%
96
*79%
♦19%
J
1945 M S
104%
100%
97%
78%
J
1967
98
81
M N
♦Frankfort (City of) s f 0%s.—1953 M n
French Republic 7 %s
stamped .1941 J D
7%s unstamped
—1941
3
13
103%
63%
103%
103%
79
S
1948
21
33%
102%
102%
*45%
M S
Italian Public Utility extl 7s.J
1952 J
Japanese Govt 30-yr a f 6%s. 1954 F A
Extl sinking fund
1965 M N
5%s
Jugoslavia State Mtge Bank-
76 %
1984 J
♦Cologne (City) Germany 5%s.l950
102%
104% 110%
104% 110
al9%
108%
108%
117%
J
♦Guars 168
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 5s
{♦Stamped extd to Sept 1 1935.-. M S
Dominican Rep Cust Ad 5%s.-1942 M S
1st ser 5%s of 1926
-.1940 A O
59%
--1975
6s.-Sept 1961
♦External sinking fund 6s.--1962
♦External slnkleg fund 6s
1963
♦Chile Mtge Bank 0%s
1957
97%
24%
1976
♦Extl sinking fund
101
101% 102%
15
M
f 7s
103
20
83
1961 J
ser
105
25
101K
1976
s f 8s
„1954
♦Cent Agric Bank (Ger) 7s
1950
♦Farm Loan s f
6s—July 15 1960
♦Farm Loan s f 6s.--Oct 15 1960
♦Farm Loan 6s
23
28
21
105%
105%
101%
101
13
98% 101
101% 102%
70
100%
101X
—Aug 15 1945 F
♦Chile (Rep)—Extl
9
100
28 X
1952 M N
10-year 2kb
1952
18%
100 X
♦Sink fund 7s July
coup off-.1967 J
♦Sink fund 7%s May
coup off 1968 MN
5s
98
1955
External g 4 %s
Apr 15 1962
Deutsche Bk Am part ctf 6S--.1932
77
21
9
103
"103%
20
21
32
O
98
90
80
102%
102%
66
16
70%
38
38
31
30%
30%
29%
29%
20%
1
77
80
Denmark 20-year extl 6s
External gold 5%8
Estonia (Republic of) 7s
Finland (Republic) ext 6s
of)—
Canada (Dom of) 30-yr 4s
32
O
18
100%
—1977
f 4 % s-4 %s
94%
96% 101
93%
99%
1942 A
1
-.1961
s
20
43
1951 A
6
39
f 6s ser C-3
1960
♦Buenos Aires (Prov) extl 6s_..1961
♦6s stamped
1961
4%s-4%s
14
98
J
D
44
41
s
♦6Kb stamped
25
96%
93%
97%
"96"
J
19%
1950
Extlsf
25
22
A
A
79
22
Czechoslovakia (Rep of) 8s
Sinking fund 8s ser B
100
20%
17%
16%
16%
High
23
93%
Sinking fund 5%s._.Jan 15 1953 J
♦Public wks 5%s.—June 30 1945 J
♦El Salvador 8s ctfs of
dep
20
69
Low
32%
32%
♦7* Nov i, 1936 coupon on..1951
Cuba (Republic) 5s of 1904
1944 M s
External 5s of 1914 ser A
1949 F A
External loan 4%s
1949 F A
30
20%
20
No.
30
97%
19%
50%
50
on
1962
Buenos Aires (City) 6%s B-2._1955
External s f 6s ser C-2
1960
Refunding
High
23
30
13%
13%
14%
13%
12%
12%
Since
Jan. 1
30
A
Cordoba (City) 7s
1957 F
7s stamped—
1957 F
Cordoba (Prov) Argentina 78--1942 J
Costa Rica (Republic of)—
22%
98
§3
Asked
23
D
39 X
1941
Budapest (City of)—
♦Ob July 1 1935
coupon
External
1947 F
--1952 J
19%
19%
48%
39%
1958
s f 6 Ha of 1926
1957
s f 6%s of 1927—1957
♦7s (Central Ry)
1952
Brisbane (City) a f 5s
1957
Sinking fund gold 5s
1958
6s
A
31%
31%
J
O
-.1953 M N
25-year gold 4%s
25
100
108M
109
D
♦External
♦External
"
99
f 5s_.__1960 M S
♦External sinking fund 6s
♦Brazil (U S of) external 8s
s f
100*'32 101*32
98 x
1955 J
s
102
102
1957 M S
-
Bergen (Norway) ext
101716
101H
100%
102*32
101%
100%
102%
101%
101%
102
102 X
1961 F
s
100%
101«32
101716
100'*32
5
101
1012«32 102*32
J
A
If Extl 6s Sanitary Works.
s f 6s..
External 30-year
13
100
of May 1926
1960 M N
s f 6s (State Ry)_-1960 M S
S f external 4%s
Australia 30-year 5s
H
13
13K
J
J
13
%
13
f 7s 3d serles.1957 A
Antwerp (City) external 5s
1958
If Argentine Govt Pub Wks 6s__1960
I Argentine 6s of June 1925
1959
1f External s f 6s of Oct 1925-.1959
If External s f 6s series A
1957
HExternal 6s series B
---1958
20-year
4
13%
s
♦Berlin
1
13
s
s f 6s
16
15
♦External
Extl
26%
98%
1945
♦External
f External
25
22 X
98 X
f 7s series B
♦External
Bid
1946 M N
5%s 2nd series
1969
♦Dresden (City) external 7s._.1945
25
26%
1963 MN
♦Antloqula (Dept) coll 7s A
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
5 %8 1st series
-1948 A
Akershus (Dept) Ext 5s
♦Sinking fund 7s of 1926
O
2d series sink fund
5%s
1940 A O
Customs Admins 5%s2dserl961 M S
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on-1947 F
♦External
Price
(Republic of)
101.7
99.24105.3
Range
or
Friday
Low
108
105.6
D
2 KB
Mar
1 1942-1947 M 8
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 IVI N
♦External
Range
Sale
High
D
♦Sink fund 6a Apr
coup on
STOCK EXCHANGE
Week Ended April 16
114.14 1375
Aug 16 1941 F
2kb series B__Aug
2Kb series G.
a.
Week's
Last
Y.
114
15 1949-1952 J
May 15 1944-1949
3s
Jan. 1
15 1946-1949 J
Treasury 3 Ha
Apr
15 1944-1946 A
Treasury 2%s_—Mar 15 1955-1960 IVI
Treasury 2%s
Sept 15 1945-1947 M
Treasury 2%s_—Sept 15 1948-1951 M
Treasury 2%s
1951-1954 J
Treasury 2%s
Sept 15 1956-1959 M
Treasury 2%s
Deo 15 1949-1953 J
Federal Farm Mortgage Corp—
3%s
i_Mar 15 1944-1964 IVI
3s
NO.
«
n
Friday
—
3
BONDS
N.
Since
eqoQ
Foreign Govt. & Mun. (Concl.)
O
15 1947-1952 A
_
Range
Asked
High
Government
Treasury 4 % a. .Oct
Treasury 3%s— .Oct
Treasury 4s
Dec
Treasury 3%s._ .Mar
Treasury 3%s_—June
or
Friday
*21%
21%
49%
5
5
28
22
104
22
53
19
6
47
62
15
60
80
16
46
64
1947
65
64
49%
65%
1950
49
47%
49
20
26
New York Bond Record—Continued—Page 2
Volume 144
Friday
Ranoe or
Range
Sale
EXCHANGE
Week's
Last
BONDS
N. Y. STOCK
Friday
Bid
A
Atked
Since
Price
Week Ended April 16
Range
BONDS
N.
Y.
STOCK
Since
EXCHANGE
Jan. 1
1
Jan.
Week Ended April 16
High
Low
Foreign Govt. & Munlc. (Oonct.)
11834 11834
108
11134
Porto Aaegre (City of)—
1961
1966
♦8s June coupon off
♦734» July coupon off
Prague (Greater City) 734s
11034 116
99
10534
1962
88J4
4934
oft.
off
♦8s April coupon
♦6 34s Aug coupon
....
60J4
45
54
8334
1002532102
75
8534
7434
Rio de Janeiro (City of)—
Rio Grande do Sul
99 >4
102 34 10634
1950
♦Rbine-MalD-Danube 7s A
99 34
91
extl 6348-1951
1952
Queensland (State) extl a f 7S..1941
26-year external 6s
1947
♦Prussia (Free State)
♦External ■ f 6b
—1946
1963
10534 10734
(State of)—
♦7s May ooupon off
1946
lt)88
1966
♦7s June coupon off
1967
86
9434
(City) extl 6 34»
1952
110
11634
♦8s April coupon off
♦6s June coupon off
Rome
10534 10634
10534 10654
105
10834
f Rotterdam (City) extl 6«
1964
Roumanla (Kingdom of) Monopolies
♦7s August coupon off
..I960
♦Saarbruecken (City) 6s.
1953
Sao Paulo (City of Braall)—
♦8s May coupon oft-.
1952
♦Extl 634a May coupon off..1967
9734 10334
102 34
105
10234 107 34
88
9934
8434
934
82 34
75
9334
8434
San PaUiO (State of)—
111
116
1936
104
11034
♦External 8s July ooupon off. 1950
110
11634
♦External 7s Sept coupon off 1956
76
7834
10234 10334
|*8s July coupon off..
♦External 6s July coupon off. 1968
f 7a
1940
♦8axoD State Mtge inst 7a
1945
11534 1 2 1 34
1946
120
Secured
»
a
♦Sinking fund g 6 34 a
131
Serbs Croats A Slovenes (Kingdom)
♦8s Nov 1 1936 coupon on...1962
♦7s Nov 1 1935 coupon on.. .1902
♦Silesia (Pror of) extl 7s.
1958
♦Slleslan Landowners A sen 6a..1947
Styrta (Province of)—
7s Feb coupon off
Sydney (City) s f 534»
Taiwan Elee Pow ■ 1 634s
Tokyo City 5s loan of 1912
1940
-1956
197i
1952
External a f 534* guar
1961
Trondhjem (City) 1st 5 34a
1957
♦Uruguay (Repub.lc) extl 8s. .1946
♦External
a f
♦External
a
fla
1960
10s
1964
Venetian Prov Mtge Bank 7a._1962
Vienna (City of)—
6s Nov coupon on
...1962
1058
1961
Warsaw (City) externa! 7b
Yokohama (City) extl 6s
10534 11534
112
RAILROAD
AND
12234
11934 13234
10034 106
10634 109
INDUSTRIAL
COMPANIES
10334 10634
Coll trust 4s of 1907
1947
100
100
178
8
3
10-year deb 4 34a
100
100
5
Adriatic Elec Co erU 7s.
1946
.952
08334
3
Ala Gt Sou 1st cods A 6s
.1943
08334
*11434
10734
7034
10734
72
2
4
2634
93
32
31
64
10234
98
5
3
85
88
66
83
10534
1st
cods
4s series B
10734
100
♦llAblttbl Pow A Paper 1st 5s. 1953
Adams Express coll tr g 4a
1948
101
1943
...
♦Albany Perfor Wrap Pap 08.. 1948
♦6s with warr assentotl
1948
64
Alb A Susq 1st guar 3 34s
1940
1944
102
Alleghany Corp coll tr 5s
Coll A
96
♦
♦Coll A
oonv
434s debentures
6534
6034
94J4
1950
1998
19*2
1950
1951
8334
2634
6034
9434
10834
10834
9934
98
9934
9734
7334
10234 10334
102
262
3
10
3
25
10334
103
8934
1950
6s
♦6s stamped
AUegb A West 1ft gu 4s
Allegh Val gen guar g 4s
Allied Stores Corp deb 4 34a
10834 HO
97
51
9034
8734
1949
conv 6s
10134 102
10034 101*'22
105
2734
42
11334 H934
10934 116
113
11834
11434 121
♦Alpine Moatan'Pteel 7s......1955
Am A Foreign Pow deb 5s
2030
11434 121
11234 11834
1953
11034 11634
11034 116
American Ice
■
f deb 6s
Amer I G Chem conv 534s
Am Internal Corp conv
Am Teiep A Teleg—
1949
6348..1949
12034 12834
20-year sinking fund 534s... 1043
Convertible debenture 4 34s.. 1939
8934
9934
10234 104
11234
105
3348
334 s
debentures
debentures
♦Am Type Founders conv
1901
1966
deb.1950
110
9834
Amer Water Works A Electric—
Deb g 0s series A
10834
10734
1975
74
73
72
t*Am Writing Paper 1st g 0s.. 1947
♦Certificates of deposit
6s stamped
1947
73
10534
10434
......1907
3834
3834
1995
6734
105
3934
6834
♦Anglo Chilean Nitrate—
S f income deb
t*Ann Arbor 1st g 4a
Ark A Mem Bridge A Term 5s. 1964
1 Armour A Co (111) 1st 434a... 1939
1st M a r 4s ser B (Del)
1956
1st M s f 4s ser C
(Del)
1957
6734
102273"
9634
Armstrong Cork deb 4s
1950
104
10334
Atch Top A 8 Fe—Oen g 4a
1996
1995
10834
108
10434
10434
1995
10434
10434
107
107
107
107
107
Conv gold 4a of 1909
Conv 4s of .905..
Conv g 4s Issue of 1910
1955
►
10534
1960
109
106
1948
Rocky Mtn Dlv 1st 4s
1965
Trans-Con Short L 1st 4s... 1958
10834
111
11134
Cal-Arlt 1st A ref 434s A
111
11134
Conv deb 434s
For footnotes
see page
1962
10534
2617
BOND
BROKERS.
Railroad, Public Utility and Industrial
Bonds
Vilas & Hickey
New York Stock
49 WALL
Exchange
STREET
—
Members
—
New York Curb Exchange
-
-
NEW YORK
A. T. & T. Teletype NY 1-911
Chicago, Indianapolis and St. Louis
Telephone HAnover 2-7900
Private Wires to
-
—
31
1934
10434
10434
1955
Adjustment gold 4s
Stamped 4n
40
24
109
2 3 34
2934
104
81
3634
1834
1834
9634
96
40
30
102"»102^32
9534
9634
9634
93
7834
10334
103
10634
893*
30
10534
Anaconda Cop Mtn a f deb 434a 1950
11534
10734 11034
9934 10534
7234
8334
10334 10534
10834 in
.9734
2334
2334
an
New York Bond Record-continued—Page 3
2614
April 17, 1937
Friday
Bennett 'Bros. &
eiA
L
Members
STOCK EXCHANGE
Week Ended April 16
Johnson
Conn A Passum RIv 1st 4s
Conn Ry A L 1st A ref 4#s
TJlgby 4-5200
Connections
Randolph 7711
"Pi. Y. 1-761 -<• 'Bell System Teletype •>- Cso. 543
1943
BONDS
N.
Y.
STOCK
Last
Inter st Period
EXCHANGE
Week Ended April 16
Range
Sale
Price
Bid
A
Stamped guar 4#s
s f 3#s A
1961
Consol Edison (N Y) deb 3#8.1946
A
A
O
4'
A
108
.
—
IVI
S
-
-
conv
Chea & Ohio 1st
1944 J
coll 5s
May 1940 J
J
1989 J
J
Chic A Alton RR ref g 3a
Chic Burl A Q—111 Dlv
M
109#
109#
107#
106#
108#
114#
101#
38#
114#
101#
1947 J
*
J
—
1947 J
—
—
—
-
34
1956 J
J
Chic L S A East 1st 4 Ha
1969 J
D
1966 M N
1966 J
*18#
19#
101#
100#
*110#
J
♦Chic M A St P gen 4s ser A. .1989 J
♦Gen g 3 Ha aer B—May 1 1989 J
J
*56#
J
♦Gen 4 Ha series C—May 1 1989 J
♦Gen 4 Ha series E—May 1 1989 J
♦Gen 4#s series F_—May 1 1989 J
{♦Chic Mllw St P A Pac 6s A—1975 F
♦Conv adj 5s
Jan 1 2000 A
{♦Chic A No West gen g 3H8-.1987 M
♦General 4s
1987 M
J
56#
*50
m'm
mm
63
63#
J
*62#
....
J
64
64#
A
30
O
29
104#
N
9#
40
40#
N
1987
{♦Secured g 6Ha
59
1
-mmm
45#
106#
109#
40
105
20
108#
42
§ {♦Chicago Railways 1st 5s stpd
Aug 1 1936 25% part pd
F
{♦Chic R I A P Ry gen 4s
1988 J
D
114
101#
15
100
94
35#
46}
53
34
45
m
mm
118
m
m
m
mmm
34
2
20#
mmm
19#
3
101#
23
57
8
54
64
{♦Refunding gold 4s
1934
A
O
1952
M
S
20
64#
64#
31
320
11
31
9
Gold
3Hs
Memphis Dlv 1st
June 15 1951
J
J
D
1960 J
g 4s
67
Chicago Union StationGuaranteed 4s
1963 J
3Ha series E
3Ha guaranteed
Chic A West Indiana
1st & ref M
4#s
...
con
J
J
J
1951
ser D
Chllds Co deb 5s
{♦Choc Okla A Gulf cons 5s.
Cincinnati Gas A Elec 3#s
1962
M
g
72#
81
3|
49#
43
52#
52#
54#
45#
45
56
46
52
61
30#
38
29
36#
36#
24#
28#
16#
70
35#
35#
19#
22#
100.
19#
36
55
19#
18#
10#
19#
22
148
18
83#
43#
42#
26#
22#
25#
22#
16
110
2
108# 113#
*86
93
104#
105#
105
17
107
21
104# 113
104#
63
103
— .
.
91
98#
92#
10
91
99#
82#
15
81#
104
106#
104
104#
101#
102#
24
101# 108#
101
102#
85
S
100#
100# 108#
99# 105#
D
99
98#
*
100#
mmm
99#
43
m
mm
m
85#
111#
94
38
40#
97# 104#
J
F
A
M N
J
J
D
1936 J
O
A
1943 M N
J
1969 J
s
102#
91#
*103#
m
107
108#
mm
75
174
m
93#
97
-
mm
5
3
m
101# 105#
91# 98#
103# 106#
93
103
95
104#
102"
103""
107
108
mmm
mmm.
mmm.
107#
107# 109#
110#
104# 104#
mmm
mm
96#
104#
97
5
O
105# 111#
O
Series D 3Ha guar....
ser A
Gen A ref mtge 4
1950 A
F
*
111#
1977 F
A
J
110# 113
J
—
109#
110
O
111
112
6
105#
106#
102#
99#
*
109
.mm...
55
59
56
1961 M N
64#
72#
62
60 '
58#
:
103#
53
101#
89#
91#
178
89#
*9915,6 100
107
*104#
102
un
66
101#
108
95#
100*12 101#
104# 106
104
103
101#
107
107#
104# 106#
106# 108
107#
107#
30#
30#
102
31#
*104#
17#
18#
18
17
27
26#
10
9#
*50#
111#
107#
106# 107#
30#
36#
88
30#
32
18#
18#
27#
23
17#
16#
22#
26
32#
10
6#
12
58
112#
107#
107#
108#
111# 116#
107
110#
105# 111
102#
101#
102#
101
112#
*45
107#
109#
85
"41#
*45
*45
"5o
41#
50
113#
112
45
9
113#
45
III"
118#
101# 102#
1937 A
O
1937 J
J
"56""
"55""
1965 J
J
103#
102#
103 H
114#
105#
114#
114H 116#
105#
105
107#
133
139#
103
58
""21
212
J
J
•
J
J
1952 F
A
55
72#
110
.135
108#
1941 IVI N
109#
*101#
110
102
110
108
AO
M N
111
107# 111
108# 113#
100H 105
109#
1951 J
D
1946 J
D
149
1965 A
Conv deb 4#s
O
*106
109
110#
112
106
106
106
106
El Paso A S W 1st 5s
5s stamped
Erie A Pitts g gu
Series C 3#s
1965
3#s
cons g
ser B—.1940
106
103 H
50
107
98
98#
84
1996
97#
80#
84#
84#
122
80#
86.
89
84#
94#
86
25
84#
94#
—1953
O
85
1953
o
85#
1953
Ref A impt 5s of 1927
1967
Ref A Impt 5s of 1930
1975
Erie A Jersey 1st s f 6s_——.1955
172#
103
*103
1996
Series B
Gen conv 4s series D
149
*103
1940
i
4s prior
1st consol gen lien
g 4s
Conv 4s series A
102
157
A
*
O
84
88#
97 H
91
'206
80
80
82#
154
80
J
117
117
4
s f 6s
J
1957 J
N Y A Erie RR ext 1st 4s. —1947 IVI N
3d mtge 4#s
1938 IVI S
*110
IVI N
A
J
O
"85#
82#
82#
*117
82#
■
117#
106#
92#
93#
:
89
89
114# 119
116# 117#
Ernesto Breda 7s
Fairbanks Morse deb 4s
Federal Light A Tr 1st 5s
1954 F
..1956 J
1942 IVI
A
D
74
30-year deb 6s series B
s
47
78
..mm
105
102
103#
*101#
102
102#
101# 102#
102
103#
101#
102#
101# 104#
D
100
100
100
1916 J
J
*80
93
82
1943 J
J
*78#
76#
1954 J
f g 7s.
{♦Fla Cent A Penln 5s
{♦Florida
East Coast 1st 4#s—1959 J D
♦1st A ref 5s series A
1974 M S
81#
"7§"
15#
14#
16
15
♦Certificates of deposit...
15
15#
20
9#
6#
3#
5
107# 107#
107# 108#
108#
*75
78
76#
96
96
95# 100#
101
100# 102#
103# 106#
*30
*
"32"
99#
98#
100#
*102
"91#
103
32#
31#
32
30#
90
101
92
78
"33
101# 103#
89#
97#
91#
35
D
104#
1st mtge 4#s
D
1956 J
Goodyear Tire A Rub 1st 5s—1957 M N
Gotham Silk Hosiery deb 5s w wl946 M S
99#
98
104#
104
100#
99
106
108
84
96
64#
64
65
27
64
77#
D
GrRAI ext lstgu g 4#s
1941 J
J
104#
•
*
108#
108#
40
100#
102#
*36#
40
31#
9
40
29#
98# 105
98# 105#
45
6
87#
121# 122#
100#
103#
103#
45
12
20#
4
*4
J
1942 J
20
9
108
J
Gouv A Oswegatchle 1st 5s
15
9#
*22
1945 J
87
5#
*104#
D
♦20-year s f deb 6s
..1948 M N
Gen Motors Accept Corp deb 3sl946 F A
15-year 3#s deb
1951 F A
Gen Pub Serv deb 5#a
J
1939 J
Gen Steel Cast 5#s with warr.1949 J
J
149
96#
81#
76#
14#
*4#
A
J
11
105
*8#
GalvHous A Hend 1st 5 #8 A..1938 A O
Gas A El of Berg Co cons g 5s._1949 J D
Gen Amer Investors deb 5s A.. 1952 F
Gen Cable 1st s f 5#s A
1947 J
♦Gen Elec (Germany) 7s Jan 15 1945 J
♦Sinking fund deb 6#s
1940 J
80#
101
103
J
84#,
1
64#
101#
102
O
84#
106#
74
101
101#
S
5s International series.... 1942 IVI s
1st lies a f 5s stamped
1942 MS
1st lien 6s stamped
1942 M S
Fiat deb
113# 114#
Goodrich (B F) conv deb 6s
84#
106
70
75
108# 116#
110# 113
104# 111#
99# 105#
110# 112#
""26
106
*66
103#
91#
65
;
*54
{♦Ga A Ala Ry 1st cons 5s
1945 J
{{♦Ga Caro A Nor 1st ext 6s..1934 J
♦Good H«pe Steel A Ir sec 7s..1945 A
"»
102#
53
55#
56#
110# 111#
O
O
30
55#
*63#
Fort St U D Co 1st g 4#s
J
1941 J
Framerlcan Ind Dev 20-yr 7#s 1942 J
J
Francisco Sugar coll trust 68—1956 IVI N
105#
*107#
106#
"98#
*41
107#
118
104
93#
107#
65#
1995
103# 105#
*
......
105
99# 102
*55"
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
*103#
105#
96#
102
101# 103#
103
j"d
97
97
17
14
107
31
17
*104#
98#
11
97#
102
97
31#
East Ry Minn Nor Dlv 1st 4s. .1948
East T Va A Ga Dlv 1st 5s
1956
Ed El 111 Bklyn 1st cons 4s
1939
Ed Elec (N Y) 1st cons
g 5s_—_ 1995
Erie RR 1st
93
103# 106
J
1995
Electric Auto Lite conv 4s
Elgin Jollet A East 1st g 5s
El Paso Nat Gas 4#s ser A
41
104
J
Gen A ref 5s ser E
1952 A O
Gen A ref M 4s ser F
1965 A O
Gen A ref mtge
3#s ser G_. 1966 M ft
♦Detroit A Mac 1st lien g 4s.
D
1995 J
♦1st 4s assented...
1995
Detroit Term A Tunnel 4#s..
Dul A Iron Range 1st 5s
{{♦Dul Sou Shore A Atl g 5s_.
Duquesne Light 1st M 3#s._.
15
101#
13
1936 J
♦2d 48 assented
47
104#
35# 41#
40
35#
35#
40#
63# 71#
103# 110#
99# 107#
98# 108#
96# 103#
18
1951 IVI N
{♦Des M A Ft Dodge 4s ctfs... 1935 J
J
{♦Des Plains Val 1st gu 4#s_. .1947 IVI s
Detroit Edison Co 4#s ser D-. 1961 F A
41#
35#
38#
154
J
{♦Den A R G West gen 5s. Aug 1955 F A
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B__.Apr 1978 AO
22#
18#
105# 107#
100# 107#
105
.1936 J
♦Second gold 4s
340
104
f 58—1951 IVI N
Stamped as to Penna tax
{♦Den A R G 1st cons g 4s
{♦Consol gold 4 #s
29
102#
103#
54#
J
1969 J
1st mortgage 4 #s_
Den Gas A El 1st A ref
2
107#
104
1937 IVI N
Del Power A Light 1st 4#s._.1971 J
4#s
105# 112#
104# 107#
100# 108#
102# 106#
101
107#
*54
♦Certificates of deposit
Dayton Pow A Lt 1st A ref 3 #s 1960
let A ref
74
99# 105#
104# 106
105
'"98#
D
Gold 5 #s
68
mif
103#
101#
*100#
97#
101#
j~D
1936
Del A Hudson 1st A ref 4s
103#
102#
96#
J
♦Certificates of deposit
{♦1st lien A ref 6s ser B
'105
69
103
103
J
—1952 J
♦Cuba RR 1st 5s g
{♦1st ref 7#s series A
102#
101#
101#
97#
D
99
1
110
Copenhagen Telep 5s_Feb 15 1954
Crane Co s f deb 3 #s
1951
Crown Cork A Seal sf4s
1950
Crown Willamette Paper 6s—-1951
Cuba Nor Ry 1st 5#s
1942
8
4
"39"
103#
100#
loo#
Fonda Johns A Glov 4#s
1952
{{♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4s
1982
*
■.
1946 M N
1943 J D
101
1948 M N
For footnotes see page 2617.
—1966 M N
-
warr
54
104#
105#
67
67
37
*102
1st a f 4 Ha series C
1977 A O
Coal Rlvc* Ry 1st gu 4s
1945 J D
Colo Fuel A Ir Co gen s f 5s...1943 F A
♦5 income mtge
1970 A O
Colo A South 4Hs ser A
1980 M N
1st mtge 3#8
Container Corp 1st 6s
15-year deb 6s with
100#
37
*37
1960
Consumers Power 3#s.May 1 1965
1st mtge 3#s
May 1 1965 M N
1st mtge 3#s
1970 IVI N
102
*102
Ha ser B... 1981 J
Cleve Short Line 1st
gu 4 Ha—.1961 A
Cleve Union Term gu 5
Ha
1972 A
1st s f 5s series B guar...
1973 A
f 5s
94
37
1956
s
86
*37
108#
1942 J
Gen 4Hs
♦Debenture 4s
108#
109
*37#
1955
101
J
J
1951
{♦Consol Ry non-conv deb 4a—1954
♦Debenture 4s
1955
♦Consolidation Coal
102
19
106#
100#
107#
101#
deb 3#s
♦Debenture 4s
115
59
19
19
108#
J
N
71
41
90#
40
.107
......
J
J
85#
*38
D
J
99#
90#
conv
105
91
,.v.
105
Consol Oil
100
Genessee River 1st
*91#
91#
81#
mm
1956
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
1956
Consol Gas (N Y) deb 4#s
1951
—
Series A 4 Ha guar
Series C 3 Ha guar
1
12#
40
22
13#
J
Cleve-Cliffs Iron 1st mtge 4# s. 1950 M
Cleve Elec Ilium 1st M
3#s...1965 J
Cleve A Pgh gen gu
4Ha ser B.1942 A
Series B 3Ha guar
1942 A
8;
37#
1990 M N
.1940 M S
4s......1940 J
9#
71#
36#
102#
1966 F A
Cin Leb A Nor 1st con
gu 4s... 1942 M N
Cln Un Term 1st
gu 5s ser C.. 1957 IVI N
1st mtge guar 3
Ha series D.. 1971 IVI N
Clearfield A Mah 1st gu 4s
J
1943 J
St L Dlv 1st coll tr
g 4s
Spr A Col Dlv 1st g 4s
W W Val Dlv 1st
28#
57#
69#
69#
102#
1943 A O
1952 IVI N
Cleve Cln Chi A St L
gen 4s__.1993 J
General 5s ser B__
..1993 J
Ref A Impt 6s ser C
1941 J
Ref A lmpt 5s ser D
1963 J
Ref A impt 4Ha ser E
1977 J
Cairo Dlv 1st gold 4s...
1939 J
Cln Wabash A M Dlv 1st 48.1991 J
63
86
J
M S
4s... 1952 J
200
19
82#
)
J
87|
12#
'mm
S
1963 J
1944
1st mtge 4s series D
1st mtge
56#
54#
106#
-
....Dec 1 1960 IVI
26 H
19#
100# 107#
50#
mm-
36
110
D
1951
Chic T II A So East 1st 5s
lnc gu 6s
mm
46#
21#
18#
20#
13
39#
26#
20
46
m
"54#
36
D '••'i
D
34
530
40#
35#
19#
..I960 IVI N
43
64
20#
18#
44#
65
19
22#
36
10
13
22
51#
.'.mm
126
37#
43#
110# 111#
31#
71#
J
124
101# 102#
39
5
31
--
J
-
30#
—
A
♦Certificates of deposit
{♦Secured 4Hs series A
♦Certificates of deposit
♦Conv g 4Ha
-
19#
N
♦Certificates of deposit.
Ch St L A New Orleans
5s_—.1951
m
201
45#
36#
31
-
—
101#
39#
29#
-
119
38
29#
31#
4
110
57
30#
mm
D
58#
62
m
D
52#
108#
55
*51#
108
115
44
M N
102#
108# 113#
107# 117#
106# 116#
45
45
1936 IVI N
♦1st ref g 6s
May 1 2037 J
♦1st A ref 4Ha stpd.May 1 2037 J
♦1st A ref 4#s aer C.May I 2037 J
♦Conv 4#s series A
1949 M
95
95# 102#
110# 111
111# 111#
108
120#
112# 115
52
*30#
__
116H 128#
56#
*41
......
156
108
43
♦Stpd 4s non-p Fed lnc tax 1987 M N
♦Gen 4#s stpd Fed lnc tax.. 1987 M N
♦Gen 6s stpd Fed lnc tax
1987 M N
♦4 Ha stamped
117H 137
106 H 109
36
-
J
♦1st A gen 68 series A
♦1st A gen 6s series B.May
Chic Ind A Sou 50-year 4a
131
185
118
*100#
43#
36#
44
J
1947 J
B.
200
109#
113#
37#
36#
36#
125 H
85
96#
105H 108
122
53#
......
123
13S#
60
105
{♦Chicago Great West 1st 4a.. 1959 M S
{♦Chic Ind A Louisv ref 6a
19
96#
to
1982 M N
J
1937 J
Ch G L A Coke 1st
gu g 5s
45
5
105
A
1st gold 5s
♦Refunding g 5a aer
♦Refunding 4s aer C
—
56#
I {♦Chicago A East 111 1st 6s„1934 A O
{♦C A E 111 Ry (new Co) gen 58.1951 IVI N
♦Certificates of deposit
Chicago A Erie
5
87
186
109#
J
F
95 H
107#
95#
95#
A
1971
88
*107
S
...1977 F
11
117#
96#
*
-mm
J
1949 J
1958 M
1st & rer 4Ha aer B
1st & ref 5s aer A.
104#
III#
1949 AO
Illinois Division 4s
General 4s
97
mm.m
S
3HS—1949 J
52
107
J
—1989 ■J
Warm Spring V 1st g 6s....1941
m
High
112#
108 H
116#
117#
96#
96#
mmm
106 H
106#
135#
118#
Jan. 1
Low
101
124
85#
106
-
J
R & A Dlv 1st con g 4a
2d consol gold 4a
~
m.mmmm
1992 IVI s
Ref & Impt mtge 3 Ha aer D1096 IVI N
Ref & lmpt M 3 Ha aer E
1996 F A
Potts Creek Branch 1st 4a—.1946 J
.
121
General gold 4#s
Craig Valley 1st 6a
-
137#
D
IVI N
1939
g 5s
con
124
86#
M N
ITlO-year
89
Since
7
84
101#
99#
89#
97
—.
S
M
Champion Pap & Fibre deb 4#sl950
.
No.
108
101
-
......
1941 M N
Bonds Sold
High
106#
—
98#
IVI N
Central Steel 1st g s t 8s
Certaln-teed Prod 5 Ha A
-
—
Range
Asked
Low
F
or
Friday
103#
94#
105#
Conn River Pow
Week's
100
104#
105#
*105#
"102# 100#
102#
103#
102#
101#
1951
1951
3 #s debentures
105#
101#
99#
8
*106#
96
High
102
65
103
*107#
105#
Low
62
101
O
Commercial Credit deb 3#s_—1951 A O
Commercial Invest Tr deb 3#s 1951
135 So. La Salle St.
Friday
No.
102#
101#
96
J
101#
Since
Jan. 1
111#
1961 J
1955 F A
1965 M N
Columbus Ry Pow A LtT4s
Chicago, III.
'Private Wire
102
Range
Is
§3
105#
102#
101#
102#
.1948 A
15
Jan
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
%A1LRQAD 'BONDS
Y.
A
Asked
High
Bid
Price
Columbia G A E deb 5a_—May 1952 M N
Debenture 6s
Apr 15 1952 A O
Debenture 5s
*Kew York,
Friday
Low
S "Hjew York Stock Gxchange
[ ^ew York Qurb ^change
One Wall Street
Range or
Sale
BONDS
Y.
Week's
Last
f
N.
40
40#
"3
105
"62
99#
104#
104
100#
.104#
17
108#
44#
39
52
26
117
...
30#
104# 107
97#
101#
103# 105
99
107#
103# 103#
108# 111
Volume
Friday
Y
STOCK
%
T3
EXCHANGE
*0,
Week Ended April 16
Week' 1
Last
Range or
Sale
Z
BONDS
N
Friday
Price
Bid
A
Low
Grays Point Term 1st gu 5a.__1947
Gt Cone El Pow (Japan) 7s
1944
D
A
*94%
...1950
Great Northern 4%s series A--1961
General 5%s series B
.,1952
J
General 5s scries C
1973
General 4 %s series D
General 4%s series E
Range
Sa
Since
Asked
§3
Jan. 1
High
No.
1st & gen s f6%a
92
"97%
93%
90
74
J
112
110%
112%
17
J
117
115%
117
40
J
108%
108%
110
1976
1977
J
102 H
100%
102%
147
J
102
101%
102%
32
General mtge 4s series G
1946
J
128%
126
1946
J
107%
106%
130%
107%
273
Gen mtge 4s series H
Gen mtge 2%s ser 1
1967
92%
92%
J
r
♦Green Bay A West deb ctfs A
Feb
♦Debentures ctfa B
92%
*65
......
11
Feb
Greenbrier Ry 1st gu 4s
BROKERS IN BONDS
High
1st mtge 5s series C
1950
98%
97%
91%
4%s
1946
103%
17
105% 108
88
O
*76
*100%
Refunding 4s
1955 M N
Purchased lines 3%s
1952 j
Collateral trust gold 4s
Refunding 5s
1953 M N
94%
76%
31%
80
107
12
102
32
104%
102%
S
*89
O
1966 F
A
5
90
82%
132
99
13
76%
89
97
1
l*10-year 6s
86%
57
82%
78%
81%
33
106%
106%
13
106%
102""
162"" "16
103%
103%
-
"""9
-
"84
37
20
31
76%
76%
80
60
76%
75%
75%
78%
61
75%
36%
13%
102',«
100%
35%
13%
J
19411A
O
Ref s f 6s series A
....1955 M S
Int Rys Cent Amer 1st 5s
B...1972 M N
Hist coll trust 6% g notes... 1941 M N
1st lien A ref 6%s
1947 F A
98%
Int Telep A Teleg deb
g 4%s~ 1952! J
Conv deb 4%s
..1939 J
68
James Frank A Clear 1st
4s... 1959 J D
Jones A Laughlln Steel
4%s A..1961 M S
Kan A M 1st
gu g 4s
1990 A O
88%
100%
98%
88
*102
99%
90
68
81
84
69%
8
72%
6%
8
95%
93%
100%
101%
101%
103%
59%
55
87
95%
56
88
93
90
93
107
D
19
17
106
107
103%
103%
M N
40
(par $645)..1943
stmp (par S925)..1943
103%
40
*12
164
184
94
45
32
"4
13
28
81
31
5
25
97%
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4%s...l961 J
Stamped
1901 j
108
1961 J
O
O
Kings County Elev 1st g 4s...1949 F
A
Kings Co Lighting 1st 5s
1954 J
J
Kinney (G R) 5%s ext to
1941 J
Kresge Foundation coll tr 4s__1945 J
D
1941 J
s
Cons sink fund
f 4 %s A
4%s
ser C
J
1954 j
is A ref if
6s
...1954
*57
98%
40%
97
99%
40%
42%
41%
44%
95%
97
*95
166%
100%
87
*97%
97%
101%
87
98
66
66%
63
lit A ref s f 5s
64%
1974 F
A
63
63%
99%
1938 J
J
1954 F
A
■
251
-r—
4s. 1990
1st ext 4s
66
99
102%
99
102
102%
20
21
47
1943 J
J
D
1968 IVI S
1950 A O
|{*Met West Side El (Chlo) 4s.l938 FA
♦Mex lnternat 1st 4s aaatd
♦4s (Sept 1914 coupon)
37
101
69
"24
8
"~4
7
7
104%
104
108
106%
101%
13%
"l4"
26
18
9
46
J
194Q J
+
D
J
...1951 M S
1952 IVI N
J
1979 J
1971
102%
1949 IVI
1962 Q
M St P A SS M con g 4s Int gu.1938 J
1st cons 5s
.1938 J
8
102% 104}
100
79%
105}
86}
3
68
90
73
10
68
90%
46%
41%
38
44%
57%
39%
53
27
24%
33%
92%
25%
92%
84%
82%
93%
3
75
78%
37
1
37
41
101
32
76%
96%
101%
104%
97% 100%
"27
19
102
3
14
6
96
100
101
4
108
103
103% 107%
106% 109%
100% 104%
12% *16%
3%
5%
24%
24%
26%
104
103% 105%
104% 110%
103% 108
103%
38%
"19
102% 105
95
99
85
90%
105
36%
17
38%
68%
19
95"
85
33
99%
91%
39
46%
57
"86
36%
57
11%
21%
5
10
S
7%
6
6
5%
6
6
3%
8%
J
26
24%
24%
27%
22%
27
35
37%
J
"27%
s
17
1978 J ;J
.1941 M N
1959 J
J
58%
1990 J
1962 J
D
88%
J
1962 J
J
O
1965 F
A
81
J
1978 J
Jan 1967 A
70%
41%
39%
19%
41%
39%
O
A
g 6s..1947 F A
...1977 M S
1938 M S
Mohawk A Malone 1st gu g 4s.l991 M S
Monongahela Ry 1st M 4s ser A '60 M N
70
39%
39%
18%
39
37
7%
25
2
31
14
24%
24%
27%
3
22%
23%
18%
84%
16%
41%
"41%
30
28%
22
82%
95%
"58% "l"6
48
61%
96%
89
35
86
81
60
79%
88%
69%
73%
70%
22
68%
73%
76
41%
39%
19%
41%
39%
"25
69
80
39
48%
21
39%
45%
311
15%
24
296
39
49
68
37
38%
48%
36%
45%
18%
48%
41%
98
36%
15%
39%
36%
39%
7
17%
41%
89
13
47
39
39
41%
39
7
47
47
2
32%
32%
31%
33
7
102%
101
102
...1965
H-* 0 1
46%
39
49%
47
100
93
29
97
43%
30%
54%
31
39%
39%
103%
102',6
4
90
20
105
£8
76
101%
101
33%
90%
106%
36%
99
98
86%
90
47
37%
171
47
105%
79%
63
40
33
41%
17
*38
90
32
18
39
"39%
1949 M N
82%
*95%
55%
86%
79%
68%
*72
1978 M N
F"
102
103
F
J
1980 A
88
103
*63
N
J
_J...-1949 IVI
75
102%
102%
*90
1946 J
1937
72
73
97 H
106
73
*81
♦Certificates of deposit
♦Mo Pac 3d 7s ext at 4% July 1938 MN
{♦Mobile A Ohio gen gold 4s__.1938 M S
1st guar gold 5s
81%
*85
1938 J
..1937
103
*70~~
|»Mllw A No 1st ext 4%s(1880)1934
1st ext 4%a.._
1939
Con ext 4%s
1939
{♦Mil Spar A N W 1st gu 4s...1947 IVI
{♦Mllw A State Line 1st 3%s..1941 J
{♦Minn A St Louis 5s ctfs
1934 M
6s debentures
15
105"
*
102%
Monongahela West Penn Pub Serv
1st mtge 4%s
1960
94% 100%
109% 115
103%
1961
1981
102%
'SS
112% 115
12
93
103%
98
105
105
1940
♦1st A refunding gold 4s
♦Ref A ext 50-yr 5s ser A
*2%
105% 109%
106% 111
103% 108%
97% 103%
88
♦2%
1977 M S
1st gold 3%s
Ref A lmpt 4%s series C
Mid of N J 1st ext 5s
Mllw El Ry A Lt 1st 5s B
Mont Cent 1st guar 6s..
99%
96%
*101
1977 M S
♦Mlag Mill Mach 1st 1 f 7i
1956
Michigan Central Detroit A Bay
♦Montgomery Dlv 1st
♦Ref A lmpt 4%s
♦Secured 6% notes
44%
39%
*22%
*92%
*83%
76%
1959 M N
{♦Man G B A N W 1st 3%s___1941 J
Mfrs Tr Co ctfs of partlo In
♦Certificates of deposit
♦1st A ref 5s series I
62
♦100%T105%
a
ay
39%
♦Conv gold 5%s
♦1st A ref g 5s series H
60%
17
42
111
70
44%
♦Certificates of deposit...
♦Second 4s
2013 J D
Manila Elec RR A Lt s f 5s... 1953 IV! 8
Manila RR (South Lines) 4s
1939 IVI N
cons g
A
♦Certificates of deposit
58
A
F»r footnotes see page 2617.
O
♦Certificates of deposit..
♦1st A ref 5s series G
60%
*55
103%
72
MIS
F
6% gold notes
♦Certificates of deposit...
ivi's
1964 F
Secured
7 %s.__1942 A
1975
1st A ref s f 5a
Leh Val Harbor Term gu 5s
s f
1977
59%
60%
60%
103%
D
♦1st A ref 5s series F
94
31
116% 124%
90% 100%
106
112%
100% 101%
87%
104
♦Certificates of deposit..
48%
110
90%
105%
103%
103%
100%
79%
72%
s f deb 5s 1951 IV! N
McKesson A Robblns deb 5%s.l950 IV! N
McCrory Stores Corp
♦General 4s
93
98%
91%
104}
127% 135
110
*
A
106
47
100
106
109%
*93%
*86
S
102%
94
107
104
1955 M N
♦Cum adjust 5s ser A
{♦Mo Pac 1st A ref 5s ser A
103%
48%
j
Lehigh A New Eng RR 4s A—.1965 A O
Lehigh A N Y l«t gu g 4a
1945 M S
Lehigh Val Coal 1st A ref s f 5s.l944 F A
155
115%
104
41
1954 J
103%
*102"
D
J
""91%
♦Lower Austria Hydro El 6%s.l944 F
Mo Kan A Tex 1st gold 4s
*
J
1997 J
♦Lautaro Nitrate Co Ltd 6s...1954 J
♦Certificates of deposit
104
104
106%
95
Mo-K-T RR pr Hen 5s ser A.
40-year 4s series B
Prior lien 4%s series D
103%
J
..
106%
100
67
106%
94%
109%
*101%
{♦Kreuger A Toll secured 6s
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 68.1939 A O
Coll A ref 5%s series C
1953 F A
Coll A ref 5 %s series D
I960 F A
Coll tr 6s series A
1942 F A
Coll tr 6s series B
...1942 F A
106%
*99'5j2
106%
106%
103%
97%
90%
105%
J
J
1st ref 5 %s series B
1st Chicago Term s f 4a
{♦Mo-Ill RR 1st 5s series A
108
J
1954 J
First and ref 6%s
95
106%
100', 6 101"
106}
40
127%
117%
1952 J
107%
*145
106%
101% 103%
104% 108
106
91
M N
108
97% 101'
793
69%
101%
S
25-year 5%s
"98%
3
109
105
1980 M
1945 M
*
1937 A
"95"
S
J
28
75%
127%
117%
2003
*100
J
1997 a
A
J
"98% "37
*99,532
103
102%
103%
101%
127%
2003
cons 5s gu as to Int
1st A ref 6s series A
98%
1961 J
O
2003
1st
♦27%
S
116
129%
129% 136
117
126%
"97%
102%
102%
42
19
*21
warr (par *925)._1943
1946 IV!
S
1951 F
City Air Line 4s
Jack Lana A Sug 3%s
71
105
9
118%
101%
S
86
8
129%
*
1944 A
1st Mtge 5s
56
J
58
96
65%
83%
72
66
72
76%
118%
*101%
1949 M
High
103%
67%
74%
22
108
1949 M
M
100
20
106%
*73
...1937 M N
J
Low
60%
118
"98"
1950 A O
1938 J D
1949 IV! S
Metrop Ed 1st 4%s ser D
Metrop Wat Sew A D 5%s
151
102%
95%
87
J
J
81%
"59"
^♦KCFtS AM Ryrefg 48.1936 A
♦Certificates of deposit
A
Kan City Sou 1st
gold 3s
1950 A
Ref A lmpt 5s
Apr 1950
Kansas City Term 1st 4s
1960
Kansas Gas A Electric
4%s___1980
♦Karstadt (Rudolph) 1st 6s...1943
♦Ctfs w w stmp
34%
34
Since
Jan. 1
119
129%
D
...1952 J
A
A I Namm A Son 1st 6s
34
99
100%
J
A
Marlon Steam Shovel a f 6s
1947 A O
Market St Ry 7s ser A
April 1940 Q J
Mead Corp lit 6s with warr..1945 M N
14%
87
87
34%
37
80
81
75%
102%
34%
O
75
47
106
100%
34
J
1944 A
Debenture 6s
1955 P
A
{♦Iowa Central Ry 1st A ref 4s_1951 M S
ser
A
{♦Manhat Ry (N Y)
31
J
3%s
101
31
""34%
647
No.
116
72%
34%
75%
§3
106%
129%
118%
O
83%
81%
40%
B...1947,J
77
|{*Manatl Sugar 1st
102%
1956 J
68%
74%
103%
98%
75
....1956 J
68
•
76%
"81%
76%
O
68
D
J
6s ser A._July 1952 A
62%
Maine Central RR 4s ser A.-.1945 J
Gen mtge 4%s ser A
1960 J
36
101
f Interlake Iron 1st 5s B
1951 M N
Int Agrlc Corp 5s
stamped 1942
M N
{♦Int-Grt Nor 1st 6s ser A
1952.J
J
Purchase money 6s
102
'162%
conv 7% notes
1932 M S
♦Certificates of deposit....
4%s unguaranteed
Kings County El L A P 5s
103%
104%
F
l*10-year
F) Corp 1st 6s
38%
*104
♦Certificates of deposit...
61
77%
*36
High
101
100
62%
South Ry Joint Monon 4s
Atl Knoxv A Cln Dlv 4s
"98"
O
O
101
Range
is
Asked
A
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4%s
84
M
1932 A
♦1st 5s series B.
16
96
81
O
J
f deb
1st A ref 3%s series E
2003
Paducah A Mem Dlv 4s..—1946
85%
_
Ind Bloom A West 1st ext 4s. .1940 A
Ind 111 A Iowa 1st g 4s
1950 J
{♦Ind A Louisville 1st gu 4s....1956 J
1 Ind Union Ry 5s series B
1965
Ref A Imp mtge
3Ha ser B..1986
Inland Steel 3%s series D
1961
tlnterboro Rap Tran 1st 5s...1966
♦Certificates of deposit
97
Bid
O
1951 F
s
1st A ref 5s series B
1st A ref 4 %s series C
1st A ref 4s series D
*100
*93
1946 F
5s
ser A...1969
Louis A Jeff Bdge Co gu 4s. ...1945
Louisville A Nashville 5s...... 1937
Unified gold 4s
1940
92%
Price
1962 M N
Loews Inc
Louisiana A Ark 1st 5s
85
*"94%
III Cent and Chic St L A N O—
Joint 1st ref 6s series A
1963 J
1st A ref 4 Ha series C
1963 J
Illinois Steel deb 4%s
1940 A
Little Miami gen 4s series A
Lorlllard (P) Co deb 7s—
5s
i90"
*
O
4s stamped
"9§""
Friday
O
Liggett A Myers Tobacco 7s...1944 A
p m deb 5s
Guar ref gold 4s
1950 J
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv A Term g 3s...1951 J
Gold 3%s
1951 J
Springfield Dlv 1st g 3%s_._1951 J
Western Lines 1st g 4s
1951 F
Leh Val Term Ry 1st gu g 5s...1941 A
Lex A East 1st 50-yr 5s gu
1965 A
20-year
75%
"76 %
2003 IV! N
5s
Unified gold 4s
102%
96%
1955 M N
cons
Long Dock Co 3%s ext to
Long Island gen gold 4s
79%
86
General
36%
68
Week's
Range or
Sale
Low
J
1940 J
2003 (VI N
IV! N
2003
Lehigh Val (Pa) cons g 4s
General cons 4%s
Lombard Eleo 7s
83%
87%
83%
82%
a«
■-1
Leh Val N Y 1st gu g 4%s
85%
85%
87%
83%
85%
Week Ended April 16
73
*101
1951 M
M
h
EXCHANGE
121
77%
*110%
O
J
STOCK
124
10
51
117
30%
104%
Y.
101%
103%
57%
166®, 6
102
74%
Litchfield Dlr 1st gold 3s.-.1951 J
Loulsv Dlv A Term g 3%s.__1953 J
Lehigh C A Nav
99%
126%
97%
86%
102%
23
49
1952 A
1
119"
117
101%
49%
117
J
Collateral trust gold 4s
Lake Erie A West 2d g 5s
Lake Sh A Mich So g 3%s
96%
*100%
J
1951 A
w w
29
N.
Friday
Last
99
BONDS
91%
103%
*116%
Extended 1st gold 3%s
1st gold 3s sterling
♦Ctfs
~90_
105%
1999
♦Adjustment Income 5s_Feb 1957 A
ser A A
22
"l
99% 105%
102% 105%
1944
Illinois Bell Telep 3%sser B...1970 A
Illinois Central 1st gold 4s
1951 J
1st gold 3 %s
1951 J
♦1st g 5s series C
lnternat Hydro El deb 6s
Int Merc Marines f 6s..
98%
"91%
*19%
Hudson Coal 1st s f 5s ser A...1962 J D
Hudson Co Gas 1st g 5s
1949 M N
Hudson A Manhat 1st 5s ser A.1957 F
A. T. A T. Tele. N. Y. 1-1598
10%
15
106%
104% 106%
97% 103%
25
105%
{♦Housatonlc Ry cons g 6s
1937 MN
Houston A Texas Cent 6s gu_„1937 J
J
Houston Belt A Term 1st 6s...1937 J
J
Houston Oil sink fund 5%s A.. 1940 M N
40-year 4%s
..Aug
Cairo Bridge gold 4s
104%
101
1952
Hocking Val 1st cons g 4 %s
♦Hoe (R) A Co 1st mtge
NEW YORK
St.
Telephone Whitehall 4-2900
46
.1949
♦Harpen Mining 6s
'Ctfswlth
Keith (B
U%
"l8
99%
102%
1966
10-year deb 4%s
Hackensack Water 1st 4a
Members New York Stock Exchange
Wall
63
71
98
97
1961
Gulf States Utll 4s ser C
T
20
D* H. SlLBERBERG & Co.
100% 109%
100% 108%
118% 140
106
111%
92% 92%
*91%
Stamped
lnternat Paper 5s
136
BANKS AND DEALERS
FOR
98%
84% 93%
110% 116%
114% 119%
108% 115%
106
*103"
O
Gulf A S I 1st ref A ter 5s Feb 1952
♦Adjustment
14
1940 M N
Gulf Mob A Nor 1st 5%s B...1950 A
w.
Low
*95
Gulf States Steel s f
2615
New York Bond Record—Continued—Page 4
144
100
108%
46
100% 110%
3
101
5
100"al02%
102%
BONDS
Range or
Last
p
STOCK EXCHANGE
Sale
Week Ended April 16
Bid
Asked
&
High No.
Low
5 J
5 A
O
O
5 A
O
[) J
£ 5a aeries A-.
D
92
O
5 A
a
J
5 A
Gen & ref
D
LJ
94%
— —
156
94%
12
102
101%
— — —
*79
80%
....
*79
80%
....
*79
82%
80%
N.
Since
92
STOCK EXCHANGE
Week Ended April
Jan. 1
Low
Y.
16
Price
99%
{Northern Ohio Ry 1st guar 5s—
♦April 1 1934 A sub coupons. 1945
A
Askea
High
I*
03
No.
Since
Jan. 1
Low
80
*87
High
83
80
87
87
80
1945
♦Oct 1935 and sub coupons..
83
Bid.
Low
High
101%
Friday
Sale
25
Ranoe
Range or
Last
BONDS
Ranoe
Bonds Sold
Friday
Price
Week's
Friday
Week's
Friday
N. Y.
April 17, 1937
New York Bond Record—Continued—Page 5
2616
80
81%
'
Gen «fc ref
a
f 6a aeries D
*
80
84
88 %
97%
99%
91
89%
91
52
7 M N
_,
3 F
A
J
]J
55
J
D
!
IVI N
7 J
♦4%s July 1914
♦Assent warr & rets No 4
♦4s April 1914 coupon on..
1
55%
5
*3%
*3%
*3%
J
13
13
off._.
coup
94%
100%
55
*100%
104
102%
103%
103%
5 IVI N
♦4%s Jan 1914 coup on
♦4%s July 1914 coup on__.
1
94%
100%
A
7 F
9
112%
112%
*104
1 IVI N
------
4%
1
O
97
112% 119
110% 111
94%
98 %
100% 102%
55
63%
95
-----
100%
104
232
102% 107
104
109
103
4
—
-
106 %
-
4
■
——---
4
"
----
— — —
32
4%
4%
*3%
*2%
*3%
O
------
j
----
-----
4#
) J
A
A
J
5%
5%
*3%
5%
O
------
--
"6%
April 1 1935 Incl coupons..1945
North Pacific prior lien 4s
1997 Q
2047 Q
2047
Ref A lmpt 6s series B
2047
Ref A lmpt 5s series C
2047
Ref A lmpt 5s series D
2047
Nor Ry of Calif guar g 5s
.1938 A
Northwestern Teleg 4 %s ext. ..1944 J
Gen lien ry A id g 3s Jan
Ref A lmpt 4%s series A
J
F
J
104%
D
IVI N
D
J
J
D
119%
IVI N
F
—
>i
J
98%
110%
102%
102%
O
J
O
101%
♦Og A L Cham 1st gu g 4s
Ohio Connecting Ry 1st 4s
1948
1943
1965
J
J
*24%
M
S
MN
Ohio Edison 1st mtge4s
J
Ohio Indiana A West 5s.-Apr 11938 Q
A O
Ohio Public Service 7%s A
1946
1st A ref 7s series B
1947 F A
Ontario Power N F 1st g 5s
1943 F A
Ontario Transmission 1st 5s.-.1945 IV1 N
66%
119%
~6~~
69%
82%
97% 100
109% 112
103
28
103
30
102% 110
102% 109%
102%
14
100
*
33%
109% 109%
108
85
101% 100%
111
17
111% 113
110% 112%
110%
112%
107%
22
110% 115
102%
103%
*111%
110%
110%
112%
112%
112
112
104%
26%
27
5
8
112
106
115
114
J
*117
118
110
121%
1946 J
J
*117
119
117
123
1961 J
J
104%
103%
105
46
Oslo Gas A El Wks extl 5s
1963 IVI
S
101%
101%
102%
17
Ore Short Line 1st cons g
Guar stpd cons 5s
Pacific Gas A El 4s series G
Paducah A 111 1st
2
s
f g 4 %s
S {♦Pan-Am Pet Co (Cal) conv
♦Certificates of deposit
6s stamped
93
....
....
97%
31
97%
28
Paris-Orleans RR ext 5 %s
94
45
{♦Park-Lexington 6%s ctfs
51%
54
2
54%
59
55
11
57%
62
55
59
J
A O
3 D
J
J
3 *>
1955 F
1955
J
.1968 M
1953 J
1944 A
cons
J
*110
J
122%
MN
F
O
A
101%
O
88
98
J
J
J
------
A
O
95
96%
J
F
106%
91
88
90%
A
F
A
O
------
A
O
88%
88
------
A
M
100%
89%
O
1017,6
97%
86%
S
A
4s collateral trust.
95%
106%
106%
IVI N
N Y Chic & St L 1st
g 4s
99%
91
O
A
Ref & lmpt I s series C
97
A
A
116%
95%
F
A
F
99%
100
102%
A
F
100
A
F
64
A
O
61
56%
A
O
99
97%
A
Serial 5% notes
A
107%
*108%
63%
O
99%
98
------
97%
136
101%
91%
403
162
369
98
107% 2417
170
96%
107%
10
91%
130
90%
61
89
24
1017,6
2
101%
94
403
90
113#
100% 135%
95
100%
99% 103%
86%
96%
94% 103
106% 108%
94
105
105% 108%
88%
96%
98%
88
97%
86%
10H,6 102%
97% 105
86
95%
100%
47
102%
107%
83
100
105%
1
106
109
109
109
-----
-
-
-
_
98% 100%
64%
24
63
61%
99%
99%
70
56%
148
97
72%
72
105%
F
D
100
IVI N
IVI N
:
------
99
HI N
A
:
N Y L E & W Coal & RR
5%S_.
105
IVI N
J
99%
*100%
98%
IVI N
NYLE4W Dock & lmpt 5s_:
N Y & Long Branch gen 4s
:
{♦N Y & N Eng (Boat Term) 4s ]
{♦N YNH4H n-c deb 4s
]
117%
109%
110
A
*102%
*105%
*105%
J
M
S
A
O
*98
'M
S
*35
*47%
47%
♦Non-conv debenture 3%s_J
♦Non-conv debenture 3%s._:i
.1
]
IVI
J
J
37
A
J
S
J
O
72%
3
J
3
J
38
101%
25
48%
48%
48%
2
39%
50%
73
73
74
8
72
77%
1942 M
S
*85%
3
A
O
49
110%
1
*100%
1963|F A
101%
Penn-DIxIe Cement 1st 6s A... 1941 M S
Penn-GIass Sand 1st M 4%s
1960 J D
100%
103%
A
O
4%s A. 1977
J
4%s series B
1981 J
Pennsylvania PAL 1st 4%s...1981 A O
Pennsylvania RR cons g 4s
1943 IVI N
Consol gold 4s
1948
4s sterl stpd dollar May 1 1948
Gen mtge 3%s ser C
1970
Consol sinking fund 4%s
1960
104%
101%
95;
100
100%
103%
23
106
20
103%
105%
*109%
104%
105%
108%
108%
*
M N
1
107%
104% 110
99% 100%
99% 102
103% 105%
103% 106
109
105%
161
108%
111%
2
112
90%
106% 107
1
104%
100%
106
116% 122%
104
104
1952 M N
103
101% 101#
100
106%
106
D
D
100
85
95
i04"
*
28-year 4s
Pa Ohio A Det 1st A ref
72% 76%
99% 105%
100%
100%
109%
104% 106%
108
112%
111% 116%
"l3
111% 110%
97
103%
115% 120
106% 115%
113% 123
A
118%
General 4%s series A
General 5s series B
1965 J
D
108%
111%
97%
116%
107%
1968 J
D
115%
114%
115%
63
Debenture g 4%s
1970 A
O
101
101%
176
General 4%s series D
Gen mtge 4 % s series E
1981 A
O
105
104
106
83
1984 J
J
105%
104%
100
149
98% 107
103% 111%
103% 111%
1952 A
O
105%
107%
689
105% 111%
1943 A
O
*117
1947 M S
4s... 1940 A O
April 1990 Apr
113
Conv deb
3#s
Peop Gas L A C 1st
cons
6s
Refunding gold 5s
Peoria A Eastern 1st cons
♦Income 4s
IVI N
A
F
F
O
99
107
99%
118%
108%
148
31
193
118
119% 121%
113%
"46
112
93%
94%
17
93
20
20
*109
111
113%
93
A
2
17%
109
117%
99
20%
113
105%
95%
92
109% 117%
98
96
98
31
107
107
1
107
119
120
6
116
129
114%
111%
115
119
111%
"3
111% 117
102
105
122
102
15
-
-
-
-
-
-
-
-
-
-
-
-
-
-
99% 101%
99% 107
98% 105%
105
109%
105
106%
108%
-
-
107%
107
----
Pblla Bait A Wash 1st g 4s
General 5s series B
1977 J
*
J
1981 J
General g 4 %s series C
General 4%s series D
D
D
1907 J
tPhlla Elec Co 1st A ref 4%s...1967 M N
1st A ref 4s
1971 F A
J
{♦Phlla A Reading C A I ref 5s. 1973 J
PhllaCosec 5s series A
Phillipplne Ry 1st
1949 IVI
1937 J
46%
44%
Pirelli Co (Italy) conv 7s
1952
Pitts C C A St L 4%s A
Series B 4 %s guar
1940
1942
1942
1945
1949
1953
A
33%
O
A
104%
IVI N
35%
30
16
40
16
40
47
9
35
45
49
66
45
60
61
11
61
71
101%
1943 M N
1974 F A
98
3
.
1956 J
47
3
41
1974
98
37
41
Peoria A Pekln Un 1st 5%s
Pere Marquette 1st ser A 5s
39
37
61
J
13
100
J
-----
45
J
67%
54
s|
-----
39
58
43%
45%
J
24
35
48
29
101
116%
1944 J
105%
98% 104%
100%
1949,M S
1942 J
102%
1956 J
105%
41
40%
74
99
32
"51%
49
100
100% 102%
*43
1980 IVI
35
40
------
IVI N
8
82
111
99% 107%
94% 100%
1st g 4%s series C
37
O
66
103
1st 4s series B
37
s
A
97
116% 125%
99%
41
74
97% 105%
12
100
-----
99
105%
101%
97%
101%
101%
99%
100%
19
118%
110%
103
99% 102%
40
N Y <fc Erie—See Erie RR
?|j
99
99%
100%
Guar 3%s trust ctfs D
ser E trust ctfs
110
1319
124
•
95%
101
*101
Guar 4s
----
100
101%
96%
1937 M S
1941 F A
5s___
♦Paulista Ry 1st ref s f 7s
Penn Co gu 3 %s coll tr A
Guar 3 %s coll trust ser B
Guar 3 %s trust ctfs C
9
54
Pat A Passaic G ft E
105
Corp—
Parmelee Trans deb 6s
59
54
Broadway
1st M 8 f g 3s loan ctfs
Paramount Pictures deb 6s
....
59
O
103% 107%
74%
75
1940
79%
Paramount
D
1938 J
1966
1966
1955
6s *40
*72%
103%
D
1961 J D
1966 ■* D
1938 F A
Pacific Tel A Tel 3%s ser B
Ref mtge 3%s ser C
12
56%
59
.1946 J
1964 J
Pac RR of Mo 1st ext g 4s
♦2d extended gold 5s
122
118
106%
*
♦Collateral trust 6a
195
106
1st ft ref mtge 3%s ser H
1st A ref mtge 3 %s ser I
35
100%
*47
A
A
ieo
....
58%
♦Certificates of deposit.
♦Conv deben ture 6a
111%
D
4s
5s
com g
92
94
A
F
♦Non-conv debenture 4s
♦Non-conv debenture 4s
♦Conv debenture 3Ha
65
1946 J
1946 J
Oregon RR A Nav
Pacific Coast Co 1st g 5s
....
54
[F
4%s series B
101% 112%
86
98%
*107%
M N
96
------
of deposit...
aer
89
75
104%
*104
1957
96
96%
O
A
N Y Lack & West 4s
73%
97%
110%
75
Norweg Hydro-El Nit 5%s
*76
96
J
A
75
117
------
D
7%
178
118
_
J
O
6%
"6%
....
100%
105%
—
4#
....
*
J
J
A
New Orleans Term 1st
gu 4s..
— —
————
86
118%
100%
•105%
O
J
—
—
A
A
4
----
-
*65
------
1
-
*70
------
iJ
-
104%
*70
*115%
J
-
4%
102%
------
>J
N Y Greenwood L gu g 5s
N Y & Harlem gold 3 His
103
104%
----
----
—
*4
I
16
5%
-
*3
O
4
----
Nat RR of Mex prior lien 4%s—
rs
97#
♦Stpd as to sale of April 1 '33 to
Ore-Wash RR A Nav 4s
1 A
1 A
♦Certifies!
84
97% 102
99
32
5 M N
_
80
85
5 M N
Mutual Fuel Gas 1st gu g 5s
86%
87%
85%
87%
80%
♦Conv deb 6s
s f 4s
Plllsbury Flour Mills 20-yr 6S..1943 A
S
15%
J
27
O
107%
33
15%
24%
107%
*90
47%
Series C 4%s guar
Series D 4s guar
*107%
105%
95%
36%
"56
35
82
16%
113
28%
152
107%
3
99
100% 100
92
101
95% 103%
113%
106%
104«j2l05%
102»u103%
33
50%
15% 20%
18%
106
85%
30
107%
98
110
107% 111%
109
109
O
109
M N
*110
109
M N
*106
113%
108
113%
urn
..3
♦1st & ref 4%s ser of 1927-.-3
♦Harlem R it Pt Ches 1st 4s. 3
112%
♦N Y Ont & West ref g 4s
General 4s
{♦N Y Provide
ice <fc
IW N
J
D
A
O
A
O
------
J
F
f4%s._.1939
gens
A
N Y Trap Rock let 6a
08 stamped
M N
1946 J
D
1946
Nord Ry ext sink fund 6 %s
A
A
For footnetes see
109
1963 F A
1964 M N
*112
120
113
125%
*112
115%
120
32
23%
101%
46
----
107
107
108%
108%
106%
106%
108%
12
107%
41
107
*50
*50
84%
85
*
-
—
-
48
101
-
106%
—
—
—
——
106%
*83
90
106%
89%
90
95
101% 109%
105%
2
105
1
107
*
------
-
40%
42%
3
107
30%
21
101% 101%
106% 108%
106% 108%
106% 107%
5
----
---.
----
-
-
—
—
253
----
1
106
76%
79%
51%
92%
91
69%
101
106%
106% 109%
90
94%
90
98
cons
Series J
cons guar
4%s
4%s
General M 5s series A
1970 J
General mtge 5s series B
General 4%s series C
1975 A
1977 J
D
Pitts Y A Ash 1st 4s ser A
F
A
J
Port Gen Elec 1st 4%s ser C___1960 M S
1st 5s 1935 extended to 1950._
Porto Rlcan Am Tob
conv
6s.. 1942
102
58
100% 104
102% 109%
23% 32%
Pure Oil Co
31
121
26
29%
93
22
22%
109%
31
11
69
82
114
41
112
122
104
45
103
106%
S
104
102
104%
54
101
A
103%
102%
104
65
102
101
102%
52
1974 IVI S
*115
124%
1974 IVI s
*115%
119
------
81%
81%
----
105%
101% 106%
99% 107
124
96%
89
90
97%
125%
109
119%
D
..1962
1974
1st gen 5s series C
1st 4%s series D
100%
30%
91%
63%
1956 IVI
1950 J
1950
1948
(65% pd) — J
{♦Debenture gold 6s_.
1941 J
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4 %8 series A
1997
Gen A ref 4 %s series B
1997
for deb 6s A com stk
62
*105%
"79
79
29%
101%
95%
20%
J
{♦Providence Sec guar deb 4s.. 1957 IVI N
4%s without warrants
Purity Bakeries s f deb 5s
{♦Radlo-Kelth-Orph pt pd ctfs
123%
10
110%
119%
124%
*110
30%
{♦Postal Teleg A Cable coll 5s 1953
{♦Providence Term 1st 4s
s f 4%s w w
119%
109
D
1977 J
1st gen 5s series B
100% 107%
107%
104% 107%
112% 113
89%
1948 J
111
124%
113% 124
113% 123%
"26
89
89
.6
28%
"92"
89
107%
al06%
4
116
O
107%
29
107%
O
------
101
*114%
106%
1960 A
Potomac Elec Pow 1st M 3%s 1960
Pressed Steel Car deb 5s
1951 J
15%
100
107%
....1958 A
1st M 4%s series B
1st M 4 %s series C
66
36
J
115%
*86%
O
1943 M N
1958 J D
Pitts Va A Char 1st 4s guar
Pitts A W Va 1st 4 %s ser A
17%
102%
16%
114%
D
100%
17
103
2617
Series I
4s
A
D
101%
112
1957 IVI
cons guar
F
J
107%
113%
Aug 15 1963 F
page
*110
104
Nov 15 1969 MN
North Cent gem A ref 5s
Gen A ref 4Kb aeries A
A
A
IVI N
1996 O
1961 F
ser
Deb 58 series C
1960 F
114%
114%
99%
A
{{♦Norfolk & South 1st g 5s...1941
Deb 5Ha aeries B
109
27
O al06%
♦Certificates of deposit
N A W Ry 1st cons g 4a
*107%
29
1950 A
South 1st & ref 5s..1961 F
North Amer Co deb 5s
111
1957 M N
86%
------
J
J
{♦N Y Westch & Boat 1st 4%s.
Nlagara Falls Power 3%s
1966 M S
Nlag 3Lock & O Pow 1st 5s A...1955 A O
Niagara Share (Mo) deb 6%s__1950 IVI N
111
93%
Series F 4s guar gold
Series G 4s guar
102%
105%
A
F
Series E 3%s guar gold
55
86%
J
IVI N
Terminal 1st gold 6a
37%
44%
90%
101%
105%
102%
IVI N
J
25%
--
*99
------
1951 IVI N
MN
{♦N Y Susq & West 1st ref 5s..
{♦2d gold 4%s
General gold 5s—i
13
97
21%
22%
M N
J
31
30%
------
S
1951 IVI N
1st mortgage 5a
1st mortgage 5s
No Am Edison deb 5s
30%
M
{♦N Y Rys prior Hen 0a stamp .3
N Y A Rlchm Gas 1st 6s A
N Y Steam 6s series A
{{♦Norfolk
45%
D
3
-
YTelep 1st ft
J
46%
*90%
IVI N
3
Boston 4s 3
N Y & Putnam 1st con gu 4s...3
N Y Queens El Lt & Pow 3 %s_ 3
N
29
44%
Series H
♦Debenture 4s
64%
139
108
80
'""5
79
88%
31%
243
5
100
106
28
92
100
96
29%
45%
20%
1
20
124"
157
117
103%
65
102% 105
99%
39
101
85%
122%
103%
75%
101%
S
J
62
105% 108#
118%
102%
98%
28%
90
131%
D
D
122
117%
98%
122
16
100
33
107
106%
107
57
105
106%
106
106%
40
105% 108
99%
112% 126%
98% 104%
108%
Volume
New York Bond Record—Concluded—Page 6
144
Friday
BONDS1
N. Y. STOCK EXCHANGE
Week Ended April 16
5«
is
Last
Range or
Sale
Price
A
Asked
105%
105%
107 %
■8,
Range
BONDS
Since
N. Y. STOCK EXCHANGE
«5<
Jan. 1
High No.
86
Low
182"
96
118
98
96%
Range or
Last
Sale
Price
High
105% 115%
Friday
Bid
Asked
A
1960 j
127
212
Third Ave RR 1st g 6s
100
j
60%
60
O
33%
32%
64%
34%
Range
!?
Since
eq«5
High No.
Low
Third Ave Ry 1st ref 4s
112
Jan. 1
Low
36
High
60
84
32%
73%
46%
Tokyo Elec Light Co Ltd—
195"
410
97%
120%
98%
103%
25%
155
95
66
108
108
96
33
P
Week Ended April 16
112
188%
97%
119%
Week's
Friday
Friday
Bid
Low
Remington Rand deb 4 %s w w.1956 M S
Rensselaer A Saratoga 6s gu—1941 M N
Republic Steel Corp 4%s ser A-1950 M S
Gen mtge 4%s series B
1961 F A
Purch money 1st M conv 5%s '64 M N
Gen mtge 4%s series C
1956 M N
J
Revere Cop A Br 1st mtge4%s_1956 J
2617
Week's
♦Ad] lnc 5s
1st 6s dollar series
130%
100
102%
25%
102
♦Rhlne-Westphalla El Pr 7s.-.1950 M N
'"20%
20
1952 M N
1953 F A
20%
19%
20%
20
20
20
22%
20%
20%
20%
20%
55%
56
3
53%
66
52%
56
33
48%
60
J
100%
100% 101%
1953 J
Tol A Ohio Cent ref A
Tol St L A W 1st 4s
D
J
D
78%
101%
O
*97
79%
101%
98%
101% 108%
100% 103
*97%
103%
104% 107%
Imp 3%s 1960
79%
73
83
66
50%
Jan 1960 A
1937 J
1946 J
J
♦Rhine-Ruhr Water series 6s__1953 J
J
♦Rhelnelbe Union s I 7s
♦Direct mtge 6s
♦Cons mtge 6s
of 1928
♦Cons mtge 6s of 1930
1955 A
{♦Richfield Oil of Calif 6s... 1944
6s stamped—
Rlchm Term Ry 1st gen 5s
s f 7s
1952 J
♦Rlma Steel 1st
.1955 F
5s__1939]J
♦Rio Grande West 1st gold 48.1939 J
♦1st con & coll trust 4s A
1949 A
Roch G & E 4 Ha series D
Gen mtge 5s series E
Chemical
j
73%
-72"
"22%
44%
116%
*108%
21%
O
S
♦Rut-Canadian 1st gu g 4s
1949 J
♦Rutland RR 1st con 4%s.__1941 J
m
54
D
S
1948 A
Saguenay Power Ltd 1st
*103%
A
1962 IVI
f 6s
s
J
1977 M
{{♦R I Ark & Louis 1st 4%s__1934 IVI
♦Ruhr
'"54"
13
6
5
4
S
O
*19
"28%
St Joe & Grand Island 1st 4s..1947 j
J
St Jos Ry Lt Ht & Pr 1st 5s...1937 M N
*
7
2
"33
49
99%
j
100
100
1996 A
O
100
100
St* Louis Iron Mt & Southern—
♦SRlv A G Dlv 1st g 4s
1933 IVI N
81%
79%
26%
♦Guar
sec s
...1952 F
f 7s...
Ujlgawa Elec Power
s
56%
{{♦Union Elev Ry (Chic) 5s.. 1945
91%
84
44%| 52%
116% 116%
107% 108%
19%
28%
20%
25%
27% 32%
41
34%
100
104%
108% 112%
99
101293a
100
103%
98% 102
3%s debentures
Union Pac RR 1st A Id gr 4s.. 1947 J
1st lien A ref 4s
June 2008 IVI
1st lien A ref 6s
{{♦United Rys St L 1st g 4s...1934 J
25%
33%
Vanadium Corp of Am
28
36
11
25
33%
Vandalla cons g 4s series A
Cons s f 4s series B
29%
25%
35
28%
33%
{♦Vera Cruz A P 1st
69
24
30%
90%
52
87% 100
{♦July coupon off
♦Vertlentes Sugar 7s ctfs
68%
56%
5
13
44%
34
29
28%
24%
24
90%
87%
68%
1978
♦Ctfs of deposit stamped
{St L SW 1st 4s bond ctfs
ivi's
1989 MN
4s lnc bond ctfs...Nov 1989 j
♦1st terminal A unifying 5S..1952 j
♦Gen A ref g 5s series A
1990 j
St Paul A Duluth 1st con g 4s.. 1968 j
D
{♦St Paul E Gr Trk 1st 4%s___1947
{♦St Paul A K C Sh L gu 4%s.l941
j
j
F
A
list Paul Minn A Man 5s
j
"56%
1943 j
j
1937 j
D
t Pacific ext gu 4s (large)... 1940 j
St Paul Un Dep 5s guar
1972 j
43%
107
SAAAr Pass 1st gu g 4s
1943 j
j
j
102932
100s,6
118%
.1946 j
101
109
107%
*109%
32%
33%
Scioto V A N E 1st gu 4s
1989 M N
I {♦Seaboard Air Line 1st g 4s. 1950 A O
{♦Gold 48 stamped
1950
...Oct 1949
"35%
*114
34
34
30%
30
11%
11%
conv
gu
37
103%
112%
105% 110%
114% 115
32%
41%
33% 43
39%
47%
35% 44
31%
29
11%
36
9%
121
35%
36%
Omaha Dlv 1st g 3%s
♦Ref A gen 5s series B
..1951
J
1950
O
Socony-Vacuum Oil 3%s
South A North Ala RR
O
gu 5s.. 1963
South Bell Tel A Tel 1st s f 5s. 1941
J
Southern Calif Gas
4%s
1961 IVI s
1st mtge A ref 4s
.1965 F A
Southern Colo Power 6s A....1947 J
Southern Natural Gas—
97%
101
103%
*119%
17%
1
32%
38%
28
9%
14%
14%
112
117%
95% 102
99
103%
89%
100
50%
73
18%
24%
68
22
82%
97% 102%
149
101
118
130
105% 108
129
105%
107%
102
105%
105%
105%
7
103
101%
103%
21
103%
105
17
97%
91%
98
13
94%
94%
96%
90%
40
101
90%
151
87%
97%
97%
93
128
105
107
101% 105%
103% 106%
97% 101%
91%
99%
92% 100%
87% 98
Gold 4%s
Gold 4%a
1969 IVI N
90%
89%
87%
87'%
198I M N
89%
87%
90
160
87
10-year secured 3%s
1946 J
j
99%
96%
152
San Fran Term
99%
96% 102%
1950 A
O
107%
1st 4s
So Pac of Cal 1st con
gu g 5S..1937 MN
So Pac Coast 1st gu g 4s
1937 J
j
So Pac RR 1st ref guar 4s____1955 j
J
1st 4s stamped
Southern Ry 1st cons
g 5s
Devel A gen 4s series A
108
36
*102
105%
104%
105%
118
114
106
148
99%
101%
*101%
81%
101%
103%
103%
64
77% 85%
98% 105%
101% 110%
97%
98%
77%
1956 A
100%
1956 A
Mem Dlv 1st g 5s
103%
1996 J
""98%
1951 j
1938
Mobile A Ohio coll tr 4s
1938
S'western Bell Tel 3%s ser B..1964
S'western Gas A Elec 4s ser
D.1960
M S
M
J
j
97
103
101
105
"94"
"15
92
95%
104
48
102
109%
101
28
99
106%
32
33
27
102%
95%
104
17
96%
77
132"
139"
"44
102%
A
1943 j
♦Studebaker Corp conv deb 6s. 1945 j
Swift A Co 1st M 3%s
1950
♦Symington-Gould conv lnc wwl956
Without warrants
1956
"44
105%
93%
102%
103%
D
102
112%
100
'"93%
D
1961 j
88
*102
S
M N
{♦Spokane Internat 1st g 5s...1955 J
Staley (A E) Mfg 1st M 4s
1946 F
Standard Oil N J deb 3s
Staten Island Ry 1st 4%s
108%
107%
106
1956 A
Devel A gen 6s
Devel A gen 6%s
St Louis Dlv 1st g 4s
East Tenn reor lien g 5s
103
100% 100%
107%
68%
99%
40%
*
"38%
1
"49
A
40
"46"
37
"61
3
35
♦Ref A gen 5s series D
1980 AO
35
36
38%
36
38%
35
1978 AO
35
5
41
37
"41~"
37
35
35
♦Certificates of deposit
Walker (Hiram) GAW deb 4%s 1945
104%
105%
104%
98
99%
86
102% 106%
78%
81
67
71%
97%
38
99%
,44%
34%
41%
37
44
41
33%
35%
43%
39%
32
44
37
1
35
83
104
61
79
4
95
40
109%
1955 A
1955 A
O
80%
79
O
95%
95
80%
95%
1939 M
S
97%
95%
98
154
IVI
S
49%
49%
S
72
70
50%
72%
124
{♦Warner Bros Co deb 6s
1941 M
Warren RR 1st ref gu g 3%s__2000 F
A
80
80
Washington Cent 1st gold 4s_.1948 Q IVI
*100
102
101% 102%
106%
106% 110%
112% 112%
Walworth Co 1st M 4s
6s debentures
6s
{♦Warner-Qulnlan Co deb 6s..1939
Wash Term 1st gu 3%s...
1st 40-year guar 4s
1945 F
1945 F
A
Wash Water Power
s f 6s
1939 J
Westchester Ltg 5s stpd gtd__1950
West Penn Power 1st 5s ser E.1963
1st mtge 4s ser H
106%
A
2
*110%
*105%
J
107"
116
117%
7
117
117
6
108
117%
1961
1st mtge 3%s series I
Western Maryland 1st 4s
1st A ref 5%s series A.
67
108%
104%
103%
106%
1966
104%
102%
1952
103%
101%
1977
106%
106%
7
46
90
99%
94% 100%
49%
55%
65% 76
77
80
104% 108%
116
127%
117
123%
106% 108%
102
109%
168
99% 106%
38
105% 107%
West N Y A Pa gen gold 4s...1943 A
12
108% 111%
108%
34%
34%
108%
34%
101%
4
101% 104%
Funding A real est g 4%s___1950 IVI N
25-year gold 5s
D
..1951 J
30-year 5s
;
1960
♦Westphalia Un El Power 6s__1953
"l05%
101%
104%
105%
33
104% 111%
104
103%
104%
83
103%
102%
104
74
West Shore 1st 4s guar
"92%
103% 107%
102% 109%
19
25%
90% 100%
96
86%
{♦Western Pac 1st 6s
A...1946 IVI
ser
♦5s assented
O
S
1946
Western Union coll trust 5s...1938
Registered
Wheeling A L E Ry 4s
105%
50
37
)~~j
2361
37
20%
61
36
30
20%
92%
90%
4
46
2
34%
40%
34%
40
2361
ser
88
88
D...1966
105
105
7
106%
107
15
106% 113%
91
97% 103%
RR 1st consol 4s
1949
Wheeling Steel 4 %s series A
1966
1940 M N
99%
99%
97%
105
106%
106% 109%
102% 103%
1955
1994 J
1976 F
♦Certificates of deposit
White Sew Mach deb 6s
107%
101
107%
105%
j
1st mtge pipe line
4%s
1951 a o
So Pac coll 4s (Cent Pac
coll). 1949 J D
1st 4%s (Oregon
Lines) A...1977 M S
Gold 4 %s
1968 IVI S
89
18%
70%
HQ
101%
107%
13
23%
22%
"68%
94
*34%
♦Ref A gen 4%s series C
♦Certificates of deposit
11
18%
67
110
2
"66" " ""2
68%
s
*9%
70
80
gen
11
*66
1939 J
5%s A. 1975 IVI
♦Certificates of deposit
{♦Wabash Ry ref A
10
A
1941 J
s
32%
A
92
93
O
"16%
1941
94
84%
*102%
1941 IVI
♦Certificates of deposit
{♦Alt A Blrm 1st g 4s
1933 M S
{♦Seaboard All Fla 6s A cts_..1935 A O
1946 F
A
1954 J
..1941 A
Toledo A Chic Dlv g 4s
Warner Bros Plct deb
1951 M S
60
110
108%
94
41%
104% 109%
82%
20 J-
Slleslan-Am Corp coll tr 7s
Skelly Oil deb 4s._.
72
*103
4
27
92
20
♦Silesia Elec Corp
6%s__
....
O
70
5%
4
21
1
18
100
S
4
29%
107%
4
15
J
106%
110% 113%
93
15
1935 j
28%
98% 111
110% 110%
4
84%
57
81
1955 M N
..1939 F
82
11
J
D
79
30
51
20
♦{Siemens A Halske s f 7s
♦Debenture s f 6%s
A
*2%
*3%
28%
106%
*60%
J
J
108%
110%
110%
110%
110%
69
67%
101
16
157
107
107
110%
58%
58
103%
17
97%
O
A
1957 M N
201
97% 105%
100% 106%
100%
20%
19%
32%
89
58
127
101%
18%
11
58
1942 J
124
11
83
1955 F
1st lien g term 4s
Det A Chic Ext 1st 5s
Des Moines Dlv 1st g 4s
11
"~23
59%
59%
58.1941 A
♦2d gold 5s
31
113
33%
32%
32%
22
101
15
95%
24%
103%
15
88%
*98%
22
1939 IVI N
16%
112
36%
170%
1966|M S
15
97%
30
105% 107%
{Wabash RR 1st gold 5s
20%
Bharon Steel conv deb
4%s...l951 M N
Shell Union Oil deb
3%s
1951 IVI S
Shlnyetsu El Pow 1st 6 %s
D
1952 J
109%
111% 114%
93% 101%
92% 101%
105% 107%
99
103%
113
114%
Virginian Ry 3%s series A
1945 M S
A
104
6
100%
103%
Va Iron Coal A Coke 1st g 5s__1949 M
Va A Southwest 1st gu 4s
2003. J
1st cons 5s
1958! A
54
1959
-.1935 F
110% 116%
9
26
58%
65%
109%
ser
{♦Refunding 4s
17%
25%
23
116% 121%
110% 114%
148
98%
101%
Virginia El A Pow 4s
♦Certificates of deposit
♦1st A cons 6s series A
19%
""II
*112
59%
103
4%s_.1934 J
106%
114
"34%
25%
25%
*25%
166%
74%
109
*34
35%
♦Debenture 5s
113
32%
34%
O
30%
154
106%
25%
106%
1959
{♦Util Power A Light 5%s
105
56
15
88
1947
Utah Lt A Trac 1st A ref 5s...1944
Utah Power A Light 1st 5s... 1944
100s,6 101s,6
113%
33%
1946 A
31%
107%
j
67%
55%
43%
27
21%
102932 103%
109
30
*
106%
25%
39
112
*109
95%
105% 107%
104
106%
37%
79%
107
35%
21%
22%
102332 102%
100s,6 100'332
►
101%
Il7"" 118%
101
San Antonio Pub Serv 1st 6st.l952 j
j
San Diego Consol G A E 4s...1965 IVI N
Santa Fe Pres A Phen 1st 58..1942 M S
{♦Schulco Co guar 6%s
♦Stamped
♦Guar s f 6%s series B
♦Stamped
107
*30
j
Mont ext 1st gold 4s
56
j
99
25%
J
♦Un Steel Works Corp 6%s A. 1951
♦Sec s f 6%s series C
1951
♦Sink fund deb 6%s ser A...1947
44
25%
106
N
41
25
26%
94
166"
J
U S Pipe A Fdy conv deb
3%s_1946 M
U S Rubber 1st A ref 5s ser A. .1947 J
31
29
25
♦Series B certificates
94%
106%
100%
26%
30
1950
♦Certificates of deposit
♦Con M 4^a series A
85
29
39
291
92%
1971 IVI N
United Biscuit of Am deb 5s. .1950 A O
United Drug Co (Del) 5s
1953 IVI s
U N J RR A Can gen 4s
1944 IVI s
27
i""i
♦Certificates of deposit
♦Prior lien 6s series B
82
105
"94% "26
76
30
j
108
111%
95
85%
20
'""3
112
93%
83%
30%
j
48
20
117
104
104%
5
1970 A
34-year 3%s deb
35-year 3%s debenture
*82%
29%
{♦St L-San Fran pr lien 4s A..1950 j
81%
110%
47
*113%
42
42%
107%
105
13
100
90
June 2008 IVI
*40
j
89%
88%
111%
90
93%
106%
104%
*19%
116%
110%
110%
A
1952 J
123
101% 103%
95
Union Oil of Calif 6s series A..1942 F
72
118
118
103%
95%
93%
94%
107%
Union Elec Lt A Pr (Mo) 5s__1957 A
Un E L A P (111) 1st g 5%s A..1954 J
116
119
*115%
103%
*95%
A
1945 IVI
f 7s
116
116
♦Tyrol Hydro-EIec Pow 7%s_.1955 IVI N
*76
♦Certificates of deposit
♦Adjustment 6s
26%
81%
80%
{♦S L Peor & N W 1st gu 5s... 1948 j
St L Rocky Mt A P 5s stpd.._1955 j
♦2d g
ser C
1942 M S
Toronto Ham A Buff 1st g 4s..l946 J D
Trenton G A El 1st g 5s
1949 IVI S
Trl-Cont Corp 5s conv deb A.. 1953 J
J
fTruax-Traer Coal conv 6%s_1943 M N
28%
109
"99%
1996 J
26
Tol W V A Ohio 4s
91
25
28%
101%
19%
19%
19%
32
88
1950 A
53%
15
25
28%
100%
4%sl966 A O
Bt Lawr & Adlr 1st g 6s
2d gold 6s
"22%
19
103% 103%
54
*23%
j
j
103%
89%
73%
44%
116%
24
18
""2
1944 M N
..
{♦Rio Grande June 1st gu
O
IVI N
IV1 N
♦Certificates of deposit
24%
*19%
100% 106
32
40
{♦Wlckwlre Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
J
♦Ctfs for col A ref
conv
7s A. 1935 MN
Wllkes-Barre A East gu 5s
1942
Wllmar A Sioux Falls 5s
1938
Wilson A Co 1st M 4s series A. 1955
Winston-Salem S B 1st 4s
1960
J
D
J
J
J
J
a40%
J
J
gen 4s
1949 J
♦Certificates of deposit
{♦Sup A Dul dlv A term 1st 4s '36 M N
♦Certificates of deposit
103% 105
41%
41%
39%
40
34%
47
52
35
47
5
39
62
105
*166%
99%
100%
106
103% 103%
QQ
103%
"27"
*105%
26%
"27%
"26
106% 115
26%
35%
25%
18%
26
*103%
25%
25
18%
*15
J
J
F
A
140%
1961 IVI N
1st mtge s f 4s ser C
104
39
D
{♦Wis Cent 50-yr 1st
{♦Wor A Conn East 1st 4%s..l943
Youngstown Sheet A Tube—
Conv deb 3%s
1951
103%
J
100%
*22%
144
104
100%
125
32%
18
25%
24
28
137%
99%
24%
21%
6
18%
123% 162%
98% 105
101% 106%
D
Tenn Coal Iron A RR gen 5s_.1951
Tenn Cop A Chem deb 6s B...1944 IVI
Tennessee Corp deb 6s ser C..1944 IVI
Tenn Elec Pow 1st 6s ser A
136""
105
*
s
S
1953
Texarkana A Ft S gu 5%s A..1950
Texas Corp deb 3%s
1951
Tex A N O
con
gold 5s
157
195
124
121
143
118
117
103
105
103%
"97"
Cash sales transacted during the current week and not Included in the yearly
"98%
range:
No sales.
Cash sale; only transaction during current week,
a Deferred delivery sale; only
transaction during current week,
n Under-the-rule sale; only transaction during
r
*105%
19
107
*
115%
I6i %
1943
107%
108%
22
105%
24
100%
101%
*103
1977
102
Gen A ref 5s series C
1979
Gen A ref 5s series D
1980
102%
102%
108%
119%
108
96% 104
106
104
108%
...2000
Tex Pac Mo Pac Ter 5%s A..1964 M S
e
126
*103%
Texas A Pac 1st gold 5s
Gen A ref 5s series B
112% 159
102% 107%
s
4%s..l939
f g 4s
102
117||
1944
Gen refund
170
95
*118%
1947
Term Assn of St L 1st g
1st cons gold 5s
J
95%
171
109%
116% 118%
105% 111%
103% 108%
100
105%
current
week,
x
Ex-Interest.
{ Negotiability Impaired
by
maturity,
f Accrued
Interest payable at exchange rate of S4.8484.
T Called for redemption.
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
106
110
118
128%
*
48
101
106%
♦
42
101
Bonds selling
108
2
Deferred delivery
....
101
119%
102%
101
103
100%
102%
13
100% 108%
107%
108%
22
107% 109%
Friday's bid and asked price.
No sales transacted during current week.
flat.
sales transacted during the current
in the yearly range:
French 7%s stmp 1941, Apr. 12 at 116.
week and not Included
SB
k^BS
New York Curb
2618
Exchange—Weekly and Yearly Record
regular weekly range are shown in a footnote In the week In which they occur.
April 17, 1937
and when selling outside of the
of such sales In computing the range for the year.
the only transactions of the week,
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are
No account la taken
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last (April 10 , 1937) and ending the present Friday (April 16, 1937).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
In the
Sales
Friday
Par
WeeWs Range
far
Sale
of Prices
Week
Price
Acme Wire v t o com...20
Aero Supply Mfg class A.*
Class B
*
Agfa Ansoo Corp com
1
Alnsworth Mfg common..6
Air Investors common
Conv
Loto
High
49
50
i'lOO
4%
22%
29%
1,400
14%
18
18
3%
3%
100
17
200
3%
28%
29%
Warrants
Alabama Gt
Southern..60
29
30
1,300
1
200
77%
77%
25
Jan
66%
24
Feb
Weelt's Range
for
Sale
of Price*
Par
6%
Jan
Brill
Corp class B
7%
British Amer Oil
5%
5%
500
12%
13%
900
64%
600
11%
11%
100
Mar
Mar
Mar
23%
Jan
26
Jan
Jan
1%
Jan
British
Mar
*30%
Mar
33
Jan
Feb
32
Feb
Registered
dep rets ord bearer £1
22
Feb
3
100
3
Mar
5%
Jan
3%
Jan
5%
Mar
2
Jan
2%
Jan
32
British Col Power class A. *
400
1
87
Jan
77
Jan
27%
Allied Internet Investment
Common
*
$3 conv pref__
...*
Allied Products cl A
Aluminium
6%
21%
Co common..*
Aluminum Goods Mfg
*
Aluminum Industries com *
150
162%
118% 119
9%
9%
125
117
115
100
128%
American Airlines Ino.._10
26%
127% 128%
24% 27%
2%
2%
Aluminium Ltd common..*
6%
preferred
American Beverage com..l
American Book Co
100
Amer Box Board Co oom.l
American
Jan
Jan
3,300
146
1,000
115
Jan
17
158
100
preference
Jan
22
Feb
9%
98%
Jan
20%
177%
119%
17%
14%
Jan
140
Mar
Jan
130%
Mar
25
com
24
67
24%
50
1,400
67
21%
24%
600
3,500
100
20
18,500
Jan
121
24%
2%
Apr
32%
3%
62
Jan
75
17%
Feb
24%
Jan
11
Apr
Feb
Mar
Mar
Jan
Feb
Jan
Apr
Capital—
Class A
common
10c
8%
9
400
Common class B
10c
1
1
2,000
88
88
50
$3 preferred
$5.50 prior pref
*
*
8
lJi«
36%
86
Jan
Jan
Mar
Mar
1%
42
Mar
Class A
25
Class B
Amer Cyanamld class A. 10
Class B n-v
10
5%
"3l""
Amer Dlst Tel N J com..*
1
"4%
Amer Foreign Pow warr...
Amer Fork «fe Hoe Co com *
Amer Gas & Elec com
*
Preferred
*
American General Corp 10c
$2 preferred
1
$2.60
preferred
37%
5%
30%
120
7% conv preferred—100
Amer Equities Co com
30
5
36%
111
31%
126%
126% 120%
4%
4%
3%
3%
20% 21%
36
37%
109% 111
34
200
36%
1,400
12*. 100
50
25
200
2,200
800
35
108
Jan
Jan
36
Feb
Apr
Apr
136
Jan
Apr
Apr
Apr
Jan
Mar
Jan
5%
4%
24
Jan
Jan
Feb
48%
112%
Jan
Jan
*
34%
200
33%
Jan
36%
Feb
Carnegie Metals
Jan
42
Feb
Carolina P A L $7 pre!...*
$6
1
com
preferred
22
Apr
32
Jan
33
Jan
37
Mar
Jan
38
Feb
20
19%
2,100
26%
Jan
28%
28%
100
Mar
28%
Jan
42
45
275
19%
27%
32%
Apr
Carter (J W) Co common, i
Caaco Products
•
Castle (A M) com new.. 10
Jan
46
Mar
Catalin Corp of Amer___.l
82
Mar
82
Mar
Celanese Corp of America
7% 1st partic pref...100
Celluloid Coirp common. 15
"l% "2"
43
"7", 000
1%
500
42
""366
43%
38
Mar
1%
*5l"
8%
1%
93%
"51
8%
100
*
40%
*
4%
Wupperman_.l
7%
8%
1%
6%
34%
106
1%
1
106
1%
9
9
9%
Preferred
10
9%
9%
8%
*
10%
Jan
Mar
99
Jan
59%
4%
Jan
T§6o
Mar
5%
7%
4,200
Jan
8%
Feb
35%
300
8
200
40
Apr
s8
31
1,600
2
105%
1%
7%
9%
6,000
10%
19,700
1,100
13
9%
'*"7%
13%
7%
7
700
3,100
Mar
Jan
Jan
Jan
Apr
91%
Art Metal Works com....5
Mar
Apr
50
13
Mar
Jan
£1
12%
110%
Feb
Class A
$5
preferred
Option warrants
*
3%
26%
3%
3%
3,900
Mar
5%
Jan
Mar
39%
Jan
1%
Feb
Corp warrants
Atlas Plywood Corp
Austin Silver Mines
*
Automatio Products
5
Automatic Voting Mach..*
5
800
25
7
9%
51%
2%
25%
2%
7%
10%
10%
*32
5,900
%
Mar
%
100
%
Jan
%
Assoc Tel & Tel Co Cl A.*
Atlantic Coast Fisheries._*
Atlantic Coast Line Co__50
27
%
%
Jan
Feb
7
Apr
Apr
9%
Apr
13%
Feb
Jan
57%
Mar
7
9%
48%
2%
24%
2%
10%
51%
7%
10
8
10%
10
11
3
20
3%
25
1,700
190
3,000
47
2%
Jan
Apr
4
Jan
29
1,900
8,300
19
2%
Feb
4,700
7
Feb
Jan
Mar
Mar
9
Feb
600
7
Jan
11%
Mar
900
10
Apr
11
Apr
Tobacco—
10
common
Babcock A Wilcox Co
32%
124
warr
""3%
1
4%
Barium Stainless Steel...1
5%
5 Baldwin Locomotive
Barlow A Seellg Mfg A...6
Baumann (L) A Co com.
7 % 1st pref
Bell Aircraft Corp com
Bellanca Aircraft com
20
28
Mar
43
Jan
128
Jan
156
Jan
2%
3%
5%
3%
4%
6
1,225
3,000
2,500
4,500
17%
300
2 %
Jan
4%
Mar
3%
Apr
5
Mar
3%
16%
Jan
8
Feb
Apr
Mar
Apr
21
Feb
10
Mar
103
Jan
8%
100
Bell Tel of Canada
35
130%
16%
*
Bardstown Distill Inc
32%
100
84
1
7%
1
13%
7%
159
14%
8
162
li800
1,800
70
Benson A Hedges com....
12%
5%
159
4%
Preferred...
18
2%
Berkey A Gay Furniture. 1
Purchase warrants
Blckfords Inc common...*
$2.60 conv pref
*
Bliss (EW) A Co oom
Blue Ridge Corp com
$3 opt conv pref
*
1
*
Blumenthal (S) A Co
*
*
Bohack (H C) Co com
7% 1st preferred
36%
19%
3
44%
31
3
1%
14%
36%
20%
3%
45%
33%
6,200
50
3,700
2,300
400
1,100
8%
150
916
500
Bower Roller Bearing
5
29%
100
"26%
2d preferred
100
Brazilian Tr Lt A Pow...*
Breeze Corp
1
Bridgeport Machine
see page
*
29
2
com..*
7% 1st preferred
6
20%
0
6
29%
2
Jan
k
Feb
50
20%
76%
77%
90
73
6
6%
1,400
5%
6
77
6%
0%
161
200
5%
2%
0,200
159
1%
1%
20
20
Jan
Feb
Jan
Feb
7
Mar
Jan
35
Feb
Jan
Rosenberger Inc.*
Colon Development...1 sh
6% Income stock A...£1
6% conv pref
..£1
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.25
Columbia Gas A Eleo—
Conv 5% preferred. .100
Columbia Oil A Gas
1
Columbia Pictures
Jan
Jan
Jan
Apr
Jan
Jan
161
3%
23
Anr
97
97
48%
42%
48%
9,300
11
10%
11
30%
800
10%
300
28
300
Apr
7%
35
9,900
20
30
Apr
3%
93
Mar
85
2%
Mar
102%
97%
30
Jan
48%
14%
38%
Feb
Apr
Apr
39%
Mar
10%
Jan
119%
Apr
5,900
38%
7%
117
775
108%
Jan
Jan
Jan
7%
12
13
300
10%
52
55
200
39%
104% 105
"54%
50
93%
......
16
Mar
57
Mar
105%
100
10
1,500
15
Apr
22%
Feb
90%
4%
200
85
Jan
91%
Apr
6%
Jan
2%
27%
Jan
Jan
51%
Jan
3%
"""166
38
Apr
Apr
Apr
Apr
50
1%
20
Mar
16
Apr
12,400
4,900
1%
18%
~38"
20
""5%
4,100
5%
13
Jan
Mar
14%
200
25
71%
Jan
121%
250
110%
Jan
400
52%
"16%
100
10
1%
600
750
92
3%
50%
32,600
4,500
4%
100
60
1%
Jan
Mar
Apr
76
Jan
3%
46 %
4%
Apr
Apr
42
Feb
Mar
19
33%
20%
7
16%
82%
121%
70%
17%
2%
92
5%
60
5%
1
8% preferred
Consol Royalty Oil
Apr
79%
Feb
Feb
10%
Jan
Apr
1%
'""066
10,000
10
Mar
21%
Jan
urred
500
*
Jan
9
2%
22
Apr
Mar
Mar
8
7%
Apr
6%
4,500
3%
Jan
9%
8%
4%
4%
Jan
4%
4%
4%
19%
4,000
1,400
3%
Jan
4%
Feb
0,400
16%
Apr
Feb
2,100
50
Feb
24%
74%
200
75
104%
10%
19%
17
68%
67%
71%
75
77
Feb
Feb
Jan
Apr
8%
7%
Apr
Feb
35%
8%
112%
Jan
39
Jan
115" """066
112%
Apr
139
Jan
10,400
%
45%
20%
9%
24,900
%
*16
40
48
28
28%
1%
16%
16%
27%
4,400
7%
9%
75%
1,000
20,200
2.500
1%
10
16
26%
7%
25%
7%
80%
2%
1%
80%
8%
129
22
Cook Paint A Varn com..*
Apr
7%
0%
13%
Mar
Feb
1%
Jan
4%
7%
6%
Consol Steel Corp com
*
Cont G A E 7 % prior pf 100
Continental Oil of Mex.._l
14%
Feb
Mar
15%
2%
Apr
3%
Feb
Apr
48%
2%
11
Jan
40
Jan
10
1,700
Apr
4
..100
Cont Roll A Steel Fdy
*
Continental Secur Corp..5
Jan
Jan
Jan
10
1%
Mar
Jan
58
Apr
1%
1
32%
Jan
10
300
.450
400
400
300
100
30%
Feb
Mar
41
9
Jan
Mar
Mar
100
73
Apr
Feb
Apr
0,800
9
18%
Feb
Mar
15%
75
23%
5%
Jan
Jan
Mar
41
*
Consol Min A Smelt Ltd..5
Consol Retail Stores
6
%
8%
Jan
14
6
Warrants
37
Mar
41
1940...
com
Feb
16%
2:87%
3%
1%
%
1
Apr
Jan
Apr
125
1%
Jan
Jan
113% 119%
8%
Jan
Feb
Jan
Jan
Mar
38%
8%
38%
Warrants
v t c ext to
Jan
Feb
20%
97
Community P A L $0 pref *
Community Pub Service 25
Community Water Serv_.l
Compo Shoe Mach v t o__l
New
Apr
Mar
29%
2%
*
com
50
Jan
7%
Mar
700
14%
900
Jan
Feb
24
200
31%
3
Cleveland Tractor com
*
Clinchfield Coal Corp.. 100
Club Alum Utensil Co
*
Cockshutt Plow Co com..*
500
8
Apr
82%
8%
Jan
25
14,700
6%
2%
Feb
Mar
2%
29%
2%
26%
3%
Cohn A
Apr
Apr
1%
5,500
Claude Neon Lights Inc-.l
Clayton A Lambert Mfg..*
Cleveland Eleo Ilium
*
5% pref class A
Consol Gas Utilities
%
1%
15
2%
20%
1%
900
Jan
19
159
Jan
Feb
5
"l%
*40"
Jan
56%
20
100
7
4%
Jan
Jan
Jan
31%
15%
11
Jan
Mar
Apr
70
43%
Apr
Apr
Apr
100
27
7
Jan
Consol G E L P Bait
Mar
7
7
26%
Jan
*•
Feb
Apr
Apr
26%
11%
21%
Feb
29
4%
Jan
28
%
5%
32%
%
900
"Too
11%
Jan
1,400
Jan
Feb
*16
*35"
00%
Feb
5
Mar
150
4%
48%
400
Jan
1%
300
24
15%
%
1%
Jan
2,400
37
Mar
Apr
Jan
1
11%
Jan
8%
1
500
City Auto Stamping
*
City A Suburban Homes 10
Clark Control Co
1
Jan
Apr
31
100
1%
70%
18%
42%
Mar
225
30
3
Mar
8
"7I"
Apr
11
2623
19
Jan
Apr
Jan
Cities Serv P A L $7 pref.*
$0 preferred
*
Mar
Mar
Jan
5%
Commonwealth Edison 100
Commonwealth A Southern
Feb
5%
Mar
5%
.*
1%
26
17%
BB
1,200
25
18%
*
Consolidated Aircraft
Consol Biscuit Co
Consol Copper Mines
40
6
8%
Jan
Jan
25
*
Jan
Apr
8%
{Botany Consol Mills Co.*
Bourjols Inc
2%
Feb
100
%
8%
Preferred
*
B
Mar
18
169
4,800
100
Borne Scrymser Co
19%
3%
45%
33%
2%
1%
14%
Jan
Jan
Feb
25
Preferred
Mar
Jan
26
*
Chlca Rivet A Mach new_4
Chief Consol Mining
1
Chllda Co pref erred.. ..100
Cities Service common
*
3
106%
145
400
Chicago Flexible Shaft Co 6
Mar
*32
100
Jan
1,000
Mar
100
300
100
Jan
2
Assoc Laundries of Amer. *
V t c common
warr
10%
1%
.1
Mar
Feb
25%
5%
15
96
Preferred
Common
51%
38%
%
16%
Chesebrough Mfg
13%
30%
Jan
Jan
16
Charla Corp
10
Cherry-Burrell Corp com.*
Jan
Jan
46
Feb
16
Feb
8%
150
800
4
"16"
Feb
Jan
Feb
100
1
Centrifugal Pipe
3
Jan
4%
5%
1%
*
preferred
100
Conv pref opt ser *29.100
Jan
12%
13%
12%
4%
5%
1%
*16
*
Conv
Feb
15% Feb
Jan
0% pref without
7% preferred.
Apr
Associated Eleo Industries
Amer deposit rets
Assoc Gas A Eleo—
»
Cent P A L 7% pref...100
Cent A South W«rt UtU.SOe
Cent States Elec com
1
42%
Apr
6%
*
Cent Hud G A E oom
Cent Ohio Steel Prod
Jan
94
41
800
Arkansas P A L $7 pref..*
1
Feb
Apr
*
Corp
$7 dlv preferred
1st preferred
Jan
Jan
107
_•
Carrier
Apr
3
3,800
"4% "4%
Common class A
Ashland Oil A Ref Co
Jan
2%
53
Apr
2
Rights
Arcturus Radio Tube
Arkansas Nat Gas com
69
Mar
Jan
pref.-.5
Apex Elec Mfg Co com..*
Appalachian El Pow pref.*
Mar
2%
Mar
1%
com
Anchor Post Fence
Jan
50
25%
103
103%
122% 124%
"36"
_*
24%
"vA
Apr
8
♦
common
800
Preferred
For footnotes
Carnation Co
12
400
1st preferred
Bowman-BUtmore
Carman A Co class A
Class B
Jan
31%
20%
Amer Potash <fc Chemical
Amer Seal-Kap common..2
Class A
Capital City Products...*
Carlb
Syndicate
25c
10%
Amer Pneumatic Service.*
Avery (B F)
Axton-Flsher
non-voting
*
Canadian Indust7% pf.100
Canadian Marconi
1
1,800
100
28%
600
1%
1%
B
25
Preferred
Atlas
6% preferred
100
Canadian Indus Alcohol A *
23%
"44""
Feb
36%
*
com
10%
Mar
Apr
5
122%
Canadian Car & Fdy pfd 25
Canadian Hydro-Eleo—
30%
Amer Maracalbo Co
Amer Meter Co
Angostura
Canadian Canners
Jan
22%
preferred
25
Amer Mfg Co common 100
50
Amer dep rets pre! shs £1
Calamba Sugar Estate..20
Jan
35%
Jan
11%
27
8%
24%
dep rets A ordsh__£l
Am dep rets B ord shs.£l
8
125
44
Mar
Apr
21%
50
25
Am
31
6%
8%
Feb
Feb
500
4,950
Mar
Cables & Wireless Ltd—
20
Amer Laundry Mach
Amer Lt & Trac com.
27
2%
39
800
82%
12%
28%
*i«
39
Amer Hard Rubber com.50
American Thread
d"
11%
*
10%
1
Superpower Corp
12$
73
82
Jan
Mar
9%
82%
*15%
Warrants
Burma Corp Am dep rets..
Burry Biscuit Corp.. 12%o
Cable Elec Prod v t c
*
47
Mar
2%
__*
41%
Mar
125
575
Burco Inc common
$3 convertible pref
33%
10%
Amer Invest of 111 com...*
Am
33%
29%
10,300
Buckeye Pipe Line
50
Nlag & East Pr pref 25
$5 1st preferred
*
Bunker Hill <fc Sullivan.. 10
Buff
Apr
Mar
5
100
9%
*
Brown Forman Distillery. 1
Bruce (E L) Co
*
Apr
525
35%
36%
1
2%
37
Class A pref
Feb
89%
2%
*
Brown Co 6% pref
100
Brown Fence & Wire com.l
Feb
Am Cities Power & Lt—
Class A with warrants 2o
Class B
Jan
Mar
10
Amer Tobacco—
4%
67
Feb
12%
4%
74
20
Feb
Mar
31
3
Allen Industries com
120
08
77
26%
Alliance Invest common..*
75
68
Jan
Jan
AUes & Fisher Inc com...*
74
*
*
Jan
7%
16%
Jan
Mar
Mar
Amer dep rets reg
£1
British Celanese Ltd—
Am dep rets ord reg._10s
preferred
$0
2%
6%
53%
29%
24%
*
Apr
Apr
Ala Power $7 pre!
High
Low
Shares
Coupon.*
Class A
Am
High
..*
Jan
Jan
Mar
Low
60
Brlllo Mfg Co common...*
Apr
Feb
79
5%
100
5%
34%
Jan
Apr
Price
13
preferred
29%
Jan
*
Class A
Apr
Mar
Range Since Jan. 1 1937
Week
22
Feb
Mar
lJi«
72%
Last
High
Jan
"4% "5%
1
*
45%
21
4%
29%
*
preferred
Low
Shares
275
Sales
Friday
STOCKS
(Continued)
Range Since Jan. 1, 1937
Last
STOCKS
3
1,500
2
200
84%
8%
129
850
500
160
1%
15%
Mar
64
34
Jan
Apr
11
Jan
Apr
11%
Mar
89%
Jan
114%
Feb
Mar
Mar
114%
2%
1%
75
8%
113
Feb
Apr
Mar
Jan
Jan
Feb
14%
8,000
0
Feb
96
96
50
95
Mar
"l9~"
Jan
Mar
6%
7%
73
Jan
13%
"19"
Jan
Jan
Jan
100
"2, §55
2%
17
Jan
15%
22%
2%
"20% "22%
7is
Apr
Mar
Jan
Mar
Jan
2%
1%
17%
Jan
Jan
Jan
17%
33%
4%
2%
100
10%
135
3%
17%
102%
2%
20%
15
Jan
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Feb
11%
'""706
Jan
17%
61%
Mar
21%
Jan
Mar
61%
Mar
Volume
New York Curb Exchange—Continued—Page 2
144
Sales
Friday
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Pricee
Low
High
Range Since Jan. 1 1937
Week
Par
Price
A
Low
Shares
High
25%
26%
56
56
56
Apr
35
56
Apr
64%
Mar
52%
Jan
Jan
Mar
18%
Jan
5%
Jan
Apr
7%
Jan
94%
Mar
25%
1,000
100
12%
13%
800
4%
4%
6,100
12%
4%
6%
12%
4%
6%
1,100
6%
2%
Apr
Banks, Brokers and Dealers
Jan
1
86
*
1
S6 preferred A...
SCosden Oil com..
Courtaulds Ltd
Apr
4%
28%
39%
200
12%
14%
1%
33%
13,300
28%
6
Crocker Wheeler Elec
*
15%
Croft Brewing Co
Crowley. Mliner A Co
1
%
33
16
2
16
2
4
13%
3%
2%
13%
4
23
22%
23
13%
Crown Drug Co com..25c
Preferred
25
Inc
Jan
Jan
Jan
Jan
2
6,900
Jan
Jan
16
12%
300
2,800
3%
125
22 %
Apr
Apr
Mar
47
Mar
Mar
General Tire & Rubber...5
Jan
Feb
6% preferred A
Gen Water G & E com
5
Jan
Georgia Power $6 pref
*
79%
25
Feb
Gilbert (A
*
Jan
2%
15%
Jan
28%
Apr
33
Apr
15%
13%
Mar
*16
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
26%
27%
26%
1,000
19%
Jan
Feb
*
Feb
$7 preferred
Goldfleld Consol Mines
Feb
Gorham Inc class A
100
Jan
V t c agreement extended
Grand National Films Inc 1
86
Apr
Grand Rapids Varnish...*
Det MlcL Stove Co
17%
-
-
-
16
1
com
1,600
13%
Jan
Feb
Jan
11
Grocery Sts Prod com__25c
100
6%
Apr
7%
52%
Apr
10%
600
Jan
64
Feb
Guardian Investors
28%
30
325
25%
Feb
30
Apr
Gulf Oil Corp
...25
Gulf States U til $5.50 pref *
$6 preferred
*
9
20%
9%
20%
300
9
Apr
10%
Jan
23%
9
3,000
12
Jan
28%
Mar
Mar
17%
110%
Mar
16%
108
Jan
700
30
135
Jan
82
33% 50
138% 143%
350
Feb
Jan
37%
Jan
Mar
1,900
""900
69%
30
107
36%
"3% "~~3% "4%
50
x32%
68%
3%
68
8%
8%
23%
Anr
96
.
42%
110%
6%
79
Harvard Brewing Co
Jan
Hearn Dept Store com...5
Feb
Feb
27%
Feb
6%
Jan
10%
Jan
65
Apr
80
46
Mar
71
7%
8
66%
6,200
65%
47
49
1,000
125
23
"5% '""5% "5%
3" 500
"76"
~72~~
'""466
11%
1,000
$7 preferred series A
*
$6 preferred series B...*
4%
.10%
21%
20%
19%
22
68
68
76%
76%
79%
7%
7%
66%
10%
7%
7%
*
62%
warrants
9%
Heller Co
l
4%
"14%
24
Mar
Mar
2%
1%
15%
Apr
Mar
Jan
%
Apr
Mar
Jan
Jan
5%
17%
2%
2%
16%
16%
50%
18
6
2,100
200
18%
3%
3,300
2%
1,000
14%
5%
17%
1%
2%
Jan
Apr
Apr
Jan
Apr
95
Jan
17%
7%
Apr
Apr
24
Jan
Apr
12
Jan
15
Feb
16%
16%
50%
19%
7%
10%
15%
Jan
Feb
15%
Mar
18%
17%
50
Mar
1,800
100
4,700
17%
Feb
11
Mar
Apr
Jan
10
*24% ~24%
23
Mar
41%
41%
1,100
39
39
50
39%
Jan
10%
28%
42 %
36
Jan
42
Mar
2,400
31%
Apr
2,100
26
Apr
35
12%
Apr
19
Jan
15%
Jan
33%
Jan
11%
Feb
22% Mar
8%
50
20
Apr
Apr
38
Apr
105
105
105
4%
28%
Jan
Hussman-Llgonler Co
Jan
Feb
Common
7% pref stamped
7 % pref unstamped
106%
60
30%
30%
81
83
11,100
4,500
21
21
41%
Jan
Apr
112
Jan
30%
Apr
42
Feb
77%
Jan
87
Feb
17
Jan
23
Mar
Jan
2
§Huylersof Delaware Inc—
80
Jan
Apr
100
150
♦
Feb
Mar
600
20
Humble OH A Ref
Feb
Mar
Mar
""250
900
52
25%
8
7
31%
81%
Jan
700
39
*
4
Anr
800
100
preferred
Jan
Jan
3%
13
20
Hud Bay Mln & Smelt
Jan
92
Mar
26
Jan
1%
Feb
7
7%
6
Jan
63%
38
*
1
180
62%
Apr
80
Jan
Hygrade Food Prod
300
9%
Apr
14
Jan
1%
100
100
1%
..
4%
Apr
92
Apr
Jan
13%
4%
Mar
Apr
Apr
Apr
*
6% preferred
Jan
27%
Feb
Feb
26
Apr
Jan
13
500
4%
Apr
5%
Jan
150
2,150
45%
Jan
53%
Mar
52
Feb
73%
Feb
54
Feb
Jan
72%
62%
Mar
60
23
4%
Mar
100
23
Jan
Jan
Feb
Feb
Mar
Mar
Imperial Oil (Can) coup..*
Registered
*
Imperial Tobacco of Can.5
58%
58
,
250
Am dep rets ord reg__£l
5%
56%
57
"57%
51
Illuminating Shares cl A..*
Imperial Chem Indust—
40%
"4% ""4%
51
100
7%
98%
22%
17%
60
Jan
Feb
17%
9%
100
100
5
1%
24
Hygrade Sylvanla Corp..*
76%
1,100
2%
2%
23,300
66
Jan
Jan
74
Feb
68
Jan
77
Mar
Jan
81
Feb
Apr
Mar
31%
Feb
19%
Mar
Jan
2%
47%
Feb
16%
2%
Mar
72%
Feb
Feb
Feb
21
Jan
22
22%
4,500
1,300
9%
24%
21
Jan
24
Feb
14
14%
1,200
14
Jan
15
Mar
'13% "13%
100
9%
22%
22%
Jan
Britain
and
22"
~23~~
36%
Ireland._£1
Indiana Pipe Line
10
Indiana Service 6% pref 100
Mar
7% preferred
-.100
24
20
23
24
25
Mar
44%
25
20
24
Jan
15
Mar
7%
24
36
Apr
98%
Indpls P A L 6 % % pref 100
Mar
Mar
Jan
Mar
Jan
39%
105
Jan
Jan
Indian Ter Ilium Oil—
Non-voting class A
*
3%
3%
100
3%
Feb
4%
Class B
*
3%
4
200
3%
Feb
4%«
2
8,700
%
Jan
31
150
Jan
1%
3%
45%
27%
1%
Apr
8%
Feb
Mar
Jan
Feb
Feb
Mar
1
1%
16%
66%
1%
600
1%
14%
Jan
25%
3,200
6%
6%
400
6%
"9%
9%
8
Jan
11%
22%
9%
22%
1,500
22%
300
22
Feb
24
Feb
Jan
17%
Feb
600
12%
%
24%
29
24
%,
%
36
40%
'5",700
3%
17%
6,100
16%
'S16
Mar
Feb
%
Feb
Mar
15
39%
Jan
70%
25
25
200
3
3
200
15%
47%
4%
Mar
36
Apr
3
Mar
16%
V t c common
7% preferred
100
Insurance Co of No AmerlO
Pref $3.50 series
50
33%
A stock purch warr
Internationa] Petroleum..*
"36"
l
Feb
International Products
18%
Apr
Feb
6% preferred
100
Internat Safety Razor B_*
*
3,300
%
1%
Jan
120
72 %
Apr
82%
Jan
112% 113
30
112%
Mar
114%
Mar
Old warrants
16%
84%
46%
4,900
Jan
18%
Mar
Jan
92
Mar
International Vitamin
1,150
41%
Apr
65
Mar
Interstate Hosiery Mills..*
Interstate Power $7 pref-*
2,400
7%
Apr
4,000
22%
25
25%
Jan
Jan
8%
29%
31%
200
100
2%
9%
Apr
5%
10%
Feb
Jacobs (F L)
11%
3%
9%
12%
800
8%
Jan
14%
Feb
Jeannette Glass Co
13%
13%
800
12%
Feb
14%
Jan
£18% xl8%
700
84%
82
FloridaPAL57 pref
»
Ford Motor Co Ltd—
Am dep rets ord
reg__£l
7%
Ford Motor of Can cl A_.»
Class B
*
43
23%
23%
7%
24%
28
28
28
7%
Feb
Feb
Jan
Ford Motor of France—
International Utility—
Class A
*
3%
3%
5
9%
9%
Jan
Jan
Froedtert Grain A Malt—
Jan
13%
16
18%
4%
4%
20%
1%
21%
21%
60
21%
B,L.*
1
4
60
21%
1%
1,500
800
Jan
98
Mar
3
Jan
21%
1%
'32
0% pflOO
90
90
£76
£76
*
19%
Mar
19
Apr
50
Gen Pub Serv 56 pref....*
*
19
Jan
56
Jan
3,400
1%
83
%
For footnotes see page 2623
Feb
3,000
*
General Telephone com.20
17%
75
*
Amer dep rets ord reg.£l
Gen Flreprooflng com
*
34%
1%
36%
36%
7%
275
1,500
1,500
100
3,800
100
16%
1%
'16
16%
1%
Apr
2%
22%
Jan
Feb
Feb
64%
24%
2%
Mar
74%
Jan
Jan
Jan
28%
4%
Feb
31%
%
33%
Jan
44
Jan
Jan
2%
39%
Mar
35
Feb
38
Mar
Feb
Jan
Jan
Feb
8
Jan
100
1,200
.....
Jan
103
Mar
1
Apr
1%
Feb
6
17
500
21%
Feb
2,800
16%
1%
Apr
2
Jan
't6
Jan
100
Jan
400
%
5%
34%
200
13
3%
%
%
7%
42%
24i7/i
Feb
200
Jan
39
13%
%
Iron Fireman
Mfg v t C..10
Irving Air Chute
1
24%
*
1,200
39%
13
14
%
24%
14%
1%
"16
24%
700
300
23
Apr
15
300
14
Mar
1%
100
%
Jan
2%
Feb
Jan
14%
9%
16%
10%
10,200
13%
Jan
%
18%
Feb
700
9%
Apr
14
Jan
78
5%
'is
%
6%
'i6
1
'16
%
5%
37%
Apr
89
Jan
Mar
96%
Jan
7ts
Warrants
Co....
1
16%
*
Feb
Jan
Apr
Feb
Mar
Mar
Jan
Jan
Jan
27%
18%
Feb
Jan
Feb
Jersey Central Pow A Lt—
1
*
6%
....
18
""366
Investors Royalty
Italian Superpower A
1 OOfrcs
com 1
7%
.....
New warrants
223
10%
72%
_1100
36
36%
76
%
73%
200
33
1%
Registered
Apr
Mar
'316
76
70
International Cigar Mach *
Intemat Holding A Inv. *
Intemat Hydro-Elec—
Class B
Feb
47
38
Apr
21%
18%
29
100
/E
128
Jan
Jan
4%
Hydro Electric Securities.*
17%
15%
53 conv pref
Apr
Jan
Jan
Industrial Finance—
"i
Gen Rayon Co A stock
-
8%
*
Apr
37
(Phlla).io
Ad'v
38
53%
87%
10
Hormel (Geo A) Co com..*
Horn & Hardart
5%
122%
200
1,400
Holt (Henry) & Co cl A..*
Jan
Jan
50
16
Gen Outdoor
16%
50%
18%
7%
.*
Jan
Jan
50
400
12,100
57
Feb
Jan
First National Stores—
56 preferred
Warrants
117%
2,300
26%
6%
82%
82%
13%
9%
3
Gen G A E 56 conv pf
Gen Investment com
Apr
5%
%
59%
13%
Mar
16%
General Alloys Co
Gen Electric Co Ltd—
Jan
Apr
104
14%
35
6%
"266
*
Conv preferred
Gamewell Co 56 pref
100
410
5%
%
12%
600
17%
l
Common
Feb
Apr
27%
4%
18%
22%
13%
32%
29%
3
Corp
2,800
400
45
12%
72%
Rights'....
Franklin Rayon
44
"32%
Jan
"7l% "74"
*
(Peter) Brewing
JaD
5
67%
100
A mer dep rets
Mar
Mar
12%
15%
10
com
Jan
68%
68%
Fedders Mfg Co new.IIIIs
Ferro Enamel Corp
1
Fox
21%
2%
2%
Holophane Co
Apr
'is
56 preferred
1,900
38
Imperial Tobacco of Great
Equity Corp com
10c
Eureka Pipe Line com
50
European Electric Corp—
Flsk Rubber Corp
Feb
Jan
Holllnger Consol O M
11%
400
107
33%
Jan
Jan
45
Emsco Derrick A Equip..5
7% 1st preferred
15%
13
42%
87%
200
Mar
200
Jan
23
36
100
Falstaff Brewing
....1
Fanny Farmer Candy
1
Fansteel Metallurgical...*
2%
*
Apr
25
14%
4%
4%
6%% preferred
100
7% preferred
..100
8% preferred
100
Empire Power Part Stk__*
Fire Association
14%
5%
10
Mar
700
Feb
90
24%
7
5
Feb
39%
%
Hires (C E) Co cl A
Hoe (R) & Co class A
Mar
15
Electrol Inc v t c
1
Elgin Nat Watch Co
16
Empire DIst El 6% pref 100
Empire Gas A Fuel Co—
'"59%
*
200
92
4%
92
Electrogrnphlc Corp com.l
Flat Amer dep rets
Fldello Brewery
Apr
14%
5%
25
w w
19%
4,000 T
51
Jan
7%
2
Preferred
Illinois P A L 36 pref
56 conv pref w w
*
Elec Shovel Coal $4 pref..*
FEDCorp..
*
68
1,700
l
7% preferred
25c
Class A
Jan
3
600
3
1
Ex-ceil-0 Air A Tool
Fairchlld Aviation
50
Hecla Mining Co
Helena Rubensteln
Mar
21
44,600
68
1
Option warrants
Evans Wallower Lead
Mar
10%
200
21%
Elec Bond A Share com..6
55 preferred
*
56 preferred
*
preferred
6% preferred
Mar
18
r»>ruwijGrocer y.-tores.*
Edison Bros Stores new..2
6%
Mar
Mar
65
i
Electric Shareholding—
Common
Apr
65
Easy Washing Macb "B'*.»
Option
1
Feb
Jan
Feb
"45"
Corp of Am cl B com.l
HazeltlneCorp
*
4,400
65%
Jan
Jan
28
Jan
109%
122% 122%
Hat
10%
47
Feb
15
Feb
104
106
_.*
Hey den Chemical
4 % % prior preferred. 100
6% preferred
100
Eastern Malleable lron.25
Eastern States Corp
*
Elec P A L 2d pref A
*
Jan
Jan
7%
"15%
5
Jan
159%
Mar
x7
100
*
com
Lamp Co
Hartman Tobacco Co
6%
20%
T066
Feb
45%
%
Gypsum Lime & Alabas..*
Hall
Apr
50
1%
7%
*22*"
21%
Jan
Apr
1%
"7% """7% "7%
2%
1
Haloid Co
44
25
100
900
East Gas A Fuel Assoc—
Elec Power Assoc
Class A.
7% 1st preferred
Gt Northern Paper
25
Greenfield Tap & Die...*
7
10
Elsler Electric Corp
*
stock
com
8
*
Common
Non-vot
57
100
1
Feb
17
8%
30
10
com
Feb
17%
100
800
Durham Hosiery cl B com*
Duro-Test Corp
20
18
16%
Domln Tar A Chem com.*
Duval Texas Sulphur
Eagle Plcher Lead
Mar
18
7%
16
Jan
Great Atl A Pac Tea—
Feb
15%
7
6%% preferred
100
Douglas (W L) Shoe Co—
7% preferred
100
Dow Chemical
*
Draper Corp
*
Duke Power Co
Jan
19
Jan
53
8
Distilled Liquors Corp...6
Dominion Steel A Coal B 25
7% preferred
100
Dublller Condenser Corp.l
88
Jan
5%
56
Detroit Paper Prod
1
Detroit Steel Products
*
Diamond Shoe Corp com.*
Driver Harris Co
Gray Telep Pay Station. 10
Apr
15%
450
18%
Apr
76
29,500
Jan
6%
16%
15%
16
Apr
8%
Apr
Jan
Mar
200
26
Mar
85
Apr
95%
1,700
15%
Mar
14
69
7
100
Mar
Feb
11%
%
24%
2%
29%
110
17
60
107
Apr
Mfg Co—
300
78
12
38
400
7%
8%
40%
38%
6%
38
14
85
High
Jan
Jan
11%
79%
1,900
102
3ie
6
32%
*
100
""206
*
$3 preferred
Gorham
*
86
Preferred
12%
18%
41%
12%
1
14
Detroit Gasket A Mfg coml
6% pref ww
20
Detroit Gray Iron Fdy
5
12%
50
200
._*
72
32
81
12
375
"31
14
_
100
"36"
85
.
11%
11%
*
Class B
l
36
3,900
*
Dennlson Mfg 7% pref.100
Derby Oil A Ref Corp com*
Dejay Stores
33%
34%
102% 102%
Godchaux Sugars class A.*
Jan
1,700
...5
Cusl Mexican Mining..50c
5
Darby Petroleum com
com
Preferred
Feb
15
15,000
Jan
Low
Shares
11%
1
Glen Alden Coal
Feb
%
17%
106%
C)
33%
100
Jan
15
Mar
Apr
16
16%
100
Price
Feb
50%
108%
16%
%
18%
100
Par
Mar
1%
V
2%
47% 47%
106% 106%
100
Class A..j
for
Week
20
of Prices
Low
High
1%
11%
*
6%% preferred
Curtis Mfg Co
Week's Range
Sale
%
to.*
v
Last
(Continued)
14,600
*
com
STOCKS
Jan
14%
1,900
'16
Range Since Jan. 1 1937
Feb
38
10
Crown Cork Intemat A..*
Cuneo Press
15
*
Crown Cent Petroleum_._l
Cuban Tobacco
Sales
Friday
Apr
Mar
1%
Creole Petroluem
com
Tel. HAnover 2-5370
St., New York City
Jan
30%
25 Broad
York Curb Exchange
Mar
13%
Feb
Mar
Members New
Jan
600
13%
£1
2%
34
2%
Cramp (Wm) & Sons Ship
& Eng Bldg Corp...100
Crystal Oil Ref
Feb
3,600
32
2%
100
Preferred
& COMPANY
UHLMANN
Corroon & Reynolds—
Common
Specialized Service in
Exchange Securities for
New York Curb
39
26 %
Cooper Bessemer com
*
S3 preferred A
♦
S3 prior preference,...*
Copper Range Co
*
Cord Corp
5
2619
500
Jan
Feb
Feb
Mar
100
Feb
*i«
Jan
Apr
96%
Apr
Jan
iooi|
18%
Mar
22%
Feb
49
Mar
51%
Jan
19%
1,700
49
49
100
86
70
86
97%
40
6%
200
96%
6%
Apr
Apr
90%
25%
Jan
Apr
%
2%
Apr
Apr
4%
Jan
10 1112
Mar
114%
19
Jan
28%
Jan
Feb
6%
115%
110
116
1,900
100
Jan
9%
126%
30
Jan
Mar
Jan
§ KansasClty Pub Service-
Jan
90
1%
2.50
Jones A Laughlln Steel. 100
86
97
Jonas A Naumburg
23%
64%
76
100
"86
100
Julian A Kokenge com
50
2%
...100
7% preferred
Feb
20
2%
18%
100
23
Feb
Jan
%
6%
5%% preferred
6% preferred
Jan
Mar
Feb
Common
v
10
V t c preferred A
*
*
*
Kansas G A E 7% pref.100
Ken-Rad Tube A Lamp A *
2%
"22%
Kingston
Products
100
100
3
114
60
6%
22%
2%
22%
2%
82
Kingsbury Breweries
1
Kings County Lighting—
Class B 7% pref
Class D 5% pref
2%
114
82
60
60
6%
6%
400
200
%
Jan
200
2%
Jan
3%
Jan
10
74%
Jan
88%
Mar
10
58%
Apr
65%
Feb
6,400
5%
Mar
8%
Feb
New York Curb Exchange—Continued—Page 3
2620
Sales
Friday
STOCKS
Las i
(Continued)
Week's Range
Sals
Par
Klrby Petroleum
Price
1
19
12K
Koppers Co 6% pref—100
Kress (S H) A Co pref—.10
Kreuger Brewing
—1
"?3K
1,300
61 H
6H
♦
16K
615*
17
64 K
65*
0K
100
100
"m
L on Ot lRefining——
Lit Brothers com
150
•
1.000
5.700
Locke Steei Chain
Jan
11 IK
Feb
12K
Jan
N
21K
Jan
59 K
Mar
New York Transit Co
N Y Water Serv 0% pf
61K
Apr
6
Jan
50
100
Feb
10,000
29 K
29**
2r»
26K
Apr
30 K
23 K
25
8.400
Jan
20 K
55*
6
1,300
Feb
Mar
5
Feb
Mar
235*
Jan
Jan
18K
Jan
Jan
10
V*
Feb
Apr
14 K
Jan
16K
165*
17**
13
13
145*
6 100
zl3K
9 4*
»
10 K
11
2,800
105*
105*
2,500
7
Mar
45*
.—.100
45*
85 K
73
45*
"i§"
g m__
"Hi
Marlon Steam Shovel.
—
.12
""760
IK
Apr
Apr
Apr
200
38 K
Mar
400
3 K
Jan
2,300
7K
Mar
13,100
IK
40
,
8
17
1
Jan
100
42
Jan
5K
10K
Feb
Feb
2 V*
Jan
Jan
90
65
Mar
82
900
20K
Apr
23
100
17
Jan
33 V*
175*
1.000
16
Jan
22 V*
3K
700
3
Apr
3 K
Jan
Feb
Mar
Apr
16K
3 K
3
Jan
Feb
Mar
14K
4,400
8K
Mar
24 >*
245*
500
18 K
Jan
16K
25V*
Jan
55K
Apr
98 V*
9K
32 K
32 5*
9K
33
1,000
•
Mar
145*
445*
300
Feb
Feb
121
Memphis Nat Gas com...6
"sk
*
50 Mi
"5«* ""5K
49
7% preferred
..100
Merchants A Mfg cl A
1
"566
51
6
Mar
7
Jan
535*
600
500
Mar
105 K
55*
Feb
7
Participating preferred.*
Mar
75*
100
63
63
645*
1
IK
35*
35*
100
Corp com..*
65*
Jan
100
Jan
*
Michigan Bumper Corp..1
Mlchlgau Gas A Oil
1
Michigan Steel Tube:..2.60
Michigan Sugar Co
Preferred
2K
25*
85*
2%
9K
14 K
*
"Ik
pref
$2 non-cum dlv shs
0K
15*
2.300
1,800
8K
700
IK
8K
22
87"
22
87
88
45*
7
Feb
IK
Apr
Apr
2
Feb
8K
Apr
10
Jan
3K
Minnesota Mining A Mfg. *
30K
35K
12
6%
conv
Pan
Amer
Airways...
Pantepec Oil of Venez
1
Paramount Motors Corp. 1
Parker Pen Co
10
Peninsular Telep com
Preferred
S2.80 preferred
1
36 K
290
355*
114
3K
Feb
700
6K
Apr
UK
Jau
200
3K
100 Z138K
7
65*
Jan
60 5*
Feb
45*
Jan
45*
500
3K
100
6K
300
K
84
3K
5
3K
2,600
82 K
84
108
10 K
105*
1,300
10 K
24
105*
29
2,100
41
Feb
Pepperell Mfg Co
17
Jan
Perfect Circle Co
Philadelphia Co
Feb
37
Jan
34 K
Mar
44
Jan
425*
75
2,500
64*
1,200
42 K
Mar
44
Mar
Mar
184
Apr
5
Apr
8
Feb
Apr
5K
Mar
Apr
Mar
5
Jan
Apr
Mar
Mar
97 V*
Mar
11
Mar
23
Feb
14 K
Jan
Jan
44
K
Feb
14 K
Mar
1,800
Pltney-Bowes
*
Common
Pittsburgh Forgln**. ...1
Pittsburgh A Lak % le.60
Pittsburgh Plate r
i__25
50
514*
Jan
59
155*
Apr
19K
Jan
73
76 K
1,400
Jan
89 V*
Mar
IK
3,300
64 K
1
Mar
ilg
Jan
Apr
Feb
PowdrellA Alexander
5
395*
80 5*
100
33 K
Jan
47
Feb
100
24 K
Jan
40 K
600
54 K
Mar
66 K
66 K
67
1.700
75 5*
Jan
21,100
77 K
Apr
10
Jan
915*
12K
Feb
Jan
19
Apr
Premier Gold M
100
17 K
185*
9,200
5*
7,6
8
3,800
500
UK
"'460
,
Jan
Jan
35*
25
K
Mar
Prentlce-Hall
Jan
7K
67K
Mar
Pressed Metals
Jan
Mar
Mar
28
Jan
Jan
"§6"
Jan
Feb
Prudential I
Apr
1
100
1
Mar
Jan
112
Mar
Feb
Jan
Mar
Nebraska Pow 7% pref. 100
"800
10
IK
32
80
"l5"
14K
25
15K
14K
1105*
400
14
600
Jan
4K
Jan
Apr
Jan
Mar
6% 1st preferred
7% 1st pref
$7 prior
$6 prefc
Jan
Feb
I35i
Apr
Jan
*
IK
Mar
Jan
...100
84 K
14
Apr
Jan
ref—
132 K
6% pref
7% pre;
14
14
50
Apr
Jan
55*
6K
400
4H
Jan
Apr
32 K
50
Mar
825*
350
30 K
79
Mar
"805*
32 K
79 K
130
*
24
"83"
119~ ~
K
83
118
3
1
35 K
*
Mar
Mar
20
130
Apr
Mar
5*
200
20
Jan
Feb
3K
1,400
1,400
1,100
100
26
133
24
87
121
35K
N Y Auction Co com....*
N Y City Omnibus—
Pub Serv
;
Pub Servi
or
15
15K
31
31
31
200
50
1065*
100
Jan
112
Jan
75
1755*
43*
lok """766
95
Jan
Mar
Jan
Apr
56 preferred
Pyle National Co com
Pyrene Manufacturing
Mar
Jan
Quaker Oats
Jan
Feb
Feb
145
Jan
37
Feb
1I0K
34
50
29
29
35*
3K
5
5
5K
4,900
8K
7K
8K
2,400
Jan
Feb
Mar
15K
Feb
Jan
UK
Mar
30K
Apr
40
Mar
19 5*
Jan
25*
Jan
33K
3K
Feb
5
Apr
65*
Jan
OK
Jan
6
7K
Apr
41K
Feb
Apr
42
27K
110K
147K
Jan
133
k
245*
2,700
185*
Jan
100 K 108 5*
23 K
150
88 K
125
Jan
15*
10K
Mar
2 5*
Jan
Feb
18K
Mar
23 K
132K 135
IK
10K
1,800
IK
16K
200
100
6
Jan
Feb
8
"Tk "Tk
ill 00
7,000
10
Mar
50
25
Apr
4K
125*
33K
Jan
41
UK
12K
25
UK
26
35
300
3
3,000
2K
3K
Mar
Feb
Mar
Feb
Feb
Jan
Feb
Feb
34 K
2K
Apr
4K
Jan
Jan
Feb
45
Feb
32
Apr
Feb
716
K
1,600
1,000
si6
K
Mar
35K
•is
K
13 K
10
15K
1,600
13 K
Apr
17 K
Mar
10
100
UK
Jan
13K
135*
300
14K
Jan
32 K
7
13 K
K
32 K
716
200
10
12K
Mar
Apr
Jan
Jan
Feb
102
Mar
103
Jan
104
Apr
105
Feb
Jau
100
Jan
108 K
100
58 K
33 K
58
59 K
230
32
34 K
70
57
Apr
08K
31K
Feb
41
85
Apr
98
90 5*
Jan
117 K
Feb
ed.._—..100
Feb
29 K
Feb
Mar
117K
Apr
40
95 K
100 K 100 V*
10
100 K
Apr
Apr
2K
2K
50
2K
Apr
72 K
350
93
U9K
117K
Jan
Mar
Jan
Feb
Mar
Apr
of Okla—
Apr
Mar
Jan
100
20
6% prlf ? Hen pref—-100
7% prior lien pref—.100
Pub Utll Secur 57
pt pf—_*
Puget Sound P A
Mar
Apr
Feb
Mar
1,025
100
3
15
127 K 1355*
33 K
34
„_60
$5 preferred
com
6% preferred
15K
"""400
17 K
113
111 com.. *
78
4K
Mar
11,400
100
id...
o
116
Mar
Mar
40
4K
169 K 169 5*
*
»*-,*
Common
6K
Apr
Public Service of Indiana
*
*
Feb
Mar
85*
55*
,
Nestle-Le M
100
4K
"so"
*
v
jtors..—-*
$0 prefei ed..'
*
Pub Service Co of Colo—
Neptune Meter class A
134*
12 K
305*
150
42 K
72
Producers Corp
8 Propper M cCallumHos'y *
Jan
4,500
115
Feb
110
32 K
o
Apr
1,100
3K
"eok "51 k
Feb
43
45
26
115
~30"
Jan
53
2K
1,300
10 5*
Feb
"""300
c(V
27
Jan
Jan
65*
30
100
1
51
40
9K
100
150
35
com..
26
25*
7
4?*
26
39 K
6
1
Prosperity Co class B
Providence Gas..--....
10 5*
6 K
45*
25 K
05*
•
150
Power Corp of Can
6% 1st pref
Pratt A Lamber
Jan
Jan
"22"
43
Pleasant Valley Wi. Co.l
Plough Inc
♦
Pneumatic Scale Corp
10
Potrero Sugar conr
com
2023,
8K
"'22"
60
7,700
2K
OQ
78
Postage
Meter
11,300
10K
K
107K
104K
Pitts Bessemer A L Erie P.B
25*
27
10K
29
100
16K
9K
N Y A Honduras RosarlolO
78
Jao
325*
600
56 K
62 K
Warrants
95*
30K
27 K
500
10
5
29K
27 K
36 5*
30 K
3K
80 K
Corp common.._._.*
1st preferred
*
9K
*30 5*
104
Jan
8
5
36 K
.*
com
2K
Navarro OH Co
14 K
106
4K
27 K
Feb
325*
12
27K
Feb
K
100
4K
Conv pref ser A.... ..10
8K
Nehl
27 K
100
100
74 K
Nelsner Bros 7% pref.. 100
Nelson (Herman) Corp
6
12
1,900
155*
Mar
Feb
K
14
105*
56 K
3V*
Jan
104
13K
10 K
J*
Apr
Feb
Jan
112
1115*
13K
UK
1
Common
105*
~255* "20'
OK
U1K
80
*
Phillips Packing Co
Pines Wlnterfront
1
Pioneer Gold Mines Ltdr.l
Jan
Mar
11
Phoenix Securities—
Pierce Governor
Jan
_255*
100
335*
12 M
65*
2K
National Tea 5 5*% pref. 10
National Transit.... 12.60
Nat Union Radio
Corp.
1
1,000
33K
125*
Feb
28 K
20
Jan
100
com
Feb
75
155
Jan
07
25
109
109K 1105*
Phlla Elec Co 15 pref
*
Phlia El Power 8% pref-25
30 K
75
"Tk
6
62
102
Feb
35K
*
32 K
6
60
Jan
37
100
102
*
Feb
100
6
315*
108 K
*
-
56 K
..
315*
'2".906
Mar
Feb
6K
50
-
157
300
5*
96 5*
120
2K
-
Mar
12
18
*8
*
Mar
100
Jan
1035*
98
35
1
7K
Apr
'l03K
12
395*
2.400
505*
*
4K
Jan
2.800
*
34
IK
Apr
605*
Jan
125*
395*
98
51
48
Feb
12
"~2
Mar
Apr
Mar
Apr
118
Apr
£
16
77
Mar
35
National Steel Car Ltd...*
National Sugar Refining..*
Mar
Pa Pr A Lt S7 pre!
12K
Nat Rubber Mach
Nat Service common...
Conv part preferred...*
For footnotes see page
2K
Jan
Pa Water A Power Co.
97 K
National Oil Products
4
National PAL$6 pref..
National Refining Co...26
New Process common
1,400
43
Feb
Nat Mfg A Stores com...*
25
25*
25*
65*
98
23
Corp..*
National Fuel Gas
»
National Gypsum cl A...5
Nat Leather common
10
Mining Corp.10
41K
Jan
4K
Nat Bellas Hes« com..___l
Nat Bond A Share
Newmont
90 K
700
Apr
147
.......
New Haven Clock Co
New Jersey Zlno
New Mex A Ariz Land
75
45 V*
Pennroad Corp vtc
Pa Gas A Elec class A
18
6% preferred
...100
New England Td A Tel 100
96 K
Feb
Apr
100
com..
Jan
5
16K
.
Pow Assoc
13K
1
11K
10
18
New Bradford Oil
2.500
*
Jan
"65*
Natcon Corp
Nat Auto Fibre A v toH*
National Baking Co com.l
Nev-Callf Elec
Apr
14K
98
135*
*
180 K
10
New Engl
Mar
Penn Central Lt & Pow Co
Mar
425*
Mountain Sts Tel A Tel 100
Murray Ohio Mfg Co...
7% preferred
K
60K
*
$5 preferred
Penn Mex Fuel Co.
Mar
Feb
IK
100
8K
""5"
115
4.700
Pa tcbogue- Ply mouth M Ills *
Pender (D) Grocery A
*
Class B
*
13 K
5
10
Jan
Jan
36 »*
Feb
Feb
43
Mar
3K
31
98
10 K
22
Mar
6,800
36 K
94
60 5*
Paclflo P & L7% pref..100
Pacific Public Service
*
45*
145*
3K
30**
100
Feb
56
1
900
*
Co cl A
.15
24
1,300
143"
Apr
65
4
100
8,900
35*
Apr
55
50
pref
90
12
Class A 7% pref
100
Moore (Tom) Distillery.
MtgeBkof Col Am shs..
Nachman-SprlngfUled.
com
$3 preferred.
105*
35*
"36 K
Muskogee Co com
6% preferred
Oklahoma Nat Gas
15K
1*42"
Apr
12 K
90
100
10 K
3K
47
47
..6
oom
135*
142"
Mountain Producers
6% 1st preferred
OHstocks Ltd
10K
*
Feb
4K
Ohio Power 6% pref...100
Ohio PS 7% 1st pref—.100
SO preferred
Penn salt Mfg Co
Penn Traffic Co
Montreal Lt Ht A l'ow...*
Moody Investors pref
*
Mar
5K
55 V*
49 V*
*
15
..2.60
ur
135*
100
Jan
Voehrlnger Co
oom
Ohio Edtson $6 pref
Ohio OH «% pref
Jan
Apr
Apr
119 K
400
K
"eok
*
Apr
UK
24
Jan
Mar
300
—
.
71
12 K
U4K 114K
Molybdenum Corp
1
Monroe Loan Society A__*
Montana Dakota Utll...10
A
25
110
"32V* "32K "34"
22
100
Miss River Pow
pref... 100
14,500
175
8 Nor Texas Elec 6% pf-»00
Northwest Engineering
Novadel Agene Corp
♦
75
3 5*
4 K
Mar
4K
-.
100
1,600
98
35*
..10
7% pref..
7 % preferred
100
Nor N Y Utll 7% 1st pf 100
Northern Pipe Line
10
Nor Sis Pow com cl A.. 00
Mar
Jan
115
100
..50
Nor European Oil com__.l
Nor Ind Pub Ser6% pf. 100
llK
18K
Jan
IK
*
Mining Corp of Can
0% prior preferred
3,200
Feb
17
350
49 K
?
.
Pacific Tin spec stock
1K
*
Midwest Oil Co
110
7i«
No Am Utility Securities.*
Nor Cent Texas Oil
6
Jan
8
3K
UK
3K
Nebel (Oscar> Co
110
Common...........—1
$6 preferred
North Amer Rayon cl A
Class B com.....
Jan
BOO
Mar
Nor Amer Lt & Pow—
4K
500
5K
»
Moore Corp Ltd
91
65*
3K
200
5K
,_*
Mldvale Co
Montgomery Ward
90
1
200
15*
*
Mid- West Abrasive comSOc
Mock, Jud.
Common
90
Noma Electrlo
6,700
7K
*
t c
2K
2 H
10 K
14 K
IK
Midland Steel Products-
Minn P A L
135*
"~2K
SI 30 1st preferred.
7
10
Middle States Petrol—
Class A v t c
conv
50
13
6
Overseas Securities
PacificG & E 6% 1st pf.25
5 V*% 1st preferred
25
Pacific Ltg $6 pref
*
Feb
12K
190
47
13K
97
—
Jan
Metropolitan Edison pref-*
Midland Oil
Class A pref
Nliee-Bement Pond—
Feb
80
Jan
Jan
Mar
44
Class H common...—_t>
OJdetyme Distillers
Feb
.
24
118K
4K
45*
Class A opt wnrr new...
Class B opt warr new...
25*
V*
10,000
115K
105 K
Niagara Share—
Jan
37
v
100
Jan
..*
Class B
100
2K
175
1
Apr
Apr
100
115*
"900
"75*
..1
Mexico-Ohio Oil
10
315*
Merritt Chapman A Scott*
Warrants
107 K
100
93
100
Feb
80
3,400
117 K
Ohio Brass Co ol B com
125*
55
12?*
24 .5*
Dredging...*
Part preferred
V*
6° 5*
..100
Co
15
Jan
24 K
Had A Mfg B.._*
A preferred
Jan
64*
29
May Hosiery Mills pref..*
McColl-Frontenac Ltd—
com
Mar
80
29
.*
Mead Johnson A Co
Jan
93
Mar
8K
IK
395*
65 K
1
6% preferred
4K
13**
Apr
Apr
6K
20 K
Massey Harris common..*
Electric Co
73
Apr
45*
12
8K
.*
Mass Utll A3800 v t o
85
100
300
4
1
$5conv preferred
250
95
10
.
2.300
87**
74 K
85
73
45*
45*
High
15
Apr
Hudson Power—
5% 1st pref new
6% 2d pref ol A
6% 2d pref c( B
Feb
17K
118
6
Common new.....
23
5K
Niagara
13K
300
20
100
24
com
Apr
134*
2K
16 K
Feb
135*
107 K 110
Lew
Shares
8K
YTelep6V*% pref. -100
Feb
110
Jan
Mapes Consul Mfg Co..-*
Margay OH Corp
*
Metal Textile
9K
Corp
13K
Nlplsslug Mines
Lucky Tiger Comb
Iron
N Y Steam
High
100
Range Since Jan. 1 1937
for
Week
01 Prices
Low
...
Apr
Mar
Lynch Corp common....6
Majestic Radio A Tel
1
6H%
Founders shares
Mar
,5u
Louisiana PA LS6 pref..*
Mesahl
Jan
Y Merchandise---—-10
16 K
1
—
Mercantile Stores
Jan
17K
8K
*
6% pref class B—
100
Loudou Packing
*
Louisiana Land A Explor.l
McWIlllanis
106
13V*
15.000
————_
McC'ord
UK
Price
N Y Pr & Lt 7% pref—100
$fl preferred
*
N Y Shipbuilding Corp—
Feb
95*
IK
Long Island Ltg—
Common
Master
Apr
24
6
Mangel Stores
IK
21
29*4
*
Corp
Apr
Jan
Apr
1,800
*
7% preferred
19
m
*
Loblaw Groceterias A
Lone Star Gas
N
85*
IK
26
Lockheed Aircraft
Jan
UK
Lakey Foundry A Mach..l
Lane Bryant 7% pref.-100
Lehigh Coal A Nav
"?2"
107H 108 K
17
1
Leonard OH Develop
Line Material Co
100
Par
85*
Feb
700
IK
Week't Range
Sale
High
Jan
10 5*
1
Lake Shores Mines Ltd
6K
2.200
19
Last
STOCKS
(Continued)
Low
Shares
7
IK
Klein (D Emll) Co com
*
Klelnert (I B) Rubber.—10
Knott Corp common
6K
W
Klrkld Lake Ci M Co Ltd .1
High
Range Since Jan. 1 1937
for
Week
oj Prices
Low
April 17, 1937
Sales
Friday
Quebec Power Co
4
*
5
96
79 K
385*
37K
79 K
395*
24
24
24
11
10
*
I100
90
U4K
375
25
Ry A Light Secur com...*
Ry & Utll Invest ol A
1
Apr
90 K
Jan
Apr
60 K
Jan
25
Jan
Apr
400
8
115
120
114
Apr
10
135
Mar
20
Apr
21
215*
175
Jan
69 K
140
21K
Jan
4K
35K
140
*
Feb
1O0K
20
114
UK
103
IK
Jan
14K
124K
150
Feb
Jan
Jan
Jan
Feb
25 K
28 K
Jan
IK
Jan
Jan
0
Volume
Last
Week't
Sale
of Pricee
Low
High
Par
Price
Ranoe
Wteh
IX
1,000
X
*
7,*
900
Jan
Jan
X
32
10
2
Jan
*
Class B
Jan
*38 X
A
Feb
Mar
Raymond Concrete Pile—
*
Common
S3 conv preferred
Raytheon Mfg com
35
Red Bunk Oil Co
Reed Roller Bit Co
5X
*
*
(Daniel)
*
"ex
IX
Reybarn Co Ino
2.800
6X
IX
Jan
Apr
HH
1
5X
900
6
Apr
5X
Jan
2
900
IX
Apr
2X
10 X
Feb
6X
Jan
13X
7X
Feb
Mar
Feb
11X
900
6X
lix
6
6
1,100
Rochester Gas A Electric—
I?
100 x
0% preferred cl D...100
Roosevelt Field Inc
...6
2X
Root Petroleum Co..
8
51 .20 conv pref
*
X
Anthony
•
Jan
Tonopah Belmont Devel
Jan
Tonopah
Jan
75
600
10X
11 X
46.500
100
*
39X
61.X
Manufacturlng.26
64
8ega! Lock A II"ware
11X
Apr
Apr
117X
Jan
500
62 X
200
50
Selhy Shoe Co...
8X
*
3 X
7X
4X
1
Conv stock
5
26
Jan
4X
Feb
9X
Jan
Feb
Mar
Apr
26X
100X
400
4.150
94
550
Jan
96
"9PM
98
101
103
4X
28X
101X
103
A pr
X
Jan
2X
8hattuck
Denn
Mining..6
Shawlnlgan Wat A Pow__*
21
Sherwin-WbllamB com..26
135
6% cum pref ser AAA 100
Sherwin-Williams of Can.*
United
Mar
1st $7
Anr
Jan
$6
Feb
200
9X
Mar
Mar
6 X
4.000
4X
Jan
6Ji
Jan
$3
Jan
Feb
United
Apr
28 X
33 X
Jan
154X
133
20
108
Mar
Jan
114
Feb
Mar
Feb
28 X
X
5X
5X
5i«
100
1,300
307
295
Southern
Jan
Apr
140
Jan
IX
IX
6X
1
6X
IX
7X
Apr
20 X
5X
Jan
700
5X
2,900
IX
6X
700
Apr
Apr
Mar
7X
37
28X
27X
26X
Southern Colo Pow cl A.25
6X
37
30
600
26X
800
28X
26X
6X
Apr
Mar
26X
5X
400
Apr
Jan
29 X
7
Mar
160
Jan
Penn
4
4
5
43 X
So West Pa Pipe Line..60
Spanish A Gen Corp—
32 X
*
10X
_*
Inc com....*
Standard Brewing Co
*
32 X
3X
3X
X
22
10
Dredging Co—
Common
._....*
17X
;
(Ky>
10
Standard OH (Neb)
26
Standard Oil (Ohio) com 26
6% preferred100
Sliver
Standard
12 X
Apr
Jan
47 X
4 X
Mar
3X
Feb
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
—1
Stetson (J B) Co com
•
Stlnnes (Hugo) Corp
5
Stroock (8) A Co
— *
$Ptutz Motor Car
*
Sullivan Machinery
♦
Sunray Drug Co
Sunray Oil...
41X
20X
oonv
pref
$3.30 class A
*
preferred
t c conv
100
X
X
21X
X
2X
60
"l9X
Swiss Am Elec pref.... 100
13
8X
Mar
1.100
12 X
9X
1,800
7X
Jan
X
Apr
X
11,700
9
9X
70
1
X
716
5
16 X
8
1,700
Jan
6
Jan
Jan
"is
Jan
Feb
Feb
7X
3 X
Jan
5X
11,500
4X
Jan
16 X
16
300
12X
Jan
17 X
Mar
8X
1,300
7X
-4pr
8X
Apr
12 X
100
2.500
4
Jan
18
12
X
Feb
10
Mar
22 X
19
Jan
Jau
35X
Feb
25 X
70
67 X
4X
4 X
99X
""5X
83
5X
100
5X
66 X
Jan
300
2X
Feb
50
800
99 X
4
Apr
125
70
4X
83
80
150
80
Mar
IX
IX
100
4
4X
1,200
4,200
X
X
3X
18
20
3 X
300
20 X
1,700
8
1,000
56
59
250
33
3,000
7X
App
IX
Jan
4
Apr
80 X
iolS
6
89 X
2
X
Mar
Jan
6X
IX
3X
16X
7X
Apr
28 X
3
Jan
Jan
Apr
Feb
Jan
Jan
Jan
Feb
Jan
Mar
Jan
10X
Feb
55
Mar
73
Feb
28X
Apr
Apr
30 X
Apr
6
Jan
9X
3X
Feb
1X
Apr
Jan
5
Feb
Mar
8X
Feb
45
Mar
Wahl (The; Co
Waltt A
Bond class A...*
Jan
7X
Jan
Jan
Welsbaum Bros-Brower.-l
Feb
Wellington Oil Co
1
Wentworth Mfg new.1.25
Western Air Express
1
Jan
Mar
Jan
Mar
:
Feb
Feb
2
-20%
Walker Mining Co
West
10
20 X
14,500
18
175
17X
4
Jan
7
7X
600
7
43 X
3,900
34
43 X
9
13
7X
28 X
41X
Q
Q
X i
im
■1
v;
%
Feb
Mar
Feb
Feb
200
3.600
Jan
Jan
Mar
Jan
46
Apr
iox
Mar
8X
10
13 X
Apr
7X
Mar
lix
7X
10X
13X
7X
iox
3,400
7X
Apr
300
8X
Jan
28X
29X
3,800
28 X
Apr
29X
13
Apr
Mar
Apr
Feb
102 X
Jan
X
Feb
21X
Mar
28X
Mar
101
16
98
West Texas UtL $6 pre!..*
Mar
28 X
Feb
Wtlson-Jones Co
Mar
"§9X
55"
'""70
4X
5X
3,500
X
8X
X
4X
9
1
5X
4,300
700
4X
52 X
300
45 X
Jan
Mar
—
—*
52
52
100
Wlllson Products
Winnipeg Electric cl B—
Wise Pr A Lt 7% pref. 100
Wolverine Port! Cement.10
Wolverine Tube com
2
Petroleum
Jan
Apr
5X
Wil low Cafeterias inc-.-l
preferred
100
62
Williams (R C) A Co
*
Williams Oll-O-Mat Ht—*
Conv
28 X
13X
•
West Vfi Coal A Coke
Woodley
6
5X
Jan
88
5X
Mar
5X
1,100
5X
16X
9X
Jan
Jan
1,000
13 X
10
300
8h
Jan
18 X
100
18 X
Mar
Apr
23X
Jan
6
16
1
Ltd—
(new)...5
6% preferred
£1
Wrlght-Hargreavee Ltd.
Youngstown Steel Door..*
Apr
6X
Apr
7
Apr
8X
Jao
80 X
Jan
Mar
4X
Mar
Wool worth (F W)
18X
Amer dep rots
46
12 X
98
7X
West N J & Seashore RR 50
,vf
1
2,100
100
7% 1st preierred
Feb
Jan
16
3X
Jan
Western Maryland Ry—
ISA
21X
3X
Cartridge 6% pf 100
Grocery Co.-.20
39 X
25 X" "
3X
Western Tab A Pta
lM,
'200
Western
Feb
13X
*
"15"
100
100
Western Auto Supply-
Mar
107
4X
"l5"
10
19
*
Class B
7X
"is
19
*
common..*
69 X
Jan
6X
*
1
Wayne Knit Mills
5
Wayne Pump common...1
105X
8
'■
IX
Wagner Baking vtc
3
Yukon Gold Co
2623
8X
Jan
'Mar
17 X
300
Mar
13 X
Apr
Apr
Jan
18
114
Feb
Mar
2X
45 X
18
113
Mar
Feb
9,100
partlclpat.*
Jan
Jan
Jan
Feb
4X
48
Swan Finch Oil Corp—15
Apr
2X
28X
lix
36
6
I
87
1,100
Mar
46 X
300
100
3X
9X
IA
2X
20 X"
"2,
"
=
100
88
3X
Jan
Jan
10X
300
Feb
4X
5,200
21X
Apr
2,900
22X
10
'
Jan
14X
2X
15 X
2X
Jan
36
900
Mar
Apr
Jan
100
200
Mar
3
Apr
150
3X
84
19
Waco Aircrait Co
25
3,400
27 X
1,375
10
1
Venezuelan Petrol..
Jan
Jan
13X
26 X
14 X
88
3X
5
pref
Jan
Mar
11X
100
89 X
3X
86
Feb
Jan
9X
500
Jan
3X
2,6.0
Feb
7 XN
11,300
Jan
Apr
IX
11X
2X
18X
Apr
Mar
A (Si
10X
6X
Mar
100
Jao
6X
37
Jan
Jan
Feb
200
IX
14
100
900
5X
8X
700
200
10
Jan
Jan
14 X
7
8X
Apr
14
32
1
For footnotes see page
15X
pref.-lOO
Vogt Manufaoturtng
*
18X
3,300
Apr
Apr
7i»
31X
®16
7X
51
93
4X
4X
2,100
18,500
Apr
30
33jyL.ji5
500
7X
Superior Ptld Cement B..*
100
2.200
Jau
Mar
6X
93 X
104
8,000
5
4X
26 X
Sunshine Mining Co---10c
7X
55
91
38
3X
89 X
Va Pub Serv 7%
6X
1.200
200
4X
4X
51
20
93
:~aw
Apr
22 X
4X
14,300
8,000
Apr
13X
21X
...
7X
IX
27
Jan
5X
21X
92 X
300
11 X
21 X
3
3
2X
2 X
200
7
2,600
6H
13 X
6X
7X
A.,r
2X
92 X
6 X
19
13X
10X
Jan
113X
Mar
9
28 X
Jan
Mar
36
20
Mar
6X
63 X
20 X
9X
Feb
IX
32 X
93
....60
preferred
2d preferred
*
New common
9X
Mar
13X
Venezuela Mex Oil Co..10
16X
*
30 X
Apr
Van Norman Mach Tool-5
18
8tercht Bros Stores
Jan
9X
Jan
107
pref
19 X
600
Apr
Jan
7H
600
1
100
105
Jan
22
50
...100
5H%
Jan
Apr
10
X
8X
IX
Valspar Corp v t c com._l
v
Jan
X
85
66 X
preferred
7
SUtll Pow A Lt common..1
Class B
1
7%
I8X
Jan
Apr
?7
20
8
Apr
X.Jan
8teln (A) A Co common..*
1st
Feb
Mar
Feb
1,100
17X
«ii
IX
Mar
19X
X
X
28
Utility A Ind Corp com..5
7
1
Starrett (The) Corp v t e -1
Steel Co of Canada ord
*
6H%
*
Ja<»
Wholesale Phosp
A Acid Works com
pref..*
42
32
Standard Steel Spring com*
Standard Tube cl B
Pow A Lt $7
Apr
3.300
"x
Feb
112 X
7 X
"Bl""
Utlca Gas A Elec 7 % pf 100
55
18X
114X
*
Products
Universal
Utah
Utah Radio Products
Utlhty Equities Copp
Pr'orlty stock..^
55
Lead—1
Jan
Mar
8
Jan
122
100
4 X
4X
Products Co—1
Standard
7
com__l
Feb
I
*
Standard
Insurance
20 X
40
*
Preferred
Oil—10
Pictures
19X
105
1
Common class B
Consol
Unlversa
13
"20"
Oil
Standard P A L
Universal
Universal
55
Standard Invest $5X pref*
Jan
113 X
13 X
800
"is
Apr
200
6X
17X
4X
41,900
3X
4X
48
500
X
27
5
*
6X
Apr
IX
"l6
Feb
36 X
200
4
22
27
Apr
Mar
400
2X
12X
10
3X
1
X
8X
200
42
Jan
Jau
1.800
*
*
Universal Corp vto
Jan
Feb
Apr
23 X
50c
to
11
,VX* "Jan
-300
X
Standard
Standard
v
Verde Exten
32X
50
"iox "iix "I*906
41
42
Stahl Meyer
preferred
92 X
*
Apr
Jan
8X
15X
60
100
2 X
*
Mar
2
8X
700
X
Standard Cap A Seal com.l
Conv
United Stores
Mar
Jan
Mar
-.10
U 8 Stores Corp com
$7 conv 1st pref
United
Mar
7X
6X
Feb
Apr
3
4X
2X
1,400
113
Conv
dep rets ord reg._£l
Am dep rets ord bearer £1
Conv preferred
*
*
42
1.700
15.S00
43 X
42
Am
Spencer Chain Stores
Square D class A pref.
4X
11
9
11
-.26
Oil
1
Jan
83
Jan
5
6X
13X
4X
25
Preferred
Jan
29X
8X
Jan
Apr
Apr
6X
113
*
United Shipyards com B.l
United Shoe Mach com 25
Feb
Mar
Jao
Feb
10X
10
Preferred
U 8 Rubber Reclaiming..*
Mar
2
Mar
zll
U 8 Radiator com (new)—1
Jan
83
South
Am dep rets ord reg—
United Profit Sharing
Feb
41X
28
2
Apr
Molasses Co—
1st pref with warr
U 8 Lines pref
U 8 Playing Card
Mar
2X
8X
159
Southland Royalty Co
Feb
Mar
'it
Jan
100
*
Jan
6H
100
South
Jan
1,000
X
IX
11X
U S and Int'l Securities..*
Jan
100
New Engl Tel..100
Southern Pipe Line
10
Southern Union Gas
*
7% preferred
preferred
United Wall Paper
39
Feb
Apr
4X
15 X
9X
*
Feb
Calif Edison—
5% original preferred.25
6% preferred B
25
6X% pref series C—25
pref non-voting.*
Feb
35
5X
6
Jan
370
98
Solar Mfg Co
1
Apr
Apr
6X
295
(H) Paper Mill...*
Sonotone Corp
Sosa Mfg com
Apr
31
300
eom...1
U S Foil Co class B
*
8lnger Mfg Co
100
Singer Mfg Co Ltd—
Amer dep reo ord reg.£l
8loux City G A E 7% pflOO
Smith
X
4X
12X
85
*
1st preferred
*
Milk Products.—*
10 x
1,350
18 X
3
69
12 X
United
7,200
Feb
*
Common class B
2X
IX
12 X
21X
Mar
Mar
13 X
22
—
warrants
United G A E 7% pref. 100
United Lt A Pow com. A.*
Jan
138 X
Jan
7X
X
14 X
Opt'on
Jan
24X
5X
*
com
Gas Corp
Mar
"is
110X 111X
Simmons Hard're A Paint *
2X
Corp warrants....
United Elastic Corp
*
IX
18
Jau
4
1.600
8
100
A part pref
cum
Jan
Shreveport El Dorado Pipe
Conv pref
$3
600
Line stamped.
26
8lmmona-Broadman Pub—
4X
Warrants
United Chemicals
1,000
19X
7 X
12
100
2,100
Union Stockyarus
100
United A.rcr&ft Transport
X
134
3.400
11.5(0
7 X
2X
6
5
8X
Lamp Works..1
80c dlv preferred
..*
Tung-Sol
2X
10 x
Aircraft Corp..l
8X
77 X
26X
Leather com
Seversky
66
Apr
105
2,600
31
"is
£1
1
rec
Jan
Apr
Mar
3X
16X
United
Selfrldge iTov Stores—
Pentry Safety Control
Mar
115
10.200
70
Jan
30
Jan
26
18X
IOX
Mar
2X
26
Union Gas of Canada
Mar
Jan
Mar
4X
13 X
77 X
Mar
Jan
3X
12 X
8
HOX
X
IX
4X
12X
30
55
6X
27
100
Mar
101
900
2
2
*
Corp.—1
Class A
7% preferred...
78 X
7,200
73
30
IX
1
Tublse Chatlllon
Mar
50 X
3X
102 X
$5 50 prior stock
certificates..
Allotment
Trunt Pork Ptorea
42
Apr
3X
Jan
Jan
Union Elec Light A Pow—
Apr
Mar
26X
3X
Jan
X
43
Safety Giass Co—
Jan
Inc—
Common...
Peton
4X
Feb
69
6X
3.800
27
27
27
8X
Jan
7X
Jan
IX
Ulen A Co 7X% pref..25
5% preferred.....
2
Unexcelled Mfg Ce
10
45 X
2X
1.900
Jan
Feb
51
dep rets tor ord——
Jan
3 X
3
Am
Jan
54
6X
6X
77 X
112
1,550
69
101X 101X
Union Oil of Calif deb rts..
50
*
com
Jan
Apr
'"260
3
38 X
Jan
Mar
40X
66 X
1
Apr
Mar
38*
"45 X "45X "47X
66 H
Jan
15X
8X
Securities Corp general...*
Inc
H
Jan
110
400
4
Apr
Jan
6 5i
3 X
6
Mar
141
27 X
25
112X 112 X
8
Jan
X
9X
18.900
35 X
"io«
*16
14 X
35 X
Jan
$X
114
100
'"""'is """X "'665
13X
Mar
,v4
200
""600
Apr
Mar
17 X
3
10
Tr pjex
1.800
"~3X "~3X
60
60
...1
Jan
13X
14
Scran ton Spring
brook—
Water Serv Sfi pref
dep
Common
Jan
X
•
8chlff Co common
Amer
Mining o' Ne»
Apr
5
1,700
Mar
24
Trans Lux Plot Screen-
6 X
6X
17 X
8
Feb
Apr
Jan
60 X
100
14X
17X
139
65
8
3X
I
1
preferred A
Jan
6X
775
17
1
7%
Mar
137
600
62
64
Toledo Edison 6% pref. 100
X
4X
Trt-Continentai warrants..
6
"ex
60
Industries
Feb
Feb
13 X
18
104
Transwestern Oil Co
*12
6 X
reg__.£l
Feb
Mines. 1
Savoy Oil Co
Selected
Am dep rets ord
Am dep rets def reg...£l
Todd Shipyards Corp
*
Mar
U3X
18X
Feb
Tobacco Securities Trust
55X
200
100
Selberllng Rubber
Exports...»
105X
San ford Mills com
Bros
Tobacco Prod
Jan
6.9(H)
Mar
Tobacco and Allied Stocks*
Apr
13H
6X
1
Tlshman Realty A Const.*
(410
16 X
7% preferred
Seeman
*
*40
15
5X
64 X
107
105
Roofing Inc
',500
13«
St Regis Paper com...—6
8covllie
Tllo
S' 25
15M
pref A
conv
Apr
Thew Shove iCoal Co
97
13 X
8t Lawrence Corp Ltd
52
x
,
5
5
2
40
2X
Petrol
Gold
"2,300
1
94 X
1
new
RVerson A Haynee com..l
Safety Car Heat A Lt -100
St
H
Mar
Jan
5
Mines
40
97
Rustless Iron A Steel
Consol
Apr
7X
2,900
15
Royallte Oil Co Ltd
Royal Typewriter
Russeks Fifth Ave
Mar
Jan
2X
800
20
Rossla International
Ryan
2X
8X
4
105
Mar
Mar
X
Jan
2,000
30
32X
6X
2 X
4,000
Mar
25%
41
Apr
5%
17X
46X
8X
IX
Feb
Feb
Apr
IX
6,900
Texon Oil <% Land Co
Mar
700
3.000
22 X
Teck Hughes
Jan
J6X
20 X
Tenn El Pow 7% 1st pf.100
Texas P & L 7% pref.. 100
IX
2
36 X
Jan
22 X
Mar
Feb
5
1
_.l
Rice Btlx Dry Goods...--*
37
High
Low
11X
36 X
2,900
4 X
Mar
21.30(1
100
14 X
4X
7X
300
ex
IX
26
14X
Range Since Jan. 1 1937
Sharet
Taylor Distilling Co
1
Technicolor Inc common.*
53X
Jan
High
Low
IX
49
33
42
Price
for
Week
IX
Inc class A
Jan
10
Ranoe
of Pricet
1
Tastyeast
Jan
4
400
15X
25X
Reynolds Investing
com
5X
41
Reliance Elec A Englng_.5
Rad
600
Week't
15
37
IX
4X
Taggart Corp common
*
Tampa Electric Co com..*
Jan
24 X
41
650
6
15
15
—*
com
Relter Foster Oil
Richmond
40
*
60c
Sale
High
Low
Sharet
Class A
Rath Packing Co
Last
Par
Rainbow Luminous Prod—
X
STOCKS
(Concluded)
Range Since Jan. 1 1937
for
Salet
Friday
Sale*
Friday
STOCKS
(Continued)
Reeves
2621
New York Curb Exchange—Continued—Page 4
144
—5
7
72
"T
72
3X
"~7X "10.555
74
3X
600
64 X
1,300
2X
Jacj
New York Curb
2622
Friday
bonds
Last
(Continued)
Week's Range
Sale
of Prices
High
Low
Price
Exchange—Continued—Page 5
Sales
bonds
Low
%
1946
1951
99
100
1st A ref 5s
1st A ref 5s._.
1966
$97
High
1968
92 %
1st A ref 4 %s
1967
85 %
102
Jan
104%
28,000
103
Mar
Low
103 %
Aluminum Co s f deb 5s '52
Aluminium Ltd deb 5s 1948
Amer O A El deb 69—2028
107
Am Pow A Lt deb 6s—2016
96 %
Amer Radiator 4%s..l947
Am Roll Mill deb 6s.. 1948
Amer Seating 6s stp—1946
Appalachian El Pr 58.1956
Appalachian Power 6s.l941
Debenture 6s
2024
Ark-Louisiana Gas 4s
103 M 104 M
91
92%
106%
107 M
112
102%
104M
105%
107 %
110M
6,000
102 %
104%
105%
92%
103%
102%
104%
112
57 M
Conv deb 6%s
1938
68
71
{55
High,
Conv deb 5s
1950
54%
Debenture 5s
1968
52 M
Conv deb 5%s
1977
Assoc TAT deb 5%s A '55
Atlanta Gas Lt 4%s.l955
51 %
54 M
52
Jan
Jan
107%
Jan
106%
Jan
Jan
105%
Mar
1 1937
High
108
Jan
Mar
104%
108%
106%
Mar
Jan
Apr
Jan
Jan
Mar
104%
Jan
57%
Apr
67%
Jan
82
236",000
51%
38,000
39,000
61%
53
Mar
Georgia Pow <k
Jan
♦Gesfurel 6s
65%
65%
Mar
Jan
69
Apr
60
Jan
61
Apr
Jan
62%
Jan
Jan
98
Apr
91%
105%
1,000
12,000
158
Jan
240
Mar
Jan
240
Mar
Hackensack Water 5s. 1938
146%
Jan
225
Feb
143
Jan
227
Mar
210
201M
♦6s stamped x w.. 1938
201
179 M 203
1955
111 %
58,000
348,000
111
111%
1st M 6s series B...1957
115%
115
115%
117% 117%
135
6s series E
1956
1st A ref 4 %s ser F.1967
6s series G.
..1968
Jan
114%
Mar
125
Apr
Apr
145
Jan
99
Jan
Mar
88%
Jan
Mar
101%
107%
106%
Jan
Apr
Idaho Power 5s
104
Jan
Apr
Apr
114%
105%
Jan
Illinois Central RR 6s. 1937
III Northern Utll 6s... 1957
Feb
113
"i~,666
105%
Apr
105
105%
8,000
105
Jan
103 %
29.000
101
Mar
22,000
41,000
2,000
108%
101
99
101
113
113
103% 104
99
111%
100
16,000
92 %
58
86
61M
64 %
103%
100
Mar
105
Jan
Mar
104%
Jan
98
Mar
95%
Mar
98
86
Apr
Apr
Chic Pneu Tools 5Ms. 1942
{♦Chic Rys 5s ctfs
1927
Cincinnati St Ry 6Ms A '52
6s series B
104%
103%
Jan
Jan
6%s8erles B
1953
104%
Jan
5s series C
1951
94
Feb
Indiana Gen Serv 5s.. 1948
89
Mar
99
Jan
58
Indiana Hydro Elec 5s '58
Indiana & Mich Elec 5s '55
82,000
60
66 M
44,000
72%
72%
75%
Jan
62%
Apr
Apr
Apr
103 M 103%
21,000
60
64
64
103%
104%
107
Apr
Mar
Jan
Cities Service 5s
106
Jan
Indiana Service 5s
1st lien & ref 5s
105
Feb
♦Indianapolis Gas
Jan
1950
Cities Service Gas 5 Ms '42
Cities
Service
Gas
Pipe
Line 6s
72 %
100 %
103 M
70 M
♦Commers APrlvat 5Ms'37
Commonwealth Edison—
1956
1957
110
1st M 4s series F
1981
3%s series H
1965
104%
102%
103
6s '57
78 %
1960
97M
Conn Light A Pow 7s A '51
Consol Gas El Lt A Power-
6s ser A stamped
Gont'l Gas A El 5s
Crucible Steel 6s
1943
1958
:
1940
1944
Delaware El Pow 5 Ms. 1959
Denver Gas A Elec 5s. 1949
Det City Gas 6s ser A. 1947
6s 1st series B
1950
83 M
89 M
103 M
"73"
104
Jan
"2",000
73%
8,000
266,000
74
101
53,000
71
73%
97%
102% 103%
68% 71
67% 69%
110%
111%
107%
107%
103%
69
Mar
97
Mar
101%
100
Jan
105%
69%
100
9,000
102%
67
79,000
39,000
78
84
Jan
7s series E
1957
7s series F
.1952
85
70
"m"
8%
67
73%
68%
103
46%
Apr
Jan
Jan
104
Feb
84%
80
56
Feb
Jan
112
Feb
110%
Jan
111%
Apr
Isotta
8,000
107%
107%
102%
100%
Apr
111
Feb
Italian
Apr
Jan
Mar
111%
106%
106%
Jan
Mar
104
Jan
5s series B
1947
104%
Jan
4 %s series C
1961
104
80
102%
78
27,000
36,000
96%-
Apr
90%
Jan
Apr
101
Jan
126%
Apr
130
Jan
98%
4,000
Apr
104%
Feb
1,000
84%
107%
118%
32,000
83%
85%
86
90% 160.000
12,000
102% 103%
99% 100
9,000
73
102
Kansas Elec Pow 3%s. 1966
Kansas Gas & Elec 63.2022
Lehigh Pow Secur 6S..2026
Lexington Utilities 58-1952
Llbby McN & Libby 5s '42
105%
Jan
Lone Star Gas 5s
109%
Mar
105%
103
106
1,000
107
107
102 M
98
102% 102%
98
96%
88%
89%
107
'
9%
8
Jan
79
Mar
Apr
Apr
Mar
96%
115
Jan
Jan
Jan
Feb
104%
Mar
103%
93%
Jan
Jan
1942
Metropolitan Ed 4s E.1971
Middle States Pet 6%s '45
Midland Valley 5s
1943
Milw Gas Light 4
%s_. 1967
M inn P & L 4
102
31%
Mar
33%
Apr
31,000
76%
Mar
88%
Feb
86%
Feb
77
1,000
Mar
Jan
Mar
109
Jan
10,000
106
Jan
101%
107%
Feb
54.000
102
Mar
106%
Feb
65.000
100%
Mar
106% 107%
103% 104%
101% 102%
96
98%
91% 91%
100% 102
102% 102%
91
92%
{106%
"94
91
Mar
106%
104%
Jan
96
1,000
90
Apr
99%
Jan
5,000
100%
102%
Apr
Apr
Apr
3,000
13,000
91
107
i7~666
Feb
90
Jan
107
Feb
Jan
Mar
79%
"71% "i3~666
13,000
Jan
Jan
Mar
78
Jan
Mar
82%
Jan
103%
Mar
Jan
15,000
8
Apr
106%
13%
4,000
65
Apr
Apr
Apr
4,000
56,000
73%
5,000
73%
68%
7,000
68%
106% 107
7,000
101 % 101«32
35.000
149,000
58%
62
46
48
40,000
85
Jan
99
Feb
69%
84
Jan
106%
F>b
109%
68%
68%
67
105
101
Mar
65
Jan
106%
110%
Apr
105%
70%
74%
105% 106%
8%
9%
Jan
99,000
6,000
106% 106%
{110%
11,000
78%
80%
102% 103
102% 102%
52,000
105
105
70
84
74
73%
68%
105
77
Jan
Jan
83
Feb
81
Feb
Mar
107%
Jan
100%
Jan
102%
Mar
58%
Apr
41
Apr
76%
69%
Jan
81%
78%
Apr
Apr
Apr
7,000
102
1,000
101%
Mar
6,000
29,000
104%
103
Apr
Mar
72
5,000
96
Jan
Jan
88%
105%
104%
105%
Jan
Feb
Feb
Jan
105%
Jan
66
Jan
79%
Feb
72
Jan
80
Feb
71
Feb
99%
59
60
3I"6O6
56
Jan
51
22,000
46
Mar
56%
Jan
8,000
103
Mar
105%
105%
Jan
Mar
97%
Mar
Apr
121%
Jan
Mar
104%
Jan
Mar
99%
Jan
Apr
Apr
Mar
Apr
107%
103%
Jan
104% 105
102% 104
{94% 97
117% 117%
91
92%
'"93*%
107%
103%
104
99
100
89%
{103%
91%
93%
"94%
107
108
104%
105%
102% 103%
104
104%
105% 105%
5s
%s
97%
106
98
102%
117%
95
6,000
{55
100
Apr
10,000
8,000
70,000
i3"666
63,000
22,000
18,000
11,000
2,000
48,000
3,000
89%
103
99
89%
103%
Jan
93
106%
100%
103%
103%
104%
103%
97%
65
101
Mar
Mar
Mar
Mar
Feb
Jan
105%
Apr
Feb
106
Apr
Apr
105
Feb
26
50
Fob
104
90.000
105
Mar
118
37.000
102
Ma'
107%
92
91
102% 104%
96
97%
102% 103
86% 88
88
91
108% 108%
74
95%
Jan
104
Mar
Mar
60
Mar
101
90
108%
Jan
106%
100
91
88
Jan
Feb
1,000
93
103
Jan
105
43,000
93
102%
Jan
Jan
106
104% 105%
115%
Jan
99%
104%
101%
111%
101% 102%
115% 118
"93
1978
1944
23,000
26
101
102
1955
5%s
38,000
"s'ooo
{20%
74
94%
95%
Montana Dakota Power—
2623.
Feb
105
Mar
Mar
103
91
Mississippi Pow 5s...1965
Miss Pow & Lt 5s
.1957
M lss River Pow 1st
5s 1951
{♦Missouri Pub Serv5sl947
aee page
Mar
Jan
98
102%
106%
♦McCallum Hos'y 6 %sl941
McCord Rad & Mfg 6s '43
Memphis P A L 5s A..1948
Mengel Co conv 4%s._1947
Jan
Mar
2,000
1,000
100
JaD
95%
Mar
97
26%
104%
1,000
♦7s without warr'ts.1941
109
Jan
Mar
2,000
100
Jan
102
Feb
26«
13,000
20,000
103% 105%
Apr
96%
o8\„
99
106
Jan
Jan
102%
Jan
44,000
105
98
Mar
106
Apr
20%
100% 100%
33% 33%
78% 82%
105
Mar
Apr
98%
22
106
Mar
Jan
23
Louisiana Pow & Lt 5s '57
82%
38,000
102
99%
Long Island Ltg 6s... 1945
Mar
102%
14,000
103
♦Manitoba Power 5%sl951
Mansfield Mln & Smelt—
Jan
4,000
Jan
Jan
Jan
Feb
106
75%
Jan
Mar
62
Mar
109%
107
2%
100%
85%
100%
Jan
Apr
106
13%
12%
4%
4%
Jan
94%
Mar
Feb
Apr
55
106%
60
Mar
3
2.000
51,000
Kimberly-Clark 5s... 1943
Lake Pup Dist Pow 3%s *66
Jan
83,000
5,000
1969
Jan
Feb
Jan
Jan
Mar
88
108
101% 101%
91
1955
Mar
28,000
101
5 %s series F
5s series I
103 %
"i",66o
87% 119,000
85%
102% 103%
22,000
84
86% 115,000
1947
100%
80
Jan
Feb
Utilities Co—
1st mtge 5s ser H...1961
6 %s series D
1948
Jan
106%
5,000
Jan
Kentucky
Feb
105
"5",000
Mar
89%
89%
105
Jersey Central Pow & Lt—
Mar
102%
3
93%
<>98%
Jan
Jan
Mar
47%
73
105%
108%
4
Apr
Apr
109%
125%
"59"
Stamped
97
1,000
9
Feb
Apr
105
"72"
7s... 1942
Superpower 6s. 1963
Jacksonville Gas 5s... 1942
Mar
Mar
97%
{75
Mar
Mar
79%
102
1961
51%
Fraschinl
120", 066
2,000
74
58%
Iowa Pow & Lt 4 %s
1958
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 78.1952
Feb
70%
106%
110%
2,000
101
"94"
35,000
2,000
3
87 %
103%
100%
102%
91%
24,000
3%
Aug 1 1952
97%
52%
118% 118%
73
106%
102
Debenture 6s
1952
Interstate Publlo Service—
5s series B..
26
2,000
98%
104
Interstate Power 5s... 1957
Jan
Mar
6,000
79
Jan
80
Jan
108% 108%
Jan
1956
Jan
88
100
Jan
4%s series F
-.1958
Iowa-Neb L & P 5s... 1957
Jan
105%
Apr
55
102
82%
82
Jan
97
61
105
83
79%
Mar
106%
108% 108%
99
Mar
Apr
Apr
95%
"90% "e'ooo
{19%
Mar
Feb
Feb
Feb
Mar
83
98%
{27
112%
111%
109%
96% 97%
132
{126
83%
103
International Salt 6s.. 1951
f International Sec 58.1947
67%
110
14,000
104% 107,000
101% 104
61,000
102% 103
27,000
{8
♦Certificates of deposit
Empire Dist El 5s.. —1952
Empire OU A Ref 5 Ms. 1942
Mar
9%
♦Certificates of deposit
Edison El 111 (Boat) 3 Ms '65
Elec Power A Light 5s.2030
Eimira Wat Lt A RR 5s '56
El Paso Elec 5s A
1950
100
{104%
108%
106%
106%
105
103%
Detroit Internat Bridge—
♦6 Ms
.—Aug 1 1952
Dixie Gulf Gas 6 Ms.. 1937
Eastern Gas A Fuel 4s. 1956
101%
108% 108%
118%
Cuban Telephone
7Msl941
Cuban Tobacco 5s
2,000
17,000
98% 100
1939
Gen mtge 4Mb
1954
Consol Gas Utll Co—
International Power Sec—
6%s series C
..1955
Kansas Power 5s
(Balt) 3Ms ser N...1971
Consol Gas (Bait City)
6s
Jan
Jan
100
71%
70%
52
1st M 5s series A.-.1953
1st M 5s series B...1954
Com'wealth Subsld 5Ms '48
100
110
5s series D
1943
1st 4 Ms series D
72
{95%
Cities Serv P A L 5 Ms-1952
5Ms
1949
1st 4 Ms series C
Apr
Mar
26
25%
88
Jan
Jan
Mar
55
5s A1952
92
20,000
Jan
Jan
Apr
Apr
21
21%
25", 000
81%
99
101%
104%
60
108%
1950
1963
Feb
99%
21%
{106%
1957
106
94
100
1966
Conv deb 5s
92
5s
Ind'poiis P L 5s ser A. 1957
{♦Intercontin'ts Pow 6s '48
102% 102%
73 M
Electric Corp—
1947
6s series A
30,000
{106% 109
1955
Indiana
Jan
Apr
77
83
98
Jan
Jan
27
80
Jan
104%
102%
101%
Feb
22,000
{98
1st & ref 58 ser C...1956
Sf deb 5%s__.May 1957
60 M
{105
94
98
77%
92%
101%
Apr
70
96
1947
111 Pow & L 1st 68 ser A '63
1st & ref 5%s ser B-1954
Jan
Mar
Mar
Apr
3,000
71
1949
Mar
94%
102
6s series B
Jan
Illinois
Midland Ry 4Ms A 1956
Chic Jet Ry A Union Stock
Yards 5s.
1940
21%
21%
21%
93%
{21%
♦Hungarian Ital Bk7 %s '63
Hygrade Food 6s A...1949
Jan
Jan
86
1,000
97%
6%s with warrants.1943
85%
Jan
100%
Jan
101
2,000
45,000
75
76
♦<fe St. Ry. 6%s
1938
Heller (W E) 4s w W..1946
Houston Gulf Gas 6s. .1943
91%
60
Cent States PAL 5%s '53
Chic Dist Elec Gen 4%s'70
6s series B
—1961
Jan
124
74
Cent Pow A Lt 1st 58.1956
1948
115%
12,000
93 M
113
1981
5Ms ex-warrants--.1954
Mar
Mar
78
Cent States Elec 5s
4Mb series H
110
77
97% 123,000
64,000
96
4,000
96%
99 M 100
9,000
86
86 M
4,000
90 %
92% 111,000
Cent Ohio Lt A Pr 5s„ 1950
Cent Power 5s ser D..1957
91
1,000
18,000
92,000
1947
135
108% 109
103%
97 M
101%
1977
113
103
Canada Northern Pr 5s '53
5s series A
Hall Print 6s stpd
5,000
48,000
105% 105%
105
2,000
Jan
96
Mar
70%
103
"91%
♦Hamburg Elec 7s
1935
Hamburg El Underground
89
{91
♦Canadian Pac Ry 6a. 1942
Carolina Pr A Lt 6s... 1956
Cedar Rapids M A P 5s '53
Central 111 Public Service—
6s. 1945
85%
77
Broad River Pow 6s_.1954
136
23,000
8,000
Feb
Mar
105
98%
91%
23~66O
75
Guardian Investors 5s. 1948
158
Feb
Jan
102%
105%
Jan
99
9,000
88
~89%
8,000
Telep of Canada—
Buffalo Gen Elec 5s...1939
Gen A ref 5s
1956
97%
100%
46,000
103
Grocery Store Prod
98 M
200
87 %
24,000
94
92%
on
97%
100% 100%
100% 101%
{100% 102
93
97%
~80%
98
181
Bethlehem Steel 6s_..1998
90%
*98%
Jan
194
Birmingham Elec 4%s 1968
Birmingham Gas 5s_—1959
io8~66O
98
90%
"90
Glen Alden Coal 4s...l965
Gobel (Adolf) 4%s—.1941
86
200
1960
"97%
Grand Trunk West 4s.l950
Gt Nor Pow 5s stpd_.1950
~9~666
200
5s series C
98%
100%
100%
1953
87%
♦6s without warrantsl938
1st M 5s series A
103%
103%
Mar
1,000
{94
Lt 5s.. 1978
Guantanamo & West 6s '58
♦6s with warrants.-1938
♦6s stamped w w.1938
7,000
{♦Gen Vending Corp6s.'37
Gen Wat Wks & El 5s. 1943
Georgia Power ref 5s.. 1967
86%
98 M
104
Feb
Mar
""93% ""Jan
Jan
Certificates of deposit..
Apr
Mar
101%
21
Gen Pub Util 6%s A.1956
♦General Rayon 6s A. 1948
119%
Mar
26",000 "~83%*
1,000
"92%
General Bronze 6s
1940
General Pub Serv 5s. .1953
102%
68
Jan
102
103% 103%
stamped. 1944
Apr
54
53 M
5s ex-warr
Jan
Apr
73%
108%
Jan
104
"104
Deb gold 6s. June 151941
Deb 6s series B
1941
Mar
63
105%
6,000
102
Gatlneau Power 1st 53.1956
98%
93%
5 Baldwin Locom Works—
Low
%
Gary Electric & Gas—
Apr
109
60
""85
Florida Power & Lt 58.1954
14,000
15,000
53%
55 M
{58
Mar
106%
107
{60
68
106% 107%
{31% 50
83% 85
106%
Firestone Tire & Rub 5s '42
First Bohemian Glass 7s '57
Mar
58
52 H
Jan
95
106
Associated Gas A El Co—
Conv deb 4%s C...1948
Conv deb 4%s
1949
Banks 6s-5s stpd.._1961
Firestone Cot Mills 5s. 1948
Jan
104%
19,000
97 % 120,000
58 M
61,000
94 M
57 M
Jan
Jan
Jan
31,000
1,000
48,000
99 M
"97%
Apr
Apr
Apr
Apr
105
1953
105%
99%
8,000
104%
106 M
107 %
99
90
82%
6 %s series A
Erie Lighting 5s
105
Mar
17~600
39,000
54,000
104% 105%
9,000
106
107
70,000
94
96 M 111,000
Apr
1967
♦Farmers Nat Mtge 7sl963
Federal Water Serv 5%s '54
Finland Residential Mtge
Apr
98%
104 % 105
"102%
99
20,000
82 M
85%
105
106
1951
Arkansas Pr A Lt 5s.. 1956
Associated Elec 4 Ms.-1953
For footnotes
Range Since Jan
for
] Week
of Prices
Price
108%
99
♦Deb 7s
Week's RangeI
Sale
Ercole Marelll Elec Mfg-
1st A ref 6s
Community Pr A Lt
Community P S 5s
Last
(Continued)
$1,000
104% 104%
1st A ref 6s
Chicago A
Sales
Friday
Range Since Jan. 1 1937
for
Week,
BONDS
Abbott's Dairy 6«
1942
Alabama Power Co—
Bell
April 17, 1937
14,000
38,000
52,000
50.000
6.000
17,000
90%
90
102%
95
100%
86
Apr
Apr
Apr
Apr
Jan
99 %
Jan
97%
106%
102%
Mar
Feb
,
Jan
Mar
106
Jan
Mar
99
Jan
60,000
88
Apr
100%
Jan
1,000
107
Feo
108%
Apr
1,000
74
Mar
84%
Feb
5,000
94%
Apr
100%
Feb
ggf
Volume
New York Curb
144
Las I
Sale
Price
West's
Low
{♦Munson SR 6 34« ctfsl937
Nassau & Suffolk Ltg 5a '45
Nat Pow & Lt 6a A.
Dob 6fl serl as
47%
Nebraaka Power 4 34s- 1981
68 series A
Conv deb to__
•
91
1950
"7234
1948
Conv deb 6s__
New Eng Pow A88Q 6s. 1948
Debenture 5 34s
1954
Low
Price
Apr
105 3*
Jan
1434
Jan
5s stamped
1942
"7l
114
15,000
113
Jan
74
57,000
72
Apr
Apr
12134
72
84J4
Jan
7434
20,000
723*
85
Jan
71
733*
72.000
71
843*
Jan
9634
63,000
9434
Apr
10134
2d stamped 4s.-.1946
"39"
9834
52,000
9634
Mar
10234
Jan
Jan
983*
Super Power of 111 434s '68
1035*
Syracuse Ltg 534s
973*
Mar
Apr
Jan
Debenture 6s
51
8634
8634
6,000
80
8134
10,000
835*
Feb
96
9634
Mar
102
Jan
Mar
3554
34
36
58,000
Apr
Apr
96
♦Starrett
823*
323*
443*
Jan
*45
55
53
Jan
57
Jan
5034
Jan
54
Jan
953*
Jan
92
Jan
105J4
1053* 10634
97,000
105
Apr
1063*
Jan
101
100
101
Apr
101
101
89,000
46,000
100
100
100
Apr
10434
10334
Jan
Jan
Apr
112
Mar
863*
Jan
Feb
No Amer Lt A Pow—
No Indiana G A E 68-1952
10734
94
5634
Nor Cont'l Utll 5348—1948
92
5734
19,000
6b series C
-.1969
4,000
7,000
1073* 1073*
1023* 103
I()23*
102
96
1970
N'westem Elec 6a stmpd'45
10434
N'western Pub Serv 5a 1957
965*
10234
9834
1023* 10434
95
97
1945
108
108
Ohio Power 1st 6s B..1952
*106
10034
Jan
1st A ref 434s aer
105
D.1956
-1954
1961
Okla Nat Gaa 4 348—1951
1946
Okla Power A Water 5a *48
Pacific Coast Power 6s '40
107
Jan
1053*
Jan
Jan
96
_1942
10434
-1950
'l09k
9854
108
"8,666
22
11034
Apr
1063*
Mar
3,000
6654
Mar
7934
Feb
2034
Mar
24
Feb
1934
Mar
245*
Apr
893*
Jan
Mar
945*
Jan
f 6s
1945
Feb
United Lt & Pow 6s
1975
Mar
Feb
634s
1974
Jan
1063*
Mar
534s
1959
10534
98
102
6,000
52,000
12,000
943*
9634
102
913*
Mar
119
Jan
Mar
1023*
Jan
Mar
117
Jan
6s series A
8634
11134
803*
1973
434s_-._
""983*
1944
series
"1065*
1952
E
Jan
Valvoline Oil 7s
Jan
Apr
105 34
Jan
Apr
1053*
Jan
Apr
103
Jan
101
Apr
106
Mar
1937
m
Jan
Jan
Jan
West Penn Elec 5s.
Mar
Apr
100
Jan
Mar
112
Feb
Mar
Jan
9,000
1053*
Apr
5,000
10734
Mar
105
Mar
1053*
10834
10634
Jan
Apr
.
_
81
21,000
84
7,000
10534
90
6,000
24,000
10234
8434
Apr
Mar
94
30,000
1,000
9534
10454
Jan
1065* 1065*
20,000
10534
Mar
101
*1023* 103
995* 10134
5,000
5,000
......
1115*
793*
98
1023*
107
965*
Jan
Mar
Jan
Jan
115
102
Jan
106
Feb
1065*
Feb
8934
103
Jan
Jan
Jan
Jan
101
Apr
Feb
103
Mar
21,000
98
Mar
10434
Jan
15,000
9,000
9234
Mar
10234
Jan
90
Mar
101
33
Mar
9534
94
95
3634
6,000
10054 10054
106
10634
1053* 1053*
1053* 1055*
7,000
12,000
2,000
16,000
1055*
1 98
83
22,000
97
945*
—
7934
983*
9534
10534 10534
46,000
35
Wash Water Power to. 1960
Mar
2134
95
Waldorf-Astoria Corp—
♦7s with warrants.-1954
11134
10634
95
106
......
9534
1946
Ward Baking 6s
1937
Wash Gas Light 5s—1958
Wash Ry A Elec 4s__.1951
7,000
m
"ioi"
Va Pub Serv 534a A..1946
1st ref 5s series B—.1950
6s
m
2134
Apr
Apr
Apr
Apr
100
Vamma Water Pow 534s'57
70
1115* 1123*
803*
793*
95
Utlca Gas A Elec 5s D 1956
5s
693*
*205*
*205*
7934
833*
105
...
1952
9334
9,000
107
443*
Jan
Jan
Jan
10054
Apr
10134
10534
1053*
Jan
108
Jan
Apr
107
Mar
105
Jan
10654
Feb
ioek
10634
10434 105
77
77
*100
~
11*606
Jan
623*
Jan
77
Feb
Wise Pow A Lt 4s
Jan
108
Jan
Yadkin River Power to '41
10234
Apr
107
Jan
York Rys Co to
Apr
23
85
Jan
18 34
76
3034
Jan
"9134
1937
803*
Mar
104
Feb
iif.ooo
100
Feb
102
Feb
18
Mar
Mar
Feb
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
434s series E
1980
'iolk
1st A ref 4}4s ser F-1981
10134
434s series I__
103
193*
129
1083* 110
1043* 10434
22,000
10834
14,000
10334
Mar
10534
Jan
♦Cauca Valley 7s
103
12,000
101
Mar
10334
Jan
1st A ref 5s series C.1950
883*
833*
1st A ref 4 34s ser
813*
Puget Sound P A L 5 34s '49
101
10134
18,000
60,000
101
Mar
1033*
Jan
♦Prov Banks 6s B--1951
Apr
102
Mar
1033*
10534
Jan
52.000
Jan
Danish
29,000
99
Mar
10534
Jan
983*
Jan
96
Jan
9234
Jan
147
Jan
Apr
112
Jan
1003*
1003* 1013*
8734
8934
833*
853*
803*
8134
49,000
27,000
25.000
8,000
87
8334
7934
10334
Apr
Mar
Apr
534s series A
1952
♦Ruhr Gas Corp 6348.1953
♦Ruhr Housing 634s—1958
Safe Harbor Water 6 Ha *79
"10734
1033* 10434
2234
{♦St L Gas A Coke 6s—*47
"102"
San Joaquin L A P 6s B *52
Sauda Falls 5s
1955
2234
1834
1834
1073* 10734
163*
155*
10034 10234
129
*128
10934 10934
5,000
4,000
4,000
6,000
6,000
75,000
T,66o
1948
Shawlnlgan W A P 434s '67
434s series B
1968
1st 434s series D...1970
Sheridan Wyo Coal 68-1947
Sou Carolina Pow 5s. 1957
Southeast PAL 6s..2025
103
2234
(Province)—
♦7s stamped
1952
♦7 34s stamped..
1947
1948
♦6s series A
Ref M 35*s.May 1 1960
Ref M 33*8 B-July 1 *60
1st A ref mtge 4s.--I960
Sou Counties Gas 4 34s 1968
1951
S'western Assoc Tel to 1961
S'weBtern Lt A Pow to 1957
So'west Pow A Lt 6S--2022
So'west Pub Serv 6S--1945
Apr
1023*
10734
10034
Jan
1063* 10634
87
9234
46,000
8,000
95
1063*
Feb
87
Apr
2234
Jan
Jan
Jan
26
4,000
30
Feb
2234
*2434
193*
2634
......
22
Apr
Apr
29
Feb
193*
1,000
183*
Jan
25
Mar
843*
855*
1,000
843*
Apr
91
Feb
1,000
8434
Mar
915*
Feb
15
5,000
14J*
Apr
21
Feb
195*
Apr
2734
Jan
"35"
102
1955
1023* 10234
7134
7134
93
913*
985* 101
99
1953
External 634s
9934
97
97
1952
♦Secured
1947
6s
Feb
♦Medellln 7s series E.1951
155*
Feb
♦Mendoza 4s stamped-1951
96
Mar
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
10434
Jan
153*
10034
12834
1073*
Feb
Apr
107
Jan
Mar
132
Jan
Feb
110
Mar
Mar
29
Mar
47
Mar
♦Issue of Oct 1927
80
"
......
Jan
Jan
♦Parana (State) 7s
1958
♦Rio de Janeiro 6 34a.-1959
38"6o6
105
Feb
♦Russian Govt 6 348
193*
3,000
20,000
8,000
16,000
104ft
Feb
♦634s certificates
105
Jan
♦534s
♦534s certificates
683*
913*
983*
Feb
Apr
Apr
72
Mar
101
Jan
ie'ooo
10,000
75,000
4,000
6,000
103
10934
Jan
Mar
107
9934
108
993*
104
10234
78
265*
Mar
Apr
1023*
97
Apr
10034
Jan
Feb
56
Mar
77
Feb
7,000
17
Jan
25
Mar
1954
2,000
17
Jan
25
Mar
Mar
0,0,0,0»m*00
23
Feb
20
5,000
17
1834
1834
1,000
1,000
1754
Apr
233
Mar
24
18
Jan
Mar
28
1,000
2454
Jan
293*
313
15
15
Apr
21
Feb
9534
51,000
155*
9634 102,000
913*
Jan
9634
Apr
22
22
Apr
2734
22
24
215*
Feb
193*
Feb
Jan
2734
193*
2134
Mar
1,000
3,000
3,000
1534
Feb
Feb
......
965*
27
2834
2834
134
154
134
283*
134
134
154
134
134
154
134
134
7634
1834
1834
134
8.000
9,000
10,000
9534
2534
7,000
Apr
100
Feb
34
Jan
Jan
Apr
35)
13*
Jan
1)
Jan
29,000
1
Jan
Feb
37,000
2,000
2,000
2,000
13*
Jan
134
Jan
Mar
27
Jan
6234
Jan
15
15
15
815
16
Jan
2034
Mar
16
Jan
2054
Mar
Feb
Feb
Jan
Apr
Mar
Jan
Apr
108
1103*
1043*
87
Jan
Jan
Mar
Jan
9634
9934
Mar
1033*
Jan
Mar
104
Jan
9434
Apr
1043*
Jan
Apr
100
Jan
104
Mar
99
Jan
Mar
20
20
60
9534
28
1919
1921
1921
113,000
8,000
1.000
*10
1919
♦Santa Fe 7s stamped. 1945
♦Santiago 7s..
—1949
♦7s
78
1834
♦Mtge Bk of Chile 68-1931
6s stamped
1931
Mtge Bk of Denmark 5s '72
1063*
97
......
22
Mar
Apr
24
10034
28
27
♦Lima (City) Peru 634s-'58
♦Maranhao 7s
1958
Mar
*50
1954
1954
195*
22
24
♦Hanover (City) 7S---1939
♦Hanover (Prov) 6 348-1949
1033*
105
9734
9734
1013* 1023*
95
9434
104
10434
""26"
Jan
Jan
1L.000
30,000
134,000
993* 101
100
101
55,000
10434 10634 24,000
*10334 10434
103
"1954
♦German Con Munlc 7s '47
104
"3534 "2",000
10234
*1053*
1023* 102 k
1023* 10234
*2034
1952
534a
107
Sou Calif Edison Ltd—
1945
Apr
30,000
*20
Jan
2134
1073*
1834
18
22
Saxon Pub Wks 6S--.1937
{♦Schulte Real Est 6s. 1951
Scrlpp (E W) Co 5348-1943
107
Buenos Aires
Apr
Queens Boro Gas A Eleo—
10434
Jan
Danzig Port A Waterways
1003* 1013*
10254 10334
10334 104
1968
Jan
10534
8,000
Cent Bk of German State A
Mar
to
1966
10534
10754
843*
855*
0,000,000000
103
10434
1966
1978
Feb
Feb
145*
♦20-year 7s.—---1947
♦Baden 7s
1951
16,000
129
1093*
Apr
Mar
10534
963*
95
62
1035*
FOREIGN GOVERNMENT
Jan
213*
963*
1966
8,000
32,000
......
AND MUNICIPALITIES—
76
9934
000,00000000
Jan
Jan
Apr
10734
104
1,000
109
......
Feb
1053*
16,000
25
97
Feb
Mar
21
16,000
101
130
Jan
1063*
21,000
20
106
9934
7934
106
1083*
79
Jan
Apr
Mar
12,000
33,000
773*
11434
913*
98
Mar
22
*18
Jan
Mar
89,000
97
9334
10534
21
96
1055*
10834
*9334
2030
99
8834
11014 HI
19,000
5,000
Apr
110834
West Texas UtU 5s A 1957
10834 108 34
95
9234
62
6334
West Newspaper Un 6s '44 f 63
1045* 105
West United G A E 534s '55
10434
*1065* 1075*
Wheeling Elec Co 6s. .1941
Wlso-Mlnn Lt A Pow to '44
10654 107
26,000
4~oo6
6s series C
Sou Indiana Ry 4s
6s series A
1023*
9934
1033* 1033*
434s Berles D
Debenture 33*8
81
Un Lt & Rys (Del) 534s '52
United Lt & Rys (Me)—
Apr
Pub Serv of Nor Illinois—
,
s
Mar
10834
163 k
6% perpetual certificates
Servel Inc 5s
11134
693*
1956
Apr
Feb
Mar
Public Service of N J—
B.1958
ex-w
1103*
10634
9934
*18
San Antonio P S 5s
United El Serv 7s
105
103
1085*
10334
79
1003* 10034
Quebec Power 5s
United Elec N J 4s.-.1949
United Industrial 6 34s 1941
3,000
72,000
Power Securities 6s. -.1949
D-1950
Mar
Jan
40,000
♦Prussian Electric 68-1954
4s series A
Mar
Apr
113
T,o66
1961
1960
Pub Serv of Oklahoma-
107
11734
4,000
69.34 6934
108
*107
Potrero Sug 7s stpd-_1947
Power Corp(Can)4 34s B '59
1956
Apr
Mar
Mar
115
6934
Portland Gas A Coke 5s '40
1st A ref 5s
503*
10654
10434
"
111
913*
95
♦Pomeranian Elec 63-1953
4 34s series F
535*
6,000
—
West Penn Traction to '60
1949
Potomac Edison 5s E.1956
*1073*
Jan
27,000
6,000
Phil Sub CoG A E4 34 *57
Pittsburgh Steel 6s.-.1948
48
o*
Jan
Feb
1113*
903*
1981
Pittsburgh Coal 6s
*
105
1053* 10534
109
10934
*106
4Mb series B
.1968
Peoples Gas L & Coke—
Pledm't Hydro-El 634s '60
.
Utah Pow & Lt 6s A-.2022
1954
{♦Peoples Lt & Pr to—1979
51
5s series A
943*
60
Apr
Jan
1023*
Jan
Apr
108
108
101
Mar
47 34
109
10654
Jan
1023*
8234
4,000
Jan
1075*
12,000
943*
51,000
51
51
58,000
Mar
903*
9934
Phlla Elec Pow 534s—1972
Phlla Rapid Transit 6s 1962
843*
5034
Apr
Mar
1063*
10834
48 serlesB
8234
5034
Jan
195*
1045*
903*
Deb 534s series B—1959
5s series D
843*
Feb
10434
5,000
3,000
Jan
Penn Pub Serv 6s C—1947
Penn Water A Pow to-1940
5343 '52
3d stamped
1944
Certificates of depositUnion Elec Lt & Power—
113
Apr
Mar
4,000
Penn Ohio Edison—
6s series A x-w
"1075*
Mar
1834
10634
1075*
100
913*
95
......
10654 10654
11134 11134
Mar
"943*
108
99
2154
10734 109
Jan
Feb
Feb
107
89
Penn Electric 4s F
3,000
34,000
109
*1934
4034
106
1957
2,000
102
106
Jan
Apr
1967
Jan
9634
Apr
3834
1043*
to series B
Jan
"98
100
434s
10834
81
1003* 10234 105,000
37
58,665
1043* 1053*
Jan
10034
79
Feb
9834
Jan
Apr
1003* 10034
Jan
80
105
Apr
79
853*
Jan
10534
96
1133*
Apr
Apr
66
10434
107
1153* 11554
9634
9634
1133* 1133*
Jan
88
7334
Feb
98
Penn Cent LA P 4348-1977
5s
1979
1971
00
Jan
Apr
Apr
37,000
1941
Pacific Pow A Ltg 5S--1955
Palmer Corp 6s
1938
.
Mar
95
10234
38:655
Pacific Invest 58 aer A.1948
Pacific Ltg A Pow 5a.
rn.00m.rn.
10654
Jan
Mar
7,000
69
1962
Twin City Rap Tr
Mar
19,000
903*
5,000
Jan
Jan
Ulen Co—
Mar
Apr
1043* 10634
106
Mar
107
4954
1055*
1055*
10934
1073*
Mar
5,000
9634
(Leonard) 7348-1946
Toledo Edison 5s
Jan
963*
975*
9934 101
106
Mar
1023*
_
109
t
2022
Apr
100}*
'"973*
102
18,000
...
------
101
Tide Water Power to—1979
6934
100
3,000
*100
32,000
10434
"105""
Texas Power A Lt to—1956
1073*
10034
10634
105
Apr
20,000
68
♦Texas Gas Utll 6s.—1945
Jan
Pacific Gas A Elec Co—
1st 6s series B
69
1st
105
534s series E
5s conv debs
77
6s
Apr
Mar
39
1073* 10754
88
893*
7334 77
88
Ternl Hydro-El 6 34s-_ 1953
Texas Elec Service to-1960
Mar
10.000
1093* 10934
1953
5s series D
Tennessee Elec Pow 5s 1956
55
1063*
11.000
18,000
13,000
36,000
3,000
104
"l0754
38
48
......
*10754 10734
1957
2" 000
.
39
1035* 1043*
10434
1954
5s series B
52
39
0,
3,000
393*
*47
1946
1970
Apr
Ohio Public Service Co—
6s series C_.
38
1940
6s
..1966
6s series D._
Ogden Gas 5s
2d stamped 4s
♦7-4% stamped
91
Northern Indiana P S—
434a series E
Corp Inc 5a. 1950
{Stlnnes (Hugo) Corp—
♦7-4% stamped
1936
♦Tletz
9334
12.000
2,000
Mar
84
Mar
120,000
Mar
11034
96
86
"
Tenn Public Service 5s 1970
ii'666
Mar
83
983*
NY PAL Corp 1st 4 34s '67
N Y State E A G 4 34s. 1980
1956
1951
98
Jan
8634
953*
54,000
Apr
Apr
823*
Feb
86
83
855*
1093*
U1034 11034
Mar
20,000
{Standard Pow A Lt 6s 1957
1043*
1954
95
Jan
Jan
Nippon El Pow 0348—1953
Mar
Apr
110
Mar
1,000
95
84
3,000
Debenture 6s-Dec 1 1966
Standard Investg 534s 1939
103
103
Mar
83
38.000
Apr
Jan
31,000
103
95
84
12634
10934
7934
10234
86
84
♦Certificates of deposit
1st 4 34s
8634
8134
83
84
1935
High
Apr
Apr
6.000
863*
Jan
♦Convertible 6s
1063* 10634
534 s series A
85
9934
Feb
Jan
10634
Debenture 5s
853*
83
Apr
9534
Elec 5 Mb '50
N Y A Westch'r Ltg 4a 2004
83
89
Jan
1073*
973*
New York Penn A Ohio—
Ext
"84?*
♦Certificates of deposit
107
Low
%
853*
853*
845*
853*
873*
55,000
118
Apr
8134
Apr
463* Mar
107 34
Mar
11634 Mar
1063*- Apr
43*s stamped-.1950
N Y Central
84
{♦Stand Gas & Eleo 6sl935
91
48
10934
94J4
New Orleans Pub Serv—
♦Income 6s aeries A.1949
Week
High
834
Range Since Jan. 1 1937
for
of Prices
Low
High
90
463*
118
New Amsterdam Gaa 5s '48
N E Ga8 A El Asau 58-1947
S
Week's Range
13,000
2,000
37,000
18,000
13,000
2,000
1,000
19,000
83*
854
1053* 1053*
94J4
963*
8134
8634
109
2022
Nel8ner Bros Realty 6a '48
Nevada-Calif Elec 5a. 1956
High
Last
Sale
723*
853*
{♦Nat Pub Serv 6a ctfal978
BONDS
(Concluded)
Range Since Jan. 1 1937
113
953*
B
for
WeeI
1063* 107
.2026
2030
_
Range
of Prices
Sales
Friday
Sales
Friday
BONDS
(Continued)
2623
Exchange—Concluded—Page 6
♦
1961
No par value,
a
7634
1834
1834
1,000
Deferred delivery sales not Included In year's range,
n Under
r Cash sales not Included In year's
the rule sales not Included In year's range,
range,
x
Ex-dlvldend.
y
Ex-Interest.
t Friday's bid and asked price.
♦
No sales were transacted during current week.
Bonds being traded flat.
{ Reported in receivership.
i Called for redemption
e
Cash sales transacted during the current week and not included In weekly or
yearly range:
No sales.
y
Under-the-rule sales transacted during the current week and not Included In
weekly
or
yearly range:
No sales.
z
Deferred delivery sales transacted during the current week
and not inoluded
in weekly or yearly range:
No sales.
Abbreviations
Used
Above—"cod," certificates of deposit; "cons," consolidated,
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stook
"v t 0," voting trust certificates; "w 1," when issued; "w w," with warrants; "x-w";
without warrants.
2624
Financial
Chronicle
April 17, 1937
Other Stock Exchanges
Sales
Friday
New York Real Estate Securities
Last
Exchange
Stocks (Concluded)
Closing bid and asked quotations, Friday. April 16
Par
Bid
Harrtrnan Bldg 0s
1 efcourt Manh
67
1951
Bldg 4s
Unlisted Stocks
Ask
69*
54*
income bonds v t c
v
Glty A Suburban Homes..
4*
■
>***
Ask
4
Lincoln Bldg
69*
48
165 B way Bidg 5*s.. 1951
Park Place Dodge Corp—
Bid
-
~
Corp v t
;';a)
c—
4*
■:!;
11 *
16*
16*
Helvetia OH Co..
Pennsylvania Bldg ctfs
29*
61 B way Bldg 5*8—1950
58
1
.V v
cum
pref...
Mass Utilities
60
84c
1
.
..25
Loews Theatres (Boston) 25
Maine Central com
1C0
'j/.'■
■
■
.
.
Copper Co
100
4*
"21"
Baltimore Stock Exchange
New England Tel A Tel 100
NYNHAH RRlThe) 100
North Butte.
STEIN BROS. &>BOYCE
Established 1853
& S. Calvert St»
BMTDMOK6
39
MD,
YOftK
Yorlc
New
Chicago
and
Stock
Baltimore
Board of Trade and Commodity
Chicago Stock Exchange
Associate
Members
New
Exchange
United Shoe Much
Sales
Week's
Sale
Stocks—
Par
Arundei Corp
Bait Transit Co com v t c.*
1st
pref v t
Black A
Price
*
«•
•
•n'V'-
2*
m
..100
preferred....
Fidelity
A
Houston Oil
Mfrs
41*
7%
Jan
3
Jan
Apr
9
Jan
38
Jan
89*
Jan
6*
31*
310
30
76
392
73*
5*
Mar
Apr
112
70
34
524
31*
42*
155
42
87
122
133
135
Apr
Apr
89*
39*
1
50*
Warren
Bros
Co
Wdb Mills
com..
Jan
136
41*
Feb
48*
12*
Jan
13*
21*
2,975
19*
Apr
23*
11*
12
128
10*
Feb
12*
3*
36
U S Fidelity A Guar.
7
6*
16*
5% Series BBR
26*
Jan
116*
Feb
Jan
84
Mar
98
38*
Mar
46*
1*
Jan
2*
Jan
IX
Jan
2*
Mar
30
76
16*
128
11*
520
Jan
129
Apr
Jan
Apr
Feb
Feb
6*
35
19*
12*
Jan
16
470
40
85*
Mar
157
1.395
200
10*
Feb
Apr
33
3,210
129
16
Jan
3*
Fen
25*
39*
46
Feb
..1948
89
Feb
91
85* 120,000
91 *
950
85*
194S
91
Feb
...1948
99
99
99
A pr
Series B 5s
Series C 6s
CHICAGO
g.lan
1.000
Apr
95
Jan
lol
Jan
SECURITIES
Listed and Unlisted
Jan
Pa a J H.Davis &
Jan
Feb
27*
Jan
New York Stock Exchange
Chicago Stock Exchange
7*
Mar
New York Curb (Associate)
Chicago Curb Exchange
301
7*
75*
45
26*
4*
Members
99
70
Jan
1,250
15*
Jan
Feb
17*
98
35
98
Mar
1
2,100
1
Feb
81
132 -J 80
82
Apr
Mar
10 So. La Salle St., CHICAGO
Feb
18*
Feb
104
Feb
1*
Feb
95
10
101
Mar
103*
2,680
25
Mar
29*
Jan
Chicago Stock Exchange
Mar
27*
34
33
34
Apr
37
32
33
560,500
32
Apr
41*
April 10
Jan
Jan
April 16, both inclusive, compiled from official sales lists
to
32*
Sales
Friday
38*
65.000
37*
Apr
48
Jan
100* 100*
8.000
100*
Apr
104
Week's
Sale
Stocks—
Par
Range
Low
Price
High
Range Since Jan, 1, 1937
for
Week
of Prices
Shares
Low
High
Mar
37*
A A K Pet Co cl A com...5
7
7*
450
7
Mar
7*
Mar
50
61*
14
12*
350
49*
12*
Jan
66*
Feb
Mar
17*
Feb
3.200
Jan
10
1,450
12*
12*
Mar
'
99
99
•
2,000
99
99
Apr
Apr
Abbott Laboratories—
Common (new)..
Adams (J D) Mfg com
13*
*
Adams Royalty Co com..'1'
Established
,
Common
UNLISTED
TRADING
Asbestos Mfg Co
30 State St.. Boston
Athey Truss Wheel
Bangor
Portland
Automatic Wash
5
pref*
6*
8*
Jan
450
m m,
mm
m
18
23
50
22
Jan
41
41
10
40
Mar
'mm
m
m
71
71*
11*
70
70*
UH
2*
62*
;
10*
2*
62*
23*
26*
43
Feb
Feb
Jan
12*
Jan
84*
Jar
J«n
13*
Feb
2*
48*
Apr
Mar
4*
Mar
100
62*
12
Jan
J*n
67*
10,600
3
3,950
7
Feb
150
12
Apr
17
Jan
7*
7
8
2,000
7
Apr
9
Mar
8
-
8
8
450
3*
Jan
9
Mar
-
«
.
Boston Stock Exchange
Last
Week's Range
for
Sale
of Prices
Week
Range Since Jan. 1, 1937
Shares
5
17 *
Low
Bendlx Aviation
13*
40 X
40
81
81
21H
21*
♦
com
Berghoff Brewing Co_...l
Blnks Mfg Co capital
1
Bliss & Laughlln Inc cap 5
Borg Warner Corp com 10
Braeh A Sons (E J) com..*
High
19
17*
22
24*
12
14*
41*
81*
21*
17*
21*
24*
11*
13*
Bastian-Blesslng Co com.*
Sales
Friday
18*
*
com
'
250
14*
200
;
17
Feb
19*
Mar
Mar
20*
Feb
Seellg Mfg A—
Common...
April 10 to April 16, both inclusive, compiled from official sales lists
High
90
Lewlston
Barlow A
Low
4
com
conv
Backstay Welt Co
Price
com
cap..
Automatic Products
N. Y. Tel. CAnal 6 1541
1
com
Associates Invest Co
DEPARTMENT
Private Wire System
9*
23
..25
pref...*
conv
Amer Pub 8erv Co pref 100
Armour A Co common...5
New York Curb Exchange (Asso.)
10
10
A
Altorfer Bros
York Stock Exchange
Boston Stock Exchange
9*
Class
1887
Member »
New
12*
Advance Alum Castings..5
Allied Products Corp—
Townsend, Anthony and Tyson
Par
2
90
423
22*
300
41
26*
37*
Stocks—
Feb
Jan
Jan
34
tr
Boston Tel. LAF 7010
Jan
•16*
33*
Apr
Apr
101* 101*
1944 *51
.
■V **
2*
14
35
1
100*
roll
Feb
Mur
100
963
65
16*
mm-
1975
Co
Mar
Apr
80
1975
Bond
Mar
11*
32*
89*
39*
1*
10*
Last
B 5s
Interstate
50
Jan
592
39*
Bonds—
flat
Jan
7*
4
98
m'mmrn—-
Western National Bank.20
5s
39*
Jan
27
75
75*
Bait Transit Co 4s (flat) '75
598
3
36
26*
2
44*
4,781
3*
35*
*
Phillips Packing Go pref 100
Mar
26*
2*
116*
*
Mar
Northern Central
Penna Water A Pow com
Jan
34*
Jan
127
100
Ry
50
Owlngs Mills Distillery.. 1
2*
29*
827
*
Series A 4*s
Apr
255
3*
New Amsterdam Casualty5
Jan
Feb
9*
Jan
5*
Eastern Mass St. Ry—
Jan
12
100
68c
22
2
129
ar
Mar
620
15
Venezuela Holding Corp.. *
Vermont A Mass Ry ColOO
Waldorf System Inc
*
M
Jan
48
Apr
42*
13*
25
preferred.
Preferred
A
1*
P S—
Penn
31*
85*
38*
142
Jan
115
Mar
41*
13*
19*
A
Mereh A Miners Transp..*
Mt V
2
23*
21
pref...
100
pref..25
Finance 1st
Monon-W
37
42
Finance Goof Amer cl A..*
Mar Tex Oil com class
Jan
31*
133"*
32
2-6
Apr
126
3
108
Apr
9*
Mar
Apr
Bonds—
18
112* 113
10
High
1.274
5*
+ mm'm.
'
2*
..25
.Warren (S D) Co.—
22*
2*
73*
113
20
Deposit
Fidelity A Guar Eire.
Low
Shares
High
30
„
75*
Eastern Sugar Assn com..l Vm'im
Preferred
1
Range Since Jan. 1, 1937
for
Week
261
5*
Consol Gas E 1, A Pow...*
5%
21*
*
Decker com
Low
21*
*
0...
Range
of Prices
25*
Feb
365
9
3
Mar
Mar
Mar
13.150
46*
14*
24*
2*
6*
4*
Jan
LOO
50
Apr
129
11 I
38*
"15"
46
870
238
3*
Mar
5c
3.385
8*
Corp.25
Utah to etal A Tunnel
April 10 to April 16, both inclusive, compiled from official sales lists
Last
50
44*
5
Preferred.
Baltimore Stock Exchange
Mar
37*
113
Drill Co
Mar
64
Jan
~~8*
*
Torrington Co..
24*
Jan
3
3
200
37*
*
Union Twist
Friday
*
Stone A Webster
Jan
1.653
'
45c
Folding Machine. 10
•Shawmut Assn tr ctfs.
Inc,
Apr
10*
48*
50
25
Suburban Elec Securities
Curb
York
RR..
Mining Co
Qulnoy
Exchanges
Exchange,
27
*
Reeee
Members
'"v.*
100
Pennsylvania
Ywt Pa
louitville, Ky.
RR
Pacific Mills Co
Broadway
New
Haaerctown, Md.
Old Colony
Jan
36
7*
9*
4*
4*
129* 132*
7*
8
1 *
1*
26
27*
9*
Jan
Jan
40
45c
131*
2*
6*
Mar
385
46
Linotype.. *
Nat l Tunnel A Mines...
on
17
21*
3
Narragansett Racing Assn
Inc....
100
Orders Executed
2
72
Jan
V 59*
57
Mayflower-Old Col Cop 25
Mergenthaler
3.430
Feb
7
Apr
84c
5
Jan
20*
Feb
19
20*
t c...... *
v
5*
14*
Jai
15*
300
90c
Apr
11*
25
18
4*
17
......
120
6
High
Low
256
12 *
17*
6
1, 1937
Range Since Jan.
for
Week
Shares
High
12*
5%
'
Low
„.*
Isle Royal
10
Price
Range
of Prices
Gillette Safety Razor
*
Hathaway Bakeries cl A._*
Gilchrist Co
Un'istcd Bonds
Week's
Sale
12
450
19
Jan
23*
Feb
100
24
Apr
Feb
750
11
30*
14*
,
Mar
Feb
2.150
9*
Jan
14 *
Feb
2,300
32*
Jan
43*
Mar
73
Jan
Mar
20*
Apr
83*
22*
12
Apr
15*
28*
30*
33*
Feb
250
50
Feb
Brown Fence A Wire—
Amer
Pneumatic Service—
Common
Common
..26
6% non-cum pref
1
50
1st preferred
50
Amer Tei A
4*
100
167 M
Boston & Albany
100
138*
Elevated
100
Boston
Tel
Boblon Herald Traveler..*
4*
20
62
1 *
4*
19
22
60
1
Apr
4*
Apr
20
Apr
2*
6*
30
2.605
167*
Apr
187*
290
137*
Apr
147
210
64*
Apr
27*
260
25*
Apr
12*
117
8*
Jan
9*
6
5*
Jan
167* 169*
137* 140
66
65*
66*
20.*
26*
12
Jan
Jan
Jan
100
Preferred
stpd- —.100
Prior preferred
100
Class A 1st pref stpd. 100
Class A 1st pref
"23"
"27"
100
Boston Personal Prop Tr_*
*
Calumet A Hecla
25
Butler
Jan
5% conv preferred
Castle (A M)—
Common (new)
Mar
14*
10*
Mar
Jan
25
Range
East Boston Co
Mar
100
pref.—.—100
10
39
37
39
2,400
18
18
20
15*j
2*
15*
71*
67
2*
16
71*
Central Cold Stor com_.20
Central Illinois Sec—
Common
90
12
Jan
Mar
Common
1
4
14*
Feb
21
Mar
105X
14*
Jan
29
Mar
Prior lien preferred
Preferred
*
75
23
Feb
24*
Mar
14*
Jan
18*
Mar
50
250
450
5
"13
14*
16*
507
1*
23
13
14
2,010
9*
10
13*
4
Mar
24*
18
Jan
Jan
7*
14*
1*
12*
Apr
20*
Jan
Anr
2*
17*
Jan
Jan
Apr
51*
.....
conv pref
Cent 111 Pub Serv pref
Central S W—-
*
Eastern 8K Lines
140
see
Jan
Feb
8,800
3*
Apr
6*
Jan
250
98 *
61*
Jan
110*
Mar
Jan
77
12*
Apr
20*
64
Feb
73
Jan
85
*
Jan
H
Jan
Jan
6*
Mar
2,500
44*
Apr
48
Feb
53
Jan
77
Msr
500
3*
Jan
6*
*
*
100
*
Jan
X
Jan
10
16*
Apr
17*
Mar
Preferred
*
Jan
382
46
Mar
69
Jan
66
68
730
Feb
Jan
Mar
350
Feb
Chicago Rivet A Mach—
85
15
50
795
633
2*
42
5*
10
135*
23*
660
135*
22*
1*
2*
179
1*
2*
Feb
4*
81
z22 *
2628
*81 *
72
Apr
23
page
19
Apr
500
65
137
Georgian lnc(TheiclA pf 20
Jan
65
480
74
*
Group
15
790
10,500
Chicago A N W Ry com 100
Cnlo. Rys.—
Part ctfs ser 2
100
100
Elec Ilium.;
For footnotes
11
300
5*
45
65*
5*
"_5*
Chicago Flex Shaft com..6
10*
Feb
3*
84*
Jan
10*
com
Jar.
6*
44*
64*
4*
Feb
6*
1*
82
1*
2*
Mar
19
84*
Cherry Burrell Corp com.*
Chi C. A Co. Rys.pf. conv*
Chicago Corp common
*
10*
46
39*
Jan
170
Jan
5*
Mar
15
360
Apr
2*
"36*
14
82c
4&
Mar
Mar
66
6*
100
100
preferred
18*
36*
13
75
100
1st
Adjustment
Jan
Jan
64
132
49
13*
29*'
13*
82c
47*
Apr
66
7*
,--r
Feb
Mar
Cen States Pow A Lt pref.*
Chain Belt Co common.
82c
65*
Jan
Feb
7
65*
47*
600
Jan
Jan
68
82c
65*
3*
4*
104* 107
350
27
21*
"32*
*
New
Common
Edison
1,750
49
Mar
Eastern Mass St Ry—
Employers
16*
32*
7
prior pref
cum
15*
32*
19*
Mar
20
1*
14*
*
Common
6%
1574
27
56*
Jan
100
32 X
23
Jan
11
120
10
20*
18*
23*
36
10
»
550
33*
30
15*
717
282
17*
12*
28
26*
33*
51
East Gas A Fuel Assn—
4* <3
Brothers
150
26
9*
47*
16*
4*
25
Copper
27*
14*
Class B l3t pref stpd. 100
Cliff Mining Co
*
A
23
17 *
Class B 1st pref
100
Class D 1st pref stpd. 100
Class D 1st pref
Class
Bruce Co (E L) com
*
Bucyrus Monlghan cl A..*
15*
60
100
Brown Durrell Co
12
Jan
69*
30*
Boston & M aine—
Common
1
Apr
Mar
capital
17
4
17
106
107
50
21
4
200
20*
Apr
5.500
3*
Apr
113
300
Apr
51
Jan
Chicago Towel conv. pfd.*
Chicago Yellow Cab Co..*
Mar
7
Jan
Cities Service Co
Apr
12
Jan
Commonwealth Edison. 100
112*
112
Apr
160
Compressed Ind Gases cap*
44*
7*
44
3*
Jan
Jan
26*
Mar
Jan
2*
Apr
com.
Consolidated Biscuit,
com
106*
.....
*
1
Continental Steel pref. .100
20*
3*
7*
103
44*
7*
103
200
600
10
100
112
41*
7
98 *
Jan
Apr
Mar
108
27*
5*
139
Mar
Feb
Jan
Jan
Jan
48*
Feb
Apr
1 1
Jan
Jan
104
Mar
Volume
Sales
Friday
Range Since Jan. 1, 1937
Last
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
Par
Stocks (Concluded)
Members Cincinnati Stock Exchange
Week
High
Low
6% prior pref A
4%
4%
6
Cord Corp c:ip stock..
109
/Udahy Packing Co pfd ICO
109
8
6%
110%
Mar
20 %
Feb
Jan
10%
Feb
150
19%
Jan
28%
Apr
20
13%
Mar
17%
Jan
1.200
8
22%
10
27%
13%
28
13%
29
34
5
34
Jan
12%
Jan
30
100
35%
Apr
40%
Mar
58%
340
57
Feb
61%
Mar
16
16
100
15
Apr
19
8
Denver Co coin
General Candy Corp A...6
4%
4%
Corp com 1
Gen Household (Jtli—
General Finance
8%
8
1,150
4%
4%
2,350
Mar
Cincinnati Stock Exchange
6
Mar
10%
3.000
39
Apr
42%
Mar
Great I.akes 1) <fe D com..'*
21%
21%
23
Sale
Jan
40
6%
7%
.
21%
13
50
12%
Apr
Apr
29%
13
14
Apr
llarniHchfcgcr Corp com. 10
17
17
100
14
Jan
20
Mar
pfd
Houdallle llershey B
.*
—
155*
10
Illinois Brick Co cap
If til
Co
9%
2.250
1,950
17%
250
17%
Apr
19%
Jan
Carthage Mills
21
160
20
Jan
23
Jan
Champion Paper & Fibre.*
22%
150
21%
Feb
350
15%
Apr
Jan
27%
16%
19%
Jan
10%
22
20
Apr
107
107
20
107
Mar
43
300
39
Mar
49
9%
24%
9%
24%
10
9
Apr
21
23
25
vto...*
1
*
Jefferson Electric com
Drug Co—
Common
465*
46%
47%
13%
...
13
9%
9%
Ken Rad T & 1 .amp com A*
22%
22%
35%
Ky Utll jr cum pref
36
50
La Salle Ext Unlv com.
Lawbeek Corp6%cm
Leath
Lincoln Printing
*3 %
preferred
Lindsay
Cincinnati Ball Crank pref*
105%
50
Loudon
Light com..
M
30
35%
Dayton Mich com....
Mar
28%
Feb
Apr
Apr
78
Jan
89
Jan
Formica Insulation
7%
Apr
7%
Apr
2%
Jai
3%
3%
Jan
1%
20
40 %
800
V %
60
Jan
Hatfield prior pref——
13%
Feb
Apr
12%
Jan
45
Jan
Julian & Kohenge
Hobart A
4%
40
100
4%
Jar
Feb
200
38%
Mar
4
Jar
16%
4%
Kahn
Mar
26%
Mar
1st
51
52%
350
41
Jar
54
Mar
63
54
220
52
Jai
57%
Mar
3
6
M er A M fra Sec cl A com
27%
Apr
Procter & Gamble....
30%
Mar
1.050
6
5%
Mar
4
7
B
Feb
1
4%
Middle West Corp cap...5
11%
...
Stock
4%
Common.............*
3%
10%
4%
4%
11%
4%
1
purchase warrants
Midland United Co—
Conv prele.rred A.
Midland Utll 7 % pr lien
6% prior lien
6% preferred A
Miller A Hart
conv
9%
7
7
5%
2%
4%
6%
2%
6
pref..*
7%
7
40%
Modlne Mfg com
Muskegon Mot spec A...*
National
leather
....
23
Jan
U S Playing
9%
Apr
Jan
1%
Jan
7%; Apr
Jan
6%
12%
9%
5
31
10
Natl Union Radio
com
2%
45%
7%
12%
..
Nobiitt-Sparks Ind com..5
North Amer Car com...20
Northwest Bancorp com..
2,250
%
6
Apr
9%
2%
Apr
8%
Apr
8%
41
500
38%
Mar
46%
Jan
100
22%
Jan
26
Jan
30%
49%
Apr
Feb
Mar
32%
12
37
20
27%
28%
Jan
27%
Feb
31
Jan
11
6
9%
Jan
12
Apr
100
100
100
10
101%
6%
Jan
98
Feb
8
8%
8%
Mar
103
9
3%
3%
3%
117
103
103
103
Apr
Apr
8%
106
Mar
Feb
4%
Jan
2%
10
14
Mar
16
Jan
Mar
37
Mar
588
29%
10%
55%
150
21
Apr
8
15
15
15
100
34
34
3
11%
63%
11
61%
11%
63%
22
21
22
8
8
150
34%
30
8%
34%
125
29
29
30
140
29%
28%
4%
77
Feb
Apr
16%
65%
23%
11%
Feb
38
Feb
34%
6%
Feb
Jan
Jan
Mar
Jan
Jan
Jan
4%
4
464
Mar
Feb
+
4
15
15
15
99
15
Apr
21
|Jan
100
25
22
25
2.895
16
Mar
25
Apr
.100
Feb
125
1 19
125
108
92
Jan
125
Apr
,
3.200
1,150
17
100
1
Feb
14%
Jan
Ohio Listed and Unlisted Securities
Jan
Members Cleveland
200
31
7%
12
12%
33%
Stock Exchange
Jan
2%
17
Apr
Apr
12%
Jan
29%
Jan
36%
Feb
3%
Feb
7
3
650
1%
Jan
47
4,050
39%
Jan
250
6%
Jan
2,300
11%
Apr
16%
600
25%
Jan
37
Mar
50
35%
Apr
54
Jan
18%
Mar
GILLIS
Feb
58
Feb
9%
Union Trust Building* Cleveland
Jan
21%
A. T
Telephone GHerry 6050
Jan
20
29
Jan
30%
Apr
25
26
250
25
Apr
29%
Jan
1%
20%
1%
20"
700
Apr
2%
24%
Jan
14
14
20%
1%
20%
14%
Penn Elec Switch conv A 10
Elec A com.
6%
Pictorial Paper Pkge com.
Pines W'lnterfront com...
Potter Co (The)
21
30%
470
30%
25
..10
Pea body Coal Co B com..
3%
4%
1%
com...
Prima Co corn
6%
3%
$
500
1%
6LEV 566 A 566
AT
Apr
20
Cleveland Stock Exchange
April 10 to April 16, both
150
6%
3%
i*
14
Apr
17%
Jan
350
6
Feb
7%
Mar
Sale
Par
Stocks—
600
2%
Jan
3%
Feb
650
3%
1%
Jan
5%
100
113%
com
Rath Packing Co
23%
com—.10
Raytheon Mfg—
Common v t c
Apr
3%
Jan
Apr
99%
Jan
City
2.800
..50c
Reliance Mfg Co com...10
Rollins Hos Mills conv pf.
5%
"26%
78
20
116%
Feb
122
Jan
Clark Controller....
610
113%
Apr
125%
Jan
37%
Mar
7%
36%
Feb
Jan
28
Apr
Apr
83%
Jan
23
Apr
5%
200
4
Jan
33
27
78%
150
30%
890
15
76%
20
Mar
13
23
So Bend Lathe W ks cap—
Southwest Lt & Pow pfd.
25
Swift & Co
Sundstrand Much Tool Co*
Thompson (J R) com...25
Utah Radio Products com *
Utll & Ind Corp
5
.7
Convertible pref
33
25%
25
"I H
$
*
com
*
116
23
116
A pi1
'117
Jan
90
90
39
68
Feb
95
Mar
26
26
5
25
Feb
30
Jan
Wieboldt Stores Inc com.*
35
Mar
Jaeger Machine
26
Mar
Jan
27%
Mar
Kelley Isld Lime & Tran..*
Lamson & Sessions
93
100
92%
Jan
95
5
350
McKee (A G) class
19%
Apr
Medusa Ptld Cement
15%
33%
Mar
15%
Jan
11
Jan
1.450
30%
26%
900
25%
Jan
28%
Mar
25
200
24
Apr
28%
Mar
National Tile
12
200
11%
Apr
15%
Mar
National Tool
4%
1%
15.650
2%
Feb
4%
Apr
4%
900
1%
Apr
2
4
Apr
6%
23
Wisconsin Bankshs com..*
"oH
2
11%
35%
9%
9%
12%
35%
150
50
1.800
2%
20%
8%
8
Apr
Apr
Mar
Jan
Feb
5
cl A.*
....—*
Patterson-Sargent
*
Peerleas Corp
3
Packer ('orp
Feb
Seiberling Rubber
Feb
ctfs..1927
For footnotes see page
2628
72
25
Apr
30
333
9
Jan
14
49%
5
42
Jan
58%
50
49%
46%
13%
35
40
Jan
60
Jan
15
Jan
25%
26
343
Jan
35
Mar
10%
332
Feb
26%
Mar
S M A Corp
Feb
*26"
"n"
12
Mar
9%
22
;Jan
7%
7
Apr
Feb
12%
Feb
10%
Mar
10
29%
Feb
4%
30%
Feb
30
17
17
30
16
Jan
20%
Mar
75
26
6%
7
51%
1%
620
52%
462
8%
210
Jan
25%
3%
51
6%
Mar
34
Feb
Feb
Jan
7%
Mar
Apr
57%
9%
Mar
Mar
Apr
*
8
61
64
140
39
Jan
64
15%
16
166
15%
Apr
19
10%
20%
10%
100
10%
Apr
10%
Apr
21
290
15%
Jan
21%
Mar
10
10%
Mar
1
*
Union Metal Mfg
15%
"21
10%
15%
Feb
U pson
Apr
40%
Feb
Van Dorn Iron
*
10%
2
5%
Walton
west Res lnv 6%
395
375
3
25%
Apr
J
8
7
3
6%
11%
81%
50
13%
25%
31%
Mar
Jan
Mar
30
Troxel Mfg
12%
50
10
3
1,450
70
Feb
25
13%
1.400
1,000
Jan
Apr
Mar
100
:
8% cum pref
Weinberger Drug I ne¬
72
37%
26%
51%
Richman
Jan
24%
Bonds—
Chic City Rys 5s
18
Jan
"~7%
50
Nineteen Hund Corp
49%
Jan
Jan
24
13
Warren Refining
Woodall Indust com
Zenith Radio Corp com.
Mar
14
19
26%
Miller Wholesale
Mar
Apr
56
185
13%
"26%
B
Jan
5%
22%
10
18
34
Jan
Apr
*
Drug—*
Monarch Machine Tool—*
National Refining
25
22%
9%
9%
11%
31%
*
Jan
Apr
60
68
17
34
17
19%
23
Williams Oll-O-Mat com.*
Great LakesTowlng
22
629
Jan
116
31
30
50
*
100
900
Jan
100
450
1,300
30
58
270
22%
3
31%
33%
400
Harbauer
34
23
24
22%
2%
1,685
47%
Mar
22%
30%
3
Mar
45%
47%
Jan
Mar
14%
31%
—_*
Common
Mar
Jan
Apr
Viking Pump Co—
Walgreen Co common
50
43 *
Feb
39%
4
63%
73%
Jan
850
63%
Feb
22%
Apr
Feb
Mar
53
Jan
16%
33
56
208
Feb
12%
50
5
58
17%
83%
1,250
Jan
57
57%
50
19
13%
Feb
Mar
8
700
13%
32%
25%
24%
11%
4%
1%
112
20
90%
13%
36%
18%
Convertible preferred..
Storkline Furn Corp com 10
Swift International
15
Mar
73
Mar
4%
Standard Dredge com
Jan
106%
18
95
4
86%
3
18
28%
Jan
.23
Slvyer Steel Castings com
885
73
Apr
12%
200
96%
pref 100
Grelf Bros Cooperage A.
21%
200
36%
33%
40%
101%
Jan
32
40
108
Foote-Burt
450
90%
19%
Faultless Rubber
22%
93
Serrlck Corp cl B com
Slgnode Steel Strap cornPreferred
30
12
29
Feb
Apr
22
d42
58
19%
Apr
42
42
50
12
56
43
Dow Chemical pref
42
22%
Feb
Jan
57
Commercial Bookbinding.*
200
21
22
108
Cliffs Corp v t c
Feb
23%
Feb
Apr
10
95
96
Jan
Apr
33%
14%
20
37
40
*
Cleve Elec 111 S4.50 pref—*
Cleveland Railway
100
Ctfs of deposit
100
Elec Controller & Mfg
common
High
Low
Shares
19%
Cleve Cliffs Iron pref
Sangamo Electric Co—
Scbwitzer-Curumlns cap..
Sears Roebuck A Co cap
Range Since Jan. 1, 1937
for
Week
12
12
*
79
5%
32%
25%
Range
20
—*
1
Ice A Fuel..
118
78
St. Louis Nat'l Stkgds.cap
Price
Airway Elec Appl prel—100
Akron Brass
100
113% 115
23
of Prices
Low
High
Feb
78
7% preferred
Sales
Week's
Last
118
Common
Quaker Oats Co
Inclusive, compiled from official sales liste
Friday
Mar
Public Service of Nor Ill-
Wahl Co
Apr
>
Jan
Apr
50
Preferred
Jan
4%
80
30%
21
com...
Pen corn
(New)
5
24
Feb
20
36%
100
Oshkosh B Gosh pref
Penn Gas A
Jan
Apr
—
7% preferred..
Ontario Mfg. Co
Parkei
175
Jan
140
30%
2%
43%
6%
31
Kne Co com..
Northwest
Northwest Utll
Card
Preferred
Jan
National-Standard Co-
Capital stock
25%
23%
28%
45%
24
Mar
Mar
5
7%
7
pfd. •
25
24
11
10
US Printing
Apr
15%
7%
Jan
4
900
150
1%
16%
17
National Pressure Cooker 2
Nat Rep Inv Tr conv
3%
6.800
24
39%
1
10
com..
4,000
3,900
8%
Feb
27%
........
Wurlltzer
*
100
liM)
100
Mar
3?%
*
Rapid
Mlckel berry s Food Prod-
17
36
11
*
Randall A
Jan
Jan
Jan
*
Jan
25
Jan
Jar
25
Mar
16
*
%
Apr
2%
Jan
Feb
27%
32
32%
27%
♦
19
Feb
Jan
57
17
33%
5%
34
21
Apr
8
111
126
*
1.650
2.450
99
Feb
230
50
National Pumps
Apr
Mar
125
17
2 50
470
3%
25
25%
5%
53
47
Nash
21
20
10
33%
5%
*
I^eonard
Magna vox
Manlschewltz
Apr
9
30%
100
Little Miami Guar
41
99
46%
com
Jan
Apr
108%
20%
19%
30
*
JaD
6%
42
Apr
3
47
*
preferred
Jan
170
19
17
5%
Jan
Jan
223
33%
12
Jaeger
Jai
4%
39%
Dearborn com,.
20
Jan
10%
100
41
*
Mar
9%
60
99
Jan
103
30
Mar
16%
1.450
11
Mar
108
Apr
90%
»
34%
Jar
24%
14
99
Preferred
Jar
42
170
Feb
14%
7%
Apr
8
8%
10«% 108%
22%
22%
20
20%
8
Hilton Davis
9%
70
8
87
21
50
350
600
41
¥
Jar
10%
43%
4%
9%
9
93
41
*
Jar
Jan
28
8%
Jan
13%
Apr
Feb
91%
108%
22%
111
Mar
5
101
160
*
10%
8
Jan
3%
Apr
386
41
10
Gibson Art
4%
Majtes Cons M fg cap
Marshall Field common..
Common..
.....
Fyr Fyter A
Feb
400
Apr
9
3
285
17
11
170
-
.100
Eagle-Plcher Lead
100
50
35%
108%
50
5%
105%
105
99
43%
600
5.600
.
~
*
Preferred
7%
15
Electric com...6
...»
Preferred
2%
2%
10%
*
*
Dow Drug
2%
2%
32
..6
cQuay-Norrls M fg com
Man hat t-
12%
Jan
Apr
9%
19
24
Packing com
Lynch Corp. com
McOraw
16%
Jan
13
200
10%
5%
8%
91%
—
Coca-Cola A.........
900
33%
60%
60%
109% 109%
10
9%
10%
5%
Cincinnati G & E pref. .100
Feb
140
43%
10
51
13%
Lion Oil Refining Co com.
Apr
41
31
10
60%
150
10
*
...K
Apr
Jan
60%
109%
Cincinnati Advertls Prod.*
Co—
Common............
35
Cincinnati Street Ry..
13%
*
McNeill A Llbby.lt
Feb
Cincinnati Telephone. -.50
31
Co com
A
Feb
30
Feb
'io
Cumulative pref
Lib by
Feb
5
170
Feb
37
50
pflOO
88
100
*
7%
2%
2%
1
Kingsbury Brew cap
60
4
29%
2.650
Mar
90
4
Jan
Feb
Apr
32
Mar
4
-
Feb
90
27
80
80
100
6% preferred
Kerlyn Oil
13%
10%
22%
92
Feb
13%
%
2%
36
Jan
4
100
Preferred
Churugold
Kata
Kellogg Switchboard com. •
Apr
32
90
21
Jan
9%
24%
2%
16
113
2%
'■
Jan
66
10
32
■
*
23%2 Apr
Jan
High
*
100
pref
Burger Brewing
1.500
100
Low
Shares
Jan
110
42
cap......
Baldwin
Jan
25
Mar
♦
com v t c
Iron Fireman Mfg
Mar
2%
11%
24%
100
pref.
Interstate Pow. Co.$6 pf
Jarvls (W B)
*
1
Week
High
9%
30%
2%
9%
31
20
—
15%
*
common..
Horrue' & Co A corn
North
Macli.
Laundry
American Products
Jan
13%
Amer
22%
r>
Ilorder's Inc
11
3
Heller Wal E 7% pfd w w2
111
11%
Mar
*
Aluminum Industries.
9%
10%
24%
17%
0%
Heln Werner Mot Parts.
Range Since Jan. 1, 1937
for
Range
of Prices
Low
Price
20
llelleman Brew Co G cap
Indep Pneu Tool
9%
Par
Stocks—
Jan
1.400
10
Hamilton Mfg cl A
Week's
Last
7.750
39
7%
official sales lists
Sales
Friday
Feb
5%
40
—
Cin. 291
Tel
April 10 to April 16, both inclusive, compiled from
Feb
Golilblatt Bros Inc com..*
Common
Wire—Bell Sys
Phone Cherry 6711—First Boston
Apr
Mar
36
8%
5
Elgin National Watch —.16
CINCINNATI
TRUST BLDG.
UNION
CO.
fit
BALLINGER
Feb
Jan
20
58
Elec Household UtU cap
Gardner
Feb
Mar
%
107%
Unlisted Securities
Feb
Apr
4
40
1.250
34
Eddy Paper < 'orp (The).. *
6%
Jan
Cincinnati and Ohio Listed and
Jan
12
Jan
4%
2.200
23
13%
corn.*
com....5
Dayton Rubber M fg
Dexter Co (The)
7
20
110%
20
Drug Stn.2 %
Curtis Lighting Inc com..*
Cunningham
30
10
5%
4%
5
%
Apr
%
33.800
%
9%
100
K)0
pref
7% cumul
H
5
—
.
Markets in
Active Trading
Consumers Co—
Common.
2625
Chronicle
Financial
144
pref-.100
22
560
8%
Jan
13%
10%
297
9%
Jan
14
5
5%
245
5
Feb
22
22%
325
9%
100
100
60
17%
90
Feb
Jam
5%
Apr
Jan
Feb
Jan
24
Mar
100
Apr
2626
Financial
Chronicle
April 17, 1937
Sales
Friday
Range Since Jan. 1 1936
Last
Stocks (Concluded!)
Watling, Lerchen & Hayes
Members
New York Stock
Detroit Stock
Exchange
New York Curb Associate
Exchange
Buhl
Chicago Stock Exchange
Building
DETROIT
Telephone
Ra^uo.ph 5530
Detroit Stock
April 10
to
Exchange
Sales
Friday
Last
Week's Range
Sale
Stocks-
Par
Auto City Brew com.Baldwin Rubber com
Shares
1
Low
2,275
6,750
High
835
13%
5%c
Burry Biscuit com
12% c
Cunningham Drug com 2.60
1%
9%
5%c
Apr
100
1
Det & Cleve Nav com
10
Det Cripple Creek Gold—1
Det-Mlch Stove
Week
Low
22
Jan
800
Jan
%
com
1
Det Paper Prod com
Det Steel Corp com
1
"m
24%
185
Frankenmuth Brew com—1
1,075
2,020
1,335
3
15%
General Finance
1%
15
12
Jan
9%
1%
4%
30
155
Kingston Products com__l
Klnsel Drug com
1
""s~i6
Masco Screw Prod
McAleer Mfg com
1
com
Packard Motor Car com..*
Parker Wolverine com
*
Penln Metal Prod com___l
Prudential Investing com.l
10
com
25
*
Universal Cons Oil Co.
Weber Showcase & F pref *
Apr
Jan
Mar
37%
Jan
200
Mar
300
26
Mar
32%
28%
Jan
Jan
30
200
29
Jan
35
Feb
100
Feb
100
44%
Mar
52%
Jan
2%
400
2%
Jan
Feb
9%
1,500
1,100
8%
Apr
33c
Jan
3%
13%
87 %o
300
6%
Apr
9%
Jan
3%
Mar
7
2%
6
3
Mar
81
43
Apr
56
Jan
60
2%
43
45
Feb
Mar
Feb
Wellington Oil Co
_*
*
25
-.
10
55%
31%
950
53%
31%
31%
100
28
Mar
32%
Mar
3c
3c
8,800
2c
Jan
4c
Feb
13
13
100
26%
27%
26%
800
28
300
12%
26%
27%
Feb
26%
27%
26%
Mar
26%
26%
400
26%
Mar
14%
32%
29%
28%
55
106%
46
4%
51%
26%
22%
15%
26%
16%
106
4%
45
Jan
43%
4%
Jan
1,100
2,000
52%
27
860
4%
21%
22%
22%
100
21 %
Jan
Mar
Jan
15%
17%
26
27
17,300
1,800
15%
24%
17
500
11%
8%
138
2,100
7%
10%
Mar
13%
26c
8%
Feb
Mar
Feb
Feb
5
Jan
11
Jan
Mar
Feb
29%
25%
17%
Mar
16
Jan
Jan
5
Jan
50
Feb
103%
62%
49%
Apr
100
300
47
4%
Apr
23
8%
12%
Black Mammoth Cons.lOc
70
106% 106%
57%
57%
57%
47
1
56%
Apr
Mar
Mar
Jan
28%
18%
Feb
Mar
9
Feb
13%
Mar
Apr
Jan
Mining—
Mar
Cardinal
Apr
4,500
20o
Jan
3c
lo
3c
70,000
lc
Mar
4c
Feb
1
50c
50c
55c
50c
Feb
10c
Apr
Apr
82 %c
1
Calumet Gold
Jan
30c
10c
Apr
2%
%
12c
Mar
l%c
Jan
9c
Feb
lc
Jan
15c
Apr
38c
Feb
48c
Jan
Jan
Gold Ore Mining
Gold
26c
38c
Feb
10c
10c
Apr
Imperial Development.25c
6c
5%c
6c
Jan
Oatman Rainbow Gold.10c
lie
9c
13c
Feb
Tom Reed Gold
1
41c
41o
41c
Apr
ZendaGold
1
lie
10c
11c
9,800
9c
Feb
15c
100
168%
56%
168% 169%
56%
58%
127
168%
Mar
187%
Jan
200
54%
90
68%
90%
5%
Mar
500
8%
370
Jan
Apr
810
"loli
16
16
Apr
1.238
854
39
19%
37%
13%
3%
5%
1,634
7.020
"m
422
564
2.425
"mm.
Jan
Apr
General Electric Co—
Apr
No Amer Aviation Inc—.l
Packard Motor Car Co
Mar
Apr
Mar
230
10%
8%
United States Graphite. 10
Univ Cooler A
.*
MB
*
110
35
275
7%
1
IX
Wayne Screw Prod com..4
3,571
6
360
1
1,220
Radio-Kelth-Orpheum
Standard Brands Inc
Texas
Jan
Tide Water Associated 011.
600
3
200
3%
2%
100
4%
6%
4%
6%
400
6%
55%
55%
100
54%
13
14%
10%
400
12%
Apr
17%
Jan
400
10%
10%
8%
14%
51%
19%
Jan
12%
12%
9%
Feb
Jan
Apr
Corp
25
3
4%
6%
55%
14%
10%
10%
9%
14%
10%
10%
9%
14%
61
63%
19%
19%
90
11%
9%
14%
63%
19%
700
100
100
400
200
Apr
Jan
Jan
4%
Jan
Feb
8%
62%
Apr
Jan
5%
Mar
Feb
16
Jan
Apr
Jan
63%
21%
Apr
Apr
Feb
Apr
Mar
5%
%
200
Radio Corp of America
Apr
8%
6%
5%
1%
1,468
*
com
1
7%
5%
240
com
Curtlss-Wright Corp
2,019
3,825
*
Walker & Co B
5
Jan
4
4%
Jan
Apr
Apr
Apr
Apr
Apr
Apr
90
4
Commonwealth & South.__
Cord Corp
Jan
100
*
com
com
Cities Service Co
Jan
6%
3%
2%
90
Apr
5%
27
50
Caterpillar Tractor Co
Jan
29
780
Stearns & Co (Fred'k) pf_ 100
Tivoll Brewing com
1
Tom Moore Dlst com
1
com
10c
Unlisted—
American Tel & Tel
Anaconda Copper
Jan
Mar
5
1,624
Wolverine Brew
18
32
5,500
3,000
16,200
50,000
1.000
1
Warner Aircraft
Jan
2%
2%
Mar
Jan
Apr
8%
45
40c
18c
12
24%
31%
29%
27%
32%
8%
Mar
13
pref
2
320
River Raisin Paper com..*
Union Investment
46
Feb
2.00
3c
25
.25
Taylor Milling Corp
Transamerica Corp
Union Oil of Calif
Mar
100
3%
5
com
United Shirt Dlst
46
80c
Jan
450
*
com
Scotten-Dillon
46
*
Security Co units ben int.*
Security-First Natl Bk..20
Jan
1%
5%
%
100
Murray Corp com
10
Muskegon Plst R com.2.50
Standard Tube B
29%
Jan
70o
100
60c 67 %c
Apr
18%
6,509
Mich Sugar com
*
Micromatlc Hone com
1
Mld-W Abrasive com..50c
Reo Motor
27
30
45c
600
*
McClanahan Oil com
McClanahan Refln com
Parke-Davis
27%
Feb
45c
Jan
500
6%
Warrants
Mar
20
9,616
2,448
1,250
2,725
2%
30
High
Low
18c
8,800
2,300
4,000
1,900
13%
25%
32%
30%
60c
Mar
17
623
20
34c
13%
24%
6%
Sunray Oil Corp
Superior Oil Co
Jan
11
325
""1%
30c
13%
24%
32%
30%
Roberts Public Markets
Samson Corp B com
Standard Oil of Calif
Jan
Apr
1,095
Hosklns Mfg com
*
Hudson Motor Car com..*
Hurd Lock & Mfg com.._l
34c
•
1
...
23c
57 %c 62 %c
1.50
1.58
2%
So Counties Gas 6% pf 100
Southern Pacific Co
100
860
1
com
Ryan Aeronautical
Republic Petroluem Co
5%%
Mar
18%
1%
735
Home Dairy class A
*
Hoover Ball & Bear com. 10
-.1
Pacific Clay Products—
Pacific Finance Corp
10
Pacific Gas & Elec Co—25
6% pref
871
*
com
Olinda Land Co
Sontag Drug Stores
560
Gemmer Mfg B
*
Goebel Brewing com
1
Grand Valley Brew com—1
57 He
1.50
So Calif Edison Co
Jan
Apr
240
5
Federal Mogul com
Gar Wood Ind
1
Shares
High
21c
22c
Shell Union Oil Corp
*
Sierra Trading Corp...25c
Jan
2%
6.424
%
Low
Rice Ranch Oil Co
Range Since Jan. 1, 1937
for
of Prices
High
Price
Week
6
6% 1st pref
25
5%% pref
25
Pacific Indemnity Co.-.10
Pacific Lighting Corp...
April 16, both inclusive, compiled from official sales lists
for
of Prices
Price
Par
Nordon Corp
Occidental Pet Corp
Oceanic Oil Co
Week's Range
Sale
Mar
United Corpj(Del)
Jan
6
6
Warner Bros Pictures
5
15%
15%
6
15%
500
400
6
Apr
8%
17%
Mar
14%
Jau
Feb
Jan
Established 1874
DeHaven Gi Townsend
Members
Wm.Cavalier&Co.
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
New York Stock
Los
Exchange
Angeles Stock Exch.
523 W. 6th St.
Chicago Boa rd of Trade
NEW YORK
1513 Walnut Street
MEMBERS
SO Broad Street
San Francisco Stock Exch.
Los Angeles
Philadelphia Stock Exchange
Teletype L.A. 290
.
April 10 to April 16, both inclusive, compiled from official sales lists
Los
April 10
Last
Sale
Stocks—
Par
Last
inclusive, compiled from official sales lists
Friday
Price
Stocks-
Far
Associated Gas & El A...1
Bandlnl Petroleum Co
1
100
Barnhart-Morrow Cons.-l
Berkey & Gay
....
Warrants
Bolse-Chlca Oil A
10
Citizens Natl T & S Bk..20
Claude Neon Elec Prod
*
Consolidated Oil Corp
*
Consolidated Steel com... *
Range
of Prices
High
Low
._*
Emsco Der & Equip Co
Exeter Oil Co A
75c
Range Since Jan. 1, 1937
for
Low
American Stores
High
100
3%
30
Apr
6
2,100
Apr
38%
45o
1,600
Feb
Jan
2%
2%
300
2%
Jan
3%
1.50
1.50
40C
1.20
Jan
2.25
5%
5%
5%
Mar
8c
41%
29
Jan
Jan
16c
Feb
Horn & Hard
Apr
13%
38%
11%
17%
14%
600
35%
10%
15%
3%
20
20
20
100
19
6
6
200
5%
Jan
1,300
13,000
16%
Apr
60c
Jan
200
59%
Apr
17
1.30
1.35
59%
16%
16%
39%
25%
9%
7%
42%
17%
39%
25%
10
700
14
100
1,000
39%
18%
8%
7%
300
1,500
._*
22%
8%
42%
22%
1
1.20
1.15
1.20
1,200
85c
5
1%
1%
1%
50
2,700
Jan
Mar
Jan
Jan
10c
.
_
Feb
44%
12% IJan
17% Mar
17% Mar
Feb
24%
7
Feb
19%
Mar
1%
Mar
70
Feb
18%
Feb
Apr
39%
30%
11%
Mar
Mar
Mar
8%
Lehigh Coal & Navigation*
Lehigh Valley
50
39%
9%
19%
Mitten Bank Sec Corp..25
Preferred
Natl Power & Light
Pennroad Corp v t c.
25
Pennsylvania RR
50
Penn Traffic com
*
1
10%
4%
44%
-.2%
Phila Elec of Pa $5 pref—. *
Phila Elec Pow pref
25
Phila Insulated Wire
Phila Rapid Transit
115%
Jan
46
Jan
24
Jan
1.50
Apr
Jan
*7% pref.
Philadelphia Traction
50
5%
50
9%
Union Traction
300
9%
106%
4%
7%
Mt Diablo Oil M & Dev-.l
1,200
1,300
700
40c
1.40
500
1.25
92 %c
87 %c 92 %c
3,100
10%
10%* 10%
100
For footnotes see page 2628.
1.25
1.50
Jan
Feb
Jan
16%
119
6%
Mar
Mar
Feb
Jan
10
Mar
80c
Jan
1.45
Mar
3%
Apr
4%
Jan
Jan
80c
Mar
Apr
2.25
Mar
Jan
97 %c
Apr
Jan
12%
Jan
70c
12
115%
32%
33%
5%
1,260
128
24
749
355
8,597
2,423
Apr
26%
187%
Feb
Jan
Apr
11
Jan
Jan
43
Mar
Jan
Apr
127%
14%
13
134%
44%
Mar
Jan
Feb
Mar
8%
17%
2%
70%
Jan
Feb
Jan
29
Apr
Apr
139
Feb
41
Feb
Mar
Apr
13%
Jan
Jan
24%
Mar
Jan
4%
Apr
2%
10%
Feb
5%
Apr
14%
Jan
4%
Jan
Mar
39%
Jan
2%
113%
32%
Mar
Feb
5%
Apr
10%
164
9%
Apr
5%
50%
3%
117%
35%
35%
7%
13%
16
230
12%
Jan
16%
Feb
4%
13%
9%
Feb
Mar
500
277
791
9%
35%
5%
140
63
Mar
Jan
1.15
44%
2%
9%
20%
2%
4%
11%
4%
46%
2%
116%
33%
30
Feb
1.05
2%
3%
10%
4%
30
18c
3%
3%
62%c 62 %c
8%
19%
10
20
30
60c
3%
Apr
Apr
470
72 %c
200
39%
57%
21%
136%
37%
10
15%
Jan
8%
712
1,750
42
Jan
8%
Jan
15%
Apr
86
110%
40
8c
1,000
1,277
15%
41c
4%
8%
119%
39%
40%
57%
60%
26%
26%
136% 136%
37%
37%
40
27c
114
Apr
*
9,100
4%
9%
1
8,200
113
135
268
5
14c
4%
145
10%
155
Reo Motor Car Co
Salt Dome Oil Corp
Feb
42c
114
11
39%
123% 124%
Scott Paper
Mar
48c
14
922
Mar
14c
1.15
High
Apr
167%
6%
35%
121%
10%
15%
50
40c
62 %c
1.25
Low
20
24
Jan
Apr
Mar
Feb
Feb
Mar
Apr
Jan
*
41c
14
260
113
(Phila) com.*
Y) com. *
14c
14
167% 169%
9%
6%
9%
*
47c
■
1,505
10%
10
40c
Mensaco Mfg Co
1
Merchants Petroleum Co 1
Mills Alloys Inc A
*
32%
21
124%
8
Tacony-Palmyra Bridge.. *
Tonopah-Belmont Dev__1.
Tonopah Mining
1
Los Ang Industries Inc...2
Los Ang Investment Co. 10
Mascot Oil Co
1
Natl Funding Corp
100
400
Feb
Jan
1.35
400
20%
39
Horn & Hard (N
38
59%
Kinner Airpl & Mot Corp. 1
Lincoln Petroluem Corp. 1
Lockheed Aircraft Corp. 1
Los Ang G & E 6 % pref 100
Range Since Jan. 1, 1937
Shares
Feb
38%
10%
17%
13%
700
167%
9%
*
Corp
5
Electric Storage Battery 100
43
100
38
17
20
Chrysler
42%
11c
41%
38
10%
IJan
Budd Wheel Co
Jan
11c
41%
200
Apr
Bell Tel Co of Pa pref—100
Budd (E G) Mfg Co
*
Apr
11c
38
50
Jan
Jan
Mar
General Motors
Glmbel Bros com
41%
10
Price
10
7% IJan
1,300
2,000
8%
42%
22%
Holly Development Co
Holly Oil Co
90c
2%
1.30
Goodyear Tire & Rubber
5%
9%
41%
1.50
59%
16%
39%
25%
Preferred
Week
*
American Tel & Tel.—.100
Baldwin Locomotive
*
Week
Shares
•5%
10
& Co._
Globe Grain & Mill Co. .25
Golden State Co
Jade Oil Co.
70c
17%
Gladding-McBean
com
3%
6%
40
5
General Motors Corp
General Paint Corp
Hancock Oil A
3%
6
40
70c
Creameries of America
for
of Prices
Low
High
Sales
Week's
6
Buckeye Union Oil pf v t cl
Calif Packing Corp..
*
Central Investment
100
Preferred
3%
6%
40
Week's Range
Sale
Barber Co
Barker Bros pref
Sales
Friday
Angeles Stock Exchange
to April 16, both
50
Apr
Jan
44%
49
14%
9,353
110% 111%
182
44%
13%
110%
West Jersey & Seash RR.50
Westmoreland Inc—
*
*
'l6
1%
4%
13%
6
*
Westmoreland Coal...
130
5%
42%
*
6
60
60
12%
11%
12%
11%
9%
Jan
1,876
1%
7
*
Jan
Mar
316
1%
316
*38
28%
6%
United Gas Imp com
Preferred
*
100
1,264
7
United Corp com
Preferred
....
8
Feb
1,100
610
15
261
60
Apr
Feb
224
12%
9%
Mar
85,000
11%
Jan
Feb
Jan
20
Jan
45%
32%
Feb
Jan
5%
Apr
41% Mar
13%
Apr
110% Mar
Apr
*16
Jan
Jan
l"i6 Mar
7%
8%
46%
17%
Feb
114%
Jan
66%
14%
11%
Apr
«.»
Jan
Jan
Jan
Jan
Jan
Bonds—
Elec & Peoples tr ctfs 4s '45
15%
16
l-H CO
Mar
Volume
Financial
144
H. S. EDWARDS & CO.
New York Curb .Exchange (Associate)
1
BANK
BLDG.,
,
Tel. CJourt-6800
120
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
Co.
&
Dean Witter
I Pittsburgh Stock Exchange
TVTflmhflra
Dera
UNION
2627
Chronicle
Members: Newark Stock Exchange, SanFranciscoStock Exchange, Chicago BoardofTrade
BROADWAY, NEW YORK
NewYork Curb Exchange
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
San Francisco
Sacramento
Oakland
(AssoJ, SanFrancisco Curb Exchange Honolulu Stock Exchange
Seattle
Tacoma
Stockton
NewYork
Portland
Fresno
Beverly Hills
Honolulu
Los Angeles
Pasadena
Long Beach
Pittsburgh Stock Exchange
San
April 10 to April 16, both inclusive, compiled from official sales lists
Friday
Last
Sale
Par
Stocks—
Sales
Week's Range
Francisco Stock
Sales
Friday
Armstrong Cork Co
*
Blaw-Knox Co
*
High
62%
26*
2%
5*
14%
Carnegie Metals Co
1
Clark (D L) Candy Co.._*
Columbia Gas & Elec Co.*
63%
26*
Low
Shares
40
V'
3
295
60 A
23
70A
295-6
Jan
Jan
Stocks—
Mar
Mar
Par
Apr
4
Feb
Alaska Packers' Assn.. 100
5
510
180
High
2*
4,031
5*
15A
Last
Apr
8A
Feb
Jran
..10
Duquesne Brewing Co
14*
20 A
Apr
Electric Products
18*
Jan
26
18
Jan
ISA
100
10
Jan
Feb
Feb
Bank of California N A—80
ISA
24*
13 A
38
*
40
30
31
Jan
50
Feb
1*
850
1
Jan
1A
58A
Harb-Walker Refrac com.*
Lone Star Gas Co...
iosM
*
li
1A
125
52
50A
83
10
80
Apr
Apr
104
109
165
104
Apr
Natl Fireprooflng com...*
7%
10*
3A
62%
9%
7A
Phoenix Oil
10c
10c
10c
5,500
1,945
4,000
5A
5*
166
McKlnney Mfg Co
*
Mesta Machine Co
5
Mountain Fuel Supply Co.
li
25c
com
Pittsburgh Brewing Co...*
"40"
Preferred
Pittsburgh 011& Gas.. ...5
2*
Pittsburgh Plate Glass..25
Pittsburgh Screw «fe Bolt—*
Plymouth Oil Co...
5
11
2,567
3A
66A
100
157
11
8*
40
40
109
2A
2A
134* 134 A
16* 17
27A 28A
168
Mar
99
Jan
111 A
Apr
14 A
Jan
Jan
4%
71*
12 A
Feb
Mar
Jan
Jan
10
Mar
7c
Jan
25c
Jan
3A
Jan
8*
Jan
35
_.l
2
Ruud Mfg Co
5
17
San Toy Mining Co
Shamrock Oil & Gas
1
;
7
13*
J
16 A
Feb
California Packing com..*
Preferred
...50
Calif Water Serv pref—100
13*
1,646
1,070
20
1,507
207
15
Caterpillar Tractor
100
3c
6*
13A
ISA
52
*
Victor Brewing Co
1
1A
7
90
1A
Waverly Oil class A
*
Westinghouse Air Brake..*
Westlngnse Elec & Mfg. 50
17
Low
142*
23*
5*
17*
High
155%
31*
7*
Apr
Jan
Apr
Apr
25
7
46A
155
Jan
213
Feb
Feb
Mar
Feb
50*
52
104*
89*
11
104
89*
11
104*
89*
11
46
46
46
106
105
106
Creameries of Amer Inc..*
24
147A
19A
28*
2A
Preferred
*
107*
D1 Giorgio Fruit com... 10
44*
45*
6*
6*
23* 25
104* 108*
10
1,661
130
28*
7*
97*
39
50*
Mar
32*
12*
Mar
Mar
Jan
105
Apr
Mar
55
101
87
Jan
15
43*
102*
Apr
105*
99*
12*
Jan
10
Jan
Feb
52
Mar
100
Mar
48*
Apr
254
165
Feb
10
34*
56
Jan
106*
Jan
46
Jan
Feb
Feb
Mar
Mar
Apr
675
35
584
5*
19*
Mar
99
Mar
108*
Apr
Jan
17*
Mar
Mar
Jan
Mar
Jan
6,416
1,563
12
11*
12
1,124
9*
7*
Jan
25
Feb
Apr
43*
43*
45
300
42
Jan
59
Jan
19
Apr
Eldorado Oil Works
*
23
23
23
335
22
Jan
27
22
22
22
235
24*
Mar
40*
45
1,095
21*
40*
Jan
43
Apr
47*
Mar
19*
Mar
100
Jan
4c
Jan
Jan
7A
Jan
Emporium Capwell Corp.*
4* % cum pref w w._.50
ISA
Apr
15 A
Feb
Emsco Derrick & Equip..5
17*
17
17*
345
17
Mar
45
Jan
52
Fireman's Fund Indem—10
Fireman's Fund Insur...25
39
39
39
10
39
Jan
42
85*
84*
89
485
56
56
56*
5*
20*
353
84*
47*
Apr
Food Mach Corp com
10
Foster & Kleiser com...2*
96*
57*
10
1,041
185
19
Jan
22
1,004
48
Apr
55
39
Apr
30*
Apr
53*
44*
36*
4*
Jan
Apr
95c
Jan
1A
Feb
Feb
Apr
8A
56%
164%
Apr
5A
Mar
100
3
Jan
426
42*
133*
Feb
113
42*
525
285
Feb
Jan
Feb
2c
2,133
49A
133* 137*
41
51
Claude Neon Elec Prods..*
Clorox Chemical
10
Cst Cos G & E 6% pref-100
Cons Chem Indus A
*
30
10*
10*
100* 100*
850
1,798
194*
6*
27*
6A
2,000
2,484
7
Vanadium Alloy Steel
I%
1,030
*
29*
•
41
Crown Zeller Corp com...5
Jan
125
2%
51
Preferred
50
6
9*
31*
8*
30
10*
100*
Feb
Feb
Mar
Apr
50
4A
490
Jan
100
Feb
Jan
20
17
3c
*
27
30
9
31*
44*
6*
Feb
1A
125*
7% preferred
206
206
5
Calamba Sugar com
20
Calaveras Cement com...*
Feb
10A
1*
58 A
7*
7%
Jan
Bishop Oil Co
Byron Jackson Co
$3 preferred
Renner Co
142*
Range Since Jan. 1, 1937
for
Week
Shares
Jan
1*
50%
83
Jeannet Glass pref
Koppers Gas A Coke pf 100
25*
5*
17*
5*
18*
*
22
Follansbee Bros pref
100
Fort Pittsburgh Brewing. 1
27
High
Feb
473
142 *
142*
5
390
Low
Price
Assoc Insurance Fund... 10
23
22*
22*
5
of Prices
Anglo Cal Nat Bk of S F.20
Atlas Imp Diesel Eng
Devonian OIL.
WeeVs Range
Sale
price
Exchange
April 10 to April 16, both inclusive, compiled from official sales lists
Week
of Prices
Low
Range Since Jan. 1, 1937
for
Feb
Jan
A preferred
5*
20*
25
20*
58*
16*
39*
25*
8*
60*
16*
39*
20
5*
621
Jan
Feb
Jan
Mar
Jan
7
Mar
17*
Jan
22
Mar
53*
14*
36*
18*
6*
Apr
Jan
70*
18*
41*
Mar
Jan
31*
Feb
8*
Apr
4
Unlisted—
Pennroad Corp vtc
*
4%
General Motors
10
Golden State Co Ltd
*
59*
16*
39*
25*
8*
Hale Bros Stores Inc
*
20
20
Pineapple
6
49*
48
49*
Home F & M Ins Co
90
4*
10
39
39
41
*
31
31
250
1,085
General Paint
com
com
Preferred.
*
*
Gladding, McBean A Co.*
ST. LOUIS MARKETS
I. M. SIMON & CO.
Hawaiian
Business Established 1874
Enquiries Incited
Honolulu Oil Corp Ltd
Hunt Bros A com
27
8*
all
10
3*
3*
Langendorf Utd Bak A..*
on
31*
3*
13*
13*
13*
855
281
700
19,023
695
3
Jan
Apr
Jan
Feb
Jan
Feb
Jan
Mar
Jan
Feb
Mid-Western and Southern Securities
MEMBERS
New York 8tock Exchange
St. Louis Stock Exchange
315 North Fourth
B
New York Curb (Associate)
Chicago
Board
of
Trade
St., St
*
3
LeTourneau, R G, Inc.—1
Llbby, McNeill & L com.*
41*
14
Lockheed Aircraft
1
L A Gas & Elec pref—.100
Louis, Mo.
Telephone Central 3350
Lyons-Magnus Inc A
B
13
113
St. Louis Stock Exchange
April 10 to April 16, both inclusive, compiled from official sales lists
Last
Sale
Par
American Inv
Brown Shoe
Price
*
com
21
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1937
for
"32k
41*
33*
Jan
14
14*
10
Jan
13
14
2,202
9*
106*
6*
1*
112* 113
65
7
7
200
1*
1*
1*
100
3*
20*
3*
466
*
21
6% preferred
100
Marchant Cal Mach com.5
105
105
21
105
25
23*
25*
34*
34*
525
25
Central Brew com
5
Coco-Cola Bottling com__l
Columbia Brew com
6
Nat Automotive Fibres. .*
22*
High
21
22
68
21
47
105
46
377
31
Apr
Apr
Apr
38*
49*
33
32%
32 A
196
31%
Feb
32*
5*
Dr Pepper com
5
158
*
40 A
Elder Mfg com
159%
5H
5A
37
34*
Jan
44*
Feb
11
Apr
5
98
Jan
13*
102*
Mar
14*
14*
14*
400
13*
Jan
16*
Mar
37
Feb
Feb
Oliver United Filters A—. *
27
27
27*
480
24
Jan
B
Jan
42
100
4
35
113
45
1,445
3%
25
Jan
Mar
*
28
Mar
Jan
11*
Mar
17*
Apr
19* Mar
14
Apr
30*
Apr
28* Mar
25* Mar
22*
18*
Feb
38
Jan
Jan
160
Apr
6
Mar
48
32*
Jan
29*
Jan
978
44
Mar
53*
Jan
185
105
Apr
17
17
39
Pacific Amer Fisheries—.5
Pacific Can Co
*
20*
14*
20*
14*
20*
14*
475
32*
31*
2,754
Feb
com
6% 1st preferred
25
25
Apr
30
30
366
27%
Jan
32
Feb
100
102
102
3
99 A
Jan
102
Apr
Emerson Electric pref..100
Falstaff Brew com
5*% preferred
25
Pacific Light Corp com
*
6% preferred
*
Pac Pub Ser (non-vot) com*
105
105
2
103
Jan
125
Mar
(Non-vot.) preferred...*
1.470
8
Jan
9%
20A
9%
21*
11*
Mar
Mar
Pac Tel & Tel
com
6% preferred
Ham-Brown Shoe com...*
4
Hussmann-Llgonler com. *
Huttig S & D com
5
'21
Hydraulic Pr Brick preflOO
Hyde Park Brew com
10
"llA
International Shoe
"46
.
Knapp Monarch
Laclede Steel
*
37%
258
4A
200
32
Jan
39
Mar
Jan
6
Feb
16 A
Jan
23
com
Jan
20 A
21
396
14%
15
80
11%
18%
11A
18 A
43
11%
Apr
20*
15*
6
17 A
Feb
20
Feb
Feb
45
Apr
38%
39A
50
23%
Jan
49*
39*
20
20
50
14 A
Jan
22
Mar
Mar
20
46
105
Paraffine Co's
Jan
com
Pig'n Whistle pref
23
2d pref
.
25
Mar
150
Jan
_*
83
83
164
134*
75*
Jan
87
Feb
60
4*
Mar
5*
160
83*
Apr
89*
4*
Ry Equip & Rlty 6% —100
Rainier Pulp & Paper A—*
83*
83*
B
*
Republic Petroleum
1
940
50
Jan
79*
Feb
1,385
46
Jan
78
Feb
9*
1,410
13*
Feb
8*
S J L & Pwr 7 % pr pref .100
114
20
20 A
140
15
Feb
22*
Mar
Shell Union Oil
com
*
20%
61%
21A
350
11A
Jan
26*
Mar
Signal Oil & Gas A
*
53
107
49
Feb
70
Mar
Soundview Pulp Co
5
11A
512
10*
Apr
13*
Mar
So Pac Golden Gate A
*
1 *
9%
46*
101
Stlx Baer & Fuller com..10
101
20
100
Apr
101
Apr
1
Schles'ger & Sons, B F, com*
Common new
■1
1
175
1
Apr
2
Mar
Feb
13*
Mar
Apr
100*
Preferred
100
new
Spring Valley Water
*
Standard Oil Co of Calif.. *
1*
7*
29*
12*
114
1*
7*
29*
114
30
95
10*
Feb
34
12*
20
12*
27*
36*
Apr
40
Feb
1
Apr
12*
33*
48*
47*
1*
9
32*
32*
43
44
42
43*
1*
Super Mold Corp of Cal. 10
16*
Telephone Inv Corp
Thomas-Allec Corp A
*
*
43*
43*
9*
47
16*
44*
17
10
Apr
19*
27
410
19
Jan
29*
Mar
Tide Water Assoc Oil com*
19*
18*
20
51
25
51
Apr
58
Mar
Transamerlca Corp
*
15*
15*
17*
Jan
128
Union Oil Co of Calif—.25
26
25
26*
19*
10
17
Wells Fargo Bk & U T.100
Western Pipe & Steel
10
Yel Checker Cab A
50
335
335
10%
"Ilk
44
15
101
Apr
122*
10*
Apr
250
11*
Apr
13*
Jan
379
39
Jan
49*
Feb
88
Jan
Apr
101*
34*
Mar
28*
10 A
1,150
U%
12 A
42
44
243
765
2,981
615
325
Jan
Apr
Jan
Jan
2*
7*
Feb
Mar
Apr
Mar
Apr
Feb
Mar
Mar
Jan
Jan
12
Feb
43*
Jan
49*
Feb
145
15
Jan
20
Jan
30
42
Jan
46
Feb
2,843
Apr
25
125% 126 A
120
*
7*
44
1*
Apr
428
17
126k
Apr
408
42*
9*
114
1*
12*
32*
45*
16*
10
7*
51
Sterling Aluminum Prod.. 1
8*
Apr
20 A
20 A
So western Bell Tel pref. 100
Jan
75
Mar
26 A
Jan
74*
58
17
85
72
Apr
10*
4*
71*
8*
53
*
Jan
75
20
100
83
73*
53%
.25
Jan
136*
63%
25
Jan
135
53*
500
Jan
135
Feb
11A
11A
100% 100 A
24
100
32*
100
Mar
152*
22
10A
22*
Mar
Jan
10 A
880
8*
141
Jan
2d pref
100
Nicholas Beazley Airpl cm5
Rlce-Stix D Goods com
*
Apr
50
18%
53
6*
142
24
25
com
262
107
141
*
com
1,735
1,490
Jan
141
10
334
750
100
19
Natl Bearing Metals com.*
National Candy com
*
com
6*
105*
6*
6*
22* 23*
4*
Preferred
Wagner Electric
105
28A
com
com.
105
19
McQuay-Norrls
Scruggs-V-B D G
48
27%
25
Scullin Steel pref
Securities Inv com
47
19
com
Meyer Blanke
30
26*
48
*
com
Landls Machine
Mo Ptld Cement
30
27*
33*
30*
27*
*
Mar
*
45 A
9*
17
Mar
13
3%
*
com
com
Laclede-Chr Clay Pr
37%
9*
Apr
Feb
Jan
1,822
17
9%
Feb
Apr
10
O'Connor, Mof't & Co AA*
108
37 A
Feb
164
Jan
Griesedleck-Western Brew*
Jan
28
1,877
Apr
9%
108
Jan
11*
20
2d pref
Jan
Apr
99*
108
30
Jan
Jan
34*
2
D Gds com25
23*
Jan
11
20
Ely & Walker
Apr
Feb
Mar
99*
108
20%
100
5
•
Jan
Apr
11
*
108
1st pref
Jan
Jan
Feb
Mar
Jan
Feb
99*
Natomas Co
Low
31
5
5%
105
3,028
Pacific G & E
32 A
2*
20*
Apr
4*
45*
14*
16*
114*
7*
2*
No Amer Inv 6% pref. .100
North Amer Oil Cons...10
Week
Shares
46
*
com
Burkart Mfg com (new)..*
Preferred
530
2,300
2,128
16*
Sales
Friday
Stocks—
2*
3
3*
.
3
Apr
Apr
42
7
*
*
Magnavox Co Ltd
(I) Magnin & Co com
3
12*
11*
4
4
4
20
Jan
5
Feb
3,130
18*
Apr
15*
Apr
21*
17*
Feb
61,482
3
27
2,746
24*
Mar
28*
Feb
18
19*
Apr
24
17*
1,840
5,276
18
16
11*
Jan
18*
Jan
Mar
Mar
Union Sugar Co com
Universal Consol Oil
Feb
Mar
m
Bonds—
t Scullin Steel 6S.....1941
United Ry 4s c-d's
93
"28k
28A
93*
28 A
57,000
9,000
Jan
335
15
35
34*
35
595
34*
53
63
54
115
53
312
Jan
Jan
Mar
350
40*
64
Feb
Mar
Jan
For footnotes see page 2628
iQhS
Chronicle
Financial
2628
I
April 17, 1937
Provincial and
STRASSBURGER & CO.
MONTGOMERY
133
Exchange—Pan
mm
Low
Shares
Jan
50c
200
45c
Jan
2.50
16c
17c
225
6c
Jan
50o
23?4
167*4
Apr
2924
Apr
18624
m
1
m
Jan
97c
Calif Art Tile A
40
_
122
"ir
Pacific Trading".
53
724
724
16*4
6024
Apr
6324
2724
1124
Jan
13
624
924
524
227
Jan
50
148
11
200
2,961
300
124
Jan
155
11
Apr
1824
5224
924
1324
724
14624
2524
Jan
108
524s
434s.
Nov
Oct
90
15 1946
1 1951
91*4
91
93
89*4
15 1943
90*4
106
107*4
11224 113*4
Jan
Mar
Jan
1924
400
Bonds
Gundy
Feb
Jan
14 Wall St.
Mar
6*4
Apr
102
40
21
Jan
22H
325
400
19)4
400
Calif
...June
Canadian
Feb
1,940
924
1754
5054
854
1154
5*4
n24
—
5s
110*4
10624 107*4
11960
Feb
83c
6754
2454
854
954
1754
5054
854
1154
554
2354
Bunker Hill-Sullivan.... 10
r
107
Prov of Saskatchewan—
15 1952
Mar
Feb
Jan
10
Bolsa Chica Gil A
107*4 108*4
105*4'100 *4
1 1961
Jan
78o
284
78c
5724
m
"lok
m
1 1958
Feb
5
3
2 1950
Feb
4*4s._—May
Feb
10
8
-.50
Preferred..
Aviation Corp
Bancamerka- Blair
Mar
4.9...
Feb
""ok"
Atlas Corp com
424s
93*4
Feb
2.00
5
Argonaut Mining
92
High
10c
"U"
Anglo Nat'I Corp..
Ark Nat'l Gas A—
Sept
1
Week
High
300
81c
1
50
Anaconda Copper
4*4s
June
424s
94
109
15 1960
15 1961
5s....
2354
2354
16754 16954
"ieik
100
Amer Tel & Tel..
102*4 103*4
108*4 109*4
49....
92*4
92*4
15 1954
Apr
Apr
117
116
1962
Jan
15 1965
Province of Quebec—
97
Province of Nova Scotia—
21c
"~"l6c
Amer Toil Bridge
June
*
115*4 117
90
1 1941
Aug
4*4s
424s..
1.90
Amer Had & Sanitary
9524
1 1953
Deo
2 1959
Prov of New Brunswick—
21c
Alaska Mexican...
Alaska United Gold
..Oct
109*4 110*4
1942
Range Since Jan. 1, 1937
for
oj Prices
Low
Price
5s.
99 *4 100*4
12 1949
...July
5a...
Bales
Halt
Par
Stocks-
Sept 15 1943
May
1 1959
5a
Exchange
Range
Oct
6a
4*4s
April 10 to April 16, both inclusive, compiled from official sales lists
IPert's
59
64
Province of Manitoba—
Direct Private Wire
Last
66
/61
5s
Exchange—San Francisco Stook
Curb
Exchange—Chicago
Frldag
fO 4
1 1956
4*4s
Francisco
Francisco Curb
1 1948
Get
Prov of British Columbia—
Board of Trade—New York Curb Exchange (Associate)
San
Jan
1
Ask
Bid
Province of Ontario—
5s
<Since 1880)
Members i New York Stock
Municipal Issues
Ask
4*4s
STREET
FRANCISCO
SAN
Bid
Province of Alberta—
&
New York
Feb
Co.,
Jan
Inc.
Jan
Private wires to Toronto and Montreal
Jan
Mar
Feb
Feb
25o
25c
10
18c
Jan
50c
Railway Bonds
Jan
"Ik
754
754
150
724
Apr
8
Feb
2
Cardinal Gold....
1
51c
690
57c
50
50o
Apr
82c
Feb
2
Central Eureka
1
1.05
97c
1.30
8,900
40o
Jan
1.90
Mar
4s perpetual debentures.
1
1.05
88c
1.25
1.400
40c
Jan
1.90
Mar
6s
354
254
4
1,218
324
Apr
354
1,986
70C
Jan
624
324
Mar
4.40
4.40
100
3.00
Mar
5.25
Mar
1654
4654
654
1754
4654
654
Mar
52
52
Preferred.
--
Preferred
Cities Service
Claude Neon Lights
Columbia River Packer
-
Consolidated Oil
m
mmm
m
mmmmmm
Continental Oil Co
.
mmmmmrn
1
..
Curtlss-Wright Corp
Dominguez Oil Fields
mmmmmm
52
Dumbarton Bridge
54
11124
Bid
Jan
65c
10
65c
Apr
1 00
130
Apr
Feb
23
6424
2424
Canadian National Ry1 1951
Sept
4^8...
.lan
5554
2 15
Jan
7 00
Mar
35c
Jan
2.50
Mar
June
45*8...
424s... ...Feb
424*... .—July
1.15
1.25
4.020
80c
Jan
1 60
Mar
5a..... —July
20
1524
Jan
Mar
5a
....Oct
1969
4 05
Mar
Jan
5a
Feb
1970
4.70
810
1.50
3,750
1.10
Jan
1.85
315
1124
Apr
1524
93c
93c
1.00
6.490
51c
Jan
1 25
6
654
4.450
4.35
Jan
724
Mar
45c
44c
Apr
72c
Apr
Apr
50c
15 1955
1956
ill
824
Jan
34
Apr
Feb
3.50
Apr
580
100
mmmm'm
3154
3.50
3.50
100
51c
54c
10.950
43c
Jan
5954 6254
1254c 1354c
375
5424
Jan
"3
50
30c
1
lie
4,915
110*4 110*4
4a
Jan
1
114
3a
Jan
1 1962
4.80
Jan
Feb
900
30c
Apr
53c
Apr
1724
Jan
Mar
44
HAnover 2-6363
Jan
62
60c
1,500
43c
Jan
82c
Feb
1454
4754
5
1424
Mar
1724
Jan
10
Jan
50
3.20
315
3.30
1,405
3 15
Apr
4.15
Jan
100
524
1024
424
Jan
Abltlbl P A Pap ctffl 5a *53 /106J4 107*4
Manitoba Power
Apr
824
1224
Feb
1054
554
Feb
Alberta Pac Grain 6s. 1946
Maple
Feb
Beauharnois Pr Corp 5s *73
3724
Jan
Bell Tel Co. of Can 5a. 1955
Jan
Burns & Co
rn
mmm
_
m
6
1
......
6
100
11
795
3 25
Jan
10
18
Jan
27
40
10
39
Apr
27
1,120
2524
Apr
2854
100
26M
Mar
2754
75
2724
Apr
4124
32 H
2824
2924
2654
2654
2754
Preferred
Shasta Water Co com
25
5*4% preferred
"27"
25
Sou Calif-Edison
26*4
6% preferred
..25
S P Gfl G' Fry 6% pref.100
8tand i <' Brands Inc.
•
•
Jan
102
102*4
324s
Jan
Canadian Vlckers Co 6a '47
100
101
324s
Mar
Cedar Rapids M & P 5s '53
Jan
Conaol Pap Corp 5Mis 1961
112*4 114
/99*4 100*4
66*4
/66
92*4 93*4
Jan
2 15
2 25
820
1 90
Jan
2.70
Mar
60c
60c
100
30c
Fob
1.30
Feb
2.90
2.90
3 00
72
1 60
60
1 25
80
1956
84*4
East Kootenay Pow 7s 1942
Eastern Darles 6s
.1949
524
Apr
Jan
General Steel wares 6s. 1952
754
10*4
14 *4
Western Air Express..... I
1 25
Jan
2 90
Feb
Jan
126 *-4
Mar
Gt Lakes Pap Co 1st 5s '55
6s
1950
/0594
7724
624
Jan
7*4
Mar
Int Pr & Pap of Nfld' 5s '68
15
Jan
1724
Feb
Mar
18
Feb
624s
Jan
13
Mar
5s
95
2
60
10
13*4
924
824
Private wire to
own
Santa
—
Barbara
Monte
—
Beverly
that
—
Hills
Cash sale,
c
Stock dividend of 100%
Included
sale—Nol
range
for
101
101 *4
102)4 102*4
102*4 103
424s '61
112
1948
95
96""
514s '52
70
71
Winnipeg Elec 6s. Oct 2 '54
99
United Grain Grow 5s
84
99*4 100*4
/ F at price
NOTICES
York Stock
Exchange firm of Reynolds & Co,
announces
their
department
Amott, Baker & Co., Inc., 150 Broad¬
New York.
—Cawley & Co., announce that Gordon L. Davis, formerly of Vilas &
Hickey, has assumed charge of rail bond activities In their trading depart¬
basis.
1, 1936.
paid Sept
in
104"
—A detailed analysis of Merchants and Manufacturers Fire Insurance Co.
way.
6 Ex-stock dividend
d Stock split up on a two-for-one
—
102
Steel of Canada Ltd 6s '40
has been prepared for distribution by
M. Castle A Co. split Its common stock on a
a A.
March 9. 1937.
on
104*4
Frank E. Agar has become associated with the firm in charge of
retail
\
No par value,
102
103)4
Saguenay Power 4*4s.l966
Shawlnlgan W A P 424s '07
United Secure Ltd
105"
101
Provincial Pap Ltd 524s '47
Quebec Power 5s..... 1968
Pa Mills
mmm
104*4
Bank & Trust Co. of Chicago.
—The New
-
-
mmm
102
Ottawa Valley Pow 524s '70
Power Corp of Can 424 s '59
5s
Dec 1 1957
analysis of the earnings and banking position of Continental Illinois National
Los Anseies
-
Hollywood
mmm
CURRENT
7-4150
offices in San Francisco
Del
mmm
80
103*4
83
90*4
102
—Monahan, Schapiro & Co., 30 Broad St., New York have prepared an
Exchange
Broadway, New York
Cortlandt
101 H
86
Smith H
1961
No par value.
90
1960
101*4 102*4
Co
...1961
Schwabacher & Co.
York Stock
-
96*4
Lake St John Pr & Pap
♦
Members New
-
50*4
97*4
99
116
-
MacLaren-Que Pr 524s '61
111
86
104
0.100
1
104
Certificates of deposit
Ottawa Traction 5J4s. 1955
100
1950
50
-.—....-1956
1973
Tramway 5s 1941
Northwestern Pow 6s
85*4
101*4 102
100*4 100*4
I
Jan
-
103
1939
New Brunswick Pr 5s. 1937
Gatlneau Power 5s... 1956
Fraser Co 6a..
value) 3s
Montrea
Feb
Mar
2.25
Mar
4s
Feb
3 75
Jan
Jan
70
60
6
6
""2.05
100
..5
1.65
1,500
1 60
824s.1945
par
Donnaconna Paper Co—
Feb
49
Apr
.1961
Dom Gas A Elec
100
11554 11554
7
425
7'4
16*4 <•>. 517
16*4
610
1454
1554
17
1054
1054
United Corp of Delaware..
Victor Equipment.....!
Preferred
.5
5 Ms ex-stock
Jan
1024
10354 103*4
/81
81*4
Montreal Island Pr 524 s *57
Montreal L H A P ($50
10354
44
45
Minn A Ont Paper 6s. 1945
110
Apr
10
99 H
90*4
103
Apr
45
99
109
14*4
45
Massey-Harris Co 5s. -1947
McColl Frontenao Oil 6s *49
101*4
28
::
1941
87
112
Canadian Inter Pap 6s '49
Canadian Lt & Pow 5a 1949
98
-
95*4
85
Canada North Pow 5a. 1953
30
-
111
99
254s to '38—524s to '49
64
Leaf Milling—
Feb
1454
Ask
9724
98*4
Mar
30
72
1
Canada Bread 6s
Bid
524s. 1951
83
97*4
63*4
524s-324s. 1948
Calgary Power Co 5s.. 1960
Mar
60c
..1
Warner Brothers
Jan
Utility Bonds
Bid
Feb
1454
mm
Title Guaranty pref
Yukon Co
com..
126
Jan
28
m
Tread well
ITS Petroleum
100
Apr
2.20
Stearman Hammond 1.25
Texas Consol OH.
1024
824
16*4
50
14J4
rn
Sterling Oil &
Develop...I
Superior Port Cement A
954
1854
654
2454
40
A.
8chumacher Wall Board
Mar
30
25
Industrial and Public
Mar
8
Jan
1224
924
2024
924
1054
954
1854
654
2454
10*4
924
46
135
1054
554
3254
31
20
Radio Corp of America....
ment.
year
x
Ex-dividend,
v
Ex-rights
—A comprehensive, up-to-date analysis of New England Public Service
t In default
Listed
•
3954
56c
Radio Keith Orpheum
•
New York
•
Bell System Tele. NY 1-208
56c
m
mmmmmm
Pacific Portland Cem..l00
rCasb
Corporation
Royal Securities Corporation
30 Broad Street
Feb
1224
39
•
Private wire connection between New York, Montreal and Toronto
"iok
Onomea Sugar Co....-.20
2 Par Coast Aggregates
10
Rlverfilde Cement
104 H 106
93
94
SECURITIES
Municipal
•
1454
4754
20
....20
Pioneer Mill Co
1962
Jan
63c
Government
5824 Mar
17J4c Mar
410
14
39
80
122
30c
13
mmmmmm
Occidental Petreoieum..l
g
Grand Trunk Paclflo Ry—
111 *4
1957
1969
CANADIAN
Mar
8224
4,500
29c
8254
3154
.1
Park Utah Mines
Ask
123 H
123
1 1946
m + m
Feb
200
48c
20c
8254
46c
......
...s.5
Olaa Sugar Co.
Bonds
Mar
6*4
m
Oahu Sugar Co..
•
101 *4
Feb
52c
two-for-one basis
108*4
101
Mar
1254
59?4
1224c
U S Steel
%
Feb
1.35
4.50
1
Packard Motors.
108
115*4 116*4
17
Apr
1154
Montgomery Ward A Co..
Mountain City Copper. 5c
Nevada Porph...
1954
1960
024s——July
114*4
115*4 116*4
1
North Amer Aviation
1
1
Bid
100
"l"35
10
M J A M & M Consol
Dec
July
Canadian Northern Ry—
110*4 111*4
113*4 103*4
100
17
com.
Marine Bancorporation
r MenascoMfg Co
105
Ask
835
mmmmmm
Klnner Air & Motor
104
5s
1.00
-
1
Klelber Motors
l/oews Inc
.
1 1946
Government Guaranteed
Dominion
Apr
1
Preferred
Ry—
111*4
1.20
1
Italo Petroleum
Sept
424s
110
10124 102*4
15 1944
1 1944
Pacific
4248
Apr
1254
Internat'l Cinema..
2
Jan
60
50
15 1942 /109
6.00
Internat'l Tel A Tel
1
1724
46*4
824
July
1 00
-
Holly Development
1
Honokaa Sugar Co.....20
Idaho-Maryland Mining. I
2
Jan
Dec
5s
95 54
5.00
23
»
2
Feb
624
..Sept
424s
Ask
Bid
Canadian
95*4
"Too
B
2
Jan
46 J4
Ask
Pacific Ry—
6224
2224
General Metals
2
1524
100
65c
"ilk
Hobbs Battery Co. A
2
190
400
Jan
5254
2254
10
General Electric Co...
2
V
4
1
Bid
Canadian
Co. has been prepared by Distributors Group, Inc., 63 Wall St.,
t Company In bankruptcy, receivership or reorganisation
New York
City.
CURRENT
—Homer
&
Co.,
Inc.,
40
—Strauss Bros., 25 Broadway, New York have prepared an analysis on
NOTICES
Exchange
Place.
New
Arnold
York,
of
periodical circular on the high-grade railroad bond market.
—-I^ouie
&
Co.,
—A.
Ogust
has
been elected
First
Inc., underwriting counsellors, it
Lee
Don,
Jr
has
Joined
was
Campbell,
specialize in New Jersey municipal bond*.
Vice-President, of A.
&
an
O. Corbin
analysis
Co.,
Inc
Works old
office at 621
—Frank O.
announced.
Phelps
Print
securities and
new
—Fred Loomis. consultant on corporate
has issued its
of
—James
and will
South
Spring Street,
announces
the opening
Los Angeles, California.
Masterson & Co.. 64 Wall
Harbor Plywood Corp. and
securities, when issued.
financing,
St., New York have prepared
an
subsidiary companies.
Talcott, Inc. has been appointed factor for Sig
Schieslnger &
Co., Inc., Newark, N. J., manufacturers of men's straw hats
*
r
t
»
...
....
.
i.,
„
■
,
AMM, .jMrcwA
iMHi Mk
ir™
ISa
members
Telephone
new york security
SPECIALIZING
UTILITY
CANADIAN
IN
52
BUILDING
ALDRED
WILLIAM
PRIVATE WIRES
144
Cable Address Hartwal
1-395
STREET
For miscellaneous Canadian
CONNECT OFFICES
2629
AND
UNLISTED
Montreal Stock Exchange
tables, usually found in
Sales
Friday
Last
(Concluded)
Stocks
Montreal Stock Exchange
April 10 to April 16, both inclusive, compiled from official sales lists
Friday
Last
Par
Week's
Sale
of Prices
Low
High
Price
Ranoe
Range Since Jan. 1, 1937
for
Rolland Paper com
10
Agnew-Hurpass Shoe pref.*
Alberta Pacific Grain A..*
106
6
100
35
29
50
Preferred..
Breweries
Associated
6
Electric...*
15
*
....100
1104
Bathursl Pow & Paper A.*
194
Preferred
Bawir
Bell
*
Grain
(N)
Preferred
"Ix
*
Silk
"l9"
*
Canada Cement
Canada Korglngs class B.
Can
Power Corp..*
North
Canada steamship
"23"
29
30
30
144
15
265
85
20*4
5,864
1934
434
36
615
10
Jan
44
28?*
110
7
Jan
Jan
5
Jan
29
11
Jan
Feb
10774
17 H
Feb
*
3
264
Mar
'
184
Jan
35*4
Mar
934
19
6034
2134
23
7 34
650
380
211
Saguenay Power pref
St Lawrence Corp
3,071
Apr
Feb
30
Apr
14
Feb
16
184
964
884
Jan
Jan
Mar
64
Vlau Biscuit
Mar
Apr
Preferred
2X
Jan
Jan
Apr
214
Apr
32
Feb
Jan
31
Mar
22
Canadian Cottons
100
22
40
50
Jan
50
Mar
54
45
4
Jan
8
14
Jan
23
Jan
Jan
104
Jan
124
13
10
30
124
*
31
30
54
64
54
6
184
Canadian
Invest.*
Foreign
"26
Can Hydro-Elec pref... 100
76 4
Canadian Indus Alcohol..*
6 X
Clans
65
121
Mar
126
Mar
1
21
Jan
22
78
78
175
75
Feb
78
61
105
Apr
106
—
...
-
«•
W
26
27
285
25X
Apr
33
77
592
72
Jan
7
11,790
5*4
54
164
144
Apr
54
3,245
Canadian Locomotive...-*
16 4
1634
2334
355
Canadian Pacific Ry..-.25
14
14
18
18
1434
1934
3,273
Cockshutt Plow
85
5.287
80 4
100
I
183
T Jan
211
Jan
10
2174
Jan
241
Feb
217
93
201
• Jan
226
Feb
1,595
14*4
744
Feb
Jan
Apr
Jan
Jan
834
84
74
234
174
224
1004
ESTABLISHED
Municipal
55
Jan
Mar
Mar
Montreal Curb Market
Mar
18
Jan
22
Jan
244
Feb
29
Mar
55
57
982
54
Jan
584
Mar
Friday
Mar
Last
100
Dominion
....*
Textile
Preferred.
Dryden
214
"20 X
81
*
"l74
16 4
Electro!
I >a rles
ix
Enamel &
84
Heating Prod..*
74
6% cum pref
100
76
70
76
Jan
80
Apr
Pref ctfs of deposit—100
74
69
74
642
41
Jan
79 4
Apr
100
95
95
95
55
60
Mar
534
10
5
Feb
11934 120
108
11734
75
1194
93
Apr
Feb
122 4
Apr
7
Feb
124
Apr
64
Jan
94
Jan
110
151
3
145
20
985
734
144
25
1334
*
665
10
60
2,295
32
2,383
102
2,021
1434
3,580
37 34
3534
525
63
6534
5,065
75
834
9
390
W)
2334
2334
*
21
20
17
Feb
20
Feb
124
Apr
154
Jan
Calgary Pw 6% cum pf 100
Canada & Dom Sugar Ltd *
184
Jan
100
134
Cottons
Apr
112
Apr
118
Apr
Ltd..*
Apr
47
Mar
Jan
Jan
Jan
98
Jan
Mar
Jan
Can Ind
Montreal Loan A
Telegraph
4
541
Jan
5
Jan
234
435
Jan
34
Jan
434
75
3
Mar
Jan
Jan
75
Feb
84
Feb
164
94
Apr
Jan
*
21
21
2134
160
20
Feb
*
1134
1134
13
435
10
Apr
16
100
49
49
25
49
Apr
65
Jan
*
8
8
26
Jan
114
Feb
Mar
Catellt Fd Pr 5% cum pf. 15
11
11
10
Jan
114
15
Mar
Commercial Alcohols Ltd *
50
Jan
434
Jan
5% cum pref
Canadian Vtckers Ltd
7%
cum
pref
Catelli Food Prod Ltd
Jan
48
Mar
Apr
110
Apr
Dom
Apr
Dominion Stores Ltd.—
Donnacona Paper
304
3034
3,308
364
Jan
31
31
31
144
29
Jan
31
Feb
62
62
5
58
Mar
65
Feb
85"
85
85
364
85
404
40
40*4
1.814
40
Jan
39
Mar
Apr
100
Consolidated Paper Corp.*
Eng Works Ltd
*
A
B
2134
71
16
1834
1,210
4,026
16 34
1734
1834
2434
1.25
1634
Dairies 7% cu pf.10
1834
European Elec Corp Ltd 10
Fairchild Aircraft Ltd
5
'"834
934
834
Jan
Ford M otor Co of Can A.
Feb
Foreign Pow Sec Ltd
*
Fraser Cos Ltd
*
Feb
Apr
Jan
54
Eastn
40
40
40 34
47
47
57 34
1,060
434
43 34
44
230
83
4,619
69
Apr
83
Feb
255
10
245
Jan
300
Mar
105
Feb
Freiman (A J)6%cum
pflOO
21
Apr
Gen Ktl Wares 7% cu
pf 100
634
334
254
104
234
Jan
Mines
Noranda
Ltd
*
Ogllvle Flour Mills
*
68 H
255
10234 103
Ottawa L H A Pow pref 100
Ottawa Traction
20 34
100
21
103
Mar
30
20
Jan
156
60
Mar
11
*
63 X
63
63 34
*
25 4
24 34
27
1,270
24
Apr
*
194
8*4
1934
20
422
19
Apr
25
22 X
22
Penmans
Power Corp of
Canada
Quebec
Power
Regent
Knitting
Preferred
Rolland
6834
255
Paper pref
...100
834
106
8 34
745
22 34
445
19
Jan
72
104
Jan
106
84
Apr
1064
51,024
18
Feb
Mar
424
434
574
26
47 4
43
440
18 34
National Steel Car Corp..*
Preferred
8,250
434
7034
1034
2034
"1134
110
Niagara Wire new
234
16 34
38
106
30
2
434
234
Preferred.
30
*
Breweries
3
1.85
7*4
274
22
31
100
nt real Tram way s
Mar
434
10
40
Feb
Mar
163
4
11
*
114
247
Apr
2
70
Mtge..25
Jan
Mar
434
11
Mont 1. H A Pow Cons
153
234
70
50
94
2464
Can Int'l Inv Trust Ltd.
Jan
47
10
35
Can Pow A Pap Inv Ltd..*
15
110
400
Candlan Marconi Co.-l 00
Jan
47
160
Jan
25
110
160
Feb
Mar
110
103* 10?*
24634 24634
*
7% Cum pref. 100
Feb
Mar
156
100
in"
Cndu Gen Invests Ltd—*
Cndn Industries Ltd B
Jan
36 4
Can Dredge A Dock
Apr
Apr
100
Preferred
Feb
41
Jan
49
Mar
118
35
4
Mar
38
109
150
4,703
73
Jan
74
40
1434
Feb
34
50
355
1034
914
68
197
1,000
35
36
50
Feb
110
9134
6834
3834
41
148
934
Mar
118
35
1234
22
111
148
50
Feb
954
41
Jan
10 X
Jan
224
164
914
Mar
2,765
110
Mar
*
Jan
Jan
24 34
21
Jan
118
154
*
Jan
214
264
221
Can Wire A C 6% cm pflOO
90
*
Jan
Can Nor Pow Ltd pref. 100
34 4
Mitchell (J S)
4
Apr
150
McColl-Frontenac Oil
J
Jan
Mar
625
3.519
8*4
Mar
318
12 X
Feb
Feb
154
384
734
1174
124
344
1934
M assey- Harris
107
74
Apr
Mar
103
Jan
84
3834
135
Jan
624
964
70
68
1734
1,195
Apr
6*4
Jan
34
6
913^
"68"
334
100
97
Canada Malting Co Ltd..*
36
70
334
1734
*
90
#
334
1734
B C Packers Ltd
19
.
51
Brit Amer Oil Co Ltd
36
...100
13
9
Apr
8934
35 X
100
9
Apr
pref
653
100
734
......
90
$3 cum
1,553
2,168
Jan
Brewing
1134
9
Jan
36
100
Corp of Canada.*
934
124
634
Mar
90
100
Preferred
o
2.020
Feb
534
154
184
184
19X
Woods
Preferred
M
360
Jan
*
Land Jonna Co
National
3,470
37
100
Preferred
Jamaica Pub Serv Ltd
Montreal
35
2.135
11634 11734
~~84
Beldlng-Cortleelll Ltd-.100
Jan
1234
Power
Beauharnnls Power Corp.*
Apr
Jan
25
International
Jan
8
Brewers & DIst of Vane..*
12 4
35 X
10
Mar
25
63 X
110
18
Hlllcrest Collieries pref. 100
Holllnger Gold Mines
6
*
voting tr..*
Asbestos Corp
164
16
Paper A Pow pref..100
1334
Bathurst Pr A Pap class B *
Mar
31
17
Intl Nickel of Canada
84
1034
*
Ltd..
Jan
1234
Industrial Acceptance.....
Aluminium
Jan
18
1434
Jan
1134
534
Apr
12
2934
Apr
24
7% cum preferred
244
84
74
16
102
Acadia Sugar Ref Co Ltd £1
Jan
17
14 X
Jan
Mar
12
30
Apr
5
54
31
102
115
Jan
32 4
13
13
*
19
Apr
35
28 34
100
24
515
17 34
...
110
Abitibi Pow & Paper Co..*
734
89
Paper
Apr
Apr
16
Smith
154
Apr
86
Preferred
Feb
184
13
Imperial Tobacco of Can.6
High
64
414
20
16
Montreal
Feb
Low
Apr
145
Jan
86
(C
85
Feb
Range Since Jan. 1, 193'
Week
Shares
Apr
100
Lindsay
Jan
145
of Prices
High
Low
134
■._*
Bridge
Lake of the
73
20
Price
154
*
Preferred
Int
379
Par
Stocks—
1,519
29
16
Mar
1,466
32 34
13
Gypsum Lime A Alabaster*
284
Sale
Mar
17
*
Wares
Jan
234
118
19
*
Charles...
Jan
or
1734
*
General steel
13
Jan
Sales
Week's Range
16
31
*
B
Howard
20,256
19?*
110
from official sales lists
April 10 to April 16, both inclusive, compiled
48,621
9,618
1934
1
Corp
Foundation Co of Can
Hamilton
187
3
....*
Eng Uh Electric A
Gurd.
5,665
110
Preferred
Eastern
81
14334 14334
100
Paper
Dom Tar & Chemical
2134
21*4
11634 116 34
23*4
2034
30
Industrial Bonds
330 Bay St., Toronto
Sparks St., Ottawa
595
Dominion Steel A Coal B 26
.1
Montreal
Jan
2034
2534
..100
Feb
1554
Public Utility and
1881
255 St. James St.,
Jan
Feb
8034
2034
Dominion Glass..
Jan
Canadian Government
INCORPORATED
2434
Dominion Coal pref
3 Jan
143
58 4
HANSON BROS
Distill
55
59
57
11
63
214
217
Crown Cork \ Seal Co...*
Dominion Bridge
C Jan
30
157
201
58
Feb
75
634
Corp Seagrams
Jan
156
—~
.100
Royal
Mar
54
Con Mlu A Smelt new...26
Jan
Apr
105
54
_„...*
10
43
228 X 229
100
Mar
*
B
Jan
Apr
201
58 4
157
...100
'
Canadian Cottons pref. 100
Jan
30
505
54
54
54
Feb
105
78
Jan
554
54
Mar
22
12134 12134
Jan
Mar
114
554
9
Jan
17
121 X
Mar
159
*
Montreal
10
Jan
7
50
Jan
614
Jan
Jan
Commerce
24?*
100
7%
Jan
1554
74
Banks—
Jan
26
Rights
74
78
54
294
765
"
78
100
Apr
1,191
81
156
9
100
23 4
4,107
1834
28
80
156
—
Jan
Feb
Mar
5
Canadienne
Apr
27 34
Jan
17
Canada
Mar
17
804
8,750
Preferred
Jan
51
27
590
54
Winnipeg Electric A
Feb
106
26
86
100
17
25
17
84
B...
70
26 4
27
Jan
104
Preferred
51
*
144
54
Preferred
Jan
107
Celanese.i
240
.______-*
.
Windsor Hotel
Jan
51
26
Preferred.........
144
-
Mar
Jan
107
Canadian Car «fc Foundry.
14
84 4
*
25
Preferred
14
—
-
.
Southern Canada Power..*
Steel Co of Canada
10
14
14
»
Simon (H) & Sons
Jan
110
Apr
334
111
Jan
Mar
944
Jan
6*4
140
Jan
Jan
935
Mar
Apr
*
Preferred
140
Feb
100
Canadian Bronze....
25
244
Apr
4
Apr
145
Apr
26
234
22 4
24
68
27
Tuckett.Tobacco pref-.100
United Steel Corp
•_
73
394
Mar
510
Jan
Jan
Jan
22
963
Feb
Apr
15
25
45
2,432
Mar
Apr
Jan
7,600
140
—
-
10,147
37 4
25
134
-
91
14
85
100
14 4
34 4
-
-
28 4
104
334
834
-
-
Apr
Apr
25
14
35
-
Jan
33
1034
27 4
2
680
Jan
*
—
107
2334
Apr
994
84
264
264
16
7*4
Jan
25
253
86
31
8 X
X
154
310
50
1104
304
394
114
114
66
31
102
90
Jan
866
29
101
27
Feb
9,334
31
29
Shawlnlgan W & Pow
*
Sherwln Williams of Can.*
38
36 34
Jan
St Lawrence Paper pref 100
170
2634
8
7
High
29
Jan
Jan
24*4
159
424
Low
10
31
Jan
Jan
466
834
194
Apr
160 34
34
*
Canada Steamship pref 100
Canadian
45
107 34 109 34
16
16
..100
Preferred
40
10774 11034
60
*
Building Products A
6
38
6
34J4
7X
*
Mills
1,195
Mar
144
106
36 X
254
British Col Power Corp A.*
B.
125
634
44
Brazilian Tr Lt & Power..*
Bruck
220
160 34
100
Telephone
6
36
100
...
1034
106
Range Since Jan. 1, 1937
for
Week
Shares
101
*
Voting trust....
Preferred
Acme Clove Works Ltd..*
Range
31
St Lawr Flour M new—100
High
Low
Shares
of Prices
Low
High
Price
Par
A preferred..
Week
Week's
Sale
Amalgamated
BUILDING
TORONTO
this section, see page 2623.
Preferred
BANK
ROYAL
YORK
Canadian Markets
LISTED
Stocks—
BONDS
AND
INDUSTRIAL STOCKS
AND
NEW
MONTREAL
Volume
dealers association
Bell System Teletype NY
2-0980
HAnover
Feb
Jan
Jan
Imperial Oil Ltd
lnt Paints (Can) Ltd A.
Int Petroleum Co Ltd
Internat'l Utll Corp A
—
*
No par value.
*
*
Voting trust ctfs
Feb
Mar
.
*
24
24
1.25
"43
22 34
"36
34
Jan
4*4
Apr
Jan
24 4
Apr
12 4
Feb
194
Apr
870
134
134
Feb
19
Apr
141
17 4
Jan
30
Jan
934
705
104
Feb
1,465
Apr
13
Jan
755
94
84
224
Feb
1034
Jan
294
Feb
55
1.25
Jan
2.50
Feb
4534
48
107 34
23
50
907
8,867
62
30
294
Apr
Mar
Feb
50
Feb
50
Mar
49
Jan
110
Mar
10
48
478
76
Jan
6,888
21
Jan
244
Apr
Apr
M
ar
35
64
Jan
11
36 34
37
1,976
334
Jan
394
Mar
1634
17
75
164
Jan
214
Feb
934
*
*
4
Apr
73
45
22
Mar
Jan
43
104
Jan
85
44
104
1
Anr
48
107
10
Jan
94
1134
42
43 34
64
Jan
934
Jan
2630
Financial
Chronicle
April 17, 1937
Canadian Markets—Listed and Unlisted
Montreal
Curb
Market
Toronto Stock
Friday
Inter Utll
Par
Corp class B
Week's Range
of Prices
Low
High
Week
Price
1.80
l
1.80
675
2.00
1.65
Jan
32
35
2,800
27 H
Mar
68
69
170
73 H
93
935*
95
52 H
90 H
Jan
93
Apr
1005*
Mar
53
3H
Mar
9
9H
4
*
4
7
25
537
7H
25
.*
27
7
Jan
Argosy Gold Mines
65c
Arntfleld Gold
1
70c
Ashley Gold
1
1
15c
Feb
Bank of Canada
Jan
Bagamac Mines
..50
32c
1
31c
"47H
1.18
1.01
1.30
Apr
35c
42c
30,316
32,980
1.01
37 He
25c
Jan
65c
Apr
Bathurst Power A
*
19?*
20H
2,342
17 H
Feb
24?*
17
7H
Mar
4sk
755*
43)*
9,688
43H
68)*
1,200
60
1.00
4X
Jan
45*
Feb
Mar
Jan
Mar
1.75
25
7
Jan
25
Apr
26
26
3
24
Feb
Feb
28
27
95c
455*
195*
175*
200
25*
455*
775
Jan
Apr
Mar
8H
Preferred...
Jan
Jan
Jan
Brazilian
Jan
20
Feb
18
Apr
*
1.33
1.33
1.49
2%c
25*c
3c
*
10)* c
Jan
Apr
1.90
Feb
4Ho
Jan
9c
Jan
Br Dom Oil...
Buffalo Ankerlte
Buffalo Canadian
15,615
1.35
2)*c
4c
45*c
4c
Apr
Apr
76c
100
85c
Jan
1.15
Feb
17,900
2,400
18,300
12,700
37c
Apr
Apr
65c
Feb
Feb
46c
Jan
1.15
Feb
Burt, F N
7c
Feb
15c
Jan
Calgary & Edm
37c
42c
51c
51c
51c
60c
53c
68c
Brazil Gold & Diamond Ml
Brownlee Mines (1936)
1
7c
7c
8c
7c
55*c
7c
510
43,900
5Hc
Apr
265*
275*
830
30
Feb
2.90
3.05
Apr
6.40
Feb
1.55
1.48
1.75
Apr
2.48
Mar
25c
25c
30c
2,500
4,800
29,500
26 H
2.90
Apr
2.90
24Hc Mar
40o
50c
3.35
3.85
"
Central-Cadillac.
Central Patricia Gold
1
Conlaurum Mines Ltd...*
1.48
15c
Mar
47 He
Jan
9,700
1,200
40c
Apr
65c
Mar
3.35
Apr
5.15
Feb
*
25
*
preferred....
Preferred
300
1.60
Apr
2.03
Jan
11,400
1.40
Apr
2.70
Feb
22c
14,600
8,050
200
Apr
Apr
22c
Apr
Canada Steamships
3.60
Feb
43
Apr
50 H
Feb
Duparquet Mining Co...l
lOHc
4,295
30c
1,100
4,100
30c
90c
1.10
445*
445*
10c 13Hc
90c
780
Can
10
4HC
10?*
4?*c
60
69
Jan
15c
Mar
1.70
6,600
9,000
55*c
1.33
1.20
Jan
2.03
Jan
Preferred new
Can Wire&CableA
3.40
22,350
2.35
Jan
3.60
*
Falconbridge Nickel M__*
Apr
Can Wire & Cable B
8.90
8.75
Apr
12?*
*
9.90
255
9.25
Feb
Canadian Bakeries
21c
21c
Apr
55c
Jan
1.25
1,900
14,900
21c
1.01
1.00
Mar
1.58
Feb
Preferred
100
Can Bank of Commerce 100
22c
...
*
Graham-Bousquet Gold—1
Oil
._*
Hudson Bay Mln & Smelt *
J-M Consol G M Ltd
1
~~25c
Jan
Feb
Canadian Canners
1.80
2.05
4,000
10,740
18c
1.80
1.80
Apr
4.10
Apr
32 M
40c
325*
32J*
170
325*
Jan
41?*
Feb
39c
45c
Apr
57c
Feb
1.54
1.50
1.55
97)*c Mar
1.64
Apr
52)*c
52c
54c
21,500
1,800
1,545
37c
Kirkland Lake Gd Mining 1
Lake Shore Mines
1
1st preferred
..100
2nd preferred
..*
Canad Car & Foundry...*
36)*
Jan
Lamaque Contact G M__*
13c
13c
14c
7,000
13HO
Apr
18c
Jan
4c
6.35
1.35
Apr
Home
25c
30c
Lebel-Oro Mines
1
21c
20c
22c
Lee Gold Mines Ltd
1
4Hc
4c
5c
.1
6.30
6.30
7.10
1,700
13,600
4,695
1.35
1.40
450
385*
10
500
...
Mclntyre-Porcup M Ltd.5
60c
Jan
Jan
Canadian Dredge
*
Canadian General Elec..60
Canadian Ind Alcohol A—*
Apr*
7Hc
Jan
Can Indust Alchol B
Mar
8.50
Jan
1.40
Apr
59
Jan
90c
38 J*
90c
1.19
Feb
4c
4c
4c
6,500
3c
Jan
8c
Jan
.1
17c
17c
28c
10,500
17c
45c
Mar
O'Brien Gold Mines Ltd—1
Pamour Porcupine M Ltd *
Pandora Cad
Apr
8.95
8.50
9.90
Mar
3.25
9,540
1,500
7.50
3.25
"76c
3.25
13 H
4.05
Jan
16,400
4,297
3,900
68)*c
Apr
Apr
1.10
Mar
26c
Apr
42c
Feb
2.45
Apr
3.80
Feb
3.20
Jan
6.50
Feb
McWatters Gd M Ltd..*
Moffatt-Hall Mines
I
685*c
89c
26c
26c
27c
Pato Gold
2.50
2.45
3.00
Pend-Oreille
3.90
3.90
4.80
new.. 1
385* Apr
73He Mar
42
Jan
Jan
1.35
1.73
3,350
8,450
1.35
Apr
2.51
Jan
Gold
1
6.80
6.90
200
6.80
Feb
1
5.00
5.00
200
5.00
Apr
Apr
9.10
Ploner Gold of B C
6.75
Feb
Perron Gold Mines Ltd... 1
Quebec Gold Mln Corp
1
Read-Authler Mine Ltd—1
Red Crest
41
Mar
60c
70c
18,116
42c
Jan
1.75
8
25
7H
Mar
30
99J*
51)*
15H
Apr
10)*
103)*
59)*
100
25
Commonwealth Pete
Cockshutt Plow
Coniagas Mines
70c
700
70c
Feb
85c
Feb
Apr
Apr
6.85
Feb
2.00
Feb
lie
lie
14c
7,700
8,500
39,750
4.55
1.40
11c
Mar
22o
Feb
Conlaurum Mines
Cons Bakeries
Cons Chibougamau
Cons Smelters
7c
8c
5,800
7c
Mar
16c
Feb
Consumers Gas
60c
Feb
Cosmos
2.55
Apr
Apr
1.13
3.10
4.00
Feb
5.05
4.25
Apr
6.65
Jan
Preferred
Crow's Nest
1.50
Mar
2.50
Jan
Darkwater Mines.......1
94c
Jan
2.90
Mar
2.25
Jan
Shawkey
l
67c
60c
1
2.60
2.55
1
4.45
4.25
1
1.55
1.53
Stadacona-Rouyn
*
2.00
2.00
24,300
17,345
9,105
1.82
12,800
2.58 345,875
Sullivan Cons Mines Ltd.l
1.55
75c
1.55
2.00
31,675
1.55
3.50
3.65
300
T.OO
3.50
Apr
Apr
4.70
Feb
5.00
5.40
1,225
5.00
Apr
6.10
Feb
1.05
1.05
Apr
2.15
Jan
1.37
1.49 125,259
1.55
900
1.05
1.40
1.31
Jan
1.95
Feb
2.05
2.05
2.35
7,550
58,250
2.00
Apr
3.30
Feb
58c
Mar
450
7.10
Apr
1
»
Wood Cad
59c
Wright IIargreaves M Ltd*
7.10
59c 70 5*C
7.10
7.20
•
73 He
Apr
8.10 fJan
"Th
*
..*
1
5
....100
121
14)*
100
100
Jan
98
Jan
156
4
3H
7)*
6?*
8H
New
York Curb
(Associate)
King Street West, Toronto.
"T.eo
Toronto Stock
Friday
Sales
Last
6% preferred
*
100
for
Sale
Par
Week's Range
of Prices
Week
Price
Low
High
Shares
11H
11
13?*
76
70
27,297
4,436
17,200
24,200
1,500
76
Acme Gas & OH
*
15c
11c
15c
Afton Mines Ltd
1
5c
5c
7c
Ajax Oil & Gas
1
35c
35c
Alberta Pac Grain
*
A P Cons Oils
1
Aldermac Copper
Alexandria Gold.
*
1.28
1
..*
Anglo Huronlan Ltd
6
Range Since Jan. 1 1937
High
41?*
Jan
Mar
11c
Apr
20c
5c
Apr
Apr
10 He
57c
35c
6H
675
4H
30c
37c
1.50
3c
8,600
42,125
17,900
1.32
2?*c
1,32
2Hc
6.95
6.50
7.00
2,125
15H
Apr
80
Apr
Jan
Jan
Jan
Feb
Apr
6?*
95c
Feb
1.89
Feb
2?*c
Apr
Apr
4?*c
18
805
5)* Feb
14)* Mar
18
70
75
56
Jan
75
31
55
19
Jan
31
17
Jan
8.75
Feb
Jan
4H
4
Apr
50
63
Apr
73
202
96
183
Jan
210
8)*
19)*
8)*
20
10
103*
18 H
16H
26)* 27?*
41
41H
215
215
7
5?*
6 3*
5H
1.49
1.80
14
121
126
50
Dorval Slscoe
East Steel Prod.
Mar
10
Mar
1,025
16)*
295
26)*
Apr
Apr
Apr
Apr
430
41
31
215
12,678
5
22,387
1.49
125
11H
12)*
21H
32
46)*
240
8?*
Apr
Apr
2.30
140
121
5,782
14
Apr
Apr
95
2
Mar
5,100
1.50
20)|
Apr
Mar
1.70
1.51
Feb
7)*
19
135
17 H
4
1.75
102?*
30
1.35
9,060
1.20
Apr
1.66
3.50
3.35
4.00
3.20
Apr
5.25
15o
90c
Apr
Apr
1.44
1.11
49,515
44,500
2,050
18,900
1.00
Feb
147
16
"T.oo
15c 20 H
90
90
1.00
30c
102
Mar
107
43c
21
1.35
80)*
3,700
Jan
95c
19H
640
14
Feb
2.90
"V.50
32c
18
22)*
2.90
100
2.90
Apr
3.50
1.45
Apr
Apr
1.45
21
1.35
80
206
205
105
105
23)*
44 H
44)*
238
1.67
21H
1.77
85H
206
21H
7?*c
4H
20 H
11H
6c
4H
20)*
10
78c
21
1.40
3.00
...25
6H
8.50
6H
22 H
*
23?*
*
"To 5
7
21
1.30
6)*
8.50
24c
6,380
1,480
20
19,460
5,449
92
1.35
74 H
330
#23)*
30
104)*
46
60
23H
21?*
7HC
4H
23?*
11?*
96c
22
Apr
2.14
23
2.68
43
Jan
100 H
Feb
501
105
240
~21H
3.05
211
Apr
27 H
Jan
105)*
Feb
50
90c
Apr
124 H
Feb
28)*
*42H
38 J234
Apr
51
Jan
250
Jan
24
200
1
20
10,250
7
16,125
4,950
39,280
300
6c
4
Apr
Mar
2.95
15c
5
12 H
Jan
95*
Apr
40c
Jan
12 H
1.22
Jan
24
Jan
2.05
19
28?*
1.73
85,880
6H
260
4H
Jan
3.40 159,753
23
6H
9H
2.32
Jan
3.65
5)*
Jan
Apr
Apr
Apr
24 H
54c
Jan
29)*
1.20
9.75
8.50
22
22 H
21)*
20 H
27
7,835
2,235
162,920
23H 24H
5,491
30c 37 He
9,500
20c
22 H
30c
Apr
7
12 )*
1.25
1.00
1.25
28,625
95c
Mar
7H
—Ill*
1
5?*
340
6
1.20
21
GolConda
Goldaie Mines
Jan
18)*
14 H
2
14
102
78c
....
8
185
775
44 H
...25
7H
15
6)*
Feb
11
Mar
48
45
47
16
1.58
85
42
17?*
720
8
Jan
48c
480
56c
450
14Hc
Apr
13)*c
17c
62,175
31,100
16o
Mar
30c
60c
54o
69c
40,740
54c
Apr
1.02
9Hc
10c
HHc
8,000
9 Ho
Apr
Apr
30o
173*
18 H
60c
Ii
29c
29c
36c
20,425
50c
25Hc
24o
28c
1
58c
54c
60c
15c
14)*c
20c
12,150
10,350
60,200
56
1
Gold Belt Mining..
Gold Eagle
90
84
Apr
92
640
53
Mar
57
Goodfish Mining
*
84 H
86
50
54)*
54)*
55
1
Preferred
Graham Bousquet
24c
23c
30c
34)*c
Granada Mines
l
Preferred....
31c
30c
*
Gran dor0 Mines
Great Lakes Paper
7?*c
21)*
45H
7?*c
..*
*
;.
1
Alab—II*
85c
9c
21
22)*
44
47
800
92c
Preferred
No par value.
100
23,000
19,749
9,700
1,088
1,246
21,375
29c
12c
11c
18c
23 Ho
7c
13 H
33 H
80c
Jan
Apr
Jan
Jan
Jan
49c
28C
63
22c
H
630
57c
Jan
18c
Apr
26?*
Mar
51
1.25
16
16
17
2,266
13 %
Apr
Feb
18H
60
60
61
76
58?*
Apr
69
Hamilton United Theat—
*
125
65
201
42 H
Dom Steel Coal B
J
<
9?*
67
42?*
1
4
7
29
4,915
7,608
Dom Stores
Jan
6.50
30c
Jan
39,400
....1
Gunnar Gold.
Gypsum Lime &
6?*
2,065
1.30
Goodyear Tire
Low
6)*
195
7
25H
God's Lake Mines..__._.*
Exchange
Jan
90c
100
General Steel Wares.....*
Gillies Lake Gold
..1
Glenora
....
1
April 10 to April 16, both inclusive, compiled from official sales lists
2)*
"T.26
100
Frost Steel & Wire.
A preferred
WA. 3401-8
50
24 H
25
28?*
86
Ford A
Exchange
Commodity Exchange, Inc.
Apr
145
Foundation Pete
Francoeur
Members Toronto Stock
Canadian
23
97c
Falconbridge
STOCK BROKERS
110
70
35
Easy Washing...
Eldorado Mines
Equitable Life
Co.
23
Jan
21
Fanny Farmer..........*
Federal Kirkland...
1
&
Jan
103
24 J*
Dom Explorers
Dom Scottish Inv
Jan
18
44 H
6 55
37
...»
Dominion Bank
Dominion Coal pref
Jan
93
East Malartlc
Duncanson, White
66
1,144
...»
DLst Seagrams
Dome Mines
2.60
151
3 3*
2
*
...
23
11H
30c
5.25
Sherrltt-Gordon
"ii"
18H
77c
Slscoe Gold Mines Ltd
Sladen Mai
16H
*
1.15
l
10 h
*
4.55
Reward
"l9h
5
1.15
56
18h 21?*
107H 109
4
...»
Preferred
74 H
23c
196
Jan
64
2013*
1.60
4.75
1.10
17
70
....
..*
Canadian Wineries
*
Cariboo Gold
1
Carnation Co pref
100
Castle Trethewey
l
Central Patricia
1
Central Porcupine
1
Chemical Research......*
Chromium Mining.
*
Jan
92
6H
£ pR
51
12 He
150
*
Canadian Malartlc
Canadian Oil
12 H
6?*C
24,285
3h
7h
6h
...25
27 He
30c
Apr
Ho
3.10
23
*
Preferred
513
1.10
4
10,100
Apr
Apr
*
100
39
Jan
10
17
56
108
Steamships pref...100
2.95
26 M
8
New
1.43
25o
21
Jan
Apr
99)* 100
*
3.05
■
Jan
670
2.76
*
1
25
Jan
Jan
8,400
42
100
Eldorado Gold M Ltd—._1
7H
2H
14H
22 H
36)*
17c
2.85
.*
...
123
350
29c
9.00
30)*
9)*
3H
17 H
42 H
42
18 H
—..100
1.70
43 H
24 H
38
50
Canada Cement..«.
1.75
*
Jan
..*
20c
Dome Mines Ltd
10
23?*
36 H
...100
1.60
92c
26 H
9
23?*
"62
40
Jan
Apr
Apr
60c
Canada Bread..
A preferred
1.45
*
35
2,202
Calmont Oils
20c
Dalhousie Oil Co
6H
15c
14c
~i~.40
Coulson Consol
16 H
7.50
17
Can North Power.
Canada Packers
Can Permanent
3.55
72c
Apr
2,763
17,207
3H
18)*
.__*
Building Prod
B
7
Apr
Feb
3H
10H
1.70
50c
35,080
1
..
9?*
176
12 H
4
19c
17 H
Burlington Steel
"37c
Jan
8.10
Bunker Hill
72c
1
37
Jan
Apr
15c
24?*
8?*
B C Power A
12,000
5,620
Big Missouri Mines Corp.l
Bouscadlllac Gold Mines. 1
Bulolo Gold Dredging Ltd 5
Calgary & Edmonton
Cndn Malartlc Gold
*
Car tier-Malar tic G M Ltd 1
80
*
76c
4c
Arntfleld Gold Mines Ltd.l
455
8H
Brewing Corp
B A Oil
1
55c
Brew & Distillers
Apr
Apr
6
158 H
93o
175
"l8~~
19H
173*
7Ho
3,327
7.50
146
500
21)*
107 )*
4)*
17c
150
] .75
Jan
Apr
Mar
16 H
~24?*
10
15
50c
37
1.85
102
4)*
Braiorne Mines
175*
7?*c
1.24
1.30
245
40
12 H
Bobjo Mines
3)*
49)*
195*
7Mo
93c
Jan
75
87,575
12,775
50
1.15
Mines—
8
9H
159H 160
221
21,350
53c
Preferred
1
160
*
Apr
45
1.50
18
12)*
Big Missouri
Biitmore Hats
JaD
2H
1.33
1.02
Blue Ribbon
Jan
85c
5
7)4
Q
107)* 107H
Bidgood Kirkland
20
19
17
*
Beauharnols
Bell Telephone
Feb
6
95c
100
16
Jan
230
1.38
*
100
108
26
2
Beattie Gold
Beatty Bros A
Beatty Bros pref
Jan
1.15
228
Q
Jan
Jan
6
'mi
Mar
14)*
59 H
22
100
B
Mar
Apr
104
50
1.00
79
Mar
8H
96
45)4
Jan
10
55
1.50
Apr
39 H
13
55
85*
Jan
26
*
Stocks—
49c
*
1.00
Weston Ltd (Geo)
Abitlbi
12c
60
1
2
15
Feb
Base Metals Mln
8
Walkervllle Brewery Ltd.*
Walker-Good & Worts (H) *
Ventures Ltd
Jan
24o
Bankfield Cons
6
Teck-IIughes G M Ltd.. .1
Thompson Cad
1
Towagamac Exploration.l
57 H
Bank of Montreal..
107 H 108
108
*
Sylvanite Gold M Ltd
70
49c 117,220
8
230
60
Feb
45*
6)* % cum 1st pref
25
United Amusemt Ltd A —*
B._._
United Distillers of Can.
Ritchie Gold
Apr
Mar
17
Pickle-Crow
9)*c
Mar
17
Parkhlll Gd M Ltd
25c
700
9)*c
107
*
Montague
15c
Jan
110
73
75
Southern Can P pref. .100
Mackenzie (RL)
Jan
Jan
480
Macassa Mines
Apr
9c
Jan
1.00
1,190
Francoeur Gold M Ltd
1.15
680
99
45*
135*
Federal Kirkland
1.42
105
445*
East Malartlc
Apr
9Hc
13c
9)*c
57 H
50c
High
680
59,430
82c
15,420
11c
12,000
18c 125,300
9?*e
Astoria Rouyn
Aztec Mining
Low
84c
1
12
1
68c
Range Since Jan. 1 1937
Shares
2
39
Consol Chibougamau
High
77c
1
Feb
30
Low
80
39
Beaufort Gold
Price
1.00
"IT
Aldermac Copper Corp
Alexandria Gold Mines
Arno Mines.
Week
1.00
Royallte Oil Co Ltd
*
Sarnla Bridge Co Ltd A..*
Afton Mines Ltd
for
of Prices
1.00
Reliance Grain Co Ltd...*
Preferred
Apr
21 J*
1,100
3H
37J*
Par
Week's Range
1.00
pref.100
Price Bros & Co (new) .100
6)* % cum. pref (new) 100
Quebec Tel & Pow A
*
cum
Thrift Stores Ltd
Sales
Last
106 X 1065*
T.oo
Page-Hersey Tubes Ltd—»
B
Stocks (Continued)
High
34
Mitchell & Co (Robt) Ltd
Power of Can
Low
Feb
Jan
Mar
Melchers Distillers Ltd..*
Preferred
Shares
68
MacLaren Pow & Paper.
Massey-Harr 5% cu pf.100
McColl-F Oil 6% cu pf.100
Montreal Isld Pow Co
Range Since Jan. 1, 1937
Friday
I
Sale
for
Sale
Stocks (ConcludedI)
Exchange
I
Last
Volume
Financial
144
Chronicle
2631
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange
F. O'HEARN & CO.
STOCKS
BONDS
11 KING ST. W.
Last
Stocks (Concluded)
OFFICES
Noranda
Ottawa
1
680
*
Winnipeg Grain Exchange
Red Lake G Shore.
Klrkland Lake
Montreal Curb Market
Rein hard t Brew
Sarnla
North Bay
Canadian Commodity Exchange (Inc.)
Owen Sound
Remington-Rand
Bourlamaque
Chicago Board of Trade
Reno Gold
Timralna
4.500
13%
Mar
4.50
1.17
1.40
Apr
Apr
55c
50o
62c
29,463
10.125
89,225
3%
2%
23%
3%
220
23%
50
98o
1.10
27,200
98c
32%
32%
215
30%
35c
245,950
24c
Apr
216%
43%
57
32
mil
Stocks (Continued)—Par
WeeVs Range
of Prices
Price
Harding Carpets
5
Hard Rock
1
Barker
*
Hlghwood Sarcee
*
17%c
20%c
17c
20
HoIIinger Cons
6
13
Homestead Oil
1
42c
—1
38c
Hunts B
20o
20%
12%
*
Huron & Erie
2.20
64,450
20c
Low
1.145
36,350
28,700
25c
21
5
1.80
Apr
7
3.44
100
Apr
72c
Jan
17
17
10
12
Mar
18
Mar
20
72
Jan
90
Mar
11
Feb
15%
Mar
47
235
Jan
251%
Jan
22%
14%
102%
8,940
1,097
21
Jan
24%
15%
Mar
63
13%
66%
36
37
17
17
35
15%
*
22%
22
6
14
14
Internatl Milling pref—100
100
100
*
International Pete
*
13%
l
Internet*] Utility A
Internet Utll B
36
*
13%
*
"T%
1%
Jack Walte Mines
__1
1.15
1.15
Jacola Mines
__1
41c
41c
50c
Jellicoe Cons
l
1.15
1.11
..1
40c
40c
J M Consolidated
Kelvinator
32
*
Preferred
...100
Jan
242
99%
1,283
21,461
6,235
13%
62%
Feb
Apr
Jan
34
21%
13%
86c
Jan
104
Mar
no
Apr
3.10
30
186
100
1
122
125
52
12c
Apr
28o
Feb
Union Gas
225
15%
Jan
21%
Mar
United Oils
*
22c
22o
24c
1.10
48,900
85c
Mar
1.33
Jan
United Steel
*
8%
8%
10%
Ventures
*
2.09
789
587
25c
25c
...1
6.35
6.30
7.10
MacLeod Cockshutt
Madsen Red Lake
1
2.25
2.25
2.69
1
1.00
95c
1.15
Manitoba & East
*
4c
4c
4,810
31,506
52,704
48,900
80,750
22
4%c
*20c 24% c
1.30
3.70
Walkers....
1.35
Feb
6.20
Apr
Apr
Apr
Jan
Wayside Cons
23%
Jau
25
Feb
West Can Flour.
21
Jan
23
Feb
Westons
25
Apr
90
Feb
6.30
Apr
8.60
Jan
Mar
16c
Feb
Jan
36c
Mar
3.00
9%
1,631
Jan
11
Jan
9
Jan
Mar
Mar
10%
10
90
"37
37
9
5
94
Jan
600
8%
52%
12%
16%
Jan
74
21,200
14c
Mar
8,347
4,269
10
Apr
1.146
89
Mar
Apr
Apr
Apr
Apr
22c
600
22
38%
37
32c
3,090
85,250
77,530
108,615
29.400
6,250
16c
18c
3.50
4.00
22c
1
1.44
1.30
1.60
1
4%C
4c
4%c
l
38c
37c
*
80c
80c
93c
28c
'""l6c
3.50
45c
Mar
1.30
2%c
44c
14%
*
46
45
*
19%
4%c
19%
50c
._*
"16%
100
102%
Whitewater Mines.
16£
100
20c
46%
19%
4%c
9%
17%
102%
20o
23c
l
7c
7c
...»
5%
5%
8%c
6%
1
Wiltsey Coghlan
Winnipeg Elec A
B_
Apr
4c
*
Jan
9
92
11,762
3,736
2.35
9
14%
69%
16% c
10%
Mar
1.15
2%
6%
12c
Feb
11%
3.00
Mar
12%
70c
Jan
2.00
5
68
Apr
1.18
Jan
12%
20c
7%
3.00
Jan
69
19
1
75c
Maple Leaf Gardens prcf 10
Maple Leaf Milling
*
Apr
*
120
4c
13%
Jan
310
2.00
2,020
8,000
8,090
42,485
2,160
7%c
4c
*
15%
Walte Amulet
3.00
Maple Leaf Gardens
14
14
2.25
18
Vulcan
1.20
*
Preferred
Wood Cadillac
1
58c
58c
71c
*
6.90
6.90
7.45
Ymir Yankee Girl
*
30c
Zlmmerknlt...
*
30c 30%c
6
Mar
101
25
Jan
19%c
Jan
Jan
57c
Mar
1.18
63c
Mar
5,700
12c
Jan
39c
3.25
Jan
5.00
Feb
CURRENT
—A
coupons
62
180
Feb
188
Mar
pertinent redemption provisions and shows,
Jan
29c
Feb
45c
Jan
1.15
Feb
1.52
Apr
1.98
Apr
20c
which have sold
40c
Apr
88c
1.00
Mar
1.25
Jan
5%c
19,900
Apr
10c
Feb
40%
60
42%
Feb
755
39%
8%
Jan
9%
40%
9%
Jan
11
Apr
19%
19%
19%
140
19%
Feb
21%
Jan
50c
60c
6,800
50c
Apr
1.05
Feb
booklet
6c
7c
31,200
13,425
1,365
4c
Jan
12c
Feb
of the investor
92c
Apr
Apr
Apr
Apr
Jan
4%0
Mar
17c
Feb
Apr
Jan
Jan
Jan
10
Jan
10
Jan
29
Apr
44
Jan
2%c
Apr
181
4,200
30,010
27,105
4,300
45c
6.90
5C
Jan
77c
Feb
8.10
Jan
Apr
Jan
28c
Apr
52c
Feb
5%
Mar
7%
Apr
-Curb Section
dustrial bonds of general market interest, bearing 4%%, 5%
4%C
1
30c
19c
5%c
4%
4%
4,100
11,500
Nassau St., New York City lists 300 callable RR., Public Utility and In¬
100
51c
Jan
NOTICES
Mar
1
Jan
106%
pamphlet tabulation just Issued by Lazard Freres & Co., Inc., 15
45
40o
18%
Mar
Feb
Feb
5c
Mar
99
Jan
Apr
43
42%c
16
30
Feb
17c
70c
28c
864
Mulrheads Cafe
2,625
See Page 2636
43%
185
Feb
Toronto Stock Exchanqe-
Jan
2.03
60c
184
Feb
12%
Mar
42%
1.80
184
7%c
Mar
45c
43
Apr
Mar
75
1.52
43%
Jan
4c
6
46c
26c
Mar
20
No par value
1.65
23c
Feb
49%
Feb
Jan
13,375
12,600
2,700
51,300
23%c
,
Mar
4.65
19%
30
Wright Hargreaves
Feb
2.25
Apr
Apr
9%
35
3%c
3.30
Mar
45
no
3c
Apr
1.10
2.40
22
6
*
Jan
10,200
34
34
.100
Jan
2.00
776
6
White Eagle
*
Mar
Jan
Apr
Jan
4.85
Feb
65c
Apr
Apr
Mar
2.00
11%
30c
Feb
Jan
126
Apr
12
1.05
Mar
no
Apr
1.25
440
Jan
4c
Mar
1.10
Feb
95c
Apr
86%
11%
Apr
2.00
Jan
1.10
*
Preferred
Apr
11%
*
79c
8.40
Jan
46
52
122
22,650
68%
20c
I
1.55
18%c
40,350
Malargo Mines
1.25
1.25
Jan
Jan
42
100
4.65
Mar
37
49
Twin
9,895
3.00
1,303
43
42
Jan
6.60
Jan
45
Feb
23%
Feb
6.00
Apr
Feb
6.20
16%
28%c
Apr
2.35
59%
23%
21%
Apr
14
42
Preferred...
Jan
13c
5.00
Feb
Apr
Jan
15%
Jan
Apr
Apr
77
Feb
1.65
Apr
61
4.80
10
70c
70
Apr
42%
42%
48%
100
City.
3.35
572
51%
1.10
40 %C
3.25
Jan
Apr
1 85
35%
6.20
...
*
Preferred
Mar
13%
3.00
l
Toronto Elevators
Feb
25o
1.54
1.77
108% 109
100
Toburn Gold
Feb
13
5
9,550
23%
Murphy Mines
1.77
*
9,171
31,200
54
*
..100
*
Tip Top Tailors
Preferred
Apr
24,046
25,430
10.500
Towagmac Expl
i
Treadwel? Yukon—...... 1
Little Long Lac
Loblaw A
*
5.45
Toronto General Trust. 100
Toronto Mortgage
50
65c
Moore Corp
Moore Corp A
Morris Klrkland...
16%
16%c
5.00
Apr
41,715
.....
13c
5.10
1.70
83c
Mlnto Gold
...__*
Model Oils
Monet a Porcupine...
14c
*
2.65
65c
Mining Corp.....
1
Teck Hughes....
Texas Canadian
Feb
70 c
Merland Oil
5.25
Tashota
Mar
l
..*
Tamblyns
90c
Leitch Gold
Mercury Oils
16
Jan
4.50
Mar
1.75
372,966
4c
...
16%
Jan
Jan
46.100
*
3.85
Apr
Feb
5%c
6
3.35
Mar
4c
Segur
3.50
3.30
5c
Mclntyre Mines.
McKeuzte Red Lake
McMillan Gold
McVlttle Graham.
McWatters Gold
...1
Sylvanlte Gold-—
39
1
*
1.89
108
Lee Gold
100
31c
1.54
Jan
17,600
57,000
McColl Fronteuac
Preferred
25c
1.54
Mar
23c
16c
465
28c
l
Sullivan Cons
Mar
1.00
1
6.90
2.35
90c
___*
Feb
ApJ
4.50
Feb
Jan
Feb
Mar
68
4 50
*
73%
39%
2.00
Apr
Apr
90 %C
2.55 240.541
50
Sudbury Basin
Sudbury Contact
Jan
53c
60
7,450
25,700
22,930
21,032
1.95
19%
19
68%
.......100
600
Mar
30%
106%
20c
May Spiers Gold
1,400
60c
88
10
20% c
Massey Harris
Preferred
55c
60c
Jan
85
""95C
9
5%c
73
33
*
Preferred
Apr
230
Feb
1
20c
3c
80
59c
1
*
16,000
80
Apr
Lava
B....._
3%c
80
34c
Laura Secord
Lowery Petroleum.......*
3c
Jan
25
80.450
14c
Macassa Mines
Feb
2.72
47c
12c
Cap Gold
Jan
2.50
96
Feb
81c
Lebel Oro
2.49
Apr
49%
Mar
35%
86c
Mar
1,60
Jan
53c
35%
51%
*
1.45
6.550
Jan
2.15
70c
__1
60,710
1.80
Apr
Apr
"51%
Lang & Sons
La pa Cadillac
1.90
80
41c
1
12%c
19%
1.50
1.60
45
1.25
Laguna Gold
1
6.65
683
1.45
70c
Lamaque Contact
Feb
Apr
45
Feb
1.65
1
Jan
no
4.25
87
Mar
1.85
*
17
Jan
35,735
45
3%
1.41
Lake of the Woods
11%
99%
Jan
261
5.15
84
1.61
1.51
Feb
"85
Jan
1.90
38
an
12%
103%
*
Apr
Apr
1
85
J
4.25
101
2.05
19%
Feb
20
*
Standard Steel pref
Steel of Canada
Preferred
1%
...1
Lake Shore..
Jan
75
31
Feb
53c
1.13
3.00 191,866
2.00
2,520
2.61
80c
Feb
90c
1,785
2*88
Kirk. Hud Bay
Klrkland Lake
Feb
Apr
Mar
3%c
8,400
43,194
99,673
2
1.25
__l
Kerr Addison
105
15
103
80c
11%
—
107
31%
107
~
12%
Jan
Feb
1.75
—
Mar
9%
100%
1.10
101%
Stadacona
25
220
15
320
Jan
Apr
1.55
Spooner Oils
15
Mar
15c
3.95
Southwest Pete
87
Mar
78
Apr
Apr
Slave Lake.——
South Tibiemont
38c
60
Jan
Apr
4.35
101,850
Apr
56
57c
.*
Preferred
Jan
37%
60c
Slscoe Gold
Bladen Malartlc
87c
Jan
Mar
2.55
Feb
Apr
Jan
Feb
37,257
Feb
Jan
Apr
Jan
200
33
48 %o
227
Apr
46,800
11,120
Mar
41c
1.35
80c
90c
12%c
Apr
3.10
33c
3,762
Mar
70c
Jan
58,600
Feb
3%
29%
2.55
30
Jan
13%
1.78
Jan
60,120
102%
60o
Apr
Apr
70c
Jan
238
International Mining
International Nickel
"~67c
15c
41c 50 %c
38c 46% c
25c
Feb
2.60
Simpsons A
Simpsons B
22%
15%c
1.95
50C
12
14
102
15c
20
335
15c
Jan
Feb
2%
22
1,329
70
13%
Jan
15
—
18c
Sherrltt Gordon
235
—
37%
70
St Anthony
St Lawrence Corp
Jan
100
Imperial Oil
McDougall
High
Apr
214
40
Saguenay Power pref—100
Shawkey Gold
Sheep Creek
—.60c
100
20%
Imperial Bank...
*
85
87
100
Iraperlal Tobacco
Shares
5%
1.80
*
Howey Gold
High
5
1.90
*
Hlode & Dauch
Low
216%
II100
Russell Motor
Range Since Jan. 1,1937
for
WeeI
100
RoyaliteOil
Sales
Sale
24c
1.10
Jan
6.85
Feb
24c
""98c
Riverside Silk A
Exchange
48
16c
5.30
:::*
—
85
14c
*
Roche Long Lac
Royal Bank
Huron & Erie
-.
Apr
1.17
—1
Last
High
68
4.50
...1
Friday
Low
1,650
70c
16c
*
Hamilton
Toronto Stock
Range Since Jan. 11937
Shares
4.70
~~.ll
Read Authier
Red Crest Gold
The Toronto Stock Exchange
Sudbury
Weelt
Price
Par
Quemont Mining
MEMBERS
Montreal
for
of Prices
Low
High
TORONTO
WAverley 7881
Cobalt
Weeh's Range
Sale
Quebec Gold
Toronto
Sales
Friday
GRAIN
42,303
Feb
for
a
six months'
their call prices this year.
over
as
and higher
It tabulates their
of the first day of each month
period, the price at which the yield is exactly zero to the
first possible call date.
In
a
foreword, the pamphlet also discusses the ad¬
vantages and risks attached to the purchase of high coupon callable bonds,
National Breweries
*
National Grocers
National Sowerplpe A
Naybob Gold
..*
*
New bee Mines.....
New Golden Rose
6c
92c
Nlpisslng
*
92o
2.55
2.70
"67%
67%
72%
c
Noranda Mines......
Norgold Mines
80
1
*
'""84c
_*
72c
North Can Min
O'Brien Gold..........
*
Oro Plata Min.
Jan
Feb
12c
Jan
70c
Apr
1.28
Jan
107% 107%
3
3%
30
106
Jan
70
2
Jan
"~3%
Park hill
l
1.30
Apr
2.20
Mar
13c
Jan
43 %c
118
Feb
133
..1
27c
1
22c
21%c
25c
.....J
72c
70c
82o
3.50
25c
6%
250 26% c
26o 36% c
98
Feb
2.95
Apr
Apr
Apr
Apr
5%
25o
26o
21 %c
too
*
1.45
1.30
1.70
38,915
1.30
Peterson Cobalt
1
2o
2c
2%c
17,500
2o
37,390
4,065
29,350
6.25
25%
Jan
Apr
46o
Jan
1.38
Jan
2.50
Jan
3%c
Jan
9.20
Feb
6.85
Feb
2.20
Feb
32%
Mar
5.20
1.35
1.70
25%
27%
752
3.10
6.285
2.75
193
11
2.75
2.75
Pressed Metals
*
32%
32%
Preston E Dome
1
1.00
98c
1.25
49,600
93o
*
1.46
1.35
1.51
4,200
1.10
41
Jan
Feb
Apr
6.95
4.95
1.47
Prospectors Air
40
Mar
Apr
Apr
Apr
Apr
6.25
5.00
33
9%
1.35
6.25
1
1
25%
4.00
4.95
l
Pioneer Gold
Powell Rouyn
*
Apr
Apr
Apr
Apr
Apr
Feb
The survey
—Eastman, Dillon & Co., members of the New York Stock Exchange,
at the
that Allyn O. Donaldson has become associated with their firm
Rockefeller Center office.
Mr.
Donaldson,
a
member of the New
been associated with
8,100
21,900
6
fill this gap, giving a com¬
York Bar, was for 12 years with J. P. Morgan & Co. and subsequently has
19c
2.95
serves to
Mar
1.65
100% 105
a
disposal
3%
15c
3.00
and the present compilation
announce
Mar
1.30
Penmans
Power Corp
112
16c
20,825
1,930
7,110
26,450
7,300
84,108
*
the
randum and articles of association, balance sheets and reports.
4.10
91,157
just issued
at
Apr
13.25
87c
have
The information
95c
Apr
70o
Jerusalem bankers,
Securities.
16%0
Apr
26,300
15,200
11,000
Ltd.,
prehensive survey of the various Palestinian investment stocks.
Mar
5%c
Co.,
has been compiled from official information, such as prospectuses, memo¬
5c
1.50
5c
&
Palestinian
regarding Palestinian securities has hitherto been rather
Jan
1.30
1.33
1
Premier
meagre,
Japhet
entitled
Feb
72 %o
7.50
8.60 10.00
100%
Pamour Porcupine
Pan tepee Oil
Pickle Crow
Jan
Feb
83
1.35
*
Page Hersey
Paymaster Cons
80
1.49
3.60
—Jacob
"
Orange Crush
Paulore Gold
2.55
67%
5% c
100
Partanen Malartlc
5,900
10c
1,000
90c 115.8QQ
1.43
Ontario Loan
Pacalta Oils
80c
1.05
8.90
Okalta Oils......
Olga Oil & Gas
Omega #old
10%
selling over their call prices.
33%
4.50
Feb
36
Feb
1.47
1.55
Jan
Jan
Jan
a
number of other
Stock Exchange firms including
Goodbody & Co., Tucker & Co., Greer,.Crane & Webb and Stern, Kemper
&
Co.
—The Dominion Securities Corporation, 40 Exchange Place,
has
prepared analyses of
a
New York,
number of leading Canadian newsprint com¬
panies including Lake St. John Power & Paper Company, Ltd., St. Lawrence
Paper Mills Company, Ltd., Brompton Pulp & Paper Company, Ltd., St.
Lawrence Corporation Limited, Consolidated Paper Corporation
AbitibI Power & Paper Company,
—Earnest A.
Limited,
Ltd., and Eraser Companies Limited.
Hall, formerly with Kaycee Org., Inc., and William T.
McGovern, formerly with Stewart & McGuire, have joined the New York
sales
organization of Ernstrom & Co.,
—Lockwood,
Sims
&
Co.,
announce
Inc.
that
H. C.
Nickerson, formerly
with Jamieson & Edwards, has become associated with them in charge
their Florida Municipal Bond
Department.
of
Financial
2632
April 17, 1937
Chronicle
w
Quotations
on
Now York
Over-the-Counter Securities—Friday April 16
New York Trust
City Bonds
Bid
Ask
Bid
a4X* Apr 11966
aAXa Apr 16 1972
...
04^8 June 1 1974.
aiX* Feb 16 1976
1
103
102
a44s Jan
1 1977
103 4! a4tfs Nov 16 1978
102
104 X 1064) 04>*B Mar 1 1981
107 X 109
I aiX* May 1 A Nov 11967
107 H 109 X a4j^a Mar 1 1963..
109 X aAX* June 1 1966
108
UOX MIX aiXe July 1 1967..—....
1114 112 X 04^8 Deo 16 1971
1114 1124 aiXa Deo 11979
...
97
«8fl
Jan
1 1977.
•3^8
oshb
o3H«
a34s
o3 H b
03^8
July
1 1976.
100
May
11964.
Not
11964.
102 X 104
102 X 104
Mar
1 1960.
96 4
161976.
Jan
1 1976.
July
May
1 1967.
Nov
1 1968.
May
11969
May
11977.
Ool
11080.
Sept 11960.
101X
1 1962.
Mar
112
114H 11514
1144 116
1144 11654
116
11714
11514
11514 117
11614 11754
11654 U814
118
11914
Companies
Alt
31
32
..100
260
275
100
301
306
Empire............. ...10
115
105
Bid
Par
Ait
I
Italians. 100
Bk of New York A Tr..l00
488
497
—.110
74
76
Guaranty
13 V4
1454
Irving
...10
Kings County
..100 1800
Lawyers
...25
Banoa Comm
Bankers
.—.7
...100
Bronx County
Brooklyn
139
135
20
Central Hanover
Clinton Trust..
60
Colonial Trust
25
1144
! 138
70 54
95
16)4
Chemloal Bank A Trust. 10
Fulton
.....
.
New
18 54
York
—
51
58
60
514
—20
Preferred
105
53 4
1384 141 4
26
19
20
204' Title Guarantee A Tr. -.20
69)4
Btnk A Tr. 10
Corn Exch Bk A Tr
7054
Underwriters...
100
16
15
98
United States
Continental
2000
48
Manufacturers....... -.20
72 54
184
174
100 1895
11914 121
108
1945
111 H 112
11964.
Mar
Ask
1124 114
MX 116
114
11514
114
Bid
Par
MX
Chicago Bank Stocks
Bid
i
Bid
War
Highway
Canal A Highway—
Improvement—
1958 to '67
4s Mar A Sept
33 1-3
Trust..
343
Harris Trust A Savings. 100
315
155
475
500
800
840
159
Continental Illinois Bank A
62.25
338
Northern Trust Co.—.100
295
100
Trust
Ask
Bonus—
4148 April 1940 to 1949.
1
62.90 less
3s 1981
World
1
Ask
!
100
First National
American National Bank A
Ask
62.85 less
8s 1974
Bid
Par
Ask
Bid
Par
New York State Bonds
119
6e Jan A Mar 1946 to '71
63.10
Highway Imp 414s Sept '63
Canal Imp 414a Jan 1984..
Can A Imp High 4148 1965
12614
Canal Imp 4s JAJ'60 to '67
119
12614
Barge C T 4s Jan '42 to '46
11014
12314
Barge C T 414s Jan 11946
11314
Hartford
Insurance Stocks
BOUGHT—SOLD
Port of New York
Bid
Ask
Bid
Gen A ref 4s Mar 1 1975.
105
106 X
Bayonne Bridge 4a series O
1939-53
JAJ 3
854s '65
103
104 X
Inland Terminal
Port of New York—
Gen A ref 2d aer
Gen A ref 8d aer 8148 '76
Gen A ref 4th ser 3s. 1976
ser
MAS
61.75
98
1942-1960
MAS
107
44*
2.75
A. T. T. Teletype
Tel. 5-0151
109
1937-1941
MAS
61.25
MAS
111
Insurance Companies
113
Par
Aetna Casualty A Surety 10
Aetna Fire
101 x
1014 103 4
Honolulu 5a
U S Panama 8a June 11961
414s Oot
4148 July
117
1014 1034
1959
1952
68
April
1955..
101
103
£8
Feb
1952
108
111
5148 Aug
90
1164
3.50
63.75
10
112
American
110
Conversion 3s 1947
American of
1124
American
111
5
38 1955 opt 1945
88 1956 opt 1946
JAJ
JAJ
88 1956 opt 1946....MAN
814s 1955 opt 1945
MAN
48 1946 opt 1944
JAJ
|
Ask
Bid
lOOlg'10054'
4s 1957 opt
10014 10054
4s 1958 opt 1938
10014 10054
414s 1957 opt. 1937.-MAN
414s 1958 opt 1938
MAN
10154 102
1937
MAN
MAN
Ask
101X 10154
|
10014 10054
10354,10454
64
594
62
66
59
45
10
30 4
32 4
Merch
26
544
564
Merch A Mfrs Fire New'kf
124
144
10
30 4
32 4
National Casualty
1<
24
84
94
National Firs
1(
184
624
64 4
Reserve
Shippers
26
100
Camden Fire
6
Atlanta 5s...
100
Atlantic 6s...
100
50
Burlington 6a.
100
California 6a.
Chloago 6a
J7X
Dallas 5a.....
100
1014
1014
..
84
~
99
100
North Carolina 5s
96
98
284
New Brunswick Fire
New
10
374
384
New Jersey
6
28 4
30 4
New York Fire
.24
44
54
Connecticut Gen Life
Continental Casualty
6
10
Greenbrier 6s
...
Potomac 5s
100
St Louis 5s
T27
78
San Antonio 5s
100
Greensboro 6s
Southern Minnesota Be
100
84
Illinois Midwest 6a
Illinois of Montloello 454s.
Iowa of Sioux City 44s
Kentucky of Lexington 5s.
100
86
97
99
La Fayette 6a
/234
Tennessee 5s
100
100
—
100
Virginia-Carolina 5s
-
-
Virginian 5s
99 4
44 4
Seaboard Fire A Marine..6
204
234
Seaboard
65 4
69
Security
2d
preferred
16
_
_
—
mm
10
344
to Revere
changed
10
Atlanta
.....100
32
38
Lincoln
100
40
45
New York
Atlantic
Dallas
»
(J 8 Fidelity A Guar Co..2
26
72 4
U 8 Fire
63 4
55
U 8 Guarantee
59
62
354
374
i
10
-
0
27
Surety Guaranteed Mortgage Bonds and Debentures
1953
Ask
83
Arundel Bond Corp 2-5s '63
Ask
Bid
Nat Union Mtge Corp—
Series A 3-6a
1954
82
55
mm
6
51
49
80
Contl InvDeb Corp 3-6s'63
614
634
Empire Properties Corp...
2-3s
1945
49
52
Interstate Deb Corp 2-5a'55
80
North Carolina
27
30
14
Pennsylvania
20
24
Dee Moines
100
65
75
Potomac
50
55
First Carollnaa
100
8
10
San Antonio
55
58
Fremont
100
1
3
Virginia
Virginia-Carolina
00c
800
45
55
40
1954
Corp
Ask
57
82
(all
80
1953
43
•
-
Potomao Cons Deb Corp—
3 6s
1953
1953
Inc 2-58
51
49
51
1953
49
51
3-08
Potomac Maryland Deben¬
83
ture
Corp 3-8s
Realty
Potomao
Nat Bondholders part ctfs
(Central Funding series)
49
Potomac Deb Corp 3-0s '63
Potomao Franklin Deb Co
«
Mortgage Bond Co of Md
Federal Intermediate Credit Bank Debentures
Bond
Issues) 2-5s
1953
Debenture 3-6s
12
Potomao
—
Cont'l Inv Bd Corp 2-6s '53
75
8eriee B 2-5s
mm
Associated Mtge Coe Inc—
15
100
/39
714
1953
Atlantlo
49
Debenture Corp 3-6s *53
mmm
51
'
Nat Cons Bd Corp 2-5s '53
80
Nat Deben Corp 3-68.1953
49
Realty
mm
Bond A
Mortgage
F I O 148
Apr 16 1937 6.75%
May 15 1937 6 90%
1937 61 00%
FIO 14s—July 15 1937 61.00%
FIO 14s
F IC 14s...June 15
Ask
Bid
1
1
1
1
1
1
I!
1
1
FIC 148.-.Aug 10
F I O 148—Sept 15
FIC 14s—_Oct 15
FI014S
Nov
FIC 14s...Dec
1937 61.00%
1937 61.05%
1937 61.10%
15 1937 61.10%
15 1937 61.10%
•I 1I• 11•
•
1
Par
Bank 01 Manhattan Co. 10
Bid
Ask
38
Merchants Bank
..100
100
Bank of Yorktown._66 2 3
67
72
National Bronx Bank...50
50
85
120
National Sarety Bank.
19
21
144
164
Chase
36
.13.65
574
City (National)......1254
514
Commercial National.. 100 206
Fifth Avenue
100 1000
First National of N Y..100 2335
Flatbush National
100
37
Kingsboro National
100
65
59 4
124
115
Penn Exchange.__
10
Peoples National
50
70
Public National
25
48
1050
Sterling Nat Bank A Tr.25
41
43
2375
Trade Bank
30
37
534
212
123
125
Clncln A Sub Bell Telep. 50
Cuban Telep 7% pref..l00
91
94
124
50
100
Emp A Bay State Tel.. 100
Franklin Telegraph
100
63
98
99
..1(X>
2l"
31
113
2631.
v
100
1114 U5
So A Atl Telegraph.....25
Sou New Engl Telep.-.100
102
124 4 126
Wisconsin Telep 7% pf.100
1134|ll54
224
244
165
147"
1454
1304 133
page
19"
30
110
Peninsular Telephone com*
Preferred A
Ask
28
S' western Bell Tel pref. 100
1014
Mtn States Tel A Tel. .100
see
25
N'west Bell Tel pf 64 % 100
Pao A Atl Telegraph....25
$6.50 1st pref
New England Tel A TellOO
For Footnote
New York Mutual Tel. 100
Rochester Telephone—
42
Gen Telep Allied Corp—
$6 pref
*
Int Ocean Telegraph... 100
1
Bid
Par
1
62
42
...
Ask
1128
|
126 4 1284
159
102 4
Bell Telep of Pa pref..l00
Bensonhurat
National..60
Bid
120
Bell Telep of Canada.. 100
Par
40
1
New York Bank Stocks
Ask
52
38
Telephone and Telegraph Stocks
<1
Preferred
Bid
50
deb 3-08
Ask
Am Dlst Teleg (N J) com.•
Par
51
1953
Unified Deben Corp 5s *65
Bid
4
101
4
...100
502
mm
....
11
._
492
123
25
.........100
Denver
lot,
Westchester Fire
All series 2-5e
Bid
760
64
86
Bank Stocks
Par
10
715
704
Bid
Ask
120
100
62
(Paul)Fire Ins)
Hartford Steam Boiler.. 10
Arundel Deb Corp 3 6s "53
Bid
Mar
Sun Life Assurance
364
Allied Mtge Cos Ino—
Par
Gibraltar Fire A
25
(name
134
34
394
Travelers
23 4
1004
Joint Stock Land
114
32
384
10
Haven... 10
9
10
Hartford Fire
—
Surety
New
28 4
13
205 4 2164
uthern Flre(narne ch'ged
to
Fire
Harmonla
30
114
6
Springfield Fire A Mar..26
Hanover Fire
994 1004
Union of Detroit 5s
100
84
42 4
6
Halifax
103
..........
6
1/
Republlo
mmm
101
Southwest 6s—
St Paul Fire A Marine..26
10
100
mm
Rossla
29
92
109
•»
29
28
107
25 4
27
10
10
Fire
27
8 4
Phoenix 6s
(Texas)
(Paul)
27
88
100 4
100
94
264
26 4
74
314s....
Fremont 6a
84
6
102
Fletoher
Reinsurance Corp (N Y)_2
Great American
100
First Trust of Chloago 454s
89
Great Amer Indemnity... 1
«-«•
Pennsylvania 5s
99
87
mwm
99
First Texas of Houston 5s.
37 4
rn.rn.mm
100
97
20 4
35 4
6
10
Globe A Rutgers Fire
93 4
I84
Providence-Washington. 1(
Gibraltar Fire A Marine. 10
Globe A
137
Preferred Aooldent
Glens Falls Fire..
66
Pao Coast of San Fran 5s..
First of New Orleans 5s
.....10
136
133 4
89 4
13
Georgia Horns...
101
274
132
26
77
—
994 1004
24 4
102
114
Republic
•mm,
44 4
52 4
75
Revere
Fire
254
National. 26
Phoenix
1314 1354
100
2.50
Pacific Firs
45
33 4
96
94
6
Northwestern
64
54
42
2
12.60
North RJver
48
46
17
374
494
214
2(
Northern
104
137
35 4
42 4
10
Hampshire Fire
194
16
10
28 4
46 4
100 x
133
2
27 4
314
100
First of Montgomery 5s..
New Amsterdam Cas
27
Franklin
62
100
214
444
100
'mmm
National Union Fire....20
687
94
U
194
6
Pacific Coast of Los A ng 6s
100
677
General Reinsurance Corp6
Pac Coast of Salt Lake 5a._
454s.
National Liberty
mmm
101
First of Fort Wayne
1014 104 4
10
Fireman's Fd of San Fran26
Ohio-Pennsylvania 5s
Pacific Coast of Portland 5s
First Carolines 5s
Ask
Oregon-Washington 5s
mm
92
96
100
New York 5s
—
91
Denver 5a
100
Mississippi-Tennessee 5s..
70
Maryland-Virginia 5s
b
10
Fidelity A Dep of Md
20
Fire Assn of PhlladelphlalO
93
Lincoln 5s
Fire Asaur 00m
Carolina
Firemen's of Newark
Bid
IX
43
Excess
Ask
54
44
Federal..
Bid
19
.....6
Maryland Casualty .....1
Mass Bonding A Ins..1254
Employers Re-Insurance 10
Bonds
84
704
17
Lincoln Fire...
Eagle Fire
Bank
60
b
City of New York
10214 103
107J4|108>4
Joint Stock Land
Knickerbocker
17
Baltimore Amer
|
25
45
64
134
Boston
Bid
23 4
42
6
12 4
Re-lnsuranoe. 10
A
10
154
Automobile
Bankers
Fire
importers A Exporters
b
Ins Co of North Amer..l0
10
American Surety
Federal Land Bank Bonds
20 4
Homestead
.
Newark...24
Home
American
1124
109
...
U S conversion 8s 1946
112
115
Alliance
American
119
American Equitable
414s July 1958
5s July 1948
110
1941
Hawaii 414s Oot 1956
30 4
25
Govt of Puerto Rloo—
100
4s 1946
32 4
92
10
Agricultural
38 4
54
184
Home
47 4
Aetna Life
Ask
36 X
Par
45 4
3.00
63.50
Bid
6
Home Fire Security..... 10
As*
Bid
1014 1054
10
...
Ask
Bid
Ask
Bid
Hartford 35
—
2.50
United States Insular Bonds
PhllUpplne Government—
HARTFORD
CENTRAL ROW
ser E
1942-1900
112
110
Members New York Stock Exchange
6
D
1937-1941
Holland Tunnel
George Washington Bridge
4148 ser B 1940-68.MAN
44b
PUTNAM Si CO.
Ask
1044 1054
1014 103
96
Q UOTED
—
Authority Bonds
Volume
Financial
144
2633
Chronicle
s
Quotations
Over-the-Counter Securities—Friday April 16—Continued
on
RAILROAD BONDS.
Guaranteed Railroad Stocks
BOUGHT
3o$cpb KJalkcr$$ons
Mtmbm J^lrw York Sloth Exchange
ir Dealers in
120 Broadway
Y.
Monthly
Bulletin
York Security Dealert
New
Membert
41 Broad St.. N.
QUOTED
.
Studies
e. sloane & co.
john
Tel. REctor
GUARANTEED
MEW YORK
SOLD
.
Earnings and Special
on Requeat
HAnover 2-2455
-
Association
Bell Byst. Teletype
-
NY 1-624
2-6600
STOCKS
Since 1855
Railroad Bonds
Guaranteed Railroad Stocks
(Guarantor In Parenthesis)
Bid
Asked
72 H
6s. 1945
Augusta Union Station 1st 4s. 1953..............
100
6.00
98
101
lbany A Susquehana (Delaware 4 Hudson)
100
Allegheny 4 Western (Buff Roch 4 Pitts).........100
10.60
180
185
6.00
103
107
Vloksburg (Illinois Central)
'
60
...100
100
2.00
40
43
8.75
138
142
8.60
137
142
Canada Southern (New York Central)............100
2.86
57
4.00
98
600
100
Cleve Clnn Chicago A 8t Louis pre! (N Y
Cleveland A Pittsburgh (Pennsylvania)
5.00
99
74H
98
97
106
105
71
67
Boston A Maine 3s.
78
82
87
89
94 H
96 H
60
Carolina Cllnobfleld A Ohio (L A N-A C L) 4%....100
Common 6% stamped..
100
Birmingham Terminal 1st 4s. 1957
..........
Boston A Albany 1st 4 Ha, April 1, 1943..........
1950..........—..........
74
73
96 H
95
1945
Akron Canton A Youngstown 5 Ha.
Far in Dollars
Alabama A
Asked
Bid
-
Dividend
Beeob Creek
(New York Central)
Boston 4 Albany (New
Boston A Provldenoe
York Central)
(New Haven)
Prior Hen 4s.
1942
1944
Convertible 5s. 1940-45
.....
........
Prior lien 4Hs.
..................
94
Buffalo Creek 1st ref 5s. 1961...................
.......
Betterman stock
Central) 100
60
3.50
85
"88"
.........60
.......
2.00
48
61
.......25
100
100
2.00
43
46
5.50
91
95
Great Northern 3Hs series
10.00
193
199
73
92
Georgia Southern A Florida 1st 5s, 1945
Goshen A Deokertown 1st 5Ha. 1978..—.....—
Delaware (Pennsylvania)..
Fort Wayne 4 Jackson pref (N Y
69
65H
1952
A Western 1st 5s, 1965....
Choctaw A Memphis 1st 5s.
Cincinnati Indianapolis
92
89
Chateaugay Ore A Iron 1st ref 4s, 1942..........
103"
Central)
Georgia RR 4 Banking (L 4 N-A C L)
100
4.00
70
Michigan Central (New York Central)...........100
Morris A Essex (Del Lack 4 Western)
....60
60.00
1000
Lackawanna RR of N J (Del Lack 4 Western)
3.875
62
"64"
5 00
94
97
60
4 00
96
100
4.00
64
94
66
68 H
—
92
...
t-
1,1967
Hoboken Ferry 1st 5a. 1946
93
90 H
95
...........
1955...........
Kanawha A West Virginia 1st 5s,
100
New York Lackawanna 4 Western (D L A W)
Northern Central (Pennsylvania)
Cleveland Terminal A Valley 1st 4s, 1995
91
97
103
100
69
Northern RR of N J (Erie)
1978
Kansas Oklahoma A Gulf 1st 5s.
4.60
69
72
Macon Terminal 1st 5s, 1965
1.50
41
43
Maryland A Pennsylvania 1st 4s. 1951—
Meridian Terminal 1st 4s, 1955
60
3.00
82
86
7.00
170
175
...100
7.00
170
6.82
102
106
6.00
138
143
106
77
............
—
90
1949
mmm
40
mmm
175
100
St. Louis Bridge 1st pref (Terminal RR)...
...100
Second preferred
.............100
Tunne RR St Louis (Terminal RR)
...100
United New Jersey RR 4 Canal (Pennsylvania)
100
Utlca Chenango 4 Susquehanna (D L 4 W)
...100
Valley (Delaware Lackawanna 4 Western)
...100
Vloksburg Shreveport A Pacific (Illinois Central)... 100
102
72
—....
60
Pittsburgh Fort Wayne A Chloago (Pennsylvania).. 100
mmm
100H
103
Long Island refunding mtge. 4s, 1949
Pittsburgh Bessemer A Lake Erie (U S Steel).......50
Oewego A Syracuse (Del Lack A Western)
/37
1st is, 1939—
Little Rook A Hot Springs Western
Preferred
Preferred
Rensselaer A Saratoga (Delaware 4 Hudson)..
Preferred
A Western)....
71
138
143
1000
238
244
6 00
87
5 00
100
104
6 00
85
89
5.00
80
90
1951
Portland RR 1st 3 Ha,
St Clair Madison A St Louis 1st 4s,
3.50
49
64
59
63
-
108
3 Ha Deo. 1
63.00
2.25
2.00
Bid
6s
2.00
2.00
Alabama Power 37 pref..*
2.50
Arkansas Pr A Lt 37
2.25
2.25
2.10
1.25
Chesapeake A Ohio 5 Ha—
58
6s
6s
Ohio MUw A St Paul 4 Ha..
68
1.00
1.00
63.75
3.00
3.00
2 Ha
series G
non
21
23
Mountain States Pr com.. *
4
2.00
100
3.00
3.00
1.25
1.10
1.00
86
64.00
2.75
64.00
2.75
2.75
62.00
1.25
62.00
1.25
63.00
2.10
5s
62.50
1.75
62.00
1.25
62.00
1.25
61.75
1.25
Illinois Central 4 Ha
63.00
2.10
6s
62.00
1.10
5Hi
62.00
1.10
63.75
2.50
Internat Great Nor
4Ha—
76 H
89
«•--
132
75
24
H
6s
2.00
2.00
Cent Pr A
2.25
1st 36
1.10
30.50 preferred B
100
—.100
Lt 7% pref—100
preferred
36 preferred
82
80
88 H
90
100
100
6 Ha
10OH
Consol Traction (N J). 100
64
Consumers Pow $5 pref—*
103
2.00
Coosol Eleo A Gas 30 pref.
109 H
17H
$7
2.00
Dallas Pr A Lt 7 %
62.50
1.75
63.10
2.25
Derby Gas A El 37 pref..*
Essex-Hudson Gas
100
6s
63.00
2.10
5Ha—
62.25
1.60
95 H
112
96 H
5a
Southern Ry 4 Ha
...
62.75
2.00
4 Ha
62.75
2.00
62.25
1.50
Texas Pacific 4s.........
Union Pacific 4Ha...—
6s
Virginian Ry 4 Ha
6a
61.50
1.00
pref 100
67 H
181
••
48
47 H
Hamilton Gas Co vtc
X
*16
100
167
14 H
100
101H
63.00
62.75
2.50
2.00
63.75
2.75
63.75
2.75
Jamaica Water
53 H
Jer Cent P A L 7%
96 H
57 H
Sup pref.50
pf—100
Kan Gas A El 7% pret.100
Kings Co Ltg 7 % pref. .100
Long Island Ltg 6% pf.100
7% preferred
100
Memphis Pr A Lt 3 7 pref.*
97 H
112K 114H
79
82
73
75
84
87
71H
74
Virginia
«E
7H
100
31
2634.
79 H
6H
0% preferred O
100
Sioux City G A E $7 pf.100
Sou Calif Edison pref B.25
South Jersey Gas A El.100
Tenn Elec Pow 6% pref 100
7% preferred
100
Texas Pow A Lt 7 % pf-100
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
Utah Pow A Lt 37 pref...*
Utlca Gas A El 7 % pf-100
13
For footnotes see page
77
111
66 H
28
5HB-—
110H
109
Interstate Power 37 pref..*
6a
108
100
preferred
Interstate Natural Gas...*
Western Pacific 5s.......
E—
6% preferred
100
Republic Natural Gaa
1
1.00
Illinois Pr A Lt 1st pref..*
2.25
85 H
61.75
102 H
103
3.00
83
Rochester Gas A
102
63.75
80
78
104 X 105 H
109 H
100 H
63.25
pf 100
pref...*
108
100
5 H®
Paoifle Pow A Lt 7 %
181
101
Minn St P A S3 M 4s...
108
107 H HOH
*
5s
Western Maryland 4 Ha—
96
106
Hudson County Gas—100
5 Ha
6s
1.00
109
94
Idaho Power 36 pref
1.00
2.25
..100
pref
100
102H
107
110H 111 H
1.00
1.50
63.25
preferred
101
1.00
2.00
61.75
107 H 109 X
89
86
61.75
62.50
5s
65
99 H 101 x
61.50
63.00
Maine Central 5s
72
63
Queens Borough G A
61.75
Wabash Ry 4 Ha
71
50
115
...
5s
6% pf-.lOO
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf 100
Loulsv A Nash 4 Ha....
Long Island 4 Ha
7%
*
Penn Pow A Lt $7
47
46 H
36.50 oum preferred
37 oum preferred
Gas A Eleo of Bergen..100
7%
••
71
•
45 H
36 cum preferred
*
6% pref...100
Okla G A E 7%
Federal Water Serv Corp—
Southern Pacific 4 Ha
pref..100
preferred
Ohio Power
Ohio Pub Serv
100
preferred
Nor States Pr $7
Ohio Edison 36 pref
21
66
103 H
Continental Gas A El—
7%
A E 6 H % pf
0% pref.100
Pub Serv Co—
$7 prior lien pref
-*
New Orl Pub Serv $7 pf..*
N Y Pow A Lt $6 cum pf
-
118
115
107 H 109 H
100
62.75
100
7% cum preferred...100
107
101
2.50
111H
80 H
93 H
82 H
90 H
98
63.50
pref. 100
N E Pow Assn
Columbus Ry Pr A Lt— '
2.25
63.00
St Louis Southwestern 5s.
Nebraska Pow 7%
New Eng
98 H
99
St. Louis-San Fran 4*—
37 H
46 H
97
preferred A
41 H
29 X
preferred
45 H
88
62.00
6s
6
39
pref. 100
7%
New Eng G
85
37
82
Newark Consol Gas
95
preferred
74 H
80
114H 116H
76 X
25 X
—*
0%
70 H
Nassau A Suff Ltg
111
Carolina Pr A Lt 37 pref—*
63.00
5a
58
Hocking Valley 6s
-
62.90
Reading Co 4 Ha
SHi
Great Northern 4 Ha
2.25
63 00
Marquette 4 Ha
Pere
64.00
Erie RR 5 Ha
6s
21H
62.85
4 Ha
5 Ha
12 H
20
call
Dec. 1 1937-50
4.75
86
82
5s
Denver A R G West 4Ha.
5s
10
*
37 preferred
*
Atlantic City El $0 pref..*
Bangor Hydro-El 7 % pf 100
Birmingham Eleo 37 pref *
Buff Nlag A E pr pref...25
pref.*
36.60 preferred
75
87 X
Central Maine Power
Jan A July 1937-49
4.50
82
68
orig pref *
4s series E due
64.85
Ask
64
Assoc Gas A Elec
61.75
5s
1.50
65.10
Chloago RI A Pao 4 Ha—
Bid
1.60
61.50
0.75
63.75
Chloago A Nor West 4Hs—
Par
Ask
2.10
62.00
Pennsylvania RR 4 Ha
61.25
61.75
68
Utility Stocks
62.90
63.75
68
Northern Pacific 4 Ha
62.40
Ha
Bid
Mississippi Power $6 pre!..
$7 preferred
Mississippi P A L $6 pt._
Miss Rlv Pow 6% pref. 100
63.75
N Y N H A Hartf 4 Ha
61.25
4
■
62.60
63.00
63.00
N.Y.
Teletype N.Y. 1-1146
63.00
New York Central 4Ha—
2;25
62.90
ONE WALL ST.,
62.25
2.25
62.25
Par
63.00
2.25
4 His
Pacific
$7 PREFERRED
Tel. DIgby 4-2800
Public
63.75
63.25
Cent RR New Jer 4 Ha
Canadian
-
3.00
63.00
63.25
National 4Ha.
$6
exchange
—
58
5 Ha
New Orl Tex A Mex 4 Ha.
N Y Chic A St. L 4 H»
Canadian
71
68
stock exchange
Ask
63.75
Missouri Pacific 4 Ha
63.00
1936-1944..
111
96
I960..........
Bonds
Ask
62.50
58
Boston A Maine 4 Ha
6e
91
1954
1908
EST.
and n. y. curb
1.10
74
88
BmfeU Brothers
Philadelphia! Pa.
61.75
mmm
67
PENNSYLVANIA POWER & LIGHT COMPANY
members n. y.
Line 4H«Baltlmore A Ohio 4 Ha
90
Toledo Terminal RR 4 Ha, 1957
Stroud &, Company Inc.
Coast
8GH
94
95
1951
3.00
$5
Atlantic
69
90
Rock Island Frisoo Terminal 4Ha. 1957..........
Quotations-Appraisals Upon Request
Bid
91H
84 H
Shreveport Bridge A Terminal 1st 5s, 1955
Somerset Ry 1st ref 4s, 1955
Southern Illinois A Missouri Bridge 1st 4s, 1951...
EQUIPMENT TRUST CERTIFICATES
Railroad Equipment
90
67
...—
...
Washington County Ry 1st 3 Ha,
New York
76
—-
....—
Consolidated 5s, 1945
—
72
general 5s. 1946
Piedmont and Northern Ry. 1st mtge. 3Hs. 1966—
New York A Hoboken Ferry
Toronto Hamilton A Buffalo 4 Ha.
Private Wires to
92
....
92
..50
60
West Jersey A Sea Shore (Pennsylvania)
68
6.00
100
....
Warren RR of N J (Del Lac
3.00
Minneapolis St Paul A Sault Ste Marie 2d 4s,
Montgomery A Erie 1st 5s. 1956..
Ry
Elec—
101
96 H
98 H
27
28
181
-
-
*
59 H
57 H
67
65 X
108
105
110H 112H
92
I
68
|
99 H
mmm
71
101H
173
Financial
2634
Quotations
Chronicle
April 17, 1937
Over-the-Counter Securities—Friday April 16—Continued
on
Securities of the
OFFERINGS WANTED
Associated Gas & Electric
First Mortgage
System
Bonds of Subsidiaries
Works
Water
American
8. A. O'BRIEN & CO.
&
Electric
Consumers Water Co.
150 BROADWAY, NEW
' 75 FEDERAL ST., BOSTON
YORK
Direct Private Telephone between New
Bell System Teletype—N.Y.
Public
Bid
York and Boston
1-1074
Est. 1854
Utility Bonds
Bid
Ask
83
97
Green Mountain Pow 6s '48
102
82
84
91
93
Houston Lt A Pow 3 Hs 66
Iowa Sou Utll 5Ks—1960
100
Kan City Pub
Serv 38.1961
Ark Missouri Pow 1st 6s '63
90
92
Kan Pow A Lt 1st 4Ks '66
Associated Electric 5s.1961
64
65
Keystone Telep 5KS-1955
38
39
Louisville Gas A El 3 Ms '66
Specialists in—
Ask
Water Works Securities
101H 102 K
95
88
78
80
Complete Statistical Information—Inquiries Invited
103 K
101K 102
Sw«t. Brent & Co.
102
46 K
48 K
106 H 107
100 K 102
INCORPORATED
40 EXCHANGE PLACE,
Assoc Gas A Elec Corp—
Income deb 3Ks
Income deb 3&s
1978
1978
Income deb 4s
1978
43
43
Income deb 4 Me.
Conv deb 4s
1978
47
48
.1973
75
1973
77
Conv deb 4 Mb
Conv deb 6s
39
-
85 M
Metrop Edison 4s ser G '65
Missouri Pow A Lt 394s 66
Mtn States Pow 1st 6s 1938
-
96 H
94
NEW YORK
Teletype: New York 1-1073
Tel. HAnover 2-0610
99 K 100 K
104 K 105
97 K
Water Bonds
97
—
Narragansett Elec 8 Kb '66
Newport N A Ham 5s. 1944
N. Y. State E A Q Corp.
87
95
98
1973
8s--———1940
%
79
93
1973
Conv deb 5Ks
8 years
39 *4
Tel. 2-3761
PORTLAND, MAINE
Dallas Pow A Lt 3KS--1967
Federated Utll 6 Kb
1957
/8 6
81K
1st 6s series A
H. M. PAYSON & CO.
BLANcock 8920
COrtlandt 7-1868
100
4s
101H 101K
105
...
1965
96 U
102 K
-
Bid
Alabama Water Serv 6s '57
Alton Water Co 6s
Northern N Y Utll 58.1955
Assoc Gas A Elec Co—
97 K
---
Monmouth Consol W 5s *66
105
Ashtabula Wat Wks 6s '68
102
Atlantic County Wat 6s '58
102 K 104
45
Sink fund lnc 4Ks—1983
45
50
Sink fund income 6s 1983
50
55
Sink fund lno 5Ks—1983
55
60
Sink fund lnc 4-6S—1986
45
47
Sink fund lnc 4 K-5 Ks 86
53 K
Sink fund lno 6-68—1986
53 K
54
M
Parr Shoals Power 5s. 1952
96
98
Calif Water Service 4s 1961
100
Sink fund ino5K-6 Mb 86
60 M
61 M
105
Chester Wat Serv 4Kb '58
102
97 K
Pennsylvania Elec 5s 1962
Penn Telep Corp 1st 4s '65
Peoples LAP 6Ks
1941
Phlla Electric 3Ms—-1967
104
97 K
102 M
/96
103 K
98
Citizens Water Co (Wash)
5s
1951
102
102 M
107
Public Serv of Colo 6s. 1961
Pub Serv of N H 3Ks D '60
Pub Utll Cons 5Ha.-.1948
104 K 106
101K 102
Blaokstone VGA E 4s '66
106
Ohio Edison 3Ks
1972
Okla Gas A Elec 3^8.1966
Old Dom Pr 5s May 15 *51
93
96
1946
75
82 K
84 K
95 M
98
5s series C
1957
104
97 H
98
5s series B
..1964
Central Public Utility
102 M 103 K
69
71
,
Sioux City Gas A El 481966
Sou Cities Utll 6s A...1958
Colorado Power 5s
1953
Conn Lt A Power 3 Ks1966
3 Ma series F
1966
1966
3%b A.1961
82
Cumberl'd Co PAL 3Ks'60
95
5Ks series A
—1947
Community Water Service
6 Ks series B
1946
6s series A
.1946
Connellsvllle Water 5s. 1939
90
95K
96 K
96
101M 102
1958
.1958
1st mtge 5s..
Davenport Water Co 5s '61
105
104 K 106
Phlla Suburb Wat 4S..1965
Pinellas Water Co 6Ks '59
102 K 103 M
Pittsburgh Sub Wat 5s '58
102
Plalnfleld Union Wat 6s '61
Richmond W W Co 68.1957
105
77
Roanoke W W 5s
94
99
83
85
Roch A L Ont Wat 68.1938
100
102
104
105K
4Ks
1968
Scran ton Spring Brook
96
97
1950
St Joseph Wat 4s ser 19 A'66
Scran ton Gas A Water Co
100 M 102 K
101H 102K
104 K
100
101K
101
B'way Barclay 1st 2s. 1956
B'way A 41st Street—
1st leasehold
6K*—1944
Broadway Motors Bldg—
34 K
36K
/40K
43 M
67K
70 M
Chesebrough Bldg 1st 6s '48
64 K
65K
/51
/34K
37 M
Dorset (The) 1st 68—1941
East Ambassador Hotels—
1st Aref 5 Mb
1947
Equit Off Bldg deb 5s 1952
/9
/83K
Deb 6s 1962 Legended..
80
60 Bway Bldg 1st 3s lno '46
600 Fifth Avenue—
155
6 Kb unstamped.—1949
62d A Madison Off Bldg—
43
6s
Nov 1947
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
42 Rway 1st 6s
71
85 M
Fuller Bldg deb 6s
6 Mb unstamped
1944
1949
Graybar Bldg 6s
1946
Harrlman Bldg 1st 6s 1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
74 K
53 M
10 H
85 M
84
57
...
Texarkana Wat 1st 68.1958
Union Water Serv 5 Ks '51
Water Serv Cos lno 5s *42
95
101
W Va Water Serv 4s_.i961
97
102 K
Western N
100
101
/44K
1945
/13K
69 M
Kokomo W W Co 6s..1958
103
103 % 104K
104 K 106
77
100 M 102
102 M 103 M
101
5s ser 168 C
1960
103 K
6s series A
98 K
1949
103 K
102 K 104
W'msport Water 5s—1962
Chain Store Stocks
Munsou Bldg 1st 6KS.1939
N Y Athletic Club—
1st mtge 2s stmp A reg'55
1st A gen 6s
1946
N Y Eve Journal 6K8.1937
N Y Title A Mtge Co—
5Kb
5 Kb
5Kb
5 Kb
series BK
.....
series 0-2
series F-l.
series Q
/34K
Par
36
H
/51
76 K
1st 6s......July 7 1939
O'lver Cromwell (The)—
Nov 15
1939
Borland Shoe Stores
/32K 34 K
34 K
/32K
100 K 102 K
/58K
/45
/59
/49
/28K
/10
B/G Foods lno
13
com
Blokfords Inc...
...»
$2.50 conv pref
_*
Bohack (H
40
M
/54
76 M
Corp
London Terraoe Apts 6s '40
50 M
98 M
54 K
Ludwlg Bauman—
73 K
73 M
»
7K
31K
40
45
103
105
113
115
Reeves
«...
(Daniel) pref-.100
105
Schlff Co preferred
24
104 K
•
Kobacker Stores.
*
17
91
32 M
32
6% pref otfs
••
New common......
IK
—
mm
110K
34 K
34
2'|«
96
63
a
a 4
60
*
24
100
103
100
6% pf -100
New preferred-
7% preferred
14
22
19
100
United Cigar Sts
Flshman (M H) Stores...*
Preferred...
100
11K
14
SM
43
62
m
h
ill
mm
69 K
Sugar Stocks
/56
76
76
25K
33
35
-1
Preferred.
23K
.-P
63
Bid
-10
/61
Par
42
44
...1945
3s with stock
...1956
57
/32K
49 K
/37
/58
Syracuse Hotel (Syracuse)
1st 6Ks
Oct 23 1940
/74
75K
1st fee A leasehold 4s '48
9K
Ask
39
*
10K
IK
Miscellaneous Bonds
34 K
Trinity Bldgs Corp—
1st 5 K«
1939
Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
1st 6 Kb
Oct 19 1938
Westinghouse Bldg—
37
30
60 K
3-5Ks deb lnc (w s). 1956
60 Park PI (Newark) 6s '37
616 Madison Av 1st 6 Ks'38
61 Bway Bldg 1st 5 Ks 1950
2 Park Ave
Bid
Par
Savannah Sug Ret com
1
West Indies Sugar Corp—1
30
6s
Textile Bldg—
1st 3-5s (w s)......1958
Ask
H
58K
/28
/28
Sherneth Corp—
97 M
Nelsner Bros pref
.
4*4
104
1st fee A l'hold 6KB.1940
Savoy Plaza Corp—
Realty ext 1st 5K8.1946
70 M
1947
15K
36 H
C) common..*
7% preferred
..100
78K
93
74
3K
14K
-
Ask
11
6% pref
Miller (i) Sons com
36
49
52
Bid
Par
Kress (S H)
16
*
6K% preferred
100
Murphy (G C) $5 pref. 100
Diamond Shoe pref..—100
Roxy Theatre—
90
Apr 16 1937
Ask
100
62
54
67 M
Llnooln Bldg lno 6 Kb. 1963
Bid
*
.100
7% preferred
15K
72K
72 M
1951
1st mtge 5 Ks
1950
Westmoreland Water 5s '52
Wiohlta Water Co 6s B '56
Lexington Wat Co 5 Kb '40
Long Island Wat 5KS.1955
Middlesex Wat Co 5Ks *67
72K
70
JE
75
69K
90 K
Ks (L I)„
S f deb 5s
5Ks double 8tpd...l961
Realty Assoo See Corp—
6s income
;
1943
....
87 M
1st
103
1957
54K
Rochelle) 1st 6s
1936
Lefoourt Manhattan Bldg
1st 4-68 extended to 1948
Lewis Morris Apt Bldg—
1942
1936
96
98 K 100
99
97
....I960
95
90 K
66
(Bklyn)
5s series B
103
102
52 K
59
1st 6s
92
99
165 Bway Bldg 1st 5Ks '51
Prudence Co
52
1st 6s
93
101
99""
Y Water Co—
1st mtge 5s.
1958
103
100 K 102
34 K
2nd mtge 6s
..1951
103 E 57th St 1st 68—1941
---
/64
1st 6 Mb
99K
103
1 Park Avenue—
73
Hotel St George 4s...1960
Kelth-Albee Bldg (New '
Loew s Theatre Realt
1947
1st 6s
/50K
/54K
1958
Fox Theatre A Off Bldg—
1st 6K8
Oct 1 1941
1948
/32K
Ask
19th A Walnut Sts (Phlla)
1939
14oo Broadway Bldg—
1st 6 Mb stamped...1948
Majestlo Apts 1st 6s..1948
Metropolitan Chain Prop—
6s
98
101
1949
Metropol Playhouses lnc—
72
Court A Remsen St Off Bid
1st 6s
Apr 28 1940
Bid
6s
105
104
Metropolitan Corp (Can)—
6s stamped
—1948
Chanln Bldg lno 4s.
1945
„
Mortgage Certificates
Ask
48 M
57 M
1960
103
Joplln W W Co 5s
/45K
/53K
6s series B
Spgrield City Wat 4s A1956
—..1954
5s
Alden 1st 6a....Jan l 1941
Broadmoor (The) 1st 6s '41
102
6s series A
Interstate Water 6s A. 1940
Bid
71
102
1960
Terre Haute Water 6a B '56
107 K
100
Indianapolis Water—
1st mtge 3Hs
.1966
Indianapolis W W Seours—
Broadway, N. Y.
Real Estate Bonds and Title Co.
67
Illinois Water Serv 5s A '52
INCORPORATED
150
103
ser B
1962
AMOTT, BAKER A CO.
2360
98
101
101
98 K 100
6Ks series B
1977
Huntington Water 5s B '54
6s
BArclay 7
99
102
99
96
1961
South Bay Cons Wat 6s *60
Sou Pittsburgh Wat 5s *65
Shenango Val 4s
5s series A—
Hackensack Wat Co 6s '77
K
1967
1st A ref 5s A
6s series D
;
1960
Greenwloh Water A Gas—
Public Utilities—I industrials—Railroads
97
Water Serv 5s.—1961
...1942
1952
106K
99K
105
75
75
101
.1952
97K
73
100
5s series B
103""
100
103
1942
5s series A
98 K
1948
.1948
6s series B
Estate Securities
1948
1st consol 58
5s series A
Reports—Markets
98 K 100H
1950
1st consol 4s
E St L A Interurb Water—
Real
82
88
Prior lien 6s
102 M
Consol Water of Utlca—
4Kb
1961
99
83
1st A ref 5a
59
1st mtge 4s
98
101
Commonwealth Wat (N J)
6s series C
..1957
Wisconsin Pub Ser
56
52
107
101
50
100 M 100K
100 K
54
101
1941
5s
48
Wisconsin G A El 3 Mb 1966
Wise Mioh Pow ZH s—1961
57
98
1st coll trust 4K8..1966
Peoria Water Works Co—
101
100K
102 K 102 H
1962
91
Newport Water Co 6s 1963
Ohio Cities Water 5Ks '53
Ohio Valley Water 58.1954
105
101 & 102 K
QQ
87
6% secured notes—1937
6s series B
93
103
1957
Western Mass Co 3Ks 1946
Western Pub Serv 5 Mb '60
100
80
78
6Ks series A
1951
City of New Castle Water
City W (Chat) 5s B..1954
105 M
100 K 101
103
75
5 Mb
1951
New York Wat Serv 5s '61
Penna State Water—
Clinton W Wks Co 5s .1939
103M
7%
101
105
101
101
79
80
Consol E A G 6s A...1962
1967
Butler Water Co 6s
105 M
102 K 103K
105
97 K
117
103
1954
77
Tel Bond A Share 58—1958
/6K
5Ks series A
96 H
Utlca Gas A El Co 58.1957
stkl962
104
New Jersey Water 58.1960
New Rochelle Wat 6s B '51
Ohio Water Service 5s. 1958
100
Birmingham Water Works
1st 5s series C
101K 102
Income 5Ks with
100
Ore-Wash Wat Serv 5s 1957
95 H
97 K
77
1946
Cent Maine Pr 4s ser C
3 Kb series G
Conn River Pr
1946
Debenture 4s
100K 102
1st Hen coll tr 6s
Ask
94K
Muncle Water Works 5s '65
Bellows Falls Hy El 6s 1968
Central G A E 5Ks
93K
Monongahela Valley Water
5 Ks
1960
Morgantown Water 6s 1965
54 K
Atlantic City Elec 3Ksl964
104~"
47
40
But
Ask
99 K 101
1966
Cons rel deb 4KB—1958
Sink fund income 4s 1983
Cent Ark Pub Serv 5s 1948
Co., Inc.
(Maine)
Members New York Curb Exchange
39"
60
52
96 K
66K
69
94
94 H
River Bridge 7s
1Kb.
1953
2s...
lKa.
104 K
/76K
79 K
Aug
Aug
100.8
100.12
June
Sept 1
1939 100.6
100.16
1938
101.2
101.16
l
1939
101.8
101.12
No
/ Flat
par
value,
price,
w
t Now listed
a
Interchangeable.
i When
on
z
Issued,
x
8Kb 1937
87 K
Reynolds Investing 5s 1948
1Kb
*
26 K
4s*j
1937
Home Owners' Loan Corp
Federal Farm Mtge Corp—
Curb Exchange,
/22K
Bid
15
15
Ask
Bear Mountain-Hudson
54
94 H
Bid
Associates Invest 3s. .1946
89 K
Journal of Comm
6 Basis
Ex-dlvldend.
price,
v
Now
d Coupon,
selling
on
e
...
92
Ex-rights.
New
York
Now selling ex-coupons,
New York Stock Exchange.
$ Quotations per 100 gold rouble bond equivalent to 77.4234 grams of pure gold
Volume
Financial
144
Chronicle
2635
AS
Quotations
Over-the-Counter Securities—Friday April 16-Continued
on
Industrial Stocks and Bonds—Continued
Kildun Mining Corp.
Climax Molybdenum Co.
Remington Arms com
*
Rome Cable Corp com...5
Soovlll Mfg
25
Federal Insurance Co.
Singer Manufacturing.. 100
Singer Mfg Ltd
295
Standard Screw
153
Amer. Dist. Tel.
Co., Com. & Pfd.
4%
15%
Steel
Trlco Products Corp
Tubize Chatlllon
cum
Established
Members Neto
York
Broadway,
N. Y.
Tel. BArclay 7-0700
15%
American Tobacco 4s. 1951
105
110
99
101
20%
42%
Chicago Stock Yds 58.1961
Cont'l Roll A Steel Fdy
99 % 101
41
99
*
pf. 10
conv
101%
1st
Bell System Teletype NY 1-1493
Industrial Stocks and Bonds
Par
American Areh
bid
46
66
70
104
109
%
49%
100
8% cum preferred
Hardware
25
Glair (Robert) Co com
Qraton A
49%
51%
Worcester Salt
85
Great Lakes SS Co com..*
15%
16%
Great Northern Paper..25
49%
Kildun Mining Corp
22%
24
1st
.100
24
25
29%
8%
lnc com
Chilton Co
7%
Climax Molybdenum....*
53%
Columbia Baking com...*
9
61 cum preferred......*
Columbia Broadcasting A *
17
Class B
55%
54%
60%
108%
*
Croweli Pub Co
»
com
$7 preferred
10
•
64
1
.100
Martin (Glen L) com
20
8%
57%
National Casket
.*
*
110
69
Nat Paper A Type com
Preferred
120
5%
61%
66"
Douglas Shoe preferred. 100
Draper Corp..
♦
41
45
82
85
Norwich
Ohio Leather
Shops
5%
*
30
Follansbee Bros pref
22
100
Preferred..
6%
23%
38
40
Foundation Co. For shs..*
American shares
_•
3%
Gen Fire Extinguisher. ..*
24%
7
99
98%
/62
65
1962
35
36%
1st 5s.....—
1062
100 % 102
63
66
2d
1962
140
conv
inc 5s
145 %
Bros.
Cigar Stores
Incorporated
42
Broadway
New York
Bell System Teletype NY 1-2075
Telephone DIgby 4-5600
29% 31%
95% 102
com...
.....
83
86
6
Ph&rmacal
Ohio Match Co
9%
8%
*
100
New Haven Clock pf
Northwestern Yeast
25%
102
*
100
100
preferred
Dixon (Joe) Crucible—.100
Federal Bake
-
113
65%
Wltherbee Sherman 6s '44
Woodward Iron
29
19
Dictaphone Corp
6%
12%
5%
11%
x27
United
47
66
Preferred...
-
17%
66%
99
Morton Lachenbruch & Co.
97
44
63%
1943
Tide Wat Assoc Oil 3%s '52
114
1%
Muskegon Piston Ring....
63
6 %s
Woodward Iron
38
.100
Devoe A Raynolds B com *
/24%
Struthers Wells Titusville
29
Follansbee
29%
36
100
preferred..
Preferred
92 J*
109
mm
Mock Judson A Voehrlnger
56%
53%
26%
96
90
91%
107
For footnotes see page 2634.
---
28%
%
....
com
Dentists' Supply Co of N Y
*
100
m
120
1
Maytag warrants
Merck A Co Inc
Scovill Mfg 5%S
1945
Standard Textile Products
1st 6%s assented...1942
100
67
11
5%
36
99% 103%
Willys Overland Motors.. 1
11%
Preferred
55
1946
N Y Shipbuilding 5S..1946
Otis Steel 4%s
1962
2%
110
preferred
preferred
100% 100?*
48%
100
100
2d 8%
32 %
98% 100
260
Vfacfadden Publics'n com *
1st 6%
10
com...
2%
100
Lord A Taylor com
3%
46%
Lawrence Portl Cement 100
28
*
preferred
Bur dines
10
2%
1
Lawyers Mortgage Co..2G
7%
88
46
82
52
99
/30%
237 % 247?*
72
m
Nat Radiator 5s
40%
26
98 %
/86
1948
6s._.
conv
107
24%
S7 1st preferred
100
Wiloox-Clbbs common..50
44
99 % 101%
101% 102
1939
-
34
White (S S) Dental Mfg.20
White Rock Mln Spring—
71
1940
1955
Kopper Co 4s ser A...1951
Martin (Glenn L)
-
-
-
38%
*
69
48
6
preferred
-
25
4
100
Andlan National Corp
*
Art Metal Construction. 10
50%
•
23
6% preferred
10
WJR The Goodwill Station
Woodward Iron com
American Mfg 5% pref.100
American Republics com.*
Induct Serv cl A*
45
107
105
13
24
Bankers
21
100
12
8%
Preferred
19
com. *
37
22
Beneficial Indus Loan pt.*
Bowman-Biltmore Hotels
42%
39%
cum
f 6s
3%s
Deep Rock Oil 7s
1937
Baytlan Corp 8s
.1938
Kelsey Hayes Wheel Co—
20%
3%
com v t c l
*
38%
*
19%
2%
*
10
Knight com
37%
Amer Malse Products
16%
15%
40%
»
Golden Cycle Corp
Good Humor Corp
Ask
Bid
»
Preferred..
American Hard Rubber—
American
S3
Par
Ask
♦
—100
American Book
1st
100
Preferred
West Dairies Inc
eonv s
Oudahy Pack conv 4s. 1950
Conv deb 6s
preferred
%
126
Am Wire Fabrics 7s..1942
Welch Crape Juice com..5
7% preferred
West Va Pulp A Pap
26
Bonds—
Warren Northam—
Security Dealers Association
$3
116
107
40%
19%
United Merch A Mfg com *
United Piece Dye Works. *
Preferred
.100
1920
87
97
100
100
100
6%
United Cigar Stores—
See Chain Store stocks—
Bristol & Willett
93
158
14%
38%
*
com
Ask
25
7% preferred..
Young (J S) Co com
7% preferred
300
5%
100
Bid
Par
York Ice Machinery.—..*
5%
16%
52%
51%
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
»
Taylor Wharton Iron A
Bought— Sold—Quoted
v
Ask
Bid
Par
39%
42
•
24
26
*
10%
11%
99
Pathe Film 7% pref
*
96
3%
Petroleum Conversion
1
8
Publication Corp com
*
1%
48%
TRADING MARKETS
IN
United Cigar Stores
OLD
1%
NEW—ALL
and
Co.
ISSUES
50%
M. S. Wien & Co.
25%
Established 1919
Members
of the New York Security Dealers Assn.
25
Tennessee Products Common
j
Teletype N Y 1-1397
DENNISON
J Pittsburgh Stock Exchange
Memoers
120 Broadway, New
MFG.
Class "A" $10 Par
New York Curb Exchange (Associate)
York
Leading Paper Novelty Manufacturer
Earned $1.51 Per Share 1936
Market 4% -5
Teletype N. Y. 1-869
Tel. REctor 2-7890
ST., N. Y.
Tel. HAnover 2-8780
EDWARDS & CO
S.
H.
BROAD
Union Bank Building, Pittsburgh
Inquiries Invited
LANCASTER & NORVIN GREENE
Incorporated
Diamond T Motor Car Co.
30
Bought, Sold & Quoted
Prospectus
upon
BROAD STREET
1-1786
CONVERSE RUBBER
Members New York Curb Exchange
Broad
Bell Tele. N. Y.
request
QUAW & FOLEY
30
HAnover 2-0077
Common
Hanover 2-9030
St., N. Y.
ROBINSON, MILLER & CO.
mo.
CLI MAX MOLYBDENUM COMPANY
C,
E.
n/r~rv.kA..
Members
61
CURRENT
and
Pierce &
manager
fccpfteAA £3tcAa/ng&
NOTICES
office
Mr, Paulson
as
associate manager of their
association with them in their
New York office of Frank A. Wood, who has been for the past eighteen years
Halsey, Stuart & Co., Inc., most recently
and previously as sales manager of their
as
New York sales manager
Mid-Western territory with head¬
quarters in Chicago.
—Robert
Ranger Lansburg has been admitted Into the firm of Bear,
Co., members New York Stock Exchange, it was announced.
Mr. Lansburgh is a graduate of Choate School
of 1928.
'
He is
a
and Yale University, Class
member of the New York Curb Exchange.
—Prentice & Brady, members New York Srock
opening of
a
New York City
A. T. & T.
HAnover 2-3080
Exchange, announce the
Branch Office at 1410 Broadway .under the direction of Startell
Prentice, resident partner and Harold T. Lassner, manager.
—Henry Guttag has moved to larger quarters at 82 Wall St., New York
City.
CURRENT
Minneapolis office.
—Van Alstyne, Noel & Co. announce the
Stearns &
62 Wall Street,
Teletype N. Y. 1-1642
of the Minneapolis office of Shields & Co. and later joined
Harris, Upham & Co.
with
61/2/45
Co., announce the opening of a Minneapolis
the
was
C0SGR0VE MEEHAN COAL 1st
BOwllug Green 9-3566
Teletype N. Y. 1-1666
appointment|pf Walter M. Paulson as manager.
formerly was President of the Twin City Separator Co.
From 1930 to 1935
he
N.v!1!?
UNTERBERG & CO.
f New York Security Dealers Association
j Commodity Exchange. Inc.
Broadway, New York
—E. A.
HAaoTer>2~JU282 52 William Streat, N. Y.
NOTICES
—Luckhurst & Co., Inc., of New York City, dealers in over-the-counter
securities,
announce
the formation
of
a
trading
department
under
the
management of Robert A. Mackie, formerly associated with Lilley & Co.,
and Steelman & Birkins.
—A. E. Ames & Co., Ltd., Canada Permanent
Canada has prepared for
vestment
distribution
suggestions as well
as an
a
Bldg., Toronto, Ont.,
pamphlet containing its April in¬
analysis of Moore Corp., Ltd.
—Munds, Winslow & Potter, 40 Wall St., New York have prepared for
distribution in circular form
an
analysis of The Philip Carey Mfg. Co.
—Mackubin, Legg & Co., 14 Wall St., New York have prepared an an¬
alysis of Continental Casualty Co.
—Peter P. McDermott & Co., 39 Broadway, New York have prepared an
analysis of Allen Industries Inc. $1 par common stock.
ash
Financial
2636
April 17, 1937
Chronicle
Quotations on Over-the-Counter Securities—Friday April 16—Concluded
Investing Companies
Par
Ask
Bid
For
Bid
Ask
19.14
*
Affiliated Fund Inc
Amerex Holding Corp
Incorporated Investors..*
Invest Co of Amer oom.10
47*
4d"
15.93
16.91
22.68
Foreign Stocks, Bonds and Coupons
26.20
11.82
24.54
31
♦
Amer Business Shares
20.36
10.87
Administered Fund
1
Investors Fund C
32*
1.26
Amer A Continental Corp.
Keystone Cust Fd Ino B-3.
1.38
12
Amer General Equities Inc
1.12
Major Shares Corp
1.25
»
10.11
11.07
Trust.. 1
Inactive Exchanges
3*
Maryland Fund Inc com..
13
Investors
*
5*
6
Mass
29.64
30.81
Assoc Stand Oil Shares._2
7*
17.04
18.63
3*
8*
4*
1
Bankers Nat Invest Corp *
National Investors Corp..
7.41
7.65
Wide Securities..1
4.63
4.73
Am Insurance Stock Corp
Basic Industry
5.21
Mutual Invest Fund
Nation
Shares
*
British Type Invest A
1
.64
.84
Broad St Invest Co Inc—
36.23
38.75
22*
24*
1
-
-
-
Voting trust certificates.
N
4*
12.60
13~.60
50
Building supplys
12.35
13.33
*
7
10
Electrical equipment
12.93
13.96
Insurance stocks
10.90
11.77
Machinery stocks
Railroad equipments
14.05
15.16
Antioqula
15.52
16.74
Steel stocks
Argentine 4s
15.94
17.19
Bank of Colombia 7
59 *
63*5
4.95
Century Trust Shares—♦
Commonwealth Invest—1
26.70
£5.87
6.28
Consol. Funds Corp cl A.
Continental Shares pref—
12
13*
19*
20*
Corporate Trust Shares—
3.01
N.Y.StocksInc., Bank stks
28.70
M
2.87
Series A A
Crum & Forster
10
29
100
com
8% preferred
-
116
Northern
'
Cumulative Trust Shares. *
6.53
Deposited Bank Shs ser A.
2.65
Deposited Insur Shs A
3.52
Deposited Insur Sh ser B__
3.32
Diversified Trustee Shs B.
11*
...
■
m
mmm
mmm
8.25
34.29
1
*
38*
41*
28*
30.29
Equity Corp conv pref
Fidelity Fund Inc
36.85
Insurance stock series.
Fixed Trust Shares A
4.21
4.27
Super Corp of Am Tr Shs A
13.50
.*
...
Foundation Trust Shares A
5.05
5.35
24.63
26.01
Fundamental Tr Shares A.
6.39
5.85
B
General Investors Trust..
7.03
Group Secur., Agrlcult shs
1.93
-
4.20
.95
1.03
116*5
118*5
4.20
D
16.15
Series D
1.03
1.13
Trusteed Amer Bank Shs B
Trustee Stand Oil Shs A..
.96
1.06
1.78
1.93
Trusteed Industry Shares.
1.53
1.70
Merchandise
1.50
1.63
U S El Lt & Pr Shares A_.
17*
18*5
1.76
1.91
B
2.80
2.90
1.56
1.69
Voting trust ctfs
;
1.01
1.09
RR Equipment shares..
Steel shares
1.64
1.78
Un N Y Bank Trust C3__
3*5
4*5
2.15
2.33
Un N Y Tr Shs ser F
1 *
1*
Tobacco shares
1.08
1.18
20.25
22.20
11*5
39*
40*5
4*5
5*5
shares
*
1*
Wellington Fund
Investm't Banking Corps
rn'mm
Bancamerlca-Blalr
.88
1.25
First Boston Corp
Instltu.Secs, LtdB kGrpShs
1.94
2.09
Insurance Group Shares
1.64
1.77
Schoelkopf, Hutton A
Pomeroy Inc com
Guardian Inv Trust com.*
Preferred
24
...
Huron Holding Corp
Toronto Stock
Corp..
....
12*5
Week
Low
Range Since Jan. 1 1937
Shares
High
...
1968
Colombia scrip Issue of '33
Issue of 1934 4%...1946
Cordoba 7s stamped.. 1937
11c
.1
8c
8
Bruck Silk
Canada Bud
Costa Rica Pac Ry 7 *s "49
....1949
5s
Cundlnamaroa
6*s..l959
Dortmund Mun Utll 6s '48
Duesseldorf 7s to
1945
Dulsburg 7% to
1945
East Prussian Pow 6s_1953
Eleotrlc Pr (Germ) 6 *s
'50
6*s1953
European Mortgage A In¬
vestment 7*8
1966
9*
*
Canadian Marconi
1
Canadian Wlrebound
*
mmmmmm
2.00
23
19*
2.00
22*
Low
21c
Feb
Land1948
Jan
8*
10*
Apr
34
Jan
38*
Feb
18*
Jan
21
Jan
Funding 38
1946
Int. ctfs of dep July 1'37
Jan
1.60
Jan
22*
Feb
3*
Jan
25
July to Deo 1933
10c
Mar
31c
Mar
Apr
6c
Jan
July to Dec 1934
6.00
5.90
6.75
5.50
Feb
10
Fob
Jan to June 1935
Cobalt Contact-
1
Jan
3*c
Jan
July to Deo 1935
Cons Press
*
Apr
21*
Jan
Jan to June 1936
Dalhousle Oil
*
....
Jan to June 1934
3*c
2c
17
*
mmmmmm
Dominion Bridge
Dom Found & Steel
*
55*
33
*
3.60
Feb
390
15
Feb
22*
Feb
10
5
4
Jan
10
Apr
Jan
18*
Apr
Mar
58*
Apr
18*
150
15*
975
54
33
459
13*
13*
1.15
1.10
16*
100
Apr
33
Apr
15
Mar
18
Apr
Jan
116
Jan
Apr 15 '35 to Oct 15 *36.
German Young Coupons
Dec 1 '34 stamped
18
8,800
1,566
June 1 *35 to Deo. 1 '36.
17*
90
250
30
10c
Jan
45c
Feb
1.10
Apr
3.35
Feb
18*
Apr
90*
Apr
4.05
Jan
Guatemala 8s 1948
1*
Jan
1.83
1.00
1.00
1.00
150
60c
Jan
15
15
15
31*
31*
33*
16
17
Preferred
105
106
105
100
37c
1
2*c
Malrobic
Mandy
37c
*
Mercury Mills pref
100
Montreal LH&P
.
..
190
43c
2*c
3c
35c
43c
48
48
2*C
2*c
3c
19c
19c
21c
2*
5c
2*
4*
5*c
4*
6*
North Star Oil
Preferred
.$5
Oil Selections
*
Ontario Silknit
*
mmmmmrn
4*
5c
6
many)
60*
1946
7s
Prov Bk Westphalia 6s *33
Prov Bk Westphalia 6s '36
36
1941
5s
Rhine Westph Elec 7% '36
31
37
1941
6s
17*
20*
20
Rio de Janeiro 6%...1933
Rom Oath Church 6*s '46
R C Church Welfare 7s *46
mmm
mmm
25*
20
19
165
20
Salvador 7%
1957
1957
7s ctfs of dep
1948
8s ctfs of dep
mmm
mmm
33*
12*
/32*
1948
8s
mmm
/10*
/71
/60
4s scrip
...
...
(Brazil)
Catharine
Santa
...
/17
/38
Saarbruecken
1947
Santa Fe 7s stamped. 1942
8%
126'
19
1946
Royal Dutch 4s
20
20
26*
/17*
/20*
/22*
/18
/28
/18
/24
/18
/17*
M Bk 6s '47
20
20
65
/24*
(Ger¬
/26*
/81
/80
28
Scrip
82*
Saxon Pub
/27*
/85
4s
1960-1990
6%
Works 7s. 1945
/19
/20
52
54
1956
51
53
6*s
27*
95
2d series 5s
Coupons—
Nov 1932 to May 1935
Nov 1935 to Nov 1936
/58
/40
/33
/56
/41
Stem A Halske deb 6s. 2930 /285
7s
1940
/98
State
Mtge
6s
Bk Jugoslavia
1956
1956
2d series 5s
Coupons—
Oct 1932 to April 1935
17*
1957
52
54
91
13*
Stlnnes 7s unstamped. 1936
Certificates 4s
101
108* 109*
/48
...
55
1946
11*
/12*
mmm
/56
/41
/19
/52
/40
/52
/40
Stettln Pub Utll 7s.—1946
/10*
...
325
53
Toho Electric 7s.....1955
9
/8*
/16*
97
21*
1951
Saxon State Mtge 6s. 1947
Serbian 5s
1966
7s unstamped
1936
1946
Certificates 4s
...
'mmm
21
...
...
...
...
93
1947
Tuouman City
1951
7s
16*
/15*
100
—
Union of Soviet Soc Repub
7% gold ruble
1943 t86.41 91.00
100
United Steamship 6s. 1937
/17*
Apr
Feb
Haiti 6%
Unterelbe Electric 68.1953
/18*
20*
Jan
Hansa S3 6s stamped. 1939
/55*
Vesten Eleo Ry 7s
1947
/17*
19
6a unstamped
1939
Housing A Real Imp 7s '46
/68*
/17
Wurtemberg
to... 1945
/18*
20*
90*
Jan
26,500
23c
25,700
9,300
Apr
35c
48
55c
Apr
4*C
Apr
Mar
1953
96
...
99
7s
Feb
Apr
Mar
Mar
108
Jan
2 *c
40
/18*
...
18*
8,500
18,700
*
1968
Ohuroh
15
30*
1
/18*
/18
/18
/18*
/18*
/18*
Protestant
20
41*
515
5
/29
/35
/16*
5% scrip
Porto Alegre 7%
83
—
/is
/5 5
1945
to
Jan
30*
48*
Nordon Corp
74
Feb
20
Night Hawk
Norway (Kingdom) 4s 1963 ■j.
Oberpfals Elec 7%—1946 /17*
Oldenburg-Free 8tate 7%
Panama
/33
/80
/58*
/75
49*
Feb
644
30*
mmm
...
97*
48
12
40
30*
1947
...
32*
15*
33
.
*
National Steel Car
25
330
37c
mmm
Hanover Harz Water Wka
14,325
*
Kirkl and Townsite
North German Lloyd 6s '47
Tolima 7s
Jan
2.05
5,733
1954
Apr
1.70
Inter Metals A
Graz (Austria) 8s
Gt Brit A Ireland
Jan
12*
63
1.70
.....
Hudson Bay M&S
—
Oct 1935 to Oct 1936.
30
16*
/33
7*s
Mtge 7%
/6*
109
_*
Honey Dew
Jan to Mar 1937
5
*
Home Oil
July to Deo 1936
German scrip
German Dawes Coupons
Dec 1934 stamped
26
1.35
1948
91
/33
20
/32
/31
/29*
/28
/20
17
90
...»
'
...
112
112
*
Hamilton Bridge
Preferred
92 o
56*
rnmmmmm
Foothills Oil
39,480
18*
100
East Crest Oil
1.15
55
31*
16*
Dominion Tar
Preferred
Apr
20
10
DIsher Steel pref
Preferred
55
20
92c
15
...
92
/86
/84
.1962
National Hungarian A Ind
Hungary
German defaulted coupons
bank 6*%
9,500
1,635
11,000
93c
19*
German Conversion Office
48,550
10
20
/21
Panama 6*%
(A A B)
1946-1947
(OA D)
1948-1949
Nat Central Savings Bk of
20*
German Building A
12
Jan
4c
*
115
20
/19
16*
12c
Disher Steel.
Bank
Natl
59"
20*
26
10c
DeHavilland
Munlc Bk Heasen 7s to '45
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
Nassau Landbank 6*s *38
...
83
81
/18*
/18
/24*
/20
3*c
2c
1945
Munloh 7s to
Sao Paulo (Brazil) 6s. 1943
4c
20
Elec 7s..1957
/21*
.Tan
340
2c
/19
/19
Water 7%
Meridionals
—
_
—
/15*
10c
18
1948
Mannheim A Palat 78.1941
_
...
Santander (Colom) 7s. 1948
1
2c
16
.
123
.1
5
20
/26
/17
/70
/50
1937
Churcblll Mining
Coast Copper..
Central Manitoba
/50
Leipzig Trade Fair 7s 1953
Luneberg Power Light A
20*
French Nat Mall S3 6z '52
6s
High
1,380
2.00
Land M Bk Warsaw 8s '41
Leipzig O'land Pr 6*s '48
12
134
Apr
25
23
/18*
/16*
/16*
/72
1937
8c
455
19*
/18*
/13
/19
/8*
mmm
•
/41
/l8*
12*
f22
/32
/33
/18
1967
7*
265
38
/36
1943
13
/93
/22*
1945
90
37*
Canada Malting
Canada Vinegars
Nov 1935 to Nov 1936
Koholyt 6*s
23
83
Frankfurt 7s to
25,530
ll*c
8
9
*
53
/56
20
—
7s stamped
...1957 t
/34
Costa Rica funding 5% '51
German Atl Cable 7s. -1945
Brett Trethewey
54
Gelsenklrchen Mln 6s. 1934
for
of Prices
Price
Par
Stocks-
Week's Range
Sale
1934
Magdeburg 6s
7s
Sales
Last
52
51
25
82*
French Govt 5*8
Exchange—Curb Section
April 10 to April 16, both inclusive, compiled from official sales lists
Friday
/33
/23
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 5s—1956
48
City Savings Bank. Buda
pest, 7s
..1953
8.26
Investing shares
Petroleum
1947
Chilean Nitrate 5s
7.77
Series B
20*
/ll*
/13
/18*
1940 /no
/19
7s assented
3.09
1.75
Mining Shares
Burmelster & Wain 6s.
Caldas (Colombia) 7 *s 46
Call (Colombia) 7%—1947
Chile Govt 6s assented
3.14
1.59
Hungarian Discount A Ex
change Bank 7s
1936
Ilseder Steel 6s
...1948
Central German Power
Series C
2.39
/14
/23
/22
/12*
/ll*
/57
Aires scrip..
Ceara (Brazil) 8%
14.86
Supervised Shares
1.61
shares
1953
Callao (Peru) 7*%—1944
Cauca Valley 7 *s
1946
Trustee Stand Invest't Shs
2.09
1962
6*8
Buenos
/33
/33
Coupons—
Nov 1932 to May 1935
91*
Brown Coal Ind Corp—
8.13
1.46
Food shares
4.45
Hungarian Itai Bk 7*8 '32
Hungarian Cent Mut 7s '37
Hungarian Bank
2.81
2.21
shares
7*8
1.34
22.44
90*
/21
/21
/22
/18*
Ask
Byd
Ask
20
/17*
1940
6s.
British
2.81
Chemical
shares.—
16.94
6s
Brandenburg Elec6s.-1953
Brazil funding 5% .1931-51
Brazil funding soilp
Bremen (Germany) 7s 1935
4.37
Building shares
Automobile
5*
1.10
1.12
BB
-
14.67
5.60
'
7.65
19.98
1969
1940
21.77
C
7.13
1958
7s
4.21
B
Fundamental Investors Inc
7s
10.77
AA
mmm
11.26
B
(Republic) 8s. 1947
4*
15.54
State Street Inv Corp....*
3.92
_
Bolivia
1945
1.06
.90
Standard Utilities Inc...*
3.87
Bank stock series
19
4*
Sovereign Invest Inc com.
Spencer Trask Fund
♦
Standard Am Trust Shares
Fiscal Fund Inc—
8s
14.17
Selected Income Shares—
Eqult Inv Corp (Mass)..6
75
18.23
Selected Cumulative Shs_.
2.16
1945
Bogota (Colombia) 6 *s '47
42
m
/21
Cons
Palatinate
.95
Selected American Shares-
7.45
2.01
Shares
1945
Clt 7% to
4
Selected Amer Shs new..
-25c
D
Dividend
Bavarian
17
*
Republic Investors Fund. 6
Royalties Management...
..
5.20
C
mm
mmm
Bavaria 6*8 to
68
Plymouth Fund Ino A. 10c
Quarterly Ino Shares new.
Representative Trust Shs.
'
1948
Bank of Colombia 7 %
40
*
Class B
112*
100
7% preferred
36
34
10
Common B shares
Securities...100
Class A
Crum & Forster Insurance
% 1947
Barranqullla 8s'35-40-46-48
3.30
Pacific Southern Inv pref.*
—
1946
1972
8%
3.50
Series 1958
31
Bid
1946
Anhalt 7s to
3.57
Series 1956
-
Foreign Unlisted Dollar Bonds
2.77
Series 1955
mmm
3.70
Series ACC mod
No Amer Tr Shares 1953..
m mm
3.70
mod
No Amer Bond Trust ctfs
--
mmm
2.87
Accumulative series
AA
Y Bank Trust Shares
2.18
47
4.55
Tel. HAnover 2-5422
St., N. Y.
20.56
*
Bullock Fund Ltd
Canadian Inv Fund Ltd.l
Central Nat Corp cl A
Class B
Series
2.12
19.12
New England Fund
BRAUNL
WALTER E.
52 William
69c
Jan
40
For footnotes see page
2634.
Apr
37*
57*
Jan
Jan
2*C
Apr
6c
Apr
17 *C
Jan
49c
Feb
2*
4*
Apr
4
Jan
250
Mar
4*
Jan
4,600
5c
Jan
12c
Jan
225
4*
Apr
7*
Jan
Apr
175
STOCKS
f PPM AM
llEKiYlAN
BONDS
Internal
—
COUPONS
SCRIP
External
69*
69*
15
69*
Apr
69*
Osisko Lake Mines..
1
17c
16c
17c
1,600
15c
Apr
30c
Pawnee Kirkland
1
3c
3c
3c
5,500
3c
Jan
6c
Jan
Pend Oreille
1
3.75
3.75
4.95
31,835
3.15
Jan
6.65
Feb
Porcupin e Crown
.1
5c
5c
12,000
5c
Apr
11c
Feb
50 Broad Street
160 No. LaSalle St.
Prairie Cities Oil
*
2*
2*
6*c
2*
135
2*
6*c
Apr
3*
Jan
NEW YORK
CHICAGO
16c
Feb
6c
Apr
.12 *c
122
Jan
Preferred
Ritchie Gold
.100
....1
7c
7c
9c
1
6*c
6c
7*C
Robb Montbray
Robert Simpson pref
100
Rogers Majestic
Shawinigan W&P
*
*
Stand Paving
*
Sudbury Mines
Supertest ordinary
1
*
Thayers
United Fuel pref
Waterloo MfgA
*
109
36
57
56
27
6*
2*c
2
*
..100
No par value.
*
109
6*
25*
6*
2*c
34*
...........
3*
Flat price.
3*
118
7
27*
7
2*c
29,300
52,100
105
109
Jan
Apr
,
Jan
Feb
Jan
35
6*
Apr
336
25*
Apr
170
5*
2*c
Feb
9*
Mar
Jan
4c
Jan
7,500
8*
37
33*
1*
Jan
25
Jan
2*
Mar
197
51*
Jan
62*
Jan
4
150
2*
Feb
2*
685
5
CURRENT
Feb
34
59
36
ROBERT E. HAUTZ & CO., INC.
Apr
NOTICES
—Frank O. Masterson & Co., 64 Wall St., New York
have prepared a
statistical analysis of Messenger Corp.
—Victor
Nielsen
has
become associated with
Feb
charge of their silk department.
Dyer, Hudson &
Co. in
Volume
Financial
144
General Corporation
Chronicle
2637
and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
P®
U
Comparative Balance Sheet Dec. 31
1936
1935
$429,460 Notes payable
627,474 Accts. payable and
accrued expenses
1,131,305
2,178,611 Dlvs. payable
85,032 Due trustee of em¬
$25,000
$20,000
510,693
481,697
149,782
ployees' fund...
61,642
258,500
3,265
6,440,000
1,547,635
34,660
186,000
2,698
4,440,000
1,207,429
1936
Cash
Marketable securs.
Customers' accts..
RIGHTS-SCRIP
Inventories
Sundry
Specialists since 1917
rec. & inv.
1935
$932,003
1,425,680
1,477,523
2,618,946
117,403
Notes rec. for stock
sold to employs.
Dep. in closed bk.
a
3,662
6,737
1,787,899
marks, for¬
mulae, &c
Supp. def. research
Total
Monthly Gross Earnings of Railroads—The following
comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes),
of all the Class I roads in the country reporting monthly
are
i
Length of Road
Month
i
206,510
179,820
1
1
..$8,846,735 $6,522,166'
P.
1935
$
$
Dec.
1936
1936
expenses
Miles
Operating profit
January
February
298,704,814
800,049,784
—
March
307.833.66?
April.
May,
312.908,137
320,487,420
330.212,333
349,256,686
350.084,172
356,633.472
390 826,705
357,966,993
371,673,127
June—
July
August.
September..
October
November..
December...
263,862,336
254,555,005
280.484,056
274,144,735
279,133,293
280,967,649
274,921,824
293,578,257
306,552,878
340.612,829
300,927,116
295,805,392
1937
January
February
+45,494,779
+27,349,607
+38,763,402
+41,354,127
+49,244,684
+74,334,762
+56,505,915
+50,080,594
+50,213,876
+57,039,877
+75,867,735
+ 13.20
+ 17.87
+9.75
+ 14.14
+ 14.82
+ 17.53
+27.04
+ 19.25
+16.34
+ 14.74
+18.95
+25.65
237,078
237.051
237,054
237,028
237,012
236.814
236,672
236.685
236.686
236.554
236,428
236,191
238,393
238,280
238,226
238,208
238,159
238,019
237,892
237,831
236,918
237.573
237,485
237,288
298,664,465
300,021,278
+ 32,303,592
+21,226,647
+ 10.82
+ 7.07
Profit
Interest on long-term notes payable.
Interest on bonds
235,990
233,515
236,857
234,285
Inc.
February
March
April..
May
67,383,511
64.601.551
71,711,908
78,326,373
51.905,000
55,402,531
68,205,090
+29.82
+9,199.020
+ 3,506.818
+ 13,112,171
+ 10,397,914
+24,046,259
+ 44,052,680
+31,621,369
+ 19,749,522
+21,598.065
+27,413,082
4-44,536,143
+ 16.60
+5.14
+20.11
July...
80,729,491
88,872,678
101,398,055
August..
104,272,144
September
108,659,760
130,165,162
109,760,297
114,829,753
65,214,202
70,331,577
64,826,419
57,345,375
72,650,775
88,910,238
108,567,097
82,347,215
70,293,610
1937
1936
_____
June
October
November..
December
+ 14.78
+37.09
outstanding
a
77,941,070
67,380,721
77,743,876
64,603,867
484,963
and notes receiv.
Mutual ins. deps-_
1,712,515
3,902,722
16,988
965,826
2,708,351
18,510
-
8,831
6,684
to
Canada, Australia and South Africa also showed
a
substantial increase.
increase of 24.7%.
This is equal to $2.21 per share on 640,000 shares out¬
standing since Nov. 1936.
In 1935 the earnings on 199,726 shares outstand¬
ing at that time, were $5.68 per share.
Using the same number of shares
fdr comparison the earnings per share for 1936 would have been $7.08 per
share; and on the basis of 600,000 which were outstanding the greater part
of the year, the earnings would have been $2.36 per share.
A split-up of three new shares for each one held was approved by the
stockholders and executed during the year.
In Nov. 40,000 shares of new
stock were sold which provided $2,000,000 additional working capital and
secured
a
wider distribution of interest in the company.
State
employ.
764
868
98,077
97,104
com¬
Fed.cap.stk.tax.
6,636
39,457
30,000
C578.450
Long-term
mchry.
5,525,908
.
300,000
bank—
Cap. stk.(par $25) 8,576,150
36,519
216,081
bBldgs., machry.
& equipment-_
6,503,567
23,250
287,200
notes
400,000
8,676,150
71,222
1,325,249
2,738,442
Treasury stock— Dr604,138 Dr604,138
pay. to
30,676
216,081
100,000
769,551
un-
Fed .taxes on Inc._
7i,222
Paid in surplus—
Earned surplus—
rolls—Inven¬
193,576
249,067
Construction &
191,570
-
395,698
52,468
14,473
ex¬
perimental work
in process
The net profits for the 12 months of 1936, after all taxes, depreciation
and other charges, were $1,415,276 as compared to $1,135,500 in 1935, an
&
pensation tax—
-
manufcturer, &c
Patents
The year 1936 was a good one for company.
The volume of sales for the
12 months ended Dec. 31, 1936 exceeded the year 1935 by 27%.
The sales
500,000
1,053,392
Accrd.local taxes,
Fed.
Officers' <fc empls.'
accounts
1935
$
Accounts payable.
Accrued interest-.
905,723
Land
Report—The income state¬
ment for the year 1936, together with the balance sheet, are
given in the advertising pages of this issue.
E. H. Ravensejroft;, Chairman of the Board, and S. DeWitt
Clough, President and General Manager, state in part:
1936
Customers' accts
Inventories
Ad vs.
+20.34
625.318
Liabilities—
Note payable-
deposit..
+43.53
Abbott Laboratories—Annual
in
1935
& on
+22 21
+ 19.89
+33.29
+ 15.67
$1,020,532
S
on hand
+76.82
+ 10,560,349
+ 13,140,009
$1,760,964
861,296
(less
Comparative Consolidated Balance Sheet Dec. 31
toried at cost..
February
2,041
170,597
years.
Assets-
Mill
January
2,959
291,067
62", 540
328,108
328,108
328,121
$6.58
$5.37
$3.11
credit of $52,151 resulting from adjustment of local taxeslfor
Claimagainstclosed
bk.&sdry.invs.
+63.36
5~6~6"l51
$2,157,677
1,189,404
of shares
Includes
a
prior
Per Cent
+ 15,478,511
577", 988
shares in treasury)
Net earnings per share
a
January
$1,821,863
_
6,402
501,993
3,104
383,450
85,000
Net profit
(+) or Dec. (—)
Amount
1935
$2,666,990
9,756
24,255
;
Dividends paid
Number
Cash
1936
avail¬
$3,149,714
12,088
.
Provision for depreciation
Amortization of patents
Provision for Federal income tax
Surtax on undistributed profits (est.).
1936
Net Earnings
Not
$2,622,529
a44,462
Other interest
1936
1937
1936
330,968,057
321,247,925
...
+34,842,478
1934=
$3,159,515
9,802
Other income less other deductions
$
1935
$16,729,369 $13,867,9951
10,796,871
8,925,9061
2,772,982
2,319,560i
able.
1935
Miles
Cent
(—)
b Repre¬
(& Subs.)—Earnings—
Calendar Years—
Net sales.
Cost of sales.
Per
or
$8,846,736 $6,522,166
1427.
Acme Steel Co.
Sell., admin. & general
(+)
Total
After depreciation of $862,125 in 1936 and $812,823 in 1935.
a
sented by 640,000 shares no par in 1936 and 200,000 (including 274 shares
reserved for redemption of scrip certificates outstanding) in 1935.—V. 144,
returns to the Interstate Commerce Commission:
Inc.
_
b Capital stock
Surplus
50,504
•
1,894,451
prepd. exps., &c.
Coodwill
1936
Deferred income.
Trade
Telephone REctor 2-7815-80
Boll Teletype [NY 1-1640
Gross Earnings
Fed 1 income tax..
18,952
26,369
Land, building &
equipment
New York Curb Exchange
Broadway, Now York
79,416
Notes & accts. rec.
from officers
Members1
120
64,829
26,310
Notes & accts. rec.
from employees.
McDonnell & To.
New York Stock Exchange
Liabilities—
46,050
...
18,785
Prepaid ins. & tax.
Total
-..13,381,817
11,046,4551
13,381.817 11,046,455
Total
allowances of $52,726 in 1936 and $49,000 in 1935.
b After
allowances for amortization and depreciation of $5,310,867 in 1936 and
a
After
$5,765,752 in
1935.
c
Includes $110,000 additional*for prior years and
144, p. 1095.
accrued interest thereon estimated.'—V
Adams Express Co .—-Files Registration
In
amendment to
Amendment—
registration statement filed with the Securities and
that during March, 1937, it made a
substitution of collateral under its collateral trust 50-year 4% bonds, due
March 1, 1948.
Company deposited $78,000 of Southern Pacific 3H% secured notes'of
1946 and relased $77,689.25 in cash, in accordance with Article V of the
substitution provisions in the deed of trust covering the 4% bonds.
In February the company made the following substitutions of collateral
for the 4% bonds; $215,000 of the New York Central RR. 3i^% secured
notes of 1946, $276,000 of Southern Pacific Co. 3%% secured notes o
1946 and cash amounting to $77,689.25.
These substitutions released 5,691 shares of Delaware & Hudson Co.
capital stock, 100 common shares of Atchison, Topeka & Santa Fe Ry.; and
an
Exchange Commission
a
company states
,
The present stockholders number in excess of 3,000 as compared with
1,896 for last year.
The directors approved the application for the listing
of the stock on the New York Stock Exchange which application has been
approved by the governing committee of the New York Stock Exchange
and is now awaiting consent of the Securities and Exchange Commission.
Company is in excellent financial condition.
During the year 1936 a new manufacturing unit was completed which
added 42,000 sq. ft. to our production facilities.
A new research building
is now in course of erection, also an additional building for storage purposes.
The number of employees has increased from 1,310 in Dec. 1935, to 1,514
in Dec. 1936.
6,487_common shares_of Reading Co.—V. 144, p. 1264.
Aero
Supply Mfg. Co., Inc.—To Dissolve Subsidiaries—
Stockholders at
a
of two subsidiaries,
meeting on April 27 will be asked to approve dissolution
the Aero Supply Mfg. Corp. and the National Steel
Products Co.—V. 144, p. 1427.
A. & K. Petroleum Co.—Name
Stockholders
V. 144, p.
on
April 13 approved
a
Changed—
change in name to Kerlyn Oil Co.—
1427.
Alabama Power Co.—Annual
Report-
Consolidated Income Account Years Ended Dec. 31
Comparative Income Statement for Calendar Years
1936
1935
1936
1933
1934
$4,008,630
x2,362,378
$3,201,602
1,920,047
$2,624,464
1,556,235
$1,956,702
1,297,631
$1,646,252
$1,281,554
60,066
$1,068,229
47,458
$659,071
52,657
$1,341,621
39,307
166,812
$1,115,688
48,046
170,682
$711,729
77,151
85,000
Other income
Total income
Income deductions
76,464
$1,722,716
x48,001
Prov. for income taxes.
248,938
Fed. surtax on undist.inc
10,500
«...
_
Net income
')■
■
1,271,665
$1,135,500
490,532
$896,959
362,500
$549,577
290,000
$143,611
640,000
$644,968
199,726
$2.21
$5.68
$534,459
145,000
$6.18
$259,577
145,000
$3.79
$1,415,276
Dividends paid
Transportation......
Non-oper.
_ _
Earnings per share
x
These amounts include depreciation in the aggregate totaling
$88,948.
1933
revenue..—
$16,364,857 $14,995,030 $15,104,039
394
123.474
267,422
288,223
276,262
64,967
55,243
58,150
50,744
176,598
106,566
146,113
152,129
Total gross
earnings._$18,712,811 $16,794,483 $15,487,516 $15,583,173
4,296,536
5,865,459
5,089,496
4,477,409
Operating expenses
Taxes..
2,144,881
2,641,102
2,427,188
2,224,584
on funded and
funded debt
Int.
un¬
Amort, of dt. dis. & exp.
Less: Int. chgd. to constr
Prov. for retire, reserve.
Net income
Surplus
Shs. com. stk. (no par)
1934
Gross earns.—Electric.-$18,330,309
Gas
17,463
Water and ice..
Operating profit
1935
Divs.
Divs.
on
pref. stock
on common
Balance...
stock.
4,622,322
243,172
Cf59,860
1,767,000
4,654,534
243.302
Cr33,902
1,390,481
4,624,048
243,302
Crl6,237
1,174,140
4,648.807
156,293
013,735
1,074,100
$3,633,615
2,342,138
755,000
$3,023,384
2,342,151
377,500
$2,760,269
2,342,173
377,500
$3,276,291
2,342,324
377,500
$536,477
$303,733
$40,596
$556,467
2638
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
1936
1935
Assets"*"*
$
Cost of prop'tiesl79,782.265
1938
$
LlabiUies—
180,756,904
Invest. In affil.,
&c.,
442,906
844,581
66,477
246,650
867,202
2,601,218
1,469,338
2,134,731
1,283,678
5,212,873
198,165
5,465,898
192,440
3,364,000
3,614,000
Prepaid
insur.,
licenses, &c_.
Appliance
con¬
454,195
installed
11,573
S
84,712,558
96,925,000
313,811
Other def.chges.
payable was reduced to $1,500,000 by a cash payment of $500,000.
There were 1,000,000 common shares outstanding throughout the quarter.
Securities were valued at March 31, 1937, on the same basis as in the
audited report of Dec. 31, 1936.
Those carried at a nominal value at tnat
time are st'll so carried.—V. 144, p. 602.
1935
.
$
Capital stock. 84,712,558
Funded debt... 96,771,600
x
341,526
cos
Cash
Special deposits.
Notes &accts.rec
Mat'Is & suppls
Duefr. affil.
Govt,
cos.
748,115
Taxes, &c
American Gas & Electric Co.
Period End. Jan. 31—
xSubsidiary Cos. Consolidated—
Operating revenue
$6,306,492
Total oper. expenses
3,796,664
1,132,974
liabil
96,351
748,135
289,020
23,499
reserves..
901,732
575,969
curr.
Other
Contrlbs
for
330,121
;
ex-
Surplus
Operating income
4,441,542
Balance
29,299
194,761,402
194,932,329
Repressented by $5 (no par) cum. pref. stock (preferred on dissolution
$100 per share); outstanding, 26,185 shares; $6 (no par) cum. pref. stock
(preferred on dissolution at $100 per share); outstanding, 175,738 shares;
$7 (no par) cum. pref. stock (preferred on dissolution at $100 per share);
outstanding, 165,255 shares; and common stock outstanding, 3,775,000
shares.—V. 144, p. 2115.
x
ings applic.
Co.
Pref.
$2,264,737
1,410,704
$1,986,860
1,334,947
$1,721,879
1,142,323
$1,594,629
1,020,584
$854,033
2,725
'2,688
30
$651,913
378
784
30
$579,556
1,278
900
$574,045
5,139
10,961
30
30
$859,477
151,729
$653,105
91,239
$581,764
123,080
1,010
$590,175
106,793
418
178,400
170,799
113
160,500
110
$286,762
9,739
10,502
14,974
$322,600
9,697
10,307
12,704
Total Income
Net operating income.
Misc. rent income
Misc. non-op. phys. prop
Contrib. from other cosDividend income
224,598
$483,149
11,470
9,198
9,024
14,642
86
Miscellaneous income—
Int.
on
funded debt
Int.
on
unfunded debt—
5
$528,116
1,478
4,962
335,979
20,628
'■
Inc. transf'd to other cos.
Misc. income charges—
491
3
378
65,930
1,290
65,777
1,324
$389,697
1,417
1,116
332,215
23,004
$422,790
1,454
6,732
335,956
21,350
■■/11,250
$478,523
1,335
991
331,131
22,000
18
^
3.920
215
""727
1,007
$161,147
Net income
9
576
;;
■_
m
172
$122,041
492
$56,591
1937
$162,415
246,000
The directors have declared
new common
an
1935
$122,285
66,000
$1.75
$0.66
1934
$68,565
66,000
$0.92
on
initial dividend of 25 cents per snare on
stock, par $5, payable May 1 to holders of record April 24.
Alpha Portland Cement Co.—To Increase Directorate—
Stockholders at their annual meeting on April 22 will vote on
increasing
10 members.—Y. 144, p. 1947.
the board of directors from 9 to
Aluminum Co. of America—New Plant—
The company will build a large plant at Lafayette,
Ind., for the manu¬
facture of extruded shapes and tubing as a part of an expansion
program
for 1937 involving a total of $26,000,000 capital
expenditures in various
localities.—V. 144, p. 1585.
Consolidated
Tin
Mines
Corp.—Consent
Corp.—Report for 1936—
1937
1936
$2,832,965
$2,211,916
—V. 144, p. 1427.
American Fork & Hoe Co.—Extra Dividend—
The directors have declared
the
common
stock,
no
par
an extra dividend of 25 cents per share on
value, payable April 20 to holders of record
April 10.
The regular quarterly dividend of 25 cents
was paid on March 15, last.
An extra dividend of 25 cents was also paid on Dec.
15, last, and one of
20 cents per share was distributed on Dec. 14, 1935.—V. 143, p. 3989.
American International Corp.—Net Assets—
The company announces that net assets at March 31, 1937, based on
market quotations, were $33,376,633, equivalent to $2,902.31 per
$1,000
outstanding indebtedness, consisting of note of $1,500,000 and 5H% de¬
bentures of $10,000,000.
Net assets applicable to common stock amounted
to $21.87 per share.
No allowance has been made in these calculations
for
Federal surtaxes on undistributed profits. ■- Market valuations of in¬
vestments at March 31, 1937 were $1,821,514 in excess of cost.
Saidexcess,
if realized, would be subject to Federal and certain other taxes.
Net assets at Dec. 31, 1936 of $31,065,111 were equivalent to $2,588.76
$1,000 principal amount of outstanding indebtedness (consisting of
$10,000,000 5H% debentures and $2,000,000 note payable), and $19.06
share of outstanding common stock.
On March 31, 1937, indebtedness
per
$8,493,051
pur¬
a letter sent to the stockholders of the Consolidated
Coppermines Corp., said on April 14 that the former had no intention of
allowing itself to be drawn into a proxy contest for the coming annual meet¬
ing of the latter company.
However, the letter did say that American Metal
had declined to enter into any commitment for
perpetuation of the present
management of Coppermines and its policies.
The letter of American Metal, which was in
reply to a letter sent to
stockholders of Coppermines by nine directors who implied that
Copper-
mines
was
dominated
or
said that
threatened with domination by American Metal,
"Coppermines stockholders alone should have the right to decide
vital issues confronting them."
It further declared that no group of officers
or directors attempting to
deprive the stockholders of the opportunity to
consider and make such a decision were
worthy of support.
American Metal said that in November, 1935, it
acquired an interest
of approximately 10% in Consolidated Coppermines as a result of
which
Dr.
Otto
Sussman and, later,
Harold K. Hochschild,
became directors of
Coppermines.
The
letter further stated that Dr. Sussman and Mr.
Hochschild, Chairman
and President, respectively, of American Metal, tried
hard, but unsuccess¬
fully, to reach a fair compromise with the Kennecott Copper Corp.—
V. 144, p. 1586.
Smelting
&
Refining
Co.—Preferred Stock
The company on April 12 announced that all of the
outstanding second
preferred stock has been called for redemption on June 1 at $105 per share
plus accrued dividend of $1 per share.
Payment will be made at the office
of D. A. Crockett, transfer agent, Room
3605, 120
Broadway, N. Y. City.
—V. 144, p. 2464.
American
Telephone
&
Telegraph
Co.—Report—
Walter S. Gifford, President, says:
In the first quarter of this year the number
System increased about 293,000, compared
corresponding period of 1936.
There
800,000 telephones in service.
in the
of telephones in the Bell
with an increase of 197,800
are
now
approximately 14,-
The total number of toll and long-distance calls
during the first quarter
of this year was about 7.5% greater than in the
corresponding period last
year.
As
result
a
of this
growth,
however,
operating revenues continue to improve.
Payrolls and taxes,
are
also increasing substantially.
Long¬
distance rates were reduced Jan. 15 with estimated annual
savings to the
public of $12,000,000.
This is the eighth reduction in about 10 years.
Earnings of American Telephone &Telegraph Co.
Period End. Mar. 31— al937—3 Mos.—1936
al937—12 A^s.—1936
Operating revenues.
$27,654,772 $26,375,665$108,199,891 $97,623,683
Oper. exps.,incl. taxes-- 21,795,452
20,714,290
82,692,090
79,957,225
$5,859,320
40,531,557
1,603,815
138,644
Dividend income
Interest income
Other income—net
Total income
Interest deductions-.
b Net income
—
Balance
$25,507,801 $17,666,458
174,269,372 125,323,745
6,545,930
9,725,758
813,174
741,130
$34,442,957$183,819,208$130,089,619
41,998,337
168,127,889
167,968,693
$l,390,705df$7,555,380 $15,691,319df$37879,075
Average
cap.
$5,661,375
32,333,499
2,106,525
165,152
$48,133,336 $40,266,551$207,136,277$153,457,091
4,697,584
5,823,594
23,317,069
23,367,472
.
--.$43,435,751
42,045,047
Dividends
no. of shares of
stock outstanding 18,686,687
per share
$2.32
18,665,927
18,680,877
$1.85
$9.84
Earnings
18,663,188
$6.97
Subject to minor changes when final figures for March are available,
b Does not include the
company's proportionate interest in the undivided
profits or deficits of subsidiary companies.
25
Bell System Earnings Report
(Consolidates accounts of American Telephone & Telegraph Co. and its
principal telephone subsidiaries.)
3
Operating
x
Feb.
revenues
Operating
—
Months
12 Months
28,*37 Feb. 29,
*36 Feb.
28,
*37 Feb.
29
*36
.$257,708,061$238,816,713 $1005117025$930,695,916
expenses—
Taxes...
.167,228.880 162,755,298 661,705,939 644,797,257
31,120,972
26,836,234 119,893,979
97,838,717
—
Net operating income_$59,358,209
y Other income—net—
9,149,033
$49,225,181$223,517,107$188,059,942
6,571,639
30,851,562
15,170,035
Total income
$68,507,242 $55,796,820$254,368,669$203,229,977
Interest deductions11,647,461
13,082,956
49,160,165
52,059,861
Total net income.
Net
inc.
subs,
per
$9,923,922
AmericanXMetal Co., Ltd.—Answers Consolidated Cop-
Period Ended—
Colortype Co.—Sales—
-
$1,121,268
a
Corporation and subsidiaries report for 1936 consolidated net profit of
$1,983,901 after depreciation, depletion and intangible drilling costs, taxes
Tne earnings, wnich are the largest reported by the
corporation since 1930, are equivalent to $2.52 per share on 788,675 shares
outstanding, and compared with net profit of $1,797,612, or $2.28, earned
on the same number of snares in 1935.—V.
143, p. 2989.
3 Months Ended March 31—
$1,512,646 $14,576,323 $13,189,591
213,567
2,518,663
2,562,801
177,811
2,133,738
2,133,738
This company, in
and all other charges.
Sales.
$1,510,646
170,853
177,811
permines—'
Net oper. income.-—
Federal Judge Leibell signed on April 12 a consent injunction under which
Connor, Leach & Co. and others have promised to refrain permanently
from selling the common stock of the American Consolidated Tin Mines
Corp. (In addition they agreed that they would not recommend any stock
in Mines and Markets, a publication, in which
they had an interest, unless
they disclosed the nature of their connection with it.
Others enjoined in the consent decree drawn up by Robert G.
Reed, an
attorney for the Securities and Exchange Commission, were the tin cor¬
poration, Mines and Markets, Inc., Miller-Murray & Co., Inc.; Jasper N.
Brenizer, his wife, Margaret, and Murray Miller.
With this action the
SEC withdrew its suit for injunction in which it' had
charged that the
defendants had misrepresented the productivity of the
mining property in
selling the $1 par common stock to customers in the South.
American
$1,565,239 $15,219,689 $13,675,601
52,593
643,365
486,010
$1,161,981
^Balance
Writ—
Amerada
1,910,050
255,874
tfTx Figures for periods prior to Jan. 1, 1937 restated for comparative
poses.—V. 144, p. 1265.
New Stock—
—Y. 144, p. 2115.
American
251,083
$1,576,442
65,796
Int. & other deductions.
Before provision for surtax on undistributed profits.—V. 144,
p. 1946.
Allied Kid Co.—Initial Dividend
the
/
1936
_
x
1,910,050
31,239
Called—
(& Subs.)- -Earnings—
deprec. & Fed. taxes.
x$177,496
Shs. com. stk. (no par)
254,400
Earnings per share.$0.70
159,171
443
American
3 Mos. End. Mar. 31—
Net profit after interest,
$8,287,758
3,221,919
from
Pref.stock divs.to public
—V. 144, p, 2115.
Allen Industries, Inc.
.
$9,639,821
3,418,734
159,171
divs.
Balance
65,851
524
_
Gross income
Miscellaneous rents
Misc. tax accruals
$383,048
10,146
10,575
7,072
21
Inc. from funded secur.
Inc. from unfunded secur
.
$1,095,131
279,697
sub. companies
1Q88
Uncollectible ry. tev—Hire of freight cars
Rent for pass. tr. crs
stock
Expense
1934
$8,287,758
$1,126,637
290,191
cos
Total income
1935
Railway tax accruals
shown above—
as
Ry.—Earnings—
1936
$9,639,821
earn-
&
Int. from subs,
[Including Northern Ohio Ry. Co.]
Net operating revenue
Rent from locomotives..
Rent from work equip._
Joint facility rents
$1,095,131
to Amer¬
Electric
Gas
ican
Consolidated Income Account for Calendar Years
expenses
$2,463,773 $25,893,285 $24,537,204
950,810
11,239,072
11,235,054
417,831
5.014,392
5,014,392
Other income
Akron Canton & Youngstown
revenues
$2,493,866
949,399
417,831
,
Bal. of subs, cos.'
i
at
Operating
Operating
$2,474,049 $25,890,222 $24,604,857
Drl0,276
Cr3,062
Dr67,652
American Gas & Electric Co.—
..194,761,402 194,932,329
Total
$6,108,530 $70,963,739 $66,000,297
3,634,481
45,073,517
41,395,440
$1,126,637
Total income
Int. & other deductionsPref. stock dividends—
161,532
4,416,887
1937—12 Mos.—1936
$2,509,827
Drl5,961
Other income
:
tensions-
(& Subs.)—Earnings—
1937—Month—1936
...
dends payable
Deferred liabil..
Misc.
se¬
Total
126,108
5,320,257
res.
preferred divi¬
curities
nect.
500,388
103,180
5,219,917
889,592
Accrued int. and
amortization.
U. S.
546,694
obligations...
Deb. disc. & oxp.
in process of
Accts. payable..
Purchase money
Retirement
April 17,
on note
$56,859,781
applic. to stks.
held
ican Tel.
& Tel. Co.
stock
Per share—American Tel.
& Tel. Co. stock
x
Includes
current
•
...
by
public.
Net inc. applic. to Amer¬
general
$42,713,864$205,208,504$151,170,116
k
consol.
$3,262,677
$3,051,475
$13,218,553
$12,409,418
53,597,104
39,662,389
191,989,951
138,760,698
$2.87
$2.13
$10.28
maintenance,
and
depreciation,
traffic,
$7.44
commercial,
miscellaneous
expenses
and
opertaing rents,
y Includes
proportionate interest in net income (partly estimated) of controlled com¬
panies not consolidated, including Western Electric Co.
Note—The figures for the three-months'
periods reflect year-end adjust¬
ments, and earnings for these period are thus not indicative of the annual
rate
of earnings.—V.
144,
p.
1772.
■—
Volume
Financial
144
F American Steel
of
Foundries—Rights—
^Holders of
common stock of record at the close of business on April 15,
1937>were offered the right to subscribe at $40 per share for common stock
of nofpar value to the extent of one share for eacn five shares held.—V. 144,
2639
Chronicle
March,
compared with the 12 months is largely due to the colder
month in territory served.—V. 144, p. 2467.
as
weather prevailing during
Associated General Utilities
&TElectric~Co., Inc.—Weekly
Output—
'
Balance
Deductions from income
-
energy^"of"the
Output of electric
oi American Water
electric properties
"Works & Electric Oo. for the week ending April 10, 1937 totaled 49,946,000
kilowatt hours, an increase of 10.8% over the output of 45,072,000 kilowatt
hours for the
April3
April 10-
Output
x
Net income.
corresponding period of 1936.
Week Ended
March 20.
March 27
1937
1936
1934
36,293.000
36,673,000
36,460,000
32,857,000
was curtailed due to flood conditions.—V.
Writing Paper
1933
26,745,000
27,161,000
27,484,000
27,314,000
144, p. 2465.
M.
Yoerg,
was
elected
Invest, (at cost)—$1,260,712
Dep.
$567,544
President
of
this
company,
matured
bond & deb. int.
21,083
33,552
—
18,387
Matured
Unamortized debt
& expense.
Operating revenues
Operating expenses-
1935
Exp.
$267,828
221,920
$263,114
212,634
$233,389
194,547
$45,908
9,522
$50,479
10,621
$38,842
10,351
$55,431
55,118
$61,101
54,227
$49,193
57,528
sur$313
sur$6,873
$8,335
Balance Sheet Dec.
Road &
equipment$3,801,878 $4,564,769
Deposits In lieu of
1 ,mtgd. prop, sold
Other investments
Cash
Misc. accts.
rec.-_
Mat'ls and supplies
Interest receivable
43,249
101,084
221,335
3,131
29,298
2,101
Rents A ins. prems.
paid in advance.
4,555
Prepaid taxes
Unadjusted debits
Bonds in treasury.
Total--
61,fJo
63,756
102,206
245,655
2,434
31,076
2,189
5,449
1,262
1st pref. stock
$1,468,500
2nd pref. stock--- 1,708,200
$4,269,064 $5,088,798
1935
$1,468,500
1,708,200
845,000
1,345,000
wages
Acer.
Other def. llabll.
.
140,000
.—$1,457,170
Total
$618,764
$618,764
x Represented by 6.778 ho par shares common stock at stated value of
$6,778 and 61,365 shares (including 357 shares subscribed and fully paid
and 61.008 shares issuable pursuant to dividend declaration on Dec. 9,
1936 to holders of record on Dec. 14, 1936, of 9 shares for each held) to be
issued, $61,365.—V. 144, p. 445.
Atlantic City
Sewerage Co.—Earnings—
1936
1935
1934
1935
$447,161
Service earnings
Miscell. earns.,
$450,615
$456,135
$457,341
10,909
Dr5,152
7,447
Pr7,860
7,134
Drl0,482
5.724
Pr6,810
$450,202
115,501
23,621
56,064
18,849
$452,788
120,481
19,545
53,922
18,533
$456,256
112,621
20,634
54.114
19.481
connec¬
tions, cleaning, &c.
Res. for uncoil, serv. chgs.
229
Taxes—local & franchise
Taxes—FederalTaxes—un employ, insur.
Depreciation
53,426
52,846
52,471
surl.Oel
Net earnings
Other income—interest.
$179,164
1,716
T
$182,740
2,897
$187,466
4,082
$196,935
2,855
Net incomeInterest on funded debt.
$180,880
81,900
3,233
$185,637
82,275
3,754
$191,548
83,175
3,801
$199,790
84.525
3.848
Cr831
Cr689
Crl25
Crl85
$96,578
75,000
$100,297
75,000
$104,696
75,000
$104,808
75,000
$21,578
x783,539
$25,297
780,242
$29,696
754,944
$29,808
x725,248
Total earnings
Operation expenses
Maintenance
expenses
—
-
169
Deficit
20,164
Total
$4,269,064 $5,088,798
(In South African Currency)
131,000
158,500
95,000
$1,457,170
8,778
516,913
16,447
.
Operating reserves
Acor. depreciation
Other unadj. cred.
Anglo-American Corp. of South Africa, Ltd.—Results
of Operations for the Month of March, 1937—
Tons
14,676
1,318
57,032
230
7.999
15,670
reflects the writing off or the Augusta bonds and an arbitrary
charge against accrued depreciation account.—V. 142, p. 4329.
Milled
15,093
10,812
5,434
75,556
8,832
$452,918
120,688
22,438
55,614
20,173
1,212
53,628
4,842
15,670
& rents
account
Companies—
Brakpan Mines, Ltd
Daggafontein Mines,Ltd
Springs Mines, Ltd
West Springs, Ltd
debenture-
11,444
219,420
15,752
payable—
int.
payable
Note—The reduction in funded debt unmatured comes from the elimina¬
tion of $500,000 bonds outstanding against the Augusta division which
was discontinued in 1932.
The Maine court has decided that these bonds
were not assumed by the company.
Reduction in road and equipment
x
2,946
Audited accts. and
Accrued taxes
70:66O
35,920
with
Capital surplus
Total--.
Calendar Years—
1936
Fund, debt unmat.
480,382
72,287
In
Earned surplus
31
Liabilities—
1935
1,510
Taxes accrued
Note—No provision for depreciation is included in these operating state¬
1936
2.910
&
Incurred
connection
ments.
Assets—
bond
interest.
Accounts payable.
1933
1934
$20,968
Deficit
450,370
2,439
proposed issue of
$35,877
56,845
Deductions from income
deb.
inc
$27,774
8,103
Gross income
716,680
Interest ccrued—-
$256,149
228,376
Net operating revenue
Miscellaneous income
$53,592
&
flubs crip, to Income
debentures
appointed
1935
x$68,145
bonds
bonds
stock.—V. 144, p. 2465.
1936
Capital stock
Subscrlp.to income
11,749
Androscoggin & Kennebec Ry.—Earnings-—
Calendar Years—
$43,987
1936
debentures
161.396
disc
x
1,510
Cash
succeeding
The Chase National Bank of the City of New York has been
common
$7,811
Income
for
Sidney L. Willson.
register for the company's
$172,612
128,624
Liabilities—
1935
1936
Interest receivable
Inc.—New President—
Co.,
Assets—
Registrar—
Leon
$45,890
38,079
1935
Balance Sheet Dec. 31
1935
52.373,000
44,172.000 40,548,000
51,680,000 x36,228,000 40,214,000
48,157,000 x39.040,000 39,960,000
—49,946,000 *45,072,000 37,670,000
American
1934
$176,747
4,135
$10,416
Expenses and taxes
$52,955
7,065
$66,479
56,063
<
Interest
American Water Works
Co.—Earnings—
1936
$90,636
24,157
Calendar Years—
on investments
P. 2464.
Value of
Decl'd
Gold
Costs
£251,351
282,765
326,096
117.542
Profit
£137.602
146,893
146.203
75,042
£113,749
135,872
179,893
42,500
x Each of which is incorporated in the Union of South Africa.
Note—Revenue has been calculated on the basis of £7 2.0d. per ounce
fine.—V. 144, p. 1947.
Angostura-Wuppermann Corp.—Stock Offered—Tobey
& Co., New York, and the First Cleveland Corp., Cleveland,
made a public offering April 15 of 170,000 shares of common
stookj($l par), less shares subscribed for by present stock¬
holders under an offering which expired April 10.
The offer¬
ing to the public was made at the market price on the New
York Curb Exchange, and included 70,000 shares acquired
from present stockholders in addition to
the unsubscribed
portion of 100,000 shares being sold for the account of the
Amort, debt disc. & exp.
Int. & overhead charges
to construction
90% of deposits in closed
6.795
Dks. (anticipated loss)
Balance of net income
Dividends
-
Surplus for year
Total surplus.
"
x
Includes capital adjustments.
Balance Sheet Dec. 31
Assets—
Fixed assets
Cash in bank
hand
on
1936
1935
1936
1935
I
Liabilities—
.$3,560,673 $3,476,794'Fund. indebt'ness.$l,365,000 $1,365,000
Accounts payable.
and
22,867
2.638
114,736 Dividends payable
18,750
108,703
18,750
Accrued bond Int.
Scrip (available for
current
Accts. & notes rec.
Deferred items
10,119
76,560
93,751
$3,843,739 $3,772,8581
Total
x
897
1,181
17,619
63,096
92,465
taxes)-_
Investments
Deferred Items
Reserves
Capital stock.—
Surplus
x
Total
6,825
158,554
738,203
750,000
783,539
6.825
160.732
688,671
750,000
780.242
$3,843,739 $3,772,858
Represented by 75,000 no-par shares.—V. 142, p. 1974.
Atlas Tack
Corp.—Options Canceled—
The corporation has notified the New York Stock Exchange that the
options previously granted to Herbert J. Adair and Roger D. Edwards,
for the
purchase of 7,500 shares of capital stock of the corporation, have
144, p. 605.
been canceled.—V.
company.
Net proceeds to the company from the sale of the 100,000 common shares
will be used for advertising to develop new uses for the company's product
in the basic food industry, for promotion and development work, and the
balance for working capital to provide for additional equipment and inven¬
tory./
i
Upon completion of the present financing, the company's capitalization
will consist solely of 300,000 shares of common stock ($1 par) authorized
and outstanding.
The company has no funded debt, and no securities of
other issuers are guaranteed by the company.
fc-. Corporation manufactures and sells Angostura Bitters under a license
agreement with Angostura Bitters (Dr. J. G. B. Siegert) Ltd., located on
the isiand of Trinidad, British West Indies.
Angostura Bitters was origi¬
nated in 1824 by Dr. J. G. B. Siegert and organized manufacture began in
1830.
Angostura has been manufactured in Trinidad for the past 60 years
and importations were made into the United States from 1858 until 1930
when, in order to save import duty, manufacture was started in this country.
The company's plant is located at Norwalk, Conn.
1
Over the past year the corporation has extended its experiments leading
into a larger field of use for its product in the meat packing and canning
industries.
To date the corporation has made quantity sales to 175 packers
and conners located in 34 states and in Canada.
An increasingly im¬
portant market is being developed, in the opinion of the management, which
should be reflected in a substantial increase in sales volume.—v. 144, p. 2288.
Associated
Breweries
of
Canada,
Ltd.—To
Increase
Directorate—
Stockholders at a special meeting on April 30 will consider increasing
board of directors from 11 to 12 members.—V. 144, p. 1773.
the
Atlantic Coast Line
For the week ended April 9, Associated Gas &
electric output of 86,532,415 units (kwh.),
net
9,314,365 units
over
Electric System reports
which is an increase of
the comparable week a year ago.
Gross output, including sales to other utilities,
units for the week.
Output in Month of March—
amounted to 94,460,917
A.O.L. RR.of S.O.4%A. C. L.RR.cons.4%
A. O. L. RR. Co. gen.
unified mtge. 4}4%—
Internatl. Agricul. Corp.
—
Miscellaneous
Ctfs. of indebtedness—
On bank balances.
Dividends on Stock—
A. O. L. RR. Oo. com¬
mon and A stocks—
_
1935
1934
1933
$32,382
62,000
50,160
$32,382
62,000
50,160
$32,632
62,000
50,160
$33,079
62,000
50,160
135,360
78,375
54,690
6,368
135.360
135.360
78,375
54,690
6,368
78,375
54,690
6,364
135,360
78,375
54,690
"Y.137
222,088
■
Charleston & No. Caro.
Co
Other dividends
Atl. & No. Caro. RR. Co
Prof, on retire, of ctfs.
of indebtedness
Total income
General expenses.
Int. on ctfs. of indebtedProv. for Fed. tax on inc.
on
144,000
72,000
72,000
8,505
6,276
Ry. Co
Westinghouse Air Brake
2,268
6,276
3,402
6.276
10,406
7,638
$499,879
19,538
242,435
$511,665
18,676
245,354
18,058
$433,251
18,615
247,171
..........
$800,204
25,828
239,885
24,786
on
4,536
6,276
retire, of class A
5
5% ctfs. of indebtedLoss
69",065
sale of securities.
3,178
Accrd. int. purchased
$509,699
529,200
Net income-
Dividends paid.
$237,905
235,200
$229,577
235,200
$95,224
Comparative Balance Sheet Dec. 31
1936
the month of March, Associated Gas & Electric System reports
net electric output of 386,356,000 units (kwh.).
This is an increase of 59,-
761,485 units, or 18.3% above the production of March, 1936.
Output for the 12 months ended March 31 increased 519,382,566 units
to 4,344,166,278 units, or 13.6% higher than the previous 12 months period.
Gross output, including sales to other utilities, was up 18.9% to 414,555,622 units for March and up 12.0% to 4,795,060,641 units for the 12
months period.
Gas sendout for March was up 11.4% to 2,067,387,200 cubic feet.
For
the year ended March 31, the sendout was 21,094,735,900 units, which is
1.9% above the previous year.
The greater improvement for the month
Assets—
$
Secur. (see
below). 33,082,029 33,072,335
Phosph. Co
128,700
131,700
(advances)
Accounts recelv.
23,362
Polk
_
-
Deposit for Int.,
dlvs.,&c.,&inc,
tax
withheld...
Cash on deposit-..
Total
1936
12,817
238,253
Liabilities—
1935
$
1935
s
,
For
1936
Interest Received on—
U. S. Treasury securities
Loss
Associated Gas & Electric Co.—Weekly Output—
Co.—Earnings—
Income Account Years Ended Dec. 31
$
Capital stock
11,760,000 11,760,000
Ctfs. of indeb.(5%) 4,811,700
4,813,700
Ctfs. of indeb. (4 %)
48,100
100
Other liabilities37,503
6,271
P. & L. surplus—.16,855,496 16.879,805
-
4,061
279,418
--.33,464,800 33,507,876
Total
—83,464,800 33,507,876
2640
Financial
Chronicle
We Specialize in Wisconsin
Unlisted Stocks and Bonds
Mirwa & (B®,
Phone Daly 5392
Bankers National
.
A. O. L. RR. Co. of S. O. gen, mtge. 4%
due 1948-......
A. C. L. RR. Co. 1st cons.
mtge.
$1,550,000
$1,395,000
bonds,
l ,000,000
2,616,960
Total securities dep. with trustee—book value..
_
Total
sales
Par
Treasury notes—Ser. B, 3 %, due April 15,1937Series A, 3 tf%, due Sept.
15,1937
^
Series A, 2H%, due June 15,1939-.
Treasury bonds—Ser. B, 2M%, due Dec. 15,
200,000
$100,812
648,875
200,000
145,700
$158,567
Statement of Net Profit from Sales of Securities for the Year Ended Jan. 31.1937
Profits from sales of securities
$526,412
—
Net profit from sales of securities—
$1,095,387
_
20
16
254,000
228,600
140,000
105,975
Net profit from sales of securities after Federal income taxes.
Balance of net profit from sales of securities, Feb. 1,1936......
Total-......———
^duel937
318,000
Charleston & W. Caro. Ry. 1st cons.
mtge. A,
5% bonds, due 1964
International Agri. Corp. 1st mtge. & coll. tr.
791,000
1,567,500
Total bonds
190,800
A. C. L. RR. 4% irredeemable
A. C. L. RR. scrip 4% irredeemable
A. C. L. Co., class A, 5%, irredeemable
2001
291
94/
21,800
127,200
Columbia, Newb. & Lau. RR. 5% irredeemable.
Total certificates of indebtedness
Stocks:
A. C.L. RR. class A
22,695
1,272
^
Shares
12,000
768
Westinghouse Air Brake Co. capitalTotal stocks
Total securities in treasury—book value
Steamship
Lines-—
Consolidated Statement of Operations
$470,415
109,153
$367,327
$271,053
4,157
$244,182
2,840
$361,262
7,987
109.681
$247,021
119,061
$369,249
218,991
x$165,529
$127,960
x$150,258
chase
subsidiary companies for
The company recently declared
an initial quarterly dividend of 20 cents
share, payable April 10 to holders of record March 15.
L. Thomas & Co., Inc., 551 Fifth
Ave., New York City and Con¬
tinental Investment Corp., Tulsa,
Okla., originally underwrote 94,800
shares of stock from July
29, 1936 up to March 16.
Close to 22,000 shares of stock were sold and sales are
continuing daily
at the stated price of $12 per share.—V.
142, p. 4167.
Automatic Products
Corp.—New Directors,
fee.—
Common stock class A..
Automobile Finance Co.—Preferred Issue Oversubscribed
—The company announced
April 3 that all of its recent
preferred stock issue of 40,000 shares had been sold and
oversubscribed.
A common stock issue of
100,000 shares
was
also
March 17, 1937.—V. 144, p. 1774.
largely oversold
on
Guaranty Trust
Co. of New York has been appointed transfer
300,000 shares of common stock, par value $5, and 50,000 shares
preferred stock $25 par value.—V. 144, p. 2468.
Copper Corp.—Stop Order—
Hearing before the Securities and Exchange Commission on the registra¬
tion statement filed under the Securities Act
by Bagdad Copper Corp.
resulted April 8 with the company consenting to the entrance of a
stop order
by the commission.,
The registration statement was filed by the
company on Nov. 28, 1936.
The securities covered by the registration statement consisted
88,756 shares
of common stock, which were sold
prior to registration during the early
part of 1936.
Edmond B. Bronson of N. Y. City is President of the
company.—V. 143, p. 3833.
Baldwin Locomotive Works—Bookings—
The dollar value of orders taken in Marcn by the Baldwin Locomotive
Works and subsidiary companies, including the Midvale Co., was announced
$6,019,215, as compared with $1,675,249 for March 1936.
The month's bookings brought the total for the consolidated
group for the
first three months of 1937 to $11,585,629, as
compared with $7,128,704 in
period last year.
al07,213
Reserve
for
2,738,512
investment
in
subsidiary company
56,045
Undistributed net Income.
Net profit from sales of secur.
158,567
..
204,481
Treasury stock at cost
Total————.
x
Represented
—.
by
$9,393,3841
25,000
no
par
Total
shares
194,626
——
stated value
$10
$9,393,384
per
share,
y Represented
by 1,752,927 no par shares (incl. 1,494 shares sold but
issued subsequently) stated value $2.50.
x Represented by 33,754 no par
shares stated value of $10 per share,
a Represented by 10,721
no par
shares stated value of $10 per share.—V. 144, p. 445.
Baton Rouge Electric
Operating
Operation
Co.—Earnings—
Month Ended
Feb. 28, '37 Feb. 29, '36
Period—
12 Mos. Ended
Feb. 28, *37 Feb. 29, '36
$163,769
84,299
7,400
al8,853
$167,243
81,274
5,120
16,595
$1,736,353
$1,550,077
936,142
79,679
a224,886
853.406
$53,217
Drl,004
$64,253
2,041
$495,646
33,485
$447,389
45,309
$52,213
13,732
$66,295
13,845
$529,131
162,977
$492,699
166,520
$38,481
revenues
Maintenance..
Taxes.
Net oper. revenues
Balance
Balance.
$52,449
$366,155
153,334
$326,179
140,000
$212,821
37,254
$186,179
37.254
Appropriations for retirement
reserve.
Balance
70,839
178,442
Balance
for common dividends and surplus
$175,567
$148,925
a No provision
has been made for the Federal surtax on undistributed
profits since any liability for such tax cannot be determined until the end of
the year.—V. 144, p. 2289.
Bell
Telephone Co. of Pennsylvania—Earnings—
Month
Operating
Ended——
——2
Mos. Ended
Feb. 28, '37 Feb. 29, '36 Feb. 28, '37 Feb. 29, '36
revenues
$5,527,630
Uncollectible oper. rev..
9,116
$5,245,841 $11,353,974 $10,640,228
12,441
21,190
26,611
Operating revenues
Operating expenses
$4,518,514
3,593,575
15,233,400 $11,332,784 $10,613,617
3,537,871
7,252,509/
7,153,176
Net oper. revenues
$1,924,939
504,946
$1,695,530
373,849
$4,080,275
1,071,274
$3,460,441
760,678
$1,419,993
[,321,681
$3,009,001
$2,699,763
Operating taxes
Net oper. income
—V. 144, p. 1774.
Bendix Aviation Corp.—Directorate Reduced—
Membership
on
the board of directors
annual stockholders'
meeting held
was
reduced from 12 to 11 at the
April 9.—V.
144,
p.
1099.
Berghoff Brewing Corp.—Application Approved—
(B. F.) Avery & Sons Co.—Transfer Agent—
agent for
same
z337,540
Common stock class B
,
replacing D. H. Burnham, Lloyd Maxwell and V. W. Kliesrath.
At the directors' meeting Edwin N. Clark was elected
President, replac¬
ing K. L. Ames Jr. George A. Fry was elected Vice-President and Treas¬
urer
and Harold H. Anderson was elected Vice-President and
Secretary.
—V. 144, p. 1590.
the
29,475
*250.000
y4,382,318
Paid-in surplus..
Period—
At annual stockholders meeting on
April 9, Edwin N. Clark, George A.
Fry and Harold H. Anderson were elected directors
as
sell listed secur...
Preferred dividend requirements
W.
April 15
pur¬
Common stock
profits
per
on
or
150,518
unex¬
pired commitments to
$75,175
Atlantic Oil Investment Corp.—Dividend—
Bagdad
Proceeds from sales of
3,333
Non-operating inc. (net)
These operating earnings are before
any year-end audit adjustments,
no provision has been made
by Atlantic Gulf & West Indies Steamship
The
1,852,013
Interest & amortization.
any of its
Acer. Fed. and State taxes..
subsidiary
Preferred stock
$314,577
239.401
58,334
surtax on undistributed
the earnings cannot yet be determined.—V.
144. p. 1774.
as
of
$308,993
5,584
$275,210
Net income
or
Investment In common stocks
2 Mos. Ended
Feb. 28, '37 Feb. 29, '36
$4,689,716
$3,992,329
4,219,301
3,625,001
$274,147
29,965
Interest, rentals, &c
x
Feb. 29, '36
$2,159,755
1,885,608
$335,629
64,576
/
Gross income.
and
-
Prepaid Interest-
$24,953,183
$28,170,069
—V. 143, p. 3458.
Lines
.
Investments
43,605
348,441
88,750
42,063
5,000
1,046
4,536
...
Operating income
$2,150,123 Note payable—Bank..
$1,000,000
57,288 Accounts payable to brokers
and others
5,330,627
173,341
1,100
960.000
Nashville, Chatt. & St. Louis Ry. capital
Polk Phosphate Co. capital
South Caro. Pacific Ry. preferred
Other income
Liabilities—
Dividends and accounts reclv.
$621,100
22,848,122
11
_
Net oper. revenue
Balance Sheet Jan. 31,1937
Assets—
Cash
Book Value
6,211
215,877
A. C. L. RR. common.
Atl. & North Caro. RR. capital
Charleston & W. Caro. Ry. capital
Taxes
150,938
$204,481
$24,258
•4)
$355,420
—
on common stocks.........—........
Balance of net profit from sales of securities, Jan . 31,1937—
1,097,250
$2,097,241
(3) Certificates of Indebtedness:
Dividend paid in cash
474,600
■
$249,005
106,415
-
3% bonds,
5% bonds, due 1942
$302,692
Provision for Federal income taxes (incl. surtax on undistributed
profits, $9,420)—53,687
A. C. L. RR. conv. deb. 4% bond scrip, due 1939
A. C. L. RR. 1st cons. mtge. 4% bonds, due 1952
A. C. L. RR. Co. L. & N, coll.
4% bonds, due
1952.
Col. Newb. & Lau. RR. 1st mtge.
»Month Ended——
609,893
—
Losses from sales of securities—223,720
(2) Bonds:
Period—
Feb. 28, '37
Operating revenues
$2,494,064
Oper. exps. tinc. deprec.)
2,158,435
of securities)
Undistributed net income, Jan. 31,1937
145,700
1953
Indies
164,170
$768,460
-
Book Value
$100,000
650.000
L
Total U. S. of America Treasury securities.
$604,290
it pr
Undistributed net income, Feb. 1, 1936 (excl. of net profit from
sales of securities)
Dividends paid in cash (excl. of divs. paid from net profit from
_
West
$738,181
78,139
55,753
Provision for Federal income taxes.
$4,911 i960
(B) Securities in Treasury
(1) U. S. of America Treasury Securities:
&
494
Total operating income
900,000
3,008,000
bonds, due 1964
Gulf
399,580
Expenses" and taxes
_
Atlantic
to
bonds,
due 1952
A. O. L. RR. Co. gen. unif. mtge., ser. A,
4J£%
i
$62,000
62,444
Corp......................
buy or sell listed stocks.......
Interest-.....—
Book Value
,
4%
Loan
Proceeds from sales of commitments (subsequently lapsed)
Par
~
„
Industrial
213,663
Securities Owned Dec. 31, 1936
(.A) Securities Deposited with Safe Deposit & Trust Co. of
Baltimore,
trustee—Collateral Security for Class A, 5%, and Class B,
4%, Certificates of Indebtedness
,.
stocks:
on
Affiliated companies
Beneficial
1
Investing Corp.—Earnings—
Earnings for the Year Ended Jan. 31, 1937
Operating income—Dividends
MILWAUKEE, WIS.
Teletype Milw. 488
April 17, 1937
Consolidated shipments, including Midvale, in March aggregated $3,372,051 as compared with $1,428,073 in March of last year.
Consolidated
shipments for the first three months of 1937 were $8,986,115 as compared
with $3,948,929 for the first three months of 1936.
On March 31, 1937 consolidated unfilled orders, including Midvale,
amounted to $33,181,836 as compared with $30,531,416 on Jan. 1, 1937,
and with $9,868,856 on March 31, 1936.
/
All figures are without inter-company eliminations.—V. 144, p. 2468.
The Chicago
Stock Exchange has approved the application of the
com¬
pany to list 30,000 additional shares of
common stock, $1 par, to be admitted
notice of registration under the Securities Exchange Act of
1934.
These additional shares are to be reserved for the exercise of
stock
purchase warrants which will be issued to common stockholders,
giving them
the right to subscribe to one additional share for each
nine shares held.
to
trading
V.
on
144, p. 1948.
Binks
Manufacturing Co .—Application Approved—
The Chicago Stock Exchange has
approved the application of the company
25,000 additional shares of capital stock, $1 par, to be admitted to
trading on notice of registration under the Securities Exchange Act of 1934.
—V. 144, p. 1949.
to list
Borg-Warner Corp.—Listing—
The New York Stock Exchange has authorized the listing of 2,462,040
shares of capital stock
(par $5) in substitution
and listed shares of $10 par value
per share.
for the presently outstanding
The holder of, the present outstanding common stock of $10 par value
will, upon surrender of the old certificate representing shares of $10 par
value, receive new certificates representing shares of $5 par value in tne
ratio of two snares of the new stock for each share of the old stock.—V.
144,
p.
2289.
2641
Financial Chronicle
144
Volume
Bessemer & Lake Erie
Income Account
RR.—Earnings—
for Calendar Years
1936
Consolidated Comparative Income Account Years Ended Dec. 31
Gross sales, less returns, &c
Cost of goods sold
[Including Leased Lines]
1935
1934
$9,828,107
6,501,024
$8,304,766
6,810,295
$6,742,869
4,808,866
from ry. oper. $7,873,781
Railway tax accruals—
1,721,022
Uncollectible ry. revs
$3,327,083
727,608
$1,494,470
382,903
$1,934,003
331,851
10
17
27
Ry. oper. income
Non-operating income..
$2,599,464
$1,602,124
380,823
1934
1933
$15,467,348
7,593,566
,
1935
$17,399,833 $13,538,488
14,646,577
11,317,052
1936
Ry. oper. revenues
By. oper. expenses
PS*et
rev.
Gross profit from operations$2,753,255
Depreciation
168,697
Selling and administrative expenses1,079,912
Increase in res. for doubtful accounts_
$2,221,434
167,448
1,039,091
$1,857,602
$1,504,647
71,109
$1,014,895
36,618
$850,564
23,333
$1,575,756
$1,051,513
31,669
102,719
$873,898
T
Other income—Int. & disc, earn., &c-
$6,152,759
707,387
Deduct, from gross inc.
Net income
Div. approp. of income.
Inc. applied to sinking &
$2,999,624
574,126
$1,394,956
577,202
$1,982,947
$5,929,614
419,976
.
400,160
$6,860,146
930,532
Gross income
$1,111,551
283,405
$2,425,498
419,976
$817,754
419,976
$1,800,705
419,976
182,242
other reserve funds
0442,280
Miscell. approp. of inc..
023,000
02,300
Gross income
Interest expense
Loss
subsidiary for
on
5,269
136,666
-
Cash discounts allowed--
-
98.133
72,935
5,379
10,000
year
Addition to general reserves
Provision for bad debts
Exp. incidental to
Other charges
179,988
802.454
24,595
conv.
35,961
29,701
10,750
9,974
1,996
264,156
57,500
140,082
108,816
$1,076,202
758,714
$726,618
243,866
$576,636
52,099
$317,488
739,592
$482,752
648,304
$1.12
$524,537
520,992
...
of debs
-----------
Prov. for Fed. & State inc. & capital
stock taxes-Provision for Federal surtax
Income bal. trans, to
profit and loss
$5,509,638
Credit balance at begin¬
ning of year
22,982,463
Miscellaneous credits
74,965
Total
Div. approp. of surplus.
on
33,236
16,132
Consolidated
$
$
equipment.... .71,411,621
physical
236,040
Liabilities—
64,083,693
15,535
231,860
.
228,509
from
agents & conduc
Miscell. accts. rec.
49,306
127,488
758,245
Mat'Is & supplies.
Int.
&
dividends
receivable
Other curr. assets
assets
Unadjusted
15,000
299,644
1,018,084
1,521,851
398,850
$
500,000
500,000
liab.
conversion.
_
800
41,967
632,408
2,723
49,817
161,547
..76,898,424 68,922,053
100,000
100,000
& Lake Erie
Other
curr.
accr.
59,367
155,108
.
liab
42,125
95,455
23,866
Unadjust. credits.12,672,935 12,202,962
Add. to prop, thru
inc. & surplus.. 9,933,632
9,933,632
200,347
187,677
22,978,312 22,982,463
76,898,424 68,922,053
Total
Years Ended Dec. 31—
$4,479,079
144,810
177,907
——
40,000
$5,063,706
$4,856,057
$4,708,539
$4,696,986
2,623,131
9,000
12,235
385,627
2,497,296
2,356,512
2,286.784
35,065
344,267
792,710
506,050
5,296
35,065
295.309
866,407
501,549
7,144
35,065
313,985
865.270
553,003
7.431
35,065
$702,622
60,000
270,000
348,750
$675,372
60,000
270,000
337,500
$646,553
60,000
270,000
326,250
$635,448
60,000
270,000
326,250
$23,872
$7,872
def$9,697
def«20,802
Transferred from contin¬
gency reserve———
Total
re venue
Maint.,
——
empls.'
oper.,
benefit fund, &c
Directors fees
Legal expense
Dom.,prov.&munic.tax.
822,762
Depreciation
Interest
on
bonds
494,498
Employ, savings plan int
Amort, of bd. disc. & exp
Balance
Div.
on
6% pref'ce stock
Div. on 6% pref'd stock.
Div. on ordinary stock- ——-
....-
Net operating revenue
Uncollected operating revenue
S3,593,£89
73,918
1,866,396
$3,565,478
126,000
1,838,468
$1,653,275
1,664,789
509,642
$1,601,010
1,550,089
567,538
Income balance to profit and loss.............. $1,155,147
—V. 144, p. 1591.
$982,551
—
Taxes
La
——
-
Interest, miscellaneous deduction, &c__
1936
1935
$11,278,266 $11,106,221
7,684,677
7,540,743
est.,
plant & equip. - .25,789,020 25,382,246
541,574
639,906
-,
5-year notes
-
due Aug. 1,1937
1,500,000
Northwest Tel. Co.
Boston & Maine RR.—Additional Bonds Authorized—
565,000
565,000
91,280
1939
100,000
Wt.Brd.4%bd.
6%
75,000
Accr. inc. not due.
Prepaid expense
298,673
114,237
Unam. debt, disc.,
was
stated that such
Bourne
144, p.
procedure would await favorable bond market
2289.
Mills, Fall River, Mass.—Dividend Increased—-
The directors have declared
a dividend of $2.50 per share on the capital
value, payable May 1 to nolders of record April 13.
Tnis
compares with $1.50 paid on Feb. 1, last, Nov. 1 and Aug. 1, 1936; $1 paid
on May 1 and Feb. 1, 1936; 50 cents in each of the four quarters of 1935;
$1 on Nov. 1 and Aug. 1, 1934; $1.50 on May 1, 1934, and $1 per share
paid in each of the three preceding quarters.—V. 143, p. 3140.
stock,
no par
Brandram-Henderson, Ltd.—New President,
fee.—
Gunn, Hugh Kearns, B. Y. Atkinson and Trevor Holland.—-V. 144, p. 1775.
143,
498,458
948,458
cum.
prefer¬
stock
1,000,000
1,000,000
17,571
46,342
ence
6%
cum.
stock
809.270
900,952
2,465
1,401,642
preferred
-—
_
Surplus
4,500.000
4,500,000
454,028
4,500,000
4,500,000
430,156
12,479
951,186
29,965,818 30,299,342
p.
con¬
Ordinary shares
exp.
Total
W
29,965,818 30,299,342
Total
2991.
•-mmmmrn.
Broad Street
Investing Co., Inc.—Earning
1937
$48,164
3 Mos. End. Mar. 31—
Cash divs. on stocks—
Interest
1936
1935
1934
$21,707
$21,371
$25,575
1,030
*■
277
$48,164
18,846
Deductions
Operating income.—on capital stock—
Divs.
$21,707
7,904
$22,401
5,784
$25,853
7,747
$29,316
x55,584
Total income
x
Norman Holland has been elected President to succeed Peter R. Jack,
resigned. New directors named include: J. McG. Stewart, Brig. Gen. J. A.
._
Cash
—V.
&
tingencies
Greater Vancouver
Accts. receivable..
7,578,038
fire loss,
accident
75,000
75,000
by.E. S. French, President, that the effect of this was not to increase the
It
bldgs., plant and
7,634,354
equipment
Res. for
bonds
Deferred charges.
237,019
21,176
493,773
590,720
Res. for deprec. of
aggregate mortgage debt, as practically all these bonds have already been
authorized, but are owned by the company, with most of them pledged as
collateral.
The most interesting of the authorized issues was not exceeding $18,-
conditions.-r-V.
mtge.
bonds
4)4% due June
6,602,000
1,1961
Accounts payable
317,973
Unearned rentals
22,365
Accr. liab
447,918
590,720
Empl. benefit fund
Vancouver & Dlst.
292,634
18,682
000,000 of collateral trust bonds, to be secured by general mortgage bonds,
which have already been authorized, and which collateral bonds, it was
explained, might be sold to private funds for paying off $7,500,000 of
Reconstruction Finance Corporation loans and $5,500,000 of bank loans.
10.000.000
1st
-
3% serial bonds.
premiums &
$
$
-
City of Vancouver
their
recent annual meeting, stockholders authorized issuance of
for refunding purposes when conditions are favorable.
The total
amount of such issues authorized was $48,000,000, but it was pointed out
Liabilities—
1st mrge. gold bds.
due Dec. 1,1960 3,398,000
-
5)4% 1st mtge.
bond due Dec. 1,
Board 4%
1935
1936
$
bldgs.,
Material in stores
31
1935
$
Assets—
Real
Sheet Dec.
Jt. Sew.& Drain.
bonds
_
$4,563,728
137,143
Balance
1936
revenue
income
1933
$4,718,915
Co.—Earnings—
Net operating income
1934
1935
1936
car serv.
Other def. liabs...
expenses
$8,206,532 $7,013,618
Total
Telephone Co.—Earnings—
Operating revenue
$4,984,154
Non-oper. rev., int., &c79,551
Surplus—
Boston Consolidated Gas
At
1,867,388
$8,206,532 $7,013,618
Years End. Dec. 31—
-V. 144, p. 2119.
Gross
Bldg., mach'y &
eq. auto & trks. 2,119,022
British Columbia
Lake & Llne'le
Profit & loss
Operating
Operating
138,106
335,042
4,140,160
1,296,734
x After reserve for doubtful accounts of $95,579 in 1935 and $17,392 in
1936. y After reserve for depreciation of $3.993,670 in 1935 and $4,061,519
in 1936.
z Represented by 739,592 (648,304 in 1935) no par shares.—V.
800
_
Approp. surp. not
specifically in v.
Total
Reserves
144, p. 2470.
Pref.—Pitts. Bess.
Unmat. int.
-..
397,403
413,407
5,043,684
1,700,474
State taxes
120,273 z Capital stock
94,357 Earned surplus
358,378
104,459
51,223
507,916
-
Total
for
Mead., Conn'ut
Tr. &
6,157
debits
230,946
$440,753
500,000
162,823
Res. for Federal &
Def. chgs. to future
y
1935
1936
$420,617
9,999,200
&
2,000,000
2,000,000
17,180,000 10.270,000
bal.
365,233
392,484
184,483
Aud.accts.&c.,pay
429,576
204,623
205
16,055 Miscell. accts. pay.
134,627
201,825
181,175
127,233 Int. matur'd unpd.
717
131
589,658 Dlvs. mat'd unpd.
16,654
.
Liabilities—
74,196
29,795
—
operation
$1.11
31
$266,643 Accounts payable.
1,487,463 Notes payable
2,744,920 Accruals & res
(not
rec.
current)
Funded debt
car serv.
Accts.
Sheet Dec.
1935
1936
$488,312
1,888,118
3,019,686
rec.
Land
9,999,200
Bess.
Lake Erie
Stock
Other investments
600
Cash—General..
1,358,604
Spec, cash deposits 1,789,684
rec.
Balance
1935
$
L. E
Pitts.
239,253
of
balances recelv.
$1.46
Invest. & advances
'
$22,982,463 $24,063,568 $25,968,865
1936
Miscell.
Traffic &
58.284
171.793
44,398
32,611
27,455
22,246
Com. stock—B. &
mtge. prop, sold
Inv.inaffil.cosi..
share
Inventories
35,009
Crl,600
9,896
1935
&
property.
Dep.
in lieu
-
per
Comparative Balance Sheet Dec. 31
1936
in road
Balance
x
73,315
Crl2,670
8,477
-
Shares of capital stock
Earnings
Cash..—
retired road and
Assets—
Net profit for year
Dividends
Assets—
Credit balance carried
to balance sheet
$22,978,312
Deferred
25,334.509
66,820
Accts. & notes
Miscell. approp. of surp.
Miscellaneous debits
Net bal.
$1,846,010
25,968.865
2,402
equipment
Invest,
$397,779
24,063,568
209,781
$28,567,066 $26,281,171 $26,399,879 $27,247,339
5,503,500
2,254,000
1,004,000
3.253,000
Surplus appropriated for
invest.in physical prop
Debt disc, extinguished
through surplus
Loss
$2,007,822
$13,803
$16,615
17,045
$18,104
18,007
13,450
Includes special dividend on capital stock amounting to
$22,234.
Balance Sheet March 31
1937
Assets—
1936
Liabilities—
1937
$56,178
d$6,592,465 c$l ,319,099 Dividends payable
153,321
506,972
56,197 Due for sec. purch.
Reserve for taxes,
Special deposits for
dividends
56,178
13,548
expenses, &c
33,163
Common stock
Rec. for sec. sold.bl,147,390
45,926
Divs. receivable.ll",865 Surplus
5,827,488
16,001
Invest, at cost
1936
$13,548
Cash in hanks
Brewster Aeronautical
Corp.—Registrar—
The Manufacturers Trust Co. is registrar for 425,000 shares of this com¬
pany's $1 par capital stock.—V. 144, p. 2470.
Bridgeport Brass Co.—Listing—
The New York Stock Exchange has authorized the listing
additional shares of common stock (no par) on official notice
pursuant to the offer to stockholders, making the total amount
944,990 shftros
of 185,398
of issuance
applied for
;
Stockholders of record April 9 (provided registration has been completed)
offered the right to subscribe to one share of additional stock at $15 per
$7,217,541 $1,400,710
Total
Total
30,751
a336,230
1,020,180
$7,217,541 $1,400,710
a Represented
by 67,246 no-par shares,
b Par $5.
c Market value
March 31, 1936, was $604,500 in excess of cost,
d Investments, based on
market quotations as at March 31, 1937, amounted to $8,151,923 or $1,-
559,459 in excess of cost, no deduction having been made for liability, if
with respect to Federal excess profits tax on the unrealized apprecia¬
are
any,
share, in respect to each four shares of capital stock held.
All subscriptions shall be received by the New York Trust Co., Sub¬
scription Agent, 100 Broadway, New York,
Proceeds to the company will be added to the general funds of the com¬
pany.
An equal amount of the company's general funds will be used from
time to time to defray the cost of construction of a rolling mill proposed to
be erected by the company and of the equipment for such mill, and the
cost of other additions to'and rearrangements of the company's plants and
equipment.
tion of investments.
Authorized
At
their
Shares Increased—
annual
meeting
held on April
13 stockholders approved
an
amendment to the company's certif. of incorporation so as to change the
number of authorized shares of capital stock of the company from 500,000 to
1,200,000 shares.
Stockholders also approved a change in the service
Corp. relating to the method of computing
Directors were re-elected.—V. 144, p. 1592.
contract with Tri-Continental
the fee for investment service.
Financial
2642
Broadway
Department
Inc.—Initial
Store,
Common
Dividend—
Tne directors have declared an initial dividend of 40 cents per share on the
value, payable May 1 to holders of record April 20.
—V. 144, p. 2290.
Buffalo Ankerite Gold Mines, Ltd.—Extra Dividend—
The directors have declared an extra dividend of 5 cents per share in addi¬
tion to tne regular quarterly dividend of 1214 cents per share on the capital
stock, both payable in Canadian funds on May 15 to holders of record
May 1. A dividend of 1214 cents was paid on Feb. 1, last, and previously
regular quarterly dividends of 5 cents per share were distributed.—V.
144, p. 606.
Buffalo Niagara & Eastern Power
Income Account for
Income—
From sub. cos.—Divs.
Corp.—Earnings—
The principal products are women's wear dress fabrics which are sold in
grelge to converters in N. Y. City and subsequently resold by these
the
1936
1935
$589,950
4,807,222
$386,179
4,768,260
310,526
348,203
570
$113,613
4,997,510
486,524
62,749
$5,707,698
119,725
150,184
254,691
$5,503,212
54,585
117,435
81,688
$5,660,396
82,891
91,487
4,124
$5,249,504
$5,481,893
1,750,000
3,354,727
1,750,000
3,354,726
1,750,000
3,354,258
pref. stocks
-
Total income
-
Expenses—
...
Taxes
Interest
Net income
First pref. dividends
Preferred dividends
Class A dividends
200.597
Income Account for
Calendar Years (Including Subsidiaries)
1935
1936
1934
1933
$34,953,923 $31,051,253 $30,405,734 $29,393,819
revenues
&
retirement
expenses and taxes— 21,445,642
18,645,637
17,619,282
draperies made from rayon yarns, cotton yarns or from rayon and cotton
yarns combined.
Some of the draperies are sold in the finished state to
the chain store, jobbing and mail order trades, as well as to the converters
in the greige.
The bedspreads are sold in the finished state to the retail,
chain store, jobbing and mail order trades.
The products are sold through The Burlington
N. Y.
Corp.,
as
Operating income
16,250,727
Other
par)
23,591
49,962
99,731
Amount
Outstanding
on
pref.stk.of subs.
203,771
307,434
476,337
280,777
589,950
295,721
$8,334,131
1,750.000
3,354,727
200,597
$7,100,196
1,750,000
3,354,726
$7,243,553
1,750,000
3,354,258
$7,441,120
1,750,000
3,352,671
165,493
665,914
$3,028,807
$1,995,470
$2,139,295
$1,507,042
Miscell. deductions
468,658
Net corp. income
1st pref. cuv. requirem'ts
$1.60 pref. dividends—
Class A dividends
Common dividends
Balance-.
balance Sheet Dec. 31 (Parent Company Only)
1936
1935
$
Assets—
$
Investments.
1935
$
$
5% serial notes
$2,000,000
$2,000,000
First mortgage 6% bonds
100.000
90,000
Promissory notes
43,643
29,096
Promissory notes
43,643
30,551
Underwriting—As to 198,800 shares of common stock, 28,000 shares of
common stock issuable upon exercise of stock purchase warrants evidencing
rignts to purchase such shares and said stock purchase warrants, the names
of tne several underwriters and the number of shares and of stock purchase
warrants severally underwritten by them, are as follows:
5,869,000
110,630
506.191
Advances
86,929,165
11,209,050
4,644,000
3,982
167,091
527.544
Other invests.-.
Furn.&fixt's—
Cash
Notes A Acots. receivable
206,326
37,419
subs, company
Deferred charges
stk.(350,000sh.
no par)
35,000,000
35,000,000
$1.60cum.pf.stk.
($25 par)
52,418.125
52,418,125
Class A stk. (501,493 shs.,no par)
501,493
501,493
Com.stk.(2,020,125 shs.,no par) 2,020,125
2,020,125
Advs. fr. Niagara
Div. receiv. from
98,325
26,382
98,325
2,125
Hud.Pr.Corp.
5,168.305
22,747
126,980
Accts. payable.Taxes accrued..
Div.
accrd.
Miscell. reserves
Capital surplus.
Earned surplus.
104,775,799 103,811,867'
3,718,305
506,285
30,397
291,666
11,262
285,133
7,315,354
1,614,607
291,667
on
pref. stock—.
Interest accrued
Total
Total
285,684
7,301,460
1,738,325
104,775,799 103.811,867
1936
Prop., plant, &c.232,598,065
Investments...
913,134
Sinking funds..
40,892
2,056,052
Cash
Notes
&
receivable
Prepaid
230,418/^
1,006,157
43,323
2,519,948
2,990,710
1,884,521
35,000,000
52,418,125
501,394
2,020,125
y
Funded
828,561
3,317,040
debt
of
sub.co
Advs.
701,722
1,967,746
$
($25 par)
52,418,125
Class A stock.
501,493
Common stock
2,020,125
1,608,839
taxes,
Insurance, Ac.
1935
$
$51st pf. stock 35,000,000
$1.60 pref. stock
x
z
3,208,601
Defd. charges..
Liabilities—
$
accts.
Mat'ls & suppl's
1936
1935
$
„
96,230,500
96,097,000
Nlag.
Hud.Pr.Corp
Accts. payableBonds called for
5,168,306
573,538
3,718,305
2,263,535
936,000
..
Consumers' dep.
514,211
1,260,847
1,429,821
497,284
1,219,979
1,173,368
291,666
12,084
291,666
21,649,818
Miscell. reserves
1,141,351
Capital surplus7,315,354
Earned surplus. 17,843,494
18,994,363
1,042,654
7,301,460
19,245,492
Taxes accruedInterest accrued
Divs. accrued on
pref. stock—
Other
Res.
curr.
for
liab.
x
—243,370,734 242,732,936
Total
12,084
243,370,734 242,732,936
Represented by 350,000
no par
shares.
no par shares,
y Represented
by 501,493
zRepresented by 2,020,125 no par shares.—V. 143, p. 2992.
28,400
10,450
8,550
4,000
28,400
7,100
4,000
1,000
60,700
-
Proceeds—The amount to be received by the company from 198,800 shares
will be $3,150,000, and the amount to be received from the sale of stock
purchase warrants will be $10,476, a total gross proceeds of $3,160,476.
Net proceeds will be approximately $3,090,834.92.
In addition, if the
10,000 shares reserved for issue to officers and employees are all issued and
sold, company will receive at least $180,000.
Funds are to be used to provide additional working capital considered
desirable in view of increased volume of business and to provide funds to
effect certain improvements and additions to present plants, &c.
Stock Purchase Warrants—Each stock purchase warrant entitles the holder
thereof to purchase, on or before April 1, 1939 the number of shares of
common stock indicated at $18 per share.
served for issue and sale to such officers and employees upon sucn terms
and at such prices (but not less than $18 per share) as directors may from
time to time determine.
It is not the present intention to sell sucn shares
at more than $25 per share.
Condensed Combined Income Statement of Predecessor
Constituent & Sub. Cos.
$20,900,330 $16,606,543
2,074,277
1,635,455
461,644
293,727
$1,341,727
32,686
$1,612,633
58,708
$1,686,019
,
Net profit—
Other income
$1,671,341
$1,382,596
204,819
,
■
.ii
Total income
-
h
■
,
$1,653,333
-
40,868
Other
deductions, incl. interest and
provision for credit losses-
305,446
308,895
241,441
147,866
242,504
225,082
$991,265
$1,119,942
$952,694
20,697
16,569
7,000
Federal and State income and excess
profits taxes.
—
Federal undistributed profits taxes—
by outside interests
_
—-—
_
$1,103,372
$945,694
The Guaranty Trust Co. of N. Y. has been appointed transfer agent for
600,000 shares of common stock, $1 par value, also agent for the transferring,
splitting or grouping of common stock purchase warrants.—V. 135 p. 4037,
Net profit
$970,568
Burns Bros.—New Director—
1
Charles F. Huber has been elected a director in place of William A. Inglis.
p.
1950.
Bush Terminal Buildings Co.—To Accept
See Bush Terminal Co., below.—V. 144, p. 2470.
Bush Terminal
Reorg. Plan—-
Co.—Reorganization Plan Acceptable—
The N. Y. Stock Exchange has been notified that
stockholders of record
April 17, 1937, will be entitled to accept the plan of reorganization of Bush
Terminal Co., and Bush Terminal Buildings Co., dated Feb. 4, 1937; as
modified by the statement of modifications dated
March 26, 1937.—
V. 144, p. 2119.
California Oregon Power
Co.—Earnings—
Year Ended—
Operating
Operating
Feb. 28, *37 Feb. 29, *36
$2,329.632
300,000
$2,471,529
866,229
$2,029,632
239,319
1,028,099
45,047
199,018
14,046
7,508
156,989
15,600
$1,108,421
Net operating revenue
retirement reserve)
$2,322,618
7,014
$2,771,529
300,000
maintenance and all taxes—
$4,079,616
al,756,998
688
expenses,
$4,428,887
1,658,047
$2,770,841
revenues
$582,116
(before appropriation for
Other income
Net oper. revenue and other income
appropriation for retirement reserve)
Appropriation for retirement reserve
I
Amortization of debt discount and expense
Other income deductions
The registration statement filed with the Securities and Exchange Com¬
mission covered 247,911 shares and stock purchase warrants to purchase
39,111 shares of common stock.
Of the remaining 59,111 shares common
registered 10,000 shares will be purchased by Commercial Investment Trust
and will be reserved from the Initial public offering, 10,000 shares are re¬
and 39,111 shares
are
reserved
>
Business—Corporation was incorporated in Delaware on Feb. 15, 1937.
Pursuant to agreements and plans of reorganization, company has recently
acquired all the assets, property and goodwill, subject to liabilities, of
Burlington Mills Co., Inc., Rayon Fabrics Corp. and Duchess Fabrics
Corp., North Carolina corporations.
Burlington Mills, Inc., tne original corporation, was incorporated in 1923.
Inv.1934 Burlington Mills Co., Inc., succeeded to the business of Burlington
Mills, Inc., and of five other corporations and of Burlington Mills Co.
(a copartnership), which had been engaged in the same general business
since various dates subsequent to 1923.
Rayon Fabrics Corp. and Duchess
Fabrics Corp. commenced business in 1931.
Burlington, Mills Inc., com¬
menced business in 1923 with 200 looms, whereas the new company and a subnow operate 4,710 looms.
*
The predecessor corporations, directly and through subsidiaries, were
engaged in manufacturing woven fabrics from rayon yarns and rayon
mixtures, and to some extentSfrom cotton yarns; throwing and dyeing rayon
yarns and, to some extent, cotton yarns, dyeing and finishing cloth; and
selling the manufactured goods.
1934
1935
Years Ended Dec. 31—
1936
Sales (less returns and allowances)-—$25,421,358
Net profit from operations
2,124,454
Provision for deprec. and obsolescence
471,121
Burlington Mills Corp.—Stock Offered—A group headed
by Lehman Brothers and including Commercial Investment
Trust, Inc., A. G. Becker & Co., Inc., Hallgarten & Co.
and R. S. Dickson & Co., Inc., of Charlotte, N. C., on April
15 offered at $18 a share 188,800 shares of 198,800 shares of
common stock of the corporation purchased by them.
served for issue to officers and employees,
for issue upon exercise of the warrants.
Each
retire.
of prop., Ac..
Total
Warrants
for 1 Share
74,200
-
Hallgarten & Co., New York
R. S. Dickson & Co., Inc., Charlotte, N. C
—V. 144,
fr.
redemption
Lehman Brothers, New York
Commercial Investment Trust Inc., New York
A. G. Becker & Co., Inc., New York
Net profit
Divs. on stocks of certain subs, owned
Consolidated Balance Sheet Dec. 31 {Including Subsidiaries)
Assctsmmm~m
No. of
of
Shares
Employees' Stock Purchase Plan—10,000 unissued shares have been re¬
$5 cum. 1st pref.
Common stks. 86,943,059
Pref. stock— 11,209,050
•
1936
Liabilities—
with Public
Authorized
108,452
Gross income available
for interest charges.$13,531,871 $12,455,578 $12,886,183 $13,251,544
Interest on funded debt4,729,082
4,844,177
4,885,516
4,924,753
Divs.
Outstanding
549,070 shs.
x600,000 shs.
By resolutions of directors adopted March 24, 1937, 39,111 shares
have been reserved for issue upon exercise of stock purchase warrants and
10,000 shares have been reserved for issue and sale to officers and employees.
The following is a statement of the funded debt and notes of the prede¬
cessor corporations or their subsidiaries assumed pursuant to the agreements
and plans of reorganization.
The balances outstanding are after deduction
of amounts due and paid up to and including April 1, 1937
x
$13,508,280 $12,405,616 $12,786,452 $13,143,093
income.;
subsidiary,
follows:
Common stock ($1
Number
_
a
City.
Capitalization—After giving effect to the issue of the 198,800 shares of
common stock being purchased by the underwriters, the capitalization will
Authorized
1934
$5,183,099
on
cutting up trades which are largely
centered in N. Y. City.
Other products which are sold to the converting
trade include lining fabrics, decorative fabrics of many types, corset cloths,
spun rayon suitings for men's wear and underwear fabrics.
Another Im¬
portant part of the business is the manufacture and sale of bedspreads and
be
Calendar Years (Parent Compnay Only)
Dividends on common stocks
Interest on advances
Other interest
Operating
Operating
April n, 1937
converters in the finished state to the
common stock, no par
_
Chronicle
(before
Gross income
Rent for lease of electric properties
Interest charges (net)
Amortization
of preliminary
costs
abandoned
238,769
of
projects
—
Net income..
a
Including $166,668 for amortization of extraordinary operating expenses
deferred in 1931.
Note—No provision has been made for Federal income taxes or surtax on
undistributed profits for 1936 as the
company will claim as a deduction
in its income tax return the unamortized discount and expense and
tion premium and expense on bonds and debentures redeemed
which will result in
Calumet
Sale
&
no
redemp¬
in 1936
taxable income.—V. 144, p. 2291.
Hecla
Consolidated
Copper
Co.—Stock
Approved—
Directors have approved the sale of the company's holdings of 35,000
shares (23.3% interest) Isle Royale Copper Co. to new interests, largely
affiliated with Paine, Webber &
Canadian National
Co.—V. 144,
p.
2471.
Ry.—Annual Report—
For annual report see page
2684.
Earnings of System for Week Ended April 7
1937
Gross earnings
—Y. 144, p. 2471.
"
$3,962,443
1936
$3,358,934
Increase
$603,509
Volume
Financial
144
Canadian Pacific
Ry.—Earnings—
Chronicle
Central of Georgia
>
1937
1936
Avge. miles operated
Canadian Western Natural Gas, Light,
Heat & Power
C°i» JLtd.—E arnings—
"
Calendar Years—
1936
.......
Total income
Expenses, &c
Deprec., depletion
1935
1934
1933
$2,259,349
57,265
$2,219,726
47,045
$1,915,626
47,999
$2,055,617
29,801
$2,316,614
1,626,145
Sales of gas
$2,266,772
1,512,821
$1,963,625
1,373,655
$2,085,419
1,379,028
carr.
(tons)
rev. tr. load (tons).
Passengers carried
453.12
1,262,958
Pass, carried one mile
Av. rev. per pass.per mi.
90,097,702
1.57 cts.
$0.63
$8,269
Earns, per pass.-tr. mile
Oper.
of road
rev. perm,
1934
1,927
5,321,387
1,927
5,833,915
carr. 1 mile—.1206667507
Av. rev. per ton per mile
1.06 cts.
Rev. per frt .-train mile.
$4.25
Av.
1933
1,936
4,697,861
105299^604 983,048,896 868.217,873
1.08 cts.
1.11 cts.
1.13 cts.
$3.96
$3.96
$4.15
427.89
416.27
399.60
1,105,041
76,974,068
1,006,929
73,347,024
577,955
55,560.604
1.59 cts.
1.57 cts.
$0.43
1.79 cts.
$0.45
$7,513
$0.38
$6,268
$6,931
4
and
amortization
222,090
Preferred dividends
Rev. frt.
Rev. frt.'
1935
1,927
6,570,625
$204,000
—V. 144, p. 2471.
Other income
Receiver's Accounts)
Increase
1936
$2,615,000
$2,719,000
Ry.—Earnings—
Traffic Statistics for Calendar Years {Combined Corporate and
Earnings of System for Week Ended April 7
Gross earnings
2643
Ordinary dividends.
145,314
217,918
$519,474
182,138
240,000
$444,656
172,017
160,000
$488,473
193,478
240,000
$50,734
„
234,478
$468,378
177,644
240,000
$97,336
$112,639
$54,995
Balance, surplus.....
Income
Account
for Calendar
Freight!
Passenger
Mail, express, &c
Incidental-.
-
Joint facility
Years
Corporate and Receiver's
{Combined
Accounts)
s ■
1934
1936
1935
$12,803,105 $11,684,337 $10,660,080
1,412,129
1,227,336
1,151,774
1,291,258
1,199,423
1,180,351
402,607
342,476
338,459
23,257
20,165
22,486
Ry. Oper. Revenues—
-
1933
.
$9,815,252
994,920
1,054,593
236,244
31,332
Balance Sheet Dec. 31
1936
1935
Assets—
$
$
Fixed assets.
15,118,082
1 5,322,448
1936
Liabilities—
Pref'cesh.redemp.
sinking fund—
490,995
420,995
120,000
25,000
130,000
Inv.ln 6% notes of
Cndn. Utll., Ltd
Adv. to affil.
Advs.
tion
to
co_
..
26,000
41,777
.
»
«.
Other advances...
Cash
on
banks
accrued interest.
345,076
342,625
119,855
98,775
3,198
50.297
108,684
Unclaimed divs
579,813
353,829
Unclaimed
282,541
Accts. receivable
271,793
Advs. to officers &
of
Transportation
Miscell. operations
deposits..
14,712
10,461
1,709
cos.
....
M
2,510
Total ry. oper. exps..$13,292,495
Net rev. from ry. oper—
2,639,862
Railway tax accruals..1,137,601
Uncollectible ry. rev
Railway
(current)..
9,039
1,809
Mat'ls & supplies.
88,438
96,802
11,427
14,034
Dr262,457
150,965
167,383
27,798
420,995
248,358
32,366
reserves..
Special surplus...
490,995
215,005
reserve
Total
16,819,919 16,757,757
for doubtful accounts of $15,091 in 1936 and $12,819 in
1935.—V. 143, p. 422.
Capital Administration Co., Ltd.—Earnings—
3 Mos. End. Mar. 31—
Cash divs. on stocks....
1937
1936
1935
1934
Net income
$49,517
34,758
$56,272
29,806
$69,519
97,400
$84,276
61,635
$22,641
32,550
$25,007
.65,100
Note—Net profit from sale of securities for the first quarter of 1937, after
providing for Federal income tax of $51,200 amounted to $313,004.
Balance Sheet March 31
Assets—
1937
Cash............
1936
$675,682
$636,011
$22,953
157,700
110,066
111,135
$22,965
159,126
118,918
115,528
$27,633
158,214
128,837
117,157
Gross income
$397,926
1,637,731
$401,854
1,441,364
$416,537
1,092,220
$431,841
1,067,852
Deductions—
Int. on funded debt
Int.
on
non-negotiable
2,803,183
2,887,304
3,010,294
3,035,978
50,338
50,241
382,523
256,502
50,241
377,712
273,486
$2,607,342
$2,669,565
5683,565
a
3,792
3,122
41,073
c
Deposits in foreign
Preferred
stock,
1936
8434,000
143,405
2,400
b Class A stock—
currencies
Class B stock—
8434,000
Dividends pay....
35.519
Bank loans, secur.
1,700,000
392.055
419,176
$2,027,023
$2,248,198
Balance, deficit
Due
sees.
sold.
2,112
for
1936
Assets—
35,519
33,127
Res.
for
56.140.889
a
132
132
637,621
84,176
Total...
269,000
278,235
321,852
adv.&c
672,758
1,659,424
344,238
321,852
771,346
1,282,895
923,000
Traf. & car-serv.
affil. cos---"-.
995,107
995,107
Liens & bills pay
1,497,322
1,790,058
balances pay
101,931
41,024
1,202,035
Misc. accts. pay
336,417
Int. mat'd unpd. 10,762,462
Unmat. int. accr
664,264
1,380,315
89,265
8,233,519
668,392
_
Audited accts. &
Time drafts and
b Shares of $1
par
Represented by
deposits
Special deposits.
value,
c
31, 1937, amounted to $7,560,665, or $2,250,711 in excess of cost, after
deducting the normal Federal income tax on the unrealized appreciation of
investments in the amount of $410,000.
No deduction has been made from
the unrealized appreciatiion of investments for liabilities, if any, with
respect to Federal excess profits tax or surtax on undistributed profits.
—V. 144, p. 2291.
* "
s—mmmmmmmm
4
—
lfl v "■**
111
■
*****
•
1
—
-r
directors
have
declared
a
dividend
capital stock, par $10, payable May 1
of 25
cents
per
share
to holders of record
Loans & bills
wages
payable
Unmatured rents
the
April 20.
A
cents per share previously
each three months.
In addition, an extra
dividend of five cents per share was paid on Feb. 1, 1935.—V. 144, p. 1269.
1937
1936
$60,838
$298,200
$95,150
$83,695
Shares common stock.240,000
120,000
120,000
120,000
Earnings per share.—
$0.50
$1.24
$0.79
$0.69
March net profit was $152,137, or 63 cents a common share.—V. 144,
p. 1951.
Central Arizona Light & Power
Period End. Dec. 31—
revs,
Other income (net)
,
Gross corp. income
Int. on mortgage bondsOther int. & deductions.
curr. assets
Insur. & oth. fds
Oth. def'd assets
$283,384
193,028
$3,435,788
2,334,476
$2,967,479
2,103,916
$70,172
21,377
$90,356
13,780
$1,101,312
169,312
$863,563
255,539
$91,649
31,250
$104,136
31,250
$1,270,624
612
546
324,034
327,540
139,575
prem.
advance
13,345
9,137
723,485
194,895
.107,854,281
p.
11,313,264
Accrued deprec.,
miscell. phys.
107,460,036
238,582
property
Oth. unadj. cred
385,252
238,582
366,183
4,080,967
4,064,039
229,213
3,829,164
229,213
932,250
107,854,281
107,460,036
Add'ns to prop,
thru,
income
and surplus
re¬
through
inc.
167,510
Oth .unadj .debits
144,
Accr. dep.,eqpt.
2,894,291
4,125
Dr 10,668
10,684,357
306,476
tired
paid in
Dtec.on fund.dt
—V.
2,909,291
7,024
liability—
Funded debt
Rents & insur'ce
surplus
Profit & loss, df.
Total
2471
Central Illinois Public Service
1936
Co.—Earnings—
1935
xl934
xl933
Gross earnings—
Oper.
exps.
$12,482,624 $11,422,734 $11,058,144 $10,817,728
& taxes, &c.
8,499,284
7,816,622
7,563,257
7,362,526
$3,983,340
97,563
$3,494,887
36,871
$3,455,202
20,858
$3,643,305
2,709,589
$3,531,758
2,859,695
$3,476,060
2,833,625
$1,542,506
Gross income
$3,606,112
37,193
$4,080,902
Other income
$1,119,102
375,000
6,567
375,000
7,469
75,509
555,846
1.074,375
65,334
21,067
15,749
14,032
15,674
305,540
Operating income
1936—12 Mos.—1935
$318,755
248,583
from oper.
86,414
547,486
1,280,928
58,620
rec.
suppl.
Int. & divs. rec.
Co.—Earnings—
1936—Month—1935
Operating revenues.
Oper. exps. (inch taxes).
&
Total
1934
1935
Deferred liabils.
10,256
23,178
45,674
Fund. dt. mat'd
Tax
agts.&conduc
Mat'ls
10,776
Oth. curr. liabil.
unpaid
bals. receiv'le.
Misc. accts.
accrued
122,086
65,809
Net bal.rec. from
(A. M.) Castle & Co.—Earnings—
Net profit after deprec.
and Federal taxes
250,000
13,736
rec
Work, fund adv.
on
like payment was made on Feb. 1, last and compares with a special divi¬
dend
of $1.75
paid
on
Dec. 15, 1936; 35 cents paid on Nov. 2, 1936;
25 cents paid on Aug. 1, 20 cents paid on May 1 and Feb. 1, 1936, and 15
3 Mos. End. March 31—
200,000
374,324
16,213
Traf. & car serv.
Oth.
Capital Management Corp.—25-Cents Dividend—
Net
566,760
791,613
ctfs.
.55,925,802 $6,140,889
no par shares,
d Market value March 31, 1935 was $1,560,636
in excess of cost,
e Investments, based on market quotations as at March
*"*
566,760
605,889
<fc
Notes,
4,840,000
_
—
Shares of $10 par value,
The
Income bonds.
Non-nego. dt. to
ind'tness
Bonds
7,0,68
2,391,000
48,613,000
4,840,000
269,000
571,000
Underlying liens
5,089,634
65,000
Bonds.
46,895
2,981,061
3,360.190
7,383
1,788,000
.
Equip, obllga'ns
5,089,954
222,000
Stocks.
20,000,000
Receiver's ctfs.-
Stocks
of
$
20,000,000
-
Mortgage bonds 48,770,000
Other invest..
240,000
*mm.
3,973,540
640,464
Cash
55.925,802
4,015,414
Misc. phys. prop
Inv.in affil. cos..
Notes
1935
$
Stock
construction
since
Advances
166,113
taxes, &c
-ac?
89,988,643
Grants in adi of
June 30, 1914
Depos. in lieu of
expenses,
Surplus
Total
Liabilities—
$
90,349,891
Impts. on leased
ry. prop,
1936
1935
$
lnv.rd.& equip.
securities
purchased
dividends
.
Consolidated Balance Sheet Dec. 31 {Corporate and Receiver's)
2,500,000
Rec. for
Special deposits for
■ .
Miscellaneous
143,405
Invests, (atcost)..c»5,309,954 d5,380,003
27,848
UAVa*
•
50,241
393,389
358,628
2,400
33,127
Dlvs. & int. receiv.
sec.
Miscell. rent income—
Miscell. non-oper. inc..
mtg. prop, sold
1937
Liabilities—
S546,576
$1,239,804
$1,039,510
$86,078
61,071
$45,599 loss$27,881
32,550
32,550
_
Preferred dividends
$56,925
12,594
$73,765
28,166
Total income.
Deductions
$978,500
Dr342,489
debt to affil. cos
Rent for leased roads
$64,942
8,823
Interest received
$1,120,862
Dr445,180
$28,127
149,864
114,598
105,340
Dividend income
Income from funded
VVW4
16,819,919 16,757,757
After
$1,391,566
Dr352,056
income $1,502,261
oper.
Other income
Net ry. oper. income.
Earned surplus—
x
$12,224,590 $11,340,897 $10,356,850
2,250,955
2,012,254
1,775,494
857,582
888,159
794,926
3,233
2,068
Non-Operating Income—
(estimated)
Miscell.
1,417,876
2,668,084
573,063
4,849,628
40,457
809,020
1,278
1,531,852
2,863,369
588,984
5.354,413
55,161
949,339
2,222
1,732,865
3,093,474
620,288
5,953,668
59,290
766,931
1,927
-
inc.& other taxes
Deferred charges..
-
Transp. for invest.—Cr.
Prov. of Alberta
2,042
affil.
1,940,265
3,287,767
637,507
6,364,275
93,618
971,417
2,355
General
Dom.of Canada &
& other expenses
cos.
3,238
Maint. of way & struct.
Maint. of equipment—_
Traffic
consum
Indebt.to affil
empl. for travel.
Indebted,
8,000,000
1,758,039
1,721,785
37,343
420,995
Accounts payable.
9,318
hand & in
Investments
x
8,000,000
1,838,996
1,572,636
Reserve for deprec.
43,370
Cap. redemp. res.
490,995
Consum. depos. &
reserve.--
Res. for amortiz..
$14,473,737 $13,353,151 $12,132,343
Railway Oper. Expenses
$
3,500,000
each)
explora¬
companies
;
6% cum. pref'ence
shs. ($100 each) 3,500,000
Ordinary shs.($100
General
(affiliated co.)-.
Total ry. oper. revs__$15,932,358
1935
S
$933,716
569,495
$672,063
142,381
$642,435
427,223
$1,542,506
$364,221
$529,682
$215,212
Interest charges, &c
2,538,397
Net income
Preferred dividends
Balance, surplus---..
x
Consolidated.
Consolidated Balance Sheet Dec. 31
Balance
-----
Property retirement
reserve
$59,687
$72,340
appropriations
$888,155
265,000
$737,535
208,990
1936
Assets—
x
Balance
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Balance
Regular dividends
$623,155
$528,545
108,054
108,054
a
$515,101
$420,491
$7 and $6 preferred stocks were paid on Nov. 2,
1936.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—No provision has been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1936, inasmuch as there was no
adjusted net taxable income undistributed for that period.—-V. 144, p. 2292.
x
on
Certain-teed Products
I
Notes and accts.
receivable
Pref.
stock
comm.
-
1,502,954
1,215,104
647,932
706,063
83,224,095 83,879,620
and exp_
1,165,406
1,233,960
338,693
3,283,170
82,417
62,443
1,170,783
3,462,483
80,166
63,850
Investm'ts in other
Prepayments
Special deposit
$
payable...
504,131
426,971
Consumers' depos.
Accr. int. & taxes.
1,089,006
107,300
Federal inc. taxes-
Dividends payable
Misc.
1935
$
361,191
372,432
998,388
2~8~9~884
liabil..
48,134
55,894
26,021,965 26,021,965
593,000
6% pref. stock
593,000
b Common stock.. 10,413,720 10,413,720
Funded debt
49,329,500 50,421,000
Reserves
2,851,750
2,770,908
Paid-in surplus
63,146
63,146
Earned surplus
1,772,525
1,206,354
curr.
$6 pref. stock
selling
cos., &o
Bond disct. & exp.
Liabilities—
Accts.
Corp.—-New Directors—
Stockholders elected Robert L. Moore, Thomas H. Dugan, and Edward
G. Roos to the board of directors.
Harold S. Maddock, retired.
Due to
lack of quorum, meeting was adjourned until May 14 to vote on change in
amendments.—V. 144, p. 2292.
$
1,799,477
14,507
Working funds
Mat'l & supplies.
Fixed assets
1936
1935
$
2,855,907
Cash
Total
a
93,221,148 93,567,883
After
reserve
and $407,262
144,
p.
1951.
in
Total
93,221,148 93,567,883
for uncollectible accounts and notes of $293,432 in 1936
1935.4
|
b Represented by 260,343
($40 par) shares.—V.
2644
Financial
Central Indiana Gas Co.
Calendar Years—
-Earnings-
1936
1935
1934
1933
$1,761,029
1,385,022
$1,424,340
1,084,393
$1,259,039
968,131
$1,226,974
947,744
$376,007
2,831
$339,947
$290,908
$279,231
935
48
241
$378,838
73,679
$340,882
65,128
$290,956
61,325
$279,472
59,589
$305,159
$275,754
$229,631
$219,884
307,825
307,517
306,755
297.474
$31,763
$77,125
__
Balance
Prov. for retirements...
Gross income
Deducts, from gross inc.
(int. & other inc. chgs)
Net loss.
$2,666
Assets—
1936
Prop., plant & eq.10 ,830,433
6)4% cum. pf. stk.
Cash
x
'
Notes receivable..
Accts. receivable..
Due from affll.cos.
Merchandise,
$
Liabilities——
10,808,942
67,759
1,793
180,325
201,673
6,086
1,990
83,018
1,481
1,281,000
17,667
98,184
3,974,350
124,799
128,303
Funded debt
62,235
Appli'ces on rental
4,018,969
Common stock..
Notes payable
Accts. payable
ma¬
terials & suppl's
4,884
Def'd credits Items
Prepaid Insurance,
taxes, &c
5,364
Special deposits—
4
Proceeds of the sale will be used for the construction of a new steamelectric generating plant on the outskirts of Bluffton, Ohio.—V. 144, p.1270.
Century Shares Trust—Earnings—
3 Mos. End. Mar. 31—
Gash dividends
Retirements
1,000
529
Uncollec. accts.
12,576
Contrib. for ext.
1,081,077
32,018
2,192
1936
1935
1934
$63,176
$23,419
$19,326
$101,344
$63,176
$23,419
$19,348
270
6,561
2,027
240
120
7,637
1,264
2,876
468
387
$92,486
1,820
$54,035
$19,955
$18,028
552
828
and sales of par tic. shs.,
2,909
10,773
687
122
Undistributed income.
$97,215
$65,361
$21,470
$18,150
1935
1934
22
Total income
Net income
Undist. net income
Net div.
accr
d
on
Balance Sheet March 31
Assets—
b Investments:
1937
Casualty insuranceLife insurance
103
86,675
x
Represented by 50,000 no par shares.
aggregating $146,250
Note—Dividends
cumulative preferred capital stock for
Dec. 31, 1936.—V. 143, p. 3309.
11,225,843 11,149,196
—
$755,598
8,110,360
1,062,042
$468,605
6,207,252
1,010,024
$102,366
2,131,311
460,508
$67,957
1,698,087
368,868
2,777,056
723,703
333,647
61,261
1,460,063
457,419
474,634
41,956
985,443
300,478
125,104
17,211
858,504
300,604
1,658
13,268
$4,122,422
$3,308,949
3,664
3,757
9,842
al3,712,946 ©10,050,834
97,215
65,361
2,003
460
d4,098", 949
c3.289",860
Fire insurance
1,634
3,791
89,340
Total
,
Banking instutitions:
N. Y. bks. & tr.
cos.
.
cos—
Cash with brokers
Accr d divs. receivable.
in arrears on the 6^%
the period from July 1, 1932, to
are
Liabilities—
Accrued expenses
,/ Central States Edison, Inc. (& Subs.)—Annual Report
Accrued taxes
Consolidated Statement of Earnings and Earned Surplus for Year Ended
Dec. 31, 1936, Compared with Period from Date of Organization,
Undistributed
income.
_
March 1, 1935, to Dec. 31, 1935
1936
Electric
Operating
xl935
expenses
Maintenance
Taxes (other than Federal income tax).
Depreciation
$220,601
53,225
64,680
$378,699
188,848
31,850
27,407
41,610
;
$338,506
178,105
27,583
25,726
37,650
$88,983
4,571
Chain Store Investment Corp.—Initial Common Div.—
The directors have declared
$70,411
689
Gross income of subsidiaries
Int. charges of subs. (1935 figure excludes $20,215
of int. accruing to predecessor parent company).
Earns, of subs, for 2 mos. ended Feb. 28, 1935, be¬
fore charging int. accr. to parent co. of $20,215—
755
6,492
52,205
Consolidated earned surplus at beginning of period
Excess of par value over cost of bonds reacquired—
6,642
44,142
$34,167
11,479
7,618
—
Chain Store Investors
969
7,579
Expenses of Central States Edison, Inc., after de¬
ducting miscellaneous income
Int. on Cent. Sts. Edison, Inc., coll. trust bonds—
Net income
an initial dividend of 5 cents per share on the
stock, payable May 1 to holders of record April 15.—V. 144, p. 927.
$69,442
$93,555
Non-operating income of subsidiaries
dividends
Interest
$2,662
75
Total income.
$2,737
Expense
338
$11,291
""l88
Showing earnings of subsidiaries for full
x
$11,479
$53,264
year
Net income-
$2,399
1,664
Dividend
Balance Sheet March 31, 1937
Assets—
Liabilities—
Cash
$3,963
Long-term debt
Notes
Ice coupons
receivable
Accounts
401
receivable
Accounts receivable—mlscell.
35,947
1,155
25,925
.
Inventories
Insurance
sold
Accr. int.
on
outstanding
long-term debt—
Other accrued interest
Accrued
sold (see contra)
Consumers' & line ext. deposits
Reserves
Merchandise accts.
Deferred charges
receivable
4,303
33,353
247,881
114,438
Capital stock
Earned
$1,520,351
53,264
surplus
Total
$1,520,351
Note—(a) The above statement does not reflect the liability of
by 4,756 shares)
112,384
on
Earned surplus——————
1,580
Total
$118,517
$118,517
Total--
-V. 144, p. 1951.
Cherry-Burrell
The
a
the Bureau of Internal Revenue upon its review of the accounts of the con¬
62^
paid
on
cents per share.
In addition an extra dividend of 12M
Nov. 1, 1935.—V. 144, p. 607.
Chester Water Service
cents was
Co.—Earnings—
(Including Wholly-Owned Non-operating Companies)
Calendar Years—
1936
Operating revenues
Operating expenses
1934
1935
1933
$521,325
128,569
25,799
23,630
$486,422
131,685
16,692
16,531
$470,771
112,549
13,027
17,046
$343,326
$324,670
1,713
$321,514
1,726
$328,150
1,634
$349,698
General taxes
$493,619
128,354
16,893
23,702
6,372
Maintenance
stituent companies.—Y. 143, p. 2831.
Again Increased—
directors
common
^quarters, and 15 cents paid on Nov. 1 and Aug. 1, 1934.
This latter pay¬
ment was the first made since May 1, 1931, when 37 J4 cents per share was
paid; previous thereto the company made regular quarterly distributions
subsidi¬
ary of approximately $8,800 covering partial cost of construction of a trans¬
mission line for supplying power to the subsidiary.
This liability will be
liquidated by credits equal to 20% of tne power purchased.
(6) Final determination of liability for Federal income and undistributed
profits taxes for the years 1934, 1935 and 1936 is subject to the approval of
Corp.—Dividend
have declared a quarterly dividend of $1 per share on
stock, no par value, payable April 30 to holders of record
April 20. This compares with 75 cents paid on Feb. 1, last; 62 H cents paid
on Nov.
1, 1936, 50 cents paid in each of the three preceding quarters;
37 Y cents paid on Nov. 1,1935: 25 cents paid in each of the three preceding
the
of
Total
Cap. (repre.
135
238
5,978
1,519
*
4,303
6,389
3,657
$1,665
2,889
Reserve for accrued expenses..
17,209
...
taxes
Dividend payable.
932
59
Other accrued liabilities
receivable
(see contra)
Other assets...
105,846
bond invests..
$1,032,550
9,557
payable
1,823
deposits.
Merchandise accts.
Accounts
cost
7,082
Defd. exps.—registration exp.
Liabilities—
Plant, property & equipment. $1,348,255
Cash
92,496
at
Accrued int.
560
—
Accts. rec.—sale of invests—.
Invests,
1935.
Consolidated Balance Sheet Dec. 31, 1936
Assets—
Trust—Earnings—
Earnings for 3 Months Ended March 31, 1937
Income:
Dividends receivable
Consolidated earned surplus at end of period
18,630
$3,308,949
a Represented
by 519,032 no par participating shares and 519,032
ordinary shares, no par.
b Market value March 31, 1937, $13,826,794.
c Represented
by 106,388 no par participating shares and 106,388 no par
ordinary shares,
d Represented by 149,637 no par participating shares
and 149,637 ordinary shares no par.
e Represented by 378,917 no par
participating shares and 378,917 ordinary shares no par.—V. 144, p. 927.
common
Net operating income
21,470
$4,122,422
.$13,823,668 $10,119,952
$237,370
64,314
77,014
revenues
Natural gas revenues
Ice and cold storage revenues
1936
.$13,823,668 $10,119,952
1,059,774
Other bks. & tr.
11,225,843 11,149,196
•
"""933
purch.
23,397
Sundry
Deficit
Total
1937
$101,344
Interest
Insurance companies:
6,330
~
Def'd debit items.
~~4~ 666
5,465
10,586
Cash in closed bks.
625
Service ext. depos.
Reserves:
3,060
4
Mlscell. investm'ts
500,000
500,000
4,018,969
1,281,000
7,550
147,572
Due to parent co— 3,964,898
Consumers' depos.
129,489
Accrued accounts.
144,223
83,784
1,289
a hearing in the matter April 26.
r J
Both bonds and notes are dated May 1, 1937. The bonds mature May 1,
1962, and the serial notes, bearing interest rates of 3 M % and 4H%, mature
on May 1 of the successive
years 1939 to 1947, inclusive.
Operating expenses
Depository fee
1935
$
1935
S
will hold
Trustees' fees
Balance Sheet Dec. 31
1936
April 17, 1937
The application was filed under Section 6-B of
theTAct, which provides
for exemption of securities expressly authorized
by a State commission
and to be issued and sold for financing business of the
company. The SEO
$77,591
Net oper. revenues
Non-oper. inc. (net)..
Chronicle
$326,383
$323,240
$329,784
149,850
149,850
149,850
149.850
Central West Co.—Income Account—
Net earns. from opei*.
(Successor in reorganization to Central West Public Service Co.]
Income Account Year Ended Dec.
a2 Mos.End
Feb.
Operating
Operating
29
Other income
10 Mos.End
'36 Dec.
31
a
Yr.
'36 Dec.
'36
$455,304
435,705
$499,294
500,493
b$20,798
Other income (net)
Gross corporateinc
End.
31
$43,990
64,788
$19,599
13
Interest paid or accrued
on funded debt
b$l,199
15
28
revenues
and taxes
expenses
.
,
31, 1936
.
Res. for retire., replace.,
and Fed. inc. tax and
miscell. deductions
49,609
b$20,783
$19,612
b$l,171
12
12
$19,599
Divs. paid or accrued on
preferred stock
b$l,183
General interest.
Divs.
b$20,783
Pro forma,
a
Mr
(Including
Property, plant & equipment. b$900,000
Special deposits
1,527
Prepaid accts. & def'd charges
Cash
Notes & accounts receivable
Materials and supplies
4,903
141,895
10,363
8,648
Assefs—
Liabilities—
Common stock (par $5)
S466.530
46,720
20,368
Reserved for Issuance
Accounts payable
Accrued State and local taxes.
Federal Income taxes
Dividend payable
Mlscell. current liabilities
Insurance reserve
-
24,592
2,890
9,427
8,110
208
Capital surplus
Earned surplus
Total
After
of
$3,477,818.—V. 143,
96
Inv.
in
66,000
56,400
66,000
in
banks
68,408
a
Accts.
&
55,571
94,450
89,612
36,344
44,942
41,257
31,812
39,586
31,416
&
working funds..
notes
receivable
Accr. unbilled
—
rec.
Materials & sup pi.
Comm.
on
pref.
p.
3993.**
exp.
Co.—Asks SEC Exemption
in
Public Service Co., a registered
Prepaid
a
After
1936
1935
1st
mtge.
4)4%
gold bds., ser. A
due Mar. 1,1958S3 ,330,000 $3, ,330,000
Accounts payable.
4,063
2,813
Due to affll.cos
9,624
9,279
Accrued items
146,456
136,505
Consumers' deps.&
accr. int. thereon
62,057
60,142
Reserves
325,691
332,845
$5.50 cum. pf. stk. 1 ,200,000
,200,000
b Common stock..
760,000
Capital surplus
324,431
Earned surplus—
126,000
181,271
760,000
450,431
187,033
28,646
29,999
2,160
2,090
&
deferred charges
in 1935.
Companies)
Liabilities—
process
accts.
Total
Non-operating
1935
to subs.company
not consolidated
Cash
capital stock...
company, has filed an application with the Securities and Exchange
Commission under the• Holding Company Act, asking exemption of the
Issuance of $750,000 first mortgage 4K % bonds, series B, and $600,000 of
66,000
72,000
Debt discount and
The company, a subsidiary of Crescent
notes.
66,000
90,000
advances
of amortization.
serial
$129,563
Wholly-Owned
1936
——$1,067,336
Total
Central Ohio Light & Power
holding
50,371
$123,476
Plant,prop.,rights,
franchises, &c..$6,040,515 $6,049,832
$19,040.l.b After deducting reserves amounting to
$1,067,336
reserve
488,395
49,914
$127,207
Balance Sheet Dec. 31
Balance Sheet Dec. 31, 1936
a
stock.
b Loss.
Assets—
a
on common
49,326
$150,239
Net income
$6,343,592 $6,469,050
Total
—.$6,343,592 $6,469,050
for uncollectible accounts of $9,151 in 1936 and $9,912
b Represented by 12,000 no par shares.—V. 143, p. 423.
reserve
Volume
Financial
144
Chicago & Illinois Midland Ry.—Earnings—
ir
Years—
Calendar
1936
»■"
$793,685
Cr26,345
$1,168,009
7,891
$820,030
3,181
$1,175,899
-
$925,028
131,344
$1,172,317
Dr4,308
Net revenue from railway operations
Railway tax accruals
$3,248,303
2,323,274
$1,454,980
282,663
.—
1935
$3,805,484
2,350,504
Railway;operating revenues—
Railwayioperating^expenses
$823,212
Chronicle
2645
Harry O. Hagerty, Treasurer of Metropolitan Life Insurance Co. and
Chairman of the committee, appeared at resumed hearings before the
Commission to outline the committee s objections and to offer suggestions
for revising the plan.
Meanwhile, Bernstein Macauley, Inc., claiming to represent 18% of the
first mortgage bondholders, informed the Commission that the firm would
propose an entirely new plan of reorganization.
Edward T. Quirke, counsel
for
the firm,
announced he would file a petition of intervention for the
offering objections to the management's plan and submitting
proposal.
Outlining the committees objections to the plan, Mr. Hagerty sub¬
mitted the following proposals
(1) That accrued and unpaid interest on the first mortgage bonds "be
recognized in full from Sept. 1, 1934, to the effective date of the plan and
added to the principal of the bonds and accorded the same treatment as
the principal.
(2) That maturity of new first 4s be limited to 1970 and amount given
purpose of
*
Railway^) perating income
Net rents, incl. equipment rentals.
a
new
,
Net railway operating income
Other income
Income~available for fixed charges
Rent for leased roads
50
50
510,276
641,852
188
72
9,593
1,602
$655,792
$179,635
Interst on funded debt
Interest on unfunded debt
Amortization of expense on funded debt-
Net income
Note—The
above is the consolidated income
account, 1936 compared
1935, of Chicago & Illinois Midland Ry. and Springfield, Havana &
Peoria RR.
The properties of the Springfield
company were acquired
by the Midland on July 16, 1936.
Theretofore the Springfield company
was a wholly-owned
subsidiary operated by the Midland, under lease.
with
Balance Sheet Dec. 31, 1936
Assets—
Road,
equipment,
Ac
Investments A special dep...
Def. charges & prepaid accts.
Cash
$12,204,989
131,282
468,366
649,001
Special deposits for payment
of taxes, damages, Ac
Accounts
$4,000,000
6,852,000
300,850
Funded debt
Accounts payable
Accrued interest
Accrued taxes
51,193
Grants in aid of construe., Ac.
Capital surplus..
262,314
..
69,381
1,407,870
10,459
929,703
152,039
Earned surplus
Total
$14,150,709
-V. 144,
p.
of three years.
(5)
That
proposed preferred stock be made 5% cumulative $25 par
4% non-cumulative.
That immediate issuance of new first mortgage bonds for new capital
be limited to $1,000,000.
(7) And that provision be amended to the effect that new bonds may be
sold for "the best price obtainable," instead of at "not less than
par."—
V. 144, p. 2472.
instead of $100 par
(6)
Chicago St. Paul Minneapolis & Omaha Ry.
Report—
Total
.$14,150,709
2293.
-Annual
General Statistics for Calendar Years
318,125
Misc. current liabilities
Res. for deprec. of equipment
Miscellaneous current assets.
principal amount for which
they are issued.
(3) That limitations be placed on the proposed new "capital fund".
(4) That maturity of proposed income bonds be limited and the interest
rate be 4H% instead of 4%, and that interest be cumulative to the extent
110,280
42,456
341,107
receivable
Materials A supplies
Capital stock ($100 par)
to old first 4s increased to cover interest on the
1936
1935
1934
1933
Aver, miles of road oper_
1,648
1,653
1,660
1,703
freight—
8,899,065
7,273,414
6,921,045
6,469,417
Ton—miles rev. freight- 1471356833 1179,071541 1139,203601
1060,020548
Passengers carried
726,246
680,553
624,829
516,109
Pass, miles—revenue— 87,054,123
80,330,367
75,927,969
66,670,657
Rev. per ton per mile—
1.045 cts.
1.081 cts.
1.083 cts.
1.138 cts.
Rev. per pass, per mile-1.893 cts.
1.892 cts.
1.796 cts.
2.064 cts.
Tons revenue
Comparative Income Account for Calendar Years
Chicago & North Western Ry.—Annual Report—
The pamphlet report for 1936 was released for
publication this week.
The usual comparative income statement and condensed
balance sheet
were given in our issue of Feb.
20, p. 1271.
General Statistics for Calendar Years
1936
1935
1934
1933
Avge. miles of road oper..
8,465
8,422
8,441
38,945,072
30,931,196
29,647,629
Tons freight per ton miie.6,171,145,711
4,995,873,153 4,989,316,625
Passengers carried
16,275,149
15,298,225
15,446,391
Passenger miles
662,413,574
554,209,061
561,208,030
Tons revenue
freight
Revenue per ton per mile
1.159 cts.
1.202 cts.
1.178 cts.
1.639 cts.
Rev. per pass, per mile..-
1.606 cts.
1.546 cts.
General Balance Sheet Dec. 31
1936
Assets—
Investment in road and equipment
8,441
27,070,450
4,581^13465
15,428,850
540,3-51,162
1.228 cts.
1.680 ct
.
Total oper. revenues--$18,328,050 $15,446,158 $14,848,618
$14,527,600
Operating Expenses—
2,302,815
1,943,772
1,789,582
1,484,302
3,096,935
2,602,201
2,341,494
2,195,377
429,271
402,909
378,181
379,804
Transportation
8,503,978
7,406,323
6,952,399
6,268,811
Miscell. operations
162,531
156,339
117,305
101,252
General
793,172
776,695
924,862
784,432
Transp. for invest.—Cr_
13,769
6,534
12,943
7,467
Maint. of way & struc—
Maint. of equipment-Traffic
1935
$548,543,132 $552,684,938
379,208
402,024
2,779.069
987,345
Improvements on leased railway property
Miscellaneous physical property
Investments in affiliated companies:
Stocks:
Operating Revenues—
1936
1935
1934
1933
Freight
$15,379,958 $12,748,609 $12,332,527 $12,064,162
Passenger
1,648,219
1,519,844
1,363.654
1,375,948
Other transportation—
1,070,514
987,608
965,955
902,574
Incidental
229,358
190,097
186,483
184,914
Total oper. expenses-. $15,274,934
$2,164,453
$2,357,738
$3,321,088
861,556
895,772
936,848
1,410,427
1,127,320
859,982
846,696
$2,625,469
$1,988,876
$1,755,753
$1,783,545
$427,646
61,911
$175,578
65,090
$601,985
79,166
$1,537,543
84,805
$489,557
2,512,890
$240,668
2,543,376
$681,151
2,604,362
$1,622,348
2,682,573
$2,023,333
$2,302,708
$1,923,210
$1,060,225
Deductions from Rev-
■
C. St. P. M. & O.
Other stocks
Ry. Co. (279,260 shs.)___
23,650,554
3,593,985
23,650,554
3,593,984
46,186,000
148,123
1,091,934
46,186,000
162,935
1,722,530
Bonds:
C. St. P. M. & O. Ry. Co. 1st mortgage
C. St. P. M. A O. Ry. Co. equip, trust cert.
Advances
Other
investments:
Stocks:
(41,715shares)
3,910,576
Cash
•
Special deposits
Loans and bills receivable
car
service balance receivable
Net^balance receiv. from agents and conductors.
Miscellaneous accounts receivable:
Due from C. St. P. M. & O. Ry. Co.*.
Traffic and car service balances, Ac
Bal. commission account C. & N.
.
Net deficit
General Balance Sheet Dec. 31
390,150
1,611,300
2,675,387
2,775,388
250,566
1,306,070
3,045,352
9,184,336
256,672
37,723
250,566
1,306,070
3,166,695
7,221,078
103,098
37,636
W. Ry.
Working fund advances
1936
Assets—
assets:
1936
equip.88,138,552 88,432,523
Misc. phys. prop
Other
108,970
729,183
1,530
cos.
invest'ts.
Cash
Special deposits.
-
Unmatured accrued
Other items
11,27 7,052
769,767
347,520
8,967,752
769,767
352,229
60,265
1,278,257
56,845
1,136,879
Total
60,277
44,594
Grants in aid of construction
1936
Long-term debt
Loans and bills
payable:
Reconstruction Finance Corporation
Railroad Credit Corp
27,302,933
286,875
366,486
288,527
1,257,497
Other curr. assets.
23,140
6,700
1,104,795
8,965
6,699
Work, fund advs..
388,355
Other def'd assets.
85,876
64,033
debits
242,396
201,252
Bank loans
Miscellaneous
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
-
Dividends matured unapid
Funded,debt matured unpaid
Unmaturediinterest accrued
Other .current liabilities
liabilities
-
Tax
liability
Premium onffundedidebt
Accrued depreciation (equipment)
-
Other unadjusted credits
Additions to property through inc. & surplus
Profit and loss (debit balance)
_Total.------►
r-- — -
784,376
4,439,690
518,961
3,460,718
4,645,684
1,427,572
25,349,809
62,055
33,800,200
2,921,102
613,689
150,190
6,763,480
439,308
67,223,854
7,629,060
3,254,097
440,092
3,496,095
71,647
10,382,890
62,055
76,000
2,943,795
445,437
157,889
4,824,171
452,591
64,872,555
5,211,428
3,236,432
11.165.853
$674,045,980 ^$664,467,260
Contingent Liabilities—The \fT&TW!~VfTlly. Co. guarantees, jointly'and
severally withutwo other carriers, thefpayment, principal and interest, of
$5,000,000 general mortgage 50-year 4)4% bonds of the Indiana Harbor
BeltiRR. Co.
Also guarantees the payment, principal and interest, of $45,636,000 1st
mortgage 5% bonds of the C. St. P. M. & O. Ry. Co., owned by the C. &
N. W. Ry. Co. and now pledged as security for loans from Reconstruction
Finance Corporation, and the Railroad Credit Corp.—V. 144, p. 2293.
Group Objects to Management's Proposal—
Nr Objecting in several
important particulars to the management's plan for
reorganizing the road, the first mortgage^bondholders committee on April 6
submitted to the Interstate Commerce Commission proposals which would
materially^alter the^suggestedpiew capital structure.
•
722,413
599,398
1,261,747
378,263
1,289,595
182,387
Ry.—Gen. accts 4,232,023
4,332,023
8,967,752
Misc. accts. pay..
DuetoC. AN. W.
Int.mat'dunpd.11,277,052
Divs. mat'd unpd.
Funded debt mat'd
8,072
8,072
5,500
500
Unmat'd int. accr.
Other curr. liabil..
777,723
46,404
780,921
Other def'd liabil..
5,390
650,049
8,219
266,390
Tax
liability
Prem.
Accr.
on
fund. dt.
53,056
530
1,368
depr., equip. 9,468,750
225,491
9,199,879
190,504
Other unadj.creds.
Add'ns to property
through surplus- 1,209,944
1,209,697
Prof. A loss—Debit
balance
Total
Total
92,523,907 91,829, i
14,582,010 12,434,369
——92,523,907 91,829,262
-V. 144, p. 2294.
Chicago Towel Co.—Application Approved—
The
pany
Chicago Stock Exchange has approved the application of the com¬
97,454 shares common stock (no par).
This issue will be
to list
admitted to trading on notice of registration under the Securities
Exchange
Act of 1934.
Of the common stock listed, there are 80,000 shares out¬
standing and 17,454 shares reserved for conversion of the same number of
preferred shares now outstanding.
The company owns and operates a supply and
storeroom, and an office
and garage in Chicago.
of Dec. 31,1936
Current assets
as
Total assets
of Dec. 31,1936
as of Dec. 31, 1936
as
$437,493
2,959,029
168,026
702,511
526,252
Current liabilities
Net income, 1936
Net income, 1935
—V.
144,
p.
608.
Cincinnati Gas & Electric Co.—Annual
Hubert
C.
Blackwell,
Report—
President, states in part:
From Jan. 1, 1936, to June 30, 1936, the properties of the
company were
operated by Union Gas & Electric Co. under an agreement providing that
Union Gas & Electric Co. pay to Cincinnati Gas & Electric Co. its entire
net earnings as rental.
As of June 30, 1936, Cincinnati Gas & Electric Co.
acquired by merger all the assets and assumed all the liabilities of Union
Gas
Chicago Great Western RR.—Revision Asked in Plan—
car serv.
bals. payable
Audited accts. and
unpaid.
1935
27,302,933
1,388,074
5,000,000
518,961
2,562,837
2,879
wages payable..
Net bal. rec. from
$180,839,845 $180,839,845
29,658
29,658
1,083,287
257,912
301,746,500
339,168,200
-
2,879
38,617
38,920
Long-term debt...46,979,000 47,316,000
Traffic A
$674,045,980 $664,467,260
Liabilities—
Capital stock and scrip outstanding
Premium on capital stock
conversion
of construction.
419,023
bals. receivable.
Unadjusted
$
for
Govt, grants in aid
626,582
589,841
-
liability
3,600
Mat'ls A supplies.
Unadjusted debits:
Rents and insurance premiums paid in advance
Other unadjusted debits
140,539
Stock
726,354
Traffic A car serv.
agents A cond'rs
—
1935
$
Liabilities—
Cap. stk. A scrip.-29,816,066 29,816,066
Misc. accts. rec--.
-
Matured and payable
Bondholders'
1935
$
In affiliated
Due from C. St. P. M. & O. Ry. Co.:
Interest on 1st mortgage bonds:
Other^deferred
1
220
151,770
2,852,928
16,000
In road A
Materials and supplies
Other current assets
deferred
.
Investment.
Co. 20-year convertible bonds sold
Interest on miscellaneous accounts
Other miscellaneous accounts receivable
Other
.
.
3,910,576
220
151,770
7,582,418
3,240,942
7,333
394,291
1.897,453
-
Bonds
Traffic and
rents & miscellaneous.
Non-oper. inc.—net
Union Pacific RR. Co.
Other stocks
$13,281,705 $12,490,880 $11,206,511
$3,053,115
1,215,042
.
&
Electric
Co.
and
has
since
conducted the
businass formerly
con¬
ducted by Union Gas & Electric Co.
The comparative income statement
is, therefore, in so far as it relates to operations prior to July 1, 1936, a con¬
solidated income statement of Cincinnati Gas & Electric Co. and Union
Gas
& Electric Co.^
As of Aug. 1,1936, the company issued $35,000,000 first mortgage bonds,
334.% series due 1966, the net proceeds of wnich, together with other funds,
were used in the redemption on Oct.
1, 1936, of entire $35,000,000 first
2646
Financial
Chronicle
mortgage gold bonds, series A 4%, due April 1, 196S. As a result of this re¬
financing, bond interest of the company will be reduced about $262,500
per
Assets—
annum.
Intang. & franchis.
Organiz. expenses.
(approved by P. U. Commission of Ohio) of that com¬
pany's fixed assets, plus working assets.
As of June 30,
1936, with the approval of the P. U. Commission of Ohio
and of the Federal Power Commission,
company acquired by merger all
and
necessary,
contributed
to
As of
economy
of accounting,
auditing and re¬
July 1,1936, with the consent of the P. U. Commission, the
1936
1935
1934
1933
—..$24,068,114 $22,028,362 $20,743,180 $21,587,454
Oper. exps. (excl. of tax) 12,861,598
11,643,875
11,659,309
12,023,783
Provision
and
for
renewals
replacements
2,724,074
2,731,867
2,216,801
2,068,151
2,048,230
2,203,441
$5,637,248
25,182
$4,798,919
131,403
$5,312,000
352,449
$5,766,872
1,527,228
$5,662,430
1,580,41 2
$4,930,322
1,648,376
$5,664,449
1,504,377
$4,239,643
2,000,000
1,125,000
Other income
2,447,148
2,300,090
$5,750,575
16,297
Taxes
$4,082,018
2,000,000
$3,281,945
2,000,000
$4,160,072
2,000,000
fab
Merch.,
Common dividends.
as
■
x After
deducting interest charged to construction.
Note—No surtax on undistributed profits is included in 1936 inasmuch
dividends paid exceed net taxable income as computed by the company.
1936
.
1935
$2,080,000 $2,980,000
.
763,224
materials
and supplies
283,791
45,597
36,677
__
3,746,300
1,000.000
1,000,000
344,315
Prepaid & deferred
items
Total..■■■..■■$9,520,513 $9,436,6811
After
x
$23,075
"provision"
in
1935.
Total
for "uncollectible
After
shares of $100 par.—V. 143,
y
Collins & Aikman
for
reserve
p.
.....$9,520,513 $9,436,681
of $26,545 in 1936 and
depreciation,
z Represented
by
accounts
267.
Corp.—Earnings—
Ended'Year"End.' 53~Wks.End.
Year
Year Ended
Period-—
\ <5
1
"Feb 27/37 Feb. 29, '36 Mar. 2, '35
Net profit from oper'n.x$7,395,739
$5,437,054
$995,272
Add. compens. to officers
and employees
Spec. comp. to empl
985
505,381
956,000
11,969
500,314
19,000
$4,991,659
3,619,003
$3,974,688
725,368
$270,798
893,566
-D/T3.735
3,675
192
380
28,037
$8,596,928
401,662
2,814,000
$4,703,923
437,976
562,800
$1,164,744
439,376
$1,332,942
439,376
Depreciation
528,908
Federal tax reserve
Surtax on undist. profits
for
1,234,500
187,000
10,522
deductions
Reserve
193,191
Net profit.
Bal. at begin, of period.
Excess of par over cost of
pref. stock purchase.
Reserve for conversion in
to
of net
of
assets
Balance Sheet Dec. 31, 1936
461,384
196,000
adjustment
and inventories
dollars
Feb. 24,'34
y$l,951,877
319,175
123,975
Interest paid
Miscell.
Total net earnings and
1937
accr.
756,646
Trade accts. rec.
Income Account for Calendar Years
Gross earnings
and
liabilities
403,138
Other liabilities.
55,732
359,642 Reserves
44,901
222,311 6% 1st pref. stock. 3,746,300
6,359 6% 2d pref. stock, 1,000,000
z Common stock..
1,000,000
94,705 Surplus
290,441
402,411
230,596
6,824
Other receivables.
company
acquired for a cash consideration of $252,927 the property and assets,
except cash, of Gibson Auto Storage Co., an affiliate.
As of the same date,
with the consent of the
Commission, company acquired for a cash considera¬
tion of $805,915 the
property and assets, except cash, of Columbia Indus¬
trial Co., an affiliate.
Liabilities—
Long-term debt.
Current
121,475
Special deposits
x
1935
$7, 027,149 $7,989,538
901,940
69,567
900
3,904
Cash
porting.
•'
1936
Fixed assets
y
As of Jan. 1, 1936, the
company purchased the entire property and assets
of Southwestern Ohio Power
Co., an affiliate, for $1,650,229, representing
the appraised value
the assets and assumed all the liabilities of Union Gas & Electric
Co., an
affiliate. The merger of the Union Gas & Electric Co. into Cincinnati Gas
& Electric Co, eliminated a
duplication in corporate structure, no longer
April 17,
Balance Sheet Dec. 31
$1,294,493
10,264
147
current
subs,
trans,
surplus
"
Assets—
Liabilities—
Property, plant and equlp..$119,749,151
Investments7,701
Cash
3,520,246
5% preferred stock
Common stk. (750,000 shs.)
Accts. & notes recelv.
1,925,815
Accounts
1,140,005
260,828
33,131
3,440,403
Accrued
1st mtge. 3Hs
.
(net).
Materials and suppl'es
Current amounts recievable.
Special funds and deposits.
Deferred charges
_
$40,000,000
30,000,000
35,000,000
1,049,205
1,330,418
payable
taxes
Consumers'
depos., Ac.
serv.
Accrued bond
441,858
473,958
interest
Other accrued liabilities
72,401
Current amounts payable._
83,115
267,293
Contingent earnings
Reserves—Retirements
12,122,361
605,953
310,204
100,345
82,601
8,137,563
Contingencies
Depos. & contrlb. for ext.
Injuries and damages
Other
reserves
Surplus
Total.
-V.
$130,077,281
143,
p.
$130,077,281
.
Add'l prov. for Federal
taxes, prior years
Prem. paid on pref. red.
122,210
Bal. at end of period.
Earns .per sh .on com .stk.
$5,259,055
$8.15
x
Includes
other
84,143
income
Co.—Earnings-
expenses
1934
$6,014,385
4,585,382
501,365
$5,924,668
4,417,616
563,457
$5,712,423
4,235,334
597,332
Operating income
$1,032,462
135,340
Non-operating income.
CI
|T Gross income
$1,167,803
Interest and ground rent
631,364
Sinking fund
288.770
$927,638
162,488
$879,755
131,309
$1,090,126
651,748
286,057
_
$943,595
132,882
$1,076,477
691,302
200,754
Accounts
&
9,950
7,941,862
Deposit
in
Reserve
closed
life insurance
Inv.
in
$152,321
$184,421
1936
$
$
Road and
equip...30,318,283 30,813,173 Cap. stk. ($50 par)23 761,950 23,761,950
Investments
10 537,500 10,815,500
1,920,596
1,872,571 Long-term debt.
Cash
588,774
619,826 Accts. and wages
Company bonds._
631,088
payable
251,562
312,459
284,368
.
.
Loans & notes rec.
550
6,637
Accts. receivable..
50,484
169,701
547,396
42,619
141,465
10,682
30,669
3,219
527,743
117,284
291,837 Corporate surplus.
659
curr. assets.
30,894
3,099
Deferred assets
Unadjusted
debits
Taxes payable
163,916
176,837
126,762
40,249
136,348
16,688
liabilities
3,049
Unadjusted credits
214,709
391,583
3,004
134,161
424,903
132,158
724,949
Accrued interest
on
bonds
Other accrd. liabil.
Deferred
Reserves
125,000
956,000
9,194
on
90,676
.
val.
for
of
re-
capital
&SS6tS
6,765
Total
Capital
6,765
355,221
188,167
1,699,006
5,259,055
3,619,003
21,035,626
surplus...
Earned surplus...
19.922,640
183,936
1,699,006
21,035,626 19,922,640'
Total
After depreciation
b 2,200 common shares at cost,
c Represented
565,000 no par shares, including 2,200 shares in treasury.—V. 144,
1595.
a
Columbus Railway, Power
1935
Liabilities
$
rec.
contracts
reserve
33,333
com.
400,675
p.
Balance Sheeet Dec. 31
A.$$6ts~~~~
163,318
34,012
390,806
Unapprop. bal. of
........
in
1,037,893
unad¬
reserve—
sales
376,479
Corp. at
stock of corp...
by
1935
Sundry
Adv, pay.
Farnham
Invest,
1,555,946
85,547
1,421,500
$109,002
to avoid withdrawals from the fare control fund.
1936
4,158
3,749
375,864
cost...
b
for
prior years
banks—
Cash surr. value of
5,650,000
justed Fed. tax,
49,675
....
6,251,800
5,650,000
.
accruals
purch.
contra
4,888,400
Common stock.
Dividends payable
Federal tax reserve
on raw
material
pref.
Accts. pay a Die and
6,791,869
pay.
7%
stock
3,949,819
c
2,109,449
1,245,619
8,625
Note—Non-operating income does not include that portion of return on
capital which was added to gross receipts in order to effect a balance and
Other
Cumul.
7,150,751
notes
Receivable
Devel.
$247,669
of
Feb. 27/37 Feb. 29,'36
$
$
Liabilities—
Property & plant 7,224,968
Cash....
2,912,667
a
Deferred charges..
I
earned
Comparative Balance Sheet
$1,011,065
701,936
200,126
$893,566
$1.51
interest
Fe6.27,'37 Feb. 29,'36
1933
$6,449,255
4,834,182
582,610
Taxes
1935
$725,368
Nil
Includes
y
$34,740 in 1934.
Adv.
1936
revenue
Material & supplies
Int. & divs. receiv.
$3,619,003
$6.28
$89,176.
Due from empl'ees
W Calendar Years—
Balance
of
Inventories.......
3994.
Cincinnati Street Ry.
Operating
Operating
Total
Total
Divs. on pref. stock
Divs. on com. stock
Light Co.—Annual Report
B. W. Marr, President, says, in part:
During the latter part of 1935 directors authorized a program of refinanc¬
ing all of the company's outstanding debt.
As a result, the entire funded
debt of the company is now represented by $26,000,000 of first mtge. &
collateral trust bonds, 4% series due 1965.
This program of refinancing
simplifies the debt structure of company, gives it 100% ownership of all out¬
standing securities of its subsidiary companies, and results in material
interest savings.
On Marcn 9, 1937 directors recommended
the adoption of
a
proposed
merger agreement whereby two of company's subsidiaries, Southern Ohio
Electric Co. and Adams County Power & Light Co., are proposed to be
Jares4, 1934, and on July 1. 1933; $1.50 on Jan.Jan. 4, 1935, Aug. 7 and
with 50 cents paid on July 20, 1935; $1 on 16, 1933, and $2.50 per
merged into company under the new name of Columbus & Southern Onio
Electric Co.
The adoption of this proposed merger agreement is to be
a special meeting of the shareholders of
company to be neld
on April 17, 1937.
Company acquired control of these subsidiaries in 1932,
and since Jan., 1936 has owned all tneir outstanding securities,
including
bonds and preferred and common stocks.
If the merger is effected, the stated capital represented by the preferred
snares of the merged company will be identical with the present stated
capital represented by the preferred shares of company; and the stated
capital represented by the common snares of theimerged company will be
reduced from $15,013,600 (being tne present stated capital represented by
the common shares of company)
to $7,506,800,.
The difference, viz.
$7,506,800, will be transferred to paid-in surplus of tne merged company
and, together with the earned surplus of company, will be applicable to,
among other purposes, the ultimate partial retirement of company's invest¬
ment in street railroad property.
No part of such paid-in surplus will be
available for the payment of dividends on common shares of the
merged
share
company.
Expendit.for track
reconstruction
Sink, fund
._
reserves
135,476
856,743
Unamortized prop¬
erty retirements
Accumulated
1,968,616
1,801,888
196,974
196,974
defi¬
ciency from oper
Total
Total
36,544,397 36,610,867
36,544,397 36,610,867
-Y. 144, p. 1951.
City Investing Co.—$1 Dividend—
The directors have declared a dividend of $1 per share on the common
stock, par $100, payable April 27 to holders of record April 26.
A similar
payment was made on Jan. 5, last, July 7, and on Jan. 7, 1936, and coman.
paid
on
July 11, Jan. 4, 1932.—V. 144, p. 101.
considered at
Consolidated Income Account for
City Stores Co.—Tenders—
held in the sinking fund, at prices not to exceed 105% of
Tenders will be received at the
Srincipal trust 144, p. of the bank, 11 Broad St., up to 12 o'clock noon
.pril 26.—V. office 768.
Coast Counties Gas & Electric Co.Calendar Years—
Operating
revenues
Operating
expenses
Maintenance
Depreciation
Taxes (other than Federal income)
Provision for uncollectible accounts-.
on
-Earnings-
1936
1935
1934
$2,631,217
1,193,954
94,220
372,241
188,931
8,054
$2,462,820
1.127,746
69,045
$2,377,237
1,082,988
51,855
364,169
246,434
11,959
359,431
226,849
12,338
Provision
for
retirement
General taxes—
Federal income tax (estimated)—...
Management fees
—
Operating income
Non-operating income
Total income
Income deductions
Provision for Federal income taxes
$773,815
Crl0.605
132,895
114,000
$667,409
Cr21,594
186,640
37,000
2d preferred dividends
Common dividends
Balance, surplus
$537,525
224,778
$465,363
60,000
224.778
60,000
280,000
80,000
def$27,253
of
bond
$3,586,215
1,290,412
$2,919,152
1,175,028
3,912
discount
$619,831
Cr29,269
197,905
67.000
$384,195
224,778
60,000
50,000
Common dividend
Balance transferred to surplus
First preferred dividend
Balance, surplus
3,934
89,566
Crl5,642
122,901
Crl5,168
120,439
04,918
$2,352,549
501,607
325,939
900,816
$2,184,159
500,365
325,942
1,050,952
$1,624,669
500,342
325,942
600,544
$624,186
$306,900
$197,840
and
Interest during constr., capitalized..
>,417
$2,799,257
119,896
subsidiary companies
Amortization
After income tax reduction resulting from deduction of
bondTrefunding
which costs have not been charged against income
herein,
y Includes management fees.
x
costs for tax purposes,
$100,585
$3,469,995
116,220
Interest paid and accrued
1,042,305
stock divs. paid and accrued by
Series B preferred dividend
Net income for the year
1st preferred dividends
1,199,613
589,174
943,747
x98,673
61,710
3,551,282
Pref.
stock expense
Net income from operations
Other income
1,453,049
742,270
1,112,295
359,134
See y
$9,327,406
3,538,875
1,197,122
608,225
935,531
202,800
45,595
$3,468,777
Maintenance
now
1934
$9,914,196
$3,342,320
126,456
$11,609.30
Gross
1935
$10,914,613
y3,905,542
operating revenues
General operating expenses
the principal amount and accrued interest.
Calendar Years (Incl. Subs.)
1936
The Chase National Bank of the City of New York, as trustee, is invit¬
ing tenders for the sale to it of 10-year 6% general collateral convertible
notes due Oct. 1, 1944 in an amount sufficient to exhaust the sum of
Volume
144
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
1936
7
Assets—
1935
$
Cash
Liabilities—
1,186,501
—
815,696
x
125,381
15,747
71,574
Market securities.
Secur.
purch.
Accounts
receiv.
_
Jan.
1,
(contra)
118,334
11,146,571
J
f
Inventories
917,085
171,822
expenses.
Funds depos.
...
...
16,701,628
6,972
*
Unamortized bond
discount & stock
2,178,164
expense
x
8,670,343
3,251*,187
no par
Total.
68,666,061 84,499,278
shares.—V. 143,
p.
3310.
Corp.—20-Cent Dividend—
The directors have declared a
dividend of 20 cents per share on the com¬
stock, payable April 30 to holders of record
April 20.
A dividend of
75 cents was paid on Dec. 18,
last, this latter being the first dividend paid
sihc® March 20, 1931 when 15 cents
per share was distributed.—V.
mon
143,
3994.
p.
Commercial Investment Trust
Cases Against Finance Units—
The
Federal
Trade
Commission
has
Corp.—FTC Dismisses
dismissed the
complaints against
national finance companies and
motor manufacturers under stipula¬
between them and the Commission.
These stipulations make it clear that the
Commission never questioned
various
tions
the legitimacy of the "6%" instalment
financing plan in the complaints
filed in December, last, but
only questioned whether the advertising was
sufficiently accurate in showing that the charge was not 6%
simple interest.
These
stipulations absolve the respondent companies from any intent to
mislead the public.
The 6% plan, in brief, requires the
payment of $6 for each $100 of unpaid
balance, and is not a flat 6% interest plan.
Translated into
interest, the
charge
averages slightly more than 11% per annum.
The complaints were filed
against Commercial Investment Trust Corp.,
Universal Credit Corp. and Commercial Credit
Co., and also the follow¬
ing automobile manufacturers:
Chrysler Corp., Chrysler Sales Corp.,
De Soto Motor Corp.,
Dodge Bros. Corp., Plymouth Motor Corp., GrahamPaige Motor Corp., Hudson Motor Car Co., The Nash Motors
Co., Packard
Motor Car Co. and Reo Motor Car Co.
Similar complaints issued against General
Motors Corp., its operating
companies. General Motors Acceptance Corp., and Ford Motor
Co., will
result in hearings since the respondents
have filed answers
material
denying the
allegations in the complaints,
the
144, p. 1952.
Commission announced.—V.
1934 (the
7% bonds and 8% preferred stock were
outstanding), to $1,789,753 in 1936, a saving as between the two years of
$2,140,365.
i
Dividends—Preferred and common dividends aggregating $14,222,851
were declared during the
year 1936, of which $1 per share was payable on
the common stock,
$11,156,000, or 80 cents per share, being paid during
the year.
The remaining 20 cents was payable Feb. 15, 1937.
In June of
last year, the directors inaugurated a
policy of quarterly dividend payments,
fixing Aug. 15, Nov., Feb. and May as the dates for such payments.
Capital Expenditures—Capital expenditures in 1936 were approximately
$26,562,000.
Tne principal items in this total were: development of pro¬
ducing properties, lease purchases, renewals and rentals, $17,766,000; pipe
lines, $823,000; refineries, $2,962,000: casinghead gasoline plants, $740,000:
and marketing facilities, $3,915,000.
Reorganization of Richfield Oil Co. of Calif.—In March, 1936, Rio Grande
Oil Co. (then a wholly-OAvned
subsidiary), for on-half of its capital stock,
acquired from Cities Service Co. its holdings of Richfield Oil Co. and Pan
American Petroleum Co. bonds, of a
principal amount of $7,886,000, Rich¬
field unsecured claims aggregating
$91,051, and other properties in Cali¬
fornia
Subsequently, a plan of reorganization of Richfield Oil Co. and
Pan American Petroleum
Co., in receivership, was presented and approved
by tne various creditors' committees and the U. S. District Court for the
Soutuern District of California.
The plan contemplated that Rio Grande
ail of its properties and assets to the new Richfield Co.
The
Ricnfield reorganization, in wnicn corporation and Rio Grande
agreed to
participate, was completed after the end of tne year under review.
transfer
Consolidated
Income Account for Calendar Years
[Including Subsidiaries—Domestic and Foreign]
/
1936
Period End. Jan. 31—
revenues
Gross inc. after deprec-.:
;
1937—Month—1936
$332,423
$416,913
97,543
87,478
1937—12 Mos.—1936
$4,063,016
$3,764,217
al,323,259
1,061,668
a361,187
86,122
Net income after pref. divs. of sub.
companies...
a These amounts
include a dividend of $73,117 received on the
company's
investment in the common stock of General Public
Utilities, Inc.
Note—No provision has been made for the Federal surtax on
undistributed
net income for 1937, since
any liability for such tax cannot be determined
until the end of the year.—V.
144, p. 1953.
Consolidated
Coppermines
Corp.—Option
1935
1934
$
1933
$
Gross oper. earns., excl.
of inter-co. sales, inter-
/v
-
co.
transp. charges &
U. S. Federal & State
gasoline and oil tax—215,385,601 187,770,102 168,425,582 140,550,166
Costs, oper. & gen. exp. 176,407,459 154,716,644 146,240,618 119,784,124
Operating income
Community Power & Light Co. (& Subs.)—Earnings—
Operating
1935.
Financial—In June, 1936, the corporation sold $50,000,000, 3H% 15sinking fund debentures.
From the proceeds, $40,000,000
was applied to the
payment of bank loans incurred in connection with the
redemption in 1935 of 6J^% and 7% collateral gold bonds.
On Jan. 15,
1936, the 8% cumulative preferred stock of the corporation with a par
value of $100 per share then
outstanding in the amount of $4,893,500 was
redeemed.
Largely as a result of this refinancing, interest and preferred
year convertible
stock dividend disbursements were reduced from
$3,930,118 in
last full year in which 6H% and
—68,666,061 84,499,278'
Cliffs
,
139*296
25,656
Represented by 150,136
barrels daily, as compared witn a total of
72,328,000 barrels in 1935.
In the above statistical
comparisions Rio Grande Oil Co. figures have
been excluded as to 1935 and 1936.
Tank deliveries of bulk oil last
year were 35,888,554 barrels, an increase
of about 3,000,000 barrels over deliveries in
179,252
138,486
569,867
853,358
charges
Total
16,701,628
302,674
178,728
2,100,877
Items in suspense.
Other def,
lease obligations, was reflected in the
completion by subsidiaries of the
corporation last year of 518 full interest wells.
Results of increased drilling
and increased allowables are shoAvn
by the fact that the average daily pro¬
duction in December, 1936, was
nearly 11,000 barrels a day above the
average production in January, 1936.
Our pipe lines in 1936 carried
80,184,000 barrels, an average of 219,082
1936,
447,709
178,828
Dividends
179,537
Fed. inc. tax (est.)
146,936
General taxes
586,847
Miscell. curr. liab.
8,255
Deferred liabilities
136,886
Reserves
9,538,781
Paid in surplus
225,000
Surplus
2,829,088
5,229
with
trustees (contra)
Special funds
This increased drilling
activity, together with the necessity for meeting
5,014,500
15,013,600
26,000,000 26,000,000
Accounts payable.
Interest
1983,576
2,431
811,273
146,662
Interest receivable
Prepaid
8,339,713
Bonds & pref. stk.
called for red. on
for
tempor'y invest.
Notes receivable..
8,360,153
6^% cumul-w- 5,014,440
Common stock__15,013,600
Funded debt
Due from affil. co.
$
$
1st pref. 6% cum.
Series B preferred
Cash
deposits for
preferred div
1935
1936
$
Properties, franch,
organlz'n, &c—62,726,382 61,799,713
Investments
101,177
153,524
2647
Crude Oil Production—In the field of domestic
production the industry
drilled last year 25,890 wells or 4,470 more tnan in the
previous year.
Of
this total 18,523 were
producing oil wells, or 3,415 more producing wells
than were brougnt in in the
previous year.
Production reached the un¬
precedented total of 1,090,000,000 barrels.
38,978,142
33,053,458
2,685,543
1,939,938
Int.& divs..profit on sale
of
securs.
22,184,964
20,766,042
v,
,
& misc.(net)
1,462,631
1,612,548
Excess of par value over
cost of co.'s pref. stock
& bonds retired or held
in treas. for retirement
(net)
„
Dr533
D/T2.860
Dr99,029
32,412
41,663,152
1,506,571
34,980,536
2,412,571
23,548,567
3,107,767
22,411,002
3,593,141
22,226,042
20,451,501
19,180,523
18,684,281
1,201.609
809,560
706,995
16,728,929
14,956,117
11,306,905
9,391,802
553,282
16,247,951
133,580
16,996.840
Dr70,000
xl,251,504
Dr700,709
Dr2l,717
31,685,047
283,183
13,939,669
19,377,203
925,998
3,495,088
16,100,524
822,352
5,886,370
17,108,703
860,752
Balance at Dec. 31— 17,462,196
Earns, per sh. on 14,218,835 common shares
$1.15
14,956,117
9,391,802
16,247,951
$0.73
Nil
Deprec.,
--
depletion
and
abandonments.
Prov. for U. S. Fed, inc.
_
Proposal
Opposed—
In
a
letter sent to stockholders
on
April 5, nine directors, representing
a
majority of the board and including the President and two Vice-Presidents
of this company urged stockholders to use their
proxies in opposition to the
proposal recently made to Consolidated Coppermines
Corp. by the Ameri¬
can Metal
Co., Ltd. whereby Consolidated would
American
Metal
shares
Consolidated
of
acquire 60,000 shares of
exchange for a minimum of 510,000
Coppermines stock.
American Metal now owns
common
stock
letter states in part:
"The forthcoming annual
meeting of your company will decide whether
it is to be dominated
by the American Metal Co., Ltd. or managed by
directors representing the rank and file of stockholders.
"The principal differences of
opinion in your board of directors have
arisen in regard to our relations with
Kennecott.
After two years of inter¬
mittent negotiation, discussions between
your officers and representatives
of Kennecott have reached the
stage of an exchange of memoranda reveal¬
ing an agreement in principle upon all but a few points.
While no deal
has been consummated and neither
company is committed to a deal, we
believe that the
opportunity is presented for a complete settlement.
Such
a settlement
would include as essential the right to deliver to Kennecott
for milling twice the amount of ore
which may be delivered under the
present contract
and a more favorable schedule of treatment
charges,
together with a substantial cash payment in settlement Of the
litigation.
Operating profits of Coppermines when in full production would thereby
be
approximately doubled and the stockholders would be placed in a posi¬
tion to reap the benefits of
increased production in the present favorable
"If
a
applic.
to
prior
years
Miscellaneous charges--
in
approximately 10% of Consolidated Copper.
The letter to stockholders
likewise emphasizes the importance of the
company's forthcoming annual
meeting (May 4) in leading to favorable settlement of negotiations which
have been pending with tne Kennecott
Copper Corp. since 1935.
The
copper
Previous surplus
Adjust,
market.
majority of the stockholders represented at the annual meeting
Pj^ferred dividends
included
in consolidated statement, $51,419 in 1936, $297,948 in
1935,
$9,230 in 1934 and $33,230 in 1933.
No provision has been made for Federal surtax on undistributed profits,
as no provision is believed
necessary.
Consolidated Balance Sheet Dec. 31
1936
Assetsa
on
May 4th next support our position, Ave shall use their proxies to elect
additional independent directors on whom we
may rely to carry out our
policies as outlined in this letter."
The letter is signed
by R. W. Higgins, President; C. K. Blandin, VicePresident; Thomas Bardon, Vice-President and Treasurer; I. W. Burnham, II, E. L. Derby Jr., Robert D. Hoffman. Earl E. Hunner, Mack C.
Lake and Norman E.
LaMond, directors.—V. 144, p. 1433.
Capital assets.
b Inv. in advs. to controlled
cos.
Other investments
Cash..Marketable securities
Special deposits
cos. not con¬
solidated
Inventories—crude and refined oils
Materials and
interest.
Payment will be
made at the
Irving Trust Co., 1 Wall St., N. Y.
City.
3 Months Ended—
Mar. 27,'37 Mar. 21,'36 Mar. 23/35 Mar. 24/34
Net profit after
deprec.,
interest and taxes
x$49,049 loss$ll,726 loss$38,863 loss$54,894
Earns, per sh. on 400,000
shares
x
common
Before
stock
$0.11
144,
Federal surtax.—V.
*
p.
Nil
Nil
Nil
2294.
Consolidated Oil Corp.—Annual Report—
The past year was noteworthy in that the
industry broke all previous
records in production of crude oil and
supplied the largest domestic demand
ever recorded for gasoline, kerosene and fuel oil.
Domestic
sumption increased about
of motor fuel.
gasoline con¬
10.5%, totaling nearly 20,000,000,000 gallons
The demand for motor and industrial lubricants
was
cor¬
To supply these and otner requirements for petroleum
States refineries processed more
than 1,000,000,000
barrels of curde oil.
Subsidiaries of corporation obtained their share of this increased business
in the form of larger sales of all products.
products
102,588
46,178,060
8,638,625
!
suppliesr
781,049
45,467,908
6,545,474
Long-term notes and accounts receivable, including
balances in closed banks
Common stock in treasury
Total
743,029
,
Deferred and unadjusted items
3,689,855
4,556,113
.
1,037,828
2,876,388
2,130,810
342,880,439 331,070,551
_
Liabilities—
c
Common stock
71,094,175
71,094,175
6,039,990
5,659,210
e5,011,900
165,404,476 165,584,086
17,462,196
14,956,117
Preferred 8% cumulative stock
$5 preferred stock
Capital surplus
Earned surplus
Reserves for property
H. F. Sinclair, Cnairman of the Executive Committee
says in substance
The 1936 net profit of
$16,728,929 represents an increase over the net
profit of 1935 of 48%.
respondingly great.
1935
$
■
204,171,447 200,965,256
not consolidated.
7,729,574
13,710,033
dl9 ,666,447
13,723,099
31,415,956
30,143,202
315,240
859,126
1,068,418
501,889
14,605,089
12,328,488
Notes and accounts receivable
Current amount due from controlled
Consolidated Laundries Corp.—Notes Called—
A total of $403,500 convertible
6}£% 10-year sinking fund gold notes
due April 15, 1941 have been called for
redemption on June 15 at par and
Ni
x Includes premium of
$10 per share on 100,533 shares of 8% cum. pref.
capital stock of the par value of $100 per share converted to $5 cum. div.
sinking fund pref. capital stock without par value, or redeemed for cash on
or prior to Jan. 15,
1936, $1,005,330; premium of 1% of $42,245,200 par
value of corporation's 1st lien collateral gold bonds, series A & B, redeemed
Aug. 12, 1935, $422,452; less excess of par value over cost of bonds held in
insurance fund prior to redemption, $176,278; balance, $246,173; total
(as above), $1,251,504.
Note—Equity in undistributed current gains of controlled companies not
abandonment, contingencies,
exchange fluctuations, Fed. taxes, &c
»
—
9,334,703
Notes payable to banks (unsecured)
15-yr.
314% sinking fund debentures
Purchase money obligations
Accounts payable
Dividends payable
Current purchase money obligations
conv.
Amounts due to controlled
cos.
49,250,000
470,570
17,683,083
2,783,347
not consolidated-_
Interest, taxes and miscellaneous accruals
53,022
3,685,657
9,952,648
40,000,000
181,938
14,417,788
85,541
504,879
44,347
3,197,142
United
Total
------
-----
-—342,880,439 331,070,551
a Reai estate, oil and gas leases/oh wells and
equipment, pipelines, steam¬
ships, tank cars, terminals, refineries, distributingjstations and facilities,
2648
Financial Chronicle
Ac., at values determined by directors as of Jan. 31, 1932, with subsequent
additions at cost, less reserves for depreciation and depletion,
b Equity in
earned surplus of controlled companies not included in consolidated state¬
ment, $293,167 in 1936 and $320,592 in 1935.
c Represented by 14,218,835
(no par) shares at stated value of $5 per share,
cf Other investments are
stated at values determined by the board of directors as at Jan.
31, 1932,
and subsequent additions at cost, for those acquired by the issue of
treasury
stock, being treated as cost of the treasury stock to the corporation.
Rio
Grande Oil Co., formerly 100% owned, was included in the consloidated
accounts until March 31, 1936.
As of that date its capital stock was in¬
creased, and a 50% interest, represented by additional stock, was issued
to outside interests in exchange for certain securities of Richfield Oil Co. of
Calif, and Pan American Petroleum Co. and other assets.
The interest
in Rio Grande Oil Co. is now included in other investments.
Also included
in other investment is an investment of $8,932,597 in Petroleum Corp. of
America, represented by 781,276 shares, a substantial portion of whose
is represented by the common stock of this company,
e Repre¬
by 56,592 (50,119 in 1935) no par shares.—V. 143, p. 4150.
assets
April 17, 1937
Consolidated
1936
Balance
Proposal to Issue $50,000,000 Debentures to Be Voted
Meeting—$5 Pref. Stock to Be Redeemed—
on
January
February
11,259
7,784
596,206
589,419
87,527
51,096
$494,434
639.861
527.142
515.089
826,186
759,365
849,202
Dividend Plan
1934
of treatment
common
for
accumulations
change in
proposes
arrears
value
par
in surplus and an offering at
$9 a share of 65,594 shares of common stock,
proceeds from which, together with a $250,000 bank loan, will be utilized
in back preferred dividends.
will retire 3,000 shares of preferred exdividends with respect to arrears of which shares 1,650 will be sold to com¬
pany by underwriters at $105 a share and balance acquired in open market
or by redemption.—V. 144, p. 2294.
20,925
35,985
1,303,867
Segregated surplus
Earned surplus--.
Total
-.-22,551,787 22,795,845
Total
Total—..
1933
-—$33,051,900 $30,477,295 $28,635,138 $26,000,000
12,142,085
10,462,769
9,404,634
7,978,743
Maintenance and repairs
1,912,564
1,576,731
1,514,128
1,205,326
General taxes
2,058,950
2,017,430
2,137,620
1,810,987
Federal income tax
469,226
586,340
772,493
592,600
Prov. for retire, reserve,.
3,150,000
2,850,000
2,850,000
2,784,000
-
1,365,766
153,436
804,999
22,551.787 22,795,845
—V. 139, p. 439.
Container
Corp. of America (& Subs.)—Earnings—
1936
1935
1934
1933
(incl
-1 --"
.■
brokerage sales of sub)$22,525,268 $20,181,777 $18,316,508 $15,419,759
Cost of sales.
17,466,001
15,356,939
14,136,407
12,819,457
SeUing, adm. & gen. exps
1,791,599
1,575,614
1,375,624
1,096,807
Calendar Years—
G/Oos
salos
;"not
••
—
Net profit from oper._
$13,267,668
$3,249,224
$2,804,477
$1,503,495
Provision for bad debts,
less recoveries
9,742
35,153
122,818
107,512
74,434
100,211
81,275
51,712
60,626
26,841
$2,983,741
92,704
29,170
$2,597,056
107,638
29,236
$1,315,817
102,659
29,551
_
—
Rental expense, &c
Loss
114,922
86,701
retired—
on cap. as.
Profit
$13,056,303
92,719
-
Int. & disc, earned, Ac._
Rental income
Adjustm.
29,592
of prior years
49,269
Net profit before dep.,
int. & Fed. taxes— $3,178,614
Int. on first mtge. bonds
194,958
—
.
$3,105,615
208,426
213,482
32,596
217,500
1,152,590
43,012
$2,783,199
214,502
195,000
984,162
45,761
791,667
Net profit car. to sur._y$l,286,942
$1,238,009
Preferred dividends
—422,122
$1,112,711
$140,921
211,772
14,439
x255,000
Prov. for depreciation..
1,172,734
42,769
Interest on debenturesOther interest, &c
-
$1,448,027
220,245
228,569
18,285
215,939
15,124
Common dividends
49,000
$470,017
Surplus————.
x
W---,--
816,925
$815,887
$1,112,711
Includes $24,500 for surtax on undistributed profits,
y
$140,921
Earnings
per
share for the year 1936 is equal to $1.97 a share; this compares with $1.89 in
1935.
Net income after interest,
Federal inc.
for ade¬
deprec.,
tax and prov.
$626,970
$179,303
$1,759,109
$1,209,502
$2.69
quate reserve
——
Earn, per sh. on present
$1.85
outstanding cap. stock
—
Operation..
1,359,795
156,321
984,109
1,404,483
Earnings for the 3 and 12 Months Ended March 31
Mos.—1936
1937—12 Mos.—VdZQ
1934
$23,362,490 $21,669,914 $19,863,338
6,656,683
6,535,384
5,601,839
364,510
360,360
367,078
114,343
93,610
119,478
167,743
Non-operating revs->.
132,061
18,294
Period End. Mar. 31— 1937—3
1935
7,022,655
381,628
Heating and water
128,793
173,132
—
Gross earnings—Electric$25,533,274
Gas
212,378
Other accruals
Co.—Earnings—
1936
.
.
Deprec. reserve.
Contribu.toext...
to pay off $470,120 or $28 a share
In addition the funds so raised
Consumers Power
328,000
862,231
157,243
129,128
-
of
stock to $1 from $5 a share with resultant increase of $1,192,620
Calendar Years—
9,977,250
.
134,940
Accounts payable
Reserves
Prov. for Fed. inc. tax.__
by directors whereby
preferred stock may be cleared.
Plan
32,000
823,129
182,468
.
Unbilled water ser.
Amort, of bond discount
Voted—
Shareholders have approved plan submitted
on
Gold not., subs. co
Notes payable
2,200
500,000
798,000
Coupons payable
Dividends payable
.
.
prop, taxes
1935
$517,572
1,066,853
462,100
2,824,584
-
Prepaid items
Debt disc. A exp
Inc.—Sales—
1936
$552,326
$554,392
700.884
March
212,838
2,558,200
-
.
at
letter from H. F. Sinclair, Chairman of the Executive
Committee, says that the industry from its beginning has required large
capital investments to keep up with the demand for more production, trans¬
portation, refining and marketing facilities.
"A large part of such ex¬
penditures, in the past has been derived from earnings," Mr. Sinclair says.
T,Owing to the Federal surtax on undistributed profits it is no longer prac¬
ticable to pursue this course."
*3*In addition to anticipated need for funds for capital expenditures, at¬
tention is called to the fact that it is desirable that the 56,592 shares of $5
dividend pref. stock outstanding should be redeemed because of the sav¬
ing as between current interest rates and the $5 dividend on this stock.
Other proposals to the stockholders provide for the establishment of
pensions and death benefits for employes.
"It is believed," Mr. Sinclair
says, "that this step will be justified by the resulting security and satis¬
faction of employees and the enhanced value of their services to the cor¬
poration.
The modern trend in industrial relations involves acceptance
by the employer of even greater responsibilities than have been assumed
in the past to promote the well-being of those who have built up and
engaged
in furthering the success of a business."
There is also to be submitted for action by the stockholders a five-year
plan under which employees may purchase stock on instalments at not less
than the average cost to the corporation of the shares offered.—V. 143.
p. 4150.
-Nr.
1937
$
$
17,584,658 17,233,650 Com. stock., con¬
co. 2,178,249
sumers water co.
2,309,800
212,838
Other investments
57,726
56,807 Com.stk., sub. co. 1,945,500
Invest, securities..
288,287
449,728 Pref.stk., 7% con¬
Materials A sup.—
sumers water co
77,272
88,661
462,100
Cash
247,983
96,537 Pref. stk., sub. co. 2,697,084
Notes receivable
581,648
1,131,132 Pref. stk., installs.
Accounts rec
321.422
294,625
paid
2,200
Dividends rec
6,210
7,425 lst.col.mrge.bds.
500,000
Sinking fund
147,290
111,929 Gold notes., 5 H %
798,000
Special deposits
129,128 Bonded debt., subs
134,940
Deferred charges..
co
207.850
261,380
-..10,491,250
a
Month of—
1935
1936
Liabilities
Fixed capital
Invest, in subs.
With notice of forthcoming annual meeting of stockholders are advised
that there will be submitted for their action a proposal to authorize a
debenture issue of $50,000,000 in order that the company may "be In a
position to take advantage of a favorable opportunity for obtaining funds."
Retail Stores,
31
1935
Annual
Consolidated
Dec.
Accrued interest
sented
In,this connection,
Sheet
—
Note—No provision has been made for surtax on undistributed earnings.
Total sales volume during this quarter was
433 last year, an increase of $1,774,307.
$6,749,740
as
against $4,975,-
------
Consolidated
1936
Net earnings
Int. on funded debt
.$13,319,074 $12,984,023 $12,006,261 $11,628,341
3,956,549
4,676,769
4,371,842
4,348,660
Amortiz. of debt disct. &
interest-_
Int. charged to construct
393,068
74,091
0140,287
329,444
100,295
0115,895
304,721
205,383
088,449
307,621
67,277
063,032
$9,035,652
expense
Miscellaneous
$7,993,409
$7,212,764
$6,967,814
x
equipment-- —17,370,682 17,620,219
Cash
1,147,362
1,131,576
Accts. A notes rec. 1,614,733
1,140,293
Miscell. receiv'les.
10,898
15,288
Inventories
2,900,739
2,896,060
—
-
Deferred charges-Goodwill
438,647
1
1
149,754
90,563
,
433,644
Balance Sheet Dec. 31
1936
/I SSCtS
Fixed
funds
392,378
15,384,744
A accrd. int..
Misc. defd. liabil
Accts. payable—
7,953,592
6,342,181
1,785,349
657,321
9,507,823
2,600,000
1,654,931
Cash in banks A
on
hand
U. S. Govt.
sees.
affil.
1,633,289
67,907
cos
13,274
1,733,726
Accts. payable—
Accrd.
taxes—
x
23,632,815 23,327,643
After
$
13,070,800
7,736,360
758,558
329,065
Prov.for Fed.inc.
taxes—-
255,000
217,500
154,000
250,000
434,115
1,017,762
417,615
Sink, fund paym'ts
due in 1937
Res've for conting.
Earned surplus
Total.
depreciation of $7,738,397 in
1936
general
5,155,179
3,717,865
3,702,614
3,197,592
62,578
1,385,176
194,107
2,300,067
671,304
108,924
105,293
2,272,816
663,291
Retire, reserve._
17,697,495
15,497,650
Fed. income-
100,911
Casualty A insur
reserve
344,889
419,220
547,745
—23,632,815 23,327,643
and
,760,214 in 1935.
341,134
mdse. time pay
charges
for
351,734
Operating profit
Other income (net)
Total
312,908
7,175,945
983,208
24,000
1933
$4,584,303
$3,712,731
4,300,299
3,465,164
2,774,422
374,372
849,864
421,524
783,810
435,716
706,060
20,000
35,000
$688,961
25,025
$203,586
118,927
35,910
$595,060
912,400
$167,677
479,415
$317,340
:
profit
$173,350 loss$121,195 loss$203,467
30,236
25,486
29,632
$713,986
-
taxes
312,908
4,992,924
1934
$5,717,885
$311,738
loss$95,710 loss$173.835
Allowance for foreign in¬
1,294,540
Earned surplus.
1935
322,976
vestment & advances.
come
tensions
...251,829,408 246,079,632
Depreciation of bldgs.,
mach'y & equipmentSell., admin. & gen. exps
Res. provided against in¬
Total
262,288
ex¬
Acquired surplus
1936
Sales, less returns, allow¬
$6,894,614
ances, &C—
Cost of sales, exclusive of
depreciation
4,875,469
291,596
Other reserves
(& Subs.)- -Earnings
[Company and Wholly-Owned Subsidiaries]
Calendar Years—
298,874
.
Res. for unearned
Contrib.
Continental-Diamond Fibre Co.
-
Conting. res'ves.
Total
1935
$
-V. 144, p. 448.
1,621,662
61,461
Accrued interest
Misc. curr. liabil
Accts.,
notes A
int. receivable
Mat'ls A suppls.
1936
Cap. stk. (par S20) 13,070,800
Funded debt...
6,980,500
Accounts payable- 1,305,003
Accruals, Ac
415,635
Consumers' den.
Defd. charges A
prepaid accts.
Total
$
-.113,545,475 111,838,675
796,839
A
special deps—
Debt disct., pre¬
mium A exp__
$
596,244
'
1935
Capital stock.—104,967,548 104,967,448
Funded debt.
in vari¬
cos., Ac--
Sink,
1936
Liabilities—
V
capital—.220,120,977 214,343,411
Invests,
ous
;
1935
31
■
Land, bldgs. and
—
Dec.
Liabilities
S
Other assets...-.-
Net income
Sheet
Balance
1935
$
Assets—■
Dividends
251,829,408 246,079,632
paid
Balance, deficit
—V. 144, p. 2123.
4,000
2,295
loss$99,710 loss$176,130
$99,710
$176,130
Comparative Consolidated Balance Sheet Dec. 31
Consumers Water
Co.—Earnings—
[Including Company and Wholly-Owned Subsidiary Companies]
Assets—
Consolidated Earnings for 12 Months Ended Dec. 31
m
1936
,
Total revenue
1935
Other income
$1,757,295
149,813
$1,715,924
113,709
$1,829,634
Operating expenses and all taxes
Interest A amorization charges (subs).
$1,907,108
921,676
644,296
1936
Cash
a
Dividends
on
$341,135
94,989
$246,145
73,890
16,675
subsidiaries.
Interest
on funded debt
Other interest & amortization.
$285,338
101,342
$183,995
73,890
16,859
$155,579
Balance to surplus
Dr. 26
—
$155,553
$93,246
Cr .28
$93,274
850,210
680,469
1,698,837
57,370
Accounts
1936
1935
payable,
vendors, Ac_
$597,514
c Capital stock-.2,179,672
Surplus
4,041,563
—_
$433,570
2,179,673
4,422,853
49,799
Ac.
12,391
11,874
Sundry investm'ts
Prepd.ins.,tax., Ac
bLd., water rights,
bldg., mach. A
111,375
7,442
116,597
2,857,632
3,078,471
1
1
equipment
Pats. A tr.-marks.
Total
Minority stockholders' interest.
50,000
1,837,168
-
Dep. with ins. un¬
derwriters
Adv. to empl.,
Liabilities—
50,000
NotesAaccts.rec.
Inventories
914,708
629,588
1935
$1,035,160 $1,331,519
U.S.Lib.Ln.bds.
18,528
$6,818,749 $7,036,0961
Total
$6,818,749 $7,036,096
After allowance for doubtful accounts of $44,752 in 1936 and $74,241
1935.
b After allowance for depreciation of $6,945,222 in 1936 and
$6,761,779 in 1935.
c Represented by 505,000 shares (less 48,800 shs. in
a
in
treasury).—V.
143, p. 3463.
Volume
Financial
144
Chronicle
2649
Cook Paint & Varnish Co.—Sales—
Period End. Mar. 31—
Net
$610,852
144,
1937—3 Mos.—1936
$1,511,346
$1,122,236
1937-—Month—1936
sales
—V.
$529,356
Crescent Public Service Co.
1779.
p.
Public Service Co.
Crescent
(& Subs.)—Earnings—
Coll. Income 6s, Series "B" due
1936
1935
$2,138,744
1,573,562
$2,083,676
1,522,223
Net income from operations
$686,029
12,877
$565,182
10,967
$561,453
8,536
$698,906
187,862
219,628
4,947
58,588
4,100
18,089
$576,149
153,211
221,315
4,576
89,388
$569,989
163,394
222.287
4,626
59,580
4,102
18,151
$205,691
131,239
$86,141
Oct. 1, 1954
xl934
$2,359,597
1,673,568
Years Ended Dec. 31—
Operating revenue
Operating expenses
...
Non-operating revenue—net
Gross income
Depreciation and depletion
Interest—long-term debt
Interest—unfunded debt
Annual div. requirement on pref. stock
Federal and State taxes on bond int__
Amortiz. of debt discount and expense
3.364
18,151
DEPARTMENT
TRADING
Eastman, Dillon 8 Co.
NEW YORK STOCK EXCHANGE
MEMBERS
New York
15 Broad Street
A. T. & T. Teletype N. Y. 1-752
Equipment Trusts—
Net income (see note)
Ann. int. requirements on coll. tr. bds.
Net inc. for year before Fed. inc. tax
x
Includes operations of Crescent
$97,848
7.644
$31,587
$74,452
tificates at a
$90,204
54,555
the U. S. District Court, Denver, and the Interstate Commerce Commis¬
sion.—V. 144, p. 2296.
Freeman & Co.
Public Service Co. for the three months
Detroit Edison Co.
ended Dec. 31, 1934, operations of subsidiaries for the year ended that date
irrespective of date of acquisition by the company, fixed charges of sub¬
sidiaries on obligations in hands of the public including annual dividend
requirements on pref. stock of subsidiary, whether or not paid and (or)
accrued, and annual interest requirements on long-term debt of Crescent
Public Service Co., excluding collateral trust 6% income bonds, series B.
have purchased
$2,175,000 3\i% equipment trust
(& Subs.)—Earnings—
1937
12 Months Ended March 31—
Gross earnings from
Steam
1936
$
1,876,214
378,459
12,233
$56^293/763
Long-term debt
7,423
11,327
Investments
Cash
x
5,794
12,005
Interest on bonds.
254,097
11,652
264,007
78,615
Reserves
Miscell. liabilities.
receivable
450
485
Mat'ls A supplies.
89,738
73,127
Prepayments
28,690
27,747
7,104
6,509
Unrealized
5,604
2,797
Pref. stk. (sub. co.)
Common stock
267,731
Other def. Items..
248,539
2,117
Leasehold improv.
148
10.734,637
102
101,252
1,583,703
99,530
84,518
16,496
""309
...10,873,671
167
112,239
116,753
18,674
1,731,019
99,796
221,056
16,988
218,032
receivable
Notes
Accts. receivable..
Unredeemed coups.
Taxes
Interest
Service A Ins. dep's
Cash In closed bk.
Unamort. debt dis¬
count A expense
Total
x
Consumers' depos¬
its
refundable.
_
Deferred liabilities
619
2,305
225,890
1,059,080
60,610
429,802
profit.
Deficit
219,811
1,092,520
60,610
497,438
Gross corporate income
Interest on funded and unfunded debt
Interest charged to
Includes warrants.—V.
10,734,637
143, p. 2995.
140,134
136,038
Other miscellaneous income
$16,779,314 $17,081,995
5,890,268
6,381,861
Cr33,300
294,637
219,636
construction
Amortization of debt discount and expense
$10,594,409 $10,513,798
Net income
Note—The foregoing figures do not take into account any Federal surtax
undistributed net income with respect to the year 1937.
It is estimated
on
no
1936.—V. 144, p. 1955.
such tax will be payable with respect to
Ry.- -Earnings1935
1936
Years End. Dec. 31—
10,873.671
—$16,643,276 $16,941,860
Balance, income from operations
Detroit & Mackinac
Total
34,061,352
Operating and non-operating expenses..
7,894,300
7,781,000
95,939
9,845,989 Accounts payable.
9,978,838
$51,003,212
39,650,487
Gas
Total
$
1,950,165
359,899
145,503
Miscellaneous
1935
$
Liabilities—
A
Plant, property
equipment
Special deposits
1936
1935
$
1936
$54,026,857 $48,547,646
operations—Electricity
Condensed Consolidated Balance Sheet Dec. 31
Assets—
cer¬
The sale is subject to further approval of
bid of 97.4629.
$803,484
126,113
Total oper. revenues
Maint. of way & struc..
140.203
Maint. of equipment—
Traffic
1934
1933
$632,904
114,118
79,707
10,311
254,831
$654,506
120,962
119,667
10,529
$601,960
115,187
88,349
11,662
249,334
Transportation—rail line
Steel Co. of America—Obituary—
Horace S. Wilkinson, Chairman of the Board, died on April 11.—V, 144,
p.
2295.
RR.—Plan Approved—
Cuba
was entered by Federal Judge William
Clark at Newark,
April 7. closing the proceedings to reorganize the company under
of the Bankruptcy Act.
Under the plan, the maturity date of $3,000,000 of bonds was advanced
10 years from Dec. 1. 1936.—V. 144. p. 1780.
A final decree
N. J.,
Section 77-B
Cuban Tobacco Co.—Accumulated Dividend—
pref. stock, par $100, payable June 30 to
This compares with $5 paid on Dec. 21, last, and
$2.50 per share paid on June 30, 1936, and on June 30, 1931, this latter
being the last regular semi-annual payment made.—V. 144, p. 2295.
cum.
Cumberland County Power & Light Co.
(& Subs.)—
-
-
124
137
75
42,061
34,335
55,376
602
116
85
528
Net oper. revenues—
$198,178
21,118
$105,882
15.248
$118,572
1,733
$93,036
42.747
62
24
16
$177,060
D/43,676
$90,572
D/-24.334
$116,814
Dr9,307
$50,273
Dr3,296
$133,384
$66,238
$107,507
$46,977
Railway tax accruals—
Uncoil, ry. revenues..
Railway oper. incomeOther income
.
$4,399,486
$4,132,872
2,911,381
$1,235,158
57,209
....
$1,221,491
55,080
$1,292,367
Net before interest
Balance transferred to earned surplus
6%
cum.
$1,276,571
705,276
708,613
$571,294
239,964
$583,754
239,964
pref. stock dividends..
-
23,600
Common stock dividends
118,000
30
853
855
820
109,360
108,347
10,074
1,112
10,017
110,000
9,999
151
966
110,000
9,737
1,401
prof$12,017
$53,160
$14,344
$75,012
Interest
Int.
on
funded debt.
on
unfunded debt.
Deficit
$22,912,019
Cash in banks A
rec.
A
on
528,922
hand
mdse.
$7 ,387,846 $7,534,453
294,998
a615,231
3,060
2,101
Net bal.
rec.
trustees
Other accrued liabilities.....
Prov. for Fed. income taxes..
150,085
76,323
Matured
&
bonds
&
int.
un¬
213,599
claimed—contra
Special deposits
213,599
19,528
Reserves
Miscellaneous investments
970,019
Res. In connection with lease
fiscal agents—contra
Due from Portland RR. Co..
Other assets
Prepayments A detd. charges
b Reacquired securs. at cost.
3 ,556,941
from Portland RR. Co
487,292
75,407 6% cum. pref stock ($100 par)
1,697,419 5>£% cum. pref. stock ($100
par)
21,830
incl.
313
313
2,734,000
Loans & bills pay.
250,000
2,734,000
250,000
23,145
9,132
balances payable
28,174
26,039
Audited accts. and
Mat'l A supplies..
187,093
181,227
Other
126
255
assets.
curr
Deferred assets...
662
874
debits
9,520
12,255
wages
an
60,667
Misc. accts. pay..
Int. mat'd
unpaid.
Unmat'd int.
53,524
43.996
16,004
246,724
payable..
40,245
2,720
236,064
9,946
9,946
accr.
5,514
3,782
1,015,935
1,093,349
1,856.202
credits.
1,856,202
1,251,230
1,260,933
Add'ns to property
through
and
income
surplus
$7,938,073 $7,969,2141
Total
—Y.
$7,938,073 $7,969,214
Total
144, p. 2296.
.
.
Duquesne Light Co.—Earnings—
Feb.
Year Ended—
Operating revenues
:
Operating expenses, maintenance and all taxes
28
'37 Feb.
29
'36
$28,340,137 $26,009,930
13,068,388
10,483,434
1 ,535,761
4 ,023,600
Net oper. rev.
(before approp. for retire, res've) .$15,271,749 $15,526,496
846,361
871,987
Other income (net)—
,000.000
c3 ,295,750
Common stock
50
Common stock ($50 par)
Surplus,
Grants in aid of con
Profit & loss deflcit
71,753
Unbilled income—estimated-
$950,000
2,000,000
Traffic A car serv.
from
98,655
eral income taxes
1935
$950,000
2,000,000
Common stock
agts. A cond'rs.
MiscelL accts. rec.
167,007
_
139,995 Consumers' deposits and in¬
terest thereon..
102,000
ation A construction
with
payable
Accrued rental of leased prop.
Materials A supplies for oper¬
1936
Liabilities—
Preferred stock.__
Long-term debt,...
Accrd. taxes other than Fed¬
29,213
Merchandise for resale
dep.
2,400
3,319
Special deposits...
Traffic A car serv.
Funded debt.............^.$11 ,053,000
Accounts
t
Other current liab.
27,837
59,146
7,342
1,726
receivable
Int. & dividends receivable..
Cash
200,605
Unadjust
Accrued int. on funded debt.
instal.
contracts
Notes
1935
1936
Assets—
Investments
Liabilities—
Fixed capital
Accts.
_
Miscell. income charges.
Unadjusted
Consolidated Balance Sheet Dec. 31
Asscts~~~~~
31
30
790
balances rec
Int., amortiza. and other deductions..—
30
rents
Cash.-.-
Net operating income
Non-operating income
44",921
Miscell. tax accruals
Miscellaneous
1935
3,164,328
263,109
Condensed Balance Sheet Dec. 31
1936
Calendar Years—
Operating revenues
Operating expenses and taxes
Miscellaneous operations
General
Total income
The directors have declared a dividend of $2.50 per share on account of
accumulations of the 5%
holders of record June 18.
10,954
286,450
Transp. for invest.—Cr_
Crucible
amount of
Net operating revenue and other income (before
appropriation for retirement reserve)
$16,118,111 $16,398,482
Appropriation for retirement reserve
" 2,267,211
2,080,794
$227,598 attrib. to capital
2 ,620,938
surplus
$13,850,899 $14,317,688
180,835
176,995
2,457,772
2,736,414
316,191
253,221
500,000
500,000
81,688
100,905
Gross income
Rents for lease of electric properties.
"....$27,886.0341
Total
a
$27,886,034
Total
After
reserves
of $80,879.
b 242 shares pref. stock, 6% cum.—
$26,620; 1 share common stock—$50 par value,
c Repre¬
by 47,199 no par shares.—V. 144, p. 2175.
market value,
sented
De Met's,
of accumulations
on
the
a
dividend of 55 cents per share on account
$2.20 cumulative preferred stock, no par value,
to holders of record April 26.
Similar distributions have
been made in each of the 14 preceding quarters.—V. 144, p. 277.
payable May
1
Denver & Rio Grande Western
The Interstate Commerce Commission
on
Other income deductions
March 31 issued
a
$10,314,413 $10,547,152
-
—V. 144, p. 2296.
.
Dominion Gas & Electric Co.
(& Subs.)—Earnings—
1936
1935
1934
$4,428,408
2,635,253
Calendar Years—
RR.—Abandonment, &c.
$4,244,159
2.478,582
$3,742,829
2,191,726
$1,793,155
23,317
$1,765,577
$1,551,103
30,135
54,264
$1,816,471
$1,795,712
519,730
$1,605,366
509,547
certificate
(l)permitting abandonment by the trustees of certain lines of railroad extend¬
ing from a point on the Pueblo-Trinidad line, at milepost 168.53, near
Cucharas Junction, southerly to milepost 208.64, near Trinidad , (b)extend¬
ing from milepost 168.69. near Cucharas Junction, westerly to milepost
172.91, near Walsenburg and (c) extending from milepost 177.45, near
Rouse Junction, westerly to nlilepost 181.67 near Mayne, a total of 48.55
miles, and (2) authorizing operation, under trackage rights, over a line
of railroad of the Colorado & Southern Ry., between Walsenburg and
Trinidad, approximately 40.94 miles, including the branch line between
Ludlow and Barnes Junction, together with certain appurtenant passing,
side, team, stock and interchange tracks; all in Las Animas and Huerfano
counties, Colo., and (3) authorizing construction and operation by the
trustees
and
the Colorado
&
Southern
Ry.
of a connecting track
in Las Animas County, Colo.
Appropriation for special reserve
Net income
Inc.—Accumulated Dividends—
The directors have declared
Interest charges (net)
Amortization of debt discount and expense
Other income.
Total
revenue
Prov. for amortization & depreciation
Prior charges of subs, companies on
452,785
Electric Co
Preferred dividends
760,326
643,587
574,037
265,797
obligations & stocks publicly held..
Int.
charges of
Dominion
Gas &
431,418
465,981
$337-,564
100,000
$200,976
$55,801
Note—The accounts of the subsidiaries which are maintained in
currency
are
Canadian
stated herein dollar for dollar in United States currency.
.
Financial
2650
dl936
Assets—
123,975
103,361
485,766
786,201
21,041
276,479
67,404
344,020
rental or approval
Inventories of materials and supplies
on
Other receivables
Prepaid
expenses
and deferred charges
Total
$21,983,605 $21,677,324
——
-
96,425
2,678
241,206
70,405
260,773
700,819
15,256
276,973
36,025
353,885
1,688
--
Marketable securities (at cost)
b Accounts receivable
Appliances installed
cl935
$19,773,670 $19,622,876
Fixed capital
Investments
Cash in sinking funds, &c
Cash in banks & on hand
Cash for redemption of bonds
dl936
$9,330,934.
Liabilities—
Funded debt
Note payable by sub. to bank.
Notes & account due to Intl. Utilities Corp
cl935
$8,887,804
11,377
51,991
311,339
67,125
32,936
59,332
181,201
124,220
256,175
18,342
501,663
1st mtge.
7% bonds called for redemption
Municipal debs, instalments maturing in 1937
Accrued interest on funded debt
Provision for Dominion income tax
Other accrued taxes
24,770
67,720
180,419
110.377
231.296
17,912
514,290
25,242
163,235
-
Accounts payable & other accrued liabilities
Accrued divs. on pref. shares of subs
Consumers' deposit & accrued interest
Deferred liability (payable in 1941)
Miscellaneous
-
Minority interest in subsidiaries
$7 preferred stock
Common stock (.$1 par)
Paid-in surplus
4,029,378
2,500,000
156.428
1,283,710
Capital surplus
2,742,219
84,237
469,447
14,045
351,629
-
Earned surplus of Dominion Gas & Elec Co. from
June 30, 1933
-
Earned surplus of subsidiaries
Mack's opinion
upholding the registration provisions of the statute.
Leave to appeal to the U. S. Circuit Court of Appeals was granted by
District Judge Vincent L. Leibell. At the same time he stayed, pending
the appeal, the injunction issued by Judge Mack to restrain the defendants
from using the channels of inter-State commerce and the mails for business
across State lines.
The Government, however, has not pressed for com¬
pliance, preferring to await final adjudication.
(*)The_petition citing alleged errors, drawn up by Thomas D. Thacher and
John F. MacLane, attorneys for the defendants, began with the charge
that Judge Mack erred in holding that Sections 4 (a) and 5 of the Act
"constitute a valid and reasonable regulation of interstate commerce and
the mails".
They contended that this involved an improper delegation of
power by Congress to the Securities and Exchange Commission, which is
to administer the Act.
They also assailed that portion of the decision which ruled that "the
filing of information in accordance with Section 5 is a reasonable method of
controlling the alleged holding company evils and abuses at which the Act
is directed, including evils and abuses growing out of the transactions
specified in Section 4 (a) of the Act."
i >The court should have found, the petition said, that the two sections
did not really seek information but in effect were intended to force the
defendants to obtain a license to conduct interstate business as outlined
in 4 (a).—V. 144, p. 2298.
effort to reverse Judge Julian W.
an
E1 Paso Electric Co.
Period—
sidiaries are stated in Canadian currency at par of exchange,
under income account.—V. 142, p. 4337.
$232,118
96,323
15,905
28,836
*37 Feb. 29, *36
$2,956,209
$2,808,590
1,360,213
1,249,453
185,328
169,766
a345,938
312,873
Taxes
$240,990
101,949
16,943
31,230
Net-oper. revenues.-.
Non-oper. inc. (net)
$90,868
Dr.9,194
$91,054
2,305
$1,064,729
19,510
$1,076,498
29.268
$81,673
35,893
$93,359
35,899
$1,084,239
433,919
$1,105,767
433,272
$57,460
$650,320
340,966
$672,494
335,000
$309,353
46,710
182,972
$337,494
46,710
183,531
$79,671
$107,253
Operating revenues
Operation
Maintenance
-
$21,983,605 $21,677,324
a After general reserve of $1,811,026
($1,758,038 in 1935) and reserves
for amortization and depreciation of $4,789,081
($4,752,577 in 1935).
b After reserve of $36,062 ($32,727 in 1935).
c The accounts of the sub¬
-12 Mos. Ended-
-
Feb. 28, *37 Feb. 29, '36 Feb. 28,
7
Int. & amortization
Total
(Del.) (& Subs.)- -Earnings—
Month.Ended
20,400
55,225
4,131,832
2,500,000
156,428
1,283,710
2,712,538
reserves
April 17, 1937
in Federal Court in
Consolidated. Balance Sheet Dec. 31
a
Chronicle
'
Balance
$45,780
Appropriations for retirement reserve.
—
d See note
Balance
-
-
Pref. divs. requirements of subs, company
Pref. div. require, of El Paso Electric Co. (Dei.)
_
-
Drayton Mills, Spartanburg, S. C.—To Reorganize—
Federal Judge C. C. Wyche of Spartanburg, S. C., nas filed an order
approving the filing of a petition for the reorganization of the company
under Section 77-B of the Bankruptcy Act.
J. T. Wardlaw, Treasurer of the company, said the reorganization will
provide for capitalization of the debt incurred at the time an addition was
build and new equipment was installed in 1929-30 and will thereby improve
the mill's credit position and the status of existing preferred and common
stockholders.
The order filed by Judge Wyche provides for continuing the operation
of the mill under the present management.
No definite plan of reorganiza¬
tion has been proposed but the petitioh asks that company be allowed to
reorganize its financial structure.
(& Subs.)—Earnings—
Month Ended
Period—
Feb.
28
'37 Feb.
$739,165
12
29
*36 Feb.
Months Ended—
'37 Feb.
28
29
'36
$8,547,708
$8,351,962
349,168
4,192,068
4,121,144
24,786
60,416
338,667
342,671
723,936
97,888
al,060,219
El Paso Natural Gas Co.—Debentures Converted—
exercised the privilege
Holders of $3,137,000 of convertible debentures
1936 to Feb. 28, 1937, or 188,220 shares of common stock,
$189,251
3,879
$2,232,816
134,221
$2,210,394
-
Engineers Public Service Co.—Earnings—
Income Statement (Parent
Net oper. revenues
Non-oper. income (net)
-
132,693
Feb.
Revenue from subsidiary companies:
Interest—Income notes
$193,129
43,727
$2,367,037
526,281
$2,343,087
574,646
$149,402
$1,840,756
77,652
$1,768,441
77,652
31,355
'37 Feb.
$1,763,104
28,266
$1,659,434
30,488
Expenses
$1,734,839
$1,628,946
Balance-.Interest
1,734,839
29
'36
_
$58,000
60,419
1,628,946
309,824
$236,000
62,624
49
88,477
2,529,404
44,543
Revenue from miscellaneous investment
309,824
Preferred dividend deductions: B. V. G. & E. GoP. G. Co. of N.J
Time notes
Applicable to E.U. A
Earnings of subsidiary companies applicable to
shown above
Other income from subsidiary companies
Non-subsidiary income
Common
-
$2,044,663
129,924
$1,938,738
$1,914,738
2,816
$1,835,817
4,319
$1,911,922
143,059
al38,315
20,408
$2,716,755
2,695
$1,561,482
179
-
—-
-
—
$2,714,060
$1,561,303
$2,323,537
Balance for dividends and surplus
$1,831,498
Amount not available for dividends and surplus--
102,921
$1,724,949
106,027
----—
Preferred dividend requirements
Expenses, taxes and interest.
------
87,861
1,518,669
$2,961,097
revenues
Taxes
DrZ2
-
-
Miscellaneous
Dividends—Preferred
Total
Applicable to minority interest
as
28
_
$179,257
Balance
Company Only)
12 Months Ended—
$222,505
43,249
Interest & amortization.
E. U. A.
according to an
filed with the New York Stock
There were $608,000 of the debentures outstanding on Feb. 28, 1937,
according to the amendment, and 557,589 shares of common stock. Cash
proceeds to the company from 60,810 shares issued upon exercise of warrants
amounted to $222,970 since Sept. 4, 1936, according to the statement.—V.
144, p. 2476.
952,752
$217,522
4,984
19,792
61,968
—__
$33,307
of converting the 4% % convertible debentures into common stock at the
rate of 60 shares of $3 par stock for each $1,000 debenture from Sept. 4,
725,000
al03,309
336,574
-
Retirement res. accruals
Taxes (incl. inc. taxes)--
Includes
Exchange.
$721,511
Operation
Maintenance—
dividends & surplus.
common
Federal income taxes, of which $2,816 is Federal
profits.
Note—The subsidiary companies on Jan. 1, 1937 adopted the Federal
Power Commission system of accounts, hence previous year's figures
are not exactly comparative.—V.
144, p. 2299.
a
amendment to the company's registration
Eastern Utilities Associates
Operating revenues.-—-
Balance for
surtax on undistributed
$2,323,537
a No provision has been made for the
Federal surtax on undistributed
profits, since any liability for such tax cannot be determined until the end
of the year.
Combined Income Statement of
Subsidiary Companies (Inter-company Items
Eliminated)
Balance available for dividends and surplus
No provision has been made for tne Federal surtax on undistributed net
income for 1937, since any liability for such tax cannot be determined
until the end of the year.
Month Ended
are not
1936
Liabilities—
1935
1936
Plant, prop., rights
franchises, &c..$l ,086,043 $1,058,377
7% pref. stock (par
$100).
Invest, in pref. stk.
y
of parent co
Debt discount and
in proc¬
of amortiz'n.
2,247
2,247
.
$85,000
$85,000
363,675
255,500
1,243
4,568
2,495
6,964
3,842
363,675
_
Funded debt
225,000
946
12,611
1,661
Accounts payable.
Due to affiliated co
7,382
Accrued taxes
expense
deferred charges
Due from parent
Common stock
1935
Deferred liabilities
Prepaid accounts &
9,159
3,775
1,422
835
2,924
52,550
2,924
82,136
and notes receiv.
zl9,847
Materials and supp
9,152
17,833
10,017
3,269
Misc. curr. liabil--
Capital surplus..Surplus
company
Cash
Accrued interest.Accrd. divs. on pref
Customers' accts.
x
After
y
12 Months Ended
'36 Feb. 28 '37 Feb. 29 '36
$1,697,778
Dr21,120
$1,560,662 $19,970,796 $18,592,520
972,793
1,115,414
84,199
Balance
Interest & amortization.
$1,676,657
658,562
$1,644,860 $20,943,589 $19,707,934
8,015,740
8,348,280
665,385
Taxes
$4,180,384
reserve
1,487
1,111
Reserve
Total
1,487
1,122
180,716
201,324
198,382
85,569
198,382
70,319
$1,186,797 $1,175,315
for uncollectible accounts of $1,809 in 1936 and $2,695 in
no par shares,
z Accounts receivable only.
Represented by 14,547
Note—The income account for calendar years was given in
March 27, page 2125.—V. 144, p. 2125.
Ebasco Services,
"Chronicle" of
Inc.—Weekly Input—
For the week ended April 8, 1937, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light Co.
Electric Power & Light Corp. and National Power & Light Co., as com¬
pared with the corresponding week during 1936, was as follows:
Increase
Operating Subs, of—
1937
American Power & Light Co-_ 110,392,000
Electric Power & Light Corp48,673,000
Nat. Power & Light Co
79,263,000
*
Decrease.—V. 144, p. 2475.
Electric Bond & Share
Holding Company Act—
1936
96,730,000
41,012,000
80,128,000
Amount
13,662,000
7,661,000
*865,000
Balance
Dividends
on
$979,475 $12,927,849 $11,359,654
5,446,235
5,079,328
$7,481,614
2,802,266
1,181,771
14,115
,
14.1
18.7
*1.1
Utility
on
$2,800,185
7,859
$3,483,462
$2,792,327
$426,573
$931,296
Amount applicable to minority interests
b Balance
:
Cum. pref. divs. of certain sub. cos., not earned
Includes Federal income taxes of $676,126 of wnich the Federal surtax
undistributed profits for three subsidiary companies amounts to $5,547.
a
on
No provision has been made by the other subsidiary companies for Federal
surtax on undistributed
profits, since any liability for such tax cannot be
determined until the end of the year.
b Applicable to Engineers Public Service Co.,
earned cumulative preferred dividends of certain
before allowing for un¬
subsidiary companies.
Note—Certain subsidiary companies on Jan. 1,1937, adopted the Federal
Power Commission System of Accounts, hence previous year's figures are
not exactly comparative.—V. 144, p. 2299.
Electrical Research Products, Inc.—New Pres.y
&c.-—
Federated Department Stores,
.
Inc.—Annual Report—
Lincoln Filene, Chairman of the Board, says in part:
During the
Co.—Appeals Decision
$6,280,325
2,253,113
L227.027
$3,497,577
preferred stocks, declared
Cum. pref. divs. earned but not declared
See Western Electric Co., below.—V. 142, p. 2826.
The Electric Bond & Share Co. and other public utility company codefendants, which lost the first round against the Government over the
constitutionality of the Public Utility Act of 1935, filed an appeal April 6
Balance
$1,018,094
Appropriations for retirement reserve
Balance
stock
Total...$1,186,797 $1,175,3151
1935.
29
1,697,985
278,772
505,850
Operation
Maintenance
Net oper. revenues—
Assets—
x
'37 Feb.
$3,834,967 $48,953,502 $45,000,192
1,577,490
20,232,823
18,852,513
213,749
3,051,370
2,622,018
483,066
a5,698,513
4,933,141
Operating revenues
exactly comparative.—V. 144, p. 2476.
East Missouri Power Co .—Balance Sheet Dec. 31
ess
28
Non-operating inc. (net)
Note—Blackstone Valley Gas & Electric Co. on Jan. 1, 1937, adopted
the Federal Power Commission System of Accounts, hence previous year's
figures
Feb.
Period—
a
Federated Department Stores, Inc., the parent cor¬
poration, sold $12,500,000
cumulative convertible preferred stock
and out of the proceeds purchased an equivalent amount par value of pre¬
ferred stocks of subsidiary companies.
The subsidiary companies applied
the funds toward the retirement of preferred stocks and long-term indebted¬
ness and for additional working
capital.
Of the new preferred stock of the
parent corporation
$155,000 had been converted into common stock by
Jan. 31, 1937, leaving $12,345,000 outstanding.
year
Financial
144
Volume
preferred stocks of subsidiary companies owned by other
The
interest®
long-term indebtedness of subsidiary companies was $7,164,000 at
31, 1937, compared with $16,400,300 a year earlier.
The working
capital on a consolidated basis was $26,206,319 at Jan. 31, 1937, compared
and
Jan.
with
The ratio of current assets to current
$22,336,770 at Jan, 31, 1936.
liabilities at Jan. 31, 1937 was 5.37 to 1.
Consolidated Income Account for Years Ended Jan,
Net
31
1937
1936
1935
1934
$103,209,531 $91,638,295 $89,123,523 $82,551,164
70,987
x208,550 '
407,429
479,573
sales
Other income (net)
-$103,280,518 $91,846,845 $89,530,952 $83,030,737
85,374,567
78,397,914
96,837,999
87,429,487
1,172,754
1,144,691
1,238,032
1,213,073
Federal taxes
817,000
358,437
323,872
350,992
Surtax on undlst. profits
96,000
Interest
223,791
337,241
351,311
361,882
Subsidiary pref. divs—
529,517
813,235
995,784
1,036,484
Minority interest
575,806
226,888
164,315
294,982
Total
Cost of sales & expenses,
Depreciation
~
$1,468,484
$2,962,374
y175,449
Common dividends
1,832,950
Shs.com ®tk.out.(no par)
918,863
Earnings per share._
$3.03
$1,148,349
$1,443,791
914,311
914,390
$1.60
Net profit
Preferred dividends
914,270
914,283
636,974
912,073
$1.26
$1.58
x Includes $71,014 net credit from sale and
adjustment in price of mar¬
ketable securities,
y Two dividends aggregating $1.41 2-3 per share from
Oct. 1, 1936 to Jan. 31, 1937.
Consolidated Balance Sheet Jan. 31
1937
$
Cash,.
U.
S„
5,341,270
State
Customers'
<fc
1937
Liabilities—
3,403,872
Accounts
and
munlc. obliga'ns
and other bonds
1,770,010
2,690,921
banks, current..
Mdse. in transit..
203,881
534,000
6,950,581
3,387,758
338,411
Mdse.
9,655,232
Reserve for insur.)
400,861
2,500,020
Res. for
on
hand...11,050,926
Mdse. In transit..
517,407
3,757,767
y Fixed assets
18,731,521
Deferred charges..
846,915
Miscell. assets....
Goodwill
19;646;351
795,898
4
4
434,000
.372,297
155,556
1,244,768
Acer. sals. & exps. 1,529,658
Res've for Federal
Reg. retail terms 7,722,861
Instalm't terms. 4,203,331
Sundry debtors.372,927
income taxes...
owned
into
mon
Represented by 918,863
no par
revenues
-
surplus
Total
.54,314,940 49,769,909
110,861,504
—
(
railway
1933
$418,016
266,078
$100,721
720,403
721,082
815,755
$151,938
1,249,103
$821,123
34,332
$823,452
34,273
$894,383
28,757
$1,401,041
29,020
9,906
10,242
13,123
755,038
760,798
780,366
809,592
$18,139
$72,137
$551,575
1935
1936
Liabilities—
1935
$
Com. stk. (par $1)
$
100,000
rec..
239,990
239,990
Due from affil.cos.
226
404
for acquisition of
which
cash
has
been dep. withtr
600
600
7,245,700
7,253,200
6,159,336
Funded debt
Due to parent and
affiliated
Accounts payable-
&
36,295
7,645
on rental
7,251
Cash in closed bks.
Def'd debit items.
296
420
4,545
2,411
21,739
Consumers' depos.
Accrued accounts-
19,124
6,144,252
2,869
15,714
17,981
152,748
781,822
602,001
Other invest'ts.
370,349
37,236
1,817,178
112,854
12,927
car serv.
bal. receivable
204,935
61,727
Agts.<fc conduct.
rec.
233,163
Mat'l & suppl's.
Int. & divs. rec.
1,467,272
1,102
4,699
13,812,955
6,458
2,500,321
Other def. assets
Oth.
curr. assets
debits—
760
items
529
545,555
8,548|853
Earned surplus...
911,417
Total.
23,708,367 23,716,416
(M. H.) Fishman Co., Inc.—New Preferred Issue Voted—
At
a
recent special meeting
to the company's
Follansbee Brothers
of preferred and common stockholders an
certificate of incorporation was approved
authorizing issuance of $1,500,000 of preferred stock in series.
First series
revs,
915,999
3,923,446
133,304,219 133,396,496
Total
Co.—Hearings Continued—
RR.—Earnings—
at the following rates: seven shares of common is converted prior
April 15, 1938; six shares to April 15,1939; five shares to April 15,1940;
during 1941.—V. 144, p. 2479.
Ry.—Loses Trust Fund Suit—
Appellate Division of the N.Y. Supreme Court unanimously held on April 9
$150,832
126,793
$158,402
139,660
$12,191
3,372
$4,279
2,653
$24,039
10,094
$18,742
8,039
$1,625
379
$13,945
1,862
$10,703
1,161
$9,154
Gross income
income
from
$2,004
$15,806
$11,864
5
gross
(includes
int.
ing funded debt)—
14,098
14,070
42,026
43,138
Net deficit
$4,943
$12,066
$26,219
$31,274
-V. 144, p. 1958.
Fyr-Fyter Co.-
■Earnings—
1936
Calendar Years—
1933
1934
1935
$576,846
322,575
171,480
Total income
Federal taxes
Net income
$467,586
230,218
224,605
$314,057
171,017
191,257
$47,298
5,616
$12,762
7,880
def$48,218
8,359
$88,347
12,267
20,411
Operating profit
Other income
$570,139
277,546
245,294
$82,793
5,553
Selling expenses, &c
$52,915
7,075
6,420
$20,641
4,660
3,641
def$39,859
2,524
$55,668
134,715
$39,420
101,698
$12,339
132,862
def$42,383
119,754
Earnings for 3 Months Ended March 31
Net sales billed
Cost of sales
Selling & admin, exps—
Net profit on sales
that the company was not a beneficiary of a $17,000,000 trust fund created
Other income
by the will of the late Mrs. Mary Flagler Bingham.
Mrs. Bingham, who
was the wife of the present American Ambassador to England at the time of
her death in 1917, was before her marriage to Ambassador Bingham, the
widow of Henry M. Flagler, one of the founders of the Standard Oil organiza¬
tion, who spent many millions of dollars during his lifetime for the improve¬
Profit
Miscell. deductions
Federal income tax
Profit for period
1934
1935
—
1937
$190,822
104,555
51,901
$126,471
73,783
40,414
$97,868
57,934
38,257
$104,956
52,081
55,807
$34,366
1,966
common
and four shares
$49,728
45,449
335
Operating income
Deductions
1937—3 Mos.—1936
1937—Month—1936
Other income
Profit and loss surplus-.
904,537
5,993,896
$8,819
from oper'nsi
accruals
company from 150,000 shares of no-par common to 300,000 shares of $1 par
Holders of each share of the old common will receive two shares
of the new common.
The new preferred is callable at $105 a share and convertible into the new
common.
ment of Florida.
848,676
3,766
11,800,025
2,881,983
7,306,520
1,012,681
328,599
$56,580
44,388
Miscell. deductions.
Florida East Coast
through inc.&
surplus
Fonda Johnstown & Gloversville
Period Ended Mar.31—
Operating revenuesOperating expenses
is to consist of $400,000 5% cumulative preferred to be offered in exchange
for the 7% preferred stock now outstanding at the rate of 11 shares of new
preferred for each 10 of the present 7% preferred.
Holders also approved changing and increasing the common stock of the
to
10,696
375,000
Addns. to prop,
133,304,219 133,396,496
Cost of sales
'
171,048
459,774
10,192,930
After hearing testimony on questions of the feasibility of the plan of re¬
organization of the company. Federal Judge R. M. Gibson, at Pittsburgh
on April 9 continued the hearings to Monday, April 26, for the purpose of
considering the underwriting agreement with the bankers.
All parties in
interest have completed the presentation of evidence bearing upon the fair¬
ness and feasibility of the plan.—V. 144, p. 1108, 1439.
ax
529,511
8,548,853
939,570
Notes—No provision was required for Federal surtax on undistributed
profits for 1936.
The operating companies made provision for retirements during 1936 and
1936 on the basis of
8% of the gas revenue less gas purchased, with the
following exceptions: The Gas Light Co. of Waverly provides depreciation
on a percentage based on the estimated life of the various classes of
property;
Waynesboro Gas Co., having made no provision during 1934 for the reason
that the reserve for retirements exceeded 30% of the property valuation in
1935, transferred $33,309 from the reserve for retirements to earned surplus
and made provision for retirements in a fixed amount of $4,800, each year,
for the years 1936 and 1935,r—V.143, p. 2049.
amendment
1,900,000
x Includes interest due Sept.
1, 1931 and subsequent interest dates and
unpaid on 1st & ref. mtge. 5% gold bonds, series A, amounting to $12,375,000 at Dec. 31, 1936 and $10,125,000 at Dec. 31, 1935.
y Includes interest
accrued since Sept. 1 on 1st & ref. mtge. 5% bonds, series A, amounting in
each year to $750,000 .—V. 124, p. 2126.
Net
Sundry def'd credit
Capital surplus...
23,708,367 23,716,416
37.500,000
3,951,000
627,075
12,000,000
45,000,000
34,169
car serv.
Prof. & loss def.
Total
$
balances pay.
219,422
781,823
552,683
602,001 Aud. accts., Ac.
x Int .mat d .unpd 12,393,086
375,400
138,223
37,236 Misc. accts. pay.
1,647,678 Funded debt ma¬
tured unpaid,
14,285
13,235 y Unmatured int.
accrued
845,095
6,699
35,917 Other curr. liab.
40,642 Other def. liab__ 13,819,264
3,029,777
193,656 Acer. depr. road
1,422,396 Accr.depr. equip 6,320,321
780,117
1,202 Tax liability—
215,226
4,600 Oth .unadJ .cred's
11,915,555
4,429
2,546,851
1935
$
163,863
cos...
Notes payable
Reserves
Total
100,000
Pref. stk. of subs,
in¬
tangibles
2,687,408
2,672,343
Investments
.20,571,506 20,574,005
Special deposits...
8,397
6,069
Cash
52,606
65,969
Accts. receivable..
88,249
110,863
Appli'ces
Traf. &
Bonds
Traf. &
1936
37,500,000
3,012,000
113,320,859 Equip, obllga..
RFC loan
627,075
101,388 1st mtge. bonds. 12,000,000
311,605 lst&ref.m.bds. 45,000,000
Govt, grants.
34,589
1,900,000
25,737 Loans & bills pay
10,854
Property, plant, &
383.584
45,566
31
Liabilities—
__
19,985
Stocks
UnadJ.
47,993
80,510
315,218
prop.
Loans & bills rec.
1934
Balance Sheet Dec. 31
supplies-
Balance Sheet Dec.
Inv. in affil.cos..
Advances
$21,847
Mdse., materials
$3,554,986
3,185,635
Common stock.
Special deposits.
1935
Assets-
Accrued int.
$3,579,548
2,806,591
$
Impts. on leased
9,143,900
10.064,068 10.864,779
3,314,381
2,373,686
Note—No provision was required for Federal surtax on undistributed
inci.
$3,536,215
3,222,759
1935
in v. In road and
9,188,630
Common stock..
profits for 1936.
equip.,
3,027,447
98,389
$
Mlsc.phys. prop
$431,082
352,454
1936
$369,352
421,444
53,121
3.012,454
92,529
1936
Assets—
116,250
$422,842
321,072
Net income
$772,957
429,314
21,974
2,966,354
118,573
Some of the 1935 items have been restated in accordance with ICO re¬
vised instructions effective Jan. 1, 1936.
property
com¬
$417,656
316,935
charges of subs
Int. & other inc. charges
of Fed. Utilities, Inc.
$313,456
x
Work, fund adv.
Net inc. before deprec.
Prov. for retirement
Interest & other income
$294,239
75,113
$3,507,138
2,071,631
Total deductions
Deficit
Misc. accts.
Net
Non-operattng income--
$700,041
72,916
435,339
15,214
2,957,280
99,304
Deposit in lieu of
stock
Federated Utilities, Inc.- -Earnings—
N
802
$228,695
84,761
$1,435,507
Gross income
Cash
Oper. exps., maint.& tax
$5,538,937
1,154,608
859,567
Deduct—
equipment
shares in 1937 and 914,390 in 1936
1936
$6,142,288
1,467,324
766,762
General
6,176,699
V. 144, p. 450.
Calendar Years—
Gross oper. revenues
$6,694,208
1,034,057
805,362
520
Other income
2,017,000 10,934,300
Earned surplus
x
1,931,930
1,287.840
1,564,765
754,402
revenue..
Int. on funded debt
Miscellaneous charges-_
of conv. of pref.
shs.
54,314,940 49,769,9091
$6,693,546
2,388,843
1,336,501
1,594,653
822,291
$1,328,349
107,158
earnings
by
6,002,295
4\i% cum. pf.stk. 12,345,000
Capital arising out
.....
$7,609,612
2,733,525
1,430,914
1,676,884
852,884
$6,515,854
2,098,653
770,305
Traffic, &c
com.
stocks of subs..
Total
$7,728,265
1,181,018
1,625,898
906.971
Maint. of way, &c-_
Maint. of equipment-.
Hire of equipment
Joint facility rents
3,000,000
966,000
1,500,000
1,514,000
other interests..
Minot.int.in
Paid-in
730,498
290.236
xl935
conting.J
Real estate mtges.
Pref. stocks of sub.
x
730,580
238,101
$4,467,872
1,381,893
611,708
232,073
2,801,967
108,933
319,679
15-year 4% notes. 2,500,000
Notes pay. to bks. 1,133,000
cos.
1933
$4,864,024
1,724,852
$8,614,508
Total oper. revenues.
Expenses—
Transportation
394,911
943,545
2,154
347,903
Divs.on pref.stks.
1934
$4,848,824
1,910,759
1936
1,780,401
495,615
Sundry creditors..
Calendar Years
$5,434,470
2,235,319
706,928
237,790
—
Uncollectible
2,063.561
rec.,
less reserves.
Income Account for
FreightPassenger
Mail, express, &c
Incidentals, &c
to
accts.
notes
„
Taxes
payable,
payable
lower court.
Net
1936
$
trade credit-
Notes
receiver of the road, sued to have the railway declared a
beneficiary of the $17,000,000 trust fund, and won such a declaration in the
The Appellate Division, in reversing the lower court, held
that a study of the late Mr. Flagler's will indicated that Mr. Flagler did not
intend that any funds derived from his estate should go into the East Coast
Railway.
General Statistics for Calendar Years
1933
1936
xl935
1934
839
Average miles operated705
779
822
1,067,485
Tons freight carried
1,390,219
1,157,227
1,267
Tons carried One mile.-.308,977,743 274.402,288 276,067,838 210,157,423
Av. rev. per ton p. mile1.759 cts.
1.767 cts.
1.762 cts.
2.126 cts.
234,966
Passengers carried
473,456
435,823
383,651
Pass, carried one mile
113,942,995
96,656,601
84,173,933 55,383,327
2.495 cts.
Av. rev. per pass. p. mile
1.962 cts.
1.977 cts.
2.049 cts.
Scott M. Loftin,
Total oper. expenses.
1936
$
Assrts—
2651
Chronicle
$12,273
1,179
$1,676
1,293
loss$2.933
1,378
$36,333
2,741
8,902
$13,453
1,579
2,138
$2,970
1,396
loss$l,195
24,690
$9,737
$1,381
1936
813
193
loss$2,008
2652
Financial
Comparative
Assets—
Cash
Afar .31,'37
Accounts payable.
on
$144,281
35,685
108,844
156,271
Notes & accts.
106,939
128,233
Dlvs. due
376,155
10,511
372,965
Other accr'd Items
1
9,951
17,003
rec,
Inventories
Bldgs. & equlpm't
Patents
Goodwill
Deferred charges
Treas. stock cl. A.
.
.
$29,240
Acer. Fed'l taxes..
10,761
13,388
at cost,.
$129,364
1
Securities
Accr'd
35,685
17,025
dealers
19,065
for
Accts.
7,504
28,025
3,822
23,613
2,119
11,440
167,532
443,500
152,033
11,093
165,023
443,500
134,715
accounts
Res've for deprec.
Capital stock..
Total
$862,162
$810,902
Total
$862,162
$810,902
aRepresented by 20,000 shares preference class A stock and 40,000 shares
a
similar distribution
Investors, Inc.—Earnings—
3 Months Ended March 31—
1937
Income—Dividends..:
Profit
Cash dividends
$17,468
4,202
$12,431
y42,748
$13,267
16,792
net
Balance Sheet March 31
1937
1936
$
$
Assets—
1937
Accts.
Comm'l Tr. Co.
J.
as
9,654,863
$524,697
3,457,102
Sun-jry accts.
630
pav.
Reserves
1,180,054
x21,512
66
29,469
9,077
445.604
8,036,967
3,285,497
1,669,472
304,206
Paid in sumlus...
Unrea'ized net ap-
48
33.850
857 326
Capital stock
rec_.
12,500
to cap¬
ital stock
$33,573
Deferred charges.
investments
Earned surplus...
4,990
523
p.
2479.
Orders received by the company for the first quarter of 1937 amounted
$105,747,030, compared with $59,569,879 for the corresponding quarter
of 1936,
an
increase of 78%, President Gerard Swope announced on
April 15.
Tnis was the largest first quarter in the history of the company.
A statement of net sales billed and
earnings for the first quarter will accom¬
pany the dividend of 40 cents a share, payable to stockholders on
April 26,
1937.—V. 144, p. 2300.
General
Total
General Public Service
3 Mos. End. Mar. 31—
-.10,905,161
3,999,790
Calendar Years—
Net
Total
10,905,161
3,999,790
Miscellaneous
Taxes
1935
$1,078,678
774,778
$1,044,282
738,089
$1,136,308
763,315
$393,294
expenses
and
-Earnings-
$303,900
$306,193
246,302
$59,891
107,272
$138,890
131,698
$182,076
218,719
14,285
$167,163
223,222
13,010
Int.
$50,928
$69,089 prof$25,088
39,399
118,197
Dividends paid.
Balance, deficit
$4,231
$50,928
$108,468
1936
1936
transfer
to
$8,188
$1,853
$12,324
2,626,600
Outstanding bonds 3,954,000
equipment.13,977,610 13,919,970
and
Audited accts. and
733,885
727,239
wages payable..
79,198
66,022
Misc. accts. pay..
Unmat'd
interest
250.439
113,390
curr. assets.
5,573
5,624
Accts. receivable.Materials & suppi.
Deferred assets...
138,196
224,330
116,820
99,048
Tax liability
6,874
37,067
Accrued
Unadjusted debits
167,560
138,117
33,624
13,224
accrued
Int
15,801
due
$117,346
7.399
17,717
$106,904
1,853
$79,932
$101,257
1,143,966
490,901
110,138
285,583
47,670
7,500
Security profit surplus—
Bal. at begin, of period
profit
on
&
exps.
$98,601
12,324
applic.
prior years
Net
1934
sale
on
$110,925
114,190
of
lossl8,450
debs.
1,000
Preferred
b4~10",795
dividends
V'
v
•
,
2,626,600
Surplus (earned)
of period
3,987,000
29,077
16,163
63,605
64,887
126,824
106,650
deprec'n. 2,345,794
Unadjusted credits
1,092
Corporate surplus. 6,295,592
2,194.464
4.435
end
$1,673,414
$855,418
$259,066
$206,665
a
No provision has been made for the Federal surtax on
undistributed
profits which may be payable under the Revenue Act of 1936, since
any
liability for such tax cannot be determined until the end of the year.
b During March, 1937 all the cumulative
preferred dividends accrued
and in arrears on Feb. 1, 1937, amounting to
$373,450, were declared pay¬
able on April 1, 1937; also the current quarterly preferred dividend
payable
May 1, 1937, amounting to $37,345, was declared.
The annual preferred
dividend requirements amount to $149,380.
6,301,531
Comparative Balance Sheet March 31
Total.
15,476,157
15,330,8091
Total.
15,476,157
a
General American Transportation
1937
1936
Liabilities—
Investments—
b Preferred
Common stocks.$4,528,268 $5,614,921
Preferred stocks
510,492
594,714
Corp.—Listing—
The New York Stock
Exchange has authorized the listing of 4 492 ad¬
ditional shares of common stock (par
$5) official notice of issuance, making
the total amounts
applied for to date 1,022,725 shares.
^The stockholders
Assets—
15,330,809
—V. 142, p. 2666.
Bonds
1,004,660
1,792,114
3,654,695
217,128
929,525
rec__
39,127
This plan provided
Earnings for 1936
were
$3,296,015.
$3 per share based
These earnings
were
in excess
of
on the number of shares
outstanding on Dec. 31, 1936
The stock had a market value of
$73,375 per share
the close of business Dec.
31, 1936; 10% of the corporation's earnings
for the year 1936 amounted to
$329,601—thus the 4,492 shares of the
stock covered by this
listing and to be distributed to its employees under
this Compensation Plan had an
aggregate market value on Dec. 31, 1936
of slightly less than
(1,018,233 shares).
at
$329,601
year).
General Capital
Corp.—Earnings—
$47,715
11,023
Expenses and taxes
Net income
Net profit from sales of securities
$36,692
24,677
Net profit
$61,369
1
quarter ending March 31,
1937, there
was
unrealized
appreciation amounting to $153,004 in quoted market value of
market¬
able securities which is not included in the above
statement of profit and loss.
Total
a
31,
$9,915,244 $8,970,401
,369,000
1939—.
,631,000
2,369,000
2,631,000
Accounts payable.
Pref. div. declared
10,946
53,895
37,345
65,789
152,607
65,789
20,156
1,673,414
855,418
Total
$9,915,244 $8,970,401
Investments carried on books at written-down values
established Dec.
and (or) subsequent cost,
b Represented by 24,640 shares
1931
$6
div. pref. and 280 shares $5.50 div.
pref., of no par value (entitled to $110
per share upon redemption or voluntary liquidation, or $100
per share upon
involuntary liquidation, plus accrued divs.).
Total preferred stock author¬
ized, 50,000 shares, of which 23,690 shares of $5.50 pref. are reserved for
conversion of 5% debentures.
Junior preferred stock authorized, 10,000
shares of
no par
value, of which
no
shares have been issued,
c
Represented
by 669,886 shares of no par value.
Authorized, 900,000 shares, of which
26,310 shares are reserved for conversion of 5M% debentures.—V.
144,
p.
1600.
Telephone Corp. (& Subs.)—Earnings—
(Excluding General Telephone Allied Corp.)
Years Ended Dec. 31—
Totla operating revenues
Operating
Earnings for Quarter Ending March 31,1937
net
5% 1953
5 y2%,
Convertible debs.:
Earned surp. (from
Jan. 1, 1932)—
General
plan has determined that 4,492
employees and have determined the
each of the 180 employees.—Y.
144, p. 2479.
Cash dividends
Note—During the
669,886
(10% of the corporation's earnings for that
The committee appointed under such
shares shall be distributed
among 180
allocation of the shares to
1936
669,886
Taxes accrued
inclusive, exceeded $3
stock outstanding at the end of
any such year, Directors shall be
authorized at any time within four months of the
close of any such year,
to issue from the unissued
common stock and
thereafter to distribute
among the employees, shares, not to exceed in the
aggregate for any such
year, 1% of the common stock outstanding on Dec. 31 of
that year; provided,
however, that in no event shall there be so issued and
distributed for any
such year shares the
aggregate market value of which on Dec. 31 of such
year shall exceed 10% of the corporation's
earnings for that year.
1937
,
stock-$2,,305,258 $2,305,258
Common stock..
Deb. int. accrued-
Int. & accts.
that in the event
any year during the years 1934 to
1936,
par share based on the number of shares of
common
c
(pay. May 1 '37)
Cash
at their annual meeting held April 10, 1934 approved
the G. A. T. Compensation Plan.
the earnings of the corporation in
Income:
$113,428
1935
$71,744
8,188
X:
called
$
Capital stock
1936
815,498
tax
Total
1935
S
Liabilities—
S
Investment in road
both
82,759
1,350
$124,745
Net inc. as above.Assess, for Fed. stock
Prem.
1935
Assets—
Cash
629
83,357
1937
securities
Other
823
65,283
2,017
64,822
taxes)
and amortization.-
Surplus (earned):
Income surplus—
Bal. begin, period
$93,109
General Balance Sheet Dec. 31
_
$103,435
17,401
Balance
$270,588
231,853
13,647
Net loss
fund
/
$91,532
16,505
revenues.
234,103
$70,372
111,704
$4,231
Other deductions-
233,528
$223,759
213,935
14,055
...
other investm'ts
1934
$70,125
30,815
12,488
Comparative Surplus Account March 31
$151,949
71,810
Total income.
Special deposits..
1935
$64,919
37,166
(other than Fed¬
eral
1933
241,345
revenue
Operating income
Sinking
1936
$59,450
20,945
11,138
$372,993
1934
uncollectible
Interest
Corp.—Earnings—
1937
$76,921
13,719
a2,426
bonds, notes, cash
on
Expenses
1936
Other income
and
Sales—Capital
$90,640
15,532
stocks
on
Total income
$1,193,621
800,327
revenues
revenue
railway
Record
$7,399
Cash divs.
5,512
Galveston Wharf Co.
Taxes
Corp.—Reports
Corporation enjoyed record first quarter sales volume, C. M. Chester,
Chairman, and Clarence Francis, President of the corporation, told stock¬
April 15.
Approximately 100 shareholders, the greatest number ever to attend an
annual meeting, unanimously approved the new
profit incentive plan and
a reduction in stated
capital.
"Profits in the first quarter of 1937," explained Mr.
Francis, "were at
least equal to those of the corresponding period a
year ago.
Dollar and
tonnage sales were the highest in the history of the company."
"Birds Eye Frosted Foods were reported to be
expanding rapidly, it was
stated in response to a number of questions on that
phase of the company's
business.
Birds Eye has been progressing as fast as
production and dis¬
tribution facilities permitted.
More than 2,000 retail outlets are now
handling these products.
/
"We brought out numerous new products during the depression and have
many new products in our 25 laboratories.
Lewis Waters, our Vice-Presi¬
dent in charge of research, has brought to him
personally about 1,500 new
articles each year.
Many new products or suggestions for them are mailed
in to us.
We appreciate the efforts of shareholders in this direction."—
V.144,p.2127.
Dividends receivable only.—V. 144, p. 2126.
Operating
Operating
Foods
Change—
Int.
'
$5,733,438
to
233,585
500
_
Scrip redemp. fund
x
Total-..
prec. over cost of
Other accts.
Subscribers
7,093
sold..
sec.
1,188
pur
dep. under
agreement
Divs & int. rec
Rec. for
$
(exp3,
Accts. pay. for sec.
todian
on
pay.
of transf. agent)
cus¬
Securities owned._
Cash
1936
$
Liabilities—
Funds on dep.with
$5,733,438
Represented by 171,976 no par shares (including 47,633 shares held
treasury)
$3,267,544,
15 shares sold but unissued; amount to be
allocated to capital $285 and amount to be allocated to
surplus $386,
total (as above), $3,268,216.
b Excess of assets, based upon marketable
securities at quoted market value, over liabilities and
capital.—V. 144,
a
holders at their annual meeting
x$37,329
y104,576
-
902
profit from sales of securities amounting to
$163,754.
y $37,647 paid out of undistributed net income in 1937 and
$14,962 in 1936.
of N
Total
$16,566
$24,327
11,897
$56,586
19,257
Expenses
62,369,439
1935
$22,540
1,788
961
-
Total income.
Before
1936
$55,625
Interest-
Surplus
General Electric Co.—Orders Received—
made.—V. 144, p. 279.
was
6,832
Dlv. payable April 10, 1937-.
31,086
Capital stock-a3,268,216
8,995
26,125
5,375,444
in
Wheel Drive Auto Co,—To
Pay $4 Dividend—
The directors have declared a dividend of $4
per share on the common
stock payable June 10 to holders of record
May 31.
A dividend of $2 was
paid on Dec. 21, last, this latter being the first payment made since Dec.
1,
x
Cash dividends receivable
Marketable securities
$57,866
State
&
taxes
for stock of General
Capita! Corp. sold—not del.
class B stock, both no par value.—V. 144,
p. 1783.
Fundamental
rec.
24,388
doubtful
Surplus...
1934, when
Liabilities—
Accounts payable
Prov. for accr. Fed.
$298,486
delivered
15.368
cl. A
on
Assets—
Cash in banks—demand dep..
rec. for sec. sold—not
Accts.
stock
Res.
Dec.31,'36
$15,473
&
distrlbs. profits.
a
Four
April 17, 1937
Balance Sheet March 31, 1937
Liabilities—
Jfar.31,'37 Dec.31/36
dep. &
on
hand
Chronicle
Balance Sheet
expenses
Taxes—General
Federal normal income
Federal surtax on undistributed profits
Net operating income
Other income—net
Net earnings
Interest and other deductions
Net income
Preferred dividends
Common dividends
-
1936
1935
$11,962,328 $11,134,294
7,517,595
7,132,760
980,368
801,030
228,756
48,256
2,861
$3,232,746
43,755
$3,152,245
39,761
$3,276,501
1,976,591
$3,192,006
2,206,057
$1,299,911
220,539
815,329
$985,949
110,270
Volume
Financial
144
[Excluding General Telephone Allied Corp.]
1936
1936
a
Com. stk. of Gen.
Tel. Allied Corp bl,325,852
Other
463,894
investments
571,548
Special funds
1,103,827
682,772
427,478
$3 conv. pref. Btk.
3,675,650
(73,513 shares). 3,675,650
Com.stk.(par $20) 13,736,295 13,744,463
Paid-in surplus.-.10,620,620 11,247,358
Earned surplus...
372,960
177,312
Pref. stocks of sub.
Debt disct. & exp.
cos.
of amort 2,162,466
Prepaid accounts &
in proc.
583,565
5,672,288
deferred charges
Cash
Working funds...
114,683
738,599
1,429,479
Notes & accts. rec.
Mat'ls & supplies.
$
Liabilities—
plant,
equipment, &c.66,810,926 65,045,176
Telephone
/
1935
$
1935
$
Assets—
1,924,199 Min,
540,570
7,521,758
115,353
643,930
1.373.646
8,023,092
in
and
8,470,103
434,154
held by pub.
int.
stock
419,576
General
com.
of sub. cos.™.
29,782,000 29,066,800
Funded debt
40,097
33,109
Deferred liabilities
90,000
629,627
242,897
572,131
32,459
196,102
Demand note pay.
Accounts payable.
Acer. int. on fd. dt
744,334
279,267
831,046
28,084
Accr.divs.onpf.stk
Serv. billed in adv.
Misc. curr. liabil..
Reserves
79,873,299 79,378,7091
in the statements
of profit and loss and surplus, for the minority interest represented by com¬
mon stock of subsidiary companies in the hands of the public, consisting
of 2 55-100 shares of International Projector Corp. out of a total of 10,000
shares of common stock outstanding, and 4 11-60 shares of National
Theatre Supply Co. out of a total of 9,241 8-60 shares of common stock
outstanding.
The cumulative unpaid dividends on the preferred stocks of
those companies, all of which is owned by General Theatres Equipment
Corp., aggregated $436,642 and $385,000, respectively, and the preference
of such preferred stocks on liquidation exceeded the net worth of those
companies, at Dec. 31. 1936.—V. 144, p. 2128.
surp.
Accrued taxes
Total
220,552
88,153
73,503
10,490,333
11,214,280 1
..79,873,299 79,378,709
Total
a Stated at book value as of July 17,1935, after adjustments necessitated
by exercise of purchase rights, less accumulated undeclared dividends on
books
cost.—V.
at
144,
$2,965,722.
p. 1959.
b Includes
preferred
(2,864 shares)
stock
at
Operating
'
250,622
223,766
433,440
522,101
408,068
387,450
$1,809,316
43,252
$1,665,636
30,629
442,099
$1,696,264
55,471
430,657
864,014
873,283
-
(other than Federal income taxes).
Depreciation
Net operating income
Non-operating income
-
Total income
73,939
a Expenses and taxes
Charges of subsidiaries
Charges of General Public Utilities, Inc.:
Interest on 1st mtge. & coll. trust 6^s
Federal income taxes
11,000
12,350
Federal undistributed profits taxes
Net income
Preferred dividends
38.910
~
$2.21
on 134,549 shs. com. stk. (no par).
$3.05
(Other than Federal income) of General Public Utilities, Inc. (excluding
operating divisions).
v
In the first quarter of 1937 sales of 86,657 represented an all-time high
volume, and an increase of 0.4% over the volume in the first
quarter of 1936.
For the 12 months through March, 1937, sales totaled
325,124 units, an increase of 7.9% over the volume in the 12 months ended
a
Consolidated Balance Sheet Dec. 31
first quarter
1936
Plant,
31, 1936.
These figures Include the products of the corporation's American, Cana¬
dian, English and German factories sold outside of the United States and
Canada.—V. 144, p. 2479.
$
Cash
410,041
6.649
386,667
Notes receivable-.
Accts. rec.
5,995
$5,998,159
4,188,699
454,287
85,811
409,868
32,843
601
600
363,168
Other assets
36,086
147,014
325,286
15,630
210,306
tomers')
Accts. rec.
2,500
197,440
7,563
21,600
2,500
222,668
8,983
251,743
32,481
255,530
31,630
303,771
6,623
65,218
232,787
6,497
269,112
5,000
9,924
2,591,804
922,749
129,655
Notes payable
Contract payable.
Accts. payable
Ice coup, outstand.
(cus¬
Inventories
Business June 1, 1936,
18,950,100 19,184,100
290,334
2,500
9,656
Reserves
2,878,198
x Capital stock—
922,749
Earned surplus
354,557
22,795,804 22,483,316
equip., &c
y
(& Subs.)—Earns.
$
$
Liabilities—
Long term debt
and
prop,
1935
1936
1935
$
Assets—
March
Cost of sales
$336,854
$449,166
38,910
134,489
-
Earnings per sh.
Sales of General Motors cars and trucks to dealers in the overseas mar¬
kets during March totaled 32,172 units, representing a decrease of 1.9%
from the volume in March of last year.
General Theatres Equipment Corp.
$4,570,793
1,885,873
$1,852,568
Maintenance
Taxes
1935
1936
$5,027,305
2,011,826
-
expenses
Common dividends
General Motors Corp,—Overseas Sales—
Consolidated Statement of Earnings from Beginning of
to Dec. 31, 1936
Net sales
Utilities, Inc. (& Subs.)—Earnings—
Public
Calendar Years—
Gross operating revenues
§referred shares of common stock of General Telephone Corp.,turn, owns
This subsidiary company, in carried on
2,175.4 stock at that date.
Its
2653
Chronicle
No provision has been made in the balance sheet, or
Consolidated. Balance Sheet Dec. 31
(other).
Int. receivable
Deferred charges..
Accr.
int.
long
on
term debt
(other).
Accr. taxes
(lncl.
Fed.inc.taxes).
Accr. int.
Other accr. liab—
Mdse. accts.
rec..
Gross profit on sales
Selling and shipping expenses
$1,809,459
723,905
Consumers' & line
Net profit from trading
General and administrative expenses
$1,085,554
416,242
Unadjusted credits
extension depos.
Contract payable.
Net profit from operations
$669,311
662,456
Other income
24,275,433 23,894,540
Total....
Total income
$1,331,768
Other deductions
199,475
Provision for normal Federal income tax (estimated)
Provision for Federal surtax on undistributed profits (estimated)
114,233
58,550
Consolidated net profit (after prov. for deprec. of
Consolidated Statement of Surplus from
$80,537)--
$959,509
June 1, 1936 to Dec. 31, 1936
y
After
sidiary companies prior to date of their acquisition, June 1,
1936, not required at Dec. 31, 1936, and restored to surplus..
General Water Gas & Electric Co.
139,450
Other
754,251
Promissory note of J. M. Wall Machine Co., Inc., of $157,500,
acquired
in
connection
with
reorganization
of
General
Theatres Equipment, Inc. at $58,417, as approved by court
surrendered for cancellation as a donation to the surplus of
J. M. Wall Machine Co., Inc
Cash divs. (less portion charged to earned surplus $695,391)--
58,417
356,070
357,324
357,703
511,510
15,251
523,395
14,284
38,806
41,152
32,662
28,917
pref. stock discount and
expense
-
Provision for amort, of deferred charges
Interest
on
15
—-
82,120
preferred stocks
year
81,836
275,759
subs,
on
289,653
5% 1st lien and coll. trust
bonds, series A
80,589
67,023
$489,137
$382,226
$6.40
$4.32
$1.20
Federal income tax
$0.57
(est.)
-
$3 pref. stock (average number of shares
outstd'g)
Common stock
2,515,129
$4,641,717
stated after deducting $120,000 in
respect of estimated annual reduction which will result in the event that
rate case decisions of the Public Service Commission and the Appelate
Division of the Supreme Court of the State of New York, adverse to
Note—The
operating revenues
are
Consolidated Water Co. of Utica, N. Y., a subsidiary, are upheld on appeal
$959,509
charged
to
paid-in
1,267
$262,851
4,498
1,285,915
5,317,071
Miscellaneous
x$23,667,813
30,092
investments..
Reacquired secur., par value
Funded debt
Notes
$16,629,600
•
payable
banks,
to
550,000
secured
570,000
98,126
$469,891
(trade)
.
Other accts. pay. & accr. liab.
318,546
85,258
estimated addi¬
499,362
Accounts payable, secured..
Cash in banks and on hand..
Prov. for State & Fed. taxes.
for
Liabilities—
*
Fixed capital
624,548
Accounts payable
103,701
Marketable securities
Accounts payable
Provision
Assets
Special deposits
Liabilities—
hand...$1,689,076
(net)... 2,514,290
pending.
Consolidated Balance Sheet Feb. 28, 1937
695,391
Consolidated Balance Sheet Dec. 31, 1936
Assets—
now
surplus,
Earned surplus, balance, Dec. 31, 1936-
573,279
Accrued interest
229,211
Accounts and
notes rec.
Accrued
less
estimated.
116,636
....
than
85,858
Prov. for Federal income tax
170,239
Inventories
(other
taxes
Federal income tax)
427,877
reserves
Unbilled revenue,
(estimated)*.
65,108
.....
Accrued divs. on pref. stocks
33,327
b
Capital stock
25,948
84,608
137,749
145,403
5,324,610
55,029
Capital assets
Paid-in surplus
4,641,717
Other current liabilities.....
63,280
262,851
Consumers' & other deposits.
112,865
597,374
Goodwill
2
Investments In & amounts due
subs, (not
$1,786,188
Earned per share—
$356,070)
Subsidiary company—representing accrued dividends on
preferred stock in hands of public called for redemption...
Investments
89,165
$1,883,159
Total net earnings
Balance
(2) Earned Surplus—
a
$1,697,024
95,036
Provision for
acquisitions) over the aggregate net worth of such subsidiaries
(after elimination of inter-company profit on inventory) as
shown by their books at the date of their acquisition (de¬
ducted in consolidation)
Inventories
$1,788,123
income
Amort, of subs, debt and
General Theatres Equipment, Inc., and at cost for subsequent
on
311,819
Interest on unfunded debt
carried by parent company (at prices approved by the court
for investments acquired in connection with reorganization of
Interest receivable
144,079
340,788
.—
Provision for depreciation and depletion
Interest on subsidiaries' funded debt
Balance
$7,156,846
Less excess of amount at which investments in subsidiaries are
Cash in banks and
^
177,579
(other than Federal income tax)
Dividends
Notes A accts. receiv.
1936
$3,504,043
1,351,122
Maintenance
Net operating earnings
value at which assets are carried on the books to prices ap¬
proved by the court for investments acquired in connection
with reorganization of General Theatres Equipment, Inc
Consolidated net profit as above
Dividends (less portion thereof
1937
$3,715,428
1,408,939
12 Months Ended Feb. 28—
Total operating revenues
$8,325,584
Charge off additional cost of assets acquired, thereby reducing
Dec. 31, 1936
and $118,457
(& Subs.)—Earnings
Operation
-
Taxes
Paid-in surplus, balance,
for uncollectible accounts of $101,471 in 1936
expenses
value of $10 per share, allocated to capital stock
$8,186,134
Reserves for inventories provided out of paid-in surplus of sub¬
—-
reserve
in 1935.—V. 144, p. 2302.
[Revised to give effect to the elimination of gross revenues and operating
of properties sold from Feb. 28, 1935 to date of sale.
The net
results from properties sold are included in "other income".]
(1) Paid-in Surplus—
Book value of assets acquired and (or) obligations discharged by
issuance of capital stock, in excess of amount, at assigned
Total
24,275,433 23,894,540
Total
x Represented by $5 preferred stock (no par)—authorized, 9,000 shares;
issued, 7,782 shares; common stock (no par), authorized, 150,000 shares;
issued, 134,549 shares; stated value of $5 pref. and common stocks, $922,749.
consolidated)
Deferred charges
tional liabilities
(reorganiz.)
Obligation to receiver
Deferred credits to Income
Reserves
Earned surplus.
Accounts
receiv., non-current
Prepaid expenses
Deferred charges
1,614
52,982
1,054,741
18,770
subsidiaries..
38,100
Accrued divs. on $3 pref. stk.
Subs,
or
funded
debt
matured
5,433
called for redemption...
Reserve for rate reduction in
Total
a
..$11,496,5831
Total
Reserves for contingencies, &c
acquired in connection
1,314,950
held.
for
,
255,117
Pref. stocks of subs, publicly
with
reorganization of General Theatres Equipment, Inc., and at cost
subsequent acquisitions: Twentieth Century-Fox Film Corp., common
stock—185,600 shares, $5,016,816 (quoted market value at Dec. 31, 1936—
$6,612,000); Broadway & Ninety-Sixth Street Realty Co.—capital stock—
500 shares, *$100,000; Ninety-Seventn Street & Broadway Realty Co.—
capital stock—500 shares, *$100,000; Broadway Varieties Co.—capital
stock—57H shares, *$100,000; (* sold in February, 1937, for aggregate
price of $225,000 in cash); Fox Theatres Corp. (in receivership)—class B
common stock—100 shares
(no market value obtainable), $255.
b Authorized 800,000 shares no par, of which 78,248 shares are reserved
for exercise of subscription warrants (which warrants expire Oct. 1, 1937),
and 10,060 shares are reserved for creditors of General Theatres Equipment,
Inc., who have not deposited, as of Dec. 31, 1936, under plan of reorganiza¬
tion issue 532,461 shares.
Note—Tne above statements include the following subsidiary companies:
International Projector Corp., National Theatre Supply Co.,
Theatre
Equipment Contracts Corp., J. E. McAuley Mfg. Co., Hall & Connolly,
Inc., and the Strong Electric Corp; but excludes tne following subsidiaries:
Cinema Building Corp., and J. M. Wall Machine Co
Inc.
430,000
litigation
..$11,496,583
—
At prices approved by the court for investments
Minority interest in common
stock and surplus of subs..
13,019
y3,818,605
217,622
Paid in and capital surplus.3,300,025
Earned surplus
439,792
$3 cumul. pref. stock
Common stock (par $1)
Total
x
After
$27,789,182
reserve
for depreciation and
Total
depletion of $4,747,371.
sented by 76,372 no par shares.—V. 144, p.
General Time Instruments
$27,789,182
y Repre¬
2481.
Corp.—Bonus Flan—
approved a bonus plan for the
heads of the company and its
Stockholders at the recent annual meeting
major executive
subsidiaries.
officers
and
divisional
The plan provides that 4>£%
earnings from all sources shall be
of the combined and consolidated net
allocated as a premium or bonus for the
Financial
2654
April 17. 1937
Chronicle
Comparative Balance Sheet Dec. 31
The bonus will be
executive officers in addition to their regular salaries.
split up as follows:
R. H. Matthiessen, President, will receive 2%; A. J.
Wilson, First Vice-President and General Manager, 1%; S. F. Ferguson,
Chairman of the Board, % %, and A. S. Hamlin, Secretary and Treasurer
li %. The plan stated that amounts paid as a bonus to officers or divisional
heaas of divisions on subsidiaries under these resolutions shall be deducted
in determining the net earnings, subject to the bonus or premium for its
officers.—V. 144, p. 1601.
$
Week of April
1937
1936
7—
April
to
Special deposits...
$365,764
36,388
50,028
Consumers' depos.
8,379
6,534
Accrued accountsService exten. dep.
6,000
24,158
Reserves.——...
167,923
210,161
984
23,682
2,280
1,459
1,078
12,999
13,198
6,000
156,542
210,878
$911,779
-$922,070
$911,779
$922,070
.
Due from affil. cos.
materials
and supplies
3,521
1,056
Def. debit items—
share on the common stock,
no
par value, on March 31 to holders of record March 23.
This compares
with $1.40 paid on Dec. 18, 1936; $1 paid on Nov. 20, 1936; 50 cents on
Oct. 20, 1936; 15 cents paid on July 31, and April 30, 1936, in eacn of the
four quarters of 1935, and on Nov. 30, 1934; 25 cents paid on Jan. 31, 1934
and 20 cents per share distributed on Jan. 31, 1933.—V. 140, p. 4400.
Accounts
Total....
Globe &
Republic Insurance Co.—Director Resigns—
of this company.—V. 144,
453.
Globe & Rutgers Fire Insurance
represented by 35,000 shares of
cumulative second pref.
stock; 5,000 shares of cumulative junior pref. stock and 80,000 snares of
common stock, all of the par value of $15 each, to $2,191,695, represented
by 24,458 shares of cumulative first pref. stock; 36,655 snares of cumula¬
tive second pref. stock; 5,000 shares of cumulative junior pref. stock, and
80,000 shares of common stock, all of tne par value of $15 each.
The proposal to reduce the capital stock and the number of shares thereof
is necessitated by subsection 16 of Section 5 of the company's Charter
requiring sucn proceedings to be taken in respect of shares of stock pur¬
chased since tne last annual meeting.
10,542 shares of cumulative first
pref. stock and 3,345 shares of cumulative second pref. stock were pur¬
chased since the last annual meeting through the operation of the retire¬
ment fund or otherwise and accordingly are to be so retired.—V. 143, p.
the number of its shares from $2,400,000,
Total
Hamilton
Dividend—
Watch Co.—Larger Common
the coimpayable June 15 to holders of record June 4. A dividend
of 25 cents was paid on March 15, last, this latter being the first dividend
paid since Sept. 1, 1931, when 15 cents per share was distributed.—V.
144, p. 1440.
The directors have declared a dividend of 40 cents per share on
stock,
no par,
(M. A.) Hanna Co. (& Subs.)—Earnings-
Co.—To Reduce Stock—
The annual meeting of stockholders will be held on April 26 for the
following purpose.
Considering and taking action witn respect to a proposal to amend the
charter of tne company by reducing the amount of its capital stock and
payable.
-V. 143, p. 3318.
mon
John A. McCarthy has resigned as a director
7,176
12,939
12,334
Earned surplus...
The company paid a dividend of 15 cents per
p.
1,603
8,541
108
Appliances on rent
Co.—Pays 15-Cent Dividend—
21,309
352
Notes payable
11,478
108
Cash In closed bks.
Gilmore Oil
291,000
3,892
and
cos—
4,252
Cash
$291,298
—V. 144, p. 2481.
affiliated
$200,000
291,000
Funded debt
993
Merch.,
1936
1937
$21,000
$24,050
Gross earnings-
1
Jan.
$200,000
Due to parent
2
1935
($100
stock
par)
$825,422
$831,938
equipment
Miscell. investm'ts
Accts. receivable.
lsf
Com.
$
plant &
Property,
Notes receivable..
Georgia & Florida RR.—Earnings—
.
1936
Liabilities—
1935
1936
Assets—
$494,015
$430,373
$471,074
38,562
52,243
$527,098
25,261
$533,045
2,813
72,390
27,470
$422,317
Interest
Deprec. and depletion,
1934
1935
1936
1937
$608,129
11,634
77,219
Quar. End. Mar. 31—
Operating profit
_
Federal taxes
76~675
28,106
cumulative first preferred stock; 40,000 snares of
2679.
Graham Paige Motors
Retail deliveries of Graham
52%
1,017
the
over
cars were
Great Lakes Power Co.,
1936
over
Ltd.—Balance Sheet Dec. 31—
$
Funded
2,050,000
6,250,000
750,000
2,050,000
1,423,500
15,444
lnproc.ofamort.
4,089,500
11,295
Due to affil. co.__
507
Accounts payable-
365
68
Accrued interest._
77,046
94,502
13,125
90,000
33,350
receivable
def. charges
Com. div. payable
4,634
Mat'ls & supplies.
8,378
6,548
Accrued
taxes
16,950
13,125
25,520
10,474
16,181
1,701,464
9,200
1,596.049
Conting. reserve..
Earned surplus...
1,040,070
987",452
Misc.
accr.
liabil..
Retlrement reserve
x
12,140,888 10,979,648
After
1935.
y
reserve
for uncollectible accounts of $7,194 in 1936
and $7,517 in
published in V. 144, p. 2128,
Greenwich Gas Co.—Stock Sold—
F. L. Putnam & Co., Inc., announces that the offering
of 22,000 shares
oversubscribed and the
$1.25 participating preferred stock has been
selling group has been closed.—V. 144, p. 2128.
Grocery Store Products Co.—Stock Purchase Plan—
Stockholders at their annual meeting on May 4 will be
stock purchase plan for employees and officers
asked to approve
of the company.
Under
this, employees and officers in subsidiaries will be allowed to buy 3,700
shares during the calendar years of 1938 and 1939 by applying bonuses
and awards granted by the company, and officers will be allowed to buy
2,000 shares a year for each year from 1938 to 1942, inclusive.
The price
for the 25-cent-par shares of capital stock is $5.—V. 143, p. 3843.
Gulf States Utilities
Period—
-12 Mos. Ended-
Feb. 28, '37 Feb. 29,
$436,959
197,540
Operation
Maintenance
29,591
Taxes
a54,092
Net oper. revenues.__
Non-oper.
inc.
(net)
-
Interest & amortization.
Balance for
a
No
common
'36 Feb. 28, '37 Feb. 29, '36
$410,737
$5,921,900
$5,548,750
203,329
2,550,197
2,430,319
17,689
260,354
230,981
•
47,066
a509,975
530,696
$155,736
Dr7,155
$142,653
7,070
$2,601,374
160,327
$2,356,754
133,317
$148,581
82,120
$149,723
89,809
$2,761,702
1,122,638
$2,490,071
1,078,284
$59,914
$1,639,063
750,777
567,183
$1,411,786
750,000
567,184
$321,103
$94,603
Balance
$66,461
Appropriations for retirement reserve.
Preferred dividend requirements
dividends
& surplus
.
provision has been made for the Federal surtax
profits, since
any
resigned as 1st Vice-President of the National
effective April 30, has been appointed Vicefirst addition to this
board in several years.
Other changes and promotions
announced
by the
directorate of the
who have been directors, become
Vice-Presidents and will continue to serve on the board.
C. N. Osborne,
Secretary-Treasurer & Director, was appointed Vice-President and Treas¬
urer, and will continue as Director; W. A. Maier, Asst. Treasurer, will be
Asst. Vice-President and wid also serve as Treasurer of Susquehanna
Collieries Co., anthracite producing subsidiary of the Hanna company.
W. C. Scott, Asst. Secretary, was made Secretary and H. T. Richardson
was appointed Asst. Secretary & Asst. Treasurer.
The appointment of J. H. Thompson marks the only change in the
membership of the directorate.—V. 144, p. 2303.
Hannibal Bridge
Co.—Stockholders to Receive $80 per Sh.
letter to stockholders states:
under date of Dec. 30, 1936, and Jan. 21,
informed of the proposed proceedings for the sale
communications
In
tockholders
were
1937,
of the
company's bridge properties, and for dissolution of the company.
The necessary action by stockholders has been taken, and on April 1,
1937, the sale of the bridge properties was completed. The 3J^% notes
which were received as a part of the purchase price have been sold at par.
The company is initiating the necessary dissolution proceedings in the
Missouri court, which will be completed as promptly as possible.
At the
conclusion of dissolution proceedings the assets of the company, which are
now in liquid form,
will be distributed to the stockholders.
It appears
that the distributions to stockholders in dissolution will be slightly in excess
share.—V. 144, p. 1786.
Plywood Corp.—History, Earnings, &c.—
Harbor
company prepared by Frank C. Masterson & Co.,
following:
History—Incorporated in Delaware, May 4, 1929, to take over the assets
of the Harbor Plywood Co., a Washington corporation.
A number of
smaller plywood and door manufacturing and distributing companies were
acquired in November and December, 1929.
Company owns the entire capital stock of George L. Waetjen & Co.,
Milwaukee, and E. W. Camp Plywood Co., Indianapolis.
Corporation
owns 51% and Washington Veneer Co. of Olympia, Wash., owns 49% of
the Capitol Plywood Co., the output of which they sell on a commisson
basis.
In 1936, net earnings of Capitol Plywood Co. amounted to $122,308;
its capital stock and surplus totaled $215,982 as of Dec. 31, 1936.
General offices and mills located at Hoquiam, Wash.
Distributing ware¬
houses located at Atlanta, Chicago, Indianapolis, Milwaukee, Pittsburgh,
Cincinnati, Louisville, Philadelphia, Jacksonville and New Orleans.
Producing Capacity-—96,000,000 square feet regular plywood annually*
45,000,000 square feet super-plywood annually after June 1, 1937; 900,000
on
undistributed
liability for such tax cannot be determined until the end
of the year.
Note—The company on Jan. 1, 1937 adopted the
sion system of accounts, hence previous year's
64 Wall St., New York, affords the
doors annually.
Co.—Earnings—
-Month Ended-
Operating revenues
of Cleveland,
President and Director of the M. A. Hanna Co., the
An analysis of the
Includes notes receivable.
of
a
for the surtax
12,140,888 10,979,648
Total
The income accountfor the calendar year was
1
made
Appointments Announced—
Bank
of $80 per
Total
been
Harold T. White, President, in
sion depos., &c_
Pref. divs. payable
Prepaid accts. and
New
secur.
341,497
y90,918
Accounts recelv.
has
J. H. Thompson, who has
City
line-exten¬
and
158,775
22,170
124,717
81,188
180,591
Cash
Interest
debt
Consumers'
300,866
Miscell. def. debts
x
Common stock
deduction
$0.20
$0.15
on undistributed
$0.26
$0.33
(no par)
Note—No
earnings.
5,781
750,000
$7 pref. stock
Bond disc. & exp.
$
$
Liabilities—
Plant, prop., rights,
franchises, &c—11,215,468 10 584,351
Mlscell. assets
1935
1936
1935
$
Assets—
of
January when
in March totaled 1,400 units a gain
cars
$380,269
Earns, per sh. on 1,016,961
shs.
com.
stock
Hanna company are as follows:
R. L. Ireland Jr. and Jas. Prendergast,
Corp.—Deliveries—
923 deliveries in February and 38%
delivered.—V. 144, p. 2128.
Net income
Federal Power Commis¬
figures are not exactly
comparative.—V. 144, p. 2303.
Company is one of the largest producers
its output in 1936 having accounted for moie
tion or the industry.
of plywood in the industry,
than 10% of the total produc¬
Company has for some time been manufacturing a limited quantity of
moisture-resisting plywood.
The experimental plant now in opera¬
a daily capacity of 15,000 square feet.
To meet the demand for
this improved product the company is financing mainly from earnings con¬
struction of a new $150,000 plant equipped with two hot plate presses of
most modern design, and a considerable amount of auxiliary equipment.
This new plant was expected to be in operation to the extent of 50,000 square
feet daily capacity by April 1, and full capacity of 150,000 square feet daily
by June 1, 1937.
a
new
tion has
a
a
Preferred
as to
Outstanding
98,812 shs.
b96,073
Authorized
113,112 shs.
250,000 shs.
Capitalization—
cum. pref. stock (no par)
$2
Common stock (no par)
and
60 days'
dividends up to $2 per share per year, cumulative,
up to $35 per share in liquidation.
Callable at $35 and divs. on
notice.
Convertible share for share into no par common stock.
Holders
of preference and common stock entitled to one vote for each share except
that in case of default of four quarterly dividend payments on the preference
stock, the holders of preference stock are entitled to elect four out of seven
directors.
Dividends
were paid regularly to Nov. 1, 1930; 50c. per share paid Dec.
Feb. 1, 1931, amounted to $11.50
Dec. 31,1936.
b Not including 42,407 shares held in treasury.
Control—Metropolitan Industries, Inc., owns more than 50% of both
the outstanding preference and common stocks of the corporation.
Met¬
ropolitan Industries, Inc., is controlled by A. G. Becker & Co. of Chicago,111.
24, 1936.
Cumulative dividends since
per share on
Hagerstown Light & Heat Co. of Washington County
Years Ended Dec. 31—
Operating
/
1936
Total
Operation
Maintenance.
Uncollectible
$164,163
3,152
$175,057
107,941
8,856
129
464
11,948
$39,993
$45,136
21
income
Provision for retirements.
$40,014
14,400
14,550
1,575
$45,171
14,400
14,550
1,131
Interest—Funded debt
Other interest
■V-
213
Sundry deductions
Net income
Common dividends
Note—No
profits for
provision was
1936.
1935
1936
$3,236,539
2,634,858
$1,278,166
3,608,078
$524,104
27,708
$601,680
83,193
$670,088
107,378
$551,812
414,929
$684,874
446,419
$777,466
518,422
$136,883
35,796
11,500
$238,454
78,988
25,000
$259,044
101,094
30,000
$89,586
35
205
Net operating revenues..
Non-operating income, net.
1934
$2,559,207
2,035,103
12,658
accounts
Taxes
Condensed Income Statement Years Ending Dec. 31
$165,475
9,581
$167,315
106,761
8,484
Merchandiseandjobbing.net
Gross
1935
revenues:
$9,283
10,000
required for Federal surtax
on
$14,877
18,000
undistributed
Other income.
Sell,
gen.
& administrative expense._
Other charges
Provision for Federal income taxes
.
Net profit
share preference stock.
51% earnings of Capitol Plywood Co.
Capitol Piywood earns, applic. to each
sh. Harbor Plywood pref'ce stock.
Net profit per
$0.90
$134,465
$1.34
def 15,335
41,999
$127,949
$1.29
62,379
def $0.15
$0.42
$0.63
Note—Earnings from the Harbor Plywood Corp.'s operations, before
extraordinary charges such as idle plant and shut-down expense, settlement
Financial
Volume 144
Chronicle
of former management's employment contract, loss on disposal of capital
Hinde & Dauch Paper Co. of Canada,
flood losses at Pittsburgh, and provision for Federal income and
profits taxes, were $240,063 inl936, compared with $199,940 in 1935
(before appreciation of $15,000 in inventories at Dec. 3l, 1935).
After
these extraordinary charges, corporation's net earnings were $127,949 in
1936, compared with actual net earnings of $119,465 in 1935.
Earnings of the Capitol Plywood Co. for the years ended Dec. 31, 1934,
def $30,069; 1935, $82,353; 1936, $122,308
assets,
Calendar Years—
excess
"
;
1935
1936
$130,871
Liabilities—
559,047
(net)
Ins. settle, receiv.
Inv.
in
&
535,609
14,285
2,612
Wages payable—
Payable (construe.
779,947
90,267
104,636
5,100
property taxes-.
Prov. for Fed. tax.
'■*
-
-
-
«
»
Other assets
Constr. In progress
Patents, less amort
Deferred charges.
3,177
37,052
-
18,941
Res've
22,398
39,545
Def. credit to lnc.
157,806
921,172
61,965
3,633
29,803
Capital assets (net) 1,030,391
Cash
57,646
5,096
(est.) Ohio
flood loss
—
34,750
Accruals
$2,411,687 $2,625,9081
Total
date.
Copies of this report
the bankers.
building industry from 1925 to
be obtained upon request to
may
.::
Harrisburg
Gas
Co. —Earnings—
Calendar Years—
1936
Operating revenue
Ordinary expenses
1934
$1,165,103
671,816
_
Gross income
on
funded debt
Interest
on
unfunded debt
Miscellaneous interest
Amortiz. of debt discount & expense.
Net income
Preferred dividends
Common dividends
$313,973
19,904
$401,296
17,341
$319,786
110,000
3,634
1,127
2,241
$333,877
$418,637
110.000
110,000
5,521
1,489
6,204
1,477
2,242
$214,625
3 5,000
179,543
45,719
58,255
35.608
4,898
4,477
43.525
Operating income
Non-operating income
Interest
34,833
$1,207,146
663,274
38,025
60,357
34,761
4,589
4,843
$202,784
35,000
165,732
Prov. for renewals & replacements.
Prov. for Federal income taxes
Prov. for other Federal taxes
Provision for other taxes
x
1935
$1,205,177
697,510
50,325
72,310
x39,113
$297,917
21,869
—...
Maintenance
2,241
$298,713
3 5,000
220,976
Includes $1,152 provision for surtax on undistributed
profits.
Balance Sheet Dec. 31
Assets—
1936
1935
Liabilities—
Prop., plant & eq.$6,815,204 $6,778,916
1936
Capital stock
Investments
Funded debt
1
-
Special
deposit...
Cash....
8,750
62,889
65.834
Accts. receivable..
210,050
188,310
Mat'ls A supplies.
Constr. advs. coll.
51,612
52,969
.....
—purchased
8,750
1935
106,605
130.621
90,895
95,445
50,000
110,000
deposits
26,446
1,088,853
408,974
1,368,828
87,528
12,694
6,623
bReal estate, bldgs.
and
equipment. 2,681,941
Total........ _$4,389,781
stock
(no
par
2,806,062
$4,200,2261
Cash surrender value,
Total
$4,389,781 $4,200,226
b After depreciation of $2,183,152 in 1935 and
144, p.
1961.
(R.) Hoe & Co., Inc.—Earnings—
6 Mos. Ended March 31—
Unfilled orders
38,360
32,801
8,750
136.741
8,750
103.021
Reserves
940.416
891,883
Earned surplus...
485,793
483,487
1937
1936
$7,205,144
$4,173,450
loss43,518
Consolidated profit after all charges
182,695
In his address to the annual
meeting of stockholders, Fred L. McCarty,
President, stated:
"Substantial progress was made in various lines of the
company's activi¬
ties during the year.
This upward trend is continuing and the company
is maintaining its position as the leader in the
industry.
"The orders taken
by the New York company for tne six-month period
ended March 31, 1937 were
$4,498,535.
This is $404,036 in excess of
the orders taken for the entire fiscal
year 1935-36 and $2,412,361 in excess
of the orders taken for the entire
year 1934-35.
"The company's consolidated financial position continues to
The
improve.
net
current
assets
pared with net current
March
on
assets of
31, 1937 were $2,747,284.55 as com¬
$2,541,294 on Sept. 30,1936, or an increase
of $205,990.
"The company has borrowed
outstanding bank loans.
Cash
companies amounted to
to be satisfactory."
no
money
hand
on
since Nov.,
as
of March
1932 and has no
31, 1937 for both
approximately $727,000 and collections continue
Commenting on the production of
manufacturer, Mr. McCarty said:
"The outlook for the saw
soft wood market, which is
saws, of which the company
business
continues
is also
a
favorable.
In the
the most important market, prices are at
a
higher level, and housing consumption promises to absorb all the soft
wood that can be produced for some time ahead.
Reports from building
projects from all parts of the country promise a larger increase over last
year's volume than is yet fully reflected in the current buying.
Hardwoods
continue in active demand from all the
important domestic consuming
groups, and as a whole quotations are higher.
With the lumber industry
generally in such good position, the saw business should continue to show
very
substantial volume.
"The business of the London company continues to be
satisfactory.
In
report at the last stockholders' meeting I mentioned the inadequate
plant facilities of the London company.
With the increased volume of
very
.
my
business, the situation is becoming quite acute and, as a number of the
important leaseholds expire in the near future, the question of new plant
facilities is receiving serious consideration by the directors.
Admitted to
31,405
Accounts payable.
Dlvs. pay'le, pref.
Accrued accounts-
gas
facilities
Deferred charges..
value)
1,088,853
Appraisal surplus.
343,729
Earned surplus
1,568,550
1st mtge. s. f. bds.
Capital
4,404
In vestments
$3, 459,500 $3,459,500
2, 200,000
2,200.000
Notes & loans pay.
Customers &
ex¬
tension
1,122,000
$57,107
10,775
90,187
1,175,500
301,643
rec.
1935
$180,315
10,285
76,048
$2,411,687 $2,625,908
Patten, Eyman & Co., Seattle, Wash.; William A. Lower
& Co., Inc., Los Angeles, and Ehni, O'Neil & Wood, Inc.,
Los Angeles, have prepared a special analysis of $2 cum¬
ulative convertible preference stock (no par).
The analysis
also covers a history of the plywood industry and shows in
chart form the trend in the
accept.pay.
497,963
8,071
$2,417,477 in 1936.—V.
Total
1936
Bond interest
39,050
Deferred chgs.,&c.
a
Trade
50,000
101,674
Sundry accts.
2,232,227
2,198,599
$291,291
31
$407,585
454,469
438,918
.
Inventories
Net capital stock &
$413,123
Dec.
Liabilities—
$6,631
Accts. receivable.
25,000
surplus
1935
$542,464
182,715
68.457
650,000
Life insurance..
a
31,151
<
1936
Call loans
31,138
in progress)
Real and personal
■"
adv. to
Cap.PlywoodCo
Net profit before income tax
Assets—
124,345
23,514
511,754
Inventories
Bond interest
$102,000
1934
$664,436
185,146
66,167
$467,823
Depreciation
1936
1935
$3,900
122,089
Accounts payable-
Ltd.—Earnings
1935
$721,872
190,812
63,237
Balance Sheet
Notes payable
Accts. & notes rec.
Marketable secur_
1936
Gross profits
Condensed Balance Sheet Dec. 31
$58,464
Assets—
Cash
2655
to
Listing and Registration—
t.
The New York Curb Exchange has admitted the class A
stock, $10 par,
listing and registration.
Directors—
Six directors representing the prior preferred stock and five directors
representing the class A stock were elected at the annual stockholders*
meeting which adjourned on April 14.
Directors representing the prior
preferred stock are:
Maxwell M. Upson, Robert J. Lewis, Clifton, N.
Bradley, Harold M. Tillinghast, Neil P. Cullom and F. M. Schlater,
of whom
Total
$7,346,006 $7,320,848
Total
$7,346,006 $7,320,848
-V. 143, P. 924.
Messrs. Cullom and Schlater are new.
Representing the class A
are:
Fred L. McCarty, President of the company; Allen W. Lishawa,
Secretary and Treasurer; John T. Harrison, E. D. Timberlake and Richard
Kelly, of whom Mr. Lishawa is a new director.—V. 144, p. 2304,
stock
Hecla Mining Co.— To Pay Larger Dividend—
The directors have declared
a
dividend of 25 cents per snare on the
capital stock, par 25 cents, payable June 15 to holders of record May 15.
A dividend of 20 cents was paid on March 15, last, and on Dec.
18, 1936.
and compares with regular quarterly dividends of 15 cents per share paid on
Aug. 15, 1936, <*ua eacn three months prior thereto.—V. 144, p. 2129.
Home Insurance Co.—Extra Dividend—
The directors have declared an extra dividend of 15 cents
per share in
addition to the regular quarterly dividend of 25 cents per share on the
stock, both payable May 1 to holders of record April 15.
common
A stock dividend
or
1-29 of
a
share of common stock for each share held
paid to stockholders of record March 25.
See V. 144, p. 454 for de¬
tailed record of previous cash distributions.—V.
144, p. 1602.
was
Hinde
& Dauch
Paper Co.—Stock Subscribed—
The offering of 36,000 shares of $5 convertible preferred stock under¬
written by a group headed by Glore, Forgan & Co. and Maynard H. Murch
& Co., was not opened to public subscription, all of the stock
having been
sold.
Holders of the company's $6 preferred stock, which is being retired,
were given the privilege of
exchanging their shares for shares of the new
$5 preferred.
Unexchanged shares of the $6 preferred stock have been
called for redemption on May 1, 1937.
*
The new $5 preferred is convertible into common stock at the rate of
2J4 shares for each share of preferred until April 1, 1939, through April 1,
1941
at the rate of
preferred share.
outgrowth of a business
Company is the
established in 1888.
Its
principal business is the manufacture and sale of corrugated and solid fibre
boxes and packing materials, and the manufacture of strawboard and linerboard, especially adapted for use in the manufacture of shipping containers
and packing materials.
The company operates nine paper mills, 12 box
factories and 28 sales offices.
Through a subsidiary, operations are also
on
Rapid Transit Co., Ltd.—Annual Report—
Gross
Railway operating
expenses
railway operations (est.)
Depreciation
Taxes (other than income taxes)
Rents and royalties
Selling, general & admin, exp
Prov. for doubtful accts., &c
1936'
1935
1934
$14,039,236 $12,091,813 $10,937,305
10,729,780
9,065,695
8,033,963
24,573
37,863
24,959
32,762
31,603
35,652
46,021
33,005
36,211
2,852
4,177
3,170
1,712.742
1,513,855
1,287,408
34,346
36,272
30,370
Gross profit
Other income
$1,456,160
120,151
$1,369,343
101,701
$1,485,571
39,596
Total income
Income deductions
Prov. for est. Fed. income taxes
Surtax on undistributed profits
$1,576,311
$1,471,044
50,268
216,500
86.098
Net
Net profit
183,215
63,000
$1,246,543
273.851
612,000
Preferred dividends
Common dividends
$1,201,731
737,928
108,000
$1,106,064
229,401
Consolidated Balance Sheet Dec. 31 1936
Assets—
Liabilities—
Cash....
$1,283,217
U. S. Treas. bills
(net)
100,000
1,164,948
1,972,081
15,238
934,029
486,218
5,753,909
Deferred charges
112,418
Notes and accounts receivable
Accounts payable
Accrued liabilities
(trade)._
Other current liabilities
First mortgage 4^s._
Other long term debt
Reserve for general contlng.
Cumulative preferred stock.
Common stock (par $10)
$534,735
622,040
71,426
490,000
8,000
69,629
3,607,900
3,600,000
$11,822,058
144, <*>»2483.
Capital surplus
152,869
Earned surplus
-V.
78,002
40
2,665,459
Total
$11,822,058
327
$133,502
290
Cr 68
137,500
125,000
def $6,079
Dividends—5H %
sur$8,567
Balance Sheet Dec. 31, 1936
Assets—
Liabilities—
*
Road and equipment
Miscell. physical property
$2,992,083
285,661
Other Investments
Cash
Special deposits
Miscell. accts. receivable
Material and supplies
assets
Unadjusted debits
Capital stock
.$2,500,000
500,000
Audited accts. & wages pay.
Miscell. accounts payable...
89,524
84,336
Statutory power ot capitallza'n
Total
Total
29,799
$131,711
profit
Equipment retired and not replaced, &c. (net)
$1,525,167
234,608
184,495
Other assets..
$133,175
Operating gain..
Non-operating income
Deferred
Fixed assets
$968,643
757,466
Balance
Maintenance and repairs
Other current assets
$1,048,316
831,130
85,516
-
Consolidated Income Statement for Calendar Years {Inch Subsidiaries)
Calendar
Years—
Gross sales less discounts, &c
Cost and operating expenses
Total investments
1935
$938,844
$131,670
revenue
Taxes assignable to
in Canada.
Inventory
1936
$1,010,018
38,299
Revenue from other railway operations
2>£ shares; and thereafter through April 1^ 1946 at the
rate of 2 shares for each
carried
Honolulu
Calendar Years—
Revenue from transportation
Matured int. & dlvs. unpaid.
Deferred liabilities
928
12,013
107,683
5,596
30,776
Unadjusted credits
Accrued
Earned
depreciation
.
surplus
.
Unrealized apprec. of lands..
.
68,058
1,746
28,438
43.951
1,052,612
235,270
119,768
2,793
$4,080,619
Total
$4,080,619
-V. 144, p. 2130.
Hudson & Manhattan RR.—New Director—
At the annual stockholders' meeting held April 14 Irving M.
Engel was
elected a director to succeed the late Arthur Brisbane, who had
resigned
a
director
a
as
short time before his death.—V. 144, p. 2483.
Hummel-Ross Fibre Corp.—Stock Offered—Public offer¬
ing of 174,729 shares of common stock ($5 par) was made
April 16 by certain underwriters, including E. H. Rollins &
Sons, Inc., and Tobey & Kirk.
Of this amount, 54,000
shares are being sold by the company and 120,729 shares
by
certain of the present stockholders.
The company also
proposes to offer an additional 3,500 shares to its employees.
The shares publicly offered were priced at $11 per share.
Net proceeds from the sale of the company's shares will be used to retire
$323,597 of first mortgage 6H% series gold bonds, due serially Sept. 1,
1940 to Sept. 1, 1945, and $46,029 of unsecured non-interest-bearing notes
due Sept. 1, 1945, of the company.
Any balance will be applied to work¬
ing capital and other corporate purposes.
Financial
2656
Chronicle
Balance Sheet Dec. 31
F
Upon completion of the present financing, retirement of bonds and notes,
3,500 shares referred to above, the com¬
pany will have outstanding 6,920 shares of 6% cumulative preferred stock
($100 par) and 393,125 shares of common stock ($5 par), but no funded debt.
Company was incorporated in 1920 to manufacture sulphate pulp.
Sul¬
phate pulp is the basic material for the manufacture of Kraft board, corru¬
gating materials and Kraft paper, which are the products presently manu¬
factured by the company.
The company's plant is located at Hopewell,
Va.
Net sales of the company for the year 1936 were reported at $2,678,676, with net profit at $436,665.
«
and the sale to its employees of the
Illinois Water Service
$8,115,405
Capital stock disc.
187,516
187,515
438,273
1,030
119,894
458,817
1,064
57,087
and expense
disc. & expense.
Special deposits—
Cash
$315,172
$295,143
747
451
$315,919
$295,594
171,950
1,203
3,953
Cr850
Interest charged to construction
Provision for Federal income tax
$97,554
53,400
30,000
30,000
stock
common
1936 for Federal surtax on undistributed
it is believed that all taxable income has been distributed during
Note—No provision made during
profits
as
year.
Cash in banks and
79,819
working funds._
x
56,779
Accounts & notes
77,690
78,127
rev.
31,100
28,881
Materials & suppl.
32,118
33,862
receivable
Accr. unbilled
Comm.
1
8,400
9,100
59,258
capital stock
63,208
5,336
in
expense
cess
Def.
of
revenue
4,858
5,271
Reserves..
527,095
29,020
503,788
6% cum. pref. stk.
($100 par)
y Common stock..
890,000
890,000
1,140,000
81,516
189,787
1,140,000
30,047
and accr.interest
pro¬
amortiz.
charges
pref. stock
Consumer's depos.
Debt discount and
and
24,417
prepaid accounts
30,510
$2,954,221
2,077,288
242,980
245,356
248,659
$897,047
11,570
$794,294
16,641
$755,845
12,377
$628,275
loss3,857
income
$908,617
800,635
.
Total income
Int., amortiz. and exps.
$810,935
810,935
$768,222
819,196
$624,418
828,737
a$50,973
a$204,319
$107,982
Net income,
loss.
1936
4,450
4,450
3,468
on
1933
$3,145,077
2,143,876
240,763
Capital surplus
Earned surplus
81,515
$
Liabilities—
franchises, &c_-22,511,645 23,159,899
stock disct.,
Pref.
1,662,200
1,662,200
x Common stock..
7,380,000
7,380,000
Funded debt
12,427,500 12,570,500
($100 par)
Special deposits...
306,991
57,504
67,239
497,328
Invest. & advances
After
x
n
$6,389,574 $6,355,37'
533,327
89,096
Demand notes and
197,742
246,525
Note payable to
prepaid accts...
Cash & wkg. funds
Cash on deposit for
336,429
accr.
167,998
parent co 3,242,302
3,128,024
int. thereon
pay. to
bond int., &c._.
208,732
revenue..
259,730
72,585
Mat'ls & supplies.
268,517
rec.
affiliated
65,393
Accounts payable.
183,067
171,760
242,883
Accrued interest-_
290,162
294,505
176,525
205,062
67,747
43,976
186,597
Public impt assess.
$6,389,574 $6,355,379
of $10,512 in 1936 and $13,146
ctfs.
trust
16,000
due in 1936
Misc. current liab.
Imperial Oil Co., Ltd.—Earning s-
Total
1935
1934
1933
$3,941,588
21,288,262
$4,218,735
21,552,918
$4,692,715
1936
taxes
$ 4,485,542
21,142,743
come
9,408,846
Total income.
$25,628,285 $25,229,850 $25,771,653 $14,101,561
Net income
$25,628,285 $25,229,850 $25,771,653 $14,101,561
33,706,348
33,697,278
24,881,255
13,415,169
Dividends
$890,398
$686,392
26,919,871
$0.96
26,857,152
def $8,078,063 df$8,467,428
Balance
Shares capital stock out¬
26,965,078
$0.95
standing (no par)
Earnings per share
26,965,078
$0.93
$0.53
Balance Sheet Dec. 31
3,277,934
payable.
1,619,584
2,075,165
Due subsidiaries
860,594
4,119,995
18,211,557
1,508,295
3,726,176
18,068,866
Capital stock. 77,974,960
77,974,960
12,454,544
12,093,744
25,915,120
2,003,337
Accts.
Investments
23,749,603
27,450,045
y
Other investm'ts
59,200,877
161,947
55,587,186
Deferred charges
receivables
3,840,496
346,189
3,141,940
Goodwill, &c-__
228
24,534,876 24,966,602
Total
Co.—Application Approved—
the application of the com¬
100,000 shares of common stock $1 par, to be admitted to
trading on notice of registration under the Securities Exchange Act of
1934.—V. 144, p. 939.
to list
pany
Indianapolis Union Ry.- -Earning s-
Total
1934
1935
1936
Calendar Years—
1933
$264,874
1,881,178
$216,312
1,715,424
$212,432
1,762,648
$207,136
1.706,501
$2,146,052
1,023,576
284,979
$1,931,736
936,186
264,458
$1,975,080
925,574
309,570
$1,913,637
850,447
312,449
$837,497
21,766
$731,092
21,589
$739,937
14,546
$750,741
15,559
$859,263
464,610
$752,681
465,545
$754,483
465,530
$766,300
471,509
$394,653
124,974
$287,136
123,429
$288,953
118,286
$294,791
114,204
$269,679
200,000
$163,707
250,000
$170,667
225,000
$180,587
250,000
sur$69,679
$86,293
$54,333
$69,413
Operating revenues
Rental income, &c
revenue
expenses
$
$
Liabilities—
$
$
13,862,432
Accts.receivable 12,164,428
Inventory
26,197,394
Supplies, &c
1,714,507
Indiana Steel Products
Operating
1935
1936
Assets—
2,790.548
The Chicago Stock Exchange has approved
Taxes, &c
1935
1936
714,512
Represented by 738,000 no-par shares.—V. 143, p. 2054.
x
Net income after all in¬
Other income
24,534,876 24,966,602
9,586
......
901,771
Reserves
Deficit
Calendar Years—
22,424
17,500
co
Accrued taxes
Unbilled
Represented by 57,000 no par shares.—V. 143, p. 3001.
y
93,436
Deferred liabilities
Deferred charges &
Total
for uncollectible accounts
reserve
1935.
1,370.600
1,370,600
($100 par)
6% cum. pref. stk.
306,991
'46,814
26,103
commis.&exp..
Equip,
Total
$
7% cum. pref. stk.
Plant, prop.rights,
Notes & accts.
1935
1936
1935
$
Assets
Misc. curr. liabil—
Divs.
1934
$3,093,733
2,056,459
Federal taxes
Net operating
Other income
1935
1936
5% gold
bonds, ser. A
$3,439,000 $3,439,000
Accounts payable5,387
7,475
Due to affiliated co
2,385
General taxes
58,722
62,033
Fed. Income tax..
4,384
9,368
Unearned
pref.
on
1st mtge.
1935
$3,525,872
2,388,062
Balance Sheet Dec. 31
Liabilities—
1935
1936
Assets—
1936
Operating revenue
Operating expenses
State, local and miscell.
a
Balance Sheet Dec. 31
Plant, prop., rights
franchises, &c..$(3,076,771 336,054,881
$8,862,189 $8,819,889
Total
Corp.—Earnings—
Indiana Service
Calendar Years—
53,400
stock
preferred
34,061
169,428
205,425
700
$91,489
Net income
Dividends—On
On
3,584
17,500
5,489
41,000
700
Prov. for retire. & replace, in lieu of deprec
of commission on pref
cap. stock
Amortiz.
f802
23,308
—V. 144, p. 1602.
171,950
1,340
3,951
Amortization of debt discount & expense
Surplus
$8,862,189 $8,819,889
63
23,308 X
123,754
169,333
158,053
taxes
Reserves
Total.
2,797,000
on
account
Accrued
Net earnings
Other income—net
,.
cos.
^
$579,366
284,223
Gross corporate income
on funded debt
affil.
Accrued Interest..
1935
193(5
$630,802
315,630
500,000i 3,500,000
bonds, series A,
due May 1, 1958 2, 797,000
940
Accounts payable.
Due
92
Co.—Earnings—
Miscellaneous interest
3,
par)
open
Operating revenues
Operating expenses & general taxes
Interest
7% cum. pref. stk.
($100 par)
$2 089,800 $2,089,800
Common stk. ($100
1st mtge. 5% gold
debt
Unamortized
1935
1936
Liabilities—
1935
1936
Assets—
Plant, prop..rights,
franchises, &C—$8,115,386
Accts. receivable..
Years Ended Dec. 31—
April 17, 1937
i
Net operating income.
213
Cash
Def.
x
Fixed assets.
x
After
in 1935.
43,027,993
_
Total
183,919,904
Tax
reserves...
General reserves
81,133,214 89,211,276
Surplus
Gross
Deduc. from gross inc
Net income
Other approp. of
income
Net income
53,572,421
192,564,7401
Other ry. mcome (net)_.
Dividends
...183,919,904 192,564,740
Total
for depreciation of $65,154,515 in 1936 and $66,433,122
Represented by 26,965,078 no par shares.—V. 143, p. 3149.
Balance, deficit
reserve
y
General Balance Sheet Dec. 31
1936
Indiana Harbor & Belt
Feb. 28 '37
Period—
Railway oper. revenues.
Railway oper. expenses.
Inv.
-2 Months Ended
-Month EndedFeb. 29 '36
$
Assets—
RR.—Earnings—
Feb. 28 *37
Feb. 29 '36
$855,741
567,591
$738,371
538,028
$1,764,034
1,166,312
$1,509,144
1,064,974
$288,150
75,638
65,310
$200,343
40,614
86,917
$597,722
149,056
144,473
$444,170
90,492
150,598
in
road
on
from ry. oper
rev.
Equip. & jt. facil. rents.
Net ry. oper. income
.
Other income
Total income
Misc. deduct, from inc..
available
Income
fixed
$147,202
1,907
$72,812
2,258
$304,193
4,020
$203,080
4,538
$149,109
3,374
$75,070
3,060
$308,213
6,590
$207,618
6,509
for
$145,735
37,930
charges
Total fixed charges
Net inc. aft. fixed chgs
Net inc. per sh. of stock.
$72,010
38,386
$301,623
75,854
$201,109
76,626
$107,805
$1.42
$33,624
$0.44
$225,769
$2.97
$124,483
$1.64
Note—Does not include accrual for excise tax account Railroad Retire¬
ment Act.—V. 144, p. 1788.
9,860,762
2,745,479
2,468,979
Gen.
Inv. In affil.
prop
402,363
65,837
1,015
164,628
496,288
65,836
558
Special deposits
211,217
280,855
Traffic
bal.
&
171,125
18,173
15,972
1,120
239,604
59,143
154" 344
Net bal. rec. from
agents & conds.
Misc. accts.
rec
Mat'l & supplies..
Int. & divs. rec
Other curr. assets.
3,659,000
4,714,000
Series B
bonds
Traffic
&
car
1,000.000
5,398
25,787
7,495
ser.
bal. payable
Fund
debt
mat.
161,710
Unmat. Int.
72,607
Aud.
accr..
accts.
1,373
314
7,274
2,332
303
74,069
214,008
299,857
liability
Prem.
Other
on
62,265
92,952
85,745
207,675
86,745
262,953
wages pay
Tax
54,996
and
Int. mat. unpaid..
Deferred liabilities
4,474
Rents & lns.prems.
unadjusted
debits...
581
3,714,000
3,659,000
Ref. & impt. mtge.
unpaid
Deferred assets
paid in advance.
581
mtge.
Misc. accts. pay..
car-ser.
rec
$
1,436,374
of
bonds, series A
cos
Cash
aid
ret.
&
1935
$
al,436,375
construction
leased
Misc.physical
in
Grants
fund—cash
& sec
Net
Railway tax accruals
Liabilities—
Capital stock
9,873,152
ry. property
Slnk'g
$
and
equipment
Improv.
1936
1935
45,807
funded
debt
89,538
Accr. depr.—equip
Other
unadjusted
credits
14,562
134,375
119,795
85,225
42,953
872,125
872,125
1,380,961
528,600
1,380,961
402,363
632,366
Add. to prop, thru
Indiana
Hydro-Electric Power Co.- -Earnings-
Calendar Years—
Rent
of prop,
1936
1934
1935
1933
$380,000
x72,381
company
Oper. exps. & taxes
red.
thru inc. & surp.
leased to
$380,000
94,035
$380,000
86,404
$307,619
affiliated
inc. &surp
Fund,
debt
$285,965
$293,596
37
Other income.
$380,000
62,380
$317,620
Slnk'g fund
14
reser.
Profit and loss
Total
14,213,929
13,685,069
Total
549,536
..14,213,929 13,685,066
Represented by five "certificates of ownership," designated as capital
are held by the Pittsburgh, Cincinnati, Chicago & St. Louis
RR. and Cleveland, Cincinnati, Chicago & St. Louis Ry., through owner¬
ship 60 and 40% respectively.—V. 144, p. 2305.
a
stock which
Total income
Interest on funded debt.
General interest
Amortiz. of disc. & exp._
$307,619
139,850
3,968
20,544
$286,002
142,242
$293,596
148,838
779
19,690
22", 03 5
$317,634
150,000
4,983
22,035
Industrial
Brownhoist
Corp.—Earnings—
Period Ended March 31, 1937—
Net inc. without prov.
Previous surplus
Miscell. debits (net)
Total surplus.
Preferred
dividends.
Surplus Dec. 31
x
Includes 4,388 for
Profit from operations before
$143,256
205,425
44,318
$123,290
179,031
23,728
$122,723
137,681
$304,363
146,311
$278,593
73,168
$252,200
73,169
$216,936
79,255
$158,053
$205,425
$179,031
$137,681
undistributed profits tax.
$140,617
76,319
8,204
3 Months
12 Months
providing for depre¬
ciation, interest, &c
Provisions for depfec. and idle plant expense
Federal income tax
Profit available for bond interest
$118,705
31,991
$270,300
111,167
2,129
2,923
$84,585
$156,210
1% interest was paid April 1, 1937 on the outstanding general mortgage
20-year convertible 6% income bonds.
Under the trust indenture secur¬
ing these bonds the corporation may, with the approval of the voting
trustees, allocate an amount not exceeding $50,000 in any one year, and
Volume
144
Financial
not exceeding $200,000 in the aggregate, for transfer to a
special sinking
fund reserve wnich may be used temporarily for
general corporate purposes
but when released from the
unpaid interest.—V.
141,
Indianapolis
reserve
p.
shall
be used first for the payment of
2118.
Water
Feb. 28 '37
Works
Dec.31 '36
Indianapolis Water
Co
(499,-
stock
Securities
Co.—Balance
$6,000.000 $6,000,000
10,899
22,953
91
275
343
343
935 shares)
Coupons receiv'le.
Sinking fund
Unamortized debt
disct
Liabilities—
Feb. 28 '37 Dec. 31 '36
Common stock...$2,000,000 $2,000,000
Secured
Cash
5%
113,951
Special deposits...
6,428
6,428
Reacquired securs.
11.000
gold
notes
'3,598,500
3,598,500
Other accts. pay'le
Income—Dividends received from subsidiary companies
Interest from subsidiary companies
5,841
Unmatured Int.
on
29,987
5,121
4,725
502,358
on
convertible 6% debentures
Amortization of debt discount and expense
Net loss
„
$1,180,388
3,569,286
124,500
-
Deficit, Jan. 1, 1936
Amortization of options
536,325
.
$503,507
1,594,080
89,815
Deductions—Interest
11,000
Surplus
31,119
Balance
_
accr
$642,963
108,337
-
5,400
Other accrd. accts.
$240,000
384,093
18,870
-
Total Income
General and administrative expenses
Taxes (other than income taxes)
10,000
Taxes accrued
funded debt
113.046
& expenses
2657
Income Account Year Ended Dec. 31, 1936 (Company Only)
Interest from others--
Sheet—
Assets—
Chronicle
on
shares of N. E. Power Association.-
Deficit, Dec. 31, 1936
$4,874,174
-
-
Balance Sheet, Dec. 31, 1936 (Company Only)
$6,141,808 56,154,950
Total
Total
—V. 144. p. 1112.
a
At
the
a
annual
recent
The
meeting
of stockholders
directors
"Robert
G.
Stone
"was
Certificates, Inc.—10-Cent Dividend—
have
declared a dividend of 10 cents
per share on the
stock, par $1, payable June 26 to holders of record June 16:
This
with 11 cents paid on Oct. 15, 1936: 9cents paid on March 20,
1936; 8 cents paid on Sept. 20, 1935; 7 cents on March 20. 1935, and 5 cents
per share paid on Sept. 20 and March 20, 1934.
common
compares
3 Mos. End. Mar. 31—
1937
Total income
$37,113
5,740
Total deductions
Net
1936
of
sales
of
losses
$31,610
7,826
$31,373
774,337
Dr7.202
643.701
$791,795
76,500
$713,543
59,500
$667,285
42,500
$715,295
$654,043
$624,786
$0.0447
Total surplus
Dividends paid
$25,667
687,876
$798,508
—
$29,538
762,387
Drl30
$798,508
surp..
Undistrib. oper.
March 31.
$0.0424
$0.0347
$0.0391
$0.0301
$0.0371
$0.0279
$5,143,679
$3,085,344
$1,842,661
$23,783
Dr 198
inc.,
Earnings per share on—
Total income
Net operating income.
$0.0377
Capital surplus—
Bal., Jan. 1, adjusted- $4,865,672
Net loss on secur. sold
Cr4,521
Crl,803
Cr4,425
in
market
portfolio..
Drl62,038
Dr202.895
Cr106.651
Cr695,522
$4,942,587
$3,196,420
$2,538,184
Recovery
value of
in
1936
payable
1937
Dlvs. receivable..
Cap.stk. (par SI)_
Capital surplus.
——
24,401
25,943
Due to brokers
inc..
Treasury stock
$6,503,596
$6,715,0681
Total
$190,000
$207,000
211
186
21,795
..
Undis. oper
1936
to
banks (secured).
Accrued expenses.
838,700
4,708.156
798.508
Dr53,773
715,295
—-
$6,503,596 $6,715,068
Hydro-Electric System—Annual Report
Irwin L. Moore, President, says in part:
The output of electricity by properties comprising International HydroElectric System totaled 5,452,820,013 kilowatt nours in 1936, an increase
of 1.2% over the previous year.
'
Consolidated
operating revenue and other income amounted to $64,613,977 in 1936 as compared with $63,334,847 in 1935.
The marked
improvement in operating revenue of the New England properties was in
large part offset by the decline in operating revenue of the Canadian
properties as a result of new contracts with the Hydro-Electric Power
Commission of Ontario.
The improvement in net revenue of the New
England properties was insufficient to offset the decline in the net revenue
of the Canadian properties and as a result the balance of consolidated
earnings of International Hydro-Electric System and subsidiaries after
all charges, was lower than in 1935.
Such balance of consolidated earnings
in 1936 amounted to $957,472 and in 1935 to $1,131,259.
As a result of net charges to the surplus account in 1936 there was a
decrease in consolidated earned surplus for the year amounting to $809,355.
Refinancing—During the year there was effected a net reduction in
funded debt of subsidiaries outstanding in the hands of the public amount¬
ing to $2,039,511; notes payable of New England Power Association and
subsidiaries were reduced by $756,000, and a further reduction of $250,000
has been made in this item since the end of the year.
Refinancing of three
issues of funded debt of subsidiaries of New England Power Association
during 1936 will result in net savings approximating $700,000 a year, only
part of which was realized during 1936.
Early in the year, Connecticut River Power Co. sold at a premium
$20,300,000 first mortgage 3% % bonds due Feb. 15, 1961.
Proceeds were
utilized to redeem on April 1, 1936, $18,000,000 first mortgage 5% bonds
due Oct. 1, 1952, and to pay off bank debt of $2,000,000.
In July, 1936, Narragansett Electric Co. sold at a premium $34,000,000
first mortgage 3J4% bonds due July 1, 1966, and with the proceeds paid
off a bank credit of like amount which had been obtained in May to permit
the redemption on July 1, 1936, of first mortgage 5% bonds of that com¬
pany previously outstanding.
In Nov., 1936, New England Power Co. sold at a premium $10,067,000
first mtge. 3^% bonds due Nov. 15, 1961, and with the proceeds called
for redemption on Jan. 1, 1937, a like amount of first mortgage 5% bonds
due July 1, 1951.
Power
It Total
$102,395,283 I
2.000,000
surplus
...
Total
21,567
4,874,174
7,862,982
$102,395,282
capital stocks issued
therefor, $87,224,146; l<ess: Dividends received from subsidiaries considered
as return of
investment, $3,278,516. balance, $83,945,629; undistributed
deficits; of subsidiaries arising since dates of acquisi¬
tion, $7,862,981.
b Expiring Dec. 31, 1942, to acquire at $55 a share
30,000 unissued common shares of New England Power Association (88%
of whose present
outstanding common shares is owned by International
Hydro-Electric System), at cost, less amortization of $373,500.
c Differ¬
ence between cost and
principal amount of reacquired debentures, less dis¬
count and expanse applicable thereto,
d Less deficits of subsidiaries aris¬
ing since dates of acquisition (increased $495,533 during 1936).
Consolidated Income Account for Calendar Years Unci. Subs.)
earned surpluses (Jess
1936
rev. from oper—$61,506,958
From other income
3,114,536
Gross
Profit
on
on
bonds, &c.,
re-
exchange
1935
1934
$59,947,428 $59,445,971
3,415,829
3,537.134
1933
$58,657,313
3.630,761
,
7,517
Oper. exps. and taxes
Maintenance
27,469,483
4,098,158
Net rev., incl. oth.inc.$33,046,335
on funded debt and
Amortization of discount
Depreciation
Res. for Fed. inc. tax—.
Divs. on pref. & class A
14,033,663
929,741
5,434,156
1,522,094
28,409
244,082
303,388
23.535
$63,334,847 $62,959,569 $62,228,768
23.944,062
26,537,394
25,186,270
3,073.540
3,662,255
3,510,889
$33,135,198 $34,262,410 $35,211,166
$1,621,465 in 1935.
This large decrease in earnings was due
primarily to the reduced revenue received from the Hydro-Electric Power
Commission of Ontario, which revenue amounted to $3,055,133 in 1936 as
compared with $4,555,276 in 1935.
The new contracts with the Com¬
mission, which were described in last year's report, went into effect Nov. 1,
1935.
Pursuant to the terms of the new 25 cycle contract, the contract
demand thereunder was 201,000 h.p. until April 30, 1936, after which date
it dropped to the specified minimum of 100,000 h.p. with a corresponding
increase in the general reserve to 127,000 h.p.
During Nov. 1936, the
commission ordered an additional 40,000 h.p., increasing the contract
demand to 140,000 h.p. and reducing the general reserve to 87,000 h.p.
Unless and until a further increase is ordered by the commission, the con¬
tract demand continues at 140,000 h.p. for tne remaining life of the 25
cycle contract.
Contract demand under the new 60 cycle contract has
remained unchanged at 42,000 h.p.
Depreciation and amortization of storage works charged against con¬
solidated earnings during 1936 amounted to $654,791 as compared to
$654,150 in 1935, and additional provision for depreciation was made as
in 1935 by a charge against surplus account in the amount of $1,750,000.
On Dec. 31, 1936, accrued but unpaid dividends on the Canadian HydroElectric Corp.'s first preferred shares outstanding with the public amounted
14,935.687
15.296.957
905.797
5.185.317
14,515.670
921,839
5,182,659
1,817,911
906,038
5.082.193
1.507.902
1,992,620
"
t
8,560.388
8,561,132
8.549.084
8,497,570
1,179,735
3,586
425.498
1,004,728
1,260,800
1.502,050
$957,473
$1,131,259
$1,433,104
$2,418,454
3.798.162
111,624
8,491,389
351,617
10.485.530
913.413
8.558,427
Minor, int. in earnings of
subsidiaries
Pro v.for undist. prof, tax
Other charges
Bal. added to surplusEarned surplus beginning
of period
ncrease in
surplus
Total
$4,867,258
1,878,451
Charges to surplus
$9,974,266 $12,832,047 $10,976,881
4,094.980
6,176,103
Divs. pref. stock, con v.
$3.50 series
491,352
245.678
Earned surplus end of
period
$2,988,807
Earn.persh.onaver.no.
of class A shs. outst g
$0.54
$8,491,389 $10,485,529
$3,798,162
$0.76
$2.25
x$1.14
x The balance of consolidated
earnings applicable to the class A shares,
after all charges, including depreciation and dividends paid and accrued on
the preferred stock of the system, amounted to
$962,227, which was equiv¬
alent to $1.14 a share on outstanding class A shares.
As this does not in¬
clude profit of $198,368 on bonds redeemed, which was credited direct to
surplus in 1934, it is not precisely comparable with the balance of $2.25 a
share earned on the average number of class A shares outst g during 1933.
Consolidated Balance Sheet Dec. 31 Unci. Subs.)
1936
Assets
1935
$
Cash
in
escrow
for construe..
1936
Liabilities—
$
Prop., plant, &C.520.534.115 517,640,409
62,540
orders in prog.
Securs. & Invest.
Cash...
Market,
9,106,772
149,250
-
securs.
1,838,673
17,875,038
12,164.411
148,350
Accounts
receivable-
8,971,799
8,960,137
payable
42,611
Res. for deprec. 60,685,184
1,543,411
56,965,966
Sink, funds, &c_
46,970
7,137,734
3,339,841
296,443
.
of
subs,
Unallocated res.
Other
202,270
336,743
3,767,971
reserves..
3,587,434
Pref. & oth. stks.
of
subsidiariesl31,831,747 130,428,488
Minor.com.stks.
Options for com.
stock
incl. surp. ap¬
747,000
21,802,761
22,232,969
7,019,200
Class A stock.21,414,784
7,019,200
21,128,983
20,000,000
2,000,000
19,894,955
&
plic. thereto..
notes receiv.-
58,264
Organizatlon exp
240,858
Pref. stk.—conv.
$3.50 series.
Due from officers
and employees
future
notes
&susp. credits
7,802,248
3,489,804
...
Deficit accts.
pay'le
accruals
Serial
Accts. and notes
Inventories
$
debt—274,091,945 276,131,456
Notes payable.3,735,000
4,491,000
and
2,079,033
17,655,402
1935
$
Funded
Construc'n work
16,582
42,655
1,168,878
2,681,508
15,602,989
.
Class B stock
15,538,502
Disc. & exp. on
20,084,277
in
Capital surplus..
Securities of subsidiaries, at cost of acquisition, in part from affiliates,
the basis of casn paid or par or declared values of
The balance of consolidated earnings after all charges including first pref.
dividends accrued for the year but not paid amounted to $572,785.
This
$792,721.
21,417,958
20,000,000
Paid
240,858
651,159
Prepaid and def.
exps. applic. to
to
7.139,950
d Undistrib'd earned surp..
Properties—Consolidated operating revenue and other
income of Canadian subsidiary, Canadian Hydro-Electric Corp., Ltd., and
its subsidiaries amounted to $8,242,786, compared to $9,349,113 in 1935.
compares with
9,000
1,716,128
—
Class B stock ($20 par)
Common stock ($.05 par)-.
147,372
stocks of subsidiaries.
850.000
4,912.587
y After reserve for depreciation on cost of $247,841
(after deducting
$787,586 for appreciation on cost). z After reserve for shrinkage of $590,938
in 1936 (after deducting appreciation on cost of $925,005.—V. 144, p. 615.
Canadian
Reserves
Pref. stock ($50 par)
Class A stock ($25 par)
subs.
other interest
y$6,375,286 z$6686.633
Cash
81,557
2,572
Due from brokers.
22,352
International
by
acq.
21,160
Other accrued items
c
Int.
Liabilities—
Notes
port¬
folio.
Total
properties
in 1931
Organization expense
Unam. debt disc. & expense
Total gross revenue.-$64,613,977
Balance Sheet March 31
Securities
Accrued taxes
747,000
Expenses of investigation of
Loss
1937
Assets—
1,984,919
14,152
32,500
-
deemed
during
year
below
adj. book value previousDec. 31-.-—
Cap.surp.atMar.31. $4,708,156
'
"
a
1
Income charges (net)
Accrued interest recelv
Due from subs, companies._
Cash
$26,568,000
29,914
398,520
Accounts payable
Accrued interest
285,000
on
on
securities
chgd. to cap.
Balance at Jan.
Convertible 6% debentures-
$91,808,612
6,483,710
cost--
1934
operating income
excl.
investment, at
b Options
Deficit
1935
$33,253
7,585
$36,055
6,516
Capital assets
Other
director, in place of W. H. Coolidge, deceased.—V. 144, p. 615.
Insuranshares
Liabilities—
Advances to sub. companies
Island Creek Coal Co.—New Director—
elected
Assets—
$6,141,808 $6,154,950
x
oper..
20,000,000
Common stock
2,000,000
Paid-in surplusEarned surplus.
20,081,248
2,988,807
Capital surplus62,837
3,798,162
247.201
bonds & other
securities
Total
x
578.698,166 578,766,107
Inland Steel Co.—To
578,698,166 578,766,107
Total
Represented by shares of $0.05 par.—V. 143,
p.
3439.
Offer Stock Rights—
To obtain necessary funds to finance additional extensions
and improve¬
ment to its plants, company will offer its shareholders the right to pur¬
chase additional stock on the basis of one share for each 20 held.
A total
shares will be offered to stockholders.
In addition at the annual
meeting April 27 .stockholders will be asked to approve an amendment to
incorporation to permit the sale of 26,050 shares of capital
stock to officers and employees of the company and its subsidiaries.
Stockholders of record on May 14 or such later date as may be determined
will be entitled to participate in the offering.
The offer will, when made,
remain open for not less than 20 days after such record date.
The pur¬
chase price of the stock to be offered will be determined by directors prior
to the effective date of a registration statement to be filed with the Securities
and Exchange Commission, which date is expected to be during the first
half of next month.
The company expects to make arrangements for the
of 74,950
the certificate of
underwriting of stock not sold pursuant to the offer when
made.
Stock
Financial
2658
purchased pursuant to the proposed offer will not participate in any divi¬
dends payable on or prior to June 1, 1937.
The plan under which officers and employees of the company and its
subsidiaries will be offered stock specifies that the present Chairman of
the board, Vice-Chairman of the board and President of the company will
not be given the right to purchase any of such stock.—V. 144, p. 1282.
April 17,
Chronicle
Consolidated Balance Sheet Dec.
1936
a
Cash
Corp.—Plan Operative—
International Match
sinking fund gold debentures and 10-year
convertible gold debentures are notified by the International Match
Co.. Ltd., that the plan of liquidation has been declared
5%
Realization
°PHolders
assented.to the plan of liquidation,
and who desire to exchange their debentures for voting trust certificates in
accordance with the plan of liquidation, may stilLdo so.
No debentures
will be accepted for deposit without prior receipt By depositing debenture
holders of copies of the official prospectus, copies of which may be obtained
from either Brooklyn Trust Co., 26 Broad St.. New York, or Commercial
National Bank & Trust Co., 56 Wall St., New York.—V. 144, p. 940.
of debentures who have not
Foreign
Fund, debt of subs.23,132,634 25.660,404
.40,868,601 40,797,512
3,033,825
2,888,480
576,105
669,403
1,698,855
990,647
Cash
red.
tor
Loans
5,042,448
231,134
(& Subs.)—Earnings
1936
less
1,397,701
°
1933
50,706
39,271
21,041
Consumers',
ac¬
mg^dmS.lgemexp^
15.892,204
12,985,192
11,430,197
10.084,155
27,571
15,256
459,659
26,822
1,447,040
1,412,952
54,070.412
52,235,616
$1,554,004
$1,354,016
143,349
Net earnings
Other income
Total income
Prov. for Federal inc. tax
Prov. for surtax
79,609
$996,487
186,290
$220,703
146,751
$1,697,353
282,500
29,800
$1,433,625
$1,182,777
195.500
130,100
$367,454
14,000
115,739
106,404
50.964
148,822
42,700
$1,080,757
650,958
$861,155
86,419
Rent & oper. exp.
of un¬
occupied premises, int.
paid. &c
Divs. on pref.stk.of subb Adjustment of foreign
exchange losses
Combined profit for yr
Previous earned surplus.
Other receivables-
—
$266,685
defl80,266
Total
"$1,944,323
$1,731,716
$2,186,097
surplus
$86,419
net
to
548.783
realiz.val. of assets,&c
Ad j. of bk. val. of certain
,
.
t
land & bldgs. to values
Earned surplus
1933
to
133,178
$916,784
$2.74
$1,213,765
$3.06
$287,720.
$650,958
$86,419
$2.04
Nil
1,393,328
2,358,933
rec.
1,958,416
1,962,741
4,651
Mdse. inventoriespay.
mat.
3,985,189
Misc.
3,592,421
on raw
purchase.
143,892
contra..
investments
817,155
53,396
5,624,313
Due from officers.
b Fixed assets
Patents, good-will,
a
$
Common stock.. 2,877,580
Preferred stock
6,691,700
936.142
Customers' dep
172,111
Accrued liabilities.
199,210
Other curr. liabs—
159,191
...
Accounts payable.
Co.—Recapitalization Plan Dropped
for
137",296
Italian Superpower Corp.
Period End. Dec. 31—
Income—Dividends
Interest
formulae,patents
of transfer
$386
U.
$386
$128,674
$1,474,988
13,556
5,120
26,501
9,507
18,128
10,431
32.622
21,169
8,075
8,126
36,711
1,257
3,494
143,650
4,478
agents,
All other expenses
incl.
1,772
$128,674
registrars, trust., legal
expenses. &c
Taxes,
1936—12 Mos.—1935
$128,674
$1,473,215
$128,674
-
Total income
Fees
(& Subs.)—Earnings—
1936—3 Mos.—1935
prov.
S.
for
income
tax and cap.
stock tax
Interest paid
Loss on foreign
exchange
527
Provision for loss
on
balance due to devalu¬
ation of Lira
125,000
190,744
16,176
Interest paid &
debentures
accr.
on
157,560
157,560
630,240
636,583
Net loss
$56,164
$205,786
$587,763
pf$626.140
1,358,579
$56,164
$205,786
$587,763
$652,157
Loss
212,351
373
14,452
lire
on
Profit
sale of securities
on
debs, acquired
and retired
80,283
pensation to offi¬
cers <fe
and good-will.—
Prepaid exp., &c—
121,979
247,335
148,940
214,040
c
58,290
15,881
employees
Employees dep..
142,651
Notes & contra ob¬
ligations payable
1st mtge. 6% cum.
130,000
inc. bds. of sub.
500,000
Reserves
237,768
1,684,964
Pref. stock of subs.
Total
14,745,521 13,338,696
Net loss for period—
Note—No provision has been made in the above statement for possible
normal U. S. income tax on earnings and surtax on undistributed profits
both resulting from receipts of Lire dividends and interest
by this com¬
pany which have not been included in income.
Consolidated Balance Sheet Dec. 31
228,367
41,400
1,168,592
Capital surplus
Earned surplus... 1,213,765
—
Total
916,784
14,745,521 13,338,696
Represented by 287,758 no par shares in 1936; 275.513 shares in 1935.
machinery and equipment, after deductingreserve for
depreciation of $3,079,719 in 1936 and $2,691,964 in 1935.
c Under stock
purchase plan.
a
1936
Assets—
$
1935
29,285,285 29,222,827
U. S. currency...
773,402
1,462,822
Foreign currency. 1,228,336
c302,772
Interest accrued
780
Utilities
Corp.—Earnings—
[Incl. consolidated accounts of corporation, its subsidiary investment
companies. General Water Gas & Electric Co. and Dominion Gas & Electric
Co. and their subsidiaries, and other subsidiary utility companies.]
1936
Calendar Years—
Operating revenues
$8,330,603
1934
Operation
Maintenance
Federal and
(other than
$8,255,577
3,462,746
479,373
$7,809,811
3,353,086
431,359
711,769
817,645
657,658
893,115
637,919
881,073
2,258,162
2,189,964
2,121,358
112,151
78,372
43.803
$759,728
$494,349
$341,213
202,102
Do¬
minion income taxes)
Prov. for amort., deprec. and deplet.
Int. charges & pref. stock divs. of subs,
prov. for Fed. & Dom.
and other deductions
$7,461,054
146,655
531,798
-
Total income
Taxes
1935
$7,962,334
55,143
238,100
$8,862,401
3,657,336
545,609
Income from properties sold
Other income
income taxes
Proportion applicable to minority int.
in common stocks of subsidiaries..
Consolidated net earnings..
Note—The operating revenues for the years 1935 and 1936 are stated
after deducting $120,000 in respect of estimated annual reduction which
will result in the event that rate decisions of the Public Service Com¬
mission and the Appellate Division of the Supreme Court of the State of
New
York adverse to
sidiary,
are
upheld
on
on
Consolidated Water Co. of Utica, N. Y.,
appeal now pending.
a
sub¬
Accts.
31,287,023 30,989,202
$
payable—
Total
4,283,934
315,120
8,010
3,538,902
1,203,608
18,524
12,198
deb. bonds
Deb. coupons
Lire divs. received
Total
1935
accr.
pref. stock-.
on
Taxes
11, and that the annual meeting shall hereafter be held at the principal
corporation in the City of New York.—V. 144, p. 1603.
International
Res. for divs.
Int.
Change Name and Cut Directorate—
office of the
$
35-yr. 6% debs... 10,504,000 10,504,000
a Capital &
surp..14,941,630 16,267,131
& not converted
Stockholders at their annual meeting on April 19 will consider amending
the Articles of Incorporation so as to change the name of the corporation
to "Interchemical Corporation"; also to reduce the number of directors
to
1936
Liabilities—
$
b Investments
b Land, buildings,
To
Stock
on
stockholders payment of a quarterly dividend of 12
special dividend of 4c. per share on the $1 par value shares is
made to stockholders of record March 31, 1937.
The quarterly
dividend represents a payment from income and the special dividend a
payment from profits realized from the sale of securities.—V. 144, p. 2132.
a
com¬
of recent pur. of
Inc.—To Vote
$16.80 per share compared with a valuation of $15.95 per share
preceding quarter and $14.19 per share at the close of the
was
normal
6.287,600
616,409
395,290
taxes
Prov.
portion
54,070.412 52,235,616
Total
amortization,
being
2,755,130
301,547 Payable on contr.
projects
712,627
48,644 Divs. declared,pay.
Aug. 1, 1936--4,394,670
Res. for Fed., &c.,
&e
Unamort.
1935
$
Liabilities—
$
Acer. int. receiv._
Adv.
1936
1935
1936
Assets—
Notes & accts.
for
reserve
cents and a
■
^
^
Consolidated Balance Sheet Dec. 31
Cash
10,631,747
Capital stock_--10,184,784 10,593,907
644,304
Capital surplus... 1,456,813
2,071,910
Earned surplus... 2,294,088
first quarter of 1936.
With the report to
the preferred
on
Mln. int. in subs--10,627,285
at the close of the
and common shares for the quarter ended
Feb. 1, 1936, were declared out of earned surplus in 1935.
The dividend
on preferred shares, of $1.50 per share, for the period from Nov. 1, 1936
to Feb. 1, 1937 was declared out of earned surplus in 1937.
The dividends
290,000
Investors Fund C, Inc.—Asset Value—
Includes dividends of $94,314 payable Feb.
and
292,159
410,000
Stockholders at their annual meeting on April 26 will vote on a proposal
to increase company's authorized common stock from 240,000 to 320,000
shares and to amend the certificate of incorporation to delete therefrom
provisions for issuance of common stock subscription warrants formerly
attached to preferred stock, which warrants expired on Jan. 31, 1933.
—V. 144, p. 2484.
Fund
1, 1936.
b Adjustments
for loss in exchange arising from conversion of statements of foreign sub¬
sidiaries to basis of U. S. currency,
c Dividends of $155,579 were paid
during the year 1934 and $246,886 in 1933 and charged against capital
surplus,
d Includes $96,429 payable Feb. 1, 1936.
Note—Depreciation provision (incl. in cost of goods sold and other ex¬
penses) for 1936 amounted to $393,995; 1935 to $341,879; 1934 to $280,958,
a
25,242
418,288
Res. for rate red--
The quarterly report shows that at March 31, 1937 the valuation of the
cl 55.579
a419.547
<1395,384
683,330
Common dividends
Earn, per sh. on common
After
International Silver
455,825
289,654
dividends
20.400
Res.forconting.,«tc
The company has abandoned its recapitalization plan, which was approved
by stockholders at a special meeting on March 25, according to a letter to
them from Evarts C. Stevens, President.
Mr. Stevens said his action
was owing to an injunction against the
company granted by the Chancery
Court of New Jersey and to the opposition expressed at the special meeting.
—V. 144, p. 2483.
appraised Dec. 17,
as
Preferred
613.214
Increase—
Writedown of invest, in
Argentine
82,101
629,771
&o.,
refundable deps.
Interstate Department Stores,
996,749
Ault & Wiborg, Ltd..
28,112
depreciation and depletion of $11,489,449 in 1936 and $11,257,125 in 1935.
b After reserves of $101,213
in 1936 and $109,535 In 1935.
c Represented by:
Prior pref., authorized,
600,000 shs., without par value: issued, $7 initial series, 5,435 shares
(10,989 in 1935): $3.50 series of 1931, 108,837.46 shs.
Preferred: Author¬
ized, 1,000,000shs., without par value; issued, $1.75 series of 1931,94,707.84
shares.
Class A:
Authorized, 154,708 shares, without par value; issued,
Class B:
124,062 shares.
Authorized, 2,500,000 shares of $1 par value;
issued, 1,229,890.5 shares.—V. 144, p. 1112.
a
149,584
Cr62,815
$1,269.314
916,784
520,656
219,914
c
deterred charges
Prof, realized on sale of
assets and business of
the
460,837
Total
504,597
Deferred liability-
on
rental...-
«|
263,203
& ac¬
of subsidiaries--
1,376,530
crued divs. rec--
$17,446,208 $14,339,208 $12,426,683 $10,304,857
pay.
Divs. on pref.stks.
receivable..
and
returns
allowances.
115,642
202,674
244,187
204,322
Other accr'd taxesAccts.
crued expenses-_
Prepaid exps. and
Calendar Years
1935
1934
Consolidated Income Account for
Sales,
80,405
2,818,420
b Accts. and notes
Inventories
International Printing Ink Corp.
29,703
173,201
Dom. inc. taxes-
rec.—secur.
Appl. installed
ma¬
tured, &c
of
securs.
Sundry divs. &
debt
Funded
Prov. for Fed. and
84,803
bonds ofsubs.—
13,377
subs 2,060,395
1,646,991
Notes pay. by
Notes pay. to bks.
Acer. Int. payable.
currency
(restricted)
Marketable
$
Liabilities—
Special deposits—
The holders of the 20-year 5%
193
1936
$
Property, plant,
and equip., &c.
Investments
31
1935
$
Assets—
1937
193,110
131,796
d30,982
315,120
8,160
31,287,023 30,989,202
Represented by 124,172 shares of $6 cum. pref. stock, 970,015 shares
common stock, 75,000 shares class B 1st series common stock and
75,000 shares class B 2nd series all of no par value.
(There are outstanding
option warrants, series of 1929, to purchase 59,985 shares of the common
stock, class A, as such stock may be constituted at the time of purchase
at any time up to and incl. Jan. 1, 1938 at a price of
$20 a share, on which
last named date the rights to purchase represented by such
option warrants,
series of 1929 expire.)
b These securities had a market value of $21,973,990 in 1936 and $25,264,892 in 1935,
cDivs., received in 1935 in
lire and now on deposit in Italy pending authorization for conversion into
dollars $193,110, and other lire balances on deposit in
Italy, restricted as
to export, $109,662.
d Includes accrued expenses.—V. 143, p. 3845.
a
class A
Jefferson
Brewing Co., Detroit, Mich.—Stock Offered—
Company, with offices at 1222 Ford Bldg., Detroit, Mich., is offering
by means of a prospectus, 1,275,000 shares of common stock at par ($1 per
share).
Transfer Agent: Equitable Trust Co., Depositary: National Bank of
Detroit, Detroit, Mich.
Company was incorporated in Michigan on Sept. 25, 1936.
Company
was organized for the purpose of
erecting and operating a modern brewery
upon its site located on East Jefferson Ave. at the Grand Trunk RR.,
Detroit.
When the plant is completed and equipped, it is intended to
brew beer, ale and other malt products.
The capacity of the proposed
plant, wili be approximately 200,000 barrels annually, with provisions
made for any necessary expansion.
A gravity type plant is proposed.
Company proposes also, from the proceeds of this issue, to equip the
brewery with modern equipment, ana provide ample working capital.
No construction has been engaged in by the company.
The property in
question was purchased by the company from Walter I. Owen, its President
and one of its directors, for 225,000 shares of stock.
When the company
was organized Walter I. Owen subscribed for 250,000 shares of its stock,
and
Financial
144
Volume
to pay for same by the conveyance of this property free
and clear
encumbrances and taxes.
Company caused an appraisal to be
the value of the land to be slightly in excess of $225,000.
Accordingly, Mr. Owen s subscription was reduced to 225,000 shares.
It
was agreed with him that 150,000 shares of
company s stock be issued to
him upon receipt of proper conveyance of the site, giving company fee
simple thereto, and that 75,000 shares of the 225,000 shares be reserved
to be issued to him when, as, and if company's proposed plant is constructed
and completely equipped and has operated for a continuous 12-month's
period, showing by independent audit 7% net return on its then outstanding
capital stock after payment of all charges, operating expenses, permit
fees and Federal, State and county and city taxes.—V. 144, p. 108.
was
Kerlyn Oil Co .—New Name—
liens,
of
See A. & K. Petroleum Co. above.
made which gave
4 Weeks Ended—
1937
1935
Period End. Dec. 31—
Operating revenues
Oper.exps. (incl. taxes)
Net
revs,
$507,426
270,298
from oper—
$1,214,762
1,276,473
1,335,685
712
579
1,875
1,399
Net oper. revenues
$6,976
$5,632
$58,546
Dr328
237
7.008
$6,648
2,471
$5,869
2,570
$65,554
26,226
$53,776
$4,177
$3,299
$39,328
20,000
24.374
$28,982
20,000
24,374
def$5,046
def$l5,392
Maintenance
Taxes
1936—12 Mos.—1935
$5,825,344
$5,420,705
2,992,997
2.791.970
Interest & amort
Balance
Balance for
14,731
12,178
$2,847,078
720,000
$2,640,913
720,000
180.000
180,000
90,983
88,712
Cr363
Crl ,876
Cr590
$161,463
$156^73
Property retirement reserve appropriations
$1,857,971
600,000
$1,652,791
600,000
$1,257,971
$1,052,791
520,784
520,784
Int.
on
Int.
on
mtge. bonds
deb. bonds
Other int. & deductions.
Int. charged to constr'n.
Balance
Balance
x
Dividends applicable to preferred stocks for the
period, whether paid
unpaid
or
■
reserve
-
common
divs. and surplus
Includes $4,625 Federal income taxes, of which $2,601 is
undistributed profits.—V. 144, p. 2307.
a
on
$2,628,735
$2,832,347
$238,409
60,000
15,000
7,399
$242,250
60,000
15,000
7,498
Crl.711
♦
Preferred dividend requirements
$234,152
4.257
5,122
Gross corp. income
$11,939
4,328
$13,541
3,977
Appropriations for retirement
$475,143
240,991
$237,128
.
Other income
Feb. 28 '37
Feb. 29 *36
Feb. 28 '37
revenues.
Balance
Co.—Earnings—
1936—Month—1935
_
—,12 Months EndedFeb. 29 '36
$139,144
$145,378
64,031
58,784
16,061
7,701
16,518
a20,348
-Month Ended-
Operating
Operation
1934
$1,395,225
1,450,684
1,439,369
1936
$1,686,082
$1,482,569
1,742,933
1,534,592
March
1,753,381
1,546,091
x Last Saturday in month.—V.
144, p. 1964.
January
February
Kansas Gas & Electric
Key West Electric Co.—Earning
Period—
Non-oper. inc. (net)
Jewel Tea Co., Inc.—Sales—
X
2659
Chronicle
1937—12 Mos.—1936
1937—3 Mos.—1936
7% and $6 preferred stocks
Oct. 1,
1936.
After the payment of these dividends, there were no accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
declared for payment on Jan. 1, 1937.
Note—No provision has been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1936, insamuch as there was no
adjusted net taxable income undistributed for that period.—V. 143, p. 4159.
Katz
on
were
paid
on
Drug
Co.—Pref. Slock Offered—An investment
banking group headed by Hallgarten & Co. and including
Baine, Webber & Co., Stern Brothers & Co. and Granbery,
Safford & Co., offered to the public on April 12 an issue of
$4.50 cumulative convertible preferred stock ($100 par).
The offering consists of that part of a total of 22,500 shares
as have not been taken by holders of the
company's $6.50
pref. stock under an exchange offer.
The shares were priced
at $100
Cost of sales
General & selling exps—
$2,502,005
• 211,135
$1,601,69$
$2,713,141
294,750
$1,770,286
367,163
x690.500
23,348
221,500
$353,727
149,445
$1,704,543
597,780
$1,134,448
597,780
$451,561
$204,282
$1,106,763
$536,668
$0.93
$0.42
$2.26
$1.10
$878,102
49.378
$497,967
$927,481
66,475
' x260,000
$536,002
$601,006
149,445
Profit from operation.
Other income
Total income
Bond interest--
Federal income taxes
and accrued dividends and
were
offered
by
means
of
Net after taxes
Prov. for divs.on pf. stk.
38,035
90,275
92,000
47,174
common
stock
f
x
Includes undistributed profits tax.—V. 143, p. 4005.
King Oil Co.—Larger Dividend—
The directors have declared a dividend of 10 cents per share on the com¬
mon
stock, payable May 1 to holders of record April 15.
A dividend of
was paid on Feb. 1 last; a special dividend of 17 cents was paid on
5 cents
Dec. 21, last, and an initial dividend of 2 cents was paid on
—V.
144,
p.
June 15, 1936.
616.
(,D. Emil) Klein Co., Inc.—Initial Preferred Dividend—
The directors have declared an initial dividend of 62 H cents per share on
the 5 % preferred stock, par
—V. 144, p. 2778.
$50, payable May 1 to holders of record April 20.
(I. B.) Kleinert Rubber Co.—30-Cent Dividend—
From the net proceeds of this financing, the company will redeem at
$107.50 and accrued dividends such shares of its $6.50 preferred stock as
are not exchanged under holders'
prior right for shares of the presently
offered stock.
Of the balance of the proceeds, between $450,000 and
$600,000 will be devoted to financing an expansion program contemplating
the opening of at least three additional stores.
The remainder will be used
for working capital.
The company plans to use proceeds from the exercise
of common stock warrants for additional expansion or added working capital.
For further details see V. 144, p. 2484.
Kentucky Securities Co.—Earnings-—
Income Account for Year Ended Dec. 31, 1936
Interest income:
On
notes receivable from
Southeastern Grey¬
hound Lines, sub. co. (name changed from Consolidated
Coach Corp. during 1936)
On United States Treasury bonds
-
Total income—
$96,444
1,625
Expenses and taxes..
$98,069
xl0,585
Net income before interest charges.
Interest on collateral trust 5% notes..
$87,483
52,430
The
$35,036
33,608
Dividends on common stock
Includes $380 Federal undistributed profits tax.
-
x
Jaid on Oct. 31, dividend being the paid on April 30, 1936 andDec.Oct 31,
on 1,1930
935, this latter last, and 10 cents first payment made since
when
S.Treas.3^% bonds
52,250
Interest receivable
677
Common stock.
$420,100
Kresge Department Stores, Inc.—New Vice-President—
Arthur F. Egner has been appointed First Vice-President of the Kresge
Department Store of Newark, the Kresge Department Stores, Inc., and
the Steinbach-Kresge Co. of Asbury Park, it was announced on April 14.
Mr. Egner has been a member of the board of the Kresge interests and
counsel for the Newark store for a number of years.
The appointment of
Arthur C. Steinbach of Asbury Park to the board of the Kresge Depart¬
ment Store of Newark, was also announced,,
Mr. Steinbach is President of
the Steinbach-Kresge Co. of Asbury Park.—V. 144, p. 2133.
(The) Kresge Foundation—Listing—
the listing of $4,500,000
1, 1947.
Comparative Statement of Income and Expenses Years Ended Dec. 31
10-year 3 >£% collateral trust notes, due Feb.
1
1 Q't ^
RentalsDividends.--
1. 1940
$789,871
975,000
5,135
$1,493,208
$1,770,005
549,346
579,982
491,434
527,787
$363,880
$750,785
-
Interest and other income
------
Expenses
Interest, amortization, taxes, &c
-
Balance
1,025,100
Accounts payable
15,000
Accrued interest
5,905
1,675
Paid-in surplus
67,083
Earned surplus—
$1,568,2931
La
616
Federal Income taxes
7,186
Total
-
—V. 144, p. 1284.
25,627
Accrued taxes
1 Qlfi
$740,054
750,000
3,154
-
Coll. trust 5% notes, due July
Dividends payable
Total
paid.
stated that the current dividend is against earnings for
dividend of 25 cents per share was
company
Total income
Liabilities—
a
Lines...$1,406,341
Prepaid accts.&def'd charges.
•
250
Cash in bank
83,147
Spec. dep. for coll. tr. note int.
25,627
a
The
the first six months of 1937.—V. 143, p. 4005.
Balance Sheet Dec. 31.1936
Assets—
eastern Greyhound
stock,
compares
16
Net income
Invests, in & ad vs. to South¬
have declared a dividend of 30 cents per share on the
par $10, payable April 30 to holders of record April 15. This
with a special dividend of 40 cents paid on Dec. 24, last; 20 cents
directors
common
The New York Stock Exchange nas authorized
General interest
U.
168,588
Net amount earned on
Amount earned per share
on common stock
prospectus.
a
.
$5,706,911 $24,166,031 $20,824,756
4,699,156
19.222.385
17,194,851
509.788
2,441,641
2.028.206
$7,040,679
5,452,627
709,949
plant sales)
$532,007
$737,187
Regular dividends
x
Federal surtax
(excl. of inter-
Net loss of subsidiaries--
Balance
24,794
Corp.—Earnings—
Kimberly-Clark
Period End. Mar. 31—
Net sales
$42,535
11,242
Salle Copper
Co.—Sold at Auction—Liquidated—
the physical assets of this company
purchased at public auction by Calumet & Hecla Consolidated Copper
Co. for $20,500.
La Salle Copper Co. has now been entirely liquidated.
Calumet & Hecla owned a little over 50% of the stock of this company.
—V. 143, p. 1885.
It is announced that in October, 1936,
were
$1,568,293
a Represented
by 21,005 no par shares at stated value of $20 per share.
Note—Southeastern Greyhound Lines has deposited substantially all of
common stocks of its subsidiary companies with the trustee under a
trust agreement dated July 1, 1933, as collateral for $1,747,340
principal
amount of its notes, of which $1,406,340 are owned
by Kentucky Securities
Co.
The latter company has in turn deposited the $1,406,340 principal
amount of notes and 63,180 shares of common stock (51.17%) of total out¬
standing) of Southeastern Greyhound Lines with the trustee as collateral
for the collateral trust
5% notes of Kentucky Securities Co.—V. 143,
p. 3150.
the
Lautaro Nitrate
Co., Ltd.—Listing—
The New York Stock Exchange has
authorized the listing of $30,453,000
first mortgage income bonds due Dec. 31, 1975 on
in exchange for outstanding first mortgage 6%
official notice of issuance
convertible gold bonds,
by the company, or certificate of deposit therefor,
scheme of arrangement, effective Dec. 9, 1936,
the company's affairs, wnich was sanctioned by tne English High Court
Justice on Nov. 30, 1936.—V. 144, p. 2485.
due July 1, 1954, issued
in accordance with the
of
of
Lawyers Mortgage Co.—Plan Given to Court—
plan to reorganize the closed $24,000,000 Lawyers Mortgage Co.,
cooperation of creditors and stockholders, was submitted on April 12
Court Justice Alfred Frankenthaler by James A. Martin, who
had been appointed as referee to determine what should be done with its
A
Kentucky Utilities Co.—Consol. Balance Sheet Dec. 31—
1936
Assets—
$-
Fixed capital
1935
1936
Liabilities—
$
51,729,537 51 ,662,945
Pref. stk. commis¬
sions
&
7%
137,763
145,176
2,097,065
1 .915,287
969,020
securs.
1,129,202
16,636
Mat'l and supplies
427,289
400,739
expense
Cash
Notes
and
accts.
Working funds
Special deposit for
18,945
bond interest
24,055
22,270
35,058
37,937
2,290,008
690,744
1,746,671
,413,200
605,665
,773,568
debt
disct.and exp.ln
process of amort.
Prepayments
Invests. & advs—
Common stock.-
x
,
3,603,110
621,525
625,275
34,754,300 34,873,200
345,386
391,516
Income taxes
456,135
242,002
Deferred liabilities
906,454
938,612
6% cum. pref. stk.
dividends pay—
114,016
114,016
Funded
debt
Accounts payable-
Pref.
stock
divs.
accrued
Misc.
curr.
90,047
liabil..
Accrued liabilitiesEarned surplus
in
3,603,110
$6.50 cum. pref.
Reserves
Total
5,409,800
stock
Special deposits
Unamortized
7.601,100
5,409,800
pref. stock
x
$
7,601,100
Junior cumul.
Lexington Util Co.
receivable
Marketable
$
6 % pref. stock
1935
60,324,031
59.964,754'
Total
101,543
1,616,919
4,115,026
588,669
63,479
1,404,668
4,413,235
284,738
60,324,031 59,964,75
Represented by 102,946 shares (no par) at $35 per share,
consolidated income
account for calendar years was given
"Chronicle" of March 20, page 1964.
with the
to Supreme
assets
and
liabilities.
^
_
„
,
,
,
Mr. Martin's plan was evolved from consideration of a number of other
plans suggested by creditors and stockholders.
According to his report,
the new plan bears the approval of virtually all the lawyers who have
appeared in the reorganization proceedings for creditors and stockholders.
An application for its approval by Justice Frankenthaler will probably
soon
be made.
'
The Martin plan calls for continuing in existence the Lawyers Mortgage
Guarantee Corp., organized by the Superintendent of Insurance in 1933
,
^
_
went into rehabilitation and the formation of
"realization" corporation which would purchase the assets of the Lawyers
Mortgage Co. and liquidate thpm.
The guarantee corporation, described
as the
"operating company" would engage in the servicing of mortgages
held by the "realization" company and others and other phases of the
mortgage business.
According to the referee's report, current liabilities of the mortgage com¬
pany are now in excess of current assets to the extent of $11,178,430, as
indicated by a report of an Insurance Department accountant and the excess
is increasing ratner than decreasing.
Because of this condition, he said,
he found that reorganization provided the best solution of the company's
difficulties instead of continuing it in rehabilitation.—V. 143, p. 2213.
when the mortgage company
a
(The) Legare Co., Ltd.—New President—
Announcement was made of the
and Managing Director
election of Louis D. Hudson as President
of this company.
Other members of the board of
Financial Chronicle
2660
Gellnas, Senator Luclen
Morautl, Melvyn G. Angus, Gordon li. Munnoch and J. Arthur Gague.
The l^egare Go., Ltd. has been incorporated under a Dominion charter as
successor to (P. T.) Legare Co., Ltd.—V. 144, p. 616.
directors
are as
Ewart R. Angus, Louis P.
follows:
Lehigh Valley Coal Corp.—Earnings—
'
$1,838,970
Dr87,923
$2,508,021
Dr41,508
$1,084,905
346.433
295.615
$1,751,017
1.329.106
$2,466,513
902,768
$713,919
$1,380,520
$3,080,153
$3,369,281
277,725
45,631
Total inc. from oper..
$1,102,037
Drl7,132
$307,486
Inc. from other oper
298.513
28,647
1,144,704
1,203.076
Other income
Gross income
Int. & carrying chgs. on
raserve coal lauds
Fed. & Stale una up. tax
28,647
500
96,700
17.600
1,153
352,210
8.215
115.665
22,140
126.412
4.200
5.163
373.802
1.395,819
92,605
17.600
12,964
1,366.270
$94
Fed. old-age ben.
Federal ta<es
$557,039
$266,051
$648,118
227,409
1,205,437
227.271
1,204,455
227.409
1,205,437
227,271
1,204,455
$1.17
$2.85
22.140
iax_.
14,468
Pennsylvania income tax
Minority interest
Depreciation and deple'n
Net
Los
_
„
.
$385,260
Drl7,774
selling coal...
Preferred
-
Common
income
share:
per
$2.45
$0.32
Pre/erred
Common
(note)
has
notified the Interstate Commerce Commission that
it proposes to Dorrow $500,000 from the Marine
Midland Trust Co. for the
due April 26.
purpose of paying off a Railroad Credit Corp loan of $552,934
The road has asked
the Commission for authority to pledge
collateral security for the short term
dated mortgage 5% bonds.
and repledge
$1,000,000 of its general consoli¬
as
.
.
by this pledge for six months at 2>$%, the
carrier has notified the Commission.
The Railroad Credit Corp. has declined to extend the road's loan, express¬
ing a desire to liquidate all loans as early as possible.—V. 144. p. 2133.
The
loan
can
Lehman
Commission
Railroad
Louisiana Oil Refining
reversed
be obtained
Corp.—To Split Stock 3 for 1—
Under the reorganization plan,
April 10,
was
The opinion, said Judge Dawkins should have considered the
proposed plan made by
approved the application of the com¬
stock, $10 par, to be admitted to
of registration under tne Securities Exchange Act of
for reorganization in May,
according to the opinion.
Gross sales
—.
........
Net income before taxes
Lincoln
on
_
38,270
....—
Net income after taxes
Earnings per share
—V. 144, p. 109.
1936
$145,411
15,892
1937
$253,882
29,495
....
......
$0.26
112,600 shares
1935, the assets
were
1936, the name of the Lincoln Telephone Securities Co.
changed to The Lincoln Telephone & Telegraph Co,
On Jan. 1, 1937,
The Lincoln Telephone & Telegraph Co. took over all assets and assumed all
liabilities of Lincoln Telephone & Telegraph Co. and Lincoln Telephone &
Telegraph Co. was dissolved.
No year-end balance sheet and earnings
statement of Lincoln Telephone & Telegraph Co. will be published and no
statement of The Lincoln Telephone & Telegraph Co. prior to Jan. 1,1937,
when the consolidation was effective.—V. 144, p. 109.
assets were not as
stockholders, how¬
at the time of the
owners of common
stock receive 25 cents for each share of such stock held in the oil corporation.
Holders of preferred stock were given the option of taking $25 a share
to take over all
was
an
exchange.
Under the plan the fuel oil company
oil corporation, assume all its
of the properties of the
debts and pay off its obligations.—V. 144, p. 109.
Louisiana Power & Light
Period End. Dec. 31—
Operating
Oper.
exps.
Co.—Earnings—
1936—12 Mos.—1935
$7,253,036
$5,859,924
1936—Month—1935
$637,871
495,919
(incl. taxes).
$513,714
337.244
$141,952
revenues
$176,470
(net)
y4.597,763
$2,161,177
Cr3.614
Balance
Property retirement
reserve
Drl,702
$2,654,608
23,638
$2,159,475
25,270
$180,230
72,917
3,448
$2,678,246
875.000
49,381
$2,184,745
875,000
46,116
$70,097
$103,865
appropriations
$1,753,865
695,000
$1,263,629
420,000
$1,058,865
Int. on mtge. bonds
Other int. & deductions.
Dr665
$181,268
Drl,038
$147,129
72.917
4,115
Other income (net)
Cr4,798
$145,566
1,563
Balance.-.1...
x
3,698,747
$2.655.273
$843,629
356,532
356,532
Balance
Telephone Securities Co.—Name Changed—
placed at $17,250,000,
approving the plan. Judge Dawkins held that the
high as nad, boon set by corporation officers.
Preferred
ever, contended the assets were far more valuable than
application for permission to reorganize.
Besides the exchange of shares the plan provided that
Gross corp. income...
Co.—Earnings—
2 Months Ended Feb. 28—
opposition
majority of the holders of preferred stock
In
to list 94,036 shares of common
trading on notice
1934.—V. 144, p. 2308.
a
after the plan had been amended and before it finally was approved and
confirmed.
When the corporation and its subsidiary, the Louisiana Oil Corp., filed
Net revs. from oper.
Rent for leased property
Co.—Application Approved—
handed down on
concurred in by Judges Joseph O. Hutcheson Jr. and Edwin R.
Holmes.
The Chicago Stock Exchange has
Lima Cord Sole & Heel
holders of preferred stock in the corpo¬
ration would have surrendered such stock and received in return 2H shares
of Arkansas Fuel Oil Co. stock for each share surrendered.
.
Le Roi
April 10,
a
for their stock in lieu of
Directors of the corporation will submit to stockholders at a special meet¬
ing to be held May 14 a proposal to split the presently outstanding 690,123
shares of capital stock three for one.
The number of shares presently out¬
standing includes 1,768 treasury shares.
In order to effect the split-up. it
is necessary to increase the authorized capital stock, now consisting of
2,000,000 no par shares, and directors have re .o.nmended that the author¬
ized capital stock be increased to 2,500,000 shares.
Stock of record as of ciose of ousiness Aprii 26 will be entitled to vote.—
V. 144. p. 2485.
pany
Corp.—Plan Reversed—
plan of reorganization of the corporation, which had been ap¬
proved in Nov., 1936, by Federal Judge Ben C. Dawkins of the Western
Louisiana District Federal Court.
to the
Lehigh Valley RR.—Asks ICC to Authorize Bank Loan—
company
California
The opinion, written by Judge Samuel H. Sibley, and
Note—Computation after providing for preferred stock at its fixed rate
of $3 per share.— V. 144, p. 1965
The
Angeles Gas & Electric Corp.—Merger Approved—
has approved the merger of this
Co. in a manner asked by companies
stock of Los Angeles Gas & Electric
of $100 par will be exchanged one share for four shares $25 par. series A,
6% preferred of Southern California Gas and common stock of Los Angeles
Gas & Electric of $100 par will be exchanged one share for four shares of
Southern California Gas $25 par common.
The merger results from sale
electric properties of Los Angeles Gas & Electric Corp. to City of Los
Angeles last January.
Meetings of stockholders of Los Angeles Gas & Electric and Southern
California Gas have been called for May 11 to vote on plan of consolidation
approved by California Railroad Commission.—V. 144, p. 2486.
The
company into Southern California Gas
in an amended application.
Preferred
The U. S. Fifth Circuit Court of Appeals at New Orleans, La. on
income
Shares outst. Mar. 31:
Net
Long Island Lighting Co.—Lower Rates Filed—
Company lias filed a new schedule of electric rates for customers in Nassau
in the Hempstead area which will reduce gross revenues from
residential users by approximately $110,000 a year, and will save general
lighting consumers about $54,000 a year, according to the N. Y. Public
Service Commission.—V. 144, p. 2134.
County
1937—12 Mos —1936
1937—3 Mos.—1936
Period End. Mir. 31—
Income from mining and
April 17, 1937
Dividends applicable to preferred stock for the
period, whether paid or unpaid
In December,
was
(The) Lincoln Telephone & Telegraph Co.—Earnings
1936
Year Ended Dec. 31—
Operating revenues
Uncollectible operating revenues
Net
$2,715,420
—
19,577
..
operating revenues—.,
530,440
Depreciation
403,822
403,318
296,199
231,286
—234,855
-
-
Commercial
General
$702,333
$487,097
x Regular
dividend on $6 preferred stock was paid on Nov. 2, 1936.
After the payment of this dividend there were no accumulated unpaid
dividends at that date,
y Includes Federal surtax of $31,860 on undis¬
tributed profits for the year 1936.—V. 144, p. 109.
and miscellaneous
Taxes
.'
Louisiana Steam Generating
Corp.—Earnings—
12 Months Ended—
Operating
Feb. 28, *37
revenues
Balance after operation, maintenance and taxes..
—V. 144, p. 2308.
McGraw-Hill
$2,695,843
—i
Maintenance
Traffic
Balance
Feb. 29. *36
$2,372,215
697,271
Publishing Co., Inc. (&Subs.)—Earnings
3 Mos. End. Mar. 31—
Net
profit
after
int.,
taxes & all other
$2,499,525
686,469
1937
1936
1934
1935
chgs.,
incl. depreciation
Shs. cap. stk. (no par)..
Earnings per share.....
144, p. 2486.
.•»
$316,126
600,000
$0.52
$197,016
566,730
$0.35
$149,526
600,000
$0.25
$84,504
600,000
$0.19
—V.
$595,923
54,729
Net operating income
Other income (Including income from investments)
Total income
$650,652
1,776
—
Miscellaneous deductions from income..
Fixed
Net
158,833
charges
$490,042
income
Note—During 1936
or declared and set
These were at the rate of 6% on the
$444,002 dividends were paid
aside from the consolidated income.
par value of the outstanding preferred stock, 6% on the declared
the outstanding class A common stock and at the rate of 4% on the
value of the
$13,028,482
chises, &c.
$3,500,000
375,142
85,666
186,091
465,600
4,783
5,709,700
938,767
1,051,233
3,148,437
33,511
339,719
payable
1,257,759 Adv. billing & payments.
319,178 Accrued accounts payable-
Investments
Cash
debt
Accounts
_
-
-----
2,750 Demand notes
229,399 Deferred credit Items
503,756 6% preferred stock.
Temporary cash investments
Accts. receiv., less reserve-Materials and supplies
Class A
stock.
Other assets
160,064
a
Del'd charges A prepaid exps.
337,259
b Class B common stock.
common
Mandel
Brothers, Inc.—Directorate Increased—
Stockholders at their annual meeting on April 7 voted to increase number
of directors to 13 from 11 but out of deference to recent death of Frank S.
Mandel action of electing new directors was postponed until July 7.—V.
Liabilities—
Funded
Dexter, William A. Barron Jr., Sarah J. Swain, R. L. Bowditch, Robert G.
Stone, Arthur N. Madison, Kidder, Peabody & Co., George Peabody
Gardner, and Hugh J. Chisholm, of Portland, Me.
Mr. Chisholm, who is
President of the Oxford Paper Co., is understood to have purchased
25% of
the stock, and the remaining 75% by the others named, and one undisclosed
purchaser.—V. 144, p. 2309.
value of
Balance Sheet Jan. 1, 1937
Assets—
Depreciation reserve
Reserve for contingencies
Surplus
_
_
.
144, p. 1114.
Marion-Reserve Power Co.—Bond Interest Rate—
The company in an amendment filed with the Securities and
Exchange
Commission states that the interest rate on its $4,500,000 first mortgage
bonds due 1952 will be 4k%.
White, Weld & Co. and A. C. Allyn &
Co.,
Inc., will underwrite $1,500,000 each of the bonds, according to the amend¬
ment, while Kidder, Peabody & Co. will underwrite $700,000 and Coffin
&
Burr, Inc., $500,000.
Granbery Safford & Co., Minscb, Monell-&
Co., Inc., and Van Alstyne, Noel & Co., Inc., are underwriting $100,000
each.—-V. 144, p. 2135.
J
Market Street
$15,838,6491
Total
a
28,163 shares outstanding,
Lion Oil Refining
Total
.$15,838,649
-
b 63,074 shares outstanding.
Co.—Directorate Increased—
Stockholders at the annual meeting held April 13 voted to increase the
board of directors to nine members.
Col. T. H. Barton, T. M. Martin,
J. J. Allison, R. E. Meinert and Jeff Davis were re-elected and four new
members—A. F. Reed, Olark N. Barton, Kavanaugh Dodson and Ingraham
Grayson—were added to the board.
The new board re-elected the following officers of the company: Col.
Barton, President; T. M. Martin and J. J. Allinson, Vice-Presidents;
R. E. Meinert, Treasurer, and Jeff Davis, Secretary.
A. F. Reed was
elected a Vice-President and Clark N. Barton was elected Asst. Secretary &
Asst. Treasurer.—V, 144, p. 2308.
.
Lone Star Gas
A total
Corp.—Bonds Called-—
of $1,683,000
15-year 5% sinking fund debenture gold bonds,
1 at 102 H
dated May 1, 1927, have been called for redemption on May
and interest.
Payment will be made at the Union Trust Co. of
Pittsburgh, Pa.—V. 144, P. 1791.
of Stock—
Purchasers of the block of 30,817 shares of stock which had been owned
for seven or eight years by Lee,
Higginson & Co._, of Boston, were: William
declared
outstanding class B common stock.
Plant, property, rights, fran¬
'
Maine Central RR.—Purchasers
Pittsburgh,
Ry.—Earnings-—
[Including South San Francisco RR. & Power Co.J
Year Ended—
Operating
Operating
Feb. 28, *37 Feb. 29, '36
revenues
$7,435,478
6,227,109
$7,349,561
6,245,916
$1,208,369
7,024
$1,103,645
8,560
$1,215,394
500,000
expenses, maintenance and all taxes...
$1,112,205
500,000
$715,394
479,686
24,434
3,922
$612,205
496,912
26,106
4,459
$207,351
$84,727
Net operating revenue (before appropriation for
retirement reserve)
Other income—
Net operating revenue and other income (before
appropriation for retirement reserve)
Appropriation for retirement
reserve
Gross income
Interest charges
..
Amortization of debt discount and expense
Other income deductions
*
Net income..
—V.
144, p. 2309.
Volume
Financial
144
Massachusetts Power &
Calendar Years—
Light Associates (& Subs)—
1936
1933
1934
1935
Operating revenue.._._$15,643,092 $14,900,345 $14,893,089
Other income
406,790
360,068
404,221
$14,719,178
447,110
ing the last 12 months alone, with calfskin upper leather being currently
quoted above the peak 1929 level.
•
The 12 John Ward stores, which are operated by Melville Shoe Corp.
along with the Thom McAn chain, advanced prices to $6.50 from $6.—
V. 144, p. 2135.
Gross.
$16,049,882 $15,260,414 $15,297,310 $15,166,288
Oper.exps.,maint.&taxyl 1,873,423
11,015,325
10,735,809
10,154,390
Net before interest.
$4,176,459
1,460,476
Net earnings
Preferred dividends..
$4,245,089
1,528,850
$4,561,500
1,695,551
$5,011,898
1,838,276
$2,715,982
2,542,268
Interest charges, &c..
$2,716,238
2,542,268
$2,865,949
x2,168,634
$3,173,622
3,137,192
$173,714
$173,970
$697,315
$36,430
Balance to surplus....
of
deducting dividends of $784,298 declared Jan, 4, 1934, which
y Includes Federal surtaxes
After
x
accrued and charged to surplus in 1933.
were
Metal Textile
$838,927
50,760
-
-
Returns, allowances, outward freight and cash discounts
Cost of goods sold
Shipping expenses
Selling expenses
Administrative and general expense
Provision for depreciation and amortization.
493,177
10,034
102,323
83,094
17,166
$82,372
9,240
Net operating income.
Other income
Consolidated Balance Sheet Dec. 31
1936
$
2,581,956
Accts. rec.(cust.) 2,174,890
Accts.
& notes
rec.
(other)
131,811
Divs, & int. accrd.
to
& expenses
disc.
(not subs.)
Other
j«
1,197,182
357,041
1,037,709
13,650,000
10,912,534
pay¬
Res. for deprec... 11,421,199
Other res. & sus¬
195,052
22,193
405
347,063
$149,782
54,483
5,030
49,500
Total surplus
Preference dividends paid on preference stock
Participating dividends paid on preference stock
Dividends paid on common stock
202,767
2,031,990
Mln.
int.
& surps.
In
of subs.10,186,403 10,279,537
.90,683,319 89,990,912
earn. surp.
28,140,615
6,023,605
15,860,840
1,328,309
1,154,594
90,683,319 89,990,912
Total
Represented by 1,742,617 no par shares,
p. 279.
x
y
$76,403
'.
Cash
Port of N. Y. Authority bonds
com.
Common stock..15,860,840
Consol.
Liabilities—
Assets—
$2 pref. stock
28,140,615
$2 2d pref. stock.. 6,023,605
x
$40,769
Dec. 31, 1936
Consolidated Balance Sheet Dec. 31, 1936
209,999
2,031,990
credits—
pense
Earned surplus at
Note—Corporation was not subject to undistributed profits tax for 1936.
Pref. shares of sub.
held by public..
Total
$65,828
83,549
Net profit for year
Earned surplus at Jan. 1, 1936
Adjustments of taxes for prior year.
Fund, debt of sub¬
318,586
106,178
10,800
176,996
13,650,000
accts.
283,367
able & accruals.
sidiary cos
578,424
Other deductions, including taxes.
affU.
Consumers'dep
debt
Other assets
sundry
co.
107,525
1,235
1,394,162
prog..
165,426
Int. to parent co.
Notes <fc accts. pa^.
Construction work
orders in
$
Note pay. & accr.
1,037
Mat'Is & supplies.
1,444,592
Prepaid charges..
46,169
78,735
Securities owned.. 1,837,207
1,831,641
Plants & prop
81,820,486 81,492,680
Unamortized
1935
$
Liabilities—
2,470,339
2,028,529
$91,612
25,784
Total income
1936
1935
$
Cash
y
Corp. (& Sub.)—Annual Report—
Earnings for Year Ended Dec. 31, 1936
Gross sales
$2,605.
Assets—
y
2661
Chronicle
53,656
Accrued Interest receivable
573
Other
65,313
Inventories
Fixed
payable
Accrued payroll
Accrued unempl.
Deposits
on
11,551
281
*285,362
40,769
spools out
116,791 Capital stock
13,571 Earned surplus
4,539
assets
Intangible assets
Deferred charges
After reserves.—V. 143,
$380,173|
Total...
$35,563
2,905
2,267
1,474
(trade)....
excise tax..
48,792 Accrued capital stock tax
535 Provision for income taxes
Accounts receivable—Trade..
y
Accounts
$380,173
Total
Represented by cumulative participating stock (no par value; no stated
assigned value) authorized and outstanding, 16,766 shares, entitled to
$55 per share and accrued dividend upon liquidation, and common stock
(no par value; no stated nor assigned value), authorized, 225,000 shares;
issued and outstanding, 165,000 shares,
y After depreciation reserve of
$88,684.—V. 144, p. 2136.
x
Mathieson Alkali
3 Mos.End. Mar. 31—
Total
earns,
from oper..
Prov. for deprec. & deple
Income charges (net)
Works, Inc.—Earnings—
1937
1935
'
$710,140
298,040
16,952
44,967
1936
$784,727
414,121
21,715
$1,028,903
433,743
21,434
Prov. for Fed. inc. tax..
96,675
59,198
Net inc. trans, to surp
8hs.com.stk.out. (no par)
$477,052
830,428
$0.52
$289,692
nor
1934
$620,618
290,848
7,942
44,199
Mid-Continent
Earnings per share
$350,180
830,708
330,513
$0.30
$0.37
$277,628
623,263
$0.38
E. M. Allen, President, says:
"Notes payable to banks, amounting to $300,000 on Dec. 31,1936, were all
paid during the quarter.
"The upward trend in production costs, as evidenced during the last
quarter of 1936 and tne first quarter of 1937, is very pronounced, and a
continuance of the upward trend may make necessary an advance in selling
prices of our basic products.—V. 144, p. 942."
Petroleum Corp.
1936
Calendar Year
(& Subs.)—Earnings
1935
26,166,681
Cost of sales
23,841,148
19,383,384/
Selling & gen. & adminis.
5,558,463
5,321,739
5,995,820
$8,632,793
$5,114,779
$3,751,857
1,383,491
expenses
Net profit from sales..
Other income credits, net
Total income.
1,587,353
$6,702,133
$5,135,347
193,204
$10,053,944
2,320,150
$6,702,133
2,180,180
769,311
595,706
$4,942,143
2,365,611
911,822
$3,353,500
2,955,980
862,839
1,863,412
1,219,295
836,617
1,301,119
323,493
289,776
Portland, Ore.—Listing, &c.
The company, operator of the largest department store in the Pacific
Northwest nas filed application with the San Francisco Stock Exchange
The application nas
been approved by the listing committee of the Exchange subject to registra¬
tion under the Securities Act of 1933 and tne effective date of the listing
to list
919,640 shares of capital stock $10 par value.
vrill "bo
ftTiTiQUTTioocI
Net income
Provision for deprec
Depletion reserve..
Leaseholds abandoned &
surrendered, &c
Fed. & State income tax
later
Action of the company in
applying or listing of its stock on the San
Francisco Stock Excnange follows the incorporation of Meier & Frank Co.,
Inc., on Jan. 18, 1937 as successor to Meir & Frank Co.
All the property
and assets of the predecessor firm directly connected with tne operation of
the department store were acquired by
transferred to tne Founders Corp.
were
the new corporation; all other assets
Shares of the predecessor company
exchanged on a basis of eight new Meir & Frank Co.,
Inc., and one Founders Corp. snare for eacn Meir & Frank Co. share held.
Public offering will be made of 183,928 shares of the new company or 20%
of the holdings of present stockholders.
Store employees will be given the
preferential right to purchase up to 60,000 snares of the public offering.
of $100 par value, were
Heretofore all stock of the company nas been neld
and repairing
and containing workrooms for the production of made to order
goods.
They also own a delivery depot for tne storage of reserve stock and
the maintenance of its fleet of 7l delivery cars.
Acceptance
Corp.
of
Calif.—Initial
Pre¬
ferred Dividends—
The directors have declared initial quarterly dividends of 30 cents per
on the 6% preferred stock and 25 cents per share on the 5% preferred
stock, both payable March 6 to holders of record March 5.—V. 144, p. 617.
share
Messenger Corp.—Status—Earnings, &c.—•
general calendars, together with greeting and condolence cards.
Com¬
said to be the largest manufacturer of its type of calendars in the
world and one of the largest manufacturer of greeting cards in the country
The calendar business was established in 1913, and the greeting card
business added in
1931.
subsidiary known as Messenger Publishing Co. of Canada,
Dominion of Canada.
Their sales agent
through the British Isles, India, South
Africa, Australia, France, Italy, Sweden, Denmark and most of the Spanish
speaking countries of South America.
Through
a
the corporation operates in the
in Glasgow, Scotland, operates
Convertible debenture 4J^s of 1951
$340,000
Comparative Statement of Earnings Years Ended Jan. 31
1935
Depreciation
Operating profit
*
28,705
23,444
-
—
After a non-recurring charge of
expenses
1936
a
Oil
28,760
63,219
28,350
*72,331
Position
assets
Current liabilities
Jan. 31
P.
$229,431
150,403
$79,028
Net worth
143,
—
$
leaseholds
In¬
&
$163,246
R Melville Shoe Corp.—Shoe Prices McAn stores,
higher leather costs, the 654 Thom Raised—
1937
$350,962
114,378
$236,584
which comprise
shoe retailing organization in the country, put into effect on
April 12 a general increase in price on all lines of shoes.
Men's shoes, which
since August of last year have retailed at $3.15, will now sell at $3.45,
while boys' and little men's were advanced to $2.45 and $1.95 from $2.35
and $1.85, respectively.
The new price on women's shoes is $3.65, as
compared with the former price of $3.45, while those for growing girls'
and misses' shoes are $3 and $2.45. '
In announcing the general increase to customers, the company posted
notices in store windows pointing out that the leather used in the manufac¬
ture of Thom McAn shoes had advanced in price approximately 21% dur¬
1,843,872
Nil
31
1935
1936
$
$
2,888,414
584,469
21,481,712 20,270,020 Def.
tangibles
2,260,588
522,981
873,544
credit items..
347,293
83,000
Minority interests
61,950
Capital stock...18,579,120 18,579,120
bRefin's.casingh'd
c
plants,
stor¬
tanks, &c
16,360,177 16,392,579
3,478,737
Stks. & bds. (cost) 3,460,057
Surplus from oper¬
6,746,991
1,012,560
reduc'n in stated
pipelines,
age
6,671,294
U. S. Treas'y bills.
708,267
Cash
and
Notes
ations
16,769,882
Capital arising from
value
of
less reserve 3,336,516
1,259,310
433,918
Mat'Is & supplies.
Def. debit Items..
14,563,421
capital
stk. to par value
accts.
23,749,452 23,747,670
2,797,646
8,236,302
1,122,438
573,050
62,980,580 60,630,324
Total
...62,980,580 60,630,324
After reserve for depreciation and depletion of $28,618,634 in 1936 and
Total
a
$28,262,833 in 1935.
$23,480,231 in 1935.
—V. 143, P. 2849.
b After depreciation of $24,516,518 in 1936 and
c Represented by
1,857,912 shs., par $10 each.
Mississippi Power & Light Co.—Accumulated Dividend—
declared a dividend of $1.50 per share on account of
the $6 1st pref. stock, no par value, payable May 1
Like payments were made on Feb. 1, last,
The directors nave
holders of record April 15.
Nov. 1, Aug.
rNUV.
1 and May 1, 1936; and compares with $1 paid on Feb.
A,
1,1936
A OUV
dividend of $1.50 per share was
paid.-
Milwaukee Gas Light Co.
1936
Calendar Years—
144, p. 2137.
-Earnings—
1935
1934
1933
485,196
12,165
731,037
$5,636,969
3,235,506
485,736
53,145
839,292
$5,668,352
2,948,355
483,258
71.462
791,464
$5,709,482
2,501,234
482,160
163,275
853,573
Operating revenue ...
Merchandise jobbing and
$1,145,118
$1,023,290
$1,373,813
$1,709,240
(loss)..
25,489
13,097
23,976
13,107
64,862
13,206
46,192
13,216
$1,106,532
11,169
$986,206
5,680
$1,295,744
7,433
$1,649,832
4,816
$1,117,702
600,030
interest_.
5,408
$991,887
600,030
2,854
$1,303,176
600,030
2,992
$1,654,648
600,030
3,745
34,393
2,725
34,393
2,676
34,402
3,352
34,405
3,453
$475,145
$351,934
$662,400
$1,013,016
$5,723,867
3,350,352
Operating revenue
Operating expenses
.
Uncollectible bills...—
Taxes
contract work
Miscell. rent expense
Due to
Dec.
Liabilities—
Accounts payable.
Accr. gen. taxes..
under
Retirement expense
1936
$262,366
99,120
1406.
the largest
$0.45
$833,125
$27,696 and after charging 13 months'
1935
-V.
.
1,843,872
1935
$
reserves
lyot,
1937
$660,220
into the 12 month period, because of change of fiscal policy.
Current
Current
1936
$587,090
Balance Sheet
Consolidated
Assets—
to
Common stock (par $5)
50,550 shs.
a Convertible into
125 shares from July 15, 1937 to July 15, 1938.
Net sales
$2.57
accumulations on
Capitalization
a
def$93,452def1,766,438
1,843,872
$1.31
out¬
Refin. & crude oils 9,269,330
Corporation is engaged in the business of printing and selling religious
pany is
$1,679,933
—
stock
com.
Note—There was no surtax due or payable on undistributed net income.
rec.,
and
$828,0931oss$l ,766,438
921,545
standing.
Earnings per share
gasoline
Mercantile
737,243
1,855,912
Surplus
Shares
$2,417,176
$2,648,467
stock.
on common
by the families of the
The present store covers an entire city block and is 15 stories nigh.
In
addition, the company owns a large warehouse building devoted to shipping
$4,777,578
2,129,111
Net income
Divs.
Tne company has no funded debt.
original founders.
Not avail.
1,421,150
$10,053,944
_
Income charges
Meier & Frank Co., Inc.,
1933
1934
$40,357,937 $34,277,667 $29,131,0601
Gross sales
—
Operating income._—
Non-operating income..
Gross corporate inc—
Interest on funded debt-
Miscellaneous
Amortization of debt dis¬
count and expense
Miscell. deductions
Net income
2662
Financial
Balance Sheet
1936
$
31
1935
$
Dec.
Assets—
1936
327
Accts. receivable..
962,397
593,585
556,806
4,586
4,001
1,100,598
8,815
4,001
Suspense accounts 1,072,185
Re-acqulred secur.
500,000
Treasury securities
166,000
Ml8cell. assets
Other
2,000,000
2,000,000
9,000,000
9,000,000
14,000,000 14,000.000
Accounts payable.
269,464
231,532
Consumers' depos.
91,417
93,536
Funded
858,379
Materials and sup¬
plies
Calendar Years—
From contract
Common
427
Prepayments
stock
Matur. int. unpaid
Wls.Unempl.Com¬
pensation
2,867
16,042
Ject to refund.
Accrued liabilities.
1,755
329,276
4,852,558
653,332
9,023
Dep. for exten.sub-
166,000
48,017
564
Miscellaneous
500,000
_
Surplus
31,628,041 31,219,570
—V.
540
Tptal
376,020
5,208,896
662,772
$3,486,815
2,408,892
30,394
$3,477,799
2,418,533
39,288
200,000
$3,463,914
2,426,878
273,361
13,028
400,000
180,000
5,140
140,000
6,158
$635,972
630,000
$634,501
630,000
$634,838
630,000
$617,517
612,500
$5,972
4,298,629
600,000
$4,501
c4,894,128
600,000
$4,838
2,639,289
$5,017
2,634,272
for deprec
Profit & loss balance.
$3,704,602
$4,298,629
$2,644,127
Dividends.
Year's surplus
Previous surplus
Mobile Gas Service
reserve
Corp.—Earnings—
T Years Ended Dec. 31—
1936
Operating revenues—Gas
Merchandise and jobbing—net.
1935
$498,286
31,347
Operation.
-
Maintenance-
Uncollectible accounts
Taxes (see note)
Net operating revenues
Non-operating income—net
$476,520
25,151
$529,633
343,186
17,689
2,025
47.677
Total
Cr277
46,734
$123,369
3,546
585
income
$119,641
22,033
45,825
Interest
on 1st mtge. 5% bonds due Oct. 1 1956
Sundry interest and other income charges
Earnings
$501,670
314,152
17,692
$119,056
Provision for retirements..
•
893
Net income
$50,889
50,889
Prov. for 1st mtge. income bonds, series A & B
Remainder
$126,914
19,933
45,825
1,148
$60,008
60,008
Nil
Note—No provision was required for Federal income tax
undistributed profits.
Nil
or
share
$9.09
and sterling,
b In
brought forward of $2,250,000.
On
a
per
S.
U.
reserve
funds
1936
1935
Liabilities—
Prop., pl't & eq..$2 ,588,100 $2,564,496
Prop. & equip
Inv.
$
x
for
500,000
par)
1st & ref. mtge. 5%
500,000
sub.& assoc.cos) 2 ,632,099
Cash in bank and
2,501,530
on
...
1941
53,950
s.
-
bonds (at cost).
Prepaid charges..
120,978
Empl's'secur. dep.
50,193
414,843
Dividend payableSuspense account-
342,444
240,978
52,246
from
Reserves In accord.
contract on acct.
with
allow.
Total
$430,701
5.439
24,217
25
Due to affil. co—_
Notes receivable..
2,323
126,082
24,160
4,258
135,238
Accounts payableConsumers' depos.
47,635
19,288
Accr'd
accounts-
20,224
18,247
18,533
Service ext. depos.
Reserves
5,741
6,004
420,297
403,038
16,341
16,887
Cash
Accts. receivable..
antic,
Notes payable
warr'ts
2,421
326
Due from affll.cos.
3,569
Mdse.,mat.&sup.
Appll's on rental.
27,954
5,294
9,836
2,857
22,015
10,774
8,897
(at cost)
_
Def'd debit items.
y
Int.
on
1,833,000
$2,795,242
$2,773,0541
27
inc. bds.
Total
provisions
of contract
1,510,375
1,556,051
1,622,421
4,298,629
1,803,853
3,704,602
63,950,128 64,793.921
Total.........63,950,128 64,793,921
-V. 143, p. 763, 780.
1,601
1,194
43,849
Montreal
Island Power
Calendar Years—
Gross revenue
Net revenue
Fixed charges
...$2,795,242 $2,773,054
Represented by 5,000 no par shares,
y Accrued interest on first mort¬
gage income bonds, series A, and series B. amounted to $157,783 at Dec. 31,
1936, of which $16,340 has been provided for.
Accrued interest on these
bonds is payable upon maturity of the principal if unpaid prior thereto.—
V.
144, p. 1967.
Including exchange,
a
1935
1934
1933
$766,407
139,385
$764,936
120,225
$627,772
515,211
$627,021
519,505
$644,710
561,924
$95,486
...
$765,000
137,228
$610,402
514,917
Expenses
a
Co.—Earnings—
1936
$764,789
154,387
b Surplus
Total
334,269
1935
$430,701
1,833,000
1,988
deposits..
Special
479,798
-
370,983
Stores
27,125,100
507,607
336,158
25,783
26,453
157,500
157,500
612,248
813,000
Accts. & wages pay
Accrued interest
Surplus
8
debt
21,351,000 21,351,000
& ref. mtge.
f. gold bonds,
due 1955
26,970,700
314,148
1,235,000
41,938
Co.'s gen. and ref.
due co.
7,000,000
Gen.
220,442
1 ,325,000
Accts. receivable—
Bal.
$
7,000,000
gold bonds, due
hand
Call loans
1935
$
Res. for co.'s acct.
1936
Common stock..
Includes
Common stk.(S100
of
acct.
financing
8
Funded
c
1936
Liabilities—
58 ,452,964 59,374,311
guarantee fund..
Inv. (incl. shs. of
Federal surtax
invest—-
Miscell.
$2,639,289
$8.82
$9.07
1935
$
Comparative Balance Sheet Dec. 31
Assets—
$9.06
value of securities,
General Balance Sheet Dec. 31
1936
Assets—
on
Tax
$3,359,821
104,093
Other expenses
Addit.
.V ;
$3,355,282
122,517
Other expenses
Res've for depreciation.
b Adjustments...
31,628,041 31,219,570
142, p. 1994.
Gross
1933
$3,393,866
92,950
9,559
400,000
Exchange
Rev. for foreign exchange
a
1934
$3,478,194
2,399,378
33,285
revenue
Bond interest
1935
$3,382,279
95,915
revenue
Total
and othe.
revenues, interest
1936
debt
Reserves
Total
I
April 17, W
Following is a statement of the company's
charges, dividends, &c., with comparisons:
Preferred stock
Property & plant.26,943,286 26,705,070
Cash
1,377,446
1,323,702
Notes receivable..
1935
$
Liabilities—
Chronicle
$112,561
$107,516
$82,785
b Transferred
to
depreciation
reserve.
x
Monarch
Machine
Tool
Co., Sidney, Ohio—Stock
Offered—Offering was made April 16 by F. Eberstadt &
Co., Inc., and HaWley, Huller & Co. of 21,600 shares (no
par) common stock at $26 a share.
Of the amount offered,
12,000 shares are being sold by the company and 9,600 have
been acquired by the underwriters from stockholders.
Of the
used
net
proceeds to the company, approximately $150,00b will be
it for expenditures for manufacturing facilities.
The
Montana Power Co.
(& Subs.)—Earnings—
Period. End. Dec. 31—
1936—Month—1935
1936—12 Afos.—1935
$1,291,578
$1,041,707 $12,801,774 $11,236,026
Operating revenues
Oper.exps. (incl.taxes).
523,772
542,419
6,299,692
5,582,949
rev.
from oper
$767,806
DrQ52
Other income (net)
Gross corp. income
Other int. & deductions.
$767,154
138,534
96,208
19,049
Int. charged to constr'n.
$499,288
1,437
$6,502,082
34,663
Crl6,588
Int.
on
mtge. bonds
Interest
on
debentures..
$500,725
131,774
52,083
22,860
$5,725,248
1,588,611
625.000
283,231
Balance
$4,074,481
768,385
$3,228,406
620,000
Balance
$3,306,096
$2,608,406
956,711
955,929
$529,951
$294,008
Property retirement and depletion reserve approp.
x
Dividends applicable to preferred stock for the
period, whether paid or unpaid
Balance
x
Accts. receivable-
63,353
25,030
Total
V.
$2,349,385
Regular dividend on $6 preferred stock
was
paid
on
$1,652,477
Nov. 2,
1936.
After payment of this dividend there were no accumulated
unpaid dividends
at that date.
Regular dividend on this stock was declared for payment on
Feb. 1
1937.
1
Note—No provision has been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1936, inasmuch as there was no
adjusted net taxable income undistributed for that period.—V. 144, p. 112.
Montreal Tramways
[Operation
under
the
Calendar Years—
with
1936
Car earnings
Autobus earnings
Other earnings
Co.—Earnings—
contract
—
the
City
1935
of Montreal
1934
results]
1933
$10,774,144 $10,672,019 $10,752,615 $10,650,523
1,504,535
1,446,729
1,417,107
1,413,559
218,151
235,283
193,559
234,434
11,323,950
75,000
x
_
shares
31
1936
Liabilities—
9,342
63,678
25,030
y
11,184,108'
without
9,250,000
526,065
128,528
9,250,000
1,000,000
Total..
y
I
172,885
430,580
1,000,000
375,000
375,000
Common stock..
value,
par
debt
Deprec. reserve
6% pref. stock
x
1935
$
Accts. payable-
Funded
Deferred charges..
16,906
16,466
Fixed assets
11,177,174 11,069,591
11,323,950 11,184,108
Includes
accrued
liabilities—
142, p. 4028.
Moody's Investors Service—Preferred Dividend—
The directors have declared
$3
a
dividend of $1.50 per share on the no par
cum.
partic. preference stock, payable May 15 to holders of record
May 1.
Dividends of $1.25 were paid on Feb. 15, last and on Nov. 16,
1936, and dividends of 75 cents per share were paid in each preceding
quarter since Nov. 15, 1932. this latter being the first payment made on
this issue since Aug. 15, 1931, when a
regular quarterly dividend of 75
cents per
share
was
disbursed.
Accumulations after the payment
to $1.25 per share.—V.
144, p. 617.
Mountain States Power
$5,653,077
72,171
56,536,745
1,571,481
669,125
282,976
Cr61,318
$
41,488
Investment
Dec.
1935
$
Cash
reimburse
to
balance of proceeds will be added to working capital.
The company reported in 1936 net profit of $258,078, equal to
$1.87 a
share on the 138,079 common shares outstanding.—V. 144, p. 2310.
Net
Balance Sheet
1936
Assets—
of the May 15 dividend will amount
Co.—Earnings—
Year Ended—
Feb. 28 '37
Feb. 29 '36
$3,684,557
2,438,789
$3,323,095
2,235,883
$1,245,768
245,561
$1,087,213
248,096
Net oper. revenue and other income (before
ap¬
propriation for retirement reserve)
$1,491,329
Appropriation for retirement reserve
300,000
$1,335,309
300,000
Operating
Operating
v
revenues..
exps., maintenance and all taxes.
Net operating revenue (before
appropriation for
•
retirement
Other income
reserve)
'
Gross income
Rent for lease of electric
property
Interest on funded debt
$1,191,329
12,000
477,521
385.180
13,563
$1,035,309
12,000
495,556
2,851
385,275
5,447
$303,065
Amortization of debt discount and expense
$134,180
Other interest (net)
Other income deductions
xNet income
x
Before provision for amortization of debt discount and
expense on first
mortgage bonds.—V.
144, p. 2310.
Nash-Kelvinator
Corp.—25-Cent Dividend—
The directors have declared a
quarterly dividend of 25 cents per share on
the common stock, payable May 20 to nolders of record
April 26.
An initial
dividend of like amount was paid on the stock of the
merged companies
Feb.
on
20, last.
2 Months Ended Feb. 28—
Combined net profit after depreciation and Federal
1937
1936
income taxes
$709,563
$65,731
The above figures are for the Nash motors
division for three months and
for the Kelvinator division for two
--------
Total
revenue
Operations and taxes
Autobus expenses
Maintenance & renewals
$12,496,830 $12,354,031
5,948,548
6,098,211
1,281,631
1,317,403
1,813,406
1,520,912
Balance
From contingent reserve
Total net...
Distributed
To co.:
as
Int.
on
Int.
on
autobus invest't
on
Total to company
Financing
expense.....
City rental
Total
a
$3,453,245
9,000
$3,417,505
10,500
$3,362,379
80,648
$3,466,750
574,502
$3,462,245
$3,428,005
$3,443,027
$4,041,252
$69,108
$69,213
3,209,421
3,022
112,209
$68,582
3,175,538
2,980
108,182
3,175,710
'2,888
112,715
$3,393,866
a34,139
$3,355,282
a87,745
follows...
Oper. profit..
capital
working capital
Return
$12,363,281 $12,298,516
6,380,964
6,372,354
1,319,341
1,116,201
1,300,597
1,343,211
3,191,354
1,409
120,408
$3,382,279
a79,966
$68,508
$3,359,821
181,431
500.000
$3,462,245
$3,428,005
$3,443,027
$4,041,252
$101,466 in 1936, $147,292 in 1935 and $93,686 in 1934 additional due
but unpaid.
months, combined.
Company states that because of difference in fiscal periods before the
merger the corporation will have to report for irregular
quarterly periods
until the two divisions are established on the same
fiscal accounting period.
—V.
144. p.
1608.
National Bond & Share
Corp.—Quarterly Report—
Gayer G. Dominick, President, in letter to stockholders, says:
Net income from interest and dividends for the
three months ended March
31, 1937, after expenses and reserves, was in excess of the dividend of 25
cents per share
payable April 15.
After provision for the dividend
payable and after an allowance for
Federal normal and State taxes at 1937 rates on realized
profits and an
estimated allowance on unrealized
appreciation in securities held, but
without any allowance for the surtax on realized but
undistributed profits
or any allowance for excess
profits tax or surtax on unrealized appreciation,
the indicated net asset value of the
180,000 shares of capital stock as of
March 31, 1937 was $66.15 per share.
This compares with an indicated
net asset value, computed on the same
basis, of $62.19 per share at the
close of the fiscal period ended Dec.
31, 1936.
At the close of business March
31, 1937, the assets taken at market
prices were distributed approximately as follows:
Volume
Financial
144
Cash and receivables
commission will proceed to consider
The next hearing is set for April 19.
$3,697,821
27,655
.
Accrued interest, &c_
Total
$3,725,476
182,656
1,175,600
7,800,687
Bonds
Preferred stocks
Common stocks
....
Total
100.0%
.$12,884,419
-V. 144, p. 782.
National
Investors
Corp .—Removed from
Listing
and
Registration—
The New York Curb
the common
Exchange has removed from listing and registration
stock, $1 par, and the $5.50 preferred stock, $1 par.—V. 144,
2490.
p.
National Gas & Electric Corp.
(& Subs.)—Earnings—
12 Months Ended——
Month Ended
Period—
Feb. 28, '37 Feb. 29, '36 Feb. 28. '37 Feb. 29, '36
Operating revenues
$85,408
$80,183
$1,083,646
$890,358
deprec..
17,152
18,440
250,035
168,162
Net income
175,554
90,618
Gross inc. after
Note—No provision has been made for the Federal surtax on undis¬
tributed net income for 1937 since any liability for such tax cannot be
determined until the end of the year.—V. 144, p. 2311.
National Gypsum
Co.—Listing—
The New York Stock Exchange has authorized the listing of
shares of common stock ($1 par) on official notice of issuance.
1.174,382
Pro Forma Balance Sheet Dec. 31, 1936
[Adjusted to give effect to sale, in March, 1937, of 26,500 shares of
and to the following proposed
charter to eliminate class A
common stock and class B common stock and authorize 2,500,000 shares
of new common stock (par $1) and (2) issuance of 1,174,382 shares of new
common stock in exchange for former common stock on the basis of four
shares of such new common stock for each share of class A common stock
outstanding, and six shares of such new common stock for each share of
class B common stock outstanding.]
class A common stock for $1,934,500 in cash,
transactions:
(1) Amendment of company's
Liabilities—
Assets—
Cash.
$3,064,378
340,144
1,416,240
-
U. S. Treasury notes.
Notes A accounts receivable.
1,270,174
220,022
5,993.511
Inventory
Other assets—
Property, plants A equip
Patents,
trademarks,
copy¬
127,059
218,634
rights, Ac_
Deferred charges
$509,394
195,760
Accounts payable
Inc. (U. S. A
Canada) taxes-.
16,713
14,691
49,282
State franchise taxes-...
Fed. A State social sec. taxes.
Accrued int. A royalties
4% mortgage note
16-year 6% Bink'g fund bonds
1,250,000
778,000
37,000
Total reserves
3,510,967
1,152,679
Common stock ($1 par)1,174,382
Capital surplus
3,889,584
Earned surplus
71,710
First pref.
stock
-
2nd pref. stock
Total
$12,650,161
-
$12,650,161
Total.-
Corp.—Stock Sale Postponed—
Central Power & Light Co. common
The stock is collateral
supporting corporations debentures, and is subject to reorganization plans
proposed by Associated Gas & Electric interest, which seek to rehabilitate
National Public Service as a holding company to control Jersey Central
Power.
Public Service Corp. of New Jersey has thus far won two decisions,
one in the District Court and
another in the Circuit Court of Appeals,
maintaining that reorganization of the bankrupt Insull company on the
basis suggested is impossible.—V. 144, p. 1445.
Auction of 712,411 shares of Jersey
Nineteen
Corp.—Application Approved—
Hundred
approved the application of the com¬
369,897 shares of class B stock, $1 par, to be admitted to
trading on notice of registration under the Securities Exchange Act of 1934.
—V. 144, p. 2492.
The Chicago Stock Exchange has
to list
pany
Nebraska Power
1936—12 Mos.—1935
1936—Month—1935
Period End. Dec. 31—
$615,984
329,095
$619,328
321,786
$7,016,803
3,889,623
$6,835,918
3,564,202
from oper—
$286,889
40,393
$297,542
$3,127,180
50,138
228,220
$3,271,716
265,769
$327,282
61,875
$347,680
17,500
Cr3,019
Cr349
$3,355,400
742,500
210,000
89,047
Crl1,173
$3,537,485
742,500
17,500
7,339
Balance
$243,587
$261,423
Property retirement reserve appropriations
$2,325,026
500,000
$2,498,956
450,000
$1,825,026
$2,048,956
revs,
Other income
.
Gross corp.
Int.
income—
on
Int.
on
mtge. bonds
deb. bonds
Other int. & deductionsInt. charged to constr'n-
61,875
7,231
Balance
x
to the effect of the decision of the ICC in the Southwestern Rate
Divisions case, effective Sept. 22, 1936.
Current results indicate that
tion
this
decision should increase Gulf Coast Lines' earnings about $400,000
whereas the increase in Missouri Pacific and International-Great
Northern earnings will be relatively unimportant.
per year,
Results
210,000
88,390
Cr2,361
Dividends applicable to preferred stocks for the
499,100
499,100
$1,325,926
$1,549,856
period, whether paid or unpaid
Balance
Accomplished and Action Taken by the Committee
The committee has discussed the conclusions of its experts at length with
the trustee appointed by the court for the Missouri Pacific and its sub¬
sidiaries, and with the operating officials of the System, and has succeeded
,n obtaining the correction of certain of the discrimminations against the
Gulf Coast Lines.
For example, the method employed for apportioning
charges for hire of equipment among the several parts of the System has
been changed, on the demand of the committee, beginning July 1, 1936, Bo¬
as to decrease the amount charged to the Gulf Coast Lines and thereby
increase net earnings by an average of about $130,000 per year.
Also
certain sulphur traffic originating on the Houston & Brazos Valley Ry., a
subsidiary of New Orleans. Texas & Mexico Ry., which formerly was routed
over
the
International-Great
Northern
was
restored
to
the
Gulf
Coast
of Aug. 1, 1936, thus increasing net earnings by an estimated
in excess of $60,000 per year.
This recognition of the claims made
by the committee represents only a fractional part of the adjustments
which the committee feels confident should be made.
However, the com¬
Lines,
as
average
so
addition
far been unable to
to
any further adjustments.
adjustments include overcharges in
secure
the foregoing, such
respect of joint expenses—general, traffic and operating—of approximately
$125,000 per year, excessive locomotive rentals averaging in excess of
$200,000 per year, and overcharges for hire of freight cars averaging $235,000
a year in 1932-1934 and at the present time exceeding $100,000 per year.
The committee has reason to believe that further investigations will reveal
additional amounts of over-charges and diversions of earnings.
Such
investigations will be made as soon as possible.
As a result of these investigations, the committee on March 23, 1937,
applied to the Court in St. Louis for the appointment of a separate trustee
for the Gulf Coast Lines, so that the Gulf Coast Lines can be operated for
your benefit and not for the benefit of the remainder of the Missouri Pacific
System.
Irving Trust Co., as trustee under the first mortgage of New
Orleans, Texas & Mexico Ry., has filed a petition asking for similar relief.
These petitions have been set for hearing on April 23.
It is the intention
of the Committee, if and when a separate trustee is appointed, to ask that
such trustee start proceedings to require the Missouri Pacific and the
International-Great
Northern
their trustees
and
to
account
to
Gulf
the
Coast Lines trustee for the amounts improperly diverted from Gulf Coast
Lines earnings for the benefit of the other two companies since the ac¬
Co.—Earnings—
Operating re venues
Oper. exps. (incl. taxes)_
Net
International-Great Northern during the past 10 or 12 years.
Your committee has had a thorough study of the operations and account¬
ing methods of the Missouri Pacific system made by experts and such
experts have shown conclusively that, as a result of the methods of operation
pursued under Missouri Pacific control and the accounting methods used
in apportioning expenses, the earnings of the Gulf Coast Lines as reported
prior to, during and subsequent to the 1932-1934 period and at present are
materially less than they should have been had operations been conducted
and accounts been kept on what would be a fair basis as between independent
properties.
These methods of operation and accounting may have been
compatible with system operation, and in any event were relatively un¬
important from the bondholders' point of view so long as the full interest
was paid on the bonds, but their effect and propriety are vitally important
when earnings for prior periods are used as a basis for determining relative
values in reorganization, in determining the validity of certain claims, and
in the determination of cur-ent earning power.
Past reported earnings are also unfair to your bonds as a basis for ap¬
portionment of securities in reorganization because they give no considera¬
In
stock has been postponed from April 14 until May 5.
and recommend a reorganization plan.
Unfairness of Proposed Plans
Both the proposed plans base the relative treatment of the various
securities, including your bonds, primarily on the past reported earnings
of the various properties, the years 1932 to 1934, inclusive, being used as a
test period in the Missouri Pacific plan.
The use of this period for com¬
parative purposes is grossly unfair to your bonds since the citrus fruit
traffic from the Rio Grande Valley, which is one of the most important
elements of earning power of your properties, was seriously sub-normal
during a large part or this period, as a result of a hurricane in 1933. That
hurricane was the most severe ever experienced in that territory.
In
addition the number of bearing citrus trees has greatly increased since the
1932-1934 period.
Past reported earnings are also unfair to your bonds as a basis for ap¬
portionment of securities in reorganization unless adjustments be made
in the reported earnings of the Gulf Coast Lines for amounts improperly
diverted from such earnings for the benefit of the Missouri Pacific and the
mittee has
—Y. 144, p. 2138.
National Public Service
2663
Chronicle
quisition of control of the Gulf Coast Lines by the Missouri Pacific.
As
stated above, the investigation of the committee's experts indicates that
the amounts so diverted have been substantial.
Action on Reorganization Plans
The committee also proposed to continue to oppose before the ICO the
plans now or hereafter filed for reorganization of the Missouri Pacific
System unless treatment believed by the committee to be fair is accorded
to the New Orleans, Texas & Mexico bondholders.
The committee also
proposes, if it deems such action advisable, to file with the ICC a plan for
the separate reorganization of the Gulf Coast Lines.
The committee will
not recommend a severance of the Gulf Coast Lines from the system if fair
recognition can be obtained for your bonds in a System reorganization but
so far the committee has been unable to secure such recognition.
Neither
the Missouri Pacific nor the refunding committee is yet willing to concede
that the properties of the Gulf Coast Lines have the value to the Missouri
Pacific System which the committee is convinced they have, due considera¬
tion being given to the past, present and prospective earnings of such
properties and to the diversion of Gulf Coast Lines earnings for the benefit
of the Missouri Pacific and the International-Great Northern.
The
com¬
mittee believes that separate operation of the Gulf Coast Lines offers much
1936.
better prospects to the New Orleans Texas & Mexico bondholders than
would the acceptance of any offers heretofore made.
The following table gives reported gross revenues and net available for
unpaid dividends at that date.
interest for the three properties for year ended March 31,1937 (including a
x
Regular dividends on 7% and 6% preferred stocks were paid on Dec. 1,
After the payment of these dividends there were no accumulated
Note—No provision has been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1936, inasmuch as there was no
adjusted net taxable income undistributed for that period.—Y. 144, p. 113
Neisner
preliminary estimate for March recently furnished by trustee
tion), as compared with the average for 1932-1934.
•
12 Months
Brothers, Inc.—Recapitalization Plan Voted—
Stockholders at
meeting held April 10 approved
recapitalization plan
calling for immediate issuance of 25.000 shares of 4%% convertible pref.
stock, out of 35,000 authorized, and for conversion of the 400,000 shares
of no par common stock into $1 par shares.
Upon completion of the financing, the directors propose to call the 7%
a
1932-34
a
Missouri Pacific
Gulf Coast Lines
International-Great Northern
payment.—V. 144, p. 2490.
Treatment
& Mexico Ry.—Committee Protests
Under Reorganization Plan—
The Bondholders Protective Committee representing the first mortgage
gold bonds and the 5% non-cumulative income bonds (G. H. Walker,
Chairman) in a letter reported the developments in the situation since the
committee's last letter and urging upon holders of undeposited bonds the
vital Importance of prompt, concerted action to protect their interests in
connection with the reorganization of Missouri Pacific RR. and its sub¬
sidiaries, including New Orleans, Texas & Mexico Ry. (Gulf Coast Lines)
states in part:
Proposed Reorganization Plans
Two reorganization plans have been filed with the Interstate Commerce
Commission, one by Missouri Pacific RR. and one by the committee
representing 1st & ret. mtge. bonds of the Missouri Pacific. Your committee
is advised that a third plan, agreed on by both these interests, may be
filed shortly.
Neither of the plans filed gives to your bonds treatment
which in the judgment of the committee adequately recognizes their real
worth, either intrinsically or in relation to the other securities of the system.
Your committee has carried on extended negotiations with representatives
of the Missouri Pacific and the refunding committee in an endeavor to
reach an agreement on more equitable treatment and thus expedite re¬
organization, but these negotiations, although slightly better treatment
was proposed for your bonds, have not resulted in any offer which the
committee deems satisfactory.
A number of hearings have been held by the ICO on the proposed plans
and it is possible that in the near future hearings will be closed and the
Ended Mar.
Average
31, 1937
$70,436,517 $92,370,444
9,279,601
13,980,058
11,668,900
12,606,954
Approximate
Percentage
Increase
31.1
50.7
8.0
1932-34
Lehman Brothers, and the unexchanged preferred shares will be retired by
New Orleans, Texas
organiza¬
Net Available for Interest
12 Months
Approximate
Ended Mar.
Percentage
Ereferred stock, offering the new 4 H% stock in exchange. Shares not taken
y stockholders will be underwritten by a banking syndicate headed by
cash
---
s
Gross Revenues
Missouri Pacific-.
Gulf Coast Lines-.
International-Great Northern
Average
31,1937
$8,814,735 $13,215,994
875,573
2,204,932
1,223,723
244,691
Increase
49.9
151.8
dec80.0
The unfairness of the so-called "test period" (1932-1934) for comparative
by the foregoing table which shows that reported net
earnings available for interest of the Gulf Coast Lines for the 12 montns
ended March 31, 1937, Increased 151.8% over those reported for the "test
period," wnereas tne net available for interest of the Missouri Pacific
increased only 49.9%, and the net available for interest on the InternationalGreat Nortnern decreased 80%. Earnings of the Gulf Coast Lines available
for interest for the 12 months period ending Marcn 31, 1937 (March esti¬
mated) were only slightly less than the annual interest on all outstanding
equipment trusts, first mortgage bonds and income bonds. Earnings of tne
Gulf Coast Lines available for interest for the first three months of 1937
purposes is illustrated
,
(March estimated) are about double the average earnings for an entire
of the "test period."
The trustee's original estimate of earnings for the calendar year 1937 for
the Gulf Coast Lines snows a total of $1,877,400 available for interest, of
which it was estimated about 48% would be carried in the first three
months.
Actual earnings available for interest for tne first three months
(March estimated) have exceeded the estimate by more than $850,000 or
more than 95%.
Even if there is no increase for subsequent months, this
would give a total for the year of more than $2,730,000, which exceeds by
more than $400,000 the interest requirements on all outstanding equipment
trusts, first mortgage bonds and income bonds.
year
Interest Payments
After negotiations by tne committee, the trustee, pursuant to order of
the court, paid interest amounting to one-half of six months' interest on
Financial
2664
bonds last December.
At the request of the committee, the trustee
has recently petitioned the court for authority to pay an additional one-half
The petition has been set for hearing on April 23.
your
of six months' interest.
If earnings remain favorable over the remainder of the year, the
intends to urge on the trustee and the court the payment of at
committee
least a full
year's interest during the next 12 months.
April 17. 1937
Chronicle
000, 32*% secured sinking fund bonds, $15,000,000 serial secured note^
$7,900,000, 5-year 3% promissory note.
'
Merger of .The Genessee Falls Railway—During the year the company
acquired all outstanding shares of the capital stock of Genesee Falls Ry.
not previously owned by it and on May 23, 1936, merged that company
and
into itself.
New Leases of St.
Immediate Necessity of Further Deposits
The amount of bonds deposited with and represented by the committee,
together with the bonds held by others who have been in continuous co¬
operation with the committee totals $9,953,500 principal amount of bonds,
or 23% of the entire amount of outstanding bonds, excluding bonds claimed
to be pledged with the Reconstruction Finance Corporation.
If the com¬
mittee is to make an effective fight for the protection of the bondholders,
either by better treatment under a System plan, or by a separate reorganiza¬
tion, it is essential that it should have the support of a larger percentage
of the issue.
The committee, therefore, urges that bondholders promptly
deposit their bonds with the committee.
The depositary is Chase National
Bank, New York.—V. 144, p. 2490.
The 21-year
& Adirondack
Lawrence & Adirondack Ry. and Ottawa &
New YorkRy.
operated the St. Lawrence
Ry. expired at the close of
leases under which the company
Ry and the Ottawa & New York
the year.
Necessary enabling acts having been passed
of the Dominion of Canada, new leases were made for a
by the Parliament
term, in each case,
from Jan. 1, 1937, but subject to termination by the company
as lessee on 90 days' notice.
North Brookfield Railroad Operating Agreement—Prior to Jan. 1, 1936,
the company, as lessee of the Boston & Albany RR. operated the North
Brookfield RR. under the terms of a lease made by the North Brookfield
RR. to the Boston & Albany RR.
This lease expired on Dec. 31, 1935,
and a new agreement bearing that date was made by the North Brookfield
RR. with the Boston & Albany RR. for the continued operation of the pro¬
of 99 years
Jan. 1, 1936,
New Orleans Public Service
Operating revenues
$1,661,508
1,121,486
Oper. exps. (incl. taxes).
"
Net
rev.
from oper'ri.
Inc.—Earnings—
1936—Month—1935
Period Ended Dec. HI—
$1,515,176 $17,077,832 $15,363,722
1,023,953 " 1,704,729
bl
10,005,345
'
$540,022
4,137
Gross corp. income
on mtge. bonds
Other int. & deductions.
Int.
$491,223
6,160
$5,373,103
14,575
$5,358,377
47,163
$544,159
205,399
14,616
_
Other income (net)
$497,383
222,933
18,010
$5,387,678
2,516,986
220,338
$5,405,540
2,692,548
205,356
2,124,000
$256,440
Property retirement reserve appropriations
Balance
$2,507,636
2,124,000
$383,636
544,586
544,586
$2,650,354
applicable to preferred stock for the
period, whether paid or unpaid
Dividends
$18,232
$160,950
and unpaid to Dec. 31, 1936, amounted to
$2,110,271.
Latest dividend, amounting to 87)^ cents a share on $7
preferred stock, was paid April 1, 1933.
Dividends on this stock are
Balance, deficit
a Dividends
accumulated
b Includes Federal surtax of
profits for the year 1936.—V. 144, p. 113.
cumulative,
19346
New York Air
$348,000
undistributed
on
Brake Co.—To Pay 50-Cent Dividned—
declared a dividend of 50 cents per share on the
value, payable June 1 to holders of record May 7.
The directors on April 13
common
stock,
no par
perty, in freight service only, for a term of one year from
and thereafter until terminated by either party on 30 days' notice.
Hotels and Other Properties—The earnings of the hotels and apartment
A like payment was made on March 1, last and compares with $1.50 paid
on Dec.
15, 1936, and 50 cents distributed on Dec. 1, and on Sept. 1,
1936, this latter being the first distribution to be made since
share was paid.—V. 144, p. 1292.
Aug. 1, 1931,
Grand Central Terminal Area, N. Y. City, showed
compared with the previous year's earnings, with
the
houses located in
further improvement as
consequent increase in their rental payments.
Consolidation of Despatch Companies—For the
of segregating its
Trans¬
N. Y.,
Shops,
the transferring company. Following
purpose
shop operations from its other operations, the Merchants Despatch
portation Co. has transferred its shop property at East Rochester,
to Despatch Shops, Inc., in consideration of the issue by Despatch
of its entire capital stock to
the Merchants Despatch Transportation
agreement of consolidation with the Merchants
Inc.,
transfer
such
into
$526,354
$324,144
Balance
a
1936—12 Mos.—1935
an
Co. has entered
Despatch, Inc.,
known as the Mer¬
chants Despatch Transportation Corp., all of the capital stock of which
successor corporation is owned by New York Central RR.
West Side Improvements—New York City—The construction of the de¬
pressed tracks between the 30th and 60th Streets yards has been continued
and will be completed during 1937.
The covering of the tracks north of
70th Street by the City's Express Highway, together with grade crossing
under wnich a successor
corporation has been formed,
landscaping, is under construction or contracts are about
be left for the entire distance to Dykeman Street.
Syracuse Improvements—The new elevated line nearly 5 miles in length
through the City of Syracuse was opened to traffic Sept. 24, 1936, and pas¬
senger traffic was discontinued over the old tracks through Washington
Street.
This project involving a new passenger station and related facilities
accomplished the elimination of main track occupation and crossings of
streets at grade within the city.
Flood Damage—During the period from March 17 to March 23, 1936,
due to unusually heavy rains, serious flooding of tracks occurred at various
points throughout the System.
The principal damage occurred on the
Boston
& Albany RR. and the Pennsylvania
Division. The cost of
repairing the damage caused by the floods, including tne expense of detouring trains, amounted to approximately $675,000.
eliminations and
to
when 25 cents per
Traffic Statistics for Calendar
New
York
Central
RR.—Annual
Report
Year Ended
31, 1936—Extracts from the remarks of F. E. William¬
President, together with the Corporate income account
statement, are cited under "Reports and Documents" on a
subsequent page.
President Williamson further says in part :
Dec.
son,
Railway Tax Accruals—Railway tax accruals were $30,812,037, an in¬
crease of $10,192,605 (49.43%).
Accruals for Federal and state unemploy¬
ment insurance, the rates for which will increase in later years, amounted
$1,687,493, and for Federal excise taxes in connection with the Railroad
Retirement Act of 1935 amounted to $4,812,294.
Accruals for taxes on
real and personal property increased $1,553,161 and for State and Federal
capital stock taxes increased $277,632, as compared with the previous year
in which there were larger credit adjustments.
Accruals for taxes on gross
earnings and for special franchise taxes increased $1,540,917.
Canadian
taxes increased $228,922, due to increased net income and sundry adjust¬
ments and for Federal income taxes increased $90,348, mainly due to the
adjustment of taxes for former years, while there were net increases ag¬
gregating $1,835 in sundry items of taxation.
Deductions from
Gross Income—Deductions from gross income were
$58,251,675, a decrease of $1,286,261.
Rent for leased roads and equipment increased $129,522.
Payments
for lease of road where rentals are based upon revenues increased $483,613,
as a result of increased revenues of such lines.
There was an increase of
$28,305 in Federal taxes paid for account of lessors, and a net increase of
$56,747 in sundry items.
The increases are offset by a decrease of $439,144
in interest upon obligations of lessor companies, due to the retirement of
maturing obligations and to lower interest rates resulting from refinancing
certain other obligations.
Interest on funded debt amounted to $28,777,854, an increase of $228,752.
Interest amounting to $1,455,081
upon the company's ten-year secured
sinking fund bonds and its serial and other secured notes, together with an
increase of $3,498. due to the exchange of 4% consolidation mortgage bonds
for 3}*% N. Y. C. & H. R. R. R.-Lake Shore collateral bonds, is sub¬
stantially offset by decreases as follows: $636,513, due to repayment of
loans from Reconstruction Finance Corporation; $239,252 less interest on
the company's debentures of 1915 which were retired during 1935; $353,540
in interest upon equipment obligations, due to the payment of maturing
installments, and $521, due to the exchange of 10-year convertible secured
bonds for capital stock.
Interest on unfunded debt decreased $1,799,869, due to the repayment
of bank loans amounting to $53,900,000, reduction in indebtedness to the
Railroad Credit Corporation and to the reduction and refinancing of loans
from the Securities Corporation of the New York Central RR.
Other deductions were $1,110,124, an increase of $155,333, due mainly
to a large credit adjustment of Pennsylvania corporate loan taxes included
in accounts for the previous year.
Stockholders—The following table shows the number of stockholders
and the average holding at the end of each year:
to
Total
In United States
Number
25,042
40,660
52,875
62,719
59,114
56,949
54,206
Holding
100
94
88
80
84
87 ^
92
effersonville Bridge & RR., Clearfield Bituminous Coal Corp., New York
Sortation Corp. (successor of Merchants Despatch, Inc.), Louisville &
Securities Corp. of the New York Central
$22,889,900, which from Dec. 31, 1932, showed an
aggregate reduction of $4,424,334.
There was also outstanding as of Dec.
31,1936, capital stock of lessor companies not owned by the company or by
other lessor companies in the aggregate par amount of $55,621,162.
Of the total funded debt, including equipment trust obligations, of the
company and its lessor companies outstanding in the hands of the public
on Dec. 31, 1936, $16,763,097 matures during 1937, including loan from the
Railroad Credit Corporation, sinking funds and amounts due the State of
New York, and for the same period such maturities of the wholly owned
suosidiaries mentioned above amount to $911,000.
It is expected that
such maturities will be paid without the need of financing.
Issue of Bonds and Notes for Discharge of Demand Ijoans—In April, 1936,
the company discharged all of its demand loans (other than that due the
Railroad Credit Corporation) aggregating $62,900,000 by the application
thereto, along with certain current funds, of the proceeds of sale of $40,000,-'
State
Realty & Terminal, and
RR., in the amount of
Years
Central Lines, Michign Central
Other Leased Lines]
1935
1934
11,214.92
11,399.04
$62,575,824
44,381,459
2,245,951,995
x$55,290,870
2.244 cts.
2.462 cts.
45,495,809
2,299,954,622
$54,752,612
2.381 cts.
$2.00
x$1.90
$1.83
1936
Av. mileage road oper
Passenoer—
—
-
carried
48,269,076
Total rev. pass carried
Total pass, revenue
1 m. 2,788,243,923
Tota.
rev. pass,
Aver. rev. per pass, per mile,
Aver. pass. serv. train rev.
per
train mile
Freight—
Tons rev. frt.
Tons
rev.
Total
125,948,268
104,482,468
x99,865,lll
carried 1 mile.27,370,143,347 22,935,043,493 21,973,818,783
carried
frt.
$257,714,419 x$218,212,828
0.942 cts.
0.952 cts.
$7.42
$7.08
freight revenue
ton per mile,,
Av. rev. per train mile
Aver.
x
rev. per
$204,155,074
0.929 cts
$6.77
Restated for comparative purposes.
Comparative Income Account for
Calendar Years
[Including Boston & Albany RR., Ohio Central
Lines, Big Four Lines and all other
Lines, Michigan Central
Leased Lines]
1936
xl935
$
$
Revenues—
257.714,419 x218.212,828
62,575,824 x55,290,870
Freight
Passenger
-
Mail
11,136,818
-
Express.
Milk, switching, &c
Dining cars, storage
—..
Total oper. re venues
—_
.....
Operating Expense—
Maint. of way <x structures—
Maintenance of equipment
6,831,451
*9,666,116
x9,140,061
361,063,872 x310,030,771
-r,.
31,478,584
65,297,666
76,537,118
6,566,990
131,318,812
Traffic expenses
Transportation expenses
Miscellaneous operations.
...—...
5,232,784
12,499,925
67,107
General expenses
Transp. for
10,889,444
7,796,383
10,797,959
11,042,468
36,741,914
—
investment—Cr
6,397,438
llJ-380,074
4,368,439
12,304,734
29,480
i
30,812,037
237,197,455
x72,833,316
x(76.51)
20,619,432
61,421,398
12,424,248
3,718,525
52,213,885
12,460,315
3,788.859
45,278,626
35,964,711
655,614
559,238
615,952
562,136
268,830,436
92,233,436
(74.46)
Per cent of expenses to revenue.
Uncollectible railway revenues.
.
.
Abroad
Average
'
Average
Number
Holding
Number
Holding
22,270
104
2,772
64
1925
40,238
94 H
422
64
1928
52,529
88
346
68
1931
61,317
81
1,402
63
57,681
83^
1,433
123
1935
55,376
85
1,573
1722*
52,639
88^
1,567
2052*
Funded Debt—The funded debt was increased from $642,897,100 on
Dec. 31, 1935 to $682,733,600 on Dec. 31, 1936, a net inc. of $39,840,500.
As of Dec. 31, 1936, there were outstanding in the hands of the public,
funded debt and notes payable of the company and of its lessor companies
in the aggregate amount of $1,040,091,214 (including the $198,439 payable
to the Railroad Credit Corporation and $21,337,574 payable to the State
of New York), which compares wigh a total of $1,108,807,952 on Dec. 31,
1932, the net reduction having been $8,197,838 during 1933, $6,946,071
during 1934, $19,520,188 during 1935 and $34,052,641 during 1936, a total
of $68,716,738.
As of Dec. 31, 1936, there were outstanding in the hands
of the public, funded debt and notes payable of wholly owned subsidaries
of the company or its lessor companies, viz., Merchants Despatch TransAverage
Dec. 31
1915
[Including Boston & Albany RR., Ohio
Lines, Big Four Lines and all
.
.
Operalions-
Miscellaneous
Revenues
Expenses and taxes
Miscellaneous
96,376
.
InSefromfeaL^froaVand equipment
Miscellaneous rent income—
Dividend income
-r
Income from funded
securities
unfunded securities and accounts—
and other reserve funds
Income from sinking
Total non-operating
Gross income
-—-—--
Gross Income—
for leased roads and equipment-
Interest
on
614,399
10.695,431
5,098,429
1,308,541
114,102
-
investment organization
charges
Total deductions from gross
income
Net income.-----------------------------
Revised for purposes
5,395,959
1,249,449
160,123
1/5,838
143,417
23,634,456
67,184,850
-n7
ft0.
59,652,982
or
two
m*
of comparison.
26,578,105
573,333
3 52,349
28,777:854
accruals. _—
unfunded debt
918,242
26,707,627
Miscellaneous income
x
695,862
9,088,453
oc
Miscellaneous rents
Maintenance of
3,305,336
1,225,304
—----- - -
income—
Deductions from
Miscellaneous tax
1.153,099
3,471,038
21,809,848
Miscellaneous income
Rent
36,018,527
632,230
—
non-operating physical property—
Separately operated properties—profit
Miscellaneous
Income from
53,816
45,375,001
operating income.
28.549:10!
1,656,069
3.455.939
633,017
301,466
177,945
25,814
CrZ ,954
58,251,675
59,537,936
8,933,175
115,045
Volume
Financial
144
Chronicle
2665
Consolidated Balance Sheet Dec. 31
Comparative Condensed General Balance Sheet Dec. 31
Assets—
1936
1935_
Assets—
162,401,652
Funded
2 ,609,599
6,297
411,000
378,000
227.716
90,288
Notes&accts.reo.
279,847
320,764
Cash held by trust.
tor int. accrued.
2,730
Duo from affil.
cos.
2,072
Due from sub. cos.
10.093
Mat'ls & supplies.
Accr d unbilled rec.
108,972
105,564
86,072
84,867
„
26.021,868
Stocks.
6,285,631
1.212,923
13.911,711
139,181
24,156.023
70,000
•
Advances
...—.
Miscellaneous
...
Cash
Time drafts and deposits
Special deposits
& prepaid accts.
184,745
59,281
2,130.933
4,4o2.529
13,120,266
Fire protec'u serv.
155,226
24.504,103
3,492,032
351.344
273,566
4,490,105
343.599
202,128
191,206
1,968,144
27,003.474
25,739,420
67,082
13,810,635
42.164
9,877,087
Interest and dividends receivable
Rents receivable
-
Insurance and
other
funds..
...
Other deferred assets
Rents &i insurance pr&niums paid in advance
Other unadjusted debits
...
Total
of pref. stock
Total
193.724
Operating
33,822,000
Collateral trust
122,510,600
bonds and notes
5,500,000
89,090
198,440
7,758,936
19,421.918
6,870,588
2,512.317
156,949
228,890
5,795,657
2,191,b21
6,701,774
58,716,183
...—
liabilities
Deferred I ia bill lias
Tax liability
—
24.7b8.835
4,613,859
2,462,775
156,292,837
3,498,918
---
Insurance and casualty reserves
—-.
Accrued depreciation—road...
Equipment
Miscellaneous physical property.
Other unadjusted credits
101,317,773
7,400,121
1,701,055
189,128,381
-—-
Additions to property through inc.
Miscellaneous fund
& surplus
reserves...
Profit and loss—balance
------
Common stock..
2.601.500
2,601,500
2.355,224
Earned surplus-.. 2,921,264
2,889,495
Capital
Total
Corp.—Earnings—
1935
1934
1933
$24,547,998 $23,564,724 $21,835,902
10,307,578
10,089.835
9,201.617
1,091,041
1,240,770
813,370
2,900.000
2,403,500
1,465,556
2,451,909
2,667,6/5
2,285.148
15,182
$8,070,209
12,049
$7,613,678
4,667,870
$7,803,195
4,762,012
$7,178,126
4,867.049
$8,082,259
4,639,197
$3,041,182
$2,311,077
$3,443,062
Gross income
Balance Sheet Dec. 31
1936
1935
1936
Assets—
2,505,596
157,077
308.890
5,438,257
2,960,192
6,096.165
54,433,044
Liabilities—
Fixed assets
133,982.182 132,226.948
$6 pref. stock,
b
7% pref. stock
c
Common stock
2.009.245
Accts. receivable
2,115,536
Mat'ls & suppl's
729.567
1,287,793
4,144,082
20,870.000
20,970,000
3.471.088
2,216.562
691,181
1,553,604
3,588,752
2.441,809
668,924
1,432.727
679.052
1,260,314
4,007,104
66.973,500
9,608,800
14,463,900
8,937,107
66,974,500
Prepayments
Deferred charges
Funded
companies
Long term liab.
relating to 8a-
Res.
for
Total
The New York Stock Exchange has authorized the listing of $41,097,000
^
;
,
Period—
Feb. 28*37
Feb. 29 '36
Railway oper. revenues_$29,289,384 $27,986,471
Railway oper. expenses. 22,507,610
22,115,299
2 Months Ended
Feb.* 8'37 Feb. 29 '36
$59,191,916 $56,192,221
45,260,603
43,913,705
Net rev.fromry. oper. $6.781,774
Railway tax accruals
2,397,1S7
Equip. & joint facil.rents
1,348,828
$5,871,172 $13,931,307 $12,278,516
1,783,104
4,419,818
4,008.056
1,369,330
2,612,027
2,892,791
Net ry. oper. income.
Other income
$2,718,738
1,618,641
$3,035,759
2,693,538
$6,899,462
4,359,783
$5,729,297
130,121
4,577.460
$4,337,379 $11,259,245
126,283
269,909
4,759,972
9,179,879
1933
$9,032,528
4,204,311
878.222
Operating income
$2,901,343
income (net).
15,475
$2,622,858
17,029
$2,694,495
11,746
$2,874,574
Gross income
$2,916,819
inc..
1,559,000
$2,639,887
1,578,586
$2,706,241
1,700,910
$2,894,183
1,692,857
$1,357,819
1,146,250
$1,061,302
$1,005,331
229,250
$1,201,326
1,034,900
Net income after fixed
—
Net inc. per sh. of stock.
$0.20
$l,809,457def$1092,117
Deducs. from gross
—
Common dividends
Act.—V.
144,
$6.36
Nil
Nil
$211,569
$1,061,302
$776,081
$166,426
Operating expenses for the year 1934 included $114,058 for amortiza¬
of expenditures incurred in connection with
changing customers'
electric equipment to standard frequency.
Operating expenses for the year
1935 do not include any comparable amount, the unamortized
balance of
these expenditures having been charged to surplus
during that year.
x
Consolidated Balance Sheet Dec. 31
1936
AssctS"*""*"
1935
1936
..55,897,537 54,325,904
Investments
207,443
206,596
Sinking fund
40,892
413,803
977,941
400,593
12,904
813,712
894,775
393,743
969,706
124,682
1,061,722
129,396
Cash
Prepaid insurance.
Unamortized
37,929
18,480
debt
discount & exp.
y
Funded
Interstate
the appointment of
of the New Haven, Old Colony and Hartford
& Connecticut Western roads, to succeed W. M. Daniels who has been
relieved of the trusteeship because of illness.
The
Commission likewise ratified appointment of Mr. Sawyer and
Howard S. Palmer and James Lee Loomis, New Haven trustees, as trustees
of Providence Warren & Bristol RR.—V. 144, p. 2491.
& off. cos
Accounts payable.
Consumers' deps__
Interest accrued
Calendar Years—
Total...
y
North Boston
^
1934
1933
Cash divs.
on
$2,866,767
$2,856,048
Cash divs.
on
48,499
46,004
Int.
subsidiary
$2,990,500
1,507,490
$2,911,559
1,361,366
$2,915,266
1,279,845
$2,902,051
1,166,624
Gross corp. income— $1,483,010
Int. on funded debt and
$1,550,193
$1,635,422
$1,735,427
779,277
25,864
Cr2,298
813,596
11,472
Cr 1,524
849,728
6,816
Cr2,388
877,924
11,337
Amort, of dt. disc. & exp.
Miscellaneous
29,694
20,404
39,235
Prov. for retire. & repl_.
Prov. for Fed. inc. tax..
177,000
40,178
Operating
—
expenses
gold notes
Miscellaneous
interest..
Int. charged to constr..
on
224", 250
41,164
41,400
154,250
65,546
accr. during year on
Fed. inc. tax prior yrs.
Net
income—
Lighting Properties—Earnings—
from
shares of sub companies
other shares...
companies
Total income
Oper.
expenses and taxes..
Net inc. before int. & other
charges
Interest and other charges
Deduct divs. incl. in the foregoing net
inc. rec. early in Jan., 1934 and
accrued as inc. in 1933
1936
1935
1934
$2,425,260
2,676
94,443
$2,581,797
$2,789,394
4,200
5,400
10,713
$2,522,379
19,363
$2,614,123
11,334
$2,805,508
$2,503,016
471,031
$2,602,789
465,682
$2,792,824
534,813
$2,031,9S5
128,498
$2,137,107
32,017
$1,468,678
268,232
$2,160,483
684,234
$2,169,124
684,234
1.356,391
$1,736,911
2S.126
*
Net income fortt]ae year
Earned surplus, Jan. 1, 1935-*
179,755
47,252
68,882
Yital surplus...
49,398
Dividends
on
Dividends
on
preferred stock
common
stock.
declaredjjJan. 4,1934 which were
accr. & charged to surpl. in 1933-Adjustments
7,287
7,287
15,526
$375,734
$388,219
$504,779
$556,632
k
Earned surplus Dec. 31
12,684
789,333
1,300,056
Divs.
Int.
^
Total
59,045,502 57,882,260
shares.—V. 143, p. 3475,
874
undis¬
tributed income
3,474,250
506,517
88,966
3,511,663
r m
Exps. in connection with
debt refunding
Prov. for surtax
Cr499
no par
t
1935
revenues
.,
584
4,489,547
503,588
88,966
2,932,923
Income Account for Calendar Years (Company
Only)
Corp. (& Subs.)-—Earnings—
$2,873,508
38,051
Gross
160,603
354,543
59,045,502 57,882,260
Represented by 327,600
1936
-
3,959,000
761,279
134,353
584
reserves..
Earned surplus
$2,963,101
27,399
revenues
Other income
__
5,279,000
488,737
131,701
242,021
357,933
Other liabilities
Capital surplus.
as trustee
'
Operating
23,937,500 24,337,500
Res. for retirement
of fixed assets..
Commerce Commission has ratified
New York Water Service
debt
Advs. from Buf. N.
& East. P. Corp.
Miscell.
The
$
Common stock..20,593,000 20,593,000
Taxes accrued
_
1935
$
Liabilities—
^
•
New York New Haven & Hartford RR.—Trustee—
Henry B. Sawyer
19,609
Balance, surplus
Other def. charges
2311.
p.
469.447
715,380
768,816
tion
Note—Does not include accrual for excise tax account Railroad Retire¬
ment
328,074
1,021,800
959,332
-
Mat'ls & supplies-
$1,021,716 def$548,876
414,291
1,261,800
Non oper
3,363,884
267.906
9.505,764
$9,276,373
x4,425,418
Maintenance expenses..
Retirement provision
Taxes
$5,377,669
$8,681,553
1935
1934
Accts. receivable..
charges
1936
$10,849,703
5,312,935
revenues
expenses
Fixed assets
Total income—
Miscell. deduc. fr. inc..
Total fixed charges
6,155,744
142,912,095
$9,345,171
x4,740,002
433,608
761,800
715,266
oper.
Operating
Net income
Lines]
1,035,895
6,251.050
Niagara Lockport & Ontario Power Co. (& Subs.)—
Months Ending February
Leased
6,635,935
Total.... ...144,431,682
144,431,682 142,912,0951
Calendar Years—
Total
All
8,299,092
1,095.799
loss—
a
Represented by 96,088 no par shares,
b Represented by shares of
$100 par value, c Represented by 1,057,895 no par shares.—V. 144, p. 1446
stock (no par) upon official notice of issuance upon conversion of its 15-years
secured 3A% bonds making the total amount applied for 7,175,324 share.
Month Ended
&
surplus
15-year Becured 3bonds, due May 1, 1952, upon official uotice of
issuance and distribution thereof: and 684,950 additional shares of capital
[Including
retire't
of fixed assets
Other reserves..
Listing of New Bonds and Additional Stock—
•
debt
Advs. from affil.
$1,789,232.675 $1,799,406,095
Earnings for Two
$
9,608,800
14.463,900
8,937,107
Consumers' dep.
Accrued liab
Cash
29,110
301,690
1,868,357
2,375,062
39,174
288.558
2,436.383
164.940,491
3,503,580
93.999,691
7,246,554
1,701,054
195,968,343
exceeding 684,950 shares (no par) common stock, and such number of
be necessary; the bonds to be sold at their
principal amount and accrued interest, and the stock and stock scrip certi¬
ficates to be issued in conversion of the bonds when and if presented for
conversion.
The Commission also authorized the company to pledge as
collateral security for the bonds authorized to be issued not exceeding $41,097,000 of consolidation-mortgage 4% bonds, series C.
1935
*
a
candaga Reser
Accts. payable.
Spealal deposits.
Investments
16,826,098
4,483.538
not
2,549.529
32.215.019 31.882,886
$7,162,944
1,681,185
stock scrip certificates as may
paid-in
$7,797,470
5,725
Deduc'ns from gross inc.
65,300.763
5,821,757
16,475,022
The Interstate Commerce Commission on April 7 authorized the company
to issue not exceeding $41,097,000 of 15-year secured 3H% bonds, and
&
405.984
$7,620,518
6,840
Non-oper. income, net..
85.382
Securities Authorized—
2,399,787
surplus
Profit
Total
325.539
Net Income.—.—... $2,945,808
40,736,655
520,901.000
75.760.100
5,500.000
Miscellaneous obligations
Non-negotiable deot to affiliated companies.
Loans and hills payable—
Traffic and car service balances payable
Audited accounts and wages payable.
Miscellaneous accounts payable
Interest matured unpaid
.......
Dividends matured unpaid
...
Funded debt matured unpaid
Unmatured interest accrued
Unmatured rents accrued
current
9,915.410
1,100,486
2,880,000
2,899,936
expenses
Maintenance expenses..
Retirement provision..
$504,139,930
520,901,000
—-
11,012
4.653.200
New York Power & Light
484,749
Equipment obligations
Mortgage bonds
118,588
10.661
cum. pref. stk.
32,215,019 31.882,886'
Taxes
$504,187,405
-
96,985
276.036
218,126
327,078
1,731,962
361,022
4,653.200
y
498,482
Calendar Years—
1936
Total oper. revenues...$24,416,350
Liabilities—
Capital stock
5.000
x
Including unamortized debt discount and expense,
y Represented by
26,015 shares of $100 par value,
z After reserve for doubtful accounts and
notes receivable of $51,773 in 1936 and
$55,971 in 1935 —V. 143. p. 3007.
$1,789,232,675 $1,799,406,095
Grants in aid of construction..
Other
498,482
148,046
163.415
201,161
Contrlb. for exten.
I
on sale
12.989
155,779
accrued..
Reserves
110,130
25.642,047
"Working fund advances
Interest
-
Taxes accrued
,
238,298
Commission
38.988
10.954
Mtge. payable
.
'
| 6%
92,917
2,541,389
5.488,491
11,118,103
...
...
Deferred charges
4,944.020
Loans and hills receivable
Traffic and car service balances receivable..
Net bal. rec. from agents & conductors....
Other current assets
x
38.433
367.000
69,304
I Other def'd liabll.
2,910 Miscell. accruals..
1,686 Prov. for Fed. tax
11,281 i Unearned revenue
5,771,128
-
Miscellaneous accounts receivable.
Material and supplies
26.075.868
5,529,4,>0
1.104,851
14,148.170
541.643
23,467.302
53.140
50.000
payable.
Assessments
cos.
consolidated
Cash
157,460,266
100.000
Accounts
9,586
deposits
not
Federal
Consumers' depos.
Notes payable..,--
2,609,599
z
Bonds..........
$
15,538,500 15.647,500
Wat. Serv.Corp.
cos.
not consul.herein
Misc. Inv. & spec'l
Advs. to sub.
debt
Indebt. to
.27, 632,167 27,421.429
ment. &c__
Inv. hi subs.
Other investments:
Notes
1935
$
Liabilities—
Pl't, prop., equip¬
„
Advances
1936
1935
1936
_
Investment in road and equipment
$1,057,009,731 $1,081,107,967
Improve.uents on leased railway property._
148,044,928
151,289,788
Sinking funds..
250.954
Deposits in iieu of mortgaged property sold..
34,251
16.552
Miscellaneous physical property
35,026,766
33,817,324
Investments in affiliated companies:
Slocks
159,763.015
158,664.847
Bonds.
22,000.547
17.332.468
Notes
35.091.932
35.189.932
684,234
1,625,070
0604.410
39,423
$136,770
$128,498
$32,017
Financial
2666
Chronicle
April
1936
Assets—
Div. reo.
Notes pay. to par¬
600
Accrued Interest on
ent
non
companies
Accts. rec. fr. sub
companies
Stks. of sub.
Notes
rec.
cos..
companies..
250,000
Accts
540.000
540,000
265,000
42,486
39,451
toaffll.
(not subs.).
4,298
1,699
6,027
7,427 Other accts. pay..
38,064
36,133,586 36,017,471 Sec. bank credit..11,500,000 11.500,000
(not current)...
Stock of non-affl!
2,425,000
2,425,000
y
65,181
72,081
93,489
company..
Deferred charges..
Accts. recelv. (consumers).
Materials
($50 par)...... 11.404,012 11,404,012
Com. stk. sharesl5,981,313 15,941,891
Earned surplus...
136,770
Represented by 433,354
y
shares.
no par
Consolidated Income Account for
1935
286,591
Operating
246,614
294,437
$10,848,959 $10,424,120 $10,598,002
3,505,776
3,391,396
3,471,533
587.559
795,832
610.487
777,087
776,866
775,043
601,302
842,586
611,409
1,900,050
1,898,717
cl,942,195
expenses.
Purchased electric energy
Maintenance
Depreciation
b Taxes
Gross income
Interest on funded debt.
Amortiz. of debt disc. & expenses
$2,985,482
409,285
88,874
Other interest charges.
Loss on sale of stock of non-affiliated
$3,332,545
594,396
57,254
35,547
$3,065,213
432,448
84,460
49,474
16,931
b Represented
reserves,
each,
$50
c
Represented
Total
...$20,913,175
—
by 91,579.3 shares, no par at stated
by 172,235 no par shares.—V. 143,
4011.
Minority interest in net earnings of
subsidiary companies.
303,953
343,954
399.078
Oonsol. net earnings for the year..
$2,166,439
$2,140,366
$2,246,269
paid since Sept. 2,1930 when a quarterly dividend of 15 cents per share was
distributed.
In connection with the current dividend the company stated that it
has
adopted the policy of paying dividends semi-annually, which will be known
as interim and final dividends.—V. 143, p. 3475.
Northern
New
York
1935
1934
1933
$5,012,093
3,405,033
$5,026,654
3,480,971
$4,830,721
$1,607,060
$1,545,683
8,662
12,777
$1,678,674
14,806
$1,830,383
852,782
106,399
$1,615,722
$1,558,460
866,026
142,986
$1,693,479
857,682
121,910
$871,202
Gross income.
on
Inc.—Earnings—
Utilities,
$636,130
420,000
$549,448
420,000
$637,394
$216,130
$129,448
$142,394
1936
Operating revenues
$5,796,817
Totaloper. rev. deducts.
3,970,164
Years Ended Dec. 31—
Interest
After elimination of inter-company sales,
b Including Federal income
taxes of $413,199 in 1936, $372,537 in 1935 and $398,331 in 1934.
c Also
Dividend—
The directors on April 12 declared an interim dividend of 15 cents per
share on the common stock, par $5, payable July 1 to holders of record
June 10.
A like payment was made on Dec. 16, last, and a special dividend
of 10 cents was paid on Dec. 16 1935, this latter being the first dividend
Operating income.... $1,826,653
Non-oper. income (net).
3,730
14,510
company
surplus...—
North Central Texas Oil Co., Inc.—-Interim
1934
$10,562,368a$10,177.506a$10,303,565
Total income
$20,913,175
Less
value of
p.
1936
2,229,086
6,486,962
389,191
Reserves
Earned surplus
Calendar Years <Inct. Subsidiaries)
Gross operating revenue
Other income.
Deferred income
Capital
128,498
39,318,880 39,286,579
Total
315,186
54,191
9,363
Deposits for extensions
123,902
686,041
1,004,588
—
Total
I
1,853
393,962
...
Accounts payable...
Accrued accounts
and
Deferred charges
180,021
39,318,880 39,286,679
supplies
electric appliances
a
Total
and
Notes payable
255,181
98,013
32,368
Declared divs. & int. receiv'le
Other assets
$3 cum. pref. stk.
fr. subs
Notes
a
Unbilled revenues (consumers)
pay.
cos.
Cash
a
bank credit
fr. sub,
Liabilities-
$4,578,965
..$13,354,434 b $4 preferred stock....
172,235
3,479,114 c Common stock
41,078
1,871.046 Minority int. in subsidiaries.
receiv. (consumers).
6,241,100
8,486 Funded debt
Fixed capital
Investments
50,879
692
(fr.
rec.
$
AS$6t8~~~~
1935
$
Liabilities—
$
15,968
attll. co.)
Notes
1936
1935
$
Cash........
17
Consolidated Balance Sheet Dec. 31, 1936
Balance Sheet Dec. 31 (Company Only)
funded debt.
Miscell. deductions
,
3.152,048
875,119
180,966
a
includes surtax of $1,705.
1936
1936
$
$
Assets—
1936
$
Liabilities—
1935
$
Cash
1,967,128
1,609,905 Notes & accts.pay.
to aflll. cos. (not
1,466,873
1,666.306
x Accts.rec. (other)
96,013
subs.)
339,737
76,000
436,710
Dlvs. & int. accr._
1,038 Other accts. pay.
1,236
Mat'ls & supplies.
& accruals
664.423
767.318
978,732
1,030.363
234,566
Prepaid charges..
38,342
63,257 Consumers'deps..
235,163
Securities owned..
111,018
105,452 Funded debt
12,150,000 12,150,000
Plants & props
61,778,466 61,674,163 Res. for deprec
8,132,074 7,729,696
Net corporate income.
Preferred dividends
420,000
370,000
Common dividends
Balance.
$81,202
Balance Sheet Dec. 31
Accts.rec. (cust.)
x
Constr.work orders
Other
In prog.
401,010
235,278
106,178
195,052
9,674
Minority
count & expenses
4,581
x
P.
reserves,
deposits
103,497
118,011
510,672
123,534
6,793
735,114
Accounts recelv...
3,212,090
Reserve for retire.
.57,033,011 53,387,053
par
no
shares.—V.
of fixed
142,
Miscell.
2676.
assets
Northern Texas Electric Co.—Files Petition—
Total
The New York Curb Exchange has received notice of the filing of a peti¬
77-B
Operating
..................$11,467,938
.....
7,621,046
....
Net operating income
...
..........
..........
a
Net inc. avail, for divs. and surplus
Preferred dividends..
.■
Common dividends
$144,945
72,512
63,588
$118,466
72.352
37,405
$104,715
$8,844
$8,709
$2,818
_
Income, balance
Assets—
Fixed
7% cum. prior lien pref
$4,400,000
7% cum. pref.
6,075,500
$6 cum. pref
2,010,000
4,212,763 Common stock ($1 per share) 13,694,825
16,507,583
119,539 Deficit—
668,162 Pref. stks. of subs, held by
public
21,118,000
263,282
32,507 Minority int. in com. stk. &
surplus of subs
203,273
1,354,024
905,076 Funded debt
43,214,000
Customers' deps. & other de¬
ferred liabilities
360,164
Current liabilities
2,065,396
Reserves..
7,799,651
Less
—
—
$84,433,2271
reserve
of $130,246.—Y.
Northeastern
Water
143*
&
.$84,433,227
Total.
p.
3328.
Electric
Corp,
(& Subs.)—
1936—12 Mos. -1935
1936—3 Mos.,—1935
$550,757
$556,280
$2,167,180
$ i,156,822
Operating revenues
241.464
948,137
258,051
967,784
Operating expenses
Maintenance.
94,776
38,325
24,155
165,736
Provision for retirements
42,289
136,497
183,747
48,073
General taxes..........
54,807
201,203
46,934
203,947
Prov. for Fed. income tax
13,410
41,758
Crl9,059
31,738
_
Other income
....
$192,930
93,609
$165,657
90,540
$661,478
374,177
$687,200
372,246
$256,197
102,943
1,207
$1,035,655
377,984
3,282
$1,059,446
415,931
3,562
17,556
Gross income..
17,120
68,033
70,648
7,155
1,207
1,128
7,391
2,955
24,971
2,572
$286,540
93,945
Bond interest.
815
Other interest
Amort, of debt discount
and expenses, &c
Unrecovered discount on
bonds retired
Minority interest.
....
390
71.973
29.924
Co.-owned
Liabilities—
1935
1936
1936
193S
in¬
Funded debt
25,750
67,236
1,440
2,353
54,500
1,683
105,704
7,750
145,391
30,470
30,052
1,440
1,826
Notes & accts. rec.
Due from subscr.
56,359
_
Other curr. assets
1,250
95,330
11,527
140,484
.
Mat'l & supplies.
Prepaid rent & ins.
Disc, on fund. dt.
.
1,600,000
29,644
1,790
91,326
30,000
X2.955
89,769
20,000
66,755
31,525
87,916
Net Inc. unapprop.
.
Empl. work, funds
1,581,000
64,343
Corporate surplus.
secure.
Cash & deposits.
......
Accounts payable.
Int. accr'd but not
due
Advance billing...
Accrued taxes
Divs. & other
liabilities..
Res. for accr. depr.
x
$4,479,884 $4,467,6971
Total
.
Net income
on
'
pref. stock
$166,677
91,571
$132,591
90,888
$576,009
366,019
$541,763
362,119
$209,991
$179,644
Note—This statement is on the basis of interim figures as shown by the
books of the company and its subsidiaries and is subject to audit.
$75,106
50*397
8,709
Accrued liabilities only.—V. 143, p. 766.
(Minn.)—Weekly Output—
Electric output of the
ended April
Northern States Power Co. system for the week
10,1937 totaled 24,093,155 kilowatt hours, an increase of 7.1%
compared with the corresponding week last year.—V. 144, p. 2493.
O'Connor Moffatt &
Co.—Listing—
On April 7, 35,000 shares of class AA common stock, no par value, were
admitted to the list of the San Francisco Stock Exchange.
The company recently reclassified its stock structure, and the class AA
common
AA
replaces the class A stock which was exchanged for the new class
the basis of five new shares for each four shares of A stock
common on
held.—V. 144, p. 620.
\
Old Dominion Power Co.
(& Subs.)—Earnings—
Consolidated Income Account for Year Ended Dec. 31.1936
Operating revenues
Operating
expenses
$724,940
x537,847
.......
& taxes
Net operating income
$187,092
—
Other income (net)
*
...
Interest on funded debt-
79
$187,172
146,247
...
General interest
1,734
17,581
Amortization of bond discount & expense.
Balance
715
83,690
$4,479,884 $4,467,697
Gross income..
Divs.
43.243
accr.
Res. for conting.
Northern States Power Co.
Period End. Dec. 31—
Operating income
84.575
3,900
4.314
Common stock...$1,496,200 $1,496,200
$4,111,144 $4,055,887 7% preferred stock 1,036,100 1.035,300
capital
stalled..
Total
a
2,157
Balance Sheet Dec. 31
—
Total
$273,872
82,840
$193,190
Liabilities—
Accts. & notes receivable..
$285,476
85,221
$201,437
78.656
Consolidated Balance Sheet Dec. 31,1936
Materials and supplies
103,013
$221,671
71,818
4,908
Plant, property & equipment.$74,357,983
Invests. & miscell. assets
2,519,890
Bond dlsct. & exp. in process
Deps. for pay. of bond int. &c
$323,392
.
Net income aval. for fixed charges.
Interest on funded debt.
Amortization of the debt discount
Note—No provision for undistributed profits tax.
Cash
Operating income
Taxes (county. State and Federal)
$191,032
$182,863
Prepaid accts. & deferred chgs
1934
$712,362
438.490
$200,255
1,182
Net income
of amortization
1935
$755,620
470,144
$220,378
1,293
Bal. of curr. div. requirements not declared or paid
Marketable securities
1936
$838,836
515,444
expense.
863,357
534,858
......
General interest (net).
Amortization of bond discount and expense
Provision for dividends on pref. stocks of sub. cos. held by public:
Dividends paid
......
Assets
1447.
Other income.
10,207
Gross income
funded debt
31,244,692 31,662,446
p.
$3,857,099
1,954,707
16,815
304,498
...
...
152,953
-1,009,238
Telephone Co.—Earnings—
$3,846,892
Other income..
on
Northern Ohio
(& Subs.)—Earnings—
Consolidated Income Account Year Ended Dec. 31,1936
Interest
Total...
31,244,692 31,662,446
Represented by 200,000 no par shares.—V. 144,
Calendar Years—
North West Utilities Co.
Operating re venues.....
Operating expenses and taxes
y
1,936,308
1,807,747
156,225
1,078,907
reserves
Earned surplus...
tion by the company for reorganization under the provisions of Section
of the Bankruptcy Act as amended.—V. 144, p. 2493.
$
7% cum. pref. stk.
($100) par..... 6,000,000
6,000.000
y Com. stock..... 5,480,000
5,480,000
18,123 Funded debt
15,340.000 15,444.500
685,000
432,853 Adv. from affil. co.
425,000
451,549 Long-term liab. re124,137
lat. to Stillwater
393,631
15,019
reservoir
383,122
247.264
781,912 Accounts payable.
186,296
Consumers' depos.
74,202
80,338
Taxes accrued
156.372
92,460
Interest accrued..
78.486
75.115
Div. acc. on pf. stk
70,000
70,000
Other current liab.
1,772
2,198
Sink funds. & spec
Prepaid insur.,&o.
Deferred charges..
Represented by 433,354
y
Investments
1935
$
Liabilities—
$
Material & supp..
3,354,816
1936
1935
29,285,337 29,478,277
360.573
361,733
In
surpl. of sub. co. 4,414,664
4,519,062
$3 cum. pref. stock
($50 par)
11,404,012 11,404,012
y Common stock..15,981,313 15,941,891
....57,039,011 56,367.058 Total
After
171,679
163,939
—
Consolidated surp.
Total
Assets—
Fixed assets
stks. &
Int.
common
1936
Cash..
sus¬
pense credits-
Unamort. debt dis¬
Other assets
&
res.
420,000
75,000
$41,703
Net income
x
Includes $1,330 Federal undistributed profits tax.—V.
-
143,
$21,608
p. 3476.
Volume
144
Financial
Ohio Public Service Co.
Calendar Years—
Gross oper. revenue
(& Subs.)
1936
1935
1934
1933
$9,740,057
$8,691,326
$8,365,557
$7,919,373
4,752,476
340,359
4,078.046
268,480
3,939,635
3,592.013
257,946
245.619
$4,647,222
$4,344,799
35,968
$4,167,976
51,065
57,144
$4,081,741
71,024
$4,698,287
$4,380,767
$4,225,120
$4,152,765
Federal taxes.
Int.
on
Pro Forma Consolidated Income Account
revenue.
(For the
1,861,139
1,863,542
1,787,433
540,000
540.000
480,000
$2,297,148
986,436
as\
1,866,536
540,000
replace,
$1,974,231
$1,821,578
2,257,427
$1,885,333
3,481,500
.'
'
determined by co
Previous surplus
ended Dec. 31,1936 and 1935, including companies acquired)
1936
Net income
1
i«
.•
$178,043
Cr.33,253
$135,292
108,416
Cr.45,848
$105,468
•-
-
$622,204
486,912
$72,724
Int.
on 1st lien
5% coll. trust bonds
Miscellaneous adjustments
105,828
Net earnings
1,545,612
Earnings of Ohio Central Telephone Corp. from
date of acquisition to Sept. 30, 1936
25,157
-
Total surplus
Preferred dividends
Common dividends
Property amortization._
$3,283,584
871,797
1,043,630
354,170
$3,519,843
871,821
1,227,800
424,731
$4,079,004
871,806
1,227,800
424,731
$5,366,833
871,710
1,841,700
424,731
9,054
9,054
9,054
9.054
Amortization pref. stock
premium paid
Miscell. adjustments
Total surplus
037,790
$1,004,933
Note—No provision made for surtax
$986,436
$1,545,612
$2,257,427
undistributed profits.
1935
Net earnings prior to date of acquisition of subs,
acquired during 1936
Consolidated
net
12,134
46,087
$68,177
52,046
$26,637
-
earnings
Previous consolidated earned surplus
Sundry adjustments (net)-
34,641
553
-
1,732
$119,669
24,000
$59,546
7,500
$95,669
Balance
Divs. paid by the Telephone Service Co. of Ohio—
on
$1,242,647
616,711
3,732
$686,555
508,512
Deductions & prior charges of subs, incl. min. int.Balance
other obligations
for
years
Revenues.
$1,352,517
Subsidiaries operating expenses
660,580
Telephone Service Co. of Ohio operating expenses—
5,382
funded debt and
Approp.
2667
Telephone Service Co. of Ohio (& Subs.)—
-Earnings—
Operating exps., maint.
Non-operating
Chronicle
$52,046
Consolidated surplus
—V. 144, p. 1971.
Consolidated Balance Sheet Dec. 31
1936
A
1935
q.......
$
Plant & investm't-50 ,007,882
Discount
on
pref.
stock
1936
Liabilities—
$
Sinking fund
159,369
672,002
146,219
Mat'ls A suppliesOther notes A ac
474,907
470,674
Customers'
56,713
5% preferred stock 1,704,700
Common stk.($ 100
46,062
864,653
894,698
1 ,067,689
909,134
Accounts
98,449
43,058
128,891
788,093
105,860
200
Cash
ceiv.—personnel
18,905
2,356
22,436
1,216,048
&
22,424
308,920
255,057
96,512
Appropriation for retirement
Gross
107,059
damages
Contributions
340,512
694,682
17,253
3,787,430
18,441
472,992
882,212
Earned surplus--
Total..
-
101 Central Park
for
extensions--
56,720,601 66,275,337
1,004,933
466,781
1,747,212
986,436
The reorganization
12 Months Ended—
Subs.)—Earnings—
'
Feb. 28. '37
Feb. 29, *36
$7,560,549
2,613,092
$1,018,337
West—Reorganization Plan—
Feb.
Operating revenues
Operating expenses
Depreciation (a)
Operating income
Other income————
Note—No provision has been made for a Federal tax on undistributed
profits for the fiscal year beginning Dec. 1, 1936, since the amount of such
tax, if any, cannot be determined until the close of the year.—V. 144,
p.1795.
Gross income
[Including 12 months earnings of subsidiaries acquired and physical
$2,218,768
1,301,096
34,827
$2,027,665
1,264,615
27,050
$882,844
703,478
Cr33,253
$736,000
681.741
Cr45,848
Net Income
Deductions of subs., minority interests, &c
Miscellaneous adjustments
—
Net earnings for year
$212,620
Earnings of Ohio Central Telephone Corp. from
date of acquisition to Sept. 30, 1936
Net earnings prior to date of acquisition of subs,
acquired during 1936
Consolidated net earnings for year
Previous consolidated earned surplus
——-
12,134
46,087
——
$54,019
246,382
$427,277
78,302
$297,266
$245,634
51.632
Consolidated Balance Sheet Dec. 31, 1936
(After giving effect to the plan of refinancing of the Mt. Vernon Telephone
Corp. consummated in January, 1937)
Liabilities—
Property, plant A equipment-Ill,750,206
Long-term debt
Miscellaneous
Mtge. note of the Ice A Fuel
38,825
Special deposit for payment
of bond Interest, Ac
Notes A accts. receivable
Mat., supplies A merchandise
revenues
Accrued Interest receivableOther assets
Deferred charges
$3,648,553
...
Co. of Youngstown, Ohio—
11,440
516,064 Note payable (bank)
-
49,426
63,135
197,806
50,572
2,070
17,416
62,339
Notes pay. maturing prior to
Dec. 31, 1937 (secured)-—
86,389
52,589
.
Telephone Corp
Pref.
cap. stks. of
hands of public
2.970^328
subs,
Minority Interests In subs
Preferred stock ($5 par)
Common stock ($1 par)
Otner liabilities.-
Earned surplus
Total
63.156
31,500
7,749
7,645
Reserves..
x
in
1,128,800
499.267
2,434,300
9,632
1,356^547
348,975
—$12,759,390
x Excess of
par or stated values of capital stocks, capital
surplus and
earned surplus of subsidiaries at dates of acquiation over
the recorded
values of the investments on the books of the parent
companies, $684,418.
Surplus arising from reacquired bonds of the Telephone Service Co. of Ohio
Holding Corp., $405,958.
Surplus from appriasals of property, plant and equipment
(Telephone
Companies) balance remaining after adjustments made May 31. 1934.
May 31, 1934, $266,170.
'
'
and reacquired preferred stock of Ohio Service
$156,479
32.097
$215,328
36,440
$251,768
1.644
Other deductions
66
67
1,451
54,599
1,594
5,175
$7,996
6,664
$10,035
7,825
$138,081
81,275
$190,400
98,913
$1,332
$2,210
$56,806
$91,487
2,500
4,000
25,603
13,300
funded debt.
accr. on
pref. stock
Balance
Fed.
inc.
taxes
incl.
in
operating expenses—_
a Excluding depreciation of transportation,
shop, stores and laboratory
equipment and depreciation of non-operating property, such depreciation
being distributed among the various operating property, operating expense
or other accounts applicable.—V. 144, p. 2314.
Oswego Falls Corp.—Removed from Unlisted Trading—
The New York Curb Exchange has removed from unlisted trading privi¬
leges the 1st mtge. 6% sinking fund gold bonds, due July 1, 1941.—V.
144, P. 1971.
.
Otis Steel
Co.—Listing—
The New York Stock Exchange has authorized the listing of $15,000,000
mortgage sinking fund 4M% bonds, series A, due Jan. 15, 1962.
—Y.
144, p. 2315.
Owens-Illinois Glass
Co.—Listing—
The New York Stock Exchange has authorized the listing of 2,661,204
common shares (.par $12.50) on official notice of issuance, in substitution
for 1,330,602 shares (par $25) previously outstanding, on the basis of two
$12.50
par
value shares for each $25 par value share.—V. 144, p. 2142.
,
Oxford Paper Co.—Dividend Plan—
At
a
special meeting of stockholders held
on
April 6, approximately 90%
stock outstanding were in
of the more than 82,000 shares of $6 preferred
favor of the management's plan for clearing up the $27 a share accumulated
dividends on this stock.
It was decided to adjourn the meeting for two
weeks, however, in order that stock not yet recorded on the plan may have a
chance to be heard from.
The plan provides for exchanging 1
shares of
new $5 preference stock and half a share of common stock
plus a cash
dividend of $2 for each share of the present preferred.—V. 144, p. 1795.
Pacific
Lighting Corp.—Redemption—
In February, last, company called for redemption on April
1, 1937,
$3,000,000 of its 4H% sinking fund debs, at 103.
The sinking fund pro¬
vision of the issue calls for redemption of $500,000 of debs,
annually on or
before Oct. 1, commencing Oct. 1, 1937; hence the present redemption
covers requirements to and including Oct. 1, 1942.—V.
144, p. 2494.
Pacific Power &
4,085
Accrued taxes
Accrued Federal Income tax.
Acer. pref. dlvs. of Mt. Ver¬
-
$12,759,391
19,000
80.074
Other accrued liabilities
Other liabilities
Total
10,800
Accts. payable
Acer. int. on long-term debt-
non
$10,986
3,152
$188,576
47,400
$300,401
Dr3.135
$348,974
-
Investments..
$9,631
2,413
first
$420,962
6,315
-
Balance
Divs. pref. stock of Ohio Service Holding Corp
Special deposit
Feb. 29, *36
$715,426
415,116
84,982
86
$100,107
25,157
$175,328
245,634
Assets—
Ended
Feb. 28. *37
$739,792
452,612
130,701
$14,138
3,950
prop¬
years 1936 and 1935) in accordance with tne plans of
reorganization of the companies
Calendar Years—
1936
1935
Consolidated surplus
Mos.
Feb. 29, *36
$57,719
36,594
10,139
32
on
Balance
effect during the
-
12
28, *37
$58,676
38,142
10,903
$12,044
3,950
Divs.
erties purchased during the year, adjusted to give effect to the new
deprecia¬
tion charges and preferred stock dividend charges (as if same had been in
-
outstanding,
Association.
Other interest
Interest
Holding Corp. (& Subs.)—Earnings—
Pro Forma Consolidated Income Account
Adjustments—Net
apartment building
$899,227
Net income
—
28,704
Orange & Rockland Electric Co.—Earnings—
$7,464,129
2,622,302
revenues
Subsidiaries operating expenses
Ohio Service Holding Corp. operating expenses-
375.360
Bondholders will receive the full par-value of their outstanding certificates,
a payment in cash on account past-due
int., it was stated.—V.127, p.1818.
56,720,601 56,275,337
Gross income after depreciation
Unbilled
$1,795,996
Month Ended
Oklahoma Natural Gas Co. (&
Cash
$4,426,172
2,226,112
plan for the 17-story penthouse
Period—
Ohio Service
$4,994,125
2,107,845
356,692
33,915
at 101 Central Park West, for which bonds for $3,500,000 are
has been approved by the Prudence bondholders' protective
-V. 143, p. 3476
Operating
-
—V. 144, p. 2494.
Res. for injuries A
amortiz.
-
Amortization of debt discount and expense
Other income deductions
94,673
Special surplus res.
res
$5,451,172
1,025,000
2,698,517
116,916
2,127,114
33,024
.
income
Net income
affll. companies.
Replacements
$6,194,125
1,200,000
$2,495,673
reserve
Interest charges (net)__
payable
42,917
'
$5,448,650
2,522
71,974
line
1 ,993.779
bonds
—
20,125
salaries
1,000
1,850
account
Total.
15,952
$6,192,675
1,450
Net operating revenue and other income (before
appropriation for retirement reserve)
1,341,568
18,303
retirement reserve)
income
Other
Current acct. with
Special cash depos
Property
Net operating revenue (before appropriation for
1,374,926
—
extension deps..
Wages
re-
Interest accruedon
1,704,700
•
Pow. & Light Co
Customers' &
affll. company—
Prepayments..
Discount
Feb. 28, '37 Feb. 29, '36
$12,637,542 $11,495,947
6.444,867
6,047,297
Due to Cities Serv.
(not current).__
Current acct. with
Other def. charges
Co.—Earnings—
Year Ended—
Operating revenues
Operating expenses, maintenance and all taxes
payable
(non-current)
Notes A accts. rec.
Notes & accts.
5.800,200
6,139,000
6,139,000
Funded debt
28,610,500 28,604,500
Accounts payable.
98,578
45,396
Int. & taxes accrd.
receivable
6,264,800
par)
accts.
Mdse. accts. rec_.
;
$
48,796,755 7% preferred stock 6,264,800
6% preferred stock 5,800,200
662,948
counts receivable
1935
$
Oklahoma Gas & Electric
Light Co.—Accumulated Dividends—
The directors have declared a dividend of $1.75 per share on the
7%
cumulative preferred stock, par $100, and a dividend of $1.50 per share
on the 6% cumulative preferred stock, par $100, both
payable on account
of accumulations on May 1 to holders of record April 17.
Arrearages after the current payment will amount to $5.25 per share
on the 7% stock and $4.50 per share on the
6% preferred stock.—V. 144,
p.
2142.
Packard Motor Car Co.—Sales—
More cars were produced by Packard in March and more delivered to
purchasers than in any other month in the entire history of the company,
it was announced by M. M. Gilman, Vice-President and General
Manager.
Still further increases are indicated by the present higher rate of
production
and by delivery reports from the selling field for the first 10 days of April,
he added. Production for the first three months this year, Mr. Gilman
said,
exceeded that for the first quarter of 1936 by 131%.
"Our March production," said Mr. Gilman, "reached the new high
figure of 14,827. This compares with 6,869 for March, 1936, an increase of
116%.
February, 1937, represented our previous biggest production
month with 12,780 cars.
Our present rate of production, averaging 680
cars a day, is in excess of that during March.
Production for the first
three months this year was 38,315, as compared with 16,579 for the first
quarter of 1936. It was the biggest quarter year in our history.
"Since production of our present models was started, at about Sept. 1,
we have manufactured 81,352 cars.
During the corresponding first seven
months production of our 1936 cars we made 39,907. For the entire
year of
1936 our production was 80,699, compared with 52,256 for 1935.
2668
Financial
Chronicle
Reports from
the distributing organization show that sales during
March exceeded deliveries of cars to purchasers and deliveries reached a new
Peoria
&
April 17, 1937
Pekin
Union
Calendar Years—
high figure of 12,602, as compared with 6,763 fo»* March, 1936. In the first
10 days of April our selling organization delivered 4,226
dars, as compared
with 3,281 for the first 10 days of March.
This based on tables of past
experience, indicates a new high delivery record for April.
Railway oper. revenue._
Railway oper. expenses
."it is of interest that we are experiencing a worthwhile increase in business
larger, more costly cars and a Targe increase in export business.
Shipments to export during the first three months of 1937 exceeded those
Tax
for the first three months of 1936 by 133%.
Non-operating income
"Despite
1934
1933
$919,883
754,806
$917,673
724,630
$315,171
$175,474
$165,077
$193,043
167,988
Cr206,644
105,108
Cr238,496
102,949
Cr241,929
152.050
0309,795
Deductions
$353,827
240.827
$308,861
195,391
$304,057
205.318
$350,788
209.562
$112,999
150,000
$113,470
80,000
$98,739
100.000
$141,226
100,000
$37,001
increased factory operations, demand from our
distributors and dealers continues to exceed our ability to produce, and
there is actually less than a normal supply of cars in the selling field."—
V. 144, p. 2142.
Rust-Proof
3 Mos. End. Mar. 31—
sur$33,470
$1,261
sur$41,226
_
Net
from oper
&
uncol¬
rev.
accruals
lectible ry.revenue
Co.
(& Subs.)- -Earnings—
1937
1936
1935
Total income
—
1934
Net profit after deprec.
&
other
charges
but
before Federal taxes..
x$329,850
$250,392
$317,507
After reserves for Federal taxes.
The net profit of $329,850 is equal, after preferred dividend
Comparative Condensed Balance Sheet Dec. 31
$280,816
Assets—
x
requirements,
to 76 cents per share on the 429,498 shares of common stock ana compares
with 58 cents
share
a
on
the 429,498 shares of common stock in 1935.—V. 144
948.
P.
1936
Valley Power & Light Co.—Earnings—
Prem. on cap. stk..
Grants
in
aid
of
Time drafts & dep.
$373,032
109,462
41,269
5
5,902
70,313
12,188
Power purchased-
Operation
Maintenance
Provision for retirement
rec.
50,000
167,757
reserve.
90,210
Net operating income
Interest on 1st mtge. bonds (6J^%)
Interest on non-cum. income debentures (4%)
Amortization of bond discount & expense
24,748
Miscell. accts. rec.
209,917
Mat'ls & supplies
Other curr. assets.
117,103
2,472
8,353
172,649
3,170
.
Deferred assets...
22,223
6,126
236,409
131,310
803
2,158
159,610
expense
Accounts
in
103,181
38,385
19,908
Total
$3,042,102
1936
Calendar Years—•
Gross revenue......
$2,097,896
676,073
Maintenance
366,969
Interest charges.
159,833
Amort .of debt disc.&exp
18,849
Res. for accrued deprec.
367,612
payable.
Reserve for
contingencies
8,126
18,519
Earned surplus
Total
$3,042,102
1934
1935
$1,979,350
650,504
316,283
257,211
9,385
-363,380
1933
$1 ,849.783
287,831
255,782
10,533
359,008
$1,806,967
571,170
274,707
258,005
11,874
362,392
$303,412
245,000
$325,270
245,000
Balance, surplus
$327,872
x Includes
non-operating income.
$137,585
$58,412
$80,270
Balance Sheet Dec. 31
1936
1936
1935
$
$
Property account. 11 .363,086 11,248,967
Other Investments
208,652
207,531
Sinking fund
50,000
seeurs
158,009
418.321
Cash & deposits-.
Cash for red. of
468,200
1,260,254
Liabilities—
1935
$
Com. stock (scrip)
Common stock
140
2,679,720
1st M bonds, 5Ins¬
124,513
154,936
15,043
12,000
9,961
360,027
Other suspense
Unamortized debt,
discount & exp.
134,718
13,135,869 17,882,8791
Defd. credit Items
Res. for storms, &c
Res. for deprec
Donations
3,214,312
4,000,000
115,106
275,888
12,861
2,985*964
30,528
Surplus reserved-.
Surplus unapprop.
.
1
482
Other income deductions
Guar. div.
on
Con.
preferred stock
Amort, of debt ids. & exp
Approp. for retire, res've
Net income
Total
—.
Gross surplus
Divs. on pref. stock..—
Divs. on com. stk. (cash)
Inv. in stks. reacquired.
in
note
$3 per share by B. E. Buckman & Co., Madison, Wis.
Company was incorp. March 5,1919, in Wisconsin to enter into the whole¬
sale and retail distribution of gasoline, oil and auto accessories.
Company
supplies 24 strategically located service stations in City of Madison and in
Iowa and Dane counties.
Surplus, Dec. 31
x
Unclassified
as
431,250 designated
as
69,192
190,462
852,658
2,545
69,192
190.301
952,650
1,804
69.346
190,067
967,242
1,163
$6,813,197
14,973,975
7,585
$6,491,617
$6,350,530
13,614,385
1,001.686
$6,131,598
13,960,138
42,990
$21,794,757 $21,163,028 $20,966,601
2,343,573
2,343,677
2,343,681
3,840,244
3,840,211
,3,840,189
$20,134,726
2.343,729
14,254,849
416,561
3,840,171
1,787,259
...
36,335
5,164
512,834
15.047
x$15.574.605 $14,973,975 $14,254,850 $12,163,567
between capital and earned surplus, except as to $1,as
invested in stocks reacquired and $37,124 designated
invested in plant property, covering contributions In aid of construction.
above statement of income and surplus does not include
Note—The
$3,884,178 of interest, rentals and dividends receivable for the
not earned by certain subsidiary companies.
year
1936
Consolidated Income Account for Calendar Years
[Philadelphia Company and Subsidiary Companies]
(With Inter-Company Items Eliminated)
Operating Revenues
xl935
xl934
xl933
$24,850,737 $24,520,872 $23,068,532
9.729,274
9,369.279
9,121.788
800,724
817,739
786,487
13.328,865
12,156,317
12,248,939
11,689,492
128,315
117,854
133,690
86,553
xl936
Electric department—..$26,749,672
Gas department...
Steam department..
Street railway dept
Oil department
r
11,168,273
839,158
Total oper. revenues..$52,214,284 $47,654,906 $47,090,519 $44,752,852
Operating expenses
Maintenance charges
Taxes
Capitalizaton of Company as of Feb. 1, 1937
Authorized
69,192
190,661
852,790
3,428
written down
Miscellaneous charges..
13,135,869 17,882,879
Pennsylvania Oil Co. of Wisconsin—Stock Offered—Ail
126,638
of subsidiaries
21,244
issue of 100,000 shares of common stock was recently offered
145,267
bonds
stock,
332.945
133,98.8 shares (no par) in 1936 and 133,986 shares in 1935.—V. 144»
——
Previous surplus
Additions to surplus
Invest,
130,749
Gas
—
at
1933
20,000
1
30,017
176.852
214,423
1972.
P.
1934
Rent..
3,500,000
74,951
3,854,000
4,OOO",000
195,724
329,254
30,648
10,760
160,117
323,379
34,437
...
Prepayments
1935
$11,053,625 $10,747,868 $10,689,850 $10,563,083
3,000.000
3,000,000
3,000,000
3,000.000
Int. on unfunded debt—
205,994
Amortiz. of leaseholds..
464
1,217
1,860
180
2,679,760
Accrued liabilities.
Mat'Is & supplies.
$9,622,275 $9,541,594
$10,906,901 $10,795,777 $10,630,826
181,224
159,034
105,927
67,743
General expenses & taxes
Prov. for Fed. inc. taxes
&
Pref.etk.($100 par) 2,450,000
Prem. on cap. stk.
63,362
4,046,700 Accounts payable-
534% bonds
1.170,000
2.964.384
Income Account Years Ended Dec. 31 (Phila. Co. Only)
$
ist mtge. bonds, 4s
Accts. receiv. (less
1,170,000
2.902.278
surplus
Total......
1936
Gross revenue, int. and
divs. from inv., &c.._$11,254,849
3,550
626.635
$382,585
245,000
a
696,305
income
2840.
(8*1
$508,559
180,687
Assets—
p.
Int. charged to constr.C'r
Net income
Total
696,358
income
surplus
Net revenue
Int. on funded debt
litigation
reserve)
473
2,616
380.048
-
Philadelphia Co.—Earnings—
2692.
pos¬
sible refund under rate
Marketable
483
2,096
$9,622,275 $9,541,594
V—142,
274
Retirement reserves
for
Preferred dividends
59,454
2,210
73,333
73,333
441,843
Other curr. llablls
and
15,962
45,557
128,397
6,582
of income
23,114
103,705
3,245
Unmat. int. accr'd
and
Total
Telephone Co.—Earnings-
Oper. exp. & all taxes
30,554
130,062
105,968
-
466
Less reserve of $565 for uncollectible accounts.—V. 143, p,
Peninsular
.
Miscell. accts. pay.
Int. mat. & unpaid
through
$657,800
2,167,000
22,384 Accrued taxes
3,533 Accrued interest...
Materials and supplies
Res.
payable
Fund, debt retired
Liabilities—
Cash (incl. work, fund $100).
a Accounts & notes receiv...
x
wages
Profit & loss bal...
Plant, property & equipment. $2,847,709 Common stock (no par).
Funded debt
Sinking fund & other special
deposits, &c
7,001 Customers' line extension dep
a
balances payable
$6,132
&
552
3.049,000
Additions to prop,
Balance Sheet Dec. 31, 1936
process of amortization
552
3,049,000
_.
Audited accts. and
through
Prepaid accts. & defd. chges.
.
Deferred liabilities
Unadjusted debits.
$133,898
96.922
29,100
1.743
Net Income.
Bond discount
construction.
Long-term debt...
Unadjusted credits
State, local & miscellaneous Federal
Assets—
$1,000,000 $1,000,000
16,500
16,500
Traffic & car serv.
from
agts. & conduct.
Int.&divs.rec
Income Account Year Ended Dec. 31, 1936
1935
1936
Capital stock
equipment,«fec--$8,591,344 $8,489,483
Cash
324,758
353,262
Net bal.
revenues
Liabilities—
1935
Investm't in road,
Special deposits...
Pecos
Operating
Earnings—-
1935
$1,004,412
828,939
greatly
our
Parker
1936
$1,227,799
912,627
Net income
Dividends paid
with our
I
Ry.-
Net
......
rev.
19,660,267
3,774,350
4,569,997
17,847,987
3,320,085
2,785,256
16,826,391
3,220,440
3,657,605
16,763,754
2,948,422
2,141,226
from opers..$24,209,670 $23,701,578 $23,386,084 $22,899,450
160,084
235,014
307,098
874,007
Outstanding
1,998 shs.
31,300 shs.
Other income (net)—
50,050 shares of common stock have been set aside for exchange or ac¬
quirement of preferred stock under an offer which will shortly be made to the
holders of preferred stock.
Any shares not accepted in exchange for pre¬
ferred stock will be offered for sale at $3 per snare.
100,000 shares of common stock consisting of 83,970 unissued shares of
common stock together with 16,030 shares of stock in the company's treas¬
ury are offered for sale at $3 per share.
Purpose—Net proceeds to be derived from the sale of 100,000 shares of
common stock in the estimated amount of $270,000, will be used by the
company to make payment of $208,998 of its indebtedness, of which over
$190,000 is payable to the Barnsdall Refining Corp.
The remaining
$61,001 will be used for working capital and such expansion as the directors
may find desirable.
4
Rent leased properties..
Interest on funded debt.
Int. on unfunded debt—
Guar. div. on Cons. Gas
Preferred stock (par $100)
Common stock (par $1)—...
2,500 shs.
200,000 sns.
Income Account for Calendar
1936
1935
Total gross income—.$24,369,754 $23,936,592
Co.
of
City
Pitts¬
burgh pref. stock
Appropriation for special
989,859
6,187,958
45,551
990,234
6,651,502
38,472
$23,693,182 $23,773,457
1,633,866
1,715,060
6,510,723
6,533,693
48,773
267,101
69,192
69,192
500,000
302,549
500,000
318,667
240,430
99,354
Total income charges. $8,095,109
Less int. charges to con¬
$8,568,067
$8,502,984
$8,684,554
_
reserve..
Miscellaneous charges..
struction
69,192
69,346
*
47,150
34,820
35,056
36,601
Total
Net income before appro.
Retirem't (deprec.) res.
$8,047,959
16,321,795
7,185,387
$8,533,247
15,403,345
6,940,973
$8,467,928
15,225,254
7,064,118
$8,647,953
15,125,504
7,226,529
Amort, of debt discount
and expense...
538,642
457,765
387,427
387,228
Net inc. for the year.. $8,597,767
$8,004,608
$7,773,707
$7,511,747
Years
1934
1933
Sales
Gasoline tax paid & accr.
Sales returns & allows---
$711,750
129,608
68,836
$731,144
134,242
64,102
$737,101
132,583
64,268
$646,442
127,992
53,656
Net sales
Cost of sales
$513,305
410,805
$532,800
400,837
$540,249
373,163
$464,794
$102,500
61,286
$131,963
91,820
46,941
$167,086
96,823
50,819
$155,265
95,792
—
Gross profit
Operating expenses
Administrative
expenses
Operating profit
Otner expense
_
income
Profit
Interest expense
—
def.$248
1,876
def.$6,799
1,060
$19,443
1,060
$10,682
1,479
$7,859
3,155
$18,383
1,266
$9,202
2,328
loss$l,070
10,977
loss$4,704
9,795
$19,650
8,367
1,742
$11,530
7,358
def$12,048
def$14,499
$9,539
$4,172
Income taxes
Profit-
48,790
$2,124
1,053
—
...
Balance
Other
41,463
309,528
k
Appropriated for divs.:
Duquesne Light Co.,
preferred stock
Philadelphia Co. pref.
stocks
Philadelphia Co. com¬
mon stock (cash)i—
Ky. & W. Va. Gas Co,
pref. and common..
Balance, surplus
x
Not
1,375,000
1,375,000
1,375,000
1,375,000
2,343,573
2,343,677
2,343,681
2,343,729
3,840,244
3,840,211
3,840,189
3,840,171
346,250
352,250
358,250
362,250
$692,700
$93,470 def$143.413 def$409,403
including Beaver Valley Traction Co.
subsidiary.
(in receivership) and its
,
Volume
General Balance Sheet Dec. 31
37,664,899
fund
1936
37,278,891
$
48,003,190
Common stock
x
2,859
10,000,000
6% pref. stock.. 24,557,000
Discount on cap¬
5,386,800
787,176 $5 pref. stock—
ital stock
787,176
15,850
Investments
134,450,182 133,823,986 5% pref. stock..
1,857,253 Total fund, debt 60,181,000
Cash
2,287,418
14,345
Accts. payableCash on deposit
389,289
lor pay.of divs
217,335
217,335 Accrued taxes._
other deposits
182,116
182,130
Accts. receivable
9,352
284,150
251,866
1.663.249
1,663,280
28,830
28,830
137,477
15,436,452
24,486
11,552,273
Deprec. reserves 13,893,320
13,408,101
Indebtedness
3,695
8,960,897
to
affiliate
65,692
12,812,834
ceivable.....
divs.,
18,350
60,181,000
251,867
Accrued divs. re¬
UnadJ. credits..
and
rents recelv..
10,000.000
24,557,000
5,386,800
587,237 Accrued divs
10,660 Other accr. llab.
485,362
26,546
affiliate
Int.,
$6 cum. pf. stk
Accrued interest
of
Indebtedness
y
48,002,770
9
Common scrip.,
&
1935
$
Liabilities—
$
%
Assets—
Sinking
(Phila. Co. Only)
1935
1936
Fixed capital
of lease¬
Amort,
Total del*d ac¬
6,618,288
counts
2,470
152
holds.
6,576,321
in
Invest,
plant
"
37,124
29,539
Surplus
1.431.250
14,106,231
1,428,750
13,515,686
Total
195,535,864
190,347,566
property
Inv.
in
stocks
reacquired
...195,635,864 190,347,566
Total
r
Represented by 4,800,319 shares (no par) in 1936; 1935,
shares (no par),
y Represented by 100,000 shares (no par).
Consolidated Balance Sheet Dec. 31 (Co. and Sub. Cos.)
x
zl936
$
5% non-cum. pf.
15,850
$5 pref. stock
5,386,800
x $6 cum. pf.stk.
10,000,000
y Common stock 48,003,190
Common scrip
2,439
18,350
5,386,800
10,000,000
48,002,770
Duq. Lt. 6% pf. 27,500,000
Cons. G.Pltts.pf
1,729,800
Discount on cap¬
787,176
9,895,123
Sink, fund assets
1,711,328
Cash
13,973,324
ital stock
Investments
Cash
depos.
pay.
$
pf. stk. 24,557,000
24,557,000
capital...349,066,483 346,643,583 6%
Fixed
$
Liabilities—
...
787,176
9,894,885
449,850
11,534,754
for
of int. &
cum.
2,859
370,785
4,048,132
3,532,664
Oth. curr. assets
423,525
271,709
Gas Co. 5% pf
Mat'l & supplies
3,765,322
556,918
3,180,486
Co. com. stk.
17,739,566
82,864
16,794,888
3,725,000
3,725,000
521,886
521,886
290,220
Kent. W. Va. G.
474,256
1,390,270
27,500,000
1,729,800
1,390,270
283 171
Sub. St. Ry.Cos.
370,785
Notes, accts. rec
Min. int. in surp
dividends
Prepaid accts
Deferred charges
Other assets
Kent.
West Va.
of subs
109,799
144,758,567 144,892,400
123,098
108,102
940,471
Accts. payable1,157,718
5,777,702
Accr. liabilities.
7,931,446
2,464,392
Otb. curr. assets
2,529,553
1,252,379
Def'd liabilities.
1,483,446
392,789
UnadJ. credits..
353,153
61,528,731
Res. for deprec. 66,200,514
168,422
Amort, reserve.
183,928
4,691,522
Special reserve5,190,135
2,470,242
Other reserves..
2,388,509
46,217,731
Surplus
47,020,068
Funded debt
W'kmen's comp.
402,420,545 394,044,8371
Total
402,420,545 394,044,837
Total
x Represented
by 100,000 shares of no par value,
y Represented by
4,800,319 shares of no par in 1936 (1935, 4,800,277 shares no par),
z Not
including Beaver Traction Co. (in receivership) and its subsidiary.—V.
144, p. 2316.
Earnings for 12 Months Ended February
[Not incl. the Beaver Valley
Year Ended—
Traction Co., in Receivership and Its Subs.]
Feb. 28 *37 Feb. 29 '36
Operating revenues
...
Operating expenses, maintenance
operating revenue (before approp.
tirement and depletion reserves)
Other income (net)...
Net
Net oper. rev.
$52,248,637 $48,599,968
28,410,471 24,522,073
and all taxes
for re¬
$23,838,166 $24,077,895
150,873
219,850
& other income (before approp.
for retirement & depletion
Appropriation for retirement &
$23,989,039 $24,297,745
reserves)
depletion reserves.
7,194,509
6,984,231
$16,794,530 $17,313,514
990,030
Rents for lease of properties.
989,785
6,524,582
Interest charges (net)
6,164,488
480,752
Amortization of debt discount and expense
538,864
Guaranteed dividends on Consol. Gas Co. of the
69,192
City of Pittsburgh preferred capital stock
69,192
Gross income
—
Appropriation for special reserve
500,000
Other income deductions
305,290
x
For
$8,226,911
Net income
x
preferred and common stocks held by
dividends on
minority interest of subsidiary
common stocks of Philadelphia
500,000
314.278
$8,434,679
public and
companies, and dividends on preferred and
Co.—V. 144, p. 2316.
Marquette Ry.—Equip. Trusts Sold—A banking
headed by Brown Harriman & Co., Inc. and includ¬
ing Blyth & Co., Inc. and Laurence M. Marks & Co. on
April 14 offered an issue of $1,940,000 2%% equipment
trust certificates (non-callable) at prices to yield from 1.30%
to 3.40%, according to maturity.
The issue has been over¬
subscribed.
The certificates were awarded April 13 on the
banking group's bid of 97.531.
Pere
Dated May 1, 1937; serial maturities $194,000 annually from May 1,
to May 1, 1947, both incl.
Par value and semi-annual dividends
(M. & N.) payable in lawful money of the United States of America at
office of J. P. Morgan & Co., New York.
Certificates issued in bearer
form in the denom. of $1,000, registerable as to par value only.
Guaranty
Trust Co. of New York, trustee.
Issued under the Philadelphia plan.
Guaranteed unconditionally as to par value and divs. by Pere Marquette
Ry.
In the opinion of counsel, these certificates will meet the requirements
as legal investments for Savings banks and trust funds in New York.
These certificates are to be issued pursuant to a lease and agreement
dated May 1, 1937, whicn will provide for the issuance of $1,940,000,2%%
equipment trust certificates.
Proceeds are to be deposited with the trustee
and applied in part payment of tne purchase price of the new equipment
stimated to cost at least $2,447,369.—V. 144, p. 2496.
1938
payment was made on Jan. 5, last, and in each of the three preceding quar¬
ters, and previously regular quarterly dividends of 25 cents per share bad
been distributed.
In addition an extra dividend of 15 cents was paid on
Jan. 2, 1936, and on
The company also
Sept. 30 and July 1, 1935.
Philadelphia Rapid Transit Co.—Revised
Reorg. Plan—
and its 27 underliers into one
corporation was filed in the U. S. District-Court at Philadelphia on April 6
under Section 77-B of the Federal Bankruptcy Act. The plan, dated April 1,
1937, provides for the formation of a new company known as Philadelphia
Transportation
Co.,
with a total capitalization of approximately
plan for reorganizing the P. R. T.
$133,000,000.
Philadelphia Rapid Transit
m
to
form the new company,
company.
J
_
stock
so
T. preferred
stock will be waived
that they will receive, in
company.
The holders of P. R. T. common stock will
stock of Transportation company
common stock.
receive one share of common
in exchange for each share
Certain funded debt of P. R. T. and of lessor companies
with new bonds or obligations of Transportation company
of P. R. T.
will be refunded
and the balance
funded debt of said companies will remain outstanding and
become, by virtue of the merger, the obligations of Transportation com¬
which will assume all obligations of merging companies. Certain
mortgages and ground rents on property of merging companies or their
wholly-owned subsidiaries will remain outstanding.
of the present
pany,
Corporations Parties to the Plan
The P.
R. T. and 27 street railway and traction
companies, classified,
for purposes of the plan, in three classes, as follows:
Class A Lessor Companies, viz: street railway companies
whose systems
leased to intermediate traction companies listed as "Class B Lessor
Companies," such Class A Lessor Companies being as follows:
Catherine & Bainbridge Streets Ry. Co. of the City of Philadelphia.
Citizens Passenger Ry. of Philadelphia.
Continental Passenger Ry. of Philadelphia.
Empire Passenger Ky. of Philadelphia.
Fairmount Park & Haddington Passenger Ry.
Frankford & Southwark Philadelphia City Passenger RR.
Germantown Passenger Ry.
Green & Coates Streets Pniladelphia Passenger Ry.
Peoples Passenger Ry.
Philadelphia City Passenger Ry.
Philadelphia & Darby Ry.
Philadelphia & Gray's Ferry Passenger Ry.
Ridge Avenue Passenger Ry.
Second & Third Streets Passenger Ry. Co. of Philadelphia.
Seventeenth & Nineteenth Streets Passenger Ry. Co. of Philadelphia.
Thirteenth & Fifteenth Streets Passenger Ry. Co. of City of Philadelphia.
Union Passenger Ry. Co. of Philadelphia.
West Philadelphia Passenger Ry. Co.
Class B Lessor Companies, viz: intermediate traction and street railway
companies whose systems are leased to Union Traction Co. of Philadelphia
listed under "Class C Lessor Companies," such Class B Lessor Companies
being as follows:
Philadelphia Traction Co.
Electric Traction Co. of Philadelphia.
Peoples Traction Co.
Hestonville Mantua & Fairmount Passenger RR.
Class C Lessor Companies, viz: traction and street railway companies,
other than wholly owned subsidiaries of P. R. T., whose systems are leased
direct to P. R. T., such Class C Lessor Companies being as follows:
Union Traction Co. of Philadelphia.
Darby Media & Chester Street Ry.
Darby & Yeadon Street Ry.
Doylestown & Willow Grove Ry.
Philadelphia & Willow Grove Street Ry.
By a merger agreement, P. R. T., all lessor companies and street railway
companies whose stock is wholly owned by lessor companies and (or)
P. R. T„ will merge into a single company, "PhiladelphiaTransportation
Co."
By virtue of this merger Transportation company will own, either
directly or through stock ownership, all franchises and property now owned
by P. R. T. or leased to P. R. T. by merging companies. The ownership
will be direct except in the case of certain subsidiaries of merging companies
listed in Schedule "B," which will remain in existence as subsidiaries of
Transportation company. Property not owned by or leased to P. R. T.
is not included in the merger.
Capitalization of Transportation Company
First and Refunding Mortgage Bonds
refunding mortgage bonds to be presently issued and
distributed will be of a single series and will be dated Oct. 1, 1937, and
mature on Oct. 1, 1967, will bear int. at rate of 43^% per annum, with a
provision requiring Transportation company to refund Pennsylvania per¬
sonal property taxes not in excess of five mills per annum and will be callable
by Transportation company, or by the trustee of the sinking fund, at any
time, in whole or in part, at face amount and accrued interest.
(b) Consolidated Mortgage Bonds:
These bonds will be secured by a mortgage junior to the mortgage secur¬
(a)
All of the first &
ing the first & refunding mortgage bonds
and covering the same franchises
and properties.
All of the consolidated mortgage bonds to
tributed will be of a single series
be presently issued and dis¬
and will be dated Oct. 1, 1937, and mature
of 5% per annum, with a pro¬
Oct. 1, 2037, will bear interest at the rate
vision requiring Transportation company to
refund Pennsylvania personal
five mills per annum and will be callable by
Transportation company, or by the trustee of the sinking fund, at any time,
in whole or in part, at face amount and accrued interest.
(c) Certain Prior Lien Bonds, Mortgages and Ground Rents to Remain
Outstanding.
In addition to the first & refunding consolidated mortgage bonds to be
property taxes not in excess of
outstanding certain now existing prior lien bonds,
ground rents of, or on property owned by, companies merging
Transportation company and companies which will be wholly
owned subsidiaries of Transportation company.
issued, there will remain
mortgages and
to
form
(d) Participating Preferred Stock.
A presently authorized issue of approximately 485,000 shares of par¬
ticipating preferred stock (par $35).
This stock will have voting rights
share for share with the common stock and will be non-cumulative, unless
earned.
It will be entitled to receive a prior preferred dividend of $1 per
share in or for any year before the payment of any dividends on the com¬
mon stock, in or for such year.
After the participating preferred stock shall
have received a dividend of $1 per share in or for any one year it will then
be entitled to participate share for share with the common stock in all
further dividends paid in or for such year.
(e) Common Stock
authorized issue of 720,000 shares of common stock (no par)
rights share for share with the participating preferred stock.
A presently
with voting
Distribution of Securities of
The present
be as follows
Transportation Company
distribution of securities of
Transportation company will
(a) To holders of stock and (or) stock trust certificates of Class A lessor
companies, outstanding in the hands of the public, in exchange therefor,
consolidated mortgage 5% bonds in such amounts that the annual interest
(b) To holders of stock and (or) stock trufet certificates of Class B lessor
companies, outstanding in the hands of the public, in exchange therefor,
consolidated mortgage 5% bonds in such amounts that the annual interest
thereon will equal 41.7% of the annual return formerly received by the
holders of such stocks and (or) stock trust certificates under the old leases.
To holders of stock of Class C lessor companies, outstanding in the
public, in exchange therefor, consolidated mortgage 5% bonds
the annual interest thereon will equal 20.8% of the
annual return formerly received by the holders of such stock under the old
leases.
•
(d) To the holders of stock and (or) stock trust certificates of Class a,
B and C lessor companies, outstanding in the hands of the public, approxi¬
mately 345,000 shares of participating preferred stock of Transportation
(c)
announced that it will be the policy of the board of
declare and pay additional dividends on company's common
stock as and when earnings of the company and general business conditions
permit.—V. 144, p. 2496.
directors to
A revised
P. R.
on
their holdings into
exchange for each share of P. R. T.
preferred stock, one-half share of participating preferred stock of Trans¬
portation company and one-half share of common stock of Transportation
common
thereon will equal 56.7% of the annual return formerly received by the
holders of such stocks and (or) stock trust certificates under the old leases
Co.—SO-Cent Dividend—
April 10 declared a dividend of 30 cents per share on
stock, payable May 25 to holders of record May 15. A similar
The directors on
the common
The accumulated dividends
and the holders of such stock will convert one-half of
on
group
Pfeiffer Brewing
The public holders of stock and stock trust certificates of lessor com¬
panies will receive in exchange for their present securities, approximately
$59,000,000 of 5%
consolidated mortgage bonds and approximately
$12,000,000 of participating preferred stock (par $35) of Transportation
company.
The total annual interest on the new bonds will be approxi¬
mately $4,158,000 less than the annual rentals formerly paid to the holders
of such securities of lessor companies under the old leases.
are
4.800,277
zl935
zl936
zl935
$
Assets—
2669
Financial Chronicle
144
,
Co. and present lessor companies will merge
which will be a single owning and operating
hands of the
in such amounts that
company.
(e)
To holders of the 280,000 outstanding shares of 7% cumulative pre¬
140,000 shares of participating preferred stock of
ferred stock of P. R. T.,
Transportation company and 140,000 shares of common stock of Trans¬
portation company. The holders of the 7 % cumulative preferred stock of
P. R. T. will also be paid $1 in cash for each share of such preferred stock
at the time such preferred stock is exchanged for new stock of Transpor¬
tation company.
2670
Financial
(f) To holders of the 579,926 outstanding shares of common stock of
P. R. T., 579,926 shares of common stock of
Transportation company.
K. (g) To holders of $2,261,160 of outstanding bonds of lessor
companies
listed below, in exchange therefor, $2,261,160 of the first &
refunding 4^ %
mortgage bonds of Transportation company, due Oct. 1, 1967.
Face Amount
Darby & Yeadon Street Ry. 4^s, 1934
Peoples Passenger Ry. 4s, 1935
Philadelphia City Passenger Ry. 5s, 1935
Empire Passenger Ry. of Philadelphia 6s, 1935
Catherine & Bainbridge Sts. Ry. Co. of City of Phila. 6s, 1935-_
Frankford & Southwark Philadelphia City Passenger RR.
(West
£* End Passenger Ry. Co.) 4s, 1935
Hestonville Mantua & Fairmount Passenger RR. 5Hs, *34 and '39
Philadelphia & Willow Grove Street Ry. 4^s, 1939
Seventeenth & Nineteenth Sts. Passenger Ry. Co of Phila.
6s, '39
$200,000
219,000
100,000
100,000
150,000
132,100
896,760
363,300
100,000
Total
•
$2,261,160
To holders of $1,491,000 of the outstanding bonds of lessor companies
below, in exchange therefor, $745,500 5% consolidated mortgage
bonds of Transportation company, due Oct. 1, 2037
(h)
listed
Present
Amount
Darby Media & Chester St. Ry. 4J^s, 1936—
Doylestown & Willow Grove Ry. 4s, 1960
$495,500
250,000
$1,491,000
$745,500
...
Total
V
Amount of
New Bonds
$991,000
500,000
collateral trust mortgage
STo tne trustee of $570,000bonds, due 1952, Co. exchange for existing
Union Traction in of Phila. 4% sinking
Chronicle
outstanding in
collateral security for
the hands of the public but held by the trustee as
sinking fund collateral trust mortgage bonds; they are in such amount that
the interest thereon would equal tne interest and sinking fund payments
on the entire amount Oi sinking fund collateral trust
mortgage bonds out¬
standing and in the sinking fund. Such cohsolidated mortgage bonds shall
be canceled upon the retirement of sinking fund collateral trust
mortgage
bonds.
(j) To the trustee of $2,425,000 P. R. T. 5% collateral bonds, due
Feb. 1, 1957, in exchange for existing collateral security tnerefor, $5,686,000
5% consolidated mortgage bonds of Transportation company, due Oct. 1,
2037. These consolidated mortgage bonds will be owned by Transportation
of
company and not outstanding in tne hands of the public but held by the
trustee as collateral security for collateral bonds; they are in such amount
that the interest tnereon would equal the interest and sinking fund
pay¬
ments on the entire amount of tne aforesaid collateral bonds.
Such con¬
solidated
mortgage
bonds shall be canceled
upon
the retirement
of col¬
bonds.
lateral
'
The totals of all classes of capital securities of, and of bonds, mortgages
and ground rents on the property of. Transportation company and (or) its
wholly owned subsidiaries to be issued and outstanding upon the effectua¬
tion of the plan, will be approximately $132,819,028.
organization proceedings and tne plan, as may be duly authorized and
approved by the court, shall be paid in cash by Transportation company.
(d) All claims incident to or arising out of the ordinary operation of the
P. R. T. System, whether founded in contract or in
tort, and including taxes,
will, under the plan, be paid in due course in cash.
(e) Under "t^e contract of 1907" entered into between the City of
Philadelpnia and P. R. T. as of July 1, 1907, pursuant to ordinance of
City Council, the consent of tne city, given by ordinance of City Council,
will be necessary to enable P. R. T. to take such steps as are
necessary for
the plan to be consummated.
Such consent will be seasonably sought.
(f) The plan will require prior approval by the Pennsylvania Public
Utility Commission. Such approval will be seasonably sought.
(g) Securities of Transportation company will be exchanged, as set forth,
for the presently existing securities, against
delivery of the latter by the
holders tnereof.
In making said exchanges with eacn individual nolder,
bonds of less than $100 face amount and fractions of shares of
participating
preferred stock or of common stock will not be issued; where a holder is
entitled, whether or not in addition to whole pieces, to less than $100 in
bonds and less than one share of stock, jbe will be issued scrip for such
fractions of bonds or stock.
Scrip for bonds will be converted into bonds
of not less than $100 against delivery of scrip in sufficient amounts.
Scrip
for stock will be converted into stock certificates for whole snares against
delivery of scrip in sufficient amounts. Such conversion of scrip for bonds or
stock must be made on or before Dec. 31, 1942, and after said date all un¬
converted scrip will be void and of no value whatever.
approximately $2,200,000.
Capital Securities to Be Outstanding Upon Effectuation of the Plan
Rea; estate mortgage bonds and miscellaneous real estate mort¬
and ground rents
Collateral trust bonds
Divisional lien bonds
gages
Philadelphia Transportation Co. 1st & ref. mtge. 4j^% bondsPhiladelphia Transportation Co. 5% consolidated mtge. bonds:
For stock and stock trust ctfs. of lessor cos——$58,953,523
For refunding certain bonds of lessor cos
745,500 x59,699,023
Pniladelphia Transportation Co. partic. pref. stock (par $35)-16,975,000
Philadelphia Transportation
Co.
common
stock
(719,926
shares, no par value, stated value of $35 per share)
25,197,410
Total
x Not
including
144, p. 1972.
R.
T.
system,
bonds
to
be
exchanged
for
$132,819,028
security.—V.
collateral
Philadelphia & Western Ry.—Plan Advanced—
Reorganization of the company under Section 77B of the Federal Bank¬
ruptcy law, approached completion April 6 when Judge William H. Kirkpatrick of U. S. District Court, authorized the company to put its plan
into effect and set May 10 for examination of the documents
accomplishing
this and the entry of a final order
confirming the new financial plan.
The
requisite
percentages
of
bondholders,
stockholders
and
creditors
No further payments on account of
already assented to the plan, but the steps still to be taken by the
company in its scheme are formal action by the stockholders on the reduc¬
tion of the par value of the common stock from $50 a share to
$10
from $4,000,000 to $800,000, and the creation of
the $2,630,000 of first mortgage 5% gold bonds.—V.
or
rent or use and occupancy will be made.
All claims incident to or arising out
P.
$4,246,436
2,995,000
21,445,000
2,261,160
have
Distribution of Cash
Rentals under the old leases due and accrued up to and including Sept. 30,
1934, shall be paid in casn by P. R. T. to the public holders of outstanding
stock and (or) stock trust certificates of lessor companies.
This payment
will total
upon
final approval and confirmation, be and become effective as of Oct.
1, 1937.
(c) Reasonable compensation for services rendered and reimbursement
for the actual and necessary expenses incurred in connection with the re¬
collateral security therefor, $1,400,000 of 5% consolidated mortgage bonds
of Transportation company, due Oct. 1, 2037. These consolidated
mortgage
bonds will be owned by Transportation company and not
April 17, 1937
(b) The reorganization of the corporations parties to the plan shall,
of the ordinary operation of the
whether founded in contract or in tort, and including
taxes, will, under the plan, be paid in due course in cash.
Reasonable compensation of services rendered and reimbursement
for
tne actual and necessary expenses incurred in connection with the reorgani¬
zation proceedings and the plan, as may be duly authorized and approved
by tne court, shall be paid in cash.
The nolders of the 7% cumulative preferred stock of P. R. T. will be paid
$1 in cash for each share thereof at the time it is exchanged for new stock
of Transportation company.
Tnis payment will total $280,000.
The balance of cash in the P. R. T. treasury and in funds subject to the
old leases will be turned into the treasury of Transportation company and
shall be applicable to its corporate purposes, except that said cash shall
not be used for Ue payment of any dividends on any stock of
Transporta¬
new
a
142,
a
share,
indenture for
1653.
p.
Pittsburgh & Lake Erie RR.—Earnings—
Month Ended
Feb. 28'37
Feb. 29'36
Period—
Railway operating
Railway operating
Net
$1,945,082
exps1,613,480
revs-
2 Mos. EndedFeb. 28'37
Feb. 29'36
$1,528,297
1,214,693
$3,946,885
3,289,762
$313,604
127,515
$657,123
313,807
$2,912,042
2,470,999
from ry.
revenue
$331,602
157,868
Railway tax accruals
Equip. & joint facility
$441,043
233,875
Cr183,852
177,596
354,595
347,776
$357,586
$697,911
$554,944
14,434
$363,685
14,041
31.106
31.345
$372,020
62,289
$377,726
68,559
$729,017
120,921
$586,289
95,339
$309,731
5,573
$309,167
7,527
$608,096
12,010
$490,950
15,825
$304,158
$301,640
$596,086
$475,125
$0.35
Net railway oper. incOther income
$0.35
$0.69
$0.55
tion company.
Total income
Modification of Rights of P. R. T. Stockholders
The holders of P.
R. T. preferred stock will waive their right to receive
unpaid and accumulated dividends and will convert their holdings of
R. T. preferred stock one-half into participating preferred stock and
one-half into common stock of Transportation company, so that in place of
280,000 snares of P. R. T. preferred stock presently outstanding (par $50)
they will receive 140,000 shares of participating preferred stock and 140,000
shares (no par) common stock of Transportation company.
The holders of
P. R. T. preferred stock will be paid $1 in casu for each share thereof at
the time it is exchanged for new stock of Transportation
company.
The P. R. T. common stockholders will convert their holdings of P. R. T.
common
stock, share for share, into common stock of Transportation
all
P.
'
company.
Compromise of All Claims and Litigation and Classification of Claims of
Creditors and Interests of Stockholders
This plan is proposed by P. R. T. as one to be accepted by all parties in
interest in compromise of all claims of all kinds and of all
pending litigation
in the reorganization proceedings, either in the District Court
in the Circuit Court of Appeals.
City-Company Relationships
The City of Philadelphia and P. R. T. are parties to
or on
appeal
Misc. deduc. frominc
Income available for fix.
Total fixed charges
Net
large number of
portation company as the effective party thereto in lieu of P. R. T.
The following revisions will be made in existing
city-company relation
ships:
The lease of tne Frankford Elevated and Bustleton Surface Lines will be
modified
so as to increase the annual rental
by approximately $150,000 to
$935,000, which will make possible the release of approximately $14,000,000
of city borrowing capacity.
The term of the Broad Street Subway System
lease and all bus franchises will be extended to July 1, 1957.
The case of
City vs. P. R. T., C. P. No. 1, Sept. Term 1929, No. 2827, will be marked
settled, discontinued, ended and satisfied.
Note—Does not include accruals for excise tax account
Railroad Retire¬
Further Provisions of the Plan
144,
p.
2317.
Pittsburgh Rys. Co. (& Subs.)—Earning,
Calendar Years—
Gross earnings
1936
1935
1934
1933
$13,009,912 $11,957,350 $12,024,470 $11,447,094
7,806,785
7,187,629
7,004,530
7,104,741
1,314,035
1,192,935
1,119,795
1,061,652
524,495
339,778
385,747
384,419
Operating expenses
Maintenance-Taxes
earnings
$3,364,597
17,795
$3,237,009
$3,514,398
8,054
4,206
$3,382,393
1,596,208
638,418
Int. chgd. to constr.—Cr.
18,336
Rents for lease ry. prop.
1,249,396
$3,245,063
1,633,258
635,873
7,640
1,249,374
32,907
2,074,116
60,300
$3,518,604
26.959
2,074,140
21,272
$2,931,352
607,032
527,286
7,190
2,555,354
26,959
2,037,182
2,416
$2,433,126
$2,249,623
$2,817,687
.—
Other income
Total earnings
Interest on funded debtInt. on unfunded debt—
Amort, of dt. disc. & exp.
Approp. for retirem't
28.967
2,074,100
86,250
res.
Miscellaneous
Net
loss
$2,272,611
Consolidated
General
$2,896,281
35,071
590,211
510,585
4,489
.2,549,548
Balance Sheet
Dec.
31
(Company and subsidiary and affiliated street railway
cos.)
amount
right to unpaid cumulative 6% dividends, now aggregating over $30,000,000,
to wnich it is now entitled before the city shares in profit.
The city's option
to purchase P. R. T. which is now first exercisable on
July 1, 1957, will be
made exercisable on July 1 of any year and to cover only the entire trans¬
portation system then operated by Transportation company, at a price
equal to the sum of the face amount and accrued interest of all outstanding
bonds of, and of prior lien bonds, mortgages and ground rents on the
prop¬
erty of, Transportation company and its wholly owned subsidiaries, plus
the par value of all outstanding preferred stock and an amount
equal to
$35 per share for all outstanding common stock and the amount of the then
undistributed earned surplus, if any, of Transportation
company.
This
revised option will take the place of all existing options which the
city has
in any form, whether applicable to the whole system or
parts thereof or
interest therein.
To facilitate the exercise of this option, all bonds and
preferred stock of Transportation company will be made callable and
redeemable at any time (as set forth).
AJ1 other provisions of the 1907
contract, including the city's supervision of capital issues and accounts,
its right to name three directors and its right to receive all the
payments
called for by that contract, will remain in full force and effect and
binding
on Transportation company.
Such agreements will be made between tne city and the company as are
appropriate to effectuate the foregoing provisions as well as sued other
provisions as may be necessary or desirable for operating reasons.
fixed
.
ment Act.—V.
The 1907 contract will continue in effect, modified as follows: The
profit
sharing provision will be modified to provide that the city snail receive an
equal to all distributions, if any, to Transportation company stock¬
holders in any year after payment of $3 per share (non-cumulative) on the
common stock in such year and in this connection P. R. T. will waive its
after
.
Net
a
contracts relating to a variety of matters.
No change will be made in any
of these except as noted and said contracts snail remain in effect with Trans¬
inc.
Net income per share of
stock par value $50—
I L
1936
Fixed capital
funds
$
85,823,466 85,339,660
1,312,194
1,173,224
Investments
Sinking
1935
$
Assets—
or
other deposits.-
258,470
1,383,349
153,450
Accounts payable-
190,639
88,278
561,485
4,267
7,104
55,354 Taxes accrued
499,622 Rentals accrued.„
2,721 Accrued Interest—
3,721 Other accr. llabil.»
759,680
payment of Int.
Sundry accts. and
notes receivable
Mat'ls & supplies.
Interest receivable
Indebt. of affil
Deficit
$
2,500,000
Pref. stk.($50 par) 2,500.000
2,500,000
Stocks of sub.
cos.27,695,920 27,695,920
Funded debt
29,956,000 29,564,500
1,513,774
1,239,337
Cash deposited for
Other assets
1935
$
153,450
Cash
Deferred charges..
1936
Liabilities—
Com.stk.($50 par) 2,500,000
273,030
202,663
11,476,276
399,351
150,228
9,202,199
Indebt. to affiliates
(not current).__ 12,650.690
12,652,388
W'kmen's compen.
55.223
42,446
264,990
225.851
Other curr. assets.
623,221
Deferred liabilities 6,932,060
64,223
156,168
599,291
42,494
266,006
203,841
424,506
4,996,505
448,246
373,906
15,373,658 14,002,070
Res. for conting— 2,257,636
2,339,369
Special reserve
5,000
5,000
Surplus invest. In
Unadjust. credits.
Retirem't
reserve.
plant property.interest
77,147
38,243
of subs. In affil.
196,919
196,918
Minority
Total
102,655,325 98,621,353
Total
102,655,325 98,621,353
-V. 143, p. 283.
(a)
No executory contracts will be rejected under the plan.
Certain
contracts, including the old leases and other inter-company contracts, will
be terminated or revised by mutual consent in the formation
by merger of
Transportation company.
Pond
Creek
Pocahontas
Co.—To
Reduce Directorate—
Stockholders at their recent annual
meeting voted to reduce the number
of directors from 10 to 9.
Steele Mitchell was not reelected.—V.
144, p. 621.
Volume
Financial
144
Pittsburgh Suburban Water Service Co.Calendar Years—
Operating revenues
Operating expenses
1936
met
1933
107,082
18,074
9,704
$317,079
92,277
11,044
10,094
$203,804
$190,807
$203,664
86
371
378
$185,497
$203,891
$191,178
$204,042
96,825
from oper.
$325,667
295
taxes
earns,
$327,607
96,992
12,897
13,914
$185,202
Maintenance
General
-Earnings-
1934
1935
$343,094
100,216
38,318
19,357
96,825
96,825
96,825
Other income
Gross corp. income
Interest paid or accrued
on funded debt
Reserved for retirements,
replacements and Fed.
}
income tax and miscel¬
laneous deductions
29,764
31,046
31,884
31,523
$58,908
$76,020
$62,469
27,500
27,500
27,500
15,000
27,500
Comparative profit and loss statements detailed in the prospectus show
a net
profit of $287,499 for 1936 after all charges compared with $156,595
for 1935.
Gross sales in 1936 totaled $5,995,898 against $4,307,870 for
the previous year.
A marked change in poUcy by which the company largely discontinued
the production of finished curtains as of Jan. 1, 1935, to concentrate on
the manufacture of curtain fabrics, is disclosed in the prospectus.
Only
two small plants catering to purely local demand are now producing finished
curtains as compared with six principal manufacturing groups devotedJ/O
the production of fabrics for curtains.
Commenting on the results of the policy change, tne prospectus states:
"The company's operations of 1936 snow that the gross sales volume was
restored to where it was the year before the change in policy occurred, re¬
sulting in a substantial increase in the per cent, of net profits on sales
over the like calendar period of 1935."
The company's principal plants are located at Danielson, Attawaugan,
Ballouville, and Amsbury, Conn.
$75,693
27,500
20,000
2671
Chronicle
Earnings for Calendar Years
Net income
Divs. paid or accrued
on
preferred stock
Common dividends
Note—No provision
^as
been made during 1936 for Federal surtax
on
1936
Taxes
Net gain from sale of
undistributed profits.
1935
1934
1933
$5,995,898
5,643,224
65,172
Net sales
Expenses
$4,307,871
4,119,275
32,000
$5,946,385
6,202,398
$6,342,820
6,076,268
37,056
se¬
curities, &c
Cr51,419
—
Balance Sheet Dec. 31
Assets—
1936
In
banks
&
working funds—
53,778
41,787
Accts. and notes
Accrd. unbilled
Reserves
382,895
52,500
$5.50 cum. pref. stk
b Common stock.
500,000
525,000
on
pref.
capital stock.__
cess
56,652
476,252
60,455
thereon
500,000
525,000
18,296
194,053
Capital surplus...
Earned surplus
pro¬
of amortiz.
74,116
2,496
171,257
77,716
1,656
Prepaid accts. and
deferred charges
a
b Represented by
The corporation has reported that since Jan. 1 it had sold
common stock of the United States Steel Corp. and used
2,400 shares
the proceeds
to reduce bank loans to $982,147.
Its only assets are holdings of this stock,
received in exchange for the assets of the Oil Well Supply Co.
The corporation had no income in 1936, as United States Steel Corp.
declared
no
dividends
on
its common stock.
In 1936 it
430
curr. assets.
and
Investments
9,700
1,061,544
.
was necessary
interest
36,341
77,135
32,019
260
28",065
30,731
Special conting.res.
Preferred stock
1,3~94~706
Common stock..
Earned surplus
23,202
27,200
1,888
39,575
186,159
Federal
Other curr. llab
y
Adv. to salesmen.
$275,000
accrued.
and
1935
1936
$885,000
166,188
income taxes
127,475
1,000
1,074,915
11,391
21,662
receivable, &c_.
31
comm.
State
notes
Plants & prop's
Dec.
LiabUUies—
$164,924 Notes payable
874,114 Accts. payable
831,202 Salaries, wages and
Organization exp_
Prepaid insur. and
Pittsburgh United Corp.—Reduces Bank Loans—
of
$3.64
having been changed to $5 par on July 2,1936
changed into 4 shares of $5 par.
1935
1936
$223,014
Accts. receivable._ 1,372,793
Inventories
1,174,842
x
shares.—V. 143, p. 599.
no par
$203,354
x55,788
Nil
$2.51
Balance Sheet
Assets—
Cash
$3,659,835 $3,781,711
Total...
After reserve for uncollectible accounts and notes,
6,000
$95,758 def$229,595
x55,788
x55,788
x No
par shares, the stock
and each share (no par) was
Other
$3,659,835 $3,781,711
$79,548
278,940
$1.00
Surplus for year
com. outst.(par $5)
per share
Mtges.
Total
$229,495
26.141
Shs.
13,704
.
$156,595 loss$204,594
19.001
25,001
41,836
Earnings
& accrd. interest
13,265
rev
$287,500
7,863
200,089
Net profit
Preferred dividends
Common dividends
1,091
71,689
48,317
21,328
Debt discount and
in
1,335
79,327
Accrued items
35,216
21,926
Comm.
expense
$1,936,500
2,177
Consumers' depos.
receivable
Matls. & supplies
3,065
Due to affll. co...
franchises, Ac. .$3,459,037 $3,524,701
a
Accounts payable.
Funded debt..—$1,936,500
Plant, prop., rights
Cash
1935
1936
LiaMlUies—
1935
292,984
996,402
Capital surplus
Unapplied bal. in
pref. stock sink,
3,588
240,200
2,079,995
177,174
11,280
35,580
fund Dec. 31
to
Total
borrow
$3,882,974 $3,101,814
$3,882,974 $3,101,814
Total
$87,500 to pay interest, State taxes and sundry expenses.
The
balance sheet shows cash of only $973.
On Dec. 31, 1936, the corporation
had 108,402 shares of United States Steel common.
At $78 a share the
sented by 55,788 shares (no par) in 1935 and $5 par shs. in
stock
P. 1798.
was
worth
$8,455,356.—V. 144, p. 1450.
Portland General Electric Co.
Calendar Years—
Total oper. revenues
1935
1934
$8,213,074
Dr2,774
$7,792,572
10,728
$7,426,224
JDr7,740
$8,977,200
2,487,629
$8,210,300
2,128,346
348,116
176,286
741,486
1,327,305
$7,803,300
1,748,410
287,153
191,820
606,456
1,277,392
$7,418,484
1,509,498
221,918
186,704
588,239
1,191,027
$3,719,491
$3,488,761
$3,692,069
$3,721,098
2,524,551
6,065
2,538,935
5,888
2,568,107
8,680
2,578,285
11,397
173,539
171,043
179,221
235,630
16,800
4,800
4,800
$931,261
$890,986
Non-oper. revs.—net
Total gross earnings.
_
Maintenance
402,380
86,223
821,700 »
1,459,776
Prov. for uncollect. accts
Provision for deprec
General taxes
Net earnings.
Interest on funded debt
(incl. coll. note)
Miscellaneous interest..
Amort, of debt discount
and expense
Federal & State taxes
bonds &
on
bond int..
on
Net income
The old
1933
$8,977,200
$756,095
$1,015,336
After depreciation of $689,084 in 1935 and
Price Bros. &
(& Subs.)—Earnings—
1936
Operation
x
common
Co., Ltd.—-Stock Traded—
and preferred shares were removed from
1936
1936
$
$
of Dec. 31
as
Assets—
delivery basis at the opening of business April 12.
Admitted to trading in the unlisted department will be
(no par) common stock of a
2318.
p.
Public
Electric
Light
Co.,
The directors
common
per
stock,
share
distributed.—V. 143,
was
p.
$
Earned surplus..-a1,080,468
115,132
Funded debt
52,917,000 53,116,000
Int.
Int.
term
receivables 1,979,448
156,538
67,687
1,676.215
1,166,967
677,792
142,830
2,007,028
53,975
1,173,562
1,136,899
641,472
77.394.041
count and exp._
26,637
$6,000,272
17,976
$5,927,681
Dr24,571
on
$6,919,767
2,514,332
funded debt-
unfunded
on
$6,396,817
2,602,171
$6,018,248
2,698,394
$5,903,110
2,759,130
debt
76.044,819
395,110
312,232
226,202
191,980
$4,010,325
3,565,472
$3,482,414
3,239,154
$3,093,652
3,355,672
$2,952,000
3,534,975
$7,575,797
828,000
669,501
Divs. on common stocks
1,924,000
356,253
Adjust, of accts.—Cr
3,838,730
123,458
Unamort. debt dis¬
$6,370,180
285,034
par).. 17,331,840 17,331,840
2,015,463 Current liabilities. 2,076,885
1,972 Deferred credits.
90,013
Reserves
3,741,296
4,023,836
Special deposits...
1933
'
$14,372,942 $13,360,129 $12,936,250
8,002,762
7,359,857
7,008,569
$6,634,733
Non-oper. income
Deferred liabilities
long-
1934
1935
8,990,935
maint. & tax
exp.,
600.
Colorado—Warning's—
1936
Calendar Years—
Invests.
&
Vt.—- Larger
declared a dividend of 25 cents per share oh the
value, payable May 1 to holders of record April 24.
have
no par
Public Service Co. of
Cap. stock (236,819
no
Albans,
This compares with 20 cents paid on Feb. 1, last, Nov. 1 and Aug. 1,1936,
this latter being the first payment made since Jan. 15, 1932 when 25 cents
Plant,
property,
rights, franchises
&c
62,968,299 62,131.840
Non-oper. property 4,905,442
4,865,800
shares
St.
Common Dividend—
1935
$
£3
$4,268,300
issued
shares
total authorized issue of 679,084 shares.—'V. 144,
second mortgage 4% convertible debentures; 62,843 authorized and
shares of 5H% redeemable preferred stock ($100 par) and 536,807
Oper.
1936
LiaMlUies—
the list of the
Montreal Curb market at the close of business April 10 and the new capital
stock was admitted to trading in the unlisted department on a regular
Gross oper. revenue——$15,625,669
Comparative Consolidated Balance Sheet
$767,768 in 1936. y Repre¬
1936.—V. 144#
$6,721,568
828,000
669,506
1,664,000
5,410
$6,449,324
828,000
669,512
1,664,000
Dr48,658
$6,486,975
828,000
$4,510,548
$3,565,472
$3,239,154
$3,355,672
and amortization
111,141
_
Balance
3,220,848
Previous surplus
Prepaid accts. and
deferred charges
Cash
Notes & accts.
rec.
Matls. & supplies.
Total
Total surplus
for replacements
Res.
Divs.
Total
on
„
preferred stocks
77,394,041 76,044,819
Including $25,548 of earned surplus of subsidiary companies at Nov.
30, 1935, date of recapitalization of parent company; payment of dividends
restricted to $25,000 for the six-months ending July 1, 1937 except as
otherwise authorized by the holders of the 6% collateral notes payable.
—V. 143, P. 2857.
a
Postal
Telegraph Landline System
Month Ended
Period—
Feb. 28 '37
Teleg. & cable oper. revs. $1,826,
Total teleg. & cable oper.
expenses
—
1,832,681
Feb. 29 '36
-Earnings—
revenues
-—
Operating deficit
Non-oper. income
$3,575,026
Grand Val. Hydro
leasehold
Dlsc't
3,457,428
def$6,083
6,000
77,640
$29,897
7,500
40,000
$85,436
12,000
154,738
$89,723
3,733
$17,603
2,207
$81,302 prof.$22,598
7,421
4,743
$117,598
15,000
80,000
Net
loss—.—..
$85,990
241,328
$15,396
234,896
$327,318
$250,292
$73,880 prof.$27,341
483,786
468,627
$557,666
$441,286
—V. 144, p. 1798.
Proceeds of the financing will be used, according to the offering prospectus,
for an expansion program involving the purchase of new equipment for one
of the company's finishing plants and the acquisition of additional looms,
at an
approximate combined cost of $125,000. The balance of the proceeds
the current debt of the company,
will be applied toward the reduction of
the prospectus states.
1936
204,568
pf. stock
onexch.
of pref. stock
Invests, (at cost).
276,038
1,953,991
Sinking fund assets 2,841,813
Special cash deps.
11,546
Cash on deposit in
escrow
1,682,660
Cash
687,951
aNotes&accts.rec. 2,611,635
.
2,653
907
1,657
2,398
886,420
57,359
751,071
52,822
255
5,423
36,622
cos
66,742
Mdse., mat'ls and
supplies (at cost)
Prepayments
a
in
Bals.
closed
...
aNotes&accts.rec.
(not
cur rent
Notes & accts.
(personnel)
Deferred charges..
a
After
19,656
1,994,196
-
67,030
56,429
2,127,959
67,030
101,157,458 97,733,641
Total
Misc. adv. payable
Due to Cities Serv.
Pow. & Lt. Co.
166.102
1,321,791
Accts. (not curr.).
Consumers' & line
51,760
extension deps..
486,500
Contra accounts..
67,030
Res.forreplace'ts. 7,746,520
Inj. & damages res.
57,301
reserves,
b Including
406,669
32,050
437,234
67,030
5,535,909
47,337
Contrib. for extens.
(not refundable)
rec.
Coptra accounts.
$
7% 1st pref, stock. 5,872,900
5,872,900
3,995,700
86,573,512 6% 1st pref. stock. 3,995,700
5% 1st pref. stock.
375,000
375,000
214,191 Common stock
20,800,000 20,800,000
Funded debt
47,887,200 48,249,600
Notes pay. to bks. 4,500,000
2,075,000
276,038 Notes pay. (curr.)
783,779
56,872
1,966,417 Accounts payable.
505,425
456,256
2,630,119 Wages & sals. pay
133,044
106,124
6,729 Current accts. with
fiscal agent
28,072
25,274
Accruals...
1,703,315
1,633,955
603,240 Divs. pay. on pref.
72,022
34,180
2,332,611 Prov. for Fed. tax.
384,233
516,512
Current accts. with
Interest accrued..
1935
.$
LiaMlUies—
on
banks
Powdrell
&
Alexander, Inc.—Stock Offered—Public
offering of common stock was made April 12 by a banking
group headed by Tobey & Co., Jackson Bros., Boesel &
Co. and Watson & White.
The stock, which is being offered
at the market price on the New York Curb Exchange, repre¬
sents the unsubscribed portion of an original offering of
55,788 shares to stockholders.
1935
S
& prem.
3,707,633
undistributed profits amounts to $875.
Consolidated Balance Sheet Dec. 31
1936
Assets—
affiliated
Gross deficit...
Deduc'ns from gross inc.
surtax on
properties ....-87,821,407
-2 Months EndedFeb. 29 *36
Feb. 28 *37
$3,793,069
Note—Provision for
Public utll. & other
Net tel. & cable oper.
Uncollectible oper. revsTaxes assign, to oper—
669,516
1,664,000
30,213
Misc.
369,943
100,000
reserves
Special surplus res.
bSurplus
4,510,548
362,859
120,975
2,200,000
3,565,471
Total
...101,157,458 97,733,641
$1,002,563
acquired surplus of merged
companies at date of acquisition.—V. 144, p. 2497.
Procter & Gamble Co.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share in
addition to the regular
stock,
no
par
quarterly dividend of like amount on the common
value, botn payable May 15 to holders of record April 23
Financial
2672
Chronicle
Consolidated. Income Account Year Ended Dec. 31 (lncl.
An extra dividend of 25 cents was paid on Feb. 15, last, and at the same
time the regular quarterly dividend was raised from 37 V* cents to 50 cents
?er share. See also V. 144. p. 463. for detailed dividend record.—Y.
44. p. 787.
t
.
Public Service
Co. of
Miscellaneous
&
revenue
183,104
153,258
83,719
42,717
*6,947,471
4,493,773
$2,956,518
34,354
$2,593,482
42,783
$2,415,508
132,340
$2,453,698
$2,636,265
$2,547,847
$2,514,272
666,477
671,746
655,927
654,529
$2,324,395
$1,964,519
$1,891,921
$1,859,743
739,342
24,416
954,512
26,488
962,506
32,453
972,786
33,331
Other income (net).
60,573
Int. and other deductions
subsidiary cos
Bal. avail, to Pub. Ser.
612,058
1,123,536
553,233
1,390,601
Int. deduct, of parent co.
Int. on funded debt..
658,455
586,669
1,509,194
394,188
1,550,984
1,499,196
394,450
1,750,536
Taxes
expenses
$12,497,329 $12,333,019 $12,170,710
5,360,466
5,103,14*
5,248,609
Mair
Prov. for depreciation....
Rentals
$7,195,777
4,780,270
$2,990,873
Oper.
of
Total gross earnings..$14,132,669
Operation
6,165,985
19331
1934
$7,456,772
4,863,290
1936
,.
„
other income (net)
Subs.)
1935
$8,084,541
and taxes
5,128,023
Calendar Years—
Gross earnings
Indiana—Earnings—
1936
1935
1934
1933
$14,089,952 $12,413,611 $12,179,761 $11,987,606
Calendar Years—
Operating re venues
April 17, 1937
xl ,467,291
515,062
1,443,856
Co. of Oklahoma
General interest
,.
Amortiz.of bonded dis¬
$3,207,685
2,565,505
83,670
$2,887,889
2,585,708
51,306
245,184
247,011
249,126
250,826
$2,875,706
.
$2,896,186
$2,886,140
51,103
51,521
68,029
$932,415
535,535
125,000
$845,441
535,260
$785,596
534,815
97,197
$2,899,206
8,790
Net income
Divs.
1
108,850
$1,451,788
535,567
prior lien stocks
common stock.
150,000
count and expense--
$3,388,138
2,600,056
48,324
$3,443,684
2,545,645
84,877
.
on
Divs.
on
Note—No provision for surtax on
-
t
1936
$311,498
$1,749
$497,721
436,559
$567,978
$311,498
$1,749
$61,163
Preferred dividends...
x
PrepaymentsAccounts & notes
x
1936
$
$7 series
69,235,196 68,086,836
8,096,846
y
investments
with
Marketable
7,850,339
975,000
6,560,260
22,125,000
47,961,450
1,000,622
174,273
4,977,243
2,222,201
x
After
bond interest
138,396
cos.
819*702
229,008
1,608,715
z
Retire,
prop,
508,737
813,484
1,751,873
167,766
214,516
for
res.
Contribs. for exten
1,349,523
296,168
2,403,983
y
157,587
3,838,401
a
...88,990.657 87.938,699"
After
and
3,269,565
Total
no
Puget Sound Power & Light Co. (& Subs.)—Earnings
Month Ended
Period—
$1,424,037
609,995
90,403
al70,662
Maintenance
Taxes
Net
12 Mos. Ended
Feb. 28. '37 Feb. 29, '36 Feb. 28, '37 Feb. 29, '36
revenues
oper.
revenues..
Balance
$1,228,228 $15,474,083 $13,870,066
473,825
6,164,637
5,425,550
62,315
920,042
772,873
170,654
al,906,842
1,767,048
$552,976
18,000
.
$521,434
43,809
$5,904,595
534,556
$7,004,197
3,808,396
$6,439,151
3,851,694
$247,497
Balance
$253,949
Appropriations for retirement reserve
$6,482,562
521,635
$565,243
317,747
$570,976
317,027
-
$3,195,801
1,483,358
550,000
1,583,970
$2,587,456
1,369,412
550,000
1,583,970
Prior
pref. dividends requirements
Preferred dividend requirements
Balance for
common
864,128
56,668,861 55,209,596
Total.....
$99,415 in 1936 and $99,408
z
Cash only.—V. 143,
of
and
car
auxiliary
Month Ended
operations.]
2 Months Ended
Feb. 28 '37
Feb. 29'36
Feb. 28'37
Feb. 29 '36
$4,973,311
4,259,247
$4,325,745 $10,669,840
3,999,243
8,732,686
$9,361,075
8,060,031
Net revenue
$714,064
$326,501
$1,937,154
$1,301,045
$184,519
143,263
$174,197
142,548
$392,048
291,175
$354,397
285,664
.
Sleeping car operations:
Total
revenues
Auxiliary operations:
Total
revenues
88,990,657 87,938,698
$71,932 in 1936 and $104,999 in 1935.
y Repre¬
par shares,
z Accumulated since Dec. 31.
1934.
Accounts receivable only.—V. 143, p. 1892.
Operating
Operation
1,460,533
of $100 par.
by shares
expenses
Period—
divs. & surplus--
$41,256
Total net
Taxes accrued
493,914
$134,738
$1,247,52 9
$1,369,777
$875,863
Operating income
144, p. 1974.
Raytheon Mfg. Co.—Admitted to Unlisted Trading—
The New York Curb Exchange has admitted to
unlisted trading privileges
common stock,
50c. par, in substitution for voting trust certificates
representing common stock, 50c. par.
The voting trust agreement dated
Oct. 29, 1928 has been terminated.—V. 144, p. 1122.
the
(Robert) Reis & Co.—Sales—
Gross sales for quarter ended March 31, 1937, amounted to $880,236,
compared with $599,750 in March quarter of 1936, an increase of 46.7%.
This year Easter came two weeks earlier than last year which provided
additional sales in the first quarter of 1937.—V. 143, p. 2534.
Radio-Keith-Orpheum Corp.—Earnings—
Consolidated Income Account for Calendar Years
a No
provision has been made for the Federal surtax on undistributed
profits, since any liability for such tax cannot be determined until the end
Theatre admissions
of the
Rents,
year.
$68,732
$2,038,027
790,497
-V.
def$421,527 def$915,925
Note—The company on Jan. 1, 1937 adopted the Federal Power Commis¬
system of accounts, hence previous year's figures are not exactly
comparative.—V. 144, p. 2318.
$100,872
$358,151
223,413
$396,819
revenue
$31,649
$755,320
358,501
Net revenue
of
reserve
by 442,500
Surplus.—
Co.—Earnings—
[Revenues
Total expenses
x
1,572,829
2,675,468
for uncollectible accounts of
Represented
Pullman
688,034
291,751
148,766
railway
Deficit
sented
27,425
3,048,853
other than
Miscell. reserves..
Total
1,4 lO",238
34,267
5,613,874
Accrued liabilities.
Total expenses
1,878,829
Accrd. lease rentals
142,100
Misc. curr. liabils.
261,606
460,426
157,599
1,259,475
2,352,879
668,081
42,597,
Accrued interest-.
141,585
Mat'ls & supplies.
470,672
727,372
company
1,250,026
1,142,638
Reserves
Misc. current liabs.
2857.
Accrued taxes
receivable
al,539,520
Unbilled revenue..
521,157
1,281,598
2,400,000
44,666
reserve
1935.
debt
due parent
Accounts payableDue to affll. cos
Notes & accounts
3,946.017
4,352,977
24,845,800 26,252,900
731,937
702,031
Accounts payable.
301,194
160,443
Current maturities
202,000
Funded
Total.........56,668,861 55,209,596
P.
&c.,
Cash & work, funds 1,974,021
Cash on deposit tor
z703,447
1; 900,000
securs.
amortization
chase contracts,
361.186
prepaid accounts 4,599,808
Stock of S'western
Lt.&Pow. Co..
Miscell. assets
in
925,274
special desposits
Defd. cnarges and
331,610
In process of
exp.
$
Consumers' depos.
U.S.Treas. bills..
Demand notes.pur¬
934,224
Due from affll.
47,777,050
877,835
Deferred liabils
V
^
Ind.
property
Misc. Invests, and
x
$6 series
975,000
cum. pref. stock 6,560,260
Common stock..22,125,000
Funded debt
and adv. in con-
nect.
7,850.339
$6
8,036,340
ry. prop
636,998
Bond discount and
Cum. pr. pref. stk:
Inv. in interurban
Other
$
Liabilities—
Plant,
property,
rights,
f ranch.,
&c
1935
$
1935
$
686,424
426,303
Cash and working
funds
Balance Sheet Dec. 31
1936
Assets—
1935
$
7% prior lien stock 3,213,100
3,213,100
6% prior lien stock 5,177,500
5,177,500
y Common stock—10,000,000 10,000,000
Materials and sup¬
plies
Appropriation for retirements (as determined by company)
Liabilities—
$
48,102,149 46,246,813
64,280
49,009
receivable
Balance, surplus.—..
1936
1935
3' l*''1
Fixed capital
$567,978
.
A.sscts*"*""*
$2,890,416
$2,886,140
$2,896,186
$2,875,706
-
undistributed profits.
Comparative Consolidated Balance Sheet Dec. 31 (lncl. Subs.)
Film rentals and sales—
^concessions
xl936
xl935
>
xl934
xl933
$21,081,466 $19,415,689 $18,290,804 $23,255,454
25,340,297
23,450,818
21,276,717
18,413,748
&
2,756,287
other income..
2,608,737
2,127,686
2,297,436
sion
Rath Packing Co.—Initial
May 1 to holders of
record April 20—V. 144, p. 2319.
Service
Co.
Years Ended Dec. 31—
Operating
Oper.
exp.
of
and taxes
Interest
Amort, of debt discount
...
salaries,
other
11,021,072
19,184,640
4,069,817
10,923,101
17,548,852
3,896,028
10,216,094
16,162,481
3,822,175
13,520,821
15,598,102
3,691,083
8,293,526
7,883,131
7,639,736
9,878,626
1,502,063
1,594,044
1,618,975
1,946,082
Operating income
$5,106,931
Profits
of foreign
sub¬
sidiaries not consol—
196,724
$3,630,088
Cost of film sales & serv_
Film selling & gen. exp._
Operating
expenses and
theatre overhead-...-
Deprec.
Oklahoma—Earnings—
&
1936
1935
1934
$5,189,034
3,229,124
981,000
$5,073,060
3,181,139
994,959
$4,784,610
2,924,867
1,006,117
51,103
51,521
68,029
$845,441
535,360
$785,596
534,816
of capital
amort
,
ssets
of leaseholds
1933
$5,639,784
3,382,541
763,757
108,850
revenue
Artist's
.$49,178,050 $45,475,244 $41,695,207 $43,966,638
salaries & film service.
Preferred Dividend—
The directors have declared an initial semi-annual dividend of
$2.50 per
share on the 5% cum. pref. stock, par $100, payable
Public
Total income
Dividends
and expenses, &c
received
Common dividends
Balance, surplus
com.
$927,807
224,9171
stock
125,000
$267,272
$310,081
$153,583
100,000
$8.49
100,000
$3.92
110,000
$2.82
194,394
$1.29
on
1936
S
Plant, prop, rights,
franchises, &c_.33,346,834 32,449,110
,
stock
($100 par)
1,939,192
lng funds)
U.S.Treas. bills..
1,118,934
4,299,118
42,833
Funded debt
32,767
par)
$
disc-
rec.
Consumers'
sec.
3,213,100
3,213,100
5,177,500
receivable, &c._
457,016
394,621
Fed. income taxes.
Mat'ls & supplies.
253,525
210,703
977,021
exten.
Current maturities
123,948
30,975
80,927
516,567
sale
on
ment &
Invest.
of
invest¬
capital assetsthe
Spanish
in 1935.
y
97,163
Forfeited deposit
on rent secur.
Scenarios
&
75,000
843,004
dep_-
continuities
48,114
292,535
281,100
Prov. for additional liab.
under rental agreem'ts
56,361
Amount
441,584
202,000
176,832
419,273
applicable
to
minority int. in sub. co
Prov.for losses of affil.cos
432,325
225,909
Accrued interest..
356,626
259,235
ministrative expensesProv. for income taxes.
payable....
133,892
liabll._
8,852
2,991,968
1,939,894
1,706,179
856,748
Dr 531
63,070
100,745
0<N <N*0 COO (NO
339,984
389,657
245,097
152,028
474,205
243,608
299,900
124,288
136,500
66,575
45,989
61,458
5L212
65,826
154)438
Cr845
137,454
Receiver's & trustee's ad¬
29,799
curr.
Total
_
Surtax on undist. profs-
"9",245
-
Sundry other charges.
Settlement of lease oblig.
__
Prelim, exp. in connect'n
with new theatres
144)195
191,896
..42,554,511 41,492,343
for uncollectible accounts of $50,355 in 1936 and
$51,921
Cash only.
23,165
in
306,181
taxes.
42,554,511 41,492,343
34,257
$406,078
2,545,409
Earned surplus
reserve
__
91,301
■
182,619
Reserves...
After
•
$3,073,568
2,298,090
Part, of officers & empl.
in prof, of subs
Misc.
Total
49,165
32,127
153,191
63", 112
.
warrants & notes
15,239
57,170
•'..I
written off
deposits.
Accounts payable
Acer. State & local
118,489
48,904
27,623
~
*4,114,562
2,199,261
Divs.
sees.,
Customers' accts.
x
78,633
154,209
*,■
74,663
86,098
Sundry other income
Loss
&
2,000,000
x
683,107
89,862
62,236
written off in prior
sub. written down
10,000,000 10,000,000
17,810,000 18,896,000
y540,874
1,400,000
44,666
Marketable
1935
5,177,500
stock ($100 par)
Com. stock ($100
work-
I
$
6% prior lien pref.
4,539,635
amortization
Trailer income
Forfeited deposits
Rec. 'on notes & accts.
Loss
1936
Liabilities—
7% prior lien pref.
Bond disc. & exp.
In process of
(lncl.
397,164
$5,862,537
Interest and discount—
2,052,989
(Company only)
1935
$
Prepaid accounts.
sale of invest--
Total income
undistributed profits.
Balance Sheet Dec. 31
Otherassets
on
years
Note—No provision for surtax
Assets—
97,197
out¬
standing (par $100)
Profit
Sale of junk film &
310,618/
$699,069
Earned per share
Cash
147,748
55,356
'
$1,384,636
224,917
310,650
150,000
7% prior lien divs
6% prior lien divs
Shares
52,525
84,480
55,815
on
invest, in other cos—
Interest earned
Net income
$2,235,747 def$668,076
Net profit
x
$2,485,911
$684,733 loss$310,5751oss$4384064
Trustees' report in 1934, 1935 and 1936; receiver's report in 1933.
Volume
Financial
144
Consolidated Balance Sheet Dec. 31
a
1936
Assets—
a
1935
$
Cash
7,369,753
5,053,005
222,204
666,344
278,054
and stock
Notes 6 accts. rec.
officers
Inventories
18,977
139,130
27,465
79,430
8,200,630
8,521,942
342,466
9,011
79,429
con¬
& held
A
adv.
affiliated
Other
lnv.
6,901,368
within
payable
Gen .claims allowed
pursuant to cont.
orders (unsec.).
3,618,760
3,956,073
3,768,333
sub. cos.not cons.
412,190
1,257,078
Reservesoper. A mtge.
by
Stad. Theat. Cp.
Keith-Albee-Orpheum
Corp. 7%
...91,559,816 93,086,4071
Trustees' report,
381,581
765,182
pref. stock
4,261,026
4,259.916
Common stock..25,057,581 25,057,581
Total
91,559,816 93,086,407
Represented by 2,577,554 shares of no par value,
y Includes capital deficit of $10,977,285 ($11,001,351 in 1935) and oper¬
ating deficit of $13,491*782 ($15,963,565 in 1935).—V. 1 4\ p. 1614,
a
R. C. A.
x
Month EndedPeriod—
Total tel.
$410,862
oper. rev.
Republic Steel Corp.—New President, &c.—
Shareholders of the corporation at their annual meeting, held on April 14,
elected R. J. Wysor, formerly Executive Vice-President and general mana¬
ger, President of the company.
The stockholders also elected three new directors: W. H. Coverdale,
W. G. Mather and Julius Kahn.
The company's new pension plan which applies to 75% of the officers and
key employees was approved.
The plan sets a retirement age of 65 years
and is to be financed, for the most part, through the purchase of annuity
or insurance contracts from insurance companies,
the annual premiums
being met by joint contributions in the proportion of 60% by the corporation
and 40% by the employees.—V. 144, p. 1798.
Reynolds Investing Co., Inc.—Annual Report—
Cash dividends
-2 Months Ended-
Feb. 28, '37 Feb. 29,
&
Corporation has filed with the Securities and Exchange Commission an
(46-39) under the Holding Company Act asking for approval
of the acquisition of a $590,000 five-year 5% promissory note dated March 8,
1937, from Abington Electric Co. of Clarks Summit, Pa., a subsidiary.
—V. 144, p. 1122.
application
Earnings for Year Ended Dec. 31, 1936
Communications, Inc.- -Earnings—
,
Teleg. & cable
to $3,584,000.
The company is also offering 1,630,903 shares of common stock covered
by other registration statements.
Based upon the offering price on Feb. 28,
1937, the net proceeds from the sale of these shares are estimated at
$7,977,154.
In view of the fact that the securities presently offered by the comp'any
may be sold over a period of time, and at varying prices, it is not possible to
determine exactly the net proceeds to be received by the company.
The
company will receive at least 91% of the price at which the securities''are
sold to the public, except that the company will receive the entire amount
paid by the public upon exercise of the warrants.
From the funds so re¬
ceived by the company (exclusive of funds received upon the exercise of
warrants), it is estimated that an amount of approximately 1% to 2%:of
the sales price of the securities will be appropriated for expenses in connec¬
tion with their sale.—Y. 144, p. 1799.
3,850,000
12,853,057 12,798,628
Net proceeds from
x
Total
amount
Gtd. fund, debt of
474,859
999,871
.24,469,067 26,964,916
.
44,978
Units offered, 201,511.
The net proceeds from the sale of the total num¬
ber of units offered are estimated at $2,026,968; and the net proceeds from
the exerccise of the total warrants outstanding and offered hereby would
Republic Service Corp.—To Acquire Note—
367,425
1,068,558
32,467,095 33,422,403
Funded debt
de¬
—
934,484
841,598
467,109
603,945
one year.
Deposits
2673
Warrants (attached to 6% pref. stock, series B) for the purchase of
shares of common stock were outstanding as of Dec. 31,1936.
Def. accts. A notes
5,834,311
cos...
Deficit
88,068
due
5,769,761
posits and assets
Deferred charges..
y
3,541,458
gtd.
debt of subs
to
A
on
744,281
4,611,328
and expenses...
184,916
640,120
foreign Bubs....
Accrd. taxes, Int.
Instalments
leased property. 6,515,562
Other
leaseholds,
goodwill Aeon..
227,479
110,625
Ser. bonds A mtge.
Corp
765,182
381,581
Land owned
18,653,088 18,666,514
Bldg. & equipments,911,011 13,689,774
Impt. & equip, on
In
69,430
1,903,193
8,672
payable to
officers A empl.
Remittances from
by Stad. Theat.
Inv.
3,712,833
Accts.
Accrd. int.
tinuities
rec.
69,430
A sub. cos
15,776
3,234
491,617
side producers..
Marketable secur.
Assets
COS
&
employees
&
Notes pay. A deb. 3,698,825
Notes pay. A affil.
Accts. pay. to affll.
Accrued Int., &c_.
Advances to out¬
Scenarios
$
886,790 Accounts payable. 1,810,065
Accts. receivable
from
al935
$
Liabilities—
debs.
Subscrlp. to
al936
$
Chronicle
'36 Feb. 28, '36 Feb. 29, '36
$361,003
$845,534
$744,845
cable oper.
337,417
328,851
680,572
$32,152
08,497
15,595
Uncollectible oper. revs.
Taxes assignable to oper.
31.609
16,844
$164,962
Cr 16,999
24,348
2,000
63,617
$75,151
Crl6,991
29,344
2,000
32,635
Oper. income
Non-operating income..
$36,560
80,499
$7,210
48,980
$91,996
150,530
$28,163
82,839
$117,058
28,185
$56,190
35.810
$242,526
54,842
$88,873
$20,380
$187,684
$38,604
Net tel. A cable oper.
revenues
Other oper. revenues
Other operating expenses
1.000
on
bonds and bank balance
Other
$111,002
72,397
expenses
$383,158
24,027
9,520
120
.
Dividend received i n bonds
Interest
669,694
$73,445
Cr8,499
12,776
1,000
a
Total
operating income
$416,827
57,008
_
General administrative expensesFederal and State taxes
8,653
i
172,345
5,442
11,564
Interest paid and accrued on 5% debentures
Interest on brokerage account and bank loan
Amortization of discount and expense on 5% debentures
$161,814
Net operating income..
a
able
Dividend received in bonds was valued by the directors at par, avail¬
over-the-counter quotations at time of receipt not being considered
representative.
Gross income
Deducts, from gross inc.
—V. 144, p.
1798.
Reliable
Stores
Statement
Corp.—Rights—
The company notified the New York Stock Exchange that holders of
stock of record at the close of business on April 12, 1937, were
offered tne right to subscribe at $30 per share for convertible preferred stock
of $30 par value to the extent of four shares for each
see page
17 shares held.
three months ended Dec.
Car
Co.-
been removed
Dividends paid on $6
-Proxy
Fight Ended—To Increase
as
a
Herbert Wilson
Smith will become new directors.
The other two of the
directors will be elected at the annual meeting to be held on April 20
Mr. Vanderlip stated that the stockholders co:nmittee, which he is identi¬
and which is headed by William Loeb, will discontinue its activities
fied
and vote its pro vies with those of the management.
Mr. Bates said that he was thoroughly in accord with the addition to the
Reo board of Mr. Vanderlip and his associates and that he believed the
infusion of ne w olood and new viewpoints would be helpful.—V. 144, p. 2498.
$537,517
1936 (from Oct. 1,1935)
30, 1935, and the adjusted book values of other
Sept. 30, 1935; profits and losses thus computed
have been applied to earned surplus, except that capital surplus has been
credited with such book profits as represent recoveries of any part of
amounts written off at Sept. 30, 1935 from the book values of securities
Based on cost of securities before their revaluation Sept. 30,
1935, the sales of securities during the year 1936 resulted in a net loss of
$101,324.
Note—During the year ended Dec. 31, 1936, there was a decrease of
$49,707 in the excess of total valuations of securities owned as approved by
the directors over their book values.
Statement of
Capital Surplus for the Year Ended Dec. 31, 1936
$392,252
Capital surplus, Jan. 1, 1936
Net excess of stated value over cost of 264 shares of pref. stock
4,112
required
Partial
recoveries on sales of securities during the period of
written off at Sept. 30, 1935 (incl. $25,703 credit
amounts
Capital surplus, Dec. 31, 1936—
Republic Investors Corp.—200% Stock, Dividend—
$117,671
-
Accrued divs. and int. receiv..
Accounts receivable..-a
Marketable securities.
59,108
52,395
8,724,299
131,954
Deferred charges.--
Republic Investors Fund, Inc.—Stock Offered—W. R.
Co., Inc., are offering 6% pref. stock, series B ($10
par) and warrants for purchase of common stock at $11.25
per unit, plus divs.
6% pref. stock, series B, and
one
non-de¬
tachable warrant to purchase two shares of common stock at $8 per share on
before Dec. 31, 1938.
The 6% pref. stock, series B, is preferred over the common stock as to
cumulative dividends at the rate of 6% per annum, payable Q-F, and is
preferred as to assets upon voluntary liquidation up to $10.60 per share plus
divs. and upon involuntary liquidation up to $10 per share plus divs.; and is
or
redeemable in whole or in part on 30 days' notice, at $10.60 per share, plus
dividends.
Custodian Commercial Trust Co. of New Jersey. , Transfer agent and
registrar Security Transfer & Registrar Co., Jersey City, N. J.
Company operates as a general management investment trust and invests
and reinvests its assets in securities which in the opinion of the directors have
definite investment merit.
It is authorized to purchase and sell and other¬
wise deal in personal property and commodities as well as securities, but
the company has confined its purchases to securities traded in on the New
York Stock Exchange or the New York Curb Exchange, and from time to
time, to securities traded in on other exchanges or on the over-the-counter
market.
All purchases have been made outright for cash.
No change in
this investment policy is at present contemplated.
The net proceeds from
the sale of the securities offered hereby are to be similarly invested.
The principal business office and the place where annual stockholders'
meetings are held is 35 Journal Square, Jersey City, N. J.
3,446,900
b Pref. stock.
993,500
Common stock
1,787,859
1,349,143
537,517
Capital surplus
Earned surplus
a
—
Book value.
$9,085,429
-
$9,085,429
Total
Market value $1,740,294 in excess of book value,
b
Rep¬
resented by 9,935 no par shares, c Represented by shares of $1 par value.
Note—At Jan. 1, 1937, cumulative dividends on pref. stock outstanding
were
in arrears $268,245 or $27 a
share.—V. 144, p. 1975.
Reynolds Spring Co.—To Drop Plan—
has decided to rescind its plan for raising additional capital.
recently filed a registration statement witn the Securities and
The company
The company
Exchange Commission covering 58,000 shares of $1 par and the same number
of warrants.
Stockholders were to be offered rights to subscribe to one new
share for each five held.—V. 144, p. 2319.
Rheem Mfg.
Co.—Listing—
The company has filed an application with the San Francisco Stock
Exchange to list 300,000 shares ($1 par) common stock.
The listing com¬
mittee of the Exchange has approved the application subject to registration
under the Securities Act of 1933, and effective date will be announced later.
shs.
shs.
shs.
also
of the company are R. S. Rheem, President; D. L. Rheem,
Vice-President and Treasurer; Wm. Moller Jr., Vice-President and Assistant
been authorized.
Stock outstanding as of Dec. 31, 1936:
6,624
taxes
5% debenture bonds, series A
c
Total
$920,000
43,886
Reserves for Federal and State
The company, which maintains headquarters at Richmond, Calif., is
engaged in the manufacture and sale of metal products made from sheet
as pails, barrels, drums and tanks and various equipment used
in connection with water heaters.
Organized in 1930 as a California
corporation, operations of the company originally centered in Emeryville
but in 1933 the main plant was moved to Richmond.
The company also
has a plant in Southgate, Calif, and one in Houston, Texas.
Rheem Manu¬
facturing Co. (Australia) Proprietary, Ltd., is a subsidiary and was recently
organized to enter the Australian market;
The company has no funded
debt.
Products of the company are used by the oil, chemical, alcohol,
wine and food, paint, insecticide spray, plumbing and heating, and ptimp
26,000
6% pref. stock, series B (par $10)
224,000
Common stock (par 25 cents)
10,000,000
Warrants for the purchase of 448,000 shares of common stock have
■_*
payable to bank
Accrued interest payable.....
6,204 shs.
Capitalization—The authorized capitalization is as follows:
6% pref. stock, series A (par $10), of which 19,132 shares
had been converted into 132,558.80 shares of common
stock as of Dec. 31, 1936
6% preferred, series A
6% preferred, series B
Demand loan
due 1948.
Bull &
A unit consists of one share of
»
Liabilities^—
Assets—
Cash
$1,349,143
,—
Balance Sheet, Dec. 31,1936
a stock dividend of 200%
payable in common
May 8 to holders of record April 24.
A cash dividend of three cents was paid on April 1, last; 5 cents paid on
Oct. 1, 1936;
cents paid on July 1 and on April 1, 1936; and one cent
paid each three months from July 1, 1934 to and including Jan. 2, 1936.
—V. 144, p. 1799.
on
952,779
adjustment applic. to the 3 months ended Dec. 31, 1935)
The directors have declared
Common
119,220
cumulative preferred stock.
ties acquired after Sept.
securities as established
Vanderlip together with
stock
$656,737
-
then owned.
at the forthcoming meeting of stockholders has
result of a meeting on April 13 between Frank A. Van¬
a contest
of the management.
•
Mr. Bates stated that in line with an agreement reached the Reo board
will be increased to nine members from five.
Mr.
new
410,426
31, 1935) (see A)
———
Cost of securities sold during the year was computed as heretofore on
The cost basis employed was the cost of securi¬
A
derlip, Jr., and his associates and D. E. Bates, Reo President, and others
four
31,
the
the first-in-first-out basis.
Diredorate—
Possibility of
—
Earned surplus, Dec. 31,
To Reduce Directorate—
Motor
Total.
2684.
Stockholders at their annual meeting on April 20 will consider amending
the company's by-laws, so as to change the date of the annual
meeting of
stockholders and reducing the number of directors.—V. 144, p. 2498.
Reo
$84,497
161,814
1936
Net profit from sales of securities for the year ended Dec.
1936 (after deducting $25,703 adjustment applicable to
common
Annual RepvrU—For annual &e.,
of Earned Surplus for the Year Ended Dec. 31, 1936
Earned surplus, Jan. 1, 1936 (from Oct. 1, 1935)
Net operating income for the year ended Dec. 31,
steel such
in<Officers
—
22,489 shs.
396,525 shs.
Secretary; Harvey A. Craig, Vice-President in charge of sales;
Hall, Secretary
and Jefferson Davis, Comptroller.
Herbert E.
2674
Financial
Roanoke Gas Light Co.—
Earnings—
Calendar Years—
Gross operating revenues
Operating
1936
Maintenance
Uncollectible
1935
$435,230
241,010
33,114
expenses
1934
$445,629
212,332
27,381
2,122
1933
$431,497
203,057
28,491
4,029
775
34,208
$426,866
178,333
22,014
9,047
6,371
23,981
accounts--
2,140
Prov. for Fed. inc. tax. 1
General taxes
J
39,421
Net oper. revenues
Non-oper. income (net).
$119,544
$166,481
$160,937
527
494
448
Balance
Prov. for retirements
$120,071
34,629
$166,975
33,546
$161,385
31,924
Chronicle
Rutland RR.-
Gross income
Int. & other inc. chargesi
,
$249,069
256,736
$187,119
Net rev. from ry. oper
$20,285
def $7,667
343
Ry. tax accruals
Equip. & joint Sac. rents
16,744
12,710
$26,801
33,780
449
2,848
687
6,848
3,990
3,075
def$17,529
10,693
$6,292
7,191
def$48,735
14,391
Total income
Misc. deducts, from inc.
$7,065
def$6,836
$899
def $34,344
425
Total fixed charges
1,143
34,398
770
34,137
68,324
1,484
68,783
$27,497
$42,377
$68,195
$104,611
$133,429
104,279
$129,461
107,454
$156,278
104,731
$29,150
30,000
$22,007
$51,547
47,500
(Cr)
1936
1935
Liabilities—
x
Due
to
parent
affiliated cos
__
Accts receivable-.
91,005
Due from affil.cos.
11,666
Merchandise,
128,783
12,108
56,647
25,337
18,174
Appl. on rental.-_
Def. debltltems
386,989
34,642
46,113
13,199
41,189
7,135
40,137
Accrued
19,696
20,064
1,091
16,490
Def. credit items.-
accts
Service exten. dep.
$3,019,042 $2,990,047
Represented by 10,000
486,975
490,177
dep..
Total
■
Deposit Agreement—
deposited
under the management's plan to defer
payment of a portion of the interest
due in the foiir-year period from Jan.
1, 1937, to Jan. 1, 1941' 41.8% of
the $4,400,000 Ogdensburg & Lake
Champlain, 1st 4s of 1948; 44% of the
$1,350,000 Rutland-Canadian RR. 1st 4s of 1949, and 63.7% of the
$3,499,Rutland RR. 1st 4^s of 1941.—V.
144, p. 2319.
000
Saguenay Power Co., Ltd. (& Subs.)—Earnings—
Years Ended Dec. 31—
1936
Operating revenue
Operation, maintenance, admin.,
$3,019,042 $2,990,047
par shares.—V.
no
accrual for excise tax account Railroad Retire¬
Act.
that,
424
Earned surplus
x
13,436
40,475
9,530
474,342
468,433
Accounts payable-
384,449
exp.
$4,423,468
773,698
$4,017,429
Profit
Other income
1935
$4,668,717
651,288
& taxes
-
143, p. 3,331.
$3,649,770
20,503
25.064
-
Rochester Telephone
Corp.—Earnings—
Month Ended
Period—
Operating
Feb. 28, '37
$396,169
revenues
Uncollectible oper.
449
rev--
Operating revenues.
Operating expenses.
$395,720
277,362
$78,650
oper. revenues
Operating taxes
-
$796,761
551,291
$778,817
551,161
$114,765
33,200
$245,470
79,555
$227,656
66,402
$81,565
$165,915
■
Total income
Interest on funded debt
Other interest
144, p. 2498.
$161,254
2,071,175
Calendar Years—
$982,853
137,503
630,000
$215,350
Net income
Preferred dividends
Common dividends
—
revenues
1934
$3,570,714
1,956,639
$3,481,962.
1,984,082
Plant, transm. lines, railroad
& equip., water rights,
&c.$42,931,328
$1,573,036
Drl,685
$1,509,451
Dr2,748
$1,614,075
2,237
$1,497,880
2,090
Investments in and advances
to affiliated com panles
1933
$1,571,351
Inc. deduct, (int., &c.)..
360,986
$1,506,703
490,611
$1,616,312
508,887
$1,499,970
392,084
Net income.
Common dividends
$1,210,366
947,137
$1,016,092
811,832
$1,107,424
1,082,442
$1,107,886
1,082,442
Assets—
Liabilities—
$263,229
$204,260
$24,982
$25,444
19,639,785
and preferred stock
Balance, surplus
Consolidated Balance Sheet Dec .31
1936
1935
$
Assets—
$
1936
13,313
16,863
484,210
3,600
348,314
588,175
37,583
438,520
4,300
302,833
564,931
41,338
456
456
971,089
Deferred debits
1935
$
1,314,918
13,530,530
Prem. on cap.stock
561,443
561,443
Long-term debt-— 6,548,000
6,548,000
Accts. payable
110,632
118,195
Notes payable
525,000
500,000
Consumers* deps..
124,319
117,126
Matured int
1,032
Taxes accrued
170,189
257,993
Interest accrued-52,673
56,183
Deprec.
reserve
Other
liabil.
reserves
Total
Rose's 5,
January
February
March
<
—
1936
$317,107
326,195
395,855
$257,051
Company had 100 stores in operation
a year ago.—V.
144, p. 1799.
295,556
308,669
Accts. <fc note rec.—less res've
Accts. rec. from an affil. co._
Reserve for depreciation
Res. for casualties &ipsur.._
5,818,392
Marketable securities
Cash at banks and on hand.
Surplus
3,274,270
1,030,443
Rustless Iron & Steel
1935
$213,387
241.914
290,727
1934
$186,000
199,420
237,261
March, against 89
Selling, general and administrative expenses
Research, development and patent
expenses
Miscellaneous income.
600,000
-
Total
9,764
-
$72,214,794
-
St,
Catherine-Stanley Realty Corp.-
-To
Modify Bond
Terms—
The holders of the 6K% 1st
mtge. bonds due 1946 will vote May 4 on
approving certain modifications to the indenture which among others are
as follows:
"
(1)
Company's obligations in respect of payment of principal and
interest shall be modified to the effect that
principal and interest shall be
or altered to the effect:
That in respect of the period
commencing Nov. 1,
1936, and ending
1942, interest shall be limited to payment at rate of 3% per
annum; in respect of period commencing May 1, 1942, and ending April
30,
1947, interest shall be limited to payment at rate of 3
% per annum; and
thereafter to maturity of bonds at rate of 4%
per annum; in each case
payable half yearly on May 1 and Nov. 1 in each year, the first payment
to be made on May 1,1937, or 30
days after the passing of the resolution.
(3)
The maturity of the bonds shall be extended to May 1,
1957;
(4)
Company's obligation to make payments to the trustee by way of
sinking fund shall be modified.
(5)
Three bondholders shall be nominated for election as directors of
the company, with power to the
remaining two bondholders to choose the
of any person so named in the event of his
death, refusal or
successor
p.
466.
Saco-Lowell Shops—Plan Modification Proposed—
1937
$996,809
714.429
1936
$492,846
355,962
74,846
1,060
7,968
61,930
$198,506
5,567
Provision for doubtful accounts
$72,214,7941
maturing
Represented by 210,000 no-par shares.—V. 143, p. 3162.
incapacity to act.—V. 123,
Corp.—Earnings—
3 Months Ended March 31—
Gross sales, less discounts, returns & allowances
Cost of goods sold..
Total.——.
20,627
-
serial notes
June 15,1937
April 30,
25,275,264 25,805,377
at the end of
stores
Prov. for Inc. & other taxes.-
2H%
50,522
1,461,984
10 & 25-Cent Stores, Inc.—Sales—
1937
198,027
1,350,000
326,038
238,299
bonds & notes
payable only in lawful money of Canada at the principal office of
Royal
Bank of Canada, in Montreal or Toronto.
(2)
Company's obligations in respect of payment of interest on the
bonds due and unpaid to Nov.
1, 1936, shall be extinguished; and com¬
pany's obligations in respect of payment of interest thereafter shall be
—V. 144, p. 290.
Month of—
on
modified
credits
Surplus
25.275,264 25,305,377
34,400,000
2,981
5,104
1,928,272
167,043
Miscel. unadjusted
Total
Accrued int.
3,029
1,310,985
payments
cur.
—-
Accounts payable
Notes payable
1,720
9,734
2,140,294
185,684
Advance billings &
Miscel.
1,021,470
62,278
989,604
1,820,000
x
Capital stock ($10
par)
13,530,530
preferred shares (par $100) $5,000,000
Common shares
.x21,000,000
4,669,852
29,404
Inventories of mat'Is & suppl.
$
Liabilities—
22, 828,523 22,621,215
5H% cumulative redeemable
Funded debt
Unamort. exp. in connection
with issues of bonds, notes
Prepaid expenses
Prepayments
Special deposits.—
420,000
Consolidated Balance Sheet Dec. 31,1936
1935
$3,520,785
2,011,334
Gross income
Materials &suppl_
Accts. receivable--
$250,727
Note—A quarterly preferred dividend of
$68,750, payable Feb. 1, 1937,
declared Dec. 15, 1936.
(& Subs.)—Earnings—
Contracts
Income from oper
Working funds
$670,727
Provision for depreciation
Provision for income taxes
1936
Total oper. expenses
Mlscell. invests
Cash..
—j.
17,583
56,507
672.467
Amort, of exp. in connection with funded debt
$3,668,255
2,095,218
Operating revenues.
Fixed assets
48,222
28,253
683,477
228,511
was
Rockland Light & Power Co.
Non-oper.
$3,670,273
2,252,989
$4,042,494
Surplus
Net oper. income
—V.
$387,835
273,070
$118,358
39,708
-
-
|*Net
2 Months Ended
Feb. 29, '36 Feb. 28, '37 Feb. 29, '36
$388,711
$797,665
$780,557
876
904
1,740
25,696
The report of the road to the Securities and
Exchange Commission showB
as of Marcn 31, the following
percentage of bonds had been
$100,000
1,447,000
&
Reserves
Total.
charges
Node—Does not include
1935
$100,000
1,447,000
Notes payable
Consumers'
ma¬
terials & supplies
1936
Common stock--
Funded debt
def $29,887
Net deficit after fixed
L
ment
Comparative Balance Sheet Dec. 31
—
Net ry. oper. income.
Other income.
Balance
def$21,744
def$850
$22,007
$4,047
Note—No provision was required for Federal income tax or Federal surtax
on undistributed
profits for 1936.
Assets—
-2 Mos. EndedFeb. 28, '37 Feb. 29, '36
$549,372
$489,828
522,571
519,715
$272,027
251,742
$85,443
107,187
Prop., plant & eq.$2,781,675 $2,732,885
Misc. investments
8,000
8,000
Special deposits—
216
5,420
Cash
21,119
28,158
-Month EndedFeb. 28, '37 Feb. 29, '36
Ry. operating revenuesRy. operating expenses-
loss$21,744
Net income
Common dividends
1937
-Earnings—
Period—
$187,462
31,184
37,311j
April 17,
dividends of 50 cents per share nad been paid on this issue.
In addition
an extra dividend of
$1 was paid on Sept. 1, 1936,—V. 144, p. 622.
$59,434
2,806
$204,073
3,300
$62,240
4,113
521
14,996
The informal committee of nine stockholders formed as a result of
opposi¬
tion to the tentative plan of reorganization which
developed at the annual
meeting on March 8, has rendered a report to the company in which it
suggests one important modification of the plan, namely, that each present
share of common receive one-half share of common of the new
company,
rather than one-third share as originally
proposed.
The committee suggests that for each share of
present 6% preferred there
be exchanged three shares of class A convertible
preferred and three shares
of common of a new
corporation and that for each share of present 2d pre¬
ferred there be exchanged 1H shares of class A convertible
preferred and 1H
Int. on 1st mtge. note pay. to Fed. Res. Bank
Amort, of exp. in connec. with 1st mtge. loan
Other interest
Net
profit
691
69
107
29.000
4,000
$171,012
Estimated provision for Federal income tax
$54,019
-V. 144, p.2146.
Seaboard Commercial
—Y.
144,
p.
1937
$50,353
$0.45
$40,503
$0.35
2147.
$20,000,000 sinking fund debentures will bear 4% interest, according
Exchange Commission.—V. 144,
to amendment filed with the Securities and
p.
2319.
St. Lawrence Flour Mills Co., Ltd.—25-Cent Dividend—
The directors have declared
dividend of 25 cents per share on the com¬
mon stock, par $100, payable
May 1 to holders of record April 20. A divi¬
dend of 75 cents was paid on Feb. 1, last and
previously regular
its
original
company made no suggestions
preferred stock of the
1936
Safeway Stores, Inc.—Debentures to Bear 4% Interest—
The
corporation.
letter, outlining the tentative reorganization plan, the
relative to sale of new stock to pay off some
$2,000,000 of indebtedness, although it was believed such suggestions would
come later.
The stockholders' committee, however,
proposes a scheme to
arrange this financing.
It is suggested by the committee that each share of class A
convertible
In
Corp.—Earnings—
3 Months Ended March 31—
Net profit after prov. for reserves, deferred income
and all taxes texcl. of undist. profits
tax).
Earnings per share on common stock
shares of common, these two proposals being the same as the
company's;
for each two shares of present common there would, the committee
suggests,
be exchanged one share of common of a new
a
quarterl
new corporation and each share of
common, carry
right to subscribe to M-share of class A convertible preferred stock
corporation (or under certain circumstances M-share of class B
convertible preferred) at $20 a share, and
-share of common of the new
corporation at price not to exceed $20 a share.
It is proposed that this offer¬
ing be underwritten.
It is suggested that if and when the present company and the
under¬
writers so agree, the subscription rights shall be in respect of class B
con¬
vertible preferred stock, instead of class A convertible preferred, of the
new
corporation; such B stock to be in all respects the same as class A, except that
for a period not exceeding two years from the expiration of
subscription
rights, the B stock shall be entitled to receive upon conversion in excess of
with it
of the
one
a
new
share of common.
The class A would be convertible share for share
into
common.
Upon consummation of the plan along the lines suggested by the com¬
mittee, the new corporation would be capitalized at 124,454 shares of class A
convertible preferred (or under circumstances referred to
above, 77,157
Volume
Financial
144
shares of class A convertible
preferred and 47,297 shares of class B convert¬
ible preferred and 159,328 .shares of common.
At present the company has outstanding $46,000 class O notes
and $385,-
000 class D notes, both convertible into common stock of the present com¬
for each $1,000 principal amount of
converted.
If they were all con¬
verted, capitalization of the new company would comprise 129,841.5 shares
of class A preferred (or 77,157 shares of class A and 52,684.5 shares of class B
preferred) and 186,265.5 shares of common.—V. 143, p. 3857.
pany in ratio of 100 shares of common
notes.
Some of these notes are being
San
convertible stock and
Feb. 28, '37
■
Operating revenues
Operating expenses, maintenance & all taxes
$8,060,374
4,673,949
Feb. 29, '36
$7,577,780
4,270,496
an
ment
share of common stock
Seattle Gas Co.—Earnings—
1936
1935
$1,810,565
1,442,584
$1,710,425
1,294,735
Calendar Years—
Gross earnings
Operating
_
expenses
and taxes
Interest deductionsNet oper. rev.
asset value of 50 cents a
outstanding in the hands of the public.
Bank loans on March 31 amounted
to $6,884,044.
Of this amount $2,000,000 was borrowed during the first
quarter of the year in connection with the purchase of additional amounts
of the corporation's allotment certificates and prior stock.
Such purchases
amounted to 12,450 units of allotment certificates and 13,150 shares of
prior stock.
As of Dec. 31, 1936 net assets were equivalent to $144.17
a share of prior stock and $35.58 a share of convertible stock.—V.
144,
P. 1801.
Diego Consolidated Gas & Electric Co.—Earnings
Year Ended—
2675
Chronicle
257,188
258,913
$110,793
$156,777
-
-
(before appropriation for retire¬
$3,386,425
Net income
$3,307,284
3,194
reserve)
4,273
Other income
Balance Sheet Dec. 31
1936
Net oper. revenue & other income (before appro¬
$2,048,557
682,157
66,593
247
4,908
$1,446,702
Gross income
1,260,000
$3,311,557
1,263,000
$2,129,618
620,715
61,954
priation for retirement reserve)
Appropriation for retirement reserve
$1,294,899
$3,389,618
...
....
»
Interest charges (net)
Amortization of debt discount & expense
Other income deductions
Net income-
-
Note—No provision for surtax on undistributed profits under the Rev¬
enue Act of 1936 is included in the above statement.
It is estimated that
no such surtax will be incurred for the year 1936.—V. 144, p. 2320.
Assets—
Plant,
Non-utility &
2d pref.
11,340,117
688,900
23,830
stock-
5,076,000
debt
Funded
$
72,150
34,350
75,000
68,230
119,377
118,214
Accrued
331,284
248,828
253,260
186,636
funded debt
64,912
Accrued taxes
164,936
oper. property._
Special deposits
Prepaid accounts A
118,367
Deferred liabilities
Receivables
404,851
Mat'ls A supplies.
182,109
int.
176,281
107,694
dl02,092
Accts. A note pay.
deferred charges
Cash
3.307,500
688,900
23,830
5,083,000
3,307,500
stock
b Common
non-
1935
$
Liabilities—
$51st pref. stock. .
property,
rts., franch., &c.ll,510,701
a
1936
1935
$
on
3,736
65,029
172,248
4,902
2,166,096
2,029,732
Misc. current llabReserves
Depreciation
Contributions for
Sangamo Electric Co.—Stock Split—
The
139,000 shares
extensions
have been split two for one, making the
144, p. 1976.
(no par)
c
Application Approved—
Total
common
shares.—V. 144, p. 1976.
Savannah Electric & Power
After
a
pany
12,654,823
reserve
by 23,830
no-par
-
621,036
5,162
.12,654,823 12,290,286
Total
in 1935.
b Represented
c Since date of recapitalization, Nov. 30, 1935.
only.—V. 142, p. 2844.
shares,
Ry.—Earnings—
1934
1935
1936
$105,710
20,037
20,270
2,100
1,159
Calendar Years—
Income from lease of road
Taxes.
Co.—Earnings—
Earned surplus.
of $46,063 in 1936 and $83,855
d Accounts payable
Sharon
12,290,286
4,972
815,920
117,132
Contingencies--
total outstanding 278,000 shares (no par).—V.
The Chicago Stock Exchange has approved the application of the com¬
to list 278,000 shares of common stock, no par, to be admitted to
trading on notice of registration under the Securities Excnange Act of 1934.
This application is in accordance with action of stockholders authorizing the
increase of common shares from 150,000 to 300,000 shares and the issuance
of two shares of new stock for one share of the presently outstanding 139,000
5,401
—
$105,710
11,438
$105,710
11,300
20,270
2,100
1,160
Feb. 29 '36
$157,317
57,531
8,543
17,517
$173,621
62,586
7,241
al8,708
Operating revenues
Operation
Maintenance
Taxes
12 Months Ended
Feb. 28 '37
Feb. 29 '36
$1,995,762
752,630
$1,820,929
717,921
115,483
200,300
111,800
a209,222
$85,085
$922,109
20,363
$787,225
25,497
$74,437
31,418
$942,472
377,941
$43,019
$564,531
216,166
149,114
60,000
$404,065
158,333
149,115
60,000
290
$61,882
25,581
$70,591
24,440
$70,463
23,427
Total surplusDividends
$87,463
69,450
$95,031
69,450
$93,890
69,450
$18,013
$25,581
$24,440
Interest on funded debt
Maintenance of invest, organization.
Amortization of disc, on funded debtMiscellaneous income charges
_
Net income
$812,722
408,656
$53,072
Int. & amortization
711
$84,580
31,508
Balance
$73,726
Dr5Q5
Net operating revenue
Non-operating inc. (net)
260
20,270
2,100
1,159
279
Previous surplus.
-Month EndedFeb. 28 *37
Period
Surplus, Dec. 31
-
Balance Sheet Dec. 31
Balance
sro.
for retir.
reserve-
Deb. div. require
Pref. dividend require-Balance
for
common
dividends & surplus--
$36,617
$139,250
a No provision has been made for the Federal surtax on undistributed
profits since any liability for such tax cannot be determined until the end
of the year.—V. 144, p. 2320.
1936
1937
1933
1934
1935
$357,430
$486,507
$478,982
515,158
441,916
566,578
664,335
904,809
1,143,763
There were 266 stores in operation on March 31, 1937, as against 243 a
year ago.—V. 144, p. 1976.
January
February
$607,780
611,832
811,059
$681,079
633,294
1,094,763
_-
March
Scotten
Co.—30-Cent
Dillon
Dividend—
a
dividend of 30 cents per share on the
payable May 15 to holders of record May 6.
Dividends of 50 cents were paid on Feb. 15, last, Nov. 14 and Aug. 15,
1936, and compare with 30 cents paid on May 15,1936; 50 cents on Feb. 16,
1936; 30 cents per share in each of the three preceding quarters; 50 cents
on Feb. 15, 1935; 30 cents per share paid on Nov. 15, Aug. 15 and May 15,
1934; 40 cents on Feb. 15, 1934, and 30 cents per share in each quarter of
1933.
In addition an extra dividend of 30 cents per share was paid on
Feb. 15, 1933—V. 144, p. 788.
The
directors
stock,
common
have
par
declared
revenues
and general taxes
Gross corporate income
on funded debt
Interest
-
...
(net)
Amortization of debt discount and expense
Provision for Federal income taxes—-Normal tax
undistributed profits
Provision for retirements and replacements in lieu of deprec
$2,633,317
1,734,675
66,892
16,524
22,776
27,250
263,000
Simms Petroleum
share
on
S
Plant, prop., rights
franchises, Ac. .57,350,673 57,113,938
Miscell. investm'ts
228,165
217,250
Misc. special depos
63,104
48,255
422,543
1,744,517
Cash in banks and
486,096
409,716
from employees.
10,281
aHAccts. receivable 1,095,668
10,458
927,256
Notes A accts. rec.
►.
Commission
on
64,903
65,164
4,514
272,405
4,359
242,641
pf.
130,550
I • capital stock.
Debt disct. A exp.
410,620
394,096
process of amort
Def'd chgs. A pre¬
paid accounts..
April 23.
Sioux City Gas &
a
Electric Co.—Earnings—
Liabilities—
Net from
36,793,500 37,193,500
Spec, loan fr. Fed.
Wat. Serv. Corp 1,446,502
1,446,502
1933
$2,371,715
1,778,992
1,674,293
1,579.804
112,415
$905,868
34,866
$905,948
22,690
$791,911
155.726
$1,126,437
488,165
65,849
$940,735
543,883
36,228
$928,639
546,701
38,489
$947,637
549,549
41,938
$572,423
307,705
$360,624
363,651
87,000
$343,449
335,698
$356,153
338,709
319,000
$90,027
sur$7,752
$301,5o6
$1,014,022
operation
Other income—Total income
Bond interest
-
Other deductions
Surplus for dividendsPreferred
dividends
Common dividends
sur$264,718
Balance, deficit
Note—No provision for surtax on
Sheet
Dec.
1936
$
Funded debt
1934
$2,580,241
1936
Operating revenues
$2,856,819
Oper. exps., taxes & re¬
newal & replace, res
1,842,797
Assets—
$
Pur .-money oblig.
45,000
76.549
Plant, prop., rts.,
franchises, Ac—14,198,776 14,082,955
Invest. A advs— 6,171,256
6,151,491
11,371
Special deposits—
7,917
525,608
52,558
Bond disc.
7,077
Accrued items
1,344,469
Deferred liabilities 1,136,848
Consumers' dep. A
6,798
1,168,601
Due to affil
accr.
co
int. thereon
Reserves
132,083
4,854,611
4,656,594
075no parshs.).
1,207,500
pf.stk.(58,625no parshs.). 5,862,500
Com.stk. (100,000
shs. no par)
5,000,000
Capital surplus...
445,724
Earned surplus... 1,601,080
80,640
93,707
587,385
614,904
2,300
on
After reserve for
61,750,701'
5,862,500
Notes A accts.rec
576,274
cos.
1,792
176,996
Cos.)
1936
$
7% cum. pref. stk.
(par $100)
4,838,700
Com. stk. (par$25) 2,973,450
Funded debt
10,350,000
Deferred liabilities
112,744
Notes payable
Serial deb.
bonds
due July
1 '37
Accounts payableAccrued interest.Accrued
Other
taxes
curr.
Reserves
Surplus
liabils-
150,000
76,841
1935
$
4,838,700
2,973,450
9,390,800
119,889
7,500
101,289
188,965
308,067
56,451
14,202
340,325
84,424
3,068,330
11,983
2,950,875
973,172
708,582
(cur¬
rent accounts)
..
Mat'ls A supplies-
42,151
159,396
30,952
132,388
.———22,921,959 21,716,783
After
reserve
Total
22,921,959 21,716,783
and
for uncollectible notes and accounts of $66,852 in 1936
$49,477 in 1935.—V. 143, p. 443.
142. p.
Southern Bell Telephone &
Inc.—Net Assets—
Company reports as of March 31, 1937 net assets of $55,238,707, before
bank loans but after deducting provision for normal Federal
tax on unrealized appreciation.
This indicates a coverage as of
that date of $152.94 a share of $5.50 prior stock and $39.44 a share of $1.50
Telegraph Co.—To Issue
$45,000,000 Debentures—
13 filed with the Securities and Exchange Com(No. 2-3079, Form A-2) under the Securi¬
of 1933 covering $45,000,000 25 year 3H% debentures due April 1,
1962, of which $42,500,000 are to be offered publicly and the remaining
The company on April
deducting
mession a registration statement
Income
ties Act
\
Sub.
(Excl.
Liabilities—
4,380,429
60,402,506 61,750,701
uncollectible accounts and allowances.—Y.
165,632
Due from sub. and
affil.
5,000,000
31
Preferred divs
4,347
(at cost)
x
Total
Total
2,351
funds.
U. S. Govt, securs.
3868.
Selected Industries,
hand
Working
1,207,500
cum.
415,321
20,711
60,402,506
417,925
1,502,108
Cash in banks and
$5 cum.pf.stk. (12,-
$6
A exp.
in proc. of amort
Prepaid accts. and
deferred charges
122,893
undistributed profits.
1935
$
1935
$
1935
$2,684,860
Years End. Dec. 31—
x
Total..
Co.—Liquidating Dividend—
April 13 declared
Accounts payable-
ac¬
Due from affil.cos.
on
the common stock, par $10, payable
Balance
1936
1935
$
Mat's A supplies..
^
a liquidating dividend of 50 cents per
April 30 to holders of record
A liquidating dividend of 50 cents was paid on Jan. 9, last;
$1.25 was paid on July 29, 1936; $1 on Jan. 27. 1936; one of $1.25 on Oct. 18,
1935; and one of $10 per share on July 5, 1935.—V. 144, p. 1801.
The directors
Consolidated Balance Sheet Dec. 31
1936
Assets—
Acer, unbilled rev.
Co. of Calif—Change in Corporate Name—
Signal Oil & Gas Co.—Debentures Called—
$502,198
-
working funds.-
$1,837,301 $1,840,356
Total
1976.
144, p.
Notice of redemption of $99,000 15-year 6H% convertible gold de¬
bentures, Series A, on May 1 has been issued by Bank of America National
Trust & Savings Association, Los Angeles.
They are to be redeemed at a
preminum of 2%.—V. 144, p. 1801.
Note—Figures are not comparable with those of 1935 due to rate settle¬
during 1936.
counts recelv'le.
175
11,600
25,581
_
ment
Def. consumers'
Corporate surplus.
Effective April 1, 1937, the properties of Sierra Ry. Co. of California,
(Chas. H. Segerstrom receiver), have been sold and transferred to the new
owner Sierra RR. for operation.
J. E. Taylor, Jamestown, Calif, is general manager—V. 144, p. 1801.
$2,623,657
9,659
Miscellaneous interest
Net income
228
16,060
18,013
Unadjusted credits
$1,837,301 $1,840,356
1935
$1,389,000 $1,389,000
414,000
414,000
Subsidiaries]
$4,323,736
1,700,079
...
Other income (net)
on
Total
—Y.
Year Ended Dec. 31, 1936
Net earnings before provisions for Federal income taxes and
retirements and replacements
Surtax
Long-term debt.—
Current liabilities.
equip.$l,789,849 $1,789,849
32,525
33,379
Rents receivable—
7,120
7,120
Deferred assets
7,807
8,848
Disct. on fd. debt.
1,160
Water Service (Co. & Subs.)—
Consolidated Income Account for the
expenses
Common stock
Cash
$10,
Scranton Spring Brook
Operating
Operating
1935
Inv. in rd. &
Sierra Ry.
Schiff Co.—Sales—
Month of
1936
Assets—
1936
Liabilities—
Financial
2676
are to be sold on or before July 1,1937, to tbe trustee of Pension
established by affiliated companies.
According to tbe registration statement, the net proceeds, exclusive of
accrued interest, to be received from tne sale of the debentures, are to be
applied toward the retirement of the company's presntiy outstanding issue
or $47,070,500 30 year first mortgage sinking fund 5% bonds, wnich the
company intends to redeem on July 1, 1937, at 105% and accrued interest.
Company, it is stated, expects to obtain the balance of the requirements
for such redemption from temporary borrowings from its parent, American
Telephone & Telegraph Co.
Tne bonds are redeemable at the option of the company in whole or in
part of any interest payment date after at least 60 days' notice at tne follow¬
ing prices plus accrued interest: If redeemed on or before April 1,1941,105%;
thereafter and including April 1, 1945, 104%; thereafoer and including
April 1, 1949, 103%; thereafter and including April 1, 1953, 102%; there¬
after and including April 1, 1957, 101%; and thereafter at 100%.
Company states taat the $2,500,000 of debentures to be offered for sale
to the trustee of Pension Funds will be sold for the same consideration per
unit as that to be received from the principal underwriters plus accrued
April 17, 1937
Chronicle
Funds
Operating expenses
41,358
111,550
39,065
,35,502
103,5o6
$218,037
6,351
$206,745
10,082
$224,388
$216,827
14,056
27,149
179,726
14,728
32,276
181,166
$3,455
loss$l 1,344
36,741
Maintenance
(other than Federal income taxes)
Depreciation and depletion
Taxes
—
Non-operating income-
Expenses & taxes of Southeastern Gas & Water Co.
(excl. oper. divisions) & Southeastern Inv. Corp.
Charges of subsidiaries
Fixed charges of Southeastern Gas & Water Co
Net income.
Consolidated Balance Sheet Dec. 31
when prepared
$5,393,413
4,582
investments
Cash.
15.784
—
150
Note rec. (trade)..
1935
890
Accr. int. on notes
1933
$472,872
282,343
$488,375
239,458
Other assets
$201,748
$224,294
$190,529
35,699
$248,917
443
499
306
269
deposits, Ac.
Ins.
3,016
71,201
28,073
Consumers'
A line
extension
dep..
22.697
Deferred credits..
3,291
1,050,334
Reserves
Gross income
funded debt.
364
on
Affiliated company int.
37,404
_
$249,186
158,105
1,380
35,194
$190,835
158,105
2,620
32,602
$224,793
158,105
4,518
30,105
$202,192
158,105
Interest
4,887
Cr218
Crl56
Crl 12
(par $1)
Common (par
50c.)
12,175
12,175
Prov.
19,000
7,250
23,750
163
&
163
135
re¬
placements
ment
$882
a$23,552
$18,839
a$21,941
Balance Sheet Dec. 31
_
$833,575
541
565
$1,016,462
$834,140
equip$6 ,655,661 $6,605,228
Special deposits-
-
583
582
-
(before appropri-
300,000
Long-term debt—$3,157,500 $3,157,500
Demand note pay.
290,351
304,028
15,541
11,130
Loan accouut
411,000
378,000
47,561
54,862
Notes & accts. pay
10,189
76,195
Due affiliated cos.
6,205
5,835
28,754
27,538
for Int. accr., &c
690
690
Prepaid accounts-
2,100
2,984
(net)
427,474
5,518
69,235
Interest charges
$601,641
432,690
Gross income
232,499
$716,462
Appropriation for retirement reserve
1935
1936
Liabilities—
1935
1936
Assets—
Cash
y
Accts. receivable
unbilled
revenue.
_
x
dividends, Ac..
72,840
130,889
3,526
3,320
407,720
403,900
Prov. for Fed. tax.
Reserves
Deferred charges
178,049
162,963
AunadJ. debts..
1,044,400
z
Earned surplus
Total
$6,983,089 $6,957,259
28
'37 Feb.
29
Uncollectible oper. rev__
Operating revenues
V
\Jput
a
t V V viJi U.UO
mm mm
mm
144,
'37
28
Feb.
29
$2,552,009
$2,262,558
Net
$1,660,584
$4,528,143
$4,868,558
,748~238
7,737
1,455,000
$3,120,320
$1,558,690
earnings
Years—
1936
Interest
$2,566,020
543,817
797,340
107,240
540.000
936,862
107,240
y538,805
$2,740,372
y541,473
63.574
842,009
107,240
Net inc. from oper
Gross income
$5,762,931
8,424
$6,327,600
Drl4,475
in
and
$785 in 1936.
Balance
Plant
properties..28,588,S73 27,979,752
20,572
20,572
Invest, in securs..
Pacific
from
Accts.
284,342
501,766
6,313,125
$4,859,757
1,848,303
1,165,414
1,333,483
1,335,382
411,333
368,881
1,254,409
231,149
137.053
61,154
ing for deprec., de¬
pletion & retirem'ts. $4,374,792
$4,842,592
bonds
May 1,
due
A
1968..-11,918,000 12,000,000
for
advances
732,248
construction
Accounts payableDividends payable
61,204
bond
of
bond
Accr'd
Accrued
taxes
Capital surplus...
Earned
1,045,566
454,43^
37,500
355,294
37,500
surplus.—
89,385
90,000
561,197
7,993,833
int..
Reserves
dis¬
count and expense
4M %
mtge.
Consumers' depos.
1,338,668
1,329.446
Amortiz.
6,000,000
1,331,273
Mat'ls A supplies.
$5,548,262
construction)
6,000,000
par)
1st
gold
Int. (excl. of int. charges
to
2,500,000
502,409
651,029
$
$
6% cum. pref. stk.
($100 par)
2,500,000
Com. stock ($100
and notes
receivable
1935
1936
Liabilities—
—
$5,771,355
31
Sheet Dec.
1935
1936
$5,548,262
$4,835,575
24.182
$729,072
2,160.000
$1,249,649
960,000
$1,193,667
945,000
x
Deferred charges..
Non-operating income..
97b,663
S981.917
1,049,696
Includes other income of $19,948 in 1936, $20,623 in 1935 and $18,287
1934.
y After deducting interest charged to construction of $94 in 1935
income.
Pref. & com. dividends-
x
Operating revenues
.$16,735,769 $16,836,394 $14,237,260 $14,571,150
Oper.exps. and taxes.._ 10,972,838
10,508,794
9,401,685
9,022,888
1933
$2,177,469
IIII
Lighting Corp..
1933
1934
Calif.—Earnings—
1935
$1,796,050
....
Cash
1935
$9,091
Depreciation
Due
Co.—Merger Approved—
See Los Angeles Gas & Electric Corp. above.
Calendar
sur.$17,143
$7,848,131
4,305.448
....
No provision
Southern California. Gas
$9,884
1934
x$8,523.874 x$8,284,400 x$7.202.721
5,798,446
4,673,138
4,144,534
929,377
870,890
880,718
$3,065,406
is included for undistributed profits tax since the amount
of such tax, if any, cannot be determined until the end of the year.—V.
144,p.2321.
x
$640,774
649,865
1935
Amortization
Rent for lease of operat¬
xl
658,510
Southern Counties Gas Co. of
Taxes.
$6,377,737 $13,736,837 $12,751,128
4,115,179
8,868,279
8,222,985
3,868
700,000
$673,653
1977.
'36
$6,408,034 $13,787,848 $12,812,643
30,297
51,011
61,515
891~425
p.
Oper. exps. and maint'ee
$6,932,422
25,765
ing property
Operating taxes
$96,992
106,876
$1,208
Deficit
—V.
Net
Fl U
74,428
$106,449
107,657
Net earnings
Interest, deprec. & divs.
Gross earnings
2 Months Ended
'36 Feb.
73,169
Operating expenses
Calendar Years—
$6,906,657
4,354,648
revenues
Gross earnings
After reserve for
z Represented by
1937—6 Mos.—1936
$1,136,036
$1,080,505
462,383
439,731
1937—Month—1936
$179,618
$171,420
y
Telephone Co.—Earnings—
Month Ended
Feb.
Period—
Operating
187,088
$6,983,089 $6,957,259
Total
Including unamortized debt discount and expense,
doubtful accounts of $9,839 in 1936 and $8,616 in 1935.
$100 par shares.—V. 143, p. 3011.
x
Southwestern Bell
516,265
163,536
.
Ltd.- -Earnings—
Southern Canada Power Co.,
Period End. Mar. 31—
750,000
516,265
Common stock.
Capital surplus
1,044,400
750,000
6% pref. stock
$170,064
-V. 144. p. 2321.
136,340
5,033
3,483
Consumers' dep
4,103
$277,725
Net income
75,214
Def. inc. & llabils.
plies
Cash held by trust.
6,046
Other income deductions
Accrued int., taxes,
Materials and sup¬
$1,945,198
1,111,623
$1,015,921
reserve)
Net oper. rev. & other income
ation for retirement reserve)
Loss.
prop.,
(before appropriation for retire-
Net oper. rev.
Other income
Net income
Plant,
$2,250,411
1,234,491
Operating revenues
Oper. exps., maintenance & all taxes
Federal income tax
prior years
a
Feb. 28, '37 Feb. 29, '36
Year Ended—
Int. accrued during year
on
..$5,548,062 $5,648,494
Southern Colorado Power Co.—Earnings—
12,175
17,750
retire.
for
127.484
496,453
81,736
79,978
Total
$5,548,062 $5,648,494
246,865
127,484
—V. 143. p. 771.
Amortiz.
& expense
177.691
454,549
(par 50c)
com.
Capital surplus
GV258
12,175
Int. charged to construct
of debt disct.
4,970
177,691
246,865
Inv. Corp
Partic. class A stk.
Cl.B
Total
25,940
4,736
1,099,985
Min. int, In South.
Earned deficit
Miscellaneous interest._
1935
$3,363,190
182,914
Long term debt...$3,358,440
Current Aaccr .llab
181,803
23.610
28,847
3,420
71,053
Inventories
$469,483
245,189
9,283
1,045
6,280
Deferred charges..
1936
$462,552
260,803
9,524
104,593
82,673
Accts. receivable..
Accr. storage inc..
Consolidated Water Co., Inc.—Earnings
1934
1935
$5 ,303,414
Fixed assets
1936
Liabilities—
1936
Assets—
Misc.
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.—V. 144, p. 2321.
Net earnings
Miscellaneous income
$651,630
266,761
$690,416
282,728
Gross operating revenues
of the deben¬
According to the prospectus, it is expected that delivery
tures in temporary form exchangeable for definite debentures
will be made xt the office of J. P. Morgan & Co.
South Bay
1935
1936
'
Calendar Years—
interest to the date of such sale.
F Calendar Years—
Operating revenues
Oper. exps. & gen. taxes.
Subs.)—Earnings
Southeastern Gas & Water Co. (&
$2,500,000
530,195
7,268,726
550,914
2,221,344
234,453
1,981,586
Net inc. before privid-
x
and retirements
1,770,000
Net income
Dividends
1,770,000
1,932.707
1,770,000
$2,604,792
on
$3,072,592
$1,693,221
$2,224,904
2,385,339
2,033,339
4,409,339
2,033,339
Balance
$219,453
$l,039,253def$2.716,118
$191,585
Balance Sheet Dec. 31
1936
sscts
properties-66,314,711 64,763.054
sees
39,514
39,714
840,998
764,198
Accts. A notes rec 4,36S,7Q4
4,311,347
Investments In
Cash
Mat'Is & supplies-
813,476
633,278
Deferred charges..
2,139,760
2,348,318
6%
cum.
1935
$
Liabilities—
Plant
x
1936
1935
'•
11
$
pref.stk..
Com. stk.($25 par)
Funded debt
Consumers'
8,800.000
3,998.900
8,800,000
for
428,578
905,722
934,412
453,464
68,335
437,500
607,771
Due to Pacific Ltg.
Corp
Dividends payable
Accrued bond int.
on
437,500
1,197,711
Reserves
capital
68,335
1,068,772
.23,570,099 22,124,249
Accrued taxes
2,400,000
construction
Earned surplus-..
p.
74,517,163 72,859,909
reserve
of
2148.
Total
1936
Years—
.,629,361
Ice
551,913
Creamery and dairy
$2,181,274
1,712,757
Total operating revenues
Operating
expenses
Maintenance..
*
87,027
253,493
73,939
....
Provision for taxes.
1,679,944
1,614,417
2,320,274
Other income
Interest
on
2,574,255
$1,073,653 in 1936 and $858,215 in 1935.—V. 144,
1935
on
$1,305,734
213,866
$1,519,600
1,273,176
72,091
292,137
69.611
$78,497 loss$184,487
133,358
133,080
4,956
1,604
21,890
22,931
funded debt
Interest
unfunded debt
Amortization of debt discount & expense.
Net loss
$81,708
$342,100
—V. 142, p. 4354.
Southern
Ry.—Earnings-—
First Week of April—
Period
74,517,163 72,859,909
444
$54,057 loss$187,415
24,440
2,928
Operating income.
2,400,000
Donations in aid of
p.
Operating revenues:
com.
stock-...
1935—V. 143,
Inc.- -Earnings—
Gross income
374,534
Accounts payable-
After
Southern Ice Co.,
deps.
advances
Premium
33,058,859 32,043,322
Total
of $324,746 in 1936 and $196,268 in
556,700
27,500,000 27,500,000
construction
x
reserve
Provision for retirements
Oldser. ($25 par) 3,998,900
•Ser. A ($25 par).
556,700
A
Total
After
Calendar
preferred
and common stock
33,058.859 32,043,322
Total
$4,157,612
!,463,221
Prov. for deprec., deplet.
Gross earnings (est.)
—V. 144, p. 2499.
1937
$2,720,033
-Jan. 1 to April 71937
1936^*
1936
$2,252,638 $37,312,574 $31,898,936
Spencer Chain Stores, Inc.—Sales—
Period End. Mar. 31—
Sales
1937—Month—1936
$900,727
$511,539
1937— 4 Mos.—1936
$3,219,711
$2,383,495
Financial
144
Volume
2677
Chronicle
Ltd.—Accum. Div.—
Standard Steel Construction Co.,
Increases Shoe Prices—
of men's shoes from $2.85Ito
*2.99 a pair and boys' from $2.25 to $2.40 a pair. There is to be^no imme¬
diate change in tne price of women's shoes.—V. 144, p.i2500. *
The directors have declared a dividend
The company on April 14 increased price
accumulations
the $3 cum. red. class
on
of 75 cents per share on account of
A preference stock, no par value,
payable May 1 to holders of record April 15.
Dividends of $1.50 were
on April 1 and Jan. 1, last, and on Nov. 16, 1936.
A dividend of $3
paid on Aug. 15, 1936, this latter being the first paid since Oct. 1,1933
when a quarterly distribution of 75 cents per share was made.
A similar
payment was made on Jan. 1, 1933, the April 1 and July 1, 1933 dividends
having been omitted.—V. 144, p. 1455.
paid
was
Southwestern Gas & Electric Co.—Balance Sheet—
Balance Sheet Dec. 31
Assets—
Liabilities—
$
Plant, prop.,rights
^franchises,
Ac..30,671,097 30,725,618
41,745
27,738
Other assets
Bond dlsct. and ex¬
of amortization.
2,563,997
2,761,441
44,357
45,432
1,766,583
1,189,998
154,606
170.689
49,422
694,859
189,531
sec
Receivables
Mat'ls A supplies.
reserve
426 in 1935.
143,173
liabils.
154,606
18,719
170,689
46,877
,711,153
,656,129
1,531,403
765,736
210,479
stock
account
oy
Calendar Years—
Gross earnings
of
20,819
$461,799
146,399
50,904
134,409
17,987
$93,835
45,261
Interest deductions
58,949
137,562
.....
Amortization charges and expenses
applicable to reserves and dividends—
D-videndg preferred stock
Balance applicable to res. & depreciation
New construction for mains and other additions—
Balance Sheet Dec.
Accounts receivable
52,218
Materials A supplies
27,086
226,081
15,187
39,704
Prepayments
Sinking fund uninvested
Investments
Anticipated
quar.
meter revs.
31,850
$66,876
40,728
$48,574
34,619
31,1936
Common stock
due April
Consumers' deposits
Coupons outstanding
356
Sales tax accrued
22,044
15,187
576,909
Sinking fund accrued
Surplus and
$4,544,550
reserves
$4,544,550
Total
—V. 142, p. 2004.
Standard
& Seal
Cap
common
144,
p,
stock, $1
1977
Standard
& Electric
Co.-
■Common Holders
1936
March..
system for the week ended April 10, 1937 totaled 106,307,642 kilowatt hours
an increase of 15.8%
compared with the corresponding week last year.—
2500.
Standard Oil Co.
1936
1978.
p.
Stutz Motor Car Co. of America,
Sunbeam Gold Mines
Superior Water, Light & Power Co.—Earnings—
Net
revs,
from oper.
1934
$925,145
$973,521
648,962
701,935
$25,546
$271,586
1,030
$276,183
$25,546
.
$24,242
$24,242
$272,616
5,450
95,778
$276,461
5,450
94,369
Other income
454
454
Other int. & deductions.
8,510
8,014
CY24
on
mtge. bonds
278
Ba'ance.
x
14,358,832
4,497,346
13,636,979
5,235,840
Inc. before int. chgs__ 54,568,333
Int. and disct. on funded [
30,796,200
18,856,178
18,872,818
328,131
(
334,022
43,305
1,507,105
17,617
on
Jan. 2,1937.
Note—No provision
has been made for Federal surtax on undistributed
1936, inasmuch as there was no
for that period.—V. 144, p. 121.
17,348,095
326,255
30,179,895
18,949,680
17,674,351
1934
$970,026
1,442,861
1,143,868
921,554
$717,585
732,772
$99,513
4,595
$69,893
3,016
$48,472
loss$ 15,187
$104,108
5,372
$72,909
$48,472
loss$15,187
41,599
29,736
Operating profit..
Other income
Income charges, &c;
on sale of treas. stk.
-
-
—
—
Net
profit
Shs .cap .stk .out. (par$ 50)
Earnings per share
10,025
6,664
$67,642
83,161
$62,884
82,201
$41,807
loss$86,522
$0.76
82,201
$0.51
82,201
$0.81
.
1934
1936
$186,405
45,717
87,022
6.244
_
Mdse. inventory..
Deferred charges..
1936
Liabilities—
1935
Accounts payable.
$139,873
41,544
75,637
4,490
85,629,303
12,622,935 Dr4,922,501
17,674,351
loss326,255
$53,743
11,202
1,773
interest, Ac
Unclaimed divs
550
550
Mtges. payable
80,000
100,000
31,093
340,684
325,949
Reserves for taxes.
503,766
503,766
Capital surplus...
y
Capital stock
1,058,495
91,372
141,466
1,045" 985
92,003
212,224
2,596,112
30,179,895
18,949,680
loss38,856 prof209,264
$48,021
Acer, items, wages,
Land, bldgs.,ma-
ch'y, equip., &c.
Trade-marks,
pa¬
1935
1933
80,523,587
Nil
Comparative Balance Sheet Dec. 31
Deficit
1935
$
surplus.107,010,404
Adjustment
of
earned
surplus (net)
645,400
Net profit for year—
Majority interest
46,883,448
Minority interest
lossl38,114
—
31,093
Federal taxes
tents, Ac...
Previous earned
—
-
Loss
Surplus Account Dec. 31
1936
1933
193 5
$1,213,761
Expenses, costs, &c_i
x
Net profit
Inc.—Annual Report-
1936
$1,542,374
Calendar Years—
Accts. receivable.
accrued to
corporation
46,883,448
35,000
$93,682
x Regular
dividend on 7% preferred stock was paid on Oct. 1, 1936.
After payment of this dividend there were no accumulated unpaid dividends
at that date.
Regular dividend on this stock was declared for payment
Cash...
30,462,178
18,812,873
282,283 prof136,807
35,000
$88,415
Assets—
152,086
47,688,721
805,272
$128,682
applicable to preferred stock for the
period, whether paid or unpaid
D vidends
Balance
6,399,395
undist.profits.
Cr40
$176,682
48,000
$123,415
Property retirement reserve appropriations
Sweets Co. of America,
25,542,002
5,254,198
j
Cr27
$171,415
48,000
$15,774
$16,606
Balance
1933
Net oper. income
48,612,625
Non-oper. income (net).
5,955,708
Profit for period
Loss applic. to min. int.
1936—12 Mos.—1935
1936—Month—1935
$83,920
$83,817
58,374
59,575
Period End. Dec. 31—
Operating revenues
Oper. exps. (incl. taxes).
(IncZ. Subsidiaries)
1935
Gross oper. income
331,175,841 293,218,825 278,180.375 242,532,018
Costs, oper.& gen. exps.241,407,161 228,980,801 225,926,583 189,068,024
Taxes
9,758,419
12,713,987
9,199,254
10,539,796
2,684,432
915,607
Intangible develop, costs
609,620
Deple. & lease amortiz.. 130,616,259
25,982,034/
1,574,450
Depr., retire. & amortiz. /
1 24,436,824 28,543.370
on
Co.—Injunction—
V. Fischer, Secretary, Treasurer and a director
April 10, 1937, consented in the U. S. District Court
at Seattle, Wash., to a decree permanently enjoining them from engaging
in certain acts and practices in the sale of the company's stock in violation
of the Securities Act of 1933 and the Securities Exchange Act of 1934.
The injunction was signed by Judge Edward E. Cushman.
and M.
The company
x
Surtax
Inc.— To Reorganize—
Section 77-B
of the company, on
Net sales
Prov. for Fed. inc. tax..
382,800
401,000
428,000
—
144,
profits for the 12 months ended Dec. 31,
adjusted net taxable income undistributed
(Indiana)—Earnings—
Income Account Years Ended Dec. 31
debt
$276,360
Company has filed a petition for reorganization under
amended.—V, 144, p. 1301.
Int.
.Group
Weekly Output—
and long-term
Other interest
undistributed
$338,300
405,974
January
February
Int. charged to construe.
Gas
Electric output of the public utility operating companies in the company's
i
$160,990
Inc.—Sales—
Sterchi Bros. Stores,
Gross corp. income...
of 20 American, Britisn and Canadian common stockholders
of the company representing, it is stated, more than 400,000 shares of the
total 2,162,607 outstanding common shares is organizing to form the nucleus
of a committee to protect the interests of the holders of the company's
junior equity.
The group is headed by Claude Pearce, of Toronto, and includes among
others, Frank Reed, Muncie, Ind., George L. Tope, Boston, Edward
Cohan, New York and John B. Forbes, B. W. I.
p.
$215,695
Morth of—
group
V.H144,
58,970
$830,109
-
and the convertible preference stock, $10 par.—
par,
Favored—
A
$219,961
79,879
Note—No provision has been made for Federal surtax on
profits.—V. 144, p. 2149.
Corp.—Admitted to Listing—
The New York Curb Excnange has admitted to listing and registration
the
V.
$295,574
183,245
425,115
of the Bankruptcy Act as
2,700,000
40,000
31,703
29,404
1,845
1, 1956..
Accounts payable vouchers
.$121,867
98,094
$1,013,354
Net income
$412,700
4% bonds,
Notes payable
$151,817
143,756
143,137
Deprec. on plant and properties, and
provision for Federal tax, &c
Preferred stock.714,400
1st mtge. series A
1935
1936
1937
$445,103
re-acquired company
Profit on sale of
—V.
Interest A divs. accrued
Total
$12,897
199,457
3 Months Ended March 31—
Liabilities—
$4,136,557
1,845
14,021
$29,566
529,352
Profit from plant operation
Income from other sources
$112,100
45,224
expenses
Taxes
A ssets
$4,386
1,420,926
stock
1936
1935
Plant A property
$232
2,096,085
Total gross income
$421,306
110,141
Cash deposit for coupons
Cash
$144,672
174,238
Deficit
Springfield City (Mo.) Water Co.—Earning\
Ba'ance
$234,071
238,457
Superheater Co.—Earnings—
363,500 no par shares at stated value.
'Chronicle"
years was given in ,"~,h—
....
oo'In?
38,591
$130,104
143,001
$374,761
374,993
Net gain fr. sale of sees.
—V. 144, p. 624.
March 20, page 1977.
Operating
$179,448
$191,618
38,655
Dividends declared.
36,717,190 36,272.209
Total
calendar
for
1934
1935
1936
$335,151
33,613
67,467
84,091
Expenses...
Net income
Reserves
Corp.—Earnings—
1937
$486,351
27,500
Reserve for taxes
divs.
for uncollectible accounts of $83,392 in 1936 and $76,-
Represented
z
>*The income
260,532
Accrued interest..
curr.
State Street Investment
Quar. End. Mar. 31—
Divs. & interest received
608,358
173,927
36,717,190 36,272.209
After
y
450,000
187,883
488,555
144,850
Pref.
Federal Judge Mack has adjourned until April 26 a hearing in the
reorganization proceedings.
Creditor representatives, the company and
other interested parties are considering a plan under which tne Glidden
Co. of Cleveland, would supply new working capital.—V. 144, p. 1124.
of
payable
y
Total
maturity
serial debs
Miscl
payment of pref.
stock dividends-
Marketable
450,000
Accounts payable.
Earned surplus...
555,000
,
deposit to
on
436,701
241,099
19 600,000
Products Co.—Plan Studied—
Textile
Standard
Fed'l income taxes
555,000
__
Cash
Cash
$
8,834,600
3,000,000
20,050,000
384,583
217.031
3 000,000
stock.
local taxes
UtilitlesCo (par
company)
-
Accrued State and
from
Cent.A So. West
ent
Common
Curr.
deferred charges
rec'Ie
z
Def. liabilities
Prepaid accts. and
Notes
$
7% cum pref stock
(100 par)
8 ,834,600
Funded debt
in process
pense
1935
1936
1935
1936
79,388,802
$1,169,837 $1,091,259
Total
|
Total
....$1,169,837 $1,091,259
depreciation of $184,973 in 1936 and $169,852 in 1934.
value $50, stated value $12.50.—V. 144, p. 1979.
x
After
y
Par
Supervised Shares, Inc.—Adopts New Dividend Policy—
Total surplus
154,401,138 122,152,776
94,760,031 105,573,511
Divs. on common stock_a36,418,793 al5,142,371 al5,371,229 yl5,748,476
Directors announced the adoption of a new policy in
the distribution of
quarterly dividends designed to equalize payments throughout the year.
This change is revealed in tne Nth quarterly report, made public April 15,
which also snows total net assets of $12,613,976, based on March 31 market
quotations, equal to $15.43 per share on the 817,516 shares. These figures
with $10,845,712 of net assets, equal to $14.45 per share on the
outstanding at the close of last year.
Discussing dividend payments on April 15 totaling 15 cents per share,
of which 9 cents represents income on investments and 6 cents represents
compare
Total
earned
Dec. 31
surplus
117,982,345
smaller number of shares
107,010,404
79,388,802 z89,825,035
Shares of common stock
15,196,241
15,215,677
15,215,677
15,528,504
Earnings per share
$3.09
$1.98
$1.25
$1.14
a Paid
by Standard Oil Co. of Indiana,
x In addition to the amount
of taxes shown above there was paid (or accrued) for State and Federal
gasoline taxes (and in 1933 lubricating oil taxes) the sum of $77,612,229
in 1936, $68,613,031 in 1935, $65,140,195 in 1934 and $62,428,437 in 1933.
y Dividends paid by Standard Oil Co. (Ind.) dining the year 1933, $15,688,671 balance being amounts paid by sub. cos. to minority interest.
—V. 144, p. 953.
outstanding
profits realized from the sale of securities, the report comments:
"In order that stockholders may receive distributions quarterly which
represent
a
proportion of annual income from investments, your
adopted a policy of paying quarterly distributions at a rate
be in line with the company's annual income from
fair
directors have
whicft is considered to
investments."
Reviewing general policies, the report states that:
"The management has continued to increase tne holdings of
in capital
goods industries.
the company
In the past 12 months the investment in capital
2678
Financial
goods industries rose from 33.3% to 22.7%." the fund and consumers goods
lvestments declined from 12.4% to 36.6% of The more important increases
are reported to have taken
place in the steel industry, agricultural and
other machinery, rails and rail equipment.—V. 144, p. 2149.
A
total
of $1,000,000 first mortgage sinking fund S%% bonds, due
1950 nave been called for redemption on May 15 at par and
Payment will be made at the First National Bank of Chicago or
the Irving Trust Co., New York City.—V. 144, p. 1301.
15,
interest.
at
Symington-Gould Corp.—Bonds Called—
1937, at their principal amount and accrued interest.
on
Payment will be
that date at the office of The Marine Midland Trust Co.
as
trustee,
120 Broadway, New York.—V. 144, p. 2501.
Louis—Earnings—
1936
1935
1934
$8,310,078
653,451
164,464
$6,847,169
522,217
142,595
$6,239,884
470,324
133,857
$5,844,921
418,490
130,993
Total ry.oper. revs. $8,799,066
$7,226,790
$6,576,351
$6,132,421
533,428
501,323
38,731
3,109,183
29,356
166,891
512,662
416,060
36,562
2,762,102
463,404
378,842
37,290
2,558,998
27,687
$4,378,913
2,847,877
989,916
$3,978,103
2,598,247
848,196
$3,643,537
2,488,883
980,556
221
724
380
$1,843,905
1,613,837
$1,857,740
1,591,644
$1,749,327
1,666,955
$1,507,947
1,784,220
Gross income
$3,457,742
Hire of freight cars—deb.
$3,449,384
80,249
12,698
696,900
$3,416,282
69,099
11.886
696,900
381,427
44,603
Revenues—Switching
—
Incidental
Joint facility—Dr
___
1933
.
Expenses—
Maint. of way & struc.
Maint. of equipment.
950,054
666,222
40,748
3,845,918
28,971
189,579
Traffic.
Transporta'n—rail line
Miscell. operations...
General
Trans, for invest.—Cr.
Net
Uncollectible
27,731
85,380
14,600
86,499
12,837
1,304
14,911
51,227
17,213
$150,308
Miscellaneous
on
rents
tax accruals...
funded debt....
put. on unfunded debt—
Amortization of discount
""$155,318
$155,318
$196,547
$6,690
funded debt
on
177,825
$3,292,167
73,167
12,772
696,900
382,044
46,625
1,977,314
28,213
92,540
12,578
696,900
389,359
46,752
1,963,000
6,324
Rent for leased roads
Int.
224,478
509
ry. revs
Joint facility rent
Miscell.
26,240
158
$5,721,334
3,077,731
1,233,826
from ry. oper—
Railway tax accruals
rev.
Miscell. income charges.
JProfit
381,424
45,508
1,966,886
11,064
1,971,875
Consolidated Comparative General Balance Sheet Dec. 31
1936
*
1935
JLsscts
$
Inv. Inrd.
&equip.42,428,340 42,358,318
Impts.
on
$
in
affll.
12,284,690
6,550,059
cos..
Stocks
Common
3,293,600
3,293,600
46,900,000 47,000,000
Traffic & car serv.
balance
payable
7,272,222
4
4
3
3
unpledged
Bonds pledged..
Other investm'ts.
wages
payable..
Misc. accts. pay..
Int. matured unpd.
Unmat.int.accr..
Stocks, unpledg.
Bonds, unpledg.
251,889
207,763
817,710
194,331
702,217
182,917
660,891
7,072
704,415
Audited accts. and
7,272,222
Stks.
61
2
5,060,170
2,433
1,047,296
1,054,452
5,059,720
3,300
Loans & bills rec..
Net bal. rec. from
182
328
agents & cond'rs
Misc. accts. reciv.
477,282
411,974
7,363
53,048
9,234
182,917
Add'ns to property
Material & suppl's
Int. & divs. receiv.
439,707
617,422
327,787
Fund, debt retired
Notes
Cash.
Special deposits.__
Unmat. rents accr.
55,750
62,572
Tax liability
834,631
Accr. deprec., road 4,747,672
Accr. depr., equip. 2,518,524
Def'd liabilities-
Accr.
47,767
8,137
..
573,399
4,525,985
2,385,808
depr., misc.
143,787
87,589
Oth. unadj. credits
571,674
Oth. curr. assets._
Work, fund advs..
Ins. & other funds.
459,321
703,457
4,850,558
4,773,585
2,849,894
2,840,297
through
income
and surplus
through
135
135
Other def'd assets.
961,918
1,882,786
961,431
1,821,188
Rents & ins. prem.
paid in advance.
22,434
income
24,341
3,293,600
Disc,
on cap.
Disc,
on
stock 3,293,600
fund, debt 1,376,297
Oth. unadj. debits
Total...
and surplus
Profit and loss
478,212
368,837
16,211,086 16,287,460
1,482,359
286,890
280,035
85,095,352 83,955,521
Total....
85,095,350 83,955,522
-V. 142, p. 2846.
Texas Power &
Light Co.—Earnings1936—Month—1935
$857,779
$799,218
476,278
319,661
$9,996,034
4,774,895
$9,093,240
4,430,711
Net rev. from oper
Other income (net)
$381,501
1,309
$479,557
$5,221,139
8,955
$4,662,529
8,939
Gross corporate inc
$382,810
177,708
10,000
21,330
$480,067
bl77,708
10,000
$5,230,094
2,132,500
120,000
164,330
Company and subsidiaries from operations during 1936 show a con¬
net income after all charges and Federal income taxes of $10,217,928, equal after pref. stock dividend requirements to $1.11 a share on
the average number of shares of common stock outstanding, according to
the annual report of President William F. Humphrey to stockholders, made
public April 14.
In comparison with 1935 this represents an increase of
30% in net profit and an increase of 52% in earnings per common share.
Major comparisons in the consolidated balance sheet and income state¬
on
mtge. bonds
Int.
on
deb. bonds
Other int. & deductions.
Balance
$173,772
510
bl8,481
$273,878
Accounts and notes receivable
Inventories of crude, refined products,
and
Total
applic.
current
.
Regular dividends
$2,813,264
559,252
$2,223,141
462,016
$1,761,125
Properties and equipment (net)
Directors have
"m
865,050
Net income applic. to com. stk
Per sh., on the average number of shs.
on
$1,388,962
7% and $6 preferred stocks were paid
$896,075
Nov. 2,
on
were no accumulated
4,108,375
+$2,352,227
$1.11
$.73
+$0.38
Transue & Williams Steel Forging
Quar. End. Mar. 31—
Gross profit
1937
1935
$106,550
21,526
31,882
$37,880
21,584
33,778
$76,620
1,729
$32,561
'$53,142
1,481
loss$17,482
954
$33,515
$54,623
loss$16,541
$0.61
$0.26
$0.42
Nil
55,412
Operating profit
'
Other income
Net profit
Earns, per share on 128,000 shares cap. stock.
Before Federal income and profit taxes.—V. 144, p.
Trusteed
1934
$88,682
21,658
34,463
$78,349
Depreciation
Expenses
x
Corp.—Earnings—
1936
$153,732
21,700
941
1456.
Industry Shares—Net Assets—
The company reports for the first quarter of 1937 net assets as of March
31, 1937, of $4,337,882, equal to $1,612 per share on 2,690,000 shares out¬
standing at the end of the quarter.
This compares with net assets of
$3,533,088, or $1,552 on 2,276,000 shares outstanding at the close of 1936,
and $1,761,329, or $1,409 on 1,250,000 shares as of March 31, 1936.
Total
assets of the trust as of March 31,1937, were $4,386,203, as compared with
$3,563,081 on Dec. 31, 1936, and $1,882,196 on March 31, 1936.
The report shows gross profit for the
quarter of $178,306, against $122,290
for the first quarter of 1936 and $453,408 for the full year 1936.
Net
distribution income for the quarter, after total expenses, amounted to
$24,311, as compared with $9,624 for the same quarter a year ago and
$94,714 for the year 1936.—Y. 144, p. 793.
^Twentieth Century-Fox Film Corp.—Annual Report—
Sidney R. Kent, President, says in part:
The net result of operations for the year, after all income and surtaxes,
including dividends received from National Theatres Corp. in the
amount of $1,134,000, was a profit of $7,924,126 compared with $3,563,087
for the preceding year.
After deducting adjustments of the values of
foreign assets necessitated by the numerous currency revaluations m
Europe in the aggregate of $201,171 the net addition to surplus, before
the payment of dividends, amounted to $7,722,954.
Dividends on the preferred stock were initiated in 1936 and were paid
quarterly at the rate of $1.50 per annum.
Dividends on the common stock
were paid in the amount of $2 per share.
Total dividends paid amounted
to $5,066,280.
During the year, 327,754 shares of preferred stock were surrendered in
exchange for 409,638 whole shares of common stock.
The outstanding
capital stock at Dec. 26, 1936 consists of 1,031,287 shares of preferred and
1,636,168 shares of common.
After deducting dividends paid during the
year on the preferred, the balance of earnings for 1936 amounted to the
sum of $3.55 per share on the common outstanding at Dec. 26, 1936, and
computed on the basis of the preferred outstanding at Dec. 26, 1936, the
earnings on the common outstanding at the same date would have amounted
but
.
to $3.77 per share.
The consolidated net income of National Theatres
_
■
,
■
.
.
.
Corp. and its voting
$2,923,209 for 1936, as compared
with $2,192,194 for previous year, an increase of $731,015.
Corporation
owns 42% of the outstanding capital stock of National Theatres Corp. and
its interest in the 1936 earnings amounts to $1,227,747.
Dividends re¬
ceived by corporation during the year amounted to $1,134,000.
In the plan of reorganization, dated June 21, 1933, there was provided a
reserve for the revaluation of investments in the amount of $14,500,000.
controlled
domestic
subsidiaries
was
This
reserve has now been applied to the purpose for which it was provided,
$9,850,250 being written off of the investment in Metropolis and Bradford
Ltd. reducing this investment to $7,237,368, and the balance
$4,649,750 being written off the investment in Movietonews, Inc. and
sundry other companies reducing this item to $611,649.
On Feb. 5, 1937 corporation sold approximately a one-half interest m
its investment in Metropolis and Bradford Trust Co., Ltd. to Loew's.Inc.
for the sum of $3,500,000 cash, which sum has been added to corporation s
current working capital.
'
;
«+
On April 1, 1936, corporation paid off the balance of the 5-year 6%
convertible debentures in the sum of $1,696,600.
Consolidated Income Account—for Stated Periods
[Including Wholly-Owned Subsidiary Companies]
52 Weeks
Ended
Period—
Dec
Gross income from sales and rentals of
film and literature.
Proportion
adopted
or
a
resolution
interim
to
the
effect
that
hereafter
they
dividends
and an extra of like amount paid on
Sept. 21, 1936, these latter being the
first disbursements made since April 1, 1931, when a dividend of
20 cents
paid.—V. 143,
p.
52 Weeks
Ended
Dec. 28 '35
b 52
Weeks
Ended
Dec. 29 '34
$51,670,695 $42,447,609 $36,253,617
1,145,909
291,143
360,397
profits of controlled
subsidiaries (not consolidated)
Operating expenses
3650.
Torrington Co.—To Split Stock—
The company has called a special
meeting of stockholders for April 30
of directors that the no-par common stock be
split three for one.
The authorized shares would be increased to
2,000,000
from 560,000.
to act on recommendations
o
The three-for-one split up, if approved, will increase
outstanding shares
from 542,350 (as of June 30, 1936) to 1,627,050.
This total of
outstanding
stock is exclusive of 17,650
treasury shares—carried, incidentally, by the
company on June 30, 1936, at $399,469, as against market value of
$1,941,500, on the basis of the present price of 110.—V. 143, p. 4170.
932,572
Net operating profit..
Profit on foreign exchange
Foreign exchange adjustments
Reorganization expenses
12,380,893
25,987,301
6,075,399
10,594,457
22,065,898
6,482,658
10,091,401
19,372,093
6,074,410
73,046
185,177
199,132
289,723
292,871
32,279
269,471
849,172
254,916
58,491
289,190
400,041
62,603
280,139
100,000
$7,924,126
a Depreciation of fixed assets
Provision for Federal income taxes
Surtax on undist. prop
Balance, Dec. 31
Earnings per share
883,183
exchanges, head
Interest expense
Previous surplus.
320,744
$54,031,780 $43,942,678 $37,546,586
Participation in film rentals
Proportion of losses controlled subs.
(not consol,)..
Pref. dividends
214,801
1,000,375
offices, administration exps., &c
Amortization of production costs
Common dividends
26 '36
of
Amortization of discount and expenses
of fund, debt
quarterly depending on pre¬
vailing conditions rather than declare what have come to be regarded as
regular quarterly dividends.
The last previous distributions were a
quarterly dividend of 25 cents and
an extra of $1.25 paid on Dec.
21, last, and a quarterly dividend of 25 cents
was
$6,460,602
outstanding
—V. 144, p. 2501.
865,050
—
payment of these dividends there
declare individual
share
m
Other income
«.
Timken-Detroit Axle Co.—New Dividend Policy—
per
18,354,031
16,274,877
120,062,336 117,806,258
1936
1935
Change
$10,217,928 $7,865,701 +$2,352,227
3,757,326
3,757,326
Net Income—
Net income from operations
Pref. stock div. requirements
x
26,695,486
49,957,378
31,858,538
50,344,287
120,000
at that date,
b Reclassified from amounts previously
reported.
Note—No provision has been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1936, inasmuch as there was no
adjusted net taxable income undistributed for that period.—V. 144, p. 121.
unpd. divs.
material
-
Total income
After the
$7,561,656 $13,495,505
10,924,093
9,766,387
assets
bl65,732
to
Balance...
will
J
supplies
1935
1936
Dividends.
pref.
stks.
for the period,
whether paid or unpaid
a
1936—12 Mos.—1935
$2,254,012
res. approp.
Balance.
1936.
*
Balance Sheet—
Cash and marketable securities
$4,671,468
b2,162,595
Int.
Divs.
$10,217,928
a
Operating revenues
Oper. exps. (incl. taxes).
a
Co.—Earns
Trust Co.,
Period Ended Dec. 31—
Prop, retire,
Oil
1935
S
stock
Funded debt
railway propertyl2,343,312
Misc. phys. prop. 6,548.329
Inv.
1936
Liabilities—
leased
Associated
Total current liabilities
Terminal RR. Association of St.
Calendar Years—
Water
in 1936—
ment are as follows:
Holders of The Symington-Gould Corp. and Gould Coupler Corp. first
mortage convertible income bonds due Feb. 1, 1956 are being noritied that
$120,500 of these bonds have been drawn by lot for redemption on June 12,
made
Tide
April 17, 1937
solidated
Swift & Co.—Bonds Called—
May
Chronicle
$3,563,088
$1,273,069
Cr59,389
Cr2,503
-
JDr201,171
-
475,456
_
-
1,916,132
3,150,149
6,096,947
3,006,812
1,674,354
$8,753,622
e$3.55
$6,096,947
c$1.24
$3,006,812
d$0.52
a Not including $627,476 in
1936, $533,563 in 1935 and $609,645 in 1934,
depreciation of studio buildings and equipment absorbed in product on costs,
b As reported oy Fox Film Corp. and
wholly-owned subsidiaries,
c Earn¬
ings per share on 1,226,530 no par shares common stock,
d Earnings per
share on 2,436,409 shares class A and B common
stocks,
e Earnings per
share on 1,636,168 no par shares common stock.
Volume
144
Financial
Consolidated. Balance Sheet
Including Wholly-Owned
Dec. 26'36 Dec. 28 '36
$
$
Assets—
Cash
a
5,718,032
7,110,003
2,698,247
receivable
Invent,
(unamort.
.
in
&
afftl.
b
adv.
17,343,727
349,874
.
26, '36 Dec. 28,'35
$
$
423,444
3,442,880
expenses..
100,110
3,348,750
due in one year.
639,820
17,085,905 dl6,721,446 Sundry
bldgs., &
after
equipment
159,000
1,404,449
632,728
1,117,744
444,118
1,852,200
Income tax
llab.
one
2,023,200
878,020
due
year..
13,399,320 10,179,300 6%
Other assets
332,843
502,858
Unamortized disct.
conv. debs...
Funded debt of sub
1,696,600
realty companies
Deferred credits.-
&exp.on funded
debt
91.462
123,741
1,213,843
556,358
Reserves
886,935
Capital stock.-.15,910,933
c
15,910,933
Paid-in surplus-.21,791,590 21,671,242
Earned surp. since
8,753,622
April 1, 1933
Total
56,783,549 54,171,917
Total
£.fter resprves. b After depreciation of $6,618,868 in 1936 and $4,765,066 in 1935.
c Represented
by 1,031,287 (1,359,041 in 1935) no par
shares
of
$1.50
cumulative
(1,226,530 in 1935)
no
par
convertible
preferred
stock and 1,636,168
shares of common.—V. 144, p. 2151.
Tri-Continental Corp.—Net Assets—
The company reports as of March
31, 1937, net assets of $59,428,509,
deducting bank loans and funded debt but after deducting provision
unrealized appreciation.
This indicates
a coverage of
$5,185.73 for each $1,000 of bank loans and debentures and
$314.96 a share of preferred stock and an asset value of $13,47 a share of
common stock.
During the first quarter the corporation repaid $1,000,000
of the $10,000,000 of bank loans incurred in
1936 in connection with the
on
redemption
of 90,000 shares of its preferred stock, and bank loans on
amounted to $9,000,000.
As of Dec. 31, 1936, net assets were
equivalent to $4,735.89 for each $1,000 of bank loans and debentures,
March 31
$305.64
a
share of preferred stock, and $12.89
a
share of
common
stock.
During the first quarter of the year the corporation realized net profits
sales of securities of $1,047,548 after
provision for normal Federal
income tax.
Investments held on March 31, which were carried at cost of
$41,937,691, had a market or fair value of $56,742,998, or $14,805,306
in excess of cost after deducting
$2,280,000 for normal Federal income tax
on
the unrealized appreciation of investments.
Income for the quarter
from interest, cash dividends, fees for investment service and
commissions
on
on
underwritings was $.576,063, and net income after expenses, interest and
(.excluding taxes applicable to security transactions) was $346,310.
taxes
As
of March 31 the corporation's gross assets of
$64,476,044, based on
market quotations or fair value, included: cash and
receivables, $5,453,046;
bonds and preferred stocks, $11,658,541; common
securities of and advances to
stocks, $45,957,920;
subsidiary corporations, $1,406,537.—V. 144,
p. 1619.
Twin State Gas & Electric
Co.—Earnings—
[Incl. Subsidiary, Berwick & Salmon Falls Electric Co.]
12 Months Ended Feb. 28
Operating
xl937
revenues
$629,664
2,977
$601,672
192,465
70,046
60,317
$632,641
234,598
33,149
32,319
$278,843
171,850
77,625
$332,575
171,850
77,625
$29,368
Other operating expenses
$2,303,112
91,117
196,212
261,349
1,124,769
$598,683
2,989
Depreciation
All taxes, including Federal income
$83,100
Net operating income
Non-operating income
Gross
income
interest
__
Other interest
Other deductions
Balance
7% prior lien dividend requirements
5% preferred dividend requirements
Balance
x
1936
$2,429,937
92,684
222,236
232,287
1,284,047
Maintenance
Bond
As shown by the company's books and
endar year.—V.
143,
subject to audit at end of cal¬
4171.
p.
Ujigawa Electric Power Co., Ltd.—Earnings—
Earnings for the 6 Months Ended Sept. 30, 1936
[Currency in Japanese Yen]
Total income
Operating
expenses
_
23,832,393
16,826,166
-
Business profit
Loss and depreciation
Surplus amount of
7,006,226
3,300,000
CY97.532
190,000
_
new
Mr. Gray will become Vice Chairman
following his resignation as Presi¬
dent.
Mr. Harriman said in the announcement that Mr.
Gray was resign¬
ing at his own insistence that no exception as to the retirement rule be
made in his case.—V. 144, p. 2153.
United Cigar Stores Co. of America—Plan
shares sold for the
public
Allowance for retirement of officials and employees.
Federal Judge
1419.
directors
have
declared
a
dividend
of 30
cents
per
share
on
the
stock, par $25, payable May 10 to holders of record April 19.
Previously regular quarterly dividends of 25 cents per share had been
common
distributed.
Quar. End. Mar. 31—
1937
1936
1935
1934
.$17,900,000 $13,000,000 $15,700,000 $12,850,000
Sales-
Profit after interest, Fed.
tax, &c__
Deprec., deplet, &c_
4,450,000
2,250,000
—_
2,650,000
2,250,000
Net income-.com.
3,100,000
1,750,000
2,100,000
1,600,000
$2,200,000
stock
$400,000
$1,350,000
$500,000
4,666,270
4,386,070
4,386,070
4,386,076
$0.09
$0.31
$0.11
out¬
standing (par $25)
Earnings per share
$0.47
Coxe
has
issued
United
Electric
Coal
Cos.—Listing—Rights,
are listed with authority to add 204,000 shares upon official
notice of issuance and payment in full
pursuant to the terms of an offering
to
stockholders; 40,000 shares
official
upon
the like period of 1936.
Current Assets, consisting of cash resources, accounts and notes receiva¬
ble, oil inventories and materials and supplies, approximated $49,200,000,
an increase of about $5,700,000 from Dec. 31, 1936.
The cash resources
approximated $16,700,000, an increase of about $5,000,000 resulting from
refinancing Current assets at March 31st were about 7M to 1 of current
liabilities.
Current Liabilities approximated $6,600,000, a decrease of about
$800,000 from Dec. 31, 1936.—V. 144, p. 1302.
Transport Corp.- -Increases
Direc-
upon exercise of two-year options to underwriters
of 600,000 shares applied for.
At
the
recent
and
annual
Robert
stockholders
M.
resigned
meeting Lester Armour, Mark W.
were
elected directors.
Board was
D. B. Colyer, Vice-President of United,
Roloson,
director.
Stockholders approved a change in by-laws whereby payment of bonuses
or share in earnings or profits of the corporation is subject to approval of
at least two-thirds vote of the board instead of the majority vote.
Com¬
pany now has approximately 21,000 stockholders.—V. 144, p. 2153.
as a
Union
Pacific
RR.—President
Carl R. Gray,
to
Retire—
President of the railroad, will resign that position on Oct. 1,
"W. A. Harriman, Chairman, announced on April 12.
Mr. Gray, who has
of issuance and
pay¬
making
a
total number
The creditors' agreement dated as of Dec.
15, 1930, which was entered
into by the company with its bank and trade creditors in order to
provide
for an orderly liquidation of its then
existing indebtedness to such creditors,
and the indenture of mortgage
securing such indebtedness are still in effect.
The total amount of such indebtedness is
$1,649,808, and interest is
paid
March
to
1937.
1,
A "plan of liquidation of existing indebtedness under
as of Dec.
15, 1930," has been approved by
the committee acting under the creditors'
agreement and by the directors
of the company and has been submitted to the creditors
subscribing to
such agreement for approval.
The plan, among other things, contemplates;
(1) The sale of 204,000 shares of common stock at $5.50 per share to
stockholders pursuant to stock subscription warrants and the sale to under¬
creditors'
agreement dated
writers of any of such shares not purchased pursuant to such
warrants; the
opportunity to officers and employees to subscribe to 40,000 additional
common stock at $5.50
per share, and options to underwriters to
purchase not exceeding 50,000 shares of common stock within two years
at not less than $8 per share.
(2) Out of the net proceeds of at least $1,000,000 thus to be realized by
the company, $350,000 wiil be applied toward reduction of indebtedness
covered by the creditors' agreement, and the balance will be used
principally
in the development of the Dunfermline
properties.
(3) Payment, on account of the principal of the indebtedness covered
by the creditors' agreement, on April 15, 1938, of an amount equal to 15c.
a short ton on all coal sold
by the company from Oct. 1, 1937 to March 31,
1938, or an amount equal to the net income of the company for the calendar
year 1937, after all taxes, whichever amount is greater; on Dec. 15, 1938,
an amount equal to 15c. a short ton on all coal sold from
April 1, 1938 to
Nov. 30, 1938; on April 15, 1939, an amount equal to 15c. a short ton on
all coal sold from Dec. 1, 1938 to March 31, 1939, or an amount equal to
the net income of the company for the calendar year 1938, after all taxes
less the amount paid Dec. 15, 1938, whichever amount is greater.
(4) Continuance of the period of forbearance in the collection of indebted¬
ness covered by the creditors'
agreement until Dec. 15, 1939, or earlier
default by the company, and continued maintenance of the revolving fund
not to exceed $350,000.
u
(5) Subjection to the lien of the indenture of mortgage dated as of Dec. 15,
1930 of the new property to be acquired and all other properties, both real
and personal, acquired by the company since Dec. 15, 1930.
(6) Waiver until Dec. 15, 1939, of interest on the indebtedness covered
by the creditors' agreement in excess of 4% per annum.
Common stockholders of record as of the close of business on the ninth
day following the effective date of registration (expected April 14) will be
given the right to purchase within 25 days after the date of issuance, at a
price of $5.50 per share, 2-3 of a share of common stock for each share held.
A two-year option has been granted to underwriters who are parties to
the underwriting contract to purchase all or any part of 50,000 shares of
common stock at $8 per share within two years after the effective date of
the registration under the Securities Act of 1933 as amended of the 294,000
shares of
_
additional shares of
common
.
stock to be sold.
Underwriting—A contract has been entered into by the company with
Jersey Management Corp., 26 Journal Square, Jersey City, N. J.; J. R.
Wi liston & Co., New York; J. C. Willson & Co., New York; and Harmos
Corp., Jersey City, wherein they agree to purchase at a price of $5.50 per
share, such of the 204,000 shares of common stock as are not purchased
in consideration whereof the company agrees to pay to such underwriters
a few of $102,000 and grants to them options to purchase within two years
all or any part of 50,000 shares of common stock at $8 per share.
Such
obligation on the part of the underwriters is several, the commitment of
each being as follows
,
Jersey Management Corp
J.
R.
C.
50%
Williston & Co
Willson & Co
Harmos
6%
-
19k%
24)4%
Corporation
Stock Offering to Employees—Company proposes to offer 40,000 snares of
common stock to its President, Louis Ware, and certain other officers and
employees to be selected by the directors upon terms to be approved by
the board at the price of $5.50 per share payable in instalments over a
period of approximately five years; the purchaser nas the right to anticipate
such payments in whole or in part at any time prior to maturity and the
right to cancel the contract at any time after paying 25% of the purchase
price.—V. 144, p. 2153.
United Gas
Improvement Co.— Weekly Output—
Week Ended—
Apr. 10,'37
92,297,861
Electric output of system (kwh.)
Apr. 3, '37
89,848,862
Apr. 11,''36
81,486,860
144, p. 2501.
United Public Utilities
Corp. (& Subs.)—Earnings—
Years Ended Dec. 31—
1936
yl935
$1,958,713
733;039
435,806
192,746
123,118
23,274
yl934
$1,797,386
691,157
372,393
185,699
106,242
21,320
Dr2,762
$3,796,082
258,325
383,075
1,411,614
264,467
403,686
290,325
65,642
10,090
$3,466,696
229,829
329,583
1,365,301
178,884
$3,171,437
204,749
286,144
1,277,295
285,804
72,480
170,102
382,290
267,308
43,096
$708,857
37,017
$599,725
33,176
$540,451
16,890
$745,875
11,667
$632,901
11,186
$557,341
xl7,629
$734,208
$621,715
$539,712
411,894
47,159
425,785
51,277
comparable
$2,091,822
Operating revenue—Electric
795,580
Ice and cold storage
Coal mining
Water
Other
583,264
172,655
126,680
26,081
heating
-
operating revenues (net)
Total operating revenues
Power
purchased
purchased.
Operation
Gas
—.
Maintenance
Prov. for retire. &
deple'n reserves._
State, local & miscell. Federal taxes,.
Federal and State income taxes
Fed. surtax on undistributed income.
Net earnings
from operations
(net)__
Other income
torate—
increased to 12 from 10 members.
notice
ment in full pursuant to the terms of
offering to officers and employees;
and 50,000 shares upon official notice of issuance and
Steam
Cresap,
tfee.—
standing and
materially higher tnan for the same period a year ago.
Throughout
the first quarter of 1936 gasoline prices on the Pacific Coast were
extremely
low, the restoration of the price structure occurring in April, 1936.
Production, subject to royalty, of crude oil and natural gasoline for the
three months approximated 5,300,000 barrels,
substantially the same as for
were
Lines
requiring creditors
The New York Stock
Exchange has authorized the listing of 306,000
shares of common stock ($5
par) upon official notice of issuance in substitu¬
tion for a like number of shares
(no par) which are now issued and out¬
Gas
Air
order
144,
L. P. St. Clair, Pres. and G. H. Forster, Compt. states:
The improved results are due principally to greater sales and better
prices
for products, although labor and material costs for the first quarter of 1937
United
an
2324.
p.
—V.
Shares
O.
to appear before him on April 19 to consider the plan.
Referee Irwin Kurtz has granted the committee
authority to write common
stockholders for the purpose of organizing the new committee.—V.
3,613,759
Union Oil Co. of California—Dividend Increased—
The
Alfred
and stocknolders
J.
Net profit
-V. 143, p.
Opposed—
Opposition to the treatment given the common stockholders in the re¬
organization plan is expressed by a new committee to
represent the com¬
mon stockholders.
The committee consists of Newton McGovern, Edward
J. Hudson, Maynard Miller and Albert Lautman.
payment in full and
before
for normal Federal income tax
and has been with the road ever since.
6,096,947
56,783,549 54,171.917
Pacific
17 years, will reach the company's retirement
age of 70 a few days before the date of his retirement.
William M. Jeffers, Executive Vice-President of the
company, will be¬
come President.
He joined the Union Pacific as an office
boy in 1890
Reserve for Federal
to
cos
Land,
Dec
Notes payable
Accts. payable and
Fund.debt ofsubs.
product *n costs) 16,798,162
Prepaid expenses
6 59,576
Inv.
Subsidiaries
accr.
2679
headed the Union
Liabilities—
1,840,968
Accts. and notes
Chronicle
Net earnings
General interest of sub. cos
BalanceInt. deduc's of United Pub. Util. Corp.:
Interest on collateral trust bonds.
_
Interest
on
10-year interest scrip
Netincome
Dividends
on
$275,154 *
172,497
year's accrual of interest
_
405,088
Not*
$144,652
preferred stocks
x
Includes more than
y
As adjusted.
one
on consumers'
deposits,
■
Financial
2680
1936
Liabilities—
S
prop.,
deferred charges
50,690
909,772
pay
$2.75 cum. pf. stk. 3,492,400
Class A com. stock
($1
($1
Mln.
& accts. receiv..
448,059
375,553
233,802
a
&
224,352
8,308
Corp. 8,076,659
8,126,244
227,459
221,454
228,882
in
Net
com.
of
surp.
dt.
Def'd liabilities
283,156
Accounts payable.
197,795
327,217
Accrued interest._
236,156
thereof allocated to paid-in surplus.
$59,747
Balance Sheet Dec. 31, 1936
204,478
85,827
&c.
Federal income tax
Miscell.
liab.
curr.
Reserves-
a
V.
20,619,785
.....
After
143,
reserve
p.
of
19,928,755'
207,7
76,607
104,666
Accrued interest on bonds
United Steel Corp.,
on
the 6%
an
United States Casualty Co., New
York—Stock Offered—
Public offering of 123,400 shares of new convertible preferred
stock ($2 par) was made April 12 by means of a prospectus
by Robert Garrett & Sons, Baltimore, and Paine, Webber &
Co., priced at $10 per share plus accrued dividends.
This
offering represents outstanding shares owned by New
Amsterdam Casualty Co., sole parent of the corporation,
which on March 15, 1937, owned 93% of the outstanding
stock and does not constitute new financing by the company.
The stock is preferred as to assets to the extent of $10 per share and is
share plus
accumulated dividends.
any
tive dividends of 45 cents per snare, payable semi-annually, and
($2 par), all of which was outstanding and 500,000 shares of common stock
($2 par) of which 350,000 shares
000 shares
were
were
outstanding and the remaining 150,-
reserved for conversion of the preferred.
The company is licensed to write various lines of insurance in 43 States,
the District of Columbia and Porto Rico.
During its 41 years of existence,
it has written net premiums of over $160,000,000 and has paid over $80,-
000,000 in claims.
It enjoyed an unbroken dividend record from 1906 to
193i, during which period it paid casn dividends in the amount of $2,225,000
and issued stock dividends of $600,000.
The balance sheet of t-e company at Dec. 31, 1936, suows a surplus of
$2,147,255.
Total net income for the year 1936 amounted to $300,472.
—V. 144, p. 793.
United States Steel
See
v.
under
"Indications
144, P. 2326.
of
Business
Activity"
on
a
St. Paul Union Stockyards Co. capital stock.
48,400
6,000
stock
19,000
39,180
3,481
Fort Worth Stock Yards Co. capital stock
Union Stockyards of Toronto, Ltd. capital stock.
the additional
following shares of stock
acquiring
shares
the
_
corporation
No.
Paul
will
of Shs.
P. C.
of
Total
24,200
.
stock ($100 par), 4,000 shares outstanding
Brighton Stock Yards Co. capital stock ($100 par),
97 shares outstanding
of
common
Stock Exchange has authorized the listing of 484,664
stock ($1 par)
which are issued and outstanding
public, and 15,336 shares of stock presently issued and
in full), upon official
in full and delivery to employees pursuant to the terms
of an employee stock purchase plan, making the total amount applied for
500,000 shares.
Corporation is successor by merger on Sept. 30, 1936, to Universal Steel
Co. and Cyclops Steel Co., constituent companies.
outstanding (but held by a trustee pending payment
Income
Combined
of the Company for
Dec. 31, '36
23.206
Combined,
Year 1936
$1,724,835
$3,994,785
$5,719,621
1,390,697
3,237,735
4,628,432
$334,138
1,155
$757,050
4,255
$1,091,188
5,410
$335,294
16,000
$761,305
6,853
103,500
43,075
35,504
$1,096,599
8,103
149,800
59,575
51,504
$255,244
$572,372
$827,616
Sales, less cash discounts, returns and
allowances.
Costs and expenses
Balance.
Other
income.
Together
Federal income taxes
1,250
46,300
Pennsylvania income taxes
16,500
Other charges
Federal surtax on undistributed profits
Net profit for
period..^*... ......
Balance Sheet Dec. 31, 1936
Liabilities—
Assets—
$995,178
570,478
1,213,695
Investments, advances, &c...
10,753
Fixed assets
2,274,936
Deferred charges
2,373
Stock sales to officers & empl's
21,347
Life insurance policies
127,280
Cash....
Notes & accts.
receivable—.
Inventories
........
-
.......
144,
P.
207,816
Res. for Fed. & State inc. taxes
253,264
Reserve
Capital stock (oar $1).500,000
Capital surplus
3,503.537
Earned surplus
489,303
$5,216,040
Total
Co.- -Earnings—
I
1936—12 Mos.—1935
1936—Month- -1935
$99,458
$106,185
76,041
84,657
$1,135,582
1,028,817
$1,042,641
918,515
$23,417
28,798
$106,765
522,010
$124,126
501.294
$52,511
$52,215
$628,775
$625,420
2,786
$52,511
51,858
$52,215
51,546
981
997
$628,775
622,300
10,416
$628,206
621,988
10,162
from oper...
$21,528
Rent from leased prop-
30,983
revs,
Total
Other income (net)
Gross corp. income—
on mtge. bonds
Other int. & deductions.
Int.
$327
$328
$3,941
$3,944
retirement reserve appropriations and dividends.
been made in the above statement for unpaid
6% income demand note, payable if earned,
amounting to $1,476,000 for the period from Jan. 1, 1934 to Dec. 31, 1936.
No provision has been made for Federal surtax on undistributed profits
for the 12 months ended Dec. 31, 1936, inasmuch as there wsa no adjusted
net taxable income undistributed for that period.—V. 144, p. 296.
a
Balance deficit
a
Before
property
Notes—No provision has
cumulative interest on the
Utilities Power & Light
The Associated Investing
Corp.—Bond Case—
Corp. has asked Federal District Judge Holly
temporary injunction staying possible action by the Chase
National Bank to accelerate maturity of $50,000,000 of debentures, pending
to
issue
a
appeal by Associated Investing of Judge Holly's own order permitting such
Counsel for Associated Investing Corp. contemplates re¬
acceleration.
questing Judge Holly for a finding of fact in nis ruling wnich stopped pay¬
ment of interest due on Feb. 1 and June 1 on the debentures.
Group Seeks Authorization from Holders of Pref. Stock—
Claiming to represent 12,000 shares of preferred stock of the corporation,
a
new
protective committee is circularizing other holders, asking autnoriza-
tion to represent them in negotiations for a plan of reorganization in order
that the preferred "may not be squeezed out between the $50,000,000 of
% of Total
outstanding debentures and the 4,900,000 shares of class A, class B and
common stock."
*
141,603
70.801
42,457
81,118
70.761
67.598
86,467
78.606
13,684
91.226
4,000
100.000
The committee, comprising Paul Y. Shields, Joseph S. Maxwell and
Charlton B. Hibbard, is not asking that certificates be deposited.
It seeks
only authorization to represent the nolders.
The authorization from holders
of 12,000 shares were sent in in respnse to circularization of holders of 25
shares and more.
The present circular is being sent to all preferred share¬
holders.
Those owning fewer than 25 shares constitute 10,000 of the cor¬
poration's 12,000 preferred shareholders.—V. 144, p. 2326.
Van
and
Norman
Machine
Tool
Co .—Admitted
The New York Curb
3,075
68.363
4,000
100.000
76
78.350
to
to
Listing
Registration—
Exchange has admitted the
listing and registration.—V. 144, p. 1817.
common
stock, $5
par,
Virginian Ry.—Earnings—
v
.
Traffic Statistics for Calendar Years
1936
Average mileage
619
Tons (revenue) carried-_ 10,893,323
1,000 tons carried 1 mile
2,488,017
Rate per ton per mile—
0.681 cts.
Passengers carried...__
99,948
Pass, carried 1 mile
1935
1934
1933
619
619
614
9,778,327
2,252,784
0.672 cts.
80,787
9,422,662
2,117,632
8,596,191
1,943,137
0.652 cts.
0.661 cts.
117,977
2,293,330
2.49 cts.
$23,321
111,322
2,961,713
Rate per pass, per mile..
2,168,258
2.17 cts.
1,846,576
2.27 cts.
Oper. revenue per mile..
1937.
34,017
for contingencies
122.
Period End. Dec. 31—
Net
$228,101
Accrued liabilities
$5,216,040
Total
-V.
Account* payable—trade.....
the
own
has granted an option to the underwriter, John De Witt,
purchase $1,700,000 15-year coll. trust
4M% bonds, series A; 130,000 shares of conv. pref. stock, and 65,875
shares of common stock.
The option prices per unit to the underwriter
of these securities are as follows
Series A bonds at 96 plus int.; conv.
pref. stock at $10.75 per share, and common stock at $7.25 per share.
The total option purchase price is $3,507,094 in cash.
These securities
are to be delivered to the underwriter against payment on or before May 15,
9 Mos. End.
Sept. 30, '36
3 Mos.End.
15.833
35.618
Calendar Year 1936
1
The corporation
Board of Trade Bldg., Chicago, to
listing and registration
notice of payment
10.000
Union
Stockyards Co. capital stock (no
par), 200,000 shares outstanding..
Sioux City Stock Yards Co.—
Pref. stock ($15 par), 60,000 shs. outstanding._
Com. stock ($15 par), 120,000 shs. outstanding.
Fort Worth Stock Yards Co. capital stock (no par),
110,000 shares outstanding
Union Stock Yards of Toronto, Ltd., capital stock
($100 par), 15,000 shares outstanding.
Milwaukee Stock Yards Co. capital stock ($100
par), 4,000 shares outstanding
Portland Union Stock Yards Co. capital stock
($50 par), 4,498 shares outstanding.
South San Francisco Union Stock Yards common
and Registration—
to
in the hands of the
Operating revenues
Oper. exps. (incl. taxes).
Acquired
Sioux City Stock Yards Co.—Preferred
Common stock
York
New
The
shares
Utah Light & Traction
•
Shares to Be
admitted'
voting trust certificates issued under voting trust agreement dated
March 31. 1936. representing common stock, $1 par.—Y. 144, p. 2503.
preceding page.—
'.y;s
The New York Stock Exchange has authorized the listing of $6,200,000
15-year coll. trust 4H% bonds, series A (with or without warrants at¬
tached) upon official notice of issuance and distribution; 130,000 additional
shares of conv. pref. stock (no par), and 65,875 additional shares of common
stock ($1 par) upon official notice of issuance, pursuant to an option;
51,000 additional shares of common stock upon official notice of issuance
upon the exercise by the bondholders of the non-detachable warrants
attached to the $1,700,000 coll. trust 4H% bonds, series A, to be issued,
and 130,000 additional shares of common stock upon official notice of
issuance upon the conversion of the conv. pref. stock.
The directors at a meeting held March 24, 1937, authorized the issuance
of $1,700,000 additional 15-year coll. trust 4M% bonds, series A, with
nondetachable warrants attached at 96 and interest.
On the same date,
the directors authorized the issuance of an additional 130,000 shares of
conv. pref. stock at $10.75 per share and an additional 65,875 shares at
$7.25 per share.
The purchase price of the above securities to be paid
to the corporation by the underwriter on or before May 15, 1937.
There
is no firm commitment to purchase the said securities, the underwriter
merely having an option to purchase same.
The estimated net proceeds from the sale of the securities, after de¬
ducting the estimated expenses of the issue estimated at $40,524, or $3,466,569, will be used for the following purposes
$83,086 as working
capital and $3,383,483 will be applied toward the purchase price of the
following shares of capital stock of stockyards companies
St.
Universal Corp.—Admitted to Listing
Corp.—March Shipments—
..'<•;v:v;;
United Stockyards Corp.—Listing—
After
$9,491,969
Total
$9,491,969
The New York Curb Exchange has
part at the company's option, on 60 days' notice,
It is entitled to cumula¬
participat¬
ing to the extent that if the common stock has received dividends of 50c.
per share in any year the preferred will receive equal participation with tne
common up to an additional 20c. per share and also one-half of dividends
declared on tne common in excess of 60c. a share in any one year.
It is
convertible into $2 par common stock on a share for snare basis.
Following reclassification of its stock in January, 1937, the authorized
capitalization consisted of 150,000 shares of convertible preferred stock
at $11 per
-.....
Universal-Cyclops Steel Corp.—Listing—
initial semi-annual dividend of 75 cents
class A preference stock, payable May 1 to holders
138, p. 3456.
or
-
1,321,152
the
Ltd.—Initial Class A Dividend—
of record April 15.—V.
redeemable in wnole
308,125
Common stock...
a
The directors have declared
share
3,255,000
—V. 144, p. 2153.
dividend of 75 cents per share on account
of accuimulations on the $1.50 cum. class A stock, no par value, payable
May 15 to holders of record April 30.
A similar dividend was paid on
Feb. 15, last; one of $1 was paid on Nov. 16, 1936; 75 cents was paid on
May 15, 1936, and one of 50 cents was paid on Nov. 15, 1935, this latter
payment being the initial distribution on the class A stock.—V. 144, p. 295.
per
4,500,000
stock
Paid-in surplus
b Cash only.—
Ltd.—Accumulated Dividend—
Corporation,
47,813
Collateral trust 4Hs
Preferred
3651.
The directors have declared
$14,927
44,953
payable-
Divs. pay. on pref. stock
Miscell. accounts
Total
United
Accounts
$180,546
6,175
receivable.2,254
Investments
8,901,549
Furniture and fixtures
2,446
Deferred charges.
398,999
Cash
Divs. and accr. int. receivable
2.875",124
20,619,785 19,928,755
Total
$42,913 in 1936 and $42,719 in 1935.
Liabilities—
Assets—
19,615
3,154,665
371,108
.
Earned surplus
Total
$83,469
23,722
Total
Less portion
Acer. State & local
taxes,
$59,747
44,952
38,517
income
Dividends—Preferred stock (14Hc. per share)—
Common stock (12 He. per share)
Un.
of
Pub. util.
other deductions—...—
224,296
8,583
$110,391
15,518
35,126
-
General and administrative expenses
Interest charges and
par).......
int.
Fund.
Notes, warrants
2,850
Stock Yards cos
Total income
149,568
stk.
com.
Peoples Serv. Co
206,486
Mat'ls & supplies-
149,568
par).
Class B
stk.
205,732
34
owned
Management charges to Milwaukee and Brighton
3,492,400
.of bd.
Int. due Jan. l._
Interest earned on bonds
3,986,000
51,279
Cash & work. fds-bl,012,576
1935
$
$
3,986,000
$3 cum. pref. stk.
rts.,
franchises, &c__18,l89,778 17,405,722
Invest. & advs...
384,248
686,147
Special deposits.94,898
96,001
Prepaid accts. and
Dep.for
Statement of Income
1935'
1936
Assets—
Plant,
April 17, 1937
Chronicle
and Expenses for the Two Months Ended Dec. 31, 1936
Dividends received from stock yards companies on stocks owned
$107,506
Balance Sheet Dec. 31
Consolidated
$28,482
$25,485
2.07 cts.
$21,874
Volume
Financial
144
Income Account for Calendar Years Incl.
Virginian Terminal Ry. Co.,
Virginian & Western By. Co. and Loup Creek Colliery Co.
1936
_
.
,
,
.
o
i
.
1935
1934
1933
Freight—coal & coke—$14,520,140 $12,979,585 $11,897,523 $11,315,879
Freight—other
2,428,673
2,167,281
1,916,572
1,534,466
Passenger,mail & express
115,227
107,653
124,092 *
125,508
All other
576,076
529,061
505,164
457,920
Total
revenue
$17,640,016 $15,783,580 $14,443,351 $13,433,773
4,389,185
3,964,707
3,608,640
3,555,531
2,881,169
2,735,041
* 2,539,896
2,446,811
expenses..
595,466
x479,160
x554,368
519,258
Maintenance
2681
Chronicle
The corporation's 10-year 5% convertible sinking fund gold debentures
were issued under a trust agreement which provided that if the corporation
should issue any obligations convertible into capital stock at a rate more
favorable than the rate at the time in effect for the debentures, then the same
convertible privilege in respect to conversion rates
the debentures.
Under the trust agreement the
Transportation
to be accorded the notes.
All other oper
reserved for issuance upon conversion
Total expenses.......
$7,865,820
$7,178,908
$6,702,904
$6,521,600
>9,774,197
1,455,000
$8,604,672
1,936,300
$7,740,447
1,779,400
$6,912J73
1,664,400
30
349
785
Railway oper. income. $8,319,197
Equipment rents (net).
704,301
Joint facility rents (net).
44,766
$6,668,342
511,537
43,275
$5,960,698
689,208
77,222
$5,246,988
775,595
48,586
Net
from ry. opers.
accruals...
rev.
Railway tax
Uncoil, railway revs
.
Net ry. oper. income.
$9,068,263
$7,223,154
$6,727,128
$6,071,169
Income from non-transp.
property
Dividend income
Net profit of Loup Creek
23,276
1,697
22,886
1,697
16,473
1,697
25,849
1,697
11,441
25,494
15,340
6,430
20,886
15,689
2,412
70,008
67,882
1,340
$7,295,001
3,600
29,441
$6,784,285
3,600
26,664
$6,237,945
3,600
26,760
3,115,205
3,151,527
312
807
Colliery Co
Interest income
Miscellaneous income.
6,924
.
1,886
.
Total income
Miscell. tax accruals
$9,113,489
300
Miscell. income chargesBents for leased equip.
41,727
Fixed int.on funded debt
Int. on unfunded debt..
2,599,480
1,506
18,777
.
Amortization of discount
on funded debt
I
Consolidated net inc..
-
Preferred dividends
Common dividends
Balance, surplus
8hs.com. out. (par $100)
Earns, per sh. on com...
x
3,187,849
18,158
3,106
83,443
86,919
$6,451,699
2,096,625
1,563,575
$4,143,337
1,677,300
1,250,860
$3,518,244
2,096,625
625,430
$2,914,659
1,677,300
$2,791,499
312,715
$1,215,177
312,715
$796,189
312,715
$1,237,359
312,715
$15.27
$7.89
$5.89
$3.99
were debited with $63,372 for carriers
proposed Railroad Retirement Fund which was sub¬
sequently held invalid by U. S. Supreme Court. This amount was credited
to operating expenses for 1935.
Note—As of Aug. 1, 1936 the Virginian Terminal Ry. and Virginian &
Western Ry. were merged into the Virginian Ry.
As of the date of the
merger the profit and loss balances of these subsidiary companies aggregat¬
ing $369,174 were credited to profit and loss account of the Virginian Ry.
to
Consolidated Balance Sheet Dec. 31
al935
$
$
Assets—
bl936
equipment-155,238,143
155,084,384
3,411,007
3,401,547
Deps. in lieu of
mtge<l.
$
31,271,500
27,955,000
62,684,000
car ser¬
vice bals. pay.
prop.
29,501
C08..
Securs.pledg'd
25,000
25,000
un¬
139,132
4,222
13,808
208,726
Otherinvestmts.
36,000
Secs.unpldged
35,107
500,107
{>,610,986
4,783,871
Special deposits.
782,758
508,200
Quinlan Co,—Adoption of Plan Asked—
the company
informed Federal Judge Murray Hulburt at
Washington Gas & Electric Co.—Earnings—
1936
Maintenance
102,278
Taxes (other than Fed'l income taxes)
129,434
95,161
$1,462,985
725,493
83,129
118,928
99,744
$541,255
68,422
$435,691
61,904
$609,677
369,912
192,000
8,510
28,955
$497,595
371,479
192,000
7,084
29,119
8,056
Operating
expenses..j
Depreciation
Net operating income.
Non-operating income
...
Interest
on 1st mtge. bonds
Interest on 1st lien and general mortgage bonds.
Other interest
Amortization of debt discount and expense
Other income deductions
$9,930 def$110,145
Note—Dividends op tbp 7% cum. pref. stock were in arrears at
1936 to the extent of $28 per share or $377,104.
Liabilities-
Assets—
Plant, property & equip., &c.$15,349,990
Investment in subsidiaries—
3,512,644
Long-term debt
Miscell. investments
Accounts
31,161
Cash....
a
170,172
Notes & accts.rec.(cust'm'rs)
Accts. receivable (other)
Accrued interest receivable.
4,125
Inventories
Unbilled
95,842
1,296
10,009
1,930
revenues.
Gtd. cust'rs' mdse accounts.
190,577
4,898
-
-
Deferred charges
562,305
curr.
105,365
Deferred Habils.
24,272
31,301
887,820
53,392
48,110
944,345
22,299,275
942,561
25,857,123
169,186,484
167,020,072
583
1,315
Other curr.assets
418
Deferred assets.
6,595
1,458,313
Additions to prop
12
433,186
169,186.484
147,317
through
inc.
& surplus
Profit and loss.
.
31,299
167,020.0721
Total
Including Virginian Terminal Ry.; Virginian & Western Ry. and Loup
b Including Loup Creek Colliery Co. only.—V. 144,
Creek Colliery Co.
2327.
Virginia Electric & Power Co.—Earnings—
-Month Ended
12
Mos.
Ended'37 Feb. 29 *36
Feb. 28 *37
Operating revenues
Operation
Maintenance.
Feb. 29 '36 Feb.
$1,388,357
483,460
Period—
$1,289,097 $16,571,743 $15,354,583
488,004
6,379,398
6,109,204
89,390
1,239,674
1,023,340
168,694
a2,099,963
1,611,809
105,178
al79,023
-
Taxes
Net oper. revenues
28
$620,695
Drl4,521
$543,008
8,983
$6,852,709
96,469
$6,610,230
67,353
$606,174
150,240
$551,992
147,456
$6,949,178
1,768,405
a
$455,933
Appropriations for retirement reserve
Pref. div. requirements
$404,536
$5,180,772
1,956,666
1,171,553
$4,725,224
1,800,000
1,171,631
Balance for common dividends and surplus....
$2,052,553
$1,753,593
Balance
Int. and amortization
Balance-.-...--
taxes
of the year.
accounts
New
York
Stock
for
reserve
no par
Exchange has authorized
the listing
convertible notes due April 1, 1941 proposed to be
issued, making the total number applied for 473,488 shares.
1,346,800
2,495,000
3,374,796
March
1937, authorized the issuance of $600,000
3H% convertible notes due April 1, 1941 under an indenture, to be dated
April 1, 1937, between the corporation and Guaranty Trust Co. of New
York, trustee.
Notes will be convertible into capital stock on and after
May 1, 1937, at any time up to or at maturity tor until the date fixed for
redemption, if previously redeemed), at a conversion price of $37.50 per
share of such capital stock.
26 2-3 shares of capital stock will, therefore,
be reserved for issuance upon the conversion of each $1,000 of notes issued.
The notes are to be sold privately for cash.
The net proceeds from the
sale of such notes, which will be approximately $600,000 after deducting
a commission of 1%
payable in connection therewith, are proposed to be
used by the corporation to effect settlement of a debt evidenced by notes
in the amount of $863,044..
277,637
uncollectible
Total
accounts
.$19,934,950
of
$41,316.
b Represented
expressly authorized by the P. U. Commission of the District of Columbia.
Under this application company proposes to issue 12,500 shares of $4.50 no
cum. conv. pref. stock either to be sold to the public to provide funds
to pay, or to be given directly to, Washington & Suburban Cos. for the
securities of the two subsidiaries; and 37,500 shares of no par common stock
to be reserved for the conversion of the above preferred stock.
prf
Company also filed an application (32-51) for exemption of the issue of
certain other securities, when authorized by the P. U. Commission of the
District of Columbia, for various pruposes, as follows:
$10,000,000 ref.
mtge. bonds, 3H% series, due 1962, and 35,000 shares of $4.50 no par cum.
conv. pref. stock, to redeem all of the outstanding $8,500,000 of ref. mtge.
gold bonds, 5% series, due 1958; to redeem all of the outstanding $2,940,000
of ref. mtge. bonds, 4H% series, due 1956; and to pay bank loans and to
reimburse the applicant's treasury for expenditures in connection with the
expansion and additions.
This declaration also covers 495,000 shares of no
par value common stock, 105,000 shares of which are reserved for the con¬
version of the 35,000 shares of preferred; and the balance is reserved for the
exchange of the presently outstanding 130,000 shares of $20 par value capita
stock into three shares of the new no par common stock.—Y. 144, p. 2503
par
Washington Oil Co.—Dividend Reduced—
a dividend of 50 cents per share on the com¬
stock, par $25, payable April 15 to holders of record April 12.
A like
payment was made on Jan. 9, last and compares with a dividend of 75 cents
paid on Oct. 10 and July 10, 1936; 50 cents paid on April 15 and Jan. 10,
1936, and on Oct. 15, 1935; 75 cents paid each three months from Jan. 10,
1935, to and including July 10, 1935; $1 paid on Oct. 10, 1934; $2 on
July 10, 1934; $1.50 on April lO, 1934, and $1.25 per share on Jan. 10,
1934. Quarterly distributions of 25 cents per share were made on Dec. 20,
1932, and March 20 and June 30, 1933.—V. 144, p. 469.
mon
Washington Ry. & Electric Co.—Earnings—
1936
$3,622,000
186,460
1,130
t
Interest-
Miscellaneous
Total income
...
—
General expenses
Taxes
a
Authority For and Piirpose of Issue
on
7,439
65,845
1,753,871
Washington Gas Light Co.—Acquisition, &c.—
of 79,120
of the 3M%
The directors
....
shares.—V. 143, p. 777.
Income—Dividends
America—Listing—
shares of capital stock (no par) on official notice of issuance, upon conversion
of the outstanding 10-year 5% convertible sinking fund gold debentures
and 16,000 shares of capital stock on official notice of issuance, upon con¬
version
1,930
Due to affiliated companies..
Years Ended Dec. 31-—
The
877
Guaranteed customers' mdse.
Company,
a
subsidiary of Washington & Suburban Cos., a regis¬
holding company, has filed with the SEC an application (46-37)
under the Holding Company Act asking for approval of the acquisition
from its parent of all the outstanding stock and certain other obligations of
Washington Suburban Gas Co. and Alexandria Gas Co.
fed
The company also filed an application (32-50) for exemption of securities
to be issued in connection with the application when such securities are
2326
Vanadium Corp. of
10,334
prior years
Other accrued liabilities
tered
Note—The company on Jan. 1, 1937 adopted the Federal Power Com¬
mission System of Accounts, hence previous year's figures are not exactly
p.
Accrued
The directors nave declared
a No provision has
been made for the Federal surtax on undistributed
profits since any liability for such tax cannot be determined until the end
comparative.—V. 144,
After
by 100,000
$6,677,584
1,952,359
Non-oper. income (net).
.—$19,934,9501
Total
176,653
1,196,184
265,437
Other accrued interest
Accrued Fed'l income taxes-
Earned surplus
liabs
14,867,678
858,551
1,555,754
payable
Accrd. int. on long-term debt
1,201,112
1,002,509
502,804
.-$10,206,600
55,150
91,827
142,197
16,137
88,509
Notes payable
b Common stock.
1,770
clared...
Other
Dec. 31,
Balance Sheet Dec. 31 1936
Surplus from appraisals
16,053,314
240,800
Unadjusted debs
370
Net income
7% cum.pref.stk. ($100 par).
Other unadjust¬
ed credits-.—
_
1935
$1,579,511
711,383
Calendar Years—
Gross operating revenues
30,790
liabilities-.
184,102
1,710,850
a
for
hearing April 7 on the company's amended plan of reorganization,
that the plan has been approved unanimously by bondholders and other
creditors.
He asked the court to give it approval.
The proposal plan provides for the issuance of new bonds at the rate of
$70 for each $100 of claims outstanding to creditors, with the exception of
the Cities Service Co. claim, aggregating $7,834,214.
It also provides
for the sale of the company's 237 service station to Cities Service Co.
for $4,180,750 subject to mortgages of approximately $2,000,000, which
would provide the company with an additional $2,000,000 in cash for work¬
ing capital.—V. 144, p. 2327.
red.
on
unpaid
Int. mat. unpaid
Accrd. deprec..
Accrd. depletion
rec.
conductors—
P.
Warner
Counsel
the
Reserves..-.
628,532
vice bals. rec.
Total
outstanding and in the treasury, the amount of capital stock to
for the conversion of the debentures will be 79,120 shares.
144, p. 2503.
Consumers' deposits
Tax
from agents &
Materials & sups
Int. & divs. rec.
of each $1,000 principal amount of
Since there is $2,825,000 of deben¬
reserved
321,425
476,147
car ser¬
rec
be
Unmat.divs. de¬
Securs.pledg'd
Misc. accts.
amount
—V.
Fund.debs. mat.
Prem.
13,808
118,679
Advances--
Cash
con¬
tures outstanding and an additional $142,000 principal amount of deben¬
tures in the treasury of the corporation, or a total of $2,967,000 principal
Deposits for bond income tax
unpaid
pledged.
Stocks
bal.
591,100
Audited accts. &
Unmatd.lnt.accr
—stocks--Securities
27,885
709,523
Misc. accts. pay.
27,410
39,180
wages payable
sold
Net
$
Common stock. 31,271,500
6% cum.pref.stk 27,955,000
Long-term debt. 65,364,000
Traffic &
Invests, in affil.
Traffic <fe
al935
Liabilities—
Investment in rd
&
were
tne
bl936
Other property-
debentures
26 2-3 shares of capital stock will, therefore, be
debentures which may be outstanding.
Gross income
Operating expenses for 1934
contribution
should be accorded to
vertible into capital stock at a conversion price of $80 per share of such
capital stock.
In order to carry out the covenant of the corporation con¬
tained in the trust agreement, the corporation will execute a supplemental
indenture giving the debentures the same conversion privileges as those
Provision for Federal taxes...
$3,809,590
9,669
64,440
1935
$2,684,750
270,403
$2,955,153
23,730
68,190
69,676
185,668
Interest
236,709
$3,480,138
11,729,284
5,356
$2,626,523
11,984,578
13,183
4,
Balance for dividends and surplus
Previous surplus
Other credits to surplus
Total
—
surplus
Preferred dividends
Common dividends..
—
—
Additional income, taxes prior years
Unamortization debt discount and expense.-
Balance, surplus, Dec. 31
a
$15,214,778 $14,624,284
425,000
425,000
2,990,000
2,470,000
13,242
21,555
$11,764,980 $11,729,284
Including $3,370 for Federal surtax on undistributed income.
2682
Financial
Chronicle
Balance Sheet Dec. 31
1936
AssctS"^"
Liabilities—
$
Investments.....26,989,976 32,021,918
Fund,
a
sumed
debt
by
Taxes accrued
Interest accrued..
:
Matured
1,
1933....
4,434,000
248,823
340,625
642
Reserves.
11,722
25,760
8,500,000
5% cum. pf. stk. 8,500,000
Common stock.. 6,500,000
6,500,000
Surplus
11,764,980 11,729,284
d
e
Dep. for payment
of matured int.
Accts. A int.
15,296
1,839
39,632
53,247
rec._
Bals. in closed bks.
Dist. & exp. on sec
517
15,432
cl,637
Suspense account
Mail
82.002
18,647
1,863
305,984
85,391
20,494
4,445
330,008
$16,298,270
$14,791,403
$2,151,631
3,292,741
440,427
3,972,511
58,672
556,928
8,865
$1,979,202
3,433,022
437,197
3,734,934
69,550
565,782
14,269
Milk
Miscellaneous
Total operating revenues
Maintenance of way & structures
Maintenance of equipment
Traffic
Transportation.
Miscellaneous operations
General
40,874
79,070
1935
1936
$15,794,011 $14,270,367
80,697
95,763
Express.
A
1937
Ry.—Earnings—
Calendar Years—
Operating revenues—Freight
Passenger
Potomac
to
Elec Pur. Co
4,434,000
Dep. with trustees
642
Cash....
2,637,728
b U. S. Gov. sees.
340,532
interest.
Due
agree¬
ment of Dec.
$
7,573,100 10,361,100
33,246
31,775
103,238
80,512
10,464
19,307
15,626
15,797
Sundry curr. liab.
Cap.
1935
$
Funded debt
as¬
Trans. Co. under
indemnity
Western Maryland
1936
1935
$
April 17.
Transportation for investment (Cr.)
,
80,613
Total....
Total operating expenses
34,512,894 37,263,5371
$10,464,047 $10,205,418
34,512,894 37,263,537
Total
a Assumed by Capital Transit Co. under
indemnity agreement of Dec. 1,
1933.
b Includes municipal securities, c Interest receivable only,
d Rep¬
Net operating.revenue
Tax accruals
resented
Uncollectible railway revenue
by shares of $100
—V. 143. p. 3166.
par.
;
Waypoyset Mfg. Co .—Permanent Receiver—
Judge Jeremiah E. O'Connell in Rhode Island Superior Court, Providence,
April 6 appointed Benjamin C. Chace of Pawtucket permanent receiver
for the company.
The Court declined to grant demand of stockholders and order dissolution
-of company, explaining it was not practice of Court to make such an order
there
outstanding obligations.
The latter amount to
approximately $900,000, but company officials say that assets are sub¬
stantially greater than liabilities.
Company is one of the largest rayon
weaving plants in New England.
Receivership action was voted by direc¬
tors largely because of C. I. O. labor troubles, it is said.
The stockholders on April 5 voted to dissolve.—V. 144, p. 2327.
are
so
Weisbaum
$4,635,795
148,421
$3,799,771
307,905
Net railway operating income
Non-operating income
$4,784,216
82,270
$4,107,677
82,098
$4,866,487
3,156,373
$4,189,775
3,187,118
$1,710,113
$1,002,657
Co.—Admitted
Bros.-Brower
Gross income
Fixed charges
to
Listing and
Net income
Dividend
1st
on
listing and registration.—V. 144,
p.
the capital s^ock, $1 par,
Balance transferred to profit
1936
Assets
1936
1935
$
Ǥ
v
Cash....
Liabilities—
2,111,904
drafts
Traffic
March 25.
The dividend is payable June 1 to holders of
record May 20.
The last previous disbursement was made on Feb. 1,
when an extra dividend equivalent to 7 M cents on the new stock was
in addition to 7 H cents previously declared as a regular dividend.
year common stock dividends were
on the first day of each quarter.
last,
paid
Last
paid May 1 and quarterly thereafter or
&
25,000
448,229
23,615
June 1 as a payment date the company announced that its
policy this year is not to fix an annual dividend rate, but to base dividends
on quarterly results and that hereafter dividend action would be determined
after full quarter results are known.
IfcThe company announced that rising costs of labor and materials accom¬
panied sales gains, necessitating some adjustments in price structure.
It
was stated that net sales for the first five months ended March 31
sub¬
.
rec.
Misc. accts.
Traffic
224,322
725.026
62,917
411,875
toaffil. cos...
rec.
1,508,250
2,952
80,897
1,100
Working fd. adv.
Rent & ins.prem.
pd. In advance
Loans & bills pay
&
car
service
bal.
1,394,523
payable
1,762
73,481 Audited accts. &
wages payable
6,695
13,595
8,220
Mac. accts. pay.
Int. mat. unpaid
Dlvs. payable..
360,062
on
230,000
553,641
823,096
205,711
416,189
155,486
560,782
2,414
62,180,865
1,042,000
326,159
123,168
182,557
403,732
Material & suppl
Int. & dlvs. rec.
370,955
Fund, debt mat.
729,478
unpaid
Unmat. int.
funded
debt
Other
49,717
61,491,865
628,000
Equip, tr. obllg.
Non-neg. debt to
fr.
agts. & conduc
unadjust.
debits
935,430
stantially exceeded those for the corresponding period a year ago with
March shipments greater than for any month since the business was started
in 1901—V. 144, p. 2504.
142,100
532,277
7,287
21,498
133,007
481,558
166,523
7,838,444
.7,090,248
1,149,961
1,119,976
522,183
23,081,890
505,279
23,626,252
175,590,373
176,284,117
accr
Unmat.rents
Other
1,344
3,000
521,091
6,226
29,677
142,882
813,685
accr
curr. liab.
Otn. def. liab...
Tax
Western
Auto
Supply
Co.—Admitted
Listing
to
liability
Operating res...
and
Accr.
Registration—
The
deprecia¬
tion
York Curb Exchange has admitted
New
the common stock,
17,742,050
6,138,200
230,000
118,875
receivable
Net bal.
Disc,
construction.
Funded debt...
balances,
serv.
1935
53,286,898
Grants in aid of
car
Oth. curr. assets
In fixing
$1,002,657
$
53.286,898
1st pref. stk
17,742,050
2d
pref.
stk.. 6,138,200
&
deposits
$
Common stock.
2,627,392
Special deposits-
The directors have declared a dividend of 15 cents pet share on the new
shares of common stock resulting from a four-for-one split-up ratified by
$468,166
and loss
General Balance Sheet Dec. 31
Time
2154.
Wentworth Mfg. CoDividend on New Stock—
on
1,241,947
preferred stock
Property invest. 169,397,787 170,208,557
The New York Curb Exchange has admitted
stockholders
548
many
Registration—
to
$4,585,984
785,664
■
on
when
$5,834,224
1,198,428
Operating income.
Net rental of equipment & joint facilities (Cr.)
Represented by 65,000 shares, $100 par.
e
(equip.)
Deprec. & deple.
$10,
par, to listing and registration. Each share of class A common stock, no par,
and each share of class B common stock, no par, is exchangeable for three
shares of common stock, $10 par.—V. 144, p. 2504.
of
W.
.
property,
Va. C. &
P. Ry
Other unadjusted
Western Electric Co.,
credits.
Inc.—Changes in Personnel of Subs.
Prof. & loss bal.
At the annual meeting of directors of Electrical Research Products, Inc.
held
April 13, Whitford Drake, Executive Vice-President, was elected
President to succeed Edgar S. Bloom.
Mr. Bloom is President of Western
Electric Co.
Mr. Drake become associated with Western Electric in 1924
on
Total
Total
175,590,373 176,284,117
—V. 144, p. 2504.
and has been connected with Electrical Research Products since its forma¬
tion in 1927.
same
He was made Executive Vice-President a year ago.
At the
meeting Daniel C. Collins was elected a Vice-President of Electrical
Western New York Water Co.
Calendar Years—
Miscellaneous interest..
of the Western Electric Co.
When the Teletype Corporation was
by Western Electric in 1930,
President.—V. 144, p. 2154.
Mr.
Bracken
was
acquired
made Executive Vice-
Gross income
Int.
on
funded debt
Int.—Affiliated
130,531
290,379
1935
$2,203,391
1,248,065
197,074
4,366
139,962
301,853
$370,652
10,671
69.495
$2,298,270
Operation
xl,277,535
Maintenance
226,963
2,208
—
Uncollectible accounts—i
Taxes (general)..
...
Depreciation
Gross income
Interest on note payable—Bank
Interest on funded debt
Miscellaneous deductions
...
237
Federal income taxes—Normal tax
Surtax
on
Net income available for dividends and surplus.
Preferred dividend
common
stock and surplus.
distributed income
Int. accr. during year on
Federal income taxes
for prior years
Net income
Preferred
25,000
$260,202
145,477
$177,704
145,477
$114,724
$32,227
Including retirement loss on obsolete and (or) abandoned property in
the amount of $63,178.
x
Consolidated Balance Sheet Dec. 31, 1936
184
$452,527
1,283
$383,511
254,117
3,490
$421,942
257,371
3,683
$453,810
262,436
3,622
Cr 1,352
_Cr438
"Cr64
"Cr 191
10,729
50,250
11,651
9,615
36,750
9,586
9,446
43,000
50,000
14,132
15,705
$70,389
25,765
$93,953
51,530
$112,791
51,530
$44,624
$42,423
$61,261
821
329
Prov. for Fed. inc. tax..
Prov. for surtax on un¬
92
Balance Sheet Dec. 31
1936
Liabilities—
1935
Plant, property,
equipment, &c.$8 ,520.512 $8,474,249
Misc. special dep.
1.226
1,106
Cash..
68,325
69,169
Accts. receivable..
66,498
67,602
Cash held by trus¬
tees for int. accr.
Unbilled
& prepaid accts.
Fixed capital
22,822
183,570
7,500
...
After
$7,323,769
reserve
Total...
$7,323,769
of $11,529 for uncollectible accounts and notes.—V.
2702.
tensions, deps—
Misc. def. liabll
143
16,981
13,877
194,557
69,337
14,138
5,231
116,835
36,097
(current)
Accrued items
13,229
1,001,799
176,152
Prov. for Fed. inc.
Reserves
1,035,971
_
Earned
Total....
179,721
4,061
117,730
Accounts payable.
Due affiliated cos.
Capital surplus.
$8,880,208 $8,842,719
surplus
177,873
206,133
1,000,000
792,525
643,336
Total..
206,133
1,000,000
792,525
541,281
$8,880,208 $8,842,719
x
Including unamortized debt discount and expense,
y Represented by
10,306 sh'ares (no par),
z Represented by 50,000 shares
(no par).—V.
143, p. 3166.
Western
...
....
a
ex¬
y$5non-cum. part.
preferred stock.
z Common stock.
........
1035
$4,655,900 $4,711,500
&
tax
...
Total.
1936
debt
Contrib. for extens
$6,233,507 7% preferred stock (par $25). $2,078,250
Cash
387,595 Common stock (par $1)..
1,188,320
Working funds
1,289,925
14,113 Funded debt
Accts. & notes receivable....
72,658
a146,958 Accounts payable.
Interest receivable.
72,700
426 Accrued general taxes
Materials & supplies
127,599 Accrued Fed. & State inc. &
Miscellaneous investments..
capital stock taxes
38,171
66,699
Accrued bond & note interest
Deposit In lieu of mortgaged
16,124
7,058
280,128 Accrued general interest
property sold
24,461
Special deposits
7,981 Accrued salaries & wages
Bal. on dep. in closed banks
Miscell. current liabilities...
19,983
894 Accrued preferred stock dlvs.
12,123
(less res. of $9,610.34)
Prepaid & deferred charges..
57,865 Deferred liabilities
104,643
Reserves.
697,489
Services billed in advance, &c.
7,911
Paid-in surplus
1,464,370
Earned surplus
229,577
p.
Funded
Consumers'
16,700
16,700
8,450
23,352
175,143
revenue.
Mat'ls & supplies,
x Deferred charges
Liabilities—
Assets
9,446
15,119
dividends
Assets—
27,158
2,886
undistributed profit®—
Balance available for
1936
$421,758
103
"'"385
Int. charged to construc.
Amortiz. of debt discount
and expense
$312,069
11,128
98,140
Years Ended Dec. 31—
Gross revenues (incl. non-oper. inc. & exps.—net).
$383,407
213
cos
Miscellaneous
Prov. for retir. & replac.
Western Light & Telephone Co.-—Earnings—
1933
$741,579
289,052
$98,926
Mr.^ Hosford is a Vice-President of the Western Electric Co.
He has been
Vice-President of Nassau Smelting & Refining Co. since it was acquired
by Western Electric in 1931.
v
\
Directors of the Teletype Corp. at their annual meeting elected Stanley
Bracken President to succeed Clarence G. Stoll.
Mr. Stpll is Vice-President
Net earnings
1934
$768,014
346,255
$98,926
Miscellaneous income
1935
$747,510
364,103
$439,377
252,849
E. Shumaker.
Directors of the Nassau Smelting & Refining Co. at their annual meeting
elected Frederic W. Willard President to succeed William F. Hosford.
....
$814,732
375,568
$439,164
Operating revenues.
Oper. exp. & gen. taxes.
.
-Earnings—
1936
Research Products.
At the annual meeting of stockholders of Electrical Research Products,
T. Brooke Price was elected a director upon the expired term of Edward
Grande
Pacific RR.—Bondholders of Company and Rio
Agree to Investigate Merger,.Possibilities—•
The "Wall Street Journal" April 9 stated:
Important bondholders of the Western Pacific and Denver & Rio Grande
Western RR. have agreed to explore the possibilities of a consolidation of
the two properties and its effect on the two roads.
This agreement has
resulted from recent meetings held for the purpose of a general discussion
of the consolidation proposals of Jesse Jones, Chairman of the Reconstruc¬
tion Finance
Corporation.—V. 144,
p.
2327.
-
Volume
144
Financial
Western Public Service Co.
Feb. 28, '37
revenues.
Maintenance
Taxes
Net oper. revenues—
Non-oper.
inc.—uiet)__
Balance
Balance
Appropriations for retirement
$2,005,999
1,082,694
114,809
183,685
127,732
al99,242
$624,809
57,273
$700,246
44,169
$58,991
28,878
$27,242
1936
$744,415
346,453
$30,113
$682,082
346,668
$335,414
212,583
119,451
$397,962
230,967
119,451
reserve.
Preferred dividend requirements
Assets—
Feb. 29. '36
*37
$2,157,549
1,130,328
$57,520
1,471
$56,059
28,816
Interest & amortization.
'36 Feb. 28,
$172,074
90,178
8,191
16,183
$62,139
7>6,081
Balance Sheet Dec. 31
12 Mos. Ended
Feb. 29,
$170,135
80,859
11,348
al5,788
2683
(& Subs.)—Earnings—
Month Ended
.
Period—
Operating
Operation
Chronicle
1935
1936
$
com.
divs. & surplus
No provision has
a
profits, since
any
of the year.
$47,543
been made for the
Federal surtax
on
franchises, &c..39,045,010 40,426,110
Other assets
844,015
821,131
y
Bond discount and
Consumers'
1,809,453
1,965,430
23,003
894,896
charges
Cash
deposits
302,694
26,506
Accounts payableAccrued interest-.
173,241
304,410
287,156
173,223
314,253
1,071,610
Accrued State and
149,094
8,006
93,174
174,220
109,384
54,692
12,514
1,711,407
238,619
U. S. A. Treasury
local
bills
649,912
Bonds of affil. cos.
55,027
x Receivables
1,054,272
Mat'l and supplies
283,507
secur¬
line-ex¬
and
tension
Prepaid accts. and
deferred
Common stock
ity
amortization...
6,011,544
13 000,000 13,000,000
23, 215,200 24,059,000
Funded debt
exp. in process of
300,000
Staxes
Fed. income taxes.
Pref.
1,215*852
stock
divs.
payable.. •_ .!
Misc. curr. llablls.
303,163
11,962
682,406
691,154
The directors have declared
a
dividend
of 25 cents
White Rock Mineral Springs
Quar. End. Mar. 31—
Net profit after charges
1936
1935
$96,284
$92,955
Calendar Years—
(& Subs.)—Earnings—
Feb. 28, '37
Feb. 29, '36
$7,350,588
4,283,237
$3,436,379
$3,067,351
30.365
29,071
Net operating revenue and other income (before
appropriation for retirement reserve)
$3,466,744
Appropriation for retirement reserve
922,500
$3,096,422
911,666
revenues
maintenance and all taxes
expenses,
Net oper. rev. (before approp. for retirem't res.).
Other income
$2,544,244
1,102,497
114,286
24,640
Other income deductions
1936
1935
1934
$38,102,095 $34,550,929 $32,425,349
465,583
348,371
381,722
Gross income
$14,576,835 $13,644,281 $12,829,327
4,908,693
5,160,992
5,167,627
641,749
234,995
215,147
2,804,871
2,803,942
2,803,682
179,869
118,871
127,092
Interest
Amort, of debt discount & expense
Preferred dividends of subsidiaries
Miscellaneous deductions
Net income.
$6,041,653
$5,325,481
$4,515,779
approximately $7,900 to cover estimated Federal
profits.
Company paid dividends aggregating $3,996,082 during 1936 as follows:
7% pref. $1,548,729; 6% pref., $718,840.
class A, $413,417; class B,
Include* provision of
surtax on undistributed
$580,079; common, $735,000.
i&iili* Consolidated Balance Sheet Dec. 31
Assets—
,
1936
Property, plant and equipment
Invest, in and advances to non-consolidated sub.
and associated cos., and misc. invest
d Cash.
1935
$235,171,073 $231,995,033
1,919,180
1,813,763
8,893,263
4,239,053
6,913,335
4,677,962
b Receivable*
Operating
materials, appliances merchandise,
supplies
Notes & accts. receivable, &c. (not current)
Loans to superannuated employees secured
by
1,773,841
life insurance policies
1,520,085
46,927
195,900
157,429
150,299
34,745
on
318,802
52,967
616,000
667,049
11,732,981
988,481
269,756
deposit with trustees
Cash in closed banks
Construction materials
770,818
655,074
12,464,873
941,870
255,872
Prepaid royalties, insurance, taxes, &c
Unamortized debt discount & expense
Unamortized comm. & exp. on sale of cap. stks__
Other deferred charges
Total..
Funded A; long-term debt of subsidiaries
Pref. capital stocks of subsidiaries
Funded debt of West Penn Electric Co
Note payable
Payrolls accrued
Taxes accrued
Interest accrued
Dividend* accrued
pref. stocks
Serial note* and mortgages due in 1936
Long-term deb. due in 1937
Due to affiliated companies
Customers'security & construction deposits
Deferred liabilities & deferred credits
Res. for renewals, retirements & depletion
Res. for claims, conting. & other purposes
Common stock of sub. held by affil. company
Contributions in aid of construction
pref. stock ($100 par)
cum. pref. stock ($100 par)
Class A stock ($7.cum. no par)
Class B stock ($7 non-cum. no par)
cum.
Common stock
Capital surplus
380,125
66,500
1,649,712
193,447
27,000,282
2,307,994
2,450
858,944
22,124.700
11,974,700
5,886,100
16,574,200
7,997,047
749,378
Surplus invested in fixed capital
General surplus
11,637,240
a
deduction in its income tax return the
redemption premium and
bonds redeemed in 1936 which will result in
year.—V.
no
York
(Pa.)
Rys .—Bondholders
Asked
b After
reserve
for doubtful items of
Represented by
posits.—V. 144, p. 2162.
c
1,050,000
no
shares,
Wayne, President in a letter addressed to the holders of the 1st
mortgage 30-year 5% gold bonds, due Dec. 1, 1937 states:
On Doc. 1, 1937, $6,116,000 1st mtge. 30-year
5% gold bonds become
due.
Serious consideration has been given to ways and means of
meeting
this maturity.
It had been proposed to merge Edison Light & Power Co.,
a wholly owned electric
subsidiary, with this company and thus be in a
position to pay off the maturing bonds through the sale of an issue of first
mortgage bonds secured largely by a direct lien on an electric property.
The P. S. Commission denied such merger.
At the present time a rate
ease is pending involving the rates of Edison Light & Power
Co., and until
this is disposed of, a sale of securities to the general
public will not be
feasible.
The P. S. Commission has recently made an interim order direct¬
ing the Edison Light & Power Co. to file a new tariff embodying rates
designed to effect a reduction of $250,000 in its net annual revenue. This
interim order is being contested by the company.
The present cash position of the company and its subsidiaries is not
unfavorable.
Consideration was given to the possibility of making a
partial cash payment to bondholders in connection with the problem of
meeting the maturity of this issue.
It is however deemed necessary to
conserve cash resources, in order that the
company and its subsidiaries
can
continue to furnish adequate service and make necessary
capital addi¬
tions without
financing.
Furthermore any cash payment could not
of 10% of the principal.
circumstances, the company has decided to offer its
bondholders an extension of the principal of their bonds.
By accepting,
bondholders, will be enabled to continue their investment at the present
rate of 5% per annum.
Accordingly the company offers to extend the
maturity of the bonds to Dec. 1, 1947, subject to the right of the company
to anticipate payment of the principal of
any or all of said bonds, on any
interest date prior to Dec. 1, 1947, on 30 days notice, at par and interest.
The right is reserved to terminate this offer at any time
Bondholders
desiring to accept the offer should forward their bonds to York Rys.,
care of Transfer and Paying Agency, 41 Trinity Place, New
York, together
In
view
with
new
excess
of these
letter
of transmittal.
Income Account for
Calendar Years (Including Subsidiaries)
1936
1935
1934
1933
$2,600,986
1,916,434
$2,434,961
1,646,883
$2,443,754
1,650,906
$2,337,252
1,617,520
"
$684,552
25,129
$788,077
33,359
$792,848
41.657
$719,732
52,839
$709,681
$821,436
$834,505
$772,571
309,163
309,381
309,571
309,771
36,979
102,807
25,134
_
Total income
36,979
122,955
36,979
110,889
36,979
$352,120
$377,066
$424,956
Bond
& other int. chgs.
paid and accrued
Amortization of debt dis¬
count
and
expenses..
Prov.for Fed.inc. tax..
Federal surtax on prof..
Miscell.
deductions
864
Net inc. for the year..
28,415
64,848
1,749,756
178,922
26,063,917
2,281,307
2,450
$235,599
„
Consolidated Balance Sheet Dec. 31,
1936
A po/J/O—«—
Fixed capital.
1935
•£
....
6,576
Due from affil. cos.
2,404
444,290
Cash
836,069
Notes receivable..
Dep.
for
time
Com.stk. ($50 par) 2,500,000
2,500,000
6,116,000
Funded
debt
6,106,000
Mat. bond int
6,475
Notes pay. (equip.
obligations)
6,475
receivable.
Accounts payable.
220,247
115,252
accounts
259,493
87,689
106,549
75,325
Div. on pref. stock
Accrued accounts.
&c
4
1,550
162,314
19,998
415,772
66,826
13,726,488
Total.
167,972
2,541,786
558,675
2,457,803
453,050
1.14.150.913
Earned surplus
14,150,913
64,547
20,000
518,631
Consumers deposit
10,000
Contrib. for ext..
Total
$
1,600,000
451,378
472,290
Treas.bds.,pledged
de¬
1935
$
cum. pref. stk.
1,600,000
matured
Materials & suppl.
Deferred
5%
575
interest
Accts.
1936
Labilities—
S
12,446,105 12,336,682
Investments
22,124,700
11,990,600
5,925,800
16,574,200
7,997,047
749,378
832,674
9,874,693
d Includes
Bonds
J. E.
-$265,924,845 $263,311,592
$500,421 in 1936 and $453,114 in
par
Extend
to
Due Dec. 1, 1937 to 1947—
Reserves
Total
expense
taxable income for that
144, p. 2328.
Operating income
Non-operating income.
21,000
...
as
expense and
_
144,000
Miscell. current liabilities
will claim
Operating revenue
Oper. expenses, &.c
$101,806,000 $102,047,000
43,003,800
43,011,700
5,000,000
5,000,000
138,000
1,000,000
1,400,645
935,871
363,982
320,590
2,713,728
2,398.769
1,121,640
1,062,624
352,049
352,168
601,178
600,159
Accounts payable
31,1936,
the corporation
unamortized discount and
Calendar Years—
$265,924,845 $263,311,592
Liabilities—
24,000
Note—No provision has been made by the corporation for Federal income
or for surtax on undistributed profits for the
year ended Dec.
have been in
coal and other
$745,420
62,477
taxes
as
on
expenses
$2,184,755
1,352,858
$1,302,820
Amortization of debt discount and expense
Net income
$38,567,678 $34,899,301 $32,807,071
13,199,635
11,851,386
11,531,617
Maintenance
3,599,830
2,813,445
2,675,951
Federal income taxes
x811,254
952,632
851,767
Other taxes
3,418,309
2,858,649
2,499,227
Res. for renewals, retire'ts & deplet..
2,961,815
2,778,907
2,419,181
1935.
44,659,096 46,129,804
shares.—V. 144, p. 1818.
no par
Gross income
Total earning*.
c
Represented by 260,000
$7,999,402
4,563,023
(& Subs.)—Earnings—
Operating re venues.
Non-operating income
7%
6%
Total
for uncollectible accounts of $73,380 in 1936 and $74,868
Interest charges (net)
West Penn Electric Co.
on
y
Operating
Operating
1934
$131,308
—V. 143, p. 3167.
Special deposit and cash
(not current)
reserve
Wisconsin Public Service Corp.
Co.—Earnings—
$97,430
and taxes
Dividend* declared
in 1935.
Year Ended—
per
1937
...44,659,096 46,129,804
After
x
share on the
no par common
stock, payable May 14 to holders of record May 3.
This
compares with 60 cents paid on Dec. 10, last, and 25 cents paid on March
2,
1936, this latter being the first distribution made by the company on the
common stock since July
1, 1931, when a regular quarterly dividend of like
amount was paid.
Dividends of 25 cents had been distributed each quar¬
ter from Jan. 2, 1930 to and
including July 1, 1931.—V. 144, p. 123.
x
Total
#
Weston Electrical Instrument
Corp.—2b-Cent Div.—
Operating
Earned surplus
$3,379
undistributed
liability for such tax canpot be determined until the end
Note—The companies on Jan. 1, 1937
adopted the Federal Power Com¬
mission System of Accounts, hence
previous year's figures are not exactly
comparative.—V. 144, p. 2327.
$
$6 cum. pref. stock 6 011,544
Reserves
Bal. for
1935
$
Liabilities—
Plant,prop.,rights,
13.726.488
—V. 143,p. 1422.
West Texas Utilities
Calendar Years—
Co.—■Earnings—
York Utilities
1936
1935
Taxes
$4,847,171
2,595,131
374,320
$4,467,487
2,457,462
350,630
$4,462,548
2,517,719
366,753
$4,373,687
2,431,672
333,945
Net operating income.
Non-operating income..
$1,877,720
17,619
$1,659,394
15,848
$1,578,076
15,498
$1,608,069
11,476
Gross income^
.$1,895,340
on funded debt.
1,172,723
$1,675,243
1,208,839
$1,593,574
1,225,496
$1,619,546
1,227,059
88,068
90,767
92,023
13,281
21,009
42,907
18,338
Co.—Earnings-
92,139
Operating revenue
Operating expenses
Interest
Amort, of debt discount
and expense
,
1934
income
....
Net income
Divs. paid on pref. stock
Balance
1933
Calendar Years—
1936
1935
1934
$93,419
89,761
$93,247
84,104
$82,133
84,773
Profit from operations
Non-operating
$3,658
$9,142
loss $2,640
8
30
Gross profit
Coupon interest
$3,666
40,705
Total revenue
Expenses
Miscellaneous interest.
$354,627
218,877
$233,149
219,039
$282,010
328,526
$320,454
$135,750
$14,110
def$46,516
Total deficit
Note—Operating
expenses
includes
60
3,220
3,042
$42,008
507,489
013
Deficit from previous year.
Profit or loss adjustment
__
300,814
loss$2,640
40,705
102
4,962
Net deficit
$621,268
$9,172
40,705
7
Taxes
Miscell. deductions from
gross
\
$34,855
472,588
$46,448
461,175
CV35.03 5
Dr46
$549,484
$507,489
depreciation of $14,913
p. 1422.
$14,857 in 1935 and $15,948 in 1934.—V. 143,
$472,588
in 1936:
Financial
2684
Wilson-JonesICo.—$1.50 Dividend—
distributed.
issued
Statement
.
"It is the present intention
consideration prior to the end of the current
the company says
by
of the board of directors to give
1935
1934
1933
1936
$
$
$
$
270,213,164
270,213,564
270,212,564
270,212,439
17,615,928
17,536,948
17,713,538
18,156,382
Fund.debt held by public.1 ,184,612,248 1,154,779,001 1,246,330,439 1,255,302,155
Dominion of Canada acct.l ,251,916,623 1,249,631,047 1,132,067,130 1.086,171,004
Liabilities—
dividend of $1.50 per share on the ho-par
common stock, payable May 1 to holders of record April 24.
A like pay¬
ment was made on Nov. 12? last and compares with $1 per share paid on
May 1, 1936, and on Nov. 1, 1935; 75 cents paid on May 1, 1935, and 50
cents on Nov. 1, and April 2, 1934.
This latter payment was the first
made since June 1, 1931, when a quarterly dividend of 37^ cents per share
The directors have declared a
was
April 17,
Chronicle
Aug. 31, 1937, to the payment of a further dividend on the
company's stock if conditions then prevailing should warrant."—V. 144.
9. 2162.
fiscal year,
Capital stock..
Grants in aid construction
Dom. of Canada expense
405,062,275
356,408
404,279,909
478,554
404,378,682
743,016
3,473,223
2,533,780
6,871,490
2,026,993
11,683,362
1,984,635
9,552,665
2,891,542
8.156.766
3,142,434
8,944,865
309,022
10,651,844
416,347
1,057,950
3,692,044
1,767,674
11,609,767
2,428,789
12,811,204
1,463,062
2.575.767
683,581
681,517
587,465
587,465
1,164,161
1.075", 077
1,102,758
1,079,379
2,743,574
3,205,024,687 3,181,424,323 3.146,082,339
3,114,425,507
405,062,244
for Canadn. Govt. rys.
payable..
service bal¬
Loans and bills
Traffic & car
4,243,429
6,861,561
3,794,140
8,332,966
payable-
ances
Aud. accts. & wages pay.
payable
Interest matured unpaid.
Miscell. accounts
Fund. debt. mat. unpaid-
Canadian National
Income Account
Years Ended Dec.
1936
$
$
Revenue—
xl934
$
1933
$
145,488,142 133,807,546 126,118,275 112,319,218
17,021,746
16,653,829
16,331,229 15,032,432
8,497,630
8,306,347
8,490,214
8,029,515
3,355,110
3,260,088
3,224.157
3,231,654
12,247,861
11,156,692
10,738,627
9,906,923
Freight-.
Passenger.
Express
Mail
Other..
393,761
Other current liabilities.
lIncluding Eastern Lines)
31
xl935
9,208,833
Unmatured rents accrued
Ry.—Annual Report—
8,582,740
11,502,745
878,649
Unmatured int. accrued.
3,692,832
•
1,638,519
3,331,771
2,135,879
11,759,151
2,487,819
13,157,059
1,636,969
5,204,240
.
Other deferred liabilities.
Tax liability...
-
Insur. & casualty reserve.
deprec.—road..
Accrued
Accrued deprec.—equip..
Accrued
9,390,843
398,482
1,061,437
3,423,088
1,351,952
11,609,767
2,491,586
13,041,626
deprec.—miscell.
credits.
to prop, thru
Other unadjusted
1,540,010
186,610,489 173,184,502 164,902.502 148,519,742
Sinking fund reserve.. —
Maint.ofway&struct.. 37,827,919
Maintenance of equip... 38,516,720
Traffic
4,746,577
Transportation
81,528,062
Miscellaneous operations
1,120,082
General
8,242,410
Transp. for invest.—Cr_
504,080
^
Total
Net
rev.
from ry.opers..
7,636,464
7,660,580
411,915
393,973
30,381,972
30,610,987
5,006,239
68,540,471
1,000,502
7,569,753
297,365
15,132,799
5,859,062
12,966,423
5,241,858
46,813
5,707,183
5,270,248
106,271
8,955,083
2,389,895
2,163,041
125,083
7,677,752
2,126,959
1,948,303
141,639
330,664
1,797,188
1,842,846
130,924
160,017
101,771
37,017
lossl76,583
100,843
217,844
315
119,716
1,527,715
51,290
1,051,523
106,062
220,596
4,557
116,961
1,547,892
51,474
1,027.910
109,527
223,472
265
119,555
1,557,407
53,033
86,675
232,491
1,094,631
1,620
98,165
1,542,352
49,940
1,086,680
83,579
845,927
hotel property.
14,258,253
5,209,133
94,037
9,273,737
2,859,306
2,565,973
133,316
Railway oper. income.
Revs, from hotel opers..
Expenses of hotel opers.
on
77,131,971
1,015,265
33,544,107
32,574,793
4,787,011
72,754,823
1,008,738
4,740,013
171,477,690 158,926,249 151,936,079 142,812;,560
Railway tax accruals
Uncollect, railway revs..
Taxes
34,420,886
34,393,564
42,091
549,704
1,422,568
40,842
699,202
1,414,148
89,280
191,009
1,388,340
Net income from hotel
operations
Rent from locomotives..
Rent fr. pass.-train cars.
Rent from floating equip
Rent from work equip..
Joint facility rent income
Inc. from lease of road..
Miscell. rent income
Miscell.
non-transport'n
property
Dividend income
Inc. from funded securs.
Inc. from unfunded
1,392,717
.
sec.
and accounts.
58,254
75,110
189,613
223,127
228,388
Inc. from sink.
538,998
1.062,919
1,064,734
100,000
100,000
other
&
reservefunds.
Contnb. from others
Miscellaneous income...
Hire
of
freight
222,447
631,033
1,245,321
5,926,370
7,295,649
7,399,736
15.529,574
Grossincome
417,708
6,095,820
14,983.224
15.010,418
7,553.817
1,441,523
33,731
282,723
1,464
26,489
2,248,097
1,372,228
482,263
142,484
1,019,933
29,290
199,272
1,283
7,834
2,269,417
1,372,712
508,201
144,407
904,640
30,335
187,119
1,289
8,098
2.231.818
1,372,038
542,300
161,570
515,149
35,189
187,483
1,590
7,646
2,264,868
1,351,788
646,994
156,743
cars—
debit balance
Rent for locomotives...
Rent for pass .-train cars.
Rent for floating equip..
Rent for work equip
Joint facility rents
Rent for teased roads...
Miscellaneous
rents
Miscell. tax accruals
Separately oper. props.,
--loss..
Int.
Int.
on
.
905,837
...
Govt, loans
-
Appropriated surplus
Total
-
—V. 144, P.
2478.
Corp.—Listing &c.—
Reliable Stores
York
New
The
587,466
Stock Exchange has
authorized the listing of 91,784
stock (no par) upon official notice of issuance
conversion of its convertible preferred stock,
making the total amount authorized to be listed:
446,455 shares.
The stockholders on Jan. 20, 1937 approved an issue of 83,440 shares
of convertible preferred stock (par $30) 5% cumulative dividend, con¬
vertible into common stock.
Approval also was given to a proposed offer¬
ing of the 83,440 shares of convertible preferred stock to the holders of the
outstanding common stock at $30 per share in the proportion of four shares
of convertible preferred stock for each 17 shares of common stock and it
was also provided that holders of outstanding common stock shall waive
their rights to subscribe for 42,399 shares of convertible preferred stock, to
exchange such 42,399 shares of convertible preferred stock pro rata with
the holders of the outstanding first pref. stock at the rate of 3 2-3 shares
of convertible preferred stock for each share of first pref. stock.
Certain common shareholders have agreed, by waiver and consent, to
surrender subscription warrants in respect of an aggregate of 42,399 shares
of convertible pref. stock, of which 42,392 shares will issued in exchnage for
the outstanding 11,561 shares of 7% first pref. stock and the balance of
6 shares will be offered for sale at the public offering price to holders of the
7% first pref. stock, in order to eliminate fractional shares.
The com¬
pany has in hand the aforesaid waivers of subscription rights in respect of
an aggregate of 42,399 shares of convertible prer. stock, such waivers to
be effective forthwith upon issue of subscription warrants.
Thus, the
company will effect, as of April 1, 1937, exchange of convertible pref.
stock, having a total par value of $1,271,779 for 11,561, shares of 7%
first pref. stock, which is redeemable at $110 per share, or $1,271,779 in
additional shares of common
time
from
to
time
upon
thThe^ompany
will apply $1,000,000 of the cash proceeds from the sale
41,047 shares of convertible pref. stock, to the prepayment
equivalent amount, due Oct. 1, 1937. The balance of the
proceeds will be added to the working capital of the company.
of the remaining
of bank loans in
net
Underwriting
Agreement—83,440 shares of convertible pref. stock are
42,399 shares will be enchanged for the
authorized for issuance, of which
outstanding 7% cumulative first pref. stock.
Company has entered into
a conditional agreement with Hornblower & Weeks, dated Dec. 24, 1936,
for
the
common
underwriting of the purchase by the
stock of the remaining 41,041 shares
available for subscription
rights
as
aforesaid.
holders of the company's
of convertible pref. stock
waived their
underwritten,
by stockholders who shall not have
The offering of the 41,041 shares is to be
subject to certain terms and conditions, for the sum of $61,561, plus
sum not exceeding $7,500 on account of expenses of the underwriter.
Consolidated Income Account Year
Net sales
-—------
-
Cost of sales,
206,802
1,373,060
182,125
964,186
211,058
1,163,204
221,972
selling, general and administrative expenses
and repossessions
Depreciation and amortization
for
783,671
881,101
989,871
1,085,516
1,328,253
87,636
827,638
1,277,520
84,782
5,987,277
4,590,611
58,172
$1,131,990
19,521
6,206,0271oss3,552,286
49,184,623
53,468,792
55,811,746
56,465,427
43,197,346
Int.on Dom.Govt. loans 36,428,873
48,878.182
35,949,677
49,605,719
35,994,578
60,017,713
36,034,141
7% preferred dividends
84,827,859
85,600,297
96,051,854
Earnings per share on
$9,090,786
7,566,566
334,057
of leasehold improvements
Profit from operations
527,682
a
Ending Dec. 31,1936
Loss on bad debts
unfunded debt.."
on
681,871
Funded debt retired thru
income and surplus
Expenses—
2,755,639
13,918,340
1,378,500
2,160,646
Additions
income and surplus
Total
16,334
10,962,655
399,724
815,961
3,789,946
1,888,524
11,653,924
refunding
Amortiz.
of discount
Other income
on
funded debt..
Miscell. income charges.
Miscell. approp. of inc
867,498
3,601,755
84,223
Profit...
Surtax on
Net profit before int..
Int. due public on longterm debt
Net def. before int.
79,626,219
xAdjusted figures.
Consolidated Balance Sheet Dec. 31
1936
1935
1934
1933
$
Assets—
$
$
$
Invest, in road & equip..2,095,114.004
Impt. on leased ry. prop.
Sinking funds
4,248,964
504,054
2,094,178,081 2,127,430,585 2,134,556,443
3,879,078
3,807,674
3,684,472
11,921,667
23,860,365
21,686,193
Deposits in lieu of mort-
Net profit for
5,487,731
59,814,644
31,642,437
741,397
6,643,890
Miscell. physical property
Invest, in affiliated cos..
Other investments
J
Special deposits-
7,329,893
5,224,996
60,227,654
31,584,107
778,157
6,032,384
18,224,180
5,202,561
60,404,738
31,553,319
863,337
7,510,388
7,033,408
Traffic & car service bal¬
-
1,625,703
990,762
875,794
889,676
Net balance receiv. from
agents & conductors...
4,671,504
Miscell. accts. receivable.
4,116,325
4,014,322
4,559,027
3,629,901
4,464,467
3,254,760
4,724,760
Dom. Govt.—bal. due on
12,214,530
27,392,171
579,965
51,141
729,468
197,612
14,407,510
25,895,062
734,045
51,914
1,017,879
205,571
13,257,697
28,542,598
582,455
55,086
514,223
220,481
11,609,767
18,006
7,011,834
11,609,767
17,506
7,759,480
11,653,924
216,052
189,500
16,486,775
6,838,595
856,274,487
259,635
189,500
13,891,932
4,365,327
789,040,675
220;454
189,620
14,481,197
748,412,636
3,205,024,687 3,181,424,323 3,146,082,339
3,114,425,507
deficit contributions...
15,814,625
Materials and supplies...
Working fund advanced-
25,958,347
507,347
56,424
641,672
201,015
Insurance, &c.t funds
11,759,152
Interest & div. receivable
Rents receivable
Other current assets
Other funds
18,256
Other deferred assets
&
insur.
6,655,458
17,506
7,322,576
paid in advance.
223,657
Discount
on
capital stock
189,500
Discount
on
funded debt.
11,882,787
4,520,180
904,655,718
Other unadjusted debits.
Profit and loss deficit
15,667
$906,479
82,056
dividends
177,335
—
$2.32
Common stock.
Note—Corporation's share of the earnings of Frank Corp. (50% owned)
for 1936 amounting to $4,541 has not been included in the accounts.
Prior to 1936, the accounts of operating subsidiaries, Levy Realty Corp.
and Castelberg Jewelry Corp., were not consolidated nor was Reliable
Stores Corp.'s proportion of the net profit of Castelberg Jewelry Corp.
taken into the accounts.
In 1936, the accounts of these two companies
have been consolidated; the proportion of the net profits of these two com¬
panies included in the income
account above amounts to $49,265.
Liabilities—
Instalment accounts rec...
a
Inventories
—
Miscellaneous accounts rec_.
Cash
Value of life Insurance
3,918,918
policies
Balances in closed banks (net)
Frank Corp., cap.
Advances
Real estate
stk
(50%)
bldgs. (net)—.
Fun,, fixtures, &c. (net)
Leasehold
&
leasehold
$6,894,784
1,752,402
29,899
258,698
73,410
3,748
21,000
304
115,289
88,337
-
.
Bank loans pay.
Oct. 1, 1937 $1,000,000
payable
60,118
llabiis...
727,538
Mortgage note of sub. pay¬
able July 1, 1937
2,500
Bank drafts
Accts. pay. & accr.
Prov,
for
Fed.
Income
148,841
of subs
contingencies...
Reserve for
Minority int.
in subs.
1
68,610
Capital surplus
Earned surplus..
a
Total
Including accounts in respect of instalment sales
15,000
594,864
(75%
209,575 7% cum. 1st pref. stock
59,714 Common stock (354,670 shs )
$9,507,162'
Total
and
surtax
Mtge. notes pay
owned)...
im¬
provement (net)
Deferred charges
Good-will and trade names.
1,156,163
2,500,000
2,497,253
736,274
$9,507,162
made prior to current
years, on all of which collections have been made during the last six months
of 1936, $7,584,104; less reserves for bad and doubtful accounts, discounts
and allowances,
premium
Total
$922,146
Consolidated Balance Sheet Dec. 31, 1936
5,014,082
60,831,402
31,879,426
2,705,562
9,120,265
6,479,093
210,000
Loans and bills receivable
receivable-
year—I
•
gaged property sold...
Rents
$1,151,511
27,573
166,781
35,011
Net profit before minority interest in earnings
Proportion of earnings (25%) of subsidiary company applicable
to minority interest
-—
—-
Common
Net deficit....
ance
income tax..
undistributed profits
on
Govt, loans..
Cash
-
—
Interest
Provision for Federal
$689,320.
offer in 1937 to common stock¬
5% convertible pref. stock at $30 per share and,
provided that common stockholders shall waive their rights to subscribe
for 42,399 shares of new convertible preferred stock, to exchange such
42,399 shares with first pref. stockholders at a premium of approximately
$116,000; the remaining 41,041 shares will be underwritten at a cost to
the company of about $70,000.—V. 144, p. 1614.
■
Note—It is the intention of company to
holders 83,440 shares of
Volume
Financial
144
Chronicle
2685
THE NEW YORK CENTRAL RAILROAD COMPANY
EXTRACTS FROM REPORT OF THEIBOARD OF DIRECTORS TO THE
DECEMBER 31,
ENDED
To the Stockholders
The New
STOCKHOLDERS FOR THE YEAR
1936
Year Ended
of
York Central Railroad
Year Ended
Increase
(+) or
Decrease (—)
+3.89 Miles
Dec. 31,1936
Dec. 31,1935
11,218.81 Miles 11.214.92 Miles
Company:
Non-Operating Income—
Operated
Operated
Income from lease of road
and equipment
THE
Operating
increase
YEAR'S BUSINESS
amounted
revenues
of
$51,033,100.83,
improvement
Miscellaneous rent income.
Miscellaneous
non-operat¬
$361,063,871.95,
to
an
fromj^a^continuing
resulting
in business.
of
21,465,800
amounted to
(18.10%).
$257,714,419.37,
of
Freight revenue
increase of $39,501,590.79
(20.54%).
an
Included in freight
in certain other
enues
tons
emergency
ized by the Interstate Commerce Commission in
which rates
not effective after
are
rates author¬
1936, the so-called pick-up and delivery service for less than
freight carrying a rate minimum of 45 cents per
Some of
the
v;/-' ;vVV
.
commodities in which
occurred with increased gross
ductions for absorbed
other
the
and
5,098,429.53
from
Total
sinking
—297,529.03
1,249,449.48
+59,091.69
160,123.16
142,417.41
—46,021.10
+33,470.25
and
funds
non-oper.
5,395,958.56
1,308,541.17
se¬
accounts...
reserve
+81,462.39
—1,606,977.90
se¬
Miscellaneous income
23,634,455.84a —1,824,607.74
income. 21,809,848.10
Gross income
67,184,850.03
+7,531,867.56
59,652,982.47a
Deductions from Gross Income—
Rent
January 1, 1937.
carload
..
Income
parte 115,
ex
The carriers in the eastern
region installed on November 16,
hundred pounds.
curities
+307,062.51
114,102.06
175,887.66
funded
curities....
Income from unfunded
total in operating rev¬
a
$11,811,307 of charges under
from
918,241.62
614,399.60
10,695,431.05
proper¬
ties—profit
Dividend income
&
is $11,367,053, and
revenue
$444,254,
reA^enues
1,225,304.13
695,861.99
9,088,453.15
Separately operated
Income
Revenue freight handled amounted to 125,948/268 tons, an
increase
ing physical property
—520,867.91
+ 165,701.36
1,153,098.53a
3,305,336.43
632,230.62
3,471,037.79
for
leased
roads
and
equipment
26,707,626.73
Miscellaneous rents
572,321.91
Miscellaneous tax accruals.
352,349.09
Separately
operated
+
prop¬
erties—loss
Interest
Interest
129,522.13
—50,694.99
+ 50,883.08
26,578,104.60a
623,016.90a
301,466.01a
7,509.04
on
funded debt
on
unfunded debt.
28,777,854.i4
1,656,069.37
+60.79
7,448.25
28,549,102.04
3,455,938.69
+228,752.10
-1,799,869.32
Maintenance of investment
larger increases
organization
177,944.77
—25,814.18
+180,898.51
25,814.18
2,953.74*
58,251,675.05
Miscell. income charges
59,537,936.93a
therefrom (before de¬
revenue
Total
switching charges, overcharges, etc.)
deductions
from
gross income
-1,286,261.88
were:
Net income
Tons
Bituminous coal...
Iron
Increase
Revenue
Increase
Equip, deprec. charges incl.
in expenses (Note B)____
53,384,688 7,031,557 $62,171,818 $8,151,297
ore
...
4,741,176 2,005,081
2,591,172
1,224,125
products of mines*.
4.054.864 1,384.558
4,203,142
C88'5Tl91~477r807
"4*;2477297
984,151*
4,138,839 1,004.263
13,153,246
retirement charges
included in expenses
3,567,710
Iron
and
steel
articles rated
5th class
Automobiles,
auto trucks and
parts....
*
316,460
18,359,237
2,739,342
11,069,779 2,112,792
and
41,225,619
7,891,627
miscella¬
neous*
Not otherwise specified.
(27.19%),
local
(29.20%)
and
(0.04%).
Passenger
an
increased
passengers
commutation
revenue
passengers
3,362,517
increased
13,771
amounted to $62,575,824.21,
increase of $7,284,954
(13.18%).
Pursuant to
sion, the
an
order of the Interstate Commerce Commis¬
passenger fare base was
June 1st, 1936, reduced
on
from 3.6c. per mile to 2c.
per mile for travel in coaches and to
3c. per mile for travel in Pullman
charge, which accrued
to the
approximately one-half
as
of that date.
in business
crease
The Pullman
cars.
sur¬
railroads, and which represented
cent per
mile,
was
reflected
a
alsacliscontinued
substantial in¬
a very
6,129,779
6,355,145
—225,366
Leased Roads and Equip¬
ment
are
certain
inter¬
resenting credits and cor¬
responding cebits amount¬
ing to.
Also included in
Non-oper¬
Income are items
representing interest and
dividends amounting to.
1,701,119
1,646,697
+54,422
on securities of and advances to terminal and other railroad com¬
panies whose properties are jointly used by this Company, as to the major
portion of which a like amount was paid by the Company to those companies
as rental and included in Joint
Facility Rents.
received
Note A—The Company makes provision for taxes by accruals of monthly
charges against income on the basis of best estimates available as to the
amounts ultimately to be paid.
As taxes are paid, adjustments are made in
the charges to income in order to reflect in the income account the differences
between accruals previously made and the amounts actually paid.
For
the year 1936 includes accruals for Excise Tax in connection with Railroad
Retirement Act
t,now
being contested) and Federal and State Social Security
Taxes in the aggregate amount of $6,499,788.
Note
B—Beginning
with the year 1935 rates for depreciation were
changed to conform with the following composite rates approved by the
Interstate Commerce Commission for the New York Central under Docket
No. 15,100:
Steam locomotives 3.11%, Other locomotives 2.62%, Freight
train
cars
2.72%, Passenger train
2.35%, Floating equipment 2.50%,
cars
Work equipment 3.73% and Miscellaneous equipment
*
Credit
a Revised for purposes of comparison.
PROFIT AND
LOSS ACCOUNT
Balance to Credit of Profit and Loss, December 31, 1935-
proportionate
increase
in
passenger
Net income for the year 1936
Credits from retired road and equipment.
Delayed income credits
9,061.84
17,537.66
1,810,517.74
'
Miscellaneous credits
operating
$195,968,343.44
$8,933,174.98
353,448.55
Donations
railway
6.89%.
,
Addtions—
using rail service has not,
revenues.
Net
+522,634
Included in Non-operating
Income
and
Rent
for
This, together with the general improvement
conditions, while resulting in
in the number of
passengers
however,
—438,727
30,172
ating
The Company carried
48,269,076 revenue passengers, an
increase of 3,887,617
(8.76%).
Interline passengers increased
511,329
16,664,076
552,806
company transactions rep¬
2.508,563
Manufactures
16,225,349
Equip,
1,072,157
Lumber, shingles and lath...
+8,818,129.44
115,045.54
8,933,174.98
income
was
$45,278,625.64,
11,123,740.77
an
$207,092,084.21
increase of $9,313,915.11.
Deductions—
Net income for the year which amounted to
$8,933,174.98
was carried to the credit of
profit and loss.
Surplus appropriated for investment in
physical property
Debt disct. extinguished through surplus.
Debits from retired road and equipment._
Miscellaneous debits
INCOME ACCOUNT FOR THE
-
$153,565.79
1,676,929.52
14,406,946.27*
1,726,260.98
Balance to Credit of Profit and Loss, December 31,1936
YEAR
17,963,702.56
$189,128,381.65
*
Including Boston & Albany Railroad, Ohio Central Lines,
Michigan Central
Lines, Big Four Lines, and All Other Leased Lines
Represents ledger value, less net salvage recovered, of roadway property
required for transportation service retired during the year and charged
directly to Profit and Loss Account.
not
OPERATING EXPENSES
Year Ended
Year Ended
Increase (+) or
Dec. 31, 1936
Dec. 31, 1935
Decrease (•—)
11,218.81 Miles 11,214.92 Miles
+3.89 Miles
Operating Income—
Operated
Operated
Railway operations:
$
■
$
$
Railway oper. revenues.361,063,871.95 310,030,771.12a +51033.100.83
Railway oper. expenses.268,830,436.27 237,197,454.76
+31,632,981.51
Net revenue from rail¬
way
operations.....
Percentage
of
92,233,435.68
72,833,316.36a +19400,119.32
expenses
to revenues
(74.46)
Ry.tax accruals tNote A) 30,812,037.47
(76.51a)
20,619,431.57
(—2.05)
+10,192,605.90
_
.
Railway
Equipment
rents,
rents,
i
.
...
-
■
■
61,421,398.21
52,213,884.79
12,460,3i4.96a
—36,067.42
3,788,859.30
—70,334.27
+9,207,513.42
net
net
debit
Net
~M...
12,424,247.54
oper.
debit.
Joint facility
income.
"
3.718,525.03
A
more
extensive program of maintenance of structures and
equipment, the increased volume of traffic handled, an in¬
in the cost of fuel and other materials, together with
an increase in
pay rolls resulting from restored rates of pay
which had not been effective throughout the entire preceding
year, were the major factors contributing to an increase of
$31,632,981.51 in operating expenses.
In this connection
attention is called to the fact that early in 1937, the several
labor organizations representing railroad employees notified
the Company and other carriers of their demands for increase
in wages amounting in the case of engine and train service
employees to twenty per cent and in the case of other classes
of employees to twenty cents per hour.
By groups operating expenses for 1936 were as follows:
crease
Group—
railway operating
Miscellaneous operations:
Revenues.
Expenses and
taxes
45,278,625.64
35,964,710.53a
+9,313,915.11
Amount
Maintenance of way and structures.
Maintenance of equipment
$36,741,913.90
Traffic expenses.
income.....
6,566,989.93
131,318,812.25
Transportation
655,614.14
559,237.85
615,952.29
562,136.19
+39,661.85
—2,898.34
expenses
Miscellaneous operations
General expenses
Transportation for investment—credit
Miscell. oper. income.
96,376.29
53,816.10
76,537,117.77
5,232,784.51
12,499,925.27
67,107.36
operating income...
45,375,001.93
36,018,526.63a
195,191.30
*37,627.61
+42,560.19
$268,830,436.27
Total
Increase
$5,263,329.46
11,239,451.56
169,552.30
13,938,739.19
864,345.31
+9,356,475.30
*
Decrease.
For comparative balance
$31,632,981.51
—
sheet, &c.,
see
.
Investment News columns
Financial
2686
Chronicle
April
17,
'
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY
COMMERCIAL EPITOME
Friday Night, April 16, 1937
Coffee—On the 10th inst. futures closed 9 to 3 points up,
with sales of 28 lots.
The
new
Rio contract closed 4 to 3
points lower, with sales of 3 lots. Rio futures were unchanged
on Saturday and 100 reis up for the week.
The Rio spot
price held at 18.00 milreis. The open market dollar rate has
firmed 90 reis in the past week to 15.970 milreis to the dollar,
or the best level this year.
The Santos spot was also steady
at 22.800.
The Santos bolsa was 75 to 50 reis up in the July
and September positions of the "C," but otherwise un¬
changed. Havre lost much of Friday's sharp advances and
closed 7.25 to 4.00 francs off for the day. On the 12th inst.
futures closed 4 to 6 points down for the Santos contract,
with sales of 65 lots.
The
new
Rio contract closed 1 to 2
points off, with sales of 14 lots. The Santos bolsa was 150
reis up to 75 reis off
Rio futures were 25 reis higher to 75
reis lower, with April at 17.925 and June at 17.750.
The
Santos spot price was 100 reis off at 22.700 and the Rio
quotation held at 18.000.
The open market dollar rate
.
firmed another 40 reis to 15.930 milreis to the dollar.
futures
were
5.75 to 2.75 francs better.
futures closed 2 to 13
with sales of 167 lots.
Havre
On the 13th inst.
points lower for the Santos contract,
The
new
Rio contract closed 3 to 5
points lower, with sales of 63 lots. The Santos bolsa was
unchanged to 150 reis lower. Rio futures were 125 to 500 reis
off at 17.800 for April and 17,250 for June. The Santos Spot
price was 200 reis lower at 22.500 and the Rio quotation was
unchanged at 18.000. The open market dollar rate firmed
30 reis
were
more
to 15.900 milreis to the dollar.
.50 to .25 franc lower.
Havre futures
On the 14th inst. futures closed
12 to 6
points higher, with sales of 93 lots. The new Rio
contract closed 3 to 1 point down, with sales of 18 lots.
The Santos bolsa closed unchanged to 150 reis higher. Rio
futures were 50 to 150 reis up at 17.850 milreis for April and
17.400 for June.
The Santos and Rio spot quotations held
at 22.500 and 18.000 respectively.
Havre futures were 3.25
to 5.25 francs lower.
The open market dollar rate firmed
another 70 reis to 15.830 milreis to the dollar, by far the
best rate this year.
On the 15th inst. futures closed
18 to 8
points
up
in the
Santos contract, with sales of 69 contracts.
The new Rio
contract closed 9 to 6 points up, with sales of 33 contracts.
Santos contracts opened 2 to 3 points higher, while Rio con¬
tracts
1 to 4
points higher at the start. Rio de Janeiro
unchanged to 25 reis lower.
In Santos the
unchanged. Cost and freight offers were about
unchanged.
Mild coffees were easier.
In Harve futures
were 1
to 2 francs higher.
Today futures closed 2 to 11
points down for the Santos contract, with sales of 64 con¬
tracts.
The new Rio contract closed 12 to 9 points down,
were
futures
market
were
was
with sales of 29 contracts.
Rio de Janeiro futures
150 reis higher, while in Santos the market
Harve futures were
to % franc lower.
Rio coffee
prices closed
i.l
December
as
were
25 to
unchanged.
follows:
6.911 September
6.801 March
May
July..
was
_.
>.6.91
.6.92
6.881
Santos coffee
prices closed
as
follows:
March
10.08
May
July
10.70 September
10.35
December
10.09
10.16
Cocoa—On the 10th inst. futures closed 34 to 24
points
unchanged to 6 points lower,
and from then on prices fell off steadily, closing at the lows
of the day.
Sales totaled 444 lots, or 5,950 tons. London
came in 3d. easier on the outside and 3d. down to unchanged
for the Terminal Cocoa Market, with transactions totaling
330 tons.
Local closing: May, 10.09; July, 10.27; Sept.,
10.37; Oct., 10.38; Dec., 19.50. On the 12th inst. futures
closed 29 to 32 points down.
Opening sales were at losses
of 19 to 37 points, with declines later in the day extending
down.
to
as
lots,
The
much
opening
as
range was
35 to 46 net lower.
Transactions totaled 972
13,025 tons. The weakness of the market was at¬
tributed to discouragement over a new estimate of 263,000
tons for the African Gold Coast cocoa crop, which came from
or
official
the
sources.
outside,
London
came
in 2s. 3d. to 2s. 6d. lower
while futures broke
on
4J-&L to 4s. 10 Yd.
Sales on the Terminal Cocoa Market totaled 2,840 tons.
Local closing of futures: May, 9.80; July, 9.93; Sept., 10.04;
Oct., 10.09; Dec., 10.16, On the 13th inst. futures closed
37 to 42 points lower. The slump in the cocoa market con¬
tinued today (Tuesday), with prices closing at about the
lows of the day. This compared with opening gains of 1 to
7 points over the previous close.
Transactions totaled 786
lots or 10,532 tons. London came in unchanged to 3d. higher
on the outside, and 9d. to Is. 3d. stronger on the Terminal
Cocoa Market, with 3,090 tons trading. In the local market
the factors responsible for the sharp slump were reported as
liquidation by tired longs and considerable execution of stoploss orders.
Local closing: May, 9.41; July, 9.56; Sept.,
4s.
GOODS—WOOL—ETC.
9.67; Oct., 9.71; Dec., 9.77. On the 14th inst. futures closed
points net higher. The sharp rise in prices during
this session was attributed largely to active heavy buying
of cocoa by manufacturers.
There was also substantial
short covering which greatly accelerated the advance. Lon¬
28 to 35
don came in Is. easier on the outside and Is. l^d. to Is.
43^d. lower on the Terminal Cocoa Market, with 2,920 tons
trading. Local closing: May, 9.70; July, 9.83; Sept., 9.97;
Oct., 10.02; Dec., 10.10.
On the 15th inst. futures closed 15 to 12 points down.
Trading was moderately active, with transactions totaling
522 contracts.
In the early session prices advanced about
15 points, but later reversed their trend when liquidation in
May was resumed on a large scale. Manufacturers who had
been buying for the last few days, apparently withdrew from
the market, letting prices take their course.
Warehouse
stocks continued to increase.
The overnight gain was 5,600
bags, making the present total 1,040,000 bags. Local clos¬
ing: May, 9.55; Sept., 9.85; Oct., 9.90; Dec., 9.99.
Today
futures closed 19 to 25 points down.
The general weakness
of commodities, coupled with a decline in the London market,
caused active liquidation in virtually all positions on the
Cocoa Exchange.
In the afternoon prices were off 20 to 28
points, with May selling at 9.35 cents. It was evident that
confidence had been shaken badly.
Manufacturers were in¬
different, buying only on a scale down. What support there
was came largely from shorts covering.
Warehouse stocks
increased 789 bags to a total of 1,040,906 bags.
Local clos¬
ing: May, 9.36; July, 9.49; Sept., 9.64; Oct., 9.67; Dec.,
9.75; Jan., 9.79; Mar., 9.87.
Sugar—On the 10th inst. futures closed 1 to 2 points
higher. Sales totaled 55 lots. The new sugar bill contained
nothing calculated to immediately influence the trend of
domestic futures, and consequently the session Saturday was
quiet, prices ruling within a narrow range. In the market
for raws an operator bought 2,500 tons of Philippines for
April-May shipment at 3.43c. on Saturday. This price was
unchanged from the last previous sale.
The world sugar
contract market was quiet and irregular, prices closing Vi
point lower to Y point higher on Saturday.
Sales were
only 3,400 tons. On the 12th inst. futures closed 1 point
lower to 1 point higher. Trading was very light, with most
traders apparently withdrawn from the market ,|this dullness
being attributed largely to uncertainty over legislation, and
the prospect of this uncertainty continuing for some time.
Interest seems to be shifting to the world contract market.
In the market for raws Arbuckle bought 8,000 tons of Puerto
Ricos, due April 20, at 3.45c.; McCahan took a cargo of
Puerto Ricos, loading April 15, at 3.45c., and an operator
got 4,000 tons of Philippines, due the end of this week, at
3.45c. At the close it is understood that nothing was offered
below 3.50c.
The world contract market was quite active,
though at the expense of prices. Transactions totaled 324
lots, with prices closing 1 to 3Y points down. The declines
were attributed largely to Cuban hedge selling.
On the 13th
inst. futures closed 1 to 2 points higher.
Transactions
totaled 189 lots, or 9,450 tons. Hedge lifting against actual
sales attracted short covering in domestic sugar futures and
prices rallied 2 to 3 points above previous levels. Towards
the close the market eased off slightly.
The market for raw
sugar was quiet today (Tuesday), the only reported sale
being 23,000 bags of Cubas, loading April 19, at 2.55c., cost
and freight. Refiners were reported as showing new interest
in offerings. In the world sugar contract market transactions
were 379 lots, with prices at the close unchanged to Y point
lower.
The opening prices were Y lo 3 points lower.
On
the 14th inst. futures closed 1 to 2 points up.
The May
option at one time during the session was 4 points higher.
Firmness in freight rates and the indication that there is a
shortage of space on ships from the Philippines during
April, May and June, had considerable to do with the firm¬
ness of
today's market. The pronounced strength in the May
delivery was attributed to buying for the account of the
Wall Street house with the leading Cuban producing con¬
nections. Against these purchases this firm sold September.
In the raw sugar market an operator bought 40,000 bags of
Puerto Ricos, loading between May 10 and 15, at 3.47c.
yesterday, unchanged from a sale late in the previous day
of 3,500 tons of Philippines, April-May shipment, to another
operator. At the close sellers were asking 3.50c. The world
sugar contract closed 3 to 43^ points net higher, with sales
of 324 lots.
On the 15th inst. futures closed
unchanged to 1 point up,
time prices were 2 to 3
points above the previous finals, but this improvement was
short-lived, these gains being virtually wiped out later in the
session. There was nothing of importance in the raw sugar
market.
Offers were higher and in limited amounts.
The
world sugar contract after opening lY to 1 point higher, sold
off under renewed pressure on rumors that the sugar conwith sales of 103 contracts.
At
one
Volume
ference
144
Financial
in London
running against snags, and in the
early afternoon prices were y2 to 1 point lower. At the close
prices were 2 points up to 2 3^ points down, with sales of 190
contracts.
London futures were 1J^ to l%d higher, and
raws did better in
that market.
To-day futures closed 1
point up to 1 point down. In the afternoon prices were 1 to
3 points up.
In the meanwhile the spot price advanced to
3.50 cents duty paid basis on sales of 22,000
bags of Cubas
and 10,000 bags of Puerto Bicos to Arbuckle.
Other sales
included 5,000 tons of Philippines,
mostly May-June ship¬
was
Chronicle
registered.
Quotations: China Wood: Tanks, May for'd,
14.2 to 14c.; Drms spot, 1534c.
Coconut: Manila, tanks,
May^June 8%c.; July-Dec., 834c.; Coast, July-Dec., 7£4c.
to
7%c.
Corn: Crude, tanks, outside, 1024 to 1034c.
Olive: Denatured, nearby, Spanish, $1.55; shipment $1.50.
Soy Bean: Tanks, mills, futures—offered at 10c.; L. C. L.,
11.8 to 12.0c.
Edible: 76 degrees 1424c.
Lard: Prime, 14c.;
extra winter, strained,
13c.
Cod: Crude, Japanese, 58c.
Turpentine: 4024 to 4424c.
Rosins: $8.25 to $10.10.
Cottonseed Oil, sales,
ment, at 3.47 cents.
Further sugars were reported wanted.
price was 13^ to 2 y2 cents lower this
afternoon, finally closing with net losses of 434 to 33^ cents.
London futures were 134 to
134d lower. Sales were 443
contracts in the world sugar market in New York.
The world contract
Prices
were as
July
2.53
March
2.50 May
2.52 January
December
2.50
2.56
2.50
Lard—On the 10th inst. futures closed 17 to 5 points lower.
At one time during the session prices were 2 to 7
points net
higher, but subsequently a slump set in carrying prices sub¬
stantially lower.
Chicago hog prices on Saturday were
nominally unchanged.
No sales were reported throughout
the short session.
Export shipments of lard from the Port of
New York on Saturday were light and totaled 37,500 pounds,
destined for Manchester,
England.
On the 12th inst.
futures closed 30 to 35 points down.
At these levels prices
registered the lows of the season.
When the Government
report was released and showed that cold storage supplies
during the month of March increased over 15,000,000 pounds,
heavy selling orders made their appearance, causing a break
of 25 to 40 points on the active deliveries.
Prices at the
start of the session were 15 to 17 points down.
Western
hog marketings were again quite heavy and totaled 79,500
head, against 55,700 for the same day a year ago.
Hog
prices at Chicago were 10c. below Friday's finals.
On the
13th inst. futures closed 15 to 20 points lower.
Continued
weakness in grains and a declining hog market were reported
as responsible for further heavy selling in lard futures.
At
one time prices were down 22 to 27 points.
Export ship¬
ments of lard as reported today, were 187,800 pounds,
destined for London, Liverpool and Manchester.
Receipts
of hogs at the leading Western packing centers were again
very heavy and totaled 69,200 head, ag;ainst 54,000 for the
same day last year.
Hog prices at Chicago declined 10 to
15c., the top price being $10.
Liverpool was Is. 6d. lower
to Is. 9d. lower.
to 5
points lower.
On the 14th inst. futures closed unchanged
At the start prices were 7 to 10 points
on the active deliveries, due to liquidation
apparently
induced by the weakness in cotton oil, lower lard cables from
lower
Liverpool, and easiness in grains.
Firmness in hogs later
the day caused considerable short covering and local
support, bringing about almost a complete recovery of the
early losses.
Hog prices at Chicago were mostly 5 to 10c.
higher.
The bulk of ^ales ranged from $9.50 to $9.95.
Total marketings at the leading Western packing centers
were 52,000 head, against 42,900 for the same
day last year.
Lard exports from the Port of New York today
(Wednesday)
were 56,448 pounds, destined for Genoa and
Naples.
Liver¬
pool lard futures were Is. lower on all deliveries.
On the 15th inst. futures closed 5 points down to 7
points
up.
The market had very little vigor, trading being con¬
fined in large measure to the speculative short
interest,
which furnished most of the support in covering operations.
Firmness in hogs also stimulated a little fresh buying, but
this demand was relatively light and without appreciable
effect. Trade interests were looking for an increase of about
3,000,000 pounds in Chicago lard stocks during the first
half of April. The report issued after the close of the market
showed that supplies increased 2,300,000 pounds.
Chicago
hog prices closed 10c to 25c higher, the top price being $10.25,
with the bulk of saies ranging from $9.75 to $10.15. Western
marketings were not so heavy, totaling 46,700 head, against
47,900 for the same day last year. Liverpool prices were
unchanged to 6d higher.
To-day prices closed 20 to 28
points down. The heavy declines in commodity markets all
along the line, affected lard to a marked degree, declines
being the severest for some time.
in
DAILY
CLOSING PRICES
Sat.
OF LARD FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs.
Fri.
12.20
May.,
July__
September
—
October
11.87
11.70
11.70
11.65
12.45
12.75
12.12
12.42
11.97
12.25
11.95
12.25
11.90
12.22
12.85
12.50
12.25
12.25
12.30
11.40
11.70
11.95
12.02
Pork—(All domestic), mess, $27.25 per barrel (per 200
pounds); family, $31.37 nominal, per barrel; fat backs, $25
to $28 per barrel.
Beef: steady.
Mess, nominal; packer,
nominal; family, $20 to $21 per barrel (200 pounds) nominal;
extra India mess nominal.
Cut meats: Pickled hams, picnic,
loose, c.a.f.—4 to 6 lbs., 133^c.; 6 to 8 lbs., 1334c.; 8 to 10
lbs., 13c.
Skinned, loose, c.a.f.—14 to 16 lbs., 19c.; 18 to
20 lbs., 19c.; 22 to 24 lbs., 19c.
Bellies, clear, f.o.b. New
York—6 to 8 lbs., 20Mc.; 8 to 10 lbs., 2034c.; 10 to 12 lbs.,
20c.
Bellies, clear, dry, salted, boxed, New York—16 to
18 lbs., 17^c.; 18 to 20 lbs., 17^.; 20 to 25 lbs., 17^c.; 25
to 30 lbs., 1724c.
Butter:
Creamery, firsts to higher than
extra and premium marks: 30 to 3334c.
Cheese: State, held,
'36—2234 to 23c.
Eggs: Mixed colors—Checks to special
packs: 2134 to 2434c.
Oils—Linseed oil prices are holding firm at 10.7c. in the
domestic market, while at London another drop of 9d. was
including switches, 381 contracts.
Prices closed as follows:
Crude, S. E., 924c.
April.
May
@
10.13@
10.20(g)
10.25@
June
July
I August
(September
10.20@
10.20@
10.07@
9.95@10.05
,
J October
(November
Rubber—On the 10th inst. futures closed 16 to 29
follows:
September
2687
points
9 points higher to 6 points lower.
Trading was heavy, with transactions totaling 1,090 tons
during the short session. The outside market was quiet, with
little actual business reported by factories.
Outside prices
were
quoted on a spot basis of 2424c. for standard sheets.
London and Singapore closed quiet.
London prices were
34d. higher, while Singapore declined l-32d. to l-16d. Local
closing: April, 24.38; May, 24.40; July, 24.64; Sept., 24.65;
Oct., 24.70; Dec., 24.63. On the 12th inst. futures closed
109 to 125 points lower.
The wide open break in this market
was attributed to news that
Malayan dealers' stocks declined
only moderately during March, while a sharp decline had
been anticipated by many in view of the
heavy shipments
from Malaya during March.
Futures here opened 67 to 90
points lower, and closed at about the lows of the day. Trad¬
ing was very active, transactions totaling 8,450 tons. Outside
prices were quoted at 2334c. for standard sheets. However,
crepe still sold as high as 28c.
London and Singapore closed
quiet, with prices 3-32 to £4d. lower.
Local closing of
futures: April, 23.29; May, 23.38; July, 23.45; Sept., 23.52;
Oct., 23.50; Dec., 23.52; Jan., 23.50.
On the 13th inst.
futures closed 2 to 4 points net lower.
The range at the
opening was 4 to 27 points higher, with the exception of
July, which was 7 points lower. Transactions totaled 8,390
tons.
In the outside market only a small amount of factory
business was done.
Outside quotations were nominally un¬
changed at 2334c. for standard sheets. London and Singa¬
pore closed quiet and weak respectively.
Prices in London
were virtually unchanged.
Local closing: April, 23.26; May,
23.28; July, 23.44; Sept., 23.48; Oct., 23.48; Dec., 23.49. On
the 14th inst. futures closed 49 to 54 points lower.
The
opening range was 4 to 14 points lower. Trading was active,
transactions totaling 7,120 tons.
The outside market con¬
tinued very quiet, with prices around 22 %c. for standard
sheets, with some dealers quoting nominally 23c.
London
and Singapore closed steady, with the former declining 3^d.
higher.
The opening
was
5-16d., while Singapore advanced 5-32d. to 3-16d. Local
osing: April, 22.72; May, 22.74; July, 22.03; Sept., 22.98:
clct., 22.98; Dec., 23.00.
On the 15th inst. futures closed 38 to 46 points down.
Heavy pressure again developed in the rubber market despite
the favorable March statistics issued by the Rubber Manu¬
to
facturers Association.
In the late afternoon the market
down nearly 5 cents a
pound from the recent top.
early afternoon totaled 6,020 tons.
Total sales
contracts.
Prices
in
London
declined
5-16d
was
Sales to
were
to
846
21-32d.
Singapore also was lower. Local closing: May, 22.32; July,
22.47; Oct., 22.60; Dec., 22.56; Jan., 22.53; Mar., 22.50.
Today futures closed 10 to 17 points down. The market at
the start showed gains of 17 to 24 points.
This improvement
was short-lived, heavy
liquidation developing as a result of
the pronounced weakness in most commodity markets.
As
a result all the
early gains were wiped out and substantial
losses were registered in their place.
London and Singapore
markets closed at moderate advances.
It was estimated that
United Kingdom rubber stocks had decreased only 350 tons
this week.
Local closing of futures: May, 22.21; July, 22.37;
Oct., 22.43; Dec., 22.42; Jan. 22.40; Mar., 22.37. Transcations
totaled 472 contracts.
Hides—On the 10th inst. futures closed unchanged to
points advance. Trading was light, transactions totaling
520,000 pounds. Stocks of certificated hides in warehouses
5
licensed by the Exchange increased by 1,921 hides to
of
a
total
754,782 hides. No news of importance concerning the spot
hide markets, either domestic or Argentine.
Local closing:
June, 17.60; Sept., 17.96; Dec., 18.27. On the 12th inst.
futures closed 9 to 17 points down.
The opening range was
21 to 37 points under the previous finals.
As the session
progressed, buying power improved and as a consequence
prices recovered much of the early losses.
Transactions
totaled 4,400,000 pounds.
Stocks of certificated hides in
warehouses licensed by the Exchange increased by 2,783
hides, making the total 757,564 hides. It was reported that
English buyers purchased 5,000 frigorifico steer hides in the
Argentine market today (Monday). No fresh sales were
reported in the domestic spot hide market. Local closing of
futures: June, 17.45; Sept., 17.82; Dec., 18.10. On the 13th
inst. futures closed 25 to 33 points lower.
The market
opened unchanged to 17 points down. Trading was fairly
heavy, totaling 7,760,000 pounds.
Stocks of certificated
hides in warehouses licensed by the Exchange increased by
1,926 hides to a total of 759,490 hides. Local closing: June,
17.12; Sept., 17.50; Dec., 17.85; Mar., 18.15. On the 14th
inst. futures closed 1 point higher to 8 points lower.
Trans-
actions
totaled
4,300,000
pounds.
hides in warehouses licensed by the
Stocks of certificated
Exchange increased by
3,898 hides to a total'of 763,388 hides. Local closing: June,
17.13; Sept., 17.45; Dec., 17.77.
'
On the 15th inst. futures closed 25 to 29 points lower.
Transactions totaled 231 contracts.
The weakness of the
market was ascribed to news that bids on Government hides
today's sale'in Washington.
This
liquidation which sent prices at one
time during the session 37 to 45 points below the previous
finals.
Certified stocks of hides increased by 2,738 pieces
and now number 768,126 hides.
Local closing: June, 16.85;
Sept., 17.20; Dec., 17.48.
Today futures closed 53 to 48
points down. The market started 15 to 43 points lower and
continued easy in active trading, which up to the early after¬
noon totaled 4,600,000 pounds.
Lower spot hide prices, the
general weakness of commodities and a somewhat bearish
sentiment in the trade combined to cause selling. Certificated
stocks of hides increased 2,890 pieces.
They now total
769,016 hides. Transactions in futures totaled 213 contracts.
Local closing: June, 16.32; Sept., 16.67; Dec., 17.00; Mar.,
had
been
Chronicle
Financial
2688
lowered
at
caused considerable local
17.30.
■
April
Opening
Transactions totaled 2,850 bales.
13^c. lower.
1937
17,
were 1 to 33^c.
Japanese cables came in 10 yen higher
grade D, the price quoted at Yokohama and Kobe being
895 yen.
Bourse prices at Yokohama showed gains of 10 to
14 yen, while at Kobe prices were up 5 to 13 yen.
Yen
exchange at 28%c. was Kc. higher.
Cash sales for both
exchanges were 1,600 bales, while transactions in futures
totaled 3,875 bales.
Local closing: April, 1.98; May, 1.97;
July, 1.96; Sept., 1.90H>; Oct., 1.90; Nov., 1.893^.
gains
for
On the 15th inst. futures closed 2 to 3c. down.
double
crack
silk
extra
Transac¬
In the New York spot market
lc. lower at $2.05 a pound.
tions totaled 180 contracts.
was
prices were 6 to 8 yen lower, while Grade D silk
was unchanged at
895 yen a bale. Local closing:g May,
1, lMy2) July, 1.94; Aug., 1.8934; Sept., 1.88; Oct., 1.8734;
Nov., 1.8634Today futures closed 3 to 434c. lower.
The
almost universal weakness of commodity markets caused
Yokohama
sympathetic declines in silk futures.
The market was easy
most of the session, with trading extremely
active.
In the New York spot market the price of crack
double extra silk was 3c. lower at $2 a pound.
Futures
throughout
Yokohama, while grade D silk
closed 8 to 11 yen lower at
1234 yen lower at 88234 yen.
Local closing of futures:
May, 1.9034; June, 1.9034; July, 1.91; Aug., 1.86; Sept.,
1.8334; Oct., 1.83; Nov., 1.8234.
Transactions totaled 769
was
■
Ocean
Freights—The market for charters was fairly
active, with rates higher. Charters included: Grain Booked:
This included 1]4 loads to Rotterdam to Antwerp. Another
item, Montreal first half May at 3s 6d. A few loads to South
Finnish ports at 23c. paid, a couple to Antwerp-Rotterdam
from Montreal at 16c., some New York April to Rotterdam
at 14c., and some May at 14^0.
This included 2 loads
Rotterdam 14c., a small amount Havre 17c.
\y2 loads
Antwerp 14c., 400 tons, prompt, Malta 18c., and 400 tons
Malta, June, at 18c. Reported Fixed: Seven thousand tons,
August U. S.-Gulf-U. K. A. R., basis 4s 6d. Scrap Metal:
Gulf to Japan, 38s.
Atlantic to Japan, 38s. Atlantic to
Japan, 36s. Atlantic, April, United Kingdom, 26s. Boat,
June, Atlantic, Japan, 36s. Boat, June, Gulf, Japan, 37s.
Coal—The
prospective price advance is acting as quite a
industrial centers. How¬
ever, it is stated that the volume has been insufficient to
offset the great decline in sales of bituminous lump, egg and
stove, but has served to keep local markets on a fairly steady
basis.
Altogether the screenings supply is now larger and
buyers' specific requirements in size are far more easily
delivered than a week or so back. It is reported that house¬
holders in Greater New York and immediate vicinity are
storing more anthracite this year than last. Low prices are
the incentive, and of course the prospective price rise is
acting as quite a spur to many buyers. It is thought that
summer buying may be a month late.
New York bituminous
dumpings on Tuesday were about 500 cars.
spur
to buyers of coal in the active
contracts.
COTTON
Friday Night, April 16, 1937
The
of Copper, Tin, Lead, Zinc,|Steel
Pig Iron, usually appearing here, will be found in the
articles appearing at the end of the department headed
"Indications of Business Activity," where they are covered
more fully.
Wool—The wool markets both here and abroad
be
seem
bales, against 50,142 bales last week and 59,427 bales the
5,927,504 bales, against 6,284,001 bales for the same period
of
showing
1935-36,
356,497 bales.
Houston—
Corpus
Silk—On the 12th inst.
futures closed net unchanged to
lower.
Transactions totaled 2,910 bales.
Trading
was
light and without special feature.
Cables reported
grade D 15 yen lower in Yokohama and 5 yen lower at Kobe,
making the price 885 for both centers.
Bourse prices on
.these markets
1 yen
higher to 6 yen lower at Yokohama
and 3 yen lower to 3 yen firmer at Kobe.
Sales of actual
silk totaled 800 bales for both exchanges, with futures total¬
ing 2,625 bales.
Local closing of futures:
April, 1.953^;
May, 1.95; July, 1.95; Aug., U90; Sept., 1.88^; Oct., 1.87;
Nov., 1.87.
On the 13th inst. futures closed 3^o. to43^c. up.
The market opened 3^c. down to l^c. up.
Transactions
totaled 9,160 bales.
Grade D at Yokohama was unchanged
at 885 yen, with Kobe showing this grade as unchanged at
885 yen also.
Bourse quotations at these centers ruled 1 to 4
yen lower at Yokohama and 3 to 10 yen lower at Kobe.
were
Sales of cash silk at both centers
were
actions in futures totaled 3,325 bales.
975 bales, while trans¬
Local closing:
Apr.,
1.97; May, 1.96; July, 1.953^; Aug., 1.923^; Oct., 1.91 K;
Nov., 1.89.
On the 14th inst. futures closed lc. higher to
1
Mon.
Sat.
Receipts at—
580
—
-
•
-
852
721
1,077
1,099
1,556
2.144
—
7,446
3,985
1,296
2,519
646
35
104
109
70
459
—.
Charleston—
28
3.218
343
-
212
-
_
276
194
12,898
43
10
57
206
240
12
1,592
1,143
1,592
4,486
491
6,198
2
1
4,342
6,022
42,828
Baltimore
——
Totals this week.
917
2
3
•'-.A. '—v
Norfolk.
•830
60
''■pi.
Wilmington
20,422
6,397
37
236
186
••
Lake Charles—__
6,305
5,135
-
2,530
New Orleans
Mobile.
Savannah.si.
—
407
55
1,505
—
'Total
Fri.
Thurs.
139
761
28
Christi—
Wed.
Tues.
2,158
1,197
1,988
—
1936, of
1,
since Aug.
decrease
a
■
Galveston.—
8,882
The following
table shows the week's total receipts, the
total since Aug.
1, 1936 and the stocks tonight, compared
with last year:
A;
Receipts to
April 16
Since Aug
1 1936
This
Week
6,305 1,667,134
Galveston
Texas City
Houston
_
5,135 1,260,784
—
283,426
22,936
20*,422 1,879,691
6,397
262,965
90,711
3,826
"830
127,253
28
Corpus Christi
Beaumont
JMew Orleans
Mobile
Pensacola, &c
Jacksonville
Savannah
Slock
1935-36
1936-37
This
Since Aug
Week
1 1935
5,783 1,482,446
44,479
7*305 1,660,879
605
269,941
38,030
16*373 1,626,096
366,361
,2,394
148,115
3,693
*739
297,948
1937
455,891
323*649
36,331
18,645
441,071
70,715
4,735
1,729
152,063
Brunswick
1936
562,116
4,349
398,283
41,106
30,334
442,978
125,693
12,406
3,783
182,945
*349
207",693
29", 489
42*754
2
55,978
7
57
24.306
25
1,143
36,504
561
55,790
21,161
36,538
7,862
19,541
27,923
31,188
100
4,411
1,592
51,972
*781
24*831
4,327
1,225
1,775
"917
Charleston
Lake Charles
Wilmington
Norfolk
160",618
Newport News
New York
Boston—_
Baltimore-
16,200
21,508
270
Philadelphia
42,828 5,927,504
Totals
In order that
we
34,922 6,284,001 1,595,296 1,922,099
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
23^e.
Aug. 1, 1936,
previous week, making the total receipts since
the upward grade.
absorb close to the full output.
For the week
given below.
ending this evening the total receipts have reached 42,828
to
Buying on spot territory wools in
original bags is one of the outstanding features, the good
French combing selling at SI.03^to $1.06, with short French
combing wools $1.02.
Fleece wools are mostly dormant,
and there is no trend to prices in the dealer's market here.
Country holders are less ready to let go of their wool at
prices recently offered.
Meanwhile there are no changes of
importance in the fine and half-blood grades, though the
medium grade combing wools have recovered from their
recent weakness.
Wool overseas is still on the up-grade,
resulting in a general stiffening of prices on foreign staple
in bond.
The Bradford top market, regarded as an accur¬
ate barometer of the foreign wool position, lifted its price on
64s, fine warp top, to 40d., which price is regarded as 2d.
or more below
prevailing Australian wool cost.
Good pro¬
gress is being made by dealers in securing wool in Texas,
observers report.
The same can be said for Arizona, New
Mexico and the Northwest, prices paid approximating $1
for staple wool, landed Boston.
The trade here is expecting
that the demand for new clip wools during the year will
on
Crop, as indicated by our tele¬
from the South tonight, is
grams
Metals—The report
and
of the
Movement
1936-37
6,305
5,135
20,422
Galveston
Houston
New
Orleans.
6.397
830
Mobile
Savannah
1935-36
1934-35
739
249
"*"349
""579
5,783
7,305
16,373
2,394
147
Brunswick
1932-33
14,108
19,429
30,297
4,640
1931-32
12,286
8,320
526
"2"
37,423
7,311
2,070
*2", 913
25
10
223
253
363
561
540
143
1,633
119
l",622
"P393
""*264
4,786
"7*320
"*5*354
42,828
Wilmington—
Norfolk
Newport News
34,922
15,829
74,294
80,344
76,159
"
All others
Total this wk.
Since Aug. 1..
138
57
1.143
'""917
Charleston
The
1933-34
31,356
9,662
22,143
2,340
1,048
1,243
1,356
2,594
4,122
7,324
5,927,504 6,284,001 3,817,232 6,743,693 7,607,378 9,098,333
exports for
total of 81,729
the week ending this evening reach a
bales, of which 23,517 were to Great Britain,
7,574 to France, 23,874 to Germany, 1,803 to Italy, 16,902
to
Japan, 102 to China, and
In the
bales.
7,957 to other destinations.
corresponding week last year total exports were 77,982
For the season to date aggregate exports have been
4,622,997 bales, against 5,064,753 bales in the same period
of the previous season.
Below are the exports for the week:
Volume
Financial
144
Chronicle
2689
"noon
Week Ended
Exported to—
Exports
Great
rom—
Ger¬
Britain France
Galveston
5,892
4,384
897
947
2,345
2,976
10,481
Houston
Italy
many
3" 114
1,431
4,614
763
Lake
Total
Other
China
Japan
666
1,321
3,035
113
Corpus ChrlstL.
17,462
10,593
300
New Orleans
Ctiarles
300
4,309
19,335
209
209
2", 734
1,678
4,412
293
Mobile.
293
Jacksonville
Savannah
1,296
*621
Norfolk
959
338
Los Angeles
10^258
600
"634
San Francisco...
1,670
3,196
374
3", 196
Charleston
200
2,550
8,417
641
13,608
9,692
Total
23,517
7,574
23,874
1,803
16,902
102
7,957
81,729
Total 1936
13,471
3,288
8,295
3,580
36,983
92
12,273
77,982
Total 1935
15,065
5.905
4.621
6,226
14,753
4,334
15.633
66,537
From
Exported to—
Aug. 1 1936
toAprtl 16,1937
Great
Exports from—
Britain
Galveston...
Houston
Corpus Chrlsti.
Lake Charles..
Mobile
Jacksonville
Pensacola, &c.
1,580;
42,596!
Savannah
45,328
Charleston....
8,045
66,045
160,515
4,522
62,741
16,859
1,200;
l,937j
3,698
.
6i
238
1
372
Los Angeles
San
23,182;
9,875
Francisco.
I
2,902"
_t
54
2,388
192
19,488
28*965
643
4,428
760
i
"""
1045,296 676,585
Total
1934-35.
500
3,235
266,343
80,626
10
10
...J
....
8,580
637.508308,5971337,056, 21,791596,1644622,997
1175,855630,199; 747,079316,6041343,150
1935-36.
Total
3,407
100
182,576
61,945
J
2,710
3,157
7,976
11,272
269
Seattle
Total
136,851
I
1,200
2,628
19,295
166
3,898
1,009
5,159
3,064
7— .
335
95,351
10,583
18,000
.1
100
4
|
2,850
1,204
1,004
Philadelphia...
5.845
4" 786
60
'222
i
210
11~032
638
24,932 206,865
!
50
15,824
780145.6391151,148
17,294
52,908
19,867 228,074
I
3,131
2,289
83,152
355
I
1,551
28,901
36,073'
54,642
1,730
1,791
3,034;
Baltimore..
Total
89", 942
Gulf port
Boston..
!
Other
9,903
5,333;
125,522
Norfolk.......
New York....
|
China
573,091| 18,339208,2641388,109
265,817
1,717132,341 870,356
61,145
Wilmington
\
Japan
151,3771 97,562
111,354 85.866
913
9,528
369.453 259,297
10,424; 20,458
87,010 35,752
Orleans..
Italy
many
165,456 174,020!
162,011 111,250
50,970 46,615
Beaumont
New
Ger¬
France
636,829 323.762
335,109406.586 1307,136
36,122815,744 5064,753
92,508 671,536 3773,466
NOTE—Exports to Canada—It has never been our practice to include In the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is Impossible to give
concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow In coming to hand.
In view,
returns
however, of the
say
numerous inquiries we are receiving regarding the matter, we will
that for the month of February the exports to the Dominion the present season
In the corresponding month of the preceding season the
have been 26,626 bales.
exports were 21,047 bales
For the seven months ended Feb. 28, 1937, there were
191,922 bales exported, as against 152,610 bales for the seven months of 1935-36.
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, a J the ports named:
On
Shipyard Not Cleared for—
April 16 at—
Leaving
Great
Britain
Galveston
Ger¬
France
many
2,600
175
2,000
Houston
52
42
New
1.186
2,407
6,949
2,000
Orleans._
Savannah
5,000
Coast¬
Foreign
13,500
5,236
8,372
wise
3,500
2,109
Slock
Total
26,600
429,291
316,035
422,157
150,063
29,489
64,507
27,923
94,495
7,614
18,914
2,000
Charleston
Mobile
"7i6
5.492
6",208
Norfolk
Other
selling subsided considerably, and when shorts tried '
values jumped 15 to 22 points from the early lows,
the market appearing to present a sold-out appearance.
Other factors operating against the market today were reports
from Washington that agricultural officials had cautioned
against too restrictive production in cotton and had stated
to cover,
Apr. 16, 1937
ports
that the 1934 Government loan of 12c. had had undesirable
These reports served to undermine con¬
played not a little part in influencing considerable
of the liquidation that was in evidence a good part of the
early session.
Average price of middling at the 10 designated
spot markets was 14.12c.
On the 13th inst. prices closed
6 to 10 points down.
The market opened 15 to 17 points
off as a result of heavy local and foreign liquidation, which
included active selling by the Far East,
Liverpool prices
broke sharply from an early advance, and this market
showed considerable weakness throughout most of the session.
In the early trading in the local market prices showed little
resistance until previous low levels had been reached, at
which point substantial trade buying orders were uncovered,
which steadied the market considerably.
The improvement
was short-lived, however, fresh
liquidation developing later
in the day.
General demand for spot cotton was quiet and
consequences.
fidence and
textiles
dull
were
and rather
9,453
—
Total 1936—
4,459
9,757
27,824
43,228
5,609
6,107
61,336 1,533,960
84,127 1,837,972
6.294
16,514
9.354
Total 1935-.--
13,991
8,521
8.602
53.248
1.415
78.913 1,982.573
Speculation in cotton for future delivery was fairly
active, with the trend of prices generally lower, especially
during the
latter
part
of /the
week.
Traders have been
more or less apprehensive because of statements emanating
from Washington indicating that the government is desirous
of further
end
to
of
lightening its burden of loan cotton before the
the
season,
and
liquidate their loans.
that
quarters
the
urging farmers whenever
There
government
repossession of this cotton
crease
be
in
loan cotton
well taken
was
a
might
easier for
offerings, it
by the market.
was
possible
latent fear in
take
steps
borrowers.
to
some
make
Any
in¬
believed, would not
On the 10th inst. prices closed 3 to 7 points off.
Trading
comparatively quiet, especially after the recent heavy
liquidation.
The action of the market the last few days of
the week appeared to throw quite a damper on
growing
bullish enthusiasm.
The session today (Saturday) opened
barely steady and I to 3 points lower, with steadier Liverpool
cables offset by overnight liquidation and absence of
any
appreciable support.
There was no aggressive demand at
any time during the session, and whenever any slight pressure
developed, prices appeared to yield rather easily.
There was
a
general slowing up in demand for spot cotton and for
textiles.
On the whole, the market lost much of its recent
bullish enthusiasm, and while fundamental conditions were
strong,
stimulus
the opinion prevailed that
some
real incentive
or
necessary to encourage active buying.
Average
price of middling at the 10 designated spot markets was
14.17c.
On the 12th inst. prices closed 1 to 4 points off.
Trading was active, with prices covering a wide range.
The
market started 1 to 7 points up, responding to some extent
to the firmness in Liverpool and some near Eastern markets.
The session was under way just a short while when
selling
pressure appeared, with active liquidation both from abroad
and Wall Street houses.
Buyers seemed to be intimidated
by this unusual selling, and as a result the market broke
19 to 31 points, making net losses of 78 to 103 points from
the highs of the recent upward movement.
In the late after-
Census
Bureau
confirm
private estimates indicating around 785,000 to 790,bales, which would set a new record for any one month.
Southern spot markets, officially reported, were 4 to 10 points
lower.
The average price of middling at the 10 designated
spot markets was 14.03c.
On the 14th inst. prices closed
1 to 4 points down.
Trading was comparatively quiet.
The
session started 3 points lower to 1 point higher.
There was
a moderate amount of
liquidation from domestic and foreign
sources, but just as soon as this pressure subsided, prices
turned upward on trade and local buying.
A report by the
Census Bureau showing that 779,302 bales of cotton had been
consumed by domestic mills during March, a record figure
for all time, had a rather wholesome influence on sentiment."
A weekly weather and crop bulletin indicating little planting
owing to low remperatures, also had a favorable influence.
However, the market at no time showed any enthusiasm,
and when late selling orders appeared, prices slipped off with¬
out any apparent resistance.
A suggestion by Cully A.
Cobb, of the American Agricultural Administration, that
farmers liquidate the balance of 1,853,000 bales of original
I2c. loan cotton now held by them, induced considerable
selling in the late session.
Southern spot markets as officially
reported, were 2 to 5 points lower.
The average price of
middling at the 10 designated spot markets was 13.99c.
On the 15th inst. prices closed 12 to 23 points down.
The
market again suffered from heavy liquidation that carried
prices to new lows for the current downward movement.
There was a fair degree of stability in the early trading,
with prices showing gains of 6 to 7 points.
Selling pressure
developed,
soon
New
however, with
seller, and prices declined steadily.
Orleans
Selling
commission houses and from abroad.
were
down 114 to
old crop
nical
conspicuous
a
both from
came
At the decline, prices
117 points from the recent
highs for the
months, and 86 to 97 points for the new
The market is believed
liveries.
position
to be in
few in the trade took
a
The
now
a
de¬
crop
strong tech¬
result of this extensive decline, and on
as a
this belief not
mitments.
generality
of
on
fresh
some
traders, however,
com¬
still
were
cautious, especially in view of the general declines in other
commodity markets.
Southern spot markets, as officially
20 to 24 points lower.
Average price of
middling at the 10 designated spot markets was 13.78c.
Today prices closed 19 to 30 points down.
The market
developed extreme weakness in the afternoon, with the list
reported,
were
showing losses of
aggressive
market
to 36
was
The
000
*
Total 1937
easier.
report on domestic consumption of cotton during March,
to be published tomorrow
(Wednesday) was expected to
much
as
liquidation.
was
At
as
the
$1.50
start
bale as
a
of
the
result
a
last hour
of
the
at new lows for
the movement, with prices 25
The trade was a fair purchaser pn
points net lower.
the scale down, and some observers believed that mills were
withdrawing buying orders
the
or placing them at limits under
Spot interests, commission houses, Liverpool
were selling, while the trade and the Far
market.
and the Continent
East
were
Orleans
News
purchasing May and July.
traders
from
the
were
supporters
goods
market
of
Wall Street and New
the
showed
distant deliveries.
dealings in
Street again
quiet, and sales for the week
production.
Dealers
pending further
maintaining
developments.
were
Worth
well
were
below
cautions attitude
a
1
The official
quotation for middling upland cotton in the
New York market each day for the past week has been:
April 10 to April 16—
Middling upland..
Sat.
14.53
Mon.
14.49
Tues.
14.40
Wed.
Thurs.
14.36
14.13
Fri.
13.84
was
New York
Quotations for 32 Years
The
quotations for middling upland at New York on
Apr. 16 for each of the past 32 years have been as follows:
1936
13.84c.
11.73c.
1928
1935
11.20c.
1927
1934
11.80c.
1926
1923
6.85c.
1925
1932
1931
6.20c.
-10.15c.
1923
-28.25c.
1930
16.30c.
1922
-17.75c. | 1914
1937
1929
....
....
1921
12.45c.
1913
-20.35c.
1920
43.25c.
1912
1919 ...-,28.30c.
1918
30.50c.
1917 „„-20.50c.
1911
14.85c-
1910
15.25c-
..14.50c.
-19.15c.
....
-24.45c.
....
1924..
Futures—The
..20.55c.
....
.
.
30.80c.
highest,
1916
1915
lowest
12.00c.
10.30c.
12.40c11.70c-
1909
10.60c1908--— 9.90c1907
-11.15c-
13.10c.11906 ---11.80c.
and
closing
prices
New York for the past week have been as follows:
at
Financial
2690
Chronicle
April 17, 1937
corresponding period of the previous year—is set out in
Thursday
Wednesday
April 14
Tuesday
Monday
April 12
Saturday
April 10
April 13
Friday
April 16
April 15
detail below:
Movement to Apr. 16, 1937
Apr. (1937)
Range..
13.56W
13.80n
13.84w
13.94n
Movement to Apr. 17, 1936
Ship¬
May—
13.93-14.03 13.67-13.98 13.72-13.92 13.76-13.88 13.53-13.83 13.17-13.44
13.53
13.24
13.80-13.81 13.76
13.89 —
Closing. 13.93 —
Range.
June—
1,170
Aia.,Birming'm
Eufaula—
.
13.50W
13.71W
13.75W
13.84W
13.20m
Range.. 13.80-13.92 13.57-13.87 13.60-13.81 13.65-13.78 13.45-13.73 13.10-13.83
13.69-13.70 13.66-13.67 13.46-13.47 13.16
Closing. 13.80-13.81 13,78 —
18
Montgomery.
76
Selma
Range.
Closing. 13.87W
July
Aug.—
Range.
Season
Week
_
36
13
Ark., Blythville
Forest City.
28
37
Helena
133
Hope
.
13.34W
13.51n
13.54n
13.63W
Closing. 13.66W
Sept.—
Range..
Closing. 13.52w
13.07m
8
Jonesboro
1,352
Little Rock..
13.08-13.08
13.36W
13.39W
13.48n
13.22M
12.98M
Newport
"518
Pine Bluff—
Oct.—
Walnut Ridge
13.37-13.48 13.16-13.43 13.16-13.36 13.21-13.33 13.07-13.29 12.83-13.01
13.10
13.22
12.88-12.90
Closing. 13.38-13.39 13.34-13.35 13.24 —
Range.
Nov.—
<
Ga., Albany—
38
Athens
4,508
2,391
Atlanta
Range—
Clos ng
13.31W
13.33W
_
13.19W
13.21W
13.07W
Augusta
Columbus—
12.86M
Dec.—
Range.. 13.29-13.40 13.10-13.34 13.11-13.26 13.17-13.28 13.05-13.25 12.80-12.98
12.86
13.28
13.19
13.18
13.06
Closing. 13.29 —
Range..
13.23W
13.30W
Closing. 13.32m
13.22w
12.88M
13.09W
497
717
165
6,700
362
2,286
188
97
840
10,279
5,117
2,333
Columbus.
36
_
Greenwood—
721
196
5
6
.
5
Yazoo City.
Mo., St. Louis
4,055
125
N.C. Gr'nsboro
32,465
8,877
44,243
44,664
51,891
Season
Stocks
April
17
Week
58,039
15,400
100
1,068
1,170
120
602
5,570
8,159
7,792
9,234
24
80,291
85,535
109.295
27,082
2
36,550
5
51,587
10,148
24,290
13,618
15,592
25,663
192,678
735
31,787
9,971
159,944
31,097,
112,025
34,443
24,330
7
67
31
18
683
9
"32
59.759
82,597
17,665
13,570
16,289
231
4
71
691
3,003
62,425
15,291
328
334
50,570
13,025
3
17,254
2,020
4,575 56,988
3,869 158,009
2,957 131,715
500 30,000
956 40,153
1,133
65,970
285,379
178,911
39,439
53,110
15,103
71,405
120,057
41,115
171,997
12
56.023
16
8,789
17
2,240
1,559
94,127
37,280
11,198
63,459
57
1,100
"166
5
30,578
37,728
458
93
6,904
7,971
27,359
17,324
11,346
2,014
2,635
2,850
3,887
3.588
5,198
179,567
4,800
760
452
2,666
80
6,996
85
3,659
1,250
21
Ship¬
ments
Receipts
Week
35,200
30,085
27,467
21,168
100,113
162,948
38,656
259,262
61,416
20,565
39,084
51,377
287,753
9,053
La., Shreveport
Vicksburg.
Range— 13.39-13.45 13.18-13.37 13.18-13.35 13.24-13.35 13.11-13.31 12.84-13.05
13.33
13.27
13.26
13.12
12.91M
Closing. 13.36W
223
26
Rome..
Natchez
Mar.—
690
2,485
3,632
2,055
l",974
Jackson
Feb.—
2,103
43,038
Miss.Clarksdale
yaw. (1938)
16
"265
Macon
Range.. 13.28-13.40 13.07-13.33 13.07-13.27 13.15-13.26 13.02-13.22 12.77-12.95
13.17-13.18 13.16
13.04
12.82-12.83
13.27
Closing, 13.28 —
"li
75,464
9,188
50,753
55,048
167,891
32,493
59,927
54,336
19,568
186,693
27,763
137,680
46,183
13,406
29,281
341,327
187,122
15,425
April
Week
Receipts
Toions
Stocks
ments
Closing. 13.98W
812
650
711
1,968
1,746
568
27
13
2,348
155
"151
200
884
24,914
22,945
21,848
69
25.755
1,652
28,758
17,033
2,999
7,067
10,646
3
192
Oklahoma—
Nominal.
w
200
175,316
2,816
204,550
14,356 2,436,576
6
38,861
5
16,244
15 towns *
Range for future prices at New York for week ending
April 16, 1937, and since trading began on each option:
S. C.,Greenville
Tenn., Memphis
Texas, Abilene.
Apr.
May 1937— 13.17 Apr.
June
16 14.03
16 13.92
Sept. 1937— 13.08 Apr.
Oct. 1937— 12.83 Apr.
Nov. 1937—
Jan.
13.40 Apr.
1938—
Dec.
Mar. 1938— 12.84 Apr.
The Visible
cable and
as a
float
13.40 Apr.
16 13.45 Apr.
19 1937 11.93
19 1937
10 11.56 Dec. 17 1936 13.93 Apr.
3 1937 13.94 Apr.
5 1937
10 11.70 Feb.
1 1937 13.85 Mar. 31 1937
12.10 Mar.
10 13.22 Mar. 24 1937 13.97 Apr.
follows.
as
Jan.
4,617
"~5
24,634
10.818
1,100
59
79,563
8,475
35,716 4,854.715
73,2851833913
""79
149
"~24
Total, 56 towns
35,724
18,425
....
207
5,771,372! 98,8621440172
9,569
10,701
1,349
639
Includes the combined totals of 15 towns in Oklahoma.
as
made
Foreign stocks
5 1937
up
as
by
well
The
totals
above
that
show
interior
the
stocks
have
decreased
during the week 63,138 bales and are tonight
393,741 bales less than at the same period last year.
The
receipts of all the towns have been 8 bales more than the
same
week last year.
Market and Sales at New York
are
1937
Apr.10—
Stock at Liverpool
bales-
Total Great Britain
1936
1935
Stock at Rotterdam
Stock at Barcelona
618,000
106,000
678,000
71,000
993,000
190,000
258,000
14,000
724,000
233,000
183,000
18,000
76,000
74,000
8,000
5,000
749,000 1,040,000
263,000
571,000
138,000
291,000
23,000
21,000
72,000
83,000
39,000
63,000
10,000
5,000
4,000
7,000
498,000
Stock at Havre
597,000
_
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks—
Total European stocks
1,491,000 1,321,000
India cotton afloat for Europe
205,000
186,000
American cotton afloat for Europe
207,000
226,000
86,000
Egypt, Brazil,&c.,afl't for Europe
126,000
Stock in Alexandria, Egypt
267,000
293,000
Stock in Bombay, India
1,181,000
798,000
Stock in U. S. ports
1,595,296 1,922,099
Stock in U. S. interior towns
1,440,172 1,833,913
U. S. exports today
25,487
23,137
Total visible supply
Liverpool
2,081,000
169,000
243,000
82,000
374,000
1,184,000
2.965,478
1,546,878
18,299
6,529,605 6,691,499 6,309,725 8,663,655
as
Closed
Quiet, 6 pts. dec
Saturday
Quiet, 4 pts. dec
Monday
Quiet, 9 pts. dec
Tuesday
Wednesday- Steady, 4 pts. dec—
Quiet, 23 pts. dec
Thursday
Quiet, 29 pts. dec
Friday
-_
365,000
73,000
148,000
stock
Havre stock
239,000
10,660
207,000
Other Continental stock
American afloat for Europe...
U. S. port stock
1,595,296
1,440,172
23,137
U. S. interior stock
today
Total American
—
...
494,000
61,000
336,000
53,000
445,000
24,000
62,660
stock...
42,660
52,666
Havre stock
Other Continental stock--
33,000
29,000
65,000
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt..
Stock in Bombay, India
Total East India, &c
Total American
26,000
205,060
120,066
267,000
1,181,000
293,060
798,66o
860,006
86,000
488,000
53,000
20,000
58,666
152,060
94,660
272,060
186,6o6
101,000
169.000
82,000
374,000
1,184,000
2,429,000 1,898,000 1,927,000 2,451,000
4,100,605 4,793,499 4,382,725 6,212,655
Total visible supply
6,529,605 6,691,499 6,309,725 8,663,655
Middling uplands, Liverpool
7.47d.
6.58d.
6.63d.
6.18d.
Middling uplands, New York—.
13.84c.
11.74c.
11.90c.
11.80c.
Egypt, good Sakel, Liverpool
13.10d.
9.54d.
8.69d.
8.69d.
Broach, fine, Liverpool
6.20d.
5.43d.
5.89d.
4.83d.
Peruvian Tanguis, g'd fair,L'pool
9.02d.
C.P.Oomra No.l staple,s'fine,Liv
6.10d.
Continental imports for past week have
The above figures for 1936 show a
been 128,000 bales.
decrease from last
week of 112,383 bales, a loss of 161,894 from 1935,
an
increase of 219,880 bales over 1934, and a decrease of
2,134,050 bales from 1933.
At the Interior Towns the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stock tonight, and the same items for the
Contr 'ct
Total
"l"03
"103
103
103
67,372 104,600 171,972
Total week.
Since Aug. 1
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1936-37
Since
Apr. 16—
Shipped—
Since
Week
Aug. 1
286,447
141,117
4,800
2,198
4,424
289
72
8,421
178,990
612,308
3,781
14,049
179,040
67,049
2,828
10,119
157.172
562.173
32,233 1,231,707
Via Mounds, &c
Aug. 1
3,887
2,225
Via St. Louis-..,.
25,117
978,381
781
24,889
8,763
241,272
Via Rock Island
Via Louisville
1935—36
Week
—
Via Virginia points
Via outher routes, &c_
4,923
21,126
follows:
452,000
282,000
233,000
47,000
53,000
47,000
182,000
201,000
154,000
118,000
115,000
940,000
90,000
226,000
243,000
172,000
1,922,099 2,061,486 2,965,478
1,833,913 1,451,845 1,546,878
25,487
8,394
18,299
4,100,605 4,793.499 4,382,725 6,212,655
East Indian, Brazil, &c.—
Liverpool stock
SALES
Spot
Steady
Steady
Steady
Steady
Steady.
Steady
Total gross overland
bales-
Manchester stock
Manchester stock
Futures
Market
Closed
Spot Market
*
stock
U.S. exports
940,000
100,000
549,000 1,041,000
1,298,000
152,000
172,000
94,000
272,000
800,000
2,061,486
1,451,845
8,394
Of the above, totals of American and other descriptions are
yn PT1 Efl 71
1934
859,000
134,000
22,000
8,000
6,000
—
Stock at Bremen
Bremen
6
50
—
Waco
this week's returns, and consequently all foreign
Stock at Manchester
Bremen
377
10,534
5,080
62
the total show the
j\
718
34,131
2
172
""24
San Antonio.
Texarkana
brought down to Thursday evening.
To make
complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
1 ' ■
vy.-y
figures
52,351
79
281
13,701
8,949
34,850
79,462
132
Paris
Robstown
*
273
81,546
70,959
1,553
6,197
1,175
5 1937
Supply of Cotton tonight,
telegraph, is
are
10
6 1937
Apr.
11.93 Jan.
1937— 12.77 Apr.
1938— 12.80 Apr.
Feb.
Apr.
10 1936
1 1936 12.78 July 10 1936
10.48 June
10 11.41 Nov. 12 1936 14.59 Mar. 30 1937
8 1937
11.50 Aug. 29 1936 12.85 Mar.
13708 Apr." 16 11.52 Nov. 4 1936 13.95 Mar. 17 1937
5 1937
13.48 Apr. 10 11.05 Nov. 12 1936 13.98 Apr.
1937—
July 1937— 1340 Apr.
Aug. 1937—
10.20 Mar. 27 1936 12.78 July
11.51 Nov. 12 1936 14.50 Apr.
1,497
2,311
3.870
25
24
Dallas
1937—
145
"~72
432
6,396
Brenham
Range Since Beginning of Option
4,698 107,836
2,948 57,674
33,874 574,852
12,029
90
7
Austin
Range for Week
Option for—
525
383,893
2,578
145,835
16,369 1,855,680
105
,54,614
2,131 70.090
5,091 86.091
37,426 448,287
782
2,367
Deduct
Shipments—
Overland to N. Y., Boston, &c—
1,592
6,896
51,972
10,718
401,314
8,859
464,004
5,607
274,924
Leaving total net overland*—23,374
767,703
19,510
703,457
Between interior towns
371
..,
Inland, &c., from South..
.
Total to be deducted
*
179
4,647
Including movement by rail to Canada.
The foregoing shows the
this year has been 23,374
week's net overland movement
bales, against 19,510 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 64,246 bales.
1936-37In Sight and Spinners'
Week
Takings
Since
Aug. 1
Receipts at ports to April 16
42,828
Net overland to April 16
23,374
Southern consumption to April 16-160,000
5,927,504
767,703
5,065,000
Total marketed
226,202
Interior stocks in excess—
*63,138
Excess of Southern mill takings
11,760,207
256,109
over
consumption to April 1
Came into sight during week
Total insight April 16
Since
34,922
19,510
115,000
1 8,361
6,284,001
703,457
3,900,000
568,360
131,863
13,098,711
—
Aug. 1
169,432 10,887,458
*37,569
713.575
1,082,395
163,064
North, spinn's' takings to April 16
*
1935-36
Week
1,491,499
12,169,393
24,255
929,671
Decrease.
Movement into sight in previous years:
Week—
1935—April 19
1934—April 20
1933—April 21
Bales
Since Aug. 1—
87,166 1934
...156,565 1933
155,771 1932
Bales
8,164,651
11,457,814
.12,157,190
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Below
Volume
Financial
144
Southern and other
Chronicle
principal cotton markets for each day
Closing Quotations for Middling Cotton
Apr. 16
Saturday Monday
Tuesday
on—
Wed'day Thursday
Friday
Galveston
14.04
13.99
New Orleans..
Mobile
14.18
14.12
14.08
14.04
13.80
13.38
13.54
14.18
14.14
14.05
14.01
13.79
13.49
Savannah
14.49
14.39
14.37
14.16
13.86
Norfolk
14.53
14.50
14.35
14.15
13.85
14.13
14.50
14.11
14.40
Montgomery..
14.02
14.00
13.79
13.49
Augusta
Memphis
14.78
14.54
14.45
14.41
14.21
13.85
13.80
13.70
13.65
13.45
13.15
14.06
14.06
13.97
13.92
13.70
13.40
13.80
13.75
13.65
13.60
13.40
13.10
13.83
13.79
1370
13.66
13.43
13.14
13.83
13.79
13.70
13.66
13.43
13.14
Houston
Little Rock
Dallas
Fort Worth
13.91
13.88
New Orleans Contract Market—The
for
leading contracts in the New Orleans
the past week have been
Saturday
Monday
April 10
as
April 12
13.67
Requests
for
of
Release
Loan
13.91
Census Report on Cottonseed Oil Production—On
April 13 the Bureau of the Census issued the following state¬
ment showing cottonseed received, crushed and on hand,
and cottonseed products manufactured, shipped out,%on
hand and exported for the month of March, 1937 and 1936:
closing quotations
cotton market for
COTTON SEED RECEIVED, CRUSHED,
Thursday
April 15
Wednesday
April 14
Com¬
Cotton—The
modity Credit Corporation announced April 9 that requests
for release totaling 1,187,841 bales of cotton had been
received at the loan agencies of the Reconstruction Finance
Corporation through April 8, 1937.
follows:
Tuesday
April 13
STATISTICS
The
world's
production of commercial cotton, exclusive of linters.
grown in 1935, as compiled from various sources was 26,641,000 bales,
counting American in running bales and foreign in bales of 478 pounds
lint, while the consumption of cotton (exclusive of linters in the United
States) for the year ended July 31, 1936, was 27,631,000 bales.
The
total number of spinning cotton spindles, both active and idle, is about
152,000,000.
*
of the week:
Week Ended
2691
WORLD
Friday
April 16
AND ON HAND
(TONS)
On Hand at Milts
Received at Mills *
Crushed
Aug. 1 to Mar. 31
Aug. 1 to Mar. 31
Mar. 31
Stale
Apr.(1937)
13,83
May
13.77-13.78 13.73
13.69
13.45
13.62
13.40
13.12-13.14
Alabama
281,323
318,887
441,336
290,480
404,168
174.994
93.600
137,477
85,661
Georgia
461,900
405,343
172,432
507,902
218,330
436,423
Louisiana
221,204
690,551
:
_
13.36
13.33
13.24
13.20
13.08
12.84
December.
13.37
13.36
13.28
Mississippi
13.24
227,644
816,119
13.13
12.90
North Carolina
Jan. (1938)
13.38
13.37
13.29
13.26
226,555
13.16
12.92
Oklahoma
November
February
13.44
13.44-13.45 13.33
—
13.32
—
13.22
12.97
1936
Tennessee,
9,703.
37,794
19,112:
404,053
38,625
27,119
8,288:
23,458;
160,780
8,114
3,015
52,897
468,017
127,604
221,833
82.988
218,484
5,412
9,923
190,599
950
3,362
213,403
191,718
198,184
82,883
10,898
193,118
3,280
6,827
Quiet.
Options
Quiet.
Steady.
Barely stdy
Steady.
Steady.
Quiet.
Quiet.
Steady.
Steady.
1937
and
of
30,731
3,600
895,942
919,820
16,087
56,046
155,029
101,369
7,565
4,392,789 3,647,196 4,100,301 3,537,467
314,179
the total lint and linters combined of 241,862
bales,
*
COTTONSEED
MANUFACTURED, SHIPPED OUT AND ON
Produced
Item
Season
Crude oil, lbs.
Cake
and
meal
tons
or
which Is In
Cotton
on
Hand
*
Cotton
In Con¬
Eight
Months
In
suming
Public
Storage
Establish¬ & at Com¬
Active
March 31
ments
presses,
(bales)
(bales)
(number)
New England States...
1936
67,450
1937
26,215
1936
16,416
538,152
169,178
117,333
48,801
6,355
1937
7,563
49,548
28,554
EXPORTS
AND
IMPORTS
1936
44,556
22.346
62,391
36,936
14,975
17,096
10,338
1937
4,989
9,742
5,451
2,226
1936
1,729
15,167
7,761
297,598
256,777
61,957
111,115
9,540
Included Above—
Egyptian cotton
Other foreign cotton
1937
1936
Amer.-Egyptlan cotton.
7,362
OF
COTTONSEED
MONTHS
ENDED
FEB.
Item
6,134,100
5,445,582
743,926
675,172
13,096
19,400
10,399
173,985
1937
74,321
532,892
1936
61,120
472,102
Egypt
6,556
British India
All other
Total
14
7,717
6,838
20,116
1,063
2,316
1,619
5,157
45,239
-
Mexico
15.663
*7,898,172
*64,135,221
1936
51,157
1,216
24.901
18,398
40,294
3,436
42,840
139,402
89.529
738
16.565
too
2,234
26,383
cold and
no
section of the ootton belt has
Rain
March
Amarillo
Austin
Other Europe
Japan
China
Canada
All other
Total
1937
101,742
35,153
39,915
46,747
86,007
23,892
34,332
76,170
962,141
620,493
274,887
500,030
279
10,425
44,593
18,287
7,479
25,173
105,762
5,573
6,104
132,249
395,192
1,242,464
12,450
207,352
41,662
467,706
404,741
4,389,199
166,219
2,100
15,239
500
21,035
4,814,360
Note—Linters exported, not included above, were
29,426 bales during March in
1937 and 15,175 bales in 1936; 176,971 bales for the eight months ended
March 31
In 1937 and 165,986 bales In 1936.
The distribution for March, 1937, follows:
United Kingdom. 3,848; Netherlands, 750; Belgium, 350;
France, 9,306; Germany
11,370; Italy, 1,217; Poland and Danzig, 49; Canada, 886; Japan, 1,650.
yet had
Thermometer
High
Low
56
Mean
90
38
65
64
86
48
67
94
46
70
86
46
66
0.48
84
52
68
2
0.40
76
52
88
48
64
68
92
50
71
66
59
dry
dry
dry
El Paso
34
0.16
84
34
1
Lampasas
Luling
98
2
1936
1,085,817
581,894
286,372
628,670
169,584
141,436
436,717
1,220,700
32,127
192,711
38,332
as
2
8 Mos. End. March 31
1936
Rainfall
Inches
Days
dry
dry
dry
dry
dry
Texas—Galveston.
Henrietta...
Belgium
1,451
real cotton weather.
769
Dallas
-
7,281,572
64,616,745
16,199
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening denote that in most of the ootton belt
the planters are afraid to
ris£ high-priced seed in the cold
ground.
In the northwestern section there is still lack of
moisture.
The main complaint is that the weather remains
Brenham
Italy
150,811
Amounts for March not included above are 5,349,407 pounds crude, and
17,260,520 refined, "entered directly for consumption," 1,306,680 crude and 4,746,581
refined, "withdrawn from warehouse for consumption," and 1,456,419 crude and
6,596,581 refined "entered directly into warehouse."
72,363
Abilene
Germany
Spain
9,459
147,545
...
Exports of Domestic Cotton Excluding Linters
(Running Bales—See Note for Linters)
United Kingdom
France
294,063
1,770,105
3,849
Refined, pounds
Cake and meal, tons of 2,000 pounds.
equivalent 500-pound bales.
1937
SEVEN
1936
1,073,688
Oil—Crude, pounds
Linters imported during seven months ended Feb. 28,
1937, amounted to 32,690
Country to Which Exported
FOR
28
Imports—
7,778
3,063
2,508
1937
422
China
PRODUCTS
99,368
Refined, pounds
i-Cake and meal, tons of 2,000 pounds.
Ltnters, running bales.
8 Mos. End. March 31
1936
9,073
Peru
1,077
*
March
1937
3,025
12,385
12,337
1937
Oil—Crude, pounds
Imports of Foreign Cotton (50046. Bales)
Country of Production
131,326
Exports—
Not Included Above—
Linters
117,737
174,218
154,998
Aug. 1, 1936 and March 31, 1937, respectively.
1937 642,440 4,415,155 1,711,123 4,925,740
17,760,552
1936 466,775 3,425,504 1,113,743 6,452,752
17,060,914
1937 110,647
306,782
707,603
101,682
Cotton-growing States.
113,950,936
oleomargerine, soap, &c., Aug. 1, 1936 and March 31, 1937, respectively,
z Produced from
1,163,081,762 pounds of crude oil.
1937 779,302 5,291,936 2.079,862 5,036,962
24,638,578
1936 550,641 4,080,999 1,336,529 6.570,222
23,181.668
All other States
1935-36
*100,950,202
x579,427,275
504,337,092
138,668
285,387
x Includes
15,100,446 and 4,741,261 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments and
9,643,060 and 3,601,776 pounds in transit to manufacturers of lard substitute,
March
(bales)
1936-37
1936-37
lb.<
On Hand
March 31
Includes 6,232,774 and 55,428,435 pounds held by refining and
manufacturing
and 4,411,300 and 21,864,580 pounds in trausit to refiners and
consumers
During
(bales)
-
Aug. 1 to
March 31
establishments
Spindles
March
1935-36
1935-36
500
bales--
March 31
During—
1936-37
lb. bales
&c.,
-{
1936-37
1935-36
Grabbots, motes,
Cotton Consumed
1935-36
Linters, running i
bales)
I
Hull fiber,
(500-J
500-pound bales)
Ended
1936-37
1
Aug. 1 to
March 31
*19,191,508 1,232,469,925 1,217,360,172
28,262,543 1,071,133,084 1,000,643,170
x318,873,305 zl090 085.114
444,833,215
915,315,850
65,053
1,837,098
1,763,483
198,367
1,601,067
1,514,047
23,893
1,045.250
951,406
76,604
914,642
859,920
43,819
1,014,145
883,746
71,292
803,095
719,389
88
41,226
38,289
1,332
34,075
34,330
2,991
46,568
37,174
5,966
37,722
31,351
1936-37
lbs.,
1935-36
CONSUMED, ON HAND, IMPORTED
Year
1936-37
1935-36
Refined oil,
Hulls, tons...
Cotton In running bales, counting round as hall bales, except foreign,
Shipped Out
On Hand
Aug. 1
AND EXPORTED. AND ACTIVE COTTON SPINDLES
--
PRODUCTS
HAND
The following is the statement:
MARCH REPORT OF COTTON
3,073
.
199,304
Includes seed destroyed at mills, but not 21,926 tons and 89,575 tons on hand
Aug. 1, nor 75,055 tons and 45,871 tons reshipped for 1937 and 1936, respectively.
and
United States
—
»
consumed amounted to 779,302
74,321 bales of linters, compared with
664,439 bales of lint and 63,643 bales of linters in February,
1937, and 550,641 bales of lint and 61,120 bales of linters
in March, 1936.
It will be seen that there is an increase
in March, 1937, when compared with the previous year,
39.5%.
231,179
953,454
104,057
——
Cotton
1936.
lint
322,396
162,323
-—_
Barely st'y.
Census Report on Cotton Consumed and on Hand,
&c., in March—Under date of April 14, 1937, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the month of March,
bales
230,373
902,153
All other States
Steady.
352,316
Texas
Tone—
Spot
in
215,498
South Carolina
_
March
1937
280,610
273,777
California
September
__
1936
329,068
Arkansas
August...
October
1937
13.14-13.15
13.74-13.75 13.68-13.70 13.65
June
July
1936
1937
0.02
94
40
90
44
67
67
78
40
59
dry
dry
Nacogdoches
Palestine
1
0.01
86
42
1
0.06
86
40
2
0.17
88
48
64
63
68
88
Taylor
dry
dry
dry
W eatherford
.
Oklahoma—Oklahoma City___
Arkansas—Eldorado
Fort Smith
Little Rock__
1
1
Pine Bluff
Amite
New Orleans
Shreveport__
Mississippi—Greenwood
Meridian
Vicksburg
1
dry
dry
dry
37
64
60
40
62
84
38
37
61
62
42
61
77
38
58
82
0.07
83
80
0.01
dry
dry
dry
dry
Louisiana—Alexandria
64
42
86
dry
-
65
38
84
0.55
42
90
86
50
66
81
46
87
35
64
61
80
38
59
80
44
62
Financial
2692
Rain
Alabama—Mobile
Decatur
1
0.03
1
0.10
2
Miami.
0.22
Pensacola
dry
dry
Tampa
Georgia—Savannah
61
68
58
59
46
58
62
72
70
78
80
dry
Montgomery.
Florida—Jacksonville
Thermometer
44
38
36
42
78
86
0.10
2
dry
April 17, 1937
Cotton Movement from All Ports—The
India
79
78
80
76
48
52
44
59
65
receipts
Bombay and the shipments from all India
April 15
62
Receipts—
Rainfall
dry
._
Birmingham
Chronicle
Atlanta.
1
0.02
76
36
1
0.46
78
36
the
ports for the week and for
for three years,
season
as
cabled,
follows:
have been
1936-37
56
Augusta
of Indian cotton at
from Aug. 1
as
1935-36
Since
1934-35
Since
Since
57
Week
1
0.10
78
2
0.07
75
Greenwood
1
0.54
Columbia
1
0.50
77
76
36
45
34
39
57
60
56
58
Conway
1
0.08
80
43
62
1
0.30
30
Charlotte
1
0.24
Newbern
1
0.11
74
76
81
37
52
56
59
Raleigh
1
0.38
78
36
57
0.44
78
32
55
1936-37
4,000
16,000
56
60
57
1935-36..
10,000
6,000
0.78
38
42
36
1934-35..
2
74
79
78
-.-j
3,000
2
0.30
78
36
57
7,000
32,000
Macon
South Carolina—Charleston..
North Carolina—Asheville
Weldon
2
Wilmington....
Tennessee—Memphis.
Chattanooga.
dry
dry
_...._
....
1
Nashville
36
Great
8.6
--
1936 37.
Nashville.
Above
zero
of gauge.
11.0
Shreveport
Above
Above
zero
of gauge.
of gauge.
13.5
18.7
Vicksburg
zero
indicates the actual movement each week from the planta¬
tions.
The 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.
Week
Stocks at Interior Towns
Receipts at Ports
Total
China
nent
,Japan
| China
.
76,000
70,000
23,000
56,000
54,000
20,000
1
63,000
82,000
40,000
1
Total
295,0001,145,0001,503,000
296,000
259,000
896,0001,274,000
919.0001,218,000
1
39,000
316,000
528,000
6,000
276,000
162,000
439,000
379.000
823,000 1,145,0002,347,000
735,000
896,000 1,989,000
697,000
919,0001,818,000
5,000
1,000
28,000
1934-35--
,
I
—
28,000
.1
844,000
......
715,000
600,000
438,000
1
Total all—
1936-37-.
11,000
48,000
1935-36--
11,000
11,000
31,000
56,000115,000
54,000 76,000
20,000 51,000
358,000
202,000
'
According to the foregoing, Bombay appears to show a
compared with last year in the week's receipts of
15,000 bales. Exports from all India ports record an increase
of 39,000 bales during the week, and since Aug. 1 show an
increase of 358,000 bales.
•
decrease
Plantations—The following table
from the
Receipts
Britain
i
1934-35--
39.2
19.8
3.6
38.8
Conti-
I
Otlier India-
12.8
16.0
Great
Jap'n &
nent
Bombay—
Feet
Feet
.Above zero of gauge.
Memphis
j Conti-
Britain
April 16,1937 April 17, 1936
of gauge.
56,000 1,836,000
Since August 1
For the Week
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:
zero
Aug. 1
Exports
From.—
1935-36.-
Above
Week
Aug. 1
94,000 2,510,000 109,000 2,192,000
Bombay
The
New Orleans
Week
Aug. 1
Receipts from Plantations
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for India is good.
We give
prices today below and leave those for previous weeks of
this and last year for comparison:
Ended
1937
|
193(5 |
1937
1935
1937
1935
1936
1935
1936
1930
1937
Jan.
Cotton
8)4
22..
82,643103,103
29..
61,831, 86,523
30,702
17,573
52,473 2,090,6712,285,388 1,801,024
44,884 2.046,4132.249,736 1,767,312
77,204
28,060
50,871
11,172
Lbs. Shirt¬
ings, Common
32a Cop
Middl'o
32a Cop
Upl'ds
Lbs.
Twist
to Finest
Twist
SH
to
Cotton
Shirt¬
Common
ings,
Middle
Finest
Upl'ds
Feb.
54,820 70,572 54,014 2.001,896 2,196.2651,740.457 10,309 17,101 27,759
8,472 26.023
8,480
63,630 40.895 1.952.5482,158,6581.708,04?
Nil
82,257, 56,534 25,018 1.926,804 2,124,6671.680.359 56,513 22.543
20.. 251,440271,993133,525 2,373.757 2,321,5381,983.174 282.311 276.748 153,406
8,103
20..
66,019 64,035 45,509 1.880.4552,103.5751.639,950 19,670 42,943
5..
11..
57.820
19..
Mar.
d.
s.
5..
19..
26..
64,149 48,205
67,954! 38,439
54,793! 47,370
61,190 48,797
59,4271 35,770
50,1421 35,607
42,828 34.922
25,927 1,569,2441,902,472 1,492,794
25,529 1,503,3101,871,482 1,474,028
15,829 1,440,172 1,833,913 1,451,845
vo-v'-,.,
Apr.
2_.
9..
16..
Nil
28,622 1,810,7712.057,0371,603,937
24,287 1,744,8602,012,8241,587,972
30,138 1,685,4841,967,167 1,559,937
24,491 1.622,6111,940,8951,535.485
i
The above statement shows:
1,667
Nil
Nil
8,323
1,713
2,109
22.525
32
2,043
Nil
Nil
V
Nil
6,763
Nil
Nil
Nil
9
@10
0
7.16
9
9
@10
0
7.34
1234 @13^4
11.. 12)4@13)4
19-. 12J4@13>4
9
9
@10
0
7.30
9
9
@10
0
7.30
9
6
@
9
9
12H<®13^
9
9
@10
0
0
@10
3
7.70
29.-
12
20..
plantations since Aug. 1, 1936, are 6,216,627 bales:
were 6,971,013 bales and in 1934-35 were 4,139,457
bales.
(2) That, although the receipts at the outports the
past week were 42,828 bales the actual movement from
plantations was nil bales, stock at interior towns having
decreased 63,138 bales during the week.
in 1935-36
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
obtainable; also the
sight for the like period:
are
sources
takings
or
13
from which statistics
d.
6
@
9
9
6.17
9
6
@
9
9
0.14
9
3
@96
0.07
9
3
@
9
0.21
7.22
9**@11H
9H@UH
9 H&iiH
9
3
@96
6.17
7.41
954 @11
9
3
@
9
0
0.04
6
134 @
9
4H
7.94
934 @11
9**@im
9
714
9
3
@
9
0
6.30
7.85
9H@11H
9
1
*4@
9
4h
0.34
10
7.95
954@1D*
9
3
@
9
6
6.44
10
7)4 @10 io>4
7.97
9
4)4
434
6.50
0
134® 9
134@ 9
134@ 9
4)4
6.58
10
14
@ 15 H
10
14
@15^
2__
14)4 @15*
9__
14)4@15)4 10
14)4 @15)4 10
4H@10
16..
9
@11
0
7.87
954@llv4
954@H34
9
@11
0
7.47
9 H @ 1134
News—As
Shipping
shown
on
9
previous
a
page,
from mail and telegraphic reports,
Japan—April
follows:
are as
9—Tatsuno
April 14—Liberator, 2,004
Maru,
2,610
-
To Liverpool—April 12—West Chatala, 2,611
To Manchester—April 12—West Chatala, 3,281.
To
Ghent—April
Leerdam, 207
Cammack,
10—West
4,614
2,611
3,281
-
April
1,050
14—
Antwerp—April 14—West Harshaw, 48
Havre—April 14—West Harshaw, 407
Dunkirk—April 14—West Harshaw, 490
To Rotterdam—April 14—West Harshaw, 677; Leerdam, 1,053
To Genoa—April 14—Marina "O," 666To China—April 14—Liberator, 13
HOUSTON—To Liverpool—April 14—West Chatala, 2.206
To Manchester—April 14—West Chatala, 2,178
To Antwerp—April 13—West Harshaw, 12
To Havre—April 13—West Harshaw, 216
April 8—Elizabeth
To
1935-36
1936-37
Takings,
To
Visible supply April 9
Visible supply Aug. 1
American in sight to April 16.
94,000
39,000
12,000
12,000
Season
6,819,578
6,641,988
Bombay receipts to April 15.
Other India ship'ts to April 15
Alexandria receipts to April 14
Other supply to April 14 *&--
Week
Season
Week
-
4,295",259
4,899",258
163",064
131",863
13,098,711
2,510,000
844,000
1,794,200
442,000
109,000
6,000
12,000
11,000
12,169,393
2,192,000
715,000
1,559,600
392,000
--
_
Van
Belize, 122
To Dunkirk—April 13—West Harshaw, 400
beth Van Belize, 209
To Bremen—April 13—Schwanheim, 1,335
-
6,962,052 23,588,169
Total supply
Deduct—
7,089,441 21,323,252
Total takings to April .a
Of which American
Of which other
6,529,605
6,529,605
6,691,499
6,691,499
397,942 14,631,753
248,942 10,163,153
149,000
4,468,600
432,447 17,058,564
282,447 12,089,364
150.000
4,969,200
$ Embraces receipts in Europe from Brazil, Smyra, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 5,065,000 bales in 1936-37 and 3,900,000 bales in 1935-36—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 11,993,564 bales in 1936-37 and 10,731,753 bales in
1935-36, of which 7,024,364 bales and 6,263,153 bales American,
b Es-
Alexandria
Receipts and Shipments—-We nOAV re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two
years:
Alexandria, Egypt,
■
1936-37
1935-36
1934-35
60,000
8,965,331
60,000
7,847,727
80,000
6,958,478
Apr. 14
Receipts (cantars)—
This week
Since Aug. 1
■___
-
—
—
.
_ _
.—
This
Exports (.bales)—
Week
This
Since
Aug.
1
5,000 169,864
6,000 177,093
To Continent and India. 21,000 602,181
To America
2,000 37,575
To
Liverpool
To Manchester, &c
Total exports
Note—A cantar is 99 lbs.
34,000 986.713
Week
This
Since
Aug.
1
3,000 174,277
126,642
7",606 533,745
5,000 36,422
Week
Since
Aug.
1
110,858
118,120
9",556 585,340
1,000 33,454
15,000 871,086 10,000 847,772
Egyptian bales waigb abaut 753 lb3.
To Havre
?—San Mateo, 400
To Dunkirk
?—200
666
13
2,206
2,178
12
609
Hamburg—April 13—Schwanheim, 1,641
To Rotterdam—April 13—West Harshaw, 23
To Japan—April 13—Liberator, 1.321
To China—April 13—Liberator, 89
To Genoa—April 12—Marina 44 O " 763—
To Ghent—April 8—Elizabeth Van Belize, 78
NEW ORLEANS—To Lisbon—April 13—Nemaha, 60-To Oporto—April 13—Nemaha, 500-—
To Lexioes—April 13—Nemaha, 100
To Gdynia—April 9—Alshund, 800To Marseilles—April 9—Istria, 1,911
To Ghent—April 7—Endicott, 394—,
To Havre—April 7—Endicott, 941
To Dunkirk—April 7—Endicott, 100
To Rotterdam—April 7—Endicott, 2,455
To Liverpool—April' 12—West
Ekonk, 3,340—April 13—
Daytonian, 1,764
To Manchester—April 12—West Ekonk, 2,801—April
13—
Daytonian, 2,576
To Bordeaux—April 14—Nishtnaha, 162--.
To Bremen—April 14—West Cammack, 1,421
To Hamburg—April 14—West Cammack, 10
CORPUS CHRISTI—To Gdynia—April 9—Southland, 100
To Gothenburg—April 9—Southland, 200
MOBILE—To Havre—April 5—Arizpa, 1,678
To Bremen—April 8—Bochuim, 2,234
To Hamburg—April 8—Bochum, 500—
NORFOLK—To Manchester—April 15—Manchester Exporter, 561
...April 14—City of Flint, 60
To Bordeaux—April 15— Schodik, 338
SAVANNAH—To Liverpool—April 10—Saccarappa, 434
To Manchester—April 10—Saccarappa. 862_-___
To Genoa—April 12—Monfiore, 374...LOS ANGELES—To Bremen—Add'l—Imperial Valley, 7,285--.
April 8—Seattle, 2,673
To Hamburg—April 8—Seattle, 300
To Japan—April 4—Taiko Maru, 1,550; Sanyo Maru, 1,000--To Antwerp ? —San Mateo, 200
;--—
mated.
490
1,730
April 8—Eliza¬
--
-
a
1,257
2,209
136
48
407
338
To
Visible supply April 16
the
Bales
GALVESTON—To
To
Cotton
6.57
exports of cotton from the United States the past week have
reached 81,729 bales.
The shipments in detail, as made
To Bremen—April 10—West Cammack, 2,209
To Hamburg—April 10—West Cammack, 136_
Week and Season
0.12
Apr.—
out of
amounts gone
d
s.
9
7»4@10 10M>
7 14® 10 1014
@ 1454 10
1354 @15
19..
up
World's Supply and Takings of
d.
@11J4
9*i@ll)4
Mar.—
25..
from the
s.
10
Feb.—
12..
(1) That the total receipts
d
d.
9
5-.
Nil
4,617
6,060
d.
8.
@12J4
12)i@13 H
22..
5..
12..
d.
Jan.—
1,335
1,641
23
1,321
89
763
78
60
500
100
800
1,911
394
941
100
2,455
5,104
5,377
162
1,421
10
100
200
1,678
2,234
500
621
338
434
862
374
9,958
300
2,550
200
400
200
Volume
Financial
144
Chronicle
Bales
SAN FRANCISCO
-To Great Britain, 634
To Germany ?
-641.
To Japan 7—8,417
8,417
-
JACKSONVILLE—To Bremen—April 2—Flint Second, 293
session.
293
•LAKE CHARLES—To Liverpool—April 10—West Chatala, 150--
150
To
Manchester—April 10—West Chatala, 59
CHARLESTON—To Bremen—April 15—Flint, 3,165V,
To Hamburg—April 15—Flint, 31
3,165
about in wheat prices, a
Stand¬
ard
Density
Liverpool
.57c
,42c,
Manchester.42c.
.57c.
Trieste
d,45c
60c.
Piraeus
Flume
d.45c
60c.
Salonlca
Antwerp
Barcelona
.39c.
Havre
54c.
,36c
.51c.
*
*
Copenhag'n.40c.
*
Naples
65c
.42c.
57c.
42c.
Oslo
53c.
Stockholm
*
*
.68c
Bremen
.73c
58 c.
Rate la open
Hamburg
*
Only small lota
ket to
55c
60o
d.45c
d Direct steamer
67c
Mar. 26
52,000
Total stocks
Of which American
Total imports
Of which American
832,000
357,000
80,000
22,000
-
Amount afloat
211,000
Of which American
96,000
out
25,000
186,000
58,000
Monday
Tuesday
12:15
Good
demand.
Quiet.
7.63 d.
Market
1
pts. 2
3
to
advance.
opened
Market,
P. M.
Steady,
Quiet,
Prices of futures at
Steady,
Barely stdy
Liverpool for each day
are
Mon
Sat
.
Wed
;: Tues
Board
given below:
Thurs
Fri
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
d.
d.
d.
7.66
7.62
May (1937)
d.
d.
7.59
7.58
7.53
d.
d.
7.45
7.50
d.
d.
7.54
7.45
7.66
7.71
7.62
7.64
7.58
7.50
7.54
7.58
7.50
7.34
7.56
7.48
7.50
7.44
7.37
7.41
7.46
7.38
7.24
7.23
7.41
7.37
7.34
«.
■»
-
7.31
7.32
January(1938)..
7.44
7.50
7.42
7.44
7.38
7.31
7.35
7.40
March....
7.43
7.50
7.42
7.44
7.38
7.31
7.35
7.40
May
7.42
7.41
7.37
7.32
7.34
a severe
be
down.
The
break of 3c.,
complete falling off of Euro¬
a
A wide open break of 5c.
a
bushel
7.19
7.19
threat
was
Europeans
letting
an
An
widespread
a
Still another adverse
Canadian
reported
were
course to
Wheat
owning
as
take in the absence
the likelihood
to
of
the
of about 20,000,000 bushels.
go
Canadian
It is reported
remaining 53,000,000 bushels of wheat to
from
Australia
and
of 1,500,000
average
end of the
to what
as
relative
7.18
7.17
of
million bushels of Winnipeg May wheat futures, and
'furnish
7.18
7.31
another adverse influence.
was
uncertainty about the
policy.
exported
7.17
»«.
the
was
that there is still
7.30
7.50
7.43
:
,
(Thursday) experienced
disturbing factor
sales
Board
d.
October
December......
reports
sub-soil moisture
a
to 2%c.
of information
7.25
7.29
July.-ii.
....
with
year.
prices closed 1%
being doubtful
as
to :-v.\
April 14.;.;
inst.
last
as
were
probable reduction of 15%
a
shipping strike in the United States.
influence
many
April 10
bad
Winnipeg market
additional
pts. 4 to 5 pts. 3 to 4 pts. 3 to 6 pts. 14 to 20pts.
decline.
decline.
decline.
decline.
4
to
making for higher prices
demand for wheat.
in the
decline.
decline.
this
of wheat
Barely st'y
pts. stdy., 2 to 5 to 9 pts.
decline.
4 pts. adv. 1 decline.
advance.
Barely stdy
pts. 1
3
Quiet but
Quiet,
pts. 5 to 6 pts. 2 to 3
3
to
Steady,
advance.
Quiet,
2 to
^
Quiet,
Steady.
through¬
corresponding period
30,000,000 bushels
due to news from abroad of
pean
Futures.
15th
the
market today
7.47d.
7.72(1.
than
more
in domestic crop acreage, together
Inquiry.
100 miles south
as
and perhaps much less, attracted considerable atten¬
dearth at present as
Good
doing.
7.77d.
7.84d.
7.S0d.
Mld.Upl'ds
business
Quiet.
well
as
Unofficial estimates that Nebraska would
Minneapolis indicating
On
inquiry.
Moderate
P.M.
Chicago wheat prices
also authoritative reports that
were
Other influences
tion.
from
A fair
Market,
There
harvest
season,
Friday
Thursday
Wednesday
Dust storms in
and Southwest and also
Illinois, Indiana and Ohio winter wheat at this time
not
and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
%c. to
Canadian advices said dust storms prevailed for 200
of recent years.
62,000
move¬
reports dominated the mar¬
crop
shows the least growth attained in any
993,000
438,000
The tone of the Liverpool market for spots
Saturday
On the 14th inst. prices closed
Weather and
miles north from Swift Current
April 16
72,000
the weather
now on
factor in market
a
large extent during this session.
and west.
each
Spot
a
today.
April 2
April 9
53,000
74,000
1,021,000 1,006,000
443,000
439,000
107,000
64,000
41,000
23,000
164,000
176,000
76,000
59,000
of
more
in Canada led to material upturns in
j
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Forwarded
and
domestic crop territory in the West
.60c.
d.45c.
Gothenb'g
52c
Leghorn
sharp turn¬
a
especially in view of the unusual world statistical
lJic. higher.
57c.
Shanghai
Bombay
This caused
large portion of the early losses being
pointed out that from
prove more
position of wheat.
/:: !
60c
*
».
.51c.
.60c.
1.00
85c.
d.45c.
.50c
Japan
Rotterdam ,36c.
Genoa
d.45c.
Venice
It is
going to
ments,
Density
ard
.85c.
1.00
ard
Density
is
Stand-
High
Stand¬
High
recovered.
Empha¬
of dust storms and of moisture
was news
shortage in parts of both States.
81,729
Freights—-Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
serious reports of
some
in from Nebraska and Kansas.
came
sizing these advices
31
corn mar¬
depressing prices in the early
However, later in the day
damage
crop
59
Cotton
High
The pronounced heaviness in the
ket also had its influence in
641
—
importers.
pean
634
—
2693
that
this
bushels
is
enough
weekly
until
to
the
season.
Today
prices closed 8% to oc. under yesterday's close.
Wheat prices broke the 5c. maximum permitted in a
single
BREADSTUFFS
day in all domestic markets.
7%c.
Friday Night, April 16, 1937
Flour—General
kets
as
With
a
the
result
markets
buying interest
sumers are
urge to
weakness
of
declining,
mills
near
a
lower
flour
mar¬
the
volume
so
of
con¬
that there is
no
This waiting attitude is further encouraged
prices.
Wheat—On
higher.
found
future,
belief that there is going to be
by
most
declines in grains recently.
It is believed that most
light.
very
covered for the
buy.
at
a
sizable winter crop
1
the
10th
inst.
The gains today
prices closed
%a. to
maintained because of persistent profit-taking.
abroad was somewhat bullish, in view of the
were not
Ne^vs from
reports that temporary prohibition of wheat exportation by
Rumania
was
about to go
still needs 15 to
into effect, and estimates that Italy
20 million bushels, further color
being given
to this latter item of
has been retarded
the
12th inst.
by
news
a
report that the Italian crop
considerably for
one reason or another.
prices closed 2c. to 3c. down.
to be about the low range
extensive
of the day and
liquidation induced by
improved
crop
a
On
was
ence
of
Liverpool market.
was
The heavi¬
Another influ¬
the outstanding weakness
Call for actual wheat, both in
Great Britain and in European Continental countries, was
described as unusually slack. Another bearish item was the
report of very severe declines in the Argentine wheat market,
prices there falling
as
much
business in Canadian wheat
at
only 200,000 bushels.
%c. off to %c.
values in the
in
up.
,
as
4c.
a
bushel.
Total export
today
(Monday) was estimated
On the 13th inst. prices closed
The chief factor operating against wheat
early trading
was a
Liverpool prices following
on top of
At Winnipeg wheat
also tumbled the 5c. limit, a drop of 10c. in two
days. When
yesterday's break of equal proportions.
wheat for May delivery in Chicago
plunged to
today's opening it showed a loss of almost 8c. in
and
a
15c.
was
lished
at
the
eight-year peak which
$1.45scarcely
in
DAILY
-
below
wheat
was
CLOSING
DAILY
PRICES
PRICES
Season's
May
July
September
OF
WHEAT
IN
WHEAT
FUTURES
JFlJ. Mon. Tues.
May.
July---September
—
High and
145%
130%
127%
When
was
week
Sat. Mon. Tues.
157% 155% 155
.
CLOSING
a
at
days
estab¬
Open
ago.
109,958,000 bushels.
.
No. 2 red
than
more
$1.30
two
Made
139%
126%
122%
i
137%
123%
119%
137%
123%
120
Season's
Low
Apr.
5, 1937 May
Apr.
5. 1937 July..
Mar. 29. 19371 September
NEW
Wed.
155%
IN
YORK
Thurs. Fri„
153
148
CHICAGO
Wed.
Thurs. Fri..
137% 135
129%
124%* 122% 117%
121% 119% 115%
ana
105%
96%
107%
When
SeDt
Oct
Jan
Made
2
1936
2
1936
28,1937
DAILY CLOSING PRICES OF BONDED
WHEAT AT WINNIPEG
Sjit. Mon.
May
July-
147%
141%
125%
-
-
Tues.
142% 141%
137% 136%
121% 121
Wed.
Thurs. Fri.
141% 136% 131%
137% 132% 127%
122% 120% 115jJ
inst. prices closed
%q. to 23^c. up.
Chicago cash corn reached new highs on Saturday. Local ana
country premiums over the terminal markets account for the
decrease of corn receipts last week
by 700,000 bushels, so
prospects in this country since April 1,
against domestic prices
the
Buenos Aires wheat quotations plunged almost 5c.
the result of
notable let-up in trans-
selling took place in July and September.
drastic breaks of
were
Liverpool and 9%c.
at Rotterdam.
urgent offerings of Southern hemisphere
had
brought about general liquidation.
October..
the basic date of the latest Government forecast.
est
overseas
There
at
This proved
Atlantic demand for wheat, together with an official
report
of
wheat
that
"
l)^c.
attributed to purchases by
However, in some deliveries the
were
wheat
said
interest
large commission houses.
gains
prevailed in
the heavy
for
Cables
tumble of nearly 4c.
a
bushel
let-up in demand from Euro¬
...
Corn—On the
10th
observers report.
On the 12th inst. prices closed 1
lower.
This notable break in corn was
attributed
%g. to' 4c.
largely to
the arrival of considerable amounts of
Argentine corn today
both in Chicago and St. Louis.
The extreme weakness dis¬
played in all the other grain markets
this
downturn
closed
of
corn
values.
On
also
played its part in
13th inst. prices
showed exceptional
the
l/2d. to 234c offThis grain
throughout the day, largely as a result of
pros¬
pective large arrivals of Argentine corn here within a week
via the Great Lakes.
At one time during the session corn
prices showed a drop of 8%a. from the previous close. These
Argentine shipments are undoubtedly shaking the stamina of
not a few speculative holders of the
grain and discouraging
further aggressive buying, the weak
rallying power of the
market clearly reflecting all this.
On the 14th inst.
prices
closed ysc. lower to
higher.
This day's session was
weakness
2694
Financial
relatively mild, with
a
decided absence of aggressiveness
The prospects of further Argentine
shipments appear to have discouraged any aggressiveness
on
..the buying side.
As a matter of fact, the market pre¬
sented a heavy appearance
throughout most of the session.
The strong upward trend of wheat
prices together with the
serious reports of
crop damage to domestic wheat in sub¬
stantial areas—appeared to have no influence on corn
values.
On
the
15th
inst.
to be
seems
prices closed
% to 2%c. down.
This
susceptible to bearish news now,
especially in view of impending imports from the Argentine.
The sharp decline in
wheat, with its many accompanying
bearish influences, had quite a
depressing effect on corn.
Today prices closed unchanged to 3%c. down.
Trading
in
this
grain
very
relatively light, attention of the trade
appearing to be focused on the sensational activity and
declines in wheat.
However, the extreme weakness in the
world wheat markets influenced considerable
liquidation and
short selling in corn.
Open interest in corn was
33,500,000
v;-
DAILY
y."
CLOSING
PRICES
OF
Sat.
—
149%
,
k DAILY CLOSING PRICES
OF
131%
—122%
112%
High and
May
130%
July
122
May (new)
133%
July (new)
125
Sept. (new)
115%
Oats—On
the
Wed.
Thurs.
DAILY
140%
IN
CHICAGO
Wed. Thurs. Fri.
Tues.
124%
117%
129%
120%
110%
—
126%
118%
127%
118%
108%
122%
125
116%
107%
122%
113%
105%
109%
When Made
Season's Low and When Made
Apr.
5. 1937 May
85%
July 29. 1936
Apr.
6, 1937 July
85
Oct.
1, 1936
Apr.
5, 1937 May (new)
89%
Nov. 2, 1936
Apr.
6, 1937 July (new)
86%
Nov. 2. 1936
Apr.
5.1937 Sept. (new)— 93%
Feb.
2.1937
—
CLOSING
Trading
largely by the declines in the
other grains.
Today prices closed 1% to %c. down.
The
widespread liquidation in almost all commodity markets
RYE
CLOSING
PRICES
OF
FUTURES IN WINNIPEG
BARLEY
Sat.
Aug. 11. 1936
3, 1936
Feb. 25, 1937
Oct.
87%
Mon. Tues.
117% 115
114%
H3% 110% 109%
__
Wed.
Thurs.
114%
109%
111%
107%
FUTURES
Mon.
Tues.
IN
Wed.
May
•
Fri.
106%
102%
CHICAGO
Thurs.
Fri.
73%
DAILY CLOSING
PRICES
OF
BARLEY FUTURES
Sat.
May
July
Mon.
77
81%
76%
Closing quotations
Tues.
WINNIPEG
Wed.
75%
71%
72%
IN
Thurs.
69
Fri.
64
66%
72%
69%
61%
follows:
were as
FLOUR
Spring oats, bigh proteln.7.75@8 20
Spring patents
7 25@7 65
Clears, first spring
6 45@6 65
Soft winter straights
6.10
Hard winter straights
6 40
Hard winter patents
Hard winter clears
CLOSING
PRICES
OF
Sat.
No. 2 white
OATS
May
July
64%
50%
47%
43%
—
September..
NEW
,
_
3.70 •"
_
Barley goods—
.
Coarse
4 75
Fancy pearl,N08.2,4&7 6.90@7.25
Corn, New York—
No. 2 yellow, all rail
Oats, New York—
No. 2 white
62
Rye, No. 2, f.o.b. bond N. Y—119%
Barley, New York—
47% lbs. malting
106
Chicago, cash
100-130
140%
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
of the last three years:
Wed.
Thurs.
65
63%
63%
50
49%
46%
42%
46%
42%
When Made J
Season's
Jan. 14, 1937 May
Apr.
5, 1937 July....
Apr.
6, 1937 September
50%
46%
May
July
61%
58%
59%
56%
62
Corn
Oats
bush 56 lbs
bush 32 lbs
Chicago—Minneapolis
205,000
Milwaukee-
Indianapolis.
118,000
40,000
96,000
St. Joseph...
294,000;
332,000;
1935__
1934
1933
Receipts at—
Sat.
.
117%
109
98%
Mon.
116%
107%
96%
Tues.
115%
107%
97%
76,000
41,000
156,000
51,000
59,000
1,000
2,000
20,000
165,000
1,632,000
4,698,000
1,771,000
1,241,000
1,161,000
687,000
9,000
....
:
7,000
;s
Wheat
Corn
3,000
377,000
306,000
896,000
1,609,000
65,000
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
294,000
126,000
690,000
2,000
2*5*666
184,000
69,000
26,000
New Orleans *
22,000
367,000
16,000
Halifax
28,000
56%
54%
53 £
50>
down.
With
CHICAGO
Thurs.
113%
106%
97
Fri.
108
102
93
2,000
~
13,000
34*000
4, 1937
Rye
4,000
14,000
.
St. John West
Made
Barley
bush 56 lbs bush 48 lbs
47,000
28,000
Baltimore
Galveston
115%
108%
98%
1*1*5*666
Flour
Boston
Wed.
47,000
26,000
bbls 196 lbs
July 29, 1936
Oct.
1, 1936
IN
2,000
100,000
200,000
flour and grain at the seaboard ports for
Saturday, April 10, 1937, follow:
Mar.
FUTURES
8,000
15,109,000176,725,000 123,307,000 61,482,000 13,665,00070,350,000
13,431,000269,394,000 131,205,000 110,000,000 18,934,000 74,923,000
13,057,000 155,910,000 143,061,000! 39,359,000 10,352,000 49,277,000
New York
general, prices declining the allowable limit for the day.
RYE
158,000
13*9*666
Since Aug. 1—
40%
37%
39%
to 2%c.
52,000
25,000
2,536,000
1,515,000
1,328,000
388,000!
Same wk.1936
Same wk.1935
When
58%
55%
266,000
82,000
2,000
21,000
194,000
Buffalo
and
59
55%
221,000
109,000
13,000
171,000
28,000
101,000
Wichita
Sioux City—.
Philadelphia
feel the effects of the drastic declines in wheat
throughout
the markets of the world.
Liquidation of this grain was
OF
663,COO'
...
48
declining generally, it was
but natural that rye should take its share of the
losses, and
it did to a substantial degree, closing at about the lows-of
the day.
Today prices closed 5% to 3%c. down.
This
bread-grain, being closely related to wheat, was bound to
*
186,000
24,000,
12,000
City..
Omaha
26,000
69,000
14,000
126,000
306,000
276,000
219,000
121,000
13,000
22,000
St. Louis
Barley
232,000
70,000
94,000
Peoria.
Rye
bush 56 lbs bush 48 lbs
2,000
8,000
13,000
.
Toledo
Kansas
237,000
78,000
537,000
323,000.
I
2~6do
~lo66
13",000
■
705,000
"2,000
2,000
Total wk.1937
268,000
SinceJan.l, 37
3,921,000
1,198,000
8,665,000
Week 1936—.
227,000
4,361,000
775,000
57,000
76,000
26,000
12,000
17,217,000
933,000
1,036,000
659,000
286,000
SinceJan.l, 36
Jliyjv
on
AUlylUAJ.^7
giaiu
461,000
94,000
710,000
12,214,000
3,000
294,000
paOOlllB
2,000
205.000
Vlfc,44
jpuiw
through bills of lading.
The exports from the several seaboard ports for the week
ended
Saturday, April 10, 1937,
statement:
shown in the annexed
are
/
Exports from—
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York
152,000
33,995
1,000
Boston
New Orleans
2,000
34,000
705", 000
St. John West
——
~
28,000
Total week 1937..
857,000
990,000
Same week 1936
2*666
98,995
70,066
Halifax
2,000
41,000
The destination of these exports
July 1, 1936, is
"~8~66o
for the week and since
below:
as
Flour
Wheat
Corn
Exports for Week
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
Apr. 10
July 1
Apr. 10
July 1
Apr. 10
July 1
1937
1936
1937
1936
1937
1936
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
all other grains and commodities
PRICES
270,000
—
_
Duluth
44%
41%
42%
Rye—On the 10th inst. prices closed l^e. to 2^c. up. A
good spot demand together with the bullish influence of
strong wheat and corn markets, was responsible in large
measure for the firmness of
rye.
The advance of almost 3c. a
bushel in rye at one stage, reflected the
working of approxi¬
mately 150,000 bushels of Canadian rye for export. On the
12th inst. prices closed l^c. to 2c. down.
There was
nothing to counter the depressing influence of weak corn and
wheat markets together with the
decidedly bearish news
from foreign sources, and offerings of rye found a rather soft
market, prices easing readily to pressure.
On the 13th inst.
prices closed %c. lower to lc. higher. The late recovery in
wheat apparently had a steadying influence on
rye, par¬
ticularly in the July and September options.
The May
option showed little or no rallying power, remaining at the
day's low, or almost a point under the previous close. On the
14th inst. prices closed y8G. lower to lc. higher.
Outside
of the May option, this market showed considerable firmness
and could be called a good response to the
strength and vigor
of wheat.
The heaviness of May was attributed to a
light
£pot demand for rye.
On the 15th inst. prices closed 1%
Wheat
bush 60 lbs
Fri.
49%
46%
43
Low
Flour
bbls 196 lbs
Receipts at—
the week ended
YORK
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri
CLOSING
Corn flour
6 60
6.00
Total receipts of
IN
Tues.
Mon.
64%
54%
50%
47%
6.15
3 25
GRAIN
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs. Fri.
and
Rye flour patents
6.00<
Seminola.bbl., Nos.l-3-11.60(_
Oats, good
Wheat, New York—
No. 2 red, c.i.f., domestic--.148
Manitoba No. 1, f.o.b. N.Y_138%
sensational weakness of the world wheat markets.
May
July
September
OF
——
DAILY
naturally affected the holders of oats, who were not back¬
ward in letting go their holdings,
especially in view of the
DAILY
PRICES
75%
71
Sat.
May
JulX-
Total wk.1937
On the 15th inst. prices closed % to 134c. down.
May—
July..
September
Season's Low and When Made
10th inst.
in this market was influenced
Season's High
j
Dec. 28, 1936 May
Dec. 28, 1936 July
Dec. 29, 1936! September
112
103%
Fri.
142%
144%
prices closed ^o.to
up.
There was very little of interest in this particular market
outside of the fact that prices held fairly firm
during most
of the session.
On the 12th inst. prices closed %c. to
V8g.
down.
Trading was fairly active, with prices sensitive to the
marked depression in other grain markets.
On the 13th inst.
prices closed y±c. to %g. down.
There was little or no
feature to the trading in this grain, the trend
being in¬
fluenced largely by the extreme weakness of corn and the
early heaviness of wheat.
On the 14th inst. prices closed
y8e. to 1 %g. up. There was nothing to explain this noticeable
firmness of oats, it apparently being a sympathetic move¬
ment with the upward trend of wheat.
The dust storms
very likely played their part also as an influence.
DAILY
119%
—
Made
NEW YORK
FUTURES
Mori.
—
Season's
IN
128%
.
_
CORN
Mon. Tues.
146% 144%
CORN
Sat.
May
July
May (new)
July (new)
September (new)
May
July—
September
When
was
bushels.
No. 2 yellow—.
April 17, 1937
Season's High and
on
either side of the market.
market
Chronicle
United
Kingdom.
Continent
-
43,000
1,940,272
5,995
596,677
510,500
So. & Cent. Amer.
10,500
West Indies
31,500
Brit. No. Am. Col.
Other countries...
Total 1937
Total 1936
The
visible
8*666
98,995
70,066
705,000
146,000
6,000
1,100,500
25,000
109,853
53,972,000
37,265,000
419,000
25,000
"*1*666
5,000
2,2*0*4*666
4,282,802
857,000
3,330,290
990,000
93,885,000
70,930,000
6,000
88,000
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, April 10, were as follows:
granary
at
Volume
Financial
144
GRAIN
Conditions
STOCKS
Wheal
Corn
Oats
Rye
Barley
Bushels
United States—
Bushels
Bushels
Bushels
Bushels
Boston
New
t
York
'•
afloat
607,000
1,792,000
34,000
222,000
401,000
Philadelphia
Baltimore *
I~7~6CO
14,000
17,000
540,000
162,000
411,000
210,000
Fort Worth
1,593,000
492,000
Wichita
179,000
1,604,000
658,000
6,417,000
1,899,000
260,000
2,000
157,000
196,000
2,000
1,000
1,000
7,000
3,000
101,000
7,000
18,000
11,000
Galveston
Hutchinson
St. Joseph..
City
Kansas
Omaha...
Sioux
City
St. Louis
124",000
Indianapolis
374,000
246,000
190,000
261,000
45,000
1,575,000
341,000
495,000
4,000
1,002,000
57,000
1,722,000
33,000
3,943,000
172,000
2,658,000
6,000
3,541,000
4,000
841,000
166,000
Chicago
Milwaukee
Detroit....
152,000
579,000
On Canal
*
Baltimore also has 208,000 bushels Argentine
Wheat—New
York,
100,000:
x
Duluth wheat
1,831,000;
1
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Lake, bay, river and sea¬
...
112,000
936,000
974,000
398,000
1,211,000
12,567,000
13,412,000
3,744,000
3,697,000
other
41,319,000
8,831,000
555,000
Total,April 10,1937.- 67,298,000
Total,April 3,1937.. 68,218,000
Total, April 11,1936.-111,390,000
10,440,000
1,641.000
8,377,000
10,992,000
1,571,000
5,005,000
3,517,000
8,511,000
4,055,000
2,888,000
1.641,000
9,185,000
8,377,000
elevator stocks..
Summary—
American
29,888,000
9,710.000 16,272,000
Canadian
67,298,000
10,440,000
Total,April 10,1937,. 97,186,000
9,710,000 26,712,000
4,529.000 17,562,000
Total,April 3,1937.. 99.269,000 10,764,000 28,736,000
4,562,000 18,394,000
Total.April 11,1936-.155,218,000
7,629,000 41,502,000 10,845,000 16,875,000
The world's
shipment of wheat and corn, as furnished by
Exchange, for the week
ended April 9, and since July 1, 1936, and July 1, 1935, are
shown in the following:
Broomhall to the New York Produce
Wheat
Corn
Week
Since
Since
Week
Since
Since
Apr. 9,
July 1,
July 1,
Apr. 9,
July 1,
July 1.
Exports
1937
North Amer.
1936
1935
Bushels
Bushels
Bushels
2,004,000 154,072,000
488,000 49,192,000
7,534,000 136,498,000
Black Sea...
Argentina..Australia
1,984,000
352,000
India
Oth. countrs
Total
784,000
74,520,000
8,448,000
21,624,000
1937
I
134,205,C00!
35,466,000
67,155,000
91,382,000
1936
1935
Bushels
Bushels
Bushels
;
544,CC0
6,000
43,000
19,951,000
7,091,000
3,614,000 309,411,000237,231,000
1
1
256,000
31,801,000
13,146,000444,354,000 360,265,000
are
than in either 1934 or 1935.
The April 1 farm stocks of all wheat
are only 71,723,000 bushels, com¬
pared with 98,978,000 bushels on April 1, 1936, and the five-year (1928-32)
average of 127,777,000 bushels.
The indicated dispapearance of wheat
1 was 56,881,000 bushels, compared with an
of 64,382,000 bushels in the same period last year and 121,725,000
the five-year
(1938-32) average.
Favorable wheat prices, and
in
2,888,000
9,185,000
2,991,000
9,883,000
7,328,000 12,820,000
Wheat
&
expected last fall.
on
Farms—Stocks of wheat and corn on farms
the smallest for that date of the 12 years for which
available.
Stocks of oats are well below average, but greater
are
bushels
Bushels
board
was
Grains
average
1,629.000: Canal (Soulanges), 99,000; total, 13,629,000 bushels, against 13,722,000
Other Canadian
of
April 1, 1937,
from farm stocks since Jan.
4,425,000 bushels: N. Y. afloat, 32,000; Albany,
Ft. William & Pt. Arthur
Stocks
on
553,000
2,949.000; Buffalo, afloat, 215,000; Duluth, 1,899.000;
120,000: Toledo, afloat, 111,000; Chicago, 219,000; Canal (Erie),
Canadian—
by improved prospects in the tier of States extending from Nebraska to
Texas, where timely moisture has brought the crop through the winter
in better condition than
907,000
art
bushels In 1936.
Missouri River and north of the Ohio, where
winter-killing of wheat was
above normal.
However, these losses were more than offset
220,000
Bufralo,
Detroit, afloat,
average prospects is attributable largely to drought conditions of
the past summer and fall, as winter weather conditions were more favorable
than usual in most areas.
An exception is noted in the area east of the
6,000
Note—Bonded grain not included above:
Barley—Buffalo, 520,000 bushels;
Duluth, 1,027,000; Duluth afloat, 572,000; Milwaukee, afloat, 520.000; Chicago,
66,000; Chicago, aHoat, 54,000; total, 2,362,000 bushels, against none In 1936.
Erie,
considerably below average are also indicated in the northern tier of corn
belt States, in Texas and Oklahoma and in New York.
The reduction
from
1,058,000
2,772,000
3,510,000
in bond,
corn
five-year (1928-32) average was 39,724,000 acres.
indicates yields per seeded acre below average
condition
152,000
Total—Apr. 10, 1937. 29,888,000
9,710,000 16,272,000
Total—Apr. 3, 1937. 31,051,000 10,764,000 17,744,000
Total—Apr. 11, 1936. 43,828,000
7,629,000 36,497,000
Includes 78,000 bushels feed wheat,
April 1 indicate an abandonment of about 17%, leaving
acres for harvest.
The acreage harvested in 1936 was
794,000
46,000
622,000
794,000
41,000
4,000
3,198,000
Buffalo--
present
records
5,418,000
Duluth x—
"9",000
4,581",000
Minneapolis..
32,000
2,000
20,000
83,000
153,000
4,047,000
Peoria
on
acres and the
somewhat
219,000
103,000
146,000
37,608,000
quite generally except in the far Southwest.
The poorest prospects are
shown in the Pacific Northwest and in the northern Great Plains.
Yields
152~66O
New Orleans
2695
about 47,500,000
The
2,000
24,000
ljbb'ooo
9,000
Chronicle
256,000, 17,284,000
36,476,000
4,414,000346,652,000280,841,000
some areas the
use of wheat
as feed for livestock, have
been factors
contributing to the small holdings of wheat.
Farm stocks of corn on April 1 were estimated at
411,980,000 bushels,
or about half the 816,058,000 bushels on farms
April 1, 1936, and compares
with 754,491,000 bushels the
five-year (1928-32) average.
The previous
low for th»s date
was
447,009,000 bushels in 1935.
year lower stocks in West Central areas
of the East Central
States.
The
more
Compared with that
than offset increases in
some
disappearance of farm stocks from
Jan. 1 to April 1 this year amounted to
400,627,000 bushels, compared
with 389,473,000 bushels for the same period in 1935 and 629,852,000 bushels
the five-year (1928-32) average.
April 1 farm stocks of oats of 287,745,000 bushels are the smallest on
record for that date with the exception of 1934 and 1935, when
276,539,000
bushels and 208,928,000 bushels,
respectively, were held on farms.
This
compares with the five-year
(1928-32| average of 387,912,000 bushels.
The disappearance of farm stocks from Jan. 1 to
April 1 this year amounted
to 196,611,000 bushels, compared with the
five-year average disappearance
of 298,252,000 bushels and with 181,098,000 bushels and
141,276,000
bushels, respectively, in 1934 and 1935.
The combined April 1 farm stocks of oats and corn was
16,139,000 tons
compared with 30,751,000 tons in 1936 and 27,532,000 tons the five-year
(1928-32) average.
The record April 1 low was in 1935, when 15,859,000
tons were held on farms.
Disappearance of the two feed grains from
Jan. 1 to April 1 this
year amounted to 14,364,000 tons, compared with
the five-year average of 22,408,000 tons and of 13,165,000 tons in 1935.
April 1 farm holdings of wheat by classes amounted to approximately
19,690,000 bushels of hard red winter, 18,552,000 bushels of soft red
winter, 19,871,000 bushels of hard red spring, 8,518,000 bushels of white
wheat (both winter and spring), and 5,092,000 bushels of durum.
Rye—Rye emerged from the winter with an April 1 condition of 71.4%,
compared with 72.4% in 1936 and a 10-year (1923-32) average April 1
82.3%.
In the Great Plains States, including the important
rye-producing States of North Dakota, South Dakota, and Nebraska,
the April 1 condition is unusually low, although there has been some
improvement since December.
The crop in that area entered the winter
in very poor condition due to the unfavorable conditions under which it
was planted last fall.
The April 1 condition compared with that of last
December indicates that no unusual damage is attributable to weather
conditions during the winter months for the country as a whole.
condition of
Potatoes—The condition of the early potato crop in the 10 Southern
States as of April 1 averaged 77.5% of normal, which is the same as the
nine-year (1924-32) average condition on April 1, but is 1.2 points above
that reported a year ago.
In the potato areas of South Carolina,
Georgia, Mississippi, Arkansas,
and Texas, the condition of the crop was below average due to cold, wet
weather during March.
However, in North Carolina, Florida,
Alabama,
and Louisiana weather conditions were more favorable
during March
and the April 1 condition was above average.
This report does not take
into consideration the changes in condition which
undoubtedly occurred
in the early potato areas of Louisiana,
Mississippi, Alabama, and Florida,
following the heavy rain storms of April 5 and 6.
Pasture—Pasture condition in the United States as a whole on April 1
this year was the lowest on record for that date.
For the United States
as a whole, the condition was
66.0% of normal, compared with 74.6 last
April, 68.7
on April 1, 1935, and 67.1 on April 1, 1934, the previous low
for that date.
The low condition of pastures is due chiefly
drought last year and retarded development this spring as a result of
cold weather late in March.
With an
unusually large area still under
snow late in March,
it is rather early to determine the full significance
of the low condition, but it is already evident that delayed
development
will accentuate the abnormally short feed situation in some
portions of the
drought area where pastures were expected to furnish considerable early
feed.
In much of the West and Southwest, precipitation late in March
was above normal, which may improve
pastures later in the spring; but
in much of the South, freezing weather late in March
gave pastures a
condition
to
Agricultural Department Report on Winter Wheat,
Rye, &c.—The Department of Agriculture at Washington
on April 9 issued its
crop report as of April 1, 1937, which
we
present below:
The cold weather of March retarded the growth of pastures, lengthened
feeding period and increased the severity of the feed shortage in the
the
drought
area
area.
It also delayed spring work on the farms over a
and nipped early fruits in a number of the Southern States.
peated freezing and thawing during March also
appears
to
severe
setback.
wide
WINTER
have caused
considerable damage to winter grains and grasses in Northern States where
a
snow
cover
was
WHEAT
Re¬
Condition April 1—Per Cent
lacking.
While practically all of the drought area now has sufficient moisture for
immediate needs,
prospects are subnormal
crop
in the
"dust bowl"
State
Average
centering on the Oklahoma Panhandle, where there has been a nearly
complete loss of winter wheat, and also in some more limited areas of the
northern Great Plains where the lack of adequate subsoil moisture will
make farmers cautious until good rains have fallen.
Outside of these areas farmers have been encouraged by the rising prices
products and seem to be preparing to go ahead rapidly as soon
as
weather conditions permit.
There has been a moderate but general
increase in the demand for farms and for farm labor, and farm wages are
of farm
11% higher than they
in
the
mountains
Current surveys of snow depths
expected to show favorable prospects
were a year ago.
of the
West
are
However, due to the effects of recent droughts, more than avenge
production of spring sown crops would be needed to permit average market¬
ings of farm products during the crop year.
Duelchiefly to drought Inst
fall, the record acreage planted to winter wheat is expected to prodi ce
a
crop
only about 33,000,000 bushels above the 1928-32 average and
present stocks of wheat on farms are 56,000,000 bushels below average.
Reserves of feed grains on farms are nearly as low as
they were two yaars
ago after the drought of 1934.
April stocks of feed grains are equal to
only 20% of an average year's production, instead of the usual
35% of
an average production.
Stocks of hay and foreage also'appear to be low.
The number of hogs on farms, while larger than it .Was'two years
ag<
is
smaller than in any other spring in nearly
SO^years.mThefnumber of cittle
is about 10% below the high point of three years ago and
many of them
on
short rations.
The effect of recent droughts is also reflected
inlthelnew low record
for thelcondition of pastures as reported on April 1.
As growth had not
yet started in northern areas, the reports from there are affected
by the
lateness of the season and the close grazing last fall, but there are
many
complaints that stands have been thinned by drought or by winter
injury
and that many new seedings of grass, clover, and sweet clover have
failed.
InfthelSouth, the freezing weather late in March caused extensive damage.
In the range area of the West, growth has been retarded
by cold weather
butlexcept in
areas,
1923-32
Indicated
1936
1937
sections of the northern and southern Great Plains
moisture conditions promise good feed on the ranges when warm
some
New York
84
85
New Jersey
86
87
88
Pennsylvania...
81
90
83
Ohio
73
71
75
Indiana
75
69
72
Illinois
76
69
71
Michigan
77
82
72
84
90
79
605,000
Minnesota
81
82
81
3,309,000
Iowa
86
86
83
Missouri
79
70
75
South Dakota..
80
53
59
Nebraska
82
68
63
77
66
76
87
83
86
82
87
87
81
80
91
Kansas
Delaware
...
Maryland
Virginia...
West
Virginia..
Nortn Carolina.
South Carolina.
78
84
85
84
81
86
77
75
73
Georgia
Kentucky
76
77
76
87
Tennessee
79
76
89
Alabama
80
75
79
76
77
Arkansas
81
77
81
Oklahoma
80
62
73
Texas
80
51
73
Montana
79
64
69
Idaho
89
78
79
Wyoming
86
61
55
Colorado
77
42
61
75
64
New Mexico
75
Arizona
92
90
93
Utah
91
79
88
bushels.
Condition of the crop on April 1,1937, was reported at
73.8% of normal,
compared with 68.5% on April 1, 1936, and the 10-year (1923-32) average
4,273,000
1,153,000
17,456,000
31,385,000
26,458,000
30,674,000
15,684,000
82
...
weather^comes.
cropTof 656,019,000 bushels in 1937 is
indicated by the April 1 condition.
Production in 1936 wasi5l9,013 000
bushels, and the five-year (1928-32)
averageiproductioniwasA623,220,000
1936
1937
1928-32
Hi Winter Wheat—A winter wheat
of 78.9.
Average
Wisconsin
for water for irrigation.
have been
Production—Bmhels
Harvested
area
Nevada
94
93
Washington
78
62
54
Oregon
88
78
69
California
United States.
99
81
83
87
78.9
68.5
73.8
6,698,000
5,638,000
5,865,000
1,430,000
19,314,000
44,415,000
1,281,000
19,399,000
40,126,000
30,922,000
35,840,000
16,462,000
429,000
3,145,000
8,800,000
31,290,000
34,500,000
41,730,000
16,640,000
810,000
5,219,000
16,318,000
20,343,000
42,338,000
1,699,000
881,000
890,000
54,149,000 45,539,000
44,470,000
177,054,000 120,198,000 173,492,000
1,781,000
1,419,000
1,592,000
8,630,000
8,980,000
9,120,000
9,260,000
7,862,000
8,438,000
1,747,000
2,025,000
2,334,000
3,790,000
5,194,000
5,880,000
704,000
1,472,000
1,710,000
610,000
1,560,000
1,810,000
3,278,000
5,894,000
7,600,000
3,174,000
4,858,000
5,180,000
36,000
54,000
90,000
304,000
595,000
944,000
55,145,000 27,520,000 46,121,000
41,410,000
18,927,000 37,205,000
8,998,000
3,800,000
8,694,000
13,682,000
10,872,000
12,656,000
1,608,000
513,000
1,195,000
13,051,000
5,915,000
9,639,000
3,766,000
750,000
2,870,000
518,000 : 1,104,000
1,012,000
3,496,000
2,236,000
3,104,000
70,000
54,000
81,000
28,543,000 17,528,000 17,164,000
17,610,000
13,200,000
9,240,000
11,046,000 16,731,000 14,909,000
■
623,220,000 519,013,009 656,010,Q(
2696
Weather
Financial
Chronicle
April
fair; condition average to very good.
Plowing good progress til
stopped by rains near middle of week.
Much land ready for planting
corn; will begin with normal temperature.
Potatoes mostly planted lateEarly fruit blooms damaged, but many buds unopened and safe.
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended April 14, follows:
During the first few days of the week a well developed depression moved
easterly direction from Utah to the middle Atlantic coast by
April 9.
It was attended by unsettled, cloudy, and rainy weather in practi¬
cally all parts of the eastern half of the country, the falls being heavy in the
Southeastern States.
During the latter part of the period high pressure
prevailed over eastern districts and temperatures were persistently low for
the season, though considerably warmer weather obtained in northwestern
portions of the country.
Data show that the temperature for the week as a whole averaged near
normal over the western half of the United States and decidedly below
normal over the eastern, except that about normal warmth prevailed in
the extreme Northeast.
The largest subnormal temperatures occurred
from the Ohio Valley southward, where the weekly means were 8 to 10 deg.
below the seasonal average.
On the other hand, ic was relatively warm
in a limited central-northern area, where in some places the week averaged
as much as 5 deg. warmer than normal.
Freezing weather did not occur along the Atlantic coast at any time
during the week, but in Appalachian sections the line of freezing tem¬
perature extended to western North Carolina.
In the Mississippi Valley
freezing was not reported south of Davenport. Iowa, nor in the Plains
States south of Kansas.
The lowest temperature reported was 18 deg. at
Lander and Cheyenne, Wyp., on the 9th.
In Gulf sections the weekly
low readings ranged from about 45 to 55 deg.
Precipitation during the week was widespread, but generally light to only
moderate, except in the Southeast, some upper Mississippi Valley sections,
parts of the Rocky Mountain area, and north Pacific districts, where heavy
rains occurred.
A large southwestern area had a practically rainless week,
while most stations between the Appalachian and Rocky Mountains reported
less than half an inch of rainfall.
Persistently low temperatures, much cloudy weather, and wet soil made
another unfavorable week for farm work and growth of vegetation quite
generally over the eastern half of the country.
Warm, dry weather is
needed in most sections from the Mississippi Valley eastward as the soil
continues cold and wet over large areas.
Precipitation of the week was favorable in some Western States, es¬
pecially in the eastern portions of Washington and Oregon and in central
Rocky Mountain sections, while much warmer weather the latter part of
the week was welcome in much of the Spring Wheat Belt.
There is still
considerable frost in the ground in the western Lake region and the upper
Mississippi Valley, with the top soil mostly saturated.
In the Southern
States, growth of vegetation was decidedly slow, but there was no material
additional frost damage, though heavy rains in the Florida Peninsula
were harmful to truck, especially
in the Lake Okeeshobee district.
Soil moisture is now mostly ample throughout the country, except in
the Southwest.
Rain would be beneficial generally in Texas, western
Oklahoma, southwestern Kansas, western Nebraska, and parts of New
Mexico.
There were additional duststorms in the southwestern Plains,
especially in western Oklahoma and some adjoining sections.
Parts of
the southwestern Plains had some favorable precipitation; Dodge City,
Kansas, reported half an inch for the week.
in a general
THE DRY GOODS TRADE
New
York, Friday Nighty April 16, 1937
More seasonal weather and
country bore
a
rather spotty character.
in
slowed
down
In
Belt.
the Cotton
Belt the week was unfavorable.
Cold wet weather de¬
layed planting in the eariler sections and also preparation of soil in the
later districts rather generally from the Mississippi Valley eastward.
In
the East, some local planting was reported as far north as southeastern
North Carolina, but seeding was generally slow in southern sections of
the belt.
In Texas preparation of land has made good progress, but little
seeding is being done because of cold, dry soil; some early planted in the
south is up to good stands, but a general rain, followed by warm, sunny
weather is needed.
The Weather
Bureau furnished the following resume of
conditions in the different
North
soil.
States:
Carolina—Raleign: Not much field work account rain and wet
flood.
Low temperature end of week un¬
Neuse River in moderate
week.
Georgia—Atlanta: Cold; heavy to excessive rains Friday with frosts
general in central and south on 4 days; little farm work until close.
Cotton
planting slow advance in north account rain or wet soil; some fields badly
washed.
Winter wheat and oats good.
Corn, potatoes and truck retarded.
Yams bedded and tobacco plants set in fields in south.
Pastures continue
further retarded due to persistent cold and frosts;
Sunshine needed.
Alabama—Montgomery: Cold; mostly moderate rains with soil condi¬
tion normal to rather wet at close of week.
Cotton planting slow account
wet soil most of week.
Pastures, grain, and cover crops fair to good growth.
Vegetables, corn, and potatoes retarded by cool Weather.
Mississippi—Vicksburg: Light to moderate frost damage in central,
and moderate to heavy damage in nortu on 7 and 10.
Cold nights prevalent
and soil mostly continues somewhat wet, rendering progress of preparation
for cotton generally rather slow and cotton planting slow.
Dry, warm
weather and sunshine urgently needed.
Progress of preparations and corn
planting mostly rather poor.
Pastures good progress. Fruit, gardens,
improvement.
Peaches
expect only lignt crop.
and truck mostly poor.
Louisiana—New
early
Orleans:
Cool,
dry
week,
except scattered
part.
Cotton planting slow progress; land preparation
sections previously too wet. Corn, rice, potatoes, and
in some
by low temperatures;
normally advanced.
Pastures
tarded
planting continues.
fair.
showers
continues
truck re¬
Oats generally good;
normal warmth in extreme west and Panhandle,
and considerably below elsewhere; scattered light rains over east and Pan¬
handle.
Too cold and dry for crops.
Condition of winter wheat generally
Texas—Houston: About
food, but some locally rather poor in middle districts; progress very which
coming up, but backward account extensive replanting slow,
ome
corn
following recent freezes.
Preparation of land excellent
little cotton planted as soil too cold; some early planted in extreme,
stands, but it, and late planted, needs general rain, followed
by much sunshine and warmth.
Ranges need rain. Livestock continue
generally good.
Arkansas—Little Rock: Weather too cold and soil too wet for germi¬
nation and growth until 12th when warm.
Cotton planting slow progress
until 12th; some cotton up.
Corn planting good advance, except some
nortnern localities where just beginning; condition farily good, where up.
Weather very favorable for wheat and oats.
Meadows, pastimes, potatoes,
and truck good condition, but growing slowly.
became necessary
progress-
south up to good
Kentucky—Louisville: Cold prevented germination of oats and retarded
growth. * Tobacco plants and barley up; starting late.
Grass and rye
furnishing some grazing, but 2 weeks behind.
Progress of winter
all
pastures
For
the
of
of
gained
over
March, 1936, with Cleveland showing the largest
over
increase—of
39%—while Boston and New York registered
smallest gain, with 13%.
tne
month
of the Federal Reserve
survey
Bank, sales of Department stores the country
20%
Early forecasts for the month
April predict increases in the sales volume, ranging from
3 to
10%.
Trading in the wholesale dry goods markets continued
spotty.
While
reached
the
a
number of orders for seasonal merchandise
market,
wholesalers
their
on
did
part
little
buying reflecting the somewhat tardy flow of finished goods
in distributive channels, and the fact that merchants gener¬
ally
appear
well stocked
sale activities is
the
Business in silk
sales.
with goods.
up
anticipated
weather will pave
as soon as
for
way
goods
was
active,
of
increase
in
Producers
a
number
prices
are
labor
rayon
yarns
producers
announced
by
continued
following
the-
large factor.
a
expected to enter the normally dull late Spring
period with virtually
present
other
recently
warmer
seasonally quiet, and prices
Trading in
with
A revival in whole¬
the advent of
growing volume of retail
a
ruled somewhat easier.
no
troubles
stocks
reserve
at
hand, and the
on
large Virginia
a
plant
are
ag¬
gravating the tight delivery situation still further.
Domestic
Cotton
Qoods—Trading in the
markets continued in its
hand
„
offerings again
volume.
gray
previous desultory fashion.
came
cloths
Second¬
into the market in fairly large
While mills, fortified by their still large backlog of
unfilled orders, were generally unwilling to make concessions,
a
somewhat easier price
trend
The movement of finished
come
up
to
prices also served to put
goods remained
very
are
not expected to add
The steady decline in raw cotton
a
damper
quiet.
mills continued to hold at their
of
nevertheless unmistakable.
direction, buyers
their commitments.
fine
was
goods in recent weeks has not
to expectations and, until a material improvement
is attained in that
on
trading.
Business in
While the majority of the
previous prices,
goods, particularly in the lawn division,
somewhat lower levels.
as
favorable, especially for truck and strawberries.
First crate strawberries
from Wallace on 9th.
Only small amount cotton planted on coastal plain
near
South Carolina border, but planting will become more active this
of the South and
Most interest centered
somewhat.
March, according to the usual
In the Spring
the Corn
ap¬
apparel lines and home furnishings, whereas buying of
accessories
the latter part
little preparation for planting was possible in
principal corn belt, though in some sections, especially in the south¬
eastern portion, much ground is ready for seeding, while plowing is well
along in the eastern Ohio Valley.
Warm, sunny weather is needed in
Best results
states while in the Northwest and in parts
Midwest few if any gains were shown.
of the country.
Corn and Cotton—Very
during
peared to be obtained in the Atlantic and Pacific Coast
Grains—'The week brought no material change in weather to
wheat area.
Subnormal temperatures were unfavorable for
growth in the Ohio and extreme lower Missouri Valleys, but in Kansas
the week was favorable for growth of wheat rather generally.
In other
Plains sections progress was mostly fair, while some growth was shown in
Montana.
In more eastern States winter wheat continues in good con¬
dition, while all grains made favorable advance in the more western sections
the
certain abatement in labor-
the past week, although reports from various sections of the
winter
Wheat Belt seeding was inactive, though warm weather
of the week was favorable and some sowing was done.
In
Minnesota fields were drying rapidly at the close of the week, with a little
seeding reported from the southwestern portion.
The soil is mostly too
wet in South Dakota.
In North Dakota considerable wheat has been seeded
in the central and southern portions, but work is mostly somewhat late.
By this date in a normal year seeding spring wheat has become general
in southern Minnesota and most parts of South Dakota.
The continued cold, wet weather in the Central Valleys further retarded
the seeding of oats.
Practically none has been sown as yet in northern
Indiana and Illinois, and only a small amount in Iowa, with no seeding
done in the greater portion of the State.
In the Plains States the seeding
of oats and barley is nearly completed as far north as eastern Kansas.
a
troubles put a somewhat better aspect on retail trade
Small
the
17
wheat
Report for the Week Ended April 14—The
a
was
fair amount
available at
Closing prices in print cloths
follows: 39-inch 80's, 10 to
were
9%c., 39-inch 72-76's, 9%c.,
39-inch 68-72's, 8% to 83^c., 38^-inch 64-60's, 7% to 7^c
38i/2-ineh 60-48's, 6% to O^c.
Wcfolen
inactive.
Goods—Trading in men's
Clothing manufacturers
nearby requirements have
wear
are
fabrics continued
holding aloof
as
their
been amply covered and the,
hitherto, disappointing flow of goods in retail channels is
lending little encouragement to
new
commitments.
Not¬
withstanding the slow demand, prices held very steady,
reflecting the strong statistical position of the mills. A fair
volume of business continued to be placed on summer
materials as well as on overcoatings and top coatings.
Reports from retail clothing centers reflected the continued
resistance of the consuming public to the higher price de¬
mands, and the adverse influence of unseasonal weather
conditions.
With an improvement in the latter, however, a
better flow of goods is generally anticipated.
Business in
women's wear goods expanded moderately as a number of
mills opened their Fall lines and met with a fairly satisfactory
response on the part of garment manufacturers.
Fabrics for
use in Summer apparel again moved in good volume
Foreigii Dry Goods-In linens was moderately active*
the demand centering in dress goods and suitings,
whereas little business developed in the household division.
with
Prices continued their
steady trend, reflecting the firm at¬
markets. Business in burlap
was again under the influence of the Calcutta reports con¬
cerning the spread of labor troubles in that center. While
domestic users, being generally well covered on their nearby
requirements, showed some reluctance in following the price
advances, a steady demand for all positions was in evidence.
Domestically lightweights were quoted at 4.45c., heavies
titude of the foreign primary
at 5.90c.
Volume
Financial
144
Chronicle
State and City
2697
Department
MUNICIPAL
Specialists in
Dealer
Illinois Si Missouri Bonds
WM. J.
BONDS
Markets
MERICKA & CO.
INCORPORATED
Union Trust Bldg.
One Wall Street
135 S. La Salle St
CLEVELAND
NEW YORK
CHICAGO
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIRECT
CHICAGO
WIRE
314 N. Broadway
Page
2010
2009
MUNICIPAL
BOND
SALES
IN
1644
MARCH
2348
We
present herewith our detailed list of the municipal
bond issues put out during the month of March, which the
crowded condition of
columns
our
prevented
at the usual time. -V'.'.-v-.-s:■-
.V
-..
The review of the month's sales
our
publishing
•; -^
given on page 2516
of the "Chronicle" of April 10. The total awards during
the month stands at $58,803,659. This total does not include
Federal Emergency Relief Administration or Public Works
Administration loans or grants actually made or promised
to States and municipalities during the month.
The number
of municipalities issuing bonds in March was 314 and the
number of separate issues was 368.
Page
Name
Rate
2185 Aberdeen, Wash
2178 Ackley, Iowa.
2349
Algonac. Mich
......4
3.14
2178 Allamakee Co., Iowa
2184 Allegheny Co., Pa. (2 lss.)
1639
1842
2005
2355
1639
Amount
1938-1962
275,000
4
Alamosa, Colo
1640
4
was
Maturity
1947-1952
1938-1955
1938-1946
1938-1967
2.40
2352
Auburn, N. Y. (2. Iss.)
Bangor Twp. S. D„ Mich
..3M
1938-1952
50,000
100.33
2.20
r228,000
— .
8,000
1837
36,000
100.24"
3.73
1938-1947
42,000
100.17
3.21
1939-1942
12,000
100
4.00
100.38
400,000
100.20
2%
F.
21,000
103.50
5.12
15,000
101.57
4.49
70,000
1%
..4
S.
No.
D.
issues)
3
.....4
100.10
2.23
2176
lboib'
3" 69
8,000
100
4.50
(111,000
100
3.00
100.77
2.32
1836
60,000
1938-1952
<126,000
Jefferson County, Ala. (6
2006 Jefferson County, Iowa
98
2*30
10T03"
100 006
1938-1951
13,200
103.10
3" 52
2351
4
3
1939-1942
..._2%
2>£
2.47
101.25
2.88
1638 Lake County,
100.65
1.87
3V£ " 1938-1941
4,000
100
3.25
1938-1947
17.000
100
7.00
2356 Lansford S. D., Pa.
— .
—
2012 Lane Co. H. S. D. No. 13, Ore.—.2M
2182 Lawrence. N. Y. (2 issues).
3.40
2349 Lebanon, Conn
3
lbb".33~
2.93
2004 Ledyard, Conn—.
2.35
1836
Lee
2179
Lees ville S. D„ La
Carroll Co., Iowa
_.2H
1938-1946
Cannon County, Ten
......3
Carlyle S. D. No. 32, 111
2356 Cass Township S. D., Pa..
4
1940-1957
2005 Cedar Falls, Iowa
2M
1941-1953
1837 Central Islip Fire Dist., N. Y
3.40 1941-1958
1839 Champaign County, Ohio
6
1938-1944
1642 Chautauqua County, N. Y
1 Y\
1944
2012 Cheltenham Twp. S. D., Pa
2H
1943-1952
2184 Cherokee County, S. C_
2\i
1-7 years
2183 Cincinnati, Ohio
2H
1938-1962
2352 Clarkfleld, Minn
..3
3-20years
..4
r285,000
100.78
60,000
95.50
—
30,000
190,000
Ind
—
...
........
..
_
'J
-
.
-
-
-
-
-—2>£
Summit, Mo
100
28,000
35,000
100.20
4.00
3.38
99.15
2005
Madison County, Iowa
Madison County, Ind
1938-1946
r770,000
100.68
2.36
2350
151,000
100.10
2.74
4
Clinton, Iowa....
2005 Clinton County, Iowa...........2K
2177 Cool City U.S. Dist. 98, 111
4
30,000
2012
Coos Co. S. D. No. 12, Ore
2357
Cortland, N. Y. (2 issues)
Cowley County, Kan
Copiah County, Miss-Carry, Pa
Corinth, Vt
Cortex, Colo
Cresson Twp. S. D., Pa...
Crossville, Tenn
2185
Croweli Ind. S.D., Tex
2005
Dallas County, Iowa
-
2.37
2.62
2.25
1938-1947
10,000
40,000
100.05
2.74
1937-1956
150,000
160,000
250,000
102.77"
2~68
100""""
"3"00
Martins Ferry,
Massachusetts
1938-1947
r28,000
728,000
1947-1952
...2H
2355 Depew, N. Y
Des Moines County, Iowa
2005
1938-1945
730.000
100
2.00
2009
2177
2358
1842
100.53
2.92
1831
1938-1952
15,000
Mattoon, 111
Marinette, Wis
1940-1972
Medical College of Virginia, Va
3y2
Mendocino County, Calif
....4
102
100
5.00
100
4.00
100.76
2.33
1043
1940-1946
16,000
100.22
3.97
2356
725,000
100.36
2.19
1642
2%
1930-1948
1940-1945
1944-1945
20,900
100.70
2.62
1842
Morris Co. R. D. No. 4,
30,000
100.03
3.24
2011
Mumford, N. Y
2350
100
6.00
1640
Muncle School City, Ind
Muskegon, Mich.
Nagadoches,
12,000
.--2^[
6
745,000
1938-1957
2H
1941-1942
1%
1938-1941
25,000
8,000
,
4
3
100.31
2.42
2357
1.72
100.92
2.87
40,000
1938-1951
30,000
2.98
Texas
Neptune Twp., N. J.
Nespelem, Wash
2005 New Castle. Ind
1640 New Ulm, Minn...
i"o"2"io"
165,000
100.44
3.46
5,000
7474.000
100.57
4.45
2
1938-1947
1940-1951
20,000
1938-1946
400,000
-
111,000
100.621
1.98
105". 53~
3* 29
100.28
2.04
500,000
—2.10
..
2\i
..3
Texas...5^
—4.40
3
3-3H
2013
2009
1938-1963
1938-1967
4
*
MontClair, N. J. (2 issues)
2006 Morning Sun, Iowa
100.08
30,000
105,000
1.94
100.05
78,000
4^
Monroe County, N. Y
Monroeville. Ohio
1942-1946
3M
i"ob". 32"
596,000
3M
--3M
1642
4.28
400,000
County, Ohio———3
..2U
Matawan, N. J
3%
2H
1639
Wis
1,950
1938-1951
1938-1947
Massillon S. D., Ohio—
4
Donipahan S. D., Mo
2181 Dover, Ohio
East Helena, Mont
1938-1941
2183
14,000
2181
Dubuque, Iowa...
2350
Dubuque County, Iowa
2353 Durant, Miss
2010 East Aurora, N.Y
2350 East Colorado Twp., Ill
1642 Eastchester, N. Y-.—
1840 Marion
3.95
—2
Millville, N. J
2352 Milton, Mass. (3 issues)
0000 Minneapolis. Minn
2005 Momence, 111
rl44,000
7144,000
13,000
100.26
<125,000
<225,000
1942-1962
1939-1941
—
'
(State of)
107,500
1942-1955
1938-1967
3
...
2179
70,000
4
2%
—
Ohio
2.21
21,000
1938-1952
3
100.26
713,000
7-13,000
3
71,080,000
2348
Marinette County, Wis..
4^
100.86
7134,000
lbb". 62 ~
2356
...4
775,000
7150,000
101.14
2186
64,000
54,000
768,000
1940-1953
3
100.20
50,000
1938-1947
2.95
8,500
7-37,000
85,000
1938-1946
4.96
100.16
7171.000
1938-1962
1937-1951
2.70
100.32
3,000
31.900
1938-1939
14,000
2
375,000
1940-1942
1938-1946
1936-1946
22,500
5
—
Malvern, Ark
1641 Manchester, N. H
2357 Marshall, Texas
1942-1944
4
5.98
Mahaska County, Iowa.———2K
2010 Mamaroneck, N. Y
2%
150,000
2.24
4.00
1938-1957
—
100.05
100
100.10
1938-1946
1943-1945
2H
2182
—
2.68
76,500
18 000
,....2}4
.-2%
15,699
Cody, Wyo
Collinsville S. D., Okla
2185 Colonial Beach, Va
4H
2010 Columbia Co., N. Y. (2 issues).-.2X
2353 Concord, Neb
4
.
100.33
20 yrs.
2006
2350
11,500
1938-1953
—
1953-1955
4.00
<117,000
..
Madison. N. J.
2%
100
/20.000
2.88
—
1837
3.88
3.36
99,000
1938-1957
2.31
Los Angeles Co., Calif. (3 issues). .5
ibo~.b7"
1940-1951
100.30
1938-1971
1939 1947
Louisville, N. Y
3
McCarthy ville Rural S. D., Ohio.
2185 Madison County, S. Dak——
.3L£
2014 Madison, Wis—
2l/2
3%
2.21
1939-1954
2%
1644
Clarksdale, Miss...
2350 Clay County, Iowa
2353 Clayton S. D., Mo
2353
lbb". 15"
1940-1952
30,000
15,000
135,000
101.07
2349
3.00
7,500
300,000
106.003
2.13
100
1938-1942
15,000
100,000
101.09
3,600
2". 93
1938-1942
1938-1954
2008 Long Prairie Con. S. D. 90. Minn.4
2176 Los Angeles County, Calif..
6
14,000
767,500
1.87
100.22"
180.000
T.73
20,000
4.00
101.57
1939-1957
106.20
1942-1947
100
1937-1943
100,000
2%
102.17
3
100.10
2355
5.50
4
•
...
Lincoln County, Tenn..
2355 Little Falls, N. Y. (2 issues)
49,575
75,000
100
3.81
50,000
noo.ooo
35,000
2,500
75,000
—
4
1841
100.71
9,000
80,000
6
1839
I.eipsie, Ohio-..
2179 Lexington, Ky
<110,000
1-20-yrs.
100.18
1841
2.48
1939-1940
65,000
2178
1.84
98.70
1938-1957
r55.000
2350
100.34
8.000
27,000
4
2184 Klamath County S. D., Ore
2006 Kossuth County. Iowa—
s
97.75
712,000
19381947
4
County, Wis
Kismet, Kan
500,000
r30,000
<2585,000
7$284,000
60.000
1944-1945
1938-1946
106.30
1940-1952
1937-1946
1939-1958
--------
2.92
1939-1940
1938-1947
7
100.37
No. 25,
Mont..
r205,000
1,600,000
100.34
12,000
2014 Kenosha
18,827
-
100.66
35,000
30,000
740.000
2
2353
1940-1945
1938-1957
50,000
1938-1943
4
-2M
-5^
2007 Jonesville, Mich—
1831 Joy Con. S. D. No. 71, 111
Judith Basin Con. S. D.
3.38
99.27
92,883
—4
issues)..33^
2178 Jefferson County, Kan
2353 Joliet, Mont—.
15.000
1938-1958
7100,000
--
1H
2176
r65,000
89,000
—
3
Clarks Summit S. D., Pa
Clarkston, Wash
115,000
1947
2
„..2}4
1?4
Eau Claire County,
1938-1942
—
800,000
1938-1947
1938-1957
1940-1949
1938-1945
4.00
1938-1953
Isaac S. D. No. 5, Ariz
Isanti Co. Ind. S. D.. Minn
3
1641
2.91
Ipswich, Mass
Burlington S. D., Iowa
2186
100.60
1640
Canton, Ohio
1644
312,000
6.00
1833
2185
6.00
1938-1952
100
2355
2184
100
28,
3
1833 Iowa City, Iowa
2.03
100
2 64
10,500
98". 54"
7,500
12,000
100.91
4
Bristol Co., Mass.
71,000.000
1-5 yrs.
1941-1952
i..—...5
4H
.
1938-1947
rl50.000
20,000
400,000
2.46
1937-1943
1938-1957
60,000
3.46
100.29"
1937-1946
2354 Hopewell Twp., N.J
-.4
—
1834 Hutchinson Co., Kan. (3 issues) --2-2X 1-10 yrs.
2007 Ionia S. D.f Mich
3X
1938-1942
1939-1958
100.36
760,000
3
—
10.
BrookhavenS, D. No. 26, N. Y
2177 Buhl, Idaho
2349
1940-1961
1.97
3
2182
2353
2*45
100.15
..2\$
2^-3
Boswell, Ind
2350 Bremer Co., Iowa
2177 Bristol. Conn
2178
lbb".25"
—5
2008 Holt, Minn.2181 Hooper, Neb-—-
N. Y. (2
2.45
1938-1946
735,000
—
Hempstead U.
100.23
74,250
7450,000
44,000
1945-1946
N. Y
3.66
r52,000
7441,000
—6
Hasbrouck Heights, N. J
2182
1937-1947
1938-1946
—
Haskell, Okla.
6
2010 Hempstead U. F. S. D. No. 10,
2.37
1
—
2184
12,000
94
15,000
1938-1971
5
Hammond, La
2178 Harrison Co., Iowa.
2349 Hartford, Conn
100.41
1.95
10,000
—
Mich.
. .4
2K
D.,
(2 issues) . —
—
2178 Grundy County, Iowa
2177 Hamilton Co., Ill
100T2"
3X
2010 Greece, N. Y. (2 Issues)
2005 Griffith School Town, Ind...
100,10
3.16
1940-1964
2M
7-8,000
Grand Mound Ind. S. D., Iowa..3
6,500
3.00
101.04
2.82
2.57
2M
.....3^
3%
2M
Blue Hill, Neb....
5,000
217,000
2.63
2006
1939-1949
2177
1842
1950-1954
100.57
Greater Greenville Sewer D., S. C_39£
8,000
2.64
100.37
1833
10,000
;
100
3,800
2012
100
100.34
r50,000
no,000
100.17
6
2005 Boone Co., Iowa
1835 Boston, Mass
1840
165,000
1938-1959
1940-1949
35,000
101
100.37
1939-1947
2.44
1938-1947
1837 Gloucester Twp., N. J_.
4
Golden Valley Co. S.D. 6, Mont—
2358 Granger, Wash.
6
S.
100.23
103.63
10,000
1938-1942
3X
ibbio"
36,000
1938-1941
2%
2H
20,000
55,000
..2
2353
—
2.17
—4
—
2013 Hamilton Co., Tenn._..__
2180 Hancock Co., Miss
50,000
103.75
100,000
50,000
2352 Bloomfield Twp. &Bloomfield Hills
S. D. No. 3. Mich
3\i
1842
...3K
—4M
—
2178 Hardin Co., Iowa..
2006 Hammond, La—
.....5
2177 Bloom Twp. S. D., Ill
1835 Bloomingdale Twp. S. D. No.
Mich
2184
1638
3*96
1938 1945
100.42
13,000
2%
Heights, N. C
1836 Bergen Co., N. J.
1644 Bethesda S, D., Ohio
2003 Birmingham, Ala. (2 Iss.)
2178 Black Hawk Co., Iowa
2351
...3 H
...3
103.33
.....
25,000
2
Benton
2353
-.2.70
—
106
1938-1947
1939-1947
1938-1947
1938-1947
2.60
Bellevue, Ohio
2355
....3
Belknak Co., N. H
Bell aire, Texas
2011
Fulton, N. Y. (2 issues)—
Gaffney, S. C
16,500
1939-1945
1942-1957
2.88
101.66
1938-1947
85,000
2.600
r2,500
3.50
100.07
1,806,000
30,000
2
2178 Hamilton Co., Iowa
150.000
3,250,000
1938-1977
1938-1945
2.25
1939 1966
2.36
1938-1947
1940-1962
.--2
2005 Garrett School City, Ind
2005 Garrett School City, Ind
3,500
Barry Co., Mo
2354 Bedford, N. Y
1642 Batavla, N. Y
2185
2010
2357
Twp.
Basis
100.64
...4
100
100.60
1640 Barnum, Minn.....
2353
2181
Flemington, N. J.........
1835 Frankfort S. D., Mich
Franklin Co., Kan
2,850.000
3%
2182
1836
lie
Price
103.40
r318,000
1,
2178
Geneseo, 111
2010 Geneva, N. Y
1644 Girard, Ohio
2011 Girard City S. D., Ohio.
2179 Gloucester, Mass
Amount
1938-1946
...
No.
Fifth Police Jury Ward, La.__.5
2007 Grosse
r5,000
1639 Atlanta, Kan.
—
D.
3.20
3V2
Antwerp, Ohio
3\i
1637 Arapahoe Co. S. D. No. 18, Colo..3M
2006 Atchison Co., Kan
..2
S.
2.39
........
2011
.—...
100.43
.........
4
—
Parish
100.50
-.5
...
4.00
100.27
—
1834 Evangeline
Maturity
50,000
IS,000
1937-1951
3
Basis
<160,000
<260,000
5,000
4
....
100
Rate
<--2}4
Erie County, N. Y. (4 issues). —.2.90
Essex County, N.J. (5 issues)
3H
Etna School Dist., Pa.__
2X
Eureka, Calif
—4
7414,000
234
Abon, Iowa...
Amberg. S. D.. Wis....
Amercus, Ga. (4 lss )..
Amherst, Ohio..
;
Anamosa, Iowa...
2005 Anna, 111
1644 Antlers, Okla
2H
2%
34,000
Price
Name
2357 Ellis Co. R. D. No. 2, Tex
2350 Emmett County, Iowa
ST. LOUIS
...4
1942-1944
2,000
1938-1970
271,250
1940
4,996
1938-1947
5,000
6,000
100.11
4.39
1949
35,000
100.27
2.97
1939-1956
7120,000
100.01
3.0S
103.35
3.16
103.66
3.20
100
2.50
1938-1957
1947-1957
<120.000
1940-1955
2^
1939-1942
10,000
4.66
2,900
4
2.13
104
7760,000
1-20 yrs.
1938-1945
100.74
.4X
7,500
2698
Financial
Page
Name
2353
Amount
Hate
Maturity
_3M
1938-1947
4)4
1940-1951
NewUlm, Minn.__„
2356 Newton Falls, Ohio
1835 Newton, Mass
1937-1946
2185 New Underwood, S. Dak
2182 New York (State of)
.3
1938-1987
2
1939-1949
2)4
3)4
1941-1945
1942-1971
1938-1944
1643 Niagara Falls, N. Y. (4 issues)
2008 Nobles County, Minn
1643
Norfolk, N. Y. (2 Issues)
1838 North Wlite Lake F. D„ N. Y.,.4
2185 Northgate Water & Sewer Sub.
Dist., S. C
2183 Norwood, Ohio
1644 Oberlin, Ohio
2184 Olyphant S. D., Pa
2353
Vyi
2)4
4^
4j^
2353
Oxford, Miss..
Oostburg, Wis......
Oostburg, Wis
2011 Orleans County, N.Y—
2180 Osakl, Minn
1838 Oswego, N. Y
2004 Otero Co. S. D. No. 4, Colo
Basis
5,000
20,000
40,000
101.07
2.95
1643 Hazel wood, N. C
1644 Industry Twp., Pa
100.58
1.91
100.70
2.37
100.48
4.00
1840
1646
Tyler, Tex
1841
West Deer Twp.
r92,000
99.68
3%
1938-1949
12,000
7*68,000
100.24
3.71
100.30
3.71
2011
2011
2003
2003
2010
2183
2066
2006
2178
2178
2178
2011
2011
2177
2356
2352
2179
2178
1638
3%
__4)4
4)4
1938-1945
1938-1948
1939-1944
4
1938-1959
—3%
5
2)4
2)4
5
4
— —
__
1-15
2)4
2)4
...2X
1%
2.90
2.90
4
Rensselaer, Ind
4)4
2186
4
2;90
3
3H
yrs.
1938-1944
1938-1947
1938-1947
1-6 years
1938-1957
1938-1952
1938-1947
4
2004 Riverside Co., Calif
1833 Rock Island S. D. No. 41, 111
1842 Rock Springs, Wyo
..
1939-1957
1943-1953
4)4
1954-1959
3^-4
6
1940-1957
1947
1938-1942
1950-1957
1938-1949
2356
Sheridan, Wyo.___
Sibley, Iowa
Sidney, Ohio
1637
Sierra Co., Calif
1639
2183
Simpson S. D. No. 137, La
6
Southampton S. D. No. 2, N. Y..2.80
Southeastern R. S. D., Ohio
3)4
1842
South
1839
—3
3%
-
—
2%
3)4
Milwaukee, Wis
2012 Spartanburg Co., S. C
1639 Spencer, Iowa
2188 Starkville, Miss
2181 Starkville, Miss.
2185 Sudan, Texas
1839
1938-1953
2.40
3%
2
2)4
2)4
Y
Sedgwick Co., Kan
2178 Sedgwick Co., Kan
2006 Shawnee Co., Kan..
2003 Sheffield, Ala
2011 Shelby S. D., N. C
2006
10 years
1938-1944
1950-1953
-
-
2006
2014
1939-1951
2.70
Rock Springs, Wyo
2183 Rockville Centre, N. Y
2180 St. Cloud Ind. S. D., Minn
2)4
-
1938-1947
1938-1957
1938-1962
1938-1945
1938-1957
1941-1952
--
—
Suffolk Co., N. Y
—
2005 Tallahassee. Fla
:
2181 Tallanatchie Co., Miss
2011 Tarboro, N. C
2J4
2)4
4)4
4
6
1938-1957
1938-1947
1940-1946
1939-1948
3^
1646 Tazewell Co., Va_.__
4
1940-1947
1943-1967
1938-1957
1839 Suffolk Co., N. Y
2186 Superior, Wis
2004 Torrlngton, Conn. (2 issues)
2353 Tracy Ind. S. D. 30, Minn. (2
2013
1642
Travis Co., Texas
Trenton, N. J
2%
—4
4
3
1644 Trumbull Co., Ohio—
2012 Tulsa Co., Okla..
1836
2)4
lss.)33^
—
1938-1959
1939-1948
Co., Pa
—
Union Co., S. Dak.....
2357 Union H. S. D., S, C
1841
——
—
2178
Vernon Twp. S. D„ Ind
33i
2180
Virginia, Minn
4
2178
Walford Con. S. D., Iowa
2%
234
Warren, Ohio
3
Washington Twp. Sch. Twp.,Ind.334
Waukon Ind. S.D., Iowa
3
Wayne County, Ind
234
Wayne Twp. S. D., N. J
4
Webster County, Iowa...-.
234
Weld County S. D. No. 6, Colo..-23^
West Cameron Twp., Pa
434
West Concord, Minn
3
Westerville, Ohio....
334
2186 Watonwan County, Minn
1644
2005
2178
1833
1642
1834
2004
1645
2008
1644
1937-1946
1938-1945
1938-1947
3
2348 Tuscumbia, Ala
1837 Union Co., N. J
2012 Union
1940-1944
33-6
4
234
Tylertown Twp. S. D., Miss
1938-1949
1941-1950
1937-1942
1942-1949
1939-1948
1938-1951
1942-1944
1938-1947
1939-1958
1938-1949
1938-1952
-
Pa.3
Wewoka, Okla
—
2008 Wiggins Sep. S. D., Miss....
1644
2184
2351
2178
2358
1640
534
Williamsburg, Ohio—
434
Wilson, Pa
—3
Winnebago County, Iowa
234
Winnishiek County, Iowa
234
Wisconsin Dells, Wis
3
Wyoming Twp. S. D. No. 1,
Mich
33£-334
-
2181
York. Neb
1831
Yuba City, Calif
334
4
5.00
10Q
100.19
100.53
100.41
2.85
5,000
170,000
5,770
52,000
103.50
3.33
100.27
4.00
100.07
2.87
100
3.00
100.02
ing 368 separate Issues).
49,000
100,000
7*32,000
265,000
850,000
100
lVs
160,000
40,000
99,000
Name
Beaver Dam,
Wis..
Rate
2)4
3
d295,000
92,000
42,300
7*5,000
<*55,000
12,000
50,000
61,000
115,000
75,000
7*291,000
65,000
7*18,500
8,500
15,500
450,000
r250,000
7*64,000
99.33
3
1840 Berwick Poor Dist., Pa
1938-1953
1939-1948
4
1942-1947
1645 Dallas, Tex
2)4
1938-1967
2013 Egan Ind. Con. Sch. Dist. No.
S. Dak. (Jan.)
100
6.00
100
3.00
100
2.80
100.73
3.42
100.33
2.68
101.03
3.37
101.007
2.30
100.27
2.21
100.27
2.21
100
4.50
103.82
3.40
53,500
18,000
100
6.00
100.05
3.74
60.000
109.62
3.29
400,000
25,000
100.04
2.24
lbb'.n'
2" 72
10b".32"
2*69
i"o"o""~"
3.50
ibo~37~
2*47
ibo~59~
2*90
100*72"
3~13
100.25
3.92
r50,000
r
7*60,000
180,000
7*175,000
20,000
35,000
107,000
499,000
7*150,000
41,863
59,500
30,000
Amount
30,000
60,000
7*31,000
12,000
1,400
450,000
1939-1948
1644
Genessee Twp., S. D., Pa
1947-1953
t*<*120,000
10,000
10,000
1638
Gooding
1938-1943
50,000
2)4
19427*11,000,000
97.18
3.53
1947 7*8,000,000
97.18
3.53
Power
3J^
March..$22,250,445
month.
—
—
99^
1966
and Interest
BEACH, FLORIDA
on Bond Refunding
Program—The Little Rock bureau of the Memphis "Com¬
mercial Appeal" on April 8 reported as follows on the latest
move in the recently inaugurated suit against
the State's
huge bond refinancing program, which was noted in these
columns recently—V. 144, p. 2517:
A temporary injunction preventing carrying out of the proposed $150,000,000 bond refunding program of Governor Bailey was denied today by
Chancellor Frank H. Dodge.
The case was set for trial on its merits on
Wednesday, April 21.
Attorney Sam Robinson, who filed the tax papers suit in the name of
W. G. Scougale, attacking validity of the refunding Act passed by the 1937
Legislature, sought the temporary injunction to prevent State Treasurer
Earl Page, Auditor J. Oscar Humphreys and Comptroller J. O. Goff from
transferring any funds now in refunding accounts or payment expenses
incurred by the new refunding board.
Attorney General Jack Holt opposed granting of the injunction on grounds
it would serve no purpose and said that If it was granted he was asking that
bond be required of the complainants to indemnify the State for .any damage
suffered.
"The latest estimate of the amount to be saved by refunding under this
conditions may change to where the taxpayers will lose the major part of
this.
We will ask a bond so high that the complainants will not be able to
pay
the premium on it."
"I have
no
fear that Treasurer Page will pay out any money until this
thing is settled," the Chancellor said, "and I see no need for a temporary
injunction.
He is not going to pay out any money for if he did his bonds¬
men might be liable and he might be subjecting himself to removal from
office."
Attorney Robinson asked that the case be set for hearing after May 3,
he will be busy pieparing for the trial of former Secretary of State Ed. F.
McDonald, which opens on that date.
General Holt asked that the case be set just as soon as possible so it
as
foTii"
2~.30
101.35
2.79
loo""
3"66
100.23
2.21
100.33
3.96
100.45
2.44
100
3.50
100.12
2.97
100.02
2.99
100.83
2.31
100.88
2.33
100
3.00
might be carried to the State Supreme Court for an early decision.
Mr. Robinson attacked validity of Act 278 on the grounds that its carry¬
ing out
Act 11, the 1934 refunding law,
provided that no subsequent legislation would impair its provisions.
Carrying out of the Governor's proposed refunding will hang fire, it was
said, until the Supreme Court has passed on validity of the 1937 law.
Connecticut—Inclusion of Southern
States' Bond§ on
Legal List Advocated—The Banking Committed of the State
Legislature is considering an amendment to the banking
laws which would permit the Banking Department to over¬
look defaults which took place years ago on the obligations
of several of the States in the southern portion of the country
in passing on the legal investment status of their bonds and
of any cities within their boundaries which qualify in all
other particulars as permissible investments.
Delaware
3.42
later year.
States and
bonds.
salgs for
Price
Basis
101.003
103.80
1934 bond refunding Act,
made in the new law as required by
would constitute a default under the
and that no specific appropriation was
the State Constitution.
He claimed
—
Franchise Taxes Increased —
on April 9 signed a measure
providing for an increase in the corporation franchise taxes,
according to a news dispatch from Dover.
It is said that the
measure is expected to raise about $2,000,000 for the school
—
Corporation
Governor Richard C. McMullen
fund.
Legislative
Session
Scheduled—The
State Legislature will be called into extra session in the near
future to obtain more money for the State's relief program,
it is announced
by Governor Richard Leche.
The Governor stated that his call for the session would be
2.35
principally
2.74
"to make the welfare tax more collectible and easier to pay" by a proposed
new tax bill whereby the token system would be abolished and subbed
101.25
3.83
97.56
2.69
a "gross" sales levy.
The luxury tax imposed last year has failed to
up to expectations as a money raiser because of the failure of retailers
strictly adhere to the system of collections.
Reports are that the State officials are planning to throw out exempted
articles under the present systems which includes bread, groceries under
maximum prices, automobiles, tobacco products and other goods eliminated
now "because they are taxed under serverance levies."
101.88
1,
Freewater, Ore
4.41
Power
Harvey Building
with
come
to
1947-1957
3.50
98.38
97.48
96.87
93,06
plan is $20,000,000," the Attorney General said, "and if this suit is delayed
r Refunding
1840
4)4
4)4
—4)4
Co. Ind. S. D. No. 10—2^
24,406
7,539
181,500
37,000
News Items
$58,803,659
Colville, Wash
2012 Clarks Green S. D., Pa—
1646
1-5 years
1-10 years
1937-1956
20 years
Arkansas—Injunction Denied in Suit
lb"o"22~
lb"o~.78~
Maturity
Basis
2.38
101.43
7*28,000
16,000
85,000
1938-1947
3
3)4
4
3)4
WEST PALM
99.46
previous months.
Anderson School City, Ind—
Price
!—.+25,000,000
Thomas M. Cook & Company
Louisiana—Special
1646
3.00
WE OFFER SUBJECT
1,489,000
We have also learned of the following additional
1638
Amounts
3 years $3,000,000
—
Due
call in and during the earlier years and to mature in the
including $84,360,000 temporary loans or funds obtained by
Page
—
$15,000 SEMINOLE COUNTY 5l/4% Bonds
Price
1948-1953
1939-1958
municipalities from agencies of the Federal Government,
Maturity
♦Temporary loan; not included in total for
100
....
——
100
MUNICIPALITIES IN MARCH
Rate
of)—3
Total long-term Canadian debentures sold in
d Subject to
Not
1942-1947
3
3.47
2.37
14
7*52,020
7*280,000
Total bond sales for March (314 municipalities, cover¬
t
.3
BY CANADIAN
3.24
100.30
—
3.15
101.61
100.11
100.28
loo"""
SOLD
4.21
19,076
d50,000
2.69
100.22
2.85
248,000
3.32
100.45
2.14
100.41
100.50
2.20
85,000
30,000
r390,000
3.99
4.25
5.00
4.00
10,100
300,000
.
S.D., Pa.
Halirax, N. S
Halifax, N. S
Hull, que
Moncton, N. B
Ontario
Hydro
Electric
Commission, Ont
Ontario
Hydro
Electric
•Commission, Ont
2014
2.40
100
r83,500
-
2352 Zelland, Mich
1938-1947
British Coiumoia (Province
Canada (Dominion of)
2.49
100.54
1938-1952
-
3)4
County S. D. No. 4, Ore
Name
2014
2186
100.07
100
100
(except as indicated)are for February,
These additional February issues will make the total sales
\ not
including temporary or RFC and PWA loans) for that
month 145,452,742.
2014
5.00
3.00
100.01
All of the above sales
2186
1937-1947
1939-1950
1938-1946
1938-1946
1943-1947
1934-1944
1943-1967
Pekin, 111.
2186
7*8,500
<*65,000
130,000
13,000
<*28,000
150,000
300,000
119,000
105,000
7*14,000
6,400
7*16,000
<*40,000
19,500
7*3,000
1,800
7*57,000
7*367,000
7*150,000
5,500
1840
3
Polk
2186
100
<*6,000
2,500
66,000
750,000
8,000
15,000
4,000
75,000
25,000
1951
1942-1949
1938-1945
DEBENTURES
40,000
...
-
2357 West Manchester Twp. S. D.,
90,000
22,000
24,500
7*50,000
183,500
24,500
7*97-,000
Basi
r28.000
3)4
3)4
2%
3.20
3
Page
r76,000
1938-1947
1944^1945
1941-1943
1938-1947
1943-1951
3
2005 Richland Co., 111......
1840 Rio Grande, Ohio
1837 Salem, N. J
2351 Shreveport, La
1839 Scarsdale S. D. No. 1, N.
2358 Seattle, Wash
3.50
2.09
Sub.
Rensselaer Co., N. Y
2012
100
100.06
Price
100
Mich.
1638
1937-1948
r150,000
75,000
27,500
r52,000
7*150,000
6,
4.49
3
—
No.
Mahaffey, Pa
2011 Marietta, Ohio
100.10
2.28
2,500
17,000
(January)
2012
1643 Orchard Park Fire Dist., N.Y
100.08
1943
1940-1956
1938-1954
5
2.30
90,000
35,000
170,000
5
5
4.14
„
101.01
2.30
3)4
2.10
1938-1947
15,000
4,500
10,000
—
New Castle School City, Ind
1642 New Mexico (State of)
9,000
55,000
20,000
15,000
Amount
1938-1947
—
1638
1940-1955
1938-1952
1940-1959
1938-1947
-
1645 Lemmon, S. Dak
1640 Leoni Twp. S. D.
3.21
100
Maturity
35,
1941-1954
2011
1938-1952
2008
No.
4
Harbor View, Ohio...
1.63
1938-1949
Sewer
D.
—3
4.50
3
&
Rate
S.
Ind.
100.62
3
Water
Gooding Co.
100
4)4
Dist., S. C
Perry County, Miss
Philadelphia, Miss
Phoenixvllle S. D., Pa
Pinal County S. D., Ariz
Pinal County S. D., Ariz
Pitman. N. J
Plain City S. D., Ohio
Plainfield Ind. S. D., Iowa
Polk County, Iowa
Polk County, Iowa
Polk County, Iowa
Polk County, Iowa
Portsmouth, Ohio
Pryor, Okla
Pueblo, Colo._.
Putnam County, Ohio
Quiney, Mass
Reading, Mass. (2 Issues)
Reno Co., Kan
Rensselaer Co., N. Y
April 17, 1937
Name
Idaho
2186
1836
Page
1638
2186
2012 Overbrook
Chronicle
100.37
24,000
1949-1971
1938-1942
1938-1947
1942-1962
1943-1951
4
Onamia Con. 8. D. 34, Minn
60,000
r5,200
100,000
drl2,000
15,000,000
520,000
7*125,000
100,000
2,800
Price
101
4.37
100.17
4.22
100
3.57
Volume
144
Financial
Chronicle
Jersey—$24,000,000 Flood Control Program Drawn
for Passaic Valley—The Passaic Valley Flood Control Com¬
mission, predicting future floods in the Northern valley,
asked the Legislature on April 13 to
approve a $24,000,000
prevention program, according to a special news dispatch
from Trenton to the New York "Herald Tribune"
of April
The Vermont
New
14, which went
to state:
on
'
Renewal of the proposal first made in
1928 was included in the program,
called for construction of
the Whippanong Reservoir in Morris
which
County,
the largest body of fresh water in the State.
as
By throwing a
Rockaway and Whippany rivers at
dam two and one-half miles across
the
Pine Brook,
Troy and Black Meadows
would be flooded to form
one-half-mile lake.
Also included was
improvement of 2,200
line to provide recreational and
real
mission said could make the
project
acres
a
2699
Legislature adjourned early today after passing an
$18,000,000 appropriation bill for the next biennial
period beginning July 1.
Governor George D. Aiken
signed the measure immediately.
In their final drive to
adjournment, tne legislators stopped the clock
at 11.59 p. m., but
actually did not adjourn until 2.15 a. m.
Shortly
before midnight the Senate returned the
appropriation bill, exceeding the
1935 measure by
approximately $2,000,000, to the House for approval
on two minor
changes.
Earlier it had sent back a $700,000 revenue bill,
with a 10% amusement tax
provision eliminated, and a poll tax of $1.75
increased to $2.50 to provide
old-age assistance funds.
The Legislature adjourned
immediately after the House had concurred
on the Senate
changes in the appropriation and revenue bills and Governor
Aiken had signed the
measures.
ten-and-
around the 47-mile shore
estate development, which the Com¬
self-sustaining.
Bond Proposals and Negotiations
ALABAMA
New York
State—Governor Asks 2% Utility Tax to Pay
Relief— Governor Lehman on April 12 called upon the Legis¬
lature to appropriate another
$24,000,000 for unemployment
relief during the fiscal
year 1937-1938, and suggested that
the appropriation be met
by a State-wide levy of 2 % on gross
receipts of public utility companies other than railroads.
The Governor's
suggestions, included in a special message
sent to the members of both
houses, would bring the total
of his all-time record
budget to $394,000,000, and the sum
appropriated for relief through July 1, 1938, to $74,000,000.
Mr. Lehman
previously appropriated $30,000,000 from bond
issues and $20,000,000 from the
general fund for relief. If
the tax is agreed to, the State's tax
program for the next
fiscal year will reach the
unprecedented
total
of
about
$403,000,000.
ALABAMA, State of—COURT RELEASES $2,500,000 IN HIGHWAY
FUND—In a declaratory
judgment announced on April 8, Judge Walter
B. Jones of the
Montgomery Circuit Court authorized the Alabama High¬
way Corporation to issue and sell
approximately $2,500,000 of road and
bridge bonds for matching Federal funds.
The decision is reported to
have been in a test suit by the Alabama
Highway Corporation against the
State Tax Commission and Charles W.
Lee, State Comptroller.
It is
understood the Commission and
Comptroller will appeal the case to the
State Supreme Court.
BIRMINGHAM, Ala.—BOND CALL—It is announced by C. E. Arm¬
strong, City Comptroller, that immediately upon presentation to the
city's
fiscal agent, the Chemical Bank & Trust
Co. of New York City, the city
will pay various school,
sewer, street and sewer, public school buidling,
central repair shop, incinerator and
garbage, fire station, free public library,
grade crossing and public improvement bonds
aggregating $657,000,
together with the full face amount of the last interest coupon thereon.
CHEROKEE, Ala.—BONDS SOLD
Works
the said relief taxes is due to
expire on June 30.
stated that
The
Governor's recommendations
are
the
Assembly's failure to provide an additional
tax, increasing the levy from three to four
order to obtain $20,000,000 of
the budget.
It
The Governor
Mayor La Guardia had requested the extension.
revenue
result
of
the
one-cent
gasoline
cents a gallon, in
necessary to balance
ties services rendered within their
used for relief only.
Four-Year
Terms
limits, the proceeds to be
Legislature Passes Bill for Brooklyn-Staten Vehicular Tunnel
reported in an Albany news dispatch on April 13 that
the construction of a
Brooklyn-Staten Island vehicular
tunnel, in addition to the previously authorized QueensMidtown
and
Battery-to-Hamilton Avenue,
Brooklyn,
tunnels, was provided for in a bill which passed the Assembly
—It is
on
that dare and
—The following announcement
Secretary of the
Birmingham:
To the Holders
was
forwarded to Governor
Lehman for
approval.
The bill, sponsored by Senator R. L.
Egbert, Richmond
Democrat, passed the Senate on April 12.
It increases from
$60,000,000 to $200,000,000 the amount of bonds which may
be issued by the New York City Tunnel
Authority for the
three city tunnel projects, to be financed
by Federal loans.
The estimated cost of the newly-proposed
Brooklyn-Staten
Island tunnel would be about $70,000,000.
This is also the
estimated cost of the Battery-to-Hamilton Avenue
tunnel,
the Queens-Mid town tunnel costing about
$58,000,000.
by the Public
was sent out on
Bondholders'
Committee,
April 9 by Drayton Nabers,
201 Webb Crawford Bldg.,
of Bonds of the City of Florence, Ala.:
This committee takes pleasure in
announcing that more than 75% of
the outstanding bonds of the City of
Florence, to be refunded under the
plan of Dec. 4, 1936, have formally assented to said plan.
A preliminary draft of the ordinance
authorizing the issuance of the
refunding bonds, provided under the plan, has been completed and sub¬
mitted to Clay, Dillon &
Vandewater, Bond Attorneys, 120 Broadway,
New York, N. Y.. for their approval or criticisms.
The committee antici¬
pates no difficulties in working out final details.
As soon as the ordinance, in its final
form, has been approved by the
City Attorney and Clay, Dillon & Vandewater, and adopted by the City
Commission, the attorneys for the committee will apply to the United States
District Court at Birmingham for the orders and decrees
necessary to make
the plan effective and to obtain as distribution of the funds now
impounded
in the hands of the receiver.
As soon as these decrees and orders have been
issued by the Court and the committee receives such
funds, the committee,
after deducting its expenses as provided in the
plan, will make distribution
of such cash and the new refunding bonds
depositing bondholders.
While the working out of the final details will
prevent the immediate con¬
refunding plan, the committee hopes a distribution of
casn and bonds can be made
by July 1, 1937.
summation of the
The success of the plan is now
definitely assured, and holders of bonds
which have not yet been deposited with the committee will
greatly facilitate
prompt delivery to them of their refunding bonds and cash by
depositing
their present bonds now with one of the
depositaries of the committee.
PINE
Governors Approved—A proposed
constitutional amendment increasing the terms of Governor,
Lieutenant-Governor, Comptroller and Attorney General
from two to four years, was passed
unanimously on April 12
by the Assembly and will go to the people next November
for final approval.
The said amendment, introduced by
Senator John J. Dunnigan, the
majority leader, would be¬
come effective on Jan. 1, 1938, if
approved by the voters.
The next Governor elected, therefor,, would serve for four
years also his colleagues.
for
par
ON PROGRESS OF REFUNDING PLAN
among
also
proposed by Mr. Lehman that the State em¬
power up-State municipalities, not now given special taxing
powers, to impose taxes of not to exceed 1% on public utili¬
was
at
Administration.
FLORENCE, Ala.—REPORT
Recommends Reduction in New York
City's 3 % Levy—In
recommending the 2% utility tax Mr. Lehman also sug¬
gested a forced reduction in the 3 % utility levy now made by
New York City. If the State
adopted his plan, the Governor
insisted, the city tax must be reduced to 1 %, making the
total no more than it now is, but he did
suggest that the
Legislature should continue the city's emergency taxing
powers for another year. At present the city's power to levy
TO PWA—It is reported that $19,000
4% semi-ann. reservoir bonds have been purchased
APPLE, Ala.—BONDS SOLD
000 4% semi-aim. water works bonds
TO PWA—It is reported that $13,-
were
Administration.
purchased by the Public Works
WILTON, Ala.—BONDS SOLD TO PWA—A $17,000 issue of 4% semi¬
annual water works bonds is reported to have been sold at
par to the Public
Works Administration.
ARIZONA
CHINO VALLEY
IRRIGATION DISTRICT
(P. O. Chino Valley),
PWA—Mrs. Rose Cook, District Secretary,
$85,000 4% semi-ann. bonds were purchased at par by the
Public Works Administration.
The bonds are divided as follows:
$80,000 water bonds.
Denom. $1,000.
Due $4,000 from Jan. 1, 1946 to
Ariz.—BONDS SOLD
states
TO
that
1965 inclusive.
5,000 water bonds.
Denom. $100.
Due from Jan. 1, 1946 to 1965 incl.
Dated Jan
1, 1935.
Prin. and int. (J. & J.) payable at the County
Treasurer's office.
MARICOPA COUNTY SCHOOL DISTRICT NO. 2
(P. O. Phoenix),
Arb.—BOND SALE—A $6,000 issue of school bonds was sold
recently to
Kirby L. Vidrine & Co. of Phoenix, as 4>£s, paying a premium of
$10.15,
equal to 100.169, a basis of about 4.42%. Due $2,000 from 1938 to
1940,
incl.
The only other bid was an offer of par for
5s, tendered by Refsnes,
Ely, Beck & Co. of Phoenix.
MIAMI, Ariz.—REPORT ON BOND REFUNDING PLAN—We
formed by Kirby L. Vidrine & Co. of Phoenix that
they have been
are
in¬
employed
by the above town to refund its defaulted outstanding bonds in the amount
of $395,000.
It is stated that Miami, with an assessed valuation of about
$700,000, is now delinquent on $26,O0O interest and $36,000 of
principal.
We understand that the refunding plan, whale not
definite, will be in the
form of optional bonds, callable on any interest
payment date with a rate
of interest not to exceed 4%.
The refunding agent states that the bonds
are widely held and many bondholders have
already expressed the desire
to cooperate in the refunding.
Senate
Adopts Minimum Wage Bill—The Senate passed
new minimum
wage bill for women and
minors on April 15 after beating down a
Republican-; move to
the Administration's
amend the
measure
to include
men.
The vote
said to have been 42 to 1.
on
passage is
The bill, drafted along lines of the
Washington State act
upheld by the United States Supreme Court, was sent to the
Assembly where early concurrence is expected.
Michigan—Governor
Proposes
Unicameral
Legislature—
Governor Frank Murphy advocated the establishment of
unicameral legislative body in Michigan on
April 10 in
a
a
vetoing a bill proposing to add the LieutenantGovernor and the Speaker of the House of
Representatives
to the State Administrative Board,
according to an Asso¬
message
ciated Press
dispatch from Lansing.
The Attorney General
is said to have ruled the legislative bill was
unconstitutional
because it proposed to give the Speaker and the
Governor
a
civil
Lieutenantappointment during their term in office.
Vermont—Legislature Adjourns After Increasing Poll Tax
—An Associated Press dispatch from
Montpelier on April 11
reported as follows on the closing of, the legislative session:
ARKANSAS
ARKANSAS, State of—REPORT ON BOND TENDERS RECEIVED—
Arkansas
highway obligations
on
tenders
received recently
by the State
Refunding Board at Little Rock will result in purchase of
$2,015,329 par
value of notes, and certificates at a cost of
$1,891,049 to effect a savings
of $124,280.11.
The total of 330 tenders received by the Board
was
Financial
2700
$6,647,610.
Summary of purchases: Highway refunding bonds, series A—
1,165,100 par value, purchased at $1,135,274; yield basis, 5.12%.
Toll
bridge refunding bonds, series A—$146,000 par value, purchased at $142,293; yield basis, 5.12.
Road district bonds, series A—$583,000 par value,
purchased at $518,184; price range 88 to 89.58.
Road district, series B—
$51,090 par value, purchased at $31,024; price range 59 to 61.25.
Certi¬
ficates of indebtedness—$41,604 par value, purchased at $37,539; price
range 88.47 to 91.39.
Funding notes—$28,634 par value, purchased at
$26,733.37; price range 90.00 to 94.99.
The board made no purchases
of highway and toll bridge series B bonds or DeValls Bluff Bridge bonds.
BRADFORD, Ark.—BONDS SOLD TO PWA—It is reported that
$17,000 4% semi-annual water works bonds have been purchased at par by
the
Administration.
Works
Public
Ark.—BONDS SOLD TO PWA—A $19,000 issue
is reported to have been purchased by
MOUNTAIN HOME,
of 4% semi-ann. water works bonds
the Public Works Administration.
April 17, 1937
Chronicle
VALLEY SCHOOL DISTRICT BOND ELECTION—
The District will vote on April 20 on a proposal to issue $36,000 school
LA MESA-SPRING
building bonds.
OBISPO COUNTS
LUIS
SAN
(P.
LOWE SANITARY DISTRICT BOND
purchase of $10,000 5% bonds.
required.
the
O. San Luis Obispo), Calif.—
OFFERIAG—Madge M. Knicker¬
April 21 for
Dated May 1, 1937.
District Secretary, will receive bids until 7.30 p. m.,
bocker.
Denom. $500.
Certified check for 10%,
(P.
COUNTY
SIERRA
Calif.—ALLEGHENY
Downieville),
O.
by F. H.
$12,000 scnool bonds sold to the county on
March 1, as noted in these columns—V. 144, p. 1637—were purchased as
5s at par.
Due $1,000 from March 1 1938 to 1949, incl.
SCHOOL DISTRICT BOND SALE DETAILS—It is now reported
Tinner, County Clerk, that the
WATSONVILLE, Calif.—BOND ELECTION—The Board of Aldermen
for May 10 at which a proposal to issue $64,000 im¬
has called an election
provement bonds will
be voted upon.
TURREL, Ark.—BONDS SOLD TO PWA—It is reported that $13,500
4% semi-ann. water works bonds were purchased by the Public Works
Administration.
California Municipals
DONNELLAN & CO.
San Francisco,
111 Sutter St.
Calif.
COLORADO
Teletype-S F 396
Telephone Exbrook 7067
BRIGHTON, Colo.—BONDS VOTED—'The voters of the/city at a
recent election approved a proporition to issue $50,000 bonds to secure a
new right-of-way for a main highway.
/
MUNICIPAL
CALIFORNIA
BONDS
Colo.—BONDS DEFEATED—A proposed $40,000 bond
of a sewage disposal plant was defeated at a
CANON CITY,
issue to finance construction
Revel Miller & Co.
Lo\ Angeles Stock Exchange
MEMBERS
650 So,
Spring Street
COLORADO, State of—TEMPORARY LOAN—Negotiations are said
completed with Denver banks for the State to borrow $125,000
relief needs.
Certificates of indebtedness will be issued
immediately, according to Governor Teller Ammons..
The emergency is reported to have come as a result of the failure of the
State Legislature to appropriate any funds for relief purposes to date.
to have been
Los Angeles
•
to meet immediate
Teletype: LA 477
Telephone: VAndike 2201
SANTA ANA
SAN FRANCISCO
election.
recent
GRAND
CALIFORNIA
a
CALIFORNIA
..
SALE—The
of)—WARRANT
(State
$2,241,956.90
registered warrants offered on April 14 were awarded to a group of California
banks as 1% % at par plus a premium of $1,096.54.
Included in the group
were the American Trust Co., the Anglo-California National
Bank, the
Bankamerica Co., all of San Francisco, and the Capitol National Bank of
Sacramento.
The second high bid, offering a premium of $812.03 for lMs,
was submitted by a syndicate headed by Blyth & Co. of San Francisco.
Associated with Blyth & Co. were Kaiser & Co., Schwabacher & Co.,
Lawson, Levy & Williams, and Brush, Slocumb & Co., all of San Francisco.
CONTRA COSTA COUNTY (P. O. Placerville), Calif.—SAN RAMON
UNION HIGH SCHOOL DISTRICT BOND ELECTION—An
San Ramon Valley Union High School District on
VALLEY
election will be held in
April 23 for the purpose of voting on the question of issuing $20,000 school
gymnasium bonds.
PLACERVILLE SCHOOL DISTRICT BOND ELECTION—April 30 has
as the date of a special election at which a proposed $40,000 school
building enlargement bond issue will be voted upon.
been set
CORCORAN
IRRIGATION DISTRICT
(P. O. Corcoran), Calif.—
RFC REFINANCING LOAN—D. I. Brown, District Secretary, states that
loan
for refinancing was advanced by the Reconstruction
Finance Corporation on March 6.
a
of $624,000
IMPERIAL COUNTY (P. O. El Centro),
Calif.—BRA WLEY UNION
JUNCTION,
Colo.—BONDS
VOTED—At a recent election
approved by the voters of
proposal to" issue $50,000 library bonds was
the
city.
Colo.—BONDS VOTED—It is stated by George W. Clark,
that at the election held on April 6—V. 144, p. 2520—the
approved the issuance of the $280,000 in 3M% sewage disposal
plant bonds that were sold subject to this election.
PUEBLO,
City Clerk,
voters
CONNECTICUT
LEBANON, Conn .—PRICE PAID—Mansfield & Co. of Hartford paid
par in*J>urchasing the $99,000 3% school house and funding bonds recently
—V. 144, p. 2349.
MILFORD, Conn .—TAX COLLECTIONS SET NEW RECORD—Re¬
ceipts of $244,890.90 during March established a new monthly record for
the tax office and sent the figures for the six-month period, from September,
to within $9,760.73 of the mark established in the record year of 1935-36,
according to the report issued April 8 by Tax Collector William G. Bissell.
Although $403,708.37 was collected from Sept. 28, 1936 to March 31,
as compared
with $413,469.10 during the same period a year ago, the
collections in the first part of this current month have brought the collec¬
tions on a par with those which established a record a year ago.
The
difference is attributed partially to the lower tax rate this year.
of $244,890.80 for March smashed all previous monthly
figure, $231,677.48 was collected in current property
The total receipts
Of this
records.
and back property taxes; $1,319.05 in
HIGH SCHOOL DISTRICT BONDS SOLD—It is stated by W. J. McClel¬
taxes; $240,133.74 in both current
land, County Clerk, that $31,000 of the $40,000 5% semi-ann. school bonds
offered for sale without success on Dec. 7 as noted in these columns, were
interest; $428.26 liens; $2,950.75, current old age assistance taxes;
the 1935 old ago tax; $39, penalties on old age taxes.
purchased by the county on Feb. 9.
1937 to 1939, and $7,000. 1940.
COUNTY
KERN
(P.
O.
Due
on
Dec. 6 as follows: $8,000,
Calif.—LERDO
SCHOOL
DISTRICT BONDS NOT SOLD—The $25,000 bond issue of Lerdo School
on April 12—V. 144, p. 2348—was not sold, no bids being
The county will purchase the issue at par for 3%.
Denom.
$1,000.
Dated March 15, 1937.
Principal and semi-annual interest
(March 15 and Sept. 15) payable at the County Treasury.
Due yearly on
March 15 as follows: $2,000, 1938 to 1942; and $3,000, 1943 to 1947.
District, offered
received.
LOS ANGELES COUNTY
NEW
(P. O. Los Angeles)
Calif.—CARMENITA
On April 16 the electors of CarSCHOOL DISTRICT BOND ELECTION
'
menita School District will vote on a proposition to issue $25,000 school
on
count.
Other
BRITAIN, Conn.—NOTE SALE—The issue of $150,000 notes
April 14 was awarded to the First Boston Corp. at
Payable June 18,1937 at the National City Bank, New
offered
Bakersfield),
$20 on
bids
0.73% dis¬
York City.
were:
Discount
0.84'
Bidder—
Burr & Co., Inc__
R. L. Day &
Co
-
0.86'
Conn .—PROPOSED BOND ISSUE—The Board of
April 26 on proposals providing for the issuance of
$1,755,000 bonds, of which $970,000 would be used to construct a sewage
disposal plant and $785,000 to pay the cost of erecting a bridge over the
Quinnipiac River.
NEW
Aldermen
HAVEN,
will
vote
building bonds.
DELAWARE
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—EL MONTE
SCHOOL DISTRICT BONDS DEFEATED—At a recent election the voters
rejected
proposal to issue $200,000 school bonds.
a
MOUNTAIN VIEW SCHOOL DISTRICT BONDS VOTED—A proposi¬
tion to issue
$45,000 bonds of Mountain View School District carried at a
election.
recent
MONTEREY COUNTY (P. O. Salinas), Calif.— KING CITY SCHOOL
BONDS SOLD—The $50,000 King City Union School District bonds offered
on
April 15—V. 144,
of San
Francisco.
2349—were awarded to Lawson, Levy & Williams
1938 to 1942, in the amount of
p.
Bonds maturing from
$10,000, will bear interest at 5%, and the remainder of the issue, running
from 1943 to 1961, will bear 3M% interest.
The purchasers are paying
a premium of $12 over par, equal to 100.024.
Redfield, Royce & Co. of
Los Angeles offered a premium of $310 for 3Ms.
Dated May 1, 1937.
Due on
May 1 as follows: $2,000 from 1938 to 1959; and $3,000 in I960
BLADES, Del.—BONDS DEFEATED—At the April 5 election the
proposal to issue $15,000 water system bonds failed to receive tne approval
of the voters.
.
DELAWARE (State of)—BUDGET BILL—The budget bill for the next
two fiscal years as submitted to the House on April 19 by the Cnairman
of the Appropriations Committee provides for a total outlay of $5,556,080.
This is slightly in excess of $112,500 of the amount recommended by former
Governor C. Douglas Buck in a statement to the Legislature early in the
session, and is about the same amount that was
2-year period.
BONDS
FLORIDA
and 1961.
budgeted for in the previous
NATIONAL
CITY, Calif —DESCRIPTION OF BONDS SOLD—The
$20,000 4M% city hall bonds awarded on April 6 to Miller, Hall & Co. and
the U. S. National Bank, both of San Diego, at a price of 100.255, are
coupon bonds, on the denom. of $1,000 each, dated Feb. 20, 1937.
Int.
payable F. & A.
Due $2,000 yearly for 10 years.
ORANGE COUNTY (P. O. Santa Ana), Calif.—ANAHEIM SCHOOL
DISTRICT BONDS SOLD—The $195,000 Anaheim School District bond
issue offered on April 13—V. 144, p. 2349—was awarded to a syndicate
composed of the William R. Staats Co.; Griffith-Wagenseller & Durst; and
Banks, Huntley & Co., all of Los Angeles, as 3Ms, at par plus a premium of
$1,058, equal to 100.542, a basis of about 3.44%.
The Security-First
National Bank of Los Angeles was second high bidder, offering a premium of
$359for3Ms. Dated April 1, 1937. Due $5,000, April 1, 1938 and $10,000
yearly on April 1 from 1939 to 1957.
Clyde C. Pierce Corporation
Barnett National Bank Building
JACKSONVILLE
....
Branch Office:
First
National
Bank
Building
Florida
T.
FLORIDA
TAMPA
S.
Pierce. Resident Manager
Municipals
PITTSBURG, Calif.—BOND ELECTION—We are now informed that
the election to vote
mentioned
in
on
the issuance of the $195,000 in water main bonds,
these columns recently—V.
14T, p.
2520—will
be held on
LEEDY.WHEELER & CO
April 22.
BERNARDINO
SAN
COUNTY
NEEDLES HIGH SCHOOL
(P.
O.
San Bernardino),
ELECTION—An
DISTRICT BOND
Orlando, Fla.
Calif.—
election
April 23 at which a proposal to issue $60,000 school building
bonds will be voted upon by the voters of Needles High School District.
will be held
on
Orlando
COUNTY (P. O. San Diego), Calif.—SWEETWATER
UNION HIGH SCHOOL DISTRICT BOND SALE—The $175,000 issue of
school building bonds offered for sale on April 12—V. 144, p. 2349—was
awarded to A. S. Huyck & Co. of Chicago, as 4Ms, at a price of 100.56, a
SAN
basis
of
about
4.185%.
Dated March 12, 1937.
Due from March 12,
1939 to 1957.
SAN
a
DIEGO COUNTY (P.
O. San Diego), Calif.—VISTA SCHOOL
Unified School District
to a proposal to issue $110,000
election gave their approval
auditorium bonds.
recent
school
Jacksonville
No.
96
FLORIDA
BELLE GLADE, Fla.—BOND OFFERING—R. K. Harris, Mayor, will
bids until 2p.m. April 17 for the purchase of $4,000 4% water works
bonds.
Denom. $500.
Dated Nov. 15, 1933.
Principal and semi-annual
receive
DISTRICT BONDS VOTED—The voters of Vista
at
10
DIEGO
interest (May 15 and Nov. 15) payable at the Central Farmers Trust
West Paim Beach, or at the Central Hanover Bank & Trust Co. in
York, at holder's option.
Due Nov. 15, 1953.
Co.,
New
Volume
Financial
144
»,.DARE£.OUNTY SPECIAL TAX SCHOOL DISTRICT NO. 5 (P. O.
Miami), Fla.—BONDS
»
or
OFFERED
!r^°n«« .Robert
TO
Nuveen
PUBLIC—John
c°ok, Inc., of Miami, jointly,
are
&
of
Co.
offering a total
.1509,000 4% to 6% semi-annual refunding bonds for general investment.
Dated May 1, 1934.
Due from May 1, 1944 to 1964.
Legal approval by
Masshch & Mitchell of New York.
These bonds are stated to be full and
direct obligations of the district.
DE LAND, Fla.—PWA PROJECT CANCELLED^-It is stated by the
City Clerk that it has been necessary to cancel the loan of $327,000 ap-
Eroved by the Public Works Administration for an electric light held on
system
the bonds
not ratified by the voters at the election
ecause
were
March 30.
LAKELAND, Fla.—PWA
PROJECT ABANDONED—It is reported by
£. R. Carver, City Attorney, that the loan of $97,000 approved by the
1
ublic Works Administration for
the project has been abandoned.
construction,
sewer
will not be used as
JACKSONVILLE, Fla.—COURT UPHOLDS CERTIFICATE AU¬
THORIZATION—Freeholders do not have to approve the issuance of
$1,250,000 revenue certificates which the City of Jacksonville proposes to
issue for financing improvements in the municipal electric plant, according
to a decision handed down
by the State Supreme Court.
Not being bonds,
they do not require such approval.
By their own provision, the certificates
do not constitute a mortgage on the physical property of the plant, said the
court, and a tax levy for payment is not necessary.
The Circuit Court
validation of the certificates was affirmed.
Retirement of the certificates carrying 6% interest will begin in 1938 at
the rate of $100,000 annually from operating revenue of the plant.
The
net revenue of the plant in
1935
was
$1,755,785,
as
reported by the City.
MELBOURNE, Fla.—MATURITY—It is stated by C. R. Stickel, City
Manager, that the $25,000 4% semi-annual hospital revenue bonds pur¬
chased at par by the Public Works Administration, as noted here recently—
V. 144, p. 2521—are due
was
voted by
time
and
negotiable notes of St. Lucie County and its special
road and bridge districts.
Bonds that are in default of interest must be
warrants
offered at
for
such
a
flat price, which price shall be understood to be the price asked
with all past-due defaulted or unpaid coupons attached,
bonds
the call for bids sets out.
for
bond
The county has approximately
$10,000 available
purchase purposes.
SEBRING,
SOLD TO PWA—A $35,000 issue of 4%
semi-annual gas revenue bonds is reported to have been purchased at par
by the Public Works Administration.
WALTON
(P.
O.
Fla.—BONDS
COUNTY
SPECIAL
TAX
SCHOOL
DISTRICT
NO.
13
Funiak Springs),
De
scheduled for April 20 at
Fla.—BOND ELECTION—An election is
which the voters will pass on a proposal to issue
$15,000 school building bonds.
of)—CURRENT INDEBTEDNESS—The following
obligations outstanding as of April 1, 1937, is takenJrom
«•» NMMl
$4,000.00
500.00
1,000.00
Twelve Canal bonds
12,000.00
Emergency Relief Notes, First Issue, called Jan. 4, 1933—
Emergency Relief Notes, Second Issue, called Dec. 28, 1934
Bonds outstanding
State Highway bonds
-
Soldier's Compensation bonds
Waterway bonds
Emergency Relief bonds
for
revenue
.$205,700,505.40
Premium fund
400,000.00
-
Total
__.-.__$206,100,505.40
INDIANA
CAIN
SCHOOL
TOWNSHIP,
Fountain County,
I nd.—BOND
OFFERING—Oscar C. Johns, Trustee, will receive sealed bids until 7 p. m.
on April 26 for the purchase of $18,173 not to exceed 5% interest funding
bonds.
Dated April 1, 1937.
One bond for $673, others $500 each.
Due
as follows: $500, July 1, 1938; $500, Jan. 1, and July 1 from 1939 to 1955
incl. and $673 Jan. 1, 1956.
Bidder to name one rate of interest, expressed
in a multiple of }4 of 1%.
Interest payable (J. & J.).
Successful bidder
will be furnished with the legal opinion of Matson, Ross, McCord & Clifford
Indianapolis.
CLARK COUNTY (P. O. Jeffersonville),
Ind.—BONDS NOT SOLD—
The issue of $60,000 not to exceed 4% interest advancement fund bonds
offered on April 9—V. 144, p. 2350—was not sold.
New proceedings must
Issue dated Feb. 15, 1937 and due
$3,000
Ga.—BOND ELECTION—We
informed by
the
Clerk of the Council that the election to vote on the issuance of the $985,000
3% serial water works and sewage system bonds will be held on June 2,
instead of June 8, as previously reported in these columns.—V. 144, p. 2521.
are
now
WINDER SCHOOL DISTRICT (P. O. Winder), Ga .—BONDS SOLD
PWA—The Public Works Administration is said to have purchased
TO
$10,000 4% semi-annual school bonds at
par.
FORT WAYNE, Ind.—BOND SALE—The
$90,000 Auditorium refund¬
100.344,
of about 2.96%.
The BancOhio Securities Corp. of
Dated
Due $4,500 yearly on April 15 from 1938 to 1957, incl.
basis
a
Columbus
was
second high, bidding a premium of $245.70 for 3s.
April 15, 1937.
MARION COUNTY (P. O. Indianapolis), Ind.
BOND SALE—The
$44,520refunding bonds offered on April 14—V. 144, p. 2177—wereawarded
City Securities Corp. of Indianapolis, as 2y%s, at par plus a premium
of $168, equal 100.37 a basis of about 2.38%.
Dated May 1,1937 and
due June 1 as follows: $9,000 from 1938 to 1941 incl. and $8,520 in 1942.
to the
Other bids were as follows:
Int. Rate
2}4%
2M%
Bidder—
Harris Trust & Savings Bank, Chicago
Fletcher Trust Co., Indianapolis
Union Trust Co. and Indianapolis Bond & Share Corp.,
D'ALENE,
SALE— The $300,000 municipal
April 12—V. 144, p. 2350—were awarded to
the Ballard-Hassett Co. of Des Moines, the only bidders, as 4s, at par,
plus a premium of $2,850, equal to 100.95. Dated May 1, 1937. The bonds
will mature on the amortization plan, in 20 years,
I daho—BOND
plant bonds offered
HEYBURN
RURAL
on
HIGH
SCHOOL
DISTRICT,
Idaho—BONDS
VOTED—The residents of the District have voted approval of a proposi¬
tion to issue $28,900 school building bonds.
PAYETTE COUNTY
(P.
O.
New
Premium
$85.00
65.50
2%%
3H%
116.00
60.97
MUNCIE,
Ind.—BOND
OFFERING—Hubert
L.
Parkinson,
City
Controller, will receive sealed bids until 10 a. m. on April 23 for the pur¬
chase of $85,000 not to exceed 4% interest special taxing district "improve¬
ment district bonds."
They will be issued pursuant to Chapter 100, Acts
of 1937, for the purpose of redeeming certificates of indebtedness issued to
pay the city's share of the cost of improvements.
The bonds are not
general obligations of the city, but are payable out of unlimited special
taxes to be
levied and collected
on
all of the city's real and personal property,
provided in Chapter 100, Acts of 1937.
The bonds will be dated May 1,
1937 and issued in denoms. of $1,000, unless otherwise requested by the
successful bidder.
Due as follows: $4,000, July 1, 1938; $4,000, Jan. 1 and
IDAHO
COEUk
June 1 and Dec. 1
ing bonds offered on April 15—V. 144, p. 2350—were awarded to Dewees
& Ehrman of Fort Wayne, as 3s, at par plus a premium of $310, equal to
as
power
on
from 1938 to 1947 incl.
both of Indianapolis
AUGUSTA,
12,728.30
5,277.10
35,505.40
132,564,000.00
26,370,000.00
3,031,000.00
43,700,000.00
Total debt
Tax anticipation notes held by Agricultural
A. S. Huyck & Co.
GEORGIA
interest,
New Internal Improvement stock
New Internal Improvement int. stk., payable after 1878
One Old Internal Improvement bond
-
be enacted.
the County School Board recently.
ST. LUCIE COUNTY (P. O. Fort Pierce), Fla.—TENDERS ASKED—
The Board of County Commissioners will open bids at 10 a. m. on April 20
on offerings of matured and unmatured road and bridge or highway bonds,
(State
the March report of John C. Martin, State Treasurer.
—• Mtm.
Called bonds and notes outstanding which have ceased to draw
viz:
(P. O. West Palm Beach), Fla.—SCHOOL
BOND REFUNDING AUTHORIZED—Refunding of approximately $800,000 bonded indebtedness of outlying school districts and of $478,000 general
school bonds
ILLINOIS
2701
record of State
of
Dec. 1, 1957.
on
PALM BEACH COUNTY
Chronicle
INDEPENDENT SCHOOL
DISTRICT No.
11
Board
a
•
PRINCETON, Ind.—BOND OFFERING—Stewart Watson, City ClerkTreasurer, will receive bids until 7p.m. April 19, for the purchase at not
$25,000 bonds.
Bidders are to name rate of interest, in a
multiple of ^%, but not to excede 4%.
Denom. $500.
Dated April 1,
1937.
Due $1,000 on each July 1 and $1,500 on each Jan. 1 from July 1,
1938 to Jan. 1, 1948, inclusive.
less than par of
of
special on election April 20 at which a proposition
issue $30,000 high school building bonds will be voted upon.
July 1 in 1939 and 1940; $5,000 Jan. 1 and July 1 from 1941 to 1946 incl.
1,1947. Bidder to name one rate of interest, expressed in
multiple of M °f 1 %
No conditional bids will be considered. Successful
bidder will be furnished with the legal opinion of Matson, Ross, McCord
& Clifford of Indianapolis.
and $5,000, Jan.
to
Trustees
Plymouth),
will hold
Idaho—BOND ELECTION—The
a
Iowa
Municipal Bonds of
ILLINOIS
MICHIGAN
INDIANA
IOWA
Municipals
polk-Peterson Corporation
WISCONSIN
Des Moines Building
DES
Bought— Sold—Quoted
Sioux City
Sioux Falls, S. D.
Iowa City
Cedar Rapids
//tic.
tflo/tnAcm If
MOINES
Davenport
Ottumwa
Waterloo
A. T. & T.
Teletype:
DESM 31
municipal bond dealers
135 So. La Salle
St., Chicago
State 0540
IOWA
Teletype CGO. 437
AMES SCHOOL DISTRICT (P. O. Ames), Iowa—BOND ELECTIONS
—It is stated by the Secretary of the Board of School Directors that two
ILLINOIS
election dates have been set on alternate school bond proposals, as follows
ARLINGTON HEIGHTS SCHOOL DISTRICT NO. 25, 111.—BOND
SALE—Seipp, Princell & Co. of Chicago purchased an issue of $65,000
4
coupon school building bonds at a price of par.
Dated April 1, 1937.
Denom. $1,000.
Due in 20 years.
Callable prior to maturity.
CHICAGO, III.—CONSIDER FINANCING OF TRANSPORTATION
PROGRAM—City officials are now engaged in the study of methods by
which Mayor Kelly's plan for the construction of a subway and elevated
super-highway could be financed.
Because of constitutional limitations
on the issuance of
general obligation bonds, that avenue is definitely closed.
It has been suggested, according to report, that a separate branch of the
government, with debt-incurring powers similar to those enjoyed by the
Board of Education, be established to finance tne program tnrougn the
sale of its own revenue bonds.
In any event, it is believed tnat Federal
financial aid will be required, in the form of outright grants, to make the
program
reaility.
a
*
tax
collections for that year are reported to be the best of any previous
Total tax levy for 1935 was $196,279,790, of which
1927.
67.15%, or $131,800,309, has been collected, it was announced by Horace
G. Lindheimer, County Treasurer.
period since
$25,000 park purchase bonds
LYONS
TOWNSHIP
was
HIGH
111.—BOND SALE—An issue of
sold recently, according to report.
SCHOOL
DISTRICT
NO.
204
(P.
O.
LaGrange), 111.—BOND SALE—The $45,000 coupon, registrable as to
principal, refunding bonds offered on April 14—V. 144, p. 2521—were
awarded to the Harris Trust & Savings Bank of Chicago as 2H&, at par
plus a premium of $85, equal to 100.188, a basis of about 2.70%.
Dated
May 1, 1937.
Due May 1, 1941.
Second high bid was submitted by
Paine, Webber & Co. of Chicago, offering a premium of $134.59 for 3%
bonds.
MARTINSVILLE, III.—BONDS VOTED—At the April 6 election the
approved the issuance of $30,000 road construction bonds. They will
or 4 Vt, % and offered for sale within the next two weeks.
voters
)>ear interest at 4
STOCKLAND, 111.—BONDS DEFEATED—At the March 27 election
community building
the voters declined to authorize the issuance of $25,000
and gymnasium bonds.
$225,000, and
on
May 12—$200,000 bonds.
AUDUBON, Iowa—BOND OFFERING—Henry Curtis, City Clerk, will
receive bids until 7:30 p.m. April 19 for the purchase of $33,000 refunding
bonds.
Due $7,000 on Nov. 1 in 1938, 1939, 1940 and 1941; and $5,000
Nov. 1, 1942.
GEORGE, Iowa—BOND OFFERING— Sealed bids will be received until
Due
April 29 by the City Clerk for the purchase of $8,000 city hall bonds.
1938 to 1945 inclusive.
from
HANCOCK COUNTY (P. O. Garner),
of $24,000
Iowa—BOND SALE— An issue
2M|o)es Moines. fund bonds was sold recently to the Carleton
county poor
D. Beh Co.
OSKALOOSA INDEPENDENT SCHOOL
DISTRICT, Iowa—BOND
ELECTION—At an election to be held on April 26 a proposition to issue
COOK COUNTY (P. O. Chicago), 111.—PLANS TAX SALE—Accord¬
ing to present indications, the county will offer at a tax sale about April 26,
approximately 900,000 parcels of property on which 1935 taxes in tne amount
of more than $41,000,000 is delinquent.
Despite the large delinquency,
GRANITE CITY PARK DISTRICT,
On May 5,
$21,000 school building bonds is to be voted upon.
W O
XFORD, Iowa—BONDS SOLD TO
ministration
nasium
is
PWA—The Public Works Ad¬
$10,000 4% semi-ann. gym¬
reported to have purchased
bonds.
'
'
-^_________
"TJxFORD*
will receive
Iowa—BOND OFFERING—J. W. Floerchinger, Town Clerk,
bids until
8 p. m. April 26 for the purchase of the following
bonds:
$3,500 grading fund bonds. Due $500 on Nov. 1 in each of the years 1942,
1945, 1948, 1951, 1953, 1955 and 1957.
6,500 improvement fund bonds. Due on Nov. 1 as follows: $400,1940 and
1942; $600, 1944 and 1946; $700, 1948, 1950 and 1952; $800, 1954,
1956
and
1957.
Dated March
Donald T,
1, 1937.
The town will furnish the approving opinion of
Hines of Cedar Rapids s
*
SHENANDOAH INDEPENDENT SCHOOL DISTRICT (P. O. Shen¬
andoah), Iowa—MATURITY—It is stated by the District Secretary that
Carleton D. Beh Co. of Des
Moines, as 3s, at a price of 100.38, as noted here recently—V. 144, p. 2522,
are due $7,000 from Nov. 1,
1938 to 1952, incl., giving a basis of about
the $105,000 refunding bonds purchased by the
2.95%.
SIOUX COUNTY (P. O. Orange City), Iowa—BOND SALE CON¬
TEMPLATED—A. Balkema. County Treasurer, states that steps will
probably be taken to offer for sale in May the remaining $500,000 primary
road bonds of the $1,000,000 issue approved at the election on June 30. 1936,
Financial
2702
WEAVER TOWNSHIP SCHOOL DISTRICT (P. O. Humboldt),
Iowa—BONDS DEFEATED—The special election held on April 9 resulted
in the rejection of the proposal to issue $23,000 school building bonds.
KANSAS
ATCHISON COUNTY (P. O. Atchison), Kan.—BOND SALE—The
two issues of 2 H% semi-ann. bonds aggregating $39,000 offered for sale
April 3—V. 144, jp. 2351—were purchased
by the Baum, Bernheimer
99.904, a basis
Co. of Kansas City, Mo., at a discount of $37.34, equal to
of about 2.268%.
Tne issues are divided
as
follows:
$29,000 poor relief bonds.
Dated March 1, 1937.
Due from March 1,
1938 to 1947, incl.
10,000 road bonds.
Dated April 1, 1937. Due $1,000 from April 1,1938
to 1947, incl.
SCHOOL DISTRICT
EMPORIA
DEFEATED—At the election held
on
(P.
O. Emporia), Kan,—BONDS
April 6 the voters are said to have
defeated the issuance of the $145,000 in school construction bonds.
NORTON COUNTY (P. O. Norton), Kan.—BOND SALE—An issue
April 17, 1937
exchanging a total of $559,800 refunding bonds with the holders of the
original obligations.
RODESSA SEWER DISTRICT NO. 1 (P. O. Shreveport), La.—BOND
SALE—The $10,000 issue of sewerage bonds offered for sale on April 8
—V. 144, p. 2179—-was awarded to Barrow, Leary & Co. of Sbreveport, at
par,
ARKANSAS CITY, Kan.—
It Is stated by the
BONDS
City Clerk that at the election held on April 6, the voters defeated the
issuance of the $34,212.75 swimming pool bonds.
on
Chronicle
according to the Secretary of the Police Jury.
SHREVEPORT, La.—BOND SALE CONTEMPLATED—It is stated
that the city will enter the market
for $300,000 for street-restoration
soon
purposes.
The Commission Council of the city made provisions in an
ordinance adopted recently to sell bonds to that amount.
The financing
will be done without a raise in taxes, it was declared, and depends upon a
residue of other funds to service the bonds.
selling the issue.
The city is applying for
total expenditure up to $463,000.
No date has yet been set
a
for
Federal grant to bring the
TANGIPAHOA PARISH SCHOOL DISTRICT
NO.
102
(P. O.
Amite), La.—BONDS NOT SOLD—The issue of $125,000 school bonds
sold. Dated April 1, 1937.
offered on April 12-—V. 144, p. 2007—was not
Due on April 1 from 1939 to 1957, incl.
TANGIPAHOA PARISH SCHOOL DISTRICT NO.
110
(P. O.
Amite), La.—BONDS NOT SOLD—The $15,000 school bonds offered on
April 12-—V. 144, p. 2067—were not sold. Dated April 1, 1937. Due on
April 1 from 1939 to 1957.
Of $10,000 relief bonds has been sold to Estes, Payne & Co. of Topeka.
MAINE
OZAWKIE SCHOOL
DISTRICT (P. O. Ozawkia), Kan.—BONDS
SOLD—It is reported by the Clerk of tne Board of Education that $10,000
auditorium-gymnasium bonds have been purchased by the State School
Fund
Commission.
DISTRICT
vP.
O.
Pittsburg),
Kan.—
BONDS VOTED—The Clerk of the Board of Education reports that at the
election held on April 6 the voters approved the issuance of the $192,500
in school bonds, the issuance of which is contingent on a Public Works Ad¬
ministration
grant.
TOPE LA, Kan.—BONDS VOTED—At the general election held on
April 6 the voters are stated to have approved the issuance of the $850,000
in auditorium bonds and the $87,725 Grant School building bonds.
VERMILION,Kan.—BONDS SOLD—It is stated by the City Clerk that
$21,000 water works bonds were purchased at par by the State School
Commission.
$34,625.96 gutter and paving bonds. Denom. $1,000, one bond for $625.96.
18,000.00 park bonds. Denom. $1,000.
5,000.00 riprap bonds. Denom. $500.
Dated March
Due approximately one-tenth each year, for a
1, 1937.
period of one to 10 years.
KENTUCKY
DISPOSAL REPORT—A. N. Richardson,
City Auditor, states that $40,000 refunding school bonds will be taken
ASHLAND,
Ky.—BOND
by tne Sinking Fund.
K y.—BONDS
BRADFORDSVILLE,
Administration
water works bonds.
Works
is
said
to
SOLD
TO PWA—The Public
$6,500 4% semi-ann.
have purchased
Ky.—BONDS SOLD—It is reported that $40,000 funding
bonds were purchased recently by Magnus & Co., and Walter, Woody &
Heimerdinger, both of Cincinnati, as 534s, at a price of 100.12.
DAYTON,
GREENVILLE,
Ky .—BONDS SOLD—Ruth
Nicholson,
City
Clerk,
that $20,848 refunding bonds, the validity of which was upheld
recently by the Court of Appeals, have been sold to the Bankers Bond Co.
states
of Louisville.
■
'
REDEMPTION SEEN LIKELY—
Indications that the State shortly will retire $3,000,000 of its outstanding
$17,000,000 of 3% warrants are seen in announcement by State Treasurer
John E. Buckingham that estimates of total State revenue have been
KENTUCKY,
State
of—NOTE
$4,000,000 over former figures.
Receipts already are far ahead of a year ago, and shortly the $3,000,000
income tax collection will fall into the treasury.
Before the end of April
raised
$2,000,000, or maybe $3,000,000, will be paid on the State debt, according
to Mr. Buckingham.
With nine months of the fiscal year gone, collections from State revenue
sources stand at $32,848,148.
A year ago they stood at $29,634,151, but
included $2,200,000 of sales tax collections that went to the counties.
The Highway Department will have at least $1,500,000 more than a
year ago, because of increased collections of more than $1,000,000 from
the 5-cent gasoline tax over 1935-36.
Automobile license fees have been
cut, but the receipts will not fall far below 1935-36 when the year ends
June 30.
20.
collections did not begin until Feb.
5, as against the usua
Tax Receiver M. O. Porter took in $5,518,318 up to 4pril 1.
This compares with collections of $5,600,997 in the corresponding period
of last year.
A year ago collections were 72.05% of the levy.
This year
they were 70.16%.
The figures include only current taxes.
LOUISVILLE,
Ky.—BONDS SOLS TO PWA—The $23,734.95 street
described below, which were offered on April 8—V.
awarded to the Public Works Administration at par:
impt. bonds
—were
(Eastern Standard Time)
purchase of $30,000 coupon sewerage district bonds.
April 26
on
Dated May 1,
1937.
Denom. $1,000.
Due $6,000, annually on May 1 from 1952 to
1956 incl.
Bidder to name the rate of interest In a multiple of H of 1%.
Principal and interest (M. & N.) payable at the National Bank of Commerce
of Portland.
The bonds are exempt from taxation in Maine and from all
Federal income tax and will be issued under the supervision of and certified
as to genuineness by the National Bank of Commerce of Portland, and
their legality approved by Carroll S. Chaplin, of Portland, whose opinion
will be furnished the successful bidder.
Delivery will be made at the
above-mentioned bank on or about May 3, 1937.
Bids must be for the
total amount offered and the price bid must be not less than par and
accrued interest.
Assessed valuation, City of South Portland for 1936
$12,407,850
Bonded debt of South Portland Sewerage District (not including
_
present issue)-Bonded debt of City of South Portland
19356
No water bonds.
520,000
598,000
_
•
Population of district, 14,000.
: v
Note—The South Portland Sewerage District is a body politic and
corporate, organized by Act of the Maine Legislature for tne purpose of
providing a system of sewerage and drainage within the limits of the District.
MARYLAND
DORCHESTER
COUNTY
(P.
O.
Cambridge), Md.—BONDS AU¬
THORIZED—The County Commissioners have decided to issue $150,000
bonds for a school building program, provided the Federal Government will
extend assistance to the amount of $75,000.
MASSACHUSETTS
ANDOVER, Mass.—NOTE SALE—The $125,000 revenue anticipation
notes pffered on April 12—V. 144, p. 2522—were awarded to the Second
National Bank of Boston on a .697% discount basis.
Notes are dated
April 12,1937 and mature Nov. 5,1937.
Chace, Whiteside & Co. of Boston
were next best bidders, at .71% discount.
Bristol
COUNTY
(P. O. Taunton), Mass.—OTHER BIDS— The
issue of $65,000 school bonds awarded March 30 to Newton, Abbe & Co.,
Inc. of Boston, as 2s, at a price of 100.653, a basis of about 1.87%, was
also bid for as follows:
Bidder
Int. Rate
Kennedy, Spence & Co
Second National Bank of Boston
Estabrook & Co.
Tyler & Co., Inc
—
Brown Harriman & Co., Inc
Rate Bid
2%
2%
2%
2H%
214%
100.379
100.25
100.047
100.799
100.179
BROCKTON, Mass.—NOTE SALE—On April 15 the $200,000
revenue
anticipation temporary loan notes offered on that date were awarded to the
Merchants National Bank of Boston on a 0.96% discount basis.
The First
National Bank of Boston bid 0.964% discount.
Notes are dated April 16,
1937 and will mature Dec. 16, 1937.
DEDHAM, Mass.—NOTE SALE—An issue of $100,000 notes offered
April 14, was sold to the Boston Safe Deposit & Trust Co. of Boston
a
.67% discount basis, plus a premium of $7.
The notes are dated
April 15, 1937 and will be payable Dec. 10, 1937.
Whiting, Weeks &
Knowles of Boston bid .71% discount.
on
LOUISVILLE, Ky.—TAX RECEIPTS GOOD DESPITE FLOODS—This
city's fiood loss was $59,000,000, but city tax collections through March,
the first month to enjoy anything near normal business after the deluge,
were only 1.89% below those for the corresponding period a year previous.
The 1937
for the
Financial Statement, April 14,1937
WICHITA, Kan.—BIDS REJECTED—The bids received on April 12
the $57,625.96 2H% coupon internal improvement bonds offered on
that date—V. 144, p. 2351—were rejected.
All offers were at large dis¬
counts.
The bonds are divided into three issues as follows:
for
Jan.
(P. O. South Portland), M«.—BOND OFFERING—Harry A. Brinkerhoff, District Treasurer,
will receive sealed bids until noon
SCHOOL
PITTSBURG
SOUTH PORTLAND SEWERAGE DISTRICT
$7,391.22 4% series U bonds.
144, p. 2351
Denoms. $500 and $100, one for $191.22.
Due
on Jan. 26 as follows: $800, 1938 to 1941; $900, 1942; $800,
1943 to 1945, and $891,22 in 1946; optional after Jan. 26, 1941.
Int. payable J. & J.:
16,343.73 4% series V bonds.
Denoms. $1,000, $500 and $100, one
for $143.73.
Due on Feb. 15 as follows: $1,800, 1938 to 1943;
$1,900, 1944; $1,800, 1945, and $1,843.73 in 1946; optional after
Feb. 15, 1941.
Int. payable F. & A.
WARSAW
SCHOOL
DISTRICT
(P.
O.
Warsaw),
Ky.—BONDS
SOLD TO WPA—A $29,000 issue of 4% semi-ann. school bonds is said to
have been purchased by the Public Works Administration.
Offerings
Wanted:
MUNICIPALS
WHITNEY
Bell Teletype
N
O. 182
$2,705,900.08
2.534,015.02
2,674,122.92
-
Raymond 5409
LOUISIANA
SIDE QUINCY, La.—BOND old bonds for new refunding securities has
xchange of about $179,000 in REFUNDING NEARS COMPLETION—
been nearly completed, according to announcement at the office of A. M.
Smith Investment Go., fiscal agents for the town.
The new bonds consist
paving 5%%, due 1935 to 1968; $107,000 sewer 5%%, due 1935
1937; $15,000 building 6%, due 1935 to 1941.
The refunding bonds
merely extend the maturities of the old indebtedness.
of $15,000
to
RICHLAND PARISH (P. O. Ray ille). La.—BOND EXCHANGE—
are
informed by R. Downes, Parish Treasurer, that the Parish is
$511,321.57
99,044.12
21,924.28
-
-
-
Total bonded debt
Water debt
(exql. of tax title loans) (includes water)-- 1,802,400.00
I
Sinking fund (sewer) _i
held
JL
Loans against tax titles
89,000.00
81,345.80
136,766.63
66,928.92
422,650.50
-
_
on
-
-
J.
hand-
-
-
Massf—OTHER BIDS—The issue of $500,000 revenue notes
HOLOYKE,
awarded to Leavitt & Co. of New
of $21, was also
LA.
HCOTTONPORT, La—BONDS SOLD TO PWA—It is now stated that
the $18,000 4% semi-ann. street bonds offered for sale on Nov. 17, 1936,
have been purchased at par by the Public Works Administration.
of April 1, 1937,
Levy
Uncollected Taxes
Bidder
Lehman Bros.
First National
We
as
$73,542,200.00
Tax
1936 (rate $36.40)
1935 (rate $33.40)
1934 (rate $35.80)
Cash
NATIONAL BANK
r
Financial Statement
Assessed valuation 1936
Tax titles
Department
NEW ORLEANS,
EVERETT, Mass.—NOTE OFFERING—Emil W. Lundgren, Temporary
City Treasurer, will receive bids, until 11 a. m. April 21 for the purchase
at discount of $500,000 revenue anticipation temporary loan notes, dated
April 21, 1937, and payable $250,000 on Dec. 1, 1937 and $250,000 on
Dec. 15, 1937 at the National Shawmut Bank of Boston in Boston.
The
notes will be ready for delivery at said bank against payment in Boston
funds on or about April 21.
Bids to be for all or none.
The notes will be issued in the following denoms. for each maturity:
8 for $25,000; 4 for 10.000, and 2 for 5,000.
The notes will be authenticated as to genuineness and validity by the
National Shawmut Bank of Boston, under advice of Ropes, Gray, Boyden
& Perkins, and all legal papers incident to this issue*will be filed with said
bank where they may be inspected.
1934
LOUISIANA & MISSISSPIPI
Bond
on
bid for
as
York, at 0.95% discount, plus
a premium
follows:
Discount
(Plus $20 premium)
Bank of Boston
■;
0.95%
o 97%
Merchants National Bank of Boston
Bank of the Manhattan Co.
.
0^99%
0.99%
Faxon, Gade & Co
Whiting, Weeks & Knowles
1 01%
-
1.10%
LEXINGTON, Mass,—NOTE OFFERING——Sealed bids will be received
by the Town Treasurer until 7:30 p. m. on April 20, for the purchase at
discount of $100,000 tax anticipation notes, dated April 21, 1937
and
payable Dec. 3, 1937.
LYNN,
Mass.—TO
ISSUE
$450,000
BONDS—Mayor
Manning
has
stated that the city will retire $800,000 of its funded debt in the
present
and issue new bonds in the amount of $450,000.
LYNN, Mass.—BOND OFFERING—Joseph
receive sealed
coupon or
bids until 11
a.
m.
on
registered bonds, divided
Cole, City Treasurer, will
April 22 for the purchase of $450 000
follows:
as
Volume
Financial
144
Due $40,000 on May 1,
$200,000 street and sidewalk loan bonds of 1937.
from 1938 to 1942 inclusive.
150,000 land and buildings loan bonds of 1937.
Due May 1 as follows:
$10,000 from 1938 to 1947 incl. and $5,000 fro n 1948 to 1957 incl.
100,000 sewer bonds of 1937.
Due $5,000 on May 1 from 1938 to 1957 incl.
All of the bonds will be dated May 1, 1937.
Denom. $1,000.
Bids
must be for the entire offering of $450,000 bonds, with the bidder to name
one rate of interest in a
multiple of
of 1 %.
Each loan may carry a differ¬
ent interest rate.
Principal and interest (M. & N.) payable at the First
National Bank of Boston, or at holder's option, at the City Treasurer's
office.
The oonds are valid general obligations of the city, exempt from
taxation in Massachusetts, and all of the city's taxable property will be
subject to the levy of unlimited ad valorem taxes to cover principal and
interest charges.
The bonds will be engraved under the supervision of and
certified as to their genuineness by the First National Bank of Boston, and
will be delivered at that institution's 17 Court Street Office, Boston, on
May 3, 1937, against payment in Boston funds.
Successful bidder
will be furnished with the approving legal opinion of Storey, Thorndike,
Palmer & Dodge of Boston.
or
about
WELLESLEY, Mass.—NOTE OFFERING—Sealed bids will be received
by the City Treasurer until noon on April 20 for the purchase at discount
anticipation notes, dated April 20, 1937, and payable
$100,000 Dec. 31, 1937, and $200,000 March 1, 1938.*feC29MHfcMHMi
of $300,000 revenue
~winchestellfr^^"—Ta!jCRATE
$141,283,410.00
5,995,000.00
449,500.00
101,261.44
Sinking funds, other than water
J
Net debt
5,444,238.56
Population, 100,701.
Tax Collections
1935
Uncollected April 1, 1937
WORCESTER COUNTY
chase at discount of the following:
$175,000 tuberculosis
hospital
maintenance
notes.
Benoms.
$25,000,
$10,000 and $5,000.
Dated April 10, 1937 and due April 20, 1938.
26,000 hospital funding Loan Act of 1932 notes.
Denoms. $6,000 and
Dated April 20, 1937 and due April 20, 1938.
$5,000.
and"are
All of the notes are exempt from taxation in Massachusetts
able at the Second National Bank of Boston.
Delivery will be
We
Buy for Our Own Account
MICHIGAN MUNICIPALS
Cray, McFawn & Company
15, 1937.
in Boston.
MASSACHUSETTS (State of)—BOND SALE—The $660,000 registered
144, p. 2351—were awarded
Gloucester Pier bonds offered on April 13—V.
composed of Kidder, Pea body & Co., Graham, Parsons
Goldman, Sachs & Co., all of New York, as l%s, at a price
account
an
and
&
of
basis of about 1.70%.
Due $132,000 annually on April 1 from
1938 to 1942, incl.
The First Boston Corp. of New York was second high
bidder, with an offer of 100.089 for lj^s.
100.153,
a
Other bids
were
follows:
as
Rate Bid
100.034
Int. Rate
Bidder—
Edward B. Smith & Co
Brown Harriman & Co.,
2%
Inc
2%
&
F.
C.
Inc.,
Co.,
Weigold, Inc.,
100.32
100.30
100.289
100.28
DETROIT
100.24
2%
& Co__
Harris Trust Ac Savings Bank of
burn & Co.. Inc
Lehman Brothers and
Chicago and Wash¬
Weeks & Knowles, Inc
&
Co.
100.20
2%
100.197
& Co. and Whiting,
—2%
Discount
1.07%
1.14%
1.20%
„
obligations for public investment priced
yield from 0.90% to 2.25%. according to maturity.
Other bids
were as
follows:
Int. Rate
Bidder—
2M%
2M%
2M%
2M%
Kidder, Peabody &Co
Kennedy, Spence & Co
-
Hornblower & Weeks
Rate Bid
April 19 for the
$18,000.00 special assessment refunding bonds.
Dated July 1, 1937.
Due July 1 as follows: $2,000 from 1940 to 1945 incl. and $3,000
in 1946 and 1947.
assessment
Mass.—BOND SALE—The issue of $40,000 coupon water
on April 12—V. 144, p. 2523—was awarded to Tyler & Co.,
as 2Ms, at a price of 100.399, a basis of about 2.10%.
Dated April 15, 1937 and due $8,000 on April 15 from 1938 to 1942 incl.
The following other bids were submitted, all of which were for 2M % bonds;
Boston,
Rate Bid
100.353
100.329
Bidder—
-
Burr & Co., Inc..
1947
1
as
refunding
follows:
bonds.
Dated
May
1,
1937.
$2,957.89 in 1940, and $2,000 from 1941
incl.
10,000.00 refunding bonds.
Dated May 1, 1937.
Due May 1 as follows:
$1,000 from 1940 to 1945 inci. and $2,000 in 1946 and 1947.
5,000.00 refunding bonds.
Dated April 1, 1937.
Due $1,000 on April 1
from 1940 to 1944 incl.
Rate of interest to be
of 1%.
bonds, payable
named by the bidder, in a multiple of
Interest payable semi-annually. A cert, check for 2% of the
the order of the city, must accompany each proposal.*
to
Mich.—REFUNDING
PLAN
OPERATIVE—C ME.
of the Municipal Investors Association, Inc., 1859
Detroit, announces to holders of bonds of the city
(or its predecessor tne Village of Ferndale), that approximately 75% of the
affected bonds having consented to the proposal, the plan of refunding has
been declared operative.
It is anticipated by the refunding managers that
FERN DALE,
Secretary
Huyette,
National
the
new
two
Bank Bldg.,
bonds will
weeks.
be signed and available for delivery within the next
has been made in the plan as described in the
1936, namely, that legal opinions on re¬
One change
Association's circular of Oct. 8,
funding bonds series, F, G, H and I, and certificates of indebtedness series
D are to be furnished by Miller, Canfield, Paddock & Stone of Detroit.
Holders of the bonds to be refunded are requested to forward them to the
Detroit Trust Co., Detroit, depositary, for the purpose of effecting the
exchange of bonds and for the
collection of interest in accordance with the
bonds.
101.277
100.329
SAUGUS,
First National Bank of Boston
O.F. Childs & Co.
Mich.—BOND OFFERING—Louis F. Batt-
provisions of the refunding plan.
A letter of transmittal for that purpose
may be obtained from the Association.
In addition, holders of certificate
of deposit issued by the Detroit Trust Co. representing certain past due
coupons are asked to forward the certificate, endorsed in blank, with the
bonds offered
of
GRAND RAPIDS,
100.159
2M%
2%%
-
Whiting, Weeks & Knowles..
Inc.
Due serially from 1939 to 1948, incl.
EAST
jes, City Clerk, will receive sealed bids until 7 p. m. on
purchase of $49,957.89 bonds, divided as follows:
101.055
100.539
100.51
100.38
100.187
2M%
2W%
Estabrook & Co.
Newton, Abbe & Co
mi
100.078
NEWTON, Mass.—BOND SALE—The issue of $50,000 coupon water
on April 12—Y. 144, p. 2523—was awarded to Tyler & Co.,
Inc., of Boston on a bid of 100.177 for 2 Ms, a basis of about 2.23%. Edward
B. Smith & Co. of Boston were second high, bidding 100.148 for 2Ms.
Dated April 1, 1937.
Due on April 1 as follows: $4,000 from 1938 to 1942;
and $3,000 from 1943 to 1952.
•* .
R. L. Day & Co
Burr & Co., Inc..
10
COLOMA TOWNSHIP SCHOOL DISTRICT NO. 7 (P. O. Coloma).
Mich.—BOND SALE—An issue of $10,000 school bonds nas been sold
Due May
Bank of Boston
The bankers are re-offering the
NO.
apparatus.
to
bond»offered
to
DISTRICT
it BRONSON, Mich.—BONDS VOTED—At the April 5 election three
proposals calling for the issuance of a total of $45,000 bonds were approved.
The measures comprised $32,000 for street and highway improvements,
$10,000 for sewer and drainage systems and $3,000 for^fire department
16,957.89 special
Bidder—
Faxon, Gade & Co. (plus $2 premium)
Whiting, Weeks & Knowles
SCHOOL
O. Bloomingdale), Mich.—BONu SALE DETAILS—The $15,000
school building bonds sold in March, as reported in these columns,
were purchased by the Peoples State Bank of Bloomingdale, at par plus a
premium of $450, equal to 103.
Due serially from 1938 to 1952. inclusive.
100.135
NATICK, Mass.—NOTE SALE—The issue of $100,000 notes offered
on April 12 was awarded to the Second National Bank of Boston, at 1.049%
discount.
Dated April 12, 1937 and due $50,000 each on Feb. 15, 1938,
and March 15, 1938.
Among the other bids were the following:
Merchants National
TOWNSHIP
BLOOMINGDALE
2%
—
347
^P.
4%
100.17
Webster and
&
Stone
and
DET
Tel.
MICHIGAN
2%
— ..
Merchants National Bank of Boston.
S. Moseley
Blodget, Inc
100.217
2%
-
T.
______
2%
H. C. Wainwright & Co
Barr Brothers & Co., Inc
R. L. Day & Co., Estabrook
T.
BIRMINGHAM, Mich.—TENDERS WANTED—H. H. Corson, City
Treasurer, will receive until 2p.m. (Eastern Standard Time) on April 30,
sealed tenders of 1935 certificates of indebtedness, dated Oct. 1, 1935 and
maturing Oct. 1, 1940.
Offerings should state the certificate numbers and
the amount for which they will be sold to the city.
Offers should be firm
for ten days.
locally.
and Paine, Webber
A.
Telephone CHfcerry 6828
100.272
Childs & Co., Inc., and
Faxon, Gade & Co
National City Bank of New York
F.
100.356
2%
2%
2%
2%
-
Bankers Trust Co
Burr
100.4199
2%
Blyth & Co., Inc
Gregory & Son, Inc., and Roosevelt &
Lazard Freres & Co., Inc
Salomon Bros. & Hutzler
pay¬
made on or
April 21, 1937, at the Second National Bank of Boston, 111 Franklin
St., Boston.
The notes will be authenticated as to genuineness and valid¬
ity by the aforementioned bank, under advice of Ropes, Gray, Boyden &
Perkins of Boston.
Papers incident to each of the issues will be filed with the
bank where they may be inspected.
about
$4,777,054.62
573,214.60
(State of)—NOTE OFFERING— State Treasurer
William E. Hurley will receive bids until noon April 20 for the purchase on
an interest basis of $1,799,400 notes, issued in anticipation of assessments
against certain cities and towns in the Metropolitan District for the payment
of the Boston Elevated Hailway Company deficiency.
Dated April 23,1937
and payable Nov. 23, 1937.
The notes are direct obligations of the Com¬
monwealth.
Interest will be payable at maturity, payment to be made
in Boston or New York, at purchaser's option.
Interest is to be figured
on exact number of days on a 360-day year basis.
Delivery to be made
Co.
O. Worcester), Mass.—NOTE OFFER¬
(P.
ING—Alexander G. Lajoie, County Treasurer, announces that the County
Commissioners will receive sealed bids until noon on April 20 for the pur¬
MASSACHUSETTS
to
rate has
1936 figure^by
$1,687,900 of personal property.
The sum exceeds the
$235,000. ___________________
MALDEN, Mass .—NOTE SALE—The $500,000 revenue anticipation
temporary loan notes offered on April 9 were awarded to the National
Shawmut Bank of Boston on a .96% discount basis.
The Bank of the
Manhattan Co. of New York and Wniting, Weeks & Knowles of Boston
bid .97% discount.
Notes are dated April 12, 1937 and will be payable
Dec.
new~tax
1936
$4,786,148.74
11,195.83
Year—
Levy
HIGHER—The
been fixed at $28 per $1,000 of assessed valuation, or 40 cents higher than
last year.
The increase was attributed to abatements of some $300,000.
Total valuation is $31,876,750, including $30,188,850 of real estate and
_
Financial Statement, April 1, 1937
1936 assessed valuation, including motor vehicle excise
Total bonded debt, not including present loans
Water debt, including in total debt
2703
Chronicle
...
100.301
the plan operative, the Association states that while sufficient
received to the refinancing plan, experience has demon¬
time to obtain the necessary signatures to the
letters of transmittal and to effect the deposit of bonds.
For that reason,
holders are asked to act promptly in depositing their bonds.
Under the plan, refunding bonds of the same par value as the original
bonds will be issued, dated Dec. 2, 1935 and due Dec. 2, 1965.
Interest
of 3% will be paid from Dec. 2, 1935 to Dec. 2, 1940; 3H% thereafter to
Dec. 2, 1942; 4% to Dec. 2, 1947; 4M% up to Dec. 2, 1950, and from that
date to maturity the new bonds will pay interest at the same rate as that
carried in the bond to be surrendered.
Provision is made for the payment
in cash or certificates of indebtedness of past due interest.
In declaring
consents have been
strated that it takes some
National Shawmut Bank
100.30
Kennedy, Spence & Co
Stone & Webster and Blodget, Inc
100.176
offered
Mass.—BOND OFFERING—George G. S. Perkins,
sealed bids until 11 a. m. on April 22 for the
follows:
Eraser.
WELLESLEY,
100.279
Town Treasurer, will receive
purchase of $100,000 coupon bonds, divided as
$70,000 water extension bonds.
Due March 1 as follows: $5,000 from 1938
to 1947, incl., and $4,000 from 1948 to 1952, inclusive.
extension bonds.
Due $2,000 on March 1 from 1938 to
1952, inclusive.
All of the bonds will be dated March 1, 1937.. Denom. $1,000.
Bidder
to name one rate of interest in a multiple of M of 1 %.
Principal and interest
30,000 sewer
The bonds will be valid general obligations
in Massachusetts, and all of the town's
the levy of unlimited ad valorem taxes
to pay principal and interest charges.
The bonds will be engraved under
the supervision of and authenticated as to their genuineness by the First
(M. & S.) payable in Boston.
of the town, exempt from taxation
taxable property will be subject to
National Bank of Boston, and will be delivered at that institution's 17 Court
Street office, Boston, on or about May 3, 1937.
of Ropes, Gray, Boyden & Perkins of Boston will
ful bidder.
Legal approving opinion
be furnished the success¬
Financial Statement April 1, 1937
1936, including motor vehicle excise
included in total debt
None
Sinking funds—
Population, 13,376.
Tax
Collections
1935
Year—
Levy
Uncollected to April 1, 1937
.$40,709,729
914,000
208,000
Total bonded debt, not including present issues
Water bonds,
ii
The bonds bear 4M% interest
paid
a
and the bank, which was the only bidder,
price of par.
GRAND RAPIDS, Mich.—BONDS DEFEATED—At the April 5 elec¬
tion the voters
turned down the proposal calling for the issuance of $750,000
line revenue bonds.
bus and transportation
BOND SALE POSTPONED—Louis
postponement for the time being of
which was scheduled for April 19.
GRAND
election
was
the
F.
Battjes,
City Clerk, announces
the sale of $49,957.89 refunding bonds,
HAVEN,
Mich.—BONDS DEFEATED—At the April 5
proposal to issue $55,000 general obligation hospital bonds
defeated by the voters.
LEONI
TOWNSHIP SCHOOL DISTRICT NO.
6
(P. O. Michigan
Center), Mich.—BOND SALE DETAILS—The $28,000 refunding bonds
Detroit, at par, bear 4% interest.
sold Jan. 30 to Wright, Martin & Co. of
Telephone bids will not be accepted.
Assessed valuation,
FRASER, Mich.—BOND SALE—The issue of $9,500 water bonds
on April 12—V. 144, p. 2523—was awarded to the State Bank of
Due as follows: $500 in 1938 and 1939; $1,000 from 1940 to 1943
incl. and $1,500 from 1944 to 1956 incl.
,736.41
None
1936
$952,781.10
120,221.54
MENOMINEE COUNTY (P. O. Menominee), Mich.—BONDS DE¬
FEATED—A proposal to issue $150,000 road construction bonds was
rejected by the voters at the April 5 election.
MICHIGAN (State of) —HIGHWAY REFUNDING BONDS TO BE
REDEEMED—Murray D. Van Wagoner, State Highway Commissioner,
calls for payment at par and accrued interest on May 1,1937, upon presenta¬
tion at the designated paying agent as specified in tne bond, the following
assessment district highway refunding bonds:
Assess-
2704
Financial
ment
Dale o
^
Dist.—Description and Bond Nos.
418
Wayne and Monroe Counties,
Townships
and
District,
4M%—Bond Nos. 8,
18,
26, 31, 77, 78, 82, 83. 87,
97,102,103 and 107
449
Issue
Date of
Maturity
Amount
Called
462
Macomb and
May 1,'35
May 1, *44
$13,000
May
1,'35
May 1,'57
6,000
Oakland Copn
^
106,108,121,123,128,130,
164 and 171
_
474*Assessment District Portion,
4%%—Bond Nos. 5,11, 15,
21,
40, 61,
68,
92,
96,
Nov. 1,'58
13,000
1,'35
May 1,'45
17,000
May
Nov. 1, *35
40,
57, 65, 81, 86, 94,
491
iNov. 1, '58
Mon¬
roe
Counties,
Townships
and
District, 4^-4^%—
Bond Nos. 1, 4, 10, 20, 22,
40, 69, 78, 87, 88, 130,
146,168,190 and207
492 A Assessment
District
Portion
3—4^%—Bond
47, 115, 122,125
Nov. 1,'35
May
1,'57
20,000
m
■
i
"
fa———:
1
Ofc*—
.
.
MORTON, Minn.—BONDS VOTED—On April 2 the voters of the village
PRESTON SCHOOL DISTRICT No. 45 (P. O. Preston), Minn.—
BOND SALE—The $107,000 refunding bonds offered on April 15—V. 144,
2353—were awarded to the First National Bank of St. Paul as 32^8, at
par plusYa premium of
Due yearly on April 1
$1,126, equal to 101.052, a basis of about 3.64%.
as follows: $4,000, 1938 to 1942; $5,000, 1943 to
1947; $6,000,1948 to 1955; and $7,000,1956 and 1957.
RAMSEY
May 1,'35 i May 1,'46
18,000
Bidders
May 1,'51
15,000
Nov. 1,'35
Nov. 1, *58
are
to name rate of interest,
June
1
follows:
as
the bonds at its
SANBORN
Mich.—INTEREST
RATE— The
$30,000
water
revenue bonds sold in
January to W. O. Clift & Son of Bay City—V. 144,
p. 813—bear interest at
5%, payable semi-annually on June 1 and Dec. 1.
announced
WANTED—It is
Separate offers to be made in the
case of each series.
Only bids below par will be considered and the price
must be quoted
flat, all bonds tendered to have Oct. 1, 1937, and sub¬
sequent coupons attached.
Bonds purchased will be paid for April 23,
1937, and the instruments shall be delivered to the Detroit Trust Co.,
Detroit, within ten days after acceptance of bid. In the case of each series
of bonds
tendered, the bidder will be required to enclose a certified check
for 2% of the
principal amount tendered, payable to the order of the City
Treasurer.
STURGIS, Mich.—BONDS DEFEATED—The proposal
own
expense.
SCHOOL
to issue $25,000
bonds to finance purchase of the Old National Bank
Bldg., now rented by
the city as its offices, was defeated at the
April 5 election.
YPSILANTI, Mich.—BONDS VOTED—H. C. Holmes, City Clerk,
the April 5 election the voters approved the issuance of
$111,100 sewage disposal plant construction bonds.
Authorization of the
issue is contingent upon approval of the city's
application for a grant of
1,900 from the Public Works Administration.
reports that at
ZEELAND, Mich.—BOND SALE DETAILS—The $85,000 4% electric
DISTRICT,
Minn.—BOND
ELECTION—An
election is scheduled for April 19 at which a proposal to issue $36,000 school
building bonds will be voted upon.
that
sealed tenders for sale to the
city of all of its outstanding series O and D
refunding bonds will be received at the office of City Treasurer Minnie N.
Reeves until 7:30
p. m. on April 19.
O. St. Paul), Minn.—BOND OFFERING—
Denom. $1,000.
on
12,000
May
(P.
in a multiple of % %, but not to exceed
Dated June 1, 1937.
Interest payable semi-ann.
$36,000, 1938; $38,000, 1939, 1940 and 1941;
$40,000, 1942 and 1943; $42,000, 1944, 1945 and 1946; and $44,000, 1947.
Cert, check for 2% of amount of bonds bid for, required.
Approving
opinion of Calvin Law, St. Paul, and of Thomson Wood & Hoffman of New
York, will be furnished by the county, which will also prepare and furnish
Due
1,'35
COUNTY
Geo. J. Ries, County Auditor, will receive bids until 2 p. m., May 3 for the
purchase at not less than par of $400,000 coupon public welfare bonds.
6%.
36,
275, 296,
Mich.—TENDERS
Bag
p.
PINCONNING,
ROYAL OAK,
rii
MINNEAPOLIS, Minn.—BOAfD SALE—The four issues of coupon~or
registered bonds aggregating $1,010,000, offered for sale on April 15—V. 144,
p. 2352—were awarded to a group composed of Phelps, Fenn & Co. of New
York, the Wells-Dickey Co. of Minneapolis, and Wheelock & Cummins, of
Des Moines, as 2 Ws, at a price of 100.08, a basis of about 2.485%.
The
issues are divided as follows: $750,000 public relief; $25,000 permanent
improvement, (sewer); $150,000 permanent improvement, (storm drain),
and $85,000 permanent improvement, (work relief) bonds.
Dated May
1, 1937.
Due in equal annual installments from 1938 to 1947 incl.
gave their consent to the issuance of $18,000 sewage system and disposal
plant bonds.
Nos.
304.309.365.366and389--
re-
with the awardon April 13 of $1*200^
000 tax anticipation certificates of indebtedness to Salomon Bros. & Hutzler
of New York on a 1.20% interest basis plus a premium of
$260, Geo. M.
Link, Secretary of the Board of Estimate and Taxation, informs us that
R. W. Pressprich & Co. of New York bid 1.20% plus a premium of
40,000
95,
115,118,119andl20
Wayne, Washtenaw and
„
,f
bidder
yield % of 1 %.
connection
to 2.50%, according to maturity.
Prin. and int. (M. & N.) payable in
N. Y. City or Minneapolis.
These bonds are said to be legal investments
a number of States.
Dist. Portion 5%
—Bond Nos. 5, 25, 26, 2u,
-
p.
in
255, 256, 269, 290, 303, 314
_
tax
144,
BONDS OFFERED FOR INVESTMENT—The successful bidders reoffered the above bonds for general investment at prices to yield from 1.00%
171,175,181,183,186,199,
204,208,216,229,234,254,
34, 74, 81, 88, 92, 107, 116,
129,258,261, 293, 307,309,
321,327and343
484*Lenawee, Monroe and Wash¬
tenaw
Counties, Townships
and District,
5M%— Bond
Nob. 2, 6 7, 16, 18,27, 33,
April 13—V.
NOTES OFFERED FOR INVESTMENT—1The successful
offered the above notes for general subscription at a price to
.Jgm ■
Nov. 1,'35
154.157,161,
and322
Assessment
on
$120, and
98,100,108,109,124,127,
475
offered
the First National Bank & Trust Co. and the Northwestern National Bank
& Trust Co., both of Minneapolis, jointly bid 1 %
% plus a premium of $200.
40,
463
anticipation certificates of indebtedness
BIDSRECEIVED—In
ties, Townships and District
4Y^%—Bond Nos. 9, 23,
64, 74, 163, 170, 204
226, 252, 264,275 and 318^
Monroe and Wayne Counties
Townships
and
District,
4J4%—Bond Nos. 25, 42,
69,70, 74,84,96, 103, 104,
April 17, 1937
MINNEAPOLIS, Minn.—CERTIFICATE SALE—The $1,200,000
2352—were awarded to Salomon Bros. & Hutzler of New York on a
1.20%
interest basis, plus a premium of $260.
Dated April 15, 1937.
Due
Oct. 15, 1937.
St. Clair and Macomb Coun¬
ties, Townships and District
4% %—Bond Nos. 1,11.24,
54, 66 and 98
--
Chronicle
MISSISSIPPI
HOULKA, Miss.—BONDS SOLD TO WPA-'The Public Works Admin¬
4% seni-ann. water works
istration is reported to have pin-chased $9,500
bonds.
PASCAGOULA, Miss.—BOND ELECTION—An election is said to be
scheduled for May 1 to vote on the issuance of the $150,000 factory building
bonds authorized recently by the State Industrial Commission.
STARKVILLE, Miss.—PRICE PAID—It is stated by the City Clerk
$27,000 refunding and fire department bonds purchased jointly
by Saunders & Anderson and Lewis & Hall, both of Memphis, as noted in
these columns recently—V. 144, p. 2181—were sold as 4s, paying a premium
of $100, equal to 100.37.
It is also reported by the said Clerk that a loan of $83,000 for power plant
construction and water works addition was approved by the Public Works
Administration but the project has been held up by an injunction granted
the Mississippi Power Co. by the Federal Court.
that the
VICKSBURG,
Miss.—BONDS
SOLD
P WA—The
TO
Public
Works
Administration is said to have purchased $165,000 4% semi-ann. gas distri¬
bution system bonds.
plant bonds which
were sold privately following the failure to receive any
offers at the March 15 offering, as reported in these columns at that time—
V. 144, p. 2352—were taken by Fairbanks-Morse & Co. of Chicago, at
The company has been awarded the contract for construction of the
project, which is expected to be ready by Aug. 1.
par.
MINNESOTA
ALEXANDRIA, Minn.—CERTIFICATES SOLD—It is stated by the
City Clerk that $10,000 certificates of indebtedness have been purchased
by local investors. Due on or before Dec. 31, 1937.
ANOKA COUNTY (P. O. Anoka), Minn.—BOND SALE—The $5,000
issue of
3% semi-annual drainage funding bonds offered for sale
on
April
3—V. 144, p. 2180—was purchased by Harold Moody, of St. Paul, at
par, according to the County Auditor.
Dated Oct. 1, 1936.
Due $1,000
on Oct. 1, 1946, and $2,000 on Oct. 1 in 1947 and 1948.
CALEDONIA, Minn.—BOND OFFERING—R. E. Duffy, Town Clerk,
will receive bids until 8 p.m., May 3 for the purchase at not less than par of
$10,000 coupon general obligation road and bridge bonds, which are to
bear interest at rate determined at time of sale.
Dated May 1, 1937.
Interest payable semi-annually.
Due $2,000 yearly on Aug. 1 from 1938
to.1942.
Deposit of $200, payable to the Town Clerk, required.
,
DULUTH, Minn.—REPORT ON DEBT REDUCTION—Annual report
of the City of Duluth just issued reveals a reduction in bonded indebted¬
during 1936 of $312,333.33. Bonds outstanding at the beginning of
1936 totaled $7,466,333.31. On Jan. 1 this year the city was just 2 cents
short of owing $7,154,000 for bonds the city has sold to support various
municipal functions.
Bonded indebtedness at that time amounted to
$7,153,999.98, requiring interest payments of $284,450.42 before next
Dec. 31.
During 1936 the Zenith City issued $861,000 new bonds and re¬
deemed $1,173,333.33 in former issues.
Starting out this year the city
owed $4,893,999.98 in general bonds, $2,070,000 in water and light plant
bonds, $190,000 special assessments.
The year's interest payments will
total $202,566.67, $76,333.76, $5,550, on the three classes, respectively.
Provision has been made for redemption of $403,333.33 generals and $140,000 water and light plants during 1937.
ness
FORESTON INDEPENDENT SCHOOL DISTRICT NO. 142 (P.
MISSOURI
BLACKWATER TOWNSHIP
(P. O. Blackwater), Mo.—BOND SALE
—A block of $6,000 road bonds has been sold to the
of Blackwater.
Farmers Stock Bank
EAST PRAIRIE, Mo.—BOND SALE DETAILS—It is now reported by
City Clerk that the $20,000 4% semi-annual water works bonds pur¬
by the Public Works Administration, as noted in these cloujnns
the
chased
recently—V. 144,
p.
2524—are dated April 15,1937, and mature in 20
years.
GREGORY DRAINAGE DISTRICT (P. O. Gregory Landing), Mo.—
RFC REFINANCING
LOAN
AUTHORIZED—J.
P.
Foley,
District
Secretary, states that a loan of $63,000 at 4%, for refinancing, has been
advanced by the Reconstruction Finance Corporation.
The bonds will
mature from Aug. 1, 1939 to 1968.
MOUND
April 6
CITY
SCHOOL
POPLAR BLUFF SCHOOL
recent
DISTRICT,
Mo.—BONDS
the voters of the District gave their approval to
$25,000 school gymnasium and auditorium bonds.
to issue
election
approved
by
a
an
VOTED— On
a
proposition
DISTRICT, Mo.—BONDS VOTED—At
proposal to issue $120,000 school
overwhelming vote.
building
bonds
a
was
WASHINGTON, Mo.—MATURITY—The City Clerk states that the
$14,000 2%% semi-ann. refunding bonds purchased at par by the Bank of
Washington, as noted here recently—V. 144, p. 2524—are due $1,000
from March 1, 1938 to 1951 incl.
WYATT, Mo.—BONDS SOLD TO PWA—The Public Works Adminis¬
tration is said to have purchased $11,000 4% semi-annual building bonds
at par.
OFFERINGS
WANTED »
UTAH -IDAHO -NEVADA-MONTANA
-WYOMING
MUNICIPALS
O.
Foreston, Minn.—BOND SALE DETAILS—It is stated by the District
Clerk that
tne
$30,000 3% semi-ann. school addition bonds sold to the
State of Minnesota, as noted here recently—Y. 144, p. 2523—were pur¬
chased at par, and mature as follows:
$1,000, 1942 to 1951, and $4,000,
FIRST SECURITY TRUST CO.
SALT
1952 to 1956.
HOKAH, Minn.—BOND SALE— The $2,000 issue of
coupon reservoir
Phone
Wasatch
LAKE
CITY
3221
Bell
Teletype: SL K-372
bonds offered for sale
on March 29—V. 144, p. 2180—was purchased
by the
Sprage State Bank of Caledonia, as 3s at par.
Dated March 1, 1937.
Due $500 from Aug. 1,1939 to 1942 incl.
MONTANA
LE CENTER SCHOOL DISTRICT (P. O. Le Center), Minn.—BOND
ELECTION—An election is scheduled for April 26 at which a proposal to
BOZEMAN, Mont.—BOND SALE DETAILS—In connection with the
sale of the $37,000 park and swimming pool bonds to the First
National
issue $38,000 school addition building bonds will be voted upon.
Bank of St. Paul, as 3s, at a price of 100.02, as noted here
recently, it is
by the City Clerk that the bonds are dated June 1,1937.
Denoms.
$1,000 and $700.
Due $3,700 from June 1, 1938 to 1947, giving a basis
stated
MARTIN
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
29
(P. O. Ceylon), Minn.—BOND OFFERING—Archie Gardner, Clerk of the
School Board, will receive bids until 7.30 p. m., April 23 for the purchase of
$30,000 refunding bonds.
Interest rate is to be determined by the bidding,
not to exceed 3 %,
Denom. $1,000.
Dated May 1,1937.
Prin. andsemiannual interest payable at any suitable bank or trust company
designated
by the purchaser.
Due on May 1 as follows:
$2,000, 1939 and 1940:
$3,000, 1941 to 1944; $2,000, 1945 and 1946; $3,000, 1947 and 1948: and
$2,000, 1949 and 1950. -Cert, check for $600, payable to the District,
required.
MAYVILLE TOWNSHIP (P. O. Caledonia), Minn.—BOND OFFER¬
ING—M. M. Sullivan, Town Clerk, will receive bids until 1:30 p. m.
May 8
for the purchase of a block of $7,000 general obligation road and bridge bonds.
of about
3.99%.
BUTTE
SCHOOL
DISTRICT
NO.
1,
Mont.—BONDS VOTED—At
the April 3 election the voters of the District approved the
proposition to
issue $150,000 athletic field and stadium bonds.
DILLON, Mont.—BONDS SOLD TO PWA—It is reported that $630,000
4% semi-ann. reservoir bonds were purchased at par by the Public Works
Administration.
FERGUS COUNTY SCHOOL DISTRICT NO. 27 (P. O. Grassrange), Mont.—BONDS NOT SOLD—It is nowreported by H. W. Mackey,
District Clerk, that the $4,000 not to exceed 6% semi-ann. school oonds
offered on Feb. 24—V. 144, p. 814—were not sold as no bids were
received.
Financial
144
Volume
BOND DISPOSAL REPORT—It
is said that the amount was
2705
Chronicle
reduced to
State Land Board, as 4j^s.
GLENDIVE, Mont.—BOND OFFERING—August Colin, City Clerk,
will receive bids until 7 30 p. m. May 17 for the purchase of the following
$3,200 and the bonds were sold to the
H. L
6% bonds:
$2,600 special improvement oil paving bonds, District No. 11-A.
36,000 special improvement oil paving bonds, District No. 12.
16,000 special improvement oil paving bonds, District No. 14.
Certified check for 5% required.
VALLEY COUNTY SCHOOL
GOLDEN
Alle®| Company
New Jersey
Alumpipal Bonds
Telephoh^K^ifor 2-7333
N. Y. 1-528
A. T. & T.
DISTRICT NO. 6 (P. O.
VOTED—The residents
proposal to issue $16,000
New York
*
MO Broadway
Ryegate), Mont.—BOND SALE DETAILS—'The District Clerk reports
that the $10,000 school bonds purchased by the State Board of Land
Commissioners, as noted here recently—V. 144, p. 2353—were sold as
4s at par, coming due in 10 years and optional in five years.
JOLIET SCHOOL DISTRICT. Mont.—BONDS
of the District
school
on
addition
April 3 voted favorably on a
bonds.
MUNICIPAL
construction
COUNTY (P. O. Roundup), Mont.—BOND RE¬
FUNDING PLAN ADOPTED—Notice has been given by the bondholders
readjustment
for the
30-year term bonds.
committee for the above, that a plan has been adopted for the
and refunding of all outstanding bonds of the county, providing
The
new
obligations
of outstanding
replacement
bonds
to bear
are
interest at 1
DISTRICT NO. 45 (P. O.
ROOSEVELT COUNTY SCHOOL
B. J. Van
with new
% for the first five years and
graduate upward at the rate of M to 1% for each five-year period until
the maximum of 4% is reached.
They are to be callable at par and interest
for the sinking fund if not available on tenders below that price.
As of
Feb. 1, 1937, the county stood in default to the extent of $324,000 of its
total of $771,000 bonded debt in addition to unpaid interest of $133,399.
57
WILLIAM
DISTRICT NO. 5 (P. O.
Wolf
Gen. Ref.
To
Colyer, Robinson $ Company
INCORPORATED
1180 Raymond
A. T. & T. Teletype
NWRK 24
2-2066
REctor
JERSEY
NEW
Dated April 1, 1937, and due April
basis of about 3.91%.
1 as follows:
$4,000 from 1938 to 1947, incl., and $5,000 in 1948 and 1949.
M. M. Freeman & Co., Inc., of Phiadelphia are now offering
to investors at prices to yield from 1.75% to 3.75%.
THE NATIONAL COMPANY
OF OMAHA
A. T. & T. Teletype
,
MArket 3-1718
Blvd., Newark
York Wire:
New
BONDS
OMAHA, DOUGLAS COUNTY, LINCOLN
AND OTHER NEBRASKA ISSUES
Fir»t National Bank Bid*.
4Mb, due Sept. 1, 1963-65
yield 4.00%-4.20%
Colum¬
bus), Mont.—BOND SALE—The $10,000 issue of refunding bonds offered
on April 12—V. 144, p. 2181—was purchased by the Yellowstone
Bank of Columbus as 4at par, according to the District Clerk.
MUNICIPAL
MILLVILLE, N. J.
$163,000 City of
for sale
NEBRASKA
Telephone: John 4-6364
Newark Tel.: Market 3-3124
1-730
N. Y.
Issues
Ingen & Co. Inc.
STREET, N. Y.
A. T. & T.:
Point), Mont.—BONDS NOT SOLD—It is stated by E. I. Farrell, District
Clerk, that the $15,000 issue of not to exceed 6% semi-ann. school bonds,
scheduled for sale on Jan. 4, the award of which was held up due to a
technicality—V. 144, p. 1146—has not been sold as yet.
STILLWATER COUNTY SCHOOL
BONDS
Jersey and General Market
New
MUSSELSHELL
the bonds
CARTERET, N. J.—BOND SALE—An issue of $111,000 4^ % refunding
Colyer, Robinson & Co. of Newark.
Denom. $1,000.
1937.
Prin. and semi-ann. int. (M. & S. 1) payable at
the Carteret Bank & Trust Co., Carteret.
Due on March 1 as follows:
$15,000 in 1938 and 1939; $21,000 in 1940, and $5,000, 1941 to 1952.
OMA 81
bonds has been sold to
Dated March 1,
NEBRASKA
BEAVER CROSSING,
Neb.—BONDS SOLD—It is stated by
Bell, Village Clerk, that $19,690 water
Broken Bow), Neb.
of Education states
approved by the voters on April 6.
The
BOW SCHOOL DISTRICT (P. O.
VOTED—The Secretary of the Board
BROKEN
—BONDS
Guy T.
bonds have been sold recently.
$96,000 school bonds were
bonds are to be offered for sale in
that
the near future.
Neb.—BONDS
City Clerk,
DEFEATED—At the election held on
the proposal to issue $100,000
April 6 the voters are said to have turned down
and auditorium bonds.
WOLBACH, Neb.—BONDS SOLD TO PWA—An issue of $18,000
sewer bonds is reported to have been purchased at par by
semi-annual
"Works
J.—BONDS
APPROVED
4%
the
Administration.
ON FIRST
READING— On
APPROVED ON FIRST READING—
bonds was given
will come before
providing for the issuance of $75,000 sewer
by the Council on April 6.
The ordinance
the Council for final consideration on April 20.
An ordinance
first reading
In city hall
Public
N.
NEW MILFORD, N. J.—BONDS
CLAY CENTER, Neb.—BONDS SOLD—H. C. Henderson,
states that $58,500 refunding bonds have been sold.
KEARNEY,
LINDEN,
April 6 the Common Council passed on first reading an ordinance au¬
thorizing the issuance of $406,000 general improvement bonds and $105,000
local improvement assessment bonds.
The Council will give the ordinance
final consideration on April 20.
PERTH AMBOY, N.
J.—BONDS APPROVED ON FIRST
READING—
passed on first reading an ordinance
funding bonds. The ordinance will
April 21.
The City Commissioners on April 7
authorizing the issuance of $720,000
final consideration on
be given
ROSELLE PARK, N. J
—BOND SALE—The issue of $164,000 coupon
registered refunding bonds offered on April 9—V. 144, p. 2354—was
Park Trust Co., Roselle Park, which bid for noncallable 4s, at par.
Dated Dec. 1, 1936 and due Dec. I as follows: $5,000,
1940 to 1944 incl.; $10,000, 1945 to 1947 incl.; $15,000 in 1948 and 1949;
$20,000 from 1950 to 1952 incl. and $19,000 in 1953.
or
YORK, Neb.—BOND SALE DETAILS—The City Clerk states
$28,000 2% semi-ann. refunding bonds sold recently, as noted
columns—V. 144, p. 2181—were purchased by the First National
York, at par, and mature from March 1, 1938 to 1947
that the
in these
Bank of
fetf
awarded to the Roselle
TEANECK TOWNSHIP (P. O.
NEVADA
(P. O. Ely), Nev.—BOND
held on April 17 for the purpose of
$55,000 school building bonds.
ELY PUBLIC SCHOOL DISTRICT NO. 1
ELECTION—A special election will be
voting on the question of issuing
WINNEMUCCA, Nev.—POIVER SYSTEM PLAN ABANDONED— It
reported that the City Council has voted to abandon the plans for a
municipally-owned water and power system following an outline of a service
extension plan by the Sierra Power Co.
Some time ago the voters approved
the issuance of over $300,000 in bonds for a municipal system.
is
Teaneck), N. J.—BOND OFFERING
—Henry E. Diehl, Township Clerk, will receive bids until 8 p.m., April 20
for the purchase at not less than par of $52,000 coupon or registered street
paving assessment bonds.
Bidders are to name rate of interest, in a multiple
of H, %. but not to exceed 4 M %.
No more bonds will be awarded than will
produce $52,000, plus a premium of no more than $1,000.
Denom. $1,000.
Dated April 1, 1937.
Interest payable April 1 and Oct. 1.
Due on April 1
as follows: $10,000,
1938, 1939 and 1940; $9,500, 1941 and 1942; and $500
in 1943 to 1948.
Cert, check for 2% payable to the township, required.
J.—BOND SALE—The $35,000 coupon or registered
2354—were awarded to Colyer,
Newark, as 3&s, at a price of 100.63, a basis of
about 3.60%.
Dated July 1, 1936 and due July 1 as follows $3,000 from
1937 to 1941, incl.
and $4,000 from 1942 to 1946, incl.
TENAFLY,
sewer
N.
bonds offered on April 13—V. 144, p.
Robinson & Co., Inc. of
NEW
HAMPSHIRE
N. H.—BOND SALE—Mansfield & Co. of Hartford
have recently purchased an issue of $50,000 3M% water works bonds.
Dated April 1, 1937.
Due $2,500 yearly on April 1 from 1938 to 1957.
Principal and interest payable at the Littleton National Bank, Littleton,
or at the First National Bank of Boston.
Legality of the bonds will be ap¬
proved by Storey, Thorndike, Palmer & Dodge of Boston.
BETHLEHEM,
DISTRICT ^P. O. Keene), N. H.—BOND
adjustment bonds offered on April
Spence & Co. of Boston, as 2^s, at par plus
a premium of $167.46, equal to 100.279, a basis of about 2.45%.
Dated
April 1, 1937 and due $5,000 on April 1 from 1938 to 1949, incl.
Second
high bid of par plus a premium of $153.60 for 2Ks, was made by Edward
B. Smith & Co., Boston.
Financial Statement April 1, 1937
KEENE UNION SCHOOL
SALE—The $60,000 coupon fiscal year
14 were awarded to Kennedy,
$177,500
Water bonds
119,500
City bonds
Total bonded debt
*.
1937 tax anticipation notes outstanding
on hand April 1,1937
Cash
-
Assessed valuation 1936
:
Tax rate 1936
1935
levy, $525,809.14; uncollected to date $19,763.68.
levy, $570,331.56; uncollected to date $85,155.81.
Union School District Bonded Indebtedness
Total taxes uncollected for all years prior to
1935
tax
1936 tax
$297,000
300,000
148,269
17,914,218
30.70
$6,555
Mechanic Arts Building
Fuller School
19,500
LEA
N.
COUNTY SCHOOL DISTRICT NO. 8 (P. O. Lovington),
OFFERING—Sealed bids will be received until 10 a. m
Int. Rate
2H%
Name—
Second National Bank of Boston
,
Price Bid
100.125
Ballou, Adams & Whittemore, Boston
2%%
2%%
100.2575
100.1567
E. H. Rollins & Sons, Boston
2^%
99.531
Burr & Co., Boston
H.—BOND SALE—An issue of $90,000 2%%
by the town to Kidder, Peabody & Co. of
Boston at a price of 100.05, a basis of about 2.74%.
Dated May 1, 1937.
Interest payable May 1 and Nov. 1.
Due $5,000 yearly for 18 years.
PORTSMOUTH,
school
bonds
has
N.
been sold
~4
OTERO
COUNTY
MUNICIPAL SCHOOL DISTRICT
NO.
"TULAROSA" (P. O. Alamogordo), N. M.—BOND SALE—The $20,000
of school bonds offeerd for sale on April 15—V. 144, p. 2354—was
awarded to the State of New Mexico, according to the County Treasurer.
Dated May 1, 1937.
Due $2,000 from May 1, 1938 to 1947, inclusive.
issue
NEW
100,000 public works bonds.
AVON
SCHOOL
DISTRICT
JERSEY
Due $10,000 on May 1 from
(P.
O.
Avon-By-the-Sea), N. J.—
the voters defeated the pro¬
gymnasium bonds.
N. J.—BOND SALE—The issue of $50,000 coupon or reg¬
istered reservoir bonds offered on April 12—V. 144, p. 2354—was awarded
to M. M. Freeman & Co. of Philadelphia, as 4s, at a price of 100.55, a
BUTLER,
1938 to 1947
,
30,000 school bonds.
Due $3,000 on May11 from 1938 to 1947 inclusive.
20,000 local improvement bonds.
Due $4,000 on May 1 from 1938 to
1942 inclusive.
BONDS DEFEATED—At the April 8 election
posal to issue $48,000 school addition and
YORK
N. Y.—BOND OFFERING—Lawrence J. Ehrhardt, City
Comptroller, will receive sealed bids until 2 p. m. (Eastern Standard Time)
on
April 30, for the purchase of $1,553,000 not to exceed 4% interest
coupon or registered bonds, divided as follows:
$590,000 refunding bonds.
Due $59,000 annually on May 1 from 1938 to
1947 incl.
Bonds to be refunded mature in 1937.
500,000 water bonds.
Due May 1 as follows: $12,000 from 1938 to 1957
incl. and $13,000 from 1958 to 1977 incl.
313,000 water refunding bonds.
Due May 1 as follows: $31,000 annually
from 1938 to 1914 incl. and $32,000 from 1945 to 1947 incl.
Bonds to be refunded mature in 1937.
ALBANY,
inclusive.
NEW
for the purchase of a $35,000
exceed 5%, payable J. & D.
Dated June 1, 1937.
Due $5,000 from June 1, 1938 to
1944, incl.
Prin. and int. payable at the State Treasurer's office or at such
other place as the bidder may elect.
Each bid must specify (a) the lowest
rate of interest at which the bidder will purchase said bonds at par; (b) the
the lowest rate of interest and premium, if any. above par at which the
bidder will purchase the bonds.
None of such bonds will be sold at less
than par and accrued interest to date of delivery, nor will any discount or
commission be allowed or paid on the sale of such bonds.
A certified check
for 5%, payable to the County Treasurer, is required with bid.
Denom. $1,000.
50,000
Other bidders were:
Luikart,
purchase
M —BOND
May 17 by C. A. Love, County Treasurer,
issue of school bonds.
Interest rate is not to
on
$5,000
NotedueCity of Keene maturing Oct. 1,1961*.
MEXICO
NEW
CLOVIS, N. M.—BOND OFFERING—It is stated by John C.
City Manager, that he will receive sealed bids until May 13 for the
of a $56,000 issue of hospital bonds.
All of the bonds will be dated
a
May 1, 1937.
Denom. $1,000.
Bidder
issue may bear
named on any
the rate of interest in a multiple of
of 1 %.
Each
different interest rate, but not more than one rate may be
to name
single issue.
Principal and semi-annual interest (M. & N.) payable at the
State Bank of Albany, in Albany.
A certified check for $31,060, payable
2706
Financial
Chronicle
April 17, 1937
to the order
of the city, must
accompany each proposal.
The successful
bidder will be furnished with the
opinion of Hon. Joseph J. Casey, Corpoporation Counsel of
Albany, and of
20,000 series No. 1 county building bonds of
1937.
1 from 1938 to 1957, incl.
Each issue is dated May 1, 1937.
Reed, Hoyt & Washburn, municipal
bond attorneys of New York
City, that the bonds are valid and legally
binding obligations of the city, payable from unlimited ad
valorem taxes
on all of the
city's taxable property.
The bonds will be delivered to the
purchaser on or about May 12, 1937.
-v:","
.
v.■■■!■>
Salomon Bros. & Hutzler
Lehman Bros.; First Boston
Corp.;
National Bank of Auburn
Dick& Merle-Smith; Geo. B. Gib¬
i
ROCHESTER,
2.40%
348.00
Blodget, Inc
Roosevelt & Weigold, Inc
Phelps, Fenn & Co.; F. S. Moseley
2.40%
2.50%
E. H. Rollins & Sons, Inc.; A. C.
Allyn & Co., Inc.; Rutter & Co.;
Granbery Safford & Co
Sachs & Co
Chas. H. Drew & Co.; Sherwood &
Inc
CORNWALL (P.
First Boston
458.20
429.20
2.75%
661.20
250.00
2.75%
194.30
73.70
O. Cornwall), N. Y.—BOND SALE—The
$110,000
Cornwall Sewer District bonds offered on
April 12—V. 144, p. 2355—were
awarded to Roosevelt & Weigold of New
York, as 3Ms, at a price of 100.58,
a basis of about
3.45%.
Dated April 1, 1937 and due April 1 as follows:
$3,000 from 1938 to 1943, incl. and $4,000 from 1944 to
1966, incl.
CROTON-ON-HUDSON, N. Y.—TEMPORARY
Midland Trust Co. of New York has purchased
notes, due in four months.
an
LOAN— The Marine
issue of $35,000 2M%
HARRISON, N. Y.—BOND OFFERING—The Town will receive sealed
bids until 10 a. m. on April 29 for the
purchase of $80,000 not to exceed
4% interest water bonds, to mature April 1 as follows:
$3,000 from 1938
to 1943 incl. and $2,000 from 1944 to 1975
incl.
Rate of interest to be
expressed in a multiple of M or 1-10th of 1 %.
MAMARONECK, N. Y.—BOND OFFERING—F. H. Bull
Jr., Village
Clerk, will receive sealed bids until 2:30 p. m. on April 26 for the
purchase
not to exceed 6% interest
coupon or registered water bonds.
Dated May 1, 1937.
Denom. $1,000.
Due May 1 as follows: $2,000 from
1939 to 1968, incl. and $1,000 from 1969 to
1977, incl.
Bidder to name a
single interest rate on all of the bonds, expressed in a
multiple of M or
l-10th of 1%.
Principal and interest (M. & N.) payable at the Manu¬
facturers Trust Co., New York
City.
The bonds are general obligations of
the village, payable from unlimited ad valorem
taxes.
A certified check
for $1,500, payable to the order of the
village, must
of $69,000
each
accompany
Proposal. will be furnished the successful bidder. &
'ork City The approving opinion of Clay, Dillon
Vandewate- of New
•
707.00
2.50%
483.00
2.50%
210.00
2.60%
420.00
2.60%
_
Blyth & Co., Inc., New York and Marine Trust Co.
343.00
v,:
The Chase National Bank; L. F.
and Kelley, Richardson &
Rothschild & Co.;
Co., Inc
Halsey, Stuart & Co., Inc.; BancAmerica-Blair
Corp.; B. J. Van Ingen & Co., Inc. and Morse
Bros. & Co., Inc—
173.80
162.80
,
2.50%
-
367.40
$833.00
770.00
;
Inc
Goldman, Sachs & Co.; Bank of the Manhattan Co.;
and G. M.-P. Murphy & Co
Lehman Bros.; Ladenburg, Thalman & Co.:
Manu¬
facturers & Traders Trust Co. and
Sage, Rutty &
Co
968.60
ROCHESTER, N. Y.—BOND
2.70%
525.00
SALE—The issue of
$2,000,000 coupon
public welfare bonds offered on April 13—V.
144, p. 2525—was awarded to
a
syndicate composed of the Harris Trust &
Savings Bank, New York,
Northern Trust Co., Chicago,
Eldredge & Co., New York, Washburn &
Co., Inc., Boston, and Granbery, Safford & Co. of New
York, as 2Ms,
at par plus a premium of
$6,940, equal to 100.347, a basis of about 2.18%.
Dated March 1, 1937, and due
$400,000 annually on March 1 from 1940 to
1944, incl.
The Bank of the Manhattan Co. of New
York managed a
group which was second high in the
bidding, the offering being par plus a
premium of $874 for 2 Ms.
*
SUFFOLK COUNTY (P. O.
Riverhead), N. Y.—BONDS AUTHOR¬
IZED—The County Supervisors on March 29
approved a bond issue of
$352,000 for construction of county home and
infirmary.
UTICA, N. Y.—CERTIFICATE SALE DETAILS—Halsey, Stuart &
Co., Inc. and the Bancamerica-Balir Corp., both of New
York, which were
awarded on April 6 an issue of
$1,000,000 tax anticipation certificates of
indebtendess at 0.73%, at par plus a
premium of $10—V. 144, p. 2525—
made public re-offering of the
obligations priced to yield 0.60%.
The cer¬
tificates, according to the hankers, are legal investment for
savings banks
and
trust funds in the State of New
New York were second high in the
0.77%, and
a
York.
Salomon Bros.
bidding, naming an
The following other bids
premium of $7.
Bidder
<fc
Hutzler of
interest
were
Int. Rate
G. M.-P.
public
works
bonds
offered
SALE— The $50,000 coupon or
regis¬
on
April 15—V. 144, p. 2355—were
awarded to Rutter & Co. of New
York, as 2.30s, at a price of 100.10, a basis
2.28%.
Dated May 1, 1937 and due $5,000 on May 1 from
of about
to 1947 incl.
Among the other bids
1938
were
these:
Bidder—
Premium
Murphy & Co. and Bk. of The Manhattan Co
0.77%
0.80%
0.83%
First National Bank of New York
0.85%
Manufacturers & Traders Trust Co., Buffalo
1%
Chemical Bank & Trust Co
1%
Chase National Bank
1.17%
Par
$21.00
Par
Par
33.00
First Boston Corp
National City Bank
11.00
2.40%
2.40%
2.50%
—
Manufacturers & Traders Trust Co_
Sherwood «fc Co
MONROE COUNTY (P. O.
NATE PAYMENT
OF
Rate Bid
100.31
100.06
Total assessed valuation
General bonds
Rochester), N. Y.—SEEKS
Sinking funds, cash
Senator Dunnigan charged that
Mayor LaGuardia was 'insincere' in his
proposal to establish a municipal power plant to bring about
reduction of
Population, 101,652.
City Corporation Counsel.
Party in the Senate I will not ask
any of
colleagues to sponsor this measure, as I consider it
just another of
Mayor LaGuardia's 'phoney' power plant bills," Senator
Dunnigan said.
"
'In 1934 I sponsored Governor Lehman's
public utility program, part of
which became Article 14-A of the General
Municipal Law.
Under terms
of this article Mayor
LaGuardia, and all other Mayors of this
State,
given sufficient power, authority and law under which to
establish,
the consent of the people of their
cities, municipal power plants.
"
'In an attempt to circumvent this sound
are
with
law, Mayor LaGuardia has
by the New York City Municipal Assembly
Chapter 25 of the
local New York City Laws of 1935, which was
declared unconstitutional
by the Court of Appeals that same year.
And Mayor LaGuardia knew
that at the time of its passage that it was
unconstitutional.
'This in itself shows Mayor LaGuardia's
insincere proposals on power
plants.'
enacted
"
"He said he believed that
nection with power
anything that the Mayor sought to do in
Note—Tax levy for 1937 is
June 1, and the second half
VETOES PLEA FOR RELIEF
INQUIRY FUND—Mayor La
on April 13 the
request of the Board of Aldermen to appro¬
priate $50,000 through an issue of special revenue bonds to
finance the
proposed Aldermanic investigation of the Emergency Relief Bureau.
The Mayor's veto is said to have been directed
against a resolution of the
Aldermen requesting the appropriation.
Another part of the same reso¬
lution, which set up a seven-man committee, headed by Alderman
Joseph
E. Kinsley, Bronx Democrat, to conduct the
investigation, was not
passed
by the Mayor, although he suggested an investigation of the ERB
by an
"impartial" rather than a "political" body.
LEGISLATURE
APPROVES
TAX
PENALTY
REDUCTION—The
penalty for tax arrears in New York City will be reduced from
10% to 7%
for taxes unpaid after April 1, under a bill which
was passed
recently by the
Legislature.
The bill permits the city to collect
10% on taxes unpaid
from Jan. 1, 1934 to April 1 of this
year, which was Mayor La Guardia's
concession to real estate groups who have long
fought for a reduction.
on
NEW YORK CITY TUNNEL
AUTHORITY, N. Y.—SENATE AP¬
INCREASED BONDING POWER—The
Senate on April
12
unanimously passed a bill of Senator Rae L. Egbert, Richmond
Democrat,
increasing from $60,000,000 to $200,000,000, the amount of bonds which
the New York City Tunnel
Authority may issue, and authorizing the con¬
PROVES
struction
addition
of
to
a
vehicular tunuel between Brooklyn
the
Queens-Midtown
and
and
Staten
Island,
in
Battery-to-Hamilton
Avenue,
Brooklyn, tunnels previously authorized, the projects to be financed with
Federal loans.
With the Queens-Midtown tunnel
costing $58,000,000 and
the Battery Park-to-Hamilton Avenue tunnel to
cost $70,000,000 more
than $70,000,000 would be left for the
Brooklyn-to-Staten Island tunnel.
ORANGE
COUNTY
$170,000
(P.
O.
Goshen),
N.
Y.—BOND
SALE—The
coupon or registered bonds offered on April 14—V.
144, p. 2355—
awarded to George B. Gibbons & Co., New
York, as 2.70s, at a price
of 100.51, a basis of about
2.63%.
The sale consisted of:
1935
1936
$4,234,177.31
685,102.47
$3,908,709.20
$4,398,246.84
461,906.49
350,331.99
564,003.03
5,189.59
None
$4,377,996.10, of which the first
half is due
Oct. 1.
on
Y.—BOND SALE—The $300,000 coupon cm*
registered
bonds offered on April 15—V.
144, p. 252*—were awarded to Lazard
Freres & Co., Inc. of New
York, as 2.20s, at a price of
100.339, a basis of
about 2iA5%.
The sale consisted of:
$200,000" emergency relief bonds.
Due $20,000 each
N.
1947
incl.
Feb. 1 from 1938 to
■
•
•
100,000 public improvement bonds.
1947
Due $10,000
on
incl.
Each issue is dated Feb. 1, 1937.
Bidder—•
>
Feb. 1 fr»m 1938 to
Among other bids
George B. Gibbons & Co., Dick &
Merle-Smith,
and Roosevelt & Weigold
Sherwood & Co. and Bank of the Manhattan
Co_
Lazard Freres & Co., Inc. of New York
are
were
the
Int. Rale
following:
Rate Bid
2.20%
2.25%
100.03
100.191
offering the bonds for public
investment priced to yield from
0.90% to 2.20%, according to maturity.
Legal investment, according to the
bankers, for savings banks and trust
funds in New York State.
WESTCHESTER COUNTY (P. O. White
Plains), N. Y.—BOND
OFFERING—William S. Coffey, County
Treasurer, will receive sealed bids
noon on April 20 for the
purchase of $387,000 not to exceed
6%
interest coupon or registered
bonds, divided as follows:
until
$250,000 highway acquisition
bonds.
Due
from 1938 to 1947 incl.
75,000 general bonds of 1937, series 3.
to
plants could be done under State laws."
MAYOR
1934
Levy—
con¬
Guardia vetoed
Tax Collection
Report
Uncollected end fiscal year..
Uncollected on April 7, 1937-
UTICA,
12,135,052.81
Overlapping debt—county only.
Fiscal Year—
electric rates.
He said the bill was presented to him for
introduction by
Reuben A. Lazarus, Assistant New York
my
i.,
Net bonded debt
1.
NEW YORK CITY—SENATE LEADER
REFUSES TO INTRODUCE
MAYOR'S MUNICIPAL POWER PLANT BILL—A
United Press dispatch
from Albany on April 14 had the
following to say in regard to the rejection
of a proposed municipal power plant measure for
the city:
"Senate Democratic Leader John J.
Dunnigan, the Bronx, refused today to
introduce a municipal power plant bill
proposed by Mayor F. H. LaGuardia,
of New York City, charging it was a
'phoney.'
'As leader of the Democratic
11,361,915.08
142,354.38
1,081,093.04
12,585,362.50
450,309.69
Total bonded debt
TO ELIMI¬
TAXES—The Board of Supervisors has
voted to petition the State Legislature to
eliminate the present require¬
ment that the county make up tax deficiencies
in the towns,
according to
report.
Under the present statute, it is said, the
county will be required
to pay between $800,000 and
$900,000 to the various towns on June
"
-.$130,987,806.00
Deferred assessment bonds
100.22
TOWN
17.00
Financial Statement
Delinquent tax bonds
Int. Rate
Adams, McEntee & Co., Inc
of
rate
submitted;
.
MIDDLETOWN, N. Y.—BOND
tered
revenue
Premium
2.50%
2.50%
of Buffalo
2.70%
tax
the Northern Trust
Corp. and
_
Co.
Manufacturers & Traders Tr. Co.;
Kean, Taylor & Co.; Adams,
McEntee & Co..
Co.,
Phelps, Fenn & Co.; Kean, Taylor & Co.; Hemphill
Noyes & Co.; and Schoellkopf, Hutton &
Pomeroy,
465.30
2.70%
2.70%
Bancamerica-Blair Corp.; Goldman,
Halsey, Stuart & Co., Inc
$700,000
and
Int. Rate
&
Brown Harriman & Co., Inc
Salomon Bros. & Hutzler
66.00
385.00
1,226.70
&Co_-
I
BIDS—The
Savings Bank
follows:
as
Bidders—Edward B. Smith
133.00
174.00
1,015.00
Y.—OTHER
N.
bonds awarded to the Harris Trust &
bons & Co., Inc.; Stone & Webster
and
9
Co., Chicago, jointly, as 2Ms, at par plus a premium of
$1,309, equal to
100.187, a basis of about 2.44%, as previously
reported, were also bid for
-Premium(For $290,000 (For $110,000
Home Relief)
Public Impt.
$580.00
$220.00
2.40%
May
District construction
work.
submitted for the issues:
Bidder—
on
RIVERHEAD TOWNSHIP (P. O.
Riverhead), N. Y.—BONDS AU¬
THORIZED—The Suffolk County Supervisors have
given the township
permission to issue $65,000 bonds for Riverhead Sewer
AUBURN, N. Y.—BONDS PUBLICLY OFFERED—LIST OF BIDS—
Salomon Bros. & Hutzler of New York
are
offering for public investment
$400,000 2.40% home relief and public
impt. bonds at prices to yield from
0.85% to 2.40%, according to
maturity. Due serially from 1938 to 1947
incl.
The bankers were awarded the bonds on
March ,25, at a price of
100.20, a basis of about 2.37%. The following is a
complete list of the bids
Interest
Rate
Due $1,000
1940 incl.
$25,000
Due $25,000
annually
on
on
May
1
May 1 from 1938
32,000 park bonds.
Due May 1 as follows:
$5,000 from 1938 to 1943
incl. and $2,000 in 1944.
20,000 bridge bonds.
Due $2,000 on May 1 from 1938 to
1947 incl.
10,000 work relief bonds.
Due $5,000 on May 1 in 1938 and
1939.
Each issue is dated May
1, 1937.
Denom. $1,000.
Bidder to name a
single interest rate on all of the bonds, expressed in a
multiple of M of 1%.
Prin. and int. (M. & N.)
payable at the County Treasurer's office. A cer¬
tified check for $7,740,
payable to the order of the County
Treasurer, must
accompany each proposal.
The bonds will be prepared under the
supervi¬
sion of the Continental Bank & Trust
Co., N. Y. City, which will certify
as to genuineness of the
signatures of county officials and the seal
impressed
thereon.
All of the county's taxable
property will be subject to the levy
of unlimited ad valorem taxes in
order to meet both
principal and interest
requirements on the bonds.
The successful bidder will
the approving legal opinion of
Hawkins,
City.
Bonds will be ready for
on
be furnished with
Delafield & Longfellow of N. Y.
delivery at the County Treasurer's office
May 1.
Financial Statement
Assessed valuations, real
property, incl. special franchises_$l,681,124,356.00
Bonded debt:
General
Sewers
Work relief
__
Floating debt—
Present indebtedness
Floating debt
to be paid from this bond issue
Bonds about to be issued.
$77,741,333.20
24,033,553.00
1,246,000.00
310,500.00
$103,331,386.20
200,000.00
$103,131,386.20
387,000.00
were
$150,000 series No. 2county building bonds of 1937.
Due May 1 as follows;
$8,000, 1938 to 1944, incl.; $10,000 in 1945; and $12,000 from
1946 to 1952, incl.
Total indebtedness-
$103,518,386.20
The above statement of bonded debt does
not include the debt of
any other
subdivision having power to
levy taxes upon any or all of the property
subject to the taxing power of the
county.
,
Population, 1930 Federal Census, 520,947.
Volume
Financial
144
2707
Chronicle
Amount of
Amount of Such
Last 4 Preceding Taxes Uncoil, at
Year—
Tax Levies
1937
$12,174,359.57
11,122,003.59
10,214,739.27
10,150,481.91
9,434,569.60
1936
1935
1934
1933-
End
-
Amount of Such
Taxes Uncoil.
of Fiscal Yr. as of Jan. 1, '37
*
None
None
None
$4,399,258.90
MITCHELL, HERRICK & CO.
*
Collection has just started and as of close of business April 9, 1937,
$1,823,739.12 had been collected.
The fiscal year is the calendar year,
700
WATERFORD, N. Y.—BOND OFFERING—Angus Garrett, Town
Supervisor, will receive bids at the Town Clerk's office until 12.30 p. m.,
April 27, for the purchase at not less than par of $24,000 coupon, fully
registerable, water bonds.
Bidders are to name rate of interest, in a
multiple of M or 1-10%, but not to exceed 5%.
Denom. $1,000.
Dated
May 1, 1937.
Principal and semi-annual interest (.May 1 and Nov. 1) pay¬
able at the Bank of Waterford, Waterford, with New York
exchange.
Due
$1,000 yearly on May 1 from 1938 to 1961.
Certified check for $500,
payable to the town, required.
Approving opinion of Clay, Dillon &
Vandewater of New York will be furnished by the town.
NORTH
CALDWELL COUNTY
MUNICIPALS
OHIO
None
None
None
None
CANTON
CUYAHOGA
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
OHIO
Bidder—
Premium
Int. Rate
Granberry & Co
3M%
3M%
3M%
3M %
3M%
3 M %
3M%
Provident Savings Bank & Trust Co
Fullerton & Co
Seasongood & Mayer.
Ryan, Sutherland & Co
Stranahan, Harris & Co__
CAROLINA
SPRINGFIELD
BancOhio Securities Co
$30.00
32.00
62.40
81.85
111.00
108.80
208.00
(P. O. Lenoir), N. C.—BOND ELECTION—
The County Commissioners have set May 11 as the date to hold an election
at which a proposal to issue $165,000 school bonds will be submitted to
the voters.
CLERMONT
CABARRUS COUNTY (P. O. Concord), N. C.—BOND ELECTION—
an election will be held on May 18 in order to vote on
coupon
poor
awarded to Saunders, Stiver &
were
It is reported that
COUNTY
(P. O. Batavia), Ohio—BOND SALE— The
relief bonds offered on April 10—V. 144, p. 2183—
Co. of Cleveland, as 2Ms, at par plus
a premium of $36.18,
equal to 100.27, a basis of about 2.20%.
Dated
April 15, 1937.
Due on March 1 as follows: $1,600, 1938; $1,700, 1939;
$1,800, 1940; $1,900, 1941; $2,000, 1942; $2,100, 1943; and $2,300, 1944.
$13,400
the issuance of $300,000 in school bonds.
FAYETTE
GATES
COUNTY
A special election
(P.
O.
Gatesville),
C.—BOND ELECTION—
N.
18 for the purpose of voting on the
will be held May
question of issuing $45,000 school building bonds.
KINSTON, N, C.—BOND OFFERING—W. E. Easterly, Secretary of
the
Local Government Commission at Raleigh, will receive bids until
a. m., April 20, for the purchase at not less than par of $75,000 coupon,
registerable as to principal general obligation, unlimited tax, electric light
plant improvement bonds.
Bidders are to name interest rates, but no
more than two on the entire issue divided into two parts, in multiples of
14%. not to exceed 6%.
Denom. $1,000.
Dated April 15, 1937.
Prin¬
cipal and semi-annual interest (April 15 and Oct. 15) payable in New York.
Due on April 15 as follows: $4,000, 1939 to 1945: $5,000, 1946; $8,000,
1947 to 1950, and $10,000 in 1951.
Certified check for $1,500, payable
to the State Treasurer, required.
11
COUNTY
(P. O. Washington), Ohio—BOND SALE—
relief bonds offered on April 12—V. 144, 2183—were
Bank, of Milledgeville, as 2s, at par plus a
premium of $12, equal to 100.10, a basis of about 1.98%.
Saunders,
Stiver & Co. of Cleveland offered a premium of $32.40 for 2 Ms.
Dated
March 1, 1937.
Due on March 1 as follows: $1,500 in 1938 and 1939;
$1,600, 1940; $1,700, 1941; $1,800, 1942; $1,900, in 1943; and $2,000 in
The
$12,000
poor
awarded to the Millegdeville
1944.
GREEN SPRINGS SCHOOL DISTRICT (P. O. Green Springs),
Ohio—BOND OFFERING—Laura M. Peddicord, Clerk of the Board of
Education, will receive bids until noon May 6 for the purchase of $25,000
6% school building bonds.
Denom. $500.
Dated May 1, 1937.
Int.
payable semi-annually.
Due yearly on Nov. 1 from 1938 to 1955.
Certi¬
fied check for $500, required.
NEW LYME TOWNSHIP RURAL SCHOOL DISTRICT
MOUNT AIRY,
N. C —NOTE OFFERING—W. E. Easterling, Secre¬
Commission, will receive bids at Raleigh
until 11a.m. April 20 for the purchase at not less than par of $12,500 coupon
water bond anticipation notes.
Bidders are to name rate of interest, not
to exceed 6%.
Denom. two for $4,000 and one for $4,500.
Dated April
13, 1937.
Principal and annual interest payable at place of pin-chaser's
choice.
Due $4,000 on April 13 in 1938 and 1939, and $4,500 April 13,
1940.
Certified check for $62.50, payable to the State Treasurer, required.
tary of the Local
Government
REIDSVILLE, N. C.—BOND SALE POSTPONED—We are now in¬
by W. E. Easterling, Secretary of the Local Government Com¬
formed
mission, that the sale of the $120,000 not to exceed 6% semi-ann. coupon
or registered water, sewer and street improvement bonds, originally sched¬
uled for April 13.
as noted in these columns recently—V. 144, p. 2525—
has been postponed imtil further notice.
Dated April 1, 1937.
Due from
April 1, 1939 to 1966.
They will be dated April 15, 1937.
OHIO,
recently by the Board of Commissioners, will be exchanged with the holders
of the outstanding bonds and matured coupons, $308,000 refunding, and
$56,065 interest funding bonds.
WILKES
COUNTY
(P.
O. Wilkesboro),
N.
C.—BOND SALE NOT
Local
April
SCHEDULED—It is reported by W. E. Easterling, Secretary of the
Government Commission, that the report given in these columns on
10—V. 144, p. 2526—to the effect that
for sale
on
April 13, is incorrect since
$65,000 school oonds
no
were scheduled
date of sale has been scheduled as
yet.
Administration is said to have purchased $32,000 4% semi-ann. improve¬
ment bonds at par.
NORTH
CANDO
SCHOOL
voters of the
LANGDON
INVESTMENTS
which
a
N.
Dak.—BONDS
VOTED—The
favorably on the question
amount not to excel $50,000.
SCHOOL
ELECTION—An
DISTRICT
election
is
(P.
scheduled
O.
for
Langdon),
April
30
at
proposal to issue $25,000 school building bonds is to be voted upon.
McHENRY
COUNTY (P. O. Towner),
is reported by the County
N. Dak.—BONDS SOLD—It
Auditor that the $132,500 4% semi-ann. funding
bonds authorized recently by the County Commisisioners, have
chased by V. W. Brewer & Co. of Minneapolis.
Dated March
on
March 15
as
follows:
been pur¬
15, 1937.
$7,500, 1942; $8,000, 1943 to 1953; $9,000,
1954 to 1956, and $10,000 in 1957.
McLEAN COUNTY ^P. O. Washburn), N. Dak.—BONDS
IZED—The Board of County
Commissioners has passed a
AUTHORresolution
NORTH DAKOTA, (State of)—TAX COLLECTIONS
STUDIED—The
"Commercial West" of
following report is taken from the Minneapolis
April 10:
''An interesting study of the tax collection situation in North Dakota
was contained in a circular prepared this week by Harold E. Mueller, in¬
vestment dealer at Hazen, N. Dak., in connections with offerings of $90,000
Benson County
3M% funding bonds and $70,000 Foster County 4% bonds.
Mr. Mueller calls attention to what he says is a very important law,
he believes will eliminate in a short time tax delinquency in the
which
State
status."
He refers to the law providing that any
owner of property may pay
his delinquent real estate taxes in six equal
annual instalments through a contract which requires (1) payment of 6%
interest, (2) that during the life of the contract all present and furure ac¬
cruing taxes must be kept current, (3) that in the event No. 2 is not met,
all interest and penalties on old taxes will be enforced, (4) that the contract
must be executed and first instalment delinquent taxes and all current
taxes must be paid before next Oct. 1.
And he adds that so far, 1937 collec¬
tions show a marked improvement over the past two years.
beyond
"any normal
NORTH
certificates
awarded
as
DAKOTA
(State of)—CERTIFICATE SALE—The $900,000
offered on April l5 (V. 144, p. 2183) were
of indebtedness
3 Ms
as
follows:
BE
PAULDING SCHOOL DISTRICT,
Ohio—BOND ISSUE DETAILS—
March 9 election will
They will
grant is obtained by the district from
The $120,000 school building bonds approved at the
be issued only in
the event that
a
the Public Works Administration.
SCHOOL
DISTRICT, Ohio—BONDS DE¬
April 6 election the proposal to issue $75,000 school
turned down by the voters.
An unofficial tabulation
gave the vote as 243 "for" and 221 "against."
A 65% favorable vote was
needed for approval.
TOWNSHIP
FEATED—At
the
building bonds
was
PORTSMOUTH, Ohio—LIST OF BIDS—In connection with the pre¬
in these columns of an award of $200,000 water works revenue
vious reports
mortgage bonds to Pohl & Co.. Inc., of Cincinnati—V. 144, p. 2526—we
give herewith a complete list of the bids submitted for the issue, as compiled
by James D. Williams. Director of the Department of Finance and Audits:
Rate of Int.
Bidder—
Fox Einhorn & Co
3.5%
Premium
$676.00
Cincinnati, with Nelson, Brown¬
ing & Co., Cincinnati
3.5%
Widmann, Holzman & Ivatz, Cincinnati
3.5%
Weil, Roth & Irving Co., Cincinnati, with Van Lahr,
Doll & Isphording, Inc., Cincinnati
3.75%
The Security Central National Bank of Portsmouth,
Portsmouth
4%
,
The Portsmouth Banking Co., Portsmouth
Stranahan, Harris & Co., Inc., Toledo
646.00
10.00
401.25
57 00
29.50
*983.80
4%
(4%
} 4.25%
*996.80
1 4.5%
Co., Inc., Cincinnati, with J 4%
Walter, Woody & Heimerdinger, Cincinnati
{ 4.5%
Johnson, Kase & Co., Cleveland
4.5%
Charles
*
A.
Hinsch
*1,008.60
&
*975.20
*260.00
25.00
Price for each $1,000 bond.
Note—The bid of McDonald-Coolidge Co., Cleveland, Ohio, was rejected
because of delivery reservation.
The bid was for 3M% bonds, at par
plus
a
premium of $1,370.
REPUBLIC, Ohio—BONDS DEFEATED—The proposal to issue $12,500 water works bonds was defeated at the April 6 election.
RICHLAND RURAL SCHOOL DISTRICT (P.
authorizing the issuance of $142,000 warrant funding bonds.
TO
be issued to mature $6,060 annually over a period of 20 years.
recent election voted
a
SPECIAL
Dak.—BOND
DAKOTA
DISTRICT,
District at
of issuing school building bonds in an
Due
FUND
282, to enlarge the field of investment for municipal
funds by permitting them to invest in Government, Home Owners' Loan
Corporation, municipal, county, and township bonds.
Amended House Bill No.
Pohl & Co., Inc., Cincinnati
YANCEYVILLE, N. C —BONDS SOLD TO PWA—The Public Works
N.
of—MUNICIPAL
State
BROADENED—The House of Representatives is reported to have approved
PERRY
ROCKINGHAM, N. C.—BONDS TO BE EXCHANGED—It is stated by
the Town Clerk that the following bonds aggregating $364,065, authorized
(P. O. New
Lyme), Ohio—BONDS VOTED—At the April 8 election the proposal to
building and equipment bonds carried by a vote of 235 to 52.
issue $25.p00
O. McArthur), Ohio—
BOND ELECTION—A proposition to issue $46,000 school bonds will be
voted upon at an election scheduled for April 27.
RIDGE TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Van
Wert),
H. Johnson, District Clerk, will receive
April 30 for the purchase of $11,500 5% school
bonds.
Dated April 1, 1937.
One bond for $500, others $1,000 each.
Due as follows: $2,000, April 1 and Oct. 1, 1938 and 1939; $2,000, April 1
and $1,500 Oct. 1, 1940.
Prin. and int. (A. & O.) payable at the First
National Bank, Van Wert.
A certified check for 1% of the bid must
accompany each proposal.
Ohio—BOND
OFFERING—F.
sealed bids until 10 a. m. on
ROCKY RIVER,
Ohio—BOND OFFERING— Frank Mitchell, City
Auditor, will receive bids until noon, May 4, for the purchase at not less
than par of $120,000 3M% coupon refunding bonds.
Denoms. as deter¬
mined upon at time of sale.
Dated Oct. 1, 1936.
Interest payable April 1
and Oct. 1.
Due $15,000 yearly on Oct. 1 from 1939 to 1946, incl.
Certi¬
fied check for $1,200, payable to the city, required.
(This offering was originally schedule for April 13.—V. 144, p. 2183.)
COUNTY (P. O. Portsmouth), Ohio—BOND SALE—A
composed of Seasongood & Mayer, Pohl & Co., Inc., and Assel,
& Moerlein, Inc., all of Cincinnati, purchased on April 7 an issue
of $188,397 4% tax deficiency bonds.
SCIOTO
group
Goetz
$675,000 to the Bank of North Dakota, Bismarck.
200,000 to the State Board of University and School Lands.
25,000 to the State Hail Insurance Department.
Dated April 15, 1937.
Due $400,000 in six months and $500,000 in
SHELBY, Ohio—BONDS SOLD—An issue of $5,000 storage house bonds
been sold to the Treasury Investment Fund.
has
nine months after date of issuance.
STUTSMAN COUNTY (P. O. Jamestown),
The $180,000 issue of refunding bonds
144, p. 2355—have been sold locally,
County Auditor.
as
N. Dak.—BOND SALE—
offered recently, as noted here—V.
4s at par, according to R. A. Bartel,
SIDNEY, Ohio—BONDS SOLD—Magnus & Co. of Cincinnati are re¬
ported to have purchased earlier in the year an issue of $55,000 water
system improvement mortgage revenue bonds.
SUGAR
OHIO
AKRON, Ohio— TEMPORARY LOAN—On April 1 the city borrowed
$750,000 to meet the April 1 debt maturities.
The money was borrowed at
incl.
J.
Math^,
j
Denoms. $500 and $400.
(A. & O.) payable at the Village Treasurer's
office.
A certified check for 1% of the amount of bonds bid for must
accompany each proposal.
Prin.
SCHOOL
OFFERING—William
8,500 sewage plant bonds.
2% for six months.
BATAVIA
Ohio—BOND
GROVE,
Village Clerk, will receive sealed bids until noon on May 1 for the purchase
of $25,000 4% bonds, divided as follows:
$16,500 water works bonds.
Denoms. $900 and $800.
Due Oct. 1 as
follows: $800 from 1938 to 1952, incl., and $900 from 1953 to 1957,
DISTRICT,
Ohio—BOND SALE—The issue of
$16,000 refunding bonds offered on April 10—V. 144, p. 2183—was awarded
to Fox, Einhorn & Co. of Cincinnati, as 3Ms, at par plus a premium of
$116.60, equal to 100.728, a basis of about 3.15%.
Dated April 15, 1937
and due annually on Oct. 15 as follows: $1,000 from 1938 to 1950, incl.
and $1,500 in 1951 and 1952.
Other bids were as follows:
and
semi-ann.
WAPAKONETA,
int.
Ohio—BOND
OFFERING— Harold
F. Shuler,
City
Auditor, will receive sealed bids until noon on April 29 for the purchase
of $4,600 4% river impt. bonds.
Dated April 1, 1936.
One bond for
2708
Financial
$100, others $500 each.
1939 to 1947, incl.
Due Oct. 1
as
follows: $100 in 1938, and $500 from
Int. payable A. & O.
A certified check for $46, payable
to the order of the city, must accompany each proposal.
April n, 1937
CRAFTON, Pa.—BONDS VOTED—On April 6 the
gave
their approval to
a
voters of the Borough
proposition to issue $70,000 municipal building
construction bonds.
WILLARD
SCHOOL
DISTRICT,
Ohio—BONDS DEFEATED—
At the April 6 election the voters refused to authorize the issuance of
$40,000 school building bonds.
FALLS TOWNSHIP
SCHOOL DISTRICT
(P. O. Fallsington),
Pa.—BOND ELECTION—At an election called for April 20 a proposal to
issue $40,000
JfcYOUNGSTOWN, Ohio—PROPOSED BOND ISSUE—Frank W. Barton,
Director
Chronicle
of
Finance, has announced that, in accordance with a recent
act of the State Legislature, the city will issue sometime in the present
year bonds for the purpose of redeeming scrip, of which $290,000 is presently
outstanding.
The bonds will mature in from 1 to 10 years.
school building bonds will be submitted to the voters.
JOHNSTOWN,
Pa .—BOND OFFERING—A. L. Schwing, City Treaswill receive sealed bids until 10 a. m. on May 4, for the purchase of
$232,000 3, 3M, 3M» 3%, 4, or 4)4% coupon refunding bonds of 1937.
Dated June 15, 1937.
Denom. $1,606.
Due June 15 as follows:
$7,660,
1939; $5,000, 1940 to 1944, incl.; $20,000 in 1945 and 1946; $30,000 in
1947 and 1948; $20,060 from 1949 to 1953, incl.
Bidder to name a single
surer,
interest rate on all of the bonds.
Said bonds and interest thereon will be
without deduction for any tax or taxes, except succession or
inheritance taxes, now or hereafter levied or assessed thereon, or on the
deot secured thereby under any present or future law of the Common¬
payable
wealth of Pennsylvania or the United States of America; all of which taxes
the city assumes and agrees to pay, making said bonds free of tax to the
holder.
certified check
A
must accompany each
$10,666, payable
for
SCHOOL DISTRICT
LOWER YODER TOWNSHIP
(P. O. JohnsD. No. 5), Pa.—BONDS SOLD—The $5,000 4% school bonds
were purchased by the State Retirement Board, at par.
town, R.
offered
OKLAHOMA
Date
WAKITA, Okla.—PRICE PAID— It is stated by the Town Clerk that
OREGON
COOS COUNTY UNION HIGH SCHOOL DISTRICT NO. 2
,P. O.
Myrtle Point), Ore.—BOND SALE—The $50,000 refunding bonds offered
March 31 were awarded to the First National Bank of Portland on a
bid of 100.30 for 4s.
Denom. $1,000.
Dated May 17, 1937.
Prin. and
on
semi-ann. int. payable at tne office of the Treasurer of Coos County.
yearly
17 from 1940 to 1949.
District is about 3.95%.
the
to
Municipality and Purpose—
Borough, Allegheny County—Construct¬
ing and establishing a sanitary sewer and water
on
MALHEUR
May
DRAINAGE
DISTRICT
The
average
Due
annual int.
(P. O. Ontario), Ore.—BOND
SALE DETAILS—It is stated by the District Secretary that the $53,500
refunding bonds purchased by the Reconstruction Finance Corporation,
as noted in these columns recently—V. 144, p. 2526—were sold as 4s at par,
and mature from
MALIN
1938 to
IRRIGATION
1967.
DISTRICT
(P.
O.
Malin),
Ore.—RFC RE¬
FINANCING1 LOAN—It is stated by the District Secretary that the Re¬
construction Finance Corporation has advanced a loan of $47,000 for re¬
financing.
Approved
Amount
distribution system
Shenandoah Borough School District, Schuylkill Co.
6s at par.
cost
Jan. 4
on
PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED— The fol¬
lowing is record of local bond issues recently approved by the Department
of Internal Affairs, Bureau of Municipal Affairs.
Data include name of
the municipality, amount and purpose of issue, and date approved:
the $5,000 coupon water works extension bonds purchased by the Citizens
Bank of Wakita, as noted here recently—V. 144, p. 2526—were sold as
$5,000
to the order of the city,
proposal.
Mar. 29
$13,000
—Paying operating expenses
Cheltenham Township School District, Montgomery
County—Acquiring and purchasing proper sites
and erecting, enlarging, equipping and furnishing
any school building; repair or rebuild any new or
old school building
Conyngham Township School District, Luzerne Co.
—Paying operating expenses
Allegheny County—Altering, adding to, or enlarging
public buildings of the County
Allegheny County—Improvement of streets and
roads including damage to property
Mar. 30
80,000
Mar. 30
100,000
Glenfield
Apr.
1
12,000
Apr.
2
100,000
Apr.
2
2,750,000
Date
Municipality and Purpose—
•
Glenolden Borough School District, Delaware County—
Paying operating expenses
Wilson Borough, Northampton County—Refunding the
bonded indebtedness
Approved Amount
April
8
$20,000
April 6
57,000
April 9
25,000
Snowden
Township School District, Allegheny County
—Constructing additions to the library school building
PHILADELPHIA, Pa.—CURRENT TAX COLLECTIONS IMPROVE—
An increase of $894,292 in the collection of current taxes for the first quarter
of 1937 over income in the same period of 1936 is reported by Frank J.
Willard, Receiver of Taxes.
According to Mr. Willard, collections of taxes
in
the current quarter amounted to $48,690,874, as against $47,796,582
the corresponding period last year.
City taxes collected in the initial
three months totaled $27,231,409, compared with $25,573,258 in 1936.
in
School taxes were
$15,102,378 against $14,178,100, while personal property
increased $114,179 to $311,013.
Delinquent tax collections in the
quarter of 1937 were lower as compared with results in the
like
period last vear.
Delinquent city tax collections reached $1,819,010, as
taxes
first
against $3,357,580 in 1936.
Delinquent school tax collections totaled
$997,938, a decrease of $904,059 from the total of $1,901,997 paid in 1936.
Water tax collections rose from $553,663 to $2,603,335.
In commenting
on tax collections in the first three months, Mr.
Willard declared that,
although every effort is being made to stimulate payment of taxes, the city's
efforts will be fruitless until the Legislature takes definite action on various
measures
under consideration providing for abatement of penalties for
non-payment of taxes.
According to Mr. Willard, taxpayers are deferring
payment of their taxes pending disposition of the bills now before the
Legislature.
PHILADELPHIA, Pa.—BONDS PROPOSED— Mayor S. Davis Wilson
he intends to seek court permission to float a bond issue of "up
$50,000,660" to provide funds for his $75,000,000 plan to provide
Philadelphia with water from the upper tributaries of the Lehigh River.
The mayor's proposal, which receives support in reports of the U. S.
army engineers, calls for construction of reservoirs on the upper Lehigh
and sending of the water supply to Philadelphia by viaduct.
Part of tne
water would be sold to communities along the route of the viaduct.
announces
to
PENNSYLVANIA
ALLEGHENY COUNTY (P. O.
Pittsburgh), Pa.-BOND OFFERING
bids will be received until 11 a. m. (Eastern Standard Time)
April 26 for the purchase of $2,650,000 bonds, comprising $2,100,000
bridge, $300,000 park and $250,006 tunnel impt. issues.
Rate of int. to
be named by the bidder.
The bonds will mature serially in 30 years.
—Sealed
on
The bonds
now
offered represent the unsold portion of the total of
$5,500,006
offered by the county on March 22.
Bidders on that occasion were obliged
to name an offer of not less than par for the entire offering to bear 2 %,
%
int.
In view of the erratic market conditions, declined to submit tenders for
on the basis sought by the county.
Several days after the
call for bids, the county accepted an offer of Brown Harriman
& Co., Inc. of New York and associates to purchase a
portion of $2,850,060
bonds as 2 Ms, at par.
the
offering
formal
The
bonds
will
mature
annually
on
April
1
as
follows:
$90,000 from
1938 to 1962, incl. and $80,000 from 1936 to 1967, incl.
Bidder is required
to name one rate of interest on all of the bonds, expressed in a
multiple of
M of 1 %.
Bonds will be issued in coupon form and may be registered as to
Proposals must be accompanied by a certified check for
2% of the offering.
The approving legal opinion of Burgwin, Scully &
Churchill of Pittsburgh will be furnished the successful bidder.
principal only.
BANGOR
SCHOOL
DISTRICT,
Pa.—BOND ELECTION—At
election to be held
on May 6 the voters will be asked to
$24,500 school building bonds.
approve an
issue of
BELL
BETHLEHEM SCHOOL DISTRICT (P. O. Bethlehem), Pa.—BOND
F. Frey, Secretary of the Board of Directors, will
receive bids until 7 p. m. April 26 for the purchase at not less than
par
of $110,000 coupon,registerable as to principal, operating revenue bonds.
OFFERING—Clifford
Bidders
are
to name a
single rate of int. on the issue, making choice from
and 2M%.
Denom. $1,000.
Dated May 1,
1937.
Prin. and semi-ann. int. payable at the District Treasurer's office,
or at such depository as may be designated
by the Board.
Due $25,006
on May 1 in 1938 and 1939; and $20,000 on May 1 in 1940,1941 and 1942.
Certified check for $2,200, payable to the School District, required.
The
District will provide and pay for the printing of the bonds, and for the legal
opinion of Townsend, Elliott & Munson of Philadelphia.
1M%,
15*%. 2%,
CHELTENHAM
2H%
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Elkins
Park), Pa.—BOND SALE—The issue of $60,000
coupon, registerable as
principal only, school bonds offered on April 13—V. 144, p. 2184—was
Bancamerica-Blair Corp. of New York, as 2)|s, at a price
of 101.7975, a basis of about 2.38%.
Dated May 1, 1937 and due $10,000
on May 1 from 1953 to 1958, incl.
Moncure Biddle & Co. of Philadelphia,
second high bidder, offered to pay 100.669 for 2Ms.
to
awarded to the
COLUMBIA, Pa.—BOND OFFERING—Luther J. Schroeder, Borough
Secretary, will receive sealed bids until 8 p. m. on April 26 for the purchase
$92,006 2, 22M, 2M» 3, 33H, 3% or 4% coupon, registerable
as to principal only, funding bonds.
Dated May 1,1937.
Denom. $1,000.
Due May 1 as follows: $3,000.1938 to 1945, incl.; $5,000,1946 to 1949,
incl;
$10,000 from 1950 to 1953, incl., and $8,66o in 1954.
Bidder to name a
single int. rate on all of the bonds. Int. payable M. & N.
A certified check
for 2%, payable to the order of the Borough Treasurer, must accompany
each proposal.
The approving opinion of Townsend, Elliott & Munson
of Philadelphia must accompany each prposal.
of
issue
$24,500 school
DISTRICT, Pa.—BOND ELECTION—A proposal
building bonds is to be voted upon at a special
election called for May 11.
SHARON
HILL
SCHOOL
DISTRICT,
Pa .—BOND
SALE—The
$50,000 issue of coupon improvement bonds offered on April 9—V. 144,
p. 2184—was awarded to the Bancamerica-Blair Corp. of Philadelphia as
3Ks, at a price of 101.7885, a basis of about 2.11%.
Due $10,000 in each
of the years, 1942, 1947, 1952, 1957, and 1962.
Mackey, Dunn & Co. of
Philadelphia were second high bidders, offering 101.32 for 3 Ms.
SHENANDOAH
SCHOOL
DISTRICT,
Pa.—BOND
OFFERING—
Sealed bids will be received by the District Secretary until 4 p. m. on April
26, for the purchase of $80,000 operating revenue bonds.
Issue has been
approved by the Department of Internal Affairs of Pennsylvania.
UNION
COUNTY
,P.
O.
Lewisburg),
Pa.—BOND SALE—The
Pennsylvania office of Chas. D. Barney & Co., New York, was awarded the
$150,000 coupon, registerable as to principal only, jail and funding bonds
offered
2s,
an
TOWNSHIP SCHOOL DISTRICT, Westmoreland
County,
Pa.—BONDS VOTED—At the election held on April 6 the voters of tne
District approved a proposal to issue $55,000 high school enlargement
bonds.
-
ROSETO SCHOOL
to
a
on April 13—V.
144, p. 2357.
The successful bid was l60.139 for
basis of about 1.96%.
Dated April 1, 1937.
Due $30,000 yearly on
Oct.
1 from 1938 to 1942.
The successful bidders re-offered
the bonds for public investment at
prices to yield from 1% to 2%, according to maturity.
The following is a
list of the bids submitted for the issue:
Bidder—
Int. Rate
Moncure Biddle & Co
Mackey, Dunn & Co., Inc..
2H%
2M%
2K%
2H %
2X%
2X%
2H%
2X%
2X%
2M%
2X%
2X%
2H%
2%%
__
Stroud & Co
Singer, Deane & Scribner
Co., Inc
Brown Harriman &
Lobdell & Co
_
_____
Yarnall & Co
Bancamerica-Blair Corp.
Lazard Freres & Co
Dougherty, Corkran & Co
Chandler & Co
_____
W. H. Newbold's Son & Co
Halsey, Stuart & Co., Inc
Glover & MacGregor
—
Rate Bid
100.559
100.552
100.5399
100.487
100.318
100.315
100.163
100.15
100.139
100.552
100.55
100.40
100.289
100.485
WATSONTOWN, Pa.—BOND ELECTION—The Borough Council has
passed an ordinance calling for a special election May 27 at which
posed $25,000 municipal center bond issue will be voted upon.
WEST
FAIRVIEW
SCHOOL
DISTRICT, Pa.—BONDS SOLD—An
issue of $15,000 refunding bonds has been sold.
These bonds
by the Pennsylvania Department of Internal Affairs
RHODE
on
were
approved
Feb. 24.
ISLAND
NEWPORT? R. I .—LOAN OFFERING—B. F. Downing, City
Treas¬
bids until 5 p. m. on April 15, for the purchase at
anticipation notes.
Dated April 20, 1937.
Denoms. $25,000, $10,000 and $5,600.
Due Sept. 3, 1937.
Said notes will be authenticated as to genuineness and validity
by the
urer,
will
a pro¬
discount
receive sealed
of $300,000
revenue
First National Bank of Boston, under advice of Ropes, Gray, Boyden and
Perkins, Boston, and all legal papers incident to this issue will be filed with
bank, where they may be inspected.
They will be delivered on or
said
Volume
144
Financial
about Tuesday, April 20, 1937, at the First National Bank of Boston.
17 Court Street office, Boston, for Boston funds, and are payable at the
First National Bank of Boston, in
Boston, or at the Central
Hanover
Bank & Trust Co., m New York
City.
NEWPORT, R. I.—NOTE SALE—The $300,000 revenue anticipation
temporary loan notes offered on April 15 were awarded to the Second Nafh>nal Bank of Boston on a Q.749% discount basis.
Notes are dated April
20, 1937, and will mature Sept. 3, 1937.
Other bidders were:
Discount
Name—
o
Rate
_
Lincoln R. Young & Co., Hartford
First National Bank of Boston
National Shawmut Bank of Boston
Salomon Bros. & Hutzler, Boston
First of Boston Corp., Boston
~
_I
Faxon, Gade & Co., Boston
Burr & Co., Boston
E. H. Rollins & Sons. Boston...
Premium
.76%
.78%
78%
.795%
80%
.82%
.895%
.90%
Chronicle
2709
The Sinking Fund Commissioners have in the
sinking fund for the purpose
of purchasing said bonds the sum of $80,000.
In the event tenders in a
sufficient amount of said bonds, at an int. yield basis to the Commission
of 3M% or more, are not submitted, the Commission will consider tenders
of other issues of bonds of the
city, having a maturity date prior to May 1,
1950.
Tenders
or
be tendered.
are
for the
bidders shall specify the int. rates and numbers of bonds to
Bidders may stipulate, if they so desire, that their tenders
purchase of all or none of the bonds tendered, and shall state
the time and place said bonds will be delivered, if tenders are
accepted.
A
certified check for 1 % of the face amount of the bonds tendered or pur¬
chased, payable to the Sinking Fund Commissioners, is required.
GREENFIELD, Tenn.—BOND DEBT ADJUSTMENT PROPOSED—
$2.85
It is reported that action will be taken soon by the City Council on a plan
offered by bondholders to adjust its $400,000 debt for
payment over a
period of 30 years, after payment of $20,000
$1.00
WARWICK, R. I.—LOAN OFFERING— Sealed bids will be received
by fb® City Treasurer until noon on April 21 for the purchase at discount of
8100,000 notes, maturing Nov. 18, 1937.
.
on May 1 and $10,500 annually
thereafter.
The interest rate for the first five years would be 1H%, it is
said, and this would be increased at the end of each five-year period until
a maximum of
4% is reached.
The past due interest coupons would be
placed in an escrow account and destroyed after the fifth annual payment
made.
is
'
HENRY COUNTY (P. O. Paris), Tenn.—BONDS SOLD— It is reported
that $40,000 county bonds were purchased by
Corp. of Nashville, paying
MEMPHIS,
Offerings Wanted
SOUTH
one year.
TIPTON COUNTY (P. O. Covington), Tenn.—BOND OFFERING—
Sealed bids will be received until 10 a. m. on May 10, by Chas. B. McClel¬
land-, County Judge, for the purchase of a $19,000 issue of high school
funding bonds.
Int. rate is not to exceed 4M %. payable M. & N.
Denom.
$1,000.
Dated May 1, 1937.
Due on May 1 as follows $2,000, 1940 to
1948, and $1,000 in 1949.
CAROLINA
CHARLESTON, S. C.—BIDS REJECTED—Vie
are informed that the
$1,000,000 issue of 3% semi-ann. water works bonds offered on April 15
14-L P. 2184—was not sold as all bids were rejected.
Dated April 1,
1937.
Due $20,000 from April 1, 1938 to 1987. incl.
—V.
WASHINGTON COUNTY (P. O. Jonesboro), Tenn.—BOND
offered 94.139 for $500,000 of the bonds.
were
rejected
on
April
15 for the $1,000,000 water bonds offered on that date as 3s, new bids were
received on April 16.
At the second bidding, a syndicate headed by Lehman
Bros, of New York and including the Bancamerica-Blair Corp., Eastman,
Dillon & Co., Phelps, Fenn & Co., New York, R. S. Dickson & Co.,
Charlotte, Lobdell & Co., New York, and the G. H. Crawford Co., Colum¬
bia, submitted the best bid.
The offer was 96.90 for 3Ms.
Dated April 1,
1937.
Due $20,000 yearly on April 1 from 1938 to 1987, incl.
Co., Knoxville; Clark & Co., R. H. Nichols & Co.. and Jack M. Bass
& Co., all of Nashville, at par plus a premium of $260, equal to 100.52.
TEXAS
ABILENE, Texas—BONDS PARTIALLY SOLD—It is reported that
$100,000 of the $300,000 water improvement revenue bonds offered for
sale without success on March 26—V. 144, p. 2357—were purchased later
by the Citizens National Bank of Abilene, as 4s.
ANAHUAC INDEPENDENT SCHOOL DISTRICT (P. O.
was
sold recently to
C. M. Smith of Gaffney.
UNION HIGH SCHOOL DISTRICT NO. 11. iP. O.
BOND
SALE
DETAILS—It
is
now
reported
by the
Union), S. C.~
April 12—V. 144, p. 2357—was purchased by the R. A. W.
Co. of Houston, as 2Ms, at par.
Due from 1938 to 1942, incl.
Barett
Columbia,
of $16,250 in defaulted int. on $65,000 road
John G. Getz Jr., of Detroit, Mich.
bonds owned by the plaintiff,
1
APPROVED BY
approved
the refunding of $905,500 outstanding bonds of the above district on a
basis of 59.358 cents on the dollar.
It is reported that refunding bonds
amounting to $537,500 will be purchased by the Federal agency.
We
CAMERON
(P.
COUNTY WATER IMPROVEMENT DISTRICT NO.
Brownsville),
O.
Texas—BOND
REFUNDING
RFC—The Reconstruction Finance Corporation is said to have
4s at par.
as
(P. O. Brownsville), Texas—SUIT FILED ON
DEFAULTED BOND INTEREST—Suit is said to have been filed against
the county in the Federal District Court at Brownsville, asking for recovery
Superintendent of
Schools that the $46,000 (not $40,000) school bonds sold recently, as noted in
these columns—V. 144, p. 2357—were purchased by G. H. Crawford &
Co. of
Anahuac),
Texas—BOND SALE—The $100,000 issue of school house bonds offered
for sale on
CAMERON COUNTY
GAFFNEY, S. C.—BOND SALE—A block of $16,000 4% incinerator
SALE
—The county has sold $50,000 4% school bonds to the Knoxville Securities
It is stated that Haisey, Stuart & Co., Inc., offered a price of 92.02,
while a group headed by Edward B. Smith & Co. bid 80.12, both of which
bids were for the entire issue.
A syndicate headed by Lehman Bros,
bonds
either
ment issue.
CHARLESTON, S. C.
CHARLESTON. S. C.—HIGH BID—After bids
par.
Due
provided funds for
part of the $9,000,000 TVA bond issue, or an $850,000 general improve¬
Telephone WHitehall 4-6765
SOUTH
As with the $300,000 note issue which has
construction to date, the new notes will be retired through the sale of
NEW YORK
GREENVILLE, S. C.
Tenn.—NOTES PRIVATELY SOLD—The city provided
itself with $500,000 for additional Tennessee Valley Authority construction
a private sale of notes to the Union Planters National Bank &
Trust Co., and the National Bank of Commerce, at 1%, paying
McALISTER, SMITH & PATE, Inc.
BROAD STREET
the Cumberland Securities
premium of $75, equal to 100.18.
recently in
CAROLINA MUNICIPALS
in
67
a
WEST PELZER, S. C.—BONDS SOLD TO PWA—It is reported that
$7,800 4% semi-ann. building bonds were purchased at par by the Public
Works Administration.
understand that about $41,000 in original bonds are as yet
to the refunding program.
SOUTH
DAKOTA
uncommitted
CHILDRESS, Texas—BOND REFUNDING CONTRACT—The Brown"
has contracted for the refunding of $619,000 tax supported
in interest
delinquent.
It is proposed to exchange $235,000 refunding bonds, series A,
4%, for a like amount of 4M % and 5% bonds.
Refunding bonds, series B,
4M%, in amount of $384,000 would be exchanged at par for that amount
of 5M% bonds and 6% warrants.
New bonds would be dated April 1,
1937, and mature serially April 1, 1947 to 1977, inclusive.
In the period
1937-47 funds in excess of interest requirements would be used to retire
Crummer Co.
ABERDEEN, S. Dak.—WARRANT SALE—An issue of $19,000 4M%
improvement warrants has been sold to the First National
emergency
Bank
of
Ellendale, N. Dak.
The warrants will be retired in about one
proceeds of a bond issue which will be sold to the Clarence
month with the
J. Burns Co. of Aberdeen and the Channer Securities Co. of Chicago.
BRANDT, S. Dak.—BONDS SOLD TO PWA—-A $9,000 issue of 4%
water works bonds is reported to have been purchased at par
by the Public Works Administration.
semi-ann.
DUPREE, S. Dak .—BOND ELECTION—At
April 20
election scheduled for
proposal to issue $20,000 sewer and waterworks system bonds
a
debt of which $3,000 is past due and upon which there is $13,025
bonds submitted on tenders.
ELKTON SCHOOL
DISTRICT, S. Dak.—BOND ELECTION—At
will be voted upon.
Holabird), S. Dak.—BOND
1937.
Due yearly on Jan. 1 as follows:
$500, 1938 to 1947; $1,000, 1948 and 1949; $500, 1950; $1,000, 1951 and
1952; $500, 1953; and $1,000, 1954, 1955 and 1956; all being subject to
call on any interest payment date.
Denom.
$500.
Dated Jan.
1,
HUGHES COUNTY (P. O.
Pierre), S. Dak.—BOND SALE—An issue
of
$24,000 4% coupon refunding bonds was sold recently to the First
Bank and the Pierre National Bank, both of Pierre.
Dated
May 15,1937. Due serially for ten years.
National
HURON, S. Dak.—BOND ELECTION—A proposal to issue $200,000
auditorium bonds will be submitted to the voters at an election scheduled
for April 20.
(P. O. Madison), S. Dak.—RFC REFINANCING
LOANS—The County Auditor states that the Reconstruction Finance
Corporation has advanced loans to the following districts for refinancing:
$50,400 Drainage District No.
1.
Dated Sept. 1, 1934.
16,500 Drainage District No. 12.
Dated on or before Dec. 31, 1934.
25,000 Drainage District No. 15.
Dated Sept. 1, 1934.
14,000 Drainage District No. 22.
Dated July 1, 1934.
LAIC E
COUNTY
MISSION,
S.
Dak.—BONDS
NOT SOLD—The $2,000 issue of 5%
sale on April 12—V. 144, p.
semi-ann. community hall bonds offered for
2357—-was
Treasurer.
sold as no bids were received, according to the Town
Dated April 1,1937.
Due $200 from April 1, 1940 to 1949 incl.
not
POLLOCK SCHOOL DISTRICT (P. O.
Pollock), S. Dak.—BONDS
4% semi-annual school building bonds
purchased by the Public Works Administration.
SOLD TO PWA—A $35,000 issue of
is said to have been
WILLOW LAKE, S. Dak.—BONDS SOLD TO PWA—A $22,000 issue
4% semi-ann. water works bonds is said to have been sold at par to the
Pubiic Works Administration.
of
TENNESSEE
BRISTOL, Tenn.—BOND OFFERING—We are informed by W. K.
Carson, City Recorder and Treasurer, that he will receive sealed bids
until 8 p. m. on April 20, for the purchase of a $44,000 issue of funding
bonds.
Interest rate is not to exceed 5%, payable semi-annually.
Denom.
$1,000.
Dated April 1, 1937.
Due $4,000 from 1938 to 1948, incl.
The
bonds are offered as follows: The first 28 bonds as one block, tne remaining
16 bonds are offered as a separate block, and all 44 bonds as a whole.
Bidders are requested to accompany bid for each small block witn a certified
check for $250 and a similar check for $500 is requested with each bid for
tne entire offering.
The interest rate is to be bid in fractions of M of 1%,
differences to be adjusted by premium.
The city will furnish the legal
opinion and tne printed bonds.
CHATTANOOGA,
Tenn.—SEALED
TENDERS
INVITED—T. R.
he will
Preston, Chairman of the Sinking Fund Commission, states that
receive sealed tenders of refunding bonds of the city, Series A, B and
C, and
funding bonds of the city, all dated May 1, 1935, and maturing on May 1.
1950, until 10 a. m. on April 30.
J>. O. Dallas), Texas—WARRANT SALE CON¬
Finance
TEMPLATED—M.
L.
McCullough,
Assistant
Budget
and
Director, states that $280,000 not to exceed 3% road and bridge
will not be issued before
HOLABIRD SCHOOL DISTRICT (P. O.
OFFERING—Vera L. Collier, Clerk of the School Board, will receive bids
until 8 p. m. April 20 for the purchase of $13,000 4% refunding bonds.
Dallas),
VOTED—On April 3 the issuance of $55,000 bonds was
by the taxpayers of the district.
DALLAS COUNTY
an
election to be held April 20 a proposal to issue $26,000 school building bonds
■
o".
Texas—BONDS
voted
will be voted upon.
■
COCHRAN'S CHAPEL FRESH WATER DISTRICT (P.
an
warrants
May 3.
O*
Ferris), Texas—RFC REFINANCING LOAN—C. T. James, Chairman of
Board, states that the Reconstruction Finance Corporation has ad¬
ELLIS COUNTY LEVEE
IMPROVEMENT
DISTRICT
NO. 3 (P.
the
vanced
a
loan of $171,500 for refinancing.
FORT STOCKTON INDEPENDENT SCHOOL DISTRICT (P. O.
Fort Stockton), Texas—BONDS SOLD—It is stated that $35,000 3M%
refunding bonds have been purchased by H. O. Burt & Co. of Dallas.
HOUSTON, Texas—BOND OFFERING— Sealed bids will be received
the office of the City Secretary, according to Mayor R. H. Fonville,
a. m. on May 19, for the purchase of the following issues of bonds
aggregating $1,630,000:
at
until 11
$120,000 concrete base streets bonds.
Due $15,000 from 1940 to 1947, incl.
160,000 asphaltic topped streets bonds.
Due $20,000 from 1940 to
1947, incl.
91,000 fire station and alarm system bonds.
Due $7,000 from 1940
to 1952, incl.
180,000 sanitary sewer bonds.
Due $10,000 from 1940 to 1957, incl.
180,000 drainage sewer bonds.
Due $10,000 from 1940 to 1957, incl.
90,000 parks bonds.
Due $5,000 from 1940 to 1957, incl.
90,000 bridge and subway bonds.
Due $5,000 from 1940 to 1957, incl.
39,000 incinerator bonds.
Due $3,000 from 1940 to 1952, incl.
39,000 Houston Avenue extension bonds.
Due $3,000 from 1940 to
*
1952, incl.
16,000 traffic signals bonds.
Due $2,000 from 1940 to 1947, incl.
39,000 street opening and widening bonds.
Due $3,000 from 1940 to
1952, incl.
91,000 flood control bonds.
Due $7,000 from 1940 to 1952, incl.
20,000 swimming pool bonds.
Due $2,000 from 1943 to 1952, incl,
475,000 airport bonds.
Due $25,000 from 1939 to 1957, incl.
Bids will be
1937.
on
interest rates in multiples of M of 1%.
Dated June 1,
These bonds are part of the $4,140,000 issue, authorized at the elec¬
April 3.
The approving opinion of Thomson, Wood & Hoff¬
man of New York, will be furnished.
A certified check for 1 % of the par
value of the bid, payable to the Mayor, is required.
-
tion held
on
HUNTSVILLE, Texas—BOND ELECTION—At an election scheduled
l7 a proposal to. issue $20,000 recreation center bonds will be
for April
submitted to
a
vote.
WATER IMPROVEMENT DISTRICT NO. 1
(P. O. Porterville), Texas—BONDS VOTED—The voters of the district
approved a proposal to issue $36,000 bonds to finance construction
LOVING
COUNTY
have
of
an
irrigation system.
MARSHALL, Texas—PRICE PAID—In connection with the sale of the
$160,000 3M% semi-annual water supply bonds to Miller, Moore & Brown
of Dallas, noted in these columns recently—V. 144, p. 2357—it is now re¬
ported by the City Secretary that the bonds were sold at par.
Due from
Aug. 1, 1938 to 1967.
NACOGDOCHES
SCHOOL
DISTRICT
(P.
O.
Nacogdoches),
Texas—MATURITY—Tne $26,000 4% semi-ann. refunding bonds pur¬
chased at par by the Stone Fort National Bank of Nacogdocnes, as noted
recently—V. 144, p. 2527—are due $1,000 from Feb. 16, 1938 to 1963, incl.
I
2710
Financial
SULPHUR
SPRINGS, Texas—BOND SALE—The $240,000 5% mu¬
nicipal light plant revenue bonds offered on April 10—V. 144, p. 2527—
will be taken by Brown & Root, Inc. of Houston, contractors for the con¬
struction of the light plant.
Dated Jan.
15, 1937.
Due from July 15,
1940, to Jan. 15, 1947.
TEXAS, State of—GOVERNOR SIGNS UTILITY RATE REDUCTION
BILL—Governor Allred on April 12 approved into law the Tennyson bill
reducing the allowable returns of public utilities from "not less than 10%"
to a maximum of 8%.
Tne bill also extends jurisdiction of incorporated
cities below 2,500 population to regulation of utility rates and subjects
telephone companies to municipal regulation.
TOMBALL SCHOOL DISTRICT, Texas—BONDS VOTED—A bond
issue of $60,000 for construction of a high school building was approved by
tne voters of the district at an election held on April 3.
Chronicle
EAU
UTAH
that the $85,000 3% semi-ann. city hall and auditorium bonds approved
by the voters at tne election held on April 2—V. 144, p. 2185—have been
sold.
Securities Co. of Milwaukee.
HUSTISFORD, Wis.—BOND OFFERING—Erven P. Dornfeld, Village
Clerk, states that he will sell at public auction on April 19, at 1.30 p. m.,
$38,000 issue of coupon general obligation light and power plant purchase
bonds.
Interest rate is not to exceed 4%, payable A. & O.
Rate to be
in a multiple of K of 1 % and must be the same for all of the bonds.
Denom.
$1,000.
Dated April 1, 1937.
Due on April 1 as follows $2,000, 1942 to
1945, and $3,000, 1946 to 1955, incl.
The bonds may be registered as to
principal.
Prin. and int. payable in lawful money at the Village Treasurer's
The award will be made
$25,000
the basis of the lowest net interest cost
LINCOLN
COUNTY
(P. O.
Merrill), Wis.—BOND SALE—The
$520,000 highway improvement bonds offered on April 16—V. 144, p.
2l86—were awarded to Brown, Harriman & Co., the Northern Trust Co.
of Chicago, the Wells-Dickey Co. of Minneapolis and the Milwaukee Co.
of Milwaukee, jointly, as 3s, at par plus a premium of $1,087, equal to
100.209, a basis of about 2.97%. Dated May 1, 1937. Due on May Has
follows: $70,000,1941: $72,000,1942; $74,000,1943; $77,000,1944; $79,000,
1945; $61,000, 1946; $74,000,_1947;,andJ$13,000. 1948.
i
May 1, 1967, at 3.50% less
F. W. CRAIGIE & COMPANY
Richmond, Va.
A. T. T. Tel. Rich. Va. 83
PRICE COUNTY
VIRGINIA
ELKTON, Va .—BONDS SOLD— It is reported that $67,000 4^% semi¬
refunding bonds have been purchased by Magnus &
on
to the Village after deduction of premiums.
These are the bonds that were
approved by the voters on March 30, as noted in these columns—V. 144.
p. 2528.
The approving opinion of Chapman & Cutler of Chicago, will
be furnished.
A certified check for 5% of the total face value of the
bonds, is required.
PETERSBURG, Va., Improvement 4y2s
annual
O. Eau Claire), Wis.—BOND SALE—
sale
April 12—V. 144, p. 2358—was awarded to the Milwaukee Co. of Mil¬
waukee, as 3s, paying a premium of $31.50, equal to 100.105, a basis of
about 2.98%.
Dated April 1, 1937. Due from April 1, 1938 to 1951, incl.
Tne second highest bid was an offer of $16 premium on 3s, tendered by the
office.
Phone 3-9137
CLAIRE COUNTY (P.
The $30,000 issue of county building improvement bonds offered for
on
a
PRICE, Utah—BONDS SOLD—William Grogan, City Recorder, states
Due
April 17, 1937
Due $14,000 annually from April 1,1938 to 1951 incl.
It is stated
that these bonds were duly authorized by a resolution adopted by the
County Board of Suprvisors to build an addition to the county court house,
said bonds meeting with all the requirements of Chapter 67 of the 1935
Wisconsin Statutes, and this issue does not exceed any statutory or con¬
stitutional limitation of amount.
$1,000.
Co. of Cin¬
(P. O. Phillips), Wis.—BOND SALE— The
$175,0(ffl
issue of 3% coupon semi-ann. highway improvement, series C bonds offered
for sale on April 9—;V. 144, p. 2185—was awarded jointly to tne Channer
Securities Co., and T. E. Joiner & Co., both of Chicago, at par.
Dated
May 1, 1937.
Due from May 1, 1943 to 1946.
cinnati.
BOND CALL—W. A. Macomb, Town Recorder, states that the following
5% semi-annual bonds aggregating $67,000, are being called for payment
at par and accrued interest thereon upon presentation of said bonds and
all coupons annexed subsequent to the period set out below, at the Bank
of Elkton:
SPARTA
are
from Jan. 1, 1937, to date called.
Said bonds will be paid
only if coupons maturing July 1, 1937, and subsequently are attached
and which bonds are dated May 1, 1924, and mature on May 1, 1954.
On July 1—$10,000 water, numbered from 41 to 50, all of which will be
paid in full with interest thereon to July 1, 1937.
Said bonds will be
paid on date called only if coupons maturing on July 1, 1937, and subse¬
quently are attached and which bonds are dated April 1, 1926, and
mature April 1, 1956.
On July 1—$20,000 water, numbered 51 to 70, all of which will be paid in
full with interest thereon to July 1, 1937.
Said bonds will be paid on
date called only if coupons are attached and bonds are dated April 1,1927.
coupon rate
NORTHWESTERN MUNICIPALS
Washington—Oregon—Idaho—Montana
<DramWkr, Ehrlichman & IDhito
SEATTLE
SAN FRANCISCO
Teletypes SEAT 187, SEAT 188
WASHINGTON
until 7:30 p. m. on April 20, by Mayor W. G. Hartwell, for the purchase
of a $12,000 issue of general building bonds.
Interest rate is not to exceed
4%, payable semi-annually.
Dated April 1, 1937. Due as follows: $1,000,
1939 and 1940; $1,100, 1941 and 1942; $1,200, 1943 and 1944; $1,300, 1945
and 1946, and $1,400 in 1947 and 1948.
A certified check for 5% of the
bid is required.
SCHOOL
DISTRICT
No.
210
(P.
O.
DISTRICT
No.
10
(P.
O. Ellens-
burg), Wash.—BOND SALE—The $80,000 issue of school building bonds
offered for sale
of
Washington,
on
as
April 12—V. 144, p. 2185—was purchased by the State
3iMtS, at par.
No other bid was received for the bonds.
Due in from 2 to 20 years, redeemable after 10 years.
PIERCE COUNTY SCHOOL DISTRICT NO. 33 CP. O. Tacoma),
Wash.—BOND SALE—The $7,300 issue of school bonds offered for sale
April 10—V. 144, p. 2013—was purchased by the State, as 4s at par.
Payable in 10 approximately equal annual instalments, beginning two
years after date of issue.
on
POINT ROBERTS SCHOOL DISTRICT NO. 68 (P. O. Bellingham),
Wash.—BOND SALE—The $4,000 issue of school bonds offered ror sale
April 9—V. 144, p. 2185—was purchased by the State of Washington,
at par, according to the County Treasurer.
Dated April 12, 1937.
Due
serially over a period of 20 years, optional after five years.
on
VANCOUVER, Wash.—BONDS VOTED—SOLD—At the election
on
March 30 the voters of the city approved the proposition to issue $850,000
water revenue bonds.
On April 5 bids were received for the bonds—V. 144,
E. 2358—and an award was made to a syndicate of Northwestern bond
ouses.
WISCONSIN
BARABOO, Wis .—BONDS VOTED—At the election held
voters
sewage
of
a
are
stated
to nave
on April 6
approved the issuance of the $132,000 in
disposal plant, bonds, the issuance of wnich depend on the approval
Public Works Administration grant.
April 23, for the purchase of an issue of $3,000
Denom. $1,000.
Certified check for 1%,
4% town hall building bonds.
required.
DODGE COUNTY
m.
(P. O. Juneau),
Wis .—BOND OFFERING—It is
stated by Chester M. Stanton, County Clerk, that the Special Building
Committee will sell to the highest bidder, at his office, on April 22, at 2 p.m.,
an
issue
of
$196,000
3%
annual
county
court
by
Walter
for 2J£s.
There were no other bidders.
Dated April 1, 1937.
$3,000 yearly on Dec. 1 from 1939 to i960, and $4,000 Dec. 1, 1961.
J*
house
bonds.
Denom.
Due
par
f ROCK SPRINGS, Wyo .—BONDS VOTED—At the election held on
April 6 the voters approved the issuance of $40,000 in sewer construction
bonds and $10,000 in fire apparatus purchase bonds, according to L. G.
Struholm, City Clerk.
Canadian Municipals
lnformationjfcand Markets
-
♦-r,«
iWhU**
BRAWLEYrCATHERSi&T CO.
85
KING ST.
ELGIN
WEST, TORONTO
6438
CANADA
ALBERTA
(Province of)—ABANDONS SCRIP PLAN—NEW DEBT
MEASURE—Hon.
Solon
Low,
Provincial
Treasurer,
announced April 7 the abandonment of the Government's stamped scrip
venture, called the prosperity certificate plan, launched in August, 1936.
At the same time it was disclosed that Lucien Maynard, Minister of Muni¬
cipal Affairs, had introduced a bill in the Legislature providing a 50%
reduction in principal on private debts contracted before July\l, 1932.
This bill is designed as a substitute for the Reduction and Settlement of
Debts Act, which was invalidated by the Alberta Supreme Court on
Feb. 19.
Only $12,000 of the $262,000 in scrip which was issued pursuant
to the Government's "prosperity program" is now outstanding.
REDUCTION
CANADA
(Dominion of)—TREASURY BILLS SOLD—Banking bids
accepted on April 14 for the full amount of an offering of $25,000,000
which were sold at an average interest cost to
the Government of 0.771%.
were
3-months Treasury bills,
(Province
of)—COMMISSION
TO
STUDY
DEBT
AT LOWER COST—The Manitoba Government hopes to
obtain relief from its financial difficulties through recommendations of the
REFUNDING
proposed royal commission to investigate Dominion-provincial respon¬
sibilities, it was revealed by Provincial Treasurer Garson last week.
The commission will be asked to consider refunding of Manitoba's provin¬
cial and municipal debt at lower interest rates, Mr. Garson told the Legis¬
lature last week in his budget speech.
"Pending lapse of reasonable time within which the royal commission
may make its report, the Government proposes taking no arbitrary action
in respect of interest upon its public debt," he said.
Estimating revenue of $14,169,873 and expenditure $14,642,648 in the
fiscal year ending April 30, i938, Mr. Garson stated that the estimated
deficit of $472,775 was expected to be more tnan covered by the special
Dominion
Government subsidy,
"tuus producing a small surplus on
current account."
PRINCE
BRULE, Wis.—BOND OFFERING—H. E. Webster, Town Clerk, will
receive bids until 2 p.
stated
1.
MANITOBA
SEATTLE,Wash.—BONDS CALLED—H. L. Collier, City Treasurer,
reported to have called for payment from April 8 to April 21, various local
impt. district bonds.
is
the
is
WYOMING
Seattle),
Wash.—BOND OFFERING—Sealed bids will be received until 11a. m. on
May 1, by Ralph S. Stacy, County Treasurer, for the purchase of a $15,000
issue of coupon school bonds.
Interest rate is not to exceed 4%, payable
semi-annually.
Due in from 2 to 20 years after date of issue, with the
district reserving the right to pay or redeem any or all of said bonds at
any time after 5 years from the date
of issue.
Prin. and int. payable
at the County Treasurer's office.
A certified check for 5%, payable to the
County Treasurer, must accompany the bid.
KITTITAS COUNTY SCHOOL
OFFERING—tit
LARAMIE COUNTY SCHOOL DISTRICT NO. 1 (P. O. Cheyenne),
Wyo.—BOND OFFERING—E. T. Storey, Clerk of the Board of Trustees,
announces that at 4 p. m. May 5 $149,000 bonds will be offered at public
auction.
Bidders are to name rate of interest, not to exceed 2 %/i %.
Denom.
$1,000 or multiples thereof. Dated May 1, 1937. Interest payable Jan. 1
and July 1.
Due on July 1 as follows:
$10,000, 1938; $12,000, 1939;
$13,000, 1940; $14,000, 1941; $13,000, 1942; $18,000, 1943; $20,000, 1944;
$25,000, 1945; $7,600, 1946; $9,000, 1947, and $8,000 in 1948.
Certified
check for 5% of amount of bonds, required.
District will furnish the
printed bonds and the opinion of a recognized bond attorney. Delivery to
be made as follows:
$50,000, June 1, 1937; $50,000 July 1 and $49,000
ISSEQUAH, Wash.—BONDS SOLD—It is stated by Minnie W.
Schomber, Town Clerk, that $42,500 water system bonds were purchased
by H. P. Pratt & Co. of Seattle.
Due on June 1 as follows:
$2,000, 1939
to 1947; $3,000, 1948 to 1954, and $3,500 in 1955, optional in five years.
Prin. and int. payable locally.
Legal approval by Shorett, Shorett &
Taylor, of Seattle.
COUNTY
Wis.—BOND
Nelson, City Clerk, that he will receive sealed bids until 10 a. m. on April 23•
purchase of a $30,000 issue of coupon sewage disposal construction
bonds.
Interest rate is not to exceed 4%, payable M. & N.
Denom. $500.
Dated May 1,1937.
If bidder so desires the bonds will be issued in denoms.
of $1,000 each.
Legal opinion and t e bonds are to be furnisned by bidders
at their own expense.
Bids must be for at least par, plus accrued interest
to date of delivery.
These bonds are said to be direct, general city obliga¬
tions.
A $300 certified check, payable to the City Treasurer, must accom¬
pany tne bid.
* <,
I
(A $25,000 issue of similar bonds scheduled for sale last November,.was
found to be invalid, as noted in tnese columns—V. 144, p. 982.)
for the
PARK COUNTY SCHOOL DISTRICT NO. 6 (P. O. Cody), Wyo.—
BOND SALE—The $70,000 2^% bonds offered on April 14—V. 144, p. 2186
—were awarded to the American National Bank of Cheyenne on a bid of
COLVILLE, Wash.—BOND OFFERING—Sealed bids will be received
KING
(P. O. Sparta), Wis.—BONDS DE¬
April 6—V. 144, p. 1646—the voters
$65,000 in school auditorium
bonds.
Aug.
Teletype SF 296
on
said to have defeated the proposal to issue
WAUPACA,
On May 1—$37,000 electric light funding and water, numbered 3 to 26,
and 28 to 40, all of which will be paid in full with interest thereon at the
DISTRICT
SCHOOL
FEATED—At the election held
ISLAND
(Province of)—CUTS DEFICIT—
week by Premier Thane Campbell in the
Legislature that the deficit on the 1936 accounts
EDWARD
Announcement
was
made last
Prince Edward Island
was $24,000,
approximately $35,000 less than in 1935 and less than onethird of the $70,000 deficit budgeted for.
Total ordinary revenue amounted to $1,705,000, as compared with $1,-
524,000 in 1935.
Total ordinary expenditure was $1,730,000, as compared
$l,900,OoO in the previous year.
Total,liabilities for 1936 amounted to $5,437,000, as against $5,221,000
in 1935, an increase of $216,000.
with
@FedFRASER